NFPA 350: Guide for Safe Confined Space Entry and Work 1455912883, 9781455912889


185 14 2MB

English Pages 15 [99] Year 2016

Report DMCA / Copyright

DOWNLOAD PDF FILE

Recommend Papers

NFPA 350: Guide for Safe Confined Space Entry and Work
 1455912883, 9781455912889

  • 0 0 0
  • Like this paper and download? You can publish your own PDF file online for free in a few minutes! Sign Up
File loading please wait...
Citation preview

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

’

2*4%

)RXV]ERH;SVO



'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH [MXLSYX[VMXXIRTIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

-14368%28238-')7%2((-7'0%-1)67'32')62-2+2*4% ’78%2(%6(7 238-')%2((-7'0%-1)63*0-%&-0-8='32')62-2+8,)97)3*2*4%78%2(%6(7 2*4%’GSHIWWXERHEVHWVIGSQQIRHIHTVEGXMGIWERHKYMHIW w2*4%7XERHEVHWx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

QEOIVSJXLIWXEXIQIRX -QTSVXERX2SXMGIWERH(MWGPEMQIVWGSRXMRYIHSRMRWMHIFEGOGSZIV

6)1-2()694(%8-2+3*2*4%78%2(%6(7 9WIVWSJ2*4%GSHIWWXERHEVHWVIGSQQIRHIHTVEGXMGIWERHKYMHIW w2*4%7XERHEVHWx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w%PIVXxJIEXYVIXSVIGIMZIEREYXSQEXMGIQEMP

-7&2 4VMRX -7&2 4(*

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

c

-14368%28238-')7%2((-7'0%-1)67'32')62-2+2*4% 78%2(%6(7 %((-8-32%0238-')7%2((-7'0%-1)67 9THEXMRKSJ2*4%7XERHEVHW 9WIVWSJ2*4%GSHIWWXERHEVHWVIGSQQIRHIHTVEGXMGIWERHKYMHIW d2*4%7XERHEVHWe WLSYPHFIE[EVIXLEXXLIWI HSGYQIRXWQE]FIWYTIVWIHIHEXER]XMQIF]XLIMWWYERGISJRI[IHMXMSRWSVQE]FIEQIRHIHJVSQXMQIXSXMQIXLVSYKLXLI MWWYERGISJ8IRXEXMZI-RXIVMQ%QIRHQIRXWSVGSVVIGXIHF])VVEXE%RSJdGMEP2*4%7XERHEVHEXER]TSMRXMRXMQIGSRWMWXWSJ XLIGYVVIRXIHMXMSRSJXLIHSGYQIRXXSKIXLIV[MXLER]8IRXEXMZI-RXIVMQ%QIRHQIRXWERHER])VVEXEXLIRMRIJJIGX-RSVHIV XSHIXIVQMRI[LIXLIVEKMZIRHSGYQIRXMWXLIGYVVIRXIHMXMSRERH[LIXLIVMXLEWFIIREQIRHIHXLVSYKLXLIMWWYERGISJ 8IRXEXMZI-RXIVMQ%QIRHQIRXWSVGSVVIGXIHXLVSYKLXLIMWWYERGISJ)VVEXEGSRWYPXETTVSTVMEXI2*4%TYFPMGEXMSRWWYGLEWXLI 2EXMSREP*MVI'SHIWf7YFWGVMTXMSR7IVZMGIZMWMXXLI2*4%[IFWMXIEX[[[RJTESVKSVGSRXEGXXLI2*4%EXXLIEHHVIWWPMWXIH FIPS[

-RXIVTVIXEXMSRWSJ2*4%7XERHEVHW %WXEXIQIRX[VMXXIRSVSVEPXLEXMWRSXTVSGIWWIHMREGGSVHERGI[MXL7IGXMSRSJXLI6IKYPEXMSRW+SZIVRMRKXLI (IZIPSTQIRXSJ2*4%7XERHEVHWWLEPPRSXFIGSRWMHIVIHXLISJdGMEPTSWMXMSRSJ2*4%SVER]SJMXW'SQQMXXIIWERHWLEPPRSX FIGSRWMHIVIHXSFIRSVFIVIPMIHYTSREWE*SVQEP-RXIVTVIXEXMSR

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dXLI%27-4EXIRX4SPMG]e ERHLIVIF]KMZIWXLIJSPPS[MRKRSXMGITYVWYERXXSXLEXTSPMG] 238-')8LIYWIVgWEXXIRXMSRMWGEPPIHXSXLITSWWMFMPMX]XLEXGSQTPMERGI[MXLER2*4%7XERHEVHQE]VIUYMVIYWISJER MRZIRXMSRGSZIVIHF]TEXIRXVMKLXW2*4%XEOIWRSTSWMXMSREWXSXLIZEPMHMX]SJER]WYGLTEXIRXVMKLXWSVEWXS[LIXLIVWYGL TEXIRXVMKLXWGSRWXMXYXISVMRGPYHIIWWIRXMEPTEXIRXGPEMQWYRHIVXLI%27-4EXIRX4SPMG]-JMRGSRRIGXMSR[MXLXLI%27-4EXIRX 4SPMG]ETEXIRXLSPHIVLEWdPIHEWXEXIQIRXSJ[MPPMRKRIWWXSKVERXPMGIRWIWYRHIVXLIWIVMKLXWSRVIEWSREFPIERH RSRHMWGVMQMREXSV]XIVQWERHGSRHMXMSRWXSETTPMGERXWHIWMVMRKXSSFXEMRWYGLEPMGIRWIGSTMIWSJWYGLdPIHWXEXIQIRXWGERFI SFXEMRIHSRVIUYIWXJVSQ2*4%*SVJYVXLIVMRJSVQEXMSRGSRXEGXXLI2*4%EXXLIEHHVIWWPMWXIHFIPS[

0E[ERH6IKYPEXMSRW 9WIVWSJ2*4%7XERHEVHWWLSYPHGSRWYPXETTPMGEFPIJIHIVEPWXEXIERHPSGEPPE[WERHVIKYPEXMSRW2*4%HSIWRSXF]XLI TYFPMGEXMSRSJMXWGSHIWWXERHEVHWVIGSQQIRHIHTVEGXMGIWERHKYMHIWMRXIRHXSYVKIEGXMSRXLEXMWRSXMRGSQTPMERGI[MXL ETTPMGEFPIPE[WERHXLIWIHSGYQIRXWQE]RSXFIGSRWXVYIHEWHSMRKWS

'ST]VMKLXW 2*4%7XERHEVHWEVIGST]VMKLXIH8LI]EVIQEHIEZEMPEFPIJSVE[MHIZEVMIX]SJFSXLTYFPMGERHTVMZEXIYWIW8LIWIMRGPYHI FSXLYWIF]VIJIVIRGIMRPE[WERHVIKYPEXMSRWERHYWIMRTVMZEXIWIPJVIKYPEXMSRWXERHEVHM^EXMSRERHXLITVSQSXMSRSJWEJI TVEGXMGIWERHQIXLSHW&]QEOMRKXLIWIHSGYQIRXWEZEMPEFPIJSVYWIERHEHSTXMSRF]TYFPMGEYXLSVMXMIWERHTVMZEXIYWIVWXLI 2*4%HSIWRSX[EMZIER]VMKLXWMRGST]VMKLXXSXLIWIHSGYQIRXW 9WISJ2*4%7XERHEVHWJSVVIKYPEXSV]TYVTSWIWWLSYPHFIEGGSQTPMWLIHXLVSYKLEHSTXMSRF]VIJIVIRGI8LIXIVQ dEHSTXMSRF]VIJIVIRGIeQIERWXLIGMXMRKSJXMXPIIHMXMSRERHTYFPMWLMRKMRJSVQEXMSRSRP]%R]HIPIXMSRWEHHMXMSRWERH GLERKIWHIWMVIHF]XLIEHSTXMRKEYXLSVMX]WLSYPHFIRSXIHWITEVEXIP]MRXLIEHSTXMRKMRWXVYQIRX-RSVHIVXSEWWMWX2*4%MR JSPPS[MRKXLIYWIWQEHISJMXWHSGYQIRXWEHSTXMRKEYXLSVMXMIWEVIVIUYIWXIHXSRSXMJ]XLI2*4% %XXIRXMSR7IGVIXEV] 7XERHEVHW'SYRGMP MR[VMXMRKSJWYGLYWI*SVXIGLRMGEPEWWMWXERGIERHUYIWXMSRWGSRGIVRMRKEHSTXMSRSJ2*4%7XERHEVHW GSRXEGX2*4%EXXLIEHHVIWWFIPS[

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

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK



'ST]VMKLXh2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR f%PP6MKLXW6IWIVZIH

2*4%c +YMHIJSV

7EJI'SRcRIH7TEGI)RXV]ERH;SVO )HMXMSR 8LMWIHMXMSRSJ2*4%+YMHIJSV7EJI'SRcRIH7TEGI)RXV]ERH;SVO[EWTVITEVIHF]XLI 'SQQMXXIISR'SRdRIH7TEGI7EJI;SVO4VEGXMGIW-X[EWMWWYIHF]XLI7XERHEVHW'SYRGMPSR 2SZIQFIV[MXLERIJJIGXMZIHEXISJ(IGIQFIV 8LMWIHMXMSRSJ2*4%[EWETTVSZIHEWER%QIVMGER2EXMSREP7XERHEVHSR(IGIQFIV 3VMKMRERH(IZIPSTQIRXSJ2*4% 8LMWdVWXIHMXMSRSJ2*4%+YMHIJSV7EJI'SRcRIH7TEGI)RXV]ERH;SVOIWXEFPMWLIWFIWX TVEGXMGIWERHdLS[XSeJSVGSRdRIHWTEGIIRXV]ERH[SVOXVERWPEXMRK[LEXMWVIUYMVIHMRVIKYPEXMSRW MRXSTVEGXMGEPETTVSEGLIWXSMQTPIQIRXXLSWIVIUYMVIQIRXW;LIVIEWI\MWXMRKVIKYPEXSV]WXERHEVHW TVSZMHIQMRMQYQVIUYMVIQIRXW2*4%WXVMZIWXSIWXEFPMWL[SVOTVEGXMGIWXLEXEGLMIZIELMKLIV PIZIPSJWEJIX] 2*4%QEMRXEMRWEPSRKLMWXSV]KSZIVRMRKXLIWEJIIRXV]ERH[SVOTVEGXMGIWJSVXLIQEVMXMQI WIGXSVXLVSYKL2*4%7XERHEVHJSVXLI'SRXVSPSJ+EW,E^EVHWSR:IWWIPW8LIWYGGIWWSJXLIQEVMXMQI GSRdRIHWTEGIIRXV]TVSKVEQMRTEVXMGYPEVXLIGSQTIXIRGMIWERHUYEPMdGEXMSRWSJQEVMRIGLIQMWXW [LSWIGIVXMdGEXMSR2*4%QEREKIWPIHXSXLIMRGSVTSVEXMSRSJXLSWITVEGXMGIWERHTVSGIHYVIWMRXS FSXL37,%WLMT]EVHVIKYPEXMSRWERHXLIVIKYPEXMSRWSJXLI97'SEWX+YEVH7MQMPEVMXMIWMR GSRWXVYGXMSRERHYWEKITVSQTXIHXLIHIZIPSTQIRXSJ2*4%7XERHEVHJSVXLI7EJIKYEVHMRKSJ 8EROWERH'SRXEMRIVWJSV)RXV]'PIERMRKSV6ITEMVEWXERHEVHJSVIRXV]ERH[SVOMREFSZIKVSYRHERH YRHIVKVSYRHXEROWERHGSRXEMRIVW2*4%gWTVSXIGXMSRJSVIQIVKIRG]VIWTSRHIVWI\XIRHWXS GSRdRIHWTEGIWEW[IPP[MXL2*4%7XERHEVHSR3TIVEXMSRWERH8VEMRMRKJSV8IGLRMGEP7IEVGLERH 6IWGYI-RGMHIRXWERH2*4%7XERHEVHJSV8IGLRMGEP6IWGYIV4VSJIWWMSREP5YEPMcGEXMSRW;MXLXLEXPSRK LMWXSV]SJIWXEFPMWLIHWXERHEVHWSJTVEGXMGIJSVGSRdRIHWTEGIIRXV]ERH[SVO2*4%TVSTSWIHERI[ TVSNIGXVIPEXIHXSGSRdRIHWTEGIW 8LI8IGLRMGEP'SQQMXXIISR'SRdRIH7TEGI7EJI;SVO4VEGXMGIWFIKERMXW[SVOSRE TVIPMQMREV]HVEJXMR7ITXIQFIVERH[SVOIHMRIEVRIWXXSTVSZMHIETVIPMQMREV]HVEJXXSXLI 2*4%7XERHEVHW'SYRGMPJSVXLI%YKYWXQIIXMRKEX[LMGLMX[EWETTVSZIHERHTPEGIHMRXLI *EPPVIZMWMSRG]GPI &EGOKVSYRHHSGYQIRXWGSRWMHIVIHF]XLI7XERHEVHW'SYRGMPEWTEVXSJXLIRI[TVSNIGXVIUYIWX LMKLPMKLXIHERYQFIVSJKETW[MXLMRXLII\MWXMRKVIKYPEXMSRWERHWXERHEVHWETTPMGEFPIXSKIRIVEP MRHYWXV]GSRdRIHWTEGIIRXV]ERH[SVO37,%gWTIVQMXVIUYMVIHGSRdRIHWTEGIWXERHEVHLEHFIIR MRTPEGIJSV]IEVW[LIRXLI[SVOSJXLI'SQQMXXIIFIKER%WTEVXSJMXWMRMXMEPEGXMSRWXLI 'SQQMXXIIWTIRXXMQIMHIRXMJ]MRKKETWERHHMWGYWWMRKLS[XSWMQTPMJ]WSQISJXLIGSRJYWMSR EWWSGMEXIH[MXLXLIXIVQMRSPSK]YWIHMRGSRdRIHWTEGIHSGYQIRXW%QSRKXLIKETWMHIRXMdIHF] XLI'SQQMXXIIHYVMRKMRMXMEPHMWGYWWMSRW[IVIMWWYIWVIPEXIHXSFEWMGGSRdRIHWTEGILE^EVH MHIRXMdGEXMSRIZEPYEXMSRERHGSRXVSP3JTEVXMGYPEVGSRGIVR[EWXLIEFWIRGISJMRJSVQEXMZI KYMHERGISRLS[XSTIVJSVQWSQISJXLIOI]VIUYMVIQIRXWMRXLI37,%WXERHEVHWYGLEWEMV QSRMXSVMRKERHZIRXMPEXMSR-RJYVXLIVWYTTSVXSJXLIMRMXMEPdRHMRKWSJXLI'SQQMXXIIXLI'LIQMGEP 7EJIX]&SEVH '7& EHHVIWWIHXLI'SQQMXXIIEXMXWdVWXQIIXMRKERHRSXIHEHHMXMSREPKETWMR GSRdRIHWTEGIWEJITVEGXMGIWVIPEXIHXSXLILE^EVHWSJEHNEGIRXWTEGIWERHLSX[SVO8LI 'SQQMXXII[MXLMXW[MHIVERKISJI\TIVXWXEVKIXIHXLSWIKETWERHQMWWMRKMRJSVQEXMSREWTSXIRXMEP EVIEWXLEXGSYPHFIMRGSVTSVEXIHMRXS2*4% 4IVLETWXLIQSWXWMKRMdGERXHMWGYWWMSRXSTMG[MXLMRXLI'SQQMXXIIGIRXIVIHSRXIVQMRSPSK]YWIH XSHIWGVMFIGSRdRIHWTEGIWWYGLEWTIVQMXVIUYMVIHGSRdRIHWTEGIWERHRSRTIVQMXWTEGIW;LMPI XLI'SQQMXXIIHMHRSX[ERXXSGSReMGX[MXLI\MWXMRKWXERHEVHWMRTEVXMGYPEVXLI37,%WXERHEVHW XLI'SQQMXXIIVIGSKRM^IHXLEXXLIHMJJIVIRGIWMRXIVQMRSPSK]GSRXMRYIHXSGVIEXIGSRJYWMSR8LI

2*4%ERH2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSREVIVIKMWXIVIHXVEHIQEVOWSJXLI2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR5YMRG]1EWWEGLYWIXXW

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK



7%*)'32*-2)(74%'))286=%2(;36/

'SQQMXXIIYPXMQEXIP]HIGMHIHXSWMQTP]YWIXLIXIVQGSRdRIHWTEGIXSHIWGVMFIER]WTEGIXLEXQIIXWXLI37,% HIdRMXMSR %RSXLIVWMQTPMdGEXMSRTVSZMHIHF]2*4%MWXLIHIJEYPXVIGSQQIRHEXMSRXSTIVJSVQEMVQSRMXSVMRKSJEPPGSRdRIH WTEGIWTVMSVXSIRXV]7YGLQSRMXSVMRKIPMQMREXIWXLITSWWMFMPMX]SJQMWNYHKMRKEWTEGIXLEXMWRSXI\TIGXIHXSLEZIER EXQSWTLIVMGLE^EVH8LI'SQQMXXIIFIPMIZIWXLEXXLIJI[QMRYXIWMXXEOIWXSTIVJSVQEMVQSRMXSVMRKSJEWTEGImGSRdVQMRK XLITVIWIRGISVEFWIRGISJWTIGMdGEXQSWTLIVMGLE^EVHWm[MPPFIXMQI[IPPWTIRX 2*4%MHIRXMdIWXLVIIX]TIWSJLE^EVHWXLEXWLSYPHFIVIGSKRM^IHIZEPYEXIHERHGSRXVSPPIHMRLIVIRXLE^EVHW MRXVSHYGIHLE^EVHWERHEHNEGIRXLE^EVHW-HIRXMJ]MRKXLSWIXLVIIHMWXMRGXWSYVGIWSJTSXIRXMEPLE^EVHWLIPTW)RXV]7YTIVZMWSVW ERH[SVOIVWXSXLMROFVSEHP]EFSYXXLIQ]VMEHSJLE^EVHWXLEXGSYPHSGGYVMRERHEVSYRHGSRdRIHWTEGIWWSXLI]GERIZEPYEXI ERHGSRXVSPXLILE^EVHW ;LMPISXLIVWXERHEVHWMRHMGEXI[LEXRIIHWXSFIHSRI2*4%HIWGVMFIWLS[XSTIVJSVQXLSWIXEWOW*SVI\EQTPI2*4% TVSZMHIWMRJSVQEXMSRSRXLIWIPIGXMSRGEPMFVEXMSRERHYWISJKEWQSRMXSVWEW[IPPEWMRJSVQEXMSREFSYXXLIX]TIWERH MRWXEPPEXMSRSJZIRXMPEXMSRHIZMGIWJSVHMJJIVIRXX]TIWSJGSRdRIHWTEGIGSRdKYVEXMSRWERHLE^EVHW 8LI'SQQMXXIIRSXIHXLEXXLIVI[EWEPEGOSJUYEPMdGEXMSRWERHGSQTIXIRGMIWJSVXLSWIMRZSPZIHMRGSRdRIHWTEGIIRXVMIW FI]SRHXLI%XXIRHERXXLI)RXVERXERHXLI)RXV]7YTIVZMWSV8SGSQTPIQIRXXLSWIMRHMZMHYEPWERHXLIMVHIdRIHVSPIWERH GSQTIXIRGMIW2*4%MHIRXMdIWSXLIVVSPIWXLEXEPWSEVIMQTSVXERXMRGSRdRIHWTEGIIRXVMIWWYGLEWE+EW8IWXIV :IRXMPEXMSR7TIGMEPMWXERH7XERHF];SVOIV *SVGSRdRIHWTEGIVIWGYI2*4%TVSZMHIWEXMIVIHETTVSEGLXSVIWTSRWIERHMRGPYHIWXLISVKERM^EXMSREPIPIQIRXWSJ IQIVKIRG]TVITEVIHRIWWXLEXRSVQEPP]EVIMRTPEGIMREdVIHITEVXQIRXFYXRSXRIGIWWEVMP]MREJEGMPMX]VIWGYITVSKVEQ8LI HSGYQIRXEPMKRW[MXL2*4%ERH2*4%MRTVSZMHMRKXLIXIGLRMGEPEWTIGXWSJVIWGYIERHUYEPMdGEXMSRWJSV6IWGYIVW -XMW[IPPVIGSKRM^IHXLEXGLERKIWXLEXSGGYVHYVMRKGSRdRIHWTEGIWEJIX]GERRIKEXMZIP]MQTEGXGSRdRIHWTEGIIRXV]ERH [SVOWEJIX]2*4%SYXPMRIWXLIX]TIWSJGLERKIWXLEXGERSGGYVHYVMRKGSRdRIHWTEGI[SVOERHTVSZMHIWEQIXLSHJSV VITSVXMRKERHQEREKMRKXLSWIGLERKIWXLVSYKLEQEREKIQIRXSJGLERKIW]WXIQ 7MRGIIPMQMREXMSRSJELE^EVHMWXLIETI\SJXLIXVEHMXMSREPLMIVEVGL]SJGSRXVSPW2*4%RSXIWXLEXXLIFIWX[E]XS IPMQMREXIGSRdRIHWTEGILE^EVHWMWXSIPMQMREXIXLIGSRdRIHWTEGIIRXMVIP]SVXSVIHIWMKRMXXSIPMQMREXISVQMRMQM^ILE^EVHW F]MRGSVTSVEXMRKWEJIX]JIEXYVIWWYGLEWFIXXIVPMKLXMRKERHZIRXMPEXMSR8LEXGERFIHSRIHYVMRKHIWMKRSVXLVSYKLVIHIWMKR YWMRKXLITVMRGMTPIWSJ4VIZIRXMSRXLVSYKL(IWMKR 4X( =IEVWSJTSXIRXMEP[SVOIVI\TSWYVIWXSGSRdRIHWTEGILE^EVHWGSYPH FIIPMQMREXIHXLVSYKLHIWMKRSVVIHIWMKR (IHMGEXMSR 8LMWdVWXIHMXMSRSJ2*4%MWHIHMGEXIHXSXLSWI[SVOIVW[LSWINSFVIUYMVIWXLIQXSIRXIVERHTIVJSVQ[SVOMRERH EVSYRHGSRdRIHWTEGIWSVXSVIWGYI[SVOIVWJVSQWYGLWTEGIW-XMWXLIKSEPSJXLI'SQQMXXIIERHXLIHSGYQIRXXSTVSZMHI WEJITVEGXMGIWXSTVIZIRXJYVXLIVXVEKIHMIWXLEXXSSSJXIRSGGYVMRGSRdRIHWTEGIW

)HMXMSR

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

'311-88))4)67322)0



8IGLRMGEP'SQQMXXIISR'SRcRIH7TEGI7EJI;SVO4VEGXMGIW 0IWPMI()RKPMWL 'LEMV +VSZI,MPP%0?7)A %HEQ'.SRIW 7IGVIXEV] &YIGLIP*MVI4VSXIGXMSR(MWXVMGX/=?)A (EZMH1G0EYKLPMR 3VIKSR37,%36?)A .MQ)2SVVMW &YRKI2SVXL%QIVMGE13?9A 6IT2EXMSREP3MPWIIH4VSGIWWSVW%WWSGMEXMSR 1MGLEIP4EPQIV )R7EJI-RG82?7)A 6IT%QIVMGER-RHYWXVMEP,]KMIRI%WWR'SRdRIH7TEGIW 'SQQMXXII &SF%6YWG^IO 'IVXMdIH7EJIX]ERH,IEPXL1%?7)A .EQIW08]PIV :IWXEW36?9A 6IT%QIVMGER;MRH)RIVK]%WWSGMEXMSR &SF:MKHSV 8]GS7GSXX7EJIX]2'?1A 6IT-RXIVREXMSREP7EJIX])UYMTQIRX%WWSGMEXMSR (EZMH;EKRIV -RHYWXVMEP7GMIRXMdG'SVTSVEXMSR4%?1A 0EYVE,EVXPMRI;IIQW 'IRXIVJSV8S\MGSPSK]ERH)RZMVSRQIRXEP ,IEPXL%6?7)A ;MPPMEQ,;IIQW 7EJI7XEXI4VSKVEQ%0?7)A 6MGLEVH;VMKLX ;VMKLX6IWGYI7SPYXMSRW-RG*0?7)A 0ISREVH%=SYRK.V 1EWWEGLYWIXXW;EXIV6IWSYVGIW%YXLSVMX] 1%?0A 6IT%QIVMGER*IHIVEXMSRSJ7XEXI'SYRX] 1YRMGMTEP )QTPS]IIW .SLR>MQPMGL.V 0SYMWZMPPI+EW )PIGXVMG/=?9A

6MGO%VKYHMR 'ETMXEP7EJIX]88IGL&VMIJ7ITXIQFIV  '(' 4YFPMGEXMSRW 'IRXIV JSV (MWIEWI 'SRXVSP ERH 4VIZIRXMSR'PMJXSR6SEH%XPERXE+% 2EXMSREP -RWXMXYXI JSV 3GGYTEXMSREP 7EJIX] ERH ,IEPXL 2-37,  4VIZIRXMSR XLVSYKL (IWMKR 4PER JSV XLI 2EXMSREP -RMXMEd XMZI2SZIQFIV  '+% 4YFPMGEXMSRW 'SQTVIWWIH +EW %WWSGMEXMSR ;EPRI]6SEHXL*PSSV'LERXMPP]:% '+%'SQQSHMX]7TIGMcGEXMSRJSV%MV3GXSFIV  -'7 4YFPMGEXMSRW -RXIVREXMSREP 'LEQFIV SJ 7LMTTMRK 7X1EV]%\I0SRHSR9/)'%&, -RXIVREXMSREP 7EJIX] +YMHI JSV 3MP 8EROIVW ERH 8IVQMREPW -7+388 dJXLIHMXMSR  97 +SZIVRQIRX 4YFPMGEXMSRW 97 4YFPMWLMRK3JdGI;EWLMRKXSR('

+SZIVRQIRX

 %27- 4YFPMGEXMSRW %QIVMGER 2EXMSREP 7XERHEVHW -RWXMc XYXI-RG;IWXVH7XVIIXXL*PSSV2I[=SVO2=

8MXPI  'SHI SJ *IHIVEP 6IKYPEXMSRW 4EVX  d3GGYTEc XMSREP7EJIX]ERH,IEPXL7XERHEVHWe

%27-%-,%%77) > 3GGYTEXMSREP ,IEPXL ERH 7EJIX] 1EREKIQIRX7]WXIQW

8MXPI  'SHI SJ *IHIVEP 6IKYPEXMSRW 4EVX  d3GGYTEc XMSREP7EJIX]ERH,IEPXL7XERHEVHWJSV7LMT]EVH)QTPS]QIRXe

%27- > 7EJIX] MR ;IPHMRK 'YXXMRK ERH %PPMIH 4VSGIWWIW 

8MXPI  4EVX  d7EJIX] ERH ,IEPXL 6IKYPEXMSRW JSV 'SRWXVYGXMSRe

%27-%77) > 7EJIX] 6IUYMVIQIRXW JSV 'SRcRIH 7TEGIW 

97 (ITEVXQIRX SJ 8VERWTSVXEXMSR (38  4MTIPMRI ERH ,E^EVHSYW 1EXIVMEPW 7EJIX] %HQMRMWXVEXMSR )QIVKIRG] 6IWTSRWI +YMHIFSSO LXXTTLQWEHSXKSZWXEXMGdPIW4,17%(S[RPSEc HEFPI*MPIW*MPIW,E^QEX)6+THJ

%27-%77) > 4VIZIRXMSR 8LVSYKL (IWMKR +YMHIPMRIW JSV %HHVIWWMRK 3GGYTEXMSR ,E^EVHW  6MWOW MR XLI (IWMKR  6IHIWMKR 4VSGIWWIW

 3XLIV4YFPMGEXMSRW

%27-%77) > 6  'SRXVSP SJ ,E^EVHSYW )RIVK]0SGOSYX8EKSYX %PXIVREXMZI1IXLSHW

1IVVMEQ;IFWXIVgW 'SPPIKMEXI (MGXMSREV] XL IHMXMSR 1IVVMEQ;IFWXIV-RG7TVMRKdIPH1%

 %4- 4YFPMGEXMSRW %QIVMGER 4IXVSPIYQ -RWXMXYXI  0 7XVIIX2;;EWLMRKXSR('

 6IJIVIRGIWJSV)\XVEGXWMR%HZMWSV]7IGXMSRW

%4-8ERO-RWTIGXMSR6ITEMV%PXIVEXMSRERH6IGSRWXVYGXMSR  %4-7EJI;IPHMRKERH'YXXMRK4VEGXMGIWMR6IcRIVMIW+EWSd PMRI4PERXWERH4IXVSGLIQMGEP4PERXW %4-  6IUYMVIQIRX JSV 7EJI )RXV] ERH 'PIERMRK SJ 4IXVSPIYQ 8EROW

2*4%&7XERHEVHJSV*MVI4VIZIRXMSR(YVMRK;IPHMRK 'YXXMRKERH3XLIV,SX;SVOIHMXMSR 2*4%f2EXMSREP)PIGXVMGEP'SHIeIHMXMSR 2*4%6IGSQQIRHIH4VEGXMGISR7XEXMG)PIGXVMGMX] IHMXMSR 2*4%,IEPXL'EVI*EGMPMXMIW'SHIIHMXMSR

)HMXMSR

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK



7%*)'32*-2)(74%'))286=%2(;36/

2*4%*MVI4VSXIGXMSR7XERHEVHJSV4PIEWYVIERH'SQQIVGMEP 1SXSV'VEJXIHMXMSR 2*4%7XERHEVHJSVXLI7EJIKYEVHMRKSJ8EROWERH'SRXEMRd IVWJSV)RXV]'PIERMRKSV6ITEMVIHMXMSR 2*4%7XERHEVHJSV8IGLRMGEP6IWGYIV4VSJIWWMSREP5YEPMce GEXMSRW IHMXMSR 2*4%7XERHEVHJSV-RGMHIRX1EREKIQIRX4IVWSRRIP4VSJIWd WMSREP5YEPMcGEXMSRW IHMXMSR 2*4%7XERHEVHJSVE*MVIERH)QIVKIRG]7IVZMGI:ILMGPI 3TIVEXMSRW8VEMRMRK4VSKVEQIHMXMSR 2*4%7XERHEVHJSV*MVI(ITEVXQIRX7EJIX]3JcGIV4VSJIWWMSd REP5YEPMcGEXMSRW IHMXMSR 2*4%7XERHEVHSR)QIVKIRG]7IVZMGIW-RGMHIRX1EREKId QIRX7]WXIQERH'SQQERH7EJIX]IHMXMSR 2*4%7XERHEVHSR3TIVEXMSRWERH8VEMRMRKJSV8IGLRMGEP 7IEVGLERH6IWGYI-RGMHIRXWIHMXMSR 'LETXIV(IcRMXMSRW  +IRIVEP 8LI HIdRMXMSRW GSRXEMRIH MR XLMW GLETXIV ETTP] XSXLIXIVQWYWIHMRXLMWKYMHI;LIVIXIVQWEVIRSXHIdRIHMR XLMW GLETXIV SV[MXLMR ERSXLIV GLETXIVXLI] EVI HIdRIHYWMRK XLIMVSVHMREVMP]EGGITXIHQIERMRKW[MXLMRXLIGSRXI\XMR[LMGL XLI] EVI YWIH 1IVVMEQ;IFWXIVgW 'SPPIKMEXI (MGXMSREV] XL IHMXMSRMWXLIWSYVGIJSVXLISVHMREVMP]EGGITXIHQIERMRK  2*4%3JcGMEP (IcRMXMSRW  +YMHI % HSGYQIRX XLEX MW EHZMWSV] SV MRJSVQEXMZI MR REXYVI ERH XLEX GSRXEMRW SRP] RSRQERHEXSV] TVSZMWMSRW % KYMHIQE]GSRXEMRQERHEXSV]WXEXIQIRXWWYGLEW[LIREKYMHI GER FI YWIH FYX XLI HSGYQIRX EW E [LSPI MW RSX WYMXEFPI JSV EHSTXMSRMRXSPE[  +IRIVEP(IcRMXMSRW  %GGITXEFPI )RXV] 'SRHMXMSRW 'SRHMXMSRW XLEX QIIX EPP IRXV] VIUYMVIQIRXW WTIGMdIH MR XLI GSRdRIH WTEGI TVSKVEQ ERHEPPIRXV]GSRHMXMSRWPMWXIHSRXLIIRXV]TIVQMX  %GGMHIRX %R YRTPERRIH SGGYVVIRGI [LMGL VIWYPXW MR E PSWWWYGLEWYRMRXIRHIHMRNYV]MPPRIWWHIEXLTVSTIVX]HEQEKI SVHEQEKIXSXLIIRZMVSRQIRX?A  %HNEGIRX 7TEGI 8LSWI WTEGIW MR EPP HMVIGXMSRW JVSQ WYFNIGX WTEGI MRGPYHMRK TSMRXW SJ GSRXEGX MRXIVREP ERH I\XIVc REP WYGL EW HIGOW WYQTW eSEXMRK VSSJW WIGSRHEV] GSRXEMRc QIRX EVIEW MRXIVWXMXMEP WTEGIW YRHIV eSSVW WYTTSVXW XERO XSTWERHFYPOLIEHW?A  %HQMRMWXVEXMZI 'SRXVSPW ;SVO 4VEGXMGI 'SRXVSPW  ;SVO TVSGIHYVIW WYGL EW [VMXXIR WEJIX] TSPMGMIW VYPIW WYTIVZMWMSR WGLIHYPIWERHXVEMRMRK[MXLXLIKSEPSJVIHYGMRKXLIHYVEXMSR JVIUYIRG]ERHWIZIVMX]SJI\TSWYVIXSLE^EVHSYWWMXYEXMSRW  %MV 'LERKIW TIV ,SYV %R EQSYRX SJ EMV IUYEP XS XLI KVSWWZSPYQISJXLIEMVTEWWMRKXLVSYKLEGSRdRIHWTEGIMRER LSYV  %MV1SZMRK (IZMGIW  8IVQ XLEX MRGPYHIW ZIRXYVMX]TI HIZMGIWXLEXI\LEYWXSRP] IHYGXSVW ERHJERSVFPS[IVW]WXIQW  %\MEP*PS[ *ERW  % JER [LIVI XLI EMV eS[ XLVSYKL XLIMQTIPPIVMWTEVEPPIPXSXLIWLEJXSR[LMGLXLIMQTIPPIVMW QSYRXIH;MXLMRXLMWGEXIKSV]SJIUYMTQIRXXLIVIEVIXLVII X]TIWlTVSTIPPIVXYFIE\MEPERHZERIE\MEP

)HMXMSR

 'IRXVMJYKEP*PS[*ERW %JERXLEXMRGPYHIWE[LIIPSV VSXSVQSYRXIHSREWLEJXXLEXVSXEXIW[MXLMREWGVSPPWLETIH LSYWMRK [LMGL EPPS[W EMV XS IRXIV XLI GIRXIV SJ XLI VSXSV ERHQSZI[MXLGIRXVMJYKEPJSVGIEXVMKLXERKPIWXLVSYKLXLI VSXSVFPEHIWERHMRXSXLILSYWMRK  :IRXYVM8]TI )HYGXSVW  %VI EPWS ORS[R EW EMV INIGc XSVWEMVIHYGXSVWSVEMVLSVRWXLIWIHIZMGIWSTIVEXISRXLI ZIRXYVM TVMRGMTPI [LIVI EMV QSZMRK XLVSYKL XLI LSVR MRGVIEWIW MR ZIPSGMX] EW MX TEWWIW XLVSYKL XLI WQEPPIV GVSWW WIGXMSREP EVIE ERH I\MXW XLI LSVR 8LI] EVI GSQQSRP] TS[IVIHF]EMVSVWXIEQ;LIRYWMRKEMVXLIWIHIZMGIW[SVO EWWYTTP]SVI\LEYWXFYX[LIRYWMRKWXIEQEWXLIWSYVGISJ TS[IVXLI]WLSYPHSRP]FIYWIHJSVI\LEYWXZIRXMPEXMSR  %XQSWTLIVMG 1SRMXSVMRK 8LIEGXSJ YWMRK ETSVXEFPI SV d\IH KEW QSRMXSV XS WEQTPI XLI EXQSWTLIVI MR SV EVSYRH E GSRdRIH WTEGI XS HIXIVQMRI XLI PIZIP SJ LE^EVHSYW KEWISYW GSRXEQMRERXWTVIWIRX  %XXIRHERX % TIVWSR [LS MW UYEPMdIH XS FI WXEXMSRIH SYXWMHI GSRdRIH WTEGIW [LS QSRMXSVW EYXLSVM^IH )RXVERXW ERH[LSTIVJSVQWWTIGMdIHEXXIRHERXHYXMIW  &SRHMRK *SV XLI TYVTSWI SJ GSRXVSPPMRK WXEXMG IPIGXVMG LE^EVHW XLI TVSGIWW SJ GSRRIGXMRK X[S SV QSVI GSRHYGXMZI SFNIGXWXSKIXLIVF]QIERWSJEGSRHYGXSVWSXLEXXLI]EVIEXXLI WEQIIPIGXVMGEPTSXIRXMEPFYXRSXRIGIWWEVMP]EXXLIWEQITSXIRc XMEPEWXLIIEVXL?A  &VIEXLMRK 5YEPMX] %MV 9RGSRXEQMREXIH EMV [MXL ER S\]KIR GSRXIRX FIX[IIR  ERH  TIVGIRX 7SYVGIW SJ FVIEXLMRKUYEPMX]EMVQE]MRGPYHI EQFMIRXEMVJVSQXLIEXQSWc TLIVISV+VEHI(FVIEXLMRKEMVJVSQEGSQTVIWWSVSVG]PMRHIV  &YQT 8IWXMRK % UYEPMXEXMZI JYRGXMSR GLIGO [LIVI E GLEPPIRKI KEW MW TEWWIH SZIV XLI WIRWSV W  EX E GSRGIRXVEXMSR ERHI\TSWYVIXMQIWYJdGMIRXXSEGXMZEXIEPPEPEVQMRHMGEXSVWXS TVIWIRXEXPIEWXXLIMVPS[IVEPEVQWIXXMRK  'SPH ;SVO ;SVO XLEX HSIW RSX LEZI XLI TSXIRXMEP XS TVSHYGIIRSYKLXLIVQEPIRIVK]XSFIERMKRMXMSRWSYVGI  'SRcRIH7TEGI %WTEGIXLEX  MWPEVKIIRSYKLERH WS GSRdKYVIH XLEX E TIVWSR GER FSHMP] IRXIV ERH TIVJSVQ EWWMKRIH[SVO  LEWPMQMXIHSVVIWXVMGXIHQIERWJSVIRXV]SV I\MXERH  MWRSXHIWMKRIHJSVGSRXMRYSYWSGGYTERG]  'SRcRIH7TEGI )RXV] -RGPYHIWIRWYMRK [SVO EGXMZMXMIW MREGSRdRIHWTEGIERHMWGSRWMHIVIHXSLEZISGGYVVIHEWWSSR EWER]TEVXSJXLIIRXVERXiWFSH] FVIEOWXLITPERISJ ERSTIRc MRKMRXSXLIWTEGI?A  'SRcRIH 7TEGI 6IWGYI 7IVZMGI 8LI GSRdRIH WTEGI VIWGYI XIEQ HIWMKREXIH F] XLI 3[RIV3TIVEXSV SV )RXVERX )QTPS]IV XS VIWGYI ZMGXMQW JVSQ [MXLMR GSRdRIH WTEGIW MRGPYHMRKSTIVEXMSREPERHXIGLRMGEPPIZIPWSJMRHYWXVMEPQYRMGMc TEPERHI\XIVREPWIVZMGITVSZMHIVW  'SRcRIH 7TEGI 6IWGYI 8IEQ % GSQFMREXMSR SJ MRHMc ZMHYEPWXVEMRIHIUYMTTIHERHEZEMPEFPIXSVIWTSRHXSGSRdRIH WTEGIIQIVKIRGMIW  'SRXVEGXSV )QTPS]IVW [LS TIVJSVQ [SVO YRHIV GSRXVEGX XS 3[RIVW3TIVEXSVW EX XLI 3[RIVgW3TIVEXSVgW GSRdRIHWTEGI[SVOWMXI  7YFGSRXVEGXSV )QTPS]IVW [LSTIVJSVQ[SVOYRHIV GSRXVEGXXSXLITVMQEV]GSRXVEGXSV

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

()*-2-8-327



 (IKEWWMRK 8LI TVSGIWW SJ GSPPIGXMRK S\MHM^MRK SV XVIEXMRKZETSVWERHKEWIWI\TIPPIHJVSQEXEROSVZIWWIPWSEWXS TVIZIRX SV VIHYGI XLI EQSYRX SJ SVKERMG ZSPEXMPI GSQTSYRHW VIPIEWIH MRXS XLI EXQSWTLIVI HYVMRK ZETSV ERH KEW JVIIMRK STIVEXMSRW

 -WSPEXMSR 7TIGMEPMWX 4IVWSR VIWTSRWMFPI JSV TVSXIGXc MRKXLIGSRdRIHWTEGIJVSQXLIYR[ERXIHVIPIEWISJIRIVK] IPIGXVMGEPQIGLERMGEPERHSVL]HVEYPMG EW[IPPEWPMUYMHW KEWIW GLIQMGEPW ERH SXLIV QEXIVMEPW MQTEGXMRK YTSR XLI WTEGI

 )RKMRIIVMRK 'SRXVSPW % QIXLSH SJ VIHYGMRK I\TSWYVI XSEGLIQMGEPSVTL]WMGEPLE^EVHXLVSYKLXLITVEGXMGISJIPMQMc REXMSRHIWMKRVIHIWMKRMWSPEXMSRSVWYFWXMXYXMSR

 ,E^EVH )ZEPYEXMSR 8LI TVSGIWW SJ MHIRXMJ]MRK LE^EVHW SVTSXIRXMEPLE^EVHWERHXLIRHIXIVQMRMRKXLIVMWOSVTSXIRXMEP VMWOSJIEGLLE^EVHMHIRXMdIH

 )RXVERX 4IVWSREYXLSVM^IHXSIRXIVEGSRdRIHWTEGI

 ,E^EVH -HIRXMcGEXMSR 8LI HIXIVQMREXMSR SJ TVIWIRX ERH TSXIRXMEP TL]WMGEP GLIQMGEP EXQSWTLIVMG QIGLERMGEP IPIGXVMGEP IRZMVSRQIRXEP ERH FMSPSKMGEP LE^EVHW MR ERH EVSYRH E GSRdRIH WTEGI EW [IPP EW LE^EVHW IPWI[LIVI MR XLI JEGMPMX]SVZMGMRMX]XLEXQE]MQTEGXGSRdRIHWTEGISTIVEXMSRW

 )RXVERX )QTPS]IV 8LI TIVWSR W  SV SVKERM^EXMSR VIWTSRWMFPIJSVTIVWSRRIPYRHIVXLIMVIQTPS][LSQEOIIRXV] MRXSEGSRdRIHWTEGI  )RXV] 7II'SRdRIH7TEGI)RXV]  )RXV] 7YTIVZMWSV 8LI TIVWSR W  VIWTSRWMFPI JSV SZIVc WIIMRKIRXV]STIVEXMSRWJSVEKMZIRGSRdRIHWTEGI  )RXV]8]TI 6IWGYI )RXV] 6IWGYI  6IQSZEP SJ )RXVERX W JSVVIWGYIVIUYMVMRKIRXV]MRXSEGSRdRIHWTEGI  )\TPSWMSRTVSSJ 6IJIVVMRKXS ETTEVEXYW IRGPSWIH MR E GEWIXLEXMWGETEFPISJ[MXLWXERHMRKERI\TPSWMSRSJEWTIGMdIH KEW SV ZETSV XLEX QMKLX SGGYV [MXLMR MX ERH SJ TVIZIRXMRK XLI MKRMXMSRSJEWTIGMdIHKEWSVZETSVWYVVSYRHMRKXLIIRGPSWYVI F] WTEVOW eEWLIWSVI\TPSWMSR SJ XLI KEWSV ZETSV [MXLMRERH XLEXSTIVEXIWEXWYGLERI\XIVREPXIQTIVEXYVIXLEXEWYVVSYRHc MRK eEQQEFPI EXQSWTLIVI [MPP RSX FI MKRMXIH XLIVIF] ? A  *EPP %VVIWX % W]WXIQ MRXIRHIH XS WXST E [SVOIVgW JEPP FIJSVIXLI[SVOIVLMXWXLIWYVJEGIFIPS[  *EPP 6IWXVEMR % TIVWSREP JEPP TVSXIGXMSR W]WXIQ XS TVIZIRX E [SVOIV JVSQ XVEZIPMRK XS ER IHKI JVSQ [LMGL XLI [SVOIVGSYPHJEPP  +EW 1SRMXSV % HMVIGXVIEHMRK TSVXEFPI MRWXVYQIRX HIWMKRIH XS HIXIGX LE^EVHSYW KEWIW ERH ZETSVW MRGPYHMRK FYX RSX PMQMXIH XS S\]KIR GSQFYWXMFPI KEW ERH E ZEVMIX]SJ XS\MG KEWGSQTSRIRXWSV:3'W  +EW 8IWXIV 5YEPMdIHTIVWSR W  VIWTSRWMFPI JSVSTIVEXc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c RIRXIWWIRXMEPGLEVEGXIVMWXMGSVEXXVMFYXISJXLIWTEGI  -RXVSHYGIH ,E^EVHW ,E^EVHW RSX RSVQEPP] EWWSGMc EXIH [MXL XLI WTEGIgW TYVTSWISV TVSGIWWIW FYX EVIFVSYKLX MRXS XLI WTEGI SV EHNSMRMRK EVIE W  HIPMFIVEXIP] SV MREHZIVc XIRXP]

 ,E^EVHSYW%XQSWTLIVI %R]EXQSWTLIVIXLEXMWS\]KIR IRVMGLIHSVS\]KIRHIdGMIRXGSRXEMRWEXS\MGSVGSRXEQMRERX MWTSXIRXMEPP]eEQQEFPISVI\TPSWMZISVMWMQQIHMEXIP]HERKIVc SYWXSPMJIERHLIEPXL  ,MKL %RKPI 6IJIVW XS ER IRZMVSRQIRX MR [LMGL XLI PSEH MW TVIHSQMRERXP] WYTTSVXIH F] XLI VSTI VIWGYI W]WXIQ ?A  ,SX;SVO %R]EGXMZMX]XLEXGVIEXIWEWSYVGISJMKRMXMSR MRGPYHMRK FYX RSX PMQMXIH XS [IPHMRK GYXXMRK STIR eEQIW JVMGXMSREP LIEX SV WTEVOW WQSOMRK ERH STIVEXMSR SJ MRXIVREP GSQFYWXMSRIRKMRIW  -(0, -QQIHMEXIP]HERKIVSYWXSPMJISVLIEPXL  -RGMHIRX 1EREKIQIRX 7]WXIQ -17  % W]WXIQ XLEX HIdRIWXLIVSPIWERHVIWTSRWMFMPMXMIWXSFIEWWYQIHF]VIWTSRHc IVW ERH XLI WXERHEVH STIVEXMRK TVSGIHYVIW XS FI YWIH MR XLI QEREKIQIRX ERH HMVIGXMSR SJ IQIVKIRG] MRGMHIRXW ERH SXLIV JYRGXMSRW?A  -RIVX+EW %RSRVIEGXMZIRSReEQQEFPIRSRGSVVSWMZI KEWWYGLEWEVKSRSVRMXVSKIR  -RIVXMRK 8LIHMWTPEGIQIRXSJKEWSVZETSVWERHS\]KIR EMV  YWMRK ERMRIVX KEWXSIPMQMREXI XLI TSWWMFMPMX] SJE TSXIRc XMEPP]eEQQEFPIEXQSWTLIVIMREGSRdRIHWTEGI  -RXVMRWMGEPP]7EJI %WETTPMIHXSIUYMTQIRXERH[MVMRK IUYMTQIRXERH[MVMRKXLEXEVIMRGETEFPISJVIPIEWMRKWYJdGMIRX IPIGXVMGEP IRIVK] YRHIV RSVQEP SV EFRSVQEP GSRHMXMSRW XS GEYWI MKRMXMSR SJ E WTIGMdG LE^EVHSYW EXQSWTLIVMG QM\XYVI ?A  .SF,E^EVH %REP]WMW .,%  %WEJIX]QEREKIQIRXVMWO EWWIWWQIRX 6%  XIGLRMUYI XLEX MW YWIH XS HIdRI ERH GSRXVSP XLIEGXYEPSVTSXIRXMEPLE^EVHWEWWSGMEXIH[MXLER]TVSGIWWNSF SVTVSGIHYVI  0SGOSYX %QIXLSHJSVOIITMRKIUYMTQIRXJVSQFIMRK WIXMRQSXMSRERHIRHERKIVMRK[SVOIVW WIIEPWS8EKSYX  ?A  0S[IV )\TPSWMZI 0MQMX 0)0  8LI PS[IWX ZSPYQI GSRGIRXVEXMSR SJ E GSQFYWXMFPI KEW SV ZETSV XLEX [LIR QM\IH [MXLEMV[MPPMKRMXIGVIEXMRKE dVISVI\TPSWMSR EPWSORS[REW PS[IVeEQQEFPIPMQMXSV0*0   1EMRXIRERGI 8LI VSYXMRI VIGYVVMRK [SVO VIUYMVIH XS OIIT E JEGMPMX] IK TPERX FYMPHMRK WXVYGXYVI KVSYRH JEGMPMX] YXMPMX] W]WXIQ SV SXLIV VIEP TVSTIVX]  SV IUYMTQIRX MR WYGL GSRHMXMSRXLEXMXGERFIGSRXMRYSYWP]YXMPM^IHEXMXWSVMKMREPSV HIWMKRIHGETEGMX]ERHIJdGMIRG]JSVMXWMRXIRHIHTYVTSWI

)HMXMSR

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK



7%*)'32*-2)(74%'))286=%2(;36/

 1EREKIQIRXSJ'LERKI 13'  %W]WXIQYWIHXSIZEPc YEXIERHEHHVIWWXLIMQTEGXWSJGLERKIW  2SRIRXV] 6IWGYI 6IXVMIZEP  6IQSZEP SJ )RXVERX W JSVVIWGYIRSXVIUYMVMRKIRXV]MRXSEGSRdRIHWTEGI  3GGYTEXMSREP )\TSWYVI 0MQMX 3)0  8LI QE\MQYQ EQSYRX SJ E LE^EVHSYW QEXIVMEP XLEX E [SVOIV WLSYPH FI I\TSWIHXSJSVEKMZIRTIVMSHSJXMQIEPWSORS[REWTIVQMWWMc FPI I\TSWYVI PMQMX 4)0  37,%  VIGSQQIRHIH I\TSWYVI PMQMX 6)0  2-37,  ERH XLVIWLSPH PMQMX ZEPYI 80: %'+-,   3[RIV3TIVEXSV 8LI TIVWSR W  SV SVKERM^EXMSR VIWTSRWMFPIJSVEPPGSRdRIHWTEGIW[MXLMREKMZIRJEGMPMX]  4EXMIRX4EGOEKMRK 8LITVSGIWWSJWIGYVMRKEWYFNIGXMR EXVERWJIVHIZMGI[MXLVIKEVHXSI\MWXMRKERHTSXIRXMEPMRNYVMIW MPPRIWWWSEWXSEZSMHJYVXLIVLEVQHYVMRKQSZIQIRX  4IEO :EPYI 8LI LMKLIWX QIEWYVIH GSRGIRXVEXMSR SJ GSQFYWXMFPISVXS\MGKEWGSQTSRIRXWERHXLIPS[IWXQIEWYVIH PIZIPSJS\]KIREWHIXIGXIHF]EKEWQSRMXSV  4IVMSHMG 3GGYVVMRK SV VIGYVVMRK EX VIKYPEV TVIHIXIVc QMRIHSVWTIGMdIHMRXIVZEPW  4IVQMX 6IUYMVIH 'SRcRIH 7TEGI 4IVQMX 7TEGI  % GSRdRIHWTEGIXLEXLEWSRISVQSVISJXLIJSPPS[MRKGLEVEGXIVc MWXMGW  GSRXEMRWSVLEWXLITSXIRXMEPXSGSRXEMRELE^EVHSYW EXQSWTLIVI   GSRXEMRW E QEXIVMEP XLEX LEW XLI TSXIRXMEP JSV IRKYPdRK ER )RXVERX   LEW ER MRXIVREP GSRdKYVEXMSR WYGL XLEX ER )RXVERX GSYPH FI XVETTIH SV EWTL]\MEXIH F] MR[EVHP] GSRZIVKMRK[EPPWSVF]EeSSVXLEXWPSTIWHS[R[EVHERHXETIVW XSEWQEPPIVGVSWWWIGXMSRSV  GSRXEMRWER]SXLIVVIGSKRM^IH WIVMSYWWEJIX]SVLIEPXLLE^EVH  4IVWSREP4VSXIGXMZI)UYMTQIRX 44)  %PPGPSXLMRKERH SXLIV HIZMGIW [SVR F] E [SVOIV XS TVSXIGX EKEMRWX [SVOTPEGI LE^EVHW  441 4EVXWTIVQMPPMSR  4VI-RGMHIRX 6IWGYI %GXMSR 4PER 6IWGYI TVITPER JSV TSXIRXMEPGSRdRIHWTEGIIQIVKIRGMIW  4VIZIRXMSR XLVSYKL (IWMKR 4X(  % GSRGITX XLEX WXYHc MIWXLIWEJIX]MQTEGXWHYVMRKXLIMRMXMEPHIWMKRTLEWIERHWIIOW XS IPMQMREXI LE^EVHW ERH VIHYGI VMWOW VEXLIV XLER VIP]MRK SR VIEGXMZILE^EVHMWSPEXMSRERHGSRXVSPETTVSEGLIW  5YEPMcIH 4IVWSR % TIVWSR [LS F] TSWWIWWMSR SJ E VIGSKRM^IH HIKVII GIVXMdGEXI TVSJIWWMSREP WXERHMRK SV WOMPP ERH[LSF]ORS[PIHKIXVEMRMRKERHI\TIVMIRGILEWHIQSRc WXVEXIHXLIEFMPMX]XSHIEP[MXLTVSFPIQWVIPEXMRKXSETEVXMGYPEV WYFNIGXQEXXIVXLI[SVOSVXLITVSNIGX?A  6IWGYI %XXIRHERX % TIVWSR [LS MW UYEPMdIH XS FI WXEXMSRIHSYXWMHIEGSRdRIHWTEGIXSQSRMXSVVIWGYI)RXVERXW WYQQSREWWMWXERGIERHTIVJSVQRSRIRXV]VIWGYIW

 6IXVMIZEP 7II2SRIRXV]6IWGYI  6IXVMIZEP )UYMTQIRX 0MJI WEJIX] GSQTSRIRXW XLEX GER MRGPYHIFYXEVIRSXPMQMXIHXSLEVRIWWIWVSTIWTYPPI]WGEFPI [MRGLIWERHTSVXEFPIERGLSVWXLEXGERFIEWWIQFPIHXSGVIEXI EVIXVMIZEPW]WXIQ  6IXVMIZEP0MRIW 7II6IXVMIZEP7]WXIQ  6IXVMIZEP 7]WXIQ 'SQFMREXMSRW SJ VIWGYI IUYMTQIRX YWIHJSVRSRIRXV] I\XIVREP VIWGYISJTIVWSRWJVSQGSRdRIH WTEGIW?A  6MWO 8LI TVSFEFMPMX] XLEX E WYFWXERGI SV WMXYEXMSR [MPP TVSHYGI LEVQ YRHIV WTIGMdIH GSRHMXMSRW 6MWO MW E GSQFMREc XMSRSJX[SJEGXSVW  XLITVSFEFMPMX]XLEXEREHZIVWIIZIRX[MPP SGGYV ERH   XLI WIZIVMX] SJ XLI GSRWIUYIRGIW SJXLI EHZIVWI IZIRX  6MWO%WWIWWQIRX %TVSGIWWJSVW]WXIQEXMGEPP]IZEPYEXMRK VMWO XLEX GSRWMHIVW XLI WIZIVMX] SJ GSRWIUYIRGIW ERH XLI PMOIPMc LSSHXLEXXLIEHZIVWIIZIRX[MPPSGGYV  6STI 6IWGYI  8LI YWI SJ W]WXIQW GSQTVMWIH SJ VSTI VIWGYIIUYMTQIRX[LMGLGERMRGPYHIPMJIWEJIX]VSTIPMJIWEJIX] LEVRIWWIW ERH EY\MPMEV] IUYMTQIRX ERH ER ETTVSTVMEXI ERGLSVW]WXIQXSVIQSZIETIVWSRJVSQERYRXIREFPITSWMXMSR  7EJIX] 3JcGIV % QIQFIV SJ XLI GSQQERH WXEJJ VIWTSRWMFPI JSV QSRMXSVMRK ERH EWWIWWMRK WEJIX] LE^EVHW SV YRWEJI WMXYEXMSRW ERH JSV HIZIPSTMRK QIEWYVIW JSV IRWYVMRK TIVWSRRIPWEJIX]?A  7IPJ'SRXEMRIH&VIEXLMRK%TTEVEXYW 7'&%  %VIWTMVEc XSV[SVRF]XLIYWIVXLEXWYTTPMIWEVIWTMVEFPIEXQSWTLIVIXLEX MW IMXLIV GEVVMIH MR SV KIRIVEXIH F] XLI ETTEVEXYW ERH XLEX MW MRHITIRHIRXSJXLIEQFMIRXIRZMVSRQIRX  7TER 'EPMFVEXMSR 8LI EHNYWXQIRX SJ XLIKEW QSRMXSVgW WIRWSV VIWTSRWI XS QEXGL XLI HIWMVIH ZEPYI GSQTEVIH XS E ORS[RXVEGIEFPIGSRGIRXVEXMSRSJXIWXKEW  7XERHEVH 3TIVEXMRK 4VSGIHYVIW 734  % [VMXXIR SVKERM^EXMSREP HMVIGXMZI XLEX IWXEFPMWLIW SV TVIWGVMFIW WTIGMdG STIVEXMSREPSVEHQMRMWXVEXMZIQIXLSHWXSFIJSPPS[IHVSYXMRIP] JSVXLITIVJSVQERGISJHIWMKREXIHSTIVEXMSRWSVEGXMSRW  7XERHF] ;SVOIV 4IVWSR EWWMKRIH XS TIVJSVQ [SVO MR WYTTSVXSJGSRdRIHWTEGISTIVEXMSRW  7YTTPMIH %MV 6IWTMVEXSV 7%6  % VIWTMVEXSV [SVR F] XLIYWIVXLEXWYTTPMIWEVIWTMVEFPIEXQSWTLIVIXLEXMWKIRIVEXIH F]EVIQSXIWSYVGIERHGSRRIGXIHZMEELSWIPMRI  8EKSYX % QIXLSH SJ XEKKMRK PEFIPMRK SV SXLIV[MWI QEVOMRK ER MWSPEXMSR HIZMGI HYVMRK LE^EVH EFEXIQIRX STIVEc XMSRW XS TVIZIRX EGGMHIRXEP VIQSZEP SJ XLI HIZMGI 7II EPWS 0SGOSYX ?A

 6IWGYI)RXVERX %TIVWSRIRXIVMRKEGSRdRIHWTEGIJSV XLIWTIGMdGTYVTSWISJVIWGYI

 :ETSV ERH +EW *VIIMRK 8LI VIQSZEP SJ eEQQEFPI SV XS\MG ZETSVW ERH KEWIW JVSQ E XERO F] HMWTPEGIQIRX SV XLI VIHYGXMSRSJXLITIVGIRXEKISJZETSVWERHKEWIWMRXLIXEROXS EWEJIPIZIPF]HMPYXMSR[MXLJVIWLEMV

 6IWGYI 4PER  7II  4VI-RGMHIRX 6IWGYI %GXMSR 4PER

 :IRXMPEXMSR 8LIGLERKMRKSJEMV[MXLMREGSQTEVXQIRX F]REXYVEPSVTS[IVIHQIERW?A

 6IWGYI7YTIVZMWSVW 8LITIVWSR W MRGLEVKISJQEREKc MRKXLIEGXMSRWSJEXIEQTIVJSVQMRKEVIWGYI

 :IRXMPEXMSR7TIGMEPMWX 4IVWSRVIWTSRWMFPIJSVHIXIVQMRc MRKZIRXMPEXMSRRIIHWXSGSQTP][MXLTIVQMXVIUYMVIQIRXW

 6IWGYIV %TIVWSRXLEXTIVJSVQWGSRdRIHWTEGIVIWGYI

)HMXMSR

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

+)2)6%0

 :SPEXMPI3VKERMG'SQTSYRH :3'  3VKERMGGLIQMGEPW XLEXLEZIELMKLZETSVTVIWWYVIEXSVHMREV]VSSQXIQTIVEXYVI 8LIMV LMKL ZETSV TVIWWYVI VIWYPXW JVSQ E PS[ FSMPMRK TSMRX [LMGLGEYWIWPEVKIRYQFIVWSJQSPIGYPIWXSIZETSVEXISVWYFPMc QEXIJVSQXLIPMUYMHSVWSPMHJSVQSJXLIGSQTSYRHERHIRXIV XLIWYVVSYRHMRKEMV  >IVSMRK 8LIEGXSJWIXXMRKXLIFEWIPMRIVIWTSRWISJXLI KEW QSRMXSVgW WIRWSVW MR GPIER EMV XS  TIVGIRX JSV S\]KIR ERHTIVGIRXJSVEPPSXLIVQIEWYVIHKEWGSQTSRIRXW 'LETXIV-HIRXMcGEXMSRSJ'SRcRIH7TEGIW;MXLMRE ;SVOTPEGI  -HIRXMcGEXMSR ERH (SGYQIRXEXMSR SJ 'SRcRIH 7TEGIW 8LI 3[RIV3TIVEXSV MW VIWTSRWMFPI JSV IZEPYEXMRK ERH HSGYc QIRXMRK GSRdRIH WTEGIW MR XLI IRXMVI JEGMPMX] MRGPYHMRK FYX RSXPMQMXIHXSHIXEGLIHFYMPHMRKWWXVYGXYVIWWI[IVWERHHVEMRc EKI XVIRGLIW XEROW ZIWWIPW GSRXEMRIVW XYRRIPW ZEYPXW QERLSPIW ERH TVSTIVX] KVSYRHW XS HIXIVQMRI MJ XLIVI EVI GSRdRIH WTEGIW TVIWIRX XLEX EVI GSRdKYVIH WS XLI] GSYPH FI IRXIVIHF]IQTPS]IIWGSRXVEGXSVWXLITYFPMGSVZMWMXSVWXSXLI JEGMPMX]  -HIRXMcGEXMSR SJ 'SRcRIH 7TEGIW (YVMRK 'SRWXVYGXMSR %PP GSRWXVYGXMSR EGXMZMX] WLSYPH FI IZEPYEXIH XS HIXIVQMRI MJ GSRdRIHWTEGIWQE] FI TVIWIRX SVGVIEXIH EXER]XMQIHYVMRK ZEVMSYW GSRWXVYGXMSR TLEWIW -J GSRdRIH WTEGIW EVI MHIRXMdIH XLIWI IZEPYEXMSRW WLSYPH FI HSGYQIRXIH ERH QEREKIH MR EGGSVHERGI[MXLEGSRdRIHWTEGITVSKVEQ  (IXIVQMREXMSRSJ'SRcRIH7TEGIW 7TEGIWXLEXWLSYPHFI IZEPYEXIH XS HIXIVQMRI MJ XLI] GSYPH FI GSRdRIH WTEGIW MRGPYHI XLSWI XLEX LEZI EPP XLVII SJ XLI JSPPS[MRK GLEVEGXIVMWc XMGW  



%VI PEVKI IRSYKL ERH WS GSRdKYVIH XLEX E TIVWSR GER FSHMP]IRXIVERHTIVJSVQEWWMKRIH[SVO ,EZIPMQMXIH SV VIWXVMGXIH QIERW JSV IRXV] ERH I\MX %R] WTEGIXLEXVIUYMVIWEPEHHIVXSEGGIWWSVVIUYMVIWE[SVOIV XSGVE[PSVGSRXSVXLMWSVLIVFSH]XSIRXIVSVI\MXGSYPH FI GSRWMHIVIH E GSRdRIH WTEGI 2SRWXERHEVH WXEMVGEWIW WYGLEWWTMVEPWXEMVWSVWLMTWgPEHHIVWGSYPHEPWSFIGSRWMHc IVIHXSLEZIPMQMXIHEGGIWWSVVIWXVMGXIHQIERWSJIKVIWW 3JXIR XLIWI WTEGIW EVI PSGEXIH FIPS[ KVEHI SV VIUYMVI HIWGIRXMRXSEWTEGI8LIVIEVIEPWSGSRdRIHWTEGIWWYGL EW[EXIVXEROW,:%'W]WXIQWERH[MRHXYVFMRIWXLEXEVI X]TMGEPP] PSGEXIH EFSZIKVSYRH3XLIVWTEGIW F]ZMVXYI SJ XLI HMWXERGI E [SVOIV [SYPH LEZI XS XVEZIP XS I\MX XLI WTEGI MR ER IQIVKIRG] QE] FI GSRWMHIVIH XS LEZI PMQMc XIHQIERWSJI\MX %VI RSX HIWMKRIH JSV GSRXMRYSYW LYQER SGGYTERG] 8LIWIEVIWTEGIW[LIVIIQTPS]IIW[SYPHRSXRSVQEPP]FI EWWMKRIH JSV [SVO 8LI] EVI WTEGIW [LIVI E HIWO GSQTYXIVSVTLSRI [SYPHRSX FI TPEGIHFYX XLEXQMKLX RIIH XS FI IRXIVIH JSV RSRVSYXMRI MRWTIGXMSR QEMRXIc RERGI SV VITEMV [SVO 9XMPMX] ZEYPXW GVE[P WTEGIW XEROW ERH FIPS[KVEHI WXVYGXYVIW EVI I\EQTPIW SJ WTEGIW XLEX X]TMGEPP] EVI RSX HIWMKRIH JSV GSRXMRYSYW LYQER SGGYc TERG]

 7MKRW 'SRdRIH WTEGIW WLSYPH LEZI TSWXIH WMKRW XEKW SV PEFIPWHIRSXMRKXLIQEWGSRdRIHWTEGIWERHTVSLMFMXMRKYREYc XLSVM^IH IRXV] -R JEGMPMXMIW [MXL WMQMPEV VIGSKRM^EFPI SV QYPXMc TPI GSRdRIH WTEGIW WYGL EW WXSVEKI XERO JEGMPMXMIW SV [SVOTPEGIW[MXLQYPXMTPIQERLSPIW XLI3[RIV3TIVEXSVQE]



GLSSWIXSMHIRXMJ]WYGLWTEGIW[MXLJEGMPMX]WMKREKIERHSVMHIRc XMJ]XLIWTEGIWMRXLIMV[VMXXIRGSRdRIHWTEGITVSKVEQWMRPMIY SJ MRHMZMHYEP WMKRW SV PEFIPW 7MKRW XEKW SV PEFIPW WLSYPH LEZI [SVHMRKWMQMPEVXSXLIJSPPS[MRK (%2+)6e'32*-2)(74%') (3238)28)6;-8,398%98,36->%8-32  7IGYVMRK 'SRcRIH 7TEGIW %PP GSRdRIH WTEGIW WLSYPH FI PSGOIHYTKYEVHIHTVSXIGXIH SVFEVVMGEHIHXS KYEVHEKEMRWX YREYXLSVM^IHIRXV]  -HIRXMcGEXMSRSJ7TEGIWJSV2SRJEGMPMX]4IVWSRRIP  3[RIV3TIVEXSVW WLSYPH MRJSVQ EPP MRHMZMHYEPW [SVOMRK MR SV EVSYRH GSRdRIH WTEGIW SJ XLI TSXIRXMEPP] LE^EVHSYW REXYVI SJ GSRdRIH WTEGIW SR XLIMV TVSTIVX] VIKEVHPIWW SJ [LIXLIVSVRSXXLI]EVIIQTPS]IIW  )QTPS]IVW WIRHMRK IQTPS]IIW XS E PSGEXMSR [LIVI MX MW VIEWSREFP] ERXMGMTEXIH XLEX XLI] QE] [SVO MR SV EVSYRH GSRdRIHWTEGIW WLSYPH QEOIWYVI XLSWI IQTPS]IIW ORS[LS[ XSMHIRXMJ]GSRdRIHWTEGIWERHEVIE[EVISJXLILE^EVHWEWWSGMc EXIH[MXLXLIQ 'LETXIV+IRIVEP  +IRIVEP 6IUYMVIQIRXW 8LI XIVQW GSRcRIH WTEGI RSR TIVQMXVIUYMVIH GSRcRIH WTEGI ERH TIVQMXVIUYMVIH GSRcRIH WTEGI QE] GEYWI GSRJYWMSR EQSRK IQTPS]IVW ERH [SVOIVW 8S QMRMc QM^I WYGL GSRJYWMSR XLMW KYMHI YWIW SRP] XLI XIVQ GSRcRIH WTEGI ERH QEOIW TVSZMWMSRW JSV MHIRXMJ]MRK ERH IZEPYEXMRK XLI LE^EVHW SJ EPP GSRdRIH WTEGIW VIUYMVMRK TIVQMXW JSV IRXV] MJ LE^EVHWEVIMHIRXMdIH  %PP GSRdRIH WTEGIW LEZI XLI TSXIRXMEP XS FI ER 37,% HIdRIH TIVQMXVIUYMVIH GSRdRIH WTEGI HITIRHMRK SR XLI [SVO XS FI TIVJSVQIH ERH XLI MRLIVIRX TSXIRXMEP SV MRXVSc HYGIH LE^EVHW MR XLI WTEGI EX XLI XMQI SJ IRXV] ;LMPI XLI TVSGIHYVIW VIUYMVIH XS WEJIP] IRXIV E GSRdRIH WTEGI ZEV] [MHIP] XLI WEQI FEWMG IZEPYEXMSR SJ XLI LE^EVHW [MXLMR XLSWI WTEGIW WLSYPH FI TIVJSVQIH TVMSV XS ERH HYVMRK IRXV] %PP GSRdRIH WTEGIW WLSYPH FI IZEPYEXIH MR EGGSVHERGI [MXL XLI KYMHIPMRIW MR 'LETXIVW  ERH  ERH EPP LE^EVHW JSYRH WLSYPH FIIPMQMREXIHGSRXVSPPIHSVQMXMKEXIHMREGGSVHERGI[MXLXLI KYMHIPMRIWMR'LETXIVWERH  8EFPI  WLS[W XLI XIVQMRSPSK] YWIH MR GSQQSRP] VIJIVIRGIH GSRdRIH WTEGI IRXV] HSGYQIRXW WYGL EW  '*6  %27-%77) > %4-  ERH %4-  ERH LS[ XLI XIVQW VIPEXIXS XLSWI KMZIR MR XLMW KYMHI 3XLIV NYVMWc HMGXMSRW ERH GSYRXVMIW QE] LEZI HMJJIVIRX HIdRMXMSRW ERH VIUYMVIQIRXWMREHHMXMSRXSXLSWITVSZMHIHMRXLIXEFPI  'SRcRIH 7TEGI 4VSKVEQ % [VMXXIR GSRdRIH WTEGI TVSKVEQ WLSYPH FI HIZIPSTIHF] 3[RIVW3TIVEXSVW JSVIZIV] JEGMPMX]XLEXLEWSRISVQSVIGSRdRIHWTEGIWERHF]IQTPS]IVW ERH GSRXVEGXSVWWYFGSRXVEGXSVW IRKEKIH MR GSRdRIH WTEGI STIVEXMSRW+YMHERGISRHIZIPSTMRK[VMXXIRTVSKVEQWMWTVSZMc HIHMR'LETXIV  'SRcRIH7TEGI)ZEPYEXMSR  4VI)RXV])ZEPYEXMSR %PPGSRdRIHWTEGIWWLSYPHFIIZEPc YEXIH TVMSV XS IRXV] 'LETXIVW   ERH  TVSZMHI EHHMXMSREP MRJSVQEXMSR

)HMXMSR

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK



7%*)'32*-2)(74%'))286=%2(;36/

8EFPI 8IVQMRSPSK]JSV'SRcRIH7TEGI)RXV]MR:EVMSYW7XERHEVHWERH(SGYQIRXW 7XERHEVHSV(SGYQIRX

8IVQ9WIH

8IVQ9WIHMR2*4%

'SQQIRXW

'*6

'SRdRIHWTEGI

'SRdRIHWTEGI

2*4%YWIWXLIWEQI HIdRMXMSREW37,%JSVE GSRdRIHWTEGI

'*6

4IVQMXVIUYMVIH GSRdRIHWTEGI

'SRdRIHWTEGI

2*4%HSIWRSXHMWXMRKYMWL FIX[IIRTIVQMXVIUYMVIH GSRdRIHWTEGIWERHGSRdRIH WTEGIW%PPGSRdRIHWTEGIW[MXL LE^EVHWRIIHTIVQMXWJSVIRXV]

%27-%77)>

2SRTIVQMXGSRdRIH WTEGI

'SRdRIHWTEGI

%PPGSRdRIHWTEGIWRIIHTVI IRXV]IZEPYEXMSRTVMSVXSIRXV] -JRSLE^EVHWEVIMHIRXMdIHERH RSLE^EVHW[MPPFIMRXVSHYGIH XLIRRSTIVQMX[MPPFIVIUYMVIH

'*6

6IGPEWWMdGEXMSR HS[RKVEHIH IRXV]

'SRdRIHWTEGIIRXV]

2SXHIdRIHMR2*4%% GSRdRIHWTEGI[MXLLE^EVHW XLEXLEZIFIIRIPMQMREXIHEJXIV XLITVIIRXV]IZEPYEXMSR[MPPRSX VIUYMVIETIVQMX

'*6

%PXIVREXITVSGIHYVIW IRXV]

'SRdRIHWTEGIIRXV]

2SXHIdRIHMR2*4%% GSRdRIHWTEGI[LIVIEPP LE^EVHWLEZIFIIRIZEPYEXIH ERHXLISRP]LE^EVHMWE TSXIRXMEPP]LE^EVHSYW EXQSWTLIVIXLEXMWFIMRK GSRXVSPPIH[MXLIJJIGXMZI ZIRXMPEXMSR[SYPHFIMWWYIHE TIVQMXJSVIRXV]XLEXGSRXEMRW VIWXVMGXMSRWVIUYMVMRK ZIRXMPEXMSRERHGSRXMRYSYW QSRMXSVMRK

%4-ERH

2SRGSRdRIHWTEGI E GSRdRIHWTEGIXLEXMW RSPSRKIVEGSRdRIH WTEGIHYIXS VIGSRdKYVEXMSR

2SRI

-JEWTEGIHSIWRSXQIIXEPPXLI WTIGMdGEXMSRWJSVEGSRdRIH WTEGIXLIRMXMWRSXEGSRdRIH WTEGIERH2*4%HSIWRSX ETTP]

2*4%

2SRGSRdRIHWTEGI JSV TYVTSWIWSJXERO IRXV]GPIERMRKSV VITEMVEWTEGIXLEX TVIZMSYWP][EWE GSRdRIHWTEGIFYXRS PSRKIVQIIXWER]SJ XLIVIUYMVIQIRXWJSVE GSRdRIHWTEGISVE TIVQMXVIUYMVIH GSRdRIHWTEGIWYGL EWEXERO[MXLEPEVKI HSSVWLIIXGYXMRXS XLIWMHI

2SRI

-JEWTEGIHSIWRSXQIIXEPPXLI WTIGMdGEXMSRWJSVEGSRdRIH WTEGIXLIRMXMWRSXEGSRdRIH WTEGIERH2*4%HSIWRSX ETTP]

)HMXMSR

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

-()28-*-'%8-32%2():%09%8-323*,%>%6(7-2%2(%6392('32*-2)(74%')7

 4IVQMX %TIVQMXWLSYPHFIMWWYIHF]XLI)RXV]7YTIVZMc WSV JSV EPP GSRdRIH WTEGIW [MXL LE^EVHW MHIRXMdIH MR EGGSVHc ERGI[MXL'LETXIV  )RXV] 'SRHMXMSRW )RXV] MRXS GSRdRIH WTEGIW F] EWWMKRIH UYEPMdIH )RXVERXW WLSYPH FI TIVQMXXIH SRP] EJXIV XLI )RXV] 7YTIVZMWSV LEW MRHMGEXIH XLEX EGGITXEFPI IRXV] GSRHMXMSRW WII 7IGXMSRERH LEZIFIIRQIXERHEJXIVETVIIRXV]IZEPYEc XMSRLEWFIIRTIVJSVQIHERHTIVQMXMWWYIHMJETTPMGEFPI  &EWMG6IUYMVIQIRXWERH'SRWMHIVEXMSRW 4VMSVXSIRXIVMRK EGSRdRIHWTEGIXLIJSPPS[MRKWLSYPHFIMHIRXMdIHERHIZEPYc EXIH  %PP MRLIVIRX TSXIRXMEP MRXVSHYGIH ERH EHNEGIRX LE^EVHW SJ XLI GSRdRIH WTEGI WLSYPH FI ERXMGMTEXIH MHIRXMdIH ERH IZEPYEXIH MR EGGSVHERGI [MXL E [VMXXIR GSRdRIHWTEGIIRXV]TVSKVEQERHKYMHERGITVSZMHIHMR 'LETXIVWERH  %PP LE^EVHW WLSYPHFIIPMQMREXIH GSRXVSPPIH SV QMXMKEc XIHMREGGSVHERGI[MXL'LETXIVWERH  %REYXLSVM^IH)RXV]7YTIVZMWSVUYEPMdIHMREGGSVHERGI [MXL'LETXIVWLSYPHFIEWWMKRIHXSSZIVWIIXLI[SVO  3RP] EYXLSVM^IH )RXVERXW UYEPMdIH MR EGGSVHERGI [MXL 'LETXIVWLSYPHFIEWWMKRIHXSIRXIVXLIWTEGI  %R %XXIRHERX UYEPMdIH MR EGGSVHERGI [MXL 'LETXIV  WLSYPHFIEWWMKRIHJSVTIVQMXIRXVMIW  -JEXQSWTLIVMGQSRMXSVMRKMWVIUYMVIHEKEWXIWXIVUYEPMc dIHMREGGSVHERGI[MXL'LETXIVWLSYPHFIEWWMKRIH  -J ZIRXMPEXMSR MW VIUYMVIH E :IRXMPEXMSR 7TIGMEPMWX UYEPMc dIHMREGGSVHERGI[MXL'LETXIVWLSYPHFIEWWMKRIH  -JIRIVK]WSYVGIWEVIVIUYMVIHXSFIMWSPEXIHSVGSRXVSPc PIH ER -WSPEXMSR 7TIGMEPMWX UYEPMdIH MR EGGSVHERGI [MXL 'LETXIVWLSYPHFIEWWMKRIH  -JVIUYMVIHUYEPMdIH6IWGYIVWERHSVWIVZMGIWEW[IPPEW ETTVSTVMEXI VIWGYI IUYMTQIRX WLSYPH FI EZEMPEFPI MR EGGSVHERGI[MXL'LETXIV  %R] SXLIV VIUYMVIH TIVQMXW MRGPYHMRK FYX RSX PMQMXIH XSLSX[SVOEVIMWWYIH  % TVIIRXV] IZEPYEXMSR ERHSV GSRdRIH WTEGI IRXV] TIVQMXWLSYPHFIMWWYIHERHWMKRIHF]XLI)RXV]7YTIVc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c XMSRWGLERKIXLITIVQMXWLSYPHFIGERGIPPIHSTIVEXMSRW GIEWIH ERH XLI )RXVERX WLSYPH MQQIHMEXIP] ZEGEXI XLI WTEGI  6SPIW ERH 6IWTSRWMFMPMXMIW )ZIV] [SVOTPEGI XLEX LEW SRI SV QSVI GSRdRIH WTEGIW XLEX GER FI IRXIVIH EW MHIRXMdIH MR 'LETXIV  WLSYPH LEZI TIVWSRRIP EWWMKRIH XS TIVJSVQ XLI VIWTSRWMFMPMXMIWSJXLIJSPPS[MRKVSPIWEWETTPMGEFPI-XMWEGGITXEc FPIJSVSRITIVWSRXSLSPHQSVIXLERSRISJXLIJSPPS[MRKTSWMc XMSRW EW PSRK EW XLI] EVI XVEMRIH UYEPMdIH ERH EYXLSVM^IH XS JYPdPPXLEXVSPIERH MX[MPPRSXEHZIVWIP]EJJIGXXLI WEJIX]SJXLI IRXV]

        



)RXVERX %XXIRHERX )RXV]7YTIVZMWSV +EW8IWXIV :IRXMPEXMSR7TIGMEPMWX 6IWGYIV GSYPHFI%XXIRHERXJSVRSRIRXV]VIWGYI 6IWGYIXIEQSVVIWGYIWIVZMGI 7XERHF];SVOIV -WSPEXMSR7TIGMEPMWX

 8VEMRMRK+YMHIPMRIW  3[RIVW3TIVEXSVW ERH )RXVERX )QTPS]IVW WLSYPH IRWYVI XLEX XLIMV IQTPS]IIW ERH GSRXVEGXSVWWYFGSRXVEGXSV IQTPS]IIW [LS [SVO MR ERH EVSYRH GSRdRIH WTEGIW LEZI XLI RIGIWWEV] E[EVIRIWW YRHIVWXERHMRK ORS[PIHKI ERH WOMPPW XS WEJIP]TIVJSVQXLIMVHYXMIWMREGGSVHERGI[MXL'LETXIV  3[RIVW3TIVEXSVW ERH )RXVERX )QTPS]IVW WLSYPH IRWYVI XLEX EPP IQTPS]IIW IRKEKIH MR GSRdRIH WTEGI STIVEc XMSRWLEZIFIIRIHYGEXIHXVEMRIHERHSVUYEPMdIHEWJSPPS[W   



&IJSVIFIKMRRMRKMRMXMEP[SVOERHSVHYX]EWWMKRQIRXW &IJSVI EWWMKRQIRX XS E HMJJIVIRX X]TI SJ [SVO SV HYX] SXLIVXLERMRMXMEPP]EWWMKRIH ;LIRIZIV E GLERKI SGGYVW MR STIVEXMSRW IUYMTQIRX QEXIVMEPW TVSGIHYVIW KYMHIPMRIW [SVO EWWMKRQIRX SV HYXMIWXLEXGVIEXIWSVLEWXLITSXIRXMEPXSGVIEXIELE^EVH JSV [LMGL XLI IQTPS]IILEW RSX FIIR TVIZMSYWP] XVEMRIH IHYGEXIHSVUYEPMdIH ;LIRIZIV ER 3[RIV3TIVEXSV ERH )RXVERX )QTPS]IV LEWVIEWSRXSFIPMIZIERIQTPS]IIVIUYMVIWVIXVEMRMRKSV EHHMXMSREP IHYGEXMSRHYIXS MREHIUYEGMIW MR XLIIQTPS]c IIgW TIVJSVQERGI SV WOMPP SV FIGEYWI XLI IQTPS]II HIZMc EXIW JVSQ XLI GSRdRIH WTEGI TVSKVEQ TIVQMX VIUYMVIQIRXWSVTVSGIHYVIW

 8VEMRMRK :IVMcGEXMSR 3[RIVW3TIVEXSVW ERH )RXVERX )QTPS]IVW WLSYPH ZIVMJ] MR [VMXMRK XLEX XLIMV IQTPS]IIW ERH GSRXVEGXSVWYFGSRXVEGXSV IQTPS]IIW [LS [SVO MR ERH EVSYRH GSRdRIH WTEGIW LEZI FIIR XVEMRIH IHYGEXIH SV UYEPMdIH EW VIUYMVIH 8LI ZIVMdGEXMSR WLSYPH GSRXEMR XLI REQIW SJ XLI IQTPS]IIW XLI QIERW YWIH XS HIXIVQMRI XLEX XLI IQTPS]IIW YRHIVWXERHXLIWTIGMdGVIUYMVIQIRXWSJXLIXVEMRMRKSV[SVOXS FITIVJSVQIHXLIWMKREXYVIREQISVMRMXMEPWSJXLIXVEMRIV W  IHYGEXSV W  SV UYEPMdIV W  XLI WTIGMdG WYFNIGXW ERH GSRXIRX ERH XLI HEXI W  XLI XVEMRMRK IHYGEXMSR SV UYEPMdGEXMSR [EW GSQTPIXIHMREGGSVHERGI[MXL'LETXIV 'LETXIV-HIRXMcGEXMSRERH)ZEPYEXMSRSJ,E^EVHW-RERH %VSYRH'SRcRIH7TEGIW  +IRIVEP 8LI TYVTSWI SJ XLMW GLETXIV MW XS TVSZMHI MRJSVc QEXMSR SR LS[ XS ERXMGMTEXI MHIRXMJ] IZEPYEXI ERH TVMSVMXM^I XLILE^EVHWJSV[SVOMRKMRERHEVSYRHGSRdRIHWTEGIW  ;SVOMRERHEVSYRHGSRdRIHWTEGIWMWKIRIVEPP]LE^EVHc SYW ERH GSRHMXMSRW QE] GLERKI WMKRMdGERXP] [MXL PMXXPI SV RS [EVRMRK6IWIEVGL ORS[PIHKIERH TVITPERRMRKEVIRIGIWWEV] XSIRWYVIXLEXGSRdRIHWTEGIWEVIGSVVIGXP]MHIRXMdIHERHXLEX GLIQMGEP TL]WMGEP EXQSWTLIVMG XS\MG ERH SXLIV TSXIRXMEP LE^EVHW EVI MHIRXMdIH ERH IZEPYEXIH 3RGI LE^EVHW EVI IZEPYc EXIHQIEWYVIWXSIPMQMREXIGSRXVSPSVQMXMKEXIVMWOWWLSYPHFI HIZIPSTIH ERH MQTPIQIRXIH -HIRXMdGEXMSR ERH IZEPYEXMSR WLSYPHGSRXMRYIXLVSYKLSYXXLI[SVOTIVMSH

 3[RIV3TIVEXSVERHSV)RXVERX)QTPS]IV

)HMXMSR

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK



7%*)'32*-2)(74%'))286=%2(;36/

 ;SVOIVW QE] FIGSQI UYMXI JEQMPMEV [MXL XLI WTEGI W  MR [LMGLXLI]STIVEXI0MOI[MWI[SVOQE]FIVSYXMRIERHVITIXMc XMZI ERH GSQTPEGIRG] QE] IRWYI [MXL GSRXMRYEP YRIZIRXJYP IRXVMIW ;LMPI ORS[PIHKI SJ XLI WTEGI ERH IUYMTQIRX GER FI LIPTJYP[LIRTVITPERRMRK[SVOMXHSIWRSXPIWWIRXLIZMKMPERGI RIIHIHXSIRXIV[SVOMRERHI\MXEGSRdRIHWTEGIWEJIP])EGL IRXV]WLSYPHFIGSRWMHIVIHERMRHMZMHYEPERHYRVIPEXIHIZIRX 8LI WTEGIgW LMWXSV] ERH TVMSV YWI WLSYPH FI GSRWMHIVIH MR ERXMGMTEXMSRSJLE^EVHW  -HIRXMJ]MRKLE^EVHWMREVSYRHEGSRdRIHWTEGIMWEXLVII WXEKITVSGIWWEWJSPPS[W 

 

8LIERXMGMTEXMSRSVTVITPERWXEKIWXEVXW[MXLVIGSKRM^MRK ERH YRHIVWXERHMRK EGXYEP ERH TSXIRXMEP LE^EVHW ERH MHIRXMJ]MRK VIWSYVGIW XLEX QMKLX FI RIIHIH XS [SVO MR ERHEVSYRHGSRdRIHWTEGIW 8LI LE^EVH MHIRXMdGEXMSR WXEKI GSRdVQW ERXMGMTEXIH LE^EVHWERHVIGSKRM^IWEHHMXMSREPTSXIRXMEPLE^EVHW 8LI LE^EVH IZEPYEXMSR WXEKI HIXIVQMRIW XLI VMWO SJ IEGL LE^EVH MHIRXMdIH ERH XLI VIGSQQIRHIH IPMQMREXMSR GSRXVSPERHSVQMXMKEXMSRQIEWYVIW

 %JXIVEPPLE^EVHWLEZIFIIRMHIRXMdIHERHVMWOWLEZIFIIR EWWIWWIH ETTVSTVMEXI QIERW XS IPMQMREXI GSRXVSP SV QMXMKEXI LE^EVHWWLSYPHFIMQTPIQIRXIHMREGGSVHERGI[MXL'LETXIV  ,E^EVH%RXMGMTEXMSR4VITPER 1ER]LE^EVHWGERFIERXMGMc TEXIH XLVSYKL XLI TVITPERRMRK TVSGIWW FIJSVI [SVO FIKMRW 8LITVITPERRMRKTVSGIWWGSRWMWXWSJEXLSVSYKLEREP]WMWSJXLI WTEGI MXW GSRWXVYGXMSR MXW TYVTSWI ERH GSRHMXMSR XLI W]WXIQW GSRXEMRIH [MXLMR MX ERH XLI WGSTI SJ [SVO RIGIWWMXEXMRK XLI IRXV] 4VITPERRMRK WLSYPH MHIRXMJ] TSXIRXMEP LE^EVHW ERH VIWSYVGIW XLEX QMKLX FI RIIHIH XS [SVO MR ERH EVSYRH GSRdRIH WTEGIW ERH XS TVIZIRX EHZIVWI GSRWIUYIRGIW VIPEXIH XSXLI[SVO8LIVIEVIX[STVMQEV]GSQTSRIRXWXSXLITVITPERc RMRKWXEKIMRXIPPMKIRGIKEXLIVMRKERHVIWSYVGIMHIRXMdGEXMSR  -RXIPPMKIRGI +EXLIVMRK ,E^EVH TVITPERRMRK WXEVXW [MXL XLI GSPPIGXMSR SJ MRJSVQEXMSR XLEX GSYPH FI YWIJYP TVMSV XS HIXIVQMRMRK EGXYEP ERH TSXIRXMEP LE^EVHW [LIR TPERRMRK JSV GSRdRIH WTEGI STIVEXMSRW 8LMW MRXIPPMKIRGI KEXLIVMRK MRGPYHIW FYX MW RSX PMQMXIH XS VIZMI[ SJ ER] TVIZMSYW TIVQMXW GSRGIVRMRK XLEX WTEGI SV EHNEGIRX WTEGIW YWMRK TVIZMSYWP] TVITEVIH LE^EVH WYVZI]W TVITPERW WGLIQEXMGW FPYITVMRXW [SVO SVHIVW IUYMTQIRX KYMHIW WEJIX] HEXE WLIIXW QERYEPW GSRXVSP QIEWYVIW ERH TVMSV I\TIVMIRGI JVSQ TVIZMSYW IRXVMIW ERHORS[PIHKIJVSQ[SVOIVWJEQMPMEV[MXLXLIWTEGI-HIRXMdGEc XMSR ERH HIXIVQMREXMSR SJ TVSFEFPI LE^EVHW ERH ER YRHIVc WXERHMRK SJ XLI STIVEXMSRW ERH TVSGIWWIW EWWSGMEXIH [MXL XLI WTEGIQE]EPWSFILIPTJYP  6IWSYVGI -HIRXMcGEXMSR 3RGI XLI TVITPERRMRK TVSGIWW MW GSQTPIXI VIWSYVGIW ERH GSRXVSPW RIIHIH XS GSRHYGX GSRdRIH WTEGI STIVEXMSRW WLSYPH FI MHIRXMdIH 'SRXVSPW MRGPYHIFYXEVI RSX PMQMXIHXS XLSWI PMWXIH MR  XLVSYKL   )PMQMREXMSR 7YFWXMXYXMSR ERH )RKMRIIVMRK 'SRXVSPW 7SQI GSQQSR IPMQMREXMSR WYFWXMXYXMSR ERH IRKMRIIVMRK GSRXVSPWMRGPYHIFYXEVIRSXPMQMXIHXSXLIJSPPS[MRK  

)PMQMREXMRK GLIQMGEPW QEXIVMEPW SV TVSGIWWIW XLEX LEZI XLI TSXIRXMEP XS KIRIVEXI E LE^EVH MR SV EVSYRH E GSRdRIHWTEGI 7YFWXMXYXMRK LE^EVHSYW GLIQMGEPW [MXL RSRLE^EVHSYW GLIQMGEPWYWIHMRSVEVSYRHXLIGSRdRIHWTEGI

)HMXMSR

   

7YFWXMXYXMRK LE^EVHSYW TVSGIWWIW [MXL RSRLE^EVHSYW TVSGIWWIWMRSVEVSYRHXLIGSRdRIHWTEGI 9WMRK KIRIVEP ERH PSGEP I\LEYWX ZIRXMPEXMSR MRIVXMRK SV TYVKMRKIUYMTQIRXMRGPYHMRKZETSVVIGSZIV]IUYMTQIRX MJRIIHIH -RWXEPPMRKMWSPEXMSRHIZMGIW -RWXEPPMRKTIVQERIRXFEVVMGEHIW

 %HQMRMWXVEXMZI ERH ;SVO 4VEGXMGI 'SRXVSPW 7SQI GSQQSR EHQMRMWXVEXMZI ERH [SVO TVEGXMGI GSRXVSPW MRGPYHI FYXEVIRSXPMQMXIHXSXLIJSPPS[MRK  %WWMKRMRKUYEPMdIHTIVWSRRIPJSVEPPMHIRXMdIHXEWOW  (IZIPSTMRKGSRdRIHWTEGIVIWTMVEXSV]TVSXIGXMSRMWSPEc XMSRLSXGSPH[SVOERHSXLIVETTPMGEFPITVSKVEQW  *SPPS[MRKVIKYPEXMSRWERHMRHYWXV]WXERHEVHW  4IVJSVQMRK E NSF LE^EVH EREP]WMW TVMSV XS WXEVXMRK [SVO ERHVIEWWIWWMRKEWRIIHIH  0MQMXMRK I\TSWYVIW ERH I\TSWYVI XMQIW XS LE^EVHSYW ERHXS\MGGLIQMGEPW  4VSZMHMRK HIGSRXEQMREXMSR WXEXMSRW ERH I]I [EWL WXEXMSRWERHWLS[IVW  4VSZMHMRK LE^EVHSYW QEXIVMEP ERH [EWXI GSPPIGXMSR HMWTSWEPERHSVGSRXEMRQIRXIUYMTQIRX  -HIRXMJ]MRKERHTVSZMHMRKVIWGYITIVWSRRIPERHSVWIVZc MGIW  (IZIPSTMRK IRXV]ERH LSX [SVO TIVQMXW [MXL VIWXVMGXMSRW ERHPMQMXEXMSRWMHIRXMdIH  *SPPS[MRKVIKYPEXSV]TIVQMXVIUYMVIQIRXW  4VSZMHMRKSYXWMHIWIVZMGIWRIIHIHWYGLEWGVERIW  4VSZMHMRK ERH YWMRK ETTVSTVMEXI PEHHIV XVMTSHW ERH VIWGYIIUYMTQIRXMRGPYHMRKLEVRIWWIWERHPMJIPMRIW  (IWMKREXMRK EVIEW JSV WTIGMdG IUYMTQIRX [SVO FVIEOW ERHRSRVIPEXIHEGXMZMXMIW  4VSZMHMRKEHIUYEXIERHETTVSTVMEXIPMKLXMRKIUYMTQIRX  9WMRKXIQTSVEV]FEVVMGEHIWERHVSEHFPSGOW  9WMRK ER] WTIGMEP IUYMTQIRX WYGL EW +*'- IQIVKIRG] KIRIVEXSVWRSRWTEVOMRKXSSPWERHXIWXIUYMTQIRX  9XMPM^MRK PSGOSYXXEKSYX IUYMTQIRX WYGL EW XEKW PSGOW ERHPSGOFS\IW  4IVWSREP 4VSXIGXMZI )UYMTQIRX 7SQI GSQQSR TIVWSREP TVSXIGXMZI IUYMTQIRX MRGPYHIW FYX MW RSX PMQMXIH XS XLIJSPPS[MRK  



,E^EVHWTIGMdG EVIE ERH TIVWSREP EXQSWTLIVMG XIWXMRK ERHQSRMXSVMRKIUYMTQIRX 4IVWSREP ERH VIWTMVEXSV] TVSXIGXMSR IUYMTQIRX WYGL EW XLIVQEP WXVIWW GPSXLMRK WEJIX] KPEWWIW EMV TYVMJ]MRK VIWTMc VEXSV ERH WEJIX] FSSXW EW HIXIVQMRIH F] E .SF ,E^EVH %REP]WMW &VIEXLMRKEMV WYTTP] ERH IUYMTQIRX WYGL EW WIPJ GSRXEMRIHFVIEXLMRKETTEVEXYWIW 7'&%

 ,E^EVH-HIRXMcGEXMSR  ,E^EVH MHIRXMdGEXMSR TIVJSVQIH EX XLI WMXI SJ XLI GSRdRIH WTEGI GER LIPT ZIVMJ] LE^EVHW MHIRXMdIH MR XLI TVITPER ERH MHIRXMJ] RI[ LE^EVHW XLEX [IVI RSX ERXMGMTEXIH ,E^EVH MHIRXMdGEXMSR MW EGGSQTPMWLIH F] GSRHYGXMRK E VIZMI[ SJXLIWTEGIgWHSGYQIRXEXMSR IKWEJIX]HEXEWLIIXWJSVQEXIc VMEPXLIWTEGILIPH  ERHEXQSWTLIVMG QSRMXSV XIWXMRK%ZMWYEP MRWTIGXMSRWLSYPHEPWSFIGSRHYGXIHEVSYRHXLII\XIVMSVSJXLI WTEGIERHXLIRJSPPS[MRKGSRdRIHWTEGIIRXV]TVSXSGSPMREPP EVIEW [MXLMR XLI WTEGI 8LI TIVWSR W  GSRHYGXMRK XLI MRWTIGc XMSR WLSYPH GSQTP] [MXL EPP TSWXIH [EVRMRK WMKRW ERH TIVQMXW ERHJSPPS[GSRdRIHWTEGITVSKVEQVIUYMVIQIRXWJSVTSXIRXMEP

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

-()28-*-'%8-32%2():%09%8-323*,%>%6(7-2%2(%6392('32*-2)(74%')7

I\TSWYVI XS ER] QEXIVMEPW SV GSRHMXMSRW XLEX GSYPH TSWI E LE^EVH WYGL EW XS\MG SV LE^EVHSYW GLIQMGEP VIWMHYI SV E GLERKI MR XLI EXQSWTLIVMG GSRHMXMSRW %XQSWTLIVMG QSRMXSVc MRK WII'LETXIV WLSYPHFIGSRHYGXIHXSHIXIVQMRIXLIEXQSWc TLIVMG GSRHMXMSRW MRWMHI ERH EHNEGIRX XS XLI WTEGI TVMSV XS HYVMRKERHJSPPS[MRKIRXV]JSVMRWTIGXMSRTYVTSWIW  ,E^EVH WSYVGIW GER FI HMVIGXP] SV MRHMVIGXP] EWWSGMEXIH [MXL [SVOMRK MR ERH EVSYRH GSRdRIH WTEGIW (MVIGX ERH MRHMc VIGXLE^EVHWMRGPYHIFYXEVIRSXPMQMXIHXSXLIJSPPS[MRK   

8LSWIHMVIGXP]EWWSGMEXIH[MXL GSRdRIHWTEGIWERHXLSWI XLEXEVIMRXIKVEPXSSVMRERHEVSYRHXLIWTEGIXLEXEJJIGX MX 8LIVIWYPXSJTVSHYGX W WXSVIHMRSVEVSYRHXLIWTEGI 8LI VIWYPX SJ STIVEXMSRW [SVO EGXMZMXMIW ERH TVSGIWWIW XEOMRKTPEGI[MXLMRSVRIEVXLIWTEGI

 -RXVSHYGIH,E^EVHW  -RXVSHYGIHLE^EVHWEVIXLSWIRSXRSVQEPP]EWWSGMEXIH [MXLXLIWTEGIgWTYVTSWISVTVSGIWWIWFYXEVIFVSYKLXMRXSXLI WTEGISVEHNSMRMRKEVIE W HIPMFIVEXIP]SVMREHZIVXIRXP]%WTEVX SJ XLI LE^EVH IZEPYEXMSR ERH VMWO EWWIWWQIRX XLI TVSTSWIH EGXMSRWSJ)RXVERXWERHXLIQEXIVMEPWTVSHYGXWERHXIGLRMUYIW YWIH XS KEMR EGGIWW IRXIV MRWTIGX GPIER ERHSV VITEMV E GSRdRIH WTEGI WLSYPH FI GEVIJYPP] GSRWMHIVIH XS IRWYVI XLI] HS RSX MRXVSHYGI LE^EVHW 8LMW EPWS MRGPYHIW ER IZEPYEXMSR SJ [SVOFIMRKTIVJSVQIHMRXLIEVIE W MQQIHMEXIP]WYVVSYRHMRK XLIWTEGI  )\EQTPIW SJ MRXVSHYGIH LE^EVHW MRGPYHI XLI JSPPS[c MRK 

 ,E^EVHWQE]FIEXQSWTLIVMGTL]WMGEPQIGLERMGEPIPIGc XVMGEP GLIQMGEP FMSPSKMGEP IRZMVSRQIRXEP SV TW]GLSPSKMGEP )UYEP GSRWMHIVEXMSR WLSYPH FI KMZIR XS TSXIRXMEP LE^EVHW HMVIGXP]ERHMRHMVIGXP]EWWSGMEXIH[MXLXLIWTEGI

 -RLIVIRX,E^EVHW

 -RLIVIRXLE^EVHWXSFIMHIRXMdIHMRGPYHIFYXEVIRSX PMQMXIHXSXLIJSPPS[MRK 











0MQMXIH EGGIWW MRXS XLI WTEGI 7TEGIW JSV [LMGL PEHHIVW SV WGEJJSPHMRK EVI RIIHIH XS VIEGL XLI TSVXEP XS IRXIV ERH I\MXXLIWTEGISVXSTIVJSVQ[SVOXLIVIMREVIGSRWMHIVIH XS LEZI PMQMXIH EGGIWW )PIZEXIH WTEGIW VIUYMVI HMJJIVIRX GSRWMHIVEXMSRWJSVIRXV]ERHVIWGYIXLERXLSWIXLEXEVIEX KVSYRHPIZIPMRGPYHMRKJEPPTVSXIGXMSR 7M^I ERH WLETI SJ XLI TSVXEP 8LI VIWXVMGXMZI REXYVI SJ WSQI TSVXEPWQEOIWEGGIWW[MXLGIVXEMRX]TIWSJ44)HMJdGYPXSV MQTSWWMFPI SV VIUYMVIW )RXVERXW XS GSRXSVX XLIMV FSHMIW [LMPIIRXIVMRKSVI\MXMRK%RIPIZEXIHSTIRYRTVSXIGXIH IHKISVTSVXEPQE]GVIEXIEJEPPLE^EVH 7M^IERHWLETISJXLIWTEGIZIWWIP-R[EVHP]GSRZIVKMRK[EPPW SV E JYRRIPWLETIH HMWGLEVKI GER IRXVET ER )RXVERX GSRKIWXIH SV HEVO WTEGIW GER MRLMFMX QSFMPMX] SV GVIEXI WPMTXVMTERHJEPPLE^EVHW 4VSHYGXWSV TVSGIWWIW MRXLI WTEGI 'LIQMGEPW XLIVQEPWXVIWW RSMWI WXIEQ TVIWWYVM^EXMSR QIGLERMGEP IUYMTQIRX STIVEXMSRWERHSXLIVEGXMZMXMIWEWWSGMEXIH[MXLXLIYWISJ XLIWTEGIGERGVIEXILE^EVHW(MWXYVFMRKTVSHYGXVIWMHYI HYVMRK IRXV] SV [SVO GER VIPIEWI E GSRXEQMRERX XLEX TVSHYGIWELE^EVHRSXHIXIGXIHHYVMRKTVIIRXV]XIWXMRK *M\IH IUYMTQIRX [MXLMR XLI WTEGI 4MTMRK W]WXIQW GSRHYMXW HYGXW QEGLMRIV] TVIWWYVM^IH PMRIW ERH dVI WYTTVIWWMSR W]WXIQW WLSYPH FI IZEPYEXIH JSV TSXIRXMEP LE^EVHW ERH PSGOIH SYXXEKKIH SYX XIWXIH KEWJVIIH ERHSV MRIVXIH MJRIIHIHXSVIHYGIXLIVMWO 7XVYGXYVIW7XVYGXYVEPMRXIKVMX]WLSYPHFIIZEPYEXIHTVMSVXS YWI -XIQW XLEX EVI WYWGITXMFPI XS HIKVEHEXMSR ERH TL]WMc GEPHEQEKIMRGPYHIFYXEVIRSXPMQMXIHXSd\IHPEHHIVW eSSVWTMTIWERGLSVTSMRXWERHWYTTSVXW

%XQSWTLIVMG LE^EVHW :IRXMPEXMRK E WTEGI QE] MRXVSHYGI GSRXEQMRERXWJVSQXLIJSPPS[MRK E

 ,E^EVH7SYVGIW ,E^EVHWXLEXHMVIGXP]SVMRHMVIGXP]EJJIGX XLIWTEGIGERFIMRLIVIRXMRXVSHYGIHSVEHNEGIRX

 -RLIVIRX LE^EVHW EVI XLSWI LE^EVHW XLEX I\MWX EW E TIVQERIRX IWWIRXMEP GLEVEGXIVMWXMG SV EXXVMFYXI SJ XLI WTEGI ,E^EVHMHIRXMdGEXMSRWLSYPHMRGPYHI[LIXLIVXLIPSGEXMSRERH GSRdKYVEXMSR MRGPYHMRK VIWXVMGXIH EGGIWW SFWXVYGXMSRW SV VIQSXIRIWW GSYPH MRLMFMX SV MRXIVJIVI [MXL QSZIQIRX [SVO STIVEXMSRWZIRXMPEXMSRIWGETIVIWGYISVdVIdKLXMRK





 







7SYVGIWSYXWMHIXLIWTEGIZMEERMPPTPEGIHWYTTP]EMV HYGX F 'SRXEQMREXIH EMV HVE[R JVSQ MRXIVREP GSQFYWXMSR IRKMRII\LEYWX G 3\]KIRHIdGMIRX EMV HVE[R JVSQ ERSXLIV WTEGI SV WSYVGISVJVSQERMRIVXEXQSWTLIVI H 4VSHYGX SJJKEWWMRK GETXYVIH F] JSVGIH ZIRXMPEXMSR ERHGSRXEQMREXIHEHNEGIRXEVIEW 'LIQMGEP LE^EVHW 4VSHYGXW YWIH MR GPIERMRK EFEXMRK TEMRXMRKSVGSEXMRKRIIHXSFIGLIGOIHJSVVIEGXMZMX][MXL SXLIV GLIQMGEPW XLEX QMKLX FI TVIWIRX 'LIQMGEPW QE] TVSHYGI LE^EVHSYW ZETSVW SV KEWIW ERHSV HMWTPEGI SV GSRWYQIS\]KIRHYIXSXLIREXYVISJXLIGSRdRIHWTEGI %TTPMGEXMSRERHHV]MRKSJeEQQEFPITEMRXWGERGEYWIER I\TPSWMZIEXQSWTLIVI 'SQTVIWWIH KEW LE^EVHW 'SQTVIWWIHKEW YWIH JSV [IPHMRK GYXXMRK MRIVXMRK LSX [SVO SV dVI WYTTVIWWMSR W]WXIQW TSWI E LE^EVH HYI XS XLIMV GSRXIRXW IK XS\MG SV eEQc QEFPIKEWIW XLIMVEFMPMX]XSHMWTPEGISVIRVMGLXLIEXQSWc TLIVMG S\]KIR GSRXIRX IK GEVFSR HMS\MHI dVI I\XMRKYMWLMRK W]WXIQW  ERH XLIMV TSXIRXMEP XS FIGSQI E TVSNIGXMPIMJHEQEKIH'SQTVIWWIHKEWLSWIWZEPZIWERH VIKYPEXSVW WLSYPH FI XLSVSYKLP] MRWTIGXIH IZEPYEXIH ERHPIEOGLIGOIHTVMSVXSFIMRKFVSYKLXMRXSE GSRdRIH WTEGI (YI XS XLI MRLIVIRX VMWOW GSQTVIWWIH KEW G]PMRc HIVWI\GITXFVIEXLMRKEMVG]PMRHIVWWLSYPHRSXRSVQEPP] FIMRXVSHYGIHMRXSGSRdRIHWTEGIW ,SX [SVO ,SX [SVO WYGL EW [IPHMRK GYXXMRK KVMRHMRK HVMPPMRK ERH FYVRMRK GER TVSHYGI LE^EVHSYW EXQSWc TLIVIW ERH eEQQEFPI GSRHMXMSRW ,E^EVHW GER MRGPYHIc [IPHMRKJYQIWVIPIEWISJKEWIWHITPIXMSRSVIRVMGLQIRX SJXLIWTEGIgWS\]KIRGSRXIRXSVXLITVSHYGXMSRMKRMXMSR WSYVGIW )PIGXVMGEPLE^EVHW)PIGXVMGEPIUYMTQIRXXLEXMWRSXPS[ZSPXc EKISVMRXVMRWMGEPP]WEJIPMKLXMRKTS[IVXSSPWERHI\XIRc WMSR GSVHW GER TVSHYGI IPIGXVMGEP WLSGO XVMT LE^EVHW ERHMKRMXMSRWSYVGIW%HHMXMSREPGSRWMHIVEXMSRWLSYPHFI KMZIRXSYRI\TIGXIHWSYVGIWSJIPIGXVMGEPIRIVK]MKRMXMSR WSYVGIW WYGL EW WXEXMG IPIGXVMG HMWGLEVKI XLEX QE] FI KIRIVEXIH F] XLI YWI SJ EMVPMRIWTVIWWYVI PMRIW SV IZIR I\LEYWX JERW +*'- WLSYPH FI GSRWMHIVIH [LIR YWMRK %' TS[IV 7PMT XVMT ERH JEPP LE^EVHW 0EHHIVW SV WGEJJSPHMRK YWIH XS VIEGL TSVXEPW KEMR IRXV] SV EGGIWW MRWMHI XLI WTEGI GER TVSHYGIWPMTXVMTJEPPERHIRXERKPIQIRXLE^EVHW)UYMTc QIRX GEFPIW LSWIW XSSPW ZIRXMPEXMSR HYGXW ERH SXLIV MXIQW FVSYKLX MRXS XLI WTEGI QE] GVIEXI WPMT XVMT ERH IRXERKPIQIRXLE^EVHW )HMXMSR

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK



7%*)'32*-2)(74%'))286=%2(;36/

 %HNEGIRX,E^EVHW  %HNEGIRXLE^EVHWEVILE^EVHWSVSXLIVGSRHMXMSRWXLEX QE] I\MWX MR XLI EVIE W  WYVVSYRHMRK XLI WTEGI %HNEGIRX LE^EVHW QE] EPWS MRZSPZI SXLIV WTEGIW XLEX EVI MR TVS\MQMX] XS XLIIRXV]WMXIERHQE]TSWIWMKRMdGERXLE^EVHWXLEXRIIHXSFI IZEPYEXIHWITEVEXIP]TVMSVXSIRXV]  )\EQTPIWSJEHNEGIRXLE^EVHWMRGPYHIXLIJSPPS[MRK 

 

%HNEGIRXWTEGIW7TEGIWGSRXEMRIVWERHZIWWIPWXLEXWLEVIE GSQQSR [EPP GSRXEGX IEGL SXLIV MR ER] [E] SV WLEVI E WYVVSYRHMRK GSZIV SV YWI RIIH XS FI EWWIWWIH JSV TSWWMc FPILE^EVHWSVSTIVEXMSRXLEXQE]EJJIGXXLIWYFNIGXWTEGI SV ZMGI ZIVWE IK LSX [SVO GSQTVIWWIH KEWIW QEGLMc RIV]  8LMW MRGPYHIW IZEPYEXMRK EVIEW MR EPP HMVIGXMSRW JVSQ XLI WYFNIGX WTEGI m XLSWI XLEX WLEVI E GSQQSR TSMRX[EPP GSRXEGX GSVRIV HMEKSREP HIGOWeSSV XERO XSTERHFYPOLIEH[EPP6EGI[E]WERHZEYPXWXLEXTEVEPPIP SV XLEX MRXIVGSRRIGX WTEGIW GSRXEMRMRK TS[IV SV SXLIV [MVIWERHTMTMRKEVII\EQTPIWSJEHNEGIRXWTEGIW %HNEGIRX[SVOEGXMZMXMIW3TIVEXMSRWERH[SVOXLEXMWFIMRK TIVJSVQIH MR RIEVF] WTEGIW WLSYPH FI EREP]^IH JSV IJJIGXWSVHERKIVWTSWIHXSXLIWYFNIGXIRXV] )\XIVREP LE^EVHW %VIEW WYVVSYRHMRK XLI WYFNIGX WTEGI WLSYPH FI EWWIWWIH JSV SXLIV TSWWMFPI HERKIVW XLEX QE] EJJIGX XLI IRXV] 4IHIWXVMER ERH ZILMGPI XVEJdG IUYMTc QIRX WQSOI ERH I\LEYWX GSRXEQMREXITVSHYGMRK EGXMZMc XMIW WTEVOMRK LIEXMRK SV GSSPMRK SV XVERWJIV SJ TVSHYGX QE]EPPTVSHYGILE^EVHW

 8]TIW SJ ,E^EVHW % TVIIRXV] IZEPYEXMSR WLSYPH FI GSRHYGXIH JSV EPP GSRdRIH WTEGIW XS HIXIVQMRI MJ LE^EVHW EVI TVIWIRX-XWLSYPHFIEWWYQIHXLEXEGSRdRIHWTEGIMWRSXWEJI JSVIRXV]YRXMPXLILE^EVHW TVIWIRXSVTSXIRXMEP EVIMHIRXMdIH IZEPYEXIH ERH IPMQMREXIH SV GSRXVSPPIH ,E^EVHW MRGPYHI FYX EVI RSX PMQMXIH XS QIGLERMGEP IPIGXVMGEP TL]WMGEP GLIQMGEP EXQSWTLIVMGFMSPSKMGEPERHTW]GLSPSKMGEP  1IGLERMGEP ,E^EVHW 1IGLERMGEP LE^EVHW EVI GVIEXIH F]IUYMTQIRX[MXLWXSVIHIRIVK] QIGLERMGEPVSFSXMGIPIGXVMc GEP TRIYQEXMG SV L]HVEYPMG  SV IUYMTQIRX XLEX MW[EW IRIVc KM^IH MR ERH EVSYRH XLI WYFNIGX WTEGI 1IGLERMGEP LE^EVHW LEZIXLITSXIRXMEPXSGVYWLFYVRGYXWLIEVWXEFSVSXLIV[MWI WXVMOISV[SYRH[SVOIVWERHMRGPYHIVSXEXMRKSVSXLIVQSZMRK IUYMTQIRX 8LMW IUYMTQIRX GER FI EWWSGMEXIH [MXL IMXLIV QIGLERMGEP TVSGIWWIW XLEX XEOI TPEGI MR XLI WTEGI SV SXLIV QEGLMRIV]MRXLIZMGMRMX]  )PIGXVMGEP,E^EVHW )PIGXVMGEPLE^EVHWEVIGVIEXIHF]ER IPIGXVMGEPGYVVIRXGLEVKISVdIPHGETEFPISJGEYWMRKMRNYV]%PP IPIGXVMGEP WSYVGIW WLSYPH FI XVIEXIH EW E TSXIRXMEP LE^EVH MRGPYHMRKPS[ZSPXEKI WSYVGIW 0S[ ZSPXEKI HSIWRSX QIER PS[ LE^EVH -JIPIGXVMGEP LE^EVHW EVITVIWIRX XLI] WLSYPH FIIZEPYc EXIH F] E UYEPMdIH IPIGXVMGMER EW XS XLI TSXIRXMEP VMWO ERH GSRXVSPWMREGGSVHERGI[MXL2*4%):SPXEKIEPSRIHSIWRSX HIXIVQMRI XLI WIZIVMX] SJ IPIGXVMGEP WLSGO 8LI XLVII JEGXSVW XLEXHIXIVQMRIXLIWIZIVMX]SJIPIGXVMGEPWLSGOEVIEWJSPPS[W   

ERHMWKVSYRHIHIPIGXVSGYXMSRMWTSWWMFPI)PIGXVMGMX]JSPPS[WEPP GSRHYGXMZI TEXLW XS KVSYRH RSX SRP] XLI TEXL SJ PIEWX VIWMWXc ERGI  4L]WMGEP,E^EVHW 8LIWILE^EVHWMRGPYHILE^EVHWSXLIV XLER QIGLERMGEP SV GLIQMGEP XLEX [SYPH GEYWI LEVQ XS XLI FSH] MRGPYHMRK FYX RSX PMQMXIH XS RSMWI IRKYPJQIRX JEPPW [IXWPMGO WYVJEGIW WPMTXVMT LE^EVHW PMKLXMRK VEHMEXMSR ZMFVEc XMSR ERH I\XVIQIW SJ XIQTIVEXYVI ERH TVIWWYVI )RXVETQIRX LE^EVHWEVI[LIVIXLIWLETISVGSRdKYVEXMSRSJXLIZIWWIPMXWIPJ GERI\IVXIRSYKLJSVGISRXLIFSH]XSGEYWIHIEXLF]WXVERKYc PEXMSRGSRWXVMGXMSRSVGVYWLMRKERHQE]MRGPYHIREVVS[GVSWW WIGXMSRW WPSTMRK eSSVW JYRRIPMRK GSRdKYVEXMSRW SV SXLIV MRXIVREP GSRdKYVEXMSRW XLEX GER IRXVET 4L]WMGEP LE^EVHW MRGPYHII\TPSWMSRERHdVILE^EVHWGVIEXIHF]ZEVMSYWGLIQMGEP EKIRXW WYGL EW eEQQEFPI PMUYMHW TEMRXW WSPZIRXW ERH QIXLc ERIEW[IPPEWGSQFYWXMFPIWIXXPIHHYWXMRI\GIWWSJ kMRERH EMVFSVRI GSRGIRXVEXMSRW XLEX MQTEMV ZMWMFMPMX] XS PIWW XLER  JX EVIMRHMGEXSVWSJTSXIRXMEPI\TPSWMZIGSRHMXMSRW'SRGIRXVEXMSRW SJ I\TPSWMZIeEQQEFPI ZETSVW XLEX LEZI VIEGLIH XLIMV 0)0 PS[IV I\TPSWMZI PMQMX  ERH LEZI RSX I\GIIHIH XLIMV 9)0 YTTIV I\TPSWMZI PMQMX  EVI GETEFPI SJ I\TPSWMSR 8LIVI MW RS IJJIGXMZI44)JSVERI\TPSWMZIIRZMVSRQIRXGSRXVSPSVIPMQMREc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dRIH WTEGI LE^EVHWEWJSPPS[W  

 

 'LIQMGEP LE^EVHW ERH S\]KIR PIZIPW QE] FI QIEWc YVIH YWMRK EXQSWTLIVMG QSRMXSVMRK HIZMGIW WYGL EW QYPXMKEW QIXIVWWMRKPIKEWQSRMXSVWERHGSPSVMQIXVMGXYFIW8LIJSPPS[c MRKEVIX]TIWSJGLIQMGEPLE^EVHW 

8LI EGXYEP UYERXMX] SJ GYVVIRX EQTIVIW  eS[MRK XLVSYKLXLIFSH] 8LITEXLSJGYVVIRXXLVSYKLXLIFSH] 8LIXMQIXLIGYVVIRXeS[WXLVSYKLXLIFSH]

 %W IPIGXVMGMX] XVEZIPW JVSQ MXW WSYVGI ERH VIXYVRW XS XLEXWSYVGIIMXLIVXLVSYKLE[MVIGSRHYGXMZIQEXIVMEPSVXLI KVSYRH MX QEOIW E GSQTPIXI GMVGYMX -J ER]XLMRK WYGL EW E LYQER FSH] GSQIW MR GSRXEGX [MXL XLI GYVVIRXGEVV]MRK [MVIW

)HMXMSR

-RLEPEXMSR MW XLI QSWX GSQQSR [E] JSV EXS\MG GLIQMGEP XSIRXIVXLIFSH]-RLEPIHQEXIVMEPWEVIMRXLIJSVQSJE JYQIHYWXKEWQMWXSVZETSV 7OMR EFWSVTXMSR SGGYVW [LIR E GLIQMGEP WYGL EW E WSPZIRX TEWWIW XLVSYKL XLI WOMR ERH IRXIVW XLI FPSSH WXVIEQ7SQIHYWXWERHQMWXWPMOITIWXMGMHIWQE]HMWWSPZI SRQSMWXWOMRERHXLIRFIEFWSVFIH -RKIWXMSR SGGYVW [LIR [SVOIVW HS RSX [EWL XLIMV LERHW FIJSVIIEXMRKSV[LIVIXLI]HVMROFIZIVEKIWSVWQSOIMR EREVIE[LIRLE^EVHSYWGLIQMGEPWEVIYWIH -RNIGXMSR SGGYVW [LIR E GLIQMGEP IRXIVW XLI FSH] XLVSYKLEFVIEOMRXLIWOMRX]TMGEPP]F]EWLEVTSFNIGX



7]WXIQMG TSMWSRW EVI QEXIVMEPW XLEX HEQEKI LYQER SVKERW SV W]WXIQW WYGL EW XLI OMHRI]W PMZIV SV GIRXVEP RIVZSYW W]WXIQ 'SQQSR TSMWSRW ERH XS\MG GLIQMGEPW JSYRH MR SV EVSYRH GSRdRIH WTEGIW MRGPYHI GEVFSR QSRS\MHIJVSQMRGSQTPIXIGSQFYWXMSR IKIRKMRIWSV dVIW L]HVSKIRWYPdHIJVSQHIGE]MRKFMSPSKMGEPQEXIVMEP IK VSXXMRK dWL WIE[IIH KVEMRW  GPIERMRK STIVEXMSRW IK XS\MG ZSPEXMPI SVKERMG GSQTSYRHW WSPZIRXW  ERH [IPHMRKJYQIW IKLIEZ]QIXEPW  'SVVSWMZIWEVIGLIQMGEPWXLEXGEYWIZMWMFPIHIWXVYGXMSRSJ PMZMRK XMWWYI EX XLI WMXI SJ GSRXEGX 7SQI I\EQTPIW EVI QYVMEXMGEGMHWYPJYVMGEGMHERHP]I

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

-()28-*-'%8-32%2():%09%8-323*,%>%6(7-2%2(%6392('32*-2)(74%')7



-VVMXERXW EVI GLIQMGEPW XLEX EVI RSX GSVVSWMZI FYX QE] GEYWI E VIZIVWMFPI MReEQQEXSV] IJJIGX SR PMZMRK XMWWYIW -VVMXERXW EVI WMQMPEV XS GSVVSWMZIW FYX XLI] EVI [IEOIV MR XLIMV IJJIGXW 8LIMV WMXIW SJ EGXMSR EVI XLI WOMR I]IW ERH PYRKW

 %XQSWTLIVMG ,E^EVHW 7XEXMWXMGW MRHMGEXI XLEX EXQSWc TLIVMG LE^EVHW EVI XLI QSWX GSQQSR GEYWI SJ HIEXL MR GSRdRIH WTEGIW 3\]KIR HIdGMIRG] ERH IRVMGLQIRX EXQSWc TLIVIW EVI EPWS LE^EVHSYW 8LI RSVQEP EQSYRX SJ S\]KIR MW TIVGIRXXSTIVGIRXMRXLIEMV;LIVIS\]KIRMWPS[IV XLERTIVGIRXXLIVIQE]FIEGLIQMGEPSVTVSGIWWGSRWYQc MRK SV HMWTPEGMRK S\]KIR [LIVI MX MW LMKLIV XLIVI QE] FI E WSYVGI SJ S\]KIR FIMRK MRXVSHYGIH XS XLI WTEGI 3\]KIR HIdc GMIRG] QE] PIEH XS EXQSWTLIVIW XLEX GERRSX WYWXEMR PMJI ERH XLEX QE] FIGSQI MQQIHMEXIP] HERKIVSYW XS PMJI ERH LIEPXL 3\]KIRIRVMGLIHEXQSWTLIVIWKVIEXIVXLERTIVGIRXS\]KIR QE] MRGVIEWI XLI VMWO SJ E dVISV I\TPSWMSR LE^EVH F]EPXIVMRK XLI TVSTIVXMIW SJ eEQQEFPI SV GSQFYWXMFPI WYFWXERGIW 'SQQSR EXQSWTLIVMG LE^EVHW MRGPYHI FYX EVI RSX PMQMXIH XS XLIJSPPS[MRK 

3\]KIRHIdGMIRG] PIWWXLERTIVGIRX [LMGLQE]FI GEYWIHF]XLIJSPPS[MRK E

3\]KIR HMWTPEGIQIRX F] SXLIV KEWIW ERH ZETSVW WYGLEWMRIVXKEWIWSVF]IZETSVEXMRKPMUYMHW F 3\]KIR GSRWYQTXMSR XLVSYKL VYWXMRK QIXEPW S\MHEXMSR  GSQFYWXMSR VIWTMVEXSV] GSRWYQTXMSR F][SVOIVWSVSVKERMGHIGE]SJEUYISYWQSPEWWIWSV HV]MRKSJTEMRXW G 3\]KIREFWSVTXMSRSVEHWSVTXMSR[LIVIQSPIGYPIW EHLIVIXSXLIWYVJEGISJEWSPMHFSH]WYGLEWHEQT GEVFSR   *PEQQEFPII\TPSWMZIEXQSWTLIVIW[LMGLQE]FIGEYWIH F]XLIJSPPS[MRK E F G H





:ETSVM^EXMSRSJe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

 &MSPSKMGEP ,E^EVHW &MSPSKMGEP LE^EVHW EVI GVIEXIH F] ZMVYWIWFEGXIVMEJYRKMTEVEWMXIWSVSXLIVPMZMRKSVKERMWQWXLEX QE] GEYWI HMWIEWI MR LYQERW 'SQQSR WSYVGIW SJ FMSPSKMGEP LE^EVHW MRGPYHI FSHMP] eYMHW ERH [EWXI MRWIGX FMXIW SV WXMRKW VEXWWREOIWERHQMGVSFMEPTEXLSKIRW7SQIFMSPSKMGEPQEXIVMc EPW WYGL EW FEGXIVME ERH QSPHW GER FI WEQTPIH ERH XLIR EREP]^IH EX E QMGVSFMEP PEFSVEXSV] %PXLSYKL XLI VIWYPXW QE] XEOIXMQIXLIHEXEQE]EWWMWXMRHIXIVQMRMRKERHHSGYQIRXMRK TSXIRXMEPI\TSWYVIW  4W]GLSPSKMGEP ,E^EVHW 'SRdRIH WTEGIW VIWXVMGXIH QSZIQIRX I\GIWWMZI RSMWI ERH 44) VIWXVMGXMSR QE] GVIEXI TW]GLSPSKMGEPLE^EVHW7SQI)RXVERXWQE]IEWMP]FIGSQIGPEYWc XVSTLSFMGSVWXVIWWIH[LMGLQE]GEYWIXLIQXSL]TIVZIRXMPEXI ERH EPXIV XLIMV EFMPMX] XS VIEWSR ERH QEOI WSYRH HIGMWMSRW



)RXVERXW I\LMFMXMRK WMKRW SJ TL]WMSPSKMGEP WXVIWW WLSYPH FI HIRMIHIRXV]SVVIQSZIHMQQIHMEXIP]  ,E^EVH)ZEPYEXMSR  *SPPS[MRK LE^EVH MHIRXMdGEXMSR XLI )RXV] 7YTIVZMWSV WLSYPH GSRHYGX ER EWWIWWQIRX XS HIXIVQMRI XLI EGXYEP ERH TSXIRXMEP VMWOW XS )RXVERXW ERH SXLIV GSRdRIH WTEGI [SVOIVW 6MWO EWWIWWQIRX MW E TVSGIWW MR [LMGL XLI I\TIGXIH WIZIVMX] SJ MPPRIWW MRNYV] SV TVSTIVX] HEQEKI XLEX ER MHIRXMdIH LE^EVH QE]GEYWIMWGSYTPIH[MXLXLITVSFEFMPMX]SJXLEXPIZIPSJLE^EVH SGGYVVMRK 6MWO EWWIWWQIRX IREFPIW TVMSVMXM^EXMSR SJ VIWSYVGIW ERHMRHMGEXIW[LIXLIV SVRSX E LE^EVHRIIHWXS FI IPMQMREXIH XS IWXEFPMWL EGGITXEFPI IRXV] TEVEQIXIVW -J XLI PIZIP SJ VMWO MW KVIEXIV XLER [LEX MW EGGITXEFPI EW HIWGVMFIH MR XLI 3[RIV 3TIVEXSV SV )RXVERX )QTPS]IVgW GSRdRIH WTEGI TVSKVEQ  GSRXVSP QIEWYVIW WLSYPH FI HIXIVQMRIH F] XLI )RXV] 7YTIVZMc WSV XS IPMQMREXI GSRXVSP SVQMXMKEXIXLI VMWO XS EREGGITXEFPI PIZIP  8LI KIRIVEP WXITW RIIHIH XS TVSZMHI EGGITXEFPI IRXV] GSRHMXMSRWMRGPYHIFYXEVIRSXPMQMXIHXSXLIJSPPS[MRK 

-RZIWXMKEXI XLSVSYKLP] 9WMRK MRJSVQEXMSR MR XLMW KYMHI )RXV] 7YTIVZMWSVW WLSYPH GSRHYGX E XLSVSYKL MRZIWXMKEc XMSR SJ I\MWXMRK SV TSXIRXMEP LE^EVHW XLEX GSYPH TSWI E HERKIV XS )RXVERXW ERH GSRd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c QMRI[LEXGERKS[VSRKLS[XLIIZIRXQE]SGGYV[LEX XLI GSRWIUYIRGIW QE] FIERH LS[ PMOIP] XLI IZIRX MW XS LETTIR'SRWMHIVEXMSRWLSYPHEPWSFIKMZIRXSXLI)RXV] 7YTIVZMWSVW ERH )RXVERXW XLIQWIPZIW FIGEYWI XLIMV PIZIP SJXVEMRMRKI\TIVMIRGIERHYWISJ44)GERGSRXVMFYXIXS SV GVIEXI LE^EVHW MR ERH EVSYRH GSRdRIH WTEGIW *SV I\EQTPI[IEVMRKGLIQMGEPTVSXIGXMZIGPSXLMRKXSTVIZIRX WOMRGSRXEGXJSVERI\XIRHIHTIVMSHSJXMQIMRELSXIRZMc VSRQIRXQE]GVIEXILIEXWXVIWWLE^EVHW   %WWIWWERHIZEPYEXIVMWOW)RXV]7YTIVZMWSVWWLSYPHGSRHYGX EVMWOEWWIWWQIRXXSIZEPYEXIXLILE^EVHW8LMWEWWIWWQIRX WLSYPH FI FEWIH SR XLI RIIHW SJ XLI WMXYEXMSR ERH XLI MHIRXMdIH LE^EVHW )\EQTPIW MRGPYHI TIVJSVQMRK EXQSWc TLIVMG QSRMXSVMRK MR XLI WTEGI IK JSV S\]KIR PIZIPW eEQQEFMPMX] ERH XS\MG GLIQMGEPW  ERH TIVJSVQMRK E ZMWYEP MRWTIGXMSR XS HIXIVQMRI MJ XLIVI EVI TL]WMGEP LE^EVHW 8LIVI EVI RYQIVSYW QIXLSHW JSV GSRHYGXMRK VMWO EWWIWWQIRXW SRI WYGL QIXLSH MW SYXPMRIH MR %27- %-,%>3GGYTEXMSREP,IEPXLERH7EJIX]1EREKIQIRX 7]WXIQW  4VMSVMXM^I XLI VMWOW 8LI )RXV] 7YTIVZMWSV WLSYPH TVMSVMXM^I ERHRSXI[LMGL SJXLI LE^EVHWTSWIXLILMKLIWXVMWO ERH JSGYWSRGSRXVSPPMRKSVIPMQMREXMRKXLSWIdVWX  (IXIVQMRI GSRXVSP QIEWYVIW )RXV] 7YTIVZMWSVW WLSYPH ORS[ MX MW EP[E]W FIWX XS IPMQMREXI LE^EVHW [LIVIZIV TSWWMFPI VIKEVHPIWW SJ XLI TVSFEFMPMX] SV WIZIVMX] SJ XLI LE^EVH -J XLEX MW RSX JIEWMFPI XLI RI\X FIWX WXVEXIK] MW XS YWI IRKMc RIIVMRK GSRXVSPW XS VIHYGI I\TSWYVIW )RKMRIIVMRK GSRXVSPW MRGPYHI FYX EVI RSX PMQMXIH XS PSGEP I\LEYWX

)HMXMSR

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK











7%*)'32*-2)(74%'))286=%2(;36/

ZIRXMPEXMSR XS VIQSZI GSRXEQMRERXW KIRIVEP HMPYXMSR ZIRXMPEXMSR XS WYTTP] JVIWL EMV XS XLI WTEGI ERH WYFWXMXYc XMSRSJQEXIVMEPWWSXLEXGLIQMGEPWEVIRSXMRXVSHYGIHSV TVSHYGIH HYVMRK [SVO MR XLI WTEGI 3XLIV X]TIW SJ GSRXVSP QIEWYVIW MRGPYHI EHQMRMWXVEXMZI GSRXVSPW ERH 44) %HQMRMWXVEXMZI GSRXVSPW MRGPYHI WYGL QIEWYVIW EW VSXEXMRK IQTPS]IIW SV VIWXVMGXMRK XMQI XS GSRXVSP XS\MG GLIQMGEPRSMWISVLIEXI\TSWYVIWERHSVTSWXMRK[EVRc MRKWMKRWERHIRWYVMRKXLEXTIVWSRRIPEVIXVEMRIHLS[XS MHIRXMJ] IZEPYEXI ERH GSRXVSP LE^EVHW ERH HIZIPSTMRK ERHMQTPIQIRXMRKETTVSTVMEXI GSRdRIHWTEGIMWSPEXMSR LSX[SVOERHSXLIVWEJIX]TVSKVEQW44)WLSYPHFIYWIH [LIR IRKMRIIVMRK ERH EHQMRMWXVEXMZI GSRXVSPW EVI RSX WYJdGMIRXXSVIHYGISVIPMQMREXIXLILE^EVHWEW44)HSIW RSXVIHYGISVVIQSZIXLILE^EVH 7IIEPWS'LETXIV :IVMJ] GSRXVSP QIEWYVIW )RXV] 7YTIVZMWSVW WLSYPH IRWYVI XLEXXLIGSRXVSPQIEWYVIWGLSWIRHSRSXMRXVSHYGIEHHMc XMSREP LE^EVHW XLEX LEZI E LMKLIV PIZIP SJ VMWO SV GLERKI XLI VMWO *SV I\EQTPI MJ ZIRXMPEXMSR HYGXW FPSGO XLI I\MX JSV )RXVERXW MX QE] FI HIXIVQMRIH XLEX XLI VMWO SJ RSX LEZMRK XLI ZIRXMPEXMSR SYX[IMKLW XLI VMWO TSWIH F] XLI FPSGOIHI\MX (IXIVQMRI MJ XLI PIZIP SJ VMWO MW EGGITXEFPI )RXV] 7YTIVZMWSVW WLSYPH HIXIVQMRI MJ XLI VMWO LEW FIIR VIHYGIH XS ER EGGITXEFPIPIZIPEWHIXIVQMRIHF]XLISVKERM^EXMSRSVXLI WYTIVZMWSV [MXL XLI GSRXVSP QIEWYVIW GLSWIR *SV I\EQc TPI XLI VMWO EWWIWWQIRX QMKLX GSRGPYHI XLEX E GSQTPMGEc XIHVIHYRHERXZIRXMPEXMSRW]WXIQMWVIUYMVIHJSVIRXV]% JEGMPMX] MRLSYWI GSRdRIH WTEGI IRXV] XIEQ QMKLX GSRGPYHI XLI] EVI YRGSQJSVXEFPI ERH YRJEQMPMEV [MXL MQTPIQIRXMRKWYGLEW]WXIQERHHIXIVQMRIXLEXXLI][MPP RSXGSQTPIXIXLIIRXV]MRWXIEHXLI]GSRGPYHIXLIVMWOMW XSS KVIEX ERH HIGMHI XS RSX GSRHYGX IRXV] STIVEXMSRW GLSSWMRKMRWXIEHXSLMVIETVSJIWWMSREPGSRXVEGXSV -QTPIQIRX ERH XVEMR %JXIV XLI GSRXVSPW EVI MQTPIQIRXIH )RXV] 7YTIVZMWSVW WLSYPH IRWYVI XLEX TIVWSRRIP MRZSPZIH MRXLIIRXV]STIVEXMSRWEVIMRJSVQIHSJXLILE^EVHWVMWO EWWIWWQIRXHIXIVQMREXMSRWERHWTIGMdGGSRXVSPQIEWYVIW ERHMJXLSWIGSRXVSPQIEWYVIWQE]TSWIELE^EVH -RWXMXYXI SRKSMRK EWWIWWQIRX )RXV] 7YTIVZMWSVW WLSYPH IRWYVIXLEXXLIMHIRXMdGEXMSRERHIZEPYEXMSRSJLE^EVHWMW ER SRKSMRK TVSGIWW EW GSRHMXMSRW SJXIR GLERKI MR E GSRdRIHWTEGIHYIXSMRLIVIRXMRXVSHYGIHERHEHNEGIRX LE^EVHW )RXV] 7YTIVZMWSVW WLSYPH GSRHYGX VIKYPEV ZMWYEP ERH EXQSWTLIVMG QSRMXSVMRK SJ XLI WTEGI XS IRWYVI GSRHMXMSRW HS RSX GLERKI 4IVWSRRIP WLSYPH FI E[EVI XLEXGLERKMRKGSRHMXMSRWQE]MRHMGEXIXLIRIIHXSIZEGYc EXIXLIWTEGIERHVIIZEPYEXIMX

 'SQQYRMGEXMSRW % ZMXEP VIMXIVEXMZI TEVX SJ VIHYGMRK LE^EVHWMWGSQQYRMGEXMSR8LI)RXV]7YTIVZMWSVMWVIWTSRWMFPI JSV GSQQYRMGEXMRK XLI MHIRXMdIH LE^EVHW VMWOW ERH WIPIGXIH GSRXVSPW XS EPP TIVWSRW MRZSPZIH [MXL XLI IRXV] SV [SVOMRK EVSYRHEGSRdRIHWTEGI  'SQQYRMGEXMSRWQE]FIZIVFEPSV[VMXXIRYWMRKTIVQMXW ETTPMGEFPI TVSKVEQW WEJI [SVO TVEGXMGIW XLVSYKL XLI YWI SJ WMKRWERHTPEGEVHWSVENSFWEJIX]EREP]WMWJSVQ%PPZIVFEPRSXMc dGEXMSRSJLE^EVHWWLSYPHFIHSGYQIRXIHMR[VMXMRK  8LI EYXLSVM^EXMSR JSV IRXV] TVSGIHYVI ERH TIVQMX WLSYPH SYXPMRI LS[ GSQQYRMGEXMSR HYVMRK XLI IRXV] [SVO ERH I\MX WXEKIW [MPP FI GSRHYGXIH IRWYVMRK XLEX EYXLSVM^IH )RXVERXW ERH %XXIRHERXW GER QEMRXEMR GSRXEGX HYVMRK IRXV] ERH XLVSYKLSYX XLI [SVO WLMJX ;LIVI XLI TSXIRXMEP I\MWXW JSV ZSMGIGSQQYRMGEXMSRWXSFILEQTIVIHF]RSMWI44)HMWXERGI

)HMXMSR

WTEGIGSRdKYVEXMSRSVSXLIVFPSGOEKIX[SJSVQWSJGSQQYRMc GEXMSRWLSYPHFIYWIH  8LIVMWOWERHTSXIRXMEPI\TSWYVIWSJXLIIRXV]EW[IPPEW XLIWMKRWERHW]QTXSQWSJI\TSWYVIRIIHXSFIGSQQYRMGEXIH XSXLI)RXVERXERHXLI%XXIRHERX8LI)RXV]7YTIVZMWSVWLSYPH IRWYVIXLEXXLI]EVIJEQMPMEV[MXLIUYMTQIRXEWWMKRIHWYGLEW 44) EXQSWTLIVMG XIWXMRK IUYMTQIRX ERH XLI VIWGYI IUYMTc QIRXEZEMPEFPIEW[IPPEWEPEVQWERHQIERWSJGSQQYRMGEXMSR  )RXVERXW ERH %XXIRHERXW WLSYPH LEZI XLI EFMPMX] XS [MXRIWW ERH VIZMI[ ER] XIWXMRK VIWYPXW GSRHYGXIH MJ XLEX MW RSX HSRIXLIRXLIVIWYPXWRIIHXSFIGSQQYRMGEXIHXSXLIQ  8LIQIERWSJVIWGYISVVIGSZIV]EW[IPPEWXLIQIERWSJ IKVIWWWLSYPHFIGSQQYRMGEXIHXSEPP)RXVERXWERH%XXIRHERXW  8LI )RXV] 7YTIVZMWSV RIIHW XS IRWYVI XLEX XLI %XXIRHc ERX W LEWXLIQIERWXSRSXMJ]XLIHIWMKREXIHVIWGYIXIEQXLI RSXMdGEXMSRQIXLSH MWSTIVEFPI ERH XLI VIWGYI XIEQ MWE[EVI SJXLIIRXV]  %PPTIVWSRRIPMRZSPZIHRIIHXSFIMRJSVQIHSJSXLIVOI] MRJSVQEXMSRKMZIRXLIGMVGYQWXERGIWSJXLITEVXMGYPEVGSRdRIH WTEGIXSIRWYVIIQTPS]IIWEJIX]8LMWMRJSVQEXMSRMRGPYHIWFYX MW RSX PMQMXIH XS EHHMXMSREP TIVQMXW IK LSX [SVO IPIGXVMGEP [SVO PSGOSYXXEK SYX  SXLIV [SVO FIMRK TIVJSVQIH MR XLI ZMGMRMX] SJ XLI GSRdRIH WTEGI JSVIGEWXIH EXQSWTLIVMG GSRHMc XMSRWERHTEWXGSRGIVRWSVMWWYIW[MXLXLIWTEGI  6IWSYVGIW 8LI VIWSYVGIW GSRXEMRIH MR  XLVSYKL  EVI MRXIRHIH XS TVSZMHI KYMHERGI MR MHIRXMdGEXMSR SJ LE^EVHWEWWSGMEXIH[MXLGSRdRIHWTEGIW  7EJIX] (EXE 7LIIXW 7(7  7EJIX] HEXE WLIIXW 7(7 WLSYPH FI EZEMPEFPI ERH VIZMI[IH JSV VIGIRX QEXIVMEPW XLEX TVIZMSYWP]LEZIFIIRWXSVIHSVYWIHMREGSRdRIHWTEGIFIMRK IRXIVIH LEZI FIIR YWIH XS TYVKI E GSRdRIH WTEGI FIMRK IRXIVIHSVEVIFIMRKFVSYKLXMRXSXLIWTEGIFIMRKIRXIVIH  7(7WWLSYPHFIVIZMI[IHSVIZEPYEXIHXSHIXIVQMRIEX EQMRMQYQXLIeEQQEFMPMX]GSQFYWXMFMPMX]XS\MGMX]EWTL]\MEc XMSRLE^EVHERHVIEGXMZMX]SJQEXIVMEPW  %PPLE^EVHWMHIRXMdIHHYVMRKXLI7(7IZEPYEXMSRWLSYPH FI VIGSVHIHSRXLIGSRdRIHWTEGITIVQMXMREGGSVHERGI[MXL 'LETXIV  ERH IZEPYEXIH ERH GSRXVSPPIH MR EGGSVHERGI [MXL 'LETXIVWERH  &PYITVMRXW ERH 7GLIQEXMGW &PYITVMRXW ERH WGLIQEXMGW QE] TVSZMHI MRJSVQEXMSR EFSYX XLI GSRWXVYGXMSR SJ XLI WTEGI HMQIRWMSRW ERH HMWXERGIW 8LI] QE] JEQMPMEVM^I XLI )RXVERX [MXL IUYMTQIRX PSGEXMSRW WM^I TS[IV WSYVGIW ERH WEJIX] JIEXYVIW  4PEGEVHW ERH 1EVOMRKW ;EVRMRK TPEGEVHW ERH QEVOMRKW QE] TVSZMHI )RXVERXW [MXL [EVRMRKW JSV WTIGMdG LE^EVHW WYGL EW IPIGXVSGYXMSR XS\MRW ERH GLIQMGEP LE^EVHW 2*4%  GSRXEMRW E QEVOMRK W]WXIQ XS [EVR SJ WMKRMdGERX LE^EVHW ERH WLSYPHFITVIWIRXEXQSWXJEGMPMXMIW  (ITEVXQIRX SJ 8VERWTSVXEXMSR )QIVKIRG] 6IWTSRWI +YMHI 8LMW KYMHI [LMGL TVSZMHIW MRJSVQEXMSR SR QER] LE^EVHSYW WYFWXERGIW MW EZEMPEFPI SRPMRI EX LXXT TLQWEHSXKSZWXEXMGdPIW4,17%(S[RPSEHEFPI*MPIW*MPIW ,E^QEX)6+THJ

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

%81374,)6-'132-836-2+

'LETXIV%XQSWTLIVMG1SRMXSVMRK  +IRIVEP 8LI TYVTSWI SJ XLMW GLETXIV MW XS SYXPMRI XLI WXITW RIGIWWEV] JSV XIWXMRK ERH IZEPYEXMRK GSRdRIH WTEGI EXQSWTLIVIW JSV KEWISYW LE^EVHW ERH XS LIPT HIXIVQMRI XLI IUYMTQIRXRIGIWWEV]JSVXLMWXEWO8LMWGLETXIVHSIWRSXGSZIV IZEPYEXMRK SV XIWXMRK JSV RSRKEWISYW LE^EVHW WYGL EW HYWXW TEVXMGYPEXIW SV SXLIV TSXIRXMEP EXQSWTLIVMG LE^EVHW -J TSXIRc XMEP JSV SXLIV RSRKEWISYW EXQSWTLIVMG LE^EVHW HSIW I\MWX E UYEPMdIHTIVWSRWLSYPHFIGSRWYPXIHVIKEVHMRKWEJI[SVOTVEGc XMGIWMRXLIWIIRZMVSRQIRXW  4VSGIHYVIW JSV %XQSWTLIVMG 1SRMXSVMRK %XQSWTLIVMG QSRMXSVMRKWLSYPHFITIVJSVQIHYWMRKXLITVSGIHYVIWHIWGVMc FIHMRXLMWGLETXIVTVMSVXSER]GSRdRIHWTEGIIRXV]XSHIXIVc QMRI MJ XLI EXQSWTLIVI [MXLMR XLI WTEGI MW WEJI JSV IRXV] %XQSWTLIVMGQSRMXSVMRKQE]RSXFIRIGIWWEV]MJXLIHSGYQIRc XIH MRMXMEP LE^EVH IZEPYEXMSR EW HIWGVMFIH MR 'LETXIV  LEW HIXIVQMRIHXLEXXLIVIMW RSTSXIRXMEPJSVEXQSWTLIVMGLE^EVHW XSI\MWXMRXLIWTEGI%XQSWTLIVMGQSRMXSVMRKMWTIVJSVQIHJSV X[SHMWXMRGXTYVTSWIW  

4VIIRXV]XIWXMRK 'SRXMRYSYW QSRMXSVMRK SJ XLI EXQSWTLIVI [MXLMR XLI WTEGI WII7IGXMSR

 4VI)RXV] 8IWXMRK 8LI EXQSWTLIVI SJ E GSRdRIH WTEGI WLSYPH FI XIWXIH JSV EPP TSXIRXMEP LE^EVHSYW EXQSWTLIVMG GSRXEQMRERXW EW MHIRXMdIH MR XLI MRMXMEP LE^EVH IZEPYEXMSR WII 'LETXIV   FIJSVI IEGL IRXV] F] E +EW 8IWXIV 8LI ETTVSTVMEXI XIWXMRKIUYMTQIRXWLSYPHFIYWIHXSHIXIVQMRIXLEXXLIEXQSWc TLIVMGGSRGIRXVEXMSRWEXXLIXMQISJIRXV]EVI[MXLMRXLIVERKI SJEGGITXEFPIIRXV]GSRHMXMSRWEWHIWGVMFIHMR8LIVIWYPXW SJXLIXIWXMRK IKEGXYEPKEWGSRGIRXVEXMSRW WLSYPHFIVIGSVc HIH EPSRK [MXL XLI WXMTYPEXIH EGGITXEFPI IRXV] GSRHMXMSRW EGGSVHMRK XS XLI TIVQMX VIGSQQIRHEXMSRW MR 'LETXIV  %PP KEW QSRMXSVW WLSYPH FI IUYMTTIH [MXL XLI TVSTIV WIRWSVW XS HIXIGX XLI TSXIRXMEP EXQSWTLIVMG LE^EVHW FIMRK XIWXIH ERH GIVXMdIHJSVYWIMRXLIIRZMVSRQIRX[LIVIXLI]EVIFIMRKYWIH 6IJIV XS XLI KEW QSRMXSV QERYJEGXYVIVgW WTIGMdGEXMSRW ERH LE^EVHSYWPSGEXMSRERHMRXVMRWMGWEJIX] GIVXMdGEXMSRWEGGSVHMRK XSXLIIPIGXVMGEPGSHI  %PPTSVXEFPIKEWQSRMXSVWYWIHJSVGSRdRIHWTEGIEXQSWc TLIVMGQSRMXSVMRKWLSYPHFIXYVRIHSRERH^IVSIHF]XLI+EW 8IWXIVEGGSVHMRKXS7IGXMSR  %PPTSVXEFPIKEWQSRMXSVMRKIUYMTQIRXYWIHJSVGSRdRIH WTEGIEXQSWTLIVMGQSRMXSVMRKWLSYPHFIFYQTXIWXIHERHGEPMc FVEXIHEGGSVHMRKXS7IGXMSRWERH  -J EXQSWTLIVMG QSRMXSVMRK MW HSRI JVSQ SYXWMHI XLI GSRdRIH WTEGI MRMXMEP XIWXMRK WLSYPH FI TIVJSVQIH [MXL EPP ZIRXMPEXMSR GSRXVSPW XYVRIH SJJ XS IRWYVI XIWXMRK SJ E WXEXMG EXQSWTLIVI ERH XS HIXIVQMRI XLI FEGOKVSYRH KEW GSRGIRXVEc XMSR PIZIPW MR XLI IZIRX XLEX ZIRXMPEXMSR JEMPW HYVMRK IRXV] ,S[IZIV EJXIV MRMXMEP XIWXMRK MW GSQTPIXIH XLI EXQSWTLIVI WLSYPHFIGSRXMRYSYWP]QSRMXSVIH[MXLXLIZIRXMPEXMSRGSRXVSPW XYVRIHSRMJZIRXMPEXMSRMWRIGIWWEV]EWEQIERWXSQMXMKEXIXLI LE^EVH  8IWXW JSV EXQSWTLIVMG LE^EVHW WLSYPH FI GSRHYGXIH F] XLI+EW8IWXIVWMQYPXERISYWP]SVMRXLIJSPPS[MRKSVHIV 

3\]KIR HIcGMIRG] ERHSV S\]KIR IRVMGLQIRX %R S\]KIR HIdGMIRX EXQSWTLIVI VITVIWIRXW XLI QSWX GSQQSR EXQSWTLIVMGLE^EVHMRGSRdRIHWTEGIW1SWXGSQFYWXMFPI KEWWIRWSVWEVIS\]KIRHITIRHIRXERHQMKLXRSXTVSZMHI







VIPMEFPIVIEHMRKWMRS\]KIRHIdGMIRXEXQSWTLIVIW8LIVIc JSVI S\]KIR GSRGIRXVEXMSRW WLSYPH FI XLI dVWX LE^EVH XIWXIH ERH XLI GSRGIRXVEXMSR VIGSVHIH XS IRWYVI XLEX WYJdGMIRX S\]KIR MW TVIWIRX JSV TVSTIV WIRWSV STIVEXMSR EGGSVHMRK XS XLI IUYMTQIRX QERYJEGXYVIVgW VIGSQQIRc HEXMSRW 'SQFYWXMFPI SV dEQQEFPI QM\XYVIW 'SQFYWXMFPI KEWIW ERH ZETSVWTVIWIRXERMQQIHMEXIXLVIEXJSVdVIERHI\TPSWMSR ERH EVI E GSQQSR EXQSWTLIVMG LE^EVH JSYRH MR GSRdRIHWTEGIW 8S\MGKEWIWERHZETSVW8IWXMRKWLSYPHFIHSRIEWRIGIWWEV] EWHIXIVQMRIHF]LE^EVHMHIRXMdGEXMSR WII'LETXIV 

 8LI +EW 8IWXIV TIVJSVQMRK EXQSWTLIVMG QSRMXSVMRK WLSYPH FI XVEMRIH ERH ORS[PIHKIEFPI EGGSVHMRK XS 7IGXMSR  ERH 'LETXIV  [MXL VIKEVH XS XLI TSXIRXMEP EXQSWTLIVMG LE^EVHW ERH XLI WTIGMdG QSRMXSV FIMRK YWIH XS XIWXXLIGSRdRIHWTEGI  8LI +EW 8IWXIV TIVJSVQMRK EXQSWTLIVMG QSRMXSVMRK WLSYPH ZIVMJ] XLEX XLI QSRMXSV MW JYRGXMSRMRK TVSTIVP] WII 7IGXMSRW  ERH   LEW XLI ETTVSTVMEXI EGGIWWSVMIW IK dPXIVW XYFMRK ERH TVSFIW  ERH MW IUYMTTIH [MXL XLI TVSTIV WIRWSVW JSV XLI MHIRXMdIH ERH TSXIRXMEP EXQSWTLIVMG LE^EVHW VIPEXIH XS XLI GSRdRIH WTEGI -R EHHMXMSR XLI +EW 8IWXIV WLSYPHLEZIERYRHIVWXERHMRKSJXLIIUYMTQIRXWTIGMdGEXMSRW MRGPYHMRK FYX RSX PMQMXIH XS VIWTSRWI XMQI QIEWYVIQIRX VERKIERHSTIVEXMRKXIQTIVEXYVI WII7IGXMSR   -JXLIGSRdRIHWTEGILEWRSXFIIRSTIRIHSVXLIEXQSWc TLIVI MW RSX MQQIHMEXIP] EGGIWWMFPI JSV XIWXMRK XLI )RXV] 7YTIVZMWSV WLSYPH STIR XLI GSRdRIH WTEGI NYWX IRSYKL XS EPPS[ MRWIVXMSR SJ E TVSFI JSV XIWXMRK %R] TSXIRXMEP LE^EVH MRGPYHMRK FYX RSX PMQMXIH XS TVIWWYVI ERH IPIGXVMG WLSGO WLSYPH FI IPMQMREXIH GSRXVSPPIH SV QMXMKEXIH TVMSV XS STIRc MRKXLIWTEGI7SQIQERLSPIGSZIVWQE]LEZIEWQEPPSTIRMRK XSEPPS[XLIMRWIVXMSRSJEWEQTPMRKLSWI  -JXLIIRXVERGIXSXLIGSRdRIHWTEGIGERFIEJJIGXIHF] [MRHSVEQFMIRXEMVeS[XLI+EW8IWXIVWLSYPHVIQEMRSRXLI YT[MRHWMHISJXLIIRXVERGI  8LI TYVTSWISJ XIWXMRK FIJSVI GSQTPIXIP]STIRMRK XLI GSRdRIH WTEGI MW XS TVIZIRX XLI GVIEXMSR SJ ER MQQIHMEXIP] LE^EVHSYW EXQSWTLIVI IMXLIV MRWMHI SV SYXWMHI XLI GSRdRIH WTEGIERHXSTVSXIGXXLITIVWSRRIPSYXWMHIXLIWTEGI  %WQYGLSJXLIGSRdRIHWTEGIgWLSVM^SRXEPERHSVZIVXMc GEP EVIE EW TSWWMFPI WLSYPH FI XIWXIH F] YWI SJ E TYQT ERH VIQSXI TVSFI SV WEQTPI LSWI JVSQ XLI SYXWMHI FIJSVI XLI WTEGIMWIRXIVIHJSVJYVXLIVXIWXMRK  8IWXMRKWLSYPHMRGPYHIEPPMVVIKYPEVEVIEWSJXLIGSRdRIH WTEGI [LIVI EXQSWTLIVMG LE^EVHW GSYPH FI TVIWIRX SV GSYPH EGGYQYPEXI 7II7IGXMSR  -J IRXV] MRXS XLI GSRdRIH WTEGI MW VIUYMVIH XS XIWX XLI IRXMVI EVIE E WIGSRH +EW 8IWXIV [LS GER FI XLI MRXIRHIH WTEGI)RXVERXIUYMTTIH[MXLEPPETTVSTVMEXI44) MIFVIEXLc MRKEMVLEVRIWWPMJIPMRIIXG GERIRXIVXLIWTEGIXSGSQTPIXI XLIXIWX[LMGL[SYPHMRGPYHIMVVIKYPEVEVIEW[LIVITSGOIXWSJ KEWGSYPHFIGSQIXVETTIH%RIRXV]TIVQMXERHER%XXIRHERX EVI VIUYMVIH JSV XLMW STIVEXMSR 3RGI XLI WTEGI LEW FIIR GSQTPIXIP] XIWXIH MX WLSYPH FI ZIRXMPEXIH EGGSVHMRK XS 'LETc XIVMRSVHIVXSIRWYVIXLEXER]LE^EVHW MHIRXMdIHMRXLIXIWXc MRKEVITVSTIVP]GSRXVSPPIH

)HMXMSR

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK



7%*)'32*-2)(74%'))286=%2(;36/

 ;LIVI XIWXMRK JSV IRXVMIW MRZSPZMRK E ZIVXMGEP HIWGIRX XLI EXQSWTLIVI WLSYPH FI XIWXIH YWMRK E KEW QSRMXSV [MXL E VIQSXIWEQTPMRKTYQTERHLSWIEGGSVHMRKXS8LIEXQSWc TLIVI WLSYPH FI XIWXIH EX  JX  Q  MRXIVZEPW WXEVXMRK EX XLI STIRMRK SJ XLI WTEGI ERH [SVOMRK XS[EVHW XLI FSXXSQ SJ XLI WTEGI  -J XLI GSRdRIH WTEGI VIUYMVIW E LSVM^SRXEP IRXV]XLI EXQSWTLIVI WLSYPH FI XIWXIH YWMRK E KEW QSRMXSV [MXL E WEQTPMRK TYQT ERH VMKMH WEQTPMRK TVSFI EGGSVHMRK XS 7IGXMSR  8LI EXQSWTLIVI WLSYPH FI XIWXIH EX  JX  Q MRXIVZEPW[SVOMRKMR[EVHJVSQXLISTIRMRKSJXLIWTEGI  8LI +EW 8IWXIV TIVJSVQMRK EXQSWTLIVMG QSRMXSVMRK WLSYPH HSGYQIRX XLIMV MRMXMEP VIWYPXW MRGPYHMRK EPP KEW VIEHc MRKWERHWMKRXLIIRXV]TIVQMX[LMGLWLSYPHMRHMGEXIXLIHEXI ERHXMQISJXLIKEWXIWXERHXLIWIVMEPRYQFIVSJXLIKEWQSRMc XSVYWIHXSTIVJSVQXLIXIWX  ;LIVIEW XLI TVIIRXV] XIWX HIXIVQMRIW XLI MRMXMEP EMV UYEPMX]FIJSVIXLIGSRdRIHWTEGIMWIRXIVIHMXMWMQTSVXERXXS GSRXMRYSYWP] QSRMXSV JSV GLERKIW MR XLI EXQSWTLIVI HYVMRK [SVO STIVEXMSRW MRWMHI XLI WTEGI XS IRWYVI XLEX E WEJI EXQSWc TLIVIMWQEMRXEMRIH 7II7IGXMSR  -J LE^EVHSYW EXQSWTLIVMG GSRHMXMSRW EW HIWGVMFIH MR 7IGXMSREVIHIXIGXIHHYVMRKTVIIRXV]XIWXMRKIRXV]WLSYPH FI TVSLMFMXIH YRXMP GSVVIGXMZI EGXMSRW EVI XEOIR ERH VIXIWXMRK ZIVMdIW EGGITXEFPI EXQSWTLIVMG GSRHMXMSRW MR EGGSVHERGI [MXL XLIETTPMGEFPIGSRdRIHWTEGITVSKVEQERHIRXV]TIVQMX)RXV] MRXSXLIWTEGIYWMRKETTVSTVMEXIVIWTMVEXSV]TVSXIGXMSRQE]FI GSRWMHIVIH EGGITXEFPI GSVVIGXMZI EGXMSR TVSZMHIH XLI EXQSWc TLIVI HSIW RSX GSRXEMR eEQQEFPI SV GSQFYWXMFPI ZETSVW MR I\GIWWSJXLIEGGITXEFPIIRXV]GSRHMXMSRW  %PXLSYKL XLI EGGITXEFPI IRXV] GSRHMXMSRW MR 7IGXMSR  EVI WIX EW XVMKKIV TSMRXW JSV PMQMXMRK IRXV] MRXS E WTEGI ER] EXQSWTLIVMG GSRHMXMSRW JSYRH XS FI SYXWMHI XLI RSVQEPP]I\TIGXIHVIEHMRKWWLSYPHFIIZEPYEXIHXLI+EW8IWXIV ERH)RXV]7YTIVZMWSVXSHIXIVQMRIMJETSXIRXMEPLE^EVHI\MWXW *SV I\EQTPI ER S\]KIR VIEHMRK SJ  TIVGIRX WLSYPH FI MRZIWXMKEXIHXSHIXIVQMRIMJERYRMHIRXMdIHLE^EVHLEWGEYWIH S\]KIR HITPIXMSR JVSQ XLI RSVQEP GSRGIRXVEXMSR SV MJ XLI S\]KIR VIEHMRK LEW FIIR MReYIRGIH F] VIPEXMZI LYQMHMX] SV EXQSWTLIVMGTVIWWYVIMRXLIWTEGI  %R] GLERKI MR EXQSWTLIVMG QIEWYVIQIRXW XLEX SGGYV HYVMRKIRXV]STIVEXMSRWWLSYPHFIVITSVXIHMQQIHMEXIP]XSXLI )RXV] 7YTIVZMWSV 8LI RI[ XIWX VIWYPXW WLSYPH FI VIGSVHIH XS HSGYQIRX XLI GLERKI MR GSRGIRXVEXMSR ERH XLI XMQI XLI GLERKISGGYVVIH  -J ER] VIWYPXW JVSQ EXQSWTLIVMG QSRMXSVMRK I\GIIH XLI EGGITXEFPI PMQMXW JSV IRXV] HIWGVMFIH MR 7IGXMSR  EPP [SVO [MXLMR XLI GSRdRIH WTEGI WLSYPH GIEWI ERH XLI WTEGI WLSYPHFIIZEGYEXIHMQQIHMEXIP]  7IPIGXMSRERH8]TIWSJ1SRMXSVW  +IRIVEP %KEWQSRMXSVWLSYPHFIWIPIGXIHFEWIHSRXLI TSXIRXMEPLE^EVHWMHIRXMdIHHYVMRKXLIMRMXMEPLE^EVHIZEPYEXMSR SJ XLI GSRdRIH WTEGI 8LI TSXIRXMEP EXQSWTLIVMG LE^EVHW WLSYPH FI HIdRIH MR EGGSVHERGI [MXL 'LETXIV  3RGI XLI EXQSWTLIVMGLE^EVHWTVMSVXSIRXV]ERHMRSVEVSYRHXLIWTEGI EVIHIXIVQMRIHXLITVSTIVQSRMXSVGERFIWIPIGXIH  7IPIGXMSR SJ 1SRMXSV 'SRdRIH WTEGI QSRMXSVW WLSYPH FIGEPMFVEXIHHMVIGXVIEHMRKGSRXMRYSYWQSRMXSVMRKKEWQSRMc XSVW8LIQSRMXSVWLSYPHHIXIGXJSVS\]KIR 3  GSRXIRXeEQc )HMXMSR

QEFPIKEWIWERHZETSVW 0)0 ERHTSXIRXMEPXS\MGKEWIWEPPSJ [LMGL EVI QMRMQYQ VIUYMVIQIRXW 8LI LE^EVH IZEPYEXMSR [MPP HIXIVQMRIMJMXMWRIGIWWEV]XSQSRMXSVJSVWTIGMdGKEWIWMRGPYHc MRK FYX RSX PMQMXIH XS GEVFSR QSRS\MHI '3  L]HVSKIR WYPdHI ,7 EQQSRME 2, SVZSPEXMPISVKERMGGSQTSYRHW :3'W  WYGL EW FIR^IRI )EGL SJ XLIWI LE^EVHSYW KEWIW GER VIUYMVI YRMUYI WIRWSV XIGLRSPSK] XS FI HIXIGXIH TVSTIVP] -R EHHMXMSR VIEPXMQI ERH MRXIKVEXIH QSRMXSVMRK SJ SXLIV TSXIRc XMEP EXQSWTLIVMG LE^EVHW WYGL EW [IPHMRK JYQIW ERH TEVXMGYc PEXIW QMKLX FI RIGIWWEV] TIV XLI LE^EVH MHIRXMdGEXMSR ERH LE^EVHIZEPYEXMSR  4SVXEFPI ZW *M\IH 1SRMXSVW 4SVXEFPI KEW QSRMXSVW WLSYPHFIYWIHJSVGSRdRIHWTEGIIRXV]EXQSWTLIVMGQSRMXSVc MRK-RGSRdRIHWTEGIW[LIVId\IHKEWHIXIGXSVWEVIMRWXEPPIH TSVXEFPIKEWQSRMXSVWWLSYPHFIYWIHJSVTVIIRXV]XIWXMRKERH IMXLIVGEVVMIHMRXSSV[SVRF]XLI)RXVERXMRXLIWTEGI  1SRMXSV%GGYVEG]  (MVIGXVIEHMRK KEW QSRMXSVW YWIH XS IZEPYEXI SV ZIVMJ] GSRdRIHWTEGIEXQSWTLIVIWWLSYPHTVSZMHIEVIEHMRKEGGYVEG] SJ n TIVGIRX SV FIXXIV SJ XLI EGXYEP KEW GSRGIRXVEXMSR MR EPP YWIGSRHMXMSRWXLEXEVIGSZIVIH[MXLMRXLIQSRMXSVWgSTIVEXMRK WTIGMdGEXMSRW  8LI +EW 8IWXIV WLSYPH ZIVMJ] XLEX KEW QSRMXSVW YWMRK GSVVIPEXMSRSVVIWTSRWI JEGXSVW XS HIXIVQMRIXLI PIZIPSJ E KEW SVZETSVGSRGIRXVEXMSRXLEXMWHMJJIVIRXJVSQXLEXJSV[LMGLXLI WIRWSV SV KEW QSRMXSVW MW GEPMFVEXIH LEZI ER EGGYVEG] SJ n TIVGIRX SV FIXXIV [MXL XLI GSVVIPEXMSR JEGXSV ETTPMIH *SV I\EQTPIEQSRMXSVIUYMTTIH[MXLE4-(GEPMFVEXIHXSMWSFYX]c PIRI GER FI YWIH XS HIXIGX XLI PIZIP SJ XVMGLPSVSIXL]PIRI MR E GSRdRIHWTEGI8LIQSRMXSVVIEHMRKWLSYPHFIQYPXMTPMIHF]E GSVVIPEXMSR SV VIWTSRWI JEGXSV WTIGMdIH F] XLI QERYJEGXYVIV XSHIXIVQMRIXLIVIPEXMZIGSRGIRXVEXMSRSJXVMGLPSVSIXL]PIRIMR XLIWTEGI8LIEGGYVEG]SJXLIZEPYIEJXIVXLIVIEHMRKLEWFIIR QYPXMTPMIH F] XLI GSVVIPEXMSR JEGXSV WLSYPH FI FIXXIV XLER nTIVGIRX8LIKEWQSRMXSVQERYJEGXYVIVWLSYPHFIGSRWYPc XIHJSVMRJSVQEXMSRVIPEXIHXSVIWTSRWIJEGXSVWERHKEWQSRMXSV TIVJSVQERGI  -REHHMXMSRXSXLIEGGYVEG]WXEXIHMRERH XLI +EW 8IWXIV WLSYPH FI E[EVI SJ XLI WTIGMdG KEW QSRMXSVgW GETEFMPMXMIWEWHMWGYWWIHMRXLVSYKL  0MQMXW SJ (IXIGXMSR 8LI QMRMQYQ HIXIGXMSR PMQMX 1(0 [LMGLMWXLIWQEPPIWXPIZIPSJEKEWXLEXGERFIHIXIGXIH [MXLMR XLI WTIGMdIH EGGYVEG] SV VITIEXEFMPMX] SJ XLI QSRMXSV WLSYPH FI PIWW XLER  TIVGIRX JSV S\]KIR  TIVGIRX 0)0 JSV GSQFYWXMFPI KEWIW ERH EX PIEWX SRI SVHIV SJ QEKRMXYHI PS[IV XLER XLI TYFPMWLIH SGGYTEXMSREP I\TSWYVI PMQMX 3)0  SV XLVIWLSPHPMQMXZEPYI 80: [LMGLIZIVMWPS[IVJSVXS\MGKEWIW 8LI PIZIPW GER FI HIXIVQMRIH JVSQ QERYJEGXYVIVWg WTIGMdGEc XMSRW*SVI\EQTPIXLIGYVVIRX 37,%3)0JSVGLPSVMRI 'P MWEGIMPMRKPMQMXSJTTQ8LI1(0JSVEGLPSVMRIQSRMXSV WLSYPH FI PIWW XLER SV IUYEP XS  TIVGIRX SJ TTQ SV  TTQ 0S[IV 1(0W TVSZMHI JSV KVIEXIV VIEHMRK WXEFMPMX] ERH GSRdHIRGIEVSYRHKEWGSRGIRXVEXMSREGXMSRTSMRXWERHVIHYGI SVIPMQMREXIJEPWISVRYMWERGIEPEVQWHYIXSHIXIGXSVSVWIRWSV MRWXEFMPMX]  1IEWYVMRK6ERKI 8LIKEWQSRMXSVQIEWYVMRKVERKIJSV HIXIGXMRKXEVKIXIHKEWLE^EVHWWLSYPHFIORS[RERHZIVMdIHXS TVSTIVP]IZEPYEXIEPPTSXIRXMEPLE^EVHW+EWQSRMXSVERHWIRWSV QIEWYVMRK VERKIW WLSYPH FI E QMRMQYQ SJ l TIVGIRX JSV S\]KIRlTIVGIRX0)0JSVGSQFYWXMFPIKEWIWERHEQMRMc

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

%81374,)6-'132-836-2+

QYQSJ^IVSXSEZEPYIKVIEXIVXLERSVIUYEPXSXLI-(0,PIZIP JSVXS\MGKEWLE^EVHW[LIRTSWWMFPI8LIWIPIZIPWGERFIHIXIVc QMRIH JVSQ QERYJEGXYVIVWg WTIGMdGEXMSRW -X MW TVIJIVEFPI XS YWIKEWQSRMXSVW[MXLFVSEHIVQIEWYVMRKVERKIWWSXLEXEXQSWc TLIVIW[MXL GSRXEQMRERXW XLEX EVISYXWMHI RSVQEP PMQMX ZEPYIW GER FI TVSTIVP] IZEPYEXIH TVSTIV QMXMKEXMSR TVSGIHYVIW GER FIIWXEFPMWLIHERHJSPPS[IHERHTVSTIV44)GERFIMWWYIHERH YWIH  -RXIVJIVIRGIW  8LI +EW 8IWXIV WLSYPH FI E[EVI SJ KEWIW SXLIV XLER XLIXEVKIXIHWIRWSVKEWXLEXGERMRXIVJIVI[MXLXLIKEWQSRMXSV ERH GEYWI IVVSRISYW WIRWSV VIEHMRKW *SV I\EQTPI X]TMGEP GEVFSR QSRS\MHI WIRWSVW [MPPTVSHYGIER IVVSRISYWVIWTSRWI [LIRI\TSWIHXSL]HVSKIR-XMWMQTSVXERXXLEXXLI+EW8IWXIV YRHIVWXERH EPP ORS[R TSXIRXMEP EXQSWTLIVMG GSRXEQMRERXW MR XLIWTEGI[LIXLIVSVRSXXLI]TVIWIRXELE^EVHXSXLI)RXVERX ERH XLI IJJIGX XLI TEVXMGYPEV GSRXEQMRERX QMKLX LEZI SR XLI KEW QSRMXSV 8LI KEW QSRMXSVgW TIVJSVQERGI [MXL VIKEVH XS MRXIVJIVMRKKEWIWWLSYPHFI ZIVMdIHF]XLI+EW 8IWXIV[MXLXLI KEWQSRMXSVSVWIRWSVQERYJEGXYVIV  8LI +EW 8IWXIV WLSYPH FI E[EVI XLEX GIVXEMR GSQTSYRHWGERTSWMXMZIP]MRXIVJIVI[MXLKEWQSRMXSVSVWIRWSV VIEHMRKWMRWYGLE[E]XLEXVIEHMRKWETTIEVKVIEXIVXLEREGXYEP XEVKIXKEW GSRGIRXVEXMSRW 9RPIWW XLI TVIWIRGI ERH GSRGIRXVEc XMSRSJETSWMXMZIP]MRXIVJIVMRKKEWGERFIHIdRMXMZIP] MHIRXMdIH ERH GSRdVQIH ETTVSTVMEXI EGXMSR WLSYPH FI XEOIR F] XLI )RXV] 7YTIVZMWSV XS EHHVIWW XLI WMXYEXMSR ERH HIXIVQMRI XLI XVYIGSRXIRXWERHGSRGIRXVEXMSRSJLE^EVHWMRXLIEXQSWTLIVI FIMRKXIWXIH  8LI +EW 8IWXIV WLSYPH FI E[EVI XLEX GIVXEMR GSQTSYRHWGERRIKEXMZIP]MRXIVJIVI[MXLKEWQSRMXSVSVWIRWSV VIEHMRKW MR WYGL E[E] XLEX VIEHMRKW ETTIEV PS[IV XLER EGXYEP XEVKIXKEWGSRGIRXVEXMSRW-RXLIIZIRXXLEXEORS[RRIKEXMZIP] MRXIVJIVMRK KEWMWFIPMIZIHXS FITVIWIRX XLIVIWYPXMRK VIEHMRK JVSQXLIGSRGIRXVEXMSRSJXLEXMRXIVJIVMRKKEWWLSYPHFIEHHIH XSXLIKEWQSRMXSVVIEHMRKJSVXLIXEVKIXKEWF]XLI+EW8IWXIV ERHXLIWYQSJXLIX[SZEPYIWEGGITXIHEWXLIEGXYEPGSRGIRXVEc XMSR SJ XLI XEVKIX KEW TVIWIRX 8LI )RXV] 7YTIVZMWSV WLSYPH XLIR HIXIVQMRI XLI TVSTIV EGXMSRW ERH TVSGIHYVIW XS FI JSPPS[IHEWEVIWYPX

YWIH [MXLMR  MR SJ XLI ERXIRRE SJ E XVERWQMXXMRK QSFMPI SV LERHLIPHVEHMS  )RZMVSRQIRXEP *EGXSVW 8IQTIVEXYVI ,YQMHMX] 4VIWf WYVI%PXMXYHI  4SVXEFPI KEW QSRMXSVW GER FIEJJIGXIH F] IRZMc VSRQIRXEP JEGXSVWMRGPYHMRK FYX RSX PMQMXIH XS XIQTIVEXYVI VIPEXMZILYQMHMX]ERHEXQSWTLIVMGTVIWWYVI  %PPKEWQSRMXSVWSVWIRWSVWYWIHJSVIZEPYEXMSRSVZIVMdc GEXMSRWLSYPHGSQTIRWEXIJSVXLIIJJIGXWSJXIQTIVEXYVISRXLI VIEHMRKW XLVSYKLSYX XLI JYPP QIEWYVMRK VERKI SJ XLI WIRWSV ERHXLIJYPPSTIVEXMRKXIQTIVEXYVIVERKISJXLIKEWQSRMXSV  8LI IJJIGXW SJ XIQTIVEXYVI EW [IPP EW XLI IJJIGXW SJ GLERKIW MR VIPEXMZI LYQMHMX] ERH TVIWWYVIEPXMXYHI SR XLI QSRMXSV VIEHMRKW WLSYPH FI MHIRXMdIH ERH YRHIVWXSSH MR EGGSVHERGI [MXL XLI QERYJEGXYVIVgW TVSHYGX VIGSQQIRHEc XMSRW  %PEVQ-RHMGEXMSRW  +EWQSRMXSVWWLSYPHLEZIWMQYPXERISYWQYPXMTPIEPEVQ MRHMGEXSVW MRGPYHMRK EYHMFPI ZMWMFPI SV ZMFVEXMRK EPEVQW XS MRHMGEXIXLIGSRHMXMSRWMRXLVSYKL  4SVXEFPI KEW QSRMXSVW WLSYPH LEZI RSX SRP] TVIWIX EPEVQZEPYIWFYXEPWSQERYEPEPEVQZEPYIWXLEXEPPS[XLIYWIVXS WIXEPEVQW EX WTIGMdGPIZIPW -XMWGVMXMGEP XLEXE UYEPMdIHLIEPXL ERH WEJIX] TVSJIWWMSREP FI GSRWYPXIH XS HIXIVQMRI XLI PIZIP EX [LMGL KEW QSRMXSV SV WIRWSV EPEVQW WLSYPH FI WIX JSV WTIGMdG ETTPMGEXMSRW  4SVXEFPIKEWQSRMXSVWWLSYPHLEZIEXPIEWXX[SPIZIPWSJ MRWXERXERISYW EPEVQW JSV EPP WIRWSVW MRGPYHMRK S\]KIR 0)0 ERHXS\MGW  4SVXEFPI KEW QSRMXSVW WLSYPH LEZI EPEVQW XS MRHMGEXI XLEX XLI WLSVXXIVQ I\TSWYVI PMQMX 78)0  JSV XS\MG KEWIW LEW FIIRI\GIIHIH  4SVXEFPIKEWQSRMXSVWWLSYPHLEZIXMQI[IMKLXIHEZIVc EKI 8;%  EPEVQW JSV XS\MG KEWIW m X]TMGEPP] ER LSYV EZIVc EKI  +EWQSRMXSVWWLSYPHLEZIEPEVQWXSEPIVXXLI+EW8IWXIV XS SXLIV GSRHMXMSRW MRGPYHMRK FYX RSX PMQMXIH XS XLI JSPPS[c MRK

 %PXIVREXMZI SV EHHMXMSREP XIWX QIXLSHW MRGPYHMRK FYX RSX PMQMXIH XS GSPSVMQIXVMG XYFIW ERH KVEF FEK WEQTPMRK WLSYPH FI YWIH MR GSRNYRGXMSR [MXL E KEW QSRMXSV XS MHIRXMJ] SXLIV GSRXEQMRERXW MR XLI WTEGI ERHZIVMJ] XLI EGXYEP GSRGIRc XVEXMSRSJXLIXEVKIXIHLE^EVHW 7II7IGXMSR

 

 'SQQSRP] ORS[R VIEWSRW JSV WIRWSV MRXIVJIVIRGI WLSYPHFIPMWXIHMRXLIKEWQSRMXSVYWIVgWQERYEPSVSXLIV[MWI TVSZMHIHF]XLIKEWQSRMXSVgWQERYJEGXYVIV

 3XLIV1SRMXSV8]TIW

 +EW QSRMXSV SV WIRWSV VIEHMRKW GER FI EJJIGXIH F] VEHMS JVIUYIRG] MRXIVJIVIRGI 6*-  SV SXLIV IPIGXVSQEKRIXMG MRXIVJIVIRGI )1-   +EW QSRMXSVW YWIH XS IZEPYEXI SV ZIVMJ] GSRdRIH WTEGIEXQSWTLIVIW WLSYPH FI GIVXMdIHF] XLIQERYJEGXYVIVXS XIWX ERH TIVJSVQ MR EGGSVHERGI [MXL VIPIZERX KYMHIPMRIW JSV VEHMSJVIUYIRG]IPIGXVSQEKRIXMGMRXIVJIVIRGI  'EVI WLSYPH FI XEOIR XS OIIT KEW QSRMXSVW MWSPEXIH JVSQTSXIRXMEPWSYVGIWSJ6*-)1-EWQYGLEWTSWWMFPIHYVMRK YWI %WE VYPI TSVXEFPI IPIGXVSRMG KEW QSRMXSVW WLSYPH RSX FI



 

0S[FEXXIV] 0S[ eS[mJSV KEWQSRMXSVWXLEX LEZIVIQSXIWEQTPMRK TYQTW 'EPMFVEXMSRJEMPYVITEWXHYI &YQTXIWXTEWXHYI

 -JXLIGSRdRIHWTEGIGSYPHTSXIRXMEPP]LEZIEXQSWTLIVMG LE^EVHWXLEXGYVVIRXKEWQSRMXSVMRKXIGLRSPSK]GERRSXHIXIGX SXLIVX]TIWSJHIXIGXMSRIUYMTQIRXWLSYPHFIYXMPM^IHXSEWWIWW XLIEXQSWTLIVI7YGLTSXIRXMEPEMVGSRXEQMRERXWGSYPHMRGPYHI YRGSQQSR GLIQMGEPW TEVXMGYPEXIW ERH MR WSQI GEWIW YRORS[R EMV GSRXEQMRERXW 'SPSVMQIXVMG HIXIGXSV XYFIW ERH MRHYWXVMEP L]KMIRI WEQTPMRK EVI X[S QIXLSHW XLEX GER FI YXMPM^IHXSHIXIVQMRIXLIPIZIPSJLE^EVHWXLEXGYVVIRXP]EZEMPEc FPI IPIGXVSRMG QSRMXSVW GERRSX HIXIGX %PWS VIEPXMQI TEVXMGYc PEXIQSRMXSVWQE]FIYWIHXSHIXIVQMRIXLIPIZIPWSJMRLEPEFPI ERHVIWTMVEFPITEVXMGYPEXIWMRXLIWTEGI-RSXLIVGEWIWMRXIKVEc XIHEMVWEQTPMRKQE]FIVIUYMVIHJSVEGXMZMXMIWWYGLEW[IPHMRK WERHMRKERHKVMRHMRK

)HMXMSR

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK



7%*)'32*-2)(74%'))286=%2(;36/

 'SPSVMQIXVMGHIXIGXSVXYFIWXLEXEVIWIPIGXIHJSVTEVXMGYc PEV GLIQMGEPW GER WSQIXMQIW FI YWIH JSV WGVIIRMRK TYVTSWIW 8LIWI XYFIW [LMGL EVI YWYEPP] QEHI SJ KPEWW GLERKI GSPSV EGGSVHMRKXSXLIGSRGIRXVEXMSRPIZIPSJXLIQIEWYVIHGSRXEQMc RERX %MV MW HVE[R XLVSYKL XLI XYFI [MXL E FIPPS[ SV QERYEP EWTMVEXMSRTYQT  (IXIGXSV XYFIW [LIR YWIH WLSYPH FI YWIH F] XLI +EW 8IWXIV EGGSVHMRK XS XLI QERYJEGXYVIVWg WTIGMdGEXMSRW ERH MRWXVYGXMSRW 1SWX HIXIGXSV XYFI QERYJEGXYVIVW VIUYMVI XLEX SRP] XLIMV FVERH SJ TYQT FI YWIH MR GSRNYRGXMSR [MXL XLI HIXIGXSVXYFIXSSFXEMREGGYVEXIQIEWYVIQIRXW  4VMSV XS YWI HIXIGXSV XYFI TYQTW WLSYPH FI PIEO GLIGOIHF] XLI +EW 8IWXIV 8LMW MW X]TMGEPP] HSRI F] GSQTVIWWc MRK XLI FIPPS[W JYPP] XLIR MRWIVXMRK ER YRFVSOIR XYFI ERH VIPIEWMRK XLI FIPPS[W XS WII MJ XLI] I\TERH -J XLIVI EVI RS PIEOWXLIFIPPS[W[MPPVIQEMRJYPP]GSQTVIWWIH  -JVIQSXIQIEWYVIQIRXWXSEGSRdRIHWTEGIEVIQEHI JVSQSYXWMHIXLIWTEGIXLIHIXIGXSVXYFIWLSYPHFIEXXEGLIHXS XLI IRHSJXLI WEQTPMRK LSWI ERH RSX RIEV XLI TYQT 3XLIVc [MWI XLI EMV MR XLI XYFMRK [MPP FI QIEWYVIH VEXLIV XLER EMVMR XLIGSRdRIHWTEGIVIWYPXMRKMRIVVSRISYWQIEWYVIQIRXW  1SWX GSPSVMQIXVMG XIWX QIXLSHW EVI FIWX YWIH JSV WGVIIRMRKTYVTSWIW FIGEYWI XLI] EVI X]TMGEPP] SRP] EGGYVEXI XS [MXLMR n  TIVGIRX 8S IRWYVI WEJIX]  TIVGIRX WLSYPH FI EHHIHXSXLIVIEHMRKXSHIXIVQMRIXLIPIZIPSJXS\MGKEWMRXLI GSRdRIHWTEGI  -JHMVIGXVIEHMRKKEWQSRMXSVWSVGSPSVMQIXVMGXYFIWEVI RSX EZEMPEFPI XS EWWIWW XLI TSXIRXMEP LE^EVH PEFSVEXSV]FEWIH MRHYWXVMEP L]KMIRI QSRMXSVMRK [MXL MRXVMRWMGEPP] WEJI FEXXIV] STIVEXIHTYQTWERHZEVMSYWEMVGSRXEQMRERXGSPPIGXMSR dPXIVW XYFIW MQTMRKIVW SV SXLIV HIZMGIW WYGL EW ZEGYYQ GERMWXIVW WLSYPH FI YWIH 8LI] QMKLX FI XLI SRP] QIERW EZEMPEFPI XS QIEWYVIEMVGSRXEQMRERXW  -RXVMRWMG 7EJIX] 8LI +EW 8IWXIV WLSYPH IRWYVI XLEX EPP QSRMXSVW YWIH XS XIWX JSV EXQSWTLIVMG LE^EVHW [MXLMR E GSRdRIH WTEGI WLSYPH FI GIVXMdIH F] E REXMSREPP] VIGSKRM^IH XIWXMRK PEFSVEXSV] 2680  EW MRXVMRWMGEPP] WEJI JSV YWI MR XLI WTEGIEGGSVHMRKXSXLIGPEWWMdGEXMSRSJLE^EVHSYWEXQSWTLIVIW MR2*4% 7II'LETXIV  4IVWSREP 1SRMXSVMRK :IVWYW 6IQSXI 7EQTPMRK (MVIGX VIEHMRK KEW QSRMXSVW GER FI YWIH MR HMJJIVIRX GSRdKYVEXMSRW (MJJYWMSRSVTEWWMZI TIVWSREP QSRMXSVW[SVOFEWIHSRYREWWMWc XIH I\TSWYVI SJ XLI KEW WIRWSVW XS XLI EQFMIRX IRZMVSRQIRX 8LI WIRWSVW WIRWI XLI MQQIHMEXI EQFMIRX IRZMVSRQIRX WYVVSYRHMRK XLI KEW QSRMXSV 6IQSXI WEQTPMRK SV E WEQTPI HVE[QSHIYXMPM^IWIMXLIVEQERYEPSVEREYXSQEXMGTYQT8LI TYQTEREXXEGLQIRXSVMRXIVREPXSXLIKEWQSRMXSVHVE[WEMV XLVSYKLETVSFIERHXYFMRKMRXSXLIKEWQSRMXSVERHHMVIGXP] SRXS XLI WIRWSVW [LMGL EPPS[W XLI KEW QSRMXSV XS WIRWI XLI IRZMVSRQIRXE[E]JVSQ[LIVIXLIKEWQSRMXSVMWPSGEXIH  -R EPP GEWIW VIQSXI WEQTPMRK WLSYPH FI HSRI TVMSV XS IRXIVMRK E GSRdRIH WTEGI 8LI KEW QSRMXSV ERH MXW HMWTPE] WLSYPH FI MR HMVIGX WMKLX SJ XLI +EW 8IWXIV EX EPP XMQIW HYVMRK XIWXMRK 8LI +EW 8IWXIV WLSYPH VIQEMR SYXWMHI XLI GSRdRIH WTEGI [MXL XLI KEW QSRMXSV GSRRIGXIH XS E TYQT E HIdRIH PIRKXLSJXYFMRKERHETVSFI8LI+EW8IWXIVWLSYPHMRWIVXXLI TVSFIERHXYFMRKMRXSXLIGSRdRIHWTEGIXSXLITSMRXJEVXLIWX JVSQXLIIRXV]

)HMXMSR

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c JEGXYVIVgW MRWXVYGXMSRWXS HIXIVQMRIXLITVSTIVX]TI SJ WEQTPI XYFMRKSVTVSFIFIYWIXSHIXIGXWTIGMdGLE^EVHWFIGEYWIWSQI KEWIW GER FI EFWSVFIH MRXS WTIGMdG X]TIW SJ XYFMRK [LMGL [SYPHTVSHYGIIVVSRISYWVIEHMRKW  +EW QSRMXSVW YWIH F] GSRdRIH WTEGI TIVWSRRIP JSV TIVWSREPQSRMXSVMRKQE]FIYWIHMRIMXLIVHMJJYWMSRSVEWTMVEc XIHQSHI  'SRdRIHWTEGI )RXVERXW WLSYPH [IEV E KEWQSRMXSVEX EPPXMQIW HYVMRKIRXV] -XMWGVMXMGEP XLEXXLIQSRMXSVSVWEQTPI MRTYX HSIW RSX KIX GSZIVIH F] GPSXLMRK SV 44) XS IRWYVI XLEX XLIEXQSWTLIVIMWQIEWYVIHTVSTIVP]  'SRdRIH WTEGI %XXIRHERXW WLSYPH [IEV E HMVIGX VIEHMRK KEW QSRMXSV SV SRI WLSYPH FI TPEGIH MR XLI EVIE SYXWMHIXLIGSRdRIHWTEGI8LMW[SYPHEPPS[XLI%XXIRHERXXS QSRMXSV XLI IRZMVSRQIRX SYXWMHI XLI GSRdRIHWTEGI XS QEOI WYVIMXMWRSXGLERKMRK-JZIRXMPEXMSRMWI\LEYWXMRKXS\MGQEXIVMc EPW SYXWMHI XLI WTEGI MX GSYPH EJJIGX XLI EVIE MQQIHMEXIP] SYXWMHI XLI WTEGI MRGPYHMRK XLI %XXIRHERX IZIR MJ XLI GSRdRIHWTEGIMXWIPJMWRSXWLS[MRKIPIZEXIHVIEHMRKW0MOI[MWI MJ E XS\MG SV GSQFYWXMFPI EXQSWTLIVI HIZIPSTW SYXWMHI XLI GSRdRIHWTEGIMXGSYPHEJJIGXXLIIRZMVSRQIRXMRXLIGSRdRIH WTEGI 8LI WSSRIV XLI %XXIRHERX GER FI QEHI E[EVI SJ GLERKIWXLIWSSRIVEHIGMWMSRGERFIQEHI[LIXLIVSVRSXXS WXSTSTIVEXMSRWERHZEGEXIXLIWTEGI  1SRMXSV'EPMFVEXMSR  % GEPMFVEXIH HMVIGXVIEHMRK KEW QSRMXSV WLSYPH FI YWIH JSVIRXV]MRXSEGSRdRIHWTEGI%GEPMFVEXIHKEWQSRMXSVMWSRI XLEXLEWGSQTPIXIHEWTERGEPMFVEXMSRJYRGXMSRFIJSVIMXMWTYX MRXS WIVZMGI )\IGYXMRK E WTER GEPMFVEXMSR MW XLI FIWX [E] XS IRWYVI XLI YRMX MW VIEHMRK GSRGIRXVEXMSRW EW HIWMKRIH 7TER GEPMFVEXMSRMWXLIEGXMSRSJI\TSWMRKEHMVIGXVIEHMRKKEWQSRMc XSV SV WIRWSVW  XS E HIdRIH GSRGIRXVEXMSR SJ GEPMFVEXMSR KEW 4VMSVXSWXEVXMRKEWTERGEPMFVEXMSRXLIHMVIGXVIEHMRKKEWQSRMc XSV WLSYPH LEZI E ^IVS GEPMFVEXMSR TIVJSVQIH MR E GPIEREMV IRZMVSRQIRX TVIJIVEFP] SYXHSSVW ERH YT[MRH JVSQ ER] WSYVc GIWSJEMVGSRXEQMRERXW  8LIKEWQSRMXSVWLSYPHFITVSKVEQQIHXSHIXIGXEWIX GSRGIRXVEXMSRSJ WTIGMdGKEWIWEPMKRIHXS XLI GSRdKYVEXMSRSJ XLIKEWQSRMXSVJSVGEPMFVEXMSRTYVTSWIW*SVI\EQTPIXLIKEW QSRMXSV QMKLX FI TVSKVEQQIH XS VIEH  TIVGIRX S\]KIR 3   TIVGIRX QIXLERI 0)0   TTQ L]HVSKIR WYPdHI ,7 ERHTTQGEVFSRQSRS\MHI '3 HYVMRKXLIGEPMFVEc XMSRTVSGIWW8LIKEWQSRMXSVMWXLIRI\TSWIHXSEFPIRHSJXLI WEQIGEPMFVEXMSRKEWIW[MXLMHIRXMGEPP] HIdRIHGSRGIRXVEXMSRW 8LIKEWQSRMXSVXLIRdGEPMFVEXIWe[LEXMXMWTVSKVEQQIHXSWII EKEMRWX [LEX MX MW FIMRK I\TSWIH XS 8LMW MW E WTER GEPMFVEXMSR 8LVSYKL XLMW TVSGIWW XLI KEW QSRMXSV [MPP IMXLIV TEWW SV JEMP XLIWTERGEPMFVEXMSR-JXLIGEPMFVEXMSRSVXLIKEWQSRMXSVJEMPW

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

%81374,)6-'132-836-2+

XLIYRMXWLSYPHFIVIQSZIHJVSQWIVZMGIERHXEKKIHJSVQEMRc XIRERGI -J XLI KEW QSRMXSV TEWWIW MX MW VIEH] JSV GSRdRIH WTEGIQSRMXSVMRK  8LI KEW QSRMXSV MRWXVYGXMSR QERYEP SV XLI QERYJEGc XYVIV WLSYPH FI GSRWYPXIH XS HIXIVQMRI XLI TVSTIV KEWIW ERH GSRGIRXVEXMSRWXSFIYWIHJSVQSRMXSV GEPMFVEXMSR'EPMFVEXMSR KEW GER ZEV] HITIRHMRK SR XLI GEPMFVEXMSR KEW QERYJEGXYVIV 8LIVIEVIHMJJIVIRXX]TIWSJGSQFYWXMFPIKEWIWYWIHMRGEPMFVEc XMSR KEW FPIRHW IK TIRXERI TVSTERI ERH QIXLERI  )EGL KEWQSRMXSVHMJJIVWSR[LMGLX]TISJGSQFYWXMFPIKEWWLSYPHFI YWIH XS QSWX EGGYVEXIP] GEPMFVEXI MXW GSQFYWXMFPI WIRWSVW 8LI QERYJEGXYVIVgWVIGSQQIRHEXMSRWWLSYPHEP[E]WFIJSPPS[IH-J XLIKEWQSRMXSVQERYJEGXYVIVTVSZMHIWGEPMFVEXMSRKEWXLIGEPMc FVEXMSR KEW JVSQ XLI WEQI QERYJEGXYVIV EW XLI KEW QSRMXSV WLSYPHFIYWIH8LMWIRWYVIWXLEXXLIGEPMFVEXMSRKEWG]PMRHIVW LEZI KSRI XLVSYKL E UYEPMX] EWWYVERGI TVSKVEQ MR EPMKRQIRX [MXLXLIKEWQSRMXSV  'EPMFVEXMSR VIWYPXW WLSYPH FI HSGYQIRXIH 7SQI HMVIGX VIEHMRK KEW QSRMXSVW LEZI E HEXEPSKKMRK JIEXYVI XLEX HSGYc QIRXWXLIGEPMFVEXMSRTVSGIWW[LMGLGERFIHS[RPSEHIHJVSQ XLI KEW QSRMXSV ERH WXSVIH IPIGXVSRMGEPP] 3XLIV[MWI XLI JSPPS[MRK QSRMXSV GEPMFVEXMSR HEXE WLSYPH FI HSGYQIRXIH QERYEPP]     

(EXISJXIWX 7IVMEPRYQFIVSJKEWQSRMXSVERHWIRWSVWXIWXIH 7IVMEPRYQFIVSJER]HSGOMRKGEPMFVEXMSRWXEXMSRYWIHXS TIVJSVQ XLI XIWX SV REQI SJ MRHMZMHYEP GSRHYGXMRK E QERYEPXIWX 8]TI ERH GSRGIRXVEXMSR SJIEGL KEWYWIHXSGSRHYGXXLI XIWX 8LIVIWYPX SJXLIXIWXJSV IEGLWIRWSVMR XLI KEWQSRMXSV XIWXIH

 8LI UYEPMdIH TIVWSR TIVJSVQMRK GEPMFVEXMSR WLSYPH IRWYVI XLEX XLI KEW QSRMXSV MW TVSKVEQQIH XS WIRWI XLI KEW GSRGIRXVEXMSRWPMWXIHSRXLIG]PMRHIVPEFIP  8LI UYEPMdIH TIVWSR TIVJSVQMRK XLI GEPMFVEXMSR WLSYPH IRWYVI XLEX XLI GEPMFVEXMSR KEW G]PMRHIV LEW RSX I\TMVIH +EW G]PMRHIVWX]TMGEPP]LEZIEWLIPJPMJISJ]IEVWSVPIWWmHITIRHc MRK SR XLI X]TI SJ KEW MR XLI G]PMRHIV 8LI UYEPMdIH TIVWSR WLSYPHYRHIVWXERHXLEXGEPMFVEXMRK[MXLI\TMVIHKEWQE]VIWYPX MRMREGGYVEXIGEPMFVEXMSRERHMWRSXEGGITXEFPI  ;LIREQERYEPWTERGEPMFVEXMSRMWGSRHYGXIHXLIUYEPMc dIHTIVWSRTIVJSVQMRKXLIGEPMFVEXMSRWLSYPHIRWYVIXLEXXLI VIKYPEXSV ERH XYFMRK QIIX XLI KEW QSRMXSV QERYJEGXYVIVgW VIGSQQIRHEXMSRW JSV XLI KEWIW FIMRK GEPMFVEXIH 6IKYPEXSVW GERGSQIMREZEVMIX]SJQEXIVMEPWERHeS[VEXIW-JXLIQERYc JEGXYVIVWTIGMdIWE041eS[VEXIEVIKYPEXSV[MXLXLEXeS[ VEXI WLSYPH FI YWIH -J XLI QERYJEGXYVIV SJ XLI KEW QSRMXSV WYTTPMIWVIKYPEXSVWEVIKYPEXSVJVSQXLEXQERYJEGXYVIVWLSYPH FI YWIH % QERYJEGXYVIV XLEX VYRW XLI UYEPMX] EWWYVERGI TVSKVEQW JSV EPP SJ MXW GSQTSRIRXW LIPTWIRWYVI E QSVI EGGYc VEXI GEPMFVEXMSR TVSGIWW ERH VIWYPXW MR JI[IV XVSYFPIWLSSXMRK UYIWXMSRW  8LIUYEPMdIHTIVWSRGERTIVJSVQKEWQSRMXSVWTERGEPMc FVEXMSR YXMPM^MRK ER EYXSQEXIH HSGOMRK SV GEPMFVEXMSR WXEXMSR 8LI UYEPMdIH TIVWSR WLSYPH FI E[EVI XLEX E HSGOMRK WXEXMSR QEHI F] SRI QERYJEGXYVIV WLSYPH RSX FI YWIH XS GEPMFVEXI ERSXLIV QERYJEGXYVIVgW KEW QSRMXSV 8LI UYEPMdIH TIVWSR WLSYPHIRWYVIXLEXXLIGEPMFVEXMSRMWHSGYQIRXIHF]XLIHSGOc MRK WXEXMSR EYXSQEXMGEPP] SV QERYEPP] HSGYQIRX XLI GEPMFVEc XMSR



 >IVSMRK 4VMSVXSGSRHYGXMRKER]EXQSWTLIVMGQSRMXSVMRK XLI +EW 8IWXIV WLSYPH ^IVS XLI KEW QSRMXSV MR EORS[RGPIER EMVIRZMVSRQIRXEGGSVHMRKXSXLIQERYJEGXYVIVgWVIGSQQIRHEc XMSRWERHMRWXVYGXMSRW  &YQT8IWXMRK  +EW QSRMXSVW YWIH JSV EXQSWTLIVMG QSRMXSVMRK SJ GSRdRIHWTEGIWWLSYPHFIFYQTXIWXIHF]XLI+EW8IWXIVTVMSV XS IEGL HE]gW YWI % FYQT XIWX MW E FVMIJ I\TSWYVI SJ XLI KEW QSRMXSVWIRWSVW XS WTIGMdIH XEVKIX KEWKEWIW XS ZIVMJ] WIRWSV ERHEPEVQJYRGXMSREPMX]-XMWRSXMRXIRHIHXSQIEWYVIXLIEGGYc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gWMRWXVYGXMSRWERHVIGSQQIRc HEXMSRWJSVTIVJSVQMRKEFYQTXIWX  8LIGSRGIRXVEXMSRSJKEWYWIHXSGSRHYGXEKEWQSRMXSV FYQTXIWXWLSYPHFIKVIEXIVXLERXLIPS[IWXEPEVQWIXTSMRXJSV IEGLWIRWSV  8LI +EW 8IWXIV QE] YWI WYVVSKEXI KEWIW [LMGL EVI KEWIW HMJJIVIRX JVSQ XLI I\TPMGMX XEVKIX KEW JSV XLI WIRWSV XS GSRHYGXEFYQTXIWXSJXLIWIRWSVTVSZMHIHXLEXXLIGSRGIRXVEc XMSR SJ KEW YWIH TVSHYGIW E VIWTSRWI IUYMZEPIRX XS SV KVIEXIV XLERXLIGSRGIRXVEXMSRSJXLIXEVKIXKEWVIUYMVIHXSI\GIIHXLI PS[IWXEPEVQWIXTSMRXJSVIEGLWIRWSV8LMWWLSYPHFIHSRIMR EGGSVHERGI [MXL XLI QERYJEGXYVIVgW MRWXVYGXMSRW ERH VIGSQc QIRHEXMSRW  %R]KEWQSRMXSVXLEXJEMPWXSVIWTSRHTVSTIVP]HYVMRKE JYRGXMSREPFYQTXIWXWLSYPHFIWYGGIWWJYPP]VIGEPMFVEXIHF]XLI +EW8IWXIVTVMSVXSJYVXLIVYWI  &YQT XIWX VIWYPXW WLSYPH FI HSGYQIRXIH F] XLI +EW 8IWXIVERHMRGPYHIXLIJSPPS[MRKHEXE     

(EXISJXIWX 7IVMEPRYQFIVSJKEWQSRMXSVERHWIRWSVWXIWXIH 7IVMEP RYQFIV SJ XLI HSGOMRKFYQT WXEXMSR YWIH XS TIVJSVQXLIXIWXSVXLIREQISJMRHMZMHYEPGSRHYGXMRK E QERYEPXIWX 8]TI ERH GSRGIRXVEXMSR SJIEGL KEWYWIHXSGSRHYGXXLI XIWX 8LI VIWYPX SJ XLI XIWX 4EWW*EMP  JSV IEGL WIRWSV MR XLI KEWQSRMXSVXIWXIH

 'PIEVMRK4IEO:EPYIW 4VMSV XSER]EXQSWTLIVMG QSRMXSVc MRK XLI KEW QSRMXSVgW WXSVIH TIEO VIEHMRK ZEPYIW WLSYPH FI VIWIXF]XLI+EW8IWXIVEGGSVHMRKXSXLIQERYJEGXYVIVgWVIGSQc QIRHEXMSRWERHWTIGMdGEXMSRW

)HMXMSR

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK



7%*)'32*-2)(74%'))286=%2(;36/

 8VEMRMRK ERH 'SQTIXIRG] %PP +EW 8IWXIVW WLSYPH FI XVEMRIH MR XLI TVSTIV YWI SJ XLI EWWMKRIH KEW QSRMXSV EGGSVHc MRKXSXLIQERYJEGXYVIVgWVIGSQQIRHEXMSRWERHMREGGSVHERGI [MXLXLIVIUYMVIQIRXWSJ'LETXIV  'SRXMRYSYW%XQSWTLIVMG1SRMXSVMRK  8LIEXQSWTLIVIMRERHEVSYRHEGSRdRIHWTEGIWLSYPH VIQEMR WEJI HYVMRK IRXV] STIVEXMSRW %XQSWTLIVMG GSRHMXMSRW GERGLERKIUYMGOP]SVKVEHYEPP]SZIVXMQIERH[MXLSYXGSRXMRc YSYW EXQSWTLIVMG QSRMXSVMRK EMV GSRXEQMRERXW QE] MRGVIEWI SV XLI S\]KIR TIVGIRXEKI QE] HIGVIEWI SV MRGVIEWI GVIEXMRK HERKIVSYW GSRdRIH WTEGI EXQSWTLIVMG GSRHMXMSRW )RXVERXW %XXIRHERXWERHSXLIVTIVWSRRIPQE]FIYRE[EVISJGLERKMRK GSRHMXMSRW MJ XLI EMV UYEPMX] [EW SRP] MRMXMEPP] QSRMXSVIH ERH HIXIVQMRIH XS FI EGGITXEFPI 8LI EXQSWTLIVI [MXLMR ERH SYXWMHIXLI GSRdRIHWTEGI WLSYPH FIQSRMXSVIH GSRXMRYSYWP] XSIRWYVIGSRXMRYIHWEJI[SVOMRKGSRHMXMSRW  )RXV]7YTIVZMWSVW+EW8IWXIVW%XXIRHERXWERH)RXVERXW WLSYPH FI E[EVI XLEX XLIVI EVI QER] VIEWSRW [L] EMV UYEPMX] QE]HIXIVMSVEXIMRERHEVSYRHGSRdRIHWTEGIWMRGPYHMRKFYX RSX PMQMXIH XS EMV GSRXEQMRERXW KIRIVEXIH F] EGXMZMXMIW MRWMHI SV SYXWMHI XLI WTEGI MRGVIEWIH XIQTIVEXYVIW GEYWMRK EHHMc XMSREPGLIQMGEP ZETSVM^EXMSRERH I\MWXMRK SVRI[ LE^EVHWXLEX LEZIRSXFIIREHIUYEXIP]GSRXVSPPIHSVQMXMKEXIH  'SRXMRYSYWEXQSWTLIVMGQSRMXSVMRKMWXLIFIWXQIXLSH XSIRWYVIXLEXEMVUYEPMX]VIQEMRWEGGITXEFPIXLVSYKLSYXIRXV] STIVEXMSRW  %GGITXEFPI %XQSWTLIVMG 0MQMXW JSV )RXV] ;LIVI PIZIPW EVISYXWMHIXLIJSPPS[MRKTEVEQIXIVWIRXV]MWEPPS[IHSRP]EJXIV GSRXVSPQIEWYVIWEWMRHMGEXIHMR'LETXIVEVIETTPMIH 

3\]KIR GSRXIRX MW FIX[IIR  TIVGIRX ERH TIVGIRX  *PEQQEFPIKEWIWERHZETSVWEVIFIPS[TIVGIRXSJXLI 0)0SJXLIQEXIVMEPMRZSPZIH   4SXIRXMEPXS\MGEMV GSRXEQMRERXWEVIEX SVFIPS[SRILEPJ XLI3)0mX]TMGEPP]XLIEGXMSRPIZIPmEWHIXIVQMRIHF] XLI[VMXXIRGSRdRIHWTEGITVSKVEQ  +EW1SRMXSV1EMRXIRERGI  +EW QSRMXSVW YWIH JSV EXQSWTLIVMG QSRMXSVMRK SJ GSRdRIH WTEGIW RIIH XS FI QEMRXEMRIH F] E UYEPMdIH TIVWSR EGGSVHMRK XS XLI QERYJEGXYVIVWg WTIGMdGEXMSRW XS IRWYVI XLEX XLI] STIVEXI TVSTIVP] XS QE\MQM^I XLIMV PSRKIZMX] ERH XS QEMRXEMRXLIMV[EVVERXMIW%PPQEMRXIRERGISXLIVXLERVSYXMRI MRWTIGXMSRJSVHEQEKIGPIERMRKTVSTIVFEXXIV]GLEVKMRKERH TIVMSHMGWIRWSVVITPEGIQIRXWLSYPHFIIRFITIVJSVQIHF]XLI QERYJEGXYVIV+EWQSRMXSVWWLSYPHFIGPIERIHERHQEMRXEMRIH EGGSVHMRKXSXLIQERYJEGXYVIVgWVIGSQQIRHEXMSRW  5YEPMdIH TIVWSRRIP VIWTSRWMFPI JSV QEMRXEMRMRK KEW QSRMXSVWWLSYPHFIE[EVIXLEXWIRWSVWLEZIPMQMXIHWIVZMGIPMJI IZIR [LIR XLI QIXIVW EVI YWIH MRJVIUYIRXP] 8LI S\]KIR WIRWSV X]TMGEPP] LEW XLI WLSVXIWX PMJI YWYEPP]  XS  ]IEVW 8LI QENSVMX] SJ KEW QSRMXSVW YWIH JSV EXQSWTLIVMG QSRMXSVMRK SJ GSRdRIH WTEGIW LEZI VIGLEVKIEFPI FEXXIVMIW XLEX WLSYPH TVSZMHI ]IEVW SJ WIVZMGI EW PSRK EW XLI] EVI GLEVKIH EGGSVHMRK XSXLIQERYJEGXYVIVWgTVSGIHYVIW

HYXMIWERHVIWTSRWMFMPMXMIWSJXLIVSPIMREGGSVHERGI[MXL'LETc XIV  8LI 3[RIV3TIVEXSV SV )RXV] 7YTIVZMWSV WLSYPH IRWYVI XLEX XLI +EW 8IWXIV LEW GSQTPIXIH E XVEMRMRK TVSKVEQ GSZIVMRK YWI STIVEXMSR QEMRXIRERGI GEPMFVEXMSR FYQT XIWXc MRKERHSXLIVEWTIGXWSJXLIWTIGMdGKEWQSRMXSVXSFIYWIHJSV EXQSWTLIVMGQSRMXSVMRKEGGSVHMRKXSXLIVIGSQQIRHEXMSRWSJ XLIKEWQSRMXSVQERYJEGXYVIV  8LI 3[RIV3TIVEXSV SV )RXV] 7YTIVZMWSV WLSYPH IRWYVI XLEX EPP TIVWSRRIP HIWMKREXIH XS TIVJSVQ QEMRXIRERGI WYGLEWFYXRSXPMQMXIHXSGEPMFVEXMSRERHWIRWSVVITPEGIQIRX SR XLI TSVXEFPI KEW QSRMXSV LEZI GSQTPIXIH E XVEMRMRK TVSKVEQ SR XLI QEMRXIRERGI SJ XLI WTIGMdG KEW QSRMXSV EGGSVHMRK XS XLI VIGSQQIRHEXMSRW SJ XLI KEW QSRMXSV QERYc JEGXYVIV  6IGSVH 6IXIRXMSR )RXVERX )QTPS]IVW WLSYPH QEMRXEMR VIGSVHW TIVXEMRMRK XS KEW QSRMXSV GEPMFVEXMSR FYQT XIWXMRK QEMRXIRERGIERHVIWYPXWSJGSRdRIHWTEGIEXQSWTLIVMGQSRMc XSVMRK JSV E QMRMQYQ SJ  ]IEV SV EGGSVHMRK XS EPP ETTPMGEFPI MRHYWXV]WXERHEVHWERHVIKYPEXMSRW 'LETXIV,E^EVH)PMQMREXMSRERH'SRXVSP  4YVTSWI 8LI TYVTSWI SJ XLMW GLETXIV MW XS TVSZMHI FIWX TVEGXMGIW JSV IPMQMREXMRK QMXMKEXMRK SV GSRXVSPPMRK LE^EVHW XLEX IMXLIV EPVIEH] I\MWX MR SV EVSYRH GSRdRIH WTEGIW SV EVI GVIEXIHHYVMRKIRXV]MRERHSV[SVOMRKMRSVEVSYRHGSRdRIH WTEGIW  +IRIVEP )RXV] 7YTIVZMWSVW WLSYPH IRWYVI XLEX EPP MHIRXMc dIHMRLIVIRXMRXVSHYGIHERHEHNEGIRXLE^EVHWMRERHEVSYRH GSRdRIHWTEGIWEVIIPMQMREXIHQMXMKEXIHSVGSRXVSPPIHXSXLI I\XIRX TSWWMFPI TVMSV XS IRXV] ERH XLEX XLI GSVVIGXMZI EGXMSRW XEOIREVIHSGYQIRXIHSRXLI GSRdRIHWTEGITIVQMX,E^EVHW XLEX GERRSX FI IPMQMREXIH QMXMKEXIH SV GSRXVSPPIH WLSYPH FI RSXIHSRXLITIVQMXF]XLI)RXV]7YTIVZMWSV[LSWLSYPHQEOI WYVIXLEXVIUYMVIHTIVWSREPTVSXIGXMSRMWYWIHSVSXLIVETTVSc TVMEXI QIEWYVIW EVI XEOIR XS IRWYVI WEJI IRXV] 'LETXIV  TVSZMHIWLE^EVHMHIRXMdGEXMSRERHVMWOEWWIWWQIRXGVMXIVME  'SRXVSPWJSV3XLIV-HIRXMcIH,E^EVHW 8LILE^EVHMHIRXMc dGEXMSR ERH VMWO EWWIWWQIRX TVSGIWW EW WTIGMdIH MR 'LETXIV  VIUYMVIWXLEXLE^EVHWFIIPMQMREXIHQMXMKEXIHSVGSRXVSPPIHXS E WEJI PIZIP 8LMW GLETXIV EHHVIWWIW GSQQSR GSRdRIH WTEGI LE^EVHW 'SRdRIH WTEGIW LS[IZIV QE] LEZI YRMUYI LE^EVHW XLEXEVIRSXEHHVIWWIHMRXLMWFIWXTVEGXMGIKYMHI2SRIXLIPIWW XLILE^EVHWRIIHXSFIIMXLIVIPMQMREXIHQMXMKEXIHSVGSRXVSPc PIHYWMRKETTVSTVMEXIERHIJJIGXMZIQIXLSHW  ,MIVEVGL] SJ 'SRXVSPW %LMIVEVGL] SJ GSRXVSPW [LMGL MW E W]WXIQ YWIH XS QMRMQM^I SV IPMQMREXI I\TSWYVI XS LE^EVHW WLSYPH FI YWIH EW E QIERW SJ HIXIVQMRMRK XLI QSWX IJJIGXMZI GSRXVSPW8LIGSRXVSPWMRXLVSYKLEVITVIWIRXIH JVSQXLIQSWXIJJIGXMZIXSXLIPIEWXIJJIGXMZI  )PMQMREXMSRGSRXVSPWWIIOXSVIQSZIXLILE^EVHFIJSVI IRXV]MWQEHI

 8VEMRMRK

 7YFWXMXYXMSRGSRXVSPWWIIOXSVITPEGIELE^EVHSYWQEXIc VMEPIUYMTQIRXSVTVSGIWWJSVEQYGLPIWWLE^EVHSYWSRI

 8LI 3[RIV3TIVEXSV SV )RXV] 7YTIVZMWSV WLSYPH IRWYVI XLEX XLI +EW 8IWXIV LEW FIIR XVEMRIH XS GSQTPIXI XLI

 )RKMRIIVMRK GSRXVSPW EVI YWIH XS MWSPEXI TVIZIRX GSRXEGXSVSXLIV[MWIGSRXVSPELE^EVH

)HMXMSR

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

,%>%6()0-1-2%8-32%2('328630

 %HQMRMWXVEXMZIGSRXVSPWMRZSPZIEGXMSRWWYGL EW VIWXVMGXc MRK EGGIWW XS LE^EVHSYW EVIEW SV XVEMRMRK IQTPS]IIW XS [SVO WEJIP][MXLLE^EVHSYWGLIQMGEPWQEGLMRIV]ERHSXLIVLE^EVHW  4IVWSREP TVSXIGXMZI IUYMTQIRX 44)  GSRXVSPW TVSZMHI EPEWXPMRISJHIJIRWIXSQMRMQM^IXLIVMWOSJI\TSWYVI-XMWXLI PIEWX HIWMVIH GSRXVSP EW MX HSIW RSX IPMQMREXI SV VIHYGI XLI LE^EVH44)VIUYMVIWTVSTIVWIPIGXMSRXVEMRMRKERHYWI  'LIQMGEP ERH %XQSWTLIVMG ,E^EVHW )RXV] 7YTIVZMWSVW WLSYPH IRWYVI XLEX EXQSWTLIVMG LE^EVHW MHIRXMdIH HYVMRK EXQSWTLIVMG QSRMXSVMRK LEZI FIIR IPMQMREXIH QMXMKEXIH SV GSRXVSPPIHTVMSVXSIRXV]1IXLSHWXSVIQSZILE^EVHSYWEXQSWc TLIVIW JVSQ GSRdRIH WTEGIW MRGPYHI FYX EVI RSX PMQMXIH XS GPIERMRK HMWTPEGIQIRX SV HMPYXMSR ZME ZIRXMPEXMSR SV MRIVXMRK [LMGL GSYPH GVIEXI EHHMXMSREP LE^EVHW WYGL EW PS[ S\]KIR  TYVKMRK SV VIQSZEP F] SXLIV ETTVSZIH QIXLSHW WII  XS  4VMSVXSIRXV]E+EW8IWXIVWLSYPHTIVJSVQEXQSWTLIVMG QSRMXSVMRKMREGGSVHERGI[MXL'LETXIVXSGSRdVQXLIWTEGI MWWEJIXSIRXIV  %GGITXEFPI )RXV] 'SRHMXMSRW ;LIVI PIZIPW EVI SYXWMHI XLI JSPPS[MRK TEVEQIXIVW IRXV] WLSYPH FI EPPS[IH SRP] EJXIV XLIJSPPS[MRKGSRXVSPQIEWYVIWEVIXEOIR  

3\]KIRGSRXIRXFIX[IIRTIVGIRXERHTIVGIRX *PEQQEFPI KEWIW ERH ZETSVW FIPS[  TIVGIRX SJ XLI PS[IVI\TPSWMZIPMQMX 0)0 SJXLIQEXIVMEPMRZSPZIH   4SXIRXMEP XS\MG EMV GSRXEQMRERXW EX SV FIPS[ XLI SGGYTEc XMSREPI\TSWYVIPMQMX 3)0 EWHIXIVQMRIHF]XLI[VMXXIR GSRdRIHWTEGITVSKVEQ  6IQSZEP SJ ,E^EVHSYW 1EXIVMEPW ERH :ETSV *VIIMRK 4VMSVXSIRXV])RXV]7YTIVZMWSVWWLSYPHIRWYVIXLEXLEVQJYPSV TSXIRXMEPP] LEVQJYP ZETSVW KEWIW XS\MGW ERH SXLIV VIWMHYEP QEXIVMEPW LEZI FIIR VIQSZIH JVSQ XLI GSRdRIH WTEGI XS XLI KVIEXIWX I\XIRX TSWWMFPI MR EGGSVHERGI [MXL XLI IRXV] TIVQMX VIUYMVIQIRXW 8LMW GER FI EGGSQTPMWLIH JVSQ SYXWMHI XLI WTEGI[MXLSYXFSHMP]IRXV]F]ZIRXMPEXMRK[MXLJVIWLEMVSVTYVKc MRK [MXL MRIVX KEW [EXIV SV WXIEQ -J XLMW MW RSX TSWWMFPI GSRXVSPWEVI RIIHIH XS IRWYVIXLEX VIQSZEP HYVMRK IRXV]HSIW RSX GVIEXI EHHMXMSREP LE^EVHW 'EYXMSR 8LI YWI SJ WXIEQ XS TYVKI eEQQEFPI EXQSWTLIVIW [MXLSYX YWMRK TVSTIV TVIGEYc XMSREV]QIEWYVIWQE]VIWYPXMRdVISVI\TPSWMSR  ;LIRIZIVTSWWMFPI[SVOIVWWLSYPHGPIERXLIGSRdRIH WTEGIJVSQSYXWMHI[MXLSYXXLIRIIHJSVIRXV]  )RXV] 7YTIVZMWSVW WLSYPH IRWYVI XLEX EPP ZETSVW ERH XS\MGKEWIWEVII\LEYWXIHJVSQXLIGSRdRIHWTEGIXSIPMQMREXI LE^EVHWTVMSVXSMWWYMRKETIVQMXJSVIRXV]8LMWGERFIEGGSQc TPMWLIH F] :IRXMPEXMSR 7TIGMEPMWXW YWMRK FPS[IVW SV I\LEYWX IHYGXSVW MR EGGSVHERGI [MXL 'LETXIV  )RXV] 7YTIVZMWSVW WLSYPH QEOI WYVI XLEX MRXVMRWMGEPP] WEJI FPS[IVW ERH IHYGXSVW EVI YWIH JSV eEQQEFPI XS\MG SV GSQFYWXMFPI KEW ERH ZETSV VIQSZEP:IRXMPEXMSRSJ eEQQEFPIGSQFYWXMFPISVXS\MGKEWIW ERHZETSVWWLSYPHI\LEYWXEQMRMQYQLIMKLXSJJX Q EFSZIKVSYRHPIZIPXSTVSZMHIJSVTVSTIVHMWWMTEXMSR8LI)RXV] 7YTIVZMWSVWLSYPH GSRdVQXLIVI EVI RS WSYVGIW SJ MKRMXMSR SV TIVWSRRIPMRXLITEXL HS[R[MRH SJLE^EVHSYWI\LEYWXW  1IXLSHW WYGL EW TYVKMRK [MXL ER MRIVX KEW [EXIV SV WXIEQ GER FI YWIH XS VIQSZI VIWMHYEP ZETSVW 7II  ERH   6IKYPEXMSRWERH7XERHEVHWJSV8ERO'PIERMRK  'SRdRIH WTEGI IRXVMIW SJ TIXVSPIYQ WXSVEKI XEROW WLSYPH FI MR EGGSVHERGI [MXL %4-  6IUYMVIQIRXW JSV 7EJI



)RXV] ERH 'PIERMRK SJ 4IXVSPIYQ 7XSVEKI 8EROW ERH %4-  +YMHIPMRIW ERH4VSGIHYVIW JSV)RXIVMRK ERH'PIERMRK4IXVSPIYQ7XSVd EKI8EROW8LIWIWXERHEVHWTVSZMHIHIXEMPIHWEJIX]VIUYMVIQIRXW JSVEFSZIKVSYRHTIXVSPIYQWXSVEKIXEROW  )RXV]7YTIVZMWSVW WLSYPH IRWYVI XLEX GSRdRIHWTEGI IRXV] MRXS ERH [SVO [MXLMR TIXVSPIYQ WXSVEKI XEROW EVI GSRHYGXIH MR EGGSVHERGI [MXL EPP ETTPMGEFPI 3[RIV3TIVEXSV ERH GSRXVEGXSV TVSKVEQW MRHYWXV] WXERHEVHW ERH VIKYPEXSV] VIUYMVIQIRXW %27-%4-  6IUYMVIQIRXW JSV 7EJI )RXV] ERH 'PIERMRKSJ4IXVSPIYQ7XSVEKI8EROWERH%4-+YMHIPMRIWERH 4VSGIHYVIW JSV )RXIVMRK ERH 'PIERMRK 4IXVSPIYQ 7XSVEKI 8EROW TVSZMHI HIXEMPIH WEJIX] VIUYMVIQIRXW JSV GSRdRIH WTEGI IRXV] XSERH[SVO[MXLMREFSZIKVSYRHTIXVSPIYQWXSVEKIXEROW  )RXV]7YTIVZMWSVWWLSYPHFIE[EVIXLEX GPIERMRKERH IRXV] SJ XEROW ZIWWIPW ERH GSRXEMRIVW SXLIV XLER TIXVSPIYQ XEROW WLSYPH FI MR EGGSVHERGI [MXL EPP ETTPMGEFPI 3[RIV 3TIVEXSV ERH GSRXVEGXSV TVSKVEQW MRHYWXV] WXERHEVHW ERH VIKYPEXSV] VIUYMVIQIRXW 2*4%  TVSZMHIW HIXEMPIH WEJIX] VIUYMVIQIRXWJSVEPPX]TIWSJXEROWZIWWIPWERHGSRXEMRIVW  )RXV] 7YTIVZMWSVW WLSYPH FI E[EVI XLEX IRXV] ERH [SVOMRWMHIQEVMRIZIWWIPGSRdRIHWTEGIWWLSYPHFIMREGGSVHc ERGI [MXL EPP ETTPMGEFPI 3[RIV3TIVEXSV TVSKVEQW MRHYWXV] TVEGXMGIW ERH KSZIVRQIRX VIKYPEXMSRW 2*4%  TVSZMHIW KYMHERGIJSVIRXV]MRXSGSRdRIHWTEGIWSRQEVMRIZIWWIPW  'LIQMGEP 6IWMHYIW )RXV] 7YTIVZMWSVW )RXVERXW ERH %XXIRHERXWWLSYPHFIE[EVIXLEXIZIREJXIVGPIERMRKMWGSQTPIc XIHLEVQJYPVIWMHYIWQMKLXVIQEMR[MXLMRXLIGSRd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dIH TIVWSR TVMSV XS MWWYMRK ER IRXV] TIVQMX 8LI )RXV]7YTIVZMWSV QE] VIUYMVIGSRXMRYSYW SV TIVMc SHMGXIWXMRKMJEHHMXMSREPMRXIVMSVGPIERMRKSV[SVOGERVIWYPXMR LEVQJYPVIPIEWIW  'SQFYWXMFPI(YWXW )RXV]7YTIVZMWSVWWLSYPHIRWYVIXLEX GSQFYWXMFPIHYWXVIWMHYIWLSYPHFIVIQSZIHYWMRKMRXVMRWMGEPP] WEJI ZEGYYQW QERYEP GPIERMRK QIXLSHW SV ETTVSZIH [EXIV [EWLHS[R QIXLSHW XLEX HS RSX TPEGI HYWX MR WYWTIRWMSR MR WTEGIW [LIVI MKRMXMSR WSYVGIW GSYPH FI TVIWIRX 8LI )RXV] 7YTIVZMWSV WLSYPH GSRdVQ XLEX ZEGYYQ IUYMTQIRX MW KVSYRc HIH ERH FSRHIH XS XLI WTEGI FIMRK GPIERIH ERH XLEX GSQTVIWWIH EMVMW RSXYWIHXS QSZISV GPIERGSQFYWXMFPI HYWX YRPIWWZEGYYQMRKSVQERYEPGPIERMRKGVIEXIWEWEJIX]I\TSWYVI XSXLITIVWSRGPIERMRKHYIXSPEGOSJEGGIWW-RXLIWIWMXYEXMSRW WEJIX] TVSGIHYVIW WLSYPH FI JSPPS[IH ERH IUYMTQIRX WLYX HS[R MR XLI EVIE XS IPMQMREXI TSXIRXMEP WSYVGIW SJ MKRMXMSR %HHMXMSREP MRJSVQEXMSR SR GSQTVIWWIH EMV ERH [EXIV GPIERMRK SJGSQFYWXMFPIHYWXGERFIJSYRHMR2*4%  -RIVXMRK )RXV]7YTIVZMWSVWWLSYPHFIE[EVIXLEXZIRXMPEc XMSR [MPP RSX EP[E]W IPMQMREXI EPP SJ XLI EXQSWTLIVMG LE^EVHW [MXLMREGSRdRIHWTEGI-JLSX[SVOMWXSFIGSRHYGXIH[MXLMRE GSRdRIHWTEGIXLEXGSRXEMRWeEQQEFPISVGSQFYWXMFPIZETSVW SV PMUYMHW SRI QIXLSH XS GSRXVSP XLI MKRMXMSR LE^EVH MW XS HMWTPEGIER]S\]KIRMRXLIEXQSWTLIVI[MXLMRXLIWTEGI[MXLER MRIVXKEW -RIVX KEWGER EPWSFI YWIH XS HMWTPEGI S\]KIR[LIVI

)HMXMSR

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK



7%*)'32*-2)(74%'))286=%2(;36/

eEQQEFPI QEXIVMEPW SV EXQSWTLIVI GERRSX FI VIQSZIH TVMSV XS IRXV] )RXV] 7YTIVZMWSVW WLSYPH RSX TIVQMX IRXV] MRXS GSRdRIH WTEGIW [MXL MRIVX EXQSWTLIVIW I\GITX MR PMQMXIH GMVGYQWXERGIW MR EGGSVHERGI [MXL XLI 3[RIV3TIVEXSV SV )RXVERX)QTPS]IViW GSRdRIHWTEGI TVSKVEQ 4IVWSRWIRKEKIH MR MRIVX IRXV] STIVEXMSRW MRGPYHMRK )RXV] 7YTIVZMWSVW )RXVERXW %XXIRHERXW 6IWGYIVW ERH SXLIVW WLSYPH FI XVEMRIH I\TIVMIRGIHERHUYEPMdIHMRXLMWWTIGMdGSJEGXMZMX]  )RXV] 7YTIVZMWSVW WLSYPH VIUYMVI )RXVERXW YWI ETTVSZIH WYTTPMIH EMV VIWTMVEXSVW [MXL ER IWGETI G]PMRHIV SV 7'&%WJSVIRXV]MRXSMRIVXEXQSWTLIVIW-XMWGVMXMGEPXLEXVIWTMc VEXSVW [SVR MR MRIVX IRZMVSRQIRXW FI WIGYVIP] JEWXIRIH XS XLI JEGIWMRGIIZIREWQEPPFVIEGLMREWXERHEVHJEGITMIGIWIEP[MPP I\TSWI XLI IRXVERX XS E JEXEP IRZMVSRQIRX 8LIVI EVI WTIGMEP VIWTMVEXSV]VIHYRHERXEMVW]WXIQWEZEMPEFPIJSVXLMWX]TISJIRZMc VSRQIRX  % QIERW SJ VIWGYI WLSYPH FI TVSZMHIH MR EGGSVHERGI [MXL'LETXIV  *SPPS[MRK XLI YWI SJ MRIVX KEW XLI )RXV] 7YTIVZMWSV WLSYPHLEZIXLIGSRdRIHWTEGITYVKIH[MXL[EXIVSVZIRXMPEXIH [MXLJVIWLEMVMREGGSVHERGI[MXL'LETXIVERHQEOIWYVIXLI IRXV] GSRHMXMSRW EVI MR EGGSVHERGI [MXL 7IGXMSR  FIJSVI E TIVQMXJSVIRXV][MXLSYXVIWTMVEXSV]TVSXIGXMSRMWMWWYIH  )RXV] 7YTIVZMWSVW WLSYPH FI E[EVI XLEX XEROW ZIWWIPW GSRXEMRIVWERHIUYMTQIRXEHNEGIRX XSE GSRdRIHWTEGIIRXV] ERHSV E GSRdRIH WTEGI [SVO EVIE EVI TSXIRXMEP WSYVGIW SJ eEQQEFPI GSQFYWXMFPI SV XS\MG ZETSVW KEWIW SV LE^EVHSYW QEXIVMEPW -J XLI )RXV] 7YTIVZMWSV HIIQW WYGL GSRHMXMSRW EW TSXIRXMEPP] LEVQJYP XS XLI GSRdRIH WTEGI XLI LE^EVH WLSYPH FI IPMQMREXIH GSRXVSPPIH SV QMXMKEXIH TVMSV XS TIVQMXXMRK IRXV] ERHSV ER] [SVO SV LSX [SVO MR XLI WTEGI SV EHNEGIRX EVIE  ;LIRIZIV MRIVX KEWIW EVI YWIH XS TYVKI E WTEGI XLI :IRXMPEXMSR7TIGMEPMWXERH)RXV]7YTIVZMWSVWLSYPHGSRWMHIVXLI HMWGLEVKI TSMRX JSV XLI IZEGYEXIH EXQSWTLIVI MR VIPEXMSR XS TIVWSRRIP ERH ER] WSYVGIW SJ MKRMXMSR SYXWMHI SV EHNEGIRX XS XLIWTEGI8LI)RXV]7YTIVZMWSVQE]VIUYMVIEXQSWTLIVMGXIWXc MRK MR XLI EHNEGIRX EVIEW ERH FEVVMIVW TPEGIH EX ETTVSTVMEXI HMWXERGIW XS IRWYVI XLEX I\LEYWXIH GSRXEQMRERXW EVI [MXLMR EGGITXEFPIPIZIPWEW HIdRIHMR7IGXMSR 8LI)RXV] 7YTIVZMc WSV GER YWI E LSX [EVQ ERH GSPH^SRI W]WXIQ XS HIPMRIEXI EVIEWERHHIKVIIWSJLE^EVH  ;LIRIZIV MRIVXMRK MW TIVJSVQIH XLI EXQSWTLIVI [MXLMRJX Q SJXLISTIRMRKWLSYPHFIXIWXIHEWHIXIVc QMRIH F] XLI )RXV] 7YTIVZMWSV XS FI WYVI MX MW WEJI JSV FVIEXLc MRK -R SYXWMHI IRZMVSRQIRXW XLI )RXV] 7YTIVZMWSV WLSYPH GSRWMHIVLYQMHMX][MRHHMVIGXMSRERH[MRHWTIIHERHI\XIRH XLIXIWXMRKEVIEMJRIGIWWEV]  8LI )RXV] 7YTIVZMWSV WLSYPH IRWYVI XLEX MRIVXIH GSRdRIHWTEGIWEVITSWXIHEWJSPPS[W

(%2+)6(3238)28)6 -2)68+%7)2:-6321)28%81374,)6)927%*)*36 ;36/)67 -279**-'-)283 GSRXEMRW WTIGMdG TVSZMWMSRW JSV S\]KIRJYIP KEW [IPHMRK ERH GYXXMRK EVG [IPHMRK ERH GYXXMRK VIWMWXERGI [IPHMRK IPIGc XVSRFIEQ[IPHMRKPEWIVFIEQGYXXMRKERH[IPHMRKERHFVE^c MRKERHWSPHIVMRK8LIWXERHEVHMWKIRIVEPP]ETTPMGEFPIXSSXLIV [IPHMRK TVSGIWWIW WYGL EW WYFQIVKIH EVG [IPHMRK ERH EPPMIH TVSGIWWIW  2*4%&TVSZMHIWKYMHERGIJSVXLSWI[LSQEREKI WYTIVZMWIERHTIVJSVQLSX[SVO  2*4%  GSRXEMRW QMRMQYQ TVSGIHYVIW XLEX TIVQMXVITEMVLSX[SVOSVSXLIVSTIVEXMSRWXLEXGSYPHTSXIRc XMEPP]GVIEXIEdVIERI\TPSWMSRSVSXLIVLE^EVH[LIVIZIVLSX [SVO MW TIVJSVQIH SR XEROW SV GSRXEMRIVW GSRXEMRMRK eEQQEc FPI GSQFYWXMFPI SV SXLIV LE^EVHSYW ZETSVW PMUYMHW SV WSPMH VIWMHYIW 8LI %QIVMGER ;IPHMRK 7SGMIX] EPWS LEW MRJSVQEXMSR VIKEVHMRKLSX[SVOSTIVEXMSRW  'SRWXVYGXMSR-RHYWXV]  -R GSRWXVYGXMSR WIXXMRKW  '*6  XS TVSZMHIWMRJSVQEXMSRSRKEW[IPHMRKERHGYXXMRKEVG [IPHMRK ERH GYXXMRK dVI TVIZIRXMSR ZIRXMPEXMSR JSV [IPHMRK GYXXMRKERHLIEXMRKERH[IPHMRKGYXXMRKERHLIEXMRKTVIWIVc ZEXMZIGSEXMRKW  2*4%&TVSZMHIWKYMHERGIJSVXLSWI[LSQEREKI WYTIVZMWIERHTIVJSVQLSX[SVOMRXLIGSRWXVYGXMSRMRHYWXV]  2*4%  GSRXEMRW QMRMQYQ TVSGIHYVIW XLEX TIVQMXVITEMVLSX[SVOSVSXLIVSTIVEXMSRWXLEXGSYPHTSXIRc XMEPP]GVIEXIEdVIERI\TPSWMSRSVSXLIVLE^EVH[LIVIZIVLSX

)HMXMSR

 4IXVSPIYQ -RHYWXV] -R EHHMXMSR XS XLI ETTPMGEFPI 37,% 2*4% ERH %27- VIKYPEXMSRW PMWXIH MR  ERH  %4- WXERHEVHW MRGPYHMRK FYX RSX PMQMXIH XS XLSWI PMWXIHMRXLVSYKLGSRXEMRMRJSVQEXMSRVIPEc XIHXSLSX[SVOMRXLITIXVSPIYQMRHYWXV]  %4-7XERHEVH 8ERO-RWTIGXMSR6ITEMV%PXIVEXMSR ERH 6IGSRWXVYGXMSR 8LMW HSGYQIRX GSZIVW XLI MRWTIGXMSR VITEMVEPXIVEXMSRERHVIGSRWXVYGXMSRSJWXIIPEFSZIKVSYRHWXSVc EKI XEROW YWIH MR XLI TIXVSPIYQ ERH GLIQMGEP MRHYWXVMIW -X TVSZMHIWXLIQMRMQYQVIUYMVIQIRXWJSVQEMRXEMRMRKXLIMRXIKc VMX] SJ [IPHIH SV VMZIXIH RSRVIJVMKIVEXIH EXQSWTLIVMG TVIWc WYVI EFSZIKVSYRH WXSVEKI XEROW EJXIV XLI] EVI TPEGIH MR WIVZMGI  %4- 6IGSQQIRHIH 4VEGXMGI  7EJI ;IPHMRK ERH 'YXXMRKERH,SX;SVO4VEGXMGIWMRXLI4IXVSPIYQERH4IXVSGLIQMGEP -RHYWXVMIW 8LMW HSGYQIRX TVSZMHIW KYMHIPMRIW JSV WEJIP] GSRHYGXMRK [IPHMRK GYXXMRK SV SXLIV LSX [SVO EGXMZMXMIW MR VIdRIVMIWKEWTPERXWTIXVSGLIQMGEPTPERXWERHSXLIVJEGMPMXMIW MR XLI TIXVSPIYQ ERH TIXVSGLIQMGEP MRHYWXVMIW -X TVSZMHIW WTIGMdGKYMHERGISRIZEPYEXMRKTVSGIHYVIWJSVGIVXEMRX]TIWSJ [SVO SRIUYMTQIRXMR WIVZMGI -XHSIW RSXGSZIVVIKYPEXMSR SV GSHI GSQTPMERGI LSX XETTMRK [IPHMRK XIGLRMUYIW RSVQEP dWEJI [SVOe TVEGXMGIW SV IRXV] MRXS SV [SVO MR MRIVX IRZMVSRc QIRXW  %4- 7XERHEVH  7EJI )RXV] ERH 'PIERMRK SJ 4IXVSe PIYQ 7XSVEKI 8EROW 8LMW WXERHEVH GSRXEMRW WEJIX] TVEGXMGIW JSV TVITEVMRK IQTX]MRK MWSPEXMRK ZIRXMPEXMRK XIWXMRK GPIERMRK IRXIVMRK LSX [SVO ERH VIGSQQMWWMSRMRK EGXMZMXMIW MR SR ERH EVSYRH EXQSWTLIVMG ERH PS[TVIWWYVI YT XS ERH MRGPYHMRK KEYKI TVIWWYVI SJ  TWM  EFSZIKVSYRH WXSVEKI XEROW XLEX GSRXEMRIH eEQQEFPI GSQFYWXMFPI SV XS\MG QEXIVMEPW 8LMW WXERHEVH HMVIGXW YWIVW JVSQ HIGSQQMWWMSRMRK VIQSZEP JVSQ WIVZMGI  XLVSYKL VIGSQQMWWMSRMRK VIXYVR XS WIVZMGI  8LMW WXERHEVHETTPMIWXSWXEXMSREV]XEROWYWIHMREPPWIGXSVWSJTIXVSc PIYQERHTIXVSGLIQMGEPTPERXWERHXIVQMREPW  %4- 6IGSQQIRHIH 4VEGXMGI  +YMHIPMRIW ERH 4VSGIHYVIW JSV )RXIVMRK ERH 'PIERMRK 4IXVSPIYQ 7XSVEKI 8EROW 8LMW VIGSQQIRHIH TVEGXMGI WYTTPIQIRXW XLI VIUYMVIQIRXW SJ %27-%4-6IUYMVIQIRXWJSV7EJI)RXV]ERH'PIERMRKSJ4IXVSd PIYQ 7XSVEKI 8EROW %4-  TVSZMHIW KYMHERGI ERH MRJSVQEc XMSR SR XLI WTIGMdG EWTIGXW SJ XERO GPIERMRK XS EWWMWX MR GSRHYGXMRK WEJI XERO GPIERMRK STIVEXMSRW MR EGGSVHERGI [MXL XLIVIUYMVIQIRXWSJ%27-%4-  %4- 6IGSQQIRHIH 4VEGXMGI  -KRMXMSR ,E^EVHW ERH 7EJI ;SVOMRK 4VEGXMGIW JSV %FVEWMZI &PEWXMRK SJ %XQSWTLIVMG 7XSVEKI 8EROW MR ,]HVSGEVFSR 7IVZMGI 8LMW HSGYQIRX MHIRXMdIW XLI MKRMXMSR LE^EVHW MRZSPZIH MR EFVEWMZI FPEWXMRK SJ XLI I\XIc VMSV SJ L]HVSGEVFSR WXSVEKI XEROW XLEX GSRXEMR E eEQQEFPI QM\XYVI SV SRI XLEX GER FIGSQI eEQQEFPI [LIR QM\IH [MXL EMV -X EPWSTVSZMHIW STIVEXMSREP KYMHIPMRIWJSVTVSGIHYVIW XLEX

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

,%>%6()0-1-2%8-32%2('328630

WMKRMdGERXP] VIHYGI MKRMXMSR VMWOW HYVMRK EFVEWMZI FPEWXMRK SJ L]HVSGEVFSRXEROWXLEXQE]GSRXEMREeEQQEFPIZETSVWTEGI  %4- +YMHIPMRI  (MWQERXPMRK ERH (MWTSWMRK SJ 7XIIP JVSQ %FSZIKVSYRH 0IEHIH +EWSPMRI 7XSVEKI 8EROW  8LMW HSGYQIRX SYXPMRIW TVIGEYXMSRW XS TVSXIGX TIVWSRRIP JVSQ LE^EVHSYW I\TSWYVI XS PIEH ERXMORSGO GSQTSYRHW [LIVI HMWQERXPMRKERHHMWTSWMRKSJXEROWXLEXGSRXEMRIHPIEHIHKEWSc PMRI  %4-4VITEVMRK8ERO&SXXSQWJSV,SX;SVO 8LMW TYFPMGEXMSR EHHVIWWIW XLI WEJIX] EWTIGXW SJ LSX [SVO SR TIXVSc PIYQ WXSVEKI XERO FSXXSQW -X HMWGYWWIW WEJIX] TVIGEYXMSRW JSV TVIZIRXMRKdVIWI\TPSWMSRWERHEWWSGMEXIHMRNYVMIW  %4-  7EJI ,SX 8ETTMRK 4VEGXMGIW MR XLI 4IXVSPIYQ ERH4IXVSGLIQMGEP-RHYWXVMIW 8LMWTYFPMGEXMSRTVSZMHIWMRJSVQEc XMSRJSVGSRHYGXMRKLSXXETTMRKSTIVEXMSRWSRMRWIVZMGIIUYMTc QIRX MR XLI TIXVSPIYQ ERH TIXVSGLIQMGEP MRHYWXVMIW ,SX XETTMRK MW YWYEPP] TIVJSVQIH [LIVI MX MW RSX JIEWMFPI SV MW MQTVEGXMGEPXSXEOIXLIIUYMTQIRXSVTMTMRKSYXSJWIVZMGISV XSTYVKISVGPIERMXF]GSRZIRXMSREPQIXLSHW  )RIVK]7SYVGIW %PPWSYVGIWSJIRIVK]mQIGLERMGEPIPIGc XVMGEP L]HVEYPMG GLIQMGEP SV WXSVIH IRIVK] m MR GSRdRIH WTEGIW XLEX GSYPH MQTEGX [SVOIV WEJIX] WLSYPH FI IPMQMREXIH YWMRK XLI ETTVSTVMEXI MWSPEXMSR SV PSGOSYXXEKSYX TVSGIHYVIW MR EGGSVHERGI [MXL XLI 3[RIV3TIVEXSV SV GSRXVEGXSV WYFGSRXVEGXSV MWSPEXMSR TVSKVEQ TVMSV XS MWWYERGI SJ ER IRXV] TIVQMX  %PP [SVOTPEGIW [MXL GSRdRIH WTEGIW XLEX GSRXEMR IRIVK] WSYVGIWVIUYMVMRKMWSPEXMSRERHSVPSGOSYXXEKSYXWLSYPHLEZI ERIRIVK]GSRXVSPTVSKVEQHIZIPSTIHERHMQTPIQIRXIHF]XLI 3[RIV3TIVEXSVSVF]XLIGSRXVEGXSVWYFGSRXVEGXSVVIWTSRWMc FPIJSVMWSPEXMSR  8LI -WSPEXMSR 7TIGMEPMWX SV )RXV] 7YTIVZMWSV WLSYPH ZIVMJ]XLEXEPPIRIVK]WSYVGIWXLEXGSYPHTSXIRXMEPP]MQTEGXSTIVc EXMSRW [MXLMR ERH EVSYRH XLI GSRdRIH WTEGI LEZI FIIR MWSPEc XIH PSGOIH SYXXEKKIH SYX SV SXLIV[MWI WEJIKYEVHIH EKEMRWX TVMSV XS XLI MWWYERGI SJ ER IRXV] TIVQMX -J XLIVI MW E RIIH XS IRXIV XLI WTEGI XS ZIVMJ] XLEX WSYVGIW LEZI HIIRIVKM^IH XLI IRXV]WLSYPHFITIVJSVQIHF]ER-WSPEXMSR7TIGMEPMWX[LSEPWS UYEPMdIWEWER)RXVERXJSPPS[MRKXLITIVQMXTVSGIWWERHIRXV] TVSGIHYVIWTVSZMHIHMRXLMWKYMHI  4MTIWERHPMRIWGSRXEMRMRKQEXIVMEPWXLEXGSYPHIRXIVMRXS XLI GSRdRIH WTEGI WLSYPH FI HMWGSRRIGXIH ERH HVEMRIH ERHSV FPEROIH HSYFPI FPSGOIH FPIH eYWLIH TYVKIH SV SXLIV[MWIMWSPEXIHTVMSVXSIRXV]F]XLI-WSPEXMSR7TIGMEPMWX  4MTIW ERH PMRIW XLEX VYR XLVSYKL E GSRdRIH WTEGI XLEX [MPPFI[SVOIHSRJVSQMRWMHIXLIWTEGIRIIHXSFIHMWGSRRIGc XIH ERHSV FPEROIH FPIH eYWLIH TYVKIH SV MWSPEXIH EW RIIHIHF]ER-WSPEXMSR7TIGMEPMWXFIJSVI[SVOFIKMRW  4MTIW ERH PMRIW XLEX VYR XLVSYKL FYX HS RSX XIVQMREXI [MXLMR E GSRdRIH WTEGI HS RSX RIIH XS FI HMWGSRRIGXIH SV MWSPEXIHEWMRHMGEXIHMRTVSZMHIHXLEXXLI)RXV]7YTIVZMWSV HIXIVQMRIW XLEX XLI QEXIVMEPW MR XLIWI PMRIW EVI RSX MQTEGXIH F]XLI[SVOFIMRKHSRIMRXLIWTEGIERHHSRSXGVIEXIELE^EVH XS[SVOIVWMRXLIWTEGI  ;LIVI MX MW RIGIWWEV] JSV IUYMTQIRX XS GSRXMRYI XS STIVEXI RSXFIMWSPEXIH MRSVHIVXSTIVJSVQ[SVO[MXLMRXLI WTEGI XLI )RXV] 7YTIVZMWSV WLSYPH IRWYVI XLEX XLI [SVO MW TIVJSVQIHYWMRKETTVSZIHEPXIVREXMZIQIXLSHWSVXLEXGSRXVSP QIEWYVIWTVSZMHIIJJIGXMZITVSXIGXMSRJSV[SVOIVWMRXLIWTEGI



 6IKYPEXMSRWERH7XERHEVHWJSV)RIVK]'SRXVSP  -RXLI9RMXIH7XEXIW37,%WXERHEVH'*6 GSZIVW XLI TVIZIRXMSR SJ EGGMHIRXEP WXEVXYT SJ IUYMTQIRX ERH QEGLMRIV] SV VIPIEWI SJ WXSVIH IRIVK]  '*6  GSRXEMRW WTIGMdG VIUYMVIQIRXW JSV HIIRIVKM^MRK ERH PSGOMRK SYX IPIGXVMGEP IUYMTQIRX 37,% IPIGXVMGEP WEJI [SVO TVEGXMGIW VIUYMVIQIRXW [IVI HIVMZIH JVSQ 2*4% ) [LMGL TVSZMHIW GSQTVILIRWMZI IPIGXVMGEP WEJIX] MRJSVQEXMSR XS TVIZIRX WLSGO EVGERHSXLIVIPIGXVMGEPWEJIX]LE^EVHW  %27-%77)>'SRXVSPSJ,E^EVHSYW)RIVK]f0SGOd SYX8EKSYX  %PXIVREXMZI 1IXLSHW EPWS IWXEFPMWLIW VIUYMVIQIRXW JSV XLIGSRXVSP SJ LE^EVHSYW IRIVK] EWWSGMEXIH [MXL QEGLMRIW IUYMTQIRXSVTVSGIWWIWXLEXGSYPHGEYWIMRNYV]XSTIVWSRRIP  )RXV] 7YTIVZMWSVW WLSYPH IRWYVI XLEX LSX XETTMRK SR XEROW ZIWWIPW ERH PMRIW GSRXEMRMRK TVSHYGXW MR XLI TIXVSPIYQ ERH TIXVSGLIQMGEP MRHYWXVMIW MW MR EGGSVHERGI [MXL XLI TVSGIc HYVIWERHWEJITVEGXMGIWTVSZMHIHMR%4-7EJI,SX8ETTMRK 4VEGXMGIWMRXLI4IXVSPIYQERH4IXVSGLIQMGEP-RHYWXVMIW  4SVXEFPI)PIGXVMGEPERH1IGLERMGEP)UYMTQIRX9WIHMRERH %HNEGIRXXS'SRcRIH7TEGIW )RXV]7YTIVZMWSVWWLSYPHIRWYVI XLEX IPIGXVMGEP ERH QIGLERMGEP IUYMTQIRX YWIH MR GSRdRIH WTEGIWMWETTVSZIHPMWXIHPEFIPIHERHEYXLSVM^IHEWETTPMGEFPI JSV MXW MRXIRHIH YWI %PP ETTVSZIH IUYMTQIRX MRGPYHMRK FYX RSXPMQMXIHXSXLIJSPPS[MRKWLSYPHFIMRWTIGXIHF]EUYEPMdIH TIVWSRTVMSVXSYWIXSFIWYVIXLEXMXMWMRWEJISTIVEXMRKGSRHMc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dIHTIVWSRTVMSVXSYWIXS GSRdVQMXMWMR KSSHGSRHMXMSRERHMRXVMRWMGEPP]WEJI  ,E^EVHSYW0SGEXMSRW  )RXV]7YTIVZMWSVWWLSYPHIRWYVIXLEXEPPIPIGXVMGEPERH QIGLERMGEP IUYMTQIRX JSV YWI MR eEQQEFPI SV TSXIRXMEPP] eEQQEFPI EXQSWTLIVIW MW ETTVSZIH ERH MRWTIGXIH F] E UYEPMc dIHTIVWSRTVMSVXSYWIXSGSRdVQXLEXMXMWMRKSSHGSRHMXMSR MRXVMRWMGEPP]WEJIERH[MPPRSXGVIEXIEWSYVGISJMKRMXMSR  )RXV]7YTIVZMWSVW WLSYPHQEOI WYVIXLEXEPPIPIGXVMGEP ERHQIGLERMGEPIUYMTQIRXJSVYWIMREVIEW[LIVIGSQFYWXMFPI HYWXW QE] FI TVIWIRX WLSYPH FI ETTVSZIH ERH MRWTIGXIH F] E UYEPMdIHTIVWSRTVMSVXSYWIXSGSRdVQMXMWMRKSSHGSRHMXMSR MRXVMRWMGEPP]WEJIERH[MPPRSXGVIEXIEWSYVGISJMKRMXMSR  )RXV]7YTIVZMWSVWWLSYPHIRWYVIXLEXEPPIPIGXVMGEPERH QIGLERMGEP IUYMTQIRX JSV YWI MR EVIEW [LIVI IEWMP] MKRMXEFPI dFIVWSVe]MRKWQE]FITVIWIRXMWETTVSZIHERHMRWTIGXIHF]E UYEPMdIHTIVWSRTVMSVXSYWIXSGSRdVQMXMWMRKSSHGSRHMXMSR MRXVMRWMGEPP]WEJIERH[MPPRSXGVIEXIEWSYVGISJMKRMXMSR

)HMXMSR

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK



7%*)'32*-2)(74%'))286=%2(;36/

 )RXV] 7YTIVZMWSVW WLSYPH QEOI WYVI XLEX IUYMTQIRX FVSYKLX MRXS GSRdRIH WTEGIW MW ETTVSZIH ERH MRWTIGXIH F] E UYEPMdIH TIVWSR XS GSRdVQ XLIVI EVI RS I\TSWIH IPIGXVMGEP GSQTSRIRXWXLEXGSYPHGEYWILEVQSVFIEWSYVGISJMKRMXMSR ERH XLEX QSZMRK TEVXW EVI ETTVSTVMEXIP] KYEVHIH SV HIWMKRIH XS TVIZIRX HEQEKI MRNYV] SV HIEXL JVSQ GSRXEGX IRXERKPIc QIRXSVIRXVETQIRX  6IKYPEXMSRW ERH 7XERHEVHW 3[RIVW3TIVEXSVW ERH GSRXVEGXSVWWYFGSRXVEGXSVW WLSYPH IRWYVI XLEX HIWMKREXIH )RXV] 7YTIVZMWSVW EVI E[EVI SJ EPP WXERHEVHW ERH VIKYPEXMSRW ETTPMGEFPI XS GPEWWMdIH EVIEW [MXLMR JEGMPMXMIW [LIVI [SVO MR GSRdRIHWTEGIWMWXSFITIVJSVQIH  &SRHMRK ERH +VSYRHMRK JSV *PEQQEFPI ERH 'SQFYWXMFPI 1EXIVMEPW %PP GSRdRIH WTEGI TIVWSRRIP WLSYPH FI E[EVI XLEX WXEXMGIPIGXVMGMX]GERFIKIRIVEXIHMRWIZIVEP[E]WQSWXX]TMGEPP] [LIRX[SHMWWMQMPEVQEXIVMEPW[LMGLGSYPHFIWSPMHWPMUYMHWSV KEWIW VYF EKEMRWX SRI ERSXLIV 8LI EGGYQYPEXMSR SJ E WXEXMG GLEVKIGVIEXIWETSXIRXMEPWEJIX]LE^EVHMRXLEXXLIGLEVKIGER FI UYMGOP] HMWWMTEXIH GVIEXMRK E WTEVO -J XLI WTEVO MW LSX IRSYKLMXGERFIGSQIXLIWSYVGISJMKRMXMSRJSVEdVISVI\TPSc WMSR MJ XLIVI EVI eEQQEFPI SV GSQFYWXMFPI KEWIW ZETSVW SV HYWXW TVIWIRX MR XLI EXQSWTLIVI MR E eEQQEFPI VERKI 8LI JSPPS[MRKEVI[E]WXSTVIZIRXWXEXMGHMWGLEVKIW   

3FNIGXWGERFIKVSYRHIH[LMGLMWEQIERWJSVWXEXMGIPIGc XVMGMX]XLEXQE]LEZIEGGYQYPEXIHSRSRISVQSVIMRWYPEc XIHSFNIGXWXSWEJIP]HMWWMTEXIXSXLIKVSYRH 3FNIGXW GER FI FSRHIH [LMGL TVSZMHIW JSV IUYEPM^EXMSR SJXLIWXEXMGIPIGXVMGGLEVKISRX[SSFNIGXWWSXLEXXLIVIMW RSRIIHJSVEWTEVOXSNYQTJVSQSRIXSERSXLIV % GSQFMREXMSR SJ FSXL KVSYRHMRK ERH FSRHMRK [LIVI JSV I\EQTPI SRI SFNIGX MW KVSYRHIH XS XLI IEVXL ERH XLIR FSRHIH XS ERSXLIV SFNIGX [MXL E GSRHYGXMZI QEXIc VMEPWYGLEWGSTTIV[MVI

 &SRHMRK )RXV] 7YTIVZMWSVW %XXIRHERXW )RXVERXW ERH EPP[SVOIVWMRERHEHNEGIRXXSGSRdRIHWTEGIWWLSYPHFIE[EVI XLEX IUYMTQIRX EGGIWWSVMIW ERH ETTYVXIRERGIW YWIH MR GSRdRIH WTEGI IRXV] ZIRXMPEXMSR GPIERMRK ERH SXLIV STIVEc XMSRW QE] FI GETEFPI SJ KIRIVEXMRK ER IPIGXVSWXEXMG GLEVKI )RXV] 7YTIVZMWSVW WLSYPH IRWYVI XLEX WYGL SFNIGXW EVI IPIGXVMc GEPP] FSRHIH XS XLI GSRdRIH WTEGI XS EZSMH KIRIVEXMRK WXEXMG IPIGXVMGWTEVOW  6IUYMVIQIRXW &IJSVIYWIXLI)RXV]7YTIVZMWSVWLSYPH QEOIWYVIXLEXEUYEPMdIHTIVWSRXLSVSYKLP]MRWTIGXWEPPGPIERc MRK IUYMTQIRX RS^^PIW LSWIW GSYTPMRKW ERH EGGIWWSVMIW XLEX GSYPH TSXIRXMEPP] GVIEXI ER IPIGXVMGEP WXEXMG GLEVKI XS IRWYVI XLEXXLI]EVITVSTIVP]FSRHIH-RWTIGXMSRWWLSYPHMRGPYHIFYX RSXFIPMQMXIHXSXLIJSPPS[MRK 

:ETSVERHKEWJVIIMRKHIKEWWMRKeYWLMRKERHZIRXMPEXMSR IUYMTQIRXERHETTYVXIRERGIWWYGLEWFPS[IVWERHIHYGc XSVW MRIVX KEW TMTMRK ERH GSRRIGXMSRW [EXIV JYIP SMP ERHWXIEQTMTMRKLSWIWRS^^PIWERHGSRRIGXMSRWeEQI ERH HIXSREXMSR EVVIWXSVW ERH eI\MFPI ZETSV MRXEOI ERH I\LEYWXHYGXMRK   :EGYYQ XVYGOW YWIH JSV VIQSZMRK QEXIVMEPW HIKEWWMRK ERH I\LEYWXMRK ZETSVW JVSQ E GSRdRIH WTEGI 8LI ZEGYYQXVYGOWYGXMSRERHHMWGLEVKILSWIWWLSYPHFIIPIGc XVMGEPP] FSRHIH XS FSXL XLI XVYGO ERH WTEGI ERH KVSYRc HIH  ,SWIW ERH RS^^PIW YWIH XS MRNIGX TVSHYGX WXIEQ GLIQMc GEPW WSPZIRXW SV [EXIV MRXS E XERO XS HMWPSHKI ERH eYWL VIWMHYIERHWPYHKISV[IXHS[RT]VSTLSVMGHITSWMXW8LI

)HMXMSR

  

LSWIWERHRS^^PIWWLSYPHFIFSRHIHXSXLIWTEGIERHXLI IUYMTQIRXWLSYPHFIKVSYRHIH %FVEWMZI FPEWXMRK LSWIW RS^^PIW ERH IUYMTQIRX [LMGL WLSYPHFIFSRHIHXSXLIWTEGIERHKVSYRHIH 1IGLERM^IH TSVXEFPI ERH VSFSXMG GPIERMRK IUYMTQIRX [LMGLWLSYPHFIFSRHIHXSXLIWTEGIERHKVSYRHIH ;IPHMRK GYXXMRK KVMRHMRK ERH LSX XETTMRK IUYMTQIRX [LMGL WLSYPH FI FSRHIH XS XLI [SVO ERH KVSYRHIH XS HMWWMTEXIWXVE]GYVVIRXW

 +VSYRHMRK )EVXLMRK  )RXV] 7YTIVZMWSVW WLSYPH IRWYVI XLEX IUYMTQIRX MW TVSTIVP] FSRHIH XS XLI TS[IV WSYVGI ERH XLEX XLI TS[IV WSYVGI MW TVSTIVP] KVSYRHIH ;LIVI TS[IV MW TVSZMHIHF]TS[IVPMRIWXLIIPIGXVMGEPKVSYRHWLSYPHFIXMIHMR EXXLIFVIEOIVFS\*SVTSVXEFPIKIRIVEXSVWIXWXLIYRMXWLSYPH FIFSRHIHXSXLIJVEQI4SVXEFPIKIRIVEXSVWIXWGERFIWXEOIH XS JSVQ ER IEVXL KVSYRHMRK W]WXIQ SV KVSYRHIH XS E JEGMPMX] KVSYRHW]WXIQ+VSYRHMRKWLSYPHFIGSRWMWXIRX[MXLXLIIUYMTc QIRX QERYJEGXYVIVgW MRWXVYGXMSRW ERH ETTPMGEFPI REXMSREP ERH PSGEPIPIGXVMGEP[MVMRKGSHIW  6IKYPEXMSRWERH7XERHEVHWJSV&SRHMRKERH+VSYRHMRK 3[RIVW3TIVEXSVW ERH GSRXVEGXSVWWYFGSRXVEGXSVW WLSYPH FI E[EVI SJ EPP WXERHEVHW ERH VIKYPEXSV] VIUYMVIQIRXW ETTPMGEFPI XSKVSYRHMRKERHFSRHMRKERHTVSZMHIETTVSTVMEXIWEJITVEGXMc GIWMRXLIMVGSRdRIHWTEGITVSKVEQW  -KRMXMSR 7SYVGIW )RXV] 7YTIVZMWSVW WLSYPH FI E[EVI XLEX eEQQEFPI SV GSQFYWXMFPI PMUYMHW ZETSVW ERH KEWIW SV GSQFYWXMFPI HYWXW ERH dFIVW QE] FI VIPIEWIH FSXL MR ERH EVSYRHEGSRdRIHWTEGIHYVMRK[SVOMRKZIRXMPEXMSRMRIVXMRK SV KEW JVIIMRK SV [LIR VIQSZMRK EKMXEXMRK SV GPIERMRK VIWMc HYI MRWMHI XLI WTEGI %PP GSRdRIH WTEGI TIVWSRRIP WLSYPH FI E[EVI XLEX MR EHHMXMSR XS LSX [SVO WII 7IGXMSR   MKRMXMSR WSYVGIW XLEX WLSYPH FI IPMQMREXIH QMXMKEXIH SV GSRXVSPPIH MRGPYHIFYXEVIRSXPMQMXIHXSXLIJSPPS[MRK  -RXIVREP GSQFYWXMSR IRKMRIW PSGEXIH [MXLMR ER YRWEJI EVIE WYGL EW PIWW XLER  JX  Q  HS[R[MRH JVSQ RIEVSVEHNEGIRXXSXLIWTEGI  2SRI\TPSWMSRTVSSJ IPIGXVMGEP IUYMTQIRX ERH IPIGXVMGEP IUYMTQIRXRSXVEXIHJSVXLIPSGEXMSRSVTVSTSWIHSTIVEc XMSR  2SRFSRHIHRSRKVSYRHIH IPIGXVSWXEXMG KIRIVEXMRK IUYMTQIRX WYGL EW [IPHMRK QEGLMRIW JERW ERH IHYGc XSVWZEGYYQXVYGOWTSVXEFPIKIRIVEXSVWERHTYQTW  2SRETTVSZIHPMKLXMRKIUYMTQIRX  7QSOMRKSVSTIReEQIW  &PEWXGPIERMRKIUYMTQIRXERHFPEWXMRKSTIVEXMSRW  +VMRHMRKERHGYXXMRKIUYMTQIRXERHSTIVEXMSRW  9RTVSXIGXIHT]VSTLSVMGMVSRWYPdHIHITSWMXW[MXLMRXLI WTEGI  2SRETTVSZIH LIEXMRK IUYMTQIRX WYGL EW WTEGI LIEXIVc WERHLSXTPEXIW  :EGYYQXVYGOWERHZEGYYQSTIVEXMSRW  2SRETTVSZIH GSQQYRMGEXMSR HIZMGIW MRGPYHMRK GIPP TLSRIWX[S[E]VEHMSWERHTEKIVW  )RXV] 7YTIVZMWSVW WLSYPH IRWYVI XLEX MKRMXMSR WSYVGIW MRWMHI ERH EHNEGIRX XS GSRdRIH WTEGIW EVI IPMQMREXIH VIQSZIHSVGSRXVSPPIH  )RXV] 7YTIVZMWSVW WLSYPH MHIRXMJ] ERH IZEPYEXI MKRMXMSR WSYVGIW VIKEVHPIWW SJ [LIXLIV SV RSX XLIVI MW TSXIRXMEP JSV GSQFYWXMFPI QEXIVMEPW SV E eEQQEFPI SV GSQFYWXMFPI EXQSWc TLIVIMRSVEVSYRHXLIWTEGI

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

,%>%6()0-1-2%8-32%2('328630

 *EPP4VSXIGXMSR *EPPTVSXIGXMSRWLSYPHFIQEMRXEMRIHJSV EPP XLSWI [SVOMRK MR ERH EVSYRH GSRdRIH WTEGIW [LIVI JEPPW KVIEXIV XLER  JX  Q  GSYPH SGGYV 'SRdRIH WTEGI JEPP LE^EVHWWLSYPHFIQEREKIHYWMRKXLIJSPPS[MRKJEPPTVSXIGXMSR LMIVEVGL]    

)PMQMREXMSR6IQSZEPSJXLILE^EVHF]GSZIVMRKEPPZIVXMGEP IRXV]TSMRXWYRXMPIRXV]MWVIUYMVIH 4VSXIGXMSR9WISJETTVSZIHKYEVHVEMPW]WXIQWXSTVSZMHIE GSRXVSPPIHEGGIWW^SRIEVSYRHEPPZIVXMGEPIRXV]TSMRXW 6IWXVMGXMSR9WISJTSWMXMSRMRKSVVIWXVEMRXHIZMGIWXSIPMQMc REXI XLI TSWWMFMPMX] SJ E JEPP JSV EPP TIVWSRRIP SYXWMHI SJ XLIMQQIHMEXIZIVXMGEPIRXV]TSMRX *EPP EVVIWX 9WI SJ ETTVSZIH JEPP EVVIWXFIPE] HIZMGIW XS PMQMX XLI QE\MQYQ EVVIWXMRK JSVGIW XS FIPS[  PF  OK  JSV E JEPP KVIEXIV XLER  JX  Q  EFSZI XLI PS[IV PIZIP SJ XLI ZIVXMGEP IRXV] TSMRX JSV EPP TIVWSRRIP I\TSWIH XS E JEPP LE^EVH HYVMRK GSRdRIH WTEGI STIVEc XMSRW

 +YEVHIH 3TIRMRKW *EPPW MRXS GSRdRIH WTEGIW GER SGGYV [LIR IRXIVMRK[SVOMRK MRWMHI SJ SV [SVOMRK SYXWMHI E GSRdRIHWTEGI*PSSVERH[EPPSTIRMRKWXLEXPIEHMRXSSVQE] FI[MXLMRGSRdRIHWTEGIWWLSYPHFITVSXIGXIHXSTVIZIRXJEPPW JVSQSGGYVVMRK8LIVIEVIERYQFIVSJ[E]WXSHSXLMWEWPMWXIH MRXLVSYKL  'SRXVSPPIHEGGIWW^SRIWGERFIYWIHHYVMRK GSRdRIH WTEGISTIVEXMSRWXSPMQMXI\TSWYVIXSER]STIRWTEGIWSVPIEHc MRK IHKIW [LIVI TIVWSRW GER EGGMHIRXEPP] [EPO 8LMW GER MRGPYHIER%XXIRHERX[EVRMRKSJTSXIRXMEPJEPPLE^EVHWSVIVIGXc MRKEFEVVMGEHIEVSYRHXLIWTEGI  6IWXVEMRX W]WXIQW GER FI YWIH HYVMRK GSRdRIH WTEGI STIVEXMSRW [LIVI E [SVOIV RIIHW XS [SVO RIEV ER STIRMRK SV PIEHMRK IHKI % TVSTIVP] dXXIH JYPPFSH] LEVRIWW GER FI EXXEGLIH XS E WLSVX PER]EVH ERH WIGYVIH XS E WYMXEFPI ERGLSV TSMRXEFPIXS[MXLWXERHPF OK SJJSVGI  *EPPEVVIWXW]WXIQWGERFIYWIHHYVMRKGSRdRIHWTEGI STIVEXMSRW [LIVI XLI VMWO SJ E JEPP GERRSX FI IPMQMREXIH ZME GSRXVSPPIH EGGIWW SV VIWXVEMRX W]WXIQW % TVSTIVP] dXXIH JYPP FSH] LEVRIWW [MXL E WIPJVIXVEGXMRK HIZMGI SV FIPE] PMRI W]WXIQ GER FI EXXEGLIH XS E WYMXEFPI ERGLSV TSMRX EFPI XS [MXLWXERH  PF  OK  SJ JSVGI SV IRKMRIIVIH [MXL E  WEJIX] JEGXSV  %GGIWW  ;LIVI YXMPM^MRK d\IH PEHHIVW )RXVERXW WLSYPH QEMRc XEMR XLVII TSMRXW SJ GSRXEGX EX EPP XMQIW 0EHHIVW I\XIRHMRK FI]SRHJX Q WLSYPHFIIUYMTTIH[MXLEPEHHIVGPMQFc MRK W]WXIQ SV E WIGSRHEV] JSVQ SJ TVSXIGXMSR WYGL EW E WIPJ VIXVEGXMRK HIZMGI SV E FIPE] PMRI EXXEGLIH XS E WYMXEFPI ERGLSV TSMRX EFPI XS [MXLWXERH  PF  OK  SJ JSVGI SV IRKMc RIIVIH[MXLEWEJIX]JEGXSV  ;LIVI YXMPM^MRK TSVXEFPI PEHHIVW XLVII TSMRXW SJ GSRXEGXWLSYPHFIQEMRXEMRIHEXEPPXMQIW  ;LIVI )RXVERXW RIIH XS FI PS[IVIH ZIVXMGEPP] MRXS E GSRdRIHWTEGIEWIGSRHEV]JSVQSJTVSXIGXMSRWLSYPHFIYWIH WYGLEWEWIPJVIXVEGXMRKHIZMGISVEFIPE]PMRIEXXEGLIHXSEWYMXc EFPIERGLSVTSMRXEFPIXS[MXLWXERHPF OK SJJSVGI SVIRKMRIIVIH[MXLEWEJIX]JEGXSV  *EPPTVSXIGXMSRJSVZIVXMGEPVIWGYIHIWGIRXWWLSYPHFIMR EGGSVHERGI[MXL'LETXIV



 7PMT8VMT-RKVIWW)KVIWWERH)RXERKPIQIRX,E^EVHW  )RXV] 7YTIVZMWSVW WLSYPH IRWYVI XLEX [EPOMRK WYVJEGIW EVIGPIERIHERHHVMIHXSIPMQMREXIWPMTLE^EVHWMRGPYHMRKFYX RSX PMQMXIH XS HIMGMRK SV VIQSZEP SJ SMP MJ RIGIWWEV] ;LIVI XLMW GERRSX FI MRMXMEPP] EGLMIZIH )RXV] 7YTIVZMWSVW WLSYPH IRWYVIXLEX)RXVERXWYWIRSRWPMTJSSX[IEV  )RXV]7YTIVZMWSVW ERH )RXVERXW WLSYPH IRWYVI XLEX XVMT LE^EVHW EVI GPIEVP] MHIRXMdIH ERHSV eEKKIH SV QEVOIH ERH XLEX GSVHW PMRIW XYFMRK HYGXMRK ERH LSWIW FVSYKLX MRXS XLI WTEGIEVITPEGIHERHWIGYVIHXSQMRMQM^IXVMTLE^EVHWMR[SVO EVIEWERHTEXL[E]WSJXVEZIP  )RXV] 7YTIVZMWSVW WLSYPH QEOI WYVI XLEX RSRd\IH IRXERKPIQIRXW RSX VIUYMVIH JSV IRXV] ERHSV [SVO EVI VIQSZIHJVSQXLIWTEGIXSQMRMQM^ILE^EVHW[LIVIRIGIWWEV] *M\IH IRXERKPIQIRXW WLSYPH FI VIGSKRM^IH ERH ETTVSTVMEXI TVIGEYXMSRWWLSYPHFIMQTPIQIRXIHF]XLI)RXV]7YTIVZMWSVXS GSRXVSPXLITSXIRXMEPLE^EVH  )RXV]7YTIVZMWSVWWLSYPHIRWYVIXLEXETTVSZIHMRWTEGI PMKLXMRK YWIH MR EGGSVHERGI [MXL 7IGXMSR  TVSZMHIW IRSYKL MPPYQMREXMSR WS XLEX EPP WYVJEGIW ERH SFWXVYGXMSRW EVI GPIEVP] ZMWMFPI XS XLSWI [SVOMRK MR XLI WTEGI 4SVXEFPIPMKLXMRK WLSYPH FIETTVSZIHJSVXLIPSGEXMSRMR[LMGLMXMWYWIHMREGGSVHERGI [MXL XLI ETTPMGEFPI GSRdRIH WTEGI TVSKVEQ ERH TIVQMX VIUYMVIQIRXW  4EXL[E]W MRXS MRKVIWW  ERH SYX SJ IKVIWW  XLI GSRdRIH WTEGI WLSYPH FI MPPYQMREXIH WYJdGMIRXP] JSV VIWGYI TIVWSRRIP  ;LIVIZIVWYVJEGIWVIQEMRWPMTTIV]SV[IX)RXV]7YTIVc ZMWSVW WLSYPH GSRWMHIV XLI YWI SJ RSRGSQFYWXMFPI TSVXEFPI eSSV QEXW SV HYGO FSEVHW XS VEMWI XLI IRXV] FEWI EFSZI XLI PIZIPSJXLIPMUYMHWYVJEGIMRWMHIXLIGSRdRIHWTEGI  0MKLXMRK )RXV] 7YTIVZMWSVW GER YWI ETTVSZIH WEJI PMKLXc MRKMREGGSVHERGI[MXLXLIETTPMGEFPIGSRdRIHWTEGITVSKVEQ 8LI PMKLXMRK WIPIGXMSR WLSYPH GSRWMHIV ER] LE^EVHW TVIWIRXIH F]XLITVIWIRGISJeEQQEFPISVGSQFYWXMFPIPMUYMHWZETSVWSV KEWIW MR EGGSVHERGI [MXL 7IGXMSR  %HHMXMSREP PMKLXMRK STXMSRWMRGPYHIFYXEVIRSXPMQMXIHXSETTVSZIHLIPQIXPMKLXW ETTVSZIH PS[ZSPXEKI TSVXEFPI PMKLXMRK ETTVSZIH eEWLPMKLXW ERH SXLIV ETTVSZIH PMKLXMRK WSYVGIW )RXV] 7YTIVZMWSVW ERH [SVOIVW WLSYPH EPWS FI E[EVI XLEX G]EPYQI PMKLXW MI KPS[ WXMGOW GERFIYWIHEWFEGOYTPMKLXMRKWLSYPHXLITVMQEV]PMKLXc MRK JEMP ERH GER EPWS FI YWIH XS QEVO E QIERW SJ MRKVIWW ERH IKVIWWMRTSSVP]PMXSVI\XIRHIHGSRdRIHWTEGIW  %RMQEPWERH-RWIGXW 8LIGSRdRIHWTEGIWLSYPHFIZMWYc EPP] MRWTIGXIH F] XLI IRXV] WYTIVZMWSV TVMSV XS IRXV] ERH ER] TSXIRXMEPP]HERKIVSYWERMQEPWSVMRWIGXWWLSYPHFIVIQSZIHSV IPMQMREXIH -J ER I\XIVQMREXMSR GLIQMGEP MW YWIH MX QMKLX FI RIGIWWEV] XS LEZI XLI IRZMVSRQIRX MR ERH EVSYRH XLI WTEGI VIEWWIWWIH TVMSV XS TIVQMXXMRK IRXV] 8LI +EW 8IWXIV WLSYPH MRGPYHIXLITIWXMGMHILE^EVH [LIRVIXIWXMRK8LI)RXV] 7YTIVc ZMWSVWLSYPHHIXIVQMRIMJXLIWTEGIRIIHWXSFIZIRXMPEXIHERH MJVIWTMVEXSV]TVSXIGXMSRERHSVTVSXIGXMZIGPSXLMRKERHKPSZIW WLSYPHFI[SVRF]XLI+EW8IWXIVWERH[SVOIVWXSTVIZIRXWOMR I\TSWYVIXSXLIGLIQMGEPW  4IVWSREP 4VSXIGXMZI )UYMTQIRX 44)  )RXV] 7YTIVZMc WSVW WLSYPH IRWYVI XLEX 44) MW [SVR MR EGGSVHERGI [MXL XLI VIUYMVIQIRXWSJXLIIRXV]TIVQMX[LIVIIRKMRIIVMRKSVEHQMRc MWXVEXMZIGSRXVSPWGERRSXJYPP]IPMQMREXILE^EVHWXS[SVOIVW

)HMXMSR

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK



7%*)'32*-2)(74%'))286=%2(;36/

 )RXV] 7YTIVZMWSVW WLSYPH QEOI WYVI XLEX EPP GSRdRIH WTEGI[SVOIVW[IEVETTVSZIH44)MRGPYHMRKFYXRSXPMQMXIHXS I]I TVSXIGXMSR LIEHTVSXIGXMSRJSSX TVSXIGXMSRLERH TVSXIGc XMSR TVSXIGXMZI GPSXLMRK VIWTMVEXSV] TVSXIGXMSR ERH LIEVMRK TVSXIGXMSREWVIUYMVIHF]XLIIRXV]SVLSX[SVOTIVQMX;SVOc IVWWLSYPHFIE[EVIXLEXMRNYVMIWGERFITVIZIRXIHSVQMXMKEXIH F] XLI YWI SJ 44) WII 7IGXMSR   %HHMXMSREP 44) XLI )RXV] 7YTIVZMWSVQMKLXGSRWMHIVMRGPYHIWFYXMWRSXPMQMXIHXSORII ERHIPFS[ TEHWJSVGVE[PWTEGIWERHGSSPMRKZIWXWJSV LSXIRZMc VSRQIRXW

XLIYWI SJEMV WXIEQSV ERMRIVXKEW XS HMWTPEGIEMV [MXLMRXLI WTEGI 7II7IGXMSR

 8LI)RXV]7YTIVZMWSVWLSYPHPMWXEPPVIUYMVIH44)SRXLI IRXV]TIVQMXMREGGSVHERGI[MXLXLIJEGMPMX]ERHSVGSRXVEGXSV GSRdRIHWTEGIIRXV]TVSKVEQMRHYWXV]WXERHEVHWERHVIKYPEc XSV]VIUYMVIQIRXW

 2EXYVEP ZIRXMPEXMSR WLSYPH SRP] FI YWIH [LIR E HSGYc QIRXIH LE^EVH IZEPYEXMSR ERH VMWO EWWIWWQIRX HIQSRWXVEXIW XLEXMXWYWI[MPPREXYVEPP]WYTTP]EHIUYEXIFVIEXLMRKUYEPMX]EMV XS GSRXVSP EXQSWTLIVMG GSRXEQMRERXW XS EGGITXEFPI PIZIPW [MXLMRXLIGSRdRIHWTEGI

 8LI )RXV] 7YTIVZMWSVWLSYPH IRWYVI XLEX 44) WIPIGXMSR MWFEWIHSRXLIVMWOLE^EVHEWWIWWQIRXERHXLEXXLIIUYMTQIRX MWYWIHMREGGSVHERGI[MXLXLI3[RIV3TIVEXSVSVGSRXVEGXSV WYFGSRXVEGXSV44)TVSKVEQMRHYWXV]WXERHEVHWERHETTPMGEFPI VIKYPEXMSRW  3[RIVW3TIVEXSVW ERH )RXVERX )QTPS]IVW WLSYPH GSRWMHIVXLIKIRIVEP44)VIUYMVIQIRXWMRGPYHMRKFYXRSXPMQMc XIHXSLE^EVHEWWIWWQIRXWQEMRXIRERGIERHXVEMRMRKTVSZMHIH MRETTPMGEFPIVIKYPEXMSRWERHWXERHEVHW  )RXV]7YTIVZMWSVWWLSYPHFIE[EVIXLEX[LIVIZIVWOMR I\TSWYVI XS GLIQMGEPW MW E GSRGIVR ETTVSTVMEXI TVSXIGXMZI GPSXLMRK WLSYPH FI [SVR F] GSRdRIH WTEGI TIVWSRRIP ;LIR HIZIPSTMRK ERH MQTPIQIRXMRK 44) TVSKVEQW 3[RIVW3TIVEc XSVWERHGSRXVEGXSVWWYFGSRXVEGXSVWWLSYPHFIE[EVIXLEXXLIVI MW RS WMRKPI WSYVGI SJ MRJSVQEXMSR JSV GLIQMGEP TVSXIGXMZI GPSXLMRK LS[IZIV GLIQMGEPTVSXIGXMZIGPSXLMRK QERYJEGXYVIVW GERSJXIRTVSZMHI MRJSVQEXMSRSR XLI TVSTIVTVSXIGXMZIGPSXLc MRKJSVWTIGMdGGLIQMGEPW 7IIEPWS2*4%ERH2*4% 'LETXIV:IRXMPEXMSR  +IRIVEP 8LITYVTSWISJXLMWGLETXIVMWXSWTIGMJ]XLIQMRMc QYQ VIGSQQIRHIH TVEGXMGIW JSV ZIRXMPEXMSR XS TVSXIGX [SVOc IVW[LSMRWTIGXXIWXSV[SVOMRGSRdRIHWTEGIW  :IRXMPEXMSR MW YWIH XS   WYTTP] EHIUYEXI FVIEXLMRK UYEPMX] EMV XS ER S\]KIRHIdGMIRX EXQSWTLIVI SV E TSXIRXMEP S\]KIRHIdGMIRX EXQSWTLIVI   VIQSZI SV GSRXVSP EXQSWc TLIVMGGSRXEQMRERXWERH  GSRXVSPXIQTIVEXYVIJSVGSQJSVX ,S[IZIV MR QSWX GSRdRIH WTEGI ETTPMGEXMSRW WYTTP]MRK FVIEXLMRK EMV ERH GSRXVSPPMRK EXQSWTLIVMG GSRXEQMRERXW EVI XLITVMQEV]TYVTSWISJZIRXMPEXMSR:IRXMPEXMSRMWYWIHXSIWXEFc PMWL MRMXMEP WEJI GSRHMXMSRW TVMSV XS MRMXMEP IRXV]  ERH QE] FI RIGIWWEV]XSQEMRXEMRWEJIGSRHMXMSRWHYVMRKIRXV][LIVIXLIVI MW E TSXIRXMEP JSV GLERKMRK EXQSWTLIVMG GSRHMXMSRW [MXLMR E WTEGI IKTVIWIRGISJVIWMHYIWSVLSX[SVO   :IRXMPEXMSR RIIHW WLSYPH FI HIXIVQMRIH MRMXMEPP] F] XLI )RXV]7YTIVZMWSVERH:IRXMPEXMSR7TIGMEPMWXZMEELE^EVHIZEPYEc XMSR ERH VMWO EWWIWWQIRX GSRHYGXIH MR EGGSVHERGI [MXL 'LETc XIV  ;LIVI GSRWMHIVMRK ZIRXMPEXMSR XLI )RXV] 7YTIVZMWSV ERH :IRXMPEXMSR 7TIGMEPMWX WLSYPH YRHIVWXERH XLI HMJJIVIRGIW FIX[IIR ZIRXMPEXMSR ERH TYVKMRK 8LIWI XIVQW EVI SJXIR YWIH MRXIVGLERKIEFP] FYX EGXYEPP] ETTP] XS HMJJIVIRX EXQSWTLIVMG LE^EVHGSRXVSPQIXLSHW:IRXMPEXMSRTVSZMHIWEQIERWXSMRXVSc HYGIFVIEXLMRKUYEPMX]EMVXSIRXIVEWTEGIERHGSRXVSPGSRXEQc MRERXW MR XLEX WTEGI XLVSYKL QM\MRK ERH HMPYXMSR 4YVKMRK MW

)HMXMSR

 :IRXMPEXMSR 8]TIW 8LIVI EVI X[S X]TIW SJ ZIRXMPEXMSR XLEX GER FI YWIH MR GSRdRIH WTEGI ETTPMGEXMSRW m REXYVEP ERH QIGLERMGEP  2EXYVEP:IRXMPEXMSR 2EXYVEPZIRXMPEXMSRMW[LIRFVIEXLc MRKUYEPMX]EMVSYXWMHIEGSRdRIHWTEGIMWEPPS[IHXSIRXIVERH QM\[MXLXLI EXQSWTLIVI MRE GSRdRIHWTEGI XLVSYKL REXYVEP TVIWWYVIHMJJIVIRXMEPW[MXLSYXQIGLERMGEPEWWMWXERGI

 ;LIVI REXYVEP ZIRXMPEXMSR MW YWIH XLI )RXV] 7YTIVZMc WSVWLSYPHIRWYVIXLIEXQSWTLIVIMWGSRXMRYSYWP]QSRMXSVIHXS IRWYVIEWEJIIRXV]MWQEMRXEMRIHMREGGSVHERGI[MXLXLIIRXV] GSRHMXMSRWWTIGMdIHSRXLIIRXV]TIVQMX  1IGLERMGEP:IRXMPEXMSR 1IGLERMGEPZIRXMPEXMSRMWXLIYWI SJ SRI SV QSVI TS[IVIH EMVQSZMRK HIZMGIW IK JER FPS[IV IHYGXSV  XS IMXLIV TYWL EMV MRXS SV TYPP EMV SYX SJ E GSRdRIH WTEGIXSGVIEXIEWPMKLXZEGYYQXLEXEPPS[WFVIEXLMRKUYEPMX]EMV XS IRXIV ERH GMVGYPEXI MR XLI WTEGI 8LMW TVSGIWW MRXVSHYGIW FVIEXLMRK UYEPMX] EMV ERH VIQSZIW GSRXEQMRERXW SV QM\IW ERH HMPYXIWGSRXEQMREXIHEMV[MXLMREWTEGI8LIVIEVIX[SX]TIWSJ QIGLERMGEPZIRXMPEXMSRKIRIVEP SVHMPYXMSR ERHPSGEPI\LEYWX  +IRIVEP (MPYXMSR  :IRXMPEXMSR +IRIVEP ZIRXMPEXMSR GER FI EGLMIZIH ZME XLI MRXVSHYGXMSR SJ FVIEXLMRK EMV MRXS E GSRdRIH WTEGI SV F] I\LEYWXMRK EMV JVSQ [MXLMR XLI GSRdRIH WTEGI YWMRK TS[IVIH EMVQSZMRK HIZMGIW SV E GSQFMREXMSR SJ FSXLXIGLRMUYIW  7YTTP] ZIRXMPEXMSR YWIW SRI SV QSVI TS[IVIH EMV QSZMRKHIZMGIWSVMIRXIHWSXLEXSYXWMHIYRGSRXEQMREXIHEMVMW TYWLIHMRXSXLIGSRdRIHWTEGI(ITIRHMRKYTSRXLIWM^IERH GSRdKYVEXMSRSJXLIWTEGIERHGETEGMX]SJXLIEMVQSZMRKHIZMc GIW HYGXMRK QMKLX FI RIGIWWEV] XS HMVIGX XLI WYTTP] EMV E KVIEXIV HMWXERGI MRXS XLI WTEGI XS VIEGL EVIEW [LIVI )RXVERXW [MPP[SVO  8LI )RXV] 7YTIVZMWSV ERH :IRXMPEXMSR 7TIGMEPMWX WLSYPH IRWYVI XLEX XLI WSYVGI SJ WYTTP] EMV MW JVSQ E ORS[R GSRXEQMRERXJVIIPSGEXMSR  7YTTP] ZIRXMPEXMSR GER FI PIWW IJJIGXMZI JSV GSRXVSPc PMRK LMKLP] XS\MG GSRXEQMRERXW EW GSRXEQMRERXW GSYPH FI WTVIEH FIJSVI HMPYXMSR FIGSQIW IJJIGXMZI ;LIVI LMKLP] XS\MG GSRXEQMRERXWEVITVIWIRXMREGSRdRIHWTEGIXLI)RXV]7YTIVc ZMWSVERH:IRXMPEXMSR7TIGMEPMWXWLSYPHHIXIVQMRIMJEHMJJIVIRX GSRXVSP QIXLSH IK PSGEP I\LEYWX TYVKMRK SV MRIVXMRK  MW ETTVSTVMEXIXSIRWYVIXLIWEJIX]SJ)RXVERXW  )\LEYWXZIRXMPEXMSRYWIWEREMVQSZMRKHIZMGISVMIRc XIH WS XLEX EMV MW TYPPIH JVSQ [MXLMR XLI GSRdRIH WTEGI XS GVIEXIEZEGYYQXLEXEPPS[WSYXWMHIEMVXSIRXIVXLIWTEGI  8LI)RXV]7YTIVZMWSVWLSYPHHIXIVQMRIMJXLIEVIE SV PSGEXMSR [LIVI I\LEYWX ZIRXMPEXMSR MW HMWGLEVKIH JVSQ XLI GSRdRIH WTEGI WLSYPH FI XIWXIH SV QSRMXSVIH XS IRWYVI GSRXEQMRERXW EVI HMWWMTEXMRK YTSR HMWGLEVKI XS XLI EXQSWc TLIVIERHXLEXGSRXEQMRERXWHSRSXGVIEXIELE^EVHJSV[SVOc IVWSYXWMHIXLIGSRdRIHWTEGI

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

:)28-0%8-32

 8LI )RXV] 7YTIVZMWSV ERH :IRXMPEXMSR 7TIGMEPMWX WLSYPHIRWYVIXLIEVIESVPSGEXMSR[LIVII\LEYWXZIRXMPEXMSRMW HMWGLEVKIH JVSQ XLI GSRdRIH WTEGI MW PSGEXIH WYGL XLEX GSRXEQMRERXWHSRSXVIIRXIVXLIWTEGIXLVSYKLXLIZIRXMPEXMSR WYTTP]EMVWSYVGI 7II7IGXMSR  8LI )RXV] 7YTIVZMWSV ERH :IRXMPEXMSR 7TIGMEPMWX WLSYPHIRWYVIXLIWSYVGIJSVXLIQEOIYTSVVITPEGIQIRXEMVMW JVIISJGSRXEQMRERXW  8LI )RXV] 7YTIVZMWSV ERH :IRXMPEXMSR 7TIGMEPMWX WLSYPHGSRWMHIVYWMRK WYTTP]ERHI\LEYWXZIRXMPEXMSRXSKIXLIV [LIVIZIV WYJdGMIRX STIRMRKW MRXS XLI GSRdRIH WTEGI IREFPI WYGLEREVVERKIQIRX  :IRXMPEXMSRIUYMTQIRXGERKIRIVEXIERHEGGYQYPEXI WXEXMG IPIGXVMGEP GLEVKIW WS XLI :IRXMPEXMSR 7TIGMEPMWX WLSYPH IRWYVI XLEX EPP IUYMTQIRX YWIH MR XLI ZIRXMPEXMSR W]WXIQ MW TVSTIVP] FSRHIH ERHSV KVSYRHIH [LIVIZIV E eEQQEFPI SV GSQFYWXMFPIGSRXEQMRERXI\MWXW[MXLMREGSRdRIHWTEGI  0SGEP)\LEYWX:IRXMPEXMSR  8LI :IRXMPEXMSR 7TIGMEPMWX WLSYPH YWI PSGEP I\LEYWX ZIRXMPEXMSR XS GETXYVI ERH GSPPIGX TSMRX WSYVGI PSGEPM^IH SV PSGEPP] GVIEXIH  EXQSWTLIVMG GSRXEQMRERXW KIRIVEXIH JVSQ WTIGMdG [SVO EGXMZMXMIW SV VIWMHYIW XS PMQMX XLI VIPIEWI SJ XLI GSRXEQMRERXW XS XLI GSRd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c EXIZIRXMPEXMSRQIXLSHJSVGSRXVSPPMRKELE^EVHSYWEXQSWTLIVI [MXLMREGSRdRIHWTEGI       

;LIXLIVXSYWITYVKMRKMRIVXMRKSVZIRXMPEXMSR 8LIWM^IERHGSRdKYVEXMSRSJXLIGSRdRIHWTEGIMRGPYHc MRK XLI RYQFIV ERH PSGEXMSR SJ STIRMRKW XLEX GER FI YWIHJSVZIRXMPEXMSRERH)RXVERXMRKVIWWERHIKVIWW 8LIGETEGMX]VIUYMVIQIRXWJSVWIPIGXIHZIRXMPEXMSRIUYMTc QIRX -JXLIGSRdRIHWTEGI[EWYWIHXSWXSVISVGSRXEMRSRISV QSVILE^EVHSYWQEXIVMEPW 8LI GYVVIRX YWI SJ XLI GSRdRIH WTEGI [LMGL QMKLX GSRXVMFYXIXSXLII\MWXIRGISJLE^EVHW[MXLMRXLIWTEGI ;LIXLIV[SVOTVSGIWWIWMRSVEHNEGIRXXSXLIWTEGIGSYPH MRXVSHYGIEXQSWTLIVMGLE^EVHWMRXSXLIGSRdRIHWTEGI 8LIX]TISJZIRXMPEXMSRIUYMTQIRXEZEMPEFPI

 &EWIH YTSR XLI ZSPYQI SJ XLI GSRdRIH WTEGI XLI GETEGMX] SJ XLI EMVQSZMRK HIZMGI W  ERH XLI REXYVI SJ XLI LE^EVHSYWEXQSWTLIVI[MXLMRXLIWTEGI WII XLI:IRXMPEc XMSR7TIGMEPMWXWLSYPHHIXIVQMRIXLIVIUYMVIHXMQIJSVEWMRKPI EMVGLERKIERHXLIRYQFIVSJEMVGLERKIWXLEXEVIRIGIWWEV]XS IRWYVI E WXEFPI EXQSWTLIVI [MXLMR XLI GSRdRIH WTEGI 8LI VIUYMVIH XMQI ERH ZSPYQI SJ EMV WLSYPH FI FEWIH YTSR XLI



ZIRXMPEXMSR IUYMTQIRX QERYJEGXYVIVgW WTIGMdGEXMSRW ERH MR EGGSVHERGI[MXLXLI[VMXXIRGSRdRIHWTEGIIRXV]TVSKVEQERH ER]ETTPMGEFPIVIKYPEXSV]VIUYMVIQIRXWSVGSRWIRWYWWXERHEVHW  'SRXEQMRERX 'LEVEGXIVM^EXMSR ;LIR WIPIGXMRK ERH HIWMKRMRKEZIRXMPEXMSRW]WXIQXLI:IRXMPEXMSR7TIGMEPMWXWLSYPH GSRWMHIVXLITL]WMGEPERHGLIQMGEPTVSTIVXMIWSJKEWIWZETSVW HYWXW ERH EPP SXLIV GSRXEQMRERXW XLEX QMKLX FI TVIWIRX MR E GSRdRIHWTEGI 'SRWMHIVEXMSRWWLSYPH MRGPYHI FYX RSXRIGIWc WEVMP]FIPMQMXIHXSXLIJSPPS[MRK  'LEVEGXIVMWXMGW SJ EMV ZETSV KEW ERH HYWX QSZIQIRX [MXLMRXLIWTEGI  (IRWMX]JSVKEWIWERHZETSVW  7TIGMdGKVEZMX]SJPMUYMHWSVVIWMHYIW  :ETSVTVIWWYVIERHIQMWWMSRVEXI  )JJIGX W SJWTEGIXIQTIVEXYVISREMVGSRXEQMRERXW  *PEQQEFMPMX] GLEVEGXIVMWXMGW WYGL EW eEQQEFPI VERKI JSVKEWIWERHZETSVWSV1)'JSVHYWXW  *PEWLTSMRXW  &SMPMRKTSMRXW  8S\MGMX]SJGSRXEQMRERXWERHER]SGGYTEXMSREPI\TSWYVI PMQMXWWYGLEW4)0W6)0WERH80:W  7XEFMPMX]GLEVEGXIVMWXMGWSJGSRXEQMRERXW  :IRXMPEXMSR(IWMKR'SRWMHIVEXMSRW  8LI:IRXMPEXMSR7TIGMEPMWXWLSYPHYWIWYTTP]ZIRXMPEXMSR [LIRZIRXMPEXMRKEGSRdRIHWTEGIXSVIXYVREXQSWTLIVMGGSRHMc XMSRW XS RSVQEP S\]KIRPIZIPWSV XS QEMRXEMR WEJI EXQSWTLIVMG GSRGIRXVEXMSRW[MXLMRXLIIWXEFPMWLIHEGGITXEFPIVERKI  8LIVI EVI WMXYEXMSRW [LIR WYTTP] ZIRXMPEXMSR WLSYPH RSX FI YWIH )\EQTPIW SJ WMXYEXMSRW [LIR XLI:IRXMPEXMSR 7TIGMEPMWXWLSYPHRSXYWIWYTTP]ZIRXMPEXMSRMRGPYHIFYXEVIRSX PMQMXIHXS[LIRGSRXVSPPMRKLMKLP]XS\MGEXQSWTLIVMGGSRXEQMc RERXW [LIR KEWIW SV ZETSVW EVI EFSZI XLI YTTIV I\TPSWMZI PMQMXSV[LIRJVMEFPIEWFIWXSWMWTVIWIRXMRXLIWTEGI-RXLIWI GMVGYQWXERGIW I\LEYWX ZIRXMPEXMSR MW XLI TVIJIVVIH GSRXVSP QIXLSH  8LI:IRXMPEXMSR7TIGMEPMWXWLSYPHIRWYVIXLEXWYTTP] ZIRXMPEXMSR MW SRP] YWIH [LIR E GPIER WSYVGI SJ QEOIYT SV VIXYVR EMV MW EZEMPEFPI -JGSQTVIWWIH EMV MW YWIH MR XLIZIRXMPEc XMSRW]WXIQEWETS[IVWSYVGI IKMRETRIYQEXMGW]WXIQ SV EW E WSYVGI SJ WYTTP] EMV MX QYWX QIIX XLI VIUYMVIQIRXW JSV +VEHI(EMV  8LI:IRXMPEXMSR7TIGMEPMWXWLSYPHIRWYVIXLEXWYTTP] ZIRXMPEXMSR MW IZEPYEXIH WS XLEX WYJdGMIRX EMV eS[ VIEGLIW XLI QSWX HMWXERX TSMRX [MXLMR XLI GSRdRIH WTEGI [LIVI )RXVERXW [MPPFITVIWIRXSV[SVOMRK  )\LEYWX ZIRXMPEXMSR WLSYPH FI GPIERIH SV GSPPIGXIH [LIVIZIVMXQMKLXIRHERKIV[SVOIVWSYXWMHIXLIGSRdRIHWTEGI ERHMREGGSVHERGI[MXLETTPMGEFPIIRZMVSRQIRXEPVIKYPEXMSRW  )\LEYWXZIRXMPEXMSRWLSYPHSRP]YWIEMVQSZMRKHIZMc GIWETTVSZIHJSVYWIMRELE^EVHSYWSVGPEWWMdIHPSGEXMSR[LIR GSRXVSPPMRKeEQQEFPIEXQSWTLIVMGGSRXEQMRERXW  8LI:IRXMPEXMSR7TIGMEPMWXWLSYPHIRWYVIXLEXI\LEYWX ZIRXMPEXMSR MW SRP] YWIH [LIVI E GPIER WSYVGI SJ QEOIYT SV VIXYVREMVMWEZEMPEFPI  8LI:IRXMPEXMSR7TIGMEPMWXWLSYPHIRWYVIXLEXI\LEYWX ZIRXMPEXMSR MW IZEPYEXIH WS XLEX XLI EMVQSZMRK HIZMGI W  EVI PSGEXIH EW GPSWI EW TSWWMFPI XS XLI GSRXEQMRERX WSYVGI WS

)HMXMSR

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK



7%*)'32*-2)(74%'))286=%2(;36/

GSRXEQMRERXW EVI IJJIGXMZIP] GETXYVIH SV EVI WEJIP] I\LEYWXIH JVSQXLIGSRdRIHWTEGIEWHIWGVMFIHMR  4YVKMRK%TTPMGEXMSRWERH(IWMKR 8LITYVKMRKQIXLSH ERH XMQI WLSYPH FI HIXIVQMRIH F] XLI :IRXMPEXMSR 7TIGMEPMWX FEWIH SR GSRXEQMRERX GLEVEGXIVMWXMGW GSRdKYVEXMSR SJ XLI GSRdRIH WTEGI WTIGMdGEXMSRW SJ XLI ZIRXMPEXMSR IUYMTQIRX ERHXLIIRXV]SV[SVOSFNIGXMZI  ;LIR TYVKMRK MW VIUYMVIH XS WEJIP] IRXIV E WXSVEKI XEROSVSXLIVGSRdRIHWTEGIXLEXTVIZMSYWP]GSRXEMRIHEeEQc QEFPIPMUYMHMXMWMQTSVXERXXSVIHYGIXLITSXIRXMEPJSVdVISV I\TPSWMSR 8LI :IRXMPEXMSR 7TIGMEPMWX WLSYPH TYVKI XLI GSRdRIH WTEGI [MXL ER MRIVX KEW XS VIHYGI XLI S\]KIR PIZIP [MXLMRXLIGSRdRIHWTEGI8LIIRXV]WYTIVZMWSVWLSYPHIRWYVI XLIMRIVXKEWZEPZIMWWIGYVIHXSTVIZIRXXEQTIVMRK[MXLXLIKEW eS[HYVMRKIRXV]STIVEXMSRW%WMKR[EVRMRKSJXLILE^EVHWSJ MRIVXEXQSWTLIVIWWLSYPHFITSWXIHEWWLS[R

(%2+)6(3238)28)6 -2)68+%7)2:-6321)28%81374,)6)927%*)*36 ;36/)67 -279**-'-)283SRISV'PEWW(MZMWMSR 

%   8LI ETTPMGEFPI TVSKVEQ GER IWXEFPMWL XLI WTIGMdG SVKERM^EXMSRgWVIUYMVIQIRXWWYGLEWk3)0

% )PIGXVMGEP IUYMTQIRX WLSYPH FI ETTVSZIH JSV XLI ETTVSTVMEXI IPIGXVMGEP GPEWWMdGEXMSR HITIRHMRK YTSR MXW MRXIRc HIHYWIERHPSGEXMSR MI'PEWW(MZMWMSR 

% (ITIRHMRKSR XLI QEXIVMEPXS FI VIQSZIHGPIERMRK HIZMGIWXLEXYXMPM^I[EXIVSVWXIEQQE]FITVIJIVVIH'EYXMSRMW RIIHIH[LIVIYWMRKWXIEQXSEZSMHFYVRWERHSVSZIVLIEXMRK ;EXIV WXVIEQW ERH WXIEQ EPWS GVIEXI WXEXMG [LMGL GSYPH HMWGLEVKIERHMKRMXIEeEQQEFPIEXQSWTLIVI%TTVSZIHGPIERc MRKGLIQMGEPWSVGSQFYWXMFPI RSReEQQEFPI PMUYMHWGEREPWS FIYWIH % ;LIVI eEQQEFPI ZETSVW QMKLX FI TVIWIRX JERW FPS[IVWERHIHYGXSVWEVIYWYEPP]EMVSVWXIEQTS[IVIH-JIPIGc XVMGEPP] HVMZIR IUYMTQIRX MW YWIH MX WLSYPH FI MRWTIGXIH ERH ETTVSZIHJSVYWIF]EUYEPMdIHTIVWSR % )\EQTPIW SJ LEVQJYP GLIQMGEP VIWMHYIW MRGPYHI FYX EVI RSX PMQMXIH XS GSVVSWMZI QEXIVMEPW WYGL EW GEYWXMG TSXEWL GEYWXMG WSHE L]HVSeYSVMG EGMH ERH L]HVSGLPSVMG EGMH TIWXMc GMHIWWYGL EW GLPSVHERI ERH%PHVMRLIEZ] QIXEPWWYGL EW PIEH ERH EVWIRMG eEQQEFPI SV I\TPSWMZI QEXIVMEPW WYGL EW JYIP SMP SVWSPZIRXWERHFMSPSKMGEPLE^EVHWWYGLEWFEGXIVMEZMVYWIWERH TEVEWMXIW % -RIVXIRZMVSRQIRXWTSWITEVXMGYPEVVMWOWJSV)RXVERXW WMRGIIZIRWLSVXI\TSWYVIWQE]VIRHIVMVVIZIVWMFP]JEXEPIJJIGXW 7XERHEVH EMVWYTTP]MRK VIWTMVEXSVW ?WIPJGSRXEMRIH FVIEXLMRK ETTEVEXYWERHWYTTPMIHEMVVIWTMVEXSVW 7%6 AQE]RSXTVSZMHI XLI PIZIP SJ TVSXIGXMSR RIGIWWEV] XS EWWYVI XLI WEJIX] SJ )RXVERXW7TIGMEPM^IHFVIEXLMRKETTEVEXYWYRMXWXLEXGSQQSRP] MRGPYHI VIHYRHERX EMV WYTTP] ERH JEGITMIGI WIGYVIQIRX W]WXIQW WLSYPH FI YXMPM^IH ER]XMQI IRXV] MW QEHI MRXS XLIWI IWTIGMEPP]LE^EVHSYWIRZMVSRQIRXW

8LI JSPPS[MRK HSGYQIRXW TVSZMHI MRJSVQEXMSR VIKEVHMRK IPIGXVMGEPGPEWWMdGEXMSR   

% %HHMXMSREP MRJSVQEXMSR SR WXEXMG GER FI JSYRH MR 2*4%  %4-  4VSXIGXMSR %KEMRWX -KRMXMSRW %VMWMRK SYX SJ 7XEXMG 0MKLXRMRK ERH 7XVE] 'YVVIRX 2*4%  ERH XLI -RXIVREd XMSREP7EJIX]+YMHIJSV3MP8EROIVWERH8IVQMREPW %  :ETSVW WLSYPH FI HMWGLEVKIH HS[R[MRH SJ XLI XVYGOERHE[E]JVSQXLI GSRdRIHWTEGIERHTSXIRXMEPWSYVGIW SJ MKRMXMSR 6IKYPEXMSRW QMKLX VIUYMVI GETXYVI VIQSZEP ERH XVIEXQIRXSJPMUYMHWZETSVWERHVIWMHYI % 8LIJSPPS[MRKTYFPMGEXMSRWGSRXEMRMRJSVQEXMSRVIKEVHc MRKFSRHMRKERHKVSYRHMRKEWETTPMGEFPIXSGSRdRIHWTEGIW  

% %HHMXMSREP MRJSVQEXMSR GSRGIVRMRK d\IH MRIVX KEW W]WXIQWERHVIUYMVIQIRXWMRXLIQEVMRIMRHYWXV]MWEZEMPEFPIMR -RXIVREXMSREP7EJIX]+YMHIJSV3MP8EROIVWERH8IVQMREPW % ;MXLMR XLI 9RMXIH 7XEXIW  '*6  TVSZMHIW VIUYMVIQIRXW JSV TVIZIRXMRK EGGMHIRXEP WXEVXYT SJ IUYMTQIRX ERH QEGLMRIV] SV XLI VIPIEWISJ WXSVIH IPIGXVMGEP QIGLERMGEP TRIYQEXMG SV SXLIV IRIVK]  '*6  LEW WTIGMdG VIUYMVIQIRXW JSV HIIRIVKM^MRK ERH PSGOMRK SYX IPIGXVMGEP IUYMTQIRX ;MXLMR XLI 97 ERH MR SXLIV EVIEW 2*4% ) TVSZMHIW GSQTVILIRWMZI IPIGXVMGEP WEJIX] MRJSVQEXMSR XS TVIZIRXWLSGOEVGERHSXLIVIPIGXVMGEPWEJIX]LE^EVHW-REHHMc XMSR%4-+YMHIPMRIWERH4VSGIHYVIWJSV)RXIVMRKERH'PIERMRK 4IXVSPIYQ7XSVEKI8EROWTVSZMHIWMRJSVQEXMSRJSVMWSPEXMRKXEROW ZIWWIPW ERH IUYMTQIRX MR XLI TIXVSPIYQ ERH TIXVSGLIQMGEP MRHYWXV]JSVWEJIIRXV]ERH[SVO % %RI\EQTPISJXLMWMWEW[IITEYKIVMREKVEMRFMRXLEX QYWX FI IRIVKM^IH XS QSZI VIWMHYEP QEXIVMEP JVSQ XLI FMR %PXIVREXMZIQIEWYVIWXSTVSXIGX[SVOIVWGSYPHMRGPYHITSWMXMSRc MRK XLI [SVOIV E WEJI HMWXERGI FILMRH XLI HMVIGXMSR SJ XVEZIP TVSZMHMRKETSVXEFPIKYEVHVEMPSVMRWXEPPMRKEOMPPW[MXGLWSXLI [SVOIVGERWXSTXLIEYKIVMRERIQIVKIRG] % )PIGXVMGEP IUYMTQIRX WLSYPH FI ETTVSZIH JSV XLI ETTVSTVMEXI IPIGXVMGEP GPEWWMdGEXMSR HITIRHMRK YTSR MXW MRXIRc HIHYWIERHPSGEXMSR MI>SRISV'PEWWERH(MZMWMSR )PIGXVMc GEPIUYMTQIRXYWIHMR>SRIERH'PEWW(MZMWMSRPSGEXMSRW WLSYPHFIMRXVMRWMGEPP]WEJI MII\TPSWMSRTVSSJ 

)HMXMSR

2*4%6IGSQQIRHIH4VEGXMGIJSVXLI'PEWWMcGEXMSRSJ*PEQd QEFPI 0MUYMHW +EWIW SV :ETSVW ERH SJ ,E^EVHSYW 'PEWWMcIH 0SGEXMSRWJSV)PIGXVMGEP-RWXEPPEXMSRWMR'LIQMGEP4VSGIWW%VIEW 2*4%  6IGSQQIRHIH 4VEGXMGI JSV XLI 'PEWWMcGEXMSR SJ 'SQFYWXMFPI (YWXW ERH SJ ,E^EVHSYW 'PEWWMcIH  0SGEXMSRW JSV )PIGXVMGEP-RWXEPPEXMSRWMR'LIQMGEP4VSGIWW%VIEW %4-  'PEWWMcGEXMSRSJ0SGEXMSRW JSV )PIGXVMGEP -RWXEPPEXMSRW EX4IXVSPIYQ*EGMPMXMIW'PEWWMcIHEW'PEWW-(MZMWMSR (MZMd WMSR

  

2*4%6IGSQQIRHIH4VEGXMGISR7XEXMG)PIGXVMGMX][LMGL MRGPYHIWHIXEMPIHMRJSVQEXMSRSRLS[XSGSRXVSPWXEXMG IPIGXVMGMX] %4-7EJI3TIVEXMSRSJ:EGYYQ8VYGOWMR4IXVSPIYQ7IVZd MGI [LMGL TVSZMHIW VIUYMVIQIRXW JSV WEJI YWI SJ ZEGYYQ XVYGOW MR TIXVSPIYQ JEGMPMXMIW XS VIQSZI eEQQEFPI SV GSQFYWXMFPIPMUYMHW%4-GEREPWSFIYWIHEWEVIJIVc IRGIJSVSXLIVJEGMPMXMIW[LIVIZEGYYQXVYGOWEVIYWIH %4-644VSXIGXMSR%KEMRWX-KRMXMSRW%VMWMRKSYXSJ7XEXMG 0MKLXRMRKERH7XVE]'YVVIRXW %4-64 -KRMXMSR,E^EVHW-RZSPZIHMR%FVEWMZI&PEWXMRK SJ%XQSWTLIVMG7XSVEKI8EROWMR,]HVSGEVFSR7IVZMGI 2*4%  7XERHEVH JSV XLI 7EJIKYEVHMRK SJ 8EROW ERH 'SRXEMRIVWJSV)RXV]'PIERMRKSV6ITEMV

% )RXV]7YTIVZMWSVWERHEPP SXLIV GSRdRIHWTEGITIVWSRc RIP WLSYPH VIGSKRM^I XLEX GSRdRIH WTEGIW EVI MHIEP LMHISYXW JSV ERMQEPW ERH MRWIGXW 8LI 3[RIV3TIVEXSV SV )RXVERX )QTPS]IVGEREVVERKIJSVXVETWXSFITPEGIHMRXSXLIWTEGIJSV MRWIGXW SV ERMQEPW WYGL EW WOYROW SV VEGGSSRW -J EZEMPEFPI E TIWXGSRXVSPGSQTER]SVPSGEPERMQEPGSRXVSPEKIRG]WLSYPHFI XLIdVWXGSRWMHIVEXMSR % 37,% KIRIVEP MRHYWXV] WXERHEVHW LEZI XLI JSPPS[MRK WTIGMdG44)VIUYMVIQIRXW    

)]I ERH JEGI TVSXIGXMSR WLSYPH FI WIPIGXIH ERH YWIH MR EGGSVHERGI[MXL'*6 6IWTMVEXSV]TVSXIGXMSRVIUYMVIQIRXWWLSYPHFIMREGGSVHc ERGI[MXL'*6 ,IEH TVSXIGXMSR WLSYPH FI WIPIGXIH ERH YWIH MR EGGSVHc ERGI[MXL'*6 *SSX TVSXIGXMSR WLSYPH FI WIPIGXIH ERH YWIH MR EGGSVHc ERGI[MXL'*6

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

%22)%6(7 VIGSVHTVIIRXV]ERHHSGYQIRX GSRXMRYSYWP]EXPIEWXIZIV]X[SLSYVWYRXMPI\MX &YQT8IWXVIUYMVIHERHGSQTPIXIH=IWU +EWXIWXIVX]TIQSHIP 7IVMEP

4VIIRXV] 8MQI 8MQI 8MQI 8MQI VIUYMVIH %1 %1 %1 %1 %141 41 41 41 41

'SRXMRYSYWQSRMXSVMRKVIUYMVIH =IWU 2SU 4IVGIRXSJS\]KIR  XS 0S[IVI\TPSWMZIPMQMX  SJ0)0 'EVFSRQSRS\MHI TTQ ,]HVSKIRWYPJMHI TTQ 3XLIV

8)78)6-2-8-%07 4)6732%04638)'8-:))59-41)286)59-6)( JSVEPPIMXLIVGLIGOXLIFS\SVGMVGPIŽ2%ž 2%

7EJIX]KPEWWIW[WMHIWLMIPHW

2%

,EVHLEX

8]TI

2%

+SKKPIW



2%

*EGIWLMIPH

1SHIP

2%

)EVTPYKW QYJJW



2%

&SSXW

'EVXVMHKIJMPXIV

2%

+PSZIW 8]TI

2%

(MWTSWEPGSZIVEPPW

2%

6IWTMVEXSV



3XLIV WTIGMJ]

'31192-'%8-327 





)RXVERX :IVFEP EPPS[IHSRP]JSVPMRISJWMKLX  )QIVKIRG]VIWGYI[MPPFIVIUYIWXIHF]

6EHMS

6)7'9) JSVEPPIMXLIVGLIGOXLIFS\SVGMVGPIŽ2%ž 2% *YPPFSH]LEVRIWW[Ž(žVMRK2% 8VMTSHVIXVMIZEPW]WXIQ2% *EPPEVVIWXMRKIUYMTQIRX 2% 0MJIPMRIWERHWEJIX]SV[VMWXLEVRIWW2% )QIVKIRG]IWGETIVIXVMIZEPIUYMTQIRX )QIVKIRG]VIWTSRWIXIEQLEWFIIRRSXMJMIHSJIRXV]LE^EVHWERHHYVEXMSR WXMPPYWIJSVEPXIVREXITVSGIHYVI SVVIGPEWWMJ MGEXMSR -RGMHIRXEGXMSRTPERLEWFIIRGSQTPIXIHERHMWEZEMPEFPI )286%28 7 -EQE[EVISJXLILE^EVHWERHXLIMVIJJIGXWERH[MPPXEOIXLITVIGEYXMSRWVIUYMVIH 4VMRXREQI W ERHMRMXMEP

%88)2(%28 7 -EQE[EVISJXLILE^EVHWERHXLIMVIJJIGXW-[MPPEVVERKIJSVVIWGYIJVSQSYXWMHIXLIWTEGI 

MJVIUYMVIH 4VMRXREQI W ERHMRMXMEP

)286=794)6:-736-EYXLSVM^IIRXV]MRXSXLMWGSRJMRIHWTEGIERHZIVMJ]XLEXXLILE^EVHWLEZIFIIR 

IZEPYEXIHGSRXVSPQIEWYVIWLEZIFIIRMRWXMXYXIHERHXLIGSRHMXMSRWEVIEWMRHMGEXIHSRXLMWTIVQMX 4VMRXREQIHITEVXQIRXERHTLSRI7MKREXYVI

 

'%2')04)61-88LMWTIVQMXWLEPPFIGERGIPIHEXXLIGSQTPIXMSRSJXLIIRXV]SVMJLE^EVHWGLERKIF]TPEGMRK EPEVKIŽ%6(-()28-*-'%8-32

-RLIVIRX LE^EVHW

-RXVSHYGIH LE^EVHW

%HNEGIRX LE^EVHW

1IGLERMGEPIPIGXVMGEP WTVMRKW IPIZEXIHTEVXWIPIGXVMG"ZSPXW 4L]WMGEPIRKYPJQIRXF]QEXIVMEP 4RIYQEXMGL]HVEYPMGJPYMHWKEWIW PMJXWEKMXEXSVWIXG 'LIQMGEPFMSPSKMGEPEXQSWTLIVMG %XQSWTLIVMGQSRMXSVMRKWLSYPHFIGSRHYGXIHYRPIWWEWWIWWQIRXSJXLIWTEGIHIXIVQMRIWRSTSXIRXMEPLE^EVHSYWEXQSWTLIVILE^EVH -RWIVXTEVEQIXIVWERHHSGYQIRXLIVI

'32*-2)(74%'))286=4)61-8 %PXIVREXITVSGIHYVI %VIEPXIVREXITVSGIHYVIWEPPS[IH# =IW 2S-JEPXIVREXITVSGIHYVIMWEPPS[IHXLIVIWLSYPHFIEJSVQEPLE^EVH EWWIWWQIRXF]EUYEPMJMIHTIVWSRMRGPYHMRK[VMXXIRJSVQEPTVSGIHYVI -J=IWERHFIMRKYWIH)RXV]7YTIVZMWSVQYWXWMKRERHHEXI %XQSWTLIVMGQSRMXSVMRKTIVJSVQIHERHHSGYQIRXIH# 'SRXMRYSYWZIRXMPEXMSR# 6IGPEWWMJMGEXMSRTVSGIHYVI %VIVIGPEWWMJMGEXMSRTVSGIHYVIWEPPS[IH# =IW 2S-JVIGPEWWMJMGEXMSRTVSGIHYVIWEVIEPPS[IHXLIVIWLSYPHFIE JSVQEPLE^EVHEWWIWWQIRXF]EUYEPMJMIHTIVWSRMRGPYHMRK[VMXXIRJSVQEPTVSGIHYVI -J=IWERHFIMRKYWIH)RXV]7YTIVZMWSVQYWXWMKRERHHEXI

)2)6+=7396')7 I\EQTPIW 

,E^EVHWTVIWIRXSVTSXIRXMEPP] GLIGOEPPXLEXETTP]

,%>%6('3286300)(&=

-RLIVIRX LE^EVHW

-JEHHMXMSREPTIVQMXWEVIYWIHMRHMGEXI LIVIMREHHMXMSRXSSXLIVGSRXVSPW

-RXVSHYGIH LE^EVHW

%HNEGIRX LE^EVHW

1IGLERMGEP WTVMRKWIPIZEXIHTEVXWIXG )PIGXVMGEP QSXSVWEKMXEXSVWIXG 4RIYQEXMG L]HVEYPMG PMJXWEKMXEXSVWIXG

2*4%SJ

*-+96) & 1SHMcIH7EQTPI4IVQMX

)HMXMSR

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

%22)%6(7 9REYXLSVM^IHIRXV]SJTIVWSRRIP 2SMWI"H& )\GIWWMZILIEXSVGSPH *EPPMRKSFNIGXW 3XLIVTIVQMXWLSX[SVOPMRI FVIEO0383PMZIIPIGXVMGEP[SVO

%81374,)6-',%>%6(7 VIGSVHTVIIRXV]ERHHSGYQIRXGSRXMRYSYWP] 4VIIRXV] 8MQI 8MQI 8MQI 8MQI EXPIEWXIZIV]X[SLSYVWYRXMPI\MX &YQT8IWXVIUYMVIHERHGSQTPIXIH=IWU VIUYMVIH %1 %1 %1 %1 %141 41 41 41 41 +EWXIWXIVX]TIQSHIP 7IVMEP 'SRXMRYSYWQSRMXSVMRKVIUYMVIH =IWU 2SU 4IVGIRXSJS\]KIR XS 0S[IVI\TPSWMZIPMQMX  SJ0)0 'EVFSRQSRS\MHI TTQ ,]HVSKIRWYPJMHI TTQ 3XLIV

8)78)6-2-8-%07 4)6732%04638)'8-:))59-41)286)59-6)( JSVEPPIMXLIVGLIGOXLIFS\SVGMVGPIŽ2%ž 2% 6IWTMVEXSV 8]TI 1SHIP



2% 7EJIX]KPEWWIW[WMHIWLMIPHW 2% +SKKPIW   2%

)EVTPYKW QYJJW





2% 2%

,EVHLEX *EGIWLMIPH

2%

&SSXW

'EVXVMHKIJMPXIV 2% +PSZIW 8]TI

  2% (MWTSWEPGSZIVEPPW 3XLIV WTIGMJ]







'31192-'%8-327 )RXVERX :IVFEP EPPS[IHSRP]JSVPMRISJWMKLX  )QIVKIRG]VIWGYI[MPPFIVIUYIWXIHF]

6EHMS

6)7'9) JSVEPPIMXLIVGLIGOXLIFS\SVGMVGPIŽ2%ž 2% *YPPFSH]LEVRIWW[Ž(žVMRK2% 8VMTSHVIXVMIZEPW]WXIQ2% *EPPEVVIWXMRKIUYMTQIRX 2% 0MJIPMRIWERHWEJIX]SV[VMWXLEVRIWW2% )QIVKIRG]IWGETIVIXVMIZEPIUYMTQIRX )QIVKIRG]VIWTSRWIXIEQLEWFIIRRSXMJMIHSJIRXV]LE^EVHWERHHYVEXMSR WXMPPYWIJSVEPXIVREXITVSGIHYVI SVVIGPEWWMJ MGEXMSR -RGMHIRXEGXMSRTPERLEWFIIRGSQTPIXIHERHMWEZEMPEFPI )286%28 7 -EQE[EVISJXLILE^EVHWERHXLIMVIJJIGXWERH[MPPXEOIXLITVIGEYXMSRWVIUYMVIH 4VMRXREQI W ERHMRMXMEP



%88)2(%28 7 -EQE[EVISJXLILE^EVHWERHXLIMVIJJIGXW-[MPPEVVERKIJSVVIWGYIJVSQSYXWMHIXLIWTEGI MJVIUYMVIH 4VMRXREQI W ERHMRMXMEP



)286=794)6:-736-EYXLSVM^IIRXV]MRXSXLMWGSRJMRIHWTEGIERHZIVMJ]XLEXXLILE^EVHWLEZIFIIR IZEPYEXIHGSRXVSPQIEWYVIWLEZIFIIRMRWXMXYXIHERHXLIGSRHMXMSRWEVIEWMRHMGEXIHSRXLMWTIVQMX 4VMRXREQIHITEVXQIRXERHTLSRI7MKREXYVI



'%2')04)61-88LMWTIVQMXWLEPPFIGERGIPIHEXXLIGSQTPIXMSRSJXLIIRXV]SVMJLE^EVHWGLERKIF]TPEGMRK EPEVKIŽIVSMRK %XXIRHERX (IdRMXMSR & &SRHMRK (IdRMXMSR &VIEXLMRK5YEPMX]%MV (IdRMXMSR &YQT8IWXMRK (IdRMXMSR ' 'SPH;SVO (IdRMXMSR 'SRcRIH7TEGI (IdRMXMSR% 'SRcRIH7TEGI)RXV] (IdRMXMSR 'SRcRIH7TEGI4IVWSRRIP(YXMIW6IWTSRWMFMPMXMIWERH 'SQTIXIRGMIW'LET %XXIRHERX %XXIRHERX(IQSRWXVEXIH'SQTIXIRGMIW %XXIRHERX(YXMIWERH6IWTSRWMFMPMXMIW %XXIRHERX5YEPMdGEXMSRW +IRIVEP 'SRXVEGXSV7YFGSRXVEGXSV 'SRXVEGXSVERH7YFGSRXVEGXSV(YXMIWERH 6IWTSRWMFMPMXMIW 'SRXVEGXSV7YFGSRXVEGXSV(IQSRWXVEXIH 'SQTIXIRGMIW 'SRXVEGXSV7YFGSRXVEGXSV5YEPMdGEXMSRW +IRIVEP )RXVERXW )RXVERX(IQSRWXVEXIH'SQTIXIRGMIW )RXVERX(YXMIWERH6IWTSRWMFMPMXMIW )RXVERX5YEPMdGEXMSRW +IRIVEP )RXV]7YTIVZMWSV (IQSRWXVEXIH'SQTIXIRGMIW )RXV]7YTIVZMWSV(YXMIWERH6IWTSRWMFMPMXMIW% )RXV]7YTIVZMWSV5YEPMdGEXMSRW +IRIVEP +EW8IWXIV +EW8IWXIV(IQSRWXVEXIH'SQTIXIRGMIW +EW8IWXIV(YXMIWERH6IWTSRWMFMPMXMIW +EW8IWXIV5YEPMdGEXMSRW +IRIVEP

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

-2()
 >IVSMRK (IdRMXMSR

)HMXMSR

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

7IUYIRGISJ)ZIRXWJSVXLI7XERHEVHW (IZIPSTQIRX4VSGIWW

'SQQMXXII1IQFIVWLMT 'PEWWMJMGEXMSRW

%WWSSREWXLIGYVVIRXIHMXMSRMWTYFPMWLIHE7XERHEVHMWSTIR JSV4YFPMG-RTYX

7XIT-RTYX7XEKI



1ERYJEGXYVIV



7XIT'SQQIRX7XEKI 

9WIV  -RWXEPPIV1EMRXEMRIV

 

0EFSV



%TTPMIH6IWIEVGL8IWXMRK0EFSVEXSV]

 

)RJSVGMRK%YXLSVMX]



-RWYVERGI 'SRWYQIV

 

7TIGMEP )\TIVX

7XIT%WWSGMEXMSR8IGLRMGEP1IIXMRK 

   

7XIT'SYRGMP%TTIEPWERH-WWYERGI SJ7XERHEVH

12/15-A

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

Submitting Public Input / Public Comment through the Electronic Submission System (e-Submission):

Note: You will be asked to sign-in or create a free online account with NFPA before using this system

OR #

Other Resources available on the Doc Info Pages Document information tab Next edition tab Technical committee tab: Technical questions tab

Products/training tab: Community tab: 12/15-B

'ST]VMKLX2EXMSREP*MVI4VSXIGXMSR%WWSGMEXMSR 2*4% 0MGIRWIHF]EKVIIQIRXJSVMRHMZMHYEPYWIERHHS[RPSEHSR.ERYEV]XS67MRKIV2SSXLIVVITVSHYGXMSRSVXVERWQMWWMSRMRER]JSVQTIVQMXXIH[MXLSYX[VMXXIR TIVQMWWMSRSJ2*4%*SVMRUYMVIWSVXSVITSVXYREYXLSVM^IHYWIGSRXEGXPMGIRWMRK$RJTESVK

Information on the NFPA Standards Development Process I. Applicable Regulations. The primary rules governing the processing of NFPA standards (codes, standards, recommended practices, and guides) are the NFPA Regulations Governing the Development of NFPA Standards (Regs). Other applicable rules include NFPA Bylaws, NFPA Technical Meeting Convention Rules, NFPA Guide for the Conduct of Participants in the NFPA Standards Development Process, and the NFPA Regulations Governing Petitions to the Board of Directors from Decisions of the Standards Council. Most of these rules and regulations are contained in the NFPA Standards Directory. For copies of the Directory, contact Codes and Standards Administration at NFPA Headquarters; all these documents are also available on the NFPA website at “www.nfpa.org.” The following is general information on the NFPA process. All participants, however, should refer to the actual rules and regulations for a full understanding of this process and for the criteria that govern participation. II. Technical Committee Report. The Technical Committee Report is defined as “the Report of the responsible Committee(s), in accordance with the Regulations, in preparation of a new or revised NFPA Standard.” The Technical Committee Report is in two parts and consists of the First Draft Report and the Second Draft Report. (See Regs at 1.4) III. Step 1: First Draft Report. The First Draft Report is defined as “Part one of the Technical Committee Report, which documents the Input Stage.” The First Draft Report consists of the First Draft, Public Input, Committee Input, Committee and Correlating Committee Statements, Correlating Input, Correlating Notes, and Ballot Statements. (See Regs at 4.2.5.2 and Section 4.3) Any objection to an action in the First Draft Report must be raised through the filing of an appropriate Comment for consideration in the Second Draft Report or the objection will be considered resolved. [See Regs at 4.3.1(b)] IV. Step 2: Second Draft Report. The Second Draft Report is defined as “Part two of the Technical Committee Report, which documents the Comment Stage." The Second Draft Report consists of the Second Draft, Public Comments with corresponding Committee Actions and Committee Statements, Correlating Notes and their respective Committee Statements, Committee Comments, Correlating Revisions, and Ballot Statements. (See Regs at Section 4.2.5.2 and 4.4) The First Draft Report and the Second Draft Report together constitute the Technical Committee Report. Any outstanding objection following the Second Draft Report must be raised through an appropriate Amending Motion at the Association Technical Meeting or the objection will be considered resolved. [See Regs at 4.4.1(b)] V. Step 3a: Action at Association Technical Meeting. Following the publication of the Second Draft Report, there is a period during which those wishing to make proper Amending Motions on the Technical Committee Reports must signal their intention by submitting a Notice of Intent to Make a Motion. (See Regs at 4.5.2) Standards that receive notice of proper Amending Motions (Certified Amending Motions) will be presented for action at the annual June Association Technical Meeting. At the meeting, the NFPA membership can consider and act on these Certified Amending Motions as well as Follow-up Amending Motions, that is, motions that become necessary as a result of a previous successful Amending Motion. (See 4.5.3.2 through 4.5.3.6 and Table1, Columns 1-3 of Regs for a summary of the available Amending Motions and who may make them.) Any outstanding objection following action at an Association Technical Meeting (and any further Technical Committee consideration following successful Amending Motions, see Regs at 4.5.3.7 through 4.6.5.3) must be raised through an appeal to the Standards Council or it will be considered to be resolved. VI. Step 3b: Documents Forwarded Directly to the Council. Where no Notice of Intent to Make a Motion (NITMAM) is received and certified in accordance with the Technical Meeting Convention Rules, the standard is forwarded directly to the Standards Council for action on issuance. Objections are deemed to be resolved for these documents. (See Regs at 4.5.2.5) VII. Step 4a: Council Appeals. Anyone can appeal to the Standards Council concerning procedural or substantive matters related to the development, content, or issuance of any document of the Association or on matters within the purview of the authority of the Council, as established by the Bylaws and as determined by the Board of Directors. Such appeals must be in written form and filed with the Secretary of the Standards Council (See Regs at 1.6). Time constraints for filing an appeal must be in accordance with 1.6.2 of the Regs. Objections are deemed to be resolved if not pursued at this level. VIII. Step 4b: Document Issuance. The Standards Council is the issuer of all documents (see Article 8 of Bylaws). The Council acts on the issuance of a document presented for action at an Association Technical Meeting within 75 days from the date of the recommendation from the Association Technical Meeting, unless this period is extended by the Council (See Regs at 4.7.2). For documents forwarded directly to the Standards Council, the Council acts on the issuance of the document at its next scheduled meeting, or at such other meeting as the Council may determine (See Regs at 4.5.2.5 and 4.7.4). IX. Petitions to the Board of Directors. The Standards Council has been delegated the responsibility for the administration of the codes and standards development process and the issuance of documents. However, where extraordinary circumstances requiring the intervention of the Board of Directors exist, the Board of Directors may take any action necessary to fulfill its obligations to preserve the integrity of the codes and standards development process and to protect the interests of the Association. The rules for petitioning the Board of Directors can be found in the Regulations Governing Petitions to the Board of Directors from Decisions of the Standards Council and in 1.7 of the Regs. X. For More Information. The program for the Association Technical Meeting (as well as the NFPA website as information becomes available) should be consulted for the date on which each report scheduled for consideration at the meeting will be presented. For copies of the First Draft Report and Second Draft Report as well as more information on NFPA rules and for up-to-date information on schedules and deadlines for processing NFPA documents, check the NFPA website (www.nfpa.org/aboutthecodes) or contact NFPA Codes & Standards Administration at (617) 984-7246. 12/15-C