!.,!0!(/!- *!,.%(#*,)"%.&)-- !.!,(%(#-&)-- ,(%(#-&)--!"),!/'/&.%0! !""!.)")/(.%(#$(#! (.!,!-.!1*!(-! ()'!.1!- !*,!%.%)(( '),.%3.%)( -$*,)0% ! 2)*!,.%(#.%0%.%!- -$/.%&%3! 2%(0!-.%(#.%0%.%!- !%#$.! 0!,#!(/'!,)" )'')(-$,!-)/.-.( %(# -% %&/.! !.!,(%(#-&)--!"),!/'/&.%0! !""!.)")/(.%(#$(#! -% %&/.! -$ %0% !( - !&,! $,!$)& !,-4!+/%.2 $,!$)& !,-4!+/%.2 ).&--!.- )(#.!,' !. !..)*%.&%3.%)(,.%) #$ #%#$%%)$!#% #%+% #!#$%$%#$ $$ #&&%'% &%)&%#$%)!$ %)$!#% #%+% %'$%% $ %!!# !#%$&#$ #'&%% !#%!# # % !*&$%#%$%#$ &#$' # $%#% !! #%&%$& %#$% '$%%&$$$$%#%%$%$%#%"&$% $ ('#%$$&#$ & $#% % %$$&$%%&% #%#$ # %#$&#$ !# # !#!# #(%#*!% &%!#!$%,$ $&$$ *$$ % $&%$ !#% $% $&#! #% #%$&$$ % !*,$&$$$ !)+))!&%)*&(* !%* &##&-!%#**(*&&+() ( &#()%!%* (% ! #! *)* *&##&-!*&%*!%)&(-(#&&"!% )**$%*)&%(%!%&+(.'**!&%)%#!)!%#+!%-!* &+*#!$!**!&%.'**!&%)((!%'(&+*!%*(&+*!&%) (,%+(&-* '(&!*!#!*/%*(+*!&%* !)+))!&%&+%(*!%*!)(!)")%))+$'*!&%)))&!*-!* * ) )**$%*)!%*$&&+(%#&)%%+#('&(*&% &($+%(* !%0+)!%)) &(-(&&"!%%&($*!&%% !)" *&()* */* +*+()+#*)1 5P0VS4IBSFIPMEFST 5ISFFZFBSTBHPXFTFUBOFXTUSBUFHJDEJSFDUJPOGPSUIF$PNQBOZ0OFJOXIJDIXF XPVMEDIBOHFUIFDVMUVSFBU)BTCSPUPGPDVTPOHSPXJOHPVSJODSFEJCMFQPSUGPMJPPGDPSF CSBOETBOEEFWFMPQJOHOFXBOEJOOPWBUJWFQSPEVDUT*OBEEJUJPO XFXBOUFEUPSFEVDF PVSSFMJBODFPOFOUFSUBJONFOUQSPQFSUJFT JNQSPWFPQFSBUJOHNBSHJOTBOETUSFOHUIFOPVS CBMBODFTIFFU 8FBSFIBQQZUPSFQPSUUIBUUISFFZFBSTMBUFS XFBSF EFMJWFSJOHBHBJOTUBMMPGUIFTFPCKFDUJWFT *O SFWFOVFTJODSFBTFE FYDMVEJOHUIFJNQBDUPGGPSFJHOFYDIBOHF8F SFFOFSHJ[FEPVSCVTJOFTTCZMFWFSBHJOHPVSSJDIDPMMFDUJPOPGDPSFCSBOEESJWFST XIJDI BTBDBUFHPSZXFSFVQXPSMEXJEFBOEJODMVEFCSBOETMJLF1-":4,00-BOE 53"/4'03.&340OFDPSFCSBOEXPSUIDBMMJOHPVUXBT.0/010-: XIJDIXBTVQJO BOJNQSFTTJWFOVNCFSGPSBCSBOEUIBUJTOFBSMZZFBSTPME*OOPWBUJWFQSPEVDUT MJLF#&:#-"%&BOE7*%&0/08BMTPDPOUSJCVUFETJHOJGJDBOUMZUPPVSTPMJEHSPXUI *NQSPWJOHPVSPQFSBUJOHNBSHJOUPPSCFUUFSCZXBTBNBKPSPCKFDUJWFBTXFMM BOEXFTVSQBTTFEUIBUHPBM EFMJWFSJOHBOPQFSBUJOHNBSHJOPG8FBSFQBSUJDVMBSMZ QMFBTFEUIBUXFBDIJFWFEUIJTHPBMEVSJOHBZFBSJOXIJDIXFBMTPUPPLBOVNCFSPG DIBSHFTSFMBUJOHUPBDUJPOTUPJNQSPWFGVUVSFQSPGJUBCJMJUZ5IFTFDIBSHFTJODMVEFE TFWFSBODFQBZNFOUTSFMBUFEUPUIFDFTTBUJPOPGUPZNBOVGBDUVSJOHPQFSBUJPOTBUPVS 7BMFODJB 4QBJOGBDJMJUZBOEDIBSHFTGPSFYJUJOHMFBTFTBOETFWFSBODFGPSUIFFNQMPZFFT PGUIFSFNBJOJOH8J[BSETPGUIF$PBTUSFUBJMTUPSFT *OUIFMBTUUISFFZFBST XFIBWFNBEFUSFNFOEPVTTUSJEFTJOTUSFOHUIFOJOHPVSCBMBODF TIFFUBOEIBWFSFEVDFEPVSTIPSUBOEMPOHUFSNEFCU OFUPGDBTI CZPWFSCJMMJPO*O BEEJUJPO XFIBWFJNQSPWFEPVSEFCUUPUPUBMDBQSBUJPUP8FBSFQMFBTFEUIBUUIJT QSPHSFTTIBTCFFOSFDPHOJ[FECZCPUI'JUDI3BUJOHTBOE.PPEZT XIPIBWFVQHSBEFEPVS MPOHUFSNVOTFDVSFEEFCUSBUJOHTUPJOWFTUNFOUHSBEF 5IJTTVDDFTTXBTESJWFOCZBMMUISFFPGPVSNBKPSTFHNFOUT (BNFT (BNFTJTBTPMJE QSPGJUBCMFCVTJOFTTGPS)BTCSP$POTVNFSTIBWF BMXBZTFOKPZFEUIFGVOBOEFEVDBUJPOBMPQQPSUVOJUJFTUIBUHBNFT QSPWJEF BOEUIFXBZUIFZCSJOHQFPQMFUPHFUIFS5IFTFHNFOUIBEB 3FWFOVFT TUSPOHZFBS SFHJTUFSJOHBOJODSFBTFJOSFWFOVFT5IFZQPTUFE VQ NJMMJPOJOSFWFOVFTGPSUIFZFBSBOEBOPQFSBUJOHQSPGJUUIBU JODSFBTFECZUPNJMMJPO%SJWJOHUIJTTVDDFTTXFSFDPSF CSBOET TVDIBT.0/010-: 53*7*"-16346*5BOE."(*$5)& ("5)&3*/(USBEJOHDBSEHBNFT BTXFMMBTOFXJOOPWBUJWFQSPEVDUT TVDIBT58*45&3.07&4 #6--4&:&#"--BOE&-&'6/ 645PZT 5IF645PZTCVTJOFTTBMTPNBEFTVCTUBOUJBMJNQSPWFNFOUTJOCPUI SFWFOVFBOEPQFSBUJOHQSPGJU5IJTZFBS UIFTFHNFOUHSFXSFWFOVFT 3FWFOVFT UPCJMMJPOGPSUIFZFBSBOEPQFSBUJOHQSPGJUJODSFBTFEUP NJMMJPO8FIBETUSPOHQFSGPSNBODFGSPNNBOZUPZDPSFCSBOEESJWFST VQ TVDIBT53"/4'03.&34 XIJDIXBTVQ BOE1-":4,00- XIJDI HSFXJO*OBEEJUJPO XFIBEBOVNCFSPGOFXJOUSPEVDUJPOT UIBUQFSGPSNFEXFMM TVDIBT7*%&0/08 BOEDPOUJOVFETUSPOHTBMFT GSPN#&:#-"%&BOE'633&"-'3*&/%4 *OUFSOBUJPOBM 5IF*OUFSOBUJPOBMTFHNFOUJTBOBSFBXFUBSHFUFEUPJNQSPWFJO BOEXFEJE3FWFOVFTJODSFBTFEUPCJMMJPOGPSUIFZFBS &YDMVEJOHUIFQPTJUJWFJNQBDUPGGPSFJHOFYDIBOHFPGNJMMJPO 3FWFOVFT SFWFOVFTJODSFBTFEGPSUIFZFBSUPCJMMJPO0QFSBUJOHQSPGJU JODSFBTFETJHOJGJDBOUMZUPNJMMJPO DPNQBSFEXJUINJMMJPOMBTU VQ ZFBS5IJTHSPXUITIPXTUIFQSPHSFTTXFBSFNBLJOHJOJNQSPWJOHPVS HMPCBMCVTJOFTT5IFTFHNFOUFYQFSJFODFETUSFOHUIJOCPBSEHBNFTBOE NBOZPGPVSDPSFQSPEVDUMJOFT JODMVEJOH53"/4'03.&34 ."(*$5)& ("5)&3*/(USBEJOHDBSEHBNFT BOE1-":4,00-#&:#-"%&XBTBMTPB TJHOJGJDBOUDPOUSJCVUPSUPUIFTFHNFOUTQFSGPSNBODF 0VSTVDDFTTJOXBTBEJSFDUSFTVMUPGEFMJWFSJOHPOPVSTUSBUFHZ*OUIJTBOOVBM SFQPSUZPVXJMMMFBSOBCPVUGJWFCSBOET53"/4'03.&34 .:-*55-&10/: ."(*$5)& ("5)&3*/( '633&"-'3*&/%4BOE.0/010-:UIBUJMMVTUSBUFIPXUIJTTUSBUFHZJT XPSLJOH&BDIPGUIFIJHIMJHIUFECSBOETQSPWJEFTBTOBQTIPUPGIPXXFBSFHSPXJOH PVSUPZTBOEHBNFTCVTJOFTTHMPCBMMZXJUIOFX JOOPWBUJWFQSPEVDUTCBTFEPODPOTVNFS JOTJHIUTDPNQFMMJOHTUPSZMJOFTTUSBUFHJDMJDFOTJOHBHSFFNFOUTBOETUSPOH JOUFHSBUFE NBSLFUJOHDBNQBJHOT 8FNBEFTVCTUBOUJBMJNQSPWFNFOUJOPVSDPSQPSBUFHPWFSOBODFFGGPSUTJOBT XFMM8FTQMJUUIFSPMFTPG$IBJSNBOBOE$&0BOEBNFOEFEPVSBSUJDMFTPGJODPSQPSBUJPO UPFMJNJOBUFDMBTTJGJDBUJPOPGPVS#PBSEPG%JSFDUPSTUISPVHIBTIBSFIPMEFSWPUF*O BEEJUJPOTJODF XFIBWFBEEFEFJHIUOFXJOEFQFOEFOUNFNCFSTUPPVS#PBSE TVQQMFNFOUJOHPVSFYQFSUJTFJOLFZBSFBT5IJTZFBSXFXFSFEFMJHIUFEUPXFMDPNF+BDL .(SFFOCFSH GPSNFS$IBJSNBOBOE$IJFG&YFDVUJWF0GGJDFSPG.D%POBMET $PSQPSBUJPO BOE+BDL.$POOPST +S $IBJSNBOPGUIFGVMMTFSWJDFNBSLFUJOH DPNNVOJDBUJPOTDPNQBOZ )JMM )PMMJEBZ $POOPST $PTNPQVMPT *OD UPPVS#PBSEPG %JSFDUPST#PUIBSFWFSZIJHIMZSFTQFDUFECVTJOFTTMFBEFST:PVDBOCFTVSFUIBUXF SFNBJODPNNJUUFEUPCVJMEJOHTIBSFIPMEFSWBMVF XIJMFDPOEVDUJOHPVSTFMWFTXJUI JOUFHSJUZXJUIBMMPGPVSDPOTUJUVFOUT 0VS#PBSEPG%JSFDUPSTBMTPEFDMBSFEBRVBSUFSMZDBTIEJWJEFOEQBZBCMFJO.BZPG PGQFSDPNNPOTIBSF BOJODSFBTFGSPNUIFQSFWJPVTRVBSUFSMZEJWJEFOEPG *ODMPTJOH PVSTVDDFTTJODPOGJSNFE PODFBHBJO UIBUPVSTUSBUFHZPGHSPXJOHPVS DPSFCSBOETBOEEFWFMPQJOHOFXQSPEVDUTUISPVHIJOOPWBUJPOJTUIFSJHIUPOF8FIBWF DPNFBMPOHXBZJOJNQSPWJOHPVSFBSOJOHT SFEVDJOHPVSEFCUBOETUSFOHUIFOJOHPVS CBMBODFTIFFU 5IFHPPEOFXTJTUIFSFJTNVDINPSFUPDPNF 8FIBWFBTUSPOHNBOBHFNFOUUFBNBOEMPUTPGPQQPSUVOJUZUPHSPXBOEJNQSPWF QSPGJUBCJMJUZHPJOHGPSXBSEBTXFGPDVTPOEFMJWFSJOHDPOTJTUFOUQSPGJUBCJMJUZUPZPV PVS TIBSFIPMEFST "MGSFE+7FSSFDDIJB "MBO()BTTFOGFME 1SFTJEFOUBOE$IJFG&YFDVUJWF0GGJDFS $IBJSNBOPGUIF#PBSE #SBOESFWFOVFT XFSFVQBO JNQSFTTJWF XPSMEXJEF JO TIPXJOH UIBUXFDBODPOUJOVF UPSFJOWFOUPVS CSBOETFBDIZFBS 8JUIBOFXQSPEVDUMJOF OFXUFMFWJTJPOQSPHSBNNJOH BOEB TUSPOH GVMMZJOUFHSBUFENBSLFUJOHQMBO UIF53"/4'03.&34 CSBOESFWFOVFTXFSFVQBOJNQSFTTJWFXPSMEXJEFJO TIPXJOHUIBUXFDBODPOUJOVFUPSFJOWFOUPVSCSBOETFBDIZFBS XJUITUSPOHBOEHSJQQJOHTUPSZMJOFT BOEOFXXBZTUPQMBZ'BOT BMMPWFSUIFXPSMEDPOUJOVFEUPESJWFUIJTCSBOEm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mSTUJOUSPEVDFE /FBSMZ .*--*0/ .:-*55-&10/: 50:4XFSF TPMEJO /FBSMZGPVSNJMMJPO.:-*55-&10/:UPZT PWFSPOFNJMMJPOCPPLT BOETFWFSBMNJMMJPOEPMMBSTXPSUIPGBQQBSFMBOE BDDFTTPSJFTNBEFUIFJSXBZJOUPUIFIFBSUTBOEIBOETPGMJUUMFHJSMTBSPVOEUIFXPSMEJO#ZSFTQPOEJOHUPDPOTVNFS JOTJHIUTXJUIJOOPWBUJWFTUPSZMJOFT OFXUPZTBOEFYDJUJOHMJDFOTFEQSPEVDUT XFXFSFBCMFUPTVDDFTTGVMMZCSJOHCBDLPOFPG PVSCFMPWFECSBOETUPBXIPMFOFXHFOFSBUJPOPGHJSMT *UXBTUXFOUZZFBSTBHPXIFOMJUUMFHJSMTXFSFm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i$FMFCSBUJPOwUPMEUISPVHIB NJOVUFBOJNBUFEWJEFPQBDLBHFEJONPSFUIBO .:-*55-&10/:UPZT%FWFMPQJOHFYDJUJOHTUPSZMJOFTJT POFXBZXFESJWFTBMFTPGPVSDPSFCSBOETBOELFFQUIFN GSFTIBOESFMFWBOUGSPNZFBSUPZFBS 'PSUIFSFJOUSPEVDUJPO