Bloody Business.pdf
January 17, 2017 | Author: Thomas Bennett | Category: N/A
Short Description
Download Bloody Business.pdf...
Description
& 03 3( =& 97 -2 )77
'328)287 '6)(-87 .%'/43-28 -2863(9'8-32 8,)1)+%'36436%8)%9(-8 40911)8-2+46374)'87 %40%')83,%2+=396,%8 6922-2+-2%83IVS>SRI /ME
;ISFZMSYWP][IRXXSHMJJIVIRXQMHHPIWGLSSPW &YPP
)PIZIR>SRI# /ERI
FYX XLI WXEOIW EVI XLEX QYGL LMKLIV MR .ETER VMKLX RS[ )ZIV]SRI MW WGYVV]MRK XS KIX MR XLI KSSH KVEGIW SJ)QTVIWW,MXSQM[LMPIEXXLIWEQIXMQIXV]MRKXSGYX XLI PIKW SYX JVSQ YRHIV XLIMV STTSWMXMSR -XvW LEVH XS
)MXLIV[E]MXPSSOWPMOI'SPXVERILEWWLMJXIHLMWEXXIRXMSR E[E]JVSQLMXXMRK1'8HMVIGXP]ERHMWGEWXMRKE[MHIVRIX JSVXIGLRSQERGIVVIWIEVGLMRKIRIVEP /ME
%W - [EW WE]MRK XLI .ETEREGSVTW EVI WXMPP TPE]MRK RMGI
WTMVMXYEP EYXLSVMX] ERH XLEX GEVVMIW E PSX SJ [IMKLX [MXL 2IXGEX
/2-:)7398
%(:)2896) &%'/+6392( )ZIV]QERvWTEXMIRGILEWMXWPMQMXWERH2MKIP'SPXVERIvW TEXMIRGIMWNYWXEFSYXYT'SPXVERIXLIJSVQIVLIEHSJ 7LME[EWIvW 1EVOIX *SVIGEWXMRK ERH -RJSVQEXMSR (I TEVXQIRXLEWFIIR[EKMRK EWLEHS[[EV EKEMRWX XLI QER[LSGYVVIRXP]LSPHWXLEXNSF-GLMVS/M]SQSXS7S JEV RIMXLIV QER LEW FIIR EFPI XS I\IGYXI E HIGMWMZI QSZI*VYWXVEXIH[MXLXLIPEGOSJVIWSPYXMSR'SPXVERIMW QEOMRKEPEWXHIWTIVEXITPE]XSHMWGVIHMX/M]SQSXSERH HIQSRWXVEXILMWS[RZEPYIXS)QTVIWW,MXSQMERHXLI FSEVHSJHMVIGXSVWFIJSVILMWTS[IVFEWIIVSHIWGSQ TPIXIP] 1IER[LMPI /M]SQSXS LSTIW XS GEXGL LMW JSI VIIV)MXLIV[E]XLIGSRWIUYIRGIWJSV7LME[EWIGSYPH FITVSJSYRHERHXLIVYRRIVWvGLSMGIW[MPPKSEPSRK[E] XS[EVHHIXIVQMRMRK[LMGLQERKEMRWXLIYTTIVLERH 'SPXVERI WIRWMXMZI XS XLI )QTVIWW ,MXSQMvW EXXM XYHI XS[EVH XIGLRSQERGIVW MRMXMEPP] LSTIH XS SFXEMR MRGVMQMREXMRKIZMHIRGISJXLII\TIVMQIRXW1MXWYLEQE 'SQTYXIV 8IGLRSPSKMIW GSRHYGXIH SR XLIQ MR ER IJ JSVX XS WLEQI XLI QIKEGSVT ERH [IEOIR MXW TSWMXMSR MRXLI.ETERIWI-QTIVMEP7XEXI[MXLSYXI\TPMGMXP]ZMSPEX MRK XLI JEGEHI SJ GSSTIVEXMSR FIX[IIR XLI .ETERIWI QIKEGSVTW&]WLEQMRKXLIQIKEGSVTQSWXSTTSWIH XS )QTVIWW ,MXSQMvW VYPI 'SPXVERI TPERRIH XS GYVV] IRSYKLJEZSVXSWSPMHMJ] LMWTSWMXMSR,S[IZIV1'8vW VITYXEXMSR JSV WIGYVMX]{IWTIGMEPP] [LIR MX GSQIW XS XLEX QEXIVMEP{TVSZIH [IPPHIWIVZIH 'SPXVERI JIEVIH XLEXGSQQMXXMRKIRSYKLVIWSYVGIWXSSZIVGSQI1'8vW >IVS>SRITSPMG][SYPHXMTLMWLERHWSLIHIZMWIHER 1'8 LI [SYPH WXIEP WMQMPEV SRIW JVSQ E PIWWIV GSVT HSGXSVXLIQXSQEOIMXETTIEVEWXLSYKL1'8JYRHIH XLITVSKVEQERHXLIRTPERXXLIQMRXLI1'8LSWX'SP XVERIHSYFXW XLEX XLMW [MPPFIIRSYKL XS [IEOIR 1'8 SR MXW S[R FYX LI LSTIW XS HVE[ XLI VMZEP QIKEGSVT MRXSEZIV]YKP]ZIV]ZMWMFPITYFPMGVIPEXMSRWFEXXPIEJXIV 1'8vW TVIHMGXEFP] JIVZIRX TYFPMG HIRMEP %HHMXMSREPP] 'SPXVERI LEW QEHI GSRXEGX [MXL E JI[ WQEPP XVMFIW SJ XIGLRSQERGIVW[MXLXLIMRXIRXSJTPE]MRKSJJXLIMVVMKL XISYWERKIVSRGIXLIWXSV]FVIEOWWS[MRKIZIRQSVI
SV QERYJEGXYVI IZMHIRGI PMROMRK /M]SQSXS XS 1'8 ERHXLIMVHYFMSYWVIWIEVGLTVSKVEQ 9WMRK ER MRHITIRHIRX 1V .SLRWSR REQIH 'EWWMH] XSQEWOLMWMRZSPZIQIRX'SPXVERITSMRXWXLIVYRRIVWMR XLIHMVIGXMSRSJ1EREH]RIEHSYFPI%GSVTSVEXMSRXLEX LEW FIIR GSRHYGXMRK VIWIEVGL SR XIGLRSQERGIVW YR
E 1EREH]RI JEGMPMX] XS SFXEMR XLIQ 1EREH]RIvW JEGMP MX] MW [LEX ]SY[SYPHI\TIGX EVIWIEVGLPEFS[RIH F] EQYPXMFMPPMSRRY]IR GSVTSVEXMSRHIHMGEXIH XSQEKMGEP VIWIEVGL[SYPHFIRSXERIEW]TPEGIJSVQEKIWSVWLE QERWXSHSXLIMVXLMRK-XWTL]WMGEPERH1EXVM\HIJIRWIW SRXLISXLIVLERHEVIJEMVP]TIHIWXVMERWSEWEZZ]XIEQ
XLIQXS PMIPS[JSV EJI[HE]W4VMSVXSLMWTSWMXMSREW LIEHSJ1*-('SPXVERIVERXLI1EXVM\WIGYVMX]HMZMWMSR SJ 7LME[EWI FYX IZIR LI RIIHW E FMX SJ XMQI XS EPXIV
SJ XMQI (YVMRK XLMW [MRHS[ E PS[PIZIP 1*-( JYRG XMSREV] REQIH 1MRSVM 2EOEQYVE HMWGSZIVW IZMHIRGI SJ'SPXVERIvWWGLIQI 8SVRFIX[IIRHYX]XS7LME[EWI ERHPS]EPX]XSLIVSPHFSWW2EOEQYVEETTVSEGLIWXLI VYRRIVWSRLIVS[RMREREXXIQTXXSHIVEMPXLIMVIJJSVXW [MXLSYXFIXVE]MRK'SPXVERIXS/M]SQSXS7LIIEVRIWXP] FIPMIZIW TIVLETWGSVVIGXP] XLEXLIVIJJSVXWEPMKR [MXL XLIFIWXMRXIVIWXWSJXLI7LME[EWIOEQM JVSQ1'8vWLSWX8LIVYRRIVWEVIXEWOIH[MXLYTPSEHMRK EPP]XMKLXP]KYEVHIH*SVXYREXIP]'EWWMH]ORS[WSJSRI SYXWMHISJXLIX]TMGEPFYROIVPMOI1'8JEGMPMXMIW9RJSVXY REXIP]MXQIERWFVIEOMRKMRXSXLISTYPIRXLSYWISJEHM ZMWMSREPZMGITVIWMHIRXHYVMRKEGSQTER]KEPE[MXLPSGEP =EOY^E[SVOMRKWIGYVMX]JSVXLIIZIRMRK8LISRP]IEW] HE] [EW ]IWXIVHE] GLYQQIV8LI LSYWI MW 1'8TVST IVX] ERH MXW S[RIV =SNMVS 1M^YRS GIVXEMRP] ETTVSZIW SJ 1'8vW >IVS>SRI TSPMG] FYX XLI VIEPMXMIW SJ LEZMRK HS^IRWSJLSYWIKYIWXW{QER]SJ[LSQEVI1'8IQ TPS]IIW{QEOIWMQTPIQIRXMRKEWXVMGX>IVS>SRITSPMG] MQTVEGXMGEP1M^YRS ERH QYGLSJLMWWIGYVMX] WXVEHHPI
/2-:)7398
&033(=&97-2)77
XLI PMRI FIX[IIR MVVMXEXMRK ERH PSEXLWSQI QEOMRK XLI *SVFEGOKVSYRHMRJSVQEXMSREFSYXXLI7LME[EWI'SV TSVEXMSR -GLMVS /M]SQSXS ERH 2MKIP 'SPXVERI WII T 'SVTSVEXI+YMHI *SVQSVI HIXEMPWEFSYXVIGIRXHI ZIPSTQIRXWERHGLERKIWMR7LME[EWIPIEHIVWLMTWIIT 7XSVQ*VSRX
403843-28 FYWMRIWW [MXL E [IPPORS[R 1V .SLRWSR REQIH 'EW WMH] YWI 1V .SLRWSR 4VSQMRIRX T 'EWWMH] LEW E VITYXEXMSR JSV FSXL MRHITIRHIRGI ERH HMWGVI XMSRXEOMRKNSFWJVSQEPPXLIQENSVGSVTW[MXLSYXTPE] MRKJEZSVMXIW1IIXMRKXLIXIEQMRETVMZEXIVSSQEXE FSVHIVPMRIWIIH] -VMWL FEV REQIH 7LIRERMKERvW 'EW WMH] I\TPEMRWXLEXLIRIIHWXLIVYRRIVWXSWXIEPWSQI JEGMPMX],ISJJIVWXLIVYRRIVWRY]IRIEGL[MXL XLI YRHIVWXERHMRK XLEX WYGGIWW [MPP PIEH XS E WIGSRH
/2-:)7398
QSVI PYGVEXMZI NSF WLSVXP] XLIVIEJXIV 8LI WIGSRH NSF QYWXXEOITPEGIMRI\EGXP]XIRHE]WFYXSYXWMHISJXLEX 'EWWMH] [MPP RSX HMWGYWWER] HIXEMPW SJ XLIWIGSRH NSF SYW PSYH ERH KIRIVEPP] JYR TIVWSR XS FI EVSYRH{E GSQTPIXIFVIEOJVSQXLIHSYVMQQIRWIP]WIVMSYW1V .SLRWSRW[MXL[LSQXLIVYRRIVWQE]LEZIHSRIFYWM RIWWMRXLITEWX8LMWMWTEVXP]EREGX MRXIRHIHXSPS[ IVXLIVYRRIVWvKYEVHWERHEPWSXIWXLS[XLI]VIWTSRH XS YRI\TIGXIH WSGMEP WMXYEXMSRW 'EWWMH] MW QSVI XLER GETEFPISJFIMRKQSSH]ERHTIXX]EWXLIVYRRIVW[MPP PIEVRMJXLI] HSRSXGSRJSVQXSLMW MHIEWSJ TVSTVMIX] *YVXLIVVIWIEVGLMRXS'EWWMH]QE]VIZIEPXLEXLIvWSRE FMXSJEFEHWXVIEO[MXLLMWPEWXJI[XIEQWJEMPMRKXLIMV EWWMKRQIRXW-JEWOIHEFSYXXLMW'EWWMH]EGORS[PIHK IWXLIQMWJSVXYRIFYXEHHWLIvWPIEVRIHJVSQLMWQMW XEOIWERHMRXIRHWXSSRP]LMVIXSTWLIPJXEPIRXJVSQRS[ SR7LSYPHXLI VYRRIVW EWO EFSYX 'EWWMH]vW IQTPS]IV [EVRXLIQXLEXXLMW[SYPHFIEJEMVP]WIVMSYWFVIEGLSJ IXMUYIXXIKMZIRLMWVITYXEXMSRJSVRIYXVEPMX]ERHHMWGVI XMSR-JXLI]MRWMWX'EWWMH]I\TPEMRWLILEWEWXVMGXwHSRvX
&033(=&97-2)77
EWOHSRvXXIPPxTSPMG][LIRMX GSQIWXSXLIWIWSVXW SJ XLMRKW 6YRRIVW [LS EXXIQTX E XIEQ[SVO XIWX HYVMRK XLI RIKSXMEXMSR [MXL 'EWWMH] [MPP FI TSPMXIP] WXSTTIH EW 'EWWMH] NSOMRKP] JIMKRW GSRJYWMSR EX GEVV]MRK SR QYPXMTPI GSRZIVWEXMSRW EX XLI WEQI XMQI 4YWLMRK XLI MWWYI SJ LMW IQTPS]IVvW MHIRXMX] SV MRWMWXMRK SR NSMRXP] RIKSXMEXMRK[MPPWSYV'EWWMH]vWSTMRMSRSJXLIVYRRIVW ERHXLI][MPPWYJJIVEzHMGITIREPX]XSEPPWSGMEPMRXIV EGXMSRW[MXLLMQJSVXLIVIWXSJXLIEHZIRXYVIMRGPYHMRK XLIMRMXMEPRIKSXMEXMSR ;LMPI 'EWWMH] HSIW LEZI E WXVMGX wHSRvX EWO HSRvX XIPPxTSPMG]XLEXLEWRvXTVIGPYHIHLMQJVSQEHSTXMRKE wTSOIEVSYRHERHWIIMJ]SYGERIEVREPMXXPIRY]IRSR XLIWMHIxTSPMG]XSLIPTSJJWIXWSQISJLMWVIGIRXPSWWIW 7MRGI'EWWMH][EWGSRXEGXIHZMEERERSR]QSYW1EXVM\ EHHVIWWLIGERRSXWE]JSVGIVXEMRXLEX7LME[EWILMVIH LMQ FYX LI LEW LMW WYWTMGMSRW ERH LEW WTIRX WSQI
E PEVKI UYERXMX] SJ JIVXMPM^IV &] QEOMRK ER ETTVSTVMEXI /RS[PIHKI 7OMPP 8IWX SV F] TEWWMRK XLI MRJSVQEXMSR EPSRK XS E VIPIZERX GSRXEGX XLI VYRRIVW PIEVR XLEX XLI JIVXMPM^IVHIPMZIVIHMWRSXYWIHJSVKVEWW[LMGLMWXLISRP] LSQIXS1EREH]RIvWI\TIVMQIRXW[MXLKYEVHMERZMRIW *EPWII\XIVMSV[EPPWLMHIXLI%[EOIRIHZMRIWJVSQWMKLX FYXER]EXXIQTXXSTEWWXLVSYKLXLI[EPPW[LMPIEWXVEPP] TVSNIGXMRK [MPP{TVSFEFP] XS XLI VIKVIX SJ XLI VYRRIV{ YRGSZIVXLIQ LMRH ER YRYWYEPPSSOMRK WIGYVMX] HSSV EX XLI IRH SJ E WLSVX LEPP 8LIHSSVvW PSGOMRK QIGLERMWQMW E 6EXMRK TVMRXWGERRIV ,ERRELvWTEPQTVMRX[MPPYRPSGOMX FYXMXW XYQFPIVMWEXLVS[FEGOERSVREXIHSSVORSF8LIHSSV ORSFWIVZIWEWEP]RGLTMRJSVSRISJ,ERRELvWEPGLIQM GEPTVITEVEXMSRW%R]SRIXSYGLMRKXLIORSF[MPPXVMKKIV E *SVGI 8VMH 4LERXEWQ SJ E FPERO [EPP 6YRRIVW [LS
XVMIW XS LEGO 'EWWMH]vW 6EXMRK GSQQPMRO WLI [SRvX XLEX'EWWMH]VIGIRXP]WTIRXEJEMVEQSYRXSJXMQITSO MRK EVSYRH SR XLI 7LME[EWI LSWX 3FZMSYWP] KIXXMRK GEYKLXHSMRKXLMW[MPPLEZIHMVIVITIVGYWWMSRWJSVXLIMV [SVOMRKVIPEXMSRWLMT
XSVIWMWXXLIWTIPPEVIYREFPIXSHMWXMRKYMWLFIX[IIRXLI [EPP ERH XLI HSSV [LMGL [MPP PMOIP] QEOI HMWEFPMRK XLI
403843-28
403843-28 KMZMRK'EWWMH]vWIQTPS]IVIRSYKLXMQIXSX[IEOXLIWXS 8LI1EREH]RIWXSVEKIJEGMPMX]MWPSGEXIHMRERMRHYWXVMEP TEVO MR %YFYVR SV WMQMPEV FPYIGSPPEV RIMKLFSVLSSH MJ XLITPE]IVWEVISYXWMHISJ7IEXXPI8LITEVOMWLYQQMRK [MXLEGXMZMX]HYVMRKXLIHE]QEOMRKMXQYGLLEVHIVXS WRIEO MR YRHIXIGXIH %X RMKLX QSWX FYMPHMRKWv STIVE XMSRWEVIQEREKIHF]HVSRIWSVWOIPIXSRGVI[WEPPS[ MRKVIEWSREFP]HMWGVIIXVYRRIVWXSKIXXSXLITIVMQIXIV [MXLSYXMWWYI;LMPIXLITL]WMGEPERH1EXVM\WIGYVMX]SJ XLIJEGMPMX]EVIEZIVEKIEXFIWXMXWQEKMGEPWIGYVMX]PIH F] E (SK WLEQER REQIH ,ERREL MW I\GITXMSREP 7I GYVMX]MWGSQTSWIHSJX[S7IGYVMX]+VYRXW T TIV VYRRIVEW[IPPEW,ERRELERHE7IGYVMX]1EKI T ,ERREL MW I\XVIQIP] TVSXIGXMZI SJ LIV WXEJJ [LS WLI GSRWMHIVW LIV wTEGOx ERH STIVEXMRK TVSGIHYVIW IQ TLEWM^I JSVGI TVSXIGXMSR 7XEJJ QIQFIVW RIZIV TEXVSP YWMRK GSZIV XS QE\MQYQ IJJIGX EVI XLI RSVQ +MZIR XMQI XS TVITEVI XLI WIGYVMX] KYEVHW EVQ XLIQWIPZIW [MXL WLSXKYRW SV WYFQEGLMRI KYRW JVSQ XLI EVQSV] ERH IWXEFPMWL HIJIRWMZI TSWMXMSRW EX XLI FYMPHMRKvW GLSOITSMRXW8LIEVQSV]HSIWRSXGSRXEMRLIEZMIVSVH RERGI XLER XLEX FYX KEQIQEWXIVW WLSYPH JIIP JVII XS EHHSXLIVRSRPIXLEPMXIQWPMOIVMSXWLMIPHWKEWQEWOW WYTTSVXVSPI[LMPIXLI7IGYVMX]1EKIYWIWQEKIWMKLX KSKKPIWERHETVMWQW[MXGLXSGEWXWTIPPWJVSQXLIEV QSV][LMPIWEJIP]FILMRHEWIGYVMX]HSSV -J XLI VYRRIVW GEWI XLI JEGMPMX] HYVMRK XLI HE] XLI] [MPPRSXMGIEPEVKIPERHWGETMRKXVYGOQEOIEHIPMZIV]SJ
FIIR LERHPMRKXLI XIEQvW RIKSXMEXMSRW VIGIMZIW E QIW WEKIJVSQERYRORS[RGSQQGSHIVIUYIWXMRKEJEGIXS JEGIQIIXMRKEXEPSGEP7LMRXSWLVMRIXLIRI\XHE]EXRSSR %XXIQTXWXSXVEGISVSXLIV[MWIVIWTSRHXSXLIQIWWEKI UYMGOP]VIZIEPXLEXXLIQIWWEKISVMKMREXIHJVSQEGLIET GSQQPMRO TYVGLEWIH [MXL E PS[UYEPMX] JEOI 7-2 8LI VYRRIVW[MPPPMOIP]FIRIVZSYWEFSYXXLIWIGYVMX]FVIEGL{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vWLSWX WLIGER TVSZMHI X[S VYRRIVW [LS WTIEO.ETERIWI[MXLMRZMXEXMSRWXSXLITEVX]SVEHHJSYV VYRRIVWXSXLIWXEJJPMWXMR[LEXIZIVGETEGMX]XLI]GLSSWI WEZIWIGYVMX]2EOEQYVEYRHIVWXERHWXLEXXLIWIEGXMSRW EVIMRXLIMVS[R[E]EPWSJVEYKLX[MXLWTMVMXYEPVMWOFYX
/2-:)7398
&033(=&97-2)77
WLIMW[MPPMRKXSEGGITXXLIFYVHIRLIVWIPJVEXLIVXLERMR ZMXIXLIMVISJXLI7LME[EWIOEQM GMEPX]MWIRGV]TXMSR{WSWLIMWRSXIRXMVIP]GSQJSVXEFPI EGXMRK[MXLSYXEYXLSVMX]7LIVEXMSREPM^IWMXXLSYKLF] XIPPMRKLIVWIPJWLIMWEGXMRKMRXLIFIWXMRXIVIWXWSJXLI 7LME[EWIOEQM[LMGLWYTIVWIHIW'SPXVERIvWWGLIQIW +MZIR XLI PSGEXMSR SJ XLI QIIX ERH 2EOEQYVEvW GSR GIVR JSV WTMVMXYEP QEXXIVW XLI VYRRIVW QE] VIGSKRM^I 7LME[EWIEWXLIMVIQTPS]IV2EOEQYVEvWPEGOSJXVEMRMRK ERHSGGYTEXMSR{LIVIJJSVXWEXHMWGVIXMSREVIEMQIHEX LIV +EQIQEWXIVWWLSYPHTPE]YTXLIVMXYEPM^IHREXYVISJ ZMWMXMRKE7LMRXSWLVMRI WII0SGEXMSRWJSVWSQIMHIEW XS YRHIVWGSVI2EOEQYVEvWS[RWIRWISJWTMVMXYEPMX]ERHXS LMRXEXXLIPEVKIVWTMVMXYEPWXEOIWSJXLIVYRRIVWvQMWWMSR VYRRIVWXLMWWGIRIMWMRXIRHIHXSFIEXQSWTLIVMGKEQ IQEWXIVWGERWPS[XLITEGIHS[RMJSRP]JSVEQSQIRX FIJSVIXLITEGITMGOWFEGOYT
403843-28 XVEGIXLMWHEXEQYWX IRH SR 1'8vWLSWX[LMGLQIERW MX RIIHW XS FI HMVIGXP] YTPSEHIH XS XLEX LSWX JVSQ ER 1'8 JEGMPMX] 'EWWMH] GLIIVJYPP] MRJSVQW XLI VYRRIVW XLEXXLMW[SYPHRSVQEPP]QIERFVIEOMRKMRXSEREVGLI X]TMGEP1'8>IVS>SRI[MXLEGSRWTMGYSYWFYHKIXJSV REXMZI 8S KYEVH EKEMRWX HIGOIVW WIRMSV QEREKIQIRX LEZI LEVHPMRIH XIVQMREPW MR XLIMV LSQIW +IRIVEPP] XLIWIWSVXWSJ TPEGIW EVIEPQSWX EWXMKLXP] KYEVHIHEW 1'8vW FYWMRIWW TVSTIVXMIW FYX 'EWWMH]vW WSYVGIW XIPP LMQXLEXXLIHMZMWMSREPZMGITVIWMHIRX=SNMVS1M^YRSMW LSWXMRKERI\XVEZEKERXTEVX]XSGIPIFVEXIPEWXUYEVXIVvW RYQFIVW &IX[IIR XLI KYIWXW ERH WXEJJ XLIVI WLSYPH
FSH]MRKEPPXLI[SVWX\IRSTLSFMGERHVEGMWXWXIVISX]TIW SJ1'81M^YRSLEWEWXVMGXw.ETERIWISRP]xTSPMG][LIR MXGSQIWXSPERKYEKIEW[IPPEWERIUYEPP]WXVMGXwRSXVSPPW SVSVOWxTSPMG][LIRMXGSQIWXSLSYWIKYIWXW;LMPIRSX EPPXLIKYIWXWEVI.ETERIWIXLI]EPPWTIEOEXPIEWXEWQEX XIVMRKSJXLIPERKYEKIERHXLITEVX]vWLERH[VMXXIRMRZM XEXMSRWEVIIRXMVIP]MROERNM6YRRIVWTSWMRKEWKYIWXW[LS GERRSX WTIEO EX PIEWX WSQI .ETERIWI [MPP UYMGOP] HVE[ EXXIRXMSR XS XLIQWIPZIW PMOIP] IEVRMRK XLIQ E =EOY^E IWGSVXJSVXLIIZIRMRKERHXVSPPWERHSVOW[MPPFIXYVRIH E[E]EXXLIHSSVRSQEXXIV[LEXXLIMVMRZMXEXMSRWWE]% RYQFIV SJ GEXIVMRKERH IRXIVXEMRQIRX GSQTERMIWLEZI FIIR LMVIH JSV XLMW IZIRX 7IVZMGI WXEJJ EVI EPP I\TIGXIH XS YRHIVWXERH XLI ZIV] FEWMGW SJ XLI PERKYEKI FYX XLI QENSVMX]SJXLILMVIHLIPTEWWMKRIHXSXEWOWWYGLEWJSSH TVITEVEXMSR ERH WIXXMRK YT HIGSV SRP] WTIEO )RKPMWL 1M^YRSMWQSVIXLERLETT]XSLMVIGLIETPEFSVXSWIXYT TEZMPMSRXIRXWERHSYXHSSVXEFPIWXVSPPWERHSVOWEVI[IP GSQIXSWIVZIEWLMVIHLIPTEWPSRKEWXLI]OIITEPS[ 9RJSVXYREXIP] JSV XLI VYRRIVW XLIVI EVI RS STIR FIGEYWI1M^YRSLEWTIVWSREPP]LERHPIHXLEXEWTIGXSJ XLMRKW F]LMVMRKVSYKLP] E HS^IR =EOY^EWSPHMIVW YWI 3VKERM^IH 'VMQI +VYRX T 76 %HHMXMSREPP] 1M^YRS LEW LMVIH [LEXLIXLMROWSJEW LMW S[RPMZMRK FVIEXLMRK TERMG FYXXSR E WSGMSTEXLMG TL]WMGEP EHITX REQIH /E^I )RXMVIP] YRWYMXEFPI JSV GMZMPM^IH SV IZIR WIQMGMZMPM^IH WSGMIX] /E^I MW EWWMKRIH XS XLI OMXGL IR [LIVI LI QEOIW PMJI QMWIVEFPI JSV WXEJJ QIQFIVW [LS HVE[ LMW EXXIRXMSR GIEWIPIWWP] FYPP]MRK ERH LE VEWWMRK XLIQ 8LI YRIRZMEFPI XEWO SJ OIITMRK /E^I MR GLIGOERHGSSVHMREXMRKXLIVIWXSJXLIXVSSTWJEPPWXSE WLEXIKEWLMVE PMIYXIRERX REQIH1EWYQM 9WIXLIIPMXI HIGOIVvWWXEXWJVSQTVIQSZMRKEPPEYKQIRXEXMSRW I\GITXJSVXLIG]FIVI]IWERHHEXENEGOEPWSVITPEGIXLI EVQSV[MXLEREVQSVIHNEGOIX1EWYQMSRP]GEVVMIWER %VIW 4VIHEXSV: EWLMW[IETSR 1EWYQM YRHIVWXERHW XLEXLMWNSFMWXSOIITLMWQIREWHMWGVIIXEWTSWWMFPI WS LI LEW MRWXVYGXIH XLIQ XSEZSMHQEOMRK QIWWIWMR TYFPMG2IZIVXLIPIWWMJ XLMRKWWXEVXXS KS WMHI[E]WEPP FIXWEVISJJ
EREPEVQ'EWWMH]WXVIWWIWXLEX[LMPIWRIEOMRKQE]FI XLIFIWXGLSMGIXLIQSWXMQTSVXERXXLMRKMWXLEXRSSRI WYWTIGXW XLI XIVQMREP LEW FIIR XEQTIVIH [MXL -J XLI VYRRIVWKIXRSXMGIHXLI]RIIHXSLEZIETPEYWMFPIGSZ IVWXSV]JSVXLIMVTVIWIRGI'EWWMH]MRGVIEWIWXLITE]XS RY]IRIEGLJSVXLMWTEVXSJXLIQMWWMSR[MXLXLI I\TIGXEXMSR XLEX XLI VYRRIVW [MPP GSRHYGX XLIQWIPZIW HMWGVIIXP]
03'%8-327
GVEWLMRKSRILSWXIHF]1M^YRSMWIZIRLEVHIVPEVKIP]FI GEYWI1M^YRSMWEKIRIVEPP]PSEXLWSQIMRHMZMHYEP{QER] SJXLIKYIWXWEVIEXXIRHMRKSYXSJEWIRWISJTVSJIWWMSR EPSFPMKEXMSRERHRSXSYXSJJSRHRIWWJSVXLIMVLSWX)Q
JSVXLIQSWXTEVXXLIWQSOIWXEMRWERH[LMWOI]EVIEY XLIRXMG 'EWWMH] QIIXW XLI VYRRIVW MR E TVMZEXI VSSQ WXSGOIH[MXLMXWS[RPMUYSVGEFMRIX1EXVM\VIGITXMSRMW WTSXX]KMZMRKXLIFEVE2SMWI6EXMRKSJ
/2-:)7398
7,)2%2-+%2v7 EQYPXMTYVTSWIFYMPHMRK7LIRERMKERvWMWEJEMVP]WIIH] -VMWLFEVJVIUYIRXIHF] VIKYPEVW [MXLHIGMHIHP] QM\IH VIZMI[WSRXLI1EXVM\%JI[%63WSJPITVIGLEYRWFEH
&033(=&97-2)77
1%2%(=2)*%'-0-8= 8YGOIH E[E] MR E GSVTSVEXI TEVO XLMW X[SWXSV] GSR GVIXI FYMPHMRK SWXIRWMFP] WIVZIW EW E PS[YWI WXSV EKI JEGMPMX] JSV 1EREH]RI -R VIEPMX] QER] SJ 4VSNIGX IW EVI GEPMFVEXIH EGGSVHMRKP] 8LI FYMPHMRKMXWIPJ MW WIX FEGO XIR QIXIVWJVSQEXLVIIQIXIVXEPPJIRGI XSTTIH [MXL GSRGIVXMRE % KYEVHLSYWI WITEVEXIW XLI JIRGIv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vWVSSJERHWYGGIIHSRE4IVGITXMSR -RXYMXMSR 8IWX XLI] VIGSKRM^I XLEX ER MVVMKEXMSR W]WXIQVYRWEPSRKXLITIVMQIXIVSJXLIVSSJEPXLSYKL XLIVIEVIRSTPERXWZMWMFPI%WMRKPILMXSREFSXER]VI PEXIH /RS[PIHKIWOMPP VIZIEPW XLMWMRJSVQEXMSR EW [IPP % WQEPP KET I\MWXW FIX[IIR XLI I\XIVMSV [EPP ERH XLI JEGMPMX]MXWIPJ-RWMHIXLMWKETJIHF]EGSQTPI\W]WXIQ SJWSPEVPMKLXMRK*SVGIKYEVHMERZMRIWGSZIVXLIJSYV [EPPW FYX RSX VSSJ SV FEWIQIRX SJ XLI FYMPHMRK 8LI QEMRHSSVERHXLIPSEHMRKFE]HSSVHSRSXLEZIKYEVH MERZMRIWFILMRHXLIQ (IWTMXIXLIJEGMPMX]vWJEMVP]MQTVIWWMZITIVMQIXIVHI JIRWIWMXMWPMKLXP]WXEJJIH(YVMRKXLIHE]EHS^IR[EK IWPEZIWHMPMKIRXP][SVO XLVSYKLSYX XLI JEGMPMX]7IGYVMX] +VYRXW{X[SJSVIZIV]VYRRIV{GSQTPIQIRXETEMVSJ7I GYVMX]1EKIW T [MXLWXEJJGLERKIWSGGYVVMRKEX EQERHTQ7MRGIXLIFYMPHMRKMWHIHMGEXIHXSTL]WM GEPWXSVEKIMXWLSWX 6EXMRK7PIE^I%XXEGO*MVI[EPP (EXETVSGIWWMRK MWVIPEXMZIP][IEO2SMRJSVQEXMSR EFSYX 4VSNIGX 1SREH MW LSYWIH SR XLI LSWX EPXLSYKL
7,-2837,6-2) KPERGIXLI7LMRXSWLVMRI2EOEQYVETMGOWJSVXLIQIIX JIIPWPMOIWSQIXLMRKSYXSJEHMJJIVIRXIVE(IHMGEXIHXS ,EGLMQERXLMWWLVMRISGGEWMSREPP]HVE[WXLI YR[ERX IHEXXIRXMSRSJWEQYVEMTSWIYVWWSFEWMGWIGYVMX]QIE WYVIW LEZI FIIR MQTPIQIRXIH 7MKRW TSPMXIP] VIUYIWX XLEXZMWMXSVWHITSWMX[IETSRWMRPSGOFS\IWNYWXSYXWMHI XLI WLVMRIvW IRXVERGI 8LI XSVMM KEXI EX XLI WLVMRIvW IRXVERGILMHIWE1%(WGERRIV 6EXMRK MRXLIIZIRX XLEXWSQISRIJEMPWXS GSQTP]3RGI TEWXXLIXSVMM XLI VYRRIVW SYKLX XS VMXYEPMWXMGEPP] [EWL XLIMV LERHW ERH QSYXLW XS TYVMJ] XLIQWIPZIW MRWXVYGXMSRW EVI TVSZMH IHZME%6 %[M^IRIH.ETERIWI[SQER[MXLEXSSXL PIWWWQMPIWYKKIWXWXSSRISJXLIVYRRIVWXLEXLISVWLI QEOIEWQEPPHSREXMSRXSXLIWLVMRIERHTMGOEJSVXYRI JVSQXLIFS\WLIGEVVMIW+EQIQEWXIVWWLSYPHXEOIXLMW STTSVXYRMX] XS WTSSO XLI TPE]IVW E FMX KMZMRK XLIQ E ZEKYIFYXTSWWMFP]SQMRSYW JSVXYRI 2EOEQYVE [EMXW JSVXLIVYRRIVWMRXLIWLVMRIvWQEMRLEPP
1->923v7,397) =SNMVS 1M^YRSvW LSYWI MW E WLVMRI HIHMGEXIH XS LMW JE ZSVMXI SFNIGX SJ ZIRIVEXMSR LMQWIPJ -XW GEZIVRSYW VSSQWSJXIR[MXLGEXLIHVEPGIMPMRKWERHMRHSSVFEPGS RMIWWIVZIXSHMWTPE]JIXMWLIW SJ 1M^YRSvW [IEPXL ERH WYGGIWW 8LI KVSYRHW EVI GSQTEVEXMZIP] WQEPP{XLI LSYWIMWJEVXSSFMKJSVXLIPSX{ERHGVS[HIH[MXLTEV X]VIPEXIHEGXMZMXMIW8LI=EOY^ESRWIGYVMX]HYX]GLIGO 7-2WRSXFVSEHGEWXMRKERMRZMXEXMSREW[IPPEWER]SVOSV XVSPP[LS[ERHIVWSYXSJWXEJJHIWMKREXIHEVIEW+EQ IQEWXIVW WLSYPH RSXI XLI 'SRGIEPEFMPMX] SJ XLI VYR RIVWv[IETSRWERH[LEXWSVXSJEVQSVXLI][IEVXSXLI IZIRX%R]XLMRKPIWWXLERFYWMRIWWEXXMVIMWGSRWMHIVIH KEYGLIEXFIWX 1M^YRS PSZIW XS KMZI XSYVW SJ LMW LSYWI ERH [MPP GIVXEMRP]SFPMKIMJEWOIHEWWYQMRKEHIGIRXRYQFIVSJ TISTPIGERFIVSTIHMRXSXLITVSGIWWMSRFYXXLITEV )EGLWXEMV[IPPLEWE=EOY^EWIRXV][LS[MPPHMVIGX[ER [LMGL[MPPRSXFIMRGPYHIHSRER]XSYVLIGSRHYGXW MW 6EXMRKZSMGIVIGSKRMXMSRW]WXIQ[MXLE6EXMRKER XMXEQTIVW]WXIQ
KYEVHMERZMRIWERHHIPMZIV]WGLIHYPIW
/2-:)7398
&033(=&97-2)77
7)'96-8=+6928
,%22%,(3+7,%1%2
463*)77-32%06%8-2+ &
%
6
7
;
0
-
'
)(+
)77
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
/RS[PIHKI7OMPPW %YKQIRXEXMSRW
( 4L]WMGEP 1IRXEP7SGMEP %XLPIXMGWWOMPPKVSYT'PYFW)XMUYIXXI 'SVTSVEXI *MVIEVQWWOMPPKVSYT 4IVGITXMSR8LVS[MRK;IETSRW 7QEPP9RMX8EGXMGW PS[PMKLXZMWMSRWQEVXPMROXLIVQSKVETLMG ZMWMSRAHEXENEGOVIEGXMSRIRLERGIVW %VQSVIHNEGOIX?AGSQQPMRO (IZMGI6EXMRK LIPQIX?A %VIW4VIHEXSV:?,IEZ]4MWXSP%GG (:4 %4z7%6'{ G [GPMTW7XMGOR 7LSGOEQQSGPMTWVIKYPEVEQQSA
+IEV ;IETSRW
%4z777%6'{ Q [VSYRHW WQEVXKYRW]WXIQA -RKVEQ7QEVXKYR) &
%
6
7
;
0
-
'
)(+ )77
1
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
( ( 4L]WMGEP1IRXEP7SGMEP %XLPIXMGWWOMPPKVSYT'PSWI'SQFEXWOMPPKVSYT )XMUYIXXI =EOY^E 4IVGITXMSR /RS[PIHKI7OMPPW 7QEPP9RMX8EGXMGW 5YEPMXMIW 2EXYVEP%XLPIXI9RGSYXL -RMXMEXI+VEHI 1IXEQEKMGW 4S[IV4SMRX %HITX4S[IVW 'SQFEX7IRWI'VMXMGEP7XVMOI &PEHIW
+IEV ;IETSRW
0MKLX&SH]6MTSWXI;EPP6YRRMRK %VQSVIHNEGOIX?A)VMOE)PMXIGSQQPMRO (6 'SQFEX/RMJI?&PEHI%GG(:4%4z6EXMRK [IETSRJSGYWA
&033(=&97-2)77
+9%6(-%2:-2)7
&
%
6
7
;
0
-
'
)(+ )77
1
3VMKMREPP]JSYRHMR%QE^SRMEKYEVHMERZMRIWEVIRS[ GYPXMZEXIH XLVSYKLSYX XLI [SVPH 8LI EWXVEP JSVQ SJ E KYEVHMER ZMRIGER QSZIMRHITIRHIRXP] SJ MXWTL]WMGEP JSVQPMOIEREWXVEPP]TVSNIGXMRKQEKMGMEREPXLSYKLXLI ZMRIvW EWXVEP JSVQ VIQEMRW VSSXIH XS MXW TL]WMGEP JSVQ ERH GER SRP] PEWL SYX E JI[ QIXIVW MR EWXVEP WTEGI +YEVHMERZMRIWEGXMZIP]HIJIRHXLIQWIPZIWJVSQTVIH EXSVWYWMRKFSXLXLIMVTL]WMGEPERHEWXVEPXIRHVMPWXSXVET ERHIRWREVIXLSWI[LSGSQIMRXSGSRXEGX[MXLXLIQ &SXLMRTL]WMGEPERHEWXVEPGSQFEXKYEVHMERZMRIWEX XIQTXXSKVETTPIXLIMVSTTSRIRXWYWMRK7YFHYMRKGSQ FEX T76 8]TMGEPP]EZMRI[MPPEXXIQTXXSQEMR
*
*
*
*
*
*
*
*
*
*
-RMXMEXMZI %WXVEP-RMXEXMZI 7OMPPW 2SXIW
*
*\ ( *\ ( %WWIRWMRK%WXVEP'SQFEX4IVGITXMSR 9REVQIH'SQFEX +YEVHMERZMRIWLEZI6IEGL
MWORSGOIHYRGSRWGMSYWSVHMWVYTXIH+YEVHMERZMRIWEVI XLIZMRISRXLIWYVJEGIYTSR[LMGLMXKVS[W
/2-:)7398
& 03 3( =& 97 -2 )77
7,-44-2+ '32')627 8,)2)E]IXWIZ;SVOMRK[MXLLMW[MH XLIMVS[RGPEMQ9RJSVXYREXIP]'LEPQIVWERH'SPILEZI RS MHIE [LIVI XLI 6%) HITSWMX EGXYEPP] MW (MWGSZIVMRK XLI] LMVI XLI VYRRIVW XS WIGVIXP] FI XLIMV I]IW ERH IEVW XLIMVXVMTXS:PEHMZSWXSO8LITPE]IVWLEZIX[SKSEPW8LI] GEXMSRSJXLIGPEMQMXWIPJ8LI]EVIEWOIHXSHS[LEXIZIV XLI]GERXSWYFXP]WEFSXEKIXLITVSGIWWWPS[MRKMXHS[R IRSYKLXLEX1V.SLRWSRGERLIPTXLI[MHS[EVKYILIV
403843-28 3*+6-):-2+;-(3;7 %2(-28)6)78)(4%68-)7 MW E NSF STTSVXYRMX] XLEX MW E FMX SJJ XLI FIEXIR TEXL 8LI] EVI XSPH XS QIIX EX E TVMZEXI EMVWXVMT [LIVI XLI] XSWMXHS[R[MXLXLIGPMIRX8LIQIIXMRKXEOIWTPEGIEX XLIEMVWXVMT[LIVIXLI]PERH8LITPERIMWQSZIHMRXSE TVMZEXILERKEVERH[LIRXLI]I\MXXLIEMVGVEJXXLIVYR
[LSMRXVSHYGIWLMQWIPJEW1V.SLRWSR YWI1V.SLRWSR 'SVTSVEXI T ,IGPEMQWXLEXLI[SVOWJSVEZIV] TVMZEXISVKERM^EXMSRXLEXLEWRIIHSJEXIEQSJVYRRIVW [LSGERwI\LMFMXI\XVESVHMREV]HMWGVIXMSRMREWIRWMXMZI
63'/73**
&033(=&97-2)77
QEXXIVx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{XLIZMGXMQSJERwYR JSVXYREXI MRGMHIRXx 1V .SLRWSR WE]W{ERH LMW [MHS[ -RIWWEMRLIVMXIHIZIV]XLMRKMRGPYHMRKXLIVEVIIPIQIRXW XLSYKLERH1V.SLRWSRWE]WXLI]QYWXFIWXSTTIH-J XLIVYRRIVWGERKEXLIVMRJSVQEXMSRSRLS[(++MWTVS GIIHMRK1V.SLRWSR[MPPYWIMXXSQEOIXLMRKWVMKLX 8LIVYRRIVWEVISJJIVIHRY]IRTIVVYRRIVJSV XLINSF EPSRK[MXLE GPSXLMRK EPPS[ERGISJRY] IRETMIGIXSLIPTXLIQPSSOXLITEVX1V.SLRWSRWE]W
63'/73**
XLMWQE]RSXWIIQLMKLFYXMX[MPPFIMREHHMXMSRXSTE] XLIVYRRIVW EVIIEVRMRKEWFSH]KYEVHWWSXLI]EGXYEP P]WXERHXSIEVREPSX8LITE]GERFIMRGVIEWIHF] RY]IRTIVRIXLMXSRE2IKSXMEXMSR'LEVMWQE3TTSWIH 8IWXYTXSEQE\MQYQSJTIVVYRRIV -J XLI VYRRIVW EGGITX XLI NSF XLI] EVI XS VITSVX XS (++:MGI4VIWMHIRXSJ3TIVEXMSRW(EVMYW0ERK
403843-28 8,)38,)616.3,2732 'LEPQIVW ERH 'SPI EVVERKIH JSV E PSGEP GSRXVEGXSV XS VIGSQQIRHXLIVYRRIVWXS1V0ERKERHLMWEWWSGMEXIW 8LIVYRRIVWEVII\TIGXIHXSEVVMZIEXTQMRXLIEJ XIVRSSR 8LI QIIXMRK XEOIW TPEGI RIEV XLI (++ GSV WIVZIHJSVWQEPPWGEPIFYWMRIWWIWERHWIEWSREPWIXYTW XLEXRIIHEJSVQEPTPEGIXSQIIX0ERKLEWVIRXIHSYX +VMJJIRLIEHSJ(++WIGYVMX]VIUYIWXIHXSFITVIWIRX EX XLI QIIXMRK ,MW FEGOKVSYRH GLIGO SJ XLI VYRRIVW ]MIPHIHPMXXPIMRJSVQEXMSRWSLI[ERXWXSWIIXLIXIEQ XLEX[MPPFIGLETIVSRMRKLMWGSVTSVEXIPIEHIV
&033(=&97-2)77
0ERK MW E XEPP [MV] IPJ [MXL FPSRHI LEMVWLS[MRK YR REXYVEPWXVIEOWSJKVE],IWTIEOW[MXLEWPS[VIWSRERX HVE[PMRHMGEXMZISJLMWWSYXLIVRYTFVMRKMRK,IMWHMVIGX [MXL XLIVYRRIVW ,II\TPEMRWXLEX LI[ERXIH WLEHS[ VYRRIVWEPSRKSRXLMWXVMTFIGEYWILIORS[WLIMWKSMRK XS RIIH XS GPMQF HS[R MRXS XLI QYGO SJ XLI :PEHMZS WXSO YRHIV[SVPH,IRIIHW XS ORS[LIFVSYKLXWSQI SRI EPSRK [MXL I\TIVMIRGI HIEPMRK [MXL XLIWI OMRH SJ TISTPI +VMJJIR EHHW XLEX LI MW GSRGIVRIH EFSYX SXLIV GSVTSVEXIMRXIVIWXWWYGLEW4VSXIYWERH1EIVWOXEOMRK EHZERXEKISJLMW')3FIMRKWSI\TSWIH 0ERKMWTVITEVIHXSSJJIVXLIVYRRIVWRY]IRTIV TIVWSRTIVHE]XSWIVZIEWLMWWIGYVMX]HIXEMP(YIXSXLI JEGXXLEXXLI][MPPFIXVEZIPMRKMRXIVREXMSREPP]XLI][MPPRSX FI EPPS[IH XSXEOI XLIMV S[R[IETSRW [MXL XLIQ0ERK LEWEVVERKIHJSVEWYTTPMIVEXXLISXLIVIRHXSTVSZMHIXLI VYRRIVW[MXL WQEPP EVQW ERH GSRGIEPEFPI LSPWXIVW 8LI] GER QEOIVIUYIWXWJSV [LEX X]TISJ TMWXSPW XLI] [MPP FI GEVV]MRKFYXMXLEWXSFIMRXLI4MWXSPGPEWWSJ[IETSRW
403843-28 8S6YWWME;MXL0SZI -R XLMW WXEKI XLI TPE]IVW QEOI XLI NSYVRI] XS 6YWWME 8LI] EVI XVEZIPMRK [MXL E [IPPVIWSYVGIH GSVTSVEXMSR [LMGLQIERWXLI][MPPFIKSMRKFYWMRIWWGPEWW[MXLEPP XLI WIGYVMX] XLEX IRXEMPW 8LEX MRGPYHIW 6EXMRK 1%( WGERRIVW GETEFPI WIGYVMX] WTMHIVW ERH E QEKI TIV JSVQMRK EWXVEPSZIV[EXGL FILMRHERIPIZEXIH [MRHS[ -RXLIVYRRIVWXV]XSWRIEOXLVSYKLER][IETSRWXLIWI EVI XLI JSVGIW XLI] [MPP LEZI XS HIEP [MXL 8LI] GERvX GSYRXSRXLIMVRI[IQTPS]IVWFEGOMRKXLIQYTMJXLI] XMSRWXLI]KSXXLI]TVSFEFP]EVIRSX[SVXLWEZMRK VYRRIVWv KVSYT HMWIQFEVOW MR :PEHMZSWXSO 8LI LSXIP OMPSQIXIVWJVSQ XLIEMVTSVXWS XLI] LEZI EWLSVX NEYRX ELIEHSJXLIQ3RGIXLI]QIIXXLIGEVXLITMWXSPWXLI VYRRIVWVIUYIWXIH[MPPFIMRXLIXVYRO{0ERKMWRSXGVY IPIRSYKLXSQEOIWLEHS[VYRRIVWKSXSSPSRKSRXLI KVSYRH[MXLSYXFIMRKEVQIH 3RXLI HVMZIXLI VYRRIVWGER EXXIQTXE4IVGITXMSR -RXYMXMSR 8IWXXSRSXMGIEXERWIHERJSPPS[MRKXLIQ JVSQXLIEMVTSVXXSXLILSXIP8LIWIHERMWRSRHIWGVMTX ERHXLIHVMZIVMWWYFXPIQIERMRKXLIXEMPNSFMWXSYKLXS RSXMGI8LIPEGOSJETL]WMGEPPMGIRWITPEXIHSIWRvXLIPT ER]XLMRKERHXLIIPIGXVSRMGPMGIRWIMWIRGV]TXIHWSXLEX SRP]PE[IRJSVGIQIRXGERWIIMX XVIEXXLMWIRGV]TXMSREW KMZMRKXLIGEVvWIPIGXVSRMGW]WXIQWE*MVI[EPPVEXMRKSJ 8LIVIMWEWQEPPHIRXSRXLITEWWIRKIVWMHISJXLIJVSRX FYQTIVXLEXWIVZIWEWEHMWXMRKYMWLMRKQEVO %XXLILSXIPXLIVYRRIVWEVIRSXKMZIRE[LSPIPSXSJ XMQI XS WMX EVSYRH ERH VEMH XLI QMRMJVMHKI 0ERK [ERXW
403843-28 =39v6)2):)68690=%032)
XLEXLIERHXLITISTPILIMWQIIXMRK[MXLWLSYPHORS[ EFSYX{ERHRSSRIIPWI8LIVYRRIVWvNSFMWXSQEOIWYVI RSSYXWMHIVW[MXRIWWXLIQIIXMRKXEOMRKTPEGIERHXLIR XSIRWYVIXLIQIIXMRKWXE]WTVMZEXIIV[LMPIMXMWLETTIR 0ERKHSIWRSXZSPYRXIIVXLMWORS[PIHKI XLSYKLLIXIPPW XLIVYRRIVWXLIREQISJXLIFEV[LMGLMWXLI&ILIQSXL 3RGI XLI] ORS[ EFSYX XLI HIWXMREXMSR VYRRIVW QE] QEOIE:PEHMZSWXSO7XVIIXW-RXYMXMSR 8IWXXSORS[ XLEXXLIMVHIWXMREXMSRMWE:SV]LERKSYX ;LIXLIVXLI]VIGSKRM^IXLIPSGEXMSRSVRSXXLIVYR RIVWWLSYPHYRHIVWXERHXLEXTEVXSJXLIMVWT]MRKNSFMWXS PIEVR[LEXvWLETTIRMRKEXXLMWQIIXMRKWSXLI]WLSYPH QEOIETPERXSTIVJSVQWSQIIWTMSREKI 8LIWEQIXERWIHERXLEXXEMPIHXLIQJVSQXLIEMVTSVX JSPPS[WXLIQEKEMR-JXLIVYRRIVWHMHRSXWTSXMXFIJSVI MX XEOIW E 4IVGITXMSR -RXYMXMSR 8IWX XS RSXMGI MX MJ XLI]HMHMXvWSRP]E4IVGITXMSR-RXYMXMSR 8IWX-JXLI] EVIRSXHVMZMRKERHMRJSVQ0ERKEFSYXXLIXEMP0ERKXIPPW LMWHVMZIVXSWLEOIXLIXEMP ERHXLIHVMZIVTYPPWMXSJJ-J SRI SJXLI VYRRIVWMW FILMRH XLI[LIIPMXXEOIWE 4MPSX +VSYRH'VEJX6IEGXMSR 8IWXXSWLEOIXLIXEMP -J XLIVYRRIVWHSRvXRSXMGIXLIXEMP XLIWIHER[MPPWII [LIVIXLI]EVIKSMRKXLIRTIIPE[E]ERHVITSVXFEGO8LMW GSQTPMGEXMSR[MPPFMXIXLIVYRRIVWMRXLILSSTPEXIVSR 7LEOMRKXLIXEMPMWXLISRP]FMXSJFSH]KYEVH[SVOXLI VYRRIVWLEZIXSTYPPSJJEXXLMWTSMRXWSSRGIXLI]EVIEX XLI&ILIQSXLXLIMVQEMRNSFMWXSPMWXIRXSXLIGSRZIV WEXMSR0ERKMWLEZMRK[MXL)PM^EZIXE&SPWLSZEWSZIXRMO [MXLXLI:PEHMZSWXSO:SV]0ERKMWPSSOMRKJSVTVSXIGXMSR JVSQ&SPWLSZMRXLIGSYVWISJXLIQMRMRKSTIVEXMSRWEW [IPP EW XLI RIKSXMEXMSRW PIEHMRK YT XS MX -R VIXYVR XLI :SV] [MPP VIGIMZI TIVGIRX SJ XLI KVSWW TVSGIIHW SJ XLI QMRMRK STIVEXMSRW{XLI TIVGIRX HSIWRvX WSYRH PMOI QYGLFYX[MXLXLIQSRI]XLIQMRIMWI\TIGXIHXSFVMRK EFEGO VSSQJSVXLIMV GSRZIVWEXMSR WLMIPHXLIMVGSRZIV WEXMSR[MXLE6EXMRKEVIENEQQIV-JXLIVYRRIVWSTIR XLI]vPPFI[EZIHSJJ-JXLI]VIJYWIXSPIEZI&SPWLSZ[MPP MRJSVQ XLIQ XLEX XLI] EVI WYVVSYRHIH F] LIV TISTPI XLIVYRRIVWvIEZIWHVSTTMRKWLSYPHRSXFISFZMSYW
403843-28 *6-(%=2-+,80-*) -RXLIIZIRMRKXLIVYRRIVWEVII\TIGXIHXSOIITERI]I SR 0ERK [LMPI LI IRNS]W E WPMGI SJ :PEHMZSWXSO RMKLX
63'/73**
&033(=&97-2)77
WEJI{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vXFIQYGLSJEFMKHIEPI\GITX0ERKJSVKSXXS LMQ WOMTTMRK XLEX WXIT ;LEXIZIV XLI GEWI QE] FI EX WSQITSMRX0ERKVYRWEJSYPSJXLIPSGEPTSPMXWM]E{XLITS PMGI YWI4SPMGI4EXVSPWWXEXWT768LIIEWMIWX[E] XSXEOIGEVISJXLIQEXXIVMWEWMQTPIRY]IRFVMFIXS 'LEVMWQE ZW 0ERKvW 4IVGITXMSR 'LEVMWQE 3TTSWIH HSYFPMRKXLIVIUYMVIHFVMFI-JXLIVYRRIVWHIGMHIEKEMRWX XLI FVMFI 0ERK [MPP FI WXYGO MR NEMP YRXMP 1SRHE] QSVR MRKERH[MPPQMWWLMW7EXYVHE]EJXIVRSSRQIIXMRK[MXLXLI *IHIVEP%KIRG]JSV2EXYVEP6IWSYVGIWEKIRX8LEXvWKSSH JSV'LEPQIVWERH'SPIFYXRSXJSV0ERKMJXLEXLETTIRW XLIQLEPJXLIEKVIIHYTSREQSYRX8LI]EVILETT]XLEX 0ERKQMWWIHLMWQIIXMRKFYXXLI]WXMPPHSRvXLEZIEPPXLI MRXIPPMKIRGIXLI][ERXIHEFSYXLMWIJJSVXW %REXXIQTXIHLEGOSRXLIGSQQPMRO[MPPGSQIMR[LMPI 0ERKMWHIEPMRK[MXLXLITSPMXWM]E[EKIHF]ELEGOIV[MXL E,EGOSRXLI*P]HMGITSSPSJ-JPIJXXSLMWS[RHIZMG IW 0ERKvW GSQQPMRO E 8VERW]W %ZEPSR (IZMGI 6EXMRK [MPPFIGSQFMRIH[MXLLMW-RXYMXMSR[LMGLLMWHVMROMRKLI XIQTSVEVMP]PS[IVIHXS-JXLIVYRRIVWKSXQEVOWMRXLI GSQQPMROXLI]GERYWIXLIMV-RXYMXMSRMRXLIHIJIRWI -JXLILEGOMWWYGGIWWJYP0ERK[MPPHSGOXLIVYRRIVW EHE]vWTE]-JXLI VYRRIVWYWIXLISTTSVXYRMX]XSTSOI PMWXMRKXLI:SV]JSVTVSXIGXMSREW[IPPEWETPERRIHGEWL XVERWJIVXSEVITVIWIRXEXMZIJVSQXLI6YWWMER%KIRG]JSV XLEXXLMWMWEFVMFI8LI]vPPEPWSWIIXLII\EGXGSSVHMREXIW QPMROERHJEMPEXER])HMX*MPIXIWXWXLI]PIEZIIZMHIRGI SJ XLIMV EGXMZMXMIW XLEX 0ERK HMWGSZIVW MR XLI QSVRMRK
403843-28 3**-'-%0&97-2)77
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
EVSYRH8LIVYRRIVWvVSPIMRXLMWQIIXMRKMWJEMVP]WMQTPI SFWIVZIERHTVSXIGX2SXLMRKHERKIVSYWLETTIRWHYVMRK XLIQIIXMRKFYXMXHSIWKMZIXLIVYRRIVvWERSTTSVXYRM X]XSKEXLIVQSVIIZMHIRGIJSV'LEPQIVWERH'SPI7YV VITXMXMSYWTLSXSWRETWLIPT{ER]VYRRIVW[MXLG]FIVI]IW WLSYPHFIEFPIXSVIGSVHERMGIEQSYRXSJYWIJYPHEXE -J 0ERK [IRX XS NEMP EJXIV LMW RMKLXXMQI EHZIRXYVIW XLMW QIIXMRK XEOIW TPEGI SR E 1SRHE] QSVRMRK E[E] FVIEOJEWXEXERYTWGEPIVIWXEYVERXGEPPIH 4YQTIVRMGOIP 8LI VYRRIVWEVII\TIGXIHXS HVIWW YTWGEPIQSWX PMOIP] YWMRKXLIGPSXLIW'LEPQIVWERH'SPITVSZMHIHJSVXLIQ -J TVSTIVP]HVIWWIHXLI][MPPFIWIEXIHGPSWIXS0ERKv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
403843-28 92 3**-'-%0&97-2)77 0EXIVMRXLIHE]EJXIVXLIKSZIVRQIRXQIIXMRK0ERKXEOIW EXVMTWXS XLI HSGOW JSV ERSXLIVQIIXMRK%KEMRLIIQ TLEWM^IWXLEXRSSRIGERORS[EFSYXXLMWQIIXMRKERH XLI VYRRIVW RIIH XS WIGYVI XLI EVIE 8LMW [MPP FI XVMGO] FIGEYWI MRWXIEH SJ QIIXMRK MR E FEV TEGOIH [MXL :SV] [EVILSYWI8LIFYMPHMRK[MPPFIPEVKIVERHPIWWTSTYPEXIH
8LIQEMRFYWMRIWWSJXLIRI\XHE]MWEZMWMXXSXLIKSZ WIXXMRKVIQMRMWGIRXSJ'SPH;EVWT]HVEQEW;LMPIXLI
63'/73**
MWXLEXYRPMOIXLIFEVXLI[EVILSYWIMWRSXEWWSGMEXIH[MXL ER]TEVXMGYPEVKVSYTMRXLITYFPMGvWQMRH
&033(=&97-2)77
8LIQIIXMRKMW[MXLE=EOY^EWLEXIKEWLMVE[LSMWMR GLEVKI SJ XLI =EOY^EvW MRXIVIWXW MR XLI HSGOW ERH GER LIPT(++QSZISYXXLI6%)WSRGIQMRMRKFIKMRW0ERK [ERXWXSQEOIWYVIXLMRKWKSEW WQSSXLP]EWTSWWMFPI FYX XLIVIvW E LMXGL{XLI =EOY^E ERH XLI :SV] HSRvX KIX EPSRKEXEPPERHMJIMXLIVWMHIJSYRHSYX0ERK[EWQEO MRK EKVIIQIRXW [MXL XLI SXLIV XLI] [SYPH TYPP SYX SJ XLIHIEP{ERHQE]FIXEOISRISJ0ERKvWXLYQFWJSVJYR %W [MXL XLI QIIXMRK EX XLI :SV] FEV 0ERK YWIW E 6EXMRK EVIE NEQQIV JSV TVMZEG] 8LI QIIXMRK KSIW WQSSXLP]JSVEFSYXLEPJERLSYVYRXMPEWXVIIXKERK[LS TVS[PWXLIHSGOWHIGMHIWXLEXQE]FIXLMW[EVILSYWIMW EFERHSRIHERHXLI]WLSYPHPSSXMX;LIRXLI]WIIXVEG IWSJPMJIXLI]HIGMHIXLEXQE]FIXLI]WLSYPHFIEXXLI LSP]PMZMRKLIPPSYXSJ[LSIZIVMWLIVI 8LIVIEVIXIRKERKQIQFIVW YWI+ERKIVW 7XVIIX 7GYQ T 76 8LI XVMGO MW RSX NYWX JIRHMRK XLIQ SJJFYXQEOMRKWYVIRSSRIKIXWEPSSOEX0ERKERHXLI WLEXIKEWLMVE XSKIXLIV ERH XLIR WYVZMZIW XS WTVIEH XLI WXSV]8LIKERKMWETEVXMGYPEVTVSFPIQEWXLI]VIGSKRM^I XLIWLEXIKEWLMVEEWE=EOY^EQERWSXLI]vHFIIJJIGXMZI MRXIPPMRKWXSVMIWEFSYX[LS0ERK[EWQIIXMRK[MXL XLI] HSRvXORS[ [LS 0ERKMWSJGSYVWIFYXXLI] GSYPH HI WGVMFILMQ[LMGLGSYPHGEYWILMQTVSFPIQW 8LITSMRX FIMRKRSSRIGERFIEPPS[IHXSWII0ERKERHXLIWLEXI KEWLMVEXSKIXLIVERHPMZI
403843-28 %2-2'32:)2-)28%''-()28 -RXLMWWGIRI0ERKvWGEVMWXEVKIXIHJSVEGVEWL%,]YR HEM7LMR,]YRKGSQIWSRERMRXIVGITXGSYVWIPSSOMRK XSXEKXLIFEGOFYQTIVSJ0ERKvWGEVERHXEOIMXSYXSJ EGXMSR8LIHVMZIVSJXLI7LMR,]YRK YWI(VSRI6MKKIV T76 HSIWRvX[ERXXSOMPP0ERKWSMJMXPSSOWPMOI WLIvWEFSYXXSKSMRXSEJYPPSRGVEWLWLIvPPTYPPSYX7LI [ERXWXLIGEVHMWEFPIHERH0ERKEFPIXSXEPO8VIEXLIV EGXMSRWEWEREXXIQTXIH6EQ T76 -JWLIMWEFPIXSHMWEFPIXLIZILMGPIXLIVMKKIVGSQIW SZIVXSXIPP0ERKXLEX XLMW [EW NYWX EXEWXISJ[LEXMWMR WXSVIJSVLMQERHLIGERIRHMXVMKLXLIVIF]XYVRMRKSZIV LMWGSQQPMRO0ERK[MPPRSXSJGSYVWIEKVIIXSXLMWERH [MPPI\TIGXLMWFSH]KYEVHWXSXEOIGEVISJXLMWEWWEYPX 8LI VYRRIVW GER XV] XS YWI TIVWYEWMZI TS[IVW [MXL XLI VMKKIV 7LI MW ER MRLSYWI 1EIVWO EWWIX ERH PS]EP RY]IRJSVLIVXSKSE[E][MXLSYXXLIGSQQPMRO -RJSVQEXMSR XLSYKL MW [SVXL QSVI XLER QSRI] -JXLI VYRRIVWEKVIIXSWLEVIMRJSVQEXMSREFSYX[LEXMWSRXLI GSQQPMRO[MXLLIVWLI[MPPPIEZITIEGIJYPP]%WEFSRYW WLI[MPP[EVRXLIQEFSYXXLITPERRIHEQFYWLXLEXLET TIRWMR4PSX4SMRX 8LIVYRRIVWGEREP[E]WNYWXOMPPLIVFYXXLEX[MPPGSWX XLIQXLIGLERGIXSPIEVREFSYXXLIEQFYWL
403843-28 ,31)%+%-2 8LIVIWXSJXLIHE]MWXEOIRYT[MXLQIIXMRKW[MXL(++ WXEJJXLIREUYMIXRMKLXEXXLILSXIP8LIRI\XQSVRMRK MXvWXMQIXSVIXYVRXSXLIEMVTSVXXSKSFEGOLSQI 1EIVWO LS[IZIV MW RSX TPIEWIH XS LEZI RSX LIEVH JVSQ0ERKEFSYXXLIMRJSVQEXMSRXLI][ERXWSXLI]KIX E PMXXPI QSVI EKKVIWWMZI 3ZIVRMKLX XLI] WIX YT E GSR WXVYGXMSR ^SRI MR XLI VSYXI FIX[IIR XLI LSXIP ERH EMV TSVX ERH XLI EQFYWL MW WIX YT SR XLI HIXSYV GEVW EVI JSVGIH MRXS -J XLI VYRRIVW WLEVIH MRJSVQEXMSR [MXL XLI 1EIVWOEKIRXMR4PSX4SMRXXLI]KIXEXI\XQIWWEKISR XLIMV[E]XSXLIEMVTSVXXIPPMRKXLIQ[LEXvWKSMRKHS[R -JRSXMX[MPPGSQIEWEWYVTVMWIXSXLIQ 8LIHIXSYVXEOIWXLIVYRRIVWXSEX[SPERIVSEH%J XIV XLI VYRRIVW TYPP SR XS MX E GEV KSMRK XLI STTSWMXI HMVIGXMSR W[IVZIW MRXS XLIMV PERI JSVGMRK XLIQ XS XLI VMKLX8LIVIMWEGSRWXVYGXMSRGVI[SJWM\TISTPIEXXLEX TSMRX{SVEXPIEWXXLEXMWLS[XLI]EVIHVIWWIH-RVIEPMX] XLI]EVIE1EIVWOWIGYVMX]GVI[WIRX XS FIEX0ERKERH XLIWLEHS[VYRRIVWHS[R YWI7IGYVMX]+VYRXWT ;LMPI XLI VMKKIV MR 4PSX 4SMRX [ERXIH XS PIEZI 0ERK EPMZIXLMWGVI[LEWRSWYGLGSQTYRGXMSR-J0ERKHMIW 8LIVI MWRvXER] VIEP RIKSXMEXMSRXS FIHSRI LIVI EW XLI1EIVWOGVI[MWWMRKPIQMRHIH8LIVYRRIVWvNSFMWXS
XLIMV[E]XSXLIEMVTSVX[MXLSYXJYVXLIVMRXIVJIVIRGI
403843-28 7)880-2+94 3RGIXLI]PERH0ERKXLEROWXLIVYRRIVWERHFMHWXLIQ KSSH HE] 8LI] WLSYPH LEZI FIIR TEMH EX XLIWXEVX SJ IZIV]HE]WS0ERKWLSYPHRSXS[IXLIQER]XLMRK 8LIVYRRIVWGERXLIRQEOIEVVERKIQIRXW[MXLXLIMV SVMKMREP1V.SLRWSRXSGSPPIGXXLIMVTE]QIRX8SFITEMH MRJYPP1V.SLRWSRRIIHWXLIJSPPS[MRKMRJSVQEXMSR y 0ERKMW[SVOMRK[MXLXLI:SV]JSVWIGYVMX]
y y y
XLIQMRMRKTVSGIWW 0ERKMW[SVOMRK[MXLXLI=EOY^EXSKIXXLIHSGOW VYRRMRKWQSSXLP]JSVLMQ 1EIVWOMWMRXIVIWXIHMRXLIGPEMQ0ERKLEW
8LIVYRRIVWvTE]QIRXMWVIHYGIHF]RY]IRTIV TIVWSR JSV IEGL TMIGI SJ MRJSVQEXMSR XLI] HSRvX LEZI 1V.SLRWSRHSIWRvXORS[[LEXLIvWQMWWMRKSJGSYVWI FYX LI WE]W XLI VYRRIVWv MRJSVQEXMSR JIIPW MRGSQTPIXI ERH RSX[SVXL XLI JYPP TE]QIRX 1V .SLRWSRRS[ LEW WSQIMRJSVQEXMSRXSYWIMRLMWGEQTEMKRXSGSRXVSPXLI
63'/73**
& 03 3( =& 97 -2 )77
783/-2+ 8,)*0%1)7 7)%880).%29%6=
XLI RMKLXGPYF XS HVE[ MR LYRHVIHW SJ 7IEXXPI GPYFFIVW [SVO,IVPEWXNSF[MXLLIVVIKYPEVGVI[[IRXWMHI[E]W ERHQSWXSJLIVGLYQQIVW[SYPHLEZIXSLERKEVSYRH 7IEXXPI [LMPI XLI] VIGSZIVIH JVSQ XLIMV MRNYVMIW 8LI] [SYPHRvX FI YT XS VYRRMRK JSV EX PIEWX E GSYTPI QSVI [IIOW *SV 8VIEHPI XLEX [EW JEV XSS PSRK XS WXE] MHPI 7LIRIIHIHRY]IR*SVXYREXIP]EJXIVWLIEWOIHEVSYRH SR .EGO4SMRX 7PEQQ QEREKIH XS TYX LIV MR XSYGL [MXLEWQYKKPIVMRRIIHSJQYWGPIJSVERYTGSQMRKNSF %W MRWXVYGXIH WLI EWOIH SRI SJ XLI FEVXIRHIVW LIV JSV E QMRYXI GSQTEVMRK LIV SFZMSYW SVO JIEXYVIW XS[LEXIZIVHIWGVMTXMSRLIvHFIIRKMZIRXLIRRSHHIH ERH TSMRX LIV XS E TVMZEXI VSSQ PEFIPIH XLI wSVERKIx WYMXI 7LI [EWRvX WYVI [LEX XLI GSPSV QIERX RSV HMH WLIGEVI ;LIR WLI ETTVSEGLIH XLI WYMXI XLI HSSV WIRWSVW WGERRIHLIVJEGIERHLIVGSQQPMROVIEHLIVJEOI7-2 WMHI8VIEHPIJSYRHELYQERMRLMWPEXIJSVXMIWHVMROMRK E XSTWLIPJ EPGSLSPMG HVMRO ERH [EXGLMRK E 7IELE[OW TERXWERHE[SVREVQSVIHNEGOIX w%L ]SY QYWX FI 8VIEHPI ;IPGSQI GLYQQIV 7PEQQWTIEOWLMKLP]SJ]SYx4LERXSQWEMHWXERH MRK YT ,I I\XIRHIHLMWLERH JSVELERHWLEOI [LMGL WLI EGGITXIH ,IV VSYKL LERH [EW FMKKIV XLER LMW WQSSXLSRIw-EPWSLIEV]SYLEHEFMXSJFEH PYGOSR ]SYVPEWXNSFx w=IEL 8LI TISTPI [I VER EKEMRWX XSSO XLIMV NSFW [E]XSSWIVMSYWP];I[IVIJSVXYREXIXSKIXE[E][MXL SYXPSWMRK ER]SRI&YXXLI[E]XLMRKW[IRXHS[RLEW TYXQIMREXMKLXWTSXJSVQSRI]7SLIVI-EQx w-GERYRHIVWXERHFIMRKMRXMKLXWTSXW-vQOMRHSJMR XLIQMHHPISJSRIVMKLXRS[&YX-vQRSXLMVMRK]SYJSV ER]XLMRKYRXMP-EWOWSQIUYIWXMSRWx 8VIEHPI WEX HS[R MR SRI SJ XLI GLEMVW RI\X XS XLI WQYKKPIV 4LERXSQ [EMXIH YRXMP XLI WYMXI HSSV WPMH GPSWIHEKEMRFIJSVIGSRXMRYMRK
783/-2+8,)*0%1)7
w4YXXMRKEWMHI7PEQQvWVIJIVVEP[LMGLMWEKVIEX XLMRK KSMRK MR ]SYV JEZSV [LS LEZI ]SY [SVOIH [MXL [LS QMKLX ZSYGLJSV ]SYV WXVIIX GVIH# =SY WIIQ PMOI WSQISRI[LSGERLERHPI]SYVWIPJFYX-RIIHXSORS[ QSVIEFSYX]SYVGLEVEGXIV -vZI FIIRFYVRIHFIJSVI{ F]VYRRIVW[LSXVMIHXSVMTQISJJSVVMTSJJQ]GPMIRXW SVWIPPQISYXXSXLIPE[SVYWI&80SRXLINSF8LMRKW PMOIXLEXQEOIQIPSSOFEH-HSRvX[ERXXLEXXSLETTIR EKEMRx MR XLI 77' ,IVIvW LMW GSQQGSHI ,IvPP XIPP ]SY XLEX -vZIHSRIX[IPZINSFWJSVLMQERHSYXSJXLSWIX[IPZI [IvZIKSXXIRXLINSFHSRIIZIV]XMQI8LI]LEZIRvXEP [E]W FIIR TVIXX] FYX MX HSIWRvX VIEPP] QEXXIV EW PSRK EWXLINSFKIXWHSRI%PWSWS]SYORS[Q]GVI[ERH -HSRvXNYWXHS[SVOMR7IEXXPI;IEPWS[SVOMR:ERGSY ZIV &IPPMRKLEQ :IKEW ERH IZIR EW JEV WSYXL EW 0SW %RKIPIWJVSQXMQIXSXMQI=SYGERGLIGOEPPXLINYVMW HMGXMSRWMJ]SY[ERXJSVQ]WXVIIXREQI-vQRSXGYVVIRX P][ERXIHMRER]SJXLIQ%WJSVXLI[E]-GEVV]Q]WIPJ SRENSF-vQEP[E]WTVSJIWWMSREP-LEZIRSEHHMGXMSRW RSVHS-LEZIER]MRXIRXMSRSJVMTTMRK]SYVGPMIRXWSJJ- TVMHIQ]WIPJSRQ]HITIRHEFMPMX]x w- [MPPMRHIIHGLIGOQ] WSYVGIW JSV ER]VETWLIIXW SR]SYERHWIIMJ]SYVWXSV]GEVVMIW[IMKLX%PWS-PMOI XLEX ]SYvZI [SVOIH MR QYPXMTPI WTVE[PW -X WLS[W ]SY LEZII\TIVMIRGIIZEHMRKFSVHIVTEXVSPWERHWPMTTMRKMR ERHSYXSJGSYRXVMIW[MXLIEWI=SY[SYPHFIWYVTVMWIH LS[ QER] VYRRIVW -vZI QIX XLMW IZIRMRK [LS LEZIRvX HSRIER]VYRRMRKSYXWMHI SJ 7IEXXPI7SEW ]SY QMKLX I\TIGX-vQEPMXXPIPIIV]VIP]MRKSRXLIQXSLIPTQIx w;IvVI WIX YT WS [I GER KIRIVEPP] KIX SYVWIPZIW EGVSWWFSVHIVW[MXLSYXXSSQYGLXVSYFPIiMJ[IvVIRSX XV]MRK XS HS [LEX ]SY HS JSV E PMZMRK 7S MJ ]SY RIIH QI]SY[SRvXRIIHXSLIPTQIGVSWWSZIVER]FSVHIVW [LIVI]SYRIIHQIXSKS-vPPHSMXSRQ]S[Rx w- WIIx 4LERXSQ WEMH WSYRHMRK TPIEWIH w7S XIPP QIEFSYX]SYVWIPJ;LEXIPWIWLSYPH-ORS[XLEXGSYPH GSRZMRGI QI XS LMVI ]SY# -RWXIEH SJ WSQI VERHSQ WXVIIXWEQ#x w;IPP-vQEREHITX1]QEKMGQEOIWQIUYMGOERH EKMPI WS - GER WLSSX JEWXIV ERH QSVI EGGYVEXIP] XLER QSWX-GERWXVIRKXLIRQ]FSH]XSVIWMWXMRNYV]WS-GER WXE]SRQ]JIIXPSRKIV-GERWIRWIZYPRIVEFMPMXMIWIZIR
EVSYRHXLIQ7TEVOWEVGIHZMWMFP]EGVSWWLIVORYGOPIW w%RH-vQEPMZMRKWXYRFEXSRx w-vQMQTVIWWIHx4LERXSQWEMHw0IXQIQEOIEJI[ TLSRIGEPPW8LMWWLSYPHSRP]XEOIXIRQMRYXIWMJ]SYvVI SRXLIPIZIP[MXLQI%RHMJIZIV]XLMRK[SVOWSYX-GER
LEZIRSXVSYFPIKIXXMRKXLMWNSF&YXEXXLIWEQIXMQILIV GVI[vWPEWXNSFMRXLISV]WLSYPHLEZIFIIREQMPOVYR 7SER]XLMRKGSYPHLETTIR 1MRYXIW TEWWIH FIJSVI 4LERXSQ [EPOIH FEGO MRXS XLITVMZEXIWYMXIw;IPP8VIEHPIMXPSSOWPMOIIZIV]XLMRK
TPMQIRXWJVSQLIVTVIZMSYWGPMIRXW-RXLISV]WLIWLSYPH
RIEVF]NYVMWHMGXMSRW7SFEWIHSRXLEX-LEZIENSFMRXLI 2SVXLIVR'VIWGIRXVIKMSRXLEX-RIIHQYWGPIJSV-XTE]W RY]IRJSVETTVS\MQEXIP]LSYVWSJ[SVO;SYPH ]SYFIMRXIVIWXIH#x w-[SYPHx w+SSH,IVIvW[LEX]SYRIIHXSORS[ix
3:)6:-);
XIVJIVIH F] WIPPMRK LIEZ] [IETSRW XS FSXL WMHIW{XLI REXMZI %^XPERIV TSTYPEXMSR EW [IPP EW XLI %QE^SRMER
IVWSJ'EPMJSVRMEvW2SVXLIVR'VIWGIRXVIKMSRERHXLI8ÑV
WMWX XLEX %VIW GSRXMRYIW XS WYTTP] [IETSRW XS MRWYV KIRX ERH HMWWMHIRX KVSYTW MR XLEX VIKMSR TVIZIRXMRK ER]WSVXSJXVYITIEGIJVSQXEOMRKLSPHERHVEMWMRKXLI PMOIPMLSSH XLEX [MHIWGEPI ZMSPIRGI QMKLX EKEMR FVIEO
8LILYQERWXSSHYTERH[EPOIHSYXXLIFEGOHSSV XLISRIRSVQEPP]VIWIVZIHJSV1V.SLRWSR
IHF] JSVGIW [MXLMR XLI +VIEX (VEKSR 'MZMP ;EV YWMRK XLILSQIWXIEHIVWERHXLI8ÑVQMPMXEV]EWGLIWWTMIGIW EKEMRWXXLIKVIEXHVEKSR,IWXEF]&YXXLSWIJSVGIWSRP] FVSYKLX XS XLI WYVJEGI WMQQIVMRK XIRWMSRW FIX[IIR TPERW XS ERRI\XLI 2SVXLIVR'VIWGIRXVIKMSR ERHXLI LSQIWXIEHIVWvHIWMVIXSVIQEMRJVII JVSQXLI8ÑV KSZ IVRQIRXvW VYPI ERH XS QEMRXEMR XLIMV VMKLXW SZIV XLIMV S[RTVSTIVX]ERHXSRSXLEZIXLIMVTVSTIVX]WYQQEVM P]WXVMTTIHJVSQXLIQF]EJSVIMKRKSZIVRQIRX8LMRKW LEZISRP]HIXIVMSVEXIHWMRGI,IWXEF]vWHITEVXYVIJVSQ 1SYRX7LEWXEEW XLI 8ÑVKSZIVRQIRX JIIPWMX RS[LEW KMSRSJ'EPMJSVRME[LMPIXLILSQIWXIEHIVWEVIJIIPMRK XLEX[MPPOIITXLI8ÑVQMPMXEV]EXFE]&SXLWMHIWEVIPSSO XS[EVH%VIWJSVXLEXIHKI 7MRGIXLI[EVFIX[IIR%^XPERERH%QE^SRMETIS TPI MR XLI WLEHS[W LEZI XEPOIH EFSYX LS[ %VIW MR
MR 2SVXL %QIVMGE RS QEXXIVXLI GSRWIUYIRGIW MX [MPP LEZI JSV XLI MRHMKIRSYW TSTYPEXMSRW XLEX [MPP WYJJIV JVSQXLIMVEVQWHIEPMRK IV TPE]IVW XLEX EVI LIPTMRK XS WYTTP] EVQW XS FSXL XLI 8ÑVQMPMXEV]ERHXLIQMPMXERXLSQIWXIEHIVWERHJVIIHSQ TEVXMGYPEV{XLI][ERXXLIQIPMQMREXIHERHXLIMV[IETSR MRZIRXSVMIWHIWXVS]IH3RGIXLIEVQWHIEPIVWEVISYXSJ XLI[E]%VIWGERETTVSEGLXLIMVFY]IVWERHTSEGLXLEX FYWMRIWWJSVXLIQWIPZIW(SMRKXLMWVITIEXIHP][MPPEPPS[ %VIWXSFIXLISRP]KEQIMRXS[RJSVWQYKKPIH[IET SRWMRXLI2SVXLIVR'VIWGIRXVIKMSR 3RGIXLIGSQTIXMXMSRMWHMWVYTXIHJSVXLIXMQIFIMRK %VIW[MPPRIIHXSQSZIXLI[IETSRWMRXSXLIEVIEERH QIRXXLIMVRI[[SVOMRKVIPEXMSRWLMT[MXL8ÑVQMPMXEV]SJ
783/-2+8,)*0%1)7
&033(=&97-2)77
IW JVSQ FEGO LSQI ERH XLI LSQIWXIEHIVW [LS [ERX [IETSRW TS[IVJYP IRSYKL XS HMWGSYVEKI 8ÑV QMPMXEV] MRGYVWMSRW MRXS XLIMV PERHW 6YRRIVW [SVOMRK XLMW ERKPI RIIH XS QEOI WYVI XLI MPPIKEP EVQW WLMTQIRXW EVI WEJI ERH WIGYVI EW XLI] IWGSVX XLIQ XLVSYKL XLI 2SVXLIVR 'VIWGIRXVIKMSRXSXLIMVHIWXMREXMSRW4PE]MRKFSXLWMHIW SJE[EVMWEXEGXMGXLEXLEWFIIREHZSGEXIHERHWYTTSVX IHF](EQMIR/RMKLXFYXMXGERFIZIV]HERKIVSYW JSV XLIVYRRIVWGEYKLXMRXLIQMHHPI 8LMW TPER LEW RSX FIIR YRERMQSYWP] WYTTSVXIH EX XLI LMKLIWX PIZIPW SJ %VIW 8LIVI LEW FIIR STTSWMXMSR WXEVXMRK [MXL %VXLYV :SKIP E QIQFIV SJ %VIWv FSEVH SJ HMVIGXSVW [LS GSRWMHIVW WYGL TVEGXMGIW wEQSVEPx ERH FIPMIZIW MX [SYPH FI MR XLI FIWX PSRKXIVQ MRXIV IWXWSJ%VIWXSWXST:SKIP[MPPLMVIVYRRIVWXSMRXIVJIVI NSFW SR XLI EVQW HIEPIVW XLIR LEPXMRK %VIW WLMTQIRXW XSGYWXSQIVWMRWMHIXLI2SVXLIVR'VIWGIRX,I[MPPYWI LMWIRZMVSRQIRXEPEGXMZMWXGSRRIGXMSRWXS I\TSWI %VIWv HSYFPIHIEPMRKXSXLI[SVPHMRGPYHMRKXLITVIWIRGISJ IGSPSKMGEPP]HIZEWXEXMRKGLIQMGEP[IETSRWMRXLIEVQW WLMTQIRXW :SKIP [MPP IZIR IRGSYVEKI XLI EGXMZMWXW XS XEOIIZMHIRGISJXLIWIYRHIVXLIXEFPIHIEPWXSXLIQI HMEEPSRK[MXLSXLIVIZMHIRGI LIvWGSPPIGXIHXLEX%VIW LEWFIIRHIEPMRK[IETSRWXSEWWSVXIHYRWEZSV]2SVXL %QIVMGERKVSYTW{JVSQ'%7QMPMXMEWEPSRKXLI'%7%^ XPER FSVHIV YTWIX SZIV LS[ XLI %^XPER%QE^SRME [EV IRHIH XSQMPMXERX KVSYTW EPSRK XLI '%79'%7FSVHIV [LMGL[SYPHPSZIRSXLMRKQSVIXSIWGEPEXIXIRWMSRWFI X[IIRXLIX[SREXMSRWXS2EXMZI%QIVMGEREGXMZMWXXIV VSVMWXKVSYTWWYGLEW;EVTEXL[LMGL[SYPHPSZIRSXLMRK QSVIXLERXSWXEVXXVSYFPI[MXLXLI%RKPSW -RXLIIRHMRJSVQEXMSRQE]PIEOSYXXSXLIQIHMEEX PEVKISZIV%VIWvMPPMGMXEGXMZMXMIW-X[MPPFIYTXSXLITPE] IVGLEVEGXIVWXSHIXIVQMRIXLII\XIRXSJXLSWIPIEOW MJ
ER] ERH LS[ FEHP] HEQEKIH %VIWv TYFPMG MQEKI FI GSQIW8LI][MPPEPWSLEZIELERHMRHIXIVQMRMRK[LMGL %VIWPIEHIV[MPPKEMRXLIYTTIVLERHMRXLMWMRXIVREPWOMV QMWL(EQMIR/RMKLXSV%VXLYV:SKIP
403843-28 8,)1))8 -R 7XSOI XLI *PEQIW XLI TPE]IV GLEVEGXIVW [MPP FI TVI WIRXIH[MXLX[SNSFWF]XLIMVGSRXEGXW8LIOMGOIVFSXL TVIPMQMREV]NSFWEVITSPEVSTTSWMXIWSJIEGLSXLIVERH XS XVEGO HS[R ERH IPMQMREXI X[S EVQW HIEPIVW MR XLI 2SVXLIVR 'VIWGIRX VIKMSR SJ 'EPMJSVRME 8LI SXLIV NSF [SYPHFIXSMRXIVGITXXIEQWSJEWWEWWMRWXEVKIXMRKEVQW HIEPIVWMRXLEXWEQIVIKMSRERHXSWXSTXLIQ[MXLPI XLEPJSVGI*SVXLITPE]IVGLEVEGXIVWXLIVIMWERMRLIVIRX [MPPORS[ELIEHSJXMQIXLI][MPPFIHIEPMRK[MXLSXL IVWLEHS[VYRRIVWERHGERTPEREGGSVHMRKP],S[IZIV SRGIEWMHIMW GLSWIR XLIXIEQQE] RSXTPE]XLIEH ZIRXYVIWJSVXLISXLIVWMHI 2SQEXXIV[LMGLGLSMGIXLI]QEOIXLIVYRRIVW[MPP [MPPPIXXLIQORS[XLIVIMWXLITSXIRXMEPJSVJYXYVI[SVO GLEVEGXIVWGLSSWIXLIGSRXVEGXXEVKIXMRKXLIEVQWHIEP IVW /RMKLXvW EKIRHE XLI] [MPP PIEVR %VIW [ERXW XLIQ XSIPMQMREXIX[SQENSVGSQTIXMXSVWJSVXLIMVTPERXSWIPP [IETSRWXSFSXLXLILSQIWXIEHIVWERHXLI8ÑVQMPMXEV] 8ÑVGMXM^IRREQIH'ELMV7YPPMZEREQIQFIVSJXLI0EIWE GVMQMREPW]RHMGEXI[LSMWWIPPMRKFPEGOQEVOIX[IETSRW XSXLI 8ÑVQMPMXEV]XVSSTW7YPPMZERLEW E FEWISJSTIVE XMSRWMRXLI'EPMJSVRMERXS[RSJ1SRXEKYI8LIWIGSRH EVQWHIEPIV MWER -VMWL[SQER F] XLI REQISJ 6YEVME KYRVYRRIV[MXLGSRRIGXMSRWXSXLI*MRRMKERJEQMP]MR7I EXXPI6YEVMMW[SVOMRKSYXSJ)YKIRI,IVFMKKIWXGPMIRXW EVI XLI REXMZI LSQIWXIEHIVW JVSQ XLI 2SVXLIVR 'VIW GIRXVIKMSR8LIWLEHS[VYRRIVWvMRWXVYGXMSRW[MPPFIXS [IETSRWXLI]LEZISRLERHWSXLI]GERRSXJEPPMRXSXLI LERHW SJ %VIWv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vW EKIR HE XLI][MPPRSXMQQIHMEXIP]PIEVRXLIMHIRXMXMIWSJXLI HIEPIVW FIMRK XEVKIXIH -RWXIEHXLI][MPP FI MRWXVYGXIH
783/-2+8,)*0%1)7
&033(=&97-2)77
XS[SVO XLIMV GSRXEGXWMRXLIEVIESVHSPIK[SVO[MXL
%XXIQTXMRKXSOMPP'ELMVMRWMHILMWS[R[EXIVMRKLSPI
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v MRZIRXSVMIWJSVXLIMVS[RYWITVSZMHIHXLSWIMRZIRXSVMIW EVIHIWXVS]IHERHHSRvX[MRHYTSRXLIFPEGOQEVOIXXS FIWSPHXSXLIWEQITISTPIXLEX%VIW[ERXWXSGSRZIVX MRXSPS]EPGYWXSQIVW3RERSTTSWIH2IKSXMEXMSR'LE VMWQE8IWXETPE]IVGLEVEGXIVQE]RIKSXMEXIXLITVMGIYT F]RY]IRTIVRIXLMXYTXSEQE\MQYQSJ RY]IR TIV VYRRIV *SV XLI VYR XLEX MW HIWMKRIH XS JSMP %VIWvEXXIQTXWXSIPMQMREXIMXWGSQTIXMXMSR1V.SLRWSR [MPPSJJIVEWXEVXMRKTE]SJRY]IR[LMGL QE]FI RIKSXMEXIHYTXSRY]IRTIVVYRRIV
SJXLITEXVSRWXEOMRK YT EVQW EKEMRWX XLIQ 8LI] QE] MRWXIEH XV] XS PSGEXI LMW WLMTQIRX ERH XEQTIV [MXL MX -J E LEGOIV KIXW MRXS 7YPPMZERvW GSQQPMRO SV MJ E QEKMG
KYEVHIHF]XLVIISVOWXLEX7YPPMZERFVSYKLX[MXLLMQEW QYWGPI8LIWIXLVIISVOWEVIWXEYRGLP]PS]EPXSXLIEVQW HIEPIVERHGERRSXFIFSYKLXSJJ-JXLIXVYGOGSQIWYR HIVEXXEGOERH[SVHKIXWFEGOXS7YPPMZERXLEXWSQISRI MWXV]MRKXSXEQTIV[MXLMXLI[MPPVYRSYXSJXLIFEVXS LIPT TVSXIGX LMW WLMTQIRX -J XLI TPE]IV GLEVEGXIVW EVI XV]MRKXSMRXIVJIVI[MXL%VIWvTPERWXSOMPPXLIEVQWHIEPIV YWIXLMWXEGXMGXSPYVILMQSYXSJXLIFEVMRWXIEH 8LI SXLIV GSRXEGX XLI VYRRIVW [MPP RIIH XS XEOI SYX SVTVSXIGXMWXLI[SQER REQIH6YEVM &]XLI XMQIXLI]
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ÑVQMPMXEV]GSRXEGXWLS[WYTXSTMGOYTXLI [IETSRW%XXEGOMRKXLIEVQWHIEPIV[LMPIXLIGSRXEGX RSXLEZIER]TVSFPIQW[MXLXLIVYRRIVWXEOMRK[IETSRW MW TVIWIRX [MPP RIKEXMZIP] MQTEGX JYXYVI VIPEXMSRW FI SYXSJXLIWIWLMTQIRXWJSVXLIMVS[RTIVWSREPYWIFYXXLI X[IIRXLIGSRXEGXERH%VIWERH[MPPGVIEXIXVYWXMWWYIW VIWXSJXLIMRZIRXSV]QYWXFIHIWXVS]IH %X XLI IRH SJ XLMW NSF HITIRHMRK SR XLI HMVIGXMSR FIX[IIR XLI GSRXEGX ERH XLI TPE]IV GLEVEGXIVW MR XLI XLI KEQIQEWXIV ERH XLI TPE]IVW XSSO IMXLIV XLI X[S RI\X WIGXMSR [LIR XLI] LEZI XS HIPMZIV XLI [IETSRW JVSQ%VIW-REHHMXMSRXLI8ÑVQMPMXEV]GSRXEGX[MPPLEZI EVQW HIEPIVW EVI HIEH ERH XLI [IETSR WLMTQIRXW EVI 8Ñ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
403843-28
783/-2+8,)*0%1)7
&033(=&97-2)77
403843-28 1%/-2+8,)()0-:)6= :)6797-28)6')48-32 *SV TPE]IV GLEVEGXIVW [SVOMRK XS EHZERGI (EQMIR /RMKLXv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ÑV QMPMXEV]8LIHIPMZIV]
783/-2+8,)*0%1)7
JSV XLI WLMTQIRXW GER FI QEHI MR ER] SVHIV &IGEYWI XLIWI EVIMPPMGMX[IETSRWWLMTQIRXWXLI]GERRSX FI PI KEPP] GEVVMIH EGVSWW XLI FSVHIV 8S KIX JVSQ 7IEXXPI XS XLI 2SVXLIVR 'VIWGIRX VIKMSR SJ 'EPMJSVRME XLI TPE]IV GLEVEGXIVW [MPP RIIH XS GVSWW XLI FSVHIVW SJ FSXL XLI 7EPMWL7LMHLI'SYRGMPERH8ÑV8EMVRKMVIJIEXWXLEX[MPPVI UYMVIEWQYKKPIVvWWIVZMGIW-JXLITPE]IVGLEVEGXIVWHS RSXEPVIEH]LEZIWQYKKPIVGSRXEGXWXLI]QE]VIEGLSYX XSXLIWLEHS[GSQQYRMX]XSPSGEXISRI7IEVGLMRKXLI XEOMRKXLIQEPPXLI[E]HS[RXSXLI2SVXLIVR'VIWGIRX VIKMSR{ELYQERWQYKKPIVF]XLIREQISJ4LERXSQ -J XLI VYRRIVW XIPP LMQ XLI] RIIH XS QEOI X[S HI VYRRIVWORS[XLEXLILEWVIWSYVGIWXSWXEWLSRISJXLI XVYGOWMRXLI2SVXLIVR'VIWGIRXVIKMSR[LMPIXLI]QEOI YT XLI XVYGO JSV XLI WIGSRH HIPMZIV] 4LERXSQ S[RW E [EVILSYWI XLEX LI YWIW JSV E XIQTSVEV] WEJILSYWI XS WXEWLWQYKKPIHKSSHW[LMPIXLI]EVIMRXVERWMX,IIZIR LEWQYWGPIEXXLMW[EVILSYWIXSWEJIKYEVHXLIQIVGLER HMWI-JXLIVYRRIVWEGGITXLMWSJJIVXSWXEWLXLIWIGSRH
&033(=&97-2)77
[MPPLEZIXLISTTSVXYRMX]XSQIIX8VIEHPI7LIERHJSYV SXLIVQIXELYQERWEVILMVIHXSWXERHKYEVHEXXLI[EVI +IXXMRK HS[R XS XLI 2SVXLIVR 'VIWGIRX VIKMSR [MXL 4LERXSQvWEWWMWXERGIWLSYPHFIIEWMIVJSVXLIVYRRIVWXLER XV]MRK XS GVSWW XLI FSVHIVW SR XLIMV S[R 8LI WQYKKPIV ORS[W[IEORIWWIWMRFSVHIVWIGYVMX]ERHLIORS[W[LIR XLI FSVHIV KYEVHW XLEX LIvW FSYKLX SJJ EVI SR HYX] ERH [LIVIXLIMVTEXVSPVSYXIWEVI,IEPWSLEWSXLIVEWWIXWXLEX GER VIHMVIGX HVSRIW ERH TEXVSPW WS XLEX XLI]GVIEXI FPMRH WTSXWMRWIGYVMX]&YXXLMWHSIWRSXQIERXVERWTSVXMRKXLI XVYGOWWLSYPHFI[MXLSYXTIVMP8LIVIEVIPSXWSJFERHMXWERH KSKERKWIWTIGMEPP]SRPSRKWXVIXGLIWSJVSEH[LIVIXLIVI EVIRS VIKYPEV TEXVSPWSVEVIEWSJGMZMPM^EXMSR[LIVI XLI] [MPPXV]XSLMNEGOWIQMXVYGOWERHWXIEPXLIMVGEVKS 8LMWMW RSX WSQIXLMRK 4LERXSQ GER EZSMH ERH LI [MPP[EVRXLI TPE]IV GLEVEGXIVW EFSYX XLEX FIJSVI XLI] LIEH SJJ HS[R XSXLI2SVXLIVR'VIWGIRXVIKMSR7SXLITPE]IVGLEVEGXIVW WLSYPHWXMPPFITVITEVIHXSHIEP[MXLSTTSWMXMSREPSRKXLI VSYXI 1V .SLRWSR EPWS[EVRW XLI VYRRIVW XLEX XLIVI EVI GERMWXIVW SJGLIQMGEP EKIRXW MR XLI WLMTQIRX ERH XLEX MX [SYPHFIFIWXXSEZSMHWMXYEXMSRW[LIVIXLIWIGERMWXIVWKIX FSYRGIHEVSYRHXSSQYGLMJSRP]XSIRWYVIXLIMVGSRXMR YIHLIEPXL -J XLI TPE]IV GLEVEGXIVW KS EPSRK [MXL XLI TPER XS PIEZIXLIWLMTQIRXSJKYRWEX4LERXSQvW[EVILSYWIEW XSXLILSQIWXIEHIVWXLI[EVILSYWI[MPPFIEXXEGOIHF] KERKIVWXV]MRKXSWGSVIERIEW]TE]HE]8LI][MPPEPWSFI EXXEGOIHF]VYRRIVWLMVIHF]XLISTTSWMRKWMHISJ%VIW XSWEFSXEKIXLIWIHIEPW8VIEHPIERHXLISXLIVQIQFIVW SJ 4LERXSQvW QYWGPI [MPP FI GETEFPI SJ TVSXIGXMRK XLI WIGSRH WLMTQIRX JSV XLI TPE]IV GLEVEGXIVW 'SQTPMGE XMSRWQE]EVMWIJSVXLITPE]IVGLEVEGXIVW[LIRXLI]XV]XS QEOIXLIWIGSRHHIPMZIV]8LISTTSWMRKWMHI[MPPLEZI WTMIWOIITMRKXEFWSRXLIMVIRIQ]vWEGXMZMXMIWERHXLI] -JXLMWMWXLIGEWIXLIGSRXEGX[MXLXLISXLIVWMHI[MPPFI STIRP]LSWXMPIXS[EVHXLIWLEHS[VYRRIVWERHQE]IZIR GLSSWIXSHSYFPIGVSWWXLIQXV]MRKXSWIM^IXLI[IET SRW[MXLSYXTE]MRKXLIQSVXLIwXVEMXSVSYWxQIKEGSVT IWXEFPMWL E [SVOMRK VIPEXMSRWLMT [MXL ERSXLIV GSRXEGX [LSGERFY]XLIMV[IETSRWWIPPXLI[IETSRW8LITPE]IV GLEVEGXIVWv1V.SLRWSR QE]VIUYMVIXLIQXSWMXSRXLI [IETSRWYRXMPERSXLIVGSRXEGXGERFIQEHIXSWIPPXLI [IETSRWXSXLILSQIWXIEHIVWSVXSXLI8ÑVQMPMXEV] *SV TPE]IV GLEVEGXIVW [SVOMRK JSV :SKIPvW JEGXMSR 1V .SLRWSR [ERXW XS LMVI XLI TPE]IV GLEVEGXIVW XS WXST HIPMZIV]SJ X[S %VIW EVQW WLMTQIRXW FIJSVIXLI] VIEGL XLIMV HIWXMREXMSR ;LEX QEOIW XLMW EWWMKRQIRX HMJJIV IRX MW XLEX XLI TPE]IV GLEVEGXIVW QYWX RSX HIWXVS] XLI [IETSRWMQQIHMEXIP]&SXLWLMTQIRXWMRGPYHIGLIQMGEP EKIRXWXLEXGSYPHLEZI EHIZEWXEXMRK MQTEGXSRXLIIR ZMVSRQIRX RSX XS QIRXMSR XLI TPE]IV GLEVEGXIVW MJ XLI] EVII\TSWIH XS XLIQ8LI VYRRIVW RIIH XS KEMR GSRXVSP
SJXLIWLMTTMRKXVYGOW[MXLSYXLEVQMRKXLIGSRXIRXW:S KIPvW WMHI MW SOE] [MXL XLI VYRRIVW XEOMRK TMIGIW SJ XLI WLMTQIRX JSV XLIMV S[R EVWIREPW TVSZMHIH RSRI SJ XLEX MRZSPZIW XLIGLIQMGEP [IETSRW 1V .SLRWSR VITVIWIRX MRK :SKIP [ERXW XLI VYRRIVW XS QEOI VIGSVHMRKW SJ XLI WLMTQIRX 8LMW [MPP FI YWIH EW IZMHIRGI SJ %VIWv MPPIKEP EVQW HIEPMRKMR XLI RI\X WIGXMSR 2SRI SJXLIGVEXIW SV [IETSRWEVIFVERHIHEW%VIWWS1V.SLRWSR[MPPTVSZMHI EYXLIRXMGPEFIPWXSTYXSRXLIGVEXIWERHGLIQMGEP[IET SRWGSRXEMRIVWPEFIPWXLEX1V.SLRWSRHIWMVIWXSFIWIIR MR XLI XVMHIS VIGSVHMRK XLEX [MPP FI KSMRK XS XLI QIHME 3RGIXLIVIGSVHMRKWEVIQEHIXLIVYRRIVW[MPPFPS[YT XLIEVQWWLMTQIRXGSWXMRK%VIWFSXLXLI[IETSRWERH XLIGSRXEGXWXS[LSQXLI][IVITVSQMWIH1V.SLRWSR VITVIWIRXMRK%VXLYV:SKIPvWMRXIVIWXW[MPPMRMXMEPP]SJJIVXLI VYRRIVWRY]IRTIVVYRRIVFYXXLMWGERFIRIKSXMEX IHYTXSEQE\MQYQTE]QIRXSJRY]IRTIVVYRRIV 8LITPE]IVGLEVEGXIVW[MPPFIMRWXVYGXIHRSXXSHIWXVS]XLI GLIQMGEPEKIRXWXLIQWIPZIWFYXXSXYVRXLIQSZIVXSLMQ HMVIGXP] 1V .SLRWSR HSIW RSX ORS[ XLI I\EGX VSYXI XLIWI [IETSRWLMTQIRXW[MPPXEOI FYXLILEWEGGIWWXS TS[ IVJYPIGSEGXMZMWXERHIGSXIVVSVMWXKVSYTW XLEXEVILMKL P] QSXMZEXIH XS QEOI WYVI XLMW [IETSRV] HSIWRv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
403843-28 79446)77-32 :)6797(-77)1-2%8-32 %X XLMW TSMRX XLI TPE]IV GLEVEGXIVW QE] JIIP XLEX XLIMV [SVO MW HSRI MR XLI 2SVXLIVR 'VIWGIRX VIKMSR ,S[IZ IV XLIVIMWSRI PEWXNSF *SV XLSWI[SVOMRKMRHMVIGXP]JSV (EQMIR /RMKLX 1V .SLRWSR [MPP MRJSVQ XLIQ XLEX %VIW -RXIPPMKIRGI LEW YRGSZIVIH ETPSXXS VIZIEP WIRWMXMZI MR JSVQEXMSRXSXLIQIHMEEFSYX%VIWvEVQWHIEPMRKEGXMZM
783/-2+8,)*0%1)7
&033(=&97-2)77
XMIW%VIWMRXIPPMKIRGI[MPPLEZIPIEVRIHXLEXEGIPPSJ8IVVE *MVWXLEWVIGSVHIHIZMHIRGISJ%VIW[IETSRWHIEPWERH MWTPERRMRKSRI\TSWMRKXLIQXSXLIQIHME-REHHMXMSRXS IZMHIRGISJXLIEVQWHIEPMRKMRXLMWTEVXSJ2SVXL%QIV MGE%VIW-RXIPPMKIRGIFIPMIZIWMRJSVQEXMSRSR%VIWvSXLIV EGXMZMXMIWEVSYRH2SVXL%QIVMGELEZIFIIRKMZIRXSXLMW GIPPMRSVHIVXSLYVX%VIWv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
XLI]LEZIWYVZMZSVWXSMRXIVVSKEXI-JXLIVYRRIVWPIEVRXLI MHIRXMX]SJXLIVITSVXIV[MXL[LSQXLI8IVVE*MVWXKVSYT MWQIIXMRKXLI]GSYPHMRXIVGITXERHIPMQMREXILMQSVLIV TVMSVXSXLIQIIX8LI]GSYPHXLIRPMIMR[EMXXSEQFYWL XLIXIVVSVMWXW[LIRXLI]EVVMZI-RXLIMRWXERGIW[LIVIXLI VYRRIVWEXXEGO8IVVE*MVWXEXIMXLIVXLIMVLMHISYXSVSRXLI VSEHSRIQIQFIVSJXLIKVSYT[MPPGLSSWIXSXV]XSWIRH XLIMRJSVQEXMSRXSXLIVITSVXIVvWGSQQPMRO-JXLIVYRRIVW EVIRSXGEVIJYPXLIVITSVXIVQE]WXMPPIRH YT[MXLWSQI SJXLIHEXEXLEXXLI]GERYWIXSI\TSWI%VIWERHLEVQMXW VITYXEXMSR-RXLIIRHMJXLIVYRRIVWWYGGIWWJYPP]MHIRXMJ] XLI.SLRWSRVIWTSRWMFPIJSVXV]MRKXSMRXIVJIVIMR(EQMIR /RMKLXv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
783/-2+8,)*0%1)7
',%6%'8)67 '%,-67900-:%2 'ELMV 7YPPMZER MW ER IPJ [MXLMR XLI 0EIWE GVMQI W]RHM 7IEXXPIvW 8EVMWPEV RIMKLFSVLSSH FYXLEWFIIR I\XIRH MRKMXWVIEGLMRXS8ÑV8EMVRKMVI7YPPMZERMWEQERMRLMW PEXI W [LS LEW FIIR VYRRMRK [IETSRW WMRGI XLI 6IKMSR FIKER MR 7YPPMZER LEW X[S WGEVW SR LMW JEGI SRI SZIV LMW VMKLX I]I XLI SXLIV SZIV LMW VMKLX LEW FIIRVIWTSRWMFPI JSVQYGL SJ MX XLVSYKL XLI WEPI SJLMW[IETSRWXSXLI8ÑV4IEGI*SVGI7YPPMZERMWUYMXI GETEFPIERHMRXIPPMKIRX,I[SYPHRSXLEZIPEWXIHXLMW PSRK MJ LI HMHRvX ORS[ LS[ XS LERHPI LMQWIPJ 7YPPM ZERMWEQIQFIVSJXLI&VEXvQEIP &PEGO7YR TSPMXMGEP KVSYT MRWMHI XLI 8ÑV E VEGMWX KVSYT HIZSXIH XS IPZIR WYTVIQEG] 7YPPMZER LEW WLSVX WERH] FVS[R LEMV ERH FPYII]IW &
%
6
7
;
0
-
'
)77
)(+
'SRHMXMSR1SRMXSV
%VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI 7OMPPW
4L]WMGEP 1IRXEP7SGMEP ( %XLPIXMGWWOMPPKVSYT%YXSQEXMGW 71+ 'SQTYXIV'SR,IEZ];IETSRW0SRKEVQW 2IKSXMEXMSR4IVGITXMSR4IVJSVQERGI 4VIWIRXEXMSR 4MPSX+VSYRH'VEJX4MWXSPW ,IEZ]4MWXSPW 8LVS[MRK;IETSRW 9REVQIH'SQFEX 4VINYHMGIH RSRIPZIW6EHMGEP
5YEPMXMIW %YKQIRXEXMSRW
GSQTIRWEXMSRPS[PMKLXZMWMSRWQEVXPMRO XLIVQSKVETLMGZMWMSRZMWMSRIRLERGIQIRX6EXMRK +IEV ;IETSRW
'EPMFER (IZMGI6EXMRK -RKVEQ7QEVXKYRETTIV 7XYRFEPP7XYRFSPX8VERWPEXI \WTMVMXWSJEMV *SVGI 'SQQPMRO7TIPPGEWXMRKJSGYW (IXIGXMSR*SVGI %YGXMSRIIV&YWMRIWW'PSXLIW?A
&033(=&97-2)77
,)61)8)',%773'-%8)7 '36436%8)7)'96-8= ,91%27463*)77-32%06%8-2+ &
%
6
'SRHMXMSR1SRMXSV %VQSV 0MQMXW 4L]WMGEP-RMXMEXMZI 7OMPPW
%YKQIRXEXMSRW
+IEV ;IETSRW
7
;
0
-
'
)77
4L]WMGEP 1IRXEP7SGMEP ( *MVWX%MH4IVGITXMSR4MPSX+VSYRH'VEJX 4MWXSPW8LVS[MRK;IETSRW9REVQIH 'SQFEX ?EPPEPTLE[EVIA']FIVIEVW?6EXMRK[ EYHMSIRLERGIQIRXHEQTIVAG]FIVI]IW QYWGPIVITPEGIQIRX 1IHMYQ7IGYVMX]%VQSV?AGSQQPMRO 3RSXEVM%VQW:MSPEXSV?,IEZ]4MWXSP%GG (:4%4z6' G [XVEGOIV VSYRHWEHZERGIHWEJIX]W]WXIQMRXIVREP WQEVXKYRWEJIXEVKIXW]WXIQFEWIA (:7 I %4z Q [PEWIVWMKLXA *PEWL&ERK?+VIREHI(:7%4zQ FPEWXVEHMYWA
1%13699)23 ,91%2
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i
&
%
6
'SRHMXMSR 1SRMXSV %VQSV 0MQMXW 4L]WMGEP -RMXMEXMZI %WXVEP-RMXMEXMZI 7OMPPW
7
;
0
-
'
)77
1
)(+
4L]WMGEP1IRXEP7SGMEP ( ( 'SRNYVMRKWOMPPKVSYT'SYRXIVWTIPPMRK -RWXVYGXMSR2IKSXMEXMSRW4IVGITXMSR6MXYEP 7TIPPGEWXMRK7TIPPGEWXMRK 1EKMGMER1IRXSV7TMVMX 7REOI %RGLSVMRK+ISQERG]5YMGOIRMRK %REP]^I(IZMGI%REP]^I1EKMG'EXEPSK1ERE &EVVMIV7XIVMPM^I8VERWPEXI \WTMVMXWSJQER *SVGI %YGXMSRIIV&YWMRIWW'PSXLIW?A
5YEPMXMIW -RMXMEXI+VEHI 1IXEQEKMGW 7TIPPW &SYRH7TMVMXW +IEV
/-0-%20)78)6 36/
/MPMER 0IWXIV MW ER MRRSGYSYW[SVOIV JSV 8LI %VGERYQ XLEXLEWFIIRXEVKIXIHF]XLI&PEGO0SHKIERH1ERE EWT]XLEXLEWFIIRQEHIXS PSSOERHEGXI\EGXP]PMOI LMQ ERH XS LSTIJYPP] F]TEWW XLI VMKMH WIGYVMX] QIE WYVIW0SJ[]VLMQWIPJLEWIRJSVGIHSRXLIQEKMGFEWIH WYFWMHMEVMIWFIPSRKMRKXS7EIHIV/VYTT0IWXIVMWEREW TIGXIHQEKMGMER[LSWIEFMPMXMIWEVIKIEVIHWSPIP]XS [EVHWIRGLERXMRK0IWXIVMW]IEVWSPHERHLEWFIIR [SVOMRKJSV8LI%VGERYQWMRGI &
%
6
7
;
0
-
'
)77
1
'SRHMXMSR1SRMXSV 0MQMXW 4L]WMGEP-RMXMEXMZI 7OMPPW
5YEPMXMIW -RMXMEXI+VEHI 1IXEQEKMGW +IEV
4L]WMGEP1IRXEP7SGMEP ( %PGLIQ] 'SQFEX7TIPPW %VGERE 4IVGITXMSR %WTIGXIH1EKMGMER )RGLERXIV +ISQERG] %PGLIQMGEP4VITEVEXMSRW\-QTVSZIH -RZMWMFMPMX] *SVGI4SXIRG] \%VQSV 7 *SVGI4SXIRG]
(%6/6)'69-8-2+
& 03 3( =& 97 -2 )77
8,)-259-7-8-32 - FVSYKLX MR ,IMWIRFIVK JSV XLMW EW LI MW XLI +IVQER WLEHS[FSEVHvWMRXIVREPI\TIVXSR7EIHIV/VYTTQEXXIVW %JSVQIVLMKLVEROMRKMRXIPPMKIRGIEREP]WXJSV7/4VMQI MR)WWIR[SVOMRKGPSWIP][MXLXLIPSGEPMRRIVGMVGPILILEH XLIVEVITPIEWYVISJWSQITIVWSREPEYHMIRGIW[MXL0SJ[]V LIWXMPPGEPPWLMQwXLIFSWWx HYVMRKLMWXMQI-RXLITSWX &VIQIRIVELIPIJX7/XSKSTVMZEXIRS[[SVOMRKQSWXP] %IKMW 'SKRMXS SV -RJSPMS (IWTMXI LMW LMWXSV] [MXL XLI QIKEGSVTERHGYVVIRX[SVOLIWLEVIWKSSHVIPEXMSRWLMTW XLI 7GLSGO[IPPIRVIMXIV &VSOIVEKI )6+%2+ 1V .SLRWSR [ERXW E [M^^IV KERK XS KIRIVEXI MRXIRWI FYX RSRPIXLEP QEKMGEP IZIRXW XLEX [MPP HMWVYTX OI] /RMKLX)VVERXTVIGMRGXW;M^^IVKERKWEVIYWYEPP]WQEPP ERH VIPEXMZIP]VEVIGSQTEVIH XS SXLIVKERKW FYXXLI]
7)6:)('30(
TVSQMWISJVITEMVW 8LIKSKERK[MPPRSXLMVISRJSVPIWW XLERRY]IR
;,=23897# 7XVIIXKERKWEVIRvXTVSJIWWMSREPVYRRIVW-RWXVYGXMSRWXS OIITXLIHIEPUYMIX{IZIRMJXLI]W[IEVWSPIQRP]XSHS WS{[MPPRSXOIITXLIQJVSQFVEKKMRKSRXLIMVRI[XYVJ ERHWXVIIXXSYKLFIRIJEGXSVW8LMWMWKSMRKXSQEOIEX PIEWXSRIVMZEPKERKZIV]YRLETT][MXLXLIVYRRIVWERH XLIMVGLSMGISJTEVXRIVW2SXSRP]HMHXLIVYRRIVWHMWVI WTIGXXLIQIZIRXLSYKLMRXLIMVZMI[XLI]vVIEFIXXIV ERHXSYKLIVKERKFYXXLIGLSMGI[MPPGSWXXLIQQSRI] XLEXXLI]FIPMIZIWLSYPHLEZIFIIRXLIMVW8LIVYRRIVW LEZIKMZIRXLIQRSGLSMGIFYXXSQEOIXLIMVTSMRX[MXL
&033(=&97-2)77
KERK[MPPYWIX[SWIHERWERHX[SHVMZIVWMRXLIEXXEGO YWI'SVTSVEXI7IGYVMX]T76EHH4MPSX+VSYRH 'VEJX X[S WLSSXIVW TIV GEV YWI 'SVTSVEXI 7IGYVM X] T 76 ERH E QEKI YWI 'SVTSVEXI 7IGYVMX] 0MIYXIRERXT76EHH0MKLXRMRK&EPP MRXLIVIEV GEVGEWXMRK0MKLXRMRK&EPP WTIPPW-JXLI] GEXGL XLVII SV SVQSVIVYRRIVWERHXLIKERKIVW[MPPNYWXKPEVIEWXLI] HVMZI F] -J XLI] HS WLSSX XLI KERKIVW [MPP QEOI SRI TEWWXLIRVYR-JXLIVYRRIVWHSRvXXEOIXLIQSYXMQQI HMEXIP]GERKMZIGLEWI-JXLI]PIXXLIKERKIVWKIXFEGO XS XLIMV LSQI XYVJ XLI VYRRIVW [MPP JEGI XLMVX] QSVI KERKIVW[EMXMRKERHVIEH]XSVSGO
46)7'-)28;->%6(7 8LI[M^^IVKERKLEWWXYQFPIHMRXSEPMXXPIXVSYFPI3RI SJ XLIMV XEVKIX EVIEW MW YRHIV XLI TVSXIGXMSR SJ E WQEPP WXVIIX KERK GEPPIH XLI 7OSVIW 2SVQEPP] E WXVIIX KERK [SYPHRvXTVIWIRX QYGLSJE TVSFPIQXSE[M^^IV KERK FYXEPPSJXLI7OSVIWEVIEHITXW YWI+YRWPMRKIV%HITX
T 76 &VE[PIV %HITX T 76 'SQFEX 1IH MGT6YR*EWXIVERH1EVOWQER%HITXT6YR *EWXIV ;SVWI XLI] LEZI E WTMVMX TEGX [MXL E JVII GMX] WTMVMXREQIH 1EMR T 7XVIIX +VMQSMVI 8LIKMJXW SJ XLITEGXEVIYTXSXLIKEQIQEWXIV8LI7OSVIWVSYKLIH YTSRIQIQFIVSJXLI[M^^IVKERKERHEVILSPHMRKER EVIXLVIEXIRMRKXSOMPPXLILSWXEKIMJXLIKERKHSIWRvXXIPP XLIQ[LS[ERXIHXLIQXSXLVIEXIRXLIMVXYVJERH[L] 8LIPIEHIVSJXLI[M^^IVKERKGSQIWXSXLIVYRRIVW GERYWIXSFY]LMWKERKIVvWPMJI,IHSIWRvX[ERXXLIVYR RIVWXSORS[XLI[M^^IVWGEQIYTEKEMRWXEKERKXLI] GERvXLERHPIERH[SRvXXIPPXLIQ[L]LI[ERXWXLIMRJSV LIvPP XIPP XLI VYRRIVW XLI KIRIVEP WMXYEXMSR{LI ERHSV SXLIVKERKQIQFIVW[MPPFIVIEHMRKXLIVYRRIVWvEYVEW XSKEYKIXLIMVJIIPMRKWERHMRXIRXMSRW-JXLI]WXMPPHSRvX KMZILMQXLIMRJSVQEXMSRLIvPPXV]XSKIXXLIVYRRIVWXS LIPTJVIIXLI LSWXEKI,IvPPXV]XSKIXXLIMVWIVZMGIWJSV
7)6:)('30(
&033(=&97-2)77
VYRRIVW TEMH XLI KERK JSV XLIMV LIPT 8LI] [M^^IVW [MPP LEZI WXVIIX MRJS XLEX XLI 7OSVIW LEZI JSYV WXVIIXPIZIP QIQFIVW ERH ER IPYWMZI FSWW REQIH 1EMR GYVVIRXP] STIVEXMRKSYXSJEWQEPPFEVSR SJGSYVWI 1EMR7XVIIX 1EMR MW SRP] MRXIVIWXIHMRKIXXMRK XLIMRXIVPSTIVWXS KIXSYXSJLMWRIMKLFSVLSSHERHRIZIVGSQIFEGO&YX MJXLIVYRRIVWYWIZMSPIRGIMRXLIMVVIWGYIEXXIQTXLIvPP SVHIVXLI7OSVIWXSVIWTSRH[MXLKVIEXIVZMSPIRGI
403843-28 %+%1)3*',)77 1V .SLRWSR MRZMXIW XLI VYRRIVW XS QIIX MR XLI FEGO VSSQSJERSXLIV/RMKLX)VVERXGSTFEV;LIRXLIVYR RIVWIRXIVXLIFEGOVSSQXLIXEFPIMWWIX[MXLEKSSH FYXRSXI\XVEZEKERXQIE%XVMHWGVIIRMWWIXYTSRXLI FEGO[EPP1V.SLRWSRXIPPWXLIVYRRIVWXLEXXLI]LEZI IEVRIH KVIEXIV GSRWMHIVEXMSR ERH LI MRZMXIW XLIQ XS IEXFIJSVIKIXXMRKHS[RXSFYWMRIWW %JXIVXLIQIEP1V.SLRWSRHMQWXLIPMKLXWERHEGXM ZEXIWXLIXVMHWGVIIR8LIMQEKIMWHMZMHIHMRXSWM\WIG IEGL WIGXMSR ,I XIPPW XLI VYRRIVW XLEX XLI RI\X TLEWI SJXLISTIVEXMSRMWEwKEQISJGLIWWxJSV[LMGLLIvWSJ GIVWMWwTE[RWx{1V.SLRWSR[ERXWXLIXIEQXSGETXYVI WM\SJXLSWITE[RW-JXLIVYRRIVW[ERXXSRIKSXMEXIXLI TVMGIEXXLMWTSMRXLIvPPXIPPXLIQXS[EMXYRXMPXLI]ORS[ EPPXLIHIXEMPW 1V.SLRWSRG]GPIWXLVSYKLXLIWM\/RMKLX)VVERXSJ XVSPEVIELSQIEHHVIWWERHEJI[TIVWSREPHIXEMPWWYGL EWVSYXMRIWERH LEFMXW%JXIVXLIPEWX VITSVXXLIWGVIIR EKEMRHMZMHIWMRXSWM\MQEKIWFYXRS[MXvWWM\PMZIJIIHW WLS[MRKEPPWM\SJXLIXEVKIXWHVMROMRKMRXLI/)GSTFEV SYXJVSRX1V.SLRWSRI\TPEMRWMXvW MQTSVXERXXLEXIEGL GSTFIGETXYVIH[MXLQMRMQYQHEQEKIXSXLIMVTIVWSRW ERHXLIMVYRMJSVQWERHIUYMTQIRXMRXEGX8LIPMZIMQEK XLIMVTVMGIERH1V.SLRWSRKMZIWXLIQQSVIGSQTPIXI -J XLIVYRRIVW RIKSXMEXIWLVI[HP] XLI] GER XEPO1V .SLRWSRYTXSEXSXEPTE]SYXSJRY]IR
TL]WMGEP TVIGMRGX YRPIWW XLIVI MW ER IQIVKIRG] %PP SJ XLIMVGSQQYRMGEXMSRWEVIHSRIXLVSYKLXLI1EXVM\ERH XLI] EVI FEGOIH YT F] HVSRIW PSGEXIH MR /RMKLX )VVERX FS\IWXLVSYKLSYXXLIGMX] 8LIMVTEXVSPEVIEMWSRP]IMKLXWUYEVIFPSGOWFYXXLIMV
XLI]EVIXSSJEVSVJIIPMRKTEVXMGYPEVP]YRMRGPMRIHXSXVEZ IP8LI^SRIMWEPQSWXIRXMVIP]EQMHHPIGPEWWGSVTSVEXI RIMKLFSVLSSH [MXL E XLMR ZIMP SJ JVIIHSQ GVIEXIH F] XLEXGSZIVXLIEVIE +MZIR XLI [MHI VERKI SJ STXMSRW XLI KEQIQEWXIV GERVYRXLIGETXYVISJXLIWIX[SFEWIHSRXLITPERXLI VYRRIVWTYXXSKIXLIV8LI]GERFIXEOIREXLSQIHVE[R XSEPSGEXMSRXEOIRSRTEXVSPSVWREKKIHMRWSQIIPEF SVEXITPER[LIVIXLI]GETXYVISRIERHHVE[XLISXLIVMR XSKIXGETXYVIH
72%8',-2+7;%8 MRKXLIMV/RMKLX)VVERXFEHKIWWMRGIXLIQMHvW8LI] SRP] NSMRIH JSVGIW MR v [LIR XLI] KSX EWWMKRIH XS XLIMV GYVVIRX XIEQ FYX XLI TEMV LMX MX SJJ MQQIHMEXIP] ERHLEZIFIIR[EXGLMRKIEGLSXLIVvWFEGOIZIVWMRGI
[SRvXFIIEW]IWTIGMEPP][MXLXLIVIUYMVIHQMRMQYQSJ MRNYV]ERHYRHEQEKIHKIEV-XWLSYPHFIGPIEVXLEXXV]MRK XSXEOIXLIWIX[S[LMPIXLI]EVIKIEVIHYTERHSRHYX] [SYPHFIHYQFMJXLIVYRRIVWXV]JIIPJVIIXSTYXXLIQ YTEKEMRWXERIRXMVI7;%8XIEQ YWI7;%88IEQ1IQ FIVT 8LIFIWXFIX[SYPHFIXSKVEFXLMWTEMV[LMPI XLI]vVISJJHYX]FPS[MRKSJJWXIEQSRE7GSVTMSRNS]VMHI XLVSYKLXLIPSGEP[MPHW %JXIV ER I\GMXMRK ST XLI TEMV PMOIW XS LST SR XLIMV ,EVPI]W ERH YWI XLIMV GVIHIRXMEPW XS VMHI PMOI [MPH QIR ERHXLIRWXSTSJJEXEPMXXPIQSFVYRQEWWEKITEVPSVJSVE LETT]IRHMRK8LI]vPPYWYEPP]GEQTSYXMRXLIPSGEP[MPHW JSVXLIJI[RMKLXWXLI]LEZISJJHVMROMRKERHIRNS]MRK WSQI PSGEP GSQTER] SV KIXXMRK MR E PMXXPI LYRXMRK HI TIRHMRKSRXLIWIEWSR
72%++-2+%7%6+)
4%;24%86307 (SRXERI EVI ]SYRK GSTW [LS EVI FSXL XVEMRIH VMKKIVW FYXLEZIPIWWXLERE]IEVSJWXVIIXTEXVSPI\TIVMIRGI8LI] WLEVI E X[SFIHVSSQ ETEVXQIRX SZIV E 7XYJJIV 7LEGO WQEGOHEFMRXLI QMHHPI SJ XLIMV TEXVSPRIMKLFSVLSSH
XEVKIXFYX LIvWWQEVX ERH GERWQIPP XVSYFPI GSQMRKE QMPIE[E] ,I[SVOW XLI X[IPZILSYVSZIVRMKLX WLMJXW SR*VMHE]ERH7EXYVHE]JVSQLSYVWEW[IPP JVSQLSYVW1SRHE]XS8LYVWHE];LIRSR
TEVOIHRIEVF][LIRIZIVXLI]vVISJJHYX]8LI]EVITEVX SJE WTIGMEPw2S 4VIGMRGXxTVSKVEQ SXLIV XLERXSHVST SJJ IZMHIRGI SV GETXYVIH TIVTW XLI] HSRvX VITSVX XS E
7)6:)('30(
XLER XLI PYRGLVSSQ ERH IZIR XLEXvW E VEVI IZIRX ,I PMOIWXSOIITXLMRKWMRSVHIVEXEPPXMQIW
&033(=&97-2)77
8LIVYRRIVWvFIWXGLERGIEXKVEFFMRKLMQ[SYPHFI 8LYVWHE] EJXIVRSSRSV7YRHE] QSVRMRK EJXIV [SVO{IM XLIV[SYPHKMZIXLIQXLIPSRKIWX[MRHS[SJXMQIFIJSVI
8LI VYRRIVW [MPP FI TEMH JSV IEGL MQTIVWSREXMSR [LIRXLI]XYVRMRXLIMVVIGSVHMRK
4%8630'347 [MXL WREKKMRK LMQ JVSQ LSQI ,MW LSQI MW E WEH VI QMRHIV SJ LMWGEVIIVEWEGSTMXGSRXEMRW QER]TLSXSW ERHEJI[WLSXWSJLMQEPSRISRZEGEXMSRW&YXXLIVIEVI EPSXSJXIGLRSPSKMGEPXS]WERHLMWLSQI MWXLSVSYKLP] QSRMXSVIH -J XLIVYRRIVWHSRvX XEOI GEVI SJ LMWWIGYVM MW QSWXP] [MVIH GEQIVEW FYX XLIVI MW ER I\TPSMXEFPI [MVIPIWWTSMRXFIX[IIRLMWLSQIRSHIERHLMWTIVWSREP GSQQPMRO[LMGLMWMRWXEPPIHMRLMWLIEH
()0-:)6-2+%()8)'8-:) (IXIGXMZI )PM^EFIXL 5YIIR LEW QEHI E PSX SJ LEVH XS HIGMWMSRWKIXXS[LIVIWLIMWMRPMJI7XERHMRKYTXSSV KERM^IH GVMQI MKRSVMRK QIKEGSVTSVEXI FYPP]MRK ERH TYWLMRKXLVSYKLXLITSPMXMGEPQIREKIVMIXLEXMW/RMKLX )VVERXEVIWMQTP]XLIQSWXSFZMSYWFYXWLILEWRIZIV XLITSPMXMGEPGSWXWSPSRKEWXLIGEWI[EWNYWX 8LEXvW[L]XLIVYRRIVWEVIKSMRKXSKIXEPMXXPIQSVI XLERXLI]FEVKEMRIHJSV[LIRXLI]QEOIEQSZIXSXEOI XLI5YIIR7LILEWERSXLIVTEVX]MRXIVIWXIHMRLIVERH XLI]EVIRvXEWGSRGIVRIHEFSYXXLIWXEXISJLIVIUYMT QIRX SV LIEPXL 8LI PSGEP SVKERM^IH GVMQI W]RHMGEXI LEWLMVIHELMXQER YWI1EVOWQIR%HITXT6YR *EWXIV XSTYXERIRHXS1MWW5YIIRvWWPIYXLMRKGEVIIV ERHXLILMX[MPPGSMRGMHIRMGIP][MXLXLIVYRRIVWQEOMRK XLIMVQSZI
7ERHW ERH (SRXERI [MPP FIEX E TVIEHSPIWGIRX OMH JSV XEPOMRKFEGO%TL]WMGEPMPPYWMSR[MPP[SVOEW[IPPEWER EGXYEP FIEXMRK ERH [MPP FI FIXXIV JSV XLI VYRRIVWv /EV QE ,S[ XLIVYRRIVW WXEKI XLI FIEXMRK MW YT XS XLIQ EWPSRKEWXLI]PSSO EYXLIRXMG ERH VIGSVHMRKWSJ XLIMV MQTIVWSREXMSRWWXERHYTXSWGVYXMR]-JXLIVYRRIVWEG XYEPP]FIEXEOMHHVSTXLI/EVQEE[EVHIHXLIXIEQF] ERHHVSTJSVXLIVYRRIV[LSHMHXLIEGXYEPFIEXMRK
7;%83**-')67 %PQE^SR ERH 7GLYPX^ [MPP FYWX E HVYK LSYWI GLEWMRK XLIKERKE[E]MRWXIEHSJEVVIWXMRKXLIQERHXLIRWXIEP EPPSJXLIGEWLERHHVYKW8LMW[MPPVIUYMVIEPMXXPIGSQ KERKXLEX[ERXWXSTPE]XLITEVX
()7/7)6+)%28 8LMW SRI TVIWIRXW XLI KVIEXIWX VMWO SJ HMWGSZIV] 8LI VYRRIV RIIHW XS TSVXVE] &MWLST SR HYX] EGXYEPP] XEO MRK SRI SJ LMW WLMJXW EX XLI TVIGMRGX ,I QYWX XLIR FI VIGSVHIH PIXXMRKE JI[ NS]KMVPW ERHSV NS]FS]W KSJVII EJXIVWEQTPMRKXLIMV[EVIW8LIVIEVIQSVIWXVIIX[EPO IVWERHQSVISTTSVXYRMXMIWSRXLISZIVRMKLXWLMJXWFYX XLIVYRRIVWLEZIXSJSPPS[&MWLSTvWWGLIHYPIERHQE] LEZI XS[SVOQSVIXLERSRI WLMJX XLYWMRGVIEWMRK XLI HERKIV JSVXLIVMKLXGLERGI
40%=-2+8,)59))2
403843-28 *%9SRIERHXLI6IRVEOY%VGSPSK]WLYX [SVPH &SWXSRv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
MR)ZSvWWMKLXW8LI)YVSTIERQIKEGSVTSVEXMSRTVMQEVMP] ORS[RJSVMXWGYXXMRKIHKIHVYKQERYJEGXYVILEWFIIR EPWS WTIEOMRK XS XLI 'SVTSVEXI 'SYVX FILMRH GPSWIH WTSRWMFPIJSVXLIMRGMHIRXMR&SWXSR
403843-28 1V .SLRWSR JSV XLMW NSF MW EGXYEPP] FIWX TYPPIH JVSQ SV SXLIV EGUYMWMXMSR WTIGMEPMWX[LS XLI VYRRIVW ORS[ ETTVSEGLIWXLIXIEQ[MXLEJEMVP]QYRHERILMNEGOMRK NSF 8LI VYRRIVWv GSRXEGX MW WIVZMRK EW E QMHHPIQER LEZMRKFIIRGSRXEGXIHF]EGPMIRXXSEVVERKIJSVETEMV SJ+1'1YPIW +1'&YPPHSK7XIT:ERZEVMERXWIIT 76 XSKIXPSWXMRXVERWMXFIX[IIRXLIPSGEPWLMT TMRK LYF ERH E [EVILSYWI 8LI MRMXMEP HIWGVMTXMSR SJ XLINSFWLSYPHWSYRHZIV]WMQTPI 1V .SLRWSR MW SJJIVMRKRY]IR JSVIEGLZER GEVKSMRXEGX,S[XLIVYRRIVW[ERXXSWTPMXXLEXMWYTXS XLIQ,I[SRvXWE][LEXXLIGEVKSMWERH[MPPQEOIER SJJLERHIH GSQQIRX EFSYX VYRRIVW ERH XLIMV WYTIVM SV WOMPPW EX EZSMHMRKFIMRK RSW] 2IKSXMEXMSRW[SRvX HS WUYEX 8LIMV GSRXEGX MW EPVIEH] SJJIVMRK IZIV]XLMRK LI GERETEVXJVSQXLIWQEPPGYXXLEXMWJSVLMW[SVO-JVYR RIVWMRWMWX SR VSPPMRKEKEMRWXXLIMVS[R GSRXEGX HIJEYPX WXEXIHMGITSSPPMQMX XLI]GERMRGVIEWIXLIEQSYRX TIVZERF]RY]IRTIVRIXLMXYTXSLMXWFYXXLI] PSWI*EZSV[MXLXLEXGSRXEGXSVHIGVIEWI0S]EPX]F] 1V.SLRWSRTVSZMHIWXLIWXEVXMRKERHIRHMRKTSMRXW JSVXLIZERWFYXLIHSIWRvXORS[XLIVSYXIXLI][MPPFI XEOMRK%WWSSREWXLIHIEPMWWXVYGOLIGEPPWXLIGPMIRX XIPPW LMQ XLI NSF MW E KS ERH XLIR KMZIW XLI VYRRIVW E XLYQFW YT 8LMWMWEGLERGIJSV ERSW]LEGOIV XSMRXIV MRKEGSQQPMRORYQFIVSRXLI%^XPERKVMH;LMPIMRXLI IRH XLIVIMWRSWIVMSYW%^XPERTS[IVFIMRKFVSYKLXXS FIEVMRXLMWEHZIRXYVIXLIWTIGXIVSJXLI&MK%QE]FI IRSYKLXSQEOIXLITPE]IVWRIVZSYW 8LI1YPIWWXEVXSYXFIMRKPSEHIHEXEPSGEPWLMTTMRK LYF0ERHPSGOIHGMXMIWQE]FIYWMRKEXVEMRHITSXSVEMV TSVX[LMPIGMXMIWSRXLI[EXIVLEZIXLIWLMTQIRXGSQ MRK MR ZME XLI PSGEP [EXIV[E]W ERH XLVSYKL XLI HSGOW
8LI1YPIWEVIPSEHIHF]XLIXMQIXLIVYRRIVWKIXLMVIH WSXLI]GERvXKIXXSXLIWLMTQIRXFIJSVIXLEXTSMRX 8LI1YPIWvHIWXMREXMSRMWEGPEWWMG[EVILSYWIJEGMPMX] QIXIVLMKLEPYQMRYQ[EPPIH SZIVKVS[RWLIH[MXLE TEMV SJ ,SST,SPIW TSVXEFPI XSMPIXW VMKLX RI\X XS E JI[ ZIRHMRKQEGLMRIW2I\XXSXLIPEVKIWLIHMWEWQEPPIVSJ LMKLEPSRK[MXL[LEXETTIEVWXSFIERSZIVWM^IHGEVKS GSRXEMRIV-XvWEGXYEPP]ERIPIZEXSVXSXLIPS[IVPIZIPW-J XLIVYRRIVW[EMXYRXMPXLI1YPIWKIXLIVIXLI]EVIKSMRK XSKIXXLIQWIPZIWUYMXIXLIWYVTVMWI7IGYVMX]JSVMRWMHI XLMWTPEGIMWPMWXIH MR4PSX 4SMRX,STIJYPP]XLEXMRJSV QEXMSRMWRvXRIIHIHMRXLMW4PSX4SMRX SVIZIRXLEX4PSX 4SMRX FYX]SYRIZIVORS[[MXLVYRRIVW XS FI YRPSEHIH MRXSXLI IPIZEXSV WS XLIMVGSRXIRXW GER FI XEOIR HS[R XS XLI PS[IV PEF 8LI] EPWS VYR EGVSWW XLIWIGYVMX]JSVGI[LSMWUYMXI[MPPMRKXS[EVR[LSIZIV S[RWXLMWTPEGIXLEXMRXVYHIVWLEZIEVVMZIHERHEVIGEYW XLI][IVILMVIHXSHSFIJSVIWIGYVMX]JVIEOWSYX 8LIVSYXIXLI1YPIWXEOIGERFIYTXSXLIKEQIQEW GEQTEMKR1E]FIXLIVYRRIVWGERKIXJVMIRHP][MXLXLI 1YPI HVMZIVW F] GLEWMRK SJJ WSQI KSKERKIVW SV XLI] GERYWIWSQIPSGEPGSRRIGXMSRWXSLMVIEKSKERKXSVYR WSQIMRXIVJIVIRGIJSVXLIQ9WIXLIWIXXMRKJSVXLMWEH 8LI]LEZITPIRX]SJVSEHXSGSZIV 3RGI XLI] LEZI XLI ZER W XLI VYRRIVW EVI KMZIR E HVST SJJ WTSX %X XLI QIIX EVI E XVMS SJ PSGEP KERKIVW XLIMVGSRXEGXERHERYRJEQMPMEVQERMREHEVOPSRKGSEX ERH JIHSVE 8LI QERMRXLIJIHSVE[SVOW JSV XLIGPMIRX GEVKS XLI VYRRIVW EVI[MVIHXLIMVQSRI] EPSRK [MXLE XIRTIVGIRXFSRYWMJXLI]HMHRvXPSSOMRXLIFEGO-JXLI] HS PSSOMR XLIFEGO XLI]WII EPEVKI RYQFIVSJ GVEXIW ERHFS\IW[MXLXLI>IXE-QT'LIQPSKSSRXLIQ6YR RIVW [MXL WOMPPW VIPEXIH XS ']FIVXIGLRSPSK] 7YVKIV] )PIGXVSRMG)RKMRIIVMRKSV2ERSXIGLRSPSK]GERQEOIE 0SKMG?%TTVSTVMEXI/RS[PIHKI7OMPPA 8IWXXSKIXER MHIEXLEXXLMWIUYMTQIRXLEWWSQIXLMRKXSHS[MXLXLIMV
&-88)64-007
&033(=&97-2)77
403843-28 8LIGPMIRXMWMQTVIWWIH MJXLI]HMH[IPP SVJIIPMRKJSV ,I YWIW XLI WEQI MRXIVQIHMEV] XS WIX YT E TIVWSREP QIIXMRK [MXLXLIVYRRIVW8LIXIEQMWXSPHXSLIEHXS XLIQIIXWMXIERHWMXHS[RJSVEQIEP[MXLXLIGPMIRX SRIWXEVXWEXRY]IRXSXEP{LEPJYTJVSRXLEPJSR XLIFEGOIRH-JXLI]HMHRSXHS[IPPMRXLI1YPILIMWXMX WXEVXWEXLEPJXLEX[MXLRSRISJMXSJJIVIHYTJVSRX 8LIQIIXKSIWHS[REXETYFPMGTEVOMRXLIPEXIEJXIV RSSR8LIVIMWEREFYRHERGISJRSVQEPTISTPIEVSYRH [LSJYRGXMSREW]IXERSXLIVXIWXSJXLIVYRRIVWvWOMPPWERH LEFMXW[LMPITVSZMHMRK EPMXXPII\XVEWIGYVMX]JSVXLIGPM IRX8LIGPMIRXPSSOWPMOI]SYVIZIV]HE]WEVEVMQERSYXJSV E[EPOEJXIV[SVOERHLIETTVSEGLIWXLIVYRRIVWEWOMRK JSVWYKKIWXMSRWSREWTSXXSHMRIMRXLIEVIE8LIVYRRIVW VIGIMZIXLINSFHIXEMPWEWXLI][EPO[MXL1V.SLRWSR 8LI GPMIRX [ERXW XLI XIEQ XS MRXIVGITX E GSYVMIV QSZMRK ZEPYEFPI HEXE FIX[IIRX[S EHHVIWWIW FSXL SJ [LMGLEVIHS[RXS[R,IORS[WXLIQSZIMWWYTTSWIH XS SGGYV FIX[IIR LSYVW ERH LSYVW 8LMW MW SYXWMHITVMQIWLEHS[VYRRMRKLSYVWLIRGIXLIHE]XMQI QIIXMRKXSWIIMJXLI]GERSTIVEXI[LIRRSXHMWKYMWIH F]XLIMV RSGXYVREPWYVVSYRHMRKW8LIGPMIRXLEWETL]WM GEPHIWGVMTXMSRSJXLIGSYVMIVERHORS[WXLIVI[MPPFIEX PIEWXX[STISTPIEWWMKRIHEWEWIGYVMX]HIXEMP,I[ERXW XLIVYRRIVWXSGSRXEGXLMQMQQIHMEXIP]SRGIXLI]LEZI XLIGSYVMIV 8LI GPMIRX LEW E QEKI ERH E VMKKIV [EXGLMRK SZIV LMQ 8LI QEKI MW TVIXIRHMRK XS FI I\IVGMWMRK ,I [MPP FIHSMRK [EVQYT WXVIXGLIWYRXMP XLI XIEQ EVVMZIWERH XLIRNSKWTEWXXLIKVSYTWXSTWJSVWSQIGEPMWXLIRMGWIZ FI VYRRMRK TEWX XLI KVSYT 0SKMG ;MPPTS[IV ?A 8IWX XSVIGSKRM^IXLIQEKI XLI WIGSRH XMQILITEWWIWXLI XLVIWLSPHHIGVIEWIW F]SRI IEGL XMQI XLIQEKI TEWW IWEKEMR*SVWXEXWYWI'SQFEX1EKI T76 8LI VMKKIVMW[SVOMRKXLVSYKLXLII]IWSJWIZIVEPSJXLIOMHWv HVSRIW XLEX EVI FY^^MRK EVSYRH XLI TEVO YWI (VSRI 6MKKIVT76 ,ILEWER1'86SXS(VSRIEVQIH [MXL ER %/ MR XLI ZER [MXL LMQ SR E RIEVF] WXVIIX YWI 1'82MWWER 6SXS(VSRI T 76 EHH %/ [KIPVSYRHW 8LIGPMIRXHSIWRvXLEZIXLIVSYXIJSVXLIGSYVMIVVYR FIGEYWIXLIGSYVMIVVYRMWI\EGXP]XLEXEVYR8LIGSYVMIV [MPPWYHHIRP]FSPXSYXSJXLIHIPMZIV]EHHVIWW[MXLEGEWI MRLMWLERHWERHWXEVXVYRRMRKHS[RXLIWXVIIX7IGSRHW PEXIV X[S 'SQFEX 8YVRW MJ XLI VYRRIVW NYQT VMKLX MRXS XLIEGXMSR EQERMREWYMX[MPPGSQISYXXLIWEQIHSSV PSSO EVSYRH XLIR WXEVX VYRRMRK EJXIV XLI GSYVMIV 8LI QERMR XLIWYMXMWEGXYEPP]LEPJSJXLI GSYVMIVvWWIGYVMX] 8LI SXLIVQIQFIVSJXLIWIGYVMX]XIEQMWEFPSGOSZIV ERH[MPPFITEVEPPIPMRKXLIGLEWIMRLMWWIGYVMX]ZERFYX
&-88)64-007
WIGSRHWPEXIVETEMVSJ6SXS(VSRIWEVQIH[MXL7%6I XMEVYWRIXKYRW T6YR +YR PEYRGLJVSQXLIVSSJSJ XLIHITEVXYVIFYMPHMRK 8LI GLEWI TVSGIIHW XLVSYKL WXVIIXW EPPI]W ERH FYMPHMRKW [MXL XLI TYVWYIVW RIMXLIV KEMRMRK RSV PSWMRK ER]KVSYRH%FSYXLEPJ[E]XSXLIHIWXMREXMSRXLIGSYVM IVHYQTWXLIGEWIMRETMPISJXVEWLMREREPPI]8LIVYRRIV XIEQ QE] WIIXLMWXLVSYKL E HVSRI JVSQ XLIEWXVEP SV XLI]QE]NYWXRSXMGIMXvWKSRIMJXLI]GEXGLWMKLXSJLIV 8LIGEWIMWEHIGS]8LIVIvWEGSQQPMRO (IZMGI6EXMRK FSQFWSRXLIQ8LIVIEPHEXEMWPSGEXIHSRXLIGSYVMIVvW LIEH[EVI 8LI GSYVMIV VYR XEOIW EFSYX XLMVX] QMRYXIW 8LSYKL XLIHMWXERGIMWYRHIVWM\OMPSQIXIVWHMVIGXP]FIX[IIRXLI X[SWMXIWERHXLIGSYVMIVMWLEYPMRKLSSTXLIVSYXIMWRSX HMVIGX -J XLI VYRRIV XIEQQEOIW EQSZI SRXLI GSYVM IVXLIWIGYVMX]XIEQ[MPPGPSWIMRSRXLIEXXEGOIVW[LMPI XLIGSYVMIV[MPPQSZIQSVIHMVIGXP]XS[EVHXLIHVSTSJJ WTSX8LMWQSVIHMVIGXVSYXIQIERWXLIWLI[MPPGYXXLI VIQEMRMRKXVEZIPXMQIMRLEPJ 8LMW4PSX4SMRXVSPPWVMKLXMRXSXLIRI\XSRI
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
&033(=&97-2)77
RSXLMRKFYXXLITSTWERHGVEGOWSJXLIJEMPMRKWXVYGXYVI XLI TMRKW ERH GVIEOW SJ XLI QEOIWLMJX HSSV ERRSYRGI XLIVIXYVRSJ1V.SLRWSR,IWXITWSYX[MTIWLMWLERHW SREFPSSH]GPSXLXLIRQEOIWLMWRI\XSJJIVXSXLIVYR RIVW ,IRS[[ERXWXLIQXSXEOIXLITPEGISJXLIGSYVMIV ERHHIPMZIVXLIHEXE,IvW[IPPE[EVIXLEXXLIHEXE[EW RSXMRXLIGEWIERHMWMRWXIEHMRXLILIEHSJXLIGSYVMIV ,IGERvXQSZIXLIHEXEWMRGIXLIMRJSVQEXMSRMWPSGOIH ERHGSHIHFYXLILEWEWIGSRHEV]TPER,ILEWZMSPIRXP] VIQSZIHXLILIEH[EVIERHMW[MPPMRKXSGVYHIP]MQTPERX XLIKIEVMRXSEVYRRIV[MXLEPMXXPILIPTJVSQEQIQFIVSJ LMWWIGYVMX]HIXEMP,MWTPERMWXSTEVXMEPP]WGEPTEVYRRIV EXXLIFEWISJXLIMVWOYPPWPMTXLIHIZMGIYRHIVXLIMVWOMR LIEP XLI[SYRHXLVSYKL QEKMG ERH XLIRQEOI ERSXL IV XMR] GYX [LIVIXLI TSVXMW ,I LEW HSRI XLMW FIJSVI ERHMX[MPP[SVOJSVEWLSVXXMQI8LITVSGIHYVIGEYWIW FS\IW SJ 4L]WMGEP (EQEKI 8LI LIEPIV LEW E FEWI SJ HMGI XS VSPP JSV GEWXMRK ,IEP %R YRLIEPIH MRNYV] [MPP QIER XLIFS\LEW XS FIVIQSZIH XLIHEQEKIGEYWIH F]XLIEXXIQTXVIQEMRW ERHWSQISRIIPWI[MPPRIIHXS ZSPYRXIIV8LIHIZMGIEPWSSRP]LEWX[SLSYVWSJVIWIVZI TS[IV%JXIVXLEXMX[MPPRIIHXSFIVIMRWXEPPIHMREWYFNIGX SV VIQSZIH ERH XLI FEGOYT TS[IV GIPP VITPEGIH 8LMW
WLSYPHRSXFIETVSFPIQEWXLIVYRRIVWEVIRS[EWOIH XSQEOIXLIHIPMZIV]ERHLEZISRP]EWLSVXXMQIPIJXMR XLIHIPMZIV][MRHS[ %W MJ MRWXEPPEXMSR [EWRvX E FMK IRSYKL TVSFPIQ XLI VYRRIVTSWMRKEWXLIGSYVMIVMWKSMRKXSFIXLIXEVKIXSJ ERSXLIVVYRRIVXIEQ8LMW SXLIV XIEQ [SVOMRKJSV)ZS EWWIGYVMX]FEGOYTLEWEGGIWWXSXLIWXIEPXL6*-(XVEGO IV[MXLMRXLIGSYVMIVvWLIEH[EVI8LI]vZIFIIRGEPPIHMR ERHLEZIHSRIEUYMGOVIGSRSJXLIKEVEKIXSPSGEXIXLI XEVKIXERHXLI]ORS[XLIHIZMGI[EWQSZIHXSWSQI
KVSYT MR XLI JVSRX X[S QSVI VYRRIVW 8LI]vPP GPSWI MR JEWXSRGIXLI] KIXXLIXEVKIX MRXSEREPPI] SVSXLIV REV VS[TMRRIHWTEGI-JXLIVYRRIVGSYVMIVHIGMHIWXS[EPO SYXSRXLITYFPMGWXVIIXWXSYWIERSR]QMX]EWLMWLIVHI JIRWIXLIKVSYT[MPPVSPPYTMRXLVIIZERWERHTMRXLIQ MREPSRK[MXL[LEXIZIVGMZMPMERWEVIEVSYRH 8LIWIGYVMX]XIEQSRXLIMVLSSTWMWRvXXLIIRHSJXLIMV XVSYFPIW 8LIVYRRIVGSYVMIV MW KSMRK XS LEZI XSTPE] MX GSSP[LIRWIGYVMX]EXXLIHIPMZIV]TSMRXUYIWXMSRWXLIMV -(8LMWXIRWIPMXXPIIRHMRKWGIRIHSIWRvXSJJIVER]WIVM SYW GSRWIUYIRGIW YRPIWW XLI VYRRIV MR UYIWXMSR GSQ TPIXIP] FPS[W LMW GSZIV ERH EXXEGOW XLI WIGYVMX] KYEVH UYIWXMSRMRKXLIQ
&-88)64-007
&033(=&97-2)77
%JXIVXLEXXLIVYRRIVWQE]LEZIEPMXXPIXVSYFPIJVSQXLI VIQEMRMRKWIGYVMX]XIEQSRXLISYXWMHIFYXXLI]KIXGEPPIH SJJ[LIRXLIHIPMZIV]MWQEHI8LIVYRRIVWGERFIPIJXGSR JYWIH EW XS [LEXNYWX LETTIRIH FYX XLEXvWLS[ WLEHS[ VYRRMRK [SVOW WSQIXMQIW -X MWRvX EP[E]W RIEX ERH GPIER [MXLERIEWMP]I\TPEMRIHIRHMRKWSQIXMQIWMXvWUYMGOERH HMVX]ERHEPPXLIVYRRIVWKIXMWEJEXGVIHWXMGO[MXL RY]IRSRMXERHETMPISJYRERW[IVIHUYIWXMSRW
403843-28 1V.SLRWSRLEWERSXLIVWLMTQIRXLI[ERXWWREKKIHJSV ERSXLIVRY]IRPYQTWYQTE]QIRX8LIGEVKSMW FIMRKQSZIHMR+1'1YPIWEKEMRFYXXLMWXMQIXLIVIMW E UYEVXIX SJ XLIQERH 1V .SLRWSR SRP] [ERXW SRI ,I HSIWRv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vXGSQQYRMGEXIEREXXEGOMJSRI SGGYVW 7IGYVMX]SRXLIZERWMWXMKLXIWTIGMEPP]XLIMV1EXVM\WI GYVMX]8LSWITVSZMHMRKXLIWIGYVMX]EVIGSZIVMRKXLIMVER KPIW FYX E TIVGITXMZI XIEQ QE] RSXMGI XLEX E PSX SJ XLI WIGYVMX]MWEFSYXOIITMRKWSQIXLMRKMREWQYGLEWOIITMRK XLIXVERWTSVXWWEJI GEVKSEVIETVSZMHMRKEz2SMWITIREPX])EGLZILMGPILEW EXVEMPGEV[MXLJSYVSGGYTERXWEVMKKIV YWI(VSRI6MKKIV T76 GSRXVSPPMRKXLIZERERHX[SHVSRIW +12MW WER 6SXS(VSRI [ PSEHIH [MXL KIP VSYRHW +12MWWER 6SXS(VSRI[PSEHIH[MXL)\I\TPSWMZIEQQS EHIGOIV YWI(IGOIVT76 TVSXIGXMRKXLIZILMGPIvWRSHIERH XLIVMKKIVJVSQ1EXVM\EXXEGOWEW[IPPEWQSRMXSVMRK1EXVM\ VEXI 7IGYVMX] T 76 8LI GEV MW EPQSWX E OMPSQIXIV FEGOERHWYJJIVWE2SMWITIREPX]JSVGSRXVSPERSXLIVGPYI XLEXWSQIXLMRKWXVERKIMWEJSSX 3R XLI %WXVEP XLIVI EVI IMKLX FSYRH WTMVMXW *SVGI
&-88)64-007
ER]EWXVEPJSVQWXLEXXV]XSIRXIVXLIZILMGPI8LI*SVGI
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
LIPP[MPPFVIEOPSSWI 8LI SVHIV XS FYVR XLI GSRXIRXW GSQIW MJ XLI WIGYVMX] XIEQPSWIWGSRXVSPSVJIIPWXLI]EVIKSMRKXSPSWIGSRXVSP SJXLIZILMGPI-JXLISVHIVKIXWXLVSYKLXLIWTMVMXWEXXEGO XLILIEHGEWIWERHXLILIEHGEWIW[EOIYTERHEXXIQTX SJXLIMVIWGETIWLSYPHKSWQSSXLP]FIGEYWIXLIWTMVMXWHS RSXPMOIXLIMVQEWXIVWERH[MPPRSXFYVRER]XLMRKXLEXMWRSX MRXLIFEKWWMRGIXLSWIEVIXLIMVSVHIVW -JXLIVYRRIVWGERWQSSXLP]WITEVEXIWIGYVMX]ERHXLIR XEOI XLI ZER SZIV ERH HVMZI MX XS 1V .SLRWSR XLI] EVI EPP KSSH %W PSRK EW XLI SVHIV RIZIV GSQIW XLVSYKL XLI XLIWTMVMXSJFIEWXWSRP]GEVIWEFSYXXLIEWXVEP 3RGIXLIVYRRIVWLEZIEZERERHGSRXEGX1V.SLRWSR LI HMVIGXW XLIQ XS XLI TEVOMRK KEVEKI EKEMR ;LIR XLI] EVVMZILITE]WXLIQWIRHWXLIQSJJXSXLIWYVJEGIPIZIPMR E FIEXYT&YPPHSK ERH XIPPW XLIQ XSWXMGO EVSYRH8LMW MW ERSXLIVHSYFPINSF
403843-28 2S[ XLEX XLI] LEZI E GEVKS ZER JVSQ XLI STTSWMXMSR 1V .SLRWSR RIIHW XLI VYRRIVW XS KEMR EGGIWW XS XLI PEFW LMH HIRFIRIEXLXLI[EVILSYWIERHKEMREGGIWWXSXLIVIWIEVGL WGLIQIERHTPERF]1V.SLRWSRFIGEYWILISJJIVWETPERXS KIXXLIQMR,IMRZMXIWXLIQHS[REJXIVXLMVX]QMRYXIW[MXL XLISJJIVSJERSXLIVNSF,ILEWIQTXMIHXLI1YPIXLI]HI PMZIVIHXSLMQERHELEPJHS^IRFSH]FEKWPE]WTVIEHSRXLI KVSYRHSTIRERHIQTX],MWTPERMWWMQMPEVXSXLIGPEWWMG8VS NERLSVWI8LIVYRRIVWKIXMRXSXLIFEKWERHLMHIMRWMHIXLI ZERXSWRIEOTEWXWIGYVMX]MRXLI[EVILSYWI3RGIXLI]EVI MRWMHILI[ERXWXLIQXSHS[RPSEHEWQYGLHEXESRXLIGYV VIRXVIWIEVGLKSMRKSRMRXLEXPEFEWXLI]GERERHXLIRGEYWI ERwEGGMHIRXxXSHIWXVS]XLIPEF8LITE]SJJIVMWRY]
&033(=&97-2)77
GYX MJ XLI] [ERX XLI NSF FYX [ERX XS KIX MR XLIMV S[R [E] 2IKSXMEXMSRWTPE]SYXEWRSVQEP[MXLERY]IRMRGVIEWI TIVRIXLMXJSVXLI8VSNERLSVWINSFERHERY]IRMRGVIEWI TIVRIXLMXMJXLI]EVIJSPPS[MRKXLIMVS[RTPER;EV]VYRRIVW QE] FI GSRGIVRIH EFSYX FIMRK XVETTIH PMOI XLEX ERH [SR HIV[L]XLI]EVIKIXXMRKTEMHQSVI{MXHSIWRvXJIIPVMKLX{FYX FYWMRIWWWEZZ]VYRRIVWWIIXLI VIEWSR JSVXLIHMJJIVIRGIMR TE] -J XLI] EKVII MRXSXLI FEKW XLI] KS 1EOI MX HVEQEXMG ERHVIQIQFIVXLEXXLIVIMWEPMQMXIHEQSYRXSJWTEGIMRXLI FEKWWSKIEVRIIHWXSWXE]VIEWSREFPI%HHMXMSREPP]XLIFEKW
%WJSVXLIPEFXLI]EVIHSMRKVIWIEVGLSREXVIEXQIRX ERHTVIZIRXMSRQIXLSHJSV'SKRMXMZI*VEKQIRXEXMSR(MWSV HIV '*( 8LI>-'XIEQLEWLEHEPSXSJWYGGIWWERHEVI SRP] E JI[ QSRXLW [SVXL SJ XIWXW E[E] JVSQ KIXXMRK XLMW TVSGIWW ETTVSZIH 8LI PEF EPWS LEW HIZIPSTIH ERI\XIR WMZI [IF SJ GSRRIGXMSRW FEWIH SR GSHMRK WYFNIGXW ERH 2)8 ERH )ZS EW XLI WSYVGI SJ XLI '*( ZMVYW 8LMW MW ZIV] HERKIVSYW ERH ZEPYEFPI MRJSVQEXMSR XLEX 1V .SLRWSR [ERXWXSKIXLMWLERHWSR -JXLIVYRRIVWEGGITXXLIFEKXVMGOXLI][MPPKIXEPPXLI [E]MRXSXLIJEGMPMX]FIPSEHIHSRXSGEVXWERHKIX[LIIPIH XS E WIX SJ LSPHMRK VSSQW [LIVI XLI] [MPP FI PSGOIH MR 8LI] [SRvXLEZI E[E] XS GSQQYRMGEXI[MXL IEGL SXLIV ERHSRP]WSQISRIGETEFPISJEWXVEPTVSNIGXMSR[MPPFIEFPI XSWIIXLEXIZIV]SRIMWGPSWIXSIEGLSXLIVWSXLI]WLSYPH IEGLFIWITEVEXIP]EPPS[IHXSHIGMHI[LIRXLI]EVIKSMRK XSXV]XLIMVIWGETI;LSIZIVIRHWYTWIPIGXMRKXLIIEVPMIWX TSMRX[MPPOMGOMXSJJERHSXLIVW [MPPLEZIXSKMZIYT XLIMV TPERWERHNSMRMR SVWXE]MRXLIMVFEKW 8LIXVERWTSVXXIEQ LEW JSYV WIGYVMX] KYEVHW YWI 'SVTSVEXI 7IGYVMX] T 76 76 -J XLI VYRRIVW HIGMHI XS XV] XS QEOI XLIMV S[R [E] MR XLI]JEGIXLITL]WMGEPERHQEKMGEPWIGYVMX]MRXLI[EVILSYWI EW[IPPEWXLI1EXVM\WIGYVMX]SRXLIW]WXIQXLEXEPPS[WEG GIWWXSXLIWIGVIXPEFW8LI] LEZI XS [SVV]EFSYX XLI WYV JEGIWIGYVMX][EVRMRKXLIWIGYVMX]FIPS[ FYXTVSFEFP]RSX MRXLI[E]XLI]XLMRO8LIVIMWRS[MVIHSV[MVIPIWW1EXVM\ GERFIWIRX;LEXXLI]LEZIMWEWSVXSJTERMGFYXXSRXLEXMW RSXLMRKQSVIXLEREWIXSJFMKVIHLERHPIWXLEXWIXSJJEWM VIRHS[RWXEMVW%R]SJXLILERHPIW[MPPWIXSJJXLIEPEVQFYX WIGYVMX]JSVGIW LEZIXS KIXXSXLIQERHWTIRHE'SQTPI\ %GXMSREGXMZEXMRKXLIQF]TYQTMRKXLILERHPI:IV]VIXVS 8LILERHPIWEVIPSGEXIHRI\XXSXLIIPIZEXSVRIEVXLIJVSRX HSSVERHRIEVXLIVIEVHSSV 7IGYVMX]JSVGIWMRXLI[EVILSYWIGSRWMWXSJIMKLXWIGY VMX]KYEVHW YWI'SVTSVEXI7IGYVMX]T76 SRIWI GYVMX]QEKIERMQEPLERHPIV YWI'SVTSVEXI7IGYVMX]0MIY XIRERXT76EHH%RMQEP,ERHPMRKXSXLIWOMPPPMWX ERH E TEMV SJ FEVKLIWXW T 76 8[S SJ XLI KYEVHW [EVILSYWIvWVEJXIVWX[SEVIWXERHMRKKYEVHRIEVXLIIPI TVSFPIQWJSVXLIVYRRIVW8LIFEVKLIWXWERHXLIMVLERHPIV
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
MRKJSVX[S KYEVHW8LI PIJXLEWEQIHMYQWM^IETEVXQIRX 8LIXLMVHERHJSYVXLWIXWSJHSSVWPIEHXSPEFWSRIEGL WMHI8LIVIEVIX[SQIHMGEPPEFWEGSQTYXIVPEFERHEWGM IRGIPEF 8LI]GYVVIRXP]GSRXEMRXLVIIWYFNIGXWFYXXLIVIEVIEXSXEP SJX[IPZIWQEPPWIEPIHGIPPW8LMWMW[LIVIXLIVYRRIVW[MPP FILIEHIHMJXLI]GSQIMRXLVSYKLXLI8VSNERLSVWITPER-J XLI][EMXYRXMPXLI]EVIMRWMHIXLIGIPPWXLI]vPPVMWOXLIHSSV FIMRKWPEQQIHWLYX[MXLXLIKYEVHMRXLIVSSQ[LIRXLI] WXEVXXSQEOIEQSZI8LI]vPPRIIHXSVSPP-RMXMEXMZIERHYWI XLIMV7YVTVMWI%GXMSRSVQSZIEXXLIXSTSJXLISVHIVXSKIX GPIEVSJXLIVSSQSVIPWIXLI]vVIPSGOIHMRYRXMPWSQISRI VIPIEWIWXLIQ 8LIJEGMPMX]LEWRS[MVIPIWWWMKREPWEXEPP)ZIV]XLMRKMW LEVH[MVIHXLVSYKLXLI[EPPWERHGSRXVSPPIHJVSQXLIWIGY GIWWMW[MVIH8LIWIGYVMX]HIGOIVLEWXSTL]WMGEPP]NEGOMRXS XLIW]WXIQ XVIEXMXEWE6EXMRKLSWX%7(* ;LIRXLIVYRRIVWFVIEOSYXVIQIQFIVXLEXRSXEPPSJ XLIWIGYVMX]JSVGIWEVISRHYX]MREVQSVERHVIEH]XSVSPP -J XLI VYRRIVW GER KIX ER IEVP] EHZERXEKI WIGYVMX] QE] WXERHHS[R;MXLPYGOXLIVYRRIVWGERKIXGPIEVIHQIIX 1V.SLRWSRERHKIXTEMH
&-88)64-007
& 03 3( =& 97 -2 )77
8,)946-7-2+ 7TIGMEP7-+GVIEXIHF]+PMXGL %GGIWWKVERXIHXS ?.EGO4SMRXW8VM%HQMRA?8LSVRA?*MERGLIXXSA -EQOIITMRKEGGIWWXSXLMWTS[HIVOIKPMQMXIHJSVXLIXMQI FIMRKYRXMPMXMWWEJIXSVIPIEWIXSXLI[LSPISJ.EGO4SMRX
E PSX SJ EXXIRXMSR [LIR XLI TVMGI WO]VSGOIXIH HYI XS WIZIVEP TEVXMIW IRKEKMRK MR E FMHHMRK GSQTIXMXMSR JSV MXW EGUYMWMXMSR %JXIV WIZIVEP TSXIRXMEP FY]IVW [IVI{ JSVGIJYPP]{WLYXHS[RHYIXSJYPPFPS[RHMKMXEPEWWEYPXWSR XLIMVGSRRIGXMSRWXLITVIZEMPMRKXIRHIVIVNYWXQEREKIHXS GPSWIXLIXVERWEGXMSRFIJSVIXLI,IPM\[EWEXXEGOIHF]XLI JSVGISJ+3(SRFILEPJSJXLI''1%(YIXSXLIJYPPFPS[R GSVTSVEXIGVEGOHS[RSRXLIKVMHXLI,IPM\LEHXSFIXEOIR HMH[LIRMX[EWWLYXHS[RF]%^XIGLRSPSK]%JXIVWIVMSYW HIIWGEPEXIHERHXLI,IPM\MWFEGOMRFYWMRIWW*VSQ[LEX XLI QIKEGSVTSVEXI KVETIZMRI MW XIPPMRK LS[IZIV XLI [LSPIVSYRHYT[EWWERGXMSRIHLMKLIVYTXLIJSSHGLEMR F]XLI'SVTSVEXI'SYVX +PMXGL
:SMGIEREP]WMWEGXMZEXIH %YHMSXS8VERWGVMTXMRMXMEXIH 8MQIWXEQTSJVIGSHMRK ?4IVWSR QEPI [MXL WPMKLX *VIRGL EGGIRXA 8LERO ]SYJSVQIIXMRKYWYRHIVWYGLWIGVIXMZIGMVGYQWXERGIW VIERA8LERO]SY4EREQE'MX]MWEP[E]W[SVXLXLIXVMT IWTIGMEPP] [LIR EPP I\TIRWIW EVI TEMH %RH MX MW KSSH XLEX[I[IVIEFPIXSQIIXMRTEVEPPIPXSXLIGSRJIVIRGI =IW-KYIWW-EQJEQMPMEV[MXLIZIV]SRIJVSQSGGEWMSR EPQIKEGSVTSVEXIKEXLIVMRKWHMVIGXP]SV-ORS[EXPIEWX [LS]SYVITVIWIRX ?4IVWSR JIQEPI TVSFEFP] %QIVMGER SV -RHS EQIVMGERA+SSHLEZMRK]SYLIVIHIEV-XLMRO]SY[MPP FIEWWYVIHXLEX[IGSQIXSKIXLIV[MXLXLIFIWXMRXIVIWXW SJQIKEGSVTSVEXIWSGMIX]EXLIEVX ?4A8LEXWSYRHWUYMXIMRXVMKYMRK7STPIEWI{XIPPQI QSVI1]WYTIVMSVW[IVIUYMXIZEKYIEFSYXXLMWEWWMKR
8,)946-7-2+
QIRXWE]MRKSRP]XLEXMXQE]FIGSQIELMKLTVMSVMX]ERH ?4IVWSR QEPI EGGIRX &VMXMWLA 0IXvW LEZI E WIEX[LMPI[IEXXIQTXERI\TPEREXMSR?4ISTPIQYQFPMRK MR FEGOKVSYRHA )REFPI WIGYVMX] TVSXSGSP *YPP PSGOHS[R [MXL TIVMQIXIV W[IITW %RH TPIEWI PIEZI XLI VSSQ 8LERO]SY ?4A =SY LEZI FIIR WIPIGXIH FIGEYWI SJ ]SYV YR [EZIVMRK PS]EPX] XS ]SYV GSQTER] HMWTPE]IH MR ]SYV QSVI XLER JSVX] ]IEVW SJ WIVZMGI %TEVX JVSQ ]SYV I\ TIVMIRGIMRQIKEGSVTSVEXITSPMXMGWERHIGSRSQMGW]SY LEZIEPWSVIGIMZIHXLITVSTIVXVEMRMRKXSVIWMWXGSQQSR MRXIVVSKEXMSRXIGLRMUYIWERHEVIEFPIXSIZEHIGETXYVI TVSXIGX ]SYV GSQTER] E HIZSXMSR XLEX MW VEVIP] JSYRH ERHXLEXLEWFIIRVIGSKRM^IHF]]SYVWYTIVMSVW ?4A ;MPPXLEXFIRIGIWWEV]# ?4A ;I LSTI MX HSIW RSX GSQI XS XLEX ,S[IZIV [LEX[IEVIXV]MRKXSEGGSQTPMWL[SYPHFIGSRWMHIVIH EGSRWTMVEG]SVXVIEWSRF]XLSWIMRTS[IVIZIRXLSYKL XLISTTSWMXIMWXLIGEWI;LEX[IEVIXV]MRKXSEGLMIZI SV[LEX[IEVIXV]MRKXSGLERKIMWJSVXLIFIXXIVSJEPP I\XIVVMXSVMEPGSVTSVEXMSRW ?4A2SXNYWXJSVXLI&MK8IR?GLYGOPIWA ?4A SRI ?4A'EVIXSIPEFSVEXI#;LEX I\EGXP]MW]SYVKVSYT XV]MRKXSEGLMIZI#1]QEREKIQIRXWIIQIHXSFISTIR XSWSQIOMRHSJMHIEXLEX[EWMRMXMEPP]TMXGLIHXSXLIQ FYXHIXEMPW[IVIQMWWMRK7STPIEWII\TPEMR-RHIXEMP ?4A3J GSYVWI-RIIHXSKMZIWSQIGSRXI\XLS[ IZIVJSV]SYXSYRHIVWXERH1SWXQIKEGSVTSVEXMSRWRS QEXXIV XLIMV GYPXYVI SJ SVMKMREXMSR EVI EJXIV QSVI XLER XSKVS[ERHKVS[YRXMPXLI]IZIRXYEPP]FIGSQITEVXSJ XLIIPMXI8VMTPI%GMVGPIERHKVEFLSPHSJSRISJXLITVI GMSYWXIRWIEXWSJTS[IV SJ XLI[SVPH)WWIRXMEPP]XLI] XV]XSFIKSHW8LMWXLIREXYVISJXLIGSVTSVEXIPEHHIV -R XLITEWXSYVGSVTSVEXMSRW[IVIXLIWEQI;IWE[SRP] XLIGPMQFSJXLIPEHHIV,S[IZIV EJXIVWSQIHIGEHIW [I VIEPM^IH XLEX XLI W]WXIQ MW MRLIVIRXP] GLESXMG 8LEX MX MW JEYPX] -X FVMRKW SYX XLI [SVWX MR YW 'SQTIXMXMSR MRWXIEH SJ GSSTIVEXMSR *SV QSWX GSVTSVEXMSRW MX MW NYWX EFSYX KSMRK YT 8LI] TYWLGSQTIXMXSVW SJJXLI PEHHIV
[EXGL XLIQ JEPP WS XLEX XLI] QE] KSFFPI YT XLI VIQ JSVXLIFMKKIWXFSRISRXLI]EVHMRWXIEHSJQYXYEPMWQ -RWXIEHSJI\GLERKIJSVTVSWTIVMX] ?4A8LMWLEWRSXFIIRQSVIZMWMFPIXLERRS[ ?4A=SYEVIXEPOMRKEFSYXXLITPERRIH6IZMWMSR;I EVIRSXWGEVIHSJXLEX ?4A2IMXLIVEVI[I&YX]SYEVIQMWWMRKXLITSMRX 8LI&MK8IREVIPSWMRKGSRXVSP(YROIP^ELRvWPIKEG](IYW ERHXLI6IRVEOYEVGSPSK]WLYXHS[R;MRXIVRMKLX'VEWL )QIVKIRGI XLI(VEKSR 'MZMP;EVXLIR '*([LMGL [EWPMOIP]VIPIEWIHF] SRISJXLIQIKEGSVTWMR TS[IV 2S[XLI&SWXSR0SGOHS[RLYWLIHYTF]XLI'SVTSVEXI 'SYVX8LI6IZMWMSRLEWFSYKLXXLIQXMQIFYX{MJEXEPP{ XLI]EVINYWXTEXGLMRKYTEW]WXIQXLEXIRHIH[SVOMRKE PSRKXMQIEKS8LIKSHWSJSPHLEZIKVS[R[IEO8LIVI MW IZIR EVYQSV XLEXSRISJ XLIQ QE] JEPP 8LEX [SYPH LEZIRIZIVIZIRFIIRXLMROEFPI[LIRXLSWIWIZIRSVMK MREPGSVTSVEXMSRWSVXLIMVTVIHIGIWWSVWJSYRHIHXLI-R XIV'SVTSVEXI'SYRGMP ?4A7S]SYEVIVEPP]MRKQ]GSVTSVEXMSRvWWYTTSVXXS FVMRKSRI]SYVGSVTSVEXMSRWMRXSXLI''# ?4A3RXLI GSRXVEV] 3YV GSVTSVEXMSRWLEZI EFER HSRIH XLI JSSPvW IVVERH XS KEMR XVMTPI% WXEXYW ;LEX [IEVITVSTSWMRKMWQYGLQSVIVEHMGEP%VIWXEVXSJXLI W]WXIQ{SV EX PIEWX ER IZSPYXMSR SJ XLI W]WXIQ JVSQ E QIKEGSVTSVEXIX]VERR]XSWSQIXLMRKQSVIHIQSGVEXMG XLEXMWEFPIXSFEPERGISYXER]I\XVIQIWERHTVSZMHIXLI KPSFEP TSPMXMGEPERH IGSRSQMGWXEFMPMX]JSVGSVTSVEXMSRW ?4A8LEXWSYRHWUYMXIGSVTSVEXIYXSTMERXSQI ?4A2SQ]HIEV ;IEVI VIEPMWXW)ZIR [MXLERI[ W]WXIQ XLIVI [MPP FI GSQTIXMXMSR ERH{SR SGGEWMSR{ GSVTSVEXI[EVSFZMSYWSVMRXLIWLEHS[W,S[IZIVXLI JVEQI[SVO[MPPFIQYGLQSVIWXEFPIERHPIWWTVSRIXS WYFZIVWMSRSJXLISRIW MRTS[IV[LSQEOIYWISJXLI W]WXIQEXXLIMVS[RFMHHMRKERHGLERKIXLIVYPIW[LIR MXMWEHZERXEKISYWJSVXLIQ ?4A7S]SYEVITVSTSWMRKEHMWXVMFYXMSRSJTS[IV ?4A )WWIRXMEPP] ]IW 8LIVI EVI KSSH I\EQTPIW XLEX [SVO[IPP ERH LEZIRSX HIKIRIVEXIHPMOIXLI'SVTSVEXI ,IXEIVMESVGSVTSVEXIKSZIVRMRKFSHMIWPMOIXLI1ERLEX XER (IZIPSTQIRX 'SRWSVXMYQ SV XLI )YVSTSVX %HQMRMW XVEXMZI6YPMRK'SYRGMPEVIEWWSGMEXMSRWXLEX[SVOXSKIXLIV
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wEKMXEXISXLIVGSVTvWx ?4A8LEXI\TPEMRWSYVRIIHJSVWIGVIG] ?4A-RHIIH ?4A XLIGMVGYQWXERGIWHYVMRK[LMGL[IGEREXXIQTXXSMQTPI QIRXXLIQ8LI[IEOIVXLI'SVTSVEXI'SYVX[MPPFI[LIR [I QEOI SYV QSZI XLI IEWMIV MX [MPP FI 8LIVI MW SRI XLMRK-[SYPHPMOIXSQEOIGPIEVXLSYKL{[IHSRvX[ERX XSWXEKIEGSYT;I[ERXXLIQIQFIVWSJXLI'SVTSVEXI 'SYVXXSYRHIVWXERHXLEXXLIW]WXIQXLI]GVIEXIMWJEMPMRK %RH MJ KSZIVRQIRXW WXEVX XS STTSWI XLI [LSPI W]WXIQ MQTPIQIRXIHF]XLI&YWMRIWW6IGSKRMXMSR%GGSVHWMX[MPP KIX [SVWI8SEGLMIZI XLI VIZSPYXMSR [IRIIH WYTTSVX GSSTIVEXMSRERHEPMKRQIRX FIX[IIRWSQISJXLI QSWX SYVEPPMERGIMWWXVSRKIRSYKLERH[IGERIRXIVRIKSXME XMSRW[MXLXLI''8LMWMW[L]{MRIWWIRGI{]SYEVILIVI
8,)946-7-2+
&033(=&97-2)77
*SV]SYTIVWSREPP]XSNSMRSYVVEROWERH]SYVGSVTSVEXMSR XSNSMRXLMWYRMSRJSVERI[JYXYVISJXLIGSVTSVEXIW]WXIQ ?4A % ZIV] VMWO] IRHIEZSV ;LEX WIGYVMXMIW HS [I ERSQIKESVHIVEKEMRWXYWSV]SY# ?4A:IV]XVYI)ZIRXYEPP][I[MPPRIIHXSXEOIXLIVMWO ERHGSQISYXSJXLIWLEHS[WXSSTTSWIXLI'SVTSVEXI 'SYVX%XXLEXTSMRXMX[MPPFIEPPSVRSXLMRK8LIMQTIVEXMZI MWXLEX[IOIITMXUYMIXYRXMPXLIRXSWXEGOXLIGEVHWMRSYV JEZSVERHVEPP]XLIWYTTSVX[IRIIH;MXLVIKEVHWXSXLI WIGYVMXMIW]SYEVIEWOMRKJSV{MX[MPPFIEQEXXIVLS[[IPP [I QEREKI XS QEMRXEMR WIGVIG] 3RP]E JI[ MRHMZMHYEPW MRXLIGSQTER]RIEVXLIXSTSJXLIJSSHGLEMR[MPPORS[ XLI[LSPIXVYXLERHXLI][MPPFIFEGOIHYTF]XLIMVQER EKIQIRX[LSXLIQWIPZIW[MPPLEZIRSHIITORS[PIHKI EFSYX [LEX MW I\EGXP] KSMRK SR JSV QE\MQYQ HIRMEFMPM X]8LIWIMRHMZMHYEPWMRIZIV]GSVTSVEXMSR[MPPQEOIWYVI XLEXVIWSYVGIWKIXHMZIVXIHXSSFJYWGEXIHEXEERHQSRI] XVEMPWZMEFPEGOSTWHMZMWMSRW[LIVIRSFSH]GSQIWEWOMRK UYIWXMSRW)PIQIRXWSJSYV[SVOWYGLEWWXVEXIKMGEWWIWW QIRXW WMQYPEXMSRW ERH MRXIPPMKIRGI EGUYMWMXMSR GER FI TVSZMHIHF]TVS\MIW[LSXLMROXLI][SVOSREGSQTER] TVSNIGX8LSWISJYWMRXLIORS[QIIXSREVIKYPEVFEWMW YRHIVJEPWITVIXI\XERH[IQIIXMRTIVWSRXSPMQMXHEXE
XLIRI\XKEXLIVMRK7LEHS[VIWSYVGIW[MPPFIEWWMKRIHXS QEMRXEMRTL]WMGEPXIGLRMGEPERHEWXVEPWIGYVMX]HYVMRKSYV QIIXMRKW (EXE [MPP FITSSPIHGLERKIH ERH WLEVIH F] EHLSGGSQTYXIVW]WXIQW[LMGLEVISRP]EGGIWWMFPIF] WTIGMEPQEVOWERHFMSQIXVMGPSGOIHGEFPIGSRRIGXMSREX XLIQIIXMRKWMXIERHHMWGSRRIGXIHJVSQXLI1EXVM\(EXE [MPP SRP] FI XVERWTSVXIH IRGV]TXIH [MXLMR XLI QIQSV] SJHEXENEGOWXLEX[MPPFIMQTPERXIHMR]SYWSIZIV]7]R HI\MSMLEWEGST];ILEZIEJI[EHHMXMSREPWYVTVMWIWMR WXSGOXSTVIZIRXXLISTIVEXMSRJVSQFIMRKNISTEVHM^IHF] ER]SRIJEPPMRKMRXSIRIQ]LERHW;I[MPPFVMIJ]SYSRXLI [LSPIVMWOQEREKIQIRXERHWXVEXIKMIWEXEPEXIVXMQI ?4A =SY QE] RSX WYVZMZI MX FYX MX [MPP IRWYVI XLEX RSXLMRKGERFIXVEGIHFEGOXS]SYVIQTPS]IVERHIZIRMJ XLIVIEVIWYWTMGMSRWRSIZMHIRGIVIQEMRW ?4A3YVTVIGEYXMSRWQE]FII\XVIQIFYXXLIVIMWE LMKLTVSFEFMPMX]XLEXMRJSVQEXMSR[MPPFITMGOIHYTF]ER] SJXLI&MK8IRvWGETEFPIMRXIPPMKIRGIHMZMWMSRWIZIRXYEPP] RSQEXXIVLS[YRSFXVYWMZI[I[MPPETTIEV;ILSTIXLEX XLI]EVIGYVVIRXP]XSSIRXERKPIH[MXLXLI&SWXSRWMXYEXMSR XSRSXMGIFYXXLIVIEVIRSKYEVERXIIW%WRSXEPPGSVTSVE XMSRW[MPPFI[MPPMRKXSNSMRSYVGEYWIWSQIQE]KSVYR RMRKXSXLI&MK8IRXSVEXYWSYX8LMWMW[L]TMGOMRKXLI XMEPXEVKIXWERHXLIMVS[RIVWFSEVHQIQFIVWERHTMXGL SYVTVSTSWEPXSXLIQ[MPPFIERMQTSVXERXXEWOFIJSVI[I GERI\XIRHXLISTIVEXMSRW7XMPPSYVFIWXGLERGIWVIQEMR ERHIZIV]SRIMWEFPIXSQEMRXEMRXLIWIGVIX ?4A %W ]SY GER MQEKMRI XLIWI WIGYVMX] QIEWYVI EVIGSWXP][LMGLMW[L][IVIUYIWXIHXLIRSRXVEGIEFPI
8,)946-7-2+
RMIWvGSQQMXQIRXXSNSMRXLIGEYWI ?4A-GER[MVIXLIQSRI]WIGYVIP]%WMRHMGEXIHFI JSVIF]Q]WYTIVMSVW[ILEZIRSPSZIJSVQSWXQIQFIVW SJ XLI'SVTSVEXI 'SYVX+MZIR[LEX -LEZILIEVH XSHE] - EQ EVI LETT] XS NSMR - LEZI E JI[ SXLIVW XLEX GSYPH WXVIRKXLIRXLIKVSYTvWYRHIVXEOMRK ?4A+VIEX -J ]SY EKVII [I WXST LIVI 8LI VYRRIVW [MPPIWGSVX]SYXSERIEVF]GPMRMG[LIVI[ILEZIQEHIXLI RIGIWWEV]TVITEVEXMSRWXSIUYMT]SY[MXLXLIRIGIWWEV] MQTPERXW ;I [MPP XLIR VIWYQI SYV GSRZIVWEXMSR XSQSV VS[YRHIVQSVIWIGYVIGSRHMXMSRWMREZMVXYEPHEXEVSSQ
'VE^] JVEKKIVW%TPSXEKEMRWX XLI'SVTSVEXI'SYVX8LI] QYWXLEZIEWIVMSYWHIEXL[MWL0SSRMIW &YPP 1ER] FMK%% GSVTSVEXMSRW LEZI FIIR WGVI[IH SZIV F] XLI QIKEW QYPXMTPI XMQIW PMOI >-' 1SRSFI 9RMZIVWEP 3QRMXIGL 1EIVWO -%=EOEWLMQE 7SR] NYWX XS REQI E JI[ 7XMPP - [SYPH LEZI RIZIV XLSYKLX XLEX XLI] [SYPH GSSTIVEXI XS GLEPPIRKI XLI '' 7]RHI\MSM MW KVIIO ERH QIERWwYRMXIHF]XLILERHWLEOIxEXIVQXLEX[EWYWIH F]1MXLVEMGGYPXWMRXLITEWXKSMRKFEGOXSXLIXVEHMXMSREP [E] SJ GSRGPYHMRK E XVIEX] SV WMKRMJ]MRK WSQI WSPIQR YRHIVWXERHMRKFIX[IIRX[STEVXMIW *MERGLIXXS
7LEHS[VYRRIVW# 3V LEW XLI '' EPVIEH] KSXXIR [MRH SJ XLMW# 8LSVR *VSQ[LEXQ]WSYVGIWXIPPQIXLI]ORS[XLEXWSQIXLMRK MWMRXLIFYWLIW1SWXSJXLIQXLMROMXLEWWSQIXLMRKXS HSSJERYQFIVSJGSVTSVEXMSRWQIVKMRKMRXSE%%%ERH VEPP]MRKWYTTSVXXLSYKL2SXLMRKSRXLMWPIZIPSJMRWERI %RH[MXL7/4VMQISGGYTMIHF]XLIMVS[RMRXIVREP[MXGL LYRX IZIR XLI HVEKSRvW WTMIW LEZI RSX TMGOIH XLMW YT *VSQ[LEX[IORS[EXPIEWX *MERGLIXXS
[MPPMRKXSWLYXHS[REQEVOIXTPEGI[LMGLXLI]JVIUYIRXP] YWIHXLIQWIPZIWXSEGUYMVIHMVXERHREWX]PMXXPIWIGVIXW# 7PEQQ -J ]SY QYWX ORS[ - LEZI KSSH GSRRIGXMSRW XS 7]RRIV (VEGOIRJIPXWERHXLIMVGVI[HMVIGXP]ERHZME&-'XSNSMRXLIMVVEROW [EWRIZIVKMZIREJYVXLIV GLERGI ERH KSX WXSRI[EPPIH F] QIKEGSVTSVEXI FY VIEYGVEG][LIRIZIVXLI]XVMIH7MRGIXLIv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w,SYWISJ'SQQSRWxERHKSXXLVIEXIRIHF]ER 3QIKE 3VHIVMXFIGEQI IZMHIRX XLEXEQSVIGPERHIW XMRIYRHIVXEOMRK[EWVIUYMVIH E RYQFIV SJ %% GSVTSVEXMSRW [IVI JSVQIH EW E GPER HIWXMRI KVSYT XS GSRWTMVI EKEMRWX XLI GYVVIRX TS[IVW XLEXFI ;LMPI RSX TPERRMRKE GSYTEKEMRWX XLI'SVTS VEXI 'SYVX TIV WI XLI] EVI TPERRMRK{MR E RYXWLIPP{XS XVERWJSVQSVVIZSPYXMSRM^IXLI WXVYGXYVI SJ EKSZIVRMRK FSH]GSRWMWXMRKSJWIPIGXIHJI[MRXSEGSYRGMPSJQER] XLIVIF]HMPYXMRKXLI8VMTPI%WI\XIRWMZITS[IVW8SXLMW IRHXLIGSRWTMVEXSVWEVIGYVVIRXP]PSFF]MRKJSVWYTTSVX LEZI NSMRIH XLI GSRWTMVEG] WS JEV XLSYKL XLIMV MHIRXM XMIW EVI WLVSYHIH MR WIGVIG] ERH XLI KVSYT GSRWMWXW 7]RHI\MSMEVIWIXXMRKYTQIIXMRKWEVSYRHXLIKPSFIXS I\GLERKIMRJSVQEXMSRERHHMWGYWWRI\XWXITWEW[IPPEW HIEP[MXLTSXIRXMEPRI[TVSWTIGXW7MRGIXLI'SVTSVEXI 'SYVX[SYPHGIVXEMRP]VIXEPMEXIEKEMRWXXLIMRZSPZIHGSV
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
1%6-2%&%=36',-( MRXIKVEXIHLSXIPVIWSVXJVSRXMRK1EVMRE&E]ERHMWGYV VIRXP]VYRF]E7MRKETSVI-RGWYFWMHMEV]XLEXGSQTPIXI P]QSHIVRM^IHERHSZIVLEYPIHXLILSXIPvWI\XIVMSVERH MRXIVMSV EJXIV 'VEWL [MXL XLI LIPT SJ 4VSQIXLIYW )RKMRIIVMRK ;LMPI WXMPP LEZMRK XLI SPHFYX YRMUYI ET F] XLI 3VGLMH7O]4EVO [LMGL RI\XXS E FIEYXMJYP VEMR KSSR SJJIVW HIKVII ZMI[W SJ 7MRKETSVIvW WO]PMRI X[SLYRHVIHQIXIVWEFSZIXLIGMX]WXEXI XLILSXIPvW FEWIPIZIPFYMPHMRKWERHYRHIVKVSYRHPIZIPW[IVIIZIR
8,)946-7-2+
&033(=&97-2)77
JYVXLIVI\TERHIH;LMPISTIRXSXLITYFPMGXLI3VGLMH MWOMRHSJEQMRMEVGSPSK]EPSRK[MXLQSVIXLERXLVII XLSYWERHPY\YV]VSSQWERHWYMXIWLSXIPEQIRMXMIWERH GSRZIRXMSRERHI\LMFMXMSRJEGMPMXMIWMWLSQIXSRMKLX GPYFWERYRHIVKVSYRHWLSTTMRKQEPPEGEWMRS EQY WIYQERHERYQFIVSJLMKLGPEWWVIWXEYVERXW
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wWGMIRGI GSVTx WYGL EW +IRIWMW 'SRWSV XMYQ >-' 9RMZIVWEP 3QRMXIGL 4LSIRM\ &MSXIGLRSPS KMIW8ER8MIRSV4VSXIYWA 1YR,II /EMFYGLM'LSM 1EPI )XLRMG %WMER QM\ SJ /SVIER 'LMRIWI ERH .ETERIWI 'EPQ WSQIXMQIW VIGPYWMZI MR TIVWSREP MRXIVEGXMSRW HSIW RSX XEPO QYGL KIRIVEPP] SRP] VIWTSRHMRK [LIR EWOIH :IV] XIGL ERH GSQTYXIVSVMIRXIHXIGLXEPOGERFVIEOXLIMGI?&IPSRKW XSER%WMERGSVTSVEXMSRTVSFEFP][MXLEWXVSRKXIGLGYP
XYVIWYGLEW6IRVEOY1'81SRSFI)EWXIVR8MKIV'SV TSVEXMSR7LMR7MEQ7SR];Y\MRKA
&%6-7%2/32+71EPE]JSVw'SVTSVEXI*VSRXxFEVMWEROSRKWMMWEPSGEPVEH IVERXMGSVTSVEXI KVSYTWWYGLEW %XXEGOERH1EPE]WMER RISGSQQYRMWXTSPMGPYFWXLEXWYTTSVXXLIKVSYTvWEKIR HE[MXLJYRHMRKERH[IETSRW7MRGIMXWVMWIMRXLIv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
&%6-7%2/32+7- (-6)'8%'8-32%'8-:-78 463*)77-32%06%8-2+ &
%
6
7
;
0
-
'
)77
-RMXMEXMZI 'SRHMXMSR1SRMXSV
(
0MQMXW %VQSV 7OMPPW
4L]WMGEP1IRXEP7SGMEP %YXSQEXMGW'SQTYXIV(IQSPMXMSRW4MPSX +VSYRHGVEJX4IVGITXMSR4MWXSPW9REVQIH 'SQFEX
+IEV
%VQSVIHZIWXGSQQPMRO (IZMGI6EXMRK WTEVIEQQSGPMT
;IETSRW
&VS[RMRK9PXVE4S[IV?,IEZ]4MWXSP%GG (:4%4z7%6'{ G A 9^M?7YFQEGLMRI+YR%GG (:4%4{ &*6' G A
*SYV SJ XLI EGXMZMWXW LEZI MQTVSZIH I\TPSWMZI HI ZMGIW ?4 J %4 &PEWX z TIV QIXIVA WXVETTIH XS XLIMVGLIWXWXLEXXLI]QIERXSI\TPSHI[LIRVIEGLMRKE KVSYTSJI\IGYXMZIWSVEGSRJIVIRGIVSSQ
&%6-7%2/32+7-,%'8-:-78 463*)77-32%06%8-2+ &
%
6
7
;
0
-
'
)77
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW
( 1EXVM\( 4L]WMGEP1IRXEP7SGMEP
%VQSV 7OMPPW
%YXSQEXMGW']FIVGSQFEX)PIGXVSRMGW WOMPPKVSYT)PIGXVSRMG;EVJEVI,EGOMRK 4IVGITXMSR (EXENEGO
%YKQIRXEXMSR
8,)946-7-2+
']FIVHIGO
2SZEXIGL2EZMKEXSV?6EXMRK%XXEGO*MVI[EPP 4VSGIWWMRK7PIE^I A
0SEHIH4VSKVEQW
(IQSPMXMSR)\TPSMX7XIEPXL
+IEV
%VQSVIHZIWXGSQQPMRO (IZMGI6EXMRKLSX
;IETSRW
9^M?%GG (:4%4{&*6' G A
&033(=&97-2)77
8,)34437-8-32 (,%0%2+ 8LIQ]WXIVMSYW TVSFEFP]-RHSRIWMER QEKMGMERORS[R EW(LEPERKRIZIVIRKEKIWEGXMZIP]MREQMWWMSRFYXVI QEMRW MR XLI FEGOKVSYRH [SVOMRK XLVSYKL WTMVMXW ERH PSGEPTVS\MIW2EQMRKLMQWIPJEJXIVXLIVSPISJXLILIEH TYTTIXIIVMRXLI-RHSRIWMER;E]ERKXLIEXIVLIMWMR HIIH E QEWXIV SJ [E]ERK OYPMX WLEHS[ TYTTIX *SP PS[MRKEVEVI4SWWIWWMSRXVEHMXMSRSJ7SYXLIEWX%WMELI MWEFPIXSGSRNYVIERHFMRHWTMVMXWSJ[EXIVFIEWXTPERX KYEVHMERERHEMV,IMWERI\TIVXVMXYEPWTIPPGEWXIVEP GLIQMWXERHGSRNYVIVFYXHYIXSXLIWLSVXRSXMGISJLMW MRZSPZIQIRXLI[MPPRSXFIEFPIXSYWIEPPSJLMWWOMPPWXS XLIMVJYPPTSXIRXMEP -RFYWMRIWWJSVQSVIXLERXLVIIHIGEHIWLIGEVIJYPP] HIEPW[MXLFSXLLMWIQTPS]IVWERHTVS\MIW[LSEVISRP] 1%0),91%2 & % 6
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
-RMXMEXI+VEHI 1IXEQEKMG 7TIPPW
5YEPMXMIW +IEV
;IETSRW
7
;
0
-
'
)(+ )77
1
( 4L]WMGEP1IRXEP7SGMEP %WXVEP'SQFEX'SRNYVMRKWOMPPKVSYT )RGLERXMRKWOMPPKVSYT-RXMQMHEXMSR 4IVGITXMSR4MWXSPW7SVGIV]WOMPPKVSYT 7RIEOMRK 'IRXIVMRK*PI\MFPI7MKREXYVI1EWOMRK 5YMGOIRMRK 'LESXMG;SVPH'SRXVSP8LSYKLXW(IXIGX )RIQMIW )\XIRHIH (IXIGX0MJI )\XIRHIH 0MKLXRMRK&SPX1EREFSPX1EREFEPP7MPIRGI 7XYRFSPX 'SQFEX4EVEP]WMW*SGYWIH'SRGIRXVEXMSR %VQSVIHZIWXGSRXEGXW?'ETEGMX][MQEKI PMROZMWMSRIRLERGIQIRXANEHIGLEVQW ?WYQQSRMRKJSGM EMVFIEWXKYEVHMERTPERX [EXIV EPP*SVGI =EQELE4YPWEV?8EWIV%GG(:7 I %4z7% 6'{ Q
^MVMRXSEHIEHP]STIVEXMZIERHGSVTSVEXIOMPPIV7MRGIE GSYTPISJ]IEVW^IRS[[SVOWJVIIPERGIEKEMR[SVOMRK QSWXP]JSVQIKEGSVTSVEXMSRWKSZIVRQIRXMRXIPPMKIRGI HIZMWMSRWERHSVKERM^IHGVMQIW]RHMGEXIWXLEXEFPIXS TVSZMHI^MV[MXL GLEPPIRKMRKEWWMKRQIRXWERH GERTE] ^MV TVMGI :IPXLEvW WMKREXYVI MW E 6*-(IQFIHHIH GEVH HMWTPE]MRKEGPSYHSJ0EXMR[SVHW[LMGLGERFIWLETIH MR XLI WIRXIRGI w-R RSZE JIVX ERMQYW QYXEXEW HMGIVI JSVQEWx w-MRXIRHXSWTIEOSJJSVQWGLERKIHMRXSRI[ IRXMXMIWx EVIJIVIRGIXS3ZMHvW1IXEQSVTLSWIW ;LIRIRGSYRXIVIHYRGLERKIH:IPXLEETTIEVWEWER EZIVEKILIMKLXERHVSK]RSYW0EXMR%QIVMGER[MXLWLSVX FPEGO WXVEMKLX LEMV [LS MW KIRIXMGEPP] JIQEPI -J YRGSZ IVIH:IPXLE[MPPXV]XSIWGETISVLMHIXSGLERKI^MVET TIEVERGIVEXLIVXLERIRKEKIMRTL]WMGEPGSQFEX %2(63+=2397,91%2 & % 6 7 ;
0
-
'
-RMXMEXI+VEHI 1IXEQEKMG
4S[IVW
5YEPMXMIW +IEV
;IETSRW
:)08,% :IPXLE MW E TVSJIWWMSREP JVIIPERGI HSTTIPKERKIV E K]RI VEMWIH SR XLI WXVIIXW SJ 'EVEGEW ^MV %[EOIRMRK TVIZIRXIH^MVJVSQEJEXISJFIGSQMRKEQYÕIGE EGYW XSQWLETIH FMSWLETIH HSPP TVSWXMXYXI JSV XLI 'EVXIPW ERHKEZI:IPXLEETYVTSWIERHI\MXWXVEXIK]SYXSJXLI
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
)(+ )77
1
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{7%6'{ G :IPXLEYWIW(IQEVEERHE VIGSVHMRKWXSVIHSRLIVGSQQPMROXSEWWIQFPI XLI4Y^^PIV[MXLE%VQSV7OMPPSJA %VIW0MKLX*MVI?0MKLX*MVI%GG (:4%4 {7%6'{ G A
WLEHS[WSJ0EXMR%QIVMGE2IZIVQYGLSJEXIEQTPE] IV ^I NSMRIH XLI VEROW SJ STIRQMRHIH )ZS E GSYTPI SJ]IEVWPEXIV[LSWI FPEGO STIVEXMSRW HMZMWMSR XVEMRIH
8,)946-7-2+
& 03 3( =& 97 -2 )77
1%(2)77 4378)(&=d74-32
&63/)6%+)
463*)77-32%06%8-2+
4-0%6'%66-003 %/%137%-' 4MPEV MW SRI SJ XLI QSWXWOMPPIH FYX PIEWXORS[R JSVK IVW SJ )YVSTI WSQI GSRWMHIV LIV XS FI E XVYI EVXMWX &SVREWEWXVIIXOMHMRXLIWXVIIXWSJ8SPIHSWLIWTIRX LIV IEVP] HE]W EW E TMGOTSGOIX FIJSVI QSZMRK YT XLI GVMQMREPJSSHGLEMREWEGSREVXMWXERHJSVKIVMR1EHVMH (YI XS LIV [MXW OREGO JSV XIGLRSPSK] ERH LIV XEPIRX JSVEVXERHMQTVSZMWEXMSR XLEROWXSLIVEHITXTS[IVW WLI KSX XLI EXXIRXMSR SJ E *VIRGL JSVKIV MR XLI 1MPMIY [LSXEYKLX LIV XLIEVX SJJSVKMRK ERXMUYIWERH [SVOW EHZERGIH F] GSQFMRMRK XVEHMXMSREP XIGLRMUYIW [MXL QSHIVRQEXIVMEPWGMIRGI%JXIVXVEZIPMRKJSVQSVIXLER IRXEVXWERHQEOMRKLIVWIPJEREQIEWEJSVKIV GEPPIH 1SWEMG [LMPI [SVOMRK XSKIXLIV [MXL EVX XLMIZIW SV WLEHS[VYRRIVW XS LMX HMJJIVIRX QYWIYQW ERH TVMZEXI GSPPIGXSVW WLI FIGEQI IRXERKPIH [MXL XLI :ÅWUYI^ W]RHMGEXI HYVMRK SRI QMWWMSR MR &EVGIPSRE ;LMPI XLI W]RHMGEXI HMH RSX KMZI LIV QYGL GLSMGI MR XLI FIKMR RMRKEJXIVWLIXVMIHXSWGVI[XLIQWLILEWGSQIXSIR NS]XLI%WSGMEG×RvWZEWXVIWSYVGIW[LMGLEPPS[IHLIV XSZIRXYVIMRXSRI[EVIEWERHHIZIPSTRI[XIGLRSPS KMIW 7MRGI 1EVME :ÅWUYI^ LEW FIIR XEOMRK SZIV JVSQ LIVJEXLIV1SWEMGLEWFIGSQIIZIRQSVIMRZSPZIHMR XLIEVXFPEGOQEVOIXHIEPMRKWSJXLIW]RHMGEXI *)1%0)(;%6* & % 6
7
;
0
-
'
)(+ )77
1
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
( 4L]WMGEP1IRXEP7SGMEP %XLPIXMGWWOMPPKVSYT%VXMWER %WWIRWMRK %YVE 'SR'LIQMWXV])XMUYIXXI 9RHIV[SVPH *SVKIV] 2IKSXMEXMSR 4EPQMRK 4IVGITXMSR 4MWXSPW 8EWIV 7RIEOMRK 9VFER /RS[PIHKI7OMPPW %VX%VX&PEGO1EVOIX%WSGMEG×R:EWUYI^ 'YXXMRK)HKI8IGLRSPSK]*SVKIV]8IGLRMUYIW 1EXIVMEP7GMIRGIW4EMRXMRK7GYPTXMRK 0ERKYEKIW 'EXEPER)RKPMWL.ETERIWI1ERHEVMR 7TERMWL2 -RMXMEXI+VEHI 1IXEQEKMG 'IRXIVMRK 4S[IVW %WXVEP4IVGITXMSR?A(ERKIV7IRWI?A (IQEVE?A)MHIXMG7IRWI1IQSV]?A )RLERGIH4IVGITXMSR?A-QTVSZIH%FMPMX] *SVKIV] ?A-QTVSZIH%FMPMX] %VXMWER ?A-QTVSZIH7IRWIW 8EGXMPI,YQER7GEPI ?A2MQFPI*MRKIVW?A8LVIIHMQIRWMSREP QIQSV]?A;EPP6YRRMRK?A
&
%
6
7
;
0
-
'
)(+
)77
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
%YKQIRXEXMSRW +IEV
;IETSRW
( 4L]WMGEP 1IRXEP7SGMEP %XLPIXMGWWOMPPKVSYT%YXSQEXMGW 7YFQEGLMRI+YRW )XMUYIXXI 9RHIV[SVPH 4IVGITXMSR9REVQIH 'SQFEX 7TYV ']FIVWTYV VIXVEGXEFPI QYWGPIVITPEGIQIRX TPEWXMGFSRIPEGMRKVIEGXMSRIRLERGIVW %6KPSZIWEVQSVZIWXGSQQPMRO (IZMGI 6EXMRK GSRXEGXWSVWLEHIW?6EXMRK[ MQEKIPMROA 7TYV?4L]WMGEP6IEGL{(:4%4zA /VMQI7TVII?7YFQEGLMRI+YR%GG(:4 %4{*%6' G A
:%759)>7=2(-'%8)1)-+3 463*)77-32%06%8-2+ 1%0)36/ & %
6
7
;
0
-
'
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 5YEPMXMIW 7OMPPW
)(+ )77
1
( 4L]WMGEP1IRXEP7SGMEP 1EKMGMER1IRXSV7TMVMX 8LYRHIVFMVH %WWIRWMRK %WXVEP7MKREXYVIW &PEHIW 'SRNYVMRK 7TMVMXWSJ%MV )XMUYIXXI 'VMQI -RXMQMHEXMSR 4L]WMGEP 4IVGITXMSR 7TIPPGEWXMRK8LVS[MRK;IETSRW9REVQIH 'SQFEX %8LYRHIVFMVHQEKMGMERQYWXWYGGIIHMRE'LEVMWQE ;MPPTS[IV 8IWXXSEZSMHVIWTSRHMRKXSERMRWYPXMROMRH
7TIPPW +IEV ;IETSRW
(IXIGX)RIQMIW(SYFPI-QEKI)PIGXVMGMX]%YVE -RGVIEWI7XVIRKXL'LEMR0MKLXMRK %6KPSZIWEVQSVZIWXGSQQPMRO (IZMGI6EXMRK GSRXEGXW?6EXMRK[MQEKIPMROA 9VFER8VMFI8SQELE[O?%GG4L]WMGEP6IEGL {(:4%4zA /VMQI7TVII?7YFQEGLMRI+YR%GG(:4 %4{*%6' G A
%HITXTS[IVGSWXVIHYGIHF]%VXMWERvW;E]UYEPMX]
5YEPMXMIW +IEV
%HITX%VXMWERvW;E] )PIGXVSGLVSQMGSVJIIHFEGOGPSXLMRKJEOI-( 6EXMRK GSQQPMRO (IZMGI6EXMRK %6 KPSZIWVSWEV] UMJSGYW6EXMRK-VSR;MPP
796:-:%0-278-2'8
&033(=&97-2)77
)963430
)9634301%+)
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
463*)77-32%06%8-2+
)963430%+)28
%
6
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
7
;
0
-
'
)(+
)77
%YKQIRXEXMSRW MQEKIPMROPS[PMKLXZMWMSRWQEVXPMRO XLIVQSKVETLMGZMWMSRZMWMSRIRLERGIQIRX QYWGPIXSRIVSPJEGXSV]FSSWXIVW]RETXMG FSSWXIVXEWXIFSSWXIV %VQSVZIWX YRTVITEVIH SVPMKLXWIGYVMX] EVQSV TVITEVIH GSQQPMRO (6 IEVFYHW ?'ETEGMX][EYHMSIRLERGIQIRXA KVIREHIGEQ?XLIVQSKVETLMGATEMRXKVIREHI TRIYQEXMGVEQ TIVXIEQ KEWKVIREHIW
;IETSRW
QMGVSTLSRI%6KPSZIWIGYVMX]WIRWSVERH WXIEPXLXEKWEWETTVSTVMEXI 7XYRFEXSR?'PYF%GG6IEGL(:7I%4zA 'SPX+SZIVRQIRX?,IEZ]4MWXSP%GG(:4 %4z7%6'{ G [WQEVXKYRW]WXIQA ,/?7YFQEGLMRI+YR%GG (:4 %4{7%&**%6' G [WQEVXKYR W]WXIQA (:777 G XEVKIXLMXWYJJIVWJVSQ HMWSVMIRXEXMSRERHREYWIEVIWMWXIH[MXL ;MPPTS[IVRS%VQSVJSPPS[WWLSXKYRVYPIWXS HIXIVQMRIWTVIEHA{TIVXIEQ
796:-:%0-278-2'8
6
7
;
0
-
'
-RMXMEXMZI 'SRHMXMSR1SRMXSV 0MQMXW %VQSV 7OMPPW
)(+ )77
1
( 4L]WMGEP1IRXEP7SGMEP SV %WWIRWMRK%WXVEP'SQFEX%XLPIXMGWWOMPP KVSYT'SQTYXIV'SRNYVMRKWOMPPKVSYT 'SYRXIVWTIPPMRK)XMUYIXXI 9RHIV[SVPH 0IEHIVWLMT4IVGITXMSR 7IEVGLMRK 4MWXSPW7TIPPGEWXMRK9REVQIH'SQFEX &PSGO 1EKMGMER (IQSPMWL;IETSRW(IXIGX-RHMZMHYEP,YWL 1EKIFSPX4L]WMGEP&EVVMIV6IGSVHIH6SSQ 7XEFMPM^I7XYRFEPP %6KPSZIEVQSVZIWX YRTVITEVIH SVPMKLX WIGYVMX]EVQSV TVITEVIH GSQQPMRO (IZMGI 6EXMRK IEVFYHW?'ETEGMX][EYHMS IRLERGIQIRXAKVIREHIGEQ?XLIVQSKVETLMGA TEMRXKVIREHITRIYQEXMGVEQ TIVXIEQ
+IEV
( 4L]WMGEP 1IRXEP7SGMEP SV %XLPIXMGWWOMPPKVSYT%YXSQEXMGWSV)\SXMG 'SQTYXIV 1EXVM\7IEVGL )XMUYIXXI 0E[)RJSVGIQIRXSV9RHIV[SVPH *MVWX%MH -RXMQMHEXMSR -RXIVVSKEXMSR 2IKSXMEXMSR 4IVGITXMSR 7IEVGLMRK 4MPSX+VSYRH 'VEJX ;LIIPIH 4MWXSPW9REVQIH 'SQFEX
+IEV
5YEPMXMIW 7TIPPW
463*)77-32%06%8-2+ &
1%0))0* & %
TEO7YWXEMRMRKJSGYW ,IEPXL WYFZSGEP QMGVSTLSRIWIGYVMX]WIRWSVERHWXIEPXLXEKWEW ETTVSTVMEXI 'SPX+SZIVRQIRX?,IEZ]4MWXSP%GG(:4 %4z7%6'{ G [WQEVXKYRW]WXIQA
;IETSRW
&1;-2*-2-8=
View more...
Comments