+#3 +PVSOBMPG#JPNFEJDBM3FTFBSDI喏喏 3FWJFX
I U U Q F M T F W J F S D P N X QT G JOE KPVS OB MEFTDS JQU JPODXT@ IPNFEFTDSJQUJPOEFTDSJQUJPO
5IFSPMFPGJOUSBDFMMVMBSQSPUFJO0 -HMZDPTZMBUJPOJODFMMBEIFTJPOBOE EJTFBTFƿ .FSZFN#FLUBTB %BWJE43VCFOTUFJOB C D B
%FQBSUNFOUPG%FSNBUPMPHZ C%FQBSUNFOUPG1IBSNBDPMPHZ D-JOFCFSHFS$PNQSFIFOTJWF$BODFS$FOUFS 6OJWFSTJUZPG/PSUI $BSPMJOB$IBQFM)JMM4DIPPMPG.FEJDJOF $IBQFM)JMM /PSUI$BSPMJOB 64" 3FDFJWFE.BSDI "DDFQUFE.BZ
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
*/530%6$5*0/ .PTU HMZDPQSPUFJOT BSF NBEF PG /- PS 0-MJOLFE DPNQMFYTVHBSSFTJEVFT< >5SBEJUJPOBMMZ HMZDPTZMBUFE QSPUFJOTXFSFUIPVHIUUPCFMPDBMJ[FEFYUSBDFMMVMBSMZ JODMVEJOHUIFDFMM-TVSGBDFBOEMVNJOBMDPNQBSUNFOUT %JGGFSFOU UJTTVFT EJTQMBZ VOJRVF DFMM-TVSGBDF HMZDPTZMBUJPOQBUUFSOTUIBU GPSFYBNQMF DBOCFBMUFSFEEVSJOHEFWFMPQNFOU< >*OMZNQIPDZUFT UIFDFMM-TVSGBDF HMZDPTZMBUJPOQBUUFSODIBOHFTBDDPSEJOHUPDFMMGVODUJPOBOEBDUJWBUJPOTUBUVT< >$IBOHFTJOUIFDFMM-TVSƿ
5IJTXPSLXBTTVQQPSUFECZ/*)30 /P"* UP%S%BWJE4 3VCFOTUFJO $PSSFTQPOEJOH BVUIPS .FSZFN #FLUBT 1I% %FQBSUNFOU PG %FSNBUPMPHZ 5IF6OJWFSTJUZPG/PSUI$BSPMJOB4DIPPMPG.FEJDJOF .BSZ&MMFO+POFT#VJMEJOH$# $IBQFM)JMM /$- 64"5FM'BY --- --- &-NBJMNFSZFN@ CFLUBT!NFEVODFEV 5IFTFBVUIPSTSFQPSUFEOPDPOGMJDUPGJOUFSFTUT
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
ǂ
#FLUBT.FUBM+PVSOBMPG#JPNFEJDBM3FTFBSDI
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ȕ-/BDFUZMHMVDPTBNJOZMUSBOTGFSBTF 0-(MD/"DUSBOTGFSBTF 0(5 <>0(5JTIJHIMZDPOTFSWFEBNPOH$FMFHBOT SBUT BOE IVNBOT TIBSJOH BNJOP BDJE JEFOUJUZ 0(5 JT FTTFOUJBM GPS FNCSZPOJD TUFN DFMM TVSWJWBM UIFSFGPSF 0(5LOPDLPVUNJDFBSFOPUWJBCMF<>0(5 JTVCJRVJUPVTMZFYQSFTTFEJOBMMUJTTVFTXJUIQBSUJDVMBS FOSJDINFOUJOUIFCSBJOBOEQBODSFBT<>0(5IBTTFWFSBMUFUSBUSJDPQFQUJEFSFQFBUT 513T BUUIF$-UFSNJOVT 513T BSF JNQPSUBOU GPS QSPUFJO–QSPUFJO JOUFSBDUJPOT BOETVCTUSBUFSFDPHOJUJPO4JNJMBSUP0(5 /-BDFUZMȕ-%-HMVDPTBNJOJEBTF UIF FO[ZNF UIBU SFNPWFT UIF 0-(MD/"D NPEJGJDBUJPO 0-(MD/"DBTF 0(" JT MPDBMJ[FEUPUIFDZUPQMBTNJDBOEOVDMFPQMBTNJDGSBDUJPOT 5IF DMPOFE TFRVFODF PG 0(" XBT GPVOE UP CFJEFOUJDBMUPUIFNFOJOHJPNBFYQSFTTFEBOUJHFO .(&" HFOF QSFWJPVTMZJEFOUJGJFEJOIVNBONFOJOHJPNBTBOEEFTDSJCFEBTBIZBMVSPOJEBTF<>)VNBO 0("TIBSFTBOEIPNPMPHZXJUIUIBUPGUIF GSVJUGMZ%SPTPQIJMBNFMBOPHBTUFSBOEUIFOFNBUPEF$ FMFHBOT SFTQFDUJWFMZ5IFQSPUFJOJTVCJRVJUPVTMZFYQSFTTFEJOIVNBOUJTTVFTXJUIUIFIJHIFTUFYQSFTTJPO JOUIFCSBJO QMBDFOUBBOEQBODSFBT<> *OUSBDFMMVMBS QSPUFJO 0-HMZDPTZMBUJPO MJLFMZ GVOD-
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
1305&*/4 3&(6-"5&% #: 104553"/4-"5*0/"-.0%*'*$"5*0/ 5SBOTDSJQUJPOGBDUPST 4QXBTUIFGJSTUUSBOTDSJQUJPOGBDUPSEFTDSJCFEUP DBSSZNVMUJQMF0-HMZDPTZMBUJPOTJUFT4QJTBVCJRVJUPVTUSBOTDSJQUJPOGBDUPSUIBUCFMPOHTUPUIFGBNJMZ PG4Q9,-' TQFDJGJDJUZQSPUFJO,Sü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
UIF TVHBS EPOPS TVCTUSBUF PG 0(5 6OEFS IJHI HMVDPTF DPOEJUJPOT 4Q CFDPNFT IZQFSHMZDPTZMBUFE 0-HMZDPTZMBUJPO DBONPEJGZQSPUFJO-QSPUFJOJOUFSBDUJPOUIFSFGPSF 0HMZDPTZMBUJPOPG4QNBZDIBOHFJUTJOUFSBDUJPOXJUI PUIFSQSPUFJOTPGUIFUSBOTDSJQUJPONBDIJOFSZJOTVDIB NBOOFSUIBUJUGBWPSTUIFFYQSFTTJPOPGEJBCFUFTSFMBUFE HFOFT *O BEEJUJPO UP 0-HMZDPTZMBUJPO 4Q DBO CF QIPTQIPSZMBUFEBUNVMUJQMFTJUFT QSJNBSJMZTFSJOFBOEUP
0(5 DFMMBEIFTJPOBOEEJTFBTF B MFTTFS FYUFOU UISFPOJOF CVU OPU UZSPTJOF SFTJEVFT 1IPTQIPSZMBUJPOJTSFHVMBUFECZBHSPXJOHMJTUPGLJOBTFTBOEQIPTQIBUBTFTUIBUBSFTUJNVMBUFECZEJWFSTF TJHOBMJOH QBUIXBZT *ODSFBTFE QIPTQIPSZMBUJPO IBT CFFOMJOLFEUPSFEVDFEBTXFMMBTFOIBODFEUSBOTDSJQUJPOBMBDUJWJUZ MJLFMZEFQFOEFOUPOUIFQIPTQIPSZMBUJPO TJUF BOE UIF TUVEJFE DFMM-UZQF<> "EEJOH UP UIF DPNQMFYJUZPG4QSFHVMBUJPO )BMUJXBOHFSBOEDPMMFBHVFT<> EFNPOTUSBUFE UIBU TPNF QIPTQIPSZMBUJPO TJUFT PO 4Q NJHIU CF SFDJQSPDBMMZ SFHVMBUFE CZ 0HMZDPTZMBUJPO$FMMVMBSQSPUFJO0-HMZDPTZMBUJPOMFWFMT XFSFJODSFBTFECZTFMFDUJWFJOIJCJUJPOPG0(" SFTVMUJOHJOJODSFBTFENPEJGJDBUJPOPG4QCZ 0-(MD/"D XJUI B DPODPNJUBOU EFDSFBTF JO 4Q QIPTQIPSZMBUJPO<> 5IF EFDSFBTF JO QIPTQIPSZMBUJPO OPOFUIFMFTT XBTTNBMMFSUIBOUIFJODSFBTFJO0-HMZDPTZMBUJPO XIJDIMFEUPUIFDPODMVTJPOUIBUOPUBMM4QQIPTQIPSZMBUJPOTJUFTXFSFJOFWJUBCMZSFDJQSPDBMMZSFHVMBUFECZ 0-HMZDPTZMBUJPO $-NZDJTBOVDMFBSQIPTQIPQSPUFJOUIBUSFHVMBUFT HFOF USBOTDSJQUJPO JO DFMM QSPMJGFSBUJPO EJGGFSFOUJBUJPOBOEDFMMEFBUI *U JT BMTP B QSPUP-PODPHFOF UIBU JT GSFRVFOUMZ EFSFHVMBUFE JO TLJO BOE PUIFS DBODFS UZQFT< >*UXBTPOFPGUIFGJSTUXFMM-DIBSBDUFSJ[FE UBSHFUTPG0-HMZDPTZMBUJPO$-NZDJT0-HMZDPTZMBUFEBU UISFPOJOF XIJDIJTBMTPBQIPTQIPSZMBUJPOTJUF<> 5ISFPOJOF JT GSFRVFOUMZ NVUBUFE JO IVNBO MZNQIPNBT BOE JUT NPEJGJDBUJPO CZ QIPTQIPSZMBUJPO PS HMZDPTZMBUJPOEFQFOETPOFYUFSOBMDFMMTUJNVMJ4FSVNTUBSWBUJPOPG)--DFMMTMFEUPUIFBDDVNVMBUJPOPG 0-HMZDPTZMBUFED-NZDJODPOUSBTU TFSVNTUJNVMBUJPO JODSFBTFEUISFPOJOFQIPTQIPSZMBUJPO<> *OLFSBUJOPDZUFT D-NZDQMBZTBQSPNJOFOUSPMFJO TUFN DFMMQSPMJGFSBUJPO BOEEJGGFSFOUJBUJPOBMPOH UIF FQJEFSNBM MJOFBHF <> 0OF PG UIF LOPXO VQTUSFBN FGGFDUPSTSFHVMBUPST PG D-NZD JT QMBLPHMPCJO *OUFSFTUJOHMZ QMBLPHMPCJO JT BMTP 0-HMZDPTZMBUFE BT EFTDSJCFECFMPXJONPSFEFUBJM8IJMFQMBLPHMPCJOPWFSFYQSFTTJPOJOOPSNBMLFSBUJOPDZUFTTVQQSFTTFTD-NZD JO PUIFS DFMM UZQFT JU MFBET UP TUSPOH D-NZD FYQSFTTJPO< >5IFVMUJNBUFFGGFDUPGQMBLPHMPCJOPOD-NZD NBZCFEFUFSNJOFECZJUTBCJMJUZUPGPSNDPNQMFYFT XJUIBWBSJFUZPGEJGGFSFOUQSPUFJOT1MBLPHMPCJOIBT CFFOTIPXOUPSFDSVJUNVMUJQMFLJOBTFBOEQIPTQIBUBTF SFDFQUPST<>5IFSFGPSF QPTUUSBOTMBUJPOBMNPEJGJDBUJPOT TVDIBTQIPTQIPSZMBUJPOBOEPS0-HMZDPTZMBUJPOMJLFMZ SFHVMBUFUIFTFMFDUJWFDPNQMFYGPSNBUJPOUIBUSFTVMUT JOFJUIFSTVQQSFTTJPOPSTUJNVMBUJPOPGD-NZDCZQMBLPHMPCJO $FMMBEIFTJPOTUSVDUVSBMQSPUFJO 1MBLPHMPCJO GVODUJPOT JO CPUI DFMM-DFMM BEIFTJPO BTBDPNQPOFOUPGCPUIBEIFSFOTKVODUJPOTBOE
ǂ
EFTNPTPNFT <> BOE JO DFMM TJHOBMJOH *O BEIFSFOT KVODUJPOT QMBLPHMPCJOCJOETUPUIFDZUPQMBTNJDSFHJPO PG DBEIFSJO USBOTNFNCSBOF DFMM BEIFTJPO QSPUFJOT GVODUJPOJOHUPMJOLDBEIFSJOUP Į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ȕ-DBUFOJO XIJDI TVCTFRVFOUMZ USBOTMPDBUFT UP UIF OVDMFVT BOE BDUJWBUFTUSBOTDSJQUJPOPGHFOFTUIBUDPOUBJOMZNQIPJE FOIBODFSGBDUPS5-DFMMGBDUPS -&'5$' FMFNFOUTJO UIFJSQSPNPUFST"NPOHUIFSFTQPOTJWFHFOFTBSFDNZD DZDMJO-%BOENFUBMMPQSPUFJOBTF BMMPGXIJDIQMBZ BSPMFJODBODFS*OUIFBCTFODFPG8OU ȕ-DBUFOJOJT UBSHFUFEGPSVCJRVJUJO-EFQFOEFOUEFHSBEBUJPO<>%VF UPTUSVDUVSBMTJNJMBSJUJFT QMBLPHMPCJOCJOETUPTPNF PGUIFTBNFQSPUFJOTBT ȕ-DBUFOJO5IVT QMBLPHMPCJO DPNQFUFTXJUI ȕ-DBUFOJOGPSCJOEJOHQBSUOFSTBOEDBO GVODUJPOUPEPXO-SFHVMBUF ȕ-DBUFOJO’TJNQBDUPO8OU ȕ-DBUFOJO--&'5$'TJHOBMJOH< > *OGVMGJMMJOHJUTNVMUJQMFGVODUJPOT QMBLPHMPCJOEJGGFSFOUJBMMZJOUFSBDUTXJUIOVNFSPVTQSPUFJOTUIJTQSPDFTTJTSFHVMBUFEJOQBSUCZTFMFDUJWFQPTU-USBOTMBUJPOBM NPEJGJDBUJPOPGQMBLPHMPCJO1MBLPHMPCJOIBTBTJOHMF TJUF GPS 0-(MD/"D NPEJGJDBUJPO JO UIF /-UFSNJOBM SFHJPOUIBUMJFTXJUIJOUIFHMZDPHFOTZOUIBTFLJOBTFȕ (4,-ȕ QIPTQIPSZMBUJPO DPOTFOTVT TFRVFODF TVHHFTUJOH UIBU 0-HMZDPTZMBUJPO NJHIU QPUFOUJBMMZ BOUBHPOJ[F (4,- ȕ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
ǂ
#FLUBT.FUBM+PVSOBMPG#JPNFEJDBM3FTFBSDI
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’TBTTPDJBUJPOXJUI&-DBEIFSJOCZ UZSPTJOF QIPTQIPSZMBUJPO PG QMBLPHMPCJO SFTVMUFE JO USBOTMPDBUJPOPGQMBLPHMPCJOGSPNUIFDFMMNFNCSBOF BTTPDJBUFE BEIFSFOT KVODUJPO UP UIF OVDMFVT 5IF USBOTMPDBUJPOPGUZSPTJOFQIPTQIPSZMBUFEQMBLPHMPCJO GSPNUIFDFMMNFNCSBOFUPUIFOVDMFVTTVHHFTUFEUIBU JU NJHIU NPEVMBUF HFOF USBOTDSJQUJPO B IZQPUIFTJT TVQQPSUFE CZ BEEJUJPOBM TUVEJFT EFNPOTUSBUJOH UIBU QMBLPHMPCJOSFMFBTFEGSPNUIFBEIFSFOTKVODUJPODPNQFUFE XJUI ȕ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
UPTQFDVMBUFUIBUVOEFSDPOEJUJPOTPGLFSBUJOPDZUFNJHSBUJPO QIPTQIPSZMBUJPOPGQMBLPHMPCJOBOEEFDSFBTFE DFMM-DFMMBEIFTJPOBSFMJLFMZUPCFGBWPSFEXIFSFBT 0-HMZDPTZMBUJPOPGQMBLPHMPCJOJTMJLFMZUPGBWPSOPONJHSBUJOHTUBUJPOBSZDFMMTBOEJODSFBTFEDFMM-DFMMBEIFTJPO ,FSBUJOTBSFBNBKPSQSPUFJODPNQPOFOUPGUIFFQJUIFMJBMDZUPTLFMFUPO,FSBUJO JTPGPSNTBSFFYQSFTTFE JOBEFWFMPQNFOUBOEEJGGFSFOUJBUJPOEFQFOEFOUNBOOFSBOEUIFSFGPSFDBOTFSWFBTNBSLFSTUPEJTUJOHVJTI FQJUIFMJBMDFMMMJOFBHF"MMLFSBUJOTTIBSFBDPOTFSWFE DPNNPO TUSVDUVSF CVJMU PG B DFOUSBM SPE EPNBJO NBEF PG DPJMFE DPJM Į-IFMJY B OPO-Į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
$-*/*$"- 3&-&7"/$& 0' 0-(-:$04:-"5*0/ "MUFSBUJPOTJODFMMBEIFTJPOBOEJUTSFHVMBUJPOBSF GFBUVSFTPGCPUIOPSNBMQIZTJPMPHJDBTXFMMBTQBUIPQIZTJPMPHJDQSPDFTTFT%VSJOHEFWFMPQNFOU MFWFMTPG DFMMBEIFTJPOKVODUJPODPNQPOFOUTBSFUJHIUMZSFHV-
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
ǂ
JOUFSBDU XJUI HSPXUI GBDUPST PO UIF DFMM TVSGBDFBOE UIFSFCZSFHVMBUFUIFNPSJOUVSODBOCFSFHVMBUFECZ UIFHSPXUIGBDUPST<>'PSFYBNQMF DBEIFSJOJTPGPSN TXJUDIJOHGSPN&-UP/-DBEIFSJOIBTCFFOEFTDSJCFE GPSNBOZEJGGFSFOUDBODFSUZQFTBOEPGUFOQSPNPUFT JOWBTJPOBOENFUBTUBTJT5IJTIBTCFFOBUUSJCVUFEOPU POMZUPUIFMPTTPG&-DBEIFSJO-NFEJBUFEHSPXUIDPOUSPM CVU BMTP UP JODSFBTFE CJOEJOH PG /-DBEIFSJO UP GJCSPCMBTUTBOEWBTDVMBSFOEPUIFMJBMDFMMT&-DBEIFSJO JTLOPXOUPJOUFSBDUXJUIBOEJOIJCJUUIFBDUJWJUZPG UIF FQJEFSNBM HSPXUI GBDUPS &(' SFDFQUPS < > 'VSUIFSNPSF MPTTPGEFTNPTPNBMBEIFTJPOQSFDFEFT UIFFQJUIFMJBM-NFTFODIZNBMUSBOTJUJPOUIBUJTTUSPOHMZ JNQMJDBUFEJODPOWFSTJPOPGFBSMZTUBHFUVNPSTUPJOWBTJWF DBODFST< > *O UIF DPOUFYU PG JOWBTJWFOFTT JU IBT CFFO TIPXO UIBU EFTNPHMFJO XIJDI JT QSFEPNJOBOUMZFYQSFTTFEJOUIFTVQSBCBTBMLFSBUJOPDZUFT JOIJCJUT&('3BDUJWJUZ MFBEJOHUPFQJEFSNBMEJGGFSFOUJBUJPO<>5IFSFGPSF MPTTPSEFDSFBTFPGEFTNPHMFJO XPVMEFOIBODF&('3BDUJWJUZUIBUXPVMEQSPNPUFDFMM QSPMJGFSBUJPOBOEJOWBTJPO<> .BOZ DPNQPOFOUT PG UIF WBSJPVT DFMM BEIFTJPO TUSVDUVSFTDBOCFQIPTQIPSZMBUFEBOEJUJTGFBTJCMFUIBU JOBEEJUJPOUPQIPTQIPSZMBUJPO TPNFPGUIFNNBZCF DPVOUFS-SFHVMBUFECZ0-HMZDPTZMBUJPO"TNFOUJPOFE BCPWF )VFUBM<>EFNPOTUSBUFEUIBUXIFOQMBLPHMPCJO BOJNQPSUBOUDPNQPOFOUPGCPUIEFTNPTPNFTBOE BEIFSFOT KVODUJPOT JT 0-HMZDPTZMBUFE JU JODSFBTFT DFMM-DFMMBEIFTJPOCZFOIBODFETUBCJMJUZPGUIFTFQMBLPHMPCJO CBTFE KVODUJPOT 0-HMZDPTZMBUJPO PG DMBTTJDBMDBEIFSJOTJTOPUXFMMTUVEJFE CVU;IVBOEDPMMFBHVFT<>TUVEJFE&-DBEIFSJOUSBGGJDLJOHUPBOEGSPN UIFNFNCSBOFVOEFSTUSFTTDPOEJUJPOT*ODPOUSBTUUP UIF PCTFSWBUJPOT PG )V FU BM<> JO XIJDI FOIBODFE 0-HMZDPTZMBUJPO PG QMBLPHMPCJO TUBCJMJ[FE BEIFSFOT KVODUJPOT BOE EFTNPTPNFT ;IV BOE DPMMFBHVFT <> GPVOE UIBU &3 TUSFTT JOEVDFE 0-HMZDPTZMBUJPO PG OFXMZTZOUIFTJ[FE&-DBEIFSJOBTXFMMBTPG ȕ-DBUFOJO SFTVMUFEJOGBJMVSFPGUIJTOFXMZTZOUIFTJ[FE&-DBEIFSJO UPCFUSBOTQPSUFEUPUIFDFMMTVSGBDFXJUITVCTFRVFOU EFDSFBTFEJOUFSDFMMVMBSBEIFTJPO5IFTFPCTFSWBUJPOT TVHHFTUUIBUUIFFGGFDUTPG0-HMZDPTZMBUJPOBSFMJLFMZ UPCFWBSJBCMFBOEDPOUFYUEFQFOEFOU %JBCFUFTNFMMJUVT 6%1-/-BDFUZMHMVDPTBNJOF 6%1-/-(MD/"D
UIF TVCTUSBUFGPS0(5NFEJBUFEQSPUFJO0-HMZDPTZMBUJPO JT QSPEVDFE WJB UIF IFYPTBNJOF CJPTZOUIFUJD QBUIXBZ )#1 -FTT UIBO PG UIF HMVDPTF UBLFO VQ CZUIFDFMMFOUFSTUIF)#1<>6QPODFMMVMBSVQUBLF HMVDPTFJTQIPTQIPSZMBUFEUPHMVDPTF--QIPTQIBUFB NJOPSGSBDUJPOPGHMVDPTF-QIPTQIBUFUIFOFOUFSTUIF )#1BTGSVDUPTF--QIPTQIBUF XIJDIJTDPOWFSUFEUP
ǂ
#FLUBT.FUBM+PVSOBMPG#JPNFEJDBM3FTFBSDI
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ȕ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ȕ-DFMMT BSF FTQFDJBMMZ TFOTJUJWF UP DIBOHFT JO JOUSBDFMMVMBS 0-(MD/"D MFWFMT CFDBVTF UIFZ FYQSFTT IJHI MFWFMT PG 0(5 1FSTJTUFOU IJHI MFWFM PG 0-(MD/"DZMBUJPO JOUIFQBODSFBTDBOFWFOUVBMMZMFBEUPBQPQUPUJDDFMM EFBUI PG ȕ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’TXFMM-LOPXO SPMFJOUVNPSJHFOFTJT JUIBTCFFOTIPXOUIBUQJT BMTPBCMFUPSFHVMBUFHMZDPMZTJT<>.VUBUFEQXBT TIPXOUPJODSFBTFHFOFFYQSFTTJPOPGUIFUZQF**JTPGPSNPGIFYPLJOBTF XIJDIQIPTQIPSZMBUFTHMVDPTFUP HMVDPTF--QIPTQIBUFBOEJTSFTQPOTJCMFGPSUIFIJHI HMVDPTFNFUBCPMJTNPCTFSWFEJOUVNPSDFMMT/VDMFBS GBDUPS-ț# /'-ț# JTBOJNQPSUBOUUSBOTDSJQUJPOGBDUPS JOJOGMBNNBUJPOBOEJTPGUFOVQ-SFHVMBUFEJODBODFS<> *OUFSFTUJOHMZ MPTT PG Q JODSFBTFT HMZDPMZTJT BOE UIFBDUJWJUZPG/'-ț# XIJDI JOUVSO JTSFTQPOTJCMF GPSJODSFBTFEFYQSFTTJPOPGUIFIJHIBGGJOJUZHMVDPTF USBOTQPSUFS(-65-<>5IFSFTFFNTUPCFBQPTJUJWF MPPQ XIFSF HMZDPMZTJT JODSFBTFT /'-ț# BDUJWBUJPO XIJDIUIFOJODSFBTFTHMZDPMZTJT#FDBVTFPGIJHIHMVDPTFNFUBCPMJTN GMVYPGHMVDPTFUISPVHIUIF)#1JT BMTPJODSFBTFE5IFJODSFBTFEUSBOTDSJQUJPOBMBDUJWJUZ PG/'-ț#XBTDPSSFMBUFEXJUIJODSFBTFE*ț#LJOBTF ȕ *,,ȕ BDUJWJUZ *,,ȕ QIPTQIPSZMBUFT UIF JOIJCJUPS *ț# UIBUQSFWFOUT/'-ț#GSPNUSBOTMPDBUJOHUP UIFOVDMFVT5IFFOIBODFE*,,ȕBDUJWJUZ JOUVSO XBT BDIJFWFE CZ BVHNFOUFE0-(MD/"D NPEJGJDBUJPO PG *,,ȕ XIJDIQSFWFOUFEUIFJOBDUJWBUJOHQIPTQIPSZMBUJPOPGBDSVDJBMTFSJOFSFTJEVF<>*UIBTCFFOTQFDVMBUFEUIBUJOOPSNBMDFMMTQNBZEJSFDUMZCJOEUP*,,ȕ BOE DPOUBJO JUT BDUJWJUZ 'VSUIFSNPSF Q JODSFBTFT UIFQSPUFJOFYQSFTTJPOPG5*("3 51JOEVDFEHMZDPMZTJT BOE BQPQUPTJT SFHVMBUPS LOPXO UP TVQQSFTT HMZDPMZTJT<>*UJT UIFSFGPSF MJLFMZUIBUQSFHVMBUFT HMZDPMZTJTJONVMUJQMFXBZT *OCSFBTUDBODFSUJTTVFBOEDFMMT JUXBTTIPXOUIBU
0(5 DFMMBEIFTJPOBOEEJTFBTF 0-HMZDPTZMBUJPOJTJODSFBTFECZJODSFBTFE0(5QSPUFJOFYQSFTTJPO*OUFSFTUJOHMZ EPXO-SFHVMBUJPOPG0(MD/"D0(5SFEVDFEDFMMHSPXUIBOEJOWBTJPO.JDF JOKFDUFEXJUICSFBTUDBODFSDFMMTEJTQMBZFEBSFEVDFE UVNPSHSPXUIXIFOUIFJOKFDUFEDFMMTDPOUBJOFE0(5 TI3/" 5IF FGGFDU PG 0(5 LOPDLEPXO XBT BUUSJCVUFEUPSFEVDFEFYQSFTTJPOPGUIFUSBOTDSJQUJPOGBDUPS 'PY. BSFHVMBUPSPGHFOFTFTTFOUJBMGPSUIF(4BOE (.DFMMDZDMFQSPHSFTTJPOBOE UIFSFGPSF BOJNQPSUBOUQMBZFSJODBODFSQSPHSFTTJPOBOEEFWFMPQNFOU<> /FWFSUIFMFTT BEJSFDU0-HMZDPTZMBUJPOPG'PY.BTJO PUIFSUSBOTDSJQUJPOGBDUPSTDPVMEOPUCFEFUFDUFE*UJT QPTTJCMFUIBUUIFFGGFDUPGJODSFBTFE0-HMZDPTZMBUJPO NBZCFJOEJSFDUUISPVHIPUIFSQSPUFJOTUIBUSFHVMBUF UIFTUBCJMJUZPG'PY. "EEJOHUPUIFDPNQMFYJUZPGUIFCJPMPHZPGUIJTSFHVMBUPSZNPEJGJDBUJPO TFWFSBMHSPVQTIBWFOPXTIPXO UIBUHMVDPTFEFQSJWBUJPOPGDBODFSDFMMTQBSBEPYJDBMMZ JODSFBTFT0-(MD/"DZMBUJPOPGQSPUFJOT8IJMFJOTPNF DBTFTUIJTJODSFBTFXBTBUUSJCVUFEUPFMFWBUFEQSPUFJO MFWFMTPG0(5 JOPUIFSTJUXBTBSFTVMUPGFOIBODFE 0(5 BDUJWJUZ *OUFSFTUJOHMZ UIF JODSFBTFE FO[ZNF BDUJWJUZ XBT BDDPNQBOJFE CZ EFDSFBTFE 0-(MD/"D NPEJGJDBUJPOPG0(5JUTFMG<>*OUIFMVOHDBODFSDFMM MJOF " UIF TVCTUSBUF 6%1-/-BDFUZMHMVDPTBNJOF XBT TIPXO UP CF SFQMFOJTIFE CZ HMZDPHFO EFHSBEBUJPOXIFOBOFYUFSOBMHMVDPTFTPVSDFXBTMBDLJOH*UJT FBTZUPJNBHJOFUIJTTDFOBSJPJOWJWPXIFOUIFSBQJEMZ HSPXJOHUVNPSMBDLTUIFBEFRVBUFOVUSJFOUTUPLFFQVQ XJUIUIFIJHIFOFSHZEFNBOE"TNBOZQSPUFJOTXFSF TIPXO UP CF TUBCJMJ[FE CZ 0-(MD/"D NPEJGJDBUJPO UIF DFMM XJMM USZ UP QSPMPOH UIF IBMG-MJGF PG JOUSBDFMMVMBSQSPUFJOTCZBEEJOH0-(MD/"DUPQSFWFOUUIFJS QSPUFBTPNBMEFHSBEBUJPO XIJDIXPVMEPUIFSXJTFPDDVSVOEFSMBDLPGHMVDPTF5IFBVUIPSTGVSUIFSTIPX UIBUWBSJPVTUZQFTPGTUSFTTTJHOBMTVDIBTIFBUTIPDL IZESPHFO QFSPYJEF BOE 67# MJHIU UP OBNF B GFX JODSFBTFQSPUFJO0-(MD/"DZMBUJPOBOEQSPNPUFDFMM TVSWJWBMCZJODSFBTJOHUIFIFBUTIPDLQSPUFJOT)TQ BOE)TQFYQSFTTJPOWJBFMFWBUFE0(5FYQSFTTJPO BOE BDUJWJUZ<> 5IF BTTPDJBUJPO PG IFBU TIPDL QSPUFJOTXJUIUBSHFUQSPUFJOTNBZMJLFMZMJNJUUIFJSGVSUIFS EBNBHFCZDFMMVMBSTUSFTT.PSFPWFS JOBDDPSEBODF XJUIUIFFGGFDUPG0-HMZDPTZMBUJPOJOJODSFBTJOHDFMM UPMFSBODF UP TUSFTT FMFWBUFE 0-HMZDPTZMBUJPO PG UIF 4QSPUFBTPNFIBTCFFOGPVOEUPJOIJCJUQSPUFBTPNFNFEJBUFEQSPUFJOEFHSBEBUJPO<> *O OFVSPCMBTUPNB DFMMT NBOZ TUSFTT TJHOBMT BMTP TIPXFE BO JODSFBTF JO PWFSBMM QSPUFJO 0-HMZDPTZMBUJPO <> 5IJT SFTQPOTF XBT TIPXO UP CF NFEJBUFE CZ ".1, ".1-BDUJWBUFE QSPUFJO LJOBTF -JOEVDFE 0(5FYQSFTTJPOBOEQ-EFQFOEFOU0(5BDUJWBUJPO *OUIFTFDFMMT HMVDPTFNFUBCPMJTNBDUJWBUFT".1,
ǂ
XIJDINFEJBUFTBOJODSFBTFPSMJLFMZTUBCJMJ[FT0(5 N3/"BOEQSPUFJOFYQSFTTJPOQ BTUSFTTSFTQPOTJWFLJOBTF JTBDUJWBUFEEVSJOHHMVDPTFEFQSJWBUJPO "DUJWBUFEQJOUFSBDUTXJUI0(5BOENPEJGJFTUIF GVODUJPOPG0(5JOTVDIBXBZUIBUTQFDJGJDQSPUFJOT CFDPNFCFUUFSTVCTUSBUFTGPS0(5"QPTTJCMFFYQMBOBUJPO DPVME CF UIBU BDUJWBUFE Q EJSFDUMZ SFDSVJUT 0(5UPUBSHFUTFRVFODFTPSTJUFT<>
$0/$-64*0/ *U JT CFDPNJOH JODSFBTJOHMZ DMFBS UIBU0-(MD/"D NPEJGJDBUJPOPGJOUSBDFMMVMBSQSPUFJOTSFHVMBUFTBNZSJBEPGDFMMVMBSQSPDFTTFT5IFBCJMJUZUPNPEVMBUFUIJT SFHVMBUPSZQBUIXBZ FJUIFSQIBSNBDPMPHJDBMMZPSHFOFUJDBMMZ IBTUIFSBQFVUJDJNQMJDBUJPOTGPSQBUIPMPHJFT BTEJWFSTFBTDBODFSBOEEJBCFUFT"CFSSBOUSFHVMBUJPO PGQSPUFJO0-HMZDPTZMBUJPOJTMJLFMZJOWPMWFEJONBOZ IVNBOEJTPSEFSTOPUEJTDVTTFEJOUIJTSFWJFXJODMVEJOH "M[IFJNFS’T EJTFBTF< > )JHIMZ TQFDJGJD JOIJCJUPST PG0(5BOE0("XPVMECFWBMVBCMFUPPMTGPSGVSUIFS JOWFTUJHBUJPOBOEBMTPTFSWFBTQPUFOUJBMESVHTGPSIVNBOEJTFBTF8IJMF0("JOIJCJUPSTBSFBWBJMBCMF UIFZ IBWF PGG-UBSHFU FGGFDUT JOIJCJUJOH PUIFS IFYPTBNJOJEBTFT%FWFMPQNFOUPG0("JOIJCJUPSTIBTQSPHSFTTFE BOE SFDFOUMZ QVCMJTIFE SFQPSUT EFTDSJCF B OFX BOE IJHIMZTQFDJGJDJOIJCJUPSPG0(" XIJDIXBTVTFEJO UIFTUVEZPG"M[IFJNFSEJTFBTF<>*ODPOUSBTU JOIJCJUPSTPG0(5BSFDVSSFOUMZOPUBWBJMBCMF0OBQPTJUJWF OPUF BSFDFOUSFQPSUEFTDSJCJOHUIFDSZTUBMTUSVDUVSFPG 0(5JODPNQMFYXJUI6%1-(MD/"DBOEJODPNQMFY XJUI 6%1-(MD/"D BOE B QFQUJEF TVCTUSBUF<> XJMM MJLFMZTFSWFUPQSPQFMGPSXBSEUIFTFBSDIGPS0(5JOIJCJUPST 3FGFSFODFT <> )BOJTDI '( 0-HMZDPTZMBUJPO PG UIF NVDJO UZQF #JPM $IFN- <>8JMTPO*#)(MZDPTZMBUJPOPGQSPUFJOTJOQMBOUTBOEJOWFSUFCSBUFT$VSS0QJO4USVDU#JPM- <>,PCBUBB"KPVSOFZUPUIFXPSMEPGHMZDPCJPMPHZ(MZDPDPOK+- <>"OEFSTTPO-$ (BINCFSH$( ,JNVSBB, 8JH[FMM) "DUJWBUFE IVNBO 5 MZNQIPDZUFT EJTQMBZ OFX TVSGBDF HMZDPQSPUFJOT1SPD/BUM"DBE4DJ64" <> )PFTTMJ %$ 7BTTBMMJ 1 )JHI NPMFDVMBS XFJHIU TVSGBDFHMZDPQSPUFJOTPGNVSJOFMZNQIPDZUFT+*NNVOPM - <>%BCFMTUFFO&$FMMTVSGBDFDBSCPIZESBUFTBTQSPHOPTUJD NBSLFSTJOIVNBODBSDJOPNBT+1BUIPM <> +PUIZ4 .VOSP4# -F%VZ- .D$MVSF% #MBTDIVL08 "EIFTJPOPSBOUJ-BEIFTJPOJODBODFSXIBUNBUUFSTNPSF $BODFS.FUBTUBTJT3FWJ- <> 1FMMBU-EFDFVOZODL $ #BSJMMé 4 1VUIJFS % "EIFTJPO
ǂ
#FLUBT.FUBM+PVSOBMPG#JPNFEJDBM3FTFBSDI
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’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üQQFM-MJLF USBOTDSJQUJPO GBDUPST (FOPNF #JPM- <> #PVXNBO1 1IJMJQTFO43FHVMBUJPOPGUIFBDUJWJUZPG 4Q-SFMBUFEUSBOTDSJQUJPOGBDUPST .PM$FMM&OEPDSJOPM - <>+BDLTPO41 5KJBO30-HMZDPTZMBUJPOPGFVLBSZPUJDUSBOTDSJQUJPOGBDUPSTJNQMJDBUJPOTGPSNFDIBOJTNTPGUSBOTDSJQUJPOBMSFHVMBUJPO$FMM- <> )BO* ,VEMPX+&3FEVDFE0-HMZDPTZMBUJPOPG4QJT BTTPDJBUFEXJUIJODSFBTFEQSPUFBTPNFTVTDFQUJCJMJUZ.PM $FMM#JPM- <>,VEMPX+&1PTU-USBOTMBUJPOBMNPEJGJDBUJPOCZ0-(MD/"D
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éCFOFT. .BSUíO-&[RVFSSB( (JMBCFSUF. #BSó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Ȗ-$BUFOJO1SPNPUFT(FOPNJD*OTUBCJMJUZBOE0ODPHFOJD&GGFDUTEVSJOH 5VNPS1SPHSFTTJPO$BODFS#JPM5IFS- <> 8JMMJBNTPO- 3BFTT/B $BMEFMBSJ3 ;BLIFS" EF#SVJO " 1PTUIBVT) FUBM1FNQIJHVTWVMHBSJTJEFOUJGJFTQMBLPHMPCJOBTLFZTVQQSFTTPSPGD-.ZDJOUIFTLJO&.#0 +- <> )BUTFMM4 .FEJOB- .FSPMB+ )BMUJXBOHFS3 $PXJO1 1MBLPHMPCJOJT0-HMZDPTZMBUFEDMPTFUPUIF/-UFSNJOBM EFTUSVDUJPOCPY+#JPM$IFN- <> ;IVSJOTLZ+ 4IUVUNBO. #FO-;F’FWB1MBLPHMPCJOBOE CFUB-DBUFOJO QSPUFJO JOUFSBDUJPOT SFHVMBUJPO BOE CJPMPHJDBMSPMFT+$FMM4DJ- <> 4NBMMFZ.+ %BMF5$8OUTJHOBMMJOHJONBNNBMJBOEFWFMPQNFOUBOEDBODFS$BODFS.FUBTUBTJT3FWJ - <>$IJEHFZ. %BXTPO$%FTNPTPNFTBSPMFJODBODFS #S+$BODFS- <> (BSDJB-HSBT& -PNCBSEJ3 (JPDPOEP.+ 8JMMFSTPO +5 4DIOFJEFS.% ,IPVSZ%4 FUBM4VQQSFTTJPOPGDB-
0(5 DFMMBEIFTJPOBOEEJTFBTF OPOJDBM8OUC-DBUFOJOTJHOBMJOHCZOVDMFBSQMBLPHMPCJO SFDBQJUVMBUFT QIFOPUZQF PG BSSIZUINPHFOJD SJHIU WFOUSJDVMBSDBSEJPNZPQBUIZ4DJFODF <> )V1 #FSLPXJU[1 .BEEFO7+ 3VCFOTUFJO%44UBCJMJ[BUJPOPGQMBLPHMPCJOBOEFOIBODFELFSBUJOPDZUFDFMMDFMM BEIFTJPO CZ JOUSBDFMMVMBS 0-HMZDPTZMBUJPO + #JPM $IFN- <> )V1 0’,FFGF&+ 3VCFOTUFJO%45ZSPTJOFQIPTQIPSZMBUJPO PG IVNBO LFSBUJOPDZUF CFUB-DBUFOJO BOE QMBLPHMPCJOSFWFSTJCMZSFHVMBUFTUIFJSCJOEJOHUP&-DBEIFSJO BOEBMQIB-DBUFOJO+*OWFTU%FSNBUPM- <>.PMM3 %JWP. -BOHCFJO-5IFIVNBOLFSBUJOTCJPMPHZBOEQBUIPMPHZ)JTUPDIFN$FMM#JPM <> $PVMPNCF1B 0NBSZ.#‘)BSE’BOE‘TPGU’QSJODJQMFT EFGJOJOHUIFTUSVDUVSF GVODUJPOBOESFHVMBUJPOPGLFSBUJOJOUFSNFEJBUFGJMBNFOUT$VSS0QJO$FMM#JPM - <> 'MJUOFZ&8 ,VD[NBSTLJ&3 "EBN4" (PMENBO3% *OTJHIUT JOUP UIF NFDIBOJDBM QSPQFSUJFT PG FQJUIFMJBM DFMMT UIF FGGFDUT PG TIFBS TUSFTT PO UIF BTTFNCMZ BOE SFNPEFMJOHPGLFSBUJOJOUFSNFEJBUFGJMBNFOUT'"4+ - <> 5PJWPMB %. ,V /-0 3FTVSSFDDJPO &; /FMTPO %3 8SJHIU 5- 0NBSZ .# ,FSBUJO BOE IZQFSQIPTQIPSZMBUJPOJTBNBSLFSPGQSPHSFTTJPOPGIVNBOMJWFS EJTFBTF)FQBUPMPHZ- <>4SJLBOUI# 7BJEZB.. ,BMSBJZB3%0-(MD/"DZMBUJPO EFUFSNJOFTUIFTPMVCJMJUZ GJMBNFOUPSHBOJ[BUJPOBOETUBCJMJUZPGLFSBUJOTBOE+#JPM$IFN- <> $IPV$' 4NJUIB+ 0NBSZ.#$IBSBDUFSJ[BUJPOBOE EZOBNJDTPG0-MJOLFEHMZDPTZMBUJPOPGIVNBODZUPLFSBUJOBOE+#JPM$IFN- <>,V/0 5PJWPMB%. 4USOBE1 0NBSZ.#$ZUPTLFMFUBM LFSBUJOHMZDPTZMBUJPOQSPUFDUTFQJUIFMJBMUJTTVFGSPNJOKVSZ/BU$FMM#JPM- <>;BUMPVLBM, 4UVNQUOFS$ -FIOFS. %FOL) #BSJCBVMU) &TILJOE-( FUBM$ZUPLFSBUJOQSPUFDUTGSPN IFQBUPUPYJDJUZ BOEJUTSBUJPUPDZUPLFSBUJOEFUFSNJOFT UIFBCJMJUZPGIFQBUPDZUFTUPGPSN.BMMPSZCPEJFT"N+ 1BUIPM- <> + BNBM #5 /JUB--B[BS . (BP ; "NJO # 8BMLFS + ,VLVSV[JOTLB."/-HMZDPTZMBUJPOTUBUVTPG&-DBEIFSJO DPOUSPMTDZUPTLFMFUBMEZOBNJDTUISPVHIUIFPSHBOJ[BUJPO PGEJTUJODUCFUB-DBUFOJO-BOEHBNNB-DBUFOJO-DPOUBJOJOH "+T$FMM)FBMUI$ZUPTLFMFU- <> %VTFL3- (PETFM-. (SFFO,+%JTDSJNJOBUJOHSPMFT PG EFTNPTPNBM DBEIFSJOT CFZPOE EFTNPTPNBM BEIFTJPO+%FSNBUPM4DJ- <>(FUTJPT4 )VFO"$ (SFFO,+8PSLJOHPVUUIFTUSFOHUI BOEGMFYJCJMJUZPGEFTNPTPNFT/BU3FW.PM$FMM#JPM - <>(SFFO,+ 4JNQTPO$-%FTNPTPNFTOFXQFSTQFDUJWFT POBDMBTTJD+*OWFTU%FSNBUPM- <> 4UPLFT%-%FTNPTPNFTGSPNBTUSVDUVSBMQFSTQFDUJWF $VSS0QJO$FMM#JPM- <> 4DINJEU" ,PDI1+%FTNPTPNFTKVTUDFMMBEIFTJPOPS
ǂ
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ü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
ǂ
#FLUBT.FUBM+PVSOBMPG#JPNFEJDBM3FTFBSDI
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’TEJTFBTF.PM#JPTZTU- <>-FGFCWSF5 %FIFOOBVU7 (VJOF[$ 0MJWJFS4 %SPVHBU - .JS". FUBM%ZTSFHVMBUJPOPGUIFOVUSJFOUTUSFTT TFOTPS0-(MD/"DZMBUJPOJTJOWPMWFEJOUIFFUJPMPHZPG DBSEJPWBTDVMBS EJTPSEFST UZQF- EJBCFUFT BOE "M[IFJNFS’TEJTFBTF#JPDIJN#JPQIZT"DUB- <>:V[XB4" .BDBVMFZ.4 )FJOPOFO+& 4IBO9 %FOOJT 3+ )F: FUBM"QPUFOUNFDIBOJTN-JOTQJSFE 0-(MD/"DBTFJOIJCJUPSUIBUCMPDLTQIPTQIPSZMBUJPOPGUBVJO WJWP/BU$IFN#JPM- <>-B[BSVT.# /BN: +JBOH+ 4MJ[1 8BMLFS44USVDUVSF PGIVNBO0-(MD/"DUSBOTGFSBTFBOEJUTDPNQMFYXJUIB QFQUJEFTVCTUSBUF/BUVSF-