Great Hands for Lifetime

May 4, 2017 | Author: Johnathan Greene Jr. | Category: N/A

Share Embed Donate

Report this link

Short Description

Descripción: great drum warm ups...

Description

!"##$%&'"()*%

&'%("%)(*+,%,"-%.

+&,("#$% !"#$%&'()*$+"*-#.%"#$%/0('$12,

UDGLGGOHVGUDJVWULSOHWUROOVÁDPVUDWDPDFXHVVWUHWFK 341*+/ '455,/ ,#*65%,/ 7/ +4135%,/ '1..,/ 2('(+#++5%,/ DJVWULSOHWUROOVÁDPVUDWDPDFXHVVWUHWFKUHERXQG 5,/,#*65%,/7/+4135%,/'1..,/2('(+#++5%,/+'(6,/"'#25%"/ OV ÁDPV UDWDPDFXHV VWUHWFK UHERXQG UROOV VLQJOHV GRXEOHV UXIIV SDUDGLGGOHV GUDJV WULSOHW UROOV ÁDPV DPDFXHV VWUHWFK UHERXQG UROOV VLQJOHV GRXEOHV SDUDGLGGOHV GUDJV WULSOHW UROOV ÁDPV UDWDPDFXHV HWFKUHERXQGUROOVVLQJOHVGRXEOHVUXIIVSDUDGLGGOHV DJVWULSOHWUROOVÁDPVUDWDPDFXHVVWUHWFKUHERXQG 5,/,#*65%,/7/+4135%,/'1..,/2('(+#++5%,/+'(6,/"'#25%"/ OV ÁDPV UDWDPDFXHV VWUHWFK UHERXQG UROOV VLQJOHV GRXEOHV UXIIV SDUDGLGGOHV GUDJV WULSOHW UROOV ÁDPV DPDFXHV VWUHWFK UHERXQG UROOV VLQJOHV GRXEOHV IVSDUDGLGGOHVGUDJVWULSOHWUROOVÁDPVUDWDPDFXHV UDGLGGOHV GUDJV WULSOHW UROOV ÁDPV UDWDPDFXHV !

/0123%42567%890%2%:;813;'%!?(!"#$%&#'%!()*'+,@ % A$%3"##$%;'"( % 6(*&'>%.>B%:.$"=!%C$%D"%4.$ % 1B&!(B%C$%D"(%A(-'.#&>& % 1>'-.E&>'%C$%D.FG%*.'(% 6H6%I-"B=F(B%C$%I.=+%7&('(+%.>B%0"C%J.++&* %

K%4=B*">%!-"B=F!&">%% % % % 3?(%-*../%!011%2&#)31@%2PP-".F?% %1S(-F&*(%,"-%!*% % % % % % %

:;?;-;=@/A:/BCD;?=EF@ 0=B&#(>!*^%1SP+.&>(B%

%

%

%

BC::/:>?;-G/H@#*65%/@"'4I%,J Z_7!-"G(%0=,,%.>B%R"#C&>.!&">%%

%

BA--/:>?;-G/HD4135%/@"'4I%,J 6"=C+(%7!-"G(*%1SP+.&>(B% % 6"=C+(_7!-"G(%&F*%1S(-F&*(% O_7!-"G(%0"++%% % % % T_7!-"G(%0"++%% % % % V_7!-"G(%0"++%% % % % NM_7!-"G(%0"++% % % % NN_*!-"G(%0"++% % % % Q_*!-"G(%0"++%% % % %

% % % % % % % %

K>B>D;DD-=/:>?;-G/HL4$3#*("#4*/4./@#*65%,/(*+/D4135%,J 7&>'+(%I.-.B&BB+(%aW&!?%R?(FG%I.!!(->b% % % 6"=C+(%I.-.B&BB+(% % % % % % 3-&P+(%I.-.B&BB+(% % % % % % % I.-.B&BB+(%R"#C&>.!&">*% % % % % I.-.B&BB+(%H.-&.!&">*% % % % % % I.-.B&BB+(_6&BB+(%aR?(FG%I.!!(->%.>B%R"#C&>.!&">b% 9

% % % % % %

% % % % % %

% % % % % %

ZL ZZ Z[ Z[ ZO ZQ

DB>&/:>?;-G/7ZR*UDFH1RWHV)ROORZHGE\2QH3ULPDU\1RWH 6-.'*%% % % % 7&>'+(%6-.'% % % % 6"=C+(%6-.'% % % 7&>'+(%0.!.#.F=(%% % 6"=C+(%0.!.#.F=(% % 3-&P+(%0.!.#.F=(% % % 0.!.#.F=(%R"#C&>.!&">%

% % % % % % %

% % % % % % %

% % % % % % %

% % % % % % %

% % % % % % %

% % % % % % %

% % % % % % %

ZT Z` ZV ZV [M [M [M

:->?/:>?;-G2QH*UDFH1RWH)ROORZHGE\2QH3ULPDU\1RWH 8+.#*%% % % % % 2+!(->.!&>'%8+.#*% % % % 7&>'+(%8+.#%I.-.B&BB+(% % % 6"=C+(%8+.#%I.-.B&BB+(%% % 3-&P+(%8+.#%I.-.B&BB+(% % % 8+.#%I.-.B&BB+(%R"#C&>.!&">% % 8+.#.F=(% % % % % 8+.#%3.P*% % % % % 8+.#%2FF(>!% % % % 8+.#%6-.'*% % % % % 7W&**%3-&P+(!*%% % % % 8+.#%R"#C&>.!&">%% % %

% % % % % % % % % % % %

% % % % % % % % % % % %

% % % % % % % % % % % %

% % % % % % % % % % % %

% % % % % % % % % % % %

% % % % % % % % % % % %

[N [L [L [L [L [Z [Z [[ [[ [O [O [Q

%

%

%

%

%

%

[T

-+"*.'/"$'0"*1#&0%2N 3?(%:&,(!&#(%J.-#=P%R">F(P!%%

=O"'(/.'/"$'0"*1#&0%2N/=5%$%*", 7&>'+(*%.>B%6"=C+(*% % % % Z_7!-"G(%0=,,%R"#C&>.!&">% % % 3-&P+(!%0"++*% % % % % % I.-.B&BB+(%R"#C&>.!&">^%9>(%2FF(>!% I.-.B&BB+(%R"#C&>.!&">^%5"%2FF(>!*%

% % % % %

% % % % %

% % % % %

% % % % %

% % % % %

[` [` [` [V [V

([WUD([HUFLVHV 3-=!?%7(-=#%1S(-F&*(% % 3-&P+(%7!-"G(*%aA"=>F(b% %

% %

% %

% %

% %

% %

% %

% %

[V OM

6-=#*(!%2PP+&F.!&">% 5"W%J?.!\%% % J?(-(%;!%2++%A('.>%% ;>F+=B(B%G*% % %

% % % % %

% % % % %

% % % % %

% % % % %

% % % % %

% % % % %

% % % % %

OM OZ OO OQ OT

% % % % %

M

,QWURGXFWLRQ 3?&*%(A""G%&*%!?(%4.',)2#.2%!"%!?(%-*%)&!5)261!$.*!)!"#$%&#'%'9',QVLGH\RX·OOÀQG *"#(% B(!.&+(B% B&*F=**&">*% .C"=!% !?(% #.!(-&.+% P-(*(>!(B% ">% !?(% 6H6% .>B% *"#(% >(W% H[HUFLVHVDQGFRQFHSWVB%*!-=F!=-(%.>B%(E(>%.%,(W%.BB&!&">.+%(S(-F&*(*%!?.!%W(-(>)!%&>F+=B(B% ">% !?(% 6H6c% 4"W(E(-U% !?&*% -(.++$% &*% .% XF"#P.>&">Y% !(S!% .>B% &*% >"!% B(*&'>(B% "-% W-&!!(>% !"%*!.>B%">%&!*%"W>%aW&!?"=!%!?(%6H6bc%3?(%6H6%&*%'"&>'%!"%*?"W%$"=%?"W%.>B%W?$%!"% (S(F=!(%F(-!.&>%B-=##&>'%#"!&">*%.!%!?(%P-"P(-%!&#(U%*"%!?(-(%&*%>"%>((B%!"%C"-(%$"=% W&!?% -(P(.!&>'% #$*(+,% ?(-(c% 0.!?(-U% !?&*% !(S!% W&++% C(% .>% .BB&!&">.+% E&*=.+% *!&#=+=*% ,"-% !?(% *!=B(>!%!"%?(+P%-(&>,"-F(%*"#(%",%!?(%#"*!%&#P"-!.>!%F">F(P!*%P-(*(>!(B%">%!?(%6H6c ;)#%.+*"%'"&>'%!"%=*(%!?(*(%P.'(*%!"%'&E(%$"=%*"#(%#"-(%&>*&'?!,=+%!?"='?!*%">%!?&>'*% !?.!%F.>%",!(>%'"%W-">'%W?(>%P-.F!&F&>'%!?(*(%F">F(P!*c%3?(%!?&>'*%!?.!U%&,%$"=%.-(>)!% F.-(,=+U%W&++%.F!=.++$%*+"W%$"=-%?.>B*%B"W>%&>*!(.B%",%P(-G%!?(#%=Pc%3?(*(%.-(%P"!(>!&.+% X!(F?>&F.+%!-.P*Y%;)E(%?(+P(B%*!=B(>!*%.E"&BU%*"%'&E(%!?(#%.%-(.B%!"%.E"&B%,.++&>'%&>!"% !?(#%$"=-*(+,c 3?-"='?"=!%!?(%6H6%$"=%?(.-%#(%*.$%!&#(%.>B%!&#(%.'.&>U%X1.*$dY%J(++U%W?.!%&,%&!)*% >"!%*"%(.*$%,"-%$"=\%8&-*!%!?&>'^%6">)!%P.>&Fc%2!%*"#(%P"&>!U%$"=%W&++%'(!%*!=FGe%&!%?.PP(>*% WR HYHU\RQH 6D\ IRU LQVWDQFH \RX MXVW FDQ·W JHW D ERXQF\ IHHOLQJ LQ \RXU UHERXQG *!-"G(*%.>B%$"=%F.>)!%E&*=.+&](%.%,=+F-=#c%f"=%F.>%B"%">(%",%!W"%!?&>'*^ !

%

CD *ED *

3"$*/&%4$&#$"56*)'7"*%2*8(*$+'4*("9*$":+(';%"6*#(5*7"*#?9#=4*58(" %"@$#=*:#?06*40#&$6*#(5*&"#?'A"*$+#$*'$*9'??*:80"*'/*=8%*4$#=*/8:%4"56*#9#&"6* 2#$'"($6*#(5*#::"2$'()*8/*$+"*4'02?"*$&%$+*$+#$*(8$+'()*)885*'(*?'/"*:80"4*"#4'?=B

,I\RX·YHEHHQSOD\LQJZLWKSRRUWHFKQLTXHIRU\HDUV\RXPD\EHOLHYHLW·VYHU\GLIÀFXOW !"%F?.>'(%$"=-%.PP-".F?c%2>B%$"=)-(%-&'?!c%f"=%P-"C.C+$%!?"='?!%;%W.*%'"&>'%!"%!(++% $"=% &!% W.*% (.*$U% -&'?!\% 5"P(c% ;!)*% (.*&(-% ,"-% C-.>B_>(W% *!=B(>!*% !"% &>F"-P"-.!(% .++% !?&*% !(F?>&F.+%#.!(-&.+U%*&>F(%!?($%?.E(>)!%?.B%!?(%F?.>F(%!"%B(E(+"P%P""-%"-%=>?(.+!?$% ?.C&!*c%A=!%*"%W?.!\%3?(-()*%.C*"+=!(+$%>"!?&>'%?(-(%!?.!%.>$">(g%(E(>%&,%$"=)E(%C((>% P+.$&>'%P""-+$%,"-%B(F.B(*gF.>)!%&>F"-P"-.!(%&>!"%!?(&-%B-=##&>'%W&!?%F.+#U%,"F=*(BU% .>B%P.!&(>!%P-.F!&F(c% 9>F(%.'.&>U%W&!?"=!%!?(%6H6%!"%'=&B(%!?(%*!=B(>!%&>%P-"P(-%(S(F=!&">U%!?&*%&*%.++%(#P!$% &>,"-#.!&">c%7"%P+(.*(U%=*(%!?&*%(A""G%W&!?%F.-(U%.>B%B(,(-%!"%!?(%6H6%,"-%(S.#P+(*%",% KRZWRSOD\VSHFLÀFH[HUFLVHV$QGSOHDVHDV,VD\LQHDFKRIWKH-*../%!011%2&#)31@% ERRNV´7DNH\RXUWLPHDQGHQMR\WKHMRXUQH\µ P

7KH3&887"*F44"($'#?4 /$SSURDFK N

;%#(>!&">(B%&>%!?(%C('&>>&>'%#">"+"'=(%!?.!%W()++%C(%.PP+$&>'%!?(%X-*../%!011%2&#)31! .PP-".F?% !"% !(F?>&h=(cY% J?.!% !?(% ?(FG% B"(*% !?.!% #(.>\% J(++U% &,% $"=% .-(% =>,.#&+&.-% W&!?%-0U%&!)*%!?(%B-=#*(!%*(-&(*%;%F-(.!(B%,"-%H&F%8&-!?%.>B%4=B*">%F(P!*% .>B% +"'&F.++$%F.!('"-&](*%!?(%P&(F(*%&>!"%(.*&+$%B&'(*!&C+(%X,.#&+&(*cY%8"-%(S.#P+(U%&>%-0U%W(% !""G%!?(%(>!&-(%=>&E(-*(%",%'-""E(*%.>B%C-"G(%!?(#%&>!"%*&S%,.#&+&(*^

G8:H*3&887"4 !%(H*3&887"4 GIEJK'2LK82*3&887"4 M#AA*3&887"4 18&?5J@2":'#?$=*3&887"4 N55LO"$"&*3&887"4 9>F(% $"=% =>B(-*!.>B% !?(*(% ,.#&+&(*U% &!)*% #=F?% (.*&(-% !"% C-(.G% (.F?% ,.#&+$% &>!"% *#.++(-% '-"=P*% !"% P-.F!&F(% .>B% #.*!(-c% 8"-% (S.#P+(U% !?(% X0"FGY% ,.#&+$% F">*&*!(B% ",% !?-((%*=C'-"=P*%&>%-0!789^

F')+$+LP8$"*3&887"4 @'Q$""($+LP8$"*3&887"4 K#?/L-'0"*3&887"4

;>%-0!:89U%W(%W(-(%.C+(%!"%C-(.G%!?"*(%'-""E(*%&>!"%(E(>%#"-(%.BE.>F(B%*=C'-"=P*^

3+84$"5*3&887"4 G8:H*E#??#54 1#?$A"4 K=R&'54 STJU*3&887"4 5RFN6KXIÁHV

A=!%!?(%"E(-.++%&B(.g!?(%),,*.)4;³LVWKDWWKH\DUHDOOMXVWURFNJURRYHV7KH\DUH .++% -(+.!(B% !"% (.F?% "!?(-U% .>B% *&>F(% !?($% .-(% &>% !?(% *.#(% ,.#&+$U% &!)*% (.*$% !"% *((% !?(% -(+.!&">*?&P*% C(!W((>% '-""E(*% .>B% #=*&F.++$% .C*"-C% !?(&-% F?.-.F!(-&*!&F*c% 9,% F"=-*(U% !?($%!.G(%.%+&,(!&#(%!"%#.*!(-%.>B%'(!%&>!"%$"=-%#=*&F.+%*"=+e%W(%.++%G>"W%!?.!U%"-%.!%+(.*!% ZHVKRXOG%XWWROHDUQWKHPXQGHUVWDQGWKHPDQGMRLQWKHSDUW\E\DFWXDOO\,3)E"+E(Bc J()++%>"W%.PP+$%!?&*%*.#(%-*../%!011%2&#)31!.PP-".F?%!"%!(F?>&h=(c

Q

;>*&B(%-*%)&!5)261!?.*!@!"#$%&#'%U%W()++%?.E(%!?-((%#.&>%*(F!&">*U%W?&F?%W(%W&++%*P+&!% &>!"%*#.++(-%*=C'-"=P*c

%DVLFV

* * * * *

3&'2*#(5*!%?:&%0 G"R8%(5*@$&8H"4 C::"($4 V8%R?"*@$&8H"4 W+":H*X#$$"&(4

7KH)DPLOLHVRI5XGLPHQWV

* * * * *

G%//4 G8??4 V'55?"4 V&#)4 !?#04

:LWKHYHU\WKLQJOHDGLQJWRWKHFURZQMHZHORIWKLV'9'

9S/-+"*.'/"$'0"*1#&0%2

* * * *

E#4': Y($"&0"5'#$" C57#(:"5 ZL0'(%$"*7"&4'8(

2>B%!?.!)*%&!c%3?(%.C"E(%+&*!%-(P-(*(>!*%.%*&#P+(U%C.*&F%*!-=F!=-(%!?.!%W&++%'&E(%.>$">(% W?"% &*% W&++&>'% !"% .PP-".F?% !(F?>&h=(% W&!?% .>% "P(>U% F.+#% #&>B% .% W.$% !"% B(E(+"P% .% ?(.+!?$%,"=>B.!&">%,"-%!?(&-%?.>B*c

0\'UXP&RUSV([SHULHQFH %

;%*!&++U%(E(>%>"WU%'(!%.*G(B%.%+"!%.C"=!%#$%B-=#%F"-P*%(SP(-&(>F(U%*"%+(!%#(%*?.-(% .% C-&(,% *$>"P*&*% ",% #$% *?"-!% !&#(% #.-F?&>'% &>% !?(% A.$">>(% A-&B'(#(>c% ;% ?.E(% .+W.$*% +"E(B% -=B&#(>!.+% B-=##&>'% .>B% *!&++% B"c% 1.-+$% ">U% #$% ,.!?(-U% 7">>$U% !""G% #(% !?-"='?% *"#(%W">B(-,=+%-=B&#(>!.+%+&!(-.!=-(U%&>F+=B&>'%!?(%J&+F"S">%.>B%5c2c0c6c%C""G*U%.>B% ;%B(E(+"P(B%.%-(.+%.PP-(F&.!&">%,"-%!?.!%G&>B%",%#&+&!.-$_&>*P&-(B%*>.-(%B-=##&>'c%J(% OLYHGLQDVPDOO1HZ-HUVH\WRZQQH[WWRDIRRWEDOOÀHOGDQGWKH\KDGDGUXPFRUSV VKRZHYHU\\HDUDVDIXQGUDLVHUIRUWKHORFDOÀUHGHSDUWPHQW7KLVZDVLQWKHPLGV W?(>%B-=#%F"-P*%W.*%!?-&E&>'%.>B%!?(-(%W(-(%+&!(-.++$%?=>B-(B*%",%F"-P*%&>%(S&*!(>F(c% X"&48(#?*(8$"D*Y$>4*4#5*$+#$*$+'4*2'":"*8/*$&%"*C0"&':#(#6*$+'4*98(5"&/%?*=8%$+* #:$'7'$=*$+#$*'($&85%:"5*48*0#(=*H'54*$8*0%4':*#(5*4$&%:$%&"6*'4*(89*#*/&#:$'8(*8/*9+#$* '$*8(:"*9#4*'(*$"&04*8/*#7#'?#R?"*2#&$':'2#$'8(B*V&%0*:8&24*9#4*0=*[R88$*:#026\*'$>4* R

9+"&"*Y*/#'?"5*#(5*?"#&("5*$+"*98&?5*4$'??*H"2$*42'(('()B*1+"&"*'(4$&%:$8&4*98%?5*4:&"#0* #$*=8%*8("*0'(%$"*#(5*+%)*=8%*$+"*("Q$6*#(5*=8%*&"#?'A"5*=8%*9"&"*$8%)+"&*$+#(*=8%* $+8%)+$B*Y$*9#4*9+"&"*Y*?"#&("5*$+#$*'/*Y*5'5(>$*;%'$6*#(5*'/*Y*9#4*82"(*$8*?"#&('()*/&80* $+84"*#&8%(5*0"6*Y*98%?5*R"*R"$$"&*$808&&89B*O=*08$+"&*#?9#=4*4#'5*4+"*4"($*8//*#* R8=*8(*$8*4%00"&*$8%&*#(5*)8$*R#:H*#*=8%()*0#(B*-+#(H*=8%6*5&%0*:8&24B 2!%#$%+"F.+%*?"WU%!?(-(%W.*%.%F"-P*%F.++(B%!?(%4.W!?"->(%(%(+*()*c%;!%W.*%,=>G$%.>B%*$>F"P.!(BU%.>B%;%W.*%?""G(Bc%1E(-$% $(.-%;%(.'(-+$%.W.&!(B%!?.!%*?"WU%.>B%;%?(.-B%">(%>.#(%F"#(%=P%.'.&>%.>B%.'.&>^% 6(>>&*%6(:=F&.c%J(++U%C$%!?(%(>B%",%!?(%NVTM*U%.>"!?(-%F"-P*U%!?(%A.$">>(%A-&B'(#(>U% W.*%#$%>(W%,.E"-&!(c%4($U%W?"%W.*%W-&!&>'%,"-%!?(%A-&B'(#(>\%6(>>&*%6(:=F&.c%4###i% !?(-()*%!?.!%>.#(%.'.&>c% 7"U%W?(>%;%F">E&>F(B%#$%B.B%!"%+(!%#(%.=B&!&">%,"-%!?(%F"-P*%W?(>%;%W.*%NOU%W?(-(% GLG,ZDQWWRJR"7KH%D\RQQH%ULGJHPHQRIFRXUVH7KH%ULGJHPHQKDGMXVWZRQWKH B-=#% !&!+(% &>% !?(% NV`M% F?.#P&">*?&P*% B=-&>'% !?(% *=##(-U% .>B% !?($% W(-(% !?(% ;.&! 2%A! &;#2=c%;%-(#(#C(-%.*%F+(.-%.*%B.$%#$%.=B&!&">%&>%5"E(#C(-%",%NV`Mc%3?(-(%W(-(%"E(-% ">(%?=>B-(B%B-=##(-*%.**(#C+(BU%.++%W.&!&>'%!"%'(!%.>%.=B&(>F(%W&!?%6(>>&*%?&#*(+,c% ;%W.*%*"%>(-E"=*%;%!?"='?!%#$%?(.-!%W.*%'"&>'%!"%'"%-=>>&>'%",,%B"W>%!?(%F"--&B"-%C$% &!*(+,U%,"++"W(B%F+"*(+$%C$%#$%h=(.*$%*!"#.F?c%2?U%#(#"-&(*i 1E(-$">(%?.B%!?(&-%*!&FG*%"=!U%W.-#&>'%=P%.>B%*?"W&>'%",,%a&#.'&>(%.%-""#%,=++%",% P(.F"FG*%">%,=++%B&*P+.$%.++%!-$&>'%!"%"=!_B"%!?(&-%F"#P(!&!&">bc%;>%(E(-$%B&-(F!&">%!?(-(% W(-(%G&B*%P+.$&>'%&>%.%W.$%;)B%>(E(-%-(.++$%*((>%C(,"-(c%3?($%?.B%?.>B*%!?.!%W(-(U%W(++U% B&,,(-(>!% ,-"#% #&>(U% .>B% !?.!)*% .C"=!% !?(% ">+$% W.$% ;% F.>% (SP+.&>% &!c% %HHÀHU% &*% #.$C(% D JRRG GHVFULSWLRQ 1RZ GRQ·W FRQIXVH WKLV ZLWK PXVLF RU GUXPVHW SOD\LQJ ,·P MXVW !.+G&>'% .C"=!% G&B*% W&!?% *!&FG*% .++% P+.$&>'% ">% .% *&>'+(% *=-,.F(% W&!?% '&.>!% Z7% F+=C*c% 3?($% W(-(%P+.$&>'%.++%!?&*%*!=,,%;)B%>(E(-%*((>d%;%-(#(#C(-U%&>%P.-!&F=+.-U%*((&>'%!?(%E(!(-.>% *>.-(%B-=##(-*%a!?($%W(-(%.PP-".F?&>'%NV_LM%$(.-*%"+BU%.>B%!"%#(U%!?($%W(-(%'"B+&G(% &>%!?(&-%F""+>(**g!?($%F"=+B%6*#/%B SOD\LQJDWKLQJWKDWKDGWKLVYLVXDOWZLUOWKLQJDPDMLJ LQLW0\H\HEDOOVKLWWKHÁRRUDQGDFDUWRRQ´%$5222222*$µVRXQGFDPHRXWRI #$%(.-*c%;%W.*%&>%+"E(c%;!%W.*%B-=##&>'%?(.E(>U%.>B%;%W.*%'"&>'%!"%B"%W?.!(E(-%&!%!""G% !"%'(!%&>!"%!?.!%+&>(c% 5"WU%6(>>&*%#(!%#(%W?(>%;%W.*%NO%$(.-*%"+B%aW?(>%;%W.*%">+$%QjNjjU%.*%?(%+&G(*%!"%*.$b% .>B%B((P%&>%!?(%!?-"(*%",%'.WG$%.B"+(*F(>F(e%!?(-(%W.*%>"!%.%#"-(%.WGW.-B%P-&#.!(% GHDGRUDOLYH,GLGPDNHWKDWGUXPOLQHMXVWE\WKHVNLQRIP\WHHWK,WZDVYHU\YHU\ FORVH,PDUFKHGEDVVGUXPWKDWÀUVW\HDU$LQFKPRQVWHUWKDWZHLJKHGDVPXFKDV, B&B%a!?(%'=$%C(?&>B%#(%?.B%.%ZQdbc%;!%W.*%.>%(SP(-&(>F(%!?.!%;%B&B>)!%G>"W%.!%!?(%!&#(% W"=+B%C(%#$%'-(.!(*!%+(.->&>'%"PP"-!=>&!$c% X?#='()*R#44*5&%0*'(*#*5&%0?'("*'4*480"$+'()*Y*9'4+*Y*:8%?5*)"$*"7"&=*4"&'8%4* GUXPPHUWRH[SHULHQFH4*9+#$*'$>4*?'H"B*]8%*#?48*?"#&(*&"428(4'R'?'$=B*Y/*8("*2"&48(*'(* T

#*4'QL2"&48(*R#44*5&%0*?'("*0'44"4*8("*?'$$?"*(8$"6*$+"*"($'&"*&+=$+0*'4*&%'("5B*-&%4$*0"6*=8%* 58(>$*9#($*$8*R"*[$+#$*)%=B\*]8%*?"#&(*#*?8$*#R8%$*=8%&4"?/*2?#='()*R#44*5&%0B 6(>>&*%6(:=F&.%F-(.!(B%.%*P(F&.+%(>E&-">#(>!%C.FG%!?(>c%1E(-$">()*g.>B%;%#(.>% (E(-$">()*g*!$+(% .!% !?(% !&#(% W.*% E(-$U% E(-$% *!&,,% aW?&F?% &*% ">(% ",% !?(% -(.*">*% B-=#% F"-P*% B-=##&>'% W.*g.>B% *!&++% &*g*"% B(*P&*(B% C$% F(-!.&>% *('#(>!*% ",% !?(% P(-F=**&">% =>&E(-*(bc%6(>>&*%!=->(B%(E(-$!?&>'%">%&!*%?(.B%.>B%!-&(B%!"%F-(.!(%.%X#"E&>'%B-=#*(!Y% ZLWKORRVHWHFKQLTXHLQVSLUHGE\JUHDWMD]]GUXPPHUVOLNH-RH0RUHOOR$QGDPD]LQJO\LW W"-G(Bc%;%*!&++%B">)!%G>"W%?"WU%C=!%&!%B&Bc%6(>>&*%&*%>"W%">(%",%#$%F+"*(*!%,-&(>B*U%.>B%?&*% '(>&=*%&>%!?.!%.-(>.%W.*g.>B%*!&++%&*g.>%&>*P&-.!&">.+%!.+&*#.>%!"%#(c%2>BU%?(%&>E(>!(B% !?(%&>*.>(%+(,!%?.>B%!?&>'%;%*?"W%$"=%">%!?(%6H6%!?.!%>"C"B$%*?"=+B%C(F"#(%.*%W&!?% "C*(**(B%W&!?%.*%;%W.*c%A=!%&!%&*%*"%4..3i 2,!(-%;%*!"PP(B%#.-F?&>'%&>%NV`Z%.>B%*!.-!&>'%'&''&>'U%;%*!&++%!-&(B%!"%*!.$%F=--(>!%W&!?% !?(% .F!&E&!$% C$% W-&!&>'% ,"-% ?&'?% *F?""+*U% .>B% !?.!)*% -(.++$% W?(-(% #$% P.**&">% ,"-% #=*&F% (B=F.!&">%W.*%F=+!&E.!(Bc%;%W"-G(B%,"-%*"#(%&>F-(B&C+(%C.>B%B&-(F!"-*%.>B%#(!%*"#(% '-(.!%P-",(**&">.+%(B=F.!"-*%W?"%W(-(%.F!&E(%&>%!?(%P=C+&F%*F?""+*c%k>!&+%!?(>U%;%P+.>>(B% !"%'&'%.-"=>BU%#.G(%.%>.#(%,"-%#$*(+,U%.>B%C(%.%*=FF(**,=+%P+.$(-c%A=!%&!%W.*%?(-(%!?.!%;% ZDVVORZO\GLVFRYHULQJWKDWMXVWSOD\LQJWKHGUXPVZDVQ·WHQRXJKIRUPH6RIRUWKHQH[W NO%$(.-*U%W?&+(%;%W.*%'&''&>'%.-"=>B%!?(%W"-+B%W&!?%C.>B*%.>B%*!=,,U%;%W.*%.+*"%W-&!&>'% P(-F=**&">%*F"-(*%,"-%?&'?%*F?""+*d%;%+"E(B%W-&!&>'e%&!%W.*%#$%W.$%",%G((P&>'%#$%?.>B%&>% !?(%.F!&E&!$%!?.!%'.E(%#(%*"%#=F?c %.%*(-&"=*%#.-F?&>'%C.>BU%$"=)E(%'"!%!"%!.G(%!?(% C(*!%",%!?.!%W"-+B%.>B%C+(>B%&!%&>!(++&'(>!+$%&>!"%!?(%E"F.C=+.-$%",%!?(%B-=#*(!c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

3UDFWLFH 7KLVLVDWRSÀYHTXHVWLRQ´+RZRIWHQDQGKRZPXFKVKRXOG,SUDFWLFH"µ:HOO;%B">)!% G>"Wc% 5"C"B$% a>"% #.!!(-% W?.!% .>$">(% *.$*b% F.>% G>"WU% (SF(P!% $"=c% ;!% B(P(>B*% ">% *(E(-.+%!?&>'*^

]8%&*)8#?4 ]8%&*#0R'$'8(4 ]8%&*0"($#?*4$#0'(# ]8%&*2+=4':#?*4$#0'(#6*#(5 _084$*'028&$#($?=`*%(5"&4$#(5'()*+89*]NaG*R&#'(*82"&#$"4B U

;!)*%(.*$%,"-%!(.F?(-*%+&G(%#$*(+,%!"%*&#P+$%*.$U%XI-.F!&F(%.*%#=F?%.*%$"=%F.>cY%A=!% !?.!%-(.++$%B"(*%.%B&**(-E&F(%!"%.%h=(*!&">%!?.!%B(*(-E(*%*"#(%B((P(-%!?"='?!c%J?&+(% SUDFWLFHDQGPRUHVSHFLÀFDOO\6)#3'!?%",%!?"*(%*(**&">*% *?"=+B%C(%.%P(-*">.+%B(F&*&">c%J()E(%.++%?(.-B%!?(%*!"-&(*%",%!?(*(%'-(.!%B-=##(-*%a.>B% >"!_*"_'-(.!% B-=##(-*db% W?"% W"=+B% +"FG% !?(#*(+E(*% &>!"% .% -""#% ,"-% N`% ?"=-*% .% B.$U% (#(-'&>'%">+$%,"-%C-(.B%.>B%W.!(-c%A=!%!?(>%!?(-()*%A=BB$%0&F?U%W?"%,.#"=*+$%B(F+.-(B% ?(%>(E(-%P-.F!&F(Bc%7"U%W?.!%!"%B"\%J(++U%$"=)E(%'"!%!"%C(%?">(*!%W&!?%$"=-*(+,c%2*G%!?(% &#P"-!.>!%h=(*!&">*^ J?.!%G&>B%",%XP-.F!&F(-Y%.-(%$"=\^

V8*=8%*$+'(H*2&#:$':"*'4*/%(*8&*#*:+8&"b W#(*=8%*:8(:"($&#$"*/8&*?8()*2"&'854*8&*B%+"E(%&!c%7"#(% ",% =*U% ">+$% ?.+,% !?.!% #=F?c% f"=% ?.E(% !"% G>"W% $"=-*(+,U% .>B% *!-=F!=-(% $"=-% !&#(% !"% *=&!% $"=-%*!-(>'!?*%.>B%W(.G>(**(*c%A=!%*"#(!&#(*%.%F"##">%!-.P%,"-%P("P+(%W?"%+"E(%!"% P-.F!&F(%&*%!?.!%!?($%(>B%=P%-(P(.!&>'%!?&>'*%!?($%.+-(.B$%G>"W%"E(-%.>B%"E(-c%;*%!?.!% .%'""B%=*(%",%P-.F!&F(%!&#(\%;%B">)!%C(+&(E(%*"c%;,%B-=##(-%2%P-.F!&F(*%NL%?"=-*%.%B.$% .>B%">+$%P+.$*%W?.!%?(%G>"W*U%W?&+(%B-=##(-%A%P-.F!&F(*%[%?"=-*%.%B.$U%F">,-">!*%?&*% W(.G>(**(*%.>B%P=*?(*%?&#*(+,%&>!"%>(W%!(--&!"-$%W&!?%(.F?%*(**&">U%W?"%B"%$"=%!?&>G%&*% '"&>'%!"%C(%!?(%C(!!(-%P+.$(-%&>%!?(%(>B\ 2>"!?(-%F-=F&.+%P"&>!^%;%C(+&(E(%!?.!%B.&+$%h=.+&!$%P-.F!&F(%",%.%-(.*">.C+(%.#"=>!%&*% LQÀQLWHO\EHWWHUWKDQWKUHHGD\VRIKRXUVFUDPPLQJDQGMDPPLQJLQHYHU\WKLQJ\RX F.>c%c%2>$%'""B%!(.F?(-%W&++%!(++%$"=%!?.!%$"=)++%'(!%C(!!(-% -(*=+!*% P-.F!&F&>'% *"#(!?&>'% F"--(F!+$% .>B% ,"F=*(B% ,"-% .>% ?"=-% .% B.$% -.!?(-% !?.>% *&S% ?"=-*%",%F-.##&>'%&!%&>%!W&F(%.%W((Gc% 4"W(E(-U%!?(%-(.+&!&(*%",%+&,(%.-(%",!(>%!?(%C&''(*!%?=-B+(%!"%P-.F!&F(c%7"#(%P("P+(% ?.E(%-(.+_+&,(%!&#(%"C*!.F+(*%!"%P-(E(>!%B.&+$%P-.F!&F(%*=F?%.*%W"-GU%*!=B$U%?(.+!?U%+&E&>'% *&!=.!&">*U% -(+.!&">*?&P*U% .>B% ">% .>B% ">c% 1E(-$">(U% (E(-$W?(-(U% ?.*% *"#(!?&>'% '"&>'% ">c%7"%$"=%*?"=+B>)!%,((+%X'=&+!Y%&,%$"=%F.>)!%P-.F!&F(%.*%#=F?%.*%$"=)B%+&G(e%$"=%*?"=+B% #.G(% !?(% #"*!% ",% !?(% !&#(% $"=% B"% ?.E(c% 8"-% (S.#P+(U% .% $"=>'U% =>#.--&(B% *!=B(>!% B(*&-&>'%.%P-",(**&">.+%F.-((-%.*%.%B-=##(-%W&++%"CE&"=*+$%?.E(%#"-(%!&#(U%.>B%.%>((B% !"%P-.F!&F(%W&!?%#"-(%=-'(>F$U%!?.>%.%#.--&(BU%#&BB+(_.'(B%P(-*">%W&!?%.%,.#&+$%W?"% ZDQWVWRSOD\ZLWKIULHQGVRQWKHZHHNHQGV7KDW·VMXVWWKHZD\OLIHZRUNV 2+*"U% +(>'!?% ",% P-.F!&F(% !&#(% *?"=+B>)!% C(% .% F">!(*!% C(!W((>% $"=% .>B% .>$% "!?(-% B-=##(-%$"=%G>"W%"-%?.E(%-(.B%.C"=!c%I-.F!&F(%!&#(%&*%*&#P+$%!&#(e%&!%&*>)!%.>%&>B&F.!&">% !V

",%-(*=+!*c%;%G>(W%B-=##(-*%W?"%P-.F!&F(B%(&'?!%?"=-*%.%B.$%.>B%B&B>)!%'(!%.>$%C(!!(-% C(F.=*(%!?(&-%P-.F!&F(%-"=!&>(%W.*%.%W.*!(%",%!&#(c%;!)*%B%&!%F.>)!% C(%#(.*=-(B%.'.&>*!%.>$C"B$%(+*()*%(,,"-!c 2*G%$"=-*(+,%!?&*^%J?.!%.-(%$"=%P-.F!&F&>'\%2-(%$"=%P-.F!&F&>'%*!=,,%!"%+""G%F""+\%3"% &#P-(**%$"=-%,-&(>B*\%3"%B"%F+&>&F*%.>B%#.G(%P("P+(%F?((-\%3"%XC(.!Y%!?(%'=$%B"W>%!?(% C+"FG\%;)E(%*((>%!""%#.>$%$"=>'%P+.$(-*%W.*!(%$(.-*%",%!?(&-%+&,(%#.*!(-&>'%!?&>'*%!?.!% ">+$%"!?(-%B-=##(-*%F.-(%.C"=!c%3?(-()*%>"!%.%C.**%P+.$(-%&>%!?(%W"-+B%W?"%F.-(*%?"W% ,.*!%$"=-%+(,!%?.>B%&*U%?"W%$"=%?"+B%!?(%*!&FGU%"-%!?(%#(!?"B%$"=%=*(%&,%$"=%F.>)!%P+.$% !&#(%.>B%'-""E(c%2>B%(E(>%!?(>U%!?($%B">)!%F.-(%#=F?d%3-=*!%#(%">%!?.!i 4(-()*%.%+&!!+(%*.$&>'%;)#%*=-(%$"=)E(%?(.-B%C(,"-(%!?.!%?.*%B">(%#"-(%?.-#%!?.>% '""BU%>"!%C(F.=*(%&!)*%#(**.'(%&*%&>?(-(>!+$%W-">'U%C=!%C(F.=*(%&!)*%#&**&>'%">(%E(-$% &#P"-!.>!%W"-B^

[X&#:$':"*O#H"4*X"&/":$B\ J?&F?%&*U%",%F"=-*(U%>"!%!-=(%.!%.++c%;!%*?"=+B%-(.++$%-(.B^

[X"&/":$*X&#:$':"*O#H"4*X"&/":$B\ J?&F?%&*%.%h="!(%,-"#%!?(%'-(.!%H&>F(%:"#C.-B&U%!?(%+('(>B.-$%,""!C.++%F".F?U%W?"% ,.#"=*+$%B-&++(B%?&*%!-""P*%B"W>%!"%!?(%C">(%W&!?%!?&*%#.>!-.c%3.G(%&!U%P-&>!%&!%"=!U%C+"W%&!%=P% -(.++$%C&'U%.>B%P=!%&!%">%$"=-%W.++%C$%$"=-%B-=#*c%;%B&BU%C(F.=*(%C.C$U%&!)*%!?(%!-=!?d 8&>.++$U%#.$%;%*=''(*!%">(%#"-(%!?&>'%W?(>%&!%F"#(*%!"%P-.F!&F(\%$%",%!?(%'=$*% W?"%;)E(%W&!>(**(B%P-.F!&F&>'%,"-%.C*=-B+$%+">'%?"=-*%F"=+B%?.E(%-(.++$%=*(B%*"#(%!&#(% .W.$%,-"#%!?(%B-=#*%:;7315;5/%39%/996%'% !"% '-(.!% P+.$(-*% .>B% *!=B$&>'% !?(&-% #=*&F.+% PRWLYDWLRQVLVMXVWDVLPSRUWDQWDVSUDFWLFLQJ0\IRUPXODLVVLPSOH\RXVKRXOGEHOLVWHQLQJ WRPXVLFDZD\IURPWKHGUXPVMXVWDVPXFKDQGDVPDQ\KRXUVDV\RXVSHQGSUDFWLFLQJ WKHP1RWMXVWKHDULQJPXVLFPLQG\RXEXWWUXO\OLVWHQLQJ³DVLQGRLQJQRWKLQJHOVHDWDOO LQFOXGLQJGULYLQJWH[WLQJZHEVXUÀQJHWF -XVW.#(B%,"-%7.>,"-B%X/=*Y%%#&**&>'%,-"#%!?(&-%B-=##&>'%+&E(*U%.>B%$"=-*c% ,·YHVHHQDGLVWXUELQJWUHQGÁRZWKURXJKP\VWXGLRUHFHQWO\VWXGHQWVFRPLQJLQIRU WKHLUÀUVWOHVVRQÁDLOLQJDURXQGWU\LQJWRH[HFXWHVRPHWHFKQLFDOPHWKRGWKH\VDZRQD '9'!*%!-$&>'%!"%P+.$%.%*&#P+(%-"++U%;%.*G%!?(#U%XJ?.!%.-(%$"=%B"&>'\Y% !!

;%",!(>%'(!%!?(%.>*W(-U%X%!?(&-% ($(*% +&'?!% =Pc% X;!)*% !?(% C(*!% !(F?>&h=(% (E(-d% f"=% F.>% B"% .>$!?&>'% W&!?% B*\Y%2>B%!?(>g.>B%;)#%>"!% #.G&>'%!?&*%=PgV%!&#(*%"=!%",%NM%!?($%W&++%*.$U%X;%W.*>)!%+&*!(>&>'cY%I.-B">%#(%.*%;%*+.#% #$%?(.B%&>!"%!?(%W.++%.%,(W%!&#(*c%;%*=''(*!U%B(.-%-(.B(-*U%!?.!%P(-?.P*%!?&*%&*>)!%!?(% C(*!%.PP-".F?c R">!-.-$% !"% W?.!% *"#(% .BE"F.!(*% C(+&(E(U% >"C"B$% &>E(>!(B% XC"=>F(UY% XW?&PUY% XP-(PUY% X*>.PUY% X=PUY% XB"W>UY% X-(C"=>BUY% "-% X,=+F-=#cY% 3?(-(% .-(% B-=##(-*% ,-"#% F=+!=-(*%.-"=>B%!?(%W"-+B%W?"%?.E(%C((>%=*&>'%.++%",%!?(*(%!(F?>&h=(*%,"-%?=>B-(B*U%&,% >"!%!?"=*.>B*%",%$(.-*c%D=*!%C(F.=*(%!?($%.-(>)!%P+.$&>'%&!%">%.%T_P+$%#.P+(%*>.-(%B-=#% ZLWK D FXVWRP SLDQR ODFTXHU ÀQLVK DQG P\ODU GUXPKHDGV DQG PD\ QRW NQRZ ZKDW D ÁDP WDS LV GRHVQ·W PDNH LW DQ\ OHVV UHDO 1R GLVUHVSHFW LQWHQGHG EXW ZKHQ , KHDU .>$C"B$%F-(B&!(B%W&!?%X&>E(>!&>'Y%!?(%.C"E(%B-=##&>'%.!!-&C=!(*U%;%.B#&!U%;%F-&>'(c% 3?(-(% &*% >"% *=F?% !?&>'% .*% .% =>&E(-*.+% B-=##&>'% #(!?"B% !?.!% W"-G*% ,"-% (E(-$">(U% &>F+=B&>'% !?&*% ">(c% 4"W% ?$P"F-&!&F.+% &!% W"=+B% C(% ,"-% #(% !"% (SF+.&#% !?.!% W&!?&>% !?(*(% P.'(*% &*% !?(% X#.'&F% !(F?>&h=(% ,.&-$% B=*!Y% ,"-% (E(-$% B-=##(-c% 5"c% 0.!?(-U% ;% F.>% ">+$% '=.-.>!((%!?.!%!?(%F">F(P!*%P-(*(>!(B%?(-(%W&++%;%3,%(E(-$%B-=##(-%!"%.F?&(E(%!?(&-% '".+*%W?&+(%*!.$&>'%?(.+!?$%B"&>'%&!c%8"-%*"#(U%!?(%W.$%;%P+.$%.>B%!?(%F">F(P!*%;%*?.-(% W&++%C(%.++%!?($%>((Bc%8"-%"!?(-*U%$"=%#.$%W&*?%!"%!.G(%#$%&B(.*%.>B%F"#C&>(%!?(#%W&!?% *"#(%"!?(-%!(F?>&h=(*%$"=%#.$%?.E(%+(.->(Bc%/-(.!d%3.G(%"W>(-*?&P%",%f9k0%?.>B*% DQGGRZKDW·VQHFHVVDU\IRU\RXWRIHHOJRRGSOD\SDLQIUHHDQGEHPXVLFDOO\VDWLVÀHG 0(#(#C(-% !?&*^% f"=% ?.E(% >"C"B$% !"% .>*W(-% !"% C=!% $"=-*(+,% .>B% $"=-% #=*&F.+% .#C&!&">*c%J?(>%!?&*%6H6%&*%-(+(.*(BU%!?(%F+"*(B_#&>B(B%">%(E(-$%B-=##&>'%F?.!%C".-B% W&++%=>B"=C!(B+$%*F-(.#U%X3(F?>&F.+%!-(.*">dYU%.>B%'"%">%.>B%">%.C"=!%?"W%(E(-$!?&>'% ;)#%!(++&>'%$"=%&*%'.-C.'(c%3?"*(%.-(%!?(%P("P+(%;%#(>!&">(B%&>%#$%#">"+"'=(^%!?(%">(*% ZKR KDYH QRW \HW OHDUQHG WR XQFOHQFK WKHLU ÀVWV DQG OHW JR RI ÚLJKWµ DQG ´ZURQJµ k>,"-!=>.!(+$U%!?($%#.$%>(E(-%+(.->c%3?($%.-(%#"-(%&>!(-(*!(B%&>%C(&>'%E.+&B.!(Bg!?.!% !?(&-%!(F?>&h=(%&*%!?(%X-&'?!Y%W.$%!"%P+.$c%3(F?>&h=(%&*%?&'?+$%P(-*">.+%.>B%F.=*(*%?(.!(B% .-'=#(>!*%.#">'%*!=B(>!*%.>B%(>!?=*&.*!*c%DI2&%*%1=3U%*"%&!)*%F"#P+(!(+$%!-.>*P.-(>!%!"% !?(%+&*!(>(-c

% !8

)XOFUXP'LVFXVVLRQ ;% F.>% B&*!&++% #$% !(F?>&F.+% F">F(P!% a.>B% &>B((B% !?(% (>!&-(% 6H6b% B"W>% !"% .% *&#P+(% !?-((_W"-B%P?-.*(^%k*(%.%,=+F-=#c f"=%?(.-%!?(%W"-B%X,=+F-=#Y%=*(B%"E(-%.>B%"E(-%&>%E.-&"=*%X#(!?"B*UY%C=!%;%B"%>"!% *((% &!% .PP+&(B% C$% !?(% .E(-.'(% B-=##(-% >(.-+$% (>"='?U% .>B% ;)E(% ,"=>B% !?.!% !?&*% ">(% *&#P+(%F">F(P!%&*%!?(%G($%!"%=>+"FG&>'%)2B*c% ;%W&++%",!(>%.*G%.%*!=B(>!U%XJ?.!%&*%.%,=+F-=#\Y%7"#(!&#(*%!?($%'(!%!?(%-&'?!%.>*W(-U% RIWHQQRW6ROHW·VGHÀQHLWULJKWQRZ,W·VLQFUHGLEO\VLPSOH

C*!a.WGaO*'4*$+"*2'78$*28'($*_#Q'4`*8(*#*?"7"&B ;#.'&>(%.%F?&+B)*%*((_*.Wc%3?(%#&BB+(%P"&>!U%W?(-(%!?(%*((_*.W%-"!.!(*U%&*%!?(%,=+F-=#c% (DV\HQRXJKULJKW"%.%*((_*.W%(SF(P!%&!%W">)!%C(%.%OMlOM%(E(>%*P+&!U%&!)++%C(%#"-(%+&G(%TMlZMU% JLYLQJ \RX PRUH OHYHUDJH DQG SRZHU WRZDUGV WKH WLS RI \RXU VWLFN !(-(*!&>'i N;%*%!)*%!&;*%%!43)11%1!.$!3%/%*!+1#2=!6#$$%*%2&!L#261!.$!$+34*+'8 :HDUHXVLQJWKH:;B@FWL->@@/:C-LBC?LOOXVWUDWHGKHUH f"=% F.>% (.*&+$% *((% !?(% P"*&!&E(% .>B% >('.!&E(% ,"-F(% W"-G&>'% !"'(!?(-% ">% (&!?(-% *&B(% ",% !?(% ,=+F-=#% a&++=*!-.!(B% C$% !?(% !-&.>'+(bc% 9>(%*&B(%'"(*%=PU%!?(%"!?(-%?.*%!"%'"%B"W>%aP"*&!&E(%.>B%>('.!&E(% HQHUJ\ MXVWOLNHDVWLFNZLOOSLYRWLQ\RXUWKXPEDQGIRUHÀQJHULI\RX (#P+"$%.%,=+F-=#%F"--(F!+$%W?&+(%B-=##&>'c 7KH@=LAEDWL->@@/:C-LBC?LVWKLV 2%B""-%?&>'(%"-%.%W-(>F?%&*%.%'""B%(S.#P+(%",%!?&*%G&>B%",%,=+F-=#U% W?(-(%!?(%C"+!%a!?(%!-&.>'+(%&>%!?(%&++=*!-.!&">b%&*%!?(%P&E"!%P"&>!c >/F);BDWL->@@/:C-LBC?ORRNVOLNHWKLV 2%C-""#%&*%.>%(.*$%W.$%!"%E&*=.+&](%!?&*%,=+F-=#U%W?(-(%$"=-%=PP(-% ?.>B%?"+B*%!?(%C-""#%*!(.B$%.>B%$"=-%+"W(-%?.>B%*W((P*%&>%!?(% #&BB+(%",%!?(%?.>B+(c 5"WU%!?.!)*%.++%E(-$%&>!(-(*!&>'U%C=!%.!%!?&*%P"&>!U%;)B%+&G(%$"=%!"%*!"P%!?&>G&>'%.C"=!% IXOFUXPVDWDOOH[FHSWIRUWKHÀUVWFODVVIXOFUXPZHIRUPHGEHWZHHQ\RXUWKXPEDQG IRUHÀQJHUWKHVHHVDZH[DPSOH!%'"&>'%">%.>B%">%.C"=!%!?&*%*&#P+(% !?&>'c% ;% W.*U% !?.>G,=++$U% !.='?!% ">+$% ">(% ,=+F-=#% P"&>!c% 8"-% #(U% .++% !?(% !?&>G&>'% .C"=!% PXOWLSOHIXOFUXPSRLQWVLVMXVWWRRPXFK$VIDUDV,·PFRQFHUQHGZH·YHJRWRQHIXOFUXP DQGLW·VIRUPHGEHWZHHQ\RXUWKXPEDQGIRUHÀQJHU0RYLQJRQ«

!9

*ULS&KHFNOLVW ?>FL)=D '%*&#P+(g">+$%!?-((%*!(P*U%.*%B(#">*!-.!(B%">%!?(%6H6c%;%-(F"##(>B%$"=% SHUIRUPWKHVHWKUHHVWHSVMXVWDV,GRRQWKH'9'HYHU\WLPH\RXSLFNXSDSDLURIVWLFNV =>!&+%&!%C(F"#(*%.%P.-!%",%$"=-%=>F">*F&"=*%-"=!&>(c%4(-(%!?($%.-(%">F(%.'.&>^ %% % %%

7KXPEDQGIRUHÀQJHUIRUPWKHIXOFUXP%\WKHZD\WKHWKXPELVÁXVKDJDLQVW DQGSRLQWLQJXSWKHVWLFNDQGWKHVWLFNVKRXOGEHEHWZHHQWKHÀUVWDQGVHFRQG MRLQWRQWKHIRUHÀQJHU )LQJHUVWRXFKWKHVWLFNOLJKWO\ZLWKWKHWLSV 7KHEXWWRIWKHVWLFNSRLQWVGRZQWKHSDOPDQGGRHVQRWÁDLURXWVLGH ;!)*%F"=+B>)!%C(%*&#P+(-c%3?(%!-&FG%&*%F"--(F!%-(P(!&!&">%.>B%E&*=.++$%&>*P(F!&>'% $"=-%?.>B*%,"-%.>$%'-(#+&>*%!?.!%F.>%.PP(.-%.!%!?&*%B(+&F.!(%P"&>!%&>%$"=-% !(F?>&F.+%#.G("E(-c

FB>D;F;AE>-/&B;K ;%">F(%*(.-F?(B%">+&>(%!?(%!(-#%X!-.B&!&">.+%'-&P%B(#">*!-.!&">Y%.>B%;%W.*%a!"%P=!%&!% #&+B+$b%F">,=*(B%C$%W?.!%;%,"=>Bc% N;#1!#1!)!=*%)&!&#'%!&.!*%'#26!%/%*F(%.'.&>U%!?(%6H6% LVWKHSODFHWRWUXO\JHWWKHGHPRQVWUDWLRQRIWKLVRIWHQÁXPPR[LQJDGYHQWXUH // %%

3UHVHQW\RXUOHIWKDQGOLNH\RXZHUHDERXWWRVKDNHVRPHERG\·VKDQGKDQG IDFLQJWRWKHVLGHZULVWVWUDLJKWDQGÀQJHUVH[WHQGHGDZD\IURP\RX 3XWWKHVWLFNLQWKHZHEELQJRI\RXUKDQGULJKWDWWKHEDVHRI\RXUWKXPE WKHVWLFNVKRXOGEHWRXFKLQJDWURXJKO\WKHVDPHSRLQWDVLWGRHVLQ\RXUPDWFKHG 6'#2X(+Y1,"/"4/"(,"%JS 6RIWO\DQGJHQWO\SODFHWKHUHVWRIWKHÀQJHUVLQSODFH0DNHDORRVHWULDQJOH ZLWK\RXUÀQJHUVZLWKWKHÀQJHUVRQWRSRIWKHVWLFNDQGWKHÀQJHUV EHORZWKHVWLFN'RQ·WZRUU\DERXW\RXUSLQN\KH·OOWDJDORQJMXVWEHORZ\RXU WKÀQJHULI\RXVWD\UHOD[HGDQGGRQ·WREVHVV,·PFRQYLQFHGHYHU\RQH·VSLQNLHV ÀQGWKHLURZQZD\7KHRQO\WKLQJ,GRQ·WZDQWWRVHHLVDÁH[HGSLQN\MXWWLQJRXW ">%&!*%"W>c%3?&*%F">E($*%.%,((+&>'%",%!(>*&">%&>%!?(%(>!&-(%?.>Bc%

!M

+H\:KDW$ERXWWKH:ULVW" 3?&*%P.-!&F=+.-%P.-!%",%#$%.PP-".F?%&*%P-"C.C+$%W?.!%#"*!%P("P+(%W?"%?.E(%*!=B&(B% >.#(_C-.>B%X#(!?"B*Y%?.E(%!?(%?.-B(*!%!&#(%&>!('-.!&>'^%7!"P%"C*(**&>'%.C"=!%$"=-% W-&*!*d% ;>,=-&.!&>'%,.F!^%;%F.>)!%!(++%$"=%?"W%#.>$%P("P+(%F"#(%!"%#(%!.+G&>'%.C"=!%.%,=+F-=#% .>B%!?(>%695)3%k71%951d%;%.*G%!?(#U%XW?.!)*%$"=-%P?&+"*"P?$%,"-%!(F?>&h=(\Y%3?($%!?(>% SURFHHGWRVD\DOOWKHULJKWWKLQJVWHOOPHDERXWDIXOFUXPDQGWKHQMXVWWKURZLWDOOLQ !?(%'.-C.'(%W&!?%!?&*%?='(%W-&*!_C.*(B%#"!&">d%k'?i ;%!.G(%.%F"#P+(!(+$%B&,,(-(>!%.PP-".F?%W?(-(%;%C.-(+$%!.+G%.C"=!%!?(%W-&*!%.!%.++c%:""GU% ,EHOLHYHWKDWVRPHWKLQJVMXVWKDSSHQE\WKHPVHOYHVDQGZULVWPRWLRQLVRQHRIWKHP :""G% .!% !?&*% +"'&F.++$^% 3?(% ,=+F-=#U% .*% "PP"*(B% !"% !?(% W-&*!U% &*% .% #=F?% #"-(% &>E"+E(B% FRQFHSW(%W.$%.>B%.F!*%.*%.%?&>'(%a*(F">B%F+.**%,=+F-=#bc% O=*/#$+"&*9#4*7"&=*:?84"*$8*K"(&=*C5?"&6*#*5&%00'()*#(5*2%R?'4+'()*':8(*9+8* &":"($?=*2#44"5*#$*$+"*#)"*8/*cdB*K"*9&8$"*$+"*?")"(5#&=*R88H*E%55=*G':+>4*O85"&(* Y($"&2&"$#$'8(*8/*@(#&"*V&%0*G%5'0"($4*'(*SceT6*9+':+*/"#$%&"5*$+"*C5?"&*0"$+85*8/* $":+(';%"B*O&B*C5?"&*$#%)+$*$+"*0"$+85*$8*0=*/#$+"&6*9+8*%4"5*'$*$8*$"#:+*+'4*4$%5"($4B* Y$*9#4*#*$8$#??=*9&'4$LR#4"5*#22&8#:+*$8*4$#&$*9'$+6*9+':+*'(:8&28&#$"5*#*[R8%(:"\* 08$'8(*?#$"&B*O=*5#56*R"'()*#*)"($?"*="$*4$"&(*$#4H0#4$"&*#(5*#*[4$':H*$8*$+"*2?#(\* H'(5*8/*$"#:+"&*_/8&*R")'(("&46*#$*?"#4$`6*$#%)+$*0"*$+"*C5?"&*0"$+856*$886*%!?(%6H6%>=#(-"=*%!&#(*c%;)E(%$(!%!"%B&*F"E(-%.%*!=B(>!%W?"U%W?(>% .*G(B% !"% P+.$% !?(% =PF"#&>'% -(C"=>B% (S(-F&*(*% W&!?% .% P-"P(-+$% F">F(&E(B% ,=+F-=#U% B&B>)!% #"E(% !?(&-% W-&*!% *$#P.!?(!&F.++$U% >.!=-.++$U% "-'.>&F.++$U% W&!?"=!% C(&>'% 39:6% !"% #"E(%!?(&-%W-&*!d%5(E(-c%5"!%">(c%2*%.%#.!!(-%",%,.F!U%&!)*%E(-$%?.-Bg>(.-+$%&#P"**&C+(g !"%593%#"E(%$"=-%W-&*!d%7"%W?.!%&*%.++%!?&*%,=**%.C"=!\%5"!?&>'U%,-"#%W?(-(%;%*&!c%D=*!%-(+.SU% GRZKDW,GRDQG\RXUZULVWZLOOÀQGLW·VZD\7KHIXOFUXPLVWKHGULYHUWKHZULVWZLOOIDOO% &>!"%P+.F(c% 1RZMXVWWKHWKRXJKWRIWHOOLQJWKHVWXGHQWWR´ÀQGWKHLURZQZD\µLVDEKRUUHQWWR #.>$%(B=F.!"-*%W?"%C(+&(E(%$"=%?.E(%!"%!(++%!?(%*!=B(>!%%Q)4&3%(E(-$% !P

F">F(&E.C+(%&>*!.>F(c%2>BU%&>B((BU%&!)*%(.*&(-%,"-%!?(%*!=B(>!%256%!?(%!(.F?(-%!"%*.$U% X6"% !?&*i% C.#U% C.#% UC.#Yg-&'?!% B"W>% .% !(F?>&h=(% F?(FG+&*!c% A=!% !?.!% W">)!% W"-G% ?(-(c%;%F.>)!%*((%$"=-%?.>B*U%.>B%!"%P-(!(>B%">(%*(!%",%-=+(*%W&++%W"-G%,"-%(E(-$">(%&*%*&++$c% 5DWKHU XVH WKH RYHUDOO FRQFHSWV ,·P VKRZLQJ \RX DQG DGMXVW WR WDVWH !d%8&>B%W?.!%W"-G*%.>B%W?.!%B"(*>)!c%;!%#.$%!.G(%.% ORQJWLPH³LQIDFWDOLIHWLPHJHWLW" ³WRDWWDLQ\RXUJRDOVEXW\RX·OOÀQG\RXUZD\,I $"=%*!.$%,"F=*(BU%F.+#U%.>B%*(+,_.W.-(U%!?&*%W&++%W"-Gc%;)E(%$(!%!"%*((%.%P.&-%",%?.>B*%!?.!% GLGQ·WVRIWHQDQGÁRZDIWHUDSSO\LQJWKHVHFRQFHSWV C(56*#*(8$"*$8*"5%:#$8&4*9+8*0#=*R"*%4'()*$+'4*VgV*/8&*$+"04"?7"4*#(5*9'$+*$+"'&* VWXGHQWV,DGYLVH\RXWRÀQGWKHFRXUDJHWROHW\RXUVWXGHQWVWHFKQLTXHGHYHORS 8&)#(':#??=*#(5*%(';%"?=B*-+"*$&%?=*)&"#$*"5%:#$8&4*#08()*%4*%(5"&4$#(5D*'$*$#H"4*&"#?* :8%&#)"*$8*?"$*#*4$%5"($>4*+#(54*?88H*#*R'$*5'//"&"($*/&80*$+"*$"#:+"&>4h*Y$>4*(#$%&#??=* +#&5*$8*&"4'4$*0#H'()*$+"*4$%5"($*#*:82=*8/*=8%&4"?/B*]"$6*8(?=*9+"(*=8%*+#7"*$+"* FRQÀGHQFHWROHWWKHVWXGHQW·VDQDWRP\DQGQDWXUDOJLIWVFRPHWRWKHVXUIDFHLQWKHLU 89(*9#=*9'??*=8%*+#7"*&"#:+"5*$+"*("Q$*?"7"?*#4*$"#:+"&*8/*#(*#&$/8&0B

)XOFUXP9LVXDOL]DWLRQ([HUFLVHIRU0DWFKHG*ULS I+(.*(U%!.G(%!?(%!&#(%!"%!-$%!?&*%+&!!+(%(S(-F&*(%;%*?"W%$"=%">%!?(%6H6c%;!)*%*"U%*"%&#P"-!.>!c% ;,%$"=%F.>)!%P(-,"-#%!?(%8=+F-=#%H&*=.+&].!&">%1S(-F&*(U%.>B%-(.++$%711%$"=-%,=+F-=#%.>B% ,=++$%.PP-(F&.!(%!?(%#"!&">%",%!?(%.S&*%.!%$"=-%,=+F-=#%P"&>!U%$"=)++%?.E(%.%E(-$%?.-B%!&#(% P(-,"-#&>'%!?(%-(C"=>B%*!-"G(*%&>%!?(%>(S!%*(F!&">c A(+&(E(%&!%"-%>"!U%!?&*%P"&>!U%-&'?!%>"WU%C(,"-(%$"=%P+.$%.%>"!(U%&*%W?.!%&*%'"&>'%!"%*(!% $"=% =P% ,"-% *=FF(**% "-% ,.&+=-(% W&!?% !?&*% .PP-".F?c% 3?&*% *&++$% +&!!+(% (S(-F&*(% &*% $"=-% (>!-$% !"% *",!(-%?.>B*%!?.!%W&++%.++"W%$"=%!"%P+.$%!?&>'*%$"=%F"=+B%P-(E&"=*+$%">+$%&#.'&>(g!?.!)*% ?"W%&#P"-!.>!%&!%&*c%2>B%&!)*%*"%*&#P+(%!"%B"U%!?"='?%&!%#.$%!.G(%.%W?&+(%!"%#.*!(-c%% R"##">% h=(*!&">^% 4"W% +">'% *?"=+B% $"=% *P(>B% ">% !?&*% -.!?(-% C"-&>'% (S(-F&*(\% 3(>% #&>=!(*U% !"P*c% J?.!U% ">+$% !(>% #&>=!(*\% f(*U% !(>% #&>=!(*% P(-% B.$c% 3?&*% (S(-F&*(% &*% *"#(!?&>'%$"=)++%'(!%C"-(B%",%h=&FG+$a.>B%-&'?!+$%*"db%.>B%.%'""B%(B=F.!"-%>(E(-%.++"W*% !?(%*!=B(>!%!"%C(F"#(%-(*(>!,=+%",%!(F?>&F.+%(S(-F&*(*c%7"%!?&*%*&#P+(%+&!!+(%!?&>'%*?"=+B% C(%B">(%,"-%!(>%#&>=!(*U%.>B%">+$%=>!&+%$"=%,((+%$"=)E(%*!.-!(B%!"%X*((Y%$"=-%,=+F-=#% ,=>F!&">&>'%W&!?"=!%!?(%W-&*!%'(!!&>'%&>E"+E(Bc%9>F(%$"=)E(%'"!%&!U%$"=%B">)!%?.E(%!"% B"%&!%.>$#"-(c%3?&*%*&#P+(%(S(-F&*(%&*%">+$%!"%?(+P%$"=%'(!%$"=-%,=+F-=#%F">F(P!=.+&](BU% DIWHUWKDWLW·VDOODERXWSOD\LQJ,RQO\GRWKLVH[HUFLVHZLWKP\VWXGHQWVDWWKHÀUVWOHVVRQ !?(>%.%h=&FG%-(,-(*?(-%.!%!?(%*(F">BU%.>B%!?.!)*%&!c%2,!(-%!?.!U%!?($)-(%">%!?(&-%"W>c

!Q

B%341*+/@"'4I%, R">!-.-$%!"%(E(-$%#(!?"B%;%G>"WU%;%B">)!%=*(%.>$%P-&#(-%(S(-F&*(*%">%!?(%P.B%!"%&++=*!-.!(% !?(%#(F?.>&F*%",%#"!&">c%;)E(%!-&(B%!?(#%.++U%!.='?!%!?(#%.++U%.>B%?.E(%-(*P(F!,=++$%F?"*(>% .>"!?(-%P.!?c%;%&##(B&.!(+$%*!.-!%(E(-$%*!=B(>!%W&!?%!?(%#"*!%(**(>!&.+%",%.++%B-=##&>'% #"!&">*^%-(C"=>B%*!-"G(*c%;%F">F(>!-.!(%-&'?!%.W.$%">%'(!!&>'%!?(%,"F=*%",,%!?(%W-&*!%.>B% &>!"%$"=-%,=+F-=#g!"%?00"%!?(%(,,"-!+(**%C"=>F&>'%",%$"=-%*!&FG*c%1+&#&>.!&>'%(S.''(-.!(B% PRWLRQVKDVEHHQRQHRIWKHPRVWLPSRUWDQWDQGVXFFHVVIXODVSHFWVRIUHÀQLQJP\SHUVRQDO .PP-".F?%!"%!(.F?&>'%!(F?>&h=(c 3?(%,"++"W&>'%,"=-%(S(-F&*(*%.-(%!?(%(S.F!%(S(-F&*(*%;%B(#">*!-.!(%">%!?(%X0(C"=>B% 7!-"G(*Y% F?.P!(-% ",% !?(% 6H6% a.>B% .+*"% !?(% X/-"=P% 6(#"^% 0(C"=>B% 7!-"G(% I-.F!&F(% 0"=!&>(Ybc% 3?(*(% (S(-F&*(*% .-(% .*% *&#P+(% .*% !?($% F.>% C(U% .>B% !?.!)*% !?(% P"&>!^% *&#P+(% B-=##&>'%P+.$(B%.!%.%?&'?%+(E(+%-.!?(-%!?.>%?.-B%!?&>'*%P+.$(B%P""-+$c%3?(%,.>F$%*!=,,% &*%.++%*#"G(%.>B%#&--"-*%&,%$"=%B">)!%?.E(%.%*!-">'%,"=>B.!&">c 2% '-(.!% C('&>>&>'% !(#P"% ">% !?(*(% (S(-F&*(*% &*% NMO% C(.!*% P(-% #&>=!(% ">% $"=-% #(!-">"#(c% 2,!(-% $"=% '(!% &!% ,((+&>'% '-(.!U% P+.$% .+">'% W&!?% =*% ">% !?(% 6H6% &,% $"=% +&G(c% J?(>%W(%'(!%!""%,.*!U%*!"Pd%;!)*%'"&>'%!"%!.G(%.W?&+(%!"%'(!%.*%,.*!%W(%.*%B"c%9>(%B.$% *"">%$"=)++%P-"C.C+$%C(%.C+(%!"%.F?&(E(%.%,.*!(-%!(#P"%!?.>%!?(%'-"=P%B(#"%">%!?(% 6H6c%;,%$"=%,((+%$"=%?.E(%#"-(%X'.*%&>%!?(%!.>GUY%'"%,"-%&!d%2*%+">'%.*%$"=%.-(%F.+#U% -(+.S(BU%.>B%C"=>F&>'U%W?&+(%*((&>'%!?(%.S&*%&>%$"=-%,=+F-=#U%$"=%F.>%'"%.*%,.*!%.*%$"=)B% OLNH7KDW·VWKHSRLQWLW·V\RXUMRXUQH\7KHRQO\WKLQJ,DVNHYHU\RQHWRUHPHPEHULVWKDW (S(-F&*(*%+&G(%!?&*%.-(%>(E(-%.%!?&>'%!"%C(%W">c%3?(-()*%>(E(-%.%W&>>(-%W?(>%&!%F"#(*%!"% !(F?>&h=(U%>"%#.!!(-%W?.!%.>$">(%*.$*c% g"&=*'028&$#($*28'($D*#*(8&0#?*+%0#(*'(4$'(:$*'4*$8*)&'2*480"$+'()*$')+$"&*9+"(* WKLQJVJHWGLIÀFXOWIDVWHU 7KDW·VH[DFWO\ZKDWZHGRQ·WZDQWKHUH:HZDQWWRVRIWHQ %26*&"?#Q6*#(5*?"$*$+"*4$':H4*58*$+"*98&HB*Y(*$+"*R")'(('()6*=8%*9'??*+#7"*$8*[$&=\*$8*R"* &"?#Q"5*_#4*4'??=*#4*$+#$*48%(54`B*]8%*(""5*$8*$&#'(*=8%&*+#(54*$8*48/$"(*#4*$+"=*)"$* /#4$"&6*(8$*$')+$"(*%2B*NH#=6*&>'%!?(%C.*&F*% &*%.+W.$*%.%F?"-(c%A$%P+.$&>'%=*&>'%(S(-F&*(*%!?.!%&>E"+E(%*"#(%'-.F(%.>B%C(.=!$%-&'?!% DZD\ ,·YH IRXQG LW LQÀQLWHO\ HDVLHU WR KDYH WKH VWXGHQW HQMR\ WKLV ZKDW , FDOO ÓRQHO\ P-.F!&F(cY%/&E(%&!%.%!-$%W&!?%$"=-%*!=B(>!*U%!""c%/(!%$"=-%*!=B(>!*%!"%P+.$%!?(*(%-(C"=>B% H[HUFLVHVZLWKDEHDXWLIXOÁRZULJKWDZD\*HW\RXUKHDGDZD\IURPGUXPPLQJ-XVWOLNH ;%*.$%">%!?(%6H6U%X6">)!%B-=#gC"=>F(dY%7.$%&!U%"W>%&!U%.>B%C(+&(E(%&!c%5"W%'(!%!"%&!c

!R

5HERXQG6WURNH([HUFLVHV 7=''(*!(B%!(#P"%-.>'(^%NMO_LLM%CP#

Z! / Z8 / Z9 / ZM /

7+,1*6725(0(0%(5 78! R.2G&!6*+'MJ.+24%B :8! @#*!#2!&;%!J)4L!.$!&;%!$+34*+'S1.+26!$*.'!&;%!&#,!.$!&;%!1L8 )RFXVRQWKHIXOFUXPPRWLRQQRWWKHZULVW ([SHULPHQW/HWWKHZULVWÀQGLW·VZD\NHHSLWORRVH 6KRXOGIHHOFDOP³OLNHZDONLQJQRWUXQQLQJ %UHDWKHNHHSVKRXOGHUVGRZQDQGFHQWHUHG T8! U;%1&!.+&F!2#4%!,.1&+*%F!1#&!#2!)!4.'')26#2=!,.1#&#.2!./%*!&;%!,)68 V8! E.&;#2=!4;)2=%1!)1!B*%"=!%,-"#%&!*%>(&'?C"-*U%.>B%!?($%.-(%!?(%#"*!%P"W(-,=+% #=*&F.+% !""+% &>% .>$% B-=##(-)*% C.*&F% !(F?>&h=(c% J&!?"=!% .FF(>!*U% #=*&F% W"=+B% C(% .*% C"-&>'%.*%(.!&>'%E.>&++.%P=BB&>'%(E(-$B.$^%>"%F">!-.*!U%>"%*P&F(U%>"%E.-&(!$c%2FF(>!*U% h=&!(%*&#P+$U%C-&>'%F"+"-%!"%#=*&Fc%3?($%.-(%.+*"%">(%",%!?(%*&'>.!=-(%W.$*%,"-%B-=##(-*% !"%B(E(+"P%!?(&-%"W>%*"=>B%.>B%,((+c ;%*?"W%$"=%?"W%!"%P+.$%.FF(>!*%">%!?(%6H6U%*"%P+(.*(%P+.$%W&!?%#(%.>B%'(!%*"#(% >&F(%XW?&PP$Y%.FF(>!*%!?.!%*>.P%.>B%P"Pc%0(#(#C(-^%!"%'(!%P"W(-,=+%.FF(>!*U%B">)!% ,.++% &>!"% !?(% X?&'?(-%&*% +"=B(-Y%!-.Pc%;!)*% .+W.$*% *!&FG% /%3.4#&.P%.>B%E(+"F&!$U% SURGXFHVDEVROXWHO\QRWKLQJRIPXVLFDOYDOXH,WMXVWDGGVFOXWWHUDQGPDNHVGUXPPLQJ +&,(+(**%.>B%?(.E$c%a;,%$"=%W.>!%!"%B(*!-"$%.%'-""E(U%P+.$%?&'?U%C&'U%.>B%W&!?"=!%.FF(>!*% ">%!?(%B-=#*(!c%;%'=.-.>!((%>"C"B$%W&++%C(%B.>F&>'cb 3?(% =>.FF(>!(B% >"!(*U% F.++(B% X!.P*UY% .-(% *",!(-% >"!(*% !?.!% *!.$% -(+.S(B% .>B% +&E(% F+"*(-% !"% !?(% B-=#c% 3?(% E"+=#(% B&,,(-(>F(U% "-% -.!&"U% C(!W((>% !?(% .FF(>!% .>B% !.P*% &*% .+W.$*%=P%!"%!?(%&>B&E&B=.+%B-=##(-c%;%-(F"##(>B%G((P&>'%!?(#%C"!?%-(.+&*!&Fc%3.P*% !?.!%.-(%&>.=B&C+(%.>B%.FF(>!*%!?.!%"C+&!(-.!(%(.-B-=#*%.-(%#=*&F.++$%=>=*.C+(c%I&FG%.% JRRGUDWLRWKDWKDVQLFHDFFHQWYROXPHDQGÀQGDWDSYROXPHWKDWFRPSOLPHQWV\RXU W(++_(S(F=!(B%.FF(>!*c%4"W%B"%$"=%B&*F"E(-%!?&*%-.!&"\%1SP(-&#(>!%.>B%+&*!(>%!"%$"=-% GUXPPLQJ$GMXVWWRWDVWH ,SHUVRQDOO\UHFRPPHQGVWD\LQJDZD\IURPKLJKDQGXQQHFHVVDULO\´ÁRZHU\µ #::"($4*$+#$*#&"*#578:#$"5*R=*480"*0"$+854B*Y(*$+"*+"#$*8/*0%4':#?*"Q2&"44'8(6*=8%* ZDQWHIÀFLHQWVWURNHVWKDWJLYH\RXWKHPRVWPXVLFDOVRXQGQRWQHFHVVDULO\WKHPRVW 78?%0"h`*9'$+*$+"*?"#4$*#08%($*8/*"//8&$B*K89"7"&6*$+"&"*#&"*)&"#$*2?#="&4*9+8*$+'(H* $+#$*2?#='()*#::"($4*$+#$*9#=*8(*#*2#5*'4*$+"*8(?=*9#=*$8*)8B*C/$"&*=8%*$&=*0=*9#=6*)8* $&=*#(8$+"&B*O#=R"*=8%>??*9'(5*%2*:80R'('()*#*/"9*0"$+854*'($8*=8%&*89(*9#=B*-+#$>4* 9+#$*Y*5'5B*X':H*9+#$>4*&')+$*/8&*]NaB*Y$>4*#?9#=4*#R8%$*&"4%?$4B*-+"*9#=*=8%*)"$*'$*58("* '4*'(:8(4";%"($'#?B 1S(-F&*(*m%O_`%.-(%!?(%(S.F!%(S(-F&*(*%;%P+.$%.+">(%.>B%W&!?%!?(%'-"=P%&>%!?(%F?.P!(-*% (>!&!+(B%X2FF(>!*Y%.>B%X2FF(>!%I-.F!&F(%0"=!&>(cY%;%+&G(%!"%-=>%mO_T%.*%.%F?.&>%.>B%!?(>% XVHDVDFRROGRZQ%XW\RXFDQDOVRXVHMXVWE\LWVHOIIRUDJUHDWZRUNRXWWRR 0(#(#C(-%!"%(#C-.F(%!?(%F&-F=+.-%,((+&>'%",%!?(%!-&P+(!*%&>%mÙ%.*%"PP"*(B%!"%!?(%#"-(% E(-!&F.+%,((+&>'%",%!?(%(&'?!?%>"!(*%aB=P+(*b%&>%mO_Tc %

$FFHQW([HUFLVHV

7=''(*!(B%!(#P"%-.>'(^%Ò_LLM%CP#

ZP

!U

ZQ

/ ZR/

ZT(

/ ZT3

/ F % 7+,1*6725(0(0%(5 78! @44%2&!,.A%*!4.'%1!$*.'!1L!/%3.4#&'% ,-"#% !?(% W"-B% X-=B&#(>!.-$Yb% .-(% *?"-!U% *&#P+(% *!&FG&>'% F"#C&>.!&">*% !?.!% F">!.&>% !?(% C.*&F% #"!&">*% ",% B-=##&>'U% #=F?% +&G(% *F.+(*% P+.$(B% ">%.%#(+"B&F%&>*!-=#(>!c%2>BU%+&G(%*F.+(*U%!?($%.-(%>"!%X#=*&FcY%3?($%.-(%*&#P+$%>&F(U% "-'.>&](B%C=&+B&>'%C+"FG*%B(*&'>(B%!"%.Fh=.&>!%$"=%W&!?%&>*!-=#(>!%#(F?.>&F*c%5"WU% F.>% $"=% !.G(% .% P.-.B&BB+(% .>B% #.G(% #=*&F\% 9,% F"=-*(e% !?.!)*% !?(% &B(.c% 2% *&#P+(% SDUDGLGGOHLWVHOIOLNHD&PDMRUVFDOHLVQ·WPXVLF,W·VWKH),,3#4)&#.2%",%!?.!%P.-.BB&B+(% &>%.%#=*&F.+%F">!(S!%!?.!%W&++%!=->%!?(%-=B&#(>!%a"-%*F.+(b%&>!"%.%E.+&B%#=*&F.+%*!.!(#(>!c% ;>%"!?(-%W"-B*U%&!)*%.++%=P%!"%$"=d%6">)!%C+.#(%!?(%P""-%+&!!+(%P.-.B&BB+(%&,%$"=-%'-""E(% .&>)!%?.PP(>&>'e%&!)*%>"!%&!*%,.=+!c%3?(%P.-.B&BB+(g.>B%)2!g%&*%.%C-=*?e%$"=)-(% !?(%.-!&*!c -+'4*VgV*#(5*"E88H*#&"*(8$*0"#($*$8*R"*#*&%5'0"($#?*"(:=:?82"5'#B*!#&*/&80*'$6* #:$%#??=B*1"*9'??*8(?=*R"*5'4:%44'()*480"*R#4':*&%5'0"($46*(8$*#??*8/*$+"*&%5'0"($4B* 1"*98(>$*R"*5'4:%44'()*#(=*/#(:=*("9*+=R&'5*8&*5&%0*:8&24L8&'"($"5*&%5'0"($4*?'H"* HJJEHDWHUVRUFKHHVHVRUZKDWHYHUWKHQHZKRWÁ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ÁDPPHGFKHHVHGGLGGOHVRIWKDWODVWOLWWOHELWRIVORSDWDPHWURQRPHPDUNLQJRI fSTB*C(5*$+"(6*589(*$+"*&8#56*9+"(*Y*0""$*$+"0*'(*0=*4$%5'86*$+"=*98(5"&*9+=*$+"=* 58(>$*+#7"*#*28:H"$*8(*$+"*H'$B*V8(>$*?"$*$+'4*+#22"(*$8*=8%6*"42":'#??=*'/*=8%*#&"*#* /8&0"&*5&%0*:8&24*8&*0#&:+'()*R#(5*5&%00"&*"($"&$#'('()*$+"*'5"#*8/*R":80'()* #(*#::802?'4+"5*0%4':'#(B*Y*?87"*&%5'0"($4*#(5*0=*5":#5"4*8/*"Q2?8&'()*$+"06*R%$* 2?"#4"*&"0"0R"&*$8*H""2*=8%&*&"?#$'8(4+'2*9'$+*$+"0*+"#?$+=*#(5*%4"*$+"0*$8*=8%&* #57#($#)"*8(*$+"*5&%04"$B*!8&*%46*$+#$>4*9+=*$+"=>&"*$+"&"B

F)=/:;?;-;=@/A:/BCD;?=EF@

5XIIVVKRUWVLQJOHVWURNHUROOV 5ROOVGRXEOHVWURNHVÚROOVµZKHQXVHGZLWKRXWDPRGLÀHULVXVXDOO\D FDWFKDOOWHUPIRUVXFFHVVLYHGRXEOHVWURNHV,QGHHGIRURXUSXUSRVHVZH·OO EHWDONLQJDERXW´RSHQµGRXEOHVWURNHVUDWKHUWKDQFORVHGRUÉX]]HGµUROOV 3DUDGLGGOHV6LPSOHFRPELQDWLRQVRIVLQJOHVDQGGRXEOHV 'UDJV7ZRJUDFHQRWHVIROORZHGE\DSULPDU\QRWH )ODPV2QHJUDFHQRWHIROORZHGE\DSULPDU\QRWH

8QIRUWXQDWHO\ WKHUH LV D EDVLF ÁDZ WKDW GHYHORSHG ZLWK RXU UXGLPHQWDO ODEHOLQJ N;%!1L#2=1!.$!)!6*)=!)26!)!*+$$!)*%!.$&%2!'#Q%6!+,!)26!1.'%&#'%1!%/%2!4.'J#2%6F! )1!#$!&;%*%!#1!2.!6#$$%*%24%!J%&A%%2!&;%'8!Y+1&!3#L%!J)1#4!;)*'.2?;-G 2++% -=B&#(>!*U% W&!?% !?(% (SF(P!&">% ",% !?(% F+"*(B% "-% XC=]](BY% -"++U% .>B% *"#(% >(W(-% ?$C-&B%-=B&#(>!*U%F.>%'"%&>*&B(%!?(*(%,.#&+&(*c%4(-()*%!?(%+&*!%",%-=B&#(>!*%W()++%C(%+""G&>'% .!%!"B.$c BC::/:>?;-G

BA--/:>?;-G

K>B>D;DD-=/:>?;-G/

DB>&/:>?;-G

:->?/:>?;-G

3?-((_7!-"G(%0=,,

8&E(_7!-"G(%0"++

7&>'+(%I.-.B&BB+(

7&>'+(%6-.'

2+!(->.!&>'%8+.#*

8"=-_7!-"G(%0=,,

7&S_7!-"G(%0"++

6"=C+(%I.-.B&BB+(

6"=C+(%6-.'

8&E(_7!-"G(%0=,,

7(E(>_7!-"G(%0"++

3-&P+(%I.-.B&BB+(

7&>'+(%0.!.#.F=(

7&>'+(%8+.#% I.-.B&BB+(

7(E(>_7!-"G(%0=,,

5&>(_7!-"G(%0"++

I.-.B&BB+(_6&BB+(

6"=C+(%0.!.#.F=(

3(>_7!-"G(%0"++

3-&P+(%0.!.#.F=(

1+(E(>_7!-"G(%0"++

6"=C+(%8+.#% I.-.B&BB+( 3-&P+(%8+.#% I.-.B&BB+( 8+.#.F=( 8+.#%3.P* 8+.#%2FF(>! 8+.#%6-.'* 7W&**%3-&P+(!*

BC::/:>?;-G 7KUHH6WURNH5XII

7=''(*!(B%!(#P"%-.>'(^%h=.-!(-%>"!(nQM_LZM %

;!)*%?.-B%!"%'(!%#"-(%C.*&F%!?.>%!?&*c%D=*!%*>.P%!?(%.FF(>!U%.>B%G((P%(E(-$!?&>'%(+*(% B"W>g>&F(%.>B%*",!c 7+,1*6725(0(0%(5 78! N;#1!1#',3%!*;"!?(-%,=>%W.$%!"%P+.$%.%!?-((_*!-"G(%-=,,c%:(!)*%-(E(-*(%!?(%-?$!?#%.>B%!-$% DFFHQWLQJWKHÀUVWEHDWDV,VKRZ\RXRQWKH'9'

%2>"!?(-%&>!(-(*!&>'%W.$%!"%+""G%.!%!?&*%-=B&#(>!%&*%!"%G((P%!?(%*.#(%-?$!?#%.*%"=-% "-&'&>.+%(S.#P+(%.>B%">+$%F?.>'(%!?(%.FF(>!c%;!)*%!"='?(-%!?.>%&!%+""G*d%;*>)!%&!%&>F-(B&C+(% ?"W% B&,,(-(>!% !?&*% *"=>B*% ,-"#% !?(% "-&'&>.+U% .>B% .++% W(% B&B% W.*% *?&,!% !?(% .FF(>!\% 3?(% P"W(-%",%.FF(>!*%&*%.%E(-$%&#P"-!.>!%!""+%,"-%.>$%*(-&"=*%P+.$(-c

4(-(%.-(%*"#(%"!?(-%,=>%-=,,*%!"%P-.F!&F(%!?.!%.-(>)!%&>F+=B(B%&>%!?(%:&,(!&#(%J.-#=Pc% ;%=*(%.++%!?(*(%-=,,*%(E(-$%!&#(%;%*&!%C(?&>B%.%B-=#*(!c%3?($%.-(%W">B(-,=+%,"-%$"=-%?.>B*U% *"%'&E(%!?(#%.%!-$c

:41'W@"'4I%/B1.. 5"!&F(% ?"W% !?&*% (E(>_>=#C(-(B% -=,,% B"(*% 593% >.!=-.++$% .+!(->.!(d% f"=% ?.E(% !"% #.>&P=+.!(%!?(%*!&FG&>'%!"%*!.-!%&!%W&!?%!?(%"!?(-%?.>Bc%;,%$"=%B&B>)!U%&!%W"=+B%.+W.$*%*!.-!% ">%!?(%*.#(%?.>Bc %

)LYH6WURNH5XII

% 8M

BC::/:>?;-G[DAC\-=/@FBA]=@ 6HYHQ6WURNH5XII

%

D4135%/@"'4I%, ;!)*%!&#(%!"%!.FG+(%!?(%#"*!%#&*P+.$(B%.>B%#&*=>B(-*!""B%*!-"G(%&>%.++%",%B-=##&>'^% !?(%B"=C+(%*!-"G(c%2%B"=C+(%*!-"G(%&*%W?(>%$"=%P+.$%!W"%>"!(*%W&!?%">(%?.>B%&>%h=&FG% *=FF(**&">c%;,%$"=%!.+G%!"%.>$C"B$%.C"=!%!?(%P-"C+(#%W&!?%B"=C+(%*!-"G(*U%$"=)-(%+&G(+$% !"%?(.-%!?(%*.#(%!?&>'%-(P(.!(B+$^%X!?(%*(F">B%*!-"G(%&*%W(.GcY%&>'%!?(%*(F">B% QRWHRQHDFKKDQGLVQ·WWKHVDPHYROXPHDVWKHÀUVWQRWH7KHSRRUVHFRQGVWURNHLV .+W.$*%C(&>'%F.++(B%+.]$c%2>BU%!"%C(%*=-(U%?(%*"#(!&#(*%&*c%A=!%!?(-()*%*"#(!?&>'%(+*(% .,"=+%?(-(i ,·P DEVROXWHO\ FRQYLQFHG DIWHU KHDULQJ WKH ÁDLOLQJ GRXEOH VWURNHV RI WKRXVDQGV RI VWXGHQWVWKDWWKHSUREOHPLVMXVWDVOLNHO\WREHWKHÀUVW%*!-"G(%.*%&!%&*%!?(%*(F">BU%&,%>"!% PRUHVR7KHÀUVWVWURNHLVOLNHWKHFODVVEXOO\LWVQHDNVXSRQWKHVHFRQGVWURNHVPDFNV ?&#%&>%!?(%?(.B%.>B%!.G(*%?&*%+=>F?%#">($c% 7KLQNDERXWLWORJLFDOO\IRUMXVWDVHFRQG% ",% W-&*!% !"% P-(P% &,% &!% W.>!*% !"c% 3?(% *(F">B% *!-"G(% W&++% >(E(-g-(P(.!U% 2%/%*g(h=.+% WKHYROXPHRIWKHÀUVWVWURNHLI\RXSOD\WKHÀUVWVWURNHWRRKLJKDQGORXG,W·VSK\VLFDOO\ &#P"**&C+(c%k+!&#.!(+$U%$"=%W&++%.+W.$*%?.E(%!?(%F+.**&F%#=*?$%-"++%*"=>B%!?.!%+.FG*%F+.-&!$% DQGDLULI\RXGRQ·WJHWWKDWÀUVWVWURNHXQGHUFRQWURO ;%.+W.$*%!(++%*!=B(>!*%!"%"C*(-E(%.>B%-(*P(F!%!?(%*(F">B%*!-"G(%C$%#.G&>'%*=-(%!?(% ÀUVWVWURNHLVQ·WEHDWLQJLWXS,W·VQRWKDUG2QFHWKH\VHHWKDWWKHÀUVWVWURNHLVSRZHUIXO DOOE\LWVHOIWKH\VWDUWWRHDVHRIIEULQJLQJWKHÀUVWVWURNHGRZQ7KH\WKHQOHWWKHVHFRQG *!-"G(%C"=>F(%=P%!"%&!*%,=++%?(&'?!%!?(-(C$%C-&>'&>'%.%>(W%(E(>>(**%.>B%F+.-&!$%!"%!?(&-% -"++*%!?.!%W.*%P-(E&"=*+$%#&**&>'c%7"%&>*!(.B%",%"C*(**&>'%.C"=!%?"W%$"=-%*(F">B%*!-"G(% LVZHDN,UHFRPPHQGVSHQGLQJDQHTXDODPRXQWRIWLPHPDNLQJVXUH\RXUÀUVWVWURNH &*>)!%!""%*!-">'c 3?&*%&*%.++%B&*F=**(B%F"#P+(!(+$%">%!?(%6H6%.>B%;%?"P(%$"=%!.G(%!?(%!&#(%!"%'"%!?-"='?% !?(% (S(-F&*(*% .>B% .>.+$](% $"=-% P(-*">.+% -"++% h=.+&!$c% 0(#(#C(-U% (E(>% -"++*% !?.!% ?.E(% EHHQWHUULEOHIRU\HDUVFDQEHÀ[HGLI\RXIRFXVRQWKHULJKWWKLQJV,W·VQHYHUWRRODWHIRU DWHFKQLFDOPDNHRYHU*UHDWUROOVDUHZLWKLQ\RXUJUDVSMXVWVWD\FDOPDQGVPDUWWKH\ W&++%C(%$"=-*c ;%P+.$%.%*&#P+(%B"=C+(_*!-"G(%#(F?.>&F*%(S(-F&*(%">%!?(%6H6%!?.!%+(!)*%$"=%,"F=*%">% !?(%h=.+&!$%",%$"=-%B"=C+(%*!-"G(U%">(%?.>B%.!%.%!&#(c%:(!)*%!.G(%.%+""G%.!%!?.!%>"W^

8P

BA--/:>?;-G 'RXEOH6WURNH0HFKDQLFV([HUFLVH 5LJKWKDQG /

/HIWKDQG

/

%RWKKDQGV %

%;!)*%&#P"-!.>!%!"%B"%!?(*(%(S(-F&*(*%&>%-?$!?#%*"%!?($%?.E(%F">!(S!c%;,%$"=%F.>%'(!% !?(%+(,!%.>B%-&'?!%?.>B*%",%!?&*%B"=C+(_*!-"G(%#(F?.>&F*%(S(-F&*(%*"=>B&>'%(E(>U%$"=)-(% '"&>'%!"%?.E(%>"%P-"C+(#%W&!?%!?(%,.>F&(-%!?&>'*%F"#&>'%B"W>%!?(%-".Bc%:(!)*%!.G(%.% +""G%>"W%.!%!?(%-"++*%!?.!%W&++%C(%'"&>'%&>*&B(%!?(!:&,(!&#(%J.-#=Pc %

BA--/:>?;-G )LYH6WURNH5ROO

7=''(*!(B%!(#P"%-.>'(^%h=.-!(-%>"!(nTM_LOM

% 4(-()*%!?(%*?"-!(*!%B"=C+(%*!-"G(%-"++^%*&#P+$%!W"%*(!*%",%B"=C+(*%.>B%.>%.FF(>!c%J()-(% =*&>'%!?&*%-?$!?#%&>%o%C(F.=*(%!?.!)*%!?(%-?$!?#%=*(B%&>*&B(%!?(%:&,(!&#(%J.-#=Pc%A=!% MXVWNQRZWKDW\RXFDQWDNHWKLVDQGDQ\UXGLPHQWSUHVHQWHGDQ\ZKHUHLQDQ\ERRN .>B%F?.>'(%!?(%-?$!?#%!"%*=&!%$"=-%!.*!(*%.>B%>((B*c% f"=%F.>%.+*"!1&)*&%.>$%-"++%W&!?%.>%.FF(>!U%!""c%2C"E(U%W()-(%ÀQLVKLQJ%W&!?%.>%.FF(>!% 8Q

BA--/:>?;-G ">%!?(%+.*!%*!-"G(%a*"#(!&#(*%F.++(B%!?(%-(+(.*(b%",%!?(%-"++c%A=!%,((+%,-((%!"%(SP(-&#(>!% W&!?%*!.-!&>'%W&!?%.>%.FF(>!U%!""c% 3?&*%&*%P-"C.C+$%!?(%#"*!%=*(,=+%-"++%,"-%B-=#*(!%&>%!(-#*%",%&!)*%.PP+&F.!&">%P"**&C&+&!&(*c% 8&E(%*!-"G(%-"++*%.-(%1H10fJ4101U%&,%$"=%!.G(%!?(%!&#(%!"%+""Gc% 7+,1*672:$7&+)25 @=)#2F!)1!A#&;!&;%!&;*%%[1&*.L%!*+$$F!&;%!1;.*&2%11!.$!&;#1!*+6#'%2&!#1!.$&%2!#&G1!J#==%1&! FKDOOHQJH/RQJHUUROOVKDYHDFKDQFHWR´FOHDQXSµDVWKH\JRRQEXWÀYHVKDYHWREH JUHDWULJKWDZD\,I\RXZDQWFOHDQÀYHVWURNHUROOV\RXHLWKHUKDYHWKHPRU\RXGRQ·W 6RZDWFK\RXUPHFKDQLFV7KH\·OOKHOS\RXH[HFXWHEHDXWLIXOÀYHVWURNHUROOV 'RQ·WOLIWWRRKLJK 'RQ·WRYHUVTXHH]HWKHVWLFNV 8VH\RXUIXOFUXPSUHVVXUHV )HHOWKHGRXEOHVLQ\RXUEDFNÀQJHUV 6WD\UHOD[HG 'RQ·WZRUNWRRKDUG,I\RX·UHWRRSK\VLFDOZLWKWKLVVKRUWOLWWOHUROO\RX·OOMXVW ! A#26!+,!4*+1;#2=!#&8!"%&!#&!J*%)&;%B %

6HYHQ6WURNH5ROO 7=''(*!(B%!(#P"%-.>'(^%h=.-!(-%>"!(nTM_LZM% %

2?U%!?(%*(E(>_*!-"G(%-"++^%.%,.E"-&!(%",%!?(%5c2c0c6c%*F?""+%.>B%.>%&>F-(B&C+$%=*(,=+% -"++%C(?&>B%!?(%B-=#*(!c%4(-()*%.>%&>!(-(*!&>'%F"#P.-&*">%!?.!%&++=*!-.!(*%!?(%-(+.!&">*?&P% EHWZHHQUXGLPHQWVLI\RXWDNHDIRXUVWURNHUXIIDQGGRXEOHWKHÀUVWWKUHHVWURNHV\RX W&>B%=P%W&!?%.%*(E(>_*!-"G(%-"++c%7"U%+&G(%!?(%,"=-_*!-"G(%-=,,U%&!%B"(*%593%>.!=-.++$%.+!(->.!(c% 3"%#.G(%&!%.+!(->.!(%$"=%?.E(%!"%F?.>'(%!?(%*!&FG&>'U%W?&F?%W(%W&++%>"!%B"%!?&*%!&#(c%J?$\% A(F.=*(U%*"#(!&#(*%&!)*%'-(.!%!"%>"!%.+!(->.!(c%1E(>%!?"='?%!?(%-=B&#(>!.+%P"+&F(%.-(% DOODURXQGXVUHDG\WRZDJWKHLUÀQJHUWKHUH·VQRUXOHWKDWVD\V\RX+$9(WRDOWHUQDWHDOO WKHWLPHHVSHFLDOO\EHKLQGDVHWRIGUXPV,W·VMXVWDVYDOLGWRKDYHWKLQJVFRPHDURXQG WRWKHVDPHKDQGDQGHQMR\WKDWFRQWLQXRXVIHHOLQJ,W·VDOODERXWDSSOLFDWLRQ $VZLWKWKHÀYHVWURNHUROOWKLVLVWKHUK\WKPZHXVHLQWKH/LIHWLPH:DUPXSEXWIHHO ,-((%!"%F?.>'(%!?(%-?$!?#%!"%!-$%&!%&>%.BB&!&">.+%#=*&F.+%.PP+&F.!&">*c%2*%W&!?%!?(%,"=-_ *!-"G(%-=,,U%!?&*%-"++%W"-G*%'-(.!%W&!?%.%!-&P+(!%P=+*(U%*"%'&E(%!?.!%.%!-$U%!""c

8R

BA--/:>?;-G 7+,1*672:$7&+)25 7KHQRQDOWHUQDWLQJFRQVWUXFWLRQIHHOVGLIIHUHQW $YRLGDYHU\VWLIIOHIWKDQGZKLOHSOD\LQJDOOWKHGRXEOHV $YRLGDFFHQWVWKDWJHWWRRELJDQGORXG &RPPRQSUREOHPWKHHLJKWKQRWHVWDUWVWRORVHLW·VIXOOYDOXH &RPPRQSUREOHPDULJKWKDQGWKDWKDVDKDUGWLPHÀQGLQJLWVPRWLRQ +RQHVWO\ WKLV LV RQH RI WKH HDVLHVW DQG PRVW UHOD[LQJ UROOV WR SOD\ DQG , ÀQG PRVW *!=B(>!*%'(!%&!%E(-$%h=&FG+$c

E#*%W@"'4I%/B455 7=''(*!(B%!(#P"%-.>'(^%h=.-!(-%>"!(nTM_LZM%

% 3?&*%&*%#$%B(*(-!%&*+.>B%-"++c%;,%;%F"=+B%">+$%P+.$%">(%-"++%,"-%!?(%-(*!%",%#$%+&,(%">%!?(% GUXPVHWLWZRXOGEHWKHQLQHLW·VMXVWVRXVHIXO6ROLNHWKHÀYHVWURNHUROOZH·UHEDFNWR DQDWXUDOO\DOWHUQDWLQJIHHOLQJ7KLVLVDJDLQDJUHDWRSSRUWXQLW\WRÀQGZHDNQHVVHVLQ $"=-%!(F?>&h=(U%&,%$"=%?.E(%!-"=C+(%*!.-!&>'%"-%*!"PP&>'%.%-"++%">%(&!?(-%?.>Bc%2++%*"-!*%",% '-(#+&>*%W&++%P-(*(>!%!?(#*(+E(*%W&!?%!?(*(%*&#P+(%.+!(->.!&>'%-"++*c%3?&*%'&E(*%.++%",%=*%.% F?.>F(%!"%-(.++$%'(!%&>*&B(%"=-%,=>B.#(>!.+*U%&,%W(%?.E(%!?(%F"=-.'(%!"%+""Gd 7+,1*672:$7&+)25 1RZZH·UHLQWRDUROOWKDW·VDOLWWOHORQJHUVRLI\RXUGRXEOHVDUHQ·WPDWFKLQJRQ !! %#&;%*!;)26F!'(^%h=.-!(-%>"!(nTM_LZM%

3?(%(+(E(>_*!-"G(%-"++%&*%(S.F!+$%+&G(%!?(%!(>_*!-"G(%-"++%(SF(P!%&!%">+$%?.*%">(%.FF(>!c% 7.#(%(S.F!%,((+&>'%.*%!?(%!(>U%*.#(%!&#(%*&'>.!=-(%!""U%C=!%>"W%W(%">+$%?.E(%.%-&'?!% ?.>B%.FF(>!c%;!)*%.+*"%>">_.+!(->.!&>'c PN-FD*Y*4+8%?5*0"($'8(*(89*$+#$*$+"*8?5L4:+88?*0"$+85*8/*[(%0R"&'()*4$&8H"4\* '4*"Q$&"0"?=*%(0%4':#?*$8*$+"*5&%04"$*2?#="&B*Y*0"#(6*9+8*:#&"4*+89*0#(=*4$&8H"4* =8%*2?#=*9+"(*=8%>&"*4'$$'()*'(*#*R#(5*2?#='()*$+"*5&%04"$b*P8R85=B*E%$6*$+"&"*'4* +'4$8&=*+"&"*$8*?"#&(*#(5*"(?;-G &%5'0"($#?*4=4$"0*$+#$*9"*4$'??*%4"*$8*$+'4*5#=B*-8*:#$")8&'A"*&8??46*$+"=*%4"5*?"()$+i (8$*'(*$"&04*8/*0%4':#?*R"#$46*R%$*'(*$"&04*8/*4$&8H"*:8%($B*-+"=*5'5(>$*'(7"($*4$&8H"* :8%($6*R=*$+"*9#=6*$+"=*4*(8$*"Q#:$?=*$+"*084$*0%4':#??=*"(?')+$"('()*9#=*$8*?88H*#$*2?#='()*480"$+'()*8(*#* 5&%04"$6*'$*98&H4B*C(56*&"#??=6*'$>4*% !?(% :&,(!&#(% J.-#=PU% C=!% &!)*% *=F?% .% ,.>!.*!&F% .>B% =*(,=+% GUXPVHWUROOWKDW,ZDQWHGWRVKDUHLWZLWK\RXLQWKLVSURMHFW,VKRZ\RXKRZWRSOD\LW ">%!?(%6H6c%A$%!?(%W.$U%*"#(%F.++%!?&*%!?(%X&>E(-!(BY%E(-*&">%",%.%*&S_*!-"G(%-"++%C=!%!?.!% -(.++$%B(P(>B*%">%$"=-%P(-*P(F!&E(c%;)#%*?"W&>'%$"=%!?&*%E(-*&">%C(F.=*(%&!)*%!?(%#"*!% =*(,=+%.>B%F"##">%">%!?(%B-=#*(!U%C$%,.-c +HUHLVWKHULJKWKDQGOHDGVL[VWURNHUROO

/

+HUHLVWKHOHIWKDQGOHDGVL[VWURNHUROO

%

9V

BA--/:>?;-G 6L[6WURNH5ROO&KHFN3DWWHUQ 3?&*%P.-!&F=+.-%F?(FG%P.!!(->%&*%F?(FG&>'%#"!&">%.>B%.FF(>!%P+.F(#(>!c%3?(%.FF(>!*% DQGÁRZRIERWKEDUVVKRXOGIHHOWKHVDPH 7=''(*!(B%!(#P"%-.>'(^%`M_N`M%CP#

'RXEOH6WURNH&KHFN3DWWHUQV 4(-(% .-(% !?(% (S.F!% F?(FG% P.!!(->*% ;% =*(% ,"-% B"=C+(_*!-"G(% B(E(+"P#(>!% &>% !?(% C('&>>&>'%",%!?(%-"++%F?.P!(-%.>B%W&!?%!?(%'-"=P%&>%!?(%F?.P!(-%X/-"=P%6(#"^%6"=C+(_ 7!-"G(%R?(FG%I.!!(->*cY K"&"*'4*:+":H*2#$$"&(*CS/3?&*%F?(FG%P.!!(->%F?(FG*%!?(%*"=>B%",%$"=-%B"=C+(*c%A"!?% C.-*%*?"=+B%*"=>B%(S.F!+$%!?(%*.#(c%J(++U%F+"*(%!"%&!%.!%+(.*!e%B">)!%'(!%"C*(**&E(c

C%*=''(*!(B%!(#P"%-.>'(^%NMO_LLM%CP#

%

K"&"*'4*:+":H*2#$$"&(*ES%3?&*%(S(-F&*(%F?(FG*%$"=-%#"!&">c%A"!?%C.-*%*?"=+B%$%%3%!?(% *.#(%-.!?(-%!?.>%'(!!&>'%*!&,,%.>B%!-$&>'%!"%X*!-"G(Y%(.F?%>"!(%",%!?(%B"=C+(*%W&!?%$"=-% W-&*!c%3?&*%F?(FG%P.!!(->%&*%B(*&'>(B%!"%'(!%$"=-%?.>B*%!"%*",!(>U%.>B%,((+%!?(%,=+F-=#%">% !?(%*(F">B%C.-c%

E%*=''(*!(B%!(#P"%-.>'(^%NZO_LTO%CP# % ;%F(-!.&>+$%B&B>)!%&>E(>!%!?(*(%F?(FG%P.!!(->*e%!?($)E(%C((>%.-"=>B%,"-(E(-c%8"-%.*%+">'%.*% B-=##(-*%?.E(%C((>%!-$&>'%!"%.!!.&>%'-(.!%-"++%h=.+&!$%!?(-(%?.E(%C((>%!?(*(%*&#P+(%(S(-F&*(*c% ;%OHDUQHGWKHPDWDQHDUO\DJHDQGZDVVXUSULVHGWRÀQGPDQ\GUXPPHUVZKRZHUHQHYHU &>!-"B=F(B%!"%!?(%F">F(P!%",%F?(FG%P.!!(->*c%7"U%&,%!?&*%&*%>(W%!"%$"=U%$"=)-(%'"&>'%!"%+"E(% W?.!%&!%B"(*%,"-%$"=-%B-=##&>'%!(F?>&h=(d%I+=*U%!?($)-(%.%+"!%",%,=>%!"%P+.$U%(*P(F&.++$%W&!?% ,-&(>B*c 9!

K>B>D;DD-=/:>?;-G

K>B>D;DD-=/:>?;-G 3?(%&>!-"B=F!&">%",%!?(%P.-.B&BB+(U%"-%!?(%XB&BB+(Y%,.#&+$U%&*%.%F-=F&.+%#"#(>!%,"-%.>$% *(-&"=*%*!=B(>!c%;!)*%'"&>'%!"%F"#C&>(%(E(-$!?&>'%W()E(%F"E(-(B%*"%,.-^%-(C"=>BU%.FF(>!*U% *&>'+(*U%.>B%B"=C+(*U%.>B%P=!%!?(#%&>!"%">(%>(.!%+&!!+(%,"=-_>"!(%'-"=P&>'c%3?(%6H6%?.*% !?(%F"#P+(!(%B(#">*!-.!&">U%*"%P+(.*(%F?(FG%&!%"=!%.>B%&>F"-P"-.!(%!?(%F">F(P!*c%\.!=-.++$%.+!(->.!(*%&*%.%P"W(-,=+%!""+%,"-%!?(%B-=#*(!%P+.$(-U% *&>F(% &!% .++"W*% $"=% !"% (SP+"-(% C"!?% X*&B(*Y% ",% !?(% B-=#*(!% *(.#+(**+$c% k>,"-!=>.!(+$U% !?(% P.-.B&BB+(%?.*%C((>%#.B(%&>!"%.%C&!%",%.%C&''(-%B(.+%!?.>%&!%>((B*%!"%C(%!(F?>&F.++$U%.>B% #.>$%B-=##(-*%!?&>G%P.-.B&BB+(*%.-(%?.-B(-%!?.>%!?($%.-(c%5">*(>*(c%3?($%.-(%(.*$U%(.*$U% HDV\B%*&>'+(%P.-.BB&B+(% .>B%.%+(,!_?.>B%*&>'+(%P.-.B&BB+(c%I+.$%W&!?%#(%">%!?(%B(#"%.>B%!?(>%C$%$"=-*(+,%!"% '(!%!?(%,((+&>'%",%!?(*(%P.-.B&BB+(*c%P8$"D*9+"(*$#?H'()*#R8%$*2#'55?"46*$+"*(#0"* [4'()?"*2#7'5?"\*'4*:8008(?=*&"/"&&"5*$8*#4*B%!?(%*.#(c%2++%*"-!*%",% ,=>>$%!?&>'*%F.>%?.PP(>%?(-(d 98

K>B>D;DD-=/:>?;-G 7+,1*672:$7&+)25 78! ]%3)QF!$.4+1!.2!!%F"#C&>&>'%,"=-%*&>'+(%*!-"G(*%.>B%">(% B"=C+(% *!-"G(c% J()++% C(% +""G&>'% .!% &!% !W"% W.$*% ?(-(^% W&!?% !W"% .FF(>!*% .>B% W&!?% ">(% .FF(>!c 'RXEOHSDUDGLGGOHVZLWKWZRDFFHQWV

% 'RXEOHSDUDGLGGOHVZLWKRQHDFFHQW

% 7+,1*672:$7&+)25 'RQRWVWURNHHDFKDFFHQWZLWK\RXUZULVW8VHWKHÉRXQFHGRZQµWHFKQLTXH ! I!1;.A!B>D;DD-=/:>?;-G F'#25%/K('(+#++5% 4(-()*%!?(%!-&P+(%P.-.B&BB+(U%.>%(&'?!?_>"!(%-=B&#(>!^%Q%*&>'+(*%,"++"W(B%C$%.%B"=C+(c% 6">)!%,"-'(!%!"%!-$%!?.!%X">(%?.>B%">%!?(%P.BU%">(%?.>B%">%$"=-%+('Y%(S(-F&*(%W?(-(% $"=%F.>%,"F=*%">%!?(%#(F?.>&F*%",%(.F?%?.>B%*(P.-.!(+$c 7ULSOHSDUDGLGGOHVZLWKWKUHHDFFHQWV

/ 7ULSOHSDUDGLGGOHVZLWKRQHDFFHQW

/7+,1*672:$7&+)25 $JDLQGRQRWVWURNHHDFKDFFHQWZLWK\RXUZULVW8VHWKH ÉRXQFHERXQFHGRZQµWHFKQLTXH,VKRZ\RXRQWKH'9' .HHSWKHWDSVEHWZHHQWKHDFFHQWVVRIWDQGUHOD[HG 7KHOHQJWKRIWKLVSDUDGLGGOHFDQEHDELWWULFNLHUWRJHWLQVLGH\RXUKDQGVVR GRQ·WUXVKWDNH\RXUWLPH %

K('(+#++5%/L4$3#*("#4* ,QVLGHWKH/LIHWLPHZHKDYHDOOVRUWVRIFRPELQDWLRQV7KHÀUVWRQHZH·OOORRNDWLVWKH P.-B&BB+(%F"#C&>.!&">c%;!)*%*&#P+(^%,"=-%*&>'+(U%,"=-%B"=C+(U%.>B%,"=-%!-&P+(%P.-.B&BB+(*% F?.&>(B%!"'(!?(-%.>B%+""P(B%"E(-%.>B%"E(-c

7+,1*672:$7&+)25 ,W·VFUXFLDO\RXXVHWKHERXQFHGRZQWHFKQLTXHRQWKHDFFHQWVRI ! &;#1!4.'J#2)&#.28 % !?(>% *!.-!% WR H[SHULPHQW ZLWK DFFHQW SODFHPHQW 7KH IROORZLQJ DUH MXVW D IHZ H[DPSOHV RI WKH P"**&C&+&!&(*%",%#(**&>'%.-"=>B%W&!?%P.-.B&BB+(%.FF(>!*c% 6LQJOHSDUDGLGGOHYDULDWLRQ

/ 'RXEOHSDUDGLGGOHYDULDWLRQ

/ 7ULSOHSDUDGLGGOHYDULDWLRQ

%

K('(+#++5%/(%&*%'"&>'%!"%?.E(%.%'-(.!%!&#(%!-$&>'%!"%>.E&'.!(%!?&*%C(.*!c%;!% -(.++$%&*%.%C+.*!%!"%P+.$c

7+,1*672:$7&+)25 $YRLGDIRRWWKDWWDSVLQPRUVHFRGHUDWKHUWKDQRQWKHEHDW $YRLGVWLIIQHVVDQGZULVWEDVHGVWURNHVEHFDXVHRIWKHV\QFRSDWLRQV &RPPRQSUREOHPODFNRIFODULW\LQWKHWDSVGXHWRV\QFRSDWLRQV

9P

K>B>D;DD-=/:>?;-G K('(+#++5%WD#++5%/ 3?&*% -=B&#(>!% F">*&*!*% ",% .% P.-.B&BB+(% P+=*% .>% .BB&!&">.+% B&BB+(% a'(!% &!\bc% 3?&*% &*% .>% .#.]&>'%B-=#*(!%-=B&#(>!c%k>+&G(%!?(%P.-.B&BB+(U%&!%B"(*>)!%.+!(->.!(%>.!=-.++$c%;!%G((P*% F"#&>'%.-"=>B%!"%!?(%*.#(%?.>BU%W?&F?%#(F?.>&F.++$%.++"W*%=*%!"%(SP+"-(%,.*!(-%*P((B*% W&!?%!?&*%*!&FG&>'c%;!%.+*"%?.*%.%#=F?%X-"=>B(-Y%,((+&>'%!?.>%!?(%P.-.B&BB+(*c +HUHLVDULJKWKDQGOHDGSDUDGLGGOHGLGGOH

+HUHLVDOHIWKDQGOHDGSDUDGLGGOHGLGGOH

%

3DUDGLGGOH'LGGOH&KHFN3DWWHUQ$ 3?&*%P.-!&F=+.-%F?(FG%P.!!(->%&*%F?(FG&>'%!?(%h=.+&!$%",%$"=-%-&'?!%?.>B%.>B%+(,!%?.>B% P.-.B&BB+(_B&BB+(*c%;!)*%C.*&F.++$%*(E(>%P.-.B&BB+(_B&BB+(*%.>B%">(%B"=C+(%P.-.B&BB+(c% J()-(%+""G&>'%,"-%C"!?%*&B(*%!"%C(%(h=.++$%'-(.!c%;,%$"=%F+"*(%$"=-%($(*U%!?(%W?"+(%!?&>'% *?"=+B%*"=>B%(S.F!+$%!?(%*.#(U%.>B%,((+%!?(%*.#(U%!""c

% 7+,1*672:$7&+)25 5K\WKPLFLQWHJULW\LVDELJRQHKHUH,WKDVWREHVHDPOHVVZLWKQRJDSV ! .*!1&+&&%*18 7U\WRIHHOWKHÚRXQGQHVVµDV\RXFKDLQWKHVHWRJHWKHU .HHSWKHQRQDFFHQWKDQGORRVHLWFDQRIWHQWLJKWHQXS $VLWJHWVIDVWHUGRQ·WOHWWKHUK\WKPFKDQJH+LFFXSVRIWHQRFFXU :H·UHXVLQJWKHGRXEOHSDUDGLGGOHWRJHWXVRYHUWKHRWKHUKDQGLWRIWHQ ! &#=;&%21!+,!)26!1.+261!+2%/%2F!1.!J%!4)*%$+38

9Q

DB>&/:>?;-G K('(+#++5%WD#++5%/L4$3#*("#4* 4(-(% &*% !?(% F+.**&F% P.-.B&BB+(_B&BB+(% F"#C&>.!&">% !?.!% W()++% C(% =*&>'% &>*&B(% !?(% :&,(!&#(%J.-#=Pc%3?&*%(S(-F&*(%F">*&*!*%",%!W"%P.-.B&BB+(_B&BB+(*%.>B%">(%P.-.B&BB+(c% 3?(%P.-.B&BB+(%'(!*%=*%"E(-%!"%!?(%"!?(-%?.>B%*"%&!%.+!(->.!(*%'-.F(,=++$c

7+,1*672:$7&+)25 $JDLQUK\WKPLFDFFXUDF\LVNH\7KLVRIWHQJHWVVOXUUHGDQGVORSS\ 'RQ·WOHWWKHSDUDGLGGOHRQWKHHQGJHWFKRSS\ 7DS\RXUIRRWFRQVLVWHQWO\ $VDOZD\VQRWKLQJFKDQJHVDVWKHWHPSRJHWIDVWHU³\RXMXVWJHWVPDUWHU ! )26!3..1%*8

DB>&/:>?;-G 'UDJV RU KDOIGUDJV GHSHQGLQJ RQ ZKLFK HUD \RX EHORQJ WR DUH GHÀQHG DV WZR '-.F(%>"!(*%,"++"W(B%C$%.%P-&#.-$%>"!(c%5"WU%'-.F(%>"!(*%.-(%!(F?>&F.++$%*#.++U%*",!% QRWHVWKDWGRQ·WKDYHUK\WKPLFYDOXHLW·VXSWRWKHSHUIRUPHUWRDVVLJQMXVWKRZRSHQRU F+"*(B%!?(%'-.F(%>"!(*%W&++%C(c%3-.B&!&">.++$U%&>%.++%F">F(-!%*>.-(%B-=#%#=*&FU%B-.'*%.-(% W-&!!(>%+&G(%!?&*^ /HIWKDQGGUDJ

/ 5LJKWKDQGGUDJ

P8$"D*-+'4*'4*$+"*%?$&#L$'$'8(#?*(#0'()6*9+"&"*$+"*SULPDU\*(8$"*5"$"&0'("4*9+#$* WKHUXGLPHQWJHWVFDOOHGMXVWOLNHZLWKÁDPV %XWLQPRGHUQVQDUHGUXPSOD\LQJ 9R

DB>&/:>?;-G 9+"(*=8%*+"#&*480"$+'()*?'H"*[#*?"/$L+#(5*5&#)6\*'$*0"#(4*9+#$*=8%*$+'(H*'$*0"#(4D* #*58%R?"*)&#:"*(8$"*"Q":%$"5*9'$+*$+"*?"/$*+#(5B*-+"*58%R?"*)&#:"*(8$"4*8/*#*5&#)6* XQOLNHWKHVLQJOHJUDFHQRWHRIDÁDPFDQVWDQGRQWKHLURZQDVDQDFWXDOPXVLFDO $88?*_9'$+8%$*#*2&'0#&=*(8$"`B f"=% F.>% *((% !?(% *#.++% '-.F(% >"!(*% C(,"-(% !?(% P-&#.-$c% 4"W% $"=% P(-,"-#% !?(#% &*% F.++(B% $"=-% X&>!(-P-(!.!&">cY% ;% B(#">*!-.!(% !?&*% ">% !?(% 6H6% ,"-% $"=% !"% *((% .>B% ?(.-c% 'UDJVDUHDYHU\SRZHUIXOZD\WRVSLFHXSWKLQJVOLNHÀOOVB%=P%W&!?%*"#(!?&>'%F"#P+(!(+$%>(Wc%5"WU%+(!)*%!.G(%.% ORRNDWWKHÀUVWGUDJUXGLPHQWLQWKH/LIHWLPH:DUPXS

@#*65%/D'(6

J(+F"#(%!"%">(%",%!?(%#"*!%=*(,=+%-=B&#(>!*%,"-%!?(%B-=#*(!c%f"=%#&'?!%C(%*.$&>'% !"% $"=-*(+,U% X4($U% ;% B">)!% *((% !?"*(% '-.F(% >"!(*% .>$W?(-(% &>% ?(-(dYU% .>B% $"=)B% C(% -&'?!c%J?(>%$"=%.**&'>%E.+=(%!"%'-.F(%>"!(*U%W(%=*(%.%B&,,(-(>!%W.$%!"%>"!.!(%!?(#c% 0(#(#C(-U% '-.F(% >"!(*% &>% !?(&-% !-.B&!&">.+% =*.'(% B">)!% ?.E(% -?$!?#&F% E.+=(e% !?($)-(% WUXO\ MXVW DQ DFFHVVRU\ WR WKH SULPDU\ +RZHYHU KHUH ZH·UH JRLQJ WR DVVLJQ YDOXH E\ W-&!&>'%.%+&>(%!?-"='?%!?(%#&BB+(%>"!(%",%(.F?%'-"=P&>'c%3?.!%#(.>*%W()-(%B"=C+&>'% !?.!%>"!(U%*"%!?"*(%(&'?!?%>"!(*%.-(%>"W%*&S!((>!?%>"!(*c%3?&*%&*%.%G&>B%",%*?"-!?.>B%,"-% ZULWLQJUK\WKPVXVHGDOOWKHWLPHRQSURIHVVLRQDOOHYHOVFRUHV,ZDQW\RXWRVHHLWQRZMXVW &>%F.*(%$"=%-=>%.F-"**%&!%">%.%P&(F(%",%#=*&Fc%5"W%$"=)++%G>"W%W?.!%!"%B"c 1RWH7KLVUXGLPHQWLVRIWHQSUHVHQWHGLQVLQFHE\GHÀQLWLRQLWLVDGUDJIROORZHG R=*#(*#?$"&(#$"*$#26*9+':+*'4*9+=*'$*'4*480"$'0"4*#?48*:#??"5*#*5&#)*$#2B*E%$*'$4*2&82"&* (#0"*'4*&"#??=*#*4'()?"*5&#)6*48*?"$>4*(8$*#55*$8*$+"*:8(/%4'8(B*Y(*jJU6*$+'4*&%5'0"($* VKRZVLWVWUXHYHUVDWLOLW\E\OHWWLQJLWVFRQVWUXFWLRQEUHDWKHDQGÁRZ

6LQJOH'UDJ&KHFN3DWWHUQ 7KLV SDWWHUQ FKHFNV IRU PRWLRQ ERWK EDUV VKRXOG IHHO DQG ÁRZ WKH VDPH :LWK WKH% (SF(P!&">%",%!?(%B-.'%&>%!?(%F(>!(-%",%(.F?%!-&P+(!%&>%C.-%!W"U%&!%*?"=+B%*"=>B%!?(%*.#(U%!""d 7=''(*!(B%!(#P"%-.>'(^%NMM_LLM%CP#

9T

DB>&/:>?;-G 7+,1*672:$7&+)25 .HHS\RXUKDQGVÁRZLQJ 2QO\WKHDFFHQWVFRPHVXSLQKHLJKWHYHU\WKLQJHOVHVWD\VGRZQDQGVRIW 7KLVUXGLPHQWFDQORVHLWVUK\WKPLFFODULW\LI\RXDUHQ·WFDUHIXO 'RQ·WXVH\RXUZULVWXVH\RXUIXOFUXPSUHVVXUHVWRPDNHWKLVUHDOO\VSHDN

D4135%/D'(6 7=''(*!(B%!(#P"%-.>'(^%TM_LMO%CP#

4(-()*%.%-=B&#(>!%!?.!U%?">(*!+$U%B"(*>)!%!-.>*+.!(%W(++%!"%!?(%B-=#*(!%.!%.++c%4"W(E(-U%&!)*% .%'-(.!%(S(-F&*(%,"-%$"=-%?.>B*U%*"%!?.!)*%W?$%;)#%&>F+=B&>'%&!%?(-(c%f"=%-(.++$%>((B%!"%?.E(% '-(.!%F">!-"+%",%.++%$"=-%+&!!+(%,=+F-=#%P-(**=-(*%!"%#.G(%!?&*%F+(.-%W&!?"=!%!(>*&">%F"#&>'%&>!"% $"=-%?.>B*c%5"!&F(%?"W%W(%.-(%>"W%W-&!&>'%!?(%B-.'*%&>%!?(%!-.B&!&">.+%#.>>(-%.'.&>c%3?&*% !&#(U%W()-(%'"&>'%#"-(%,"-%.>%(,,(F!%.>B%G((P&>'%!?(%B-.'*%!&'?!%!"%!?(%P-&#.-$U%&>*!(.B%",% .**&'>&>'%.%>"!(%E.+=(%!"%!?(%B-.'%&!*(+,c%0(,(-%!"%!?(%6H6%,"-%!?(%B(#">*!-.!&">c 7+,1*672:$7&+)25 'RQ·WFUXVKWKHGUDJVWKH\VKRXOGVWLOOEUHDWKHHYHQDWIDVWWHPSRV :DWFKWKHSODFHPHQWRIWKHSULPDULHV 7HQVLRQLVWKHHQHP\6WD\UHOD[HGHYHQRQWRXJKUXGLPHQWVOLNHWKLV

5DWDPDFXHV 0.!.#.F=(*% .-(% .>% &>F-(B&C+(% -=B&#(>!% .>B% !?($% ?.E(% ,.>!.*!&F% P"!(>!&.+% ">% !?(% B-=#*(!cp%2%-.!.#.F=(%&*%.%C&!%",%.%?$C-&B%W?(-(%W(%F"#C&>(%.%B-.'%W&!?%.%,"=-_*!-"G(_ UXII2IFRXUVHUHIHUWRWKH'9'IRUWKHGHPRQVWUDWLRQ1RWHWKDWWKHVHDFFHQWVDUHMXVW ">(%P"**&C&+&!$c%f"=%F.>%(SP(-&#(>!U%.*%$"=%*?"=+B%W&!?%.++%!?(%-=B&#(>!*d%0.!.#.F=(*% .-(%.%?='(%P.-!%",%!?(%"+B%5c2c0c6c%*"+"*%!?.!%;%'-(W%=P%*!=B$&>'c

7KH ÀUVW VXFFHVVIXO HGXFDWLRQDO GUXP YLGHR QRZ FRQVLGHUHG D FODVVLF ZDV D 6WHYH *DGG YLGHR ÀOPHGLQWKHHDUO\VE\P\IULHQGV5RE:DOOLVDQG3DXO6LHJHO*DGGJLYHVDQXQIRUJHWWDEOHOHVVRQRQ ;.A!&.!),,3(%B-.'%.>B%.%,"=-_*!-"G(%-=,,b

9U

DB>&/:>?;-G 'RXEOHUDWDPDFXH a3W"%B-.'*%.>B%.%,"=-_*!-"G(%-=,,b

% 7ULSOHUDWDPDFXH a3?-((%B-.'*%.>B%.%,"=-_*!-"G(%-=,,b

%

5DWDPDFXH&RPELQDWLRQ 4(-()*%!?(%F+.**&F%-.!.#.F=(%F"#C&>.!&">c%;!%F"#C&>(*%,"=-%*&>'+(U%,"=-%B"=C+(U%.>B% ,"=-%!-&P+(%-.!.#.F=(*c%3?&*%&*%!?(%(S(-F&*(%!?.!%(>B*%!?(%:&,(!&#(%J.-#=Pc 7=''(*!(B%!(#P"%-.>'(^%NMM_LTM%CP#

7+,1*672:$7&+)25 7KHOHIWKDQGOHDGRIWHQLVQ·WDVFULVSDVWKHULJKW 'RQ WOHWWKHWULSOHWORVHLW·VUK\WKPLFLQWHJULW\ $YRLGVOXUULQJWKHGUDJVWRJHWKHURQWKHGRXEOHDQGWULSOHUDWDPDFXHV

MV

:->?/:>?;-G

:->?/:>?;-G $ÁDPLVGHÀQHGDVRQHJUDFHQRWHIROORZHGE\DSULPDU\QRWH,LQWURGXFHWKHP .,!(-% !?(% B-.'*% ?(-(U% .>B% &>% #$% P-&E.!(% !(.F?&>'U% C(F.=*(% ;)E(% +(.->(B% !?-"='?% !?(% $(.-*%!?.!%!?($%.-(%.F!=.++$%!"%C&!%?.-B(-%!"%F">!-"+U%+(.->U%.>B%#.*!(-%!?.>%!?(%B-.'% ,.#&+$c%8+.#*U%!"%P=!%&!%C+=>!+$U%.-(%C.*&F.++$%.%P.&>%&>%!?(%>(FGc%3?($)-(%E(-$g+(!)*%*((U% W?.!)*%.%'""B%W"-B\g!(#P(-.#(>!.+c%9>(%B.$%!?($%*"=>B%'-(.!U%!?(%>(S!%B.$%!?($% VWLQN2QHGD\\RX·UHZKLSSLQJRXWWLJKWJRUJHRXVÁDPVWKDWDOOVRXQGWKHVDPHWKH >(S!%B.$%!?($)-(%*"%,.!%!?($%>((B%!"%C(%P=!%">%.%B&(!c% %XWWULEXODWLRQVDVLGHÁDPVDV,H[SODLQRQWKH'9' DUHDQDPD]LQJWRROIRUGUXPVHW SOD\HUV EHFDXVH WKH\ VHHP WR ÓHQJWKHQµ D VLQJOH QRWH 7KHUHIRUH MXVW DGGLQJ VRPH ZHOOSODFHGÁDPVWRDQ\QRUPDOÀOOIRUH[DPSOH FDQ\LHOGDQHZH[FLWLQJUHVXOW,WDOO B(P(>B*% ">% !?(% .PP+&F.!&">c% A=!% C(,"-(% W(% F.>% DSSO\ÁDPVZHKDYHWRFRQWUROWKHPZKLFKFDQ C(%.%C&!%",%.%*+&PP(-$%*+"P(c%7"%+(!)*%'(!%!"%&!c :(!%#(%*?.-(%W&!?%$"=%.%+&!!+(%!&BC&!%;%P&FG(B%=P% +">'%.'"c%;%F.++%&!%X6(>>&*%6(:=F&.)*%3?-((%7!(P*%!"% /-(.!%8+.#*Y%a.>B%!?&*%&*%-&'?!%,-"#%6(>>&*%?&#*(+,b^ SB* m""2*=8%&*)&#:"*(8$"*589(B TB* m""2*=8%&*)&#:"*(8$"*589(B dB* @""*S*#(5*TB 6(>>&*%.+W.$*%B&B%?.E(%.%'&,!%,"-%'(!!&>'%-&'?!% !"%!?(%F"-(%",%!?(%P-"C+(#c

V"(('4*V".%:'#*#(5*-800=*_Tllc`

:5($, 7=''(*!(B%!(#P"%-.>'(^%TM_LNM%CP#

3?&*%&*%.%>&F(%P+.F(%!"%*!.-!%C(F.=*(%&!%.++"W*%$"=%!"%B"%.%F"=P+(%",%&#P"-!.>!%!?&>'*% DWRQFHFKHFN\RXUÁDPTXDOLW\ZKLOHVLPXOWDQHRXVO\FKHFNLQJ\RXUÁDPFRQVLVWHQF\ 8+.#%h=.+&!$%#(.>*%!?(%-(+.!&">*?&P%C(!W((>%!?(%'-.F(%>"!(%.>B%!?(%P-&#.-$%>"!(c%2*G% \RXUVHOI´'RHVLWVRXQGWRRWLJKWWRRIDWRUMXVWULJKW"µ2QFH\RXDUHVDWLVÀHGWKHQDVN $"=-*(+,U%X6"%!?($%.++%*"=>B%!?(%*.#(U%"-%B"%*"#(%*"=>B%B&,,(-(>!%!?.>%!?(&-%>(&'?C"-*\Y% J(%W.>!%!?(#%!"%*"=>B%+&G(%F+">(*%",%(.F?%"!?(-^%(S.F!+$%!?(%*.#(c

M!

:->?/:>?;-G 5"W%+(!)*%!-$%.%#=F?%!"='?(-%(S(-F&*(c

>5"%'*("#*6/:5($, % 7=''(*!(B%!(#P"%-.>'(^%QM_LMM%CP#

f"=)++%B&*F"E(-%-&'?!%.W.$%!?.!%.++%*"-!*%",U%=#U%X&>!(-(*!&>'Y%!?&>'*%F.>%?.PP(>%?(-(c 34;5/7%39%J23R4%890^ 7KHJUDFHQRWHVZLOOQRZZDQWWRSRSXS.HHSWKHPGRZQ 7KHÁDPTXDOLW\ZLOOVXGGHQO\EHFRPHLQFRQVLVWHQW 7HQVLRQZLOOQRZFUHHSLQGXHWRWKHFRQWUROOHGJUDFHQRWHV6WD\UHOD[HG

:5($/K('(+#++5%, 'UHVVXSVRPHSDUDGLGGOHVZLWKDIHZÁDPVDQGZKDWGR\RXKDYH")ODPSDUDB&BB+(*U% ",%F"=-*(d%;%-(.++$%(>F"=-.'(%$"=%!"%W.!F?%!?(%B(#"%">%!?(%6H6%.%,(W%!&#(*%C(F.=*(U% +&G(%.++%!?&>'*%!(F?>&F.+U%!.+G&>'%.C"=!%&!%&*>)!%>(.-+$%.*%(B=F.!&">.+%.*%*((&>'%&!c 6LQJOHÁDPSDUDGLGGOH

% 'RXEOHÁDPSDUDGLGGOH a7?"W>%&>%Zl[%*&>F(%!?.!%&*%?"W%W(%=*(%&!%&>%!?(%:&,(!&#(%J.-#=Pb

% 7ULSOHÁDPSDUDGLGGOH %

M8

:->?/:>?;-G )ODPSDUDGLGGOHFRPELQDWLRQ 7=''(*!(B%!(#P"%-.>'(^%OM_NZM%CP#

3?&>'*%!"%W.!F?%,"-^ 2EYLRXVO\\RX·OOZDQWWRVTXHH]HDOOWKHOLWWOHQRWHV'RQ·WGRLW $YRLGSRRUÁDPTXDOLW\ZLWKLQFUHDVHGWHPSR )ODPFRQVLVWHQF\RQWKHWULSOHÁDPSDUDGLGGOHLVDOPRVWDOZD\VDQLVVXHDWÀUVW

)ODPDFXH 7KLVLVVXFKDVLPSOHDQGIXQN\OLWWOHUXGLPHQW7HFKQLFDOO\WKLVLVDÀYHVWURNHUXIIZLWK D ÁDP RQ WKH ÀUVW DQG ODVW QRWH %XW WKH KLS SDUW LV WKH VWURQJ DFFHQW RQ WKH VHFRQG QRWH³DYHU\FRROÁDYRU 7=''(*!(B%!(#P"%-.>'(^%QM_NQO%CP#

% %HORZLVDÁDPDFXHLQ,VQ·WLWLQFUHGLEOHKRZGLIIHUHQWWKLVIHHOVIURPWKHYHUVLRQ" 7=''(*!(B%!(#P"%-.>'(^%QM_N[M%CP#

34;5/7%39%J23R4%890^ *UDFHQRWHVZLOOFRPHSRSSLQJXS 7KHVHFRQGQRWHZLOOORVHLWVSRZHU 'RQ WOHWWKHODVWÁDPEHFRPHDGRXEOHVWRS

M9

:->?/:>?;-G :5($/F(2, 3?&*% &*% .% ,.>!.*!&F% -=B&#(>!% !?.!% +(!*% $"=% *((% &,% $"=)-(% &>F"-P"-.!&>'% .% ,=+F-=#% &>!"% (9(5F(%aW?&F?%;)++%!.+G%.C"=!%.%C&!%!"W.-B*%!?(%(>B%",%!?(%(A""G%&>%!?(% X3-&P+(% 7!-"G(Y% *(F!&">bc% 0(,(-% !"% !?(% B(#"% .>B% P+.$% .+">'% W&!?% #(% ">% C"!?% ",% !?(*(% HVVHQWLDOÁDPUXGLPHQWV )ODPWDSLQ 7=''(*!(B%!(#P"%-.>'(^%OM_NTM%CP#

% )ODPWDSLQ 7=''(*!(B%!(#P"%-.>'(^%`M_LLM%CP#

7+,1*672:$7&+)25 7KHÁDPVFDQJHWYHU\IDWRQWKHVHLI\RXDUHQ·WFDUHIXO 'RQ·WRYHUDFFHQWWKHÁDPVLW·VMXVWQRWQHFHVVDU\ 7KLVZLOOWXUQWRVORSLI\RXWU\WRSOD\LWIDVWHUWKDQ\RXVKRXOG

)ODP$FFHQWV 7=''(*!(B%!(#P"%-.>'(^%QM_L[M%CP# -XVWSOD\VLQJOHVWURNHWULSOHWVDQGSXWDÁDPRQWKHÀUVWQRWH!%!"%P+.$%!?(#U%!?(>%P+.$%!?(#e%&,%$"=%B">)!%a,"-%!"B.$bU% WKHQGRQ·W+HUH·VWKHGHDO,I\RXGRQ·W\HWKDYHH[FHOOHQWVLQJOHGUDJVDQGÁDPDFFHQWVWKLV -=B&#(>!%*?"=+B%>"!%C(%.!!(#P!(B%*&>F(%&!%C.*&F.++$%F">!.&>*%C"!?c%;!)*%>"!%.%'""B%B-=#*(!% UXGLPHQWDWDOOLW·VMXVWDUHDOFKDOOHQJHIRU\RXUKDQGVDQG,ORYHDJRRGFKDOOHQJH 1RWH'XHWRWLPHFRQVWUDLQWV,OHIWWKHÁDPGUDJVRXWRIWKHPLQXWHDGYDQFHG .'/"$'0"*1#&0%2B*K89"7"&6*/""?*/&""*$8*2%$*$+"0*R#:H*'(*'/*=8%*9'4+*R=*&"2?#:'()*$+"* ÁDPDFFHQWVZLWKÁDPGUDJV F);E&@/FA/0>FL)/:AB/aC(*&B(*%(E(-$!?&>'b^ 7KHÁDPJUDFHQRWHZLOOFRPHXSLQKHLJKWGHVWUR\LQJHYHU\WKLQJDURXQGLW 7KHGUDJZLOOUXLQWKHÁDPLI\RXDUHQ·WFDUHIXO 7KHÁDPZLOOUXLQWKHGUDJLI\RXDUHQ·WFDUHIXO

@^#,,/F'#25%", ;%'(!%.%P+(.*.>!%?(.B.F?(%!?&>G&>'%.C"=!%.++%!?(%P"**&C&+&!&(*%,"-%7W&**%!-&P+(!*%a"-%7W&**% $UP\WULSOHWVWREHHYHQPRUHSUHFLVH RQWKHGUXPVHW7KHPRWLRQWKHVRXQGWKHÁRZ &!)*%+&G(%!?($%!?"='?!%",%B-=#*(!%P+.$(-*%W?(>%!?($%#.B(%!?&*%!?&>'%=Pc%3?(%>"!.!&">%&*% WKHVDPHDVDÁDPDFFHQWEXWWKHVWLFNLQJKDVFKDQJHG,QVWHDGRIDOWHUQDWLQJOLNHWKH ÁDPDFFHQW LWQRZNHHSVFRPLQJDURXQGWRWKHVDPHKDQGFUHDWLQJDYHU\UHOD[HG X-"=>BY%,((+&>'c%3?(%>">_.+!(->.!&>'%#(F?.>&F*%.+*"%.++"W%!?&*%-=B&#(>!%!"%C(%P+.$(B%.!% C+&*!(-&>'%*P((B*U%&,%B(*&-(Bc% 6ZLVVWULSOHWFRPELQDWLRQ 7=''(*!(B%!(#P"%-.>'(^%`M_LNM%CP# 3?&*%&*%!?(%F"#C&>.!&">%.*%=*(B%&>*&B(%!?(%:&,(!&#(%J.-#=Pc%;!)*%C.*&F.++$%*(E(>%7W&**% WULSOHWVDQGRQHÁDPDFFHQWZKLFKIRUFHV\RXRYHUWR\RXURWKHUKDQG %

MP

:->?/:>?;-G 34;5/7%39%J23R4%890^% 6LQFHLW·VVRHDV\WRSOD\WKHÁDPFDQJHWWRRZLGHLQWHUIHULQJZLWKWKHUK\WKP ! .$!&;%!&*#,3%&8 7KHDFFHQWVWDUWVWRORVHLWVSRZHUEHFDXVHRIWKHVWLFNLQJPHFKDQLFV 7KHXQDFFHQWHGKDQGKDVWRSOD\WKHODVWQRWHRIWKHWULSOHWDQGWKHQ ! #''%6#)&%3'(^%`M_LNM%CP# +HUH·V WKH ELJ .DKXQD 7KLV FRPELQDWLRQ GRHVQ·W FRQWDLQ HYHU\ ÁDP UXGLPHQW GLVFXVVHGEXWLWGRHVJLYH\RXDJRRGLGHDRIKRZLWIHHOVWRÁRZWKURXJKGLIIHUHQWÁDP SRVVLELOLWLHV0RUHDGYDQFHGSOD\HUVFDQVXEVWLWXWHÁDPGUDJVIRUWKHÁDPDFFHQWVLQ C.-%ZU%"-%$"=%F.>%.BB%.>"!?(-%C.-%">!"%!?(%(S(-F&*(%!"%#.G(%&!%+">'(-c%6">)!%,"-'(!U%$"=% FDQDGMXVWWRWDVWHKHUHDQGHYHU\ZKHUHLQP\DSSURDFK

7+,1*672:$7&+)25 )ORZLQJIURPRQHUXGLPHQWWRWKHQH[WFDQEHWULFN\ +LJKJUDFHQRWHVUXLQWKLVH[HUFLVH 7KHODVWWKUHHEDUVDUHVRPHWLPHVDELWURXJKLQLWLDOO\EHFDXVHRIWKHUK\WKP ! )26!)44%2&!,3)4%'%2&8!

MQ

-+"*.'/"$'0"*1#&0%2 &RQFHSW N

D=*!% !"B.$U% ;% W.*% -(.B&>'% .>% .-!&F+(% .C"=!% .% ,.#"=*% B-=##(-% &>% .% B-=##&>'% #.'.]&>(c%3?($%.*G(B%?&#%!?(%-(h=&*&!(%h=(*!&">U%X7"U%=?U%?"W%B"%$"=%W.-#%=P\Y%3?&*% GUXPPHUJDYHWKHUHTXLVLWHDQVZHUDQGE\UHTXLVLWH,PHDQWKHVDPHDQVZHUWKDWMXVW .C"=!%(E(-$%B-=##(-%">%!?(%P+.>(!%'&E(*%!"%!?&*%h=(*!&">bc%4(%*.&BU%Xf"=%G>"WU%;%P+.$% *"#(%P.-.B&BB+(*%.>B%#.$C(%.%F"=P+(%",%-"++*c%f"=%G>"WU%#.$C(U%;%B">)!%G>"WU%=?i% *"#(%P.-.B&BB+(*%aF"='?bcY%U%!?(-()*%'"!%!"%C(%.%C(!!(-%W.$c f"=% *((U% ;% B&B>)!% -(.+&](% ?"W% ,"-!=>.!(% ;% W.*% !"% +(.->% !?&*% !?&>'% F.++(B% !?(% :&,(!&#(% :DUPXS EHFDXVH ,·YH NQRZQ WKLV URXWLQH OLWHUDOO\ VLQFH , FRXOG ZDON , MXVW DVVXPHG (E(-$">(% (+*(% ?.B% .% -"=!&>(U% !""c% f"=% G>"WU% #.$C(% !?(&-*% W.*% B&,,(-(>!U% C=!% !?($% *!&++% ?.B% *"#(% G&>B% ",% X?.>B% #.&>!(>.>F(Y% -"=!&>(c% ;% *"">% +(.->(B% !?.!% !?&*% W.*% >"!% !?(% F.*(c% &>'% -=B&#(>!*% .>B% '.&>&>'% !(F?>&h=(U%?.B%!?&*%G&>B%",%P&(F(#(.+%.PP-".F?%!"%#.&>!(>.>F(U%+&G(%!?(%B-=##(-%&>% !?(%*!"-$%.C"E(c%3?($%B&B>)!%?.E(%.%-"=!&>(%!"%F?(FG%&>%W&!?U%*"%!?($%F"=+B%.>.+$](%!?(&-% ?.>B*)%*!-(>'!?*%.>B%W(.G>(**(*%"E(-%!&#(c% ;,%!?(-(%&*%">(%!?&>'%!?(%:&,(!&#(%J.-#=P%W&++%'&E(%$"=U%&!%&*%P(-*P(F!&E(%">%$"=-%?.>B*% "E(-% !&#(c% 7&>F(% &!)*% .% -"=!&>(U% &,% $"=% #.G(% &!% P.-!% ",% $"=-% B-=##&>'% +&,(U% $"=)++% >"!&F(% .#.]&>'%!?&>'*%?.PP(>&>'%!"%$"=-%?.>B*%-&'?!%&>%,-">!%",%$"=-%($(*c%:&G(%#$%,.!?(-U%;%*!.-!% (E(-$%+(**">%W&!?%!?(%:&,(!&#(%J.-#=Pc%;!)*%.#.]&>'%W?.!%$"=)++%B&*F"E(-c% 34;5/7%f9k%749k:6%q59J^ 3OHDVH,·PEHJJLQJ\RXGRQ·WWU\WRSOD\WKHZKROHWKLQJULJKWDZD\:KHQ, ! &%)4;!&;#1F!#&!&)L%1!)&!3%)1&!#!/%??*="#&!&.!=%&!)33!&;%!%3%'%2&1!)66%6!&;%!%2&#*%! ! *.+%8!a23G%&!%&*^%.%C.-%",%*&>'+(*%.>B%.%C.-%",%B"=C+(*c%3?(%!-&FG$% !?&>'%?(-(%&*%#"E&>'%,-"#%!-&P+(!*%!"%*&S!((>!?*%W&!?%'-.F(%.>B%C(.=!$c

9W@"'4I%/B1../L4$3#*("#4* 3?&*%&*%!(F?>&F.++$%.%Z_*!-"G(%-=,,U%.%T_*!-"G(%-=,,U%.>B%!?(>%.>"!?(-%Z_*!-"G(%-=,,gC=!% WKDW·VVRRYHUO\WHFKQLFDOSOHDVHGRQ·WWKLQNRIWKLVRUDQ\WKLQJHOVH WKDWZD\,W·VMXVWD >&F(%+&!!+(%F"#C&>.!&">%!?.!%.+!(->.!(*%.++%!?(%W.$%!?-"='?e%.%E(-$%-(+.S&>'%.>B%,=>%+&!!+(% F"#C&>.!&">c %

F'#25%"/B455, 3?(-()*%>"%W.$%.-"=>B%&!U%!?(*(%.-(%!"='?c%3?(%&>*!&>F!%W&++%C(%!"%F+"*(%",,%!?(%C.FG% ",%$"=-%?.>BU%+"FG%$"=-%W-&*!U%.>B%">+$%=*(%$"=-%.-#*c%A(F.=*(%!?&*%&*%*"%,.*!U%$"=%F.>% .F!=.++$%'(!%.W.$%W&!?%!?.!%#"!&">%.>B%#.G(%&!%*"=>B%"G.$U%C=!%!?.!)*%>"!%W?$%W()-(% ?(-(U%-&'?!\%5"U%W(r-(%!-$&>'%!"%*!.$%-(+.S(B%.>B%X,=+F-=#&](BY%!?-"='?%(E(-$!?&>'%W(% P+.$U%(E(>%!?&*%,.*!%*!=,,c

% MT

3DUDGLGGOHFRPELQDWLRQRQHDFFHQW 4(-()*% !?(% P.-.B&BB+(% F"#C&>.!&">% W&!?% ">(% .FF(>!% .!% !?(% C('&>>&>'% ",% (.F?% P.-.B&BB+(c% R.-(,=+% ">% !?&*^% W()-(% '"&>'% !"% P+.$% #.>$% #"-(% !.P*% .>B% >"!% .*% #.>$% .FF(>!*U%*"%*!.$%-(+.S(B%.>B%G((P%!?"*(%&>>(-%>"!(*%(E(>%.>B%*",!c

% 3DUDGLGGOHFRPELQDWLRQQRDFFHQWV 3?&*%&*%!?(%?.-B(*!%F"#C&>.!&">%",%.++c%f"=%W&++%W.>!%!"%+&,!%$"=-%*!&FG*%W?(-(%!?(%.FF(>!% =*(B%!"%C(c%6">)!%B"%&!c%J.!F?%!?"*(%!&P*d % %

([WUD([HUFLVHV 0(#(#C(-U%.*%;)E(%*.&B%.%?=>B-(B%!&#(*U%!?&*%&*%.>%&>F"#P+(!(%-=B&#(>!.+%",,(-&>'c%J(% GLGQ·WFRYHUHYHU\UXGLPHQWHVSHFLDOO\PRUHLQWULFDWHUXGLPHQWVOLNHÁDPÀYHVSDWDÁDÁDVRU DQ\LQYHUWHGYDULDWLRQVOLNHDQLQYHUWHGÁDPWDS%XW,·GOLNHWRVKRZ\RXDFRXSOHRIH[HUFLVHV !?.!%W&++%&>!-"B=F(%!?(%!(F?>&h=(*%>((B(B%!"%(SP+"-(%!?"*(%-=B&#(>!*%.>B%#"-(U%(E(>%!?"='?% ;%B">)!%=*(%!?(#%&>%!?(%:&,(!&#(%J.-#=P%E(-*&">*%P-(*(>!(B%?(-(c%A=!%-(#(#C(-U%!?.!%B"(*>)!% #(.>%)!c%;>B((BU%$"=%F.>%.>B%.-(%">+$%+&#&!(B%C$%$"=-%&#.'&>.!&">c

´7UXWK6HUXPµ ;>%!?(%C('&>>&>'%",%!?(%"+B%3H%*?"W%Xq=>'%8=UY%!?(%$"=>'%*!=B(>!%W.*%!"+BU%X;,%?(% F"=+B%W.+G%.F-"**%!?(%-&F(%P.P(-%.>B%>"!%+(.E(%.%!-.F(U%?(%W.*%!?(>%.%#.*!(-cY%J(++U% ?(-()*%.%+&!!+(%(S(-F&*(%;%F.++%X!-=!?%*(-=#cY%3?&*%(S(-F&*(%W&++%+(!%$"=%G>"W%(S.F!+$%W?(-(% $"=%*!.>B%W&!?%!?(%#"*!%*&#P+(%.>B%C.*&F%*!-"G(*c%3?(-()*%>"W?(-(%!"%-=>e%$"=%F.>%(&!?(-% SOD\LWRU\RXFDQ·W,WFRQWDLQVQRDFFHQWVMXVWDVHTXHQFHIURPRQHVWURNHWRIRXUVWURNHV .>B%!?(>%C.FG%B"W>%!"%">(c%0(#(#C(-U%>"%.FF(>!*d%R+"*(%$"=-%($(*%"-%a(E(>%C(!!(-b% -(F"-B%$"=-*(+,U%.>B%$"=%*?"=+B%?(.-%>"!?&>'%C=!%.%F">!&>="=*%+&>(%",%>"!(*%W&!?"=!%.>$% C-(.G*U%E.-&.>F(*U%"-%*!=!!(-*c%3?&*%&*%#$%,.E"-&!(%(S(-F&*(%",%.++%!&#(c%/""B%+=FGc% 7=''(*!(B%!(#P"%-.>'(^%`M_NTM%CP#

%

MU

7ULSOH6WURNHV%RXQFH 6-=##&>'%&*%P-(!!$%C"-&>'%&,%$"=%*!.$%">+$%W&!?%*&>'+(*%.>B%B"=C+(*c%3"%C(%*=-(U%W&!?% WKHÁDPUXGLPHQWVDQGVXFKZHZHUHSOD\LQJORQJHUFKDLQVZLWKHDFKKDQGWKDQMXVW B"=C+(%*!-"G(*c%4"W(E(-U%?(-(%.-(%!W"%,"F=*(B%Z_*!-"G(%F?(FG%P.!!(->*%!?.!%W&++%.++"W% $"=%!"%F?(FG%$"=-%!-&P+(%*!-"G(*U%C"!?%.FF(>!(B%.>B%=>.FF(>!(Bc 7ULSOHVWURNHFKHFNSDWWHUQ$DFFHQWHG 7=''(*!%!(#P"%-.>'(^%NNM_LTM

%

7ULSOHVWURNHFKHFNSDWWHUQ%XQDFFHQWHG 3?&*%(S(-F&*(%&*%E(-$U%E(-$%F?.++(>'&>'c 7=''(*!(B%!(#P"%-.>'(^%NNM_L[M%CP# %

%

'UXPVHW$SSOLFDWLRQ 2,!(-%.++%!?&*%W"-G%F"#(*%!?(%C&'%!-.>*&!&">^%C-&>'&>'%&!%!"%!?(%B-=#*(!c%3?&*%&*%!?(%P"&>!% W?(-(%.++%W()E(%W"-G(B%">%F.>%C(%(&!?(-%.%P"*&!&E(%"-%>('.!&E(%(SP(-&(>F(c%;!%&*%(>!&-(+$% =P%!"%$"=c%3?(%P"&>!%W?(-(%#.>$%P+.$(-*%'(!%F">,=*(B%.>B%,-=*!-.!(B%a!?(-(C$%!=->&>'% !?&*% &>!"% .% >('.!&E(% (SP(-&(>F(b% &*% !?.!% !?($% C(+&(E(% !?.!% >"WU% C(F.=*(% !?($% *"=>B% .>B%+""G%'""B%">%.%P.BU%!?($%W&++%*"=>B%.>B%+""G%'""B%">%.%B-=#*(!g.%-(E"+=!&">.-$% #"#(>!U%",%*"-!*c%3?.!%P-"C.C+$%&*>)!%'"&>'%!"%?.PP(>c% 0.!?(-U%W?.!%*?"=+B%a.>B%?"P(,=++$%W&++b%?.PP(>U%&*%!?.!%.++%!?.!%W"-G%">%!?(%P.B%W&++% *!.-!%!"%'-.B=.++$%F"#(%"E(-%W&!?%$"=%!"%!?(%B-=#*(!%&>%.%#"-(%",%.>%(E"+=!&">.-$%P-"F(**% a-.!?(-%!?.>%.%-(E"+=!&">.-$%">(bc%;,%$"=%!.G(%!?(%"E(-.++%F">F(P!*%",%#$%.PP-".F?%.>B% *!.-!%!"%.BB%!?"*(%F">F(P!*%&>!"%$"=-%P?$*&F.+%F">>(F!&">%!"%!?(%B-=#*(!U%$"=%*?"=+B% *"">% >"!&F(% .++% !?(% !?&>'*% W(% >"!&F(B% .!% !?(% P.Bg% ,=+F-=#U% C"=>F(U% .&-U% -(+.S.!&">U% -"=>B>(**U%F+.-&!$U%C(.=!$g%.++%*!.-!%!"%C(F"#(%P.-!%",%A;.!"% PDWWHUZKDWLWVGHVLJQ³ZLOOUHDOLVWLFDOO\HPXODWH7KDW·VÀQH,GRQ·WSUDFWLFHRQDSDGWR (#=+.!(%.%B-=#*(!c%3?.!%W"=+B%C(%*&++$c%;%P-.F!&F(%">%.%P.B%*"+(+$%!"%'(!%#$%F"-(%?.>B% PV

WHFKQLTXHUHÀQHG3XWWLQJWKDWWHFKQLTXHRQDGUXPVHWLVDSHUVRQDOMRXUQH\WKDWZLOO ">+$%?.PP(>%,"-%$"=%&,%$"=%B"%!?(*(%!W"%*&#P+(%!?&>'*^% :DWFKJUHDWGUXPPHUVSOD\REVHUYHDQGFRS\WKHLUSK\VLFDODSSURDFK / )26 :DWFK\RXUVHOIREVHUYHDQGUHÀQH\RXUSHUVRQDODSSURDFK X"&48(#?* (8$"D* -+"* &"#?* 2?#="&4* #08()* %4* #??* 4$#&$"5* 8%$* 98&4+'22'()* 8%&* /#78&'$"* 5&%00"&B* 1"* 5'44":$"56* ?'4$"("56* 9#$:+"5* _48* 0%:+* "#4'"&* (89* 9'$+* $+"* '($"&("$* $+#(* "7"&* R"/8&"`6* #(5* _084$* '028&$#($?=`* :82'"5h* ]"46* :82'"56* &')+$* 589(* $8* $+"* R&#(5* 8/* 4+'&$*#(5*$&'"5*$8*R"*$+#$*5&%00"&B*-+#$*'4*$+"*084$*289"&/%?*9#=*$8*?"#&(*#(=$+'()D*4$%5=* #(5*"0%?#$"*#*0#4$"&B*W%&&"($?=*$+"&"*'4*#(*#R4%&5*'5"#*$+#$*=8%*4+8%?5(>$*:82=*#(=8("* R":#%4"*=8%&*[78':"\*_9+#$"7"&*$+#$*0"#(4`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h=(%.-(%.++%.-"=>B%=*c%:(!)*%P&FG% ,"=-%'-(.!%B-=##(-*%W&!?%F"#P+(!(+$%B&,,(-(>!%!(F?>&h=(c% +RUDFLR+HUQDQGH] .HLWK&DUORFN %LOO6WHZDUW &LQG\%ODFNPDQ ,I\RXVWXG\QRWMXVWZDWFKEXW!1&+6%*"%#=F?% .C"=!%!(F?>&F.+%P"**&C&+&!&(*c%3?(%+(**">*%.-(%.++%-&'?!%!?(-(c%3?(%!-&FG%&*%!"%>"!%!?&>G%.C"=!% XP.B% P-.F!&F(Y% .>B% !?(>% C-&>'% !?.!% #&>B*(!% !"% !?(% B-=#*e% &!% W">)!% W"-Gc% A-&>'% !?(% 4.24%,&1%"E(-c%A-&>'%$"=-%>(W%=>+"FG(B%?.>B*%"E(-c%5"!&F(%?"W%;)#%>"!%*.$&>'%!"%+""G% .!%!?(*(%B-=##(-*%C(F.=*(%!?($%W&++%E.+&B.!(%X!%!(F?>&h=(*c% 3?.!)*%!?(%&B(.d I+(.*(U%!?&>G%.C"=!%!?&*^%J?(>%W()-(%">%.%P.BU%W()E(%'"!%"=-%*!&FG*%!"%!?(%F(>!(-%",% !?(%P.B%.>B%"=-%!&P*%.-(%!"'(!?(-%.++%>&F(%.>B%F.+#e%.%P"*&!&">%W()-(%.+#"*!%>(E(-%&>% RQWKHGUXPVHW1LQHW\ÀYHSHUFHQWRIWKHWLPHZH·UHSOD\LQJVRPHVRUWRIJURRYHDQG "=-%?.>B*%.-(%*P+&!%C(!W((>%E.-&"=*%&>*!-=#(>!*g*"#(%#.B(%",%#(!.+%!?.!%.-(>)!%(E(>% *!.!&">.-$d%;,%$"=%!-$%!"%P+.$%.%C.*&F%-"FG%'-""E(%+&G(%$"=)-(%P+.$&>'%">%!?(%P.BU%,"-'(!% LW\RX·OOMXVWORRNDQGVRXQGVLOO\:KDW\RXZDQWWRGRLVFRQQHFWZLWKHDFKKDQGDQG +""G%.!%!?(%#(F?.>&F*c%7"%$"=)B%1%%%$"=-%-&'?!%?.>B%">%!?(%?&_?.!U%'(!%&!%!"%*",!(>%=P% .>B%.BB%*"#(%,=+F-=#%!"%'(!%!?(%#"*!%*"=>B%,-"#%!?(%+(.*!%(,,"-!c%3?(>U%$"=)B%1%%%$"=-% VQDUHSOD\LQJWKHEDFNEHDWDQGDGGVRPHHIÀFLHQWVQDSDQGZKLSWR\RXUVWURNHWRJHW !?(%B-=#%!"%P"Pc%3?.!)*%&!e%">(%'-""E(%B">(U%.%!?"=*.>B%#"-(%!"%'"d%7"">U%$"=)++%*((% P!

!?.!%&,%$"=%*!.-!%!"%P+.$%(E(>%">(%'-""E(%W&!?%.%F.+#%-(+.S(B%!(F?>&h=(U%&!%*"">%*!.-!*%!"% *P-(.B%&>!"%(E(-$!?&>'%$"=%P+.$d%3?&>G%",%&!%+&G(%.%?(.+!?$%E&-=*c 5"WU% .>"!?(-% C&''&(% &*% B-=#*(!% X#"!&">UY% W?&F?% &*% .% B&,,(-(>!% B&*F=**&">c% I+.$&>'% .% JURRYHZH·UHXVXDOO\SDUNHGLQRQHVHWSRVLWLRQIRUWKHPRVWSDUW EXWZKHQZHSOD\ÀOOV *"+"*U%"-%'-""E(%E.-&.!&">*U%$.%'"!!.%#"E(d%4"W%B"%$"=%B"%&!\%R"#(%">U%$"=%G>"W%!?(% .>*W(-%.+-(.B$c%:(!)*%P&FG%.%,(W%B&,,(-(>!%B-=##(-*%G>"W>%,"-%!?(&-%F?"P*%">%!?(%B-=#*(!^ 'HQQLV&KDPEHUV 9LQQLH&RODLXWD &DUWHU%HDXIRUG %XGG\5LFK ;,%$"=%A)&4;QRWMXVW!1%%%!?(*(%'-(.!%P+.$(-*U%C=!%.F!=.++$%1&+6B%!?(>%*!.-!%!"%.PP+$%!?(#%!"%(E(-$!?&>'%$"=%B"%.-"=>B%!?(%B-=#*(!c%;!%-(.++$% &*%!?.!%*&#P+(c%;%G>"WU%;%G>"W^%f"=%?(.-%.++%*"-!*%",%!?&>'*%.C"=!%?"W%&!)*%2.&%!?.!%*&#P+(e% DERXWKRZWKLVLVDOOVXSSRVHGWREHVRPHVRUWRIWRUWXURXVMRXUQH\UHTXLULQJSDLQVZHDW FKDUWVJUDSKVDQG\RXUÀUVWERUQFKLOG1RQVHQVH,WLVDVVLPSOHDV\RXZDQWLWWREH 3?.!% B"(*>)!% #(.>% &!)*% (.*$U% C(F.=*(% a;)++% !(++% $"=% -&'?!% >"Wb% &!% &*>)!c% ;,% &!% W.*U% W()B% .++% C(%W?&PP&>'%.-"=>B%.%B-=#*(!%.!%VMM%#&+(*%.>%?"=-c%;!)*%>"!%(.*$%.>B%&!%!.G(*%$(.-*%",% B(B&F.!(B%(,,"-!%!"%.F?&(E(%!?(%,.F&+&!$%",%.%!-=(%#.*!(-c% 2+*"U%$"=%?.E(%!"%C(>B%!?&*%.PP-".F?%!"%W?.!(E(-%*!$+(%",%#=*&F%$"=)-(%&>c%2%!-&"_ MD]] GUXPPHU DQG D VSHHGPHWDO GUXPPHU VLPSO\ FDQQRW DSSURDFK WKH GUXPVHW LQ !?(%*.#(%W.$e%&!%W"=+B%C(%*&++$%!"%!-$c%A=!U%!?.!%B"(*>)!%#(.>%!?($%C"!?%F.>)!%?.E(%!?(% *.#(%F"-(%P?&+"*"P?$%",%*!.$&>'%-(+.S(B%.>B%+""*(c%:"=B%B"(*>)!%>(F(**.-&+$%?.E(%!"% PHDQ´DEXVLYHµF"-P"-.!(%!?(%F">F(P!*%B&*F=**(Bc%7"%'"%.?(.BU%&,%$"=% ?.E(%!"%C.*?U%!?(>%C.*?d%A=!%!-$%!"%*!.$%?(.+!?$%B"&>'%&!c :.*!+$U%C(%!-=(%!"%$"=-%#=*&F.+%*(+,c%;,%$"=%W.>!%!"%C(%.%F?"P*%'"BU%!?(>%C(%">(d%;,%$"=% B">)!U%!?(>%B">)!c%5(E(-U%(E(-%,((+%P-(**=-(%!"%XG((P%=P%W&!?%*"#(">(Y%W?"%F.>%P+.$% ,.*!(-%!?.>%$"=%F.>%&,%&!)*%*&#P+$%.%F">!(*!%C(!W((>%B-=##(-*c%9,%F"=-*(U%&,%$"=-%,.E"-&!(% C.>B%",!(>%(S(F=!(*%,.*!%!(#P"*U%.>B%$"=%W.>!%!"%C(%&>%!?.!%C.>BU%$"=%?.B%C(!!(-%C(% DEOHWRSOD\IDVW%XWWKHUH·VQRODZWKDWVD\V\RXKDYHWRSOD\IDVW7KLV'9'LVMXVWDV #=F?%.C"=!%*!.$&>'%?(.+!?$%B=-&>'%.%+&,(!&#(%",%P+.$&>'%.*%&!%&*%.C"=!%.Fh=&-&>'%*P((B% .>B%P"W(-c% Y($"&"4$'()* +'4$8&':#?* 42""5* 4$8&=D* 1885=* K"&0#(* +#5* #* :+#&$* '(* +'4* ?'R&#&=* :#??"5* [W#?58('#B\*Y$*R":#0"*#*R#5)"*8/*+8(8&6*9+"(*$+"*("Q$*9#7"*8/*0%4':'#(4*$88H*87"&* $+"*:+#'&46*$8*2?#=*[W#?58('#\*/#4$"&*$+#(*$+"*2&"7'8%4*R#(5B*Y$*)8$*48*/#4$*#$*$+"*"(5*8/* 1885=>4*:#&""&*$+#$*'$*9#4*87"&*ell*R20h*Y/*=8%*9#($"5*$+#$*)')6*$+#$>4*9+"&"*$+"*R#&* 9#4*4"$6*#(5*=8%*+#5*$8*)"$*$+"&"B*@8*$+"*[42""5*9#&4\*$+#$*5&%00"&4*8/$"(*9#)"*#&"* (8$+'()*("96*#(5*'/*$+"&"*'4*#*&"#?*0%4':#?*&"#48(*$8*98&H*/8&* *289"&*#(5*42""56*?'H"* $+"*#R87"*"Q#02?"6*58(>$*&%(*/&80*'$6*#$$#:H*'$h*

P8

1RZ:KDW" ;,% $"=)E(% P.&B% .!!(>!&">% .>B% -(.++$% .PP+&(B% (E(-$!?&>'% W()E(% !.+G(B% .C"=!U% $"=-% ?.>B*%*?"=+B%C(%a"-%*"">%W&++%C(b%*",!(-U%*!-">'(-U%.>B%?(.+!?&(-c%f"=)-(%=*&>'%+(**%!"%'(!% PRUHDQG\RXVKRXOGIHHOFRQÀGHQWVPDUWHULQVSLUHGDQGKXQJU\IRUPRUH6R\RX·UH -(.B$%,"-%#"-(\%/""Bd :HOOWKHÀUVWWKLQJ,ZDQWHYHU\RQHWRGRLVJREX\DFRS\RIWKHFODVVLFERRN 6WLFN&RQWURO,I\RXRQO\EX\LWIRUWKHÀUVWWKUHHSDJHVZKLFKDUHQRZOHJHQGDU\\RX·OO C(% '+.B% $"=% B&Bc% ;!)*% .% W">B(-,=+% -(,(-(>F(% !?.!% &*% '-(.!% ,"-% $"=-% "E(-.++% !(F?>&F.+% B(E(+"P#(>!c f"=%F.>U%",%F"=-*(U%'"%">%!"%+(.->%(E(>%#"-(%-=B&#(>!*%&,%$"=%W&*?U%.>B%a.*%;%*=''(*!(B% (.-+&(-b%F?(FG%"=!%.#.]&>'%#"B(->%*>.-(%B-=##(-*%+&G(%D(,,%s=((>c%A=!%.+*"%F?(FG%"=!% *"#(%'-(.!%.>B%&>!(-(*!&>'%B-=#*(!%P+.$(-*%.>B%+(.->%!?(&-%!(F?>&h=(*c% -RMR 0D\HU SURGXFHG DQ H[FHOOHQW '9' UHFHQWO\ FDOOHG 6HFUHW :HDSRQV IRU WKH 0RGHUQ 'UXPPHU WKDW KDV EHFRPH YHU\ SRSXODU ,W VKRZV -RMR·V ÀQH WHFKQLTXH DQG .+*"% ?&*% C-(.GB"W>*% ",% &>!(-(*!&>'% !?&>'*% +&G(% A=BB$% 0&F?)*% +(,!% ?.>B% ,.F&+&!$c% :&G(W&*(U% #$%,-&(>B%D"?>>$%0.CC%?.*%#.*!(-(B%*"#(!?&>'%?(%F.++*%!?(%,-((?.>B%!(F?>&h=(U%.>B% &!)*%*&#P+$%&>F-(B&C+(%!"%W.!F?%?&#%(S(F=!(%&!c%;!%=*(*%!?(%-&#%.*%.%,=+F-=#%P"&>!U%.>B%!"% *((%?&#%B"%W?.!%?(%B"(*%W&!?%&!%&*%#&>B_C+"W&>'c%D"?>>$%P=C+&*?(B%.%C""G%F.++(B%N;%! 2IÀFLDO)UHHKDQG7HFKQLTXH%.>B%&,%$"=%W.>!%!"%+(.->%*"#(!?&>'%-(.++$%B&,,(-(>!U%!?.!)*% !?(%C""G%!"%'(!c 3?(%'-(.!%2+.>%6.W*">%B(E(+"P(B%.>"!?(-%,.>!.*!&F%-"=!&>(%!?.!%?(%!.='?!%?&*%*!=B(>!*% #=F?%!?(%*.#(%W.$%!?.!%#$%,.!?(-%!.='?!%?&*c%;!)*%F.++(B%!?(%0=B&#(>!.+%0&!=.+U%.>B%;% UHPHPEHUVHHLQJ$ODQSOD\WKLVKLPVHOIOLYHDQGLQSHUVRQDWWKHÀUVW0RGHUQ'UXPPHU 8(*!&E.+%&>%NV`Qg.>B%?(%P+.$(B%&!%W&!?%C-=*?(*d%J?.!%.>%&>F-(B&C+(%P(-,"-#.>F(c%;,%$"=% .-(%F=-&"=*%!"%+(.->%2+.>)*%F">F(P!*%a.>B%(E(-$%*(-&"=*%P+.$(-%*?"=+BU%;%!?&>Gb%;)B%+&G(%!"% -(F"##(>B% .% '-(.!% C""GU% N;%! R*+''%*G1! U.',3%&%! _.4)J+3)*7"*4""(*$+"*08&"*R#&R#&':*#08()4$*%4*$&=*$8*0#H"*$+"*.'/"$'0"* 1#&0%2*#(5*$+"*G%5'0"($#?*G'$%#?*'($8*:802"$'$8&46*?'H"*$+"=>&"*'(*480"*2"&7"&$"5* :8($"4$B*Y*:#(*8(?=*4+#H"*0=*+"#5*'(*2'$=B*-+"4"*#&"*$88?46*/8?H46*R8$+*%4'()*&%5'0"($4* #4*#*9#=*/8&*%4*$8*R":80"*R"$$"&*2?#="&4B*Y$>4*?'H"*#&)%'()*87"&*#*+#00"&B ;!)*%!&#(%!"%W-.P%=P%!?&*%X#=F?%+.-'(-%!?.>%;%"-&'&>.++$%P+.>>(BY%(A""Gc%;%?"P(%$"=%?.B% .*%'-(.!%.%!&#(%W"-G&>'%">%!?&*%#.!(-&.+%.*%;%?.E(%?.B%.**(#C+&>'%&!%,"-%$"=c%0(#(#C(-U% \RX·OODOZD\VÀQGWKLQJVWKDWGLUHFWO\FRQWUDGLFWZKDW,·YHVKRZQ\RXRUSHUKDSVWKLQJV $"=%#.$%?.E(%+(.->(B%,-"#%"!?(-%&>*!-=F!"-*c%2!%!?.!%#"#(>!U%$"=%F.>%(&!?(-%,.++%&>!"% !?(% !-.P% ",% X-&'?!Y% .>B% XW-">'UY% "-% $"=% F.>% *&#P+$% B"% .*% ;% B"% .>B% !?&>G% &>% !(-#*% ",% X"P!&">*Y%DI!)3A)%$"=%!"% \RXUDGYDQWDJHDQGGRQ·WEHDIUDLGWRPL[DQGPDWFKYDULRXVVW\OHVWRÀQGZKDWZRUNV P9

,"-%$"=-%?.>B*c%;)#%>"!%.%!(F?>&F.+%P=-&*!U%.>B%;%B">)!%-(F"##(>B%$"=%C(%">(%(&!?(-c%;!)*% .++%.C"=!%!?(%-(*=+!*U%>"!%!?(%#(!?"Bd% 8&>.++$U%!-$%!"%.FF(P!%!?.!%$"=)++%?.E(%'-(.!%B.$*%.>B%C.B%B.$*%W&!?%$"=-%!(F?>&h=(U% EXWWKHMRXUQH\VKRXOGDOZD\VEHMR\RXVDQGIXOORIWKHZDUPVDWLVIDFWLRQRIOHDUQLQJ , KRSH \RX HQMR\HG RXU QHYHUHQGLQJ MRXUQH\ WKURXJK WHFKQLTXH DQG LQFRUSRUDWLQJ !?(%#.'&F%",%!?(%:&,(!&#(%J.-#=P%&>!"%$"=-%B.&+$%B-=##&>'%+&,(c%9>%C(?.+,%",%!?(%+.-'(% !(.#%",%!.+(>!(B%P("P+(%W?"%?(+P(B%#(%F-(.!(%-*%)&!5)261!?.*!@!"#$%&#'%U%!?.>G%$"=% ,"-%(SP+"-&>'%W&!?%=*c /""B%+=FG%.>B%'-""E(%?.-B%aW&!?%*",!%?.>B*dbU

3"##$%;'"(

PM

0)=B=/;F/>--//\=&>ESSS 2% *P(F&.+% >"B% ",% -(*P(F!% !"% #$% ,-&(>B% 0&FG% 6-=##c% 0&FG% F.++(B% #(% C.FG% &>% LMML% aW?(>%?(%W.*%P-(*&B(>!%",%H&F%8&-!?b%.>B%*.&BU%X;%?.E(%!?&*%&B(.%,"-%.%'-""E(%P"*!(-cY%;% *.&BU%X3?.!)*%,=>>$U%;)E(%C((>%W"-G&>'%.%'-""E(%(>F$F+"P(B&.cY%4(%*.&BU%X;%W.>!%&!%!"%C(% .%P"*!(-%",%r(**(>!&.+)%'-""E(*UY%.>B%;%*.&BU%X3?.!)*%,=>>$U%!?(%W"-G&>'%!&!+(%",%#$%C""G% &*%N;%!011%2&#)31!.$!-*../%µ:KDWFDPHRXWRIWKDWÀYHPLQXWHFRQYHUVDWLRQEHFDPH -*../%!011%2&#)31%.>B%(E(-$!?&>'%!?.!)*%.**"F&.!(B%W&!?%&!c% 0&FG%#"E(B%">%.>B%C(F.#(%!?(%P-(*&B(>!%",%6)2BB.--&"c%2,!(-%?(%*(!!+(B%&>%.>B%;% MRLQHGWKH(YDQVWHDPLWZDVWLPHWRJHWFUHDWLYHDJDLQ7KLVWLPH,FDOOHGKLPDQGKDG !?&*%XP-(!!$%F""+%&B(.%,"-%.%>(W%G&>B%",%P"*!(-U%C=!%*"#(!?&>'%F"#P+(!(+$%B&,,(-(>!cY%4(% W.*%P-(!!$%(SF&!(B%*&>F(%?(%.+-(.B$% G>(W% !?(% :&,(!&#(% J.-#=Pc% f"=% *((U% 0&FG% P(-*">.++$% *!=B&(B% W&!?% #$% ,.!?(-% C.FG% &>% !?(% (.-+$% NVTM*U% ZKHQKHZDVMXVWDNLGKLPVHOI%XW ?(% F"=+B>)!% (>E&*&">% &!% ">% .% P"*!(-% .>B% >(&!?(-% F"=+B% ;% .F!=.++$U% C=!% ;% B&B>)!%!(++%?&#%!?.!c% 7"%;%W(>!%!"%7!.P+(*%.>B%C"='?!% .% P&(F(% ",% C&'% W?&!(% P"*!(-% C".-B% a.F!=.++$U% NM% P&(F(*U% *&>F(% ;% G>(W% ;% W.*%'"&>'%!"%B(*!-"$%.!%+(.*!%*(E(>% ",% !?(#bU% *"#(% F"+"-(B% *?.-P&(*U% !.P(U% .>B% #.>=*F-&P!% P.P(-c% ;% P-"F((B(B%!"%W-&!(%(.F?%(+(#(>!% ",% !?(% :&,(!&#(% "=!% C$% ?.>B% .>B% !?(>%F=!%!?(#%&>!"%+&!!+(%P&(F(*U%.>B% !?&*%&*%W?.!%;%P-(*(>!(B%!"%0&FG^ ;!)*%,=>>$%!"%*((%!?&*%>"WU%C=!%;)#% *?"W&>'%&!%!"%$"=%C(F.=*(%;%!?&>G%!?(% :&,(!&#(%P"*!(-%&*%'"&>'%!"%C(F"#(% .>% &#P"-!.>!% P.-!% ",% !?"=*.>B*% ",% B-=##(-)*% #=*&F.+% +&E(*% .,!(-% !?(% -(+(.*(%",%!?&*%6H6c%;%!?"='?!%$"=%#&'?!%+&G(%!"%*((%W?(-(%&!%.++%F.#(%,-"#c%;%B&B>)!%?.E(% DQ\LGHDRIZKDW,ZDVGRLQJEXW,MXVWVWDUWHGFXWWLQJDQGSDVWLQJDQGDIWHUPDQ\IDLOHG .!!(#P!*U%!?(%P"*!(-%*!.-!(B%!"%!.G(%*?.P(c%A=!%&!%*!&++%+""G(B%P-(!!$U%=#U%?"#(#.B(c 5LFNKRZHYHUXSRQVHHLQJP\WKLUGJUDGHOHYHODUWVDQGFUDIWVSURMHFWVDZZKDW, (>E&*&">(Bc%4(%*.W%!?(%P"**&C&+&!$%",%W?.!%&!%F"=+B%C(%.>B%W?.!%&!%F"=+B%#(.>%!"%*"%#.>$% B-=##(-*c%4(%,(+!%.*%,-=*!-.!(B%.*%;%B&B%!?.!%#"-(%B-=##(-*%B&B>)!%G>"W%!?&*%-"=!&>(%.>B% !?"='?!%.%P"*!(-U%F"=P+(B%W&!?%.%!"P_h=.+&!$%6H6U%F"=+B%C(%.%E(?&F+(%!"%-(.++$%#.G(% DQLPSUHVVLRQ$IWHUWKDWWKHJUDSKLFDOWDOHQWRI-DFN0DQVDJHUPDGHLWLQWRWKHÀQDO E(-*&">%!?.!%&!%W.*%B(*!&>(B%!"%C(F"#(c%;)B%+&G(%!"%!?.>G%0&FG%,"-%?&*%E&*&">%.>B%,.&!?%&>% #(U%.>B%!?(%W?"+(%!(.#%.!%6)2BB.-&"%,"-%P=!!&>'%!?(&-%.++%&>!"%#.G&>'%.>%(B=F.!&">.+% P-"B=F!%W()-(%.++%E(-$%P-"=B%",c%5"W%'"%P+.$d PP

?K9, ;>F+=B(B%">%$"=-%6H6% .-(%T% % $"=-% &I"B% a"-% W?.!(E(-% B(E&F(% $"=% +&*!(>% !"% #=*&F% ">bc% f"=)++% ?.E(% .++% !?(% E(-*&">*% ",% !?(% :&,(!&#(% J.-#=P% W&!?% $"=% .!% .++% !&#(*d% f"=% F.>% P+.$% W&!?% #(U%"-%$"=%F.>%P+.$%C$%$"=-*(+,%W&!?%">+$%.%F+&FGc%1&!?(-%W.$U%$"=)-(%'"&>'%!"%?.E(%.>% DPD]LQJ H[SHULHQFH ZLWK WKHVH DXGLR ÀOHV DV \RXU GUXPPLQJ WHFKQLTXH JHW VWURQJHU DQGKHDOWKLHUWKURXJKWKH\HDUVWRFRPH7KHVHÀOHVDUHORFDWHGLQWKH´03VµIROGHURQ $"=-%6H6c%4(-()*%W?.!%!?($%W&++%+""G%+&G(^ F#"5%/ /

/

/

/

/

/

/

A.*&F%:&,(!&#(%J.-#=P%W&!?%3"##$%% % % A.*&F%:&,(!&#(%J.-#=P%W&!?%F+&FG%">+$%% % ;>!(-#(B&.!(%:&,(!&#(%J.-#=P%W&!?%3"##$%% ;>!(-#(B&.!(%:&,(!&#(%J.-#=P%W&!?%F+&FG%">+$% 2BE.>F(B%:&,(!&#(%J.-#=P%W&!?%3"##$%% % 2BE.>F(B%:&,(!&#(%J.-#=P%W&!?%F+&FG%">+$%% O_#&>=!(%2BE.>F(B%:&,(!&#(%J.-#=P% %

:#5%/E($% A.*&F:J_3"##$c#PZ A.*&F:J_R+&FGc#PZ ;>!(-#(B&.!(:J_3"##$c#PZ ;>!(-#(B&.!(:J_R+&FGc#PZ 2BE.>F(B:J_3"##$c#PZ 2BE.>F(B:J_R+&FGc#PZ O#&>2BE.>F(B:J_R+&FGc#PZ

D=*!%+&G(%-*../%!011%2&#)31U%!?(*(%F"B(B%*"%!?($%W&++%.PP(.-%&>%&3=>(*% RUZKDWHYHUÁDYRURIPXVLFMXNHER[VRIWZDUH\RXXVH DOUHDG\WLWOHGDQGFDWHJRUL]HG E\DUWLVWDOEXPFDWHJRU\DQGJHQUH-XVWGUDJWKHÀOHVLQWR\RXUPDLQZLQGRZDQGWKH\ VKRXOGLPSRUWDXWRPDWLFDOO\WKRXJK\RXPD\QHHGWRGRWKLVPDQXDOO\WKURXJKWKHÀOH PHQX :RUVWFDVH\RX·OOKDYHWRODEHOWKHÀOHV\RXUVHOILQ\RXUDXGLRVRIWZDUHEXWWKH LPSRUWDQWWKLQJLVWRMXVWJHWWKHPLQWKHUHVR\RXFDQKHDUDQGSOD\ZLWKWKHP 5((B+(**%!"%*.$U%!?(*(%(%W?"%B"(*>)!%!.G(%!?(%!&#(%!"% P-"P(-+$%+(.->%!?(%(S(F=!&">%.>B%F">F(P!%",%!?(%:&,(!&#(%J.-#=P%,-"#%!?(%6H6d%%9>+$% .,!(-%$"=%W.!F?%"=-%C.*&FU%&>!(-#(B&.!(%.>B%.BE.>F(B%'-"=P%B(#">*!-.!&">*%W&++%$"=% C(%.C+(%!"%W"-G%W&!?%!?(%U%!?(%*%B"%>"!%+&>(%=P%W&!?%!?(%P(-,"-#.>F(%">%!?(%6H6c% 0.!?(-U%;%B(*&'>(B%!?(*(%(*P(F&.++$%,"-%&>B&E&B=.+%P-.F!&F(U%*"%B">)!%!-$%!"%P+.$%!?(#%W&!?% !?(%6H6%.!%!?(%*.#(%!&#(c 2QHDFKÀOH,·OOEHFDOOLQJRXWZKDWWRGRDQGWKHUHZLOODOVREHDWDPERXULQHVWULNH ">%!?(%P-&#.-$%B"W>C(.!*%a"-%!?(%XN*Yb%*"%$"=%G>"W%W?(-(%!"%+&>(%=Pc%5"!&F(%?"W%!?(% FOLFNGRHVQ·WFKDQJHIRUWKHRGGPHWHUVDQGMXVWSXOVHVTXDUWHUVOLNHDUHDOPHWURQRPH 2+*"U%!?(%.FF(+(-.>B"%B"=C+(%*!-"G(%-"++%*?"=+B%C(%*(.#+(**%.>B%*#""!?%W&!?%>"%.=B&C+(% C-(.G*c%H(-$%F?.++(>'&>'d%2+*"U%!?(-()*%.+#"*!%>"%F".F?&>'U%*&>F(%!?.!%W.*%B">(%">%!?(% 6H6%.>B%&!%W"=+B%C(%P+.&>%.>>"$&>'%!"%?(.-%"E(-%.>B%"E(-%&>%$"=-%P?">(*c%4($U%4.E(%,=>d%

PQ

0=\/-;E]@/ I+(.*(%F?(FG%"=!%!?(%,"++"W&>'%W(C*&!(*%,"-%#"-(%.C"=!%3"##$%.>B%!?(%P-"B=F!*%?(%=*(*^ % 7RPP\ V:HEVLWH ?!!P^llWWWc!"##$&'"(cF"#l % 7RPP\·V6LJQDWXUH6WLFNIURP9LF)LUWK KWWSZZZYLFÀUWKFRPSURGXFWEX\QRZSURGXFWSKS"EXWWRQ 67, % 'UXP:RUNVKRS'UXPV ?!!P^llWWWcBWB-=#*cF"#l% % =LOGMLDQ&\PEDOV KWWS]LOGMLDQFRP(186DUWLVWVDUWLVW'HWDLODG"DUWLVW,' % (YDQV'UXPKHDGV ?!!P^ll(E.>*B-=#?(.B*cF"#l1E.>*2-!&*!6-=#*(!*6(!.&+*cI.'(\2F!&E(;6nLMZTt2-!&*! ;Bn[MM[Z% % +XGVRQ0XVLF ?!!P^llWWWc?=B*">#=*&FcF"#l?=B*">lP-"B=F!*l'-""E(_(**(>!&.+*_L_M_C""Gl % /DWLQ3HUFXVVLRQ ?!!P^llWWWc+P#=*&FcF"#lI-"*u3?.!uI+.$u:IlI+.$(-*u0"*!(-l&'"(c?!# % 5K\WKP7HFK ?!!P^llWWWc-?$!?#!(F?cF"#l% %

PR

Great Hands for Lifetime

Short Description

Description

Comments

We need your help!