Merger & Acquisition Workshop

Table of Contents

Tab Presentation Slides ...... 1

Mergers & Acquisitions for High Tech Companies ...... 2

Recent Mergers & Acquisitions ...... 3

About Fenwick & West ...... 4

Merger & Acquisition Workshop

January 18, 2007

Fred Greguras Lily Toy [email protected] [email protected] (650) 335-7241 (650) 335-7687

Andrew Luh Ping Cai [email protected] [email protected] (650) 335-7964 (650) 335-7671

CHINESE INFORMATION AND NETWORKING ASSOCIATION WORKSHOP

1682717.1 Overview

M&A trends in the U.S. and China

Negotiating strategy

M&A process

Role and key provisions of a term sheet

Preparing for an acquisition

Special issues in acquisitions of China companies

2 M&A Trends

An IPO is not a credible alternate to an M&A exit in most cases in either the U.S. or China. IPO alternative may be improving for China domestic companies because of the surge in China’s stock markets.

For U.S. exits, there were about 8 M&A exits for every IPO in 2006 (335/58)

3Q 2006 venture-backed IPOs in the U.S. continued at a very weak pace. 8 venture-backed IPOs ($623M raised), as compared to 16 in the 2Q 2006 ($956M raised)* Venture-backed IPOs were flat in 2006 (57) as compared to 2005 (56).

Average M&A deal size is decreasing in the U.S. 3Q 2006 M&A exits (97) for venture-backed companies were lower in number than 2Q 2006 (111) and with a lower average valuation as compared to the 2Q 2006.* Venture-backed M&A was down year over year: 2006: 325 transactions for about $16B as compared to 364 deals in 2005 for about $21B. Average price for 2006 was about the same as 2005, $100M when you exclude YouTube. Many deals between $50M-100M. Means there must be more capital efficiency.

More cross border transactions but the new China M&A regulations will slow down acquisitions of Chinese companies by foreign companies in certain industries

More strategic acquisitions of domestic companies by other domestic companies in China. Driven primarily by sectors that are directly related to the growth of Chinese middle class, such as retail and consumer goods, and in consolidating industries like retail and securities.**

Outbound acquisitions by Chinese companies are primarily in energy and natural resources.**

* Source: Dow Jones VentureOne ** Source: PricewaterhouseCoopers

3 Negotiating Strategy

Keep multiple potential bidders in play (or the perception of multiple bidders) to enhance the value of your business. • Investment bankers can help keep multiple bidders in play if the deal size is large enough. • Don’t sign a no shop too early. No “standard” so have your counsel review before signing.

Revenues usually drive a potential buyer’s measure of “strategic” value. • Public company Board members are actively involved in acquisition decisions and need to be persuaded by business performance. • Have an aggressive but achievable financial model. • Optimize value by persuading the buyer as to revenue potential. Valuation depends on quality customers and quality revenues (visible and sustainable).

4 M&A Process Overview

Process Stage Documentation Non-Disclosure Agreement (NDA)/ Initial Contacts No Shop Agreement

Term Sheet/No Shop Transaction Structuring

Diligence Requests / Materials / Analyses Due Diligence

Definitive Agreements •Acquisition Transaction •Employment Documentation •Non-Competition •Voting •Transfer •Vesting Disclosure Schedules

5 Role and Key Provisions of a Term Sheet

Purpose is to create a blueprint for the transaction

Time at which to have the greatest opportunity to impact transaction terms

Better to be specific rather than general even though only some provisions are binding

Price

Structure • Stock, cash or both

Earn-out

Tax free as to stock; stock liquidity

Size and period of escrow holdback

Company/personal representations and warranties

• IP representations and warranties

Non-solicitation of employees 6 No Shop Provisions

Purpose is to prevent target from “shopping” the deal

Usually in a term sheet but may show up in an NDA

Target will not solicit, initiate, entertain, encourage, facilitate, support an alternative transaction

Exceptions for financing and/or commercial transactions

Time period / duration

7 Preparing for an Acquisition

Create Price Drivers

Know your stockholders

Have a credible intellectual property position

Keep key employees sticky for a potential buyer

Pull up your SOX: have credible financial statements and corporate governance

8 Create Price Drivers; Avoid Price Discount Factors

Avoid financing, licensing, and other agreements that limit your acquisition alternatives.

• Avoid off-balance sheet and other non-conventional financings.

• Limit exclusivity in fields of use and duration in licensing and other technology agreements. May give up too much revenue opportunity.

• Avoid giving a right of first refusal to purchase the company.

• Drag-along rights may limit your alternatives – Thresholds: non-affiliated, Board, stockholder approval, minimum value

9 Create Price Drivers; Avoid Price Discount Factors

Avoid pitfalls that will prevent a public company acquisition or, at a minimum, reduce the price.

• Comply with 409A valuation requirements for stock option pricing.

• SOX prohibits loans to board members and executives of a public company for stock purchases or otherwise. Target should provide for repayment on the acquisition even though it is not certain if the borrower will be an executive with the buyer.

10 Know Your Stockholders

The buyer will want to make sure all “owners” are known to avoid claims from other purported “owners.”

Prepare and retain proper stockholder documentation from the outset. All of the following will have to be reconciled in a credible way during due diligence.

• Board resolutions approving stock transactions.

• Stock purchase agreements.

• Option agreements.

• Securities laws filings for stock transactions.

• Ledgers of stock transactions.

Adopt and maintain stock option plans which comply with federal and state securities and tax laws.

11 Have a Credible Intellectual Property Position

Inventory intellectual property assets and understand the strengths and weaknesses of your intellectual property position.

• U.S. and global protection

• Provisional and utility patents

• Trademarks – brand names for Internet businesses

• Copyrights and trade secrets – independent development

• Resolve demand letters or litigation

12 Have a Credible Intellectual Property Position

Buyer wants the target to own its mission critical IP.

• Development needs to be managed so the target has ownership. • Employee invention assignment agreements. • Agreements with consultants need assignments. • NDA practice • Global outsourcing • University funded technology. • Government funded technology.

Open source software issues

• Incorporation into products – Black Duck, Palamida • SAAS and GPL 3.0

13 Keep Key Employees Sticky for a Potential Buyer

Your key employees will likely be an important value factor.

Retention of employees should be at the option of the buyer.

Avoid vesting accelerators based only on a change of control; use double trigger acceleration for key executives if required.

Stock option plan change of control provisions should provide for acceleration only if no assumption, substitution, etc. of options by the buyer.

A large liquidation preference that leaves little value for management and other employees will leave them unmotivated. May need a carveout for employees.

14 Pull up your SOX: Have Credible Financial Statements and Corporate Governance

Generally, SOX is less of a concern if the target is at an early stage, or the price is immaterial to the buyer or the target will be quickly absorbed into the buyer’s systems and processes.

Strong corporate governance and internal controls have a positive impact on value.

Audited financials are preferable to minimize the risk of having misstated financials. Financial statements must fairly present the condition of the business.

Establish compensation and audit committees of the Board of Directors.

15 Special Issues in Acquisitions of China Companies

China M&A regulations will slow acquisitions by foreign companies in certain industries

China MII regulations may need to be dealt with in acquisitions of China Internet companies

More earn outs to prove value

• Financial statement concerns

Deeper IP due diligence for technology businesses like semiconductors

Careful review of related party transactions

Larger and longer escrows to protect against breach of representations and warranties

Personal representations and warranties

16 Summary

M&A trends in the U.S. and China

Negotiating strategy

M&A process

Role and key provisions of a term sheet

Preparing for an acquisition

Special issues in acquisitions of China companies

17 .FSHFST"DRVJTJUJPOT GPS)JHI5FDIOPMPHZ$PNQBOJFT "CPVUUIF'JSN

'FOXJDL8FTU--1QSPWJEFTDPNQSFIFOTJWFMFHBMTFSWJDFTUPIJHIUFDIOPMPHZBOE CJPUFDIOPMPHZDMJFOUTPGOBUJPOBMBOEJOUFSOBUJPOBMQSPNJOFODF8FIBWFPWFSBUUPSOFZT BOEBOFUXPSLPGDPSSFTQPOEFOUmSNTJONBKPSDJUJFTUISPVHIPVUUIFXPSME8FIBWFPGmDFT JO.PVOUBJO7JFXBOE4BO'SBODJTDP $BMJGPSOJB

'FOXJDL8FTU--1JTDPNNJUUFEUPQSPWJEJOHFYDFMMFOU DPTUFGGFDUJWFBOEQSBDUJDBMMFHBM TFSWJDFTBOETPMVUJPOTUIBUGPDVTPOHMPCBMIJHIUFDIOPMPHZJOEVTUSJFTBOEJTTVFT8F CFMJFWFUIBUUFDIOPMPHZXJMMDPOUJOVFUPESJWFPVSOBUJPOBMBOEHMPCBMFDPOPNJFT BOEMPPL GPSXBSEUPQBSUOFSJOHXJUIPVSDMJFOUTUPDSFBUFUIFQSPEVDUTBOETFSWJDFTUIBUXJMMIFMQCVJME HSFBUDPNQBOJFT8FEJGGFSFOUJBUFPVSTFMWFTCZIBWJOHHSFBUFSEFQUIJOPVSVOEFSTUBOEJOH PGPVSDMJFOUTUFDIOPMPHJFT JOEVTUSZFOWJSPONFOUBOECVTJOFTTOFFETUIBOJTUZQJDBMMZ FYQFDUFEPGMBXZFST

'FOXJDL8FTUJTBGVMMTFSWJDFMBXmSNXJUIOBUJPOBMMZSBOLFEQSBDUJDFHSPVQTDPWFSJOH Q $PSQPSBUF FNFSHJOHHSPXUI mOBODJOHT TFDVSJUJFT NFSHFSTBDRVJTJUJPOT Q *OUFMMFDUVBM1SPQFSUZ QBUFOU DPQZSJHIU MJDFOTJOH USBEFNBSL Q -JUJHBUJPO DPNNFSDJBM *1MJUJHBUJPOBOEBMUFSOBUJWFEJTQVUFSFTPMVUJPO Q 5BY EPNFTUJD JOUFSOBUJPOBMUBYQMBOOJOHBOEMJUJHBUJPO

$PSQPSBUF(SPVQ 'PSZFBST 'FOXJDL8FTUTDPSQPSBUFQSBDUJDFIBTSFQSFTFOUFEFOUSFQSFOFVST IJHI UFDIOPMPHZDPNQBOJFTBOEUIFWFOUVSFDBQJUBMBOEJOWFTUNFOUCBOLJOHmSNTUIBUmOBODF UIFN8FIBWFSFQSFTFOUFEIVOESFETPGHSPXUIPSJFOUFEIJHIUFDIOPMPHZDPNQBOJFTGSPN JODFQUJPOBOEUISPVHIPVUBGVMMSBOHFPGDPNQMFYDPSQPSBUFUSBOTBDUJPOTBOEFYJUTUSBUFHJFT 0VSCVTJOFTT UFDIOJDBMBOESFMBUFEFYQFSUJTFTQBOTOVNFSPVTUFDIOPMPHZTFDUPST JODMVEJOH TPGUXBSF *OUFSOFU OFUXPSLJOH IBSEXBSF TFNJDPOEVDUPS DPNNVOJDBUJPOT OBOPUFDIOPMPHZ BOECJPUFDIOPMPHZ

0VS0GmDFT

4JMJDPO7BMMFZ$FOUFS &NCBSDBEFSP$FOUFS8FTU $BMJGPSOJB4USFFU #BUUFSZ4USFFU .PVOUBJO7JFX $" 4BO'SBODJTDP $" 5FM 5FM 'BY 'BY

'PSNPSFJOGPSNBUJPOBCPVU'FOXJDL8FTU--1 QMFBTFWJTJUPVS8FCTJUFBUXXXGFOXJDLDPN 5IFDPOUFOUTPGUIJTQVCMJDBUJPOBSFOPUJOUFOEFE BOEDBOOPUCFDPOTJEFSFE BTMFHBMBEWJDFPSPQJOJPO

Ü 'FOXJDL8FTU--1"MM3JHIUT3FTFSWFE )PXUP6TF5IJT#PPLMFU

5IJTCPPLMFUJTXSJUUFOGPSUIFEJSFDUPSTBOEFYFDVUJWFTPGFNFSHJOHUFDIOPMPHZDPNQBOJFT SFGFSSFEUPBT5FDI$PT XIPBSFDPOTJEFSJOHTFMMJOHUIFJSDPNQBOZUPBMBSHFS NPSF TPQIJTUJDBUFEDPNQBOZ SFGFSSFEUPBT-BSHF$P 5FDI$PTBSFQSJWBUFMZIFMEDPNQBOJFTUIBU FYQMPJUTPNFUIJOHOFX UFDIOPMPHZ QSPEVDUTPSOJDIFNBSLFUT FYQFSJFODFSBQJEDIBOHF HSPXUI NBSLFU QSPmUBCJMJUZPSDBTInPX BOEUZQJDBMMZBSFTIPSUPOJOGSBTUSVDUVSFBOE DBQJUBMSFTPVSDFT5IFTF5FDI$PDIBSBDUFSJTUJDTDSFBUFTQFDJBMJTTVFTXIFO5FDI$PEFDJEFT UPCFBDRVJSFECZ-BSHF$P5IJTCPPLMFUTVNNBSJ[FT5FDI$PTLFZJTTVFTXIFOJUQSFQBSFT GPSBOEOFHPUJBUFTBTVDDFTTGVMTBMFPGJUTCVTJOFTTUP-BSHF$P#FGPSFUIFZCFHJOBDRVJTJUJPO OFHPUJBUJPOT UIFCPPLMFUDBOIFMQ5FDI$PTFYFDVUJWFTGSBNFUIFJTTVFTPGJNQPSUBODFUP UIFN%VSJOHOFHPUJBUJPOT JUDBOCFBVTFGVMSFTPVSDFUP5FDI$PTFYFDVUJWFTGPSFWBMVBUJOH BOESFTQPOEJOHUP-BSHF$PTQSPQPTBMT

5IFCPPLMFUJTEJWJEFEJOUPmWFTFDUJPOT5IFi*OUSPEVDUJPOwFYQMBJOTXIZDPNQBOJFTNFSHF PSBSFBDRVJSFEBOEXIBUGBDUPSTMFBEUPTVDDFTTGVMBOEVOTVDDFTTGVMBDRVJTJUJPOTi%FDJEJOH 5P#F"DRVJSFEwFYQMBJOTXIZDPNQBOJFTNBZEFDJEFJUJTQSFGFSBCMFUPCFBDRVJSFEJOTUFBEPG HPJOHQVCMJD BOEXIFO5FDI$PTIPVMEDPOTJEFSCFJOHBDRVJSFEi,FZ%FBM*TTVFTwPVUMJOFT UIFLFZEFBMJTTVFTGSPNCPUI-BSHF$PTBOE5FDI$PTQFSTQFDUJWFTi5SPVCMFE$PNQBOZ." *TTVFTwIJHIMJHIUTFNQMPZFFSFUFOUJPOJTTVFTXIFO5FDI$PJTWBMVFEBUMFTTUIBOJUTMJRVJEBUJPO QSFGFSFODFBTXFMMBTTQFDJBMJTTVFTXIFO5FDI$PJTOFBSJOTPMWFODZi*NQMFNFOUJOH5IF %FBMwPVUMJOFTUIFNFDIBOJDTOFDFTTBSZUPDMPTFBUZQJDBMBDRVJTJUJPO5IFCPPLMFUDPODMVEFT XJUIUXPBQQFOEJDFT"QQFOEJY"JTBTBNQMF-FUUFSPG*OUFOUGPSBNFSHFS JMMVTUSBUJOHUZQJDBM QSPWJTJPOTSFRVFTUFECZ-BSHF$P"QQFOEJY#JTBTBNQMF5JNFBOE3FTQPOTJCJMJUZ4DIFEVMFGPS BNFSHFSCFJOHBDDPNQMJTIFEQVSTVBOUUPB'PSN43FHJTUSBUJPO4UBUFNFOU

5IJTCPPLMFUEPFTOPUEJTDVTTBMMUIFJOWFTUNFOUCBOLJOHDPOTJEFSBUJPOTPSMFHBMBOE BDDPVOUJOHJTTVFTJOWPMWFEJOBDRVJTJUJPOT*UBMTPJTOPUBTVCTUJUVUFGPSPCUBJOJOHFYQFSU QSPGFTTJPOBMBEWJDF"DRVJTJUJPOTBSFJOIFSFOUMZDPNQMFY XJUIBQSFNJVNPOFYFDVUJOH UIFUSBOTBDUJPORVJDLMZBOEHFUUJOHJUSJHIU5FDI$PDBOPCUBJOBCFUUFSEFBM XJUIBIJHIFS QSPCBCJMJUZPGTVDDFTT JGJUPCUBJOTFBSMZBEWJDFGSPNFYQFSJFODFEQSPGFTTJPOBMT5FDI$PNBZ XBOUUPPCUBJOJOWFTUNFOUCBOLJOHBEWJDFPODIPPTJOHBOBDRVJSFSXJUIUIFCFTUTUSBUFHJDmUPS POQPTJUJPOJOH5FDI$PUPPCUBJOUIFCFTUWBMVBUJPO5FDI$PXJMMOFFEFYQFSJFODFEMFHBMBEWJDF POUBY TUSVDUVSJOH TFDVSJUJFTBOEDPOUSBDUVBMJTTVFTUIBUBSJTFJOBDRVJTJUJPOT5FDI$PBMTPXJMM OFFERVBMJmFEBDDPVOUJOHBEWJDFPOXIFUIFSJUTmOBODJBMTUBUFNFOUTDPNQMZXJUIHFOFSBMMZ BDDFQUFEBDDPVOUJOHQSJODJQMFT .FSHFST"DRVJTJUJPOTGPS)JHI5FDIOPMPHZ$PNQBOJFT

5BCMFPG$POUFOUT

*OUSPEVDUJPO 8IZ%P$PNQBOJFT"DRVJSF0UIFS$PNQBOJFT 8IBU$SFBUFT7BMVFJOBO"DRVJTJUJPO 8IBU%FTUSPZT7BMVFJOBO"DRVJTJUJPO 8IZ%P4PNF"DRVJTJUJPOT'BJM %FDJEJOHUP#F"DRVJSFE "DRVJTJUJPOWT*10 1PTJUJPOJOH5FDI$PUP#F"DRVJSFE 8IFO4IPVME5FDI$P$POTJEFS#FJOH"DRVJSFE 5IF"DRVJTJUJPO1SPDFTT 6TFPGBO*OWFTUNFOU#BOLFS ,FZ%FBM*TTVFT 7BMVBUJPOBOE1SJDJOH*TTVFT 3JTL3FEVDUJPO.FDIBOJTNT 1FSTPOOFM*TTVFT "DRVJTJUJPO4USVDUVSF 5ZQFPG$POTJEFSBUJPO6TFE 5BY'SFF"DRVJTJUJPO "DRVJTJUJPO"DDPVOUJOH 5SPVCMFE$PNQBOZ."*TTVFT &NQMPZFF*ODFOUJWF*TTVFT 8IFO5FDI$PJT/FBS#BOLSVQUDZ *NQMFNFOUJOHUIF%FBM -FUUFSPG*OUFOU %JTDMPTVSFPG"DRVJTJUJPOT 5JNFBOE3FTQPOTJCJMJUZ4DIFEVMF %FGJOJUJWF"HSFFNFOUT #PBSE"QQSPWBM /FDFTTBSZ$POTFOUT *OUFHSBUJPO*TTVFT $PODMVTJPO "QQFOEJY"-FUUFSPG*OUFOU "QQFOEJY#4.FSHFS5JNFBOE3FTQPOTJCJMJUZ4DIFEVMF "CPVUUIF"VUIPS *OUSPEVDUJPO

"SFDFOUTVSWFZTIPXFEUIBUCFUXFFOUXPBOEmWFFNFSHJOHUFDIOPMPHZDPNQBOJFT 5FDI$PT BSFBDRVJSFEGPSFWFSZPOFUIBUEPFTBOJOJUJBMQVCMJDPGGFSJOH *10 "DRVJTJUJPOTDBOQSPWJEF TUSBUFHJD PQFSBUJOHBOEmOBODJBMCFOFmUTUPCPUI5FDI$PBOEUIFDPNQBOZBDRVJSJOHJU -BSHF$P "TUSBUFHJDBDRVJTJUJPODBOQSPWJEF5FDI$PTTIBSFIPMEFSTXJUIFBSMJFSMJRVJEJUZ UIBOBO*10 XJUIMFTTSJTLBOEEJMVUJPO*UBMTPDBOQSPWJEF5FDI$PXJUIUIFJNNFEJBUF MFWFSBHFPG-BSHF$PTFTUBCMJTIFENBOVGBDUVSJOHPSEJTUSJCVUJPOJOGSBTUSVDUVSF XJUIPVUUIF EJMVUJPO UJNFBOESJTLPGJOUFSOBMEFWFMPQNFOU"TUSBUFHJDBDRVJTJUJPODBOQSPWJEF-BSHF$P XJUIUIFOFXQSPEVDUTBOEUFDIOPMPHJFTOFDFTTBSZUPNBJOUBJOJUTDPNQFUJUJWFBEWBOUBHF HSPXUISBUFBOEQSPmUBCJMJUZ*MMDPODFJWFEPSCBEMZEPOFBDRVJTJUJPOT IPXFWFS DBOSFTVMU JOFYQFOTFBOEEJTSVQUJPOUPCPUICVTJOFTTFT UIFEJTDPOUJOVBODFPGHPPEUFDIOPMPHJFT BOEQSPEVDUT FNQMPZFFEJTTBUJTGBDUJPOBOEEFGFDUJPO BOEQPPSPQFSBUJOHSFTVMUTCZUIF DPNCJOFEDPNQBOZ#ZVOEFSTUBOEJOHUIFLFZGBDUPSTUIBUMFBEUPBTVDDFTTGVMBDRVJTJUJPO 5FDI$PBOE-BSHF$PDBOJNQSPWFUIFQSPCBCJMJUZPGBDIJFWJOHPOF

8IZ%P$PNQBOJFT"DRVJSF0UIFS$PNQBOJFT 8IFODPOTJEFSJOHBOBDRVJTJUJPO 5FDI$PTmSTUTUFQTIPVMECFUPJEFOUJGZUIFTUSBUFHJD SFBTPOTXIZJUXBOUTUPCFBDRVJSFE'PSFYBNQMF XIJMF5FDI$PNBZTFFLMJRVJEJUZGPS JUTGPVOEFSTBOEJOWFTUPST JUBMTPNBZIBWFDPODMVEFEUIBUJUTGVUVSFTVDDFTTSFRVJSFT UIFTZOFSHJFTPGDPNQMFNFOUBSZSFTPVSDFTBOEBDDFTTUPUIFJOGSBTUSVDUVSFPGBNBKPS DPSQPSBUJPO"O*10DPVMEQSPWJEF5FDI$PTTIBSFIPMEFSTXJUIMJRVJEJUZ CVUXPVMEOPU JNNFEJBUFMZBEESFTT5FDI$PTOFFEGPSQSPEVDUTZOFSHZPSQSPWJEFBOFTUBCMJTIFE JOGSBTUSVDUVSF5IPTFOFFETDPVMECFCFUUFSNFUCZmOEJOHBTUSBUFHJDCVZFSGPS5FDI$P

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mFTDPNNPOTUSBUFHJDPCKFDUJWFTUIBU5FDI$PTBOE -BSHF$PTUSZUPBDIJFWFUISPVHIBOBDRVJTJUJPO

GFOXJDLXFTU NFSHFSTBOEBDRVJTJUJPOT 5BCMF$PNNPO4USBUFHJD0CKFDUJWFTGPS"DRVJTJUJPOT 5FDI$P3FBTPOTUP#F"DRVJSFE -BSHF$P3FBTPOTUP.BLFBO"DRVJTJUJPO "DDFTTUPDPNQMFNFOUBSZQSPEVDUTBOENBSLFUT "DRVJSFLFZUFDIOPMPHZ

"DDFTTUPXPSLJOHDBQJUBM "DRVJSFBOFXEJTUSJCVUJPODIBOOFM

"WPJEEJMVUJPOPGCVJMEJOHPXOJOGSBTUSVDUVSF "TTVSFBTPVSDFPGTVQQMZ

#FTUMJRVJEJUZFWFOUGPSGPVOEFSTBOEJOWFTUPST &MJNJOBUFBDPNQFUJUPS

#FTUBOEGBTUFTUSFUVSOPOJOWFTUNFOU &YQBOEPSBEEBQSPEVDUMJOF

'BTUFSBDDFTTUPFTUBCMJTIFEJOGSBTUSVDUVSF (BJODSFBUJWFUBMFOU

(BJODSJUJDBMNBTT (BJOFYQFSUJTFBOEFOUSZJOBOFXNBSLFU

*NQSPWFEJTUSJCVUJPODBQBDJUZ (BJOBUJNFUPNBSLFUBEWBOUBHF

.PSFSBQJEFYQBOTJPOPGDVTUPNFSCBTF *ODSFBTFFBSOJOHTQFSTIBSF

8IBU$SFBUFT7BMVFJOBO"DRVJTJUJPO -BSHF$PTBDRVJTJUJPOPCKFDUJWFTXJMMEFUFSNJOFXIJDI5FDI$PBUUSJCVUFTBSFUIFNPTU WBMVBCMF*G5FDI$PJEFOUJmFTFBSMZUIFTUSBUFHJDPCKFDUJWFTGPSUIFNPTUMJLFMZ-BSHF$PNFSHFS DBOEJEBUFT JUDBOGPDVTJUTFOFSHZPOEFWFMPQJOHUIPTFBUUSJCVUFT5IFSFBSF IPXFWFS DFSUBJO5FDI$PBUUSJCVUFTUIBUBSFMJLFMZUPFOIBODF5FDI$PTWBMVF1SPQSJFUBSZUFDIOPMPHZPS QSPEVDUTXJUITJHOJmDBOUDPNQFUJUJWFBEWBOUBHFBSFBMXBZTWBMVBCMF.BSLFUMFBEFSTIJQJOB GBTUHSPXJOHNBSLFUTFHNFOUBMTPJODSFBTFT5FDI$PTWBMVF4UVEJFTTIPXUIBUNBSLFUTIBSF MFBEFSTBSFTJHOJmDBOUMZNPSFQSPmUBCMFUIBODPNQBOJFTXJUITNBMMFSNBSLFUTIBSFT4USPOH NBOBHFNFOUJO5FDI$PTBSFBTPGWBMVFXJMMMFOEDSFEJCJMJUZUP5FDI$PTQSPKFDUJPOTPGGVUVSF HSPXUI/POEVQMJDBUJWFJOGSBTUSVDUVSFBOESFMBUJPOTIJQTBEEUP5FDI$PTWBMVFTJODF-BSHF$P XJMMOPUIBWFUPUFSNJOBUFSFEVOEBOUQFSTPOOFMPSVOXJOEBSSBOHFNFOUTXJUIVOXBOUFEUIJSE QBSUJFT5IFHSFBUFTUTPVSDFPG5FDI$PWBMVF IPXFWFS JTUIFmOBODJBMQFSGPSNBODFBOEKPJOU FDPOPNJDTFYQFDUFEJOUIFIBOETPG-BSHF$P*G5FDI$PSFBDIFENJMMJPOJOTBMFTJOBGBTU HSPXJOHNBSLFUTFHNFOUXJUIPVUUIFCFOFmUPGBTBMFTGPSDFPSBOJOTUJUVUJPOBMQSFTFODF -BSHF$PTTBMFTGPSDF CSBOEOBNFSFDPHOJUJPOBOEFTUBCMJTIFEDVTUPNFSCBTFNBZBMMPXJUUP JODSFBTFUIPTFSFTVMUTESBNBUJDBMMZJOUIFmSTUZFBSXJUINJOJNBMJODSFNFOUBMDPTU

8IBU%FTUSPZT7BMVFJOBO"DRVJTJUJPO +VTUBTUIFSFBSFDFSUBJO5FDI$PBUUSJCVUFTUIBUBSFMJLFMZUPFOIBODFJUTWBMVF UIFSFBSFBMTP DFSUBJO5FDI$PDIBSBDUFSJTUJDTUIBUBSFMJLFMZUPSFEVDFJUTWBMVF"OVOQSPmUBCMF5FDI$P PSPOFXJUIQFSGPSNBODFWPMBUJMJUZXJMMIBWFEJGmDVMUZQFSTVBEJOH-BSHF$PUIBUJUTGVUVSF QFSGPSNBODFQSPKFDUJPOTBSFDSFEJCMF&YDFTTJWFMJBCJMJUJFTPSMJUJHBUJPOUISFBUTNBZGSJHIUFO PGG-BSHF$PGSPNBOPUIFSXJTFHPPEEFBM VOMFTT5FDI$PTTIBSFIPMEFSTBSFXJMMJOHUP

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mOEUIBUJUT POMZTPVSDFPGCSJEHFmOBODJOHJT-BSHF$P XIJDIXJMMQVUJUJOBNVDIXFBLFSOFHPUJBUJOH QPTJUJPO5FDI$PTXJUIBEJWJEFE#PBSEPG%JSFDUPST JOWFTUPSHSPVQPSNBOBHFNFOUUFBN BMTPIBWFBNPSFEJGmDVMUUJNFJOBDRVJTJUJPOOFHPUJBUJPOT5IFZXJMMmOEUIBUUIFTFHSPVQT TQFOENPSFUJNFOFHPUJBUJOHBNPOHUIFNTFMWFTUIBOJOOFHPUJBUJOHXJUI-BSHF$P(BJOJOH BSFQVUBUJPOGPSCFJOHPWFSTIPQQFEBMTPDBOSFEVDF5FDI$PTWBMVF*UMFBET-BSHF$PUP CFMJFWFUIBUNBOZPUIFSQPUFOUJBMBDRVJSFSTIBWFBMSFBEZFYBNJOFE5FDI$PBOESFKFDUFEJUBT VOEFTJSBCMF

8IZ%P4PNF"DRVJTJUJPOT'BJM .BOZBDRVJTJUJPOTGBJMUPEFMJWFSUIFTZOFSHJFTBOEWBMVFQSPNJTFE5PBWPJEUIFTFQJUGBMMT 5FDI$POFFETUPVOEFSTUBOEUIFNPTUDPNNPOSFBTPOTXIZBDRVJTJUJPOTGBJM*G-BSHF$PEPFT JOBEFRVBUFUFDIOJDBMEVFEJMJHFODF JUNBZEJTDPWFSBGUFSDMPTJOHUIBU5FDI$PTUFDIOPMPHZ EPFTOPUQFSGPSNBUUIFFYQFDUFEMFWFM4PNFUJNFT UIFSFJTBDMBTICFUXFFO-BSHF$PT BOE5FDI$PTDPSQPSBUFDVMUVSFT BOE5FDI$PTLFZQFSTPOOFMCFDPNFEJTFODIBOUFEPS MFBWF*G5FDI$PTQFSTPOOFMBSFBDSJUJDBMQBSUPGJUTWBMVF -BSHF$PTIPVMENBLFBTQFDJBM FGGPSUUPiSFDSVJUwUIFN EFTJHOJOHBOFNQMPZNFOUQBDLBHFBOEFOWJSPONFOUUIBUXJMM SFUBJOBOENPUJWBUFUIFN5IFSFNBZOPUCFBUSVFTUSBUFHJDmU BOE-BSHF$PNBZEJTDPWFS UIBUJUTTBMFGPSDFDBOOPUFBTJMZTFMM5FDI$PTQSPEVDUT*G-BSHF$PEPFTBOJOBEFRVBUF JOUFMMFDUVBMQSPQFSUZBVEJU JUNBZMBUFSEJTDPWFSUIBU5FDI$PEPFTOPUIBWFDMFBSUJUMFUPJUT UFDIOPMPHZ-BTUMZ -BSHF$PNBZDIBOHFJUTNJOEBCPVUUIFTUSBUFHJDJNQPSUBODFPG5FDI$PT UFDIOPMPHZPSQSPEVDUTBOEDPODMVEFUIBUJUEPFTOPUEFTJSFUPDPOUJOVFUIFNXJUIJO -BSHF$PTPSHBOJ[BUJPO.PTUPGUIFTFQSPCMFNTDBOCFBWPJEFEJGUIFZBSFBEESFTTFEEVSJOH OFHPUJBUJPOTBOEUIFEVFEJMJHFODFQSPDFTT

GFOXJDLXFTU NFSHFSTBOEBDRVJTJUJPOT %FDJEJOHUP#F"DRVJSFE

"DRVJTJUJPOWT*10 8IFOTIPVME5FDI$PQVSTVFBTUSBUFHJDBDRVJTJUJPOBOEXIFOTIPVMEJUQVSTVFBO*10 8IFO FWBMVBUJOHUIJTJTTVF UIFGPMMPXJOHGBDUPSTTIPVMECFDPOTJEFSFE

*OGSBTUSVDUVSF5PHPQVCMJDBOENBJOUBJOJUTTUPDLQSJDF 5FDI$PHFOFSBMMZNVTUFTUBCMJTIB DPOTJTUFOU TUBCMFQBUUFSOPGHSPXUIBOEQSPmUBCJMJUZ5PEPUIBU 5FDI$PXJMMOFFEUPFTUBCMJTI QSPGFTTJPOBMNBOVGBDUVSJOH EJTUSJCVUJPO mOBODF BOEBENJOJTUSBUJPOBOENBOBHFNFOU #VJMEJOHUIFJOGSBTUSVDUVSFOFDFTTBSZUPPQFSBUFBTBTVDDFTTGVM QVCMJDMZUSBEFEDPNQBOZ JTUJNFDPOTVNJOH FYQFOTJWFBOEEJMVUJWFUPUIFQSFTFOUFRVJUZIPMEFST8IJMF5FDI$PNBZ DPNNBOEBIJHIFSWBMVBUJPOJOBO*10UIBOJUDBOJOBOBDRVJTJUJPO UIFQPUFOUJBMGPSBIJHIFS WBMVBUJPONBZOPUCFXPSUIUIFFYQFDUFEEJMVUJPO.PSFPWFS BOJOEFQFOEFOUHSPXUITUSBUFHZ DBOCFSJTLZJG5FDI$PJTMJLFMZUPCFPWFSUBLFOCZCFUUFSDBQJUBMJ[FEDPNQFUJUPST

*108JOEPXT5IF*10NBSLFUJTWPMBUJMFBOESFBDUTUPGBDUPSTUIBUBSFPVUTJEF5FDI$PT DPOUSPM*10XJOEPXTNBZPQFOBOEDMPTFJOBDZDMFEJGGFSFOUUIBO5FDI$PTHSPXUI DBQJUBM BOEMJRVJEJUZOFFET'PSFYBNQMF UIFBEPQUJPOPGHPWFSONFOUSFHVMBUJPOPG PSCBEQSFTT BCPVU 5FDI$PTJOEVTUSZDBOBGGFDU5FDI$PTBCJMJUZUPHPQVCMJD*UNBZOPUBGGFDUUIF QSPmUBCJMJUZPG5FDI$PTCVTJOFTT IPXFWFS OPSJUTQPUFOUJBMBUUSBDUJWFOFTTUPB-BSHF$P BMSFBEZJOUIBUJOEVTUSZ

1VCMJD%JTDMPTVSF5IFQSPDFTTPGHPJOHQVCMJDSFRVJSFTUIBU5FDI$PEJTDMPTFJNQPSUBOU JOGPSNBUJPOBCPVUJUTTUSBUFHZ DPNQFUJUJWFBEWBOUBHFBOEmOBODFTUIBUJUNJHIUQSFGFSUP LFFQDPOmEFOUJBM0ODFQVCMJD TVDIEJTDMPTVSFTDPOUJOVFBT5FDI$PJTSFRVJSFEUPmMFSFHVMBS ,T 2TBOEQSPYZTUBUFNFOUT.PSFPWFS UIFSFJTBOJODSFBTJOHSJTLUIBU5FDI$PXJMMCF TVFECZJUTTIBSFIPMEFSTJG XJUIIJOETJHIU 5FDI$PTQVCMJDEJTDMPTVSFTQSPWFUPCFNBUFSJBMMZ JOBDDVSBUF5FDI$PNBZQSFGFSUPCFBDRVJSFEUPBWPJEUIBUQVCMJDEJTDMPTVSFBOEQPUFOUJBM MJBCJMJUZ

$PTU"QVCMJDPGGFSJOHJTFYQFOTJWF'PSFYBNQMF JG5FDI$PXBOUFEUPNBLFBNJMMJPO PGGFSJOH UIFVOEFSXSJUFSTUZQJDBMMZXPVMEUBLFBDPNNJTTJPOPOUIFTUPDLTPME BOE UIFMFHBM BDDPVOUJOHBOEQSJOUJOHGFFTXPVMEFYDFFE $PNQMZJOHXJUIUIF 4&$TQVCMJDSFQPSUJOHSFRVJSFNFOUTJNQPTFTBEEJUJPOBMBENJOJTUSBUJWFCVSEFOT SFRVJSFT TVCTUBOUJBMFYFDVUJWFBUUFOUJPOBOENJHIUDPTU5FDI$PBOBEEJUJPOBM UP QFS ZFBS5FDI$PXJMMmOEUIBUCFJOHBDRVJSFEHFOFSBMMZJTMFTTFYQFOTJWFUIBOEPJOHBO*10BOE -BSHF$PUZQJDBMMZXJMMQBZ5FDI$PTSFBTPOBCMFBDRVJTJUJPOFYQFOTFT

2VBSUFSMZ'JOBODJBM1FSGPSNBODF0ODF5FDI$PJTQVCMJD JUNVTUQVCMJTImOBODJBMTUBUFNFOUT BOESFTQPOEUPUIFBOBMZTUTPOBRVBSUFSMZCBTJT"QVCMJDDPNQBOZGSFRVFOUMZmOETUIBUJU NBLFTCVTJOFTTEFDJTJPOTXJUIPOFFZFPOIPXUIFNBSLFUXJMMSFTQPOE#ZHFUUJOHBDRVJSFE

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU CZ-BSHF$P NBOZ5FDI$PTIPQFUPCFBCMFUPGPDVTPOMPOHUFSNJOWFTUNFOUBOECVTJOFTT QMBOFYFDVUJPO

-JRVJEJUZGPS5FDI$P4IBSFIPMEFST8IJMF5FDI$PNBZUIJOLUIBUHPJOHQVCMJDXJMMQSPWJEF JUTTIBSFIPMEFSTXJUIMJRVJEJUZ UIBUMJRVJEJUZNBZCFJOJUJBMMZJMMVTPSZ.BOZ5FDI$PTTFMM SFMBUJWFMZGFXTIBSFTJOUIFJS*10BOENBOZNPSFEPOPUHFUTFSJPVTBOBMZTUDPWFSBHF5IFSF NBZCFMJUUMFNBSLFUJOUFSFTUJO5FDI$PTTUPDL XJUIGFXTIBSFTUSBEJOHEBJMZ 5FDI$PT inPBUw 'VSUIFS VOEFSXSJUFSTXJMMSFRVJSF5FDI$PTTIBSFIPMEFSTUPTJHOi.BSLFU4UBOEPGG "HSFFNFOUT wBHSFFJOHOPUUPTFMMBOZPGUIFJSTIBSFTJOUPUIFQVCMJDNBSLFUGPSBUMFBTU EBZTBGUFS5FDI$PT*105FDI$PTTIBSFIPMEFSTNBZmOEUIBU BMUIPVHI5FDI$PJTOPX iQVCMJD wUIFJSTUPDLJTSFMBUJWFMZJMMJRVJE*G5FDI$PTTIBSFIPMEFSTSFDFJWFGSFFMZUSBEBCMF -BSHF$PTUPDLUIBUIBTBTJHOJmDBOUnPBU UIFZNBZSFDFJWFNPSFSFBMMJRVJEJUZNPSFRVJDLMZ UIBOJTQPTTJCMFUISPVHIB5FDI$P*10

1PTJUJPOJOH5FDI$PUP#F"DRVJSFE 5IFCFTUXBZGPS5FDI$PUPQPTJUJPOJUTFMGUPCFBDRVJSFE PSUPHPQVCMJD JTUPEFNPOTUSBUF DPOTJTUFOUSFWFOVFBOEFBSOJOHTHSPXUIBOEPXOFSTIJQPGBGBTUHSPXJOHUFDIOPMPHZ DVTUPNFSPSNBSLFUGSBODIJTF5FDI$PTIPVMEDPOTJEFSBWPJEJOHFBSMZBOEFYDFTTJWFQSPEVDU PSNBSLFUEJWFSTJmDBUJPO"UUFNQUJOHUPDSFBUFNVMUJQMFQSPEVDUTPSUPBUUBDLNVMUJQMF NBSLFUTTJNVMUBOFPVTMZTUSBJOTUIFSFTPVSDFTPGBOFNFSHJOHDPNQBOZBOESFEVDFTUIF QSPCBCJMJUZUIBU5FDI$PXJMMFYFDVUFJUTTUSBUFHZXFMM"NPSFEJWFSTFQSPEVDUPSNBSLFU GPDVTBMTPSFEVDFTUIFMJLFMJIPPEPGBHPPETUSBUFHJDmUXJUI-BSHF$PBOEJODSFBTFTUIF QSPCBCJMJUZUIBUTPNFPG5FDI$PTBTTFUTXJMMIBWFBMPXWBMVFUP-BSHF$P5FDI$PBMTPNBZ XBOUUPFTUBCMJTINBSLFUBDDFQUBODFPGJUTQSPEVDUTUISPVHIQBSUOFSTJOTUFBEPGFTUBCMJTIJOH JUTPXOTBMFTBOEEJTUSJCVUJPODBQBCJMJUZ6TJOHTVDIQBSUOFSJOHSFMBUJPOTIJQTDBOFOBCMF 5FDI$PUPBWPJEUIFDPTUBOEUJNFPGFTUBCMJTIJOHJUTPXOQSPEVDUJPO TBMFTPSNBSLFUJOH JOGSBTUSVDUVSF XIJDIXJMMPGUFOEVQMJDBUFUIBUPG-BSHF$P 4FF'FOXJDL8FTUTCPPLMFU i$PSQPSBUF1BSUOFSJOH"4USBUFHZGPS)JHI5FDIOPMPHZ$PNQBOJFTwGPSBNPSFEFUBJMFE EJTDVTTJPOPGQBSUOFSJOH 'SPNBMFHBMQFSTQFDUJWF 5FDI$PTIPVMEFOTVSFUIBUJUIBTDMFBS UJUMFUPJUTJOUFMMFDUVBMQSPQFSUZBOEJUTIPVMEBWPJEOPOBTTJHOBCMFPSPOFSPVTDPOUSBDUT5P BWPJEBDDPVOUJOHEJTQVUFTEVSJOHOFHPUJBUJPOT 5FDI$PTIPVMELFFQJUTmOBODJBMTUBUFNFOUT JOBDDPSEBODFXJUIHFOFSBMMZBDDFQUFEBDDPVOUJOHQSJODJQMFT (""1 BOEIBWFBOOVBMBVEJUT

8IFO4IPVME5FDI$P$POTJEFS#FJOH"DRVJSFE *UJTEJGmDVMUUPQSFEJDUBUXIBUTUBHF5FDI$PXJMMPCUBJOUIFCFTUWBMVBUJPOJOBOBDRVJTJUJPO )PXFWFS 5FDI$PNBZCFBOBUUSBDUJWFBDRVJTJUJPODBOEJEBUFBUBOFBSMJFSTUBHFUIBOJU FYQFDUT'PSFYBNQMF 5FDI$PNBZXBOUUPDPOTJEFSCFJOHBDRVJSFEPODFJU

Q 1SPEVDFTBQSPEVDUPSTFSWJDFUIBUJT O DSJUJDBMMZBDDMBJNFEJOUIFJOEVTUSZUSBEFKPVSOBMT O TUSPOHMZFOEPSTFECZHPPE SFGFSFODFBCMFDVTUPNFST BOE O BTUSBUFHJDmUXJUI-BSHF$PTQSPEVDUTBOEEJTUSJCVUJPO

GFOXJDLXFTU NFSHFSTBOEBDRVJTJUJPOT Q )BTBTUSPOHEFWFMPQNFOUUFBNJOBNJTTJPODSJUJDBMBSFB

Q )BTGFXDPOGMJDUJOHPSPWFSMBQQJOHQSPEVDUTPSJOGSBTUSVDUVSFBOE

Q *TQSPGJUBCMFBOEDBOEFNPOTUSBUFSFWFOVFBOEQSPGJUHSPXUI

5IJTTUBHFNBZCFPQUJNBMCFDBVTF5FDI$PDBOSFBDIJUNPTURVJDLMZ XJUIUIFMFBTUBNPVOUPG JOWFTUFEDBQJUBM QFSTPOOFMBOESJTL

5IF"DRVJTJUJPO1SPDFTT 0ODF5FDI$PDPODMVEFTUIBUJUXBOUTUPCFBDRVJSFE JUOFFETUPVOEFSTUBOEUIFBDRVJTJUJPO QSPDFTT5IFSFBSFTFWFSBMTUBHFTJOWPMWFEJOQSFQBSJOHGPS OFHPUJBUJOHBOEDMPTJOHBO BDRVJTJUJPO&BDITUBHFSFRVJSFTUIFQBSUJDJQBUJPOPGEJGGFSFOUQMBZFST'SPNmSTUDPOUBDUXJUI BOJOWFTUNFOUCBOLFSVOUJMDPNQMFUJPOPGUIFJOUFHSBUJPOPG-BSHF$PBOE5FDI$PPQFSBUJPOT UIFBDRVJTJUJPOQSPDFTTDBOUBLFNPSFUIBOBZFBS5IFGPMMPXJOHUBCMFTIPXTTPNFPGUIF NPSFJNQPSUBOUBDRVJTJUJPOTUBHFTBOEUIFLFZQBSUJDJQBOUTEVSJOHUIPTFTUBHFTPGUIF QSPDFTT

5BCMF"DRVJTJUJPO1SPDFTTBOE1BSUJDJQBOUT 1BSUJDJQBOUT 5FDI$P $POUBDU /FHPUJBUF $POEVDU /FHPUJBUF $MPTJOH $PNQBOZ .BSLFU -BSHF$P -FUUFSPG %VF BOE4JHO PG *OUFHSBUJPO 1MBO $BOEJEBUFT *OUFOU %JMJHFODF "HSFFNFOUT .FSHFS

.BOBHFNFOU YY Y Y Y Y Y #PBSEPG YY Y %JSFDUPST

*OWFTUNFOU YY Y Y #BOLFS -BXZFST YY YY "DDPVOUBOUT YYYY

6TFPGBO*OWFTUNFOU#BOLFS 1SFTBMF1SFQBSBUJPO5FDI$PNBZXBOUUPPCUBJOBEWJDFGSPNBOJOWFTUNFOUCBOLFSXIFO JUmSTUDPOTJEFSTCFJOHTPME5FDI$PTIPVMETFMFDUJUTCBOLFSCBTFEPOJUTFYQFSJFODFJO NFSHFSTBOEBDRVJTJUJPOTJO5FDI$PTTQFDJmDJOEVTUSZEPJOHUSBOTBDUJPOTPGTJNJMBSEFBM TJ[FBOEJUTDPOUBDUTXJUISFMFWBOUQPUFOUJBMCVZFST#FGPSFSFBDIJOHUIFEFDJTJPOUIBUJU TIPVMECFBDRVJSFE 5FDI$PDBOIBWFBOJOWFTUNFOUCBOLFSSFWJFXJUTCVTJOFTT mOBODJBM BOETUSBUFHJDQMBOT BOEIFMQJUFWBMVBUFJUTCVTJOFTTBMUFSOBUJWFT8JUIFBSMZBEWJDF 5FDI$P DBOBEESFTTWBMVFFOIBODJOHPSEFUSBDUJOHGBDUPSTBOETPNFUJNFTJNQSPWFJUTWBMVBUJPO #BTFEPOBOBOBMZTJTPG5FDI$PTCVTJOFTTTUSFOHUITBOEXFBLOFTTFT JOEVTUSZUSFOET 5FDI$PTDPNQFUJUJWFQPTJUJPOJOH BOESFDFOU."BDUJWJUZ UIFJOWFTUNFOUCBOLFSDBOBEWJTF 5FDI$PPOBSBOHFPGFYQFDUFEBDRVJTJUJPOWBMVFT5IFTFFBSMZBDUJWJUJFTDBOIFMQ5FDI$P QPTJUJPOJUTFMGUPDPNNBOEUIFIJHIFTUWBMVBUJPOBOEBUUSBDUUIFNPTURVBMJmFEQSPTQFDUJWF

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU QVSDIBTFST5IFJOWFTUNFOUCBOLFSDBOBMTPQSFQBSFBEFUBJMFEUJNFMJOFUPCFUUFSQSFQBSF 5FDI$PGPSUIFMFOHUIPGUIFQSPDFTTBOEIPXNVDIPGNBOBHFNFOUTUJNFXJMMCFOFFEFE

"TTJTUBODF%VSJOHUIF.BSLFUJOH1SPDFTT0ODF5FDI$PEFDJEFTUPCFBDRVJSFE UIF JOWFTUNFOUCBOLFSDBOQSFQBSFEFUBJMFENBSLFUJOHNBUFSJBMTEFTDSJCJOH5FDI$PTLFZ BUUSJCVUFT5IFJOWFTUNFOUCBOLFSBQQSPBDIFTUIFNBSLFUJOHQSPDFTTCZDPOEVDUJOHB EFUBJMFEBOBMZTJTPG5FDI$P JUTJOEVTUSZBOEUIFTUSBUFHJDSFBTPOTXIZ-BSHF$PNJHIUXBOU UPBDRVJSF5FDI$P5IFJOWFTUNFOUCBOLFSXJMMBMTPQSFQBSFBEFUBJMFEMJTUPGQPUFOUJBMCVZFST UPCFDPOUBDUFEEVSJOHUIFNBSLFUJOHQSPDFTT6TJOHBCBOLFSBUUIJTTUBHFJOUIFQSPDFTT FOBCMFT-BSHF$PUPBTLiUPVHIwRVFTUJPOTPGUIFCBOLFSBOECFNPSFGPSUISJHIUJOUIFJS FWBMVBUJPOPG5FDI$PXJUIPVUPGGFOEJOH5FDI$PTNBOBHFNFOU

%VF%JMJHFODF8IFOQPUFOUJBMCVZFSTDPOEVDUJOJUJBMEVFEJMJHFODFPO5FDI$P UIF JOWFTUNFOUCBOLFSDBOBTTJTUUIFQSPDFTTCZFOTVSJOHUIBU-BSHF$PHFUTJOGPSNBUJPO OFDFTTBSZUPTVCNJUBCJOEJOHPGGFSUPBDRVJSF5FDI$P*UJTJNQPSUBOUUPBOUJDJQBUFXIBU JOGPSNBUJPOXJMMCFUIFNPTUJNQPSUBOUUP-BSHF$PUPBWPJEFNCBSSBTTJOHiTVSQSJTFTw MBUFS5IFJOWFTUNFOUCBOLFSDBOBTTJTU5FDI$PCZQPJOUJOHPVUTPVSDFTPGTZOFSHZBOE TVQQPSUJOH5FDI$PTEFTJSFEWBMVBUJPOCZmOBODJBMBOBMZTFTCBTFEPODPNQBSBCMFQVCMJDBOE QSJWBUFDPNQBOJFT'BNJMJBSJUZXJUI5FDI$PTJOEVTUSZBMTPXJMMBMMPXUIFCBOLFSUPTVHHFTU BMUFSOBUJWFTJGEJGmDVMUJFTBSJTFXJUIBDVSSFOU-BSHF$PQSPTQFDU

/FHPUJBUJPOT1IBTF%VSJOHUIJTQSPDFTT UIFJOWFTUNFOUCBOLFSXJMMIFMQ5FDI$PEFUFSNJOF XIJDIPGGFSUPBDDFQUCBTFEPOWBMVBUJPO TUSVDUVSF UBYDPOTJEFSBUJPOT -BSHF$PDVSSFODZ JGTUPDLJTUIFQSJNBSZDPOTJEFSBUJPO BOEPUIFSSFMFWBOUJTTVFT0ODFBOPGGFSJTBDDFQUFE JUJTDSJUJDBMUPDPNNVOJDBUFUPUIFJOWFTUNFOUCBOLFSXIJDIJTTVFTBSFNPTUJNQPSUBOUUP 5FDI$PJOPSEFSUPQSPQFSMZQPTJUJPOUIFOFHPUJBUJPOEJTDVTTJPOT5PFOTVSFBOFGmDJFOUmOBM BHSFFNFOUQIBTF UIFJOWFTUNFOUCBOLFSDBOIFMQDPPSEJOBUFDPNNVOJDBUJPOXJUI5FDI$PT MBXZFSTBOEBDDPVOUBOUTUPNBLFDFSUBJOBMMPG5FDI$PTBEWJTPSTVOEFSTUBOEUIFJNQMJDBUJPOT PGUIFEFmOJUJWFBHSFFNFOU*GSFRVFTUFE BOJOWFTUNFOUCBOLFSDBOQSPWJEF5FDI$PT#PBSE PG%JSFDUPSTXJUIBGPSNBMiGBJSOFTTPQJOJPOwPOUIFUFSNTPGGFSFECZ-BSHF$P

GFOXJDLXFTU NFSHFSTBOEBDRVJTJUJPOT ,FZ%FBM*TTVFT

*G-BSHF$PBOE5FDI$PBHSFFUIBUUIFZBSFBHPPETUSBUFHJDmU UIFOFYUTUFQJTUPEFUFSNJOF UIFUFSNTPGUIF-BSHF$P5FDI$PNFSHFS-BSHF$PTGPDVTXJMMCFPOQBZJOHOPNPSFUIBO 5FDI$PTWBMVFTUSVDUVSJOHUIFBDRVJTJUJPOUPPCUBJOUIFNPTUEFTJSBCMFUBY BDDPVOUJOHBOE SJTLQSPm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iCSPLFOEFBMw 5FDI$PTFNQMPZFFTXJMMCFDPODFSOFEBCPVUUIFJSKPCT UIFJSSFQPSUJOHSFMBUJPOTIJQTBOE UIFVODFSUBJOUZDBVTFECZUIFBDRVJTJUJPO5POFHPUJBUFBTVDDFTTGVMBDRVJTJUJPO BMMPGUIFTF DPODFSOTNVTUCFBEESFTTFE

7BMVBUJPOBOE1SJDJOH*TTVFT 5FDI$P7BMVBUJPO0OFPGUIFNPTUJNQPSUBOU-BSHF$PJTTVFTJTUPQBZBGBJSWBMVFGPS5FDI$P 7BMVBUJPOJTIJHIMZTVCKFDUJWF5IFiGBJSwWBMVFGPS5FDI$PXJMMWBSZTJHOJmDBOUMZGSPNPOF -BSHF$PUPBOPUIFS EFQFOEJOHPOBWBSJFUZPGGBDUPST"OJOWFTUNFOUCBOLFSDBOBTTJTU 5FDI$PJOEFUFSNJOJOHJUTWBMVBUJPOBOEJOQSJDFOFHPUJBUJPOTXJUI-BSHF$P8IFOOFHPUJBUJOH JUTWBMVF 5FDI$PTIPVMESFNFNCFSUIBUQVCMJD-BSHF$PT JTTVJOHTUPDLJOBNFSHFS XJMMOPU XBOUUIFNFSHFSUPCFEJMVUJWFPGUIFJSFBSOJOHTQFSTIBSF &14 5IJTNFBOTUIBU-BSHF$P DBOOPUJTTVFTPNBOZTIBSFTUP5FDI$PTTIBSFIPMEFSTUIBUUIFNFSHFSSFEVDFT-BSHF$PT &14-BSHF$PTUZQJDBMMZVTFUISFFNFUIPETUPUSJBOHVMBUFPOBSFBTPOBCMF5FDI$PWBMVBUJPO

Q $PNQBSBCMF1VCMJD$PNQBOJFT0OFXBZPGEFUFSNJOJOH5FDI$PTWBMVFJTUPUBLF UIFNBSLFUWBMVFPGTUPDLTPGDPNQBSBCMF QVCMJDMZUSBEFEDPNQBOJFTJO5FDI$PT JOEVTUSZBTBNVMUJQMFPGTVDIDPNQBOJFTFBSOJOHTBOESFWFOVFT5IPTFWBMVFT BSFUIFOBEKVTUFEUPBDDPVOUGPSUIFTJ[F MJRVJEJUZBOEQFSGPSNBODFEJGGFSFODFT CFUXFFO5FDI$PBOEUIPTFDPNQBOJFT5IFEJGGJDVMUZXJUIUIJTBOBMZTJTJTJOTFMFDUJOH iDPNQBSBCMFwDPNQBOJFTBOEBDDVSBUFMZBEKVTUJOH5FDI$PTWBMVFUPSFGMFDUUIF EJGGFSFODFTCFUXFFO5FDI$PBOETVDIDPNQBOJFT

Q $PNQBSBCMF5SBOTBDUJPOT"OPUIFSXBZPGEFUFSNJOJOH5FDI$PTWBMVFJTUPDPNQBSF UIFBNPVOUQBJEJOBDRVJTJUJPOTGPSPUIFSDPNQBOJFTJO5FDI$PTJOEVTUSZ8IFO VTJOHUIJTWBMVBUJPONFUIPE DPOTJEFSUIFGPMMPXJOH8IJMFUIFTUPDLNBSLFUWBMVFT BMMQVCMJDDPNQBOJFTEBJMZ BDRVJTJUJPOTPDDVSPWFSUJNF*GBDPNQBSBCMFUSBOTBDUJPO PDDVSSFETPNFUJNFCFGPSF5FDI$PTQSPQPTFEUSBOTBDUJPO BSFUIFGBDUPSTFTTFOUJBM

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU UPUIBUWBMVBUJPOTUJMMQSFTFOU "OPUIFSGBDUPSUIBUDBOJOGMVFODFWBMVBUJPOJTUIF DPOTJEFSBUJPOVTFEJOUIFUSBOTBDUJPO"-BSHF$PXJUIBIJHIMZWBMVFETUPDLDBOQBZB IJHIFSQSJDFUIBOB-BSHF$PXJUIBMFTTWBMVFETUPDL"MUFSOBUJWFMZ JG5FDI$PCFMJFWFT UIBU-BSHF$PTTUPDLJTVOEFSWBMVFECZUIFNBSLFU JUNBZCFXJMMJOHUPBDDFQUBMPXFS QSJDFBUDMPTJOHPOUIFFYQFDUBUJPOPGNBSLFUBQQSFDJBUJPOJO-BSHF$PTTUPDLBGUFSUIF DMPTJOH

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

Q 1VSDIBTF1SJDF%FOPNJOBUJPO*G-BSHF$PQBZTDBTIGPS5FDI$P -BSHF$PXJMMFYQSFTT UIFQVSDIBTFQSJDFJOEPMMBST*OBOBDRVJTJUJPOXIFSF-BSHF$PJTTVFTTUPDLUPQBZGPS 5FDI$P -BSHF$PNBZFYQSFTTJUTPGGFSFEQVSDIBTFQSJDFJOBOZPGUIFGPMMPXJOHXBZT

O "T%PMMBS7BMVFPG4IBSFT*G-BSHF$PFYQSFTTFTUIFQSJDFBTBDFSUBJOEPMMBSWBMVF PGJUTTIBSFT -BSHF$PNVTUTQFDJGZUIFNFDIBOJTNGPSEFUFSNJOJOHUIFOVNCFSPG TIBSFTUPCFJTTVFEBUUIFDMPTJOHPGUIFUSBOTBDUJPO'PSFYBNQMF -BSHF$PDPVME PGGFSUIBUOVNCFSPGTIBSFTEFUFSNJOFECZEJWJEJOHNJMMJPOCZUIFBWFSBHF PGUIFDMPTJOHQSJDFTPG-BSHF$PTTUPDLGPSUIFUFOUSBEJOHEBZTFOEJOHUISFF EBZTCFGPSFUIFDMPTJOHPGUIFNFSHFS-BSHF$PNBZOPUXBOUUPVTFUIJTQSJDJOH NFDIBOJTNJGJUCFMJFWFTUIBUJUTTUPDLQSJDFXJMMGBMMCFUXFFOUIFEBUFJUTJHOTUIF NFSHFSBHSFFNFOUBOEUIFEBUFJUDMPTFTUIFUSBOTBDUJPO4VDIBESPQJO-BSHF$PT TUPDLQSJDFDPVMESFTVMUJO5FDI$PTTIBSFIPMEFSTSFDFJWJOHBTJHOJm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

O "T'JYFE/VNCFSPG4IBSFT5IFTFDPODFSOTDBOCFFMJNJOBUFEJG-BSHF$P EFOPNJOBUFTJUTQSJDFBTBDFSUBJOOVNCFSPGTIBSFTUPCFJTTVFEJOUIF BDRVJTJUJPO)PXFWFS UIJTQSJDJOHNFUIPEMFBWFTCPUIQBSUJFTXJUIUIFSJTLUIBU

GFOXJDLXFTU NFSHFSTBOEBDRVJTJUJPOT UIFEPMMBSQVSDIBTFQSJDFDPVMEHPVQPSEPXOCZNJMMJPOTPGEPMMBSTCFUXFFO TJHOJOHBOEDMPTJOHUIFEFBM"SHVBCMZ UIFEPMMBSQVSDIBTFQSJDFTIPVMEOPU NBUUFSUP-BSHF$PBTMPOHBTUIFNFSHFSXJMMJODSFBTF-BSHF$PT&14*UNBZNBUUFS UP5FDI$P IPXFWFS JG5FDI$PIBTPVUTUBOEJOHQSFGFSSFETUPDLBOE-BSHF$PT PGGFSFEQSJDFJTOPUBHSFBUEFBMNPSFUIBOUIFBNPVOUJOWFTUFEJO5FDI$PCZJUT WFOUVSFJOWFTUPST5IFDIBSUFSEPDVNFOUTPGNBOZQSJWBUFMZIFME5FDI$PTUSFBU BOBDRVJTJUJPOBTBiMJRVJEBUJPOw5IFZUZQJDBMMZSFRVJSFUIBUUIFIPMEFSTPGUIF QSFGFSSFETUPDLSFDFJWFUIFJSMJRVJEBUJPOQSFGFSFODFTCFGPSFBOZDPOTJEFSBUJPO HPFTUPUIFIPMEFSTPGUIFDPNNPOTUPDL*GBTIBSQESPQJO-BSHF$PTTUPDLQSJDF SFTVMUFEJOBMMPGUIFTUPDLIBWJOHUPCFQBJEUPUIFQSFGFSSFETIBSFIPMEFST 5FDI$P NJHIUmOEUIBUJUXPVMECFVOBCMFUPPCUBJODPNNPOTIBSFIPMEFSBQQSPWBMPG UIFBDRVJTJUJPO5IFQBSUJFTBMTPOFFEUPDPOTJEFSIPXPQUJPOTBOEXBSSBOUTXJMM CFUSFBUFEJOUIJTDBMDVMBUJPO'PSFYBNQMF JTUIFOVNCFSPGTIBSFTPGGFSFECZ -BSHF$PJOUFOEFEUPCFJOFYDIBOHFGPSPVUTUBOEJOHTIBSFT PQUJPOTBOEXBSSBOUT PSPOMZGPSPVUTUBOEJOHTIBSFT 5IJTJTTVFJTQBSUJDVMBSMZTFOTJUJWFJGPQUJPOTPS XBSSBOUTBSFTJHOJmDBOUMZiVOEFSXBUFSw JF UIFFYFSDJTFQSJDFUPBDRVJSFUIF 5FDI$PTIBSFTJTGBSHSFBUFSUIBOUIFQSJDFPGGFSFECZ-BSHF$P

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nVDUVBUFESBNBUJDBMMZGSPNUIFEBUFPGTJHOJOHVOUJMDMPTJOH"HBJO UIFQBSUJFT OFFEUPEFMJOFBUFDMFBSMZXIJDI-BSHF$PPS5FDI$PTIBSFT PQUJPOTPSXBSSBOUTBSF JODMVEFEJOUIFOVNFSBUPSBOEUIFEFOPNJOBUPS"HBJO FJUIFS-BSHF$PPS5FDI$P NBZBSHVFUIBUiVOEFSXBUFSwXBSSBOUTBOEPQUJPOTTIPVMECFFYDMVEFEGSPNUIF DBMDVMBUJPO

Q $PMMBST0OFXBZPGEFBMJOHXJUIUIFTFiNBSLFUwSJTLTJTUPQSJDFUIFUSBOTBDUJPO TVCKFDUUPBiDPMMBSw"iDPMMBSwJTBSBOHFPG-BSHF$PTUPDLQSJDFTXJUIJOXIJDIUIFSFJT BOBHSFFEVQPOQSJDJOHNFUIPE'PSFYBNQMF -BSHF$PNJHIUPGGFSUPQBZ5FDI$P NJMMJPOPGTUPDLXJUIJOBDPMMBSPGUPQFSTIBSF TIBSFTJGUIFTUPDL QSJDFJTMFTTUIBOQFSTIBSF BOE TIBSFTJGUIFTUPDLQSJDFJTHSFBUFS UIBOQFSTIBSF5IJTBQQSPBDIFOTVSFTUIBUJOOPFWFOUXJMM-BSHF$PIBWFUPJTTVF NPSFUIBO TIBSFTJOUIFBDRVJTJUJPO"MUFSOBUJWFMZ JG-BSHF$PTTUPDLXBT USBEJOHBUQFSTIBSFBUUIFEBUFJUXBTNBLJOHJUTPGGFSUP5FDI$PBOEIJTUPSJDBMMZ -BSHF$PTTUPDLIBETUBZFEJOBSBOHFPGUP JUDPVMEPGGFS5FDI$P TIBSFTXJUIJOBDPMMBSPGUP PGTUPDLJGUIFTUPDLQSJDFJTHSFBUFS

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU UIBO BOE PGTUPDLJGUIFTUPDLQSJDFJTMFTTUIBO5IFEFDJTJPO XIFUIFSUPEFOPNJOBUFUIFQSJDFJOEPMMBSTPSTIBSFTBOEXJUIPSXJUIPVUBDPMMBS EFQFOETVQPOFBDIQBSUZTHVFTTBCPVUXIBUXJMMIBQQFOUP-BSHF$PTTUPDLQSJDF CFUXFFOTJHOJOHBOEDMPTJOHBOEXIJDISJTLJUJTNPTUJNQPSUBOUUPBWPJE

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

Q &BSOPVUT*OBOiFBSOPVU w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i4USVDUVSJOH &GGFDUJWF&BSOPVUTwGPSBNPSFEFUBJMFEEJTDVTTJPOPGUIJTNFUIPEPGQSJDJOHBO BDRVJTJUJPO

3JTL3FEVDUJPO.FDIBOJTNT 5IFSFBSFJOIFSFOUSJTLTJOOFHPUJBUJOH EPDVNFOUJOHBOEDMPTJOHBOBDRVJTJUJPOTJODF UIFQBSUJFTIBWFUPNBLFDSJUJDBMEFDJTJPOTSFHBSEJOHQSJDFBOEUFSNTCBTFEPOQBSUJBM LOPXMFEHF5IFSFGPMMPXTPNFNFDIBOJTNTVTFECZ-BSHF$PBOE5FDI$PUPNBOBHFUIFTF SJTLT

&YDMVTJWF/FHPUJBUJOH1FSJPE"UUIFUJNFUIFQBSUJFTBHSFFPOQSJDFBOEUIFPUIFSLFZEFBM UFSNT -BSHF$PHFOFSBMMZXJMMSFRVJSF5FDI$PUPDFBTFOFHPUJBUJOHXJUIPUIFSQPUFOUJBMCVZFST BOEOFHPUJBUFFYDMVTJWFMZXJUI-BSHF$P-BSHF$PXJMMOPUXBOUUPJOWFTUTVCTUBOUJBMUJNF BOESFTPVSDFTJOQFSGPSNJOHEVFEJMJHFODFBOEOFHPUJBUJOHBEFBMXJUI5FDI$P POMZUPIBWF

GFOXJDLXFTU NFSHFSTBOEBDRVJTJUJPOT 5FDI$PVTF-BSHF$PTPGGFSUPTUBSUBCJEEJOHXBSCZPUIFSQPUFOUJBMCVZFST5FDI$PXJMMXBOU UPLFFQUIFQFSJPEEVSJOHXIJDIJUIBTUPQVMMJUTFMGPGGUIFNBSLFUBTTIPSUBTQPTTJCMF5P NFFUJUTmEVDJBSZPCMJHBUJPOT 5FDI$PT#PBSEPG%JSFDUPSTXJMMXBOUUPSFTFSWFUIFSJHIUUP OPUJGZJUTTIBSFIPMEFSTPGPUIFSPGGFSTBOENBZFWFOSFTFSWFUIFSJHIUUPBDDFQUVOTPMJDJUFE BOEDMFBSMZTVQFSJPSPGGFST5IFFYDMVTJWFOFHPUJBUJOHQFSJPETIPVMECFOPMPOHFSUIBO SFBTPOBCMFGPS-BSHF$PUPDPNQMFUFEVFEJMJHFODFBOEOFHPUJBUFUIFEFmOJUJWFEPDVNFOUT VTVBMMZCFUXFFOBOEEBZT

#SFBL6Q'FF#PUI-BSHF$PBOE5FDI$PNBZCFDPODFSOFEUIBUUIFZXJMMCFEBNBHFEJGUIF EFBMGBJMTUPDMPTFBGUFSUIFZIBWFTJHOFEEFmOJUJWFBDRVJTJUJPOBHSFFNFOUTBOEBOOPVODFE UIFUSBOTBDUJPO"TOPUFEBCPWF -BSHF$PXJMMOPUXBOU5FDI$PUPVTF-BSHF$PTPGGFSUP TUBSUBCJEEJOHXBS5FDI$PXJMMXPSSZUIBUBOBDRVJTJUJPOBOOPVODFNFOUNBZDBVTFJUT DVTUPNFSTUPEFMBZPSEFSTVOUJMUIFZLOPXXIFUIFS-BSHF$PJOUFOETUPDPOUJOVFNBSLFUJOH BOETVQQPSUJOHFYJTUJOH5FDI$PQSPEVDUT4JNJMBSMZ JGUIFBOOPVODFNFOUDBVTFT5FDI$PT FNQMPZFFTUPGPDVTPOUIFJSSFTVNFTJOTUFBEPGPOUIFJSKPCT 5FDI$PDBOCFTFSJPVTMZ EBNBHFEJGUIFBDRVJTJUJPOGBJMTUPDMPTF&JUIFS-BSHF$PPS5FDI$PNBZQSPQPTFBiCSFBLVQ GFFwBTBXBZUPBEESFTTUIJTSJTL"iCSFBLVQGFFwSFRVJSFTUIFQBSUZSFTQPOTJCMFGPSUIF CSFBLVQUPQBZUIFPUIFSQBSUZBOFHPUJBUFEBNPVOUPGMJRVJEBUFEEBNBHFT5IFBNPVOUPG UIFCSFBLVQGFFTIPVMESFnFDUUIFEBNBHFTMJLFMZUPCFTVTUBJOFECZUIFEBNBHFEQBSUZ 4PNFQBSUJFTEJTMJLFCSFBLVQGFFTCFDBVTFUIFZCFMJFWFUIBUJUJNQMJFTQFSNJTTJPOOPUUP DMPTF BTMPOHBTUIFCSFBLVQGFFJTQBJE BOEUIFZXPVMEQSFGFSBOVOFRVJWPDBMPCMJHBUJPOUP DMPTF

-BSHF$P%VF%JMJHFODF-BSHF$PXJMMEPNVDIPGJUTEVFEJMJHFODFVOEFSBOPOEJTDMPTVSF BHSFFNFOUTJHOFEXJUI5FDI$PCFGPSFUIFQBSUJFTBHSFFPOBMFUUFSPGJOUFOU.BOZ5FDI$PT IPXFWFS XJMMOPUHJWF-BSHF$PBDDFTTUPUIFJSNPTUDPOmEFOUJBMmOBODJBM UFDIOJDBM JOUFMMFDUVBMQSPQFSUZ BOEDVTUPNFSJOGPSNBUJPOVOUJMBQSJDFIBTCFFOOFHPUJBUFE"TBSFTVMU -BSHF$PNVTUEFDJEFXIFUIFS5FDI$PJTBTUSBUFHJDmUBOEBSSJWFBUBQSPQPTFEQVSDIBTF QSJDFCBTFEPOJUTPXOQSPEVDUBOENBSLFUEVFEJMJHFODF XJUIPVUBDDFTTUP5FDI$PTNPSF EFUBJMFEJOGPSNBUJPO0ODFUIFQBSUJFTBHSFFVQPOUIFCBTJDEFBMUFSNTBOEXIJMF-BSHF$PT MBXZFSTBSFQSFQBSJOHUIFEFmOJUJWFBHSFFNFOUT -BSHF$PXJMMDPOEVDUEVFEJMJHFODFUP EJTDPWFSJGJUTBTTVNQUJPOTBCPVU5FDI$PXFSFBDDVSBUF-BSHF$PHFOFSBMMZXJMMXBOUUP EPEVFEJMJHFODFJOUIFGPMMPXJOHBSFBTQSPEVDUUFDIOPMPHZ TBMFTNBSLFUJOH mOBODJBM BDDPVOUJOH BOEMFHBMJOUFMMFDUVBMQSPQFSUZ 4FF'FOXJDL8FTUTCPPLMFUi"DRVJSJOHBOE 1SPUFDUJOH5FDIOPMPHZ5IF*OUFMMFDUVBM1SPQFSUZ"VEJUwGPSBNPSFEFUBJMFEEJTDVTTJPOPGEVF EJMJHFODFJTTVFTXIFOBDRVJSJOHUFDIOPMPHZ -BSHF$PBOE5FDI$PTIPVMEUSZUPJEFOUJGZBOE EJTDVTTQBSUJDVMBSTFOTJUJWJUJFTPSVOVTVBMQSPCMFNTPSMJBCJMJUJFTBTFBSMZJOUIFEVFEJMJHFODF QSPDFTTBTQPTTJCMF&BSMZEJTDMPTVSFJTNPSFFGmDJFOU CVJMETDSFEJCJMJUZ BOEJTMFTTMJLFMZUP SFTVMUJOMBTUNJOVUFQSJDFSFOFHPUJBUJPOT

-BSHF$PTIPVMEBWPJEQMBDJOHBOVOOFDFTTBSZCVSEFOPO5FDI$PTUBGGEVSJOHUIFEVF EJMJHFODFQSPDFTT5FDI$PTSBSFMZIBWFUIFBENJOJTUSBUJWFBOEmOBODJBMJOGSBTUSVDUVSFUIBU

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU -BSHF$PIBT BOEEPOPUNBJOUBJOUIFTBNFUZQFPGSFDPSET*UJTPGUFOQSFGFSBCMFUPIBWF -BSHF$PTQFSTPOOFMEPNVDIPGUIFEVFEJMJHFODF5IJTFOBCMFT-BSHF$PUPPCUBJONPSF BDDVSBUFJOGPSNBUJPOJOUIFGPSNFYQFDUFE BOEXJMMSFEVDFUIFCVSEFOPO5FDI$P-BSHF$P BMTPOFFETUPCFTFOTJUJWFUPDPOmEFOUJBMJUZDPODFSOT"TUSFBNPG-BSHF$PQFSTPOOFM 'FEFSBM&YQSFTTFOWFMPQFTXJUI-BSHF$PTSFUVSOBEESFTT PSGBYFTDPOUBJOJOHDPOmEFOUJBM JOGPSNBUJPOTFOUUPMPDBUJPOTUIBUBSFOPUTFDVSFDBOFBTJMZSFTVMUJOSVNPSTUIBU-BSHF$P JOUFOETUPBDRVJSF5FDI$P-BTUMZ -BSHF$PTIPVMESFNFNCFSUIBUUIFQVSQPTFPGEVF EJMJHFODFJTUPRVBOUJGZSJTL OPUUPCSJOH5FDI$PTSFDPSETJOUPMJOFXJUI-BSHF$PT4VDI DPOGPSNJOHDIBOHFTDBOCFBDDPNQMJTIFEBGUFSUIFNFSHFS

*G-BSHF$PEJTDPWFSTVOFYQFDUFE5FDI$PMJBCJMJUJFTEVSJOHUIFEVFEJMJHFODFQSPDFTT JUNBZ XJUIESBXGSPNUIFEFBM SFEVDFJUTPGGFSFEQSJDF PSBTL5FDI$PTTIBSFIPMEFSTUPJOEFNOJGZ JUGPSEBNBHFGSPNVOVTVBMMJBCJMJUJFT5FDI$PTIPVMEBWPJEBMMPXJOH-BSHF$PUPQVUBiEVF EJMJHFODFPVUwJOUIFEFmOJUJWFBDRVJTJUJPOBHSFFNFOU"iEVFEJMJHFODFPVUwJTBDPOEJUJPOUP DMPTJOHUIBUBMMPXT-BSHF$PUPEFDJEFBUUIFDMPTJOHXIFUIFS5FDI$PJTUPPSJTLZUPBDRVJSF 5PBWPJEUIFSJTLTPGDVTUPNFSDPOGVTJPO FNQMPZFFEJTUSBDUJPOBOEUIFSFQVUBUJPOPGCFJOH iMFGUBUUIFBMUBS w5FDI$PTIPVMESFRVJSF-BSHF$PUPDPNQMFUFBMMEVFEJMJHFODFCFGPSFTJHOJOH BOEBOOPVODJOHUIFEFmOJUJWFBHSFFNFOU-BSHF$PHFOFSBMMZXJMMJOTJTUPOUIFSJHIUUPSFGVTF UPDMPTFJGUIFSFJTBiNBUFSJBMBEWFSTFDIBOHFwJO5FDI$PTCVTJOFTTCFUXFFOTJHOJOHBOE DMPTJOH*G5FDI$PBOUJDJQBUFTUIBUUIFNFSHFSBOOPVODFNFOUXJMMDBVTFTVDIBDIBOHF UIF QBSUJFTTIPVMEOFHPUJBUFBEFmOJUJPOPGiNBUFSJBMBEWFSTFDIBOHFwUIBUXJMMOPUQFOBMJ[F 5FDI$PGPSFYQFDUFEDIBOHFTUPJUTCVTJOFTT ZFUXJMMQSPUFDU-BSHF$PGSPNVOFYQFDUFE NBUFSJBMBEWFSTFDIBOHFTUP5FDI$PTCVTJOFTT

5FDI$P3FQSFTFOUBUJPOTBOE8BSSBOUJFT *OEFNOJUJFTBOE&TDSPXT#FTJEFTEPJOHJUT PXOEVFEJMJHFODF -BSHF$PTEFmOJUJWFBHSFFNFOUXJMMDPOUBJOEFUBJMFESFQSFTFOUBUJPOT BOEXBSSBOUJFTBCPVU5FDI$PTCVTJOFTT*GUIPTFSFQSFTFOUBUJPOTBSFJOBDDVSBUF 5FDI$P JTFYQFDUFEUPEJTDMPTFUIFJOBDDVSBDJFTJOBOiFYDFQUJPOTDIFEVMFwEFUBJMJOH5FDI$PT QSPCMFNTBOEMJBCJMJUJFT-BSHF$PBMTPXJMMBTL5FDI$PUPBUUBDIEFUBJMFEMJTUTPG5FDI$PT BTTFUT DPOUSBDUTBOEMJBCJMJUJFTUPUIFEFmOJUJWFBHSFFNFOUBTQBSUPG5FDI$PTiEJTDMPTVSF TDIFEVMFw*G-BSHF$PTVGGFSTEBNBHFCFDBVTFBQSJWBUFMZIFME5FDI$PGBJMFEUPEJTDMPTFBOZ PGUIFSFRVFTUFEJOGPSNBUJPO -BSHF$PXJMMFYQFDU5FDI$PTTIBSFIPMEFSTUPJOEFNOJGZJU (JWFOUIJTJOEFNOJUZPCMJHBUJPO 5FDI$PTIPVMETUSJWFGPSDPNQMFUFBOEBDDVSBUFEJTDMPTVSF 5PNJUJHBUFBHBJOTUBOVOSFBTPOBCMFEJTDMPTVSFCVSEFO IPXFWFS 5FDI$PXJMMXBOUUPMJNJU TPNFEJTDMPTVSFPCMJHBUJPOTUPUIPTFJUFNTUIBUBSFiNBUFSJBMwUP5FDI$PPSPGXIJDI5FDI$P IBTiLOPXMFEHFw

&WFSZCVTJOFTTIBTMJBCJMJUJFTUIBUBSJTFJOUIFPSEJOBSZDPVSTF*UJTJOBQQSPQSJBUF BOE IBSNGVMUPUIFSFMBUJPOTIJQXJUIDPOUJOVJOH5FDI$PNBOBHFNFOU GPS-BSHF$PUPNBLFDMBJNT GPSFWFSZEPMMBSPGMJBCJMJUZUIBUJTEJTDPWFSFEBGUFSUIFDMPTJOH5PSFnFDUUIJTSFBMJUZ 5FDI$P XJMMXBOUJUTCSFBDIFTUPDBVTFBDFSUBJOUISFTIPMEPGEBNBHFT DBMMFEBiCBTLFUw CFGPSF -BSHF$PIBTBOZSJHIUUPJOEFNOJmDBUJPO0ODFUIFCBTLFUMJNJUJTSFBDIFE IPXFWFS -BSHF$P

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

-BSHF$PBMTPNBZXBOUUPIPMEBQPSUJPOPGUIFNFSHFSDPOTJEFSBUJPOJOFTDSPXBTTFDVSJUZ GPSTVDIJOEFNOJUZPCMJHBUJPOT4JODFBDRVJTJUJPOTDBOOPMPOHFSCFBDDPVOUFEGPSBTB iQPPMJOH wBDRVJSFSTBSFBTLJOHGPSMBSHFSBOEMPOHFSFTDSPXT*UJTVOMJLFMZUIBUPGUIF TIBSFTJTTVFEHPJOHJOUPFTDSPXGPSPOFZFBSGPSCSFBDIFTPGHFOFSBMSFQSFTFOUBUJPOTBOE XBSSBOUJFTXJMMDPOUJOVFUPCFUIFOPSN5PNJOJNJ[FDPOnJDUTPWFSFTDSPXDMBJNT -BSHF$P BOEB5FDI$PTIBSFIPMEFSTSFQSFTFOUBUJWFTIPVMEIBWFSFHVMBSTDIFEVMFEQPTUDMPTJOH NFFUJOHTUPJEFOUJGZBOEBEESFTTJOEFNOJUZJTTVFT

&TDSPXTBOETIBSFIPMEFSJOEFNOJUJFTBSFSBSFJOBDRVJTJUJPOTPGBQVCMJDMZIFME5FDI$P*O QVCMJDQVCMJDBDRVJTJUJPOT -BSHF$PHFOFSBMMZXJMMBTTVNFUIFSJTLPGQSPCMFNTEJTDPWFSFE QPTUDMPTJOH

5FDI$P%VF%JMJHFODF*G-BSHF$PJTQBZJOHDBTIGPS5FDI$PBUUIFDMPTJOH UIFSFJTMJUUMFOFFE GPS5FDI$PUPEPEVFEJMJHFODFPO-BSHF$P*G-BSHF$PJTQBZJOHGPS5FDI$PXJUIJUTTUPDL B QSPNJTTPSZOPUFPSBOFBSOPVU IPXFWFS 5FDI$PXJMMXBOUUPEPEVFEJMJHFODFPO-BSHF$P .BOZPGUIFDPOTJEFSBUJPOTSFMBUJOHUP-BSHF$PTEVFEJMJHFODFXJMMBQQMZXIFO5FDI$PJT EPJOHEVFEJMJHFODFPO-BSHF$P*G-BSHF$PJTQVCMJD JUTGFEFSBMTFDVSJUJFTmMJOHTXJMMTVQQMZ NVDIPGUIFEFTJSFEJOGPSNBUJPO BMUIPVHI5FDI$PNBZXBOUNPSFEFUBJMFEJOGPSNBUJPOBCPVU -BSHF$PTPQFSBUJPOT

,FZ4IBSFIPMEFS1SF"QQSPWBM0OFBDRVJTJUJPOSJTLJTXIFUIFS5FDI$PTTIBSFIPMEFSTXJMM BQQSPWFUIFBDRVJTJUJPOOFHPUJBUFECZ5FDI$PTNBOBHFNFOUBOEBQQSPWFECZ5FDI$PT #PBSEPG%JSFDUPST5FDI$PXJMMIBWFTJNJMBSDPODFSOTJG-BSHF$PNVTUPCUBJOJUTTIBSFIPMEFST BQQSPWBM-FHBMGPSNBMJUJFTSFRVJSFEUPPCUBJOTIBSFIPMEFSBQQSPWBMNFBOUIBUUIFSFXJMMCF BEFMBZCFUXFFOTJHOJOHUIFEFmOJUJWFBHSFFNFOUBOEPCUBJOJOHTIBSFIPMEFSBQQSPWBMUP UIBUBHSFFNFOU5PNBOBHFUIJTSJTL UIFQBSUJFTNBZXBOUUPBTLLFZTIBSFIPMEFST PGmDFST EJSFDUPSTBOETIBSFIPMEFST UPTJHOBO"GmMJBUFT"HSFFNFOUBUUIFUJNFUIFEFmOJUJWF BDRVJTJUJPOBHSFFNFOUJTTJHOFE BHSFFJOHUPWPUFJOGBWPSPGUIFUSBOTBDUJPO

-JDFOTFUP,FZ5FDIOPMPHZ*G-BSHF$PTQSJODJQBMSFBTPOUPBDRVJSF5FDI$PJTUPPCUBJOB DSJUJDBMQJFDFPGUFDIOPMPHZ -BSHF$PNBZXBOUUPOFHPUJBUFBMJDFOTFUPUIBUUFDIOPMPHZ 5IFMJDFOTFDPVMECFTJHOFEBUUIFTBNFUJNFBTUIFEFmOJUJWFBDRVJTJUJPOBHSFFNFOUTJODF JUXPVMESBSFMZSFRVJSFTIBSFIPMEFSBQQSPWBMPSDPNQMJBODFXJUIUJNFDPOTVNJOHMFHBM GPSNBMJUJFT5IVT FWFOJGUIFBDRVJTJUJPOEJEOPUDMPTF -BSHF$PXPVMETUJMMIBWFBDDFTTUPUIF

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU DSJUJDBMUFDIOPMPHZ5FDI$PXJMMXBOUUPFOTVSFUIBUUIFMJDFOTFUFSNTXPVMECFBDDFQUBCMFJG UIFBDRVJTJUJPOEJEOPUDMPTF

1FSTPOOFM*TTVFT 4USFTT-FWFM"DRVJTJUJPOTBSF CZUIFJSOBUVSF IJHIMZTUSFTTGVM'JSTU UIFSFJTUIFVOBWPJEBCMF JODSFBTFJOXPSLMPBESFRVJSFECZUIFBDRVJTJUJPOQSPDFTT5FDI$PTNBOBHFSTOFFEUP OFHPUJBUFUIFEFBM SFTQPOEUPEVFEJMJHFODFSFRVFTUT HFOFSBUFSFRVFTUFETDIFEVMFT BOE NBLFEFDJTJPOTSFHBSEJOHUIFJOUFHSBUJPOPGUIFUXPDPNQBOJFT BMMJOBEEJUJPOUPIBOEMJOH 5FDI$PTEBZUPEBZPQFSBUJPOT4FDPOE UIFSFJTUIFVODFSUBJOUZBCPVUUIFGVUVSF8IP XJMMCFLFQUBOEVOEFSXIBUmOBODJBMUFSNT 8IPXJMMCFmSFE )PXXJMMPQFSBUJPOTDIBOHF JOUIFOFXPSHBOJ[BUJPO 5IJSE BQPUFOUJBMBDRVJTJUJPODSFBUFTNBTTQFSTPOBMJOTFDVSJUZ &WFSZPOFJO5FDI$PTPSHBOJ[BUJPOXJMMCFDPODFSOFEBCPVUIJTGVUVSFBOEIJTBCJMJUZUP QFSGPSNJOUIFOFXPSHBOJ[BUJPOSVNPSTXJMMBCPVOEBOE5FDI$PTBCJMJUZUPQFSGPSNXJMM EFUFSJPSBUF*UJTJOUIFCFTUJOUFSFTUTPGCPUI-BSHF$PBOE5FDI$PUPNJOJNJ[FUIFFGGFDUTPG UIJTTUSFTT"CTFOUUIFUZQFPGQMBOOJOHSFDPNNFOEFECFMPX -BSHF$PNBZmOEUIBU5FDI$P FYQFSJFODFTFNQMPZFFUVSNPJM MPXNPSBMFBOEQPPSmOBODJBMQFSGPSNBODFCFDBVTFPGUIF BDRVJTJUJPO5PNJOJNJ[FUIFJNQBDUPGFNQMPZFFUVSNPJM BOEQBSUJDVMBSMZJG5FDI$PTBOE -BSHF$PTDPSQPSBUFDVMUVSFTBSFTVCTUBOUJBMMZEJGGFSFOU UIFQBSUJFTNBZXBOUUPFOHBHFBO PSHBOJ[BUJPOBMEFWFMPQNFOUDPOTVMUBOUUPBTTJTUUIFNXJUIUIFJOUFHSBUJPOJTTVFT

$POmEFOUJBMJUZ"DRVJTJUJPOOFHPUJBUJPOTNVTUCFLFQUTUSJDUMZDPOmEFOUJBMVOUJM-BSHF$P BOE5FDI$PIBWFTJHOFEUIFEFmOJUJWFBDRVJTJUJPOBHSFFNFOUTBOEBSFQSFQBSFEUPBOTXFS UIFNZSJBERVFTUJPOTUIBUBSJTFVQPOBOBOOPVODFNFOUPGUIFBDRVJTJUJPO5IFGFXFSQFPQMF XIPLOPXBCPVUBDRVJTJUJPOOFHPUJBUJPOTBOEUIFTIPSUFSUIFQFSJPEUIBUUIFZBSFSFRVJSFE UPNBJOUBJODPOmEFOUJBMJUZ UIFNPSFMJLFMZFBDIDPNQBOZXJMMCFUPNBOBHFJOGPSNBUJPO SFMFBTFTVDDFTTGVMMZ5PBTTJTUJONBJOUBJOJOHDPOmEFOUJBMJUZ NPTU-BSHF$PTVTFDPEFOBNFT JOTUFBEPG5FDI$PTSFBMJEFOUJUZPOJOUFSOBMMZHFOFSBUFEEPDVNFOUT*OJUJBMNFFUJOHTTIPVME CFIFMEPGGTJUFBOEJOMPDBUJPOTXIFSFUIFQSJODJQBMTBSFVOMJLFMZUPCFPCTFSWFE5IFQBSUJFT TIPVMEUSZUPMJNJUUIFNPSFJOUSVTJWFUZQFTPG-BSHF$PEVFEJMJHFODFVOUJMJUJTDFSUBJOUIBUUIF BHSFFNFOUXJMMCFTJHOFE SBUIFSUIBOSJTLFBSMZMFBLTBOEFNQMPZFFEJTSVQUJPO

,FZ&NQMPZFFT-BSHF$PBOE5FDI$POFFEUPJEFOUJGZXIJDI5FDI$PQFSTPOOFMNVTUCF SFUBJOFEBTCPBSENFNCFST FYFDVUJWFTPSLFZFNQMPZFFTBOEUIFLFZGBDUPSTOFDFTTBSZ UPSFUBJOBOENPUJWBUFUIFN5IJTJTTVFOFFETFBSMZGPDVTBOETIPVMECFSFTPMWFECFGPSF UIFQBSUJFTBOOPVODFUIFBDRVJTJUJPO-BSHF$PTUFOEUPUIJOLPGDPNQFOTBUJPONBUUFST BTBiIVNBOSFTPVSDFTwEFUBJMXIFSFBTJUNBZCFBiTIPXTUPQQFSwUPUIFBGGFDUFE FNQMPZFF4BMBSZ CPOVT TUPDLPQUJPOBOEPUIFSDPNQFOTBUJPOBSSBOHFNFOUTBOESFQPSUJOH SFMBUJPOTIJQTNVTUCFEJTDVTTFEBOEBHSFFEVQPO5PNBYJNJ[FFNQMPZFFSFUFOUJPO IPXFWFS UIFQBSUJFTBMTPTIPVMEBEESFTTNPSFJOUBOHJCMFJTTVFTPGDPSQPSBUFDVMUVSF4PNF 5FDI$PFNQMPZFFTXJMMXBOUBTTVSBODFTUIBUUIFZXJMMOPUCFSFRVJSFEUPNPWF'PSPUIFST UIFLFZJTTVFNBZCFUIFBWBJMBCJMJUZPGDVUUJOHFEHFUFDIOPMPHJDBMUPPMTPSBEEJUJPOBM QFSTPOOFMJOBOBSFBXIFSFUIFZIBWFIBEJOBEFRVBUFSFTPVSDFT-BSHF$PTIPVMEQMBOUP

GFOXJDLXFTU NFSHFSTBOEBDRVJTJUJPOT JOUFSWJFXFBDILFZ5FDI$PFNQMPZFFUPSFDSVJUIJNPSIFSUPKPJOUIF-BSHF$PUFBN"TTPPO BTQPTTJCMFBGUFSUIFBOOPVODFNFOU -BSHF$PTIPVMEDPNNFODFUIFQSPDFTTPGXFFLMZUFBN CVJMEJOHNFFUJOHTCFUXFFOUIFDPVOUFSQBSUTGSPNUIFUXPDPNQBOJFT5IFTFTIPVMEDPOUJOVF VOUJMFNQMPZFFTVSWFZTJOEJDBUFUIBUUIFSFIBTCFFOBTVDDFTTGVMJOUFHSBUJPOPG5FDI$PTLFZ FNQMPZFFTXJUIUIFJS-BSHF$PDPVOUFSQBSUT

3FEVDUJPOJO'PSDF+VTUBT-BSHF$PBOE5FDI$POFFEUPEFUFSNJOFXIJDIFNQMPZFFTNVTU CFSFUBJOFE UIFZBMTPNVTUEFDJEFXIJDIFNQMPZFFTXJMMCFDPNFSFEVOEBOU*G5FDI$PIBT NPSFUIBOFNQMPZFFTBOEUIFBDRVJTJUJPOXJMMSFTVMUJONPSFUIBOFNQMPZFFTCFJOH UFSNJOBUFE UIFQBSUJFTNVTUDPNQMZXJUIUIF8PSLFS"EKVTUNFOUBOE3FUSBJOJOH/PUJmDBUJPO "DU5IF8"3/"DUSFRVJSFTUIBUUFSNJOBUFEFNQMPZFFTSFDFJWFFJUIFSEBZTUFSNJOBUJPO OPUJDFPSEBZTTFWFSBODFQBZ5IFQBSUJFTTIPVMEEFUFSNJOFGPSXIBUQFSJPEUFSNJOBUFE FNQMPZFFTXJMMCFOFFEFEUPJOUFHSBUF5FDI$PJOUPUIF-BSHF$PPSHBOJ[BUJPO5IFZUIFO TIPVMEEFTJHOBiUSBOTJUJPOwQBDLBHFUIBUNPUJWBUFTUIFNUPSFNBJOXJUI5FDI$PEVSJOH UIFUSBOTJUJPOQFSJPE0OFXBZPGQSPWJEJOHTVDINPUJWBUJPOJTUPDPOEJUJPOTQFDJBMPQUJPO WFTUJOH TFWFSBODFBOECPOVTQBZNFOUTPOSFNBJOJOHEVSJOHUIFUSBOTJUJPOQFSJPE

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

/PODPNQFUJUJPO"HSFFNFOUT5IFUXPNPTUJNQPSUBOUOPODPNQFUJUJPOBHSFFNFOUJTTVFT BSFTDPQFPGUIFOPODPNQFUFBOEQSJDF*EFBMMZ UIFOPODPNQFUJUJPOBHSFFNFOUTIPVME CFOPCSPBEFSUIBOUIFQSPEVDUBOENBSLFUBSFBUIBU5FDI$PJTTFMMJOHUP-BSHF$P*GUIF LFZFNQMPZFFJTBTJHOJmDBOU5FDI$PTIBSFIPMEFS JUJTOPUOFDFTTBSZUPQBZBEEJUJPOBM DPOTJEFSBUJPOGPSUIFOPODPNQFUJUJPOBHSFFNFOU*GUIFLFZFNQMPZFFPXOTMJUUMFPSOP 5FDI$PTUPDL IPXFWFS -BSHF$POFFETUPDPOTJEFSUIFGBJSOFTTPGFYQFDUJOHIJNPSIFSUP TJHOBOPODPNQFUJUJPOBHSFFNFOUXJUIPVUBEEJUJPOBMDPOTJEFSBUJPO

*O$BMJGPSOJB JUJTOPUDMFBSUIBUBOPODPNQFUJUJPOBHSFFNFOUJTFOGPSDFBCMFBHBJOTUBO FNQMPZFFXIPIPMETMFTTUIBOPG5FDI$PTTUPDL5IFQBSUJFTTIPVMEHFUUBYBEWJDFJGUIFZ JOUFOEUPBMMPDBUFBQPSUJPOPGUIFQVSDIBTFQSJDFUPUIFOPODPNQFUJUJPOBHSFFNFOUTJODFJU DBOIBWFTJHOJmDBOUUBYDPOTFRVFODFT

(PMEFO1BSBDIVUFTi(PMEFOQBSBDIVUFTwBSFBSSBOHFNFOUTUIBUQSPWJEFBLFZFNQMPZFF CFDBVTFPGBDIBOHFJODPOUSPMPGUIFDPNQBOZ XJUICFOFmUTFRVBMUPUISFFPSNPSFUJNFT

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU TVDIFNQMPZFFTBWFSBHFBOOVBMDPNQFOTBUJPOPWFSUIFMBTUmWFZFBST3FDJQJFOUTPGHPMEFO QBSBDIVUFTNVTUQBZBFYDJTFUBY XIJDIJTOPUEFEVDUJCMFCZUIFBDRVJSFEDPSQPSBUJPO 6OEFSDFSUBJOMJNJUFEDJSDVNTUBODFT HPMEFOQBSBDIVUFTDBOCFFYFNQUFEJGUIFZBSFQBJE CZQSJWBUFMZIFME5FDI$PTXIPPCUBJOTQFDJmDTIBSFIPMEFSBQQSPWBMJODPOOFDUJPOXJUIUIF BDRVJTJUJPO(JWFOUIFQFOBMUJFTJOWPMWFE IPXFWFS 5FDI$PTTIPVMEDPOTVMUUIFJSUBYBEWJTPST CFGPSFQVUUJOHJOQMBDFBOZHPMEFOQBSBDIVUFT

&NQMPZFF#FOFmU*TTVFT5IFQBSUJFTTIPVMEEJTDVTTIPXUIFBDRVJTJUJPOXJMMBGGFDU5FDI$PT IFBMUIQMBOT QSPmUTIBSJOHQMBOT CPOVTQMBOT FNQMPZFFMPBOT TUPDLPQUJPOTBOEPUIFS FNQMPZFFCFOFmUT8IJMF-BSHF$PTUZQJDBMMZIBWFNPSFDPNQMFUFFNQMPZFFCFOFmUTUIBO 5FDI$PT TPNF5FDI$PQFSRVJTJUFT TVDIBTHFOFSPVTDBSBMMPXBODFTBOEDPVOUSZDMVC NFNCFSTIJQT NBZCFEJTDPOUJOVFE5FDI$PBMTPTIPVMEDPOTJEFSUIFUBYSBNJmDBUJPOTUP FNQMPZFFTPGFBSMZPQUJPOFYFSDJTFT'PSFYBNQMF FNQMPZFFTNBZPXFBMUFSOBUJWFNJOJNVN UBYPOUIFEJGGFSFODFCFUXFFOUIFGBJSNBSLFUWBMVFPG5FDI$PTTUPDLPOUIFEBUFPGFYFSDJTF BOEUIFPQUJPOFYFSDJTFQSJDFPGJODFOUJWFTUPDLPQUJPOTFYFSDJTFECFGPSFBOBDRVJTJUJPO

5FDI$P L 1MBO*G5FDI$PIBTB L QMBOJUTIPVMECFSFWJFXFEDBSFGVMMZUPEFUFSNJOF JGUIFSFBSFVOJRVFGFBUVSFTUIBUTIPVMECFDBSSJFEPWFSUP-BSHF$PT L QMBO-BSHF$PT UZQJDBMMZNFSHFUIFQMBOTBOEUIFJOWFTUNFOUWFIJDMFTBGUFSUIFNFSHFSBOEUSBOTGFS5FDI$PT SFDPSETGPSJUTQMBOBTTFUT#FGPSFNFSHJOHUIFQMBOT -BSHF$PXJMMXBOUUPWFSJGZXIFUIFS 5FDI$PTQMBODPNQMJFTXJUIUIFQFOTJPOQMBOEJTDSJNJOBUJPOUFTUT

"DRVJTJUJPO4USVDUVSF "OPUIFSLFZJTTVFJTIPX-BSHF$PXBOUTUPTUSVDUVSFUIFBDRVJTJUJPO'PSFYBNQMF EPFT -BSHF$PXBOUUPBDRVJSF5FDI$PTTUPDLPSJUTBTTFUT 5IFSFGPMMPXTBUBCMFBOETVNNBSZPG QPTTJCMFBDRVJTJUJPOTUSVDUVSFTBOEUIFJSJNQBDUPOLFZCVTJOFTTDPOTJEFSBUJPOT

5BCMF"DRVJTJUJPO4USVDUVSF"MUFSOBUJWFT #VTJOFTT$POTJEFSBUJPOT .FSHFS "TTFU1VSDIBTF 4UPDL1VSDIBTF

8IBUEPZPVCVZ 5FDI$PTTUPDL 4QFDJGJFE5FDI$PBTTFUT 5FDI$PTTUPDL MJBCJMJUJFT $BO-BSHF$PBWPJE5FDI$P /P :FT /P MJBCJMJUJFT

8IBU5FDI$PTIBSFIPMEFS 5ZQJDBMMZNBKPSJUZWPUF 5ZQJDBMMZNBKPSJUZWPUF .VTUDPOUSBDU BQQSPWBMJTSFRVJSFE XJUIFBDI5FDI$P TIBSFIPMEFS

.FSHFS*OBNFSHFS FJUIFS5FDI$PPS-BSHF$P PS-BSHF$PTTVCTJEJBSZ NFSHFTJOUPUIF PUIFSCZPQFSBUJPOPGMBX XJUI5FDI$PTTIBSFIPMEFSTFYDIBOHJOHUIFJSTIBSFTGPS-BSHF$P TIBSFT"NFSHFSJTUIFTJNQMFTUNFDIBOJTNGPSBDRVJSJOHBOPUIFSDPNQBOZBOESFTVMUTJO -BSHF$P PS-BSHF$PTTVCTJEJBSZ BVUPNBUJDBMMZSFDFJWJOHBMMPG5FDI$PTBTTFUT4UBUFNFSHFS

GFOXJDLXFTU NFSHFSTBOEBDRVJTJUJPOT MBXTUZQJDBMMZSFRVJSFNBKPSJUZ5FDI$PTIBSFIPMEFSDPOTFOUUPBQQSPWFBNFSHFS5IFMBX BMTPQSPWJEFTBNFDIBOJTNGPSDBTIJOHPVUUIPTF5FDI$PTIBSFIPMEFSTXIPBSFVOXJMMJOHUP BDDFQU-BSHF$PTUPDLJOUIFNFSHFS EJTTFOUJOHTIBSFIPMEFST "ESBXCBDLUPVTJOHBNFSHFS JTUIBU-BSHF$P PSJUTNFSHFSTVCTJEJBSZ XJMMBVUPNBUJDBMMZBTTVNFBMMPG5FDI$PTMJBCJMJUJFT -BSHF$PDBOFYDIBOHFJUTTUPDL QSPNJTTPSZOPUFTPSDBTIGPSUIF5FDI$PTUPDLJOBNFSHFS

"TTFU1VSDIBTF*G-BSHF$PXBOUTUPBWPJEVOSFMBUFE5FDI$PMJBCJMJUJFT JUNBZQSFGFSUP BDRVJSF5FDI$PTBTTFUTSBUIFSUIBONFSHFXJUI5FDI$P"TTFUBDRVJTJUJPOTSFRVJSFUIBUUIF QBSUJFTTQFDJGZUIFBTTFUTBOEMJBCJMJUJFTUPCFUSBOTGFSSFEBOEUIVTFOUBJMNPSFEVFEJMJHFODF BOEUSBOTGFSNFDIBOJDTUIBOBNFSHFS-BSHF$PDBOFYDIBOHFJUTTUPDL QSPNJTTPSZOPUFTPS DBTIGPS5FDI$PTBTTFUT

4UPDL1VSDIBTF-BSHF$PNBZXBOUUPQVSDIBTFBMMPG5FDI$PTPVUTUBOEJOHTUPDLGSPN 5FDI$PTTIBSFIPMEFST5IJTDPNNPOMZPDDVSTJG5FDI$PIBTWFSZGFXTIBSFIPMEFSTPSJG 5FDI$PPS-BSHF$PJTBGPSFJHODPNQBOZUIBUDBOOPUMFHBMMZEPBNFSHFS4JODF-BSHF$P BDRVJSFTBMMPG5FDI$PTTUPDL 5FDI$PSFNBJOTJOFYJTUFODFBT-BSHF$PTTVCTJEJBSZ XJUIBMM PGJUTBTTFUTBOEMJBCJMJUJFTJOUBDU0OFTJHOJmDBOUESBXCBDLUPBTUPDLQVSDIBTFJTUIBU VOMJLF BNFSHFS UIFMBXEPFTOPUQSPWJEFBNFBOTPGDBTIJOHPVUMBSHFOVNCFSTPGiEJTTFOUJOH TIBSFTwVOEFSBTUPDLQVSDIBTF.PTU-BSHF$PTBSFVOXJMMJOHUPIBWFNJOPSJUZTIBSFIPMEFST XIJDIDPVMEPDDVSJGB5FDI$PTIBSFIPMEFSSFGVTFEUPBHSFFUPTFMMIJTPSIFSTIBSFTUP -BSHF$PPOUIFPGGFSFEUFSNT"TBSFTVMU BTUPDLQVSDIBTFJTJNQSBDUJDBMJG5FDI$PIBT FJUIFSNBOZTIBSFIPMEFSTPSFWFOPOFTIBSFIPMEFSXJUITVCTUBOUJBMIPMEJOHTXIPTUSPOHMZ EJTBQQSPWFTPGUIFBDRVJTJUJPO

5ZQFPG$POTJEFSBUJPO6TFE 8IBUDPOTJEFSBUJPOXJMM-BSHF$PVTFJOUIFBDRVJTJUJPO 5IFNPTUDPNNPODIPJDFTBSF DBTI JOBmYFEBNPVOUPSJOBOiFBSOPVUw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nPXXJUI XIJDIUPQBZPGGUIFOPUF5FDI$PTTIBSFIPMEFST SFDFJWJOHBOPUFPOUIFTBMFPG5FDI$P NBZ CFDPODFSOFEUIBU-BSHF$PXJMMCFVOBCMFPSVOXJMMJOHUPQBZPGGUIFOPUFXIFOJUCFDPNFT EVF"CTFOUB-BSHF$PXJUITVCTUBOUJBMBTTFUT 5FDI$PNBZJOTJTUUIBUTVDIBOPUFCFTFDVSFE CZUIFBTTFUTTPMEUP-BSHF$P5IFGPMMPXJOHUBCMFTVNNBSJ[FTTPNFPGUIFLFZCVTJOFTT DPOTJEFSBUJPOTJOWPMWFEJOTFMFDUJOHGSPNBNPOHUIFUISFFNPTUDPNNPOMZVTFEGPSNTPG BDRVJTJUJPODPOTJEFSBUJPO

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU 5BCMF"DRVJTJUJPO$POTJEFSBUJPO"MUFSOBUJWFT #VTJOFTT$POTJEFSBUJPOT $BTI 4UPDL 1SPNJTTPSZ/PUF )PXMJRVJEJTJU .PTUMJRVJE %FQFOET XIFUIFSTUPDL /PUMJRVJE JTSFTUSJDUFEPSGSFFMZ USBEBCMF

$BOJUCFUBYGSFF /P CVUJOTUBMMNFOU :FT UBYJTEFGFSSFEVOUJM :FT UBYJTEFGFSSFE USFBUNFOUNBZCF UIFTIBSFIPMEFSTFMMTIJT VOUJMQBZNFOUTBSF BWBJMBCMFGPSDBTI -BSHF$PTUPDL NBEFVOEFSUIFOPUF CBTJTUBYQBZFST

8IBUJTUIFMFWFMPGSJTL /PSJTL %FQFOET TVCKFDUUP %FQFOET TVCKFDUUP -BSHF$PQFSGPSNBODFBOE -BSHF$PDSFEJU NBSLFUSJTL XPSUIJOFTT

8IBUJTUIFJNQBDUPO 'BTUFTU 4MPXFTU CFDBVTF 4MPXFS CFDBVTFPG USBOTBDUJPOTQFFE PGTFDVSJUJFTMBX TFDVSJUJFTMBX DPNQMJBODF DPNQMJBODF

5BY'SFF"DRVJTJUJPO "DPNQMFUFMZiUBYGSFFw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mDJBM5FDI$PTTIBSFIPMEFSTXJMMCFDVSSFOUMZUBYFEPOBOZDBTI SFDFJWFE

GFOXJDLXFTU NFSHFSTBOEBDRVJTJUJPOT 5IFGPMMPXJOHUBCMFTIPXTUIFNBUSJYPGQPTTJCMFUBYGSFFBDRVJTJUJPOTUSVDUVSFBMUFSOBUJWFT BOEUIFJSJNQBDUPOLFZCVTJOFTTDPOTJEFSBUJPOT&BDIBMUFSOBUJWFJTEJTDVTTFEJOHSFBUFS EFUBJMCFMPX

5BCMF5BY'SFF"DRVJTJUJPO4USVDUVSF"MUFSOBUJWFT #VTJOFTT$POTJEFSBUJPOT .FSHFS "TTFU1VSDIBTF 4UPDL1VSDIBTF

)PXNVDITUPDLNVTUCFVTFE 4USBJHIUTUPDL TUPDL TUPDL UPIBWFUIFTUPDLSFDFJWFECF 'PSXBSEUSJBOHVMBSTUPDL UBYGSFF 3FWFSTFUSJBOHVMBSTUPDL

8IBUJTUIFTVSWJWJOH 4USBJHIU-BSHF$PIPMET -BSHF$PIPMET -BSHF$PIPMET TUSVDUVSF IBWJOHB 5FDI$PTBTTFUT 5FDI$PTBTTFUT 5FDI$PBTB TVCTJEJBSZNFBOTDPOUJOVJOH 'PSXBSEUSJBOHVMBS-BSHF$PT TVCTJEJBSZ BENJOJTUSBUJWFCVSEFOBOE TVCTJEJBSZIPMET5FDI$PT MJBCJMJUZJOTVMBUJPO BTTFUT 3FWFSTFUSJBOHVMBS-BSHF$P IPMET5FDI$PBTBTVCTJEJBSZ 8IPHFUTUBYFEJGUBYGSFF 4USBJHIUPSGPSXBSEUSJBOHVMBS 5FDI$PBOE 5FDI$PT SFRVJSFNFOUTBSFOPUNFU -BSHF$P5FDI$PT 5FDI$PT TIBSFIPMEFST TIBSFIPMEFST TIBSFIPMEFST 3FWFSTFUSJBOHVMBS5FDI$PT TIBSFIPMEFSTPOMZ 8IBUJTUIFFGGFDUPGEPJOHB 4USBJHIUPSGPSXBSEUSJBOHVMBS 4UFQVQJOCBTJT 4UFQVQJO UBYBCMFEFBMPOCBTJT 4UFQVQJOCBTJTPG5FDI$P PG5FDI$PBTTFUT CBTJTPG BTTFUT 5FDI$PTUPDL 3FWFSTFUSJBOHVMBS4UFQVQJO CBTJTPG5FDI$PTUPDL )PXEPFT-BSHF$PCFOFmU 4USBJHIUPSGPSXBSEUSJBOHVMBS (SFBUFS -FTTHBJOJG GSPNEPJOHBUBYBCMFEFBM (SFBUFSEFQSFDJBUJPOPO EFQSFDJBUJPOPO -BSHF$PTFMMT 5FDI$PBTTFUT 5FDI$PBTTFUT 5FDI$PTUPDL 3FWFSTFUSJBOHVMBS-FTTHBJOJG -BSHF$PTFMMT5FDI$PTUPDL

5IFGPMMPXJOHDIFDLMJTUPGLFZSFRVJSFNFOUTGPSPCUBJOJOHUBYGSFFUSFBUNFOUPGBO BDRVJTJUJPOJTGPSQVSQPTFTPGJEFOUJGZJOHBSFBTPGDPODFSOPOMZ4JODFUIFTFSVMFTBSF EZOBNJDBOEDPNQMFY ZPVTIPVMEDPOTVMUZPVSUBYBEWJTPSSFHBSEJOHUIFBQQMJDBUJPOPGUIFTF SFRVJSFNFOUTUPZPVSDPNQBOZBOEGBDUT5PRVBMJGZBTBUBYGSFFSFPSHBOJ[BUJPOVOEFSUIF *OUFSOBM3FWFOVF$PEF TFWFSBMSFRVJSFNFOUTNVTUCFTBUJTmFE5XPPGUIFNPSFJNQPSUBOU BSFUIBU-BSHF$PNVTUDPOUJOVF5FDI$PTCVTJOFTTJOTPNFGPSNBOE5FDI$PTTIBSFIPMEFST NVTUOPUTFMMCBDLUIFJS-BSHF$PTIBSFTSFDFJWFEJOUIFNFSHFSUP-BSHF$PBGUFSUIF BDRVJTJUJPO UIFiDPOUJOVJUZPGJOUFSFTUwUFTU 5IFSFBSFUISFFXBZTPGBDDPNQMJTIJOHUBYGSFF BDRVJTJUJPOT

.FSHFS"NFSHFSDBOPGGFSUIFNPTUnFYJCJMJUZJOTUSVDUVSJOHBUSBOTBDUJPOJOBXBZUIBUJT UBYGSFFUP5FDI$PTTIBSFIPMEFST5IFSFBSFUISFFUZQFTPGNFSHFST

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU Q 4USBJHIU.FSHFS*OBTUSBJHIUNFSHFS 5FDI$PNFSHFTEJSFDUMZJOUP-BSHF$P XJUI -BSHF$PTVSWJWJOHUIFNFSHFS-BSHF$PFOETVQIPMEJOHBMM5FDI$PTBTTFUTBOEJT MJBCMFGPSBMM5FDI$PTMJBCJMJUJFT*OBTUSBJHIUNFSHFS BUMFBTUPGUIFDPOTJEFSBUJPO QBJEOFFETUPCFTUPDLUPHFUUBYGSFFUSFBUNFOUGPSUIFTUPDLSFDFJWFE"TUSBJHIU NFSHFSQFSNJUTUIFNPTUGMFYJCJMJUZXJUISFTQFDUUPDPOTJEFSBUJPO

Q 'PSXBSE5SJBOHVMBS.FSHFS*OBGPSXBSEUSJBOHVMBSNFSHFS 5FDI$PNFSHFTJOUPB OFXMZGPSNFETVCTJEJBSZPG-BSHF$P XJUI-BSHF$PTTVCTJEJBSZTVSWJWJOHUIFNFSHFS -BSHF$PTTVCTJEJBSZFOETVQIPMEJOHBMM5FDI$PTBTTFUTBOEJTMJBCMFGPSBMM5FDI$PT MJBCJMJUJFT"TJOBTUSBJHIUNFSHFS BUMFBTUPGUIFDPOTJEFSBUJPOQBJEJOBGPSXBSE USJBOHVMBSNFSHFSOFFETUPCFTUPDLUPHFUUBYGSFFUSFBUNFOUGPSUIFTUPDLSFDFJWFE*O BGPSXBSEUSJBOHVMBSNFSHFS 5FDI$PTMJBCJMJUJFTBSFJTPMBUFEJO-BSHF$PTTVCTJEJBSZ XJUIPVUQVUUJOHUIFSFNBJOEFSPG-BSHF$PTBTTFUTBOECVTJOFTTBUSJTL

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iTUFQVQwJOUIFCBTJTPG5FDI$PTBTTFUTUPUIFJSDVSSFOUGBJSNBSLFUWBMVF*O

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

4UPDLGPS4UPDL"DRVJTJUJPO*OBTUPDLGPSTUPDLBDRVJTJUJPO 5FDI$PTTIBSFIPMEFSTFYDIBOHF UIFJSTIBSFTTPMFMZGPS-BSHF$PTTUPDL"GUFSUIFFYDIBOHF -BSHF$PNVTUPXOBUMFBTU PG5FDI$PTTUPDL4JODFPOMZ-BSHF$PTUPDLNBZCFVTFE TUPDLGPSTUPDLBDRVJTJUJPOTBSFUIF MFBTUnFYJCMFJOUIFUZQFPGDPOTJEFSBUJPOUIBUNBZCFVTFE

"DRVJTJUJPO"DDPVOUJOH 0O+VOF 5IF'JOBODJBM"DDPVOUJOH4UBOEBSET#PBSE '"4# BEPQUFE4UBUFNFOUT PG'JOBODJBM"DDPVOUJOH4UBOEBSET/P #VTJOFTT$PNCJOBUJPOTBOE/P (PPEXJMM BOE0UIFS*OUBOHJCMF"TTFUT4UBUFNFOUFMJNJOBUFEQPPMJOHBDDPVOUJOHGPSBDRVJTJUJPOT VOMFTTUIFZXFSFJOJUJBUFEQSJPSUP+VMZ "OBDRVJTJUJPOJTEFFNFEiJOJUJBUFEw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

6QVOUJM+VOF NBOZ-BSHF$PTQSFGFSSFEUPIBWFBOBDRVJTJUJPOBDDPVOUFEGPSBTB iQPPMJOHwJOTUFBEPGBiQVSDIBTFw1SJPSUPUIBUEBUF JOBUBYGSFFNFSHFSBDDPVOUFEGPSBT BQVSDIBTF UIFJODPNFTUBUFNFOUTPG5FDI$PBOE-BSHF$PXFSFDPNCJOFEPOMZBGUFSUIF DMPTJOHPGUIFBDRVJTJUJPO5FDI$PTBTTFUTXFSFSFDPSEFEPO-BSHF$PTCBMBODFTIFFUBUUIFJS GBJSNBSLFUWBMVFPOUIFEBUFUIFBDRVJTJUJPOXBTDPOTVNNBUFE5IFEJGGFSFODFCFUXFFOUIF QSJDFQBJECZ-BSHF$PBOEUIFOFUCPPLWBMVFPG5FDI$PTBTTFUTXBTUSFBUFEBTHPPEXJMM XIJDIXBTUIFOBNPSUJ[FEBTFYQFOTFBHBJOTU-BSHF$PTGVUVSFJODPNFDSFBUJOHBiIJUUPJUT FBSOJOHT wXJUIPVUBDPSSFTQPOEJOHUBYEFEVDUJPO1VSDIBTFBDDPVOUJOHXBTHFOFSBMMZOPU EFTJSBCMFXIFOBDRVJSJOH5FDI$PTCFDBVTFNVDIPGUIFJSWBMVFSFMBUFTUPUIFJSUFDIOPMPHZ UIBUIBTMJUUMF JGBOZ CPPLWBMVF4JODF5FDI$PTUFOEUPFYQFOTFUIFWBTUNBKPSJUZPGUIF NPOFZUIFZFYQFOEPOUFDIOPMPHZEFWFMPQNFOU UIFTFWBMVBCMFBTTFUTHFOFSBMMZBSFDBSSJFE BUWFSZMPXCBMBODFTIFFUWBMVFT SFTVMUJOHJOMBSHFHPPEXJMMDIBSHFTUIBUXPVMESFEVDFUIF -BSHF$PTFBSOJOHTGPSNBOZZFBSTUPDPNF

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU *OQPPMJOHBDDPVOUJOH UIFIJTUPSJDBMmOBODJBMTUBUFNFOUTPG-BSHF$PBOE5FDI$PXFSF DPNCJOFEBOESFTUBUFEBTUIPVHIUIFUXPDPNQBOJFTIBEBMXBZTCFFOPOF5FDI$PTOFU BTTFUWBMVFTXFSFOPUSFWJTFE5IFZXFSFDBSSJFEPWFSPOUP-BSHF$PTCBMBODFTIFFUBUUIF TBNFWBMVFBUXIJDIUIFZIBECFFODBSSJFEPO5FDI$PTCBMBODFTIFFU/PHPPEXJMMXBT SFDPSEFEBOEUIFSFGPSFOPOFOFFEFEUPCFBNPSUJ[FE5IFSFXBTOPiIJUUP-BSHF$PTGVUVSF FBSOJOHTw

5IFSFXFSFTJHOJmDBOUTUSVDUVSJOHESBXCBDLTUPVTJOHQPPMJOHBDDPVOUJOH"NPOHUIF QPPMJOHSFTUSJDUJPOT

Q UIFUSBOTBDUJPOIBEUPCFTPMFMZGPSDPNNPOTUPDLPGUIFBDRVJSFS

Q OPNPSFUIBOPGUIFDPOTJEFSBUJPODPVMECFQBJEPVUGPSGSBDUJPOBMTIBSFTBOE EJTTFOUFST

Q UIFUBSHFUDPVMEOPUDIBOHFJUTFRVJUZTUSVDUVSFJODPOUFNQMBUJPOPGUIFUSBOTBDUJPO

Q OPNPSFUIBOPGUIFDPOTJEFSBUJPODPVMECFIFMEJOFTDSPXUPJOEFNOJGZUIF BDRVJSFSGPSCSFBDIFTPGHFOFSBMSFQSFTFOUBUJPOTBOEXBSSBOUJFT

Q UIFFTDSPXIBEUPUFSNJOBUFBUUIFFBSMJFSPGUIFGJSTUBVEJU GPSJUFNTDPWFSFECZBVEJU PSPOFZFBSGSPNDMPTJOH

Q BGGJMJBUFTPGCPUIDPNQBOJFTXFSFQSPIJCJUFEGSPNTFMMJOHTIBSFTGSPNBQFSJPE CFHJOOJOHEBZTQSJPSUPDMPTJOHVOUJMUIFSFMFBTFPGGJOBODJBMTUBUFNFOUTDPOUBJOJOH BUMFBTUEBZTPGDPNCJOFEPQFSBUJPOTBOE

Q OPPUIFSSFTUSJDUJPOTPOSFTBMFPSWPUJOHDPVMECFJNQPTFEPOTIBSFTJTTVFEUPUIF UBSHFU

8JUIUIFFMJNJOBUJPOPGQPPMJOH DPNQBOJFTIBWFNVDINPSFnFYJCJMJUZPOIPXUIFZ TUSVDUVSFUIFJSUSBOTBDUJPOT5BSHFUTDBOSFQSJDFPQUJPOT DVUTQFDJBMTFWFSBODF WFTUJOH PSDPNQFOTBUJPOEFBMTXJUIFYFDVUJWFT PSOFHPUJBUFBQBSUJBMMZTUPDLBOEQBSUJBMMZDBTI USBOTBDUJPOGPSFYBNQMF"DRVJSFSTDBOJNQPTFSFTBMFSFTUSJDUJPOTPOTUPDL PSSFRVJSFMBSHFS FTDSPXTBOEIPMEUIFFTDSPXFETIBSFTGPSBMPOHFSQFSJPE"GmMJBUFTPGOFJUIFSUIFUBSHFUPS UIFBDRVJSFSXJMMCFTVCKFDUUPUIFQPPMJOHMPDLVQ

GFOXJDLXFTU NFSHFSTBOEBDRVJTJUJPOT 5SPVCMFE$PNQBOZ."*TTVFT

"DRVJTJUJPOTPGUFOPDDVSEVSJOHBEPXOUVSOJOUIFFDPOPNZPSXIFO5FDI$PTWBMVBUJPOJT EFQSFTTFEPSJUJTOFBSJOTPMWFODZPSCBOLSVQU8IJMFUIFTFDJSDVNTUBODFTDSFBUFBNZSJBE PGPUIFSJTTVFT UIFGPMMPXJOHTFDUJPOBEESFTTFTUXPPGUIFNPTUDPNNPOIPXEPFT5FDI$P LFFQJUTLFZFNQMPZFFTNPUJWBUFEUPIFMQTFMMUIFDPNQBOZBOEXIBUTUSVDUVSFTIPVMECF VTFEUPBDRVJSFB5FDI$POFBSJOTPMWFODZ

&NQMPZFF*ODFOUJWF*TTVFT 5IF1SPCMFN"5FDI$PUIBUXBTWFOUVSFCBDLFENBZm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mUUIFIPMEFSTPGUIFQSFGFSSFETUPDL5IJTDPOnJDU DPVMETUBMMPSFWFOGPSFDMPTFBDRVJTJUJPOOFHPUJBUJPOT

5IF4PMVUJPO5FDI$PDBOTPMWFUIJTQSPCMFNCZDSFBUJOHBDBTIPSTUPDLCPOVTQMBOPSCZ EPJOHBSFDBQJUBMJ[BUJPO'SFRVFOUMZ BDBTISFUFOUJPOCPOVTQMBOJTUIFTJNQMFTUTPMVUJPO 5IFSFGPMMPXTBUBCMFBOETVNNBSZPGNBKPSDPOTJEFSBUJPOTJOBEPQUJOHLFZFNQMPZFF JODFOUJWFQMBOT

5BCMF&NQMPZFF*ODFOUJWF1MBO"MUFSOBUJWFT $IBSBDUFSJTUJD $BTI#POVT1MBO 4UPDL#POVT1MBO 3FDBQJUBMJ[BUJPO 5BJMPSUP#FOFGJUPOMZ :FT :FT /P ,FZ1MBZFST 3FRVJSFT4IBSFIPMEFS (FOFSBMMZ /P :FT :FT "QQSPWBM 3FRVJSFT4FDVSJUJFT (FOFSBMMZ /P :FT :FT $PNQMJBODF &NQMPZFFT5BYFE 3FDFJQU 3FDFJQU 4BMFPG4UPDL 8IFO &NQMPZFFT5BYFEBU 0SEJOBSZ*ODPNF 0SEJOBSZ*ODPNF $BQJUBM(BJOT 8IBU3BUF 3FEVDFT5PUBM /P /P %FQFOET -JRVJEBUJPO 1SFGFSFODFT

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iXBHFTwXIJDINVTUCFQBJECZUIFFNQMPZFS*GUIFiFNQMPZFSwDBOOPUQBZ VOEFSTPNF DJSDVNTUBODFTUIFJOEJWJEVBMPGmDFSTBOENBOBHFSTNBZCFJOEJWJEVBMMZMJBCMFGPSUIFVOQBJE XBHFT

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i%FQBSUNFOUw SFRVJSFTUIBUTUPDLCPOVTQMBOTBOETVDIDIBOHFTJO UIFDIBSUFSCFRVBMJmFEPSFYFNQUGSPNTFDVSJUJFTRVBMJmDBUJPO5FDI$PXPVMEIBWFUPFJUIFS RVBMJGZUIFCPOVTQMBOBOEDIBSUFSBNFOENFOUXJUIUIF%FQBSUNFOUPSMJNJUUIFQBSUJDJQBOUT UPUIPTFXIPBSFPGmDFST EJSFDUPST BDDSFEJUFEJOWFTUPSTPSUIPTFXIPBSFTPQIJTUJDBUFE JOmOBODJBMNBUUFST4PNFDSJUJDBMFNQMPZFFTUIBU5FDI$PXJTIFTUPSFUBJONBZOPURVBMJGZ GPSUIJTFYFNQUJPO'VSUIFS UIFQBSUJDJQBOUTXJMMSFDPHOJ[FUBYVQPOSFDFJQUPGUIFCPOVTFE TUPDLWBMVFEBUJUTGBJSNBSLFUWBMVFBOE JGUIFBDRVJTJUJPODVSSFODZJTVOSFHJTUFSFETUPDL QBSUJDJQBOUTNBZOPUCFBCMFUPTFMMUIFTUPDLJOUJNFUPQBZUIFJSUBYFT(JWFOBTUPDLQMBOT BEEJUJPOBMDPNQMFYJUJFTBOEMJNJUFECFOFmU BDBTICPOVTQMBONBZCFQSFGFSBCMF

3FDBQJUBMJ[BUJPOT5FDI$PDPVMEBMTPEPBSFDBQJUBMJ[BUJPO*G5FDI$PIBESBJTFENJMMJPO BOEJTOPXWBMVFEBUNJMMJPO JUDPVMESFDBQJUBMJ[FCZBNFOEJOHJUTDIBSUFSUPBMMPXUIF DPNNPOTUPDLUPSFDFJWFVQUP9JOBDRVJTJUJPOQSPDFFETCFGPSFUIFQSFGFSSFE CVUMFBWFUIF QSFGFSSFEMJRVJEBUJPOQSFGFSFODFTVODIBOHFE"MUFSOBUJWFMZ 5FDI$PDPVMEBNFOEJUTDIBSUFS UPDPOWFSUPVUTUBOEJOHQSFGFSSFETUPDL XIJDIIBENJMMJPOJOMJRVJEBUJPOQSFGFSFODFT JOUP BOFXTFSJFTPGQSFGFSSFETUPDLXJUI GPSFYBNQMF POMZNJMMJPOJOMJRVJEBUJPOQSFGFSFODFT

GFOXJDLXFTU NFSHFSTBOEBDRVJTJUJPOT MFBWJOHNJMMJPOGPSEJTUSJCVUJPOUPUIFIPMEFSTPGUIFDPNNPOTUPDL5IJTBQQSPBDISFEVDFT UPUBMMJRVJEBUJPOQSFGFSFODFT JOFGGFDU SFTUBSUJOHUIFDPNQBOZ&JUIFSXJMMSFRVJSFBNFOEJOH UIFDIBSUFSBOEPCUBJOJOHQSFGFSSFETIBSFIPMEFSBQQSPWBM XIJDINBZCFEJGmDVMUUPPCUBJO *OBEEJUJPO OPUFUIBUBMMDPNNPOTIBSFIPMEFST JODMVEJOHGPSNFSFNQMPZFFT CFOFmUVOEFS SFDBQJUBMJ[BUJPOT SBUIFSUIBOKVTUUIPTFFNQMPZFFTXIPBSFDVSSFOUMZDSJUJDBM5FDI$PXPVME IBWFUPRVBMJGZUIFDIBSUFSBNFOENFOUXJUIUIF%FQBSUNFOUVOMFTTUIFDVSSFOUIPMEFSTPGUIF QSFGFSSFETUPDLBSFBMMPGmDFST EJSFDUPST BDDSFEJUFEJOWFTUPSTPSUIPTFXIPBSFTPQIJTUJDBUFE JOmOBODJBMNBUUFSTPSBOPUIFSFYFNQUJPOJTBWBJMBCMF*GVOTPQIJTUJDBUFEJOWFTUPSTIPME QSFGFSSFETUPDL BOFYFNQUJPONBZOPUCFBWBJMBCMF'JMJOHXJUIUIF%FQBSUNFOUGPSBQFSNJU XJMMJODSFBTFUIFDPTUPGEPJOHUIFSFDBQJUBMJ[BUJPO BOE JGUIF%FQBSUNFOUXJMMOPUHSBOUB SFRVJSFEQFSNJU JUXJMMCFJNQPTTJCMFUPEPUIFSFDBQJUBMJ[BUJPO"SFDBQJUBMJ[BUJPOJTNPTU MJLFMZUPCFVTFEXIFO5FDI$PJTSBJTJOHOFXNPOFZBOEUIFOFXJOWFTUPSJTOPUXJMMJOH UPJOWFTUVOMFTTUIFFNQMPZFFSFUFOUJPOJTTVFJTBEESFTTFEPSMJRVJEBUJPOQSFGFSFODFTPG FYJTUJOHQSFGFSSFETUPDLBSFTJHOJmDBOUMZSFEVDFEUPSFnFDU5FDI$PTFDPOPNJDDPOEJUJPO BUUIFUJNFPGUIFOFXJOWFTUNFOU*GJUJTDMFBSUIBU5FDI$PXJMMCFTPMEOFBSUFSN JUJTXJTF GPSUIFJOWFTUPSQVUUJOHJOOFXNPOFZUPGPSDFUIFDMFBOVQUIFPWFSIBOHPGMJRVJEBUJPO QSFGFSFODFTBUUIFUJNFPGJUTJOWFTUNFOU SBUIFSUIBOXBJUJOHGPSUIFBDRVJSFSUPQVUBOPGGFS POUIFUBCMFBOEmHIUJOHUIFJTTVFPVUUIFO

8IFO5FDI$PJT/FBS#BOLSVQUDZ *OTPMWFODZ"DPNQBOZJTJOTPMWFOUJGJUDBOOPUQBZJUTVOEJTQVUFEEFCUTBTUIFZDPNFEVF PSJGJUTEFCUTFYDFFEUIFGBJSWBMVFPGJUTBTTFUT*G5FDI$PJTOFBSJOTPMWFODZXIFOJUEFDJEFT UPCFBDRVJSFEBOEUIFEFBMQSJDFQBJEXPOUGVMMZTBUJTGZ5FDI$PTDSFEJUPST -BSHF$PBOE 5FDI$PTCPBSEPGEJSFDUPSTXJMMXBOUUPQSPUFDUUIFNTFMWFTGSPNDMBJNTCZ5FDI$PTDSFEJUPST BOETIBSFIPMEFST5FDI$PTCPBSEIBTBOPCMJHBUJPOUPNBLFTVSFJUSFDFJWFTSFBTPOBCMZ FRVJWBMFOUWBMVFGPSJUTBTTFUT BOE-BSHF$PTFFLTUPBWPJETVDDFTTPSMJBCJMJUZ

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

4VDDFTTPS-JBCJMJUZ&WFOJOBOBTTFUBDRVJTJUJPO -BSHF$PNJHIUCFMJBCMFGPS5FDI$PT PCMJHBUJPOTVOEFSBiTVDDFTTPSJOJOUFSFTUwUIFPSZ5IJTDBOIBQQFOJGUIFSFJTBOFYQSFTTPS JNQMJFEBTTVNQUJPOPGUIFPCMJHBUJPO JGOPWBMVFJTQBJEUPUIFDSFEJUPSTJOUIFBDRVJTJUJPO JG UIFQVSDIBTFSJTBNFSFDPOUJOVBUJPOPGUIFUBSHFU UIFUSBOTBDUJPOXBTGSBVEVMFOUMZBSSBOHFE UPFTDBQFEFCUTPSGPSQSPEVDUTMJBCJMJUZDMBJNTBHBJOTUUIFQSJPSCVTJOFTT XIFSFUIFQSF

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU FYJTUJOHCVTJOFTTJTDPOUJOVFEXJUIPVUJOUFSSVQUJPO*OBEEJUJPO DFSUBJOUZQFTPGTUBUVUPSZ MJBCJMJUZ TVDIBTVOQBJE$BMJGPSOJBTBMFTUBY XJMMGPMMPXUIFQVSDIBTFEBTTFUTJOUP-BSHF$PT IBOET

5IFSFGPMMPXTBUBCMFBOETVNNBSZPGNBKPSDPOTJEFSBUJPOTXIFOBDRVJSJOHBDPNQBOZOFBS CBOLSVQUDZ

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

1SJWBUF"TTFU4BMF8IFO5FDI$PJTBTNBMMQSJWBUFMZIFMEDPNQBOZ XJUIBNPEFTUOVNCFS PGDSFEJUPST -BSHF$PXJMMUZQJDBMMZEPBQSJWBUFBTTFUBDRVJTJUJPOPVUTJEFPGCBOLSVQUDZ *OUIJTTDFOBSJP 5FDI$PTTFDVSFEDSFEJUPSTXJMMIBWFUPCFTBUJTmFE FJUIFSUISPVHIGVMM QBZNFOUPSQBSUJBMQBZNFOUBOESFMFBTF UPSFNPWFMJFOTGSPNUIFQVSDIBTFEBTTFUT'BJMVSF UPHFUUIFMJFOTSFNPWFEXJMMNFBOUIBU-BSHF$PBDRVJSFTUIFBTTFUTTVCKFDUUPUIPTFMJFOT 5FDI$PT$&0NBZBMTPXBOU5FDI$PTVOTFDVSFEDSFEJUPSTUPSFMFBTF5FDI$P JUTCPBSEBOE -BSHF$PGSPNMJBCJMJUZJGDSFEJUPSTSFDFJWFBOBHSFFEVQPOQBZNFOUBUDMPTJOH5IFBSHVNFOU

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mEVDJBSZEVUZUPJUTDSFEJUPST8IJMF5FDI$PNBZOPUCF BCMFUPPCUBJOSFMFBTFTGSPNBMMDSFEJUPST -BSHF$PNBZOPUXBOUUPDMPTFUIFEFBMJG5FDI$P EPFTOPUPCUBJOUIFNGSPNUIFMBSHFTUNPTUWPDBMVOTFDVSFEDSFEJUPST XIPNBZIBWFUIF FDPOPNJDJODFOUJWFUPBUUBDLUIFUSBOTBDUJPOUPPCUBJOQBZNFOU*GUIFVOBTTVNFEMJBCJMJUJFT BSFTNBMMPSXJEFMZEJTQFSTFEPWFS5FDI$PTVOTFDVSFEDSFEJUPSCPEZ -BSHF$PNBZUBLFUIF SJTLUIBUJUXJMMOPUCFTVFEBGUFSUIFDMPTJOHBOEGPSFHPUIFSFMFBTFT

1SF/FHPUJBUFE#BOLSVQUDZXJUI-BSHF$P"T-FBE#JEEFS"U"VDUJPO*GJUJTDMFBSUIBU5FDI$P JTIFBEFEJOUPCBOLSVQUDZ UIFEPMMBSTBSFUPPHSFBUUPSJTLPSUIFDSFEJUPSTUPPNBOZUP OFHPUJBUFXJUI -BSHF$PXJMMBDRVJSF5FDI$PUISPVHIUIFCBOLSVQUDZQSPDFTT5IFNPTU DPNNPOBQQSPBDIJTUPIBWFUIFQBSUJFTOFHPUJBUFBQVSDIBTFBHSFFNFOUXJUIBDMPTJOH DPOEJUJPOUIBUUIFTBMFXJMMCFDPNQMFUFEUISPVHICBOLSVQUDZ5FDI$PUIFOmMFTGPS$IBQUFS CBOLSVQUDZ BTLJOHUIFDPVSUUPEFDMBSF-BSHF$PUIFiMFBECJEEFSwBOETFUUJOHQSPDFEVSFT GPSCJEEJOHEFBEMJOFT PWFSCJEMJNJUT FUDBOEDPOmSNJOHBOZBWBJMBCMFQSPUFDUJPOGPS -BSHF$P TVDIBTBSFRVFTUFECSFBLVQGFFJGJUJTPWFSCJE"OBVDUJPOBOETBMFTIFBSJOHBSF UIFOIFMEXIFSFUIJSEQBSUJFTDBODPNFJOBOECJEBHBJOTU-BSHF$PGPSUIFBTTFUT'JMJOH CBOLSVQUDZBVUPNBUJDBMMZTUBZTBOZMBXTVJUTPSDPMMFDUJPOBDUJPOTBHBJOTU5FDI$P*G-BSHF$P XJOTUIFBVDUJPO JUXJMMCFEJGm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m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mMFTGPSCBOLSVQUDZ BOE5FDI$PJTVOMJLFMZUPCFBCMFUPUFSNJOBUFJUTCBOLSVQUDZ mMJOHPODFJUJTJO$IBQUFS

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU 8BJUBOE4IPQ"OPUIFSBQQSPBDIXPVMECFGPS-BSHF$PUPXBJUGPS5FDI$PUPEFDMBSF CBOLSVQUDZBOECJEBUUIFBVDUJPOXJUIPVUHPJOHUPUIFFYQFOTFBOEFGGPSUPGOFHPUJBUJOHUIF QVSDIBTFBHSFFNFOU*UQFSNJUT-BSHF$PUPHFUBiNBSLFUwDIFDLPOUIFWBMVFPG5FDI$PT BTTFUTTPJUXPOUCFPWFSQBZJOH&WFOJG-BSHF$PJTOPUUIFiMFBECJEEFS w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mUTPGCFJOHUIFiMFBEwCJEEFSHFOFSBMMZPVUXFJHIUIFEFUSJNFOUT

"TTJHONFOUGPS#FOFmUPG$SFEJUPST*G-BSHF$PXJTIFTUPBWPJECBOLSVQUDZ JUDPVMEVTF BOBTTJHONFOUGPSUIFCFOFm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

GFOXJDLXFTU NFSHFSTBOEBDRVJTJUJPOT *NQMFNFOUJOH5IF%FBM

)BWJOHDPOTJEFSFEUIFNBKPSEFBMJTTVFTJOWPMWFEJO-BSHF$PTBDRVJTJUJPOPG5FDI$P UIF GPMMPXJOHTFDUJPOPVUMJOFTUIFQSPDFTTUPHFUUIFQBSUJFTGSPNUIFJSIBOETIBLFEFBMUPB DPNQMFUFEUSBOTBDUJPO

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mEFOUJBMJUZ QSPWJTJPOT UIFOPTIPQDMBVTFBOEUIFOFFEGPSFBDIQBSUZUPQBZJUTPXOFYQFOTFT NPTU -0*TBSFOPOCJOEJOH 4FF"QQFOEJY"GPSBTBNQMF-FUUFSPG*OUFOUGPSBNFSHFSUPCF BDDPNQMJTIFEVOEFSB'PSN43FHJTUSBUJPO4UBUFNFOU

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

Q -BSHF$PJTSFTQPOTJCMFGPSBNBSLFUMFBLSFMBUJOHUPUIFEFBM

Q -BSHF$PJTUSBEJOHJOJUTPXOTUPDL FH TUPDLSFQVSDIBTFT

Q -BSHF$PTJOTJEFSTBSFUSBEJOHJO-BSHF$PTUPDLPS

Q -BSHF$PIBTSFDFOUMZEFOJFEUIBUJUXBTJONFSHFSOFHPUJBUJPOT

$PNQBOJFTEPOPUXBOUUPNBLFQSFNBUVSFBOOPVODFNFOUTPGBQSPQPTFEBDRVJTJUJPO5IFZ QSFGFSUPBOOPVODFPOMZBGUFSUIFZBSFDFSUBJOUIBUUIFBDRVJTJUJPOXJMMPDDVSBOEUIFZIBWF IBEBOPQQPSUVOJUZUPBEESFTTUIFDVTUPNFSBOEFNQMPZFFRVFTUJPOTUIBUXJMMBSJTFCFDBVTF PGBQVCMJDEJTDMPTVSF8IFOOFHPUJBUJOHBOBDRVJTJUJPO JUJTJODVNCFOUVQPOUIFQBSUJFTUP JOTUJUVUFJOUFSOBMDPOUSPMTUPBWPJEDSFBUJOHBEJTDMPTVSFPCMJHBUJPO'PSFYBNQMF -BSHF$P TIPVMENBJOUBJOTUSJDUDPOmEFOUJBMJUZUPBWPJEMFBLTUPUIFQVCMJDBCPVUUIFOFHPUJBUJPOT BOETIPVMEIBWFBQPMJDZPGSFTQPOEJOHUPQSFTTJORVJSJFTBCPVUNFSHFSOFHPUJBUJPOTXJUI iOPDPNNFOUw"TBOBEEJUJPOBMQSFDBVUJPO NBOZQVCMJD-BSHF$PTBWPJEFYFDVUJOH-0*T

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU "GUFSFYDIBOHJOHVOTJHOFEESBGUTPGUIF-0* UIFQBSUJFTNBZHPEJSFDUMZUPOFHPUJBUJOH BOEFYFDVUJOHUIFEFmOJUJWFBHSFFNFOUT5IFJSQPTJUJPOJTUIBU BCTFOUBTJHOFE-0* UIF BDRVJTJUJPOmSTUCFDPNFTQSPCBCMFXIFOUIFQBSUJFTFYFDVUFUIFEFmOJUJWFBHSFFNFOUT

5JNFBOE3FTQPOTJCJMJUZ4DIFEVMF 0ODFUIFQBSUJFTBHSFFPOUIFUFSNTPGUIF-0* -BSHF$PHFOFSBMMZXJMMDJSDVMBUFBiUJNFBOE SFTQPOTJCJMJUZTDIFEVMFw5IFUJNFBOESFTQPOTJCJMJUZTDIFEVMFPVUMJOFTUIFJUFNTUIBUOFFE UPCFBDDPNQMJTIFEUPDPNQMFUFUIFUSBOTBDUJPO UIFQBSUJFTSFTQPOTJCMFGPSFBDIJUFNBOE UIFEBUFPOXIJDIFBDIJUFNNVTUCFDPNQMFUFE"UUBDIFEUPUIFUJNFBOESFTQPOTJCJMJUZ TDIFEVMFJTUIFi*OUFSFTUFE1BSUJFT-JTU wHJWJOHUIFOBNF BEESFTT PGmDFUFMFQIPOF FNBJM BOEGBYOVNCFST BOEIPNFBEESFTTBOEUFMFQIPOFOVNCFSPGFBDIQBSUZXIPNJHIUCF OFFEFEPOBUJNFDSJUJDBMCBTJTEVSJOHOFHPUJBUJPOT5IFTFEPDVNFOUTFOTVSFUIBUFWFSZPOF IBTUIFTBNFFYQFDUBUJPOTSFHBSEJOHXIPJTSFTQPOTJCMFGPSEPJOHXIBUBOEXIFOJUNVTUCF DPNQMFUFE 4FF"QQFOEJY#GPSBTBNQMF5JNFBOE3FTQPOTJCJMJUZ4DIFEVMFGPSBNFSHFSUP CFBDDPNQMJTIFEVOEFSB'PSN43FHJTUSBUJPO4UBUFNFOU

%FmOJUJWF"HSFFNFOUT 5IFOFYUTUFQJOUIFBDRVJTJUJPOQSPDFTTJTGPS-BSHF$PUPTFOEPVUBi%VF%JMJHFODF3FRVFTU $IFDL-JTU wTPMJDJUJOHEFUBJMFEJOGPSNBUJPOBOEEPDVNFOUBUJPOBCPVU5FDI$P5IJTCFHJOTUIF EVFEJMJHFODFQSPDFTTJOFBSOFTU 4FFBMTPi-BSHF$P%VF%JMJHFODFwBCPWF

4JNVMUBOFPVTMZ -BSHF$PXJMMQSFQBSF BOEUIFQBSUJFTXJMMOFHPUJBUF UIFEFmOJUJWF BHSFFNFOUT5IFNBJOBHSFFNFOUXPVMECFBOi"HSFFNFOUBOE1MBOPG3FPSHBOJ[BUJPOw JG-BSHF$PJTBDRVJSJOH5FDI$PCZBNFSHFS BOi"TTFU1VSDIBTF"HSFFNFOUwJG-BSHF$PJT BDRVJSJOH5FDI$PTBTTFUT PSBi4UPDL1VSDIBTF"HSFFNFOUwJG-BSHF$PJTBDRVJSJOH5FDI$PT TUPDLEJSFDUMZGSPN5FDI$PTTIBSFIPMEFST&BDIPGUIFTFBHSFFNFOUTXJMMTFUGPSUIJOEFUBJMUIF

Q UFSNTPGUIFBDRVJTJUJPO

Q 5FDI$PTSFQSFTFOUBUJPOTBOEXBSSBOUJFT XIJDIXJMMCFWFSZEFUBJMFE

Q -BSHF$PTSFQSFTFOUBUJPOTBOEXBSSBOUJFT XIJDIHFOFSBMMZXJMMCFNPSFMJNJUFEUIBO UIPTFNBEFCZ5FDI$P

Q 5FDI$PTDPWFOBOUT HFOFSBMMZSFMBUJOHUP5FDI$PTDPOEVDUPGJUTCVTJOFTTCFUXFFO TJHOJOHUIFBHSFFNFOUBOEDMPTJOH

Q -BSHF$PTDPWFOBOUT HFOFSBMMZSFMBUJOHUPUBLJOHUIFTUFQTOFDFTTBSZUPDMPTFUIF USBOTBDUJPO

Q DPOEJUJPOTUPDMPTJOH

Q UFSNJOBUJPOQSPWJTJPOT BOE

Q JOEFNOJUZBOEFTDSPXQSPWJTJPOT

GFOXJDLXFTU NFSHFSTBOEBDRVJTJUJPOT 5PTVQQMFNFOUJUTSFQSFTFOUBUJPOTBOEXBSSBOUJFT 5FDI$PXJMMCFSFRVJSFEUPEFMJWFSUP -BSHF$PEFUBJMFETDIFEVMFTJUFNJ[JOHNBUFSJBM5FDI$PQSPQFSUZ BTTFUTBOEMJBCJMJUJFT5FDI$P XJMMXBOUUPFOTVSFUIBUUIFTDIFEVMFTBSFDPNQMFUFBOEDPSSFDUTJODF5FDI$PTTIBSFIPMEFST DPVMECFMJBCMFJGUIFZBSFOPU 4FFBMTPi5FDI$P3FQSFTFOUBUJPOTBOE8BSSBOUJFT *OEFNOJUJFTBOE&TDSPXTwBCPWF

5FDI$PBMTPXJMMXBOUUPGPDVTPOUIFDPOEJUJPOTUPDMPTJOHDPOUBJOFEJOUIFBHSFFNFOU i$POEJUJPOTUPDMPTJOHwBSFUIJOHTUIBUNVTUCFUSVFCFGPSF-BSHF$P 5FDI$PPSCPUI QBSUJFTBSFSFRVJSFEUPDMPTFUIFBDRVJTJUJPO FH UIFSFNVTUCFOPJOKVODUJPOPVUTUBOEJOH QSPIJCJUJOHUIFBDRVJTJUJPO 5FDI$PXJMMXBOUUPBWPJE-BSHF$PDPOEJUJPOTUPDMPTJOHUIBUBSF TVCKFDUJWFPSXJUIJO-BSHF$PTDPOUSPM'PSFYBNQMF 5FDI$PXPVMEOPUXBOU-BSHF$PUPCF BCMFUPSFGVTFUPDMPTFCFDBVTFJUIBTEFUFSNJOFEUIBU5FDI$PTQSPTQFDUTOPMPOHFSMPPLBT QSPNJTJOHBTUIFZEJEBUUIFUJNFJUTJHOFEUIFEFmOJUJWFBHSFFNFOU 4FFBMTPi-BSHF$P%VF %JMJHFODFwBCPWF

*OBEEJUJPOUPUIFQSJODJQBMBHSFFNFOU UIFQBSUJFTNBZOFHPUJBUFBOEFYFDVUFBODJMMBSZ BHSFFNFOUT TVDIBTBO&TDSPX"HSFFNFOU &NQMPZNFOU"HSFFNFOUT /PODPNQFUJUJPO "HSFFNFOUT B3FHJTUSBUJPO3JHIUT"HSFFNFOUBOE"GmMJBUFT"HSFFNFOUT

#PBSE"QQSPWBM 5FDI$PT#PBSEPG%JSFDUPSTNVTUBQQSPWFUIFEFmOJUJWFBHSFFNFOUTCFGPSFUIFZBSFTJHOFE -BSHF$PT#PBSEPG%JSFDUPSTTIPVMEBQQSPWFUIFBDRVJTJUJPOJGJUJTNBUFSJBMPSPVUTJEFJUT PSEJOBSZDPVSTFPGCVTJOFTT"#PBSEPG%JSFDUPSTIBTBmEVDJBSZPCMJHBUJPOUPUSZUPOFHPUJBUF UIFCFTUEFBMGPSJUTTIBSFIPMEFST5IFMBXBMMPXTUIF#PBSEUPFYFSDJTFJUTCVTJOFTTKVEHNFOU XIFOFWBMVBUJOHDPNQFUJOHPGGFST CVUSFRVJSFTJUUPFYFSDJTFEVFEJMJHFODFJOUIFQSPDFTT 5PNFFUUIJTSFRVJSFNFOU UIF#PBSETIPVMEUIPSPVHIMZSFWJFXBOEEJTDVTTUIFQSPQPTFE UFSNTPGUIFBDRVJTJUJPOBOEUIFSFTVMUTPGNBOBHFNFOUTEVFEJMJHFODFJOWFTUJHBUJPO 5IF#PBSEBMTPNBZXBOUUPDPOTVMUBOJOWFTUNFOUCBOLFSSFHBSEJOHUIFiGBJSOFTTwPGUIF QSPQPTFEUSBOTBDUJPOUPUIFTIBSFIPMEFST*GWBMVBUJPOJTBOJTTVF UIF#PBSENBZFWFOXBOU BOJOWFTUNFOUCBOLFSUPiTIPQUIFDPNQBOZw5IFQBSUJFTTIPVMECFBXBSFUIBUJGUIFZPCUBJO BiGBJSOFTTPQJOJPOwGSPNBOJOWFTUNFOUCBOLFS UIF4&$ XIFOSFWJFXJOHBO43FHJTUSBUJPO 4UBUFNFOU PS'FEFSBM5SBEF$PNNJTTJPO '5$ XIFOSFWJFXJOHB)BSU4DPUU3PEJOPmMJOH NBZSFRVJSFEJTDMPTVSFPGEPDVNFOUTTIPXOUPUIFJOWFTUNFOUCBOLFSTPSUIF#PBSEPG %JSFDUPSTSFHBSEJOHUIFQSPQPTFENFSHFS

/FDFTTBSZ$POTFOUT 0ODFUIFZIBWFTJHOFEEFmOJUJWFBHSFFNFOUT UIFQBSUJFTNVTUDPNQMZXJUIMFHBM SFHVMBUPSZ BOEDPOUSBDUVBMSFRVJSFNFOUTJOPSEFSUPDPOTVNNBUFUIFUSBOTBDUJPO5IFGPMMPXJOHTFDUJPO PVUMJOFTUIFUZQJDBMHPWFSONFOUBM TIBSFIPMEFSBOEUIJSEQBSUZDPOTFOUTOFDFTTBSZUP BDDPNQMJTIBOBDRVJTJUJPO

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU 4FDVSJUJFT-BX$PNQMJBODF"MUFSOBUJWFT*G-BSHF$PQMBOTUPJTTVFJUTTUPDLJOFYDIBOHFGPS UIFTUPDLPSBTTFUTPG5FDI$P JUFJUIFSNVTUSFHJTUFSUIFTIBSFTJTTVFEVOEFSUIF4FDVSJUJFT "DUPG "DU PSmOEBOBQQMJDBCMFFYFNQUJPO5IFUISFFNPTUDPNNPONFDIBOJTNT VTFEUPDPNQMZXJUIGFEFSBMTFDVSJUJFTMBXSFRVJSFNFOUTBSFGPS-BSHF$PUPJTTVFUIFTIBSFT JOBQSJWBUFQMBDFNFOUJOSFMJBODFVQPOf PGUIF"DUUPSFHJTUFSUIFUSBOTBDUJPOXJUI UIF4&$POB'PSN43FHJTUSBUJPO4UBUFNFOUPSHPUISPVHIBTUBUFGBJSOFTTIFBSJOHBOESFMZ VQPOf B PGUIF"DU5IFNFDIBOJTN-BSHF$PDIPPTFTXJMMIBWFBNBKPSJNQBDUPO USBOTBDUJPODPTUT UIFUJNFJUUBLFTUPDPOTVNNBUFUIFUSBOTBDUJPO BOEUIFUZQFBOEUJNJOHPG UIFMJRVJEJUZ5FDI$PTTIBSFIPMEFSTSFDFJWF

5IFGPMMPXJOHUBCMFTIPXTUIFNBUSJYPGQPTTJCMFTFDVSJUJFTMBXBMUFSOBUJWFTGPSBDRVJTJUJPOT BOEUIFJSJNQBDUPOUIFTFLFZCVTJOFTTDPOTJEFSBUJPOT

5BCMF4FDVSJUJFT-BX$PNQMJBODF"MUFSOBUJWFT #VTJOFTT 1SJWBUF1MBDFNFOU 'PSN43FHJTUSBUJPO 'BJSOFTT)FBSJOH $POTJEFSBUJPOT 4UBUFNFOU 5SBOTBDUJPO$PTUT -FBTU&YQFOTJWF .PTU&YQFOTJWF .PEFTU&YQFOTF

5JNFUP$MPTJOH %BZT %BZT %BZT -JRVJEJUZ5JNJOH $BOCFVQUPZFBS "U$MPTJOH "U$MPTJOH BGUFSDMPTJOH 4IBSFIPMEFS-JRVJEJUZ -FBTU-JRVJEJUZ .PTU-JRVJEJUZ .PTU-JRVJEJUZ ZFBSIPMEJOHQFSJPE *GBQVCMJD-BSHF$P /PU1SBDUJDBM 3FRVJSFE /PU1SBDUJDBM JTTVFTNPSFUIBO PGJUTTUPDL

5IFGPMMPXJOHDIFDLMJTUPGUIFLFZTFDVSJUJFTMBXSFRVJSFNFOUTJTGPSQVSQPTFTPGJEFOUJGZJOH BSFBTPGDPODFSOPOMZ4JODFUIFTFSVMFTBSFEZOBNJDBOEDPNQMFY ZPVTIPVMEDPOTVMUZPVS TFDVSJUJFTMBXBEWJTPSSFHBSEJOHUIFBQQMJDBUJPOPGUIFTFSFRVJSFNFOUTUPZPVSDPNQBOZBOE GBDUT

Q 1SJWBUF1MBDFNFOU*GUIFSFBSFGFX5FDI$PTIBSFIPMEFSTXIPBSFBMMSJDIPS TPQIJTUJDBUFEFOPVHIUPNFFUUIFSFRVJSFNFOUTPG3FHVMBUJPO%PSf UIFO -BSHF$PNBZJTTVFTIBSFTJOBQSJWBUFQMBDFNFOU5IFSFJTOPSFHVMBUPSZSFWJFXPG QSJWBUFQMBDFNFOUEJTDMPTVSFEPDVNFOUT5IFSFGPSF UIFSFBSFOPUJNFMJNJUTJNQPTFE POUIFQSPDFTT-BSHF$PTGSFRVFOUMZQSFGFSBQSJWBUFQMBDFNFOUCFDBVTFJUJTUIF TFDVSJUJFTDPNQMJBODFBMUFSOBUJWFUIBUFOBCMFT-BSHF$PUPDPNQMFUFUIFEFBMUIFNPTU SBQJEMZ

O %JTBEWBOUBHFTPG6TJOHB1SJWBUF1MBDFNFOU5IFSFBSFSJTLTBOEESBXCBDLT BTTPDJBUFEXJUIEPJOHBQSJWBUFQMBDFNFOU*G-BSHF$PXBOUTUPRVBMJGZGPSUIF 3FHVMBUJPO%TBGFIBSCPS JUXJMMOFFEUPWFSJGZUIBUFBDI5FDI$PTIBSFIPMEFS

GFOXJDLXFTU NFSHFSTBOEBDRVJTJUJPOT BMPOFPSXJUIUIFIFMQPGBOBEWJTPS NFFUTUIFSFRVJSFETPQIJTUJDBUJPOUFTU*G BOZ5FDI$PTIBSFIPMEFSTBSFOPUBDDSFEJUFE -BSHF$PNBZOFFEUPQSFQBSFB NPSFEFUBJMFE JF DPTUMZ QSPYZTUBUFNFOUUIBOJUXPVMEOFFEGPSBGBJSOFTT IFBSJOH5IFCJHHFTUESBXCBDLUPBQSJWBUFQMBDFNFOU IPXFWFS JTUIBU5FDI$PT TIBSFIPMEFSTXJMMSFDFJWFiSFTUSJDUFETFDVSJUJFTw"DDPSEJOHMZ BCTFOUPUIFS BDUJPOTCZ-BSHF$P 5FDI$PTTIBSFIPMEFSTXPVMEIBWFUPIPMEUIFTIBSFTGPS BUMFBTUPOFZFBSCFGPSFUIFZDPVMECFQVCMJDMZTPME*G-BSHF$PJTBQSJWBUFMZ IFMEDPNQBOZ 5FDI$PTTIBSFIPMEFSTNJHIUCFJOOPXPSTFQPTJUJPOUIBOBSF -BSHF$PTTIBSFIPMEFST*G-BSHF$PTTUPDLJTQVCMJDMZUSBEFE IPXFWFS 5FDI$PT TIBSFIPMEFSTXJMMCFEJTBQQPJOUFEUPMFBSOUIBUUIFZNVTUIPMEUIFJS-BSHF$PTUPDL GPSPOFZFBSCFGPSFJUCFDPNFTQVCMJDMZUSBEBCMF

O 3FHJTUSBUJPO3JHIUT5PTBUJTGZUIFEFTJSFPG5FDI$PTTIBSFIPMEFSTGPSMJRVJEJUZ B QVCMJD-BSHF$PUIBUQSPQPTFTBQSJWBUFQMBDFNFOUHFOFSBMMZXJMMPGGFSSFHJTUSBUJPO SJHIUTJODPOOFDUJPOXJUIUIFTUPDLUPCFJTTVFEJOUIFNFSHFS3FHJTUSBUJPO SJHIUTBSFBOBHSFFNFOUCZ-BSHF$PHJWJOH5FDI$PTTIBSFIPMEFSTUIFSJHIUUP SFRVJSF-BSHF$PUPSFHJTUFSUIFJSTIBSFTXJUIUIF4&$ UIFSFCZNBLJOHUIFTIBSFT USBEBCMF EFNBOESJHIUT -BSHF$PBMTPNBZHJWF5FDI$PTTIBSFIPMEFSTUIFSJHIU UPSFHJTUFSUIFJSTIBSFTXJUIUIF4&$JG-BSHF$PEFDJEFTUPmMFJUTPXOSFHJTUSBUJPO TUBUFNFOU QJHHZCBDLSJHIUT -BSHF$PTIPVMEQBZFYQFOTFTBTTPDJBUFEXJUICPUI UZQFTPGSFHJTUSBUJPOSJHIUT

O -JNJUFE-JRVJEJUZ0GGFSFE#Z3FHJTUSBUJPO3JHIUT-BSHF$PUZQJDBMMZXJMMXBOUUP MJNJUUIFQFSJPEEVSJOHXIJDIJUNVTULFFQUIFSFHJTUSBUJPOTUBUFNFOUFGGFDUJWF'PS FYBNQMF JUNJHIUPOMZBMMPX5FDI$PTIBSFIPMEFSTUPQVCMJDMZTFMMUIFJS-BSHF$P TUPDLEVSJOHEBZTXJUIJOUIFPOFZFBSSFTUSJDUFEQFSJPE(JWFOUIFWPMBUJMJUZ PGNPTUIJHIUFDIOPMPHZTUPDLQSJDFT TVDIBOPGGFSNBZOPUNFFUUIFOFFEPG 5FDI$PTTIBSFIPMEFSTGPSUSVFMJRVJEJUZ5IFCFUUFSTPMVUJPOJTGPS-BSHF$PUP HSBOU5FDI$PTTIBSFIPMEFST4iTIFMGwSFHJTUSBUJPOSJHIUT&GGFDUJWFMZ UIJT SFRVJSFT-BSHF$PUPLFFQUIFSFHJTUSBUJPOTUBUFNFOUFGGFDUJWFTPUIBU5FDI$PT TIBSFIPMEFSTNBZQVCMJDMZSFTFMMUIFJS-BSHF$PTIBSFTUISPVHIPVUUIFPOFZFBS SFTUSJDUFEQFSJPE-BSHF$PTPCKFDUUPLFFQJOHSFHJTUSBUJPOTUBUFNFOUTFGGFDUJWFGPS TVDIBMPOHQFSJPECFDBVTFJUNBZJNQPTFHSFBUFSQVCMJDEJTDMPTVSFPCMJHBUJPOT POUIFN-BSHF$PNBZXBOUUPMJNJU5FDI$PTTIBSFIPMEFSTUPSFHVMBSiUSBEJOH XJOEPXTwEVSJOHFBDIRVBSUFSUPNJUJHBUF-BSHF$PTQVCMJDEJTDMPTVSFDPODFSOT 0OFNPSFDBWFBUSFHBSEJOHUIFTFSFHJTUSBUJPOSJHIUT5IF4&$IBTCFDPNFIPTUJMF UPDPNQBOJFTNBLJOHBQSJWBUFQMBDFNFOUJNNFEJBUFMZGPMMPXFECZmMJOHBO 4SFTBMFSFHJTUSBUJPOTUBUFNFOUPOUIFTIBSFTJTTVFEJOUIFQSJWBUF QMBDFNFOU-BSHF$PDPVMESFDFJWFEFUBJMFE4&$SFWJFXBOEDPNNFOUPOJUT SFHJTUSBUJPOTUBUFNFOUBOEJUT"DUmMJOHT BOE5FDI$PTTIBSFIPMEFSTDPVME FYQFSJFODFEFMBZJOPCUBJOJOHUIFJSEFTJSFEMJRVJEJUZ4JODFUFDIOPMPHZTUPDLT BSFIJHIMZWPMBUJMF TVDIEFMBZDPVMEDPJODJEFXJUIBESPQJOUIFNBSLFUWBMVFPG -BSHF$PTTUPDL

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU Q 'PSN43FHJTUSBUJPO4UBUFNFOU-BSHF$PBMTPDBOSFHJTUFSUIFTUPDLUPCFJTTVFEUP 5FDI$PTTIBSFIPMEFSTXJUIUIF4&$VOEFSB'PSN43FHJTUSBUJPO4UBUFNFOU'PSN 4DBOCFVTFEUPSFHJTUFSTIBSFTJTTVFEJOBNFSHFS BTBMFPGBTTFUTGPMMPXFECZB MJRVJEBUJPO PSBOFYDIBOHFPGGFS-BSHF$PNBZDIPPTFUPSFHJTUFSUIFTIBSFTXJUIUIF 4&$CFDBVTFOFJUIFSBQSJWBUFQMBDFNFOUOPSBf B GBJSOFTTIFBSJOHJTBWBJMBCMF UP-BSHF$P TFFUIFEJTDVTTJPOCFMPX "MTP JG-BSHF$PJTBQVCMJDDPNQBOZBOENVTU PCUBJOJUTTIBSFIPMEFSTBQQSPWBMPGUIFBDRVJTJUJPO FH JUJTJTTVJOHPSNPSFPG JUTTUPDLJOUIFBDRVJTJUJPO JUXJMMOFFE4&$BQQSPWBMPGJUTQSPYZTUBUFNFOU*OUIBU FWFOU -BSHF$PNJHIUBTXFMMSFHJTUFSUIFUSBOTBDUJPOXJUIUIF4&$TJODFUIFSFXPVME CFOPDPTUPSUJNJOHCFOFGJUTUPEPJOHBQSJWBUFQMBDFNFOUPSBGBJSOFTTIFBSJOH

O %JTBEWBOUBHFTPG6TJOH'PSN46TJOHB'PSN43FHJTUSBUJPO4UBUFNFOUJT GBSNPSFDPTUMZBOEUJNFDPOTVNJOHUIBOUIFPUIFSUXPTFDVSJUJFTDPNQMJBODF BMUFSOBUJWFTCFDBVTF-BSHF$PNVTUDPNQMZXJUIUIF4&$TQSPYZTPMJDJUBUJPOSVMFT "'PSN43FHJTUSBUJPO4UBUFNFOUJTBDPNQMFYEPDVNFOUUIBUQSPWJEFTBEFUBJMFE EFTDSJQUJPOPG-BSHF$P XJUIUIFTBNFEFUBJMSFRVJSFEJOBQVCMJDPGGFSJOH BOE 5FDI$P XJUINVDIPGUIFEFUBJMSFRVJSFEJOBQVCMJDPGGFSJOH UIFEFUBJMTPGUIF QSPQPTFEUSBOTBDUJPO BOEmOBODJBMTUBUFNFOUEJTDMPTVSF JODMVEJOHQSPGPSNB mOBODJBMTGPSUIFDPNCJOFEDPNQBOJFT*UJTBOPSEFSPGNBHOJUVEFNPSFDPTUMZUP QSFQBSFB'PSN43FHJTUSBUJPO4UBUFNFOUBOEQSPYZTUBUFNFOUUIBOUPQSFQBSFB /PUJDFPG'BJSOFTT)FBSJOHPSBQSPYZTUBUFNFOUGPSBQSJWBUFMZIFMEDPNQBOZ "TXJUIBOZPUIFSQVCMJDPGGFSJOH UIFSFJTBEBZQFSJPEBGUFSmMJOHUIF SFHJTUSBUJPOTUBUFNFOUXJUIUIF4&$CFGPSFUIFQBSUJFTBSFMJLFMZUPSFDFJWF4&$ DPNNFOUTBOERVFTUJPOTPOUIFmMJOH5IFQBSUJFTNVTUTBUJTGZFBDIPGUIPTF DPNNFOUTCFGPSFUIFZXJMMCFBMMPXFEUPDJSDVMBUFUIFQSPYZTUBUFNFOUUPUIF -BSHF$PBOE5FDI$PTIBSFIPMEFSTGPSUIFJSDPOTJEFSBUJPOPGUIFUSBOTBDUJPO

O 'SFFMZ5SBEBCMF-BSHF$P4UPDL5IFQSJODJQBMBEWBOUBHFPGVTJOHB'PSN4 3FHJTUSBUJPO4UBUFNFOUJTUIBU5FDI$PTTIBSFIPMEFSTSFDFJWF-BSHF$PTIBSFTUIBU GPSTFDVSJUJFTMBXQVSQPTFT BSFJNNFEJBUFMZUSBEBCMFJOUIFQVCMJDNBSLFU 4FF IPXFWFS UIFEJTDVTTJPOPOPUIFSi1PTU$MPTJOH3FTUSJDUJPOTPO-JRVJEJUZwCFMPX 4IBSFTJTTVFEUP5FDI$POPOBGmMJBUFTNBZCFGSFFMZSFTPMEBGUFSUIFDMPTJOHPGUIF BDRVJTJUJPO4IBSFTJTTVFEUP5FDI$PBGmMJBUFTNBZCFGSFFMZSFTPMEVOEFS3VMF E JOiCSPLFSTUSBOTBDUJPOTwXIJMFUIFSFJTQVCMJDJOGPSNBUJPOBWBJMBCMFBCPVU -BSHF$PBOEUIFTIBSFIPMEFSTDPNQMZXJUIUIFWPMVNFSFTUSJDUJPOTPG3VMF

Q 'BJSOFTT)FBSJOHf B FYFNQUTGSPNSFHJTUSBUJPOTFDVSJUJFTJTTVFEJOFYDIBOHF GPSTFDVSJUJFT DMBJNTPSQSPQFSUZXIFSFUIFUFSNTPGUIFFYDIBOHFBSFBQQSPWFE BGUFSBIFBSJOHSFHBSEJOHUIFGBJSOFTTPGTVDIUFSNT CZBOZHPWFSONFOUBMBVUIPSJUZ FYQSFTTMZBVUIPSJ[FEUPHSBOUTVDIBQQSPWBM'JWFTUBUFT $BMJGPSOJB *EBIP /PSUI $BSPMJOB 0IJPBOE0SFHPO IBWFBEPQUFEQSPWJTJPOTXIFSFCZBTUBUFHPWFSONFOU BHFODZXJMM BUUIFSFRVFTUPGUIFQBSUJFT IPMEBiGBJSOFTTIFBSJOHwUPEFUFSNJOFUIBU

GFOXJDLXFTU NFSHFSTBOEBDRVJTJUJPOT UIFUFSNTPGUIFUSBOTBDUJPOBSFiGBJS KVTUBOEFRVJUBCMFw5IFGPMMPXJOHEJTDVTTJPO PVUMJOFTUIF$BMJGPSOJBQSPDFTTGPSPCUBJOJOHBGBJSOFTTIFBSJOH

O "WBJMBCJMJUZ5PCFFMJHJCMFGPSBGBJSOFTTIFBSJOH -BSHF$PNVTUEFNPOTUSBUF UIBU-BSHF$PPSTPNFPG5FDI$PTTFDVSJUZIPMEFSTBSFSFTJEFOUJOUIFTUBUF XIFSFUIFGBJSOFTTIFBSJOHJTUPCFIFME-BSHF$PBMTPXJMMOFFEUPDPNQMZXJUI UIF$PNNJTTJPOFSPG$PSQPSBUJPOTTUBOEBSETPGiTIBSFIPMEFSEFNPDSBDZw 'PSFYBNQMF VOMFTT-BSHF$PJTB/BTEBR/BUJPOBM.BSLFUPS/:4&DPNQBOZ $BMJGPSOJBXJMMOPUBMMPXBGBJSOFTTIFBSJOHJG-BSHF$PIBTBiQPJTPOQJMM wBOENBZ CFDPODFSOFEJG-BSHF$PTDIBSUFSEPDVNFOUTQSFWFOUTIBSFIPMEFSTGSPNSFNPWJOH EJSFDUPSTXJUIPVUDBVTFPSEPOPUBMMPXTIBSFIPMEFSTUPDBMMTQFDJBMTIBSFIPMEFST NFFUJOHT5IF4&$IBTDPOmSNFEUIBUCPUIQSJWBUFBOEMJTUFEDPNQBOJFTXIJDI SFMZPOGBJSOFTTIFBSJOHTRVBMJGZGPSUIFf B FYFNQUJPO

O 5JNJOH5IFQBSUJFTNVTUmMFBQFSNJUBQQMJDBUJPOXJUIUIF%FQBSUNFOUPG $PSQPSBUJPOTSFRVFTUJOHBGBJSOFTTIFBSJOH8IFOUIFSFRVFTUJTHSBOUFE UIF GBJSOFTTIFBSJOHJTIFMECFUXFFOUPEBZTBGUFSBiOPUJDFPGGBJSOFTTIFBSJOHw JTTFOUUPBMMJOUFSFTUFETFDVSJUZIPMEFST5IFOPUJDFQFSJPEUZQJDBMMZXJMMCFEBZT JGBMMTFDVSJUZIPMEFSTBSFSFTJEFOUJO$BMJGPSOJBEBZTJGBMMTFDVSJUZIPMEFSTBSF SFTJEFOUJOUIF6OJUFE4UBUFTBOEEBZTJGTPNFTFDVSJUZIPMEFSTBSFOPO64 SFTJEFOUT5ZQJDBMMZ BQSJODJQBMGSPNFBDIPG-BSHF$PBOE5FDI$PXJMMBQQFBSBU UIFIFBSJOHXJUIUIFJSSFTQFDUJWFDPVOTFMBOEUFTUJGZBCPVUUIFUFSNTBOEGBJSOFTT PGUIFBDRVJTJUJPO*GUIF$PNNJTTJPOFSPG$PSQPSBUJPOTHSBOUTBQFSNJUUP-BSHF$P BGUFSBGBJSOFTTIFBSJOH UIFUSBOTBDUJPOXJMMCFFYFNQUVOEFSf B

O -JRVJEJUZ"EWBOUBHFT0WFSB1SJWBUF1MBDFNFOU*GBGBJSOFTTIFBSJOHJTBWBJMBCMF JUPGGFSTTJHOJmDBOUMJRVJEJUZBEWBOUBHFTPWFSBQSJWBUFQMBDFNFOU8IJMFBQSJWBUF QMBDFNFOUDBOCFDMPTFENPSFRVJDLMZUIBOBUSBOTBDUJPOTVCKFDUUPBGBJSOFTT IFBSJOH JOBQSJWBUFQMBDFNFOU5FDI$PTTIBSFIPMEFSTSFDFJWFiSFTUSJDUFETUPDL w XIJDIJTOPUGSFFMZUSBEBCMF#ZDPOUSBTU TIBSFTJTTVFEJOBGBJSOFTTIFBSJOH USBOTBDUJPOBSFBTGSFFMZUSBEBCMFBTUIPTFJTTVFEVOEFSB'PSN43FHJTUSBUJPO 4UBUFNFOU"MTP FWFOJG-BSHF$PBHSFFTUPJNNFEJBUFMZSFHJTUFSUIFTIBSFTJOUIF QSJWBUFQMBDFNFOUXJUIUIF4&$ UIBUDBOUBLFGSPNUPEBZT PSNPSF UP BDDPNQMJTI*GBWBJMBCMF UIFGBJSOFTTIFBSJOHHJWFT5FDI$PTTIBSFIPMEFSTB GBTUFSQBUIUPHSFBUFSMJRVJEJUZUIBOBQSJWBUFQMBDFNFOU

O $PTUBOE5JNJOH"EWBOUBHFT0WFSB'PSN43FHJTUSBUJPO4UBUFNFOU'PSBQVCMJD -BSHF$PBDRVJSJOHBQSJWBUF5FDI$PJOBUSBOTBDUJPOUIBUJTOPUTVCKFDUUPUIF4&$T QSPYZTPMJDJUBUJPOSVMFT BGBJSOFTTIFBSJOHBMTPPGGFSTTJHOJmDBOUDPTUBOEUJNJOH BEWBOUBHFTPWFSVTJOHB'PSN43FHJTUSBUJPO4UBUFNFOU8IJMFUIFTUPDLJTTVFE JOBGBJSOFTTIFBSJOHUSBOTBDUJPOJTSFTBMFBCMFJOUIFTBNFNBOOFSBTTUPDLJTTVFE VOEFSB'PSN43FHJTUSBUJPO4UBUFNFOU UIFmMJOHPGB'PSN43FHJTUSBUJPO 4UBUFNFOUXJUIUIF4&$JTGBSNPSFDPNQMFY DPTUMZBOEUJNFDPOTVNJOH"UZQJDBM

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU NFSHFSEPOFVOEFSBGBJSOFTTIFBSJOHDBOCFBDDPNQMJTIFEJOUPEBZT BOEMFHBMDPTUTPO-BSHF$PTTJEFDBOSBOHFCFUXFFO UP PS NPSF"UZQJDBMNFSHFSEPOFVOEFSB'PSN43FHJTUSBUJPO4UBUFNFOUXJMMUBLF NPSFUIBOEBZTBOEUIFMFHBMDPTUTPO-BSHF$PTTJEFQSPCBCMZXJMMFYDFFE "'PSN43FHJTUSBUJPO4UBUFNFOUJTNPSFDFSUBJO IPXFWFS6OMJLFUIF $PNNJTTJPOFSPG$PSQPSBUJPOT UIF4&$EPFTOPUIBWFUIFPQUJPOPGSFGVTJOHUP SFHJTUFSUIFTIBSFTPOGBJSOFTTHSPVOET

Q 4UBUF#MVF4LZ-BXT-BSHF$PBMTPXJMMOFFEUPSFWJFXTUBUFTFDVSJUJFT CMVFTLZ MBXTXIFSFJUPSBOZPG5FDI$PTTIBSFIPMEFSTBSFSFTJEFOUUPEFUFSNJOFJGUIF USBOTBDUJPONVTUCFRVBMJGJFEPSJGBOFYFNQUJPOJTBWBJMBCMF.BOZTUBUFTIBWF TQFDJGJDFYFNQUJPOTUIBUBQQMZUPNFSHFSBOETBMFPGBTTFUTUSBOTBDUJPOTTVCKFDUUP TIBSFIPMEFSWPUF"MMTUBUFTIBWFFYFNQUJPOTGPSTIBSFTMJTUFEPOUIF/FX:PSL4UPDL &YDIBOHF "NFSJDBO4UPDL&YDIBOHFPSUIF/BTEBR/BUJPOBM.BSLFU

Q &NQMPZFF4UPDL1MBOT*GBQVCMJD-BSHF$PJTBTTVNJOH5FDI$PTTUPDLPQUJPOQMBOJO UIFBDRVJTJUJPO JUXJMMOFFEUPGJMFBO43FHJTUSBUJPO4UBUFNFOUXJUIUIF4&$5IJT JTOFDFTTBSZUPFOBCMF5FDI$PTGPSNFSFNQMPZFFT GPMMPXJOHUIFFGGFDUJWFOFTTPG UIFBDRVJTJUJPO UPQVSDIBTFSFHJTUFSFE-BSHF$PTUPDL1SFQBSJOHBOEGJMJOHUIF4 3FHJTUSBUJPO4UBUFNFOUJTTJNQMFBOEJOFYQFOTJWF

"OUJUSVTU"QQSPWBMT-BSHF$PNVTUWFSJGZJGJUJTSFRVJSFEUPNBLFBQSFNFSHFSmMJOHXJUIUIF '5$BOE%FQBSUNFOUPG+VTUJDF %P+ VOEFSUIF)BSU4DPUU3PEJOP"OUJUSVTU*NQSPWFNFOUT"DU PG5IJTmMJOHHFOFSBMMZJTSFRVJSFEJG-BSHF$PIBTBTTFUTPSBOOVBMOFUTBMFTPGBUMFBTU NJMMJPO 5FDI$PIBTNPSFUIBONJMMJPOPGBTTFUTPSTBMFT BOE-BSHF$PJTQBZJOH NPSFUIBONJMMJPOGPS5FDI$P)PXFWFS JGBUSBOTBDUJPOFYDFFETNJMMJPO UIFOUIF NJMMJPONJMMJPOiTJ[FPGQFSTPOwUFTUXJMMOPUBQQMZ-BSHF$PNVTUQBZB mMJOHGFFUPUIF'5$XJUIJUTmMJOHJGUIFEFBMTJ[FJTCFMPXNJMMJPO JGUIFEFBM TJ[FJTBUPSBCPWFNJMMJPOCVUCFMPXNJMMJPOBOE JGUIFEFBMTJ[FJT NJMMJPOPSBCPWF5IFQBSUJFTNVTUXBJUEBZTBGUFSUIFmMJOHCFGPSFUIFZDBOMFHBMMZDMPTF %VSJOHUIBUQFSJPE UIF'5$PS%P+XJMMEFUFSNJOFJGUIFQSPQPTFEBDRVJTJUJPOJTMJLFMZUPCF BOUJDPNQFUJUJWF-BSHF$PBOE5FDI$PNVTUNBJOUBJOUIFJSJOEFQFOEFOUPQFSBUJPOTEVSJOHUIF XBJUJOHQFSJPE&JUIFSUIF'5$PS%P+DBOSFRVFTUBEEJUJPOBMJOGPSNBUJPOJGJUDPODMVEFT CBTFE POUIFmSTUTVCNJTTJPO UIBUUIFBDRVJTJUJPONBZCFBOUJDPNQFUJUJWF*GUIFSFJTBiTFDPOE SFRVFTU wUIFDMPTJOHNBZCFTVCTUBOUJBMMZEFMBZFE 5FDI$PNBZCFSFRVJSFEUPEJWFTUJUTFMGPG DFSUBJOBTTFUTUPPCUBJO'5$PS%P+BQQSPWBMPGUIFBDRVJTJUJPOPSBQQSPWBMNBZCFEFOJFE

4IBSFIPMEFS"QQSPWBMT5PIBWFBOFOGPSDFBCMFBHSFFNFOU UIFQBSUJFTNVTUPCUBJOUIF OFDFTTBSZTIBSFIPMEFSBQQSPWBMTPGUIFBDRVJTJUJPOCFGPSFUIFDMPTJOH5IFQBSUJFTNVTU TPMJDJUTVDIBQQSPWBMJODPNQMJBODFXJUITUBUFBOEGFEFSBMTFDVSJUJFTBOEDPSQPSBUFMBXT

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

Q -BSHF$P4IBSFIPMEFS"QQSPWBM-BSHF$PTTIBSFIPMEFSTNBZIBWFUPBQQSPWFUIF BDRVJTJUJPOJG-BSHF$PJTTVFTBTVCTUBOUJBMBNPVOUPGJUTTUPDLJOUIFBDRVJTJUJPO 'PSFYBNQMF UIF/BTEBR/BUJPOBM.BSLFUSVMFTSFRVJSF-BSHF$PUPPCUBJOJUT TIBSFIPMEFSTBQQSPWBMXIFOUIFOVNCFSPGTIBSFTJUXJMMJTTVFJTFRVBMUPPSHSFBUFS UIBOPGJUTPVUTUBOEJOHTUPDLCFGPSFUIFBDRVJTJUJPO-FHBMDPVOTFMTIPVMESFWJFX -BSHF$PTTUBUFMBXBOEDIBSUFSEPDVNFOUTUPWFSJGZUIFWPUFSFRVJSFEUPBQQSPWFUIF BDRVJTJUJPO

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iEJTTFOUJOHTIBSFIPMEFSTwDBOSFDFJWF UIFBQQSBJTFEWBMVFPGUIFJSTIBSFTJODBTI5IFTFSVMFTWBSZGSPNTUBUFUPTUBUF BOE TIBSFIPMEFSTNVTUTUSJDUMZDPNQMZXJUIUIFSVMFTUPPCUBJOUIFJSCFOFGJUT

5IJSE1BSUZ$POTFOUT5FDI$PXJMMOFFEUPWFSJGZXIFUIFSUIFBDRVJTJUJPOXJUI-BSHF$PXJMM CSFBDIBOZBHSFFNFOUUPXIJDI5FDI$PJTBQBSUZ5FDI$PTIPVMEUIFOPCUBJOBOZSFRVJSFE DPOTFOUTCFGPSFDMPTJOH"HSFFNFOUTUIBUUZQJDBMMZQSPIJCJUNFSHFSTPSBDRVJTJUJPOTPSUSFBU UIFNBTBCSFBDIPGDPOUSBDUJODMVEFSFBMFTUBUFMFBTFT MPBOBHSFFNFOUT FRVJQNFOUMFBTFT BOELFZMJDFOTFBHSFFNFOUT 4FFBMTPEJTDVTTJPOVOEFSi5BY'SFF"DRVJTJUJPO3FWFSTF 5SJBOHVMBS.FSHFSw

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU 5IF$MPTJOH0ODFUIFQBSUJFTIBWFNFUUIFMFHBMGPSNBMJUJFTEFTDSJCFEBCPWF UIFDMPTJOHPG UIFBDRVJTJUJPOUZQJDBMMZJTBTJNQMFQSPDFTT5IFQBSUJFTNFFUCSJFnZUPFYDIBOHFTJHOBUVSF QBHFT QSPWJEFMFHBMPQJOJPOT BOEWFSJGZUIBUUIFDPOEJUJPOTUPDMPTJOHIBWFCFFONFU $IBNQBHOFJTPQUJPOBM

1PTU$MPTJOH3FTUSJDUJPOTPO-JRVJEJUZ"GUFSUIFDMPTJOH UIFQBSUJFTOFFEUPSFNFNCFSUIBU UIFGPMMPXJOHQSPWJTJPOTNBZDPOUJOVFUPSFTUSJDUUIFTIBSFIPMEFSTBCJMJUZUPSFTFMMUIFJS -BSHF$PTUPDL

Q 5BY$POUJOVJUZPG*OUFSFTU3VMFT*OBUBYGSFFBDRVJTJUJPO 5FDI$PTTIBSFIPMEFST DBOOPUSFTFMMUIFTIBSFTJTTVFEJOUIFUSBOTBDUJPOUP-BSHF$P

Q 3VMF3FTBMF3FTUSJDUJPOT'PSPOFZFBSBGUFSUIFDMPTJOH 5FDI$PTBGGJMJBUFTNVTU TFMMUIFJS-BSHF$PTUPDLVOEFS3VMF3VMFSFRVJSFTUIBUTVDITIBSFIPMEFSTTFMM UIFJSTUPDLJOVOTPMJDJUFECSPLFSTUSBOTBDUJPOT XIJMF-BSHF$PJOGPSNBUJPOJTBWBJMBCMF BOETVCKFDUUP3VMFWPMVNFMJNJUBUJPOT

Q 3VMF C 1VSDIBTF6OMFTTTQFDJGJD#PBSEPG%JSFDUPSTBQQSPWBMJTPCUBJOFE UIF NFSHFSXJMMCFUSFBUFEBTBiQVSDIBTFwGPS4FDUJPO C QVSQPTFTGPSBOZ5FDI$P BGGJMJBUFTOFHPUJBUJOHUIFBDRVJTJUJPOXIPCFDPNFPGGJDFST EJSFDUPSTBOE TIBSFIPMEFSTPGBQVCMJD-BSHF$P5IFSFGPSF TVDIBGGJMJBUFTTIPVMEOPUTFMMUIFJS -BSHF$PTUPDLVOUJMUIFZIBWFIFMEJUGPSNPSFUIBOTJYNPOUITBGUFSUIFDMPTJOH "OFBSMJFSTBMFDBOTVCKFDUUIFNUPSFUVSOJOHBOZQSPGJUPOUIFTBMF UIFEJGGFSFODF CFUXFFOUIFTBMFQSJDFBOEUIFQSJDFPG-BSHF$PTTUPDLPOUIFDMPTJOHEBUF UP -BSHF$PVOEFS4FDUJPO C PGUIF"DU

*OUFHSBUJPO*TTVFT 5IFHSFBUFTUTPVSDFPG5FDI$PWBMVFSFTVMUTGSPNJUTm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

5IFSFBSFBGFXVTFGVMHFOFSBMJ[BUJPOTBCPVUUIFJOUFHSBUJPOQSPDFTT%VSJOHEVFEJMJHFODF -BSHF$PTIPVMEEFUFSNJOFXIJDIUIJOHT5FDI$PEPFTVOJRVFMZXFMM"TJUCFHJOTJOUFHSBUJPO -BSHF$PTIPVMEDPNNVOJDBUFUPJUTPXOTUBGGUIBUUIPTFQBSUJDVMBS5FDI$PBSFBTTIPVME OPUCFJOUFSGFSFEXJUIPSDIBOHFE%VSJOHUIFFBSMZNPOUIT -BSHF$POFFETUPDMFBSMZ DPNNVOJDBUFUP5FDI$PTQFSTPOOFMUIFSFBTPOTXIZJUWJFXT5FDI$PBTWBMVBCMFBOEXIZ UIFNFSHFSXJMMCFOFmU5FDI$P*GQPTTJCMF JUJTQSFGFSBCMFUPCPOE5FDI$PTQFSTPOOFM

GFOXJDLXFTU NFSHFSTBOEBDRVJTJUJPOT UP-BSHF$PTPSHBOJ[BUJPOXJUIPVUNBKPSDIBOHFTUP5FDI$PTPSHBOJ[BUJPOBOESFQPSUJOH SFMBUJPOTIJQT*GDIBOHFTBSFEJDUBUFE UIFOUIFZTIPVMECFDMFBSMZDPNNVOJDBUFEUPBMM 5FDI$PFNQMPZFFT BMPOHXJUIUIFSFBTPOTBOEJOUFOEFECFOFmUT3VNPSTBCPVOEEVSJOH BOBDRVJTJUJPOBOEDBOPOMZCFDPVOUFSBDUFECZDMFBSBOEGSFRVFOU-BSHF$PDPNNVOJDBUJPOT 0OMZCZDSFBUJOHBWJTJPOPGTIBSFEPCKFDUJWFTBOECFOFmUTDBO-BSHF$PSFQMBDF5FDI$P SVNPSTBOEFNQMPZFFUVSNPJMXJUIUIFmOBODJBMQFSGPSNBODFBOEKPJOUFDPOPNJDTUIBUXFSF UIFCBTJTPG-BSHF$PTEFDJTJPOUPBDRVJSF5FDI$P

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU $PODMVTJPO

5IFTUBUJTUJDTJOEJDBUFUIBU5FDI$PJTNPSFMJLFMZUPCFBDRVJSFEUIBOJUJTUPHPQVCMJD(JWFO UIBUSFBMJUZ 5FDI$PTIPVMEJOWFTUUIFUJNFUPJEFOUJGZ-BSHF$PTUIBUBSFUIFCFTUDBOEJEBUFT UPNFFU5FDI$PTTUSBUFHJDOFFET*UBMTPTIPVMEJEFOUJGZUIFTUSBUFHJDPCKFDUJWFTPGUIPTF -BSHF$PTBOELFFQUIBUEBUBJONJOEEVSJOHJUTCVTJOFTTQMBOOJOHQSPDFTT*UJTPOFmMUFS UPEFUFSNJOFXIFUIFS5FDI$PTCVTJOFTTEFDJTJPOTXJMMFYQBOEPSMJNJUJUTWBMVFBOEFYJU PQQPSUVOJUJFT*GBDRVJTJUJPOSFNBJOTUIFNPTUQSPCBCMFFYJUTUSBUFHZBT5FDI$PHSPXT JUNJHIUDPOTJEFSQBSUOFSJOHBSSBOHFNFOUTJOTUFBEPGDBQJUBMJOUFOTJWFFYQBOTJPOPGJUT JOGSBTUSVDUVSF

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

GFOXJDLXFTU NFSHFSTBOEBDRVJTJUJPOT "11&/%*9"

-FUUFSPG*OUFOU %FBS5FDI$P$&0 5IFQVSQPTFPGUIJTMFUUFSJTUPGVSUIFSPVSEJTDVTTJPOTDPODFSOJOHUIFQPTTJCMFNFSHFSPG 5FDI$PXJUIBOEJOUP-BSHF$P8FXPVMEMJLFZPVUPDPOTJEFSBOESFTQPOEUPUIFGPMMPXJOH QSPQPTBM XIJDIJTOPUJOUFOEFEUPCFBCJOEJOHPGGFSBOEJTDPOUJOHFOUPOUIFDPNQMFUJPOPG PVSEVFEJMJHFODF CVUXJMMTFSWFBTBCBTJTGPSGVSUIFSEJTDVTTJPOTBOEOFHPUJBUJPOT

.FSHFS5FDI$PXJMMCFNFSHFEJOUP-BSHF$P PSXJUIBXIPMMZPXOFETVCTJEJBSZPG -BSHF$P JOBTUBUVUPSZNFSHFS

$POTJEFSBUJPO-BSHF$PXJMMJTTVFUPUIFTIBSFIPMEFSTPG5FDI$PUIFOVNCFSPGTIBSFT PG-BSHF$PDPNNPOTUPDLDBMDVMBUFECFMPXBUUIFDMPTJOH8FVOEFSTUBOEUIBUUIFSF BSFDVSSFOUMZPVUTUBOEJOH@@@@TIBSFTPG5FDI$PDPNNPOTUPDL @@@@TIBSFTPG5FDI$P QSFGFSSFETUPDL PQUJPOTUPQVSDIBTF@@@@TIBSFTPG5FDI$PDPNNPOTUPDLBOEUIBUUIFSF XJMMCFOPNBUFSJBMDIBOHFJOUIFPVUTUBOEJOHDBQJUBMJ[BUJPOCFGPSFDMPTJOH*GUIFDMPTJOH QSJDFPG-BSHF$PTDPNNPOTUPDLGPSUIFmWFUSBEJOHEBZTFOEJOHUXPUSBEJOHEBZTCFGPSF UIFFGGFDUJWFEBUFPGUIFNFSHFS UIFi"WFSBHF1SJDFw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

0QUJPOT0VUTUBOEJOHPQUJPOTUPQVSDIBTFTIBSFTPG5FDI$PDPNNPOTUPDLXJMMCF DPOWFSUFEJOUPPQUJPOTUPQVSDIBTF-BSHF$PDPNNPOTUPDLBUUIFTBNFFYDIBOHFSBUJPBTUIF 5FDI$PDPNNPOTUPDL XJUIUIFFYFSDJTFQSJDFCFJOHQSPQPSUJPOBUFMZBEKVTUFE-BSHF$PXJMM SFHJTUFSTVDITIBSFTPOB'PSN4QSPNQUMZBGUFSUIF.FSHFS

5BYBOE"DDPVOUJOH$POTFRVFODFT5IFNFSHFSXJMMCFTUSVDUVSFEUPCFUBYGSFFGPSGFEFSBM JODPNFUBYQVSQPTFTBOEBTBQVSDIBTFGPSBDDPVOUJOHQVSQPTFT

%VF%JMJHFODF-BSHF$PBOEJUTBUUPSOFZT BDDPVOUBOUTBOEPUIFSSFQSFTFOUBUJWFTXJMMIBWF GVMMBDDFTTUPUIFCPPLT SFDPSETBOEUFDIOPMPHZPG5FDI$PUPDPNQMFUFJUTEVFEJMJHFODF JOWFTUJHBUJPOPG5FDI$PBOE5FDI$PTUFDIOPMPHZCFGPSFFYFDVUJPOPGUIFEFmOJUJWFNFSHFS BHSFFNFOUT

3FQSFTFOUBUJPOTBOE8BSSBOUJFT*OEFNOJUZ&TDSPX*OUIFEFmOJUJWFBHSFFNFOU -BSHF$P BOE5FDI$PXJMMNBLFDVTUPNBSZSFQSFTFOUBUJPOTBOEXBSSBOUJFTUPFBDIPUIFS"OZEBNBHFT

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU BSJTJOHPVUPGBCSFBDIPG5FDI$PTSFQSFTFOUBUJPOTBOEXBSSBOUJFTDBOCFEFEVDUFEGSPNUIF FTDSPX5IFSFQSFTFOUBUJPOTBOEXBSSBOUJFTPG-BSHF$PXJMMUFSNJOBUFBUDMPTJOH5FDI$PT TIBSFIPMEFSTXJMMJOEFNOJGZ-BSHF$PBHBJOTUBOZMPTTFT EBNBHFTPSFYQFOTFTBSJTJOH GSPNPSSFMBUFEUPBOZCSFBDIPGSFQSFTFOUBUJPOTPSXBSSBOUJFTPSBOZMBXTVJUT5PTFDVSF TVDITIBSFIPMEFSTJOEFNOJmDBUJPOPCMJHBUJPOT @@@@PGUIFTIBSFTJTTVFECZ-BSHF$PUP 5FDI$PTIBSFIPMEFSTXJMMCFFTDSPXFEVOUJMUIFQVCMJDBUJPOPG-BSHF$PTmOBODJBMSFTVMUT GPSUIFZFBSFOEFE@@@@ @@@@ BTBOFTDSPXGVOEUPDPWFSBOZCSFBDIFTPGSFQSFTFOUBUJPOT BOEXBSSBOUJFTCZ5FDI$P5IFJOEFNOJUZTIBMMOPUBQQMZVOMFTTBOEVOUJMUIFBHHSFHBUFPG EBNBHFTTPVHIUFYDFFET@@@@@ JODMVTJWFPGMFHBMGFFT JOXIJDIFWFOUUIFJOEFNOJUZTIBMM JODMVEFBMMDMBJNTGPSEBNBHFT

'PSN43FHJTUSBUJPO4UBUFNFOU5IFTIBSFTJTTVFEJOUIFNFSHFSXJMMCFSFHJTUFSFEXJUI UIF4FDVSJUJFTBOE&YDIBOHF$PNNJTTJPOPOB'PSN43FHJTUSBUJPO4UBUFNFOU"TBSFTVMU BMMTIBSFTPG-BSHF$PDPNNPOTUPDLJTTVFEJOUIFNFSHFSTIPVMECFGSFFMZUSBEBCMFTVCKFDUUP UIFWPMVNFMJNJUBUJPOTJNQPTFECZ3VMF E PGUIF4&$POGPSNFSBGmMJBUFTPG5FDI$P

4IBSFIPMEFS"QQSPWBM5IFNFSHFSXJMMCFTVCKFDUUPBQQSPWBMCZ5FDI$PTBOE-BSHF$PT TIBSFIPMEFST"UUIFUJNFPGFYFDVUJPOPGUIFEFmOJUJWFNFSHFSBHSFFNFOU 5FDI$PTBOE -BSHF$PTBGmMJBUFTXJMMBHSFFUPWPUFJOGBWPSPGUIFNFSHFS*UXJMMCFBDPOEJUJPOPGUIF NFSHFSUIBUOPNPSFUIBO@@@PGUIFTIBSFTPG5FDI$PNBZEJTTFOUGSPNUIFNFSHFS

&NQMPZNFOU/PODPNQFUJUJPO"HSFFNFOUT@@@@@@@@@@BOE@@@@@@@@XJMMFYFDVUF &NQMPZNFOU/PODPNQFUJUJPO"HSFFNFOUTXJUI-BSHF$P

&NQMPZFF.BUUFST-BSHF$PBOUJDJQBUFTUIBUJUXJMMDPOTPMJEBUF5FDI$PTmOBODFBOE PQFSBUJPOTGVODUJPOTJO-BSHF$PT@@@@@@@@@@PGmDF"TBSFTVMU TPNF5FDI$PFNQMPZFFT XIPTFGVODUJPOTBSFSFQFUJUJWFNBZCFUFSNJOBUFEBOETPNF5FDI$PFNQMPZFFTXJMMCF BTLFEUPSFMPDBUFUP-BSHF$PT@@@@@@@@@@PGmDF5FDI$PFNQMPZFFTXIPBSFOPUPGGFSFE FNQMPZNFOUXJUI-BSHF$PTIBMMSFDFJWFUSBOTJUJPOQBDLBHFT

$POEJUJPOTUP$MPTJOH5IFDMPTJOHPGUIFNFSHFSXJMMCFTVCKFDUUPDVTUPNBSZDMPTJOH DPOEJUJPOT JODMVEJOHBQQSPWBMCZUIFSFRVJTJUFQFSDFOUBHFPG5FDI$PTIBSFIPMEFST UIF BCTFODFPGBOZCSFBDIPGBOZSFQSFTFOUBUJPOTBOEXBSSBOUJFT UIFBCTFODFPGNBUFSJBM VOEJTDMPTFEMJBCJMJUJFT DPNQMJBODFXJUIBQQMJDBCMFTFDVSJUJFTBOEPUIFSMBXT UIFBCTFODFPG NBUFSJBMBEWFSTFDIBOHFTJOUIFmOBODJBMPSCVTJOFTTDPOEJUJPOPSMJBCJMJUJFTPG5FDI$P BOE SFDFJQUPGBQQSPQSJBUFDPSQPSBUFBOEUBYMFHBMPQJOJPOTGSPNDPVOTFMGPS5FDI$PBOE-BSHF$P *UBMTPXJMMCFBDPOEJUJPOUPDMPTJOHUIFNFSHFSUIBUUIFSFCFOPNBUFSJBMDIBOHFTJO5FDI$PT DBQJUBMTUSVDUVSF SPZBMUZ TBMBSZPSCPOVTQMBOTCFGPSFUIFDMPTJOH UIBU5FDI$PTNBUFSJBM BHSFFNFOUTBSFOPUBEWFSTFMZBGGFDUFECZUIFQSPQPTFENFSHFS BOEUIBU5FDI$PVTFJUTCFTU FGGPSUTUPSFUBJOJUTLFZFNQMPZFFT

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mSTUOPUJGZJOH-BSHF$P5FDI$PXJMMOPUUFSNJOBUFBOZFNQMPZFFTXJUIPVUDPOTVMUJOH XJUI-BSHF$P

$MPTJOH*UJTBOUJDJQBUFEUIBUUIFEFmOJUJWFBHSFFNFOUTXJMMCFFYFDVUFECZ@@@@@@@@@ @@@@ BOEUIBUUIFNFSHFSXJMMCFDPOTVNNBUFECZ@@@@@@@@@ @@@@

&YDMVTJWF1FSJPEPG/FHPUJBUJPO6QPOUIFTJHOJOHPGUIJTMFUUFSPGJOUFOU UIFQBSUJFTXJMM FOUFSJOUPHPPEGBJUIOFHPUJBUJPOTUPFYFDVUFEFmOJUJWFBHSFFNFOUTDPOTJTUFOUXJUIUIFUFSNT BOEDPOEJUJPOTPGUIJTMFUUFSPOPSCFGPSF@@@@@@@@@ @@@@"DDPSEJOHMZ 5FDI$PBHSFFT UIBU BGUFSTJHOJOHUIJTMFUUFSBOEVOUJM@@@@@@@@@@@ @@@@ UIFi&YDMVTJWF1FSJPEw 5FDI$P XJMMOPU BOEXJMMOPUQFSNJUJUTPGmDFST EJSFDUPST FNQMPZFFT BHFOUTPSSFQSFTFOUBUJWFT UP TPMJDJU FODPVSBHF JOJUJBUF FOUFSJOUP DPOUJOVFPSQBSUJDJQBUFJOBOZOFHPUJBUJPOTPS EJTDVTTJPOTXJUIPSQSPWJEFBOZJOGPSNBUJPOUPBOZUIJSEQBSUZDPODFSOJOHUIFQPTTJCMF BDRVJTJUJPOPSTBMFPG5FDI$PPSJUTTUPDL CVTJOFTTPSBTTFUTPSBOZPUIFSUSBOTBDUJPOUIBU XPVMECFJODPOTJTUFOUXJUIUIFNFSHFSDPOUFNQMBUFECZUIJTMFUUFS

%JTDMPTVSF-BSHF$PXJMMJTTVFBQSFTTSFMFBTFVQPOTJHOJOHUIFEFmOJUJWFBHSFFNFOU -BSHF$PBOE5FDI$PBHSFFUPUBLFBMMSFBTPOBCMFQSFDBVUJPOTUPQSFWFOUBOZUSBEJOHJO -BSHF$PTFDVSJUJFTCZUIFJSSFTQFDUJWFPGmDFST EJSFDUPST FNQMPZFFTBOEBHFOUTIBWJOH LOPXMFEHFPGUIFQSPQPTFENFSHFSVOUJMUIFQSPQPTFENFSHFSIBTCFFOTVGmDJFOUMZQVCMJDMZ EJTDMPTFE5IFQBSUJFTVOEFSTUBOEBOEBHSFFUIBUVOUJMUIFQSFTTSFMFBTFJTJTTVFE OFJUIFS QBSUZXJMMEJTDMPTFUIFGBDUUIBUUIFTFOFHPUJBUJPOTBSFUBLJOHQMBDF FYDFQUUPQSPGFTTJPOBM BEWJTPSTBOEUPFNQMPZFFTPG-BSHF$PBOE5FDI$PPOBOFFEUPLOPXCBTJT

1SPGFTTJPOBM'FFT&BDIQBSUZXJMMQBZUIFGFFTPGJUTPXOBDDPVOUBOUT BUUPSOFZT JOWFTUNFOUBEWJTPSTBOEPUIFSQSPGFTTJPOBMT*GUIFNFSHFSJTDPOTVNNBUFE BUUIFDMPTJOH -BSHF$PXJMMQBZUIFSFBTPOBCMFGFFTBOEFYQFOTFTPG5FDI$PTJOWFTUNFOUCBOLFST BDDPVOUBOUTBOEBUUPSOFZTJODVSSFEJOUIFNFSHFS OPUUPFYDFFEBDPNCJOFEUPUBMPG@@@@

$POmEFOUJBMJUZ5IFQBSUJFTIBWFFOUFSFEJOUPBDPOmEFOUJBMJUZBHSFFNFOUEBUFE@@@@@@ @@@@ DPODFSOJOHUIFQSPUFDUJPOPGUIFDPOmEFOUJBMJOGPSNBUJPOPGUIFPUIFSQBSUZSFDFJWFE EVSJOHUIFOFHPUJBUJPOTDPOUFNQMBUFECZUIJTMFUUFS BOEFBDIQBSUZIFSFCZSFBGmSNTTVDI PCMJHBUJPOT

/BUVSFPG/FHPUJBUJPOT5IFQBSUJFTVOEFSTUBOEUIBUUIFOFHPUJBUJPOTEFTDSJCFEJOUIJT MFUUFSBSFNFSFMZQSFMJNJOBSZNFSHFSOFHPUJBUJPOT5IJTMFUUFSEPFTOPUDPOTUJUVUFBCJOEJOH

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU QSPQPTBMPSPGGFSCZ-BSHF$PPS5FDI$P"OZTVDIQSPQPTBMPSPGGFS JGNBEF XJMMCFTVCKFDUUP FYFDVUJPOPGEFmOJUJWFBHSFFNFOUTDPOUBJOJOHDPOEJUJPOT JODMVEJOHCVUOPUMJNJUFEUPUIPTF SFGFSFODFEJOUIJTMFUUFS

&GGFDUPGUIJT-FUUFS&YDFQUGPSQBSBHSBQITUISPVHIPGUIJTMFUUFS XIJDIDSFBUF CJOEJOHPCMJHBUJPOTPG-BSHF$PBOE5FDI$PBTJOEJDBUFE UIJTMFUUFSDSFBUFTOPMJBCJMJUZPS PCMJHBUJPOPOUIFQBSUPGFJUIFS5FDI$PPS-BSHF$P/FJUIFSQBSUZXJMMIBWFBOZPCMJHBUJPO UPDPOTVNNBUFUIFUSBOTBDUJPOTDPOUFNQMBUFECZUIJTMFUUFSVOMFTTBOEVOUJMEFmOJUJWF BHSFFNFOUTDPODFSOJOHUIFQSPQPTFEUSBOTBDUJPOBSFFYFDVUFECZCPUIQBSUJFTBOEUIF DPOEJUJPOTTFUGPSUIJOUIFEFmOJUJWFBHSFFNFOUBSFTBUJTmFE

3FNFEJFT*OUIFFWFOUPGBCSFBDIPGUIJTMFUUFSBHSFFNFOUCZFJUIFSQBSUZ UIFPUIFS QBSUZNBZCFFOUJUMFEUPBOZSFNFEZGPSTVDICSFBDIBWBJMBCMFBUMBXPSFRVJUZ8FBU-BSHF$P BSFFOUIVTJBTUJDBCPVUBCVTJOFTTDPNCJOBUJPOXJUI5FDI$PBOEMPPLGPSXBSEUPXPSLJOHXJUI ZPV*GUIJTMFUUFSBDDVSBUFMZTFUTGPSUIPVSVOEFSTUBOEJOH QMFBTFTJHOBOESFUVSOBDPQZUPNF TPUIBUXFNBZDPOUJOVFPVSSFNBJOJOHOFHPUJBUJPOT

7FSZUSVMZZPVST "HSFFE -BSHF$P 5FDI$P

#Z #Z

GFOXJDLXFTU NFSHFSTBOEBDRVJTJUJPOT "11&/%*9#

4.FSHFS5JNFBOE3FTQPOTJCJMJUZ4DIFEVMF

%BZT 5BTL 3FTQPOTJCMF 1BSUZ &YFDVUF.VUVBM/POEJTDMPTVSF"HSFFNFOUBOEDPNNFODFOFHPUJBUJPOT -$5$ PG&YDIBOHF3BUJP%FBM5FSNT 5FOUBUJWF"HSFFNFOUTVCKFDUUP%VF%JMJHFODF -- .VUVBM%VF%JMJHFODF -$5$ $JSDVMBUF%SBGU.FSHFS"HSFFNFOUT 5- $JSDVMBUF4FDPOE%SBGU.FSHFS"HSFFNFOUT -- -$#PBSE.FFUJOH 0CUBJO-*#'BJSOFTT0QJOJPO -$-- 5$#PBSE.FFUJOH 0CUBJO5*#'BJSOFTT0QJOJPO 5$5- &YFDVUF.FSHFS%PDVNFOUT "-- *TTVF1SFTT3FMFBTF1SJPSUP0QFOJOHPG.BSLFUPS"GUFS$MPTFPG.BSLFU -$5$ $JSDVMBUF'JSTU%SBGUPG'PSN4 -- $JSDVMBUF4FDPOE%SBGUPG'PSN4 -- 'JMF'PSN4XJUI4&$.BLF)43'JMJOHXJUI'5$%0+ --5- 8"3/"/PUJDF JG3*' BOEPGTJUFTFNQMPZFFT OPUJDFEBUF ---$ BTTVNFTUIBU3*'PDDVSTBUPSBGUFSDMPTF 4FBSDI%BUFUP#SPLFST 3VMFB -$5$ /PUJGZ/"4%5SBOTGFS"HFOUTPG3FDPSE%BUF "-- 3FDFJWF4&$4$PNNFOUT -- )43XBJUJOHQFSJPEFYQJSFT JGOPTFDPOESFRVFTU "NFOE'PSN4UPSFTQPOEUP4&$DPNNFOUT -- 3FDPSE%BUF "NFOE'PSN4UPHPFGGFDUJWF -- /PUJDF-$5$TUPDLIPMEFSNFFUJOHTNBJMQSPTQFDUVTQSPYZTUBUFNFOUUP --5- -$5$TUPDLIPMEFST 4&$BOE/BTEBR4UPDL.BSLFU &YFDVUF-$5$"GGJMJBUFT"HSFFNFOUT "-- 'JMF/BTEBR4UPDL.BSLFU/PUJGJDBUJPO'PSNGPSBEEJUJPOBMTIBSF -$-- JTTVBODF 5$-$4UPDLIPMEFS.FFUJOHT "-- $-04*/(*TTVF1SFTT3FMFBTF "-- 'JMF'PSN$ XJUI/BTEBRPOMZ 'PSNTBOE4DIFEVMF%T -$--5- 'JMF'PSN4UPDPWFS5$PQUJPOQMBO -$--

1BSUJDJQBOUT -$-BSHF$P 5$5FDI$P ---BSHF$PT-BXZFST 5-5FDI$PT-BXZFST -*#-BSHF$PT*OWFTUNFOU#BOLFST 5*#5FDI$PT*OWFTUNFOU#BOLFST

NFSHFSTBOEBDRVJTJUJPOT GFOXJDLXFTU "CPVUUIF"VUIPS

+BDRVFMJOF"%BVOUSFUJSFEGSPN'FOXJDL8FTU--1JOBGUFSNPSFUIBOZFBST JOUIFmSNT$PSQPSBUF(SPVQ)FSQSBDUJDFGPDVTFEPOSFQSFTFOUJOHIJHIUFDIOPMPHZ DMJFOUTJOEPNFTUJDBOEJOUFSOBUJPOBMUSBOTBDUJPOT JODMVEJOHWFOUVSFmOBODJOHT NFSHFST BOEBDRVJTJUJPOT QBSUOFSJOHBSSBOHFNFOUT EJTUSJCVUJPOBOEMJDFOTJOHBHSFFNFOUTBOE JOUFSOBUJPOBMQSPUFDUJPOPGQSPQSJFUBSZSJHIUT.T%BVOUSFDFJWFEIFS#"JOFDPOPNJDT BOEIFS+%GSPNUIF6OJWFSTJUZPG.JDIJHBO4IFBMTPBUUFOEFEUIF6OJWFSTJU±-JCSFEF #SVYFMMFTBOE-*OTUJUVU%ÎUVEFT&VSPQ±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

GFOXJDLXFTU NFSHFSTBOEBDRVJTJUJPOT Fenwick & West Firm Overview fenwick & west llp provides comprehensive legal services to high technology and life sciences companies of national and international prominence. more than 250 attorneys offer corporate, intellectual property, litigation and tax services from our offices in mountain view and san francisco, california.

Corporate Group We service high technology and life sciences companies, from early start-ups to mature public companies.

Start-Up Companies. We have represented hundreds of growth-oriented companies from inception through maturity. Our attorneys understand what it takes to start with only an idea, build a team, found a company, raise venture capital funding and grow a business. We have represented many of the nation’s leading venture capital firms and do multiple deals each year with companies financed by these market leaders.

Mergers and Acquisitions. We are ranked by MergerMarket as one of the top five most active legal advisor in the U.S. for technology sector M&A. We understand the problems that arise in technology company acquisitions and focus our efforts on issues that are of the most value to the client. Our expertise spans the entire spectrum of high technology, from life sciences to semiconductors, and our lawyers are equally adept at small private company transactions and multi-billion dollar public transactions. Of particular importance to our high technology client base is the extraordinary acumen of our due diligence mergers and acquisitions teams in locating and documenting intellectual property holdings of buyers and sellers. For clients involved in larger deals, our antitrust lawyers are experienced in working with the Department of Justice and Federal Trade Commission in the pre-merger clearance process. We understand the many issues that can mean the difference between a successful transaction and a broken promise.

Public Offerings and Securities Law Compliance. Our extensive representation of emerging companies has given us substantial depth of experience in public offerings. In recent years, we have represented companies or investment banks in more than 100 initial public offerings, which, combined, have raised over $7 billion dollars. We have helped our clients raise billions more in follow-on debt and equity offerings. Our counseling practice for technology companies regarding ongoing public securities law issues includes extensive Sarbanes-Oxley compliance and board or audit committee counseling.

Strategic Alliances. For many high technology companies, the path to financing and commercialization begins with their first collaboration or joint venture with an industry partner. These agreements can often make or break a young technology company. We help clients think through the business, intellectual property, tax and other legal issues that arise in their corporate partnering transactions and joint ventures. Executive Compensation. As an integral part of the corporate a wide range of industries, we have exceptional depth and practice, we counsel clients on a wide range of employee breadth in the areas of the law critical to our high technology benefits and compensation matters. We assist companies in clients. Those clients are leaders in such sectors as software establishing and administering employee benefit arrangements. and programming; Internet and entertainment; computer Our lawyers help define and structure stock or other equity hardware; semiconductors and life sciences. We are regularly plans and arrangements, as well as tax qualified and fringe involved in significant cases involving intellectual property benefit plans, that meet the companies’ needs and comply with (patents, copyright, trademarks and trade secrets), employment ever-changing regulatory requirements. In the context of public disputes, corporate governance, securities, antitrust and offerings and acquisitions, our attorneys handle the issues that general commercial litigation. In addition to civil litigation, regularly arise with equity plans or other employment benefit our attorneys are experienced in representing clients in civil arrangements. and criminal government investigations. Using a network of experienced local counsel, we routinely represent clients in Intellectual Property Group cases throughout the United States. To support our lawyers, we We deliver comprehensive, integrated advice regarding all have created a first-class litigation infrastructure of experienced aspects of intellectual property protection and exploitation. legal assistants and computerized litigation support systems Fenwick & West has been consistently ranked as one of the capable of handling everything from relatively small and simple top five West Coast firms in intellectual property litigation and cases to the largest and most complex “bet-the-company” protection for the past 10 years by Euromoney’s Managing mega-cases. Intellectual Property publication. From providing sophisticated legal defense in precedent-setting lawsuits, to crafting unique Tax Group license arrangements and implementing penetrating intellectual Fenwick & West has one of the nation’s leading domestic and property audits, our intellectual property attorneys have international tax practices. The Tax Group’s unusually exciting pioneered and remain at the forefront of legal innovation. We and sophisticated practice stems from a client base that is are continually in sync with our clients’ technological advances represented in every geographic region of the United States, in order to protect their positions in this fiercely competitive as well as a number of foreign countries, and has included marketplace. approximately 100 Fortune 500 companies, 38 of which are in the Fortune 100. In recent surveys of 1,500 companies published in The Intellectual Property Group is comprised of approximately International Tax Review, Fenwick & West was selected as one of 80 lawyers and other professionals. A significant number of the only seven First Tier tax advisors in the United States. lawyers in the group and other practice groups in the Firm have technical degrees, including advanced degrees, and substantial industry work experience. More than 35 attorneys are licensed to practice before the U.S. Patent and Trademark Office. Our lawyers’ technical skills and industry experience help us render sophisticated advice with respect to novel technologies and related intellectual property rights issues. Attorneys in the Fenwick & West Offices group have lectured and published widely on emerging issues 801 California Street 555 California Street raised by the development, application and commercialization Mountain View, CA 94041 San Francisco, CA 94104 of technology. Tel: 650.988.8500 Tel: 415.875.2300

Litigation Group Litigation is an unfortunate fact of life in business today. Our www.fenwick .com Litigation Group has the range of experience and critical mass to protect our clients’ interests in virtually any type of dispute, large or small. We are experienced in all methods of alternative dispute resolution and find creative ways to resolve cases short of trial. However, we are trial lawyers first and foremost; and the presence of our lawyers in a case signals to the other side that we are ready and willing to try the case aggressively and well, a message that itself often leads to a satisfactory settlement. While we have extensive litigation experience in Recent Mergers and Acquisitions

2006 Selected Transactions

Acquiring Company Acquired Company Deal Value The premier technology M&A Akrion, Inc. SCP Global Technologies, Inc. undisclosed

practice in the nation. ArcSight ENIRA Technologies undisclosed n Over the last five years, the firm has completed Atempo, Inc. Storactive Inc. undisclosed over $100 billion worth of transactions. Capcom Entertainment, Inc. Cosmic Infinity Inc. undisclosed n We handled the largest Internet merger ever —VeriSign’s $21B acquisition of Network Cisco Systems, Inc. Arroyo Video Solutions, Inc. $92 M Solutions. Greenfield Networks Inc. undisclosed n We handled the largest software merger ever— Meetinghouse Data $43.7 M Symantec’s $13.5B acquisition of VERITAS— Communications, Inc. also the largest tech merger of 2004. Nuova Systems, Inc. $50 M $51 M n We handled the biggest strategic merger of SyPixx Networks, Inc. software companies in 2005—Macromedia’s Tivella, Inc. Undisclosed $3.4B merger with Adobe Systems. Click Commerce, Inc. Elance, Inc. (Contractor $15 M Management Unit) n We also handled the second largest tech deal of 2004—NetScreen Technologies’ $4.3B CMP Technology Sand Hill Group LLC undisclosed acquisition by Juniper Networks. (Software 2007 conference) n We routinely represent leading serial acquirers, Concur Technologies, Inc. Outtask, Inc. $67 M including more than 25 transactions for Cisco Darwin Partners, Inc. Suzsoft Co., Ltd. undisclosed Systems in the last 18 months. n Our focus on technology earned us the #1 rank Diamond Foods, Inc. Harmony Foods Corporation (Certain $18 M for technology sector M&A by MergerMarket Assets) and consistently places us as one of the top 25 Electronic Arts Inc. Digital Illusions CE AB undisclosed M&A practices overall in the United States. Mythic Entertainment, Inc. undisclosed FiberTower Corporation First Avenue Networks Inc. $1.5 B

57 acquisitions in 2006 valued in Glu Mobile iFone undisclosed excess of $10.7 billion. Google Inc. JotSpot undisclosed

Hewlett-Packard Company Outerbay Technologies, Inc. undisclosed

Intuit Inc. Digital Insight Corp. $1.35 B

Keynote Systems, Inc. SIGNOS Systemintegrations GmbH $30 M

Lockheed Martin Corporation Savi Technology, Inc. undisclosed

Medicity, Inc. iServices Group, a division of Park undisclosed City Solutions Key: Fenwick & West clients are listed in black Micron Technology, Inc. Lexar Media, Inc. $800 M * Represented Financial Advisor Recent Mergers and Acquisitions

2006 Continued Motorola, Inc. Good Technology, Inc. undisclosed

MySQL AB Netfrastructure, Inc. undisclosed

Natus Medical Inc. DELTAMED SA $4 M Olympic Medical Corp. $19.3 M Network Appliance, Inc. Topio, Inc. $160 M

Opsware Inc. Creekpath Systems $10 M

Phonak Holding AG GN ReSound A/S $2.64 B

QLogic Corporation PathScale, Inc. $109 M

Reuters Group Plc Application Networks $41 M

Sanmina-SCI Corp. Adaptec, Inc. (Block-Based Systems) $14.6 M

Six Apart, Ltd. Rojo Networks, Inc. undisclosed

Skeen/Chang Investments L.P. Vitria Technology, Inc. undisclosed

SonicWALL, Inc. MailFrontier, Inc. $31 M

Stiefel Laboratories, Inc. Connetics Corporation $930 M

Symantec Corporation IMlogic, Inc. undisclosed Revivio Inc. undisclosed TriNet Group, Inc. Outsource Group, LLC undisclosed

Turin Networks White Rock Networks undisclosed

VeriSign, Inc. GeoTrust, Inc. $125 M inCode Wireless $52 M Kontiki, Inc. $62 M Snapcentric, Inc. $12 M Xilinx, Inc. AccelChip, Inc. undisclosed

2005 Selected Transactions

Acquiring Company Acquired Company Deal Value 44 acquisitions in 2005 valued in excess of $18.4 billion. Adobe, Inc. Macromedia, Inc. $3.4 B Akamai Technologies, Inc. Speedera Networks, Inc. $130 M

Broadcom Corporation Siliquent Technologies, Inc. $76 M

recent mergers and acquisitions Recent Mergers and Acquisitions

2005 Continued Cisco Systems, Inc. Airespace, Inc. $450 M FineGround Networks, Inc. $70 M KiSS Technology A/S $60.5 M M.I. Secure Corporation $13.25 M Nemo Systems $12.5 M NetSift, Inc. $30 M Protego Networks, Inc. $65 M Scientific-Atlanta, Inc. $6.9 B Sipura Technology, Inc. $68 M Sheer Networks Inc. $97 M Topspin Communications, Inc. $250 M Vihana, Inc. $30 M

Classified Ventures HomeGain undisclosed

Covad Communications Group NextWeb, Inc. $24.7 M

eBay, Inc. Shopping.com $620 M Electronic Arts Inc. Digital Illusions CE AB undisclosed JAMDAT Mobile $680 M Global Healthcare Exchange, LLC Neoforma, Inc. $210 M IBM, Inc. Ascential Software Corp.* $1.1 M

Interwoven, Inc. Scrittura, Inc. 18.3 M

IDX Systems Corp. Realtime Image, Ltd. $15.5 M

JAMDAT Mobile, Inc. Blue Lava Wireless, LLC $137 M

Juniper Networks, Inc. Peribit Networks, Inc. $375 M MKS Instruments, Inc. Ion Systems, Inc. $70 M

News Corporation IGN Entertainment, Inc. $650 M

Opsware Rendition Networks $40 M

Oracle, Inc. Oblix, Inc. undisclosed Paypal, an eBay company VeriSign, Inc. (payment gateway $370 M business) RSA Security Inc. Cyota, Inc. $145 M

ScanSoft, Inc. Nuance Communications $221 M Symantec Corporation BindView Developement Corporation $209 M WholeSecurity, Inc. undisclosed TA Associates Intuit Inc. (Information Technology $200 M Solutions Business) Yahoo!, Inc. Flickr.com* undisclosed

recent mergers and acquisitions Recent Mergers and Acquisitions

VeriSign, Inc. LightSurf Technologies $270 M iDEFENSE $40 M Moreover Technologies $30 M Retail Solutions, Inc. $24 M Weblogs.com $2.3 M VMG Equity Partners, Timbuk2 Designs, Inc. undisclosed Capital Logic Partners

2004 Selected Transactions

Acquiring Company Acquired Company Deal Value 45 acquisitions in 2004 valued in excess of $22.1 billion. Adaptec, Inc. Snap Appliance, Inc. $100 M BigBand Networks, Inc. ADC Telecommunications, Inc. Undisclosed

BMC Software Marimba, Inc. $239 M

Cisco Systems, Inc. Protego Networks, Inc. $65 M Jahi Networks, Inc. $16 M Perfigo, Inc. $74 M BCN Systems, Inc. $156 M dynamicsoft Inc. $58.8 M NetSolve, Incorporated $137 M Parc Technologies, Ltd. $14.3 M P-Cube, Inc. $200 M Twingo Systems, Inc. $5.35 M

Riverhead Networks $40 M Procket Networks, Inc. $89 M Actona Technologies, Inc. $82 M Covad Communications Group GoBeam, Inc. $48 M Flextronics International Ltd. Nortel Networks $500 M Hughes Software Systems $226 M (division of DirecTV)

General Dynamics Spectrum Astro $146.6 M

IBM, Inc. Alphabolx Corporation Undisclosed

Juniper Networks NetScreen Technologies, Inc. $4.3 B Keynote Systems, Inc. Vividence Corporation $26 M Hudson Williams Undisclosed NetRaker Undisclosed

Magma Design Automation, Inc. Mojave, Inc. $140 M

O’Reilly Media Pogue Press Undisclosed

PBI Media LLC SRI Consulting, Inc. Undisclosed

Ariba, Inc. Softface, Inc. Undisclosed

recent mergers and acquisitions Recent Mergers and Acquisitions

Sorrent, Inc. Macrospace, Ltd. Undisclosed

Symantec Corporation VERITAS Software $13.5 B Brightmail $370 M Synopsys Accelerant Networks Undisclosed

The Capital Markets Company N.V. Iverson Financial Systems, Inc. Undisclosed The Cooper Companies, Inc. Ocular Sciences, Inc. $1.2 B

Thomson, Inc. Gyration, Inc. Undisclosed

UTStarcom, Inc. TELOS Technology $48 M

Versant Corporation FastObjects, Inc. Undisclosed JDO Genie Undisclosed VeriSign, Inc. Eurotrust $8.5 M Unimobile (a subsidiary of $5.25 M Electronics for Imaging (EFI)

2003 Selected Transactions

Acquiring Company Acquired Company Deal Value 48 acquisitions in 2003 valued in excess of $2.8 billion. 2Wire Sugar Media Undisclosed Adaptec Eurologic $30 M Intel (assets) Undisclosed

Allergan Oculex $244 M

Cisco Systems, Inc. Linksys $500 M

Latitude Communications $80 M SignalWorks $13.5 M

Fidelity National Information Appraisal Enhancement Services $14 M Services Finisar Genoa, Inc. $5.5 M Flextronics International Llecorcim NV $80 M

Great Hill Partners IGN Entertainment $24 M

GRIC Communications Axcelerant $55 M

Interwoven Imanage $175 M MediaBin, Inc. $11 M

Intermagnetics Invivo $160 M

Macromedia CyberSage Software Undisclosed

recent mergers and acquisitions Recent Mergers and Acquisitions

Presedia, Inc. Undisclosed

Magma Design Automation Alpus Undisclosed

Silicon Metrics $18 M Random Logic $20 M

Circuit Semantics (assets) Undisclosed ($18 M) Mercury Interactive Kintana $225 M Mercury Interactive Performant, Inc. Undisclosed

Neoforma I-many (assets) $20 M

NetScreen Technologies Neoteris, Inc. $295 M

Opsware Tangram $10 M Palm, Inc. Handspring $280 M

RealNetworks, Inc. Listen.Com, Inc. $36 M

SEEC, Inc. Asera, Inc. (asset sale) Undisclosed

Silicon Image TransWarp Networks, Inc. $15 M

Symantec Goback product line of Roxio $13 M SafeWeb $26 M

ON Technology $100 M

PowerQuest $150 M

Telcontar Televoke, Inc. Undisclosed

VERITAS Software Corporation Jareva Technologies, Inc. $62 M

2002 Selected Transactions

37 acquisitions in 2002 valued in Acquiring Company Acquired Company Deal Value excess of $4.7 billion. Barra Inc. Financial Engineering Associates, Inc. $21.25 M

Centrata, Inc. AllBusiness Undisclosed

CIENA Corporation ONI Systems $1.25 B

Digeo Inc. Moxi Digital, Inc. Undisclosed

recent mergers and acquisitions Recent Mergers and Acquisitions

DoveBid, Inc. Bache Treharne (assets) Undisclosed

ZoneTrader, Inc. (assets) Undisclosed

Enscaler, Inc. Lariat Software Undisclosed Fair, Isaac and Company HNC Software Inc. $810 M

Flextronics International NatSteel Broadway $367 M

Hewlett-Packard Company ePIT, Inc. $4 M

Intersil Corp. Elantec Semiconductor Inc. $1.4 B Interwoven, Inc. XYZFind Corporation (assets) Undisclosed

Intuit, Inc. American Fundware, Inc. (assets) $26 M CBS Employer Services, Inc. (assets) $78 M Eclipse, Inc. $88 M Quicken Loans Pending Keynote Software Enviz Undisclosed NetMechanic Undisclosed Microsoft Corporation Vicinity Corporation $96 M

Mobility Electronics Portsmith Inc. $1.1 M

Netopia, Inc. DoBox, Inc. Undisclosed

NetScreen Technologies Inc. OneSecure Inc. $40.2 M

OnDemand Software, Inc. VERITAS Software Corporation Undisclosed 2001 Selected Transactions (assets)

Renovis Centaur Pharmaceuticals $35 M

Sierra Design Group Arcade Planet Undisclosed Sonic Solutions VERITAS Desktop and Mobile $9.2 M Division (assets) Stellent Kinecta (assets) Undisclosed

Symantec Corporation Mountain Wave, Inc. $20 M Recourse Technologies $135 M

Riptech, Inc. $145 M

Telcontar Gravitate, Inc. Undisclosed

TIBCO Software Inc. Talarian Corporation $115 M

VERITAS Software Corporation Jareva Technologies, Inc. $62 M

Mitsubishi Electric Research Undisclosed Laboratories (assets) NTP Software Undisclosed

recent mergers and acquisitions Recent Mergers and Acquisitions

Versant Corporation Mokume Software $1 M

Workstream Inc. Icarian, Inc. $11 M

2001 Selected Transactions 46 acquisitions in 2001 valued Acquiring Company Acquired Company Deal Value in excess of $6.5 billion. Abbott Laboratories Vysis, Inc. $365 M

Adaptec Inc. Platys Communications Inc. $150 M

American Greetings Corp @Home (Blue Mountain Arts assets) $35 M

Black Box Corporation DESIGNet, Inc. $7 M

Burnstand Inc. Primix Solutions Inc. $15 M Cadence Design Systems, Inc. Silicon Perspective Corporation undisclosed

CarsDirect.com, Inc. Greenlight.com, Inc. Undisclosed

Cellegy Pharmaceuticals Vaxis Therapeutics $4 M

Citrix Systems Inc. Sequoia Software Corp. $185 M Cypress Semiconductor In-System Design $45 M

DoveBid TradeOut (assets) Undisclosed

Elance, Inc. Nitorum Corporation (assets) Undisclosed

Exodus Communications Global Center, subsidiary of Global $2.17 B

Crossing Ltd. Flextronics International ASIC International, Inc. Undisclosed

Ericsson (Mobile Phone Division) $500 M

Flextronics International Instrumentation Engineering Inc. Undisclosed Remix Ltd. Undisclosed Vextra Design Inc. Undisclosed

Wave Optics, Inc. $99 M

Gores Technology Group Micron Electronics Inc. (PC business Undisclosed assets) Handspring Bluelark Systems, Inc. $16.4 M

HNC Software Chordiant Software (assets) Undisclosed

Homestore.com Homestyles $21 M

recent mergers and acquisitions Recent Mergers and Acquisitions

2001 Continued

Move.com $761 M

Interwoven, Inc. Iharvest (assets) Undisclosed Kana Communications Broadbase $75.5 M

Macromedia, Inc. Allaire Corp. $360 M

Micron Electronics Inc. Interland, Inc. $130 M

Mitchell International, Inc. Ensera Inc. $14 M

NetObjects MyComputer.com $57 M ONI Systems Corp. Finisar Corporation (Opticity Product $50 M Line Assets) Pemstar Pacific Consultants LLC $60 M Princeton eCom Corporation Intuit Inc. (Bill Payment/ Undisclosed Presentment Business) Sanrise, Inc. Exodus Communications (DataVault $47.5 M Business Assets) Savi Technology AceFusion Undisclosed

Shockwave.com Atomfilms Undisclosed

Silicon Image CMD Technology $50 M

Silicon Communication Lab, Inc. $12 M Stamps.com eStamp (certain IP assets) $7.5 M

Time & IDG Standard Media Inc. – Industry $3.4 M Standard assets VeriSign Illuminet Holdings, Inc. $1.2 B VeriSign, Inc. Internet Authentication Services of Undisclosed the Internet Health Division of Intel (certain assets)

TV Corporation $45 M

MyComputer.com (assets) $3.6 M VERITAS Software Corporation EntireNet, LLC (assets) Undisclosed

The Kernel Group Undisclosed

recent mergers and acquisitions Recent Mergers and Acquisitions

2000 Selected Transactions

Acquiring Company Acquired Company Deal Value 91 acquisitions in 2000 valued in excess of $47.1 billion. Akamai Technologies CalltheShots, Inc. $6 M AltaVista Company Transium Corporation $10 M

ATI Technologies ArtX $520 M

Aurigin Cartia Undisclosed

SolutionWerx Undisclosed

Be Free Inc. TriVida $196 M

BigVine.com, Inc. AllBusiness.com Undisclosed

Broadbase Software, Inc. Aperio, Inc. $17.4 M

Decisionism Inc. $10.7 M

Panopticon, Inc. $62.6 M

Rubric, Inc. $318 M

Servicesoft Inc. $240 M

Burntsand, Inc. Altro Solutions, Inc. $33 M

Cacheflow Entera $470 M

CMGI AdForce, Inc. $1.8 B

Conexant Systems, Inc. HotRail, Inc. $420 M

Critical Path, Inc. Netmosphere $50 M

DoveBid, Inc. AccuVal Associates Incorporated $5.5 M and LiquiTec Industries Inc. Champion Computer Products $11 M

DoveBid, Inc. Fairfield Industries B.V. $13 M

Greenwich Industrial Services $6.2 M

Haltek Electronics Corporation $7 M

MasonGreene Australasia $3 M

Norman Levy Associates $30 M

OneWeb Place Undisclosed

Philip Pollack & Co., Inc. $4.5 M

Victor Morris $8.6 M

C.L. Van Beusekom B.V. $3.9 M

10 recent mergers and acquisitions Recent Mergers and Acquisitions

2000 Continued

Dynaptics Ultimode Undisclosed

Efficient Networks Inc. Netscreen Technologies, Inc. $905 M

Electronic Arts Kesmai Corporation $32 M

Excite @Home Kendara, Inc. Undisclosed

Rucker Design Group, Inc. Undisclosed

Worldprints.com International, Inc. Undisclosed

Exodus Communications KeyLabs, Inc. $60 M

Network-1 Security Solutions, Inc. $4 M (Professional Services Division) Paris Undisclosed

Sanrise $57 M

Flextronics International Ltd. Lixin $60 M

Cabletron (U.S./Irish Mfg. Facilities/ Undisclosed Assets) Chatham $700 M

FICO, Inc. Undisclosed

IEC Holding Ltd. Undisclosed

JIT Holdings $600 M

Lightning Undisclosed

Palo Alto Products International $100 M

Flextronics International Ltd. PCB Assembly Inc. $51.3 M

Photonic Technologies Packaging Undisclosed Inc. Siemens Communications & Mobile Undisclosed (Texas Facility) The Dii Group $4.5 B

Globespan iCompression $400 M

Good Technology Unnamed Partnership Undisclosed

GoTo.com, Inc. Cadabra Inc. $250 M

HNC Software Inc. Advanced Information Management $750 B Solutions, Inc. Celerity Technologies, Inc. $20.2 M

ONYX Technologies, Inc. $38.5 M

11 recent mergers and acquisitions Recent Mergers and Acquisitions

2000 Continued

Systems Link Corporation $36 M

The Center for Adaptive Systems $23.9 M Applications, Inc. Homestore.com Move.com $761 M

Intel Basis Communications Corporation $450 M

Interwoven, Inc. Ajuba Solutions $31 M

Metacode Technologies $151 M

Neonyoyo $70 M

Intuit Inc. Venture Finance Software Corp. $150 M

Keynote Systems, Inc. Digital Content LLC. Undisclosed

Velogic Inc. $51 M

Listen.com Wired Planet, Inc. Undisclosed

LynuxWorks, Inc. Integrated Software & Devices Undisclosed Corporation Macromedia, Inc. Middlesoft, Inc. Undisclosed

Metawave Adaptive Telecom $122.5 M

Neoforma.com, Inc. EquipMD $40 M

U.S. Lifeline.com $8 M

NetObjects MyComputer.com $57 M

Netopia WebOrder $23 M

Niku Corporation 600 Monkeys, Inc. $6 M

ABT Corp. $100 M

bSource.com, Inc. $10 M

Legal Anywhere, Inc. $10 M

Siara Systems, Inc. Redback Networks Inc. $10.7 B

Shockwave.com Atomfilms Undisclosed

Tumbleweed Communications Worldtalk Communications $186.4 M Corp. Corporation VeriSign Inc. GreatDomains.com Undisclosed

NameSecure Inc. Undisclosed

Nanobiz Inc. Undisclosed

12 recent mergers and acquisitions Recent Mergers and Acquisitions

Network Solutions Inc. $17 B

Signio, Inc. $876 M

Thawte Consulting $575 M

Virata Corporation Excess Bandwidth Corporation $415 M

Wind River Systems Inc. Integrated Systems, Inc. $400 M

WineShopper.com (Naxon) Wine.com $50 M

13 recent mergers and acquisitions Fred M. Greguras is of counsel in the corporate and technology transactions groups at Fenwick & West LLP, a law firm specializing in high technology matters. He practices out of the firm’s Mountain View, California, office. Mr. Greguras focuses on strategic legal issues for software, semiconductor-related and life sciences companies. His practice includes start-up issues and financings in both domestic and international transactions. He has represented a wide range of companies in financing, M&A, licensing and other commercial transactions, from privately held startups to publicly traded companies. Mr. Greguras has also been a venture capitalist and a general counsel and CFO for a startup. Some of the clients he has represented are:

BioMarker Pharmaceuticals, Inc. Fred M. Greguras Excite@Home Exodus Communications, Inc. Of Counsel Kintana, Inc. Corporate and Technology Speedera Networks, Inc. Transactions Practice Groups Mr. Greguras has authored many articles on start-up, financing, Phone: 650.335.7241 outsourcing, Internet and international legal issues, which are available at www.fenwick.com. Fax: 650.938.5200

E-mail: [email protected] He received a Bachelor of Arts in mathematics from University of Omaha in 1966, a Masters of Science in mathematics and computer science in 1968, and his J.D. in 1975 from the University of Nebraska. Emphasis: Mr. Greguras is a member of the State Bar of California. Startups and Venture Capital Financings

Licensing

Intellectual Property Protection

Andrew Luh is a partner in the Corporate Group at the law firm of Fenwick & West LLP. Mr. Luh practices out of the firm’s Mountain View, California, office. His practice focuses on general corporate representation of high technology clients and transactional representation on mergers and acquisitions, venture capital financings, securities offerings and related matters. Among the clients he has represented are:

Cisco Systems, Inc. Dell Inc. Exodus Communications, Inc. Silicon Image, Inc. Andrew Luh Sun Microsystems, Inc. Symantec Corporation Partner Mr. Luh received his undergraduate education at the University of Corporate Group Virginia, where he graduated ranked first in his class with a B.A. in economics in 1993 and was elected to Phi Beta Kappa. He attended Phone: 650.335.7964 law school at Stanford University, where he graduated with distinction Fax: 650.938.5200 with a J.D. in 1996 and was elected to the Order of the Coif.

E-mail: [email protected]

Emphasis:

Mergers and Acquisitions

Venture Capital Financings

Securities Law Compliance

Lily Toy is an associate in the Corporate Group of Fenwick & West LLP, a law firm specializing in technology and life sciences matters. Fenwick & West is headquartered in Mountain View, California, with an office in San Francisco.

Ms. Toy received her J.D. from Cornell Law School in 2004. During law school, Ms. Toy was a judicial extern for the Honorable Alan Jaroslovsky of the United States Bankruptcy Court. She received her B.A. with honors in Economics and Legal Studies from the University of California, Berkeley in 2001.

Prior to joining Fenwick & West, Ms. Toy was a corporate associate with the Menlo Park office of Shearman & Sterling LLP. Lily M. Toy Ms. Toy is a member of the State Bar of California. She is fluent in Associate Chinese (Mandarin and Cantonese).

Corporate Group

Phone: 650.335.7687

Fax: 650.938.5200

E-mail: [email protected]

Emphasis:

Securities Offerings

Mergers & Acquisitions

Venture Capital Financings

Ping Cai Ping Cai is a visiting Chinese attorney in the Corporate Group at Fenwick & West LLP. Prior to joining Fenwick & West, Ms. Cai was a Associate corporate associate with the Beijing office of Jun He Law Offices. Ms. Corporate Group Cai’s practice includes foreign direct investment, merger & acquisition, venture capital financing, real estate development and operation, etc. Phone: 650.335.7671 Ms. Cai received her LL. B. and LL. M. from China University of Political Fax: 650.938.5200 Science and Law in 1996 and 1999 respectively. In 2006, she received E-mail: [email protected] another LL. M. from Boston University School of Law.

Ms. Cai is a member of China Bar and the State Bar of New York. She is Emphasis: fluent in Mandarin and English. Foreign Direct Investment

Merger & Acquisition

Real Estate