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    Small Group and Team Communication (4th Harris, Sherblom

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    This document provides a concise 3-sentence summary of the key points: Small Group and Team Communication, Fourth Edition, by Thomas E. Harris and John C. Sherblom, summarizes communication within small groups and teams, including defining small groups, characteristics of small group communication, why people join groups, ethics and groups, and types of small groups. It examines norms, roles, cohesiveness and groupthink, as well as the four phases of group development: forming, storming, norming, and performing. The book provides communication professionals with knowledge of small group dynamics and effective strategies for working in teams.

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    Small Group and Team Communication (4th Harris, Sherblom

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    ozzzyyy
    2K views352 pages
    This document provides a concise 3-sentence summary of the key points: Small Group and Team Communication, Fourth Edition, by Thomas E. Harris and John C. Sherblom, summarizes communication within small groups and teams, including defining small groups, characteristics of small group communication, why people join groups, ethics and groups, and types of small groups. It examines norms, roles, cohesiveness and groupthink, as well as the four phases of group development: forming, storming, norming, and performing. The book provides communication professionals with knowledge of small group dynamics and effective strategies for working in teams.

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    This document provides a concise 3-sentence summary of the key points: Small Group and Team Communication, Fourth Edition, by Thomas E. Harris and John C. Sherblom, summarizes communication within small groups and teams, including defining small groups, characteristics of small group communication, why people join groups, ethics and groups, and types of small groups. It examines norms, roles, cohesiveness and groupthink, as well as the four phases of group development: forming, storming, norming, and performing. The book provides communication professionals with knowledge of small group dynamics and effective strategies for working in teams.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    2K views352 pages

    Small Group and Team Communication (4th Harris, Sherblom

    Uploaded by

    ozzzyyy
    This document provides a concise 3-sentence summary of the key points: Small Group and Team Communication, Fourth Edition, by Thomas E. Harris and John C. Sherblom, summarizes communication within small groups and teams, including defining small groups, characteristics of small group communication, why people join groups, ethics and groups, and types of small groups. It examines norms, roles, cohesiveness and groupthink, as well as the four phases of group development: forming, storming, norming, and performing. The book provides communication professionals with knowledge of small group dynamics and effective strategies for working in teams.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    GSYRXIVXIVVSVMWQGVMQMREPNYWXMGIERHXLIIRZMVSRQIRXXETTMRKXLIGSPPIGXMZIMRWMKLXW
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    GITXXIRHWXSMKRSVIXLIMRXIVEGXMZIH]REQMGSJXLIGSQQYRMGEXMSRTVSGIWWMXWIPJ-R
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    MRK WMPIRX HYVMRK ER MQTSVXERX QIIXMRK MW EW QYGL E GSQQYRMGEXMSR EW WTIEOMRK
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    WMXMREWQEPPKVSYTERH[LIRERSXLIVTIVWSRMWWTIEOMRKQEOII]IGSRXEGX[MXLXLEX
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    SJXLII\XIRXXS[LMGL[IQSHMJ]SYVFILEZMSVWSV[LEX[IEVIWE]MRKMRVIWTSRWIXSXLI
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    WXERH[L]EGXMSRW[IQE]XEOIERHXS[LMGL[IEXXVMFYXIPMXXPISVRSMQTSVXERGIQE]
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    SRXLIW]QFSPMGMQTSVXERGI[IEWMRHMZMHYEPWSVWSGMEPKVSYTWLEZIEXXEGLIHXSXLIQ
    8LIYWIERHEFYWISJW]QFSPWMWERMRLIVIRXP]LYQEREGXMZMX] ;SSH 

    7LEVIH1IERMRK
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    QMRH 8LI HIZIPSTQIRX SJ WLEVIH QIERMRK MW LS[IZIV ER IWWIRXMEP KSEP SJ WQEPP
    KVSYTGSQQYRMGEXMSRERHERMHIEPJSVWQEPPKVSYTQIIXMRKWMWXSIRH[MXLIZIV]SRI
    EVVMZMRKEXEQSVISVPIWWWLEVIHYRHIVWXERHMRKSJXLIQIERMRKSJXLISRKSMRKGSQQY
    RMGEXMSR8LMWMWHMJJMGYPXXSEGLMIZIMREGXYEPJEGXFIGEYWI[IEVIEPPHIITP]MRJPYIRGIH
    F]SYVS[RWIXWSJI\TIVMIRGIWERHEWWYQTXMSRWFYXMXMWERMHIEPRSRIXLIPIWW

    ;L];I.SMR+VSYTW
    ;INSMRKVSYTWJSVQER]VIEWSRW*SYVSJXLIQSWXGSQQSREVIMRXIVTIVWSREPEXXVEG
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    ERHEGXMZMXMIWERHEWWMKRQIRXXSXLIKVSYTF]WSQISRIIPWI WII*MKYVI  ;SVOMRK
    [MXLSXLIVTISTPIGERFIKVEXMJ]MRKERHMXGERFIJVYWXVEXMRK%WWSGMEPFIMRKW[IWIIO
    STTSVXYRMXMIWXSNSMR[MXLSXLIVW[LSWLEVISYVMRXIVIWXWSVQIIXSYVRIIHW+VSYTWGER
    LIPTYWHIJMRIGPEVMJ]SVYRHIVWXERHMQTSVXERXMWWYIWXLVSYKLHMWGYWWMSRERHXLIWLEV
    MRKSJQYPXMTPITIVWTIGXMZIW+VSYTWGEREPWSLIPTYWHIZIPSTSYVPIEHIVWLMTWOMPPWERH
    JEGMPMXEXI SYV YRHIVWXERHMRK SJ TEVXMGYPEV XSTMGW &] [SVOMRK [MXL ERH I\TPEMRMRK
    MWWYIWXSSXLIVW[IGPEVMJ]SYVYRHIVWXERHMRKSJEKMZIRXSTMGWXVIRKXLIRSYVEFMPMX]XS
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    XIVEVXMGYPEXIXLEXXLMROMRKTVSGIWWXSSXLIVW&]EHETXMRKIXLMGEPETTVSEGLIWXSKVSYT
    [SVO[IGEREGLMIZIIZIRKVIEXIVWYGGIWW WII*MKYVI  SRT 

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    8LIXLVIIQENSVMRJPYIRGIWGSRXVMFYXMRKXSMRXIVTIVWSREPEXXVEGXMSREWEVIEWSRJSVNSMR
    MRK KVSYTW EVI TL]WMGEP TVS\MQMX] EXXMXYHI WMQMPEVMX] ERH RIIH GSQTPIQIRXEVMX]
    1MPPIV 
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    SGGYVVMRKFIX[IIRERHMRJPYIRGIHF]IEGLSJXLITEVXMGMTERXWERHXLIMVTIVGITXMSRWSJ
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    MRKERHVIHIJMRMRKSJXLIKVSYTXLIQIQFIVVIPEXMSRWLMTWXSTMGWSTIRJSVHMWGYWWMSR
    ERH KVSYT RSVQW VYPIW ERH VSPIW -J JSV MRWXERGI E KVSYT QIQFIV WYHHIRP] KIXW
    ERKV]EXETEVXMGYPEVTSMRXFIMRKQEHIXLEXERKIVQE]XVMKKIVEKVSYTVIWTSRWI8LEX
    SRITIVWSRtWVIEGXMSRQE]VIHIJMRIXLIKVSYTHMWGYWWMSRIZIRMJSRP]XIQTSVEVMP]8LMW
    WIRWISJE[LSPIRIWWMREKVSYTtWGSQQYRMGEXMSRGEREPWSFIWIIRMRXLII\TIVMIRGISJ
    WSQIXLMRKXLEXWXVMOIWXLIKVSYTEWL]WXIVMGEPP]JYRR]6IPEXMRKXLILYQSVSJXLEXMRGM
    HIRXXSWSQISRIIPWI[LS[EWRSXTVIWIRXSJXIRFIGSQIWMQTSWWMFPIq=SYVIEPP]LEH
    XSFIXLIVIrXSETTVIGMEXIXLILYQSV[MXLMRXLITVSGIWWERHGSRXI\XSJXLIKVSYT

    'SQTPI\8VERWEGXMSRW
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    8LI WYFWXERGI GSRWMWXW SJ XLI GSRXIRX SJ XLI KVSYT MRXIVEGXMSRhXLI MWWYIW EVSYRH
    [LMGLXLIKVSYTMWJSVQIHERHGSQQYRMGEXIW8LITEXXIVR GSRWMWXWSJXLIVIPEXMSRWLMTW
    ERH MRXIVEGXMSRWEQSRK XLI KVSYT QIQFIVW8LI TVSGIWW MW XLI MRXIVQIHMEV] EGXMSR
    FIX[IIRXLIWYFWXERGIERHXLITEXXIVRMXMWXLIGEXEP]WXXLEXKMZIWqPMJIrXSXLIKVSYT
    MRXIVEGXMSR
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    MRKFYXMXEPWSGSRXEMRWEVIPEXMSREPMRXIVEGXMZIIPIQIRXhEREWWYQTXMSRSJETEXXIVRMR
    SYVVIPEXMSRWLMT-XEWWYQIWXLEXMXMWETTVSTVMEXIJSVQIXSWYKKIWXXLIXMQIERHTPEGISJ
    XLIQIIXMRKERHXLEXXLSWIXS[LSQ-EQWTIEOMRKEVII\TIGXIHXSWLS[YT8LI[E]
    IEGLSJYWMRXIVTVIXWERHVIEGXWXSXLMWWXEXIQIRXMRHMGEXIWSYVVIPEXMSREPTVSGIWW-JE
    KVSYTQIQFIVWLS[WYTJSVXLIQIIXMRKEXMWWLISVLIPEXI#,EWLISVWLIZMS
    PEXIHEKVSYTqXMQIPMRIWWRSVQr#,EWLIOITXIZIV]SRI[EMXMRK#-WWLIFIMRKVYHISV
    WMQTP]ETTP]MRKETTVSTVMEXIKVSYTI\TIGXEXMSRWJSVFILEZMSV#0MOI[MWIMJ-XIPPENSOI
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    EQPEXIJSVXLIKVSYTQIIXMRK[LIR-EVVMZIJMZIQMRYXIWEJXIVXLIWXEXIHWXEVXMRKXMQI
    SVEQ[EWXMRKXLIKVSYTtWXMQI[LIR-XIPPENSOIHITIRHWYTSRXLIRSVQWXLEXLEZI
    FIIRIWXEFPMWLIHJSVXLIKVSYT%PPVIPEXMSRWLMTWERHWQEPPKVSYTMRXIVEGXMSRWLETTIR
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    XMSRWLMTWERHMRXIVEGXMSRWFIX[IIRXLITISTPIMRZSPZIH XLITEXXIVR ERHXLIEGXMSRXLEX
    QIHMEXIWFIX[IIRXLSWIX[SERHXLEXYRMXIWXLIQ XLITVSGIWW )EGLKVSYTHIZIPSTW
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    ERHTYFPMGGSQQYRMGEXMSRIJJIGXMZIFYXFIGEYWISJXLIGSQTPI\MX]SJXLIMRXIVEGXMSRW
    MRWQEPPKVSYTWWSQIMQTSVXERXHMJJIVIRGIWMRXLIGSQQYRMGEXMSRTVSGIWWEPWSRIIHXS

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    &EGSR
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    FIXEOIRMRXSEGGSYRX0MOIIJJIGXMZIMRXIVTIVWSREPH]EHW[LMGLEVIX[STIVWSRVIPE
    XMSRWLMTW XLI QIQFIVWSJ WQEPP KVSYTW EVI QYXYEPP] MRXIVHITIRHIRX ERH XLIVIJSVI
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    FIVWSJWQEPPKVSYTWWLEVIVIWTSRWMFMPMX]JSVWTIEOMRKPMWXIRMRKJIIHFEGOERHIQTE
    XL][MXLH]EHMGGSQQYRMGEXMSRFYXMRWQEPPKVSYTWXLSWIVIWTSRWMFMPMXMIWEVIQEHI
    QSVIGSQTPI\F]XLIQYPXMTPIWIXWSJMRXIVEGXMSRW
    +VSYT MRXIVEGXMSRW GSRXVEWX [MXL QSWX X]TIW SJ TYFPMG WTIEOMRK%PXLSYKL MR
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    TVITEVEXMSRJSVERHWYGGIWWSJXLITVIWIRXEXMSREVITPEGIHPEVKIP]SRXLIWTIEOIV-JSRI
    QIQFIVSJXLIEYHMIRGIMRETYFPMGWTIEOMRKWMXYEXMSRHSIWRSXWLS[YTXLIWTIIGL
    MXWIPJMWTVSFEFP]RSXEJJIGXIH-REWQEPPKVSYTSVERMRXIVTIVWSREPH]EHSRXLISXLIV
    LERHIEGLQIQFIVMWERMQTSVXERXTEVXSJXLIGSQQYRMGEXMSRMRXIVEGXMSR-JSRIQIQ
    FIVHSIWRSXWLS[YTSVHSIWRSXTEVXMGMTEXIXLI[LSPIKVSYTMWMQTEGXIH
    ;LIVIEWTYFPMGWTIEOMRKGERFIIJJIGXMZIMRZIV]PEVKIKVSYTWEKVSYTRYQFIV
    MRKQSVIXLERXSQIQFIVWGERRSPSRKIVJYRGXMSRIJJIGXMZIP]EWEqWQEPPrKVSYT
    8LI TSXIRXMEP RYQFIV SJ MRXIVEGXMSRW TVSHYGIH F] XLI MRGVIEWIH RYQFIV SJ TISTPI
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    XMSRSJXLIMRXIVEGXMSRFIX[IIREKVSYTSJTISTPI[MXLHMJJIVIRXTSMRXWSJZMI[XLI]
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    ERHXLIWTIEOIVTPE]WEWYFWXERXMEPP]HMJJIVIRXVSPI*SVXLIWQEPPKVSYTXLIPSWWSV
    EHHMXMSRSJEKVSYTQIQFIVQE]RSX[LSPP]IMXLIVIPMQMREXISVGVIEXIXLIKVSYTtWEFMP
    MX]XSHMWGYWWMWWYIWJYRGXMSRERHQEOITVSKVIWWFYXMX[MPPWYFWXERXMEPP]EJJIGXXLI
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    GSQQSRYRHIVWXERHMRKWERHXSQEOIHIGMWMSRWXLEXEJJIGXIEGLSJYWXSWSQIHIKVII
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    TPEGI[MXLMRMX
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    QE]FIVIJIVVIHXSEWETVMQEV] KVSYTSVEFEWMGWSGMEPYRMXXS[LMGL[IFIPSRK8LMW
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    VIPEXMSRWLMTW7TSVXWXIEQWHMWGYWWMSRKVSYTWWGLSSPSVGLYVGLKVSYTWPIMWYVIEGXMZM
    XMIW ERH SXLIV WTIGMEPMRXIVIWX SV EGXMZMX] KVSYTW QE] EPP TVSZMHI I\XIRHIH WSGMEP
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    WYGLE[E]SVZIWXIH[MXLEYXLSVMX]XSWSPZITVSFPIQWHMVIGXP]7YTTSVXXLIVET]ERH
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    (IGMWMSRQEOMRK ERHTVSFPIQWSPZMRKKVSYTW SRXLISXLIVLERHEVIGSRZIRIH
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    GSQQMXXIIWMRXIRHIHXSEGGSQTPMWLEWTIGMJMGXEWOVETMHP]ERHXSFIHMWFERHIH[LIR
    XLIXEWOMWGSQTPIXIH7SGMEPERHTSPMXMGEPSVKERM^EXMSRWSJXIRLEZIZEVMSYWGSQQMXXIIW
    VERKMRKJVSQTIVWSRRIPERHQIQFIVWLMTXSTVSKVEQERHI\IGYXMZI
    ;SVO KVSYTWQE]FIWIIREWEX]TISJTVSFPIQWSPZMRKKVSYT;SVOKVSYTWLEZI
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    ^EXMSREPPIZIPWJVSQ1G(SREPHtWGVI[WXSLMKLPIZIPI\IGYXMZIVIXVIEXW[LIVISVKERM
    ^EXMSREP TSPMG] ERH HMVIGXMSR EVI HIXIVQMRIH 8LI MQQIHMEXI SJJMGI KVSYT SV
    TVSHYGXMSRXIEQMWERSRKSMRKTEVXSJQSWXNSFWERHXLIIJJIGXMZIRIWWSJXLIWIKVSYTW
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    ^EXMSR'SRXMRYSYWMQTVSZIQIRXXIVQW ERHWIPJQEREKMRK[SVO KVSYTWEVIX[SWTI
    GMEPM^IH I\EQTPIW SJ [SVO KVSYTW 8LIMV KSEPW EVI XS MRGVIEWI XLI UYEPMX] ERH
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    WIRXEXMZIWJVSQWIZIVEPHMJJIVIRXKVSYTW-RQER]GEWIWXLIMVQIIXMRKWTVSZMHIZMXEP
    MRJSVQEXMSRWLEVMRK ERH GSSVHMREXMRK STTSVXYRMXMIW %R I\XIRWMSR SJ GSRJIVIRGI
    KVSYTWEVIQIHMEXIHGSQQYRMGEXMSR KVSYTW WII'LETXIV 1EHITSWWMFPIXLVSYKL
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    QIRX XLIWI KVSYTW TIVQMX TISTPI MR HMWTEVEXI PSGEXMSRW XS GSQQYRMGEXI ERH WSPZI
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    F]EWMRKPIMRHMZMHYEPEGXMRKEPSRI
    7QEPPKVSYTWEVIXLIGSVRIVWXSRIWSJQER]EWTIGXWSJSVKERM^EXMSREPFILEZMSV
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    XVSRMGRIX[SVOWXSMRXIVHMWGMTPMREV]TVSFPIQWSPZMRKKVSYTW

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    7IGSRHQIERMRKMWFEWIHSREW]QFSPMGMRXIVTVIXEXMSRSJERSXLIVtWGSQQYRMGE
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    q-tQLYRKV]r[IYRHIVWXERHXLIQIERMRK%PXLSYKL[IHSRSXI\TIVMIRGILIVSVLMW
    JIIPMRKWHMVIGXP][IGERIUYEXIXLIWXEXIQIRX[MXLSYVS[RJIIPMRKWSJLYRKIV&IGEYWI
    SYVVIWTSRWIWXSSXLIVWt GSQQYRMGEXMSRWEVIFEWIHSRSYVS[RI\TIVMIRGIWSYVGSQ
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    8LMVHGSQQYRMGEXMSRMWGSRXI\XYEP 2YQIVSYWTEVXWSJXLIW]WXIQGERMRJPYIRGI
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    WEQIGSQQIRXQEHIMRHMJJIVIRXGMVGYQWXERGIWSVF]EHMJJIVIRXTIVWSRGERFIMRXIV
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    XMIW8LIWQEPPKVSYTWMR[LMGL[ITEVXMGMTEXIFSXLI\TERHERHHITIRHSRXLIW]Q
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    MRKVIEXIVHIXEMPWLSVXP]GSRRIGXWERHVIWTSRHWXSXLIEGXMZMXMIWSGGYVVMRKEVSYRHMX
    3YVIEVPMIWXI\TIVMIRGIW[MXLSXLIVTISTPIERHXLIW]QFSPMGQIERMRKW[IPIEVRJVSQ
    XLIQTVSZMHIYW[MXLXLIMRMXMEPGSRHMXMSRWXLEXJSVQXLIFEWMWJSVSYVWYFWIUYIRXPIEVR
    MRKI\TIVMIRGIW%WWIPJGSRWGMSYWFIMRKW[IVIJPIGXFEGOSRSYVGSQQYRMGEXMSRXLEX
    MW[IQIXEGSQQYRMGEXI8LMWJEGYPX]EPPS[WYWXSXLMROEFSYX[LEXLEWSGGYVVIHSVMW
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    LEZIWEMHMXHMJJIVIRXP]#rq%Q-QEOMRKWIRWIEXXLMWTSMRXMRXLIGSRZIVWEXMSR#r;I
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    7M\XL[IEVIWMQYPXERISYWP]WIRHIVWERHVIGIMZIVWSJGSQQYRMGEXMSR %PXLSYKL
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    XLITYVTSWISJGPEVMX]XLIQIWWIRKIVERHXLIQIWWEKIEVIRSXVIEHMP]WITEVEXIHJVSQ
    XLI GSRXI\X SJ XLI KVSYT H]REQMGW *SV I\EQTPI LS[ XLI QIWWEKI MW VIGIMZIH ERH
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    QIWWEKIH]REQMGWMRGPYHIFSXLZIVFEPERHRSRZIVFEPIPIQIRXWERHEVIGSRXMRYSYW

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    &EGSR
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    %7]WXIQW%TTVSEGLXS7QEPP+VSYT'SQQYRMGEXMSR 

    7QEPPKVSYTWEVISTIRGSQTPI\H]REQMGEPP]GLERKMRKW]WXIQWSJGSQQYRMGE
    XMSRERHPIEVRMRKXLIZSGEFYPEV]SJEW]WXIQWTIVWTIGXMZIGERLIPTEKVSYTQIQFIV
    WIIERHEVXMGYPEXI[LEXMWSGGYVVMRKMRXLIKVSYT-RXLMWGLETXIV[II\EQMRIXLIGLEV
    EGXIVMWXMGWSJSTIRW]WXIQWXLIGLEVEGXIVMWXMGWSJGSQTPI\W]WXIQWERHXLIGSQQYRM
    GEXMSR JYRGXMSRW [MXLMR STIR GSQTPI\ WQEPP KVSYT W]WXIQW XLEX JEGMPMXEXI XLI
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    ER]SJXLIMRHMZMHYEPTEVXW -XMWEWIXSJIPIQIRXWFSYRHXSKIXLIVMRMRXIVHITIRHIRXVIPE
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    XEOMRKMRXVERWJSVQMRKERHTYXXMRKSYXIRIVKMIW;LIRXLI][SVOMRLEVQSR]IEGL
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    QEHI YT SJ MRHMZMHYEPW TSWWIWWMRK HMJJIVIRX QSXMZIW TIVWSREPMXMIW ERH WOMPPW -R
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    FIX[IIRERH[MXLMRPMZMRKW]WXIQW-RXLIWWGLSPEVWFIKERVITSVXMRKXLIMVZMI[W
    VIKEVHMRK PMZMRK W]WXIQW MR ER IJJSVX XS GVIEXI E KIRIVEP W]WXIQW XLISV]hSRI XLEX
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    JYPI\EQTPI;LMPI[ILYQERWTVMHISYVWIPZIWSRSYVEFMPMX]XSXLMROERHWIPJVIJPIGX
    XLIFVEMR[SYPHFIYWIPIWW[MXLSYXXLISXLIVSVKERWXLEXTVSZMHIPMJIWYTTSVX1SWXSJ
    YWLEZITVSFEFP]I\TIVMIRGIHXLIHMJJMGYPX]SJXLMROMRKWXVEMKLX[LIR[IEVIHMWXVEGXIH
    F]XLITEMRSVHMWEFMPMX][II\TIVMIRGI[LIR[IWTVEMREREROPIX[MWXEORIISVNEQE
    JMRKIVMREHVE[IV8LITEVXWSJXLIFSH]EVIMRXMQEXIP]MRXIVGSRRIGXIH-RWQEPPKVSYTW
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    EVIQIIXMRKERHRYQIVSYWSXLIVMRJPYIRGIWERHMRXIVEGXMSRWhEPPSJ[LMGLEVIMRXIV
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    IJJIGXMZIMRWSPZMRKTVSFPIQW;LIR[IqFVEMRWXSVQrMRWQEPPKVSYTWXLISYXGSQIMW
    YWYEPP]KVIEXIVXLEREWMQTPIEHHMRKYTSJXLIMRHMZMHYEPMHIEW-XPIEHWXSXLIGVIEXMSR
    SJRI[MHIEWWXMQYPEXIHF]XLIKVSYTtWMRXIVEGXMSRMXWIPJ3RIQIQFIVWYKKIWXWERMHIE
    XS[LMGLEWIGSRHQIQFIVVIWTSRHW%XLMVHQIQFIVGSQFMRIWXLIX[SMHIEWMRE[E]
    XLEXFYMPHWERHEHHWSRXSXLIQERHWXMQYPEXIWXLIJMVWXQIQFIVXSLEZIEREHHMXMSREP
    XLSYKLXXLEXI\TERHWSRXLSWIMHIEW8LITVSGIWWGSRXMRYIWERHTVSHYGIWEVIWYPXXLEXMW
    RSXHMVIGXP]EXXVMFYXEFPIXSXLIMHIEWSJER]SRISJXLITEVXMGMTERXWFYXMWVEXLIVXLI
    VIWYPXSJXLIMVMRXIVEGXMSR

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    MRXLSWIIRIVKMIWSVWYFWXERGIWXLI]RIIHJSVXLIMVWYVZMZEPYWIXLIQYTERHKIXVMHSJ
    [LEXXLI]GERRSXYWI8LI]QYWXWIPJVIKYPEXIq3TIRRIWW VIJIVWXSXLIIRIVK]MQTSVX
    EGXMZMXMIWSJXLIW]WXIQ[LMGLMXRIIHWXSsWXE]MRXLIWEQITPEGIt XLEXMWXSQEMRXEMRMXW
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    8SEWWYVIIJJIGXMZIWQEPPKVSYTTVSGIWW[IQYWXQEMRXEMRSTIRRIWWXSXLIIRZMVSR
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    XSI\EQMRIXLIMRTYXJSVVIPIZERGIERHMRXIKVMX].YWXEWXLILYQERFSH]JMPXIVW[LEXMX
    RIIHWJSVMXW[IPPFIMRKJVSQMXWMRTYXWSJJSSH[EXIVERHEMVERHHMWGEVHW[LEXMWYWI
    PIWWSVLEVQJYPWSWQEPPKVSYTWQYWXJMPXIVXLIMRTYXXLI]VIGIMZIXSJYRGXMSRIJJIG
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    GSRWYQIVW[LSEVIXIPPMRKYW[LEXXLI][ERX,S[IZIV[IEPWSRIIHXSJMPXIV[LEXXLI
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    GLSSWIXSFY]8LYWSTIRRIWWXSMRTYXhMRJSVQEXMSRhMWVIUYMVIHFYXXLIMRJSVQEXMSR
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    PIQXLIQSVIMXIVEXMSRWSJMRTYXXVERWJSVQEXMSRSYXTYXXLIKVSYTKSIWXLVSYKLMRMXW
    TVSGIWW8LMWTVSGIWWMWTSWWMFPIFIGEYWIKVSYTWEVISTIRSVTIVQIEFPIXSWSQIHIKVII
    ERHFIGEYWIXLIW]RIVK]SJXLIKVSYTTVSGIWWTIVQMXWXLITVSGIWWMRKERHXVERWJSVQE
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    MRKSRRSRWYTTSVXMZIKVSYTQIQFIVW;LIRHMJJMGYPXMIWHSEVMWIMXMWXMQIXSPSSOXS
    GSQQYRMGEXMSR WXVEXIKMIW XS LIPTXLIKVSYTSV XIEQ VIEGLMXWGSQQSRKSEP8EOMRK
    EHZERXEKISJMRXIVHITIRHIRGIVIUYMVIWPIEVRMRKLS[XS[SVO[MXLXLISXLIVQIQFIVW
    *SVI\EQTPI[LIRXLIVIGSVHWSJ2EXMSREP&EWOIXFEPP%WWSGMEXMSRXIEQWJVSQ
    XS[IVIGSQTEVIHXLIXIEQW[MXLXLIQSWXqWLEVIHI\TIVMIRGIrhTPE]MRKXMQI
    XSKIXLIVSVPS[XYVRSZIVhLEHXLIFIWX[MRPSWWVIGSVHW /SVIX^ 

    *IIHFEGO +MZMRK ERH VIGIMZMRK JIIHFEGO MW ER MQTSVXERX GSRWMHIVEXMSR MR WQEPP
    KVSYTGSQQYRMGEXMSR%KVSYTQYWXTE]EXXIRXMSRFSXLXSXLIJIIHFEGOXLEXMXVIGIMZIW
    JVSQMXWPEVKIVIRZMVSRQIRXMRXLIJSVQSJMXWMRMXMEPGLEVKIERHHMVIGXMSRWEW[IPPEWXS
    XLIVIWTSRWIXSMXWTVIWIRXEXMSRW-XQYWXEPWSVIGSKRM^IXLITVSGIWWIWWX]PIGSRXIRX
    ERHIJJIGXSJXLIJIIHFEGOXLEXMXTVSZMHIWMXWQIQFIVW4SWMXMZIJIIHFEGOIRGSYVEKIW
    GVIEXMZMX]EQSRKKVSYTQIQFIVWERHWYKKIWXWERETTVIGMEXMSRJSVHMZIVWMX]MRXLMRO
    MRKTIVWTIGXMZIWERHSTMRMSRW2IKEXMZIJIIHFEGOIRGSYVEKIWEVIHYGXMSRMRHIZME
    XMSRGERJYPJMPPEGSVVIGXMZIJYRGXMSRXSLIPTOIITXLIKVSYTSRXEWOFYXGEREPWSVIHYGI
    GVIEXMZMX]-JEKVSYT[ERXWXSGSRWMHIVRI[ERHHMJJIVIRXMHIEWMXRIIHWTSWMXMZIJIIH
    FEGO XLEX IRGSYVEKIW HIZMEXMSRW JVSQ XLI I\TIGXIH [E]W SJ XLMROMRK ERH SJ HSMRK
    XLMRKW-JXLIKSEPMWXSQEMRXEMRXLIWXEXYWUYSRIKEXMZIJIIHFEGOPIXWYWORS[[LIR
    [ILEZIWXVE]IHXSSJEVJVSQMX
    -J-YWI6SFIVXtW6YPIWSJ3VHIV 6SFIVX XSQEMRXEMRWXVMGXGSRXVSPSZIVE
    WQEPPKVSYTHMWGYWWMSR-QE]FIIRKEKMRKMRRIKEXMZIJIIHFEGO;LIR-GEPPXLIUYIW
    XMSR SV VYPI WSQISRI SYX SJ SVHIV - LEZI HIGMHIH XLEX LI SV WLI LEW ZMSPEXIH XLI
    I\TIGXIH HMVIGXMSR SJ XLI HMWGYWWMSR SV LEW ZIIVIH SJJ GSYVWI 8LMW OMRH SJ WXVMGX

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    %7]WXIQW%TTVSEGLXS7QEPP+VSYT'SQQYRMGEXMSR 

    8IEQ[SVOERHW]RIVK]

    EHLIVIRGI XS VYPIW MW PMOIP] XS WXMJPI GVIEXMZMX] -R QSWX SVKERM^EXMSRW TYWLMRK JSV
    GLERKIWXLEXEGXYEPP]GVIEXIMQTVSZIQIRXMRTVSHYGXSVTIVJSVQERGIVIUYMVIWTSWMXMZI
    JIIHFEGOMRSVHIVXSQSZITISTPIE[E]JVSQXLIMVLEFMXYEPTVEGXMGIW%JXIVEPPMJXLI
    qSPHr[E]W [IVI[SVOMRKXLIVI [SYPHFI RSTVSFPIQW XSEHHVIWW'SRWMHIVEXMSRSJ
    EPXIVREXMZITSMRXWSJZMI[MWEVIGSKRMXMSRSJXLIVSPISJTSWMXMZIJIIHFEGOMRLIPTMRKXS
    QEOIXLIFIWXHIGMWMSRW8LIGSRWXVYGXMZIYWISJJIIHFEGOEPWSLIPTWTVIZIRXIRXVST]

    )RXVST] 0MZMRK W]WXIQW XIRH XS[EVH IRXVST]hHMWSVKERM^EXMSR WXEKREXMSR ERH


    GLESW;MXLSYXXLIIRIVKM^MRKIJJIGXSJRI[MRTYXW]WXIQWXIRHXSPSWIJSGYWERHSVKE
    RM^EXMSR 8LI] XIRH XS WXEKREXI &] MRGVIEWMRK MRTYXW SJ IRIVK] ERH MRJSVQEXMSR
    KVSYTWGERTVIZIRXIRXVST]FYXXSSQYGLIRIVK]SVMRJSVQEXMSRSZIVPSEHGERGEYWI
    GLESWERHHMWSVKERM^EXMSR3TIRRIWWERHXLIJMPXIVMRKSJMRTYXWLIPTOIITXLIIRIVK]
    FEPERGI MR E WEXMWJEGXSV] WXEXI +VSYTW QSRMXSV ERH GSRXVSP XLIMV MRXIVREP H]REQMGW
    XLVSYKLXLIYWISJJIIHFEGO;LIREKVSYTWIRWIWXLEXMXMWSZIVWXMQYPEXIHERHMWZIIV
    MRK XSS JEV JVSQ MXW MRXIRHIH TYVTSWI MXYWIW RIKEXMZI JIIHFEGOXS OIIT MXWIPJ JVSQ
    LIEHMRKXS[EVHWIPJHIWXVYGXMSR-JIZIV]SRIMWXEPOMRKEXSRGIERHRSSRIMWPMWXIRMRK
    ZIV]PMXXPIGERFIEGGSQTPMWLIHERHWSQISRIRIIHWXSMRWMWXSRSVHIV3RXLISXLIV
    LERHERSZIVHITIRHIRGISRGSRXVSPSVXSSQER]PMQMXWSRRI[MHIEWXLVSYKLRIKEXMZI
    JIIHFEGOPIEHXSWXEKREXMSRERHIRXVST];LIR[IEWQIQFIVWSJKVSYTWFEPERGIXLIWI
    GSQTIXMRKJSVGIWSYVKVSYTWGERFIKMRXSQSZIJSV[EVHWYGGIWWJYPP][MXLERETTVIGM
    EXMSRSJIUYMJMREPMX]

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  +VSYTWEW7]WXIQWSJ-RXIVEGXMSR

    )UYMJMREPMX] 8LIVIMWQSVIXLERSRI[E]XSWOMREGEXWYKKIWXWERSPHI\TVIWWMSR
    )UYMJMREPMX] VIJIVWXSXLIJEGXXLEXPMZMRKW]WXIQWGERXEOIHMJJIVIRXVSYXIWXSXLIWEQI
    HIWXMREXMSR8LIVIHSIWRSXLEZIXSFIEWTIGMJMGJSVQYPEJSVLS[IZIV]KVSYTSTIVEXIW
    XSEGLMIZIWYGGIWW-J]SYEVIMRXIVIWXIHMRQEMRXEMRMRK]SYVTL]WMGEPLIEPXL]SYGER
    [EXGL]SYVHMIXHSEIVSFMGWPMJX[IMKLXWTPE]WTSVXWSVGSQFMRIER]SJXLIWISVSXLIV
    EGXMZMXMIW7SXSSHMJJIVIRXKVSYTWGEREGLMIZIWYGGIWWJYPVIWYPXWF]XEOMRKEHZERXEKI
    SJXLIYRMUYIGSQFMREXMSRSJGLEVEGXIVMWXMGWERHWXVIRKXLWSJXLIMVTEVXMGYPEVKVSYT

    8EOMRK%GGSYRXSJXLI0EVKIV)RZMVSRQIRX %W[IRSXIHIEVPMIVWQEPPKVSYTWEVI
    W]WXIQW [MXLMRW]WXIQW7SQIXMQIWXLI TVSGIWWIW XLEXOIIT MRHMZMHYEP WQEPP KVSYTW
    JYRGXMSRMRK[SVOEKEMRWXXLIPEVKIVKSSHSJXLIW]WXIQSR[LMGLMXHITIRHW8LIJIHIVEP
    KSZIVRQIRXMWEW]WXIQ[MXLQER]WQEPPIVW]WXIQWWYFWYQIH[MXLMRMX*VIUYIRXP]SRI
    WYFW]WXIQSTIRERHVIWTSRHMRKXSXLIRIIHWSJMXWMQQIHMEXIIRZMVSRQIRX[SVOWMR
    HMVIGXSTTSWMXMSRXSERSXLIVXSXLIHIXVMQIRXSJXLI[LSPI*SVI\EQTPIJVSQXS
    XLI-RXIVMSV(ITEVXQIRXWTIRXQMPPMSRWYFWMHM^MRKXLIGSWXSJMVVMKEXMRKJEVQ
    PERHW XS TVSHYGI GSVR FEVPI] VMGI ERH GSXXSR (YVMRK XLI WEQI XMQI TIVMSH XLI
    %KVMGYPXYVI(ITEVXQIRXTEMHXLIWEQIJEVQIVWQMPPMSRXSPMQMXWYVTPYWGVSTTVS
    HYGXMSR &EVV 9RXMPXLIWIX[SHITEVXQIRXWSTIRXLIQWIPZIWFI]SRHXLIMVMQQI
    HMEXI GSRWXMXYIRGMIW XS XLI PEVKIV W]WXIQ SR [LMGL XLI] FSXL HITIRH XLI] [MPP
    TIVTIXYEXI[EWXIERHMRIJJIGXMZIRIWWERHYPXMQEXIP][IGEREWWYQI[MPPI\LEYWXXLI
    JMRERGMEP VIWSYVGIW SR [LMGL XLI LIEPXL ERH QEMRXIRERGI SJ IEGL SJ XLI WYFW]WXIQW
    HITIRH8LIVIJSVIXSXLII\XIRXTSWWMFPIWQEPPKVSYTWSVXIEQWEWW]WXIQW[MXLMRW]W
    XIQWQYWXYRHIVWXERHERHEGGSQQSHEXIXLIXSXEPMX]SJXLIMVIRZMVSRQIRXW
    &IGEYWIHMZIVWMX]MWEZMXEPP]MQTSVXERXMWWYI[ILEZIHIZSXIHERIRXMVIGLETXIVXS
    IRLERGISYVYRHIVWXERHMRKSJMX WII'LETXIV ,S[IZIVX[SI\EQTPIWVIKEVHMRKHMZIV
    WMX]TVSZMHIYWIJYPMRWMKLXWMRXSXLIW]WXIQWERHWYFW]XIQWGSRRIGXMSR +EVHIRW[EVX^

    6S[I ;LIRTISTPIEVIEWOIHXLIFIRIJMXWSJPMZMRKERH[SVOMRKMREQYPXMGYPXYVEP
    IRZMVSRQIRXXLI]EPQSWXEP[E]WQIRXMSRHMJJIVIRXERHI\SXMGJSSHW
    %X E PYRGLEXE QEREKIQIRX QIIXMRK XLI IRXVÍI MWUYMGLI PSVVEMRIQEHI [MXL
    LEQ8[SQEREKIVWRIZIVXSYGLXLIMVTPEXIW;L]#8LIVIGSYPHFIWIZIVEPVIEWSRWFYX
    EPMOIP]SRI[SYPHFIVIPMKMSYWTVSLMFMXMSRWEKEMRWXGIVXEMRJSSHW/SWLIVJSSHPE[W
    EHLIVIHXSF]WSQI.I[WTVSLMFMXXLIIEXMRKSJTSVOERHWLIPPJMWL(IZSYX1YWPMQW
    EPWSVIJYWITSVOERHEPGSLSPMGFIZIVEKIW,MRHYVIPMKMSYWFIPMIJWTVSLMFMXXLIIEXMRKSJ
    QIEXSJER]OMRH-REHHMXMSRQER]MRHMZMHYEPWGLSSWIXSIEXEZIKIXEVMERHMIX8LIWI
    WYFW]WXIQWTVIZEMPMRWTMXISJXLITSWWMFPIGPEWL[MXLSXLIVWYFW]WXIQWFIGEYWISJXLI
    HITXLSJMRHMZMHYEPWt FIPMIJW
    0MOI[MWI XMQI GSRWGMSYWRIWWSRXLITEVX SJ%QIVMGERWSJXIRGPEWLIW [MXLXLI
    QEÕEREEXXMXYHIMR1I\MGSERHXLI-RWLEPPEL SJXLI%VEF[SVPH;LMPIXMQIMWQSRI]MR
    XLI9RMXIH7XEXIWXMQIMWGSRWMHIVIHQSVIIPEWXMGERHVIPIZERXMRXIVQWSJQEÕERESV
    WSQIXMQIMRXLIJYXYVIERHSJ-RWLEPPEL [LMGLQE]QIER[LIRIZIVMXGSQIWXSTEWW
    *SVWSQI%QIVMGERWEGGITXMRKXLEXFSXLZMI[WEVIPIKMXMQEXITIVWTIGXMZIWLEWTVSZIH
    HMJJMGYPXERHMVSRMGEPP]XMQIGSRWYQMRK
    8LI QEWWMZI MRGVIEWIWMR-RXVERIXERH-RXIVRIX GSRRIGXMSRWLEZI I\TERHIHXLI
    WQEPPKVSYTtWYRMZIVWI2SXSRP]MWXLIVIEKVIEXHIEPQSVIMRJSVQEXMSREZEMPEFPIFYX
    STTSVXYRMXMIW XS GSRRIGX HMKMXEPP] VEXLIV XLER MR JEGIXSJEGI KVSYT QIIXMRKW LEZI

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    %7]WXIQW%TTVSEGLXS7QEPP+VSYT'SQQYRMGEXMSR 

    MRGVIEWIHEPPS[MRKMRHMZMHYEPWJVSQEVSYRHXLIKPSFIXSTEVXMGMTEXIMRVIEPXMQIHIGM
    WMSRW +EXIW  ,SJ   -RJSVQEXMSR EPFIMX RSX EP[E]W EGGYVEXI MW [MHIP]
    EZEMPEFPI%W SJ  q QMPPMSR%QIVMGERW LEZI GSRXVMFYXIH QEXIVMEP XS XLI 2IX
    JVSQ TVSHYGX VIZMI[W XS I&E]VEXMRKW EGGSVHMRK XLI 4I[ -RXIVRIX
    %QIVMGER 0MJI
    4VSNIGXr ,SJT 8LIMQTPMGEXMSRWSJXLIWIXVIRHWEVIHMWGYWWIHXLVSYKLSYX
    XLMWXI\XFSSO

    'SQTPI\7]WXIQW
    -REHHMXMSRXSFIMRKSTIRW]WXIQWWQEPPKVSYTWEVIEPWSGSQTPI\W]WXIQW 8LIMVGSQ
    QYRMGEXMSR TVSGIWWIW EVI SJXIR HMWSVHIVP] GLESXMG ETTEVIRXP] HMWGSRXMRYSYW ERH
    XVERWJSVQEXMSREP%W GSQTPI\ W]WXIQW XLI] LEZI EHHMXMSREP GLEVEGXIVMWXMGW EW [IPP
    &IMRKE[EVISJXLIWIGLEVEGXIVMWXMGWEPPS[WTEVXMGMTERXWXSQSVIJYPP]ETTVIGMEXIXLI
    GSQQYRMGEXMSRTVSGIWWIWXLEXEVISGGYVVMRKERHXSQEOIIJJIGXMZIYWISJXLIQMRXLIMV
    KVSYTtWMRXIVEGXMSRW8LVSYKLXLIMVGSQQYRMGEXMSRWQEPPKVSYTWEVIGETEFPISJ[LEX
    LEWFIIRGEPPIHWIGSRHSVHIV SVUYERXYQGLERKI ERHSJHSYFPIPSSTPIEVRMRK +IQ
    QMPP
    ;]ROSST ERHTEVXMGMTEXIMRW]WXIQWXLEXWLS[EWIRWMXMZMX]XSMRMXMEPGSR
    HMXMSRW XLI TVIWIRGI SJ WXVERKI EXXVEGXSVW TLEWI WTEGI FMJYVGEXMSR TSMRXW ERH
    MVVIZIVWMFMPMX] *YLVMQER
    &YVPMRKEQI 

    7IGSRH3VHIV SV 5YERXYQ 'LERKI %W [ILEZI RSXIH STIRRIWWERHGLERKI EVI


    IWWIRXMEPERHEVIXLIIWWIRGISJWQEPPKVSYTGSQQYRMGEXMSRTVSGIWWIW+VSYTWXVERW
    JSVQXLIQWIPZIWWMQTP]F]XLIMVEGXWSJGSQQYRMGEXMRKPIEVRMRKQEOMRKHIGMWMSRW
    WSPZMRKTVSFPIQWERHNYWXFIMRKXSKIXLIV8LMWXVERWJSVQEXMSRQE]FISJX[SX]TIW
    8LIJMVWXX]TIORS[REWJMVWXSVHIVGLERKI MRZSPZIWEGLERKIMRXLIGSRXIRXSVXSTMGSJ
    XLI KVSYT HMWGYWWMSR 8LMW X]TI SJ GLERKI QE] MRZSPZI QSZMRK JVSQ SRI MWWYI XS
    ERSXLIVSVQSZMRKJVSQSRITLEWISJTVSFPIQWSPZMRKSVHIGMWMSRQEOMRKXSXLIRI\X
    8LIWIGLERKIWEVIVIPEXMZIP]WXVEMKLXJSV[EVHEVISJXIRI\TPMGMXP]YRHIVXEOIRERHHS
    RSXVIUYMVIEGLERKIMRXLIKVSYTQIQFIVWXLIQWIPZIWSVMRXLI[E]XLI]MRXIVEGX
    8LIWIGSRHX]TISJGLERKIWIGSRHSVHIV SVUYERXYQGLERKI HIWGVMFIWEGLERKI
    MRXLIKVSYTGSRXI\XSVH]REQMG-XIRXEMPWEGLERKIMRXLIUYEPMX]SJXLIKVSYTMRXIVEG
    XMSRMXWIPJ-JJSVI\EQTPIEKVSYTLEWHIZIPSTIHERSVQSJTSPMXIVEXMSREPERHRSR
    LSWXMPIHMWGYWWMSRERHEXWSQITSMRXMRXLEXHMWGYWWMSREQIQFIVSJXLIKVSYTFIGSQIW
    ERKV]GPEMQWXLIKVSYTMWMKRSVMRKXLIVIEPTVSFPIQWF]RSXEHHVIWWMRKXLIYRHIVP]MRK
    MWWYIWERHWXSVQWSYXSJXLIQIIXMRKXLIKVSYTMWJEGIH[MXLVIWTSRHMRKXSXLEXSYX
    FYVWX8LIKVSYTQE]GLSSWIXSXVIEXMXEWERERSQEP]ERHMKRSVIMXEWWYQMRKMQTPMG
    MXP]SVI\TPMGMXP]XLEXXLISYXFYVWXMWYRMUYIXSXLEXQIQFIVSVGMVGYQWXERGI8LIKVSYT
    QE]EXXVMFYXIMXXSETIVWSREPMX]XVEMXXSEXIQTSVEV]VIWTSRWIXSEWXVIWWJYPPMJIWMXYE
    XMSRSVXSEqTS[IVTPE]rIREGXIHMRSVHIVXSGSRXVSPXLIKVSYTHMWGYWWMSREVSYRHE
    TEVXMGYPEVMWWYI%WGSTMRKXIGLRMUYIWRSRISJXLIWIVIWTSRWIWMRZSPZIWEXVERWJSVQE
    XMSREPGLERKIJSVXLIKVSYT-JLS[IZIVXLIKVSYTYWIWXLISYXFYVWXEWERSTTSVXYRMX]
    XSVIJPIGX SR MXWKVSYTTVSGIWWERHXSIWXEFPMWLRI[ TEXXIVRWSJMRXIVEGXMSRXLIR XLI
    KVSYTMXWIPJLEWYRHIVKSRIEXVERWJSVQEXMSR;LIRXLIXVERWJSVQEXMSRMWTSWMXMZIERH
    GSRWXVYGXMZI XLMW WIGSRHSVHIV GLERKI QE] VIWYPX MR RI[ PIZIPW SJ XVYWX WMRGIVMX]
    ERH STIRRIWW EQSRK KVSYT QIQFIVW EW ER I\XIRWMSR SJ XLIMV I\TERHIH [E]W SJ

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  +VSYTWEW7]WXIQWSJ-RXIVEGXMSR

    GSQQYRMGEXMRK[MXLIEGLSXLIV3RXLISXLIVLERHXLIVIWYPXERXWIGSRHSVHIVGLERKI
    QE]HMWVYTXXLISRKSMRK[SVOSJXLIKVSYT-JXLISYXFYVWXXVMKKIVWLMHHIRLSWXMPMXMIWMR
    SXLIVQIQFIVWMXQE]MVVITEVEFP]LEVQXLIKVSYTTVSGIWWGEYWMRKXLIKVSYTXSPSWI
    GSLIWMSR )JJIGXMZI KVSYTW EVI XLSWI XLEX GER VIGSKRM^I XLIWI TSMRXW SJ GLSMGI ERH
    GLERKIERHYRHIVWXERHXLITSXIRXMEPMRLIVIRXMRXLIQJSVTSWMXMZIXVERWJSVQEXMSR

    (SYFPI0SST 0IEVRMRK 7MRKPIPSST PIEVRMRK MW PIEVRMRK XLITEVXMGYPEV TVSGIHYVIW


    JSV HSMRK WSQIXLMRK (SYFPIPSST PIEVRMRK SR XLI SXLIV LERH MW YRHIVWXERHMRK XLI
    TVMRGMTPIWXLEXYRHIVPMIXLSWITVSGIHYVIWMR[E]WXLEXEPPS[YWXSI\XVETSPEXIGSQFMRI
    ERHGVIEXMZIP]MRZIRXRI[TVSGIWWIWERHTVSGIHYVIW-XGSQFMRIWMRXYMXMZIqGSQQSR
    WIRWIrYRHIVWXERHMRK[MXLXLIQSVIWSPMHP]KVSYRHIHMRJSVQEXMSRFEWIHORS[PIHKI
    8LIJSPPS[MRKEREPSK]HMWXMRKYMWLIWFIX[IIRXLIWMRKPIPSSTPIEVRMRKSJEGSSOERHXLI
    HSYFPIPSSTPIEVRMRKSJEGLIJ%GSSOMWETIVWSR[LSGERGSQTIXIRXP]JSPPS[EVIGMTI
    SVPIEVRTVSGIHYVIJSVTVITEVMRKEGIVXEMRX]TISJJSSH%KSSHGSSOMWSRI[LSJSPPS[W
    E KSSH VIGMTIGEVIJYPP] ERHXLIVIJSVI TVITEVIW KSSHXEWXMRK JSSH% GLIJLS[IZIV
    YRHIVWXERHW XLI MRKVIHMIRXWERHTVSGIWWIWHIWGVMFIHMRXLIVIGMTIGERVIEHQYPXMTPI
    VIGMTIWJSVXLIWEQIHMWLERHXLIRI\XVETSPEXIJVSQXLIFIWXSJIEGLVIGMTIXSGVIEXIE
    RI[ERHYRMUYIHMWLWMQMPEVXSFYXRSXI\EGXP]PMOIER]SJXLSWIVIGMTIW;LMPIEGSSO
    HITIRHWSRLEZMRKXLITVIGMWIMRKVIHMIRXWSRLERHXSQEOIEWTIGMJMGVIGMTIEGLIJMW
    EFPIXSQEOIEHIPMGMSYWHMWL[MXL[LEXWLISVLILEWSRLERH8LIGLIJHSIWQSVIXLER
    QIQSVM^IXLIUYERXMXMIWSJMRHMZMHYEPMRKVIHMIRXWSVPIEVRXLIWTIGMJMGTVSGIHYVIWJSV
    TVITEVEXMSR%GLIJYRHIVWXERHWEWIXSJKIRIVEPTVMRGMTPIWJSVTVITEVMRKXLIHMWLERH
    FEWIHSRXLIORS[PIHKISJXLIWITVMRGMTPIWGERMQTVSZMWIERHGVIEXIERI[HMWL
    (SYFPIPSSTPIEVRMRKTIVQMXWMRHMZMHYEPWERHKVSYTWXSETTP]KIRIVEPTVMRGMTPIW
    [MXLSYXFIMRK XMIHXSER I\EGXVITPMGEXMSR SJIEVPMIVWYGGIWWIW-XHITIRHWSRYRHIV
    WXERHMRK XLI SZIVVMHMRK GSRGITXW FILMRH XLI TVSGIHYVIW (SYFPIPSST PIEVRMRK MW
    MQTSVXERX XS WQEPP KVSYT GSQQYRMGEXMSR TVSGIWWIW FIGEYWI XLIWI TVSGIWWIW EVI
    H]REQMGERHRIZIVLETTIRI\EGXP]XLIWEQI[E]X[MGI8LIVIMWRSSRIVIGMTIJSVWYG
    GIWWJYP KVSYT GSQQYRMGEXMSR8S FI IJJIGXMZI QIQFIVW SJ WQEPP KVSYTW ERH XIEQW
    LEZIXSPIEVRXLIGSRGITXWERHTVMRGMTPIWFILMRHXLITVSGIWWIWERHXLIRPMOIEGLIJ
    VIMRZIRXXLITEVXMGYPEVWSJXLITVSGIWWMRIEGLRI[KVSYTGSRXI\X

    7IRWMXMZMX]XS-RMXMEP'SRHMXMSRW -RGSQTPI\GLESXMGW]WXIQWWYGLEWWQEPPKVSYTW
    XMR]ZEVMEXMSRWMRMRMXMEPGSRHMXMSRW GERTVSHYGIZIV]PEVKIIJJIGXWMRWYFWIUYIRXIZIRXW
    ERH XLIWEQI SVETTEVIRXP] WEQI  MRJPYIRGIGER LEZIWYFWXERXMEPP] HMJJIVIRXGSRWI
    UYIRGIWEXHMJJIVIRXXMQIWMRXLITVSGIWWSVMRWPMKLXP]HMJJIVIRXWIXWSJGMVGYQWXERGIW
    8LIMQTEGXSJXLMWSFWIVZEXMSRSRWQEPPKVSYTH]REQMGWGERFIWYFWXERXMEPERHMXWYK
    KIWXWEXPIEWXX[SGSRWIUYIRGIW3RIMWXLEXJMVWXMQTVIWWMSRWEVIMQTSVXERX%WIGSRH
    MWXLEXXLIWEQIFILEZMSVQE]FITIVGIMZIHHMJJIVIRXP]HITIRHMRKSRXLIGSRXI\XERH
    XLIKVSYTtWTIVGITXMSRWSJXLITIVWSRHSMRKXLIFILEZMRK%PXLSYKLEPPSJXLIGSRWI
    UYIRGIWSJJMVWXMQTVIWWMSRWQE]RSXFIGSQIETTEVIRXJSVWSQIXMQIIZIRMRq^IVS
    LMWXSV]r SV RI[P] JSVQIH KVSYTW VITYXEXMSRW ETTIEVERGI ERH TIVWSREP WX]PI SJXIR
    TVIGIHI YW ERH TVSZMHI MRJSVQEXMSR XLEX QE] MRJPYIRGI XLI KVSYT TVSGIWW MR WSQI
    YRI\TIGXIH[E]*MVWXMQTVIWWMSRWGVIEXIEFEWIPMRISR[LMGLWYFWIUYIRXMRXIVEGXMSRW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    %7]WXIQW%TTVSEGLXS7QEPP+VSYT'SQQYRMGEXMSR 

    EVIFYMPX-REHHMXMSR[ILEZIEPPTVSFEFP]JIPXXLIETTVSTVMEXIRIWWSVMRETTVSTVMEXIRIWW
    SJETEVXMGYPEVFILEZMSVMREKMZIRWMXYEXMSR;LIVIEWSRITIVWSRQE]KIXE[E][MXLE
    GVYHIGSQQIRXMREQIIXMRKERHIZIRFIXLSYKLXJYRR]ERSXLIVQE]FIGSRWMHIVIH
    VYHISVIQFEVVEWWMRK,S[IZIVHITIRHMRKSRSXLIVJEGXSVWMJIMXLIVSJXLIWITISTPI
    LEHGLSWIREHMJJIVIRXXMQIXSQEOIXLIGSQQIRXXLIMVVIGITXMSRWQMKLXLEZIFIIRHMJ
    JIVIRX-RHMZMHYEPGLEVEGXIVMWXMGWERHMRXIVTIVWSREPVIPEXMSRWLMTW[MXLMRKVSYTWEW[IPP
    EWXMQMRKERHGMVGYQWXERGIWHIXIVQMRI[LSGERWE][LEX[LIR
    *MVWXMQTVIWWMSRWMRXIVEGX[MXLKVSYTVIPEXMSRWLMTWERHI\TIGXEXMSRWXSIWXEFPMWL
    TEXXIVRWSJVIWTSRWI*SVI\EQTPIMJ-EQQMRYXIWPEXIJSVXLIJMVWXKVSYTQIIXMRK
    Q]FIMRKIZIRX[SQMRYXIWPEXIJSVXLIWIGSRHSRIQE]GEYWISXLIVKVSYTQIQFIVWXS
    GSQQIRXSRQ]qEP[E]WFIMRKPEXIr3RXLISXLIVLERHMJ-LEZIEP[E]WFIIRSRXMQI
    JSVQIIXMRKWERHEQXLIRPEXIJSVX[SQIIXMRKWMREVS[PEXIVMRXLIKVSYTTVSGIWWQ]
    XEVHMRIWWQMKLXKSYRQIRXMSRIHSVVIGIMZIEHMJJIVIRXVIEGXMSRJVSQXLIKVSYT7MQM
    PEVP]MJ-LEZIGSRXVMFYXIHWYFWXERXMEPP]XSXLIKVSYTTVSGIWWQ]PEXIEVVMZEPJSVEQIIX
    MRKQMKLXVIGIMZIPMXXPIRSXMGI[LIVIEWMJ-LEZIFIIRTIVGIMZIHEWERSRTVSHYGXMZISV
    SFWXVYGXMZIKVSYTQIQFIVIZIREWQEPPMRJVEGXMSRSJXLIKVSYTRSVQQMKLXFVMRKE
    LEVWLGIRWYVIJVSQSXLIVQIQFIVW
    7XVERKI%XXVEGXSVW +VSYTTVSGIWWIZSPZIWERHXEOIWSRGSQTPI\TEXXIVRW8LIWITEX
    XIVRWSJGSQQYRMGEXMSRERHFILEZMSVEVIQSVISVPIWWGSRWXVYGXMZIEVISJXIRRSXGVI
    EXIH SV GEYWIH F] ER] SRI MRHMZMHYEP SV SXLIV TEVXMGYPEV MRJPYIRGI ERH [LMPI
    RSRVITIEXMRKMRERI\EGX[E]XEOISREVIGSKRM^EFPIJSVQEWXLIKVSYTMWHVE[RMRXS
    GIVXEMRGSQQYRMGEXMSRWX]PIWXSTMGWQIXETLSVWXYVRXEOMRKTEXXIVRWERHIRIVK]PIZ
    IPW8LIGSQTPI\SJMRJPYIRGIWXLEXYRHIVPMIXLIWITEXXIVRWEVIGEPPIHWXVERKIEXXVEG
    XSVW FIGEYWIIZIRXLSYKLXLIMVMRJPYIRGIMWSJXIRVIEHMP]ETTEVIRXXLIGEYWISJXLIWI
    MRJPYIRGIWJVIUYIRXP]VIQEMRWYRMHIRXMJMIHSVYRORS[R8LIMQTSVXERGISJXLMWGSR
    GITXXSWQEPPKVSYTGSQQYRMGEXMSRMWXLEXMXPSGEXIWXLIWIEXXVEGXSVWMRXLIKVSYTERHMXW
    TVSGIWWIW VEXLIVXLER MR MRHMZMHYEP WX]PIWTIVWSREPMX] GSRJPMGXW SV SXLIV WSYVGIW SJ
    MRHMZMHYEPMRJPYIRGI&]PSGEXMRKXLIMRJPYIRGIWMRXLIKVSYTTVSGIWWMXWIPJXLMWGSRGITX
    VIGSKRM^IW FSXL XLI GSQTPI\MX] SJ MRXIVEGXMSR TEXXIVRW ERH XLI VIWTSRWMFMPMX] SJ XLI
    KVSYTERHMXWTEVXMGMTERXWXSSFWIVZIVIJPIGXSRERHXEOIVIWTSRWMFMPMX]JSVXLIIJJIG
    XMZIRIWWSJ XLEX TVSGIWW;I XLI KVSYT QIQFIVWEVI XLIW]WXIQ;LMPIRSRI SJ YW
    MRHMZMHYEPP] SV IZIR GSPPIGXMZIP] GER GSRXVSP XLEX W]WXIQ SJ GSQQYRMGEXMSR [I HS
    MRJPYIRGIMXWTEXXIVRW
    -RSXLIV[SVHWWIIQMRKP]FIRMKREGXMZMXMIWGERGVIEXIMQTSVXERXMRJPYIRGIWSR
    LS[XLIKVSYTJYRGXMSRWERHWYGGIIHW;LIRXLIWIEXXVEGXSVWEVIEWWMKRIHQIERMRKF]
    XLIKVSYTXLI]MRJPYIRGIMXWTEXXIVRWERHTVSGIWWIW ;LIEXPI] 
    4LEWI7TEGI 7]WXIQWGLERKIMRXMQIEWXLI]XEOIMRERHXVERWJSVQMRJSVQEXMSRERH
    QIERMRK 4LEWI WTEGI HIWGVMFIW E W]WXIQtW QSZIQIRXW XLVSYKL XMQI TEVXMGYPEVP]EW
    XLI]EVIEJJIGXIHF]MXWWIRWMXMZMX]XSMRMXMEPGSRHMXMSRWERHWXVERKIEXXVEGXSVW-RWQEPP
    KVSYTWXLIGSQQYRMGEXMSRMXWIPJGLERKIWEWXLIKVSYTQSZIWXLVSYKLHMJJIVIRXTLEWIW
    *SYVVIPEXMZIP]PEVKIHIWGVMTXMZITLEWIWGSQQSRMRKVSYTHIZIPSTQIRXKVS[XLERH
    GLERKIEVIXLIG]GPIWSJMRXVSHYGXMSR JSVQMRK GSRJPMGX WXSVQMRK IQIVKIRGI RSVQ
    MRK ERHTVSHYGXMSR TIVJSVQMRK 8LIREXYVISJXLIWITLEWIWMWHIWGVMFIHMRKVIEXIV
    HIXEMPMREPEXIVGLETXIV WII'LETXIV ERHMWQIRXMSRIHLIVISRP]EWERI\EQTPISJXLI

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  +VSYTWEW7]WXIQWSJ-RXIVEGXMSR

    ETTPMGEXMSRSJXLIGSRGITXSJTLEWIWTEGIXSWQEPPKVSYTW4LEWIWTEGIGSRGITXYEPM^IW
    XLIWI HIWGVMTXMZI TLEWIW EW G]GPIW XLEX EVI MXIVEXMZI ERH H]REQMG 8LI] EVI MXIVEXMZI
    FIGEYWIXLI]VITIEXIHP]WXVIXGLERHJSPHSRIMRXSERSXLIV VEXLIVXLERFYMPHMRKSRIEGL
    SXLIVMREWXVEMKLXJSV[EVHPMRIEVVIPEXMSRWLMT =IXXLI]EVIH]REQMGMRXLIMVGLERKMRK
    WTMVEPMRKERHKVS[XL8LI]WTMVEPERHFYMPHSRIEGLSXLIVVEXLIVXLERVIXYVRXSXLIMV
    SVMKMREPWXEVXMRKTPEGIW%YXLIRXMGKVSYTHMWGYWWMSRERHGSRJPMGXVIUYMVIXLEXEKVSYTLEW
    JSVQIHERHQIQFIVWLEZIKSXXIRXSORS[IEGLSXLIV3YXSJXLIORS[PIHKISJXLIMVHMJ
    JIVIRXTIVWTIGXMZIWGSRJPMGXSJXIRIQIVKIWERHGERPIEHXSEKVIEXIVYRHIVWXERHMRKSR
    [LMGL XLI KVSYT GER TVIHMGEXI MXW TVSHYGXMZI HIGMWMSRQEOMRK ERH TVSFPIQWSPZMRK
    TVSGIWWIW=IX[MXLMRXLEXTVSHYGXMSRTLEWIXLIEHHMXMSREPKVIEXIVYRHIVWXERHMRKQE]
    WXMQYPEXIEHHMXMSREPGSRJPMGXERHIZIRXLIJSVQEXMSRSJWYFKVSYTGSEPMXMSRW8LIWIGSEPM
    XMSRWQE]XLIQWIPZIWXEOIHMJJIVIRXWLETIWEWGSRJPMGXWEVIVIWSPZIHERHRI[GSRJPMGXW
    EVMWI=IXXLIKVSYTRIZIVXVYP]VIXYVRWXSIEVPMIVTLEWIWFYXFYMPHWSRXLIQMR[E]WXLEX
    QEOIXLIWIPEXIVTLEWIWUYEPMXEXMZIP]HMJJIVIRXMRXLIMVMRXIVEGXMSR
    &MJYVGEXMSR4SMRXW %PPQSQIRXWSVTSMRXWMREKVSYTtWTVSGIWWEVIRSXXLIWEQI2SV
    MWXLITVSGIWWSRISJWXEFPIPMRIEVERHGSRWXERXKVS[XL8LVIWLSPHWSVTSMRXWSJHIGM
    WMSREVIVIEGLIHERHGVSWWIHEXXMQIW[LIRXLIKVSYTMWVIEH]&MJYVGEXMSRTSMRXW MHIR
    XMJ] XLIWI HIGMWMSR TSMRXW%X XMQIW - LEZI WEX [MXL E KVSYT SJ TIIVW PMWXIRMRK XS E
    HMWGYWWMSRQEHIEWYKKIWXMSRERHJSYRHQ]WYKKIWXMSRMKRSVIH[LMPIXLIKVSYT[IRX
    SRHMWGYWWMRKXLIMWWYIW*MJXIIRSVX[IRX]QMRYXIWPEXIVERSXLIVKVSYTQIQFIVWYK
    KIWXIHIWWIRXMEPP]XLIWEQIMHIEERHXLIKVSYTVEPPMIHEVSYRHXLEXEWXLI ERW[IVXLERO
    MRKERHGSRKVEXYPEXMRKXLEXQIQFIVSRXLIMRWMKLX;LIRXLMWSGGYVW-WSQIXMQIWJIIP
    MKRSVIHYRHIVZEPYIHERHTIVLETWMREVXMGYPEXIMRQ]EFMPMX]XSI\TVIWWMHIEWGPIEVP]
    FYXSJXIRXLIKVSYTVIWTSRWILEWPMXXPIXSHS[MXLER]SJXLIWIJEGXSVWMXLEWXSHS[MXL
    Q]XMQMRK8LIKVSYTLEHRSXVIEGLIHXLIHIGMWMSRXLVIWLSPHEXXLIXMQI-QEHIXLI
    WYKKIWXMSRERHXLIVIJSVIGSYPHRSXLIEVERHEGXSRMX%XSXLIVXMQIW-LEZIJSYRH
    Q]WIPJRSX]IXVIEH]XSQEOIEHIGMWMSR[LIRXLIKVSYTETTIEVIHXSFIEXXLEXXLVIWL
    SPH-XLIRLEZIXSHIGMHILS[MQTSVXERXXLEXHIGMWMSRMWXSQI-JMXETTIEVWPIWWMQTSV
    XERXXSQIXLERXSXLISXLIVW-UYMIXP]PIXXLIKVSYTGSRXMRYIFYXMJMXLEWTEVXMGYPEV
    WMKRMJMGERGIJSVQI-QE]EWOJSVEJYPPIVI\TPEREXMSRSVJYVXLIVHMWGYWWMSRWSXLEX[I
    GEREPPQSZIXLVSYKLXLIHIGMWMSRTSMRXXSKIXLIVEWEKVSYT
    +VSYTGSQQYRMGEXMSRERHHIGMWMSRQEOMRKLETTIREXFMJYVGEXMSRTSMRXWMRXMQI
    8SQEOIIJJIGXMZIGSRXVMFYXMSRWXSXLIKVSYT-LEZIXSFIWIRWMXMZIXS[LIVIXLIKVSYT
    MWMRMXWTVSGIWWERHGSQQYRMGEXIEXEXMQIMRXLEXTVSGIWWERHMRE[E]XLEXLIPTWXLI
    KVSYTQSZIXLVSYKLXLIHIGMWMSRXLVIWLSPH-J-EQIEVP]XLIKVSYTQE]RSXFIVIEH]
    FYXMJXLIKVSYTMWELIEHSJQI-QE]RIIHXSEWOJSVLIPTXSGEXGLYT)JJIGXMZIKVSYT
    TVSGIWW VIWYPXW [LIR FMJYVGEXMSR TSMRXW EVI RIKSXMEXIH ERH LERHPIH MR [E]W XLEX
    IQTS[IVEPPKVSYTQIQFIVWXSFIMRZSPZIHMRXLIHIGMWMSRQEOMRK
    -VVIZIVWMFMPMX] +VSYTGSQQYRMGEXMSRTVSGIWWIWSJXIRETTIEVXSFIG]GPMGEPFYXEW
    [IRSXIHIEVPMIVMRHMWGYWWMRKTLEWIWTEGIERHFMJYVGEXMSRTSMRXWXLI]LETTIRMRXMQI
    3RGIWSQIXLMRKMWWEMHh[LIXLIVMRERKIVJVYWXVEXMSRIRXLYWMEWQSVI\GMXIQIRXhMX
    GERRSXFIXEOIRFEGOERH[MPPLEZIWSQIMQTEGXSRXLITEVXMGMTERXWERHPEXIVKVSYT
    HMWGYWWMSR;LEXMWWEMHQE]GSRXVMFYXIXSXLIIJJIGXMZIRIWWSVXLIHIXIVMSVEXMSRSJXLI
    KVSYTTVSGIWW3YVKVSYTWQE]FIEFPIXSQSZIFI]SRHMXMRGSVTSVEXMRKMXMRXSSYV
    TVSGIWW ERH EHHMRK XS SYV XVERWJSVQEXMSREP KVS[XL FYX [I GERRSX XVYP] WXEVX SZIV

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    (MWGYWWMSR5YIWXMSRW 

    )EGLRI[FIKMRRMRK[MPPFIMRJPYIRGIHF]XLITEWXGSQQYRMGEXMSR+VSYTGSQQYRM
    GEXMSRLETTIRW[MXLMRXMQIERHLEWMRXLEXWIRWIXLIUYEPMX]SJMVVIZIVWMFMPMX]
    8LMWHMWGYWWMSRSJGSQTPI\W]WXIQWQMKLXWIIQh[IPPGSQTPI\,S[IZIV[I
    EPPLEZIMRRYQIVEFPII\EQTPIWSJXLIMRJPYIRGISJGSQTPI\W]WXIQW%RI\EQTPIMWSYV
    JMVWX ]IEV SJ LMKLIV IHYGEXMSR [MXL EPP XLI WIGSRHSVHIV GLERKIW IK WXYH] LEFMXW
    QEREKMRKXMQI HSYFPIPSSTPIEVRMRK QEOMRKRI[JVMIRHWKEMRMRKWOMPPW WIRWMXMZMX]
    SJMRMXMEPGSRHMXMSRW IKJMVWX[IIOSRGEQTYW WXVERKIEXXVEGXSVW IKGLSSWMRKE
    QENSV TLEWIWTEGI IKNSMRMRKKVSYTWSVKERM^EXMSRW FMJYVGEXMSRTSMRXW IKGPEWW
    HMWGYWWMSRKVSYTPIEHIVWLMT ERHMVVIZIVWMFMPMX] IKGLSSWMRKXLIGSPPIKI 

    7YQQEV]
    7]WXIQWXLMROMRKYRHIVWGSVIWXLIH]REQMGREXYVISJKVSYTW;LMPIXLIVIEVIPMQMXE
    XMSRWXSW]WXIQWXLMROMRKEWXLIVIEVIXSER]XLISVIXMGEPTIVWTIGXMZIXLIFEWMGIPIQIRXW
    SJ STIR W]WXIQW [LSPIRIWW W]RIVK] XVERWJSVQEXMSR STIRRIWW MRXIVHITIRHIRGI
    JIIHFEGO IRXVST] ERH IUYMJMREPMX]  ERH SJ GSQTPI\ W]WXIQW WIGSRHSVHIV GLERKI
    HSYFPIPSSTPIEVRMRKWIRWMXMZMX]XSMRMXMEPGSRHMXMSRWWXVERKIEXXVEGXSVWTLEWIWTEGI
    FMJYVGEXMSRTSMRXWERHMVVIZIVWMFMPMX] EPPI\TPEMRMQTSVXERXGLEVEGXIVMWXMGWSJXLIWQEPP
    KVSYTGSQQYRMGEXMSRTVSGIWW
    9RHIVP]MRKXLIETTPMGEXMSRSJEW]WXIQWTIVWTIGXMZIXSWQEPPKVSYTGSQQYRMGE
    XMSR EVI JMZI TVMRGMTPIW 'SQQYRMGEXMSR MW XLI WXYH] SJ QIERMRKJYP FILEZMSV MX MW
    FEWIHSRW]QFSPMGMRXIVTVIXEXMSRMXMWGSRXI\XYEPMXSGGYVWMREGSQTPI\STIRW]WXIQ
    ERH MX MRZSPZIW QYPXMTPI IQFIHHIH PE]IVW SJ WMQYPXERISYW ZIVFEP ERH RSRZIVFEP
    IPIQIRXW SJ LYQER GSQQYRMGEXMSR 7QEPP KVSYTW QSHMJ] XLIWI FEWMG GSQQYRMGE
    XMSR TVMRGMTPIW [MXL KVSYT ERH GYPXYVEP RSVQW ERH [MXL XLI VSPIW KVSYT QIQFIVW
    TPE]
    7QEPPKVSYTWEVIFSXLSTIRW]WXIQWERHGSQTPI\W]WXIQW8LIVIJSVI[IRIIHXS
    SZIVPE]SYVYRHIVWXERHMRKSJXLIGSRXI\XWMR[LMGLWQEPPKVSYTWSTIVEXI[MXLXLIGSR
    GITXWSJWIRWMXMZMX]XSMRMXMEPGSRHMXMSRWXLITVIWIRGISJWXVERKIEXXVEGXSVWTLEWIWTEGI
    FMJYVGEXMSRTSMRXWERHMVVIZIVWMFMPMX]-RXLMW[E][IGERETTVIGMEXIXLIXVERWJSVQEXMZI
    VSPIWSJWIGSRHSVHIVGLERKIERHHSYFPIPSSTPIEVRMRKMRHIZIPSTMRKIJJIGXMZIWQEPP
    KVSYTMRXIVEGXMSRW

    (-7'977-3259)78-327

     ;LEXEVIXLIEHZERXEKIWXSLEZMRKEWQEPPKVSYTIJJIGXMZIRIWWXLISV]XSKYMHI]SYMR]SYV
    WQEPPKVSYTEGXMZMXMIW#
     +VSYTWEVIPMZMRKW]WXIQWFEWIHSRMRXIVHITIRHIRGIERHMRXIVVIPEXMSRWLMTW;LEXLETTIRW
    XSEWQEPPKVSYT[LIRTEVXWSJXLIW]WXIQHSRSXJYRGXMSR[IPP#4VSZMHIX[SI\EQTPIWJVSQ
    ]SYVS[RWQEPPKVSYTI\TIVMIRGIWXLEXWLS[XLIMQTSVXERGISJYRHIVWXERHMRKMRXIVHITIR
    HIRGIERHMRXIVVIPEXMSRWLMTW
     )\TPEMRXVERWJSVQEXMSR,EWXLMWLETTIRIHXS]SYVWQEPPKVSYTGPEWWWMRGIXLIJMVWXQIIXMRK
    HE]#)\TPEMR%TTP]XLMWGSRGITXXSSRISJ]SYVGPEWWVSSQKVSYTI\IVGMWIWSVXSERI\EQTPI
    JVSQWQEPPKVSYTWSYXWMHIXLIGPEWWVSSQ
     )\TPEMRLS[IRXVST]ERHIUYMJMREPMX]MQTEGXWQEPPKVSYTW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  +VSYTWEW7]WXIQWSJ-RXIVEGXMSR

     (IZIPSTERI\EQTPISJWIGSRHSVHIVGLERKIGVIEXIHMREWQEPPKVSYTMR[LMGL]SYTEVXMGM
    TEXIH,S[HSIWMXHMJJIVJVSQJMVWXSVHIVGLERKI#(MHHSYFPIPSSTPIEVRMRKSGGYV#)\TPEMR
     )ZIV]SRILEWFIIREHZMWIHXSHVIWW[IPPJSVENSFMRXIVZMI[,S[HSIWXLMWVIPEXIXSJMVWX
    MQTVIWWMSRW#;L]EVIJMVWXMQTVIWWMSRWMQTSVXERXXSEWQEPPKVSYT#'ER]SYJMRHI\EQTPIW
    SXLIVXLERHVIWWSV]SYVJMVWX[SVHWXLEXWLS[XLIMQTSVXERGISJJMVWXMQTVIWWMSRW#
     +VSYTWGERXEOISRWTIGMEPGLEVEGXIVMWXMGW)\TPEMRWXVERKIEXXVEGXSVWTLEWIWTEGIFMJYVGE
    XMSRTSMRXWERHMVVIZIVWMFMPMX]*MRHEWQEPPKVSYTI\TIVMIRGIJSVIEGLSJXLIWIGLEVEGXIVMW
    XMGW'ER]SYSV]SYVKVSYTMHIRXMJ]EWQEPPKVSYTI\TIVMIRGIXLEXMRGPYHIWEPPJSYVSJXLIWI
    GLEVEGXIVMWXMGW#)\TPEMR

    )<)6'-7)7

    7]WXIQWXLMROMRK7IIMRKXLITVSFPIQ)XLMGWERHW]WXIQW4EVX-)XLMGWERHW]W
    XIQW4EVX--8LI^SSWXSV]

      7 = 7 8 ) 1 7 8 , - 2 / - 2 +

    -HIRXMJ]XLITEXXIVRERHXLIR[VMXIXLIVIQEMRMRKPIXXIVWSJXLIEPTLEFIXSRXLIETTVSTVMEXIPMRI
    0MRI % ) * , - / 0 1 2
    0MRI & ( + .
    0MRI ' 3

      7 ) ) - 2 + 8 , )  4 63 & 0 ) 1

    (MVIGXMSRW
    -RHMZMHYEPP]HIGMHIMJ]SYLEZIIRSYKLMRJSVQEXMSRSVHEXEXSWSPZIXLIJSPPS[MRK
    TVSFPIQW-J]SYHSTVSZMHIXLIERW[IV
    =SYVKVSYTLEWHIGMHIHXSKIXXSKIXLIVXLMWIZIRMRKXSWSGMEPM^I;LIR]SYEVVMZI
    ]SYWTSXEQERMREYRMJSVQVYRRMRKE[E]8LIQERWYHHIRP]RSXMGIWERSXLIVQER[IEVMRK
    EQEWOERHLSPHMRKEHVIEHIHSFNIGX8LIJMVWXQERXYVRWEVSYRHERHVYRWFEGOXSXLITPEGI
    LILEHGSQIJVSQ'ER]SYXIPP[LIVI]SYVKVSYTQIQFIVWEVI#

    CCCCCCCCC -RWYJJMGMIRXMRJSVQEXMSRXSWSPZIXLITVSFPIQ
    CCCCCCCCC 7YJJMGMIRXMRJSVQEXMSR
    %RW[IVCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

    =SYLEZINYWXGSQIEGVSWWEGEFMRMRXLI[SSHW-RWMHIXLIVIEVIQER]HIEHTISTPI
    8LI]EVIWIEXIHMRVS[WSJGLEMVW;LEXLETTIRIH#

    CCCCCCCCC -RWYJJMGMIRXMRJSVQEXMSRXSWSPZIXLITVSFPIQ
    CCCCCCCCC 7YJJMGMIRXMRJSVQEXMSR
    %RW[IVCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

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

    ;LEXHSIEGLSJXLIWISFNIGXWLEZIMRGSQQSR#%XPIEWXSRITIVWSRMR]SYVKVSYT
    QMKLXRSXMGIXLEXEPPXLVII[SVHWGSRXEMRERqVr+SSHWXEVX2S[VIXYVRXSXLIUYIWXMSR
    ;LEXIPWIHSXLI]LEZIMRGSQQSR#

    4MGXYVI
    (SSV
    'EV
    %RW[IVCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

    2S[JSVQ]SYVKVSYTERHVIEGLGSRWIRWYW

      ) 8 , - ' 7 % 2 (  7 = 7 8 ) 1 7  4% 68  -

    =SYVKVSYTMWXSHIXIVQMRILS[]SYVGSPPIKISVYRMZIVWMX]WLSYPHVIWTSRHXSEVITSVXIH
    MRGVIEWIMRGLIEXMRKSRGEQTYW8LMWWIIQWXSVERKIJVSQEHETXMRKTETIVWJVSQXLI-RXIV
    RIXXSWLEVMRKI\EQW8LIVIETTIEVXSFIWIZIVEPMQTSVXERXMWWYIW*MVWX[LEXGSRWXMXYXIW
    GLIEXMRK#7IGSRH[LEXIXLMGEPVYPIWGSQIMRXSTPE]#=SYVKVSYTWLSYPHJIIPJVIIXSHIZIPST
    EHHMXMSREPMWWYIW8LMVHXLMROSJIXLMGWEWEW]WXIQWMWWYI;LEXEVIXLISZIVVMHMRKJSVGIW
    XLEXQMKLXWXITMRFIX[IIREWXYHIRXtWIXLMGEPGSRWMHIVEXMSRWERHLISVLMWEGXMSRW&ITVI
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    PERKYEKIERHRSRZIVFEPGSQQYRMGEXMSR[IGERYWIERHRYQIVSYWSXLIVWXERHEVHWSJ
    FILEZMSV%WSTIVEXMRKTVSGIHYVIWRSVQWLEZIERMQTSVXERXMQTEGXSRLS[XLIKVSYT
    JYRGXMSRW% GPYF JSV I\EQTPI QMKLX VIUYMVI XLSWI QIQFIVW EVVMZMRK PEXI JSVXLIMV
     %1 FVIEOJEWXQIIXMRKXSTE]JSVIEGLQMRYXIXLI]EVIPEXI8LMWVYPIYRHIV
    WGSVIWXLIKVSYTRSVQSJWXEVXMRKXLIQIIXMRKSRXMQI[MXLIZIV]SRITVIWIRX8LITE]
    QIRX SJ XLI PEXI JII MW ZSPYRXEVMP] GSRXVMFYXIH F] XLI QIQFIV XS WXE] [MXLMR XLI
    EGGITXIHKVSYTRSVQ

    8]TIWSJ2SVQW
    2SVQWGERFIGVYGMEPSVTIVMTLIVEPERHI\TPMGMXSVMQTPMGMX%GVYGMEPRSVQ LEWETVM
    QEV]MQTEGXSRLS[[IPPXLIKVSYTTIVJSVQWMXWXEWOW-RWSQIGEWIWXLMWGERFIEW
    WMQTPIEWERI\TIGXEXMSRJSVVIKYPEVSRXMQIEXXIRHERGIEXQIIXMRKW-RSXLIVGEWIW
    XLMWGERVIPEXIXSLS[IEGLQIQFIV[MPPGSRXVMFYXIXSEGGSQTPMWLMRKXLIXEWO:MSPEXMSR
    SJ E GVYGMEP RSVQ YWYEPP] FVMRKW WSQI X]TISJGIRWYVI% TIVMTLIVEP RSVQ SYXPMRIW
    FILEZMSVWXLEXWLSYPHFIIRKEKIHMRSVEZSMHIHFYXXLEXEVIVEVIP]IWWIRXMEPXSXLIIJJIG
    XMZI JYRGXMSRMRK SJ XLI KVSYT:MSPEXMSR SJ E TIVMTLIVEP RSVQhWYGL EW TSSV WSGMEP
    IXMUYIXXI SGGEWMSREP FEH QERRIVW SV QMPHP] MRETTVSTVMEXI FILEZMSVhQEOIW YW
    YRGSQJSVXEFPI
    2SVQWGEREPWSFII\TPMGMXP]WXEXIHSVMQTPMGMXP]YRHIVWXSSH[MXLMRXLIKVSYT%R
    I\TPMGMXRSVQ MWSYXPMRIHMRIMXLIV[VMXXIRSVSVEPJSVQEWETSPMG]SVKVSYTWERGXMSRIH
    TVSGIHYVIJSVI\EQTPIVIUYMVIHEXXIRHERGIHVIWWWXERHEVHWSVHYIHEXIWEVISJXIR
    GPIEVP]WXEXIH%RMQTPMGMXRSVQ MWERYRWXEXIHTVIJIVIRGISJXLIKVSYTWYGLEWFIMRK
    GSYVXISYWFVMRKMRKWREGOWSVHSMRKEKSSHNSFFYXGERRSXYWYEPP]FIGPIEVP]MHIRXM
    JMIHF]PSSOMRKEXXLIKVSYTtW[VMXXIRKYMHIPMRIWSVJSVQEPSTIVEXMRKTVSGIHYVIW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO

    8LIVIEVIX[SOI]WXLEXMHIRXMJ]KVSYTRSVQW*MVWXEGXMZMXMIWERHFILEZMSVWXLEX
    SGGYV VIKYPEVP] WMKRMJ] RSVQW +VSYT RSVQW QE] FI MHIRXMJMIH F] GSQQYRMGEXMSR
    MRXIVEGXMSRTEXXIVRWWYGLEW[LSXEPOWXS[LSQ[LEXXLI]XEPOEFSYX[LIXLIVSVRSX
    XLIVIMWERSVHIVSVTEXXIVRXSXLIWIUYIRGMRKSJ[LSXEPOWMJQIQFIVWWXE]EJXIVXLI
    QIIXMRKXSGLEXLS[WIEXMRKMWHIXIVQMRIHERHLS[XLIQIIXMRKMWFVSYKLXXSSVHIV
    ERHGPSWIH7IGSRH[LIRERSVQMWZMSPEXIHXLIKVSYTVIEGXW3FWIVZIJSVMRWXERGI
    [LEXLETTIRW[LIRWSQISRIFVMRKWYTEXEFSSWYFNIGXSVMRXIVVYTXWWSQISRIIPWI%
    WYHHIRKVSYTWMPIRGISVRIKEXMZIVIWTSRWIXSETEVXMGYPEVEGXMSRMRHMGEXIWEZMSPEXIH
    KVSYTRSVQ

    2SVQWERH(MZIVWMX]
    8LIMQTSVXERGISJYRHIVWXERHMRKRSVQWMWYRHIVWGSVIH[LIR[II\EQMRIXLIVETMHP]
    GLERKMRKQEOIYTSJWSGMIX]MRGPYHMRKHVEQEXMGGLERKIWMRHIQSKVETLMGWQYPXMGYP
    XYVEP FEGOKVSYRHW ERH MRXIVIWXW ,EVVMW  2EWWIV   &] XLI ]IEV 
    qEFSYXLEPJSJEPP%QIVMGERW[MPPFIPSRKXS[LEXEVIRS[GSRWMHIVIHQMRSVMX]KVSYTWr
    EGGSVHMRKXSXLI97(ITEVXQIRXSJ0EFSVtWVITSVX %WWSGMEXIH4VIWWT
    &  -R EPQSWX IZIV] EWTIGX SJ PMJI [I LEZI MRGVIEWMRK STTSVXYRMXMIW XS [SVO [MXL
    HMZIVWIKVSYTWSJMRHMZMHYEPW'LETXIV HMWGYWWIWXLIMQTSVXERGISJHMZIVWMX]XLMWHMW
    GYWWMSRJSGYWIWSRRSVQW%WWSGMIX]GLERKIWWSHSKVSYTERHXIEQRSVQW
    -RSVKERM^EXMSRWXLITVIHSQMRERXqTEPIQEPIrQEREKIQIRXGYPXYVISJXLITEWXMW
    FIMRK VITPEGIH -R JEGX XLIVIMW qE QSZIE[E] JVSQ E HSQMRERGI F]XLI )YVSTIER
    %QIVMGERQEPIXS[EVHERMRGVIEWMRKP]HMZIVWIERHWIKQIRXIHTSTYPEXMSR?MRGPYHMRKA
    EKI IXLRMG SVMKMRW GYPXYVIW ERH TIVWSREP WX]PIr ;IRXPMRK
     4EPQE6MZEW 
    T  %WYVZI]SJXLI*SVXYRIGSQTERMIWVITSVXWXLEXq SJXLIVIWTSRHIRXW
    WE]XLIMVHMZIVWMX]MRMXMEXMZIWLIPTXLIMVSVKERM^EXMSRXSOIITEGSQTIXMXMZIEHZERXEKIr
    7YVZI]WE]WT 
    ;IRIIHXSFIE[EVISJXLIMQTEGXSJGLERKMRKRSVQW;MXLSYXERYRHIVWXERHMRK
    XLI qMRGVIEWMRK HMZIVWMX] ERH XIEQFEWIH [SVO WXVYGXYVIW GER WTEVO SJJMGI GSRJPMGXr
    4MVMWMT 3YVEKIFEGOKVSYRHWIXLRMGMX]VIPMKMSRKIRHIVIHYGEXMSRERH
    [SVOI\TIVMIRGIWGERPIEHYWXSWIIHMJJIVIRGIEWHIZMERXFILEZMSV8SHE]tWSVKERM^E
    XMSRW EVI qE[EWL [MXL XLI GSRJPMGXMRKZSMGIW ERH ZMI[W SJXLI QSWX EKI ERH ZEPYI
    HMZIVWI [SVOJSVGI XLMW GSYRX] LEW ORS[R WMRGI SYV KVIEXKVIEXKVERHTEVIRXW
    EFERHSRIHJMIPHERHJEVQJSVJEGXSV]ERHSJJMGIr >IQOI6EMRIW
    *MPMTG^EO
    T )ZIRMJ[IJSGYWSRP]SRXLIHMJJIVIRXKIRIVEXMSRWEX[SVOVIWIEVGLIVWLEZI
    FIIREFPIXSHVE[GVMXMGEPHMWXMRGXMSRWEQSRKZIXIVERW FSVRFIX[IIRi
    QMPPMSRTISTPI FEF]FSSQIVW FSVRFIX[IIRiQMPPMSRTISTPI +IR
    IVEXMSR<IVW FSVRFIX[IIRiQMPPMSRTISTPI ERH+IRIVEXMSR2I\XIVW
    FSVRFIX[IIRiQMPPMSRTISTPI XLEXMQTEGXLS[[IZMI[IEGLSXLIV
    [SVOXSKIXLIVMRKVSYTWERHZEPYISYVNSFW >IQOI6EMRIW
    *MPMTG^EO 

    :MSPEXMRK2SVQW
    ;IEVIPMOIP]XSEFMHIF]XLIRSVQWMJ[IMHIRXMJ][MXLXLIKVSYTtWKSEPWMJ[ITPERXS
    FIPSRKXSXLIKVSYTJSVEPSRKTIVMSHSJXMQIMJ[IJIIPELMKLPIZIPSJGSLIWMZIRIWWMR
    XLIKVSYTSVMJ[IHIGMHIXLEX[IEVISJPIWWIVTS[IVSVWXEXYWXLERSXLIVKVSYTQIQ

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    6SPIW 

    FIVW'SRZIVWIP]MJMXMWESRIXMQIWSGMEPKEXLIVMRKMJ[IHSRSXGEVIEFSYXXLIKVSYT
    SVMXWKSEPWSVMJ[IJIIP[ILEZIQSVIEYXLSVMX]TS[IVSVTSWMXMSRXLERSXLIVKVSYT
    QIQFIVW[IQMKLXRSXJIIPGSQTIPPIHXSEFMHIF]XLIRSVQW
    ;LIR KVSYT RSVQW EVI ZMSPEXIH XLI KVSYT [MPP YWYEPP] MQTSWI WSQI X]TI SJ
    WSGMEPWERGXMSRSVTYRMWLQIRX8LMWQE]FIEPMKLXTYRMWLQIRXXLEXXLIRMRGVIEWIWMR
    MRXIRWMX]MJXLIRSVQMWZMSPEXIHEWIGSRHSVXLMVHXMQI%JMVWXZMSPEXMSRQE]QIERXLEX
    -EQWMQTP]EZSMHIHSVMKRSVIHJSVE[LMPIHYVMRKXLIKVSYTTVSGIWW*SVI\EQTPIMJ-
    EQXIRQMRYXIWPEXIJSVEQIIXMRKXLIKVSYTQE]RSXWE]ER]XLMRKXLIJMVWXXMQIFYX
    EPWSQE]RSXMRGPYHIQIMRXLIHMWGYWWMSRJSVE[LMPI-J-EQPEXIEWIGSRHXMQI[LIR
    -EVVMZIKVSYTQIQFIVWQE]FIGSQIQSVISYXWTSOIRERHI\TVIWWXLIMVMVVMXEXMSRQSVI
    HMVIGXP]XLVSYKLGSQQIRXWEFSYXQ]XEVHMRIWWSVXLI]QE]FIKMRXSNSOIEFSYXQ]
    EXXIRHERGI-J-EQPEXIEXLMVHXMQIXLI]QE]I\TVIWWERKIVEFSYXQ]LEFMXYEPPEXIRIWW
    ERHVIQMRHQIXLEXMXMRXIVJIVIW[MXLXLIKVSYTtWEFMPMX]XSEGGSQTPMWLMXWXEWO-RIEGL
    GEWIXLIKVSYTMWEWOMRKQIXSGSRJSVQXSXLIRSVQ8LIWERGXMSRMQTSWIH[MPPEPWSFI
    GSRXMRKIRXSRXLITIVGITXMSRSJQ]SXLIVGSRXVMFYXMSRWXSXLIKVSYTERHEGGSQTPMWL
    QIRXSJMXWXEWO-J-EQTIVGIMZIHEWLEZMRKGSRXVMFYXIHEKVIEXHIEPXSXLIKVSYTERH
    XLIEGLMIZIQIRXSJMXWKSEPWQ]PEXIRIWWXSEQIIXMRKQE]FITIVGIMZIHEWXVMZMEPERHE
    WERGXMSREWYRRIGIWWEV]SVMRETTVSTVMEXI-J-EQTIVGIMZIHEWRSXLEZMRKGSRXVMFYXIH
    Q]WLEVIXSXLIKVSYT[SVOSZIVEPPXLIRQ]PEXIRIWWXSXLIQIIXMRKQE]FIGSQIE
    JSGEPTSMRXJSVXLIKVSYTtWI\TVIWWMSRSJERKIVXS[EVHQ]SZIVEPPPEGOSJGSRXVMFYXMSR
    *I[ RSVQWEVI GEVZIHMRWXSRILS[IZIV8LI]EVIWSGMEPP]GSRWXVYGXIHF]XLI
    KVSYT ERH EW [I QSZI JVSQ KVSYT XS KVSYT XLI RSVQW GLERKI &ILEZMSV XLEX MW
    WIZIVIP]WERGXMSRIHMRSRIKVSYTQE]TEWWETTEVIRXP]YRRSXMGIHMRERSXLIV2SVQWGER
    FIQSHMJMIHFYXMXMWMQTSVXERXXSVIQIQFIVXLEXKVSYTWXEOIXLIMVRSVQWZIV]WIVM
    SYWP]ERHZMSPEXMRKERSVQGERFVMRKWMKRMJMGERXWERGXMSRW
    +VSYTRSVQWEVIRSXGVIEXIHSVIRJSVGIHF]ER] SRIQIQFIVERHQE]GLERKI
    SZIVXMQI9PXMQEXIP]XLI]EVIQEMRXEMRIHF]XLIKVSYTEWE[LSPI;LMPIMRHMZMHYEPW
    QE]VITVIWIRXXLIKVSYTSRSGGEWMSRMRQEOMRKERSVQI\TPMGMXMXMWXLIJSVGISJXLI
    KVSYTtWWERGXMSRXLEXQEOIWEVYPIERSVQ%X[SVOXLIWIRSVQWEVIMRGVIEWMRKP]HMJJM
    GYPXXSQEMRXEMR[MXLSYXGLEPPIRKISVWGVYXMR]F]SXLIVW(MZIVWMX]FVMRKWRI[MRWMKLXW
    VIKEVHMRKXVEHMXMSREPRSVQWERHKVSYTWRIIHXSFIGSRXMRYSYWP]QSRMXSVMRKRSVQWXS
    QEOIGIVXEMRXLI]EVIMRGPYWMZISJXLIHMZIVWIKVSYTQIQFIVW (I2MWM
    +VMJJMR 

    6SPIW
    2SVQWERHVSPIWEVIMRXIVVIPEXIHFYXHMJJIVJVSQIEGLSXLIV2SVQWEVII\TIGXEXMSRW
    VIKEVHMRKFILEZMSVTEXXIVRWJSVXLIKVSYTEWE[LSPIXLITEVXMGYPEV[E][IEWMRHMZMH
    YEPWEVII\TIGXIHXSEGXMREKVSYTMWSYVVSPI ,EVI  WXEXIWXLEXEVSPIMWEWWSGM
    EXIH[MXLXLITSWMXMSRERHWXEXYWSJEQIQFIVMREKVSYTERHMQTPMIWXLIVMKLXWERH
    HYXMIWSJXLEXQIQFIVXS[EVHSRISVQSVISXLIVKVSYTQIQFIVW;LMPIXLMWHIJMRMXMSR
    ETTPMIWTVMQEVMP]XSXLIJSVQEPKVSYTVSPIWXLEXQIQFIVWTIVJSVQGSRWGMSYWP]I\TIG
    XEXMSRWEVIEPWSEWWSGMEXIH[MXLMRJSVQEPVSPIW8LIWII\TIGXEXMSRWQE]EVMWISRP]HYV
    MRKXLIGSYVWISJMRXIVEGXMSRMREKVSYTLS[IZIVERHXLYWQE]FIPIWWGPIEVFYXXLI]
    EVII\TIGXEXMSRWNYWXXLIWEQI

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO

    8LI8SYVHI*VERGI
    8LI8SYVHI*VERGIVEGIVW[IVIVMHMRKXSKIXLIVMRETIPSXSR JSVQEXMSRJVSQ&SVHIEY\XS
    &MEVVMX^[LIRq[MXLPMXXPI[EVRMRKFYXEWWSQIXMQIWLETTIRWHYVMRKPSRKWXEKIWWSQI
    FSH]GEPPIHJSVEFEXLVSSQFVIEOr6MHIVWJVSQXLIVEGItWXIRHMJJIVIRXXIEQWLSTTIHSJJ
    XLIMVFMOIWXSVIPMIZIXLIQWIPZIW8LSWI[LSHMHRSXWXSTWPS[IHHS[R
    -RWXIEHSJI\XIRHMRKXLMWGYWXSQEV]GSYVXIW]*VIRGLVMHIV(ERXI'SGGSPSWXEVXIHXS
    WTVMRX[LMPIXLISXLIVW[IVIXEOMRKXLIMVFVIEOWEXXIQTXMRKXSTYXEXMQIKETFIX[IIRLMQ
    WIPJERHXLIKVSYT;MXLPYGOERHWTIIHLIGSYPHIZIR[MRXLMWWXEKISJXLIVEGIFYXLMW
    EXXIQTX FEGOJMVIH ,I LEH FVIEGLIH TIPSXSR IXMUYIXXI q,I LEHE LEFMX SJ EXXEGOMRK SR
    FEXLVSSQFVIEOWrWE]W4EYP7LIV[IRE8SYVVEGIV[LS[EWMRXLITIPSXSR XLEXHE]q,I
    XLSYKLXMX[EWUYMXIEQYWMRK-XtWRSXMPPIKEPFYXMJSVKY]WWXSTJSVEFVIEOERH]SY
    KSSJJSREREXXEGO]SYtVIKSMRKXSQEOISVIRIQMIW    ;LIRMX[EW'SGGSPStW
    XYVRJSVLMWS[RFEXLVSSQFVIEOERHLITYXLMWFMOIHS[RSRXLIKVEWWZIVKI    EGSYTPI
    SJKY]WWPS[IHHS[RERHKVEFFIHXLIFMOI8LI][LIIPIHMXHS[RXLIVSEHJSVEOMPSQIXIV
    SVX[SERHXSWWIHMXMRXSEHMXGL)ZIV]SRIMRXLITIPSXSR [EWZIV]LETT]EFSYXMXr
    ;LIR'SGGSPSIQIVKIHJVSQXLI[SSHWLMWFMOI[EWKSRI,ILEHXSWXERHF]XLI
    WMHISJXLIVSEHJSVJMZIQMRYXIWYRXMPLMWXIEQQEREKIVWLS[IHYTMREWTSRWSVGEVTYX
    LMQSRXLILSSHERHHVSZILMQXSVIXVMIZILMWLMNEGOIHFMOI'SGGSPSJMRMWLIHRI\XXSPEWX
    XLEX]IEVERHLIRIZIVVSHIMRXLI8SYVEKEMR

    7SYVGI ,SGLQERT

    ;LMPIRSVQWHMVIGXXLIFILEZMSVSJXLIKVSYTVSPIWETTP]XSETEVXMGYPEVMRHMZMH
    YEPtWFILEZMSVq6SPIWEVIsTEGOEKIWt SJRSVQWXLEXETTP]XSTEVXMGYPEVKVSYTQIQFIVWr
    .SLRW  T   *SV I\EQTPI [I QMKLX I\TIGX WSQISRI XS XEOI RSXIW EX SYV
    QIIXMRKWERHHMWXVMFYXIXLIQXSIZIV]QIQFIV8LIKVSYTRSVQSJRSXIXEOMRKWYK
    KIWXWEWTIGMJMGVSPIJSVSRIQIQFIVIZIRMJXLIQIQFIVXEOMRKRSXIWGLERKIW[MXL
    IEGLQIIXMRK

    8]TIWSJ6SPIW
    ,MWXSVMGEPP]WGLSPEVWLEZIHMZMHIHVSPIWMRXSX[SKIRIVEPGEXIKSVMIWhXLSWIXLEXXEOI
    MRXSGSRWMHIVEXMSRXLIMQTSVXERGISJXLIKVSYTtWXEWOERHXLSWIVSPIWRIGIWWEV]JSVXLI
    WSGMEPERHIQSXMSREPRIIHWSJXLIKVSYT /IXVS[ 8EWOVSPIW VIPEXIXSKIXXMRKXLI
    NSFHSRI7SGMEPIQSXMSREPVSPIW VIPEXIXSXLIKVSYTGPMQEXIERH[SVOMRKVIPEXMSRWLMTW
    &SXLEVIIWWIRXMEPJSVEKVSYTXSFIIJJIGXMZI8EWOVSPIWTIGMEPMWXWLIPTQSZIXLIKVSYT
    XS[EVHMXWKSEPEXXEMRQIRXERHLIPTXLIKVSYTEHETXXSGLERKIWMRRIIHWERHEGGSQ
    TPMWLQIRXW EPSRK XLI[E]7SGMEPIQSXMSREPVSPIWTIGMEPMWXWEWWMWXXLIKVSYT[MXLMXW
    WSGMEP QEMRXIRERGI JYRGXMSRW ERH HIZIPST [E]W SJ I\TVIWWMRK ERH HIEPMRK [MXL XLI
    IQSXMSREPHMQIRWMSRWSJHMWGYWWMSRJSVMXWQIQFIVW-REHHMXMSRWIPJGIRXIVIHVSPIW
    LEZI FIIR MHIRXMJMIH [LIR MRHMZMHYEPW JSGYW SR XLIMV S[R RIIHW VEXLIV XLER SR

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    6SPIW 

    GSRXVMFYXMRK MR TSWMXMZI [E]W XS XLI KVSYT HMWGYWWMSR ERH EGLMIZIQIRX 8EFPI 
    HIWGVMFIWXLIWIVSPIW
    8LIYWIJYPRIWWSJXLIWIHIWGVMTXMSRWMWXLIMVIQTLEWMWSRXLIQER]VSPIWER]SRI
    TEVXMGMTERXQMKLXTPE]MREWQEPPKVSYT)JJIGXMZIKVSYTQIQFIVWJVIUYIRXP]XEOISRE
    ZEVMIX]SJVSPIW
    +VSYTWSJXIRTVIWIRXHMJJMGYPXWMXYEXMSRW[MXLQYPXMTPII\TIGXEXMSRWSJVSPIWJSV
    QIQFIVWWSXLEX[LEXMWI\TIGXIHSJYWMRKVSYTWMWRSXEP[E]WGPIEV ,EVI 
    7SQIXMQIWVSPIWGSRJPMGXSVGSPPMHISVQE]FIGSRJYWIHF]EQFMKYSYWSVMRGSQTEXMFPI
    WIXW SJ I\TIGXEXMSRW=SY QMKLX FI EWOIH JSV I\EQTPI XS FI E KVSYT PIEHIV [LIR
    FIGEYWISJSXLIVSFPMKEXMSRWXSXLIKVSYT]SYHSRSXLEZIXLIXMQIERHIRIVK]RIIHIH
    XS YRHIVXEOI XLI NSF =SY QMKLX XLIR I\TIVMIRGI VSPI GSRJPMGX +VMJJMR   %X
    ERSXLIVXMQI]SYQE]RSXFIGIVXEMR[LEXVSPIXSTPE]SV]SYQE]I\TIVMIRGIQYPXMTPI
    ERH GSRXVEHMGXSV]VSPI HIQERHW JVSQ XLI KVSYTPIEHMRKXS VSPI EQFMKYMX] +VMJJMR
     =SYI\TIVMIRGIVSPIGSRJPMGX[LIR]SYEVII\TIGXIHXSEGXMREQERRIVHMJJIVIRX
    JVSQ[LEX]SYTIVGIMZIXSFI]SYVHIWMVIHVSPIERHVSPIEQFMKYMX][LIRXLIVSPI]SY
    EVII\TIGXIHXSXEOISRMWYRGPIEV%RI\EQTPISJVSPIGSRJPMGX MWFIMRKTYXMRGLEVKISJ
    EKVSYT[LIR]SYHSRSX[ERXXSXEOIXLIVIWTSRWMFMPMX])ZIV]SRIMRXLIKVSYTWE]W
    ]SYEVIEREXYVEPFSVRPIEHIV=SY[ERXRSTEVXSJXLMWVSPIFYXEGGITXMXFIGEYWISJXLI
    KVSYTTVIWWYVI%RI\EQTPISJVSPIEQFMKYMX] SGGYVW[LIREKVSYT[ERXW]SYVMRTYX
    ERHPIEHIVWLMTFYXHSIWRSXTVSZMHIER]KYMHIPMRIWJSV[LEXMWRIIHIHERHMRTVEGXMGI
    ETTIEVWRSXXS[ERX]SYVMRTYXSV]SYVPIEHIVWLMT6SPIGSRJPMGXERHVSPIEQFMKYMX]GER
    FIHMJJMGYPXTVSFPIQWJSVKVSYTWXSHIEP[MXLERHQE]VIUYMVIIMXLIVVSPIEREP]WMWXS
    HIXIVQMRI[LEXMWI\TIGXIHSJETEVXMGYPEVVSPISVVSPIRIKSXMEXMSRXSIRWYVIEGSQQSR
    YRHIVWXERHMRKSJXLIVSPIEQSRKEPPKVSYTQIQFIVW

    8LI*YRGXMSRSJ6SPIW
    -REHHMXMSRXSXLIWIMWWYIW&EPIW  MHIRXMJMIHJSYVJYRGXMSREPGLEVEGXIVMWXMGWSJ
    VSPIWXLEXGERGVIEXITVSFPIQWJSVKVSYTW'IVXEMRVSPIWGERGVIEXITVMZMPIKIHTSWMXMSRW
    XLEXEPPS[ E KVIEXIVEGGIWWXSVIWSYVGIW F QSVIHMVIGXMSRSJERHGSRXVSPSZIVSXLIV
    TIVWSRW G MRGVIEWIHWXEXYWhEWIRWISJMQTSVXERGIERHTVIWXMKI[MXLMRXLIKVSYTERH
    H EKVIEXIVWIRWISJMRZSPZIQIRXMRERHMHIRXMJMGEXMSR[MXLXLIKVSYT2IKSXMEXMRK
    VIWSYVGIWHMVIGXMSRWXEXYWERHMRZSPZIQIRXGEREXXMQIWFIHMJJMGYPXJSVEKVSYTERH
    GERGVIEXIXIRWMSRWEQSRKKVSYTQIQFIVW
    &IGEYWIEWQEPPKVSYTMWEGSPPIGXMSRSJMRHMZMHYEPWFSYRHXSKIXLIV[MXLWSQI
    GSQQSRTYVTSWIXLIQIQFIVWIEGLLEZIERMRXIVIWXMRTPE]MRKXLIMVVIWTIGXMZIVSPIW
    XSEGLMIZIXLEXTYVTSWI-RKIRIVEPKVSYTQIQFIVW[SVOXSJSWXIVJEZSVEFPIMQTVIW
    WMSRWSJXLIQWIPZIWXSSVKERM^IXLIMVQYPXMTPIVIPEXMSRWLMTW[MXLSXLIVKVSYTQIQ
    FIVWXSHIZIPSTEGSQQSRYRHIVWXERHMRKWLEVIHEQSRKKVSYTQIQFIVWSJXLIKVSYTtW
    KSEPWEQFMXMSRWTVIJIVVIHWX]PISJQIIXMRKGSQQYRMGEXMRKERHEGGSQTPMWLMRKXEWOW
    ERHXSI\TVIWWXLIMVJIIPMRKWERHXLSYKLXW[LMPIRSXI\TSWMRKXLIMVTIVWSREPZYPRIVEFMP
    MXMIWXSXSSKVIEXERI\XIRX%PSRKXLIWIPMRIW&SGLRIV  HIZIPSTIHEX]TSPSK]SJ
    JMZIGSQQYRMGEXMSRVSPIJYRGXMSRWXLEXETTP]XSGSQQYRMGEXMSRMRWQEPPKVSYTW8LIWI
    JYRGXMSRWhq  XSJSWXIVJEZSVEFPIMQTVIWWMSRW  XSSVKERM^IXLIVIPEXMSRWLMT  XS
    GSRWXVYGXERHZEPMHEXIEGSRNSMRX[SVPHZMI[  XSI\TVIWWJIIPMRKWERHXLSYKLXWERH

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO

    8%&0) +VSYT6SPI&ILEZMSV

    +VSYT8EWO6SPIW +VSYT1EMRXIRERGI6SPIW 7IPJ3VMIRXIH&ILEZMSVW

    -RMXMEXMRK 4VSTSWMRKRI[MHIEW )RGSYVEKMRK 4VEMWMRK &PSGOMRK 4VIZIRXMRKTVSKVIWW


    TVSTSWMRKKSEPWTPERWSJEGXMSR I\TVIWWMRK[EVQXLWYTTSVX XS[EVHKVSYTKSEPWF]GSRWXERXP]
    SVEGXMZMXMIWSVMIRXMRKTVSHHMRK ERHETTVIGMEXMSRVIGSKRM^MRK VEMWMRKSFNIGXMSRWVITIEXIHP]
    XLIKVSYTXSKVIEXIVEGXMZMX] XLIZEPYISJSXLIVWt FVMRKMRKYTXLIWEQIXSTMGSV
    HIJMRMRKXLITSWMXMSRSJXLI GSRXVMFYXMSRWMRHMGEXMRK MWWYIEJXIVXLIKVSYTLEW
    KVSYTMRVIPEXMSRXSERI\XIVREP TSWMXMZIJIIPMRKXS[EVHKVSYT GSRWMHIVIHERHVINIGXIHMX
    WXVYGXYVISVKSEPSJJIVMRK QIQFIVWVIMRJSVGMRKKVSYT TVIZIRXMRKXLIKVSYTJVSQ
    WYKKIWXMSRWERHETTVSEGLIW YRMX]ERHGSLIWMZIRIWW VIEGLMRKGSRWIRWYWVIJYWMRKXS
    KSEPSRKEGGITXSVWYTTSVXE
    )PEFSVEXMRK 'PEVMJ]MRKMHIEWSV 7YTTSVXMRK %KVIIMRKSV
    KVSYTHIGMWMSR
    WYKKIWXMSRWI\TERHMRKMHIEWSV I\TVIWWMRKWYTTSVXJSVERSXLIVtW
    WYKKIWXMSRWHIZIPSTMRKE FIPMIJSVTVSTSWEPJSPPS[MRK &IMRK%KKVIWWMZI 'VMXMGM^MRK
    TVIZMSYWP]I\TVIWWIHMHIE XLIPIEHSJERSXLIVQIQFIV XLVIEXIRMRKSXLIVKVSYT
    TVSZMHMRKI\EQTPIW EGGITXMRKERSXLIVtWWYKKIWXMSRW QIQFIVWFIMRKEqRSFPI
    MPPYWXVEXMSRWERHI\TPEREXMSRW ERHGSRXVMFYXMSRW JMKLXIVrTVIZIRXMRKGSPPEFSVEXMSR
    'SSVHMREXMRK -RXIKVEXMRK ,EVQSRM^MRK ,IPTMRKXS ;MXLHVE[MRK 6IQEMRMRK
    TYXXMRKXSKIXLIVTEVXWSJZEVMSYW VIPMIZIXIRWMSRQIHMEXMRK MRHMJJIVIRXVIJYWMRKXS
    MHIEWSVKERM^MRKXLIKVSYTtW HMJJIVIRGIWVIHYGMRKWIGSRH GSRXVMFYXIEZSMHMRKMQTSVXERX
    [SVOTVSQSXMRKXIEQ[SVOERH EV]XIRWMSRF]VIGSRGMPMRK HMJJIVIRGIWVIJYWMRKXSGSTI
    GSSTIVEXMSR HMWEKVIIQIRXWYKKIWXMRKE [MXLGSRJPMGXWVIJYWMRKXSXEOIE
    GSQTVSQMWISVERI[EGGITXEFPI WXERHGSZIVMRKYTJIIPMRKW
    7YQQEVM^MRK 4YPPMRK[SVOERH
    EPXIVREXMZI[SVOMRKXSVIGSRGMPI KMZMRKRSVIWTSRWIXSGSQQIRXW
    MHIEWXSKIXLIVSVMIRXMRKXLI
    ERKV]QIQFIVW
    KVSYTVIZMI[MRKTVIZMSYW (SQMREXMRK -RXIVVYTXMRK
    WXEXIQIRXWVIQMRHMRKXLIKVSYT +EXIOIITMRK /IITMRK VIJYWMRKXSEGGITXSXLIVWt
    SJMXIQWTVIZMSYWP]QIRXMSRIHSV GSQQYRMGEXMSRGLERRIPW GSRGPYWMSRWEWFIMRKEWZEPMHEW
    HMWGYWWIH STIRLIPTMRKqUYMIXr SRItWS[RJSVGMRKEPIEHIVWLMT
    QIQFIVWKIXXLIJPSSVERHFI VSPI
    6IGSVHMRK /IITMRKXVEGOSJXLI
    LIEVHWYKKIWXMRKXYVRXEOMRKSV
    KVSYTtW[SVOOIITMRKKVSYT 7XEXYWSV6IGSKRMXMSR7IIOMRK
    EWTIEOMRKSVHIVEWOMRK
    VIGSVHWTVITEVMRKVITSVXWERH 7XEKILSKKMRKFSEWXMRKERH
    WSQISRIXSSJJIVEHMJJIVIRX
    QMRYXIWWIVZMRKEWKVSYT GEPPMRKEXXIRXMSRXSSRItW
    STMRMSR
    WIGVIXEV]SVLMWXSVMER I\TIVXMWISVI\TIVMIRGI[LIRRSX
    4VSGIWW3FWIVZMRK 1EOMRK RIGIWWEV]XSGVIHMFMPMX]SV
    )ZEPYEXMRK 'VMXMUYMRKMHIEWSV
    GSQQIRXWSRLS[XLIKVSYTMW VIPIZERXXSKVSYTtWXEWOKEQI
    WYKKIWXMSRWI\TVIWWMRK
    [SVOMRKLS[XLIQIQFIVWEVI TPE]MRKXSIPMGMXW]QTEXL]
    NYHKQIRXWSRXLIQIVMXWSJ
    GSSVHMREXMRKERH[SVOMRK W[MXGLMRKWYFNIGXXSEVIESJ
    MRJSVQEXMSRSVMHIEWTVSTSWMRK
    XSKIXLIV TIVWSREPI\TIVXMWI
    SVETTP]MRKGVMXIVMEJSV
    IZEPYEXMRKMRJSVQEXMSR

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    6SPIW 

    8%&0) 'SRXMRYIH

    +VSYT8EWO6SPIW +VSYT1EMRXIRERGI6SPIW 7IPJ3VMIRXIH&ILEZMSVW

    +MZMRKSV7IIOMRK 7IXXMRK7XERHEVHW ,IPTMRKXS 7TIGMEP-RXIVIWX4PIEHIV


    -RJSVQEXMSR 4VIWIRXMRKHEXE WIXKSEPWERHWXERHEVHWJSVXLI (IQERHMRKKVSYTXMQIERH
    SJJIVMRKJEGXWERHMRJSVQEXMSR KVSYTEWWMWXMRKMRWIXXMRKRSVQW VIWSYVGIWJSVWTIGMEPMRXIVIWX
    IZMHIRGISVTIVWSREPI\TIVMIRGI SVQEOMRKRSVQWI\TPMGMX TPIEHMRKGSRWXERXP]EHZSGEXMRK
    VIPIZERXXSXLIKVSYTtWXEWO WYKKIWXMRKVYPIWSJFILEZMSV JSVSRItWWYFKVSYTSVWTIGMEP
    EWOMRKSXLIVWJSVJEGXWERH JSVQIQFIVWGLEPPIRKMRK MRXIVIWXRSXEPPS[MRKKVSYT
    MRJSVQEXMSRIZMHIRGISV YRTVSHYGXMZI[E]WSJFILEZMRK MRJPYIRGISZIVSRItWTIVGIMZIH
    VIPIZERXTIVWSREPI\TIVMIRGI KMZMRKERIKEXMZIVIWTSRWI WIPJMRXIVIWXW
    EWOMRKUYIWXMSRWEFSYX [LIRERSXLIVZMSPEXIWEVYPISV
    MRJSVQEXMSRTVSZMHIHF]SXLIVW RSVQ
    VIUYIWXMRKIZEPYEXMSRWEWOMRKMJ
    8IRWMSR6IPMIZMRK 9WMRK
    XLIKVSYTMWVIEGLMRKGSRWIRWYW
    LYQSVSVNSOMRKSVSXLIV[MWI
    3TMRMSR+MZMRK 7XEXMRKFIPMIJW VIPMIZMRKXIRWMSRLIPTMRKRI[
    ZEPYIWMRXIVTVIXEXMSRW QIQFIVWJIIPEXIEWIVIHYGMRK
    NYHKQIRXWHVE[MRKGSRGPYWMSRW WXEXYWHMJJIVIRGIWIRGSYVEKMRK
    JVSQJEGXWERHMRJSVQEXMSR MRJSVQEPMX]WXVIWWMRKGSQQSR
    MRXIVIWXWERHI\TIVMIRGIW[MXLMR
    'PEVMJ]MRK -RXIVTVIXMRKMWWYIW
    XLIKVSYTHIZIPSTMRKKVSYT
    QEOMRKEQFMKYSYWWXEXIQIRXW
    REVVEXMZIWXLIQIWERHJERXEWMIW
    QSVIGPIEVEWOMRKJSVI\EQTPIW
    XSFYMPHEGSQQSRWTMVMXERH
    SVJYVXLIVGPEVMJMGEXMSR
    FSRHSVXSXIWXEXIRXEXMZIZEPYI
    'SRWIRWYW8IWXMRK %WOMRKMJER SVRSVQ
    ETTEVIRXKVSYTHIGMWMSRMW
    EGGITXEFPIXSEPPWYKKIWXMRKXLEX
    EREKVIIQIRXQE]LEZIFIIR
    VIEGLIHERHEWOMRKJSV
    ZIVMJMGEXMSRSJXLEX
    4VSTSWMRK4VSGIHYVI
    7YKKIWXMRKEREKIRHESJMWWYIW
    SVEHIGMWMSRQEOMRKQIXLSH
    TVSTSWMRKETVSGIHYVIXSJSPPS[

     XSTVSXIGXZYPRIVEFMPMXMIWr T hEVIGEVVMIHSYXFSXLF]XLIMRHMZMHYEPKVSYT


    QIQFIVWMRXLIMVMRXIVEGXMSRW[MXLSRIERSXLIV[MXLMRXLIKVSYTERHF]XLIKVSYTEWE
    [LSPIMRMXWMRXIVEGXMSRW[MXLXLIPEVKIVI\XIVREP[SVPH
    8LIVSPIW[IEWWYQI[MXLMREKVSYTXSLIPTMXEGGSQTPMWLXLIWIKSEPWEVIXLIGSR
    WIUYIRGIW SJ WIZIVEP JEGXSVW 6SPIW GER FI HIXIVQMRIH EWWMKRIH SV IQIVKIRX
    (IXIVQMRMWXMGVSPIW EVIHIXIVQMRIHF]I\XIVREPJEGXSVW*SVI\EQTPIMRSYVJEQMPMIW
    XLIVSPIWSJQSXLIVJEXLIVWMWXIVFVSXLIVHEYKLXIVWSRSVGSYWMREVIHIXIVQMRIHF]
    XLI REXYVI SJ XLI VIPEXMSRWLMTW ;LMPI IEGL SJ YW QE] EGX SYX SYV VSPIW [MXL WSQI

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO

    GVIEXMZMX]ERHHIZMEXMSRJVSQERIWXEFPMWLIHWSGMEPRSVQGIVXEMRFILEZMSVWERHI\TIG
    XEXMSRWEVIJEMVP]WXERHEVH JSVI\EQTPIXEOMRKGEVISJGLMPHVIR *SVQEPSVEWWMKRIH
    VSPIW I\MWX MR QSWX WQEPP KVSYTW ERH MRGPYHI RSXI XEOMRK WGLIHYPMRK SV GLEMVMRK
    )QIVKIRXVSPIW EVI[SVOIHSYXEQSRKXLIQIQFIVWSJXLIKVSYT8LIWIVSPIWEVIRIKS
    XMEXIHEWXLIKVSYTEGXMZMX]TVSGIIHWERHVIWYPXJVSQXLIMRXIVEGXMSRSJXLIKVSYTQIQ
    FIVW*SVI\EQTPIWSQISRIQMKLXFIEWWMKRIHXLIVSPISJGLEMVTIVWSRSRP]XSJMRHSYX
    XLEXEGSPPIEKYILEWXLII\TIVXMWIERHI\TIVMIRGIXSHIEP[MXLETEVXMGYPEVMWWYI*SVE
    [LMPIXLEXTIVWSR[MPP IQIVKIEWXLIKVSYTPIEHIVIZIR XLSYKL ERSXLIVTIVWSR[EW
    I\TPMGMXP]EWWMKRIHXLEXVSPI
    %W W]WXIQW XLMROMRK [SYPHTVIHMGX IEGL KVSYT [MPPHIZIPST EHMJJIVIRX WIXSJ
    VSPIWJSVMXWTEVXMGMTERXW-RSRIKVSYT[IQMKLXFIXLIPIEHIVMRERSXLIVXLIHIZMPtW
    EHZSGEXI%XSXLIVXMQIW[IQMKLXFIERI[GSQIVSVHIGMHIXSFIEWMPIRXSFWIVZIV;I
    EGGITXXLIWIVSPIWXLVSYKLXLITVSGIWWSJVSPIEWWYQTXMSRhXV]MRKXSEGXMREGGSVHERGI
    [MXLXLII\TIGXIHFILEZMSVWERXMGMTEXIHF]XLIKVSYTERH[MXLXLIRSVQWEWWSGMEXIH
    [MXLXLEXVSPI%PXLSYKLXLITEVXMGYPEVVSPIQE]WIIQWMQTPI[LIRMXMWHIWGVMFIHXLI
    EGXYEPEGGITXERGIERHEGXMRKSYXSJXLIVSPIGERTVSZIXSFIHMJJMGYPX

    'SLIWMZIRIWW
    'SLIWMZIRIWW qMWXLII\XIRXXS[LMGLQIQFIVWEVIPS]EPERHGSQQMXXIHXSXLIKVSYTr
    +VMJJMRT GVIEXMRKEqJSVGIXLEXFMRHWKVSYTQIQFIVWXSKIXLIVr /I]XSR

    7TVMRKWXSRT ;LMPIXLIKVSYTXEWOERHWXVYGXYVIXIRHXSFIWIXGSLIWMZI
    RIWWMWEVIWYPXSJLS[[IPPKVSYTQIQFIVWMRXIVEGX+VSYTWEVIRSXHSSQIHXSJEMPYVIMJ
    XLIQIQFIVWHSRSXKIXEPSRKFYXGSLIWMZIKVSYTWJYPJMPPMQTSVXERXRIIHWJSVXLIKVSYT
    QIQFIVWMRGVIEWMRKXLIMV[MPPMRKRIWWXSGSRXVMFYXIXSXLIKVSYTERHGSLIWMZIKVSYTW
    LEZIFIIRWLS[RXSFIQSVIIJJIGXMZIMRXEWOTIVJSVQERGI )ZERW
    (MSR 
    'SLIWMZIRIWWHIWGVMFIWEWIXSJMRJPYIRGIWERHVIEWSRWXLEXOIITQIQFIVWMRE
    KVSYTERHOIITXLIQQSXMZEXIHERH[MPPMRKXSGSRXVMFYXII\XVEXMQIERHIJJSVXXSLIPT
    XLIKVSYTGSQTPIXIMXWNSF ;MXXIQER -RQSVIGSLIWMZIKVSYTWQIQFIVWGSR
    ZIVWIJVIIP]EVIQSVIMRXIVIWXIHMRXLIEGLMIZIQIRXWSJXLIKVSYTEXXIRHERHEGXMZIP]
    TEVXMGMTEXIMRKVSYTJYRGXMSRWEVIMRXIVIWXIHMRXLIEGXMZMXMIWSJSXLIVQIQFIVW[MPP
    MRKP] EWWMWX IEGL SXLIV MR EGLMIZMRK XLI KVSYTtW XEWOW ERH MHIRXMJ] [MXL XLI KVSYT
    XLVSYKLXLIMVYWISJPERKYEKIMRWTIEOMRKSJq[IrERHVIJIVVMRKXSRSRKVSYTQIQFIVW
    EWqXLI]r'SLIWMSRMWJVIUYIRXP]GMXIHEWMQTSVXERXXSEKVSYTtWWYGGIWW +VMJJMR
    7XSGOXSR6SLHI
    ,EYKLI] 

    -RJPYIRGIWSR'SLIWMZIRIWW
    ;MHQI]IVERH;MPPMEQW  MHIRXMJ]ERYQFIVSJMRJPYIRGIWSRXLIHIZIPSTQIRXSJ
    KVSYTGSLIWMSR8LIWM^ISJXLIKVSYTXLIFEGOKVSYRHWMQMPEVMX]SJKVSYTQIQFIVW
    XLIQIQFIVWt WEXMWJEGXMSR[MXLXLIXEWOMR[LMGLXLI]EVIIRKEKIHERH[MXLXLIWSGMEP
    EWTIGXW SJ XLI KVSYT ERH XLI WYGGIWW SJ TVMSV KVSYT TIVJSVQERGI EPP GSRXVMFYXI XS
    KVIEXIVKVSYTGSLIWMSR0EVKIVKVSYTWJSVMRWXERGIQE]JMRHWSGMEPERHXEWOGSLIWMZI
    RIWWQSVIHMJJMGYPXEWWSQIQIQFIVWQE]JMRHMXIEWMIVXSIRKEKIMRqWSGMEPPSEJMRKr

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

    ERH qKSMRK EPSRKJSVXLIVMHIr [MXLSYXMRZIWXMRKXLIQWIPZIW LIEZMP]SV GSRXVMFYXMRK


    JYPP]XSXLIKVSYTtW[SVO
    'SLIWMZIRIWWHIZIPSTWMRKVSYTWXLVSYKLKVIEXIVGSQQYRMGEXMSREQSRKKVSYT
    QIQFIVWERH[MXLMRGVIEWIHTVIWWYVIJSVGSRJSVQMX]XSKVSYTRSVQW)\TPMGMXP]GPEVM
    J]MRKKVSYTKSEPWMHIRXMJ]MRKQIQFIVVSPIWERHIRGSYVEKMRKQIQFIVMRZSPZIQIRXMR
    XLIHIGMWMSRQEOMRKTVSGIWWEPPGSRXVMFYXIXSKVIEXIVGSLIWMZIRIWW3XLIVMRJPYIRGIW
    WYGLEWWSPMGMXMRKJYPPQIQFIVMRZSPZIQIRXMRXLIHIGMWMSRQEOMRKTVSGIWWMRZSPZMRK
    QIQFIVWMRGPEVMJ]MRKKVSYTKSEPWERHQIQFIVVSPIWERHVIGSKRM^MRKQIQFIVWt GSR
    XVMFYXMSRWWIVZIXSHIZIPSTGSLIWMZIRIWWEW[IPP*MREPP]WYGGIWWJYPP]EGGSQTPMWLMRK
    XEWOW FIMRKTVSHYGXMZIERHFIMRK VIGSKRM^IH EWE WYGGIWWJYPKVSYTEPWSWXVIRKXLIR
    ERHIRGSYVEKIKVSYTGSLIWMSR

    'SRWIUYIRGIWSJ'SLIWMZIRIWW
    +VSYTGSLIWMZIRIWWFVMRKW[MXLMXQER]TSWMXMZIFIRIJMXWWYGLEWKSSHJIIPMRKWEFSYX
    XLIKVSYTERHQIQFIVWLMTMRMXJYPJMPPQIRXSJGIVXEMRTIVWSREPRIIHWSVXLISTTSVXY
    RMX]JSVTIVWSREPI\TVIWWMSREW[IPPEWJIIPMRKWSJTIVWSREPWYGGIWWERHTVSHYGXMZMX]
    +VSYTGSLIWMZIRIWWGEREPWSIRLERGIXLIHIGMWMSRQEOMRKTVSGIWWXLIUYEPMX]SJXLI
    HIGMWMSRWQEHIERHXLISZIVEPPTVSHYGXMZMX]SJXLIKVSYT7SGSLIWMSRMWERMQTSVXERX
    JEGXSVJSVER]KVSYTTVSGIWWERHMRKIRIVEPKVSYTGSLIWMSRERHTIVJSVQERGIEVITSW
    MXMZIP]VIPEXIH )ZERW
    (MSR+VMJJMR ,S[IZIVXSSQYGLGSLIWMZIRIWW
    GEREPWSMQTEMVXLIHIGMWMSRQEOMRKTVSGIWWERHIZIRIRGSYVEKIKVSYTXLMRO 1YPPIR
    IXEP 

    8IEQWTYVWYIGSQQSRTYVTSWIWFEWIHSRJSVGIWXLEXFMRHXLIQXSKIXLIV

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  2SVQW6SPIW'SLIWMZIRIWWERH+VSYTXLMRO

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

    *-+96) .ERMWtW+VSYTXLMRO*VEQI[SVO

    (IGMWMSR
    +VSYT +VSYTXLMRO (IGMWMSR
    'LEVEGXIVMWXMGW 7]QTXSQW 1EOMRK 3YXGSQIW
    (IJIGXW

    dTVMQEV]GSRHMXMSR MPPYWMSRSJ PMQMXIHHMWGYWWMSR dqJMEWGSIWr


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    8LIWIMRMXMEPTIVMSHWLSPHWSQIYRIEWMRIWWERHE[O[EVHRIWWXLEXEVIRSVQEPERH
    XS FI I\TIGXIH EW[IHS RSX ORS[ SRI ERSXLIV[IPPERH LEZI RSXEW]IX IWXEFPMWLIH
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    GEPPIHTVMQEV]XIRWMSRERHEVIIZMHIRGIHMRXLIWQEPPXEPOE[O[EVHWMPIRGIWERHWIEVGL
    JSVJVMIRHP]JEGIWXLEXSJXIRWYVVSYRHXLIMRMXMEPGSRZIVWEXMSRW;LIRQIQFIVWMRXVS
    HYGI XLIQWIPZIW ERH MHIRXMJ] XLIMV VIEWSRW JSV FIMRK MR XLI KVSYT TISTPI KVEHYEPP]
    FIKMRXSVIPE\,YQSVGERFIYWIHXSVIPIEWIWSQISJXLIWIXIRWMSRWERHJIIPMRKWEW[IPP
    3RGIXLITVMQEV]XIRWMSRMWVIPIEWIHXLIKVSYTFIKMRWXSHIZSXIMXWIPJXSXLIXEWO
    EX LERH XV]MRK XS HIJMRI MXW TYVTSWI IWXEFPMWL WSQI X]TI SJ EKIRHE HIZIPST WSQI
    [SVOMRKVYPIWERHFIKMRXLIKVSYTTVSGIWW-QTSVXERXGLEVEGXIVMWXMGWMRXLMWJMVWXTLEWI
    EVIXLEXQSWXSJXLIGSQQYRMGEXMSRMWXIRXEXMZIEWXLIKVSYTHIZSXIWMXWIPJXSFIGSQMRK
    SVMIRXIHXSMXWKSEPWGSRJPMGXMWEZSMHIHTPE]IHHS[RSVMKRSVIHERHKVSYTQIQFIVW
    YWYEPP]EWOQSVIUYIWXMSRWXLERQEOIWXEXIQIRXWVIKEVHMRKXLIMVFIPMIJW
    8LIJSVQMRKTLEWIWLSYPHMRGPYHIXLIJSPPS[MRKGSQQYRMGEXMSRGLEVEGXIVMWXMGW
    WYQQEVM^IHMR*MKYVI 

     8LMWTLEWIGSRXEMRWERYQFIVSJUYIWXMSRWXLEXGERLIPTKVSYTQIQFIVWHIZIPSTE
    GPIEVYRHIVWXERHMRKSJXLIXEWOEXLERH
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    I\TPMGMXP]EVXMGYPEXIH
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    YRGIVXEMRX] ERH XLI XEWO EX LERH MW MQTSVXERX SXLIV[MWI XLIVI QE] FI SRP] ETTEVIRX SV
    TWIYHSEKVIIQIRXEWQIQFIVWWMQTP]qKSEPSRKXSKIXEPSRKr%PEGOSJEGPIEVYRHIVWXERH
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     8LIVIQE]FIWSQIXIRXEXMZIVSPIEWWMKRQIRXW-RTEVXMGYPEVEPIEHIVMWPMOIP]XS
    IQIVKISVFII\TPMGMXP]WIPIGXIH(ITIRHMRKSRXLIKVSYTPIEHIVWLMTQE]FIWIIREWER
    MQTSVXERXWXEXYWW]QFSPXLEXGERGVIEXIHMJJMGYPXMIWHYVMRKXLIWXSVQMRKTLEWISVMXQE]FI
    TIVGIMZIHEWEWMQTPIJSVQEPMX]SVEWRIGIWWEV]XSXLIJYRGXMSRMRKSJXLIKVSYT

    *-+96) *SVQMRKh/I])PIQIRXWXS*EGMPMXEXI+SSH'SQQYRMGEXMSR

    +VSYT2SVQWh%GGITXIHWXERHEVHW WII'LETXIV +VSYT+SEPW


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    &EGSR
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     ',%48)6  *SYV4LEWIWSJ+VSYT(IZIPSTQIRX

    8LIOI]IPIQIRXWXSJEGMPMXEXIKSSHGSQQYRMGEXMSRMRXLMWTLEWIEVIXLIIWXEF
    PMWLQIRX SJ KVSYT RSVQW VYPIW VSPIW ERH WXVYGXYVI 6IEPMWXMG GPIEV ERH EXXEMREFPI
    KVSYTKSEPWRIIHXSFIIWXEFPMWLIH
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    LIWMXEXMSR XS HMWGPSWI TIVWSREP MRJSVQEXMSR GVIEXMRK E TVMQEV] XIRWMSR 7YTTSVXMZI
    KVSYTFILEZMSVWGERLIPTQIQFIVWFYMPHMRXIVTIVWSREPXVYWXERHKIXFIXXIVEGUYEMRXIH
    4VIGEYXMSRWWLSYPHFIXEOIRXSTVSZMHIERSTIRWEJIIRZMVSRQIRXJSVXLIKMZMRKERH
    VIGIMZMRKSJMRJSVQEXMSRERHI\TVIWWMSRSJJIIPMRKW%R]MWWYIWSJGSRJMHIRXMEPMX]QYWX
    FIYRHIVWXSSHWSXLEXKVSYTQIQFIVWGERFYMPHMRXIVTIVWSREPXVYWX-XMWMQTSVXERXJSV
    QIQFIVWXSI\TPMGMXP]EWWIWWXLIMVGSQQMXQIRXXSXLIKVSYTERHXLIXEWOVIGSKRM^MRK
    ER]EQFMZEPIRGIERHGSQMRKXSXIVQW[MXLER]ETTVSEGLEZSMHERGIJIIPMRKWXS[EVH
    SXLIVKVSYTQIQFIVWXLIXEWOMXWIPJERHXLIXMQIERHIRIVK]GSQQMXQIRXWXLEX[MPPFI
    VIUYMVIHSJXLIQ8LITYVTSWISJXLIKVSYTQYWXFIGPIEVP]ERHSTIRP]HMWGYWWIHWS
    XLEXQIQFIVWGERQEXGLXLIMVMRHMZMHYEPI\TIGXEXMSRWEKEMRWXXLIKVSYTtWEMQ1MWGSR
    GITXMSRWGSRGIVRMRKXLITYVTSWISJXLIKVSYTERHVSPIGSRJYWMSRGERGVIEXIRIKEXMZI
    IQSXMSRWXLEXHMWXSVXKVSYTJYRGXMSRMRKPIEHMRKXSWMPIRX[MXLHVE[EPF]KVSYTQIQ
    FIVWSVI\TVIWWMZIEGXMRKSYXSJWIPJSVMIRXIHVSPIWF]WSQIQIQFIVW8LIWIJIIPMRKW
    QE]EPWSEJJIGXEXXIRHERGIEXQIIXMRKWXMQIPMRIWWMREGGSQTPMWLMRKXEWOWERHHVST
    SYXVEXIWSJKVSYTQIQFIVWHYVMRKXLIPEXIVTLEWIWSJXEWOEGGSQTPMWLQIRX(YVMRK
    XLMWJMVWXWXITMRKVSYTJSVQEXMSRTVSHYGXMZMX]SVKVSYTEGGSQTPMWLQIRXWXIRHXSFI
    PS[WMRGIQIQFIVWEVIWXMPPI\TPSVMRKXLMWRI[GSPPIGXMZI 1SRXIFIPPST 
    8LIKVSYTGERQEMRXEMRWSQIJPI\MFMPMX]MRXSTMGEVIEWXSFIHMWGYWWIHXSQIIXXLI
    RIIHW SJ MRHMZMHYEPW MR XLI KVSYTFYX EPP XSTMGW WLSYPH FITYX JSV[EVH EX XLMW XMQI
    3RGI[IKIXXSORS[XLIQIQFIVWSJEKVSYT[IQE]WXMPPI\TIVMIRGIER\MIX]GSR
    GIVRMRKXLIKVSYTtWSZIVEPPTYVTSWITVSGIWWERHKSEPWSVEFSYXXLISXLIVKVSYTQIQ
    FIVWXLIMVTIVWTIGXMZIWERHXLIMV MRXIRXMSRW8LIWI X]TIWSJGSRGIVRWFEWIH SRSYV
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    1G/IEKI ;ILEZIKSXXIRXSORS[IEGLSXLIV[IPPIRSYKLXS[SVO
    XLVSYKLSYVMRMXMEPTSPMXISVqRMGIRIWWrTLEWI2S[[IGERFIQSVILSRIWXERHJSVXL
    VMKLXMRSYVSTMRMSRWERHTSWMXMSRW%WXLMWLETTIRW[IHMWGSZIVSYVEVIEWSJHMWEKVII
    QIRX'SRJPMGXWQE]SGGYVSZIVXEWOMWWYIWEW[IFIKMRTVIWIRXMRKSYVMHIEW(MJJIVIRX
    ZMI[WEVII\TVIWWIH7SQIEVIEGGITXIHSXLIVWEVIVINIGXIH1IQFIVWZMIJSVGSRXVSP
    SJXLIHMWGYWWMSR4ISTPIXEOIWMHIWERHFVIEOMRXS HMJJIVIRX JEGXMSRWERH GSEPMXMSRW
    8LMWMWERMQTSVXERXTLEWIJSVXLIKVSYTERHVEXLIVXLEREZSMHMRKSVKPSWWMRKSZIVGSR
    JPMGXMRXLMWTLEWIMXWLSYPHFIWIIREWE[E]JSVEKVSYTXSFIKMRXSHIJMRIERHHIEP[MXL
    XLIHMJJMGYPXMWWYIWMRLIVIRXMRXLIXEWOEXLERH
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    7XSVQMRK'SRJPMGXMR+VSYTW 

    [MXL]SYVJVMIRHWSV[MXLWXVERKIVW#;MXLWXVERKIVW[IXIRHXSFIQSVITSPMXIERHqSR
    SYVFIWXFILEZMSVr;MXLJVMIRHWhXLITISTPI[IJIIPXLIQSWXGSQJSVXEFPI[MXLGEVI
    EFSYXXLIQSWXWTIRHXLIQSWXXMQI[MXLERH[LSORS[YWXLIFIWXh[IEVIPMOIP]XS
    FI QSVI LSRIWX JSVXLVMKLX ERH [MPPMRK XS WXEXI ERH EVKYI SYV FIPMIJW 7MQMPEVP] MR
    WQEPPKVSYTWEW[IKIXXSORS[SRIERSXLIVERHIEGLQIQFIVtWTSWMXMSRWFIXXIV[I
    EVIPMOIP]XSFIGSQIQSVILSRIWXERHPIWWXIRXEXMZIMRWXEXMRKSYVTSWMXMSRW8LMWQSVI
    STIRGSQQYRMGEXMSRFVMRKWYWMRXSLSRIWXHMWEKVIIQIRXWERHGSRJPMGX
    %RYQFIVSJXLISVMWXWLEZIWYKKIWXIHXLEXXLMWMRMXMEPTLEWISJKVSYTGSRJPMGXMW
    MQTSVXERXXSJSWXIVMRKWYFWIUYIRXKVSYTJIIPMRKWSJGSLIWMSRERHGSSTIVEXMSREW[IPP
    EW PIEHMRK XS E QSVI IJJIGXMZI HIGMWMSRQEOMRK TVSGIWW :IVHM
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    WYTTVIWW MQTSVXERX EWTIGXW SJ XLI KVSYTtW MWWYIW8LMW EZSMHERGI QE] GVIEXI E WIG
    SRHEV]XIRWMSRXLEXWXMJPIWXLIHIZIPSTQIRXSJPSRKXIVQKVSYTGSLIWMSRERHSJIJJIG
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    %WXLIKVSYTGSRXMRYIWXSQIIXERHXLITVMQEV]XIRWMSRWYFWMHIWERMRXIVHITIR
    HIRGI FEWIH SR WLEVMRK ERH EWWSGMEXMSR HIZIPSTW VIWYPXMRK MR E KVSYT MHIRXMX] ERH
    WIRWISJGSLIWMSR;LIR[IFIKMRXSJIIPTEVXSJXLIKVSYTtWMHIRXMX][IEVIVIWTSRH
    MRKXSWIZIVEPTSWMXMZIHIZIPSTQIRXW 'SLIRIXEP 8LIWIMRGPYHIEWIRWISJTYV
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    MRXIVEGXMSRWIJJIGXMZIPIEHIVWLMTERHEGPMQEXIXLEXVIWYPXWMRJIIPMRKWSJFIMRKZEPYIH
    ERHEGGITXIH
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    YRVIEPMWXMGI\TIGXEXMSRWJI[MRXIVEGXMSRWTSSVPIEHIVWLMTERHETSSVGPMQEXI[IEOIR
    ER]KVSYT-REHHMXMSRYRWXEFPIQIQFIVWLMTKVSYTHIZMERXW[LSHSRSXGSRJSVQXS
    KVSYT RSVQWGPMUYIW XLEX EVIQSVI GSQQMXXIHXSXLIMVS[R RIIHWXLERXLSWI SJ XLI
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    MSVWMRXIVTIVWSREPGSRJPMGXERH[IEOMRXIVTIVWSREPWOMPPWWYGLEWPMWXIRMRKTVSZMHMRK
    JIIHFEGOERHFIMRKWYTTSVXMZI1IQFIVWHSRSXEP[E]WORS[LS[XSKMZIERHVIGIMZI
    JIIHFEGOXLEXMWFSXLWYTTSVXMZISJSXLIVQIQFIVWERHGSRWXVYGXMZIMRHIZIPSTMRKXLI
    KVSYTGSLIWMSRERHXEWO7SQIXMQIWTISTPIXLMROKMZMRKEHZMGISVWSPZMRKERSXLIVtW
    TVSFPIQWMWWYTTSVX8LIWIXIGLRMUYIWEVIRSXSJXIREHZERXEKISYWMREKVSYTWIXXMRK

    *-+96) 7XSVQMRKh'SQQYRMGEXMSR'SRGIVRW

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    MWHMJJMGYPXJSVWSQITISTPIXSXEPOSTIRP]EFSYXXLIMVSTMRMSRWERHJIIPMRKWSVXSHMW
    EKVIISTIRP][MXLERSXLIVQIQFIV%REXQSWTLIVISJXVYWXERHEGGITXERGIQYWXFIJIPX
    [MXLMRXLIKVSYTJSVXLMWXSSGGYV8SGVIEXIXLMWWYTTSVXMZIGPMQEXIKVSYTQIQFIVW
    QYWXTVEGXMGIIQTEXLIXMGPMWXIRMRKERHFIEFPIXSGSQQYRMGEXIRSRNYHKQIRXEPEGGIT
    XERGIERHHMWEKVIIQIRX
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    WYMXIH XS XLI TEVXMGYPEV KVSYT ERH MW GEYWMRK HMWVYTXMSR -X MW MQTSVXERX XS HIGMHI
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    XLEXQE]WYFWMHIEWXLIKVSYTTVSKVIWWIWSVMWMRHMGEXMZISJEQSVIPSRKPEWXMRKTVSF
    PIQ8LIKVSYTQYWXHIGMHIFIGEYWIMXGERRSXJYRGXMSR[IPPMJXLIHMWVYTXMZIFILEZMSV
    GSRXMRYIW)MXLIVXLIPIEHIVSVXLIKVSYTEWE[LSPIQYWXWTIEO[MXLXLIQIQFIVMRE
    WIRWMXMZI[E]XSI\TPEMRXLIIJJIGXXLIHMWVYTXMSRWEVILEZMRKSRXLIKVSYTERHSJJIVE
    GSRWXVYGXMZI[E]SJGSRXVMFYXMRKXSXLIKVSYTHMWGYWWMSR
    3GGEWMSREPP]WSQIQIQFIVWQE]I\TIVMIRGITIVMSHWSJHMWWEXMWJEGXMSR[MXLXLI
    KVSYTSV[MXLWSQISJMXWQIQFIVW8LI]QE]TIVGIMZIWSQISRIMRXLIKVSYTEWLEZMRK
    ETIWWMQMWXMGEXXMXYHISVXLI]QE]FIYRGSQJSVXEFPI[MXLWSQISRItWGSQQYRMGEXMSR
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    KVSYT7SQIQFIVWQE]RSXIEWMP]I\TVIWWXLIQWIPZIWQE]JIIPMRLMFMXIHSVQE]PEGO
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    XLIFIKMRRMRKSJEQIIXMRKLS[QYGLXMQIXLI][MPPRIIHHYVMRKXLIQIIXMRKXSWLEVI
    XLIMVMHIEWERHMRJSVQEXMSR8MQIMWWIXEWMHIERHGEVIJYPP]QSRMXSVIHXSQEOIGIVXEMR
    XLIQIQFIVWWXE][MXLMRXLIMVXMQIEPPSGEXMSR%XXLIIRHSJXLIEKVIIHYTSRXMQIMJ
    QSVIXMQIWIIQWETTVSTVMEXISXLIVQIQFIVWGERZSPYRXIIVWSQISJXLIMVXMQI%WIG
    SRHETTVSEGLVIWXVMGXWSZIVP]HSQMREXIQIQFIVWERHIRGSYVEKIWXLIQSVIWMPIRXQIQ
    FIVWXSTEVXMGMTEXI3RIZEVMEXMSRERHKVSYTWGERYWIXLIMVS[RGVIEXMZMX]XSMQTPIQIRX
    XLMWETTVSEGLMWXSTPEGIEPMQMXSRXLIRYQFIVSJXMQIWER]QIQFIVQE]WTIEOFIJSVI
    EPPQIQFIVWLEZIWTSOIREXPIEWXSRGI*SVI\EQTPIXLIKVSYTQE]HIGMHIXLEXRSSRI
    QE]WTIEOQSVIXLERXLVIIXMQIWFIJSVIIZIV]SRILEWWTSOIREXPIEWXSRGI3XLIVWYK
    KIWXMSRWMRGPYHIHIGMHMRKMJGVSWWXEPOFIX[IIRQIQFIVWFYXRSXHMVIGXIHEXXLIIRXMVI
    KVSYT[MPPFIEPPS[IHMJJIIHFEGOSRWTIGMJMGMWWYIW[MPPXEOITPEGISRP]EXXLIIRHSJ
    XLI QIIXMRK SV MJ E KIRIVEP HMWGYWWMSR EX XLIIRH VIKEVHMRKXLIIJJIGXMZIRIWW SJ XLI
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    XLI KVSYTTVSGIWW;SVOMRKXLVSYKLXLIWIGSRJPMGXWHITIRHWSRWIZIVEPJEGXSVWMRGPYH
    MRKXLIKVSYTQIQFIVWt YRHIVWXERHMRKERHEKVIIQIRXETTEVIRXWEXMWJEGXMSRERH[MPP
    MRKRIWW XS XVYWX SRI ERSXLIVtW KSSH [MPP ERH XS GSQQYRMGEXI IQTEXL] JSV HMZIVWI
    TIVWTIGXMZIW
    8LIWIEXXMXYHIWLIPTKVSYTQIQFIVWVIWSPZIGSRJPMGXMRXLMWTLEWI-JXLIGSRJPMGXW
    EVIRSXJYPP]VIWSPZIHLS[IZIVXLMWTLEWIQE]FIVIZMWMXIHTIVLETWIZIRVITIEXIHP]EW
    XLIKVSYTQSZIWXSTLEWIXLVII-J[IHSRSXYRHIVWXERHJIIPWEXMWJMIHSVXVYWX[ILEZI
    HMJJMGYPX]FIGSQMRKEGSLIWMZIIQIVKIRXKVSYTGETEFPISJQEOMRKEHIGMWMSRSVWSPZ
    MRKETVSFPIQ

    2SVQMRK )QIVKIRGIEWE+VSYT
    %XXLMWTSMRXMREKVSYTtWIZSPYXMSRHMJJIVIRGIWLEZIFIIRI\TVIWWIHERHXLIWXSVQSJGSR
    JPMGXMWWYFWMHMRK1IQFIVVIPEXMSRWLMTWEVIFIGSQMRKQSVISTIRERHXVYWXMRKERHXLI
    KVSYTFIKMRWXSJIIPQSVIGSLIWMZI3TIRRIKSXMEXMSRSJKSEPWVSPIWI\TIGXEXMSRWKVSYT
    WXVYGXYVIERHXLIHMZMWMSRSJPEFSVMWYRHIVXEOIR)ZIRXLSYKLQIQFIVWLEZIHIZIPSTIH
    XLIMVTSWMXMSRWERHGSQIXSWSQIYRHIVWXERHMRKSJXLITSWMXMSRWSJSXLIVQIQFIVWSJXLI
    KVSYTXLIVIMWEXIRHIRG]JSVKVSYTWXSQSZIFEGOERHJSVXLFIX[IIRGSRJPMGXERHIQIVK
    MRKGSLIWMZIRIWW(MWEKVIIQIRXWEVIVEVIP]JYPP]ERHTIVQERIRXP]VIWSPZIH8LIQENSV
    MWWYIWQE]LEZIFIIRVIWSPZIHFYXXLIVIEVIGSYRXPIWWMWWYIWXSFI[SVOIHXLVSYKLEWXLI
    KVSYT FIKMRW [SVOMRK XS[EVH HIJMRMRK TVSFPIQW ERH WSPYXMSRW ;LMPI XLI MRXIVEGXMSR
    VIQEMRWXIRXEXMZIGSSTIVEXMSRMWSRXLIVMWI(YVMRKXLMWRSVQMRK TLEWIRI[MWWYIWVEMWI
    TVMQEV]XIRWMSRWERHTVSTSWIHWSPYXMSRWVEMWIWIGSRHEV]XIRWMSRW
    -HIEPP] KVSYTW WLSYPH TVSGIIH XLVSYKL TLEWI X[S WXSVQMRK  FIJSVI XEGOPMRK
    TLEWIXLVII RSVQMRK FYXX[SLYQERGLEVEGXIVMWXMGWXIRHXSQYHH]XLITVSGIWW*MVWX
    [IPMOIXSWSPZITVSFPIQWIZIRFIJSVI[ILEZIJYPP]HIJMRIHXLIQ7SHYVMRKTLEWI
    X[SMXMWZIV]XIQTXMRKXSTVSTSWISYVS[RTIVWSREPWSPYXMSRFIJSVIXLIKVSYTGSQ
    TPIXIWEXLSVSYKLI\EQMREXMSRSJHMJJIVIRXZMI[TSMRXWERHMWWYIW7IGSRHEWXLIKVSYT
    TVSGIIHWXLVSYKLXLIIQIVKIRGI TLEWIKVSYTQIQFIVWQE]JIIPXLIRIIHXSVIZMWMX
    MWWYIW XLEX [IVI MR GSRJPMGX HYVMRK TLEWI X[S FIGEYWI WSQI EWTIGX SJ XLI EREP]WMW
    ETTIEVWMRGSQTPIXI-RXLMWGEWIMRHMZMHYEPWQE]JIIPXLEXXLI]LEZIRSXVITVIWIRXIH
    XLIMVTSWMXMSREHIUYEXIP]ERH[MWLXSVIWXEXIMXMRSVHIVXSFIGSQIQSVIGSQJSVXEFPI
    [MXLXLISYXGSQI-JXLIGSRJPMGXI\TIVMIRGIHMRTLEWIX[SLEWRSXFIIR[IPPQEREKIH
    SVJYPP]VIWSPZIHXLIKVSYT[MPPWSSRIVSVPEXIVVIXYVRXSTLEWIX[SMWWYIW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  *SYV4LEWIWSJ+VSYT(IZIPSTQIRX

    %KVSYTMWPMOIP]XSLMXTIVMSHWSJWMPIRGIJVSQXMQIXSXMQI8LMWWMPIRGIQE]FI
    QEVOIHF]XIRWMSREWSRIXVMIWXSXLMROSJ[LEXXSWE]RI\XSVEQIQFIVQE][MXLHVE[
    JVSQXLIKVSYTMJLISVWLIJIIPWTVIWWYVIHXSWTIEOYT[LIRRSXVIEH]XSHSWS7MPIRGI
    GEREPWSFIEXMQIJSVMRXVSWTIGXMSRPSSOMRKMRWMHISRIWIPJJSVERW[IVWSVVIJPIGXMRKSR
    [LEXLEWNYWXFIIRWLEVIH%KVSYTJEGMPMXEXSVQYWXNYHKI[LEXX]TISJWMPIRGIMWSGGYV
    VMRKMRSVHIVXSLIPTXLIKVSYTTVSKVIWW
    2SVQMRKHIWGVMFIWXLIKVSYTtW[MPPMRKRIWWXSWIXXPISRWTIGMJMGVYPIWJSVLS[HMW
    GYWWMSRW[MPPXEOITPEGIERHHIGMWMSRW[MPPFIQEHI-XMWERMQTSVXERXTLEWIMRXLI
    KVSYTTVSGIWWERHWIXWXLIWXEKIJSVXLIKVSYTtWTIVJSVQERGI

    4IVJSVQMRK 1EOMRK(IGMWMSRWERH7SPZMRK4VSFPIQW
    4IVJSVQMRK MHIRXMJMIW XLI VIEP [SVO TLEWI SJ XLI KVSYT -X MW GLEVEGXIVM^IH F] ER
    MRGVIEWIMRXEWOSVMIRXEXMSRERHF]STIRI\GLERKIERHJIIHFEGO8LIKVSYTtWWSGMEP
    XIRWMSR YWYEPP] HIGVIEWIW EW E WIRWI SJ VIPMIJ SGGYVW ERH XLI KVSYT FIKMRW QSZMRK
    XS[EVHWSQIX]TISJWSPYXMSRI\EQMRIWXLEXWSPYXMSRERHFIKMRWXSEWWIWWXLIMQTEGXMX
    [MPPLEZISRXLITVSFPIQ
    %TVSFPIQWSPZMRKTVSGIWWGSRWMWXMRKSJJSYVSVJMZIHMWXMRGXWXITWGERLIPTXLI
    KVSYTJYRGXMSRQSVIIJJIGXMZIP]HYVMRKXLMWTLEWI)EGLSJXLIWIWXITWMWHMWXMRGXERH
    GEPPWJSVHMJJIVIRXGSQQYRMGEXMSRFILEZMSVJVSQXLIPIEHIVERHKVSYTQIQFIVW[SVO
    MRK XLVSYKL XLI TVSFPIQWSPZMRK TVSGIWW 8EFPI  WLS[W WSQI SJ XLI q(3Wr ERH
    q(32t8WrJSVKVSYTQIQFIVWMRXLMWTVSFPIQWSPZMRKTVSGIWW

    8%&0) +VSYT1IQFIVWt 6IWTSRWMFMPMXMIWJSV*EGMPMXEXMRK4VSFPIQ7SPZMRKMRXLI4IVJSVQMRK4LEWI

    7XIT (IJMRMRKXLI4VSFPIQ

    (3W (32t8W
    (STVSZMHIXLITIVXMRIRXHEXEXLEX]SY (SRtXHMWGYWWWSPYXMSRW
    TSWWIWW (SRtXFPEQISVEWWIWWJEYPXVIKEVHMRKXLI
    (STVSZMHIXLIFEGOKVSYRHGSRXI\XJSVXLI TVSFPIQ
    TVSFPIQ (SRtXQSZISRMRXLITVSGIWWYRXMPIZIV]SRIMW
    (SI\TPEMRLS[XLMWTVSFPIQVIPEXIWXSSXLIVW GPIEVEFSYXXLIHIJMRMXMSRSJXLITVSFPIQ
    (SEWOSXLIVKVSYTQIQFIVWJSV[LEXIZIV (SRtXWYTTP]EPSXSJMVVIPIZERXMRJSVQEXMSR
    JEGXWERHHEXEXLI]TSWWIWW (SRtXEGXEWXLSYKL]SYLEZIEPVIEH]HIGMHIHSRE
    (SQEOIWYVIXLEXIZIV]SRIYRHIVWXERHWEPP WSPYXMSRERHEVIMRZSPZMRKSXLIVQIQFIVWSJXLI
    XLIJEGXWERHHEXE XIEQEWQIVIP]EJSVQEPMX]
    (SVIWXEXIXLIHIJMRMXMSRSJXLITVSFPIQXS
    IRWYVIXLEXEPPQIQFIVWEVIE[EVISJ[LEX
    ]SY[ERX

    7XIT +IRIVEXMRK4SWWMFPI7SPYXMSRW

    (3W (32t8W
    (SIRGSYVEKIqSJJXLI[EPPrGSQQIRXW (SRtXEPPS[IHMXMRKIZEPYEXMRKSVGVMXMGM^MRKSJ
    (SGLEPPIRKIXLIKVSYTXSTYWLJSVEWQER] MHIEW
    TSWWMFPIWSPYXMSRWEWMXGERXLMROSJ (SRtXWIXXPISRXLIJMVWXqKSSHrMHIEXLEXWYVJEGIW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    4IVJSVQMRK1EOMRK(IGMWMSRWERH7SPZMRK4VSFPIQW 

    (3W (32t8W
    (SqTVMQIXLITYQTr[MXL]SYVS[RMHIEW (SRtXTYRMWLSXLIVQIQFIVW[LSGVMXMGM^I
    IWTIGMEPP]MJXLIKVSYTMWWXYGO MHIEWhNYWXVIQMRHXLIQSJXLIKVSYRHVYPIW
    (SWIXEXMQIPMQMX (SRtXWTIRHQYGLXMQIEHZSGEXMRK]SYVMHIEW
    (SMRZMXIIZIV]SRIXSTEVXMGMTEXIIZIRMJ (SRtXWTIRHQYGLXMQISRER]SRITIVWSRSVSRI
    ]SYLEZIXSEWOWSQIQIQFIVWI\TPMGMXP] KSSHMHIE
    (SEWOSTIRIRHIHUYIWXMSRWXSWTEVOXLI (SRtXKSFI]SRHXLIXMQIPMQMXWIXYRPIWWXLIXIEQ
    XIEQtWXLMROMRK I\TPMGMXP][ERXWXS
    (S[VMXIHS[REPPMHIEWKIRIVEXIH (SRtXUYMXYRXMPXLIXMQIPMQMXMWYT
    (SEWWYVIXLIXIEQXLEXEPPMHIEWEVI
    [IPGSQIERHXLEXRSMHIEMWWMPP]
    (STMKK]FEGOSJJSRIERSXLIVtWMHIEW

    7XIT )ZEPYEXMRK7SPYXMSRW

    (3W (32t8W
    (SVIZMI[EPPXLIMXIQWSRXLIPMWXSJ (SRtXEPPS[XLIXIEQXSNYHKISRIERSXLIVEWXLI]
    TSWWMFPIWSPYXMSRWERHIPMQMREXIXLSWI[MXL NYHKIXLIMHIEW
    RSWYTTSVX (SRtXKIXFSKKIHHS[RHMWGYWWMRKXLITVSWERH
    (SOIITER]MXIQSRXLIPMWXXLEXER]SRIMW GSRWEWWIWWZEPYIUYMGOP]
    [MPPMRKXSHMWGYWW (SRtXUYMXYRXMP]SYLEZIGPIEVGSRWIRWYW
    (SJSGYWSRPSSOMRKEXXLITSWMXMZIERH
    RIKEXMZIEWTIGXWSJIEGLWSPYXMSR
    (SERXMGMTEXIXLIGSRWIUYIRGIWSJIEGL
    WSPYXMSR
    (SQEOIWYVIXLEXIEGLQIQFIVLEWEQTPI
    STTSVXYRMX]XSTVSZMHIMRTYX
    (SMRZMXIQIQFIVWXSGSQFMRIWSPYXMSRW
    (SIRWYVIGSRWIRWYWF]KIXXMRKIZIV]SRItW
    MRTYX
    (SJVIUYIRXP]VIWXEXI[LEX]SYLIEVXS
    GPEVMJ]XLIQIERMRK

    7XIT 'VIEXMRKER%GXMSR4PER

    (3W (32t8W
    (SKIRIVEXIEPXIVREXMZILS[XSWJSVMQTPI (SRtXWXEXIVSPIWERHXEWOWMRKIRIVEP
    QIRXEXMSRFIJSVIGLSSWMRKEREGXMSRTPER YRQIEWYVEFPIXIVQW
    (SQEOIWYVIXLEXWTIGMJMGXEWOWEVIEWWMKRIH (SRtXEWWYQIXLEXFVMPPMERXWSPYXMSRWTVSHYGI
    (SQEOIWYVIXLEXXMQIJVEQIWEVIWIX FVMPPMERXEGXMSRTPERWFIGVIEXMZIMR]SYV
    (SIQTS[IVXLIQIQFIVW[MXLXLI TPERRMRK
    EYXLSVMX]XSGSQTPIXIXLIMVXEWOW (SRtXJSVKIXXSJSPPS[YT
    (SEVVERKIEQIXLSHSJJSPPS[MRKYTXS
    IRWYVIGSQTPIXMSRSJXLIXEWOW
    (SMRGPYHI]SYVWIPJEWETIVWSRVIWTSRWMFPI
    JSVEXEWO
    (SVIWXEXIIEGLQIQFIVtWVSPIXSGPEVMJ]ERH
    IRWYVIGSQQMXQIRX

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  *SYV4LEWIWSJ+VSYT(IZIPSTQIRX

    8IVQMREXMRK
    q+VSYTWXLEXLEZIEHMWXMRGXIRHMRKTSMRXI\TIVMIRGIEJMJXLTLEWIr :IVHM
    ;LIIPER
    T 8LMWJMREPTLEWIMREKVSYTtWTVSGIWWMWXIVQMREXMSR -RXLISVMKMREPJSVQMRK
    WXSVQMRKRSVQMRKERHTIVJSVQMRKQSHIPXLMWTLEWI[EWGEPPIHEHNSYVRMRK)ZIRSRKS
    MRKKVSYTWQE]VIEGLEXIVQMREXMSRTSMRXXLVSYKLQIQFIVWLMTEXXVMXMSRSVGLERKMRKKVSYT
    RIIHW 0SWW SJ MRHMZMHYEP KVSYT QIQFIVW GER EPWS GVIEXI WQEPP TSMRXW SJ XIVQMREXMSR
    [MXLMRXLIKVSYT*MREPP]QER]XEWOKVSYTWGSQTPIXIXLIMVXEWOERHXLI]WXSTQIIXMRK
    -JXLIKVSYTLEWVIEPP]FIGSQIMRXIVHITIRHIRXMRMXW[SVOMRKXSKIXLIVhQIQFIVW
    IRNS] XEPOMRK [MXL SRI ERSXLIV ERH XLI VIKYPEVMX] SJ QIIXMRKW ZEPYI XLI JSVYQ JSV
    I\TVIWWMSRSJXLIQWIPZIWEVIGSLIWMZIMRXLIMVVIPEXMSRWLMTWIRNS]XLIMRXIVEGXMSRWEW
    [IPPEWXLIXEWOWhXLIRXLIXIVQMREXMSRTLEWIGERFIERE[O[EVHERHWXVIWWJYPXMQIJSV
    KVSYTQIQFIVW /I]XSR -QTIRHMRKXIVQMREXMSRQE]GEYWIHMWVYTXMSRXSXLI
    KVSYTtWTVSGIWWIWERHGSRJPMGXEQSRKXLIKVSYTQIQFIVW :IVHM
    ;LIIPER 
    1ER]TISTPIJMRHMXHMJJMGYPXXSXIVQMREXIVIPEXMSRWLMTWERH[SYPHWMQTP]VEXLIVEZSMH
    WE]MRKKSSHF]I8LIVIQE]EPWSFIERYR[MPPMRKRIWWXSHIEP[MXLXLIIQSXMSRWXMIHXS
    IRHMRKXLIKVSYT/I]XSR  SFWIVZIWXLEXXLIXIVQMREXMSRTLEWIQE]FIGLEVEGXIV
    M^IHF]ER\MIX]EFSYXWITEVEXMSRERHGSRGPYWMSREHIKVIISJWEHRIWWERHWSQIWIPJ
    VIJPIGXMZIIZEPYEXMSREW[IPPEWTSWMXMZIJIIPMRKWXS[EVHXLIKVSYTERHMXWTVSNIGX
    %KVSYTtWXIVQMREXMSRQE]JSVQETMZSXEPTSMRXMRERMRHMZMHYEPtWPMJIERHEGXMZMXMIW
    ERHQIQFIVWSJKVSYTWGERFIRIJMXF]VIJPIGXMRKSRGSQMRKXSXIVQW[MXLERHXEPOMRK
    EFSYXXLIXIVQMREXMSRSJXLIKVSYT4ISTPIWE]KSSHF]IMRHMJJIVIRX[E]WFYXEWTIGMEP
    IZIRXXLEXQEVOWXLIIRHSJXLIKVSYTQE]LIPTQIQFIVWI\TIVMIRGIEWIRWISJGPSWYVI
    /I]XSR  WYKKIWXWXLEXRSXEGORS[PIHKMRKXLIXIVQMREXMSRSJEKVSYTQE]
    QIERJSVQER]TISTPIRSXLEZMRKXSEHQMXXLIIRHSJEKSSHKVSYTI\TIVMIRGISVXLI
    TVIWIRGISJFEHSRIW=IXWLIEVKYIWXLMWMWERMQTSVXERXTLEWIMRXLIKVSYTTVSGIWW
    ,S[[IXIVQMREXISYVKVSYTEGXMZMXMIWEJJIGXWLS[[I[MPPMRXIVTVIXMRVIXVSWTIGX[LEX
    [I LEZI EGGSQTPMWLIH ERH I\TIVMIRGIH EW E KVSYT ERH [LEX [I I\TIGX SJ JYXYVI
    KVSYTW+SSHF]IWERHXLIMVWIRWISJGPSWYVIJIIPMRKWSJXEWOEGGSQTPMWLQIRXERH
    TSWMXMZIVIPEXMSREPI\TVIWWMSREVIERMQTSVXERXEWTIGXSJWQEPPKVSYTTVSGIWW

    9WIJYPRIWWSJXLI4LEWI1SHIP
    8LI TLEWI QSHIP MW ER ETTVSEGL XS YRHIVWXERHMRK KVSYT TVSGIWW XLEX WYKKIWXW XLI
    MQTSVXERGISJ[EMXMRKXSWSPZIETVSFPIQYRXMPEPPXLIMWWYIWWYVVSYRHMRKMXLEZIFIIR
    HMWGYWWIH4ISTPIMR;IWXIVRWSGMIXMIWERHMRXLI9RMXIH7XEXIWMRTEVXMGYPEVXIRHXSFI
    qGERHSrMRHMZMHYEPW &IEQIV
    :EVRIV ;LIR[IEVIJEGIH[MXLETVSFPIQ[I
    TVIJIV QEOMRK E HIGMWMSR ERH EGXMRK SR MX VEXLIV XLER KSMRK XLVSYKL XLI XMQI ERH
    IRIVK]GSRWYQMRKWXITWSJEREP]WMW-REGXMRKUYMGOP]LS[IZIV[IXIRHXSQMWWWSQI
    GVMXMGEPMWWYIWMRXLITVSGIWW8LITLEWIETTVSEGLSYXPMRIW[LEXWLSYPHFIHSRIERH
    STIVEXIWEWEJYRGXMSREPGLIGOPMWXJSVEKVSYT

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    9WIJYPRIWWSJXLI4LEWI1SHIP 

    1SHMJMGEXMSRW
    2SX EPP KVSYTW JSPPS[ XLMW TLEWI QSHIP MR E WXVMGXP] PMRIEV TVSGIWW 4SSPI ERH 6SXL
     WXYHMIHKVSYTWERHJSYRHXLEXXLI]JVIUYIRXP]KSXLVSYKLTIVMSHWSJHMWSVKERM^E
    XMSR8LMWHMWSVKERM^EXMSRGVIEXIWG]GPIWMRXLIMVTVSGIWWQIERMRKXLIKVSYTGERVITIEX
    WSQISJXLITLEWIWWIZIVEPXMQIW%KVSYTQMKLXJSVI\EQTPIWMQYPXERISYWP]STIVEXI
    [MXLSRIJSSXMRTLEWIX[SERHSRIJSSXMRTLEWIXLVIIMRERIJJSVXXSQSZIJSV[EVH8LMW
    MWEGGITXEFPIERHQE]IZIRFIIJJIGXMZIJSVXLIKVSYT+VSYTTVSGIWWGERFIQIWW]
    8LIX]TIWSJGSQQYRMGEXMSRXLEXSGGYVMREKVSYTEPWSWLMJXERHGLERKIJVSQSRI
    TLEWIXSXLIRI\X:IVHMERH;LIIPER  HIWGVMFIWIZIRGEXIKSVMIWSJWXEXIQIRXW
    -R XLI JSVQMRK TLEWI qHITIRHIRG]r WXEXIQIRXW EVI GSQQSR8LIWI WIIO HMVIGXMSR
    WLS[ ER MRGPMREXMSR XS GSRJSVQ XS XLI HSQMRERX QSSH SJ XLI KVSYT ERH I\TVIWW E
    HIWMVIXSJSPPS[XLIKIRIVEPHMVIGXMSRSJXLIWYKKIWXMSRWQEHI-RXLIWXSVQMRKTLEWI
    qGSYRXIVHITIRHIRG]rWXEXIQIRXWXLEXEWWIVXMRHITIRHIRGIERHVINIGXSXLIVQIQFIVWt
    EXXIQTXWEXPIEHIVWLMTERHEYXLSVMX]FIGSQIQSVITVSQMRIRXq*MKLXrWXEXIQIRXWXLEX
    MQTP]TEVXMGMTEXMSRMRWXVYKKPIXLVSYKLEVKYQIRXEXMZIRIWWGVMXMGMWQERHEKKVIWWMSR
    EPWS FIGSQIQSVI GSQQSR8LIWIEVI JSPPS[IHMR XLIRSVQMRK TLEWI [MXLqJPMKLXr
    WXEXIQIRXWMRHMGEXMZISJEZSMHERGISJGSRJVSRXEXMSRERHTIVLETWSJXEWO8LIqGSYRXIV
    TEMVMRKrWXEXIQIRXWSJXLMWTLEWII\TVIWWMRKEREZSMHERGISJMRXMQEG]ERHSJGSLIWMSR
    ERHEHIWMVIXSOIITXLIHMWGYWWMSRHMWXERXERHMRXIPPIGXYEPKVEHYEPP]KMZI[E]XSER
    IQIVKIRGI SJ qTEMVMRKr WXEXIQIRXW XLEX I\TVIWW E [EVQXL SJ JVMIRHWLMT WYTTSVX
    KVIEXIVMRXMQEG]ERHEKIRIVEPTSWMXMZIVIKEVHJSVSXLIVKVSYTQIQFIVW*MREPP]MRXLI
    TIVJSVQMRKTLEWIq[SVOrWXEXIQIRXWVITVIWIRXMRKXLITYVTSWIJYPEGGSQTPMWLQIRXSJ
    KSEPHMVIGXIHXEWOSVMIRXIHEGXMZMXMIWFIGSQIQSVITVIZEPIRX
    8LMWTLEWIMRXIVEGXMSRXLISV]WYKKIWXWXLEXIJJIGXMZIKVSYTWEVIEXXIRXMZIXSXLI
    KVSYTTVSGIWWERHXSEWWIWWMRK  XLIREXYVISJXLIXEWO  XLIWXERHEVHWJSVIZEPYEX
    MRKZEVMSYWHIGMWMSRSTXMSRW  TSWMXMZIUYEPMXMIWSJXLIZEVMSYWTSWWMFPIGLSMGIWERH
      RIKEXMZI UYEPMXMIW SJ ZEVMSYW STXMSRW ,MVSOE[E
     6SWX   -R SXLIV [SVHW
    IJJIGXMZI KVSYTW TE] EXXIRXMSR XS XLIHIGMWMSRQEOMRK TVSGIWW MXWIPJERH IZIR[LIR
    XLI]QSHMJ]SVHIZMEXIJVSQXLITLEWIQSHIPXLI]QEOIGIVXEMRXLEXXLIXEWOMWGPIEVP]
    EREP]^IHFIJSVIHIGMHMRKSREWSPYXMSR

    3VKERM^EXMSREP8IEQW
    8LMWTLEWIQSHIPEPWSMHIRXMJMIWXLIQENSVTSMRXWMRSVKERM^EXMSREPXIEQW ERHSJXLI
    PIEHIVWLMTVSPIWRIGIWWEV]MRXLSWIXIEQW-RWXEKISRITVMQEV]SVKERM^EXMSREPXIEQ
    MWWYIWEVIXLSWISJMRGPYWMSRERHEGGITXERGI%XXLMWTSMRXXLIXIEQQIQFIVWKIXXS
    ORS[SRIERSXLIVERHKEXLIVMRJSVQEXMSRVIKEVHMRKXLINSFEXLERH3RIQENSVHMJJIV
    IRGIFIX[IIREHIGMWMSRQEOMRKKVSYTSYXWMHIERSVKERM^EXMSRERHERSVKERM^EXMSREP
    XIEQMWXLIEWWMKRQIRXSJEPIEHIV-RERSVKERM^EXMSREPIEHIVMWRSVQEPP]EWWMKRIH
    ERHXLIPIEHIVtWNSFMWXSTVSZMHIWXVYGXYVIERHHMVIGXMSRJSVXLISVKERM^EXMSREPXIEQ
    QIQFIVW-RSXLIVHIGMWMSRQEOMRKKVSYTWEPIEHIVMWQSVIPMOIP]XSIQIVKIHYVMRK
    XLIKVSYTTVSGIWWERHXLIKVSYTQIQFIVW[MPPLEZIQSVIMRJPYIRGISRHIXIVQMRMRK
    XLIVSPISJXLIPIEHIV

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
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    MRXIVIWXWSJXLIQIQFIVW%JSVQEPKVSYTLEWWTIGMJMGVYPIWERHSTIVEXMRKTVSGIHYVIW
    MRJSVQEPKVSYTWHIZIPSTXLIMVS[RVYPIWERHTVSGIHYVIWEWXLIRIIHEVMWIW8LIMVMRXIV
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    MRXIKVEXIHMRXSXLIGPMRMGtWJEFVMGSJKSZIVRERGIr 6SFIVXWT 

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    8EWO ERH WSGMEP H]REQMGW EVI MRXIVHITIRHIRX MWWYIW XLEX GSRXMRYEPP] MRXIVEGX MR XLI
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    ERH MRHMZMHYEP XEWOSVMIRXIH EWWMKRQIRXW8LIKSEPW ERH SFNIGXMZIW SJXLIKVSYT SV
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    FEGOKVSYRHW EPWS QIERW XLEX XLIVI EVI WMKRMJMGERX MWWYIW VIKEVHMRK QIQFIVWLMT

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    FIVWGERFISZIVGSQI3TIRMRZSPZMRKGSQQYRMGEXMSRQSXMZEXIWQIQFIVWXSMRZIWX
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    GYWWIHSVFIPMIZIXLI]LEZIPMXXPIXSGSRXVMFYXI8LI9RMXIH7XEXIWMWSRISJXLIQSWXMRHM
    ZMHYEPMWXMG REXMSRW MR XLI [SVPH 7[IIRI]
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    KVSYT
    8LIVIEVIGSRWIUYIRGIWLS[IZIV;IGERVIWIRXXLIJVIIVMHIVWERHXLIKVSYTMW
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    JVSQIEGLKVSYTQIQFIVXSXLITYVTSWIWSJXLIKVSYT7IGSRH[IGERQEOIGIVXEMRXLI
    VI[EVHW JSV TEVXMGMTEXMRK EVI KVIEXIV XLER JSV RSX TEVXMGMTEXMRK *MREPP] [I GER EGXMZIP]
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    CCCCC1ET CCCCC/RMJI
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    CCCCC+EVFEKIFEK CCCCC7YRKPEWWIW
    CCCCC'SQTEWW CCCCC'MKEVIXXIPMKLXIV
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    CCCCC,YQSVSYW CCCCC3TXMQMWXMG
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    CCCCC'SQTEWWMSREXI CCCCC*MIV]
    CCCCC-RXVSZIVXIH CCCCC%FPIXSXSPIVEXIFM^EVVII\TIVMIRGIW
     6ERO  XLIJSPPS[MRKMRXIVQWSJWYVZMZEPMQTSVXERGI
    E 'SQQSRWIRWI CCCCC
    F 4VSTIVIUYMTQIRX CCCCC
    G 4L]WMGEPXSYKLRIWW CCCCC
     ;LEXMWXLIQSWXGSQQSRGEYWISJHIEXLMRXLIFEGOGSYRXV]#
    7XIT%WWIQFPI]SYVWQEPPKVSYTERHGSQTEVIERW[IVW6IEGLGSRWIRWYWVIKEVH
    MRKXLIFIWXERW[IVW
    7XIT=SYVMRWXVYGXSV[MPPTVSZMHIXLIGSVVIGXERW[IVWEGGSVHMRKXSWYVZMZEPI\TIVXW
    *SVIEGLGSVVIGXERW[IV E KMZI]SYVWIPJTSMRXWERH F KMZIXLIKVSYTTSMRXW%HHYT
    XLITSMRXWERHGSQTEVI]SYVMRHMZMHYEPGLERGIWJSVWYVZMZEP[MXLXLIKVSYTtWGLERGIW
    7XIT(MHXLIKVSYTTVSKVIWWXLVSYKLXLIJSYVTLEWIW#7TIGMJMGEPP][EWXLIVIVMKSV
    SYWHMWGYWWMSR WXSVQMRK FIJSVIER]HIGMWMSRW[IVIQEHI#;EWXLIJMVWXqPSKMGEPrERW[IV

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  *SYV4LEWIWSJ+VSYT(IZIPSTQIRX

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    KVSYTLEHXLI[VSRKERW[IVW[SYPHEQSVIGEVIJYPHMWGYWWMSRSJXLITSWWMFPIVIWTSRWIW
    FIIRLIPTJYP#

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    8LIKVSYTTVSGIWWLEWTVSQMWIERHTSWWMFPIPMQMXEXMSRW8SGPEVMJ]]SYVS[RJIIPMRKW[LIR
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     ;LEXEVI]SYVI\TIGXEXMSRWEFSYX[SVOMRKMRKVSYTWERHXIEQW#;LEXTSWMXMZIFIRI
    JMXWHS]SYJSVIWII#6EROXLIWIMRXIVQWSJLS[MQTSVXERXXLI]EVIXS]SYMRHMZMHY
    EPP]!SJTVMQEV]MQTSVXERGI!QSHIVEXIP]MQTSVXERX!WSQI[LEXMQTSVXERX
    !RMGIXSLEZI![MPPTVSFEFP]SGGYVFYXRSXXSSMQTSVXERX

    )\TIGXEXMSRW 6EROMRK
     CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC
     CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC
     CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC
     CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC
     CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC

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

    8VITMHEXMSRW 6EROMRK
     CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC
     CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC
     CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC
     CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC
     CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC CCCCCCCC

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

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

      4 6 3 & 0 ) 1  7 3 0: - 2 +  + 6 3 9 4  ) < ) 6 ' - 7 )  ' , ) % 8 - 2 +

    7XIT-R]SYVKVSYTI\EQMRIXLIJSPPS[MRKWMXYEXMSR
    'LIEXMRKTPEKMEVM^MRKERHSXLIVWMQMPEVEGXMZMXMIWEVISRXLIVMWIXLVSYKLSYXGSPPIKI
    ERHYRMZIVWMX]GEQTYWIW=SYVKVSYTLEWFIIREWOIHXSHIZIPSTERETTVSTVMEXIERHIJJIG
    XMZIVIWTSRWIXSXLMWTVSFPIQF]HIGMHMRK  MJXLIVIMWERMWWYISR]SYVGEQTYW  [LEX
    EVIXLIQERMJIWXEXMSRWERH  [LEXWSPYXMSRWGERFIYWIH&IEWWTIGMJMGEWTSWWMFPI
    7XIT4VIWIRX]SYVWSPYXMSRXSXLIVIWXSJXLIGPEWW7SPMGMXEHHMXMSREPMRWMKLXWJSVYWI
    MRWXIT
    7XIT)\EQMRI]SYVKVSYTHIGMWMSRQEOMRKTVSGIWW(MH]SYKSXLVSYKLXLIJSYV
    WXEKIW#-J]SYWOMTTIHSRIHMHMXMQTEGXXLIUYEPMX]SJ]SYVHIGMWMSR#(MH]SYqQMWWrER]
    XLMRKMQTSVXERX#(MH]SYVYWLXSJMRHMRKXLIWSPYXMSR[MXLSYXEPPS[MRKJSVWXSVQMRKERH
    RSVQMRKXSLEZIERMQTEGX#
    %PXIVREXMZIXSTMGW
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    [SYPHTVSZIQSVIMRXIVIWXMRKGSRWMHIVSRISJXLIJSPPS[MRK
    (IEPMRK[MXLMRGVIEWIHGVMQISR]SYVGEQTYW
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    6IHYGMRKXLIHMKMXEPHMZMHI
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    7XIT;LEXQYWXFIHSRI#
    7XIT;L]QYWXMXFIHSRI#
    7XIT;LIVIWLSYPHMXFIHSRI#
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    7XIT,S[WLSYPHMXFIHSRI#

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    7PSKER
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    8LI&)78TEVXSJXLITVIWIRXEXMSR#
    7YKKIWXMSRWJSVMQTVSZIQIRXW

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    VIPEXMSRWXLIMVGSQQYRMX]VIPEXMSRWERHXLIMVTYFPMGVIPEXMSRW=SYVKVSYTtWREQIPSKS
    ERHWPSKERWLSYPHEPPFIMRXIKVEXIHERH[SVOXSKIXLIVXSGVIEXIEGPIEVGSLIVIRXMQTVIWWMSR
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    QIERMRKXLIVIJSVIGERRSXFIXEOIRJSVKVERXIHFYXQYWXFIEGXMZIP]TYVWYIH &IEQIV

    :EVRIV 
    (MZIVWMX]HSIWRSXRIGIWWEVMP]QEOIPMJIIEWMIVJSVYW-XMWSJXIRWMQTPIV[LIR[I
    WLEVI GYPXYVEP ZEPYIW GSQQSR I\TIVMIRGIW ERH FEWMG EWWYQTXMSRW [MXL XLSWI [MXL
    [LSQ[IMRXIVEGX%GSQQSRGYPXYVITVSZMHIWYW[MXLEQIEWYVISJTVIHMGXEFMPMX]MR
    SYVMRXIVEGXMSRW[MXLXLITISTPIEVSYRHYWHIJMRMRKXLIWLEVIHKVSYRHVYPIWJSVSYV
    FILEZMSVERHGSQQYRMGEXMSR /P]YOERSZ2ILIV ;LIR[ITYXTISTPI
    [MXLZIV]HMJJIVIRXPMJII\TIVMIRGIWERHWIXWSJEWWYQTXMSRWXSKIXLIVMREKVSYTSVXIEQ
    ERH EWO XLIQ XS [SVO XSKIXLIV XS[EVH E GSQQSR KSEP HMJJMGYPXMIW SJXIR EVMWI -R
    VIWTSRWIXSXLIWIHMJJMGYPXMIWSVKERM^EXMSRWLEZILEHXSMRWXMXYXIHMZIVWMX]XVEMRMRKTVS
    KVEQWJSVXLIMVIQTPS]IIW%GSPPIKIMR1EWWEGLYWIXXWLEWIZIRLEHXSMRWXMXYXIGMZMPMX]
    VYPIWJSVMXWJEGYPX]XSIRWYVIXLEXYRTSTYPEVTSMRXWSJZMI[EVIEPPS[IHXSFIZSMGIH
    %PXLSYKLHIITIVGYPXYVEPZEPYIWERHFIPMIJWQE]RSXGLERKIGLERKIWMRFILEZMSVWGER
    IJJIGXMZIP]FIQEHIMRHIIHQYWXFIQEHIMRSVHIVJSVYWXSPMZIERH[SVOXSKIXLIVERH
    XSQEMRXEMREGMZMPWSGMIX] 2ILIV 

    %WWYQTXMSRWERH7XIVISX]TMRK
    -RSVHIVXSYRHIVWXERHLS[[ILEZIGSQIXSLEZIWYGLHMJJIVIRXPMJII\TIVMIRGIW[I
    RIIHXSYRHIVWXERHXLIMRXIVREPQEXVM\hXLITEXXIVRhXLEXGYPXYVIGVIEXIWMRSYVPMZIW
    %WLYQERFIMRKWSYVVIPEXMSRWLMTW[MXLMRWSGMEPKVSYTWFIKMREXFMVXL;IHITIRHSR
    SRIERSXLIVJSVSYVTL]WMGEPERHTW]GLSPSKMGEP[IPPFIMRKEW[IPPEWJSVSYVWYVZMZEP
    XLVSYKLSYX SYV PMZIW ;I PIEVR SYV EYXSQEXMG ERH TIVGITXYEP VIWTSRWIW XS SYV WYV
    VSYRHMRKWJVSQXLSWI[LSRYVXYVIERHGEVIJSVYW;IPIEVRLS[XSFILEZIERH[LEX
    GYIWXSPSSOJSVMRER]RYQFIVSJGSQTPI\MRXIVEGXMSRWXLEX[MPPPIEHXSSYVWYVZMZEPEW
    [IPP EW XS SYV EGGITXERGI ERH GSRXMRYIH RYVXYVI 8LYW SYV ZEPYIW ERH W]WXIQW SJ
    HIJMRMRK ERH YRHIVWXERHMRK XLI I\XIVREP [SVPH EVI MRGYPGEXIH MR YW JVSQ XLI ZIV]

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    %WWYQTXMSRWERH7XIVISX]TMRK 

    FIKMRRMRKSJSYVPMZIW[LIR[IFIKMRXSHIZIPSTSYVFEWMGEWWYQTXMSRWWXIVISX]TIW
    ERHTVINYHMGIW
    8LIPEXI1EMRI7IREXSV)HQYRH1YWOMI[EWJSRHSJXIPPMRKENSOIEFSYXE1EMRI
    JEVQIV [LS QIXE8I\EW VERGLIV8LI 1EMRI JEVQIV [EW FVEKKMRK EFSYX LS[PEVKI E
    TSXEXSJEVQLIS[RIH[LIRXLI8I\ERVIWTSRHIHq=SYSRP]LEZIEGVIW;L]MR
    8I\EW-GSYPHKIXMRXSQ]XVYGOERHHVMZIEHE]ERHELEPJERHWXMPPRSXVIEGLXLIIRHSJQ]
    PERHr8S XLMW XLI 1EMRI JEVQIV VIWTSRHIH HV]P] q=IW - SRGI LEH E XVYGO PMOI XLEX
    Q]WIPJr%WMHIJVSQXLILYQSVXLMWNSOIMPPYWXVEXIWLS[SYVFEWMGEWWYQTXMSRWEFSYXERH
    TIVWTIGXMZIWSRIZIRTL]WMGEPVIEPMXMIWWYGLEWWM^IERHHMWXERGIEVIGYPXYVEPP]HIJMRIH
    )EGLGYPXYVEPKVSYTPIEVRWERHTIVTIXYEXIWXLIXVYXLWERHQ]XLWXLEXLEZILIPTIH
    TVMSVKIRIVEXMSRWSJXLEXKVSYTWYVZMZIERHEHETXXSXLIMVWYVVSYRHMRKW4EVXSJXLEXGYP
    XYVEPEHETXEXMSRMRGPYHIWWXIVISX]TMRK7XIVISX]TMRK EWEJSVQSJGEXIKSVM^EXMSRMWTEVX
    SJXLILYQERGSRHMXMSR&IGEYWISJXLIQ]VMEHSJWXMQYPMGSRWXERXP]GSQMRKMRXSSYV
    E[EVIRIWW[IRIIHXSPIEVRXSGEXIKSVM^IXLSWIWXMQYPMXLEXMRHMGEXIHERKIVXSSYVWYV
    ZMZEPERHXLIRHIZIPSTETTVSTVMEXIVIWTSRWIWXSXLIQ7XIVISX]TIWLIPTYWQEOIMQQI
    HMEXI ERH TSXIRXMEPP] GVMXMGEP HIGMWMSRW WEZMRK YW JVSQ LEZMRK XS WSVX XLVSYKL IEGL
    MRHMZMHYEP GMVGYQWXERGI ERH JVSQ SZIVPSEHMRK SYV QIRXEP GMVGYMXW 2ILIV 
    2IYPMIT 
    -R XLI 9RMXIH 7XEXIW QER] HMJJIVIRX GYPXYVEPXVEHMXMSRW GSI\MWX 2EWWIV 
    ;MXLMRXLI GLERKMRKGSRXI\XSJSYVGSYRXV]ERHGSQQYRMXMIW IZIRWXIVISX]TIWXLEX
    QE]SVQE]RSXLEZIFIIRVIPIZERXXSTVMSVKIRIVEXMSRWRSPSRKIVWIVZIXLITYVTSWIWSJ
    SYVPEVKIVWSGMEPQEXVM\ 6IIGI
    &VERHX>IQOI6EMRIW
    *MPMTG^EO 
    &IGEYWIWXIVISX]TIWEVIWPS[IVXSGLERKIXLERXLIGSRXI\XMR[LMGLXLI]EVIETTPMIH
    XLI]JVIUYIRXP]VIWYPXMRLEVQJYPMJWSQIXMQIWYRMRXIRHIHGSRWIUYIRGIW
    ;LIR[IORS[JI[MJER]TISTPIJVSQEHMJJIVIRXMHIRXMJMEFPIKVSYTIEGLMRHM
    ZMHYEPQIQFIVSJXLEXKVSYT[MXL[LSQ[IGSQIMRXSGSRXEGXFIGSQIWEqXSOIRrVIT
    VIWIRXMRK EPP XLI QIQFIVW SJ XLI KVSYT ,EPP  8S XLI I\XIRX XLEX XLMW TIVWSR
    GSRJMVQWSYVWXIVISX]TIXLIWXIVISX]TIVEXLIVXLERXLIMRHMZMHYEPMWPMOIP]XSFIGSQI
    XLIJSGYWSJSYVVIWTSRWI-JXLITIVWSRFILEZIWMRE[E]RSXMGIEFP]HMJJIVIRXJVSQSYV
    WXIVISX]TI[IQE]EXXVMFYXIXLEXXSXLITIVWSRtWFIMRKERI\GITXMSRVEXLIVXLERXSXLI
    WXIVISX]TItWFIMRKMREGGYVEXISVMRETTVSTVMEXIJSVKEYKMRKSYVVIWTSRWIWXSQIQFIVWSJ
    XLEXKVSYT6IWIEVGLLEWWLS[RXLEX[LIR[IKIXXSORS[QIQFIVWSJKVSYTWSXLIV
    XLERSYVS[R[IXIRHXSWIIXLIQEWMRHMZMHYEPWVEXLIVXLEREWQIQFIVWSJXLIKVSYTW
    XS[LMGLXLI]EVIEWWMKRIHF]SYVWXIVISX]TMRK ,EPP 
    8LYWWXIVISX]TIWGERFIHEQEKMRKXSEPPSJYW8LI]XIRHXSTIVTIXYEXIQ]XLW
    EFSYXKVSYTWSJTISTPIERHXSHMWEPPS[JSVXLIZEPYEFPIHMJJIVIRGIWERHTSWMXMZIGSRXVM
    FYXMSRW[IEPPVIGIMZIJVSQIEGLYRMUYIMRHMZMHYEP2SRISJYWTIVJIGXP]JMXWEWXIVIS
    X]TIMRMXWYRMHMQIRWMSREPMX],S[IZIV[IQE]IEGLJMRHSYVWIPZIWEXXMQIWFSYRHYT
    MRPMZMRK[MXLMRXLIGSRJMRIWSJXLIWXIVISX]TIWMQTSWIHSRXLIKVSYTWSJ[LMGL[IEVI
    QIQFIVWMRXIVJIVMRK[MXLSYVTIVWSREPHIZIPSTQIRXEW[LSPILYQERFIMRKW0IEVRMRK
    XS VIPEXI XS SRI ERSXLIV MR QSVI ETTVSTVMEXI [E]W MW GVMXMGEP RSXSRP] XS [SVOMRK MR
    HMZIVWIKVSYTWFYXEPWSXSSYVKVS[XLEWMRHMZMHYEPW
    7XIVISX]TMRKGERHIR]YWXLIFIRIJMXWSJEQYPXMJEGIXIHTIVWTIGXMZI*SVI\EQTPI
    [LIR97[SVOIVW[IVIEWOIH[LSMWQSWXPMOIP]XSFIXVIEXIHYRJEMVP]EX[SVO
    VIWTSRHIH %JVMGER %QIVMGERW   VIWTSRHIH %VEF %QIVMGERW   VIWTSRHIH

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  (MZIVWMX]MR+VSYTW8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW

    ,MWTERMGW VIWTSRHIH1YWPMQWERH VIWTSRHIH[SQIR ,EVEPWSR


    0I[MW
     4EVXSJXLIMQTIXYWJSVXLMWQMWXVIEXQIRXWXIQWJVSQEFEGOPEWLEJXIV7ITXIQFIV
    EKEMRWX%VEF1MHHPI)EWXIVR7SYXL%WMERERHSXLIVKVSYTWXLEXEVIWIIREW
    HMJJIVIRX JVSQ YW %VQSYV   6IKEVHPIWW SJ XLI VIEWSRW [I GER GSRGPYHI XLEX
    HMZIVWMX] MW E GSQTPI\ QYPXMXMIVIH TLIRSQIRSR XLEX VIUYMVIW EGXMZI XLSYKLX ERH
    HMWGYWWMSR

    'SQQYRMGEXMSR'SRXI\XW
    7YFGYPXYVIWFSXL[MXLMRXLI9RMXIH7XEXIWERH[SVPH[MHIHIZIPSTHMJJIVIRXqVYPIWrSJ
    GSQQYRMGEXMSR'SQQYRMGEXMSRMWQSVIXLERPERKYEKIYWIERHRSRZIVFEPFILEZMSV
    'SQQYRMGEXMSRXEOIWTPEGI[MXLMREGSRXI\X&IGEYWISYV[E]WSJXLMROMRKERHSYV
    SVMIRXEXMSRW XS SYV IRZMVSRQIRXW EVI IRGYPXYVEXIH [I IEGL PIEVR HMZIVWI GYPXYVEPP]
    FEWIHWIXWSJTIVGITXYEPWGVIIRWSVGSQQYRMGEXMSRGSRXI\XW JSVZMI[MRKERHGSQTEVX
    QIRXEPM^MRKI\TIVMIRGIEW[IPPEWJSVGSQQYRMGEXMRKXLEXI\TIVMIRGI ,EPP 
    'YPXYVIHSIWRSXNYWXHIJMRILS[[ITIVGIMZIWSQIXLMRKMXIQFSHMIWXLI[E][I
    TIVGIMZIERHGSQTVILIRHVIEPMX]ERHLS[[IYRHIVWXERHXLI[SVPHMXWIPJXLVSYKLSYV
    GYPXYVEPP] HIJMRIH ERH PIEVRIH W]QFSPMG W]WXIQW 2MGSVXIVE 'PMROWGEPIW
    ;EPOIV
     3YVW]QFSPMGW]WXIQMWHIVMZIHJVSQSYVMRHMZMHYEPGSKRMXMSRGSRXVSPPIHF]SYV
    QIRXEPEGXMZMXMIWMRGPYHMRK XLMROMRK VIQIQFIVMRK PIEVRMRK SV YWMRK PERKYEKI SYV
    WSGMEPGSKRMXMSRMRGPYHIWSYVE[EVIRIWWSJSXLIVTISTPIERHXLIMVJIIPMRKWERHMHIEW
    MRXIVEGXMZIJYRGXMSRMRK[MXLSXLIVWMRXIVQWSJSYVWSGMEPERHMRXIVTIVWSREPWOMPPWERH
    SYV [MPPMRKRIWW XS GSSVHMREXI SYV EGXMSRW [MXL SXLIVW ;MXL XLEX WSQI[LEX PIRKXL]
    I\TPEREXMSRMRLERHMX[MPPGSQIEWRSWYVTVMWIXLEXTISTPI[LSEVIWSGMEPM^IHMRHMJ
    JIVIRXGYPXYVIWTIVGIMZIHMJJIVIRXP]3YVMRHMZMHYEPGSKRMXMSRWSGMEPGSKRMXMSRMRXIVEG
    XMZI JYRGXMSRMRK ERH LS[ [I GSSVHMREXI SYV EGXMSRW EPP HIVMZI JVSQ XLEX PIEVRIH
    W]QFSPMGGYPXYVI4ISTPIXLIVIJSVI[LSEVIWSGMEPM^IHMRHMJJIVIRXGYPXYVIWTIVGIMZI
    HMJJIVIRXP]
    -R EHHMXMSR EW MRHMZMHYEPW [I STIVEXI UYMXI WITEVEXIP] JVSQ SRI ERSXLIV ;I
    XLMROJIIPERHVIWTSRH[MXLMRXLIGSRJMRIWSJSYVS[RWOMRERHQMRHW;IGERRIZIV
    VIEPP] ORS[ [LEX ERSXLIV TIVWSR MW XLMROMRK SV [SYPH PMOI XS GSQQYRMGEXI 2ILIV
     -RSVHIVXSGVSWWXLIFEVVMIVFIX[IIRSYVMRHMZMHYEPWIPZIW[IIEGLIRGSHIERH
    WIRHSYVQIWWEKIWEGGSVHMRKXSXLIVYPIWSJGSQQYRMGEXMSR[ILEZIPIEVRIHERHMRGSV
    TSVEXIHJVSQSYVGYPXYVEPIRZMVSRQIRX-RXYVR[IIEGLHIGSHIERHMRXIVTVIXSRIERSXL
    IVWt QIWWEKIWEGGSVHMRKXSXLIWIWEQIPIEVRIHERHEHETXIHVYPIWSJGSQQYRMGEXMSR-R
    XLITVSGIWWSJIRGSHMRKERHHIGSHMRKXLIWIQIWWEKIWEKVIEXHIEPSJMRXIVTVIXEXMSRERH
    LIRGIQMWYRHIVWXERHMRKGERERHJVIUYIRXP]HSIWSGGYV 'EWSR 8LMWLETTIRW
    IZIRFIX[IIRTISTPI[LSWLEVIGYPXYVEPRSVQWERHEWWYQTXMSRW;LIRTISTPILEZIHMJ
    JIVIRXWIXWSJGYPXYVEPEWWYQTXMSRWXLIQMWYRHIVWXERHMRKWEVIPMOIP]XSFIKVIEXIV
    8LI QSVI XLEX GER FI XEOIR JSV KVERXIH MR XLIGSQQYRMGEXMZI MRXIVEGXMSR XLI
    qLMKLIVrXLIGSQQYRMGEXMSRGSRXI\XMWWEMHXSFI'SQQYRMGEXMSRMRELMKLGSRXI\X
    IRZMVSRQIRX QIERW XLEX PIWW SJ XLI QIERMRK RIIHW XS FI I\TPMGMXP] WXEXIH 1YGL MW
    WMQTP]YRHIVWXSSHF]ZMVXYISJXLIWMXYEXMSRMXWIPJ 0YWXMK
    /SGWXIV 3RXLI
    SXLIV LERH E KVSYT QEHI YT SJ TISTPI JVSQ HMZIVWI FEGOKVSYRHW GYPXYVIW ERH

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

    YRHIVWXERHMRKW QYWXFIEWWYQIH XSFI MRE PS[GSRXI\X IRZMVSRQIRX ERH XLIVIJSVI


    QIERMRKWRIIHXSFII\TPMGMXP]GSQQYRMGEXIH
    % GPEWL SJ GSQQYRMGEXMSR GYPXYVIW LETTIRIH MR XLI WOMIW SZIV 2I[ .IVWI] MR
    [LIRETEWWIRKIVEMVTPERITVITEVMRKXSPERHEXEREMVTSVX[EWMREHZIVXIRXP]JP]
    MRKMR[LEXLEHNYWXFIIRHIWMKREXIHEWERSJJPMQMXWQMPMXEV]XVEMRMRKEMVWTEGI%TTEV
    IRXP]YRORS[RXSXLIGMZMPMERTMPSXX[SQMPMXEV]NIXWETTVSEGLIHXLIGMZMPMEREMVGVEJXMR
    EVIGSRREMWWERGIQERIYZIVXSEWGIVXEMRXLIMHIRXMX]SJXLIEMVGVEJX8LIGMZMPMERTPERI
    [MXLERSRFSEVHGSQTYXIVTVSKVEQQIHXSEZSMHQMHEMVGSPPMWMSRWEYXSQEXMGEPP]XSSO
    WYHHIR IZEWMZI EGXMSR [MXL WSQI MRNYV] XS TEWWIRKIVW )EGL EMV XVEJJMG W]WXIQh
    GMZMPMERERHQMPMXEV]h[EWSTIVEXMRKSRMXWS[RWIXSJEWWYQTXMSRWERHVIWTSRHIHXS
    XLIWMXYEXMSRFEWIHSRXLSWIEWWYQTXMSRW2IMXLIV[EWE[EVISJSVLIIHIHXLISXLIVtW
    MRXIRXMSRW -J XLMW GER LETTIR FIX[IIR HMJJIVIRX JP]MRK WYFGYPXYVIW STIVEXMRK [MXLMR
    GEVIJYPP]GSRWXVYGXIHEMVXVEJJMGGSRXVSPKYMHIPMRIWERHVYPIWhEVIPEXMZIP]LMKLGSRXI\X
    IRZMVSRQIRXhMXGERLETTIRFIX[IIRMRHMZMHYEPWJVSQHMZIVWIWYFGYPXYVIWEXXIQTXMRK
    GSQQYRMGEXMSRMREWQEPPKVSYT*SVXLMWVIEWSR[IRIIHXSIWXEFPMWLI\TPMGMXQYXY
    EPP]EKVIIHYTSRWIXWSJGSQQYRMGEXMZIGSHIWVYPIWERHTEXXIVRWJSVSYVKVSYTMRXIV
    EGXMSRW 2ILIV 

    0ERKYEKI9WI
    3RISJXLIQSWXSFZMSYWGSQQYRMGEXMSRGSHIWMWPERKYEKIYWI 0ERKYEKIMWXLITVMR
    GMTEP [E] [I GVSWW XLI FEVVMIV FIX[IIR SYV S[R MRXIVMSV [SVPH ERH XLEX SJ SXLIVW
    2IYPMIT 3YVGYPXYVITVSZMHIWYW[MXLGIVXEMREWWYQTXMSRWEFSYXXLIETTVSTVM
    EXIYWISJPERKYEKI(MJJIVIRXGYPXYVIWSJXIRQEOIUYMXIHMJJIVIRXEWWYQTXMSRWRSXSRP]
    EFSYXTEVXMGYPEV[SVHWERHKVEQQEV XLIPERKYEKITIVWI FYXEPWSEFSYXXLIMHIEWERH
    TYVTSWIWJSV[LMGLXLSWI[SVHWGERERHWLSYPHFIYWIH
    *SVI\EQTPIMRXLI.ETERIWIGYPXYVI[SVHWEVIEWWYQIHXSFIYWIHJSVWSGMEP
    TYVTSWIWXSIRWYVILEVQSR]FIX[IIRKVSYTQIQFIVWVEXLIVXLERJSVEVKYQIRXSVWIX
    XPMRK HMJJIVIRGIW MR TSMRXW SJ ZMI[ &IEQIV
    :EVRIV   3XLIV WSGMEP W]WXIQW
    FEWIHSRHMVIGXI\TIVMIRGISVTMGXSKVETLMGVITVIWIRXEXMSRSJSVEPWTIIGLQE]LEZIPIWW
    PERKYEKIJSVEFWXVEGXTVSFPIQWSPZMRKXLERXLSWIWSGMEPW]WXIQWFEWIHSRQSVIMRHMVIGX
    VIPEXMSRWLMTW[MXLXLIMVIRZMVSRQIRXW &IGOIV,SMNIV7LYXIV -R
    QER] %JVMGER GYPXYVIW XLI [SVH MW TVIIQMRIRX -QEKMREXMZI ERH ZMZMH PERKYEKI MW
    MQTSVXERXEWMWEGEPPERHVIWTSRWIQSHISJGSQQYRMGEXMRKMRHMGEXMRKEPMROFIX[IIR
    XLI WTIEOIV ERH XLI PMWXIRIV -RXIVVYTXMSR SJ XLI WTIEOIV XLIVIJSVI MW I\TIGXIH ERH
    ETTVIGMEXIHERHXLSWI[LSWTIEO[IPPMRXLMWX]TISJI\GLERKIEVIPMOIP]XSFIGSQI
    PIEHIVW ;IFIV 
    1SVISZIV FI]SRH SZIVX HMJJIVIRGIW MR PERKYEKI QSWX GYPXYVIW XVIEX QIR ERH
    [SQIRHMJJIVIRXP]ERHXIEGLXLIQHMJJIVIRX[E]WXSYWIPERKYEKIERHXSGSQQYRMGEXI
    RSRZIVFEPP] 7XI[EVXIXEP )ZIR[MXLMREGSQQSRPERKYEKITEVXMGYPEVMRJPIG
    XMSRW ZSGEFYPEVMIW ERH KVEQQEXMGEP YWEKI FIGSQI IRQIWLIH [MXL XLI EWWSGMEXMZI
    QIERMRKW[IEWWMKRFEWIHSRXLIMVTVIWYQIHYWIF]ETEVXMGYPEVMHIRXMJMEFPIKVSYT
    %WMHIJVSQVIKMSREPMHIRXMJMGEXMSRXLMWEXXVMFYXMSRJVIUYIRXP]SGGYVWEPSRKELMIVEVGLM
    GEPGSRXMRYYQVIJPIGXMRKXLIZEPYIWSJXLIWSGMEPGSRXI\XMR[LMGL[IEVISTIVEXMRK-R
    XLMW[E]PERKYEKIYWIGERGSRZI]GYPXYVEPHMJJIVIRGIWXLEXQE]PIEHSXLIVWXSNYHKIE

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  (MZIVWMX]MR+VSYTW8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW

    TIVWSR FEWIH SR EWWYQTXMSRW EFSYX VEGMEPIXLRMG IHYGEXMSREP SV GPEWW FEGOKVSYRH
    :MGXSV 0ERKYEKIYWIGEREPWSEGXEWEGSHIXLEXTVSQSXIWMRWMHIVSYXWMHIVEPPI
    KMERGIW [MXLMRERHFIX[IIRKVSYTWSJTISTPI-RSVHIVXSVIEPP]LIEVIEGLSXLIVXLIVI
    JSVI[IRIIHXSFI[MPPMRKXSJSVKSPMWXIRMRKJSVIHYGEXMSREPVEGMEPSVGPEWWTVMZMPIKMRK
    GSHIWSJPERKYEKIYWIERHXSPMWXIRGSRWGMSYWP]JSVXLIGSRXIRXERHXLIMRXIRXSJXLI
    QIWWEKIFIMRKGSQQYRMGEXIH

    2SRZIVFEP'SQQYRMGEXMSR
    2SRZIVFEPGSQQYRMGEXMSR GSQTPIQIRXWXLIYWISJPERKYEKIERHMWQEHIYTSJHIITP]
    MRKVEMRIHVIWTSRWITEXXIVRW-XMWSJXIRWYFXPIERHQYPXMHMQIRWMSREP 6IQPERH
    ERHQE]XEOIXLIJSVQSJFSH]SVJEGMEPKIWXYVIWXSRISJZSMGIXYVRXEOMRKYWISJ
    XMQISVLEFMXWSJHVIWWSVLEMVWX]PI-XMWMQTSVXERXXSYRHIVWXERHXLEXHMJJIVIRXGYPXYVIW
    EXXEGL HMJJIVIRX WXERHEVHW SJ ETTVSTVMEXIRIWW XS RSRZIVFEP I\TVIWWMSRW TEVXMGYPEVP]
    XLSWIXLEXEVIQSVIIEWMP]GSRXVSPPIH +EVHIRW[EVX^
    6S[I %PXLSYKLJEGMEP
    I\TVIWWMSRWJSVI\EQTPIQE]I\TVIWWXLIWEQIIQSXMSRWEGVSWWGYPXYVIWXLIETTVS
    TVMEXIRIWWSJI\TVIWWMRKXLSWIIQSXMSRWQE]ZEV]HITIRHMRKSRGYPXYVIERHXLIGSRXI\X
    SJ XLI GSQQYRMGEXMSR IZIRX :MGXSV   )ZIR WSQIXLMRK EW GSQQSRTPEGI EW E
    WQMPILEWHMJJIVIRXQIERMRKWMRHMJJIVIRXGYPXYVIWERHGSRXI\XW &EVRE 
    -REHHMXMSRHMJJIVIRXWYFGYPXYVIWMRXLI9RMXIH7XEXIWGSQQYRMGEXIXLIMVYRHIV
    WXERHMRKSJ[LEXMWFIMRKWEMHHMJJIVIRXP]7SQIVIWIEVGLMRHMGEXIWXLEX%JVMGER%QIVM
    GERWQE]KMZIQSVIWYFXPIGSRZIVWEXMSREPJIIHFEGOMRGIVXEMRGSRXI\XWXLERXLIMV[LMXI
    %QIVMGERGSYRXIVTEVXWGEYWMRKWSQI[LMXI%QIVMGERWTIEOIVWXSEWWYQIXLIMV%JVMGER
    %QIVMGERPMWXIRIVWLEZIRSXYRHIVWXSSH[LEX[EWWEMH :MGXSV :IVFEPERHRSR
    ZIVFEPGSQQYRMGEXMSRMWHMWGYWWIHEXPIRKXLMR'LETXIVFYXMXMWMQTSVXERXXSYRHIV
    WXERHXLEX[IIEGLGSQQYRMGEXIERHMRXIVTVIXSXLIVWt GSQQYRMGEXMSRWHMJJIVIRXP]
    -RXIVIWXMRKP]LS[IZIVVIWIEVGLYRHIVXEOIRXSPSSOJSVYRMZIVWEPP]EKVIIHYTSR
    XVEMXW JSV IJJIGXMZI KVSYT PIEHIVW JSYRH XLEX TEVXMGYPEV TIVWSREPMX] XVEMXW WYGL EW qE
    WIRWI SJ LYQSV JPI\MFMPMX] TEXMIRGI VIWSYVGIJYPRIWW ERH GSRWMHIVEXMSR JSV SXLIVWr
    2ILIV  T   [IVI GSQQSRP] LIPH XS FI MQTSVXERX EGVSWW QSWX GYPXYVIW
    8LIVIJSVIMX[SYPHETTIEVXLEXFIRIEXLXLIWYVJEGISJUYMXIHMJJIVIRXGSQQYRMGEXMSR
    WX]PIWVYRWERYRHIVGYVVIRXSJEGSQQSRLYQERSVMIRXEXMSRXS[EVHWSGMEPMRXIVEGXMSR

    (MZIVWMX]MR7QEPP+VSYTWERH8IEQW
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    XLSWIIRHIEZSVW[IWLEVI8SXLII\XIRXXLEX[IIEGLLSPHEWXEOIMRXLISYXGSQIWSJXLI
    HIGMWMSRW[IQEOIMRXLIKVSYTWMR[LMGL[ITEVXMGMTEXI[IFIRIJMXJVSQIZIV]SRItW
    MRZSPZIQIRX4ISTPIEVIQSVIGSQQMXXIH ERH[SVOLEVHIVMREKVSYTMJXLI]JIIPXLIMV
    MRTYXERHGSRXVMFYXMSRWEVIZEPYIH 2ILIV -JWSQIQIQFIVWJIIPI\GPYHIHSV
    HMWIRJVERGLMWIHJVSQXLSWIKVSYTW[IRSXSRP]PSWIXLIFIRIJMXSJXLIMVYRMUYIGSRXVM
    FYXMSRWERHXLIMVWYTTSVX 7GLVIMFIV FYX[IQE]IZIRMRZMXIXLIMVWEFSXEKISJ
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    (MZIVWMX]MR7QEPP+VSYTWERH8IEQW 

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    I\TIGXEXMSRW[MXLMRKVSYTWERHSVKERM^EXMSRWEW[IPPEW[MXLMRXLIGYPXYVIEXPEVKI4IS
    TPISJHMJJIVIRXKIRHIVWVEGMEPGLEVEGXIVMWXMGWERHWI\YEPSVMIRXEXMSRI\TIVMIRGIPMJIXLI
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    ;LMXRI] -RSVKERM^EXMSRW
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    XLIQIQFIVWWLEVIEGSQQSRFEGOKVSYRH,S[IZIVKMZIRXMQIHMZIVWIXIEQWSYXTIV
    JSVQLSQSKIRSYWXIEQWMRHIGMWMSRQEOMRKERHMRKEMRMRKXLIQIQFIVWt GSQQMXQIRX
    XSXLIXIEQtWKSEPW ,MGOQER
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    WI\MWQERHVEGMWQEW[IPPEWGSQTPEMRXWSJWI\YEPLEVEWWQIRXERHqKE]FEWLMRKrWMRGI
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    KVSYT[IQMWWSYXSRXLIXVYIZEPYISJXLEXTIVWSRtWTIVWTIGXMZIW*SVI\EQTPIMJ[I
    I\TIGXE[SQERXSEGXSRP]EWXLIKVSYTRYVXYVIVSVqWSGMEPWTIGMEPMWXr[MXLMRXLIKVSYT
    VEXLIVXLEREWEGSRXVMFYXSVXSXLIXEWOSVMIRXIHKSEPEXLERH[ISZIVPSSOLIVZEPYEFPI
    I\TIVMIRGIERHI\TIVXMWI 4S[IPP -J[IPSSOXSEQERSRP]JSVWSPYXMSRWXSXLI

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    WSVXS(EMQPIV'LV]WPIV QEOIWXLI1'PEWW6'PEWWERH+0'PEWWWTSVXYXMPMX]ZILMGPIW)ZIV]SRI
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    QMXXIHXSTVSQSXMRKERHWYTTSVXMRKERMRGPYWMZIIRZMVSRQIRXJVIIJVSQHMWGVMQMREXMSREKEMRWXER]
    TIVWSRSRXLIKVSYRHWSJVEGIGSPSVVIPMKMSRREXMSREPSVMKMRHMWEFMPMX]WI\QEVMXEPWXEXYWWI\YEP
    SVMIRXEXMSRSVGMXM^IRWLMT8LIMVWYGGIWWEWEHMZIVWMX]GIRXIVIHXIEQSVKERM^EXMSRLEWFIIRE
    HMVIGXJEGXSVSRXLITPERXtW]IEVWSJTVSHYGXMSRWYGGIWWVIWYPXMRKMREQMPPMSRI\TERWMSRE
    HSYFPMRKSJXLITPERXtWTVSHYGXMSRGETEGMX]XSZILMGPIWE]IEVERHXLIHSYFPMRKSJXLI
    TPERXtW[SVOJSVGIXSXIEQQIQFIVW

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    &EGSR
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    KIXXMRKXLIQE\MQYQJVSQLMWTSXIRXMEPGSRXVMFYXMSR0MOI[MWIMJ[IHMWQMWWXLIGSRXVM
    FYXMSRWSJWSQISRI[LSLEWHMJJMGYPX]EVXMGYPEXMRKEXVEMRSJXLSYKLX[LSMWUYMIXERH
    WPS[XSGSRXVMFYXI[LSWIIQWXSYWXSVEQFPISRMRGIWWERXP][MXLSYXIZIVQEOMRKE
    TSMRXSV[LS[IEWWYQIMWEQIQFIVSJXLIKVSYTSRP]JSVTSPMXMGEPVIEWSRW[ILEZI
    HMQMRMWLIHXLI TSXIRXMEPGSRXVMFYXMSRW SJXLEX TIVWSR XS XLI KVSYT%PXIVREXIP] MJ[I
    EWWYQIXLEXGIVXEMRTISTPILEZITS[IVEYXLSVMX]ORS[PIHKISVXLIVMKLXERW[IVW[I
    QE]JIIPMRXMQMHEXIHERHJMRHMXHMJJMGYPXXSGLEPPIRKIXLIMVTSMRXWSJZMI[8LMWMRXIVREP
    GIRWYVMRKERHWLYXXMRKSYVWIPZIWHS[REPWSVIHYGIXLIUYEPMX]SJXLIKVSYTHMWGYWWMSR
    ERHTSXIRXMEPJSVGVIEXMZIHIGMWMSRW+VSYTTSXIRXMEPMWQE\MQM^IH[LIREPPTEVXMGMTERXW
    JIIPGSQJSVXEFPIMRQEOMRKGSRXVMFYXMSRWHYVMRKIZIV]WXITSJXLITVSGIWW*YVXLIVQSVI
    [IGERRSXEVVMZIEXEXVYIKVSYTGSRWIRWYW MRSYVHIGMWMSRWMJ[ILEZIRSXLIEVHIUYEPP]
    JVSQEPPSJXLITIVWTIGXMZIWERHGSRWMHIVIHEPPTSMRXWSJZMI[

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    (MZIVWMX]MREWQEPPKVSYTMWZEPYEFPIFIGEYWIMXEHHWZMXEPTIVWTIGXMZIWERHMRWMKLXW
    [LIRWSPZMRKHMJJMGYPXSVGSQTPI\TVSFPIQW-XEHHWTIVWTIGXMZIWXSXLIKVSYTXLEXSXL
    IV[MWI [SYPHFI EFWIRX ERH MXPIWWIRW WSQI SJ XLI HIWXVYGXMZIXIRHIRGMIW SJ KVSYT
    HIGMWMSRQEOMRKWYGLEWKVSYTXLMRO*SWXIVMRKHMZIVWMX]GERFIQSVIMQTSVXERXXLERE
    TEVXMGYPEV KVSYTtW MRXIPPMKIRGI q1EOMRKE KVSYT QSVI HMZIVWIEPQSWX EYXSQEXMGEPP]
    QEOIWMXFIXXIVEXTVSFPIQWSPZMRK    ?3ARXLIKVSYTPIZIPMRXIPPMKIRGIEPSRIMWRSX
    IRSYKLFIGEYWIMRXIPPMKIRGIEPSRIGERRSXKYEVERXII]SYHMJJIVIRXTIVWTIGXMZIWSRE
    TVSFPIQr 7YVS[MIGOMT 
    8LI WXVIRKXL SJ HMZIVWMX] MW MR XLI GVIEXMZI TVSFPIQ WSPZMRK XLEX GSQIW JVSQ
    MRGPYHMRK HMJJIVIRX TIVWTIGXMZIWhTIVWTIGXMZIW RSX JSVQIH F] XLI WEQI FEGOKVSYRH
    ERHGSRXI\X%LSQSKIRISYWKVSYT[MXLEWLEVIHWIXSJEWWYQTXMSRWMWPIWWPMOIP]XS
    GSQIYT[MXLERMRRSZEXMZIWSPYXMSRXSEHMJJMGYPXTVSFPIQ%HMZIVWIKVSYTLEWXLI
    EHZERXEKISJFVMRKMRKEZEVMIX]SJTSMRXWSJZMI[
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    MQTVSZIXLIMVFSXXSQPMRI%WYVZI]F]XLI7SGMIX]JSV,YQER6IWSYVGI1EREKIQIRX
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    GSQFMREXMSRSJXLIGSRXVMFYXMSRWERHMRJPYIRGIWSJXLIQIQFIVW8LIQSVIHMZIVWIXLI
    QIQFIVWSJXLIKVSYTXLIQSVITSXIRXMEPJSVZEVMIXMIWSJMRXIVEGXMSRERHXLIVIJSVIXLI
    QSVITSXIRXMEPJSVEVVMZMRKEXRI[ERHGVIEXMZIWSPYXMSRW
    -RSVHIVJSVWQEPPHMZIVWIKVSYTWXSEGLMIZIXLIWISTXMQEPVIWYPXWLS[IZIVXLI]
    RIIHXSFIKMR[MXLSTIRQMRHIHTEVXMGMTERXWERHXLIGSRGITXSJIUYMJMREPMX]hXLEXMW
    XLEXXLIVIEVIHMJJIVIRX[E]WXSWSPZIETVSFPIQSVEGLMIZIXLISZIVEPPKSEPW;LIR[I
    WXEVX[MXLEREWWYQTXMSRXLEXXLIVIMWQSVIXLERSRIVMKLX[E]XSWSPZIETVSFPIQERH
    QSVIXLERSRIVMKLXERW[IV[ISTIRSYVWIPZIWXSLIEVMRKERHYRHIVWXERHMRKMQTSVXERX

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
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    1EOMRK(MZIVWI+VSYTW;SVO 

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    GSYVWISJEGXMSRXLIVI[SYPHFIRSTYVTSWIMRQIIXMRK0MOI[MWIMJ[IEPVIEH]LEHXLI
    FIWXERW[IVXSXLITVSFPIQ[L]GSRZIRIXLIKVSYT#(MZIVWIKVSYTWTVSZMHIXLISTTSV
    XYRMX] XS I\TPSVI HMJJIVIRX TIVWTIGXMZIW SR E TVSFPIQ ERH QEOI TSWWMFPI MRRSZEXMZI
    WSPYXMSRWXLEXVIWYPXJVSQGSQFMRMRKXLSWITIVWTIGXMZIW;LIRKVSYTQIQFIVWFVMRK
    HMJJIVIRXZMI[TSMRXWERHFEGOKVSYRHWXSXLIHIGMWMSRQEOMRKTVSGIWWqXLI]EGLMIZIE
    GSQTIXMXMZIEHZERXEKIEKEMRWXSVKERM^EXMSRWXLEXEVIIMXLIVGYPXYVEPP]LSQSKIRSYWSV
    JEMPXSWYGGIWWJYPP]YXMPM^IXLIMVHMZIVWMX]r +EVHIRW[EVX^
    6S[IT 
    8SXLII\XIRXXLEXSYVKVSYTWERHXLISVKERM^EXMSRW[MXLMR[LMGLXLI]I\MWXEVI
    XLIQWIPZIWTEVXSJXLIPEVKIVIRZMVSRQIRXSJWSGMEPERHIGSRSQMGVIEPMXMIWSTXMQYQ
    WSPYXMSRWEVIVIPEXMZIXSXLEXXSXEPIRZMVSRQIRX%TTVSTVMEXIERW[IVWIQIVKIJVSQXLI
    GSRXI\X SJ XLI PEVKIV IRZMVSRQIRX MR [LMGL XLI TVSFPIQ MW PSGEXIH JVSQ ER STIR
    I\GLERKISJMHIEWEQSRKXLIKVSYTQIQFIVWERHJVSQXLIMRXIVEGXMSRFIX[IIRXLI
    KVSYT ERH MXW PEVKIV IRZMVSRQIRX *SV XLEX VIEWSR SFXEMRMRK XLI GSRXVMFYXMSRW ERH
    GSQQMXQIRX SJEWQER]HMZIVWIERHVITVIWIRXEXMZIQIQFIVWEWTVEGXMGEPSJJIVWXLIFIWX
    LSTIJSVERSTXMQEPWSPYXMSRXSETVSFPIQEXER]TEVXMGYPEVXMQIERHTPEGI

    1EOMRK(MZIVWI+VSYTW;SVO
    6IWIEVGLLEWWLS[RXLEX XLIQSVIMRHMZMHYEPKVSYTQIQFIVW TEVXMGMTEXIERHYRHIV
    WXERHSRIERSXLIVXLIQSVIGVIEXMZIWSPYXMSRWXLI]EVIPMOIP]XSHIZIPST /MVGLQI]IV
     ,S[IZIVMRSVHIVJSVXLIKVSYTTVSGIWWXS[SVOXLI[E]MXMWMRXIRHIHERHJSV
    IEGLQIQFIVXSJIIPMRZSPZIHERHETTVIGMEXIHKVSYRHVYPIWRIIHXSFIIWXEFPMWLIHERH
    QEMRXEMRIH(MJJIVIRXKVSYTWGSQIYT[MXLHMJJIVIRX[E]WSJETTVSEGLMRKXLMWMWWYI
    ERH SFZMSYWP] XLI QSVIHMZIVWI XLI KVSYT MR XIVQW SJ EXXMXYHIWERHGSQQYRMGEXMSR
    EWWYQTXMSRWXLIQSVIHMJJMGYPXERHXMQIGSRWYQMRKXLMWXVERWEGXMSREPEWTIGXSJKVSYT
    TVSGIWWFIGSQIW,S[IZIVXLIQSVIMQTSVXERXXLIXEWOXLIQSVIMQTSVXERXMXMWXLEXEPP
    QIQFIVWFILIEVHERHYRHIVWXSSHERHXLIQSVIMQTSVXERXMXQE]FIXSWTIRHXLIXMQI
    RIIHIHXSJSGYWSRXLIGSQQYRMGEXMSRTVSGIWWMXWIPJ ;MXLIVWTSSR
    ;SLPIVX 

    'SRJPMGX1EREKIQIRX
    %QSRKXLIQSWXMQTSVXERXGSQQYRMGEXMSRVYPIWERHI\TIGXEXMSRWXSFIIWXEFPMWLIHMR
    WQEPP KVSYTW EVI XLSWI WYVVSYRHMRK GSRJPMGX QEREKIQIRX ;MXLMR XLI 97 GYPXYVEP
    QSHIPGSRJPMGX MWERMRIZMXEFPITEVX SJ KVSYT GVIEXMZMX]ERHGSQQYRMGEXMSR(MJJIV
    IRGIW FIX[IIR QIQFIVW ERH STIR GSRJVSRXEXMSR SJ XLSWI HMJJIVIRGIW EVI JVIUYIRXP]
    WIIREWTSWMXMZIMRHMGEXSVWSJXLIGVIEXMZITVSGIWWMREGXMSR 2ILIV 3RXLISXLIV
    LERH VIWIEVGL LEW WLS[R XLEX%WMER GYPXYVIW QEOI HMJJIVIRX EWWYQTXMSRW EFSYX XLI
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    7XEXIWERHQER];IWXIVRGYPXYVIWXVYXLVIWMHIWMRPSKMGERHHIFEXIMR%WMERGYPXYVIWMX
    MWXSFIJSYRHMRXLIXSXEPMX]SJXLITIVWSRERHQEMRXEMRMRKLEVQSR]MWXLIKSEPSJGSQ
    QYRMGEXMSR ,EPP ;MXLMRXLI9RMXIH7XEXIW2EXMZI%QIVMGERGLMPHVIRVEMWIHMR
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    &EGSR
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    JVSQE1I\MGERFEGOKVSYRHEVIXEYKLXXSFIPMIZIMRGSSTIVEXMSRERHXLMROXLEXWLEVMRK
    ERW[IVW SV LSQI[SVO MW E WMKR SJ WSPMHEVMX] ERH KIRIVSWMX] 'EPPS[E]8LSQEW
    'SSTIV
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    YIHERHWLEVMRKMWWIIREWGLIEXMRK8LIWIHMZIVWIFEGOKVSYRHWWSGVMXMGEPXSXLIWYG
    GIWWJYPEREP]WMWERHVIWSPYXMSRSJMWWYIWGERGVIEXIFEVVMIVWMJXLI]EVIRSXVIGSKRM^IH
    ERHEGGITXIH
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    HVE[EPJVSQTEVXMGMTEXMSRMRXLIKVSYTTVSGIWWMXQE]PIEHXSRIKEXMZIMQTEGXWSRXLI
    KVSYTERHSRXLIXEWOEXLERH;LIRGSRJPMGXMWXEOIREWERIGIWWEV]ERHMRIZMXEFPITEVX
    SJXLIGVIEXMZITVSGIWWETEVXJVSQTIVWSREPMXMIWLS[IZIVMXGERFIGSRWXVYGXMZI 2ILIV
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    QIQFIVW /MVGLQI]IV 'SRJPMGXQEREKIQIRXMWHIEPX[MXLEXPIRKXLMR'LETXIV
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    TVSGIWWMRKVSYTWSJHMZIVWITISTPI

    ,MIVEVGLMIWSJ4S[IV
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    XLI GSRXI\X SJ HMZIVWMX] )EGL SJ YW QEOIW EWWYQTXMSRW VIKEVHMRK [LIVI ERH [MXL
    [LSQTS[IVPMIWMRER]GSRXI\X8LIVIEVILMIVEVGLMIWSJTS[IV XLVSYKLSYXSYVWSGMEP
    M^EXMSR TVSGIWWIW XLEX [I LEZI GSQI XS XEOI JSV KVERXIH WSQIXMQIW [MXLSYX FIMRK
    E[EVISJXLI[E]MR[LMGL[IWMXYEXISYVWIPZIWEPSRKXLIGSRXMRYYQ'PIEVP]XLISZIV
    VMHMRK EWWYQTXMSRSJ WSGMEPIGSRSQMGERHTSPMXMGEP TS[IV MR XLMW GSYRXV] LEW PSRK
    VIWMHIH[MXLYTTIVGPEWWERHYTTIVQMHHPIGPEWW[LMXI)YVSTIERQEPIWSJ[IEPXLERH
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    GLMIWSJTS[IVMRVIPEXMSRXSXLMWKVSYT-XMWMQTSVXERXXSRSXILS[IZIVXLEXIQFIHHIH
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    -RXLI[SVOTPEGILS[IZIVERHMRQER]SJXLITYFPMGKVSYTWMR[LMGLQSWXGSP
    PIKIKVEHYEXIWTEVXMGMTEXIXLITS[IVTEVEHMKQSJXLITVIHSQMRERXP][LMXIWSGMEPERH
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    IQTPS]QIRXI\TIVMIRGIW
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    * 1 4ISTPISVMIRXIH * 1 -RHMZMHYEPMWX
     -R]SYVKVSYTGSQTEVI]SYVGLSMGIW *1 [MXLXLSWISJXLISXLIVKVSYTQIQFIVW
    %VIXLIVIWMQMPEVMXMIW#(MJJIVIRGIW#
     ;LMGL GLEVEGXIVMWXMGW HSIW XLI KVSYT GSRWMHIV QSWX HIWMVEFPI JSV KVSYT QIQFIV
    WLMT#;LEXHSIWMXXEOIXSFIETVSHYGXMZIKVSYTQIQFIV#
     %WEKVSYTEHHJMZIXSXIREHHMXMSREP[SVHWXLEXWIIQXSGSRRSXIEKIRHIVWTIGMJMG
    XVEMX%VIXLIVIWTIGMJMGSGGYTEXMSRWXLEXEVIEWWSGMEXIH[MXLEWTIGMJMGKIRHIV#-WXLI
    WXIVISX]TIEGGYVEXI#
     ,S[HSIWWXIVISX]TMRKMQTEGXXLIKVSYT#;LEXPMQMXEXMSRWHSWXIVISX]TMRKTPEGISR
    TSXIRXMEPGSRXVMFYXMSRWF]QEPISVJIQEPIQIQFIVW#

     78)6)38=4)7

    (MVIGXMSRW
    7XIT;ILIEVRYQIVSYWWXEXIQIRXWEFSYXSXLIVKVSYTWERHGYPXYVIW9TSRI\EQM
    REXMSR[IGERHMWGSZIVXLEXXLIWIWXEXIQIRXWEVI[IEOP]WYTTSVXIHSVYRJSYRHIH8V]XLI
    JSPPS[MRKI\IVGMWI*SVIEGLWXEXIQIRXTPEGIEGLIGOQEVOMJ]SYLEZILIEVHXLIWXEXIQIRX
    EFSYXSXLIVKVSYTW8LIR[VMXIMRXLIKVSYT MJER] XLEXGSQIWXSQMRH*MREPP][VMXIMRER
    I\EQTPIXLEXHMWTVSZIWXLIKIRIVEPM^EXMSR

    +VSYT (MWTVSZIW
    CCCCC %VIFMKSXIHTVINYHMGIH CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC
    ERHFMEWIH
    CCCCC %VIWQEVXERH[SVOLEVH CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  (MZIVWMX]MR+VSYTW8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW

    CCCCC %VIEKKVIWWMZIERHTYWL] CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC


    CCCCC %VIEWWSGMEXIH[MXL CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC
    SVKERM^IHGVMQI
    CCCCC %VIPE^]ERHYRVIPMEFPI CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC
    CCCCC 0EYKLERHWQMPIEPSX CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC
    CCCCC %VIZIV]KSSHEXWTSVXW CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC
    CCCCC %VIRYVXYVMRKERHWYTTSVXMZI CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC
    CCCCC %VIGSRGIMXIH CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC
    CCCCC (VMROERHTEVX]XSSQYGL CCCCCCCCCCCCCCCCCCCC CCCCCCCCCCCCCCC
    7XIT %WE KVSYTSVGPEWWWLEVI]SYV VIWTSRWIW%VIXLIVIWMQMPEVMXMIWSV HMJJIV
    IRGIW#,S[GSRJMHIRXGER[IFIMRER]WXIVISX]TIW#;L]HS[IYWIWXIVISX]TIW#%VIXLIVI
    SXLIVI\EQTPIWSR]SYVGEQTYWSJWXIVISX]TIW#8V]XSPMWXJMZIQSVI

      8 6=  6 ) : ) 6 7 - 2 + 8 , )  & - + 38 6=  3 *  0 % 2 + 9%+ )

    8LITVINYHMGIEKEMRWXXLIGSPSVFPEGOERHJSVXLIGSPSV[LMXITIVQIEXIWSYVPERKYEKI%
    JI[I\EQTPIW
    FPEGOLIEVXIH ;LMXI'LVMWXQEW
    FPEGOXLSYKLXW 7RS[;LMXI
    &PEGO(IEXL TPEKYI [LMXIQEKMG
     %WEXIWXSJXLIWXVIRKXLSJXLMWTLIRSQIRSRXV]XSXLMROSJ[SVHWSVTLVEWIWXLEXYWI
    E XLIGSPSVFPEGOMRETSWMXMZI [E]SV F XLIGSPSV[LMXIMRERIKEXMZI [E];ItPPKIX
    ]SYWXEVXIH[MXLqMRXLIFPEGOrERHq[LMXIEWEKLSWXr1EOIX[SGSPYQRWSREFPERO
    WLIIXSJTETIV0EFIPXLIJMVWXGSPYQR437-8-:)&0%'/ERHXLIWIGSRHGSPYQR
    2)+%8-:);,-8)8V]XSPMWX[SVHWSVTLVEWIWMRIEGLGSPYQR
     *SVWQEPPKVSYTWGSQFMRIPMWXWFVEMRWXSVQEHHMXMSREPI\EQTPIWERHXV]XSPMWX
    [SVHWSVTLVEWIWMRIEGLGSPYQR
     (IFVMIJMRK;EWXLMWI\IVGMWIHMJJMGYPX#;LEXHSIWMXXIPPYWEFSYXXLIEFMPMX]SJ[SVHW
    XSPMQMXSYVTIVGITXMSR#(MHWSQISJXLII\EQTPIWTVSZMHIHF]]SYVMRWXVYGXSVWYV
    TVMWI]SY#;L]HMH]SYRSXVIQIQFIVXLIQ#

      ; , %8  , %: ) =3 9  ) < 4 ) 6 - ) 2 ' ) ( #

     1ER]SJYWLEZIXVEZIPIHXSHMJJIVIRXTEVXWSJXLI9RMXIH7XEXIWSVEFVSEH'SRWMHIVWSQI
    SJXLIVIKMSREPSVMRXIVREXMSREPHMJJIVIRGIW]SYLEZIIRGSYRXIVIHSV]SYORS[EFSYX
    'SRGITX )\EQTPIWSJHMJJIVIRGIW
    % 0ERKYEKI CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
    & (MWXERGI CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
    ' %WWIVXMZIRIWW CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
    ( 'PSXLMRK CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    6IJIVIRGIW 

    ) 8SYGL CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
    * 1ERRIVWERHSVIEXMRKLEFMXW CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
    + 6IPEXMSRWLMTW[MXLJEQMP] CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
    , 8MQIGSRWGMSYWRIWW CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
     -R ]SYV WQEPP KVSYT WLEVI ]SYV I\EQTPIW ;SVO XS HIZIPST EHHMXMSREP I\EQTPIW
    FEWIHSRXLIKVSYTHMWGYWWMSR;LEXEVIWSQISJXLIHMJJIVIRGIWMR]SYVKVSYT#
     'SRWMHIVMRK]SYVGEQTYWSV]SYVTSWWMFPI[SVOIRZMVSRQIRXLS[HSIWXLIKVSYT
    XLMROXLIWIHMJJIVIRGIW[MPPMQTEGXEKVSYTSVXIEQtWIJJIGXMZIRIWW#
     (IZMWIEWXVEXIK]XSSZIVGSQIXLIWIHMJJIVIRGIWERHFITVITEVIHXSTVIWIRXMXXSXLIGPEWW

    6)*)6)2')7

    %VQSYV7 1E] 6ITSVXWSJ[SVOTPEGIFMEWWXMPP ,EVEPWSR(


    0I[MW% %TVMP 9RJEMVXVIEX
    SRVMWIWMRGI7ITX97%8SHE] T& QIRXMRXLI[SVOTPEGI97%8SHE] T&
    &EVRE 0 1   7XYQFPMRK FPSGOW MR MRXIVGYPXYVEP ,EVVMW8 )   %TTPMIH SVKERM^EXMSREP GSQQYRMGE
    GSQQYRMGEXMSR -R 0% 7EQSZEV
     6 ) 4SVXIV XMSR4VMRGMTPIWERHTVEKQEXMGWJSVJYXYVITVEGXMGI
    )HW -RXIVGYPXYVEPGSQQYRMGEXMSR%VIEHIV TT RHIH 1EL[EL2.0E[VIRGI)VPFEYQ
    i &IPQSRX'%;EHW[SVXL ,IRV] ; %  %TVMP   &I]SRH XLI QIPXMRK TSX
    &IEQIV0
    :EVRIV-  -RXIVGYPXYVEPGSQQYRMGE 8MQI TTi
    XMSR MR XLI KPSFEP [SVOTPEGI RH IH  &SWXSR ,MGOQER + 6
     'VIMKLXSR>SPPEV 7   (MZIVWI
    1G+VE[,MPP-V[MR WIPJHMVIGXIH[SVOXIEQW(IZIPSTMRKWXVEXIKMGMRM
    &IGOIV'&  6IEWSRWJSVXLIPEGOSJEVKYQIRXE XMEXMZIW JSV WX GIRXYV] SVKERM^EXMSRW &YWMRIWW
    XMSRERHHIFEXIMRXLI*EV)EWX-R0%7EQSZEV
    7SYVGI)PMXI i
    6)4SVXIV )HW -RXIVGYPXYVEPGSQQYRMGEXMSR% ,SMNIV ,  8LI 7ETMV;LSVJ L]TSXLIWMW -R 0%
    VIEHIV TTi &IPQSRX'%;EHW[SVXL 7EQSZEV
    6)4SVXIV )HW -RXIVGYPXYVEPGSQ
    'EPPS[E]8LSQEW 'SSTIV 4 .
     &PEOI '   QYRMGEXMSR%VIEHIV TTi &IPQSRX'%
    -RXIVGYPXYVEP GSQQYRMGEXMSR 6SSXW ERH VSYXIW ;EHW[SVXL
    &SWXSR%PP]R
    &EGSR ,SPP[MX^.'
    4E[PS[WOM(6  8LIHIZIPST
    'EVWI . 4   *MRMXI ERH MRJMRMXI KEQIW 2I[=SVO QIRXSJEWXVYGXYVIHIXLMGEPMRXIKVMX]MRXIVZMI[JSV
    &EPPERXMRI&SSOW TVIIQTPS]QIRX WGVIIRMRK 8LI .SYVREP SJ &YWM
    'EWSR6)  ;VMXMRKJSVXLIFYWMRIWW[SVPH 9TTIV RIWW'SQQYRMGEXMSR  i
    7EHHPI6MZIV2.4VIRXMGI,EPP ,YHWSR-RWXMXYXI  ,EPJ[E]SYXXLIHSSV -RHMERETS
    )MWIRFIVK ) 1
     +SSHLEPP , 0 .V   PMW-2;EPOIV-RJSVQEXMSR
    3VKERM^EXMSREPGSQQYRMGEXMSR&EPERGMRKGVIEXMZ .EGOWSR7)1E]/)
    ;LMXRI]/  9RHIV
    MX]ERHGSRWXVEMRX &SWXSR&IHJSVH7X1EVXMRtW WXERHMRKXLIH]REQMGWSJHMZIVWMX]MRHIGMWMSRQEO
    +EVHIRW[EVX^0
    6S[I%  1EREKMRKHMZIVWMX] MRKXIEQW-R6%+Y^^S)7EPEW
    %WWSGMEXIW
    8LIGSQTPIXIHIWOVIJIVIRGI 7ER(MIKS4LIMJJIV )HW  8IEQIJJIGXMZIRIWW ERH HIGMWMSR QEOMRK MR
    +EVHIRW[EVX^0
    6S[I% .YP] ;L]HMZIVWMX] SVKERM^EXMSRW TT i  7ER *VERGMWGS
    QEXXIVW,6*SGYW TTi .SWWI]&EWW
    +IQQMPP+
    7GLEMFPI0>  8LITW]GLSH]REQ /MVGLQI]IV '   1YPXMGYPXYVEP XEWO KVSYTW %R
    MGWSJJIQEPIQEPIVSPIHMJJIVIRXMEXMSR[MXLMRWQEPP EGGSYRXSJXLIPS[GSRXVMFYXMSRPIZIPSJQMRSVMXMIW
    KVSYTW7QEPP+VSYT6IWIEVGL  i 7QEPP+VSYT6IWIEVGL  i
    +IRXMPI1  1EREKIVMEPI\GIPPIRGIXLVSYKLHMZIV /P]YOERSZ - )   4VMRGMTPIW SJ MRXIVGYPXYVEP GSQ
    WMX] 4VSWTIGX,IMKLXW-0;EZIPERH QYRMGEXMSR &SWXSR4IEVWSR
    +VMJJMR 6 ;   1EREKIQIRX XL IH  &SWXSR 0YWXMK1;
    /SIWXIV.  -RXIVGYPXYVEPGSQTI
    ,SYKLXSR1MJJPMR XIRGI -RXIVTIVWSREP GSQQYRMGEXMSR EGVSWW GYP
    ,EPP2.  %QSRKGYPXYVIW8LIGLEPPIRKISJGSQ XYVIW XLIH &SWXSR%PP]R
    &EGSR
    QYRMGEXMSR 978LSQWSR

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  (MZIVWMX]MR+VSYTW8LI7XVIRKXLSJ(MJJIVIRX4IVWTIGXMZIW

    1EHVMH%  (MZIVWMX]ERHMXWHMWGSRXIRXW-R0% 7LYXIV6  8LI,QSRKSJ0ESW3VEPMX]GSQQYRM


    7EQSZEV
    6)4SVXIV )HW -RXIVGYPXYVEPGSQ GEXMSRERHEGGYPXYVEXMSR-R0%7EQSZEV
    6)
    QYRMGEXMSR%VIEHIV TTi &IPQSRX'% 4SVXIV )HW  -RXIVGYPXYVEP GSQQYRMGEXMSR %
    ;EHW[SVXL VIEHIV TTi &IPQSRX'%;EHW[SVXL
    1G'EPP 2   1EOIW QI [ERRE LSPPIV 2I[=SVO 7XI[EVX04'SSTIV4.7XI[EVX%(
    *VMIHPI]7
    :MRXEKI&SSOW %   'SQQYRMGEXMSR ERH KIRHIV XL IH 
    1G7LERI70
    :SR+PMRS[1%  3VKERM^EXMSREP &SWXSR%PP]R
    &EGSR
    FILEZMSV &SWXSR-V[MR1G+VE[,MPP 7YVS[MIGOM.  8LI[MWHSQSJGVS[HW 2I[=SVO
    2EWWIV), .YP] %REXMSRSJQMPPMSR97% (SYFPIHE]
    8SHE] TT%% 7YVZI]WE]WHMZIVWMX]MQTVSZIWFSXXSQPMRIWERHGSQTIXM
    2ILIV ; ;   3VKERM^EXMSREP GSQQYRMGEXMSR XMSR .YP] ,6*SGYW T
    'LEPPIRKIW SJ GLERKI HMZIVWMX] ERH GSRXMRYMX] :MGXSV (%   -RXIVREXMSREP FYWMRIWW GSQQYRMGE
    &SWXSR%PP]R
    &EGSR XMSR 2I[=SVO,EVTIV'SPPMRW
    2IYPMIT.;  -RXIVGYPXYVEPGSQQYRMGEXMSR%GSR ;IFIV 7 2  8LI RIIH XS FI8LI WSGMSGYPXYVEP
    XI\XYEPETTVSEGL &SWXSR,SYKLXSR1MJJPMR WMKRMJMGERGISJFPEGOPERKYEKI-R0%7EQSZEV

    2MGSXIVE%1'PMROWGEPIW1.
    ;EPOIV*6   6)4SVXIV )HW -RXIVGYPXYVEPGSQQYRMGEXMSR%
    9RHIVWXERHMRK SVKERM^EXMSR XLVSYKL GYPXYVI ERH VIEHIV TTi &IPQSRX'%;EHW[SVXL
    WXVYGXYVI 1EL[E]2.0E[VIRGI)VPFEYQ ;MXLIVWTSSR4(
    ;SLPIVX/0  %RETTVSEGL
    4S[IPP+2  ;SQIR
    QIRMRQEREKIQIRX 2I[ XS HIZIPSTMRK GSQQYRMGEXMSR WXVEXIKMIW JSV
    FYV]4EVO'%7EKI IRLERGMRKSVKERM^EXMSREPHMZIVWMX]8LI.SYVREPSJ
    6IIGI&0
    &VERHX6  )JJIGXMZILYQERVIPE &YWMRIWW'SQQYRMGEXMSR  i
    XMSRW 4IVWSREP ERH SVKERM^EXMSREP ETTPMGEXMSRW ;]EXX 2   3VKERM^MRK ERH VIPEXMRK *IQMRMWX GVM
    XLIH &SWXSR,SYKLXSR1MJJPMR XMUYISJWQEPPKVSYTGSQQYRMGEXMSR-R74&S[IR
    6IQPERH 1 7   2SRZIVFEP GSQQYRMGEXMSR MR
    2;]EXX )HW 8VERWJSVQMRKZMWMSRW*IQMRMWX
    IZIV]HE]PMJI &SWXSR,SYKLXSR1MJJPMR GVMXMUYIW MR GSQQYRMGEXMSR WXYHMIW TT i 
    6SFMRWSR+
    (IGLERX/ %YKYWX &YMPHMRKE 'VIWWOMPP2.,EQTXSR
    FYWMRIWW GEWI JSV HMZIVWMX] %GEHIQ] SJ 1EREKI >IQOI 6 6EMRIW '
     *MPMTG^EO &  
    QIRX)\IGYXMZI TTi +IRIVEXMSRWEX[SVO1EREKMRKXLIGPEWLSJZIXIV
    7GLVIMFIV).  1YHHPIWERHLYHHPIW*EGMPMXEXMRKE ERWFSSQIVW\IVWERHRI\XIVWMR]SYV[SVOTPEGI
    QYPXMGYPXYVEP[SVOJSVGIXLVSYKLXIEQQEREKIQIRX 2I[=SVO%1%'31
    XLISV] 8LI .SYVREP SJ &YWMRIWW 'SQQYRMGEXMSR
      i

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    
    :IVFEPERH2SRZIVFEP
    'SQQYRMGEXMSR

    ',%48)63980-2)

    *YRGXMSRWSJ:IVFEP'SQQYRMGEXMSR 2SRZIVFEP'SQQYRMGEXMSR
    8EWO3VHIVMRK 4VMRGMTPIWSJ2SRZIVFEP'SQQYRMGEXMSR
    4VSGIWW3VMIRXEXMSR 8]TIWSJ2SRZIVFEP'SQQYRMGEXMSR
    2EVVEXMZIWERH+VSYT*ERXEWMIW 4S[IVPIWW7XIVISX]TIW
    7XVYGXYVIWSJ1IERMRKMR:IVFEP'SQQYRMGEXMSR 7YQQEV]
    (IRSXEXMZIERH'SRRSXEXMZI1IERMRK (MWGYWWMSR5YIWXMSRW
    7IQERXMGW
    )\IVGMWIW
    +VSYT8EPO
    ,YQSV 6IJIVIRGIW

    ',%48)63&.)'8-:)7

    (MWGYWWXLIJYRGXMSRWSJZIVFEPGSQQYRMGEXMSR
    )\TPEMRKVSYTJERXEWMIWQIXETLSVWERHREVVEXMZIW
    -HIRXMJ]XLIWXVYGXYVIWSJQIERMRKMRZIVFEPGSQQYRMGEXMSR
    3YXPMRIXLIX]TIWERHJYRGXMSRWSJKVSYTXEPO
    )\TPEMRXLITVMRGMTPIWSJRSRZIVFEPGSQQYRMGEXMSR
    -PPYWXVEXIXLIX]TIWSJRSRZIVFEPGSQQYRMGEXMSR

    
    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  :IVFEPERH2SRZIVFEP'SQQYRMGEXMSR

    / )=8 )6 17

    &SH]PERKYEKI ,SQSTLMP] 4VSFPIQWSPZMRKXEPO


    'LVSRIQMGW ,YQSV 4VSHYGXMZMX]
    'SRRSXEXMZIQIERMRK -RJIVIRGIW 4VS\IQMGW
    'SRWGMSYWRIWWVEMWMRKXEPO .YHKQIRXW 6SPIEWWYQTXMSRXEPO
    (IRSXEXMZIQIERMRK /MRIWMGW 7IQERXMGW
    )RGSYRXIVXEPO 1IXETLSV 7I\VSPIWXIVISX]TMRK
    )XLRSGIRXVMWQ 2EVVEXMZI 7MPIRGI
    )]IGSRXEGX 2SRZIVFEPGSQQYRMGEXMSR 7]QFSPMG
    *EGMEPHMWTPE] 3FWIVZEXMSRW 7]RGLVSR]
    *ERXEW] 4EVEPERKYEKI 8EWOSVHIVMRK
    +VSYTJERXEWMIW 4VSGIWWSVMIRXEXMSR :IVFEPGSQQYRMGEXMSR
    +VSYTXEPO

    8LIVIMWENSOIEFSYXEQER[LSZMWMXIHEVIXMVIQIRXLSQIERH[EWFIMRKWLS[R
    EVSYRHF]XLIQEREKIV8LI]GEQISYXSRXSEPEVKITSVGLSZIVPSSOMRKXLIPE[RW
    ERHKEVHIRWYTSR[LMGLERYQFIVSJXLIGYVVIRXVIWMHIRXW[IVIWMXXMRK%WXLI]
    WXSSHXLIVISRISJXLIVIWMHIRXWWYHHIRP]GEPPIHSYXqrERHXLIVIWXSJXLIKVSYT
    FVSOIMRXSPEYKLXIV%JXIVEJI[QMRYXIWSJWMPIRGIERSXLIVVIWMHIRXWEMHqrERH
    EKEMRXLI]EPPPEYKLIH%XXLMWTSMRXXLIQERXYVRIHXSXLIQEREKIVERHWEMHq;LEX
    MWKSMRKSR#;L]EVIXLI]PEYKLMRK#;LEXMWWSJYRR]#r8LIQEREKIVVITPMIHXLEX
    XLIWIVIWMHIRXWLEHFIIRXLIVIXSKIXLIVEWEKVSYTJSVWSPSRKXLEXXLI]LEHPIEVRIH
    IEGLSXLIVtWNSOIWERHLEHHIGMHIHXSRYQFIVXLINSOIWWSXLEX[LIRIZIVWSQISRI
    [ERXIHXSXIPPSRIXLI]GSYPHNYWXGEPPSYXXLIRYQFIVERHXLIVIWXSJXLIQ[SYPH
    VIQIQFIVXLINSOIERHPEYKL8LIQEREWOIHMJLIGSYPHXV]8LIQEREKIVWEMH
    q7YVIrERHXLIQERGEPPIHSYXqr8LIVIWMHIRXWPSSOIHTY^^PIHFYXVIQEMRIH
    WMPIRX;LIRXLIQEREWOIHXLIQEREKIV[L]RSSRILEHPEYKLIHXLIQEREKIV
    WMQTP]VITPMIHq;IPPWSQITISTPINYWXHSRtXORS[LS[XSXIPPNSOIWr

    7QEPPKVSYTGSQQYRMGEXMSRMWEGSQFMREXMSRSJZIVFEPERHRSRZIVFEPGSQQYRMGEXMSR
    ERHWQEPPKVSYTWFYMPHI\TIGXEXMSRWEFSYX[LEXXLIWIZIVFEPERHRSRZIVFEPGSQQYRM
    GEXMSRGLEVEGXIVMWXMGW[MPPFIPMOI.SOIWPMOISXLIVJSVQWSJGSQQYRMGEXMSREVIXSPH
    FSXLZIVFEPP]ERHRSRZIVFEPP][MXLMRXLMWGSRXI\XSJKVSYTI\TIGXEXMSRW;LEXQEOIW
    NSOIWJYRR]MWEGSQFMREXMSRSJXLIZIVFEPERHRSRZIVFEPGSQTSRIRXW
    2SXLMRKRIZIVLETTIRW [MXLMRXLIGSRXI\XSJWQEPPKVSYTGSQQYRMGEXMSR2SR
    ZIVFEPGSQQYRMGEXMSRMWEP[E]WSGGYVVMRK[LIXLIVSVRSXER]SRIMWWTIEOMRK%W[I
    LEZIWEMH[IWMQTP]GERRSXRSXGSQQYRMGEXIJSVXLIEGXSJRSXWTIEOMRKMWMXWIPJGSQ
    QYRMGEXMRKWSQIXLMRKXSXLSWIEVSYRHYW;LIRETIVWSRJMRHWQIERMRKMREREGXMSRSV
    E WXEXIQIRX [LIXLIVEGGYVEXI SV QMWMRXIVTVIXIHGSQQYRMGEXMSR LEWXEOIR TPEGI -R
    XLMWGLETXIV[IHMWGYWWXLIZEVMSYWEWTIGXWSJZIVFEPERHRSRZIVFEPGSQQYRMGEXMSR
    XLIVSPISJHIRSXEXMZI HMGXMSREV] QIERMRKERHGSRRSXEXMZI EWWSGMEXMZI QIERMRKMR
    ZIVFEP GSQQYRMGEXMSR ERH XLI W]QFSPMG QIERMRKW EWWMKRIH XS FSXL ZIVFEP ERH

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

    RSRZIVFEPGSQQYRMGEXMSR;IFIKMR [MXLZIVFEPGSQQYRMGEXMSRERHGSRGPYHI[MXL
    RSRZIVFEPGSQQYRMGEXMSR%PXLSYKL[IGSRWMHIVXLIQWITEVEXIP]MRXLMWGLETXIVXLI]
    SGGYVWMQYPXERISYWP]ERH[SVOXSKIXLIVGSQTPIQIRXMRKSVGSRXVEHMGXMRKIEGLSXLIV

    *YRGXMSRWSJ:IVFEP'SQQYRMGEXMSR
    -RHMWGYWWMRKXLIVSPISJZIVFEPGSQQYRMGEXMSR MRKVSYTW[I[MPPJMVWXI\EQMRIXLVII
    JYRGXMSRW SJZIVFEPGSQQYRMGEXMSRhXEWOSVHIVMRKTVSGIWWSVMIRXEXMSRERHREVVEXMZI

    8EWO3VHIVMRK
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    7QEPP KVSYTW EVI YWYEPP] JSVQIH XS EGLMIZI WSQI KSEPW8S HS WS XLI] QYWX
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    EWOIHXSWIVZISREXEWOJSVGISRISJXLIJMVWXUYIWXMSRW[IQMKLXEWOMWq;LEXEVI[I
    XV]MRK XS EGGSQTPMWL#r;I EVI EPWS MRXIVIWXIH MR XLI XMQI GSRWXVEMRXW XLI VIWSYVGIW
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    -JSYVKVSYTLEWEREKIRHEOIITWRSXIWSVXEOIWQMRYXIWZIVFEPGSQQYRMGEXMSR
    MWFIMRKYWIHXSSVHIVXLIXEWO-RXLIIRHMXMWXEWOSVHIVMRKXLEXTIVQMXWYWXSNYHKI
    [LIXLIVSVRSXXLIKVSYTLEWFIIREWYGGIWWSVEJEMPYVI,S[IZIVEWMQTSVXERXEWXLI
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    XMSRGERFIIRWIIR[LIR[IJSVQEWQEPPKVSYTMRSRISJSYVGPEWWIW8LIXIRHIRG]SJ
    XLIKVSYTMWXSQSZIHMVIGXP]XSTIVJSVQMRKXEWOWVEXLIVXLEREPPS[MRKXLITLEWIW[I
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    MRKMRWSQIZIRXYVI ,EVVMW 
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    VIJYWIXSPSSOEXXLISXLIVKVSYTQIQFIVW[I[MPPFIPIJXSYXSJXLIGSRZIVWEXMSR
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    SXLIVLERHMREPIEHIVPIWWTIVJSVQERGIKVSYTWYGLEWWSQIFERHWSVEHERGIGSQTE
    RMIWI]IGSRXEGXQE]FIXLITVMRGMTEPQIERWSJGSQQYRMGEXMSRFIX[IIRQIQFIVWXS
    EWWYVIXLEXIZIV]SRI[SVOWXSKIXLIV 6SWI 8SFIERIJJIGXMZIKVSYTQIQFIV
    XLIVIJSVI[IRIIHXSFIE[EVISJERHYWIIJJIGXMZII]IGSRXEGXERHSXLIVJEGMEPI\TVIW
    WMSRW8LMWQIERW[IRIIHXSFIE[EVISJHMJJIVIRXGYPXYVEPTIVWSREPERHVSPIVIPEXIH
    I\TIGXEXMSRWERHMRXIVTVIXEXMSRWWYVVSYRHMRKI]IGSRXEGX
    4EVEPERKYEKI 4EVEPERKYEKI MWXLIQIERMRKXLEXMWTIVGIMZIHEPSRK[MXLXLIEGXYEP
    [SVHWYWIHXSHIPMZIVEQIWWEKI-XMWLS[ [IWE]WSQIXLMRK8LMWMWEFVSEHGEXIKSV]
    XLEXMRGPYHIWHMEPIGXWEGGIRXWTMXGLVEXIZSGEPUYEPMXMIWTEYWIWERHWMPIRGIW%TPIEW
    MRKZSMGIJSVI\EQTPI[MPPQEOITISTPIQSVIPMOIP]XSPMWXIRXSYWERHEQSHYPEXIH
    ZSMGIMWWIIREWQSVIEXXVEGXMZIERHEWMRHMGEXMRKEFIXXIVIHYGEXMSRERHLMKLIVWSGMSIGS
    RSQMGTSWMXMSRXLERMWEH]REQMGZSMGI %RHIVWIR 4EVXMGYPEVEGGIRXWERHHMEPIGXW
    GEVV] EWWSGMEXMSRW XLEX IRLERGI SV YRHIVQMRI SYV TS[IV ERH GVIHMFMPMX] MR E KVSYT
    6IWTSRWIWXSGIVXEMRZSGEPGYIWZEV]EGGSVHMRKXSGSQQYRMGEXSVERHGSRXI\X &YPPIV

    %YRI&YPPIV
    &YVKSSR 3RERSXLIVPIZIPLS[IZIVSYVIQSXMSRWEVIGPEV
    MJMIHXLVSYKLSYVTMXGLXSRIVEXIERHSXLIVZSGEPFILEZMSVWXLEXEHHXSXLI[SVHW
    4EVEPERKYEKI GER FIYWIH XSVIKYPEXI XLI WQEPPKVSYTHMWGYWWMSR3YV XSRISJ
    ZSMGIGERPIXXLISXLIVKVSYTQIQFIVWORS[MJ[IEVIETTVSZMRKYRGIVXEMRSVHMW
    EKVIIMRK[MXL XLIMV GSRXVMFYXMSRWERH SJXIR MR E KVSYT qMXtW RSX [LEX]SY WEMH XLEX
    FSXLIVIHQIFYXLS[]SYWEMHMXr

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    2SRZIVFEP'SQQYRMGEXMSR 

    7MPIRGI EPWSLEWERYQFIVSJYWIW-XGERFIYWIHXSGVIEXIMRXIVTIVWSREPHMWXERGI
    SVEWERIQSXMSREPVIWTSRWIXSEWMXYEXMSR-XGERMRHMGEXIEKVIIQIRXSVHMWWIRWMSRSVFI
    YWIHEWE[E]SJSTXMRKSYXSJGSRJPMGX7MPIRGIQE]FIYWIHMRVIWTSRWIXSVIWTIGXJSV
    EYXLSVMX]SVEWEQIERWSJHIJ]MRKXLEXWEQIEYXLSVMX]8LYWWMPIRGIMXWIPJWIRHWEQIW
    WEKI &YVKSSR&YPPIV
    ;SSHEPP 

    &SH]0ERKYEKI /MRIWMGW XLIWXYH]SJFSH]PERKYEKI GSRWMWXWSJXLIQIWWEKIW[I


    HIPMZIVXLVSYKLSYVTL]WMGEPETTIEVERGIERHF]SYVQSZIQIRXWERHKIWXYVIW&IJSVI
    [IQSZISYVTL]WMGEPETTIEVERGIWIRHWETSWMXMZISVRIKEXMZIQIWWEKIHITIRHMRKSR
    XLIGSRXI\XERHXLIMRHMZMHYEPWVIGIMZMRKXLIWXMQYPYW;IEPPLEZIFYMPXMRFMEWIWFEWIH
    SRTEWXI\TIVMIRGIERHEGGYPXYVEXMSR*SVI\EQTPIMRXLI9RMXIH7XEXIWWXYHMIWLEZI
    WLS[RXLEXXEPPWPMQQIREVITIVGIMZIHEWQSVIUYEPMJMIHXLERWLSVXWXSYXQIR %RHIV
    WIR6IQPERH 
    &SH]QSZIQIRXERHKIWXYVITVSZMHIERYQFIVSJGYIWXSXLIWYGGIWWSVJEMPYVISJ
    KVSYTMRXIVEGXMSRW;LIRWYGGIWWJYPGSQQYRMGEXMSRFIX[IIRIUYEPWMWXEOMRKTPEGI
    XLIVIMWJVIUYIRXP]EW]RGLVSR] MRXLIFSH]QSZIQIRXWFIX[IIRMRHMZMHYEPWq6L]XLQ
    WIIQWXSFIXLIJYRHEQIRXEPKPYIF][LMGLGSLIWMZIHMWGSYVWIMWQEMRXEMRIHr )VMGO
    WSR &IMRKMRW]RG[MXLSXLIVQIQFIVWSJ]SYVKVSYTQIERW]SYEPPqQEVGLXS
    XLI WEQI FEWMG XYRIr %RHIVWSR   RSXIH XLEX RYQIVSYW WXYHMIW MRHMGEXI XLEX
    LMKLIVWXEXYWMRHMZMHYEPWLEZIKVIEXIVQSZIQIRX ERH QSVI VIPE\IH TSWXYVI%W[MXL
    QSWXRSRZIVFEPGSQQYRMGEXMSRMXMWHMJJMGYPXXSKIRIVEPM^IXSEPPWMXYEXMSRW,S[IZIV
    XLIGYIW[IKIXJVSQFSH]QSZIQIRXWKMZIYWXLIWIRWISJ[LIXLIVSVRSXWSQISRIIPWI
    MWqSRXLIWEQI[EZIPIRKXLrXLIVIF]IRGSYVEKMRKYWXSFISVHMWGSYVEKMRKYWJVSQ
    FIMRKSTIRJSVXLGSQMRKERHHIZIPSTMRKEKVSYTWTMVMX;LIRMRHMZMHYEPWHSRSXSTIR
    YTSXLIVKVSYTQIQFIVWXIRHXSZMI[XLSWIQIQFIVWEWNYHKQIRXEPYRGSSTIVEXMZI
    ERHRSRVIWTSRWMZI 6IQPERH 
    ,S[[IGPSXLISYVWIPZIWERHSYVKIRIVEPETTIEVERGIEPWSLEZIERMQTEGX8LMWMW
    QEHI I\TPMGMX [LIR[IEVIXSPH XS HVIWW JSVXLISGGEWMSR SVXS qPSSO XLI TEVXr8LI
    YRHIVP]MRKMWWYIMW[LEXMWWMKRMJMGERX-JSXLIVKVSYTQIQFIVWHSRSXXLMRO[IETTIEV
    XSJMXXLIKVSYTRSVQWXLI][MPPRSXEWWMKRYWGVIHMFMPMX];MXLSYXGVIHMFMPMX][I[MPP
    LEZIPMXXPIMJER]MRJPYIRGI7SSRIVSVPEXIV[I[MPPPSWIMRXIVIWXMRXLIKVSYTERH[MPP
    FIGSQIMRIJJIGXMZI
    8LI[E][IQSZIEPWSLEWERMQTEGX-J[IWMXWUYEVIP]JEGMRKXLIKVSYT[I[MPP
    QSWXPMOIP]FITIVGIMZIHEWSTIRERHJSVXLGSQMRKERHEWMRXIVIWXIHMRXLIKVSYTJYRG
    XMSRW-J[IWMX[MXLSYVEVQWGVSWWIHPSSOMRKE[E]JVSQXLIKVSYTSVEVIVIPE\MRKMR
    SYVGLEMVXLIQIWWEKI[IEVIKMZMRKMWSRISJHMWMRXIVIWX3XLIVKVSYTQIQFIVWMRXIV
    TVIXSYVEGXMSRWEWMRHMGEXMSRWXLEX[IHSSVHSRSX[ERXXSFIETEVXSJXLIKVSYT8EFPI
     WYQQEVM^IWGVMXMGEPRSRZIVFEPEGXMSRW
    ;IEVINYHKIHF]SYVFILEZMSVRSXSYV[SVHW-J[LEX[IHSHSIWRSXJMX[MXL
    [LEX[IWE]KVSYTQIQFIVWXIRHXSFIPMIZI[LEX[IHS8LIVIJSVITSWMXMZIRSRZIVFEP
    EGXMSRWEWSYXPMRIHMR8EFPI EVIZMXEPXSSYVWYGGIWWMREKVSYT

    4VS\IQMGW 8LI [E]W [I WXVYGXYVI ERH YWI ERH EVI EJJIGXIH F] WTEGI GSRWXMXYXIW
    TVS\IQMX] 2IYPMIT ,EPP  MHIRXMJMIHXLIWXYH]SJXLIWXVYGXYVMRKSJTIV
    WSREPWTEGIhXLIMRZMWMFPIFSYRHEV]MRHMZMHYEPWHVE[EVSYRHXLIQWIPZIWEWTVS\IQMGW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  :IVFEPERH2SRZIVFEP'SQQYRMGEXMSR

    8%&0) 'VMXMGEP2SRZIVFEP%GXMSRW

    *EGMEP(MWTPE] &SH]0ERKYEKI OMRIWMGW


    *EGMEPI\TVIWWMSR 1SZIQIRXW
    )]IGSRXEGX +IWXYVIW
    4EVEPERKYEKI LS[[IWE]WSQIXLMRK 'PSXLMRKERH+IRIVEP%TTIEVERGI
    7MPIRGI

    8LMWFSYRHEV]MWKVIEXIVSVPIWWIVHITIRHMRKSRXLIGMVGYQWXERGIWERHXLIVIPEXMSR
    WLMTW[MXLXLISXLIVTISTPIMRERMRXIVEGXMSR1SVITS[IVJYPTISTPILEZIJVIIVYWISJ
    XLIWTEGIEVSYRHXLIQXLERHSPIWWTS[IVJYPMRHMZMHYEPW
    7MKRMJMGERX MWWYIW WYVVSYRH TL]WMGEP WIXXMRK ERH WIEXMRK EVVERKIQIRXW MR XLI
    GSQQYRMGEXMSR TEXXIVRW I\TIVMIRGIH MR XLI WQEPP KVSYT GSQQYRMGEXMSR 7SQQIV
     MHIRXMJMIHWIZIVEPX]TIWSJWIEXMRKTEXXIVRWWLS[RMR*MKYVI -RHMZMHYEPWWMX
    XMRK EGVSWW E XEFPI JVSQ IEGL SXLIV QE\MQM^I XLIMV MRXIVTIVWSREP HMWXERGI MRGVIEWI
    XLIMVTSXIRXMEPJSVWIRHMRKERHVIGIMZMRKFSXLZIVFEPERHRSRZIVFEPQIWWEKIWERHXLYW
    TIVLETWGSRJPMGXMRK QIWWEKIWERHMRGVIEWIXLI PMOIPMLSSHSJ FIGSQMRK GSQTIXMXMZI
    7MXXMRK[MXLEGSVRIVSJXLIXEFPIFIX[IIRTEVXMGMTERXWVIHYGIWMRXIVTIVWSREPHMWXERGI
    JSGYWIWEXXIRXMSRSRXLITVSNIGXERHQEXIVMEPWVEXLIVXLERSRXLIMRHMZMHYEPWt RSRZIV
    FEPWERHQE]LIPTIRLERGIXLIGSSTIVEXMZIRIWWSJXLITEVXMGMTERXW7MXXMRKWMHIF]WMHI
    VIHYGIWXLIMRXIVTIVWSREPHMWXERGIWXMPPJEVXLIVERHYRPIWWXLEXMRXIVTIVWSREPHMWXERGIMW
    XSSMRXMQEXIXSJIIPGSQJSVXEFPIQE]EPWSFIEGSSTIVEXMZIWIEXMRKEVVERKIQIRX(MJ
    JIVIRXWIEXMRKTSWMXMSRWLEZIFIIRHIWGVMFIHEWTS[IVWTSXW /SVHME (SQMRERX
    TSWMXMSRWEVIEXXLIIRHWSJEVIGXERKYPEVXEFPI 'SSTIV ERHSRXLIGSVRIVW /SV
    HME 8LIQMHHPISJXLIXEFPIWMHIWEVIGSRWMHIVIHPIWWTS[IVJYPTPEGIWXSWMXFYX
    QE]FIKSSHTPEGIWJVSQ[LMGLXSSFWIVZIXLIKVSYTMRXIVEGXMSR[MXLSYXKIXXMRKHVE[R

    8%&0) 4SWMXMZI2SRZIVFEP&ILEZMSVW

     8MQI (SRtXOIITTISTPI[EMXMRK
    +MZIEHIUYEXIXMQIXSSXLIVW
     7IXXMRK %ZSMHJYVRMXYVIEWEFEVVMIV
    'VIEXITPIEWERXWYVVSYRHMRKW
     4L]WMGEP4VS\MQMX] 'PSWIRIWWVIHYGIWWXEXYWHMJJIVIRGIW
    'PSWIRIWWTVSQSXIW[EVQXL
     +IWXYVIW 1EOIJVIUYIRXYWISJSTIRTEPQKIWXYVIW
     ,IEH1SZIQIRXW 9WILIEHRSHW
    8MPXIHLIEHMRHMGEXIWWYWTMGMSR
     *EGMEP)\TVIWWMSR 7QMPIJVIUYIRXP]
     )]IW 1EOIJVIUYIRXHMVIGXI]IGSRXEGX
     :SMGI 'SQQYRMGEXI[EVQXL
    %ZSMHWSYRHMRKFSVIHSVHMWMRXIVIWXIH

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    2SRZIVFEP'SQQYRMGEXMSR 

    *-+96) 7IEXMRK%VVERKIQIRXW

    'SQTIXMXMZI 'S%GXMZI

    'SSTIVEXMZI 1SHMJMIH
    'SRZIVWEXMSR 'SSTIVEXMZI

    MRXSXLIHMWGYWWMSR%PWSWMXXMRKSREWMHIRI\XXSETS[IVJYPMRHMZMHYEPQE]VITVIWIRXE
    TS[IVJYPGSEPMXMSR[MXLMRXLIKVSYTWIXXMRK
    0IWWMRXIVEGXMSRERHHMWGYWWMSRXEOITPEGIEVSYRHEVIGXERKYPEVXEFPI[LIVITIS
    TPI EVI TSWMXMSRIH MR VS[W0IEHIVW SVKVSYT QIQFIVW GER YWI GMVGYPEV WIXXMRKWXS
    IRGSYVEKIHMWGYWWMSR ,EQMPXSR ;L][SYPHXLMW[SVO#4EVXMGMTERXWGERQSVI
    IEWMP]MRXIVEGX[MXLSRIERSXLIVEWOUYIWXMSRWERHFIE[EVISJRSRZIVFEPEGXMSRW)EWI
    SJMRXIVEGXMSR[MPPMRGVIEWISVHIGVIEWIGSQQYRMGEXMSR
    %PXLSYKLMXMWIEW]XSQEOIXSSQYGLSJWIEXMRKTEXXIVRWERHPSWIWMKLXSJHMWGYW
    WMSR TEXXIVRW MRKVSYTW E GVIEXMZIKVSYTXLEX MW I\TIVMIRGMRKHMWGYWWMSRHMJJMGYPXMIW
    QE]JMRHXLEXVIEVVERKMRKXLIWIEXMRKMRJPYIRGIWXLEXHMWGYWWMSR
    'LVSRIQMGW 'LVSRIQMGW MWXLIWXYH]SJXLIYWISJXMQI;IWXIVRGYPXYVIWEVITEVXMG
    YPEVP]SVMIRXIHXS[EVHGPSGOFEWIHXMQIEWERSVKERM^MRKTVMRGMTPIMRXLI[SVO[SVPH
    (SFOMR
    4EGI -RSYVGYPXYVIXMQIMWQSRI]7QEPPKVSYTWSVKERM^IHMRXLMW
    GSRXI\XQYWXFIWIRWMXMZIXSXLIXMQIFEWIHI\TIGXEXMSRWSJQER]SJXLIMVQIQFIVWERH
    SJ XLI SVKERM^EXMSRW [MXLMR [LMGLXLI] STIVEXI 4VSQTXRIWW MWMQTSVXERXFYX MW EPWS
    RIKSXMEFPI8LIQERMTYPEXMSRSJXMQIMWERMQTSVXERXH]REQMGMRWQEPPKVSYTMRXIVEG
    XMSRW%RMRHMZMHYEP[LSXEOIWXSSQYGLSJEKVSYTtWXMQIQE]FITSSVP]TIVGIMZIH
    ERHLMWSVLIVGSRXVMFYXMSRWHMWGSYRXIH3RXLISXLIVLERHETIVWSRMRERMRJPYIRXMEP
    TSWMXMSRQE]FIKVERXIHQSVIPII[E]MRFIRHMRKXLII\TIGXEXMSRWJSVXLIYWISJXMQI
    %WMREPPEVIEWSJRSRZIVFEPGSQQYRMGEXMSRMRSVHIVXSFIIJJIGXMZIWQEPPKVSYTQIQ
    FIVWQYWXFIWIRWMXMZIXSXLIXMQISVMIRXEXMSRSJXLIKVSYT

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  :IVFEPERH2SRZIVFEP'SQQYRMGEXMSR

    8%&0) *YRGXMSRWSJ2SRZIVFEP'SQQYRMGEXMSR

    *YRGXMSR )\TPEREXMSR

    6ITIXMXMSR 6IMRJSVGMRKZIVFEPQIWWEKIW[MXLRSRZIVFEPFILEZMSVW)\EQTPIW%WYTIVZMWSV
    QSZMRKLMWSVLIVEVQW[LMPIKMZMRKMRWXVYGXMSRW8IPPMRKERHWLS[MRKWSQISRILS[XS
    HSENSF+MZMRKER3/WMKREPSVETEXSRXLIFEGOEPSRK[MXLZIVFEPTVEMWI8LIZIVFEP
    ERHRSRZIVFEPEVIXLIWEQIERH[SVOXSKIXLIVXSGEVV]XLIQIWWEKI
    'SQTPIQIRX 9WMRKRSRZIVFEPQIWWEKIWXSWYTTPIQIRXI\TERHQSHMJ]SVTVSZMHIHIXEMPWXSEZIVFEP
    QIWWEKI)\EQTPIW0SSOMRKGSRJMHIRX[LMPIGSRHYGXMRKEFVMIJMRKIRLERGIWXLI
    UYEPMX]SJXLITVIWIRXEXMSR7TIEOMRKWSJXP][LMPIHMWGYWWMRKHIPMGEXIMRJSVQEXMSR8LI
    RSRZIVFEPEHHWXSERHJEGMPMXEXIWXLIZIVFEPQIWWEKI
    %GGIRXYEXMSR 9WMRKRSRZIVFEPGSQQYRMGEXMSRXSTVSZMHIIQTLEWMW)\EQTPIW8LIPSYHRIWWSJE
    TIVWSRtWZSMGISJXIRGSRZI]WXLIXVYIWXVIRKXLSJXLIQIWWEKI%WIGVIXGERFIJSVIGEWX
    F]E[LMWTIV%[MROSVEJYVVS[IHFVS[GEREHHXSXLIMQTEGXSJXLIZIVFEPQIWWEKI
    (MWXERGIGERMRHMGEXIWIVMSYWRIWW8LIRSRZIVFEPEGGIRXYEXIWERHMRGVIEWIWXLITS[IV
    SVIJJIGXMZIRIWWSJXLIZIVFEPQIWWEKI
    7YFWXMXYXMSR 9WMRKERSRZIVFEPFILEZMSVMRTPEGISJEZIVFEPSRI)\EQTPIW%LIEHRSHXSMRHMGEXI
    ]IWETEXSRXLIFEGOEqORS[MRKKPERGIrSVEqXLYQFWYTrJSVWYGGIWW%W]QFSPMG
    EGXMSRMWGEPPIHERIQFPIQ
    'SRXVEHMGXMSR 1EOMRKXLIRSRZIVFEPERHZIVFEPQIWWEKIWMRGSRKVYIRX)\EQTPIW%GSPPIEKYItWJEGMEP
    I\TVIWWMSRSVZSGEPMRJPIGXMSRKMZIWEQIWWEKISTTSWMXIXSXLIZIVFEPSRI7EVGEWQMW
    SRISJXLIFIWXI\EQTPIWWMRGIXLIXSRISJZSMGITVSZMHIWEQIERMRKXLEXMWUYMXI
    HMJJIVIRXJVSQXLIWXEXIHSRI1EOMRKWSQISRI[EMXERHXLIRWE]MRKXLEXLISVWLIMW
    MQTSVXERXGERFIERI\EQTPI7SQISRItWEWOMRK]SY[LEXMW[VSRKFIGEYWISJ]SYV
    ETTIEVERGIERH]SYVWE]MRKHIJIRWMZIP]qRSXLMRKrMWERSXLIVI\EQTPI
    6IKYPEXMSR 9WMRKRSRZIVFEPFILEZMSVWXSMRMXMEXIGSRXMRYIMRXIVVYTXSVXIVQMREXIMRXIVEGXMSRW
    )\EQTPIW)]IGSRXEGXKIWXYVIWRSHWLIEHQSXMSRWERHRYQIVSYWSXLIVFILEZMSVW
    MRHMGEXILS[XLIMRXIVEGXMSRWLSYPHTVSKVIWW

    4S[IVPIWW7XIVISX]TIW
    &IGEYWI [I NYHKI SXLIVW FEWIH MR TEVX SR XLIMV RSRZIVFEP EGXMSRW [I GER EPWS FI
    KYMPX]SJHVE[MRKMRZEPMHGSRGPYWMSRWVIKEVHMRKXLIQ&IGEYWI[ILEZIGIVXEMRGYPXYV
    EPP]FEWIHI\TIGXEXMSRW[IEVITVSRIXSQMWNYHKISXLIVWXLIVIF]VIHYGMRKSYVKVSYTtW
    IJJIGXMZIRIWW
    7I\VSPI WXIVISX]TMRK GSRXMRYIW MR QER] KVSYTW ERH SVKERM^EXMSRW JSWXIVMRK
    I\TIGXEXMSRWXLEXQIR[MPPEGXPMOIPIEHIVWERH[SQIR[MPPEGXPMOIWYFSVHMREXIW 6IQ
    PERH 'SRWMHIVLS[XLMWWXIVISX]TMRKEHZIVWIP]MQTEGXWSYVKVSYTIJJIGXMZIRIWW
    8[SGVMXMGEPEWWIXWRIIHIHF]EKVSYThGSQQYRMGEXMSRIJJIGXMZIRIWWERHPIEHIVWLMTh
    QMKLX FI HIRMIH FIGEYWI SJ WXIVISX]TMRK *MVWX qRYQIVSYW WXYHMIW LEZI WLS[R XLEX
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    QYRMGEXMSRXLERQIRr %RHIVWIRT 7IGSRHXLMWWXIVISX]TMRKVIHYGIWXLI
    TSWWMFPIWYGGIWWSJEKVSYT7XYHMIWMRHMGEXIXLEX[SQIREVIQSVIIJJIGXMZIXLERQIR

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    (MWGYWWMSR5YIWXMSRW 

    EWQEREKIVWERHPIEHIVWMRXLIEVIEWSJQSXMZEXMRKSXLIVWJSWXIVMRKGSQQYRMGEXMSR
    TVSHYGMRKLMKLUYEPMX][SVOERHPMWXIRMRKXSSXLIVW 7LEVTI %GGSVHMRKXSXLI
    WEQIWXYHMIWQEPIQEREKIVWXMIJIQEPIQEREKIVWMRXLIEVIEWSJWXVEXIKMGTPERRMRKERH
    EREP]^MRKMWWYIWqFYX[SQIRSJXIRJMRHXLIQWIPZIWTIREPM^IHRSQEXXIV[LEXXLI]
    HSr 6IQPERHT 
    )XLRSGIRXVMWQ GEREPWSHMQMRMWLEKVSYTtWWYGGIWW8LIEWWYQTXMSRXLEXXLIXVE
    HMXMSREP RSRZIVFEP EGXMSRW WIIR EW MQTSVXERX XS WYGGIWWJYP KVSYT [SVO WLSYPH FI
    I\TIGXIH MR SYV QYPXMGYPXYVEP WSGMIX] GER PIEH XS MRGSVVIGX NYHKQIRXW ERH PSWW SJ
    MQTSVXERX MRTYX *SV I\EQTPI XLI RSRZIVFEP VYPIW SJ WSQI %VEF GYPXYVIW WYTTSVX
    WTIEOMRK PSYHP]ERHWXERHMRKGPSWI[LMGLQMKLXFIMRXIVTVIXIH EWTYWL]%1MHHPI
    )EWXIVRIVLEWFIIRWGLSSPIHXSXEOIXLIXMQIXSGLMXGLEXFIJSVIKIXXMRKHS[RXSFYWM
    RIWW[LMGLEKVSYTQMKLXWIIEWMRIJJMGMIRXERHSFXVYWMZI &IEQIV
    :EVRIV 
    2IIHPIWW XS WE] XLIWI I\EQTPIW GER FI I\TERHIH XS MRGPYHI HMJJIVIRX TEVXW SJ XLI
    9RMXIH 7XEXIW EW [IPP EW SYV RIMKLFSVW XS XLI RSVXL ERH WSYXL ERH XLVSYKLSYX XLI
    [SVPH;IQYWXQEOIGIVXEMRXLEX[IHSRSXMRXIVTVIXXLIRSRZIVFEPEGXMSRWSJSXLIVWEW
    MRHMGEXMSRWSJTS[IVPIWWRIWWPEGOSJMRXIVIWXSVMRGSQTIXIRGI,SQSTLMP] [LMGLMW
    SYVXIRHIRG]XS[ERXXSFIMRKVSYTW[MXLTISTPI[LSEVIWMQMPEVXSYWGERHIR]YW
    MQTSVXERXZMI[TSMRXWJVSQSYVQYPXMGYPXYVEP[SVPH-RWXIEH[IRIIHXSGVIEXIKVSYT
    WMXYEXMSRWGSRHYGMZIXSFIMRKMRGPYWMZIhFSXLFIGEYWIMXMWXLIVMKLXXLMRKXSHSERH
    FIGEYWIMX[MPPIRLERGIXLIKVSYTTVSGIWW

    7YQQEV]
    3RGI[IKEXLIVEKVSYTSJMRXIVIWXIHMRHMZMHYEPWXS[SVOSRERMWWYIXLIQSWXWMKRMJM
    GERXEVIEMRHIXIVQMRMRKSYVWYGGIWWSVJEMPYVI[MPPFIXLIUYEPMX]SJXLIZIVFEPERHRSR
    ZIVFEP GSQQYRMGEXMSR -X MW XLVSYKL XLIWI MRXIVEGXMSRW XLEX KVSYT ERH TIVWSREP
    QIERMRKWEVIIWXEFPMWLIH
    :IVFEPGSQQYRMGEXMSREPPS[WKVSYTQIQFIVWXSSVHIVXLIXEWOWYRHIVWXERHXLI
    TVSGIWWERHHIZIPSTW]QFSPMGQIERMRKXLVSYKLEKVSYTREVVEXMZI8VEHMXMSREPP]QMW
    YRHIVWXERHMRKW LEZI FIIR FPEQIH SR XLI [E] PERKYEKI [EW YWIH XS IWXEFPMWL XLI
    KVSYTtW qNSFr ;LMPI XLI XEWO MW MQTSVXERX XLI TS[IV SJ PERKYEKI GSQIW JVSQ MXW
    WIQERXMGERHW]QFSPMGGETEGMXMIW-REHHMXMSR[LIRKVSYTWYWILYQSVERHIRKEKIMR
    WTIGMJMGX]TIWSJKVSYTXEPOXLI]SJXIRMRGVIEWIXLIMVGLERGIWJSVWYGGIWW
    2SRZIVFEPGSQQYRMGEXMSRMRGPYHIWEPPFILEZMSVWSXLIVXLERZIVFEPGSQQYRMGE
    XMSR XLEXEVI EWWMKRIHQIERMRK F]SRISVQSVISJXLI TEVXMGMTEXMRK TEVXMIW%QSRK
    SXLIVXLMRKWMXMRGPYHIWJEGMEPHMWTPE]TEVEPERKYEKIFSH]PERKYEKITVS\IQMGWERH
    GLVSRIQMGW)JJIGXMZIKVSYTQIQFIVWYRHIVWXERHXLIMQTSVXERGISJFSXLZIVFEPERH
    RSRZIVFEPGSQQYRMGEXMSR

    (-7'977-3259)78-327

     (MWXMRKYMWLEQSRKXLIXEWOSVHIVMRKTVSGIWWSVMIRXEXMSRERHREVVEXMZIJYRGXMSRWSJZIVFEP
    GSQQYRMGEXMSR ;L] EVI XLIWI MQTSVXERX XS XLI WQEPP KVSYT ERH XIEQ GSQQYRMGEXMSR
    TVSGIWW#

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  :IVFEPERH2SRZIVFEP'SQQYRMGEXMSR

     q;ItVI2YQFIV3RIr MW E TSTYPEV GLEVEGXIVM^EXMSR JSV E KVSYTWGLSSP SV SVKERM^EXMSR


    -HIRXMJ]XLVIIWMQMPEVTLVEWIWYWIH[MXLKVSYTW]SYLEZIFIIREWWSGMEXIH[MXL;IVIXLIWI
    QIXETLSVWSVJERXEWMIWSVFSXL#)\TPEMR
     -HIRXMJ]JMZI[SVHW]SYEVIGIVXEMR[MPPGEVV]XLIWEQIQIERMRKhHIRSXIXLIWEQIXLMRKh
    JSV XLVII SXLIV TISTPI 6II\EQMRI XLI PMWX ERH WII MJ ]SY GER TVSZMHI WSQI GSRRSXEXMZI
    QIERMRKWJSVXLI[SVHW7LEVI]SYVPMWX[MXLWIZIVEPSXLIVTISTPIERHWIIMJ]SYVHIRSXEXMZI
    [SVHWLEZIXLIWEQIQIERMRKJSVXLISXLIVKVSYTQIQFIVW
     (MWXMRKYMWL EQSRK TVSFPIQWSPZMRK VSPIEWWYQTXMSR GSRWGMSYWRIWWVEMWMRK ERH
    IRGSYRXIVXEPO*VSQ]SYVS[RI\TIVMIRGIWTVSZMHIERI\EQTPISJIEGL
     8LMROSJENSOIEFSYX]SYVGSPPIKISVYRMZIVWMX]hSVTIVLETW]SYVGSPPIKISVYRMZIVWMX]tW
    GLMIJVMZEP,S[HSIWXLIXIPPMRKSJXLINSOISVLYQSVJYRGXMSRMREKVSYT#
     6IXYVRXSXLIIMKLXTVMRGMTPIWSJRSRZIVFEPGSQQYRMGEXMSR4MGOX[STVMRGMTPIWERHTVSZMHI
    RI[I\EQTPIWSJLS[XLI]STIVEXIMREKVSYTSVXIEQ
     ,S[GER]SYYWII]IGSRXEGXXSMRGVIEWI]SYVWQEPPKVSYTSVXIEQIJJIGXMZIRIWW#
     ;LEXMWW]RGLVSR]#,S[HSIWMXJYRGXMSRMRWQEPPKVSYTWSVXIEQW#
     )\TPEMRTVS\IQMGWERHGLVSRIQMGW%VIXLIVIYRMZIVWEPVYPIWJSVEPPGYPXYVIWVIKEVHMRKXLIWI
    GSRGITXW#)\TPEMR

    )<)6'-7)7

    *MRHEQIXETLSV%WPSKERSVREQIJSV]SYVKVSYT,YQSVh8IPPENSOI2SRZIV
    FEPSFWIVZEXMSR3ZIVGSQMRKHMWGVMQMREXMSR7MPIRXJMPQWZMHISWSV8:WLS[W8S
    GEXGLEWT]

      * - 2 ( %  1 ) 8% 4 , 3 6

     %QIXETLSVEWI\TPEMRIHMRXLIGLETXIVMWERYRVIPEXIHGSRGITXXLEXSJJIVWMRWMKLXW
    VIKEVHMRKWSQIXLMRK]SYEVII\EQMRMRK=SYVKSEPMWXSYWISRIMHIEXSQEOIWIRWISJ
    ERSXLIV
     *SVXLMWI\IVGMWIGSRGIRXVEXISRETEWXKVSYTSVXIEQI\TIVMIRGI8SKIX]SYWXEVXIH
    HMHXLII\TIVMIRGILEZIER]WMQMPEVMXMIWXSGSRHYGXMRKERSVGLIWXVETPE]MRKEWTSVX
    VIJIVIIMRKEGSRXIWXGSRWXVYGXMRKWSQIXLMRKKSMRKSREHMIXTYXXMRKSYXEJMVISV
    ER]SXLIVEGXMZMX]#
     (SIWXLIQIXETLSVEPPS[]SYEHHMXMSREPMRWMKLXWMRXSXLIKVSYTTVSGIWW#,S[HSIWMX
    WLETI]SYVYRHIVWXERHMRK#
     -J]SYEVIMREKVSYTSVXIEQJSVXLIIRXMVIGSYVWI[LEXQIXETLSVW[SYPH]SYYWIXS
    HIWGVMFIXLII\TIVMIRGI#7LEVI]SYVQIXETLSVW[MXLXLIVIWXSJ]SYVKVSYTSVXIEQ
    ERHWIIMJ]SYGEREKVIISRWIZIVEPWTIGMJMGQIXETLSVW

      %  7 0 3 + % 2  3 6  2 % 1 )  * 3 6 =3 9 6  + 6 3 9 4

     4IVGITXMSRMWKYMHIHERHWSQIXMQIWGSRXVSPPIHF]XLIREQIW[IYWIJSVEGXMZMXMIW-R
    XLIWWQEPPXVYGOJVEQIW[MXLTEWWIRKIVFSHMIW[IVIGEPPIH79:WERHERIRXMVI
    MRHYWXV][EWGVIEXIH'YWXSQIVWIVZMGIGSRWYPXERXWEVKYIXLEXEGYWXSQIVGSQTPEMRX

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

    MWVIEPP]ERSTTSVXYRMX]JSVMQTVSZIQIRXXYVRIHYTWMHIHS[R%HSSVGERFIGSQIE
    TEWWEKI[E]ETVSFPIQGERFIEGLEPPIRKIERHWSSR
     ;LEXREQIGER]SYGVIEXIJSV]SYVKVSYTSVXIEQXLEXGETXYVIWXLIIWWIRGISJKVSYT
    [SVO[MXLSYXWMQTP]GEPPMRKMXEKVSYT#7LEVI]SYVERW[IV[MXL]SYVKVSYTERHEHSTX
    EWPSKERSVREQIXLEXVIJPIGXWXLIKVSYTtWSVXIEQtWYRHIVWXERHMRKERHEWTMVEXMSRW

      , 9 1 3 6 h 8 ) 0 0 %  . 3 / )

     7SQINSOIWEVIKIRIVMG7TSVXWVIPEXIHNSOIWGERFIXSPHF]ER]GSPPIKISVYRMZIVWMX]
    EFSYX ER] VMZEPhNYWX WYFWXMXYXI XLI WGLSSP REQI ,S[ HS ]SY KIX E R  CCCCCCCC
    KVEHYEXI SJJ SJ ]SYV JVSRX TSVGL# ,S[ QER] CCCCCCCC JVIWLQIR HSIW MX XEOI XS
    GLERKIEPMKLXFYPF#;LEXEVI XLIPSRKIWXXLVII]IEVWSJECCCCCCCC REQIWTSVX
    TPE]IVtWPMJI#%RW[IVW4E]JSVXLITM^^ERSRIXLEXtWEWSTLSQSVIGSYVWIJMVWX]IEV
    'SVR]FYXXLI]YWYEPP]FVMRKEWQMPI
     8S FI IJJIGXMZI LYQSV WLSYPH RSX FI HMVIGXIH EXSXLIV KVSYTW WMRGI XLI NSOIMW EX
    WSQISRI IPWItW I\TIRWI 7S EZSMH VEGMWX WI\MWX EKIVIPEXIH HMWEFMPMX]VIPEXIH SV
    SXLIV JSVQW SJ RIKEXMZI LYQSV ;LMPI XLI WTSVXWVIPEXIH NSOIW QMKLX WIIQ KVSYT
    HMVIGXIHXLI]EVIQYGLXSSWLEPPS[XSGVIEXIER]LEVQ
     ;LEXLYQSVSYWMRGMHIRXLEWLETTIRIHMR]SYVWQEPPKVSYTGPEWWXLMWWIQIWXIV#;L]
    MWMXJYRR]#7LEVI]SYVI\EQTPI[MXLEWQEPPKVSYT
     -R]SYVKVSYTI\EQMRIXLIYWISJLYQSVERHJYREWEQIERWJSVGVIEXMRKEFIXXIV
    [SVOMRKVIPEXMSRWLMT6IQIQFIV[IHSRSXLEZIXSFIJYRR]FYX[IHSRIIHXSLEZI
    EWIRWISJLYQSV

      2 3 2 : ) 6 & % 0  3 & 7 ) 6 :% 8 - 3 2

     7TIRH ER LSYV EX ]SYV WXYHIRX YRMSR PSGEP IEXIV] PMFVEV] SV SXLIV TYFPMG TPEGI
    SFWIVZMRKRSRZIVFEPGSQQYRMGEXMSREGXMZMXMIW&ITVITEVIHXSVITSVX]SYVJMRHMRKW
     ;LEXX]TIWSJRSRZIVFEPGSQQYRMGEXMSR[IVIQSWXTVIZEPIRX#;LEXWYVTVMWIH]SY
    VIKEVHMRKRSRZIVFEPGSQQYRMGEXMSR#;LEXX]TIWSJRSRZIVFEPGSQQYRMGEXMSR[SYPH
    ]SYWYKKIWXYWMRKQSVI#;LEXX]TIWWIIQXSFIMRIJJIGXMZISVWLSYPHFIEZSMHIH#
     2SXMGIXLIRSRZIVFEPGSQQYRMGEXMSRFIX[IIRWYTIVMSVWERHWYFSVHMREXIW,S[HSIW
    MXHMJJIVJVSQXLIRSRZIVFEPGSQQYRMGEXMSRFIX[IIRETTEVIRXIUYEPW#
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    YWIRSRZIVFEPGSQQYRMGEXMSR(S]SYSFWIVZIHMJJIVIRGIWMRLS[XSYGLWTEGII]I
    GSRXEGXEXXIRXMSRERHHSQMRERGIEVISGGYVVMRK#;LEXEVIXLI]#

    %PXIVREXI4VSGIHYVI
    3FWIVZIEKVSYTSJTISTPILSPHMRKEQIIXMRK3FWIVZIXLIRSRZIVFEPGLEVEGXIVMWXMGW
    ;LIVIHSTISTPIWMX#(SXLI]PIERJSV[EVHSVPIERFEGOPSSOXIRWISVVIPE\IHPSSOMRXIV
    IWXIHSVFSVIH#%VIXLIMVQSXMSRWW]RGLVSRSYWXLEXMW[LIRSRITIVWSRPIERWJSV[EVHHSIW
    ERSXLIVTIVWSRPIERJSV[EVHSVFEGOMRVIWTSRWI#(STISTPIPSSOEXXLIWTIEOIVXEOIRSXIW
    SVIEXHYVMRKXLIHMWGYWWMSR#;LEXMW]SYVMQTVIWWMSRSJXLISZIVEPPXSRIIRIVK]PIZIPGSP
    PEFSVEXMZIRIWWERHTEVXMGMTEXMSRSJXLIKVSYTQIQFIVW#3FWIVZIXLIZIVFEPGLEVEGXIVMWXMGW
    SJEKVSYTHMWGYWWMSR;LSWTIEOWJMVWX[LSXEPOWERHLS[QYGL[LSKIXWMRXIVVYTXIHERH

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  :IVFEPERH2SRZIVFEP'SQQYRMGEXMSR

    F][LSQ#-WXLIVIETEXXIVRSVWIUYIRGMRKXSXLIXEPOMRK#(STISTPIXEOIXYVRWMRERSVHIVP]
    JEWLMSR ERH HS WSQI TISTPI KIRIVEPP] WTIEO EJXIV XLI WEQI TIVWSR MR E VITIEXMRK
    WIUYIRGI#(SQIQFIVWSJXLIKVSYTIRKEKIMRTVMZEXIGSRZIVWEXMSRWEWMHIJVSQXLIKIRIVEP
    KVSYTHMWGYWWMSR#

      3: ) 6 ' 3 1 - 2 +  ( - 7 ' 6 - 1 - 2 %8 - 3 2

    3ZIVZMI[
    1SVIXLERLEPJ XLI97 TSTYPEXMSRMWRS[GSRWMHIVIHSZIV[IMKLXERHRIEVP]
    SFIWISVEFSYXTSYRHWSVQSVISZIV[IMKLX%WIEVP]EWRYVWIV]WGLSSPGLMPHVIRTVIJIV
    HVE[MRKWSJTIIVWMR[LIIPGLEMVWSV[MXLJEGMEPHMWJMKYVEXMSRWSZIVXLSWISJJEXGLMPHVIR%
    2EXMSREP)HYGEXMSR%WWSGMEXMSRTSWMXMSRTETIVWE]WXLEXqJSVJEXWXYHIRXWXLIWGLSSPI\TI
    VMIRGIMWSRISJSRKSMRKTVINYHMGIYRRSXMGIHHMWGVMQMREXMSRERHEPQSWXGSRWXERXLEVEWW
    QIRXr +SPHFIVK  T % 8LMW HMWGVMQMREXMSR FEWIH SR TIVWSRWt [IMKLX MQTEGXW
    XLIMVGSPPIKIERHNSFI\TIVMIRGI-RGSPPIKIWXYHIRXWMRHMGEXIHXLI][SYPHVEXLIVQEVV]ER
    IQFI^^PIVSVFPMRHTIVWSRXLERERSFIWITIVWSR3RIWXYH]JSYRHXLEXLMKLP]SFIWI[SQIR
    IEVR PIWW[LMPIXLIQSHIVEXIP]SFIWIIEVREFSYX PIWWXLERXLIMVRSRSFIWIGSP
    PIEKYIW-VSRMGEPP][LMXIQIR[LSEVIEPMXXPILIEZ]VIGIMZIE LMKLIVWEPEV]XLERWPMQ
    QIV QIR %W [MXL SXLIV QEVKMREPM^IH KVSYTW SFIWI MRHMZMHYEPW [ERX MRGPYWMSR
    IRGSYVEKIQIRXERHSTTSVXYRMX] %WLIV+SPHFIVK1ILXE 

     ;LEXEVI]SYVTIVWSREPJIIPMRKWMRWMKLXWSVSFWIVZEXMSRWVIKEVHMRKXLIMRJSVQEXMSR
    EFSYXI\GIWW[IMKLX#,S[HS]SYVIEGXXSERSFIWIMRHMZMHYEP#%VI]SYVVIEGXMSRW
    FEWIHSRMRJSVQIHMRJSVQEXMSRNYWXMJ]MRK]SYVMRXIVTVIXEXMSRSJWSQISRIIPWItWRSR
    ZIVFEPTVIWIRGI#;LEXNYHKQIRXWLEZI]SYQEHIXLEXQMKLXFISTIRXSUYIWXMSR#
     %WEKVSYTHIXIVQMRIMJ]SYEKVIIXLEXSFIWIMRHMZMHYEPWEVIWYFNIGXXSHMWGVMQMREXMSR
    0MWXXLIOMRHWSJWXIVISX]TIWETTPMIHXSXLMWTEVXMGYPEVKVSYT(IGMHI[LEXMRJSVQEXMSR
    ]SYVKVSYTLEWXSWYTTSVXXLIWIWXIVISX]TIW-RXIVQWSJZIVFEPGSQQYRMGEXMSREX[LEX
    PIZIPSJEFWXVEGXMSREVIXLIWIWXIVISX]TIW#,S[ZEPMHEVIXLIKIRIVEPM^EXMSRW#
     -WMXIXLMGEPXSHMWGVMQMREXIFEWIHSRFSH]WLETI#;LEXHS[IPSWIF]QEVKMREPM^MRKE
    WTIGMJMGKVSYTSJMRHMZMHYEPWFEWIHSRXLIMVRSRZIVFEPEGXMSRW#
     (IZMWIETPERSJEGXMSRXSVIHYGISZIV[IMKLXFEWIHPERKYEKIERHRSRZIVFEPTIVGIT
    XMSRW-WXLMWHMJJMGYPX#;LEXHSIWXLMWXIPPYWEFSYXXLITS[IVSJZIVFEPERHRSRZIVFEP
    GSQQYRMGEXMSRXSWLETISYVTIVGITXMSRWEXXMXYHIWERHEGXMSRW#

      7 - 0 ) 2 8 * - 0 1 7  : - ( ) 3 7  3 6 8 : 7 , 3; 7

     ;EXGLEZMHISJMPQSV8:WLS[[MXLSYXER]WSYRH
     -RHMZMHYEPP]HIGMHIXLIJSPPS[MRK;LEXRSRZIVFEPEGXMZMXMIWEVISGGYVVMRK#;LMGL
    SRIW[SYPH]SYRSXLEZIRSXMGIHMJXLIVILEHFIIRWSYRH#;LMGLSRIWQEOIPMXXPI
    WIRWI[MXLSYXWSYRH#;LMGLSRIWqWTIEOrXS]SY IZIRXLSYKLXLIVIMWRS WSYRH#
    (SIWXLMWWYTTSVXXLIRSXMSRXLEXEGXMSRWWTIEOPSYHIVXLER[SVHW#
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    RSXIW;LMGLRSRZIVFEPEGXMSRWHMHEPPXLIKVSYTQIQFIVWRSXMGI#;LMGLWIIQMRKP]

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    6IJIVIRGIW 

    MQTSVXERX RSRZIVFEP GYIW HMH WSQI XEOI RSXI SJ ERH SXLIVW QMWW# ;LEX TSWWMFPI
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      8 3  ' %8 ' , %  7 4 =

     8LI7TMIWERH'MXM^IRW)\IVGMWI8LMWWQEPPKVSYTI\IVGMWIHMZMHIWEKVSYTMRXSX[SWYF
    KVSYTWSJWTMIWERHGMXM^IRW8LIWTMIWQEOIYTETTVS\MQEXIP]SRIUYEVXIVXSSRIJMJXLSJ
    XLIXSXEPKVSYT8LIGMXM^IRWQEOIYTXLISXLIVXLVIIUYEVXIVWSVJSYVJMJXLW&SXLGMXM^IRW
    ERHWTMIWORS[LS[QER]WTMIWXLIVIEVIFYXSRP]XLIWTMIWORS[[LSXLI]EVI8LISFNIGX
    SJXLII\IVGMWIMWJSVXLIGMXM^IRWXSJMKYVISYX[LSXLIWTMIWEVIERHIPMQMREXIXLIQJVSQ
    XLIMVGSQQYRMX]7TMIWKSXSNEMP[LIRXLI]EVIJSYRHSYXFYX[VSRKP]EGGYWIHGMXM^IRWEPWS
    PIEZIXLIGSQQYRMX]*SVGMXM^IRWXLII\TIVMIRGISJFIMRKEGGYWIHMWWSXVEYQEXMGXLEXXLI]
    QSZIE[E]XSWXEVXXLIMVPMZIWSZIVMRERI[GSQQYRMX]
    4VSGIHYVI
    )ZIV]SRIKIXWEWLIIXSJTETIVMHIRXMJ]MRKLMQSVLIVEWIMXLIVEWT]SVEGMXM^IR8LIR
    EPPTPE]IVWGPSWIXLIMVI]IW[MXLXLIMVLIEHWJEGMRKHS[RERHSRP]XLIWTMIWEVIEPPS[IHXS
    PSSOEVSYRHERHMHIRXMJ]IEGLSXLIV2I\XIZIV]SRIQIIXWEWSRIFMKKVSYTERHHMWGYWWIW
    XLITVSFPIQ[MXLLEZMRKWTMIWMRXLIGSQQYRMX]ERHLS[QER]WTMIWEVIORS[RXSFIXLIVI
    3RGIXLI]LEZIHMWGYWWIHXLMWTVSFPIQJSVEWLSVX[LMPIQIQFIVWEGGYWIX[STISTPISJ
    FIMRKWTMIW8LIWIX[STISTPIIEGLKIXXSQEOIWXEXIQIRXWEVKYMRKERHTVSZMHMRKIZMHIRGI
    SJXLIMVKSSHGMXM^IRWLMT8LIRXLIIRXMVIKVSYTKIXWXSZSXISR[LMGLSRIXLI]XLMROMWE
    WT]ERHXLEXTIVWSRMWIPMQMREXIHJVSQXLIGSQQYRMX]ERHJVSQJYVXLIVKVSYTHMWGYWWMSR
    8LEXTIVWSRXLIRVIZIEPW[LIXLIVLISVWLIMWMRVIEPMX]EWT]SVEGMXM^IRERHXLII\IVGMWI
    TVSGIIHW[MXLJYVXLIVHMWGYWWMSREGGYWEXMSRWZSXMRKERHIPMQMREXMSRSJQIQFIVWJVSQXLI
    GSQQYRMX] 3RGI QIQFIVW EVI IPMQMREXIH JVSQ XLI KVSYT HMWGYWWMSR XLI] FIGSQI
    SFWIVZIVWSJ[LEXEVIIJJIGXMZIZIVFEPERHRSRZIVFEPWXVEXIKMIWJSVFIMRKFIPMIZIHF]XLI
    KVSYTXLEXXLI]EVIKSSHGMXM^IRW;LEXEVIIJJIGXMZIZIVFEPERHRSRZIVFEPWXVEXIKMIW#;LEX
    EVIMRIJJIGXMZISRIW#,S[EVIKVSYTHIGMWMSRWMRJPYIRGIHF]XLIYWISJXLIWIIJJIGXMZIERH
    PIWWIJJIGXMZIWXVEXIKMIW#

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    %RHIVWIR4%  2SRZIVFEPGSQQYRMGEXMSR*SVQW &SVQERR)+


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    GEXIHMR8EFPI 8SWXEVXWSQIXLMRKWEVIWMQTP]QSVIMQTSVXERXXSYW*SVI\EQTPI
    [LIRWSQISRIGEPPWSYVREQI[IEVIQSVIPMOIP]XSVIWTSRH;MXLXLIFEVVEKISJWXMQ
    YPEXMSRXLEXEWWEYPXWYWJVSQEPPHMVIGXMSRWMRSYVHEMP]PMZIW[IQYWXPIEVRXSHMWGVMQM
    REXIXLSWIWXMQYPMXLEXEVIRIGIWWEV]IMXLIVXSSYVWYVZMZEPSVXSSYV[IPPFIMRKJVSQ
    XLSWIXLEXQEOIPMXXPIHMJJIVIRGIXSYWMRSYVSRKSMRKPMZIW&IGEYWI[IGERRSXTSWWMFP]
    TVSGIWWEPPXLIWXMQYPEXMSRXLEXWYVVSYRHWYW[ILEZIPIEVRIHXSTE]EXXIRXMSRXSXLSWI
    WXMQYPMXLEXEVIJEQMPMEVXSYWERHXLEXLEZITEVXMGYPEVWMKRMJMGERGIJSVYW8LIWIGER
    VERKIJVSQMWWYIWSJGVYGMEPMQTSVXERGIXSXLSWIXLEXETTIEVXVMZMEP8LI]GERMRGPYHI
    FEWMG WYVZMZEP SYVNSFW SYV VIPEXMSRWLMTW TSTYPEV GYPXYVEPMGSRW SV ER]RYQFIV SJ
    SXLIVWXMQYPMMRSYVIRZMVSRQIRXW
    &IGEYWI WQEPP KVSYTW EVI GSRZIRIH JSV ER] RYQFIV SJ TYVTSWIW [I QE] FI
    GEPPIHSRXSPMWXIRXSHMWGYWWMSRWVERKMRKJVSQWYFNIGXWMR[LMGL[ILEZIPMXXPISVRS
    MRXIVIWXXSXLSWIMR[LMGL[ILEZIWXVSRKJIIPMRKWSVJIIPTEVXMGYPEVP]I\TIVXXSXLSWI
    XLEXI\GMXIKVIEXGSRXVSZIVW]-RIEGLSJXLIWIGEWIW[IEVITVIWIRXIH[MXLTEVXMGYPEV

    8%&0) 6IEWSRWJSV7IPIGXMZI%XXIRXMSR

     7SQIXLMRKWEVIQSVIMQTSVXERXXLERSXLIVW
     ;IEVIQSVIPMOIP]XSPMWXIR[LIRXLIGSRXIRXWYTTSVXWSYVTSMRXSJZMI[
     1IWWEKIWGSRXVEHMGXMRK[LEX[IFIPMIZIEVIPMOIP]XSFIVINIGXIH
     )\TIVXMWISVYRHIVWXERHMRKGERHIGVIEWIMRXIVIWXMRSXLIVZMI[TSMRXW
     (MJJMGYPXQEXIVMEPQE]FIMKRSVIH

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  0MWXIRMRKERH*IIHFEGO8LI3XLIV,EPJSJ'SQQYRMGEXMSR

    GLEPPIRKIWXSSYVEFMPMX]XSPMWXIRGEVIJYPP]ERHXSGSRXVMFYXIQIERMRKJYPP]XSXLIKVSYT
    HMWGYWWMSR
    -REHHMXMSRWQEPPKVSYTWEVIJVIUYIRXP]QEHIYTSJMRHMZMHYEPWJVSQEZEVMIX]SJ
    FEGOKVSYRHWI\TIVMIRGIWERHTSMRXWSJZMI[-J[ILEZIFIIREWOIHXSNSMREKVSYT
    GSRZIRIHXSGSQIYT[MXLWSPYXMSRWXSEKMZIRTVSFPIQMRSYVGSQQYRMX][IEVIQSVI
    PMOIP]XSTE]EXXIRXMSRXSERHXSWMHI[MXLMRHMZMHYEPWEVKYQIRXWSVI\EQTPIWXLEX
    WYTTSVXSYVTSMRXSJZMI[SRXLIMWWYIXLERXSXLSWIXLEXSTTSWIMXTEVXMGYPEVP]MJXLI
    XSTMGMWEGSRXVSZIVWMEPSRI-REWIRWI[ITYXqIQSXMSREPGSXXSRrMRSYVIEVW[LIRGIV
    XEMRXSTMGWEVIFVSEGLIH)ZIR[LIR[IEVIVIEH]XSPMWXIRERKIVJVYWXVEXMSRSVLSWXMP
    MX]QE]MRXIVJIVIERHQEOIYWHIJIRWMZIVEXLIVXLERKSSHPMWXIRIVW
    ;LIR QIWWEKIW GSRXVEHMGX SV GLEPPIRKI SYV [E] SJ XLMROMRK [I QE] XIRH XS
    VINIGXXLIQ4VINYHMGIWWXIVISX]TIWERHTVIGSRGIMZIHMHIEWGERTVIZIRXYWJVSQJYPP]
    LIEVMRK MWWYIW ERH EPXIVREXMZI ZMI[TSMRXW SR XSTMGW -J [I LSPH TVIGSRGIMZIH MHIEW
    EFSYXXLITPEGISJ[SQIRMRSYVWSGMIX]EWWYQIXLEXSPHIVTISTPILEZIPMXXPIXSGSR
    XVMFYXIXSXLIIGSRSQMGFEWISJSYVWSGMIX]QEOIEWWYQTXMSRWEFSYXXLIKIRIVEPGLEV
    EGXIVMWXMGW SJ TISTPI FEWIH SR XLIMV VEGMEP SV IXLRMG FEGOKVSYRHW LSPH WXIVISX]TIW
    EFSYXKE]TISTPISVFIPMIZIEHEQERXP]MRSRIWMHISJERMWWYIWYGLEWXLIVMKLXXSHMI
    SVXLIVMKLXXSGLSMGIXLIRMXFIGSQIWHMJJMGYPXJSVYWXSLIEVSXLIVTISTPItWZMI[WSR
    XLIWIXSTMGW[LIRXLI]STTSWISVIZIRUYIWXMSRSYVS[R
    -REHHMXMSR[IQEOIGSRWGMSYWHIGMWMSRWXSTE]EXXIRXMSRXSWSQIQIWWEKIWERH
    MKRSVISXLIVW%W[IFIGSQIQSVII\TIVXMRETEVXMGYPEVWYFNIGX[IQE]XIRHXSHMWQMWW
    [LEX [I GSRWMHIV YRWSTLMWXMGEXIH ZMI[TSMRXW 8LMW GER FIGSQI E TVSFPIQ MR WQEPP
    KVSYTW [LIR MHIEW EVI [IMKLXIH XS[EVH XLI STMRMSRW SJ XLI qI\TIVXWr ERH QMWW XLI
    TSXIRXMEPP] FVSEHIV ERH WSQIXMQIW MRRSZEXMZI ZMI[W SJ XLSWISRXLI qSYXWMHIr SJ XLI
    MWWYI
    *MREPP] HMJJMGYPX QEXIVMEP QE] HMWGSYVEKI YW JVSQ PMWXIRMRK GEVIJYPP] -J [I
    FIPMIZI[IHSRSXYRHIVWXERHXLIMWWYIMRUYIWXMSR[IQE]WMQTP]HVSTSYXSJXLIHMW
    GYWWMSREWWYQMRK[ILEZIRSXLMRKXSSJJIVXSMXER][E]8LMWVSFWXLIKVSYTSJSYV
    TSXIRXMEPMRTYXJVSQEJVIWLTIVWTIGXMZI[LMPIVSFFMRKSYVWIPZIWSJERSTTSVXYRMX]XS
    PIEVRWSQIXLMRKRI[ERHTIVLETWFIRIJMGMEPMRWSQI[E]-REWQEPPKVSYTQIQFIVW
    [MXLTEVXMGYPEVI\TIVXMWIRIIHXSXEOIVIWTSRWMFMPMX]JSVGPEVMJ]MRKXLIMWWYIWERHLIPT
    MRKEPPQIQFIVWSZIVGSQIXLIFEVVMIVWXSYRHIVWXERHMRKFYXXLI]QYWXEPWSFISTIRXS
    PMWXIRMRKXSRI[ERHMRRSZEXMZIETTVSEGLIWXSXLIMWWYIYRHIVHMWGYWWMSR

    2SMWI 2SMWI MW E YWIJYP XIVQ JSV XLI MRXIVJIVIRGI XLEX SGGYVW FIX[IIR XLI WTSOIR
    QIWWEKIERHLIEVMRKMX8LIVIEVIX[SX]TIWSJRSMWII\XIVREPERHMRXIVREP)\XIVREP
    RSMWI MRGPYHIWHMWXVEGXMSRWXLEXQEOIMXHMJJMGYPXXSLIEVXLISXLIVTIVWSR*SVEWQEPP
    KVSYTXLIWIGERMRGPYHII\XVERISYWWSYRHWEXIPITLSRIVMRKMRKFEHEGSYWXMGWTSSV
    ZMWMFMPMX] FIX[IIR XLI WTIEOIV ERH XLI PMWXIRIV ER YRGSQJSVXEFPI TL]WMGEP IRZMVSR
    QIRXSXLIVTISTPIXEPOMRKGSYKLMRKSVQSZMRKEVSYRHSVER]RYQFIVSJSXLIVTL]W
    MGEPHMWXVEGXMSRW'SQIHMER+ISVKI'EVPMRtWUYMTq%VIRtX]SYKPEHXLITLSRI[EWRtX
    MRZIRXIHF]%PI\ERHIV+VELEQ7MVIR#rEPPYHIWXSXLIHMWXVEGXMSRERHMVVMXEXMSRGEYWIH
    F]GIVXEMRWSYRHW6IQIQFIVXLIPEWXFIEYXMJYPWTVMRKHE][LIR]SY[IVIWMXXMRKMRE
    LSXWXYJJ]GPEWWVSSQERH]SYGSYPHLIEVQYWMGERHTISTPILEZMRKJYRSYXWMHI#8LEXMW
    XLIIWWIRGISJI\XIVREPRSMWI

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    8LI*SYV'SQTSRIRXWSJ0MWXIRMRK 

    -RXIVREPRSMWI MRGPYHIWETVISGGYTEXMSR[MXLTIVWSREPMWWYIWGLEVKIHYTIQS
    XMSREPWXEXIWWXIVISX]TMRKERHTVINYHMGIXS[EVHXLIWIRHIVSVXS[EVHLMWSVLIVQIW
    WEKI SV HMWXVEGXMSRW JVSQ SXLIV EWTIGXW SJ SYVPMZIW%PP SJ XLIWI MRXIVJIVI [MXL SYV
    LIEVMRK;IEVIRSXFPEROWPEXIWXLEXYRGSRHMXMSREPP]EGGITXEPPMRGSQMRKZIVFEPERH
    RSRZIVFEPQIWWEKIW-J[IHSRSXQEOIEGSRWGMSYWIJJSVXSVEVIRSXXVEMRIHMREGXMZI
    PMWXIRMRK[IJVIUYIRXP]EPPS[RSMWIXSMRXIVJIVI[MXLSYVLIEVMRK

    -RXIVTVIXMRKXLI1IWWEKI
    %WWMKRMRKQIERMRKXSWSQISRItWQIWWEKIMWEGSQTPI\XEWO-RLIEVMRKXLIQIWWEKI
    ERH GLSSWMRK XS TE] EXXIRXMSR [I EGGITX XLI QIWWEKI MRXS SYV QIQSV] W]WXIQ
    -RXIVTVIXMRK XLIQIWWEKIMWXLIRI\XWXIT3YVKSEPWLSYPHFIXSYRHIVWXERHXLISXLIV
    TIVWSRtWQIERMRK;IEVIEPPPMQMXIHMRSYVTIVWTIGXMZIERHYRHIVWXERHMRKF]SYVTIV
    GITXMSRWSJSXLIVWt ZIVFEPERHRSRZIVFEPGSQQYRMGEXMSR%W-PMWXIRXSWSQISRIIPWI
    -JMPXIVQ] MRXIVTVIXEXMSRSJLIVSVLMW QIWWEKIXLVSYKL Q]S[REXXMXYHIWEWWYQT
    XMSRW RIIHW ZEPYIW TEWX ERH TVIWIRX I\TIVMIRGIW ORS[PIHKI I\TIGXEXMSRW JIEVW
    KSEPWIHYGEXMSREPFEGOKVSYRHERHIQSXMSREPMRZSPZIQIRX8LYW[IIEGLFVMRKSYV
    S[R TEVXMGYPEV PMQMXEXMSRW XS LIEVMRK ERH EGGYVEXIP] MRXIVTVIXMRK WSQISRI IPWItW
    QIWWEKI
    % QYGL GMXIH WXSV] TVSZMHIW ER I\EQTPI SJ XLI TVIGSRGITXMSRW [I JVIUYIRXP]
    FVMRKXSSYVMRXIVTVIXEXMSRW%PMXXPIFS]MWMRZSPZIHMREWIVMSYWEYXSQSFMPIEGGMHIRXMR
    [LMGLLMWJEXLIV[LS[EWHVMZMRKXLIGEVMWOMPPIHMRWXERXP]8LIFS]MWVYWLIHXSXLI
    LSWTMXEPMRGVMXMGEPGSRHMXMSR8LIIQIVKIRG]VSSQHSGXSVXEOIWSRIPSSOEXXLIFS]ERH
    WLSYXWq3LQ]+SHMXtWQ]WSRr,S[MWXLMWTSWWMFPI#*SVWSQISJYWXLIERW[IVMW
    RSXMQQIHMEXIP]ETTEVIRX3YVMQTPMGMXEWWYQTXMSRXLEXHSGXSVWEVISVHMREVMP]QIRGER
    QEOIXLIMRXIVTVIXEXMSRTVSGIWWHMJJMGYPX-RXLMWGEWIXLIHSGXSVMWXLIFS]tWQSXLIV
    6IGSKRM^MRKSYVEWWYQTXMSRWERHMRXIVTVIXEXMSRWGERFIXVMGO]FYWMRIWW
    (YVMRK ENSFMRXIVZMI[ XLIMRXIVZMI[IVXIPPWXLIMRXIVZMI[IIXLEXqSRP]XLIXST
     KIXNSFW[MXLXLMWGSQTER]r-WXLIMRXIVZMI[IVFSEWXMRKXV]MRKXSWLS[XLII\GPY
    WMZIRIWWSJXLIGSQTER]I\TPEMRMRKLS[WIPIGXMZIXLITVSGIWWGERFIPIXXMRKXLIMRXIV
    ZMI[II ORS[XLIVI MWPMXXPIGLERGI SJ FIMRKLMVIHSVQEOMRK XLIGLERGIXSFILMVIH
    WIIQPMOIERLSRSV#8LIVIEVIQER]TSWWMFPIMRXIVTVIXEXMSRWSJXLMWX]TISJWXEXIQIRX
    %WXLIMRXIVZMI[II[I[MPPPMOIP]EHSTXXLISRIXLEXVIJPIGXWSYVS[RTVMSVI\TIVMIRGIW
    ERHWIXWSJEWWYQTXMSRW8LMWMRXIVTVIXEXMSR[MPPMRXYVRPMOIP]MRJPYIRGISYVMRXIVZMI[
    TIVJSVQERGI8LMWMWXVYIMRWQEPPKVSYTHMWGYWWMSRWEW[IPP
    %PXLSYKL [I EPP YWI TVITVSKVEQQIH EWWYQTXMSRW XS MRXIVTVIX ERH YRHIVWXERH
    GSQQYRMGEXMSRIZIRXW[IGERVIXVEMRXLSWIEWWYQTXMZIFEWIW 7EWLOMR
    /MWIV 
    *SVI\EQTPIGYWXSQIVWIVZMGITIVWSRRIPMRWSQIGSQTERMIWEVIXVEMRIHXSWIIEGSQ
    TPEMRXSVTVSFPIQEWNYWXERSTTSVXYRMX]XYVRIHYTWMHIHS[R >IQOI
    7GLEEJ 
    8LIWXEJJEVIXVEMRIHXSEGGITXGVMXMGMWQSJXLIMVSVKERM^EXMSREWZEPYIHMRTYXVEXLIV
    XLER XS VIEGX HIJIRWMZIP] 8LYW SYV MRXIVTVIXEXMSR SJ SXLIVWt QIWWEKIW GER FI GSR
    WGMSYWP]EJJIGXIHF]SYVEXXIRXMSRXSSYVS[REWWYQTXMZIFEWIW8LIQSVI[IPIEVRXS
    QSZIFI]SRHSYVYRI\EQMRIHEWWYQTXMSRWERHXLIQSVI[IEPPS[SYVWIPZIWXSYRHIV
    WXERHSXLIVWt TIVWTIGXMZIWXLIQSVIEGGYVEXISVQYXYEPP]FIRIJMGMEPSYVMRXIVTVIXEXMSRW
    SJXLIMVQIWWEKIWGERFIGSQI

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  0MWXIRMRKERH*IIHFEGO8LI3XLIV,EPJSJ'SQQYRMGEXMSR

    7YGGIWWJYPKVSYTHIGMWMSRQEOMRKVIUYMVIWSYXWXERHMRKXIEQ[SVOERHGSQQSRKSEPW

    )ZEPYEXMRKXLI1IWWEKI'SRXIRX
    8LMWWXEKIMRZSPZIWJSVQMRKERSTMRMSRSVQEOMRKENYHKQIRXVIKEVHMRKXLIQIWWEKIW
    ;IEVIEWOMRKSYVWIPZIWMJXLIqJEGXWrWYTTSVXXLITSMRXWFIMRKQEHISVNYWXMJ]XLITSWM
    XMSRWFIMRKXEOIR-XMWEUYEPMX]GSRXVSPWXIT[LMGLTSSVPMWXIRIVWJVIUYIRXP]SZIVPSSO
    MRXLIMVVYWLXSNYHKQIRX8SSSJXIR[IHSRtXWXSTXSQEOIGIVXEMRXLEXEPPXLIMRJSVQE
    XMSRMWGEVIJYPP]KEXLIVIHERH[IMKLIH
    ;LIR[IEVIEWOIHXSWIVZISRENYV][IEVIEHQSRMWLIHF]XLINYHKIXSVIJVEMR
    JVSQ QEOMRK ER] JMREP HIGMWMSR YRXMP EPP XLI IZMHIRGI LEW FIIR LIEVH 8LMW MW E
    VIQMRHIV SJ XLI MQTSVXERGI SJ XLI IZEPYEXMSR WXEKI SJ PMWXIRMRK )ZEPYEXMSR MW XLI
    TVSGIWWSJXEOMRKMRZEVMSYWMRTYXWJMPXIVMRKSYXXLSWIXLEX[IGSRWMHIVYRMQTSVXERX
    MRXIVTVIXMRKXLSWIXLEXEVIMQTSVXERXMRSYVZMI[ERHXLIRQEOMRKHIGMWMSRWEFSYXLS[
    XSHIEP[MXLXLIQ-RXLIHIGMWMSRQEOMRKTVSGIWWMXMWMQTSVXERXRSXXSIZEPYEXIFIJSVI
    GSPPIGXMRKIRSYKLMRJSVQEXMSR

    1IQSV] 6IXEMRMRKERH6IWTSRHMRKXSXLI1IWWEKI
    )ZIV]SRIMRKSSHQIRXEPLIEPXLLEWX[SX]TIWSJQIQSV] 7LSVXXIVQQIQSV] MWSYV
    [SVOMRKQIQSV]-XPEWXWJVSQXSWIGSRHWERHHIGMHIW[LMGLMRGSQMRKQIWWEKIW
    WLSYPHFITVIWIVZIH-J[IHSRSXVIGSKRM^IXLIQIWWEKIWEWMQTSVXERXXLI]EVIHMW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    %GXMZI0MWXIRMRK 

    QMWWIH8LVSYKLSYVWIPIGXMZIEXXIRXMSR[IQE]GSRGIRXVEXISRGIVXEMRX]TIWSJQIW
    WEKIW-J[IEVIHMWXVEGXIHF]I\XIVREPSVMRXIVREPRSMWILS[IZIVXLIVIMWEKSSHGLERGI
    [I[MPPXIQTSVEVMP]PSWIETSVXMSRSJXLIQIWWEKIERHYRPIWWXLIVIMWWSQIGSQTIPPMRK
    VIEWSRXSVIXEMRXLIMRTYXXLIQIWWEKIQE]FIIEWMP]SZIVVMHHIRF]GSQTIXMRKWXMQYPM
    -RXLIJMVWXQIIXMRKSJEWQEPPKVSYT[IQE]FIWSMRXIRXFSXLSRQEOMRKWYVISXLIVW
    TIVGIMZIYW[IPPERHSRQSRMXSVMRKSYVS[RI\XIVREPTIVJSVQERGIXLEX[IHSRSXGSR
    GIRXVEXISRMRXVSHYGXSV]MRJSVQEXMSRKMZIRHYVMRKXLIQIIXMRK-RWSHSMRK[IQE]
    IJJIGXMZIP]YRHIVQMRIXLIKSSHMQTVIWWMSR[I[ERXIHXSQEOI
    -J[IEVIWXMQYPEXIHXSTVSGIWWERHWXSVITEVXMGYPEVFMXWSJMRJSVQEXMSRXLSWIFMXW
    KEMREGGIWWXSSYVPSRKXIVQQIQSV] %PXLSYKLXLMWTEVXSJSYVQIQSV]MWVIPEXMZIP]
    YRPMQMXIHMRMXWGETEGMX]XLIQIWWEKIQYWXJMVWXKEMRIRXV]3JXIR[IQYWXLIEVWSQI
    XLMRKWIZIVEPXMQIWFIJSVIMXKEMRWEGGIWWXSSYVPSRKXIVQQIQSV]8LIJMVWXGSQTS
    RIRX SJ PMWXIRMRK MW XLEX SJ EGXMRK SR [LMGL QIWWEKIW XS EHQMX XS SYV WLSVX ERH
    PSRKXIVQ QIQSV] FEWIW 7IPIGXMZI EXXIRXMSR I\XIVREP ERH MRXIVREP RSMWI ERH SYV
    QIQSV]W]WXIQEPPTPE]MQTSVXERXVSPIWMRSYVEFMPMX]XSLIEVXLIQIWWEKI
    )EGLSJXLIJSYVGSQTSRIRXWSJPMWXIRMRKTPE]WEZMXEPTEVXMRLS[[IPP[ITEVXMG
    MTEXI MR WQEPPKVSYTW%W [I LEZI WLS[R IEGLGSQTSRIRXGER FI IMXLIV EFYMPHMRK
    FPSGOSVEFEVVMIVMRSYVPMWXIRMRKTVSGIWWERHEGXMZIIJJIGXMZIPMWXIRMRKMWOI]XSXLI
    WYGGIWWSJWQEPPKVSYTW

    %GXMZI0MWXIRMRK
    %GXMZIPMWXIRMRK MWLEVH[SVO;LIR[IIRKEKIMREGXMZIPMWXIRMRK[IVIWTSRHZIVFEPP]
    ERHRSRZIVFEPP]XSXLISXLIVKVSYTQIQFIVWPIXXMRKXLIQORS[[IEVITE]MRKEXXIR
    XMSR;IFIGSQITEVXSJXLIXVERWEGXMSRERHXEOIVIWTSRWMFMPMX]JSVYRHIVWXERHMRKXLIMV
    QIERMRKW8LIWIEGXMZIPMWXIRMRKFILEZMSVWERHWOMPPWEVIRSXMRXYMXMZIERHHSLEZIFEV
    VMIVWXSXLIMVIJJIGXMZIEGLMIZIQIRX;ITVIWIRXRMRISJXLSWIFEVVMIVW +SPIR 

    &EVVMIVWXS%GXMZI0MWXIRMRK
    0EGOSJ-RXIVIWX 8LIJMVWXFEVVMIVLEWXSHS[MXLPEGOSJMRXIVIWX MRXLIWYFNIGXQEXXIV
    IMXLIVFIGEYWI[IJMRHMXMRLIVIRXP]YRMRXIVIWXMRKSVFIGEYWI[ILEZIHIXIVQMRIHMXMW
    XSS HMJJMGYPX JSV YW XS YRHIVWXERH 8LMW GER PIEH XS FSVIHSQ MQTEXMIRGI [MXL XLI
    WTIEOIVHE]HVIEQMRKSVFIGSQMRKTVISGGYTMIH[MXLWSQIXLMRKIPWIMRWXIEHSJPMWXIR
    MRK8S[SVO[MXLXLMWFEVVMIVERHGSRXVMFYXIQIERMRKJYPP]XSXLIKVSYTTVSGIWW[I
    RIIHXSJMRHEVIEWSJMRXIVIWX;IQE]IZIRXIPPSYVWIPZIWXLEXWMRGI[IEVIXLIVIEXXLEX
    QSQIRX[IQMKLXEW[IPPTE]EXXIRXMSRXSXLIGSRXIRXSJXLIHMWGYWWMSR

    (MWXVEGXMRK(IPMZIV] %WIGSRHFEVVMIVXSKSSHPMWXIRMRKMWHMWXVEGXMRKHIPMZIV]hSYV
    XIRHIRG]XSNYHKIXLIWTIEOIVtWTIVWSREPGLEVEGXIVMWXMGW-JWSQISRIJMHKIXWVIJYWIWXS
    FIIJJMGMIRXMRLMWSVLIVGSQQIRXWWIIQWHMWSVKERM^IHWTIEOWMREREGGIRXSVGEHIRGI
    HMJJIVIRXJVSQSYVS[RHVIWWIWMRERYRYWYEP[E]SVFILEZIWMRER]RYQFIVSJSXLIV
    [E]WHMWXVEGXMRKXSYW[IQE]FIGSQIMQTEXMIRXERHMREXXIRXMZISVFIKMRGSRGIRXVEX
    MRKSRXLIWTIEOIVtWQERRIVMWQWSVHIPMZIV]VEXLIVXLERSRXLIQIWWEKI 4IEVWSR

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  0MWXIRMRKERH*IIHFEGO8LI3XLIV,EPJSJ'SQQYRMGEXMSR

    (EZMPPE ;IRIIHXSVIQIQFIVLS[IZIVXLEXMXQE]FIXLIPIEWXPMOIP]TIVWSR
    [LSSJJIVWXLIKVIEXIWXMRWMKLXSRETEVXMGYPEVMWWYI%PPXSSSJXIR[IQMWWXLEX[LIR
    [IEPPS[SYVWIPZIWXSFIHMWXVEGXIHF]WYTIVJMGMEPEWTIGXWSJETIVWSRtWTVIWIRXEXMSR
    WX]PI;IRIIHXSVIQMRHSYVWIPZIWXSNYHKIGSRXIRXRSXHIPMZIV]ERH[IRIIHXSI\IV
    GMWITEXMIRGI EPPS[MRKXLISXLIVTIVWSR XS HIZIPSTLIVSV LMWMHIEW FIJSVIVINIGXMRK
    XLIQFEWIHSRMVVIPIZERXGVMXIVME

    )\XIVREPERH-RXIVREP2SMWI -RPMRI[MXLHMWXVEGXMRKHIPMZIV]MWXLIXLMVHFEVVMIVh
    I\XIVREPERHMRXIVREPRSMWI%W[IHMWGYWWIHIEVPMIVYRHIVq2SMWIrXLMWGERTVIZIRXYW
    JVSQLIEVMRKXLIQIWWEKIWGSRZI]IHHYVMRKEWQEPPKVSYTWIWWMSR(YVMRKER]GSRZIV
    WEXMSRETLSRIVMRKMRKEPE[RQS[IVVYRRMRKSVWSQISRILEQQIVMRKRIEVF]MWEHMW
    XVEGXMSR;LIXLIVXLIRSMWIMWI\XIVREPSVMRXIVREPMXMWYTXSIEGLSJYWXSQEOIER
    IJJSVXXSLIEVTEWXMXhXSGSRGIRXVEXISRXLIQIWWEKI;IQMKLXVIQMRHSYVWIPZIWXLEX
    XLIMRJSVQEXMSR[IQMWWF]FIMRKHMWXVEGXIH[MPPLEZIXSFIVIKEMRIHWSQIXMQIMRXLI
    JYXYVI)WWIRXMEPP]RSXPMWXIRMRKEXXLMWQSQIRXMWERSTTSVXYRMX]PSWXXLEX[MPPVIUYMVI
    SYVXMQIERHIRIVK]PEXIV-REKVSYTMXQE]FIHMJJMGYPXXSVIGVIEXIXLIQIWWEKIWXLEX
    EVIQMWWIHWMRGIXLIH]REQMGWSJXLIKVSYTTVSGIWWEVIHMJJMGYPXXSVIGVIEXI

    %VVSKERGIERH(MWVIWTIGX 8LIJSYVXLFEVVMIVVIPEXIWXSSYVIQSXMSREPVIWTSRWIWXS
    FILEZMSVWXLEXWLS[EVVSKERGI SVHMWVIWTIGX 4ISTPI[MXLORS[MXEPPEXXMXYHIWSV[LS
    YWIKIRIVEPM^EXMSRWWYGLEWq]SYEP[E]WrSVq]SYRIZIVrQE]GVIEXILSWXMPMX]MRYW-J[I
    EVIEXXEGOIHTIVWSREPP]SVXVIEXIH[MXLHMWVIWTIGX[IEVIPIWWPMOIP]XSPMWXIRGEVIJYPP]XS
    [LEXMWFIMRKWEMH8LMWFILEZMSVQE]FIHMJJMGYPXJSVMRHMZMHYEPKVSYTQIQFIVWXSHIEP
    [MXLIJJIGXMZIP]FYXEWXVSRKKVSYTPIEHIVWLSYPHFIEFPIXSQSHIVEXIXLEXOMRHSJFILEZ
    MSVMRXLIMRXIVIWXSJXLIKVSYTEWE[LSPI-RXLIGEWISJFILEZMSVWXLEXEVIWMQTP]ERRS]
    MRK IEGLSJYWEWKVSYT QIQFIVW QYWXXV] XS SZIVPSSOXLIQERH XSWIIXLVSYKL XLI
    FILEZMSVWXSXLIGSRXVMFYXMSRWXLIMRHMZMHYEPMWQEOMRKXSXLIKVSYTTVSGIWW

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    TVITVSKVEQQIHIQSXMSREPVIWTSRWIW SGGYV[LIREKVSYTQIQFIVXSYGLIWSRERMWWYI
    XS[LMGL[ILEZIEWXVSRKIQSXMSREPVIEGXMSR+VSYTQIQFIVQE]VIJYWIXSQEMRXEMRE
    VIPE\MRKERHEKVIIEFPIIRZMVSRQIRXJSVXLIWTIEOIVSVVIJYWIXSVIPEXIXSERHFIRIJMX
    JVSQXLIWTIEOIVtWMHIEWQE]HMWEKVIISVEVKYISYX[EVHP]SVMR[EVHP][MXLXLIWTIEOIV
    SVFIGSQIIQSXMSREPERHI\GMXIH[LIRXLIWTIEOIVtWZMI[WHMJJIVJVSQXLIMVS[RERH
    XLIHMWGYWWMSRGERUYMGOP]HIKIRIVEXIMRXSEREVKYQIRXSJEPVIEH]IWXEFPMWLIHFMEWIW
    VEXLIVXLEREMVMRKHMJJIVIRXTSMRXWSJZMI[*VIUYIRXP]XLIQSVIMQTSVXERXXLIXSTMGXLI
    QSVIPMOIP]KVSYTQIQFIVWEVIXSVIWTSRHJVSQETVITVSKVEQQIHTSMRXSJZMI[XLER
    JVSQEVEXMSREPVIWTSRWIXSXLIMWWYIEXLERH;LIRXLMWLETTIRW[IEVIFIWXEHZMWIHXS
    WMXFEGOVIPE\ERHLIEVXLISXLIVTIVWSRSYX-J[ILEZIVIEPP]PMWXIRIHGEVIJYPP][I
    QE]JMRHTSMRXWSR[LMGL[IGEREKVII-JRSX[ILEZIWXMPPLIEVHXLIWTIEOIVERHGER
    QEOIEVIPIZERXVITP]FEWIHSR[LEX[EWVIEPP]WEMHVEXLIVXLERSRSYVTVITVSKVEQQIH
    IQSXMSREPVIEGXMSR

    %QFYWLMRK 8LMWWM\XLFEVVMIVSJXIRGSQIWLERHMRLERH[MXLXLIJMJXLSRI;IHMW
    EKVII [MXL XLI MRHMZMHYEP ERH WMQTP] [EMX JSV E GLERGI XS MRXIVVYTX SV HIFEXI ;I

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    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    %GXMZI0MWXIRMRK 

    VILIEVWISYVS[RVIFYXXEP[LMPIXLIMRHMZMHYEPMWWTIEOMRKERH[EMXJSVXLIGLERGIXS
    EQFYWL7SQIPMWXIRIVWPMWXIRMRXIRXP]JSVTSMRXWSR[LMGLXLI]GERHMWEKVIIERHXLIR
    NYWX[EMXJSVXLIMVGLERGIXSEXXEGOXLIMRHMZMHYEP

    0MWXIRMRKJSV*EGXW %WIZIRXLFEVVMIVXSIJJIGXMZIPMWXIRMRKMWKIXXMRKTEWXSYVXVEMRMRK
    MRWGLSSP[LMGL[EWXSPMWXIRSRP]JSVXLIJEGXWMRSVHIVXSVIGEPPXLIQJSVEXIWX-RE
    WQEPPKVSYTHMWGYWWMSRHIPMZIVMRKEWIVMIWSJJEGXWMWRSXXLIWSPITYVTSWISJGSQQYRM
    GEXMSR6EXLIVXLITYVTSWIMWXSEGLMIZIWSQIHIKVIISJQYXYEPYRHIVWXERHMRK(IPMFIV
    EXMZIPMWXIRMRKSVPMWXIRMRKSRP]JSVJEGXWGEREGXYEPP]FPMRHYWXSXLISZIVEPPTSMRXFIMRK
    QEHIF]XLIWIRHIV9RHIVWXERHMRKGSQIWJVSQWIRWMRKXLISXLIVTIVWSRtWTSMRXRSX
    NYWXJVSQHIZIPSTMRKEGEXEPSKSJXLIJEGXWTVIWIRXIH8LYWIJJIGXMZIPMWXIRMRKPSSOWJSV
    XLISZIVEPPXLIQIWXLEXIRGSQTEWWXLIJEGXWERHXLIVIEWSRMRKFILMRHXLIQ

    *EOMRK%XXIRXMSRh4WIYHSPMWXIRMRK 8LIIMKLXLFEVVMIVXSIJJIGXMZIPMWXIRMRKhJEO
    MRK EXXIRXMSRhQE] EPWS LEZI MXW KIRIWMW MR SYV WGLSSP XVEMRMRK 9WYEPP] WSQI XMQI
    EVSYRHWIGSRHSVXLMVHKVEHI[IEVIWMRKPIHSYXF]EXIEGLIV[LSEHQSRMWLIWYWXS
    q4E]EXXIRXMSRr%JXIVXLEX[IFIGSQIUYMXIEHITXEXJEOMRKEXXIRXMSRERHFIJSVIPSRK
    [IJEOIQSVIXLER[IPMWXIR8LISRP]WSPYXMSRXSXLMWTVSFPIQMWXSVIGSKRM^IMXERH
    [SVOEXVIEPP]PMWXIRMRK

    8LSYKLX7TIIH 8LSYKLXWTIIH MWXLIRMRXLFEVVMIVXSGEVIJYPPMWXIRMRK&IGEYWI[I


    GERXLMROXLVIIXSJSYVXMQIWJEWXIVXLERER]SRIGERXEPOSYVXIQTXEXMSRMWXSQEOIYWI
    SJXLIqJVIIrXMQIF]EPPS[MRKSYVWIPZIWXS[ERHIVEVSYRHQIRXEPP];IQE]JSVQYPEXI
    SYVVIWTSRWIWXS[LEX[IXLMROMWFIMRKWEMH[IQE]FIXVMKKIVIHMRXSXLSYKLXWSR
    XSXEPP]YRVIPEXIHWYFNIGXWSV[IQE]WMQTP]JIIPFSVIHERHWXSTPMWXIRMRKEPXSKIXLIV
    ;IGERLS[IZIVXVEMRSYVWIPZIWXSYWISYVXLSYKLXIRIVK]XSGSRGIRXVEXIQSVIJYPP]
    SR[LEXMWFIMRKWEMHERHMRXIRHIHhPMWXIRMRKGEVIJYPP]XSXLITLVEWMRKSJXLIQIWWEKI
    SFWIVZMRK XLI QERRIV SJ TVIWIRXEXMSR ERH PSSOMRK JSV ER] SXLIV GPYIW XLEX QE] FI
    ETTEVIRX MR XLI HIPMZIV] SJ XLI QIWWEKI 8LMW GSRGIRXVEXMSR MW E GPIEV GSQTIXMXMZI
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    EZSMHMRKEWYFNIGXFIGEYWIMXMWGSQTPI\SVHMJJMGYPXSVFIGEYWIMXXEOIWXSSQYGLXMQI
    ERHMRWMRGIVMX] EZSMHMRKI]IGSRXEGX[LMPIPMWXIRMRKERHTE]MRKEXXIRXMSRSRP]XSXLI
    WTIEOIVtW[SVHWVEXLIVXLERXSXLIWTIEOIVtWQIERMRK 

    %GXMZI0MWXIRMRK6IWTSRWI1IXLSHW
    %GXMZIPMWXIRIVWXEOIEHZERXEKISJXLISTTSVXYRMX]XSPMWXIRGEVIJYPP]ERHYRHIVWXERH
    IEGLTIVWSRHYVMRKEKVSYTHMWGYWWMSR8LMWIREFPIWXLIQXSTEVXMGMTEXIQSVIIJJIG
    XMZIP]ERHSJJIVGSRWXVYGXMZIJIIHFEGOHYVMRKXLITVSGIWW*SYVVIWTSRWIQIXLSHWXLEX
    EGXMZIPMWXIRIVWYWIEVITEVETLVEWMRKI\TVIWWMRKYRHIVWXERHMRKEWOMRKUYIWXMSRWERH
    YWMRKRSRZIVFEPGSQQYRMGEXMSR

    4EVETLVEWMRK 'SRWMHIVIHSRISJXLIWIGVIXWSJIJJIGXMZIPMWXIRIVWTEVETLVEWMRK MW
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    KMZIRF]XLIWTIEOIV
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    XLSYKLXWERHMHIEW[IHSRSXLEZIXMQIXSHE]HVIEQ (SFOMR
    4EGI ;IGER
    TEVETLVEWIZIVFEPP]XSXLIWTIEOIVSVWMQTP]TEVETLVEWIMRXIVREPP]F]QIRXEPP]WYQQE
    VM^MRKXLISXLIVTIVWSRtWTSMRXW
    -REHHMXMSRMRKVSYTQIIXMRKWXLIVIMWEXIRHIRG]JSVXLIHMWGYWWMSRXSKSSJJSR
    XERKIRXW8LYWEWIGSRHZEPYISJTEVETLVEWMRKPMIWMRMXWEFMPMX]XSFVMRKXLIHMWGYWWMSR
    FEGOXSXLITSMRXWFIMRKQEHIEXXLEXXMQIERHXSTYXKVSYTQIQFIVWFEGOSRXLIWEQI
    XVEGO%WMQTPIGSQQIRXWYGLEWq7S-YRHIVWXERHXLEX[LEX]SYEVIGSRGIVRIHEFSYX
    MWrEPPS[WEGPIEVVIWTSRWIF]XLIWTIEOIV;LIXLIVWLISVLIWE]W]IWSVRSIZIV]
    SRIMWFEGOXEPOMRKEFSYXXLIWEQIMWWYI9WIHMRXLMWGSRXI\XTEVETLVEWMRKMWERSPSWI
    XIGLRMUYIERHMXLIPTWXLIKVSYTWXE]JSGYWIH
    *MREPP]TEVETLVEWMRKGERQSZIIQSXMSREPMWWYIWJVSQXLITIVWSREPFEGOXSXLI
    SFNIGXMZI-JSRISJXLIKVSYTQIQFIVWLEWFIIRGSQTPEMRMRKXLEXq=SYRIZIVPMWXIRXS
    Q]GSQQIRXWEFSYXrEGEVIJYPVIWXEXIQIRXWYGLEWq3/[LEX-LIEV]SYWE]MRKMW
    rGEREPPS[XLISXLIVKVSYTQIQFIVWXSJSGYWSRXLIGVY\SJXLITVSFPIQ8LIGSQ
    TPEMRMRKQIQFIVMWXVIEXIH[MXLVIWTIGXERHXLIHMWGYWWMSRMWXYVRIHXS[EVHWSQIXLMRK
    XLEXMRZSPZIWGSRXIRXRSXIQSXMSR

    )\TVIWWMRK9RHIVWXERHMRK %XXMQIWMXQE]WIIQQSVIETTVSTVMEXIXSJSGYWSRXLI
    JIIPMRKWSJXLIWTIEOIVVEXLIVXLERXSVIWXEXIXLIGSRXIRXSJXLIQIWWEKI8LMWX]TISJ
    WXEXIQIRXI\TVIWWMRKYRHIVWXERHMRK EPPS[WXLIKVSYTXSEWWIWWQSVIEGGYVEXIP]LS[
    [IPPXLIWTIEOIVtWJIIPMRKWLEZIFIIRTIVGIMZIHERHYRHIVWXSSHERHXLMWQE]TIVQMX
    XLIWTIEOIVXSZMI[LIVSVLMWS[RJIIPMRKWQSVIEGGYVEXIP]EW[IPPq=SYWSYRHLSTI
    JYPEFSYXrEPPS[WXLIWTIEOIVXSGPEVMJ]SVQSHMJ]LMWSVLIVQIERMRKERHXLIKVSYT
    XSFIXXIVYRHIVWXERHXLIXSXEPMX]SJXLIQIWWEKI-RSVHIVXSIRLERGIGPEVMX][IWLSYPH
    RSXIXLIRSRZIVFEPGSQQYRMGEXMSRSJXLIWTIEOIVEW[IPPEWXLIEGXYEPWXEXIQIRXW8LMW
    MWQSVIXLERWE]MRKq-ORS[LS[]SYJIIPr

    %WOMRK5YIWXMSRW 4EVXSJTEVETLVEWMRKERHI\TVIWWMRKYRHIVWXERHMRKMWXLIIJJIG
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    GSYVEKIVEXLIVXLERIRLERGIHMWGYWWMSR5YIWXMSRWGERFIWIIREWGLEPPIRKIWXSSYV
    LSRIWX]SVTSWMXMSRSRERMWWYISVXLI]GERFIWIIREWQERMTYPEXMZI%UYIWXMSRWYGLEW
    q=SYHSRtXVIEPP]FIPMIZIXLSWITISTPIHS]SY#rHSIWRSXMRZMXIERSTIRHMWGYWWMSRSJ
    XLIVIWTSRHIRXtWTSMRXSJZMI[-REWQEPPKVSYTXLIKSEPSJUYIWXMSRMRKWLSYPHFIXS
    GPEVMJ]XLISXLIVTIVWSRtWTIVWTIGXMZISTIRYTXLIHMWGYWWMSRSVJSPPS[YTSRETVIZM
    SYWMHIE-XWLSYPHRSXFIYWIHEWEXLMRP]ZIMPIHEXXIQTXEXTYXXMRKXLIVIWTSRHIRXSR
    XLIWTSX'SQFMRIH[MXLTEVETLVEWMRKERHI\TVIWWIHYRHIVWXERHMRKUYIWXMSRWEPPS[
    XLI PMWXIRIV XS FSXL MRHMGEXI ER MRXIVIWX ERH GPEVMJ] XLI QIWWEKI% WMQTPI q(S ]SY
    QIER#rQE]GPIEVYTER]TSWWMFPIQMWYRHIVWXERHMRKW

    9WMRK2SRZIVFEP'SQQYRMGEXMSR 7MRGIQSVIXLER SJEPPQIERMRKMWGSQQY


    RMGEXIHRSRZIVFEPP] IJJIGXMZIPMWXIRIVW QEOIYWI SJ RSRZIVFEP KIWXYVIW 1EOMRK I]I

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    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    *IIHFEGO6IWTSRHMRKXSXLI1IWWEKI 

    GSRXEGXRSHHMRKSYVLIEHWERHWMXXMRKMREREXXIRXMZIQERRIVEPPMRHMGEXIXLEX[IEVI
    MRXIVIWXIHERHPMWXIRMRKERHXLI]IRGSYVEKIXLIWTIEOIVXSGSRXMRYIXEPOMRK*MHKIXMRK
    JVS[RMRKPSSOMRKEXSYV[EXGLIWVIEHMRKSYVS[RRSXIWSVFILEZMRKMRSXLIVHMWXVEGX
    MRK[E]WKMZIWXLISTTSWMXIQIWWEKI

    *IIHFEGO 6IWTSRHMRKXSXLI1IWWEKI
    0MWXIRMRKMWEREGXMZITVSGIWW*IIHFEGO MWEZMXEPTEVXSJXLITVSGIWW7MRGI[IGERRSX
    RSXGSQQYRMGEXIRSVIWTSRWIMWRSRIXLIPIWWEVIWTSRWI%JXIVGEVIJYPP]PMWXIRMRKXS
    XLIQIWWEKIEWSTIRP]ERHGSQTPIXIP]EW[IGER[IEVIMRETSWMXMSRXSVIWTSRHXS
    [LEX [EW GSQQYRMGEXIH;I WLSYPH VIWTSRH RSRZIVFEPP] HYVMRK XLI QIWWEKI [MXL
    KSSHI]IGSRXEGXERHWSQILIEHRSHW*IIHFEGOTPE]WERMQTSVXERXVSPIMRXLIIJJIG
    XMZIPMWXIRMRKTVSGIWWFYXMXMWMRXVMGEXIP]XMIHXSXLIJMVWXXLVIIGSQTSRIRXWSJPMWXIRMRK
    LIEVMRK XLI QIWWEKI MRXIVTVIXMRK MX ERH IZEPYEXMRK MXW GSRXIRX 8LI QSWX IJJIGXMZI
    JIIHFEGOMRHMGEXIWXSXLIWIRHIVXLEX[IEVIPMWXIRMRKXSXLIGSRXIRXSJXLIQIWWEKI
    MRXIVTVIXMRKMXEGGYVEXIP]ERHYRHIVWXERHMRKMX
    *IIHFEGOMWZMXEPXSER]KVSYTTVSGIWWGSQQMXXIHXSMQTVSZMRKMXWIPJJSVMXMWXLI
    SRP][E]XSORS[[LEXRIIHWXSFIMQTVSZIH+MZMRKERHVIGIMZMRKJIIHFEGOWLSYPHFI
    QSVI XLER NYWX E TEVX SJ E XIEQ QIQFIVtW FILEZMSV MX WLSYPH FI TEVX SJ XLI [LSPI
    KVSYTtWGYPXYVI-XLEWX[STYVTSWIW3RIMWXSWYTTSVXXLISXLIVKVSYTQIQFIVWZIV
    FEPP]ERHRSRZIVFEPP]8LISXLIVMWXSJSGYWSRXLIGSRXIRXSJXLIMVQIWWEKIWVEXLIV
    XLERSRXLIMVEXXMXYHIWSVEXXVMFYXIW8SFIIJJIGXMZIJIIHFEGOWLSYPHFIYWIHXSJYVXLIV
    XLIUYEPMX]SJXLIHMWGYWWMSR

    4VSZMHMRK'SRWXVYGXMZI*IIHFEGO
    3JJIVGSRWXVYGXMZIJIIHFEGO XLEXYWIWHIWGVMTXMZIWXEXIQIRXW[MXLSYXNYHKQIRXI\EK
    KIVEXMSRPEFIPMRKSVEXXVMFYXMSRSJQSXMZIW7XEXIXLIJEGXWEWWTIGMJMGEPP]EWTSWWMFPI
    8IPPLS[XLIFILEZMSVEJJIGXW]SY7E][L]]SYEVIEJJIGXIHXLEX[E]ERHHIWGVMFIXLI
    GSRRIGXMSR FIX[IIR XLI JEGXW ]SY SFWIVZIH ERH ]SYV JIIPMRKW 0IX XLI SXLIV TIVWSR
    VIWTSRH(IWGVMFIXLIGLERKI]SY[ERXXLISXLIVTIVWSRXSGSRWMHIV(IWGVMFI[L]]SY
    XLMROXLIGLERKI[MPPEPPIZMEXIXLITVSFPIQ0MWXIRXSXLISXLIVTIVWSRtWVIWTSRWI&I
    TVITEVIHXSHMWGYWWSTXMSRWERHXSGSQTVSQMWIXSEVVMZIEXEWSPYXMSRVEXLIVXLEREVKYI
    WTIGMJMGTSMRXW*SVI\EQTPIq;LIR]SYEVIPEXIJSVQIIXMRKW-KIXERKV]FIGEYWI-
    EQEFYW]TIVWSRERHHMWPMOI[EWXMRKXMQIWMXXMRKERH[EMXMRKJSV]SYXSEVVMZI-WXLIVI
    ERSXLIVXMQIXLEX[IGSYPHWGLIHYPISYVQIIXMRKWWSXLEX]SYGSYPHKIXLIVISRXMQI#r
    [MPPTVSFEFP]FIQSVIIJJIGXMZIXLERq=SYEVIEP[E]WPEXIJSVQIIXMRKW-tQXMVIHSJ]SY
    FIMRKWS MVVIWTSRWMFPI ERH [EWXMRKQ]XMQI PMOI XLEX;LIR [MPP ]SY IZIVKVS[YT
    PIEVR XS XEOI ]SYV GSQQMXQIRXW WIVMSYWP] ERH XEOI WSQI VIWTSRWMFMPMX] JSV FIMRK
    TPEGIWSRXMQI#r
    8EPOJMVWXEFSYX]SYVWIPJ RSXXLISXLIVTIVWSR9WIq-rRSXq]SYrEWXLIWYFNIGXSJ
    ]SYVJIIHFEGOWXEXIQIRX7TIEOJSV]SYVWIPJ&IGEVIJYPEFSYXWXEXIQIRXWWYGLEWq8LI
    KVSYTJIIPWrSVq8LIKVSYTHSIWRtXPMOIr)RGSYVEKISXLIVWXSWXEXIXLIMVS[RGSQTPEMRXW

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    QERMTYPEXMZIERHGERGEYWITISTPIXSFIGSQIHIJIRWMZIERHERKV]'SRWMHIVXLIHMJJIV
    IRGIFIX[IIRq'ER]SYWXSTXLEXWS[IGERKIXHS[RXSFYWMRIWW#rERHq-[SYPHPMOIXS
    KIXSR[MXLSYVQIIXMRKERHFYWMRIWWr
    6IWXVMGX]SYVJIIHFEGOXSXLMRKW]SYORS[JSVGIVXEMR (SRSXTVIWIRXSTMRMSRWEW
    JEGXW7TIEOSRP]SJ[LEX]SYWE[ERHLIEVHERH[LEX]SYJIIPERH[ERX
    4VSZMHITSWMXMZIJIIHFEGOEW[IPPEWRIKEXMZI 1ER]TISTPIXEOIKSSH[SVOJSV
    KVERXIHERHKMZIJIIHFEGOSRP][LIRXLIVIEVITVSFPIQW4ISTPIEVIQSVIPMOIP]XSTE]
    EXXIRXMSRXS]SYVGSQTPEMRXWMJXLI]LEZIEPWSVIGIMZIH]SYVGSQTPMQIRXW-XMWMQTSV
    XERXXSVIQIQFIVXSXIPPTISTPI[LIRXLI]LEZIHSRIWSQIXLMRK[IPP,IPTTISTPILIEV
    ERHEGGITX]SYVGSQTPMQIRXW[LIRKMZMRKTSWMXMZIJIIHFEGO4ISTPIWSQIXMQIWJIIP
    E[O[EVH[LIRXSPHKSSHXLMRKWEFSYXXLIQWIPZIWERH[MPPJIRHSJJXLIGSQTPMQIRXSV
    GLERKIXLIWYFNIGX6IMRJSVGIXLITSWMXMZIJIIHFEGOERHLIPTXLITIVWSRLIEVEGORS[P
    IHKIERHEGGITXMX
    7SQIEHHMXMSREPTSWMXMZI[E]WSJTVSZMHMRKIJJIGXMZIJIIHFEGOMRGPYHIEGORS[P
    IHKMRKXLIRIIHJSVJIIHFEGOKMZMRKFSXLTSWMXMZIERHRIKEXMZIJIIHFEGOERHYRHIV
    WXERHMRKXLIGSRXI\XMR[LMGLJIIHFEGOMWKMZIR8STVSZMHIGSRWXVYGXMZIJIIHFEGOHS
    RSXYWIPEFIPWI\EKKIVEXISVFINYHKQIRXEPERHWTIEOSRP]JSV]SYVWIPJ8LMROELIEHSJ
    XMQIEFSYX[LEX]SY[ERXXSWE]ERHTPERSYXGEVIJYPP]LS[]SY[MPPTLVEWIMXWIRWMXMZIP]
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    YEPTIVJSVQERGIVEXLIVXLERJSGYWSRXLIXIEQtWSYXTYX %RHIVWSR
    %RHIVWSR 
    9RJSVXYREXIP]XLMWGERPIEHXIEQQIQFIVWXSJSGYWSRXLIMVS[RVI[EVHWVEXLIVXLER
    SRXIEQWYGGIWW-RIHYGEXMSRXLIGSQTIXMXMSRJSVKVEHIWTVSZMHIWEYWIJYPI\EQTPI
    ;LIREWWMKRIHXSEKVSYTTVSNIGXWSQIWXYHIRXWLEZIPMXXPIMRGIRXMZIXSHIZSXIEKVIEX
    HIEPSJXMQIXSXLMWXLVIIXSJSYViQSRXLXIEQEWWMKRQIRX3XLIVW[SVV]QSVIEFSYX
    XLIMVMRHMZMHYEPKVEHIXLERXLIKVSYTtWWYGGIWW7SXLIKVSYTVEVIP]IZSPZIWMRXSEXIEQ
    FIGEYWIXLIVI[EVHWEVIYRGPIEV
    0MXXPIMRSYVXVEMRMRKXIEGLIWYWLS[XSJSGYWSRXLIXIEQVEXLIVXLERSRSYVMRHM
    ZMHYEP VI[EVHW )ZIR XVEMRMRK MR EXLPIXMGW SV MRXIVWGLSPEWXMG IZIRXW WYGL EW HIFEXI
    HSIWRSXTVITEVIYWJSVXIEQ[SVOMRERSVKERM^EXMSR &SPQER
    (IEP ;LMPI
    [MRWERH PSWIWEVIVIEHMP]ETTEVIRXMR GSQTIXMXMZIEGXMZMXMIWXIEQWMRSVKERM^EXMSRW
    QYWXPEFSVEWEKVSYTXSEGGSQTPMWLKSEPWXLEXQMKLXXEOIQSRXLWSV]IEVWXSJYPJMPP-R
    EHHMXMSR XLI VYPIW SV QIEWYVIQIRX JSV WYGGIWW EVI GPIEVIV MR GSQTIXMXMSRhWYGL EW
    XMQIEZEMPEFPIVSPIW UYEVXIVFEGOWIGSRHEJJMVQEXMZIWTIEOIVGSEGL ERHXMQIWTER
    WIEWSR )JJIGXMZIXIEQWEVIFYMPXSRXVYWX[LMGLXEOIWXMQIXSHIZIPST%WPSRKEW
    XIEQ QIQFIVW GERRSX MHIRXMJ] E GPIEV TSWMXMZI GSRWIUYIRGI JSV FIGSQMRK E XIEQ
    TPE]IV IKVIGSKRMXMSRSVVI[EVHWFEWIHSRXLIXIEQtWWYGGIWW TEVEPPIPXIEQW[MPP
    JMRHXLIQWIPZIWPMQMXIHMRWYGGIWW

    -RETTVSTVMEXI 1EREKIQIRX 7X]PIW 7IGSRH QER] QEREKIVW ERHWYTIVZMWSVW EVI MPP


    IUYMTTIHXSIRGSYVEKIXIEQFYMPHMRK8LMWMWXVYIJSVX[SVIEWSRW8LI]JIEVEPSWWSJ
    TS[IVERHXLI]EVIQSVIGSQJSVXEFPIQEREKMRKXLERPIEHMRKEXIEQ
    0SWWSJ4S[IV 3JXIRQEREKIVWERHWYTIVZMWSVWZMI[IQTPS]IIMRZSPZIQIRXMR
    XLIHIGMWMSRQEOMRKTVSGIWWEWEXLVIEXXSXLIMVS[RTS[IVERHEYXLSVMX] 1G7LERI

    :SR+PMRS[ 8LMWTIVGIMZIHPSWWSJTS[IVLEWPIHJMVWXPMRIWYTIVZMWSVWXSVIWMWX
    XIEQIJJSVXW
    1EREKMRKZIVWYW0IEHMRK 9RHIVWGSVMRKXLIHMJJIVIRGIFIX[IIRQEREKMRKERH
    PIEHMRKLEWFIGSQIETSTYPEVQIERWJSVJSGYWMRKSRTVSHYGXMZIERHGSYRXIVTVSHYGXMZI
    FILEZMSVW ,EVVMW 1EREKMRKMWVIUYMVIHXSTPERFYHKIXSVKERM^IERHGSRXVSP
    7SQISRIQYWXWGLIHYPIXLIKVSYTQIIXMRKWWIXXLIEKIRHEERHTIVJSVQSXLIVQYR
    HERI HYXMIW 3ZIVVIPMERGI SR XLIWI QEREKIVMEP XSSPW LS[IZIV XIRHW XS WEFSXEKI
    IQTPS]II MRZSPZIQIRX % [IPPMRXIRXMSRIH QEREKIV QMKLX HIWMKR ER EKIRHE XLEX
    I\GPYHIWMQTSVXERXMRJSVQEXMSRXSTMGWSVMRTYX8SSPMXXPIXMQIQMKLXFIEPPSGEXIHJSVE
    JYPPHMWGYWWMSRSJXLIMWWYIW%W[IHMWGSZIVIHIEVPMIVFSXLEKIRHEWERHXMQIEPPSGEXMSR
    EVIMQTSVXERXMWWYIWFYXXLI]GEREPWSFIYWIHXSPMQMXXLIKVSYTtWW]RIVK]SVWYGGIWW
    0IEHMRK MRZSPZIW HIZIPSTMRK WXVSRK WYFSVHMREXIW ERH KVSYT QIQFIVW /SXXIV
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    FYMPHMRK GSRGITXW SZIVVIPMERGI SR XLI PIEHIV JSV LIVSMG EXXIQTXW EX QSXMZEXMRK ERH
    HIZIPSTMRKMRHMZMHYEPWMWGSYRXIVTVSHYGXMZI 1G7LERI
    :SR+PMRS[ 0IEHIVW
    RIIHXSIQTS[IVXIEQWF]WXVIRKXLIRMRKXLIXIEQtWGSRXVSPXLVSYKLSYXXLIHIGMWMSR
    QEOMRKTVSGIWW 'SRKIV 
    %YXSGVEXMGQEREKIQIRXERHLIVSMGPIEHIVWLMTGERFIWMKRMJMGERXMQTIHMQIRXWMR
    XLIXIEQFYMPHMRKTVSGIWW-JXIEQFYMPHMRKIJJSVXWEVIXSFIWYGGIWWJYPWYTIVZMWSVWERH

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
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    QEREKIVW [MPP EWWYQI IRXMVIP] HMJJIVIRX VSPIW JVSQ XLIMV XVEHMXMSREP SRIW -RWXIEH SJ
    FIMRKXLIFSWWVI[EVHHMWTIRWIVERHGSSVHMREXSVQEREKIVWERHWYTIVZMWSVWFIGSQI
    PMEMWSRWPMROMRKTMRWERHJEGMPMXEXSVW4S[IVLEWXLYWWLMJXIHXLVSYKLXLIIQTS[IVQIRX
    TVSGIWWERHPIEHMRKhVEXLIVXLERQEREKMRKhFIGSQIWXLII\TIGXIHFILEZMSV;MXLSYX
    TVSTIVXVEMRMRKQEREKIVWERHWYTIVZMWSVW[MPPGSRHYGXFYWMRIWWEWYWYEPVEXLIVXLER
    HIEP[MXLXLIYRGIVXEMRXMIWMRLIVIRXMRIQTPS]IIMRZSPZIQIRXXLVSYKLXIEQW
    8LIQSWXMQTSVXERXFILEZMSVWJSVQEREKIVWERHWYTIVZMWSVWEWXIEQJEGMPMXEXSVW
    EVIXSIRGSYVEKISTIRGSQQYRMGEXMSRXIEQTVSFPIQWSPZMRKXIEQHIGMWMSRQEOMRK
    WIPJQEREKIQIRXGVSWWXVEMRMRKERHTIVJSVQERGIQSRMXSVMRKPMWXIRMRKWLEVMRKMRJSV
    QEXMSRKMZMRKZIVFEPERH[VMXXIRJIIHFEGOERHEXXIRHMRKXSRSRZIVFEPGPYIW[SVOMRK
    XLVSYKLGSRJPMGXWERHHIZIPSTMRKEGPMQEXISJXIEQ[SVOERHGSRXMRYSYWP]PIEVRMRK
    [LMPIXSPIVEXMRKEQFMKYMX]ERHYRGIVXEMRX] &YVVIWW
    1G)PLIRMI 8[SGSRGPY
    WMSRWEVIGPIEVJVSQXLMWPMWX*MVWXJI[MRHMZMHYEPWGEREGGSQTPMWLEPPSJXLIWIFILEZ
    MSVW WS WLEVIH PIEHIVWLMT [MXLMR XLI KVSYT MW MQTSVXERX 7IGSRH WSQI XVEMRMRK MR
    KVSYTTVSGIWWMWGVMXMGEPJSVWYGGIWWJYPKVSYTPIEHIVWLMT9RJSVXYREXIP]XSSJI[QER
    EKIVWERHWYTIVZMWSVWLEZIPIEVRIHXLIFEWMGWSJIJJIGXMZIJEGMPMXEXMSR

    7IKQIRXEPMWQ 7IKQIRXEPMWQ MWXLIXIRHIRG]SJWITEVEXIYRMXW[MXLMRXLIWEQISVKE


    RM^EXMSRXSFIMRHMJJIVIRXXSXLIWYGGIWWSJSXLIVYRMXWSVXSGSQTIXI[MXLXLSWIYRMXW
    +VMJJMR  %W SVKERM^EXMSRW YRHIVKS GLERKI ELMKL HIKVII SJ GSRGIVRJSV XLI
    WYGGIWW SJ ER MRHMZMHYEP SVKERM^EXMSREP YRMX SZIV XLI WYGGIWW SJ SXLIV IRXMXMIW GER
    HMQMRMWLER]WYGGIWWJYPXIEQIJJSVXW /ERXI\ 3JXIRVIJIVVIHXSEWWMPSW XLIWI
    YRMXWWIIEXXIQTXWXSMRGVIEWIGVSWWJYRGXMSREPEGXMZMXMIWEWEXLVIEXXSXLIYRMXtWEYXSR
    SQ]9RMXWSVKVSYTWMWSPEXIXLIQWIPZIWERHJSGYWSRTVSFPIQWXLEXEVIYRMUYIXSXLIMV
    EVIEWSJMRXIVIWX IKWLMTTMRKQEVOIXMRKTYFPMGVIPEXMSRW -RXVMRWMGXSXLMWVIWTSRWI
    MWXLIFIPMIJXLEXI\XIVREPVI[EVHW[MPPHMQMRMWLFIGEYWIXLITIVGIMZIHTE]SJJSVFIRI
    JMXW[MPPFIWLEVIHF]SXLIVYRMXW)ZIR[LIRXLIWIMWWYIWEVIRSXGVMXMGEPQER]QER
    EKIVWEVIRSXIEKIVXSKMZIYT[LEXXLI]TIVGIMZIEWXLIMVTS[IVSVGSRXVSP-RXLITEWX
    XLIWI SVMIRXEXMSRW LEZI TVSZIR XS FI TS[IVJYP HIXIVVIRXW XS IJJIGXMZI XIEQ FYMPHMRK
    /ERXIV7[IIRI]
    1G*EVPMR 
    2-, RSXMRZIRXIHLIVI TVSZMHIWERI\GIPPIRX I\EQTPISJERYR[MPPMRKRIWWXS
    EGGITXSYXWMHIMRJSVQEXMSR[LMGLPMQMXWGSSTIVEXMSR8LIGLMIJSTIVEXMSRSJJMGIVSJ
    %TTPI'SQTYXIVERRSYRGIHHYVMRKXLIGSVTSVEXIVISVKERM^EXMSRXLEX2-,[SYPH
    RS PSRKIV FI XSPIVEXIH &YIPP 0IZMRI
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    LSYWIHMZMHIHGERRSXWXERHr%TTPItWWYFYRMXW[IVIWTIRHMRKXLIMVIRIVKMIWGSQTIXMRK
    MRXIVREPP]F]VINIGXMRKMHIEWJVSQSXLIVYRMXWFIGEYWIXLI][IVIqRSXMRZIRXIHLIVIr
    8LIVIJSVI%TTPItWTSXIRXMEPW]RIVK][EWVIHYGIHFIGEYWISJEPEGOSJGSQQSRMRXIVIWX
    SVGSPPEFSVEXMSR

    7IPJ(MVIGXIH;SVO8IEQW
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    'LEVEGXIVMWXMGW SJ E 7IPJ(MVIGXIH;SVO 8IEQ 4EVEPPIP XIEQW TPEGI XLI TS[IV XS


    QEOIERHMQTPIQIRXHIGMWMSRWERHWSPYXMSRW[MXLXLIQEREKIVSVTIVWSRMRGLEVKI

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
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    7IPJHMVIGXIH[SVOXIEQW 7(;8 LEZIGSRXVSPSZIVVIWSYVGIWYWIERHHIGMWMSRMQTPI


    QIRXEXMSR%W WYGL 7(;8 EVI WIPJVIKYPEXMRK%JXIV WYJJMGMIRX XVEMRMRK ERH I\TIVM
    IRGIXIEQQIQFIVW[SVOXSKIXLIVXSGSQTPIXIEXSXEPNSFSVTVSNIGX8LIXIEQPIEHW
    MXWIPJ%WHMWGYWWIHIEVPMIVMRXLMWXI\XEX2YGSV7XIIPXLIPEVKIWX97WXIIPTVSHYGIV
    ERHVIG]GPIVEXIEQFEWIHETTVSEGLMWYXMPM^IHq8IEQQIQFIVWQIIXEQSRKXLIQ
    WIPZIWXSJMKYVISYXWYTTP]JPS[TVSFPIQWUYEPMX]MWWYIWZEGEXMSRWGLIYHPIWERHIZIR
    HMWGMPMREV] EGXMSRWr 4EVOIV  T (  ;LSPI *SSHW WXSVIW EVI SVKERM^IH MRXS
    7(;8XLEXEVIVIWTSRWMFPIERHEGGSYRXEFPIJSVXLIMVS[RTIVJSVQERGIq8LIGIRXVEP
    MHIEMWKMZMRKKVSYTVIWTSRWMFMPMX]JSVEQIERMRKJYP[LSPIhETVSHYGXWYFEWWIQFP]SV
    GSQTPIXIWIVZMGIh[MXLEQTPI EYXSRSQ]VIWSYVGIWERHGSPPIGXMZIVIWTSRWMFMPMX]JSV
    VIWYPXWr &SPQER
    (IEPT 
    8LITS[IVSJWLEVIHVIWTSRWMFMPMX]MWMQTVIWWMZI8IEQQIQFIVWFIGSQITEVXSJ
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    XLI XIEQtW HMVIGXMSR )\EQTPIW SJ GSQTERMIW XLEX LEZI WYGGIWWJYPP] YWIH 7(;8
    MRGPYHI ,EVPI](EZMHWSR [LIVI XIEQW WTIEVLIEHIH E VIXYVR XS TVSJMXEFMPMX] .SLRW
    ,STOMRW,SWTMXEP[LIVITEXMIRXZSPYQIMRGVIEWIHERHXYVRSZIVHIGVIEWIHERH,EPP
    QEVO[LIVIXLIVI[EWE VIHYGXMSRMRHIWMKRXMQI HI.EREW^(S[H
    7GLRIM
    HIV   7(;8 WLEVI GSQQSR FSYRHEVMIW [LMGL WYVVSYRH XLI XIEQtW EGXMZMXMIW
    MRXIVHITIRHIRX XEWOW EVXMGYPEXIH TYVTSWIW ERH [IPPYRHIVWXSSH TIVWSREPP] S[RIH
    KSEPW8LIFS\FIPS[TVSZMHIWERI\EQTPI

    6YRRMRK[MXLE8IPITLSRI4SPI
    6YRRMRK JMZI QMPIW [LMPI GEVV]MRKE XIPITLSRI TSPIMW E KVYIPMRK XEWOhQEHI QSVI WS
    [LIR MXtW E VEGI FIX[IIR ]SYV WM\QER XIEQ ERH WIZIVEP SXLIVW8LI SRP] MRWXVYGXMSRW
    QSZISYVXIPITLSRITSPIEPSRKXLIVSYXIHSRtXPIXMXXSYGLXLIKVSYRHGSQIMRJMVWXq-X
    TE]WXSFIE [MRRIVrWLSYXIHXLIMRWXVYGXSV E TLVEWI    XLEX PIXYW ORS[ XLIVI [EWE
    VI[EVHJSVGSQMRKMRJMVWX8LIVEGIFIKERMQQIHMEXIP]WS[ILEHXSGSQIYT[MXLXLI
    FIWXXIGLRMUYISRXLIJP]8LIVI[EWRSXMQIXSHMWGYWWEWXVEXIK]SVSVKERM^ISYVTVSGIWW
    1]XIEQWXVYKKPIHEXJMVWXFYXSYVETTVSEGLIZSPZIHUYMGOP];ILEHJSYVKY]WGEVV]MRK
    XLI TSPI ERH X[S VIWXMRK F] NSKKMRK EPSRKWMHI ;LIR [I W[MXGLIH SJJ [I HIGMHIH MX
    WLSYPHFIXLIX[SKY]WLYVXMRKXLIQSWXhRSXRIGIWWEVMP]XLIX[S[LSLEHFIIRGEVV]MRK
    XLIPSRKIWXh[LSKSXXSVIWX
    2SFSH]IWTIGMEPP]EX]TI%6IGSR1EVMRI[ERXWXSFIXLITIVWSR[LStWqRSXGEV
    V]MRKLMW[IMKLXr&YXWSQISJXLIWIKY]W[IVIWMQTP][SVOLSVWIWhXLI]GSYPHVYRJSV
    IZIV[MXLXLMWXLMRKhERH WSQISJ YW GSYPHRSX;I [IVIPIEVRMRK XSTYXXIEQWYGGIWW
    ELIEHSJSYVS[RIKSW8LEX[EWXLISRP][E][IGSYPHQSZIXLIJEWXIWXEWEXIEQERH[MR
    XLIVEGI
    7SYVGI ;IWXIVQERT

    3ZIVGSQMRKXLI&EVVMIVWXS&YMPHMRKE7IPJ1EREKMRK8IEQ *MVWXWIPJQEREKMRK
    [SVOXIEQW LIPTSZIVGSQIXLIMQTEGXSJMRHMZMHYEPM^IHVI[EVHWFIGEYWIWIPJQEREK
    MRK[SVOXIEQWEVIHIWMKRIHXSGVIEXIQIQFIVMRXIVEGXMSRERHMRXIVHITIRHIRGI-RXLI

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  +VSYT)ZSPYXMSR8IEQW

    GSQTERMIW GMXIH IEVPMIV VIKEVHMRK XLI IJJIGXMZIRIWW SJ WIPJQEREKMRK [SVO XIEQW
    IQTPS]IIW EVI EPWS FIXXIV TEMH FIGEYWI XLI] EVI VI[EVHIH SR E XIEQ WYGGIWW FEWMW
    'YQQMRKW
    ;SVPI]+VMJJMR 6EXLIVXLERZMI[MRKGSPPIEKYIWEWGSQ
    TIXMXSVWMRHMZMHYEPWLEZITS[IVJYPMRGIRXMZIWJSV[SVOMRKXSKIXLIVXSQE\MQM^IWYG
    GIWW -R EHHMXMSR WIPJQEREKMRK [SVO XIEQW TVSZMHI E KVSYT MHIRXMJMGEXMSR ERH
    MRGVIEWIHNSFWEXMWJEGXMSR (EP^MIP
    7GLSSRSZIV 8EWOI\GIPPIRGIMWEGLMIZIH
    FIGEYWIIQTPS]IIWMHIRXMJ][MXLXLIMWWYIWERHXLIWSPYXMSRW&IMRKTEVXSJXLIWSPY
    XMSRMRHMZMHYEPWJIIPEKVIEXIVMRGIRXMZIERHSFPMKEXMSRXSKYEVERXIIWYGGIWWJYPMQTPI
    QIRXEXMSR *SV I\EQTPI EX ;SVXLMRKXSR -RHYWXVMIW ER 3LMSFEWIH WXIIP TVSGIWWSV
    q;LIRERIQTPS]IIMWLMVIHXSNSMRETPERXJPSSVXIEQLI[SVOWJSVEHE]TVSFE
    XMSREV]TIVMSHEJXIV[LMGLXLIXIEQZSXIWXSHIXIVQMRI[LIXLIVLIGERWXE]8LIW]WXIQ
    [SVOWFIGEYWIQYGLSJXLIXIEQtWTE]MWFEWIHSRTIVJSVQERGIWSQIQFIVWEVIGPIEV
    I]IHERHYRWTEVMRKMRIZEPYEXMRKERI[GERHMHEXItWGSRXVMFYXMSRr 'SPZMRT 
    7IGSRHXLIVSPISJQEREKIVWERHWYTIVZMWSVWMWHVEQEXMGEPP]HMJJIVIRX MRXLIWIPJ
    QEREKMRK[SVOXIEQ-RXVEHMXMSREPSVKERM^EXMSRWPIEHIVWLMTMWFEWIHSRXLIQEREKIVtW
    LEZMRKXLIHIGMWMSRQEOMRKTS[IVXLIMRJSVQEXMSRXLIVIWTSRWMFMPMX]JSVHMWXVMFYXMRK
    VI[EVHWERHMRQER]GEWIWXLII\TIVXMWI8LIVIWYPXMWXLEXXLIQEREKIVXIPPWTISTPI
    [LEXXSHSERHFIGSQIWEREHQMRMWXVEXSVVEXLIVXLEREPIEHIV7LEVIHVIWTSRWMFMPMX]
    ERHGSRXVSPXEOIXLITPEGISJXLIXVEHMXMSREPQEREKIVtWGEVV]MRKXLIVIWTSRWMFMPMXMIWERH
    FYVHIRWSJQEREKMRKTIVJSVQERGIEPSRI8LITVMQEV]VSPIWJSVXLIQEREKIVEVIXLSWI
    SJJEGMPMXEXSVERHGSEGL8LIWIPJQEREKMRK[SVOXIEQPIEHIVGSRWXERXP]EWOWq,S[
    GERIEGLTVSFPIQFIWSPZIHMRE[E]XLEXJYVXLIVHIZIPSTWXLIXIEQtWGSQQMXQIRXERH
    GETEFMPMXMIW#r 8LIWI XIEQ PIEHIVW PIEVR XS IQTS[IV SXLIVW QSZI HIGMWMSRW XS XLI
    TVSTIVPIZIPWTVSZMHIEZMWMSRERHGSQQYRMGEXIMXERHFYMPHXVYWXERHSTIRRIWW
    8LMVH WIPJQEREKMRK [SVO XIEQW SZIVGSQI WIKQIRXEPMWQ 7YFSVHMREXIWt ERH
    QEREKIVWt TIVWTIGXMZIWEVIFVSEHIRIHFI]SRHEREVVS[GSRGIVRJSVEWTIGMEPM^IHEVIE
    -RWXIEHXIEQQIQFIVWMHIRXMJ][MXLXLITVSFPIQWEWWSGMEXIH[MXLXLISZIVVMHMRKMWWYIW
    SJ TVSHYGXMZMX] ERH UYEPMX] -R EHHMXMSR PIEVRMRK XS WSPZI TVSFPIQW EW XLI] HIZIPST
    QEOIWIEGLXIEQQIQFIVMRGVIEWMRKP]FIXXIVUYEPMJMIHXSWSPZIJYXYVITVSFPIQW
    %JXIVVIZMI[MRKZEVMSYWWXYHMIW&S]IXXERH&S]IXX  ERH3PWEZWO] 
    HVI[WIZIVEPGSRGPYWMSRWEFSYXXLIFIRIJMXWERHGSWXWSJWIPJQEREKMRK[SVOXIEQW
    %PXLSYKLWIPJQEREKMRK[SVOXIEQWEVIXSYXIHEWWSPYXMSRWXSE[MHIZEVMIX]SJSVKERM
    ^EXMSREPMWWYIWWIZIRWTIGMJMGFIRIJMXWGSRWMWXIRXP]SGGYV8LIFIRIJMXWSJWIPJQEREK
    MRK [SVO XIEQW EVI E  MQTVSZIQIRX MR [SVO QIXLSHW ERH TVSGIHYVIW F  KEMRW MR
    EXXVEGXMSRERHVIXIRXMSRSJIQTPS]IIW G MRGVIEWIWMRWXEJJMRKJPI\MFMPMX] H MRGVIEWIW
    MRWIVZMGI ERH TVSHYGX UYEPMX] I  MQTVSZIQIRXW MR SYXTYX J  IRLERGIH UYEPMX] SJ
    HIGMWMSRQEOMRKERH K VIHYGXMSRWMRWYTIVZMWMSRERHWXEJJWYTTSVXWMRGIXLIXIEQ
    GEVVMIWSYXQSWXWYTTSVXEGXMZMXMIWWYGLEWVIXVMIZMRKWYTTPMIWKIXXMRKMRJSVQEXMSRERH
    WGLIHYPMRKEGXMZMXMIW
    8LIWIJEGXSVWPIEHXSFIXXIVTVSHYGXMZMX]8IEQWWIXXLITVSHYGXMSRKSEPW[LMGL
    XIRHXSFILMKLIV*IIHFEGOMWIQTPS]IHIJJIGXMZIP]XSMQTVSZITIVJSVQERGI'VSWW
    XVEMRMRKIRLERGIWXLIEFMPMX]SJXIEQQIQFIVWXSLIPTSYXERHVITPEGISRIERSXLIV8LI
    GSWXSJPEFSVMWVIHYGIH XS MRQER]GEWIW8LIVIEVILS[IZIVHVE[FEGOWXS
    XLIWIXIEQETTVSEGLIW-JWIPJQEREKMRK[SVOXIEQTVSKVEQWEVIXSFIMQTPIQIRXIH
    WYGGIWWJYPP] GSWXW ERH TMXJEPPW QYWX FI GSRWMHIVIH GEVIJYPP]8LIVI EVI EX PIEWX JMZI
    GSWXW SGGYVVMRK MR QER] WIPJQEREKMRK [SVOXIEQ TVSKVEQW E  MRGVIEWIH XVEMRMRK

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

    GSWXWMRGPYHMRKXLIYWISJWXEJJSVSYXWMHIGSRWYPXERXWXSJEGMPMXEXIMQTPIQIRXEXMSR F
    YRQIXI\TIGXEXMSRWJSVSVKERM^EXMSREPGLERKI G GSRJPMGXWFIX[IIRTEVXMGMTERXWERH
    RSRTEVXMGMTERXWSGGYVVMRKMJSRP]EJI[XIEQWEVIJSVQIH H XMQIPSWXMRXIEQQIIX
    MRKWERHEWPS[IVHIGMWMSRQEOMRKTVSGIWWERH I VIWMWXERGIXSXLIGLERKIF]WSQI
    WXEJJWYTTSVXKVSYTW
    -REHHMXMSRXLIVIEVIWIZIRTSWWMFPITMXJEPPW E MRWYJJMGMIRXXVEMRMRKSVXVEMRMRK
    XLEXMWXSSPEXIJSVXLIXIEQW F QEREKIQIRXXLEXMWXSSMQTEXMIRXJSVVIWYPXW G JEMP
    YVIXSEGORS[PIHKIXLEXTISTPI[MPPXIWXXLIW]WXIQ H XV]MRKXSMQTPIQIRX[LIRXLI
    XIGLRSPSK]JSVETEVXMGYPEVGLERKIMWMRWYJJMGMIRXP]ORS[R I MREHIUYEXIXMQIEPPS[IH
    JSVXLII\TIVMIRGIXSKIPFIJSVIMXMWIZEPYEXIH J MRETTVSTVMEXIFSYRHEVMIWGLSWIRJSV
    XIEQ QIQFIVWLMT SV VIWTSRWMFMPMXMIW ERH K  E GSVTSVEXI GYPXYVI XLEX MW VEHMGEPP]
    GSYRXIVXSXLIWIPJQEREKMRKXIEQTLMPSWSTL]
    8LYWWIPJQEREKMRK[SVOXIEQWVIUYMVIEWYFWXERXMEPMRZIWXQIRXMRXMQIJSVI
    XLSYKLXERHGSQQMXQIRXXSFIWYGGIWWJYP-QTPIQIRXEXMSRGERFIHMJJMGYPXFYXXLI
    WYGGIWWIWSJWIPJQEREKMRK[SVOXIEQWQEOIXLMWETTVSEGLXSSVKERM^EXMSREPXVERWJSV
    QEXMSRI\GMXMRKERHMQTSVXERX
    9RHIVXLIZIV]FIWXSJGMVGYQWXERGIWGLERKIMWHMJJMGYPX-RXLIEXXIQTXXSVIHI
    JMRIIQTPS]QIRXVIPEXMSRWMHIRXMJ]MRKERHTYVWYMRKGSQQSRMRXIVIWXWWIIQWXSFIE
    ZMXEP GSQTSRIRX8LI PIEVRMRK TVSGIWW [LMGL VIUYMVIW QEREKIQIRX ERH IQTPS]IIW
    EPMOIXSVIGSRWMHIVQER]YRHIVP]MRKhERHSJXIRMRGSVVIGXhEWWYQTXMSRWQMKLXFIXLI
    QSWXMQTSVXERXSYXGSQISJER]WIPJQEREKMRK[SVOXIEQTVSGIWW'SRWMHIVXLIXIEQ
    [SVOHIWGVMFIHMR*MKYVI

    *-+96) )XLMGWJSVXLI8IEQ;SVOTPEGI

    8LI%WWSGMEXMSRJSV&YWMRIWW'SQQYRMGEXMSREHSTXIHEWIXSJTVSJIWWMSREPIXLMGWERHGSHISJ
    GSRHYGXXLEX[EWETTVSZIHF]MXWFSEVHSJHMVIGXSVWSR3GXSFIV8LSWITVSJIWWMSREP
    IXLMGWEVIWYQQEVM^IHMRFVMIJLIVIERHEZEMPEFPIMRXLIMVGSQTPIXIJSVQSRXLIEWWSGMEXMSR[IF
    WMXI[[[FYWMRIWWGSQQYRMGEXMSRSVKEFSYX'SHICSJC)XLMGWLXQP8LIKYMHMRKIXLMGEPTVMRGM
    TPIWEVIXVYXLJYPRIWWLSRIWX]ERHJEMVRIWWGSRJMHIRXMEPMX]MRXIKVMX]VIWTIGXJSVSXLIVWERH
    TVSJIWWMSREPERHWSGMEPVIWTSRWMFMPMX]
    8VYXLJYPRIWW ,SRIWX] ERH*EMVRIWW XVYXLJYPJEGXYEP[IPPFEPERGIHJSVXLVMKLXLSRIWXERH
    EGGYVEXIGSQQYRMGEXMSREZSMHHIGITXMSRWXVMZIJSVGSRWMWXIRG]XVERWTEVIRG]ERHJEMVRIWW
    'SRJMHIRXMEPMX] VIWTIGXVMKLXWXSTVMZEG]ERHTIVWSREPGSRZIVWEXMSRWHSRSXHMZYPKIMRJSVQEXMSR
    GSRGITXWSVJMRHMRKW[LIRWIVZMRKEWVIJIVIIW
    -RXIKVMX] EZSMHGSRJPMGXWHSRSXORS[MRKP]EGXMR[E]WXLEXNISTEVHM^ISYVS[RSVSXLIVWt TVSJIW
    WMSREP[IPJEVI
    6IWTIGXJSV3XLIVW GMZMPMX]VIWTIGXMRXIPPIGXYEPJVIIHSQGSYVXISYWERHGMZMPHMWGSYVWIZEPYI
    HMZIVWMX]TVEGXMGIMRGPYWMZIRIWWERHXVIEXSXLIVW[MXLVIWTIGX
    4VSJIWWMSREPERH7SGMEP6IWTSRWMFMPMX] VIQEMRMRKGSQTIXIRXXVYXLJYPYWMRKXEPIRXWJSVXLI
    KSSHERH[IPJEVISJSYVWSGMEPGSQQYRMXMIWIRGSYVEKISXLIVWXSYTLSPHIXLMGEPWXERHEVHWEWWMWX
    SXLIVWMRTVSJIWWMSREPHIZIPSTQIRXYTLSPHHMKRMX]ERHGVIHMFMPMX]

    7SYVGI %HETXIHJVSQ8LI%WWSGMEXMSRJSV&YWMRIWW'SQQYRMGEXMSR4VSJIWWMSREP)XLMGWERH'SHISJ'SRHYGX
    ETTVSZIHF]&SEVHSJ(MVIGXSVW3GXSFIVEZEMPEFPIEX[[[FYWMRIWWGSQQYRMGEXMSRSVKEFSYX
    'SHICSJC)XLMGWLXQP 

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  +VSYT)ZSPYXMSR8IEQW

    7YQQEV]
    ;ILEZIHMWGYWWIHXLVIIMWWYIWJMVWXXLIMQTSVXERGISJGSRWMHIVMRKQIERWJSVMRGVIEW
    MRKIQTPS]IIMRZSPZIQIRXXLVSYKLXLIYWISJKVSYTWWIGSRHXLIVSPISJTVSFPIQWSPZ
    MRK KVSYTW EW TEVEPPIP SVKERM^EXMSREP WXVYGXYVIW ERH XLI WYGGIWWIW ERH MRLIVIRX
    PMQMXEXMSRWXSXLIMVYWIXLMVHKVSYTWERHXIEQWXLEXYXMPM^IHWLEVIHTS[IVERHVIWTSR
    WMFMPMX] 3YV WYQQEV] SJ XLI WYGGIWWIW SJ WIPJQEREKMRK [SVO XIEQW TSMRXW XS SRI
    ZMEFPIEPXIVREXMZIXSXVEHMXMSREPKVSYTWXVYGXYVI&IGEYWIWIPJQEREKMRK[SVOXIEQWEVI
    EWMKRMJMGERXWXVYGXYVEPERHTW]GLSPSKMGEPGLERKIXLIFEWMGGSRGITXWFILMRHXLIWIPJ
    QEREKMRK[SVOXIEQ[IVISYXPMRIH
    8SSSJXIRSVKERM^EXMSRWLEZIVI[EVHIHZEPYIWWYGLEWq-JMXEMRtXFVSOIHSRtXJM\
    MXr &] TEWWMRK QEREKIVMEP TS[IV XS WIPJQEREKMRK [SVO XIEQW RI[ ZEPYIW GER FI
    IRGSYVEKIHWYGLEWq(S]SYVNSF[IPPERHJMRH[E]WXSGSRWXERXP]MQTVSZIMXr'SR
    WXERXMRRSZEXMSRERHUYEPMX]MQTVSZIQIRXEVIIRHWWSYKLXF]QSWXSVKERM^EXMSRW
    8LIKSEPMWXSGVIEXIKVSYTERH[SVOIRZMVSRQIRXWMR[LMGLTS[IVORS[PIHKI
    MRJSVQEXMSRERHVI[EVHWEVIWLEVIH&]EWWYQMRKQSVIVIWTSRWMFMPMX]KVSYTQIQFIVW
    FIGSQIWIPJQEREKMRKXLVSYKL XLIMV [SVOXIEQW%PXLSYKL MQTPIQIRXEXMSR MW HMJJM
    GYPXXLIVI[EVHWGERFIVIQEVOEFPIJSVXLISVKERM^EXMSRERHMXWQIQFIVW

    (-7'977-3259)78-327

     ;LEXMWERI\EQTPISJERIQTPS]IIMRZSPZIQIRXTVSKVEQ#;L][SYPHIQTPS]IIMRZSPZI
    QIRXFIFIRIJMGMEPXSERSVKERM^EXMSR#
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     (IJMRIETEVEPPIPXIEQWXVYGXYVI;MPPXLIWIX]TIWSJXIEQWFIPMQMXIHMRXLIMVIJJIGXMZIRIWWMR
    SVKERM^EXMSRW#;L]SV[L]RSX#
     (IJMRIEWIPJQEREKMRK[SVOXIEQ
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    )<)6'-7)7

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    8 3 ;% 6 (  7 ) 0 *  ( - 6 ) ' 8 - 3 2

    9RHIVTMRRMRK XLI GSRGITX SJ WIPJHMVIGXMSR MW XLI EFMPMX] XS LIPT SXLIV XIEQ QIQFIVW
    XLVSYKLJIIHFEGO%RW[IVXLIJSPPS[MRKUYIWXMSRWEFSYX]SYVXIEQ7LEVI]SYVVIWTSRWIW
    [MXLXLISXLIVXIEQQIQFIVWERHHMWGYWWER]MQTVSZIQIRXWXLEXGERFIQEHI

     ;LEXtWKSMRK[IPPSRXLMWXIEQ#
     ;LEXEVIXLIEVIEWSJGSRGIVR#

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

     ;LEXWOMPPW[SYPHQEOIXLIXIEQQSVIIJJIGXMZI#
     ;LEXX]TISJWYTTSVX RIIHWXSFITVSZMHIHXSXLI XIEQQIQFIVWJVSQ SXLIV XIEQ
    QIQFIVW#
     ;LEXEVIQ]TSWMXMZIXIEQFILEZMSVW#
     ;LEX[MPPXLISXLIVXIEQQIQFIVWWE]EVIQ]TSWMXMZIXIEQFILEZMSVW#

      8 , ) 6 ) 7 ) % 6 ' , 8 ) % 1

     8IEQWEVIGLEVEGXIVM^IHF]QIQFIVW[LSIRKEKIMRGSQTPIQIRXEV]ERHMRXIVHITIR
    HIRXVSPIW8LIWIVSPIWGERFIXEOIRSRSVEWWMKRIH3RI[E]XSJSVQKVSYTWMWXSEWO
    MRHMZMHYEPWXSVEROSVHIVXLIVSPIWEGGSVHMRKXSXLIMVMRHMZMHYEPTVIJIVIRGIWSVEFMPM
    XMIWXLIRJSVQKVSYTW[MXLXLIFIWXGSQFMREXMSRSJVSPIWEZEMPEFPI*MZIMHIRXMJMEFPI
    YWIJYPVSPIWJSVQIQFIVWSJKVSYTWMRGPYHIXLIJSPPS[MRK
    % 6IWIEVGLIV%RMRHMZMHYEP[MXLXLIEFMPMX]I\TIVMIRGIERHHIWMVIXS[SVOMRHM
    ZMHYEPP]ERHGSSVHMREXIXLIIJJSVXWSJSXLIVKVSYTQIQFIVWMRPMFVEV]VIWIEVGL
    ERHMRXIVZMI[W[MXLI\TIVXWSYVGIWERHWYVZI]EWRIGIWWEV]JSVXLIKVSYTTVS
    NIGXW8LIEFMPMX]XSEGGSQTPMWLXEWOWTE]EXXIRXMSRXSHIXEMPWERHGSSVHMREXIXLI
    IJJSVXWSJSXLIVWMWMQTSVXERXJSVXLMWVSPI
    & 1EXIVMEPW 3VKERM^IV%R SVKERM^IH VIWTSRWMFPI TIVWSR EFPI XS GSPPIGX GSPPEXI
    ERHGSQTMPIHSGYQIRXW7SQIJEGMPMX][MXLE[SVHTVSGIWWSVMWLIPTJYP3VKERM^
    MRKWYQQEVM^MRKERHEGXMRKEWEVITSWMXSV]JSVGSPPIGXIHKVSYTHSGYQIRXWERH
    TVSHYGXWEVIMQTSVXERXWOMPPW
    ' 8IGLRMGEP7YTTSVX4IVWSR%TIVWSRLEZMRKWSQIJEGMPMX][MXLSV[MPPMRKRIWW
    XSPIEVREFSYXXLI YWISJXIGLRMGEPIUYMTQIRXhWYGLEWSZIVLIEH TVSNIGXSVW
    GEQGSVHIVW :'6W JMPQ TVSNIGXSVW ERHSV GSQTYXIV QYPXMQIHME HIWOXST
    TYFPMWLMRKERHTVIWIRXEXMSREPKVETLMGWIUYMTQIRXYWIJYPMRTYXXMRKXSKIXLIV
    I\GMXMRK ERH MRJSVQEXMZI KVSYT TVIWIRXEXMSRW % [MPPMRKRIWW XS PSGEXI ERH
    HIZIPSTWOMPPWYWMRKWSQIX]TISJIUYMTQIRXXSIRLERGIXLIKVSYTtWTVSNIGXMW
    EPWSMQTSVXERX
    ( 4VSGIWW6IGSVHIV%TIVWSRSFWIVZERXERHWIRWMXMZIXSKVSYTTVSGIWWERHXEWO
    8LI EFMPMX] XS LIEV ERH VIGSVH XLI KVSYTtW WIRXMQIRXW TSWMXMSRW HMWGYWWMSRW
    HIGMWMSRW ERH EKVIIHYTSR VIWTSRWMFMPMXMIW %R MRXIVTIVWSREP WIRWMXMZMX] MR
    VIJPIGXMRK ERHIZEPYEXMRKXLIKVSYTtWTVSGIWW ERHTVSKVIWWMWERIWWIRXMEP WOMPP
    2SXIXEOMRKERH[SVHTVSGIWWMRKWOMPPWEVIEPWSLIPTJYPXSXLMWVSPI
    ) *EGMPMXEXSV%HMWGYWWMSRSVKERM^IVERHMHIEWXMQYPEXSV%TIVWSR[MXLERMRZSPZ
    MRK HIQSGVEXMG WX]PI KSSH PMWXIRMRKWOMPPWERH EREFMPMX]XSWYQQEVM^IKVSYT
    HIGMWMSRW4VMQEV]VIWTSRWMFMPMX]MWXSHIZIPSTQIIXMRKEKIRHEWWYKKIWXXSTMGWXS
    FIHMWGYWWIHRI\XERHSVKERM^IQIIXMRKXMQIW1YWXFIEKSSHPMWXIRIVEFPIXS
    WYQQEVM^IQIQFIVWt QEMRTSMRXWERHEFPIXSWXE]GEPQERHQIHMEXIXLIKVSYTtW
    HMWGYWWMSRW
     %WIGSRH[E]MWXSEWOEPPTEVXMGMTERXWXSVEROSVHIVEWIXSJWOMPPWSVGSQTIXIRGMIW
    XLEXXLI]TSWWIWWERHXLIRJSVQKVSYTWLEZMRKXLIQSWXGSQTVILIRWMZIGSQFMREXMSR
    SJWOMPPWSVGSQTIXIRGMIWJSVXLIXEWO8LIJSVQTVSZMHIWEQIERWSJSFXEMRMRKEVERO
    SVHIVMRKSJWOMPPWYWIJYPXSVIWIEVGLXIEQW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
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     ',%48)6  +VSYT)ZSPYXMSR8IEQW

    7OMPPW7IPIGXMSR*SVQ
    7IPIGXSRISJXLIJSPPS[MRKWOMPPW VEROEWOMPPEWXSMRHMGEXI]SYV&)78WOMPP 
    6EROSVHIVXLIVIWXSJXLIWOMPPW !RI\XFIWX!PIEWXWOMPPJYP 
    CCCCC % 7TIEOMRKMRTYFPMG
    CCCCC & *EGMPMXEXMRKWQEPPKVSYTQIIXMRKWHIZIPSTMRKEKIRHEW
    CCCCC ' 6IWIEVGLMRKEWYFNIGXMRXLIPMFVEV]
    CCCCC ( 'SRHYGXMRKWYVZI]WSVMRJSVQEXMSREPMRXIVZMI[W
    CCCCC ) 8]TMRKSV[SVHTVSGIWWMRK
    CCCCC * ;VMXMRKGPIEVXIGLRMGEPVITSVXW
    CCCCC + )\TIVMIRGI[MXLZMHISIUYMTQIRX
    CCCCC , )\TIVMIRGI[MXLGSQTYXIVKVETLMGWERHHIWOXSTTYFPMWLMRK
    CCCCC - %VXMWXMGHVE[MRKWOIXGLMRKTEMRXMRKGVIEXMZIEFMPMXMIW
    CCCCC . 4SWXIVFSEVHSVWMKRPIXXIVMRKERHPE]SYX
    CCCCC / 9WMRKGSQTYXIVTVIWIRXEXMSRWSJX[EVII\TIVMIRGI
    CCCCC 0 6IWIEVGLMRKMRJSVQEXMSRSRXLI;SVPH;MHI;IF
    'PEMQMRKEWOMPPHSIW238QIER]SY[MPPFIWSPIP]VIWTSRWMFPIJSVMXMRXLIKVSYT
    +VSYTW[MPPHMZMHIYTXEWOWSRGIJSVQIH

     )\IVGMWIJSVXLIVIWIEVGLXIEQ'LSSWIEWMKRMJMGERXERHMQTSVXERXXSTMGXSVIWIEVGL
    8LMWXSTMGQE]FIEGYVVIRXPSGEPREXMSREPSVMRXIVREXMSREPWSGMEPMWWYI WYGLEWPSGEP
    LSYWMRK GSRHMXMSRW REXMSREP LSQIPIWWRIWW SV [SVPH JEQMRI  *SVQ E KVSYT [MXL
    QIQFIVWXEOMRKSRWTIGMJMGVSPIW(MZMHIXLIXEWOWSJVIWIEVGLMRKXLIXSTMGF]XLIWI
    VSPIW ERH XLIR QEOI E KVSYT TVIWIRXEXMSR SJ XLI VIWYPXW SJ XLEX VIWIEVGL -W XLI
    VIWIEVGLMRKXEWOQEHIIEWMIVF]HMZMHMRKMXEPSRKWTIGMEPM^IHVSPIW#,S[QYGLWTI
    GMEPM^EXMSR SJ XEWO MW ETTVSTVMEXI XS E XIEQ# (SIW MX LIPT XS LEZI WSQI SZIVPET MR
    KVSYT QIQFIV VSPIW SV HSIW MRHMZMHYEP VIWTSRWMFMPMX] [SVO FIWX# 'ER E KVSYT
    FIGSQIEXIEQMJXLIMRHMZMHYEPVSPIWEVILMKLP]WTIGMEPM^IH#;LEXLETTIRWMJWSQI
    SJXLIVSPIWEVIRSXJMPPIHJSVETEVXMGYPEVKVSYTSVMJEVSPIMWTEVXMGYPEVP][IPPHSRI#

     ;,3t7-2',%6+)#

    3RISJXLIQSWXWMKRMJMGERXHMJJIVIRGIWFIX[IIREXVEHMXMSREPKVSYTHMWGYWWMSRERHEWIPJ
    HMVIGXIHXIEQMW XLIVSPI SJ PIEHIV%XSRIXMQIE KVSYT PIEHIV TPERRIH WGLIHYPIHERH
    SVKERM^IHKVSYTQIIXMRKWERHSJXIRHMHXLIQENSVMX]SJXLI[SVO8IEQWVIUYMVIEFIXXIV
    HMWXVMFYXMSRSJVSPIWMRGPYHMRKXLIPIEHIVWLMTJYRGXMSRW-RWIPJHMVIGXIHXIEQWEPPQIQFIVW
    WLEVIXLIZEWXQENSVMX]SJJYRGXMSRW)\EQMRIXLIJSPPS[MRKPMWXSJJYRGXMSRWERHXLIXVEHM
    XMSREPVSPIWTPE]IHMRKVSYTWERHXIEQW7TIGYPEXI SR[LEX[SYPHGLERKIMJ]SY[IVIQSZ

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

    MRKXS[EVHEWIPJHMVIGXIHXIEQ;LEX[SYPHFIXLIHMJJIVIRGIWFIX[IIRXVEHMXMSREPXIEQ
    ERHKVSYTFILEZMSVWERHVSPIWERHXLSWIMREWIPJHMVIGXIHYRMX#

    *YRGXMSR 8VEHMXMSREP 7TIGYPEXMSRh7IPJ(MVIGXIH


    0IEHIVWLMT 0IEHIVTIVJSVQWWTIGMEP
    HYXMIW4PERWHMVIGXWLEW
    SZIVWMKLX0IEHIVKIXW
    WTIGMEPVIGSKRMXMSR
    (IGMWMSR 6I[EVHWJSVFIMRKJMRMWLIH
    QEOMRK JMVWXGSRXVMFYXMSRWF]EJI[
    1IIXMRK %WWMKRIHXSXLIPIEHIV
    JEGMPMXEXSV
    4PERRMRK 0IEHIVVIWTSRWMFPIJSV
    WGLIHYPMRKIXG
    6IWIEVGL -RHMZMHYEPEWWMKRQIRXW
    1IQFIV 0IEHIVSVSYXWMHIEYXLSVMX]
    IZEPYEXMSR
    0IRKXLSJ 9RXMPTVSNIGXGSQTPIXIH
    QIQFIVWLMT
    3XLIV
    3XLIV
    3XLIV

    (MWGYWWMSR
    7LEVI[MXLXLISXLIVXIEQWKVSYTWXLIWTIGYPEXMSRW]SYVXIEQHIZIPSTIH;LEXEVI
    XLIWMQMPEVMXMIWERHHMJJIVIRGIW#;LEXTSWWMFPILYVHPIWHSIW]SYVXIEQJSVIWIIMRFIGSQMRK
    EWIPJHMVIGXIH[SVOYRMX#;SYPH]SYFI[MPPMRKXSYRHIVXEOIXLIWIVIWTSRWMFMPMXMIW#

      ( - * * ) 6 ) 2 8 - %8 - 2 +  4% 7 8  8 ) % 1  ) < 4 ) 6 - ) 2 ' ) 7 
    % 2 (  3 6 + % 2 - > %8 - 3 2% 0 8 ) % 1 7

    7TSVXWTVSZMHIEPEVKIRYQFIVSJI\EQTPIWSRLS[XSWYGGIIH2YQIVSYWXIEQHIZIPST
    QIRXI\TIVXWTSMRXXSMQTSVXERXHMJJIVIRGIWFIX[IIRSVKERM^IHWTSVXWERHXLIX]TIWSJXIEQ
    [I EVI QSWX PMOIP] XS FI E TEVX SJ MR ER SVKERM^EXMSR -R ]SYV KVSYT HIZIPST E PMWX SJ
    HMJJIVIRGIW FIX[IIR SVKERM^IH WTSVXW XIEQW ERH SVKERM^EXMSREP XIEQW8LIWI HMJJIVIRGIW
    JEPPMRXSXLIWTIGMJMGGEXIKSVMIWTVSZMHIH=SYVKVSYTQMKLXJMRHEHHMXMSREPGEXIKSVMIW

    3VKERM^IH7TSVXW8IEQW =SYV3VKERM^EXMSREP8IEQ
    'SEGLtWVSPI
    8IEQTPE]IVGSQTIRWEXMSR
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    4PE]IVUYEPMJMGEXMSRW
    6YPIWSJTPE]

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
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     ',%48)6  +VSYT)ZSPYXMSR8IEQW

    7IEWSRW
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    3TTSRIRXW
    3XLIV
    3XLIV

    (IFVMIJMRK
    ;LMPISVKERM^IHWTSVXWSJJIVQER]MQTSVXERXSTTSVXYRMXMIW[IQYWXFIZIV]E[EVI
    XLEX XLIX]TI SJ XIEQ [I [MPP NSMRMRERSVKERM^EXMSRMW JYRHEQIRXEPP]HMJJIVIRX MR QER]
    MQTSVXERXEWTIGXW%WEXIEQHIZIPSTEWIXSJWXVEXIKMIWXSGSQTIRWEXIJSVXLIWIHMJJIVIRGIW

    6)*)6)2')7

    %RHIVWSR0%
    %RHIVWSR(  8LIGLERKIPIEH )PPMRKWSR00 1E] -RXIVHMWGMTPMREV]LIEPXLGEVI
    IVWtWVSEHQET,S[XSREZMKEXI]SYVSVKERM^EXMSRtW XIEQ[SVO MR XLI GPMRMG FEGOWXEKI .SYVREP SJ %T
    XVERWJSVQEXMSR 7ER*VERGMWGS.SWWI]&EWW4LMJJIV TPMIH'SQQYRMGEXMSR6IWIEVGL i
    %TTPIF].
    (EZMW6 1EVGL 8IEQ[SVOYWIH +VMJJMR 6 ;   1EREKIQIRX XL IH  &SWXSR
    XS FI E QSRI] WEZIV RS[ MXtW E PMJI WEZIV 97% ,SYKLXSR1MJJPMR
    8SHE] TT&i& ,EVVMW8 )   %TTPMIH SVKERM^EXMSREP GSQQYRMGE
    &SPQER0+
    (IEP8)  6IJVEQMRKSVKERM^E XMSR 4IVWTIGXMZIW ERH TVEKQEXMGW JSV JYXYVI WYG
    XMSRW%VXMWXV]GLSMGIERHPIEHIVWLMT VHIH 7ER GIWW 1EL[EL2.0E[VIRGI)VPFEYQ
    *VERGMWGS.SWWI]&EWW /ERXIV61  'LERKIQEWXIVW-RRSZEXMSRJSVTVS
    &S]IXX.
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    WXERHMRKMRHMZMHYEPQIQFIVWFVMRKXSXLITVSFPIQEXLERHXLIEZEMPEFMPMX]SJSYXWMHI
    WSYVGIW JSVXIGLRMGEPI\TIVXMWIERH ER]SXLIVVIPIZERXGSRGIVRW)EGLKVSYTLEWMXW
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    MRSVHIVXSQEOIXLIFIWXYWISJIZIV]SRItWXMQITEVXMGYPEVEFMPMXMIWERHMRXIVIWXW
    7IGSRHXLIKVSYTRIIHWXSHIGMHILS[MX[MPPVYRMXWIPJ;MPPMXIPIGXEGLEMVERH
    WSQISRI XSOIITXLI QMRYXIW SJ XLI TVSGIIHMRKW SV [MPP XLIVI RSX FI JSVQEP KVSYT
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    XYVIHLS[IZIVMXQE]JEPPXSXLIQIQFIVWXLIQWIPZIWXSHIGMHILS[FIWXXSQIIXXLIMV
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    7XIT-HIRXMJ]ERHVEROSVHIVXLIEWTIGXWSJXLITVSFPIQXLEXEVIXLIQSWXMQTSVXERX
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    EPKSVMXLQMGMJMXMQTSWIWEWXVEMKLXJSV[EVHXVMIHERHXVYIWSPYXMSR1SWXXEWOWIZIR
    QYRHERISRIWWYGLEWHVMZMRKXS[SVOGSQTPIXMRKEVIWIEVGLTETIVSVEVVERKMRKE
    VSSQHSRSXLEZIWMRKPITVIGMWIJSVQEXWSVERW[IVW8LI]WLS[IUYMJMREPMX]ERHEVI
    XLIVIJSVISTIRXSGVIEXMZIWSPYXMSRW;IEPPIRKEKIMRGVIEXMZITVSFPIQWSPZMRKSRE
    HEMP]FEWMW-J]SYGLERKI]SYVWXYH]LEFMXWERHXLIVIWYPXMWEFIXXIVKVEHI]SYLEZI
    FIIRGVIEXMZI;LIR]SYVIEVVERKI]SYVVSSQSVETEVXQIRXWSXLIVIMWFIXXIVEGGIWWXS
    GIVXEMREVIEW]SYLEZIFIIREGVIEXMZITVSFPIQWSPZIV
    'VIEXMZIMRHMZMHYEPWKIRIVEXIMHIEWERH QEOIWSQIXLMRKLETTIREWEVIWYPX*SV
    I\EQTPIETPEMRMVSRFEVMW[SVXL;LIRWSQISRIXSSOXLEXMVSRFEVERHJSVKIH
    LSVWIWLSIWJVSQMXXLIZEPYIMRGVIEWIHXS%XWSQITSMRXMX[EWEPWSYWIHXSQEOI
    RIIHPIW ERH XLI TVMGIVSWIXS 7SQISRI IPWI HIGMHIH XS QEOI[EXGLWTVMRKW
    JVSQMXERHMXWZEPYI[IRXXS8LIEFMPMX]XSWIIXLIWEQIMVSRFEVERHVIEPM^I
    MXWQER]YWIWMWGVIEXMZMX]-RXLMWGEWIMXQIERXXLIHMJJIVIRGIFIX[IIRERH
    HI.EREW^(S[H
    7GLRIMHIV 
    +YMHIPMRIW JSV GVIEXMZI TVSFPIQ WSPZMRK MRGPYHI OIITMRK ER STIR QMRH [MXL
    LSPHMRKTVIQEXYVINYHKQIRXWPSSOMRKEXTVSFPIQWMRRI[[E]WERHEWSTTSVXYRMXMIW
    VEXLIVXLEREWSFWXEGPIWEGGITXMRKHMJJIVIRXSTMRMSRWEZSMHMRKXSSLIEZ]VIPMERGISR
    PSKMGEPPS[MRKJSVEQFMKYMX]FIMRK[MPPMRKXSFVIEOXLIVYPIWERHqHVE[SYXWMHIXLI
    PMRIWrERHEWOMRK[L]ERH[LEXMJ
    6IZMI[WSJFYWMRIWWWYGGIWWWXSVMIWVIZIEPWIZIVEPEXXVMFYXIWSJGVIEXMZITISTPI
    %QSRK XLIMV GLEVEGXIVMWXMGW MRRSZEXMZI MRHMZMHYEPW XIRH XS WII GSQFMREXMSRW RSX
    SFZMSYWXSIZIV]SRIIPWI*SVI\EQTPIqMX[EW'VEMK1G'E[tWKMJXXSPSSOEGVSWW
    XLIXVEJJMGNEQWERHWIIEREXMSRSJTISTPIXEPOMRKSRGEVTLSRIW-R7ITXIQFIVSJ
    1V1G'E[QEHILMQWIPJQMPPMSRF]WIPPMRK1G'E['IPPYPEV'SQQYRM
    GEXMSRW'SVT/MVOPERH;EWLXS2I[=SVOiFEWIH%8
    8'SVTJSVEXSXEPSJ
    FMPPMSRr &S[IVW
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    SFZMSYWERHPSSOEXMXMRERI[[E]5YMGOIRXLIWYGGIWWJYPERHTVSJMXEFPITIVWSREP
    JMRERGIWSJX[EVIMWFEWIHSRXLIWMQTPITVMRGMTPIXLEXQSWXTISTPILEXIXSFEPERGI
    XLIMV GLIGOFSSOW 7GSXX 'SSO E JSVQIV FVERH QEREKIV EX 4VSGXIV
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    SFWIVZIHXLMWERHGEQIYT[MXLEWSPYXMSRq4ISTPIHSRtXFY]XIGLRSPSK]r1V'SSO
    WYKKIWXIHq8LI]HSRtXWE]s*MPPsIVYT-tPPXEOIKEPPSRWSJXIGLRSPSK]t 8LI]FY]
    [LEX XIGLRSPSK] HSIW JSV XLIQr &S[IVW
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    PM^MRK XLIQ+SSKPI XLVMZIWSR E GVIEXMZI EXQSWTLIVI XLEXIRGSYVEKIWSJJXLI[EPP
    XLMROMRK ERH I\TIVMQIRXEXMSR )RKMRIIVW EX +SSKPI EVI VIUYMVIH XS WTIRH   SJ
    XLIMVXMQITYVWYMRKXLIMVS[RMHIEW 0EWLMRWO] 3VKERM^EXMSRWQYWXFIGVI
    EXMZIMRSVHIVXSWYVZMZIMRXLIX[IRX]JMVWXGIRXYV] 6SFMRWSR
    7XIVR7IRKI
    IXEP 
    'VIEXMZIXLMROMRKMWEZEMPEFPIXSEPPSJYWFYXXSSSJXIR[IWXMJPIMXMRSYVWIPZIW
    3RIEHZERXEKISJ[SVOMRKMREKVSYTMWFIMRKEFPIXSXEOIEHZERXEKISJXLIGVIEXMZI
    TVSGIWWIW SJ E RYQFIV SJ TISTPI [SVOMRK WMQYPXERISYWP]4ISTPI XLMRO QEOIHIGM
    WMSRWERHWSPZITVSFPIQWMRHMJJIVIRX[E]W%KVSYTGERI\TPSVIERHXEOIEHZERXEKISJ
    XLSWIEPXIVREXMZIETTVSEGLIWXSETVSFPIQSVEHIGMWMSRERHXLIVIF]HIZIPSTGVIEXMZI
    RI[MRWMKLXWHIGMWMSRWERHWSPYXMSRW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
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    &EVVMIVWXS'VIEXMZMX]
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    JIIPERIIHXSGSRJSVQHSRSXJIIP[IEVIMRERIRZMVSRQIRXXLEXIRGSYVEKIWGVIEXMZMX]
    SV JMRH SYVWIPZIW PSGOIH MRXS SYV LEFMXYEP [E]W SJ PSSOMRK EX XLI [SVPHhSYV
    TEVEHMKQW 8LIWIFPSGOWXSSYVGVIEXMZMX]GERSJXIRFIXVEGIHXSSYVWSGMEPXVEMRMRK
    FIKMRRMRKEXEZIV]]SYRKEKI
    8LIZEWXQENSVMX]SJSYVIHYGEXMSRERHEGGYPXYVEXMSRLEWFIIRFEWIHSRPIEVRMRK
    XLIVMKLX[E]XSHSWSQIXLMRK6EVIP]EVI[IVI[EVHIHSVTVSZMHIHTSWMXMZIVIGSKRMXMSR
    JSVFIMRK[VSRKSVQEVGLMRKXSXLIXYRISJqEHMJJIVIRXHVYQQIVr&IMRKHMJJIVIRXGER
    QIER[I[MPPFISWXVEGM^IH4IVGITXMSRGYPXYVIERHIQSXMSRWXERHEWFEVVMIVWXSXLI
    JVIIYWISJSYVGVIEXMZIMQEKMREXMSRW

    4IVGITXYEP&EVVMIVW
    4IVGITXYEPFEVVMIVW EVIXLSWIGLEVEGXIVMWXMGWXLEXFPMRHYWXSXLILMHHIRHMQIRWMSRWSJ
    ERMWWYI4IVGITXYEPFEVVMIVWMRGPYHIHMJJMGYPX]MRMWSPEXMRKXLITVSFPIQREVVS[MRKXLI
    TVSFPIQWSQYGLXLEX[IWIISRP]XLIMQQIHMEXIMWWYIERHRSXXLIPEVKIVGSRXI\XSZIV
    PSSOMRKqXVMZMErXLEXQE]FIEXXLIFEWISJXLITVSFPIQSZIVPSSOMRKXLISFZMSYWSVJEMP
    MRKXSMRZIWXMKEXIMXJYPP]EGGITXMRKWYTIVJMGMEPWMQMPEVMXMIW[MXLSYVTVMSVI\TIVMIRGIW
    EWMRHMGEXMZISJWEQIRIWWMREHIUYEXIP]HIJMRMRKXIVQWSVMWSPEXMRKEXXVMFYXIWERHJEMP
    MRKXSHMWXMRKYMWLFIX[IIRGEYWIERHIJJIGX %HEQW 
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    1EVWLEPP1G0YLERWXEXIH[IWLETISYVXSSPWERHXLIRSYVXSSPWWLETIYW3YVXIR
    HIRG]MWXSHIJMRIMWWYIWMRXIVQWSJXLI[E]W[ILEZIEPVIEH]HIJMRIHXLIQ8LIJSP
    PS[MRKI\IVGMWIMPPYWXVEXIWXLMWGSRGITX4YXRMRIHSXWSRETMIGISJTETIV EWWLS[R
    *MKYVI  'SRRIGXEPPRMRIHSXWYWMRKJSYVWXVEMKLXPMRIW[MXLSYXPMJXMRK]SYVTIRSV

    *-+96) 8LI2MRI(SX4Y^^PI

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    TIRGMPJVSQXLITETIV8LIWSPYXMSRWEVIVIZIEPIHPEXIVMRXLMWWIGXMSR 8LIWIGVIXMWXS
    XV]XLMROMRKSYXWMHIXLIFS\
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    [MXLMR[LMGLEGGITXEFPIHMWGSYVWIEFSYXERMWWYIMWHIJMRIH8LSQEW/YLR  SYX
    PMRIHXLIMQTEGXSJTEVEHMKQWSRLS[[IXLMRO%PXLSYKL/YLR[EWJSGYWMRKSRWGMIR
    XMWXW[LIRLII\TPEMRIHLS[XLIMVTEVEHMKQWSVZMI[WSJXLI[SVPHPMQMXXLIMVWGSTIW
    SJMRUYMV]XLITEVEHMKQEXMGFS\XLEXIRGPSWIWSYVXLMROMRKETTPMIWXSEPPSJYW;IIEGL
    YWI TEVEHMKQW XS YRHIVWXERH ERH VIWTSRH XS XLI TVSFPIQW TISTPI ERH MHIEW [I
    IRGSYRXIVSREHEMP]FEWMW
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    FIGEYWI [ILEZIGSQIXSEGGITXMX[MXLSYXUYIWXMSR-RSYVWIEVGLJSVYRHIVWXERHMRK
    [I [ERX GIVXEMRX] FYX FIMRK GIVXEMR QIERW [I LEZI RSX PIJX VSSQ JSV HSYFX MR SYV
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    MRSVHIVXSWIISYXWMHISYVFS\IWSVZMI[WSJXLI[SVPHERHXSSTIRSYVWIPZIWYTXS
    SXLIVSTXMSRW
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    %W]SYGERWIIF]PSSOMRKEX*MKYVI XLIERW[IVXSXLIRMRIHSXI\IVGMWIMW
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    FVSEHJIPXQEVOIVVSPPIVERHGSZIVEPPRMRIHSXWMRSRIW[IIT3XLIVGVIEXMZIWSPYXMSRW
    MRGPYHIFIRHMRKXLITETIVMREGMVGYPEVJSVQWSXLEX]SYGERQSZI]SYVTIRSVTIRGMP
    EVSYRHXLITETIVERHGSRRIGXEPPRMRIHSXWSVJSPHMRKXLITETIVWSXLEXEPPRMRIHSXWEVI
    SRXSTSJIEGLSXLIVERHTYWLMRKXLITIRGMPXLVSYKLXLITEKIWSXLEXXLITIRGMPTMIVGIW
    EPPRMRIHSXW3RIPMRIERHEPPRMRIHSXWEVIXLIRGSRRIGXIH
    8LIJSPPS[MRKMWERSXLIVGVIEXMZMX]I\IVGMWI 1EXXMQSVI ;LMGLSJXLIJSP
    PS[MRKRYQFIVWMWQSWXHMJJIVIRXJVSQXLISXLIVW#

     8LVII
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    1SWXTISTPILEZIHMJJMGYPX][MXLXLMWI\IVGMWI8LIRYQFIVXLEXMWVIEPP]HMJJIVIRX
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    qrWMRGIMXMWWITEVEXIH[MXLEGPSWMRKTEVIRXLIWMWq rJVSQXLISXLIVRYQFIVW;IXIRH
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    *-+96) 8LI2MRI(SX7SPYXMSR

    
    

    4EVEHMKQEXMGXLMROMRKGVIEXIWFPSGOWXSSYVXLMROMRKPIEHMRKYWXSEWWYQI[IEVI
    MRLIVIRXP]RSXGVIEXMZITISTPI;LIR[IEVIMRXVSYFPILS[IZIV[IEPPJMRH[ILEZI
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    XEXMSRSJGSRJSVQMX][MXLVYPIWERHWXERHEVHRSVQWSJXLMROMRKFILEZMSVERHMRXIVEG
    XMSR 'YPXYVEP FEVVMIVW MRGPYHI E VIUYMVIQIRX JSV GSRJSVQMX] ER I\TIGXEXMSR SJ
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    IMXLIVSVTIVWTIGXMZISRMWWYIWERHEVIPMERGISRI\TIVXORS[PIHKI
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    EPWSXEYKLXMRSYVIEVP]WGLSSPMRKXSWXE]MRPMRIRSXXSGLIEXERHRSXXSXEPOSYXSJXYVR
    ERHXSVEMWISYVLERHW &YX[LIR[IFIGSQIXSSSVHIVP][IPSWIXLIEFMPMX]XSWII
    XLMRKWJVSQEHMJJIVIRXTIVWTIGXMZI8LIRMRIHSXWERHXLIq rI\EQTPIWQEOIXLEXTSMRX
    3YVI\TIVMIRGIWMRWGLSSPERHMRXLI[SVO[SVPHEPWSXIEGLYWXLEXPMJIEJXIVEPPMW
    WIVMSYW FYWMRIWW ,S[IZIV MR SVHIV XS QSZI FI]SRH qFYWMRIWWEW YWYEPr [I RIIH XS
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    QERRIV-JXLIVIEVIXSSQER]MHIEWXSFIIJJIGXMZIP]GSZIVIHXLIJEGMPMXEXSVGERMRWXIEH
    MHIRXMJ]ERHWYKKIWXOI]MWWYIWSVXLIQIWVYRRMRKXLVSYKLXLIMHIEWXLEXRIIHXSFI
    GPEVMJMIH(YVMRKXLMWWXITQIQFIVWQE]EPWSHMWGSZIVXLEXX[SSVQSVIMHIEWPMWXIHSR
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    HMWGYWWMSRXLIRSQMREPKVSYTXIGLRMUYIGERFIYWIJYP*SVI\EQTPIMJIZIV]SRIMRE
    KVSYT[ERXWXSMRWXEPPEGSQTYXIVW]WXIQFYXRSSRIGEREKVIISRXLIFVERHXLIRSQM
    REPKVSYTXIGLRMUYIGERTVSZMHIERIJJMGMIRXQIERWJSVMRZSPZMRKEPPMRXIVIWXIHTEVXMIW
    ERH GER JEGMPMXEXI E JEWXIV WSPYXMSR 8LI TLVEWMRK SJ XLI UYIWXMSR SV TVSFPIQ XS FI
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    ERHEPPMRXIVIWXIHTEVXMIWEVIEPPS[IHXS[EXGLXLIHIGMWMSRQEOMRKTVSGIWWEWMXYRJSPHW

    (IPTLM8IGLRMUYI
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    XSWSPMGMXEZEVMIX]SJMRTYXWERHIWTIGMEPP][LIR]SYRIIHMRTYXJVSQTISTPI[LSEVI
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    XMSRW%(IPTLMTVSGIHYVIQMKLXWXEVX[MXLXLIJSVQYPEXMSRSJXLIMWWYIWEWOMRKTEVXMG
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    EFPI#8LMVHMXGERLIPTHIXIVQMRIMRMXMEPTSWMXMSRWSRXLIMWWYIh[LMGLMWWYIWIZIV]SRI
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    HVSTTIHJVSQHMWGYWWMSR%JSGYWGERXLIRFITPEGIHSRXLSWIMWWYIWXLEXWLS[HMW
    EKVIIQIRXEQSRKXLIVIWTSRHIRXW*SYVXLXLIVIEWSRWJSVXLIWIHMWEKVIIQIRXWGERFI
    I\TPSVIHERHXLIYRHIVP]MRKEWWYQTXMSRWZMI[WSVJEGXWFIMRKYWIHF]MRHMZMHYEPWXS
    WYTTSVXXLIMVVIWTIGXMZITSWMXMSRWQEHIGPIEV*MJXLXLIYRHIVP]MRKVIEWSRWGERFIIZEP
    YEXIH ERH XLI EVKYQIRXW XLEX EVI YWIH XS HIJIRH TSWMXMSRW GER FI GSQTEVIH XS SRI
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    FEWIH SR MXW ZMI[SJ XLI YRHIVP]MRK IZMHIRGI ERH EWWIWWQIRX SJ IEGL TSWMXMSR8LI
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    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    4)68 4VSKVEQ)ZEPYEXMSRERH6IZMI[8IGLRMUYI 

    GPEVMJMIWXLIGEYWIERHIJJIGXVIPEXMSRWLMTW4EVIXSGLEVXWEVIEYWIJYP[E]SJSVKERM^MRK
    HEXEXSLIPTYWQEOIIJJIGXMZIHIGMWMSRWERHXSWIXTVMSVMXMIWJSVSYVMRZIWXMKEXMSR8LYW
    XLIWIQIXLSHWLIPTYWWITEVEXIERHEREP]^IXLIMRHMZMHYEPIPIQIRXWSJETVSFPIQ

    8LI6-7/4VSGIHYVI
    3RGI ]SY LEZI E WSPYXMSR XS E TVSFPIQ ]SY RIIH XS GSRWMHIV XLI GSRWIUYIRGIW SJ
    TYXXMRK]SYVTPERMRXSIJJIGX-J]SYVKVSYTHIGMHIHXSVIWGLIHYPIGPEWWIWJSVI\EQTPI
    XLIVIGSYPHFIWSQIYRI\TIGXIHVIWYPXWXLEXQMKLXTVSZIXSFIRIKEXMZI
    8LI 6-7/ TVSGIHYVI MW E GSQFMREXMSR SJ FY^^ KVSYTW ERH XLI RSQMREP KVSYT
    XIGLRMUYI8LIQIIXMRKPIEHIVTVIWIRXWEWSPYXMSRMRHIXEMPERHXLIQIIXMRKTEVXMGMTERXW
    EVIIRGSYVEKIHXSXLMROSJER]VMWOWSVTVSFPIQWXLEXQMKLXFIGVIEXIHF]XLIGLERKI
    8LIWIGSRGIVRWEVIGSQTMPIHSREJPMTGLEVX%W[MXLFVEMRWXSVQMRKEPPMHIEWWLSYPHFI
    [IPGSQIHWMRGIXLIQSWXSFWGYVISRIWQE]KIRIVEXIXLIQSWXWIVMSYWGSRWIUYIRGIWSV
    WTYVWSQISRIIPWIMRXLIQIIXMRKXSMHIRXMJ]ERSXLIVTVSFPIQ
    8LIPMWX MWGSQTMPIHERHTVIWIRXIH PEXIV MR XLIQIIXMRK SVEXXLIRI\XQIIXMRK
    9WMRKXLI%'&MHIRXMJMGEXMSRSJMXIQWETTVSEGLYWIHMRFVEMRWXSVQMRK SVWSQISXLIV
    QIERWSJHMJJIVIRXMEXMRKXLIMQTSVXERXJVSQXLIPIWWMQTSVXERXTVSFPIQW EJMREPPMWXSJ
    TVSFPIQWXLEXVITVIWIRXWTSXIRXMEPVSEHFPSGOWMWGSQTMPIHERHTVMSVMXM^IH8LI%'&
    QIXLSHEWWMKRWMHIEWIUYEPP]XSSRISJXLVIITMPIW-JXLIVIEVIMXIQWEWWMKRER%XS
    XLIFIWXMHIEW4YXE'SRXLIPIEWXYWEFPI8LIVIQEMRMRKMHIEWEVIEWWMKRIH&W
    WMRGIXLIWIJEPPMRXLIQMHHPI2S[KSFEGOERHWITEVEXIXLI&WMRXSXLI%SV'GEXIKSV]
    7XSVIXLI'GEXIKSV]MHIEWJSVPEXIVYWI+SFEGOXSXLI%GEXIKSV]ERHTVMSVMXM^IXLI
    MHIEWMRXIVQWSJXLIMVMQTSVXERGIYVKIRG]SVETTPMGEFMPMX]XSXLITVSFPIQEXLERH8LI
    MHIEWEVIRS[SVKERM^IHERHTSWWMFPIVIWSPYXMSRWGERFIHMWGYWWIHF]XLIKVSYT

    4)68 4VSKVEQ)ZEPYEXMSRERH6IZMI[8IGLRMUYI
    3RGI XLI WSPYXMSR LEW FIIR MHIRXMJMIH XLI EGXYEP MQTPIQIRXEXMSR VIQEMRW 4VSKVEQ
    IZEPYEXMSR ERH VIZMI[ XIGLRMUYI 4)68 MW E W]WXIQEXMG ETTVSEGL JSV HIWMKRMRK XLI
    WSPYXMSRWXITW8LMWTPERRMRKW]WXIQMRZSPZIWIMKLXWXITW
     -HIRXMJ] XLI JMREP KSEP SJ XLI HIGMWMSRQEOMRK TVSGIWW ,S[ [MPP XLI WSPYXMSR
    PSSO[LIRMXMWMQTPIQIRXIH#
     0MWXEPPXLIIZIRXWXLEXQYWXSGGYVFIJSVIXLIJMREPKSEPMWEGLMIZIH&VEMRWXSVQXS
    HIZIPSTXLMWPMWX
     4YXXLIWXITWMRGLVSRSPSKMGEPSVHIV
     9WIEJPS[HMEKVEQXSWLS[LS[XLIIZIRXW[MPPSGGYV
     (IXIVQMRIXLIWTIGMJMGEGXMZMXMIWXLEXQYWXSGGYVXSEGGSQTPMWLIEGLWXITSVWXEKI
     7TIGMJ]XLIXMQIRIIHIHJSVIEGLIZIRXERHXLIIRHTVSHYGX
     (IGMHI[LIXLIVXLIHIEHPMRIWEVIJIEWMFPIERHMJXLIKSEPWGERFIQIXMRXLIXMQI
    WTIGMJMIH
     (IXIVQMRIEGVMXMGEPTEXLJSVXLIIZIRXWXLEXQYWXSGGYVERHEWWMKRVIWTSRWMFMPMX]
    JSVEGGSQTPMWLQIRXSJIEGLWXITERHIZIRX[MXLMRXLEXTEXLXSETEVXMGYPEVMRHM
    ZMHYEPSVKVSYT

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  +VSYT4VSGIWWERH4VIWIRXEXMSR8IGLRMUYIW

    3RGIVIWTSRWMFMPMXMIWLEZIFIIREWWMKRIH[VMXIHS[REJYPPXMQIXEFPI[MXLWTI
    GMJMGHIEHPMRIWERHJSPPS[YT%TVSKVEQMWSRP]EWKSSHEWMXWEGXYEPMQTPIQIRXEXMSR

    ,S[8LIWI8IGLRMUYIW%VI9WIH
    8SXEP5YEPMX]1EREKIQIRX 851 ERH7M\7MKQEEVIX[SI\EQTPIWSJLS[XLIWIGVI
    EXMZI HIGMWMSRQEOMRK XIGLRMUYIW EVI YWIH MR SVKERM^EXMSRW *SV I\EQTPI EPQSWX EPP
    GSRWYQIVTVSHYGXWMRXLIX[IRX]JMVWXGIRXYV]LEZIELMKLIVUYEPMX]XLERXLIMVGSYRXIV
    TEVXWQEHISV]IEVWIEVPMIV 'YQQMRKW
    ;SVPI] ;LIRJEGIH[MXLUYEPMX]
    MWWYIW SVKERM^EXMSRW FIKER XS YRHIVWXERH XLEX YWMRK XLI XVEHMXMSREP TVSFPIQWSPZMRK
    ETTVSEGLIW[EWMREHIUYEXIJSVEGLMIZMRKUYEPMX]%TSTYPEVTLVEWIMRSVKERM^EXMSRWMW
    XLEXqQSVIERHQSVISJXLIWEQIGERSRP]KMZI]SYQSVIERHQSVISJXLIWEQIrhJVIIP]
    MRXIVTVIXIHMREHIUYEXIUYEPMX]GERRSXFIJM\IHF]YWMRKXLIWEQIETTVSEGLIW;II\EQ
    MRIX[SSJXLIQSWXWYGGIWWJYPYWIWSJXLIXIGLRMUYIW[INYWXGSZIVIHMRXLMWGLETXIV
    8SXEP UYEPMX] QEREKIQIRX 851 MRZSPZIW E GSQTVILIRWMZI MRXIVZIRXMSR XLEX
    JSGYWIWEPPXLISVKERM^EXMSRW]WXIQWSRXLIGSRXMRYSYWMQTVSZIQIRXSJUYEPMX] 'SLIR
    IXEP -RQER]GEWIWXIEQWEVIYWIHXSJSGYWSRXLIRIIHWSJMRXIVREP SXLIV
    HITEVXQIRXWERHMRXIVEGXMRKYRMXW ERHI\XIVREPGYWXSQIVWXSKYEVERXIIUYEPMX];LIR
    851[EWJMVWXMRXVSHYGIHXIEQW[SYPHI\EQMRITEWXTVSFPIQWERHYWIXLIWIGVIEXMZI
    ETTVSEGLIWXSJMRHWSPYXMSRW2S[MRXLSWIGSQTERMIWI\TIVMIRGMRKXLIKVIEXIWXWYG
    GIWWIW XLI IQTLEWMW LEW WLMJXIH JVSQ JM\MRK TVSFPIQW XS PSSOMRK XS[EVH TVSEGXMZI
    TVSFPIQ ERXMGMTEXMSR ERH TVIZIRXMSR 'YQQMRKW
     ;SVPI]   851 MRZSPZIW
    XVEMRMRKMRFVEMRWXSVQMRKJPS[GLEVXWJMWLFSRIHMEKVEQWERHSXLIVTVSFPIQWSPZMRK
    TVSGIHYVIWEWXLI JMVWXWXITMR XLIPSRKXIVQ TVSGIWW SJGSRXMRYSYW MQTVSZIQIRX%
    WXYH]SJJMVQWSJHMJJIVIRXWM^IWWLS[IHXLEX851EHSTXIVWSYXTIVJSVQIHXLSWIXLEX
    HMHRSXYXMPM^I851 4S[IPP  8LI QSWXMQTSVXERXJMRHMRKLS[IZIV[EW XLEX
    XLSWIWYGGIWWJYPJMVQWJSGYWIHQSVISRGLERKMRKXLIGYPXYVIF]MRGVIEWMRKXLIYWISJ
    XIEQW IQTS[IVQIRX ERH GSQQMXQIRX VEXLIV XLER GSRGIRXVEXMRK SR XLI XIGLRMUYIW
    XLIQWIPZIW 4S[IPP   ;MXLSYX XLI MRGVIEWIH YWI SJ MRHMZMHYEPW ERH XIEQW
    MRZSPZIHMRXLIEGXYEPTVSFPIQWSPZMRKXLIXIGLRMUYIWWMQTP]EVIRSXEWIJJIGXMZI
    -REHHMXMSRSVKERM^EXMSRWEVIXYVRMRKXS7M\7MKQE [LMGLMWETVSGIWWXLEXEMQW
    XSVIHYGIHIZMEXMSRW IKUYEPMX] IVVSVW  XS HIJIGXW TIV QMPPMSR STTSVXYRMXMIW
    [LMGLXVERWPEXIWXSE PIZIPSJTIVJIGXMSR-JETTPMIHXSFVI[MRKGSJJIIXLMW
    [SYPH QIER XLIVI [SYPH SRP] FI  WSYV TSXW SJ GSJJII TIV  QMPPMSR FVI[IH -J
    ETTPMIHXS]SYVGSPPIKII\TIVMIRGIMX[SYPHIWWIRXMEPP]IPMQMREXIEPPX]TSWJSVEPP]SYV
    TETIVWhI\GITXXMQIW [SVHW TIVQMPPMSR
    7MKQEMWEPIXXIVSJXLI+VIIOEPTLEFIXYWIHEWEW]QFSPF]WXEXMWXMGMERWXSQEVOE
    FIPPGYVZIWLS[MRKXLIPMOIPMLSSHXLEXWSQIXLMRKWYGLEWXLITSXSJGSJJII[MPPHIZMEXI
    JVSQXLIRSVQq8LI7M\7MKQEQSZIQIRXEXXIQTXWXSMRWIVXXLIWGMIRGISJLEVHRSWIH
    WXEXMWXMGW MRXS XLI JSKK] TLMPSWSTL] SJ UYEPMX]r .SRIW  T &  %GGSVHMRK XS
    (IJIS  T   q+IXXMRK 7M\ 7MKQE WXEVXIH FIKMRW [MXL XLI JSVQEXMSR SJ 7M\
    7MKQEXIEQWr-WMXMQTSVXERX#'PIEVP]MXHITIRHWSRLS[QYGLMQTEGXXLMWPIZIPSJ
    UYEPMX][MPPLEZISRXLISVKERM^EXMSRtWIJJIGXMZIRIWW +VMJJMR *MKYVI  WLS[W
    [L]MRGVIEWMRKUYEPMX]MWMQTSVXERX

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    7QEPP+VSYT4VIWIRXEXMSEP*SVQEXW 

    *-+96) (SIW7M\7MKQE1EXXIV#

     IJJIGXMZIQIERWXLVIISVJSYV7MKQE-JXLEXKSEPMWEGLMIZIHZIVWYW7M\7MKQE  XLI


    JSPPS[MRK[SYPHSGGYV
    PSWXEVXMGPIWSJQEMPTIVLSYV
    MRGSVVIGXWYVKMGEPSTIVEXMSRWTIV[IIO
    X[SWLSVXSVPSRKPERHMRKWTIVHE]EXIEGLQENSVEMVTSVX
    [VSRKHVYKTVIWGVMTXMSRWIEGL]IEV
    RSIPIGXVMGMX]JSVEPQSWXWIZIRLSYVWIEGLQSRXL

    7SQISJXLIVIWYPXWEVIMQTVIWWMZI%X(S['LIQMGEP'SQTER]IEGLq7M\7MKQE
    TVSNIGX LEW JVIIHYTEREZIVEKISJ  MR XLI JMVWX ]IEVr %VHRXT  
    %PPMIH7MKREPHMWGSZIVIHE[E]XSVIG]GPIQMPPMSRTSYRHWSJWXEMRIHGEVTIXE]IEV
    XVERWPEXMRKMRXSXSiQMPPMSRWEZMRKWE]IEV8LIPMWXSJWYGGIWWIWMWI\XIRWMZI
    %XXLIWEQIXMQIMXMWEGSQTPMGEXIHTVSGIWWMRZSPZMRKXVEMRMRKMRXLIKVSYTTVSGIWW
    GVIEXMZITVSFPIQWSPZMRKXIGLRMUYIWERHWXEXMWXMGEPEREP]WMW'YVVIRXP]qXLIFIWXSVKE
    RM^EXMSRW STIVEXI EX EFSYX 8LVII XS *SYV 7MKQE [LMGL XVERWPEXIW MRXS EFSYX 
    HIJIGXWTIVQMPPMSRr (IJIST [LMGLEVIXLIHMJJIVIRGIWHIQSRWXVEXIHMR
    *MKYVI8LIFIRIJMXWSJ7M\7MKQEMRGPYHIMRGVIEWIHQSXMZEXMSRQSVEPITVMHI
    TVSHYGXMSRERHTVSJMXEFMPMX] (IJIS &YX[MXLSYXTVSTIVXVEMRMRKMRXLIXIGL
    RMUYIWMRGPYHIHMRXLMWGLETXIVTPYWEWXVSRKIQTLEWMWSRWXEXMWXMGEPEREP]WMW7M\7MKQE
    TVSFEFP][MPPRSXVIEPM^IMXWJYPPZEPYI

    7QEPP+VSYT4VIWIRXEXMSREP*SVQEXW
    %KVSYTSJXIRJMRHWXLEX MXRIIHW XSTVIWIRX MXWGSRGPYWMSRWJMRHMRKWVIGSQQIRHE
    XMSRWSVEWYQQEV]SJMXWHMWGYWWMSRXS EPEVKIVEYHMIRGI7IZIVEP JSVQEXWEVIGSR
    HYGMZI XS KVSYT HMWGYWWMSRW ERH TVIWIRXEXMSRW *SVYQ TERIP GSPPSUYMYQ ERH
    W]QTSWMYQ JSVQEXW GER LIPT SVKERM^I E KVSYTtW HMWGYWWMSR ERH JEGMPMXEXI E KVSYTtW
    MRXIVEGXMSR[MXLEPEVKIVEYHMIRGI

    8LI*SVYQ
    8LIJSVYQ TVSZMHIWEWQEPPKVSYTTVIWIRXEXMSREPJSVQEXMR[LMGLXLIKVSYTGERWTIEO
    ERHPMWXIRXSEPEVKIVEYHMIRGI8LIJSVYQMWEJSVQSJTYFPMGHMWGYWWMSRMR[LMGLXLI
    JYPPEYHMIRGITEVXMGMTEXIWI\EQMRMRKEXSTMGSVTVSFPIQEJXIVEWLSVXTVIWIRXEXMSRF]
    XLIKVSYT8LIQIQFIVWSJ XLIEYHMIRGIKMZIVIEGXMSRWTIIGLIWSRIEX EXMQI MRER
    SVHIVP]JEWLMSR8LI]QE]FIWXVYGXYVIHF]EQSHIVEXSV[LSWIPIGXWXLIWTIEOIVWSV
    XLI]QE]FISVHIVIHF]WTIEOIVWPMRMRKYTEXEQMGVSTLSRIPSGEXIHMRJVSRXSJXLIEYHM
    IRGI7SQIXMQIWXMQIPMQMXWEVIMQTSWIHSRXLIWTIEOIVWERHSRSGGEWMSREQSHIVE
    XSV[LSFIPMIZIWXLEXSRIZMI[LEWFIIRSZIVP]VITVIWIRXIHF]EWIVMIWSJWTIEOIVWh
    [LMPIERSXLIVZMI[LEWFIIRPIJXWMPIRXhQE]GEPPJSVEVITVIWIRXEXMZISJXLISTTSWMRK
    ZMI[XSWTIEO7TIEOIVWTVIWIRXERHWYTTSVXEVKYQIRXWXEOITSWMXMSRWXEOIMWWYI[MXL
    [LEXLEWFIIRWEMHEWOERHERW[IVUYIWXMSRWERHVIWTSRHXSGSQQIRXW%RSTIRXS[R
    QIIXMRK ERH E TYFPMG qLIEVMRKr EVI I\EQTPIW SJ JSVYQW 3JXIR E JSVYQ MW YWIH MR

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ',%48)6  +VSYT4VSGIWWERH4VIWIRXEXMSR8IGLRMUYIW

    GSRNYRGXMSR [MXL SXLIV TYFPMG HMWGYWWMSR JSVQEXW WYGL EW E TERIPiJSVYQ SV


    W]QTSWMYQiJSVYQJSVQEX[MXLXLITYVTSWISJTVIWIRXMRKMRJSVQEXMSRSVETVSTSWEP
    ERHXLIRWSPMGMXMRKTYFPMGVIEGXMSRXSXLITVSTSWEP%JSVYQGERTVSZMHIEREYHMIRGI
    [MXLHMZIVWITIVWTIGXMZIWJVSQI\TIVXWEW[IPPEWERSTTSVXYRMX]XSSFXEMREHHMXMSREP
    MRJSVQEXMSRJVSQORS[PIHKIEFPIERHMRXIVIWXIHWXEOILSPHIVW-XTVSZMHIWERMQTSVXERX
    STTSVXYRMX]JSVEREYHMIRGIXSKMZIZIVFEPI\TVIWWMSRXSMXWXLMROMRKERHTVSZMHIWER
    STTSVXYRMX] JSV GSVVIGXMRK MRXIRXMSREP SV MREHZIVXIRX FMEW HMWXSVXMSR SV QMWYRHIV
    WXERHMRKWYVVSYRHMRKERMWWYI%KSSHJSVYQIRWYVIWXLEXEPPTEVXMIWSTMRMSRWSFNIG
    XMSRWZMI[WTVIJIVIRGIWERHTIVWTIGXMZIWGERFILIEVH

    8LI4ERIP
    %TERIP MWETYFPMGJSVQEXMR[LMGLEKVSYTSJJSYVXSIMKLXI\TIVXWHMWGYWWIWETVSFPIQ
    SVHIGMWMSRMRJVSRXSJEREYHMIRGI8LMWHMWGYWWMSRSJXIRJSPPS[WXLITVSFPIQWSPZMRK
    JSVQEX FYX YWIW ER MRJSVQEP WSQIXMQIW LYQSVSYW WX]PI SJ MRXIVEGXMSR XS OIIT XLI
    EYHMIRGItW EXXIRXMSR ERH XS IJJIGXMZIP] WLEVI MRJSVQEXMSR XLEX QE] FI XIGLRMGEP MR
    REXYVI8LIQSHIVEXSVWXEVXWXLIQIIXMRKI\TPEMRWXLIJSVQEXXSXLIEYHMIRGISVMIRXW
    XLIEYHMIRGIXSXLIXSTMGSVTVSFPIQXSFIHMWGYWWIHMRXVSHYGIWXLIWTIEOIVWTIVLETW
    QIRXMSRMRKXLIMVI\TIVXMWIERHTIVWTIGXMZI JSVI\EQTPIMJXLI]VITVIWIRXETEVXMGYPEV
    KVSYTGEYWISVGSQTER] OIITWXMQIERHWSQIXMQIWWYQQEVM^IWXLIWTIEOIVWt TSWM
    XMSRW8LITERIPJSVQEXTVSZMHIWRSHMVIGXMRXIVEGXMSRFIX[IIRXLITERIPSJI\TIVXWERH
    XLIEYHMIRGIFYXMXMWSJXIRJSPPS[IHF]EQSHIVEXIHUYIWXMSRERHERW[IVSVEJSVYQ
    WIWWMSR 8LI TERIP WLSYPH RSX RSVQEPP] VYR PSRKIV XLER ER LSYV ERH QE] TVSZMHI
    ERSXLIVLEPJLSYVXSERLSYVJSVUYIWXMSRWSVJSVEJSVYQHMWGYWWMSR
    4PERRMRKETERIPMWMQTSVXERX8LITERIPQYWXEKVIISRFEWMGHIJMRMXMSRWTEVE
    QIXIVWSJXLITVSFPIQXSFIHMWGYWWIHXLIUYIWXMSRWSVMWWYIWXSFIGSRWMHIVIHWTIEOIV
    XMQI PMQMXW ERHXLI SVHIV SJ XLI WTIEOIVW8LIVI WLSYPH FI RS FMK WYVTVMWIWJSV XLI
    WTIEOIVW SR XLI HE]SJXLI TVIWIRXEXMSRERHXLI TVIWIRXEXMSRWLSYPHRSXXYVR MRXS E
    HIFEXI%RIJJIGXMZITERIPMWGSPPEFSVEXMZIP]MRJSVQEXMSREPXSXLIEYHMIRGIVEXLIVXLER
    EVKYQIRXEXMZIP]GSRJVSRXEXMSREPEQSRKXLIWTIEOIVW

    8LI'SPPSUYMYQ
    %GSPPSUYMYQ MWEJSVQSJTYFPMGHMWGYWWMSRMR[LMGLEKVSYTSJXLVIIXSWM\I\TIVXW
    YWYEPP]GLSWIRJSV XLIMVHMZIVKIRXZMI[W HMWGYWW ETVSFPIQ JSPPS[MRK XLITVSFPIQ
    WSPZMRKJSVQEXMRJVSRXSJEREYHMIRGI[MXLEQSHIVEXSVJEGMPMXEXMRKXLIMVMRXIVEGXMSR
    8LITYVTSWISJEGSPPSUYMYQMWXSMHIRXMJ]HIZIPSTERH[SVOXLVSYKLTSWWMFPIWSPY
    XMSRWXSETVSFPIQJSVXLIFIRIJMXERH[MXLXLITEVXMGMTEXMSRSJXLIEYHMIRGI8LIQSH
    IVEXSV WLSYPH STIR XLI GSPPSUYMYQMRXVSHYGI XLI TVSFPIQ MRXVSHYGI XLI HMWGYWWMSR
    KVSYTHIWGVMFIXLIJSVQEXJSVXLIHMWGYWWMSRERHQSHIVEXIXLIMRXIVEGXMSRWXLVSYKLSYX
    XLIWIWWMSR8LIQSHIVEXSVQE]LEZIXSI\TPMGMXP]IRGSYVEKIEYHMIRGITEVXMGMTEXMSRF]
    MRZMXMRKXLIEYHMIRGIXSEWOUYIWXMSRWSVQEOIGSQQIRXWEXTSMRXWMRXLIHMWGYWWMSR
    8LIQSHIVEXSVQYWXEPWS[SVOXSOIITXLIHMWGYWWMSRJSGYWIHERHQSZMRK

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

    %GSPPSUYMYQJVIUYIRXP]STIRW[MXLWLSVXTSWMXMSRSVSTMRMSRWXEXIQIRXWF]XLI
    I\TIVXWERHXLIRWLMJXWXSEQSVIMRXIVEGXMZITYFPMGHMWGYWWMSRSJXLIMWWYIW[MXLEYHM
    IRGI TEVXMGMTEXMSR WLMJXMRK FEGO XS GSQQIRXW F] SRI SV QSVI SJ XLI I\TIVXW ERH
    VIXYVRMRKEKEMRXSEYHMIRGIGSQQIRXWWSXLEXXLIHMWGYWWMSRMWGEVVMIHSRFSXLMRJVSRX
    SJERH[MXLXLITEVXMGMTEXMSRSJEYHMIRGIQIQFIVW
    %GSPPSUYMYQ[MPPTVSFEFP]PEWXEXPIEWXERLSYVFYXRSXQSVIXLERX[SLSYVW%
    KSSHQSHIVEXSVQYWXWIRWIXLIJPS[SJXLIHMWGYWWMSRXSIRWYVIRSXGYXXMRKMXSJJXSS
    WSSREPPS[MRKEPPTEVXMIWTIVWTIGXMZIWERHSTMRMSRWXSFILIEVHFYXEPWSRSXEPPS[MRK
    MXXSHVEKSRVITIXMXMSYWP]ERHFIGSQIXIHMSYWSVFSVMRK%GLMIZMRKEWIRWISJGPSWYVI
    MWMQTSVXERX

    8LI7]QTSWMYQ
    %W]QTSWMYQ TVSZMHIWEJSVQEXJSVEWIVMIWSJX[SXSWM\FVMIJWTIIGLIWQEHISRHMJJIV
    IRXEWTIGXWSJEGSQTPI\ERHHMJJMGYPXTVSFPIQ8LIWTIEOIVWEVIX]TMGEPP]I\TIVXWMR
    HMJJIVIRXEVIEWVIPEXIHXSETVSFPIQERHXLITYVTSWISJXLIW]QTSWMYQMWXSTVIWIRX
    GSQTPI\XIGLRMGEPMRJSVQEXMSRXSXLIEYHMIRGIEFSYXXLITVSFPIQ8LIWTIIGLIWEVI
    [IPPTVITEVIHTVEGXMGIHERHTSPMWLIHTVIWIRXEXMSRWXLEXEVIYRMRXIVVYTXIHF]XLIEYHM
    IRGIERHTVIWIRXIHF]WOMPPIHTYFPMGWTIEOIVW8LIW]QTSWMYQWLSYPHRSXVYRPSRKIV
    XLERERLSYVERHMWSJXIRJSPPS[IHF]ELEPJLSYVJSVYQXSEPPS[EYHMIRGIUYIWXMSRW
    ERHHMWGYWWMSRSJXLIMWWYI
    4PERRMRK TVMSV XS XLI W]QTSWMYQHIXIVQMRIW LS[ XLIWTIEOIVW [MPPHMZMHI XLI
    XSTMGXLISVHIVMR[LMGLXLI][MPPWTIEOERHXLIXMQIEPPSGEXIHJSVIEGLWTIIGL8LI
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    MRGIWWERXP]0SSOMRKJEVXLIV-[EWWYVTVMWIHXSJMRHXLEXXLIGLMTW[IVIGSZIVIH[MXL
    WYGLGSQFEXERXWEPPXLILMPPWERHZEPIWMRQ][SSH]EVHERHXLIKVSYRH[EW
    EPVIEH]WXVI[R[MXLXLIHIEHERHH]MRK-RIZIVPIEVRIH[LMGLTEVX][EW
    ZMGXSVMSYWRSVXLIGEYWISJXLI[EVFYX-JIPXJSVXLIVIWXSJXLIHE]EWMJ-LEHLEH
    Q]JIIPMRKWI\GMXIHERHLEVVS[IHF][MXRIWWMRKXLIWXVYKKPIXLIJIVSGMX]ERH
    GEVREKISJELYQERFEXXPIFIJSVIQ]HSSV 8LSVIEY?SVMKMREPP]TYFPMWLIH
    ATTi

    *SVQSWXSJYWGSRJPMGXIZSOIWMQEKIWSJ[MRRMRKERHPSWMRK[MXLSRISVFSXLSJXLI
    TEVXMIWIRHMRKYTJVYWXVEXIHERHHIQSVEPM^IHF]XLIWMXYEXMSR'SRJPMGXMWMRIZMXEFPIMR
    HIGMWMSRQEOMRK KVSYTW ERH QER] WGLSPEVW LEZI QSZIH JVSQ E TIVWTIGXMZI XLEX
    IQTLEWM^IHXLIRIKEXMZIEWTIGXWSJGSRJPMGXXSSRIJSGYWMRKSRIRGSYVEKMRKQSVIGSR
    WXVYGXMZISYXGSQIWERHFIRIJMXW 3t'SRRSV+VYIRJIPH
    1G+VEXL;MXXIQER
    ;SSH ;LIR LERHPIH WOMPPJYPP] [MXLMRE KVSYTtW GSQQYRMGEXMSR TVSG
    IWWIWGSRJPMGXGERFIGSRWXVYGXMZIERHFIRIJMGMEPPIEHMRKXSLMKLUYEPMX]SYXGSQIW
    MRGVIEWIHKVSYTQSVEPIFIXXIVTIVWTIGXMZIXEOMRKWOMPPWERHIRLERGIHVIPEXMSRWLMTW
    8LI'LMRIWIGLEVEGXIVJSVGSRJPMGXGSRWMWXWSJX[SWYTIVMQTSWIHW]QFSPWKVETLMGEPP]
    WLS[MRKMXWX[SWMHIWSTTSVXYRMX]ERHHERKIV ,SGOIV
    ;MPQSX 
    'SRWXVYGXMZIP]IRKEKMRKMRGSRJPMGXGERFIXLIOI]XSGVIEXMRKXLIIRIVK]RIIHIH
    MRWQEPPKVSYTWXSHIZIPSTRI[ERHGVIEXMZIMHIEW*SVGSRJPMGXXSFIGSRWXVYGXMZILS[
    IZIV FSXL TEVXMIW QYWX IQTLEWM^I E QYXYEP VIWTIGX ERH GSPPEFSVEXMZI SVMIRXEXMSR
    VEXLIVXLERWLS[MRKEKKVIWWMZIFILEZMSVPEGOSJVIWTIGXSVEGSQTIXMXMZISVMIRXEXMSR
    ;I LEZI EPP I\TIVMIRGIH GSRJPMGX EW XLI VIWYPX SJ WSQI MRXIVJIVIRGI [MXL XLI
    EGLMIZIQIRXSJSYVTIVWSREPKSEPWRIIHWSVI\TIGXEXMSRW8LIZIV]REXYVISJFIMRK
    LYQER [MXL SYV S[R FSHMIW ERH QMRHW ERH SYV S[R TEVXMGYPEV WIXW SJ RIIHW ERH
    HIWMVIWFVMRKWYWMRXSGSRJPMGX[MXLSXLIVTISTPIPE[WQSVEPWSVSXLIVSFWXEGPIWXLEX
    TVIZIRX YW JVSQVIEGLMRKSYV MRHMZMHYEPKSEPW'SRJPMGX LETTIRW EX EPP PIZIPWSJ SYV
    PMZIWhMRXVETIVWSREP MRXIVTIVWSREP KVSYTSVKERM^EXMSREPERHTSPMXMGEP-RXVETIVWSR
    EPP][IQE]JIIPXSVRFIX[IIRSYVS[RMRXIVREPSTTSWMRKKSEPWSVEJJMRMXMIW-RXIVTIV
    WSREPP][IQE]JIIPFPSGOIHJVSQEGLMIZMRKSYVKSEPWF]ERSXLIVMRHMZMHYEP'SRJPMGX
    EPWS SGGYVW [MXLMR ERH FIX[IIR KVSYTW MRXVEKVSYT SV MRXIVKVSYT  8LMW GLETXIV

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

    I\TPSVIW XLI REXYVI SJ GSRJPMGX EW E GSQQYRMGEXMSR IZIRX [MXLMR XLI MRXIVEGXMSRW SJ
    WQEPPKVSYTW-XI\EQMRIWFSXLGSRWXVYGXMZIERHHIWXVYGXMZIGSRJPMGXWYKKIWXWWXVEXI
    KMIW JSV GSRJPMGX VIWSPYXMSR ERH MRZIWXMKEXIW XLI TS[IV H]REQMGW XLEX YRHIVPMI XLI
    I\TVIWWMSRSJGSRJPMGX8LI SFNIGXMZIMWXS I\TPSVI XLITSWMXMZI I\TVIWWMSRSJHMWWIRX
    [MXLMRKVSYTHIGMWMSRQEOMRKTVSGIWWIWERHXLIHIZIPSTQIRXSJQSVIJYRGXMSREPERH
    PIWWGSRXIRXMSYWTVSFPIQWSPZMRKGSRJPMGXQEREKIQIRXXEGXMGWERHWXVEXIKMIW

    (IJMRMRK'SRJPMGX[MXLMRE'SQQYRMGEXMSR'SRXI\X
    'SRJPMGX GERFIHIJMRIHEWqERI\TVIWWIHWXVYKKPIFIX[IIREXPIEWXX[SMRXIVHITIRHIRX
    TEVXMIW [LS TIVGIMZI MRGSQTEXMFPI KSEPW WGEVGI VI[EVHW ERH MRXIVJIVIRGI JVSQ XLI
    SXLIVTEVX]MREGLMIZMRKXLIMVKSEPWr ,SGOIV
    ;MPQSXT *SVEGSRJPMGXXS
    FIEGSQQYRMGEXMSRIZIRXMXQYWXFII\TVIWWIHIMXLIVZIVFEPP]SVRSRZIVFEPP]-REHHM
    XMSRXLITEVXMIWQYWXFIMRXIVHITIRHIRX-JSRITEVX]HSIWRSXHITIRHMRWSQI[E]SR
    XLISXLIVXLEXTEVX][MPPRSXRIGIWWEVMP]FIGSQIIRKEKIHMRXLIGSRJPMGX'SRJPMGXMW
    TEMRJYP ERH GSWXP] MR XIVQW SJ IQSXMSREP IRIVK] ERH MJ RSXLMRK MW XS FI KEMRIH F]
    IRKEKMRKMRMXSVPSWXF]EZSMHMRKMXTISTPIEVIPMOIP]XSRSXIRKEKIMRMX3RXLISXLIV
    LERHXLSWI[LSLEZIXLIQSWXXSKEMRSVPSWIEVIXLIQSWXPMOIP]XS[ERXXSIRKEKIMR
    XLIGSRJPMGX)EGLSJXLITEVXMIWXSXLIGSRJPMGXTIVGIMZIWXLEXXLISXLIVMRXIVJIVIW[MXL
    LIVSVLMWEFMPMX]XSEGLMIZI[LEXLISVWLI[ERXWRIIHWSVI\TIGXW[LIXLIVXLEXFIE
    TL]WMGEPMXIQXLIEJJIGXMSRSJERSXLIVTIVWSRLSRSVERHVIWTIGXJVIIHSQXSHSWSQI
    XLMRKSVWSQISXLIVHIWMVEFPIKSEPSVEZSMHERGISJPSWW8LYWQSWXSJXIRGSRJPMGXLET
    TIRW MR E GSRXI\X FIX[IIR TISTPI [MXL QYXYEPP] MRGSQTEXMFPI KSEPW [LS WII
    XLIQWIPZIWEWIRX[MRIH[MXLERHMRXIVHITIRHIRXSRIEGLSXLIVMRWSQI[E]

    'SRJPMGX[MXLMR7]WXIQW
    'SRJPMGXGSRWMWXWSJXLIWYFWXERGI SJXLIMWWYIEVSYRH[LMGLXLIHMWEKVIIQIRXXEOIW
    TPEGIERHXLITEXXIVRSJMRXIVEGXMZIGSQQYRMGEXMSR FIX[IIRXLITEVXMGMTERXWIRKEKIH
    MRXLIHMWTYXI%WMRER]W]WXIQXLIWYFWXERGIERHTEXXIVRSJXLIGSRJPMGXEVIMRI\XVMGE
    FP]PMROIHXLVSYKLXLITVSGIWW-XMWXLITEXXIVRXLEXKMZIWQIERMRKXSXLIWYFWXERGIERH
    XLIWYFWXERGIXLEXQERMJIWXWXLITEXXIVR-RWQEPPKVSYTGSRJPMGXLS[IZIVMXMWXLITEX
    XIVRSJXLIGSRJPMGXVEXLIVXLERXLIWYFWXERGISJXLIQEXXIVSZIV[LMGLXLIGSRJPMGXMW
    IRKEKIHXLEXHIXIVQMRIWXLIUYEPMX]SJXLISYXGSQIJSVXLIKVSYT6IKEVHPIWWSJXLI
    MWWYIYRHIVHMWTYXIMJXLITEVXMGMTERXWEVISTIRXSRI[TIVWTIGXMZIWERHEVIGSQQMXXIH
    XSQEMRXEMRMRKXLIMVVIPEXMSRWLMTWERHXSVIWSPZMRKXLIMVHMWTYXIWXLI]EVIPMOIP]XSJMRH
    EWEXMWJEGXSV]WSPYXMSR3RXLISXLIVLERHMJXLI]JIIPPMXXPISVRSVIPEXMSREPGSRGIVRERH
    EVIEJVEMHSJKMZMRKYTER]SJXLIMVTSWMXMSRWXLI]EVIPIWWPMOIP]XSEGLMIZIEWEXMWJEG
    XSV]SYXGSQI8SXLII\XIRXXLEXXLITEXXIVRMXWIPJFIGSQIWERMWWYILS[IZIVMXGERFI
    EHHVIWWIHERHVIWSPZIH[LIREPPTEVXMIWGSQQMXXS[SVOMRKSRMX
    8LVSYKLXLMWTVSGIWWIEGLEGXMSRWIXWMRQSXMSREWIVMIWSJGSYRXIVEGXMSRW[LMGL
    GVIEXI TEXXIVRW SJ XLMROMRKFILEZMRK ERH XVIEXMRKSXLIVW;LIRRSRI[ TEXXIVRW SV
    [E]W SJ XLMROMRK ERH MRXIVEGXMRK EVI MRXVSHYGIH XLI KVSYT GER WXEKREXI +VSYTW MR
    [LMGLRI[MRTYXMWRSXEGGITXIHERHYWIHEVIORS[REWQSVTLSWXEXMGW]WXIQW 8LI]EVI

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

    RSRGLERKMRKWMQTP]QEMRXEMRMRKXLIWXEXYWUYSSVI\TIRHMRKIRIVK]XSEZSMHGSRJPMGX
    8LSWIKVSYTWXLEXEVISTIRXSGLERKIMRXIVQWSJRI[MHIEWERH[E]WSJMRXIVEGXMRK
    EVI GEPPIH QSVTLSKIRMG W]WXIQW 'SRWXVYGXMZI GSRJPMGX GER LETTIR SRP] MR QSV
    TLSKIRMGW]WXIQW[LIVIQIQFIVWEVI[MPPMRKXSI\EQMRIXLIMVEWWYQTXMSRWERHTIV
    WTIGXMZIWERHXSSJJIVRI[TEXXIVRWSJVIWTSRWI8LMWSTIRRIWWJSWXIVWGVIEXMZMX]ERH
    W]RIVK][MXLMRXLIKVSYTERH[MXLMRXLIGSRJPMGX

    'SRJPMGX[MXLMR7QEPP+VSYTW
    %WQIQFIVWSJEKVSYT[IEVIMRXIVHITIRHIRX3YVKVSYTTVSGIWWMWMRXIRHIHXSVIWYPX
    MRERSYXGSQI[IEPPLIPTGVIEXI8SXLII\XIRXXLEX[IEPPEVIMRZIWXIHMRXLIKVSYTERH
    TEVXMGMTEXIMRMXXLSYKL[IQE]JMRHSYVWIPZIWMRGSRJPMGX'SRJPMGXLETTIRWEXEPPPIZ
    IPWSJXLIKVSYTTVSGIWWJVSQSVKERM^MRKXLIKVSYTERHHIGMHMRKTVSGIHYVEPQIGLE
    RMWQWXLVSYKLXLIHIJMRMXMSRSJXLITVSFPIQXSXLIWQEPPIWXHIXEMPWSJXLIWTIGMJMGXEWOW
    ERHMWWYIW-JXLIVIMWRSGSRJPMGXXLIKVSYTQE]IMXLIVFIWSLSQSKIRISYWXLEXJI[MJ
    ER]RI[ERHGVIEXMZIMHIEWGERIQIVKISVMXQE]FIWYJJIVMRKJVSQYRLIEPXL]TVIWWYVI
    JSVGSRJSVQMX]ERHEXIRHIRG]XS[EVHKVSYTXLMRO
    ;LIXLIV GSRJPMGX MW GSRWXVYGXMZI SV HIWXVYGXMZI HITIRHW SR WIZIVEP JEGXSVW
    MRGPYHMRK XLI SVMKMR SV JPEWLTSMRX SJ XLI GSRJPMGX EW [IPP EW XLI SVMIRXEXMSR SJ XLI
    KVSYTQIQFIVWXS[EVHXLITEXXIVRWSJGSRJPMGXVIWSPYXMSR;LIRXLIJPEWLTSMRXJSVXLI
    GSRJPMGXVIWMHIWMRXLIWYFWXERGISJXLITEVXMGYPEVMWWYIWYRHIVGSRWMHIVEXMSRMXLEWSRI
    SJXLIIWWIRXMEPMRKVIHMIRXWJSVIRKEKMRKMRGSRWXVYGXMZIGSRJPMGXQEREKIQIRX3RXLI
    SXLIVLERH[LIRXLIJPEWLTSMRXVIWMHIWMRXLIMRXIVEGXMZITEXXIVRMXWIPJWYGLEW[LIR
    WSQIQIQFIVWEVIPIWWZIWXIHMRXLITVSGIWWXLERSXLIVWSV[LIRXLIKVSYTLEWHIZIP
    STIHELMWXSV]SJGSRJPMGXYEPTEXXIVRWVIKEVHPIWWSJXLIWYFWXERGISJXLIMWWYIXLIRMX
    LEWXLITSXIRXMEPSJFIMRKHIWXVYGXMZIGSRJPMGX+VSYTQIQFIVW[LSHSRSXJIIPXLI]
    LEZIEWQYGLXSKEMREWSXLIVWHSGERYWIEZSMHERGISVSXLIVHIWXVYGXMZIWXVEXIKMIW
    0MOI[MWI YRVIWSPZIH qTIVWSREPMX] GPEWLIWr GER LMRHIV ER] EXXIQTXW EX GSRWXVYGXMZI
    GSRJPMGXQEREKIQIRX%PXLSYKLXLIMWWYIWMRGSRJPMGXQE]ZEV]EWEXMWJEGXSV]VIWSPY
    XMSRHITIRHWSRWIIOMRKXSYRHIVWXERHERHEHHVIWWXLISVMKMRWSJXLIGSRJPMGXERHSR
    HIJMRMRK XLI MWWYIW [LMPI WMQYPXERISYWP] IRKEKMRK MR SXLIV ETTVSTVMEXI GSRJPMGX
    VIWSPYXMSRWXVEXIKMIW

    8LI7YFWXERGISJ'SRJPMGX
    %WWYQMRKXLEXXLIQIQFIVWEVIMRZIWXIHMRXLIKVSYTXLEXXLI]JIIPIQTS[IVIHERH
    XLEXXLIVIMWEHMZIVWMX]SJZMI[TSMRXWERHI\TIVMIRGIW[ILEZIXLIKVSYRHJSVMWWYI
    FEWIHGSRJPMGX-J[IHSRSXEKVII[MXLSXLIVKVSYTQIQFIVWEFSYXXLITEVXMGYPEVMWWYIW
    SJGSRGIVRERHMJ[IEVIVIEWSREFP]MRZIWXIHMRSYVS[RTIVWTIGXMZIW[IEVIPMOIP]XS
    GSQIMRXSGSRJPMGX[MXLXLSWI[LSSTTSWIYWSVWIIXLMRKWHMJJIVIRXP] 4YXREQ
    4SSPI
     -RGSRWXVYGXMZI MWWYIFEWIHGSRJPMGX XLIGEYWIW SV WYFWXERGI SJ XLI GSRJPMGX
    WLSYPHFIWSYKLXMRXLITVIWIRXMWWYIWYRHIVHMWTYXIVEXLIVXLERHMWQMWWMRKXLIGSRJPMGX
    EW HYI XS MRLIVIRX TIVWSREPMX] TVSFPIQW SV XS TVII\MWXMRK ERH GYVVIRXP] MVVIPIZERX
    MWWYIW*SVI\EQTPI8S]SXEGVIHMXWqPSXWSJGSRJPMGXrSZIVLS[MXTVSHYGIWMXWGEVWEWE
    QENSV GSRXVMFYXSV XS MXW IRZMEFPI TSWMXMSR EW E UYEPMX] TVSHYGIV SJ ZILMGPIW ;EVH

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

     7YFWXERXMZIGEYWIWXLEXGERPIEHXSGSRWXVYGXMZIGSRJPMGXQE]FIJSYRHMREXPIEWX
    XLVIIWSYVGIWERHXLIMVMRJPYIRGIWSRXLIMWWYIYRHIVHMWGYWWMSR
    3RI WSYVGI MW TIVGIMZIH WGEVGI VIWSYVGIW MRGPYHMRK PEGO SJ XMQI MRWYJJMGMIRX
    MRJSVQEXMSRMREHIUYEXIWTEGISVTPEGIPMQMXIHVI[EVHWPMQMXIHEGGIWWXSJMRERGMEP
    MRJSVQEXMSREPSVSXLIVVIWSYVGIWGSQTIXMXMSRJSVPIEHIVWLMTTSWMXMSRWSVER]RYQFIV
    SJSXLIVTIVGIMZIHPMQMXEXMSRWXSXLIJYPPERHJEMVXVIEXQIRXSJXLIKVSYTTVSGIWWSVSJ
    XLIMWWYIWYRHIVGSRWMHIVEXMSR
    %WIGSRHWSYVGIMWXLIHMZIVWIFEGOKVSYRHW SVSVMIRXEXMSRWSJKVSYTQIQFIVW
    MRGPYHMRKGSRJPMGXWMRZEPYIW WYGLEWVIPMKMSYWTSPMXMGEPSVWSGMSIGSRSQMGTIVWTIG
    XMZIW HMJJIVMRKMRXIVIWXWSVEFMPMXMIWZEV]MRKEQSYRXWSVX]TIWSJORS[PIHKISVI\TIVM
    IRGIVIPEXIHXSXLIWYFNIGXEXLERHHMJJIVIRXMRJSVQEXMSRSVSTMRMSRWEFSYXXLIWYFNIGX
    HMJJIVMRKTIVGITXMSRWSJSRItWS[RSVSXLIVWt VIPEXMZIWXEXYWSVTS[IV MRGPYHMRKYRVI
    WSPZIHVMZEPVMIWJSVWXEXYWSVTS[IV SVSXLIVHMJJIVIRGIWMRSVMIRXEXMSRWORS[PIHKI
    ERHVIPEXMSRWLMTWXSXLIKVSYTTVSGIWWERHKSEPWSVXSXLIMWWYIYRHIVHMWGYWWMSR
    3YVGYPXYVEPFEGOKVSYRHTIVLETWXLIQSWXETTEVIRXI\EQTPISJMRHMZMHYEPHMZIV
    WMX]GEREJJIGXLS[[IETTVSEGLGSRJPMGXW+VSYTQIQFIVWJVSQGSPPIGXMZMWXGYPXYVIW
    MR[LMGLMRHMZMHYEPKSEPWEVIRSXEWMQTSVXERXEWXLIKVSYTKSEPWEVIQSVIPMOIP]XS
    EZSMHGSRJPMGX[MXLSXLIVKVSYTQIQFIVW 'EM
    *MRO6ELMQ
    &PYQ 
    )ZIRMJX[SMRHMZMHYEPWJVSQHMJJIVIRXGYPXYVEPFEGOKVSYRHWTIVGIMZIXLIWEQIGSRJPMGX
    XLIMVGSRJPMGXQEREKIQIRXWX]PIWQE]HMJJIV 6EFMI %XXLIWEQIXMQIMRHMZMHY
    EPWJVSQGSPPIGXMZMWXGYPXYVIWGERFINYWXEWGSQTIXMXMZIEWXLSWIJVSQMRHMZMHYEPMWXGYP
    XYVIW[MXLTISTPISYXWMHIXLIKVSYT 'LIR'LIR
    1IMRHP )EVPMIVMRXLMWXI\X
    WII'LETXIV [IHMWGYWWIHXLIHMJJIVIRXKIRIVEXMSRWEX[SVOEWTSWWMFPIWSYVGIWJSV
    HMJJIVMRKZEPYIWERHTIVGITXMSRW >IQOI6EMRIW
    *MPMTG^EO 
    3VKERM^EXMSRWEPWSLEZIGYPXYVEPRSVQWXLEXqMRJPYIRGIXLIX]TIWSJGSRJPMGXWXLEX
    SGGYVERHXLI[E]WMR[LMGLXLI]QE]FIHIEPX[MXLr (I:MXST -RKVSYTW
    SVXIEQWEX[SVOSVMRSXLIVKVSYTWIXXMRKWYRHIVWXERHMRKXLIMQTSVXERGISJHMZIVWI
    FEGOKVSYRHWMWGVMXMGEP
    %XLMVHWSYVGIMWZEV]MRKSVMIRXEXMSRWXSXEWOEGGSQTPMWLQIRX MRGPYHMRKHMZIV
    KIRXHIJMRMXMSRWSVYRHIVWXERHMRKWSJXLIFVIEHXLSVHITXLSJXLIWYFNIGXEXLERHSVSJ
    XLIKVSYTTVSGIWWXSFIYWIHHMJJIVMRKPIZIPWSJGSQQMXQIRXXSXLITVSGIWWERHXSXLI
    TVSNIGXHMJJIVMRKHIKVIIWSJMQTSVXERGITPEGIHSRXLIXMQIPMRIWWJSVGSQTPIXMSRSJXLI
    XEWOHMZIVKIRXZEPYIWVIKEVHMRKXLIPIZIPSJSTXMQM^EXMSRSJEWSPYXMSRSVSXLIVHMJJIV
    IRGIWMRYRHIVWXERHMRKEXXMXYHIERHETTVSEGLXSXLIKVSYTTVSGIWWERHXSXLIXEWO
    %WXLIWITSMRXWHIQSRWXVEXIXLIMRXIVEGXMSRTEXXIVRWXLIQWIPZIWGERFIGSQIXLI
    WYFWXERGISJXLIGSRJPMGX8LIVIQE]FIERYQFIVSJSXLIVWSYVGIWSJGSRJPMGXMRETEV
    XMGYPEVKVSYTEW[IPPFYXXSXLII\XIRXXLEXXLI]EVIEGORS[PIHKIHERHEHHVIWWIHEW
    MWWYIFEWIHGSRJPMGXWXLI]GERFIQEREKIHTVSHYGXMZIP][MXLEPPQIQFIVWFIPMIZMRK
    XLI]LEZI [SR WSQIXLMRK ERH [MXL XLISZIVEPP SYXGSQIFIMRKXLI FIWX TSWWMFPI SRI
    YRHIVEKMZIRWIXSJGMVGYQWXERGIW
    ;LIXLIVGSRJPMGXMWQEREKIHGSRWXVYGXMZIP]SVHIWXVYGXMZIP]HITIRHWSRWIZIVEP
    EHHMXMSREPJEGXSVWMRGPYHMRKQIQFIVWt PIZIPWSJGSQQMXQIRXXSXLITVSGIWWXLIMVEXXM
    XYHIW XS[EVH GSRJPMGX MR KIRIVEP ERH XS[EVH XLI WTIGMJMG GSRJPMGX MR [LMGL XLI] EVI
    IRKEKIHXLIEQSYRXSJXMQIERHIRIVK]XLI]EVI[MPPMRKERHEFPIXSGSQQMXXSMXXLIMV
    HIKVIISJVIWTIGXJSVXLISXLIVTEVXMIWMRXLIGSRJPMGXERHXLIZEPYIXLI]TPEGISRXLIMV

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    4EXXIVRWSJ'SRJPMGX1EREKIQIRX 

    MRXIVTIVWSREPVIPEXMSRWLMTW[MXLXLSWITEVXMIWERHXLIMVPIZIPSJWOMPPMRGSQQYRMGEXMRK
    XLIMV[E]XLVSYKLXLIGSRJPMGX

    4EXXIVRWSJ'SRJPMGX1EREKIQIRX
    2SSRITEXXIVRSJGSRJPMGXQEREKIQIRXMWWYMXEFPIJSVEPPGSRJPMGXWSREPPSGGEWMSRWEX
    EPPXMQIWSVMREPPGSRXI\XW7SQIGSRJPMGXWEVIWMQTP]QSVIMQTSVXERXXLERSXLIVWERH
    [I RIIHXS YWISYVXMQI ERH IRIVK] VIWSYVGIW GEVIJYPP]ERHTVSHYGXMZIP] XSVIWSPZI
    XLIQ,S[IZIV[LIR[IWIIGSRJPMGXEWEHERGIVEXLIVXLEREWE[EV[IEVIEPPFIXXIV
    WIVZIH ,SGOIV
    ;MPQSX 'SRWXVYGXMZIGSRJPMGXWWLEVIXLIIPIQIRXWSJQYXYEP
    MRXIVTIVWSREPGSRGIVRMRXIVHITIRHIRGIERHEREWWYQTXMSRSJIUYMJMREPMX] WII'LET
    XIV 1YXYEPMRXIVTIVWSREPGSRGIVRQIERWXLEXTVSHYGXMZIGSRJPMGXJSGYWIWSRXLIGVMX
    MGEPIZEPYEXMSRSJMHIEW'SRJPMGXWEVIWIIREWERSTTSVXYRMX]JSVHMEPSKYIVEXLIVXLEREW
    EHIFEXI >SVRS^E6MTSPP
    4IMVS 
    (]WJYRGXMSREPGSRJPMGXIMXLIVVIJYWIWEZSMHWSVWYWTIRHWXLEXIZEPYEXMSRSJMHIEW
    ERH SJXIR JSGYWIW EXXIRXMSR SR E KVSYT QIQFIVtW FILEZMSV EFMPMXMIW SV TIVWSREPMX]
    ;MXXIQER -RXIVHITIRHIRGI QIERW[SVOMRKXSKIXLIVEWEXIEQMRXLMWIZEPYE
    XMSR SJ XLI MHIEW VEXLIV XLER [SVOMRK WITEVEXIP] SV EX GVSWWTYVTSWIW%W TVIZMSYWP]
    WXEXIHIUYMJMREPMX]QIERWVIGSKRM^MRKXLEXXLIVIMWQSVIXLERSRIZEPMH[E]XSVIEGLE
    WYGGIWWJYPVIWSPYXMSR(IWXVYGXMZIGSRJPMGXWSRXLISXLIVLERHEVIFEWIHSREPEGOSJ
    GSRGIVRJSVXLIVIPEXMSREPIPIQIRXWMRXLIMRXIVEGXMSREJIIPMRKSJMRHMZMHYEPMRHITIR
    HIRGIERHVMKLXRIWWERHEREWWYQTXMSRSJE^IVSWYQKEQISJ[MRRIVWERHPSWIVWXLEXMW
    GSYTPIH[MXLPMQMXIHTSWWMFMPMXMIWJSV[MRRMRKWSXLEX[LIRSRITEVXMGMTERX[MRWXLI
    SXLIVQYWXPSWI
    1ER]SJYWYWIEPMQMXIHRYQFIVSJGSRJPMGXQEREKIQIRXWX]PIWSVSVMIRXEXMSRWXS
    VIWTSRHXSGSRJPMGX 7LSGOPI]>EPEFEO 3YVWX]PIWEVIFEWIHSRXLIHIKVIIXS
    [LMGL[IQEMRXEMRYRHIVP]MRKWIXWSJEWWYQTXMSRWEFSYXXLIRIIHXSQEMRXEMRSYVVIPE
    XMSRWLMTW XLVSYKLGSSTIVEXMSR [MXL SXLIVW ERH XLI MQTSVXERGI SJ EGGSQTPMWLMRK XLI
    XEWO 0YPSJW
    'ELR %WWLS[RMR*MKYVI EX[SHMQIRWMSREPGSRJPMGXQER

    *-+96) *MZI7X]PIWSJ'SRJPMGX1EREKIQIRX

    'SQTIXI 'SPPEFSVEXI
    8SYKLFEXXPIV 4VSFPIQ7SPZIV
    4S[IVh;I8LI] -RXIKVEXSVh9W
    ;MR0SWI ;MR;MR
    'SQTVSQMWI
    'SRGMPMEXSV
    0SWI0SWI
    %ZSMH %GGSQQSHEXI
    -QTIVWSREPGSQTPMIV *VMIRHP]LIPTIV
    %ZSMHIVh;MXLHVE[ 7YTTVIWWSVh,EVQSR]
    0SWI;MR 0SWI;MR
    0S[h'SSTIVEXMZIRIWWh,MKL
    7EXMWJ]SXLIVW
    4VSWSGMEP

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

    EKIQIRX WX]PI KVMH GER FI HIZIPSTIH XLEX WLS[W XLI MQTEGX SJ ZEVMSYW HIKVIIW SJ
    IQTLEWMWSRLS[[IZMI[GSSTIVEXMSR[MXLSXLIVWERHXEWOEGGSQTPMWLQIRX
    4VSFPIQ WSPZMRKGSPPEFSVEXMSR MW XLI WX]PI XLEX WIIOW XS QE\MQM^I KEMR JSV EPP
    TEVXMGMTERXW -X MW LMKL SR FSXL VIPEXMSRWLMT ERH XEWO SVMIRXEXMSRW 7QSSXLMRK SV
    EGGSQQSHEXMSR MWXLIWX]PIXLEXKMZIWMRXSSXLIVWMRSVHIVXSEZSMHGSRJPMGX-XMWLMKL
    SRXLIVIPEXMSRWLMTSVMIRXEXMSRFYXPS[SRXEWO'SQTVSQMWI MWXLIWX]PIXLEXEWWYQIW
    XLEXIEGLWMHIKMZIWMRIRSYKLXSVIWSPZIXLIMWWYIERHQSZISR-XMWEXXLIQMHHPISJ
    XLIGSRXMRYYQSRFSXLSVMIRXEXMSRW[MXLWSQIGSRGIVR[MXLVIPEXMSRWLMTWERHWSQI
    [MXLXEWOFYXSZIVEPP[MXLEQSVITVEGXMGEPERHPIWWMHIEPMWXMGSVMIRXEXMSRXSGSRJPMGX
    *SVGMRK SV GSQTIXMXMSR MWEWX]PIHIHMGEXIHXS[MRRMRKERHGERFIGSQIHIWXVYGXMZI
    GSQTIXMXMSR [LIRMXQIERW[MRRMRKEXER]GSWX-XMWPS[SRVIPEXMSRWLMTSVMIRXEXMSR
    ERHLMKLSRXEWO;MXLHVE[EPEZSMHERGI MWXLIWX]PIXLEXGSRGIHIWFIJSVIXLIGSRJPMGXMW
    IZIRIRKEKIH-XMWPS[SRFSXLVIPEXMSRWLMTERHXEWOSVMIRXEXMSRW8LSWISVMIRXEXMSRW
    XLEXZEPYIFSXLVIPEXMSRWLMTERHXEWOWIXXLIWXEKIJSVGSRWXVYGXMZIGSRJPMGXERHLEZIXLI
    TSXIRXMEPJSVEWEXMWJEGXSV]VIWSPYXMSR8LSWISVMIRXEXMSRWXLEXHSRSXZEPYIIMXLIVVIPE
    XMSRWLMTSVXEWOWSQIXMQIWPIEHXSHIWXVYGXMZIGSRJPMGXTEXXIVRW[MXLMRXLIKVSYTERHE
    VIWSPYXMSRXLEXMWYRWEXMWJEGXSV]JSVEXPIEWXSRISVQSVISJXLITEVXMGMTERXW%ZSMHMRK
    GSRXVSZIVW]F]EGXMRKXSWQSSXLSZIVHMJJMGYPXMIWF]EGGSQQSHEXMRKIRKEKMRKMRXSS
    QYGL GSQTIXMXMSR SV XSS UYMGOP] GSQTVSQMWMRK GER EPP HIZIPST MRXS H]WJYRGXMSREP
    GSRJPMGXTEXXIVRW[MXLMRXLIKVSYT
    7MRGIWQEPPKVSYTWEVIMRXIVEGXMZIW]WXIQWYRHIVWXERHMRKLS[GSRJPMGXQEREKI
    QIRXXEOIWTPEGIMRXLIQMWQSVIGSQTPMGEXIHXLERWMQTP]YRHIVWXERHMRKXLIGSRJPMGX
    QEREKIQIRX WX]PIW SJ XLI MRHMZMHYEP QIQFIVW 7YTIVMQTSWIH SR XLIWI MRHMZMHYEP
    WX]PIWEVIWM\GSQTEVEFPIKVSYTGSRJPMGXVIWSPYXMSRWXVEXIKMIW)EGLSJXLIWILEWFSXL
    GSRWXVYGXMZIERHHIWXVYGXMZIETTPMGEXMSRWHITIRHMRKSRXLISZIVEPPSVMIRXEXMSRSJXLI
    KVSYTERHSJIEGLSJXLIMRHMZMHYEPWXSXLIGSRJPMGX8LYWGSRJPMGXQEREKIQIRXXEOIW
    TPEGIMREGSQTPI\IRZMVSRQIRXVEVIP]EWWXVEMKLXJSV[EVHERHIEW]XSEGGSQTPMWLEWMX
    WSYRHWMRHMWGYWWMRKMX;IGSRWMHIVXLIWIWX]PIWMRXLISVHIVMR[LMGLXLI][IVITVI
    WIRXIH JSV XLI MRHMZMHYEP WX]PIW GSPPEFSVEXMSR EW IMXLIV GSRWIRWYW SV RIKSXMEXMSR 
    EGGSQQSHEXMSRGSQTVSQMWIGSQTIXMXMSRERHEZSMHERGI ,EVVMW 

    'SPPEFSVEXMSR ERH'SRWIRWYW
    8LIMHIEPGSRJPMGXVIWSPYXMSRWXVEXIK]JSVER]KVSYTMWSRISJ[MR[MRSVGSRWIRWYW GSP
    PEFSVEXMSR 'SRWIRWYWXEOIWXMQIIRIVK]ERHGSQQMXQIRX-XMWETTVSTVMEXIJSVXLIQSWX
    MQTSVXERXGSRJPMGXWFYXMXQE]RSXFI[SVXLXLIIJJSVXJSVWMHIMWWYIWSVQEXXIVWSJVIPE
    XMZIP]WQEPPGSRWIUYIRGI'SRWIRWYWVIUYMVIWGEVIJYPP]HIJMRMRKXLIMWWYIWHMWGYWWMRK
    KVSYTTVSGIWWWXVEXIKMIWJSVGSQQYRMGEXMSREKVIIMRKSRXLITEVEQIXIVWSJEKSSHWSPY
    XMSRFIMRKSTIRGEVIJYPERHGSRWMHIVEXIPMWXIRMRKXSEPPTIVWTIGXMZIWERHFIMRK[MPPMRK
    XSXEOIXLIXMQIERHIRIVK]RIIHIHXSJSVKIWSPYXMSRWJVSQXLIFIWXTEVXWSJXLITIVWTIG
    XMZIWSJJIVIH8LMWWXVEXIK]EWWYQIWXLEXqRSRISJYWMWEWWQEVXEWEPPSJYWEVIXSKIXLIVr
    ;LMPIXLIGSPPEFSVEXMZIWX]PIMWGSQQSRP]VIJIVVIHXSEWq[MR[MRrXLEXHSIWRSXQIER
    XLIEFWIRGISJGSRJPMGX-RJEGXGSPPEFSVEXMSRGERMRZSPZIWXVSRKHMWEKVIIQIRXWFYXXLI]
    JSGYWSRXLITVSFPIQWSPZMRKMWWYIWRSXTIVWSREPMXMIWSVTSWMXMSRW 1G2EV] 

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    4EXXIVRWSJ'SRJPMGX1EREKIQIRX 

    'SPPEFSVEXMZIGSQQYRMGEXMSRIRXEMPWXLITEVXMGMTEXMSRSJEPPQIQFIVW[MXLIEGL
    WXEXMRKLMWSVLIVTSMRXSJZMI[EWGPIEVP]ERHGSRGMWIP]EWTSWWMFPI[LMPIPMWXIRMRKEXXIR
    XMZIP]XSXLSWISJSXLIVW3RGIEPPMRMXMEPTIVWTIGXMZIWLEZIFIIRTVIWIRXIHERHYRHIV
    WXSSH XLI GSRJPMGXMRK ZMI[TSMRXWEVI IRKEKIH [MXL IEGL WMHI TVIWIRXMRK XLI VEXMSREP
    FEWMWSJMXWTSMRXSJZMI[)EGLTEVX]VIQEMRWSTIRXSFIMRKGSRZMRGIHF]XLIQSVIGSQ
    TIPPMRKEWTIGXWSJERSXLIVtWEVKYQIRX8LIYPXMQEXIVIWSPYXMSR[MPPQSWXPMOIP]GSQFMRI
    IPIQIRXWSJEPPSVQSWXTIVWTIGXMZIWQM\MRKERHVIWLETMRKXLIFIWXTEVXWSJIEGLXSJSVQ
    ERI[ERHQSVIGVIEXMZI[LSPIXLERER]MRHMZMHYEPSVMKMREPTEVX8LIVIWSPYXMSRWLSYPH
    VIJPIGXXLITVSGIWWMXWIPJEW[IPPEWXLIWYFWXERGISJXLIMHIEWHMWGYWWIH[MXLIEGLQIQ
    FIVGSRXVMFYXMRKXSXLIJSVKMRKSJEJMREPWSPYXMSR8LEXWSPYXMSR[MPPMHIEPP]WEXMWJ]EPP
    TEVXMGMTERXW[MXLIEGLLEZMRKFIIRLIEVHERHJIIPMRKZEPMHEXIHF]XLITVSGIWW[LIXLIV
    SVRSXLMWSVLIVS[RMRMXMEPMHIEW[IVIYPXMQEXIP]YWIH-RJEGXGSSTIVEXMZIXIEQI\TIVM
    IRGIWqVIHYGITVINYHMGIMRGVIEWIEGGITXERGISJSXLIVWERHLIMKLXIRQSVEPIr 8NSWZSPH
    T ;LMPIGSQTIXMXMSRLEWFIIREWWYQIHXSMRGVIEWITVSHYGXMZMX]GSPPEFSVE
    XMSRPIEHWXSqLMKLIVEGLMIZIQIRXERHTVSHYGXMZMX]IWTIGMEPP]SRQSVIGSQTPI\XEWOW
    ERHTVSFPIQWXLEXFIRIJMXJVSQXLIWLEVMRKSJMRJSVQEXMSRERHMHIEWr 8NSWZSPH
    T 'SPPEFSVEXMSRMWRSXPMOIP]XSVIWYPXMRHIWXVYGXMZIGSRJPMGX[LIRMXMWHSRIJEMVP]
    ERH [LIR EPP QIQFIVW JIIP IQTS[IVIH XLVSYKL XLI TVSGIWW FYX GSPPEFSVEXMSR QE]
    MRZSPZIWSQIRIKSXMEXMSREWHIWGVMFIHMRXLIRI\XWIGXMSR

    2IKSXMEXMSR
    2IKSXMEXMSR EW E GSRJPMGX VIWSPYXMSR WXVEXIK] MRZSPZIW JSVKMRK E VIWSPYXMSR FIX[IIR
    STTSWMRK TSMRXW SJ ZMI[ EWWYVMRK XLEX IEGL WMHI q[MRWr ERH KIXW XLI FIRIJMXW QSWX
    MQTSVXERXXSMXWSZIVEPPKSEPW%WEWXVEXIK]MXMWJVIUYIRXP]EWWSGMEXIH[MXLEQSVIJSV
    QEPHIXIVQMREXMSRXSIRXIVMRXSXLIFEVKEMRMRKXLERMWGSPPEFSVEXMSR-XYWYEPP]JSPPS[W
    ERMQTEWWIMRHMWGYWWMSR[LIRHMWEKVIIQIRXWQE]WIIQYRVIWSPZEFPIERH[LIRRIM
    XLIVWMHIWIIQW[MPPMRKSVEFPIXSQEOIIRSYKLGSRGIWWMSRWXSVIEGLEWEXMWJEGXSV]VIW
    SPYXMSR (ITIRHMRK SR XLI HITXL SJ XLI MQTEWWI ER MQTEVXMEP QIHMEXSV QE] FI
    RIGIWWEV]XSLIPTXLITEVXMIWJMRHEVIEWSJQYXYEPEKVIIQIRX8LMWQIHMEXSVQE]FI
    ERSXLIVQIQFIVSJXLIKVSYT[LSYRHIVWXERHWXLIMWWYIERHMXWHMJJIVIRXTIVWTIGXMZIW
    ERH[LSGERLIPTXLITEVXMIWFIXXIVYRHIVWXERHIEGLSXLIV
    2IKSXMEXMSRMRXLMWGEWIMWRSXEFMRHMRKEVFMXVEXMSRXLVSYKL[LMGLEVIWSPYXMSRMW
    MQTSWIHF]EXLMVHTEVX]-RXLMWRIKSXMEXMSRXLITEVXMIWQYWXVIWSPZIXLIMVHMJJIVIRGIW
    ERHEVVMZIEXEWSPYXMSRXLIQWIPZIW2IKSXMEXMSRMQTPMIWEGSQQMXQIRXXSXLITVSGIWW
    ERHXLEXFSXLWMHIW[MPPFEVKEMR[MXLSTIRRIWWERHJEMVRIWWMREKSSHJEMXLIJJSVXXS
    VIEGLEQYXYEPP]EGGITXEFPIEKVIIQIRX
    7YGGIWWJYPRIKSXMEXMSRHITIRHWSRTPERRMRKERHWXVEXIK]-XQE]IRXEMPGLSSWMRK
    SRIQIQFIVJVSQIEGLWMHIXSVITVIWIRXXLEXTSMRXSJZMI[MRXLITVIWIRXEXMSRSJXLI
    EVKYQIRXW 2IKSXMEXMRK EPWS VIUYMVIW E XLSVSYKL EGUYEMRXERGI [MXL EPP WMHIW SJ XLI
    MWWYIWYRHIVGSRWMHIVEXMSREWXVSRKVEXMSREPIJSVSRItWS[RTEVXMGYPEVTSMRXSJZMI[
    MRGPYHMRKETTVSTVMEXIHSGYQIRXEXMSREPMWXSJXLSWITEVXWSJXLIMWWYIXLEXGERFIGSR
    GIHIH[MXLSYXLEVQMRKXLIIWWIRGISJSRItWHIWMVIHFIRIJMXEKSSHYRHIVWXERHMRKSJ
    XLISXLIVtWTSMRXSJZMI[LS[XLI]EVIPMOIP]XSEVKYIMXERH[LEXXLI]QMKLXFI[MPPMRK
    XSGSRGIHI[MXLSYXPSWMRKXLIIWWIRGISJXLIMVFIRIJMXERHEVIWTIGXJSVXLISXLIVTEVX]

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

    7EJIX]MWWSQYGLETEVXSJXLIGYPXYVIEX
    2YGSV7XIIP8YWGEPSSWEXLEXMXMWTYX
    FIJSVIUYEPMX]GSWXTVSHYGXMZMX]ERHTVSJMX
    8LMWMWFEGOIHYT[MXLXLI;IIOP]'IRXVEP
    7EJIX]'SQQMXXIIGSQTVMWMRKEPPQEREKIVW
    ERHEGVSWWWIGXMSRSJWYTIVZMWSVWERH
    LSYVP]XIEQQIQFIVW[LIVIXLITLMPSWS
    TL]SJq2SXLMRKMWQSVIMQTSVXERXXLER
    WEJIX]2SXLMRKrMWGSRWMWXIRXP]
    VIMRJSVGIH

    ERHMXWZMI[TSMRX%WYGGIWWJYPSYXGSQI[MPPPIEZIEPPTEVXMIWWEXMWJMIHXLEXXLI]KSX
    [LEXXLI]QSWXRIIHIHSV[ERXIHERHXLEXXLIVIWSPYXMSRMWJEMVXSXLIQEPP
    2IKSXMEXMSR LS[IZIV GER EPWS FI LERHPIH HIWXVYGXMZIP] [LIR QIQFIVW YWI
    QERMTYPEXMZIWXVEXIKMIWWYGLEWWXEVXMRKJVSQXLII\XVIQIIRHSJSRItWS[RGSRJPMGX
    GSRXMRYYQHIRMKVEXMRKXLISXLIVtWTIVWTIGXMZIVIJYWMRKXSPMWXIRGEVIJYPP]I\EKKIVEX
    MRKXLIZEPYISJSRItWS[RGSRGIWWMSRW[LMPIQMRMQM^MRKXLSWISJXLISXLIVGSRGIEP
    MRK TIVXMRIRX MRJSVQEXMSR EVKYMRK JSVGIJYPP] VMKLX SV [VSRK ERH WXSRI[EPPMRK SV
    FIMRK[MPPMRKXSXEOIEWPSRKEWRIGIWWEV]XS[MR ,SGOIV
    ;MPQSX 
    %HSTXMRKEWXVEXIK]SJRIKSXMEXMSRVITVIWIRXWERI[PIZIPSJWIVMSYWRIWWMRXLIHMW
    GYWWMSR8LIMQTSVXERXTEVXSJRIKSXMEXMSREW[MXLEPPEWTIGXWSJGSRWXVYGXMZIGSRJPMGX
    QEREKIQIRXMWXSEGLMIZI[LEXMWFIWXJSVXLISZIVEPPKVSYTIJJSVX[MXLSYXWEGVMJMGMRK
    XLITIVWSREPVIPEXMSRWLMTWXLEXFMRHXLIKVSYTXSKIXLIV *MWLIV9V]
    4EXXSR 

    %GGSQQSHEXMSR
    %GGSQQSHEXMSR EWEWXVEXIK]MQTPMIWKMZMRKYTEPPSVQSWXSJSRItWS[RTSWMXMSR SV
    FIRIJMX JSVXLIWEOISJSXLIVW-XMRZSPZIWETVMQEVMP]SRIWMHIHGSRGIWWMSRERHMWQSWX
    GSRWXVYGXMZIP] YWIH [MXLMR EGSRXI\X SJ GSPPEFSVEXMZI GSRJPMGXQEREKIQIRX[MXL XLI
    MRXIRXMSRFIMRKXSVIHYGIMRXIVTIVWSREPXIRWMSRERHGSRJPMGXJSVXLIWEOISJXLISZIVEPP
    XEWO ERH XLIKVSYTTVSGIWW;LIR YWIH XS QSZIFI]SRH MRWMKRMJMGERXSV WYTIVJMGMEP
    GSRJPMGXWXSWEZIIRIVK]ERHKVSYTLEVQSR]JSVXLIQSVIMQTSVXERXMWWYIWEGGSQQS
    HEXMSRLEWETSWMXMZIIJJIGXERHGERFIGSRWMHIVIHGSRWXVYGXMZI*SVI\EQTPIMJQSWX
    QIQFIVWSJXLIKVSYT[ERXXSQIIXMRXLIIZIRMRKERHSRIQIQFIVTVIJIVWHE]WXLEX
    QIQFIVQMKLXFI[MPPMRKXSKSEPSRK[MXLXLIIZIRMRKXMQIMJWLISVLITSWWMFP]GER
    MRSVHIVRSXXSHIVEMPXLIKVSYTTVSGIWWSZIVEVIPEXMZIP]QMRSVTSMRX-JLS[IZIVXLMW
    QIQFIVKMZIWMRSRQSWXSJXLIMQTSVXERXMWWYIWXLEXMRZSPZIGSRJPMGXMRKTSMRXWSJZMI[
    NYWXJSVXLIWEOISJKVSYTLEVQSR]XLEXQIQFIVQE]IZIRXYEPP]IRHYTJIIPMRKVIWIRX
    JYPERHERKV]ERHQE][MXLHVE[EPXSKIXLIVJVSQXLIKVSYTHMWGYWWMSRTVSGIWW-RXLEX
    GEWIXLIKVSYTPSWIWXLIZEPYISJXLEXQIQFIVtWYRMUYITIVWTIGXMZI

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    4EXXIVRWSJ'SRJPMGX1EREKIQIRX 

    8VEHMRKEGGSQQSHEXMSRSRSRITSMRXMRSVHIVXS[MRJEZSVJSVERSXLIVQE]LEZI
    TSWMXMZI SV RIKEXMZI GSRWIUYIRGIW SR XLI KVSYT TVSGIWW -J HSRI MR XLI WTMVMX SJ
    GSRWXVYGXMZIGSQTVSQMWIMXQE]IRLERGIXLIKVSYTIJJSVX-JLS[IZIVMXMWHSRIMRWYGL
    E[E]XLEXMXTMXWSRIMWWYIEKEMRWXERSXLIVERHFYMPHWGSEPMXMSRWXLEXHMZMHIXLIKVSYTMX
    QE]LEZIEPSRKXIVQRIKEXMZIMQTEGX*SVEGGSQQSHEXMSRXS[SVO[IPPMXRIIHWXSFI
    YWIHJSVXLIFIRIJMXSJXLISZIVEPPTVSGIWW-XWLSYPHRSXVIWYPXMRXLIKVSYTtWPSWMRKXLI
    FIRIJMXSJSTTSWMRKTSMRXWSJZMI[ERHXLIW]RIVK]XLEXVIWYPXWJVSQGSRWXVYGXMZIGSRJPMGX
    8LIIJJIGXSJHIWXVYGXMZIEGGSQQSHEXMSRMWWMQMPEVXSXLEXSJHIWXVYGXMZIEZSMHERGIMR
    XLEXMXEWWYQIWEPMQMXIHqTMIrXLEXQYWXFIHMZMHIHERHJSVJIMXWXLIZEPYISJYRMUYITIV
    WTIGXMZIWXLEXQMKLXEHHXSGVIEXMZITVSFPIQWSPZMRKERHIRLERGIHWSPYXMSRW

    'SQTVSQMWI
    'SQTVSQMWIXSSGERFIYWIHEWEGSRJPMGXQEREKIQIRXWXVEXIK][MXLMRIMXLIVEGSR
    WXVYGXMZIGSPPEFSVEXMZISVMIRXEXMSRSVEHIWXVYGXMZIGSQTIXMXMZISRI;LIR[IHIGMHI
    XS WTPMX XLI HMJJIVIRGI [I EVI YWMRK GSQTVSQMWI8LMW WXVEXIK] MW ETTVSTVMEXI [LIR
    XLIVIMWMRWYJJMGMIRXXMQISVIRIVK]XS[SVOXS[EVHGSRWIRWYWERH[LIRMXMWKIRIVEPP]
    EKVIIHXLEXXLIMWWYIMWRSX[SVXLXLIYWISJXLEXXMQISVIRIVK]'SQTVSQMWIGEREPWS
    FIYWIH[LIRXLIVIEVIRSVIEPMWXMG[E]WSJqI\TERHMRKXLITMIrERHRSIEW]EKVIIQIRX
    EFSYXMXWHMZMWMSR;LIRIEGLTEVXMGMTERXMWSVMIRXIHXSXLIGSQQSRKSSHIEGLQE]FI
    [MPPMRKXSGSRGIHIWSQISJLMWSVLIVTSXIRXMEPKEMRMRSVHIVXSQSZIELIEH[MXLXLI
    KVSYT TVSGIWW -R XLI I\EQTPI SJ XLI [EWXI QEREKIQIRX GSQQYRMX] KVSYT XLSWI
    QIQFIVW[LS[SYPHTVIJIVXSWIRHEPPXLIVIJYWIXSXLI[EWXIXSIRIVK]TPERXERHWEZI
    XLIXS[RXLIHMJJMGYPX]SJWXSVMRKERHQEREKMRKVIG]GPEFPIKSSHWQE]LEZIXSGSQTVS
    QMWI[MXLXLSWI[LS[SYPHTVIJIVXSVIG]GPIIZIV]XLMRKFYXXLIQSWXYWIPIWWTEVXWSJ
    XLI[EWXIWXVIEQ6IEPMWXMGEPP]XLIKVSYTQE]HIGMHIXSWIRHEPPFYXEJI[GEXIKSVMIWSJ
    VIG]GPEFPIKSSHWXSXLIIRIVK]TPERX-RXLEX[E]IEGLWMHIQE]KMZIYTTEVXSJMXWTIV
    GIMZIHMHIEPWSPYXMSRMRSVHIVXSQIIXXLIPEVKIVERHQSVIVIEPMWXMGKVSYTKSEPWSJWXE]
    MRK[MXLMRJYRHMRKPMQMXWERHQEOMRKXLIWSPYXMSREWIEW]EWTSWWMFPIJSVXLIXS[RXS
    EHQMRMWXIV2IMXLIVKVSYTKIXWEPPXLEXMX[ERXWFYXFSXLKIXWSQISJMXERHXLIWSPYXMSR
    QE]MR MXW MQTPIQIRXEXMSR FIER STXMQEPSRI -X MW GSRWXVYGXMZI GSQTVSQMWI MJ XLI
    TVSGIWWLEWFIIRLERHPIHJEMVP]ERH[MXLVIWTIGXJSVXLIPSWWIWJIPXF]XLSWI[LSLEZI
    SJJIVIHWSQISJXLIMVS[RTIVGIMZIHFIRIJMXJSVXLIGSQQSRKSSH
    %W[MXLGSQTIXMXMSRLS[IZIVGSQTVSQMWIGERFIHIWXVYGXMZIMJWSQIQIQFIVW
    JIIPVEMPVSEHIH;LIRTS[IVMWYWIHMVVIWTSRWMFP]XSJSVGIWSQIQIQFIVWXSKMZIYT
    TEVXSJXLIMVTSWMXMSRWMRXLIREQISJGSQTVSQMWIXLSWI[LSJIIPXLI]LEZIRSX[MPP
    MRKP]TEVXMGMTEXIHMRXLIGLSMGIEVIETXXSJIIPHMWIQTS[IVIHERHVIWIRXJYP6IKEVHPIWW
    SJLS[qIJJMGMIRXrXLMWOMRHSJTS[IVYWIQE]ETTIEVEXXLIXMQIMXGERSJXIRFEGOJMVI
    EXEPEXIVTSMRX[LIRGSSTIVEXMSRERHEKVIIQIRXEVIQSWXRIIHIHEQSRKKVSYTQIQ
    FIVW 8LYW GSQTVSQMWI WLSYPH XVYP] FI GSQTVSQMWI [MXL IEGL QIQFIV JIIPMRK
    IQTS[IVIHMRXLIGSRGIWWMSRXSFIRIJMX[LEXEPPLEZIEKVIIHMWXLIPEVKIVKSSH

    'SQTIXMXMSR
    'SQTIXMXMSR LEWE[MRPSWISVMIRXEXMSR-XMWQEVOIHF]WIPJMRXIVIWXVEXLIVXLERQYXYEP
    MRXIVIWXERHF]EREWWYQTXMSRSJEPMQMXIHVIWSYVGIERHPMQMXIHTSWWMFMPMXMIWJSVKEMR
    %PXLSYKLMXGERFIEWWSGMEXIH[MXLHIWXVYGXMZIGSRJPMGXQEREKIQIRXXLIVIEVIQER]

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

    XMQIWERHTPEGIW[LIVIqLIEPXL]GSQTIXMXMSRrGERFIWIIREWGSRWXVYGXMZIERHTVSHYG
    XMZI'SQTIXMXMSRIQFIHHIHMRERSZIVEPPSVMIRXEXMSRSJQYXYEPVIWTIGXERHMRXIVHI
    TIRHIRGI[LIRXLIPMQMXWSRXLIGSQTIXMXMZIJSVYQEVIGPIEVERH[LIRIZIV]SRIGER
    EKVIISRTPE]MRKF]XLIVYPIWSJXLIKEQIGERPIEHXSERIJJMGMIRXEPPSGEXMSRSJWGEVGI
    XMQI ERH SXLIV VIWSYVGIW -X GER EPWS FI JYR ERH MRZMKSVEXMRK QYGL PMOI [LIR [I
    FIGSQIMRZSPZIHMRTPE]MRKSV[EXGLMRKEJSSXFEPPKEQIEZMKSVSYWHIFEXISVKEQIW
    %HIGMWMSRXSYWIGSQTIXMXMZIWXVEXIKMIWMREWQEPPKVSYTMWETTVSTVMEXI[LIRXLIVIMW
    PMQMXIHXMQISVVIWSYVGIWERH[LIRXLIPEVKIVKSEPWSJXLIKVSYTEVIIRLERGIHF]MXW
    YWI-XMWEHIGMWMSRFIWXQEHIF]QYXYEPGSRWIRX[LIXLIVMQTPMGMXSVI\TPMGMX
    'SRWXVYGXMZIGSQTIXMXMZIGSQQYRMGEXMSRMRWQEPPKVSYTWMRGPYHIWQEOMRKGEVI
    JYP VEXMSREPIW JSV HMWEKVIIQIRXW FEWIH SR XLI WYFWXERGI SJ XLI MWWYI EX LERH [LMPI
    VIJVEMRMRKJVSQTIVWSREPEXXEGOW9WMRKGSQTIXMXMSRXSEWWMKRPIEHIVWLMTVSPIWQE]FI
    XLIQSWXIJJMGMIRX[E]SJEPPS[MRKEKVSYTXSEWWIWWXLIWYMXEFMPMX]SJSRISVERSXLIV
    TIVWSRJSVTEVXMGYPEVVIWTSRWMFMPMXMIW;LIRGERHMHEXIWHIFEXIXLIMVTSMRXWSJZMI[SR
    XLIVIPIZERXMWWYIWERHQEMRXEMRGMZMPMX]ERHVIWTIGXJSVSRIERSXLIVXLIGSQTIXMXMZI
    TVSGIWW GER IRIVKM^I HMWGYWWMSR EVSYRH KVSYT MWWYIW ERH GER EWWYVI E QIEWYVI SJ
    KVSYTGSLIWMZIRIWW8LIKVSYTtWEWWYQTXMSRMWXLEXSRIGERHMHEXI[MPP[MRMRXLIJMREP
    ZSXISVF]GSRWIRWYW8LISXLIVGERHMHEXILEWLS[IZIVFIIREFPIXSWXEXIETSWMXMSR
    ERH FI LIEVH 8LEX QIQFIV [MPP EW E PMOIP] GSRWIUYIRGI EWWYQI QSVI EYXLSVMX]
    [MXLMRXLIKVSYT8LIGSQTIXMXMSRMWEPWSI\TIGXIHXSFIFSYRHIHF]XLIqVYPIWSJXLI
    KEQIr ERH RSXI\TIGXIHXSWTMPP SZIVMRXSXLI WYFWIUYIRX KVSYTTVSGIWW-R ERSXLIV
    I\EQTPIMJXLIVIMWEPMQMXIHTSXSJQSRI]XSFIHMWXVMFYXIHEQSRKZEVMSYWMRXVEKVSYT
    TVSNIGXWXLEXEPPSGEXMSRQE]FIFIWXHIGMHIHXLVSYKLEGSQTIXMXMZITVSGIWW[MXLIEGL
    TEVX] TYXXMRK JSVXL MXW QSWX GSRZMRGMRK EVKYQIRXW JSV MXW RIIH JSV E TSVXMSR SJ XLI
    QSRI]%PPSGEXMSRWQE]XLIRFIHMWGYWWIHYRXMPEHIGMWMSRMWVIEGLIHEWXS[LMGLTEV
    XMIWWLSYPHVIGIMZI[LMGLTSVXMSRWSJXLIJYRHMRK(ITIRHMRKSRXLIMQTSVXERGISJXLI
    HMWXVMFYXMSRWGLIQIXSXLISZIVEPPKSEPWSJXLIKVSYTXLIHIGMWMSRQE]FIQEHIF]E
    ZSXI GSQTIXMXMSR F]GSQTVSQMWIF]EGGSQQSHEXMSRSVF]GSRWIRWYW GSPPEFSVE
    XMSR  XLIVIF] IQFIHHMRK XLI GSQTIXMXMZI WXVEXIK] [MXLMR ERSXLIV SZIVEPP WXVEXIK]
    ,S[IZIVMXMWHIGMHIHWSQITEVXMIWQE]q[MRrERHSXLIVWqPSWIrFYX[LIRXLITVSGIWW
    MW[SVOMRKEWMXWLSYPHXLIPEVKIVKSEPWSJXLIKVSYTEVIWIVZIH8LIOI]XSGSRWXVYGXMZI
    VIWSPYXMSRSJGSRJPMGXVIWMHIWJMREPP]MRQEMRXEMRMRKQYXYEPVIWTIGXEQSRKXLIKVSYT
    QIQFIVWXLIQWIPZIWVIKEVHPIWWSJXLIMQQIHMEXIMWWYIWMRGSRJPMGX
    -RMXWHIWXVYGXMZIKYMWIIRQIWLIH[MXLMREGSRXI\XSJPEGOSJVIPEXMSREPGSRGIVR
    XLIGSQTIXMXMZIGSQQYRMGEXMSRWX]PIQE]MKRSVIXLIVYPIWSJJEMVTPE]ERHQE]MRGPYHI
    TIVWSREPEXXEGOWMRZSPZMRKER]SJXLIJSPPS[MRKXEGXMGWGSRJVSRXEXMSREPVIQEVOW WYGL
    EWTSMRXMRKSYXERSXLIVMRHMZMHYEPtWIVVSVWMRXLMROMRKSVPSKMGVEXLIVXLERJSGYWMRKSR
    XLIMWWYI TIVWSREPGVMXMGMWQ WYGLEWGVMXMGMWQSJXLISXLIVtWGLEVEGXIVMWXMGWSVFILEZ
    MSVW TIVWSREPVINIGXMSR WYGLEWERXEKSRMWQXS[EVHXLITIVWSRVEXLIVXLERXS[EVHXLI
    WYFWXERGISJXLIMWWYI LSWXMPIMQTIVEXMZIW WYGLEWHIQERHWXLVIEXWEWWMKRQIRXSJ
    FPEQI LSWXMPIUYIWXMSRW WYGLEWEWOMRKPIEHMRKSVVLIXSVMGEPUYIWXMSRW TVIWYQTXMZI
    VIQEVOW WYGLEWEXXVMFYXMSRWSJXLSYKLXWSVJIIPMRKWXSXLISXLIV SVHIRMEPSJSRItW
    S[RVIWTSRWMFMPMX]MRXLIEVIESJXLIGSRJPMGX ,SGOIV
    ;MPQSX 
    8LIVIJSVI MR E WQEPPKVSYT MR[LMGL QIQFIVW EVI MRXIVHITIRHIRX ERH QYXYEP
    VIWTIGXERHXVYWXEVIIWWIRXMEPXSSTXMQM^MRKWSPYXMSRWGSQTIXMXMSRRIIHWXSFILERHPIH

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

    GEVIJYPP]ERH[MXLJYPPE[EVIRIWWSJXLIHERKIVWMXGERTSWI8LIVYPIWSJXLIGSQTIXMXMZI
    WXVEXIK]EW[IPPEWXLIZEPYISJXLITIVWSREPVIPEXMSRWLMTWQE]RIIHXSFIQEHII\TPMGMX

    %ZSMHERGI
    8LIEZSMHERGI WXVEXIK]IRXEMPW[MXLHVE[MRKJVSQXLIGSRJPMGX-JEZSMHERGIMWHYIXS
    PEGOSJMRJSVQEXMSRYRHIVWXERHMRKSVER]TEVXMGYPEVSTMRMSRSRXLIWYFWXERGISJXLI
    GSRJPMGXMXGERFIEGSRWXVYGXMZIWXVEXIK]8LIKVSYTTVSGIWWMWVEVIP][IPPWIVZIH[LIR
    GSRJPMGXMWRSXGSRWXVYGXMZIP]IRKEKIHMRERMRJSVQIH[E]3RXLISXLIVLERH[LIR
    EZSMHERGIMWXLIVIWYPXSJJIIPMRKHMWIQTS[IVIHSVHMWIRKEKIHMXGERRIKEXMZIP]MQTEGX
    XLIKVSYTTVSGIWW
    (IWXVYGXMZIEZSMHERGIMRXLIJSVQSJQMWWMRKKVSYTQIIXMRKWSVVIJYWMRKXSTEV
    XMGMTEXI MR XLI HMWGYWWMSR ERH [SVO VSFW XLI KVSYT SJ MRHMZMHYEP TIVWTIGXMZIW ERH
    IRIVK] ERH MQTSZIVMWLIW XLI HIGMWMSRQEOMRK TVSGIWW ;LIR MX PIEHW XS JIWXIVMRK
    VIWIRXQIRXWSRXLITEVXSJXLIEZSMHMRKQIQFIVSVEQSRKXLISXLIVKVSYTQIQFIVW
    ERHXSQIQFIVWI\TVIWWMRKHMWWEXMWJEGXMSR[MXLXLIKVSYTTVSGIWW[MXLMRSVSYXWMHI
    XLIKVSYTMXGERLEQTIVSVEGXYEPP]HIVEMPXLIIRXMVIKVSYTIJJSVX8LMWEWTIGXSJEZSMH
    ERGIMWHMWGYWWIHJYVXLIVMRXLIWIGXMSRSREZSMHERGITS[IV
    ;LIREZSMHERGIXEOIWXLIKYMWISJQSZMRKXLIWYFNIGXSJHMWGYWWMSRSJJXLITSMRX
    SJGSRJPMGXMXQE]XIQTSVEVMP]IEWIWSQIXIRWMSRFYXEXFIWXMXOIITWXLIKVSYTJVSQ
    [SVOMRKXLVSYKLMXWHMWEKVIIQIRXWERHEVVMZMRKEXEGSRWXVYGXMZIVIWSPYXMSR'SRJPMGXMW
    YWYEPP]VIWSPZIHSRP]F][SVOMRKXLVSYKLMXVEXLIVXLERF]WYTTVIWWMRKEZSMHMRKSV
    I\TPSHMRKMX-JMXMWRSXWEXMWJEGXSVMP]VIWSPZIHMXQE]JIWXIVFIRIEXLXLIWYVJEGISJER]
    VIWSPYXMSRERHQE]PEXIVHMWVYTXXLISYXGSQI
    +VSYTW[MPPHIZIPSTXLIMVS[RRSVQW WII'LETXIV SRLS[XSLERHPIHMWTYXIW
    /YLR
    4SSPI %W]SYGER[IPPMQEKMRIXLIWIRSVQWGERFIUYMXIGSQTPI\
    WMRGIXLI]EVIHITIRHIRXSRXLIGSQFMREXMSRSJXLIMRHMZMHYEPWX]PIWXLEXEVIFIMRKYWIH
    XSMRJPYIRGIXLISXLIVKVSYTQIQFIVW7SQIKVSYTWXIRHXSEZSMHMWWYIWSVHMWEKVII
    QIRXW[LMPISXLIVWHMWXVMFYXIXLIVI[EVHWMREQERRIVWMQMPEVXSXLIGSQTIXMXMZIWX]PI
    [MXL[MRRIVWERHPSWIVW+VSYTWWIIOMRKXSIJJIGXMZIP]QEREKIGSRJPMGX[MXLERMRXI
    KVEXMZI ETTVSEGL [LMGL YXMPM^IW GSPPEFSVEXMSR QEOI QSVI IJJIGXMZI HIGMWMSRW XLER
    XLSWI KVSYTW YWMRK XLI EZSMHERGI SVHMWXVMFYXMZIETTVSEGLIW /YLR
     4SSPI 
    &YXRSXEPPMWWYIWHIWIVZIXLIXMQIERHIRIVK]VIUYMVIHJSVGSPPEFSVEXMSR
    'SRJPMGXMWLIEPXLMIWX[LIRKVSYTQIQFIVWJEGIMXHMVIGXP]ERHGLSSWIERETTVS
    TVMEXIWXVEXIK]JSVHIEPMRK[MXLMX-RXLEX[E]MXWIVZIWXLIPEVKIVTYVTSWIWJSV[LMGL
    KVSYTWEVIGSRZIRIHhXLIGVIEXMZIWSPYXMSRWVIWYPXMRKJVSQW]RIVK]*MKYVIMHIR
    XMJMIWWSQISJXLIIXLMGEPTVMRGMTPIWMRZSPZIHMRTVSHYGXMZIGSRJPMGXQEREKIQIRX

    4S[IVMR+VSYT'SRJPMGX
    %PXLSYKLTS[IVH]REQMGWEVIMRXIKVEPXSXLIKVSYTTVSGIWWEXEPPPIZIPWXLI]EVIJVI
    UYIRXP]QSWXETTEVIRXEXTSMRXWSJGSRJPMGX%WTS[IVEWWYVIWIEGLSJYWEGGIWWXSXLI
    VIWSYVGIWRIIHIHXSQEMRXEMRPMJIERH[IPPFIMRKMXMWERIWWIRXMEPXSSPJSVSYVWYVZMZEP
    8S XLI I\XIRX XLEX MX MW I\IVGMWIH MR E WSGMEP GSRXI\X [I VIGSKRM^I MX VIWTSRH XS MX
    EGGITXMXERHYWIMXXLVSYKLGSQQYRMGEXMSR;IKVERXTS[IVXSSXLIVWERHMRXYVREVI

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

    *-+96) )XLMGWJSV4VSHYGXMZI'SRJPMGX1EREKIQIRX

    8LI-RWXMXYXIJSV+PSFEP)XLMGW -RKFEV SYXPMRIWEWIXSJIXLMGEPZEPYIWFEWIHSRXLITVMRGM


    TPIWSJGSQTEWWMSRJEMVRIWWLSRIWX]VIWTIGXERHVIWTSRWMFMPMX]8LIWIIXLMGEPTVMRGMTPIWEVIWYQ
    QEVM^IHLIVIERHEHETXIHEWKYMHIPMRIWXSFIVIQIQFIVIHJSVIRKEKMRKMRTVSHYGXMZIWQEPPKVSYT
    GSRJPMGXQEREKIQIRX
    'SQTEWWMSR
    3YVKVSYTtWVIEPMX]GERFIHIJMRIHF]SYVGEVMRKVIPEXMSRWLMTW
    8MQIMWZEPYEFPIERHGERFIYWIHXSQEOIGSRRIGXMSRW[MXLSXLIVWMRXLIKVSYT
    3YVLYQERMX]MRGVIEWIW[LIRFEVVMIVWEVIVIHYGIHFIX[IIRSYVWIPZIWERHSXLIVW
    ;IGERKEMRWXVIRKXLJVSQSYVVIPEXIHRIWWXSSXLIVWERHJVSQNSMRMRKEPEVKIVLYQERIRHIEZSV
    *EMVRIWW
    2SMRHMZMHYEPMWQSVIMQTSVXERXXLERERSXLIV
    8MQIMWZEPYEFPIXSFSXLWIPJERHSXLIVW
    8LIHMKRMX]SJWIPJERHSXLIVWQYWXFILSRSVIH
    ,YQERGSSTIVEXMSRERHGSQTIXMXMSRSGGYVFYXWLSYPHSGGYV[MXLMRFSYRHWSJJEMVRIWW
    ,YQERWWLSYPHVIWXVEMRJVSQWIPJMRXIVIWXMRSVHIVXSEGLMIZIXLIKVIEXIVKSSH
    ,SRIWX]
    8VYXLMWIWWIRXMEPERHZEPYIH
    3TIRLSRIWXMRXMQEXIGSQQYRMGEXMSRMWTVIJIVVIH
    'SQTIXMXMSRERHGSSTIVEXMSRSGGYVFYXFSXLWLSYPHFISTIR
    6IWTIGX
    8LIZEPYISJFSXLWIPJERHSXLIVWWLSYPHFIGSRWMHIVIHTEVEQSYRX
    -XMWMQTSVXERXXSGSRWMHIVXLIXMQIWTEGIERHIRIVK]RIIHIHXSQEREKIGSRJPMGX
    3XLIVWLEZIERMRLIVIRXMRXIKVMX]ERHEVIIRHWMRXLIQWIPZIWRSXEQIERWXSSRItWS[RIRHW
    %GSPPEFSVEXMZIQSHIPMWTSWWMFPIERHHIWMVEFPI
    6IWTSRWMFMPMX]
    8LI[SVPHGERFIHIJMRIHF]XLIGSQQMXQIRXW-QEOI
    8MQI QMRIERHSXLIVW MWMQTSVXERXERHWLSYPHRSXFI[EWXIH
    %RIXLMGSJGEVI MWMQTSVXERXJSVQ]WIPJERHSXLIVW
    %REXXMXYHISJS[RIVWLMTERHEGGSYRXEFMPMX]MWTVIJIVVIH
    6IWTSRWMFMPMX]QIERWPSSOMRKFI]SRHQ]WIPJSZIVGSQMRKEQFMZEPIRGIERHGSRXVMFYXMRK

    7SYVGI 7YQQEVM^IHERHEHETXIH[MXLTIVQMWWMSRJVSQ-RKFEV  3VKERM^EXMSREPIXLMGW[LIVIZEPYIWERH


    GYPXYVIWQIIX 4YFPMWLIHF]XLI-RWXMXYXIJSV+PSFEP)XLMGW1EMR7XVIIX43&S\'EQHIR1EMRI
    [[[KPSFEPIXLMGWSVK

    KVERXIHTS[IVF]SXLIVWMRXLIKVSYTWMR[LMGL[IMRXIVEGX 1G7LERI
    :SR+PMRS[
     %PXLSYKL[IEPPLSPHTS[IVMRQER]HMJJIVIRXJSVQW[IXVERWPEXIMXMRXSHMJJIV
    IRXGYVVIRGMIWSVZEPYIW[LIR[IXVEHIWTIRHSVYWIMXMRKVSYTW&IGEYWIKVSYTWEVI
    W]WXIQWSJMRXIVHITIRHIRXVIPEXMSRWLMTWERHIZIV]TEVXEJJIGXWIZIV]SXLIVTEVXIZIR
    XLSWI[LS[MXLHVE[ERHVIJYWIXSTEVXMGMTEXIEVII\IVGMWMRKTS[IVERHMRJPYIRGMRKXLI
    KVSYTMRXIVEGXMSR;LIR-qXEOIQ]QEVFPIWERHKSLSQIr-GLERKIXLITSWWMFMPMXMIW
    JSVXLIKVSYTMRXIVEGXMSR4S[IVXLIVIJSVIYRHIVPMIWQSWXSJSYVKVSYTGSQQYRMGE
    XMSRTEXXIVRWERHF]I\XIRWMSRSYVGSRJPMGXW

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

    8LIVIEVIEXPIEWXWIZIRX]TIWSJTS[IVEZEMPEFPIJSVYWIMRKVSYTWI\TIVXTS[IV
    MRXIVTIVWSREPPMROEKITS[IVVI[EVHERHTYRMWLQIRXTS[IVTSWMXMSREPTS[IV WSQI
    XMQIWGEPPIH PIKMXMQEXITS[IV  VIJIVIRXTS[IVGLEVMWQEXMG SVTIVWSREP  TS[IV ERH
    EZSMHERGITS[IV *VIRGL
    6EZIR,EVVMW6EZIR 

    )\TIVX4S[IV
    )\TIVX4S[IV MWKIRIVEXIHF]LEZMRKETEVXMGYPEVEFMPMX]SVEGGIWWXSTEVXMGYPEVMRJSV
    QEXMSRXLEXMWZEPYIH8SXLII\XIRXXLEXEKVSYTLEWETVSFPIQXSWSPZIXLEXMRZSPZIWER
    YRHIVWXERHMRK SJ XIGLRMGEP VIKYPEXSV] TSPMXMGEP SV SXLIV WTIGMEPM^IH MRJSVQEXMSR
    XLSWI[MXLXLEXMRJSVQEXMSR[MPPFIMRETSWMXMSRXSI\IVGMWIXLIMVTS[IVXSKYMHIERH
    MRJPYIRGIXLIKVSYTHMWGYWWMSRERHHIGMWMSRQEOMRK*SVI\EQTPIMRXLIGSQQYRMX]
    KVSYTPSSOMRKJSVWSPYXMSRWXSMXWWSPMH[EWXIHMWTSWEPTVSFPIQEXVEWLLEYPIVJSVXLI
    GSQQYRMX]QE]LEZII\TIVXTS[IV8LEXTIVWSRORS[WXLIEQSYRXERHGSRXIRXSJXLI
    XVEWLXLEXRIIHWXSFIHMWTSWIHSJ,MWSVLIVMRJSVQEXMSRFIGSQIWEZMXEPIPIQIRXMR
    XLIHIGMWMSRQEOMRKTVSGIWW%W[MXLER]X]TISJTS[IVLS[IZIVMXMWMQTSVXERXJSV
    XLIKVSYTERHTIVWSRXSOIITXLEXI\TIVXMWIMRTIVWTIGXMZIERHRSXPIXMXSZIVVMHIXLI
    PEVKIVKSEPWSJXLIKVSYTTVSGIWW-XJVIUYIRXP]MWIEWMIVXLER[IVIEPM^IJSVXLSWI[LS
    LSPH I\TIVX TS[IV XS EFYWI MX F] HMVIGXMRK MX GSRWGMSYWP] SV YRGSRWGMSYWP] XS[EVH
    WSQIQIEWYVI SJ TIVWSREPKEMR -XMW EPWS IEW]JSVPIWW MRJSVQIH KVSYTQIQFIVWXS
    IRLERGII\TIVXTS[IVF]TYXXMRKQSVIWXSGOXLERMW[EVVERXIHMRXLII\TIVXtWSTMRMSRW

    -RXIVTIVWSREP0MROEKI4S[IV
    8LSWIQIQFIVWMREKVSYT[LSLEZITIVWSREPEGGIWWXSTISTPISVMRJSVQEXMSRWSYVGIW
    XLEX GER FI YWIJYP XSXLI KVSYT FVMRK ETEVXMGYPEVTS[IV XS XLI KVSYT TVSGIWW8LIMV
    MRXIVTIVWSREPPMROEKITS[IV EPPS[WXLIQXSIRKEKIXLIWIVZMGIWSJMRHMZMHYEPWSXLIV
    KVSYTWERHSVKERM^EXMSRWSVXSKEMREGGIWWXSVIWSYVGIWRSXKIRIVEPP]EZEMPEFPIXSSXL
    IVWMRXLIKVSYTXLEXQE]IRLERGIXLIKVSYTtWEFMPMX]XSEGLMIZIMXWKSEPW-RXLIGSQQY
    RMX]KVSYTEQIQFIV[LSORS[WWSQISRIMRERIMKLFSVMRKGSQQYRMX]KVSYTIRKEKIH
    MREWMQMPEVXEWOQE]FIMRETSWMXMSRXSLIPTJSVKIERMRXIVGSQQYRMX]EKVIIQIRXSR
    XVEWLLEYPMRKSVVIG]GPMRK-JWYGLEREKVIIQIRXTSXIRXMEPP]VIHYGIWXLI[EWXIHMWTSWEP
    GSWXWJSVFSXLGSQQYRMXMIW F] MRGVIEWMRK SZIVEPP ZSPYQIW ERH XLIVIF] KMZMRKEHHIH
    q[IMKLXrXSXLIGSQQYRMXMIWt RIKSXMEXMSRW[MXLXLIMVQEVOIXWXLITIVWSRVIWTSRWMFPI
    JSVXLMWTSWWMFMPMX]LSPHWWYFWXERXMEPMRXIVTIVWSREPPMROEKITS[IV[MXLMRXLIKVSYT%R
    SJJMGIWIGVIXEV]QE]LEZIMRXIVTIVWSREPPMROEKITS[IVMREKVSYT[LIRLISVWLIGER
    TVIZEMPSRSJJMGIGSRXEGXWXSHSQEMPMRKWSVVIWIEVGLJSVXLIKVSYT8LMWTS[IVEW[MXL
    ER]SJXLISXLIVX]TIWSJTS[IVGERLEZIQYPXMTPIPIZIPWSJMRJPYIRGIERHWXVIRKXL

    6I[EVHERH4YRMWLQIRX4S[IV
    8LSWI[LSGERIJJIGXMZIP]VI[EVHSVTYRMWLSXLIVQIQFIVWSJXLIKVSYTLSPHERSXLIV
    X]TISJTS[IV8SXLII\XIRXXLEX[IGERIJJIGXMZIP]TVEMWISVLYQMPMEXIJIPPS[KVSYT
    QIQFIVW[IEPPLSPHXLMWVI[EVHERHTYRMWLQIRXTS[IV ,S[IZIV[IYWYEPP]XLMROSJ
    MX EW XLI EFMPMX] XS QEXIVMEPP]EJJIGX ERSXLIVtW[IPPFIMRKMR XIVQWSJ ENSF JMRERGMEP

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

    VI[EVHW SV TYRMWLQIRXW TIVWSREP VIPEXMSRWLMT VI[EVHW SV TYRMWLQIRXW SV SXLIV
    VI[EVHWSVTYRMWLQIRXWXLEX[IGSRWMHIVTEVXMGYPEVP]QIERMRKJYP-JSRISJXLIHVMZIVW
    JSVXLIXVEWLLEYPIVMWEPWSEQIQFIVSJXLIKVSYTWLISVLIQE]JIIPMRXMQMHEXIHEFSYX
    HMWEKVIIMRK[MXLXLIXVEWLLEYPMRKFSWWJSVJIEVSJPSWMRKLMWSVLIVNSF%HHMXMSREPP]
    XLMWTIVWSRQE]KSSYXSJLIVSVLMW[E]XSWYTTSVXXLIFSWWMRXLILSTISJKIXXMRKE
    VEMWI-RERSVKERM^EXMSREPWQEPPKVSYTXLIEHQMRMWXVEXMZIEWWMWXERXSVWIGVIXEV]QE]
    LSPHXLMWTS[IV8SXLII\XIRXXLEXTIVWSRGSRXVSPWXLIJPS[SJMRJSVQEXMSRERHEGGIWWXS
    RIIHIHEHQMRMWXVEXMZIWIVZMGIWMRXLISJJMGIQEMRXEMRMRKKSSHVIPEXMSRW[MXLLMQSV
    LIVQE]FIOI]XSHSMRKSRItWNSFIJJIGXMZIP]SREHE]XSHE]FEWMW;LIRTEVXMGMTEXMSR
    MRKVSYTWMWFEWIHSRVIKEVHJSVVI[EVHERHTYRMWLQIRXTS[IVIJJIGXMZIKVSYTTVSGIWW
    QE]FIWEGVMJMGIH8LMWX]TISJTS[IVXLIVIJSVIQYWXFIYWIH[MXLKVIEXGEVIERH[MXL
    EWIRWISJVIWTSRWMFMPMX]

    4SWMXMSREP 0IKMXMQEXI 4S[IV


    8LSWIKVERXIHTS[IVF]SXLIVWJSVWTIGMJMGTYVTSWIWSVFIGEYWISJXLIVIWTSRWMFMPMXMIW
    SJXLIMVTSWMXMSR[MXLMRXLIKVSYTQE]FIWEMHXSLEZITSWMXMSREPSVPIKMXMQEXITS[IV
    8LIMVEYXLSVMX]QE]FIPMQMXIHXSTEVXMGYPEVEWTIGXWSJXLIKVSYTTVSGIWWSVMXQE]FI
    FVSEHIV7SQI[LEXPMOII\TIVXTS[IVXLMWTS[IVQE]XVERWPEXIMRXSPIEHMRKHMWGYWWMSRW
    ERHQEOMRKSVGSRXVMFYXMRKXSTEVXMGYPEVX]TIWSJHIGMWMSRW-XWYWIGERQSZIXLIKVSYT
    TVSGIWWMRTEVXMGYPEVHMVIGXMSRWERHGERWYFWXERXMZIP]WLETIXLISYXGSQI-JXLILIEHSJ
    XLISVKERM^EXMSRMWEPWSEQIQFIVSJXLIWQEPPKVSYTXLISXLIVQIQFIVWQE]HIJIVXS
    XLEXTIVWSRFIGEYWISJLMWSVLIVTSWMXMSRVIKEVHPIWWSJLS[[IPPWLISVLIYRHIVWXERHW
    XLITEVXMGYPEVMWWYIWFIMRKHMWGYWWIH8LMWVITVIWIRXWERYRJSVXYREXIYWISJTSWMXMSREP
    TS[IV-RXLIGSQQYRMX]KVSYTXLIXS[REGGSYRXERXORS[WXLIGSRHMXMSRSJXLIXS[RtW
    JMRERGIW ERH QE] FI EFPI XS SJJIV MRWMKLX MRXS GYVVIRX JMRERGMEP EVVERKIQIRXW ERH
    SFPMKEXMSRW%PXLSYKLXLMWMWEQSVIPIKMXMQEXIYWISJTSWMXMSREPTS[IVFIGEYWIXLMW
    TIVWSRQE]ORS[[LEXLEWFIIRHSRIERHLS[MXLEWFIIREGGSYRXIHJSVLISVWLIQE]
    RSXFIXLIFIWXTIVWSRJSVERXMGMTEXMRKRI[[E]WSJVEMWMRKQSRI]SVVIEPPSGEXMRKI\MWX
    MRKJYRHW%HQMRMWXVEXMZIEWWMWXERXWERHWIGVIXEVMIWEPWSSJXIRLEZITSWMXMSREPTS[IV
    FIGEYWISJXLIMVZEPYEFPIORS[PIHKIERHEGGIWWXSTEVXMGYPEVMRJSVQEXMSR8LIIPIGXIH
    GLEMVSJXLIKVSYTLSPHWTSWMXMSREPTS[IVEW[IPP%W[MXLEPPX]TIWSJTS[IVTSWMXMSREP
    TS[IVMWPIKMXMQM^IHF]SXLIVWt TIVGITXMSRWSJMXWZEPYIERH[SVXL

    6IJIVIRX4S[IV
    6IJIVIRXTS[IV XLITS[IVGSRJIVVIHF]EJJMPMEXMSR[MXLVIWTIGXIHKVSYTWSVTISTPIGER
    FIYWIHMRGIVXEMRGSRXI\XWXSIRLERGITIVWSREPTS[IVMREKVSYTWMXYEXMSR-XQE]FI
    YWIHXSEHHXSGVIHMFMPMX]ERHXLIVIJSVITVSZMHIXLSWIQIQFIVWQSVIMRJPYIRGIMRXLI
    SZIVEPPKVSYTTVSGIWW-RXLIGSQQYRMX]KVSYTEQIQFIV[LSMWETIVWSREPJVMIRHSJ
    XLILIEHSJXLIWXEXIIRZMVSRQIRXEPVIKYPEXSV]GSQQMWWMSRLEWVIJIVIRXTS[IV[LMGL
    QE]ETTIEVXSFIQSVIMRJPYIRXMEPXLERMXEGXYEPP]MWSVWLSYPHFI-REKVSYTSJI\IGY
    XMZIWETIVWSR[LSLSPHWEHIKVIIJVSQETVIWXMKMSYWWGLSSPQE]LSPHVIJIVIRXTS[IV
    MJXLISXLIVKVSYTQIQFIVWEWWYQIXLEXXLMWTIVWSRLEWWYTIVMSVORS[PIHKI[LIXLIV
    SVRSXXLEXTEVXMGYPEVORS[PIHKIFIEVWSRXLIMWWYIWYRHIVHMWGYWWMSR

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

    'LEVMWQEXMG SV4IVWSREP 4S[IV


    'LEVMWQEXMGSVTIVWSREPTS[IV VIWMHIWMRTEVXMGYPEVTIVWSREPMXMIWXS[LMGLSXLIVWEVI
    EXXVEGXIH-XMWIPYWMZIMRXLEXMXMWHMJJMGYPXXSHIJMRIFYX[IVIGSKRM^IMX[LIR[IWIIMX
    SVJIIPMX8LIVIEVIXLSWI[LSFIGSQIqSTMRMSRPIEHIVWrF]ZMVXYISJXLIMVTIVWSREP
    GLEVQERHGLEVEGXIVMWXMGWVEXLIVXLERTVMRGMTEPP]FIGEYWISJXLIMVORS[PIHKISVI\TIV
    XMWI'LEVMWQEXMGTS[IVMWVIWMHIRXMRQER]MRHMZMHYEPWMRIZIV]HE]PMJIERH[IWSQI
    XMQIWVIJIVXSXLIQEWqREXYVEPPIEHIVWr;IPPORS[RGLEVMWQEXMGTIVWSREPMXMIWEVIXLI
    6IZIVIRHW1EVXMR0YXLIV/MRK.VERH.IWWI.EGOWSR4VIWMHIRX6SREPH6IEKERMWEPWS
    GSRWMHIVIHF]QER]XSLEZIFIIREGLEVMWQEXMGPIEHIV;LIRYWIHVIWTSRWMFP]GLEVMW
    QEXMG TS[IV GER FI FIRIJMGMEP XS KVSYT TVSGIWW IRWYVMRK XLEX EPP QIQFIVW EVI
    VIWTIGXIHERHLIEVHERHXLEXJEMVRIWWTVIZEMPW;LIRYWIHMVVIWTSRWMFP]MXGERJYVXLIV
    HMWIQTS[IV[IEOIVQIQFIVWSJEKVSYT

    %ZSMHERGI4S[IV
    %ZSMHERGITS[IV QE]FIYWIH[LIRQIQFIVWFIPMIZIXLI]LEZIPMXXPISVRSTS[IVMRE
    KVSYTSV[LIRXLI]FIPMIZIXLI]LEZIPMXXPIXSKEMRJVSQKVSYTQIQFIVWLMT8LI]QE]
    VIJYWIXSTEVXMGMTEXIMRXLITVSGIWW[LMPIEXXLIWEQIXMQIVIWIRXMRKXLIMVI\GPYWMSR
    JVSQMX%ZSMHERGITS[IVQE]FIQERMJIWXF]FIMRKPEXIJSVSVEFWIRXJVSQQIIXMRKW
    RSXJYPJMPPMRKKVSYTSFPMKEXMSRWVIJYWMRKXSWLEVIMRJSVQEXMSRSVMHIEWSVWRMTMRKEX
    SXLIVWt MHIEW[MXLMRXLIKVSYT8LMWTS[IVQE]EPWSXVERWPEXIMRXSHIRMEPERHIUYMZSGE
    XMSR WYGLEWVIJYWMRKXSXEOIVIWTSRWMFMPMX]JSVEGXMSRWSVWXEXIQIRXW XSTMGQEREKI
    QIRX WYGLEWWLMJXMRKXLIXSTMGXSSRI[MXL[LMGLXLITIVWSRJIIPWQSVIGSQJSVXEFPI 
    RSRGSQQMXXEPVIQEVOW WYGLEWMVVIPIZERXSVEFWXVEGXGSQQIRXW SVMVVIZIVIRXVIQEVOW
    WYGLEWQEOMRKNSOMRKGSQQIRXWEXMRETTVSTVMEXIXMQIW &]IRKEKMRKMRER]SJXLIWI
    FILEZMSVWXLIWIQIQFIVWQE]IJJIGXMZIP]OIITXLIKVSYTJVSQSTXMQM^MRKMXWGVIEXMZ
    MX] ,SGOIV
    ;MPQSX 
    %ZSMHERGITS[IVMREWQEPPKVSYTQE]FIJIPXMRRYQIVSYWQSVIWYFXPI[E]W
    MRGPYHMRKHVEMRMRKKVSYTIRIVK]JVSQXLIXEWO EXLERHXLVSYKLXLIKVSYTtWSRKSMRK
    EXXIQTXWXSIRKEKIERHMRZSPZIXLIQIQFIVMRXLITVSGIWWHVEMRMRKIRIVK]F]VIUYMV
    MRKSXLIVQIQFIVWXSHSPEVKIVTSVXMSRWSJXLI[SVOPSWMRKXLIFIRIJMXSJXLEXQIQ
    FIVtWGSRXVMFYXMSRWXSXLIKVSYTIJJSVXERHGEYWMRKVIWIRXQIRXEQSRKSXLIVQIQFIVW
    XLIVIF][IMKLMRKHS[RXLIMVS[RGVIEXMZIIRIVK]ERHTVIZIRXMRKXLIQJVSQSTXMQM^
    MRKWSPYXMSRW
    -RXLIGSQQYRMX]KVSYTMJXLIXVEWLLEYPIVJIIPWWLIMWRSXJYPP]ETTVIGMEXIHWLI
    QE]WYFXP]SVHMVIGXP]VIJYWIXSWLEVIMRJSVQEXMSREFSYXXLIUYERXMX]ERHUYEPMX]SJXLI
    GSQQYRMX]tWXVEWLPIEZMRKXLIKVSYTXSWGVEQFPIJSVMRHMVIGX[E]WSJIWXMQEXMRKXLMW
    MRJSVQEXMSR-JXLIEZSMHMRKQIQFIVWWLS[XLIMVVIWIRXQIRXF]GVMXMGM^MRKXLIKVSYT
    IJJSVXSYXWMHIXLIKVSYTXLI]QE]HIVEMPXLIVIWYPXWSJXLIKVSYTTVSGIWW[LIRMXGSQIW
    XSEHSTXMRKTVSTSWEPWXLIKVSYTTYXWJSVXL-JJSVI\EQTPIQIQFIVWXEPOXSSXLIVGSQ
    QYRMX]VIWMHIRXWEFSYXXLIRIKEXMZIEWTIGXWSJXLITVSGIWWMXQMKLXWEFSXEKIXLIGSQ
    QYRMX]WYTTSVXRIGIWWEV]XSMQTPIQIRXXLITVSTSWEPW%ZSMHERGITS[IVGERFILMKLP]
    HIWXVYGXMZIERHMRWMHMSYWMRMXWIJJIGXWSRXLIKVSYTERHMXWEGLMIZIQIRXW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
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    XLMROXLI]LEZIRSXLMRKSJWYFWXERGIXSSJJIVSRETEVXMGYPEVTSMRX0EGOSJJYPPTEVXMGM
    TEXMSRQE]LEZIVSSXWMRWSQIXLMRKSXLIVXLEREZSMHERGITS[IV

    4S[IVMR'SRXI\X
    -XMWJVIUYIRXP]XIQTXMRKXSGVMXMGM^ITEVXMGMTERXWJSVXLIMVEFYWISJXLITS[IVXLI]LSPH
    ,S[IZIVEWQIQFIVWSJWQEPPKVSYTW[IQYWXXEOIVIWTSRWMFMPMX]JSVXLITS[IV[IKVERX
    XSSVTIVQMXSXLIVWXSLEZIEW[IPPEWJSVXLEX[IXEOISYVWIPZIW)\TIVXTS[IVMWSRP]EW
    JSVGIJYPEWXLSWIQIQFIVW[LSFIPMIZIMRMXEPPS[MXXSFI%ZSMHERGITS[IVQE]FIXLISRP]
    TIVGIMZIHVSYXIPIJXXSEQIQFIVSXLIVWLEZIIJJIGXMZIP]WLYXSYXSJXLITVSGIWW;IEVI
    EKIRXWSJERHVIWTSRHIRXWXSTS[IVERH[ILEZITS[IVERHGLSMGIWMRFSXLKYMWIW%WWYGL
    [IEVIIEGLVIWTSRWMFPIJSVXLITEVX[ITPE]MRXLIYWIERHEFYWISJTS[IVMRSYVKVSYTW
    8SSSJXIRTS[IVMWWIIREWETMI[MXLEPMQMXIHRYQFIVSJWPMGIWFYXTS[IVMWRSX
    JMRMXI%PPTISTPILEZITS[IVERHER]MRHMZMHYEPQE]WMQYPXERISYWP]IQTPS]WIZIVEP
    X]TIWSJTS[IVMRER]TEVXMGYPEVKVSYT4S[IVVIWMHIWMRVIPEXMSRWLMTWVEXLIVXLERMR
    MRHMZMHYEPW-XMWVIPEXMZIXSXLIKVSYT8LIXVEWLLEYPIVMRXLIGSQQYRMX]KVSYTLEW
    I\TIVXTS[IVMRXLEXKVSYTFYXLMWSVLIVI\TIVXMWIMRXLEXEVIEQE]LEZIPMXXPIZEPYIXS
    EKVSYTWIXXMRKYTEGLMPHVIRtWHE]GEVIGIRXIV)EGLMRHMZMHYEPFVMRKWEWIXSJI\TIVM
    IRGIWLEFMXWORS[PIHKIERHSXLIVZEPYIXSIZIV]MRXIVEGXMSR8LIMRXIVEGXMSRERHXLI
    GSRXI\XMR[LMGLMXXEOIWTPEGIHIXIVQMRIXLIVIPEXMZITS[IVERHZEPYISJXLIMRHMZMHY
    EPWt TEVXMGMTEXMSR%TIVWSR[LSJIIPWHMWIQTS[IVIHMRSRIKVSYTQE]FILMKLP]ZEP
    YIH ERH IQTS[IVIH MR ERSXLIV *SV I\EQTPI ER EVXMWX QE] JIIP SYX SJ LIV SV LMW
    IPIQIRXMREQIIXMRKSJMRHYWXV]I\IGYXMZIWHMWGYWWMRKTPERXERHIUYMTQIRXMRZIWXQIRX
    FYXQE]FIELMKLP]ZEPYIHQIQFIVSJEGVIEXMZIHIWMKRXIEQ8LYWTS[IVMWVIWMHIRX
    MRVIPEXMSRWLMTWERHVIPEXMSREPGSRXI\XW-RIJJIGXMZIKVSYTWQIQFIVWTYVWYIQYXYEP
    MRJPYIRGI [LMGLPIEHWXSELMKLIVPIZIPSJWYGGIWWFIGEYWIXLIVIMWEW]RIVKIXMGTVSGIWW
    SGGYVVMRK 1YVVIPP
    1IVIHMXL 

    'SRWXVYGXMZI'SRJPMGX1EREKIQIRX

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     0MWXIREXXIRXMZIP]XSHMZIVWISTMRMSRW
     %GGITXVIWTSRWMFMPMX]JSVSRItWS[RXLSYKLXWERHJIIPMRKW
     %HHVIWWXLIMWWYIWRSXXLITIVWSREPMXMIW
     'SQQYRMGEXIYRHIVWXERHMRKSJXLISXLIVTIVWSRWERHXLIMVTIVWTIGXMZIW
     9WIWYTTSVXMZIVEXLIVXLERHIJIRWMZIGSQQYRMGEXMSRWXVEXIKMIW
     0SSOJSVEVIEWSJEKVIIQIRXXLEXYRHIVPMIXLIHMWEKVIIQIRX
     *SGYWSRTEVXMGYPEVEWTIGXWSJXLIMWWYIWVEXLIVXLERSRLEVHIRIHTSWMXMSRW
     +IRIVEXIEWQER]EPXIVREXMZIWEWJIEWMFPIFIJSVIGSQMRKXSEJMREPVIWSPYXMSR
     -RWMWXXLEXWSPYXMSRWFIFEWIHSRTVIHIXIVQMRIHSFNIGXMZIWXERHEVHW

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

    -R KVSYTW IJJIGXMZIPIEHIVWLMT GER LIPTIRWYVIXLI IQTS[IVQIRXSJ EPP KVSYT


    QIQFIVW )QTS[IVQIRX QE] XEOI QER] JSVQW FYX JMVWX ERH JSVIQSWX MX EWWYVIW E
    WIRWISJ[SVXLERHHMKRMX]JSVIEGLMRHMZMHYEP%KVSYTPIEHIVQE]IQTS[IVQIQFIVW
    XSQEOIHIGMWMSRWERHEGXSRXLIMVS[RXEOMRKVIWTSRWMFMPMX]JSVZEVMSYWTEVXWSJXLI
    KVSYT TVSGIWW 7GSXX
     .EJJI   SV XLEX PIEHIV QE] I\IVGMWI QSVI LMIVEVGLMGEP
    TS[IVFYXJSVXLIKVSYTTVSGIWWXSFIIJJIGXMZIEPPQIQFIVWQYWXJIIPIQTS[IVIHXS
    GSRXVMFYXI[LIXLIVXLI]EKVIISVHMWEKVII[MXLXLIKVSYTPIEHIVSV[MXLIEGLSXLIV
    ;LIREKVSYTMWFEWIHSRQYXYEPVIWTIGX[MXLEPPQIQFIVWJIIPMRKIQTS[IVIHGSR
    JPMGXGERFILERHPIHGSRWXVYGXMZIP]IRLERGMRKXLISZIVEPPGVIEXMZITVSGIWW

    7YQQEV]
    'SRJPMGX MW ERMQTSVXERXTEVX SJ XLI KVSYT TVSGIWW;LIR[I TIVGIMZI MRGSQTEXMFPI
    KSEPWWGEVGIVI[EVHWSVMRXIVJIVIRGIJVSQERSXLIVTEVX][ILEZIGSRJPMGX'SRJPMGX
    GERFIWIIREWXLIOI]MRWSQIGEWIWXSEGLMIZMRKXLIFIWXTSWWMFPIWSPYXMSRMREKVSYT
    HIGMWMSRQEOMRKTVSGIWW8SXLII\XIRXXLEXMXIRPMZIRWYWERHWLEVTIRWSYVJSGYWSRXLI
    MWWYIMXGERI\TERHXLITSWWMFMPMXMIWJSVGVIEXMZIWSPYXMSRWXSTVSFPIQW*SVGSRJPMGXXS
    [SVOGSRWXVYGXMZIP]LS[IZIV[IRIIHXSJSGYWSRMWWYIWERHGEVIJYPP]HIPMQMXKSEPW
    ERHI\TIGXEXMSRW'SRJPMGXWLSYPHFIGSRWMHIVIHTEVXSJXLIHIGMWMSRQEOMRKTVSGIWW
    [MXLMXWI\TPMGMXERHMQTPMGMXTEVEQIXIVW;LIRGSRJPMGXMWIRKEKIHGSRWXVYGXMZIP]MX
    GERIRLERGIKVSYTGSLIWMSR[LMPIVIHYGMRKXIRWMSR
    )WWIRXMEPXSQEOMRKER]GSRJPMGXQEREKIQIRXWXVEXIK][SVOMWGSRWIRWYWEQSRK
    KVSYTQIQFIVWEWXS[LMGLWXVEXIKMIWEVIETTVSTVMEXIJSV[LMGLGSRJPMGXW8LMWQIERW
    XLI KVSYT QYWX QEOI MRMXMEP HIGMWMSRW EFSYX XLI SZIVEPP TVMSVMXMIW SJ XLI HIGMWMSR
    QEOMRKTVSGIWWMRGPYHMRKERI\TPMGMXYRHIVWXERHMRKSJXLIGSRWXVEMRXWSRXLITVSGIWW
    MXWIPJ
    )EGLKVSYTQYWX[VIWXPI[MXLWQEPPERHPEVKIGSRJPMGXW8LIQIQFIVWQYWXHIXIV
    QMRI[LMGLMWWYIWEVIXLIQSWXMQTSVXERXERHQSWX[SVXL]SJXLIXMQIERHIRIVK]MXXEOIW
    XSEGLMIZIGSRWIRWYW7SQI[MPPRIIHXSFILERHPIHUYMGOP]ERHIJJMGMIRXP]MRSVHIVXS
    WEZIXLI XMQI ERH IRIVK] VIUYMVIH JSV XLIQSVI MQTSVXERX SRIW-J MX MW GVMXMGEP XS XLI
    KVSYTtWSRKSMRKQMWWMSRXLEXGSRWIRWYWFIEGLMIZIHEVSYRHTEVXMGYPEVMWWYIWMXQMKLXFI
    [SVXL[LMPIJSVXLIKVSYTXSEPPS[XLII\XVEXMQIRIIHIHXSFYMPHXLEXGSRWIRWYW
    9RHIVP]MRKWYGGIWWJYPGSRJPMGXQEREKIQIRXVIKEVHPIWWSJXLITEVXMGYPEVWXVEXIK]
    YWIHMWXLILSRSVMRKSJMRXIVTIVWSREPVIPEXMSRWLMTWERHQYXYEPVIWTIGXEW[IPPEWXLI
    VIWTSRWMFPIYWISJTS[IV&SXLXLIWITVIVIUYMWMXIWXEOIMRXIRXMSRERHJSGYWEPSRK[MXL
    ERE[EVIRIWWSJXLIGSWXSJHMWVIKEVHMRKXLIQ6IWSPZMRKHMJJIVIRGIWGERFIHMJJMGYPXERH
    JVEYKLX[MXLTMXJEPPW-XMWRSXRIGIWWEVMP]IEW]SVREXYVEPFYXMWVEXLIVEPIEVRIHWOMPP-XMW
    JVIUYIRXP]IEW]XSWYGGYQFXSERKIVJVYWXVEXMSRVIWIRXQIRXLYVXJIIPMRKWSVER]RYQ
    FIVSJSXLIVTIVWSREPIQSXMSREPVIEGXMSRWMRXLILIEXSJGSRJPMGX-XMWMRXLIWIMRWXERGIW
    XLEXTVEGXMGIERHPIEVRIHGSRJPMGXQEREKIQIRXFILEZMSVGERFIQSWXYWIJYP7IZIVEPTEV
    XMGYPEVGSQQYRMGEXMSRWXVEXIKMIWLIPTEWWYVIGSRWXVYGXMZIGSRJPMGXQEREKIQIRX
    (MJJMGYPXEWXLITVSGIWWSJQEREKMRKGSRJPMGXQE]FIXLISRP][E]EVSYRHMXMW
    XLVSYKLMX-JEJMVIFYVRMRKETMPISJVIJYWIMWHSYWIHFIJSVIXLIVIJYWIMWXLSVSYKLP]
    FYVRIH XLI TMPI QE] WQSPHIV ERH VIMKRMXI PEXIV -J XLI JMVI MW EPPS[IH XS FYVR
    YRGLIGOIH SV MW JYIPIH [MXL KEWSPMRI MX QE] PIET SYX SJ MXW FSYRHEVMIW ERH GEYWI

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  4VSHYGXMZI'SRJPMGX1EREKIQIRX

    YRMRXIRHIH LEVQ 3R XLI SXLIV LERH MJ MX MW EPPS[IH XS FYVR [MXLMR XLI EPPS[EFPI
    TIVMQIXIVWXLIVIJYWIMWGSRWYQIHERHXLITVSFPIQMWWEXMWJEGXSVMP]VIWSPZIH/IIT
    MRKXLIJMVIYRHIVGSRXVSPXEOIWTPERRMRKERHEGIVXEMREQSYRXSJXMQIIRIVK]ERH
    JSGYW-XQIERWWXE]MRK[MXLXLILIEXYRXMPMXLEWVYRMXWGSYVWI7SXSS[LIRGSRJPMGX
    MWIRKEKIHGSRWXVYGXMZIP]MXVIWSPZIWXLIMWWYIWYRHIVHMWTYXIERHPIEZIWXLITVSGIWW
    JYVXLIVELIEH;LIREPPXLITEVXMIWXSEGSRJPMGXEHSTXTSWMXMZIGSQQYRMGEXMSRWXVEXI
    KMIWXLISYXGSQILEWEKSSHGLERGISJFIMRKEWYGGIWWJYPSRI[MXLEWEXMWJEGXSV]SYX
    GSQIJSVEPPTEVXMGMTERXW
    'SRJPMGX TPE]W E OI] VSPI MR XLI JYRGXMSRMRK SV PEGO SJ JYRGXMSRMRK SJ KVSYTW
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    JSGYWEKVSYTtWIRIVK]XSIRKEKIMRMXWXEWOERHEGGSQTPMWLMXWQMWWMSR0IEHIVWLMTMW
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    TSMRXWMRXLIXLMROMRKSJEKVSYTQSZIQIRXSVPEVKIVGSQQYRMX]ERHXLEXQEOIXLIMV
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    GITXMSRERHEVXMGYPEXMSRSJXLIKVSYTtWZMWMSR 2SVXLLSYWI 

    6IGSKRM^MRK0IEHIVW
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    1MPPIV 
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    XMZIRIWWMWSJXIRQIEWYVIHF]XLITIVJSVQERGISJLMWSVLIVXIEQr /SPFT 
    0IEHIVW EVI XLI SRIW [LS YWYEPP] WLSYPHIV XLI PEVKIWX FYVHIR SJ FPEQI [LIR XLIMV
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    0IEHIVWLMTEWE*YRGXMSRMRE7]WXIQ
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    XIVRWSJMRXIVEGXMSR[MXLMRXLIMVKVSYTWERHFIX[IIRXLIMVKVSYTWERHXLII\XIVREPIRZM
    VSRQIRXWMR[LMGLXLI]EVIPSGEXIHEVISJXIRMRJPYIRXMEPMRHIXIVQMRMRKXLISYXGSQISJ
    XLIKVSYTTVSGIWW

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    XLIMV EFMPMX] XS FI QSVTLSKIRMG XEOI MR TVSGIWW ERH XVERWJSVQ MRJSVQEXMSR ERH
    TVSGIHYVIW  VEXLIV XLER QSVTLSWXEXMG VIWMWXMRK GLERKI ERH QEMRXEMRMRK XLI WXEXYW
    UYS 8LMW IRXEMPW VIWTSRHMRK XS XLI WYFWXERGI SJ XLI MRXIVREP ERH I\XIVREP IRZMVSR
    QIRXW[MXLMR[LMGLXLIKVSYTSTIVEXIWXLIJEGXWERHMWWYIWEVSYRHERH[MXLMR[LMGL
    XLIKVSYTMWGSRZIRIHERHXLIGSQTPI\MRXIVEGXMSRWFIX[IIRXLITISTPIXLIMWWYIWXLI
    QYPXMTPIIRZMVSRQIRXWERHXLIKVSYTtWS[RH]REQMGW
    0IEHIVW EGX EW EVFMXIVW SJ XLIWI MRXIVJEGIW WIVZMRK EW GSQQYRMGEXMSR PMROW
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    TVSGIWWMR[LMGLXLI]EVIIRKEKIH8LIPIEHIVQYWXLEZIXLIWOMPPWERHORS[PIHKIXS
    KEXLIVJVSQXLIIRZMVSRQIRXERHHIGSHIXLSWIJEGXSVWXLEXEVILIPTJYPERHVIPIZERXXS
    XLIKVSYTTVSGIWWEW[IPPEWXLIEFMPMX]XSXVERWPEXIERHIRGSHIXLEXMRJSVQEXMSRMRXS
    JSVQW XLEX EVI YWIJYPXSXLIKVSYT )JJIGXMZIPIEHIVW QYWX QIHMEXI FSXL SFNIGXW ERH
    EGXMSRW-RSFNIGXQIHMEXMSR XLIPIEHIVqQYWXGSPPIGXERHJSVQHIXEMPIHMQTVIWWMSRW
    EFSYXXLIIRZMVSRQIRXr &EVKIT ERHMREGXMSRQIHMEXMSR XLIPIEHIVQYWX
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    [MXLMX7LISVLIEWWIWWIWXLIWMXYEXMSR SFNIGXQIHMEXMSR ERHHIZIPSTWWXVEXIKMIWJSV
    EQIPMSVEXMRKXLITSWWMFPIRIKEXMZIIJJIGXWSRXLIKVSYTLIPTMRKKVSYTQIQFIVWYRHIV
    WXERHXLIWMXYEXMSRERHFILEZIMRETTVSTVMEXI[E]W EGXMSRQIHMEXMSR *SVXLIPIEHIVXS
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    GEPVIPEXMSRWLMTFIX[IIRPIEHIVWERHJSPPS[IVWr &EVKIT 

    8LISVMIWSJ0IEHIVWLMT
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    FVIEOMRKMXHS[RMRXSMXWGSQTSRIRXTEVXWGYVVIRXXLISVMIWIRGSQTEWWEQYGLFVSEHIV
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    ERHHMWGMTPMRIEKEMRWX[LEX[IVIEWWYQIHXSFIXLIREXYVEPMRWXMRGXWSJXLIIQTPS]IIW
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    XLIMVQIXLSHWSJ[SVOMRK8LIPIEHIVWSJXLIWIKVSYTWSJ[SVOIVW[IVII\TIGXIHXSFI
    VMKMH ERH EYXLSVMXEVMER &EVKI   'LERKIW MR SVKERM^EXMSREP I\TIGXEXMSRWLS[
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    YWIJYP RSRIXLIPIWWXS XV] XS HIWGVMFI XLI XVEMXW ERH FILEZMSVW XLEX IJJIGXMZI PIEHIVW
    WLEVI%PXLSYKL PIEHIVWLMT LEW FIIR XLI WYFNIGX SJ E KVIEX HIEP SJ GSQQYRMGEXMSR
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    8LISVMIWSJ0IEHIVWLMT 

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    XLIFILEZMSVWETIVWSRQERMJIWXW8LIXVEMXXLISVMIWEWWYQIXLEXGIVXEMRTL]WMGEPERH
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    .SLR
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    EREYXSGVEXMGPIEHIVWLMTWX]PIMWRIGIWWEVMP]QSVIIJJMGMIRXSVTVSHYGXMZI,S[IZIVLI
    WYKKIWXW XLEX WSQI FIRIJMXW SJE HIQSGVEXMG WX]PI SJ PIEHIVWLMT EVI MR KMZMRK KVSYT
    QIQFIVWVIWTSRWMFMPMX][LMGLMQTVSZIWXLIKIRIVEPEFMPMXMIWERHPIEHIVWLMTWOMPPWSJ
    KVSYT QIQFIVW EWWMWXW XLI KVSYT MR MXW HIGMWMSRQEOMRK TVSGIWW ERH LIPTW KVSYT
    QIQFIVWWLEVIMQTSVXERXPIEHIVWLMTJYRGXMSRW
    7YTIVMQTSWIHSRXLIWIX[SX]TIWSJXLISVMIWEVIXLIX[SHMQIRWMSRWSJYRMZIVWEP
    MX]ERHWMXYEXMSREPHITIRHIRGI9RMZIVWEPXLISVMIW TSWMXXLEXTEVXMGYPEVXVEMXWSVWX]PIW
    GLEVEGXIVM^IPIEHIVW EGVSWW QSWX WMXYEXMSRW WMXYEXMSREP XLISVMIW TSWMX XLEX ER]KMZIR
    XVEMXWSVWX]PIWEVIYRMUYIXSWTIGMJMGWMXYEXMSRW &EVKI 8LIJSYVVIWYPXMRKGEXI
    KSVMIWHIJMRIHF]XVEMXWWX]PIWYRMZIVWEPXLISVMIWERHWMXYEXMSREPXLISVMIW]MIPHEKVMH
    XLEX IRGSQTEWWIW QSWX SJ XLI PIEHIVWLMT XLISVMIW YRMZIVWEP XVEMX XLISVMIW YRMZIVWEP
    WX]PISVFILEZMSVXLISVMIWGSRXMRKIRG]XVEMXXLISVMIWERHWMXYEXMSREPFILEZMSVXLISVMIW
    &EVKI   9RMZIVWEP XVEMX XLISVMIW TSWMX TEVXMGYPEV TIVWSREP GLEVEGXIVMWXMGW XLEX
    PIEHIVWMRQSWXGMVGYQWXERGIWWLEVI9RMZIVWEPWX]PIXLISVMIWTSWMXTEVXMGYPEVFILEZMSVW
    MR[LMGLIJJIGXMZIPIEHIVWKIRIVEPP]IRKEKI'SRXMRKIRG]XVEMXXLISVMIWTSWMXXLIMHIE
    XLEXHMJJIVIRXTIVWSREPGLEVEGXIVMWXMGWEVIETTVSTVMEXIXSPIEHIVWMRHMJJIVIRXX]TIWSJWMX
    YEXMSRWERHWMXYEXMSREPFILEZMSVXLISVMIWWYKKIWXXLIMHIEXLEXPIEHIVWEHETXFILEZMSVW
    XSXLIVIUYMVIQIRXWSJTEVXMGYPEVGMVGYQWXERGIW

    1EREKIVMEP0IEHIVWLMT+VMH8LISV]
    3JTEVXMGYPEVMRXIVIWXEQSRKXLIWX]PI SVFILEZMSV XLISVMIWEVIXLSWIFEWIHSRVIWYPXW
    SJPIEHIVWLMTWXYHMIWGSRHYGXIHEX3LMS7XEXI9RMZIVWMX]HYVMRKXLIW8LIWIWXYH
    MIWJSYRHXLEXEGSRGIVRJSVXEWO WYFWXERGISFNIGXQIHMEXMSR ERHEGSRGIVRJSVVIPE
    XMSRWLMTW TEXXIVREGXMSRQIHMEXMSR [IVISJXIREWWSGMEXIH[MXLPIEHIVWLMTERHJSVQIH
    XLI FEWMW JSV QER] JSPPS[YT WXYHMIW MRGPYHMRK XLSWI F] 6SFIVX &PEOI ERH .ERI
    1SYXSR [LS HIZIPSTIH XLI RS[ [IPPORS[R 1EREKIVMEP +VMH &PEOI
     1SYXSR
     8LMWKVMHTPEGIWEGSRGIVRJSVTISTPISREZIVXMGEPE\MWERHEGSRGIVRJSV
    XEWOSRELSVM^SRXEPE\MWHIJMRMRKEX[SHMQIRWMSREPWTEGI
    8LI1EREKIVMEP+VMHGLEVEGXIVM^IWEXSXEPSJWIZIRPIEHIVWLMTWX]PIW8LIJMVWX
    JMZI EVI XIEQ QEREKIQIRX EYXLSVMX]iGSQTPMERGI QMHHPI SJ XLI VSEH GSYRXV] GPYF
    QEREKIQIRXERHMQTSZIVMWLIHQEREKIQIRXEGGSVHMRKXSXLITSMRXEPSRKIEGLSJXLI
    E\IW EX[LMGLE PIEHIVtW FILEZMSVJEPPW &PEOI
    1G'ERWI&PEOI
    1SYXSR
     8LIWIHMQIRWMSRWEPWSGSVVIWTSRHXSXLIGSRJPMGXQEREKIQIRXWX]PIWWLS[RMR
    TEVIRXLIWIWMRXLIPMWXXLEXJSPPS[W&PEOI1SYXSRERH%PPIR  EHHIHX[SEHHM
    XMSREP PIEHIVWLMT WX]PIWhTEXIVREPMWQQEXIVREPMWQ ERH STTSVXYRMWQ )EGL SJ XLIWI
    WIZIR PIEHIVWLMT WX]PIW MW PSGEXIH SR XLI KVMH ERH EWWMKRIH E ZEPYI SJ  PIEWX  XS

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  0IEHIVWLMTMR7QEPP+VSYTW

     QSWX SRIEGLSJXLIX[SE\IWSJGSRGIVRJSVTISTPIERHGSRGIVRJSVXEWOEWMRHM
    GEXIHSR*MKYVI 

      8IEQ 1EREKIQIRX 'SPPEFSVEXMSR  8LI PIEHIV HIQSRWXVEXIW E LMKL


    HIKVIISJGSRGIVRJSVFSXLTISTPI  ERHXEWO  8LIKVSYTQIQFIVW[SVOXSKIXLIV
    [MXLQYXYEPVIWTIGXERHEWXVSRKKSEPSVMIRXEXMSR8LIKVSYTLEWEKSSHGLERGIJSVE
    WYGGIWWJYPSYXGSQI8LMWSVMIRXEXMSRXEOIWXMQIERHGSQQMXQIRXJVSQFSXLXLIPIEHIV
    ERHXLIKVSYTQIQFIVWFYX[LIRXMQIERHIRIVK]TIVQMXMXMWGPIEVP]EWYTIVMSVKVSYT
    HIGMWMSRQEOMRKQSHI
     %YXLSVMX]i'SQTPMERGI 'SQTIXMXMSR 8LIPIEHIVMWGSRGIVRIH[MXLGSQ
    TPIXMRKXLIXEWO  FYXWLS[WPMXXPIMRXIVIWXSVVIKEVHJSVVIPEXMSRWLMTW  +VSYTQIQ
    FIVWEVIRSXI\TIGXIHXSTEVXMGMTEXIMRXLIHIGMWMSRQEOMRK(ITIRHMRKSRXLISZIVEPP
    GSRXI\XSJXLIKVSYTERHXLIXEWOEXLERHXLMWQE]FILMKLP]IJJMGMIRXERHTVSHYGXMZISV
    QE]PIEHXSJIIPMRKWSJHMWIRJVERGLMWIQIRXF]XLIKVSYTGEYWMRKXLIKVSYTXSRSXWYT
    TSVXXLIHIGMWMSRW-RIMXLIVGEWIMXHSIWRSXEPPS[JSVXLIGVIEXMZIHIGMWMSRQEOMRKXLEX
    VIWYPXWJVSQKVSYTW]RIVK]
     1MHHPISJ XLI 6SEH 'SQTVSQMWI %PXLSYKL RSX WXVSRKP] GSQQMXXIHMR
    IMXLIVHMVIGXMSRXLIPIEHIVWLS[WEQSHIVEXIGSRGIVRJSVMRXIVTIVWSREPVIPEXMSRWLMTW 
    ERHEQSHIVEXIGSRGIVRJSVXLIXEWOEXLERH  ;MXLSYXEWXVSRKGSQQMXQIRXXSVIWYPXW
    XLISYXGSQIMWRSXPMOIP]XSFISTXMQEPFYXMXQE]WEXMWJ]IZIV]SRIWSQI[LEX-JXMQI
    ERHIRIVK]GSRWXVEMRXWEVIXLIHIGMHMRKJEGXSVXLMWQE]FIXLIQSWXTVEGXMGEPGSYVWI
     'SYRXV]'PYF1EREKIQIRX %GGSQQSHEXMSR 8LIKVSYTPIEHIVMWQSVI
    GSRGIVRIHEFSYXMRXIVTIVWSREPVIPEXMSRWLMTW  XLEREFSYXEGGSQTPMWLMRKXLIXEWO  
    ;LIRXLIKVSYTMWGSRZIRIHJSVXLIWEOISJIRNS]QIRXSVTIVWSREPGSRXEGXXLMWMWER
    ETTVSTVMEXIWX]PI-JLS[IZIVMXMWXV]MRKXSJMRHEWSPYXMSRXSETVSFPIQXLMWMWERMRIJ
    JMGMIRX[E]XSKSEFSYXMX3RXLISXLIVLERHMJXLIKVSYTERHXLIPIEHIVTVIJIVXSJIIP
    KSSHEFSYXIEGLSXLIV[LMPIEKVIIMRKXLEXXLIPIEHIVWLSYPHXEOIWSPIVIWTSRWMFMPMX]
    JSVQEOMRKHIGMWMSRWXLMWWX]PIQE][SVO[IPP
     -QTSZIVMWLIH1EREKIQIRX %ZSMHERGI ;MXLEPS[GSRGIVRJSVFSXLTIS
    TPI  ERHXEWO  XLIPIEHIVHSIWRSXXV]XSMRJPYIRGIKVSYTQIQFIVWERHGEVIWPMXXPI
    JSV[LIXLIVSVRSXXLI]EGLMIZIXLIMVKSEPW8LMWWX]PIMWYWIHF]PIEHIVW[LSEVISZIV
    [SVOIHHSRSXGEVIEFSYXXLMWTEVXMGYPEVTVSNIGXSVLEZIqVIXMVIHSRXLINSFr8LMWWX]PI
    MWRSXLIPTJYPXSXLIKVSYTtWMRXIVTIVWSREPVIPEXMSRWLMTWSVKSEPEGGSQTPMWLQIRXW
     4EXIVREPMWQ1EXIVREPMWQ %WMRXLIXIEQQEREKIQIRXWX]PIXLIPIEHIV
    WLS[WELMKLPIZIPSJGSRGIVRJSVFSXLTISTPI  ERHXEWO  ,S[IZIVVEXLIVXLER
    EWWYQMRK XLI KVSYT LEW MXW S[R WXEOI MR XLI SYXGSQI ERH MW [SVOMRK JSV MRXVMRWMG
    VI[EVHWXLIPIEHIVEWWYQIWXLIKVSYTMWFYVHIRIHF]XLIXEWOERHVIUYMVIWI\XVMRWMG
    VI[EVHW-RXLMWGEWIXLIPIEHIVTYWLIWXLIKVSYTXSKIXXLINSFHSRIERHXLIRVI[EVHW
    XLIQIQFIVWMR[E]W WLISVLILEWEZEMPEFPIXLVSYKLWEPEVMIWFIRIJMXWSV [SVOMRK
    GSRHMXMSRWMJXLI]EVIIQTPS]IIWSVXLVSYKLWSQISXLIVFIRIJMXMJLISVWLILEWEHMJ
    JIVIRX VIPEXMSRWLMT [MXL XLI KVSYT (VE[FEGOW EVI XLEX KVSYT QIQFIVW QE] WMQTP]
    [SVOJSVETVMGIERHRIZIVHIZIPSTPS]EPX]SVGSQQMXQIRXERHTVMHIMRXLITVSNIGX
     3TTSVXYRMWQ 7IZIVEPWX]PIWEVIYWIHWMQYPXERISYWP]HITIRHMRKSRXLITIS
    TPIMRZSPZIH8LIPIEHIVLEWEWX]PIXS[EVHXLSWIKVSYTQIQFIVWWIIREWIUYEPWE
     WX]PI XS[EVH XLSWI WIIR EW PIWW MQTSVXERX ERH E  FILEZMSV XS[EVH XLSWI MR

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    8LISVMIWSJ0IEHIVWLMT 

    *-+96) 1EREKIVMEP0IEHIVWLMT+VMH

    ,MKL
      
    'SYRXV]'PYF1EREKIQIRX 8IEQ1EREKIQIRX
    8LSYKLXJYPEXXIRXMSRXSXLIRIIHW ;SVOEGGSQTPMWLQIRXMWJVSQ
    SJXLITISTPIJSVWEXMWJ]MRK GSQQMXXIHTISTPIMRXIVHITIRHIRGI
    
    VIPEXMSRWLMTWPIEHWXSEGSQJSVXEFPI XLVSYKLEqGSQQSRWXEOIrMR
    JVMIRHP]SVKERM^EXMSREXQSWTLIVI SVKERM^EXMSRTYVTSWIPIEHWXS
    ERH[SVOXIQTS VIPEXMSRWLMTWSJXVYWXERHVIWTIGX
    

    1MHHPISJXLI6SEH1EREKIQIRX
     
    %HIUYEXISVKERM^EXMSRTIVJSVQERGIMW
    TSWWMFPIXLVSYKLFEPERGMRKXLIRIGIWWMX]
     XSKIX[SVOSYX[LMPIQEMRXEMRMRKQSVEPI
    SJTISTPIEXEWEXMWJEGXSV]PIZIP

    
    -QTSZIVMWLIH1EREKIQIRX %YXLSVMX]i'SQTPMERGI1EREKIQIRX
    )\IVXMSRSJQMRMQYQIJJSVXXSKIX )JJMGMIRG]MRSTIVEXMSRWVIWYPXW
    VIUYMVIH[SVOHSRIMWETTVSTVMEXI JVSQEVVERKMRKGSRHMXMSRWSJ[SVO
     XSWYWXEMRSVKERM^EXMSRQIQFIVWLMT MRWYGLE[E]XLEXLYQERIPIQIRXW
    MRXIVJIVIXSEQMRMQYQHIKVII

      
    0S[
            
    0S[ 'SRGIVRJSV4VSHYGXMSR ,MKL

    4ISTPIEHETXERHWLMJXXSER]+VMHWX]PIRIIHIHXSKEMR 4EXIVREPMWQ1EXIVREPMWQ
    XLIQE\MQYQEHZERXEKI4IVJSVQERGISGGYVWEGGSVHMRK 6I[EVHERHETTVSZEPKEMRPS]EPX]
    XSWIPJMWLKEMR)JJSVXMWKMZIRJSVEHZERXEKISVTIVWSREP ERHSFIHMIRGIXS[SVOVIUYMVIQIRX
    KEMR *EMPYVIPIEHWXSTYRMWLQIRX

    7SYVGI 8LI0IEHIVWLMT+VMH’ JMKYVI4EXIVREPMWQ*MKYVIERH3TTSVXYRMWQJVSQ0IEHIVWLMT(MPIQQEWh+VMH


    7SPYXMSRW F]6SFIVX6&PEOIERH%RRI%HEQW1G'ERWI *SVQIVP]XLI1EREKIVMEP+VMHF]6SFIVX6&PEOIERH
    .ERI71SYXSR ,SYWXSR+YPJ4YFPMWLMRK'SQTER] +VMH*MKYVI44EXIVREPMWQ*MKYVIT3TTSV
    XYRMWQ*MKYVIT 'ST]VMKLXF]7GMIRXMJMG1IXLSHW-RG6ITVSHYGIHF]TIVQMWWMSRSJXLIS[RIVW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  0IEHIVWLMTMR7QEPP+VSYTW

    EYXLSVMX]8LMWMWWIIREWWIPJWIVZMRK[MXLRSSZIVEPPGSRGIVRJSVXLIKSSHSJXLIKVSYT
    ERHMXWIJJSVXW

    8LI1EREKIVMEP0IEHIVWLMT+VMHLEWEWYFXPIFMEWXS[EVHqSRIFIWX[E]rSJVYR
    RMRKEKVSYTSVXIEQEWE8IEQ1EREKIQIRXSJGSPPEFSVEXMSRERHSRIGVMXMGMWQSJ
    XLMWXLISV]MWXLEXMXMWXSSWMQTPMWXMGMRMXWEWWYQTXMSRSJYRMZIVWEPMX] ,YKLIW+MRRIXX

    'YVTL] ,S[IZIVMXMWEZEPYEFPIWXEVXMRKTSMRXMRYRHIVWXERHMRKHMJJIVIRX
    PIEHIVWLMTWX]PIWERHQE]FIYWIJYPEWEKYMHIXSXLMROMRKEFSYX[LIVIERH[LIRIEGL
    GERFIYWIHETTVSTVMEXIP]8LIZEVMSYWWX]PIWXLIKVMHQIRXMSRWLEZIETTPMGEXMSRXSHMJ
    JIVIRXKVSYTWERHXSXLIWEQIKVSYTWEXHMJJIVIRXXMQIWHITIRHMRKSRXLIXEWOERHXLI
    GSRWXVEMRXWSJXMQIERHIRIVK]

    8VERWEGXMSREPERH8VERWJSVQEXMSREP8LISVMIW
    -REHHMXMSRXSXLIXVEMXERHWX]PIXLISVMIWVIWIEVGLIVWLEZIHIZIPSTIHXVERWEGXMSREPERH
    XVERWJSVQEXMSREP XLISVMIW XS EGGSYRX JSV XLI VIPEXMSRWLMTW FIX[IIR PIEHIVW ERH XLI
    KVSYTWXLI]PIEH1SZMRKFI]SRHXVEMXWERHWX]PIWXLI]JSGYWSRXLITEXXIVRWSJMRXIV
    EGXMSR 8VERWEGXMSREP PIEHIVW EVI XEWOSVMIRXIH ERH EFPI XS HMVIGX XLIMV KVSYTW MR
    JSGYWIH ERH WTIGMJMG [E]W XS EGGSQTPMWL JMRMXI KSEPW 8LI] [SVO EX KEMRMRK XLIMV
    KVSYTtWGSQTPMERGIXLVSYKLZEVMSYWETTVSEGLIWSJJIVMRKVI[EVHWXLVIEXIRMRKTYRMWL
    QIRX ETTIEPMRKXSKVSYTQIQFIVWt WIRWISJ EPXVYMWQ SV ETTIEPMRKXS XLIMVVEXMSREP
    NYHKQIRX &EVKI   8VERWEGXMSREP PIEHIVW MRXIVZIRI MR XLI TVSGIWW SRP] [LIR
    KVSYT QIQFIVW KIX SJJ XLI XVEGO 3XLIV[MWI XLI] LEZI PMXXPI MRZSPZIQIRX [MXL XLI
    KVSYT8LIWIPIEHIVWEVIWMQMPEVXSXLI EYXLSVMX]iGSQTPMERGI PIEHIVWI\GITXXLEX
    XLI]YWIZEVMSYWETTIEPWXSQSXMZEXIXIEQQIQFIVWVEXLIVXLERVIP]MRKWSPIP]SRXLI
    EYXLSVMX]SJXLIMVTSWMXMSRSJTS[IV-RXLMW[E]XLI]EVIEPWSWMQMPEVXSXLI TEXIV
    REPMWXMG PIEHIVW8VERWEGXMSREPPIEHIVWEVIMRXIVTIVWSREPP]HMWXERGIHJVSQKVSYTQIQ
    FIVWERHQE]WYJJIVXLIWEQIHIJMGMXEWXLIERHPIEHIVWMRXLEXXLIMVQIQFIVW
    QE]RIZIVFIXVYP]MRZSPZIHMRXLITVSGIWWSVMXWSYXGSQIW
    3RXLISXLIVLERHXVERWJSVQEXMSREPPIEHIVW LEZIEWXVSRKWIRWISJQMWWMSRERH
    EREFMPMX] XSEXXVEGXE PS]EP ERH GSQQMXXIH JSPPS[MRK8LI] EVI XLSWIPIEHIVW [LSWI
    KVSYTW[SYPHqJSPPS[XLIQER][LIVIr8LIWIPIEHIVWEVIEFPIXSQSXMZEXIXLIMVJSPPS[
    IVWXLVSYKLXLIMVGLEVMWQEXMGTS[IVhXLIMVMRWTMVEXMSREPZMWMSRXLIMVEFMPMX]XSI\TVIWW
    GSQTPI\MHIEWMRIEWMP]YRHIVWXSSH[E]WERHXLIMVMRHMZMHYEPM^IHEXXIRXMSRXSJSPPS[
    IVW8LIWIPIEHIVWVIP]SRXLIMVEFMPMX]XSWLETIKVSYTQIQFIVWt TIVGITXMSRWSJXLIXEWO
    SV QMWWMSR ERH XS QSXMZEXI XLIQ XS EWTMVI XS E WIX SJ KSEPW VEXLIV XLER VIP]MRK SR
    I\TPMGMXMRWXVYGXMSRWSVI\XVMRWMGVI[EVHWERHTYRMWLQIRXW &EVKI,EGOQER

    .SLRWSR -RGSRXVEWX[MXLXLSWIPIEHIVW[LSWMQTP]QEREKIEKVSYTTVSGIWWF]
    EHQMRMWXIVMRK HITIRHMRK SR W]WXIQW ERH JSPPS[MRK XLI VYPIW XLI XVERWJSVQEXMSREP
    PIEHIVIQTS[IVWXLIKVSYTXSEGGSQTPMWLXLIXEWOWXLVSYKLTVSEGXMZIGSQQYRMGEXMSR
    ERHQYXYEPXVYWX &IRRMW 8VERWJSVQEXMSREPPIEHIVWMRGPYHIWSQITSPMXMGEPERH
    VIPMKMSYWPIEHIVWEW[IPPEWWSQI[LSPIEHH]REQMGSVKERM^EXMSRW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    8LISVMIWSJ0IEHIVWLMT 

    (V1EVXMR0YXLIV/MRK.VEXVERWJSVQEXMSREPPIEHIVEXXLIJVSRXSJEZSXMRKVMKLXWQEVGLJVSQ
    7IPQE%PEFEQEXSXLIWXEXIGETMXEPMR1SRXKSQIV]

    0IEHIVWLMTF]%HETXEXMSR
    (IWTMXIXLIETTIEPSJQER]XLISVMIWSJPIEHIVWLMTHIJMRMRKPIEHIVWLMTMRE[E]XLEX
    IRGSQTEWWIWEPPWMXYEXMSRWVIQEMRWIPYWMZIq-QTPMGMX[MXLMREPPPIEHIVWLMTXLISVMIWMW
    XLIRSXMSRXLEXPIEHIVWEVIQSWXIJJIGXMZI[LIRXLI]GERHMWWIGXXLIHIQERHWERHGSR
    WXVEMRXWSJEWMXYEXMSRERHTIVJSVQXLIVIUYMVIHEGXMSRWXSXEOIEHZERXEKISJEWMXYEXMSRtW
    STTSVXYRMXMIWERHSZIVGSQIMXWGSRWXVEMRXWr &EVKIT &IGEYWIKVSYTWEVI
    H]REQMG W]WXIQW PIEHIVW RIIH XS FI EFPI XS EHETX XLIMVWX]PIW ERH FILEZMSVW XS XLI
    RIIHWSJXLITEVXMGYPEVKVSYT[MXLMREGSRXI\X)PPMWERH'VSRWLE[  WYKKIWXXLEX
    PIEHIVWEVIQSVIIJJIGXMZI[LIRXLI]HIZIPSTEWSGMEPMRXIPPMKIRGIXLEXEPPS[WXLIQXS
    QSRMXSVWMXYEXMSRWERHEHETXXLIMVPIEHIVWLMTFILEZMSVWEWVIUYMVIH
    0IEHIVWLMTXLIVIJSVIMWQSVISJXIRJSYRHMRXLIMRXIVEGXMSRWSJXLIKVSYTERHMR
    MXWTVSGIWWXLERWSPIP]MRXLIXVEMXWERHUYEPMXMIWSJXLIMRHMZMHYEPWIREGXMRKMX8LMWMW
    XVYI MR QYPXMTPI JSVQW SJ PIEHIVWLMT JVSQ XLI JSVQEP PIEHIVWLMT XLEX IQIVKIW SV MW
    MQTSWIHSRXLIKVSYTXSXLIMRXYMXMZIqHERGIrXLIPIEHIVIRKEKIWMRXSQEMRXEMRXLI
    KVSYTH]REQMGq)JJIGXMZIPIEHIVWLMTVIWIEVGLWYKKIWXWMWVIQEVOEFP]GLEQIPISRPMOI
    ?MXAMWEJYRGXMSRSJXLIWMXYEXMSRMR[LMGLMXMWJSYRHr /SXXIVT 8LIVIMW
    RSqWMRKPIGSQTVILIRWMZIPMWXSJPIEHIVWLMTUYEPMXMIWERHRSWMRKPITEXLXSPIEHIV
    WLMTrFYXEHETXEFMPMX]MWEOI]GLEVEGXIVMWXMGSJIJJIGXMZIPIEHIVWLMT 'PEVO
    'PEVO
    T 8LYWHIWTMXIXLITPIXLSVESJXLISVMIWSRPIEHIVWLMTMXWEGXYEPQERMJIWXE
    XMSRMWJVIUYIRXP]LEVHXSTVIHMGXFYXLMKLP]IZMHIRX[LIR[II\TIVMIRGIMX-XLETTIRW
    [MXLMRXLIGSRXI\XSJXLIKVSYTERHMWHITIRHIRXSRXLIKVSYTtWVIWTSRWIWXSMX

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  0IEHIVWLMTMR7QEPP+VSYTW

    %0IEHIV
    0ES8WYMWGVIHMXIH[MXLXLIWE]MRK

    8LI[MGOIHPIEHIVMWLI[LSQXLITISTPIHIWTMWI
    8LIKSSHPIEHIVMWLI[LSQXLITISTPIVIZIVI
    8LIKVIEXPIEHIVMWLIEFSYX[LSQXLITISTPIWE]q;IHMHMXSYVWIPZIWr

    0IEHIVPIWW+VSYTW
    0IEHIVPIWWKVSYTWHIJMRIHEWqKVSYTWXLEXHSRSXLEZIEHIWMKREXIHTIVWSR[MXLGSR
    XMRYMRK EYXLSVMX] SZIV XLI SXLIV QIQFIVW ERH VIWTSRWMFMPMX] JSV QEMRXEMRMRK XLI
    KVSYTrLEZII\MWXIHJSVHIGEHIW 'SYRWIPQERT 1ER]I\TIVXWLS[IZIV
    LEZI I\TVIWWIH WOITXMGMWQ SZIV XLI ZMEFMPMX] ERH TVSHYGXMZMX] SJ XVYP] PIEHIVPIWW
    KVSYTW=EPSQ   WYKKIWXIH XLEX QSWX WSGEPPIH PIEHIVPIWW KVSYTW MR JEGX LEZI
    YRSJJMGMEPPIEHIVWJVIUYIRXP]QSVII\TIVMIRGIHSVI\TIVXKVSYTQIQFIVW[LSMRJSV
    QEPP]JYPJMPPXLI PIEHIVWLMTJYRGXMSRW3XLIVW LEZIGEYXMSRIHXLEXPIEHIVPIWWKVSYTW
    WSSRFIGSQI PIEHIVWLMTPIWW PEGO E GPIEV JSGYW SV WXVYGXYVIERHJMRH MX HMJJMGYPX XS
    HIZIPSTSVQEMRXEMRKVSYTRSVQW;MXLSYXEGPIEVP]HIJMRIHWLEVIHWIRWISJTYVTSWI
    ERH E GSRWMWXIRX GSQQSRP] EKVIIHYTSR WIX SJ [SVOMRK RSVQW E KVSYT QE] JMRH
    MXWIPJGSRWXERXP]RIKSXMEXMRKLS[MX[MPPHSXLMRKWVEXLIVXLERIRKEKMRKMRERIJJMGMIRX
    TIVJSVQERGISJMXW XEWOW 0IEHIVPIWW KVSYTW LEZIFIIRORS[R XSHMWWSPZI MRHMWET
    TSMRXQIRX[LIRQIQFIVWt FILEZMSVWWYGLEWPEXIRIWWXSQIIXMRKWEFWIRGIWERHXLI
    I\TVIWWMSRSJLSWXMPIJIIPMRKWGSYTPIH[MXLXLIVIJYWEPF]SRISVX[SKVSYTQIQFIVW
    XSHMWGYWWKVSYTH]REQMGWLEZIKSRIYRGLIGOIH 'SYRWIPQER 8LMWMWRSXXS
    WE]XLEXPIEHIVPIWWKVSYTWGERRSX[SVO8SFIIJJIGXMZILS[IZIVQIQFIVWQYWXGSST
    IVEXMZIP]XEOI SR XLI PIEHIVWLMT JYRGXMSRWSJ   GSRXMRYMRK XSVIEJJMVQXLI KVSYTtW
    XEWOTVSGIWWERHZMWMSR  VITIEXIHP]IQTLEWM^MRKXLIRIIHJSVEWEJIKVSYTGPM
    QEXIMR [LMGLXSIRKEKIMRXLIMV[SVOERH  QEMRXEMRMRKXLIKVSYTtWRSVQWERH
    FSYRHEVMIW FIX[IIR TIVQMWWMFPI ERH MQTIVQMWWMFPI FILEZMSVW;LIXLIV SRI TIVWSR
    JYPJMPPWXLIQSVXLIKVSYTEWE[LSPIWLEVIWXLIQPIEHIVWLMTJYRGXMSRWEVIRIGIWWEV]
    XSIJJIGXMZIKVSYTTVSGIWWIW

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

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    8LVII'LEVEGXIVMWXMGWSJ0IEHIVW 

    :MWMSR
    8VYIPIEHIVWEVII\TIGXIHXSHSQSVIXLERWMQTP]GSRHYGXQIIXMRKWGSRXVSPEKIRHEW
    ERHOIITXVEGOSJIZIRXW%OI]TMIGISJPIEHIVWLMTMWXLIEFMPMX]XSLSPHSRXSERSZIVEPP
    ZMWMSR [LMPI QSZMRK E KVSYT XLVSYKL XLI TVSGIWW RIGIWWEV] XS EGLMIZI XLEX ZMWMSR
    0IEHIVWRIIHXSWIXPSRKERHWLSVXXIVQKSEPWJSGYWEXXIRXMSRSRVIPIZERXEGXMZMXMIW
    QEREKI GSRJPMGX ERH IQTS[IV SXLIV KVSYT QIQFIVW XS GSRXVMFYXI XS XLI GVIEXMZI
    TVSGIWW &IRRMW
    2ERYW 
    8LI[MPHIVRIWWPIEHIVWIXWXLIKSEPSJKIXXMRKXLIKVSYTWEJIP]SYXSJXLI[MPHIV
    RIWW8SEGLMIZIXLEXKSEPWLISVLIQYWXOIITXLIKVSYTWEJIERHLIEPXL]JSVEWPSRKEW
    MX XEOIW XSJMRH XLI [E] SYX8LMW QE] QIER LI SVWLI [MPP RIIH XS JMRH WSYVGIW SJ
    TSXEFPI[EXIVERH[E]WSJJIIHMRKERHWLIPXIVMRKXLIKVSYT[MXLMRXLIGSRWXVEMRXWSJ
    XLIREXYVEP IRZMVSRQIRX[LMPIQEMRXEMRMRKXLI KVSYTtW QSVEPI /IITMRKXLI KSEPMR
    WMKLX[LMPIOIITMRKXLIKVSYTSRXVEGOXS[EVHEGGSQTPMWLMRKMXMWEGSQTPI\XEWO

    'VIHMFMPMX]
    )JJIGXMZIPIEHIVWLMTHITIRHWSRXLIKVSYTtW[MPPMRKRIWWXSJSPPS[8LMW[MPPMRKRIWWMW
    KIRIVEPP] FEWIH SR XLI KVSYTtW TIVGITXMSR SJ XLI PIEHIVtW EFMPMXMIW ERH GVIHMFMPMX]
    ,EGOQER
     .SLRWSR   ;MXLSYX XLI KVSYTtW XVYWX ERH GSRJMHIRGI XLI QSWX
    ZMWMSREV]PIEHIVMWTEVEP]^IHMRLIVSVLMWEXXIQTXWXSHMVIGXXLIKVSYTXS[EVHXLIWXEXIH
    KSEPWERHZMWMSRW8LI[MPHIVRIWWPIEHIV[SYPHFITS[IVPIWWXSLIPTXLIKVSYTMJQIQ
    FIVWHMHRSXTEVXMGMTEXIMRXLITVSGIWW-JXLI]HSRSXFIPMIZIMRXLIPIEHIVtWEFMPMX]XS
    LIPTXLIQJMRHXLI[E]XSWEJIX]SVMJXLI]HSRSXXVYWXLMQSVLIVXSOIITXLIKVSYTtW
    [IPJEVIEWETVMSVMX]XLI]EVIRSXPMOIP]XSJSPPS[LIVSVLMWEHZMGIERHMRWXVYGXMSRW
    8LYW ZMWMSR [MXLSYXGVIHMFMPMX]QE]TVIZIRX XLIQSWXMRWMKLXJYPERHGVIEXMZIPIEHIV
    JVSQFIMRKIJJIGXMZI
    'VIHMFMPMX]MWEGSQTPI\TLIRSQIRSR-XMWQEHIYTSJWIZIVEPJEGXSVWGSQTI
    XIRGI ORS[PIHKIERHI\TIVXMWIMREXSTMG GLEVEGXIV LSRIWX]ERHXVYWX[SVXLMRIWW 
    GSQTSWYVI EFMPMX]XSVIQEMRGEPQYRHIVWXVIWW WSGMEFMPMX] PMOEFPIRIWW ERHI\XVS
    ZIVWMSR HIKVII SJ MRXIVIWX MR SXLIVW  &EVKI   )EGL SJ XLIWI FYMPHW E FEWI SJ
    TS[IVERHMWEGXMZEXIHF]XLITIVGITXMSRWSJXLIZEPYISJXLEXTS[IVF]XLIQIQFIVWSJ
    XLIKVSYT8LSWIPIEHIVW[LSEVITIVGIMZIHXSLEZIEVIPIZERXTS[IVFEWIEW[IPPEWXLI
    FIWXMRXIVIWXWSJXLIMVKVSYTEXLIEVX[MPPLEZIMRJPYIRGIMRXLIMVKVSYTW0IEHIVW[LS
    EVITIVGIMZIHXSPEGOWYGLETS[IVFEWISV[LSEVITIVGIMZIHXSFIQERMTYPEXMZISVHMW
    LSRIWX[MPPLEZIELEVHIVXMQIKEMRMRKGSQTPMERGIJVSQXLIMVKVSYT

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

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  0IEHIVWLMTMR7QEPP+VSYTW

    QIQFIVWSVJSVXLSWIVIPIZERXSXLIVWSYXWMHIXLIKVSYT%PIEHIVQYWXFIEFPIXSGSQ
    QYRMGEXIMRE[E]XLEXqYTLSPHWERHsJMXWMRXSt XLII\MWXMRKGYPXYVEPZEPYIW]WXIQSV
    XVERWGIRHW XLEX W]WXIQ F] EVXMGYPEXMRK ER EPXIVREXMZI ZEPYI W]WXIQr &EVKI 
    T  %WWYGLPIEHIVWQYWXFIEFPIXSYRHIVWXERHXLIMVIRZMVSRQIRXERHMRXIVTVIXMX
    MRE[E]XLEXQEOIWWIRWIXSKVSYTQIQFIVW &YGOMRKLEQ
    'SJJQER 
    &IJSVIKSMRKSRE[LMXI[EXIVVEJXMRKXVMTXLIVMZIVKYMHII\TPEMRWXSXLIVEJXIVW
    [LEXXSI\TIGXERHLS[XSVIWTSRHXSEKMZIRWIXSJGSQQERHWXLEXXLIKYMHI[MPPMWWYI
    [LIRXLI]VIEGLXLI[LMXI[EXIV&IJSVIXLI]KIXMRXLIVEJXERHJSPPS[XLIMRWXVYGXMSRW
    XLSYKLXLI]RIIHXSFIPMIZIXLEXXLIKYMHIORS[WXLIVMZIVERHLS[XSMRXIVTVIXXLIGYV
    VIRXWIHHMIWERHJEPPWXLEXWLISVLIMWEFPIXSQERIYZIVXLIVEJXWEJIP]XLVSYKLSV
    EVSYRHXLI VETMHWGEVIWEFSYXXLIVEJXIVWt [IPPFIMRKERHMW EFPIXS XIPP XLIQ[LEX
    [LIRERHLS[XSHSXLMRKWMRE[E]XLI]GERYRHIVWXERH-REHHMXMSRVIKEVHPIWWSJ
    LS[[IPPXLIKYMHIORS[WXLIVMZIVERHXIGLRMUYIWJSVTEHHPMRKMXMJXLI]EVISYXSRE
    XVIEGLIVSYWWXVIXGLSJXLIVMZIVERHXLIKYMHIXIPPWXLIVEJXIVWXSHSWSQIXLMRKXLI]LEZI
    RSXFIIRXSPHXSI\TIGXXLIKYMHI[MPPRIIHXSFIEFPIXSGSQQYRMGEXIXLIVEXMSREPIJSV
    XLEXHMJJIVIRXGSQQERHIMXLIVZIVFEPP]SVRSRZIVFEPP]MRE[E]XLEXQEOIWWIRWIXSXLI
    VEJXIVW8LYWPIEHIVWQYWXFIEFPIXSGSQQYRMGEXIXLIMVSZIVEPPZMWMSRXLIGVIHMFMPMX]
    SJXLIMVTS[IVFEWIERHXLIMVXVYWX[SVXLMRIWWMRXLIWMXYEXMSREXLERH
    'SQQYRMGEXMSRGSQTIXIRGIEPWSJVIUYIRXP]MRGPYHIWEREFMPMX]XSQEREKIEQFM
    KYMX]ERHYRGIVXEMRX]%PIEHIVQYWXFIEFPIXSqVIEHrXLIKVSYTEW[IPPEWXLIIRZMVSR
    QIRXMR[LMGLMXSTIVEXIWERHORS[[LIRXSVIHYGIERH[LIRXSLIMKLXIRYRGIVXEMRX]
    3RXLIVMZIVXLIVEJXKYMHIRIIHWXSVIHYGIYRGIVXEMRX]IRSYKLXSEPPE]XLIJIEVWSJXLI
    VEJXIVWERHOIITXLIQGEPQWSXLEXXLI]EVIEFPIXSIRNS]XLIXVMTERHRSXTERMGSVGEYWI
    LEVQXSXLIQWIPZIWSVJIPPS[VEJXIVW,S[IZIV XLIVEJXIVW QYWXEPWSYRHIVWXERH XLI
    HERKIVWSJXLIVMZIVRSXFIGSQIXSSVIPE\IHERHGEWYEPMRXLIVEJXERHFITVITEVIHJSV
    XLIYRI\TIGXIH%QM\SJGIVXEMRX]ERHYRGIVXEMRX]MWVIUYMVIHJSVEJYRERHWEJIXVMT
    8LIPIEHIVSJEVIEPIWXEXIHIZIPSTQIRXKVSYTTVITEVMRKEFMHSRETVMQITMIGISJ
    PERHFEPERGIWGIVXEMRX]ERHYRGIVXEMRX]MRXLITVSGIWWSJTYXXMRKXSKIXLIVEWYGGIWWJYP
    FMH%PXLSYKLMXMWGIVXEMRXLEXXLIKVSYTRIIHWXSSJJIVIRSYKLQSRI]XSSYXFMHXLIGSQ
    TIXMXSVW[LMPIOIITMRKMXWFMHPS[IRSYKLXSEWWYVIXLEXMXGERQEOIETVSJMXJVSQMXW
    HIZIPSTQIRXXLIVIMWWSQIYRGIVXEMRX]EFSYXXLII\EGXHSPPEVEQSYRXXLEX[MPPEGGSQ
    TPMWLFSXLIRHW8LIPIEHIVQE][ERXXSVIHYGIYRGIVXEMRX]ERHWXVIEQPMRIKVSYTHMWGYW
    WMSRF]VIP]MRKSRTEVEPPIPW[MXLTVMSVHIZIPSTQIRXXSXLII\XIRXTSWWMFPIFYXLISVWLI
    QE]EPWS[ERXXLIKVSYTQIQFIVWXSWXVYKKPI[MXLXLIYRORS[REWTIGXWSJXLMWTEVXMGY
    PEVGEWIXSQEOIWYVIXLI]EVIRSXSZIVPSSOMRKWSQIXLMRKGVYGMEPERHI\TIRWMZI8LI
    PIEHIVXLYWRIIHWXSFEPERGIXLIIJJMGMIRG]ERHGSQJSVXEWWSGMEXIH[MXLVIHYGMRKYRGIV
    XEMRX][MXLXLIVMWOWSJGSRJPMGXERHXMQIGSRWYQMRKHMWGYWWMSREWWSGMEXIH[MXLVEMWMRK
    XLIPIZIPWSJYRGIVXEMRX]1EREKMRKXLIQM\SJGIVXEMRX]ERHYRGIVXEMRX]ETTVSTVMEXIP]MR
    EKVSYTMWXLIXEWOSJEKSSHPIEHIVERHEXIWXSJLMWSVLIVGSQQYRMGEXMSRGSQTIXIRGI

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

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    'LSSWMRKE0IEHIV 

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

    %TTSMRXIH0IEHIVW
    *SVQER]KVSYTWJSVQIH[MXLMRERSVKERM^EXMSREPGSRXI\XXLIPIEHIVMWETTSMRXIHF]E
    QEREKIVMRXLIPEVKIVSVKERM^EXMSR%RETTSMRXIHKVSYTPIEHIV QE]WIXYTXLIKVSYT
    GEPPXLIJMVWXQIIXMRKWIXXLIEKIRHEIWXEFPMWLKVSYTRSVQWERHI\TIGXEXMSRWIWXEFPMWL
    VIPEXMSRWLMTW[MXLSYXWMHIWSYVGIWSJTS[IVERHEGXEWEREVFMXIVSJXLIKVSYTTVSGIWW
    8LMWQE]FIWSQISRI[MXLTSWMXMSRSVVIJIVIRXTS[IVMRERSVKERM^EXMSRSVWSQISRI
    [MXLTEVXMGYPEVI\TIVXMWIMRXLIEVIEYRHIVMRZIWXMKEXMSR%RETTSMRXIHPIEHIV[MXLE
    VIWTIGXIH FEWI SJ TS[IV GER FI FIRIJMGMEP MR WIXXMRK E TSWMXMZI XSRI JSV XLI KVSYT
    TVSGIWW-REHHMXMSRE[IPPGSRRIGXIHPIEHIV[MXLMRXIVTIVWSREPPMROEKIWSVTSWMXMSREP
    TS[IVQE]QEOIMXIEWMIVJSVXLIKVSYTXSSFXEMRMRJSVQEXMSRERHVIWSYVGIWRIIHIHJSV
    XLIXEWO ,EVVMW %PIEHIV[LSGSQQERHWVIWTIGXFEWIHSRXLIKVSYTtWTIVGIT
    XMSRWSJLIVSVLMWTS[IVQE]FIEFPIXSIQTS[IVKVSYTQIQFIVWERHQEREKIGSRJPMGX
    QSVIIJJIGXMZIP]XLERWSQISRIRSXEW[IPPTIVGIMZIH
    3RIHVE[FEGOXSERETTSMRXIHPIEHIVMWXLIXIRHIRG]WYGLPIEHIVWQE]LEZIXS
    I\IVX XLIMV TS[IV ERH SZIVGSRXVSP XLI KVSYT TVSGIWW XLYW HMQMRMWLMRK XLI TSXIRXMEP
    GSRXVMFYXMSRWSJSXLIVQIQFIVW;LIRQIQFIVWJIIPFEVVIHJVSQTEVXMGMTEXMRKJYPP]
    XLI]QE]YWIXLIMVS[REZSMHERGITS[IV[MXLXLIEHZIVWIMQTEGXEWWSGMEXIH[MXLE
    PSWWSJXLIMVMRTYX)ZIR[LIREPIEHIVMWFIRIZSPIRXERHGEVMRKMRLMWSVLIVEWWIVXMSR
    SJ TS[IV ERH GSRXVSP XLI KVSYT QE] JIIP HMWIQTS[IVIH ERH PSWI QSXMZEXMSR ERH E
    WIRWISJWLEVIHVIWTSRWMFMPMX]JSVXLISYXGSQI'SRXVSPSJKVSYTTVSGIWWMWEHMJJMGYPX
    FEPERGIXSLSPH%R]PIEHIVQE]FIXIQTXIHXSI\IVXQSVIGSRXVSPXLERMW[EVVERXIH
    FYXXLSWI[LSEVIETTSMRXIHQE]FIQSVIMRGPMRIHXSQSZIMRXLEXHMVIGXMSRXLERXLSWI
    [LSEVIQSVIHIQSGVEXMGEPP]GLSWIR

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

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  0IEHIVWLMTMR7QEPP+VSYTW

    )QIVKIRX0IEHIVW
    %RIQIVKIRXKVSYTPIEHIV MWSRI[LSqWXEVXWSYXEWER]SXLIVQIQFIVSJEKVSYTSJ
    TIIVWFYXKVEHYEPP]IQIVKIWEWPIEHIVMRXLITIVGITXMSRWSJXLISXLIVQIQFIVWF]
    TVSZMHMRKPIEHIVWLMTWIVZMGIWrXLEXXLIKVSYTZEPYIW &VMPLEVX
    +EPERIWT 
    8LIVIEVIX[SX]TIWSJIQIVKIRXPIEHIVWXLSWI[LSIQIVKIJVSQEPIEHIVPIWWKVSYTSJ
    TIIVWERHXLSWI[LSIQIVKIEPSRKWMHIERI\MWXMRKPIEHIVXSQIIXTEVXMGYPEVRIIHW
    -RWXYH]MRKPIEHIVW[LSIQIVKIJVSQPIEHIVPIWWKVSYTWVIWIEVGLIVWEXXLI9RMZIV
    WMX]SJ1MRRIWSXEJSYRHXLEXGIVXEMREGXMSRWQEOIWSQIQIQFIVWSJEPIEHIVPIWWKVSYT
    QSVI PMOIP] XLER SXLIVW XS FIGSQI XLI KVSYT PIEHIVW &SVQERR  +IMIV  
    +VSYTQIQFIVW[LSEVIVIXMGIRXSVPEGOMRJSVQEXMSRSVXLSWI[LSEVIFSWW]ERHHSK
    QEXMGEVIIPMQMREXIHEWGERHMHEXIWJSVPIEHIVWLMTIEVP]MRXLITVSGIWW8LSWIQIQFIVW
    [LSWTIEOJVIUYIRXP]EVI[IPPMRJSVQIHERHWYTTSVXHIQSGVEXMGKVSYTTVSGIWWVIQEMR
    MRGSRWMHIVEXMSR-XMWJVSQXLMWKVSYTXLEXXLIPIEHIV[MPPPMOIP]IQIVKIq8LI1MRRIWSXE
    7XYHMIWWLS[XLEXPIEHIVWIQIVKIXLVSYKLEQIXLSHSJVIWMHYIWMR[LMGLKVSYTQIQ
    FIVWEVIVINIGXIHYRXMPSRP]SRIVIQEMRWr &IIFI
    1EWXIVWSRT 
    3RXLISXLIVLERHMREKVSYT[MXLERETTSMRXIHSVIPIGXIHPIEHIVEQIQFIV[MXL
    I\TIVXMWIMRXLITEVXMGYPEVEVIEYRHIVGSRWMHIVEXMSRQE]IQIVKIEWLIVSVLMWWOMPPWEVI
    MRGVIEWMRKP]GEPPIHSRHYVMRKXLIKVSYTTVSGIWW-JEWQEPPKVSYTLEWFIIRGSRZIRIHXS
    HIZIPST E QEVOIXMRK WXVEXIK] JSV IPIGXVSRMG TEVXW ER I\IGYXMZI JVSQ XLI QEVOIXMRK
    KVSYTQMKLXFIETTSMRXIHXLIMRMXMEPKVSYTPIEHIV%WXLIHMWGYWWMSRHIZIPSTWERSXLIV
    MRHMZMHYEPQE]IQIVKIEWIWTIGMEPP]ORS[PIHKIEFPIEFSYXXLIQEVOIXRMGLIJSVXLIWI
    TEVXMGYPEVGSQTSRIRXTEVXW-JXLEXTIVWSRKEMRWXLIVIWTIGXERHXVYWXSJXLIKVSYTXLI
    QIQFIVWQE]XYVRMRGVIEWMRKP]XSLIVSVLMQXSXEOISZIVXLIKVSYTTVSGIWW 'YQ
    QMRKW
    ;SVPI] 8LMWPEXXIVX]TISJIQIVKIRXPIEHIVWLMTMWWMQMPEVXSXLIX]TI
    EWWSGMEXIH[MXLWLEVIHSVJEGMPMXEXMZIPIEHIVWLMT

    7LEVIH *EGMPMXEXMZI 0IEHIVWLMT


    %W MXW REQI MQTPMIW WLEVIH SV JEGMPMXEXMZI PIEHIVWLMT MW FEWIH SR E GSPPEFSVEXMZI
    KVSYTIJJSVX[MXLQIQFIVWWLEVMRKTS[IVEWXLIXEWOHMGXEXIW%WXLIKVSYTQIQFIVW
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    ;SVPI] %WXLIKVSYTTVSKVIWWIWXS[EVHKVIEXIVIQTS[IVQIRXXLIPIEHIVtWVSPI
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    MRWXMPPQSXMZEXMSRMRIEGLTIVWSRMRHMZMHYEPWGSRXVMFYXIJVIIP]FIGEYWIIEGLTIVWSRLEW
    WSQIS[RIVWLMTMRXLIKVSYTTVSGIWW
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    8EWOWSJ+VSYT0IEHIVW 

    8%&0) %HZERXEKIWERH(MWEHZERXEKIWSJ7LEVIH SV*EGMPMXEXMZI 0IEHIVWLMT

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    XLITVSFPIQEPXIVREXMZIWERHVIGSQQIRHIH HIGMWMSREFEHKVSYTHIGMWMSRMWWXMPPEFEH
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    KSEPWHYVMRKQIIXMRKWSRITIVWSRYWYEPP]RIIHWXSEGGITXXLITVMQEV]VIWTSRWMFMPMX]
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    WTIGMJMGEVIEWMXMWMQTSVXERXXSFEPERGIXLIXMQIERHIRIVK]XLIKVSYTWTIRHWSRMRHM
    ZMHYEPHMWGYWWMSRTSMRXWEKEMRWXXLIEZEMPEFPIXMQIERHVIWSYVGIWXLIKVSYTLEWEXMXW
    HMWTSWEP7SQIMWWYIW[MPP[EVVERXEPEVKIVWLEVISJXLIKVSYTtWVIWSYVGIWXLERSXLIVW
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    EPPSGEXIH 8S MRGVIEWI ]SYV IJJIGXMZIRIWW MR JEGMPMXEXMRK QIIXMRKW ]SY [MPP [ERX XS
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    QIQFIVW ERHIRGSYVEKMRKJYPPTEVXMGMTEXMSRERHGSRWMHIVEXMSRSJEPPTSMRXWSJZMI[-R
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    WSPZMRK-RER]KVSYTXLIVIEVIYWYEPP]XLSWI[LSJIIPIRXMXPIHXSI\TVIWWMRKXLIMVSTMR
    MSRWERHGSRXVMFYXMRKXLIMVTIVWTIGXMZIWERHXLSWI[LSLERKFEGOERHJIIPXLIMVZMI[
    TSMRXWQE]RSXFIEWZEPYEFPIEWXLSWISJSXLIVW*SVEKVSYTXSKEMRXLIFIRIJMXSJIEGL
    QIQFIVtWYRMUYIGSRXVMFYXMSRMXQE]FIMRGYQFIRXSRXLIPIEHIVXSIRGSYVEKIXLSWI
    [LSJIIPHMWIQTS[IVIHERHIWXVERKIHJVSQXLITVSGIWWXSFIGSQIMRZSPZIH)RKEKMRK
    XLIQ[LMPIEZSMHMRKQEOMRKXLIQSVSXLIVWYRGSQJSVXEFPIMWXLILEPPQEVOSJEWOMPP
    JYPPIEHIV

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    YPEXIGSRJPMGXMWEOI]XSGVIEXMZITVSFPIQWSPZMRK3RXLISRILERH[LIRKVSYTQIQ
    FIVWFIGSQIWSZIWXIHMRS[RIVWLMTSJXLIMVZMI[TSMRXWXLEXXLI]HMKMRXLIMVLIIPWERH
    VIJYWIXSPMWXIRXSSXLIVWEPIEHIVQE]RIIHXSFEGOXLIKVSYTE[E]JVSQXLITSMRXSJ
    GSRJPMGXERHWIEVGLJSVGSQQSRKVSYRH3RXLISXLIVLERHMJKVSYTQIQFIVWEVIVIPYG
    XERXXSWTIEOXLIMVQMRHWJSVJIEVSJGEYWMRKHMWLEVQSR]SVFIMRKXLSYKLXJSSPMWLSV
    YRMRJSVQIHEPIEHIVQE]RIIHXSTVSFIXLIHMZIVKIRXZMI[WXSFIKMREJYPPERHSTIRHMW
    GYWWMSRSJEPPEWTIGXWSJERMWWYI3RP]XLVSYKLI\TPSVMRKEWQER]TIVWTIGXMZIWEWTSWWM
    FPIGERXLIKVSYTJSVKIERSTXMQYQWSPYXMSR8LYWMXMWXLIPIEHIV[LSQYWXSVGLIWXVEXI
    XLIKVSYTTVSGIWWORS[MRK[LIRXSWSSXLIERH[LIRXSGLEPPIRKIKVSYTQIQFIVW

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    WX]PISJPIEHIVWLMTETTVSTVMEXIXSXLEXKVSYT%KVSYTQE]FIJSVQIH[MXLMRXLIGSR
    XI\XSJEHIQSGVEXMG EREYXSGVEXMG SVEPEMWWI^JEMVIW]WXIQ %GSSTIVEXMZIEVXKEPPIV]
    SVREXYVEPJSSHWWXSVIMWJVIUYIRXP]JSVQIHEWEHIQSGVEXMGSVKERM^EXMSR%WQEPPKVSYT
    JSVQIH[MXLMRWYGLEGSRXI\X[SYPHFIMRJPYIRGIHF]XLEXX]TISJMRXIVEGXMSRERHMW
    PMOIP]XSI\TIGXGSPPEFSVEXMZIHIGMWMSRQEOMRKERHPIEHIVWLMT3RXLISXLIVLERHQER]
    XVEHMXMSREPQERYJEGXYVMRKSVKERM^EXMSRWEVIEYXSGVEXMG8LI]EVIFEWIHSRLMIVEVGLMG
    XSTHS[RQEREKIQIRXERHEWQEPPKVSYTJSVQIH[MXLMRXLEXGSRXI\XQE]FIMRJPY
    IRGIHMRMXWS[RMRXIVEGXMSRWF]XLEXPEVKIVW]WXIQ[MXLEREWWYQTXMSRSJJSVQEPPIEH
    IVWLMTVSPIWERHXLIJMREPEYXLSVMX]XSQEOIHIGMWMSRWVIWXMRK[MXLXLIKVSYTPIEHIV-R
    ERSXLIV GSRXI\X E JEVQIVWt QEVOIX QMKLX XEOI TPEGI [MXLMR E PEMWWI^JEMVI W]WXIQ
    [LIVIEQYRMGMTEPMX]WIXWEWMHIEKMZIREVIESRGIVXEMRHE]WSJXLI[IIOJSVJEVQIVWXS
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    W]WXIQSVXSSRIERSXLIVEWMHIJVSQGSQMRK[LIRXLI]LEZIWSQIXLMRKXSWIPP%WQEPP
    KVSYTJSVQIHXSHIGMHI[LIVIGIVXEMRFSSXLWWLSYPHFIWIXYTQMKLXLEZIZIV]PMXXPI

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    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    -RJPYIRGIWSR+VSYT0IEHIVWLMT 

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    IJJMGMIRXMRMXWHIGMWMSRQEOMRK

    2EXYVISJ8EWO
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    MRJPYIRGIH F] XLI REXYVI SJ XLI XEWO JSV [LMGL XLI] EVI GSRZIRIH -J XLI XEWO MW E
    WXVEMKLXJSV[EVHSRI[MXLERSFZMSYWFIWXGLSMGISV[MXLEGLSMGIXLEXVIUYMVIWQSVI
    EHQMRMWXVEXMZI[SVOXLERHIGMWMSRQEOMRKMXQMKLXJEPPXSEHIWMKREXIHPIEHIVXSGSQI
    YT[MXLERERW[IV[MXLZIV]PMXXPIKVSYTMRTYX*SVI\EQTPIEWQEPPKVSYTJVSQXLI
    JSSHGSSTGSRZIRIHXSJMRHXLIFIWXTVMGIWERHWSYVGIWJSVSEXWERH[LIEXQMKLXEWO
    SRITIVWSRXSHSXLIVIWIEVGLERHGSQIFEGOXSXLIKVSYT[MXLETVSTSWEPJSVXLIKVSYT
    XS EGGITX SV VINIGX 3R XLI SXLIV LERH E KVSYT SJ EYXSQSFMPI [SVOIVW GSRZIRIH XS
    HIGMHILS[FIWXXSJSVQ[SVOXIEQWXSEGGSQTPMWLERI[XEWOQE]RIIHGVIEXMZIXLMRO
    MRKJVSQIEGLQIQFIVERHQE]GLSSWIXSHIZIPSTEGSPPEFSVEXMZIWSPYXMSR-RXLIWI
    GEWIWXLIXEWOQE]SZIVVMHIXLISVMIRXEXMSRSJXLIPEVKIVW]WXIQMRXLIKVSYTtWHIGMWMSR
    QEOMRKJSVQEX%RI\EQTPISJXLMWGERFIWIIRMRQER]97MRHYWXVMIWt EXXIQTXWXS
    MRGVIEWI UYEPMX] MR XLI TVSHYGXMSR TVSGIWW 'EVSWIPPM  8VEHMXMSREPP] MRHYWXV]
    QEREKIQIRXLEWHMGXEXIHLS[UYEPMX]MWXSFISFXEMRIHERHLEWXSPHIQTPS]IIW[LEX
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    XLIMRZSPZIQIRXSJXLIIQTPS]IIW[LSHSXLIEGXYEP[SVO*SVQER]IQTPS]IIWXLIWI
    UYEPMX] QERHEXIW LEZI FIIR RS HMJJIVIRX JVSQ ER] SXLIV QEREKIQIRX I\LSVXEXMSRW
    WYGLEWGSWXGYXXMRKVISVKERM^MRKWEJIX]VYPIWERHWYQQIVWGLIHYPIW,S[IZIVSRGI
    SVKERM^EXMSRW FIKER MRZSPZMRK IQTPS]IIW MR HIGMHMRK LS[ FIWX XS VIWSPZI UYEPMX]
    MWWYIWPMWXIRMRKXSXLIIQTPS]IIWERHXEOMRKMRXSEGGSYRXXLIMVI\TIVMIRGIORS[PIHKI
    ERHTIVGITXMSRWXLVSYKLKVSYTQIIXMRKWXLI]I\TIVMIRGIHERMQQIHMEXIMRGVIEWIMR
    UYEPMX];LIRIQTPS]IIWt MRTYX[EWWSYKLXERHMRGSVTSVEXIHMRXSXLIHIZIPSTQIRXSJE
    UYEPMX]MQTVSZIQIRXWXVEXIK]XLI]JIPXEWIRWISJS[RIVWLMTERHEVIWYPXMRKGSQQMX
    QIRXXSMQTPIQIRXXLIMVWSPYXMSRW /IEVRW 

    -RXIVHITIRHIRGISJ+VSYT1IQFIVW
    %RSXLIV JEGXSV MR XLI X]TI SJ PIEHIVWLMT XLEX KVSYTW RIIH SV [ERX MW XLI HIKVII SJ
    MRXIVHITIRHIRGI FIX[IIRQIQFIVW8LIQSVIMRZIWXIHMRHMZMHYEPQIQFIVWEVIMRXLI
    SYXGSQISJXLIKVSYTTVSGIWWXLIQSVIHIQSGVEXMGXLI]EVIPMOIP]XS[ERXXLITVSGIWW
    XSFI8LIPIWWMRZIWXIHXLIQIQFIVWEVIXLIQSVI[MPPMRKXLI]EVIXSPIXXLIPIEHIV
    QEOIXLIHIGMWMSRWSVXSQEOIRSHIGMWMSRWEXEPP-JXLIJEVQIVWEXXLIQEVOIXHIGMHI
    XLIPSGEXMSRMWRSX[SVOMRKJSVXLIQXLI]QMKLXJSVQEKVSYTXSJMRHERI[PSGEXMSR
    &IGEYWIXLI]EVIIEGLMRZIWXIHMRXLISYXGSQIXLI]QE]MQTSWI EWXVYGXYVI SRXLI
    KVSYTXSEWWYVIXLEXEPPSTXMSRWEVIGSRWMHIVIHERHXLEXXLIRIIHWSJIEGLJEVQIVEVI
    XEOIRMRXSEGGSYRX
    %GGSVHMRK XS &EVKI  T   q0IEHIVWLMT FIGSQIW QSVI VIPIZERX ERH
    MQTSVXERXXSTISTPIMRXMQIWSJTIVGIMZIHGVMWMWERHXYVQSMPrXLEREXXMQIW[LIRXLMRKW
    EVIKSMRKVIPEXMZIP]WQSSXLP]-REHHMXMSR[MXLMRER]KVSYTGIVXEMRXEWOWQE]VIUYMVI
    UYMGOERHHIGMWMZIEXXIRXMSR[LMPISXLIVW[EVVERXPSRKIVXMQIJSVXLSYKLXJYPGSRWMHIV
    EXMSR%R IJJIGXMZI KVSYT PIEHIV LIPTW XLI KVSYT QEOI XLSWI HMWXMRGXMSRW ERH WEZIW

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    &EGSR
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    XSGSSVHMREXIERHGSQQYRMGEXI8LMWMRZSPZIWPMWXIRMRKERHVIWTSRHMRKEPPS[MRKJSV
    GVIEXMZIHMWGYWWMSRERHGSRJPMGXOIITMRKXLIKVSYTSRXVEGOERHQEMRXEMRMRKGMZMPMX]
    XLVSYKLSYXXLITVSGIWW

    0IEHIVWLMT7X]PIW
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    VSRQIRXMWEGLEPPIRKIRSXEP[E]WWYGGIWWJYPP]QIX%PXLSYKLWQEPPKVSYTWEVISJXIR
    FIWXWIVZIHF]ZEVMSYWTEVXMGMTEXSV]WX]PIWSJPIEHIVWLMTVIWIEVGLMRHMGEXIWXLEX%QIV
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    JSVH
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    EXXIRXMSRERHMWI\TIGXIHXSVYRXLIWLS[8[SWTIGMJMGX]TIWSJLIVSMGEYXSGVEXMGPIEH
    IVWLMTFILEZMSVWSJXIRTVIZEMPhXLIPIEHIVEWXIGLRMGMERERHPIEHIVEWGSRHYGXSV%R
    EPXIVREXMZIMWXLIPIEHIVEWGSEGLETTVSEGL

    0IEHIVEW8IGLRMGMER
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    QIRXWJSVWTIGMEPM^IHORS[PIHKISVI\TIVMIRGI[IEVIETXXSPSSOXSWSQISRI[MXL
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    HIRG]SJXLIKVSYTXSHIJIVXSXLEXTIVWSR[LIRIZIVEHMJJMGYPXHIGMWMSRGSQIWXSXLI
    JSVI-JJSVI\EQTPIEKVSYTMWGSRZIRIH XSI\EQMRIEPXIVREXMZIWXSXVEHMXMSREP ERH
    I\TIRWMZILIEPXLGEVISTXMSRWJSVERSVKERM^EXMSRtWIQTPS]IIWXLIKVSYTQE]PSSOXSE
    LIEPXLGEVITVSZMHIVXSPIEHXLIHMWGYWWMSR;LIRXLIXSTMGWYRHIVGSRWMHIVEXMSRQSZI
    XS[EVHEHMWGYWWMSRSJXLIQIVMXWSJZEVMSYWSTXMSRWJSVXVIEXQIRXSJWTIGMJMGX]TIWSJ
    TL]WMGEP SV TW]GLSPSKMGEP MQTEMVQIRX KVSYT QIQFIVW QE] XYVR XS XLMW PIEHIV JSV
    MRWMKLXERHHMVIGXMSR7SSRMXFIGSQIWETTEVIRXXLEXMXMWIEWMIVERHQSVIIJJMGMIRXXS
    WMQTP]EWOXLIPIEHIVXSHIXIVQMRIXLIFIWXGSYVWISJXVIEXQIRXJSVZEVMSYWERXMGMTEXIH
    MPPW%W[ILEZIHMWGYWWIHMRIEVPMIVWIGXMSRWXLMWQE]FIIJJMGMIRXJSVXIGLRMGEPGSR
    GIVRWSVJSVMWWYIWLEZMRKPMXXPIGSRWIUYIRGIFYX[LIRXLIMWWYIWMRZSPZIHEVIFVSEH
    VERKMRKERHSJVIPEXMZIP]LMKLMQTSVXERGIXSERYQFIVSJTISTPIXLIPEVKIVPIWWWTIGMJ
    MGEPP]XIGLRMGEPEWTIGXWSJXLIWIMWWYIWRIIHXSFIGSRWMHIVIH
    -X QYWX FI VIQIQFIVIH XLEX XLSWI [MXL XIGLRMGEP I\TIVXMWI VIKEVHPIWW SJ LS[
    HIITSVFVSEHEVIPMOIP]XSFIFMEWIHXS[EVHETEVXMGYPEVTSMRXSJZMI[-XMWIEW]XSJSV
    KIXXLEXQSWXKVSYTQIQFIVWTVSFEFP]LEZIWSQILIEPXLI\TIVMIRGISJXLIMVS[RERH
    QE]FIEFPIXSSJJIVMRWMKLXWJVSQXLITIVWTIGXMZISJEGSRWYQIVXLEXXLILIEPXLGEVI
    TVSZMHIVMWETXXSSZIVPSSO,S[IZIV[LIRKVSYTQIQFIVWXLMROXLI]HSRSXLEZITEV
    XMGYPEVORS[PIHKISJXLIMQQIHMEXIMWWYIWYRHIVHMWGYWWMSRXLI]QE]JIIPHMWIQTS[
    IVIHERHFIGSQIMRGVIEWMRKP]HMWIRKEKIHJVSQXLITVSGIWW-XMWIEW]XSWIILS[XLI
    qI\TIVXr EW PIEHIV SJ XLMW HMWGYWWMSR GSYPH XEOI XLI EGORS[PIHKQIRX SJ LIV SV LMW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    0IEHIVWLMT7X]PIW 

    I\TIVXMWIEWEGYIXSGSRXVSPXLIHMWGYWWMSRERHXLIIZIRXYEPSYXGSQISJXLIHIGMWMSR
    QEOMRK TVSGIWW%W MR ER] KVSYT TVSGIWW XLI VIWTSRWMFMPMX] JSV PIEHIVWLMT ERH XLI
    VIWYPXWSJHIGMWMSRQEOMRKEVIWLEVIHF]KVSYTQIQFIVW[LIXLIVSVRSXXLI]EGORS[P
    IHKIXLIMVTEVXMRMX)EGLQIQFIVLEWXLITS[IVERHVIWTSRWMFMPMX]XSTEVXMGMTEXIMRXLI
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    XLIEVQ]qHIGPEVIEZMGXSV]ERHGSQILSQIr8LIVIWTSRWIXSXLITVSTSWEPHIQSR
    WXVEXIHXLEXXLIVIEVIPMQMXWXSEVFMXVEV]YRMPEXIVEPIZEPYEXMSRWSJSYXGSQIWFYXqWYG
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    TVSNIGXSRXMQIHSIWRSXQEOIEKVSYTWYGGIWWJYP8LITVSGIWWSJXLIKVSYTQYWXFI
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    WMQYPXERISYWP]IRKEKMRKMRXLIQEVIPMQMXIH;IQE]EPWSFIIRKEKIHMRGSYRXIVTVS
    HYGXMZIWQEPPKVSYTFILEZMSVWERHRIZIVVIEPM^IMXFIGEYWIXLIKVSYTGSRXMRYIWXSFI
    WYGGIWWJYP MR WTMXI SJ XLIQ ;LIR RI[ HIQERHW EVI TPEGIH SR SYV WQEPP KVSYT
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    HSMRK
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    XSIJJIGXMZIP]TVSZMHIJIIHFEGO%RSFWIVZIVQYWXTVSZMHIQSVIXLERERSZIVEPPIZEPYE
    XMSRXLEXMXq[IRXTVIXX][IPPr
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    XSSXLIVWMRIMXLIVGEWIMQTVSZIQIRXGERSGGYVSRP]MJ[IEVIE[EVISJXLIGEYWIWERH
    GYVIWJSVXLIJEMPYVI3RIWEKISFWIVZIVWXEXIHXLEXXLITIVWSR[LSQEOIWRSQMWXEOIW
    YWYEPP]QEOIWRSXLMRK%RSXLIVGSRGPYHIHXLEXJEMPYVIMWEWYGGIWWMJ[IPIEVRJVSQMX
    6IGSKRM^MRKJEMPYVIMWSRISJXLIWYVIWXVSYXIWXSWYGGIWWMJ[II\EQMRI[L][IJEMPIH
    7MRGIWYGGIWWJYPWQEPPKVSYTFILEZMSVWEVIRSXXLIRSVQ[ITVSFEFP][MPPRSXFI
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    XMGMTEXMRK-J]SYEVIHMVIGXP]MRZSPZIHMRXLI[SVO]SY[MPPTVSFEFP]RSXFIEHMWTEW
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    HMJJIVIRXWOMPPWEVIMRZSPZIHLIVIhTEVXMGMTEXMSRERHIZEPYEXMSR2SXSRP]MWMXHMJJMGYPXXS
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    6EXMRK7GEPIW
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    %WGEPIEPPS[WSFWIVZIVWERHQIQFIVWXSTVSZMHIJIIHFEGOXLEXGERFIXVERWPEXIH
    MRXSWSQIHIJMREFPIQIEWYVI8LIVIWYPXWMJKEXLIVIHJVSQEZEVMIX]SJWSYVGIWGER
    EPWSFIXEFYPEXIHXSSFXEMREXSXEPWGSVI
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    VEXMRKWGEPI4SWWMFPIXSTMGEVIEWEVITVSZMHIHMR8EFPI -RJEGXER]SJXLIMWWYIWGSZ
    IVIHMRXLITVIGIHMRKGLETXIVWGERFILMKLP]ETTVSTVMEXIJSVEVEXMRKWGEPI8SFIQSWX
    IJJIGXMZIXLIVEXMRKWGEPIWLSYPHGSZIVEZEVMIX]SJXSTMGW-XGSYPHEPWSMRGPYHIE0MOIVX
    WGEPI ETTVSEGL [MXL XLI WIZIR GEXIKSVMIW SJ WXVSRKP] EKVII QSHIVEXIP] EKVII EKVII
    WSQI[LEXYRWYVIHMWEKVIIWSQI[LEXQSHIVEXIP]HMWEKVIIERHWXVSRKP]HMWEKVII
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    WGSVI8LIPIEHIVtWqMRJPYIRGIMRTVSGIHYVIrMWIZEPYEXIHF]I\EQMRMRKJMZIHMQIRWMSRW
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    %TTVSTVMEXIRIWWSJPIEHIVWLMT
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    4SWXQIIXMRK6IEGXMSR*SVQW
    4SWXQIIXMRKVIEGXMSRJSVQW EVIUYIWXMSRREMVIWXLEXWIIOWTIGMJMGJIIHFEGOJVSQTEVXMGM
    TERXWEFSYXETEVXMGYPEVEGXMZMX]SVQIIXMRK8LMWJIIHFEGOMWMRXIRHIHJSVMRXIVREPKVSYT
    GSRWYQTXMSREWERIJJSVXXSMQTVSZIXLIUYEPMX]SJXLIKVSYTTVSGIWW6EXLIVXLERJMRH
    MRKSYXEXXLIIRHSJXLITVSGIWWXLEXRSSRIXLSYKLXXLIQIIXMRKW[IVIYWIJYPXLIVIEG
    XMSRJSVQWSJJIVMQQIHMEXISTTSVXYRMXMIWXSMQTVSZI7TIGMJMGMWWYIWWYGLEWPIEHIVWLMT
    PMWXIRMRKRSRZIVFEPMRXIVEGXMSRWQIQFIVTEVXMGMTEXMSRERHGPMQEXIGERFIEREP]^IH
    8LIQSWXMQTSVXERXGLEVEGXIVMWXMGMWXLEXXLIJSVQWEVIGSQTPIXIHERSR]QSYWP]
    F]QIQFIVW8LIVIWYPXWEVIXEPPMIHERHVITSVXIHXSXLIKVSYTEWWSSREWTSWWMFPI%W
    [MXLXLIMRHMZMHYEPVEXMRKWGEPIWXLITSWXQIIXMRKVIEGXMSRJSVQWWLSYPHFIXEMPSVQEHI
    XSXLIKVSYTtWRIIHW%KVSYTQMKLXWTIRHEKVIEXHIEPSJXMQISRIQEMP-RXLEXGEWI
    XLIKVSYTJSVQWGSYPHMRGPYHIUYIWXMSRWVIKEVHMRKXLIJSVQEXSJXLIIQEMPWYGLEW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  3FWIVZMRKERH)ZEPYEXMRKE7QEPP+VSYT

    *-+96) &EVRPYRH,EMQER0IEHIVWLMT7GEPI

    -RWXVYGXMSRW 8LMWVEXMRKWGEPIQE]FIYWIHXSIZEPYEXIPIEHIVWLMTMRKVSYTW[MXLSV[MXLSYXSJJMGMEPPIEHIVW-R
    XLIPEXXIVGEWI XLIPIEHIVPIWWKVSYT YWITEVX%SJIEGLMXIQSRP];LIRIZEPYEXMRKXLIEGXMSRWSJERSJJMGMEP
    PIEHIVYWITEVXW%ERH&SJIEGLMXIQSRXLIWGEPI

    -RJPYIRGIMR4VSGIHYVI

    -RMXMEXMRK(MWGYWWMSR
    %       
    +VSYTRIIHIHQSVI +VSYTKSXVMKLX +VSYTRIIHIHPIWW
    LIPTMRKIXXMRKWXEVXIH EQSYRXSJLIPT LIPTMRKIXXMRKWXEVXIH

    & 8LIUYEPMX]SJXLIMRXVSHYGXSV]VIQEVOW[EW

    )\GIPPIRX +SSH %HIUYEXI *EMV 4SSV

    3VKERM^MRK+VSYT8LMROMRK
    %       
    +VSYTRIIHIHQSVI +VSYTKSXVMKLX +VSYTRIIHIHPIWW
    HMVIGXMSRMRXLMROMRK EQSYRXSJLIPT HMVIGXMSRMRXLMROMRK

    & -JERH[LIREXXIQTXW[IVIQEHIXSSVKERM^IKVSYTXLMROMRKXLI][IVI

    )\GIPPIRX +SSH %HIUYEXI *EMV 4SSV

    'PEVMJ]MRK'SQQYRMGEXMSR
    %       
    +VSYTRIIHIHQSVILIPT +VSYTKSXVMKLX +VSYTRIIHIHPIWW
    MRGPEVMJ]MRK EQSYRXSJLIPT LIPTMRGPEVMJ]MRK
    GSQQYRMGEXMSR GSQQYRMGEXMSR

    & -JERH[LIREXXIQTXW[IVIQEHIXSGPEVMJ]GSQQYRMGEXMSRXLI][IVI

    )\GIPPIRX +SSH %HIUYEXI *EMV 4SSV

    7YQQEVM^MRKERH:IVFEPM^MRK%KVIIQIRXW
    %       
    +VSYTRIIHIHQSVI +VSYTKSXVMKLX +VSYTRIIHIHPIWW
    LIPTMRWYQQEVM^MRK EQSYRXSJLIPT LIPTMRWYQQEVM^MRK
    ERHZIVFEPM^MRK ERHZIVFEPM^MRK
    EKVIIQIRXW EKVIIQIRXW

    & -JERH[LIREXXIQTXW[IVIQEHIXSWYQQEVM^IERHZIVFEPM^IXLI][IVI

    )\GIPPIRX +SSH %HIUYEXI *EMV 4SSV

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
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    3FWIVZIVi1IQFIVW7GEPIW 

    *-+96) 'SRXMRYIH

    6IWSPZMRK'SRJPMGX
    %       

    +VSYTRIIHIHQSVI +VSYTKSXVMKLX +VSYTRIIHIHPIWW


    LIPTMRVIWSPZMRK EQSYRXSJLIPT LIPTMRVIWSPZMRK
    GSRJPMGX GSRJPMGX

    & -JERH[LIREXXIQTXW[IVIQEHIXSVIWSPZIGSRJPMGXXLI][IVI

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    7XMQYPEXMRK'VMXMGEP8LMROMRK
    %       

    +VSYTRIIHIHQSVI +VSYTKSXVMKLX +VSYTRIIHIHPIWW


    WXMQYPEXMSRMRGVIEXMZI EQSYRXSJLIPT WXMQYPEXMSRMRGVIEXMZI
    XLMROMRK XLMROMRK

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    %       

    +VSYTRIIHIHQSVI +VSYTKSXVMKLX +VSYTRIIHIHPIWW


    IRGSYVEKIQIRXXSFI EQSYRXSJLIPT IRGSYVEKIQIRXXSFI
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    & -JERH[LIREXXIQTXW[IVIQEHIXSIRGSYVEKIGVMXMGMWQXLI][IVI

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    %       

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    QSVIGSRGVIXI TVSTIVFEPERGI QSVIEFWXVEGX

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    %       
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    & -JERH[LIREXXIQTXW[IVIQEHIXSIWXEFPMWLETIVQMWWMZIEXQSWTLIVIXLI][IVI

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    %       
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    3ZIVEPP0IEHIVWLMT
    %       

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    GSRXVSP EQSYRXSJGSRXVSP GSRXVSP

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    7SYVGI &EVRPYRH,EMQER0IEHIVWLMT6EXMRK7GEPIJVSQ(IER'&EVRPYRHERH*VEROP]R7,EMQER8LI(]REQMGWSJ(MWGYW
    WMSR &SWXSR,SYKLXSR1MJJPMR'Si 

    q;EWXLIVIXMQIP]VIWTSRWIF]SXLIVQIQFIVW#rSVq;IVIQIWWEKIWGPIEV#r8[SSXLIV
    I\EQTPIWSJUYIWXMSRWEVITVSZMHIHMRXLIJMVWXFS\SRXLIJEGMRKTEKI
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    IRXMVIP]rYWMRKIQEMP]SYLEZIHMWGSZIVIHZEPYEFPIMRJSVQEXMSR=SYGERHIGMHIRSX
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    KIRIVEPSVUYMXIWTIGMJMGUYIWXMSRW7IIXLIWIGSRHFS\SRXLIJEGMRKTEKI

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    CCCCC2SXVIEPP]EWGIVXEMRIH
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    CCCCC;SYPHKPEHP]TEVXMGMTEXI
    CCCCC;SYPHFI[MPPMRK
    CCCCC1EOIWRSHMJJIVIRGI
    CCCCC2SXWYVI
    CCCCC2S

    4SWXQIIXMRK6IEGXMSR*SVQ

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    )\GIPPIRXCCCCC +SSHCCCCC 3/CCCCC %HIUYEXICCCCC 4SSVCCCCC
     ;LEXEVIXLILMKLPMKLXWSJXLIHIGMWMSR#
     ;LEXEVIXLI[IEORIWWIW#
     ;LEXGLERKIWGSYPHFIQEHIMRXLITVSGIWW#
    (SRSXWMKR]SYVREQI

    2YQIVSYWMWWYIWGERFII\EQMRIHMRGPYHMRKXLIVIWYPXWKSEPWSJXLIKVSYTGPM
    QEXIPIEHIVWLMTTEVXMGMTEXMSRORS[PIHKIERHTVITEVEXMSRGPEVMX]GSLIWMZIRIWWERH
    WEXMWJEGXMSR[MXLXLIKVSYTMXWIPJ8LIKVSYTHIGMWMSRQEOMRKTVSGIWWGERFIIZEPYEXIH
    F]EWOMRKWTIGMJMGUYIWXMSRWYWMRKEWGEPIJVSQXS[MXLFIMRKRSXEXEPPERH
    FIMRKEKVIEXHIEP7EQTPIUYIWXMSRWJSPPS[

     ,S[GPIEVP]HMHXLIKVSYTEREP]^IXLITVSFPIQ#
     ,S[[IPPHMHXLIKVSYTEREP]^IMXWKSEPSVSFNIGXMZI#
     ,S[GPIEVP][EWXLITVSFPIQEVXMGYPEXIH#
     ;EWGVIEXMZMX]IRGSYVEKIH#
     (MHXLIKVSYTXEOIXMQIXSPIXXLIEREP]WMWHIZIPST#

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  3FWIVZMRKERH)ZEPYEXMRKE7QEPP+VSYT

     (MHXLIKVSYTGSRWMHIVEPPTSWWMFPIWSPYXMSRW#
     ;IVIXLITSWMXMZIGSRWIUYIRGIWSYXPMRIH#
     ;IVIXLIRIKEXMZIGSRWIUYIRGIWSYXPMRIH#
     ;EWWYJJMGMIRXMRJSVQEXMSRYWIHMRXLITVSGIWW#

    %XIEQIJJIGXMZIRIWWGVMXMUYIGSYPHMRGPYHIWTIGMJMGMRXIVEGXMSRMWWYIW
    8LI QSWX MQTSVXERX GLEVEGXIVMWXMG SJ ER] IZEPYEXMSR JSVQ MW XLI YWIJYPRIWW SJ
    MRJSVQEXMSRXS]SYVKVSYTSVXIEQ 8LIRMRIMXIQWSRXLIXIEQIZEPYEXMSRJSVQJSV
    I\EQTPIQMKLXFIVIPEXMZIP]QIERMRKPIWWMREHMJJIVIRXGSRXI\X6IQIQFIVXLEXWSQI
    SJXLIMWWYIWMRERIJJIGXMZIXIEQXLEXGERFIVEXIHEVIKSEPWERHSFNIGXMZIWLMKLWXER
    HEVHWSJTIVJSVQERGIFVSEHFEWIHTEVXMGMTEXMSRF]EPPQIQFIVWGSRJPMGXQEREKIQIRX
    WOMPPWTVSFPIQVIGSKRMXMSRHIGMWMSRQEOMRKF]GSRWIRWYWGPMQEXIW]RIVK]GSLIWMZI
    RIWWTSWMXMZI[SVOMRKEXQSWTLIVIGSRWXVYGXMZIGVMXMGMWQMRHMZMHYEPVIGSKRMXMSRLMH
    HIREKIRHEWZEPYMRKSXLIVWGPEVMX]SJVSPIWF]QIQFIVWERHJPI\MFMPMX]*MKYVI 
    WLS[WEWEQTPIJIIHFEGOJSVQ

    *-+96) 7EQTPI*IIHFEGO*SVQ
    8IEQCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC(EXICCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

    8LMWMWEJIIHFEGOMRWXVYQIRXHIWMKRIHXSLIPT]SYVXIEQ'MVGPISRISJXLIRYQFIVWJVSQXSJSVIEGLSJ
    XLIRMRIEVIEWSJGSRGIVR

    -RWXVYGXMSRW-RHMGEXI]SYVEWWIWWQIRXSJ]SYVXIEQ

     +SEPWERH3FNIGXMZIW
    8LIVIMWEPEGOSJGSQQSRP] 8IEQQIQFIVWYRHIVWXERHERHEKVIISR
    YRHIVWXSSHKSEPWERHSFNIGXMZIW KSEPWERHSFNIGXMZIW
          
     9XMPM^EXMSRSJ6IWSYVGIW
    %PPQIQFIVVIWSYVGIWEVIRSXVIGSKRM^IH 1IQFIVVIWSYVGIWEVIJYPP]VIGSKRM^IH
    ERHSVYXMPM^IH ERHYXMPM^IH
          
     8VYWXERH'SRJPMGX
    8LIVIMWPMXXPIXVYWXEQSRK 8LIVIMWELMKLHIKVIISJXVYWXEQSRK
    QIQFIVWERHGSRJPMGXMWIZMHIRX QIQFIVWERHGSRJPMGXMWHIEPX[MXLSTIRP]
    ERH[SVOIHXLVSYKL
          
     0IEHIVWLMT
    3RITIVWSRHSQMREXIW 8LIVIMWJYPPTEVXMGMTEXMSRMRPIEHIVWLMT
    ERHPIEHIVWLMTVSPIWEVIRSX PIEHIVWLMTVSPIWEVIWLEVIHF]QIQFIVW
    GEVVMIHSYXSVWLEVIH
          

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    3FWIVZIVi1IQFIVW7GEPIW 

    *-+96) 'SRXMRYIH

     'SRXVSPERH4VSGIHYVIW
    8LIVIMWPMXXPIGSRXVSPERH 8LIVIEVIIJJIGXMZITVSGIHYVIWXSKYMHI
    XLIVIMWEPEGOSJTVSGIHYVIW XIEQJYRGXMSRMRKXIEQQIQFIVWWYTTSVX
    XSKYMHIXIEQJYRGXMSRMRK XLIWITVSGIHYVIW
          
     -RXIVTIVWSREP'SQQYRMGEXMSR
    'SQQYRMGEXMSREQSRK 'SQQYRMGEXMSREQSRKQIQFIVWMW
    QIQFIVWMWSTIRERHTEVXMGMTEXMZI KYEVHIHERHGPSWIH
          
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    ERHHIGMWMSRQEOMRK HIGMWMSRQEOMRK
          
     )\TIVMQIRXEXMSR'VIEXMZMX]
    8LIXIEQMWVMKMHERHHSIWRSX 8LIXIEQI\TIVMQIRXW[MXLHMJJIVIRX[E]W
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    ETTVSEGL
          
     )ZEPYEXMSR
    8LIKVSYTRIZIVIZEPYEXIWMXW 8LIKVSYTSJXIRIZEPYEXIWMXWJYRGXMSRMRK
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    &VMPLEVXtW4SWXQIIXMRK6IEGXMSR5YIWXMSRREMVI IZEPYEXIWIMKLXHMJJIVIRXGLEVEG
    XIVMWXMGWEWWLS[RMR*MKYVI  SRTEKI &VMPLEVX
    +EPERIW 
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    QSWXMQTSVXERXXS]SYVTEVXMGYPEVKVSYTERHXLIVIWYPXMRKJIIHFEGOMWGYWXSQM^IHERH
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    ,EEW %WEWXEVXMRKTPEGI
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    WIQIWXIVPSRKTVSNIGXGSRWMHIVYWMRKJSVQEXMZI IZEPYEXMSRW[LMGLEVIHSRIHYVMRKXLI
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    MR[LMGL]SYTEVXMGMTEXIH
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    [ERXIH
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    5YEVVIPWSQIWXEXYWHMJJIVIRGIW 4PIEWERXIQTEXLMGGSRGIVRIH[MXL
    IQTLEWM^IH TIVWSRW
     0IEHIVWLMT ,S[EHIUYEXI[EWXLIPIEHIV SVPIEHIVWLMT SJXLIKVSYT#
              
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     7EXMWJEGXMSR[MXL6SPI ,S[WEXMWJMIHEVI]SY[MXL]SYVTIVWSREPTEVXMGMTEXMSRMRXLIHMWGYWWMSR#
              
    :IV]HMWWEXMWJMIH :IV]WEXMWJMIH
     5YEPMX]SJ4VSHYGX ,S[WEXMWJMIHEVI]SY[MXLXLIHMWGYWWMSRWSPYXMSRWSVPIEVRMRKWXLEXGEQISYXSJXLMW
    HMWGYWWMSR#
              
    :IV]HMWWEXMWJMIH :IV]WEXMWJMIH
     3ZIVEPP ,S[HS]SYVEXIXLIHMWGYWWMSREWE[LSPIETEVXJVSQER]WTIGMJMGEWTIGXSJMX#
              
    %[JYP[EWXISJXMQI 7YTIVFXMQI[IRX[IPP

    7SYVGI .SLR/&VMPLEVXERH+PSVME.+EPERIW)JJIGXMZI+VSYT(MWGYWWMSR XLIH'ST]VMKLX8LI1G+VE[,MPP'SQ


    TERMIW%PPVMKLXWVIWIVZIH6ITVMRXIHF]TIVQMWWMSR

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
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    -RHMZMHYEP6SPI&ILEZMSV 

    3FWIVZIV*IIHFEGO+YMHIPMRIW
    3FXEMRMRKMRHMZMHYEPSFWIVZIVJIIHFEGO SRXLIKVSYTTVSGIWWMWEPWSYWIJYP;LIR]SYEVI
    EWOIHXSTVSZMHIMRHMZMHYEP[VMXXIRSVSVEPJIIHFEGOSFWIVZIXLIJSPPS[MRKKYMHIPMRIW

     %ZSMHKIRIVEPM^EXMSRWWYGLEWq[IPPHSRIr8LIQSVIWTIGMJMG XLIJIIHFEGO
    XLIFIXXIV
     *SGYWSRFILEZMSVW XLEXGERFIGLERKIH
     (SRSXHIFEXISVEVKYI [MXLXLIKVSYT]SYEVIIZEPYEXMRK=SYVIZEPYEXMSRMW
    QIERXXSFIYWIJYPXSXLIKVSYT8LMWMWRSXEJSVYQJSV]SYVMHIEWSVEREP]WMW4VSZMHI
    ]SYVSFWIVZEXMSRWMRWMKLXWSVSTMRMSRWFYXHSRSXHIQERHXLEXXLIKVSYTEGGITXXLIQ
     (SRSXQMGVSQEREKI XLIKVSYTTVSGIWW%WERSFWIVZIV]SYVNSFMWRSXXSKS
    SZIVIZIV]HIXEMPSJXLITVSGIWW'LSSWIWTIGMJMGEVIEWERHHIZIPSTXLIQ[IPP-RKIRIVEP
    EJYPPEREP]WMWSJX[SSVXLVIIMXIQW[MPPFIQYGLQSVIYWIJYPXLERGSZIVMRKIZIV]XLMRK
     6IQIQFIV]SYVVSPI %RIZEPYEXSVWLSYPHJYRGXMSREWEJEGMPMXEXSVERHHIZIP
    STIV;LEX[MPP]SYVGSQQIRXWHSXSIRLERGIXLIKVSYTTVSGIWW#,S[GERXLIMRHMZMH
    YEPWYXMPM^IXLIGSQQIRXW#%ZSMHWXEXIQIRXWXLEXWE]q-HMHRtXPMOIr[MXLSYXTVSZMHMRK
    WTIGMJMGI\TPEREXMSRWVIKEVHMRKXLIZEPYISJXLIqPMOMRKr
     %GGIRXYEXI XLI TSWMXMZI EWTIGXW %P[E]W WXEVX [MXL XLI TSWMXMZI ERH XV] XS
    WTIRHQSWXSJ]SYVXMQIJMRHMRKXLMRKWXLIKVSYTHMHVMKLX
     )RH[MXLWTIGMJMGWYKKIWXMSRW JSVMQTVSZIQIRX
     &IGPIEVERHGSRGMWI MJ]SYTVIWIRX]SYVMHIEWSVEPP]SVMR[VMXMRK
     'SQTPMQIRXMRTYFPMGERHGVMXMGM^IMRTVMZEXI MWEREGGITXIHTVEGXMGIMREPQSWX
    EPPTVSJIWWMSREPWIXXMRKW8LMWVYPISJXLYQFHIJMRMXIP]ETTPMIWXSWQEPPKVSYTWIXXMRKW
     -R ER SVKERM^EXMSREP WIXXMRK HIZIPSTMRK TSWMXMZI VIPEXMSRWLMTW HYVMRK XLI
    JIIHFEGOTVSGIWW[MPPVITE]MXWIPJXMQIERHEKEMR8LIKSEPMWRSXXSJMRHJEYPXFPEQI
    MRHMZMHYEPWSVGVMXMGM^IXLIIJJSVX=SYVNSFMWXSLIPTXLIKVSYTSVXIEQHIZIPST

    -RHMZMHYEP6SPI&ILEZMSV
    %WHMWGYWWIHIEVPMIV WII'LETXIV SYVKVSYTVSPIFILEZMSVJEPPWMRXSXLVIIFVSEHGPEW
    WMJMGEXMSRWhXEWOQEMRXIRERGIERHWIPJGIRXIVIH8EWOSVMIRXIHVSPIW EWWMWXXLIKVSYT
    MREGGSQTPMWLMRKMXWKSEP1EMRXIRERGISVMIRXIHVSPIW JSGYWSRXLIWSGMEPEWTIGXW7IPJ
    GIRXIVIH VSPIW EVI GSRGIVRIH [MXL MRHMZMHYEP RIIHW 8LIWI EVI MRJSVQEP VSPIW XLEX
    HIZIPSTHYVMRK XLIKVSYTXVERWEGXMSRW
    =SYGERYWIXLIWIGEXIKSVMIWMREWMRKPIIZEPYEXMSRWLIIXSVPIXXLIKVSYTHIGMHI
    [LMGLSRIWRIIHXSFILMKLPMKLXIH7SQILSRIWXUYIWXMSRMRKPSSOMRKSYXJSVEPXIVRE
    XMZIGSRGIVRWERHVIQMRHMRKXLIKVSYTSJTEWXIZIRXWGERFIUYMXIYWIJYP-RXLIIRH
    EZSMHEGSSOMIGYXXIVETTVSEGLXSKVSYTIZEPYEXMSR
    &EPIWtWMRXIVEGXMSRGEXIKSVMIWSJJIVEWTIGMJMGSVMIRXEXMSRXS[EVHMRHMZMHYEPVSPI
    FILEZMSV &EPIW %W*MKYVI  WLS[W&EPIW[EWGSRGIVRIH[MXLMWWYIW
    3RGIEKEMRXLIQSWXIJJIGXMZIHIZMGIJSV]SYVXIEQSVKVSYTQMKLXFIEGSQFM
    REXMSRSJXLIWXERHEVHJSVQWERH]SYVS[RKVSYTtWMRXIVIWXW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  3FWIVZMRKERH)ZEPYEXMRKE7QEPP+VSYT

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     7IIQWJVMIRHP] 6EMWIWSXLIVWt WXEXYWTVSZMHIWEWWMWXERGIERHVI[EVHW


     (VEQEXM^IW .SOIWXIPPWWXSVMIWKMZIWMRHMVIGXWYKKIWXMSR
     %KVIIW ,IEHRSHHMRKZIVFEPWYKKIWXMSRWSJGSQQMXQIRXEFSYXMRJSVQEXMSRSTMRMSRSVWYKKIWXMSR
     +MZIWWYKKIWXMSR 8EOIWXLIPIEHXVMIWXSEWWYQIPIEHIVWLMTJSVXLIXEWO
     +MZIWSTMRMSR 4VSZMHIWIZEPYEXMSREREP]WMWI\TVIWWMSRSJJIIPMRKSV[MWL
     +MZIWMRJSVQEXMSR 4VSZMHIWSVMIRXEXMSRVITIXMXMSRGPEVMJMGEXMSRGSRJMVQEXMSR
     %WOWJSVMRJSVQEXMSR 6IUYIWXWSVMIRXEXMSRVITIXMXMSRGPEVMJMGEXMSRGSRJMVQEXMSR
     %WOWJSVSTMRMSR 6IUYIWXWIZEPYEXMSREREP]WMWI\TVIWWMSRSJJIIPMRKSV[MWL
     %WOWJSVWYKKIWXMSR 6IUYIWXWHMVIGXMSR[LMPIQEMRXEMRMRKEWYFQMWWMZITSWMXMSRUYIWXMSRWHIWMKRIHXS
    GEPPJSVMRMXMEXMZISJSXLIVW
     (MWEKVIIW +MZIWTEWWMZIVINIGXMSRQMPHHMWEKVIIQIRXJEMPYVIXSVIWTSRH
     7LS[WXIRWMSR 0EYKLXIVWMKRWSJIQSXMSREPER\MIX]LSPHMRKFEGO
     7IIQWYRJVMIRHP] 6IHYGIWSXLIVWt WXEXYWHIJIRHWSVEWWIVXWWIPJGSRZI]WRIKEXMZIJIIPMRKW

    7SYVGI 6*&EPIW-RXIVEGXMSR4VSGIWW%REP]WMW%1IXLSHJSVXLI7XYH]SJ7QEPP+VSYTW 4YFPMWLIHF]%PP]R


    &EGSR'ST]
    VMKLXF]4IEVWSR)HYGEXMSR6ITVMRXIHF]TIVQMWWMSRSJXLITYFPMWLIV

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    8[S EHHMXMSREP HIZMGIW XLEX GER FI YWIJYP EVI XLI ZIVFEP MRXIVEGXMSR EREP]WMW ERH
    GSRXIRXEREP]WMWTVSGIHYVIW 8LIZIVFEPMRXIVEGXMSREREP]WMWXVEGIWXLIRYQFIVSJXMQIW
    QIQFIVWEHHVIWWSRIERSXLIV-JEKVSYTLEWJMZIQIQFIVWTYXXLIREQIWMREWXEVPMOI
    HMEKVEQVIJPIGXMRKXLIWIEXMRKTEXXIVRYWIHMRXLIHMWGYWWMSR8LIJMVWXXMQI8SQWTIEOW
    XS7LIMPEHVE[EREVVS[JVSQ8SQXS7LIMPE%WIZIV]SRIFIKMRWTEVXMGMTEXMRKHVE[
    XLIEVVS[WEWXLI]ETTP];LIR8SQWTIEOWXS7LIMPEEWIGSRHXMQIQEVOXLIEVVS[%W
    *MKYVI  HIQSRWXVEXIW XLI QEVOMRKW FIKMR XS WLS[ XLI MRXIVEGXMSRTEXXIVRW 2SX
    SRP]HSIWXLMWEREP]WMWMRHMGEXI[LSQMKLXRSXFITEVXMGMTEXMRKMXEPWSWLS[W[LSLEW
    IQIVKIHEWXLIPIEHIVHYVMRKXLMWTEVXMGYPEVHMWGYWWMSR;IGEREPWSHIGMHIMJWSQISRI
    MWHSQMREXMRKXLIHMWGYWWMSR
    'SRXIRXEREP]WMWMW YWIHXS EREP]^IXLI X]TI SJ GSQQIRXWQEHI=SY EPWSGER
    OIITXVEGOSJLS[SJXIRXLI]EVIQEHI%R]JSVQ[ILEZII\EQMRIHGERFIYWIHJSVE
    GSRXIRXEREP]WMWIZEPYEXMSR-J]SY[ERXXSORS[[LSHMWTPE]IHXLIQSWXPIEHIVWLMT
    FILEZMSVWHIZIPSTEPMWXSJHIWMVIHPIEHIVWLMTEGXMZMXMIWERHXLIROIITXVEGOSJLS[
    SJXIRIEGLKVSYTQIQFIVIRKEKIWMRXLIWIEGXMZMXMIW8LIPMWXSJMRHMZMHYEPFILEZMSVW
    [SYPHEPWS[SVOJSVGSRXIRXEREP]WMW:IVFEPMRXIVEGXMSRERHGSRXIRXEREP]WMWTVSGIWWIW
    EPPS[SFWIVZIVWXSFIZIV]WTIGMJMGVIKEVHMRKTEVXMGYPEVFILEZMSVW

    3XLIV1IXLSHWSJ6IJPIGXMSR
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    XMIWHIVMZIWJVSQXLIJEGXXLEX[IXIRHXSJSVKIXMQTSVXERXQMPIWXSRIWEWXLITVSGIWW
    QSZIWJSV[EVH;LIR[IKSFEGOXSIEVPMIVVIGSVHW[IGERVIGSZIVMQTSVXERXMRWMKLXW
    VIKEVHMRKQMWWIHSTTSVXYRMXMIW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
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    7YQQEV] 

    8SQ

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    VIJPIGXMSR4EYPERH7XVFMEO  JSPPS[EJVEQI[SVOTVSZMHIHF]%VK]VMWERH7GLSR
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    FILEZMSVW 8LIMV QSHIP GER FI EHETXIH XS WQEPP KVSYTW F] EREP]^MRK XLI KVSYTtW
    IWTSYWIHIXLMGW XLEXMW[LEXMXWE]WEVIXLIIXLMGEPTVMRGMTPIWJSVKSZIVRMRKMXWEGXMSRW
    [MXLMXWEGXYEPFILEZMSV[LMGLEVIXLIEGXMSRWHIGMWMSRWERHWSPYXMSRWMXYXMPM^IWERH
    TYXWMRTPEGI8LIWIIXLMGWMRYWI SVXLITVMRGMTPIWFIMRKYXMPM^IHEVIXLIIXLMGEPW]W
    XIQW YRHIVP]MRK MXWFILEZMSV XLEXGERFIMRJIVVIH JVSQSFWIVZMRKMXWFILEZMSVW8LI
    EGXYEPFILEZMSVMWIXLMGEP[LIRMXMWGSRKVYIRX[MXLXLIIWTSYWIHIXLMGW8SIZEPYEXIE
    KVSYTtWIXLMGEPFILEZMSVVIUYMVIWEWOMRKXLIKVSYTXSEVXMGYPEXIEWIXSJIXLMGEPTVMRGM
    TPIWMXFIPMIZIWWLSYPHKSZIVRMXWEGXMSRWERHXLIRLEZMRKXLIKVSYTVIZMI[MXWEGXMSRW
    HIGMWMSRWERHWSPYXMSRWXSHIXIVQMRILS[XLSWIFILEZMSVWEPMKR[MXLXLISVMKMREPSV
    IWTSYWIHWIXSJIXLMGEPTVMRGMTPIW

    7YQQEV]
    %R]XLMRK[SVXLHSMRKMW[SVXLHSMRK[IPP7]WXIQEXMGJIIHFEGOMWXLIOI]XSWYGGIWW
    JYPKVSYTTVSGIWWIW3FWIVZIVQIQFIVWGEPIWEVIERI\GIPPIRXQIERWSJJSGYWMRKSR
    WTIGMJMGEVIEWJSVMQTVSZIQIRX6EXMRKWGEPIWEPPS[EFVSEHVERKISJEREP]WMWSJGSR
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    LSRIMRSRTEVXMGYPEVFILEZMSVW
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    I\TIVMIRGIW[IRIIHXSMRGSVTSVEXIPIEVRMRK)PFIVX,YFFEVHE97[VMXIVMWGVIHMXIH
    [MXLWE]MRKXLEXq%JEMPYVIMWETIVWSR[LSLEWFPYRHIVIHFYXMWRSXGETEFPISJGEWLMRK
    MRSRXLII\TIVMIRGIr &SSRIT 3VXSTYXMXERSXLIV[E]8LIVIEVIRS
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    EFMPMX]XSEZSMHEQMWXEOIERHVITIEXEWYGGIWWEWIGSRHXMQI8LIWIGSQQIRXWWYKKIWX
    XLIMQTSVXERGISJJIIHFEGOERHPIEVRMRKEW[IHIZIPSTWQEPPKVSYTWOMPPW

    (-7'977-3259)78-327

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    VEXMRKWGSVIWSJXLIMRHMZMHYEPQIQFIVWSRSRIJSVQ8LIRXLIKVSYTWLSYPHHMWGYWWIEGL
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    MRKXSWLEVI]SYVSFWIVZEXMSRWERHXSI\TPEMR[LEX]SYLEZIPIEVRIHXLVSYKLXLITVSNIGXSV
    KVSYTTVSGIWW8LMWTETIVMWJSV]SYVVIJPIGXMSRWXSXLIMRWXVYGXSVRSX]SYVKVSYTSVXIEQW

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    ERHGPEWWI\TIVMIRGIW%W]SYIZEPYEXIXLIKVSYTI\TIVMIRGIGLSSWIXLIQSWXWEPMIRX
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    ERHWYKKIWXMSRWhRS[XLEX]SYLEZIGSQTPIXIHXLITVSGIWWhSRLS[XSHIEP[MXLXLI
    MWWYIMJMXSGGYVWMRSXLIVKVSYTW=SYWLSYPHGSZIVEXPIEWXJMZIQENSVXSTMGW
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    FIXXIVXLER*8*KVSYTWSRXEWOWXLEXEVIPIWWMRZSPZMRKFYX[SVWISRXEWOWVIUYMVMRK
    QSVIWSGMEPIQSXMSREPMRXIVEGXMSR+MZIRIRSYKLXMQI'1'KVSYTWGERTIVJSVQEW
    [IPPEW*8*KVSYTWMRHIZIPSTMRKWSGMEPIQSXMSREPVIPEXMSRWLMTW8LIVIMWVIHYGIHRSV
    QEXMZIWSGMEPTVIWWYVIMR'1'KVSYTWERHXLITIVGITXMSRERHYRHIVWXERHMRKSJSXLIV
    KVSYT QIQFIVW MW SJXIR TSSVIV MR '1' KVSYTW;LIR XMQI MW PMQMXIH SXLIV KVSYT
    QIQFIVWEVIPIWWGLEVMXEFP]TIVGIMZIH'1'KVSYTWLEZIELMKLIVMRGMHIRGISJYRMR
    LMFMXIHGSQQIRXW[LMGLETTIEVWXSGSQIJVSQEWIRWISJERSR]QSYWHIMRHMZMHYEXMSR
    '1'KVSYTQIQFIVWKIRIVEPP]WLS[PIWWEXXMXYHIGLERKIVIWYPXMRKJVSQXLIMVHMWGYW
    WMSRW8LIWIHMJJIVIRGIWEVIPMWXIHMR8EFPI 

    )PIGXVSRMG1IIXMRK7]WXIQW
    7SQIXVEHMXMSREP'1'WSJX[EVIW]WXIQW KVSYT[EVI LEZIFIIRWTIGMJMGEPP]HIWMKRIH
    XSJEGMPMXEXIWQEPPKVSYTGSQQYRMGEXMSRERHQIIXMRKTVSGIWWIW8LIWIW]WXIQWGEPPIH
    IPIGXVSRMGQIIXMRKW]WXIQW )17 IRLERGIXLIKVSYTtWHIGMWMSRQEOMRKEFMPMXMIWERH
    JEGMPMXEXIWXLIGSQQYRMGEXMSRXLVSYKLXLIGSQTYXIVQIHMYQ)PIGXVSRMGQIIXMRKW]W
    XIQWXLEXTVSZMHIIPIGXVSRMGWYTTSVXJSVKVSYTQIIXMRKERHHIGMWMSRQEOMRKTVSGIWWIW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR

    8%&0) 'SQTYXIV1IHMEXIH'SQQYRMGEXMSR '1' 'SQTEVIH[MXL*EGIXS*EGI


    *8* +VSYTW &SVHME 

    '1'KVSYTWXEOIPSRKIVXSGSQTPIXIEXEWO
    -REKMZIRXMQITIVMSH'1'KVSYTWTVSHYGIJI[IVVIQEVOWXLER*8*KVSYTW
    '1'KVSYTWTIVJSVQFIXXIVXLER*8*KVSYTWSRMHIEKIRIVEXMSRXEWOW
    8LIVIMWKVIEXIVIUYEPMX]SJTEVXMGMTEXMSRMR'1'KVSYTW
    ;LIRXMQIMWPMQMXIH'1'KVSYTWTIVJSVQFIXXIVXLER*8*KVSYTWSRXEWOWXLEXEVIPIWWMRZSPZMRK
    ;LIRXMQIMWPMQMXIH'1'KVSYTWTIVJSVQ[SVWISRXEWOWVIUYMVMRKQSVIWSGMEPIQSXMSREPMRXIVEGXMSR
    FYXKMZIRIRSYKLXMQI'1'KVSYTWTIVJSVQEW[IPPEW*8*KVSYTW
    8LIVIMWVIHYGIHRSVQEXMZIWSGMEPTVIWWYVIMR'1'KVSYTW
    4IVGITXMSR YRHIVWXERHMRK SJSXLIVTEVXMGMTERXWERHXEWOMWTSSVIVMR'1'KVSYTW
    -R'1'[LIRXMQIMWPMQMXIHXLIGSQQYRMGEXMSRTEVXRIVMWTIVGIMZIHPIWWGLEVMXEFP]
    '1'KVSYTWLEZIELMKLIVMRGMHIRGISJYRMRLMFMXIHFILEZMSVGSQMRKJVSQEWIRWISJERSR]QSYW
    HIMRHMZMHYEXMSR
    '1'KVSYTQIQFIVWIZMHIRGIPIWWEXXMXYHIGLERKI

    EVIGEPPIHKVSYTWYTTSVXW]WXIQWSV+77?EPWSORS[REWKVSYTHIGMWMSRWYTTSVXW]W
    XIQW +(77  ERH KVSYT TIVJSVQERGI WYTTSVXW]WXIQW +477 A)PIGXVSRMGQIIXMRK
    W]WXIQWXLEXTVSZMHIEWXVYGXYVIHGSQQYRMGEXMSRQIHMYQJSVKVSYTGSQQYRMGEXMSR
    EVI ORS[R EW GSRJIVIRGMRK W]WXIQW8LI QIHMYQ XLVSYKL [LMGL XLMW GSRJIVIRGMRK
    XEOIWTPEGIQE]TVSZMHIGSQTYXIVQIHMEXIHXI\XFEWIHEYHMSPMROIHSVHMKMXEPZMHIS
    GSQQYRMGEXMSR
    8LIWI)17HIGMWMSRQEOMRKERHGSQQYRMGEXMSRGSRJIVIRGMRKJYRGXMSRWEVIRSX
    MRGSQTEXMFPIERHEVIMRJEGXMRGVIEWMRKP]FPIRHIHXSKIXLIVMRXSKVSYT[EVITEGOEKIWXLEX
    TVSZMHIFSXL+77ERHGSQQYRMGEXMSRGSRJIVIRGMRKGETEFMPMXMIWMREWMRKPIIPIGXVSRMG
    QIIXMRKTEGOEKI,S[IZIVHMWGYWWMRK)17HIGMWMSRQEOMRKERHGSQQYRMGEXMSRWYT
    TSVXJYRGXMSRWWITEVEXIP]TVSZMHIWWSQIGPEVMX]JSVEREP]^MRKXLIWTIGMJMGMRJPYIRGIWSJ
    IEGLSRXLIHIGMWMSRQEOMRKERHGSQQYRMGEXMSRTVSGIWWIWSJEKVSYTQIIXMRK

    +77 +VSYT7YTTSVX7]WXIQW +77GSQFMRIWGSQTYXIVXIGLRSPSK]KVSYTQIIXMRK


    TVSGIHYVIWERHXLIYWISJHIGMWMSRQEOMRKXIGLRMUYIWXSJEGMPMXEXIXLIHIGMWMSRQEO
    MRKERHTVSFPIQWSPZMRKSJEKVSYT 1MVERHE 8LI+77W]WXIQGEREPWSFIYWIH
    XSWXVYGXYVI ERH SVKERM^I XLI QIWWEKIWWYQQEVM^MRK XLI HMWGYWWMSR ERH JEGMPMXEXMRK
    WYGLHIGMWMSRQEOMRKJYRGXMSRWEWZSXMRK
    8LI KSEP SJ +77 MW XS QEOI XLI KVSYT QIIXMRK TVSGIWW QSVI TVSHYGXMZI XS
    MRGVIEWIXLIWTIIHSJKVSYTHIGMWMSRQEOMRKERHXSMQTVSZIXLIUYEPMX]SJXLIHIGM
    WMSRWXLEXEVIQEHIF]XLIKVSYT &VSSQI
    'LIR &]EYXSQEXMRKXLIKVSYT
    GSQQYRMGEXMSR MRJSVQEXMSRTVSGIWWMRK ERH HIGMWMSRQEOMRK XEWOW +77 LEW XLI
    TSXIRXMEPXSIRLERGIEKVSYTtWEFMPMX]XSWXVYGXYVIERHQEREKIMXW[SVO[LMPITVSQSXMRK
    ZMKMPERX KVSYT MRJSVQEXMSR TVSGIWWMRK IJJMGMIRX KVSYT HIGMWMSRQEOMRK TVSGIHYVIW
    ERHEGSQQMXQIRXXSJYPPTEVXMGMTEXMSRERHGSRWMHIVEXMSRSJHMZIVWIZMI[W[MXLMRXLI

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    9RHIVWXERHMRKXLI8IGLRSPSK]ERH-XW-RJPYIRGIWSR7QEPP+VSYT'SQQYRMGEXMSR 

    KVSYT 4SSPI
    ,SPQIW ,S[IZIVMRGSQTEVMWSRXSJEGIXSJEGIKVSYTW+77
    KVSYTW KIRIVEPP] JSGYW QSVI SR XLI SVKERM^EXMSR SJ XLI HIGMWMSRQEOMRK TVSGIWW
    VITIEXIHP]VIXYVRMRKXSXLIKVSYTSVMIRXEXMSRTLEWIWTIRHMRKQSVIXMQISRXLITVSF
    PIQSVMIRXEXMSRERHWSPYXMSRHIZIPSTQIRXWXEKIWHIWGVMFIHMR'LETXIVERHIRKEKMRK
    MRQSVIHMWGYWWMSRSJKVSYTTVSGIHYVIWXLI]WTIRHPIWWXMQISRTVSFPIQEREP]WMWERH
    WSPYXMSRGVMXIVMEHIZIPSTQIRXWLS[RSMQTVSZIQIRXMRXLIHITXLSJXLIMVGVMXMGEPXLMRO
    MRKSVTVSFPIQEREP]WMWERHLEZIRSQSVIIUYEPTEVXMGMTEXMSREQSRKXLIMVKVSYTQIQ
    FIVW 4SSPI
    ,SPQIW4SSPIIXEP %PXLSYKLXLI]HSRSXKIRIVEXIQSVI
    MHIEWSVIRKEKIMRQSVIGVMXMGEPI\EQMREXMSRSJXLSWIMHIEWXLI]HSETTIEVXSKIRIVEXI
    LMKLIVUYEPMX]MHIEWFYXEPWSXEOIPSRKIVXSQEOIHIGMWMSRWXLERJEGIXSJEGIKVSYTW
    7GSXX 
    -R EHHMXMSR XS ER I\TPMGMX EXXIRXMSR JSGYWIH SR KVSYT TVSGIHYVI QYGL SJ XLI
    MRJPYIRGISJ+77SRKVSYTTVSGIWWIWGERFIEXXVMFYXIHXSXLIW]WXIQtWEFMPMX]XSTVSZMHI
    TEVXMGMTERXERSR]QMX]%RSR]QSYWKVSYTQIQFIVWTEVXMGMTEXIQSVIERHEVIQSVIZIV
    FSWIMRXLIMVI\TVIWWMSRWXLEREVIQIQFIVWMRRSRERSR]QSYWKVSYTW8LI]EPWSTVS
    HYGI QSVI GVMXMGEP GSQQIRXW XLER KVSYTW MR [LMGL XLI TEVXMGMTERXWt GSQQIRXW EVI
    MHIRXMJMIH :EPEGMGL(IRRMW
    2YREQEOIV %RSR]QMX]JEGMPMXEXIWPIWWMRLMF
    MXIHTEVXMGMTEXMSRMRGVIEWIWXLITVSHYGXMZMX]SJMHIEKIRIVEXMSRIRLERGIWXLIIZEPYE
    XMSRSJMHIEUYEPMX]ERHVIHYGIWXLIMRJPYIRGISJQEVOIVWSJTIVWSREPWXEXYWERHTS[IV
    1MVERHE  +77FVEMRWXSVQMRKKVSYTWEPWSTVSHYGI QSVI RSRVIHYRHERXMHIEW
    XLER HS ZIVFEP JEGIXSJEGI FVEMRWXSVQMRK KVSYTW ERH EVI EX PIEWX EW TVSHYGXMZI EW
    KVSYTW YWMRK XLI RSQMREP KVSYT XIGLRMUYI HIWGVMFIH MR 'LETXIV  'SSTIV IX EP
      3R XLI TSWMXMZI WMHI +77 KVSYT QIQFIVW EVI PIWW PMOIP] XS MRJPYIRGI SRI
    ERSXLIVXLEREVIJEGIXSJEGIKVSYTQIQFIVWTEVXMGYPEVP]MRXLIIEVP]TLEWIWSJXLIMV
    KVSYTQIIXMRKW
    %PSRK [MXL XLI +77 GLEVEGXIVMWXMGW SJ EXXIRXMSR XS TVSGIWW ERH TEVXMGMTERX
    ERSR]QMX]MXWJEGMPMX]JSVWMQYPXERISYWMRTYXIRLERGIWEKVSYTQIQFIVtWJVIIHSQXS
    HMWEKVII7MQYPXERISYWMRTYXVIHYGIWXYVRXEOMRKVIWXVMGXMSRWIRGSYVEKIWFVSEHIVERH
    QSVIEGXMZITEVXMGMTEXMSRWTIIHWYTXLITVSGIWWSJMHIEI\GLERKIERHVIHYGIWXMQI
    TVIWWYVISR XLEX MHIEI\GLERKI8LIWI +77 JIEXYVIW JEGMPMXEXI IJJIGXMZI WQEPP KVSYT
    HIGMWMSRQEOMRKXEWOTVSGIWWIW +EPPYTIIXEP 

    %YHMSERH:MHISGSRJIVIRGMRK -REHHMXMSRXSTVSZMHMRK+77GETEFMPMXMIWERYQFIV
    SJIPIGXVSRMGQIIXMRKW]WXIQWEPWSTVSZMHIEYHMSGSRJIVIRGMRK ERHZMHISGSRJIVIRGMRK
    JEGMPMXMIW;LIRTVSZMHIHXLVSYKLXLI-RXIVRIXXLIEYHMSTVSHYGXWEVIWSQIXMQIWGEPPIH
    [IFTLSRIW RIXTLSRIW SV RIXXSTLSRI TVSKVEQW ERH EPPS[ E TIVWSREP GSQTYXIV
    [MXLEREXXEGLIHQMGVSTLSRIERHWTIEOIVWXSJYRGXMSRQYGLPMOIEXIPITLSRI:MHIS
    GSRJIVIRGMRK W]WXIQW WYGL EW 1MGVSWSJXtW 2IX1IIXMRK’ ERH ;LMXI 4MRItW '9
    7II1I’EW[IPPEWRI[IVZMHISWSJX[EVIWYGLEW1MGVSWSJX;MRHS[W1IHME)RGSHIV
    EPPS[YWIVWSJGSQTYXIVW[MXLEXXEGLIHQMGVSTLSRIWWTIEOIVWERHZMHISGEQIVEWXS
    GSQQYRMGEXIZIVFEPP]XLVSYKLEREYHMSGSRRIGXMSRTEVXMGMTEXIRSRZIVFEPP]XLVSYKL
    XVERWQMXXIHZMHISMQEKIWSJXLITEVXMGMTERXWERHI\GLERKIXI\XERHKVETLMGMRJSVQE
    XMSREPHSGYQIRXW
    8LIUYEPMX]SJXLIEYHMSMWMQTSVXERX4SSVEYHMSUYEPMX][LIXLIVHYIXSEPEGOSJ
    ZSGEP MRXIPPMKMFMPMX] EYHMS HIPE] SV EYHMS GPMTTMRK MW HMWXVEGXMRK XS TEVXMGMTERXW ERH

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR

    TVSFPIQEXMGXSLSPHMRKERIJJIGXMZIKVSYTQIIXMRK7SQIW]WXIQWGERQEOIWTIEOIV
    MRXIPPMKMFMPMX]HMJJMGYPXMJEPPTEVXMGMTERXWEVIRSXIUYEPP][IPPLIEVHJVSQHMJJIVIRXTEVXW
    SJXLIVSSQ7SQIWTIEOIVWt ZSMGIWQE]FIXSSWSJXXSFIEHIUYEXIP]GEVVMIHF]XLIW]W
    XIQSVQE]FIGSQIKEVFPIHFIGEYWISJXLIMVHMWXERGIJVSQXLIW]WXIQtWQMGVSTLSRI
    %YHMSHIPE]W GERSGGYV[LIREREYHMSWMKREPQYWXXVEZIPSZIVEPSRKHMWXERGIJVSQSRI
    QIIXMRKWMXIXSERSXLIV-RJEGIXSJEGIQIIXMRKW[IERXMGMTEXIWMQYPXERISYWZIVFEPERH
    RSRZIVFEPVIWTSRWIWXSSYVGSQQIRXWERHEVIEGGYWXSQIHXSZIV]WLSVXTEYWIMRXIVZEPW
    FIX[IIRGSRZIVWEXMSREPYXXIVERGIW QMPPMWIGSRHW -REYHMSERHZMHISGSRJIVIRGI
    QIIXMRKW[LIRXLIKISKVETLMGEPPSGEXMSRWSJKVSYTWEVIHMWXERXIZIREJEWXGSQQYRM
    GEXMSRQIHMYQQE]RSXTVSZMHIXLMWMRWXERXERISYWVIWTSRWI 1G+VEXL
    ,SPPMRKWLIEH
     6IPEXMZIP]WLSVXEYHMSHIPE]WGERMRXIVJIVI[MXLXLIWQSSXLJPS[SJEQIIXMRK
    GEYWMRKTEVXMGMTERXWXSFIGSQIMQTEXMIRXERHMPPEXIEWI8LI]GEREPWSGVIEXIETIVGIT
    XMSRXLEXTEVXMGMTERXWEXXLIHMWXERXPSGEXMSREVIRSX[IPPTVITEVIHJSVXLIQIIXMRKSVXLEX
    XLI]EVIGSKRMXMZIP]WPS[ERHZIVFEPP]MREVXMGYPEXI%YHMSGPMTTMRK SGGYVW[LIRETEVXMG
    MTERXtWQMGVSTLSRIJEMPWXSTMGOYTXLIFIKMRRMRKSJERYXXIVERGISVHVSTWXLIIRHSJXLI
    YXXIVERGI8LMWGERLETTIRMRW]WXIQWYWMRKZSMGIEGXMZEXIHQMGVSTLSRIWXLEXXYVRSR
    ERHSJJ[MXLXLITVIWIRGISJWSYRH-RXLIWIW]WXIQWWMRKPI[SVHVIWTSRWIWQE]FI
    PSWX4EVXMGMTERXW[LSMRXIVVYTXSRIERSXLIVXEPOSZIVSRIERSXLIVGSYKLQSZIGLEMVW
    SV IZIR EXXIQTX XS TVSZMHI ZSGEPM^IH WYTTSVX JSV ER MHIE SV GSQQIRX QE] QEOI MX
    MQTSWWMFPIXSLIEVEWTIEOIVtWGSQTPIXIYXXIVERGI)EGLSJXLIWIEYHMSTVSFPIQWGER
    GVIEXIEGLEPPIRKIXSLSPHMRK E TVSHYGXMZI'1'QIIXMRKEWXLI]HMWXVEGXTEVXMGMTERX
    EXXIRXMSRERHQEOIGSRGIRXVEXMSRSRXLIQIIXMRKXSTMGHMJJMGYPX
    -REHHMXMSRXSTSSVEYHMSUYEPMX]ZMHISMQEKIMWEGSQQYRMGEXMSRGLEPPIRKIJSV
    ZMHISGSRJIVIRGMRK8LIZMHISTMGXYVISJTEVXMGMTERXWt JEGIWQE]RSXFIPEVKIIRSYKL
    VIJMRIHIRSYKLSVYTHEXIHF]XLIXIGLRSPSK]UYMGOP]IRSYKLXSEGGYVEXIP]TVSZMHIXLI
    WYFXPIJEGMEPGYIWTEVXMGMTERXWRIIHJSVWQSSXLXYVRXEOMRK%PEGOSJGPEVMX]MRXLMWRSR
    ZIVFEPGSQQYRMGEXMSRGERQEOIZMHISGSRJIVIRGMRKWYWGITXMFPIXSTVEKQEXMGGSRZIVWE
    XMSREPHMJJMGYPXMIWWYGLEWHIXIVQMRMRKEWTIEOMRKSVHIVSVMHIRXMJ]MRK[LSMWWTIEOMRK
    [LIRWSQISRIMWEPQSWXJMRMWLIHWTIEOMRK[LSMW[EMXMRKXSWTIEOSV[LS[SYPHPMOI
    XSWTIEORI\X*VYWXVEXMSR[MXLXLIWIGSRZIVWEXMSREPTVEKQEXMGWGERPIEHTEVXMGMTERXWXS
    FIGSQIPIWWMRZSPZIHMRXLIKVSYTHMWGYWWMSRSVXSWXSTTEVXMGMTEXMRKEPXSKIXLIVIZIR
    XLSYKL XLI] VIQEMR TL]WMGEPP] GSRRIGXIH XLVSYKL XLI QIHMYQ -R EHHMXMSR XS FIMRK
    PEVKIIRSYKLXSFIWIIREPPTEVXMGMTERXWQYWXFIZMWMFPISRXLIWGVIIRHYVMRKXLIHMWGYW
    WMSR)ZIRXLIREWTEXMEPVIPEXMSRWLMTEQSRKTEVXMGMTERXWQE]FIQMWWMRKI]IGSRXEGX
    QE]FIHMJJMGYPXXSEGLMIZIERHJEGMEPI\TVIWWMSRWGERFILEVHXSMRXIVTVIX
    -JXLIVIEVIEYHMSHIPE]ERHZMWYEPWTEXMEPVIPEXMSRWLMTHMJJMGYPXMIWKVSYTWWSQI
    XMQIWJMRHXLIRSRZIVFEPGSQQYRMGEXMSRVIKYPEXSVWhWYGLEWFEGOGLERRIPYXXIVERGIW
    qYLLYLrq]IELrq-WIIr WYFXPIJEGMEPI\TVIWWMSRWERHSXLIVRSRZIVFEPGYIWhHMJJM
    GYPX XS MRXIVTVIX 8LI YXXIVERGIW QE] FI WTSOIR XSS WSJXP] XS XVERWQMX XLVSYKL XLI
    QIHMYQSV[LIRXLI]HSXVERWQMXXLI]QE]FIGSQIERRS]MRKSVMRXIVVYTXXLIGSQ
    QYRMGEXMSR MRXIVEGXMSR8LI VIWYPX MW WSQIXMQIW E[O[EVH XYVR XEOMRK ERH E PEGO SJ
    WTSRXERIMX]TVIWIRXMRXLIGSRZIVWEXMSR+VSYTHMWGYWWMSRTEXXIVRWQE]HIZIPSTXLEX
    EVIHMJJIVIRXJVSQXLSWISGGYVVMRKMRJEGIXSJEGIQIIXMRKW8LIWIHMJJIVIRGIWSGGYVMR
    XLIJVIUYIRG]ERHHYVEXMSRSJTEVXMGMTERXWTIEOMRKXYVRWTEVXMGMTERXMRJPYIRGIERHXLI
    TS[IVVIPEXMSRWLMTW[MXLMRXLIKVSYT:MHISGSRJIVIRGMRKKVSYTWEPWSIRKEKIMRPIWW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    -RJPYIRGIWSJXLI1IHMYQSR'SQQYRMGEXMSR 

    IPEFSVEXI HMWGYWWMSRW MRGYV JI[IV GSRZIVWEXMSREP HMKVIWWMSRW ERH I\TIVMIRGI E


    VIHYGIHEQSYRXSJW]RIVK]MRXLIKVSYTtWTPERRMRKEGXMZMXMIW-RKIRIVEPZMHISGSRJIV
    IRGMRKKVSYTWI\TIVMIRGIEHIGVIEWIMRXLIEQSYRXSJMRJSVQEPWSGMEPGSQQYRMGEXMSR
    XLEX SGGYVW 7GSXX   *EGIXSJEGI KVSYT QIIXMRKW EPPS[ TEVXMGMTERXW XS GLEX
    FIJSVIXLIQIIXMRKFIKMRWXSI\GLERKIKPERGIWGSQQIRXWERHRSRZIVFEPGSQQYRM
    GEXMSRHYVMRKXLIQIIXMRKERHXSHMWGYWWSXLIVXSTMGWEJXIV[EVHW8LIWIQYPXMTPIGSR
    ZIVWEXMSRW JEGMPMXEXI E WSGMEP VMGLRIWW MR XLI KVSYT ERH TVSHYGI E WIRWI SJ TIVWSREP
    MRZSPZIQIRX XLEX MW RSX IEWMP] EGLMIZIH XLVSYKL IMXLIV EYHMSSV ZMHISGSRJIVIRGMRK
    ;LMPIXLMWPSWWMRXLIWSGMEPIQSXMSREPGSRXIRXQE]LEZIEXEWOFIRIJMXEWJI[IVGSR
    ZIVWEXMSREPHMKVIWWMSRWOIITEQIIXMRKWLSVXIVERHQSVIJSGYWIHMXGSQIWEXERMRXIV
    TIVWSREPVIPEXMSRWLMTGSWX 1G+VEXL
    ,SPPMRKWLIEH7LIVFPSQ 
    ;LIR [I QIIX JEGIXSJEGI [I WMQYPXERISYWP] TIVGIMZI RSRZIVFEP GYIW ERH
    VIWTSRHXSXLIQ[LMPI[IEVIWTIEOMRK;I[EXGLI]IWJEGIERHFSH]TSWXYVIPMWXIR
    JSVFEGOGLERRIPZSGEPYXXIVERGIWERHEXXIRHXSRSRZIVFEPGYIWSJEKVIIQIRXSVHMW
    EKVIIQIRX;IQE]EPXIV[LEX[IWE]ERHLS[[IWE]MXIZIREW[IEVIYXXIVMRK[SVHW
    ERHFIJSVI[IGSQTPIXIEJYPPWIRXIRGI8LYW[IQE]IRHWIRXIRGIW[MXLEHMJJIVIRX
    MRJSVQEXMSREPGSRXIRXZSGEPMRJPIGXMSREJJIGXMZIQSSHERHQIERMRKXLER[I QMKLX
    SVMKMREPP]LEZIMRXIRHIH-RXLMWWIRWISYVWQEPPKVSYTGSQQYRMGEXMSRMWH]REQMGEPP]
    GSGSRWXVYGXIHFIGEYWIXLIVIMWQYXYEPMRJPYIRGISR[LEX[IEQWE]MRKERHLS[[I
    EVIWE]MRKMX-REGSQQYRMGEXMSRQIHMYQSXLIVXLERJEGIXSJEGIJIIHFEGOMWRSXEW
    VIEHMP] EZEMPEFPI ERH MW RSX EW MQQIHMEXIP] MRJPYIRXMEP SR GSQQYRMGEXMSR )ZIR MR
    EYHMSERHZMHISGSRJIVIRGMRKFIGEYWISJXVERWQMWWMSRHIPE]WERHXLIEYHMSERHZMHIS
    GLEVEGXIVMWXMGWSJXLIQIHMYQHMWGYWWIHIEVPMIV[IVIGIMZIPIWWMQQIHMEXIJIIHFEGO
    PIWWHMZIVWIX]TIWSJJIIHFEGOERHPIWWXSXEPJIIHFEGOMRXLIWEQIEQSYRXSJXMQI8LMW
    VIHYGXMSRMRXLIMQQIHMEG]ZEVMIX]ERHEQSYRXSJWMQYPXERISYWGSQQYRMGEXMSRERH
    JIIHFEGOPIEHWXSEVIHYGXMSRMRLS[H]REQMGEPP]GSGSRWXVYGXIHSYVGSQQYRMGEXMSR
    MWERHVIWYPXWMREPSWWSJWSGMEPTVIWIRGI

    -RJPYIRGIWSJXLI1IHMYQSR'SQQYRMGEXMSR
    7SGMEP4VIWIRGI
    -R 'LETXIV [IHIJMRIH WQEPPKVSYT GSQQYRMGEXMSREW EqXVERWEGXMSREP TVSGIWW SJ
    YWMRK W]QFSPMG FILEZMSV XS EGLMIZI WLEVIH QIERMRK EQSRK KVSYT QIQFIVW SZIV E
    TIVMSHSJXMQIr7SQIHIKVIISJH]REQMGEPP]WLEVIHJIIHFEGOERHGSGSRWXVYGXIHGSQ
    QYRMGEXMSRMWRIGIWWEV]XSEGLMIZIXLMWWIRWISJWLEVIHQIERMRKEQSRKKVSYTQIQ
    FIVW 7SGMEP TVIWIRGI MW XLI TIVGITXMSR EQSRK TEVXMGMTERXW XLEX XLI GSQQYRMGEXMSR
    QIHMYQJEGMPMXEXIWXLIHIZIPSTQIRXSJWSGMEPIQSXMSREPVIPEXMSREPGSQQYRMGEXMSRERH
    WLEVIHQIERMRKEQSRKKVSYTQIQFIVW7SGMEPTVIWIRGIMWEWWSGMEXIH[MXLXLIEQSYRX
    ERH HMZIVWMX] SJ XEWO ERH WSGMEP GSQQYRMGEXMSR XLEX MW JEGMPMXEXIH F] E QIHMYQ ERH
    HIWGVMFIWETEVXMGMTERXtWJIIPMRKXLEXSXLIVLYQERTEVXMGMTERXWEVIVIEPP]MRZSPZIHMRXLI
    KVSYTGSQQYRMGEXMSR 7LSVX;MPPMEQW
    'LVMWXMI 
    %VMGLGSQQYRMGEXMSRQIHMYQXLVSYKL[LMGLTEVXMGMTERXWGERIRKEKIMRQYPXM
    TPIWMQYPXERISYWGSQQYRMGEXMSR[MXLZIVFEPERHRSRZIVFEPGYIWW]RGLVSRSYWJIIH
    FEGOEZEVMIX]SJPERKYEKIERHMRJPIGXMSRERHETIVWSREPJSGYWXLEXGSRZI]WJIIPMRKW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR

    ERHIQSXMSREPSRK[MXLXLIMRJSVQEXMSREPGSRXIRXTVSHYGIWEKVIEXIVWIRWISJWSGMEP
    TVIWIRGI 8VIZMRS(EJX
    0IRKIP -REJEGIXSJEGI *8* QIIXMRKTEVXMGMTERXW
    WMQYPXERISYWP] I\GLERKI QSVI X]TIW SJ MRJSVQEXMSRhIQSXMSREP EXXMXYHMREP VIPE
    XMSREPERHGSRXI\XYEPhEPSRK[MXLXLIMRJSVQEXMSREPGSRXIRX%XI\XFEWIHGSQQYRM
    GEXMSR QIHMYQ LS[IZIV TVSZMHIW PIWW STTSVXYRMX] JSV XLI GSQQYRMGEXMSR SJ XLIWI
    WMQYPXERISYWGYIWJIIHFEGOWYFXPIX]SJMRJPIGXMSRERHIQSXMSREPVIPEXMSREPGSRXIRX
    8I\XFEWIHQIWWEKMRKW]WXIQWWYGLEWIQEMPFYPPIXMRFSEVHW]WXIQWERHIPIGXVSRMG
    GLEXLEZIEVIPEXMZIP]REVVS[MRJSVQEXMSREPFERH[MHXLGSQTEVIHXS*8*GSQQYRMGE
    XMSRERHTVSZMHIVIPEXMZIP]PS[PIZIPWSJQIHMEVMGLRIWW +VEIX^IXEP 8LMWMW
    FIGEYWIXI\XFEWIH'1'MWESRIGSHIW]WXIQGSRWMWXMRKSRP]SJXLI[VMXXIRQIWWEKI
    XLVSYKL[LMGLFSXLZIVFEPERHRSRZIVFEPGSRXI\XYEPQIERMRKWQYWXFIGSQQYRMGEXIH
    ;EPXLIV -XPEGOWXLIQYPXMTPIWMQYPXERISYWGLERRIPWSJ*8*GSQQYRMGEXMSR
    XLVSYKL [LMGL XS WMQYPXERISYWP] GEVV] ZSGEP TMXGL PSYHRIWW VL]XLQ MRJPIGXMSR
    TEYWIWERHLIWMXEXMSRW  JEGMEP I]I GSRXEGX KE^I ETTEVIRXMRXIVIWX PIZIP ERH JEGMEP
    VIWTSRWIW ERHTL]WMGEPFSH] EXXIRXMZIRIWWTSWXYVIKIWXYVIWERHVIPE\EXMSR RSRZIV
    FEPGYIW8LIEFWIRGISJXLIWIWMQYPXERISYWGLERRIPWQIERWXLEXJI[IVRSRZIVFEPGYIW
    EVII\TVIWWIHERHPIWWWSGMEPMRJSVQEXMSRMWGSQQYRMGEXIHMRIEGLQIWWEKI7SHIGM
    TLIVMRKXLI[LSPISJXLIVIPEXMSREPQIWWEKIXEOIWQSVIXMQI ;EPXLIV 

    1IHME 6MGLRIWW 4IVGITXMSRW SJ WSGMEP TVIWIRGI ZEV] [MXL XLI GSQQYRMGEXMSR
    QIHMYQ ERH GSQQYRMGEXMSRWGLSPEVW LEZIEVVERKIH GSQQYRMGEXMSR QIHME EPSRK E
    VSYKL GSRXMRYYQ ORS[R EW XLI QIHME VMGLRIWW GSRXMRYYQ (EJX
     0IRKIP  
    1IHMEXLEXHSRSXGEVV]EPPX]TIWSJMRJSVQEXMSRWMQYPXERISYWP]EVIGSRWMHIVIHPIERIV
    QIHME WMRGI XLIMV MRJSVQEXMSREP GETEGMXMIW HS RSX JEGMPMXEXI XLI HIZIPSTQIRX SJ XLI
    WSGMEPIQSXMSREPVIPEXMSREPHMQIRWMSRWSJGSQQYRMGEXMSREXEWJEWXEVEXI
    *EGIXSJEGIKVSYTQIIXMRKWTVSZMHIXLIKVIEXIWXSTTSVXYRMX]JSVI\TIVMIRGMRKVMGL
    GSQQYRMGEXMSR ERH WSGMEP TVIWIRGI :MHISGSRJIVIRGMRK XLIR EYHMSGSRJIVIRGMRK
    ERH JMREPP]XI\XFEWIHGSQTYXIVGSRJIVIRGMRKW]WXIQWEVIGSRWMHIVIHPIERIVGSQQYRM
    GEXMSRQIHME+MZIRXMQIERHGSRXMRYSYWGSQQYRMGEXMSRIJJSVXLS[IZIVIZIRXI\XSRP]
    '1'KVSYTWGERWLEVIVMGLTIVWSREPWSGMEPIQSXMSREPERHVIPEXMSREPMRJSVQEXMSRERH
    KIXXSORS[QIQFIVWEWJYPP]LYQERTEVXMGMTERXWXLYWI\TIVMIRGMRKEPEVKIHIKVIISJ
    WSGMEPTVIWIRGI-RJEGXXLMWGLEVEGXIVMWXMGSJEWPS[IVVIPEXMSREPHIZIPSTQIRXXLVSYKLE
    PIERIVQIHMYQQE]IZIRFIEREWWIXXSXLIKVS[XLSJKVIEXIVHITXLWMRTIVWSREPMRXMQEG]
    XVYWXGSSVMIRXEXMSRERHEJJIGXMSREQSRKKVSYTQIQFIVW ;EPXLIV 

    7]RGLVSRSYW%W]RGLVSRSYW 'SQQYRMGEXMSR %RSXLIV GSRXVMFYXSV XS XLMW I\TIVM


    IRGISJWSGMEPTVIWIRGIMWXLII\XIRXXS[LMGLE'1'QIHMYQTVSZMHIWW]RGLVSRSYW
    GSQQYRMGEXMSR SVEW]RGLVSRSYWGSQQYRMGEXMSR EQSRKTEVXMGMTERXW8LMWHMWXMRGXMSR
    MW E VIGSKRMXMSR XLEX GSQQYRMGEXMSR MW E TVSGIWW IRKEKIH MR F] TEVXMGMTERXW XLEX
    MRZSPZIWMRXIVEGXMZI JIIHFEGO ERHWMQYPXERISYW WTIEOMRK ERH PMWXIRMRK VEXLIVXLER E
    SRI[E]GSRZI]MRKSJMRJSVQEXMSR
    3RIGERHMWXMRKYMWLFIX[IIRXLIW]RGLVSRSYWERHEW]RGLVSRSYWQIERWSJGSQ
    QYRMGEXMSRTVSZMHIHF]IEGLQIHMYQ*SVI\EQTPI[LMPIZMHISGSRJIVIRGMRKMWW]R
    GLVSRSYWTPE]MRKFEGOEZMHISXETISJERIEVPMIVGSRJIVIRGIWIWWMSRMWEREW]RGLVSRSYW
    JSVQ SJ GSQQYRMGEXMSR%YHMSGSRJIVIRGMRK MW W]RGLVSRSYW [LMPI ZSMGI QEMP MW ER

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    -RJPYIRGIWSJXLI1IHMYQSR'SQQYRMGEXMSR 

    EW]RGLVSRSYWJSVQSJEYHMSGSQQYRMGEXMSR'SQTYXIVGSRJIVIRGMRKW]WXIQWMRWXERX
    QIWWEKMRKERHGLEXVSSQWEVIW]RGLVSRSYW[LMPIIQEMPPMWXWIVZIVWFYPPIXMRFSEVHW
    ERHRI[WKVSYTWTVSZMHIEW]RGLVSRSYWGSQQYRMGEXMSR
    =IXIZIRMREW]RGLVSRSYWSVVIPEXMZIP]qMRWXERXERISYWP]EW]RGLVSRSYWrXI\X
    FEWIH'1'QIHMYQWYGLEWMRWXERXQIWWEKMRKSVIPIGXVSRMGGLEX[IGSQTPIXISYV
    [LSPIYXXIVERGIERHTYWLXLIIRXIVOI]FIJSVIVIGIMZMRKEVIWTSRWIXSER]TEVXSJXLEX
    YXXIVERGI-R[LSPP]EW]RGLVSRSYWXI\XFEWIH'1'WYGLEWFPSKWIQEMPERHFYPPIXMR
    FSEVH QIWWEKIW [I KIRIVEPP] GSQTPIXI ER IRXMVI QIWWEKI GSRXEMRMRK WIZIVEP YXXIV
    ERGIWSVWIRXIRGIWFIJSVI[IVIGIMZI]SYVVIWTSRWI7S[LMPIWSQIJSVQWSJGSQQY
    RMGEXMSR [MXLMR IEGLQIHMYQEVI XIVQIH W]RGLVSRSYWERH SXLIVWEVIEW]RGLVSRSYW
    XLIVIMWVIEPP]EHIKVIISJW]RGLVSRMGMX]EZEMPEFPIXLVSYKLXLIGSQQYRMGEXMSRMRIEGL
    QIHMYQ8LIWIZEV]MRKHIKVIIWSJW]RGLVSRMGMX]MRJPYIRGIEKVSYTtWGSQQYRMGEXMSR
    ERHXLII\TIVMIRGISJWSGMEPTVIWIRGI
    ,S[IZIVLYQERGSQQYRMGEXMSRMWRSXXIGLRSPSKMGEPP]HIXIVQMRIH;LMPIWSGMEP
    TVIWIRGIQE]FIJEGMPMXEXIHIRLERGIHERHTSXIRXMEPP]GSRWXVEMRIHF]XLIGLEVEGXIVMW
    XMGWSJQIHMEVMGLRIWWERHGSQQYRMGEXMSRW]RGLVSRMGMX]MXMWRSXHIXIVQMRIHF]XLIQ
    ,YQERGSQQYRMGEXSVWLEZIXLIEFMPMX]XSIRLERGISVIVSHIJIIPMRKWSJWSGMEPTVIWIRGI
    VIKEVHPIWW SJ XLI QIHMYQ XLI] YWI XS GSQQYRMGEXI *SV I\EQTPI MJ E JEGIXSJEGI
    KVSYTQIIXMRKMWTSSVP]EXXIRHIHSVTSSVP]JEGMPMXEXIHSVKVSYTQIQFIVWEVIRSXEXXIR
    XMZIP]MRZSPZIHMRXLIKVSYTGSQQYRMGEXMSRXLEXJEGIXSJEGIQIIXMRKQE]TVSHYGIE
    JIIPMRKSJPMXXPIWSGMEPTVIWIRGIEQSRKXLIKVSYTQIQFIVW,S[IZIVWSGMEPTVIWIRGIMW
    QSVI IEWMP] JEGMPMXEXIH ERH QSVI GSQQSRP] I\TIVMIRGIH MR *8* KVSYT QIIXMRKW
    [LIVIEWERIJJSVXQYWXFIQEHIXSEGLMIZIMXMR'1'KVSYTQIIXMRKW
    3RIX]TISJ'1'KVSYTXLEXJSGYWIWQYGLSJMXWXMQIERHEXXIRXMSRSRWSGMEP
    IQSXMSREPVIPEXMSREP GSQQYRMGEXMSR MW XLI SRPMRI WYTTSVX KVSYT;VMKLX   HI
    WGVMFIWSRIQSXMZIJSVTISTPIXSTEVXMGMTEXIMRERSRPMRIWYTTSVXKVSYTEWXLIEFMPMX]XS
    XVERWGIRHKISKVETLMGHMWXERGIERHXMQIGSRWXVEMRXW4EVXMGMTERXWJMRHMXQSVIGSRZI
    RMIRXERHJPI\MFPIXSGSRXEGXSXLIVWYTTSVXKVSYTQIQFIVWJVSQXLIMVLSQISV[SVO
    GSQTYXIVXLERXSEXXIRHEQIIXMRK[MXLTISTPIEXEWIXXMQIERHPSGEXMSR'EQTFIPPERH
    ;VMKLX  JSYRHXLEXSRGIMRZSPZIHMRERSRPMRIWYTTSVXKVSYTXLIKVSYTtWOI]
    IQSXMSREPVIPEXMSREP GSQQYRMGEXMSR HMQIRWMSRW [EW VIGITXMZMX] MQQIHMEG] ERH
    MRJSVQEPMX]4EVXMGMTERXWMRHMGEXIHXLEXEFIRIJMXXSERSRPMRIWYTTSVXKVSYTGSQTEVIH
    XSEJEGIXSJEGIKVSYTMWXLIEFMPMX]SJXLIKVSYTXSMKRSVIXYVRXEOMRKFILEZMSVWERH
    XSKIXRYQIVSYWWMQYPXERISYWVIWTSRWIWXSEUYIWXMSRSVERMWWYI1EOMRKHIGMWMSRW
    EFSYXEWSYVGItWGVIHMFMPMX]ERHXLIZEPYISJXLIMRJSVQEXMSRVIGIMZIHLS[IZIV[EWSRI
    SJXLIFMKKIVTEVXMGMTERXGSRGIVRW
    %XI\XFEWIHGSQTYXIVFYPPIXMRFSEVHGSRJIVIRGMRKKVSYTJSVTISTPI[MXLHMW
    EFMPMXMIW IJJIGXMZIP] GSQQYRMGEXIW WSGMEP WYTTSVX XLVSYKL XLI '1' QIHMYQ MR XLI
    JSVQSJZIVFEPERHRSRZIVFEPGSQQYRMGEXMSRXLEXVIHYGIWYRGIVXEMRX]EFSYXXLIWMXYE
    XMSR WIPJ SXLIV ERH VIPEXMSRWLMT ERH IRLERGIW XLI TIVGITXMSR SJ TIVWSREP GSRXVSP
    %PFVIGLX
    %HIPQER&VEMXL[EMXI;EPHVSR
    *MRR 8LIQSWXGSQQSR
    JSVQ SJ WSGMEPWYTTSVXSJJIVIHMW IQSXMSREP[MXL   SJ XLI QIWWEKIW
    I\GLERKIH[MXLMRXLIKVSYTGSRXEMRMRKIQSXMSREPWYTTSVXI\TVIWWMSRWSJIQTEXL]ERH
    VIGMTVSGEXIHIQSXMSREPI\TVIWWMSR8LIWIMRGPYHITSWMXMZIWXEXIQIRXWSJVIPEXMSRWLMT
    EJJIGXMSRGSRJMHIRXMEPMX] W]QTEXL] YRHIVWXERHMRKIRGSYVEKIQIRX ERH TVE]IV8LI

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR

    WIGSRHQSWXJVIUYIRXP]SJJIVIHWYTTSVXMWGSRZI]IHMRQIWWEKIW  QIWWEKIW
    SJMRWXVYGXMSREHZMGIVIJIVVEPWXSI\TIVXWWMXYEXMSRETTVEMWEPWERHXIEGLMRKMR[E]W
    XLEX VIHYGI YRGIVXEMRX] QEOI RI[ PMJIWMXYEXMSRWQSVI TVIHMGXEFPI ERH LIPT TISTPI
    GSTI[MXLGLEPPIRKIW8LIXLMVHMWIWXIIQWYTTSVX  QIWWEKIW MRGPYHMRKGSQ
    TPMQIRXWWIPJGSRGITXZEPMHEXMSRWERHWXEXIQIRXWSJTSWMXMZIJIIPMRKWSJMQTSVXERGI
    GSQTIXIRGIVIPMIJJVSQFPEQIERHVMKLXWEWETIVWSR3XLIVJSVQWSJWYTTSVXMRGPYHI
    RIX[SVOMRK  QIWWEKIW  MRXLII\TVIWWMSR SJWMQMPEVMRXIVIWXWWMXYEXMSRW ERH
    GSRGIVRWERHWYTTSVXMZISJJIVWSJXERKMFPIEWWMWXERGI  QIWWEKIW XLEXMRZSPZI
    TIVJSVQMRKEXEWOSVI\TVIWWMRKE[MPPMRKRIWWXSLIPTSYX%HHMXMSREPP]LYQSVTSIXV]
    RSRZIVFEPGYIWERHWMKREXYVIPMRIWEVIEPPYWIHXSI\TVIWWWYTTSVX,YQSV[LMPIJVI
    UYIRXP]WEVGEWXMGSVMVSRMGMRREXYVISJXIRMRGPYHIWRSRZIVFEPq,%,%,%rEGGIRXWMR
    XLIQIWWEKI2SRZIVFEPIQSXMGSRWWYGLEWq 7QMPI rqFPYWLrqKVMRrERHqKMKKPIr
    WQMPI]JEGIWERHWEHJEGIWEPWSTPE]EFMKVSPIMRXLIQIWWEKIWEWHS[VMXXIRI\TVIW
    WMSRWJSVLYKWOMWWIWWLSYPHIVTEXXMRKERHLERHLSPHMRK  QIWWEKIW 4SIXV]
    TVSZMHIWTIVWSREPWIPJI\TVIWWMSRERHIQSXMSREPWYTTSVXJSVSXLIVWMR[E]WXLEXTVS
    QSXIWIPJE[EVIRIWWERHWIPJIWXIIQ*MREPP]WMKREXYVIPMRIWEVIYWIHXSTVIWIRXTIV
    WSREPP]WIPIGXIHE\MSQWERHUYSXEXMSRWXSGSRZI]WYTTSVX
    ;MXLEHIWMVIERHWSQIGSQQYRMGEXMSRIJJSVXIZIREXI\XFEWIH'1'KVSYTMW
    GETEFPISJTVSZMHMRKWSGMEPWYTTSVXGSQQYRMGEXMSRXLEXHIZIPSTWIRHYVMRKVIPEXMSR
    WLMTW%KVSYTGERGSQQYRMGEXIMR[E]WXLEXEVIIJJIGXMZIERHXLEXWYTTSVXXLIKVSYTtW
    TYVTSWIVIKEVHPIWWSJXLIXIGLRSPSKMGEPQIHMYQIQTPS]IH
    8EFPI  WYQQEVM^IWXLIHMWXMRGXMSRWQEHIJSVWSGMEPTVIWIRGIQIHMEVMGLRIWW
    ERHGSQQYRMGEXMSRW]RGLVSRMGMX]EZEMPEFPIMRIEGLQIHMYQ*EGIXSJEGISJJIVWXLI
    VMGLIWXQSWXW]RGLVSRSYWGSQQYRMGEXMSR:MHISGSRJIVIRGMRKTVSZMHIWXLIRI\XVMGL
    IWXQIHMYQ8LIREYHMSGSRJIVIRGMRKERHXI\XFEWIHGSQTYXIVGSRJIVIRGMRKSJJIVXLI
    PIERIWXERHPIEWXW]RGLVSRSYWQIHMEJSVGSQQYRMGEXMSR

    3XLIV-RJPYIRGIWSJXLI1IHMYQSR7SGMEP4VIWIRGI 7IZIVEPSXLIVGLEVEGXIVMWXMGW
    SJXLIQIHMYQEJJIGXXLII\TIVMIRGISJWSGMEPTVIWIRGIEW[IPP8]TMRKEQIWWEKIMW
    KIRIVEPP] QSVI PEFSVMSYW ERH XMQIGSRWYQMRK XLER WTIEOMRK MR GSRZIVWEXMSR8LYW
    [LIR YWMRK E XI\XFEWIH '1' W]WXIQ MRHMZMHYEPW SJXIR YWI EFFVIZMEXMSRW WLSVXIR
    XLIMVZIVFEPI\TVIWWMSRSVSQMXWXEXIQIRXWXLEXQMKLXFIEWWYQIHhWYGLEWYXXIVERGIW
    MRHMGEXMRK EXXIRXMSR YRHIVWXERHMRK SV EKVIIQIRX +VEIX^ IX EP  ;LMPI XLIWI
    WLSVX GYXW WTIIH YT XLI XVERWQMWWMSR SJ XLI QIWWEKI XLI] GER EPWS PIEH XS KVIEXIV
    YRGIVXEMRX] EQSRK TEVXMGMTERXW EW XS [LIXLIV SXLIVW LEZI EKVIIH [MXL XLIQ YRHIV
    WXSSHXLIQSVIZIRVIEH[LEXXLI]LEHXSWE]7SQIW]RGLVSRSYWXI\XFEWIHW]WXIQW
    WYGLEWIPIGXVSRMGGLEXEPPS[TEVXMGMTERXWXSWMQYPXERISYWP]X]TIERHWIRHQIWWEKIWXS
    IEGLSXLIV[MXLSYXXLIGSRZIVWEXMSREPXYVRXEOMRKTVIWIRXMR*8*GSRZIVWEXMSR8LMW
    QIERW XLEX TEVXMGMTERXW GER KIRIVEXI QSVI QIWWEKIW JEWXIV ,S[IZIV [LIR TEVXMGM
    TERXWEVIX]TMRKXLIMVS[RQIWWEKIWXLI]EVIPMOIP]XSFIPIWWEXXIRXMZIXSXLIQIWWEKIW
    TSWXIHF]SXLIVW3RXLITSWMXMZIWMHIXI\XFEWIHQIWWEKIWEVIJVIUYIRXP]QSVIGEVI
    JYPP]GSQTSWIHERHIHMXIHFIJSVIXLI]EVIWIRXXLEREVIWTSOIRGSRZIVWEXMSREPGSQ
    QIRXW 8LMW GER MRGVIEWI XLI GPEVMX] SJ XLI SZIVEPP KVSYT HMWGYWWMSR %PWS VIXMGIRX
    TEVXMGMTERXWEVISJXIRPIWWETTVILIRWMZIERHXLYWGSRXVMFYXIQSVIXLVSYKLXI\XFEWIH
    QIWWEKMRKW]WXIQWXLIVIF]MRGVIEWMRKXLISZIVEPPKVSYTTEVXMGMTEXMSR +VEIX^IXEP

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    -RJPYIRGIWSJXLI1IHMYQSR'SQQYRMGEXMSR 

    8%&0) 7SGMEP4VIWIRGI 1IHME6MGLRIWW ERH7]RGLVSRMGMX]

    7SGMEP %W]RGLVSRSYW
    'SQQYRMGEXMSR 4VIWIRGI 7]RGLVSRSYW )\EQTPIW RSXEX
    'SQQYRMGEXMSR :IVFEPERH 1IHME )\EQTPIW WEQI XLIWEQIXMQI
    1IHMYQ 2SRZIVFEP 6MGLRIWW XMQIMRXIVEGXMZI VIWTSRHPEXIV

    *EGIXS*EGI *EGIXSJEGI 6MGLQIHME *EGIXSJEGIKVSYT 2SQMREPKVSYT


    7MQYPXERISYW %PP QIIXMRK XIGLRMUYI
    ZIVFEPGSRXIRX RSRZIVFEP
    ZSGEPXSRIERH QSHEPMXMIW
    MRJPIGXMSRJEGMEP EZEMPEFPI
    I\TVIWWMSRWLERH
    KIWXYVIWFSHMP]
    TSWXYVIERHERKPI
    :MHISVIGSVHMRK :MWYEP -RXIVEGXMZI :MWYEPERH :MHISGSRJIVIRGMRK :MHISVIGSVHMRKW
    :MHISGSRJIVIRGMRK ZIVFEPGSRXIRX ZSGEP :MI[IHPEXIV
    RSRZIVFEPWZSGEP RSRZIVFEPW
    XSRIERHMRJPIGXMSR EZEMPEFPI
    JEGMEPI\TVIWWMSRW
    LERHKIWXYVIWFSHMP]
    TSWXYVIERHPIER
    QE]FITVIWIRXFYX
    SFWGYVI
    %YHMSGSRJIVIRGMRK %YHMS -RXIVEGXMZI 3RP]ZSGEP 8IPITLSRI :SMGIQEMP
    ZIVFEPGSRXIRX RSRZIVFEPW GSRJIVIRGIW
    RSRZIVFEPWZSGEP EZEMPEFPI
    XSRIERHMRJPIGXMSR
    TVIWIRX
    8I\X&EWIH 8I\XFEWIH 8I\X 0IERQIHME -RWXERXQIWWEKMRK )QEMPFPSKW
    'SQTYXIV7]WXIQW KVETLMGW 9WIVWGVIEXI -RXIVEGXMZIGSQTYXIV FYPPIXMRFSEVHW
    RSRZIVFEP XI\XFEWIH GLEXW+77 PMWXWIVZW
    qIQSXMGSRWrYWIH RSRZIVFEP
    I\TVIWWMSRW

     -REHHMXMSR&YR^ERH'EQTFIPP  JMRHXLEXTEVXMGMTERXWEGGSQQSHEXIERH


    VIWTSRHXSXLIZIVFEPTSPMXIRIWWGYIWIQFIHHIHMRXLIFSH]SJIQEMPQIWWEKIW1IW
    WEKIWWXVYGXYVIH[MXLEKVIIXMRKSVWEPYXEXMSRVIGIMZIQSVITSPMXIVIWTSRWIWXLERQIW
    WEKIWXLEXPEGOXLIWIJSVQEPTSPMXIRIWWGYIW

    7SQI)JJIGXWSJ'1'9RHIVGYVVIRXWSR+VSYT4VSGIWWIW
    8LI-RXIVEGXMSRSJ'1'[MXL+VSYT7M^I (MZIVWMX] ERH4VS\MQMX] +VSYTGLEVEG
    XIVMWXMGWWYGLEWWM^IHMZIVWMX]ERHTL]WMGEPTVS\MQMX]SJKVSYTQIQFIVW[LIRXLI]

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR

    QIIX MRXIVEGX [MXL XLI GSQQYRMGEXMSR XIGLRSPSK] XS JYVXLIV MRJPYIRGI E KVSYTtW
    HIGMWMSRQEOMRKTVSGIWW0EVKI'1'KVSYTWETTIEVXSFIRIJMXXLIQSWXJVSQYWMRK
    '1'EWXLI]KIRIVEXIQSVIMHIEWTIVQIQFIVXLERHSWQEPPIV'1'KVSYTW 1G+VEXL

    ,SPPMRKWLIEH +VSYTWLEZMRKRMRIQIQFIVWKIRIVEXIQSVIYRMUYIMHIEWTIV
    QIQFIV[LIRYWMRKE +77FVEMRWXSVQMRKW]WXIQXLER HS KVSYTWLEZMRKSRP]XLVII
    TEVXMGMTERXW :EPEGMGL (IRRMW
     2YREQEOIV   '1' LIPTW VIHYGI XLI IJJSVX
    VIUYMVIHXSI\GLERKIMRJSVQEXMSRXLYWJEGMPMXEXMRKERMRGVIEWIMRXLIEQSYRXSJKVSYT
    GSQQYRMGEXMSR ERH TVSZMHMRK E KVIEXIV WIRWI SJ KVSYT MRZSPZIQIRX 1SVI HMZIVWI
    KVSYTWEPWSI\TIVMIRGIKVIEXIVMHIEKIRIVEXMSRXLERLSQSKIRISYWSRIWEWXLI]FVMRKE
    KVIEXIVFVIEHXLSJORS[PIHKIERHI\TIVMIRGIXSXLIHMWGYWWMSR4L]WMGEPTVS\MQMX]SJ
    KVSYT QIQFIVW EPWS MRXIVEGXW [MXL XLI GSQQYRMGEXMSR QIHMYQ XS MRJPYIRGI XLI
    KVSYTtW'1' :EPEGMGL+ISVKI2YREQEOIV
    :SKIP '1'KVSYTWIRKEKIH
    MRHMWGYWWMSRXLVSYKL+77[MXLTEVXMGMTERXWTL]WMGEPP]WITEVEXIHMRHMJJIVIRXVSSQW
    KIRIVEXIQSVIYRMUYIMHIEWWLS[PIWWMHIEVIHYRHERG]LEZIKVIEXIVMHIESVMKMREPMX]
    ERHTVSHYGILMKLIVMHIEUYEPMX]SZIVEPPXLERKVSYTWYWMRK+77[MXLQIQFIVWTL]WM
    GEPP]PSGEXIHMRXLIWEQIVSSQWYGLEWERSQMREPKVSYT WII'LETXIV 8LMWWYKKIWXW
    XLEXMXMWRSXNYWXXLIXIGLRSPSK]XLVSYKL[LMGLXLIGSQQYRMGEXMSRMWQIHMEXIHFYXXLI
    PEVKIV TL]WMGEP GSRXI\XYEP GYIW XLEX MRJPYIRGI KVSYT GSQQYRMGEXMSR 1IQFIVW SJ
    KVSYTW PSGEXIH MR XLI WEQI VSSQ IZIR XLSYKL XLI] EVI YWMRK '1' EW XLIMV SRP]
    QIHMYQJSVGSQQYRMGEXMSREVIWXMPPQSVIGSRWGMSYWSJXLIMVTIVWSREPWSGMEPMHIRXMXMIW
    I\TIVMIRGI KVIEXIV WSGMEP TVIWWYVI ERH LEZI E KVIEXIV XIRHIRG] XS GSRJSVQ XS XLI
    KVSYTtWI\TIGXEXMSRWERHRSVQWXLERHSQIQFIVWSJHMWXVMFYXIHKVSYTW

    +IRHIV7[ETTMRK 4EWXVIWIEVGLLEWIWXMQEXIHXLEXEWQER]EW XS SJ-RXIV


    RIXYWIVWqKIRHIVW[ETrMRXLIMVGSQTYXIVQIHMEXIHGSQQYRMGEXMSRXLEXMWXLI]MHIR
    XMJ] ERH TSVXVE] XLIQWIPZIW EW E TIVWSR SJ XLI STTSWMXI KIRHIV MR XLIMV IPIGXVSRMG
    GSRZIVWEXMSRWMRGLEXVSSQW MRWXERXQIWWEKIWERHIQEMP%PXLSYKL 7EQT;MXXIR
    FIVKERH+MPPIXX  JSYRHXLITIVGIRXEKIXSFIWSQI[LEXPS[IV[MXLSRP]SJ
    XLIMVVIWTSRHIRXW  EHQMXXMRKXSLEZMRKTVIXIRHIHXSFIXLISTTSWMXIKIRHIV
    SRPMRI  SJ XLSWI  VIWTSRHIRXW WEMH XLEX XLI] LEH WYWTIGXIH ERH UYIW
    XMSRIHXLIKIRHIVSJERSXLIVSRPMRITEVXMGMTERX

    'SQTYXIV)XLMGW 9RHIVP]MRKWYGGIWWJYP'1'MWSYV[MPPMRKRIWWXSQEMRXEMRELMKL
    PIZIPSJIXLMGW+MZIRXLITSXIRXMEPJSVMQTIVWSREPEGXMSRWSVJEMPYVIXSMHIRXMJ][MXLTIS
    TPI[I[SVO[MXLJEGIXSJEGIMXMWYWIJYPXSLEZIEWIXSJIXLMGEPKYMHIPMRIW*MKYVI 
    TVSZMHIWXLIXIRGSQQERHQIRXWSJGSQTYXIVIXLMGW

    'LSSWMRKE1IHMYQJSVXLI)JJIGXMZI9WISJ'1'
    8LIGLEPPIRKIJSVEKVSYTMWLS[XSYXMPM^IERYRHIVWXERHMRKSJ'1'ERHMXWMRJPYIRGISR
    KVSYTGSQQYRMGEXMSRTEXXIVRWERHTIVJSVQERGIXSIRLERGIEKVSYTtWHIGMWMSRQEOMRK
    TVSFPIQWSPZMRKERHGSQQYRMGEXMSRTVSGIWWIW8LIJMVWXWXITMRXLMWTVSGIWWMRZSPZIW
    TPERRMRK JSVXLI YWISJ '1' F] XLIKVSYT8LIVI EVI WIZIVEP ETTVSEGLIW XS XLMROMRK

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    'LSSWMRKE1IHMYQJSVXLI)JJIGXMZI9WISJ'1' 

    *-+96) 8LI8IR'SQQERHQIRXWSJ'SQTYXIV)XLMGW

    %WIXSJ 8IR'SQQERHQIRXW[EWGVIEXIHF]XLI'SQTYXIV)XLMGW-RWXMXYXIJSVHMWXVMFYXMSREQSRKERHKYMHERGI
    SJGSQTYXIVWYWIVW-XW8IR'SQQERHQIRXWTVSZMHIEKSSHETTPMGEXMSRXSGSQTYXIVQIHMEXIHGSQQYRMGEXMSR

     8LSY7LEPX2SXYWIEGSQTYXIVXSLEVQSXLIVTISTPI
     8LSY7LEPX2SXMRXIVJIVI[MXLSXLIVTISTPItWGSQTYXIV[SVO
     8LSY7LEPX2SXWRSSTEVSYRHMRSXLIVTISTPItWGSQTYXIVJMPIW
     8LSY7LEPX2SXYWIEGSQTYXIVXSWXIEP
     8LSY7LEPX2SXYWIEGSQTYXIVXSFIEVJEPWI[MXRIWW SVXIPPPMIWEFSYXWSQISRI 
     8LSY7LEPX2SXGST]SVYWITVSTVMIXEV]WSJX[EVIJSV[LMGL]SYLEZIRSXTEMH
     8LSY7LEPX2SXYWISXLIVTISTPItWGSQTYXIVVIWSYVGIW[MXLSYXEYXLSVM^EXMSRSVTVSTIVGSQTIRWEXMSR
     8LSY7LEPX2SXETTVSTVMEXISXLIVTISTPItWMRXIPPIGXYEPSYXTYX
     8LSY7LEPXXLMROEFSYXXLIWSGMEPGSRWIUYIRGIWSJXLITVSKVEQSVW]WXIQ]SYEVIGVIEXMRKSVYWMRK
     8LSY7LEPX%P[E]WYWIEGSQTYXIVMR[E]WXLEXMRWYVIGSRWMHIVEXMSRERHVIWTIGXJSV]SYVJIPPS[LYQERW

    7SYVGI 'VIEXIHF]XLI'SQTYXIV)XLMGW-RWXMXYXIEXXLI&VSSOMRKW-RWXMXYXMSR;EWLMRKXSR('ERHZMI[EFPISRPMRIEX
    [[[FVSSOMRKWIHYMXWGIMSZIVZMI[QEMRLXQ8LI8IR'SQQERHQIRXWSJ'SQTYXIV)XLMGW[IVIJMVWXTVIWIRXIHMR(V6EQSR
    '&EVUYMRtWTETIVq-R4YVWYMXSJEs8IR'SQQERHQIRXWt JSV'SQTYXIV)XLMGWr8SVIUYIWXXLI8IR'SQQERHQIRXWSJ'SQ
    TYXIV)XLMGWMR4(*JSVQEXIQEMP]SYVVIUYIWX[MXL]SYVREQIIQEMPEHHVIWWERHEJJMPMEXMSRXSGIM$FVSSOMRKWIHY

    EFSYXXLIETTVSTVMEXIRIWWSJEQIHMYQJSVWQEPPKVSYTGSQQYRMGEXMSR8LIJMVWXMWXS
    GLSSWIEQIHMYQFEWIHSRXLIQIHMEVMGLRIWWERHGSQTPI\MX]SJXLIGSQQYRMGEXMSR
    XEWO8LIWIGSRHMWXSXLMROEFSYXXLIPERKYEKIGLEVEGXIVMWXMGWSJXLIMRJSVQEXMSRXSFI
    GSQQYRMGEXIH8LIXLMVHMWXSGSRWMHIVXLIGSQQYRMGEXMSRJYRGXMSRWXSFIYWIH

    'LSSWMRKE1IHMYQJSVXLI'SQQYRMGEXMSR8EWO
    )JJIGXMZIP] JEGMPMXEXMRKEKVSYTtWHIGMWMSRQEOMRKTVSFPIQWSPZMRKERHGSQQYRMGE
    XMSRTVSGIWWIWMRZSPZIWGLSSWMRKERETTVSTVMEXIQIHMYQJSVXLIGSQQYRMGEXMSRXEWO
    0IRKIP
    (EJX *SVIJJMGMIRXGSQQYRMGEXMSRGLSSWIEPIERQIHMYQ1SVIHMJ
    JMGYPXERHRSRVSYXMRIGSQQYRMGEXMSRXLEXVIUYMVIWQSVIHMWGYWWMSREQSRKKVSYTQIQ
    FIVWXSEGLMIZIEWLEVIHQIERMRKHIQERHWEVMGLIVQIHMYQ8LIHIZIPSTQIRXSJRI[
    TPERWERHWXVEXIKMIWEPWSVIUYMVIWEVMGLQIHMYQJSVEWLEVIHKVSYTYRHIVWXERHMRK9WIE
    VMGLQIHMYQXSHIZIPSTWSGMEPTVIWIRGIERHTIVWSREPVIPEXMSRWLMTWERHHSRSXPIXEPEGO
    SJVMGLRIWWMRXLIGSQQYRMGEXMSRQIHMYQVIWXVMGXXLIMRJSVQEXMSRWLEVIHSVMQTPMGMXP]
    GIRWSV XLI HMWGYWWMSR SJ GVMXMGEP MWWYIW 8LSYKL GSQQYRMGEXMRK XLVSYKL E VMGLIV
    QIHMYQQE]VIUYMVIQSVIXMQIERHIJJSVXMXMWFIXXIVXSIRHYVIXLMWPSWWMRIJJMGMIRG]
    XLERXSMREHZIVXIRXP]GYVXEMPXLIKVSYTtWTVSGIWWF]GLSSWMRKEQIHMYQXLEXMWXSSPIERXS
    IJJIGXMZIP]EGGSQTPMWLXLIGSQQYRMGEXMSRXEWO8LMROEFSYXXLIGSQQYRMGEXMSRTYV
    TSWIERHIZEPYEXIXLITSXIRXMEPYWISJERI[GSQQYRMGEXMSRXIGLRSPSK][MXLMRXLIWTIG
    XVYQ SJ EZEMPEFPI QIHME GLSMGIW 8EFPI  PMWXW XLIWI VIGSQQIRHEXMSRW JSV QIHME
    WIPIGXMSR 0IRKIP
    (EJX 

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR

    8%&0) 'LSSWMRKE'SQQYRMGEXMSR1IHMYQ 0IRKIP


    (EJX 

    *SVWMQTPIVSYXMRIGSQQYRMGEXMSRGLSSWIEPIERQIHMYQ
    1SVIHMJJMGYPXERHRSRVSYXMRIGSQQYRMGEXMSRHIQERHWEVMGLIVGSQQYRMGEXMSRQIHMYQ
    9WIVMGLQIHMEXSHIZIPSTWSGMEPTVIWIRGIERHTIVWSREPVIPEXMSRWLMTW
    9WIVMGLQIHMEJSVMQTPIQIRXMRKRI[TPERWERHWXVEXIKMIW
    (SRSXPIXEPEGOSJQIHMEVMGLRIWWVIWXVMGXXLIMRJSVQEXMSRWLEVIHSVGIRWSVHMWGYWWMSRSJGVMXMGEPMWWYIW
    )ZEPYEXIXLITSXIRXMEPYWISJERI[GSQQYRMGEXMSRXIGLRSPSK][MXLMRXLIWTIGXVYQSJEZEMPEFPIQIHME
    GLSMGIW

    *MRHMRKE0ERKYEKI(IQERHi8IGLRSPSK]*MX
    'SQQYRMGEXMSRQIHMEHMJJIVMRXLIX]TIERHEQSYRXSJMRJSVQEXMSRXLI]GEVV]8LIWI
    HMJJIVIRGIW LEZI MQTPMGEXMSRW JSV XLI KVSYT HIGMWMSRQEOMRK ERH GSQQYRMGEXMSR
    TVSGIWWIWERHKVSYTWRIIHXSFIE[EVISJXLIJMXFIX[IIRXLIGSQQYRMGEXMSRHIQERHW
    SJXLIMVXEWOERHXLIGSQQYRMGEXMSRQIHMYQXLI]YWIXSQIIXXLEXHIQERH &EZIPEWIX
    EP  *EVQIV
     ,]EXX  1EG(SYKEPP  8LVII X]TIW SJ PERKYEKI HI
    QERHW EVI MQTSVXERX XS GSQQYRMGEXMSR MR E KVSYT *EVQIV
     ,]EXX  8LIWI
    HIQERHWEVIRYQIVMGZIVFEPERHZMWYEPW]QFSPM^EXMSRW2YQIVMGW]QFSPM^EXMSRMWXLI
    QEXLIQEXMGEPP]FEWIHEWTIGXSJPERKYEKIXLEXVIUYMVIWGSRZI]MRKI\EGXUYERXMXMIWWYGL
    EWJSYRHMRRYQFIVWERHXLITVIGMWIQIERMRKWJSYRHMRQEXLIQEXMGEPJSVQYPEW*SV
    FYWMRIWWKVSYTWXLIWIEVIVITVIWIRXIHMRXLIRYQFIVWYWIHMRFYHKIXWXLITIVGIRXEKIW
    YWIHXSGEPGYPEXIWEPIWGSQQMWWMSRWSVTVSJMXWLEVMRKERHXLIJSVQYPEWYWIHXSGEPGY
    PEXITE]MRGVIEWIWSVLIEPXLFIRIJMXW:IVFEPW]QFSPM^EXMSRHIWGVMFIWXLIFVSEHEVVE]SJ
    GSRGITXWMHIEWERHQIERMRKWTVIWIRXMRIZIV]HE]ZIVFEPERHRSRZIVFEPPERKYEKIXLEX
    TVSZMHIWXLIVMGLQYPXMPE]IVIHERHZEVMIHMRXIVTVIXEXMSRSJ[SVHW:MWYEPW]QFSPM^E
    XMSRGSRZI]WWTEXMEPERHKISQIXVMGMRJSVQEXMSRMRETMGXYVIGLEVXKVETLSVHMEKVEQ
    ERHQE]WLS[X[SSVXLVIIHMQIRWMSREPVITVIWIRXEXMSRWSJEWTEXMEPVIPEXMSRWLMTSVSJ
    EWIUYIRGIXLEXSGGYVWXLVSYKLXMQI
    2SXIZIV]'1'QIHMYQGEVVMIWIEGLSJXLIWIX]TIWSJMRJSVQEXMSRIUYEPP][IPP
    8I\XFEWIHGSQTYXIVGSRJIVIRGMRKW]WXIQWJSVI\EQTPIGEVV]RYQIVMGMRJSVQEXMSR
    [MXL XLI TVIGMWMSR SJ [VMXXIR PERKYEKI FYX LEZI KVIEXIV HMJJMGYPX] GSRZI]MRK XLI
    RYERGIWXLEXHMWXMRKYMWLEQSRKXLIQYPXMTPIQIERMRKWSJPERKYEKIMRXLII\TVIWWMSRSJ
    E[SVHSVTLVEWI8LMWGERPIEHXSQMWYRHIVWXERHMRKWMRXLIMRXIVTVIXEXMSRSJEQIW
    WEKI;MXLSYXXLIEWWSGMEXIHZSGEPMRJPIGXMSRHIXIVQMRMRK[LIXLIVETIVWSRMWFIMRK
    STIRERHLSRIWXGVMXMGEPWEVGEWXMGSVLYQSVSYWSVIZIR[LIXLIVLISVWLIMWEWOMRKE
    UYIWXMSRSVQEOMRKEREWWIVXMSRGERFIHMJJMGYPX8LIEYHMSGLERRIPTVSZMHIHF]XLI
    XIPITLSRIERHGSQTYXIVEYHMSGSRJIVIRGMRKW]WXIQWGEVVMIWXLIZIVFEPERHZSGEPMRJSV
    QEXMSR [IPPFYX LEW KVIEXIV HMJJMGYPX] I\TVIWWMRK XLI TVIGMWMSR SJ GSQTPI\ RYQIVMG
    IUYEXMSRWERHXLIWTEXMEPVIPEXMSRWLMTWTVIWIRXMRZMWYEPW]QFSPM^EXMSR:MHISGSRJIV
    IRGMRKW]WXIQWXLEXEVIIUYMTTIH[MXLHSGYQIRXWLEVMRKGETEFMPMXMIWGERQSVIGPSWIP]
    ETTVS\MQEXI*8*GSQQYRMGEXMSRMRXLIMVEFMPMX]XSJYPJMPPEPPXLVIIX]TIWSJPERKYEKI
    HIQERHW8STIVJSVQIJJIGXMZIP]EKVSYTQYWXFIGSRGIVRIH[MXLXLIJMXFIX[IIRXLI
    W]QFSPM^EXMSR W]WXIQ VIUYMVIH JSV MXW GSQQYRMGEXMSR XEWO ERH XLI GSQQYRMGEXMSR
    QIHMYQXLVSYKL[LMGLMXEXXIQTXWXSEGGSQTPMWLXLEXXEWO *EVQIV
    ,]EXX 

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    %HSTXMRK)JJIGXMZI+VSYT'SQQYRMGEXMSR7XVEXIKMIWJSV'1' 

    1EXGLMRK1IHME6MGLRIWW
    XSXLI'SQQYRMGEXMSR*YRGXMSR
    'SRWMHIVMRKXLIGSQQYRMGEXMSRJYRGXMSRGEREPWSLIPTEKVSYTGLSSWIERETTVSTVMEXI
    QIHMYQ+VSYTGSQQYRMGEXMSRJYRGXMSRWGERFIHMZMHIHMRXSIMKLXX]TIW

     TPERRMRKJYRGXMSRWWYGLEWXLIHIZIPSTQIRXSJKVSYTEKIRHEWKSEPWERHSFNIGXMZIW
     JYRGXMSRWVIUYMVMRKGVIEXMZMX]ERHXLIKIRIVEXMSRSJMHIEW
     MRXIPPIGXYEPJYRGXMSRWWYGLEWTVSFPIQWSPZMRK
     HIGMWMSRQEOMRKJYRGXMSRW
     GSKRMXMZIGSRJPMGXJYRGXMSRWWYGLEWVIWSPZMRKGSRJPMGXMRKTSMRXWSJZMI[
     QM\IHQSXMZIJYRGXMSRWXLEXVIUYMVIKVSYTGSRJPMGXVIWSPYXMSR
     GSQTIXMXMZIJYRGXMSRWXLEXMRZSPZIMWWYIWSJTS[IVERHWXEXYWERH
     TIVJSVQERGIJYRGXMSRW[LIREKVSYTMQTPIQIRXWXLITVSNIGX

    8LIWIX]TIWSJJYRGXMSRWLEZIFIIRWLS[RXSHMJJIVMRXLIMVHIQERHWSRXLIVMGLRIWWSJ
    EGSQQYRMGEXMSRQIHMYQ 1G+VEXL
    ,SPPMRKWLIEH 
    4PERRMRKERHGVIEXMZMX]JYRGXMSRWVIUYMVIXLIPIEWXEQSYRXSJQIHMEVMGLRIWWERH
    GERIJJIGXMZIP]FIEGGSQTPMWLIHYWMRKXI\XFEWIHGSQTYXIVGSRJIVIRGMRKW]WXIQW8I\X
    FEWIHGSQTYXIVGSRJIVIRGMRKW]WXIQWQE]IZIR[SVOFIXXIVJSVXLIWIJYRGXMSRWXLER
    JEGIXSJEGIQIIXMRKWEWXI\XFEWIHGSQTYXIVGSRJIVIRGMRKW]WXIQWLEZIEXIRHIRG]XS
    VIHYGITEVXMGMTERXMRLMFMXMSRWMRGVIEWIQSVIIUYEPTEVXMGMTEXMSRERHJEGMPMXEXIKVSYT
    KIRIVEXMSRSJEKVIEXIVRYQFIVSJMHIEW8I\XFEWIH'1'KVSYTWEPWSTIVJSVQFIXXIV
    XLER *8* KVSYTW SR MHIEKIRIVEXMSR JYRGXMSRW FYX *8* KVSYTW TIVJSVQ FIXXIV XLER
    '1'KVSYTWSRMRXIPPIGXYEP SRIW-RXIPPIGXYEPTVSFPIQWSPZMRK ERHHIGMWMSRQEOMRK
    JYRGXMSRW VIUYMVI QSVI GSQQYRMGEXMSR VMGLRIWW ERH EVI RSX KIRIVEPP] [IPP EGGSQ
    TPMWLIHYWMRKXI\XFEWIHGSQTYXIVGSRJIVIRGMRKW]WXIQWFYXQE]FIYRHIVXEOIRIJJIG
    XMZIP] YWMRK EYHMS SV ZMHISGSRJIVIRGMRK W]WXIQW '1' KVSYTW TIVJSVQ FIXXIV XLER
    *8*KVSYTWSRHIGMWMSRQEOMRKJYRGXMSRWFYX*8*KVSYTWGERTIVJSVQFIXXIVSRRIKS
    XMEXMSR JYRGXMSRW 1M\IHQSXMZI GSRJPMGXQEREKIQIRX JYRGXMSRW XLEXVIUYMVI RIKSXME
    XMSRGSSVHMREXMSRERHGSPPEFSVEXMSREVIEPWSFIWXEGGSQTPMWLIHXLVSYKLJEGIXSJEGI
    GSQQYRMGEXMSR 1G+VEXL
    ,SPPMRKWLIEH '1'KVSYTWXEOIPSRKIVXSGSQ
    TPIXITVSFPIQWSPZMRKJYRGXMSRWFYXKIRIVEXIQSVIWSPYXMSRW'1'KVSYTWEVIFIXXIV
    WYMXIHXSEGLMIZMRKUYEPMX]HIGMWMSRW 8YVSJJ
    ,MPX^ ;LIRYWIHEPSRILS[
    IZIV'1'MWRSXEKSSHQIHMYQJSVQEMRXEMRMRKKVSYTQIQFIVVIPEXMSRWLMTW

    %HSTXMRK)JJIGXMZI+VSYT'SQQYRMGEXMSR
    7XVEXIKMIWJSV'1'
    3RGIEGSQQYRMGEXMSRQIHMYQSVQIHMEGSQFMREXMSRLEWFIIRGLSWIREKVSYTRIIHWXS
    EHSTX IJJIGXMZI WXVEXIKMIW JSV GSQQYRMGEXMRK XLVSYKL XLEX QIHMYQ &VSSQI
     'LIR
     8LIKVSYTQYWXJMVWXQSZIFI]SRHMXWLEFMXYEPKVSYTTVSFPIQWSPZMRKXIGLRMUYIW
    XSI\TPSVIERHHIZIPSTQIXLSHWXLEX[SVOMRXLIQIHMYQMXMWYWMRKXSGSQQYRMGEXI8LMW
    QE] VIUYMVI VIJVEQMRK MXW TVSFPIQW MR RI[ [E]W ERH VIXLMROMRK MXW KVSYT HMWGYWWMSR
    TEXXIVRW 8LI KVSYT QYWX JSGYW MXW EXXIRXMSR SR HIZIPSTMRK WLEVIH KVSYT QIERMRKW

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
     ' , % 4 8 ) 6  'SQTYXIV1IHMEXIH+VSYT'SQQYRMGEXMSR

    WIUYIRXMEPP]FYMPHMRKSRMHIEWERHTVSQSXMRKHSYFPIPSSTPIEVRMRK[MXLMRXLIKVSYTXS
    GPEVMJ]ERHMRXIKVEXIXLIKVSYTtWIZSPZMRKQIERMRKMRE[E]XLEXMWPIWWMRLMFMXIHF]XLI
    QIHMYQ +VSYT QIQFIVW RIIH XS I\TPMGMXP] GSRWMHIV XLI TEXXIVRW [MXLMR XLIMV WLEVIH
    MHIEWERHXLIVIPEXMSRWLMTWEQSRKXLSWIMHIEWVIHYGMRKMRJSVQEXMSREPPSWWXLEXQMKLXFI
    MRHYGIHF]XLIQIHMYQ8LI]RIIHXSFEPERGIXLIMVYWISJXIGLRSPSK][MXLXLIRIIHWSJ
    KVSYTQIQFIVWERHEZSMHXLIXIGLRSPSKMGEPXVERGISJLEZMRKXLIMVHIGMWMSRWHVMZIRF]XLI
    XIGLRSPSK]MRWXIEHSJXLIPEVKIVGSRXI\XSJXLIKVSYTtWLYQERVIPEXMSRWLMTW8LI]RIIHXS
    IQTLEWM^IXLIKVSYTtWTSXIRXMEPJSVFVSEHIRMRKMRHMZMHYEPTIVWTIGXMZIWERHTVSQSXMRK
    FSXLMRHMZMHYEPERHGSPPIGXMZIS[RIVWLMTSJMHIEW*MREPP]XLI]RIIHXSMRXIKVEXIXLIMVYWI
    SJ'1'[MXLMRXLIPEVKIVGSRXI\XSJXLIKVSYTtWTPERRMRKHIGMWMSRQEOMRKTVSFPIQ
    WSPZMRKERHGSQQYRMGEXMSRTVSGIWWIW &VSSQI
    'LIR 

    *EGMPMXEXMRK)JJIGXMZI'1'+VSYT'SQQYRMGEXMSR
    -R EHHMXMSR XSXLIWI WXVEXIKMIW KVSYTWYWMRK GSQTYXIV QIHMEXIH GSQQYRMGEXMSR EVI
    QSWXIJJIGXMZI[LIRQIQFIVWGSPPEFSVEXMZIP]TE]EXXIRXMSRXSERHXEOIVIWTSRWMFMPMX]
    JSV XLI KVSYTtW TVSGIWW JEGMPMXEXMSR )JJIGXMZI JEGMPMXEXMSR MR '1' KVSYTW VIUYMVIW
    QIQFIVWXSGSQTIXIRXP]IRKEKIMRKVSYTJEGMPMXEXMSRVSPIWMREHHMXMSRXSXLVIIXIGL
    RSPSK]WTIGMJMGJEGMPMXEXMZIVSPIW 'PE[WSR&SWXVSQ
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    TSYRHWIRHMRK[MXLq-JIIPKVIEXr
    %WWIVXMSR(EMP]I\IVGMWI[MPPLIPT]SYPMZILIEPXLMIVPSRKIV
    7YTTSVX1IHMGEPIZMHIRGIGMXIHJVSQENSYVREPSVFSSOWLS[MRKVIHYGXMSRMR
    GLSPIWXIVSPGSYRXWERHFPSSHTVIWWYVIERHSXLIVLIEPXLJYPTL]WMGEPGLEVEGXIV
    MWXMGW
    7YTTSVX(IQSKVETLMGWXEXMWXMGWGMXIHJVSQQIHMGEPNSYVREPWLS[MRKHIEXL
    VEXIWEQSRKTISTPI[LSI\IVGMWIVIKYPEVP]ERHXLSWI[LSHSRSX
    'SRGPYWMSR(EMP]TL]WMGEPI\IVGMWIMWIEWMIVERHLIEPXLMIVJSV]SYXSHE]ERHJSV
    XLIVIWXSJ]SYVPMJI7XEVXI\IVGMWMRKXSHE]

    : 4VEGXMGI
    (MWGYWWVSPIW[MXLKVSYTQIQFIVW
    (MZMHIHYXMIWEQSRKQIQFIVW
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    6YRXLVSYKLEVILIEVWEPJVSQWXEVXXSJMRMWL
    8MQIXLIVILIEVWEP
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    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
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    4LSXS'VIHMXW

    'LETXIV T4LSXSGSYVXIW]SJ'SVFMW(MKMXEP7XSGO

    'LETXIV T 4LSXSGSYVXIW]SJ'SVFMW(MKMXEP7XSGO

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    'LETXIV T 4LSXSGSYVXIW]SJ1IVGIHIW&IR^97-RXIVREXMSREP-RG

    'LETXIV T4LSXSGSYVXIW]SJ'SQWXSGO-QEKIW

    'LETXIV T 4LSXSGSYVXIW]SJXLI9RMZIVWMX]SJ%PEFEQE

    'LETXIV T4LSXSGSYVXIW]SJ2YGSV7XIIP8YWGEPSSWE-RG

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    GYPXYVEPP]HIJMRIH &MJYVGEXMSRTSMRXW
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    %W]RGLVSRSYWGSQQYRMGEXMSRi &PYJJMRK
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    &VEMRWXSVQMRK GSRX PIEHIVWLMTGSQTIXIRGIMRi


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    HIJMRIH ZW JEGIXSJEGI *8* KVSYTW
    MRJSVQMRKTLEWIi MRJPYIRGIWSJQIHMYQMRi

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    GSQQYRMGEXMSRERHi 'SRWXVYGXMZIJIIHFEGOi
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    TSWMXMSREP PIKMXMQEXI TS[IV KVSYTTVSGIWWi
    TS[IVERHi 'SRXI\XMRJPYIRGIWSRTVSFPIQWSPZMRKi
    TS[IVMRi KVSYTGSQTSWMXMSR
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    WYFWXERGISJi 'SRXVSPZW TVSFPIQSVMIRXEXMSR
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    GSRJPMGX[MXLMRWQEPPKVSYTW 'SSVHMREXMRK KVSYTXEWOVSPI 
    GSRJPMGX[MXLMRW]WXIQWi q'SYRXIVHITIRHIRG]rWXEXIQIRXW
    WYFWXERGISJGSRJPMGXi 'SYRXV]GPYFQEREKIQIRX
    HMZIVWMX]ERHi 'SZI]76
    IXLMGWMRTVSHYGXMZI 'VIEXMZIEFVEWMSR
    PIEHIVWLMTMR 'VIEXMZIIRGSYVEKIQIRXXIGLRMUYIWJSV
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    GSRWMHIVXLIEPXIVREXMZIWi TS[IVMRLMIVEVGLMIWSJi
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    MRKVSYTTVSGIWWERHTVIWIRXEXMSRXIGLRMUYIW MRWQEPPKVSYTWERHXIEQWii
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    MRMXMEXIEHIGMWMSRMRi (SYFPIPSSTPIEVRMRK
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    JSGYWKVSYTWi )PIGXIHKVSYTPIEHIV
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    HIJMRIH *IIHFEGOi
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    IXLMGWMRYWI GSRWXVYGXMZITVSZMHMRKi
    KVSYT IJJIGXMZITVSZMHMRK
    TLSXSWYFWXMXYXMSRWERHi JEMPYVIERH
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    *SVGMRK GSQTIXMXMSR i +VSYTJERXEWMIWi


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    *VSWX6SFIVX +VSYTRSVQWi
    *YRGXMSREPKVSYTW +VSYTTIVJSVQERGIWYTTSVXW]WXIQW +477 
    
    +EXIOIITMRK KVSYTQEMRXIRERGIVSPI  +VSYTTVSGIWWi
    q+E]FEWLMRKr IJJIGXWSJ'1'YRHIVGYVVIRXWERHi
    +IRHIV SZIVGSRXVSPF]ETTSMRXIHPIEHIV
    PERKYEKIYWIERH +VSYTTVSGIWWERHTVIWIRXEXMSRXIGLRMUYIWi
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    WI\VSPIWXIVISX]TMRKERHi 4)68 4VSKVEQ)ZEPYEXMSRERH6IZMI[8IGL
    q+IRHIVW[ETr RMUYI i
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    +IRIVEXMSR2I\XIVW TVSFPIQWSPZMRKXSSPWi
    +IRIVEXMSR<IVW 6-7/TVSGIHYVI
    +MFF.EGO YWMRKi
    +MFFtWGSQQYRMGEXMSRGPMQEXIGSQTEVMWSRWi +VSYT W 7IIEPWS 7QEPPKVSYT W
    +SEPW EHZERXEKISJ[SVOMRKMR
    HIJMRMRKi GSRGITXWSJi
    I\EQMRMRKXLIGSRWXVEMRXWi GSRJPMGXMRWXSVQMRKERHi
    +SPHFIVK%VXLYV HIGMWMSRQEOMRKMRZW MRHMZMHYEPi
    +SSKPI EWH]REQMGMRXIVEGXMZIW]WXIQW
    +VSYTGPMQEXIi IJJIGXMZIPIEVRMRKEFSYX
    +MFFtWGSQQYRMGEXMSRGPMQEXIGSQTEVMWSRW IQIVKIRGIEW RSVQMRK i
    i IXLMGWERH
    STIRRIWWi JYRGXMSREP
    WLEVMRK MRZIRXMSRWJVSQi
    +VSYTHIGMWMSRWYTTSVXW]WXIQW +(77  NSMRMRKVIEWSRWJSVi
    +VSYTHIZIPSTQIRXTLEWIWSJ PIEHIVPIWW
    JSVQMRKi QIQFIVW 7II +VSYTQIQFIVW
    MRJPYIRGIWEJJIGXMRKi MRSVKERM^EXMSRWi
    JSVQEPSVMRJSVQEPKVSYTi TIVJSVQMRKEWi
    TVMQEV]ERHWIGSRHEV]XIRWMSRWi TS[IVSJi
    XEWOERHWSGMEPH]REQMGWi WIPJQEREKMRK[SVO
    RSVQMRKii ZEPYISJi
    TIVJSVQMRKi +VSYTWM^I
    TLEWIQSHIPYWIJYPRIWWSJi GSLIWMZIRIWWERHi
    TLEWIQSHIPWYWIJYPRIWWSJ MRXIVEGXMSRSJ'1'[MXLi
    WXSVQMRKi +VSYTWYTTSVXW]WXIQW +77 i
    XIVQMREXMRK +VSYTXEPOi

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

    +VSYTXLMROi -RXIVEGXMZMX]
    GLEVEGXIVMWXMGWSJ -RXIVHITIRHIRGI
    HIJMRIH -RXIVREPGSRWXVEMRXW
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    ,EPPQEVO -RXIVRIXi
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    ,YFFEVH)PFIVX -WLMOE[E/ESVY
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    -RHMZMHYEPMWXGYPXYVI GSQQMXQIRXXSKSEPWERHEGXMZMXMIWSJ
    -RHMZMHYEPVI[EVHW MRXIVTIVWSREPEXXVEGXMSRi
    -RHMZMHYEPVSPIFILEZMSV .SVHER1MGLEIP
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    -RJSVQEPKVSYTi
    -RJSVQEPVSPIW /IRRIH].SLR*
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    KEXLIVMRKi /MRK1EVXMR0YXLIV.V
    KMZMRKSVWIIOMRK KVSYTXEWOVSPI  /YLR8LSQEW
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    TVSGIWWMRKi 0EMWWI^JEMVIW]WXIQ
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    -RTYXi GSRRSXEXMZIQIERMRKERH
    -RWLEPPEL  KIRHIVERH
    -RWMHIVSYXWMHIVEPPIKMERGIW PERKYEKIHIQERHXIGLRSPSK]JMXJMRHMRK
    -RXIRHIHGSRWIUYIRGIW TEVEPERKYEKIi
    -RXIVEGXMSRWI\TSRIRXMEPi WIQERXMGWERHi

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
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    0ERKYEKI GSRX QEREKIVWERH


    W]QFSPMGREXYVISJ 972EZ]WLMTGSRZIVWEXMSR[MXL'EREHMER
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    YWISJi ;LStWSR*MVWX#ri
    0ERKYEKIHIQERHiXIGLRSPSK]JMX 0MWXIRMRKGSQTSRIRXWSJi
    0E^MRIWW IZEPYEXMRKXLIQIWWEKIGSRXIRX
    0IEHIVEWGSEGL MRXIVTVIXMRKXLIQIWWEKI
    0IEHIVEWGSRHYGXSV QIQSV]VIXEMRMRKERHVIWTSRHMRKXSXLIQIWWEKI
    0IEHIVEWXIGLRMGMERi i
    0IEHIVW WIRWMRK LIEVMRKXLIQIWWEKI i
    IQIVKIRX 0MWXIRMRKXIEQWi
    PIEHMRKZW QEREKMRKi 0SRI6ERKIV
    VIGSKRM^MRKi 0SRKXIVQQIQSV]
    XVERWEGXMSREP 0S[GSRXI\XIRZMVSRQIRXGSQQYRMGEXMSRMR
    XVERWJSVQEXMSREP
    0IEHIVWGLEVEGXIVMWXMGWSJi 1EMRXIRERGISVMIRXIHVSPIWi
    GSQQYRMGEXMSRGSQTIXIRGIi 1EOIW1I;ERRE,SPPIV 1G'EPP 
    GVIHMFMPMX] 1EREKIQIRXWX]PIWMRETTVSTVMEXIi
    ZMWMSR 1EREKIVMEP+VMHi
    0IEHIVWGLSSWMRKi 1EREKMRKZW PIEHMRKi
    ETTSMRXIHPIEHIVW 1ERMTYPEXMZIZIVFWi
    IPIGXIHPIEHIVW 1EVVMSXX
    IQIVKIRXPIEHIVW 1EVXMRI^6MGEVHS
    WLEVIH JEGMPMXEXMZI PIEHIVWLMTi 1EV\+VSYGLS
    0IEHIVWXEWOWSJi 1E]S'PMRMG
    IQTS[IVMRKKVSYTQIQFIVW 1G'EPP2EXLER
    JEGMPMXEXMRKQIIXMRKW 1G'E['VEMK
    QEREKMRKGSRJPMGX 1G'E['IPPYPEV'SQQYRMGEXMSRW'SVT
    0IEHIVWLMTi 1G(SREPHtW
    GLSSWMRKEPIEHIVi 1G0YLER1EVWLEPP
    IJJIGXMZIi 1IERMRKMRGSQQYRMGEXMSR
    EWEJYRGXMSRMREW]WXIQi 1IHMEVMGLRIWW
    VIGSKRM^MRKPIEHIVWi 1IHMEXIHGSQQYRMGEXMSRKVSYTW
    WX]PIWSJi 1IHMEXSVW
    XEWOWSJKVSYTPIEHIVWi 1IIXMRKW
    XLISVMIWSJi IJJIGXMZIRIWWSJKYMHIXS
    0IEHIVWLMTMRJPYIRGIWSRi JEGIXSJEGIi
    I\XIVREPGSRXI\Xi JEGMPMXEXMSRSJF]KVSYTPIEHIVi
    MRHITIRHIRGISJKVSYTQIQFIVWi MRSVKERM^EXMSREPKVSYTW
    REXYVISJXEWO TSWXQIIXMRKVIEGXMSRJSVQWi
    0IEHMRKZW QEREKMRKi VIEWSRWJSV
    0IEVRMRKKVSYTW qXSRKYIMRGLIIOrGSQQIRXWMR
    0IHIVIV6MGLEVH 1IQSV]WXEKISJPMWXIRMRKi
    0MOIVXWGEPI PSRKXIVQ
    0MWXIRMRKi WLSVXXIVQi
    IJJIGXMZIVI[EVHWSJ 1IRGOIR,0
    JSVJEGXW 1IVGO
    JIIHFEGOVIWTSRHMRKXSXLIQIWWEKIi 1IWWEKIWYTTSVXSRPMRI

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
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    1IXETLSVW 2SVQWi
    MRGVIEXMZMX] EWWYQMRK
    YWISJMRREVVEXMZIWERHKVSYTJERXEWMIW GYPXYVEPi
    1MGVSWSJX HMZIVWMX]ERH
    2IX1IIXMRK’ VIEWSRWJSVi
    ;MRHS[W1IHME)RGSHIV VSPIWERHF]KIRIVEXMSR
    1MHHPISJXLIVSEH X]TIWSJi
    1M\IHQSXMZIGSRJPMGXQEREKIQIRX ZMSPEXMRKi
    1SHMJMIHGSSTIVEXMZIWIEXMRKEVVERKIQIRXW 2SXMRZIRXIHLIVI 2-, 
    1SVTLSKIRMGW]WXIQW 2YGSV7XIIPi
    1SVTLSWXEXMGW]WXIQWi 2YQIVMGW]QFSPM^EXMSR
    1SXS6E^V:YPXVEXLMRGIPPTLSRI
    1SXSVSPE 3FNIGXQIHMEXMSR
    1YWOMI)HQYRH 3FWIVZEXMSRWi
    1YXYEPMRJPYIRGI 3FWIVZIVJIIHFEGOKYMHIPMRIWJSV
    1]750 3FWIVZIVQIQFIVWWGEPIWi
    TSWXQIIXMRKVIEGXMSRJSVQWi
    2EVVEXMZIi VEXMRKWGEPIWi
    2%7% 3FWIVZMRKERHIZEPYEXMRKEWQEPPKVSYTi
    2EXMSREP,MKL[E]8VEJJMG7EJIX]%HQMRMWXVEXMSR MRHMZMHYEPVSPIFILEZMSV
    2,87%  SFWIVZIVJIIHFEGOKYMHIPMRIWJSV
    2EXMSREP4VIWW'PYF WYGGIWWERHJEMPYVI
    2EXMZI%QIVMGERWGSRJPMGXQEREKIQIRXERH W]WXIQMGJIIHFEGO
    i ZIVFEPMRXIVEGXMSRERHGSRXIRXEREP]WMWi
    2EXYVISJXLIXEWO 3LMS7XEXI9RMZIVWMX]
    2IIHGSQTPIQIRXEVMX] 3P]QTMGFEWOIXFEPPXIEQ97
    2IKSXMEXMSRi 3RPMRIWYTTSVXKVSYT
    2IKSXMEXSVW 3TIRRIWW
    2IX[SVOMRKWYTTSVXSRPMRI MRGVIEXMZIKVSYTGPMQEXIi
    2IYXVEPMX]ZW IQTEXL]i 3TIRW]WXIQWGLEVEGXIVMWXMGWSJi
    2-, RSXMRZIRXIHLIVI  IRXVST]
    2SMWIi IUYMJMREPMX]
    I\XIVREP JIIHFEGOi
    MRXIVREP MRXIVHITIRHIRGI
    2SQMREPKVSYTXIGLRMUYIi STIRRIWW
    2SRZIVFEPGSQQYRMGEXMSRi W]RIVK]
    JYRGXMSRWSJ XEOMRKEGGSYRXSJXLIPEVKIVIRZMVSRQIRXi
    PMWXIRMRKERHIJJIGXMZIi XVERWJSVQEXMSRi
    TS[IVPIWWWXIVISX]TIWERHi [LSPIRIWWi
    TVMRGMTEPWSJi 3TMRMSRKMZMRK KVSYTXEWOVSPI 
    X]TIWSJi 3TMRMSRWNYHKQIRXWEW
    FSH]PERKYEKI 3TTSVXYRMWQi
    GLVSRIQMGW 3VKERM^EXMSREPKVSYTWi
    JEGMEPHMWTPE] I\EQTPIWSJi
    TEVEPERKYEKIi QIIXMRKWMR
    TVS\IQMGWi 3VKERM^EXMSREP-QTVSZIQIRX+VSYT 3-+ 
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    2SVQMRKWXEKISJKVSYTHIZIPSTQIRXii 3YXTYX

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
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    4EGOEVH(EZI VIJIVIRXTS[IV
    q4EMVMRKrWXEXIQIRXW VI[EVHERHTYRMWLQIRXi
    4EPIQEPIQEREKIQIRXGYPXYVI 4S[IVPIWWWXIVISX]TIWi
    4ERIP 4S[IVTPE]
    4EVEHMKQEXMGXLMROMRKi 4VITVSKVEQQIHIQSXMSREPVIWTSRWIW
    4EVEHMKQWi 4VIWIRXEXMSREPJSVQEXWWQEPPKVSYTi
    4EVEPERKYEKIi GSPPSUYMYQi
    4EVEPPIPXIEQWi JSVYQi
    MRETTVSTVMEXIQEREKIQIRXWX]PIWMR TERIP
    MRHMZMHYEPVI[EVHW W]QTSWMYQ
    WIKQIRXEPMWQ 4VIWIRXEXMSRXIGLRMUYIW7II +VSYTTVSGIWWERHTVI
    4EVETLVEWMRKi WIRXEXMSRXIGLRMUYIW
    4EVIXS:MPJVIH 4VIWWYVIJSVGSRJSVQMX]
    4EVIXStWTVMRGMTPIi 4VMQEV]KVSYTWi
    4EXIRX3JJMGI97 4VMQEV]XIRWMSRi
    4EXIVREPMWQQEXIVREPMWQ 4VSFPIQSVMIRXEXMSRZW GSRXVSP
    4EXXIVR 4VSFPIQWSPZMRKi7IIEPWS ()'-()QSHIP
    MRGSQTPI\XVERWEGXMSRW SJHIGMWMSRQEOMRKERHTVSFPIQWSPZMRK
    SJMRXIVEGXMZIGSQQYRMGEXMSR GSRXI\XMRJPYIRGIWSRi
    4IVGITXYEPFEVVMIVWXSGVIEXMZMX]i GVIEXMZI
    4IVJSVQMRKWXEKISJKVSYTHIZIPSTQIRX ()'-()QSHIPSJi
    i ZW HIGMWMSRQEOMRK
    4IVMTLIVEPRSVQ IXLMGEPFILEZMSVWMR
    4)68 4VSKVEQ)ZEPYEXMSRERH6IZMI[8IGLRMUYI  KVSYTQIQFIVtWVIWTSRWMFMPMXMIWJSVJEGMPMXEXMRK
    i i
    4I[-RXIVRIX
    %QIVMGER0MJI4VSNIGX KVSYTW
    4LEWIMRXIVEGXMSRXLISV] MRMXMEXIEHIGMWMSRMRi
    4LEWIQSHIPYWIJYPRIWWSJi TVSGIWWSJ
    QSHMJMGEXMSRW XEPO
    SVKERM^EXMSREPXIEQWi 4VSFPIQWSPZMRKGSPPEFSVEXMSR
    4LEWIWTEGIi 4VSFPIQWSPZMRKXSSPWi
    4LMP(SRELYI7LS[  JMWLFSRIHMEKVEQW
    4L]WMGEPTVS\MQMX]i JPS[GLEVXWi
    4SWMXMSREP PIKMXMQEXI TS[IV 4EVIXSTVMRGMTPIi
    4SWXQIIXMRKVIEGXMSRJSVQWi 4VSGIHYVITVSTSWMRK KVSYTXEWOVSPI 
    4S[IVi 4VSGIWWMRGSQTPI\XVERWEGXMSRW
    EZSMHERGIi 4VSGIWWERHTVIWIRXEXMSRXIGLRMUYIWHIGMWMSRQEO
    GLEVMWQEXMG TIVWSREPTS[IV  MRKMRi
    MRGSRXI\X %'&MHIEWSVXMRKQIXLSHi
    I\TIVX FY^^WIWWMSRWi
    PSWWSJ (IPTLMXIGLRMUYIii
    TSWMXMSREP PIKMXMQEXI  JSGYWKVSYTWi
    VIJIVIRX MHIE[VMXMRK
    4S[IVMRKVSYTGSRJPMGXi PMWXIRMRKXIEQWi
    EZSMHERGITS[IVi RSQMREPKVSYTXIGLRMUYIi
    GLEVMWQEXMGSVTIVWSREPTS[IV VSPITPE]MRK
    I\TIVXTS[IV W]RIGXMGWi
    MRXIVTIVWSREPPMROEKI 4VSGIWWSFWIVZMRK KVSYTQEMRXIRERGIVSPI 
    TSWMXMSREP PIKMXMQEXI TS[IV 4VSGIWWSVMIRXEXMSRi

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
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    4VSGXIV
    +EQFPI 7IGSRHSVHIVGLERKIi
    4VSHYGXMZMX] 7IKQIRXEPMWQ
    4VSZMWMSREPMWQZW GIVXEMRX] 7IPIGXMZIEXXIRXMSRi
    4VS\IQMGWi 7IPJGIRXIVIHVSPIWi
    4VS\MQMX]TL]WMGEPi 7IPJHMVIGXIH[SVOXIEQW 7(;8 i
    4WIYHSPMWXIRMRK FEVVMIVWXSFYMPHMRKSZIVGSQMRKi
    4YFPMGWTIEOMRKKVSYTMRXIVEGXMSRWMRGSRXVEWXXS FIRIJMXWSJ
    GLEVEGXIVMWXMGWSJi
    5YERXYQGLERKIi GSWXWMRi
    5YIWXMSRW IXLMGWJSV
    EWOMRK IZSPYXMSRXS[EVHi
    XEWOETTVSTVMEXI QEREKIVWt ERHWYTIVZMWSVWt VSPIMR
    TMXJEPPWMR
    6EGMWQ TVSHYGXMZMX]ERHi
    6%2('SVTSVEXMSR WIKQIRXEPMWQSZIVGSQMRK
    6EXMRKWGEPIWi WLEVIHVIWTSRWMFMPMX]MRTS[IVSJ
    &EVRPYRH,EMQER0IEHIVWLMTWGEPIii 7IPJQEREKMRK[SVOKVSYTW
    0MOIVXWGEPI 7IPJQEREKMRK[SVOXIEQWi7IIEPWS 7IPJ
    XSTMGWEVIEWSJGSRGIVR HMVIGXIH[SVOXIEQW 7(;8
    6IEKER6SREPH 7IPJSVMIRXIHFILEZMSVWi
    6IGIMZMRKJIIHFEGOi 7IQERXMGWi
    6IGSKRMXMSRWIIOMRK WIPJSVMIRXIHFILEZMSV  7IQMEYXSRSQSYW[SVOYRMXW
    6IGSVHMRK KVSYTXEWOVSPI  7IRWIQEOMRKERHZEPYIWREVVEXMZITVSGIWWERH
    6IJIVIRXTS[IV 7IRWMRKWXEKISJPMWXIRMRKi
    6IRWWIPIEV4SP]XIGLRMG-RWXMXYXI RSMWIERHi
    6IWSYVGIWWGEVGI WIPIGXMZIEXXIRXMSRERHi
    6I[EVHERHTYRMWLQIRXTS[IVi 8LI 7IZIR,EFMXWSJ,MKLP])JJIGXMZI4ISTPI 'SZI] 
    6MGLEVHW/IMXL 
    6-7/TVSGIHYVI 7I\MWQ
    6MX^'EVPXSR,SXIPW 7I\VSPIWXIVISX]TMRKi
    6SFIVXtW6YPIWSJ3VHIV 6SFIVX  7I\YEPLEVEWWQIRX
    6SPIEQFMKYMX] 7LEOIWTIEVI;MPPMEQ
    VSPIGSRJPMGXERH 7LEVIH JEGMPMXEXMZI PIEHIVWLMTi
    6SPIEWWYQTXMSR 7LEVIHQIERMRK
    XEPOi 7LEVMRKMRGVIEXMZIKVSYTGPMQEXI
    6SPIGSRJPMGX 7LIV[IR4EYP
    EQFMKYMX]ERH 7LSPIW
    'S
    6SPITPE]MRK 7LSVXXIVQQIQSV]i
    6SPI W i 7MKREXYVIPMRIWSRPMRI
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    7M\7MKQEi
    7IEKEXI8IGLRSPSK] 7QEPPKVSYTGSQQYRMGEXMSR7IIEPWS W]WXIQW
    7IEXMRKEVVERKIQIRXWi ETTVSEGLXSWQEPPKVSYTGSQQYRMGEXMSR
    7IGSRHEV]XIRWMSRi GLEVEGXIVMWXMGWSJi

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    7QEPPKVSYT W  GSRX I\TIGXEXMSRWFEWIHSR


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    MRXIVEGXMZIGSQTPI\MXMIWi TS[IVPIWWWXIVISX]TIWi
    HIJMRMRKi WIPIGXMZIEXXIRXMSRERH
    IJJIGXMZIRIWWSJ WI\VSPIi
    WLEVIHQIERMRK 7XSRI1MGLEIP4
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    W]QFSPMGFILEZMSV 7XVERKIEXXVEGXSVW
    XVERWEGXMSREPTVSGIWWi 7XVEXIK]ZW WTSRXERIMX]
    7QEPPKVSYT W ii 7X]PIWSJPIEHIVWLMTi
    GLEVEGXIVMWXMGWSJi PIEHIVEWGSEGL
    MRXIVEGXMSRWI\TSRIRXMEPRYQFIVSJi PIEHIVEWGSRHYGXSV
    MRXIVHITIRHIRGIERHMRXIVEGXMZMX] PIEHIVEWXIGLRMGMERi
    W]RIVK] 7X]PIXLISVMIW
    GSQQMXQIRXERHGSRWIRWYWMRi 7YFWXERGI
    GSQQYRMGEXMSRMRii MRGSQTPI\XVERWEGXMSRW
    VSPIJYRGXMSRWJSV MRGSRJPMGX
    HIJMRIHi 7YGGIWWJIIHFEGOERH
    HMZIVWMX]MRii 7YQQEVM^MRK KVSYTXEWOVSPI 
    IXLMGEPFILEZMSVMRi 7YQQEXMZIIZEPYEXMSRW
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    WXVIRKXLMRHMZIVWMX]ERHi 7YTIVMSVMX]ZW IUYEPMX]
    WYGGIWWSJYRHIVWXERHMRKi 7YTTSVXMRK KVSYTQEMRXIRERGIVSPI 
    X]TIWSJi 7]QFSPMGFILEZMSV
    7QMXL/PMRI&IIGLEQ 7]QFSPMGPERKYEKIREXYVISJ
    7QSSXLMRK EGGSQQSHEXMSR i 7]QFSPM^EXMSRW]WXIQXIGLRSPSK]JMX[MXL
    7SGMEPH]REQMGWi 7]QTSWMYQ
    7SGMEPIQSXMSREPVIPEXMSREPGSQQYRMGEXMSR 7]RGLVSRSYWGSQQYRMGEXMSR
    7SGMEPIQSXMSREPVSPIW 7]RGLVSR]
    7SGMEPKVSYTW 7]RIGXMGWi
    7SGMEPPSEJMRKi 7]RIVK]
    7SGMEPTVIWIRGI 7]WXIQHIJMRIH
    GSQQYRMGEXMSRQIHMYQERHi 7]WXIQEXMGJIIHFEGO
    HIJMRIH 7]WXIQWETTVSEGLXSWQEPPKVSYTGSQQYRMGEXMSR
    QIHMEVMGLRIWWERH i
    W]RGLVSRMGMX]ERHi GSQTPI\W]WXIQWi
    7SGMIX]JSV,YQER6IWSYVGI1EREKIQIRX STIRW]WXIQWi
    7SR]'SVTSVEXMSR W]WXIQWXLISV]
    7TIGMEPMRXIVIWXTPIEHIV WIPJSVMIRXIHFILEZMSV  7]WXIQWSVMIRXEXMSR
    7TLI\  7]WXIQWXLISV]
    7TSRXERIMX]ZW WXVEXIK]
    7XERHEVHWWIXXMRKW KVSYTQEMRXIRERGIVSPI  8EWOH]REQMGWi
    7XERHMRKGSQQMXXIIW 8EWOSVHIVMRK
    7XEXIQIRXW GLEPPIRKMRK I\EQTPIWSJ 8EWOSVMIRXIHVSPIW
    7XEXYWWIIOMRK WIPJSVMIRXIHFILEZMSV  8EWOUYIWXMSRWETTVSTVMEXI
    7XIVISX]TIW 8EWOVSPIW
    7XIVISX]TMRK 8EWOWSJKVSYTPIEHIVWi
    EWWYQTXMSRWERHi IQTS[IVMRKKVSYTQIQFIVW
    GLEPPIRKISJQSZMRKFI]SRH JEGMPMXEXMRKQIIXMRKW
    GYPXYVIERHi QEREKMRKGSRJPMGX

    7QEPP+VSYTERH8IEQ'SQQYRMGEXMSR*SYVXL)HMXMSRF]8LSQEW),EVVMWERH.SLR'7LIVFPSQ4YFPMWLIHF]%PP]R
    &EGSR
    'ST]VMKLXF]4IEVWSR)HYGEXMSR-RG
    -2()< 

    8GLEVXi 8VITMHEXMSR
    8IEQJEGMPMXEXSVVSPI 8]PIRSP
    8IEQQEREKIQIRX
    8IEQ W iii 9RHIVWXERHMRKI\TVIWWMRK
    GSQQMXQIRXERHGSRWIRWYWMRi 9RMRXIRHIHGSRWIUYIRGIW
    GSRXMRYSYWMQTVSZIQIRX 9RMZIVWEPXLISVMIW
    HIJMRIH 9RMZIVWMX]SJ;MWGSRWMRi1EHMWSR
    IJJIGXMZIRIWWOI]WXS q9R[ERXIH7SPS%VXMWXWr WYVZI] 
    IXLMGEPFILEZMSVMRi
    IZSPYXMSRSJi :EV]MRKSVMIRXEXMSRWXSXEWOEGGSQTPMWLQIRX
    SVKERM^EXMSRWERHii :IVFEPGSQQYRMGEXMSR
    TEVEPPIPi JYRGXMSRWSJi
    WIPJHMVIGXIH[SVOi NSYVRI]ERHHIWXMREXMSRSJ
    WXVIRKXLMRHMZIVWMX]ERHi REVVEXMZIWERHKVSYTJERXEWMIWi
    8IGLRSPSK]MRJPYIRGIWSJi TVSGIWWSVMIRXEXMSRi
    SRGSQTYXIVQIHMEXIHGSQQYRMGEXMSR '1'  XEWOSVHIVMRK
    i WXVYGXYVIWSJQIERMRKMRi
    SRIPIGXVSRMGQIIXMRKW]WXIQW )17 i HIRSXEXMZIERHGSRRSXEXMZIQIERMRKi
    MRJPYIRXMEPYRHIVGYVVIRXWMQTSVXERGISJi KVSYTXEPOi
    SRTIVJSVQERGISYXGSQIW LYQSV
    8IRWMSRVIPMIZMRK KVSYTQEMRXIRERGIVSPI  WIQERXMGWi
    8IVQMREXMSRWXEKISJKVSYTHIZIPSTQIRX :IVFEPMRXIVEGXMSRi
    8I\EW-RWXVYQIRXW EREP]WMW
    8I\XFEWIHGSQTYXIVGSRJIVIRGMRK :IVFEPW]QFSPM^EXMSR
     :IXIVERW
    8I\XFEWIHQIWWEKMRKW]WXIQWi :MHISGSRJIVIRGMRK7II %YHMSERHZMHISGSRJIVIRGMRK
    8LISVMIWSJPIEHIVWLMTi :MIXREQ
    PIEHIVPIWWKVSYTW :MSPEXMRKRSVQWi
    PIEHIVWLMTF]EHETXEXMSR :MWMSRMRPIEHIVWLMT
    QEREKIVMEPPIEHIVWLMTKVMHXLISV]i :MWYEPW]QFSPM^EXMSR
    XVERWEGXMSREPERHXVERWJSVQEXMSREPXLISVMIW :SMGIQEMPi
     :SSHSS0SYRKI
    8LIVETIYXMGKVSYTW
    8LSQEW0I[MW ;EP1EVX
    8LSYKLXWNYHKQIRXWEW ;EXIVKEXI
    8LSYKLXWTIIH ;E]RI.SLR
    8MQIGSRWGMSYWRIWWHMZIVWMX]MR ;LEXtWMRMXJSVQI
    8MVIHRIWW ;LMVPTSSPW
    q8SRKYIMRGLIIOrGSQQIRXWMRQIIXMRKW ;LMXI4MRI
    8SXEP5YEPMX]1EREKIQIRX 851  ;LMXRI])PM
    8SYVHI*VERGI ;LSPI*SSHW'SQTER]
    8VEMRIVW ;LSPIRIWWi
    8VEMXXLISVMIW q;LStWSR*MVWX#r
    8VERWEGXMSREPPIEHIVW ;MPHIVRIWWXMVIW
    8VERWEGXMSREPTVSGIWWi ;MPPMEQW*VERO
    8VERWEGXMSREPXLISVMIW ;MXLHVE[EPEZSMHERGI
    8VERWEGXMSRWGSQTPI\ ;MXLHVE[MRK WIPJSVMIRXIHFILEZMSV 
    8VERWJSVQEXMSRi ;SVOKVSYTW
    8VERWJSVQEXMSREPPIEHIVW q;SVOrWXEXIQIRXW
    8VERWJSVQEXMSREPXLISVMIW ;SVXLMRKXSR-RHYWXVMIW

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

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