## Disclaimer

This document has been reviewed in accordance with U.S. Environmental Protection Agency policy and approved for publication. Mention of trade names or commercial products does not constitute endorsement or recommendation for use.

III-ii

## Preface

In 1971, the U.S. Environmental Protection Agency (EPA) promulgated National Ambient Air Quality Standards (NAAQS) to protect the public health and welfare from adverse effects of photochemical oxidants. In 1979, the chemical designation of the standards was changed from photochemical oxidants to ozone (O 3 

### ). This document focuses primarily on the scientific air quality criteria for O 3 

### and, to a lesser extent, on those for other photochemical oxidants such as hydrogen peroxide and the peroxyacyl nitrates. The EPA promulgates the NAAQS on the basis of scientific information contained in air quality criteria issued under Section 108 of the Clean Air Act. The previous O 3 

### criteria
document, Air Quality Criteria for Ozone and Other Photochemical Oxidants , was released in August 1986 and a supplement, Summary of Selected New Information on Effects of Ozone on Health and Vegetation , was released in January 1992. These documents were the basis for a March 1993 decision by EPA that revision of the existing 1-h NAAQS for O 3 

### was not appropriate at that time. That decision, however, did not take into account some of the newer scientific data that became available after completion of the 1986 criteria document. The purpose of this revised air quality criteria document for O 3 

### and related photochemical oxidants is to critically evaluate and assess the latest scientific data associated with exposure to the concentrations of these pollutants found in ambient air. Emphasis is placed on the presentation of health and environmental effects data; however, other scientific data are presented and evaluated in order to provide a better understanding of the nature, sources,
distribution, measurement, and concentrations of O 3 

### and related photochemical oxidants and their precursors in the environment. Although the document is not intended to be an exhaustive literature review, it is intended to cover all pertinent literature available through

1995. This document was prepared and peer reviewed by experts from various state and Federal governmental offices, academia, and private industry and reviewed in several public meetings by the Clean Air Scientific Advisory Committee. The National Center for Environmental Assessment (formerly the Environmental Criteria and Assessment Office) of EPA’s Office of Research and Development acknowledges with appreciation the contributions provided by these authors and reviewers as well as the diligence of its staff and contractors in the preparation of this document at the request of the Office of Air Quality Planning and

Standards.

III-iii

## Air Quality Criteria for Ozone

and Related Photochemical Oxidants

Table of Contents

Volume I

1. Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1-1

2. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2-1

3. Tropospheric Ozone and Its Precursors . . . . . . . . . . . . . . . . . . . . . . . . 3-1

4. Environmental Concentrations, Patterns, and Exposure Estimates . . . . . . 4-1

Appendix A: Abbreviations and Acronyms . . . . . . . . . . . . . . . . . . . . . . . . A-1

Volume II

5. Environmental Effects of Ozone and Related Photochemical

Oxidants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-1

Appendix A: Abbreviations and Acronyms . . . . . . . . . . . . . . . . . . . . . . . . A-1

Appendix B: Colloquial and Latin Names . . . . . . . . . . . . . . . . . . . . . . . . . B-1

Volume III

6. Toxicological Effects of Ozone and Related Photochemical Oxidants . . . 6-1

7. Human Health Effects of Ozone and Related Photochemical Oxidants . . . 7-1

8. Extrapolation of Animal Toxicological Data to Humans . . . . . . . . . . . . 8-1

9. Integrative Summary of Ozone Health Effects . . . . . . . . . . . . . . . . . . . 9-1

Appendix A: Abbreviations and Acronyms . . . . . . . . . . . . . . . . . . . . . . . . A-1

III-v

## Table of Contents

Page

List of Tables

............................................. III-xiv List of Figures

............................................. III-xix
Authors, Contributors, and Reviewers

............................. III-xxiii U.S. Environmental Protection Agency Science Advisory Board,

Clean Air Scientific Advisory Committee

......................... III-xxxi U.S. Environmental Protection Agency Project Team for Development

of Air Quality Criteria for Ozone and Related Photochemical Oxidants

.... III-xxxiii

6. TOXICOLOGICAL EFFECTS OF OZONE AND RELATED

PHOTOCHEMICAL OXIDANTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1

6.1 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1

6.2 RESPIRATORY TRACT EFFECTS OF OZONE . . . . . . . . . . . . 6-3

6.2.1 Biochemical Effects . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3

6.2.1.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . 6-3 6.2.1.2 Cellular Targets of Ozone Interaction . . . . . . . 6-4 6.2.1.3 Effects of Ozone Exposure on Lung Lipid Metabolism . . . . . . . . . . . . . . . . . . . . . 6-7 6.2.1.4 Effects of Ozone on Lung Antioxidant Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-8 6.2.1.5 Effects of Ozone on Lung Protein

Metabolism

......................... 6-13 6.2.1.6 Effects of Ozone Exposure on Lung Xenobiotic

Metabolism

......................... 6-17 6.2.1.7 Summary

........................... 6-19 6.2.2 Lung Inflammation and Permeability Changes

........ 6-20

6.2.2.1 Introduction

......................... 6-20 6.2.2.2 Permeability Changes

.................. 6-21 6.2.2.3 Concomitant Changes in Permeability and Inflammatory Cell Populations in the Lung . . . 6-29 6.2.2.4 Sensitive Populations

................... 6-31 6.2.2.5 Repeated Exposures

.................... 6-33 6.2.2.6 Mediators of Inflammation and Permeability . . 6-33 6.2.2.7 Summary

........................... 6-35

6.2.3 Effects on Host Defense Mechanisms

.............. 6-36

6.2.3.1 Introduction

......................... 6-36 6.2.3.2 Mucociliary Clearance

.................. 6-36 6.2.3.3 Alveolobronchiolar Transport Mechanism

.... 6-37 6.2.3.4 Alveolar Macrophages

.................. 6-39

III-vii

## Table of Contents (cont’d)

Page

6.2.3.5 Immunology

......................... 6-43 6.2.3.6 Interaction with Infectious Agents

.......... 6-48 6.2.3.7 Summary

........................... 6-52 6.2.4 Morphological Effects

........................ 6-54

6.2.4.1 Introduction

......................... 6-54

6.2.4.2 Sites Affected

........................ 6-57 6.2.4.3 Considerations of Exposure Regimens

and Methods

......................... 6-76 6.2.4.4 Considerations of Degree of Susceptibility to Morphological Changes

................. 6-78 6.2.4.5 Summary

.......................... 6-80 6.2.5 Effects on Pulmonary Function

.................. 6-83

6.2.5.1 Introduction

......................... 6-83 6.2.5.2 Brief Ozone Exposures (Less Than 30 Minutes)

......................... 6-85 6.2.5.3 Acute Ozone Exposures (Less Than One Day)

........................... 6-91 6.2.5.4 Repeated Acute Exposure Experiments (More Than Three Days)

..................... 6-99 6.2.5.5 Longer Term Exposure Studies

............ 6-100 6.2.5.6 Summary

........................... 6-102 6.2.6 Genotoxicity and Carcinogenicity of Ozone

......... 6-103

6.2.6.1 Introduction

......................... 6-103 6.2.6.2 Ozone-Induced Deoxyribonucleic Acid Damage

............................ 6-104 6.2.6.3 Induction of Mutation by Ozone

........... 6-106 6.2.6.4 Induction of Cytogenetic Damage by Ozone . . . 6-108 6.2.6.5 Induction of Morphological Cell Transformation by Ozone

........................... 6-109 6.2.6.6 Possible Direct Carcinogenic, Co-carcinogenic, and Tumor-Promoting Effects of Ozone as Studied in Whole Animal Carcinogenesis Bioassays

........................... 6-111 6.2.6.7 Possible Effects of Ozone on Injected Tumor Cells That Lodge in the Lung and Form Lung

Colonies

............................ 6-117 6.2.6.8 Summary and Conclusions

............... 6-118

6.3 SYSTEMIC EFFECTS OF OZONE

..................... 6-121

6.3.1 Introduction

............................... 6-121 6.3.2 Central Nervous System and Behavioral Effects

...... 6-122

6.3.3 Cardiovascular Effects

........................ 6-124 6.3.4 Hematological and Serum Chemistry Effects

......... 6-126

III-viii

## Table of Contents (cont’d)

Page

6.3.5 Other Systemic Effects

........................ 6-128 6.3.6 Summary

................................. 6-128

6.4 INTERACTIONS OF OZONE WITH OTHER

CO-OCCURRING POLLUTANTS

...................... 6-129

6.4.1 Introduction

............................... 6-129 6.4.2 Simple (Binary) Mixtures Containing Ozone

......... 6-130 6.4.2.1 Nitrogen Dioxide as Copollutant

........... 6-141 6.4.2.2 Acidic Compounds as Copollutants

......... 6-146 6.4.2.3 Other Copollutants

.................... 6-148 6.4.3 Complex (Multicomponent) Mixtures Containing

Ozone

................................... 6-149 6.4.4 Summary

................................. 6-151

6.5 SUMMARY AND CONCLUSIONS

..................... 6-152

6.5.1 Introduction

............................... 6-152

6.5.2 Molecular Mechanisms of Effects

................ 6-153 6.5.3 Respiratory Tract Effects

...................... 6-154

6.5.3.1 Effects on Host Defenses

................ 6-154 6.5.3.2 Effects on Inflammation and Permeability

.... 6-155
6.5.3.3 Effects on Structure, Function, and Biochemistry

........................ 6-156 6.5.3.4 Genotoxicity and Carcinogenicity of Ozone . . . 6-161 6.5.3.5 Factors That Influence Ozone Exposure

...... 6-162 6.5.4 Systemic Effects

............................ 6-163 6.5.4.1 Central Nervous System and Behavioral

Effects

............................. 6-163

6.5.4.2 Cardiovascular Effects

.................. 6-163 6.5.4.3 Reproductive and Developmental Effects

..... 6-164 6.5.4.4 Other Systemic Effects

................. 6-164

6.5.5 Effects of Mixtures

.......................... 6-164

REFERENCES

......................................... 6-166

7. HUMAN HEALTH EFFECTS OF OZONE AND RELATED

PHOTOCHEMICAL OXIDANTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1

7.1 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-1

7.2 CONTROLLED HUMAN EXPOSURE STUDIES . . . . . . . . . . . 7-2 7.2.1 Pulmonary Function Effects of One- to Three-Hour Ozone Exposures . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7-2 7.2.1.1 Healthy Subjects . . . . . . . . . . . . . . . . . . . . . . 7-2 7.2.1.2 Subjects with Preexisting Disease

.......... 7-17 7.2.1.3 Influence of Gender, Age, Ethnic, and

Environmental Factors

.................. 7-25

III-ix

## Table of Contents (cont’d)

Page

7.2.1.4 Repeated Exposures to Ozone

............. 7-40

7.2.1.5 Effects on Exercise Performance

........... 7-49 7.2.2 Pulmonary Function Effects of Prolonged (Multihour) Ozone Exposures

............................ 7-53 7.2.3 Increased Airway Responsiveness

................ 7-61

7.2.4 Inflammation and Host Defense

.................. 7-67

7.2.4.1 Introduction

......................... 7-67 7.2.4.2 Inflammation Assessed by Bronchoalveolar Lavage

............................. 7-73 7.2.4.3 Inflammation Induced by Ambient Levels

of Ozone

........................... 7-75 7.2.4.4 Time Course of Inflammatory Response

..... 7-76 7.2.4.5 Effect of Anti-Inflammatory Agents on

Ozone-Induced Inflammation

............. 7-767.2.4.6 Use of Nasal Lavage To Assess OzoneInduced Inflammation in the Upper Respiratory Tract

..................... 7-76 7.2.4.7 Changes in Host Defense Capability Following Ozone Exposure

...................... 7-77 7.2.5 Extrapulmonary Effects of Ozone

................ 7-78

7.2.6 Ozone Mixed with Other Pollutants

.............. 7-79 7.2.6.1 Ozone and Sulfur-Containing Pollutants

...... 7-80 7.2.6.2 Ozone and Nitrogen-Containing Pollutants

.... 7-85 7.2.6.3 Ozone, Peroxyacetyl Nitrate, and More Complex Mixtures

..................... 7-87 7.2.6.4 Summary

........................... 7-88

7.3 SYMPTOMS AND PULMONARY FUNCTION IN

CONTROLLED STUDIES OF AMBIENT AIR EXPOSURES . . 7-88 7.3.1 Mobile Laboratory Studies

..................... 7-88 7.3.2 High-Altitude Studies

......................... 7-92

7.4 FIELD AND EPIDEMIOLOGY STUDIES

................ 7-92 7.4.1 Acute Effects of Ozone Exposure

................ 7-92

7.4.1.1 Introduction

......................... 7-92

7.4.1.2 Individual-Level Studies

................ 7-93 7.4.1.3 Aggregate Population Time Series Studies

.... 7-121 7.4.1.4 Summary and Conclusions

............... 7-142 7.4.2 Chronic Effects of Ozone Exposure

............... 7-143

7.4.2.1 Introduction

......................... 7-143 7.4.2.2 Recent Epidemiological Studies of Effects of Chronic Exposure

..................... 7-144

7.4.2.3 Conclusions

......................... 7-158

III-x

## Table of Contents (cont’d)

Page

7.5 SUMMARY AND CONCLUSIONS

..................... 7-160 7.5.1 Controlled Human Studies of Ozone Exposure

....... 7-160 7.5.1.1 Effects on Pulmonary Function

............ 7-160 7.5.1.2 Symptom Responses to Ozone

............ 7-164

7.5.1.3 Effects on Exercise Performance

........... 7-165 7.5.1.4 Effects on Airway Responsiveness

......... 7-165

7.5.1.5 Inflammation and Host Defense Effects

..... 7-167 7.5.1.6 Factors Modifying Responsiveness to Ozone . . 7-167 7.5.1.7 Extrapulmonary Effects of Ozone

.......... 7-169

7.5.1.8 Effects of Ozone Mixed with Other

Pollutants

........................... 7-169 7.5.2 Field and Epidemiology Studies of Ozone Exposure . . . 7-170

REFERENCES

......................................... 7-173

8. EXTRAPOLATION OF ANIMAL TOXICOLOGICAL DATA

TO HUMANS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1

8.1 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-1

8.2 OZONE DOSIMETRY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-2

8.2.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-2 8.2.2 Summary of 1986 Review of Experimental and Theoretical Dosimetry . . . . . . . . . . . . . . . . . . . . . . . . 8-2 8.2.3 Experimental Ozone Dosimetry Data . . . . . . . . . . . . . . 8-3

8.2.3.1 Introduction . . . . . . . . . . . . . . . . . . . . . . . . . 8-3 8.2.3.2 In Vivo Ozone Dosimetry Studies . . . . . . . . . . 8-3 8.2.3.3 In Vitro Ozone Dosimetry Studies . . . . . . . . . . 8-7 8.2.3.4 Human Ozone Dosimetry Studies . . . . . . . . . . 8-9 8.2.3.5 Intercomparison of Ozone Dosimetry Studies . . 8-15 8.2.4 Dosimetry Modeling

......................... 8-22 8.2.4.1 Background

......................... 8-22 8.2.4.2 Dosimetry Model Predictions

............. 8-28

8.3 SPECIES SENSITIVITY: LUNG FUNCTION AND

INFLAMMATORY ENDPOINTS EXEMPLIFYING

AN APPROACH

.................................. 8-33

8.3.1 Introduction

............................... 8-33 8.3.1.1 Dosimetry

.......................... 8-34 8.3.2 Homology of Response

....................... 8-35 8.3.2.1 Lung Function Endpoints as Homologous

Indicators

........................... 8-35 8.3.2.2 Inflammatory and Antioxidant Endpoints as Homologous Indicators

............... 8-35 8.3.3 Studies of Lung Function

...................... 8-36

III-xi

## Table of Contents (cont’d)

Page

8.3.3.1 Confounding Influences in Lung Function

Studies

............................. 8-36 8.3.3.2 Acute Exposure Data

................... 8-39 8.3.3.3 Prolonged Exposure Studies

.............. 8-52 8.4 QUANTITATIVE EXTRAPOLATION OF ACUTE OZONE

EFFECTS

....................................... 8-55

8.4.1 Introduction

............................... 8-55 8.4.2 Intraspecies Delivered Dose Response

............. 8-56 8.4.3 Interspecies Delivered Dose Response

............. 8-56 8.5 QUANTITATIVE EXTRAPOLATION OF CHRONIC OZONE

EFFECTS

....................................... 8-60

8.5.1 Introduction

............................... 8-60 8.5.2 Factors Considered in Estimating Dose

............ 8-62

8.5.2.1 Human

............................. 8-62 8.5.2.2 Monkeys

........................... 8-68

8.5.2.3 Rats

............................... 8-68

8.5.3 Results and Discussion

........................ 8-70

8.5.3.1 Simulation Results

.................... 8-70 8.5.3.2 Interpretation of Chronic Site-Specific

Dose-Effect Estimates

.................. 8-72

8.6 SUMMARY AND CONCLUSIONS

..................... 8-76 8.6.1 Ozone Dosimetry

............................ 8-76 8.6.2 Species Homology and Sensitivity

................ 8-78 8.6.3 Quantitative Extrapolation

...................... 8-79

REFERENCES

......................................... 8-81

9. INTEGRATIVE SUMMARY OF OZONE HEALTH EFFECTS . . . . . . . 9-1

9.1 INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-1

9.2 EXPOSURE-DOSE RELATIONSHIPS . . . . . . . . . . . . . . . . . . . 9-2

9.3 EFFECTS OF SHORT-TERM OZONE EXPOSURES . . . . . . . . 9-4 9.3.1 Physiological Responses to Ozone Exposure . . . . . . . . . 9-4 9.3.1.1 Respiratory Symptom Responses . . . . . . . . . . . 9-4 9.3.1.2 Lung Function Responses . . . . . . . . . . . . . . . . 9-5 9.3.1.3 Changes in Airway Responsiveness . . . . . . . . . 9-7 9.3.2 Exacerbation of Respiratory Disease . . . . . . . . . . . . . . 9-7 9.3.3 Morphological and Biochemical Abnormalities . . . . . . . 9-9 9.3.3.1 Inflammation and Cell Damage . . . . . . . . . . . . 9-9

9.3.3.2 Host Defense

........................ 9-12 9.3.4 Quantitative Ozone Exposure-Response Relationships

............................... 9-13 9.3.4.1 Prediction and Summary of Mean Responses

.......................... 9-15

III-xii

## Table of Contents (cont’d)

Page

9.3.4.2 Prediction and Summary of Individual Responses

.......................... 9-19

9.4 EFFECTS OF LONG-TERM OZONE EXPOSURES

......... 9-26 9.4.1 Repeated Exposures

.......................... 9-26 9.4.2 Prolonged Exposures

......................... 9-27 9.4.3 Genotoxicity and Carcinogenicity of Ozone

......... 9-31

9.5 EFFECTS OF COMBINED POLLUTANT EXPOSURES

...... 9-31

9.6 CONCLUSIONS

.................................. 9-32

REFERENCES

.................................... 9-37

APPENDIX A: ABBREVIATIONS AND ACRONYMS . . . . . . . . . . . . . . . A-1

III-xiii

## List of Tables

Number Page

6-1 Effects of Ozone Exposure on Lung Lipids . . . . . . . . . . . . . . . . . 6-9

6-2 Effects of Ozone Exposure on Lung Antioxidants

............ 6-11

6-3 Effects of Ozone Exposure on Lung Proteins

................ 6-15

6-4 Effects of Ozone Exposure on Lung Xenobiotic Metabolism

..... 6-18

6-5 Lung Inflammation and Permeability Changes Associated with Ozone Exposure

................................ 6-22

6-6 Effects of Ozone on Host Defense Mechanisms: Physical Clearance

.................................. 6-38

6-7 Effects of Ozone on Host Defense Mechanisms: Macrophage Alterations

............................... 6-40

6-8 Effects of Ozone on Host Defense Mechanisms: Immunology

...................................... 6-45

6-9 Effects of Ozone on Host Defense Mechanisms: Interactions with Infectious Agents

....................... 6-50

6-10 Effects of Ozone on Conducting Airways

.................. 6-58

6-11 Effects of Ozone on Lung Structure: Short-Term Exposures (Less Than Two Weeks)

...................... 6-61

6-12 Effects of Ozone on Lung Structure: Long-Term Exposures (More Than Two Weeks)

...................... 6-64

6-13 Effects of Ozone on Pulmonary Function

.................. 6-86

6-14 Effects of Ozone on Airway Reactivity

.................... 6-88

6-15 Effects of Ozone on Deoxyribonucleic Acid Damage

.......... 6-105

6-16 Summary of Findings on the Mutagenicity of Ozone

.......... 6-107

6-17 Effects of Ozone on Morphological Cell Transformation

........ 6-110

III-xiv

## List of Tables (cont’d)

Number Page

6-18 Summary of Results on the Possible Carcinogenicity of Ozone . . . 6-112

6-19 Alveolar/Bronchiolar Tumor Incidence in B6C3F 1 

### Mice in the National Toxicology Program’s Chronic Ozone Study

.......... 6-116

6-20 Effects of Inhaled Ozone on the Ability of Injected Tumor Cells to Colonize the Lungs of Mice

..................... 6-118

6-21 Summary of Data on the Genotoxicity of Ozone

............. 6-119

6-22 Effects of Ozone on Behavior

.......................... 6-123

6-23 Effects of Ozone on the Cardiovascular System

.............. 6-125

6-24 Hematology and Serum Chemistry Effects

.................. 6-127

6-25 Toxicological Interactions of Ozone and Nitrogen Dioxide

...... 6-131

6-26 Toxicological Interactions to Binary Mixtures of Ozone with

Acids and Other Pollutants

............................ 6-136

7-1 Controlled Exposure of Healthy Human Subjects to Ozone . . . . . . 7-4

7-2 Ozone Exposure in Subjects with Preexisting Disease

.......... 7-18

7-3 Gender Differences in Pulmonary Function Responses to Ozone . . 7-26

7-4 Hormonal Influences on Pulmonary Function Responses to

Ozone

........................................... 7-33

7-5 Age Differences in Pulmonary Function Responses to Ozone

.... 7-34

7-6 Changes in Forced Expiratory Lung Volume After Repeated Daily Exposure to Ozone

............................. 7-41

7-7 Pulmonary Function Effects with Repeated Exposures

to Ozone

......................................... 7-43

7-8 Ozone Effects on Exercise Performance

................... 7-50

7-9 Pulmonary Function Effects After Prolonged Exposures to

Ozone

........................................... 7-54

III-xv

## List of Tables (cont’d)

Number Page

7-10 Increased Airway Responsiveness Following Ozone Exposures . . . 7-63

7-11 Bronchoalveolar Lavage Studies of Inflammatory Effects from Controlled Human Exposure to Ozone

.................... 7-68

7-12 Additional Studies of Inflammatory and Host Defense Effects from Controlled Human Exposure to Ozone

.................... 7-70

7-13 Ozone Mixed with Other Pollutants

...................... 7-81

7-14 Acute Effects of Ozone in Ambient Air in Field Studies with a Mobile Laboratory

.................................. 7-90

7-15 Acute Effects of Photochemical Oxidant Pollution: Lung Function in Camp Studies

.................................... 7-97

7-16 Slopes from Regressions of Forced Expiratory Volume in One Second on Ozone for Six Camp Studies

................... 7-103

7-17 Acute Effects of Photochemical Oxidant Pollution: Lung Function in Exercising Subjects

................................ 7-106

7-18 Acute Effects of Photochemical Oxidant Pollution: Daily Life Studies of Lung Function and Respiratory Symptoms

.......... 7-110

7-19 Acute Effects of Photochemical Oxidant Pollution: Symptom

Prevalance

........................................ 7-114

7-20 Aggravation of Existing Respiratory Diseases by Photochemical

Oxidant Pollution

................................... 7-117

7-21 Hospital Admissions/Visits in Relation to Photochemical

Oxidant Pollution: Time Series Studies

................... 7-124

7-22 Comparison of Regressions of Daily Summertime Respiratory Admissions on Ozone and Temperature in Toronto, Ontario,
and Buffalo, New York, for the Summer of 1988

............. 7-133

7-23 Summary of Effect Estimates for Ozone in Recent Studies of Respiratory Hospital Admissions

........................ 7-136

III-xvi

## List of Tables (cont’d)

Number Page

7-24 Daily Mortality Associated with Exposure to Photochemical

Oxidant Pollution

................................... 7-138

7-25 Pathologic and Immunologic Changes Associated with Chronic Ozone Exposure

.................................... 7-147

7-26 Effects of Chronic Ozone Exposure on Pulmonary Function, Respiratory Symptoms, and Chronic Respiratory Disease

....... 7-148

7-27 Effects of Chronic Ozone Exposure on the Incidence of Cardiovascular and Malignant Diseases

.................... 7-159

8-1 Experimental Studies on Ozone Dosimetry . . . . . . . . . . . . . . . . . 8-4

8-2 Total Respiratory Tract Uptake Data

...................... 8-16

8-3 Unidirectional Upper Respiratory Tract Uptake Efficiency Data . . . 8-17

8-4 Lower Respiratory Tract Uptake Efficiency Data

............. 8-18

8-5 Theoretical Ozone Dosimetry Investigations

................ 8-23

8-6 Assumption for Application of Dosimetry Model to Breathing Frequency Responses to Ozone

......................... 8-32

8-7 Comparison of Total Respiratory Tract Uptake Data with

Model Predictions

................................... 8-32

8-8 Pulmonary Antioxidant Substances in Various Laboratory Animal Species and Humans

................................. 8-37

8-9 Polymorphonuclear Leukocyte and Protein Permeability Response to Ozone by Species

................................. 8-48

8-10 The Basis of Information for Model Parameters

.............. 8-63

8-11 Estimating Monkey Ventilatory Parameters

................. 8-69

8-12 Summary of Simulation Results

......................... 8-71

8-13 Summaries of Study Data Used in Extrapolation of Chronic

Ozone Effects

..................................... 8-74

III-xvii

## List of Tables (cont’d)

Number Page

9-1 Gradation of Individual Responses to Short-Term Ozone Exposure in Healthy Persons

............................... 9-24

9-2 Gradation of Individual Responses to Short-Term Ozone Exposure in Persons with Impaired Respiratory Systems

............ 9-25

III-xviii

## List of Figures

Number Page

6-1 Major secondary products of ozone interaction with lung cells . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-5

6-2 Schematic representation of intrapulmonary conducting airways and acini from animals with respiratory bronchioles (human and nonhuman primates) and without respiratory bronchioles (rats and most rodents)

............................... 6-55

6-3 Electron micrograph of alveolar septa in the centriacinar region of the lungs from laboratory rats exposed to a simulated pattern of ambient ozone for 78 weeks, showing thickened basement

membrane

........................................ 6-74

6-4 Schematic comparison of the duration-response profiles for epithelial hyperplasia, bronchoalveolar exudation, and interstitial fibrosis in the centriacinar region of lung exposed to a constant low concentration of ozone

............ 6-81

7-1 Individual concentration-response curves for five separate subjects exposed to 0.10, 0.15, 0.20, and 0.25 ppm ozone for

two hours with moderate intermittent exercise

............... 7-13

7-2 Mean percent change in post-minus prevalues of forced expiratory volume in one second for each gender-race group

................................... 7-29

7-3 The forced expiratory volume in one second is shown in relation to exposure duration at different ozone

concentrations

..................................... 7-57

7-4 The distribution of response for 87 subjects exposed to clean air and at least one of 0.08, 0.10, or 0.12 ppm ozone is

shown here

....................................... 7-58

7-5 The forced expiratory volume in one second is shown in relation to exposure duration under three exposure conditions

.... 7-60

7-6 Airway function can be measured before and immediately after the inhalation of an aerosolized bronchoconstrictor drug

like methacholine

................................... 7-62

III-xix

## List of Figures (cont’d)

Number Page

8-1 Total respiratory tract uptake as a function of inspiratory

flow in humans

.................................... 8-19

8-2 Unidirectional uptake efficiency in the upper respiratory tract by the nasal pathway

............................. 8-20

8-3 Unidirectional uptake efficiency in the upper respiratory tract by the oral pathway

.............................. 8-21

8-4 Uptake efficiency of the lower respiratory tract as a function of inspiratory flow in humans

.................... 8-22

8-5 Net dose and tissue dose versus sequential segments along anatomical model airway paths for human, rat, guinea pig,

and rabbit

........................................ 8-29

8-6 Parallelogram paradigm for utilizing animal data for human health predictions

................................... 8-34

8-7 Comparison of changes in frequency of breathing after ozone exposure in humans and animals

........................ 8-40

8-8 Comparison of changes in resistance after ozone exposure in

humans and animals

................................. 8-43

8-9 Comparison of changes in forced vital capacity after ozone exposure in humans and animals

........................ 8-47

8-10 Composite of data from Slade et al. (1989), Koren et al. (1989b), and Crissman et al. (1993) comparing basal bronchoalveolar lavage ascorbate levels to ozone-induced changes in bronchoalveolar lavage protein

.................. 8-50

8-11 Composite of data comparing polymorphonuclear leukocytes obtained by bronchoalveolar lavage 16 to 18 hours after ozone exposure of humans (with exercise) to those of rats exposed to ozone at rest or hyperventilated with carbon

dioxide

.......................................... 8-51

8-12 Comparison of changes in forced vital capacity in humans and frequency of breathing in rats with up to five consecutive days of ozone exposure

................... 8-53

III-xx

## List of Figures (cont’d)

Number Page

8-13 Changes in forced expiratory volume in one second versus pulmonary tissue dose

................................ 8-57

8-14 Relationship between change in alveolar wall thickness and predicted ozone dose as a function of distance from the bronchiole-alveolar duct junction

.................. 8-58

8-15 The maximum ratio of ozone-altered breathing frequency to control breathing frequency at various ozone concentrations versus predicted average dose rate to the proximal alveolar region

..... 8-59

8-16 Protein in the bronchoalveolar lavage for several laboratory animal species and humans, as related to the estimated pulmonary dose

.................................... 8-60

8-17 The variation in exposure concentration for the New York City

adult and child

..................................... 8-66

8-18 Change from control of total interstitial and acellular thickness for rats exposed to ozone in the U.S. Environmental Protection Agency (Chang et al., 1992) and National Toxicology Program/ Health Effects Institute (Chang et al., 1994) studies

........... 8-73

9-1 Mean predicted changes in forced expiratory volume in one second following two-hour exposures to ozone with increasing levels of

intermittent exercise

................................. 9-16

9-2 Predicted mean decrements in forced expiratory volume in one second for one- and two-hour exposures to ozone with intermittent heavy exercise and 6.6-hour exposures with moderate prolonged exercise

........................... 9-17

9-3 Derived means of bronchoalveolar lavage protein denoted by symbols and the exponential model shown by lines as time of exposure varies from two to eight hours

................... 9-17

9-4 Predicted mean forced vital capacity for rats exposed to ozone while undergoing intermittent carbon dioxide-induced hyperpnea

........................................ 9-18

III-xxi

## List of Figures (cont’d)

Number Page

9-5 Average number of adjusted respiratory admissions among all 168 hospitals by decile of the daily one-hour maximum ozone level, lagged one day

................................ 9-18

9-6 Predicted mean decrements in forced expiratory volume in one second following two-hour exposures to ozone while undergoing heavy intermittent exercise for three ages

...... 9-19

9-7 The distribution of response for 87 subjects exposed to clean air and at least one of 0.08, 0.10, or 0.12 ppm

ozone

........................................... 9-20

9-8 Histograms of regression slopes for forced expiratory volume in

one second versus one-hour ozone concentration in children attending a summer camp in northwestern New Jersey

......... 9-21

9-9 Proportion of heavily exercising individuals predicted to experience a 10% decrement in forced expiratory volume in one second following a one- or two-hour exposure to ozone

........ 9-22

9-10 Proportion of heavily exercising individuals predicted to experience mild cough following a two-hour

ozone exposure

.................................... 9-22

9-11 Proportion of moderately exercising individuals exposed to ozone for 6.6 hours predicted to experience 5, 10, or 15% decrements in forced expiratory volume in one second as a function of concentration times time for age equal to 24 years

............ 9-23

9-12 A summary of the morphologic lesions found in the terminal bronchioles and centriacinar region of the lung following exposure of laboratory rats to filtered air or a simulated ambient pattern of ozone for up to 78 weeks

................ 9-28

9-13 Schematic comparison of the duration-response profiles for epithelial hyperplasia, bronchoalveolar exudation, and interstitial fibrosis in the centriacinar region of lung exposed

to a constant low concentration of ozone

................... 9-29

III-xxii

## Authors, Contributors, and Reviewers

Chapter 6. Toxicological Effects of Ozone

and Related Photochemical Oxidants

Principal Authors

Dr. David J.P. Bassett—Department of Occupational and Environmental Health, College of Pharmacy and Allied Health Professions, Shapero Hall, Wayne State University, Detroit, MI

48202

Dr. Deepak K. Bhalla—Department of Community and Environmental Medicine, University of
California, Irvine, CA 92717

Dr. Judith A. Graham—National Exposure Research Laboratory (MD-75), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. George J. Jakab—Department of Environmental Health Sciences, The Johns Hopkins University, School of Hygiene and Public Health, 615 N. Wolfe Street, Baltimore, MD 21209

Dr. Joseph R. Landolph—Department of Microbiology, USC Comprehensive Cancer Center, USC School of Medicine, Norris Cancer Hospital and Research Institute, 1441 Eastlake Avenue, Los Angeles, CA 90033

Dr. Richard B. Schlesinger—Institute of Environmental Medicine, New York University Medical Center, Long Meadow Road, Tuxedo, NY 10987

Dr. Jeffrey S. Tepper—Genentech, Inc., 460 Point San Bruno Blvd., South San Francisco, CA

94080

Dr. Walter S. Tyler—Department of Anatomy, School of Veterinary Medicine, University of
California, Davis, CA 95616

Contributors and Reviewers

Dr. Gary A. Boorman—National Institute of Environmental Health Sciences, P.O. Box 12233, Research Triangle Park, NC 27709

Dr. Daniel L. Costa—National Health and Environmental Effects Research Laboratory (MD-82), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

III-xxiii

## Authors, Contributors, and Reviewers (cont’d)

Dr. Max Costa—Department of Environmental Medicine, New York University Medical
Center, 550 First Avenue, New York, NY 10016

Dr. Donald L. Dungworth—Department of Veterinary Pathology, School of Veterinary Medicine, University of California, Davis, CA 95616

Dr. Ian Gilmour—Center for Environmental Medicine and Lung Biology, U.S. Environmental Protection Agency (MD-92), Research Triangle Park, NC 27711

Dr. Kenneth B. Gross—Biomedical Science Department, General Motors Research Laboratory,
Warren, MI 48090

Dr. Gary E. Hatch—National Health and Environmental Effects Research Laboratory (MD-82), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Rogene F. Henderson—Inhalation Toxicology Research Institute, Lovelace Biomedical and Environmental Research Institute, P.O. Box 5890, Albuquerque, NM 87185

Dr. Dallas M. Hyde—Department of Anatomy, School of Veterinary Medicine, University of
California, Davis, CA 95616

Dr. Jerald A. Last—California Primate Research Center, University of California, Davis, CA

95616

Dr. Daniel B. Menzel—Department of Community and Environmental Medicine, College of Medicine, University of California, Irvine, CA 92715

Dr. Robert R. Mercer—Department of Medicine, Division of Allergy and Respiratory Disease, P.O. Box 3177, Duke University Medical Center, Durham, NC 27710

Dr. Frederick J. Miller—Chemical Industry Institute of Toxicology, P.O. Box 12137, Research Triangle Park, NC 27709

Dr. Kathleen M. Nauss—Health Effects Institute, 141 Portland St., Suite 7300, Cambridge, MA 02139

Dr. Steven C. Nesnow—National Health and Environmental Effects Research Laboratory (MD-68), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Robert F. Phalen—Department of Community and Environmental Medicine, University of
California, Irvine, CA 92717

III-xxiv

## Authors, Contributors, and Reviewers (cont’d)

Dr. Charles G. Plopper—Department of Anatomy, School of Veterinary Medicine, University
of California, Davis, CA 95616

Dr. Edward M. Postlethwait—Pulmonary Division H-76, Department of Internal Medicine, University of Texas Medical School, Galveston, TX 77550

Mr. Mark E. Raizenne—Health and Welfare Canada, Environmental Health Center, Tunney’s
Pasture, Ottawa, Ontario K1A OL2, CANADA

Dr. Edward S. Schelegle—Department of Human Physiology, School of Medicine, Building 1- A, Room 4140, University of California, Davis, CA 95616

Dr. MaryJane Selgrade—National Health and Environmental Effects Research Laboratory (MD-92), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. David Warshawsky—Kettering Laboratories, University of Cincinnati, School of Medicine, Department of Environmental Health, 3223 Eden Avenue, Cincinnati, OH 45267

Dr. M. Jean Wiester—National Health and Environmental Effects Research Laboratory (MD-82), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Jeannette Wiltse—National Center for Environmental Assessment (8601), U.S. Environmental Protection Agency, 401 M. Street, S.E., Washington, DC 20460

Dr. Hanspeter R. Witschi—Toxic Substances Research and Teaching Program, University of
California, Davis, CA 95616



## Chapter 7. Human Health Effects of Ozone

and Related Photochemical Oxidants

Principal Authors

Dr. Robert M. Aris—Department of Medicine, The University of North Carolina, 724 Burnette-Womack Bldg., Chapel Hill, NC 27599

Dr. John R. Balmes—Center for Occupational and Environmental Health, San Francisco General Hospital, 1001 Potrero Avenue, Bldg. 30, 5th Floor, San Francisco, CA 94110

Dr. Robert B. Devlin—National Health and Environmental Effects Research Laboratory (MD-58), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

III-xxv

## Authors, Contributors, and Reviewers (cont’d)

Dr. Deborah M. Drechsler-Parks—Environmental Stress Laboratory, Neuroscience Research Institute, University of California, Santa Barbara, CA 93106

Dr. Lawrence J. Folinsbee—National Health and Environmental Effects Research Laboratory (MD-58), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Henry Gong, Jr.—Rancho Los Amigos Medical Center, 7601 East Imperial Highway, Downey, CA 90242

Dr. Patrick L. Kinney—School of Public Health, Columbia University, 60 Haven Avenue,
New York, NY 10032

Dr. Edward S. Schelegle—Department of Human Physiology, School of Medicine, Building 1- A, Room 4140, University of California, Davis, CA 95616

Dr. Ira B. Tager—School of Public Health, 140 Earl Warren Hall, University of California, Berkeley, CA 94720

Dr. George D. Thurston—Institute of Environmental Medicine, New York University Medical Center, Long Meadow Road, Tuxedo, NY 10987

Contributors and Reviewers

Dr. William C. Adams—Department of Physical Education, University of California,
Davis, CA 95616

Dr. Rebecca Bascom—The University of Maryland School of Medicine, 10 S. Pine St.,
MSTF-800, Baltimore, MD 21201

Dr. David V. Bates—Department of Health Care and Epidemiology, University of British
Columbia, 5804 Fairview Ave., Vancouver, British Columbia V6T1Z3, CANADA

Dr. William S. Beckett—Yale School of Medicine, 333 Cedar St., New Haven, CT 06510

Dr. Philip A. Bromberg—Department of Medicine, The University of North Carolina, 724 Burnett-Womack Bldg., 229H, Chapel Hill, NC 27599

Dr. Douglas Dockery—Harvard School of Public Health, Environmental Epidemiology, 665 Huntington Avenue, Boston, MA 02115

Dr. William Eschenbacher—Methodist Hospital, 6565 Fannin, M.S., F980,
Houston, TX 77030

III-xxvi

## Authors, Contributors, and Reviewers (cont’d)

Dr. Mark Frampton—Pulmonary Disease Unit, Box 692, University of Rochester Medical
Center, 601 Elmwood Avenue, Rochester, NY 14642

Dr. Judith A. Graham—National Center for Environmental Assessment (MD-52), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Milan J. Hazucha—Department of Medicine, Center for Environmental Medicine and Lung Biology, The University of North Carolina, Trailer #4, Medical Bldg. C 224H, Chapel Hill,

NC 27599

Dr. Steven M. Horvath—Environmental Stress Laboratory, Neuroscience Research Institute, University of California, Santa Barbara, CA 93106

Dr. Howard R. Kehrl—National Health and Environmental Effects Research Laboratory (MD-58), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Jane Q. Koenig—Department of Environmental Health, School of Public Health and Community Medicine, University of Washington, SC-34, Seattle, WA 98195

Dr. Hillel S. Koren—National Health and Environmental Effects Research Laboratory (MD-58), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Debra L. Laskin—Department of Pharmacology and Toxicology, College of Pharmacy, Rutgers University, Piscataway, NY 08855

Mr. William S. Linn—Rancho Los Amigos Medical Center, 51 Medical Science Building, 7601 East Imperial Highway, Downey, CA 90242

Dr. Fred Lipfert—23 Carll Ct., Northport, NY 11768

Dr. William F. McDonnell—National Health and Environmental Effects Research Laboratory (MD-58), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Mr. Mark E. Raizenne—Health and Welfare Canada, Environmental Health Center, Tunney’s
Pasture, Ottawa, Ontario K1A OL2, CANADA

Dr. Jonathan M. Samet—Department of Epidemiology, School of Hygiene and Public Health, Johns Hopkins University, 615 N. Wolfe St., Baltimore, MD 21205

Dr. Joel Schwartz—Environmental Epidemiology Program, Harvard School of Public Health, 665 Huntington Avenue, Boston, MA 02115

III-xxvii

## Authors, Contributors, and Reviewers (cont’d)

Dr. Elston Seal—National Health and Environmental Effects Research Laboratory (MD-58), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Dalia M. Spektor—2242 20th Street (#1), Santa Monica, CA 90405



## Chapter 8. Extrapolation of Animal Toxicological Data

to Humans

Principal Authors

Dr. Daniel L. Costa—National Health and Environmental Effects Research Laboratory (MD-82), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Timothy R. Gerrity—Medical Research Services, Department of Veterans Affairs, 810 Vermont Ave., N.W., Washington, DC 20420

Dr. John H. Overton—National Health and Environmental Effects Research Laboratory (MD-82), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Reviewers

Dr. Daniel B. Menzel—Department of Community and Environmental Medicine, College of Medicine, University of California, Irvine, CA 92715

Dr. Robert R. Mercer—Department of Medicine, Division of Allergy and Respiratory Disease, P.O. Box 3177, Duke University Medical Center, Durham, NC 27710

Dr. Frederick J. Miller—Chemical Industry Institute of Toxicology, P.O. Box 12137, Research Triangle Park, NC 27709

Dr. Kathleen M. Nauss—Health Effects Institute, 141 Portland St., Suite 7300, Cambridge, MA 02139

Dr. Edward M. Postlethwait—Pulmonary Division H-76, Department of Internal Medicine, University of Texas Medical School, Galveston, TX 77550

Mr. Mark E. Raizenne—Health and Welfare Canada, Environmental Health Center, Tunney’s
Pasture, Ottawa, Ontario K1A OL2, CANADA

III-xxviii

## Authors, Contributors, and Reviewers (cont’d)

Dr. James S. Ultman—Department of Chemical Engineering, Pennsylvania State University, University Park, PA 16802

Dr. M. Jean Wiester—National Health and Environmental Effects Research Laboratory (MD-82), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711



## Chapter 9. Integrative Summary of Ozone Health Effects

Principal Authors

Dr. Daniel L. Costa—National Health and Environmental Effects Research Laboratory (MD-82), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Robert B. Devlin—National Health and Environmental Effects Research Laboratory (MD-58), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Lawrence J. Folinsbee—National Health and Environmental Effects Research Laboratory (MD-58), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Timothy R. Gerrity—Medical Research Services, Department of Veterans Affairs, 810 Vermont Ave., N.W., Washington, DC 20420

Dr. Judith A. Graham—National Center for Environmental Assessment (MD-52), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. William F. McDonnell—National Health and Environmental Effects Research Laboratory (MD-58), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Mr. James A. Raub—National Center for Environmental Assessment (MD-52), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Contributors and Reviewers

Dr. Frederick J. Miller—Chemical Industry Institute of Toxicology, P.O. Box 12137, Research Triangle Park, NC 27709

Dr. Edward S. Schelegle—Department of Human Physiology, School of Medicine, Building 1- A, Room 4140, University of California, Davis, CA 95616

III-xxix

## Authors, Contributors, and Reviewers (cont’d)

Dr. Walter S. Tyler—Department of Anatomy, School of Veterinary Medicine, University of
California, Davis, CA 95616

Dr. Jeannette Wiltse—National Center for Environmental Assessment, U.S. Environmental Protection Agency (8601), 401 M. Street, S.E., Washington, DC 20460

III-xxx

## U.S. Environmental Protection Agency Science Advisory Board Clean Air Scientific Advisory Committee

Ozone Review

Chairman

Dr. George T. Wolff—General Motors Corporation, Environmental and Energy Staff, General Motors Bldg., 12th Floor, 3044 West Grand Blvd., Detroit, MI 48202

Members

Dr. Stephen Ayres—Office of International Health Programs, Virginia Commonwealth University, Medical College of Virginia, Box 980565, Richmond, VA 23298

Dr. Jay S. Jacobson—Boyce Thompson Institute, Tower Road, Cornell University, Ithaca, NY

14853

Dr. Joseph Mauderly—Inhalation Toxicology Research Institute, Lovelace Biomedical and Environmental Research Institute, P.O. Box 5890, Albuquerque, NM 87185

Dr. Paulette Middleton—Science & Policy Associates, Inc., Western Office, Suite 140,
3445 Penrose Place, Boulder, CO 80301

Dr. James H. Price, Jr.—Research and Technology Section, Texas Natural Resources
Conservation Commission, P.O. Box 13087, Austin, TX 78711

Invited Scientific Advisory Board Members

Dr. Morton Lippmann—Institute of Environmental Medicine, New York University Medical Center, Long Meadow Road, Tuxedo, NY 10987

Dr. Roger O. McClellan—Chemical Industry Institute of Toxicology, P.O. Box 12137, Research Triangle Park, NC 27711

Consultants

Dr. Stephen D. Colome—Integrated Environmental Services, University Tower, Suite 280, 4199 Campus Drive, Irvine, CA 92715

III-xxxi

## U.S. Environmental Protection Agency Science Advisory Board Clean Air Scientific Advisory Committee (cont’d)

Dr. A. Myrick Freeman—Department of Economics, Bowdoin College, Brunswick, ME 04011

Dr. Allan Legge—Biosphere Solutions, 1601 11th Avenue, NW, Calgary, Alberta T2N 1H1,

CANADA

Dr. William Manning—Department of Plant Pathology, University of Massachusetts, Amherst,

MA 01003

Dr. D. Warner North—Decision Focus, Inc., 650 Castro Street, Suite 300, Mountain View,

CA 94041

Dr. Frank E. Speizer—Harvard Medical School, Channing Lab, 180 Longwood Avenue,
Boston, MA 02115

Dr. George E. Taylor—Department of Environmental and Resource Sciences, 130 Fleischmann Agriculture Bldg. 199, University of Nevada, Reno, NV 89557

Dr. Mark J. Utell—Pulmonary Disease Unit, Box 692, University of Rochester Medical
Center, 601 Elmwood Avenue, Rochester, NY 14642

Designated Federal Official

Mr. Randall C. Bond—Science Advisory Board (1400), U.S. Environmental Protection Agency, 401 M Street, SW, Washington, DC 20460

Staff Assistant

Ms. Lori Anne Gross—Science Advisory Board (1400), U.S. Environmental Protection Agency, 401 M Street, SW, Washington, DC 20460

III-xxxii

## U.S. Environmental Protection Agency Project Team for Development of Air Quality Criteria

for Ozone and Related Photochemical Oxidants

Scientific Staff

Mr. James A. Raub—Health Scientist, National Center for Environmental Assessment (MD-52), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. A. Paul Altshuller—Physical Scientist, National Center for Environmental Assessment (MD-52), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Mr. William G. Ewald—Health Scientist, National Center for Environmental Assessment (MD52), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. J.H.B. Garner—Ecologist, National Center for Environmental Assessment (MD-52), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Dr. Judith A. Graham—Associate Director, National Center for Environmental Assessment (MD-52), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Ms. Ellie R. Speh—Secretary, National Center for Environmental Assessment (MD-52), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Ms. Beverly E. Tilton—Physical Scientist, National Center for Environmental Assessment (MD-52), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Technical Support Staff

Mr. Douglas B. Fennell—Technical Information Specialist, National Center for Environmental Assessment (MD-52), U.S. Environmental Protection Agency, Research Triangle Park, NC

27711

Mr. Allen G. Hoyt—Technical Editor and Graphic Artist, National Center for Environmental Assessment (MD-52), U.S. Environmental Protection Agency, Research Triangle Park, NC

27711

Ms. Diane H. Ray—Technical Information Manager (Public Comments), National Center for Environmental Assessment (MD-52), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

III-xxxiii

## U.S. Environmental Protection Agency Project Team for Development of Air Quality Criteria

for Ozone and Related Photochemical Oxidants (cont’d)

Mr. Richard N. Wilson—Clerk, National Center for Environmental Assessment (MD-52), U.S. Environmental Protection Agency, Research Triangle Park, NC 27711

Document Production Staff

Ms. Marianne Barrier—Graphic Artist, ManTech Environmental Technology, Inc., P.O. Box 12313, Research Triangle Park, NC 27709

Mr. John R. Barton—Document Production Coordinator, ManTech Environmental Technology, Inc., P.O. Box 12313, Research Triangle Park, NC 27709

Ms. Lynette D. Cradle—Word Processor, ManTech Environmental Technology, Inc., P.O. Box 12313, Research Triangle Park, NC 27709

Ms. Shelia H. Elliott—Word Processor, ManTech Environmental Technology, Inc., P.O. Box 12313, Research Triangle Park, NC 27709

Ms. Sandra K. Eltz—Word Processor, ManTech Environmental Technology, Inc., P.O. Box 12313, Research Triangle Park, NC 27709

Ms. Jorja R. Followill—Word Processor, ManTech Environmental Technology, Inc., P.O. Box 12313, Research Triangle Park, NC 27709

Ms. Sheila R. Lassiter—Word Processor, ManTech Environmental Technology, Inc., P.O. Box 12313, Research Triangle Park, NC 27709

Ms. Wendy B. Lloyd—Word Processor, ManTech Environmental Technology, Inc., P.O. Box 12313, Research Triangle Park, NC 27709

Ms. Carolyn T. Perry—Word Processor, ManTech Environmental Technology, Inc., P.O. Box 12313, Research Triangle Park, NC 27709

Ms. Cheryl B. Thomas—Word Processor, ManTech Environmental Technology, Inc., P.O. Box 12313, Research Triangle Park, NC 27709

Mr. Peter J. Winz—Technical Editor, ManTech Environmental Technology, Inc., P.O. Box 12313, Research Triangle Park, NC 27709

III-xxxiv

## U.S. Environmental Protection Agency Project Team for Development of Air Quality Criteria

for Ozone and Related Photochemical Oxidants (cont’d)

Technical Reference Staff

Mr. John A. Bennett—Bibliographic Editor, ManTech Environmental Technology, Inc., P.O. Box 12313, Research Triangle Park, NC 27709

Ms. S. Blythe Hatcher—Bibliographic Editor, Information Organizers, Inc., P.O. Box 14391, Research Triangle Park, NC 27709

Ms. Susan L. McDonald—Bibliographic Editor, Information Organizers, Inc., P.O. Box 14391, Research Triangle Park, NC 27709

Ms. Carol J. Rankin—Bibliographic Editor, Information Organizers, Inc., P.O. Box 14391, Research Triangle Park, NC 27709

Ms. Deborah L. Staves—Bibliographic Editor, Information Organizers, Inc., P.O. Box 14391, Research Triangle Park, NC 27709

Ms. Patricia R. Tierney—Bibliographic Editor, ManTech Environmental Technology, Inc., P.O. Box 12313, Research Triangle Park, NC 27709

III-xxxv

### 

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### CPKOCNUDGIKPUYKVJCFKUEWUUKQPQHTGURKTCVQT[VTCEVGHHGEVUCPFKUHQNNQYGFD[CRTGUGPVCVKQPQHU[UVGOKEGHHGEVUCPFKPVGTCEVKQPQH1 YKVJQVJGTEQOOQPEQQEEWTTKPIRQNNWVCPVU

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

### QVJGTVYQRTKOCT[RJQVQEJGOKECNQZKFCPVUVJG[JCXGDGGPGXCNWCVGFTGEGPVN[KPCPQVJGTETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[(QTOCNFGJ[FG*%*1YJKEJKUHQTOGFRJQVQEJGOKECNN[CPFECPDGVQZKECNUQJCUDGGPTGXKGYGFTGEGPVN[D[VJG75'PXKTQPOGPVCN2TQVGEVKQP#IGPE['2#)TKPFUVCHHGVCN.KVGTCVWTGUGCTEJGUFKFPQVTGXGCNCP[CPKOCNVQZKEQNQI[KPJCNCVKQPUVWFKGUQHRGTQZ[CEGV[NPKVTCVG2#0UKPEGVJGNCUV1 FQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[#O[TKCFQHQVJGT 

### KPFKXKFWCNRJQVQEJGOKECNQZKFCPVUCTGHQTOGFKPCODKGPVCKT%JCRVGTDWVVJG[JCXGPQVDGGPKPXGUVKICVGFD[CPKOCNKPJCNCVKQPVQZKEQNQI[6JGXGT[HGYRWDNKECVKQPUQPVJGGHHGEVUQHGZRQUWTGUVQCOKZVWTGQHQZKFCPVUCTGUWOOCTK\GFKP5GEVKQPYJKEJFKUEWUUGURQNNWVCPVKPVGTCEVKQPU6JGTGHQTGQVJGTVJCPKP5GEVKQPVJKUEJCRVGTFQGUPQVCFFTGUUQVJGTRJQVQEJGOKECNQZKFCPVU'XGPUQEQPUKFGTKPIVJGNKOKVGFNKVGTCVWTGYKVJKPVJGCHQTGOGPVKQPGFFQEWOGPVUVJGCXCKNCDNGGXKFGPEGHTQOCPKOCNVQZKEQNQI[UVWFKGUUJQYUVJCV1 KUVJGOQUV 

### RQVGPVQHVJGQZKFCPVUHQTPQPECPEGTGHHGEVUCVGPXKTQPOGPVCNN[TGNGXCPVEQPEGPVTCVKQPU6JGCPKOCNVQZKEQNQI[FCVCDCUGHQT1 KUGZVTGOGN[NCTIGOCMKPIKVPGEGUUCT[VQ 

### CFQRVEQPXGPVKQPUHQTRTGUGPVKPIUWEEKPEVN[VJGRGTVKPGPVHKPFKPIU2TKQTKV[YCURNCEGFQPCPCN[UKUQHTGUGCTEJRWDNKUJGFCHVGTENQUWTGQHVJGRTGXKQWU1 ETKVGTKCFQEWOGPV75 

### 'PXKTQPOGPVCN2TQVGEVKQP#IGPE[JQYGXGTHQTVJGRWTRQUGUQHDTQCFGTKPVGTRTGVCVKQPVJGQNFGTNKVGTCVWTGKUXGT[DTKGHN[UWOOCTK\GF)GPGTCNN[QPN[VJGJKIJNKIJVUQHVJGMG[TGEGPVUVWFKGUCPFVJGKTKPVGTRTGVCVKQPCTGRTQXKFGFJGTG%QPHKTOCVQT[TGEGPVUVWFKGUCTGOGPVKQPGFCPFRTGUGPVGFKPVJGVCDNGU(WTVJGTOQTGUVWFKGUJCXKPI1 EQPEGPVTCVKQPU 

### RROCTGJKIJNKIJVGFYKVJTCTGGZEGRVKQPGIIGPQVQZKEKV[UVWFKGU)GPQVQZKEKV[UVWFKGUCV1 EQPEGPVTCVKQPUJKIJGTVJCPRROYGTGKPENWFGFVQGPCDNGEQXGTCIGQHCNNVJGURGEKHKE



### GPFRQKPVUUQOGQHYJKEJYGTGVGUVGFQPN[CDQXGRRO+POQUVQVJGTECUGUJQYGXGTVJGRROEWVRQKPVCNNQYURQTVTC[CNQHVJGHWNNCTTC[QHVJGGHHGEVUQH1 VJCVOC[QEEWTHTQO 

### CODKGPVCKTGZRQUWTGCPFCNUQCXQKFUVJGRQVGPVKCNHQTEQPHQWPFKPIOGEJCPKUOUVJCVECPQEEWTCVXGT[JKIJGPXKTQPOGPVCNN[WPTGCNKUVKEEQPEGPVTCVKQPU(QTGZCORNGXGT[JKIJNGXGNUQH1 ECPECWUGUGXGTGRWNOQPCT[GFGOCTGUWNVKPIKPV[RGUCPFOCIPKVWFGUQHRWNOQPCT[



### HWPEVKQPEJCPIGUVJCVYQWNFPQVQEEWTKPCODKGPVCKT+PUWOOCTK\KPIVJGNKVGTCVWTGEJCPIGUHTQOEQPVTQNCTGFGUETKDGFKHVJG[YGTGUVCVKUVKECNN[UKIPKHKECPVCVRTCVJGTVJCPEKVKPIVJGRTQDCDKNKV[XCNWGUHQTGCEJUVWF[9JGTGCRRTQRTKCVGETKVKSWGQHCUVCVKUVKECNRTQEGFWTGKUOGPVKQPGF#RTQDCDKNKV[XCNWGKURTQXKFGFKHKVCKFUVJGWPFGTUVCPFKPIQHVTGPFUQDUGTXGFKPCUVWF[GIR#UUVCVGFCDQXGQPN[NKVGTCVWTGRWDNKUJGFUKPEGVJGNCUV1 ETKVGTKCFQEWOGPVKU 

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

### EKTEWNCVKQP#UCPQVJGTGZCORNGVJGTGNCVKQPUJKRDGVYGGPKPHNCOOCVKQPOGCUWTGFKPVKUUWGCPFNWPINCXCIGCUUKUVUKPVJGKPVGTRTGVCVKQPQHNWPINCXCIGHKPFKPIU+PHQTOCVKQPQPVJGKOOWPGU[UVGOUWIIGUVUVJCVVJGEGNNOGFKCVGFNKODOC[DGOQTGUWUEGRVKDNGVJCPVJGJWOQTCNNKOD6JGCDKNKV[QH1 VQFGETGCUGCPVKDCEVGTKCNJQUVFGHGPUGUJCUNQPIDGGPTGEQIPK\GFDWVQPN[ 

### TGEGPVN[JCXGXKTCNFGHGPUGUDGGPCPCN[\GF/WEJTGOCKPUVQDGNGCTPGFDWVCRRCTGPVN[CPVKDCEVGTKCNFGHGPUGUCTGOQTGCVTKUMHTQO1 GZRQUWTGVJCPCPVKXKTCNFGHGPUGU%GNNWNCTCPF 

### KPVGTUVKVKCNEJCPIGUKPVJGNWPIUQH1 GZRQUGFCPKOCNUYGTGCOQPIVJGXGT[GCTN[UVWFKGUYKVJ 

### PGYGTYQTMCFFKPIVQCFGVCKNGFWPFGTUVCPFKPIQHOQTRJQNQIKENGUKQPUKPVJGRWNOQPCT[TGIKQPKFGPVKHKGFVJTQWIJCFXCPEGFOQTRJQOGVTKERTQEGFWTGU5EKGPVKUVULWUVTGEGPVN[JCXGDGIWPVQUVWF[VJGGHHGEVUQH1 QPVJGPQUGCPFJCXGFKUEQXGTGFGRKVJGNKCNEJCPIGUKFGPVKH[KPIVJKU 

### VKUUWGCUCUKIPKHKECPVVCTIGVUKVGQH1 1PGPGYDQF[QHKPHQTOCVKQPEQPEGTPUVJGKPHNWGPEGQH 

### GZRQUWTGEQPEGPVTCVKQPFWTCVKQPCPFRCVVGTP(QTUGXGTCNGPFRQKPVUGIKPETGCUGFNWPI

### RGTOGCDKNKV[WPFGTCEWVGGZRQUWTGEQPFKVKQPUEQPEGPVTCVKQPJCUOQTGKORCEVVJCPGZRQUWTGFWTCVKQP6JGKORQTVCPEGQHGZRQUWTGFWTCVKQPKUENGCTN[KNNWUVTCVGFD[VJGPGYGTEJTQPKEUVWFKGUVJCVUJQYFKHHGTGPVRCVVGTPUQHGHHGEVUEQORCTGFVQCEWVGGZRQUWTGU6JGOQUVUGPUKVKXGKPFKECVQTUCRRGCTVQDGOQTRJQNQIKECNEJCPIGUEQORCTGFVQRWNOQPCT[HWPEVKQPEJCPIGUYJKEJKUEQPUKUVGPVYKVJVJGEQPEGRVVJCVHWPEVKQPCNCDPQTOCNKVKGUHQNNQYOQTRJQNQIKECNEJCPIGUCPFOC[PQVDGEQOGCRRCTGPVWPVKNCIKXGPVJTGUJQNFKUCEJKGXGF5VWFKGUWUKPIKPVGTOKVVGPVGZRQUWTGUGIGZRQUWTGUGXGT[FC[XGTUWUGXGT[QVJGTYGGMQTOQPVJHQTGSWCNVKOGUKPFKECVGVJCVKPVGTTWRVGFGZRQUWTGUECPRTQFWEGGSWCNQTKPUQOGECUGUGPJCPEGFGHHGEVUEQORCTGFVQWPKPVGTTWRVGFGZRQUWTGUUWIIGUVKPICEWOWNCVKXGGHHGEV6JWU

UGCUQPCNNQYUKP1 FQPQVJCXGDGPGHKVKPVJGUGCPKOCNUVWFKGU0GYGTYQTMCNUQJCU

### OKOKEMGFCPFGZVGPFGFJWOCPENKPKECNUVWFKGUQHTGRGCVGFGZRQUWTGU#UYKVJJWOCPUVJGRWNOQPCT[HWPEVKQPQHTCVUYCUCVVGPWCVGFYKVJUGXGTCNFC[UQHGZRQUWTG*QYGXGTQVJGTEJCPIGUGIEGNNWNCTFKFPQVCVVGPWCVGKPVJGTCVKNNWUVTCVKPIVJGPGGFHQTEQORTGJGPUKXGGXCNWCVKQPU(QTVJGHKTUVVKOGCENCUUKECNECPEGTDKQCUUC[JCUDGGPRGTHQTOGFYKVJ1 +V 

### JGNRURWVUQOGQHVJGGCTNKGTIGPQVQZKEKV[CPFECTEKPQIGPKEKV[UVWFKGUKPRGTURGEVKXG6JKUDTKGHKFGPVKHKECVKQPQHVJGPGYGTCFFKVKQPUVQVJG1 FCVCDCUGKUPQVOGCPVVQDGCUWOOCT[QH 

### GHHGEVUVJCVKUVJGNCUVUGEVKQPQHVJGEJCRVGT4CVJGTKVFQGUUJQYVJGKORQTVCPEGQHEQPUKFGTKPICNNVJGNKVGTCVWTGPQVLWUVVJGPGYGTYQTMKPKPVGTRTGVKPIVJGGHHGEVUQH1 #U 

### OGPVKQPGFKVYCUPQVHGCUKDNGVQTGRGCVVJG1 ETKVGTKCFQEWOGPVJGTGKPVJKUOCMGUKV 

### PGEGUUCT[VQWUGDQVJVJGEWTTGPVCPFVJGHQTOGTFQEWOGPVKPGXCNWCVKQPU#PKOCNVQZKEQNQIKECNUVWFKGUQH1 CTGQHOCLQTKPVGTGUVDGECWUGVJG[KNNWUVTCVGC 

### HWNNGTCTTC[QHGHHGEVUCPFGZRQUWTGEQPFKVKQPUVJCPECPDGKPXGUVKICVGFKPJWOCPU/QUVGZRGTVUCEEGRVCSWCNKVCVKXGCPKOCNVQJWOCPGZVTCRQNCVKQPKG1 GHHGEVUQDUGTXGFKPUGXGTCN 

### CPKOCNURGEKGUECPQEEWTKPJWOCPUKHECWUCVKXGGZRQUWTGEQPEGPVTCVKQPUFWTCVKQPUCPFRCVVGTPUCNUQQEEWT*QYGXGTVJGTGKUNGUUEQPUGPUWUQPCPCRRTQCEJVQSWCPVKVCVKXGGZVTCRQNCVKQPGIVJGGZRQUWTGUCVYJKEJGHHGEVUKPCPKOCNUCEVWCNN[QEEWTKPJWOCPU%JCRVGTQPGZVTCRQNCVKQPRTQXKFGUOQTGKPHQTOCVKQPQPVJKUVQRKE
#  4GURKTCVQT[6TCEV'HHGEVUQH1\QPG

 $KQEJGOKECN'HHGEVU

 +PVTQFWEVKQP6JKUUGEVKQPQWVNKPGUUVWFKGUFGUKIPGFVQKFGPVKH[DKQEJGOKECNVCTIGVUQH1 CUYGNN 

### CUDKQEJGOKECNOGCUWTGOGPVUQHCPVKQZKFCPVCPFOKETQUQOCNGP\[OGCEVKXKVKGUNKRKFUCPFRTQVGKPU+VUJQWNFDGPQVGFVJCVKPVGTRTGVCVKQPQHDKQEJGOKECNEJCPIGUTGUWNVKPIHTQOYJQNGNWPIOGCUWTGOGPVUKUEQORNKECVGFD[VJGJGVGTQIGPGKV[KPEGNNV[RGCPFHWPEVKQPRTGUGPVKPNWPIVKUUWGCPFVJGEJCPIGUKPEGNNRQRWNCVKQPUVJCVTGUWNVHTQO1 KPFWEGFKPHNCOOCVQT[EGNN 

### KPHKNVTCVKQPCPFGRKVJGNKCNEGNNCPFHKDTQDNCUVRTQNKHGTCVKQPU6JGCDKNKV[VQGZVTCRQNCVGHTQOKPXKVTQVQKPXKXQUVWFKGUCPFHTQOJKIJVQNQYNGXGNUQH1 KUHWTVJGTEQORNKECVGFD[CPKPCDKNKV[ 

### VQFGVGEVDKQEJGOKECNEJCPIGUKPVJGYJQNGNWPIYJGPQPN[CUOCNNRTQRQTVKQPQHVJGNWPIOC[DGCHHGEVGFD[1 GURGEKCNN[CVEQPEGPVTCVKQPUQH1 NGUUVJCPRRO+PVGTRTGVCVKQPQHCNN  

### DKQEJGOKECNOGCUWTGOGPVUVJGTGHQTGPGGFUVQVCMGKPVQCEEQWPVVJGCKTYC[UKVGUQH1 

### KPVGTCEVKQPCPFEQPEQOKVCPVEJCPIGUKPEGNNRQRWNCVKQPUCPFPWODGTUVJCVVCMGRNCEGCVVKOGUQVJGTVJCPVJGQPUGVQHGZRQUWTG %GNNWNCT6CTIGVUQH1\QPG+PVGTCEVKQP

### +PXKVTQGZRGTKOGPVUJCXGKPFKECVGFVJCV1 JCUVJGRQVGPVKCNVQKPVGTCEVYKVJCYKFG 

### TCPIGQHFKHHGTGPVEGNNWNCTEQORQPGPVUVJCVKPENWFGRQN[WPUCVWTCVGFHCVV[CEKFU27(#UUQOGRTQVGKPCOKPQCEKFTGUKFWGUE[UVGKPGJKUVKFKPGOGVJKQPKPGCPFVT[RVQRJCPCPFUQOGNQYOQNGEWNCTYGKIJVEQORQWPFUVJCVKPENWFGINWVCVJKQPG)5*WTCVGXKVCOKPU%CPF'CPFHTGGCOKPQCEKFU75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[/WUVCHC2T[QT6JGOGEJCPKUOUVQGZRNCKPVJGKPKVKCNDKQEJGOKECNCPFRJ[UKQNQIKECNGHHGEVUQH1 GZRQUWTGKPXKXQCTGVJGTGHQTGEQORNGZ*[RQVJGUGUJCXGDGGPFGXGNQRGFQPVJGFKTGEV



### CEVKQPQH1 YKVJNWPIOCETQOQNGEWNGUVJGTGCEVKQPQHUGEQPFCT[DKQEJGOKECNRTQFWEVUVJCV 

### EQWNFTGUWNVHTQOVJGIGPGTCVKQPQHHTGGTCFKECNRTGEWTUQTOQNGEWNGUVJGTGNGCUGQHGPFQIGPQWUOGFKCVQTUQHRJ[UKQNQIKECNTGURQPUGCPFVJGTGCEVKXGQZ[IGPKPVGTOGFKCVGUCPFRTQVGKPCUGUCUUQEKCVGFYKVJVJGCEVKXKVKGUQHKPHNCOOCVQT[EGNNUVJCVUWDUGSWGPVN[KPHKNVTCVGKPVQ1 FCOCIGF 

### NWPIUUGG5GEVKQP$CUGFQPUQOGVJGQTGVKECNECNEWNCVKQPU2T[QTJ[RQVJGUK\GFVJCVDGECWUG1 KUUQTGCEVKXGKVOQUVNKMGN[FQGUPQVRGPGVTCVGDG[QPFVJGUWTHCEGNKPKPI 

### HNWKFUQHVJGNWPIGZEGRVKPVJQUGVGTOKPCNCKTYC[TGIKQPUJCXKPIOKPKOCNNKPKPIVJKEMPGUUYJGTGGRKVJGNKCNEGNNUOC[YGNNDGTGNCVKXGN[WPRTQVGEVGFD[GKVJGTOWEWUQTUWTHCEVCPV+PCTGXKGY2T[QTRTQRQUGFVJCV1 KPFWEGFEGNNFCOCIGOQTGNKMGN[TGUWNVUHTQOVJG 

### TGCEVKQPUQHOQTGUVCDNGDWVNGUUTGCEVKXGQ\QPKFGCNFGJ[FGCPFJ[FTQRGTQZKFGRTQFWEVUQH1 KPVGTCEVKQPYKVJUWTHCEGNKPKPIHNWKFEQORQPGPVUVJCPHTQOFKTGEVKPVGTCEVKQPUQH1 YKVJ

 

### KPVTCEGNNWNCTEQORQPGPVU#NVJQWIJVJGCNXGQNCTNKPKPIHNWKFKUTGNCVKXGN[TKEJKPUCVWTCVGFRJQURJQNKRKFUKVFQGUEQPVCKPUQOGNKRKFUYKVJWPUCVWTCVGFHCVV[CEKFUEJQNGUVGTQNCRTQVGKP#EQORQPGPVCPFUOCNNOQNGEWNCTYGKIJVEQORQWPFUGI)5*CPFWTKECEKFVJCVJCXGDGGPUJQYPVQTGCEVYKVJ1 KPDQVJKPXKVTQCPFKPXKXQUVWFKGU'HHTQUGVCN-KPICPF 

### %NGOGPVU5JGNNG[GVCN2QN[WPUCVWTCVGF(CVV[#EKFU*KVJGTVQVJGOCLQTRTQFWEVUQH1 NKRKFKPVGTCEVKQPVJCVCEEQWPVHQTEGNNOGODTCPG 

### FCOCIGJCXGDGGPCUUWOGFVQDGNKRKFJ[FTQRGTQZKFGU*QYGXGTGXKFGPEGHQTVJGRTQFWEVKQPQHJ[FTQIGPRGTQZKFGCPFCNFGJ[FGUJCUDGGPFGOQPUVTCVGF+VJCUDGGPRTQRQUGFVJCVCNVJQWIJ%TKGIGGQ\QPCVKQP(KIWTGYKNNWNVKOCVGN[NGCFVQVJGRTQFWEVKQPQHQ\QPKFGUKPCNKRQRJKNKEGPXKTQPOGPVKPVJGCSWGQWUGPXKTQPOGPVQHNWPICKTYC[UVJGECTDQP[NQZKFGKPVGTOGFKCVGECPHQTOCJ[FTQZ[J[FTQRGTQZ[EQORQWPFYJKEJQPGNKOKPCVKQPQHJ[FTQIGPRGTQZKFG[KGNFUCPQVJGTCNFGJ[FGQTKPVJGRTGUGPEGQHKTQPKQPUECPHQTOCPCNFGJ[FGCPFVJGXGT[TGCEVKXGJ[FTQZ[NTCFKECN6GKIGGVCN2T[QT1\QPCVKQPQHCSWGQWUGOWNUKQPUQH27(#UTCVGT[VJTQE[VGIJQUVOGODTCPGUCPFTCVDTQPEJQCNXGQNCTNCXCIG$#.HNWKFJCUUJQYPJ[FTQIGPRGTQZKFGCPFCNFGJ[FGIGPGTCVKQPYKVJCOWEJUOCNNGTRTQRQTVKQPQHQ\QPKFGUCPFNKRKFJ[FTQRGTQZKFGU2T[QTGVCN#OGEJCPKUVKEUVWF[D[5CPVTQEMGVCNQHVJGQ\QPCVKQPQHRCNOKVQ[NQNGQ[N UP IN[EGTQRJQURJQEJQNKPGKPWPKNCOGNNCTRJQURJQNKRKFUEQPHKTOGFVJGIGPGTCVKQPQHVJGJ[FTQZ[RGTQZ[EQORQWPFUYJKEJUWDUGSWGPVN[TGUWNVKPVJGIGPGTCVKQPQHJ[FTQIGPRGTQZKFGCPFCNFGJ[FGUYKVJHWTVJGTQZKFCVKQPVQECTDQZ[NKECEKFU(KIWTG5KOKNCTUVWFKGUEQPFWEVGFWPFGTPQPCSWGQWUEQPFKVKQPUJCXGFGOQPUVTCVGFVJGRTQFWEVKQPQHUGEQPFCT[Q\QPKFGUVJCVWPFGTRJ[UKQNQIKECNEQPFKVKQPUYQWNFDGGZRGEVGFVQFGEQORQUGTCRKFN[VQTGCEVKXGRTQFWEVU.CKGVCN/CFFGPGVCNJCXGFGOQPUVTCVGFTGEGPVN[RTQFWEVKQPQHCTCEJKFQPCVGFGTKXGFCNFGJ[FKEUWDUVCPEGUCPFJ[FTQIGPRGTQZKFGHTQOKPXKVTQ1 GZRQUWTGCPFRROHQTJQHCTCEJKFQPCVGKPDQVJ 

### CEGNNHTGGU[UVGOCPF### RHC=CH— + O RHC—CH— RHC=O—O + RHC=0
PUFA ozone trioxolane carbonyl oxide aldehyde



### RHC CH— RCH RHC=O + H O

Criegee ozonide hydroxyhydroperoxy cpd. aldehyde hydrogen peroxide 

### O—O OH

O OOH O O

O

3

2 2 or in the

presence of H O 2 either in the absence of H O
2



### (KIWTG /CLQTUGEQPFCT[RTQFWEVUQHQ\QPGKPVGTCEVKQPYKVJNWPIEGNNU

EWNVWTGFJWOCPDTQPEJKCNGRKVJGNKCNEGNNU1\QPKFGUCNFGJ[FGUJ[FTQIGPCPFNKRKFRGTQZKFGUCPFTGNCVGFTGCEVKXGQZ[IGPKPVGTOGFKCVGUVQIGVJGTYKVJVJGRJQURJQNKRKFHTQOYJKEJVJGCNFGJ[FGJCUDGGPTGOQXGFTGRTGUGPVOCLQTRTQFWEVUQH1 KPVGTCEVKQPYKVJNWPIEGNNUVJCVCNN 

### JCXGVJGRQVGPVKCNVQECWUGFCOCIGVQOGODTCPGUUGG(KIWTG'XKFGPEGVJCVKPVGTCEVKQPQH1 YKVJ27(#UVCMGURNCEGKPXKXQJCUPQVDGGPUQ 

### GCUKN[QDVCKPGF)QJGGPGVCNKPXGUVKICVGFVJGGHHGEVUQHHCVHTGGFKGVUQPTCVUGZRQUGFVQCKTQTVQRRO1 HQTCPFYGGMUCPFEQPENWFGFVJCV1 FQGUPQVQZKFK\G  

### UKIPKHKECPVNGXGNUQHVJG27(#UNKPQNGCVGCPFCTCEJKFQPCVG*QYGXGTENGCXCIGQHNWPIHCVV[CEKFFQWDNGDQPFUJCUDGGPFGOQPUVTCVGFKPCPKPXKXQUVWF[TGRQTVGFD[4CDKPQYKV\CPF$CUUGVVVJCVKPXQNXGFTCVGZRQUWTGUHQTJVQRRO1 6JGUGCWVJQTU 

### D[WUKPIJ[FTQIGPRGTQZKFGVTGCVOGPVVQEQPXGTVQ\QPKFGUCPFCNFGJ[FGUVQECTDQZ[NKECEKFUYGTGCDNGVQFGOQPUVTCVG1 KPFWEGFKPETGCUGUKPINWVCTKECPFPQPCPQKECEKFUVJCVCTGVJG 

### Q\QPQN[UKUDTGCMFQYPRTQFWEVUQHNWPIVKUUWGCTCEJKFQPKECPFQNGKECEKFUTGURGEVKXGN[/QTGTGEGPVUVWFKGUFKTGEVGFVQYCTFUFGXGNQRKPIUWKVCDNGDKQOCTMGTUCPFFQUKOGVGTUHQT1 GZRQUWTG 

### JCXGCPCN[\GFTCV$#.NKRKFUCHVGTCJGZRQUWTGVQRROCPFFGOQPUVTCVGFVJGCRRGCTCPEGQHVJGCNFGJ[FGUPQPCPCNCPFJGRVCPCN%WGVQGVCN2T[QTGVCNCNUQJCXGDGGPCDNGVQKFGPVKH[EJQNGUVGTQNQ\QPCVKQPRTQFWEVUGZVTCEVGFHTQOYJQNGNWPIVKUUWGYKVJVJGUCOGGZRQUWTGQHTCVUVQRRO1 HQTJ

### 'XKFGPEGQHVJGTQNGQHJ[FTQIGPRGTQZKFGKP1 KPFWEGFNWPIFCOCIGJCUDGGP 

### FGUETKDGFD[9CTTGPGVCNYJQFGOQPUVTCVGFFKOKPKUJGF1 KPFWEGFKPETGCUGF$#. 

### RTQVGKPKPTCVUCHVGTFC[QHGZRQUWTGVQRRO1 YJGPVTGCVGFYKVJVJGJ[FTQIGP 

### RGTQZKFGUECXGPIGTFKOGVJ[NVJKQWTGCDGHQTGGZRQUWTG*KVJGTVQVJGGZJCNCVKQPQHGVJCPGCPFRGPVCPGCPFVKUUWGOGCUWTGOGPVUQHFKGPGEQPLWICVGUCPFVJKQDCTDKVWTKECEKFTGCEVKXGUWDUVCPEGU6$#45JCXGDGGPWUGFCUGXKFGPEGHQT1 KPFWEGFHTGGTCFKECNCWVQZKFCVKQPQH 

### NKRKFU75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[*QYGXGTVJGUGOGCUWTGOGPVUJCXGDGGPHQWPFVQDGTGNCVKXGN[KPUGPUKVKXGHQTWUGKPKPJCNCVKQPGZRGTKOGPVUWPFGTEQPFKVKQPUQHNQY1 EQPEGPVTCVKQPURRO+EJKPQUGCPF5CICKYGTGWPCDNGVQFGOQPUVTCVGCP[ 

### EJCPIGUKPNWPI6$#45CUCTGUWNVQHGZRQUKPITCVUHQTYGGMUVQRRO1 #UPQVGFD[ 

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

### 4KGVLGPUGVCNDD[RTGKPEWDCVKPITCVCNXGQNCTOCETQRJCIGU#/UYKVJGKVJGTCTCEJKFQPCVGQTRJQURJCVKF[NEJQNKPGVQCNVGT27(#EQPVGPVCPFOGODTCPGHNWKFKV[TGURGEVKXGN[FGOQPUVTCVGFVJCV27(#EQPVGPVPQVOGODTCPGHNWKFKV[FGVGTOKPGFUGPUKVKXKV[VQ1 FCOCIGOGCUWTGFCUFGETGCUGUKPRJCIQE[VKECEVKXKV[ 

### 'XKFGPEGHQTHTGGTCFKECNOGFKCVGFCWVQZKFCVKQPEQOGUKPFKTGEVN[HTQOVJGFGOQPUVTCVKQPVJCVXKVCOKP'FGRNGVKQPKPETGCUGU1 VQZKEKV[CUTGRQTVGFRTGXKQWUN[ 

### 75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[CPFOQTGTGEGPVN['NUC[GF'NUC[GFGVCN/QTGFKTGEVGXKFGPEGHQTHTGGTCFKECNIGPGTCVKQPJCUDGGPQDVCKPGFWUKPIGNGEVTQPURKPVTCRRKPIVGEJPQNQI[VJCVEQTTGNCVGFKPETGCUGFTCFKECNUKIPCNUKPKUQNCVGFNWPINKRKFUHTQOTCVUGZRQUGFVQKPETGCUKPI1 EQPEGPVTCVKQPUVQRROGHHGEVDGIKPPKPICV 

### CDQWVRROJWPFGTEQPFKVKQPUQHECTDQPFKQZKFG%1 UVKOWNCVGFTGURKTCVKQP-GPPGF[ 

### GVCN*QYGXGTVJGRQUUKDNGEQPVTKDWVKQPQHCEVKXCVGFKPHNCOOCVQT[EGNNIGPGTCVKQPQHTGCEVKXGQZ[IGPKPVGTOGFKCVGUVQVJGUGQDUGTXGFHTGGTCFKECNCNVGTCVKQPUVQNWPINKRKFUPGGFUVQ

DGEQPUKFGTGF#PVKQZKFCPVU#NVJQWIJXKVCOKP'FKTGEVN[TGCEVUYKVJ1 CVVJGUCOGTCVGCU27(#UXKVCOKP% 

### CRRGCTUVQTGCEVOQTGGHHGEVKXGN[2T[QTYJKEJVQIGVJGTYKVJKPVTCEGNNWNCTVCWTKPG$CPMUGVCNCPF$#.WTKECEKF/GCFQYUCPF5OKVJ2GFGPGVCNHQWPFKPPCUCNCPFNWPINKPKPIHNWKFUOC[CEVCUFKTGEVUECXGPIGTUQH1 1\QPGKPFWEGFKPETGCUGUKP 

### NWPIRQN[COKPGOGVCDQNKUOKPXKVCOKP'FGHKEKGPVTCVUUWIIGUVUVJGKTRQUUKDNGTQNGCUCPVKQZKFCPVU'NUC[GF)NWVCVJKQPGKPKVUTGFWEGFHQTO)5*TGRTGUGPVUCPQVJGTRQVGPVKCNFKTGEV1 UECXGPIGT+PCFFKVKQPVQDGKPICOCLQTKPVTCEGNNWNCTCPVKQZKFCPV)5*KUC 

### EQORQPGPVQHCKTYC[NKPKPIHNWKFUHQWPFKP$#.1\QPGYQWNFJCXGVQRGPGVTCVGVJGEGNNWNCTOGODTCPGYKVJQWVTGCEVKQPKHKVKUVQFKTGEVN[KPVGTCEVYKVJKPVTCEGNNWNCT)5*CPGXGPVEQPUKFGTGFVQDGWPNKMGN[2T[QT2TGXKQWUN[QDUGTXGFQZKFCVKQPQHINWVCVJKQPGCPFKPUQOGECUGUKVUNQUUHTQOVJGNWPIOC[OQTGNKMGN[TGHNGEVKVUTGCEVKQPYKVJCP1  

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

### 'PXKTQPOGPVCN2TQVGEVKQP#IGPE[/WUVCHC*QYGXGTCNVJQWIJVJGUGGCTN[

### DKQEJGOKECNGHHGEVUEQWNFPQVDGFGOQPUVTCVGFCHVGTVJGHKTUVFC[QHGZRQUWTGVQVJGNQYGT1 EQPEGPVTCVKQPQHRROVJGOGVJQFUGORNQ[GFOC[PQVJCXGDGGPUGPUKVKXGGPQWIJVQ



### FGVGEVEQGP\[OGCPFGP\[OGEJCPIGUKPVJGEGPVTKCEKPCTTGIKQP%#4YJKEJKUCRTKOCT[VCTIGVQH1 *QYGXGTVQIGVJGTYKVJUWTHCEVCPVNKRKFUVJGUWTHCEVCPVRTQVGKP#CNUQJCUDGGP 

### GZCOKPGFCUCRQVGPVKCNVCTIGVQH1 KPVGTCEVKQP1QUVKPIGVCNE+PXKVTQUVWFKGU 

### D[VJGUGCWVJQTUJCXGUWIIGUVGFVJCVGKVJGTJ[FTQIGPRGTQZKFGQT1 KPFWEGFQZKFCVKQPQH 

### OGVJKQPKPGCPFVT[RVQRJCPTGUKFWGUCEEQWPVHQTVJGQDUGTXGFEJCPIGUKPRJ[UKEQEJGOKECNRTQRGTVKGUQHECPKPGCPFJWOCPUWTHCEVCPVRTQVGKP#OGCUWTGFCUCPKORCKTOGPVQHUGNHCUUQEKCVKQPCPFCFGETGCUGFCDKNKV[VQCIITGICVGRJQURJQNKRKFXGUKENGUCPFVQDKPFOCPPQUG1QUVKPIGVCNE5KOKNCTTGURQPUGUYGTGHQWPFKPXKXQUWTHCEVCPVKUQNCVGFHTQOTCVUGZRQUGFHQTJVQRRO1 YCUNGUUCDNGVQUVKOWNCVG#/UWRGTQZKFGCPKQPIGPGTCVKQP 

### VJCPUWTHCEVCPVQDVCKPGFHTQOCKTGZRQUGFEQPVTQNTCVU1QUVKPIGVCN6JGRTGXKQWUN[TGRQTVGFRTGUGPEGQHIKCPVNCOGNNCTDQFKGUKP1 GZRQUGFTCVNWPIUHQNNQYKPIGZRQUWTGVQ 

### RROHQTJFC[HQTFC[UKUCNUQEQPUKUVGPVYKVJVJGJ[RQVJGUKUVJCV1 TGCEVUYKVJ 

### UWTHCEVCPVRTQVGKP#5JKOWTCGVCNCPFVJGTGD[KPVGTHGTGUYKVJKVUJQOGQUVCVKETQNGKPUWTHCEVCPVTGNGCUGHTQOCNXGQNCT6[RGEGNNNCOGNNCTDQFKGUCPFKVUUWDUGSWGPVTGWRVCMGD[6[RGEGNNUCPF#/U

 'HHGEVUQH1\QPG'ZRQUWTGQP.WPI.KRKF/GVCDQNKUO

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



### 5GEVKQP

5WTHCEVCPV #NVJQWIJCNXGQNCTUWTHCEVCPVNKRKFURWTKHKGFHTQONCXCIGHNWKFUJCXGDGGPUJQYPVQDGTGNCVKXGN[GPTKEJGFKPUCVWTCVGFNKRKFUCXCT[KPIRGTEGPVCIGQHVJGNKRKFUFQEQPVCKPWPUCVWTCVGFHCVV[CEKFUFGRGPFKPIQPVJGURGEKGUUVWFKGF-KPICPF%NGOGPVU5JGNNG[GVCN6JGUGWPUCVWTCVGFNKRKFUVQIGVJGTYKVJVJGCRQRTQVGKPCURQUUKDNGVCTIGVUQH1 KPVGTCEVKQPOC[DGGZRGEVGFVQJCXGCPCNVGTGFEQORQUKVKQPCUCTGUWNVQH1 KPJCNCVKQP 

### *QYGXGTUWTHCEVCPVGPTKEJGFOCVGTKCNKUQNCVGFD[$#.HTQOTCVUHQNNQYKPICPJGZRQUWTGVQRRO1 TGVCKPGFKVUCDKNKV[VQNQYGTUWTHCEGVGPUKQPKPURKVGQHCPKPETGCUGKPRTQVGKP 

### EQPVGPV0CEJVOCPGVCN+PNQPIVGTOGZRQUWTGUVWFKGUOQPMG[UYGTGGZRQUGFHQTJFC[VQCPFRRO1 HQTCPFFC[U4CQGVCNCD+PEQPVTCUVVQ 

### OGCUWTGOGPVUQHVQVCNNWPINKRKFUVJCVFGOQPUVTCVGCTGNCVKXGFGETGCUGKP27(#UCHVGTFC[UQHGZRQUWTG4CQGVCNCVJGTGYCUCTGNCVKXGKPETGCUGKPVJGRTQRQTVKQPQH27(#KPVJGRGTEGPVCIGQH$#.WPUCVWTCVGFHCVV[CEKFUKPETGCUGUHTQOKPCKTEQPVTQNUVQCPFKP$#.NKRKFUTGEQXGTGFHTQOOQPMG[UGZRQUGFHQTFC[UVQRROFC[UVQRROCPFFC[UVQRRO1 TGURGEVKXGN[4CQGVCND6JGOCLQTKPETGCUGU 

### YGTGQDUGTXGFKPNKPQNGCVGCPFCTCEJKFQPCVG$GECWUGVJGUG27(#UCTGRQVGPVKCNVCTIGVUHQT1 KPVGTCEVKQPVJGKTKPETGCUGTCVJGTVJCPCFGETGCUGKP$#.HNWKFOC[DGUVDG 

### GZRNCKPGFD[EJCPIGUKPUWTHCEVCPVNKRKFRTQFWEVKQPCUUQEKCVGFYKVJCNXGQNCT6[RGGRKVJGNKCNRTQNKHGTCVKQP5GEVKQP+PVGTGUVKPIN[CTGNCVKXGFGETGCUGKPEJQNGUVGTQNGUVGTYKVJCEQPEQOKVCPVKPETGCUGKPRJQURJCVKF[NEJQNKPGYCUQDUGTXGFYJKEJUWRRQTVUVJGJ[RQVJGUKUVJCVEJQNGUVGTQNOC[TGRTGUGPVCOCLQTVCTIGVQH1 KPVGTCEVKQP4CQGVCND2T[QTGVCN 

### 6JGQDUGTXGF1 KPFWEGFEJCPIGUKP$#.27(#EQORQUKVKQPYGTGEQPUKUVGPVYKVJ 

### VJQUGRTGXKQWUN[TGRQTVGFHQTTCVUD[4QGJOGVCNDWVQPN[HQT$#.NKRKFUKUQNCVGFHTQOXKVCOKP'FGRNGVGFTCVUHQNNQYKPIYGGMUQHGZRQUWTGVQRRO1 9TKIJVGVCN 

### YGTGWPCDNGVQFGVGEVEJCPIGUKP$#.NKRKFCPFHCVV[CEKFUTGEQXGTGFHTQOPQTOCNN[HGFTCVUHQNNQYKPICPFRRO1 GZRQUWTGUHQTJFC[HQTOQ4GUWNVUHTQO 

### VJGUGUVWFKGUCTGUWOOCTK\GFKP6CDNG

6KUUWG.KRKFU+PXKXQRWNUGNCDGNKPIYKVJECTDQPNCDGNGFCEGVCVGYCUWUGFVQGUVKOCVGRJQURJQNKRKFDKQU[PVJGUKU9TKIJVGVCN#NVJQWIJHQWPFVQDGFKOKPKUJGFCVEGTVCKPVKOGRQKPVUCPFOQPQEQPUKUVGPVVTGPFEQWNFDGFGOQPUVTCVGFVJCVYQWNFUWIIGUVVJCV1 GZRQUWTGUQHNGUUVJCPRROCNVGTNWPIUWTHCEVCPVJQOGQUVCUKU$CUUGVVCPF4CDKPQYKV\



### WUKPIKUQNCVGFRGTHWUGFNWPIUVCMGPHTQOTCVUCHVGTFC[UQHEQPVKPWQWUGZRQUWTGVQRRO1 FGOQPUVTCVGFCPGPJCPEGFKPEQTRQTCVKQPQHINWEQUGECTDQPUKPVQDQVJHCVV[CEKF 

### CPFIN[EGTQNIN[EGTKFGOQKGVKGUQHVQVCNNWPINKRKFUD[CPFTGURGEVKXGN[6JGTGNCVKXGKPETGCUGKPECTDQPKPEQTRQTCVKQPKPVQHTGGHCVV[CEKFURJQURJCVKFKECEKFRJQURJCVKF[NKPQUKVQNCPFURJKPIQUKPGEQPVCKPKPINKRKFUYCUEQPUKUVGPVYKVJVJGPGGFUQHCFKXKFKPIEGNNRQRWNCVKQPHQTKPETGCUGFNKRKFUU[PVJGUKUCUUQEKCVGFYKVJCNXGQNCTGRKVJGNKCNRTQNKHGTCVKXGTGRCKT+VUJQWNFDGPQVGFVJCVKPCUGRCTCVGUVWF[WPFGTVJGUCOGGZRQUWTGEQPFKVKQPUQHRRO1 HQT 

### FC[UTCVNWPIUFGOQPUVTCVGFKPETGCUGFIN[EQN[VKECEVKXKV[CPFIGPGTCVKQPQHTGFWEGFPKEQVKPCOKFGCFGPKPGFKPWENGQVKFGRJQURJCVG0#&2*EQPUKUVGPVYKVJVJGGPGTI[CPFU[PVJGVKEPGGFUQHCNWPIWPFGTIQKPITGRCKTQH1 KPFWEGFFCOCIG$CUUGVVCPF$QYGP-GNN[ 

### 4GUWNVUHTQOVJGUGUVWFKGUCTGUWOOCTK\GFKP6CDNG

 'HHGEVUQH1\QPGQP.WPI#PVKQZKFCPV5[UVGOU6JG1 KPFWEGFKPETGCUGFNGXGNUQHVJGCPVKQZKFCPV025*UKFGPVKHKGFOCKPN[CU 

### )5*KPVJGNWPICPFVJGGP\[OGCEVKXKVKGUKPXQNXGFKP)5*WVKNK\CVKQP)5*2ZCPF INWVCVJKQPG 5VTCPUHGTCUG)56CPFHQTOCKPVCKPKPI)5*KPCTGFWEGFUVCVGINWVCVJKQPGTGFWEVCUG)4CPFVJG0#&2*NKPMGFFGJ[FTQIGPCUGUQHINWEQUGRJQURJCVG)2&CPFRJQURJQINWEQPCVG2)&V[RKECNN[JCXGDGGPCVVTKDWVGFVQEQPEWTTGPVOQTRJQNQIKECNEJCPIGUTCVJGTVJCPVQCP[URGEKHKEDKQEJGOKECNTGURQPUG75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[0WOGTQWUUVWFKGUEQPFWEVGFKPOKEGTCVUCPFOQPMG[UUJQYKPETGCUGUKPOCP[QHVJGUGGP\[OGCEVKXKVKGUCVGZRQUWTGUCUNQYCURRO1 HQTYGGMTCV75 

### 'PXKTQPOGPVCN2TQVGEVKQP#IGPE[6JGGCTNKGTTGUGCTEJCNUQKPENWFGFUVWFKGUQHCIGFGRGPFGPVTGURQPUKXGPGUUQHTCVU6[UQPGVCN.WPCPGVCN'NUC[GFGVCN

### 4CVUTCPIKPIKPCIGHTQOVQFC[UQNFYGTGGZRQUGFVQQTRRO1 HQTQT 

### FC[UQTHQTCDQWVFC[UFGRGPFKPIQPVJGGZRGTKOGPV1\QPGCNVGTGFCEVKXKVKGUQHCPVKQZKFCPVGP\[OGUKPCPCIGFGRGPFGPVOCPPGT)GPGTCNN[RTKQTVQYGCPKPIGP\[OG

### 6CDNG'HHGEVUQH1\QPG'ZRQUWTGQP.WPI.KRKFUC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO JFC[ FC[UYGGMHQT  OQ4CV /( FC[U QNF#IGTGNCVGF KPETGCUG KP $#. CPF VKUUWG RJQURJQNKRKFU IGPGTCNN[ WPCHHGEVGF D[ 1 GZRQUWTG CV  RRO VQVCNRJQURJQNKRKF KPETGCUGF CV  CPF  OQ9TKIJV GV CN 
 JFC[HQT  FC[U/QPMG[$QPPGV(TCEVKQP QH VQVCN NWPI NKRKF HCVV[ CEKFU VJCV YGTG 27(#U FGETGCUGF HTQO  VQ  CPF  HQNNQYKPI RRO CPFRRO GZRQUWTGU TGURGEVKXGN[4CQ GV CN 
C JFC[HQT  CPF FC[U/QPMG[$QPPGV$#. 27(#U 
NKPQNGCVG =? CPF CTCEJKFQPCVG =? KPETGCUGF YKVJ C TGNCVKXG FGETGCUG KP EJQNGUVGTQN GUVGTU 4CQ GV CN 
D%QPVKPWQWU HQT YGGMU4CV /5& I0Q EJCPIG KP NWPI HCVV[ CEKF EQPVGPV PQ CEEGNGTCVKQP QH GUUGPVKCN HCVV[ CEKF FGHKEKGPE[ KP TCVU QP HCVHTGG FKGV )QJGGP GV CN 
 J 4CV /%& FC[U QNF'ZVTCEVGF NWPI NKRKF '24 UKIPCN KPVGPUKV[ RTQRQTVKQPCN VQ 1 EQPEGPVTCVKQP HQNNQYKPI RTGVTGCVOGPV YKVJ URKPVTCRRKPICIGPV CPF %1 UVKOWNCVKQP QH TGURKTCVKQP KP XKXQ-GPPGF[ GV CN 
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
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC#IG QT DQF[ YGKIJV CV UVCTV QH GZRQUWTGD

### CEVKXKVKGUFGETGCUGFCPFCVQNFGTCIGUVJG[KPETGCUGF6JGTGCUQPUHQTVJGUGFKHHGTGPEGUCTGPQVMPQYPDWVOC[DGFWGVQFKHHGTGPEGUKPFQUGQH1 VQVJGNWPIFWGVQFKHHGTGPEGUKP 

### GZRQUWTGEQPEGPVTCVKQPUKPJWFFNGFPGQPCVGUQPDGFFKPIRTKQTVQYGCPKPIQTVQFKHHGTGPEGUKPFQUGUFGNKXGTGFVQNWPIVCTIGVUKVGUDCUCNNGXGNUQHCPVKQZKFCPVUCPFCPVKQZKFCPVGP\[OGUQTEGNNWNCTUGPUKVKXKV[+PETGCUGFNWPIGP\[OGCEVKXKVKGUECPTGUWNVHTQOGKVJGTKPETGCUGFCEVKXKV[YKVJKPCRCTVKEWNCTEGNNRQRWNCVKQPQTKPETGCUGFPWODGTUQHEGNNUYKVJVJCVCEVKXKV[#IGPWVTKVKQPCNCPFURGEKGUFKHHGTGPEGUKP1 OGFKCVGFTGURQPUGUOWUVVJGTGHQTGDG 

### KPVGTRTGVGFYKVJEQPUKFGTCVKQPQHVJGWPFGTN[KPIOQTRJQNQIKECNEJCPIGU5GEVKQP4GNGXCPVUVWFKGUCTGUWOOCTK\GFKP6CDNG#PKPETGCUGKPNWPICNXGQNCT6[RGEGNNUCPFKPKPHKNVTCVKPIKPHNCOOCVQT[EGNNUCFGSWCVGN[GZRNCKPGFVJGQDUGTXGFKPETGCUGUKPUWEEKPCVGQZKFCUG)2&CPF2)&CEVKXKVKGUQDUGTXGFCHVGTFC[UQHEQPVKPWQWUGZRQUWTGQHTCVUVQRRO1 YJGPTGRTGUGPVGFQPC 

### RGTOKNNKITCOFGQZ[TKDQPWENGKECEKF&0#DCUKU$CUUGVVGVCNC6JGUGEGNNV[RGUCTGGPTKEJGFKPOKVQEJQPFTKCCPFKP0#&2*IGPGTCVKPIECRCEKV[PGGFGFHQTDQVJNKRKFDKQU[PVJGUKUCPF)5*OCKPVGPCPEG5KOKNCTN[PQUKIPKHKECPVEJCPIGUKPVJGUGGP\[OGCEVKXKVKGUEQWNFDGFGVGEVGFCHVGTFC[UQHGZRQUWTGVQVJGNQYGT1 EQPEGPVTCVKQPQHRRO 

### HWTVJGTKNNWUVTCVKPIVJGPGGFVQVCMGKPVQCEEQWPVVJGEQPEQOKVCPVEJCPIGUKPEGNNRQRWNCVKQPCPFPWODGTYJGPKPVGTRTGVKPIYJQNGNWPIGP\[OGOGCUWTGOGPVU+PETGCUGUQHCPFTGURGEVKXGN[YGTGQDUGTXGFKPVJGRGTOKNNKITCO&0#CEVKXKVKGUQHVJGQTPKVJKPGECTDQZ[NCUG

CPF5CFGPQU[NOGVJKQPKPGFGECTDQZ[NCUGGP\[OGUKPXQNXGFKPRQN[COKPGU[PVJGUKUYJKEJVQIGVJGTYKVJGPJCPEGFVTKVKCVGFVJ[OKFKPGKPEQTRQTCVKQPKPVQ&0#JCXGDGGPEQPUKFGTGFVQDGOQTGUGPUKVKXGOGCUWTGUQHDKQEJGOKECNEJCPIGUKPNWPIUQHTCVUGZRQUGFEQPVKPWQWUN[HQTFC[UVQRRO1 'NUC[GFGVCN

### 6JGRQVGPVKCNTQNGQHUWRGTQZKFGFKUOWVCUG51&CPFECVCNCUGKPRTQVGEVKPIVJGNWPICICKPUV1 VQZKEKV[KUPQVENGCT$CUUGVVGVCNWUKPICRTGVTGCVOGPVYKVJCRJGP[NWTGC 

### EQORQWPF0 =

 QZQKOKFC\QNKPFKP[NGVJ[N? 0 RJGP[NWTGC'&7VJCVKPETGCUGFTCVNWPI51&CPFECVCNCUGCEVKXKVKGUHCKNGFVQFGOQPUVTCVGCP[RTQVGEVKQPCICKPUVCEWVGNWPIKPLWT[HTQOCUKPINGJGZRQUWTGVQRRO1 *QYGXGT<KFGPDGTI%JGTTGVCNJCXG 

### FGOQPUVTCVGFVJCVEQRRGT%WCPFOCPICPGUG/PFGRTKXGFOKEGOC[DGOQTGUWUEGRVKDNGVQEQPVKPWQWU1 GZRQUWTGQHRROHQTFC[U4CJOCPCPF/CUUCTQJCXG 

### FGOQPUVTCVGFRTQVGEVKQPCICKPUVGFGOCIGPKEGZRQUWTGUVQQ\QPGRROHQTJKPTCVURTGVTGCVGFYKVJGPFQVQZKP'PFQVQZKPRTGVTGCVOGPVKUCUUQEKCVGFYKVJKPETGCUGUKPNWPIVKUUWGOKVQEJQPFTKCN/P51&CEVKXKV[YKVJQWVCP[EQPEQOKVCPVKPETGCUGUKPECVCNCUG)5*2ZCPFVJGE[VQUQNKE%W<P51&GP\[OGU#NVJQWIJKVKUFKHHKEWNVVQEQPENWFGVJCVOKVQEJQPFTKCN51&OKIJVFKTGEVN[RTQVGEVCICKPUV1 KPVGTCEVKQPUVJGUGTGUWNVUFQUWIIGUVCEGPVTCNTQNGQH 

### OKVQEJQPFTKCN51&KPVJGRTQVGEVKQPQHVJGEGNNCICKPUVQZKFCVKXGUVTGUU4CJOCPCPF/CUUCTQ4CJOCPGVCNCNUQJCXGFGOQPUVTCVGFVJCVNWPIUHTQO1 GZRQUGFTCVUJCF 

### KPETGCUGFCEVKXKVKGUQH%W<P51&/P51&ECVCNCUGCPF)5*2ZCHVGTFC[UQHGZRQUWTGVQRRO1 6JGUGKPETGCUGUYGTGCVVTKDWVGFVQGPJCPEGFIGPGGZRTGUUKQPKPFKECVGFD[ 

### JKIJGTOGUUGPIGTTKDQPWENGKECEKFO40#EQPEGPVTCVKQPUTCVJGTVJCPVQVJGKPHKNVTCVKQPQHEGNNUGPTKEJGFYKVJVJGUGGP\[OGCEVKXKVKGU%JTQPKEGZRQUWTGQHTCVUVQCPWTDCPRCVVGTPQH1 HQTOQFKFPQVCHHGEVVQVCN51&CEVKXKV[KPTCVUCNVJQWIJ)5*2ZCPF)4CEVKXKVKGURGT



### NWPIYGTGKPETGCUGF)TQUGGVCN7UGQHOKETQFKUUGEVKQPVGEJPKSWGUHQNNQYKPIFC[UCPFOQQHTCVGZRQUWTGUVQCPFRRO1 JCXGUJQYPEQPEGPVTCVKQPFGRGPFGPV 

### KPETGCUGUKP51&)56CPF)5*2ZRGTOKNNKITCOQH&0#KPVJGFKUVCNDTQPEJKQNGU+PEQPVTCUVFGETGCUGUKP)56CPF)5*2ZCEVKXKVKGUKPOCLQTDTQPEJKCPF

### 6CDNG'HHGEVUQH1\QPG'ZRQUWTGQP.WPI#PVKQZKFCPVUC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIODCUGURKMG DCUG URKMG$CUG  JFC[ FC[UYGGMTCORGF URKMG JFC[ FC[UYGGM HQT OQ4CV /(9JQNG NWPI KPETGCUG KP )5*2Z CPF )5* TGFWEVCUG CEVKXKVKGU 51& CEVKXKV[ CPF 025* EQPVGPV PQV CHHGEVGF )TQUG GV CN 
%QPVKPWQWU HQT FC[U4CV /5& I2TGVTGCVOGPV YKVJ VJG * 1 UECXGPIGT FKOGVJ[NWTGC FGETGCUGF 1 KPFWEGF VKUUWG &0# CPF RTQVGKP CPF $#. RTQVGKP CEKF RJQURJCVCUG CPF0CEGV[N&INWEQUCOKPKFCUG 0Q GHHGEV QH XKVCOKP ' QTECTQVGPG9CTTGP GV CN 
 JFC[ FC[UYGGM HQT FC[U QT  OQ4CV / CPF ((7UKPI OKETQFKUUGEVKQP VGEJPKSWGU CPF TGRTGUGPVKPI FCVC CU WPKVUOI &0# )56 )5*2Z CPF 51& YGTGKPETGCUGF KP FKUVCN DTQPEJKQNGU CHVGT  FC[U CPF  OQ KP C EQPEGPVTCVKQPFGRGPFGPV HCUJKQP #HVGT  FC[U51& CPF )56 YGTG NQYGT KP OCLQT FCWIJVGT DTQPEJK #HVGT  OQ 51& YCU KPETGCUGF KP FKUVCN VTCEJGC)5*2Z YCU FGETGCUGF KP OCLQT DTQPEJK DWV GPJCPEGF KP OKPQT DTQPEJK CPF )56 FGETGCUGF KP OCLQT DTQPEJK2NQRRGT GV CN 
D%QPVKPWQWU HQT FC[U4CV /9KUVCT I RRO 1 KPFWEGF YJQNG NWPI KPETGCUGU KP )5*2Z CPF )4 PQV UKIPKHKECPV YJGP EQTTGEVGF HQT KPETGCUGU KPEGNN PWODGT +PETGCUGU KP UWEEKPCVG QZKFCUG )2& CPF 2)& CEVKXKVKGU RGT OI &0# YGTG EQPUKUVGPV YKVJKPETGCUGF 6[RG  CPF KPHNCOOCVQT[ EGNN EQPVGPV 0Q KPETGCUGU RGT OI &0# CV  RRO 1 $CUUGVV GV CN 
C  %QPVKPWQWU HQT YGGMU4CV /9KUVCT YGGMU QNF)WKPGC RKI*CTVNG[ YGGMU QNF5OCNN KPETGCUGU KP YJQNG TCV NWPI NGXGNU QH 025* XKVCOKP % )5*2Z )WKPGC RKI )5*2Z CPF )5*VTCPUHGTCUG CEVKXKVKGU FGETGCUGF+EJKPQUG CPF 5CICK 
   J FWTKPI FC[ QTPKIJV HQT  FC[U QTEQPVKPWQWU HQT  J4CV /9KUVCT)WKPGC RKI /*CTVNG[ YGGMU QNF4CVU 0Q GHHGEV QH FC[VKOG GZRQUWTG 0KIJVVKOG QT EQPVKPWQWU GZRQUWTG KPETGCUGF CEVKXKVKGU QH .&* )2&)4 CPF )5*2Z )WKPGC RKI 0Q FC[VKOGQPN[ GZRQUWTG 0Q GHHGEV QP )4 QT )5*2Z )2& KPETGCUGF CHVGTPKIJVVKOG QT EQPVKPWQWU GZRQUWTG NCEVCVG FGJ[FTQIGPCUG CEVKXKV[ KPETGCUGF QPN[ CHVGT EQPVKPWQWU GZRQUWTG8CP $TGG GV CN 
  %QPVKPWQWU HQT FC[U4CV /5& FC[U QNF.CTIG KPETGCUG KP QTPKVJKPG FGECTDQZ[NCUG CEVKXKV[ CPF &0# NCDGNKPI TGHNGEVKPI RQN[COKPG OGVCDQNKUO CPF&0# U[PVJGUKU CPFQT TGRCKT TGURGEVKXGN['NUC[GF GV CN 
  %QPVKPWQWU HQT FC[U4CV.QPI'XCPU YGGMU QNF1\QPG KPETGCUGF NWPI RWVTGUEKPG KP DQVJ XKVCOKP 'FGHKEKGPV QT  +7MI ITQWRU DWV KPETGCUGU KP URGTOKFKPGEQPVGPV CPF FGECTDQZ[NCUG CEVKXKVKGU QH QTPKVJKPG CPF5CFGPQU[NOGVJKQPKQPG QPN[ KP XKVCOKP 'FGHKEKGPV ITQWR'NUC[GF 


### 6CDNGEQPV	F'HHGEVUQH1\QPG'ZRQUWTGQP.WPI#PVKQZKFCPVUC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO  %QPVKPWQWU HQT  FC[U 4CV.QPI'XCPU YGGMU QNF1\QPG KPETGCUGF NWPI XKVCOKP ' NGXGN KP UWRRNGOGPVGF TCVU CPF TGOCKPGF WPEJCPIGF KP CNN QVJGT VKUUWGU OGCUWTGF 'NUC[GF GV CN 
   JFC[ HQT  FC[U 4CV /( FC[U QNF.WPI )5* KPKVKCNN[ GPJCPEGF FGENKPKPI VQ EQPVTQN NGXGNU D[ &C[  .WPI CUEQTDCVG NGXGNU GPJCPEGF QP &C[U CPF  QPN[6GRRGT GV CN 
  %QPVKPWQWU HQT  FC[U 4CV /5& YGGMU QNF6JG YJQNG NWPI 1 KPFWEGF KPETGCUG KP CUEQTDCVG CPF )5* EQPVGPV WPCHHGEVGF D[ RTQVGKP FGHKEKGPV FKGVU&WDKEM GV CN 
  %QPVKPWQWU HQT  FC[U 4CV /5& CPF  I9JQNG CFWNV NWPI EQPVGPVU QH %W<P51& CPF )5*2Z KPETGCUGF D[ 1 KP CNN FKGV ITQWRU 
CF NKDKVWO RTQVGKP FKGVU )5*2Z QPN[ KPETGCUGF KP YGCPNKPI TCVU HGF  RTQVGKP FKGV /P51& QPN[ KPETGCUGF KP NWPIUHTQO  CPF  RTQVGKPHGF CFWNV NWPIU*GPI GV CN 
  %QPVKPWQWU HQT FC[U4CV /5&  CPF I$[  FC[U KPETGCUGF NWPI %W<P51& /P51& ECVCNCUG CPF )5*2Z RGT &0# KP CNN CIG ITQWRU #FWNV NWPIU%QPEQOKVCPV KPETGCUGU KP O40#U HQT %W<P51& ECVCNCUG CPF )5*2Z YKVJQWV FKHHGTGPEGU KP O40# UVCDKNKV[4CJOCP GV CN 
   JFC[ HQT OQ4CV /5& OQ QNF#DUGPEG QH XKVCOKP ' GZCEGTDCVGU 1 KPFWEGF FCOCIG TGNCVGF VQ KPETGCUGU KP YJQNG NWPI NGXGNU QH OGVCDQNKEGP\[OGU 0Q CFFKVKQPCN COGNKQTCVKQP D[ FKGV UWRRNGOGPVCVKQP CDQXG  +7 XKVCOKP ''NUC[GF GV CN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC#IG QT DQF[ YGKIJV CV UVCTV QH GZRQUWTGD

### CPKPETGCUGKP)5*2ZYGTGQDUGTXGFKPOKPQTDTQPEJKCHVGTOQQH1 GZRQUWTG2NQRRGT 

### GVCND4CJOCPGVCNEQPENWFGFVJCVEJCPIGUKPCPVKQZKFCPVGP\[OGCEVKXKVKGUKPUQOGECUGUEQWNFDGCUUQEKCVGFYKVJCNVGTCVKQPUKPEGNNWNCTRCVJQNQI[UGG5GEVKQPYJGTGCUKPQVJGTECUGUPQEQTTGNCVKQPEQWNFDGOCFGGXGPVJQWIJVJGTGUWNVUYGTGTGRTGUGPVGFQPCRGTOKNNKITCO&0#DCUKU6JGQDUGTXGFEJCPIGUKPCPVKQZKFCPVGP\[OGCEVKXKVKGUCRRGCTVQDGUKVGURGEKHKECPFFKHHGTGPVCVFKHHGTGPVCKTYC[NQECVKQPU6JGTGURQPUGCTGEQPEGPVTCVKQPFGRGPFGPVCPFCNVGTGFD[VJGNGPIVJQH1 GZRQUWTG2NQRRGTGVCND 

### 4GRTGUGPVKPIFCVCQPCRGTITCOYGVNWPIDCUKU+EJKPQUGCPF5CICKFGOQPUVTCVGFKPETGCUGUKPNWPI025*XKVCOKP%CPF)5*2ZDWVQDUGTXGFPQGHHGEVQPXKVCOKP'NGXGNUCHVGTEQPVKPWQWUGZRQUWTGQHTCVUVQRRO1 HQTYGGMU+PEQPVTCUV 

### IWKPGCRKINWPIUGZJKDKVGFPQEJCPIGUKPVJGUGCPVKQZKFCPVEQORQPGPVUYJGPUKOKNCTN[GZRQUGF*QYGXGTCNVJQWIJWUKPIVJGJKIJGTEQPEGPVTCVKQPQHRROHQTFC[UQHEQPVKPWQWU1 GZRQUWTG&WDKEMGVCNFGOQPUVTCVGFVJCVYJQNGNWPIEQPVGPVQH 

### CUEQTDCVGCPF)5*YCUGNGXCVGFVJGUGEJCPIGUYGTGPQVUKIPKHKECPVN[FKHHGTGPVYJGPVJGFCVCYGTGTGRTGUGPVGFQPCRGTIYGVVKUUWGDCUKU4CV$#.CPCN[UKUHQNNQYKPICOQGZRQUWTGVQCPWTDCPRCVVGTPQH1 FGOQPUVTCVGFFGETGCUGFXKVCOKP'CPFGPJCPEGFCUEQTDCVG 

### CPFRTQVGKPNGXGNU)TQUGGVCN$GECWUGVJGUGCPVKQZKFCPVUCNUQJCXGDGGPUJQYPVQDGVCTIGVUQHQ\QPGKPVGTCEVKQPCP[QDUGTXGFKPETGCUGUKPVJGKTUVGCF[UVCVGNGXGNUWIIGUVCPKPETGCUGKPVJGTCVKQQHRTQFWEVKQPVQFGITCFCVKQPVJCVEQWNFTGHNGEVGKVJGTGPJCPEGOGPVKPEGNNWNCTHWPEVKQPUKPTGURQPUGVQEQPVKPWGF1 GZRQUWTGQTCNVGTCVKQPKPVJGPWODGTQHEGNNU 

### CUUQEKCVGFYKVJVJGKTRTQFWEVKQP+PQTFGTVQFGOQPUVTCVGVJCVFKGVCT[XKVCOKP'TGFWEGUVJGGHHGEVUQH1 GZRQUWTGQP 

### NWPIDKQEJGOKECNRCTCOGVGTUEQORCTKUQPUDGVYGGPXKVCOKP'FGRNGVGFCPFUWRRNGOGPVGFFKGVUJCXGDGGPWUGF75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[CPFTGXKGYGFD[2T[QT'NUC[GFGVCNHGFTCVUCVGUVFKGVEQPVCKPKPIQT+PVGTPCVKQPCN7PKVU+7QHXKVCOKP'RGTMKNQITCOHQTOQRTKQTVQGZRQUWTGVQRRO1 HQTJFC[HQTFC[U

### 1\QPGGZRQUWTGKPETGCUGFVJGYJQNGNWPICEVKXKVKGUQHOKVQEJQPFTKCNOKETQUQOCNCPFE[VQUQNKEGP\[OGU8KVCOKP'FGHKEKGPE[CNQPGJCFPQUKIPKHKECPVGHHGEVQPVJGUGNWPIGP\[OGOGCUWTGOGPVUYJKEJYGTGVCMGPQPCRGTNWPIDCUKUDWVVJGCFFKVKQPQH+7XKVCOKP'RGTMKNQITCOVQVJGFKGVRTKQTVQ1 GZRQUWTGFKOKPKUJGFVJGQDUGTXGF1 KPFWEGFKPETGCUGUKP  

### OKVQEJQPFTKCNUWEEKPCVGE[VQEJTQOGETGFWEVCUGCPF)5*2ZOKETQUQOCN0#&2*E[VQEJTQOG

E

TGFWEVCUGCPFE[VQUQNKE)5*2ZCPF51&QDUGTXGFKPXKVCOKP'FGHKEKGPVTCVUD[WRVQ#FFKVKQPCNGZRGTKOGPVUWUKPICTGNCVKXGN[NQYTCPIGQHXKVCOKP'UWRRNGOGPVCVKQPHQTUJQTVVKOGRGTKQFUFGOQPUVTCVGFVJCVCNVJQWIJCDUGPEGQHXKVCOKP'KPVJGFKGVGZCEGTDCVGUVJGGHHGEVUQH1 QPNWPIKPLWT[VJGOCIPKVWFGQHCRTQVGEVKXGGHHGEVFQGUPQVKPETGCUG 

### RTQRQTVKQPCVGN[YKVJKPETGCUGFFKGVCT[XKVCOKP'6JGUGFCVCUWRRQTVVJGEQPENWUKQPVJCVCP[UWRRNGOGPVCVKQPDG[QPFVJGPQTOCNTGEQOOGPFGFFCKN[CNNQYCPEGHQTXKVCOKP'OC[PQVPGEGUUCTKN[RTQXKFGJWOCPUYKVJCP[CFFKVKQPCNRTQVGEVKQPCICKPUVVJGGHHGEVUQHCODKGPV1 GZRQUWTG2T[QT*QYGXGTRQUUKDNGHCKNWTGKPVJGUGCPKOCNGZRGTKOGPVUVQTGCEJC



### UVGCF[UVCVGVKUUWGNGXGNQHXKVCOKP'OC[JCXGQDUEWTGFRTQVGEVKXGGHHGEVU 'HHGEVUQH1\QPGQP.WPI2TQVGKP/GVCDQNKUO'ZRQUWTGQHTQFGPVUVQRRO1 JCUDGGPCUUQEKCVGFYKVJKPETGCUGUKPNWPI 

### EQNNCIGPEQNNCIGPU[PVJGUKUCPFRTQN[NJ[FTQZ[NCUGCEVKXKV[CUUQEKCVGFYKVJHKDTQIGPGUKU75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[6JGUGGCTNKGTUVWFKGUUJQYGFCPKPHNWGPEGQHGZRQUWTGRCVVGTPQPVJGTGURQPUGU9JGPTCVUYGTGGZRQUGFVQRRO1 HQTFC[URTQN[N 

### J[FTQZ[NCUGCEVKXKV[EQPVKPWGFVQKPETGCUGDWVJ[FTQZ[RTQNKPGEQPVGPVRNCVGCWGFCDQWV&C[QHGZRQUWTGCPFTGOCKPGFGNGXCVGFFC[UCHVGTGZRQUWTGEGCUGF*WUUCKPGVCNCD.CUVGVCNDGORNQ[GFFC[GZRQUWTGTGIKOGPUQHTCVUVQRRO1 VJCVKPENWFGF 

### CEQPVKPWQWUFC[GZRQUWTGCPFKPVGTOKVVGPVRGTKQFUQHFC[UJFC[QH1 CPF 

### FC[UQHCKTTGRGCVGFUGXGPVKOGUYKVJCVQVCNQH1 GZRQUWTGFC[UQXGTCFC[RGTKQF

### $QVJITQWRUJCFGSWKXCNGPVKPETGCUGUKPNWPIEQNNCIGPEQPVGPV9JGPFWTCVKQPUYGTGFGETGCUGFVQYGGMUVJGEQPVKPWQWUCPFKPVGTOKVVGPVYGGM1 VJGPYGGMUCKTTGIKOGPU 

### TGUWNVGFKPGSWKXCNGPVKPETGCUGUKPNWPIEQNNCIGP+PPQPJWOCPRTKOCVGUTGEGKXKPIRRO1 FCKN[QTUGCUQPCNN[GXGT[QVJGTOQPVJHQTOQQPN[VJGUGCUQPCNITQWRJCFCPKPETGCUG



### KPEQNNCIGP5GEVKQP6[NGTGVCN4GUWNVUHTQOUVWFKGUQHNWPIRTQVGKP

OGVCDQNKUOCTGUWOOCTK\GFKP6CDNG/QTGTGEGPVN[%JQKGVCNGZCOKPGFVJGGCTNKGUVVKOGRQKPVUHTQOVJGQPUGVQHEQPVKPWQWU1 GZRQUWTGQHTCVUVQRROVJCVECWUGFCNVGTCVKQPUKPGZVTCEGNNWNCTOCVTKZ 

### RTQVGKPIGPGGZRTGUUKQP6JGUGCWVJQTUFGOQPUVTCVGFCPGCTN[KPETGCUGKPNWPIHKDTQPGEVKPO40#CVFC[UYJKEJRTGEGFGFCPKPETGCUGKP6[RG+EQNNCIGPO40#QDUGTXGFCVFC[UJQYGXGTKPETGCUGFEQNNCIGPEQPVGPVKPFKECVGFD[NWPIJ[FTQZ[RTQNKPGEQPVGPVYCUPQVUKIPKHKECPVN[GPJCPEGFWPVKNCHVGTFC[UQHGZRQUWTG2KEMTGNNGVCNCFGOQPUVTCVGFEQPEGPVTCVKQPFGRGPFGPVFGETGCUGUKPCPVKRTQVGKPCUGCEVKXKVKGUKPUGTWOCPFNWPIVKUUWGQHTCVUGZRQUGFVQCPFRRO1 HQTJ'ZRQUWTGVQRROYCUCEEQORCPKGFD[C 

### EQPEQOKVCPVKPETGCUGKPKPHNCOOCVQT[EGNNFGTKXGFRTQVGKPCUGU#UGEQPFUVWF[VJCVGZCOKPGFNWPIEQNNCIGPOGVCDQNKUOCPFRTQVGKPQN[UKUKPTCVNWPIUGZRQUGFVQCPFRRO1 HQT 

### JFC[HQTFC[UUWIIGUVGFVJCVEQNNCIGPCEEWOWNCVKQPKPRCTVOC[TGUWNVHTQOFGETGCUGFEQNNCIGPFGITCFCVKQP2KEMTGNNGVCND%JTQPKEGZRQUWTGUQHOQPMG[UVQRROJFC[HQT[GCTFGOQPUVTCVGFKPETGCUGFNWPIEQNNCIGPEQPVGPVGXGPOQRQUVGZRQUWTG.CUVGVCND(WTVJGTCPCN[UKUCNUQJCUFGOQPUVTCVGFVJCVVJGEQNNCIGPKUQNCVGFHTQOVJGUG1 GZRQUGFNWPIUGZJKDKVGF 

### CDPQTOCNKVKGUCUKPFKECVGFD[KPETGCUGFNGXGNUQHVJGFKHWPEVKQPCNETQUUNKPMFGJ[FTQFKJ[FTQZ[N[UKPQPQTNGWEKPG&*.0.CPFQHVJGTCVKQQH&*.0.VQJ[FTQZ[N[UKPQPQTNGWEKPG*.0.4GKUGTGVCN#NVJQWIJEQNNCIGPEQPVGPVTGOCKPGFGNGXCVGFFKHWPEVKQPCN&*.0.CPF*.0.ETQUUNKPMNGXGNUTGVWTPGFVQPQTOCND[OQRQUVGZRQUWTGYJGTGCUVTKHWPEVKQPCNOCVWTGETQUUNKPMUJ[FTQZ[R[TKFKPKWOTGOCKPGFGNGXCVGF6JGUGFCVCUWIIGUVVJCVUVTWEVWTCNN[CDPQTOCNEQNNCIGPKUCEVKXGN[U[PVJGUK\GFFWTKPI1 GZRQUWTGCPFVJCVKVDGEQOGUKTTGXGTUKDN[FGRQUKVGFKPVJGNWPIU 

### $GECWUG1 KPFWEGFNWPIGHHGEVUCTGOWNVKHQECND[PCVWTGKVKUTGCUQPCDNGVJCV 

### EJCPIGUKPEQNNCIGPEQPVGPVYKVJKPVJGNWPIOC[PQVDGGCUKN[FGVGEVCDNGD[OGCUWTKPICNVGTCVKQPUKPYJQNGNWPIJ[FTQZ[RTQNKPGCVGCTNKGTVKOGRQKPVUQTKPVJQUGGZRGTKOGPVUVJCVJCXGWUGFNQYGT1 EQPEGPVTCVKQPU(QTGZCORNG9TKIJVGVCNECNEWNCVGFXCNWGUHQT 

### VJGGZVGPVQHNWPIEQNNCIGPFGRQUKVKQPWUKPIOGCUWTGFU[PVJGUKUTCVGUCPFEQPENWFGFVJCVOQQHGZRQUWTGJFC[QHTCVUVQEQPEGPVTCVKQPUWRVQRRO1 FKFPQVEJCPIGGKVJGT 

### U[PVJGUKUQTCEEWOWNCVKQPQHNWPIEQNNCIGP1PVJGQVJGTJCPF%JCPIGVCNFGOQPUVTCVGFUWUVCKPGFVJKEMGPKPIQHTCVNWPIGZVTCEGNNWNCTOCVTKZQPNQPIVGTOGZRQUWTGVQCUKOWNCVGFWTDCPRCVVGTPQH1 GZRQUWTGDCUGNKPGQHRROFC[UYGGMYKVJCUNQYTKUKPI 

### RGCMHQTJFC[FC[UYGGMVQRROQHWRVQYGGMU/QTGTGEGPVN[.CUVGVCNCQDUGTXGFGZEGUUUVCKPCDNGEQNNCIGPKPVJGNWPI%#4QHTCVUGZRQUGFVQCPFRRO1 HQTJFC[FC[UCYGGMHQTOQ$KQEJGOKECNCPCN[UGUFGOQPUVTCVGFUNKIJV 

### DWVUKIPKHKECPVKPETGCUGUKPEQNNCIGPYKVJTGNCVKXGN[OQTGJ[FTQZ[N[UKPGFGTKXGFETQUUNKPMUKPHGOCNGDWVPQVOCNGTCVUYJGPEQORCTGFYKVJCIGOCVEJGF### 6CDNG'HHGEVUQH1\QPG'ZRQUWTGQP.WPI2TQVGKPUC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO JFC[ HQT OQ4CV /( FC[U QNF#IGTGNCVGF KPETGCUGU KP J[FTQZ[RTQNKPG EQPVGPV CU C OGCUWTG QH EQNNCIGP YGTG WPCHHGEVGFD[ 1 GZRQUWTG9TKIJV GV CN 
 [GCT 4CV( YGGMU QNF0Q EJCPIGU KP EQNNCIGP EQPVGPV KPETGCUGF VWTPQXGT CV RRO CHVGT  QT OQTG OQ QHGZRQUWTG(KNKRQYKE\ CPF/E%CWNG[ 
D JFC[ FC[UYGGM OQ4CV / CPF (( YGGMU QNF'ZEGUU UVCKPCDNG EQNNCIGP KP VJG %#4 CV RRO $KQEJGOKECN CPCN[UKU FGOQPUVTCVGFUNKIJV DWV UKIPKHKECPV KPETGCUGU KP EQNNCIGP KP HGOCNG DWV PQV OCNG TCVU GZRQUGF VQ RROYKVJ KPETGCUGF J[FTQZ[N[UKPGFGTKXGF ETQUUNKPMU.CUV GV CN 
C   JFC[ FC[UYGGMFCKN[ HQT OQ QTUGCUQPCN1 QFF OQPVJU HQTOQ RGTKQF 
OQ QH 1/CECECHCUEKEWNCTKU OQ QNF+PETGCUGF EQNNCIGP EQPVGPV KP UGCUQPCN ITQWR QPN[ 6[NGT GV CN 
   J 4CV /9KUVCT YGGMU QNF5WTHCEVCPV NGUU CDNG VQ UVKOWNCVG #/ UWRGTQZKFG CPKQP IGPGTCVKQP EQPHKTOKPI KP XKVTQTGUWNVU UWIIGUVKPI FCOCIG VQ UWTHCEVCPV RTQVGKP #1QUVKPI GV CN 
   JFC[ HQT FC[UCPF  YGGMU5JGGR ( MI#V  FC[U KPETGCUGF UWNHCVGF IN[EQRTQVGKPU UGETGVKQP CV  YGGMU FKOKPKUJGF VTCEJGCNOWEQUCN INCPF J[RGTRNCUKC UGETGVKQP2JKRRU GV CN 
%QPVKPWQWU HQT J4CV (( YGGMU QNF%QPEGPVTCVKQPFGRGPFGPV FGETGCUG KP CPVKRTQVGKPCUG CEVKXKV[ CV  CPF  RRO +PETGCUGUKP CEKF RTQVGKPCUG CEVKXKV[  CPF  RRO EQTTGNCVGF YKVJ KPETGCUGF KPHNCOOCVQT[ EGNNEQPVGPV2KEMTGNN GV CN 
C JFC[ HQT FC[U4CV (( I#HVGT  FC[U QH  RRO 1  KPHNCOOCVQT[ EGNN KPHKNVTCVG CPF 6[RG  EGNN CPF HKDTQDNCUVRTQNKHGTCVKQP KPETGCUGF ECVJGRUKP & CPF #/ GNCUVCUG CEVKXKV[ FGETGCUGF TCVG QH KPVTCEGNNWNCTEQNNCIGP FGITCFCVKQP CPF KPETGCUGF GZVTCEGNNWNCT OCVTKZ EQNNCIGP VWTPQXGT 
KPFKECVGF D[GPJCPEGF $#. J[FTQZ[RTQNKPG 6JGUG EJCPIGU RTGEGFGF KPETGCUGF EQNNCIGP EQPVGPVQDUGTXGF  FC[U 2'2KEMTGNN GV CN 
D   JFC[HQT  [GCT/QPMG[%[PQOQNIWU OQ QNF+PETGCUGF NWPI EQNNCIGP EQPVGPV CUUQEKCVGF YKVJ GNGXCVGF CDPQTOCN ETQUUNKPMU VJCV YGTGKTTGXGTUKDN[ FGRQUKVGF4GKUGT GV CN 


### 6CDNGEQPV	F'HHGEVUQH1\QPG'ZRQUWTGQP.WPI2TQVGKPUC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO  %QPVKPWQWU HQT FC[U4CV5& FC[U QNF+PETGCUGF NWPI FT[ YGKIJV RTQVGKP CPF EQNNCIGP U[PVJGUKU ITGCVGUV CHVGT  FC[U QH CIG   JPKIJV HQT WR VQ FC[U4CV /5& YGGMU QNF+PETGCUGF NWPI EQPVGPV QH EQNNCIGP 0Q EJCPIG KP J[FTQZ[R[TKFKPKWO QT GNCUVKP .CUV GV CN 
D  %QPVKPWQWU HQT FC[U4CV /9KUVCT I.WPI O40#U HQT EO[E RTQVQQPEQIGPG CPF HKDTQPGEVKP GPJCPEGF QP &C[  CPF 6[RG + EQNNCIGP O40# PQVKPETGCUGF WPVKN &C[  RTGEGFKPI KPETGCUGU KP EQNNCIGP J[FTQZ[RTQNKPG QDUGTXGF QP &C[ %JQK GV CN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC#IG QT DQF[ YGKIJV CV UVCTV QH GZRQUWTGD

### CKTGZRQUGFEQPVTQNCPKOCNU+VUJQWNFDGPQVGFVJCVPQGZEGUUQHO40#HQT6[RG+RTQEQNNCIGPYCUQDUGTXGFD[KPUKVWJ[DTKFK\CVKQPKPNWPIUQHTCVUGZRQUGFVQRROHQTOQCNVJQWIJKPETGCUGUCHVGTCOQGZRQUWTGWPFGTUKOKNCTEQPFKVKQPUFKFKPFKECVGUQOGKPETGCUGGZRTGUUKQPQHVJKUO40#KPCNXGQNCTKPVGTUVKVKCNEGNNU.CUVGVCNC1\QPGGZRQUWTGCNUQCHHGEVUCKTYC[UGETGVKQPQHOWEQWUIN[EQRTQVGKPU#HVGTFC[UQHGZRQUWTGQHUJGGRVQRRO1 YKVJUWDUGSWGPVGXCNWCVKQPQHVTCEJGCNUWNHCVGF 

### IN[EQRTQVGKPCPFKQPHNWZGUKPXKVTQVJGTGYCUCPKPETGCUGKPDCUCNUGETGVKQPVJCVYCUCUUQEKCVGFYKVJCOQFGTCVGJ[RGTVTQRJ[QHNQYGTVTCEJGCNUWDOWEQUCNINCPFU2JKRRUGVCN#NVJQWIJFC[UQHGZRQUWTGTGUWNVGFKPJ[RGTVTQRJ[QHWRRGTCPFNQYGTVTCEJGCNUWDOWEQUCNINCPFUIN[EQRTQVGKPUGETGVKQPYCUTGFWEGFDWVEJNQTKFGUGETGVKQPYCUKPETGCUGFYJKEJECPDGGZRNCKPGFD[CTGNCVKXGFGETGCUGKPINCPFOWEQWUEQPVGPV 'HHGEVUQH1\QPG'ZRQUWTGQP.WPI:GPQDKQVKE/GVCDQNKUO2TGXKQWUUVWFKGUJCXGFGOQPUVTCVGFVJCVGZRQUWTGVQVQRRO1 HQTCHGY 

### JQWTUFKOKPKUJGUOKETQUQOCNE[VQEJTQOG2EQPVGPVCPFFGETGCUGUVJGCEVKXKVKGUQH DGP\Q= C ?R[TGPGJ[FTQZ[NCUGCPFDGP\RJGVCOKPG0FGOGVJ[NCUGQHNWPIUKUQNCVGFHTQOUGXGTCNFKHHGTGPVGZRGTKOGPVCNCPKOCNURGEKGU75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[$GECWUGDTQPEJKQNCT%NCTCEGNNUCPFCNXGQNCT6[RGEGNNUCTGEQPUKFGTGFVQDGTGNCVKXGN[GPTKEJGFYKVJOKETQUQOCNE[VQEJTQOG2GP\[OGU[UVGOUKVKUTGCUQPCDNGVJCVFCOCIGCPFUWDUGSWGPVRTQNKHGTCVKXGTGRCKTQHVJGUGEGNNV[RGUYQWNFDGGZRGEVGFVQEJCPIGVJGNWPI	UECRCEKV[VQEQPFWEVZGPQDKQVKEOGVCDQNKUO+PCUGTKGUQHTCVUVWFKGU6CMCJCUJKGVCNCPF6CMCJCUJKCPF/KWTCJCXGFGOQPUVTCVGFVJCVCNVJQWIJKPVGTOKVVGPVGZRQUWTGQHRRO1 HQTJFC[HQTFC[UFKFPQVCHHGEVOKETQUQOCNOGVCDQNKUO 

### KPETGCUKPIVJGEQPEGPVTCVKQPVQRRO6CMCJCUJKGVCNQTGZRQUKPIVJGTCVUEQPVKPWCNN[VQCPFRROHQTFC[U6CMCJCUJKCPF/KWTCKPETGCUGFE[VQEJTQOG2EQPVGPVCPFVJGCEVKXKVKGUQHE[VQEJTQOG2TGFWEVCUGDGP\Q= C ?R[TGPGJ[FTQZ[NCUGCPFGVJQZ[EQWOCTKP1 FGGVJ[NCUGUGG6CDNG6JGUGKPETGCUGFOKETQUQOCNCEVKXKVKGUYGTGUWUVCKPGFKPTCVUGZRQUGFEQPVKPWQWUN[HQTWRVQYGGMUVQVQRRO1 YKVJC 

### ITGCVGTTGURQPUGDGKPIQDUGTXGFKPVJGCEVKXKV[QHDGP\RJGVCOKPG0FGOGVJ[NCUGUWIIGUVKPIRTGHGTGPVKCNKPETGCUGKPVJGCUUQEKCVGF2E[VQEJTQOGKUQ\[OG6CMCJCUJKCPF/KWTC1\QPGKPFWEGFKPETGCUGUKPE[VQEJTQOG2CNUQJCXGDGGPUJQYPPQVVQTGUWNVKPEQPEQOKVCPVKPETGCUGUKPOKETQUQOCNZGPQDKQVKEOGVCDQNKUO4KGVLGPUGVCN4CVNWPIOKETQUQOCNDGP\Q= C ?R[TGPGQZKFCVKQPCPFDGP\RJGVCOKPGFGOGVJ[NCVKQPYGTGHQWPFVQDGGPJCPEGFCHVGTCOQEQPVKPWQWUGZRQUWTGVQRRO1 (KNKRQYKE\CPF/E%CWNG[C

### /QTGTGEGPVUVWFKGUJCXGGZRNQTGF1 KPFWEGFEJCPIGUKPE[VQEJTQOG2KUQ\[OGRCVVGTPU 

### CPFEQTTGNCVGFEJCPIGUKPNWPIZGPQDKQVKEOGVCDQNKUOYKVJ%NCTCEGNNGPNCTIGOGPVCPFKPETGCUGFPWODGTUFWTKPICFC[GZRQUWTGQHTCVUVQRRO1 6CMCJCUJKCPF/KWTC 

### 5W\WMKGVCN6JGUGCWVJQTUCNUQFGOQPUVTCVGFD[KOOWPQGNGEVTQPOKETQUEQR[VJGRTGUGPEGQHE[VQEJTQOG2D++$KPVJG%NCTCEGNNGPFQRNCUOKETGVKEWNWO%JCPIGUKPVJGGZVGPVCPFRCVVGTPQHHQTOCVKQPQHDGP\Q= C ?R[TGPGRTQFWEVUYGTGKPXGUVKICVGFD[$CUUGVVGVCNEKPNWPIUHTQOTCVUWPFGTIQKPIGRKVJGNKCNRTQNKHGTCVKXGTGRCKTTGUWNVKPIHTQOFC[UQHEQPVKPWQWUGZRQUWTGVQRRO1 #NVJQWIJOGVCDQNKUOVQ 

### CNNDGP\Q= C ?R[TGPGOGVCDQNKVGUYCUGPJCPEGFHQNFVJGTGNCVKXGRTQRQTVKQPQHOGVCDQNKUOKPXQNXKPISWKPQPGHQTOCVKQPYCUGPJCPEGFHTQOVQ6JGVQZKEKV[QHQVJGTKPJCNGFRQNNWVCPVUVJCVWPFGTIQNWPIZGPQDKQVKEOGVCDQNKUOOC[VJGTGHQTGDGFGRGPFGPVPQVQPN[QP### 6CDNG'HHGEVUQH1\QPG'ZRQUWTGQP.WPI:GPQDKQVKE/GVCDQNKUOC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
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
  %QPVKPWQWU HQT YGGMU4CV /9KUVCT YGGMU QNF+PETGCUGU KP E[VQEJTQOG 2 KUQ\[OGU CUETKDGF VQ EQPUVKVWVKXG V[RGU TCVJGT VJCP KPFWEVKQP QHQVJGT V[RGU6CMCJCUJK CPF /KWTC 
%QPVKPWQWU HQT CPF  FC[U4CV /9KUVCT YGGMU QNF$[  FC[U 0#&2*E[VQEJTQOG 2 TGFWEVCUG CEVKXKV[ CPF E[VQEJTQOG 2 EQPVGPVGPJCPEGF YKVJ EQPEQOKVCPV KPETGCUGU KP DGP\Q=C?R[TGPG J[FTQZ[NCUG CPF GVJQZ[EQWOCTKP1FGGVJ[NCUG CEVKXKVKGU D[ &C[  PQ EJCPIG KP 0#&*E[VQEJTQOG D 6CMCJCUJK CPF /KWTC 
 JFC[ HQT FC[U4CV /9KUVCT0Q GHHGEV CV  RRO  RRO KPETGCUGF 0#&2*E[VQEJTQOG 2 TGFWEVCUG CEVKXKV[ CPFE[VQEJTQOG 2 EQPVGPV YKVJ EQPEQOKVCPV KPETGCUGU QP &C[  KP DGP\Q=C?R[TGPGJ[FTQZ[NCUG CPF GVJQZ[EQWOCTKP1FGGVJ[NCUG CEVKXKVKGU VJCV HWTVJGT KPETGCUGF D[ &C[ 6CMCJCUJK GV CN 
  %QPVKPWQWU HQT J  FC[U4CV /9KUVCT YGGMU QNF$[  J %NCTC EGNN PWODGT FGETGCUGF DWV D[  FC[U JCF KPETGCUGF +PETGCUG KP E[VQEJTQOG2D 
++$ QP &C[U  CPF 5W\WMK GV CN 
  %QPVKPWQWU HQT [GCT4CV /(/KETQUQOCN DGP\Q=C?R[TGPG QZKFCVKQP CPF DGP\RJGVCOKPG FGOGVJ[NCUG CEVKXKVKGU GPJCPEGF CHVGT OQ CPF  [GCT QH GZRQUWTG(KNKRQYKE\ CPF /E%CWNG[ 
C  %QPVKPWQWU HQT FC[U4CV /9KUVCT I+P KUQNCVGF RGTHWUGF NWPI KPETGCUG KP QXGTCNN DGP\Q=C?R[TGPG OGVCDQNKUO DWV YKVJ C ITGCVGTRTQRQTVKQP DGKPI OGVCDQNK\GF VQ SWKPQPGU$CUUGVV GV CN 
E  %QPVKPWQWU HQT FC[U4CV /9KUVCT YGGMU QNF%[VQEJTQOG 2 E[VQEJTQOG D  CPF 0#&2*E[VQEJTQOG 2 TGFWEVCUG GPJCPEGF RGTNWPI CPF RGT ITCO NWPI DWV PQV RGT OKNNKITCO OKETQUQOCN RTQVGKP 0Q EQPEQOKVCPV KPETGCUGUKP CNN E[VQEJTQOG 2FGRGPFGPV TGCEVKQPU UWIIGUVKPI CNVGTCVKQPU KP KUQ\[OG RCVVGTPU4KGVLGPU GV CN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC#IG QT DQF[ YGKIJV CV UVCTV QH GZRQUWTGD

### 1 KPFWEGFEJCPIGUKPCKTYC[RTQVGEVKXGDCTTKGTHWPEVKQPCPFENGCTCPEGOGEJCPKUOUDWVCNUQ



### QP1 KPFWEGFEJCPIGUKPGRKVJGNKCNEGNNCEVKXCVKQPCPFFGVQZKHKECVKQPTGCEVKQPU



###  5WOOCT[+PXKVTQUVWFKGUJCXGRTQXKFGFCPKPFKECVKQPQHCYKFGTCPIGQHKPKVKCNDKQEJGOKECNVCTIGVUQHQ\QPGKPVGTCEVKQPVJCVKPENWFGNKRKF27(#U5*EQPVCKPKPIRTQVGKPUCPFUOCNNOQNGEWNCTYGKIJVGNGEVTQPFQPQTUUWEJCU)5*CPFXKVCOKPU'CPF%&GOQPUVTCVKQPVJCVVJGUGKPVGTCEVKQPUQEEWTKPXKXQCPFCTGTGURQPUKDNGHQTUWDUGSWGPVE[VQVQZKEKV[JCUDGGPOQTGFKHHKEWNVVQEJCTCEVGTK\GCPFOCKPN[JCUTGSWKTGFVJGWUGQHTGNCVKXGN[JKIJ RROEQPEGPVTCVKQPUQH1 *QYGXGTDGECWUGQHVJGJKIJTGCEVKXKV[QHQ\QPGCPFVJGTGNCVKXGN[JKIJ 

### CDWPFCPEGQH27(#UKPDQVJEGNNOGODTCPGUCPFGRKVJGNKCNNKPKPIHNWKFU27(#UCTGEQPUKFGTGFVQDGVJGOQUVNKMGN[KPKVKCNVCTIGVQHKPVGTCEVKQPQH1 YKVJVJGNWPI%WTTGPV 

### WPFGTUVCPFKPIQHVJKUKPVGTCEVKQPKUVJCVKPVJGTGNCVKXGN[CSWGQWUGPXKTQPOGPVQHVJGNWPICKTYC[UJ[FTQZ[J[FTQRGTQZ[KPVGTOGFKCVGUCTGHQTOGFVJCVDTGCMFQYPVQHQTOCNFGJ[FGUCPFJ[FTQIGPRGTQZKFG#NVGTPCVKXGN[KVJCUDGGPRTQRQUGFVJCVKPOQTGJ[FTQRJQDKEGPXKTQPOGPVUGIYKVJKPCEGNNOGODTCPG1 KPVGTCEVKQPYKVJ27(#U[KGNFUQ\QPKFGUCPF 

### VJGKTHTGGTCFKECNRTQFWEVU1\QPKFGUCNFGJ[FGUJ[FTQIGPRGTQZKFGCPFQVJGTNKRKFDTGCMFQYPRTQFWEVUCPFQZ[IGPKPVGTOGFKCVGUCTGVJGTGHQTGEQPUKFGTGFVQDGUGEQPFCT[RTQFWEVUQH

VJGKPKVKCN1 KPVGTCEVKQPYKVJ27(#UVJCVYQWNFCEEQWPVHQTVJGQDUGTXGFCNVGTCVKQPUQHEGNN 

### NKRKFU5*EQPVCKPKPIGP\[OGRTQVGKPUCPFCPVKQZKFCPVUCUUQEKCVGFYKVJ1 KPFWEGFEGNN 

### FCOCIG#UCTGUWNVQHVJGUGQDUGTXCVKQPUKVJCUDGGPJ[RQVJGUK\GFVJCV1 OQUVNKMGN[FQGU 

### PQVTGCEJHCTDG[QPFVJGUWTHCEGNKPKPIHNWKFUQHVJGWRRGTCPFNQYGTCKTYC[UYJKEJCTGTKEJKPOWEQRQN[UCEEJCTKFGUCPFUWTHCEVCPVNKRKFUTGURGEVKXGN[*QYGXGTCVRQKPVUYJGTGEQXGTCIGKUGKVJGTFKUEQPVKPWQWUQTVJKPGRKVJGNKCNEGNNEQORQPGPVUOKIJVDGGZRGEVGFVQFKTGEVN[KPVGTCEV

YKVJKPJCNGF1 

### #YKFGCTTC[QHNWPIDKQEJGOKECNOGCUWTGOGPVUJCXGDGGPOCFGCVFKHHGTGPVVKOGUHTQOVJGQPUGVQH1 GZRQUWTG6JGUGOGCUWTGOGPVUJCXGKPENWFGFNWPINKRKFUCPVKQZKFCPVU 

### CPFGP\[OGCPFUVTWEVWTCNRTQVGKPUVJCVKPUQOGECUGUECPDGCVVTKDWVGFVQRCTVKEWNCTEGNNRQRWNCVKQPU*QYGXGTOCP[QHVJGUGDKQEJGOKECNFGVGTOKPCVKQPUECPPQVDGKPVGTRTGVGFHWNN[YKVJQWVEQPUKFGTCVKQPQHVJGEJCPIGUKPEGNNRQRWNCVKQPVJCVQEEWTCUCTGUWNVQH1 GZRQUWTG

### +PCFFKVKQPVJGUGPUKVKXKV[QHUQOGQHVJGUGOGCUWTGOGPVUJCUDGGPNKOKVGFD[VJGTGNCVKXGN[UOCNNRGTEGPVCIGQHVJGYJQNGNWPICHHGEVGFD[1 GZRQUWTG6JGOQTGTGEGPVDKQEJGOKECN 

### FGVGTOKPCVKQPUDGKPIOCFGQPCKTYC[UCORNGUKUQNCVGFD[TGIKQPCNOKETQFKUUGEVKQPUJQWNFJGNR

QXGTEQOGUQOGQHVJGUGNKOKVCVKQPU+PXKXQGZRGTKOGPVUJCXGFGOQPUVTCVGFENGCXCIGQHVQVCNNWPINKRKF27(#FQWDNGDQPFUYKVJCTCEJKFQPCVGDGKPICOCLQTVCTIGVQH1 KPVGTCEVKQPVJGDTGCMFQYPQHEJQNGUVGTQN 

### CPFVJGRTQFWEVKQPQHCNFGJ[FGUCPFJ[FTQIGPRGTQZKFGTGUWNVUVJCVCTGEQPUKUVGPVYKVJQ\QPCVKQPQHEGNNOGODTCPGCPFGRKVJGNKCNNKPKPINKRKFU6JGRTQVGKP#EQORQPGPVQHVJGCNXGQNCTUWTHCEVCPVU[UVGOCNUQJCUDGGPKFGPVKHKGFCUCRQUUKDNGRTKOCT[VCTIGVQH1 

### KPVGTCEVKQP%JCPIGUQDUGTXGFKPNWPINKRKFDKQU[PVJGUKUFWTKPIVJGHKTUVHGYFC[UHTQOVJGQPUGVQH1 GZRQUWTGECPDGCEEQWPVGFHQTD[EQPEQOKVCPVCNXGQNCTGRKVJGNKCNRTQNKHGTCVKXG 

### TGRCKT*QYGXGTNCXCIGTGEQXGTGFNKRKFUHTQOOQPMG[UHQNNQYKPI1 GZRQUWTGUQHRRO 

### HQTFC[UJCXGFGOQPUVTCVGFCTGNCVKXGKPETGCUGKP27(#UCPFFGETGCUGKPEJQNGUVGTQNGUVGTUUWIIGUVKPIUQOGNQPIVGTOCNVGTCVKQPKPUWTHCEVCPVNKRKFEQORQUKVKQP*QYGXGTCIGTGNCVGFEJCPIGUKPNCXCIGTGEQXGTGFNKRKFUCPFVQVCNNWPINKRKFDKQU[PVJGUKUJCXGDGGPUJQYPVQDGTGNCVKXGN[WPCHHGEVGFKPTCVUGZRQUGFVQRRO1 HQTRGTKQFUQHWRVQOQ 

### /CP[UVWFKGUJCXGWVKNK\GFYJQNGNWPIOGCUWTGOGPVUQHCPVKQZKFCPVGP\[OGEJCPIGUCUKPFKECVQTUQHDKQEJGOKECNTGURQPUGUVQ1 GZRQUWTG6JGKPETGCUGFNGXGNUQHVJG 

### E[VQUQNKEGP\[OGU)2&2)&)4CPF)5*2ZCPFOKVQEJQPFTKCNUWEEKPCVGFGJ[FTQIGPCUGQDUGTXGFFWTKPIVJGHKTUVYGGMHTQOVJGQPUGVQHGZRQUWTGVQ1 NGXGNUQHVQRROCTG 

### OQUVNKMGN[CTGUWNVQHVJGGRKVJGNKCNRTQNKHGTCVKQPCPFKPHKNVTCVKQPQHKPHNCOOCVQT[EGNNUVCMKPIRNCEGFWTKPIVJKURGTKQF(CKNWTGVQQDUGTXGUKOKNCTDKQEJGOKECNEJCPIGUCVNQYGT1 EQPEGPVTCVKQPUOQUVNKMGN[TGHNGEVUCPKPCDKNKV[VQFGVGEVHQECNEJCPIGUQHCNVGTGFRCVJQNQI[



### YJGPWUKPIYJQNGNWPIVKUUWGUCORNGU.QPIGTVGTOGZRQUWTGQHTCVUVQCPWTDCPRCVVGTPQH1 

### YKVJFCKN[RGCMUQHRROJCUFGOQPUVTCVGFKPETGCUGUKPVKUUWG)5*2ZCPF)4DWVPQV51&6JGUGGP\[OGEJCPIGUEQWNFTGHNGEVEJCPIGUKPGKVJGTEGNNWNCTCPVKQZKFCPVECRCEKV[KPTGURQPUGVQEJTQPKE1 GZRQUWTGQTVJGUVGCF[UVCVGEGNNRQRWNCVKQP

### #NVJQWIJPQNQPIVGTOEJCPIGUKPEQNNCIGPEQPVGPVJCXGDGGPQDUGTXGFKPTCVUGZRQUGFVQRRO1 HQTOQGZVTCEGNNWNCTOCVTKZVJKEMGPKPIJCUDGGPQDUGTXGFKPTCVU 

### GZRQUGFVQCPWTDCPRCVVGTPQH1 YKVJFCKN[RGCMUQHRROHQTYGGMU'ZRQUWTGQH 

### HGOCNGDWVPQVOCNGTCVUHQTOQVQEQPEGPVTCVKQPUQHCPFRRO1 HQTJFC[JCU 

### FGOQPUVTCVGFKPETGCUGFEGPVTKCEKPCTUVCKPCDNGEQNNCIGPCPFEQNNCIGPCPFFKHWPEVKQPCNETQUUNKPMU5KOKNCTTGUWNVUYGTGQDVCKPGFKPNWPIUHTQOOQPMG[UGZRQUGFVQRRO1 HQT 

### [GCTRTQXKFKPICUGPUKVKXGKPFKECVQTVJCVNQPIVGTO1 GZRQUWTGFQGUECWUGUQOGHKDTQIGPKE 

### CNVGTCVKQPUVQVJGNWPIGZVTCEGNNWNCTOCVTKZ1\QPGKPFWEGFEJCPIGUKPVJGGZVGPVCPFRCVVGTPQHNWPIOKETQUQOCNOGVCDQNKUOQHZGPQDKQVKEUJCXGRTQXKFGFEQPUKUVGPVTGUWNVUYJKEJOC[KPRCTVTGHNGEVEJCPIGUKPVJGPWODGTUCPFHWPEVKQPQHDTQPEJKQNCTGRKVJGNKCN%NCTCEGNNCPFCNXGQNCTGRKVJGNKCN6[RGEGNNUCVFKHHGTGPVFWTCVKQPUQH1 GZRQUWTG6JGUGEGNNV[RGUCTGTGNCVKXGN[GPTKEJGFYKVJE[VQEJTQOG 

### 2FGRGPFGPVGP\[OGU[UVGOU%JCPIGUKPDQVJNWPICEVKXCVKQPCPFFGVQZKHKECVKQPTGCEVKQPUTGRTGUGPVKORQTVCPVGHHGEVUYJGPEQPUKFGTKPIYJGVJGTQTPQVNQYNGXGN1 GZRQUWTGUCNVGTVJG 

### CDKNKV[QHVJGNWPIVQFGCNCFGSWCVGN[YKVJVJGEQGZRQUWTGVQKPJCNGFZGPQDKQVKEUHQWPFKP

WTDCPCKT

##  .WPI+PHNCOOCVKQPCPF2GTOGCDKNKV[%JCPIGU

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

### J[FTQZ[NTCFKECN6JGUGQZKFCPVUECPECWUGUWDUVCPVKCNKPLWT[VQEGNNOGODTCPGUCPFKPVTCEGNNWNCTEQORQPGPVUD[VJGKTGHHGEVUQPOGODTCPGNKRKFUCPFRTQVGKPUDKQEJGOKECNGHHGEVUQH1 YGTGFGUETKDGFKP5GEVKQP1\QPGGZRQUWTGCNUQECPECWUGVJGGRKVJGNKCNQTCEVKXCVGF 

### KPHNCOOCVQT[EGNNUVQNKDGTCVGCTCEJKFQPKECEKFYJKEJKUHTGGVQGPVGTGP\[OCVKENKRQZ[IGPCUGQTE[ENQQZ[IGPCUGRCVJYC[UVJCVNGCFVQVJGRTQFWEVKQPQHNGWMQVTKGPGU.6UCPFRTQUVCINCPFKPU2)UTGURGEVKXGN[#NVJQWIJUQOGQHVJGUVWFKGUKPFKECVGCNCEMQHEJCPIGKPVJGRTQFWEVKQPCPFTGNGCUGQHEGNNWNCTOGFKCVQTUHQNNQYKPI1 GZRQUWTGQVJGTUVWFKGU 

### FGOQPUVTCVGCPGNGXCVKQPKPVJGNGXGNUQHCTCEJKFQPKECEKFCPFKVUOGVCDQNKVGUKPVJGDTQPEJKCNYCUJKPIUQHTCVUCUYGNNCUJWOCPUUGG%JCRVGTGZRQUGFVQ1 WPFGTEQPVTQNNGFEQPFKVKQPU

### 6JGEJCPIGUKPVJGNWPINGXGNUQHCTCEJKFQPKECEKFOGVCDQNKVGUIGPGTCNN[YGTGQDUGTXGFKPCPKOCNUGZRQUGFVQ1 EQPEGPVTCVKQPUJKIJGTVJCPRRO6JGUGEGNNWNCTOGFKCVQTUECPECWUG 

### CYKFGTCPIGQHRCVJQRJ[UKQNQIKECNEJCPIGU(QTGZCORNG.6$ ECPECWUG2/0CIITGICVKQP 

### CPFFGITCPWNCVKQPKPXKVTQCPFOCTIKPCVKQPQHEKTEWNCVKPI2/0UVQECRKNNCT[GPFQVJGNKWOKPXKXQYJGTGCU.6% CPF.6& ECPECWUGEQPVTCEVKQPQHXCUEWNCTUOQQVJOWUENG2)' JCU   

### DTQPEJQFKNCVQTCEVKXKV[CPF.6& CPF2)( CTGTGICTFGFCUDTQPEJQEQPUVTKEVQTU$GECWUGQH  

### VJGVQZKERQVGPVKCNQHVJGRTQFWEVUTGNGCUGFD[2/0U#/UOCUVEGNNUCPFQVJGTKPHNCOOCVQT[EGNNUKVJCUDGGPUWIIGUVGFVJCVVJGTGETWKVOGPVQHVJGUGEGNNUKPVQVJGRWNOQPCT[KPVGTUVKVKWOKUCUUQEKCVGFYKVJNWPIKPLWT[CPFCUUQEKCVGFGFGOC#PKPHNCOOCVQT[TGURQPUGKPVJGNWPICPFCPGNGXCVKQPQHVTCPUOWEQUCNRGTOGCDKNKV[CTGQDUGTXGFCHVGT1 GZRQUWTGDWVVJG 

### KPVGTFGRGPFGPEGQHVJGUGVYQGXGPVUKUCVQRKEQHFGDCVG#NVJQWIJ#/UCTGKPXQNXGFKPEGNNWNCTEJCPIGUFWTKPIVJGEQWTUGQHKPHNCOOCVKQP#/UCTGFKUEWUUGFQPN[KPVGTOUQHVJGKTRTKOCT[HWPEVKQPKPVJGUGEVKQPQPJQUVFGHGPUG5GEVKQP6JGRTGXKQWU1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[ 

### FKUEWUUGFUVWFKGUCXCKNCDNGCVVJCVVKOGQPVJGKPHNCOOCVQT[CPFRGTOGCDKNKV[GHHGEVUQH1 

### 6JGUGUVWFKGUTGEQIPK\GFVJGKPETGCUGFVJKEMPGUUQHVJGCNXGQNCTUGRVCRTGUWOCDN[FWGVQKPETGCUGFEGNNWNCTKV[CHVGTCEWVGGZRQUWTGVQ1 CPFGZEGUUEQNNCIGPCHVGTEJTQPKEGZRQUWTGVQ 

### 1 6JGKPHNCOOCVQT[EGNNTGURQPUGYCUTGRQTVGFKPTCVUCPFOQPMG[UTGEGKXKPIUKPINGQT



### TGRGCVGFGZRQUWTGUVQ1 EQPEGPVTCVKQPUTCPIKPIHTQOVQRRO%CUVNGOCPGVCN 

### $TWOOGTGVCN/QQTGCPF5EJYCTV\%TCRQGVCN'ZRQUWTGUVQ1 CNUQ 

### TGUWNVGFKPKPETGCUGFOWEQUCNRGTOGCDKNKV[CUFGVGEVGFD[VJGPQPURGEKHKEFKHHWUKQPQHRJGPQNTGFHTQOVJGNWPIKPVQEKTEWNCVKQP9KNNKCOUGVCNQTVJGCRRGCTCPEGQHUGTWORTQVGKPUKPVJGCKTURCEGU+PETGCUGF$#.NGXGNUQHVQVCNRTQVGKPCNDWOKPCPFKOOWPQINQDWNKP+I)YGTGFGVGEVGFKPTCVUFQIUCPFIWKPGCRKIUGZRQUGFCEWVGN[VQ1 EQPEGPVTCVKQPUTCPIKPIHTQO 

### VQRRO#NRGTVGVCN4GCUQTGVCN*WGVCN(QTGZCORNG*WGVCNHQWPFVJCVCJGZRQUWTGQHIWKPGCRKIUVQRRO1 KPETGCUGF$#.RTQVGKP 

### KOOGFKCVGN[CHVGTGZRQUWTGCPFVJCVYJGPVJGGZRQUWTGFWTCVKQPYCUFGETGCUGFVQJRTQVGKPKPETGCUGFVQJRQUVGZRQUWTGPQVKOOGFKCVGN[CHVGTGZRQUWTGEGCUGF

 2GTOGCDKNKV[%JCPIGU#PWODGTQHUVWFKGUJCXGFGOQPUVTCVGFCPKPETGCUGKPCKTYC[OWEQUCNRGTOGCDKNKV[HQNNQYKPIKPJCNCVKQPGZRQUWTGVQ1 EQPEGPVTCVKQPUQHRRO6CDNG

### 6CDNG.WPI+PHNCOOCVKQPCPF2GTOGCDKNKV[%JCPIGU#UUQEKCVGFYKVJ1\QPG'ZRQUWTGC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO JFC[ HQT   CPF  FC[U4CDDKV /0<9 OQ QNF+PETGCUG KP #/ PWODGT CV  FC[U HQNNQYKPI UKPING GZRQUWTG VQ  RRO CPF KPETGCUG KPPWODGT QH #/U CPF 2/0U QP FC[ CHVGT EGUUCVKQP QH  QT  FC[U QH GZRQUWTG +PETGCUGKP PWODGT QH 2/0U CV  J CHVGT UKPING GZRQUWTG VQ  RRO&TKUEQNN GV CN 
 J 4CDDKV /0<9 YGGMU QNF+PETGCUG KP NGXGNU QH 2)' CPF 2)( KP $#. KOOGFKCVGN[ CHVGT GZRQUWTG VQ  RRO 1 QPN[ 0Q UKIPKHKECPV GHHGEVU YGTG QDUGTXGF QP VJG NGXGNU QH MGVQ2)(  6:$ QT .6$ 5EJNGUKPIGT GV CN 
 J+P XKVTQ CPF KP XKXQ4CDDKV /0<9 OQ QNF+P XKVTQ +PETGCUG KP 2)' CHVGT  RRO CPF KPETGCUG KP 2)( CHVGT  RRO D[ #/U +P XKXQ +PETGCUG KP VJG TGNGCUG QH 2)' CPF 2)( D[ #/U CHVGT  RRO DWV PQ GHHGEV QH  RRO&TKUEQNN GV CN 
 J+P XKVTQ4CV 
5& YGGMU QNF+PETGCUGF RTQFWEVKQP QH CTCEJKFQPKE CEKF OGVCDQNKVGU D[ #/U CV  RRO QPN[ /CFFGP GV CN 
VQ VQ J+P XKVTQ%QY +PETGCUGF RTQFWEVKQP QH 2)' CPF 2)( D[ VTCEJGCN GRKVJGNKCN EGNNU CHVGT GZRQUWTG VQ  CPF  RRO +PETGCUGF RTQFWEVKQP QH QVJGT CTCEJKFQPKE CEKF OGVCDQNKVGU CV  RRO.GKMCWH GV CN 
  CPF  J 4CV 
( FC[U QNF)WKPGC RKI*CTVNG[ FC[U QNF% ¥ 6 GZRQUWTG FGUKIP $#.  J CHVGT GZRQUWTG UVCTVGF 2/0U OGCUWTGF KP TCVU QPN[ PQ% CPF 6 KPVGTCEVKQP GHHGEV FGRGPFGPV QP % 'ZRQPGPVKCN CPF RQN[PQOKCN TGURQPUG UWTHCEGOQFGN WUGF 5KOKNCT RTQVGKP TGURQPUGU CV NQY%¥6RTQFWEVU IGPGTCNN[ VJG KPHNWGPEG QH 6KPETGCUGF CU % KPETGCUGF 'ZRQPGPVKCN OQFGN GZRNCKPGF  QH VJG FCVC*KIJHKNN GV CN 
 J+P XKVTQ4CDDKV /0<9 OQ QNF'ZRQUWTG QH #/U VQ RRO 1 TGUWNVGF KP KPETGCUGF UGETGVKQP QH HCEVQTU ECRCDNG QHUVKOWNCVKPI OKITCVKQP QH KPHNCOOCVQT[ EGNNU&TKUEQNN CPF 5EJNGUKPIGT 
%QPVKPWQWU HQT VQ  YGGMU4CV /9KUVCT YGGMU QNF HQT YGGM GZRQUWTG YGGMU QNF HQTNQPIGT GZRQUWTGU0WODGT QH #/U KP $#. KPETGCUGF CHVGT GZRQUWTG HQT  YGGMU VQ  RRO +PHKNVTCVKQP QH2/0U FKF PQV QEEWT/QEJKVCVG GV CN 
 J J CPF  J/KEG /%$.,=$?%**G,=%? YGGMU QNF$#. KOOGFKCVGN[ 2' %QORCTCDNG KPETGCUGU KP $#. RTQVGKP #/U 2/0U CPFN[ORJQE[VGU KP VJG VYQ UVTCKPU CHVGT GZRQUWTG VQ  RRO DWV ITGCVGT PWODGT QHKPHNCOOCVQT[ EGNNU CPF RTQVGKP EQPEGPVTCVKQP KP $ VJCP KP % OKEG CHVGT GZRQUWTG VQ RRO-NGGDGTIGT GV CN 
C

### 6CDNGEQPV	F.WPI+PHNCOOCVKQPCPF2GTOGCDKNKV[%JCPIGU#UUQEKCVGFYKVJ1\QPG'ZRQUWTGC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO J 4CV ((0 YGGMU QNF+PETGCUGF PWODGT QH 2/0U KP PCUCN NCXCIG DWV PQV KP $#. CV  J CHVGT  RRO KPETGCUGFPWODGT QH 2/0U KP $#. DWV PQV KP PQUG CHVGT  RRO PWODGT QH 2/0U FGETGCUGF YKVJ VKOG KPPQUG YKVJ C EQPEQOKVCPV KPETGCUG KP $#. 2/0U CHVGT  RRO*QVEJMKUU GV CN 
C J 4CV /(0 YGGMU QNF#/U CPF 2/0U KPETGCUGF KP PWODGT KP $#. CV XCTKQWU VKOGU 2' CV RRO *QVEJMKUU GV CN 
D VQVQ J  JQT  FC[U4CV /5& I6QVCN RTQVGKP KP $#. KPETGCUGF CHVGT GZRQUWTG VQ RRO HQT  J CPF RRO HQT  QT  FC[U6TCPURQTV QH TCFKQNCDGNGF CNDWOKP HTQO DNQQF VQ VJG CKTYC[U KPETGCUGF CHVGT  QT J GZRQUWTG VQ RRO CPF CHVGT  FC[U GZRQUWTG VQ  RRO)WVJ GV CN 
 J /QWUG 
5YKUU #NDKPQ I)WKPGC RKI 
*CTVNG[ I4CV 
5& I4CDDKV 
0<9 MI*COUVGT)QNFGP 5[TKCP I5RGEKGU FKHHGTGPEGU KP TGURQPUKXGPGUU #V  J 2' VQVCN RTQVGKP KP $#. KPETGCUGF KP IWKPGC RKIUGZRQUGF VQ  RRO YJGTGCU OKEG JCOUVGTU CPF TCVU TGURQPFGF VQ RRO CPF TCDDKVUTGURQPFGF QPN[ VQ  RRO*CVEJ GV CN 
   CPF JFC[ HQT  FC[U4CV5& YGGMU QNF% CPF 6 OCVEJGF UWEJ VJCV CNN%¥6 RROJ $#. KOOGFKCVGN[ CHVGT GZRQUWTG EGCUGF+PETGCUG KP 2/0U GSWKXCNGPV KP CNN 1 ITQWRU +PETGCUG KP RTQVGKP GSWKXCNGPV HQT   CPF JGZRQUWTG ITQWRU CNN QH YJKEJ CTG ITGCVGT VJCP RTQVGKP KP J ITQWRU 'SWKXCNGPV TGUWNVU HQT $#.2/0U)GN\NGKEJVGT GV CN 
D JFC[ HQT  QT  FC[U4CV /28) YGGMU QNF$#. CRRTQZKOCVGN[  J 2' 6JG RTQRQTVKQP QH #/U KP VJG $#. FGETGCUGF YKVJ C EQPEQOKVCPVKPETGCUG KP VJG RTQRQTVKQP QH 2/0U CHVGT  QT  FC[U GZRQUWTG VQ RRO 1  0Q UKIPKHKECPVGHHGEV QP VQVCN PWODGT QH NCXCIGCDNG EGNNU QT QP VJG CDKNKV[ QH PGWVTQRJKNU VQ KPLWTG GRKVJGNKCN EGNNU&QPCNFUQP GV CN 
 RGCMQXGT CDMI QH J DMI TQUG VQRGCM CPF TGVWTPGF VQDMI QXGT  J4CV /( FC[U QNF+PVGTUVKVKCN #/U KPETGCUGF KP PWODGT KP RTQZKOCN CNXGQNCT TGIKQP CPF 6$U CV QPG YGGM QH GZRQUWTGDWV VJG GHHGEVU JCF UWDUKFGF D[  YGGMU QH GZRQUWTG%JCPI GV CN 


### 6CDNGEQPV	F.WPI+PHNCOOCVKQPCPF2GTOGCDKNKV[%JCPIGU#UUQEKCVGFYKVJ1\QPG'ZRQUWTGC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO  QT  J HQT RRO CPF  J HQT RRO/KEG%$.,=$?%**G,=%?&$#, 
& J[DTKFU CPFTGEQODKPCPV KPDTGF UVTCKPU4 $:& CPF $:* YGGMU QNF+PHNCOOCVQT[ TGURQPUG YCU ITGCVGT KP $ VJCP KP % QT & OKEG ( RTQIGP[ YCU ECVGIQTK\GF CUTGUKUVCPV ( IGPGTCVKQP UGITGICVGF KPVQ  HQT TGUKUVCPV XU UWUEGRVKDNG RJGPQV[RGU #OQPI$:& 4 UVTCKPU  QH  TGURQPFGF FKUEQTFCPVN[ VQ VJG VYQ GZRQUWTGU 
 CPF  RRO#OQPI $:& 4  QH  YGTG FKUEQTFCPV-NGGDGTIGT GV CN 
D JFC[ HQT  FC[U 4CV /( OQ QNF2GTUKUVGPV KPETGCUG KP $#. RTQVGKP CPF RTQITGUUKXG KPHNCOOCVKQP CV RRO 6GRRGT GV CN 
  CPF  J 4CV /( YGGMU QNF% ¥ 6 GZRQUWTG FGUKIP #NN GZRQUWTGU KPENWFGF  OKP QH %1 HQT  J VQKPETGCUG XGPVKNCVKQP$#. CHVGT RWNOQPCT[ HWPEVKQP VGUVU EQORNGVGF 6JG SWCFTCVKE OQFGN GZRNCKPGF  QH VJGXCTKCPEG 6JG OQFGNU UWIIGUV VJCV % OC[ JCXG C OQTG FQOKPCPV KPHNWGPEG VJCP 66GRRGT GV CN 
 KP FTCHV   CPF  JFC[VKOG  CPF  JPKIJVVKOG4CV9KUVCT YGGMU QNF% ¥ 6 GZRQUWTG FGUKIP $#. RTQVGKP OGCUWTGF CV XCTKQWU VKOGU 2'&C[VKOG GZRQUWTGU #V  RRO OCZKOCN KPETGCUG  J CHVGT GZRQUWTG UVCTVGF CHVGT  CPF  JQH GZRQUWTG RTQVGKP UVKNN GNGXCVGF CV  J HTQO UVCTV QH GZRQUWTG0KIJVVKOG GZRQUWTGU 6GORQTCN KPETGCUG CPF FGETGCUG QH RTQVGKP OQTG ITCFWCN YKVJ OCZKOCNTGURQPUG CV  J CHVGT GZRQUWTG UVCTVGF 2TQVGKP UVKNN GNGXCVGF  J CHVGT UVCTV QH  QT JGZRQUWTG VQ  QT  RRO 5OCNNGUV VGUVGF%¥6GHHGEV YCU YKVJ  RRO ¥  J$QVJ /WNVKXCTKCVG TGITGUUKQP CPCN[UKU 2QN[PQOKCN HWPEVKQP UJQYU VJCV 6 JCU RTQITGUUKXGKPHNWGPEG CU % KPETGCUGU4QODQWV GV CN 
 JFC[U HQT  FC[U /QPMG[ /$QPPGV [GCTU QNF+PHNCOOCVQT[ TGURQPUG KP 4$U CV  RRO /QHHCVV GV CN 
   J FWTKPI FC[ QTPKIJV4CV /9KUVCT)WKPGC RKI /*CTVNG[ YGGMU QNF0KIJVVKOG GZRQUWTG QH TCVU TGUWNVGF KP ITGCVGT KPETGCUG KP $#. RTQVGKP CNDWOKP CPF 2/0U VJCPVJG FC[VKOG GZRQUWTG # UKOKNCT FKHHGTGPEG YCU PQV QDUGTXGF KP IWKPGC RKIU8CP $TGG GV CN 


### 6CDNGEQPV	F.WPI+PHNCOOCVKQPCPF2GTOGCDKNKV[%JCPIGU#UUQEKCVGFYKVJ1\QPG'ZRQUWTGC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO   J &QI //QPITGN v  MI$CDQQP / MI0Q GHHGEV QP NGXGNU QH MGVQ 2)(  2)'  6:#  6:$  QT 2)( KP $#.  (QWMG GV CN 
   %QPVKPWQWUGZRQUWTG HQT FC[U/QWUG (5YKUU I2)' CPF VQVCN RTQVGKP NGXGNU KP $#. KPETGCUGF CHVGT VJG GZRQUWTG RGCMGF CV  FC[U VJGP FGENKPGF YKVJ VKOGDWV TGOCKPGF JKIJGT VJCP VJG EQPVTQNU CV  FC[U RTQVGKP UVKNN KPETGCUGF CV  FC[U 6QVCN EGNNU KP $#. FGETGCUGFQP &C[U  VQ  CHVGT GZRQUWTG%CPPKPI GV CN 
 J )WKPGC RKI /*CTVNG[ I&GRNGVKPI NWPIU QH CUEQTDKE CEKF GPJCPEGF GHHGEVU QH  DWV PQV  RRO QP $#. RTQVGKP &GRNGVKQP QH NWPIPQPRTQVGKP UWNHJ[FT[N JCF PQ GHHGEV5NCFG GV CN 
  %QPVKPWQWUGZRQUWTG HQT FC[U4CV /9KUVCT I+PETGCUGF PWODGT QH 2/0U CPF #/U CPF GNGXCVGF NGXGNU QH CNDWOKP KP VJG $#. #V  FC[U 2' PQ 2/0UYGTG FGVGEVGF DWV #/ PWODGTU CPF CNDWOKP NGXGNU YGTG GNGXCVGF$CUUGVV GV CN 
C   J 4CV /5& I6TCPUKGPV KPETGCUG KP VTCEJGCN CPF DTQPEJQCNXGQNCT RGTOGCDKNKV[ CU TGXGCNGF D[ VTCEGT VTCPURQTV HTQO CKTYC[U VQDNQQF CPF VTCEGT NQECNK\CVKQP KP KPVGTEGNNWNCT URCEGU$JCNNC GV CN 
$JCNNC CPF %TQEMGT 
 J GZRQUWTGUFWTKPI TGUV QTGZGTEKUG4CV /5& FC[U QNF#KTYC[ RGTOGCDKNKV[ KPETGCUGF CHVGT GZRQUWTG QH TGUVKPI CPKOCNU VTGPFU QH ITGCVGT CPF OQTG RGTUKUVGPV GHHGEVU KPGZGTEKUKPI ITQWR$JCNNC GV CN 
   J 4CV /5& FC[U QNF+PETGCUGF VTCPURQTV QH TCFKQNCDGNGF VTCEGTU HTQO DNQQF VQ VJG CKT URCEGU HQNNQYKPI GZRQUWTG $JCNNC CPF %TQEMGT 
   J 4CV /5& I6JG PWODGT QH 2/0U KP NWPI RCTGPEJ[OC KPETGCUGF KOOGFKCVGN[ CHVGT GZRQUWTG RGCMGF CV  J 2' CPFTGVWTPGF VQ DCUGNKPG D[  J 2' 6QVCN RTQVGKP CPF CNDWOKP NGXGNU KP $#. KPETGCUGF KOOGFKCVGN[ CHVGTGZRQUWTG RGCMGF CV  J 2' CPF VJGP FGENKPGF YKVJ VKOG DWV VJG CNDWOKP NGXGNU YGTG JKIJGT VJCP VJG EQPVTQNU CV J 2'$JCNNC CPF ;QWPI 
   J 4CV /5& I6KOGTGNCVGF EJCPIGU KP VTCEJGCN RGTOGCDKNKV[ FGVGEVGF D[ VTCEGT VTCPURQTV CPF 2/0 KPHNWZ KP VTCEJGCN YCNNHQNNQYKPI GZRQUWTG +PETGCUG KP RGTOGCDKNKV[ RTKQT VQ KPETGCUG KP 2/0U;QWPI CPF $JCNNC 
   J 4CV /( YGGMU QNF+PETGCUGF &62# VTCPURQTV CETQUU VJG VTCEJGCN OWEQUC CPF GNGXCVGF NGXGNU QH RTQVGKP CPF CNDWOKP KP $#.'HHGEVU CVVGPWCVGF KP NGWMQRGPKE TCVU QT TCVU RTGVTGCVGF YKVJ KPFQOGVJCEKP QT (2. $JCNNC GV CN 


### 6CDNGEQPV	F.WPI+PHNCOOCVKQPCPF2GTOGCDKNKV[%JCPIGU#UUQEKCVGFYKVJ1\QPG'ZRQUWTGC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO   J 4CV /( I2/0U KUQNCVGF HTQO DNQQF QH 1 GZRQUGF TCVU FKURNC[GF FGHQTOCVKQP QH UJCRG KPFKECVKXG QH OQVKNKV[ CPFITGCVGT EGNN CFJGUKQP VJCP VJG 2/0U HTQO CKTGZRQUGF TCVU$JCNNC GV CN 
   J /QWUG (%& CPF  YGGMU QNF+PETGCUG KP 2)' KP $#. KP YGGMQNF OKEG QPN[ GHHGEV DNWPVGF D[ KPFQOGVJCEKP RTGVTGCVOGPV)KNOQWT GV CN 
D   J /QPMG[ /4JGUWU [GCTU QNF0WODGT QH NCDGNGF 2/0U KPVQ NWPI VKUUWG CPF $#. KPETGCUGF KOOGFKCVGN[ CHVGT GZRQUWTG RGCMGF CV  J 2'CPF TGVWTPGF VQ DCUGNKPG D[  J 2' 6QVCN NCDGNGF CPF WPNCDGNGF 2/0U KP $#. TGOCKPGF GNGXCVGF CV  JDWV TGVWTPGF VQ EQPVTQN NGXGNU D[  J 2' 6QVCN RTQVGKP KP $#. YCU GNGXCVGF QPN[ CV  J 2'*[FG GV CN 
   VQ  J 4CV5& FC[U QNF6QVCN RTQVGKP CPF 2/0U KP $#. CPF 2/0U KP VJG %#4 QH VJG NWPI KPETGCUGF YKVJ GZRQUWTG FWTCVKQP DWV VJGPWODGT QH #/U KP $#. FGETGCUGF 6TGCVOGPV YKVJ CPVKTCV2/0 UGTWO TGUWNVGF KP GNKOKPCVKQP QH 2/0U KP$#. DWV KV FKF PQV CHHGEV VJG 1 KPFWEGF KPETGCUG KP $#. RTQVGKP2KPQ GV CN 
CD   OKP1 FGNKXGTGF VQ CNQECNK\GF CTGC QH NWPIXKC C 6GHNQP ECVJGVGTHKVVGF VQ DTQPEJQUEQRG&QI //QPITGN v  MI0WODGT QH 2/0U KP VJG UWDGRKVJGNKCN VKUUWG KPETGCUGF CV  J 2' 0WODGT QH $#. 2/0U KPETGCUGF CV DWV PQV CV  J 2'-NGGDGTIGT GV CN 
   J 4CV (5& CPF YGGMU QNF$#.  J 2' 'PJCPEGF TGURQPUKXGPGUU VQ 1 KPFWEGF KPHNCOOCVKQP CPF GNGXCVGF RTQVGKP NGXGNU KP $#.FGXGNQRGF FWTKPI RTGIPCPE[ YCU OCKPVCKPGF FWTKPI NCEVCVKQP CPF FKUCRRGCTGF HQNNQYKPI NCEVCVKQP)WPPKUQP GV CN 
D    QT  J 4CV /5&  FC[UCPF  CPF YGGMU QNF$#. KOOGFKCVGN[ CHVGT GZRQUWTG 2)' EQPEGPVTCVKQPU KP $#. ITGCVGUV KP FC[QNF TCVU CHVGT  J QHGZRQUWTG DWV KP QNFGT TCVU VJG TGURQPUG YCU UGGP CHVGT  J QHGZRQUWTG +P FC[QNF TCVU  QHNGWMQE[VGU KP $#. YGTG FGCF CHVGT  J QHGZRQUWTG PQ UWEJ GHHGEV QP YGGMQNF CFWNVU 0Q CIGFGRGPFGPEG HQT $#. RTQVGKP KPETGCUG QT 2/0 KPETGCUG)WPPKUQP GV CN 
C   J 4CV5& FC[U QT YGGMU QNF4CDDKV0<9   QT YGGMU QNF$#. KOOGFKCVGN[ CHVGT GZRQUWTG +P [QWPIGUV CPKOCNU ITGCVGT COQWPVU QH 2)' CPF 2)(  +P [QWPIGUV TCDDKVU MGVQ 2)( CPF 6:$ KPETGCUGF 0Q GHHGEV QP .6$  0Q CIG FGRGPFGPV GHHGEVU QP $#. RTQVGKP QT EGNN PWODGT)WPPKUQP GV CN 


### 6CDNGEQPV	F.WPI+PHNCOOCVKQPCPF2GTOGCDKNKV[%JCPIGU#UUQEKCVGFYKVJ1\QPG'ZRQUWTGC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO   J )WKPGC RKI /*CTVNG[ I#RRGCTCPEG QH JQTUGTCFKUJ RGTQZKFCUG KP RNCUOC HQNNQYKPI KVU KPVTCVTCEJGCN CFOKPKUVTCVKQP YCU CEEGNGTCVGF CV CPF  J 2' DWV PQV CV  J 2'/KNNGT GV CN 
   J )WKPGC RKI /*CTVNG[ I6JG EQPEGPVTCVKQPU QH 2)'  MGVQ 2)(  CPF 6:$ KP $#. KPETGCUGF CV XCTKQWU VKOGU HQNNQYKPI GZRQUWTG /KNNGT GV CN 
   JKUQNCVGF RGTHWUGFNWPI4CV5& v  I0Q GHHGEV QP $#. RTQVGKP,QCF GV CN 
   QT  J 4CV /9KUVCT I# FGETGCUG KP PWODGT QH #/U KP $#. KOOGFKCVGN[ CHVGT GZRQUWTG 2/0U CPF CNDWOKP EQPVGPV QH $#.KPETGCUGF CV  FC[ 2' +PETGCUGF CNDWOKP NGXGNU DWV PQV 2/0U RGTUKUVGF QP &C[  2'$CUUGVV GV CN 
D   J )WKPGC RKI /*CTVNG[ I+PVGTUVKVKCN 2/0U KPETGCUGF KP PWODGT KOOGFKCVGN[ CHVGT GZRQUWTG DWV FGENKPGF D[  J 2' $#. 2/0UYGTG OCZKOCN D[  J CPF TGOCKPGF GNGXCVGF D[  FC[U 2'5EJWNVJGKU CPF $CUUGVV 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC#IG QT DQF[ YGKIJV CV UVCTV QH GZRQUWTGD

###  8



### +PTCVUGZRQUGFHQTJVQRRO1 NCDGNGFVTCEGTUUWEJCUFKGVJ[NGPGVTKCOKPGRGPVCCEGVCVG 

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

### GVCN6JGTCVGQHCRRGCTCPEGQHKPVTCVTCEJGCNN[CFOKPKUVGTGFJQTUGTCFKUJRGTQZKFCUGKPETGCUGFKPDNQQFCVCPFJCHVGT1 GZRQUWTGCUEQORCTGFVQTCVUCVJRQUVGZRQUWTGVQ 

### 1 CPFCKTGZRQUGFEQPVTQNU9JGPTCVUYGTGGZGTEKUGFCVCNGXGNVJCVKPETGCUGFVJGOKPWVG



### XGPVKNCVKQP VYQHQNFVJGGHHGEVQHRRO1 YCUPQVQPN[ITGCVGTVJCPKPTCVUGZRQUGFCV ' 

### TGUVDWVVJGKPETGCUGFRGTOGCDKNKV[RGTUKUVGFNQPIGT$JCNNCGVCN)WVJGVCNCPCN[\GFVJGRGTOGCDKNKV[GHHGEVUQH1 D[KPLGEVKPITCFKQNCDGNGF 

### CNDWOKPKPVQVJGDNQQFCPFOGCUWTKPIKVKPVJG$#.CUYGNNCUD[OGCUWTKPIVJGVQVCNRTQVGKPEQPEGPVTCVKQPKPVJG$#.6JKUUVWF[TGXGCNGFCEQPEGPVTCVKQPFGRGPFGPVKPETGCUGKPRGTOGCDKNKV[HQNNQYKPICJGZRQUWTGQHTCVUVQRROQTHQNNQYKPIQTFC[UQHGZRQUWTG

VQRRO1 (QTGZCORNGCHVGTCFC[GZRQUWTGVQRROVJGTGYCUCKPETGCUG 

### KP$#.RTQVGKP6TCEGTVTCPURQTVCNUQYCUKPETGCUGFKPTCVUGZRQUGFHQTJVQQTRRO1 %TQEMGTCPF$JCNNC$JCNNCCPF%TQEMGT 

### 6JGTGNCVKXGKPHNWGPEGQHEQPEGPVTCVKQPCPFFWTCVKQPQH1 GZRQUWTGYCUGXCNWCVGF 

### D[VJTGGNCDQTCVQTKGUWUKPI$#.RTQVGKPCUCPKPFKECVQTQHGHHGEVU+PVJGHKTUVUVWF[4QODQWVGVCNGZRQUGFTCVUHQTQTJVQQTRRO1 FWTKPIVJG 

### FC[VKOG%¥6RTQFWEVU#UKOKNCTPKIJVVKOGGZRQUWTGUVWF[YCUEQPFWEVGFWUKPIVQRRO1 CPFQTJQHGZRQUWTGPKPG%¥6RTQFWEVU6JGUOCNNGUV 

### %¥6RTQFWEVECWUKPICPKPETGCUGKPRTQVGKPYCURRO JRRO¥J#OWNVKXCTKCVGTGITGUUKQPCPCN[UKUCEEQWPVGFHQTQHVJGXCTKCPEGKPVJGFC[VKOGFCVCCPFKPVJGPKIJVVKOGFCVC#PKOCNUGZRQUGFFWTKPIVJGPKIJVYGTGOQTGTGURQPUKXG#SWCFTCVKERQN[PQOKCNHWPEVKQPUJQYGFVJCVVJGKPHNWGPEGQH6KPETGCUGFYKVJKPETGCUKPI%CPFVJCVVJGKPHNWGPEGQH6YCUUVKNNKORQTVCPVCVVJGNQYGUV1 EQPEGPVTCVKQPVGUVGFRRO

### 6JGUGEQPFUVWF[GORNQ[GFTCVUCPFIWKPGCRKIUGCEJJCXKPI%¥6RTQFWEVUCPFRRO1 CPFJ*KIJHKNNGVCN7UKPICFFKVKQPCNOQFGNKPI 

### CRRTQCEJGUVJG[QDVCKPGFUKOKNCTTGUWNVUVQVJQUGQH4QODQWVGVCN(QTGZCORNGVJGGZRQPGPVKCNTGURQPUGUWTHCEGOQFGNGZRNCKPGFQHVJGXCTKCPEGKPVJGFCVCCPFUJQYGFVJCVVJGKPHNWGPEGQH6KPETGCUGFCU%KPETGCUGF*QYGXGTCVNQY%¥6RTQFWEVUUKOKNCT$#.RTQVGKPKPETGCUGUYGTGQDUGTXGF(WTVJGTOQFGNKPIQHVJGUGFCVC*KIJHKNNCPF%QUVCCICKPUJQYGFVJCV%CPF6JCFKPVGTFGRGPFGPVKPHNWGPEGU6GRRGTGVCNRGTHQTOGFCUKOKNCT%¥6UVWF[YKVJ%¥6RTQFWEVUVQRRO1 VQJ*QYGXGTTCVU 

### YGTGGZRQUGFVQ%1 HQTOKPQHGCEJJQWTVQKPETGCUGXGPVKNCVKQPCPF$#.YCU 

### EQPFWEVGFQPNWPIUVJCVJCFDGGPOGCUWTGFHQTRWNOQPCT[HWPEVKQP6JGTGURQPUGUWTHCEGRTGFKEVGFD[VJGOQFGNKPICICKPKPFKECVGFVJCVVJGKPHNWGPEGQH6KPETGCUGFCU%KPETGCUGF*KUVQRCVJQNQIKECNQDUGTXCVKQPUKPVJGTCVUUWRRQTVVJGHKPFKPIUVJCV%JCFOQTGKPHNWGPEGVJCP66GRRGTGVCNEQORCTGFVJGKTCPCN[UKUQH$#.RTQVGKPVQVJCVQH*KIJHKNNGVCNCPFHQWPFXGT[IQQFCITGGOGPVGXGPVJQWIJVJGTGYGTGGZRGTKOGPVCNFKHHGTGPEGU*QYGXGT

### KP6GRRGTGVCNVJGTGYGTGNCTIGTEQPUVCPVUHQT%VGTOUKPFKECVKPIVJCV%JCFCITGCVGTKPHNWGPEGVJCPKPVJG*KIJHKNNGVCNUVWF[RTQDCDN[DGECWUG6GRRGTCPFEQYQTMGTUKPETGCUGFXGPVKNCVKQPCPFJGPEG1 FQUGD[WUKPIEQPEWTTGPV%1 GZRQUWTGU 

### )GN\NGKEJVGTGVCNDGZRQUGFTCVUVQCUKPING1 %¥6RRO J 

### EQORQUGFQHRTQFWEVUVQRRO1 VQJFC[HQTFC[U6JG[HQWPFVJCVVJG 

### JFC[GZRQUWTGITQWRUJCFUKIPKHKECPVN[HGYGTTGURQPUGUVJCPVJGQVJGTITQWRUYJKEJYGTGCNNGSWKXCNGPV6JWUKPVJKUUVWF[%CPF6JCFGSWKXCNGPVKPHNWGPEGUQPVJGTGURQPUGGZEGRVYJGP6YCUJFC[6JKUUVWF[YCUYGNNEQPFWEVGFDWVJCFUQOGDCUKEFKHHGTGPEGUHTQOVJG4QODQWVGVCNCPF*KIJHKNNGVCNUVWFKGUKPVJCVVJGNQPIGTGZRQUWTGFWTCVKQPUKGJFC[KPXQNXGFCOKZVWTGQHFC[VKOGCPFPKIJVVKOGGZRQUWTGVJCVNKMGN[CNVGTGFVJGFQUGTCVGQH1 #NUQ)GN\NGKEJVGTGVCNDWUGFQPG%¥6RTQFWEV 

### YJGTGCUVJGQVJGTUVWFKGUWUGFUGXGTCN%¥6RTQFWEVU

 %QPEQOKVCPV%JCPIGUKP2GTOGCDKNKV[CPF+PHNCOOCVQT[%GNN2QRWNCVKQPUKPVJG.WPI

2QN[OQTRJQPWENGCTNGWMQE[VGKPHKNVTCVKQPKPVJGNWPIHQNNQYKPI1 GZRQUWTGJCU 

### DGGPKPXGUVKICVGFKPCPWODGTQHUVWFKGU6CDNGGKVJGTD[CPCN[\KPIVJGEGNNWNCTEQPVGPVQHVJG$#.QTD[EQWPVKPI2/0UKPNWPIUGEVKQPU$CUUGVVGVCNCHQWPFCPKPETGCUGKPVJGPWODGTQHKPHNCOOCVQT[EGNNUKPVJG$#.QHTCVUEQPVKPWQWUN[GZRQUGFHQTFC[UVQRRO1 6JGKPHNCOOCVQT[TGURQPUGYCUCEEQORCPKGFD[GNGXCVGFNGXGNUQHCNDWOKPCPFNCEVCVG



### FGJ[FTQIGPCUGUWIIGUVKPIKPETGCUGFRGTOGCDKNKV[CPFEGNNWNCTKPLWT[%QORCTCDNGEJCPIGUYGTGCNUQQDUGTXGFKPTCVUCEWVGN[GZRQUGFVQCJKIJGT1 EQPEGPVTCVKQP$CUUGVVGVCND

### +PCPQVJGTUVWF[CTCPFQOEQWPVQH2/0UKPVJGNWPIUGEVKQPUCVJKPVGTXCNUHQNNQYKPICJGZRQUWTGQHTCVUVQRRO1 TGXGCNGFCITCFWCNKPETGCUGKPVJGPWODGTQH2/0UYKVJC 

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

### JRQUVGZRQUWTGYCURTGEGFGFD[CFGENKPGKPVJGPWODGTQH2/0UKPRWNOQPCT[ECRKNNCTKGUUWIIGUVKPIGZKVQH2/0UHTQOVJGDNQQFXGUUGNUCPFVJGKTOKITCVKQPCETQUUVJGGPFQVJGNKCNEGNNUKPVQVJGVTCEJGCNYCNN;QWPICPF$JCNNC#NVJQWIJCUKIPKHKECPVEJCPIGKPVJGVTCEJGCNRQRWNCVKQPQH2/0UFKFPQVQEEWTWPVKNJCHVGTVJGGPFQHGZRQUWTGVTCEJGCNRGTOGCDKNKV[CUFGVGEVGFD[&62#VTCPURQTVKPETGCUGFKOOGFKCVGN[HQNNQYKPI1 GZRQUWTG6JGTGUWNVUQH 

### VJKUUVWF[UWIIGUVVJCVVJGKPKVKCNEJCPIGUKPVTCEJGCNRGTOGCDKNKV[OC[DGKPFGRGPFGPVQHCPKPHNCOOCVQT[TGURQPUGDWVVJGTGETWKVGF2/0UOC[UGTXGVQUWUVCKPVJGKPETGCUGFRGTOGCDKNKV[CPFVQCORNKH[1 GHHGEVUCVNCVGTUVCIGU6JKUEQPENWUKQPYCUDCUGFQPVJG 

### QDUGTXGFUJKHVQH2/0UHTQOVJGXCUEWNCTEQORCTVOGPVKPVQVJGVTCEJGCNYCNNCPFCEQPEWTTGPVRGCMQHKPETGCUGFRGTOGCDKNKV[+PEQORCTCDNGUVWFKGU2KPQGVCNCGZRQUGFTCVUVQRRO1 HQTRGTKQFUTCPIKPIHTQOVQJ6QVCNRTQVGKPCPFVJGPWODGTQH2/0UKPVJG 

### $#.KPETGCUGFYKVJVKOGYKVJVJGOCZKOWOKPETGCUGCVVJGGPFQHJQHEQPVKPWQWUGZRQUWTG6JGPWODGTQH#/UYCUNQYGTKPVJGGZRQUGFCPKOCNUVJCPKPVJGEQPVTQNU$[OQTRJQOGVT[VJGRGCM2/0TGURQPUGKPVJGVGTOKPCNDTQPEJKQNGU6$UCPFCNXGQNCTFWEVU

### #&UQEEWTTGFCVJCHVGTCPJGZRQUWTG+PFQIUNQECNGZRQUWTGQHRGTKRJGTCNCKTYC[UVQRRO1 HQTCUJQTVRGTKQFOKPRTQFWEGFCTGEQIPK\CDNGKPHNCOOCVQT[TGURQPUG 

### -NGGDGTIGTGVCN#PKPETGCUGKPVJGPWODGTQH2/0UYCUFGVGEVGFKPVJGUWDGRKVJGNKCNVKUUWGYKVJKPJCHVGTOKPQHGZRQUWTGQHVJGFQIUDWVVJGTGURQPUGJCFUWDUKFGFJNCVGT+P$#.QPVJGQVJGTJCPFCPKPETGCUGKPVJGPWODGTQH2/0UYCUPQVQDUGTXGFCVJRQUVGZRQUWTGVJGPWODGTQH2/0UKPETGCUGFCVJ*QVEJMKUUGVCNCDJCXGKPXGUVKICVGFVJGGHHGEVUQP#/UCPF2/0UQHCJ1 GZRQUWTGQHTCVUVQQTRRO1 CPFEQORCTGFVJGKPHNCOOCVQT[TGURQPUGUD[

 

### PCUCNNCXCIGCPF$#.CUYGNNCUD[OQTRJQOGVT[KPVJGPQUGCPFVJG%#4QHVJGNWPICUKVGCVYJKEJCDPQTOCNEGNNWNCTEJCPIGUIGPGTCNN[QEEWTHQNNQYKPI1 GZRQUWTG#PKOCNUYGTG 

### GZCOKPGFQTJCHVGTGZRQUWTGEGCUGF(TQONCXCIGFCVCRRO1 JCFPQ 

### GHHGEV#VRROVJGTGYCUCPKPETGCUGKPVJGPWODGTQHPCUCN2/0UNCXCIGFKOOGFKCVGN[CHVGTGZRQUWTGYJKEJVCRGTGFQHHPQUKIPKHKECPVEJCPIGCVJRQUVGZRQUWTG+PEQPVTCUV$#.2/0UKPETGCUGFNCVGTDGIKPPKPICVJRQUVGZRQUWTGCPFRGCMKPICVJRQUVGZRQUWTG(TQOOQTRJQOGVTKEFCVCRRO1 ECWUGFCPKPETGCUGKPPCUCN2/0UJRQUVGZRQUWTG

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

### GZRQUWTGFWTCVKQPUJQYGXGTPGGFVQDGEQPUKFGTGFYJGPOCMKPIKPVGTURGEKGUEQORCTKUQPU*[FGGVCNKPXGUVKICVGFVJGKPHNCOOCVQT[TGURQPUGKPOQPMG[UGZRQUGFVQRRO1 HQTJ2QN[OQTRJQPWENGCTNGWMQE[VGUYGTGKUQNCVGFHTQORGTKRJGTCNDNQQF 

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

### $#.XGTUWUOQTRJQOGVT[CPFVJGVKOGCVYJKEJVJKUCPCN[UKUKUOCFGPGGFVQDGVCMGPKPVQCEEQWPVYJGPCPCN[\KPIVJGKPHNCOOCVQT[TGURQPUG6JKUTGEQOOGPFCVKQPKUEQPUKUVGPVYKVJVJGEQPENWUKQPQH5EJWNVJGKUCPF$CUUGVVVJCV$#.FQGUPQVPGEGUUCTKN[TGHNGEVEGNNWNCTEJCPIGUKPVJGNWPIKPVGTUVKVKWO#PQVJGTCRRTQCEJVQUVWF[KPIVJGKPHNCOOCVQT[KORCEVQH1 CPFKVUGHHGEVUQP 

### CKTYC[RGTOGCDKNKV[KUDCUGFQPGZRQUWTGQHTCVUVQFTWIUVJCVFGUVTQ[NGWMQE[VGUQTDNQEMVJGCEVKXKV[QHEJGOKECNOGFKCVQTUTGNGCUGFD[VJGUGEGNNU6QFGVGTOKPGYJGVJGTVJG2/0URNC[CTQNGKP1 KPFWEGFKPETGCUGFRGTOGCDKNKV[2KPQGVCNDUVWFKGF1 GHHGEVUKP2/0  

### FGRNGVGFTCVU#NVJQWIJKRKPLGEVKQPQHCPVK2/0UGTWOTGUWNVGFKPCPGCTN[EQORNGVGFGRNGVKQPQH2/0UKPTCVUKVFKFPQVCHHGEVVJGKPETGCUGKP$#.RTQVGKPHQNNQYKPICPJGZRQUWTGVQRRO1 +PEQORCTCDNGUVWFKGUTCVUYGTGTGPFGTGFNGWMQRGPKED[KRKPLGEVKQPQH 

### E[ENQRJQURJCOKFG$JCNNCGVCN#JGZRQUWTGQHWPVTGCVGFTCVUVQRRO1 ECWUGFCUKIPKHKECPVKPETGCUGKPVJGVTCEJGCNOWEQUCNRGTOGCDKNKV[CUOGCUWTGFD[GPJCPEGF



### VTCEJGCVQDNQQFVTCPURQTVQH6ETCFKQNCDGNGF&62#KOOGFKCVGN[RQUVGZRQUWTGCPF O

### CEEWOWNCVKQPQHRTQVGKPCPFCNDWOKPKP$#.CVJRQUVGZRQUWTG2TGVTGCVOGPVYKVJE[ENQRJQURJCOKFGCRQVGPVKOOWPQUWRRTGUUKXGCIGPVYJKEJECPDGVQZKEVQVJGNWPIFKFPQVEJCPIGDCUGNKPGXCNWGUDWVFKFGNKOKPCVGVJG1 TGURQPUG6JGTGCUQPUHQTVJGFKUETGRCPE[ 

### DGVYGGPVJGUGTGUWNVUCPFVJGTGUWNVUQHVJGCPVK2/0UGTWOVTGCVOGPVUVWF[QH2KPQGVCNDCTGPQVGPVKTGN[ENGCTDWVKVKUNKMGN[VJCVVJG1 GHHGEVUCTGFGRGPFGPVKPRCTVCVNGCUV 

### QPCPKPVGTCEVKQPDGVYGGPFKHHGTGPVKPHNCOOCVQT[EGNNV[RGU6JGTGHQTGKVKUPQVWPTGCUQPCDNGVQCUUWOGVJCVKPVJGCDUGPEGQH2/0UVJGKTTQNGKUVCMGPWRD[CPQVJGTEGNNV[RG6JGCVVGPWCVKQPQH1 GHHGEVUCNUQYCUQDUGTXGFKPTCVURTGVTGCVGFYKVJKPFQOGVJCEKPCPKPJKDKVQTQH 

### E[ENQQZ[IGPCUGRTQFWEVUCPF(2.YJKEJDNQEMU.6& CEVKXKV[D[RTGXGPVKPIKVU 

### DKPFKPIVQVJGTGEGRVQTU$JCNNCGVCN$CUGFQPVJGUGTGUWNVUKVYCURTQRQUGFVJCVCNVJQWIJ1 KUECRCDNGQHRTQFWEKPIFKTGEVKPLWT[VQEGNNUKPHNCOOCVQT[EGNNUCPFVJGKTRTQFWEVU 

### OC[EQPVTKDWVGVQVJGKPLWT[RTQEGUU$JCNNCGVCN6JKUEQPENWUKQPKUUWRRQTVGFD[VJGTGEGPVUVWFKGUQH,QCFGVCN+PVJGKUQNCVGFRGTHWUGFTCVNWPI2/0UDWVPQV1 

### KPETGCUGF$#.RTQVGKPEQPEGPVTCVKQP*QYGXGT2/0UCEVGFU[PGTIKUVKECNN[YKVJ1 KPVJG 

### KPFWEVKQPQHGRKVJGNKCNKPLWT[KPVJGDTQPEJKQNGU6JGTGEGPVFGOQPUVTCVKQPQHVJGGHHGEVUQH1 RROJQPUQOGQHVJGEGNNWNCTCEVKXKVKGUQHXCUEWNCT2/0U$JCNNCGVCN



### HWTVJGTUWIIGUVURQVGPVKCNOGEJCPKUOUKPXQNXGFKPVJGUVKOWNCVKQPQH2/0UCPFVJGKPFWEVKQPQHKPHNCOOCVQT[TGURQPUG2QN[OQTRJQPWENGCTNGWMQE[VGUKUQNCVGFHTQOVJGDNQQFQHTCVUGZRQUGFVQ1 FKURNC[GFUJCRGEJCPIGUKPFKECVKXGQHEGNNOQVKNKV[CPFITGCVGTCFJGUKQPVQ 

### GRKVJGNKCNEGNNUKPEWNVWTGVJCPFKFVJG2/0UHTQOTCVUGZRQUGFVQRWTKHKGFCKT

 5GPUKVKXG2QRWNCVKQPU+PCFFKVKQPVQKPXGUVKICVKPIVJGKPHNCOOCVQT[TGURQPUGCPFRGTOGCDKNKV[EJCPIGUKPJGCNVJ[CFWNVCPKOCNUUVWFKGUKPTGEGPV[GCTUJCXGCPCN[\GFVJGGHHGEVUQH1 QPNWPI 

### KPHNCOOCVKQPCPFCKTYC[RGTOGCDKNKV[KPFKHHGTGPVCPKOCNURGEKGUKPRQVGPVKCNN[UWUEGRVKDNGUWDRQRWNCVKQPUCPFWPFGTURGEKCNEQPFKVKQPU6CDNG*CVEJGVCNRGTHQTOGFCPKPVGTURGEKGUEQORCTKUQPVQFGVGTOKPGVJGKTTGNCVKXGTGURQPUKXGPGUUVQ1 #NVJQWIJVJG 

### DCUGNKPG$#.RTQVGKPEQPEGPVTCVKQPQHCNNVJGURGEKGUYCUPGCTN[VJGUCOGVJGTGYGTGPQVKEGCDNGFKHHGTGPEGUKPEJCPIGUKP$#.RTQVGKPEQPEGPVTCVKQPCOQPIFKHHGTGPVURGEKGUHQNNQYKPIVJGKTGZRQUWTGVQ1 5KIPKHKECPVEJCPIGUYGTGQDUGTXGFKPIWKPGCRKIUGZRQUGFVQ 

### RRO1 /KEGJCOUVGTUCPFTCVUTGURQPFGFCV1 EQPEGPVTCVKQPUQHRROCPFCDQXGDWV  

### TCDDKVUTGURQPFGFQPN[VQRRO1 +PVJGECUGQHTCVUPQFKHHGTGPEGUYGTGQDUGTXGFKPVJG 

### UGPUKVKXKV[DGVYGGPOCNGUCPFHGOCNGU9JGP5NCFGGVCNFGRNGVGFIWKPGCRKIUQHNWPICUEQTDKECEKFVJG[YGTGOQTGUWUEGRVKDNGVQCP1 KPFWEGFKPETGCUGKP$#.RTQVGKPYJGPVJG 

### JGZRQUWTGYCUVQDWVPQVRRO&GRNGVKQPQHNWPIPQPRTQVGKPUWNHJ[FT[NUFKFPQVGPJCPEGUWUEGRVKDKNKV[#NVJQWIJ*WGVCNTGRQTVPQGNGXCVKQPKP$#.RTQVGKPKP1  

### GZRQUGFXKVCOKP%FGHKEKGPVIWKPGCRKIUYJGPVJGKTFCVCYGTGUVCVKUVKECNN[TGCPCN[\GFD[5NCFGGVCNXKVCOKP%FGHKEKGPE[GPJCPEGFVJGGHHGEVUQHDWVPQVRRO1  

### -NGGDGTIGTGVCNHQWPFKPVGTUVTCKPFKHHGTGPEGUKPKPDTGFOKEGYKVJTGICTFUVQKPHNCOOCVKQPCPFRGTOGCDKNKV[EJCPIGUHQNNQYKPIJKIJEQPEGPVTCVKQPRRO1 GZRQUWTGHQT 

### JVJCVNGFVJGKPXGUVKICVQTUVQRTQRQUGVJCVVJG2/0TGURQPUGVQ1 OC[DGEQPVTQNNGFD[C 

### UKPINGCWVQUQOCNTGEGUUKXGIGPGCVCEJTQOQUQOCNNQECVKQPFGUKIPCVGFCU+PHKPHNCOOCVKQPNQEWU+PVJGHQNNQYWRUVWFKGU-NGGDGTIGTGVCNCGZRQUGFVJGUWUEGRVKDNG%$.,CPFVJGTGUKUVCPV%**G,UVTCKPUQHOKEGVQNQYGTEQPEGPVTCVKQPUQH1 

### #NVJQWIJEJCPIGUKPKPHNCOOCVQT[TGURQPUGCPF$#.RTQVGKPYGTGQDUGTXGFCHVGTGZRQUWTGHQTVQJVQCUYGNNCURRO1 VJGGNGXCVKQPKPTGURQPUGKPVJGUWUEGRVKDNGUVTCKP 

### QXGTVJCVKPVJGTGUKUVCPVUVTCKPYCUQDUGTXGFQPN[CVRRO1 (WTVJGTUVWFKGUYKVJ 

### TGEQODKPCPVKPDTGFUVTCKPUQHOKEGUWIIGUVGFVJCVIGPGUCVFKHHGTGPVNQEKOC[DGTGURQPUKDNGHQTTGURQPUGUVQJ+PHNQEWUCPFJ+PHNQEWU1 GZRQUWTGU-NGGDGTIGTGVCND 

### )WPPKUQPGVCNCGZRQUGFTCVUCIGFCPFFC[UCPFCPFYGGMUQNFVQRRO1 HQTQTJ+PVJGGZRGTKOGPVUVQDGFKUEWUUGFJGTG$#.YCURGTHQTOGF 

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

### NGXGNUKP$#.2)'NGXGNUYGTGGPJCPEGFOQTGKPQNFGTCPKOCNUYKVJVJGNQPIGTGZRQUWTG

FWTCVKQPU6JGCWVJQTUCVVTKDWVGVJGKPETGCUGKP2)' VQCPKPETGCUGFTGNGCUGQHCTCEJKFQPKE 

### CEKFTCVJGTVJCPCPGHHGEVQPOGVCDQNKUOQTHQTOCVKQPQP2)' )WPPKUQPGVCNCNUQ 

### JCXGUJQYPVJCVNGXGNUQHUGXGTCNGKEQUCPQKFUKPTCDDKVUUJQYCUKOKNCTRCVVGTPQHCIGTGURQPUKXGPGUU(CEVQTUUWEJCURJ[UKECNCEVKXKV[CPFRTGIPCPE[KPCFFKVKQPVQCIGECPOQFKH[VJGCKTYC[UGPUKVKXKV[QHTCVUVQ1 8CP$TGGGVCNJCXGTGRQTVGFEKTECFKCPXCTKCVKQPKP 

### TGURQPUGVQ1 +PTCVUGZRQUGFVQRRO1 HQTJCDQWVOQTG2/0UYGTG  

### TGEQXGTGFKPVJG$#.CHVGTPKIJVVKOGGZRQUWTGVJCPCHVGTFC[VKOGGZRQUWTG6JKUKPETGCUGYCUCVVTKDWVGFVQITGCVGTRJ[UKECNCEVKXKV[CPFKPETGCUGFXGPVKNCVKQPKPVJGPQEVWTPCNCPKOCNU+PIWKPGCRKIUCUKOKNCTFKHHGTGPEGDGVYGGPFC[VKOGCPFPKIJVVKOGGZRQUWTGUYCUPQVQDUGTXGFKPUVGCFVJGXCTKCVKQPUCRRGCTGFVQDGTGNCVGFVQTCPFQORJ[UKECNCEVKXKV[6JGPKIJVVKOGGZRQUWTGUCNUQECWUGFCITGCVGTKPETGCUGKP$#.RTQVGKPCPFCNDWOKPKPTCVUDWVPQVKPIWKPGCRKIU)WPPKUQPGVCNDJCXGHQWPFVJCVRTGIPCPVTCVUCTGOQTGTGURQPUKXGVQ1 RRO 

### HQTJVJCPXKTIKPHGOCNGUCUOGCUWTGFD[CPGPJCPEGFKPHNCOOCVQT[TGURQPUGCPFCUFGVGEVGFD[VJGCPCN[UKUQHRTQVGKP2/0UNGWMQE[VGUCPFGP\[OGCEVKXKVKGUKP$#.CVJRQUVGZRQUWTG9JGP1 GZRQUWTGQEEWTTGFQP&C[QHRTGIPCPE[QT&C[UCPFQH 

### NCEVCVKQPVJGOCIPKVWFGQHVJGKPETGCUGKP$#.RTQVGKPCPFPWODGTQH2/0UYCUITGCVGTVJCPVJGOCIPKVWFGQHKPETGCUGKPXKTIKPTCVU0QUWEJKPETGCUGFTGURQPUKXGPGUUYCUQDUGTXGFKP

### TCVUCV&C[VQQHRTGIPCPE[QTFC[UCHVGTNCEVCVKQPEGCUGF'P\[OGEJCPIGUHQNNQYGFCUKOKNCTRCVVGTP

 4GRGCVGF'ZRQUWTGU6JGOCIPKVWFGUQHUQOGQHVJGGHHGEVUQH1 QDUGTXGFCHVGTCPCEWVGGZRQUWTGYGTG 

### UOCNNGTHQNNQYKPITGRGCVGFGZRQUWTG6JKURJGPQOGPQPJCUDGGPTGHGTTGFVQCUVQNGTCPEGCFCRVCVKQPQTCVVGPWCVKQP/QUVQHVJGQNFGTNKVGTCVWTGKUQPVQNGTCPEGYJKEJENCUUKECNN[KUFGHKPGFCUVJGRJGPQOGPQPKPYJKEJCRTGXKQWUGZRQUWTGVQCPQPNGVJCNEQPEGPVTCVKQPQH1 RTQXKFGURTQVGEVKQPCICKPUVCPQVJGTYKUGNGVJCNNGXGN6JGUGUVWFKGUCPFQVJGTUCVJKIJ



### 1 NGXGNUCTGFKUEWUUGFKPVJGNCUV1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP

 

### #IGPE[6GRRGTGVCNQDUGTXGFCVVGPWCVKQPQHRWNOQPCT[HWPEVKQPEJCPIGUKPTCVUGZRQUGFHQTJFC[HQTFC[UDWVCEQTTGURQPFKPICVVGPWCVKQPQHNWPIKPHNCOOCVKQPFKFPQVQEEWT*KUVQNQIKEGZCOKPCVKQPQHVJGNWPIUGEVKQPUTGXGCNGFUWDUVCPVKCNN[OQTGKPHNCOOCVQT[EGNNUKPCNXGQNKCHVGTFC[UQHGZRQUWTGVQRRO1 VJCPCHVGTCUKPING 

### GZRQUWTGVQVJGUCOG1 EQPEGPVTCVKQP+PETGCUGFRTQVGKPEQPEGPVTCVKQPKPVJG$#.QDUGTXGF 

### CHVGTCUKPINGGZRQUWTGCNUQRGTUKUVGFCHVGTFC[UQHTGRGCVGFGZRQUWTGU6JGOQTRJQNQIKEUVWFKGUQH/QHHCVVGVCNKFGPVKHKGFCPKPHNCOOCVQT[TGURQPUGKPVJGTGURKTCVQT[DTQPEJKQNGU4$UQHDQPPGVOQPMG[UGZRQUGFHQTJFC[HQTFC[UVQRRO1 

### 5KIPKHKECPVN[ITGCVGTPWODGTUQH#/UOCUVEGNNUCPF2/0UTGHNGEVGFRGTUKUVGPEGQHKPHNCOOCVKQPHQNNQYKPITGRGCVGFGZRQUWTGU%JCPIGVCNGZRQUGFTCVUVQCPCODKGPVRCVVGTPQH1 +PVJKUOQTRJQOGVTKEUVWF[VJGTGURQPUGUGRKVJGNKCNKPHNCOOCVKQPKPVJG 

### RTQZKOCNCNXGQNCTTGIKQPCPFVJG6$UKPVGTUVKVKCNGFGOCCPFKPHKNVTCVKQPQH#/UVQYGGMQH1 GZRQUWTGJCFUWDUKFGFCHVGTCPFYGGMUQHGZRQUWTG&QPCNFUQPGVCNFKFPQV



### HKPFCEJCPIGKPVJGVQVCNPWODGTQHEGNNUKP$#.QHTCVUGZRQUGFHQTJFC[HQTFC[UVQ1 EQPEGPVTCVKQPUTCPIKPIHTQOVQRRO6JGPWODGTQH2/0UJQYGXGTKPETGCUGF



### CHVGTGZRQUWTGVQCPFRRO1 6JKUKPETGCUGYCUITGCVGUVCHVGTVJGHKTUVFC[QH 

### GZRQUWTGDWVKVYCUTGUQNXGFD[&C[+PVJGUVWFKGUQH/QEJKVCVGGVCNVJGPWODGTQH$#.#/UQHTCVUGZRQUGFVQRRO1 HQTYGGMUYCUCDQWVITGCVGTVJCPKPVJG 

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

### EGNNUKPFKECVGUCUVCVGQHCEVKXCVKQPCPFTGRTGUGPVUVJGHWPEVKQPCNOQFKHKECVKQPCUCEQPUGSWGPEGQH1 GZRQUWTG/GFKCVQTUYKVJDKQNQIKECNCPFEJGOQVCEVKERTQRGTVKGUJCXGDGGPUJQYPVQDG 

### TGNGCUGFCUCTGUWNVQHUVKOWNCVKQPQTKPLWT[QH#/UGRKVJGNKCNEGNNUCPF2/0U#TCEJKFQPKE

### CEKFOGVCDQNKVGURNC[CPKORQTVCPVTQNGKPCXCTKGV[QHRTQEGUUGUKPENWFKPIKPHNCOOCVQT[TGURQPUGCPFRGTOGCDKNKV[EJCPIGU&TKUEQNNCPF5EJNGUKPIGTHQWPFVJCVCNVJQWIJ#/UKUQNCVGFHTQOTCDDKVNWPIUEQPVKPWCNN[TGNGCUGFEJGOQCVVTCEVCPVHCEVQTUHQTOQPQE[VGUCPF2/0UCPKPXKVTQGZRQUWTGQH#/UVQCPFRRO1 TGUWNVGFKPVJGKPETGCUGFUGETGVKQP 

### QHHCEVQTUVJCVUVKOWNCVGFVJGOKITCVKQPQH2/0U&TKUEQNNGVCNCNUQHQWPFKPETGCUGFGKEQUCPQKFDKQU[PVJGUKUHQNNQYKPI1 GZRQUWTG+PVJGNCVVGTUVWFKGUGNGXCVGFNGXGNUQH2)'  

### CPF2)( YGTGFGVGEVGFKPVJGUWRGTPCVCPVHQNNQYKPIKPXKVTQGZRQUWTGQHTCDDKV#/UVQ 

### CPFRRO1 HQTJ+PCRCTCNNGNKPXKXQUVWF[CPGHHGEVYCUUGGPQPN[CVVJGJKIJGT 

### 1 EQPEGPVTCVKQP+PXKVTQGZRQUWTGKPCTQNNGTDQVVNGU[UVGOQHTCV#/UVQRRODWVPQV



### RRO1 ECWUGUUVKOWNCVKQPQHDQVJE[ENQQZ[IGPCUGCPFNKRQZ[IGPCUGRCVJYC[UQHCTCEJKFQPKE 

### CEKFOGVCDQNKUOCUUJQYPD[UWDUVCPVKCNKPETGCUGUKPVJGNGXGNUQHMGVQ2)( VJTQODQZCPG 

### $ 6:$ 2)' .6$ .6& CPFJ[FTQZ[GKEQUCVGVTCGPQKECEKF*'6'KPVJG

   

### UWRGTPCVCPVQHVJG#/EWNVWTG/CFFGPGVCN6JGCWVJQTUCVVTKDWVGVJGUGGHHGEVUVQDQVJCPKPETGCUGKPVJGCXCKNCDKNKV[QHCTCEJKFQPKECEKFCPFCUVKOWNCVKQPQHE[ENQZ[IGPCUGCPFNKRQZ[IGPCUGCEVKXKVKGU#PQVJGTKPXKVTQUVWF[CNUQFGOQPUVTCVGFGHHGEVUQPCTCEJKFQPKECEKFOGVCDQNKUO.GKMCWHGVCN+PVGTRTGVCVKQPQHVJGUGKPXKVTQUVWFKGUKUFKHHKEWNV9JGP)WPPKUQPGVCNEQORCTGFVJGGHHGEVQHKPXKVTQCPFKPXKXQGZRQUWTGUQH#/VQ1 QP 

### GKEQUCPQKFOGVCDQNKUOQH#/UKPEWNVWTGCFKURCTKV[YCUHQWPF%WNVWTGF#/UHTQO1 GZRQUGFTCDDKVUJCFCFGETGCUGKPVJGGNCDQTCVKQPQH2)( KPXKVTQGZRQUWTGECWUGFCP

  

### KPETGCUG %JCPIGUKPVJGNGXGNUQHGKEQUCPQKFUCNUQJCXGDGGPQDUGTXGFKPXKXQUVWFKGU5EJNGUKPIGTGVCNHQWPFGNGXCVKQPQH2)' CPF2)( KP$#.QHTCDDKVUKOOGFKCVGN[  

### HQNNQYKPICJGZRQUWTGVQRRO1 #IGOC[RNC[CTQNG(KXGYGGMQNFDWVPQVYGGM 

### QNFOKEGJCFKPETGCUGFNGXGNUQH2)' KP$#.)KNOQWTGVCND.QYGT 

### 1 EQPEGPVTCVKQPUFKFPQVCHHGEVVJGNGXGNUQH$#.GKEQUCPQKFU*[FGGVCNHQWPFCP



### KPETGCUGKP$#.EQPEGPVTCVKQPUQH2)( 2)& CPF2)' HQNNQYKPICPJGZRQUWTGQH   

### OQPMG[UVQRRO1 2TQUVCINCPFKPEQPEGPVTCVKQPUKPVJG$#.FGVGEVGFWUKPICP 

### CPVKDQF[VJCVFKFPQVFKUVKPIWKUJ2)' HTQO2)' CNUQKPETGCUGFYKVJVKOGHQNNQYKPIC  

### EQPVKPWQWUGZRQUWTGQHOKEGVQRRO1 %CPPKPIGVCN6JGRGCMNGXGNUQH2)'CV 

### FC[UYGTGHQNNQYGFD[CFGENKPGYKVJVKOGDWVVJGNGXGNUTGOCKPGFJKIJGTVJCPVJGEQPVTQNUCHVGTFC[UQHGZRQUWTG6JGVKOGEQWTUGQHEJCPIGUKPVJG2)'NGXGNUYCUOCVEJGFD[VJGVKOGUGSWGPEGQHEJCPIGUKP$#.RTQVGKPHQNNQYKPIGZRQUWTGVQRRO1 2NCUOC 

### EQPEGPVTCVKQPUQHMGVQ2)( CPF2)' CNUQYGTGGNGXCVGFKPIWKPGCRKIUGZRQUGFHQTJVQ  

### RRO1 /KNNGTGVCN-NGGDGTIGTGVCNFGNKXGTGFRRO1 HQTOKPVQC  

### NQDCTDTQPEJWUQHFQIUWUKPICYGFIGFDTQPEJQUEQRG#PCPCN[UKUQHVJGNCXCIGHNWKFEQNNGEVGFCVOKPRQUVGZRQUWTGTGXGCNGFUKIPKHKECPVKPETGCUGUKPVJGEQPEGPVTCVKQPUQH2)& 

### CPFJKUVCOKPG#NVJQWIJKPVJKUUVWF[VJGEQPEGPVTCVKQPQH6:$ FKFPQVEJCPIGCHVGT 

### 1 GZRQUWTGUKIPKHKECPVKPETGCUGUKPEQPEGPVTCVKQPUQH6:$ KPVJGRNCUOCCPF$#.YGTG

 

### QDUGTXGFHQNNQYKPICEWVGGZRQUWTGQHIWKPGCRKIUVQRRO1 /KNNGTGVCNCPFJWOCPU 

### VQNQYGTNGXGNUQH1 UGG%JCRVGT+PCFFKVKQPKPETGCUGFRNCUOCEQPEGPVTCVKQPUQH2)(  

### CPF2)' YGTGQDUGTXGFKPVJGIWKPGCRKIUGZRQUGFVQ1 (QWMGGVCNYGTG  

### WPCDNGVQFGVGEVEJCPIGUKPVJG$#.EQPEGPVTCVKQPUQHMGVQ2)( 2)' 6:$ CPF2)(   

### KPDCDQQPUCPFOQPITGNFQIUGZRQUGFVQRRO1 HQTJ6JGTGCUQPUHQTVJGNCEMQHVJKU 

### TGURQPUGKPVJGDCDQQPCTGPQVGPVKTGN[ENGCTDWVVJGNQYGT1 EQPEGPVTCVKQPWUGFKPVJKUUVWF[ 

### CUEQORCTGFVQVJGGZRQUWTGEQPEGPVTCVKQPUKPFQIUCPFIWKPGCRKIUCPFURGEKGUFKHHGTGPEGUQHHGTRQUUKDNGGZRNCPCVKQPUHQTVJGFKUETGRCPE[2TQUVCINCPFKP' CPF' JCXGDGGPUJQYPVQ  

### KPHNWGPEGVJGKPHNCOOCVQT[RTQEGUUGUKPVJGNWPI+PVTCDTQPEJKCNQTKXCFOKPKUVTCVKQPQH2)' 

### YCUCEEQORCPKGFD[KPETGCUGFCEEWOWNCVKQPQHVJGKPHNCOOCVQT[EGNNUKPVJGNWPICPFGNGXCVKQPQH$#.RTQVGKP&QYPG[GVCN#RQUUKDNGOGEJCPKUOKPXQNXGFKPVJGRTQKPHNCOOCVQT[GHHGEVUQHVJG2)'UKPENWFGFCTVGTKQNCTXCUQFKNCVKQPYKVJQWVXGPQFKNCVKQPTGUWNVKPIKPKPETGCUGFVTCPUHGTQHRTQVGKPUCPFEGNNUHTQODNQQFKPVQVJGNWPID[J[FTQUVCVKE

RTGUUWTG

 5WOOCT[6JGCKTYC[GRKVJGNKCNNKPKPIUGTXGUCUCPGHHKEKGPVDCTTKGTCICKPUVRGPGVTCVKQPQHGZQIGPQWURCTVKENGUCPFOCETQOQNGEWNGUKPVQVJGNWPIVKUUWGCPFEKTEWNCVKQPCPFCICKPUVGPVT[QHGPFQIGPQWUHNWKFUEGNNUCPFOGFKCVQTUKPVQVJGCKTURCEGU&KUTWRVKQPQHVJKUDCTTKGTHQNNQYKPI1 GZRQUWTGTGRTGUGPVUCUVCVGQHEQORTQOKUGFGRKVJGNKCNFGHGPUGUNGCFKPIVQ 

### KPETGCUGFVTCPUGRKVJGNKCNRGTOGCDKNKV[+PHNCOOCVQT[EGNNUTGRTGUGPVCPQVJGTKORQTVCPVEQORQPGPVQHRWNOQPCT[FGHGPUGU6JGTGETWKVOGPVQHVJGUGEGNNUKPVQVJGNWPIHQNNQYKPI1 GZRQUWTGEQWNFTGUWNVKPVJGTGNGCUGQHOGFKCVQTUECRCDNGQHFCOCIKPIQVJGTEGNNUKPVJG

 

### NWPI 6QZKEQNQIKECNUVWFKGUHTQOUGXGTCNNCDQTCVQTKGUFGOQPUVTCVGCNVGTCVKQPUKPGRKVJGNKCNRGTOGCDKNKV[CPFKPHNCOOCVQT[TGURQPUGUKPCPKOCNUGZRQUGFVQ1 EQPEGPVTCVKQPUQHRRO 

### CPFDGNQY+PVJGUGUVWFKGUCPKPHNCOOCVQT[TGURQPUGCUFGVGEVGFD[CPKPETGCUGKPVJGPWODGTQH2/0UKPVJG$#.QTKPNWPIRCTGPEJ[OCYCUCEEQORCPKGFD[GKVJGTCPKPETGCUGFVTCEGTVTCPURQTVCETQUUVJGCKTYC[OWEQUCQTCPGNGXCVKQPKPVJGNGXGNUQHVQVCNRTQVGKPQTCNDWOKPKPVJG$#.6JGUGEJCPIGUYGTGQDUGTXGFKPCPKOCNUGZRQUGFVQ1 EQPEGPVTCVKQPUCU 

### NQYCURROKPTCDDKVUJFC[HQTFC[UQHGZRQUWTG=&TKUEQNNGVCN?RROKPOKEGJGZRQUWTG=-NGGDGTIGTGVCNC?CPFTCVUJGZRQUWTG=*QVEJMKUUGVCNC?CPFJGZRQUWTG=)WVJGVCN?CPFRROKPIWKPGCRKIUJGZRQUWTG=*CVEJGVCN?#NVJQWIJOQPMG[UCNUQGZJKDKVKPHNCOOCVQT[TGURQPUGUEQPEGPVTCVKQPUVJKUNQYJCXGPQVDGGPVGUVGFKPVJKUURGEKGU6JGOCIPKVWFGQHTGURQPUGCPFVJGVKOGCVYJKEJKVRGCMGFCRRGCTGFVQXCT[YKVJ1 EQPEGPVTCVKQPGZRQUWTGFWTCVKQPCPFVJGOQFGQHCPCN[UKU

### +PXGUVKICVKQPUQH%¥6TGNCVKQPUJKRUHQT$#.RTQVGKPKPDQVJTCVUCPFIWKPGCRKIUUJQYGFVJCV6JCFKPETGCUKPIKPHNWGPEGCU%KPETGCUGF4QODQWVGVCN*KIJHKNNGVCN*KIJHKNNCPF%QUVC6GRRGTGVCN*QYGXGTCVNQY%¥6RTQFWEVUUKOKNCTKPETGCUGUYGTGQDUGTXGF*KIJHKNNGVCN6JGTGURQPUKXGPGUUVQ1 CNUQFGRGPFGFQPVJGCPKOCN 

### URGEKGUVGUVGF*CVEJGVCNCPFKPETGCUGFWPFGTEGTVCKPEQPFKVKQPUUWEJCURJ[UKECNCEVKXKV[8CP$TGGGVCNCPFRTGIPCPE[CPFNCEVCVKQP)WPPKUQPGVCND6QFGVGTOKPGVJGKORCEVQHKPHNCOOCVQT[EGNNUQP1 KPFWEGFCKTYC[RGTOGCDKNKV[ 

### TCVUYGTGGZRQUGFVQFTWIUVJCVGKVJGTFGUVTQ[GFVJGKPHNCOOCVQT[EGNNUQTDNQEMGFVJGCEVKXKV[QHVJGKTRTQFWEVU6TGCVOGPVQHTCVUYKVJCPVK2/0UGTWOTGUWNVGFKPVJGFGRNGVKQPQH2/0UDWVFKFPQVCHHGEVVJGKPETGCUGKP$#.RTQVGKPRTQFWEGFD[1 GZRQUWTG2KPQGVCND

### &GRNGVKQPQHCNNVJGNGWMQE[VGUD[E[ENQRJQURJCOKFGQTVTGCVOGPVQHTCVUYKVJ2)CPF.6CPVCIQPKUVUTGUWNVGFKPCPCVVGPWCVKQPQHVJG1 GHHGEVUQPRGTOGCDKNKV[$JCNNCGVCN

### +PHNCOOCVQT[EGNNUYJGPCEVKXCVGFCTGECRCDNGQHTGNGCUKPIOGFKCVQTUYKVJRCVJQRJ[UKQNQIKECPFCXCTKGV[QHOQFWNCVKPICEVKXKVKGU#PKPETGCUGKPVJGTGNGCUGQHCTCEJKFQPKECEKFOGVCDQNKVGUHQNNQYKPI1 GZRQUWTGJCUDGGPUJQYPCHVGTDQVJKPXKVTQ 

### &TKUEQNNCPF5EJNGUKPIGT&TKUEQNNGVCN/CFFGPGVCN.GKMCWHGVCNCPFKPXKXQGZRQUWTGU5EJNGUKPIGTGVCN/KNNGTGVCN%CPPKPIGVCN### 5QOGQHVJGGHHGEVUUGGPCHVGTCPCEWVGGZRQUWTGVQ1 CTGOQFKHKGFQPTGRGCVGF 

### GZRQUWTG6JGTGURQPUGUHQNNQYKPITGRGCVGFGZRQUWTGUKPENWFGFRGTUKUVGPEGQTCPKPETGCUGKPVJGPWODGTQH2/0UQT#/UQPGZRQUWTGQHTCVUVQRROJFC[HQTFC[U6GRRGTGVCNQTGZRQUWTGQHOQPMG[UVQRROHQTFC[U/QHHCVVGVCN1VJGTUVWFKGUTGRQTVCTGFWEGFKPHNCOOCVQT[TGURQPUGHQNNQYKPITGRGCVGFGZRQUWTGU%JCPIGVCN&QPCNFUQPGVCN6JGUGEVKQPQPOQTRJQOGVT[5GEVKQPJCUCPGZVGPFGFFKUEWUUKQPQHOKETQUEQRKECNN[GXCNWCVGFKPHNCOOCVQT[TGURQPUGU+PDTKGHVJGUGUVWFKGUUJQYVJCVCEWVGGZRQUWTGUVQ1 CVEQPEGPVTCVKQPUQH 

### RROCPFCDQXGCTGECRCDNGQHRTQFWEKPIKPHNCOOCVQT[CPFRGTOGCDKNKV[EJCPIGUKPNCDQTCVQT[CPKOCNU+VKUENGCTVJCVCPCUUGUUOGPVQHVJGGHHGEVUQH1 CPFKPVGTRTGVCVKQPQHVJG 

### TGUWNVUTGSWKTGUVJCVUGXGTCNHCEVQTUDGVCMGPKPVQEQPUKFGTCVKQPVJGUGKPENWFG1 EQPEGPVTCVKQP 

### FWTCVKQPQHGZRQUWTGGZRQUWTGEQPFKVKQPUGITGRGCVGFXGTUWUEQPVKPWQWUGZRQUWTGFC[VKOGXGTUWUPKIJVVKOGGZRQUWTGTGUVXGTUWUGZGTEKUGFWTKPIGZRQUWTGCPKOCNURGEKGUOGVJQFQHGXCNWCVKQPUGPUKVKXGRQRWNCVKQPUCPFVKOGQHCPCN[UKURQUVGZRQUWTG



##  'HHGEVUQP*QUV&GHGPUG/GEJCPKUOU

 +PVTQFWEVKQP6JGOCOOCNKCPTGURKTCVQT[VTCEVJCUCPWODGTQHENQUGN[KPVGITCVGFFGHGPUGOGEJCPKUOUVJCVYJGPHWPEVKQPKPIPQTOCNN[RTQXKFGRTQVGEVKQPHTQOVJGCFXGTUGGHHGEVUQHCYKFGXCTKGV[QHKPJCNGFRCTVKENGUCPFOKETQDGU)TGGPGVCN-GNNG[5EJNGUKPIGT5KDKNNGCPF4G[PQNFU(QTUKORNKEKV[VJGUGKPVGTTGNCVGFFGHGPUGUECPDGFKXKFGFKPVQVYQOCLQTRCTVUPQPURGEKHKEVTCPURQTVCPFRJCIQE[VQUKUCPFURGEKHKEKOOWPQNQIKEFGHGPUGOGEJCPKUOU#XCTKGV[QHUGPUKVKXGCPFTGNKCDNGOGVJQFUJCXGDGGPWUGFVQCUUGUUVJGGHHGEVUQH1 QPVJGUGEQORQPGPVUQHVJGNWPI	UFGHGPUGU[UVGOVQRTQXKFGC 

### DGVVGTWPFGTUVCPFKPIQHVJGJGCNVJGHHGEVUCUUQEKCVGFYKVJVJGKPJCNCVKQPQHVJKURQNNWVCPV6JGRTGXKQWU#KT3WCNKV[%TKVGTKCHQT1\QPGCPF1VJGT2JQVQEJGOKECN1ZKFCPVU75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[RTQXKFGFCTGXKGYCPFGXCNWCVKQPQHVJGUEKGPVKHKENKVGTCVWTGRWDNKUJGFWRVQTGICTFKPIVJGGHHGEVUQH1 QPJQUVFGHGPUGU6JKU 

### UGEVKQPDTKGHN[UWOOCTK\GUVJGGZKUVKPIFCVCDCUGVJTQWIJFGUETKDGUVJGFCVCIGPGTCVGFUKPEGCPFYJGTGCRRTQRTKCVGRTQXKFGUKPVGTRTGVCVKQPUQHVJGFCVC6JKUUGEVKQPCNUQFKUEWUUGUVJGXCTKQWUEQORQPGPVUQHJQUVFGHGPUGUUWEJCUVJGOWEQEKNKCT[GUECNCVQTVJGRJCIQE[VKECPFTGIWNCVQT[TQNGQHVJG#/UVJGKOOWPGU[UVGOCPFKPVGITCVGFOGEJCPKUOUVJCVCTGUVWFKGFD[KPXGUVKICVKPIVJGJQUV	UTGURQPUGVQGZRGTKOGPVCNRWNOQPCT[KPHGEVKQPU

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

### OWEQEKNKCT[GUECNCVQTCPFKVUCDKNKV[VQVTCPURQTVFGRQUKVGFRCTVKENGUHTQOVJGTGURKTCVQT[VTCEV### (QTGZCORNGCPWODGTQHUVWFKGUYKVJXCTKQWUCPKOCNURGEKGUTGRQTVGFOQTRJQNQIKEFCOCIGVQVJGEGNNUQHVJGVTCEJGQDTQPEJKCNVTGGHTQOGZRQUWTGUVQ1 UGG5GEVKQP6JGEKNKCJCF 

### DGEQOGPQVKEGCDN[UJQTVGTQTYGTGEQORNGVGN[CDUGPV$CUGFQPUWEJOQTRJQNQIKEQDUGTXCVKQPUTGNCVGFGHHGEVUUWEJCUEKNKQUVCUKUKPETGCUGFOWEQWUUGETGVKQPCPFCUNQYKPIQHOWEQEKNKCT[VTCPURQTVTCVGUOKIJVDGGZRGEVGF(WPEVKQPCNUVWFKGUQPOWEQEKNKCT[VTCPURQTVQHFGRQUKVGFRCTVKENGUHTQOVJGTGURKTCVQT[VTCEVJCXGKPIGPGTCNQDUGTXGFCFGNC[KPRCTVKENGENGCTCPEGKPGCTN[VKOGRGTKQFUHQNNQYKPICEWVGGZRQUWTG(QTGZCORNGCJGZRQUWTGQHTCVUVQRRO1 UNQYGFGCTN[ENGCTCPEGQHKPJCNGFNCVGZURJGTGU2JCNGPGVCN 

### 5KPEGVJGRWDNKECVKQPQHVJGRTGXKQWUETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[UGXGTCNUVWFKGUJCXGDGGPRGTHQTOGFQPVJGGHHGEVUQHCEWVG1 GZRQUWTGQPVJGOWEQEKNKCT[VTCPURQTVCRRCTCVWU6CDNG4GVCTFGFOWEQEKNKCT[RCTVKENG



### ENGCTCPEGYCUQDUGTXGFHQNNQYKPICJGZRQUWTGQHTCDDKVUVQRRO1 GZVGPFGFGZRQUWTGU 

### WRVQFC[UECWUGFPQGHHGEVU5EJNGUKPIGTCPF&TKUEQNN#EWVGGZRQUWTGQHCFWNVUJGGRHQTJFC[HQTFC[UVQRRO1 KPETGCUGFDCUCNUGETGVKQPQHIN[EQRTQVGKPUKPUJGGR 

### VTCEJGCYJGTGCUCNQPIGTGZRQUWTGJFC[FC[UYGGMHQTYGGMUVQRRO1 TGFWEGF 

### VTCEJGCNIN[EQRTQVGKPUGETGVKQPU2JKRRUGVCN+PCUKOKNCTOCPPGTEQPVKPWQWUGZRQUWTGQHHGTTGVUVQRRO1 HQTFC[UKPETGCUGFVTCEJGCNINCPFUGETGVKQPQH 

### IN[EQRTQVGKPUYJKEJTGOCKPGFGNGXCVGFHQNNQYKPIFC[UQHGZRQUWTG/E$TKFGGVCN$GECWUGVJGKPVGITKV[QHVJGRGTKEKNKCT[URCEGKUXKVCNHQTGHHKEKGPVOWEQEKNKCT[CEVKQP1 KPFWEGFJ[RGTQTJ[RQUGETGVKQPD[VJGOWEQWUINCPFUCNQPIVJGEQPFWEVKPICKTYC[UECP



### CNVGTVJGGHHGEVKXGPGUUQHVJGOWEQEKNKCT[GUECNCVQT/CTKCUU[GVCNGZRQUGFUJGGRFWTKPIVJGHKTUVYGGMQHNKHGVQRRO1 HQT 

### JFC[HQTFC[UCPFQDUGTXGFTGVCTFCVKQPQHPQTOCNOQTRJQNQIKEFGXGNQROGPVQHVJGVTCEJGCNGRKVJGNKWOCPFCFGETGCUGKPVJGVTCEJGCNOWEQWUXGNQEKV[+PCUKOKNCTOCPPGTGZRQUWTGQHUJGGRFWTKPIVJGHKTUVYGGMQHNKHGHQTJFC[HQTFC[UVQRRO1 FGETGCUGF 

### GRKVJGNKCNOWEQUCFGPUKV[CPFTGVCTFGFVJGFGXGNQROGPVCNFGETGCUGQHVTCEJGCNOWEQWUEGNNUCPFVJGKTECTDQJ[FTCVGEQORQUKVKQP/CTKCUU[GVCN(KPCNN[GZRQUWTGQHCFWNVUJGGRHQTGKVJGTJQTHQTJFC[HQTFC[UVQRRO1 FGETGCUGFVTCEJGCNOWEQWUXGNQEKV[ 

### #NNGITCGVCN

 #NXGQNQDTQPEJKQNCT6TCPURQTV/GEJCPKUO+PCFFKVKQPVQVJGVTCPURQTVKPIQHRCTVKENGUFGRQUKVGFQPVJGOWEQWUUWTHCEGNC[GTQHVJGEQPFWEVKPICKTYC[URCTVKENGUFGRQUKVGFKPVJGFGGRNWPIOC[DGTGOQXGFGKVJGTWRVJGTGURKTCVQT[VTCEVQTVJTQWIJKPVGTUVKVKCNRCVJYC[UVQVJGN[ORJCVKEU[UVGO)TGGP6JGRKXQVCNOGEJCPKUOQHCNXGQNQDTQPEJKQNCTVTCPURQTVKPXQNXGUVJGOQXGOGPVQH#/UYKVJRJCIQE[VK\GFRCTVKENGUVQVJGDQVVQOQHVJGOWEQEKNKCT[GUECNCVQT(CKNWTGQHVJG#/UVQRJCIQE[VK\GCPFUGSWGUVGTVJGFGRQUKVGFRCTVKENGUHTQOVJGXWNPGTCDNGTGURKTCVQT[OGODTCPGECPNGCFVQRCTVKENGGPVT[KPVQVJGKPVGTUVKVKCNURCEGU1PEGNQFIGFKPVJGKPVGTUVKVKWORCTVKENGTGOQXCNKUOQTGFKHHKEWNVCPFFGRGPFKPIQPVJGVQZKEQTKPHGEVKQWUPCVWTGQHVJGRCTVKENGKVUKPVGTUVKVKCNNQECVKQPOC[CNNQYVJGRCTVKENGVQUGVWRCHQEWUHQTRCVJQNQIKERTQEGUUGU#NVJQWIJ2JCNGPGVCNCPF-GPQ[GTGVCNQDUGTXGFFGETGCUGUKPGCTN[VTCEJGQDTQPEJKCNENGCTCPEGCHVGTCEWVG1 GZRQUWTGQHTCVUNCVGCNXGQNCTENGCTCPEGYCUCEEGNGTCVGF 

### 6CDNG'HHGEVUQH1\QPGQP*QUV&GHGPUG/GEJCPKUOU2J[UKECN%NGCTCPEGC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIODCUGURKMGTKUKPI VQ DCUGURKMG TKUKPIVQ  JFC[ FC[UYGGM DCUGTCORGF URKMG JFC[ FC[UYGGM  YGGMU4CV /( FC[U QNF+PETGCUGF TGVGPVKQP QH CUDGUVQU HKDGTU KP VJG NWPI RCTGPEJ[OC 2KPMGTVQP GV CN 
 JFC[ HQT  QT  FC[U 4CDDKV /0<9 MI#EEGNGTCVKQP QH GCTN[ CNXGQNCT RCTVKENG ENGCTCPEG CV  CPF  RRO HQT  FC[U #HVGTUKPING GZRQUWTG KPETGCUGF ENGCTCPEG CV  RRO CPF FGETGCUG CV  RRO&TKUEQNN GV CN 
 JFC[ HQT  QT  FC[U 4CDDKV /0<9 MI#EEGNGTCVKQP QH GCTN[ CNXGQNCT RCTVKENG ENGCTCPEG CV  CPF  RRO HQT  FC[U #HVGTUKPING GZRQUWTG KPETGCUGF ENGCTCPEG CV  RRO CPF FGETGCUG CV  RRO&TKUEQNN GV CN 
 JFC[ HQT  FC[U 4CDDKV /0<9 MI4GVCTFGF OWEQEKNKCT[ RCTVKENG ENGCTCPEG CV  RRO QPN[ HQNNQYKPI C UKPING J GZRQUWTGPQ GHHGEV QH FC[ GZRQUWTG5EJNGUKPIGT CPF &TKUEQNN 
   JFC[ FC[UYGGMHQT  YGGMU5JGGR ( MI+PETGCUG QH VTCEJGCN IN[EQRTQVGKP UGETGVKQP HQNNQYKPI CEWVG GZRQUWTG 
 JFC[ HQT  FC[UYKVJ C FGETGCUG HQNNQYKPI NQPIGT VGTO GZRQUWTG2JKRRU GV CN 
   JFC[ HQT  FC[U (GTTGV +PETGCUGF UGETGVKQP QH IN[EQEQPLWICVGU D[ VTCEJGCN INCPFU /E$TKFG GV CN 
   JFC[ HQT  FC[U 5JGGRUV YGGM QH NKHG4GVCTFCVKQP QH PQTOCN OQTRJQNQIKE FGXGNQROGPV QH VJG VTCEJGCN GRKVJGNKWO &GETGCUGFVTCEJGCN OWEQWU XGNQEKV[ &GETGCUGF VTCEJGCN OWEQUC GRKVJGNKCN FGPUKV[ 4GVCTFCVKQP QHFGXGNQROGPVCN FGETGCUG QH VTCEJGCN OWEQWU EGNNU CPF VJGKT ECTDQJ[FTCVG EQORQUKVKQP/CTKCUU[ GV CN 
    J CPF  JFC[ HQT FC[U5JGGR MI&GETGCUGF VTCEJGCN OWEQWU XGNQEKV[ #NNGITC GV CN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC#IG QT DQF[ YGKIJV CV UVCTV QH GZRQUWTGD

### 'ZRQUWTGQHTCDDKVUHQTJFC[HQTFC[UVQCPFRRO1 TGUWNVGFKP 

### CEEGNGTCVKQPQHGCTN[CNXGQNCTENGCTCPEGQHRQN[UV[TGPGNCVGZRCTVKENGU&TKUEQNNGVCN#HVGTCUKPINGGZRQUWTGVQRROVJGITGCVGUVCEEGNGTCVKQPQEEWTTGFQXGTVJGRGTKQFUJQTVN[CHVGTGZRQUWTGEGCUGFVQFC[UCNVJQWIJVJGGHHGEVYCUUVKNNQDUGTXGFCV&C[RQUVGZRQUWTG#UKPINGGZRQUWTGVQRROECWUGFPQGHHGEVYJGTGCUCJKIJGTEQPEGPVTCVKQPRROTGVCTFGFENGCTCPEG6QKPXGUVKICVGVJGGHHGEVUQHNQPIGTVGTO1 GZRQUWTGQP 

### CNXGQNQDTQPEJKQNCTENGCTCPEGTCVUYGTGGZRQUGFVQCPWTDCPRCVVGTPQH1 EQPVKPWQWU 

### RROFC[UYGGMYKVJCUNQYTKUGVQCRGCMQHRROCPFUWDUGSWGPVFGETGCUGVQRROQXGTCJRGTKQFHQTFC[UYGGMHQTYGGMUCPFYGTGGZRQUGFFC[UNCVGTVQEJT[UQVKNGCUDGUVQUYJKEJECPECWUGRWNOQPCT[HKDTQUKUCPFPGQRNCUKC2KPMGTVQPGVCN1\QPGFKFPQVCHHGEVVJGFGRQUKVKQPQHCUDGUVQUCVVJGHKTUV#&DKHWTECVKQPVJGUKVGQHOCZKOCNCUDGUVQUCPF1 FGRQUKVKQP*QYGXGTFC[UNCVGTVJGNWPIUQHVJG1 GZRQUGFCPKOCNUJCF  

### VYKEGVJGPWODGTCPFOCUUQHCUDGUVQUHKDGTUCUVJGCKTGZRQUGFTCVU

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

### CXCKNCDNGHQTRWNOQPCT[FGHGPUGCPFVJGUG#/UCTGOQTGHTCIKNGNGUURJCIQE[VKECPFJCXGFGETGCUGFN[UQUQOCNGP\[OGCEVKXKVKGU6JGNQYGUV1 EQPEGPVTCVKQPUJQYKPI#/GHHGEVUKP 

### VJKUGCTN[YQTMYCURROCJGZRQUWTGQHTCDDKVUFGETGCUGFN[UQUQOCNGP\[OGCEVKXKVKGU*WTUVGVCN5KPEGVJGRWDNKECVKQPQHVJGRTGXKQWUETKVGTKCFQEWOGPVVJGUVWFKGURGTHQTOGFJCXGDGGPKPIGPGTCNEQPHKTOCVQT[QHRTGXKQWUQDUGTXCVKQPU6CDNG/QTRJQNQIKEQDUGTXCVKQPUUJQYGFVJCVEQPVKPWQWUGZRQUWTGHQTFC[UVQCPFRRO1 TGUWNVGFKPEQPEGPVTCVKQPTGNCVGFKPETGCUGUKPVJGPWODGTQHTCV#/UCVFC[URQUVGZRQUWTG



### CUYGNNCUKPETGCUGF#/UK\GCPFOQTRJQNQIKEEJCPIGUEQPUKUVKPIQHUWTHCEGOKETQXKNNKCPFDNGDHQTOCVKQP&QTOCPUGVCN1VJGTOQTRJQNQIKECNUVWFKGUFKUEWUUGFKP5GEVKQPCNUQUJQYKPETGCUGFPWODGTUQH#/U#JGZRQUWTGVQRRO1 FKFPQVCHHGEVVJG#/ 

### PWODGTKPVJG$#.YJGPVJGCPCN[UGUYGTGOCFGKOOGFKCVGN[RQUVGZRQUWTGDWVFC[UNCVGTVJGVQVCNPWODGTQH#/UKPETGCUGFD[CDQWV&TKUEQNNGVCN1PTGRGCVGFGZRQUWTGHQTQTFC[UVJGPWODGTQH#/UKPETGCUGFQPVJGFC[CHVGTGZRQUWTG#UKPINGGZRQUWTGVQCJKIJGTEQPEGPVTCVKQPRRO1 FKFPQVCHHGEVVJGPWODGTQH#/UYJGP 

### CUUGUUGFKOOGFKCVGN[CHVGTGZRQUWTG+VKUCUUWOGFVJCVCNVJQWIJ### 6CDNG'HHGEVUQH1\QPGQP*QUV&GHGPUG/GEJCPKUOU/CETQRJCIG#NVGTCVKQPUC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO J 4CV /9KUVCT v  
5&I+PETGCUGF CFJGTGPEG VQ P[NQP HKDGTU CV  CPF  RRO DWV PQV CV  CPF  RRO 8GPKPIC CPF 'XGN[P%QPVKPWQWU HQT YGGMU4CV /9KUVCT YGGMU QNF+PETGCUGU KP GP\[OG CEVKXKV[/QEJKVCVG GV CN 
 JFC[ HQT   CPF  FC[U4CDDKV /0<9 OQ QNF5KPING GZRQUWTG &GETGCUGF RJCIQE[VQUKU CV  CPF  RRO KOOGFKCVGN[ CPF  FC[ CHVGT GZRQUWTG TGEQXGT[D[  FC[U CHVGT GZRQUWTG KP VJG RRO ITQWR /WNVKRNG GZRQUWTG VQ  RRO QPN[ FGETGCUGF RJCIQE[VQUKU FC[ CHVGT  CPF  FC[U QH GZRQUWTG&TKUEQNN GV CN 
 J 4CDDKV0<9+PETGCUGF TGNGCUG QH 2)' CPF 2)( CV  RRO PQ GHHGEV CV  RRO &TKUEQNN GV CN 
VQVQ J /QWUG /5YKUU4CV (5&%QPEGPVTCVKQPFGRGPFGPV FGETGCUG KP UWRGTQZKFG CPKQP TCFKECN RTQFWEVKQP OQWUG OQTG UGPUKVKXG 0Q GHHGEVQP OWTKPG #/ RJCIQE[VQUKU CV    CPF  RRO4[GT2QYFGT GV CN 
#OQTWUQ GV CN 
 J 4CV /( YGGMU QNF#V  CPF  J 2' EQPEGPVTCVKQPFGRGPFGPV KPETGCUG KP OKVQVKE KPFGZ DGIKPPKPI CV  RROKPETGCUGF UK\G CV  RRO CV  CPF  J 2'*QVEJMKUU GV CN 
D J 4CV (( YGGMU QNF+PETGCUG KP OKVQVKE KPFGZ CPF EJTQOQUQOG FCOCIG CV  CPF  RRO PQ GHHGEV CV  RRO 4KVJKFGEJ GV CN 
 JFC[ HQT    CPF FC[U4CV /(+PETGCUG KP #/ &0# U[PVJGUKU CV  CPF  FC[U CV  RRO 1 CPF CV   CPF  FC[U CV RRO 1 9TKIJV GV CN 
VQVQ%QPVKPWQWU HQT FC[U4CV /9KUVCT YGGMU QNF%QPEGPVTCVKQPTGNCVGF GHHGEVU QP PWODGT UK\G CPF UWTHCEG OQTRJQNQI[ &QTOCPU GV CN 
%QPVKPWQWU HQT FC[U4CV /9KUVCT YGGMU QNF&GETGCUGF RJCIQE[VKE KPIGUVKQP 
CV CNN EQPEGPVTCVKQPU CPF KPVTCEGNNWNCT MKNNKPI 
CV RRO QH.KUVGTKCOQPQE[VQIGPGU8CP .QXGTGP GV CN 
  %QPVKPWQWU HQT FC[U4CV /9KUVCT YGGMU QNF+PETGCUGU KP GP\[OG CEVKXKV[ CV FC[U +PETGCUGF PWODGT QH #/U D[ &C[  /QEJKVCVG CPF /KWTC

### 6CDNGEQPV	F'HHGEVUQH1\QPGQP*QUV&GHGPUG/GEJCPKUOU/CETQRJCIG#NVGTCVKQPUC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO    QT  J JFC[ HQT   QT FC[U/QWUG / 
0+* I4CV /9KUVCT I&GETGCUGF (ETGEGRVQT OGFKCVGF RJCIQE[VQUKU QH #/U HTQO OKEG CV &C[U  CPF  &GETGCUGFRJCIQE[VQUKU CV  J KPETGCUGF RJCIQE[VQUKU QH #/U HTQO TCVU QP &C[  &GETGCUG KP UWRGTQZKFGCPKQP RTQFWEVKQP CV UQOG GZRQUWTGU1QUVKPI GV CN 
C   QT  J QT JFC[ HQT  QT FC[U/QWUG / 
0+* I4CV /9KUVCT I+PETGCUGF #62 NGXGNU KP OQWUG #/U QPN[ CHVGT  FC[U QH GZRQUWTG 1QUVKPI GV CN 
D J /QWUG (%**G,%$N FC[U QNF&GETGCUGF RJCIQE[VQUKU QH5VTGRVQEQEEWU \QQGRKFGOKEWUKP XKXQ CUUC[ CPF NCVGZ DGCFU 
KP XKVTQCUUC[ %$ OKEG OQTG UWUEGRVKDNG VJCP %* CV  RRO QPN[ HQT DCEVGTKC RJCIQE[VQUKUTGXGTUG UWUEGRVKDKNKV[ HQT NCVGZ DGCFU)KNOQWT GV CN 
C J /QWUG (%& CPF  YGGMU QNF&GETGCUGF KP XKXQ RJCIQE[VQUKU QH5VTGRVQEQEEWU \QQGRKFGOKEWUKPFGRGPFGPV QH CIG &GETGCUG KPPWODGT QH RJCIQE[VKE EGNNU CPF PWODGT QH DCEVGTKC#/)KNOQWT GV CN 
D J /QWUG (%**G,%$N FC[U QNF4CV ( 
(&GETGCUGF RJCIQE[VQUKU QH NCVGZ DGCFU )KNOQWT CPF 5GNITCFG 
   JFC[ HQT FC[U/QWUG (5YKUU I&GETGCUGF (ETGEGRVQT OGFKCVGF RJCIQE[VQUKU QH #/U CV &C[U  YKVJ VTGPF VQYCTFU OCZKOCNFGETGCUG QP &C[  'HHGEV EQTTGNCVGF YKVJ KPETGCUGU KP 2)' &GETGCUGF RJCIQE[VQUKU QHRGTKVQPGCN #/U%CPPKPI GV CN 
   JFC[ HQT FC[U/QWUG (5YKUU I&GETGCUGF (ETGEGRVQT OGFKCVGF RJCIQE[VQUKU QP &C[U   CPF  DWV PQV CV &C[  )KNOQWT GV CN 
   JFC[ HQT FC[U4CV /5& I&GETGCUGF N[UQ\[OG GP\[OG EQPVGPV FWTKPI EJTQPKE2UGWFQOQPCU CGTWIKPQUCDCEVGTKCN KPHGEVKQP 5JGTYQQF GV CN 
   JFC[ HQT  FC[U 4CDDKV /0<9 YGGMU QNF&GETGCUGF E[VQVQZKEKV[ XU ZGPQIGPGKE VWOQT EGNNU 0Q GHHGEV QP 60(CPF * 1 RTQFWEVKQP &GRTGUUKQP QH UWRGTQZKFG CPKQP RTQFWEVKQP KOOGFKCVGN[ CHVGT GZRQUWTG YKVJ CP KPETGCUG CV  J<GNKMQHH GV CN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC#IG QT DQF[ YGKIJV CV UVCTV QH GZRQUWTGD

### VJGNQYGT1 EQPEGPVTCVKQPUCTGUVKOWNCVQT[HQT#/UCEVKXKV[VJGJKIJGTEQPEGPVTCVKQPUCTG 

### KPJKDKVQT[DGECWUGQHVJGKTCDKNKV[VQRTQFWEGUWDUVCPVKCNEGNNWNCTKPLWT[6JGPWODGTQH#/UKP$#.KUTGFWEGFCHVGTCUKPINGGZRQUWTGVQQTRRO1 $CUUGVVGVCND$JCNNC 

### CPF;QWPI&QPCNFUQPGVCN*QVEJMKUUGVCNDCNUQQDUGTXGFCUNKIJVFGETGCUGKPVJGPWODGTQH#/UKPVJG$#.KOOGFKCVGN[CHVGTCJGZRQUWTGVQCPFRRO1 DWVVJGPWODGTQH#/UKPETGCUGFCVCPFJCHVGTVJGGZRQUWTG6JGTGUWNVU 

### QHVJGUVWFKGUQP#/UKPIGPGTCNKPFKECVGVJCVHQNNQYKPI1 GZRQUWTGVJGTGKUCUJQTVVGTO 

### TGFWEVKQPKPVJGPWODGTQHNCXCIGCDNG#/UDWVVJGUGEGNNUKPETGCUGKPPWODGTQXGTUGXGTCNFC[UHQNNQYKPIGZRQUWTG'ZRQUWTGQHTCVUVQCPFRRO1 HQTJCNUQTGUWNVGFKPC 

### EQPEGPVTCVKQPFGRGPFGPVKPETGCUGKPOKVQVKEKPFGZCVRROCVJCHVGTRQUVGZRQUWTG#/UK\GYCUQPN[KPETGCUGFCVVJGJKIJGUVEQPEGPVTCVKQPCPFJRQUVGZRQUWTG*QVEJMKUUGVCND+PCUKOKNCTUVWF[GZRQUWTGQHTCVUHQTJVQCPFRRO1 TGUWNVGFKP#/EJTQOQUQOGFCOCIGCVVJGVYQJKIJGTEQPEGPVTCVKQPUJCHVGTGZRQUWTG



### 4KVJKFGEJGVCN5GXGTCNUVWFKGUJCXGKPXGUVKICVGFVJGGHHGEVQH1 GZRQUWTGQP#/RJCIQE[VQUKU

### 'ZRQUWTGQH%**G,CPF%$NOKEGHQTJVQCPFRRO1 FGETGCUGF#/ 

### RJCIQE[VQUKUQH5VTGRVQEQEEWU\QQGRKFGOKEWU CPFNCVGZDGCFU)KNOQWTGVCNC+PCUKOKNCTUVWF[CJGZRQUWTGQHCPFYGGMQNF%&OKEGFGETGCUGF#/RJCIQE[VQUKUQH5\QQGRKFGOKEWU DWVVJGTGYCUPQGHHGEVQHCIG)KNOQWTGVCND&GETGCUGFRJCIQE[VKEKPIGUVKQPQH.KUVGTKCOQPQE[VQIGPGU CNUQYCUQDUGTXGFHQNNQYKPIEQPVKPWQWUGZRQUWTGQHTCVUVQCPFRROHQTFC[UQPN[VJGVYQNQYGTEQPEGPVTCVKQPUKPJKDKVGFKPVTCEGNNWNCTMKNNKPI8CP.QXGTGPGVCN#NVJQWIJNQYGT1 EQPEGPVTCVKQPUYGTGPQVVGUVGFTCVUGZRQUGFVQRRO1 YGTGWPCDNGVQENGCT.KUVGTKC

 

### HTQOVJGKTNWPIU'ZRQUWTGQHTCDDKVUVQRRO1 HQTJFC[TGUWNVGFKPFGETGCUGF#/ 

### RJCIQE[VQUKUQHNCVGZOKETQURJGTGUCHVGTQTDWVPQVFC[UQHGZRQUWTG&TKUEQNNGVCN+PVJGUCOGUVWF[CUKPINGGZRQUWTGVQQTRROFGETGCUGF#/RJCIQE[VQUKUKOOGFKCVGN[CHVGTGZRQUWTGTGEQXGT[QEEWTTGFD[FC[URQUVGZRQUWTGKPVJGRROITQWRDWVPQVKPVJGRROITQWR6JCVTGRGCVGFGZRQUWTGUVQ1 TGUWNVUKPCPKPKVKCNUWRRTGUUKQP 

### QH#/RJCIQE[VQUKUYJKEJKUHQNNQYGFD[TGEQXGT[QHRJCIQE[VKERQVGPVKCNYJKNGGZRQUWTGEQPVKPWGU&TKUEQNNGVCNYCUEQPHKTOGFD[VJGUVWFKGUQH)KNOQWTGVCNCPF%CPPKPIGVCN7UKPIKFGPVKECNGZRQUWTGU[UVGOUKVYCUQDUGTXGFVJCVEQPVKPWQWUGZRQUWTGQHOKEGVQRRO1 FGETGCUGF#/(ETGEGRVQTOGFKCVGFRJCIQE[VQUKUQHUJGGR 

### GT[VJTQE[VGUQP&C[UCPFQHGZRQUWTGYKVJTGVWTPVQEQPVTQNRJCIQE[VKENGXGNUD[&C[6JKUVGORQTCNVTGPFRCTCNNGNGFVJGRCVVGTPQH1 KPFWEGFTGFWEVKQPQHNWPIDCEVGTKEKFCN 

### CEVKXKV[CICKPUV5VCRJ[NQEQEEWUCWTGWU

+PVGTURGEKGUEQORCTKUQPUQH#/RJCIQE[VKERQVGPVKCNYGTGOCFGD[)KNOQWTCPF5GNITCFGYJQGZRQUGF%**G,CPF%$NOKEGCPF(KUEJGTTCVUVQCPFRRO1 HQTJ#NXGQNCTOCETQRJCIGRJCIQE[VQUKUQHNCVGZDGCFUYCUUWRRTGUUGFKPCNN 

### CPKOCNUKOOGFKCVGN[CHVGTRRO1 GZRQUWTGYKVJVJGRGTEGPVUWRRTGUUKQPITGCVGTKPDQVJ 

### UVTCKPUQHOKEGCUEQORCTGFVQUKOKNCTN[VTGCVGFTCVU0QFKHHGTGPEGUKPRJCIQE[VKEUWRRTGUUKQPYGTGQDUGTXGFDGVYGGPCPFRRO1 GZRQUGFTCVUQTVJG%$NOKEGDWV 

### RJCIQE[VQUKUD[#/UHTQORRO1 GZRQUGF%**G,OKEGYCUOQTGUWRRTGUUGFCU 

### EQORCTGFVQVJGRRO1 GZRQUGFITQWR+PCUKOKNCTEQORCTCVKXGUVWF[1QUVKPIGVCN 

### CGZRQUGFOKEGCPFTCVUVQRRO1 HQTUKPINGCPFJCPFTGRGCVGFJFC[ 

### HQTFC[UTGIKOGPU#FGETGCUGYCUQDUGTXGFKPTCVCPFOQWUG#/(ETGEGRVQTOGFKCVGF

### RJCIQE[VQUKUHQNNQYKPIVJGUKPING1 GZRQUWTGRTQVQEQN9KVJVJGTGRGCVGF1 GZRQUWTG  

### RTQVQEQNTCV#/RJCIQE[VQUKUYCUKPETGCUGFCFC[CHVGTGZRQUWTGYKVJPQUKIPKHKECPVEJCPIGUQP&C[UCPF+PEQPVTCUVRJCIQE[VQUKUD[OQWUG#/UYCUUWRRTGUUGFCV&C[QHGZRQUWTGCPFUVKNNFKFPQVTGEQXGTCV&C[+PVJGUCOGUVWF[YJGPOKEGYGTGCNNQYGFVQTGEQXGTHQTFC[UHQNNQYKPIFC[UQH1 GZRQUWTGRJCIQE[VQUKUD[#/UYCUKPETGCUGF

### 6JGUGKPVGTURGEKGUEQORCTKUQPUQPVJGGHHGEVQH1 GZRQUWTGQP#/RJCIQE[VKERQVGPVKCN 

### KPFKECVGVJCVOKEGOC[DGOQTGUWUEGRVKDNGVJCPTCVU#URGEKGUEQORCTKUQPQHUWRGTQZKFGCPKQPTCFKECNRTQFWEVKQPDGVYGGPOQWUG#/UCPFTCV#/UHQNNQYKPICUKPINGJGZRQUWTGVQ1 EQPEGPVTCVKQPUTCPIKPIHTQOVQ 

### RROUJQYGFVJG1 EQPEGPVTCVKQPVJCVKPJKDKVUUWRGTQZKFGCPKQPTCFKECNRTQFWEVKQPD[ 

### VQDGRROHQTOQWUG#/UCPFRROHQTTCV#/U4[GT2QYFGTGVCN1QUVKPIGVCNCCNUQHQWPFCURGEKGUFKHHGTGPEGKPUWRGTQZKFGCPKQPRTQFWEVKQPWUKPICOQTGXCTKGFGZRQUWTGFWTCVKQPRTQVQEQNOKEGCRRGCTGFVQDGOQTGTGURQPUKXGVJCPTCVU6JKUQZ[IGPTCFKECNKUKORQTVCPVKPCPVKDCEVGTKCNCEVKXKV[CPFDQVJUGVUQHCWVJQTUUWIIGUVVJCV1 KPFWEGFKORCKTOGPVQHRWNOQPCT[CPVKDCEVGTKCNFGHGPUGUOC[DGTGNCVGFVQFGETGCUGUKP



### UWRGTQZKFGCPKQPTCFKECNRTQFWEVKQP&GETGCUGFN[UQ\[OGGP\[OGNGXGNUKPTCV#/UCNUQYGTGQDUGTXGFFWTKPIEJTQPKE2UGWFQOQPCUCGTWIKPQUC DCEVGTKCNKPHGEVKQPHQNNQYKPIGZRQUWTGVQRRO1 HQTJFC[HQTFC[U5JGTYQQFGVCN 

### 'ZRQUWTGQHTCVUHQTJVQCPFRRO1 KPETGCUGF#/ 

### CFJGTGPEGVQP[NQPHKDGTUCVCPFRRODWVJCFPQGHHGEVCVCPFRRO8GPKPICCPF'XGN[P+PETGCUGFOGVCDQNKECEVKXKV[QH#/UTGVTKGXGFHTQOTCVUHQNNQYKPIEQPVKPWQWU1 GZRQUWTGHQTYGGMUVQCPFRROYCUQDUGTXGFD[/QEJKVCVGGVCN 

### +PCUKOKNCTUVWF[NQPIVGTO1 GZRQUWTGQHTCVUEQPVKPWQWURROHQTYGGMU 

### EQPVKPWGFVQKPETGCUG#/OGVCDQNKECEVKXKV[/QEJKVCVGCPF/KWTC'ZRQUWTGQHOKEGCPFTCVUHQTJFC[HQTFC[UVQRRO1 CNUQKPETGCUGFCFGPQUKPGVTKRJQURJCVG#62 

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

### HQNNQYKPIGZRQUWTGVQDWVPQVRRO2TQUVCINCPFKP' ECPFGRTGUU#/CPFPCVWTCN 

### MKNNGTEGNNE[VQVQZKEKV[VQVWOQTEGNNU2GTJCRUVJKUKUCOGEJCPKUOKPXQNXGFKPVJGFGRTGUUKQPQH#/OGFKCVGFE[VQVQZKEKV[VQYCTFZGPQIGPGKEVWOQTEGNNUHQNNQYKPIGZRQUWTGQHTCDDKVUHQTJFC[HQTFC[UVQRRO1 <GNKMQHHGVCN0QUVWFKGUYGTGHQWPFQPVJGGHHGEVU 

### QH1 QPCPVKIGPRTGUGPVCVKQP 



###  +OOWPQNQI[+PCFFKVKQPVQVJGCDQXGPQPURGEKHKEFGHGPUGOGEJCPKUOUVJGTGURKTCVQT[U[UVGOCNUQJCUURGEKHKEKOOWPQNQIKEOGEJCPKUOUVJCVECPDGKPKVKCVGFD[KPJCNGFCPVKIGPU6JGTGCTGVYQV[RGUQHKOOWPGOGEJCPKUOUCPVKDQF[JWOQTCNOGFKCVGFCPFEGNNOGFKCVGF+PIGPGTCNJWOQTCNOGEJCPKUOUPGWVTCNK\GXKTWUGUCPFOKETQDKCNVQZKPUGPJCPEGVJGKPIGUVKQPQHDCEVGTKCD[RJCIQE[VGUCPFRNC[CPKORQTVCPVTQNGKPFGHGPUGQHVJGNWPICICKPUVHWPICNCPFRCTCUKVKEKPHGEVKQPU%GNNOGFKCVGFOGEJCPKUOUGPJCPEGVJGOKETQDKQEKFCNECRCEKV[QH#/UKP

### FGHGPUGVQKPVTCEGNNWNCTDCEVGTKCUWEJCU/[EQDCEVGTKWOVWDGTEWNQUKU CPF.KUVGTKC

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

### *QYGXGTVJGFCVCDCUGKPFKECVGFCPKOOWPQVQZKEGHHGEVQH1 GZRQUWTGGURGEKCNN[QP6EGNN 

### RQRWNCVKQPU(QTGZCORNG#TCP[KGVCNHQWPFVJCVCFC[JFC[FC[UYGGMGZRQUWTGQHOKEGVQRRO1 UWRRTGUUGFDNCUVQIGPGUKUQHURNGPKEN[ORJQE[VGUVQ6EGNNDWV 

### PQV$EGNNOKVQIGPUVJGCDKNKV[QHVJGUGEGNNUVQRTQFWEGCPVKDQFKGUYCUPQVCHHGEVGFGKVJGT#UECPDGUGGPHTQO6CDNGVJKUFCVCDCUGJCUITGCVN[GZRCPFGFCPFCNUQJCUDGGPTGEGPVN[TGXKGYGF,CMCDGVCN/CP[QHVJGUVWFKGUKPENWFGDQVJVJGRWNOQPCT[CPFU[UVGOKEKOOWPGU[UVGOYJKEJVQCFGITGGCTGEQORCTVOGPVCNK\GFDQVJU[UVGOUCTGFKUEWUUGFJGTG5VWFKGUQPVJGGHHGEVQH1 GZRQUWTGQPVJGKOOWPGU[UVGOECPDGFKXKFGFKPVQVJTGG 

### DTQCFECVGIQTKGU6JGUGCTGOGCUWTGOGPVQHN[ORJQKFQTICPYGKIJVUCPFEGNNWNCTEQORQUKVKQPFGVGTOKPCVKQPQHVJGHWPEVKQPCNECRCEKV[QHN[ORJQE[VGUKPVJGCDUGPEGQHCPVKIGPKEUVKOWNCVKQPCPFOGCUWTGOGPVQHVJGKOOWPGTGURQPUGHQNNQYKPICPVKIGPKE

UVKOWNCVKQP&\KGF\KECPF9JKVGCQDUGTXGFVJCVGZRQUWTGQHOKEGVQCPFRRO1 HQTJFC[HQTFC[UTGUWNVGFKPCEQPEGPVTCVKQPFGRGPFGPVKPKVKCNFGRNGVKQPQH 

### EGNNUKPVJGOGFKCUVKPCNN[ORJPQFGU/.0U&C[UCPFVJKUYCUHQNNQYGFD[C6EGNNJ[RGTRNCUKCRGCMKPICDQWV&C[UCPF6JGTGYCUCPGPJCPEGFDNCUVQIGPKETGURQPUGVQVJG6EGNNOKVQIGPEQPECPCXCNKP#%QP#CVRRO1 QPN[NGXGNVGUVGF6JGTGYCUPQGHHGEV 

### QH1 QPEGNNFKXKUKQPOQTRJQNQI[QH$EGNNU+PCUKOKNCTUVWF[GZRQUWTGQHOKEGVQRRO 

### 1 HQTJFC[HQTFC[UTGUWNVGFKPCPKPKVKCNVJ[OKECVTQRJ[YKVJTGVWTPVQPQTOCNVJ[OWU



### YGKIJVUD[&C[QHGZRQUWTG&\KGF\KECPF9JKVGD'ZRQUWTGQHTCVUVQRRO1 HQTJFC[HQTFC[UCNUQKPETGCUGFDTQPEJWUCUUQEKCVGFN[ORJPQFGCPF/.0EGNN



### RTQNKHGTCVKQPCVCPFFC[UQHGZRQUWTGDWVPQVCVCPFFC[UQHGZRQUWTG&\KGF\KEGVCN$NGCXKPUCPF&\KGF\KEQDUGTXGFVJCVGZRQUWTGQH$#.$EOKEGVQRRO1 HQTJFC[HQTFC[UTGUWNVGFKPFGETGCUGFURNGGPCPFVJ[OWUYGKIJVUCV&C[ 

### YKVJTGEQXGT[CV&C[6JGCDUQNWVGPWODGTQHVJ[OQE[VGUFGETGCUGFHQNNQYKPIGZRQUWTGQHOKEGVQRRO1 HQTJFC[HQTFC[U.KCPF4KEJVGTUCCPFVQRRO1 HQT  

### JFC[HQTYGGMU.KCPF4KEJVGTUD#NVJQWIJVJGNCVVGTGZRQUWTGRTQVQEQNRROHQTJFC[HQTYGGMUFGETGCUGFVJGCDUQNWVGPWODGTQHVJ[OQE[VGUCPKPETGCUGKPVJGRGTEGPVCIGQHVJ[OQE[VGUYCUQDUGTXGFKPVJGCDUGPEGQHCP[EJCPIGUKPURNGPKE6EGNNU.KCPF4KEJVGTUD%QPVKPWQWUGZRQUWTGQHTCVUVQRRO1 HQTFC[UKPETGCUGF 

### /.06$N[ORJQE[VGTCVKQUKOOGFKCVGN[CPFFC[URQUVGZRQUWTG8CP.QXGTGPGVCN$NGCXKPUCPF&\KGF\KEQDUGTXGFCPKPETGCUGFKPHKNVTCVKQPQH6J[ N[ORJQE[VGUCPF+I/ EGNNUKPVQVJG1 KPFWEGFRWNOQPCT[NGUKQPHQNNQYKPIGZRQUWTGQHOKEGVQRRO1 HQT  

### JFC[HQTFC[U6JGNGUKQPYCUFGHKPGFD[SWCPVKVCVKXGJKUVQOQTRJQOGVTKECPCN[UKUCUCP[NWPICTGCYKVJKPHNCOOCVQT[EGNNKPHKNVTCVKQPEGNNWNCTRTQNKHGTCVKQPEQPUQNKFCVKQPQTGFGOC&\KGF\KECPF9JKVGCHWTVJGTKPXGUVKICVGFVJGUG6EGNNGHHGEVUD[GZRQUKPIPQTOCNCPFCVJ[OKEPWFG

### 6CDNG'HHGEVUQH1\QPGQP*QUV&GHGPUG/GEJCPKUOU+OOWPQNQI[C1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO DCUGURKMG TKUKPIVQ  DCUGURKMG TKUKPIVQ  JFC[  FC[UYGGMDCUG TCORGF URKMG JFC[  FC[UYGGM4CV /( FC[U QNF0Q GHHGEV QP URNGPKE 0- EGNN CEVKXKV[ QT URNGPKE N[ORJQE[VG DNCUVQIGPKE TGURQPUG VQ 6EGNN OKVQIGPU2*# CPF %QP# QT $EGNN OKVQIGP5 UCNOQPGNNCIN[EQRTQVGKP5GNITCFG GV CN 
 JFC[ HQT  FC[U 4CV /( YGGMU QNF&GETGCUGF NWPI 0- EGNN CEVKXKV[ CV  RRO QP &C[U   CPF  YKVJ TGEQXGT[ CV &C[  FGETGCUGF0- EGNN CEVKXKV[ CV  RRO QP &C[  
QPN[ FC[ VGUVGF$WTNGUQP GV CN 
%QPVKPWQWU HQT  FC[U 4CV /9KUVCT YGGMU QNF#V RRO KPETGCUGF 6$ EGNN TCVKQU KP /.0 &GETGCUGF 6$ EGNN TCVKQU KP /.0 CPF FGNC[GFV[RG J[RGTUGPUKVKXKV[ TGURQPUG HQNNQYKPI.KUVGTKC OQPQE[VQIGPGUKOOWPK\CVKQP8CP .QXGTGP GV CN 
 JFC[ HQT  FC[U 4CV /9KUVCT05&GETGCUGF NWPI 0- EGNN CEVKXKV[ CV  RRO KPETGCUGF NWPI 0- EGNN CEVKXKV[ CV  CPF RRO8CP .QXGTGP GV CN 
   JFC[ HQT  YGGMU /QWUG ($#.$E YGGMU QNF+PETGCUG KP RGTEGPVCIG QH VJ[OQE[VGU YKVJ NQYGT CDUQNWVG PWODGTU 0Q EJCPIGU KP URNGPKE6N[ORJQE[VGU.K CPF 4KEJVGTU 
D JFC[ HQT  FC[U /QWUG (%&%QPEGPVTCVKQP FGRGPFGPV /.0 EGNN FGRNGVKQPU 
&C[U  CPF  HQNNQYGF D[ 6EGNN J[RGTRNCUKC 
&C[U   CPF  'PJCPEGF DNCUVQIGPKE TGURQPUG VQ 6EGNN OKVQIGP %QP# CV  CPF  FC[U CV  RROQVJGT NGXGNU PQV VGUVGF&\KGF\KE CPF 9JKVG 
C   JFC[ HQT  FC[U /QWUG (5YKUU&GETGCUGF CPVKXKTCN UGTWO CPVKDQF[ HQNNQYKPI KPHNWGP\C XKTWU KPHGEVKQP CPF FGETGCUGF 6EGNNU KP NWPIVKUUWG,CMCD CPF *OKGNGUMK 
   JFC[ HQT  FC[U 4CV /( YGGMU QNF$#.6 CPF /.0 EGNN RTQNKHGTCVKQP CV  FC[U DWV PQV CV &C[U    CPF  &\KGF\KE GV CN 
   JFC[ HQT  FC[U /QWUG (%&/.0 J[RGTRNCUKC 6J[OKE CVTQRJ[ VJTQWIJ &C[  YKVJ TGVWTP VQ EQPVTQN NGXGN CV &C[  &\KGF\KE CPF 9JKVG 
D   JFC[ HQT  FC[U /QWUG ($#.$E YGGMU QNF&GETGCUG KP VJG CDUQNWVG PWODGT QH VJ[OQE[VGU .K CPF 4KEJVGTU 
C   JFC[ HQT  CPF FC[U/QWUG (#VJ[OKE CPFGWVJ[OKE%QORCTGF VQ GWVJ[OKE 
PW
 OKEG CVJ[OKE PWFG 
PWPW OKEG JCXG KPETGCUGF NWPIKPHNCOOCVKQP CPF NGUKQP XQNWOG DWV PQ /.0 J[RGTRNCUKC&\KGF\KE CPF 9JKVG 
C

### 6CDNGEQPV	F'HHGEVUQH1\QPGQP*QUV&GHGPUG/GEJCPKUOU+OOWPQNQI[C1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO   JFC[ HQT  FC[U /QWUG ($#.$E YGGMU QNF&GETGCUGF URNGGP CPF VJ[OWU YGKIJV CV &C[  YKVJ TGEQXGT[ CV &C[  +PETGCUGFKPHKNVTCVKQPQH 6J[ N[ORJQE[VGU CPF +I/ EGNNU KPVQ VJG 1 KPFWEGF RWNOQPCT[ NGUKQP$NGCXKPU CPF &\KGF\KE 
   JFC[ HQT  FC[U /QWUG ($%( YGGMU QNF&GETGCUGF DNCUVQIGPGUKU QH /.0 CPF URNGPKE N[ORJQE[VGU VQ 2*# OKVQIGP QP &C[ PQ GHHGEV QP &C[U   CPF  &GETGCUGF URNGPKE 0- EGNN CEVKXKV[ QP &C[U  CPF PQ GHHGEV QP &C[U  CPF  &GETGCUGF RWNOQPCT[ +I) CPF +I# TGURQPUG VQ QXCNDWOKPKOOWPK\CVKQP)KNOQWT CPF ,CMCD 
   JFC[ HQT  FC[U /QWUG /$#.$E OQ QNF5WRRTGUUKQP QH FGNC[GFV[RG J[RGTUGPUKVKXKV[ TGURQPUG VQ 54$%U QP &C[  PQ GHHGEV QP&C[U   CPF  6J[OKE CVTQRJ[ QP &C[  YKVJ FGETGCUGF 6J[ EGNNU KP VJ[OWU(WLKOCMK GV CN 
   JFC[ HQT YGGMU/QWUG /$#.$E YGGMU QNF5WRRTGUUKQP QH UGTWO +I) HQNNQYKPI QXCNDWOKP KOOWPK\CVKQP 1\CYC 
   JFC[ HQT YGGMU/QWUG /%$ ¥&$# ( YGGMU QNF&GETGCUGF CDKNKV[ QH URNGGP EGNNU VQ IGPGTCVG C RTKOCT[ CPVKDQF[ TGURQPUG VQ 54$%U KP XKVTQ 9TKIJV GV CN 
   JFC[ HQT  FC[U 4CV /.QPI'XCPU YGGMU QNF0Q GHHGEV QP NWPI CPF URNGPKE #&%% CEVKXKV['PJCPEGF DNCUVQIGPGUKU QH URNGPKE N[ORJQE[VGU VQ 2*# %QP# CPF NKRQRQN[UCEEJCTKFGOKVQIGPU CV  RRO'UMGY GV CN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC#IG QT DQF[ YGKIJV CV UVCTV QH GZRQUWTGD

### OKEGVQRRO1 HQTQTFC[UJFC[#HVGTFC[UQHGZRQUWTGVJGCVJ[OKEPWFG 

### OKEGFKFPQVJCXGVJG/.0J[RGTRNCUKCUGGPKPVJGGWVJ[OKEOKEG*QYGXGTVJGCVJ[OKEPWFGOKEGJCFCITGCVGTKPHNCOOCVQT[TGURQPUGCPFCPKPETGCUGKPNWPINGUKQPXQNWOGUEQORCTGFVQVJGGWVJ[OKEOKEG6JWUKVCRRGCTUVJCV6EGNNUJCXGUQOGKPXQNXGOGPVKPRTQVGEVKPIVJGNWPIUHTQOVJGOQTRJQNQIKECNGHHGEVUQH1  

### 6JGCDQXGNQPIKVWFKPCNUVWFKGUQPVJGGHHGEVUQH1 GZRQUWTGQPN[ORJQKFQTICPEGNN 

### PWODGTURTQXKFGKPHQTOCVKQPQPEGNNWNCTVTCHHKECPFEGNNPWODGTUDWVRTQXKFGHGYKPUKIJVUKPVQVJGHWPEVKQPCNECRCEKV[QHVJGN[ORJQE[VGU#PWODGTQHUVWFKGUJCXGKPXGUVKICVGFVJGGHHGEVQH1 GZRQUWTGQPVJGDNCUVQIGPKETGURQPUGQHN[ORJQE[VGUVQPQPURGEKHKEOKVQIGPU6JGUGCUUC[U



### OGCUWTGPQPURGEKHKEENQPCNGZRCPUKQPQHVJGN[ORJQE[VGRQRWNCVKQPCETKVKECNUVGRFWTKPIVJGCORNKHKECVKQPQHVJGKOOWPGTGURQPUG'ZRQUWTGQHOKEGVQRRO1 HQTJFC[HQT 

### FC[UGPJCPEGFVJG/.0EGNNDNCUVQIGPKETGURQPUGVQVJG6EGNNOKVQIGP%QP#CVCPFFC[UQHGZRQUWTGYKVJTGVWTPVQEQPVTQNNGXGNUD[&C[&\KGF\KECPF9JKVGC+PCUKOKNCTOCPPGT)KNOQWTCPF,CMCDQDUGTXGFVJCVEQPVKPWQWUGZRQUWTGQHOKEGVQRRO1 FGETGCUGFVJG/.0CPFURNGPKEN[ORJQE[VGDNCUVQIGPKETGURQPUGVQVJG6EGNNOKVQIGP



### RJ[VQJGOCIINWVKPKP2*#QP&C[QHGZRQUWTGYKVJVJGGHHGEVCDTQICVGFCHVGTRTQNQPIGFGZRQUWTG#PGPJCPEGFDNCUVQIGPKETGURQPUGQHURNGPKEN[ORJQE[VGUVQ2*#CPF%QP#CPFC$EGNNOKVQIGP'UEJGTKEJKCEQNK NKRQRQN[UCEEJCTKFGYCUQDUGTXGFHQNNQYKPIGZRQUWTGQHTCVUVQRRO1 HQTJFC[HQTFC[U'UMGYGVCN 

### 0CVWTCNMKNNGTEGNNCEVKXKV[CNUQJCUDGGPUVWFKGF1PGUWEJUVWF[KPTCVUQDUGTXGFCFGETGCUGFNWPI0-EGNNCEVKXKV[HQNNQYKPICPFFC[UQHGZRQUWTGVQRROHQTJFC[YKVJTGEQXGT[D[&C[$WTNGUQPGVCN+PCUKOKNCTGZRGTKOGPV8CP.QXGTGPGVCNQDUGTXGFFGETGCUGFNWPI0-EGNNCEVKXKV[HQNNQYKPIFC[UQHEQPVKPWQWUGZRQUWTGQHTCVUVQRRO1 JQYGXGTGZRQUWTGVQCPFRROGPJCPEGF 

### NWPI0-EGNNCEVKXKV['ZRQUWTGQHOKEGHQTJFC[HQTFC[UVQRRO1 CNUQ 

### FGETGCUGFURNGPKE0-EGNNCEVKXKV[QP&C[UCPFYKVJCTGVWTPVQEQPVTQNXCNWGUQP&C[UCPF)KNOQWTCPF,CMCD(KPCNN[5GNITCFGGVCNWUGFCPGZRGTKOGPVCNRTQVQEQNFGUKIPGFVQOKOKEFKWTPCNWTDCP1 GZRQUWTGRCVVGTPU4CVUYGTGGZRQUGFVQC 

### DCEMITQWPFNGXGNQHRROHQTJFC[UYGGMHQNNQYGFD[CDTQCFGZRQUWTGURKMGFC[UYGGMTKUKPIHTQOVQRROCPFTGVWTPKPIVQRROQXGTJCPFVJGPHQNNQYGFD[JFQYPVKOG#HVGTQTYGGMUQHGZRQUWTGURNGGPEGNNUYGTGCUUGUUGFHQT0-EGNNCEVKXKV[CPFTGURQPUGUVQ6EGNNOKVQIGPU2*#CPF%QP#CPFC$EGNNOKVQIGP5CNOQPGNNCV[RJKOWTKWO IN[EQRTQVGKP1\QPGGZRQUWTGJCFPQGHHGEVQP0-EGNNCEVKXKV[PQTYGTGVJGTGCP[1 TGNCVGFEJCPIGUKPOKVQIGPTGURQPUGUKPURNGPKEQTDNQQF 

### NGWMQE[VGU6JGTGYGTGCNUQPQGHHGEVUQHCUKPINGJGZRQUWTGVQRRO1 QPURNGGPEGNN 

### TGURQPUGUVQVJGOKVQIGPUKOOGFKCVGN[CHVGTGZRQUWTGQTCVCPFJVJGTGCHVGT5GXGTCNUVWFKGUCNUQJCXGKPXGUVKICVGFVJGGHHGEVQH1 GZRQUWTGQPVJGKOOWPG 

### TGURQPUGHQNNQYKPICPVKIGPKEUVKOWNCVKQP(WLKOCMKQDUGTXGFVJCVGZRQUWTGQHOKEGVQRRO1 HQTJFC[HQTFC[UUWRRTGUUGFVJGRTKOCT[URNGPKECPVKDQF[TGURQPUGVQ 

### UJGGRTGFDNQQFEGNNU54$%U6EGNNFGRGPFGPVCPVKIGPDWVPQVVQ&02(KEQNN6EGNNKPFGRGPFGPVCPVKIGP+PCUKOKNCTUVWF[GZRQUWTGQHOKEGVQRRO1 HQTJFC[HQT 

### FC[UUWRRTGUUGFVJGFGNC[GFV[RGJ[RGTUGPUKVKXKV[TGURQPUGVQ54$%UQP&C[DWVPQVQP&C[UCPF(WLKOCMKGVCN5WRRTGUUKQPQHUGTWO+I)NGXGNUQPQXCNDWOKPKOOWPK\CVKQPYCUQDUGTXGFHQNNQYKPIGZRQUWTGQHOKEGVQRRO1 HQTJFC[HQT 

### YGGMU1\CYC&GETGCUGFRWNOQPCT[+I)CPF+I#TGURQPUGUQPQXCNDWOKPKOOWPK\CVKQPYGTGCNUQQDUGTXGFKPOKEGFWTKPICYGGM1 GZRQUWTGHQTJFC[VQ 

### RRO)KNOQWTCPF,CMCD'ZRQUWTGQHOKEGVQRRO1 EQPVKPWQWUN[HQT 

### FC[UFWTKPIVJGEQWTUGQHKPHNWGP\CXKTWUKPHGEVKQPCNUQFGETGCUGFVJGUGTWOJGOCIINWVKPKPCPVKXKTCNCPVKDQF[TGURQPUG,CMCDCPF*OKGNGUMK8CP.QXGTGPGVCNKPXGUVKICVGFCPVKIGPURGEKHKETGURQPUGUHQNNQYKPIRWNOQPCT[.KUVGTKC KPHGEVKQPCPFQDUGTXGFPQUKIPKHKECPVEJCPIGUKPVJGFGNC[GFV[RGJ[RGTUGPUKVKXKV[TGURQPUGYJGP1 GZRQUWTGEQPVKPWQWURROYCUHQTFC[URTKQTVQ 

### KPHGEVKQP*QYGXGTKHVJG1 GZRQUWTGVQQMRNCEGYJGPCPKPHGEVKQPYKVJ.KUVGTKC YCUCNUQ 

### RTGUGPVHTQO&C[UVQQTHTQO&C[UVQVJGFGNC[GFV[RGJ[RGTUGPUKVKXKV[TGURQPUGYCUUKIPKHKECPVN[FGETGCUGF+PCUKOKNCTOCPPGTPQUKIPKHKECPVEJCPIGUYGTGQDUGTXGFKPVJGURNGPKEN[ORJQRTQNKHGTCVKXGTGURQPUGVQ.KUVGTKC CPVKIGPYJGPVJGRRO1 GZRQUWTG 

### RTGEGFGFVJGKPHGEVKQPYJGTGCUVJGTGURQPUGYCUUWRRTGUUGFYJGPVJGRRO1 GZRQUWTG 

### QEEWTTGFKOOGFKCVGN[CHVGTKPHGEVKQPQTHTQO&C[UVQCHVGTKPHGEVKQP+PVJGUCOGUGTKGUQHGZRGTKOGPVU8CP.QXGTGPGVCNQDUGTXGFVJCVEQPVKPWQWUGZRQUWTGVQRRO1 KORCKTGFVJGKPETGCUGKP6$N[ORJQE[VGTCVKQUVJCVQEEWTTGFKPTGURQPUGVQVJG.KUVGTKC

 

### KPHGEVKQP

 +PVGTCEVKQPYKVJ+PHGEVKQWU#IGPVU$GECWUGTGURKTCVQT[KPHGEVKQPUTGOCKPQPGQHVJGOQUVEQOOQPRWDNKEJGCNVJRTQDNGOUKVKUKORQTVCPVVQFGVGTOKPGYJGVJGTQTPQVGZRQUWTGVQCKTRQNNWVCPVUTGFWEGUWUEGRVKDKNKV[VQKPHGEVKQWUCIGPVU/GCUWTGOGPVQHVJGEQORGVGPEGQHVJGJQUV	UCPVKOKETQDKCNOGEJCPKUOUECPDGUVDGVGUVGFD[EJCNNGPIKPICKTRQNNWVCPVGZRQUGFCPKOCNUCPFVJGENGCPCKTGZRQUGFEQPVTQNCPKOCNUVQCPCGTQUQNQHXKCDNGQTICPKUOU+HVJGVGUVUWDUVCPEGUWEJCU1  

### FGETGCUGUVJGGHHKEKGPE[QHVJGJQUV	UKPVGITCVGFRTQVGEVKXGOGEJCPKUOUKGRJ[UKECNENGCTCPEGXKCVJGOWEQEKNKCT[GUECNCVQTOKETQDKEKFCNCEVKXKV[QHVJG#/UCPFCUUQEKCVGFJWOQTCNCPFEGNNWNCTKOOWPQNQIKEGXGPVUVJGOKETQQTICPKUOUCTGNGUUGHHKEKGPVN[MKNNGFKPVJGNWPIUQTVJGQTICPKUOUOC[GXGPOWNVKRN[TGUWNVKPIKPVJGFGOKUGQHVJGJQUV6JGFGHGPUKXGHWPEVKQPQHVJGNWPIKUTGOCTMCDN[UKOKNCTCETQUUCPKOCNUURGEKGUCPFCXCKNCDNGJWOCPFCVCUWIIGUVUVJCVSWCNKVCVKXGHKPFKPIUQDVCKPGFQPHWPEVKQPCNTGUKUVCPEGOGEJCPKUOUWUKPICRRTQRTKCVGCPKOCNOQFGNUOC[DGGZVTCRQNCVGFVQJWOCPU)TGGP6JGUVWFKGUFGVCKNGFKPVJGRTGXKQWUETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[RTKOCTKN[WUGFVJGOQWUGKPHGEVKXKV[OQFGN)CTFPGT$TKGHN[CPKOCNUCTGTCPFQON[UGNGEVGFVQDGGZRQUGFVQGKVJGTENGCPCKTQT1 #HVGTGZRQUWTG 

### VJGCPKOCNUHTQODQVJITQWRUCTGEQODKPGFCPFGZRQUGFVQCPCGTQUQNQHOKETQQTICPKUOU6JGXCUVOCLQTKV[QHVJGUGUVWFKGUJCXGDGGPEQPFWEVGFYKVJUVTGRVQEQEEWUURGEKGU#VVJGVGTOKPCVKQPQHVJGKPHGEVKQWUGZRQUWTGRGTKQFVJGCPKOCNUCTGJQWUGFKPENGCPCKTCPFVJGOQTVCNKV[TCVGKPVJGVYQITQWRUKUFGVGTOKPGFFWTKPICFC[JQNFKPIRGTKQF+PVJKUU[UVGOVJGEQPEGPVTCVKQPUQH1 WUGFFQPQVECWUGCP[OQTVCNKV[6JGOQTVCNKV[KPVJGEQPVTQNITQWR 

### ENGCPCKTRNWUGZRQUWTGVQVJGOKETQQTICPKUOTCPIGUHTQOCRRTQZKOCVGN[VQCPFTGHNGEVUVJGPCVWTCNTGUKUVCPEGQHVJGJQUVVQVJGKPHGEVKQWUCIGPVU6JGFKHHGTGPEGKPOQTVCNKV[DGVYGGP1 GZRQUWTGITQWRUCPFVJGEQPVTQNUKUEQPEGPVTCVKQPTGNCVGF)CTFPGT6JGUG 

### UVWFKGUUJQYGFVJCVFGRGPFKPIQPVJG1 GZRQUWTGRTQVQEQNCJGZRQUWTGVQEQPEGPVTCVKQPU 

### CUNQYCURRO1 ECPGPJCPEGVJGKPETGCUGFOQTVCNKV[QH%&OKEGHTQOUVTGRVQEQEEWU 

### KPHGEVKQP%QHHKPGVCN%QHHKPCPF)CTFPGT/KNNGTGVCN*QYGXGTCNVJQWIJCRTQNQPIGFKPVGTOKVVGPVGZRQUWTGFC[UVQRRO1 KPETGCUGFOQTVCNKV[KP 

### VJKUOQFGNU[UVGOVJGOCIPKVWFGQHVJGGHHGEVYCUPQVUWDUVCPVKCNN[ITGCVGTVJCPVJCVCHVGTCEWVGGZRQUWTG#TCP[KGVCN

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

### HWPEVKQPPQTOCNN[CPFDCEVGTKCNKPCEVKXCVKQPRTQEGGFUCVCUNQYGTTCVGKPFKECVKPIKORCKTOGPVQHJQUVFGHGPUGU(QTGZCORNG)QNFUVGKPGVCNDUJQYGFVJCVCJGZRQUWTGQHOKEGVQ

RRO1 CHVGTKPHGEVKQPYKVJ5CWTGWU FGETGCUGFNWPIDCEVGTKEKFCNCEVKXKV[5VWFKGU 

### CRRGCTKPIKPVJGNKVGTCVWTGUKPEGRWDNKECVKQPQHVJGRTGXKQWUETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[CTGFGUETKDGFDGNQYCNUQUGG6CDNG)KNOQWTGVCNCQDUGTXGFVJCVGZRQUWTGQH%**G,CPF%$NOKEGHQTJVQCPFRRO1 TGUWNVGFKPFGETGCUGFKPVTCRWNOQPCT[MKNNKPIQH5\QQGRKFGOKEWU KP 

### DQVJUVTCKPUQHOKEG#NVJQWIJDQVJUVTCKPUYGTGCHHGEVGFVJG%**G,OKEGCRRGCTGFVQDGOQTGUWUEGRVKDNGDGECWUGDCEVGTKEKFCNCEVKXKV[YCUFGETGCUGFUQQPGTCPFOQTVCNKV[YCUGPJCPEGFOQTG)KNOQWTGVCNDGZRCPFGFVJGUGUVWFKGUVQ%&OKEGQHFKHHGTGPVCIGUCPFYGGMUQNFGZRQUGFHQTJVQCPFRRO1 6JGJKIJGT

### EQPEGPVTCVKQPFGETGCUGFKPVTCRWNOQPCT[MKNNKPIJCHVGTKPHGEVKQPYKVJ5\QQGRKFGOKEWU VJGTGYCUPQGHHGEVQHCIG*QYGXGTVJGYGGMQNFOKEGYGTGOQTGUWUEGRVKDNGVQVJGKPHGEVKQPDGECWUGOQTVCNKVKGUYGTGCPFKPVJGCKTRROCPFRROGZRQUWTGITQWRUTGURGEVKXGN[YJGTGCUQPN[CPFQHVJGQNFGTCPKOCNUFKGFYKVJCPCNQIQWUGZRQUWTG2TGVTGCVOGPVQHVJGOKEGYKVJKPFQOGVJCEKPTGFWEGFVJG1 KPFWEGFGPJCPEGOGPVQH2)'  

### NGXGNUKP$#.CUYGNNCUVJGGPJCPEGFOQTVCNKV[KPVJGYGGMQNFOKEGUWIIGUVKPICP

KPXQNXGOGPVQHCTCEJKFQPKECEKFOGVCDQNKVGUKPCPVKDCEVGTKCNFGHGPUGU)KNOQWTCPF5GNITCFGUVWFKGFVJGKPVGTURGEKGUTGURQPUGVQGZRGTKOGPVCN5\QQGRKFGOKEWU KPHGEVKQPQHTCVUCPF%**G,CPF%$NOKEGHQNNQYKPICJGZRQUWTGVQCPFRRO1 'ZRQUWTGQHTCVUVQ1 UWRRTGUUGFKPVTCRWNOQPCT[DCEVGTKCNMKNNKPIYKVJ  

### PQFKHHGTGPEGUQDUGTXGFDGVYGGPVJGCPFRRO1 GZRQUWTGITQWRU'ZRQUWTGQH 

### %$NOKEGVQRRO1 CNUQTGUWNVGFKPCUWRRTGUUKQPQHDCEVGTKEKFCNCEVKXKV[CPF 

### GZRQUWTGVQRRO1 NGFVQDCEVGTKCNRTQNKHGTCVKQPKPVJGNWPIUTGUWNVKPIKPOQTVCNKV[CV 

### &C['ZRQUWTGQH%**G,OKEGVQDQVJCPFRRO1 TGUWNVGFKPDCEVGTKCN 

### RTQNKHGTCVKQPYKVJTGURGEVKXGN[CPFOQTVCNKV[CV&C[CHVGTGZRQUWTG+PETGCUGFOQTVCNKV[HTQO5\QQGRKFGOKEWU KPHGEVKQPHQNNQYKPIJFC[GZRQUWTGHQTFC[UYGGMHQTYGGMUCNUQYCUQDUGTXGFHQNNQYKPICPFDWVPQVRRO1 GZRQUWTG)TCJCOGVCN 

### 6QKPXGUVKICVGVJGGHHGEVQHNQPIGTGZRQUWTGUCPFEJCNNGPIGUYKVJDCEVGTKC)KNOQWTGVCNGZRQUGFOKEGEQPVKPWQWUN[VQRRO1 HQTFC[U#VCPFFC[U 

### KPVTCRWNOQPCT[MKNNKPIYCUCUUGUUGFD[KPJCNCVKQPEJCNNGPIGYKVJ5CWTGWU CPF2TQVGWU

OKTCDKNKU 1\QPGGZRQUWTGKORCKTGFVJGKPVTCRWNOQPCT[MKNNKPIQH5CWTGWU CVCPFFC[U*QYGXGTYKVJRTQNQPIGFGZRQUWTGVJGDCEVGTKEKFCNECRCEKV[QHVJGNWPIUTGVWTPGFVQPQTOCN+PEQPVTCUVVQ5CWTGWU YJGP2OKTCDKNKU YCUVJGEJCNNGPIGQTICPKUO1 GZRQUWTGJCFPQ 

### UWRRTGUUKXGGHHGEVQPRWNOQPCT[DCEVGTKEKFCNCEVKXKV[6JGCWVJQTUCVVTKDWVGVJKUFKHHGTGPEGVQVJGFGHGPUGOGEJCPKUOUKPXQNXGF#NXGQNCTOCETQRJCIGUCTG### 6CDNG'HHGEVUQH1\QPGQP*QUV&GHGPUG/GEJCPKUOU+PVGTCEVKQPUYKVJ+PHGEVKQWU#IGPVUC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO JFC[ FC[UYGGM HQT YGGMU/QWUG (%& YGGMU QNF+PETGCUGF OQTVCNKV[ HTQO5VTGRVQEQEEWU \QQGRKFGOKEWUKPHGEVKQP CV  CPF  RRO )TCJCO GV CN 
%QPVKPWQWU HQT FC[U4CV /9KUVCT YGGMU QNF&GETGCUGF DCEVGTKEKFCN CEVKXKV[ XU.KUVGTKC OQPQE[VQIGPGUCV  CPF  RRO +PETGCUGFOQTVCNKV[ CV  RRO8CP .QXGTGP GV CN 
 JFC[ HQT  FC[U /QWUG (%& YGGMU QNF+PETGCUGF OQTVCNKV[ HTQO KPHNWGP\C XKTWU KPHGEVKQP CPF KPETGCUGF RWNOQPCT[ XKTWU VKVGTU CV  RROYJGP KPHGEVKQP HQNNQYGF  FC[U QH GZRQUWTG DWV PQV CV QVJGT VKOG RQKPVU *KUVQRCVJQNQIKE CPFRWNOQPCT[ HWPEVKQP EJCPIGU OQTG UGXGTG YKVJ VJKU TGIKOGP #V RRO KPETGCUGF NWPI YGVYGKIJV YJGP XKTWU IKXGP CHVGT  FC[U QH 1 GZRQUWTG5GNITCFG GV CN 
 J /QWUG (%**G,%$N FC[U QNF&GETGCUGF DCEVGTKEKFCN CEVKXKV[ XU5VTGRVQEQEEWU \QQGRKFGOKEWU +PETGCUGF OQTVCNKV[ KP DQVJUVTCKPU YKVJ ITGCVGT OQTVCNKV[ KP VJG %**G, UVTCKP)KNOQWT GV CN 
C J /QWUG (%& CPF  YGGMU QNF&GETGCUGF DCEVGTKEKFCN CEVKXKV[ XU5VTGRVQEQEEWU \QQGRKFGOKEWU +PETGCUGF OQTVCNKV[ KP DQVJ CIGITQWRU YKVJ ITGCVGT OQTVCNKV[ KP VJG YGGMQNF OKEG)KNOQWT GV CN 
D J /QWUG (%**G,%$N4CV( FC[U QNF&GETGCUGF KPVTCRWNOQPCT[ MKNNKPI QH5VTGRVQEQEEWU \QQGRKFGOKEWU )KNOQWT CPF 5GNITCFG 
   JFC[ HQT FC[U/QWUG (5YKUU I&GETGCUGF DCEVGTKEKFCN CEVKXKV[ XU5VCRJ[NQEQEEWU CWTGWUQP &C[U  CPF  PQ GHHGEV QP &C[U CPF  'PJCPEGF DCEVGTKEKFCN CEVKXKV[ XU2TQVGWU OKTCDKNKUQP &C[U   CPF  PQ GHHGEV QP&C[ )KNOQWT GV CN 
   JFC[ HQT FC[U/QWUG (5YKUU I0Q GHHGEV QP RWNOQPCT[ XKTWU VKVGTU FWTKPI KPHNWGP\C XKTWU KPHGEVKQP 1 FGETGCUGF NWPIOQTRJQNQIKECN KPLWT[ FWG VQ XKTWU 
&C[ ,CMCD CPF *OKGNGUMK 
   JFC[ HQT FC[U/QWUG (5YKUU I1\QPG FGETGCUGF CEWVG NWPI KPHNWGP\CN KPLWT[ DWV KPETGCUGF RWNOQPCT[ HKDTQUKU FWTKPI VJG EQWTUGQH CPF RGTKQF CHVGT KPHNWGP\C XKTWU KPHGEVKQP,CMCD CPF $CUUGVV 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC#IG QT DQF[ YGKIJV CV UVCTV QH GZRQUWTGD

### CEVKXGCICKPUVVJGITCORQUKVKXG5CWTGWU #/UCPF2/0UFGHGPFCICKPUVVJGITCOPGICVKXG

2OKTCDKNKU 6JGGHHGEVUQH1 QPDCEVGTKEKFCNCEVKXKV[CICKPUV5CWTGWU RCTCNNGNGFVJGGHHGEVU 

### QP#/RJCIQE[VQUKUGCTN[FGETGCUGVJGPPQEJCPIG9KVJ2OKTCDKNKU VJGTGYCUOQTGVJCPCHQNFKPETGCUGKP2/0UKPVJGNWPIVJCVYCUPQVCNVGTGFD[1 GPCDNKPIDCEVGTKEKFCN 

### CEVKXKV[VQQEEWT+PCUKOKNCTOCPPGTGZRQUWTGQHTCVUHQTJFC[HQTFC[UVQCPFRRO1 FGETGCUGFRWNOQPCT[DCEVGTKEKFCNCEVKXKV[CICKPUV.KUVGTKC CV 

### CPFRROYKVJKPETGCUGFOQTVCNKV[CVRRO8CP.QXGTGPGVCN6JGUGGHHGEVUYGTGCUUQEKCVGFYKVJKPETGCUGFRCVJQNQIKENGUKQPUEJCTCEVGTK\GFD[OWNVKHQECNKPHKNVTCVGUQHJKUVKQE[EVKECPFN[ORJQKFEGNNUHQWPFKPVJGNWPIUCPFNKXGTQH1 GZRQUGFCPF.KUVGTKC 

### KPHGEVGFCPKOCNUCUEQORCTGFVQ.KUVGTKC KPHGEVKQPCNQPG(GYGTUVWFKGUQHXKTCNKPHGEVKXKV[JCXGDGGPEQPFWEVGF'ZRQUWTGHQTFC[UVQRRO1 FWTKPIVJGEQWTUGQHOWTKPGKPHNWGP\CXKTWUKPHGEVKQPJCFPQGHHGEVQPRWNOQPCT[ 

### XKTWUVKVGTU,CMCDCPF*OKGNGUMK#FC[GZRQUWTGHQTJFC[VQRRO1 YKVJ 

### KPHNWGP\CXKTWUKPHGEVKQPQPVJGUGEQPFFC[QHGZRQUWTGJCFPQGHHGEVQPRWNOQPCT[XKTWUVKVGTUDWVFKFUJQYKPETGCUGFOQTVCNKV[KPETGCUGFNWPIYGVYGKIJVCPFOQTGUGXGTGPQPUWRRWTCVKXGRPGWOQPKVKUCPFGRKVJGNKCNOGVCRNCUKCCPFJ[RGTRNCUKCYKVJEJCPIGUKPNWPIHWPEVKQPEQPUKUVGPVYKVJVJCVGHHGEV5GNITCFGGVCN.WPIYGVYGKIJVCNUQYCUKPETGCUGFYJGPVJGOKEGYGTGKPHGEVGFCHVGTVJGUGEQPFFC[QHGZRQUWTGVQDWVPQVRRO9JGPKPHGEVKQPQEEWTTGFQPQVJGTFC[UFWTKPIVJGFC[1 GZRQUWTGPQUWEJ 

### GHHGEVUYGTGHQWPF6[RKECNN[KPHNWGP\CXKTWUKPHGEVKQPECWUGURPGWOQPKVKUEJCTCEVGTK\GFD[UGXGTGCEWVGNWPIFCOCIGVJCVGXGPVWCNN[TGUQNXGUVQRGTUKUVGPVCNXGQNKVKUCPFEJCPIGUKPVJGRCTGPEJ[OCHQECNKPVGTUVKVKCNRPGWOQPKCCPFEQNNCIGPFGRQUKVKQP,CMCDCPF$CUUGVVKPXGUVKICVGFVJGGHHGEVQHNQPIVGTO1 GZRQUWTGJFC[HQTFC[UVQRROQPOKEG 

### CFOKPKUVGTGFKPHNWGP\CXKTWUKOOGFKCVGN[DGHQTG1 GZRQUWTGUVCTVGF6JGCWVJQTUQDUGTXGFCP 

### KPETGCUGKPRWNOQPCT[HKDTQUKUYKVJVJGXKTWUKPHGEVKQPCUEQORCTGFVQ1 GZRQUWTGCNQPG

### &WTKPIVJGEQWTUGQHVJGXKTCNKPHGEVKQP1 GZRQUWTGJCFPQGHHGEVQPRWNOQPCT[XKTWUVKVGTU 

### CPFTGFWEGFVJGXKTWUKPFWEGFCEWVGNWPIKPLWT[*QYGXGTHTQO&C[CHVGTKPHGEVKQPKPETGCUGFPWODGTUQH#/UN[ORJQE[VGUCPF2/0UYGTGTGEQXGTGFHTQOCPKOCNUGZRQUGFVQXKTWURNWU1 CUEQORCTGFVQXKTWUKPHGEVKQPCNQPGQT1 GZRQUWTGCNQPG6JKUKPETGCUGF  

### CNXGQNKVKUEQTTGNCVGFYKVJKPETGCUGUKPOQTRJQOGVTKECNN[FGVGTOKPGFNWPIFCOCIGCPFNWPIJ[FTQZ[RTQNKPGEQPVGPVCDKQEJGOKECNOCTMGTKPFKECVKXGQHRWNOQPCT[HKDTQUKU1\QPGGZRQUWTGCFOKPKUVGTGFFC[UCHVGTXKTCNKPHGEVKQPGPJCPEGFNWPIJ[FTQZ[RTQNKPGEQPVGPVCV&C[CUEQORCTGFVQGKVJGTXKTWUKPHGEVKQPQT1 GZRQUWTGCNQPG6JWU1 GPJCPEGF  

### RQUVKPHNWGP\CNCXGQNKVKUCPFRCTGPEJ[OCNEJCPIGU(TQOVJGUGFCVCVJGCWVJQTUURGEWNCVGFVJCVVJGOGEJCPKUOHQTVJGRQUVKPHNWGP\CNWPIFCOCIGOC[DGTGNCVGFVQ1 KORCKTKPIVJGTGRCKT 

### RTQEGUUQHVJGXKTCNKPFWEGFCEWVGNWPIKPLWT[+PVJGUVWFKGUTGRQTVGFVQFCVGKVKUENGCTVJCVVJGVGORQTCNTGNCVKQPUJKRUDGVYGGP1 GZRQUWTGCPFKPHNWGP\CNKPHGEVKQPCTGKORQTVCPV6JKUKUPQVUWTRTKUKPIDGECWUGVJGTGCTG



### UGXGTCNYCXGUQHFKHHGTGPVCPVKXKTCNFGHGPUGOGEJCPKUOUVJCVOKIJVDGCHHGEVGFFKHHGTGPVN[D[1 *QYGXGTVJG[JCXGPQVDGGPUVWFKGFCFGSWCVGN[HQTUWUEGRVKDKNKV[VQ1 #RRCTGPVN[1

  

### FQGUPQVCNVGTFGHGPUGUTGURQPUKDNGHQTENGCTKPIXKTWUHTQOVJGNWPIUCUGXKFGPEGFD[VJGNCEMQHGHHGEVQH1 QPXKTCNVKVGTU5GNITCFGGVCN,CMCDCPF*OKGNGUMK6JG 

### KPVGTCEVKQPDGVYGGPXKTWUCPF1 QPJKUVQNQIKECNEJCPIGUKPNWPIVKUUWGECPDGFCOCIKPI 

### 5GNITCFGGVCN,CMCDCPF$CUUGVVQTDGPGHKEKCN,CMCDCPF$CUUGVVRQUUKDN[FGRGPFKPIQPVJGVKOGQHQDUGTXCVKQPTGNCVKXGVQVJGUVCIGQHVJGKPHGEVKQWURTQEGUU### 6JGGZCEVTGCUQPUCTGPQVMPQYPDWVRGTJCRUVJGKPFWEVKQPQHKPVGTHGTQPRTQFWEVKQPD[VJGXKTWURNC[UCTQNG+PPQPKPHGEVKQWUUVWFKGU&\KGF\KECPF9JKVGDQDUGTXGFVJCVKPVGTHGTQPKPFWEVKQPOKVKICVGU1 KPFWEGFNWPINGUKQPUFGHKPGFCUCTGCUYKVJKPHNCOOCVQT[EGNN 

### KPHKNVTCVKQPEGNNWNCTRTQNKHGTCVKQPEQPUQNKFCVKQPQTGFGOCCPFVJCVCPVKKPVGTHGTQPVTGCVOGPV

GZCEGTDCVGUVJQUGNGUKQPU

 5WOOCT['ZRQUWTGVQ1 ECPTGUWNVKPCNVGTCVKQPUQHCNNVJGFGHGPUGOGEJCPKUOUQHVJG 

### TGURKTCVQT[VTCEVKPENWFKPIOWEQEKNKCT[CPFCNXGQNQDTQPEJKQNCTENGCTCPEGHWPEVKQPCNCPFDKQEJGOKECNCEVKXKVKGUQH#/UKOOWPQNQIKEEQORGVGPEGCPFUWUEGRVKDKNKV[VQTGURKTCVQT[KPHGEVKQPU5VTWEVWTCNUGG5GEVKQPHWPEVKQPCNCPFDKQEJGOKECNCNVGTCVKQPUKPVJGOWEQEKNKCT[GUECNCVQTQEEWTCHVGT1 GZRQUWTG/WEQEKNKCT[ENGCTCPEGKUUNQYGFKPTCDDKVUCHVGT 

### CUKPINGJGZRQUWTGVQRRODWVTGRGCVGFWRVQFC[GZRQUWTGUJCXGPQUWEJKORCEV5EJNGUKPIGTCPF&TKUEQNN5GETGVKQPUQHOWEQWUEQORQPGPVUCTGCHHGEVGFD[TGRGCVGFGZRQUWTG2JKRRUGVCN/E$TKFGGVCN9JGPNCODUYGTGGZRQUGFRRO1  

### JFC[FC[UUJQTVN[CHVGTDKTVJVTCEJGCNOWEQWUEQORQPGPVUFKFPQVFGXGNQRPQTOCNN[/CTKCUU[GVCN+PEQPVTCUVCNXGQNCTENGCTCPEGQHTCDDKVUCHVGTCEWVG1 GZRQUWTGRROJFC[VQFC[UKUCEEGNGTCVGF&TKUEQNNGVCN+PVJGUCOG



### UVWF[CFC[GZRQUWTGECWUGFPQGHHGEVUCPFCJKIJGTEQPEGPVTCVKQPRROUNQYGFCNXGQNCTENGCTCPEG#UKOKNCTRCVVGTPQHUNQYGFVTCEJGQDTQPEJKCNENGCTCPEGCPFCEEGNGTCVGFCNXGQNCTENGCTCPEGQEEWTUKPTCVU2JCNGPGVCN-GPQ[GTGVCN#UWDEJTQPKEYGGMGZRQUWTGQHTCVUVQCPWTDCPRCVVGTPQH1 KPETGCUGFVJGTGVGPVKQPQHCUDGUVQUHKDGTU 

### 2KPMGTVQPGVCN#NVJQWIJ#/UJCXGPWOGTQWUHWPEVKQPUQPGRTKOCT[TQNGKUVQENGCTVJGNWPIQHKPHGEVKQPUCPFPQPKPHGEVKQWURCTVKENGU2JCIQE[VQUKUQHDCEVGTKCKPGTVRCTVKENGUCPFCPVKDQF[EQCVGFTGFDNQQFEGNNU4$%UKUKPJKDKVGFD[CEWVGGZRQUWTGVQ1 6JGNQYGUVGHHGEVKXG 

### EQPEGPVTCVKQPVGUVGFYCURRO1 JKPTCDDKVU&TKUEQNNGVCN+HGZRQUWTGUCTG 

### TGRGCVGFHQTUGXGTCNFC[URJCIQE[VQUKUTGVWTPUVQEQPVTQNNGXGNU&TKUEQNNGVCN)KNOQWTGVCN%CPPKPIGVCN6JGCDKNKV[QH#/UVQRTQFWEGUWRGTQZKFGCPKQPTCFKECNUKORQTVCPVVQDCEVGTKEKFCNCEVKXKV[KUKPJKDKVGFD[CEWVGGZRQUWTGVQ1 GURGEKCNN[KPOKEGCU 

### EQORCTGFVQTCVU4[GT2QYFGTGVCN1QUVKPIGVCNC6JGGHHGEVKUENGCTN[GXKFGPVCHVGTGZRQUWTGHQTJVQRROCUQDUGTXGFD[F[UHWPEVKQPKP#/RJCIQE[VQUKUCPFGPJCPEGFUWUEGRVKDKNKV[VQGZRGTKOGPVCNTGURKTCVQT[KPHGEVKQP)KNOQWTGVCNCD6JWUVJGGXKFGPEGKPFKECVGUVJCVVJG#/FGRGPFGPVCNXGQNQDTQPEJKQNCTVTCPURQTVOGEJCPKUOUCTGKORCKTGFCUCTGVJGKTRJCIQE[VKECPFOKETQDKEKFCNCEVKXKVKGUNGCFKPIVQFGETGCUGFTGUKUVCPEGVQTGURKTCVQT[KPHGEVKQPU6JGGZRGTKOGPVCNFCVCDCUGCNUQUJQYUVJCVVJGGHHGEVUQH1 QPVJGKOOWPGU[UVGO 

### CTGEQORNGZ6JGUGGHHGEVUCTGPQV[GVHWNN[GXCNWCVGFCPFVJGTGRQTVGFGHHGEVUQPKOOWPGRCTCOGVGTUCTGFGRGPFGPVQPVJGGZRQUWTGTGIKOGPCPFVJGQDUGTXCVKQPRGTKQF+VCRRGCTUVJCVVJG6EGNNFGRGPFGPVHWPEVKQPUQHVJGKOOWPGU[UVGOCTGOQTGCHHGEVGFVJCP$EGNNFGRGPFGPVHWPEVKQPU75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[(WLKOCMK)GPGTCNN[VJGTGKUCPGCTN[KOOWPQUWRRTGUUKXGGHHGEVVJCVYKVJEQPVKPWGF1 GZRQUWTGTGUWNVUKPGKVJGTTGVWTPVQ 

### PQTOCNTGURQPUGUQTKOOWPQGPJCPEGOGPV(QTGZCORNGKPOKEGGZRQUGFHQTFC[UJFC[VQVQRRO1 VJGTGYCUCPGCTN[&C[UCPFFGRNGVKQPQHEGNNUKPVJG/.0 

### HQNNQYGFD[/.06EGNNJ[RGTRNCUKCCPFKPETGCUGFDNCUVQIGPKETGURQPUGVQC6EGNNOKVQIGP&\KGF\KECPF9JKVGC5GXGTCNKPXGUVKICVKQPUJCXGHQWPFCPKPKVKCN&C[UVQ

### FGETGCUGKPDNCUVQIGPKETGURQPUGVQ6EGNNOKVQIGPUKPVJG/.0CPFURNGGPQHOKEGGZRQUGFHQTCHGYYGGMUVQQTRRO1 VJCVTGVWTPGFVQEQPVTQNNGXGNUD[VJGGPFQHVJGGZRQUWTG 

### &\KGF\KECPF9JKVGC)KNOQWTCPF,CMCD6JGTGCNUQCTGEJCPIGUKPEGNNRQRWNCVKQPUKPN[ORJCVKEVKUUWGU(QTGZCORNG6$EGNNTCVKQUKPVJG/.0KPETGCUGYJGPTCVUCTGGZRQUGFHQTFC[UVQRRO1 8CP.QXGTGPGVCN0CVWTCNMKNNGTEGNNUKPVJG 

### NWPICTGCHHGEVGFWPFGTUQOGEKTEWOUVCPEGU8CP.QXGTGPGVCNUJQYGFVJCVCYGGMGZRQUWTGVQQTRRO1 KPETGCUGF0-EGNNCEVKXKV[DWVCJKIJGTEQPEGPVTCVKQP 

### RROFGETGCUGFKV1\QPGCNUQCNVGTUTGURQPUGVQCPVKIGPKEUVKOWNCVKQP(QTGZCORNGCPVKDQF[TGURQPUGUVQC6EGNNFGRGPFGPVCPVKIGPYGTGUWRRTGUUGFCHVGTCFC[GZRQUWTGQHOKEGVQRRO1 CPFCFC[GZRQUWTGVQRRO1 FGETGCUGFVJGCPVKXKTCNCPVKDQF[TGURQPUG  

### HQNNQYKPIKPHNWGP\CXKTWUKPHGEVKQP,CMCDCPF*OKGNGUMK6JGVGORQTCNTGNCVKQPUJKRDGVYGGP1 GZRQUWTGCPFCPVKIGPKEUVKOWNCVKQPKUKORQTVCPV9JGP1 GZRQUWTGRTGEGFGF   

### .KUVGTKC KPHGEVKQPVJGTGYGTGPQGHHGEVUQPFGNC[GFV[RGJ[RGTUGPUKVKXKV[QTURNGPKEN[ORJQRTQNKHGTCVKXGTGURQPUGUYJGP1 GZRQUWTGQEEWTTGFFWTKPIQTCHVGT.KUVGTKC KPHGEVKQP 

### YCUKPKVKCVGFVJGUGKOOWPGTGURQPUGUYGTGUWRRTGUUGF8CP.QXGTGPGVCN9KVJGZRGTKOGPVCNXKTCNKPHGEVKQPU1 GZRQUWTGFGETGCUGUVJG6N[ORJQE[VGTGURQPUGUCPFVJG 

### CPVKXKTCNCPVKDQF[TGURQPUG,CMCDCPF*OKGNGUMKVJGNCVVGTKORCKTOGPVOC[RCXGVJGYC[HQTNQYGTGFTGUKUVCPEGVQTGKPHGEVKQP6JGUKIPKHKECPEGQH1 KPFWEGFUWRRTGUUKQPQHKOOWPGRCTCOGVGTUKPTGNCVKQPVQTKUM 

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

### CHHGEVU[UVGOKEKOOWPKV[#NVJQWIJVJGUGFGRTGUUKXGGHHGEVUQPVJGU[UVGOKEEQORCTVOGPVQEEWTCVCRRTQZKOCVGN[VYKEGVJG1 GZRQUWTGEQPEGPVTCVKQPUQDUGTXGFHQTRWNOQPCT[ 

### KOOWPQUWRRTGUUKQPYKVJVJGGZEGRVKQPQHCUVWF[D[#TCP[KGVCN=?CVRRO1 VJG 

### QDUGTXCVKQPUCTGKORQTVCPVDGECWUGVJG[UJQYVJCVVJGGHHGEVUQH1 GZRQUWTGQPJQUVTGUKUVCPEG 

### CTGPQVNKOKVGFVQVJGNWPICNQPGDWVOC[KPETGCUGUWUEGRVKDKNKV[VQU[UVGOKEKPHGEVKQPUCUYGNNCURWNOQPCT[KPHGEVKQPU*QYGXGT5GNITCFGGVCNHQWPFPQGHHGEVUQPUGNGEVGFU[UVGOKEKOOWPGHWPEVKQPUKPTCVUGZRQUGFHQTWRVQYGGMUVQCPWTDCPRCVVGTPQH1  

### 0WOGTQWUUVWFKGUJCXGEQPHKTOGFVJCVCEWVGQTUJQTVVGTOGZRQUWTGVQ1 FGETGCUGU 

### NWPIDCEVGTKEKFCNCEVKXKV[CPFKPETGCUGUUWUEGRVKDKNKV[VQTGURKTCVQT[DCEVGTKCNKPHGEVKQPU6JGNQYGUVGZRQUWTGUJQYKPIUWEJGHHGEVUYCURROJKPVJGOQWUGUVTGRVQEQEECNOQFGN%QHHKPGVCN%QHHKPCPF)CTFPGT/KNNGTGVCN(WTVJGTTGUGCTEJJCU

### KPFKECVGFVJCVEJCPIGUKPCPVKDCEVGTKCNFGHGPUGUCTGFGRGPFGPVPQVQPN[QPGZRQUWTGTGIKOGPUDWVCNUQQPURGEKGUCPFUVTCKPQHCPKOCNURGEKGUQHDCEVGTKCCPFCIGQHCPKOCNGI[QWPIOKEGCTGOQTGUWUEGRVKDNG)KNOQWTGVCNCD)KNOQWTCPF5GNITCFG(WTVJGTOQTGKPETGCUKPIVJGFWTCVKQPQHCPGZRQUWTGVQRRO1 HTQOCHGYJQWTUVQ 

### YGGMUGKVJGTECWUGUPQGHHGEVQTFQGUPQVGPJCPEGVJGUVTGRVQEQEECNKPFWEGFOQTVCNKV[QDUGTXGFCHVGTCEWVGGZRQUWTG)TCJCOGVCN#TCP[KGVCN+PIGPGTCNVJGGHHGEVQH1 GZRQUWTGQPCPVKDCEVGTKCNJQUVFGHGPUGUCRRGCTUVQDGEQPEGPVTCVKQPCPF 

### VKOGFGRGPFGPV#EWVGGZRQUWTGUTGUWNVKPCPKORCKTOGPVQHJQUVFGHGPUGUYJGTGCUVJGFGHGPUGRCTCOGVGTUDGEQOGTGGUVCDNKUJGFYKVJOQTGRTQNQPIGFGZRQUWTGU'HHGEVUQH1 QPVJGEQWTUGQHXKTCNKPHGEVKQPUCTGOQTGEQORNGZCPFJKIJN[ 

### FGRGPFGPVQPVJGVGORQTCNTGNCVKQPUJKRDGVYGGP1 GZRQUWTGCPFXKTCNKPHGEVKQP(QTGZCORNG 

### 5GNITCFGGVCNHQWPFKPETGCUGUKPOQTVCNKV[CPFNWPIYGVYGKIJVKPOKEGKPHGEVGFYKVJKPHNWGP\CQPN[CHVGTVJGUGEQPFFC[QH1 GZRQUWTGRROJFC[,CMCDCPF$CUUGVV 

### HQWPFPQFGVTKOGPVCNGHHGEVQHCFC[GZRQUWTGVQRRO1 QPCEWVGNWPIKPLWT[HTQO 

### KPHNWGP\CXKTWUCFOKPKUVGTGFKOOGFKCVGN[DGHQTG1 GZRQUWTGUVCTVGF*QYGXGT1 GPJCPEGF  

### RQUVKPHNWGP\CNCNXGQNKVKUCPFNWPIRCTGPEJ[OCNEJCPIGU$GECWUG1 FKFPQVCHHGEVNWPI 

### KPHNWGP\CXKTCNVKVGTUKPCP[QHVJGUGUVWFKGUKVKUWPNKMGN[VJCV1 JCUCPKORCEVQPCPVKXKTCN 

### ENGCTCPEGOGEJCPKUOU1\QPGKPFWEGFUWUEGRVKDKNKV[VQGZRGTKOGPVCNTGURKTCVQT[KPHGEVKQPUJCUDGGPEQTTGNCVGFYKVJVJGKOOWPQVQZKEGHHGEVUQH1 D[VJGQDUGTXCVKQPVJCV1 GZRQUWTGKPETGCUGUVJG  

### UGXGTKV[QH.KUVGTKC KPHGEVKQPYJKNGEQPEWTTGPVN[UWRRTGUUKPIVJGCPVKIGPURGEKHKEKOOWPGTGURQPUGU8CP.QXGTGPGVCN
##  /QTRJQNQIKECN'HHGEVU

 +PVTQFWEVKQP#NNOCOOCNKCPURGEKGUUVWFKGFTGCEVVQKPJCNGFEQPEGPVTCVKQPUQHRRO1 KPC 

### IGPGTCNN[UKOKNCTOCPPGTYKVJURGEKGUXCTKCVKQPKPOQTRJQNQIKECNTGURQPUGUFGRGPFKPIQPVJGFKUVTKDWVKQPQHUGPUKVKXGEGNNUCPFVJGV[RGQHLWPEVKQPDGVYGGPICUEQPFWEVKPICPFGZEJCPIGCTGCUQHVJGNWPI75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[6JGEGNNUOQUVFCOCIGFD[1 CTGVJGEKNKCVGFGRKVJGNKCNEGNNUKPCKTYC[UCPF6[RGEGNNUKPICUGZEJCPIGCTGCU$QVJQH



### VJGUGEGNNV[RGUJCXGXGT[NCTIGUWTHCEGCTGCUTGNCVKXGVQXQNWOGGZRQUGFVQKPJCNGFICUGU6JGOCP[HCEVQTUVJCVKPHNWGPEGVJGFKUVTKDWVKQPQHKPJCNGF1 YKVJKPVJGTGURKTCVQT[U[UVGO 

### UGG%JCRVGTTGUWNVKPUQOGQHVJGNCTIGUVGHHGEVKXGFQUGUVQVJGGRKVJGNKCNEGNNUNKPKPIVJGPQUGCPFVQGRKVJGNKCNEGNNUNQECVGFCVVJGLWPEVKQPQHVJGEQPFWEVKPICPFGZEJCPIGCTGCUVJG%#4KPNWPIU6JGETKVGTKCFQEWOGPVFKFPQVEQPVCKPUVWFKGUQHOQTRJQNQIKECNGHHGEVUQH1 QPVJGPQUG6JGTGCTGURGEKGUFKHHGTGPEGUDQVJKPVJGDCUKEUVTWEVWTGQHVJG%#4CPFKPVJG



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



### Human and Nonhuman Primates Rats and Most Other Rodents

Trachea

Bronchi

Nonrespiratory

Bronchioles

Acini
Respirator y Bronchioles

Alveolar Ducts and Alveoli Alveolar Ducts and Alveoli



### (KIWTG 5EJGOCVKETGRTGUGPVCVKQPQHKPVTCRWNOQPCT[EQPFWEVKPICKTYC[UCPFCEKPKHTQOCPKOCNUYKVJTGURKTCVQT[DTQPEJKQNGU4$UJWOCPCPFPQPJWOCPRTKOCVGUCPFYKVJQWV4$UTCVUCPFOQUVTQFGPVU(QTUKORNKEKV[UGXGTCNIGPGTCVKQPUQHDTQPEJKCPFPQPTGURKTCVQT[DTQPEJKQNGUCTGPQVFGRKEVGF

5QWTEG 4GFTCYP HTQO 9GKDGN 
 WUKPI KPHQTOCVKQP HTQO 6[NGT CPF ,WNKCP 




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

### GZRQUGFVQQTRRO1 HQTFC[UEQPVKPWQWUN[QTJFC[KPVGTOKVVGPVN[/GNNKEM 

### GVCNTGRQTVGFUKOKNCTPGICVKXGHKPFKPIUKPOWEQWUEGNNUQHOQPMG[UHQNNQYKPIGZRQUWTGVQQTRROJFC[HQTFC[U9KNUQPGVCNTGRQTVGFOQTGRTQOKPGPVUOCNNOWEQWUITCPWNG5/)EGNNUKPVJGVTCEJGCUHTQOOQPMG[UGZRQUGFVQRRO1 

### EQPVKPWQWUN[HQTQTFC[U6JG[URGEWNCVGFVJCVVJGUG5/)EGNNUOC[DGTGNCVGFVQTGRCKT

RTQEGUUGU (QNNQYKPI1 GZRQUWTG6[RGEGNNUNKPKPICNXGQNKKPVJG%#4GURGEKCNN[VJQUG 

### QRGPKPIKPVQGKVJGT4$UQT#&UOC[WPFGTIQXCEWQNK\CVKQPHTCIOGPVCVKQPQTPGETQUKUCPFDGUNQWIJGFHTQOVJGUWTHCEGNGCXKPIDCTGDCUGOGPVOGODTCPG5VGRJGPUGVCNC#NVJQWIJVJGUGFGIGPGTCVKXGEJCPIGUECNNGFNGUKQPUHQTRWTRQUGUQHVJKUFQEWOGPVECPDGUGGPD[ECTGHWN./QHVJKPRNCUVKEUGEVKQPUVJG[CTGOQTGTGNKCDN[KFGPVKHKGFCPFVJGCOQWPVQHFCOCIGECPDGGUVKOCVGFOQTRJQOGVTKECNN[WUKPI6'/$CTT[GVCN%TCRQGVCN(WLKPCMCGVCN+PCNXGQNKVJGDCTGDCUGOGPVOGODTCPGVJCVHQNNQYU1 GZRQUWTGKU 

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

### CPFOQTG#/U6JG6[RGEGNNUYGTGUOCNNGTKPXQNWOGEQXGTGFNGUUUWTHCEGCPFYGTGVJKEMGT6JG[YGTGCYCTGQHVJGTGUWNVUQH5VGRJGPUGVCNCPFURGEWNCVGFVJCVVJGEJCPIGUVJG[FGUETKDGFOC[JCXGQEEWTTGFRTKOCTKN[FWTKPIVJGNCUVYGGMUQHGZRQUWTG$QCVOCPGVCNFKFPQVHKPFGHHGEVUQH1 QPNWPIITQYVJHQNNQYKPIRPGWOQPGEVQO[ 

### 5GXGTCNUVWFKGUKPENWFGFDQVJCPGZRQUWTGCPFCRQUVGZRQUWTGRGTKQFFWTKPIYJKEJVJGCPKOCNUDTGCVJGFCKTYKVJQWV1 2NQRRGTGVCNTGRQTVGFVJCV%#4GRKVJGNKCNEGNNU 

### TGVWTPGFVQPQTOCNCRRGCTCPEGFC[UCHVGTCJGZRQUWTGVQ1 +PEQORNGVGTGUQNWVKQPYCU 

### TGRQTVGFFC[UCHVGTCJ1 GZRQUWTGQHOQPMG[U%CUVNGOCPGVCNFC[UCHVGTC 

### FC[1 GZRQUWTGQHOKEG+DTCJKOGVCNCPFFC[UCHVGTCFC[1 GZRQUWTGQH  

### TCVU/QQTGCPF5EJYCTV\6JGRTGXKQWUETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[EQORTGJGPUKXGN[GXCNWCVGFUGXGTCNEKVCVKQPUTGRQTVKPIGORJ[UGOCHQNNQYKPI1 GZRQUWTGWUKPI 

### EWTTGPVFGHKPKVKQPUQHJWOCPGORJ[UGOC5PKFGTGVCN6JGOQTRJQNQIKECNEJCPIGUFGUETKDGFKPVJQUGGCTNKGTRWDNKECVKQPUFKFPQVOGGVVJGEWTTGPVETKVGTKCHQTGORJ[UGOCQHVJGV[RGUGGPKPJWOCPNWPIU

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

### 6CDNG'HHGEVUQH1\QPGQP%QPFWEVKPI#KTYC[UC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO OKP+P XKVTQOQPQNC[GT EWNVWTGU4CDDKV0<92JCUG EQPVTCUV ./ CPF VT[RCP DNWG GZENWUKQP QH VTCEJGCN GRKVJGNKWO 0Q EQPUKUVGPV EJCPIGU CV  QT  RRODWV  VQ  RRO TGUWNVGF KP E[VQRNCUOKE XCEWQNK\CVKQP YKVJQWV FGETGCUGF XKCDKNKV[ /QTG GXKFGPEG QH EGNNFCOCIG KPENWFKPI ICRU KP RTGXKQWUN[ EQPHNWGPV EWNVWTGU CPF NQUU QH EGNN XKCDKNKV[ CV  CPF  RRO .KRKFRGTQZKFCVKQP CNUQ YCU UVWFKGF KP VJGUG EWNVWTGU#NRGTV GV CN 
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
C JFC[ HQT FC[U4CV ((0 YGGMU QNF./ RCVJQNQI[ CPF OQTRJQOGVT[ QH ./ JKUVQEJGOKUVT[ QH PCUCN GRKVJGNKC 0Q ./ RCVJQNQI[ CV  RRO DWV RRO ECWUGF J[RGTRNCUKC QH VTCPUKVKQPCN PQPEKNKCVGF GRKVJGNKWO +P RRO ITQWR UJQTVGPGF EKNKC KP TGURKTCVQT[GRKVJGNKWO QH PCUQRJCT[PZ DWV PQV QH PCUCN UGRVWO +PETGCUGF KPVTCGRKVJGNKCN OWEQUWDUVCPEGU KP CNN CTGCU CV  FC[U2' VQ  RRO*CTMGOC GV CN 
 JFC[ FC[UYGGM HQT [GCTU    CPF  YGGMU4CV /(%TN$4 FC[U QNF5OCNNGT DQF[ YGKIJVU CHVGT  YGGMU GZRQUWTG VQ  RRO ./ JKUVQRCVJQNQI[ QH PCUCN GRKVJGNKC 0QUG #VRRO OWEQWU EGNN CPF TGURKTCVQT[ GRKVJGNKCN J[RGTRNCUKC 0Q NGUKQPU KP OCKPUVGO QT NCTIG DTQPEJK %#4&GUETKDGF KP 6CDNG 5OKNGT GV CN 
 JFC[ HQT QT  FC[U4CV ((0 YGGMU QNF./ RCVJQNQI[ CPF ./ $TF7 HQT &0# U[PVJGUKU D[ PCUCN GRKVJGNKC 0Q ./ RCVJQNQI[ KP USWCOQWU GRKVJGNKWO QTKP EKNKCVGF TGURKTCVQT[ GRKVJGNKWO *[RGTRNCUKC QH PQPEKNKCVGF EWDQKFCNVTCPUKVKQPCN GRKVJGNKWO CV  RRO $TF7WRVCMG 
&0# U[PVJGUKU KPETGCUGF CV GPF QH  CPF FC[ GZRQUWTG VQ  RRO $TF7 WRVCMG FGETGCUGF KPUSWCOQWU GRKVJGNKWO QPN[ CHVGT  FC[U GZRQUWTG VQ  RRO CPF  FC[U 2',QJPUQP GV CN 
 JFC[ FC[UYGGM HQT OQ4CV /( YGGMU QNF0CUCN EJCPIGU NKOKVGF VQ PCUCN VTCPUKVKQPCN PQPEKNKCVGF GRKVJGNKWO CV  CPF  DWV PQV  RRO ./JKUVQEJGOKUVT[ QH KPVTCGRKVJGNKCN OWEQUWDUVCPEGU KP VJG PQUG CPF DTQPEJK 'RKVJGNKCN EGNN J[RGTRNCUKC OKNF VQOQFGTCVG KPHNCOOCVQT[ EGNN KPHNWZ KPVQ VJG OWEQUC CPF KPETGCUGF OWEQUWDUVCPEGU /WEQWU HNQY TCVGU FGETGCUGF*CTMGOC GV CN 


### 6CDNGEQPV	F'HHGEVUQH1\QPGQP%QPFWEVKPI#KTYC[UC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO JFC[ FC[UYGGM HQT OQ4CV /( YGGMU QNF./ OQTRJQOGVT[ CPF JKUVQEJGOKUVT[ QH UJQTV CPF NQPIRCVJ EQPFWEVKPI CKTYC[U CPF %#46TCEJGC 0Q EJCPIGU KP GRKVJGNKCN VJKEMPGUU EGNN RQRWNCVKQPU QT UVQTGF IN[EQEQPLWICVG DWV C FQUGFGRGPFGPV NQUU QH UVQTGF IN[EQEQPLWICVG YCU HQWPF$TQPEJK 0Q EJCPIGU KP GRKVJGNKCN VJKEMPGUU QT EGNN RQRWNCVKQPU 4CVU GZRQUGF VQ  RRO JCF KPETGCUGFUVQTGF I[NEQEQPLWICVGU KP ETCPKCN 
UJQTVRCVJ CPF ECWFCN 
NQPIRCVJ DTQPEJK DWV PQV KP EGPVTCN 
UJQTVRCVJ DTQPEJK$TQPEJKQNGU 6$ QH TCVU GZRQUGF VQ  RRO JCF VJKEMGT GRKVJGNKWO YKVJ KPETGCUGF 8 QH PQPEKNKCVGFXDTQPEJKQNCT EGNNU 8 CNUQ KPETGCUGF KP ECWFCN 
NQPIRCVJ 6$ QH RRO GZRQUGF ITQWR /CUUXO O  
8  QH PQPEKNKCVGF EGNNU KPETGCUGF KP ECWFCN 
NQPIRCVJ 6$U QH CNN GZRQUGF TCVU DWV PQV KP UUJQTVRCVJ 6$U%#4 +PETGCUGF 8 QH DTQPEJKQNCT GRKVJGNKWO KP HQTOGT #&U KP ETCPKCN CPF ECWFCN %#4U QH TCVU GZRQUGFUVQ  RRO CPF KP ETCPKCN %#4 QH TCVU GZRQUGF VQ  RRO2NQRRGT GV CN 
C   QT  J 4CV ((0 YGGMU QNF./ RCVJQNQI[ CPF UGOKCWVQOCVKE KOCIG CPCN[UKU U[UVGO HQT &0# U[PVJGUKU 
$TF7 WRVCMG QH GRKVJGNKWOKP PCUCN OCZKNNQVWTDKPCVGU% ¥ 6 FGUKIP 0Q GHHGEVU CV  QT RROJ (QT C IKXGP % ¥ 6KPETGCUGF &0# U[PVJGUKU GSWCN CV FKHHGTGPV %U CPF 6U 0QPNKPGCT KPETGCUG KP &0# U[PVJGUKU CU%¥6KPETGCUGF*GPFGTUQP GV CN 
 JFC[ HQT FC[U VQ RRO QT HQT FC[U VQ QT  RRO/CECEC TCFKCVC / ( [GCTU QNF MI./ 5'/ CPF 6'/ OQTRJQOGVT[ QH PCUCN GRKVJGNKC 4GURKTCVQT[ GRKVJGNKWO %KNKCVGF EGNN PGETQUKUUJQTVGPGF EKNKC CPF KPETGCUGF UOCNN OWEQWU ITCPWNG EGNNU CV CNN GZRQUWTGU GXGP CV  RRO HQT  FC[U6TCPUKVKQPCN GRKVJGNKWO &GETGCUGF PQPEKNKCVGF EGNNU YKVJQWV ITCPWNGU KPETGCUGF PQPEKNKCVGF EGNNU YKVJITCPWNGU CPF KPETGCUGF UOCNN OWEQWU ITCPWNG EGNNU +PETGCUGF KPVTCGRKVJGNKCN NGWMQE[VGU QPN[ CV  FC[UKP DQVJ V[RGU QH GRKVJGNKWO*CTMGOC GV CN 
 JFC[ HQT FC[U VQ RROQT HQT  FC[U VQ QT  RRO/CECEC TCFKCVC / ( [GCTU QNF MI./ CPF 6'/ JKUVQEJGOKUVT[ HQT KPVTCGRKVJGNKCN OWEQUWDUVCPEGU KP PCUCN OWEQUC /QTG OWEQWU EGNNUVJCV JCF FKNCVGF ITCPWNCT GPFQRNCUOKE TGVKEWNWO #NUQ EJCPIGU KP OWEQUWDUVCPEGU&KOKVTKCFKU 
 JFC[ HQT FC[U/CECEC TCFKCVC056JG 1 EQPEGPVTCVKQP KU PQV ENGCT`VJG CDUVTCEV UVCVGU  RRO VJG VGZV OGPVKQPU QPN[  RRO ./OQTRJQOGVT[ QH XQECN HQNF OWEQUC &KUTWRVKQP CPF J[RGTRNCUKC QH UVTCVKHKGF USWCOQWU GRKVJGNKWO'RKVJGNKWO VJKEMGPGF CV  J CPF  FC[U 2' %QPPGEVKXG VKUUWG QH NCOKPC RTQRTKC VJKEMGPGF CV  FC[U2' $CUGOGPV OGODTCPG KU WPFWNCVKPI TCVJGT VJCP UOQQVJ 'XGP VJQWIJ VJKEMGPGF GRKVJGNKWOCRRGCTGF PQTOCN CV  FC[U 2'.GQPCTF GV CN 
 JFC[ HQT FC[U4CV /9KUVCT4+8/ =61:? I./ RCVJQNQI[ CPF VTKVKCVGF VJ[OKFKPG WRVCMG D[ PCUCN GRKVJGNKC 1DUGTXCVKQPU QP OKZVWTGU CTG KP5GEVKQP  4GURKTCVQT[ GRKVJGNKWO 0Q EJCPIGU CV  RRO 1  .QUU QH EKNKC CPF FKUCTTCPIGOGPV CV CPF  RRO 5QOG GRKVJGNKC YGTG J[RGTRNCUVKE QT OGVCRNCUVKE QT DQVJ 6J[OKFKPG WRVCMG KPETGCUGFKP TQUVTCN 
CPVGTKQT RQTVKQPU4GW\GN GV CN 


### 6CDNGEQPV	F'HHGEVUQH1\QPGQP%QPFWEVKPI#KTYC[UC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO   JFC[ HQT QT  FC[U4CV ((0 YGGMU QNF./ OQTRJQOGVT[ CPF JKUVQEJGOKUVT[ QH PCUCN PQPEKNKCVGF EWDQKFCN GRKVJGNKWO 1VJGT V[RGU QH PCUCNGRKVJGNKC PQV GZCOKPGF #HVGT  FC[U 1 CPF  J 2' PQ EJCPIGU KP EGNN FGPUKV[ QT KP KPVTCGRKVJGNKCNOWEWU #HVGT  FC[U GZRQUWTG QT CHVGT  FC[U GZRQUWTG CPF  FC[U 2' J[RGTRNCUKC CPF KPETGCUGFKPVTCGRKVJGNKCN OWEQUWDUVCPEGU YKVJ PQ EJCPIG KP VJG TCVKQ QH CEKFKE VQ PGWVTCN OWEQUWDUVCPEGU*QVEJMKUU GV CN 
   J 4CV ((0 YGGMU QNF./ RCVJQNQI[ CPF &0# U[PVJGUKU D[ $TF7 WRVCMG D[ PCUCN PQPEKNKCVGF VTCPUKVKQPCN GRKVJGNKWO 1\QPGFKF PQV TGUWNV KP PGETQUKU GZHQNKCVKQP QT KPHNCOOCVKQP DWV FKF KPETGCUG &0# U[PVJGUKU*QVEJMKUU CPF *CTMGOC 
   JPKIJV PKIJVUYGGMHQT  QT PKIJVU4CV /5& I./ OQTRJQOGVT[ JKUVQEJGOKUVT[ CWVQTCFKQITCRJ[ CPF 5'/ CPF 6'/ OQTRJQOGVT[ QH VTCEJGCNGRKVJGNKWO 0GKVJGT  PQT  FC[U GZRQUWTG CNVGTGF VJG EGNN FGPUKV[ QH EKNKCVGF UGTQWU DCUCN DTWUJOKITCVQT[ QT WPKFGPVKHKGF EGNNU KP VTCEJGCN GRKVJGNKWO  FC[U &COCIG VQ EKNKC CPF EKNKCVGF EGNNUKPENWFKPI PGETQUKU 6J[OKFKPG NCDGNKPI KPFGZ KPETGCUGF 5GTQWU EGNN JKUVQEJGOKUVT[ WPEJCPIGF FC[U .GUU GXKFGPEG QH KPLWT[ VJCP CV  FC[U DWV OQTG FCOCIGF EKNKCVGF EGNNU VJCP KP EQPVTQNU%QORNGVG TGEQXGT[ QH VJG GRKVJGNKCN EJCPIGU D[  FC[U 2'0KMWNC GV CN 
C   J/CECEC OWNCVC / [GCTU QNF MI./ CPF 6'/ OQTRJQOGVT[ QH VTCEJGC DTQPEJK CPF 4$U +PETGCUGF PGETQVKE EGNNU KP VTCEJGC CPF 4$UCV  J 2' CPF KPDTQPEJK CV  CPF  J 2' &GETGCUGF EKNKCVGF CPF DCUCN EGNNU KP DTQPEJK CV   CPF J 2' $CUCN EGNNU KP DTQPEJK CNUQ FGETGCUGF CV  CPF  J 2' 0QPEKNKCVGF DTQPEJKQNCT EGNNU KP4$U KPETGCUGF QPN[ CV  J 2' +P DTQPEJK UOQQVJ OWUENG KPETGCUGF CPF COQTRJQWU OCVTKZ FGETGCUGFCV   CPF  J 2' +P 4$U UOQQVJ OWUENG KPETGCUGF CV  J HKDTQDNCUVU KPETGCUGF CV  CPF J CPF COQTRJQWU OCVTKZ KPETGCUGF CV  J 2'*[FG GV CN 
   JFC[ HQT FC[UGZCOKPGF CV YGGMU5JGGR0GYDQTP./ OQTRJQOGVT[ QH VTCEJGCN GRKVJGNKWO #NUQ UGG 5GEVKQP  2GTEGPVCIG QH EKNKCVGF CPF OWEQWUEGNNU TGOCKPGF CV PGYDQTP NGXGNU TCVJGT VJCP EKNKCVGF EGNN RGTEGPV KPETGCUKPI CPF OWEQWU EGNN RGTEGPVFGETGCUKPI CU KP EQPVTQN NCODU/CTKCUU[ GV CN 
   JFC[ HQT FC[UGZCOKPGF CV YGGMU5JGGR0GYDQTP./ OQTRJQOGVT[ QH OWEQUWDUVCPEGU KP VTCEJGCN GRKVJGNKWO 0Q GXKFGPEG QH FCOCIG QT KPHNCOOCVQT[EJCPIGU &GETGCUGF GRKVJGNKCN EGNN FGPUKV[ FGETGCUGF EKNKCVGF CPF DCUCN EGNNU .GEVKPFGVGEVCDNGKPVTCGRKVJGNKCN OWEQUWDUVCPEGU FKF PQV WPFGTIQ VJG OCVWTCVKQP EJCPIGU UGGP KP EQPVTQN NCODU/CTKCUU[ GV CN 
   JKP XKVTQ VTCEJGCNGZRNCPVU4CV /5& I6TCEJGCN QTICP EWNVWTGU GZRQUGF KP XKVTQ (KNVGTGF CKT 
 1 TGUWNVGF KP GZVGPUKXG FCOCIG VQ EKNKC CPFKPVGTOGFKCVG EGNNU YGTG UGGP %WNVWTGU GZRQUGF VQ  1 
 1 JCF UVTCVKHKGF VJKEMGPGF GRKVJGNKWO YKVJ OGVCRNCUVKE EGNNU KP C OKFFNG \QPG CPF PQ EKNKCVGF EGNNU CV VJG UWTHCEG0KMWNC CPF 9KNUQP 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC#IG QT DQF[ YGKIJV CV UVCTV QH GZRQUWTGD

### 6CDNG'HHGEVUQH1\QPGQP.WPI5VTWEVWTG5JQTV6GTO'ZRQUWTGU9GGMUC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO%QPVKPWQWU HQT J4CV /(0 YGGMU QNF./ JKUVQRCVJQNQI[ QH NWPIU CPF ./ OQTRJQOGVT[ QH NCXCIGF #/U 0Q ./ JKUVQNQIKE GHHGEV FGVGEVGF CV  RRO0Q ./ JKUVQNQIKE GHHGEV CV  CPF  RRO KOOGFKCVGN[ QT  J 2' #V NCVGT 2' VKOGU VJGTG YCU OKNF RCVEJ[%#4 DTQPEJKQNKVKU CPF CNXGQNKVKU +PETGCUG KP #/U CPF 2/0U HTQO  J 2' 2TQITGUUKXG VJKEMGPKPI QH 6$YCNNU CPF %#4 #& UGRVC CV   CPF  J 2'*QVEJMKUU GV CN 
D J 4CV /(0 YGGMU QNF1DUGTXCVKQPU QH PQUG CPF %#4 5COG TCVU CU KP *QVEJMKUU GV CN 
C ./ JKUVQRCVJQNQI[ QH %#4 KU VJG UCOGPGY OQTRJQOGVT[ QH 2/0U KP %#4 CPF PCUCN OWEQUC 'ORJCUKU QP 2/0U KP PCUCN OWEQUC CPF PCUCN NCXCIGEQORCTGF YKVJ 2/0U KP %#4 VKUUWGU CPF $#. CV GZRQUWTG GPF CPF CV  J 2'*QVEJMKUU GV CN 
C%QPVKPWQWU HQT FC[U4CV /9KUVCT4+861: YGGMU QNF./ +PETGCUGF #/U KP %#4 CPF RCTGPEJ[OC %#4 KPETGCUG RGTUKUVGF  FC[U 2' 6'/ CPF 5'/ $#.#/U JCF OKETQXKNNK CPF DNGDU KP CFFKVKQP VQ TWHHNGU EJCTCEVGTKUVKE QH #/U HTQO EQPVTQNU #NUQ UGG 5GEVKQP &QTOCPU GV CN 
%QPVKPWQWU HQT QT  FC[U4CV /9KUVCT4+861: YGGMU QNF'NCUVCUGKPFWEGF GORJ[UGOC CPF UCNKPG EQPVTQN TCVU ./ JKUVQRCVJQNQI[ CPF OQTRJQOGVT[ HQT CNXGQNCT UK\G #NUQUGG 5GEVKQP  6JG KPEKFGPEG CPF UGXGTKV[ QH %#4 ./ NGUKQPU YCU VJG UCOG KP GNCUVCUG QT UCNKPGVTGCVGF TCVUGZRQUGF VQ 1  0Q EJCPIG KP CNXGQNCT UK\G FWG VQ 1  &QTOCPU GV CN 
 J 4CV /5& YGGMU QNF./ JKUVQRCVJQNQI[ 0GETQRU[  J 2' .WPI NGUKQPU HTQO  RRO PQV TGRQTVGF DWV  RRO TGUWNVGF KPKPETGCUGF #/U CPF KPETGCUGF EGNNWNCTKV[ QH CNXGQNCT UGRVC YKVJ HQECN VJKEMGPKPI 0Q KPETGCUG KP &0# U[PVJGUKU D[PCUCN GRKVJGNKWO 5GG OKZVWTG GHHGEVU KP 5GEVKQP /CWV\ GV CN 
 J4GUV QTGZGTEKUG4CV5&./ JKUVQRCVJQNQI[ CPF OQTRJQOGVT[ 0Q GHHGEV HTQO  RRO CV TGUV +PETGCUGF HTGG EGNNU KP CKTURCEGU CV RRO CV TGUV 'ZRQUWTG FWTKPI GZGTEKUG TGUWNVGF KP NCTIGT CTGCU YKVJ HTGG EGNNU CPF KP CTGCU QH UGRVC VJKEMGPGFD[ KPHKNVTCVKPI EGNNU/CWV\ GV CN 
D OKPFC[ HQT FC[U5VTGPWQWUGZGTEKUG*QTUG6JQTQWIJDTGF [GCTU QNF)GNFKPI./ CPF 6'/ JKUVQRCVJQNQI[ 
UGG CNUQ 5GEVKQP   RRO .GUKQPU NKOKVGF VQ XCEWQNGU UGGP QPN[ D[ 6'/KP 6$ EKNKCVGF EGNNU  RRO )TQUU JGOQTTJCIG CPF GFGOC KP VYQ QH VJTGG JQTUGU %#4 NGUKQPU XKUKDNG QPN[ D[6'/ KPENWFGF GFGOC PGETQUKU CPF UNQWIJKPI QH 6[RG  EGNNU UNKIJV KPETGCUG KP #/U UJQTVGPGF EKNKC CPFXCEWQNGU KP EKNKCVGF CPF PQPEKNKCVGF DTQPEJKQNCT EGNNU6[NGT GV CN 
E J CV TGUV J YKVJ GZGTEKUG4CV /5& YGGMU QNF'ZCOKPCVKQP  J 2' .WPI ./ OQTRJQOGVT[ QH NGUKQPU CU C RGTEGPV QH RCTGPEJ[OC UGEVKQP CTGC 0Q UVCVKUVKECNGXCNWCVKQP QH ITQWRU GZRQUGF VQ 1 CV TGUV CPF GZGTEKUG 6JG NGUKQP RGTEGPV QH RCTGPEJ[OC CRRGCTU EQPEGPVTCVKQPFGRGPFGPV CPF KPETGCUGF D[ GZGTEKUG UKOKNCT VQ /CWV\ GV CN 
D 0CUCN GRKVJGNKWO 'XCNWCVGF RGTEGPVVJ[OKFKPG NCDGNGF EGNNU KP TGURKTCVQT[ GRKVJGNKWO 0Q EJCPIG FWG VQ 1 CV TGUV 'HHGEVU QH OKZVWTGU KP 5GEVKQP /CWV\ GV CN 
 J 4CV (5& QT FC[U QNF./ OQTRJQOGVT[ CPF 5'/ 8 QH %#4 NGUKQPU 'ZRQUGF CFWNVU NQUV DQF[ YGKIJV #FWNVU GZRQUGF VQ  RROXJCF UOCNNGT HKZGF NWPI XQNWOGU .GUKQP 8 NCTIGT KP [QWPI VJCP CFWNV TCVU CV DQVJ EQPEGPVTCVKQPU (TGG EGNN 
#/X8 KPETGCUGF KP [QWPI TCVU CV  RRO EQORCTGF VQ CFWNVU 6JG %#4 NGUKQPU YGTG UKOKNCT D[ 5'/ DWV [QWPIGTXTCVU JCF OQTG #/U KP VJG %#4 ;QWPIGT TCVU JCF NCTIGT %#4 NGUKQPU CPF OQTG #/U DWV QNFGT TCVU JCF ITGCVGTEJCPIGU KP DQF[ YGKIJV CPF HKZGF NWPI XQNWOG5VKNGU CPF 6[NGT 


### 6CDNGEQPV	F'HHGEVUQH1\QPGQP.WPI5VTWEVWTG5JQTV6GTO'ZRQUWTGU9GGMUC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO JFC[ HQT FC[U4CV /( FC[U QNF./ JKUVQRCVJQNQI[ CPF OQTRJQOGVT[ HQT RCTGPEJ[OCN FGPUKV[ CPF CNXGQNCT UK\G 0Q UKIPKHKECPV EJCPIGU KP VJGUGOQTRJQOGVTKE RCTCOGVGTU *KUVQRCVJQNQI[ 4GRQTVGF QPN[ HQT  RRO 1 
 %1 EJCNNGPIG ITQWR YJKEJ JCF OCZKOCN %#4 VKUUWG FCOCIG QP &C[U  CPF  +PETGCUGF #/U QP &C[U  CPF  CPF HQEK QH PGETQVKE 6$GRKVJGNKWO $[ &C[  J[RGTRNCUKC QH 6$ GRKVJGNKWO CPF KPETGCUGF #/U CPF QVJGT KPHNCOOCVQT[ EGNNU YJKEJEQORNGVGN[ HKNNGF UQOG %#4 CNXGQNK /QTRJQNQIKE FCOCIG EQPVKPWGF YJGTGCU RWNOQPCT[ HWPEVKQPCN EJCPIGUCVVGPWCVGF #NUQ UGG 5GEVKQP 6GRRGT GV CN 
  %QPVKPWQWUWR VQ  FC[U4CV /9KUVCT ,EN YGGMU QNF5'/ OQTRJQOGVT[ KOOWPQE[VQEJGOKUVT[ 5GG 5GEVKQP  HQT DKQEJGOKUVT[ 0WODGT QH %NCTC EGNNUOKPETGCUGF CV  FC[U DWV PQV GCTNKGT 6JG NGPIVJ QH VJG %NCTC EGNN CRKECN RTQLGEVKQP YCU KPETGCUGF CHVGT  JFGETGCUGF CV  FC[ CPF PQV FKHHGTGPV CV QVJGT RGTKQFU %[VQEJTQOG 2 YCU NQECNK\GF VQ CITCPWNCT GPFQRNCUOKETGVKEWNWO QH %NCTC EGNNU5W\WMK GV CN 
   JFC[ HQT FC[U4CV /( YGGMU QNF./ OQTRJQOGVT[ QH VJ[OKFKPGNCDGNGF EGNNU KP DTQPEJWUCUUQEKCVGF N[ORJ PQFG CPF /.0 1VJGT NWPI EJCPIGUPQV FGUETKDGF #NUQ UGG 5GEVKQP &\KGF\KE GV CN 
  %QPVKPWQWU FC[U4CV /5& I./ OQTRJQOGVT[ QH %#4 
RTQZKOCN CNXGQNCT NGUKQPU +PETGCUGF EGPVTKCEKPCT NGUKQPU 4CVU VTGCVGF YKVJFKOGVJ[NVJKQTWGC 
C * 1 UECXGPIGT JCF UOCNNGT NGUKQP XQNWOGU 9CTTGP GV CN 
 JFC[ HQT FC[U/QWUG (%&%TN%&%4$4 I./ OQTRJQOGVT[ HQT CTGCN FGPUKV[ 
GI XQNWOG FGPUKV[ QH NGUKQPU 0Q EQORCTKUQP QH 1 CPF CKT GZRQUWTGU#NUQ UGG 5GEVKQP &\KGF\KE CPF 9JKVGD  %QPVKPWQWU HQT FC[U4CV /9KUVCT I./ JKUVQRCVJQNQI[ 1\QPGGZRQUGF TCVU ICKPGF NGUU DQF[ YGKIJV +PETGCUGF EGNNU KP 6$ CPF %#4 #& UGRVC0WODGT QH EGNNU FKOKPKUJGF D[ &C[  2' DWV HQEK QH #/U TGOCKPGF$CUUGVV GV CN 
C%QPVKPWQWU HQT FC[U4CV /9KUVCT YGGMU QNF./ %NCTC EGNN PWODGTUOO QH 6$ DCUGOGPV OGODTCPG WPEJCPIGF #NUQ UGG 5GEVKQP  %GNN KUQNCVKQP#NVJQWIJ VJG PWODGT QH KUQNCVGF %NCTC EGNNU EGNNU KUQNCVGFNWPI YCU KPETGCUGF VJG RGTEGPV %NCTC EGNNU KP VJGKUQNCVG YCU PQV EJCPIGF 6JG RGTEGPV 6[RG  EGNNU KP VJG KUQNCVG YCU KPETGCUGF 0Q OQTRJQNQIKE QDUGTXCVKQPU CV RRO8CP $TGG GV CN 
  %QPVKPWQWU HQT J4CV /5& I$[ ./ 2/0U KP CNXGQNCT UGRVC KPETGCUGF VJTGG VKOGU CV  J 2' 0WODGT QH UGRVCN 2/0U RGCMGF CV  J 2' CPFVJGP TCRKFN[ FGENKPGF (TGG EGNNU UGRVCN VJKEMGPKPI CPF EGNNWNCTKV[ KPETGCUGF YKVJ KPETGCUKPI VKOG 2' #NUQ UGG5GEVKQP $JCNNC CPF ;QWPI  %QPVKPWQWU HQT FC[U4CV /9KUVCT 4+861: YGGMU QNF./ OQTRJQOGVT[ QH JKUVQEJGOKECNN[ KFGPVKHKGF 6[RG  EGNNU +PETGCUGF PWODGT QH 6[RG  EGNNU VJCP KP EQPVTQNU &QTOCPU 


### 6CDNGEQPV	F'HHGEVUQH1\QPGQP.WPI5VTWEVWTG5JQTV6GTO'ZRQUWTGU9GGMUC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO  %QPVKPWQWU HQT FC[U4CV / I5OCNNGT DQF[ YGKIJVU 0Q QVJGT UVCVKUVKECN EQORCTKUQP QH EQPVTQNU CPF 1 CNQPG 
UGG 5GEVKQPU  CPF .CUV GV CN 
 JFC[ HQT FC[U&QI / ($GCING YGGMU QNF./ OQTRJQOGVT[ HQT CNXGQNCT UK\G /GCP NKPGCT KPVGTEGRVU NCTIGT 
KPFKECVKPI NCTIGT CNXGQNK KP  DWV PQV RROITQWR2JCNGP GV CN 
%QPVKPWQWU HQT J+UQNCVGFRGTHWUGFNWPIU4CV /5& I./ CPF 6'/ OQTRJQNQI[ 0GETQUKU CPF UNQWIJKPI QH CKTYC[ GRKVJGNKCN EGNNU QH DTQPEJK CPF NCTIGT DTQPEJKQNGU 6$JCF NGUU UGXGTG NGUKQPU KPENWFKPI HGYGT PGETQVKE EGNNU CPF NGUU FCOCIG VQ EKNKC (TCIOGPVCVKQP QH UQOG 6[RG  EGNNUYKVJ UQOG CTGCU QH DCTG DCUCN NCOKPC2KPQ GV CN 
C  %QPVKPWQWU HQT J4CV /5& YGGMU QNF./ CPF 6'/ OQTRJQOGVT[ #NUQ UGG 5GEVKQP  4CVU TGEGKXGF GKVJGT PQTOCN TCV UGTWO QT TCDDKV CPVKTCV 2/0UGTWO DGHQTG VJG GZRQUWTG #V GZRQUWTG GPF DQVJ GZRQUGF ITQWRU JCF C UOCNNGT XQNWOG QH EKNKCVGF EGNNU RGT WPKV CTGCQH GRKVJGNKCN DCUCN NCOKPC 
8  EQORCTGF YKVJ HKNVGTGF CKT EQPVTQNU YKVJ UKOKNCT UGTWO %KNKCVGF EGNN 8 YCU CNUQ UOCNNGTUUCV  CPF  J 2'2KPQ GV CN 
D     CPF  J 4CV /5& FC[U QNF6'/ OQTRJQOGVT[ #NUQ UGG 5GEVKQP  8QNWOG QH PGETQVKE EGNNU RGT CTGC DCUCN NCOKPC 
8  KP VJG 6$ NCTIGT VJCPUEQPVTQNU CV VJG GPF QH  CPF J GZRQUWTG DWV PQV CV QVJGT GZRQUWTG QT 2' VKOGU 9KVJ KPETGCUKPI GZRQUWTG VKOGVJGTG YCU C UJKHV HTQO PGETQVKE EGNNU QP VJG DCUCN NCOKPC VQ PGETQVKE EGNNU HTGG KP VJG 6$ NWOGP 6JG 8 QH PGETQVKEUCNXGQNCT EGNNU YCU KPETGCUGF CHVGT   CPF  J QH GZRQUWTG 8KCDNG WPFKHHGTGPVKCVGF EGNN 8 KP 6$U YCU KPETGCUGFUCHVGT J GZRQUWTG HQNNQYGF D[  J 2' J GZRQUWTG HQNNQYGF D[  J 2' CPF CHVGT C J GZRQUWTG +P CNXGQNKXKCDNG 6[RG  EGNN 8 YCU KPETGCUGF CHVGT C J GZRQUWTG 6QVCN EQPPGEVKXG VKUUWG 8 EJCPIGU QPN[ KPETGCUGF KP 6$UUUCHVGT J GZRQUWTG HQNNQYGF D[  J 2' CPF KPCNXGQNK CV VJG GPF QH J GZRQUWTG 6JG 8 QH OKITCVQT[ EGNNU KP 6$UKPVGTUVKVKWO YCU QPN[ KPETGCUGF  J CHVGT C J GZRQUWTG +P CNXGQNK VJG 8 QH ECRKNNCTKGU YCU KPETGCUGF CHVGT JUGZRQUWTG2KPQ GV CN 
E5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC#IG QT DQF[ YGKIJV CV UVCTV QH GZRQUWTGD

### 6CDNG'HHGEVUQH1\QPGQP.WPI5VTWEVWTG.QPI6GTO'ZRQUWTGU 9GGMUC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO$CUGURKMG VQ$CUGURKMG VQ$CUG JFC[ FC[UYGGM4CORGF URKMG JFC[ FC[UYGGM   CPF YGGMU4CV /( FC[U QNF6'/ OQTRJQOGVT[ FCVC GZRTGUUGF CU XQNWOG RGT WPKV GRKVJGNKCN DCUGOGPV OGODTCPG 
8  #EWVG TGURQPUG KP VJG %#4URTQZKOCN CNXGQNCT TGIKQP KPENWFGF KPETGCUGF #/U KPVGTUVKVKCN GFGOC CPF KPVGTUVKVKCN EGNN J[RGTVTQRJ[ 6JGUG EJCPIGUUWDUKFGF D[ YGGMU GZRQUWTG %JCPIGU CV  CPF  YGGMU KPENWFG KPETGCUGF 8  VQVCN CNXGQNCT VKUUWG CPF GRKVJGNKWOU6[RG  EGNN KPETGCUGU KPENWFG 8 CV  YGGMU PWODGT CV  YGGMU  
  YGGMU 2' CPF  YGGMU CPF FGETGCUGFUUWTHCEG CTGC CV  YGGMU 6[RG  EGNN 8 KPETGCUGF CV  YGGMU CPF CHVGT  
  YGGMU 2' CPF PWODGT KPETGCUGF CVU YGGMU 6QVCN KPVGTUVKVKWO YCU KPETGCUGF CV  YGGMU CPF PQPEGNNWNCT KPVGTUVKVKWO 
EQNNCIGP CPF DCUGOGPV OGODTCPGYCU KPETGCUGF CV  CPF  YGGMU 6JKEMGPGF DCUGOGPV OGODTCPG JCF ET[UVCNNKPG FGRQUKVU 0Q DTQPEJKQNK\CVKQP QTEGPVTKCEKPCT CKTYC[ TGOQFGNKPI %JCPIGU KP VGTOKPCN DTQPEJKQNCT EGNNU KPENWFG C FGETGCUG KP UWTHCEG CTGC QH EKNKCVGF CPFPQPEKNKCVGF CV  YGGMU 0Q EJCPIGU KP DTQPEJKQNCT EGNN PWODGTU #NN EJCPIGU FKOKPKUJGF GZEGRV VJG KPETGCUGF XQNWOGQH 6[RG  EGNNU CPF VJG VJKEMGPGF DCUGOGPV OGODTCPG  YGGMU 2'%JCPI GV CN 
# $ $CUGURKMG VQ VQ YGGMU YGGMU YGGMU JFC[ JFC[4CV( YGGMU QNF%QORCTGF GHHGEVU QH # CPF $ GZRQUWTG TGIKOGPU %WOWNCVKXG FQUGU HQT # 
$CTT[ GV CN  YGTG  CPF RROJ CPF HQT $ YGTG  RROJ CV  YGGMU CPF  RROJ CV  YGGMU 6JG $ TGIKOGP CNQPG 
%JCPI GV CN KU FGUETKDGF GCTNKGT KP VJKU VCDNG 6'/ OQTRJQOGVT[ QH %#4 6JG RCVVGTP QH GZRQUWTG FKF PQV CHHGEV VJG FGITGG QHKPLWT[%JCPI GV CN 
   JFC[ FC[UYGGMHQT  [GCT4CDDKV /0<9 MI./ OQTRJQNQI[ CPF OQTRJQOGVT[ QH KPVTCRWNOQPCT[ EQPFWEVKPI CKTYC[U 
#NUQ UGG 5GEVKQP  0Q FKHHGTGPEG KPPWODGT QH CKTYC[UCTGC QT KP FKUVTKDWVKQP QH CKTYC[ UK\G '5%U KP VJG UOCNNGUV EQPFWEVKPI CKTYC[U 
  OOKPETGCUGF CV   CPF  OQ QH GZRQUWTG VQ 1 CPF FGETGCUGF CV  OQ 2' '5%U KP VJG PGZV NCTIGT CKTYC[U 
OO QPN[ KPETGCUGF CHVGT  OQ QH GZRQUWTG CPF FGETGCUGF CV  OQ 2' 0Q GHHGEV QP CKTYC[U  OO5EJNGUKPIGT GV CNC JFC[ HQT YGGMU4CV /( FC[ QT  YGGMUQNF6'/ OQTRJQOGVT[ QH RTQZKOCN CNXGQNCT TGIKQP 
%#4 6[RG  GRKVJGNKCN EGNNU KPETGCUGF KP PWODGT CPF VJKEMPGUU DWVFGETGCUGF KP NWOKPCN CPF DCUCN NCOKPC UWTHCEG CTGC 5QOG DCTG DCUGOGPV OGODTCPG YJGTG 6[RG  EGNNU UNQWIJGF DWVPQV UKIPKHKECPVN[ KPETGCUGF #V  RRO 6[RG  GRKVJGNKWO KPETGCUGF KP PWODGT DWV PQV KP XQNWOG VJKEMPGUU QTUWTHCEG CTGC +PVGTUVKVKWO KPETGCUGF KP VJKEMPGUU KP CFWNVU CV  RRO DWV PQV CV  RRO QT KP LWXGPKNGU #/UKPETGCUGF D[  RRO CV DQVJ CIGU DWV QPN[ QNFGT TCVU JCF KPETGCUGF KPVGTUVKVKCN #/U 0Q FKHHGTGPEGU FWG VQ CIG$CTT[ GV CN 
 JFC[ FC[UYGGM HQT OQ4CV /( YGGMU QNF./ OQTRJQOGVT[ QH %#4 TGOQFGNKPI 6JKEMGPGF VKRU QH CNXGQNCT UGRVC NKPKPI #&U 
CNXGQNCT GPVTCPEG TKPIU  OOHTQO 6$ KP TCVU GZRQUGF VQ  RRO CPF VQ  OO KP TCVU GZRQUGF VQ  RRO +PVGTUVKVKCN EJCPIGU CEEQORCPKGF VJGUGGRKVJGNKCN EJCPIGU2KPMGTVQP GV CN JFC[ FC[UYGGM HQT OQ4CV /( YGGMU QNF.CUGT UECPPKPI EQPHQECN ./ KOOWPQJKUVQEJGOKUVT[ HQT %% KP PQPEKNKCVGF DTQPEJKQNCT 
%NCTC EGNNU %NCTC EGNNU HTQOTCVU GZRQUGF VQ  RRO DWV PQV VQ  RRO JCF KPETGCUGF EGNN XQNWOG QH ITCPWNGDCUGF %% KPETGCUGF %%EQPEGPVTCVKQP YKVJKP VJG ITCPWNGU CPF KPETGCUGF PWODGT QH ITCPWNGU RGT %NCTC EGNN RTQHKNG&QFIG GV CN 
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
9TKIJV GV CN 


### 6CDNGEQPV	F'HHGEVUQH1\QPGQP.WPI5VTWEVWTG.QPI6GTO'ZRQUWTGU 9GGMUC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
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
   JFC[ HQT YGGMU4CV /( FC[ QT YGGMU QNF6'/ OQTRJQOGVT[ QH VJG 6$U .WOKPCN UWTHCEG CTGC EQXGTGF D[ EKNKC FGETGCUGF CU FKF VJG NWOKPCNUWTHCEG QH %NCTC 
PQPEKNKCVGF DTQPEJKQNCT EGNNU 0WODGT QH DTWUJ EGNNU FGETGCUGF 0Q FKHHGTGPEGU FWG VQCIG$CTT[ GV CN 
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
   JPKIJV PKIJVUYGGMFCKN[ HQT  OQQT UGCUQPCN 1QFF OQPVJUHKNVGTGF CKT GXGPOQPVJU HQT  OQ4CV /5& FC[U QNF./ OQTRJQNQI[ CPF OQTRJQOGVT[ /QPMG[ FCVC HTQO 6[NGT GV CN  
CDQXG EQORCTGF YKVJ TCVUGZRQUGF VQ C UKOKNCT TGIKOGP 4CVU 'UVKOCVGF VJG GZVGPV QH EGPVTKCEKPCT TGOQFGNKPI D[ EQWPVKPI VJGPWODGT QH LWPEVKQPU QH DTQPEJKQNGU YKVJ #&U RGT CTGC QH NWPI UGEVKQP 
$# ,EO  #V VJG GPF QH VJGGZRQUWTG DQVJ GZRQUGF ITQWRU JCF OQTG $# ,EO VJCP HKNVGTGF CKT EQPVTQNU 4GEQXGT[ D[  FC[U 2'0Q FKHHGTGPEG DGVYGGP VJG VYQ GZRQUGF ITQWRU GXGP VJQWIJ VJG FCKN[ ITQWR YCU GZRQUGF VYKEG CU OCP[FC[U CU VJG UGCUQPCN ITQWR6[NGT GV CN 
C   JFC[ FC[UYGGM HQT YGGMU/QWUG /5YKUU9GDUVGT0GYDQTP./ OQTRJQOGVT[ QH JKUVQEJGOKECNN[ KFGPVKHKGF 6[RG  EGNNU 6[RG  EGNNU VGPFGF VQ DG NCTIGT 
NQPIGTNKPGCT KPVGTEGRVU CPF VJG PWODGT RGT OKETQUEQRG HKGNF VGPFGF VQ DG ITGCVGT DWV VJG R XCNWGU YGTG KP HKPCN FCVC KP YJKEJ VJG KOCIGU YGTG GFKVGF GNGEVTQPKECNN[ *QYGXGT VJGUG XCNWGU YGTGUKIPKHKECPV 
R   KP WPGFKVGF FCVC 'ZRQUGF OKEG JCF NCTIGT 
R   DQF[ YGKIJVU CV DQVJ  CPF YGGMU5JGTYKP CPF 4KEJVGTU

### 6CDNGEQPV	F'HHGEVUQH1\QPGQP.WPI5VTWEVWTG.QPI6GTO'ZRQUWTGU 9GGMUC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO   JFC[ FC[UYGGM HQT YGGMU OO*I OQT UGC NGXGN/QWUG /5YKUU9GDUVGT I#WVQOCVGF ./ OQTRJQOGVT[ QH UVCKPCDNG GNCUVKP KP CNXGQNCT YCNNU 5KOWNCVGF JKIJ CNVKVWFG 
 O YKVJ 15*#: QT YKVJQWV 1 
5*#% TGUWNVGF KP NCTIGT NWPI XQNWOGU VJCP UGCNGXGN EQPVTQNU 
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
   JFC[ FC[UYGGM HQT YGGMU4CV(./ JKUVQRCVJQNQI[ OQ GZRQUWTG +PHNCOOCVKQP OQPQPWENGCT EGNNU CPF HKDTQDNCUVU KP #& YCNNU CPF YCNNUQH CFLCEGPV %#4 CNXGQNK 6$ PQV KPXQNXGF OQ GZRQUWTG 5KOKNCT VQ  OQ YKVJ RQUUKDN[ C UNKIJV KPETGCUGKP #/U UQOG KPETGCUGF VJKEMGPKPI QH EGPVTKCEKPCT #& CPF CNXGQNCT YCNNU CPF C HGY HQEK QH DTQPEJKQNK\CVKQP%#4 TGOQFGNKPI OQ GZRQUWTG 
  OQ 2'5NKIJV FKNCVKQP QH #&U OKPKOCN KPHNCOOCVQT[ TGCEVKQPUNKIJV VJKEMGPKPI QH #& CPF %#4 CNXGQNCT YCNNU CPF C HGY HQEK QH DTQPEJKQNK\CVKQP)TQUU CPF 9JKVG 
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


### 6CDNGEQPV	F'HHGEVUQH1\QPGQP.WPI5VTWEVWTG.QPI6GTO'ZRQUWTGU 9GGMUC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO   JFC[ HQT OQ/CECEC HCEKUEWNCTKU / OQ QNF./ OQTRJQOGVT[ QH %#4 CKTYC[ TGOQFGNKPI $QVJ 8 CPF 8 QH 4$U CPF VJGKT YCNNU CPF NWOGPUXKPETGCUGF CV GPF QH GZRQUWTG CPF  OQ 2' 4$ KPVGTPCN FKCOGVGTU YGTG UOCNNGT CV GZRQUWTG GPF DWV PQV CV OQ 2' 8 HTGG EGNNU OQUVN[ #/U KPETGCUGF QPN[ CV GZRQUWTG GPF 0Q FKHHGTGPEGU KP $9 QT HKZGF NWPIXXQNWOGU6[NGT GV CN 
D   JFC[ HQT YGGMU4CV /( YGGMU QNF./ JKUVQRCVJQNQI[ #NUQ UGG 5GEVKQP  'ZRQUWTG GPF %#4 KPHNCOOCVKQP QH 6$ #& CPF %#4RTQZKOCN CNXGQNK EJCTCEVGTK\GF D[ GFGOC YKVJ OQPQPWENGCT CPF NGWMQE[VG KPHKNVTCVKQP  YGGMU 2' (GYKPHNCOOCVQT[ HQEK GFGOC FGETGCUGF CPF KPVGTUVKVKCN OCUV EGNNU 5NKIJV VJKEMGPKPI QH #&U CPF UGRVC YGGMU 2' +PHNCOOCVKQP ENGCTGF 6$ YCNNU UNKIJVN[ VJKEMGPGF D[ COQTRJQWU OCVTKZ)TQUU CPF 9JKVG 
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
CNXGQNCTGPVTCPEG TKPIU 'RKVJGNKWO CV VJGUG VKRU YCU HTGSWGPVN[ PGETQVKE QT OKUUKPI NGCXKPI DCTG DCUGOGPVOGODTCPG &WEV YCNNU VJKEMGT FWG OCKPN[ VQ KPETGCUGF KPVGTUVKVKCN GFGOC HKDTQUKU CPF EGNNWNCT KPHKNVTCVGU$CUCN NCOKPC VJKEMGPGF URNKV QT FWRNKECVGF CPF JCF ITCPWNCT FGRQUKVU 5KVG QH OQUV UGXGTG KPLWT[ UJKHVGFRTQITGUUKXGN[ FKUVCNN[ CU PGY UGIOGPVU QH 4$ YGTG HQTOGF$CTT GV CN 
   JFC[ HQT FC[U QT FC[GRKUQFGU HQNNQYGFD[  FC[U 2'4CV /5& FC[U QNF./ CPF 6'/ OQTRJQOGVT[ $QVJ ITQWRU GZCOKPGF CV GZRQUWTG GPF 6JG NGUKQPU YGTG CU RTGXKQWUN[FGUETKDGF D[ $CTT GV CN 
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
 GZRQUWTGU ITQWRU$CTT GV CN 
   JPKIJV FC[UYGGM HQT QT PKIJVU4CV /5& I./ OQTRJQOGVT[ JKUVQEJGOKUVT[ CWVQTCFKQITCRJ[ CPF 5'/ CPF 6'/ OQTRJQOGVT[ 0GKVJGT  PQT FC[U QH GZRQUWTG CNVGTGF VJG EGNN FGPUKV[ QH EKNKCVGF UGTQWU DCUCN DTWUJ OKITCVQT[ QT WPKFGPVKHKGF EGNNUKP VTCEJGCN GRKVJGNKWO  FC[U &COCIG VQ EKNKC CPF EKNKCVGF EGNNU KPENWFKPI PGETQUKU 6J[OKFKPG NCDGNKPIKPFGZ KPETGCUGF 5GTQWU EGNN JKUVQEJGOKUVT[ WPEJCPIGF  FC[U .GUU GXKFGPEG QH KPLWT[ VJCP CV  FC[UDWV OQTG FCOCIGF EKNKCVGF EGNNU VJCP KP EQPVTQNU %QORNGVG TGEQXGT[ QH VJG GRKVJGNKCN EJCPIGU D[  FC[U2'0KMWNC GV CN 
C   JFC[ FC[UYGGM HQT FC[U4CV /5& FC[U QNF./ OQTRJQOGVT[ CPF 5'/ QH %#4 4GOQFGNKPI QH %#4 +PETGCUGF VJKEMPGUU QH UGRVCN GFIG 
VKRU QHCNXGQNK YJKEJ HQTO VJG YCNNU QH #&U 
CNXGQNCT GPVTCPEG TKPIU WR VQ  OO HTQO 6$ #NXGQNCT UGRVCVJKEMGPGF D[ TGRNCEGOGPV QH 6[RG  EGNNU D[ 6[RG  CPF DTQPEJKQNCT EGNNU VQ  OO HTQO 6$2KPMGTVQP GV CN 


### 6CDNGEQPV	F'HHGEVUQH1\QPGQP.WPI5VTWEVWTG.QPIVGTO'ZRQUWTGU 9GGMUC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO   JFC[ FC[UYGGM HQT OQ4CV /( YGGMU QNF./ OQTRJQOGVT[ 5'/ EQPHQECN OKETQUEQR[ KOOWPQE[VQEJGOKUVT[ CPF EQPXGPVKQPCN JKUVQEJGOKUVT[4GOQFGNKPI QH %#4 (QTOGT #&U YGTG EQPXGTVGF VQ 4$U $TQPEJKQNCT GRKVJGNKWO KP VJGUG HQTOGT #&UEQPUKUVGF QH YGNNFKHHGTGPVKCVGF EKNKCVGF CPF PQPEKNKCVGF DTQPEJKQNCT 
%NCTC EGNNU2KPMGTVQP GV CN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC#IG QT DQF[ YGKIJV CV UVCTV QH GZRQUWTGD

### *CTMGOCGVCNGZRQUGFDQPPGVOQPMG[UVQQTRRO1 JFC[HQT 

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

### KPVTCE[VQRNCUOKENWOGPUEQPVCKPKPIDQVJEKNKCCPFOKETQXKNNK3WCNKVCVKXGEJCPIGUYGTGCNUQUGGPKPOWEQWUIQDNGVEGNNUYJKEJCRRGCTGFVQJCXGHGYGTUGETGVQT[ITCPWNGUCPFFKNCVGFGPFQRNCUOKEEKUVGTPCG1\QPGGZRQUWTGTGUWNVGFKPOQTGPQPEKNKCVGFEGNNUYKVJUGETGVQT[ITCPWNGUCPFYKVJFKNCVGFEKUVGTPCGQHVJGGPFQRNCUOKETGVKEWNWO.KMGVJGTGURKTCVQT[GRKVJGNKWOVJGVTCPUKVKQPCNGRKVJGNKWOJCFCPKPETGCUGFFGPUKV[QH5/)EGNNU+PDQVJGRKVJGNKCKPHNCOOCVQT[EGNNUYGTGKPETGCUGFQPN[KPVJGOQPMG[UGZRQUGFVQRRO1 HQT 

### FC[U/QUVQHVJGOQTRJQOGVTKEEJCPIGUKPVJGTGURKTCVQT[DWVPQVVJGVTCPUKVKQPCNGRKVJGNKWOYGTGCUNCTIGCHVGTFC[UQHGZRQUWTGVQRRO1 CUCHVGTFC[UQHGZRQUWTG 

### VQGKVJGTQTRRO6JGJKUVQEJGOKUVT[CPFE[VQEJGOKUVT[QHVJGPCUCNGRKVJGNKCHTQOVJGUGOQPMG[UYGTGUVWFKGFD[&KOKVTKCFKU6JKUKPXGUVKICVQTTGRQTVGFEJCPIGUKPVJGKPVTCGRKVJGNKCNOWEQUWDUVCPEGUCPFVJGRTGUGPEGQHOWEQWUEGNNUYKVJFKNCVGFEKUVGTPCGKPVJGITCPWNCTGPFQRNCUOKETGVKEWNWO#EWVGEJCPIGUKPPCUCNGRKVJGNKCHTQOTCVUGZRQUGFVQ1 EQPEGPVTCVKQPUQHVQ 

### RROHQTJVQFC[UJCXGDGGPUVWFKGFGZVGPUKXGN[6CDNG+PIGPGTCNUJQTVVGTO

GZRQUWTGVQRRO1 TGUWNVUKPGKVJGTPQEJCPIGUFGVGEVCDNGD[./QTKPOKNFJ[RGTRNCUKC

### *KIJGTEQPEGPVTCVKQPUHQTWRVQFC[UECPTGUWNVKPFCOCIGFEKNKCJ[RGTRNCUKCCPFKPETGCUGFUVQTGFKPVTCGRKVJGNKCNOWEQUWDUVCPEGU5GXGTCNUVWFKGUFQEWOGPVVJGJ[RGTRNCUKCWUKPIOQTRJQOGVT[QT&0#U[PVJGUKUCPFFQEWOGPVVJGUVQTGFOWEQUWDUVCPEGD[JKUVQEJGOKUVT[CPFOQTRJQOGVT[+PQPGUVWF[VJGKPETGCUGFUVQTGFKPVTCGRKVJGNKCNOWEQUWDUVCPEGUTGCEJGFVJGKTNCTIGUVSWCPVKV[FC[URQUVGZRQUWTG*CTMGOCGVCN&GVCKNUQHKPFKXKFWCNUVWFKGU

HQNNQY 'ZRQUWTGVQQTRRO1 HQTJHQNNQYGFD[RQUVGZRQUWTGRGTKQFUWR 

### VQJTGUWNVGFKPKPHNCOOCVQT[EJCPIGUEJCTCEVGTK\GFD[KPETGCUGF2/0UDWVYKVJQWV./GXKFGPEGQHPGETQUKUEKNKCT[NQUUQTJ[RGTRNCUKC*QVEJMKUUGVCNC*QVEJMKUUCPF*CTMGOCTGRQTVGFUKOKNCT./HKPFKPIUKPTCVUGZRQUGFVQRRO1 HQTJ6JG[ 

### CNUQTGRQTVGFKPETGCUGF&0#U[PVJGUKUD[DTQOQFGQZ[WTKFKPG$TF7WRVCMGKPPCUCNPQPEKNKCVGFVTCPUKVKQPCNGRKVJGNKWO'ZRQUWTGVQRRO1 JFC[HQTQTFC[UQTHQT 

### FC[UYKVJFC[URQUVGZRQUWTGTGUWNVGFKPJ[RGTRNCUKCQHVJGPCUCNPQPEKNKCVGFEWDQKFCNVTCPUKVKQPCNGRKVJGNKWOYKVJKPETGCUGFKPVTCGRKVJGNKCNOWEQUWDUVCPEGUYKVJQWVUKIPKHKECPVEJCPIGUKPJKUVQEJGOKECNUVCKPKPIEJCTCEVGTKUVKEU*QVEJMKUUGVCN+PVJCVUVWF[PQEJCPIGUYGTGTGRQTVGFHQTTCVUGZRQUGFHQTFC[UCPFGZCOKPGFJRQUVGZRQUWTG4GW\GNGVCNGZRQUGFTCVUVQQTRRO1 JFC[HQTFC[U

### 6JG[FKFPQVTGRQTVEJCPIGUKPTCVUGZRQUGFVQRRODWVVJQUGGZRQUGFVQQTRROJCFNQUUQHEKNKCCPFFKUCTTCPIGOGPVQHVJGGRKVJGNKWOYKVJJ[RGTRNCUKCCPFOGVCRNCUKC%GNNRTQNKHGTCVKQPCUOGCUWTGFD[TCFKQNCDGNGFVJ[OKFKPGYCUKPETGCUGFCVVJGVYQJKIJGTEQPEGPVTCVKQPU6JGKPHNWGPEGQH1 %¥6QPGRKVJGNKCNEGNNRTQNKHGTCVKQPKPVJGPCUCNCPVGTKQT 

### OCZKNNQVWTDKPCVGUYCUOGCUWTGFD[$TF7WRVCMG*GPFGTUQPGVCN4CVUYGTGGZRQUGFVQCPFRRO1 HQTCPFJTGUWNVKPIKPUKZ%¥6RTQFWEVU

### 'ZRQUWTGVQRROQT%¥6UQHQTRRO

 JFKFPQVECWUGGHHGEVU(QTCIKXGP%¥6DGVYGGPCPFRRO

 JVJGKPETGCUGF&0#U[PVJGUKUYCUUKOKNCTVJGTGURQPUGFKFPQVKPETGCUGNKPGCTN[YKVJKPETGCUKPI%¥6U)GPGTCNN[CDQXGRRO1 VJGTGYCUC 

### NKPGCTKPETGCUGYKVJKPETGCUKPI%DWVPQV66JWUGZRQUWTGFWTCVKQPCRRCTGPVN[YCUTGURQPUKDNGHQTVJGNCEMQH%¥6NKPGCTKV[,QJPUQPGVCNCNUQWUGF$TF7VQUVWF[&0#U[PVJGUKUKPTCVUGZRQUGFVQQTRRO1 JFC[HQTQTFC[UCPF 

### GZCOKPGFQTFC[URQUVGZRQUWTG4CVUGZRQUGFVQRRO1 DWVPQVVQVJGNQYGT 

### EQPEGPVTCVKQPUJCFKPETGCUGF&0#U[PVJGUKUKPVJGPQPEKNKCVGFEWDQKFCNVTCPUKVKQPCNGRKVJGNKWOCVCPFFC[UCPFKPETGCUGFPWODGTUQHNCDGNGFEGNNUKPVJGEKNKCVGFTGURKTCVQT[GRKVJGNKWOCPFVJGQNHCEVQT[GRKVJGNKWOQPN[CVFC[U0QEJCPIGUYGTGHQWPFKPUSWCOQWUGRKVJGNKCGZEGRVCFGETGCUGKPNCDGNGFEGNNUFC[URQUVGZRQUWTGVQRRO1 ,QJPUQPCPF 

### EQYQTMGTUTGRQTVGFPQ./EJCPIGUKPVJGEKNKCVGFTGURKTCVQT[QNHCEVQT[QTUSWCOQWUGRKVJGNKCDWVJ[RGTRNCUKCQEEWTTGFKPVJGEWDQKFCNVTCPUKVKQPCNGRKVJGNKWO'RKVJGNKCNOWEQUWDUVCPEGUYGTGUVWFKGFKPTCVUGZRQUGFVQQTRRO1 JFC[HQTFC[UQTFC[URQUVGZRQUWTG*CTMGOCGVCN6JG[TGRQTVGFPQ./



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

### TGRQTVGFJ[RGTRNCUKCGURGEKCNN[QHOWEQWUEGNNUKPVJGTGURKTCVQT[GRKVJGNKWOQXGTVJGTQUVTCNRQTVKQPQHVJGPCUQVWTDKPCVGQHTCVUKPVJGCPFRROITQWRU6JGTGURKTCVQT[GRKVJGNKWONKPKPIQVJGTRCTVUQHVJGPCUCNECXKV[YGTGNGUUCHHGEVGFCPFPQEJCPIGUYGTGHQWPFKPVJGUSWCOQWUCPFQNHCEVQT[GRKVJGNKC*CTMGOCGVCNTGRQTVGFPQEJCPIGUKPVJGCOQWPVQHOWEQUWDUVCPEGUKPEQPFWEVKPICKTYC[UKPENWFKPIVJGPCUCNECXKV[QHTCVUGZRQUGFVQRRO1 JFC[ 

### FC[UYGGMHQTWRVQOQ#HVGTGZRQUWTGVQCPFRRO1 JQYGXGTOWEQWUHNQY 

### TCVGUYGTGUNQYGTCPFOWEQWUEGNNOGVCRNCUKCYCUGXKFGPVQXGTVJGNCVGTCNYCNNCPFVWTDKPCVGUQHVJGRTQZKOCNVJKTFQHVJGPCUCNCKTYC[U'ZRQUWTGVQCPFRRO1 CNUQECWUGF 

### GRKVJGNKCNJ[RGTRNCUKCKPPCUCNVTCPUKVKQPCNGRKVJGNKWOCPKPETGCUGKPGQUKPQRJKNKEINQDWNGUKPVJGUWTHCEGGRKVJGNKWONKPKPIVJGFKUVCNPCUCNCKTYC[UCPFOKNFVQOQFGTCVGKPHNCOOCVQT[EGNNKPHNWZKPVJGPCUCNOWEQUCQHVJGRTQZKOCNCPFOKFFNGPCUCNRCUUCIGU

.CT[PZ .GQPCTFGVCNTGRQTVGFFKUTWRVKQPCPFVJKEMGPKPIQHVJGUVTCVKHKGFUSWCOQWUGRKVJGNKWOQXGTVJGXQECNHQNFUQHDQPPGVOQPMG[U/CECECTCFKCVC GZRQUGFVQ1 JFC[ 

### HQTFC[U6JGDCUGOGPVOGODTCPGCRRGCTGFWPFWNCVKPITCVJGTVJCPUOQQVJ#VFC[URQUVGZRQUWTGVJGGRKVJGNKWOCRRGCTGFVJKEMGPGFDWVQVJGTYKUGPQTOCN6JG1 EQPEGPVTCVKQP 

### VQYJKEJVJGOQPMG[UYGTGGZRQUGFKUPQVENGCTDGECWUGFKHHGTGPVEQPEGPVTCVKQPUCRRGCTKPVJGUWOOCT[CPFVGZVUGEVKQPUQHVJGRWDNKECVKQP*QYGXGTVJGUGNCT[PIGUYGTGHTQODQPPGV

### OQPMG[UVJCVCNUQYGTGUVWFKGFD[*CTMGOCGVCNCPF&KOKVTKCFKUCPFVJGTGHQTGOQUVNKMGN[YGTGGZRQUGFVQRRO

6TCEJGCCPF$TQPEJK5GXGTCNKPXGUVKICVQTUUVWFKGFGHHGEVUQHQTRRO1 QPVJGVTCEJGCUQH 

### OQPMG[UTCVUCPFUJGGRFWTKPICPFCHVGTUJQTVVGTOXGT[DTKGHQTNQPIVGTOGZRQUWTGU*[FGGVCNUVWFKGFVJGVTCEJGCDTQPEJKCPF4$UQHTJGUWUOQPMG[UGZRQUGFVQRRO1 HQTJCPFGZCOKPGFVJGOCVCPFJRQUVGZRQUWTG#NVJQWIJ 

### VJGRTKOCT[QDLGEVKXGQHVJGUVWF[EQPEGTPGFKPHNCOOCVKQPUGG5GEVKQPVJGUVWF[CNUQRTQXKFGFOWEJPGYOQTRJQOGVTKEKPHQTOCVKQPEQPEGTPKPITGCEVKQPUVQ1 QHVTCEJGCN 

### DTQPEJKCNCPF4$GRKVJGNKCCPFVJGKTKPVGTUVKVKWO$QVJGRKVJGNKCNCPFKPVGTUVKVKCNFCVCYGTGFGVGTOKPGFCUXQNWOGRGTUWTHCEGCTGCQHGRKVJGNKCNDCUCNNCOKPC8 #VJRQUVGZRQUWTGVJG

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### OCLQTEJCPIGKPVJGVTCEJGCNCPF4$GRKVJGNKCYCUCPKPETGCUGKPPGETQVKEEGNNUYJGTGCUKPVJGDTQPEJKCNGRKVJGNKWOVJGTGYGTGHGYGTEKNKCVGFCPFDCUCNEGNNU6JGTGYGTGPQQVJGTEJCPIGUKPVTCEJGCNGRKVJGNKCNEGNN8 CVCP[QHVJGRQUVGZRQUWTGVKOGUGZCOKPGF#VCPF

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### JRQUVGZRQUWTGVJG8 QHPGETQVKEEGNNUYCUKPETGCUGFKPDTQPEJKDWVPQVKPVJGVTCEJGCQT

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### 4$U6JG8 QHEKNKCVGFCPFDCUCNEGNNUYCUUOCNNGTKPVJGDTQPEJKCNGRKVJGNKWODWVPQVKPVJG

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### VTCEJGC$CUCNEGNNUKPDTQPEJKCNUQYGTGKPETGCUGFCVCPFJRQUVGZRQUWTG4GURKTCVQT[DTQPEJKQNGUJCFUOCNNGT8 QH6[RGCNXGQNCTGRKVJGNKCNEGNNUCVCNNVKOGUGZEGRVJ

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### RQUVGZRQUWTG+P4$UPQPEKNKCVGFDTQPEJKQNCTEGNNUYGTGKPETGCUGFQPN[CVJRQUVGZRQUWTG'RKVJGNKCNEGNN&0#U[PVJGUKUYCUUVWFKGFKPVJGHKNVGTGFCKTEQPVTQNUCPFCVCPFJRQUVGZRQUWTGD[TCFKQNCDGNGFVJ[OKFKPGKPEQTRQTCVKQP6JGQPN[KPETGCUGYCUQDUGTXGFKPVJGDTQPEJKCNGRKVJGNKWOCVJRQUVGZRQUWTG%JCPIGUKPVJGKPVGTUVKVKCNEQORQPGPVUQHVJGVTCEJGCYGTGOKPKOCNYKVJCFGETGCUGKPVJGCOQTRJQWUOCVTKZCVJRQUVGZRQUWTG$TQPEJKJCFKPETGCUGF8 QHUOQQVJOWUENGCPFFGETGCUGFCOQTRJQWUOCVTKZCVCPFJ

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### RQUVGZRQUWTG%QNNCIGPHKDGTUKPVJGDTQPEJKCNKPVGTUVKVKWOYGTGFGETGCUGFCVJ+P4$UVJGCTKVJOGVKEOGCPVJKEMPGUUYCUKPETGCUGFCVCPFJDWVPQVCVQVJGTVKOGU+P4$UUOQQVJOWUENG8 YCUKPETGCUGFCVJ8 QHHKDTQDNCUVUYCUKPETGCUGFCVCPFJCPF8

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### QHVJGCOQTRJQWUOCVTKZYCUKPETGCUGFCVJRQUVGZRQUWTG0KMWNCGVCNCGZRQUGFTCVUVQRRO1 JPKIJVHQTQTPKIJVUQT 

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

### FC[UCPFUVWFKGFEQPVTQNUCVDKTVJCPFEQPVTQNUCPFGZRQUGFNCODUCVYGGMUQHCIG6TCEJGCNOWEQWUXGNQEKV[YCUFGETGCUGFCVYGGMUCPFCVUGXGTCNCFFKVKQPCNRQUVGZRQUWTGVKOGUUGG5GEVKQP+PEQPVTQNNCODUVJGRGTEGPVQHEKNKCVGFEGNNUKPETGCUGFCPFOWEQWUEGNNUFGETGCUGFKPVJGVTCEJGCUHTQODKTVJVQYGGMUQHCIG6JKUPQTOCNEJCPIGKPEGNNRQRWNCVKQPUFKFPQVQEEWTKPVJGGZRQUGFNCODVTCEJGCU+PVJGOQTGFGVCKNGFOQTRJQNQIKECN

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

### EQPFWEVKPICKTYC[UQHTCVUKUVJCVD[2NQRRGTGVCNC6JG[WUGF./OQTRJQOGVT[CPFVKPEVQTKCNJKUVQEJGOKUVT[VQUVWF[EQPFWEVKPICKTYC[UHTQOVJGVTCEJGCVQEGPVTKCEKPCTCNXGQNKHQNNQYKPIVYQUJQTVCPFQPGNQPIRCVJYC[D[CKTYC[FKUUGEVKQPQHHKZGFNWPIU+PTCVUGZRQUGFVQQTRRO1 HQTJFC[FC[UYGGMHQTOQVJGKPXGUVKICVQTUFKF 

### PQVHKPFFKHHGTGPEGUFWGVQ1 GZRQUWTGKPVTCEJGCNQTDTQPEJKCNGRKVJGNKCNVJKEMPGUUEGNN 

### RQRWNCVKQPUQTUVQTGFIN[EQEQPLWICVGU*QYGXGTVJG[FKFHKPFCEQPEGPVTCVKQPFGRGPFGPVNQUUQHUVQTGFIN[EQEQPLWICVGUKPVJGVTCEJGCUCPFKPVJGECWFCNNQPIRCVJDTQPEJKDWVPQVKPVJGETCPKCNQTEGPVTCNUJQTVRCVJDTQPEJK#NVJQWIJPQVUKIPKHKECPVN[FKHHGTGPVHTQOEQPVTQNUVJGTGYCUCEQPEGPVTCVKQPFGRGPFGPVVJKPPKPIQHVJGGRKVJGNKWOKPECWFCNNQPIRCVJDTQPEJK6GTOKPCNDTQPEJKQNGUHTQOTCVUGZRQUGFVQCPFRRO1 JCFKPETGCUGFXQNWOGHTCEVKQP 

### 8 QHPQPEKNKCVGFDTQPEJKQNCT%NCTCEGNNUCPFVJGGRKVJGNKWOYCUVJKEMGTKP6$UHTQOTCVU

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### GZRQUGFVQRRO+PCNNGZRQUGFTCVUVJGOCUU8 QHPQPEKNKCVGFDTQPEJKQNCTEGNNUYCU

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### KPETGCUGFKP6$UVJCVJCFNQPIRCVJYC[UECWFCNDWVPQVKP6$UYKVJUJQTVRCVJYC[UETCPKCNCPFEGPVTCN

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

### WUKPIVJGUCOGOGVJQFUGUVKOCVGFVJGCEKPCTXQNWOGKPVJGJWOCPNWPIUCVOO /GTEGTCPF%TCRQCPF/GTEGTGVCNHQWPFVJCVXCTKCVKQPKPCEKPCTUK\G 

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

### 2KPQGVCNE*CTMGOCGVCN/QUVQHVJGUGUVWFKGUPGGF6'/NGXGNUQHTGUQNWVKQPCPFOCIPKHKECVKQPCPFGORNQ[OQTRJQOGVTKEOGVJQFU+PQVJGTTGRQTVU

### OQTRJQOGVTKEGUVKOCVGUQHVJGXQNWOGQHVJG%#4NGUKQPYGTGWUGFVQUVWF[HCEVQTUVJCVOKIJVCNVGTVJGKPVGPUKV[QHVJGNGUKQPQTGXCNWCVGVJGKPVGPUKV[QHTGCEVKQPVQURGEKHKEGZRQUWTGTGIKOGPU/CWV\GVCN9CTTGPGVCN5VKNGUCPF6[NGT&WGVQVJGUK\GCPFFGHKPKVKQPQHVJG%#4NGUKQPVJKUCRRTQCEJECPWUG./OQTRJQOGVT[VQGUVKOCVGNGUKQPXQNWOG+PQVJGTUVWFKGUVJGEWOWNCVKXGGHHGEVQH1 QPVJG%#4KUGUVKOCVGFD[./ 

### OQTRJQOGVT[QHQPGQHVJGEQORQPGPVUFKUVCNCKTYC[TGOQFGNKPIYJKEJTGUWNVUKPVJGHQTOCVKQPQHPGY4$U$CTTGVCN6[NGTGVCN2KPMGTVQPGVCN'ZCORNGUQHGCEJV[RGQHUVWF[YKNNDGRTGUGPVGF2KPQGVCNEGZRQUGFTCVUVQRRO1 HQTQTJHQNNQYGFD[ 

### RQUVGZRQUWTGRGTKQFUKPHKNVGTGFCKTHQTWRVQJUQVJCVVJGVQVCNGZRQUWTGCPFRQUVGZRQUWTGRGTKQFFKFPQVGZEGGFJ5QOGQHVJGTCVUYGTGWUGFHQT$#.UGG5GEVKQPQVJGTUHQT6'/OQTRJQOGVT[6JGOQTRJQOGVTKEFCVCCTGGZRTGUUGFCU8 XCNWGU#HVGTCJ

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### GZRQUWTGPGETQUKUYCUVJGFQOKPCPVOQTRJQNQIKEHGCVWTGYKVJKPETGCUGUKP8 QHPGETQVKEEGNNU

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### KPVJG6$GRKVJGNKWOEKNKCVGFEGNNUCPFKP%#4CNXGQNK6[RGEGNNU9KVJKPETGCUKPIVKOGQHGZRQUWTGQTRQUVGZRQUWTGVJGXQNWOGQHPGETQVKEEGNNUKP6$UUJKHVGFHTQOVJGGRKVJGNKWOVQVJGNWOGPYKVJVJKUEJCPIGDGKPIUKIPKHKECPVCVJ+P%#4CNXGQNKKPETGCUGF8 QHVQVCN

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### PGETQVKEEGNNUQEEWTTGFCVCPFJQHGZRQUWTGCPFCVJKPVJGGRKVJGNKWO*GCNKPIKPVJG6$UGXKFGPEGFD[KPETGCUGF8 QHWPFKHHGTGPVKCVGFEGNNUYCUWPFGTYC[JCHVGTCJ

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### GZRQUWTGJCHVGTCPJGZRQUWTGCPFKOOGFKCVGN[CHVGTJQHGZRQUWTG6JGQPN[UKIPKHKECPVEJCPIGKPXKCDNGCNXGQNCTEGNNUYCUCPKPETGCUGKP8 QH6[RGEGNNUCHVGTJQH

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### GZRQUWTG6JKUKPETGCUGCRRGCTGFRTGFQOKPCPVN[FWGVQUYGNNKPIQHKPFKXKFWCN6[RGEGNNU+PETGCUGF8 QHVQVCN6$KPVGTUVKVKWOQEEWTTGFJCHVGTCPJGZRQUWTG+P%#4CNXGQNKVQVCN

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### KPVGTUVKVKWOYCUKPETGCUGFCHVGTJQHGZRQUWTGYKVJOWEJQHVJGKPETGCUGFWGVQCPKPETGCUGKPECRKNNCT[XQNWOG%JCPIGVCNWUGF6'/OQTRJQOGVT[VQGXCNWCVGEGNNWNCTCPFKPVGTUVKVKCNTGURQPUGUKPVJG%#46$CPFCNXGQNKRTQZKOCNCNXGQNKQHTCVUGZRQUGFVQCJRGCMUNQYN[TKUKPIVQRRO1 UWRGTKORQUGFQPCJDCEMITQWPFNGXGNQHRROVJGDCEMITQWPF 

### YCUFC[UYGGMVJGRGCMYCUFC[UYGGM%JCPICPFEQYQTMGTUGZCOKPGFTCVUCHVGTCPFYGGMUQHGZRQUWTGYGGMUCHVGTCYGGMGZRQUWTGCPFYGGMUCHVGTCYGGMGZRQUWTG%GPVTKCEKPCTTGIKQPCNXGQNKJCFCNCTIGTXQNWOGQHVQVCNVKUUWGCPFVQVCNGRKVJGNKWORGTCTGCQHDCUGOGPVOGODTCPG8 QPN[CHVGTQTYGGMUQHGZRQUWTGCPF

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### VJGUGXCNWGUYGTGPQVFKHHGTGPVCHVGTRQUVGZRQUWTGRGTKQFU6[RGEGNNUJCFCNCTIGTXQNWOGQPN[CVYGGMUQHGZRQUWTGKPETGCUGFPWODGTUCVYGGMUCPFKPETGCUGFPWODGTUCHVGTYGGMUQHGZRQUWTGRNWUYGGMURQUVGZRQUWTG6[RGEGNN8 YCUKPETGCUGFQPN[CHVGT

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### YGGMUQHGZRQUWTGCPFYGGMUQHGZRQUWTGRNWUYGGMURQUVGZRQUWTG/CETQRJCIGUKPVJG%#4CNXGQNKYGTGKPETGCUGFQPN[CHVGTYGGMQHGZRQUWTG+P%#4CNXGQNKDQVJKPVGTUVKVKCNEGNNUCPFOCVTKZYGTGKPETGCUGFCHVGTYGGMQHGZRQUWTGCPFVJGOCVTKZKPETGCUGFCICKPCHVGTCPFYGGMUQHGZRQUWTG6JKUFKHHGTGPEGYCUPQNQPIGTUKIPKHKECPVCHVGTGKVJGTRQUVGZRQUWTGRGTKQF#NVJQWIJVJGFCVCCTGPQVKPVJGVCDNGUQTHKIWTGUKPVJGCTVKENGVJGVGZVKPFKECVGUVJCVDQVJGRKVJGNKCNCPFGPFQVJGNKCNDCUGOGPVOGODTCPGUYGTGVJKEMGPGFCHVGTCPFYGGMUQHGZRQUWTGCPFCHVGTVJGYGGMRQUVGZRQUWTGRGTKQF%T[UVCNNKPGFGRQUKVUKPVJGDCUGOGPVOGODTCPGCTGFGOQPUVTCVGFKP(KIWTG+P6$UVJGNWOKPCNUWTHCEGCTGCQH%NCTCEGNNUYCUTGFWEGFCVYGGMQHGZRQUWTGCPFDQVJEKNKCVGFCPF%NCTCEGNNUJCFUOCNNGTNWOKPCNUWTHCEGCTGCUCHVGTYGGMUQHGZRQUWTGVJGUGTGVWTPGFVQEQPVTQNXCNWGUFWTKPIVJGRQUVGZRQUWTGRGTKQF*QYGXGTKPETGCUGF8 QH6[RGEGNNURGTUKUVGFHQTVJGYGGM

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### RQUVGZRQUWTGRGTKQFVJCVHQNNQYGFVJG### (KIWTG 'NGEVTQPOKETQITCRJQHCNXGQNCTUGRVCKPVJGEGPVTKCEKPCTTGIKQPQHVJGNWPIUHTQONCDQTCVQT[TCVUGZRQUGFVQCUKOWNCVGFRCVVGTPQHCODKGPV1 HQT 

### YGGMUUJQYKPIVJKEMGPGFDCUGOGPVOGODTCPGCTTQYJGCFU+PUGVOKETQITCRJUJQYUFGPUGET[UVCNKPGFGRQUKVUCTTQYUCPFEGNNWNCTGZVGPUKQPU


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

### YGTGCPFRRO*CTMGOCCPFEQYQTMGTUCNUQUVWFKGFTGCEVKQPUCHVGTQPN[FC[UQHGZRQUWTGVQRRO6JGTGYGTGPQOCLQTFKHHGTGPEGUCOQPIVJGVJTGGGZRQUGFITQWRU

### KGFC[UVQRROFC[UVQRROCPFFC[UVQRRO1 #NNGZRQUGF 

### OQPMG[UJCFVJKEMGT4$GRKVJGNKWOCPFVJKEMGT4$KPVGTUVKVKWO6JGTGYGTGOQTGPQPEKNKCVGFEWDQKFCNGRKVJGNKCNEGNNURGTOKNNKOGVGTQHDCUGOGPVOGODTCPGKPCNNGZRQUGFITQWRUCPFKPETGCUGFUSWCOQWUEGNNUQPN[KPVJGFC[ITQWR6JGVJKEMGPGFVQVCNKPVGTUVKVKWOYCUFWGVQKPETGCUGUKPDQVJCEGNNWNCTOCVTKZCPFEGNNWNCTEQORQPGPVUDWVDQVJEQORCTVOGPVUYGTGKPETGCUGFKPFKXKFWCNN[QPN[KPVJGFC[1 ITQWR6JGTGYGTGPQFKHHGTGPEGUKP4$UOQQVJ 

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



### TGRQTVGFVJGFGXGNQROGPVKPTCVUQHCPCKTYC[YKVJVJGCRRGCTCPEGQH4$UDGVYGGPVJG6$CPF#&U6JKUPGYUGIOGPVYCUNQPIGTVJCPVJQUGQEECUKQPCNN[UGGPKPEQPVTQNTCVU4GURKTCVQT[DTQPEJKQNGUKPTCVUGKVJGTCTGCDUGPVQTFGXGNQRGFVQQPN[CUKPINGXGT[UJQTVUGIOGPV6[NGT6[NGTCPF,WNKCP$CTTGVCNGZCOKPGFVJGFGXGNQROGPVQHVJKUPGYUGIOGPVWUKPI./CPF6'/OQTRJQOGVT[QPNWPIUHTQOTCVUGZRQUGFVQRRO1 JFC[HQTFC[U6JG[ 

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

### KPXGUVKICVQTUTGRQTVGFYGNNFKHHGTGPVKCVGFEKNKCVGFCPFPQPEKNKCVGFDTQPEJKQNCTGRKVJGNKWONKPKPI%#4CKTYC[UVJCVYQWNFQVJGTYKUGDG#&U5QOGQHVJKUGRKVJGNKWOGZVGPFGFHKXGCNXGQNKHTQOVJG6$6JWUVJG6[RGCPFEGNNUEJCTCEVGTKUVKEQH#&UYGTGTGRNCEGFD[DQVJV[RGUQHDTQPEJKQNCTEGNNUEJCTCEVGTKUVKEQH4$UYJGP4$UCTGRTGUGPVKPEQPVTQNTCVU2KPMGTVQPGVCNWUGFVJGKTPGYOQTRJQOGVTKEOGVJQFVQUVWF[TCVUGZRQUGFVQQTRRO1 HQTJFC[FC[UYGGMHQTOQ6JG[TGRQTVGFUKIPKHKECPVVJKEMGPKPIQHCNXGQNCT 

### UGRVCNVKRUOOHTQOVJG6$KPTCVUGZRQUGFVQRROYJKEJKPETGCUGFYKVJ

1 EQPEGPVTCVKQPVQOKPTCVUGZRQUGFVQRRODWVVJG[FKFPQVFGUETKDGVJGV[RGQH



### GRKVJGNKWOEQXGTKPIVJGUGVJKEMGPGFVKRU5GXGTCNUVWFKGUVJCVFKFPQVHKPF%#4TGOQFGNKPICNUQWUGFCUNKIJVN[FKHHGTGPVRTQEGFWTG$CTT[GVCN%JCPIGVCN2NQRRGTGVCNCGZCOKPGF%#4UHTQOTCVUGZRQUGFVQVJGUCOGTGIKOGPDWVUVWFKGF%#4UHTQOQPGETCPKCNUJQTVRCVJYC[CPFCECWFCNNQPIRCVJYC[6JG[HQWPFPQPEKNKCVGFDTQPEJKQNCTGRKVJGNKCNEGNNUKPTGOQFGNGFHQTOGT#&UKPUJQTVCPFNQPIRCVJYC[%#4UHTQOTCVUGZRQUGFVQRRO1 DWVQPN[KPUJQTVRCVJYC[%#4UHTQOTCVUGZRQUGFVQ 

### RRO%GPVTCNUJQTVRCVJYC[%#4UYGTGPQVGZCOKPGF7UKPIVJGCKTYC[FKUUGEVKQPOGVJQFQHUGNGEVKPI%#4UVQDGUVWFKGFPQPEKNKCVGFDTQPEJKQNCTEGNNUYGTGPQVHQWPFKP#&UHTQOTCVUGZRQUGFVQRRO1  

### 6JGUCOGRJGPQOGPCCRRCTGPVN[QEEWTUKPCPKOCNUYKVJUGXGTCNIGPGTCVKQPUQH4$UCUKPETGCUGUKP8 CPFXQNWOG8QH4$UJCXGDGGPTGRQTVGFKPCNN1 GZRQUGFOQPMG[U

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### GZCOKPGFWUKPIOQTRJQOGVTKEOGVJQFUVQGUVKOCVG8 QT8QH4$U(WLKPCMCGVCN

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### /QHHCVVGVCN6[NGTGVCND+PHNCOOCVQT[EJCPIGUCPF%#4TGOQFGNKPIQEEWTEQPEQOKVCPVN[CPFKPHNCOOCVQT[EJCPIGUKPCPCKTYC[OC[KPFKECVGHWVWTGTGOQFGNKPI/GNNKEMGVCNPQVGFVJCVKPOQPMG[UGZRQUGFVQRROJFC[HQTFC[UVJGKPHNCOOCVQT[RTQEGUUGZVGPFGFVJTQWIJQWVVJG4$UCPFKPVQ#&U'WUVKUGVCNTGRQTVGFVJCVKPOQPMG[UGZRQUGFVQRROJFC[HQTFC[UCNNIGPGTCVKQPUQH4$UEQPVCKPGFCIITGICVGUQHKPHNCOOCVQT[EGNNU/QPMG[UGZRQUGFVQNQYGTEQPEGPVTCVKQPUHQTVJGUCOGQTNQPIGTVKOGJCXGKPETGCUGF8 CPF8QH4$U/QHHCVVGVCNX



###  %QPUKFGTCVKQPUQH'ZRQUWTG4GIKOGPUCPF/GVJQFU4GEQXGT[&WTKPI2QUVGZRQUWTG2GTKQFU'XKFGPEGQHJGCNKPIQEEWTUUQQPCHVGTUJQTVVGTO1 GZRQUWTGUEGCUG+PVJGUVWFKGU 

### QH2KPQGVCNEGXKFGPEGQHJGCNKPIKURTQXKFGFD[VJGKPETGCUGF8 QHXKCDNG

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### WPFKHHGTGPVKCVGFEGNNUKP6$UFGVGEVGFJCHVGTVJGGPFQHCPJGZRQUWTGVQRRO1 

### %JCPIGVCNTGRQTVGFCPKPETGCUGF8 QH6[RGEGNNUYGGMUCHVGTC

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### YGGMGZRQUWTGVQCUKOWNCVGFWTDCPGZRQUWTGTGIKOGPYKVJCRGCM1 EQPEGPVTCVKQPQH 

### RROVJGTGYGTGPQEJCPIGUFGVGEVGFYGGMUCHVGTCYGGMGZRQUWTG)TQUUCPF9JKVGGZCOKPGFTCVUCPFOQCHVGTCYGGMGZRQUWTGJFC[FC[UYGGMVQRRO1 7UKPI./RCVJQNQI[VJGQPN[EJCPIGUXKUKDNGOQCHVGTCOQGZRQUWTGYGTG 

### CHGYCTGCUQHDTQPEJKQNK\CVKQPUNKIJVFKNCVKQPQH#&UCPFUNKIJVVJKEMGPKPIQH#&YCNNUCPFCFLCEGPVCNXGQNCTUGRVC+PCPGCTNKGTUVWF[NGUUEQORNGVGJGCNKPIYCUTGRQTVGFD[)TQUUCPF9JKVGYJQWUGF./RCVJQNQI[VQUVWF[TCVUCPFYGGMUCHVGTCYGGMGZRQUWTGJFC[FC[UYGGMVQRRO1 (QWTYGGMURQUVGZRQUWTG)TQUUCPF9JKVGTGRQTVGF 

### CUNKIJVWPGXGPN[FKUVTKDWVGFKPHNCOOCVQT[TGCEVKQPYKVJEQPFGPUGFGQUKPQRJKNKEOCVGTKCNRTGUWOGFVQDGEQNNCIGPKPVJGKPVGTUVKVKWO0KPGYGGMURQUVGZRQUWTGUQOG#&YCNNUCPF6$UYGTGVJKEMGPGF4CVUGZRQUGFVQRROJPKIJVHQTPKIJVUCPFGZCOKPGFFC[UNCVGTWUKPI./OQTRJQOGVT[JCFKPETGCUGF8 CPF8QHVJG4$YCNNCPF5'/GXKFGPEGQH

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### %#4TGOQFGNKPI6[NGTGVCN%QNNCIGPEQPVGPVQHVJGUGNWPIUKPETGCUGFFWTKPIVJGRQUVGZRQUWTGRGTKQF.CUVGVCND%GPVTKCEKPCTTGIKQPTGOQFGNKPIYCUOQTGRGTUKUVGPVKPOQPMG[UGZRQUGFVQRRO1 JFC[HQTOQHQNNQYGFD[OQRQUVGZRQUWTG6[NGTGVCND$[./ 

### OQTRJQOGVT[VJG8 CPF8QHVQVCN4$4$NWOGPCPF4$YCNNUYGTGKPETGCUGFDQVJCV

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### GZRQUWTGGPFCPFCVOQRQUVGZRQUWTG#VGZRQUWTGGPFDWVPQVCVOQRQUVGZRQUWTG4$KPVGTPCNFKCOGVGTUYGTGUOCNNGTCPF#/UKPVJG%#4KPETGCUGF### 1PGUVWF[EQPEGTPGFRQUVGZRQUWTGTGEQXGT[QHVJGVTCEJGC0KMWNCGVCNC%QORNGVGTGEQXGT[QHVJGVTCEJGCCUGXCNWCVGFD[./OQTRJQOGVT[5'/CPF6'/QHTCVUGZRQUGFVQPKIJVUJPKIJVFC[UYGGMVQRRO1 QEEWTTGFHQNNQYKPICFC[ 

### RQUVGZRQUWTGRGTKQF

'HHGEVUQH'RKUQFKECPF5GCUQPCN'ZRQUWTG4GIKOGPU/CP[KPXGUVKICVQTUJCXGPQVGFVJCVNGUKQPUFWGVQ1 TGCEJCOCZKOWOKPVGPUKV[KPC 

### XGT[HGYFC[UCPFVJCVYKVJEQPVKPWGFGZRQUWTGVJGKPVGPUKV[QHVJGNGUKQPFGETGCUGU'WUVKUGVCNTGRQTVGFJCNHVJGPWODGTQHKPHNCOOCVQT[EGNNUKPVJG%#4QHOQPMG[UGZRQUGFVQRROHQTFC[UCUHQWPFKPOQPMG[UGZRQUGFVQVJGUCOGEQPEGPVTCVKQPHQTFC[U%JCPIGVCNPQVGFVJCVVJGCEWVGTGCEVKQPUVQVJGRRODCEMITQWPF1 FC[UYGGMYKVJCJRGCMFC[UYGGMUNQYN[TKUKPIVQRROVJCVVJG[TGRQTVGF



### CVYGGMQHGZRQUWTGJCFUWDUKFGFCVYGGMUQHGZRQUWTG*CTMGOCGVCNTGRQTVGFPQFKHHGTGPEGKPHKTUVIGPGTCVKQP4$GRKVJGNKCNVJKEMPGUUQTEGNNPWODGTUCOQPIOQPMG[UGZRQUGFVQRRO1 HQTFC[UQTVQQTRROHQTFC[U

### 6JGUGCPFQVJGTUKOKNCTQDUGTXCVKQPURTQORVGF%JCPIGVCNVQEQORCTGGHHGEVUQHVYQGZRQUWTGTGIKOGPUYJKEJYGTGGXCNWCVGFWUKPIVJGUCOG6'/OQTRJQOGVTKECRRTQCEJ6JGHKTUVTGIKOGPYCUCUSWCTGYCXGJFC[FC[YGGMGZRQUWTGVQQTRRO1 6JGUGEQPFTGIKOGPUKOWNCVGFWTDCP1 GZRQUWTGUD[GZRQUKPITCVU  

### FC[UYGGMHQTJVQRRODCEMITQWPFYKVJCRGCMUNQYN[TKUKPIVQRROQXGTCJRGTKQFFC[UYGGM6JG[ECNEWNCVGFEWOWNCVKXG1 EQPEGPVTCVKQP%¥6HQTGCEJ 

### GZRQUWTGTGIKOGPCPFEQPENWFGFVJCVKPETGCUGUKPXQNWOGQH6[RGCPFCNXGQNCTGRKVJGNKCNEGNNUYGTGNKPGCTN[TGNCVGFVQKPETGCUKPI%¥66JGTGNCVKQPUJKRHQT6[RGEGNNUYCUOQTG

TQDWUV $CTTGVCNWUGF6'/CPF./OQTRJQOGVT[VQEQORCTGGHHGEVUQHFC[UQHFCKN[GZRQUWTGQHTCVUHQTJFC[VQRRO1 YKVJCTGIKOGPVJCVOQFGNGFFC[ 

### GRKUQFGUQH1 GZRQUWTG'CEJFC[GRKUQFGYCUHQNNQYGFD[RQUVGZRQUWTGFC[UQHHKNVGTGF 

### CKT6JGE[ENGYCUTGRGCVGFUGXGPVKOGUUQVJCVVJGGRKUQFKEITQWRYCUGZRQUGFCVQVCNQHFC[UQXGTCPFC[RGTKQFCPFVJGFCKN[ITQWRYCUGZRQUGFHQTFC[UVQVJGUCOG1 EQPEGPVTCVKQP$QVJITQWRUJCF%#4TGOQFGNKPIYKVJVJGHQTOCVKQPQH4$U6JGXQNWOG



### QH4$UHQTOGFYCUPQVFKHHGTGPVYJGPVJGVYQGZRQUWTGITQWRUYGTGEQORCTGF6JGCDUQNWVGXQNWOGQHRCTGPEJ[OCNNGUKQPYCUVJGUCOGKPDQVJITQWRU6JG4$GRKVJGNKCNVJKEMPGUUYCUKPETGCUGFKPVJGFCKN[ITQWRDWVPQVKPVJGGRKUQFKEITQWREQPXGTUGN[VJGKPVGTUVKVKWOQHDQVJ6$UCPF#&UYCUVJKEMGPGFKPVJGGRKUQFKEITQWRDWVPQVKPVJGFCKN[ITQWR6JWUTCVUGZRQUGFVQVJGUCOGEQPEGPVTCVKQPQH1 HQTFC[UQXGTCPFC[RGTKQFKPCPGRKUQFKE 

### TGIKOGPJCFNGUKQPUCUUGXGTGCUVJQUGTCVUGZRQUGFFCKN[HQTFC[U'HHGEVUQHUGCUQPCNCPFFCKN[GZRQUWTGQH[QWPIOQPMG[UVQRRO1 YGTG 

### TGRQTVGFD[6[NGTGVCN6JGFCKN[ITQWRYCUGZRQUGFGXGT[FC[JFC[HQTOQYJGTGCUVJGUGCUQPCNITQWRYCUGZRQUGFQPN[FWTKPIQFFOQPVJUHQTVJGOQ6JWUVJGFCKN[ITQWRYCUGZRQUGFVYKEGCUOCP[FC[UVQVJGUCOGEQPEGPVTCVKQPCUVJGUGCUQPCNITQWR$[./OQTRJQOGVT[DQVJITQWRUJCFKPETGCUGF8 QHVQVCN4$CPF4$NWOGPDWV4$YCNN

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### VJKEMPGUUYCUKPETGCUGFQPN[KPVJGFCKN[ITQWR6JGQPN[UKIPKHKECPVOQTRJQOGVTKEFKHHGTGPEGDGVYGGPVJGVYQITQWRUYCUCPKPETGCUGKP%#4#/UKPVJGFCKN[ITQWR6JKUFKHHGTGPEGCPFVJGFKHHGTGPEGKPUKIPKHKECPEGQHVJG4$YCNNVJKEMPGUUKPVJGUGCUQPCNITQWRYCURTGUWOGFFWGVQVJGFCKN[ITQWRDGKPIGZRQUGFVQ1 VJGFC[DGHQTGPGETQRU[YJGTGCUVJGUGCUQPCNITQWR 

### DTGCVJGFHKNVGTGFCKTHQTFC[URTGEGFKPIPGETQRU[6JKUHKPCNFC[UQHHKNVGTGFCKT

### CRRCTGPVN[CNNQYGFVJGOQTGCEWVGKPHNCOOCVQT[EJCPIGUKPVJGUGCUQPCNITQWRVQTGITGUU6JGUGCUQPCNITQWRDWVPQVVJGFCKN[ITQWRJCFKPETGCUGFNWPIEQNNCIGP5GEVKQPCPFKPETGCUGFEJGUVYCNNEQORNKCPEG5GEVKQP'ZRQUWTGVQVJGUCOGEQPEGPVTCVKQPQH1 HQT 

### JCNHCUOCP[FC[UKPCUGCUQPCNTGIKOGPTGUWNVGFKPOQTRJQOGVTKEGHHGEVUUKOKNCTVQFCKN[GZRQUWTGCPFKPRJ[UKQNQIKECNCPFNWPIEQNNCIGPEJCPIGUPQVHQWPFKPVJGFCKN[ITQWR6[NGTGVCNCGZRQUGFTCVUVQUGCUQPCNCPFFCKN[TGIKOGPUUKOKNCTVQVJQUGWUGFHQTVJGOQPMG[UFGUETKDGFCDQXG6JGEQPEGPVTCVKQPWUGFKPDQVJUVWFKGUYCURRO1 CPFVJGVQVCNNGPIVJQHGZRQUWTGYCUOQ4CVUYGTGGZRQUGFPKIJVUFWTKPIVJGKTPCVWTCN



### RGTKQFQHCEVKXKV[$QVJITQWRUQHTCVUYGTGUVWFKGFCVVJGGPFQHVJGOQGZRQUWTGE[ENGCPFFC[URQUVGZRQUWTG6JGNWPIUYGTGGXCNWCVGFWUKPICUKORNKHKGF./OQTRJQOGVTKEOGVJQFHQT%#4CKTYC[TGOQFGNKPIGUVKOCVKPIVJGPWODGTQHLWPEVKQPUQHDTQPEJKQNGU6$CPF4$YKVJ#&URGTUWTHCEGCTGCQHUGEVKQP#VGZRQUWTGGPFVJGPWODGTQHLWPEVKQPUQHDQVJGZRQUWTGITQWRUYCUKPETGCUGFEQORCTGFVQHKNVGTGFCKTEQPVTQNUVJG1 ITQWRUYGTGPQV 

### FKHHGTGPVHTQOGCEJQVJGT0GKVJGTITQWRYCUFKHHGTGPVHTQOVJGEQPVTQNUCVFC[U

RQUVGZRQUWTG'Z8KXQCPF+P8KVTQ'ZRQUWTGU4GUWNVUQDVCKPGFHTQOUVWFKGUQHKUQNCVGFRGTHWUGFNWPIUCPFQTICPEWNVWTGGZRNCPVUYGTGEQPUKUVGPVYKVJUQOGQHVJGHKPFKPIUHTQOKPXKXQUVWFKGU2KPQGVCNC0KMWNCGVCND0KMWNCCPF9KNUQP %QPUKFGTCVKQPUQH&GITGGQH5WUEGRVKDKNKV[VQ/QTRJQNQIKECN%JCPIGU5RGEKGU&KHHGTGPEGUKP&GITGGQH4GURQPUG2NQRRGTGVCNTGXKGYGFFCVCHTQOPQPJWOCPRTKOCVGUCPFTCVUVJCVJCFDGGPGZRQUGFVQ1 CPFGXCNWCVGFWUKPI6'/OQTRJQOGVT[6JGFCVCYGTGIGPGTCVGFKPUGXGTCN 

### NCDQTCVQTKGUCPFVJGGZRQUWTGCPFGXCNWCVKQPOGVJQFUYGTGUQOGYJCVFKHHGTGPVDWVVJGFCVCYGTGGZRTGUUGFKPUKOKNCTVGTOU+PVJG%#4VJGTGUWNVUYGTGGZRTGUUGFCUVQVCNGRKVJGNKCNVJKEMPGUUQTPWODGTUQHEGNNURGTUSWCTGOKNNKOGVGTQHDCUCNNCOKPC'ZRQUWTGQHTCVUVQRRO1 JFC[HQTFC[UTGUWNVGFKPCPKPETGCUGQHNGUUVJCPKPGKVJGT 

### RCTCOGVGTEQORCTGFVQEQPVTQNU$CTT[GVCN'ZRQUWTGQHOQPMG[UVQRRO1 JFC[HQTFC[UTGUWNVGFKPCKPETGCUGKPVJKEMPGUUCPFCKPETGCUGKPEGNN



### PWODGTEQORCTGFVQEQPVTQNU*CTMGOCGVCN#UPQVGFGCTNKGT5GEVKQPVJG%#4UQHTCVUCPFOQPMG[UCTGUVTWEVWTCNN[FKHHGTGPV6[NGTCPFVJG%#4EGNNUCTGCNUQFKHHGTGPV2NQRRGT6JGTGYCUCNUQCFKHHGTGPEGYJGP2NQRRGTGVCNEQORCTGFUVQTGFUGETGVQT[RTQFWEVRGTUSWCTGOKNNKOGVGTQHDCUCNNCOKPCKPVJGPCUCNUGRVWOCPFNCVGTCNYCNNQHVJGPCUCNECXKV[QH1 GZRQUGFTCVUCPFOQPMG[U&CVCHTQOVJGGZRQUWTGQHTCVUVQRROJFC[ 

### HQTFC[UTGUWNVGFKPCKPETGCUGKPVJGPCUCNUGRVWOCPFCKPETGCUGKPVJGNCVGTCNYCNN'ZRQUWTGQHOQPMG[UVQRROJFC[HQTFC[UTGUWNVGFKPCKPETGCUGKPVJGPCUCNUGRVWOCPFCKPETGCUGKPNCVGTCNYCNN#UKPVJG%#4VJGTGCTGOCLQTOQTRJQNQIKECNFKHHGTGPEGUKPVJGPCUCNECXKVKGUQHVJGUGVYQURGEKGU5EJTGKFGTCPF4CCDG2NQRRGTGVCNCNUQEQORCTGFEQNNCIGPOGVCDQNKUOKPTCVUCPFOQPMG[UGZRQUGFVQRRO1 JFC[HQTFC[UWUKPIVJGWRVCMGQHVTKVKWONCDGNGFRTQNKPG

### +PTCVUVJGTGYCUCPKPETGCUGQHCDQXGEQPVTQNUYJGTGCUVJGKPETGCUGYCUKPOQPMG[U### (TQOVJGUGFCVCKVCRRGCTUVJCVVJGTGURKTCVQT[U[UVGOQHOQPMG[UKUOWEJOQTGTGURQPUKXGVJCPVJCVQHTCVUVQPGCTCODKGPVEQPEGPVTCVKQPUQH1 6JGOGEJCPKUOUTGURQPUKDNG 

### HQTVJGUGURGEKGUFKHHGTGPEGUKPTGURQPUGVQ1 TGOCKPVQDGGNWEKFCVGF 



### 'HHGEVUQH#IG5GXGTCNUVWFKGURWDNKUJGFUKPEGVJGRTGXKQWUETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[JCXGCFFTGUUGFVJGGHHGEVUQHCIGQPVJGKPVGPUKV[QH1 OQTRJQNQIKECNEJCPIGU6JGUVWF[D[5VGRJGPUGVCNCPFVJGKPKVKCNTGRQTVD[$CTT[



### GVCNYGTGEKVGF$TKGHN[5VGRJGPUGVCNGZRQUGFTCVUTCPIKPIKPCIGHTQOVQFC[UQNFVQRRO1 HQTQTJCPFGZCOKPGFVJGKTNWPIUD[./CPF6'/5VGRJGPU 

### CPFEQYQTMGTUTGRQTVGFVJCVRTKQTVQFC[UQHCIGVJG[FKFPQVHKPFFCOCIGVQ6$EKNKCVGFEGNNUQTVQ%#46[RGEGNNUCPFVJCVVJGCOQWPVQHKPLWT[KPETGCUGFHTQOVQFC[UYJGPCRNCVGCWKPTGURQPUGYCUTGCEJGF$CTT[GVCNGZRQUGFFC[QNFCPFYGGMQNFTCVUVQQTRRO1 JFC[HQTYGGMU6JGUVWF[GORJCUK\GF6'/OQTRJQOGVT[QH%#4 

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

EGNNUYCUTGFWEGF6JGPWODGTQHDTWUJEGNNUYCUCNUQFGETGCUGF5VKNGUCPF6[NGTUVWFKGFGHHGEVUKPCYKFGTTCPIGQHCIGUWUKPI./OQTRJQOGVT[CPF5'/6JG[GZRQUGFCPFFC[QNFHGOCNGTCVUVQQTRRO1 

### EQPVKPWQWUN[HQTJ$QF[YGKIJVUQHVJGFC[QNFTCVUDWVPQVQHVJQUGFC[UQNFFGETGCUGFFWTKPIGZRQUWTG(KZGFNWPIXQNWOGUQHFC[QNFTCVUGZRQUGFVQDWVPQVRROYGTGUOCNNGTVJCPUCOGCIGEQPVTQNU6JG8 QH%#4NGUKQPUYCUNCTIGTKP

X

### FC[QNFTCVUVJCPKPVJGFC[QNFTCVUGZRQUGFVQGKVJGTEQPEGPVTCVKQP6JG8 QHEGNNU

X

### HTGGKPNWOGPU#/UYCUKPETGCUGFKP[QWPITCVUGZRQUGFVQRROEQORCTGFVQVJGQNFGTTCVUDWVYCUPQVFKHHGTGPVHQTTCVUGZRQUGFVQRRO;QWPITCVUGZRQUGFVQGKVJGTEQPEGPVTCVKQPJCFNCTIGT%#4NGUKQPUVJCPVJGQNFGTTCVUCPF[QWPITCVUGZRQUGFVQVJGNQYGTEQPEGPVTCVKQPJCFOQTG#/U1NFGTTCVUJCFITGCVGTEJCPIGUKPDQF[YGKIJVCPFKPVJQUGGZRQUGFVQVJGJKIJGTEQPEGPVTCVKQPKPHKZGFNWPIXQNWOG'HHGEVUQH'ZGTEKUG'ZGTEKUGKPETGCUGUVJGFQUGQHKPJCNGFVQZKECPVUFGNKXGTGFVQUGPUKVKXGEGNNUUGG%JCRVGT/CWV\GVCNDUVWFKGFVJGGHHGEVUQHCPFRRO1 QPTCVUCVTGUVCPF 

### FWTKPIUGXGTCNVTGCFOKNNGZGTEKUGRTQVQEQNU6JG[HQWPFKPETGCUGFRGTEGPVQHNWPIRCTGPEJ[OCNCTGCEQPVCKPKPIHTGGEGNNU#/UKPGZGTEKUGFTCVUGZRQUGFVQDQVJEQPEGPVTCVKQPUEQORCTGFVQ

### TCVUGZRQUGFCVTGUV#VVJGJKIJGTEQPEGPVTCVKQPVJGTGYCUCNUQCPKPETGCUGKPVJGRGTEGPVQHRCTGPEJ[OCNCTGCYKVJVJKEMGPGF#&UCPFCNXGQNCTUGRVC6[NGTGVCNEGZRQUGFVJQTQWIJDTGFJQTUGUVTCKPGFVQCVTGCFOKNNVQQTRRO1 HQTOKPQPEQPUGEWVKXGFC[UWUKPICRTQVQEQNVJCVKPENWFGFOKPQHITCFGF 

### GZGTEKUGOKPCVOCZKOWOURGGFCPFOKPQHEQQNQWV&WTKPIOCZKOCNGZGTEKUGJQTUGUKPETGCUGVJGKTTCVGQHQZ[IGPEQPUWORVKQPOQTGVJCPQVJGTURGEKGU6YQQHVJTGGJQTUGUGZRQUGFVQRRO1 JCFUKIPKHKECPVCTGCUQHJGOQTTJCIGCPFGFGOCCPFQPGQHVJGO 

### TGHWUGFVJGUGEQPFFC[	UGZGTEKUGCPFGZRQUWTG$[6'/CNNJQTUGUGZRQUGFVQRROJCF%#4NGUKQPUKPENWFKPIPGETQUKUQH6[RGEGNNU.GUKQPUKPVJQUGGZRQUGFVQYGTGNKOKVGFVQ%#4EKNKCVGFEGNNU0QJQTUGUYGTGGZRQUGFCVTGUVHQTEQORCTKUQP'NCUVCUG+PFWEGF'ORJ[UGOC4CVUYKVJGNCUVCUGKPFWEGFGORJ[UGOCCPFUCNKPGKPUVKNNGFEQPVTQNUYGTGGZRQUGFVQQTRROHQTQTFC[U&QTOCPUGVCN/GCPNKPGCTKPVGTEGRVUCOGCUWTGQHCNXGQNCTUK\GYGTGFGVGTOKPGFWUKPI./6JGKPEKFGPEGCPFUGXGTKV[QH%#4KPHNCOOCVQT[EJCPIGUYGTGVJGUCOGKP1 GZRQUGFGNCUVCUGVTGCVGFCPFUCNKPGEQPVTQNTCVU6JGTGYGTGPQ 

### EJCPIGUKPOGCPNKPGCTKPVGTEGRVUFWGVQVJG1 GZRQUWTG 



###  5WOOCT[4GUGCTEJUKPEGVJGRTGXKQWU1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP 

### #IGPE[EQPVKPWGUVQUWRRQTVVJGEQPEGRVVJCVCNNOCOOCNKCPURGEKGUTGURQPFVQ1 EQPEGPVTCVKQPURROKPCUKOKNCTOCPPGTDWVYKVJUKIPKHKECPVFKHHGTGPEGUKPKPVGPUKV[



### QHTGCEVKQPUCOQPIVJGURGEKGUUVWFKGF2NQRRGTGVCN&WPIYQTVJRTQXKFGFCUEJGOCVKEQXGTXKGYQHOQTRJQNQIKECNTGCEVKQPUQHVJG%#4HTQOOCOOCNKCPNWPIUVQEQPVKPWQWUGZRQUWTGVQNQYEQPEGPVTCVKQPUQH1 CUCUGTKGUQHVKOGTGURQPUGRTQHKNGU 

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

### RRO*QYGXGTVJGOGEJCPKUOUTGURQPUKDNGHQTVJGUGFKHHGTGPEGUKPTGURQPUGJCXGPQVDGGPGNWEKFCVGF&KHHGTGPEGUKPEGNNVKUUWGCPFEKTEWNCVKPINGXGNUQHUGXGTCNCPVKQZKFCPVUCTGDGKPIUVWFKGFCUCTGFKHHGTGPEGUKPKPXKVTQTGURQPUGUVQ1 D[EWNVWTGUQHEGNNUHTQOVJG 

### XCTKQWUURGEKGU$CUKEOQTRJQNQIKECNFKHHGTGPEGUKPVJGUVTWEVWTGQHVJGOQUVKPLWTGFRQTVKQPQHVJGNWPIVJG%#4CPFVJGUK\GXQNWOGQHVJGDCUKEUVTWEVWTCNWPKVVJGCEKPWUOC[CNUQDGHCEVQTUKPVJGITGCVGTTGURQPUGQHOQPMG[UVQ1 $QVJJWOCPNWPIUCPFNWPIUHTQOPQPJWOCP 

### RTKOCVGUJCXG%#4UEJCTCEVGTK\GFD[UGXGTCNIGPGTCVKQPUQH4$UYJGTGCUTCVUJCXGPQ4$UQTQPN[CUKPINGRQQTN[FGXGNQRGFIGPGTCVKQP6[NGTCPF,WNKCP9KVJKPCPKPFKXKFWCNNWPICEKPCTXQNWOGKUFKTGEVN[TGNCVGFVQVJGKPVGPUKV[QH%#4NGUKQPU/GTEGTCPF%TCRQ/GTEGTGVCN6JGXQNWOGQHKPFKXKFWCNCEKPKKPJWOCPNWPIUKUVKOGUNCTIGTVJCPKPFKXKFWCNCEKPKKPTCVNWPIU4QFTKIWG\GVCN*CGHGNK$NGWGTCPF9GKDGN### #EKPCTXQNWOGQHVJGOQPMG[UWUGFKP1 UVWFKGUKUPQVMPQYPDWVQPVJGDCUKUQHVJG%#4 

### UVTWEVWTGKUCUUWOGFVQDGOQTGNKMGVJCVQHJWOCPNWPIUVJCPTCVNWPIU#PQVJGTOQTRJQNQIKECNHCEVQTVJCVOC[DGTGURQPUKDNGKPRCTVHQTVJGITGCVGTTGURQPUGVQ1 QHPQPJWOCPRTKOCVGUVJCPQHTCVUOC[DGFKHHGTGPEGUKPVJGEQORNGZKV[QHVJG 

### PCUCNECXKV[5EJTGKFGTCPF4CCDGUVWFKGFVJGETQUUUGEVKQPCNOQTRJQNQI[QHVJGPCUCNRJCT[PZKPTCVUDGCINGFQIUCPFCTJGUWUOQPMG[6JG[EQPENWFGFVJCVVJG### Epithelial hyperplasia

Bronchioloalveolar exudate

Interstitial fibrosis

0 3 6 1 mo 6 mo 12 mo

days Exposure Postexposure



## Time

(KIWTG 5EJGOCVKEEQORCTKUQPQHVJGFWTCVKQPTGURQPUGRTQHKNGUHQTGRKVJGNKCNJ[RGTRNCUKCDTQPEJQCNXGQNCTGZWFCVKQPCPFKPVGTUVKVKCNHKDTQUKUKPVJGEGPVTKCEKPCTTGIKQPQHNWPIGZRQUGFVQCEQPUVCPVNQYEQPEGPVTCVKQPQH

Q\QPG

5QWTEG &WPIYQTVJ 




### EQORNGZKV[QHVJGPCUCNECXKV[CPFVJGTGHQTGVJGUETWDDKPIGHHGEV;QMQ[COCCPF(TCPM/KNNGTGVCNYJKEJTGFWEGUVJGEQPEGPVTCVKQPQHKPJCNGF1 FGNKXGTGFVQVJG 

### NQYGTTGURKTCVQT[VTCEVYQWNFDGITGCVGTKPTCVUVJCPKPOQPMG[U5EJTGKFGTCPF4CCDGRTQRQUGFVJCVYKVJCRRTQRTKCVGUECNKPIVJGOQPMG[EQWNFUGTXGCUCOQFGNHQTCGTQUQNCPFICUFGRQUKVKQPKPVJGPCUQRJCT[PIGCNTGIKQPQHJWOCPU*QYGXGTVJGUGPUKVKXKV[QHVJGPCUQRJCT[PIGCNGRKVJGNKWOOC[DGFKHHGTGPVDGECWUGEJCPIGUKPVJGPCUCNGRKVJGNKWOVJCVHQNNQY1 KPJCNCVKQPNKMGVJQUGKPVJG%#4CTGOQTGUGXGTGKPOQPMG[UVJCPKPTCVU2NQRRGTGVCN



### 6JGGHHGEVQHCIGCVUVCTVQHGZRQUWTGQP1 KPFWEGFNWPIKPLWT[JCUPQVDGGP 

### TGUQNXGF$CTT[GVCNTGRQTVGFPQFKHHGTGPEGUKP6'/OQTRJQOGVT[QH%#4CPF6$NGUKQPUFWGVQCIGCVUVCTVQHGZRQUWTG*QYGXGTVJG[UVWFKGFCPCTTQYTCPIGQHCIGUNCPFFC[UQNFCVVJGUVCTVQHCFC[GZRQUWTG$CTT[GVCNNURGEWNCVGVJCVOWEJQHVJG%#4TGURQPUGKPVJGTCVUVJCVDGICPGZRQUWTGCVFC[QHCIGOKIJVJCXGQEEWTTGFFWTKPIGZRQUWTG&C[UVQDGECWUGCUVJGGCTNKGTUVWFKGUQH5VGRJGPUGVCNHQWPF

### TCVUCTGPQVUGPUKVKXGVQOQTRJQNQIKECNGHHGEVUQH1 WPVKNYGCPKPICVFC[UQHCIG6JWUVJG 

### TCVUVJCVYGTGFC[QNFCVVJGDGIKPPKPIQHGZRQUWTGOC[JCXGFGXGNQRGFVJGUCOGKPVGPUKV[QHNGUKQPUFWTKPIVJGNCUVFC[UQHGZRQUWTGCUVJGQNFGTTCVUFKFKPFC[UQHGZRQUWTG+PUVWFKGUWUKPICYKFGTTCPIGQHCIGUCPFFC[QNFTCVU5VKNGUCPF6[NGTTGRQTVGFNCTIGT%#4NGUKQPUKPVJG[QWPIGTTCVUDWVITGCVGTEJCPIGUKPDQF[YGKIJVCPFHKZGFNWPIXQNWOGKPVJGQNFGTTCVUHQNNQYKPICFC[GZRQUWTGVQ1  

### 6JGGHHGEVUQHGZRQUWTGTGIKOGPCPFFWTCVKQPYGTGGXCNWCVGFKPOQTGTGEGPVN[RWDNKUJGFUVWFKGU'ZRQUWTGQH[QWPIOQPMG[UVQRRO1 KPCUGCUQPCNTGIKOGPKG 

### GZRQUWTGKPQFFOQPVJUCPFRQUVGZRQUWTGKPGXGPOQPVJUHQTOQTGUWNVGFKPVJGUCOGSWCPVKV[QH%#4NGUKQPUCUFCKN[GZRQUWTGVQVJGUCOGEQPEGPVTCVKQPHQTOQ6[NGTGVCN#UKOKNCTSWCPVKV[QH%#4NGUKQPUYCUTGRQTVGFKPTCVUGZRQUGFVQRRO1 KPC 

### FC[GRKUQFKETGIKOGPWPKVUQHFC[GZRQUWTGUCPFFC[UYKVJQWVGZRQUWTGHQTCVQVCNQHFC[UCUVJQUGGZRQUGFVQVJGUCOGEQPEGPVTCVKQPGCEJFC[HQTFC[U$CTTGVCN%JCPIGVCNECNEWNCVGFVJGEWOWNCVKXG1 EQPEGPVTCVKQPHQTCUSWCTGYCXGGZRQUWTG 

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

### VQDGCIGPGTCNRJGPQOGPCCUKPETGCUGUKPVJG8 CPF8JCXGDGGPTGRQTVGFKPNWPIUHTQOCNN

X

### GZRQUGFTCVUCPFOQPMG[UGZCOKPGFWUKPIUVGTGQNQIKECNQTOQTRJQOGVTKEOGVJQFUVJCVEQWNFFGVGEVVJKUEJCPIG(WLKPCMCGVCN/QHHCVVGVCN6[NGTGVCN6[NGTGVCN$CTTGVCN2KPMGTVQPGVCN%GPVTKCEKPCTTGIKQPTGOQFGNKPIJCUDGGPFGOQPUVTCVGFVQRGTUKUVKPOQPMG[UOQCHVGTCOQGZRQUWTGVQRRO1 6[NGT 

### GVCNDCPFKPTCVUFC[UCHVGTCPKIJVGZRQUWTGVQRRO1 6[NGTGVCN  

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

### PWODGTUCOQPIOQPMG[UGZRQUGFVQRRO1 HQTFC[UQTVQQTRROHQT 

### FC[U*QYGXGTKVKUKORQTVCPVVQPQVGVJCVVJGTGOC[JCXGDGGPFKHHGTGPEGUKPTGURQPUGKHOQTGFKUVCNIGPGTCVKQPUQH4$UQTTCPFQOIGPGTCVKQP4$UJCFDGGPUGNGEVGFHQTUVWF[6JGKPVGTUVKVKWOKPVJG%#4CNUQVJKEMGPUD[VJGCFFKVKQPQHEGNNUCPFOCVTKZ6JKEMGPKPIQHVJGDCUGOGPVOGODTCPGCPFVJGRTGUGPEGQHITCPWNCTOCVGTKCNKPKVYGTGTGRQTVGFD[$CTTGVCNCPF%JCPIGVCN%JCPIGVCNWUKPI6'/OQTRJQOGVT[TGRQTVGFVJCVUQOGEJCPIGUKPGRKVJGNKCNEGNNRQRWNCVKQPURGTUKUVKPTCVUHQTYGGMUCHVGTCYGGMGZRQUWTGVQCOQFGNWTDCPRTQHKNGYKVJCRGCMQHRRO1 #VVJG./NGXGN)TQUUCPF 

### 9JKVGTGRQTVGFVJCVOQHQNNQYKPICOQGZRQUWTGVQRRO1 JFC[%#4 

### KPHNCOOCVKQPJCFCNNDWVFKUCRRGCTGFCPFQPN[CUNKIJVFKNCVKQPCPFVJKEMGPKPIQHUQOG#&UCPFCFLCEGPVCNXGQNKTGOCKPGF6JGGRKVJGNKCQHVJGPCUCNECXKV[TGURQPFTCRKFN[VQ1 +PEKNKCVGFTGIKQPUEKNKCCTG 

### CVVGPWCVGFCPFKPVTCGRKVJGNKCNOWEQUWDUVCPEGUKPETGCUG*[RGTRNCUKCCPFKPETGCUGFKPVTCGRKVJGNKCNOWEQUWDUVCPEGUCTGTGRQTVGFKPCTGCUQHPQPEKNKCVGFVTCPUKVKQPCNGRKVJGNKWO*CTMGOCGVCN6JGUGGHHGEVURGTUKUVGFVJTQWIJQWVCOQKPVGTOKVVGPVGZRQUWTGQHTCVUVQQTRRO1 DWVYGTGPQVUGGPKPTCVUGZRQUGFVQRROHQTVJCVRGTKQF 

### *CTMGOCGVCN#HVGTCEWVGGZRQUWTG&0#U[PVJGUKUQHVJGGRKVJGNKWOQHVJGCPVGTKQTOCZKNNQVWTDKPCVGUQHTCVUKPETGCUGUCEEQTFKPIVQCIKXGP%¥6RTQFWEVCVRRO

 JDWVVJGKPETGCUGKUPQVNKPGCTYKVJKPETGCUKPI%¥6*GPFGTUQPGVCN%JCPIGUJCXGPQVDGGPTGRQTVGFKPVJGQNHCEVQT[GRKVJGNKWOQTKPVJGUSWCOQWUGRKVJGNKWOQHVJGPCUCNECXKV[4GURKTCVQT[GRKVJGNKCKPQVJGTEQPFWEVKPICKTYC[UGURGEKCNN[VJGVTCEJGCCRRGCTVQTGCEVKPCOCPPGTUKOKNCTVQGCTN[PGETQUKUQHEKNKCVGFEGNNU*[FGGVCN%GNNTGRNCEGOGPVUVCTVUGCTN[*[FGGVCNCPFCHVGTPKIJVUQHGZRQUWTGQHTCVUVQRRO1 PWOGTKEFGPUKV[QHURGEKHKEEGNNV[RGUYCUPQVFKHHGTGPVHTQOEQPVTQNU0KMWNC 

### GVCNC+PPGYDQTPNCODUGZRQUGFVQRRO1 JFC[HQTFC[UCPFGZCOKPGF 

### FC[UNCVGTVJGPQTOCNEJCPIGKPGRKVJGNKCNEGNNRQRWNCVKQPVJCVQEEWTUD[YGGMUQHCIGFKFPQVQEEWT/CTKCUU[GVCN



##  'HHGEVUQP2WNOQPCT[(WPEVKQP +PVTQFWEVKQP0WOGTQWUUVWFKGUJCXGDGGPRWDNKUJGFQPVJGGHHGEVUQH1 GZRQUWTGQPRWNOQPCT[ 

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

### CKTYC[TGCEVKXKV[OGEJCPKUOUVWFKGUYGTGEQPFWEVGFCVJKIJGTEQPEGPVTCVKQPU6JKUUGEVKQPKUQTICPK\GFD[FWTCVKQPQHGZRQUWTGDTKGHCEWVGTGRGCVGFCPFNQPIVGTO9KVJKPGCEJQHVJGUGUGEVKQPUVJGTGCTGUWDUGEVKQPUQPFKHHGTGPVV[RGUQHRWNOQPCT[HWPEVKQPOGCUWTGU6JGUGUWDUGEVKQPUKPENWFGCFKUEWUUKQPQHXGPVKNCVQT[RCVVGTPUDTGCVJKPI

### OGEJCPKEUCKTYC[TGCEVKXKV[CPFOQTGGZVGPFGFEJCTCEVGTK\CVKQPUQHNWPIHWPEVKQPYJGPGXGT

UWEJFCVCCTGCXCKNCDNG8GPVKNCVKQP'XCNWCVKQPQHVJGUKPWUQKFCNDTGCVJKPIRCVVGTPKPENWFGUVJGOGCUWTGOGPVQHVKFCNXQNWOG8 CPFHTGSWGPE[QHDTGCVJKPIHCPFVJGKTRTQFWEV8 5WEJOGCUWTGOGPVUJCXG 6 '

### RTQXGPVQDGUGPUKVKXGKPFKECVQTUQH1 GHHGEVU0WOGTQWUCPKOCNCPFJWOCPUVWFKGUJCXG 

### UJQYPVJCV1 GZRQUWTGKPETGCUGUHCPFFGETGCUGU8 VCEJ[RPGC75'PXKTQPOGPVCN  6

### 2TQVGEVKQP#IGPE[#NVJQWIJVJGTGKUGXKFGPEGKPFKECVKPIVJCVVCEJ[RPGCOC[UGTXGVQRTQVGEVVJGFGGRNWPIHTQOGZRQUWTGQVJGTGXKFGPEGKPFKECVGUVJCVVJKUUKIPQHRWNOQPCT[KTTKVCVKQPTGRTGUGPVUFGGRNWPIVQZKEKV[CPFKUQHITGCVGTEQPEGTPVJCPDTGCVJKPIRCVVGTPEJCPIGUKPFKECVKXGQHWRRGTCKTYC[KTTKVCVKQP

$TGCVJKPI/GEJCPKEU/GCUWTGOGPVQHDTGCVJKPIOGEJCPKEUF[PCOKEEQORNKCPEG=%F[P?CPFVQVCNRWNOQPCT[TGUKUVCPEG=4 ?KPCPKOCNUJCUCPCFXCPVCIGQXGTUKORNGOGCUWTGUQHXGPVKNCVKQPKP .

### VJCVVJGUGRCTCOGVGTUECPCUUGUUVJGOGEJCPKECNGHHQTVTGSWKTGFVQDTGCVJGCPFECPJGNRNQECNK\GVJGUKVGQHF[UHWPEVKQPVQVJGCKTYC[UTGUKUVCPEGQTVJGRCTGPEJ[OCEQORNKCPEG9KVJUWHHKEKGPV1 GZRQUWTGKPETGCUGUKP4 CPFFGETGCUGUKP%F[PJCXGDGGPQDUGTXGF75  .

### 'PXKTQPOGPVCN2TQVGEVKQP#IGPE[%JCPIGUKP4 CPF%F[PV[RKECNN[TGXGTUGTCRKFN[ .

### CHVGTJKIJCODKGPV1 GZRQUWTGUJQYGXGTVJGUGCNVGTCVKQPUECPUKIPCNWPFGTN[KPI 

### KPHNCOOCVQT[QTNWPIRGTOGCDKNKV[EJCPIGU

#KTYC[4GCEVKXKV[+PETGCUGFCKTYC[TGCEVKXKV[CPGZCIIGTCVGFTGURQPUGQHVJGNWPIVQCPGZQIGPQWUN[CFOKPKUVGTGFDTQPEJQEQPUVTKEVQTJCUDGGPQDUGTXGFYKVJ1 75'PXKTQPOGPVCN2TQVGEVKQP 

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

'ZVGPFGF(WPEVKQPCN%JCTCEVGTK\CVKQPU#OQTGEQORNGVGCUUGUUOGPVQHVJGPCVWTGCPFOCIPKVWFGQHHWPEVKQPCNEJCPIGUTGNCVGFVQ1 GZRQUWTGKPENWFGUCPGZVGPFGFEJCTCEVGTK\CVKQPQHVJGNWPIWUKPICDCVVGT[QH 

### JWOCPENKPKECNRWNOQPCT[HWPEVKQPVGUVCPCNQIU5WEJVGUVUKPENWFGOGCUWTGOGPVQHUVCVKENWPIXQNWOGUXQNWOGRTGUUWTGCPFHNQYXQNWOGTGNCVKQPUJKRUCUYGNNCUGXCNWCVKQPQHKPJQOQIGPGKV[QHXGPVKNCVKQPCPFRTQDNGOUCUUQEKCVGFYKVJQZ[IGPFKHHWUKQPCETQUUVJGGRKVJGNKCNDCTTKGT#NVJQWIJVJGUGNCVVGTOGCUWTGOGPVUCTGVGEJPKECNN[EQORNGZVJG[OC[EQPVTKDWVGVQCOQTGKPFGRVJWPFGTUVCPFKPIQHVJGPCVWTGCPFUGXGTKV[QHVJGRJ[UKQNQIKECNKORCKTOGPVCPFOC[RTQXKFGKPXKXQGXKFGPEGVQUWIIGUVVJGCPCVQOKECNNQECNK\CVKQPQHVJGHWPEVKQPCNCDPQTOCNKV[

###  $TKGH1\QPG'ZRQUWTGU.GUU6JCP/KPWVGU(GYGZRGTKOGPVUJCXGGXCNWCVGFVJGGHHGEVUQHDTKGHGZRQUWTGUOKPVQ1 

### /QUVQHVJGUGDTKGHGZRQUWTGUVWFKGUJCXGGZCOKPGFEJCPIGUKPTGIKQPCNDTGCVJKPIOGEJCPKEUVJTQWIJGZRQUWTGUVQVJGNQYGTTGURKTCVQT[VTCEVXKCCVTCEJGCNVWDGVJWUGNKOKPCVKPICP[UETWDDKPID[VJGPCUCNQTQTQRJCT[PZCPFVJGTGD[KPETGCUKPIVJGGHHGEVKXGFQUGQH1 FGNKXGTGF 

### VQVJCVTGIKQPQHVJGNWPI6JGTGNGXCPEGQHVJKUOGVJQFQHFGNKXGTKPIVJGGZRQUWTGCUEQORCTGFVQVJGV[RKECNKPJCNCVKQPTQWVGKUWPEGTVCKP*QYGXGTRQUKVKXGGHHGEVUJCXGDGGPQDUGTXGFKPFKECVKPIVJCVXGT[TCRKFTGHNGZTGURQPUGUQEEWTYKVJDTKGHFKTGEV1 GZRQUWTG 



### 8GPVKNCVKQPCPF$TGCVJKPI/GEJCPKEU0QUVWFKGUJCXGGXCNWCVGFVJGGHHGEVUQHDTKGH1 GZRQUWTGQPXGPVKNCVQT[RCVVGTP 

### JQYGXGTDTGCVJKPIOGEJCPKEU%F[PCPF4 JCXGDGGPGXCNWCVGF6JGRTGXKQWUETKVGTKC .

### FQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[FGUETKDGFVYQGZRGTKOGPVUD[)GTVPGTGVCNCDEYJKEJFGOQPUVTCVGFKPETGCUGFEQNNCVGTCNTGUKUVCPEGYKVJKPOKPQHGZRQUWTGVQRRO1 KPCPGUVJGVK\GFFQIUGZRQUGFXKCCHKDGTQRVKEDTQPEJQUEQRGYGFIGF 

### KPVQCUGIOGPVCNCKTYC[6JGTGURQPUGTCRKFN[CVVGPWCVGFYKVJGZRQUWTGVQDWVPQVRRO#VTQRKPGQTXCIQVQO[DNQEMGFVJGKPETGCUGKPEQNNCVGTCNHNQYTGUKUVCPEGVQRROKPFKECVKPIVJCVXCICNRQUVICPINKQPKEUVKOWNCVKQPYCUKPXQNXGFDWVVJGTGURQPUGVQVJGRRO1 GZRQUWTGYCUDNQEMGFQPN[RCTVKCNN[

 

### /QTGTGEGPVN[-NGGDGTIGTGVCNWUKPICVGEJPKSWGUKOKNCTVQ)GTVPGTGVCNCGZRQUGFVJGUGIOGPVCNCKTYC[UQHOQPITGNFQIUVQRRO1 HQTOKPVJTQWIJC 

### YGFIGFDTQPEJQUEQRG6CDNG#URTGXKQWUN[FGUETKDGFEQNNCVGTCNTGUKUVCPEGKPETGCUGFCPFVJKUKPETGCUGYCUTGRTQFWEKDNGGXGPYJGPHQWTOKPGZRQUWTGUQXGTCJRGTKQFYGTGRGTHQTOGF6JWUPQKOOGFKCVGVQNGTCPEGYCUQDUGTXGF(WTVJGTOQTGVJKUTGURQPUGEQWNFDGDNQEMGFRCTVKCNN[D[CFOKPKUVTCVKQPQHCE[ENQQZ[IGPCUGKPJKDKVQTKPFQOGVJCEKPCPFC* TGEGRVQTDNQEMGTEJNQTRJGPKTCOKPGYJGTGCUCVJTQODQZCPGU[PVJGVCUGKPJKDKVQTYCU



### KPGHHGEVKXG6JKUUVWF[UWIIGUVUVJCVJKUVCOKPGQTE[ENQQZ[IGPCUGRTQFWEVUTGNGCUGFHTQOTGUKFGPVEGNNUFKTGEVN[QTXKCVJGRCTCU[ORCVJGVKEPGTXQWUU[UVGOOC[OGFKCVGVJGKPETGCUGKPEQNNCVGTCNTGUKUVCPEG*QYGXGTDGECWUGEQNNCVGTCNTGUKUVCPEGRTQDCDN[OCMGUWRQPN[CUOCNNRTQRQTVKQPQHRWNOQPCT[TGUKUVCPEGVJGUGTGUWNVUOC[PQVDGIGPGTCNK\CDNGVQOQTGRTQNQPIGFGZRQUWTGUCPFVQNCTIGTCKTYC[TGURQPUGU#KTYC[4GCEVKXKV[$CDQQPUYGTGGZRQUGFXKCCPGPFQVTCEJGCNVWDGVQRRO1 HQTOKPCHVGTC 

### DCUGNKPGOGVJCEJQNKPGKPJCNCVKQPEJCNNGPIGVGUV(QWMGGVCN6CDNG.WPITGUKUVCPEGKPETGCUGFYKVJ1 GZRQUWTGCPFVJGDCDQQPUUJQYGFCPGPJCPEGFTGURQPUGVQ 

### OGVJCEJQNKPG6JKUGPJCPEGFOGVJCEJQNKPGTGURQPUGYCUFWGCNOQUVGZENWUKXGN[VQVJGRQUV1 KPETGCUGKP4 CPFVJWUTGUWNVGFKPPQEJCPIGKPVJGRTQXQECVKXGFQUGVJCVKPETGCUGF  .

### 4 D[6JGGZRGTKOGPVYCUTGRGCVGFVQFC[UNCVGTGZEGRVVJCVDGHQTG1 GZRQUWTG

. 

### ETQOQN[PUQFKWOYCUCFOKPKUVGTGF+PVJGRTGUGPEGQHETQOQN[PDCUGNKPG4 CHVGT .

### 1 GZRQUWTGYCUNGUUPQVUKIPKHKECPVDWVVJGTGURQPUGVQOGVJCEJQNKPGEJCNNGPIGYCU



### UKIPKHKECPVN[NQYGT+PCHQNNQYWRUVWF[(QWMGGVCNWUKPICUKOKNCT1 GZRQUWTG 

### RTQVQEQNPQOGVJCEJQNKPGEJCNNGPIGETQOQN[PRCTVKCNN[DNQEMGFVJG1 KPFWEGFKPETGCUGKP 

### 4 JQYGXGTRQUV1 GZRQUWTGCPCN[UKUQH$#.KPFKECVGFVJCVETQOQN[PFKFPQVCHHGEVVJGNGXGN

. 

### QHUGXGTCNOGCUWTGFRTQUVCPQKFUMGVQ2)( 2)' 6:$ QT2)( UWIIGUVKPIVJCVVJGUG   

### OGFKCVQTUYGTGPQVTGNCVGFVQVJGEJCPIGKP4  .

### 6CDNG'HHGEVUQH1\QPGQP2WNOQPCT[(WPEVKQPC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP &TWIU5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO$CUGURKMG$CUGURKMG$CUG  JFC[ FC[UYGGM TCORGFURKMG JFC[ FC[UYGGM HQT YGGM    CPF OQ4CV /( FC[U QNF+PETGCUGF GZRKTCVQT[ TGUKUVCPEG QDUGTXGF CV CNN VKOG RQKPVU DWV OQUVN[ CV  YGGMU 6GRRGT GV CN 
 J6JTQWIJ VTCEJGCN VWDG2GPVQDCTDKVCN)CNNCOKPG&QI(QZJQWPFU MI2QUKVTQP ECOGTC KPFKECVGF PQPWPKHQTO FKUVTKDWVKQP QH XGPVKNCVKQP KP UOCNN CKTYC[U PQEJCPIG KP 4  %F[P QT HQTEGF GZRKTCVQT[ HNQY./QTICP GV CN 
 J 4CV /5& YGGMU QNF/CZKOWO 1 EQPUWORVKQP FGETGCUGF CV  RRO VCEJ[RPGC QDUGTXGF CV  RRO CPFXGPVKNCVKQP CPF EQTG VGORGTCVWTG FGETGCUGF CV  RRO/CWV\ CPF $WHCNKPQ J   CPF  %1CNVGTPCVKPI  OKP4CV /( FC[U QNF%QPEGPVTCVKQP TGURQPUGTGNCVGF KPETGCUG KP H CPF HNQY CV \GTQ RNGWTCN RTGUUWTGFGETGCUG KP 8  PQ EJCPIG KP 8  4  QT %F[P6 '.6GRRGT GV CN 
 J HQT FC[U2GPVQDCTDKVCN /QWUG (%& YGGMU QNF1 CNQPG JCF PQ GHHGEV DWV KP EQODKPCVKQP YKVJ XKTWU C FGETGCUGF &. 0  CPF%1 NWPI XQNWOGU YGTG QDUGTXGF OQTG QHVGP VJCP KP XKTWU CNQPG CV   CPF  FC[U 2'5GNITCFG GV CN 
   J %JNQTCNQUG &QI/QPITGN v  MI+PETGCUGF 4  FGETGCUGF %F[P 0Q EJCPIG KP $#. RTQUVCPQKFU.(QWMG GV CN 
 JFC[ HQT  FC[U %1 CNVGTPCVKPI OKP4CV /( FC[U QNF#VVGPWCVKQP QH VCEJ[RPGC YKVJ EQPUGEWVKXG GZRQUWTGU $#. CPVKQZKFCPVU CPF RTQVGKPFKF PQV CFCRV YKVJ GZRQUWTG JKUVQRCVJQNQI[ KPETGCUGF KP UGXGTKV[6GRRGT GV CN 
 QT  J %1 CNVGTPCVKPI QT  OKPJ*CNQVJCPG 4CV /( FC[U QNF(8% &.  CPF 0 UNQRG CNN FGETGCUGF YKVJ KPETGCUKPI%¥6RTQFWEVU 6JG%1 OCIPKVWFG QH VJG FGETGOGPV FGRGPFGF QP VJG DQVJ VJG FWTCVKQP CPF EQPEGPVTCVKQP QH1 GZRQUWTG CPF VJG OGCUWTGF RCTCOGVGT%QUVC GV CN 
   JGZGTEKUGOW\\NG&QI ($GCING [GCTU QNF6CEJ[RPGC 8  1 EQPUWORVKQP %1 QWVRWV CPF 4 KPETGCUGF %F[P FGETGCUGF'  ./CWV\ GV CN 
D   JFC[ HQT FC[U*CNQVJCPG 4CV /( YGGMU QNF&GETGCUGF HQTEGF GZRKTCVQT[ HNQY CPF &. CPF KPETGCUGF (4% KOOGFKCVGN[ 2' PQ%1GHHGEV CV  YGGMU 2' FGETGCUG KP HQTEGF GZRKTCVQT[ HNQY CV  YGGMU 2')TQUU CPF 9JKVG 


### 6CDNGEQPV	F'HHGEVUQH1\QPGQP2WNOQPCT[(WPEVKQPC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP &TWIU5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO   OKP6JTQWIJVTCEJGCN VWDG2GPVQDCTDKVCN &QI //QPITGN v  MI1\QPGKPFWEGF KPETGCUG KP EQNNCVGTCN TGUKUVCPEG DNQEMGF D[ KPFQOGVJCEKP CPF JKUVCOKPGCPVCIQPKUV PQV D[ VJTQODQZCPG U[PVJGVCUG KPJKDKVQT-NGGDGTIGT GV CN 
   J -GVCOKPG:[NC\KPG)WKPGC RKI /*CTVNG[ I&GETGCUGF 6.% 8% (4% 48 CPF 4  +PFQOGVJCEKP CPF ETQOQN[P DNQEMGF EJCPIG KP (4%.CPF 48 CV  CPF  J 2' &. KPETGCUGF DNQEMGF D[ ETQOQN[P%1/KNNGT GV CN 
   J -GVCOKPG:[NC\KPG)WKPGC RKI /*CTVNG[ I4 KPETGCUGF CV  DWV PQV  J .WPI XQNWOGU &.  CPF CNXGQNCT XGPVKNCVKQP KPETGCUGF CV  CPF.%1 J 2'/KNNGT GV CN 
   J6JTQWIJ VTCEJGCNVWDG&QI/QPITGN MI6CEJ[RPGC YKVJ KPURKTCVQT[ VKOG CPF GZRKTCVQT[ VKOG GSWCNN[ UJQTVGPGF 0Q KPETGCUG KPXGPVKNCVQT[ FTKXG  CPF  J 2'5CUCMK GV CN 
   JFC[ FC[UYGGM HQT YGGMU-GVCOKPG:[NC\KPG/QPMG[ /%[PQOQNIWU v  MI0Q 4  %F[P QT HQTEGF GZRKTCVQT[ HNQY EJCPIGU CUUQEKCVGF YKVJ GZRQUWTG.$KCIKPK GV CN 
 J +P XKVTQ 4CV /5& I4 KPETGCUGF CPF %F[P FGETGCUGF KP TCV KUQNCVGF RGTHWUGF NWPI RTGRCTCVKQP.2KPQ GV CN 
C JFC[ HQT FC[U 
 RRO QT FC[U 
 RRO2GPVQDCTDKVCN 4CDDKV /#NDKPQ MI#V  J 2'  RRO KPETGCUGF 4   RRO VTCRRGF CKT FGETGCUGF %F[P CPF HQTEGF GZRKTCVQT[.HNQYU CPF KPETGCUGF 4 .;QMQ[COC GV CNC   J 2GPVQDCTDKVCN 4CV /9KUVCT YGGMU QNF&GETGCUGF %F[P %UV 8  KPETGCUGF (4% 48 PQ CFFKVKQPCN GHHGEV QH GNCUVCUGOCZ6.%RTGVTGCVOGPV KP 1 GZRQUGF TCVU;QMQ[COC GV CN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC#IG QT DQF[ YGKIJV CV UVCTV QH GZRQUWTGD

### 6CDNG'HHGEVUQH1\QPGQP#KTYC[4GCEVKXKV[C1\QPG%QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP%JCNNGPIGE&TWIU5RGEKGU 5GZ5VTCKP#IGF1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO#IGPV 4QWVG   J+PVGTOKVVGPV %1#EJ +8 7TGVJCPG 4CV /( FC[U QNF0Q KPETGCUG KP CKTYC[ TGCEVKXKV[ FGURKVG WUG QH %1 FWTKPI1 GZRQUWTG6GRRGT GV CN 
   J /EJ +0*+84CV5&4GCEVKXKV[ KP +0* DWV PQV +8EJCNNGPIGF TCVU 7EJKFC GV CN 
   J /EJ#EJ+0*+87TGVJCPG 4CV /( FC[U QNF4GCEVKXKV[ KP +0* DWV PQV +8EJCNNGPIGF TCVU 6GRRGT GV CN 
   J /EJ +8 7TGVJCPG 4CV /(5&9KUVCT0Q TGCEVKXKV[ KP CP[ QH VJTGG UVTCKPU 6GRRGT GV CN 
   J #EJ +8 7TGVJCPG 4CV / +PETGCUGF TGCEVKXKV[ 6GRRGT GV CN 
   J #EJ +0* /GVJQJGZKVCN2CPEWTQPKWO4CV (.QPI'XCPU I4GCEVKXKV[ KPETGCUGF KOOGFKCVGN[ DWV PQV  J 2' DWV PQVCEEQORCPKGF D[ 2/0 KPHNWZ QT XCUEWNCT RTQVGKP NGCMCIG'XCPU GV CN 
   JFC[ FC[UYGGM HQT YGGMU*KUV +0* )WKPGC RKI /*CTVNG[ YGGMU QNF+PETGCUG KP UGPUKVKXKV[ DWV PQ EJCPIG KP TGCEVKXKV[ -CICYC GV CN 
   J #EJ +8 7TGVJCPG )WKPGC RKI /*CTVNG[+PETGCUGF TGCEVKXKV[ DGHQTG 2/0 KPHNWZ 6GRRGT GV CN 
   J 5WNHWTKE CEKF +0* )WKPGC RKI ( /*CTVNG[ OQ QNF0Q KPETGCUGF TGCEVKXKV[ VQ CEKF 1 CNQPG KPETGCUGF ICUVTCRRKPI5KNDCWIJ CPF /CWFGTN[ J /EJ +0* 2TQRTCPQNQN )WKPGC RKI (*CTVNG[ I+PETGCUGF TGCEVKXKV[ YKVJ  OKP CV  RRO CPF YKVJ  OKP CV RRO #V  J  RRO TGCEVKXKV[ QEEWTTGF CV  CPF  DWV PQV J 2'0KUJKMCYC GV CN 
   J *KUV#EJ+0*+87TGVJCPG )WKPGC RKI /*CTVNG[4GCEVKXKV[ KP +0* *KUV DWV PQV +8 #EJ 6GRRGT GV CN 
   J #EJ +8 2TQRTCPQNQN )WKPGC RKI /'PINKUJ I4GCEVKXKV[ DNQEMGF D[ NKRQZ[IGPCUG KPJKDKVQTU DWV PQV D[KPFQOGVJCEKP.GG CPF /WTNCU 


### 6CDNGEQPV	F'HHGEVUQH1\QPGQP#KTYC[4GCEVKXKV[C1\QPG%QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP%JCNNGPIGE&TWIU5RGEKGU 5GZ5VTCKP#IGF1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO#IGPV 4QWVG   J /EJ*KUV*652+8+0*2GPVQDCTDKVQPG )WKPGC RKI /&WPMKP*CTVNG[ I/EJ *KUV *6 CPF 52 ECWUGF KPETGCUG KP TGCEVKXKV[ +0*DWV PQV +8 #UEQTDKE CEKF DNQEMGF TGCEVKXKV[ VQ *KUV CPF 520'2 KPJKDKVQTU KPETGCUGF EQPVTQN TGURQPUG YKVJQWV EJCPIKPI1 TGURQPUG 
KG 1 KPJKDKVU 0'2 #VTQRKPG CPF XCIQVQO[ FKF PQV QT QPN[ RCTVKCNN[ TGFWEGF TGCEVKXKV[ 0GKVJGT E[ENQQZ[IGPCUGQT NKRQZ[IGPCUG KPJKDKVQTU CHHGEVGF TGCEVKXKV[;GCFQP GV CN 
   J /EJ +0* -GVCOKPG:[NC\KPG)WKPGC RKI /&WPMKP*CTVNG[ v  I2NCVGNGV CEVKXCVKPI HCEVQT CPVCIQPKUV FKF PQV KPJKDKV TGCEVKXKV[ QTGQUKPQRJKNU6CP CPF $GVJGN 
   J #EJ +8 )WKPGC RKI /*CTVNG[ I4GCEVKXKV[ QEEWTU YKVJ NGWMQE[VG FGRNGVKQP WUKPIE[ENQRJQURJCOKFG/WTNCU CPF 4QWO 
D   J #EJ +0* )WKPGC RKI /*CTVNG[ I9KVJ KPETGCUGF TGCEVKXKV[ KPETGCUGF N[UQUQOCN J[FTQNCUG QDUGTXGFKP $#..GY GV CN 
   J #EJ +0* 2TQRTCPQNQN )WKPGC RKI /*CTVNG[ I+P XKVTQ TGCEVKXKV[ VQ 52 CPF #EJ DWV PQV -%N2JQURJQTCOKFQP DNQEMGF 52 GHHGEV DWV PQV #EJ TGCEVKXKV[ PQKPETGCUGF TGCEVKXKV[ YCU QDUGTXGF YJGP OWEQUC YCU TGOQXGF/WTNCU GV CN 
   J6TCEJ 6WDG/EJ +0* %JNQTCNQUG &QI 
/QPITGN v  MI+PETGCUGF TGCEVKXKV[ PQ EJCPIG KP $#. RTQUVCPQKFU (QWMG GV CN 
   OKP$TQPEJQUEQRG#UECTKU UWWO+0* 2GPVQDCTDKVCN5WEEKP[NEJQNKPG&QI //QPITGN v  MI+PETGCUGF TGUKUVCPEG VQ HNQY VJTQWIJ VJG EQNNCVGTCN U[UVGO CHVGTCPVKIGP EJCNNGPIG CVVGPWCVGF YKVJ 1 GZRQUWTG  J CPF  J 2'GHHGEV KPFGRGPFGPV QH 2/0U-NGGDGTIGT GV CN 
   J #EJ +0* 6JKQRGPVCN%JNQTCNQUG&QI/QPITGN MI%[ENQ CPF NKRQZ[IGPCUG KPJKDKVQT $9% DNQEMGF TGCEVKXKV[ (CDDTK GV CN 
   J #EJ(5+0* 6JKQRGPVCN%JNQTCNQUG&QI/QPITGN MI+P XKXQ DWV PQ KP XKVTQ TGCEVKXKV[ KP XKVTQ VTCEJGC UJQYGFTGCEVKXKV[ VQ (59CNVGTU GV CN 
   J #EJ +0* 2GPVQVJCN%JNQTCNQUG&QI/QPITGN v  MI4GCEVKXKV[ DNQEMGF YKVJ #ODTQZ[N DWV 2/0 KPETGCUGFCODTQZ[N KPJKDKVU CTCEJKFQPKE CEKF RTQFWEVU HTQO 2/0%JKVCPQ GV CN 
   J6TCEJ VWDG#EJ +0* 2GPVQDCTDKVCN &QI/QPITGN MI%QNNCVGTCN TGUKUVCPEG QH UOCNN CKTYC[U UJQYGF RGTUKUVGPV TGCEVKXKV[J 2' PQ GHHGEV QP 2/0 OQPQE[VG QT OCUV EGNN PWODGTU CV2' VKOG$GEMGVV GV CN 


### 6CDNGEQPV	F'HHGEVUQH1\QPGQP#KTYC[4GCEVKXKV[C1\QPG%QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP%JCNNGPIGE&TWIU5RGEKGU 5GZ5VTCKP#IGF1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO#IGPV 4QWVG   J6TCEJ VWDG(5%EJ2GPVQDCTDKVCN &QI/QPITGN+P XKVTQ KPETGCUGU KP TGCEVKXKV[ UWIIGUVGF RTG CPF RQUVLWPEVKQPCNKPJKDKVKQP 
2)'  CPF RQUVLWPEVKQPCN GZEKVCVKQP 
6:#  ,CPUUGP GV CN 
   J6TCEJ VWDG#EJ +0* 2GPVQDCTDKVCN &QI/QPITGN4GCEVKXKV[ YCU PQV DNQEMGF D[ 6: CPVCIQPKUVU ,QPGU GV CN 
   J6TCEJ VWDG#EJ*KUV*6+0* 2GPVQDCTDKVCN &QI/QPITGN MI+P XKVTQ TGCEVKXKV[ PQV CNVGTGF D[ GRKVJGNKCN TGOQXCN KPFKECVKPI1 FKF PQV GHHGEV GRKVJGNKCNFGTKXGF TGNCZKPI HCEVQT,QPGU GV CN 
D   J6TCEJ VWDG#EJ*KUV+0* 2GPVQDCTDKVCN &QI/QPITGN)CPINKQPKE DNQEMGT JGZCOGVJQPKWO FKF PQV CNVGT TGCEVKXKV[ ,QPGU GV CN 
   J6TCEJ VWDG%EJ6:+0* 2GPVQDCTDKVCN &QI/QPITGN#KTYC[U PQV TGURQPUKXG VQ 6: OKOGVKE 
7 DWV YGTG VQECTDCEJQN,QPGU GV CN 
   J6TCEJ VWDG#EJ(5-%N+0* 2GPVQDCTDKVCN &QI/QPITGN MI+P XKVTQ J[RGTTGURQPUKXGPGUU QH CKTYC[ UOQQVJ OWUENG YCUQDUGTXGF YKVJ (5 CPF #EJ DWV PQV -%N (5 PQV CUUQEKCVGF YKVJKPETGCUGF GZEKVCVQT[ LWPEVKQP RQVGPVKCNU,QPGU GV CN 
C   J6TCEJ VWDG#EJ +0* 2GPVQDCTDKVCN &QI/QPITGN MI%&D%& OQPQENQPCN CPVKDQF[ RTGXGPVGF 2/0 KPHNWZ DWV PQVTGCEVKXKV[.K GV CN 
   OKP6TCEJ VWDG#EJ +0* 2GPVQDCTDKVCN &QI/QPITGN MI#NNQRWTKPQN CPF FGUHGTQZCOKPG KPJKDKVGF TGCEVKXKV[ YKVJQWVKPJKDKVKPI 2/0 KPHNWZ/CVUWK GV CN 
   J6TCEJ VWDG#EJ +0* 6JKQRGPVCN%JNQTCNQUG&QI/QPITGN MI6JTQODQZCPG U[PVJCUG KPJKDKVQT DNQEMGF TGCEVKXKV[ YKVJQWVKPHNWGPEKPI 2/0 KPHNWZ#K\CYC GV CN 
 OKP /EJ +0* -GVCOKPG(NWQTQFKC\GRCO$CDQQP / MI$TKGH GZRQUWTG ECWUGF KPETGCUGF TGCEVKXKV[ VJCV YCU DNQEMGF D[ETQOQN[P(QWMG GV CN 
 OKP /EJ +0* -GVCOKPG(NWQTQFKC\GRCO$CDQQP / MI4GCEVKXKV[ RCTVKCNN[ DNQEMGF D[ ETQOQN[P DWV PQ GHHGEV QP UVCDNGRTQUVCPQKFU(QWMG GV CN 
   JFC[ FC[UYGGM HQT YGGMU#EJ2V +0* -GVCOKPG:[NC\KPG%[PQOQNIWU/ v  MI0Q KPETGCUGF TGCEVKXKV[ KP 1 QPN[ ITQWR DWV KPETGCUG YKVJRNCVKPWO OKZVWTG$KCIKPK GV CN 
   JYGGM HQT YGGMU/EJ +0* 2GPVQDCTDKVCN4JGUWU/CECEC ( MINKRQZ[IGPCUG KPJKDKVQT DNQEMGF VJG FGXGNQROGPV QH TGCEVKXKV[ ,QJPUQP GV CN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC6CDNG QTFGTGF CEEQTFKPI VQ CPKOCN URGEKGUD/EJ  OGVJ[NEJQNKPG #EJ  CEGV[NEJQNKPG *KUV  JKUVCOKPG *6  J[FTQZ[VT[RVCOKPG 52  UWDUVCPEG 2 (5  HKGNF UVKOWNCVKQP %EJ  ECTDCEJQN 6: VJTQODQZCPGE-%N  RQVCUUKWO EJNQTKFG 2V  RNCVKPWO 4QWVG +8  KPVTCXGPQWU +0*  KPJCNCVKQP#IG QT DQF[ YGKIJV CV UVCTV QH GZRQUWTGF

###  8

 8



### 6JGTGURQPUGVQCPVKIGPKPFWEGFDTQPEJQEQPUVTKEVKQPCPCPKOCNOQFGNQHCNNGTI[CNUQJCUDGGPGXCNWCVGFTGEGPVN[#HVGTCOKPGZRQUWTGVQRRO1 XKCCYGFIGF 

### DTQPEJQUEQRGEQNNCVGTCNTGUKUVCPEGKPFQIUKPETGCUGFHQTVQJ-NGGDGTIGTGVCN#HVGTVJG1 KPFWEGFTGUKUVCPEGTGVWTPGFVQDCUGNKPGVJGV[RKECNKPETGCUGKPEQNNCVGTCN

### TGUKUVCPEGQDUGTXGFKPFQIUEJCNNGPIGFYKVJ#UECTKUUWWO CPVKIGPVQYJKEJVJGFQIUYGTGPCVKXGN[UGPUKVKXGYCUCVVGPWCVGFDQVJVQJCPFJRQUV1 GZRQUWTG6JGCVVGPWCVGF 

### CPVKIGPTGURQPUGCRRGCTGFVQDGKPFGRGPFGPVQH2/0UKPVJGCKTYC[U+PCHQNNQYWRUVWF[VJGNCVGRJCUGTGURQPUGVQCPVKIGPDTQPEJQEQPUVTKEVKQPVQJRQUVCPVKIGPEJCNNGPIGCNUQYCUDNQEMGFKPCNNGTIKEFQIUYJGP1 GZRQUWTGRROOKPXKCCDTQPEJQUEQRGRTGEGFGF 

### CPVKIGPEJCNNGPIG6WTPGTGVCN6JGUGUVWFKGUUWIIGUVVJCVCVNGCUVKPVJGFQIDTKGHNQECNCFOKPKUVTCVKQPQH1 VQVJGCKTYC[UOC[KPJKDKVCNNGTIKETGURQPUGU



###  #EWVG1\QPG'ZRQUWTGU.GUU6JCP1PG&C[

8GPVKNCVKQP#NVGTCVKQPQHVJGXGPVKNCVQT[RCVVGTPJCUNQPIDGGPGUVCDNKUJGFCUCJCNNOCTMQHCEWVG1 GZRQUWTG5GXGTCNCPKOCNUVWFKGUGXCNWCVGFVKFCNDTGCVJKPIEJCPIGUFWTKPICPFCHVGT



### 1 GZRQUWTG75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[(QTOQUVURGEKGUCVCEJ[RPGKE



### TGURQPUGTCRKFCPFUJCNNQYDTGCVJKPIJCUDGGPQDUGTXGF(QTGZCORNG/WTRJ[GVCNUVWFKGFWPCPGUVJGVK\GFIWKPGCRKIUGZRQUGFHQTJVQQTRRO1 XKC 

### PQUGEQPGUCPFOGCUWTGFVKFCNDTGCVJKPIWUKPICEQPUVCPVXQNWOGRNGVJ[UOQITCRJ#UKOKNCTGZRGTKOGPVCNRTGRCTCVKQPYCUWUGFD[#OFWTGVCNVQGXCNWCVGVJGTGURKTCVQT[TGURQPUGQHIWKPGCRKIUVQCPFRRO1 +PDQVJGZRGTKOGPVUCOQPQVQPKEKPETGCUGKPH 

### YCUQDUGTXGF+PVJG#OFWTGVCNUVWF[FGETGCUGUKP8 YGTGPQVQDUGTXGF 6

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

### VJGNKVGTCVWTG6CDNG/CWV\CPF$WHCNKPQOGCUWTGFXGPVKNCVKQP CUYGNNCU '

### QZ[IGPEQPUWORVKQPCPFTGEVCNVGORGTCVWTGKPCYCMGTCVUGZRQUGFHQTJVQCPFRRO1 %QPEGPVTCVKQPTGNCVGFKPETGCUGUKPHYGTGUKIPKHKECPVN[FKHHGTGPVHTQOEQPVTQNU 

### DGIKPPKPICVRROYKVJCOCZKOCNTGURQPUGQDUGTXGFWRVQRRO6KFCNXQNWOGYCUUKOKNCTN[TGFWEGFYJGTGCUCPFTGEVCNVGORGTCVWTGYGTGNGUUUGPUKVKXGVQ1 GZRQUWTG ' 

### UJQYKPIFGETGCUGUCVCPFRRO1Z[IGPEQPUWORVKQPYCUFGETGCUGFCVCNNEQPEGPVTCVKQPUVGUVGF6JGCWVJQTUEQPENWFGFVJCVVJG1 KPFWEGFEJCPIGKPDTGCVJKPIRCVVGTP 

### FKFPQVECWUGCFGETGCUGKPOGVCDQNKETCVGQTKORQUGCEQPFKVKQPQHJ[RQZKC6JGEJCPIGUKPXGPVKNCVKQPCPF1 EQPUWORVKQPCRRGCTGFEQKPEKFGPVQTRQUUKDN[RTGEGFGFVJGKTTKVCPVTGHNGZ 

### EJCPIGKPDTGCVJKPIRCVVGTP6GRRGTGVCNGZRQUGFCYCMGTCVUVQCPFRRO1 HQT 

### JKPJGCFQWVRTGUUWTGRNGVJ[UOQITCRJU&WTKPIGZRQUWTG%1 UVKOWNCVGFDTGCVJKPIYCU 

### KPEQTRQTCVGFVQCWIOGPVXGPVKNCVKQPUKOKNCTVQVJGWUGQHGZGTEKUGKPJWOCPUVWFKGU###  8

 8

 8



### (TGSWGPE[KPETGCUGFCPF8 FGETGCUGFOQPQVQPKECNN[DGVYGGPCPFRROFWTKPIC 6

### JGZRQUWTG0QFGETGCUGKPYCUQDUGTXGF6JKUFKHHGTGPEGHTQOVJG/CWV\CPF '

### $WHCNKPQUVWF[EQWNFDGFWGVQVJGKTTGUVTCKPKPITCVUKPCVKIJVN[HKVVKPIRNCUVKEHNQYRNGVJ[UOQITCRJYKVJVJGHCEGUGCNGFD[CPCNWOKPWOPQUGEQPGKPVJG6GRRGTGVCNUVWF[VJGTCVUYGTGGZRQUGFKPQXGTUK\GFUVGGNJGCFQWVRNGVJ[UOQITCRJUCPFYGTGKPVGTOKVVGPVN[EJCNNGPIGFYKVJ%1 YJKEJOC[JCXGQXGTTKFFGPVJGOGVCDQNKEFGRTGUUCPV  

### GHHGEV /CWV\GVCNDWUKPIGZGTEKUKPIFQIUGZRQUGFVQRRO1 HQTOKP 

### UJQYGFVCEJ[RPGCKPETGCUGFCPFGNGXCVGFXGPVKNCVKQPGSWKXCNGPVUHQT1 CPF%1 ' 

### EQORCTGFVQFQIUGZRQUGFVQCKTYJKNGGZGTEKUKPI2WNOQPCT[TGUKUVCPEGHGNNKPCKTGZRQUGFGZGTEKUKPIFQIUDWVENKODGFVQYCTFVJGGPFQHVJGGZRQUWTGKPVJG1 GZRQUGFFQIU

### +PCHQNNQYWRUVWF[VQ.GGGVCN5CUCMKGVCNRGTHQTOGFUKOKNCTGZRGTKOGPVUQPVYQCYCMGFQIUVJCVYGTGVTCKPGFVQTWPQPCVTGCFOKNN&QIUYGTGGZRQUGFVQRRO1 HQTJCPFGXCNWCVGFDGHQTG1 GZRQUWTGCPFCVGKVJGTQTJ  

### RQUVGZRQUWTG+PCNNUVWFKGUYKVJQTYKVJQWVGZGTEKUG1 KPETGCUGFHCPFFGETGCUGF8 YKVJQWV  6

### CHHGEVKPI8CICNDNQEMCFGFKOKPKUJGFDWVFKFPQVCDQNKUJVJGVCEJ[RPGKETGURQPUG '

### KPFKECVKPIVJCVDQVJXCICNCPFPQPXCICNOGEJCPKUOUYGTGKORQTVCPV6JG1 KPFWEGFEJCPIG 

### KPHYCUFWGVQGSWCNTGFWEVKQPUKPKPURKTCVQT[CPFGZRKTCVQT[VKOGUYKVJPQQTUOCNNFKOKPWVKQPQPN[FWTKPI%1 TGDTGCVJKPIGZRGTKOGPVUQHXGPVKNCVQT[FTKXG8 KPURKTCVQT[  6

### VKOG#FFKVKQPCNN[1 FKFPQVCHHGEVHWPEVKQPCNTGUKFWCNECRCEKV[(4%QTEQTGVGORGTCVWTG 

### KPTGUVKPIGZGTEKUKPIQTXCICNN[DNQEMCFGFFQIU6JGCWVJQTUURGEWNCVGVJCVVJGEJCPIGKPHKUFWGVQCXCICNN[OGFKCVGFNQYGTKPIQHVJGXQNWOGVJTGUJQNFQHVJGRWNOQPCT[UVTGVEJTGEGRVQTHQTKPURKTCVKQPCPFGZRKTCVKQPYKVJCEQPEQOKVCPVKPETGCUGKPHNQYTCVGVJWUNGCXKPIVJG(4%EQPUVCPV(WTVJGTOQTGVJGCWVJQTUURGEWNCVGFVJCVKPETGCUGFUGPUKVK\CVKQPQHTCRKFN[CFCRVKPITGEGRVQTU%HKDGTPGTXGGPFKPIUCPFPQPXCICNOGEJCPKUOUCNUQOC[DGEQPVTKDWVQTUVQVJGVCEJ[RPGKETGURQPUG6YQTGEGPVUVWFKGURTQXKFGHWTVJGTKPUKIJVKPVQVJGOGEJCPKUOQH1 KPFWEGF 

### EJCPIGUKPXGPVKNCVQT[RCVVGTPU+PVJGHKTUVUVWF[5EJGNGINGGVCNUJQYGFVJCV1 KPFWEGFRRO1 HQTVQOKPVCEJ[RPGCKPCPGUVJGVK\GFURQPVCPGQWUN[DTGCVJKPI

 

### FQIUNCTIGN[EQWNFDGCDQNKUJGFD[EQQNKPIVJGEGTXKECNXCIWUVQDWVPQV%6JKUYQWNFKPFKECVGVJCVNCTIGO[GNKPCVGFHKDGTUYGTGPQVKPXQNXGFKPVJKUTGHNGZTGURQPUGDWVPQPO[GNKPCVGF%HKDGTUYJQUGCEVKXKV[KUFGETGCUGFQPN[CVVJGNQYGTVGORGTCVWTGCTGKORQTVCPV+PCEQORCPKQPUVWF[%QNGTKFIGGVCNOGCUWTGFVJGTGURQPUGUQHHKXGV[RGUQHUKPINGXCICNPGTXGHKDGTUDTQPEJKCN%HKDGTURWNOQPCT[%HKDGTUTCRKFN[CFCRVKPITGEGRVQTUUNQYN[CFCRVKPIRWNOQPCT[UVTGVEJTGEGRVQTUCPFWPENCUUKHKGFHKDGTU&WTKPIGZRQUWTGVQ1 DTQPEJKCN%HKDGTUYGTGOQUVCHHGEVGF$GECWUGFKUEJCTIGQH 

### VJGUGHKDGTUYCUPQVKOOGFKCVGYKVJVJGQPUGVQHGZRQUWTGDWVVQQMVKOGVQFGXGNQRVJGCWVJQTUUWIIGUVGFVJCV1 OC[PQVFKTGEVN[UVKOWNCVGVJGUGTGEGRVQTUCPFVJCVCWVCEQKF 

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

### HTQOVJGUGUVWFKGUVQIGVJGTYKVJVJGCOGNKQTCVKQPQHURKTQOGVTKEEJCPIGUHQWPFCHVGT

### KPFQOGVJCEKPKPJWOCPUUGG%JCRVGTUWIIGUVVJCVVCEJ[RPGCKPURKTCVQT[RCKPCPFVJGTGFWEVKQPKPHQTEGFXKVCNECRCEKV[(8%EQWNFTGHNGEVGCTN[KPHNCOOCVQT[NGUKQPUCUYGNNCUPGWTQIGPKEUVKOWNCVKQP

$TGCVJKPI/GEJCPKEU#NVJQWIJEJCPIGUKPDTGCVJKPIOGEJCPKEUJCXGDGGPQDUGTXGFKPNCDQTCVQT[CPKOCNUVJGUGEJCPIGUCTGPQVQDUGTXGFEQPUKUVGPVN[CPFVGPFVQDGTGRQTVGFOQTGHTGSWGPVN[CVJKIJGTGZRQUWTGEQPEGPVTCVKQPU75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[6CDNG6JGRTGXKQWUN[FKUEWUUGFUVWFKGUD[/WTRJ[GVCNCPF#OFWTGVCNGXCNWCVGFDTGCVJKPIOGEJCPKEUKPWPCPGUVJGVK\GFIWKPGCRKIU6JG/WTRJ[GVCNUVWF[UJQYGFCPKPETGCUGKPHNQYTGUKUVCPEGQPN[CVEQPEGPVTCVKQPURRO1 2WNOQPCT[ 

### EQORNKCPEGYCUPQVOGCUWTGF#OFWTGVCNQDUGTXGFCFGETGCUGKP%F[PCHVGTGZRQUWTGVQCPFRRO1 DWVPQUKIPKHKECPVEJCPIGKP4 YCUPQVGF .

### +PCPCVVGORVVQGZRQUGWPCPGUVJGVK\GFTCVUWUKPITGIKOGPUCPCNQIQWUVQJWOCPENKPKECNUVWFKGU6GRRGTGVCNQDUGTXGFPQUKIPKHKECPVEJCPIGUKP4 QT%F[PCHVGTC .

### JGZRQUWTGVQQTRRO1 KPURKVGQHKPVGTOKVVGPVOKPRGTKQFUQH 

### GZGTEKUGNKMGJ[RGTXGPVKNCVKQPKPFWEGFD[%1 5KOKNCTN[PQEJCPIGUKPDTGCVJKPIOGEJCPKEU 

### YGTGQDUGTXGFD[;QMQ[COCGVCNYJGPVJG[GXCNWCVGFCPGUVJGVK\GFTCVUGZRQUGFVQRRO1 HQTJ*QYGXGTYJGP%F[PYCUPQTOCNK\GFHQTFKHHGTGPEGUKP(4%VJG 

### TGUWNVKPIURGEKHKEEQORNKCPEGYCUFGETGCUGFEQORCTGFVQCKTGZRQUGFEQPVTQNU(WTVJGTOQTGYJGPVJGCPKOCNUYGTGRCTCN[\GFCPFXGPVKNCVGFDGVYGGPCPFDTGCVJUOKP1 VTGCVGF 

### CPKOCNUUJQYGFCHTGSWGPE[FGRGPFGPVFGETGCUGKP%F[PCUHKPETGCUGFCDQXGDTGCVJUOKP6JGCWVJQTUEQPENWFGVJCVDGECWUG4 YCUPQVCHHGEVGFVJGGHHGEVQH1 YCUVQQDUVTWEV . 

### RGTKRJGTCNCKTYC[U2WNOQPCT[OGEJCPKEUYGTGGXCNWCVGFKPCPGUVJGVK\GFRCTCN[\GFFQIUCEWVGN[GZRQUGFVQCPFRRO1 HQTJXKCCUVCKPNGUUUVGGNVTCEJGCNVWDG0QEJCPIGU 

### KP4 QT%F[PYGTGQDUGTXGFCVCP[EQPEGPVTCVKQP/QTICPGVCN. 

### +PRCRGTUD[/KNNGTGVCNVJGGHHGEVQHCJGZRQUWTGVQRRO1 YCUGXCNWCVGF6YQJQWTUCHVGTGZRQUWTGCPGUVJGVK\GFVTCEJGQUVQOK\GFIWKPGCRKIU



### UJQYGFCUKIPKHKECPVKPETGCUGKP4 VJCVTGUQNXGFD[JRQUVGZRQUWTG$QVJKPFQOGVJCEKPCPF .

### ETQOQN[PUQFKWORCTVKCNN[DNQEMGFVJGKPETGCUGKP4 CVJRQUVGZRQUWTG/KNNGTGVCN.

### 6JGUGTGUWNVUUWIIGUVVJCVGKEQUCPQKFURTQFWEGFHTQOCPKPHNCOOCVQT[TGURQPUGKPVJGNWPIOC[DGTGURQPUKDNGHQTVJGKPETGCUGKP4 *QYGXGTRNCUOCNGXGNUQH2)( CPFMGVQ2)( . 

### YGTGPQVCHHGEVGFD[1 QTFTWIVTGCVOGPVCPF2)' YCUPQVCHHGEVGFD[1 +PCPCVVGORVVQ  

### WPFGTUVCPFVJGKPXQNXGOGPVQHGKEQUCPQKFUKPVJGKPETGCUGKP4 QDUGTXGFYKVJ1 GZRQUWTG . 

### (QWMGGVCNUJQYGFVJCVGZRQUWTGVQRRO1 HQTJECWUGFCPKPETGCUGKP4 CPFC  .

### FGETGCUGKP%F[PKPCPGUVJGVK\GFFQIU$TQPEJQCNXGQNCTNCXCIGHNWKFHTQOVJGUGFQIUFKFPQVJCXGCP[KPETGCUGKPMGVQ2)( 2)' 6:$ QT2)( UWIIGUVKPIVJCVVJGUG   

### E[ENQQZ[IGPCUGRTQFWEVUYGTGPQVKPXQNXGFKPVJGEJCPIGUKPDTGCVJKPIOGEJCPKEU5KOKNCTHKPFKPIUYGTGQDUGTXGFD[VJGUGCWVJQTUCHVGTDTKGHGZRQUWTGUVQDCDQQPUUGG5GEVKQP)CUVTCRRKPIKPVJGGZEKUGFIWKPGCRKINWPIYCUGXCNWCVGFD[YCVGTFKURNCEGOGPVKPIWKPGCRKIUEJCNNGPIGFYKVJCEKFCGTQUQNGZRQUWTGCHVGTCJRRO1 GZRQUWTG5KNDCWIJ 

### CPF/CWFGTN[1\QPGGZRQUWTGHQNNQYGFD[CKTGZRQUWTGKPETGCUGFICUVTCRRKPIVQTQWIJN[VJGUCOGGZVGPVCU1 HQNNQYGFD[CUWNHWTKECEKFEJCNNGPIGJOIO YJGP  

### EQORCTGFVQVJGCKTQPN[EQPVTQNTGURQPUG6JGUGFCVCKPFKECVGVJCV1 ECWUGUCPCEWVG 

### RGTKRJGTCNCKTYC[QDUVTWEVKQPDWVPQCFFKVKXGQTU[PGTIKUVKEGHHGEVQHUWNHWTKECEKFCGTQUQNYCU

QDUGTXGF

#KTYC[4GCEVKXKV[2TQDCDN[VJGOQUVGZVGPUKXGCOQWPVQHNCDQTCVQT[CPKOCNTGUGCTEJJCUDGGPEQPFWEVGFQPVJGTQNGQH1 KPRTQFWEKPICEWVGCKTYC[KPLWT[TGUWNVKPIKPCPKPETGCUGKPCKTYC[ 

### TGCEVKXKV[75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[6CDNG/WEJQHVJKUTGUGCTEJJCUWUGF1 GZRQUWTGUVJCVCTGPGXGTGPEQWPVGTGFKPVJGCODKGPVGPXKTQPOGPVRROHQT 

### OKPVJWUVJGTGNGXCPEGQHVJGUGUVWFKGUOC[DGSWGUVKQPGF*QYGXGTVJGUVWFKGUCTGVJGOQUVVJQTQWIJOGEJCPKUVKECEEQWPVQHUWEJ1 GHHGEVUCPFJCXGUJQYPUQOGCITGGOGPVYKVJ 

### JWOCP1 GZRQUWTGUVWFKGU%JCRVGTVJGTGHQTGVJGUGUVWFKGUCTGUWOOCTK\GFDTKGHN[JGTG

### 6JGNKVGTCVWTGKUHQEWUGFCTQWPFHKXGRTKOCT[KUUWGUVJCVKPTGEGPV[GCTUJCXGDGGPOQTGVJQTQWIJN[GXCNWCVGF%QPEGPVTCVKQPCPF2GCM4GURQPUG6KOG 'CUVQPCPF/WTRJ[YGTGVJGHKTUVVQFGOQPUVTCVGCPKPETGCUGFTGURQPUKXGPGUUKPWPCPGUVJGVK\GFIWKPGCRKIURQUV1 GZRQUWTG 

### JVQRRO+PVJGKTUVWF[TGURQPUKXGPGUUYCUCUUGUUGFD[KPETGCUGFOQTVCNKV[FWGVQUGXGTGJKUVCOKPGKPFWEGFDTQPEJQEQPUVTKEVKQPCUYGNNCUD[KPETGCUGF4 CPFFGETGCUGF%F[P.

### .GGGVCNGZCOKPGFCPGUVJGVK\GFFQIUGZRQUGFVQ1 VQRROJXKCCVTCEJGCN 

### VWDGCPFFGVGTOKPGFVJCVKPETGCUGFCKTYC[TGCEVKXKV[VQKPJCNGFJKUVCOKPGQEEWTTGFCVDWVPQVJRQUVGZRQUWTG#UKOKNCTGZRGTKOGPVFQPGKPWPCPGUVJGVK\GFUJGGRD[#DTCJCOGVCNKPFKECVGFVJCVCKTYC[TGURQPUKXGPGUUYCUKPETGCUGFCVJDWVPQVKOOGFKCVGN[CHVGTCJGZRQUWTGVQRRO1 9JGPVJGGZRQUWTGYCUKPETGCUGFVQRRO1 CPKPETGCUGKP  

### DCUGNKPG4 YCUTGRQTVGFCPFTGCEVKXKV[KPETGCUGFKOOGFKCVGN[CPFCVJRQUVGZRQUWTG+P .

### CRRCTGPVEQPVTCFKEVKQP*QNV\OCPGVCNCUJQYGFVJCVCKTYC[TGCEVKXKV[KPETGCUGFOCTMGFN[JCHVGTFQIUYGTGGZRQUGFVQRRO1 HQTJCPFYCUNGUUGXKFGPVCVJ 

### RQUVGZRQUWTG)QTFQPCPF#OFWTCNUQTGRQTVGFVJCVCKTYC[TGCEVKXKV[KPIWKPGCRKIUYCUOCZKOCNJCHVGTCJGZRQUWTGVQQTRRO1 CUFGHKPGFD[C 

### UKIPKHKECPVKPETGCUGKP4 QTFGETGCUGKP%F[PCHVGTCUKPINGUWDEWVCPGQWUEJCNNGPIGQH .

### JKUVCOKPG6JGGHHGEVQP4 YCUEQPEGPVTCVKQPFGRGPFGPVDWVYCUUKIPKHKECPVQPN[CVRRO.

### (QT%F[PVJGTGYCUPQEQPEGPVTCVKQPTGNCVGFTGURQPUGDWVCNN1 GZRQUWTGUGZCEGTDCVGFVJG 

### FGETGCUGKP%F[PCHVGTJKUVCOKPGTGNCVKXGVQVJGCKTGZRQUGFITQWR6JGUKVGQHDTQPEJQEQPUVTKEVKQPYCUUWIIGUVGFVQDGVJGEQPFWEVKPICKTYC[UTCVJGTVJCPVJGRCTGPEJ[OCDGECWUGF[PCOKEEQORNKCPEGYCUCHHGEVGFCPFUVCVKEEQORNKCPEGYCUPQV)QTFQPGVCN6QGZCOKPGVJGTQNGQHFWTCVKQPQHGZRQUWTGQPGZRGTKOGPVCNQWVEQOG0KUJKMCYCGVCNGZRQUGFIWKPGCRKIUVQ%¥6RTQFWEVUQHRRO¥OKPRRO¥OKPRRO¥OKPCPFRRO¥OKPRRO OKP1 #HVGTGZRQUWTG 

### URGEKHKECKTYC[TGUKUVCPEG54 FWTKPICPKPJCNGFOGVJCEJQNKPGEJCNNGPIGYCUOGCUWTGFKP

CY

### WPCPGUVJGVK\GFCPKOCNUCVOKPJCPFJ+PCNNDWVVJGRROOKPGZRQUWTGITQWRVJGTGYCUCPKPETGCUGKPDCUGNKPG54 CVOKPDWVVJGTGURQPUGYCUPGKVJGTEQPEGPVTCVKQPPQT

CY

### %¥6FGRGPFGPV#VOKPRQUVGZRQUWTGPQKPETGCUGKPCKTYC[TGURQPUKXGPGUUYCUQDUGTXGFCVRRO OKP#KTYC[J[RGTTGURQPUKXGPGUUYCUQDUGTXGFCVRRO OKPWUKPIGKVJGTGZRQUWTGUEGPCTKQRROHQTOKPQTRROHQTOKPCPFVJGTGURQPUGVQVJGRROOKPYCUITGCVGTVJCPVJCVQDUGTXGFYKVJRRO OKPGZRQUWTG5KIPKHKECPVKPETGCUGUKPCKTYC[TGURQPUKXGPGUUCVDQVJCPFJRQUVGZRQUWTGYGTGQDUGTXGFQPN[KPVJGRRO

### OKPITQWR6JGCWVJQTUEQPENWFGFVJCVGZRQUWTGFWTCVKQPYCUCPKORQTVCPVFGVGTOKPCPVQH1 KPFWEGFCKTYC[J[RGTTGURQPUKXGPGUU 

### 7EJKFCGVCNTGRQTVGFKPETGCUGFCKTYC[TGCEVKXKV[KPTCVUVQKPJCNGFOGVJCEJQNKPGCHVGTCRROJ1 GZRQUWTG6JGUGTGUWNVUEQPHNKEVYKVJQVJGTRWDNKUJGF 

### UVWFKGUKPTCVUCNUQWUKPIKPJCNGFOGVJCEJQNKPGYJKEJTGRQTVGFVJGKPCDKNKV[VQRTQFWEGEQPUKUVGPVKPETGCUGUKPCKTYC[TGCEVKXKV[CHVGTGZRQUWTGVQNGUUVJCPRRO1 'XCPUGVCN 

### 6GRRGTGVCNTGRQTVGFVJCVCKTYC[J[RGTTGURQPUKXGPGUUKPTCVUEJCNNGPIGFYKVJKXCEGV[NEJQNKPGQEEWTTGFQPN[CVRRO1 QTJKIJGT+PVJGUGNCVVGTUVWFKGUGZRQUWTG 

### FWTCVKQPUTCPIGFHTQOVQJCPFKPUQOGVGUVU%1 YCUCFFGFVQVJGGZRQUWTGVQKPETGCUG 

### XGPVKNCVKQP#NVJQWIJIWKPGCRKIUCTGOQTGTGURQPUKXGVJCPTCVUVJG[CTGPQVCUTGURQPUKXGCUJWOCPUVQ1 KPFWEGFKPETGCUGFCKTYC[TGCEVKXKV[GXGPWPFGTQRVKOCNEQPFKVKQPU6GRRGT 

### GVCN+PJCNGF8GTUWU+PVTCXGPQWU%JCNNGPIG +PCHQNNQYWRUVWF[WUKPICUKOKNCTGZRQUWTGRTQVQEQNCUFGUETKDGFCDQXG#DTCJCOGVCNQDUGTXGFKPETGCUGFTGURQPUKXGPGUUVQKXECTDCEJQNKPWPCPGUVJGVK\GFUJGGRJCHVGTCJRRO1 GZRQUWTG 

### KPJCNGFECTDCEJQNFKFPQVRTQFWEGCUKOKNCTTGURQPUG6JGCWVJQTUKPVGTRTGVGFVJKUTGUWNVVQKPFKECVGCFGETGCUGFRGPGVTCVKQPQHVJGECTDCEJQNCGTQUQNKP1 GZRQUGFCPKOCNUEQORCTGFYKVJ 

### VJGFKTGEVUVKOWNCVKQPQHUOQQVJOWUENGD[VJGKXTQWVG4QWOCPF/WTNCUQDUGTXGFVJCV1 KPFWEGFJ[RGTTGURQPUKXGPGUUYCUUKOKNCTHQTKPJCNGFXGTUWUKXCEGV[NEJQNKPGQT 

### OGVJCEJQNKPGEJCNNGPIGVJTQWIJJRQUVGZRQUWTGDWVCHVGTVJCVVKOGQPN[KXCFOKPKUVTCVKQPTGXGCNGFCRGTUKUVGPV1 TGNCVGFTGURQPUG+PEQPVTCUV;GCFQPGVCNTGRQTVGFVJCV 

### IWKPGCRKIUGZRQUGFVQRROHQTOKPYGTGJ[RGTTGURQPUKXGVQKPJCNGFJKUVCOKPGUGTQVQPKPCEGV[NEJQNKPGCPFUWDUVCPEG2DWVYGTGPQVJ[RGTTGURQPUKXGVQ1 CHVGTKX 

### CFOKPKUVTCVKQPQHVJGUCOGCIQPKUVU6GRRGTGVCNCPF7EJKFCGVCNCNUQUJQYGFVJCVTCVUYGTGOQTGUGPUKVKXGVQKPJCNGFOGVJCEJQNKPGVJCPVQKXCFOKPKUVTCVKQPQHVJGCIQPKUV0GWTQIGPKE/GFKCVKQP .GGGVCNTGRQTVGFKPETGCUGFCKTYC[TGURQPUKXGPGUUVQJKUVCOKPGKPFQIUGZRQUGFVQQTRRO1 HQTJ#VTQRKPGCPFXCICN 

### DNQEMCFGYGTGGHHGEVKXGKPTGFWEKPIVJG1 KPFWEGFJ[RGTTGURQPUKXGPGUUVQJKUVCOKPG 

### UWIIGUVKPIVJCVJGKIJVGPGFXCICNCEVKXKV[YCUTGURQPUKDNG-CVUWOCVCGVCNCNUQUJQYGFVJCVKPVJGECVCKTYC[J[RGTTGURQPUKXGPGUUVQJKUVCOKPGEQWNFDGCVVTKDWVGFVQEJQNKPGTIKETGHNGZ6JKUKUKPCRRCTGPVEQPVTCUVVQVJGKPETGCUGF1 KPFWEGFVQRROJ 

### TGURQPUKXGPGUUVQJKUVCOKPGUWDEWVCPGQWUVJCVYCUPQVDNQEMGFD[CVTQRKPGQTXCIQVQO[KPFKECVKPIOKPKOCNXCICNKPXQNXGOGPVKPIWKPGCRKIU)QTFQPGVCN+PCITGGOGPV,QPGUGVCNHQWPFVJCVJGZCOGVJQPKWOCICPINKQPKEDNQEMGTFKFPQVRTGXGPV1 KPFWEGFJ[RGTTGURQPUKXGPGUUKPFQIUGZRQUGFVQRRO1 HQTJXKCCPGPFQVTCEJGCN

 

### VWDG5KOKNCTN[;GCFQPGVCNUJQYGFVJCVCVTQRKPGQTDKNCVGTCNXCIQVQO[QPN[RCTVKCNN[TGFWEGFVJGJ[RGTTGURQPUKXGPUUKPIWKPGCRKIUGZRQUGFVQRROHQTOKPDWVFKFPQVDNQEMVJGTGURQPUGKPCPKOCNUGZRQUGFHQTQPN[OKP#TQNGHQTRTGLWPEVKQPCNOWUECTKPKETGEGRVQTUJCUDGGPFGOQPUVTCVGFD[5EJWNVGKUGVCN6JG/ TGEGRVQTYJKEJKUKPJKDKVQT[HQTCEGV[NEJQNKPGTGNGCUGYCUUJQYPVQDG 

### FGHGEVKXGKOOGFKCVGN[CHVGTCJRRO1 GZRQUWTGKPIWKPGCRKIU(QWTVGGPFC[UCHVGT 

### GZRQUWTG/ TGEGRVQTHWPEVKQPCPFXCICNN[UVKOWNCVGFTGURQPUKXGPGUUYGTGPQTOCN6JWUVJG 

### TQNGQHVJGEJQNKPGTIKEU[UVGOKP1 KPFWEGFCKTYC[J[RGTTGURQPUKXGPGUUJCU[GVVQDGHKTON[ 

### GUVCDNKUJGF### 2GRVKFGTIKEOGFKCVQTUCNUQJCXGTGEGPVN[DGGPUWIIGUVGFCUKORQTVCPVOQFWNCVQTUQHVJKUTGURQPUG/WTNCUGVCNFGOQPUVTCVGFVJCVRJQURJQTCOKFQPCPKPJKDKVQTQHPGWVTCNGPFQRGRVKFCUG0'2KPETGCUGFVJGTGURQPUKXGPGUUVQUWDUVCPEG2KPCKTGZRQUGFDWVPQV1 GZRQUGF=RROJ?IWKPGCRKIU5WDUVCPEG2KPFWEGFDTQPEJQEQPUVTKEVKQPKPCKTGZRQUGF



### CPKOCNUYCUKPETGCUGFCHVGTRJQURJQTCOKFQPDGECWUG0'2FGITCFGUUWDUVCPEG26JGHKPFKPIYCUCUUQEKCVGFYKVJCFGETGCUGKPVTCEJGCN0'2KP1 GZRQUGFCPKOCNU#FFKVKQPCNN[VJG 

### KPETGCUGFCKTYC[TGURQPUKXGPGUUKP1 GZRQUGFCPKOCNUYCUTGXGTUGFD[KPJCNCVKQPQHRCTVKCNN[ 

### RWTKHKGF0'26CMGPVQIGVJGTVJGUGTGUWNVUUWIIGUVVJCV1 KPCEVKXCVGU0'2VJWUKPETGCUKPI 

### VJGTGURQPUGVQGPFQIGPQWUVCEJ[MKPKPTGNGCUG#UKOKNCTTGUWNVYCUQDVCKPGFD[;GCFQPGVCNKPIWKPGCRKIUGZRQUGFVQRRO1 QTOKPCPFEJCNNGPIGFYKVJCGTQUQNK\GF 

### UWDUVCPEG2CHVGTRTGVTGCVOGPVYKVJVJG0'2KPJKDKVQTURJQURJQTCOKFQPVJKQTRJCPCPFDGUVCVKP6GRRGTGVCNFGRNGVGFIWKPGCRKIUQHUWDUVCPEG2WUKPIOWNVKRNGFQUGUQHECRUCKEKPCPFHQWPFVJCVCKTYC[TGCEVKXKV[CHVGTCJGZRQUWTGVQRRO1 YCURCTVKCNN[ 

### DNQEMGF*QYGXGTCNVJQWIJVTCEJGCNXCUEWNCTRGTOGCDKNKV[CNUQYCUDNQEMGFD[ECRUCKEKPRTGVTGCVOGPVRTQVGKPKPHNWZKPVQVJG$#.CPFVCEJ[RPGCYGTGPQVDNQEMGF1PVJGQVJGTJCPF'XCPUGVCNFKFPQVHKPFKPETGCUGFVTCEJGCNXCUEWNCTRGTOGCDKNKV[KPTCVUGZRQUGFVQRRO1 HQTJ6JGUGUVWFKGUUWIIGUVCVNGCUVHQTVJGIWKPGCRKIVJCVGPJCPEGOGPVQHVJG 

### UWDUVCPEG2TGURQPUGD[KPJKDKVKQPQH0'2OC[DGKORQTVCPVKP1 KPFWEGF  

### J[RGTTGURQPUKXGPGUU

+PHNCOOCVKQP *QNV\OCPGVCNDHQWPFCUVTQPICUUQEKCVKQPDGVYGGPKPETGCUGFCKTYC[TGURQPUKXGPGUUCPFKPETGCUGF2/0URTGUGPVKPVJGVTCEJGCNDKQRU[QHFQIUJCHVGTCJ1 GZRQUWTGVQRRO(CDDTKGVCNGZVGPFGFVJGUGHKPFKPIUUJQYKPICP 

### CUUQEKCVKQPDGVYGGPKPETGCUGFCKTYC[TGCEVKXKV[CPFKPETGCUGFNCXCIGCDNGKPHNCOOCVQT[EGNNUHTQOVJGFKUVCNCKTYC[UQHFQIU(WTVJGTUWRRQTVHQTVJKUJ[RQVJGUKUYCUGPIGPFGTGFD[VJGFGOQPUVTCVKQPVJCVKP2/0FGRNGVGFFQIURTQFWEGFD[CFOKPKUVTCVKQPQHJ[FTQZ[WTGC1 KPFWEGFCKTYC[J[RGTTGURQPUKXGPGUUYCUDNQEMGF6JKUKUKPEQPVTCUVVQ/WTNCUCPF



### 4QWO	UCHKPFKPIUKPIWKPGCRKIUGZRQUGFVQRRO1 HQTJYJKEJKPFKECVGVJCV 

### KPETGCUGFCKTYC[TGCEVKXKV[OWEQUCNKPLWT[CPFOCUVEGNNKPHKNVTCVKQPQEEWTDGHQTG2/0KPHNWZ6JGCWVJQTUURGEWNCVGVJCV2/0KPHNWZKUCTGURQPUGVQVJGFCOCIGPQVCECWUGQHVJGKPETGCUGFCKTYC[TGCEVKXKV[(WTVJGTOQTG/WTNCUCPF4QWODUJQYGFVJCV2/0FGRNGVKQPKPVJGIWKPGCRKIYKVJE[ENQRJQURJCOKFGFKFPQVRTGXGPV1 KPFWEGFCKTYC[ 

### J[RGTTGURQPUKXGPGUU5KOKNCTTGUWNVUYGTGQDVCKPGFD['XCPUGVCNYJQTGRQTVGFVJCVCKTYC[J[RGTTGURQPUKXGPGUUYCUPQVCEEQORCPKGFD[CKTYC[2/0KPHNWZKPTCVUCPFD[,QCFGVCNYJQUJQYGFVJCVCFFKPIJWOCP2/0UVQVJGRWNOQPCT[EKTEWNCVKQPQHVJGTCVNWPIFWTKPICJRROGZRQUWTGVQ1 FKFPQVHWTVJGTGPJCPEG1 KPFWEGFCKTYC[  

### TGCEVKXKV[$GEMGVVGVCNGXCNWCVGFFQIUGZRQUGFHQTJVQRRO1 FKTGEVN[VQVJG 

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

### 6JWUKPVJTGGURGEKGUKVCRRGCTUVJCV2/0KPHNWZOC[DGCUUQEKCVGFYKVJ1 GZRQUWTGDWVKU 

### PQVPGEGUUCT[HQTRTQFWEKPICKTYC[J[RGTTGURQPUKXGPGUU

### 5GXGTCNUVWFKGUJCXGUWIIGUVGFVJCVCTCEJKFQPKECEKFOGVCDQNKVGUOC[DGKORQTVCPVKP1 KPFWEGFCKTYC[J[RGTTGURQPUKXGPGUU#NVJQWIJVJGRTKOCT[UQWTEGQHCTCEJKFQPKECEKF 

### OGVCDQNKVGUKUUWURGEVGFVQDGKPHNCOOCVQT[EGNNUKPVJGNWPIEGNNUQVJGTVJCP2/0UEQWNFDGTGURQPUKDNGHQTVJGNKDGTCVKQPQHCTCEJKFQPKECEKFOGVCDQNKVGU1PN[QPGUVWF[KPFQIUKPFKECVGUVJCVDNQEMCIGQHE[ENQQZ[IGPCUGRTQFWEVUYKVJKPFQOGVJCEKPECPRTQVGEVCPKOCNUHTQOFGXGNQRKPICKTYC[J[RGTTGURQPUKXGPGUU1	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

### RTQXQECVKXGFQUGQHOGVJCEJQNKPGPGEGUUCT[VQECWUGCKPETGCUGKP4 KPCPGUVJGVK\GFFQIU .

### (QWMGGVCN$TQPEJQCNXGQNCTNCXCIGQPVJGUGFQIUFKFPQVUJQYCP[KPETGCUGKPMGVQ2)( 2)' 6:$ QT2)( UWIIGUVKPIVJCVVJGUGE[ENQQZ[IGPCUGOGFKCVQTUQH   

### KPHNCOOCVKQPYGTGPQVKPXQNXGFKPVJGEJCPIGUKPCKTYC[TGCEVKXKV[+PUWOOCT[VJGKPKVKCNJ[RQVJGUKUQHVJGTQNGQH2/0UQT2/0FGTKXGFRTQFWEVUKP1 KPFWEGFCKTYC[ 

### J[RGTTGURQPUKXGPGUUKUSWGUVKQPCDNGDGECWUGOQUVPGYGTUVWFKGUWUKPIOQTGURGEKHKEKPJKDKVQTUQH2/0UE[ENQQZ[IGPCUGCPFNKRQZ[IGPCUGCPFUVWFKGUDNQEMKPI6:TGEGRVQTUKPFKECVGVJGNCEMQHCRTQVGEVKXGGHHGEV

+PVGTCEVKQPUYKVJ#PVKIGPCPF8KTWU +POKEG1UGDQNFGVCNUJQYGFVJCVCPKPETGCUGFPWODGTQHCPKOCNUDGECOGUGPUKVK\GFVQQXCNDWOKPCHVGTVQFC[UQHEQPVKPWQWUGZRQUWTGUVQCPFRRO1 /CVUWOWTCCPF;CPCKGVCNOCFGUKOKNCT 

### HKPFKPIUKPIWKPGCRKIUCPFFQIUGZRQUGFCEWVGN[VQJKIJGT1 EQPEGPVTCVKQPUUWIIGUVKPIVJCV 

### 1 OC[GPJCPEGGKVJGTUGPUKVK\CVKQPQTTGURQPUGVQCPVKIGP6JGUGTGUWNVUCRRGCTVQCITGGYKVJ



### TGEGPVHKPFKPIUKPJWOCPUUGG%JCRVGT1\QPGRROJCNUQOC[KPETGCUGJ[RGTTGCEVKXKV[CUUQEKCVGFYKVJXKTWUGZRQUWTG6GRRGTGVCNGZRQUGFTCVUVQ1 GKVJGTDGHQTGQTFWTKPICPKPHNWGP\CXKTWU 

### KPHGEVKQP4CVUGZRQUGFVQ1 DGHQTGXKTWUKPHGEVKQPYGTGOQTGJ[RGTTGURQPUKXGVQKPJCNGF 

### OGVJCEJQNKPGFC[UNCVGTCVCVKOGYJGPVJGTGYCUPQJ[RGTTGURQPUKXGPGUUVQ1 CNQPGVJCP 

### YGTGTCVUGZRQUGFVQQPN[VJGXKTWU#PCFFKVKXGGHHGEVYCUQDUGTXGFKPXKTWUKPHGEVGFTCVUYJGP1 GZRQUWTGYCUKOOGFKCVGN[DGHQTGOGVJCEJQNKPGEJCNNGPIG 



### 'ZVGPFGF(WPEVKQPCN%JCTCEVGTK\CVKQPU'ZVGPFGFEJCTCEVGTK\CVKQPUQHRWNOQPCT[HWPEVKQPKPNCDQTCVQT[CPKOCNUKPFKECVGVJCVVJGIGPGTCNRCVVGTPQHHWPEVKQPCNKORCKTOGPVTGRQTVGFKPJWOCPUVWFKGUCNUQKUQDUGTXGFKPCPKOCNUVWFKGUQHCEWVG1 GZRQUWTG#PGUVJGVK\GFCPFXGPVKNCVGFECVUUJQYGFCIGPGTCNFGENKPG 

### KPXKVCNECRCEKV[8%UVCVKENWPIEQORNKCPEGQTFKHHWUKPIECRCEKV[HQTECTDQPOQPQZKFG&. YKVJGZRQUWTGUWRVQJQHVQRRO1 9CVCPCDGGVCN+PQWGGVCN %1 

### QDUGTXGFHWPEVKQPCNGXKFGPEGQHRTGOCVWTGCKTYC[ENQUWTGCUKPFKECVGFD[KPETGCUGUKPENQUKPIECRCEKV[TGUKFWCNXQNWOG48CPFENQUKPIXQNWOGCHVGTTCDDKVUYGTGGZRQUGFVQQTRRO1 HQTJ6JGXQNWOGRTGUUWTGEWTXGKPFKECVGFKPETGCUGFNWPIXQNWOGCVNQY 

###  8

 8

 8



### FKUVGPFKPIRTGUUWTGUCFFKVKQPCNN[PQPWPKHQTOFKUVTKDWVKQPQHXGPVKNCVKQPYCUQDUGTXGF6JGGHHGEVUYGTGOQUVRTQOKPGPVFC[HQNNQYKPIGZRQUWTGCPFJCFOQUVN[UWDUKFGFD[FC[U

RQUVGZRQUWTG/QUVUVWFKGUQH1 KPGZRGTKOGPVCNCPKOCNUOCMGNKVVNGGHHQTVVQOKOKEJWOCPUVWF[ 

### FGUKIPUVJGTGD[HWTVJGTEQPHQWPFKPIVJGGZVTCRQNCVKQPQHVJGKTTGUWNVUVQJWOCPU4GEGPVN[JQYGXGTTCVUVWFKGUKPXQNXKPIRGTKQFUQHKPVGTOKVVGPV%1 KPFWEGFJ[RGTXGPVKNCVKQPVQGPJCPEG 

### VJGFGNKXGTGFFQUGQH1 JCXGCVVGORVGFVQECRKVCNK\GQPVJGSWCNKVCVKXGUKOKNCTKV[QHVJGTCVCPF 

### JWOCPOCZKOWOGZRKTCVQT[HNQYXQNWOGEWTXGUCUCRQVGPVKCNN[UGPUKVKXGGPFRQKPVQHVQZKEKV[%QUVCGVCND6GRRGTGVCN+PVJGTCV(8%FGETGCUGUCEWVGN[YKVJ1 GZRQUWTGCPFVJKUTGURQPUGJCUDGGPOCVJGOCVKECNN[OQFGNGFHQT1 EQPEGPVTCVKQPU

 

### DGVYGGPCPFRROYKVJGZRQUWTGFWTCVKQPUDGVYGGPCPFJ6GRRGTGVCN6JGOCIPKVWFGQHTGURQPUGKUCRRCTGPVN[NGUUVJCPVJCVQDUGTXGFKPJWOCPU6GRRGTGVCNCNVJQWIJVJGGZVGPVVQYJKEJCPGUVJGUKCOKVKICVGUVJGTCVTGURQPUGQTVJCVVJGTGCTGKPJGTGPVURGEKGUFKHHGTGPEGUKPFQUKOGVT[QTUGPUKVKXKV[KUPQVENGCTHTQOVJGUGUVWFKGUUGG%JCRVGT+PCFFKVKQPVQEJCPIGUKPVJGHNQYXQNWOGEWTXGEJCPIGUKPNWPIFKHHWUKQPCNUQCTGQDUGTXGF+PCUVWF[VJCVGZCOKPGFEQPEGPVTCVKQPFWTCVKQPCPFXGPVKNCVKQPHCEVQTUTCVUYGTGGZRQUGFHQTQTJVQQTRRO1 YKVJKPVGTOKVVGPV%1 VQJ[RGTXGPVKNCVGVQ  

### VKOGUTGUVKPI8 VJGCPKOCNUCUCPGZGTEKUGCPCNQIWGVQJWOCPGZRQUWTGU%QUVCGVCN

'

### C6JG&. XCNWGUYGTGTGFWEGFD[CVDQVJRROVKOGRQKPVUCPFD[YKVJ %1

### CJGZRQUWTGVQRRO'ZRQUWTGVQRROHQTJJQYGXGTITGCVN[GZCEGTDCVGFVJGCNXGQNCTGHHGEVYKVJCTGUWNVCPVTGFWEVKQPKPVJG&. 5VCVKEEQORNKCPEGYCUCHHGEVGF %1

### QPN[CVVJKUNCVVGTGZRQUWTGEQPEGPVTCVKQPCPFFWTCVKQP6JKU1 KPFWEGFTGFWEVKQPKP&.  %1

### CRRGCTGFVQEQTTGNCVGYKVJVJGFGITGGQHNWPIGFGOCKPCHHGEVGFCPKOCNU;QMQ[COCGVCNHQWPFFGETGCUGUKPTCVNWPIXQNWOGU(4%CPF48UVCVKEEQORNKCPEGHTQOVJGXQNWOGRTGUUWTGEWTXGCPFOCZKOCNHNQYCVQH8%CHVGTCJGZRQUWTGVQRRO1 

### (NQYXQNWOGEWTXGUCPFOGCUWTGOGPVUQHTGIKQPCNFKUVTKDWVKQPQHXGPVKNCVKQPWUKPICRQUKVTQPECOGTCYGTGGXCNWCVGFKPCPGUVJGVK\GFRCTCN[\GFFQIUCEWVGN[GZRQUGFXKCCUVCKPNGUUUVGGNVTCEJGCNVWDGVQCPFRRO1 HQTJ/QTICPGVCN

### 0QEJCPIGUKPVJGHNQYXQNWOGEWTXGYGTGQDUGTXGFCVCP[EQPEGPVTCVKQPDWVCNGUUWPKHQTOFKUVTKDWVKQPQHXGPVKNCVKQPYCUPQVKEGFYKVJVJGITGCVGUVFKHHGTGPEGQEEWTTKPIDGVYGGPVJGEGPVTCNCPFOQTGRGTKRJGTCNTGIKQPU6JGCWVJQTUEQPENWFGVJCVVJGKPKVKCNGHHGEVQH1 CRRGCTU 

### VQDGQDUVTWEVKQPQHVJGUOCNNCKTYC[U/KNNGTGVCNGXCNWCVGFVJGGHHGEVQHCJGZRQUWTGVQRRO1 QP 

### EJCPIGUKPVJGNWPIHWPEVKQPQHCPGUVJGVK\GFVTCEJGQUVQOK\GFIWKPGCRKIU&GETGCUGUKPNWPIXQNWOGUYGTGPQVGFCVJRQUVGZRQUWTGCPFYGTGOCZKOWODGVYGGPCPFJRQUVGZRQUWTGCHVGTYJKEJVKOGVJG[DGICPVQTGUQNXG#NXGQNCTXGPVKNCVKQP CPF&. CNUQYGTG # %1

### FGETGCUGFD[GZRQUWTG6JGKPKVKCNJRQUVGZRQUWTGTGFWEVKQPKP&. OC[JCXGDGGP %1

### ECWUGFD[CDTQPEJQEQPUVTKEVKQPTGNCVGFFGETGCUGKP#HVGTVJKUVKOGFKURTQRQTVKQPCVG #

### TCVKQUQH&. CPFUWIIGUVVJCVFKHHGTGPVOGEJCPKUOUYGTGTGURQPUKDNGHQTVJGFGETGCUGF %1 #

### &. 6JGCWVJQTUURGEWNCVGVJCVVJKUNCVVGTTGURQPUGRTQDCDN[KPXQNXGUVJGFGXGNQROGPVQHC %1

### RGTKRJGTCNKPHNCOOCVQT[TGURQPUGVQJRQUVGZRQUWTGDGECWUGRNCUOCEQPEGPVTCVKQPUQHMGVQ2)( CPF2)' CNUQYGTGGNGXCVGFKPIWKPGCRKIUGZRQUGFHQTJVQRRO1 /KNNGT   

### GVCN5KIPKHKECPVKPETGCUGUKPVJGRNCUOCCPF$#.EQPEGPVTCVKQPUQH6:$ CNUQYGTG 

### QDUGTXGFHQNNQYKPICEWVGGZRQUWTGQHIWKPGCRKIUVQRRO1 /KNNGTGVCNCPFJWOCPU 

### VQQTRRO1 UGG%JCRVGT$QVJKPFQOGVJCEKPCPFETQOQN[PUQFKWORCTVKCNN[ 

###  8



### DNQEMGFVJGTGFWEVKQPKPNWPIXQNWOGUCVCPFJRQUVGZRQUWTG/KNNGTGVCN+PFQOGVJCEKPYCUKPGHHGEVKXGKPDNQEMKPIVJG1 KPFWEGFFGETGCUGKP&. CVGKVJGTQTJ  %1

### RQUVGZRQUWTGDWVETQOQN[PUQFKWODNQEMGFVJKU1 TGURQPUG$QVJFTWIUYGTGGHHGEVKXGKP 

### DNQEMKPIVJG1 KPFWEGFFGETGCUGKPCVVJGUCOGGZCOKPCVKQPRGTKQFU6JGUGTGUWNVU  #

### UWIIGUVVJCVGKEQUCPQKFURTQFWEGFHTQOCPKPHNCOOCVQT[TGURQPUGKPVJGNWPIOC[DGTGURQPUKDNGHQTVJGQDUGTXGFEJCPIGUKPNWPIHWPEVKQPKPIWKPGCRKIU*QYGXGTCUPQVGFCDQXGVJGTQNGQHGKEQUCPQKFOGFKCVQTUKP1 KPFWEGFNWPIKPLWT[KUEQPVTQXGTUKCN 



###  4GRGCVGF#EWVG'ZRQUWTG'ZRGTKOGPVU/QTG6JCP6JTGG&C[U6QFCVGHGYRJ[UKQNQIKECNUVWFKGUJCXGGZCOKPGFVJGCVVGPWCVKQPVJCVQEEWTUKPJWOCPUTGRGCVGFN[VQFC[UGZRQUGFVQ1 75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[ 

### 6CDNGFGURKVGVJGHCEVVJCVVJKUGZRQUWTGUEGPCTKQOQUVENQUGN[OKOKEUCJKIJQZKFCPVRQNNWVKQPGRKUQFG

8GPVKNCVKQP+PVJGQPN[NCDQTCVQT[CPKOCNUVWF[WUKPICUKOKNCTGZRQUWTGRTQVQEQNCPFCPGZRGTKOGPVCNFGUKIPCPCNQIQWUVQJWOCPTGRGCVGFGZRQUWTGUVWFKGU6GRRGTGVCNUJQYGFVJCVTCVUFKURNC[GFCPKPKVKCNRWNOQPCT[KTTKVCPVTGURQPUGVCEJ[RPGCVJCVCVVGPWCVGFCHVGTEQPUGEWVKXGFC[UQHGZRQUWTGKPCOCPPGTSWKVGUKOKNCTVQVJGTGURQPUGRCVVGTPQHJWOCPUUGG5GEVKQP'ZRQUWTGUYGTGHQTJCPFKPENWFGFEJCNNGPIGYKVJ%1 FWTKPI 

### CNVGTPCVGOKPRGTKQFUVQCWIOGPVXGPVKNCVKQPVQVKOGU 8

` GSWKXCNGPVVQNKIJVGZGTEKUGKP

'

### JWOCPU6JGHWPEVKQPCNEJCPIGUYGTGNCTIGUVQP&C[QTFGRGPFKPIQPVJGRCTCOGVGTCPFVJG1 EQPEGPVTCVKQPCPFRROYGTGGXCNWCVGF#FFKVKQPCNN[NWPIDKQEJGOKECN 

### CPFUVTWEVWTCNEQPUGSWGPEGUYGTGGZCOKPGFCVRRO1 CPFKPFKECVGFVJCVUGXGTCNKPFKEGUQH 

### NWPIFCOCIGKPETGCUGFJKUVQRCVJQNQI[QTFKFPQVCFCRVNCXCIGCDNGRTQVGKPFGURKVGVJGNQUUQHVJGHWPEVKQPCNTGURQPUGQXGTVJGFC[GZRQUWTGRGTKQF(WPEVKQPCNCVVGPWCVKQPJQYGXGTFKFPQVQEEWTKPVJGRRO1 ITQWRUWEJCPQPTGXGTUKPIGHHGEVJCUPQVDGGPQDUGTXGFKP 

### JWOCPU+VKUNKMGN[VJCVVJKUNCEMQHTGXGTUCNYCUCVVTKDWVCDNGVQVJGJKIJEQPEGPVTCVKQPQH1 CPFVJWUOC[DGRTGFKEVKXGQHVJGJWOCPTGURQPUGWPFGTUKOKNCTEQPFKVKQPU



### $TGCVJKPI/GEJCPKEU+PTCVUGZRQUGFVQRRO1 HQTJFC[HQTFC[UVJGQPN[EJCPIGKPDTGCVJKPI 

### OGEJCPKEUYCUCPKPETGCUGKP4 ;QMQ[COCGVCNC9JGVJGTCVVGPWCVKQPQEEWTTGF .

### ECPPQVDGCUEGTVCKPGFDGECWUGHWPEVKQPCNOGCUWTGOGPVUYGTGQDVCKPGFQPN[CHVGTVJGGPFQH

GZRQUWTG'ZVGPFGF%JCTCEVGTK\CVKQPU5GNITCFGGVCNGXCNWCVGFOKEGGZRQUGFVQRRO1 HQTFC[UJFC[ 

### YKVJCPFYKVJQWVVJGKPQEWNCVKQPQHKPHNWGP\CXKTWUQP&C[QHGZRQUWTG1\QPGCNQPGFKFPQVECWUGCPWPVQYCTFGHHGEVQPNWPIXQNWOGUXQNWOGRTGUUWTGCPFHNQYXQNWOGTGNCVKQPUJKRUYJGPOKEGYGTGGXCNWCVGFCPFFC[URQUVGZRQUWTG/KEGGZRQUGFVQVJGEQODKPCVKQPQHXKTWUCPF1 UJQYGFCFGETGCUGKP&. VJCVRGTUKUVGFHQTFC[U  %1

### #RQTVKQPQHVJG6GRRGTGVCNUVWF[FKUEWUUGFCDQXGYCUEQPFWEVGFWUKPIITQWRUQHCPKOCNUVJCVYGTGGZRQUGFDGVYGGPVQFC[UVQRRO1 %JCPIGUKPVJGUJCRG 

### QHVJGHNQYXQNWOGEWTXGCUKPFKECVGFD[VJGEJCPIGKPHQTEGFGZRKTCVQT[HNQY=('(?CV

### QH8%YGTGOCZKOCNQP&C[DWVITCFWCNN[TGVWTPGFVQDCUGNKPGYKVJHWTVJGTTGRGCVGF

GZRQUWTGU

 .QPIGT6GTO'ZRQUWTG5VWFKGU6JGSWGUVKQPQHFGIGPGTCVKXGQTKTTGXGTUKDNGNWPIFCOCIGYJGP1 GZRQUWTGKU 

### GZVGPFGFQXGTRGTKQFUQHFC[UVQ[GCTUTGOCKPURCTCOQWPVVQVJGCUUGUUOGPVQHJGCNVJTKUM5GXGTCNPGYUVWFKGUUKPEGVJGRTGXKQWUETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[JCXGDGGPRWDNKUJGFWUKPIOQTGKPVGITCVGFCRRTQCEJGUUVTWEVWTGHWPEVKQPCPFDKQEJGOKECNVGEJPKSWGUHQTWPFGTUVCPFKPIVJKURTQDNGO6JKUKUGURGEKCNN[VTWGHQTUVWFKGUGXCNWCVKPIPGCTNKHGVKOG1 GZRQUWTGUKPTQFGPVURGEKGU



### 8GPVKNCVKQPCPF$TGCVJKPI/GEJCPKEU6GRRGTGVCNGXCNWCVGFXGPVKNCVKQPCPFDTGCVJKPIOGEJCPKEUKPTCVUGZRQUGFHQTCPFYGGMUVQCUKOWNCVGFWTDCPRTQHKNGQH1 6CDNG6JGGZRQUWTG 

### EQPUKUVGFQHCFC[YGGMJTCORGFURKMGGZRQUWTGVJCVJCFCPKPVGITCVGFCXGTCIGQHRRO1 CPFCOCZKOWOEQPEGPVTCVKQPQHRRO&WTKPIQVJGTRGTKQFUJFC[ 

### FC[UYGGMVJGGZRQUWTGTGOCKPGFCVCRRO1 DCEMITQWPFNGXGN2WNOQPCT[HWPEVKQP 

### OGCUWTGOGPVUYGTGGXCNWCVGFCHVGTCPFYGGMUQH1 GZRQUWTGKPTGURQPUGVQC 

### RQUVGZRQUWTGEJCNNGPIGYKVJCPF%1 1XGTCNNVJGTGYCUCUKIPKHKECPVKPETGCUGKP 

### GZRKTCVQT[TGUKUVCPEGDWVQPN[CVYGGMUYCUTGUKUVCPEGUKIPKHKECPVN[FKHHGTGPVVJCPVJGVKOGOCVEJGFHKNVGTGFCKTEQPVTQN#VCNNGXCNWCVKQPVKOGU8 YCUTGFWEGFEQORCTGFVQEQPVTQNTCVU 6

### VJKUYCUGURGEKCNN[VTWGFWTKPIEJCNNGPIGYKVJ%1 (TGSWGPE[QHDTGCVJKPIYCUUKIPKHKECPVN[ 

### FGETGCUGFYJGPVJGCPCN[UKUKPENWFGFCNNGXCNWCVKQPVKOGUDWVCVPQUKPINGGXCNWCVKQPVKOGYCUVJGTGFWEVKQPUKIPKHKECPV1VJGTGXKFGPEGQHRGTKRJGTCNCKTHNQYCDPQTOCNKVKGUHTQOGZVGPFGFGZRQUWTGUVQ1 KU 

### NKOKVGF%QUVCGVCNGZRQUGFTCVUVQQTRRO1 HQTJFC[FC[UYGGMHQT 

### YGGMUCPFFKFPQVHKPFCEQPEGPVTCVKQPTGNCVGFKPETGCUGKPRWNOQPCT[TGUKUVCPEGOGCUWTGFKOOGFKCVGN[CHVGTGZRQUWTG;QMQ[COCGVCNOGCUWTGFKPETGCUGFEGPVTCNTGUKUVCPEGKPTCVUGZRQUGFHQTFC[UVQRRODWVHQWPFKPETGCUGFRGTKRJGTCNCKTYC[TGUKUVCPEGYJGPGZRQUWTGYCUHQTFC[UVQRRO2WNOQPCT[TGUKUVCPEGYCUOGCUWTGFCVFKHHGTGPVGNCUVKETGEQKNRTGUUWTGU+PETGCUGF4 CVNQYFKUVGPFKPIRTGUUWTGUYCUKPVGTRTGVGFCUQHRGTKRJGTCN .

### QTKIKPYJGTGCUWPKHQTOKPETGCUGUCETQUUCNNFKUVGPFKPIRTGUUWTGUYGTGFGUETKDGFCUQTKIKPCVKPIHTQOVJGEGPVTCNCKTYC[U6JGUGEJCPIGUYGTGEQPUKUVGPVYKVJOQTRJQNQIKECNHKPFKPIUQHOWEWUKPVJGNCTIGDTQPEJKQHTCVUGZRQUGFVQRROEQORCTGFVQVJGTCVUGZRQUGFVQRRO6JGUGFCVCCNUQCITGGYKVJCUVWF[D[9GIPGTVJCVUWIIGUVUVJGQEEWTTGPEGQHCKTHNQYQDUVTWEVKQPTGXGCNGFKPVGTOUQHUOCNNKPETGCUGUKPRGTKRJGTCNCKTYC[UTGUKUVCPEGCUOGCUWTGFD[QUEKNNCVKQPJCTOQPKEUVJCVYGTGQDUGTXGFKPOQPMG[UCHVGT[GCTQHGZRQUWTGVQRRO1 JFC[FC[UYGGM 



### #KTYC[4GCEVKXKV[0QUVWFKGUQHCKTYC[TGCEVKXKV[CHVGTNQPIVGTOGZRQUWTGUYGTGTGRQTVGFDGHQTG5KPEGVJGPUGXGTCNUVWFKGUJCXGTGRQTVGFPQKPETGCUGKPTGCEVKXKV[YKVJFCKN[1 GZRQUWTG6CDNG$KCIKPKGVCNQDUGTXGFPQEJCPIGUKPDTGCVJKPIOGEJCPKEU



### ('(RCTCOGVGTUQTOGVJCEJQNKPGCPFRNCVKPWOCKTYC[TGURQPUKXGPGUUKPCITQWRQHOQPMG[UE[PQOQNIWUGZRQUGFVQRRO1 HQTJFC[FC[UYGGMHQTYGGMUKPCUVWF[FGUKIPGF 

### VQGZCOKPGVJGGHHGEVUQHEQODKPKPI1 GZRQUWTGYKVJVJGTGURKTCVQT[UGPUKVK\GTRNCVKPWO

### -CICYCGVCNGZRQUGFIWKPGCRKIUJFC[FC[UYGGMHQTOQVQRRO1 

### $CUGNKPGVQVCNTGURKTCVQT[TGUKUVCPEGCPFTGURQPUGVQKPETGCUKPIEQPEGPVTCVKQPUQHKPJCNGFJKUVCOKPGYGTGCUUGUUGFGXGT[YGGMUDWVFKFPQVEJCPIGKPTGURQPUGVQ1 6JGQPN[ 

### GZEGRVKQPKUVJG,QJPUQPGVCNUVWF[VJCVGXCNWCVGFCKTYC[TGURQPUKXGPGUUKPHGOCNGTJGUWUOQPMG[ULWUVDGHQTGCJUKPINGYGGMN[GZRQUWTGVQRRO1 FGNKXGTGFXKCCP 

### GPFQVTCEJGCNVWDG#HVGTYGGMUQHGZRQUWTGKPETGCUGFTGURQPUKXGPGUUVQKPJCNGFOGVJCEJQNKPGYCUQDUGTXGFEQORCTGFVQVJGCPKOCN	UJKUVQTKEEQPVTQN6JGJ[RGTTGURQPUKXGPGUURGTUKUVGFCRRTQZKOCVGN[YGGMUCHVGTGZRQUWTGUYGTGFKUEQPVKPWGF*[RGTTGURQPUKXGPGUUVQ1 YCUTGKPUVCVGFCHVGTCUKOKNCTYGGMGZRQUWTGVQVJGUCOGCPKOCNU

### #HVGTVJKUGZRQUWTGTGIKOGPCPKOCNUTGEQXGTGFKPCRRTQZKOCVGN[YGGMUDWVJ[RGTTGURQPUKXGPGUUYCUCICKPTGKPUVCVGFYKVJHQWTQPEGRGTYGGMGZRQUWTGU6JGKPXGUVKICVQTUFGUETKDGFVJGGHHGEVQHCNKRQZ[IGPCUGKPJKDKVQTQPEGTVCKPRQTVKQPUQHVJKUUGSWGPEGJQYGXGTVJGFGUETKRVKQPUQHOGVJQFUCPFTGUWNVUYGTGKPUWHHKEKGPVHQTGXCNWCVKQPQHVJGGHHGEVQHVTGCVOGPVQPGZRQUWTG

'ZVGPFGF(WPEVKQPCN%JCTCEVGTK\CVKQPU6JGRTGXKQWUETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[ECVCNQIGFUGXGTCNKPXGUVKICVQTUVJCVTGRQTVGFOCTIKPCNKPETGCUGUKPVQVCNNWPIECRCEKV[6.%QTKVUEQORQPGPVXQNWOGUKPTCVUCHVGTKPVGTOKVVGPVQTEQPVKPWQWUGZRQUWTGUVQRRO1 HQT 

### VQYGGMU$CTVNGVVGVCN%QUVCGVCN4CWDGVCN+PEQPVTCUVVQVJGUGUKIPKHKECPVTGUWNVU;QMQ[COCCPF+EJKMCYCRTGXKQWUN[JCFTGRQTVGFPQGHHGEVUQPTCVUVCVKEXQNWOGRTGUUWTGEWTXGUCHVGTCYGGMGZRQUWTGVQRROJFC[FC[UYGGM/QTGTGEGPVUVWFKGUCTGUWOOCTK\GFKP6CDNG'ZRQUWTGUQHTCVUVQRRO1 HQTFC[UJFC[UJQYGFCPQDUVTWEVKXGV[RG 

### NWPIHWPEVKQPCDPQTOCNKV[EJCTCEVGTK\GFD[CUKIPKHKECPVTGFWEVKQPKP('(UNWPIXQNWOGUCPF&. CPFCUKIPKHKECPVKPETGCUGKP(4%)TQUUCPF9JKVG6JGUGGHHGEVUNCTIGN[ %1

### TGXGTUGFCHVGTCPCFFKVKQPCNYGGMUQHENGCPCKTDWVUQOGCKTHNQYCDPQTOCNKVKGURGTUKUVGF6[NGTGVCNGZRQUGF[QWPIOQPMG[UVQRRO1 HQTJFC[ 

### FC[UYGGMHQTOQQTHQTCNVGTPCVGOQPVJUQHVJGOQRGTKQFCPFQDUGTXGFKPETGCUGFEJGUVYCNNEQORNKCPEG% CPFKPURKTCVQT[ECRCEKV[$GECWUG% FKFPQVFGETGCUGYKVJCIGCU

Y Y

### GZRGEVGFVJGCWVJQTUURGEWNCVGFVJCVRGTJCRU1 KPVGTHGTGFYKVJTGURKTCVQT[U[UVGOOCVWTCVKQP

### 6JKUGHHGEVYCUITGCVGTKPOQPMG[UGZRQUGFFWTKPICNVGTPCVGOQPVJUVJCPKPCPKOCNUGZRQUGFGXGT[OQPVJQHVJGOQRGTKQF6QCFFTGUUVJGKUUWGQHEWOWNCVKXGGZRQUWTGQXGTCPGCTNKHGVKOGUGXGTCNTQFGPVUVWFKGUJCXGDGGPRGTHQTOGFWUKPIXCTKQWUGZRQUWTGEQPEGPVTCVKQPU9KVJGZRQUWTGQHTCVUVQRRO1 HQTYGGMUJFC[FC[UYGGMKPETGCUGUKP48CPF(4%YGTGCRRCTGPVCU 

### YCUCHCNNKP&. )TQUUCPF9JKVGUWIIGUVKPIUWDUVCPVKCNGPFCKTYC[FCOCIGCPF %1

### ICUVTCRRKPI#HVGTCOQRGTKQFKPENGCPHKNVGTGFCKTVJGUGOGCUWTGOGPVUYGTGPQVFKHHGTGPVVJCPUKOKNCTN[VTGCVGFDWVCKTGZRQUGFEQPVTQNTCVU+PRCTVKCNEQPVTCUVQTOQQHGZRQUWTGVQCFCKN[WTDCPRTQHKNGQH1 JVKOGYGKIJVGFCXGTCIGQHRROFC[UYGGM 

### CDCEMITQWPFQHRROHQTJFC[FC[UYGGMTGUWNVGFKPUOCNNTGFWEVKQPKPNWPIXQNWOGU48CPF8%CPFCPGPJCPEGFPKVTQIGP0 YCUJQWVRCVVGTPEQPUKUVGPVYKVJCUVKHHGT 

### TGUVTKEVGFNWPI%QUVCGVCN+PVGTGUVKPIN[KPURKVGQHOWTCNTGOQFGNKPIQHUOCNNCKTYC[UYJKEJYCUEQPEGPVTCVKQPFGRGPFGPVPQGXKFGPEGQHCKTHNQYQDUVTWEVKQPYCUCRRCTGPVKPVJKUUVWF[*QYGXGTKPCEQJQTVITQWRQHCPKOCNUGZRQUGFCVVJGUCOGVKOG4 YCU .

### KPETGCUGFCVCNNVKOGRQKPVUKPWPCPGUVJGVK\GFCPKOCNUCUFGUETKDGFRTGXKQWUN[6GRRGTGVCN

### *CTMGOCCPF/CWFGTN[GZRQUGFTCVUHQTJFC[FC[UYGGMHQTOQVQGKVJGTHKNVGTGFCKTQTQTRRO1 9KVJKPFC[UQHVJGGPFQHGZRQUWTGCP 

### GZVGPFGFHWPEVKQPCNGXCNWCVKQPYCURGTHQTOGF1 ECWUGFNKVVNGKORCEVQPTGURKTCVQT[HWPEVKQP

### *QYGXGT48YCUFGETGCUGFDGVYGGPCPFCHKPFKPIUKOKNCTDWVQHITGCVGTOCIPKVWFGVQVJG%QUVCGVCNUVWF[6JGGZKUVKPIOQTRJQNQIKECNFCVCKPOQPMG[UCVVJGJKIJGTEQPEGPVTCVKQPUPQVGFCDQXGCRRGCTEQPUKUVGPVYKVJGPFCKTYC[TGOQFGNKPIDWVPQENGCTHWPEVKQPCNGXKFGPEGQHQDUVTWEVKQPJCUDGGPFGUETKDGF'WUVKUGVCN9GIPGT

 5WOOCT[#NVGTCVKQPUKPVJGRWNOQPCT[HWPEVKQPQHNCDQTCVQT[CPKOCNUCHVGTGZRQUWTGVQ1 JCXGDGGPTGRQTVGFD[PWOGTQWUKPXGUVKICVQTU6JGUGEJCPIGUCRRGCTVQDGJQOQNQIQWU



### YKVJVJGEJCPIGUKPRWNOQPCT[HWPEVKQPQDUGTXGFKPJWOCPUGZRQUGFCEWVGN[VQ1 UGG 

### %JCRVGT#NVJQWIJVJGTGCTGCRRCTGPVFKHHGTGPEGUKPUGPUKVKXKV[COQPIURGEKGUKVKUPQV

ENGCTYJGVJGTVJGUGFKHHGTGPEGUCTGFWGVQVJGWUGQHCPGUVJGUKCQTTGUVTCKPVQTXCTKCPEGUKPVKUUWGUGPUKVKXKV[QTFQUKOGVT[$TKGHGZRQUWTGUVQ1 QHNGUUVJCPOKPJCXGDGGPUJQYPVQRTQFWEGTGHNGZ 

### TGURQPUGUKPETGCUGFEQNNCVGTCNTGUKUVCPEGCPFCKTYC[J[RGTTGURQPUKXGPGUU+PVJGFQIVJGUGEJCPIGUCRRGCTVQDGTGNCVGFKPRCTVVQRCTCU[ORCVJGVKEUVKOWNCVKQPCPFTGNGCUGQHKPHNCOOCVQT[OGFKCVQTU*QYGXGTVJGTGNGXCPEGQHVJGUGUVWFKGUOWUVDGSWGUVKQPGFDGECWUG1 YCUFGNKXGTGFVQCURGEKHKENWPITGIKQPXKCCDTQPEJQUEQRGCPFVJGEQPVTKDWVKQPQHEQNNCVGTCN



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

### 1 (QWMGGVCN/CWV\GVCND'PJCPEGFTGCEVKXKV[VQDTQPEJQEQPUVTKEVQTUJCU



### DGGPTGRQTVGFKPIWKPGCRKIUCVRRO1 6GRRGTGVCN6JGOGEJCPKUOUVJCVOC[ 

### DGTGURQPUKDNGHQTVJG1 KPFWEGFKPETGCUGKPCKTYC[TGCEVKXKV[JCXGDGGPKPXGUVKICVGF 

### GZVGPUKXGN[JQYGXGTPQHKTOEQPENWUKQPECPDGFTCYP6JGOQUVEQPUKUVGPVGXKFGPEGUWIIGUVUCTQNGHQTUGPUQT[CHHGTGPVHKDGTUVJGKTCUUQEKCVGFOGFKCVQTUVCEJ[MKPKPUCPFVJGGP\[OGTGURQPUKDNGHQTVCEJ[MKPKPFGITCFCVKQP0'2*QYGXGTOCP[UVWFKGUUWIIGUVVJCVVJGRCTCU[ORCVJGVKEPGTXQWUU[UVGOCPFKPHNCOOCVQT[EGNNUCPFOGFKCVQTUCNUQOC[RNC[CTQNGKP1 KPFWEGFKPETGCUGKPCKTYC[TGCEVKXKV[ 

### 'ZVGPFGFEJCTCEVGTK\CVKQPUQHRWNOQPCT[HWPEVKQPKPFKECVGVJCVVJGIGPGTCNRCVVGTPQHHWPEVKQPCNKORCKTOGPVUGGPKPJWOCPUCEWVGN[GZRQUGFVQJKIJEQPEGPVTCVKQPUQH1 FGETGCUGFNWPIXQNWOGUFKHHWUKQPCNFKUVWTDCPEGUCPFKPJQOQIGPGKV[QHXGPVKNCVKQPCNUQKU



### QDUGTXGFKPCPKOCNUGZRQUGFVQJKIJCODKGPV1 VQRRO(QTGZCORNG(8%&.   %1

### CPF0 UNQRGFGETGCUGFYKVJKPETGCUKPI%¥6RTQFWEVUCPFRRO1 CPFJKP  

### TCVU%QUVCGVCN9KVJFCKN[TGRGCVGFGZRQUWTGVQ1 6GRRGTGVCNUJQYGFCVVGPWCVKQPQHNWPI 

### HWPEVKQPEJCPIGUVCEJ[RPGCCPFHNQYXQNWOGEWTXGQXGTFC[UJFC[VQVQRROYKVJ%1 UVKOWNCVKQPQHDTGCVJKPIUKOKNCTVQYJCVKUQDUGTXGFKPTGRGCVGFN[GZRQUGFJWOCPU 

### %JCRVGT+VKUQHKPVGTGUVVJCVKPVJKUUVWF[OQTRJQNQIKECNEJCPIGUUJQYGFCRTQITGUUKXG

### KPETGCUGKPUGXGTKV[CPFQVJGTDKQEJGOKECNKPFKECVQTUQHNWPIKPLWT[NCXCIGCDNGRTQVGKPCPFCPVKQZKFCPVUFKFPQVUJQYCVVGPWCVKQPQHVJGTGURQPUGQXGTVJGUCOGVKOGRGTKQF6JGHKPFKPIUHTQONQPIVGTOGZRQUWTGUQH1 VQNCDQTCVQT[CPKOCNUCTGGXGPOQTGFKHHKEWNVVQUWOOCTK\G

### 8CTKQWUHKPFKPIUKPTCVUTCPIGFHTQOPQQTOKPKOCNGHHGEVU$KCIKPKGVCN-CICYCGVCN%JCPIGVCN*CTMGOCCPF/CWFGTN[VQQDUVTWEVKXG)TQUUCPF9JKVG6GRRGTGVCNQTTGUVTKEVKXG%QUVCGVCNNWPIHWPEVKQPCDPQTOCNKVKGU*QYGXGTKPCNNECUGUYJGTGTGEQXGT[YCUGXCNWCVGFPQUGXGTGNWPIKPLWT[YCUFGVGEVGFCPFVJGRJ[UKQNQIKECNCNVGTCVKQPUVJCVYGTGQDUGTXGFTGUQNXGFUGXGTCNOQPVJUCHVGTVGTOKPCVKQPQH

GZRQUWTG



##  )GPQVQZKEKV[CPF%CTEKPQIGPKEKV[QH1\QPG

 +PVTQFWEVKQP1\QPGKUCXGT[TGCEVKXGOQNGEWNGCPFCUVTQPIQZKFK\KPICIGPVVJCVECPFKUUQNXGKPCSWGQWUUQNWVKQPUCPFIGPGTCVGUWRGTQZKFGJ[FTQIGPRGTQZKFGCPFJ[FTQZ[NTCFKECNUCPFECPQZKFK\GCPFRGTQZKFK\GEGNNWNCTOCETQOQNGEWNGUTGXKGYGFKP/GP\GN*QKIPGCPF$CFGT75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[/WUVCHC8KEVQTKP2T[QT'CTN[UVWFKGUQHVJGGHHGEVUQH1 QPRWTKPGUR[TKOKFKPGUPWENGQUKFGUPWENGQVKFGU 

### CPFPWENGKECEKFUUJQYGFVJCV1 TCRKFN[FGITCFGFVJGUGEQORQWPFUKPXKVTQ%JTKUVGPUGPCPF 

### )KGUGTGXKGYGFKP/GP\GN1\QPGIGPGTCVGFJ[FTQZ[NTCFKECNUECPCDUVTCEVJ[FTQIGPHTQOQTICPKEOQNGEWNGUNGCFKPIVQHWTVJGTEQORNGZHTGGTCFKECNTGCEVKQPUTGXKGYGFKP/GP\GN/WUVCHC8KEVQTKP+PCFFKVKQP1 KPKVKCVGUTCFKECN 

### TGCEVKQPUTGUWNVKPIKPQ\QPQN[UKUQHCNMGPGUVQHQTOQ\QPKFGUYJKEJFGEQORQUGQPTGCEVKQPYKVJYCVGTVQHQTORGTQZ[NTCFKECNURGTQZKFGUCPFCNFGJ[FGU1\QPGCNUQECPQZKFK\GCOKPGUVQCOKPGQZKFGUCPFTGCEVYKVJ27(#VQHQTORTQFWEVUQHNKRKFRGTQZKFCVKQPTGXKGYGFKP/GP\GN/WUVCHC2T[QT1\QPGCNUQJCUDGGPUJQYPVQECWUGCTGFWEVKQPKPRNCSWGHQTOCVKQPD[DCEVGTKQRJCIGHVQTGNGCUG40#HTQORJCIGRCTVKENGUVQKPCEVKXCVG40#CPFVQFGITCFGRTQVGKP-KOGVCN*GPEGDGECWUG1 IGPGTCVGUJ[FTQZ[NTCFKECNUKPCSWGQWUUQNWVKQPCPFFGITCFGU&0#40#RTQVGKPCPF



### HCVV[CEKFUKPXKVTQKVRQUGUCRQVGPVKCNIGPQVQZKEJC\CTFD[XKTVWGQHKVUCDKNKV[VQIGPGTCVGTGCEVKXGKPVGTOGFKCVGUVJCVECPQZKFK\GPWENGKECEKFDCUGUTGXKGYGFKP8KEVQTKP*QYGXGTVJGRTGEKUGTGCEVKQPUVJCVQEEWTKPNKXKPIEGNNUGZRQUGFVQ1 JCXGPQV[GVDGGP 

### FGHKPGFEQORNGVGN[#UVJGGPUWKPIFKUEWUUKQPUJQYUVJGIGPQVQZKERQVGPVKCNQH1 KUCV 

### OQUVYGCM6JKUUGEVKQPTGXKGYUVJGKPHQTOCVKQPCXCKNCDNGQPVJGIGPQVQZKEKV[QH1 UKPEGVJG 

### NCUVCKTSWCNKV[ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[YCURWDNKUJGFCNVJQWIJGCTNKGTTGRQTVUCTGEKVGFVQETGCVGCJKUVQTKECNCPFUEKGPVKHKERGTURGEVKXGHQTVJGTGCFGT6JGCTGCUEQXGTGFKPVJKUTGXKGYCTGVJGCDKNKV[QH1 VQKPFWEG&0#FCOCIG 

### OWVCIGPGUKUEGNNVTCPUHQTOCVKQPECTEKPQIGPGUKUEQECTEKPQIGPGUKUCPFVWOQTRTQOQVKQP#NVJQWIJOQFWNCVKQPQHVJGVWOQTKIGPKETGURQPUGD[KPFKTGEVGHHGEVUQH1 QPVJGKOOWPG 

### U[UVGOKUVJGQTGVKECNN[RQUUKDNGPQGXKFGPEGHQTUWEJOQFWNCVKQPJCUDGGPTGRQTVGFUGG5GEVKQP7PHQTVWPCVGN[GZRGTKOGPVCNFCVCVQGXCNWCVGYJGVJGT1 KUIGPQVQZKECTGXGT[ 

### NKOKVGF*GPEGTGNGXCPVFCVCQPIGPQVQZKEGHHGEVUQH1 CDQXGRROCNUQJCXGDGGPKPENWFGF 

### VQGPUWTGFKUEWUUKQPQHVJGHWNNCTTC[QHGHHGEVUCUVJG[EWTTGPVN[CTGWPFGTUVQQF#NVJQWIJFCVCCVRQKPVUHCTCDQXGRROQH1 CTGPQVFKTGEVN[TGNGXCPVVQJWOCPJGCNVJUWEJJKIJ 

### EQPEGPVTCVKQPFCVCUGTXGVQCFFTGUUYJGVJGTQ\QPGKUIGPQVQZKECVCNNYJGVJGT

### EQPEGPVTCVKQPTGURQPUGTGNCVKQPUJKRUGZKUVHQTVJGURGEKHKEIGPQVQZKEKV[GPFRQKPVUVWFKGFCPFYJCVOCZKOWOUGPUKVKXKV[KUTGSWKTGFHQTFKUEQXGTKPIIGPQVQZKEGHHGEVU#HWTVJGTECXGCVKUVJCVKPOCP[GZRGTKOGPVUWVKNK\KPIKPXKVTQU[UVGOU1 YCU 

### CFFGFVQDCEVGTKCQTVQOCOOCNKCPEGNNUEQXGTGFD[EGNNEWNVWTGOGFKWO+PCNNUWEJGZRGTKOGPVUVJGTGCEVKXKV[QH1 OCMGUKVJKIJN[NKMGN[VJCVVJGTGCEVKQPRTQFWEVUQH1 YKVJ  

### EWNVWTGHNWKFPQV1 KVUGNHCEVWCNN[TGCEJCPFKPVGTCEVYKVJEGNNU6JKUEQORNKECVGU 

### KPVGTRTGVCVKQPQHVJGTGUWNVUOCMKPIKVGZVTGOGN[FKHHKEWNVVQGZVTCRQNCVGKPXKVTQTGUWNVUVQKPXKXQTGUWNVUCPFOCMKPIKVGZVTGOGN[FKHHKEWNVKHPQVKORQUUKDNGVQGZVTCRQNCVGKPXKVTQTGUWNVUVQRQVGPVKCNIGPQVQZKEKV[KPJWOCPU 1\QPG+PFWEGF&GQZ[TKDQPWENGKE#EKF&COCIG5VWFKGUWVKNK\KPICYKFGTCPIGQH1 EQPEGPVTCVKQPUVQRROJCXGDGGP 

### RGTHQTOGFVQFGVGTOKPGYJGVJGT1 KUIGPQVQZKE*COGNKPUJQYGFD[CEQODKPCVKQPQH 

### CICTQUGIGNGNGEVTQRJQTGUKUCPFGNGEVTQPOKETQUEQR[VJCVQ\QPCVKQPCVVQRROECWUGFUKPINGCPFFQWDNGUVTCPF&0#DTGCMUPKEMKPITGNCZCVKQPNKPGCTK\CVKQPCPFVJGPFGITCFCVKQPQHFQWDNGUVTCPFGFRNCUOKFR#6N&0#OQNGEWNGUKPUQNWVKQP*COGNKPCNUQUJQYGFVJCVQ\QPCVKQPQHRNCUOKF&0#TGFWEGFVJGVTCPUHQTOKPICDKNKV[QHVJKURNCUOKFCPFVJCV

'UEJGTKEJKCEQNK UVTCKPUYKVJOWVCVKQPUKP&0#TGRCKTRCVJYC[UNGZ#Q\T#CPFTGE#DWVPQVWXT#YGTGNGUUCDNGVQUWRRQTVVJGVTCPUHQTOKPICDKNKV[QHVJGQ\QPCVGFRNCUOKF*GPEGVJGNGZ#Q\T#CPFTGE#IGPGRTQFWEVURCTVKEKRCVGKPTGRCKTKPI1 KPFWEGF&0#DTGCMU 

### 5KOKNCTN[5CYCFCKUJKGVCNUJQYGFVJCVQ\QPQN[UKUQHUWRGTEQKNGFR$4&0#TGUWNVGFKPEQPXGTUKQPQHENQUGFEKTEWNCT&0#OQNGEWNGUVQQRGPEKTEWNCT&0#CPFECWUGFUKPINGUVTCPFENGCXCIGCVURGEKHKEUKVGU6JGEQPEGPVTCVKQPUQH1 GORNQ[GFYGTGPQV 

### NKUVGF5CYCFCKUJKGVCNHWTVJGTGZRNQTGFVJGURGEKHKEKV[QH1 KPFWEGFFCOCIGVQ 

### UWRGTEQKNGFRNCUOKFR$4&0#D[WVKNK\KPI&0#UGSWGPEKPIVGEJPKSWGU6JGOGEJCPKUVKEFCVCQDVCKPGFUJQYKPIRTGHGTGPVKCNFGITCFCVKQPQHVJ[OKPGDCUGUCTGXGT[KPVGTGUVKPIEJGOKECNN[DWVVJG1 EQPEGPVTCVKQPUWUGFYGTGHCTVQQJKIJRROVQDGWUGHWNKP 

### CUUGUUKPIDKQNQIKECNN[TGNGXCPVGHHGEVUQH1  

### 'ZRQUWTGQHPCMGF&0#HTQO*G.CEGNNUVQRRO1 HQTJTGUWNVGFKPVJG 

### HQTOCVKQPQHJ[FTQZ[OGVJ[NWTCEKNVJ[OKPGIN[EQNCPFJ[FTQZ[IWCPKPG%CLKICUGVCN6JGUGTGUWNVUKPFKECVGCRQVGPVKCNOWVCIGPKEKV[HQT1 CNVJQWIJVJGSWGUVKQPQHVJG 

### RGPGVTCVKQPQH1 VQVJG&0#QHKPVCEVEGNNUJCUPQVDGGPGZRNQTGFECTGHWNN[/WTCCPF%JWPI 

### CNUQUVWFKGFVJGDKQNQIKECNEQPUGSWGPEGUQHQ\QPCVKQPQH&0#6JG[GZRQUGFRJCIG6&0#VQRRO1 HQTRGTKQFUQHVQOKPCPFHQWPFVJCV1 FGETGCUGFVJGVGORNCVGCEVKXKV[  

### QHVJG&0#$QVJVJGTCVGQHKPKVKCVKQPQHVTCPUETKRVKQPCPFVJGNGPIVJQHVJG40#EJCKPUVTCPUETKDGFYGTGTGFWEGF6JG[EQPENWFGFVJCV1 KPFWEGFCDPQTOCNEJCPIGUKPVJGUVTWEVWTG 

### QHVJGRJCIG6&0#CPFVJCVVJGUGEJCPIGUKPVGTHGTGFYKVJVJGCDKNKV[QHVJG&0#VQDGVTCPUETKDGF+POCOOCNKCPEGNNU8CPFGT<GGGVCNFGOQPUVTCVGFVJCVQ\QPCVKQPQHOWTKPG.HKDTQDNCUVUECWUGF&0#UVTCPFDTGCMU&0#KPVGTUVTCPFETQUUNKPMUCPF&0#RTQVGKPETQUUNKPMUDWVVJG1 EQPEGPVTCVKQPUWUGFYGTGHCTVQQJKIJRROVQDGTGNGXCPV 

### VQVJGCODKGPVGZRQUWTGUVJCVCTGVJGHQEWUQHVJKUFQEWOGPV-Q\WODQCPF#ICTYCNEQPFWEVGFKPXKVTQUVWFKGUKPYJKEJURGEKHKECT[NCOKPGUEQPVCKPGFKPVQDCEEQUOQMGNPCRJVJ[NCOKPGPCRJVJ[NCOKPGCPKNKPGRVQNWKFKPGQVQNWKFKPGCPFOVQNWKFKPGYGTGGZRQUGFVQVQRRO1 HQTJ9JGP 

### VJGTGCEVKQPRTQFWEVUYGTGCFFGFVQJWOCPNWPIHKDTQDNCUVUCPFVTCPUHQTOGFJWOCP6[RGEGNNUKPXKVTQ&0#FCOCIGQEEWTTGF6JKUTCKUGUVJGRQUUKDKNKV[VJCVUOQMGTUEQWNFKPEWT

### &0#FCOCIGKPVJGKTNWPIEGNNUFWGVQVJGKPVGTCEVKQPQH1 YKVJCT[NCOKPGUEQPVCKPGFKP 

### VQDCEEQUOQMGDWVVJGTGCTGPQFCVCQPYJGVJGTUWEJTGCEVKQPUQEEWTKPXKXQ#NQIKECNEQPUGSWGPEGQHVJGUGHKPFKPIU6CDNGKUVJCV1 EQWNFKPJKDKV&0# 

### TGRNKECVKQPKPOCOOCNKCPEGNNUCPFKPFWEGE[VQVQZKEKV[VQVJGUGEGNNUCPFVJKUYCUHQWPFD[4CUOWUUGP4CUOWUUGPQDUGTXGFVJCV&0#TGRNKECVKQPYCUKPJKDKVGFKPCEQPEGPVTCVKQPFGRGPFGPVOCPPGTKP%JKPGUGJCOUVGT8EGNNUD[1 EQPEGPVTCVKQPUHTQOVQ 

### RROHQNNQYKPICJGZRQUWTG6JGUGGZRQUWTGTGIKOGPUCNUQKPFWEGFE[VQVQZKEKV[6CDNG'HHGEVUQH1\QPGQP&GQZ[TKDQPWENGKE#EKF&COCIG C

1\QPG

%QPEGPVTCVKQP 'ZRQUWTG 'ZRQUWTG

&WTCVKQP %QPFKVKQPU %GNNU 1DUGTXGF 'HHGEVU 4GHGTGPEG RRO IO 

   J  / &KRNQKF JWOCP &0# DTGCMU -Q\WODQ CPF #ICTYCN NPCRVJ[NCOKPG NWPI HKDTQDNCUVU 


CPF VTCPUHQTOGF 6[RG  EGNNU

   J 2JQURJCVG 0CMGF &0# (QTOCVKQP QH %CLKICU GV CN 
 DWHHGTGF UCNKPG HTQO *G.C J[FTQZ[OGVJ[NWTCEKN EGNNU VJ[OKPG IN[EQN CPF J[FTQZ[IWCPKPG KP

&0#

   J %WNVWTG *COUVGT +PJKDKVKQP QH &0# 4CUOWUUGP 
  
%JKPGUG 8 TGRNKECVKQP EGNNU E[VQVQZKEKV[

   OKP &0# CV 1\QPCVGF 6 &GETGCUGF KP XKVTQ /WTC CPF %JWPI

 IO. 1 CV RJCIG &0# VTCPUETKRVKQP 
   .OKP TQQO

VGORGTCVWTG

   OKP  O/ 6TKU*% 2NCUOKF 5KPINGFQWDNG UVTCPF *COGNKP 
   O/ '&6# R#6 DTGCMU KP &0#

5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU C



### 6JGTGHQTGVJGCXCKNCDNGFCVCUJQYVJCV1 ECWUGUUKPINGCPFFQWDNGUVTCPFDTGCMU 

### KPRNCUOKF&0#KPXKVTQFCOCIGURNCUOKF&0#UQVJCVKVUCDKNKV[VQUGTXGCUCVGORNCVGHQTVTCPUETKRVKQPKUFGETGCUGFCPFKPJKDKVU&0#TGRNKECVKQPCPFECWUGUE[VQVQZKEKV[KP%JKPGUGJCOUVGT8EGNNU6CDNG

###  +PFWEVKQPQH/WVCVKQPD[1\QPG%QPUKUVGPVYKVJKVUCDKNKV[VQKPFWEG&0#FCOCIGVJGXGT[JKIJEQPEGPVTCVKQPQHRRO1 CNUQKPFWEGFOWVCVKQPVQUVTGRVQO[EKPTGUKUVCPEGKP'EQNK XKCDQVJFKTGEV 

### OGEJCPKUOUCPFKPFKTGEVN[D[VJGTGENGZGTTQTRTQPG&0#TGRCKTU[UVGOD[CHCEVQTHTQOVYQVQHQNFKPCPGZRQUWTGVKOGFGRGPFGPVOCPPGT6CDNG*QYGXGTPQUVCVKUVKECNCPCN[UKUYCURGTHQTOGFQPVJGUGFCVC*COGNKPCPF%JWPICD.	*GTCWNVCPF%JWPI+PCUUC[UFGUKIPGFVQFGVGEVDCUGUWDUVKVWVKQPOWVCVKQPUD[ICUGUKP5CNOQPGNNC V[RJKOWTKWO 8KEVQTKPCPF5VCJNDGTICUJQYGFVJCV1 CNQPGCVEQPEGPVTCVKQPUQHVQ 

### RROFKFPQVKPFWEGOWVCVKQPVQJKUVKFKPGCWZQVTQRJ[KP#OGU	UVTCKPU6#6#QT

6#1\QPGEQPEGPVTCVKQPURROYGTGE[VQVQZKE8KEVQTKPCPF5VCJNDGTIDCNUQUJQYGFVJCVCPFRRO1 KPEQODKPCVKQPYKVJXKP[NEJNQTKFGCPFRRO1 RNWU  

### QTDWVCFKGPGICXGTKUGVQCUNKIJVCRRTQZKOCVGN[VYQHQNFKPETGCUGKPOWVCVKQPHTGSWGPE[+PVJGUGKPXKVTQUVWFKGUCUKPOCP[UVWFKGUTGXKGYGFKPVJKUUGEVKQPKVOWUVDGRQKPVGFQWVVJCVDGECWUG1 KUUQTGCEVKXGRNCEKPIXKP[NEJNQTKFGCPFDWVCFKGPGKPVJG 

### GZRGTKOGPVUYQWNFTGUWNVKPGZRQUWTGQHVJGDCEVGTKCVQTGCEVKXGKPVGTOGFKCVGUCPFTGCEVKQPRTQFWEVUTGUWNVKPIHTQOVJGOKZVWTGPQVGZRQUWTGQHVJGDCEVGTKCVQ1 CNQPG(WTVJGTVJGUG 

### KPETGCUGUKPOWVCVKQPYGTGUOCNNPQOQTGVJCPVYQHQNFCPFPQVUVCVKUVKECNN[CPCN[\GFCPFVJGCWVJQTUFKFPQVVGUVUVTKEVN[HQTEQPEGPVTCVKQPFGRGPFGPVGHHGEVU6CDNG6JWUKVKUPQVENGCTVJCVVJGUGUOCNNGHHGEVUCTGTGRTQFWEKDNG/QTGTGEGPVN[&KNNQPGVCNUVWFKGFVJGCDKNKV[QH1 VQKPFWEGOWVCVKQPKP 

### VJG#OGU	UVTCKPUQH5CNOQPGNNC 6CDNG1\QPGECWUGFPQOWVCVKQPKP5CNOQPGNNC UVTCKPU6#6#6#CPF6#6JGUGCWVJQTUHQWPFVJCVCPFRRO1 GZRQUWTGUECWUGFUOCNNKPETGCUGUKPVJGOWVCVKQPHTGSWGPE[KP5CNOQPGNNC VGUVGTUVTCKP



### 6#YJKEJKUWPKSWGN[UGPUKVKXGVQFGVGEVKPIOWVCVKQPKPFWEGFD[QZ[IGPTCFKECNU6JGUGKPETGCUGUKPOWVCVKQPHTGSWGPE[YGTGUKIPKHKECPVJQYGXGTVJGCWVJQTUFKFPQVQDUGTXGEQPUKUVGPVEQPEGPVTCVKQPFGRGPFGPVKPETGCUGUKPVJGOWVCVKQPHTGSWGPE[#VVJGJKIJGTEQPEGPVTCVKQPUQH1 VJGTGCRRGCTGFVQDGCPKPXGTUGFGRGPFGPEGHQTKPFWEVKQPQHOWVCVKQPD[ 

### 1 6JGCWVJQTUKPFKECVGFVJCVVJGE[VQVQZKEKV[QH1 EQORNKECVGFCVVGORVUVQQDVCKPCENGCT

 

### EQPEGPVTCVKQPTGURQPUGHQTOWVCIGPKEKV[6JGRTGUGPEGQH#TQEJNQTKPFWEGFTCVNKXGT5OGVCDQNKECEVKXCVKQPFKFPQVCHHGEVVJGOWVCVKQPCNTGURQPUGUKPCP[QHVJGUVTCKPUVGUVGF6JGUGCWVJQTUFKFPQVQDUGTXGTGRTQFWEKDNGKPETGCUGUKPOWVCVKQPHTGSWGPE[KP5CNOQPGNNC UVTCKPU6#6#6#QT6#&KNNQPGVCNVJGTGHQTGEQPENWFGFVJCV1 KUCYGCM 

### DCEVGTKCNOWVCIGPQPN[WPFGTURGEKHKEEQPFKVKQPUWVKNK\KPIPQPE[VQVQZKEEQPEGPVTCVKQPUKP6#*QYGXGTDGECWUGENGCTEQPEGPVTCVKQPFGRGPFGPVTGURQPUGUHQTOWVCVKQPEQWNFPQVDGCEJKGXGFKVKUPQVENGCTVJCV1 KUFGHKPKVKXGN[OWVCIGPKEKPVJGUGUVWFKGU 

### )KEJPGTGVCNKPXGUVKICVGFYJGVJGT1 EQWNFKPFWEGOWVCVKQPKPVYQ 

### OWVCIGPKEKV[CUUC[UKPRNCPVU6JGKPXGUVKICVQTUHQWPFPQKPFWEVKQPQHOWVCVKQPKPVJG0KEQVKCPCVCDCEWO NGCHEQNQTTGXGTUKQPCUUC[QTKPVJG6TCFGUECPVKCUVCOGPJCKTCUUC[CVVQRRO1 6CDNG 

### &WDGCWCPF%JWPIUJQYGFVJCVOWVCPVUQHVJG[GCUVQH5CEEJCTQO[EGU

EGTGXKUKCG FGHKEKGPVKPTGRCKTQHUKPINGCPFFQWDNGUVTCPF&0#DTGCMUYGTGOQTGUGPUKVKXGVQVJGE[VQVQZKEKV[QH1 VJCPYKNFV[RGEGNNUKPFKECVKPIVJCV1 MKNNUEGNNURCTVN[D[IGPGTCVKPI  

### VJGUGV[RGUQHDTGCMU&WDGCWCPF%JWPICNUQUJQYGFVJCVVTGCVOGPVQH5EGTGXKUKCGYKVJRRO1 HQTVQOKPTGUWNVGFKPCPVQHQNFKPETGCUGFHTGSWGPE[QH 

### HQTYCTFOWVCVKQPUCPKPETGCUGKPTGXGTUKQPUCVUKZFKHHGTGPVNQEKD[VYQVQVJTGGHQNF

### 6CDNG5WOOCT[QH(KPFKPIUQPVJG/WVCIGPKEKV[QH1\QPG

1\QPG

%QPEGPVTCVKQP 'ZRQUWTG 'ZRQUWTG

&WTCVKQP %QPFKVKQPU %GNNU 1DUGTXGF 'HHGEVU 4GHGTGPEG RRO IO 

   OKP %WNVWTG 5 V[RJKOWTKWO #V  RRO HQNF &KNNQP GV CN 
 6# KPETGCUG KP OWVCVKQP HTGSWGPE[
   OKP #V  RRO HQNF KPETGCUG KP OWVCVKQP HTGSWGPE[
   OKP #V  RRO HQNF KPETGCUG KP OWVCVKQP HTGSWGPE[

PQ GHHGEVU UGGP KP 5 V[RJKOWTKWO 6# 6#
6# QT 6#

   QT 0KEQVKCPC 0Q OWVCVKQP CV EQNQT NQEWU )KEJPGT GV CN    JFC[ VCDCECO 

HQT 6TCFGUECPVKC

 QT  FC[U

   J %WNVWTG 5 V[RJKOWTKWO 0Q OWVCVKQP YKVJ QT YKVJQWV 8KEVQTKP CPF   6# 6# OGVCDQNKE CEVKXCVKQP 5VCJNDGTI 
C

QT 6#

   J %WNVWTG  5 V[RJKOWTKWO  KPETGCUG KP OWVCVKQP 8KEVQTKP CPF   XKP[N 6# UVCVKUVKECN CPCN[UKU PQV EQPFWEVGF 5VCJNDGTI 
D

EJNQTKFG

   J %WNVWTG  5 V[RJKOWTKWO  KPETGCUG KP OWVCVKQP 8KEVQTKP CPF QT  6# UVCVKUVKECN CPCN[UKU PQV EQPFWEVGF 5VCJNDGTI 
D

DWVCFKGPG

   OKP %WNVWTG ' EQNK 'ZRQUWTGVKOGFGRGPFGPV .	*GTCWNV CPF OWVCVKQP VQ UVTGRVQO[EKP %JWPI 
 TGUKUVCPEG WR VQ HQNF KPETGCUGU KP OWVCVKQP HTGSWGPE[

   OKP %WNVWTG 5CEEJCTQO[EGU (QTYCTF OWVCVKQPU TGXGTUKQPU &WDGCW CPF %JWPI

EGTGXKUKCG IGPG EQPXGTUKQP OKVQVKE 
 ETQUUKPI QXGT PQ UVCVKUVKECN CPCN[UKU EQPFWEVGF



### CPKPETGCUGKPIGPGEQPXGTUKQPUD[VYQVQVJTGGHQNFCPFCPKPETGCUGKPOKVQVKEETQUUQXGTD[HQNF0QUVCVKUVKECNCPCN[UKUYCURGTHQTOGFQPVJGUGFCVCPQTYGTGEQPEGPVTCVKQPTGURQPUGEWTXGUIGPGTCVGFD[VJGCWVJQTU6JGUGCWVJQTUVJGTGHQTGFGOQPUVTCVGFVJCV1 YCUCOWVCIGPCPFCTGEQODKPCVKQPKPFWEKPICIGPVKP5EGTGXKUKCG



### *QYGXGTVJG[CNUQUJQYGFVJCVKVUIGPQVQZKECEVKXKV[YCUYGCMVQHQNFNGUUCEVKXKV[KPVGTOUQHVJGHTGSWGPE[QHOWVCPVUQTTGEQODKPCPVUKPFWEGFEQORCTGFVQVJGMPQYPOWVCIGPUWNVTCXKQNGVNKIJV:TC[UCPF0 OGVJ[N 0 PKVTQ 0PKVTQUQIWCPKFKPG/00)+PVJKUUGEVKQPVJGKPENWUKQPQHFCVCQPDCEVGTKCNOWVCVKQPWVKNK\KPIGZRQUWTGUWRVQRRO1 ECPDGLWUVKHKGFKPQTFGTVQJGNRFGVGTOKPGYJGVJGT1 KUIGPQVQZKECVCNN6JG  

### CXCKNCDNGKPHQTOCVKQPUJQYUVJCV1 KUPQVOWVCIGPKEKPHQWT5CNOQPGNNC VGUVGTUVTCKPUCPFOC[ 

### ECWUGYGCMOWVCIGPKEKV[KP5CNOQPGNNC UVTCKP6#DWVVJGUGRQUKVKXGTGUWNVUCTGYGCMGPGFD[VJGNCEMQHCEQPEGPVTCVKQPTGURQPUGGHHGEV6JGFCVCCNUQUJQY1 KUOWVCIGPKEKP'EQNK

 

### KUYGCMN[OWVCIGPKEKP5EGTGXKUKCG DWVKUPQVOWVCIGPKEKP0VCDCECO QT6TCFGUECPVKC

*GPEGDGECWUG1 KUOWVCIGPKEKPVJTGGCUUC[UDWVPQVKPUKZQVJGTUCPFKUYGCMN[OWVCIGPKE 

### KPCUUC[UYJGTGVJGTGUWNVUCTGRQUKVKXGEQORCTGFVQMPQYPUVTQPIOWVCIGPU1 UJQWNFDG 

### EQPUKFGTGFCYGCMOWVCIGPCVOQUVCNUQTGXKGYGFKP8KEVQTKP

 +PFWEVKQPQH%[VQIGPGVKE&COCIGD[1\QPG#PWODGTQHKPXGUVKICVQTUJCXGUVWFKGFYJGVJGT1 KPFWEGUE[VQIGPGVKEFCOCIG

### 6JGRTGXKQWUCKTSWCNKV[ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[FGUETKDGFCPWODGTQHKPXKVTQCPFKPXKXQUVWFKGUKPYJKEJ1 GZRQUWTGRTQFWEGFE[VQVQZKE 

### GHHGEVUQPEGNNUCPFEGNNWNCTEQORQPGPVUKPENWFKPIIGPGVKEOCVGTKCNXGT[HGYPGYGTUVWFKGUJCXGDGGPTGRQTVGF%[VQIGPGVKECPFOWVCVKQPCNGHHGEVUQH1 JCXGDGGPTGRQTVGFRTGXKQWUN[KP 

### KUQNCVGFEWNVWTGFEGNNNKPGUJWOCPN[ORJQE[VGUCPFOKETQQTICPKUOU(GVPGT*COGNKPGVCNCD*COGNKPCPF%JWPICD5EQVVCPF.GUJGT'TFOCPCPF*GTPCPFG\)WGTTGTQGVCN&WDGCWCPF%JWPI1PGQHVJGGCTNKGUVUVWFKGUD[(GVPGTFGOQPUVTCVGFVJCVKPXKVTQGZRQUWTGQHJWOCP-$EGNNUVQRRO

1 HQTCPFOKPKPFWEGFVYQCPFUKZHQNFKPETGCUGUKPVJGPWODGTQHEJTQOCVKFFGNGVKQPU

### 5JKTCKUJKGVCNHQWPFVJCVVTGCVOGPVQH%JKPGUGJCOUVGT8EGNNUYKVJVQRRO1 KPJKDKVGFITQYVJQH8EGNNUD[VQCPFCNUQKPFWEGFCEQPEGPVTCVKQPFGRGPFGPV



### KPETGCUGKPVJGPWODGTQHUKUVGTEJTQOCVKEGZEJCPIGU5%'URGTEGNNWRVQCOCZKOWOQHHQWTHQNFQHVJCVKPWPVTGCVGFEQPVTQNEGNNU6JGTGUWNVUKPFKECVGVJCVKHEGNNUKPEWNVWTGCTGGZRQUGFVQUWHHKEKGPVN[JKIJEQPEGPVTCVKQPUQH1 HQTUWHHKEKGPVN[NQPIRGTKQFUEJTQOQUQOG 

### FCOCIGYKNNTGUWNV+PXKXQGZRQUWTGUVWFKGUCTGQHITGCVGTRQVGPVKCNKPVGTGUV%[VQIGPGVKECPFOWVCVKQPCNGHHGEVUQH1 KPNCDQTCVQT[CPKOCNUCPFJWOCPUCTGEQPVTQXGTUKCN.[ORJQE[VGU 

### KUQNCVGFHTQOCPKOCNUGZRQUGFVQ1 YGTGHQWPFVQJCXGUKIPKHKECPVKPETGCUGUKPVJGPWODGTUQH 

### EJTQOQUQOG<GNCEGVCNCDCPFEJTQOCVKF6KEGGVCNCDGTTCVKQPUCHVGTVQJGZRQUWTGUVQCPFRRO1 TGURGEVKXGN[5KPINGUVTCPFDTGCMUKP&0#QHOQWUG 

### RGTKVQPGCNGZWFCVGEGNNUYGTGOGCUWTCDNGCHVGTCJGZRQUWTGVQRRO1 %JCPG[

### )QQEJGVCNCPCN[\GFVJGDQPGOCTTQYUCORNGUHTQO%JKPGUGJCOUVGTUGZRQUGFVQRRO1 HQTJCPFVJGNGWMQE[VGUCPFURGTOCVQE[VGUHTQOOKEGGZRQUGFHQTWRVQYGGMUVQ 

### RRO1 0QGHHGEVYCUHQWPFQPVJGHTGSWGPE[QHEJTQOQUQOGCDGTTCVKQPUPQTYGTG 

### VJGTGCP[TGEKRTQECNVTCPUNQECVKQPUKPVJGRTKOCT[URGTOCVQE[VGU6JGUGCWVJQTUFKFUJQYVJCVVJGTGYCUCUNKIJVDWVUKIPKHKECPVKPETGCUGKPVJGHTGSWGPE[QHEJTQOCVKFCDGTTCVKQPUKPJWOCPRGTKRJGTCNNGWMQE[VGUGZRQUGFKPXKVTQVQCPFRRO1 6JGUOCNNKPETGCUGUQDUGTXGFKP 

### EJTQOCVKFCDPQTOCNKVKGUKPRGTKRJGTCNDNQQFN[ORJQE[VGUHTQOJWOCPUGZRQUGFVQRRO1 HQTVQJYGTGPQVUKIPKHKECPVRQUUKDN[DGECWUGQHVJGUOCNNPWODGTPQHUWDLGEVU



### UVWFKGF/GT\GVCN5WDUGSWGPVKPXGUVKICVKQPUYKVJKORTQXGFGZRGTKOGPVCNFGUKIPCPFOQTGJWOCPUWDLGEVUJQYGXGTFKFPQVUJQYE[VQIGPGVKEGHHGEVUCHVGTGZRQUWTGVQ1 CV 

### XCTKQWUEQPEGPVTCVKQPUCPFHQTXCTKQWUVKOGU/E-GP\KGGVCN/E-GP\KG)WGTTGTQGVCN)WGTTGTQGVCNUJQYGFPQGNGXCVKQPKPVJGHTGSWGPE[QH5%'UKPEKTEWNCVKPIN[ORJQE[VGUQHJWOCPUGZRQUGFVQRROQH1 HQTJ*QYGXGTVJGUG 

### CWVJQTUFKFHKPFVJCVGZRQUWTGQHFKRNQKFJWOCPHGVCNNWPI9+EGNNUVQCPFRRO1 HQTJKPXKVTQNGFVQCEQPEGPVTCVKQPFGRGPFGPVKPETGCUGKP5%'UKPVJGUG 

### EGNNU+PCFFKVKQPGRKFGOKQNQIKECNUVWFKGUJCXGPQVUJQYPCP[GXKFGPEGQHEJTQOQUQOG

### EJCPIGUKPRGTKRJGTCNN[ORJQE[VGUQHJWOCPUGZRQUGFVQ1 KPVJGCODKGPVGPXKTQPOGPV5EQVV 

### CPF$WTMCTV/CIKGGVCN'XKFGPEGPQYCXCKNCDNGVJGTGHQTGHCKNUVQFGOQPUVTCVGCP[E[VQIGPGVKEQTOWVCIGPKEGHHGEVUQH1 KPJWOCPUYJGPVJGGZRQUWTGTGIKOGPU 

### CTGTGRTGUGPVCVKXGQHGZRQUWTGUVJCVVJGRQRWNCVKQPOKIJVCEVWCNN[GZRGTKGPEG(KPCNN[CUVWF[EQPFWEVGFD['TFOCPCPF*GTPCPFG\UJQYGFVJCVVTGCVOGPV

QH&TQUQRJKNCXKTKNKU YKVJRRO1 HQTVQJTGUWNVGFKPCPGZRQUWTGVKOGFGRGPFGPV 

### CEETWCNQHFQOKPCPVNGVJCNU6JGTGHQTG1 FQGUKPFWEGEJTQOQUQOCNCDGTTCVKQPUKPEWNVWTGFEGNNUDWVVJGTGUWNVU 

### KPCPKOCNUGZRQUGFVQ1 HQTEJTQOQUQOCNDTGCMCIGCTGCVOQUVYGCMCPFVJGKTDKQNQIKECN 

### UKIPKHKECPEGKUEQPVTQXGTUKCN

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

### OKPKPFWEVGFOQTRJQNQIKECNVTCPUHQTOCVKQPKPDQVJEGNNV[RGU#NUQKPDQVJEGNNV[RGUVJGTGYCUCU[PGTIKUVKEKPFWEVKQPQHOQTRJQNQIKECNVTCPUHQTOCVKQPYJGPVJGEGNNUYGTGVTGCVGFYKVJ)TC[UQHICOOCTCFKCVKQPCPFRRO1 6JGUGCWVJQTUVJGTGHQTGEQPENWFGFVJCV1 CEVUCU  

### CFKTGEVEGNNVTCPUHQTOKPICIGPVCPFCUCEQEGNNVTCPUHQTOKPICIGPVKPVJGRTGUGPEGQHICOOCTCFKCVKQP$QTGMGVCNCCNUQQDUGTXGFCPCFFKVKXGCOQWPVQHVTCPUHQTOCVKQPYJGPVJGUGEGNNV[RGUYGTGVTGCVGFYKVJRRO1 CPF,O QHWNVTCXKQNGVNKIJV#HWTVJGTUVWF[D[$QTGM  

### GVCNDUJQYGFVJCVGZRQUWTGQH6OQWUGGODT[QEGNNUVQRRO1 HQTOKPFKF 

### PQVTGUWNVKPOQTRJQNQIKECNVTCPUHQTOCVKQPDWVVJCVKPETGCUKPIGZRQUWTGVQRROKPETGCUGFVJGVTCPUHQTOCVKQPHTGSWGPE[D[CHCEVQTQH1\QPGCPFICOOCTCFKCVKQPECWUGFCU[PGTIKUVKEKPETGCUGKPOQTRJQNQIKECNVTCPUHQTOCVKQPYJGP1 YCUCFFGFVQEGNNUCHVGTVJGICOOC 

### TCFKCVKQP9JGP1 YCUCFFGFVQEGNNUDGHQTGVJGICOOCTCFKCVKQPVJGVTCPUHQTOCVKQPYCUPQV 

### KPETGCUGFQXGTVJCVFWGVQICOOCTCFKCVKQP6JGUGCWVJQTUCNUQUJQYGFD[&0#VTCPUHGEVKQPGZRGTKOGPVUVJCVVJTGG1 KPFWEGFVTCPUHQTOGFEGNNNKPGURQUUGUUGFFQOKPCPVN[CEVKPI 

### VTCPUHQTOKPIIGPGU+PVJGUGUVWFKGUEGNNUYGTGKPEWDCVGFKPRJQURJCVGDWHHGTGFUCNKPGFWTKPI1 VTGCVOGPVCPFJGPEGNKMGN[YGTGGZRQUGFVQTGCEVKQPRTQFWEVUQH1 TCVJGTVJCP1 KVUGNH

  

### 6JQOCUUGPGVCNGZRQUGFTCVUD[KPJCNCVKQPVQQTRRO1 HQTJFC[FC[UYGGMHQTCVQVCNQHQTYGGMU6JGTGYCUPQKPETGCUGKPVJG



### HTGSWGPE[QHRTGPGQRNCUVKEVTCPUHQTOCVKQPKPEGNNUTGOQXGFHTQOVJGVTCEJGCUCPFUWDUGSWGPVN[EWNVWTGF%GNNUKPEWDCVGFKPUGTWOHTGGOGFKWOCPFGZRQUGFVQQTRRO1 HQTOKP 

### KPXKVTQCNUQFKFPQVUJQYCPKPETGCUGFHTGSWGPE[QHRTGPGQRNCUVKEVTCPUHQTOCVKQP9JGPTCVVTCEJGCNGRKVJGNKCNEGNNUYGTGGZRQUGFKPXKVTQVQRRO1 

### 6CDNG'HHGEVUQH1\QPGQP/QTRJQNQIKECN%GNN6TCPUHQTOCVKQP C

1\QPG

%QPEGPVTCVKQP
'ZRQUWTG 
5VTCKP%GNNU &WTCVKQP #IG 1DUGTXGF 'HHGEVU 4GHGTGPEG RRO IO 5RGEKGU 5GZ

D 

   JFC[ 4CV / 0Q KPFWEVKQP QH RTGPGQRNCUVKE 6JQOCUUGP GV CN 
    FC[UYGGM 
(0 XCTKCPVU KP EWNVWTGF VTCEJGCN   HQT   QT  YGGMU QNF GRKVJGNKCN EGNNU

 YGGMU

   OKP VYKEG 4CV 6YQHQNF KPETGCUG KP HTGSWGPE[ QH 6JQOCUUGP GV CN 
 YGGMN[ HQT 
6TCEJGCN RTGPGQRNCUVKE XCTKCPVU CFFKVKXG  YGGMU GRKVJGNKCN EGNNU GHHGEVU YKVJ /00) KP XKVTQ

   OKP 4CV 0Q KPFWEVKQP QH RTGPGQRNCUVKE 6JQOCUUGP GV CN 
   
KP XKVTQ 
6TCEJGCN XCTKCPVU GRKVJGNKCN EGNNU

   OKP /QWUG #V  RRO 0Q OQTRJQNQIKECN $QTGM GV CN 
D   
KP XKVTQ 
%*6 VTCPUHQTOCVKQP CNQPG KPETGCUGF GODT[Q EGNNU VTCPUHQTOCVKQP D[ )TC[ TCFKCVKQP D[ HQNF NKMG C EQECTEKPQIGP #V  RRO HQNF KPETGCUG KP OQTRJQNQIKECN VTCPUHQTOCVKQP CPF U[PGTIKUO YKVJ )TC[ ICOOC

TCFKCVKQP VTCPUHQTOCVKQP

   OKP *COUVGT 
2TKOCT[ +P DQVJ EGNN NKPGU KPFWEVKQP QH $QTGM GV CN 
 KP XKVTQ FKRNQKF EGNNU OQTRJQNQIKECN VTCPUHQTOCVKQP CPF

/QWUG %*6 GODT[Q EGNNU U[PGTIKUO YKVJ ICOOC TC[U

   OKP *COUVGT +P DQVJ EGNN NKPGU KPFWEVKQP QH $QTGM GV CN 
C KP XKVTQ 
5[TKCP RTKOCT[ OQTRJQNQIKECN VTCPUHQTOCVKQP GODT[Q EGNNU CFFKVKXG VTCPUHQTOCVKQP YKVJ 78

/QWUG %*6 GODT[Q EGNNU NKIJV

5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU C #IG CV UVCTV QH GZRQUWTG D



### VYQVKOGUCYGGMHQTYGGMUVJGTGYCUCRRTQZKOCVGN[CVYQHQNFKPETGCUGKPVJGHTGSWGPE[QHRTGPGQRNCUVKEXCTKCPVUFGVGEVGF6JGUGCWVJQTUCNUQUJQYGFVJCVVTGCVOGPVQHTCVVTCEJGCNGRKVJGNKCNEGNNUYKVJ/00)HQNNQYGFD[GZRQUWTGQHEGNNUVQRRO1 VYKEGYGGMN[HQT 

### YGGMUTGUWNVGFKPCPCRRTQZKOCVGN[CFFKVKXGKPETGCUGKPVJGHTGSWGPE[QHRTGPGQRNCUVKEXCTKCPVUQHVJGEGNNU6JGTGUWNVUQHVJGUGUVWFKGUUJQWNFDGKPVGTRTGVGFECWVKQWUN[DGECWUGVJGEJCPIGUCTGXGT[UOCNNCPFDGECWUG1 GZRQUWTGHQNNQYGFD[/00)VTGCVOGPV[KGNFGF 

### PGICVKXGTGUWNVU6JQOCUUGP+PCFFKVKQPKVKUNKMGN[VJCVVJGEWNVWTGEQPFKVKQPUOC[UKIPKHKECPVN[CHHGEVVJGUGTGUWNVURCTVKEWNCTN[VJGXQNWOGQHEWNVWTGOGFKWOCDQXGVJGEGNNU

### CPFVJKUXCTKCDNGJCUPQVDGGPGZRNQTGFKPUWHHKEKGPVFGVCKN(WTVJGTVJGTGUWNVUQHVJGUGGZRGTKOGPVUCTGUQOGYJCVXCTKCDNG4GEGPVN[CU[UVGOJCUDGGPFGXGNQRGFVQEWNVWTGJWOCPVTCEJGQDTQPEJKCNGRKVJGNKCNEGNNUCPFGZRQUGVJGOVQEQPUKUVGPVCPFTGRTQFWEKDNGNGXGNUQH1 6CTMKPIVQPGVCN 

### +PCNNVJGUGEGNNVTCPUHQTOCVKQPGZRGTKOGPVUVJGTGCEVKXKV[QH1 OCMGUKVNKMGN[VJCV 

### UGEQPFCT[TGCEVKQPRTQFWEVUQH1 HQTOGFKPVJGCSWGQWUOGFKWOPQV1 KVUGNHKPFWEGFVJG  

### EGNNVTCPUHQTOCVKQP6JGTGHQTG1 KUCDNGVQKPFWEGOQTRJQNQIKECNVTCPUHQTOCVKQPKP 

### %*6OQWUGGODT[QEGNNUCPFKP5*'EGNNUCVJKIJEQPEGPVTCVKQPUCPFRRODWVECWUGUPQUKIPKHKECPVGHHGEVUKPTCVVTCEJGCNGRKVJGNKCNEGNNUKPXKVTQQTKPXKXQ 2QUUKDNG&KTGEV%CTEKPQIGPKE%QECTEKPQIGPKECPF6WOQT2TQOQVKPI'HHGEVUQH1\QPGCU5VWFKGFKP9JQNG#PKOCN%CTEKPQIGPGUKU$KQCUUC[U

6QKPXGUVKICVGYJGVJGT1 JCUECTEKPQIGPKEEQECTEKPQIGPKEQTVWOQTRTQOQVKPI 

### GHHGEVUCPWODGTQHKPXGUVKICVQTUJCXGEQPFWEVGFKPXKXQECTEKPQIGPGUKUDKQCUUC[UYKVJ1 6CDNG5QOGQHVJGUVWFKGUJCXGWUGFUVTCKP#OKEGTGXKGYGFKP/WUVCHC

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

### PQVUVCVKUVKECNN[UKIPKHKECPVKPVJGRGTEGPVQHOKEGYKVJVWOQTUVWOQTKPEKFGPEGCPFCUVCVKUVKECNN[UKIPKHKECPVHQNFKPETGCUGKPVJGPWODGTQHVWOQTURGTOQWUGVWOQTOWNVKRNKEKV[+PVJKUGZRGTKOGPV1 FKFPQVRTQOQVGVJGECTEKPQIGPKEKV[QHWTGVJCPGYJGP

### 6CDNG5WOOCT[QH4GUWNVUQPVJG2QUUKDNG%CTEKPQIGPKEKV[QH1\QPG C

1\QPG

%QPEGPVTCVKQP

'ZRQUWTG 
5VTCKP &WTCVKQP #IG 1DUGTXGF 'HHGEVU 4GHGTGPEG RRO IO 5RGEKGU 5GZ

D 

   JFC[ HQT 4CV / .WPI VWOQT TGURQPUG KPETGCUGF HTQO  KP +EJKPQUG CPF 5CICK 
 UKPG YCXG 
UKPG YCXG  OQ 
9KUVCT $*20 QT 1 VTGCVGF CPKOCNU VQ  KP HTQO  VQ HTQO  VQ  YGGMU QNF CPKOCNU VTGCVGF YKVJ  IMI $*20    RRO 1 
PQV UKIPKHKECPV 

    JYGGM /QWUG ( HQNF KPETGCUG KP RGTEGPV QH OKEG YKVJ *CUUGVV GV CN 
 GXGT[ QVJGT 
#, CFGPQOCU HQNF KPETGCUG KP PWODGT QH YGGM HQT  OQ  YGGMU QNF VWOQTU RGT OQWUG 0Q RTQOQVKQP QH ECTEKPQIGPKEKV[ QH WTGVJCPG 
 OIOQWUG DGHQTG 1      JHKTUV YGGM /QWUG ( HQNF KPETGCUG KP RGTEGPV QH OKEG YKVJ *CUUGVV GV CN 
 QH GCEJ OQPVJ 
#, VWOQTU HQNF KPETGCUG KP PWODGT QH HQT  OQ  YGGMU QNF VWOQTU RGT OQWUG KPVGTCEVKQP DGVYGGP 1 CPF WTGVJCPG 
 OIOQWUG CHVGT GCEJ

 1 YGGM

    JFC[ /QWUG / 7TGVJCPG VTGCVOGPV DGHQTG 1 UVCTVGF +P .CUV GV CN 
    FC[UYGGM HQT 
5YKUU 9GDUVGT CPF 5YKUU 9GDUVGT OKEG 0Q KPETGCUG KP NWPI  YGGMU #, VWOQT KPEKFGPEG PQPUKIPKHKECPV FGETGCUG KP  YGGMU QNF VWOQTU RGT NWPI KP WTGVJCPGVTGCVGF CPKOCNU 

+P #, UVTCKP 0Q GHHGEV CV  RRO #V  RRO 6JTGGHQNF KPETGCUG KP RGTEGPV
OKEG YKVJ VWOQTU CPF HQNF KPETGCUG KP PWODGT QH VWOQTU RGT OQWUG $QVJ  CPF  RRO 1 FGETGCUGF [KGNF QH VWOQTU RGT  OQWUG KP WTGVJCPGVTGCVGF OKEG DWV JCF PQ

GHHGEV QP VWOQT KPEKFGPEG

   JFC[ *COUVGT / 0Q VWOQTU QDUGTXGF KP CPKOCNU VTGCVGF YKVJ 9KVUEJK GV CN 
CD  FC[UYGGM HQT 
5[TKCP )QNFGP  RRO 1 QPN[ +P CPKOCNU VTGCVGF YKVJ  OQ  YGGMU QNF  OIMI &'0 UE VYKEGYGGM  RRO 

1 FKF PQV KPETGCUG VWOQTU QH NWPI DTQPEJWU

 VTCEJGC QT PCUCN ECXKV[ 6WOQTU QH NWPI YGTG FGETGCUGF  
05

  JFC[ 4CV / ( 0Q KPETGCUG KP PGQRNCUOU CV CP[ 0CVKQPCN 6QZKEQNQI[   FC[UYGGM HQT 
(0 EQPEGPVTCVKQP VGUVGF 2TQITCO 
   YGGMU $QQTOCP GV CN 
  [GCTU

  JFC[ 4CV / ( 0Q KPETGCUG KP PGQRNCUOU CV CP[ 0CVKQPCN 6QZKEQNQI[   FC[UYGGM HQT 
(0 EQPEGPVTCVKQP VGUVGF 2TQITCO 
  YGGMU $QQTOCP GV CN 
 NKHGVKOG

  JFC[ /QWUG / ( 0Q GHHGEVU KP OCNGU +P HGOCNGU 0CVKQPCN 6QZKEQNQI[   FC[UYGGM 
$%(  +PETGCUG KP PWODGT QH OKEG YKVJ PGQRNCUOU CV 2TQITCO 
   YGGMU  RRO 
EQODKPGF CNXGQNCTDTQPEJKQNCT  [GCTU CFGPQOC QT ECTEKPQOC KP NWPI 

  JFC[ /QWUG / ( +P OCNGU +PETGCUG KP PWODGT QH OKEG YKVJ 0CVKQPCN 6QZKEQNQI[   FC[UYGGM 
$%(  ECTEKPQOC CV  CPF  RRO DWV PQV 2TQITCO 
  YGGMU UKIPKHKECPV HQT EJCPIG KP PWODGT QH OKEG YKVJ NKHGVKOG VQVCN PGQRNCUOU +P HGOCNGU KPETGCUG KP 

PWODGT QH OKEG YKVJ CFGPQOCU DWV PQV ECTEKPQOCU QT VQVCN PGQRNCUOU

5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU C #IG CV UVCTV QH GZRQUWTG D



### 1 GZRQUWTGDGICPYGGMCHVGTCUKPINGKPLGEVKQPQHCPKOCNUYKVJCVQVCNFQUGQHOI



### WTGVJCPGOQWUG+PCUGEQPFGZRGTKOGPVGZRQUWTGVQRRO1 JFWTKPIVJGHKTUV 

### YGGMQHGXGT[OQPVJHQTOQECWUGFCPQPUKIPKHKECPVHQNFKPETGCUGKPVWOQTKPEKFGPEGCPFCHQNFKPETGCUGKPVWOQTOWNVKRNKEKV[UVCVKUVKEUPQVUJQYP*CUUGVVGVCN### 6JGUGCWVJQTUTGRQTVGFVJCVGZRQUWTGVQRRO1 HQNNQYGFD[WTGVJCPGVTGCVOGPVOI 

### CHVGTGCEJ1 GZRQUWTGUGVTGUWNVGFKPCPKPVGTCEVKQPDGVYGGP1 CPFWTGVJCPGUWEJVJCVVJGTG  

### YGTGOQTGCPKOCNUYKVJOQTGVJCPNWPIVWOQTUGCEJ6JGUGCWVJQTUEQPENWFGFVJCVGZRQUWTGVQCPFRRO1 KPETGCUGFVJG[KGNFQHRWNOQPCT[CFGPQOCUKP#,OKEGCPF 

### VJCV1 KPVGTCEVGFYKVJWTGVJCPGVQRTQFWEGOQTGNWPIVWOQTUVJCPWTGVJCPGCNQPGYJGP1 YCU  

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

### YGTGPQVUVCVKUVKECNN[UKIPKHKECPVN[FKHHGTGPVHTQOVJGEQPVTQNCPKOCNUCP[GHHGEVUYGTGOCTIKPCNN[FKHHGTGPVHTQOEQPVTQNXCNWGUCPFVJGUVTCKP#OQWUGJCUCJKIJURQPVCPGQWUKPEKFGPEGQHVWOQTUOCMKPIKVFKHHKEWNVVQKPVGTRTGVVJGGHHGEVUQH1 %JGOKECNKPFWEVKQPQH 

### VWOQTUKPVJKUCUUC[U[UVGOFKFPQVEQTTGNCVGYGNNYKVJVJG[GCT0%+ECTEKPQIGPGUKUDKQCUUC[TGUWNVU+PCFFKVKQPDGECWUG*CUUGVVGVCNFKFPQVFGOQPUVTCVGCEQPEGPVTCVKQPTGURQPUGGHHGEVKPCPKOCNUGZRQUGFVQ1 VJGEQPUGPUWUCOQPIVJGTGXKGYGTUYCUVJCVQPGEQWNFPQV 

### EQPENWFGHTQOVJGUGGZRGTKOGPVUVJCV1 YCUCUKIPKHKECPVECTEKPQIGPQTVWOQTRTQOQVGTCPF 

### VJCVTKIQTQWUKPJCNCVKQPECTEKPQIGPGUKUDKQCUUC[UPGGFGFVQDGECTTKGFQWVYKVJ1 GZRQUGF 

### CPKOCNUVQCFFTGUUVJKUKUUWGRTQRGTN[.CUVGVCNCNUQUVWFKGFYJGVJGT1 GZRQUWTGEQWNFKPHNWGPEGVJG[KGNFQH 

### WTGVJCPGKPFWEGFNWPIVWOQTUKP#,CPF5YKUU9GDUVGTOKEG7TGVJCPGVTGCVOGPVEQPUKUVGFQHCUKPINGKRKPLGEVKQPOIMIFC[DGHQTG1 GZRQUWTGDGICP+P5YKUU9GDUVGT 

### OKEGGZRQUWTGVQQTRRO1 CNQPGPQVQPN[FKFPQVKPETGCUGVJGVWOQT[KGNFDWV 

### CEVWCNN[FGETGCUGFVJG[KGNFQHWTGVJCPGKPFWEGFNWPIVWOQTURGTOQWUGCNVJQWIJVJGFGETGCUGYCUPQVUVCVKUVKECNN[UKIPKHKECPV+P#,OKEGGZRQUWTGVQRRO1 FKFPQVKPETGCUGVJGNWPI 

### VWOQT[KGNFDWVGZRQUWTGVQRRO1 ECWUGFCVJTGGHQNFKPETGCUGKPVWOQTKPEKFGPEGCPFC 

### HQNFKPETGCUGKPNWPIVWOQTOWNVKRNKEKV['ZRQUWTGQHWTGVJCPGVTGCVGFOKEGVQQTRRO1 FGETGCUGFNWPIVWOQTOWNVKRNKEKV[DWVJCFPQGHHGEVQPVWOQTKPEKFGPEG6JGUG 

### FKHHGTGPEGUKPVJGUVTCKP#OQWUGYGTGUKIPKHKECPV6JGCWVJQTUEQPENWFGFVJCV1 YCUPQVC 

### VWOQTRTQOQVGTQTVWOQTGPJCPEKPICIGPV+EJKPQUGCPF5CICKUVWFKGFVJGCDKNKV[QH1 VQKPVGTCEVYKVJ  

### 0

 DKU J[FTQZ[RTQR[NPKVTQUCOKPG$*20KPVJGKPFWEVKQPQHNWPIVWOQTUKP9KUVCTTCVU#UKPINGKRKPLGEVKQPQH$*20IMIFKFPQVECWUGCP[VWOQTUKPVJGTCVU4CVUYGTGGZRQUGFHQTJFC[HQTOQVQCRCVVGTPQH1 EQPUKUVKPIQHCUKPGEWTXGHTQOVQ 

### RROYKVJCOGCPEQPEGPVTCVKQPQHRRO6JGOQ1 GZRQUWTGUVCTVGFVJGFC[ 

### CHVGT$*20KPLGEVKQPCPFVJGTCVUYGTGGZCOKPGFOQRQUVGZRQUWTG0QVWOQTUYGTGQDUGTXGFKPVJG1 CNQPGQTEQPVTQNITQWRU9JGPTCVUYGTGGZRQUGFVQIMI$*20RNWU 

### RRO1 VJGNWPIVWOQTKPEKFGPEGKPETGCUGFVQDWVVJKUKPETGCUGYCUPQV 

### UVCVKUVKECNN[UKIPKHKECPV6JGVWOQTUQDUGTXGFKPVJKUUVWF[ECPPQVDGUVCVGFFGHKPKVKXGN[VQJCXGDGGPKPFWEGFD[VJGVTGCVOGPVCIGPV6JGFCVCCXCKNCDNGQP1 GZRQUWTGCPFNWPIECTEKPQIGPGUKUWRWPVKNJCXGDGGP 

### TGXKGYGFD[9KVUEJK6JGEJGOKECNTGCEVKXKV[QH1 CPFKPRCTVKEWNCTKVUTCFKQOKOGVKE 

### CEVKXKV[CDKNKV[VQOKOKETCFKCVKQPGHHGEVUUWEJCUECWUKPIEGNNE[ENGCTTGUVEJTQOQUQOGDTGCMCIGGVECNUQOCMG1 CRQVGPVKCNTKUMHCEVQTHQTJWOCPNWPIECPEGT0GXGTVJGNGUUCUQH 

### VJGTGYGTGPQGZRGTKOGPVCNUVWFKGUEQPENWUKXGN[NKPMKPINKHGNQPIGZRQUWTGVQ1 YKVJ 

### NWPIVWOQTKPFWEVKQPKPCP[CPKOCNURGEKGUPQTYCUVJGTGEQPENWUKXGGRKFGOKQNQIKECNGXKFGPEGVQCUUQEKCVG1 GZRQUWTGYKVJVJGFGXGNQROGPVQHNWPIECPEGTKPJWOCPU#UQHVJGQPN[ 

### FCVCKORNKECVKPI1 CUCRQUUKDNGVWOQTKIGPKECIGPVYGTGHTQOUVWFKGUECTTKGFQWVKPOKEG 

### YJGTGVJGVWOQTUCTGCFGPQOCUFGTKXGFHTQO6[RGCNXGQNCTEGNNUQTHTQO%NCTCEGNNUTGXKGYGFKP9KVUEJK+PVJG#CPF5YKUU9GDUVGTOQWUGUVTCKPUWUGFVQCUUC[VJGECTEKPQIGPKEKV[QH1 VJGURQPVCPGQWUKPEKFGPEGQHNWPIVWOQTUKUXGT[JKIJ*GPEGTGUWNVU 

### QHECTEKPQIGPKEKV[GZRGTKOGPVUEQPFWEVGFQP1 VQFCVGVJCVWVKNK\GVWOQTKPEKFGPEGCUCP 

### GPFRQKPVCTGPQVUVTQPIN[RQUKVKXGFWGVQVJKUJKIJDCEMITQWPF+PUVTCKP#OKEGKPYJKEJVJGURQPVCPGQWUOWNVKRNKEKV[KUWUWCNN[NGUUVJCPQPGVWOQTRGTOQWUGVJGVWOQTOWNVKRNKEKV[KUEQPUKFGTGFD[OCP[KPXGUVKICVQTUVQDGCUGPUKVKXGKPFKECVQTQHCECTEKPQIGPKEGHHGEV*QYGXGTGXGPWUKPIVJKUKPFKECVQTVJGKPETGCUGKPVWOQTOWNVKRNKEKV[CHVGT1 GZRQUWTGKU 

### UOCNNTCKUKPISWGUVKQPUCDQWVVJGDKQNQIKECNUKIPKHKECPEGQHVJGGHHGEVU+PCFFKVKQPVJGCUUC[HQTKPJCNCVKQPECTEKPQIGPGUKUKPUVTCKP#OKEGYCUPQVHWNN[XCNKFCVGFCVVJKUVKOG9JGTGCU*CUUGVVGVCNEQPENWFGFVJCV1 KPETGCUGFVJGPWODGTQHRWNOQPCT[CFGPQOCUKPUVTCKP 

### #OKEG9KVUEJKEQPENWFGFVJCV1 YCUPQVKORNKECVGFWPGSWKXQECNN[CUCECTEKPQIGPKP 

### UVTCKP#,OKEGVJCVPQENCUUKECNECTEKPQIGPDKQCUUC[UJCFDGGPEQPFWEVGFQP1 CPFVJCVC 

### FGHKPKVKXGLWFIOGPVEQWNFPQVDGOCFGQPVJGECTEKPQIGPKEKV[QH1 

### #TGXKGY9KVUEJKQHVJGCXCKNCDNGFCVCQPVJGECTEKPQIGPKEKV[QH1 CPF 

### QZ[IGPKPOQWUGNWPIUKPFKECVGFVJCVQZKFCPVUECPGPJCPEGQTKPJKDKVOQWUGNWPIVWOQTKIGPGUKUFGRGPFKPIQPVJGGZRGTKOGPVCNRTQVQEQNGORNQ[GFCPFVJGECTEKPQIGPKEKV[QH1 KPOQWUGNWPIJCFPQVDGGPGUVCDNKUJGFWPGSWKXQECNN['ZRQUWTGQHUVTCKP#OKEGVQ



### 1 KPFWEGUJ[RGTRNCUKCQH6[RGCNXGQNCTEGNNUNGCFKPIVQGZRCPUKQPQHVJGVCTIGVEGNN



### RQRWNCVKQP+VYCUURGEWNCVGFVJCVVJKUOKIJVJCXGTGUWNVGFKPURQPVCPGQWUVTCPUHQTOCVKQPQHVJGUGEGNNU9KVUEJK+PNWPIUQHCPKOCNUVTGCVGFYKVJCECTEKPQIGPUWEJCUWTGVJCPGCPFVJGPGZRQUGFVQ1 DGHQTGQTCHVGTECTEKPQIGPCFOKPKUVTCVKQPKVYCUURGEWNCVGFVJCV1 OC[  

### ECWUGEGNNRTQNKHGTCVKQPCPFTGUWNVKPHKZCVKQPQH&0#FCOCIG9KVUEJK6JGCFFKVKQPQH1 CHVGTECTEKPQIGPGZRQUWTGNGCFUVQCFGETGCUGFVWOQTKPEKFGPEGEQORCTGFVQVTGCVOGPVYKVJ



### ECTEKPQIGPCNQPGVJGTGCUQPUHQTVJKUFGETGCUGYKVJNCVG1 GZRQUWTGCTGPQVENGCT 

### 6JGGHHGEVUQHVTGCVKPIOCNG5[TKCP)QNFGPJCOUVGTUYKVJFKOGVJ[NPKVTQUCOKPG&'0OIMIIKXGPUWDEWVCPGQWUN[VYKEGRGTYGGMFWTKPIVJGEQWTUGQHCOQGZRQUWTGVQRRO1 YGTGUVWFKGFD[9KVUEJKGVCNCUGG6CDNG6JGTCVKQPCNGHQTVJKU 

### UVWF[YCUVQVGUVVJGJ[RQVJGUKUVJCV1 CEVUKPCOCPPGTUKOKNCTVQJ[RGTQZKCKPGPJCPEKPI 

### PGWTQGPFQETKPGNWPIVWOQTUKPVJKUCPKOCNOQFGN#HVGTGZRQUWTGEGCUGFVJGCPKOCNUYGTGOCKPVCKPGFKPCKTHQTOQ1\QPGGZRQUWTGFKFPQVKPETGCUGVJGKPEKFGPEGQHNWPIDTQPEJWUVTCEJGCQTPCUCNECXKV[VWOQTUKPVJG&'0VTGCVGFJCOUVGTU6JGTGYCUCFGETGCUGKPVJG6JG 062 GXCNWCVGU VJG UVTGPIVJ QH VJG GXKFGPEG HQT EQPENWUKQPU TGICTFKPI GCEJ ECTEKPQIGPKEKV[ UVWF[ WPFGT VJG  EQPFKVKQPU QH VJCV RCTVKEWNCT UVWF[ 6JGTG CTG HKXG ECVGIQTKGU VYQ HQT RQUKVKXG TGUWNVU 
ENGCT GXKFGPEG CPF UQOG GXKFGPEG QPG HQT WPEGTVCKP HKPFKPIU 
GSWKXQECN GXKFGPEG QPG HQT PQ QDUGTXCDNG GHHGEVU 
PQ GXKFGPEG CPF QPG HQT GZRGTKOGPVU VJCV ECPPQV DG LWFIGF DGECWUG QH OCLQT HNCYU 
KPCFGSWCVG UVWF[ 
0CVKQPCN 6QZKEQNQI[ 2TQITCO  6JKU CRRTQCEJ KU XGT[ FKHHGTGPV HTQO VJG YGKIJVQHGXKFGPEG CRRTQCEJ WUGF D[ '2# HQT ECPEGT ENCUUKHKECVKQP DGECWUG VJG '2# CRRTQCEJ EQPUKFGTU CNN VJG CXCKNCDNG UVWFKGU



### RGTEGPVQHCPKOCNUYKVJNWPIVWOQTUKPVJG&'0RNWU1 GZRQUGFCPKOCNUEQORCTGFVQVJG 

### &'0RNWUCKTGZRQUGFCPKOCNUDWVVJKUYCUPQVUVCVKUVKECNN[UKIPKHKECPV1\QPGFKFPQVCHHGEV

VJGKPEKFGPEGQH&'0KPFWEGFNKXGTVWOQTU6JGCWVJQTUEQPENWFGFVJCV1 FKFPQVKPETGCUG 

### VJGPWODGTQH&'0KPFWEGFTGURKTCVQT[VWOQTUKPJCOUVGTUCPFVJCV1 GZRQUWTGOKIJVJCXG 

### KPJKDKVGFQTFGNC[GFVWOQTFGXGNQROGPV#NVJQWIJTGFWEVKQPKPVWOQTKPEKFGPEGECWUGFD[1 YCUPQVUKIPKHKECPVKPVJKUUVWF[CNQPGQXGTCNNCPCN[UKUQHVJGUGFCVCYKVJQVJGTFCVCHTQOC



### OQGZRQUWTGQHUKOKNCTFGUKIP9KVUEJKGVCND[KGNFGFUKIPKHKECPVTGUWNVU#FGHKPKVKXGUVWF[QHVJGECTEKPQIGPKEKV[QH1 CPFKVUCDKNKV[VQCEVCUC 

### EQECTEKPQIGPQTVWOQTRTQOQVGTYCUEQPFWEVGFD[VJG750CVKQPCN6QZKEQNQI[2TQITCO0620CVKQPCN6QZKEQNQI[2TQITCO$QQTOCPGVCN#PKOCNUYGTGGZRQUGFVQCKTQT1 HQTJFC[FC[UYGGMHQTVJGPWODGTQHYGGMUFGUETKDGFDGNQY/CNGCPFHGOCNG 

### (0TCVUYGTGGZRQUGFVQCPFRRO1 HQTYGGMUCPFVQCPFRRO 

### HQTYGGMUNKHGVKOGQHVJGCPKOCNU5KOKNCTRTQVQEQNUYGTGWUGFHQT$%( OCNGCPF 

### HGOCNGOKEGYKVJVJGGZEGRVKQPVJCVVJG[GCTUVWF[YCUYGGMUCPFVJGNKHGVKOGUVWF[YCUYGGMU6JKUUVWF[FKFPQVHKPFCP[GXKFGPEGQHECTEKPQIGPKECEVKXKV[KPOCNGQTHGOCNGTCVU6JGTGYCUCPGICVKXGVTGPFHQTOCOOCT[INCPFPGQRNCUOUKPVJGHGOCNGTCVUKPVJG[GCTUVWF[CPGHHGEVVJCVYCUPQVUGGPKPVJGNKHGVKOGUVWF[6JG062HQWPFGSWKXQECNGXKFGPEG QHECTEKPQIGPKECEVKXKV[KP1 GZRQUGFOCNGOKEGCPFUQOGGXKFGPEGQH 


### ECTEKPQIGPKECEVKXKV[KPHGOCNGOKEGGZRQUGFVQ1 +PEQECTEKPQIGPGUKUGZRGTKOGPVUOCNG 

### TCVUYGTGVTGCVGFYKVJCMPQYPRWNOQPCT[ECTEKPQIGP 0

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### HQWPFPQGXKFGPEGVJCV1 GPJCPEGFVJGKPEKFGPEGQH00-KPFWEGFRWNOQPCT[PGQRNCUOU

### 6CDNGUJQYUVJGVWOQTKPEKFGPEGUKPOKEG+PVJGFKUEWUUKQPVQHQNNQYCNNVWOQTUFGUETKDGFYGTGCVNWPICNXGQNCTDTQPEJKQNCTUKVGU6JGTGYCUCFGETGCUGKPVJGPWODGTQHJGRCVQEGNNWNCTCFGPQOCUQTECTEKPQOCUKPHGOCNGOKEGGZRQUGFVQRRO1 HQT[GCTUCPF 

### HQTJGRCVQEGNNWNCTECTEKPQOCUKPVJGNKHGVKOGUVWF[6JGTGYCUPQUVCVKUVKECNN[UKIPKHKECPVKPETGCUGKPVWOQTUCVCP[UKVGQVJGTVJCPVJGNWPI+POCNGOKEGGZRQUGFVQ1 HQT[GCTUVJGTGYGTGPQUVCVKUVKECNN[UKIPKHKECPV 

### KPETGCUGUKPVJGOKEGYKVJCNXGQNCTDTQPEJKQNCTECTEKPQOCUQTCEQODKPCVKQPQHCFGPQOCUQTECTEKPQOCUCVRRO1 VJGTGYCUCUOCNNVYQHQNFKPETGCUGKPVJGKPEKFGPEGQHCFGPQOCU

### +PVJGNKHGVKOGUVWFKGUQHOCNGOKEGVJGKPEKFGPEGQHOKEGYKVJECTEKPQOCUKPETGCUGFHQNFCVRRO1 CPFHQNFCVRRO6JGKPEKFGPEGQHCFGPQOCUKP

### 6CDNG#NXGQNCT$TQPEJKQNCT6WOQT+PEKFGPEGKP$%(/KEG

### KPVJG0CVKQPCN6QZKEQNQI[2TQITCO	U%JTQPKE1\QPG5VWF[

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### OCNGOKEGFKFPQVEJCPIGUKIPKHKECPVN[+PHGOCNGOKEGGZRQUGFHQT[GCTUVJGTGYGTGPQUVCVKUVKECNN[UKIPKHKECPVEJCPIGUCVQTRRO1 *QYGXGTCVRRO1 VJGTGYCUC  

### HQWTHQNFKPETGCUGKPVJGHTGSWGPE[QHHGOCNGOKEGYKVJECTEKPQOCCPFCHQNFKPETGCUGKPEQODKPGFCFGPQOCURNWUECTEKPQOCU+PHGOCNGOKEGGZRQUGFHQTVJGKTNKHGVKOGUVQ1  

### RROECWUGFPQUKIPKHKECPVGHHGEVU#VRRO1 VJGTGYCUCHQNFKPETGCUGKPVJG 

### KPEKFGPEGQHOKEGDGCTKPIRWNOQPCT[CFGPQOCUCPQPUKIPKHKECPVEJCPIGKPVJGHTGSWGPE[QHOKEGYKVJECTEKPQOCUCPFCVYQHQNFRKPETGCUGKPVJGKPEKFGPEGQHEQODKPGF

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### EQODKPGFCPFCPCN[\GFHQTOCNGOKEGVJGTGYCUPQUVCVKUVKECNN[UKIPKHKECPVKPETGCUGKPVJGKPEKFGPEGQHCPKOCNUDGCTKPICFGPQOCUCPFHQTECTEKPQOCUVJGTGYCUCOCTIKPCNN[UKIPKHKECPVKPETGCUGCVRRO1 HQNFKPETGCUGRCPFCUKIPKHKECPVHQNF 

### KPETGCUGCVRRO6JGKPEKFGPEGQHOCNGOKEGDGCTKPICFGPQOCUQTECTEKPQOCUUJQYGFCOCTIKPCNN[UKIPKHKECPVKPETGCUGHQNFRCVRRO1 CPFCHQNFKPETGCUGCV 

### RROR+PVJGEQODKPGFCPCN[UKUQHVJG[GCTCPFNKHGVKOGGZRQUWTGQHHGOCNGOKEGVJGTGYGTGPQUVCVKUVKECNN[UKIPKHKECPVEJCPIGUCVRRO1 #VRRO1 VJGTGYCU  

### CHQNFKPETGCUGKPVJGRGTEGPVQHOKEGDGCTKPICFGPQOCUCPFCHQNFKPETGCUGKPVJGHTGSWGPE[QHOKEGYKVJCFGPQOCUQTECTEKPQOCU6JGTGYCUPQUVCVKUVKECNN[UKIPKHKECPV

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### UVWF[YGTGVJGTGYCUPQKPETGCUGFRWNOQPCT[VWOQTKPEKFGPEGKPOCNGQTHGOCNG(0TCVUGZRQUGFVQQTRRO1 OCNG(0TCVUVTGCVGFYKVJVJGVQDCEEQ 

### ECTEKPQIGP00-CPFGZRQUGFVQRRO1 FKFPQVJCXGCPKPETGCUGKPVJGRWNOQPCT[VWOQT 

### KPEKFGPEGCDQXGVJCVECWUGFD[00-CNQPG1 ECWUGFCUNKIJVN[KPETGCUGFKPEKFGPEGQH 

### CNXGQNCTDTQPEJKQNCTCFGPQOCQTECTEKPQOCVJCV[KGNFGFGSWKXQECNGXKFGPEGQHECTEKPQIGPKEKV[

### QH1 KPOCNG$%( OKEGCPF1 KPETGCUGFVJGKPEKFGPEGQHCNXGQNCTDTQPEJKQNCT  

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### QH1 KPHGOCNGOKEG  

### )GPGTCNN[KPOKEGCFGPQOCUCRRGCTVQRTQITGUUKPVQECTEKPQOCUYKVJVKOGCPFVJWUVJGKPEKFGPEGQHOKEGJCXKPIDQVJCFGPQOCUCPFECTEKPQOCUKURTQDCDN[VJGOQTGWUGHWNKPFKECVQTQHGHHGEVU6JGKPEKFGPEGQHVWOQTDGCTKPIOKEGYCUGNGXCVGFUKIPKHKECPVN[QPN[KPHGOCNGOKEGGZRQUGFHQT[GCTUVQRRO1 9JGPDQVJVJG[GCTCPFNKHGVKOGGZRQUWTG 

### UVWFKGUYGTGEQODKPGFVJGTGYCUCKPETGCUGFKPEKFGPEGQHVWOQTUKPVJGOCNGUCVCPFRRO1 CPFKPHGOCNGUCVRRO6JG062FGUKIPCVGFVJGFCVCHQTOCNGOKEGCUGSWKXQECN 

### HQTECTEKPQIGPGUKUDGECWUGVJGEQODKPGFVWOQTKPEKFGPEGKPVJG[GCTUVWF[YCUYKVJKPVJGJKUVQTKECNTCPIGCPFVJGEQODKPGFKPEKFGPEGHQTVJGNKHGVKOGUVWF[YCUPQVUKIPKHKECPVGXGPVJQWIJVJGECTEKPQOCKPEKFGPEGYCUUKIPKHKECPVKPVJGNKHGVKOGUVWF[6JGGXCNWCVKQPQHHGOCNGOKEGTGUWNVGFKP062	UHKPFKPIQHUQOGGXKFGPEGQHECTEKPQIGPKECEVKXKV[DGECWUGVJGEQODKPGFRWNOQPCT[CFGPQOCECTEKPQOCKPEKFGPEGYCUUKIPKHKECPVN[KPETGCUGFCPFQWVUKFGVJGTCPIGQHVJGJKUVQTKECNEQPVTQNVWOQTTCVGU9JGPVJGNKHGVKOGCPF[GCTUVWFKGUYGTGEQODKPGFVJGTGYGTGCFGPQOCURNWUECTEKPQOCUKPVJGRRO1 GZRQUWTGITQWR 

### XGTUWUKPVJGEQPVTQNUR+PUWOOCT[VJGUVTQPIGUVFCVCQPECTEKPQIGPKEKV[EQOGHTQOVJG062UVWF[YJKEJYCUCODKIWQWUKPOCNGOKEGCPFRQUKVKXGQPN[KPHGOCNGOKEGCVJKIJEQPEGPVTCVKQPUQH1 KGRRO6JKUOC[TGRTGUGPVCVQZKEQTKTTKVCPVGHHGEVIKXKPICPQPURGEKHKEV[RGQH



### VWOQTFWGVQOKVQIGPGUKU6JGECTEKPQIGPKEKV[FCVCCTGYGCMQTGSWKXQECNKPOCNGOKEGPGICVKXGKP(0OCNGCPFHGOCNGTCVUCPFPGICVKXGHQTEQECTEKPQIGPGUKUKPOCNGTCVU6JGTGHQTGVJGRQVGPVKCNHQTCPKOCNECTEKPQIGPKEKV[KUWPEGTVCKPCVVJGRTGUGPVVKOG

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

### NKPG04(5KPETGCUGFVJGPWODGTQHOGVCUVCVKENWPIVWOQTU#PKOCNUYGTGGZRQUGFVQ1 HQTFC[UVJGPHKDTQUCTEQOCEGNNUYGTGKPLGEVGFKPVQVJGVCKNXGKPQHVJGCPKOCNUCPF

### RWNOQPCT[OGVCUVCUGUYGTGUEQTGFFC[UNCVGT1PGFC[QHGZRQUWTGVQRRO1 ICXGVJG 

### OCZKOCNGPJCPEGOGPVQHRWNOQPCT[OGVCUVCUGU6JKUGPJCPEGOGPVQHRWNOQPCT[OGVCUVCUKUYCUEQPEGPVTCVKQPFGRGPFGPVKPVJGTCPIGHTQOVQRRO1 HTQOVQFC[UDWV 

### KPETGCUGUYGTGUOCNN6JKUGHHGEVOC[CTKUGKPVYQYC[UD[FCOCIGVQVJGOKETQXCUEWNCVWTGCPFD[VJGFKHHGTGPVKCNUGPUKVKXKV[QHXCTKQWUVWOQTEGNNUVQ1 E[VQVQZKEKV[ 

### TGXKGYGFD[9KVUEJK4KEJVGTUTGRQTVGFVJCVGZRQUWTGQHOKEGVQQTRRO1 HQTFC[UFKFPQVKPETGCUGEQNQPK\CVKQPQHVJGNWPIUQHOKEGKPLGEVGFKXYKVJ$ 

### OGNCPQOCEGNNU

### 6CDNG'HHGEVUQH+PJCNGF1\QPGQPVJG#DKNKV[QH+PLGEVGF6WOQT%GNNU6Q%QNQPK\GVJG.WPIUQH/KEG C

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###  5WOOCT[CPF%QPENWUKQPU+PUWOOCT[VJGTGCTGUQOGYGCMN[RQUKVKXGFCVCCPFUQOGPGICVKXGFCVCQPVJGIGPQVQZKEKV[QH1 UWOOCTK\GFKP6CDNG1\QPGCVXGT[JKIJEQPEGPVTCVKQPUVQ 

### RROECWUGU&0#UVTCPFDTGCMCIGKPRNCUOKF&0#*COGNKP1\QPGKUCVOQUVYGCMN[OWVCIGPKEKPUQOGCUUC[UCPFPGICVKXGKPQVJGTU1\QPGKUPQVOWVCIGPKEKP

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### EQPXKPEKPIEQPEGPVTCVKQPFGRGPFGPVOWVCIGPKEGHHGEVUJCXGPQV[GVDGGPFGOQPUVTCVGFRQUUKDN[FWGVQVJGUVTQPIE[VQVQZKEKV[QHVJKUEQORQWPF1\QPGECWUGUE[VQIGPGVKEFCOCIGKPEWNVWTGFEGNNUKPXKVTQGI*COGNKPGVCNCD&WDGCWCPF%JWPIDWVPQGHHGEVUQTUOCNNCPFEQPHNKEVKPIGHHGEVUYJGPCPKOCNUCTGGZRQUGFKPXKXQ<GNCEGVCNCD6KEGGVCN%GNNVTCPUHQTOCVKQPUVWFKGUJCXGUJQYPRQUKVKXGTGUWNVUQPGZRQUWTGQHEGNNUVQ1 DWVVJGUGUVWFKGUYGTGEQPFWEVGFYKVJCHNWKFDCTTKGTCDQXGVJGEGNNU 

### VJCVOC[JCXGTGUWNVGFKPCTVKHCEVUEQORCTGFVQCPKPXKXQGZRQUWTG$QTGMGVCN CD 6JGKPXKVTQUVWFKGUCTGOGEJCPKUVKECNN[KPVGTGUVKPIDWVVJGTGCTGFKHHKEWNVKGUKPVJGFGUKIPQHOCP[QHVJGUGUVWFKGU(KTUVVJGEQPEGPVTCVKQPUWUGFKPVJGUGKPXKVTQUVWFKGUYGTGV[RKECNN[QTFGTUQHOCIPKVWFGITGCVGTVJCPVJQUGHQWPFKPCODKGPVCKT5GEQPFGZVTCRQNCVKQPQHKPXKVTQGZRQUWTGEQPEGPVTCVKQPUVQJWOCPGZRQUWTGFQUGTGSWKTGUURGEKCNOGVJQFUVJCVYGTGPQVWUGFKPVJGUGUVWFKGU6JKTFFKTGEVGZRQUWTGQHKUQNCVGFEGNNUVQ1 KUUQOGYJCV 

### 6CDNG5WOOCT[QH&CVCQPVJG)GPQVQZKEKV[QH1\QPG C



### #UUC[5[UVGOKP9JKEJ1\QPG9CU6GUVGF 4GUWNV %QOOGPVU D



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### /WVCVKQPVQJKUVKFKPGRTQVQVTQRJ[KP 
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### /WVCVKQPVQUVTGRVQO[EKPTGUKUVCPEGKP 
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### /WVCVKQPKP5CEEJCTQO[EGUEGTGXKUKCG 1\QPGECWUGFOWVCVKQPCPFTGEQODKPCVKQPCVRRODWVVJKUYCUCYGCMTGURQPUGEQORCTGFVQMPQYPUVTQPIOWVCIGPUVQHQNFNGUUOWVCIGPKEVJCP78NKIJV:TC[UCPF/00)

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### /WVCVKQPKP6TCFGUECPVKC KPCUVCOGPJCKT VQRRO1 YCUVGUVGF

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### %JTQOQUQOCNDTGCMCIGKPEWNVWTGF 
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### %JTQOQUQOCNDTGCMCIGKPCPKOCNU 
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### VGUVGFYJGVJGT1 EQWNFGPJCPEGVJGVWOQTKIGPKEKV[QHVJGVQDCEEQURGEKHKERWNOQPCT[ 

### ECTEKPQIGP00-0CVKQPCN6QZKEQNQI[2TQITCO$QQTOCPGVCN6JKUUVWF[ENGCTN[UJQYGFVJCV1 YCUPQVECTEKPQIGPKEKPHGOCNGCPFOCNGTCVUCVCPFRRO 

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### NKHGVKOG'ZRQUWTGVQRRO1 FKFPQVGPJCPEGVJGECTEKPQIGPKEKV[QH00-KPOCNGTCVU 

### NGCFKPIVQVJGEQPENWUKQPVJCV1 FQGUPQVCEVCUCEQECTEKPQIGPQTVWOQTRTQOQVGTKPVJGUG 

### CPKOCNU+PVJGOCNGOKEG1 JCFGSWKXQECNGHHGEVUCVCPFRRO1 KPVJG[GCTCPF  

### NKHGVKOGKPJCNCVKQPUVWFKGU+PVJGHGOCNGOKEGVJGTGYCUUQOGGXKFGPEGHQTVJGECTEKPQIGPKEKV[QH1 CVRROHQNFKPETGCUGKPVQVCNRWNOQPCT[PGQRNCUOU=R?KP 

### VJG[GCTUVWF[CPFVYQHQNFKPETGCUGKPVQVCNRWNOQPCT[PGQRNCUOU=R?KPVJGNKHGVKOGUVWF[CPFHQNFKPETGCUGKPVQVCNRWNOQPCT[PGQRNCUOUYJGPVJG[GCTCPFNKHGVKOGUVWF[YGTGEQODKPGF=R?6JGTGHQTGVJGGCTNKGTPGICVKXGCPKOCNECTEKPQIGPGUKUUVWFKGUVJGPGICVKXGECTEKPQIGPKEKV[TGUWNVUKPKPJCNCVKQPECTEKPQIGPGUKUUVWFKGUKP(0OCNGCPFHGOCNGTCVUVJGCODKIWQWUFCVCKPOCNG$%( OKEGCPFVJGYGCMECTEKPQIGPKEKV[QH1 KPHGOCNG$%(  

### OKEGKPFKECVGVJCV1 KUECTEKPQIGPKEQPN[KPHGOCNG$%( OKEGCVJKIJEQPEGPVTCVKQPU  

### RRO6JGYGCMECTEKPQIGPKEKV[QH1 KPHGOCNGOKEGVJGYGCMCODKIWQWUTGUWNVUKPOCNG 

### OKEGCPFVJGPGICVKXGTGUWNVUKPOCNGCPFHGOCNG(0TCVURQKPVVQCVDGUVCYGCMECTEKPQIGPKEKV[QH1 CVXGT[JKIJEQPEGPVTCVKQPU



#  5[UVGOKE'HHGEVUQH1\QPG

 +PVTQFWEVKQP
1\QPGJCUNQPIDGGPMPQYPVQECWUGGHHGEVUKPQTICPUCPFVKUUWGUQWVUKFGVJGTGURKTCVQT[VTCEV6JGOGEJCPKUOUCTGPQVMPQYPDWVKVKUSWKVGWPNKMGN[VJCV1 KVUGNHGPVGTU 

### VJGEKTEWNCVKQP2T[QT#PQVJGTRQUUKDKNKV[KUVJCVVTCPURQTVGFTGCEVKQPRTQFWEVUECWUGFKUVCPVGHHGEVU5QOGGHHGEVUOC[DGUGEQPFCT[VQGHHGEVUQPVJGNWPIGICXGTUKXGDGJCXKQTUVJCVOC[TGUWNVHTQONWPIKTTKVCVKQP6JGTGNCVKXGN[HGYU[UVGOKEUVWFKGUTGRQTVGFUKPEGVJGNCUV1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[CTGFKUEWUUGFDGNQY

### 5QOGENCUUGUQHGHHGEVUKGTGRTQFWEVKQPFGXGNQROGPVGPFQETKPGU[UVGOYGTGUVWFKGFGCTNKGTCPFJGPEGCTGEKVGFDTKGHN[JGTGKPVJGKPVTQFWEVKQP0QTGRTQFWEVKXGVQZKEKV[UVWFKGUQH1 YGTGHQWPF1PN[VYQFGXGNQROGPVCNUVWFKGU 

### RTQXKFGFUWHHKEKGPVFGVCKNUKPVJGTGRQTVVQFGVGTOKPGVJGGZRQUWTGUWUGF6JGQPN[GHHGEVQDUGTXGFD[-CXNQEMGVCNKPRTGIPCPVTCVUGZRQUGFVQVQRRO1 HQTVJG 

### GPVKTGRGTKQFQHQTICPQIGPGUKUQTVJGVJTGGUVCIGUQHIGUVCVKQPYCUCPKPETGCUGFTGUQTRVKQPQHHGVWUGUKPTCVUGZRQUGFVQRROKPOKFIGUVCVKQPPQVGTCVCYGTGHQWPF#HQNNQYWRUVWF[TGXGCNGFVJCVRWRUHTQOFCOUGZRQUGFVQRRO1 FWTKPIOKFQTNCVGIGUVCVKQPUJQYGFNQYGT 

### DQF[YGKIJVUFC[UCHVGTDKTVJ-CXNQEMGVCN#JKIJGTEQPEGPVTCVKQPRROFGNKXGTGFFWTKPINCVGIGUVCVKQPRGTOCPGPVN[TWPVGFQHVJGOCNGRWRU5VWFKGUQPVJGGHHGEVUQH1 QPVJGGPFQETKPGU[UVGOFCVGVQ)GPGTCNN[VJG 

### DQF[QHYQTMKPFKECVGUVJCV1 ECPCHHGEVVJGRKVWKVCT[VJ[TQKFCFTGPCNCZKU 

### 75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[(QTGZCORNGCFC[GZRQUWTGVQRRO1 FGETGCUGFUGTWONGXGNUQHVJ[TQKFUVKOWNCVKPIJQTOQPGVJ[TQKFJQTOQPGUCPFRTQVGKP



### DQWPFKQFKPGRTQNCEVKPNGXGNUKPETGCUGF%NGOQPUCPF)CTEKCCD5VTWEVWTCNEJCPIGUQEEWTTKPIKPVJGRCTCVJ[TQKFINCPFUCHVGTCVQJGZRQUWTGVQRRO1 KPENWFGF 

### J[RGTRNCUKCQHEJKGHEGNNUDWVEKTEWNCVKPIJQTOQPGNGXGNUYGTGPQVOGCUWTGF#VYCNCPF9KNUQP



##  %GPVTCN0GTXQWU5[UVGOCPF$GJCXKQTCN'HHGEVU
4GRQTVUQHJGCFCEJGFK\\KPGUUCPFKTTKVCVKQPQHVJGPQUGVJTQCVCPFEJGUVCTGEQOOQPEQORNCKPVUVJCVCTGCUUQEKCVGFYKVJ1 GZRQUWTGKPJWOCPUUGG%JCRVGT

### .CDQTCVQT[CPKOCNUVWFKGUJCXGDGGPRGTHQTOGFVJCVFGOQPUVTCVGDGJCXKQTCNGHHGEVUQXGTCYKFGTCPIGQH1 EQPEGPVTCVKQPUVQRROCPFUWIIGUVVJCVVJGUGDGJCXKQTCNEJCPIGUOC[DG 

### CPCNQIQWUVQVJGU[ORVQOUTGRQTVGFKPJWOCPU#NVJQWIJVJGUGDGJCXKQTCNEJCPIGUOC[DGKPFKECVKXGQH1 KPFWEGFU[ORVQOUVJG[CTGPQVKPFKECVKXGQHPGWTQVQZKEKV[/QUVQHVJG 

### UVWFKGURTKQTVQKPFKECVGFVJCVDGJCXKQTEQWNFDGUWRRTGUUGFYKVJ1 GZRQUWTG(QT 

### GZCORNG/WTRJ[GVCNCPF6GRRGTGVCNUJQYGFVJCVTWPPKPIYJGGNDGJCXKQTYCUUWRRTGUUGFCPF2GVGTUQPCPF#PFTGYUCPF6GRRGTGVCNUJQYGFVJCVOKEGYQWNFCNVGTVJGKTDGJCXKQTVQCXQKF1 GZRQUWTG(WTVJGTOQTG9GKUUGVCNUJQYGFVJCV 

### DCTRTGUUKPITGURQPUGUHQTHQQFTGKPHQTEGOGPVYGTGUWRRTGUUGFDWVITGCVGT1 EQPEGPVTCVKQPU 

### YGTGTGSWKTGFVQFGETGCUGVJKUDGJCXKQTVJCPVJGEQPEGPVTCVKQPUPGGFGFVQFGETGCUGTWPPKPI

YJGGNDGJCXKQT5KPEGUGXGTCNTGRQTVUJCXGGZVGPFGFVJGRTGXKQWUHKPFKPIU6CDNG6GRRGTGVCNEQORCTGFVJGGHHGEVUQHCJGZRQUWTGVQ1 QPVJGUWRRTGUUKQPQH 

### TWPPKPIYJGGNDGJCXKQTKPTCVUCPFOKEG6JGUVWF[KPFKECVGFVJCVVJGNQYGUVGHHGEVKXGEQPEGPVTCVKQPYCUCDQWVRRO1 KPVJGTCVCPFCDQWVRROKPVJGOQWUG+VCNUQYCU 

### QDUGTXGFVJCVYKVJGZRQUWTGVQRROTGEQXGT[HTQO1 TGSWKTGFCVNGCUVJ+PCHQNNQY 

### WRUVWF[6GRRGTGVCNTGSWKTGFOKEGVQOCMGCTGURQPUGVJCVVWTPGFQHHVJGDTKGHFGNKXGT[UQH1 CVEQPEGPVTCVKQPUDGVYGGPVQRRO/KEGNGCTPGFVQVGTOKPCVG 

### 1 GZRQUWTGUCVRRO9KVJGCEJQHVJTGGFGVGTOKPCVKQPUQHVJGEQPEGPVTCVKQPTGURQPUG



### EWTXGOKEGIQVDGVVGTCVVGTOKPCVKPI1 GZRQUWTGTCVJGTVJCPGZJKDKVKPICPCFCRVCVKQPVQ 

### GZRQUWTG6JGCWVJQTUUWIIGUVVJCVOKEGOC[JCXGNGCTPGFVQWUGVJGQFQTQH1 CUC 

### EQPFKVKQPGFUVKOWNWUVQKPKVKCVGVGTOKPCVKQPQHGZRQUWTGKPUVGCFQHTGURQPFKPIFKTGEVN[VQVJGKTTKVCPVRTQRGTVKGUQH1  

### $GECWUGHTGGCEEGUUYJGGNTWPPKPIDGJCXKQTYCUUWRRTGUUGFCVRRO1 6GRRGTGVCNCPFNGXGTRTGUUKPIHQTHQQFTGKPHQTEGOGPVYCUTGFWEGFQPN[CV



### RRO9GKUUGVCNCUGTKGUQHGZRGTKOGPVUYCURGTHQTOGFVQGXCNWCVGVJGDGJCXKQTCNFGVGTOKPCPVUQHVJG1 TGURQPUG6GRRGTCPF9GKUU(QQFFGRTKXCVKQPCPF 

### TGURQPUGEQPVKPIGPEKGUJCXKPIVQRGTHQTOCEGTVCKPTGURQPUGVQIGVCTGYCTFYGTGHQWPFVQDGTGNCVKXGN[WPKORQTVCPVFGVGTOKPCPVUQHDGJCXKQTDGECWUGTCVUVJCVJCFVQTWPTCVJGTVJCPRTGUUCNGXGTVQQDVCKPHQQFTGKPHQTEGOGPVUJQYGFDGJCXKQTCNUWRRTGUUKQPQHTWPPKPICVRRO*QYGXGTKPCPQVJGTGZRGTKOGPVUWRRTGUUKQPQHNGXGTRTGUUKPIYCUUJQYPVQDG### 6CDNG'HHGEVUQH1\QPGQP$GJCXKQTC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP$GJCXKQTCN%QPFKVKQPU5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO J (TGGCEEGUU YJGGNTWPPKPI4CV /.QPI'XCPU YGGMU QNF/QWUG /5YKUU9GDUVGT YGGMU QNF/KEG NGUU TGURQPUKXG VJCP TCVU 4GFWEVKQP KP HTGGCEEGUU YJGGN TWPPKPI CVCRRTQZKOCVGN[  RRO KP TCVU CPF  RRO KP OKEG 4GEQXGT[ HTQO GZRQUWTGVQ  RRO FKF PQV QEEWT D[  J RQUVGZRQUWTG KP GKVJGT OKEG QT TCVU6GRRGT GV CN 
 J 9JGGN TWPPKPI HQT HQQF 4CV /.QPI'XCPU I RRO 1 FGETGCUGF YJGGN TWPPKPI HQT HQQF TGKPHQTEGOGPV6GRRGT CPF 9GKUU 
 J .GXGT RTGUUKPI HQTCEEGUU VQ VJG TWPPKPIYJGGN4CV /.QPI'XCPU I RRO 1 FGETGCUGF DCT RTGUU HQT CEEGUU VQ VJG TWPPKPI YJGGN 6YQ QH VJGHQWT CPKOCNU YGTG CHHGEVGF CV  RRO6GRRGT CPF 9GKUU 
 J 0QUG RQMG TGURQPUG HQTHQQF4CV /.QPI'XCPU I RRO 1 FGETGCUGF PQUG RQMKPI HQT HQQF TGKPHQTEGOGPV 'HHGEVU YGTGGPJCPEGF RQUVGZRQUWTG6GRRGT CPF 9GKUU 
 FC[UEQPVKPWQWU&TKPMKPI GCVKPI /KEG /+%4 YGGMU QNF&TKPMKPI HQQF EQPUWORVKQP CPF DQF[ YGKIJV KPKVKCNN[ FGETGCUGF DWV CFCRVGFYKVJ EQPVKPWGF GZRQUWTG UVCTVKPI CV  RRO7OG\W GV CN 
 UOCZKOWO0QUG RQMKPI VGTOKPCVGF1 GZRQUWTG/QWUG /5YKUU9GDUVGT I#V  RRO OKEG NGCTPGF VQ VGTOKPCVG 1 GZRQUWTG6GRRGT CPF 9QQF 
 FC[UEQPVKPWQWU*QOG ECIG DGJCXKQT /KEG &WTKPI HKTUV JQWT TGCTKPI ITQQOKPI UPKHHKPI CPF UQEKCN KPVGTCEVKQPUKPETGCUGF ETQUUKPIU CPF YCNN ENKODKPI FGETGCUGF 6JGUG DGJCXKQTU FKF PQVCFCRV YKVJ EQPVKPWGF GZRQUWTG/WUK GV CN 
 J .GXGT RTGUUKPI VQ CXQKFGNGEVTKE UJQEM4CV9KUVCT I5WRRTGUUKQP QH NGXGT RTGUUKPI DGICP CHVGT  OKP QH RRO GZRQUWTG CPF CHVGT OKP QH  QT RRO GZRQUWTGU+EJKMCYC GV CN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC#IG QT DQF[ YGKIJV CV UVCTV QH GZRQUWTGD

### GSWCNN[UGPUKVKXGVQ1 GZRQUWTGYJGPRTGUUKPICNGXGTCNNQYGFTCVUVQJCXGCEEGUUVQCTWPPKPI 

### YJGGN6JGCWVJQTUEQPENWFGFVJCVKPETGCUGFRJ[UKECNCEVKXKV[GKVJGTWUGFCUVJGTGURQPUGVQQDVCKPTGYCTFQTCUVJGTGYCTFYCUCPKORQTVCPVDGJCXKQTCNXCTKCDNGKPFGVGTOKPKPIUGPUKVKXKV[VQ1 GZRQUWTG+EJKMCYCGVCNFGOQPUVTCVGFVJCVDGJCXKQTNGXGTRTGUUKPI 

### OCKPVCKPGFD[VJGCXQKFCPEGQHGNGEVTKEUJQEMYCUGXGPNGUUUGPUKVKXGVQ1 GZRQUWTGJ 

### RROVJCPDGJCXKQTUOCKPVCKPGFD[HQQFTGKPHQTEGOGPVCUFGUETKDGFCDQXG(WTVJGTOQTGVJGCPKOCNUTGEQXGTGFSWKEMN[CHVGT1 GZRQUWTGYCUVGTOKPCVGFVQOKP

### +POKEGGZRQUGFVQ1 EQPVKPWQWUN[HQTFC[UVQRRODQVJKPETGCUGUCPF 

### FGETGCUGUKPOGCUWTGFDGJCXKQTUYGTGQDUGTXGF/WUKGVCN&WTKPIVJGHKTUVJQWTQHGZRQUWTGVQQTDWVPQVRRO1 KPETGCUGUKPTGCTKPIITQQOKPIUPKHHKPICPFUQEKCN 

### KPVGTCEVKQPUYGTGQDUGTXGFDWVNQEQOQVKQPCPFDCTJQNFKPIFGENKPGF9KVJEQPVKPWGFGZRQUWTGOGCUWTGOGPVUQP&C[UCPFITQQOKPICPFTGCTKPIYGTGUVKNNKPETGCUGFDWVETQUUKPIUCPFYCNNENKODKPITGOCKPGFFGRTGUUGF6JGCHHGEVGFDGJCXKQTUFKFPQVUJQYCFCRVCVKQP*QYGXGTFTKPMKPIHQQFEQPUWORVKQPCPFDQF[YGKIJVYGTGKPKVKCNN[FGRTGUUGFDWVCDCVGFYKVJEQPVKPWGFGZRQUWTGCHKPFKPIRTGXKQWUN[TGRQTVGFKPOKEGCV1 EQPEGPVTCVKQPU 

### CUNQYCURRO7OG\WGVCN+PUWOOCT[VJGDGJCXKQTCNFCVCKPFKECVGVJCVVTCPUKGPVEJCPIGUKPDGJCXKQTQEEWTKPTQFGPVOQFGNUVJCVCTGFGRGPFGPVQPCEQORNGZKPVGTCEVKQPQHHCEVQTUUWEJCUVJGV[RGQHDGJCXKQTDGKPIOGCUWTGFYKVJUQOGDGJCXKQTUKPETGCUGFCPFQVJGTUUWRRTGUUGFVJGHCEVQTUOQVKXCVKPIVJCVDGJCXKQTFKHHGTGPEGUKPTGKPHQTEGOGPVCPFVJGUGPUKVKXKV[QHVJGRCTVKEWNCTDGJCXKQTGICEVKXGDGJCXKQTUCTGOQTGCHHGEVGFVJCPOQTGUGFGPVCT[DGJCXKQTU

##  %CTFKQXCUEWNCT'HHGEVU
5GXGTCNTGRQTVUJCXGFGOQPUVTCVGFVJCV1 GZRQUWTGECWUGUFTCOCVKEGHHGEVUVQVJG 

### ECTFKQXCUEWNCTU[UVGOKPVJGTCV6CDNG7EJK[COCGVCNKPKVKCNN[TGRQTVGFVJCVJGCTVTCVG*4CPFOGCPCTVGTKCNDNQQFRTGUUWTG/#2YGTGFGETGCUGFD[CPFTGURGEVKXGN[FWTKPICJGZRQUWTGVQRRO1 #TTJ[VJOKCUKPENWFKPICVTKQXGPVTKEWNCT 

### DNQEMCPFRTGOCVWTGCVTKCNEQPVTCEVKQPUCNUQYGTGQDUGTXGFHTGSWGPVN[6JGGHHGEVUCRRGCTGFVQDGCIGDWVPQVUGZFGRGPFGPVYKVJYGGMQNFTCVUUJQYKPICITGCVGTTGURQPUGVJCPFKFQTYGGMQNFTCVU;QMQ[COCGVCNDUJQYGFVJCVTGEQXGT[HTQOVJGGHHGEVUQHVJGJRRO1 GZRQUWTGYCUPQVEQORNGVGD[JCPFVJCVYKVJVJTGGEQPUGEWVKXGFCKN[ 

### GZRQUWTGUDQVJVJG*4CPF/#2TGURQPUGUYGTGCVVGPWCVGF(WTVJGTKPXGUVKICVKQPUD[VJGUCOGITQWRQHCWVJQTU7EJK[COCCPF;QMQ[COCUJQYGFVJCVYKVJGZRQUWTGUVQRRO1 HQTJ*4CPF/#2FGETGCUGFD[CPFTGURGEVKXGN[#YGGM 

### EQPVKPWQWUGZRQUWTGVQRROKPKVKCNN[TGUWNVGFKPCFGETGCUGKP*4DWVVJKUTGURQPUGYCUCVVGPWCVGFQP&C[CPFYCUCNOQUVGNKOKPCVGFD[&C[0QHWTVJGTGHHGEVUYGTGQDUGTXGFFWTKPIVJGTGUVQHVJGYGGMGZRQUWTGRGTKQF9JGPVJGUGUCOGCPKOCNUYGTGUWDUGSWGPVN[EJCNNGPIGFYKVJRRO1 HQTJVJG[CNUQJCFCPCVVGPWCVGFTGURQPUGYJGP 

### EQORCTGFVQTCVUVJCVYGTG1 PCKXG#FFKVKQPCNN[UQOGTCVUYGTGKPUVKNNGFKPVTCVTCEJGCNN[ 

### YKVJGNCUVCUGVQETGCVGCPCPKOCNOQFGNQHGORJ[UGOC6JKURTGVTGCVOGPVJQYGXGTFKFPQVCHHGEVVJGQWVEQOGQHGKVJGTVJG*4QT/#2TGURQPUGUVQ1 KPCP[QHVJGGZRGTKOGPVUGZEGRV 

### KPVJGRROEJCNNGPIGGZRGTKOGPV+PVJKUGZRGTKOGPVGNCUVCUGVTGCVGF1 GZRQUGFTCVU 

### EJCNNGPIGFYKVJ1 JCFCUKOKNCTTGURQPUGVQ1 EJCNNGPIGCUFKF1 PCKXGTCVUUWIIGUVKPIVJCV  

### VJGGNCUVCUGVTGCVOGPVCHHGEVGFVJGCDKNKV[QHVJGTCVUVQFGXGNQRCPCFCRVKXGNWPITGURQPUG+PEQPVTCUV6GRRGTGVCNFKFPQVQDUGTXGCPCNVGTCVKQPKP### 6CDNG'HHGEVUQH1\QPGQPVJG%CTFKQXCUEWNCT5[UVGOC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP CPF%QPFKVKQPU5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO FC[UEQPVKPWQWU4CV /9KUVCT YGGMU QNF RRO 1 ECWUGF DTCF[CTTJ[VJOKC WR VQ  FC[U QH GZRQUWTG DTQCF[ECTFKC QEEWTTGF CV RRO FWTKPI HKTUV  FC[U QH GZRQUWTG 0Q GHHGEVU QP UNGGRYCMGHWNPGUU RCVVGTPU#TKVQ GV CN 
 YGGMUEQPVKPWQWU J J4CV /9KUVCT YGGMU QNF#V  RRO C  FGETGCUG KP *4 TGURQPUG CVVGPWCVGF D[  FC[U #V  RRO *4 CPF/#2 FGETGCUGF D[  CPF  TGURGEVKXGN[7EJK[COC CPF ;QMQ[COC 
 J%%4CV /( YGGMU QNF RRO 1 ECWUGF DTCF[ECTFKC CPF DTCF[CTTJ[VJOKC CODKGPV VGORGTCVWTG QH %DNQEMGF TGURQPUG9CVMKPUQP GV CN 
 J J4CV /9KUVCT YGGMU QNF CPF  RRO 1 ECWUGF DTCF[ECTFKC CPF DTCF[CTTJ[VJOKC RRO TGURQPUG YCURCTVKCNN[ DNQEMGF D[ CVTQRKPG#TKVQ GV CN 
 J J FC[U4CV /9KUVCT YGGMU QNF RRO 1 ECWUGF DTCF[ECTFKC DTCF[CTTJ[VJOKC CPF FGETGCUGF /#2 6JG TGURQPUG VQ RRO NCUVGF  J RQUVGZRQUWTG CPF YCU CVVGPWCVGF YKVJ  EQPUGEWVKXG FCKN[ GZRQUWTGU;QMQ[COC GV CN 
D   J 4CV / (9KUVCT  CPF  YGGMU QNF RRO 1 ECWUGF DTCF[ECTFKC DTCF[CTTJ[VJOKC CPF FGETGCUGF /#2 1NFGT CPKOCNU 
YGGMU YGTG OQTG CHHGEVGF VJCP [QWPIGT QPGU 0Q UGZTGNCVGF FKHHGTGPEGU YGTG PQVGF7EJK[COC GV CN 
   OKP 4CV /( FC[U QNF8GPVKNCVKQP UVKOWNCVGF YKVJ %1  0Q GHHGEV QP OGCP DNQQF RTGUUWTG6GRRGT GV CN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC#IG QT DQF[ YGKIJV CV UVCTV QH GZRQUWTGD

### DNQQFRTGUUWTGQHTCVUGZRQUGFVQRRO1 HQTOKPGXGPVJQWIJVJGKTXGPVKNCVKQPYCU 

### KPETGCUGFD[%1  

### #TKVQGVCNFGOQPUVTCVGFDTCF[ECTFKETGURQPUGUCVRRO1 FWTKPIVJG 

### HKTUVFC[UQHCEQPVKPWQWUFC[GZRQUWTGDTCF[CTTJ[VJOKCQEEWTTGFFWTKPIVJGHKTUVFC[UQHCRROGZRQUWTG5KOWNVCPGQWUN[VJGUGCWVJQTUOGCUWTGFVJGUNGGRYCMGHWNPGUUQHVJGTCVUFWTKPIGZRQUWTGCPFHQWPFVJCVOQTGDTCF[CTTJ[VJOKCUQEEWTTGFFWTKPIYCMGHWNPGUUVJCPFWTKPIUNQYYCXGQTRCTCFQZKECNUNGGR5NGGRYCMGHWNPGUURCVVGTPUYGTGPQVCNVGTGFD[VJKU1 GZRQUWTG#VJKIJ1 EQPEGPVTCVKQPURROHQTJYCMGHWNPGUUCPFRCTCFQZKECNUNGGR 

### YGTGUWRRTGUUGFVJGCORNKVWFGQHVJGGNGEVTQGPEGRJCNQITCO'')YCUNQYGTGFCPFUNQYYCXGUNGGRYCUKPETGCUGF#TKVQGVCN6JGUG'')EJCPIGUCRRGCTVQDGVGORQTCNN[CUUQEKCVGFYKVJVJGFGETGCUGKPDGJCXKQTCNCEVKXKV[RTGXKQWUN[FKUEWUUGF6GRRGTGVCN#VTQRKPGUWNHCVGDNQEMGFVJGUWRRTGUUKQPQHYCMGHWNPGUUCPFDTCF[ECTFKCKPCEQPEGPVTCVKQPTGNCVGFOCPPGTCPFFGETGCUGFUNQYYCXGUNGGRUWIIGUVKPIVJCVUQOGQHVJG1 GHHGEVUCTG 

### RCTCU[ORCVJGVKECNN[OGFKCVGF6JGGHHGEVUQH1 QPRCTCFQZKECNUNGGRCPFVJG'')CORNKVWFG 

### YGTGPQVCHHGEVGFD[CVTQRKPGCFOKPKUVTCVKQP9CVMKPUQPGVCNGZVGPFGFVJGUGHKPFKPIUD[UJQYKPIVJCVVJGEQTGVGORGTCVWTGQHTCVUYCUCNUQTGFWEGFYJGP*4HGNNCV1 GZRQUWTG 

### EQPEGPVTCVKQPUDGVYGGPCPFRROJ+PETGCUKPICODKGPVVGORGTCVWTGVQVQ

%CVVGPWCVGFVJGRRO1 KPFWEGFTGFWEVKQPKP*4CPFEQTGVGORGTCVWTG 

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

### TGURQPUGU+PUWRRQTVQHVJKUNCVVGTKFGC%QNGTKFIGGVCNTGRQTVGFVJCVUVKOWNCVKQPQHDTQPEJKCN%HKDGTURTQFWEGUDTCF[ECTFKC1\QPGRTGHGTGPVKCNN[UVKOWNCVGUDTQPEJKCN%HKDGTUCPFCUCTGUWNVKPFWEGUDTCF[ECTFKCCPFVCEJ[RPGCKPVJGCPGUVJGVK\GFQRGPEJGUVFQIOQFGN(WTVJGTOQTGVJGVCEJ[RPGCRTQFWEGFD[1 GZRQUWTGKUKPJKDKVGFD[CVTQRKPGCFOKPKUVTCVKQP 

### VJGGHHGEVQP*4YCUPQVTGRQTVGF



##  *GOCVQNQIKECNCPF5GTWO%JGOKUVT['HHGEVU
*GOCVQNQIKECNGHHGEVUTGRQTVGFKPNCDQTCVQT[CPKOCNUCPFJWOCPUCHVGTKPJCNCVKQPQH1 KPFKECVGVJCVVJGICUQTOQTGNKMGN[UQOGTGCEVKQPRTQFWEVECPETQUUVJGDNQQFICUDCTTKGT

### 6JGGHHGEVUQHKPXKXQ1 GZRQUWTGKPCPKOCNUYGTGUWOOCTK\GFKPVJGRTGXKQWU1 ETKVGTKC  

### FQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[6JGJGOCVQNQIKERCTCOGVGTUOQUVHTGSWGPVN[WUGFVQGXCNWCVG1 VQZKEKV[YGTGOQTRJQNQIKECPFDKQEJGOKECNGHHGEVUQP 

### GT[VJTQE[VGU4$%U6JGUGUVWFKGUTGRQTVGFCNVGTCVKQPUKP4$%OQTRJQNQI[KPETGCUGF4$%HTCIKNKV[KPETGCUGFJGOQN[UKUCPFFGETGCUGFUWTXKXCN6JGDKQEJGOKECNUVWFKGUTGRQTVGFXCTKCDNGTGUWNVUFGRGPFKPIQPVJG1 GZRQUWTGEQPEGPVTCVKQPCPFVJG4$%GP\[OGWPFGT  

### KPXGUVKICVKQP/QTGTGEGPVUVWFKGUJCXGUVTGUUGFUGTWOGHHGEVUQH1 GZRQUWTG6CDNG

### 'ZRQUWTGQHTCVUHQTJVQRRO1 KPETGCUGFRNCUOCETGCVKPKPGMKPCUGCEVKXKV[YJGTGCUPQ 

### UWEJGHHGEVYCUQDUGTXGFYJGPGZRQUWTGYCUVQCPFRRO1 8GPKPICCPF

### 6CDNG*GOCVQNQI[CPF5GTWO%JGOKUVT['HHGEVUC1\QPG%QPEGPVTCVKQP'ZRQUWTG&WTCVKQP5RGEKGU 5GZ5VTCKP#IGD1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO J 4CV /9KUVCT I+PETGCUGF RNCUOC ETGCVKPG MKPCUG CEVKXKV[ CV  DWV PQV  CPF  RRO 8GPKPIC CPF (KFNGT 
 J 4CDDKV (0<9 [GCTU QNF0Q EJCPIG KP RNCUOC TGVKPQN CUEQTDKE CEKF CPFVQEQRJGTQN EQPEGPVTCVKQPU %CPCFC GV CN 
  %QPVKPWQWUHQT  FC[U4CV /9KUVCT YGGMU&GETGCUG KP UGTWO TGVKPQN EQPEGPVTCVKQP 6CMCJCUJK GV CN 
   J 4CV /(&GETGCUG KP RNCUOC NCEVKE FGJ[FTQIGPCUG KUQGP\[OG CEVKXKV[ 0CEJVOCP GV CN 
   J )WKPGC 2KI /*CTVNG[ I+PETGCUGU KP RNCUOC EQPEGPVTCVKQPU QH 6:$  MGVQ2)(  CPF 2)'  /KNNGT GV CN 
   J )WKPGC 2KI /*CTVNG[ I+PETGCUGU KP RNCUOC EQPEGPVTCVKQPU QH 6:$  MGVQ2)(  CPF 2)'  /KNNGT GV CN 
   JFC[ HQT YGGMU4CV /%& v  I*GCVKPCEVKXCVGF RNCUOC KPETGCUGU &0# U[PVJGUKU D[ NWPI HKDTQDNCUVU CPFRPGWOQE[VGU6CPUYGNN GV CN 
 6CPUYGNN 
   J /QWUG /%& YGGMU QNF+PJKDKVKQP QH 4$% FGHQTOCDKNKV[ /QTICP GV CN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC#IG QT DQF[ YGKIJV CV UVCTV QH GZRQUWTGD

### (KFNGT&GETGCUGFUGTWOTGVKPQNEQPEGPVTCVKQPUYGTGQDUGTXGFHQNNQYKPIEQPVKPWQWUGZRQUWTGQHTCVUHQTFC[UVQRRO1 6CMCJCUJKGVCNDWVPQEJCPIGUKPRNCUOC 

### TGVKPQNCUEQTDKECEKFCPFVQEQRJGTQNYGTGQDUGTXGFHQNNQYKPIGZRQUWTGQHTCDDKVUHQTJVQ1 TCPIKPIHTQOVQRRO%CPCFCGVCN+PUKOKNCTUVWFKGUCFGETGCUGKPRNCUOC



### NCEVKEFGJ[FTQIGPCUGKUQGP\[OGCEVKXKV[CNUQYCUQDUGTXGFHQNNQYKPIGZRQUWTGQHTCVUHQTJVQRRO1 0CEJVOCPGVCN 

### /KNNGTGVCNKPXGUVKICVGFVJGGHHGEVQHCJGZRQUWTGQHIWKPGCRKIUVQRRO1 QPRNCUOCGKEQUCPQKFNGXGNUCPFQDUGTXGFKPETGCUGUKP6:$ MGVQ2)( CPF   

### 2)' 6JGUGFCVCUWIIGUVVJCVUQOGQHVJGU[UVGOKEGHHGEVUQH1 GZRQUWTGUWEJCU  

### KORCKTOGPVQHRGTKVQPGCN#/RJCIQE[VQUKU%CPPKPIGVCNOC[DGOGFKCVGFD[VJGKOOWPQUWRRTGUUKXGGHHGEVUQHVJGRTQUVCPQKFU1TQRG\C4GPFQPGVCN*GCVKPCEVKXCVGFRNCUOCHTQOTCVUGZRQUGFHQTJFC[HQTYGGMUVQRRO1 CNUQKPETGCUGU&0# 

### U[PVJGUKUD[NWPIHKDTQDNCUVU6CPUYGNNGVCNCPFNWPIRPGWOQE[VGU6CPUYGNNGVCN
##  1VJGT5[UVGOKE'HHGEVU
2TGXKQWUUVWFKGUUWIIGUVVJCV1 JCUGHHGEVUQPVJGZGPQDKQVKEOGVCDQNKUOQHVJG 

### NKXGT75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[6JKUGHHGEVJCUDGGPQDUGTXGFKPOKEGTCVUCPFJCOUVGTUCUCRTQNQPICVKQPQHRGPVQDCTDKVCNUNGGRKPIVKOG)TCJCOGVCN6JGGHHGEVCRRGCTUVQDGUGZFGRGPFGPVYKVJHGOCNGUJCXKPIITGCVGTTGURQPUGUVJCPOCNGU%CPCFCCPF%CNCDTGUGRGTHQTOGFCUKOKNCTGZRGTKOGPVKPDQVJ[QWPIVQOQQNFCPFQNFGT[GCTQNFTCDDKVUGZRQUGFHQTJFC[VQRRO1 HQTEQPUGEWVKXGFC[U6JG[ 

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



##  5WOOCT[5GXGTCNTGRQTVUTGEGPVN[JCXGCRRGCTGFVJCVGZVGPFRTGXKQWUQDUGTXCVKQPUKPNCDQTCVQT[CPKOCNUVJCVKPFKECVGVJCVCODKGPVNGXGNUQH1 ECPCHHGEVCPKOCNDGJCXKQT6JGUG 

### GHHGEVUCTGKPVGTRTGVGFCUCPCNQIQWUVQ1 KPFWEGFU[ORVQOUKPJWOCPUTCVJGTVJCPCU 

### GXKFGPEGQHPGWTQVQZKEKV[6JGDGJCXKQTCNEJCPIGUCTGVTCPUKGPVDWVOC[RGTUKUVUGXGTCNJQWTUCHVGTCEWVGGZRQUWTG&KHHGTGPVV[RGUQHDGJCXKQTUCRRGCTVQDGXCTKCDN[UGPUKVKXGVQ1 

### GZRQUWTGYKVJCEVKXGDGJCXKQTUUJQYKPIUWRRTGUUKQPCVNQYGT1 EQPEGPVTCVKQPUVJCPFQOQTG 

### UGFGPVCT[DGJCXKQTUQTDGJCXKQTUOCKPVCKPGFD[GNGEVTKEUJQEM+EJKMCYCGVCN6GRRGTGVCN6GRRGTCPF9GKUU(QTGZCORNGCJGZRQUWTGQHTCVUVQRROUWRRTGUUGFTWPPKPIYJGGNDGJCXKQT6GRRGTGVCN(WTVJGTOQTGCPKOCNUYKNNTGURQPFVQVGTOKPCVGCOKPGZRQUWTGVQRRO1 VJWUFKTGEVN[KORNKECVKPIVJGKTTKVCPVRTQRGTVKGUQH 

### 1 6GRRGTCPF9QQF+VCRRGCTUVJCVYKVJCFFKVKQPCNVTCKPKPICPKOCNUECPNGCTPVQ



### VGTOKPCVGGZRQUWTGWUKPIEQPFKVKQPGFUVKOWNKTCVJGTVJCPTGN[KPIFKTGEVN[QPVJGCXGTUKXGRTQRGTVKGUQH1 6GRRGTGVCN 

### 1\QPGJCUDGGPHQWPFVQFGETGCUG*4/#2CPFEQTGVGORGTCVWTGRTQHQWPFN[KPTCVU9CVMKPUQPGVCN#TKVQGVCN7EJK[COCCPF;QMQ[COC&WTKPIGZRQUWTGCTTJ[VJOKCUHTGSWGPVN[QEEWT#HVGTCJGZRQUWTGVQRRO1 VJGUGGHHGEVU 

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



#  +PVGTCEVKQPUQH1\QPGYKVJ1VJGT%QQEEWTTKPI

2QNNWVCPVU

 +PVTQFWEVKQP
/QUVQHVJGVQZKEQNQIKECNFCVCHQT1 CTGFGTKXGFHTQOUVWFKGUWUKPI1 CNQPG 

### *QYGXGTKVKUCNUQKORQTVCPVVQGXCNWCVGTGURQPUGUVQKPJCNCVKQPQHV[RKECNRQNNWVCPVEQODKPCVKQPUDGECWUGCODKGPVGZRQUWTGUKPXQNXGOKZVWTGU5WEJOKZVWTGURTQXKFGCDCUKUHQTVQZKEQNQIKECNKPVGTCEVKQPUYJGTGD[EQODKPCVKQPUQHEJGOKECNUOC[DGJCXGFKHHGTGPVN[VJCPYQWNFDGGZRGEVGFHTQOEQPUKFGTCVKQPQHVJGCEVKQPQHGCEJUGRCTCVGEQPUVKVWGPV6JKUUGEVKQPFKUEWUUGUVQZKEQNQIKECNUVWFKGUQHRQNNWVCPVOKZVWTGUKPYJKEJ1 KUQPGEQORQPGPV

### &KUEWUUKQPUQHOCP[QHVJGUGUVWFKGUCFFTGUUKPIVJGGHHGEVQH1 CNQPGQPXCTKQWUQTICPUQT 

### U[UVGOUCRRGCTGNUGYJGTGKPVJKUEJCRVGT'XCNWCVKPIVJGTQNGQH1 KPQDUGTXGFTGURQPUGUVQKPJCNGFOKZVWTGUKUPQVGCU[

### +PURKVGQHVJGO[TKCFQHKPVGTRTGVCVKXGFKHHKEWNVKGUKVKUGUUGPVKCNVQCVVGORVVQWPFGTUVCPFVJGRQVGPVKCNHQTKPVGTCEVKQPUDGECWUG1 FQGUPQVGZKUVCNQPG1PGQHVJGRTQDNGOUKPXQNXGU 

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

### CUCFGRCTVWTGHTQOVJGCFFKVKXKV[OQFGNKGKPVGTCEVKQPKUEQPUKFGTGFVQQEEWTYJGPVJGTGURQPUGVQCOKZVWTGKUUKIPKHKECPVN[FKHHGTGPVHTQOVJGUWOQHVJGTGURQPUGUVQVJGKPFKXKFWCNEQORQPGPVU#NGUUVJCPCFFKVKXGKPVGTCEVKQPKUCPVCIQPKUOYJGTGCUU[PGTIKUOKUCPKPVGTCEVKQPVJCVKUOQTGVJCPCFFKVKXG#UWDENCUUKHKECVKQPQHU[PGTIKUOVGTOGFRQVGPVKCVKQPKUQHVGPWUGFVQFGUETKDGCPKPVGTCEVKQPKPYJKEJTGURQPUGVQCOKZVWTGKUITGCVGTVJCPVJGUWOQHVJGTGURQPUGUVQVJGKPFKXKFWCNEQORQPGPVUDWVYJGTGQPN[QPGEQORQPGPVRTQFWEGFCTGURQPUGFKHHGTGPVHTQOEQPVTQNYJGPCFOKPKUVGTGFCNQPG+POCP[KPUVCPEGUJQYGXGTRQVGPVKCVKQPCPFU[PGTIKUOJCXGDGGPWUGFKPVGTEJCPIGCDN[#NVJQWIJUQOGU[PGTIKUVKEKPVGTCEVKQPUCEVWCNN[OC[UGTXGVQUVKOWNCVGTGRCKTRTQEGUUGUQTQVJGTYKUGTGFWEGVJGJCTOHWN

### GHHGEVUQH1 CPFUQOGCPVCIQPKUVKEKPVGTCEVKQPUGXGPVWCNN[OC[KPETGCUGVJGTKUMQHFKUGCUG 

### FGXGNQROGPVU[PGTIKUOCUEWTTGPVN[WUGFIGPGTCNN[KORNKGUITGCVGTTKUMCPFCPVCIQPKUOKORNKGUNGUUGTTKUM*QYGXGTUWEJCUUWORVKQPUGXGPVWCNN[OC[DGRTQXGPVQDGKPXCNKFKPUQOGKPUVCPEGU#NUQKPVGTCEVKQPUYKVJVJGNCTIGPWODGTQHPCVWTCNCKTRQNNWVCPVUUWEJCUOKETQDGUURQTGUCPFFWUVUVJCVECPRTQFWEGEQPUKFGTCDNGTGURQPUGUCNQPGCTGPQVKPENWFGFKP

VJKUUGEVKQP+POQUVECUGUVJGKPVGTCEVKQPQH1 YKVJQVJGTRQNNWVCPVUJCUDGGPUVWFKGFWUKPI 

### OKZVWTGUVJCVEQPVCKPGFQPN[QPGQVJGTEQRQNNWVCPVKGUKORNGQTDKPCT[OKZVWTGU+PUWEJUVWFKGUVJGTQNGRNC[GFD[GCEJRQNNWVCPVKPGNKEKVKPIOGCUWTGFTGURQPUGUECPDGGNWEKFCVGFYKVJVJGCRRTQRTKCVGGZRGTKOGPVCNFGUKIPDWVOQUVQHVJGFCVCDCUGKPXQNXGUGZRQUWTGUVQVJGOKZVWTGCPF1 QPN[YKVJPQGZRQUWTGVQVJGEQRQNNWVCPVCNQPG#NVJQWIJVJG1 EQPEGPVTCVKQP  

### OC[JCXGDGGPXCTKGFCOQPIGZRQUWTGITQWRUQTYCURTGUGPVKPQPGITQWRCPFPQVKPCPQVJGTUQKVUTGNCVKXGKPHNWGPEGEQWNFDGCUUGUUGFVQUQOGGZVGPVKVECPPQVDGFGVGTOKPGFKPUWEJECUGUYJGVJGTVJGTGURQPUGVQVJGOKZVWTGKPXQNXGFCEVWCNKPVGTCEVKQPQTYCUOGTGN[CFFKVKXG6JGCODKGPVCVOQURJGTGKPOQUVGPXKTQPOGPVUKUIGPGTCNN[COKZVWTGQHCPWODGTQHRQNNWVCPVUCPFCUUGUUKPIGHHGEVUQHUWEJOWNVKEQORQPGPVCVOQURJGTGUOC[UGTXGVQRTQXKFGUQOGKPFKECVKQPQHDKQNQIKECNTGURQPUGUWPFGTEQPFKVKQPUVJCVDGVVGTOKOKECODKGPVGZRQUWTG*QYGXGTXGT[HGYUVWFKGUJCXGWUGFTGCNKUVKEEQODKPCVKQPUQHRQNNWVCPVEQPEGPVTCVKQPUYJGPCUUGUUKPIKPVGTCEVKQP6JGCDKNKV[VQFKUEGTPVJGEQPVTKDWVKQPQH1 VQQDUGTXGFTGURQPUGUDGEQOGUGXGP 

### OQTGFKHHKEWNVYJGPUWEJEQORNGZOKZVWTGUCTGUVWFKGF'XGPYJGPDKPCT[OKZVWTGUCTGWUGFVJG[QHVGPFQPQVOKOKEVJGCODKGPVRCVVGTPGI01 NGXGNURGCMDGHQTG1 NGXGNUFQQT  

### CODKGPVEQPEGPVTCVKQPUCUCDUQNWVGXCNWGUQTCUTCVKQU4CTGN[CTGEQPEGPVTCVKQPTGURQPUGOKZVWTGUVWFKGURGTHQTOGF6JKUTCKUGUVJGRQUUKDKNKV[VJCVCPWPTGCNKUVKEGZRGTKOGPVCNFGUKIPOC[NGCFVQOCUMKPIVJGGHHGEVQHCEQRQNNWVCPVQTVQKFGPVKH[KPICTGURQPUGVJCVOC[PQVQEEWT

KPVJGTGCNYQTNF#PQVJGTRTQDNGOKPCUUGUUKPITGURQPUGUVQOKZVWTGUKPXQNXGUVJGUVCVKUVKECNDCUKUHQTVJGEQPENWUKQPQHUKIPKHKECPVKPVGTCEVKQP(QTGZCORNGCPWODGTQHUVWFKGUFGVGTOKPGFKPVGTCEVKQPD[EQORCTKUQPQHVJGTGURQPUGHTQOGZRQUWTGVQQPN[QPGEQORQPGPVQHVJGOKZVWTGYKVJVJCVHTQOGZRQUWTGVQVJGEQORNGVGOKZVWTG1PVJGQVJGTJCPFUQOGUVWFKGUWUGFUVCVKUVKECNCRRTQCEJGUURGEKHKECNN[FGUKIPGFVQKPFKECVGKPVGTCEVKQPU#UCPQVJGTGZCORNGKVOC[DGTGNCVKXGN[UVTCKIJVHQTYCTFVQUVWF[KPVGTCEVKQPUYJGPQPGGZRQUWTGEQPEGPVTCVKQPQHGCEJQHVYQRQNNWVCPVUKUWUGFDWVKVDGEQOGUOWEJOQTGFKHHKEWNVYJGPVJGTGCTGOWNVKRNGEQPEGPVTCVKQPUWUGFCPFGXGPOQTGFKHHKEWNVUVKNNYJGPOQTGVJCPVYQRQNNWVCPVUCTGKPXQNXGF$GECWUGXCTKCDNGETKVGTKCHQTEQPENWUKQPUQHKPVGTCEVKQPJCXGDGGPWUGFVJGCXCKNCDNGFCVCDCUGKUQPGKPYJKEJVJGUVCVKUVKECNUKIPKHKECPEGHQTFGVGTOKPCVKQPQHKPVGTCEVKQPXCTKGUKPVGTOUQHKVU

TQDWUVPGUU

##  5KORNG$KPCT[/KZVWTGU%QPVCKPKPI1\QPG
6CDNGUCPFQWVNKPGUVWFKGURGTHQTOGFUKPEGRWDNKECVKQPQHVJGNCUV1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[KPYJKEJGZRGTKOGPVCN



### CPKOCNUYGTGGZRQUGFVQCVOQURJGTGUEQPVCKPKPI1 YKVJQPN[QPGQVJGTEQRQNNWVCPV6JGUG 

### VCDNGURTQXKFGVJGGZRGTKOGPVCNFGVCKNUHQTVJGFKUEWUUKQPVJCVHQNNQYU

### 6CDNG6QZKEQNQIKECN+PVGTCEVKQPUQH1\QPGCPF0KVTQIGP&KQZKFGC%QPEGPVTCVKQPD2QNNWVCPV 'ZRQUWTG &WTCVKQP5RGEKGU 5GZ5VTCKP#IGE'PFRQKPVU6KOG QH'PFRQKPV/GCUWTGOGPV4GURQPUG VQ/KZVWTG +PVGTCEVKQP 4GHGTGPEGRROIO10110101   JFC[1  +PVGTOKVVGPV FWTKPIJQWTU FC[ HQNNQYKPIUKPG EWTXG HTQO  RRO CXI VQVCN FWTCVKQP OQ4CV /9KUVCT YGGMU QNF.WPI RTQVGKP EQPVGPV NWPINKRKF RGTQZKFGU CPVKQZKFCPVGP\[OGU 
)2& 2)& )4)56 )5*2Z 51& 2' 2TQVGKP PQ EJCPIGRGTQZKFG KPETGCUGDGVYGGP  CPF  OQTGVWTP VQ EQPVTQN CV OQ 
ITGCVGT GHHGEVYKVJ  RRO 01 GP\[OGU PQ EJCPIG2TQVGKP PQPG 
PQ GHHGEVQH 1 QT 01 CNQPG RGTQZKFG U[PGTIKUOPQ EJCPIG YKVJ 1 QT01 CNQPG HQT  OQGP\[OG PQPG 
PQGHHGEV QH 1 QT 01 CNQPG5CICK CPF +EJKPQUG 
1011  %QPEGPVTCVKQP TCPIGFHTQO  VQ  YKVJ UKPGEWTXG QXGT  J CXI 01  JFC[ DQVJ  OQ OQ TGEQXGT[4CV /9KUVCT YGGMU QNF&GXGNQROGPV QH NWPI VWOQTUHTQO GZRQUWTG 
KPIGUVKQP QHECTEKPQIGP0DKUJ[FTQZ[RTQR[NPKVTQUCOKPG RTKQT VQ 1 CPF01 2' +PETGCUGF VWOQTKPEKFGPEG 
EQORCTGF VQCKTGZRQUGF EQPVTQN5WIIGUVGF U[PGTIKUOPQ KPETGCUG YKVJ 1CNQPG 
01 CNQPG PQVFQPG+EJKPQUG CPF 5CICK 
1 
DCUGNKPG1 
RGCM01 
DCUGNKPG01 
RGCM1 
DCUGNKPG1 
RGCM01 
DCUGNKPG01 
RGCM1 
DCUGNKPG1 
RGCM01 
DCUGNKPG01 
RGCM1 
DCUGNKPG1 
RGCM01 
DCUGNKPG01 
RGCM FC[ EQPVKPWQWUGZRQUWTG VQ DCUCN NGXGNRGCMU  J VYKEG FCKN[ FC[UYGGM DGIKPPKPICHVGT  J QH EQPVKPWQWUGZRQUWTG/QWUG (%& YGGMU QNF$CEVGTKCN KPHGEVKXKV[VQ5VTGRVQEQEEWU\QQGRKFGOKEWUIKXGP CHVGTRQNNWVCPV GZRQUWTG$CEVGTKCNEJCNNGPIG IKXGP QT  J 2'0Q GHHGEV CV NQY NGXGNKPETGCUGF OQTVCNKV[ CVQVJGT NGXGNU5[PGTIKUO CV  1 
 01   1  
 01 OCTIKPCN U[PGTIKUO CV 1 
  
 01  $QVJ 1 CPF 01 KPETGCUGF OQTVCNKV[ CVVYQ JKIJGUV NGXGNU QPN[01 KPETGCUGF CV VYQNQYGUV NGXGNU)TCJCO GV CN 
10101   JFC[1   JFC[    OQ4CV /( YGGMU QNF*KUVQRCVJQNQI[ 
./ 6'/  2' %QPPGEVKXG VKUUWGGFGOC 6[RG  EGNNJ[RGTVTQRJ[ CPF GPNCTIGFNCOGNNCTDQFKGU%JCPIGU OQTG OCTMGFVJCP YKVJ 1 CNQPG01 CHHGEVGF TGURQPUGVQ 1 
PQ SWCPVKVCVKQPRGTHQTOGF6GTCFC GV CN 


### 6CDNGEQPV	F6QZKEQNQIKECN+PVGTCEVKQPUQH1\QPGCPF0KVTQIGP&KQZKFGC%QPEGPVTCVKQPD2QNNWVCPV 'ZRQUWTG &WTCVKQP5RGEKGU 5GZ5VTCKP#IGE'PFRQKPVU6KOG QH'PFRQKPV/GCUWTGOGPV4GURQPUG VQ/KZVWTG +PVGTCEVKQP 4GHGTGPEGRROIO101 JFC[  FC[UYGGMHQT  YGGMU/QWUG /%$N, YGGMU%QNQPK\CVKQP QH NWPI D[OGNCPQOC EGNNU 
KPLGEVGFCHVGT RQNNWVCPV GZRQUWTG+PLGEVOGNCPQOCEGNNU  2'CPF UCETKHKEG YGGMU 2'+PETGCUG KP PWODGT QHEQNQPKGUNWPIEQORCTGF VQ CKT EQPVTQN0QV URGEKHKGF PQEJCPIG YKVJ 1  DWVRTGXKQWU UVWF[ UJQYGFGHHGEV YKVJ 01 4KEJVGTU 
101%QPVKPWQWU  OQ 4CV /9KUVCT YGGMU QNF2WNOQPCT[ ZGPQDKQVKEOGVCDQNKUO NWPI RTQVGKPJQOQIGPCVG 2' 0Q GHHGEV QP RTQVGKPEQPVGPV KPETGCUG KPUGNGEVGF GP\[OGU5WIIGUVGF CPVCIQPKUOHQT ZGPQDKQVKE GP\[OGU1 KPFWEGF KPETGCUG KPUGNGEVGF GP\[OGU KUNQYGTGF D[ CFFKVKQP QH01 6CMCJCUJK CPF /KWTC101101101101 JFC[ HQT  FC[U JFC[ HQT  FC[U JFC[ HQT  FC[U JFC[ HQT  FC[U4CV /5& YGGMUQNF2TQVGKP 
NCXCIG NCXCIGF EGNNUGRKVJGNKCN 2/0 2' +PETGCUGF RTQVGKP CPFEGNNU5[PGTIKUO RTQVGKP CV CPF  RRO 1OKZVWTGU NCXCIGF EGNNUCV  RRO 1 QVJGTU CFFKVKXG)GN\NGKEJVGT GV CN 
C101101101 JFC[ HQT  FC[U 4CV /5& YGGMUQNF2TQVGKP 
NCXCIG NCXCIGF EGNNEQWPVU 
GRKVJGNKCN 2/0#/ &0# EQPVGPV QH EGNNRGNNGV 2' +PETGCUGF RTQVGKP CPFEGNNU FGRGPFKPI QPEQPEGPVTCVKQP5[PGTIKUO EGNN EQWPVUCV RRO 1 OKZVWTGRTQVGKP CFFKVKXG)GN\NGKEJVGT GV CN 
D101101101101 JFC[ HQT  FC[U JFC[ HQT  FC[U JFC[ HQT  FC[U JFC[ HQT  FC[U4CV /5& I#KTYC[ NCDGNKPI KPFGZ  FC[U 2' +PETGCUGF KPFGZ KPRGTKRJGTCN CKTYC[U 
6$UQRGPKPI KPVQ #&U CPFNCTIG CKTYC[U CV VJTGGJKIJGUV FQUGU KPETGCUGFCNXGQNCT KPFGZCV  
  RRO QPN[5[PGTIKUO HQTRGTKRJGTCN CKTYC[U CVJKIJGUV FQUG CPF NCTIGCKTYC[U CV VJTGG JKIJGUVFQUGU QPN[4CLKPK GV CN 
101%QPVKPWQWU HQT  FC[U 4CV /5& OQ QNF.WPI GP\[OGU 
)2& 2)&+%& )5*2Z )4 &4 )&60#&2*%4 2' +PETGCUGF CEVKXKV[ 5[PGTIKUO 2)&+%& )4 51&CFFKVKXG )2 &4QVJGTU GHHGEV UCOG CU1 QPN[.GG GV CN 


### 6CDNGEQPV	F6QZKEQNQIKECN+PVGTCEVKQPUQH1\QPGCPF0KVTQIGP&KQZKFGC%QPEGPVTCVKQPD2QNNWVCPV 'ZRQUWTG &WTCVKQP5RGEKGU 5GZ5VTCKP#IGE'PFRQKPVU6KOG QH'PFRQKPV/GCUWTGOGPV4GURQPUG VQ/KZVWTG +PVGTCEVKQP 4GHGTGPEGRROIO101 J0QUGQPN[4CDDKV /0<9 OQ QNF2WNOQPCT[ GKEQUCPQKFUNCXCIG 
2)'  2)(  MGVQ2)(  6:$  .6$  QT  J 2' +PETGCUGU KP 2)' 2)(  CPF 6:$KOOGFKCVGN[2' 
EQORCTGF VQ CKTEQPVTQN5[PGTIKUO 2)' 2)(  6:$ GHHGEVUKOKNCT VQ 1 CNQPG5EJNGUKPIGT GV CN 
101 JFC[ HQT  FC[U0QUGQPN[4CDDKV /0<9 OQ QNF2WNOQPCT[ GKEQUCPQKFUNCXCIG 
2)'  2)(  MGVQ2)(  6:$ 2' CHVGT QT GZRQUWTGU QT J 2' CHVGT GZRQUWTGU&GETGCUG KP 2)'EQORCTGF VQ CKTEQPVTQN CHVGT  CPF FC[U CPF  J 2'MGVQ2)( FGETGCUGF J RQUVGZRQUWTG0QPG GHHGEVU CFFKVKXGQT UKOKNCT VQ 01 CNQPG5EJNGUKPIGT GV CN 
101%QPVKPWQWU HQT  YGGMU /QWUG /+%4*COUVGT /)QNFGP4CV /9KUVCT)WKPGC RKI /*CTVNG[CNN  YGGMUQNF.WPI NKRKF RGTQZKFGUCPVKQZKFCPV EQPVGPVRJQURJQNKRKFU CPF HCVV[ CEKFU 2' 8CTKCDNG KPETGCUGU VQ PQGHHGEV FGRGPFKPI QPURGEKGU0QV FGVGTOKPCDNGEQORCTGF OKZVWTG XUCKT EQPVTQN PQ OGCUWTGQH UKPING RQNNWVCPVURGTHQTOGF5CICK GV CN 
101 JFC[ HQT  YGGMU /QWUG /+%4*COUVGT /)QNFGP4CV /9KUVCT)WKPGC RKI /*CTVNG[CNN  YGGMUQNF.WPI NKRKF RGTQZKFGUCPVKQZKFCPV GP\[OGU VQVCNRTQVGKP 
JQOQIGPCVG 2' +PETGCUGU YJKEJ YGTGURGEKGU FGRGPFGPV0QV FGVGTOKPCDNGEQORCTGF OKZVWTGU XUCKT EQPVTQN PQ OGCUWTGQH UKPING RQNNWVCPVURGTHQTOGF+EJKPQUG GV CN 
101%QPVKPWQWU HQT  YGGMU 4CV /9KUVCT YGGMU QNF)WKPGC RKI /*CTVNG[ YGGMU QNF.KRKF RGTQZKFGU NWPICPVKQZKFCPVU CPF CPVKQZKFCPVGP\[OGU 2' +PETGCUGF RGTQZKFGU KPIWKPGC RKI DWV PQV TCVKPETGCUGF CPVKQZKFCPVU KPTCV DWV PQV IWKPGC RKIGP\[OGU KPETGCUGF QTFGETGCUGF KP IWKPGC RKIUKPETGCUGF VQ PQ EJCPIG KPTCV5[PGTIKUO HQT UQOGGPFRQKPVU CFFKVKXG VQPQ KPVGTCEVKQP HQTQVJGTU URGEKGUFGRGPFGPV+EJKPQUG CPF 5CICK 


### 6CDNGEQPV	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
101 JFC[ HQT  FC[U /QWUG /5YKUU9GDUVGT OQ QNF.WPI RTQVGKP &0#UWNHJ[FT[N CPF PQPUWNHJ[FT[NEQPVGPV )4 )56 )2&2)& +%& CEVKXKVKGU 2' 0Q EJCPIG KP RTQVGKP QT&0# KPETGCUG KP CEVKXKV[QH +%& )2& 2)&5[PGTIKUO GP\[OGCEVKXKV[/WUVCHC GV CN 
101101 J 
TGUV J 
GZGTEKUG4CV /5& YGGMU QNF2CTGPEJ[OCN JKUVQRCVJQNQI[  FC[U 2' +PETGCUGF HQECN NGUKQPU 5[PGTIKUO CUETKDGF VQRTQFWEVKQP QH *01 KPGZRQUWTG CVOQURJGTG/CWV\ GV CN 
101 JTGUV CPF GZGTEKUG4CV /5& FC[UQNF'RKVJGNKCN RGTOGCDKNKV[VTCEJGCN DTQPEJQCNXGQNCTOGCUWTGF  CPF  J 2'   FC[U 2' 4GUV KPETGCUGFDTQPEJQCNXGQNCTRGTOGCDKNKV[ CV  CPF  J2' GZGTEKUG KPETGCUGFDTQPEJQCNXGQNCTRGTOGCDKNKV[ CV  CPF  J2' 
GHHGEVU ITGCVGT VJCPYKVJ 1 CNQPG PQ GHHGEVQH 01 'PJCPEGF OCIPKVWFGCPF FWTCVKQP QH TGURQPUGUWIIGUVGF RQVGPVKCVKQP$JCNNC GV CN 
101%QPVKPWQWU HQT  FC[U /QWUG /$#.$E YGGMUQNF#PVKDQF[ TGURQPUG VQ 6EGNNFGRGPFGPV CPF KPFGRGPFGPVCPVKIGPU KP URNGGP 2' +PEQPUKUVGPV RCVVGTP QHKPETGCUGU CPF FGETGCUGUQH NWPI YGKIJV VJ[OWUYGKIJV QT RNCSWGHQTOCVKQP/QUV TGURQPUGU UKOKNCTVQ 1 QPN[ OKZVWTGCHHGEVGF UQOG VKOGRQKPVU PQV CHHGEVGF D[1 CNQPG KORNKGFPQPCFFKVKXG KPVGTCEVKQPDWV URGEKHKEU PQVFGVGTOKPCDNG(WLKOCMK 
101 JFC[ HQT  FC[UEQPEWTTGPV QT UGSWGPVKCN1 RTG01  01 RTG1    J GCEJ4CV /5& YGGMUQNF2TQVGKP 
NCXCIG NCXCIGFEGNN EQWPVU 
GRKVJGNKCN 2/0#/ &0# EQPVGPV QH EGNNRGNNGV 2' +PETGCUGF RTQVGKP HQTEQPEWTTGPV QT UGSWGPVKCNKPETGCUG KP EGNN EQWPVU HQTEQPEWTTGPV5[PGTIKUO RTQVGKPCPF EGNN EQWPVU HQTEQPEWTTGPV RTQVGKPCFFKVKXG QT CPVCIQPKUVKEHQT UGSWGPVKCN)GN\NGKEJVGT GV CN 
D

### 6CDNGEQPV	F6QZKEQNQIKECN+PVGTCEVKQPUQH1\QPGCPF0KVTQIGP&KQZKFGC%QPEGPVTCVKQPD2QNNWVCPV 'ZRQUWTG &WTCVKQP5RGEKGU 5GZ5VTCKP#IGE'PFRQKPVU6KOG QH'PFRQKPV/GCUWTGOGPV4GURQPUG VQ/KZVWTG +PVGTCEVKQP 4GHGTGPEGRROIO101 JFC[ HQT  FC[U 4CV /5& YGGMUQNF8CTKQWU DKQEJGOKECN CPFJKUVQNQIKECN GPFRQKPVU 2' +PETGCUGF NWPI &0#RTQVGKP EQNNCIGP GNCUVKPUQOG FGCVJU YKVJ OKZVWTGQPN[ CV FC[UFGETGCUGFJ[FTQZ[R[TKFKPKWO5WIIGUVGF U[PGTIKUO HQTJ[FTQZ[RTQNKPG CPFJ[FTQZ[R[TKFKPKWO.CUV GV CN 
D5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC)TQWRGF D[ RQNNWVCPV OKZVWTGD#IG QT DQF[ YGKIJV CV UVCTV QH GZRQUWTGE

### 6CDNG6QZKEQNQIKECN+PVGTCEVKQPUVQ$KPCT[/KZVWTGUQH1\QPGYKVJ#EKFUCPF1VJGT2QNNWVCPVUC%QPEGPVTCVKQPD2QNNWVCPV 'ZRQUWTG &WTCVKQP5RGEKGU 5GZ5VTCKP#IGE'PFRQKPVU6KOG QH 'PFRQKPV/GCUWTGOGPV4GURQPUG VQ/KZVWTG +PVGTCEVKQP 4GHGTGPEGRROIO 1* 51 
O  JFC[  FC[UYGGMHQT WR VQ  [GCT0QUGQPN[4CDDKV /0<9 OQ QNF6TCEJGQDTQPEJKCNOWEQEKNKCT[ VTCPURQTVDTQPEJKCN VTGG GRKVJGNKCNUGETGVQT[ EGNN PWODGTU/WEQEKNKCT[VTCPURQTV FWTKPIGZRQUWTG UGETGVQT[EGNNU  FC[U CHVGT  CPF  OQ QHGZRQUWTG0QTOCN VQ CEEGNGTCVGFENGCTCPEG KPETGCUG KPUGETGVQT[ EGNN PWODGTU CVGCTN[ VKOG RQKPVUOQ GZRQUWTG%NGCTCPEG 0Q KPVGTCEVKQPUGETGVQT[ EGNN PWODGTUU[PGTIKUO CV  OQCPVCIQPKUO CV  CPF  OQ5EJNGUKPIGT GV CNC111* 51 
O * 51 
O * 51 
O  J0QUGQPN[4CDDKV /0<9 OQ QNF.CXCIG EGNN EQWPVU NCXCIG.&* 2)'  2)(  #/ RJCIQE[VQUKU UWRGTQZKFGRTQFWEVKQP 60( CEVKXKV[ 2' 0Q GHHGEVU QP NCXCIG EGNNEQWPVU QT .&* 2)' 2)( QT KPETGCUG QTFGETGCUG KP 60( CPFRJCIQE[VQUKU FGRGPFKPIQP GZRQUWTGEQPEGPVTCVKQP PQ EJCPIGKP UWRGTQZKFG#PVCIQPKUO2JCIQE[VQUKU CV CNNEQODKPCVKQPU CPVCIQPKUO5WRGTQZKFG CV  CPF RRO 1 CPF  CPFIO * 51  U[PGTIKUO 60( CVIO * 51 CPF  CPF  RRO 1 5EJNGUKPIGT GV CND1* 51  J HQT  FC[U JFC[4CV /5& I.CXCIGCDNG RTQVGKP  2' +PETGCUG 
EQORCTGF VQ CKTEQPVTQN5[PGTIKUO CVIO* 51 CPF  RRO 1 HQT  FC[U9CTTGP CPF .CUV1* 51  JFC[ HQT  FC[U 4CV /5& I.WPI VKUUWG RTQVGKP  2' +PETGCUG 
EQORCTGF VQ CKTEQPVTQN5[PGTIKUO CV IO* 51 CPF  RRO 1  IO * 51 CPF  RRO 1 9CTTGP CPF .CUV1* 51  JFC[ HQT  FC[U 4CV /5& I4CVG QH EQNNCIGP U[PVJGUKU  2' +PETGCUG 
EQORCTGF VQ CKTEQPVTQN5[PGTIKUO CVIO* 51 CPF  RRO 1  IO * 51 CPF  RRO 1 
YKVJ UWIIGUVKQP CVIO * 51  9CTTGP CPF .CUV 1* 51 
O  J VQ * 51   J TGUV VJGP  JVQ 1*GCFQPN[ 
CEKFYJQNGDQF[ 
1)WKPGC RKI /*CTVNG[ I2WNOQPCT[ HWPEVKQP  2' #EKFKPFWEGF FGETGCUG KP&. PQV CHHGEVGF%1D[ 1 0QPG 1 FKF PQV CNVGT CEKFGHHGEV%JGP GV CN 


### 6CDNGEQPV	F6QZKEQNQIKECN+PVGTCEVKQPUVQ$KPCT[/KZVWTGUQH1\QPGYKVJ#EKFUCPF1VJGT2QNNWVCPVUC%QPEGPVTCVKQPD2QNNWVCPV 'ZRQUWTG &WTCVKQP5RGEKGU 5GZ5VTCKP#IGE'PFRQKPVU6KOG QH'PFRQKPV/GCUWTGOGPV4GURQPUG VQ/KZVWTG +PVGTCEVKQP 4GHGTGPEGRROIO 1* 51 
NC[GTGF QP <P1 J VQ * 51   J TGUV VJGP  JVQ 1*GCFQPN[ 
CEKFYJQNGDQF[ 
1)WKPGC RKI /*CTVNG[ I2WNOQPCT[ HWPEVKQP  2' )TGCVGT FGETGCUG KP &. %18% CHVGT 1  PQEJCPIG KPCNXGQNCT XQNWOG 6.% YKVJOKZVWTG5WIIGUVGF U[PGTIKUOITGCVGT VJCP CFFKVKXGHQT &.  DWV PQV 8%%1%JGP GV CN 
 1* 51 NC[GTGF QP<P1* 51  JFC[ HQT  FC[U 1 QP &C[ *GCFQPN[ 
CEKFYJQNGDQF[ 
1)WKPGC RKI /*CTVNG[ I2WNOQPCT[ HWPEVKQP  2' &GETGCUG KP 6.% 8%&. GPJCPEGF D[ 1 %1 5WIIGUVGF U[PGTIKUOITGCVGT VJCP CFFKVKXG%JGP GV CN 
 1* 51  JFC[ HQT  FC[U 4CV /5& I4CVG QH EQNNCIGP U[PVJGUKU  2' +PETGCUG 2QUUKDN[ U[PGTIKUO'HHGEV FKHHGTGPV HTQO1 CNQPG9CTTGP GV CN 
 1* 51  QT  FC[U 4CV /5& I.WPI RTQVGKP EQPVGPV  2' +PETGCUG QPN[ CV  FC[U 5WIIGUVGF U[PGTIKUO .CUV 
D 1* 51  JFC[ HQT  FC[U 4CV /5& I2TQVGKP EQPVGPV 
NCXCIG  2' +PETGCUG 0QPG 'HHGEV UCOGCU 1 CNQPG9CTTGP GV CN 
 1* 51  JFC[ HQT  FC[U 4CV /5& I2TQZKOCN CEKPCT NGUKQPXQNWOG 2' +PETGCUG 0QPG 'HHGEV UCOGCU 1 CNQPG9CTTGP GV CN 
 1* 51  JFC[ HQT  FC[U 4CV /5& I.WPI RTQVGKP CPF HTGGRTQNKPG EQPVGPV 2' +PETGCUG YKVJ * 51 CPF 1 QPN[5[PGTIKUO .CUV GV CN 
 1* 51 O1 HQT  J HQNNQYGFD[ * 51 HQT  J )WKPGC RKI ( /*CTVNG[ OQ QNF#KTYC[ EQPUVTKEVKQPOGCUWTGF D[ VTCRRGF ICUXQNWOG 2' +PETGCUG EQORCTGF VQ CKT 0Q KPVGTCEVKQP'HHGEV UCOG CU 1CNQPG * 51 JCF PQ GHHGEV5KNDCWIJ CPF /CWFGTN[ 10*  51  JFC[ HQT  FC[U 4CV /5& I4CVG QH EQNNCIGP U[PVJGUKU  2' +PETGCUG 5[PGTIKUO 'HHGEVITGCVGT VJCP 1  UWNHCVGJCF PQ GHHGEV9CTTGP GV CN 
 10*  51  JFC[ HQT  FC[U 4CV /5& I.CXCIGCDNG RTQVGKP  2' +PETGCUG 5[PGTIKUO 'HHGEVITGCVGT VJCP 1  UWNHCVGJCF PQ GHHGEV9CTTGP GV CN 
 10*  51  JFC[ HQT  FC[U 4CV /5& I.CXCIGCDNG RTQVGKP  2' +PETGCUG 0Q KPVGTCEVKQP'HHGEV UCOG CU 1CNQPG9CTTGP GV CN 


### 6CDNGEQPV	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
 10*  51  JFC[ HQT  FC[U 4CV /5& I.WPI RTQVGKP EQPVGPVRTQNKPG EQPVGPV CRRCTGPVEQNNCIGP U[PVJGUKU TCVGHKDTQDNCUV PWODGTU KP NGUKQPUNGUKQP XQNWOG 2' +PETGCUG 5[PGTIKUO 'HHGEV ITGCVGT VJCP1 CNQPG * 51 JCF PQ GHHGEV RTGXKQWU UVWF[.CUV GV CN 
151 JFC[ HQT  FC[U*GCFQPN[5JGGR (#FWNV 
 MI6TCEJGCN OWEWUXGNQEKV[ CPF J 2'&GETGCUG KP XGNQEKV[EQORCTGF VQ CKT EQPVTQN0QV FGVGTOKPCDNG PQ OGCUWTGQH UKPING RQNNWVCPVU RGTHQTOGF#DTCJCO GV CN1*01 JFC[ HQT  FC[U0QUGQPN[4CV /( I.CXCIG EGNN RQRWNCVKQPRTQVGKP 
NCXCIG #/TGURKTCVQT[ DWTUV .6% GNCUVCUG KPJKDKVQT[ ECRCEKV[NCXCIG J 2' 0Q EJCPIG KP CP[ GPFRQKPVEQORCTGF VQ CKT EQPVTQN0QPG 0CF\KGLMQ GV CN1*01 J0QUGQPN[4CV /( I.CXCIG EGNN RQRWNCVKQPRTQVGKP 
NCXCIG #/TGURKTCVQT[ DWTUV .6% GNCUVCUG KPJKDKVQT[ ECRCEKV[NCXCIG J 2' +PETGCUGF RTQVGKP 2/0PWODGT GNCUVCUG KPJKDKVKPIECRCEKV[ PQ GHHGEV QP QVJGTGPFRQKPVU 
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

### 6CDNGEQPV	F6QZKEQNQIKECN+PVGTCEVKQPUVQ$KPCT[/KZVWTGUQH1\QPGYKVJ#EKFUCPF1VJGT2QNNWVCPVUC%QPEGPVTCVKQPD2QNNWVCPV 'ZRQUWTG &WTCVKQP5RGEKGU 5GZ5VTCKP#IGE'PFRQKPVU6KOG QH 'PFRQKPV/GCUWTGOGPV4GURQPUG VQ/KZVWTG +PVGTCEVKQP 4GHGTGPEGRROIO111*%*11*%*1*%*1*%*1 JFC[ HQT  FC[U JFC[ HQT  FC[U4CV /9KUVCT I0CUCN GRKVJGNKCN EGNN VWTPQXGTJKUVQRCVJQNQI[ 
./6J[OKFKPGCFOKPKUVGTGF  J2' UCETKHKEG  J2'+PETGCUGF VWTPQXGTDWV UQOG EQPFKVKQPURTQFWEGF FGETGCUGFWG VQ EJCPIG KPXGPVKNCVKQP5[PGTIKUO HQT VWTPQXGTYKVJ  RRO 1 CPF RRO *%*1FGRGPFKPI QP CPCVQOKECNUKVG 
ITGCVGT VJCP VJGUWO QH KPFKXKFWCNTGURQPUGU VQ 1 CPF*%*1 OKETQUEQRKENGUKQPU UKOKNCT VQ 1CPFQT *%*1 CNQPG4GW\GN GV CN 
1*%*11*%*1 J 
TGUV J 
GZGTEKUG4CV /5& YGGMU QNF0CUCN GRKVJGNKCN EGNNVWTPQXGT RCTGPEJ[OCNJKUVQRCVJQNQI[ FC[U 2' +PETGCUGF HQECNRCTGPEJ[OCN NGUKQPUYKVJ GZGTEKUG DWV PQGHHGEV CV TGUVKPETGCUGF PCUCN EGNNVWTPQXGT CV TGUV QTGZGTEKUG2CTGPEJ[OC5[PGTIKUO YKVJGZGTEKUG CPVCIQPKUO CVTGUV0CUCN 5[PGTIKUO/CWV\ GV CN 
1%KICTGVVG UOQMG1%KICTGVVG UOQMG1   J VJGP RWHHU UOQMG 
UGSWGPVKCN1   J VJGP RWHHU UOQMGUGSWGPVKCN1  EJCODGT UOQMGJGCFQPN[)WKPGC RKI (*CTVNG[ I#KTYC[ TGURQPUKXKV[VQ OGVCEJQNKPG EJCNNGPIGVTCEJGCN XCUEWNCT RGTOGCDKNKV[ J 2'  QT  J 2' +PETGCUGF TGURQPUKXKV[CPF RGTOGCDKNKV[KOOGFKCVGN[ 2' CVDQVJ FQUGU 
OCIPKVWFGDWV PQV FWTCVKQP QHGHHGEV5WIIGUVGF U[PGTIKUO0Q GHHGEV QH 1 QTUOQMG CNQPG CV NQYFQUG JKIJ 1 KPETGCUGFTGURQPUKXKV[ CPFRGTOGCDKNKV[ JKIJUOQMG KPETGCUGFTGURQPUKXKV[0KUJKMCYC GV CN 
 15KNKECKPUVKNNGF5KNKEC KPUVKNNGF QP &C[ HQNNQYGF D[ 1 HQT JFC[  FC[UYGGMHQT  FC[U DGIKPPKPI&C[ 4CV /5& YGGMU QNF2WNOQPCT[ HKDTQUKU  J 2' 
NCUV 10Q EJCPIG KP NWPI&0# RTQVGKP QTJ[FTQZ[RTQNKPG EQPVGPVKPETGCUG KP TCVKQ QHJ[FTQZ[RTQNKPG VQ&0# RTQVGKP QT YGVYGKIJV 
EQORCTGF VQ CKTEQPVTQN CV I0QPG 0Q DKQNQIKECNUKIPKHKECPEG5JKQVUWMC GV CN 


### 6CDNGEQPV	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

###  0KVTQIGP&KQZKFGCU%QRQNNWVCPV6JGOQUVEQOOQPN[UVWFKGFEQRQNNWVCPVKPDKPCT[OKZVWTGUYKVJ1 KU01 5VWFKGU  

### FKUEWUUGFKPVJGRTGXKQWU1 ETKVGTKCFQEWOGPVKPFKECVGFVJCVCNVJQWIJKPVGTCEVKQPOC[QEEWT 

### DGVYGGPVJGUGVYQRQNNWVCPVUKPIGPGTCN1 QHVGPOCUMGFVJGGHHGEVUQHVJG01 QTCEEQWPVGF  

### HQTOQUVQHVJGTGURQPUG6JKUKUDGECWUGQPCOQNGVQOQNGDCUKU1 KUEQPUKFGTCDN[OQTG 

### VQZKEVJCP01 CPFVJGTGNCVKXGEQPVTKDWVKQPQH1 CPF01 VQRWNOQPCT[KPLWT[KUFTKXGPD[  

### VJGGZRQUWTGTCVKQQHVJGVYQRQNNWVCPVU%QOOQPN[UVWFKGFGPFRQKPVUHQTCUUGUUKPIGHHGEVUQHVJGUGOKZVWTGUYGTGNWPIOQTRJQNQI[DKQEJGOKUVT[CPFTGUKUVCPEGVQDCEVGTKCNKPHGEVKQP6QRWVVJGGZRQUWTGEQPEGPVTCVKQPUQH01 KPVQUQOGRGTURGEVKXGUJQTVVGTO 

### JCXGTCIGUCTGIGPGTCNN[RROCPFJCXGTCIGUCTGIGPGTCNN[RROKPOCLQTOGVTQRQNKVCPCTGCU*QYGXGTJQWTN[CXGTCIGUKPOQUVTGIKQPUQHVGPGZEGGFRROCVNGCUVQPEGFWTKPIVJG[GCT5EJNGUKPIGT#PGCTNKGTUVWF[PQVGFVJCVVJGOQTRJQNQIKECNTGURQPUGQHVJGTCVNWPICNXGQNCTGRKVJGNKWOHQNNQYKPIFC[UQHGZRQUWTGVQ1 01 OKZVWTGURRO1 
RRO01    

### QTRRO1 
RRO01 YCUFWGVQVJG1 (TGGOCPGVCN*QYGXGTVJG  

### FWTCVKQPQHGZRQUWTGOC[CHHGEVVJGEQPVTKDWVQT[TQNGQHVJGEQRQNNWVCPV6JWUHQTGZCORNG6GTCFCGVCNGZRQUGFTCVUVQ1 CNQPGQTVQCOKZVWTGQHRRO1 
RRO01   

### YKVJ1 CFOKPKUVGTGFJFC[CPF01 CFOKPKUVGTGFJFC[HQTWRVQOQ(QNNQYKPI  

### OQQHGZRQUWTGQDUGTXGFNWPINGUKQPUKPVJGITQWRGZRQUGFVQVJGOKZVWTGYGTGUKOKNCTKPUGXGTKV[VQVJQUGPQVGFYKVJGZRQUWTGVQ1 CNQPGDWVCUVJGFWTCVKQPQHGZRQUWTGKPETGCUGF 

### VJGOQTRJQNQIKECNEJCPIGUKPKPVGTUVKVKCNVKUUWGCRRGCTGFOQTGOCTMGFKPVJQUGCPKOCNUGZRQUGFVQVJGOKZVWTG'FGOCQHRWNOQPCT[EQPPGEVKXGVKUUWGYCUOQTGRTQPQWPEGFCPFCNXGQNCT6[RGEGNNUDGECOGUYQNNGP#NVJQWIJVJKUUVWF[YCUPQVSWCPVKVCVKXGSWCNKVCVKXG

QDUGTXCVKQPUNGFVJGCWVJQTUVQEQPENWFGVJCVVJGNGUKQPUYGTGPQVFWGVQ1 CNQPGDWVVJCV01  

### RNC[GFUQOGCNDGKVWPFGHKPGFEQPVTKDWVQT[TQNG6JGGHHGEVQHGZRQUWTGFWTCVKQPQPKPVGTCEVKQPYCUCNUQPQVGFKPUVWFKGUQH5EJNGUKPIGTGVCN4CDDKVUGZRQUGFVQRRO1 
RRO01 HQT  

### JUJQYGFU[PGTIKUVKEKPETGCUGUKPEGTVCKP$#.GKEQUCPQKFUQDVCKPGFKOOGFKCVGN[CHVGTGZRQUWTGYJGTGCUCPKOCNUGZRQUGFVQVJGUCOGOKZVWTGHQTJFC[HQTFC[UUJQYGFPQKPVGTCEVKQPHQTVJGUCOGRCTCOGVGTU#PWODGTQHUVWFKGUGZCOKPGFQVJGTDKQEJGOKECNTGURQPUGUVQ1 01 OKZVWTGU  

### GIUWNHJ[FT[NOGVCDQNKUOCPFVJGCEVKXKV[QHEGTVCKPGP\[OGU5QOGQHVJGUVWFKGUFKUEWUUGFKPVJGRTGXKQWU1 ETKVGTKCFQEWOGPVYGTGHQWPFVQKPXQNXGU[PGTIKUOGI/WUVCHC 

### GVCN/QTGTGEGPVUVWFKGUQHNWPIDKQEJGOKUVT[CNUQUWIIGUVVJCV1 CPF01 KPVGTCEV  

### U[PGTIKUVKECNN[+EJKPQUGCPF5CICKGZRQUGFTCVUCPFIWKPGCRKIUVQRRO1 RRO01 QTCOKZVWTGQHVJGVYQRQNNWVCPVUEQPVKPWQWUN[HQTYGGMU0QEJCPIGKP

 

### NWPIRGTQZKFGRTQFWEVKQPYCUQDUGTXGFKPTCVUDWVVJGOKZVWTGU[PGTIKUVKECNN[KPETGCUGFRGTQZKFGNGXGNUKPIWKPGCRKIU6JGIWKPGCRKIUUJQYGFPQEJCPIGKPNWPICPVKQZKFCPVEQPVGPVHQNNQYKPICP[GZRQUWTGYJGTGCUVJGOKZVWTGU[PGTIKUVKECNN[KPETGCUGFCPVKQZKFCPVNGXGNUKPTCVNWPI6JGEQPENWUKQPQHCUKIPKHKECPVKPVGTCEVKQPYCUDCUGFQPTGNCVKXGEJCPIGUHTQOCKTEQPVTQNUHQNNQYKPIGZRQUWTGVQVJGOKZVWTGEQORCTGFVQEJCPIGUHQNNQYKPIGZRQUWTGVQGCEJRQNNWVCPVCNQPGWUKPIVJGVVGUV5[PGTIKUOYCUFGHKPGFCUCEJCPIGITGCVGTVJCPVJGUWOQHVJGTGURQPUGUVQKPFKXKFWCNRQNNWVCPVUPQURGEKHKEVGUVHQTKPVGTCEVKQPYCURGTHQTOGF+EJKPQUGCPF5CICKCNUQPQVGFVJCVNGXGNUQHCPVKQZKFCPVGP\[OGUKPTCVQTIWKPGCRKINWPIUYGTGXCTKQWUN[CHHGEVGFD[GZRQUWTGVQVJGCDQXGOKZVWTG(QTGZCORNG)56YCUFGETGCUGFKPDQVJURGEKGUGZRQUGFQPN[VQ1 DWVVJGOKZVWTGRTQFWEGFCTGFWEVKQPQHVJKU 

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

### CEVKXKV[JCXGDGGPGZCOKPGFKPCPWODGTQHQVJGTUVWFKGU+EJKPQUGGVCN.GGGVCN5CICKCPF+EJKPQUGCPFVJGTGUWNVUIGPGTCNN[EQPHKTOVJCVPQVGFCDQXGKGUWEJOKZVWTGUVGPFVQRTQFWEGU[PGTIKUVKEKPVGTCEVKQP*QYGXGTVJGTGKUCNUQUQOGGXKFGPEGHQTCPVCIQPKUO6CMCJCUJKCPF/KWTCGZCOKPGFGHHGEVUQPVJGRWNOQPCT[ZGPQDKQVKEU[UVGOQHTCVUGZRQUGFHQTQTOQVQCOKZVWTGQHRRO1 
RRO01 CUYGNNCUVQ  

### GCEJRQNNWVCPVCNQPG1\QPGKPFWEGFCPKPETGCUGKPNWPIE[VQEJTQOG2EQPVGPVDWVVJGCEVKXKV[QHVJGUGGP\[OGUYCUTGFWEGFD[VJGCFFKVKQPQH01 VQVJGGZRQUWTGCVOQURJGTGVJCV 

### KUVJGOKZVWTGTGUWNVGFKPNGXGNUKPVGTOGFKCVGDGVYGGPVJQUGHQWPFYKVJ1 QT01 CNQPG 

### *QYGXGTVJGTGFWEVKQPKPGP\[OGCEVKXKV[KPFWEGFD[01 YCUTGUVTKEVGFVQVJQUGGP\[OGU 

### VJCVJCFDGGPKPETGCUGFD[GZRQUWTGVQ1 CNQPG6JGCWVJQTUUWIIGUVGFVJCVCPVCIQPKUOYCU 

### FWGVQVJGRTQFWEVKQPQHWPFGHKPGFUGEQPFCT[TGCEVKQPRTQFWEVUKPVJGGZRQUWTGCVOQURJGTG#UKOKNCTGZRNCPCVKQPYCURTQRQUGFVQGZRNCKPQDUGTXGFU[PGTIKUOQHNWPICPVKQZKFCPVCEVKXKV[KPCPQVJGTUVWF[.GGGVCN6JWUVJGTGURQPUGVQCP[UGEQPFCT[RTQFWEVNKMGN[FGRGPFUQPVJGGPFRQKPVGZCOKPGFCUUWOKPIVJCVVJGUCOGTGCEVKQPRTQFWEVUYGTGHQTOGFKPVJGUGVYQ

UVWFKGU 6JGTQNGQHGZRQUWTGRCTCOGVGTUKPRTQFWEKPICPKPVGTCEVKQPDGVYGGPUKOWNVCPGQWUN[KPJCNGF1 CPF01 YCUGZCOKPGFD[)GN\NGKEJVGTGVCNC4CVUYGTGGZRQUGFVQ  

### XCTKQWUEQODKPCVKQPUQH1 CPF01 HQTXCTKQWUFWTCVKQPUCPFJUWEJVJCVVJG  

### %¥6RTQFWEVUYGTGKFGPVKECNHQTGCEJQHHQWTGZRQUWTGUGVU#UKPFKECVGFKP6CDNGCUVJGGZRQUWTGFWTCVKQPKPETGCUGFVJGGZRQUWTGEQPEGPVTCVKQPQHGCEJEQORQPGPVQHVJGOKZVWTGFGETGCUGF.CXCIGFRTQVGKPNGXGNUCPFTGEQXGTGFEGNNUYGTGVJGGPFRQKPVU(QTGCEJGZRQUWTGEQODKPCVKQPVJGCFFKVKXGTGURQPUGYCURTGFKEVGFHTQOVJGTGUWNVUQHGZRQUWTGVQGCEJRQNNWVCPVCNQPGCPFVJGPU[PGTIKUOYCUKPFKECVGFYJGPVJGTGYCUFGXKCVKQPHTQOCFFKVKXKV[4GURQPUGUVQGZRQUWTGVQGKVJGT1 QT01 CNQPGHQTQTJUJQYGFVJCVVJGRTQFWEVQH%¥6YCU  

### CEQPUVCPVHQTVJGQDUGTXGFDKQNQIKECNGHHGEVU*QYGXGTNGUUUGXGTGEJCPIGUQEEWTTGFYJGPFGNKXGT[YCUCVVJGNQYGUVFQUGTCVGKGYJGPVJGNQYGUVEQPEGPVTCVKQPQHGCEJRQNNWVCPVYCUFGNKXGTGFQXGTVJGJGZRQUWTGFWTCVKQP'ZRQUWTGCVJKIJGTFQUGTCVGUKGVQJKPETGCUGFVJGOCIPKVWFGQHVJGTGURQPUG6JWUVJGFGITGGQHTGURQPUGVQGCEJRQNNWVCPVCNQPGYCUPQVCEQPUVCPVHWPEVKQPQH%¥6VJTQWIJQWVVJGGPVKTGTCPIGQHFQUGTCVGUDWVYCUEQPEGPVTCVKQPFTKXGPCPFYCUPQVKFGPVKECNCVVJGJKIJGUVCPFNQYGUVTCVGU4GURQPUGUHQNNQYKPIGZRQUWTGVQVJGOKZVWTGFKFPQVHQNNQY%¥6GXGPQXGTVJGTCPIGQHFQUGTCVGUKPYJKEJ%¥6YCUEQPUVCPVHQNNQYKPIGZRQUWTGVQVJGRQNNWVCPVUKPFKXKFWCNN[6JWUKPVGTCEVKQPKPVJKUECUGU[PGTIKUOCRRGCTGFVQDGEQPEGPVTCVKQPFGRGPFGPVKPVJCVVJGTGURQPUGYCUFKURTQRQTVKQPCVGN[ITGCVGTCVVJGJKIJGTEQPEGPVTCVKQPUJKIJGTFQUGTCVGUQHVJGEQPUVKVWGPVRQNNWVCPVUKPVJGOKZVWTG6JGTGURQPUGHQNNQYKPIGZRQUWTGVQVJGOKZVWTGUCRRGCTGFVQDGCHWPEVKQPQHRGCMEQPEGPVTCVKQPTCVJGTVJCPQHEWOWNCVKXGFQUG/QTGTGEGPVN[4CLKPKGVCNPQVGFVJCVCPCN[UKUQHCNNMKPGVKEUHQNNQYKPIUKOKNCTGZRQUWTGVQOKZVWTGUFKFPQVTGHNGEVC%¥6TGNCVKQPUJKR

### #NNQHVJGUVWFKGUFGUETKDGFCDQXGKPXQNXGFUKOWNVCPGQWUGZRQUWTGVQ1 CPF01  

### *QYGXGTCODKGPVGZRQUWTGVQVJGUGRQNNWVCPVUJCUVGORQTCNRCVVGTPUCPFGZRQUWTGVQQPGCIGPVOC[CNVGTVJGTGURQPUGVQCPQVJGTUWDUGSWGPVN[KPJCNGFCIGPV6JGTGCNKUOQHVJGUGUVWFKGUKUUQOGYJCVFGRGPFGPVQPVJGKTTGNCVKQPUJKRVQCEVWCNVGORQTCNRCVVGTPUQHRQNNWVCPVUKPCODKGPVCKTKGYJGVJGTQPGOCVGTKCNKUVJGRTGEWTUQTQHVJGQVJGTCUKUVJGECUGHQT1 CPF 

### 01 #UFGUETKDGFKPVJGRTGXKQWU1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP  

### #IGPE[(WMCUGGVCNGZRQUGFOKEGHQTFC[UVQVQRRO01 HQTJFC[ 

### HQNNQYGFD[RRO1 HQTJFC[CPFPQVGFCPCFFKVKXGGHHGEVQPVJGNGXGNQHNWPI)5*

### ;QMQ[COCGVCNGZRQUGFTCVUVQRRO01 QTRRO1 HQTJFC[QTVQ  

### 01 HQTJHQNNQYGFD[1 HQTJFC[HQTXCTKQWUVQVCNFWTCVKQPUWRVQFC[UCPFCUUGUUGF  

### NWPIOGEJCPKEUKPRQUVOQTVGONWPIUNWPIJKUVQNQI[CPFGP\[OGCEVKXKV[KPUWDEGNNWNCTHTCEVKQPUQHNWPIVKUUWG6JGCEVKXKV[QHRJQURJQNKRCUG#KPVJGOKVQEJQPFTKCNHTCEVKQPYCUKPETGCUGFKPVJQUGCPKOCNUGZRQUGFVQ1 QPN[QTVQ1 CHVGT01 CPFVJGTGURQPUGKPVJGNCVVGT  

### YCUUKIPKHKECPVN[ITGCVGTVJCPVJCVKPVJGHQTOGT#FGETGCUGKPCEVKXKV[QHN[UQNGEKVJKPCE[NVTCPUHGTCUGKPVJGUWRGTPCVGPVHTCEVKQPYCUHQWPFQPN[KPVJQUGCPKOCNUGZRQUGFVQDQVJ01 CPF1 2WNOQPCT[OGEJCPKEUUJQYGFCEJCPIGKPRWNOQPCT[TGUKUVCPEGCUCHWPEVKQPQH  

### GNCUVKETGEQKNRTGUUWTGKPVJG1 CPF01 1 GZRQUGFCPKOCNU*KUVQNQIKECNN[VJGNWPIUQH  

### VJGCPKOCNUGZRQUGFVQDQVJ01 CPF1 CRRGCTGFUKOKNCTVQVJQUGGZRQUGFVQ1 CNQPG  

### JQYGXGTCUNKIJVFGITGGQHGRKVJGNKCNPGETQUKUKPOGFKWODTQPEJKPQVHQWPFYKVJGKVJGT01 

### QT1 CNQPGYCUUGGPKPVJGCPKOCNUGZRQUGFVQDQVJRQNNWVCPVU+PCFFKVKQPFCOCIGCVVJG 

### DTQPEJQCNXGQNCTLWPEVKQPCRRGCTGFVQDGUQOGYJCVOQTGOCTMGFKPCPKOCNUGZRQUGFVQDQVJICUGUVJCPKPVJQUGGZRQUGFVQ1 CNQPG6JKUUVWF[UWIIGUVGFVJCVUGSWGPVKCNGZRQUWTGU 

### RTQFWEGFTGURQPUGUVJCVKPOQUVECUGUFKFPQVFKHHGTITGCVN[HTQOVJQUGFWGVQ1 CNQPG 

### #UKFGHTQOUGSWGPVKCNGZRQUWTGUUKOWNCVKQPQHCODKGPVGZRQUWTGUEGPCTKQUKPXQNXKPI01 CPF1 JCUDGGPRGTHQTOGFD[GZCOKPKPIVJGGHHGEVUQHCEQPVKPWQWUDCUGNKPG  

### GZRQUWTGVQQPGEQPEGPVTCVKQPQHDQVJRQNNWVCPVUYKVJUWRGTKORQUGFUJQTVVGTORGCMUVQCJKIJGTNGXGNQHQPGQTDQVJICUGU6JGGPFRQKPVIGPGTCNN[GZCOKPGFKPVJKUTGICTFJCUDGGPDCEVGTKCNTGUKUVCPEG5VWFKGUTGRQTVGFKPVJGRTGXKQWUETKVGTKCFQEWOGPVGI'JTNKEJGVCN'JTNKEJKPYJKEJOKEGYGTGGZRQUGFVQ1 WPFGTXCTKQWUUEGPCTKQUQHDCUGNKPG 

### EQPEGPVTCVKQPUQH01 QPYJKEJYGTGUWRGTKORQUGFFCKN[RGCMGZRQUWTGUVQ01 QTC  

### EQODKPCVKQPQH01 CPF1 UWIIGUVGFVJCVGZRQUWTGYKVJRGCMUECPGPJCPEGTGURQPUGVQ  

### RQNNWVCPVOKZVWTGUCPFVJCVVJGUGSWGPEGQHRGCMGZRQUWTGUYCUKORQTVCPVKPRTQFWEKPITGFWEGFTGUKUVCPEGVQKPHGEVKQPVJCVYCUFKHHGTGPVHTQOVJCVFWGVQGZRQUWTGVQVJGDCUGNKPGEQPEGPVTCVKQPQPN[#UCEQORCTKUQPVQZKEQNQIKEKPVGTCEVKQPUHQTKPHGEVKXKV[KPXQNXKPIUKOWNVCPGQWUGZRQUWTGVQ01 CPF1 FKUEWUUGFKPVJGRTGXKQWU1 ETKVGTKCFQEWOGPVYGTGHQWPFIGPGTCNN[VQ  

### DGCFFKVKXGHQNNQYKPICEWVGGZRQUWTGUYKVJGCEJRQNNWVCPVEQPVTKDWVKPIVQVJGQDUGTXGFTGURQPUGYJGPKVUEQPEGPVTCVKQPTGCEJGFVJGVJTGUJQNFCVYJKEJVJGICUYQWNFJCXGCHHGEVGFDCEVGTKCNTGUKUVCPEGYJGPCFOKPKUVGTGFCNQPG)QNFUVGKPGVCN+HVJGGZRQUWTGNGXGNQHGKVJGT01 QT1 YCUDGNQYVJKUVJTGUJQNFVJGPVJGTGURQPUGYCUFWGUQNGN[VQVJGEQPUVKVWGPV  

### KPJCNGFCVVJGOQTGVQZKEEQPEGPVTCVKQP'JTNKEJGVCN/QTGTGEGPVN[)TCJCOGVCNGZCOKPGFTGUKUVCPEGVQTGURKTCVQT[KPHGEVKQPCUOGCUWTGFD[DCEVGTKCNKPFWEGFOQTVCNKV[KPOKEGEQPVKPWQWUN[GZRQUGFHQTFC[UJFC[VQDCUGNKPGNGXGNUQHCP01 1 OKZVWTGYKVJVYQFCKN[JRGCMUQHVJGOKZVWTGCV  

### XGT[JKIJJKIJKPVGTOGFKCVGCPFNQYGZRQUWTGEQPEGPVTCVKQPUUGG6CDNGHQTEQPEGPVTCVKQPU#PKOCNUYGTGCNUQGZRQUGFVQVJGUCOGDCUGNKPGNGXGNUQHGKVJGT01 QT 

### 1 QPVQYJKEJYGTGUWRGTKORQUGFVYQFCKN[JRGCMUQHVJGUCOGUKPINGICUKP



### EQPEGPVTCVKQPUCUCDQXG#VVJGNQYEQPEGPVTCVKQPQPN[01 KPETGCUGFOQTVCNKV[#VVJG 

### KPVGTOGFKCVGGZRQUWTGNGXGNVJGOKZVWTGYCUU[PGTIKUVKE01 CNQPGKPETGCUGFOQTVCNKV[CPF 

### 1 JCFPQGHHGEV#VVJGJKIJGZRQUWTGNGXGNVJGEQODKPGFGZRQUWTGYCUCICKPU[PGTIKUVKE

### GZRQUWTGVQGCEJICUUGRCTCVGN[KPETGCUGFOQTVCNKV[#UKOKNCTGHHGEVYCUUGGPCVVJGXGT[JKIJNGXGNCNVJQWIJVJGEQODKPGFGZRQUWTGLWUVOKUUGFUVCVKUVKECNUKIPKHKECPEGHQTU[PGTIKUO6JGUGTGUWNVUCTGEQPUKUVGPVYKVJVJQUGQHVJGGCTNKGTUVWFKGUTGRQTVGFKPVJGRTGXKQWU1 ETKVGTKC 

### FQEWOGPVCPFUWRRQTVVJGEQPENWUKQPVJCVTGURQPUGFGRGPFUQPVJGURGEKHKEGZRQUWTGRCVVGTP6JGTGUWNVUQH)TCJCOGVCNCTGCNUQEQPUKUVGPVYKVJVJQUGHTQOVJGGCTNKGTUVWFKGUYKVJUKOWNVCPGQWUGZRQUWTGU6JGTGNCVKQPUJKRDGVYGGPGZRQUWTGCPFTGURQPUGKUXGT[EQORNGZCPFUGGOUVQFGRGPFQPGZRQUWTGFWTCVKQPVJGTCVKQQH1 CPF01 EQPEGPVTCVKQPUCPFQVJGTHCEVQTUVJCV  

### OC[KPENWFGVJGRTQFWEVKQPQHUGEQPFCT[TGCEVKQPRTQFWEVUYKVJKPVJGGZRQUWTGCVOQURJGTG6JKUEQORNGZKV[YCUJKIJNKIJVGFD[VJGUVWF[QH)GN\NGKEJVGTGVCNDYJQGZCOKPGFGHHGEVUQHEQODKPGFQTUGSWGPVKCNGZRQUWTGUQHTCVUVQOKZVWTGUQH1 CPF01 CVXCTKQWU  

### EQPEGPVTCVKQPUTCPIKPIHTQOVQRRO1 CPFVQRRO01 5GSWGPVKCN  

### GZRQUWTGUEQPUKUVGFQHJQH1 CVPKIJVHQNNQYGFD[JQH01 FWTKPIVJGFC[QTXKEG  

### XGTUCEQPEWTTGPVGZRQUWTGUYGTGHQTJFC[HQTFC[U8CTKQWUGPFRQKPVUYGTGGZCOKPGFCPFKVYCUPQVGFVJCVUGSWGPVKCNCPFEQPEWTTGPVGZRQUWTGUFKFPQVTGUWNVKPVJGUCOGTGURQPUG6JWUNCXCIGRTQVGKPNGXGNUYGTGKPETGCUGFCFFKVKXGN[YKVJUGSWGPVKCNGZRQUWTGKPCP[RQNNWVCPVQTFGTDWVYGTGHQWPFVQDGITGCVGTVJCPCFFKVKXGYKVJEQPEWTTGPVGZRQUWTG#PKPETGCUGKPVJGPWODGTQHNCXCIGFGRKVJGNKCNEGNNUYCUCFFKVKXGHQTVJG1 PKIJV01 FC[UGSWGPEGCPVCIQPKUVKE  

### HQTVJG01 PKIJV1 FC[UGSWGPEGCPFCFFKVKXGHQTEQPEWTTGPVGZRQUWTG#PKPETGCUGKPVJG  

### PWODGTQHNCXCIGF2/0UYCUCFFKVKXGHQTDQVJUGSWGPVKCNEQPFKVKQPUCPFYCUU[PGTIKUVKEHQTEQPEWTTGPVGZRQUWTG+VYCUEQPENWFGFVJCVRTQFWEVKQPQHU[PGTIKUOFGRGPFGFQPVJGEQPEGPVTCVKQPQHGCEJRQNNWVCPVYKVJKPVJGOKZVWTGCPFCFFKVKXKV[YQWNFTGUWNVHQTCP[GPFRQKPVYJGPVJGEQPEGPVTCVKQPQHGCEJEQORQPGPVQHVJGOKZVWTGHGNNDGNQYCEGTVCKPVJTGUJQNFNGXGN*QYGXGTVJGUGVJTGUJQNFEQPEGPVTCVKQPUYGTGGPFRQKPVURGEKHKEYKVJUQOGGPFRQKPVUDGKPIOQTGUGPUKVKXGVJCPQVJGTUKVYCUURGEWNCVGFVJCVVJGNGCUVUGPUKVKXGCUUC[UYGTGDCUGFQPEJCPIGUVJCVYGTGTGXGTUKDNGYJGTGCUVJGOQUVUGPUKVKXGQPGUYGTGKTTGXGTUKDNG6JGCWVJQTUCNUQPQVGFVJCVVJGGZVGPVQHEJGOKECNTGCEVKQPYKVJKPVJG1 01 OKZVWTGCVOQURJGTGYCU  

### TGNCVGFVQVJGGZVGPVQHVQZKEQNQIKECNKPVGTCEVKQPUWIIGUVKPIVJCVKPVGTCEVKQPYCUFWGVQVJGRTQFWEVKQPQHUQOGUGEQPFCT[TGCEVKQPRTQFWEVYJKEJKPVJKUECUGYCUUWIIGUVGFVQDGPKVTQIGPRGPVQZKFG6JKURCTVKEWNCTEJGOKECNCNUQJCFDGGPUWIIGUVGFKPGCTNKGTUVWFKGUVQDGTGURQPUKDNGHQTKPVGTCEVKQPUHQNNQYKPIGZRQUWTGVQ01 1 CVOQURJGTGUGI&KIINGCPF)CIG  

### 6JGEQPEGPVTCVKQPUCVYJKEJU[PGTIKUOQEEWTTGFKPVJGUVWF[QH)GN\NGKEJVGTGVCNDFKUEWUUGFCDQXGRRO1 CPFRRO01 YGTGJKIJGTVJCPVJQUGVJCV  

### IGPGTCNN[CTGHQWPFKPCODKGPVCKT*QYGXGTVJGVJTGUJQNFEQPEGPVTCVKQPHQTKPVGTCEVKQPYCUFGRGPFGPVQPGZRQUWTGFQUGTCVGYKVJJKIJGTTCVGUNGCFKPIVQNQYGTVJTGUJQNFEQPEGPVTCVKQPUHQTU[PGTIKUO#NVJQWIJKPVGTCEVKQPKUENGCTN[OQFWNCVGFD[GPXKTQPOGPVCNGZRQUWTGHCEVQTUUWEJCUEQPEGPVTCVKQPFWTCVKQPQHGZRQUWTGQTURGEKHKEGZRQUWTGTGIKOGJQUVHCEVQTUCNUQOC[RNC[CTQNG/CWV\GVCNGZCOKPGFVJGGHHGEVQHGZGTEKUGQPTCVUGZRQUGFVQOKZVWTGUQH1 CPF01 'ZGTEKUGOQFKHKGFVJGVQZKEKPVGTCEVKQPUQHEQODKPGFRQNNWVCPVUTGUWNVKPIKP

 

### U[PGTIKUVKEKPVGTCEVKQPQEEWTTKPICVNQYGTGZRQUWTGEQPEGPVTCVKQPUQHVJGEQPUVKVWGPVRQNNWVCPVU

###  8



### VJCPYKVJGZRQUWTGCVTGUV6JWUCUKOKNCTOCIPKVWFGQHTGURQPUGCPKPETGCUGKPVJGGZVGPVQHHQECNNGUKQPUKPNWPIRCTGPEJ[OCYCUPQVGFFC[UHQNNQYKPICJGZRQUWTGVQRRO1 
RRO01 CVTGUVQTYKVJCUJQTVGTJGZRQUWTGVQNQYGTEQPEGPVTCVKQPURRO

 

### 1 
RRO01 YKVJGZGTEKUG+PDQVJECUGUVJGTGURQPUGYCUFKHHGTGPVHTQOVJCVFWGVQ

 

### GKVJGTRQNNWVCPVIKXGPCNQPG(WTVJGTOQTGCITGCVGTTGURQPUGYCUPQVGFYKVJCJGZRQUWTGVQRRO1 
RRO01 YKVJGZGTEKUGVJCPVQVJGUCOGOKZVWTGHQTVJGUCOGGZRQUWTG  

### FWTCVKQPCVTGUV6JWUGZGTEKUGCNUQKPETGCUGFVJGTGURQPUGCVUKOKNCTEQPEGPVTCVKQPUEQORCTGFVQTGUV6JGGHHGEVQHGZGTEKUGYCUCUETKDGFVQCPKPETGCUGKPFGNKXGTGFFQUGQTFQUGTCVGFWGVQKPETGCUGF6JGCDKNKV[QHGZGTEKUGVQGPJCPEGTGURQPUGVQCRQNNWVCPVOKZVWTGCNUQYCU '

### PQVGFD[$JCNNCGVCN6JGUVWF[QH/CWV\GVCNCDQXGCNUQRTQXKFGFHWTVJGTGXKFGPEGUWIIGUVKPIVJCVEJGOKECNTGCEVKQPUYKVJKPVJGGZRQUWTGCVOQURJGTGOC[RNC[UQOGTQNGKPVQZKEQNQIKEKPVGTCEVKQP+PVJKUECUGPKVTKECEKF*01 XCRQTYCUPQVGFCVEQPEGPVTCVKQPUTCPIKPIHTQO 

### VQRROFGRGPFKPIQPVJGEQPEGPVTCVKQPUQHVJGRTKOCT[EQPUVKVWGPVU#UFKUEWUUGFDGNQYCEKFUJCXGDGGPHQWPFVQKPVGTCEVYKVJ1 6JKUUVWF[CNUQHQWPFKPVGTCEVKQPVQQEEWTCV 

### CEQPEGPVTCVKQPQHQPGQHVJGEQORQPGPVU01 VJCVJCFPQGHHGEVYJGPCFOKPKUVGTGFCNQPG

### #NVJQWIJVJKUCRRGCTUVQEQPVTCUVYKVJVJGEQPENWUKQPUQH)TCJCOGVCNCDQXGVJGGPFRQKPVUKPVJGUGVYQUVWFKGUYGTGSWKVGFKHHGTGPV#PQVJGTCURGEVQHRQNNWVCPVKPVGTCEVKQPKPXQNXGUVJGCDKNKV[QH1 01 OKZVWTGUVQ  

### CHHGEVVJGEQWTUGQHQVJGTNWPIEJCPIGUGIOCNKIPCPVVWOQTEQNQPK\CVKQP4KEJVGTUGZRQUGFOKEGVQCOKZVWTGQHRRO1 
RRO01 HQTJFC[FC[UYGGMHQT  

### YGGMUHQNNQYKPIYJKEJVJGOKEGYGTGKPLGEVGFKXYKVJXKCDNGOGNCPQOCEGNNU6JGOKEGYGTGUCETKHKEGFYGGMUNCVGTCPFVJGNWPIUYGTGGZCOKPGFHQTOGNCPQOCEQNQPKGU#NVJQWIJGZRQUWTGVQ1 CNQPGRTQFWEGFPQEJCPIGKPVJGRGTEGPVCIGQHCPKOCNUYKVJEQNQPKGUQTKPVJG 

### CXGTCIGPWODGTQHEQNQPKGURGTNWPIEQORCTGFVQCKTEQPVTQNGZRQUWTGVQVJGOKZVWTGRTQFWEGFCPKPETGCUGKPVJGNCVVGTUWIIGUVKPIVQVJGCWVJQTUVJCVVJGOKZVWTGHCEKNKCVGFECPEGTEGNNEQNQPK\CVKQP*QYGXGTVJGGZCEVTQNGRNC[GFD[1 KPVJGOKZVWTGKUPQVENGCTDGECWUGC 

### RTGXKQWUUVWF[JCFKPFKECVGFVJCV01 CNQPGHCEKNKVCVGUDNQQFDQTPGECPEGTEGNNURTGCFVQVJG 

### NWPIU4KEJVGTUCPF-WTCKVKU(WTVJGTOQTGVJGGZRGTKOGPVCNOQFGNWUGFKUPQVIGPGTCNN[CEEGRVGFCUTGRTGUGPVKPIOGVCUVCVKEOGEJCPKUOU+EJKPQUGCPF5CICKCNUQGZCOKPGFVJGCDKNKV[QHCP1 01 OKZVWTGVQ  

### RTQOQVGRTKOCT[NWPIVWOQTFGXGNQROGPV4CVUYGTGKPLGEVGFKRYKVJ$*20CPFVJGPYGTGGZRQUGFHQTOQVQCOKZVWTGQHRRO1 
RRO01 1 CNQPGQTVQENGCPCKT  

### EJCODGTEQPVTQN#NVJQWIJVJG01 GZRQUWTGYCUEQPVKPWQWUVJG1 GZRQUWTGYCU  

### KPVGTOKVVGPVYKVJVJGEQPEGPVTCVKQPCNVGTGFDGVYGGPCPFRROHQNNQYKPICUKPGEWTXGHTQOVQJQHGCEJFC[TGUWNVKPIKPCFCKN[OGCPEQPEGPVTCVKQPQHRRO1PGQVJGTITQWRQHTCVUUGTXGFCUCTQQOEQPVTQNOCKPVCKPGFKPCENGCPTQQOHQTOQHQNNQYKPIKPLGEVKQPQH$*20#HVGTCPOQTGEQXGT[RGTKQFCNNCPKOCNUYGTGCWVQRUKGF%QORCTGFVQENGCPCKTGZRQUGFCPKOCNUNWPIVWOQTKPEKFGPEGYCUKPETGCUGFKPOKEGGZRQUGFVQVJGOKZVWTG1 CNQPG 

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

### 1 CPF01 OKZVWTGYKVJQWV$*20CNVJQWIJVJKUNCVVGTUVWF[KPXQNXGFCNQPIGTGZRQUWTG

 

### FWTCVKQPCPFUQOGYJCVJKIJGTRQNNWVCPVEQPEGPVTCVKQPU

 #EKFKE%QORQWPFUCU%QRQNNWVCPVU$KPCT[OKZVWTGUEQPVCKPKPICEKFUEQORTKUGCPQVJGTV[RGQHEQOOQPN[GZCOKPGFGZRQUWTGCVOQURJGTG/QUVQHVJGUGOKZVWTGUKPENWFGFCEKFKEUWNHCVGCGTQUQNUCUVJGEQRQNNWVCPV2GCMJCODKGPVNGXGNUQHUWNHWTKECEKF* 51 CTGGUVKOCVGFCVIO YKVJ   

### NQPIGTJCXGTCIGUCDQWVQPGVJKTFQHVJKUEQPEGPVTCVKQP5RGPINGTGVCN'CTNKGTUVWFKGUVJCVGORNQ[GFUKOWNVCPGQWUUKPINGTGRGCVGFQTEQPVKPWQWUGZRQUWTGUQHXCTKQWUCPKOCNURGEKGUVQOKZVWTGUQHCEKFUWNHCVGUCPF1 HQWPFTGURQPUGUHQT 

### UGXGTCNGPFRQKPVUKPENWFKPIVTCEJGQDTQPEJKCNOWEQEKNKCT[ENGCTCPEGCNXGQNCTENGCTCPEGRWNOQPCT[OGEJCPKEUCPFNWPIOQTRJQNQI[VQDGFWGUQNGN[VQ1 75'PXKTQPOGPVCN 

### 2TQVGEVKQP#IGPE[%CXGPFGTGVCN/QQTGCPF5EJYCTV\2JCNGPGVCN,WJQUGVCN*QYGXGTU[PGTIKUOYCUPQVGFHQTDCEVGTKCNKPHGEVKXKV[KPOKEG)TQUGGVCNHQTTGURQPUGVQCPVKIGPKPOKEG1UGDQNFGVCNCPFHQTGHHGEVUQPNWPIRTQVGKPEQPVGPVCPFVJGTCVGQHEQNNCIGPU[PVJGUKUKPTCVU.CUVGVCNC.CUVCPF%TQUU/QTGTGEGPVUVWFKGURGTHQTOGFUKPEGRWDNKECVKQPQHVJGRTGXKQWU1 ETKVGTKC 

### FQEWOGPVUWRRQTVVJGGCTNKGTHKPFKPIQHU[PGTIKUODGVYGGP1 CPFCEKFUWNHCVGUQPNWPI 

### DKQEJGOKUVT[CPFRTQXKFGRQUUKDNGGZRNCPCVKQPUHQTWPFGTN[KPIOGEJCPKUOU.CUVGVCNGZRQUGFTCVUHQTFC[UVQ1 CNQPGCVRROCPFVQOKZVWTGU 

### QH1 YKVJQPGQHVJTGGCGTQUQNUUQFKWOEJNQTKFGUQFKWOUWNHCVGQTCOOQPKWOUWNHCVG 

### =
0*  51 ?CNNCVOIO QPN[VJG0*  51 YCUCEKFKE.WPIRTQVGKPEQPVGPVRTQNKPG     

### EQPVGPVEQNNCIGPU[PVJGUKUTCVGHKDTQDNCUVPWODGTUKPRCTGEJ[OCNNGUKQPUCPFVJGXQNWOGQHRCTGPEJ[OCNNGUKQPUYGTGGZCOKPGFHQNNQYKPIGZRQUWTG/KZVWTGUQH1 YKVJUQFKWOEJNQTKFG 

### QTUQFKWOUWNHCVGRTQFWEGFEJCPIGUVJCVFKFPQVFKHHGTHTQOVJQUGHQWPFYKVJ1 CNQPG1PVJG 

### QVJGTJCPFOKZVWTGUQH0*  51 YKVJ1 TGUWNVGFKPKPETGCUGUKPCNNQHVJGOGCUWTGF   

### RCTCOGVGTUCPFVJGKPETGCUGUYGTGITGCVGTKPOCIPKVWFGVJCPVJQUGFWGVQ1 CNQPGU[PGTIKUO 

### YCUEQPENWFGFCNVJQWIJVJGTGJCUDGGPUQOGSWGUVKQPEQPEGTPKPIVJGUVCVKUVKECNCRRTQCEJWUGF.CUVC6JGUGTGUWNVUUWIIGUVGFVJCVCEKFKV[YCUPGEGUUCT[HQTU[PGTIKUOQHVJGCGTQUQNUYKVJ1 6JKUEQPENWUKQPYCUHWTVJGTUWRRQTVGFD[FGOQPUVTCVKPIVJCVUKIPKHKECPVKPVGTCEVKQPQH 

### 1 YKVJ* 51 YJKEJKUOWEJOQTGCEKFKEVJCP0*  51 QEEWTTGFCVNQYGTEQPEGPVTCVKQPU

    

### VJCPYCUPQVGFHQTOKZVWTGUQH1 CPF0*  51 9CTTGPCPF.CUVKPVGTCEVKQPYCU   

### UWIIGUVGFYKVJ* 51 EQPEGPVTCVKQPUCUNQYCUIO YKVJRRO1 HQTUQOGNWPI    

### DKQEJGOKECNGPFRQKPVU6JGUVWFKGUCDQXGFKFPQVWUGCP[URGEKHKEUVCVKUVKECNVGUVHQTKPVGTCEVKQPCPFEQPENWUKQPUQHKPVGTCEVKQPYGTGDCUGFQPHKPFKPIUQHUKIPKHKECPVFKHHGTGPEGUHTQOTGURQPUGUHQNNQYKPIGZRQUWTGVQ1 CNQPGCPFVJGCDUGPEGQHFGVGEVCDNGTGURQPUGU 

### HQNNQYKPIGZRQUWTGVQ* 51 CGTQUQNUCVVJGUCOGCPFJKIJGTEQPEGPVTCVKQPU  

### 9CTTGPGVCNHQWPFU[PGTIKUVKEKPVGTCEVKQPYKVJVJGCDQXGGPFRQKPVUHQNNQYKPIFC[UQHGZRQUWTGVQRRO1 
OIO 0*  51 *QYGXGTGZRQUWTGHQT    

### QPN[FC[URTQFWEGFTGURQPUGUVJCVYGTGPQVFKHHGTGPVHTQOVJQUGPQVGFYKVJ1 CNQPG6JKU 

### UGGOUVQKPFKECVGVJCVVJGFWTCVKQPQHGZRQUWTGKUCHCEVQTCHHGEVKPIVJGQEEWTTGPEGQHCP[KPVGTCEVKQP*QYGXGTGZRQUWTGFWTCVKQPOC[CNUQCHHGEVVJGV[RGQHKPVGTCEVKQP+PCUVWF[D[5EJNGUKPIGTGVCNCKPYJKEJTCDDKVUYGTGGZRQUGFVQCOKZVWTGQHRRO

1 
IO * 51 HQTJFC[FC[UYGGMCU[PGTIKUVKEKPETGCUGKPDTQPEJKCNGRKVJGNKCN

  

### UGETGVQT[EGNNPWODGTYCUPQVGFCHVGTOQQHGZRQUWTGYJGTGCUCPVCIQPKUOYCUPQVGFHQNNQYKPIOQQHEQPVKPWGFGZRQUWTG### 6JGOGEJCPKUOWPFGTN[KPIKPVGTCEVKQPDGVYGGPCEKFUWNHCVGUCPF1 KUPQVMPQYP

### .CUVGVCNPQVGFVJCVUKOKNCTUKVGUQHFGRQUKVKQPHQT1 CPFCEKFCGTQUQNUHCXQTGF 

### U[PGTIKUO#U[PGTIKUVKETGURQPUGQHDKQEJGOKECNKPFKEGUKPTCVNWPIYKVJGZRQUWTGVQIO * 51 
RRO1 YCUHQWPFYJGPVJGCEKFFTQRNGVFKCOGVGTYCUO 
 

### YJGTGCUPQKPETGCUGEQORCTGFVQVJG1 QPN[TGURQPUGYCUPQVGFYJGPVJGFTQRNGVFKCOGVGT 

### YCUO#RRCTGPVN[VJGNCTIGTRCTVKENGUVJCVFGRQUKVGFVQCITGCVGTGZVGPVYKVJKPVJGDTQPEJQCNXGQNCTLWPEVKQPVJGOCLQTVCTIGVUKVGHQT1 YGTGOQUVKPVGTCEVKXG

### 1DUGTXGFU[PGTIKUODGVYGGP1 CPFCEKFUWNHCVGUKPTCVUCNUQYCUUWIIGUVGFVQDG 

### FWGVQCUJKHVKPVJGNQECNOKETQGPXKTQPOGPVCN2JQHVJGNWPIHQNNQYKPIFGRQUKVKQPQHCEKFGPJCPEKPIGHHGEVUQH1 D[RTQFWEKPICEJCPIGKPVJGTGCEVKXKV[QTTGUKFGPEGVKOGQHTGCEVCPVU 

### UWEJCUHTGGTCFKECNUKPXQNXGFKP1 KPFWEGFVKUUWGKPLWT[.CUVGVCNC+HVJKUYGTGVJG 

### QPN[GZRNCPCVKQPVJGPVJGGHHGEVUQH1 UJQWNFDGGPJCPEGFEQPUKUVGPVN[D[VJGRTGUGPEGQHCEKF 

### KPCPGZRQUWTGCVOQURJGTG*QYGXGTKPVJGUVWF[QH5EJNGUKPIGTGVCNDKPYJKEJTCDDKVUYGTGGZRQUGFHQTJVQEQODKPCVKQPUQH1 CVCPFRRO
* 51   

### OCVCPFIO CPVCIQPKUOYCUPQVGFKPVJGGXCNWCVKQPQHUVKOWNCVGFRTQFWEVKQP 

### QHUWRGTQZKFGCPKQPD[#/UJCTXGUVGFD[NCXCIGKOOGFKCVGN[CHVGTGZRQUWTGVQQTRRO

1 KPEQODKPCVKQPYKVJQTIO * 51 CPFCNUQHQT#/RJCIQE[VKECEVKXKV[CVCNNQH

  

### VJG1 CEKFEQODKPCVKQPU/KZVWTGUQH1 RROCPFCPQVJGTCEKF*01 XCRQT  

### IO CNUQRTQFWEGFCPVCIQPKUOHQTEGTVCKPCURGEVUQHVJGHWPEVKQPQH#OUJCTXGUVGFHTQO 

### CEWVGN[GZRQUGFTCVU0CF\KGLMQGVCN#NVJQWIJVJGFGRQUKVKQPUKVGUQHDQVJCEKFCPF1 UJQWNFDGEQORCTCDNGKPVJGUGVYQUVWFKGURGTJCRUVJGRCTVKEWNCTEGNNWNCTGPFRQKPVU



### GZCOKPGFCTGUWDLGEVVQVJKUV[RGQHKPVGTCEVKQP.CUVQDUGTXGFCPCRRCTGPVCNNQTPQPGTGURQPUGKPTCVUGZRQUGFVQVJGCEKFUWNHCVG1 OKZVWTGU6JCVKUVJGTGYCUPQEQPEGPVTCVKQPTGURQPUGTGNCVKQPUJKRDGVYGGPVJG 

### EQPEGPVTCVKQPQHCEKFKPVJGOKZVWTGCPFVJGGZVGPVQHEJCPIGKPXCTKQWUGPFRQKPVUEQORCTGFVQGHHGEVUQDUGTXGFYKVJ1 CNQPG+PVJGUVWF[QH5EJNGUKPIGTGVCNDCUKOKNCT 

### RJGPQOGPQPYCUPQVGFDWVKPVJKUECUGVJGEQPEGPVTCVKQPQH1 KPVJGOKZVWTGFKFPQVCNYC[U 

### KPHNWGPEGVJGTGURQPUGEQORCTGFVQVJCVUGGPYKVJCEKFCNQPG6JWUGZRQUWTGEQPEGPVTCVKQPTGURQPUGTGNCVKQPUJKRUPQVGFYKVJKPFKXKFWCNRQNNWVCPVUOC[PQVPGEGUUCTKN[JQNFHQNNQYKPIGZRQUWTGVQVJGKTOKZVWTGU6JKUKUEQPUKUVGPVYKVJVJGTGUWNVUQH)GN\NGKEJVGTGVCNCHQT

OKZVWTGUQH1 CPF01   

### 6JGCDQXGUVWFKGUKPXQNXGFUKOWNVCPGQWUGZRQUWTGUVQ1 CPFCEKFKERQNNWVCPVUDWV 

### UQOGUVWFKGUKPXQNXKPIUGSWGPVKCNGZRQUWTGUVQ1 CPFCEKFUWNHCVGCGTQUQNUYGTGFGUETKDGFKP 

### VJGRTGXKQWU1 ETKVGTKCFQEWOGPV(QTGZCORNG)CTFPGTGVCNHQWPFCPCFFKVKXG 

### KPETGCUGKPKPHGEVKXKV[YJGPOKEGYGTGGZRQUGFVQRRO1 HQTJRTKQTVQCJGZRQUWTG 

### VQIO * 51 YJGTGCUPQFKHHGTGPEGHTQOCKTEQPVTQNYCUPQVGFYJGPVJGCEKFYCU 
 

### CFOKPKUVGTGFRTKQTVQ1 )TQUGGVCNPQVGFCTGFWEVKQPKPEKNKCT[CEVKXKV[KPKUQNCVGF 

### VTCEJGCNUGEVKQPUQDVCKPGFHTQOJCOUVGTUGZRQUGFVQRRO1 HQTJHQNNQYGFD[GZRQUWTG 

### VQIO * 51 HQTJVJCVYCUNGUUKPOCIPKVWFGVJCPVJCVHQWPFYKVJGZRQUWTGVQCEKF 
 

### CNQPG1 CNQPGJCFPQGHHGEV 

### 5KNDCWIJCPF/CWFGTN[GZCOKPGFVJGCDKNKV[QH1 VQKPETGCUGUWUEGRVKDKNKV[ 

### VQCUWDUGSWGPVGZRQUWTGVQ* 51 KPVGTOUQHRTQFWEKPICKTYC[EQPUVTKEVKQP)WKPGCRKIU  

### YGTGGZRQUGFVQRRO1 HQTJHQNNQYGFD[* 51 OIO HQTJ#PKPETGCUGF   

### XQNWOGQHVTCRRGFICUKPVJGNWPIUVJGOGVTKEQHEQPUVTKEVKQPYCUUGGPYKVJDQVJ1 CNQPGCPF 

### YKVJVJGOKZVWTGDWVVJGTGURQPUGVQVJGNCVVGTFKFPQVFKHHGTHTQOVJCVFWGVQVJGHQTOGTCPF

### CEKFCNQPGJCFPQGHHGEV6JWUKPVJKUECUGRTGGZRQUWTGVQ1 FKFPQVCHHGEVTGURQPUGVQC 

### UWDUGSWGPVGZRQUWTGVQCEKF%JGPGVCNGZCOKPGFVJGTGXGTUGGZRQUWTGUEGPCTKQYJGVJGTGZRQUWTGVQ* 51 CHHGEVGFUWDUGSWGPVTGURQPUGVQ1 )WKPGCRKIUYGTGGZRQUGFVQ* 51 QTWNVTCHKPG

  

### \KPEQZKFG<P1RCTVKENGUEQCVGFYKVJ* 51 #JGZRQUWTGVQRRO1 HQNNQYKPIC  

### JGZRQUWTGVQCEKFIO OFKFPQVCNVGTVJGTGURQPUGUGGPYKVJCEKFCNQPGC 

### FGENKPGKP&. *QYGXGTYJGPUKPINGJQTOWNVKRNGJFC[FC[GZRQUWTGUVQCEKF %1

### EQCVGF<P1QTIO GSWKXCNGPV* 51 YGTGHQNNQYGFD[CJGZRQUWTGVQRRO 
 

### 1 VJGGHHGEVQP&. CRRGCTGFVQDGITGCVGTVJCPCFFKVKXGCNVJQWIJPQURGEKHKEUVCVKUVKECNVGUV

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### HQTKPVGTCEVKQPYCURGTHQTOGF6JKUUVWF[UWIIGUVGFVJCVRTKQTGZRQUWTGVQCEKFKPETGCUGFVJGUWUEGRVKDKNKV[QHVJGIWKPGCRKIVQUWDUGSWGPVGZRQUWTGVQ1 DWVKVCNUQUJQYGFVJCVVJG 

### OCPPGTKPYJKEJVJGCEKFYCUFGNKXGTGFCHHGEVGFYJGVJGTQTPQVCP[KPVGTCEVKQPQEEWTTGF+VKUNKMGN[VJCVVJGPWODGTQHRCTVKENGUYCUITGCVGTKPVJG<P1* 51 CGTQUQNVJCPKPVJG* 51  

### CGTQUQNCPFVJGKPVGTCEVKQPOC[TGHNGEVVJKUITGCVGTRCTVKENGPWODGT

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### CHGYUVWFKGUGZCOKPGFTGURQPUGUVQEQODKPCVKQPUQH1 YKVJQVJGTRQNNWVCPVU

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### VQRRO#NVJQWIJGZRQUWTGVQVJGOKZVWTGUFKFPQVCNVGTVJGPCVWTGQTGZVGPVQHJKUVQNQIKECNNGUKQPUEKNKCNQUUCPFGRKVJGNKCNJ[RGTRNCUKCEQORCTGFVQGZRQUWTGVQGCEJRQNNWVCPVCNQPGCUKVGURGEKHKEU[PGTIKUVKEKPETGCUGKPVWTPQXGTQHPCUCNGRKVJGNKCNEGNNUYCUHQWPFYKVJCNNEQPEGPVTCVKQPUQH*%*1VQIGVJGTYKVJRRO1 #NCEMQHUWEJTGURQPUG 

### YKVJRRO1 YCUCUETKDGFVQCP1 KPFWEGFCNVGTCVKQPKPDTGCVJKPIRCVVGTPYJKEJTGFWEGF  

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### CNQPGDWVGZRQUWTGCVTGUVTGUWNVGFKPCNQYGTKPEKFGPEGQHNGUKQPUVJCPUGGPYKVJ1 CNQPG

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### VTCEJGCNXCUEWNCTRGTOGCDKNKV[KPIWKPGCRKIU#PKOCNUYGTGGZRQUGFVQRRO1 HQTJ 

### HQNNQYGFD[RWHHUQHEKICTGVVGUOQMGQTVQRRO1 HQTJHQNNQYGFD[RWHHU

### 'ZRQUWTGVQ1 CPFHKXGRWHHUKPETGCUGFTGURQPUKXKV[CPFXCUEWNCTRGTOGCDKNKV[KOOGFKCVGN[ 

### CHVGTGZRQUWTGYJGTGCUPQGHHGEVQPGKVJGTGPFRQKPVYCUPQVGFYKVJGKVJGTRQNNWVCPVIKXGPCNQPG'ZRQUWTGVQ1 CPFRWHHUCNUQKPETGCUGFTGURQPUKXKV[CPFRGTOGCDKNKV[DWVVQVJG 

### UCOGGZVGPVCUFKFVJGNQYGTEQPEGPVTCVKQPOKZVWTGQTGZRQUWTGVQ1 CNQPGYJGTGCUGZRQUWTG 

### VQRWHHUQHUOQMGQPN[KPETGCUGFTGURQPUKXKV[6JWUUGSWGPVKCNGZRQUWTGVQ1 CPF 

### EKICTGVVGUOQMGGPJCPEGFVJGOCIPKVWFGQHTGURQPUGEQORCTGFVQGKVJGTRQNNWVCPVCNQPGDWVVJGFWTCVKQPQHTGURQPUGYCUPQVCNVGTGF6JGRQVGPVKCNTQNGQH1 KPGPJCPEKPIHKDTQVKENWPIFKUGCUGD[KPVGTCEVKQPYKVJUKNKEC 

### YCUGZCOKPGFD[5JKQVUWMCGVCNYJQGZRQUGFTCVUYKVJFGXGNQRKPIUKNKECKPFWEGFHKDTQUKUVQ1 CVRROHQTJFC[FC[YGGMHQTGZRQUWTGFC[U5KNKECJCFDGGP 

### KPUVKNNGFQTOIQP&C[QHVJGUVWF[CPFGZRQUWTGVQ1 DGICPQP 

### &C[QTRQUVKPUVKNNCVKQP6JGTGYCUHQWPFVQDGPQKPVGTCEVKQPDGVYGGPUKNKECCPF1 KP 

### FGXGNQROGPVQHHKDTQUKUCUCUUGUUGFDKQEJGOKECNN[NWPIEQPVGPVQHJ[FTQZ[RTQNKPGQTJKUVQRCVJQNQIKECNN[#NVJQWIJCPKPETGCUGYCUHQWPFKPVJGTCVKQQHJ[FTQZ[RTQNKPGVQVQVCNRTQVGKPKPVJGITQWRGZRQUGFVQVJGOKZVWTGCPFKPUVKNNGFYKVJVJGJKIJGUVCOQWPVQHUKNKECVJKUYCUPQVEQPUKFGTGFD[VJGCWVJQTUVQDGDKQNQIKECNN[UKIPKHKECPV



##  %QORNGZ/WNVKEQORQPGPV/KZVWTGU%QPVCKPKPI1\QPG
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### 1PGV[RGQHGZRGTKOGPVCNOWNVKEQORQPGPVCVOQURJGTGVJCVJCUDGGPGZCOKPGFKU

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### TGURQPUKDNGHQTUQOGQTGXGPOQUVQHVJGOKPOQUVECUGUVJGDKQNQIKECNGHHGEVUJCXGDGGPFKHHKEWNVVQCUUQEKCVGYKVJCP[QPGRCTVKEWNCTEQORQPGPV'HHGEVUQHGZJCWUVOKZVWTGUQPFKHHGTGPVURGEKGUJCXGDGGPFKUEWUUGFKPVJGRTGXKQWU1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN 

### 2TQVGEVKQP#IGPE[2WNOQPCT[HWPEVKQPEJCPIGUYGTGFGOQPUVTCVGFKPIWKPGCRKIUCHVGTUJQTVVGTOGZRQUWTGUVQKTTCFKCVGFGZJCWUVCPFKPFQIUCHVGTNQPIVGTOGZRQUWTGVQDQVJ

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### RROIO UWNHWTFKQZKFG51 
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### EQORQWPF+PCFFKVKQPVJGTGYCUUQOGUWIIGUVKQPVJCVVJGUVTQPIGTCEKFKECVOQURJGTGUTGUWNVGFKPCITGCVGTCTGCQHVJGRCTGPEJ[OCDGEQOKPIKPXQNXGFKPNGUKQPUYJKEJYGTGEJCTCEVGTK\GFD[CVJKEMGPKPIQHCNXGQNCTYCNNUEGNNWNCTKPHKNVTCVKQPKPVJGKPVGTUVKVKWOCPFCPKPETGCUGKPHTGGEGNNUYKVJKPCNXGQNCTURCEGU#PKPETGCUGFTCVGQHPCUCNGRKVJGNKCNEGNNVWTPQXGTYCUPQVGFHQNNQYKPIGZRQUWTGVQCVOQURJGTGUEQPVCKPKPIRCTVKEWNCVGCEKFUEQORCTGFYKVJGZRQUWTGVQGKVJGT1 CNQPGQTVQCOKZVWTGQH1 
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### 0*  51 IO 
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### HQTWRVQFC[UTGUWNVGFKPCPGXGPITGCVGTTGFWEVKQPKPTGEGRVQTHWPEVKQPEQORCTGFVQ1 CNQPG*QYGXGTCUYKVJOQUVUVWFKGUQHEQORNGZOKZVWTGUCNVJQWIJVJGTGURQPUGVQVJG



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### GZRQUGFHQTJPQUGQPN[VGORGTCVWTGVQ%4*VQVQRRO1 QT 

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### TCRKFUJCNNQYDTGCVJKPIRCVVGTPCFGETGCUGKPHCVV[CEKFEQORQUKVKQPQHRWNOQPCT[UWTHCEVCPVCPFHQECNRCTGPEJ[OCNNGUKQPUYKVJVJKEMGPGFCNXGQNCTUGRVCCPFEGNNWNCTKPHKNVTCVKQP6JGNCEMQHCP[OQFWNCVKQPQHVJG1 KPFWEGFGHHGEVUD[CEKFURTQORVGFVJGCWVJQTUVQTCKUGVJGSWGUVKQP 

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### JKIJ4*CPFPQVGFCFGNC[KPGCTN[ENGCTCPEGQHKPGTVRCTVKENGUHTQOVJGNWPIUEQORCTGFVQCKTGZRQUGFEQPVTQNU*QYGXGTKVKUFKHHKEWNVVQTGNCVGCP[GHHGEVUVQVJG1 DGECWUG 

### TGURQPUGUVQ1 CNQPGYGTGPQVGZCOKPGF

### 6JGKFGCNEQORNGZOKZVWTGKUQPGVJCVCEVWCNN[GZKUVUKPVJGCODKGPVGPXKTQPOGPV5CNFKXCGVCNGZRQUGFTCVU9KUVCTOCNGOQQNFHQTOQVQCEVWCNCVOQURJGTGUQH5ÝQ2CWNQ$TC\KNYKVJEQPVTQNUOCKPVCKPGFHQTVJGUCOGRGTKQFQHVKOGKPCENGCPTWTCNGPXKTQPOGPV6JGOGCPRQNNWVKQPNGXGNUQXGTVJGGZRQUWTGRGTKQFYGTGCUHQNNQYURRO1 RRO%1IO 51 CPFIO RCTVKENGU6JGCPKOCNUGZRQUGFVQVJG

   

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### GZRQUWTGCVOQURJGTGUEQPUKUVGFQHXCTKQWURTQRQTVKQPUQHRTQR[NGPGVQRRO01 

### VQRRO1 VQ2#0VQRROCPF*%*1VQ 

### RRO'ZRQUWTGUVQ01 CPF1 CNQPGCNUQYGTGRGTHQTOGF#NNQHVJGEQORNGZOKZVWTGU  

### TGUWNVGFKPCPKPETGCUGFHTGSWGPE[QHUKUVGTEJTQOCVKFGZEJCPIGCPFITQYVJKPJKDKVKQP6JGGHHGEVUQHVJGOKZVWTGYGTGITGCVGTVJCPVJQUGFWGVQGKVJGT1 QT01 CNQPGHQTUKUVGT  

### EJTQOCVKFGZEJCPIGDWVITQYVJKPJKDKVKQPYCUUKOKNCTVQVJCVKPFWEGFUQNGN[D[1 6JG 

### CWVJQTUEQPENWFGFVJCVVJGQDUGTXGFGHHGEVUYGTGPQVFWGVQCP[UKPINGEQORQWPFYKVJKPVJGOKZVWTGDWVTCVJGTVQXCTKQWUEQORQWPFURTQFWEKPIOWNVKRNGGHHGEVU



##  5WOOCT[
+VKUFKHHKEWNVVQUWOOCTK\GVJGTQNGVJCV1 RNC[UKPTGURQPUGVQGZRQUWTGVQDKPCT[ 

### OKZVWTGUCPFKVKUGXGPJCTFGTVQFGVGTOKPGKVUTQNGKPTGURQPUGVQOWNVKEQORQPGPVCVOQURJGTGU1PGQHVJGRTQDNGOUKPWPFGTUVCPFKPIKPVGTCEVKQPUKUVJCVCNVJQWIJVJGURGEKHKEOGEJCPKUOUQHCEVKQPQHVJGKPFKXKFWCNRQNNWVCPVUYKVJKPCOKZVWTGOC[DGMPQYPVJGGZCEVDCUGUHQTVQZKEKPVGTCEVKQPUJCXGPQVDGGPGNWEKFCVGFENGCTN[6JGTGCTGJQYGXGTEGTVCKP

### IGPGTKEOGEJCPKUOUVJCVOC[WPFGTNKGRQNNWVCPVKPVGTCEVKQPU1PGKURJ[UKECNKPXQNXKPICFUQTRVKQPQHQPGRQNNWVCPVQPVQCPQVJGTCPFUWDUGSWGPVVTCPURQTVVQOQTGQTNGUUUGPUKVKXGUKVGUQTVQUKVGUYJGTGQPGQHVJGEQORQPGPVUQHVJGOKZVWTGPQTOCNN[YQWNFPQVFGRQUKVKPEQPEGPVTCVGFCOQWPVU6JKUJQYGXGTRTQDCDN[FQGUPQVRNC[COCLQTTQNGKP1 TGNCVGF 

### KPVGTCEVKQPU#UGEQPFOGEJCPKUOKPXQNXGURTQFWEVKQPQHUGEQPFCT[RTQFWEVUVJCVOC[DGOQTGVQZKEQNQIKECNN[CEVKXGVJCPVJGRTKOCT[OCVGTKCNU6JKUJCUDGGPFGOQPUVTCVGFQTUWIIGUVGFKPCPWODGTQHUVWFKGUCUCDCUKUHQTKPVGTCEVKQPDGVYGGP1 CPF01 #VJKTF  

### OGEJCPKUOKPXQNXGUDKQNQIKECNQTEJGOKECNCNVGTCVKQPUCVVCTIGVUKVGUVJCVCHHGEVTGURQPUGVQ1 QTVJGEQRQNNWVCPV6JKUJCUDGGPUWIIGUVGFVQWPFGTNKGKPVGTCEVKQPUYKVJOKZVWTGUQH1 CPF

 

### CEKFUWNHCVGU#TGNCVGFOGEJCPKUOKUCP1 QTEQRQNNWVCPVKPFWEGFRJ[UKQNQIKECNEJCPIGUWEJ 

### CUCNVGTCVKQPKPXGPVKNCVKQPRCVVGTPTGUWNVKPIKPEJCPIGUKPVJGRGPGVTCVKQPQTFGRQUKVKQPQHQPGRQNNWVCPVYJGPCPQVJGTKURTGUGPV6JKUJCUDGGPKORNKECVGFKPGPJCPEGFTGURQPUGUVQXCTKQWU1 EQPVCKPKPIOKZVWTGUYKVJGZGTEKUG 

### 'XCNWCVKQPQHKPVGTCEVKQPUDGVYGGP1 CPFEQRQNNWVCPVUKUCEQORNGZRTQEGFWTG

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

### IGPGTCNN[U[PGTIKUVKECPVCIQPKUOJCUDGGPPQVGFKPCHGYUVWFKGUFGRGPFKPIQPVJGXCTKQWUHCEVQTUPQVGFCDQXGCPFVJCV1 OC[RTQFWEGOQTGUKIPKHKECPVDKQNQIKECNTGURQPUGUCUC 

### EQORQPGPVQHCOKZVWTGVJCPYJGPKPJCNGFCNQPG(WTVJGTOQTGCNVJQWIJOQUVUVWFKGUJCXGUJQYPVJCVKPVGTCEVKQPQEEWTUQPN[CVJKIJGTVJCPCODKGPVEQPEGPVTCVKQPUYKVJCEWVGGZRQUWTGUQOGJCXGFGOQPUVTCVGFKPVGTCEVKQPCVOQTGGPXKTQPOGPVCNN[TGNGXCPVNGXGNUGIVQRRO1 YKVJ01 YKVJTGRGCVGFGZRQUWTGU  



#  5WOOCT[CPF%QPENWUKQPU

 +PVTQFWEVKQP
+PVJGRCUV[GCTUVJQWUCPFUQHTGUGCTEJUVWFKGUQPVJGGHHGEVUQH1 KPNCDQTCVQT[ 

### CPKOCNUJCXGDGGPTGRQTVGFKPVJGNKVGTCVWTG6JKUDQF[QHGXKFGPEGRTGUGPVUCENGCTRKEVWTGQHVJGV[RGUQHCNVGTCVKQPU1 ECPECWUGQPTGURKTCVQT[VTCEVJQUVFGHGPUGOGEJCPKUOU 

### DKQEJGOKUVT[UVTWEVWTGCPFNWPIHWPEVKQP.GUUKUMPQYPCDQWVECTEKPQIGPKERQVGPVKCNCPFGHHGEVUQPQTICPUFKUVCPVHTQOVJGNWPIU6JGUGV[RGUQHGHHGEVUCTGQDUGTXGFKPOCP[CPKOCNURGEKGUHTQOOKEGVQPQPJWOCPRTKOCVGUNGPFKPIETGFGPEGVQVJGSWCNKVCVKXGGZVTCRQNCVKQPQHVJGUGGHHGEVUVQJWOCPU6JGOCLQTKUUWGKUYJCVNGXGNUFWTCVKQPUCPFRCVVGTPUQHGZRQUWTGCTGECRCDNGQHECWUKPIVJGUGGHHGEVUKPJWOCPU'ZVTCRQNCVKQPKUFKUEWUUGFKP%JCRVGT5WHHKEGKVVQUC[JGTGVJCVVJGCPKOCNVQZKEQNQIKECNUVWFKGUCUUKUVKPKPVGTRTGVKPIQDUGTXCVKQPU

### OCFGKP1 GZRQUGFJWOCPUCPFGZVGPFVJGMPQYNGFIGQHRQVGPVKCNJWOCPJC\CTFUVJCVPGXGT 

### ECPDGUVWFKGFCFGSWCVGN[KPJWOCPU6JKUUWOOCT[CPFEQPENWUKQPUGEVKQPFGCNUGZENWUKXGN[YKVJVJGGHHGEVUQH1 CNQPG 

### CPFKPOKZVWTG1VJGTRJQVQEJGOKECNQZKFCPVUGKVJGTJCXGDGGPGXCNWCVGFGNUGYJGTG01 CPF 

### *%*175'PXKTQPOGPVCN2TQVGEVKQP#IGPE[)TKPFUVCHHGVCNQTKPCPGCTNKGT1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[6JKUUGEVKQPKU



### QTICPK\GFD[OQNGEWNCTOGEJCPKUOUQHGHHGEVUTGURKTCVQT[VTCEVGHHGEVUU[UVGOKEGHHGEVUCPFGHHGEVUQHOKZVWTGU)GPGTCNN[KVKUCPKPVGTRTGVCVKXGHCEVWCNUWOOCT[QHVJGCTTC[QHGHHGEVUQDUGTXGFKPCPKOCNU%JCRVGTRTGUGPVUVJGEWTTGPVUVCVGQHGZVTCRQNCVKQPQHVJGUGGHHGEVUVQJWOCPUCPF%JCRVGTKPVGITCVGUMPQYNGFIGHTQOCPKOCNVQZKEQNQI[GRKFGOKQNQI[CPF

JWOCPENKPKECNUVWFKGU6QIGVJGTVJKUEJCRVGTCPFVJGCPKOCNVQZKEQNQIKECNEJCRVGTKPVJGFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[EQPVCKPOQTGVJCPTGHGTGPEGU#NVJQWIJCNNQHVJGOEQPVTKDWVGVQEJQQUKPICPFWPFGTUVCPFKPIVJGMG[KUUWGUVQDGUWOOCTK\GFJGTGVJGTGQDXKQWUN[OWUVDGCJKIJN[UGNGEVKXGEJQKEGOCFGCUVQYJKEJTGHGTGPEGUVQKPENWFGJGTG)GPGTCNN[VJGRCRGTUFKUEWUUGFJGTGYGTGUGNGEVGFGKVJGTDGECWUGVJG[TGRTGUGPVVJGNQYGUVGHHGEVKXGEQPEGPVTCVKQPHQTCPGPFRQKPVQTVJG[UKIPKHKECPVN[KPHNWGPEGFCRCTVKEWNCT

EQPENWUKQP
##  /QNGEWNCT/GEJCPKUOUQH'HHGEVU

/QNGEWNCTOGEJCPKUOUVJGOCPPGTKPYJKEJEJGOKECNTGCEVKQPUQH1 CTGVTCPUNCVGF 

### KPVQDKQNQIKECNGHHGEVUCTGCNNWFGFVQKPFKHHGTGPVUGEVKQPUQHVJKUFQEWOGPV5VWFKGUVJCVNKPM1 EJGOKUVT[YKVJ1 GHHGEVOGCUWTGOGPVUYQWNFITGCVN[UVTGPIVJGPVJGVJGQTGVKECNDCUKUHQT

 

### WPFGTUVCPFKPIVJGDKQNQIKECNGHHGEVUQH1 6JG[CNUQYQWNFCNNQYGZCOKPCVKQPQHVJG 

### UKOKNCTKV[DGVYGGPCPKOCNUCPFJWOCPUVJWUUVTGPIVJGPKPIKPVGTURGEKGUGZVTCRQNCVKQPU1\QPGJCUDGGPUJQYPVQTGCEVFKTGEVN[YKVJCXCTKGV[QHDKQOQNGEWNGUVJCVCTGRTGUGPVKPDQVJCPKOCNUCPFJWOCPU/QUVQHVJGCVVGPVKQPJCUDGGPEGPVGTGFQPRQN[WPUCVWTCVGFHCVV[CEKFUCPFECTDQPECTDQPFQWDNGDQPFUCNVJQWIJTGCEVKQPUYKVJUWNHJ[FT[NCOKPQCPFUQOGGNGEVTQPTKEJEQORQWPFUOC[DGGSWCNN[KORQTVCPV(TGGTCFKECNUOC[DGKPXQNXGFCPFCPVKQZKFCPVFGHGPUGUCRRGCTVQNGUUGPVJGGHHGEVQHVJGUGTGCEVKQPU#OQNGEWNCTVCTIGVHQT1 VJG 

### DKQOQNGEWNGUOQUVCHHGEVGFD[TGCEVKQPYKVJ1 QTOQUVETWEKCNKPOGFKCVKPIVJGQDUGTXGF 

### TGURQPUGUJCUPQVDGGPKFGPVKHKGFHQTCP[QHVJGGPFRQKPVUUVWFKGF+PHCEVVJGVCTIGVOC[DGFKHHGTGPVHQTFKHHGTGPVGPFRQKPVU#PKORQTVCPVEQPEGRVKPGXCNWCVKPIOQNGEWNCTVCTIGVUYCUGNWEKFCVGFTGEGPVN[D[2T[QTYJQUWIIGUVUDCUGFQPTGCEVKQPCPFFKHHWUKQPTCVGFCVCVJCVVJG1 OQNGEWNG 

### FQGUPQVRGPGVTCVGVJTQWIJEGNNOGODTCPGUQTGXGPVJGUWTHCEVCPVNC[GTQHVJGNWPI+PUVGCFCTGCEVKQPECUECFGHQTOUKPVGTOGFKCVGUQTICPKEQTQZ[IGPHTGGTCFKECNUNKRKFJ[FTQRGTQZKFGUCNFGJ[FGUJ[FTQIGPRGTQZKFGGVEYJKEJRGPGVTCVGKPVQVJGEGNNUECWUKPIVJGDKQNQIKECNGHHGEVUQDUGTXGF2T[QTGVCN%QPHKTOCVKQPQHUWEJ1 KPFWEGFHTGGTCFKECN 

### CWVQZKFCVKQPQHNKRKFUJCUDGGPUQWIJVKPXKXQDWVVJGKPFKTGEVPCVWTGQHVJGOGCUWTGOGPVOGVJQFURTQFWEGFGSWKXQECNTGUWNVU/QTGFKTGEVGXKFGPEGJCUDGGPQDVCKPGFD[-GPPGF[GVCNYJQWUGFGNGEVTQPURKPVTCRRKPIOGVJQFUVQOGCUWTGCEQPEGPVTCVKQPTGNCVGFKPETGCUGKPTCFKECNCFFWEVUQHVJGNKRKFHTCEVKQPQHNWPIUHTQO1 GZRQUGFTCVU+PETGCUGF 

### TCFKECNUKIPCNUYGTGFGVGEVGFCHVGTCJGZRQUWTGVQRRO1 DWVDGECWUGVJGTCVU 

### TGURKTCVKQPYCUUVKOWNCVGFD[%1 VJGGHHGEVKXGFQUGYQWNFDGITGCVGTVJCPKVCRRGCTU

### 1ZKFK\GFQZ[IGPCVGFDKQOQNGEWNGUVJCVTGUWNVHTQOTGCEVKQPYKVJ1 CNUQOC[OGFKCVGVJG 

### GHHGEVUQH1 5VWFKGUD[*CVEJGVCNUJQYVJCVETWFGHTCEVKQPUQHVJGNWPINKPKPINC[GT 

### DGEQOGNCDGNGFYKVJQZ[IGPCHVGTGZRQUWTGVQQZ[IGPNCDGNGF1 6JGNCDGNKU 

### EQPEGPVTCVGFKPVJGCKTYC[NKPKPINC[GTUCPFVJGCOQWPVQHQZ[IGPKPEQTRQTCVKQPKPVJKUNC[GTCRRGCTUVQDGEQTTGNCVGFYKVJGHHGEVUQH1 RGTOGCDKNKV[CPFKPHNCOOCVKQPKPDQVJTCVU 

### CPFJWOCPU6JGUGHKPFKPIUCTGEQPUKUVGPVYKVJVJGJ[RQVJGUKUVJCV1 TGCEVUYKVJVJGNKPKPIQH 

### VJGNWPIVJCVVJGUCOGV[RGUQHKPVGTCEVKQPUQEEWTKPDQVJCPKOCNUCPFJWOCPUCPFVJCVVJGUG

TGCEVKQPUNGCFVQUKOKNCTGHHGEVU
##  4GURKTCVQT[6TCEV'HHGEVU

 'HHGEVUQP*QUV&GHGPUGU5GXGTCNU[UVGOUFGHGPFVJGTGURKTCVQT[VTCEVQHVJGJQUVCICKPUVKPHGEVKQWUCPFPGQRNCUVKEFKUGCUGCUYGNNCUPQPXKCDNGKPJCNGFRCTVKENGUCNNQHVJGUGU[UVGOUECPDGCHHGEVGFD[1 6JGOWEQEKNKCT[ENGCTCPEGU[UVGOOQXGURCTVKENGUFGRQUKVGFQPVJGOWEQWUNC[GTGKVJGT



### VJTQWIJFGRQUKVKQPHTQOVJGCKTUVTGCOQTGPVT[QHEGNNUQTEGNNWNCTFGDTKUHTQOVJGCNXGQNKWRYCTFUCPFQWVQHVJGNQYGTTGURKTCVQT[VTCEV6JGPCUCNRCUUCIGUCNUQJCXGCPGHHGEVKXGENGCTCPEGU[UVGO%QPEGPVTCVKQPUCUNQYCURRO1 JFC[FC[UECWUGFUVTWEVWTCN 

### EJCPIGUKPVJGPCUCNTGURKTCVQT[GRKVJGNKWOGIEKNKCVGFEGNNPGETQUKUUJQTVGPGFEKNKCQHOQPMG[U*CTMGOCGVCN%KNKCVGFEGNNUCNUQCTGNQUVQTFCOCIGFKPVJGEQPFWEVKPICKTYC[UQHVJGNQYGTTGURKTCVQT[VTCEVCHVGTUJQTVGZRQUWTGUGIRRO1 JOQPMG[U 

### *[FGGVCN/WEQWUEJGOKUVT[CNUQKUEJCPIGF/E$TKFGGVCN5WHHKEKGPVOQTRJQNQIKEFCOCIGYQWNFDGGZRGEVGFVQJCXGHWPEVKQPCNEQPUGSWGPEGU#EWVGGZRQUWTGURRO1 JUNQYOWEQEKNKCT[RCTVKENGENGCTCPEGKPTCDDKVUDWVTGRGCVGFGZRQUWTGUWRVQ 

### FC[UECWUGFPQGHHGEVU#NXGQNCTENGCTCPEGKUUNQYGTCPFKPXQNXGUENGCTCPEGQHRCTVKENGUVJTQWIJKPVGTUVKVKCNRCVJYC[UVQVJGN[ORJCVKEU[UVGOQTOQXGOGPVQHRCTVKENGNCFGP#/UWRVQVJGDQVVQOQHVJGOWEQEKNKCT[GUECNCVQT'HHGEVUQPCNXGQNCTENGCTCPEGCTGEQPEGPVTCVKQPFGRGPFGPV#UKPINGJGZRQUWTGQHTCDDKVUVQRRO1 CEEGNGTCVGFENGCTCPEGWRVQFC[U 

### RQUVGZRQUWTGGZRQUWTGVQRROECWUGFPQGHHGEVCPFCJKIJGTEQPEGPVTCVKQPRROUNQYGFCNXGQNCTENGCTCPEG&TKUEQNNGVCN#NXGQNCTENGCTCPEGQHCUDGUVQURCTVKENGUYCUUNQYGFD[CYGGMGZRQUWTGVQCPWTDCPRCVVGTPQH1 2KPMGTVQPGVCN 

### #NXGQNCTOCETQRJCIGUCTGVJGHKTUVNKPGQHFGHGPUGCICKPUVOKETQDGUCPFPQPXKCDNGRCTVKENGUVJCVTGCEJVJGRWNOQPCT[TGIKQPQHVJGNWPI6JG[RJCIQE[VK\GRCTVKENGUMKNNOKETQDGUCPFKPVGTCEVYKVJN[ORJQE[VGUKPVJGFGXGNQROGPVQHCPKOOWPGTGURQPUG6JWUVJGKTRTQRGTHWPEVKQPKPIKUETKVKECN#NXGQNCTOCETQRJCIGUHTQOUGXGTCNURGEKGUQHCPKOCNUGZRQUGFCEWVGN[VQ1 ECPGZJKDKVFGETGCUGFRJCIQE[VQUKUFGETGCUGFN[UQUQOCNGP\[OG 

### CEVKXKVKGUCPFUWRGTQZKFGCPKQPTCFKECNRTQFWEVKQPDQVJQHYJKEJHWPEVKQPKPMKNNKPIDCEVGTKCCNVGTCVKQPUKPOGODTCPGOQTRJQNQI[EJTQOQUQOCNFCOCIGFGETGCUGFE[VQVQZKEKV[VQVWOQTEGNNUKPETGCUGFTGNGCUGQH2)' CPF2)( CPFCNVGTCVKQPUKPVJGPWODGTQH#/U2JCIQE[VKE  

### EJCPIGUCTGVJGOQUVKPXGUVKICVGF'ZRQUWTGQHTCDDKVUVQCNGXGNCUNQYCURRO1 

### JFC[FGETGCUGFPQPURGEKHKERJCIQE[VQUKUQHNCVGZOKETQURJGTGUCHVGTQTDWVPQVFC[UQHGZRQUWTG&TKUEQNNGVCN4GEQXGT[HTQOVJGUKPINGJGZRQUWTGVQRRO1 

### YCUEQORNGVGD[FC[URQUVGZRQUWTG6JKURCVVGTPQHTGURQPUGYCUEQPHKTOGFKPOKEGHQT(ETGEGRVQTOGFKCVGFRJCIQE[VQUKU)KNOQWTGVCN%CPPKPIGVCN6JGJWOQTCNCPFEGNNOGFKCVGFKOOWPGU[UVGOQHVJGNWPICNUQKUCHHGEVGFD[1 

### )GPGTCNN[6EGNNFGRGPFGPVKOOWPKV[KUOQTGUWUEGRVKDNGVJCP$EGNNFGRGPFGPVKOOWPKV[DWVOQUVKOOWPGHWPEVKQPUGZCOKPGFJCXGGZJKDKVGFGHHGEVU*QYGXGTDGECWUGTGNCVKXGN[HGYUVWFKGUJCXGDGGPEQPFWEVGFKVEWTTGPVN[KUPQVRQUUKDNGVQCFGSWCVGN[KPVGTRTGVVJGKORCEVUQH

### 1 KPFWEGFCNVGTCVKQPUQPVJGKOOWPGU[UVGOGIFGETGCUGUKPOKVQIGPKETGURQPUGUQH6



### EGNNUCNVGTCVKQPUKP6$EGNNTCVKQUKPVJG/.01PN[CHGYUVWFKGUJCXGCVVGORVGFVQEQTTGNCVGKOOWPQNQIKECNEJCPIGUCPFKPHGEVKQWUFKUGCUGQWVEQOG8CP.QXGTGPGVCNKPHGEVGFTCVUYKVJ.KUVGTKCGZRQUGFVJGOVQ1 HQTYGGMVQRROCPFOGCUWTGF 

### UGXGTCNGPFRQKPVU1\QPGEQPEGPVTCVKQPUQHCPFRROTGURGEVKXGN[KPETGCUGF.KUVGTKCKPFWEGFOQTVCNKV[CPFUGXGTKV[QHRCVJQNQIKENGUKQPUKPVJGNWPICPFNKXGT6JG[KPVGTRTGVGFVJGUGHKPFKPIUCUFWGVQ1 KPFWEGFKORCKTGFENGCTCPEGQHVJGDCEVGTKCECWUGFD[ 

### FGETGCUGF#/HWPEVKQPCPFFGETGCUGFEGNNWNCTKOOWPKV[GIFGETGCUGFFGNC[GFV[RGJ[RGTUGPUKVKXKV[CPFFGETGCUGF6$EGNNTCVKQUKP/.0#TGCUQPCDN[NCTIGDQF[QHGXKFGPEGKPFKECVGUVJCVVJGKORCEVQH1 QPQPGQT 

### UGXGTCNJQUVFGHGPUGOGEJCPKUOUNGCFUVQVJGKPCDKNKV[QHCPKOCNUVQHKIJVDCEVGTKCNKPHGEVKQPCPFCNVGTUVJGEQWTUGQHXKTCNKPHGEVKQP#PVKDCEVGTKCNOQFGNUCTGOQTGEQOOQPN[WUGF/KEGGZRQUGFHQTJVQRRO1 JCXGFGETGCUGFKPVTCRWNOQPCT[MKNNKPIQH5\QQGRKFGOKEWU 

### )KNOQWTGVCNC)KNOQWTCPF5GNITCFG5KOKNCTTGUWNVUJCXGDGGPQDVCKPGFHQT

5CWTGWU CVCUNKIJVN[JKIJGTEQPEGPVTCVKQP)QNFUVGKPGVCND%QTTGNCVKQPUJCXGDGGPOCFGDGVYGGP1 GZRQUWTGCPFFGETGCUGUKP#/RJCIQE[VQUKUFGETGCUGUKPDCEVGTKEKFCN 

### CEVKXKV[ITQYVJQHDCEVGTKCKPVJGNWPIURTGUGPEGQHDCEVGTKCKPVJGDNQQFCPFOQTVCNKV[KPOKEG%QHHKPCPF)CTFPGT)KNOQWTCPF5GNITCFG6JGNQYGUV1 GZRQUWTG 

### ECWUKPIKPETGCUGFUVTGRVQEQEECNKPFWEGFOQTVCNKV[KURROHQTJKPOKEG%QHHKPGVCN%QHHKPCPF)CTFPGT/KNNGTGVCN*QYGXGTRTQNQPIGFKPVGTOKVVGPVGZRQUWTGVQRRO1 HQTYGGMUQPN[UNKIJVN[KPETGCUGFVJGOQTVCNKV[#TCP[KGVCN 

### CPFEQPVKPWQWUGZRQUWTGHQTFC[UVQRROYKVJVYQFCKN[JRGCMUFC[UYGGMVQGKVJGTQTRROFKFPQVGPJCPEGOQTVCNKV[KPVJGUCOGOQFGNU[UVGO)TCJCOGVCN2TQNQPIGFGZRQUWTGVQYGGMUCNUQFKFPQVCHHGEVDCEVGTKEKFCNCEVKXKV[VQ5CWTGWU)KNOQWTGVCN)GPGTCNN[UJQTVVGTOGZRQUWTGVQ1 FQGUPQVCHHGEVXKTCNVKVGTUKPVJGNWPIUQHOKEG 

### KPHGEVGFYKVJKPHNWGP\CXKTWUJQYGXGTTGFWEGFPWODGTUQHNWPIVKUUWG6CPF$EGNNUYKNNTGFWEGCPVKDQF[VKVGTUVQVJGXKTWUCPFOQTVCNKV[NWPIRCVJQNQI[CPFKPETGCUGFNWPIYGVYGKIJVFQQEEWT5GNITCFGGVCN,CMCDCPF*OKGNGUMK1\QPGCNUQGPJCPEGURQUVKPHNWGP\CNCNXGQNKVKUCPFUVTWEVWTCNEJCPIGUVJCVDGIKPCVFC[URQUVKPHGEVKQP,CMCDCPF$CUUGVV6JGEQORNGZKV[QHVJGKPVGTCEVKQPQHXKTCNKPHGEVKQPCPF1 GZRQUWTGKUHWTVJGT 

### KNNWUVTCVGFD[5GNITCFGGVCNYJQHQWPFVJCVVJGGHHGEVUQH1 QPKPHNWGP\CXKTWU 

### KPHGEVKQPYGTGFGRGPFGPVQPVJGVGORQTCNTGNCVKQPUJKRQH1 GZRQUWTGCPFFC[QHKPHGEVKQWU 

### EJCNNGPIG#NUQKPVGTHGTQPYJKEJECPDGKPFWEGFD[XKTCNKPHGEVKQPOKVKICVGUVJG1 KPFWEGF 

### NWPINGUUQPUKPOKEGTCKUKPIVJGRQUUKDKNKV[VJCVEGTVCKPUVCIGUQHXKTCNKPHGEVKQPOC[JCXGKPVGTCEVKQPUYKVJVJGNWPIVJCVCTGFKHHGTGPVHTQOQVJGTUVCIGU&\KGF\KECPF9JKVGD

 'HHGEVUQP+PHNCOOCVKQPCPF2GTOGCDKNKV[6JGDCTTKGTHWPEVKQPQHVJGTGURKTCVQT[VTCEVKUFKUTWRVGFD[1 CNNQYKPIEGNNWNCTCPF 

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

###  8



### CHVGTGZRQUWTG-NGGDGTIGTGVCNC*QYGXGTVJGKPETGCUGKP$#.RTQVGKPV[RKECNN[KUOCZKOCNTQWIJN[VQJRQUVGZRQUWTG+PTCVUGZRQUGFVQRRO1 HQTJCPF 

### GZCOKPGFD[NCXCIGCPFOQTRJQOGVT[UGXGTCNVKOGURQUVGZRQUWTGVJGKPETGCUGKPPCUCN2/0UQEEWTUUQQPGTCPFYCPGUCDQWVVJGVKOGVJCVVJGUGEGNNUCTGKPETGCUKPIKPPWODGTKPVJGNWPIU*QVEJMKUUGVCNCD+VUJQWNFDGTGEQIPK\GFVJCV$#.ECPGPCDNGOGCUWTGOGPVQHVJGRTQVGKPCPFEGNNUCEEGUUKDNGD[NCXCIGKPENWFKPIVJGTGUKFGPVOCVGTKCNKGOC[KPENWFGRTQVGKPHTQO1 KPFWEGFEGNNWNCTFGUVTWEVKQPCPFVJGOCVGTKCNGPVGTKPIHTQOVJGVKUUWGQTEKTEWNCVKQP

### 6JWUKPVGTUVKVKCNKPHNCOOCVKQPYJKEJJCUDGGPQDUGTXGFKPUGXGTCNURGEKGUOKETQUEQRKECNN[KUPQVFGVGEVCDNGD[$#.5GXGTCN%¥6UVWFKGUJCXGDGGPEQPFWEVGFKPOKEGWUKPI$#.RTQVGKPCUCPGPFRQKPV+PVYQUVWFKGUVJGTGYCUEQODKPCVKQPQHXCTKQWU%UVQRRO1 CPF 

### 6UVQJTGUWNVKPIKPCPWODGTQHFKHHGTGPV%¥6RTQFWEVU4QODQWVGVCN*KIJHKNNGVCN$QVJQHVJGUGUVWFKGUUJQYGFVJCVVJGKPHNWGPEGQH6KPETGCUGFCU%KPETGCUGFKGVJGTGYCUPQUKORNGTGNCVKQPUJKRQH% ¥6 EQPUVCPVRTQFWEVJQYGXGTCV C C

### VJGNQYGUV%¥6RTQFWEVUVJGTGYCUCOQTGGSWKXCNGPVKPHNWGPEGQH%CPF6)GN\NGKEJVGTGVCNDWUGFCUKPING%¥6RTQFWEVEQORQUGFQHCXCTKGV[QH%UCPF6UHQTWRVQFC[UQHGZRQUWTG6JGJFC[GZRQUWTGITQWRJCFNGUUTGURQPUGVJCPVJGQVJGTITQWRUVJCVTGURQPFGFGSWKXCNGPVN['HHGEVUQHNQPIGTVGTOGZRQUWTGQPRGTOGCDKNKV[CPFKPHNCOOCVKQPCTGOQTGEQORNGZVQKPVGTRTGVCNUQUGGUWDUGSWGPVFKUEWUUKQPQPNWPIUVTWEVWTG*KUVQNQIKECNGZCOKPCVKQPQHTCVNWPIUGZRQUGFVQRRO1 JFC[UJQYGFOQTGKPHNCOOCVQT[EGNNU 

### KPVJGCNXGQNKCHVGTFC[UQHGZRQUWTGVJCPCHVGTFC[QHGZRQUWTG6GRRGTGVCN+PEQPVTCUVVJGKPETGCUGKP$#.2/0UVJCVQEEWTTGFCHVGT&C[QHGZRQUWTGQHTCVUJCFTGUQNXGFD[&C[JFC[&QPCNFUQPGVCN5QOGUVWFKGUUWIIGUVVJCVCNVJQWIJRTQVGKPCPF2/0KPETGCUGUCTGQDUGTXGFEQPEWTTGPVN[VJKUOC[DGOQTGCHWPEVKQPQHGZRGTKOGPVCNFGUKIPVJCPVJGCEVWCNDKQNQIKECNUGSWGPEGQHGXGPVU(QTGZCORNGKPTCVUFGRNGVGFQH2/0UYKVJCPVK2/0UGTWO1 FKFPQV 

### KPETGCUG$#.2/0UDWV$#.RTQVGKPUVKNNYCUKPETGCUGF2KPQGVCND#NUQ;QWPICPF$JCNNCQDUGTXGFCPKPETGCUGKPVTCEJGCNRTQVGKPGCTNKGTVJCPKPETGCUGFVTCEJGCN2/0U6JG[KPVGTRTGVGFVJKUCPFQVJGTTGNCVGFTGUWNVUVQUWIIGUVVJCVVJGTGETWKVGF2/0UOC[UGTXGVQUWUVCKPCPKPETGCUGKPRGTOGCDKNKV[

 'HHGEVUQP5VTWEVWTG(WPEVKQPCPF$KQEJGOKUVT[6JGQTGVKECNN[CPFKPUQOGECUGUGORKTKECNN[NWPIUVTWEVWTGHWPEVKQPCPFDKQEJGOKUVT[CTGNKPMGF%QTTGNCVKQPUCTGPQVGZCEVDGECWUGQHFKHHGTGPEGUKPCXCKNCDNGOGCUWTGOGPVOGVJQFUGIOQUVNWPIHWPEVKQPVGUVUWUGFFQPQVOGCUWTGUGPUKVKXGN[VJGHWPEVKQPQHVJGUOCNNGUVCKTYC[UYJGTGVJGENCUUKECN1 NGUKQPKUQDUGTXGFCPFUQOG 

### KPFGRGPFGPEGQHGHHGEVUGICVTCPUKGPVEJCPIGKPDTGCVJKPIHTGSWGPE[YQWNFPQVDGOQTRJQNQIKECNN[FGVGEVCDNG#NUQOQUVDKQEJGOKECNOGCUWTGOGPVUCTGOCFGQHYJQNGNWPITCVJGTVJCPHQECNCTGCUQHFCOCIGCPFQPN[UQOGGP\[OGCEVKXKVKGUOGCUWTGFYQWNFDGGZRGEVGFVQDGEQTTGNCVGFVQUVTWEVWTGQTHWPEVKQPGIEQNNCIGPOGVCDQNKUOCPVKQZKFCPV OGVCDQNKUO#HVGTCEWVGGZRQUWTGVQ1 VJGOQUVEQOOQPN[QDUGTXGFGHHGEVKPUGXGTCNURGEKGUKU 

### VCEJ[RPGCKPETGCUGFHCPFFGETGCUGF8 YKVJNKVVNGKHCP[EJCPIGKPVJGNQYGUVGZRQUWTG 6 '

### ECWUKPIVCEJ[RPGCYCURRO1 HQTJKPTCVU/CWV\CPF$WHCNKPQ1VJGTGHHGEVU 

### TGRQTVGFCHVGTCEWVGGZRQUWTGVQRROKPENWFGKPETGCUGF4 CPFFGETGCUGF%F[P6.%8% .

### (4%48(8%&. CPFVJGOWNVKDTGCVJ0 UNQRGGI(QWMGGVCN/CWV\GVCN %1 

### D/KNNGTGVCN*QYGXGTVJGUGEJCPIGUCTGPQVQDUGTXGFKPCNNUVWFKGURTQDCDN[FWGVQFKHHGTGPEGUKPCPKOCNURGEKGUOGCUWTGOGPVOGVJQFCPFGZRQUWTGRTQVQEQNU9KVJTCTGGZEGRVKQPEQPEGPVTCVKQPUYGNNKPGZEGUUQHRRO1 CTGTGSWKTGFVQKPETGCUGCKTYC[TGCEVKXKV[



### 6YQ%¥6UVWFKGUQHRWNOQPCT[HWPEVKQPWUKPICEWVGGZRQUWTGRGTKQFUJCXGDGGPRGTHQTOGF%QUVCGVCNHQWPFVJCV(8%&. CPFVJGOWNVKDTGCVJ0 UNQRGFGETGCUGF %1 

### YKVJKPETGCUKPI%¥6RTQFWEVUKPTCVUCPFVJCVVJGKPHNWGPEGQH6KUITGCVGTCVJKIJGT%U+PIWKPGCRKIU0KUJKMCYCGVCNQDUGTXGFVJCVCKTYC[TGURQPUKXGPGUUVQOGVJCEJQNKPGKPETGCUGFCVJKIJGT%¥6RTQFWEVUGICVDWVPQVCVRRO OKPVJGCWVJQTUEQPENWFGFVJCV6YCUCPKORQTVCPVHCEVQTKPVJG1 TGURQPUG 

### 9JGPTCVUYGTGGZRQUGFHQTFC[UJFC[YKVJ%1 VQUVKOWNCVGXGPVKNCVKQP 

### GSWKXCNGPVVQNKIJVGZGTEKUGKPJWOCPUVQCPFRRO1 VJGEJCPIGKPUJCRGQH 

### VJGHNQYXQNWOGEWTXGQEEWTTGFCPFVCEJ[RPGCRGCMGFQP&C[UCPFDWVD[&C[VJGTGYCUPQFKHHGTGPEGHTQOEQPVTQNGZEGRVCVRRO6GRRGTGVCN6JKUCVVGPWCVKQPKUUKOKNCTVQVJCVQDUGTXGFKPJWOCPU*QYGXGTKPQVJGTUKOKNCTITQWRUQHCPKOCNUJKUVQNQIKECNEJCPIGUKPVJGNWPIRTQITGUUGFCPF$#.RTQVGKPTGOCKPGFGNGXCVGF1VJGTUKOKNCTKVKGUDGVYGGPNCDQTCVQT[CPKOCNUCPFJWOCPUKPVJGKTRWNOQPCT[HWPEVKQPTGURQPUGUVQUJQTVVGTO1 

### GZRQUWTGCTGGZRNQTGFKP%JCRVGT1\QPGECWUGUUKOKNCTV[RGUQHCNVGTCVKQPUKPNWPIOQTRJQNQI[KPCNNNCDQTCVQT[CPKOCNURGEKGUUVWFKGF6JGOQUVCHHGEVGFEGNNUCTGVJGEKNKCVGFGRKVJGNKCNEGNNUQHVJGCKTYC[UCPF6[RGEGNNUKPVJGICUGZEJCPIGTGIKQP9KVJKPVJGPCUCNECXKV[CPVGTKQTRQTVKQPUQHVJGTGURKTCVQT[CPFVTCPUKVKQPCNGRKVJGNKWOCTGCHHGEVGF%KNKCCTGNQUVQTFCOCIGFUQOGEKNKCVGFEGNNUDGEQOGPGETQVKECTGNQUVCPFCTGTGRNCEGFYKVJPQPEKNKCVGFEGNNU/WEWUUGETGVKPIEGNNU

CTGCHHGEVGF6JG%#4VJGLWPEVKQPQHVJGEQPFWEVKPICKTYC[UCPFVJGICUGZEJCPIGTGIKQPKUCRTKOCT[VCTIGVRQUUKDN[DGECWUGKVTGEGKXGUVJGITGCVGUVFQUGQH1 FGNKXGTGFVQVJGNQYGT 

### TGURKTCVQT[VTCEVUGG%JCRVGTCPFJCU6[RGGRKVJGNKCNEGNNUEQXGTKPICNCTIGUWTHCEGCTGC'XGPVJQWIJVJGTGCTGUKIPKHKECPVKPVGTURGEKGUFKHHGTGPEGUKPVJGUVTWEVWTGQHVJG%#4GIRTKOCVGUKPENWFKPIJWOCPUJCXG4$UYJKEJCTGTWFKOGPVCT[QTCDUGPVKPNCDQTCVQT[CPKOCNUUWEJCUTCVUQTOKEGKVKUVJGVCTIGVKPCNNURGEKGUUVWFKGF'ZRQUWTGVQ1 ECWUGUNQUUQHEKNKC 

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

### FWTKPIOQPVJUQHGZRQUWTGCPFDGIKPVQTGVWTPVQEQPVTQNXCNWGUCHVGTGZRQUWTGEGCUGU+PEQPVTCUVGRKVJGNKCNJ[RGTRNCUKCTCRKFN[KPETGCUGUFWTKPICDQWVVJGHKTUVYGGMQHGZRQUWTGRNCVGCWUCUGZRQUWTGEQPVKPWGUCPFDGIKPUVQFGETGCUGUNQYN[YJGPGZRQUWTGUVQRU+PVGTUVKVKCN

### HKDTQUKUTGSWKTGUOQPVJUQHGZRQUWTGVQDGQDUGTXGFOKETQUEQRKECNN[CPFKPETGCUGUUNQYN[DWVYJGPGZRQUWTGEGCUGUKPVGTUVKVKCNHKDTQUKUUVKNNECPRGTUKUVQTEQPVKPWGVQKPETGCUG0WOGTQWUUVWFKGUWUKPIUGXGTCNFKHHGTGPVURGEKGUCPFGZRGTKOGPVCNCRRTQCEJGUUWRRQTVVJGUGHKPFKPIU1PN[CHGYQHVJGUVWFKGURTKOCTKN[VJQUGWUKPIOQTGUGPUKVKXGOQTRJQOGVTKEOGCUWTGOGPVUCTGWUGFJGTGVQKNNWUVTCVGMG[RQKPVUCPFVQUJQYEQTTGNCVKQPUYKVJRWNOQPCT[HWPEVKQPCPFNWPIDKQEJGOKUVT[1PN[TCVCPFPQPJWOCPRTKOCVGUVWFKGUCTGFKUEWUUGFDGECWUGOQUVKPXGUVKICVKQPUYGTGEQPFWEVGFQPVJGO#VGSWKXCNGPVGZRQUWTGUPQPJWOCPRTKOCVGUCRRGCTVQDGOQTGTGURQPUKXGVJCPTCVU5GEVKQP)GPGTCNN[UJQTVVGTOGZRQUWTGUVQEQPEGPVTCVKQPURRO1 FQPQVECWUG 

### EJCPIGUFGVGEVCDNGD[./KPVJGPCUCNECXKVKGUQHTCVUQTPQPJWOCPRTKOCVGUGZEGRVHQTKPHNCOOCVKQPCPFCPQEECUKQPCNFGNC[GFRQUVGZRQUWTGHKPFKPIQHOKNFJ[RGTRNCUKC(QTGZCORNG*QVEJMKUUGVCNCTGRQTVGFKPHNCOOCVKQPKPVJGPCUCNGRKVJGNKWOQHTCVUWRVQJCHVGTCJGZRQUWTGVQNGXGNUCUNQYCURRO1 VJGTGYCUPQPGETQUKUNQUUQHEKNKC 

### QTJ[RGTRNCUKCGXGPCVRRO#HVGTFC[UJFC[QHGZRQUWTGRROECWUGFNQUUQHEKNKCCPFJ[RGTRNCUKCCPFOGVCRNCUKCQHVJGPCUCNGRKVJGNKWOQHTCVU4GW\GNGVCN0QPJWOCPRTKOCVGUCRRGCTGFVQDGOQTGTGURQPUKXG*CTMGOCGVCNQDUGTXGFVJCVGZRQUWTGVQQTRRO1 HQTQTFC[UJFC[ECWUGFPGETQUKUQHEKNKCVGFEGNNU 

### UJQTVGPGFEKNKCCPFKPETGCUGFOWEQWUITCPWNGEGNNUKPVJGTGURKTCVQT[GRKVJGNKWOCNVGTCVKQPUKPEGNNPWODGTUCNUQYGTGHQWPFKPVJGVTCPUKVKQPCNGRKVJGNKWO9KVJKPVJG%#4CPWODGTQHCNVGTCVKQPUQEEWT+PTCVUCPFOQPMG[UEKNKCVGFCPF6[RGEGNNUDGEQOGPGETQVKECPFCTGUNQWIJGFHTQOVJGGRKVJGNKWOCUGCTN[CUVJGHKTUVVQJQHCPGZRQUWTGVQCDQWVRRO1 5VGRJGPUGVCNCD4GRCKTCUUJQYPD[KPETGCUGF 

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

### GUVCDNKUJGF6JGUVWF[D[%JCPIGVCNRTQXKFGUGZCORNGUQHUQOGQHVJGRCVVGTPUQHEGNNWNCTCNVGTCVKQPU%JCPIGVCNGZRQUGFTCVUVQCPWTDCPRCVVGTPQH1 RRO 

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

### YCUQPN[UKIPKHKECPVN[FKHHGTGPVHTQOEQPVTQNCVYGGMU6KFCNXQNWOGYCUTGFWEGFCVCNNGXCNWCVKQPVKOGU1XGTCNNDTGCVJKPIHTGSWGPE[YCUTGFWEGFDWVPQUKPINGGXCNWCVKQPVKOGYCUUKIPKHKECPV/QPMG[UGZRQUGFVQCJKIJGTEQPEGPVTCVKQPQH1 RRO[GCTCNUQUJQYGF 

### KPETGCUGFTGUKUVCPEGCPFFGETGCUGFHNQYUYJKEJYGTGKPVGTRTGVGFCUEGPVTCNCPFRGTKRJGTCNCKTYC[PCTTQYKPIFWTKPICOQRQUVGZRQUWTGRGTKQFFGETGCUGUKPUVCVKENWPIEQORNKCPEGRGTUKUVGF9GIPGT5GXGTCNUVWFKGUJCXGFGOQPUVTCVGFFKUVCNCKTYC[TGOQFGNKPI6JKUDTQPEJKQNK\CVKQPQH%#4CNXGQNKKUUQPCOGFDGECWUGDTQPEJKCNGRKVJGNKWOTGRNCEGUVJG6[RGCPFEGNNUV[RKECNQH#&UTGUWNVKPIKPVJGCRRGCTCPEGQH4$UKPTCVUCPFKPETGCUGFXQNWOGHTCEVKQPCPFXQNWOGQH4$UKPOQPMG[U6JKUJCUDGGPQDUGTXGFCVGZRQUWTGUCUNQYCURRO1 

### FC[UKPTCVU/QQTGCPF5EJYCTV\CPFCUNQYCURROJFC[OQKPOQPMG[U6[NGTGVCN+PHNCOOCVKQPQEEWTUEQPEWTTGPVN[RGTJCRUKPFKECVKPICPKPHNWGPEGQPTGOQFGNKPI+POQPMG[UUWEJDTQPEJKQNK\CVKQPECPRGTUKUVOQCHVGTVJGGPFQHC[GCTJFC[GZRQUWTGVQRRO6[NGTGVCND'ZRQUWTGTGIKOGPUECPJCXGWPGZRGEVGFKORCEVUQPGZRGTKOGPVCNQWVEQOGU5GXGTCNKPXGUVKICVKQPUQHEQODKPCVKQPUQH1 GRKUQFGUQT1 UGCUQPUYKVJENGCPCKTRGTKQFU  

### JCXGDGGPGZCOKPGF+PVJGHKTUVQHVJGUG.CUVGVCNDEQORCTGFCKTEQPVTQNTCVUVQVYQITQWRUQHTCVUGZRQUGFVQRRO1PGITQWRTGEGKXGFCFC[JFC[GZRQUWTGFCKN[VJGQVJGTITQWRJCFKPVGTOKVVGPVWPKVUQHFC[UQH1 JFC[CPFFC[UQHCKT 

### UWEJVJCVVJGTGYGTG1 GZRQUWTGFC[UQXGTVJGFC[RGTKQFGRKUQFKE$QVJITQWRUJCF 

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¥6FQGUPQVRTGFKEVVJGQWVEQOG+PFGGFJCNHVJG1 QPC%¥6DCUKUECWUGFGSWKXCNGPVQTOQTGGHHGEVUVJCPCHWNN 

### 1 GZRQUWTG

 

### 6JGEQORNGZKV[QHWPFGTUVCPFKPI%¥6TGNCVKQPUJKRUKUHWTVJGTKNNWUVTCVGFD[%JCPIGVCNYJQEQORCTGFVYQFKHHGTGPVGZRQUWTGTGIKOGPUQPGCUSWCTGYCXGCPFVJGQVJGTCPWTDCPRCVVGTPQPVJGDCUKUQH%¥6RTQFWEVU6JGTGYCUCNKPGCTTGNCVKQPUJKRDGVYGGP%¥6RTQFWEVUCPFVJGKPETGCUGKP6[RGEGNNXQNWOGKPVJG%#4CUKOKNCTQDUGTXCVKQPQP6[RGEGNNXQNWOGUYCUNGUUTQDWUV6JGTGYCUPQUWEJTGNCVKQPUJKRHQTQVJGTOQTRJQOGVTKEGPFRQKPVUKPVJGUCOGCPKOCNU%GNNRTQNKHGTCVKQPKPVJGPCUCNGRKVJGNKWOFQGUPQVKPETGCUGNKPGCTN[YKVJKPETGCUKPI%¥6DWVFQGUKPETGCUGNKPGCTN[YKVJKPETGCUKPI%*GPFGTUQPGVCN.QPIVGTOGZRQUWTGCNUQVJKEMGPU%#4CNXGQNCTUGRVCFWGVQCPKPETGCUGKPKPHNCOOCVQT[EGNNUHKDTQDNCUVUCPFCOQTRJQWUGZVTCEGNNWNCTOCVTKZ(WLKPCMCGVCN$CTT[GVCN<KVPKMGVCN6JGTGKUUQOGOQTRJQNQIKECNGXKFGPEGQHOKNFHKDTQUKUKGNQECNKPETGCUGKPEQNNCIGPKP%#4KPVGTCNXGQNCTUGRVC.CUVGVCN$QQTOCPGVCN%JCPIGVCN2KEMTGNNGVCND(TGGOCPGVCN/QQTGCPF5EJYCTV\

### $KQEJGOKECNGXKFGPEGUWRRQTVUVJGUGHKPFKPIUGXGPVJQWIJDKQEJGOKECNCRRTQCEJGUYQWNFDGGZRGEVGFVQDGNGUUUGPUKVKXGDGECWUGVJGYJQNGNWPITCVJGTVJCPHQECNNGUKQPUKUGZCOKPGF.CUVGVCNFKTGEVN[FGOQPUVTCVGFVJGEQTTGNCVKQPD[QDUGTXKPIKPETGCUGFEQNNCIGPJKUVQNQIKECNN[CPFDKQEJGOKECNN[EQNNCIGPU[PVJGUKUTCVGKPTCVUUKOKNCTN[GZRQUGFVQVQRRO1 HQTVQFC[U6JGKPETGCUGDGECOGITGCVGTYKVJKPETGCUKPIEQPEGPVTCVKQP 

### CPFFWTCVKQPQHGZRQUWTG5KOKNCTEQTTGNCVKQPUYGTGQDUGTXGFCVCJKIJGTEQPEGPVTCVKQPD[2KEMTGNNGVCND6JGKPETGCUGFEQNNCIGPEQPVGPVECPRGTUKUVCHVGTGZRQUWTGEGCUGU%JCPIGVCN*WUUCKPGVCNCD.CUVGVCNDDWVUQOGUVWFKGUUWIIGUVVJCVJKIJGTEQPEGPVTCVKQPU RROOC[DGTGSWKTGFHQTUWEJRGTUKUVGPEG.CUVCPF)TGGPDGTI2KEMTGNNGVCND%QNNCIGPETQUUNKPMUYGTGUVWFKGFKPOQPMG[UGZRQUGFVQRRO1 HQT[GCTJFC[4GKUGTGVCN'CTNKGTGZCOKPCVKQPQHVJGUGUCOGOQPMG[U 

### TGXGCNGFVJCVEQNNCIGPEQPVGPVYCUKPETGCUGF.CUVGVCND9JGPURGEKHKEEQNNCIGPETQUUNKPMUYGTGOGCUWTGFVJGKPETGCUGKPCDPQTOCNETQUUNKPMUQDUGTXGFKOOGFKCVGN[CHVGTGZRQUWTGTGOCKPGFKPVJGNWPIUCVOQRQUVGZRQUWTG6JGUGOQTRJQNQIKEOQTRJQOGVTKECPFDKQEJGOKECNHKPFKPIUQHHKDTQVKEEJCPIGUCTGUWRRQTVGFD[UQOGRWNOQPCT[HWPEVKQPUVWFKGU(QTGZCORNGTCVUGZRQUGFHQTWRVQYGGMUWUKPIVJGUCOGWTDCPGZRQUWTGRTQVQEQNCU%JCPIGVCNGZJKDKVGFTGFWEGFNWPIXQNWOGCPFJCUVGPGF0 YCUJQWVRCVVGTPUEQPUKUVGPVYKVJCUVKHHGTNWPIKGTGUVTKEVKXGNWPI 

### FKUGCUG%QUVCGVCN6JGEJTQPKE1 UVWF[D[VJG062CPFVJG*GCNVJ'HHGEVU+PUVKVWVG*'+.CUVGVCN 

### 5\CTGM4CFJCTMTKUJPCTOWTVJ[2CTMUCPF4QD[*CTMGOCCPF/CWFGTN[*CTMGOCGVCN%JCPIGVCN2KPMGTVQPGVCN%CVCNCPQGVCNCDHWTVJGTKNNWUVTCVGUUQOGQHVJGEQORNGZKPVGTTGNCVKQPUJKRUDGVYGGPNWPIUVTWEVWTGHWPEVKQPCPFDKQEJGOKUVT[#NNQHVJGUGGPFRQKPVUYGTGGXCNWCVGFKPCEQNNCDQTCVKXGRTQLGEVWUKPITCVUGZRQUGFJFC[FC[UYGGMHQTOQVQQTRRO1 #NVJQWIJ 

### NWPIDKQEJGOKUVT[CPFUVTWEVWTGYGTGCHHGEVGFCVVJGJKIJGT1 EQPEGPVTCVKQPURRO 

### VJGTGYGTGPQQDUGTXGFGHHGEVUQPRWNOQPCT[HWPEVKQP6JKUKUEQPUKUVGPVYKVJVJGTGNCVKXGUGPUKVKXKV[QHVJGVGUVUWUGFCPFUWIIGUVUVJCVVJGQDUGTXGFGHHGEVUYGTGPQVUWHHKEKGPVVQQXGTEQOGVJGTGUGTXGHWPEVKQPQHVJGNWPI%QODKPGFCPCN[UGUQHVJG062*'+EQNNCDQTCVKXGUVWFKGUUJQYGFVJCVCPFRRO1 ECWUGFCXCTKGV[QHUVTWEVWTCNCPFDKQEJGOKECNGHHGEVURRO1 FKFPQVECWUG  

### CP[OCLQTGHHGEVUCNVJQWIJCHGYURGEKHKEGPFRQKPVUYGTGCNVGTGF*CNNOCTMUQHEJTQPKETJKPKVKUGIKPHNCOOCVKQPOWEQWUEGNNJ[RGTRNCUKCFGETGCUGFOWEQWUHNQYYGTGQDUGTXGFKPHQECNTGIKQPUQHVJGPCUCNECXKV[5VTWEVWTCNCPFDKQEJGOKECNEJCPIGUKPENWFGFUQOGDWVPQVOCP[JCNNOCTMUQHCKTYC[FKUGCUG6[RKECN1 KPFWEGFEJCPIGUGIDTQPEJKQNCTK\CVKQP 

### KPETGCUGFKPVGTUVKVKCNOCVTKZQDUGTXGFKPVJGVTCEJGQDTQPEJKCNTGIKQPCPFKPVJG%#4YGTGEJCTCEVGTKUVKEQHEGPVTKCEKPCTHKDTQUKUJQYGXGTFKHHWUGRWNOQPCT[HKDTQUKUYCUPQVQDUGTXGF#PKPVGITCVKXGOWNVKRNGGPFRQKPVCPCN[UKU%CVCNCPQGVCNCWVKNK\KPIOGFKCPRQNKUJVGEJPKSWGURTQFWEGFEQORQUKVGXCTKCDNGUHQTFKUGCUGUWTTQICVGUVJCVYGTGVGUVGFHQTVTGPFUCETQUUCNNVJTGG1 EQPEGPVTCVKQPU6TGPFUHQTEGPVTKCEKPCTHKDTQUKUCKTYC[FKUGCUGCPF 

### EJTQPKETJKPKVKUYGTGGZCOKPGFHQTCPFGPFRQKPVUTGURGEVKXGN[HTQOVJGKPFKXKFWCN062*'+UVWFKGU#UVCVKUVKECNN[UKIPKHKECPVVTGPFYCUPQVGFHQTVJGCUUQEKCVKQPDGVYGGPEJTQPKETJKPKVKUCPFKPETGCUKPI1 EQPEGPVTCVKQP6JGFKHHGTGPEGUDGVYGGPEQPVTQNCPFGZRQUGF 

### TCVUYGTGUVCVKUVKECNN[UKIPKHKECPVCVCPFRRO1 /CTIKPCNN[UKIPKHKECPVCPF 

### UKIPKHKECPVVTGPFUYGTGHQWPFHQTVJGCUUQEKCVKQPDGVYGGPEGPVTKCEKPCTHKDTQUKUQTCKTYC[FKUGCUG

### CPFKPETGCUKPI1 EQPEGPVTCVKQPJQYGXGTPQUVCVKUVKECNN[UKIPKHKECPVFKHHGTGPEGUYGTGHQWPF 

### DGVYGGPEQPVTQNCPF1 GZRQUGFTCVU

### #UFKUEWUUGFCDQXGNQPIVGTO1 GZRQUWTGECPECWUGNWPIHKDTQVKEEJCPIGU 

### JQYGXGTVJGTGKUPQGXKFGPEGVJCV1 ECWUGUGORJ[UGOCWUKPIVJGEWTTGPVN[CEEGRVGF 

### OQTRJQNQIKECNFGHKPKVKQPQHJWOCPGORJ[UGOC75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[ 

 )GPQVQZKEKV[CPF%CTEKPQIGPKEKV[QH1\QPG#UKIPKHKECPVCOQWPVQHTGUGCTEJJCUDGGPEQPFWEVGFVQFGVGTOKPGYJGVJGT1 KU 

### IGPQVQZKEQTECTEKPQIGPKE/CP[QHVJGGCTN[GZRGTKOGPVUJCXGHNCYUKPGZRGTKOGPVCNFGUKIPQTJCXGWUGF1 EQPEGPVTCVKQPUHCTCDQXGNGXGNUVJCVEQWNFQEEWTKPCODKGPVCKT+PGXCNWCVKPI 

### VJGFCVCCPWODGTQHEQPENWUKQPUECPDGOCFG+PXKVTQGZRQUWTGQHPCMGFRNCUOKF&0#VQXGT[JKIJ1 EQPEGPVTCVKQPUTGUWNVUKPUKPINGCPFFQWDNGUVTCPFDTGCMUKPVJG&0#CU 

### EQPHKTOGFD[IGNGNGEVTQRJQTGUKUCPFGNGEVTQPOKETQUEQR[UVWFKGU*COGNKP6GUVKPIQH1 KPXCTKQWUOWVCIGPGUKUCUUC[UJCUNGFVQOCTIKPCNQTUOCNNTGUWNVUKPCPWODGTQHCUUC[UCPF



### PGICVKXGTGUWNVUKPQVJGTCUUC[U[UVGOU1\QPGKUPQVOWVCIGPKEKP5CNOQPGNNC UVTCKPU6#6#6#CPF6#CPFECWUGUCVOQUVYGCMGHHGEVUKPUVTCKP6#VJCVCTGPQVUVTKEVN[EQPEGPVTCVKQPFGRGPFGPV&KNNQPGVCN8KEVQTKPCPF5VCJNDGTICD'ZVTGOGN[JKIJEQPEGPVTCVKQPUQH1 RROECWUGFOWVCVKQPVQUVTGRVQO[EKPTGUKUVCPEGKP 

### 'EQNK CPFECWUGFXCTKQWUV[RGUQHOWVCVKQPUKPVJG[GCUV5EGTGXKUKCG DWV1 YCUCYGCM 

### OWVCIGPEQORCTGFVQMPQYPUVTQPIOWVCIGPUKPVJG[GCUVU[UVGO.	*GTCWNVCPF%JWPI&WDGCWCPF%JWPI1\QPGYCUPQVOWVCIGPKEKPVJG0VCDCECO QT 6TCFGUECPVKC OWVCVKQPCUUC[U[UVGOU)KEJPGTGVCN*GPEGQXGTCNNVJGFCVCQPVJGOWVCIGPKEKV[QH1 CTGOKZGFPGICVKXGKPUKZCUUC[UOCTIKPCNN[RQUKVKXGKPQPGCUUC[CPF 

### YGCMN[RQUKVKXGKPVYQCUUC[U6JGRTGUGPVFCVCKPFKECVGVJCV1 KUCVOQUVCYGCMOWVCIGP 

### DWVHWTVJGTFCVCCTGPGGFGFKPOCOOCNKCPEGNNU[UVGOUVQFTCYFGHKPKVKXGEQPENWUKQPUTGICTFKPIVJKURQKPV6JGTGCTGUQOGFCVCKPFKECVKPIVJCV1 OC[ECWUGEJTQOQUQOGDTGCMCIGKPEWNVWTGF 

### EGNNUDWVKPXKXQCPKOCNUVWFKGUCTGEQPHNKEVKPI<GNCEGVCNCD6KEGGVCN#JWOCPUVWF[YKVJCPCRRTQRTKCVGGZRGTKOGPVCNFGUKIPYCUPGICVKXG/E-GP\KGGVCN/E-GP\KG4GICTFKPIECTEKPQIGPKEKV[1 JCUDGGPUJQYPVQKPFWEGOQTRJQNQIKECN 

### VTCPUHQTOCVKQPKPEWNVWTGF%*6OQWUGGODT[QEGNNUCPFKP5*'EGNNUCPFVQECWUGCU[PGTIKUVKEOQTRJQNQIKECNVTCPUHQTOCVKQPKPEGNNUVTGCVGFCNUQYKVJICOOCTCFKCVKQP$QTGMGVCND*QYGXGTVJGUGTGUWNVUEQWNFDGFWGVQKPVGTCEVKQPUQH1 YKVJVJGEWNVWTG 

### OGFKWOVJCVIGPGTCVGEJGOKECNURGEKGUFKHHGTGPVHTQOVJQUGRTQFWEGFKPXKXQ9JQNGCPKOCNECTEKPQIGPGUKUCUUC[URGTHQTOGFKPUVTCKP#OKEGJCXGFGOQPUVTCVGFOCTIKPCNKPETGCUGUKPVWOQT[KGNFVJCVYGTGPQVUVCVKUVKECNN[UKIPKHKECPVQTEQPEGPVTCVKQPFGRGPFGPV*CUUGVVGVCN.CUVGVCN6JG062UVWF[FGOQPUVTCVGFVJCV1 YCUPQVCVWOQTRTQOQVGTQTC 

### EQECTEKPQIGPYJGP00-VTGCVGFOCNG(0TCVUYGTGGZRQUGFHQT[GCTUVQRRO1 

### 0CVKQPCN6QZKEQNQI[2TQITCO+PVJG062UVWF[TCVUCPFOKEGYGTGGZRQUGFVQQTRRO1 HQTJFC[FC[UYGGMHQTVYQ[GCTUQTCNKHGVKOG6JKU062UVWF[ 

### UJQYGFPQGXKFGPEGQHECTEKPQIGPKECEVKXKV[KPOCNGQTHGOCNG(0TCVUGSWKXQECNGXKFGPEGQHECTEKPQIGPKECEVKXKV[KPOCNG$%( OKEGCPFUQOGGXKFGPEGQHECTEKPQIGPKECEVKXKV[KP 

### HGOCNG$%( OKEGCVCJKIJEQPEGPVTCVKQPRRO*GPEG1 JCUDGGPUJQYPVQDGC  

### YGCMRWNOQPCT[ECTEKPQIGPQPN[KPHGOCNG$%( OKEGCVVQZKEEQPEGPVTCVKQPUKPQPG  

### GZRGTKOGPV

### #VRTGUGPV1 KUUJQYPVQDGPQPOWVCIGPKEKPUQOGCUUC[U[UVGOUCVOQUVYGCMN[ 

### OWVCIGPKEKPCHGYCUUC[U[UVGOUCPFENCUVQIGPKEKPXKVTQDWVPQVKPXKXQ1\QPGECPVTCPUHQTOEGNNUKPXKVTQ1\QPGFQGUPQVECWUGEQPEGPVTCVKQPFGRGPFGPVVWOQTKPFWEVKQPVJCVKUUVCVKUVKECNN[UKIPKHKECPVKPJCOUVGTU9KUVGTOCNGTCVU(0OCNGQTHGOCNGTCVUOCNGQTHGOCNG#,OKEGQT5YKUU9GDUVGTOCNGOKEG6JGTGCTGCODKIWQWUFCVCHQTRWNOQPCT[ECTEKPQIGPGUKUKPOCNG$%( OKEGCPFYGCMECTEKPQIGPGUKUFCVCKPHGOCNG$%( OKEG  

### HTQOEJTQPKEGZRQUWTGVQRRO1 6JGTGHQTG1 JCUDGGPUJQYPVQDGCECTEKPQIGPQPN[  

### KPHGOCNG$%( OKEGKPQPGGZRGTKOGPV$GECWUGCEJTQPKEGZRQUWTGVQRRO1 YCU  

### TGSWKTGFVQKPFWEGRWNOQPCT[VWOQTUKPHGOCNGOKEGKVKURQUUKDNGVJCVRWNOQPCT[VQZKEKV[YJKEJQEEWTUQPN[CVJKIJ1 EQPEGPVTCVKQPURROCPFFQGUPQVQEEWTCVNQYGTNGXGNU 

### EQPVTKDWVGFVQVJGVWOQTFGXGNQROGPV*GPEGVJGRQVGPVKCNHQTCPKOCNECTEKPQIGPKEKV[KUWPEGTVCKPCVVJGRTGUGPVVKOG (CEVQTU6JCV+PHNWGPEG1\QPG'ZRQUWTG
(CEVQTUVJCVKPETGCUGVJGFGNKXGTGFFQUGQH1 FGETGCUGDKQEJGOKECNFGHGPUG 

### OGEJCPKUOUQTKPETGCUGEGNNWNCTUGPUKVKXKV[ECPKPETGCUGVJGKORCEVQHCIKXGP1 GZRQUWTG

### 6JGOQUVEQOOQPN[UVWFKGFHCEVQTUKPENWFGGZGTEKUGCIGCPFPWVTKVKQP#UFKUEWUUGFKP%JCRVGTGZGTEKUGKPETGCUGUVJGFQUGQH1 FGNKXGTGFVQVJG 

### TGURKTCVQT[VTCEVCPFCNVGTUVJGFKUVTKDWVKQPQH1 #UYQWNFDGGZRGEVGFGZGTEKUGFWTKPI 

### GZRQUWTGGPJCPEGUVJGGHHGEVQH1 6JKUJCUDGGPFGOQPUVTCVGFD[/CWV\GVCNDYJQ 

### UJQYGFVJCVGZGTEKUKPITCVUJCFOQTGGZVGPUKXGNWPINGUKQPUVJCPTCVUGZRQUGFCVTGUV5KOKNCTN[6GRRGTGVCNHQWPFVJCVTCVUYGTGOQTGTGURQPUKXGVQ1 YJGP 

### EQGZRQUGFVQ%1 VQKPETGCUGXGPVKNCVKQPUKOWNCVKPIGZGTEKUG

### #PWODGTQHUVWFKGUJCXGDGGPEQPFWEVGFVQEQORCTGVJGGHHGEVUQH1 QPXCTKQWU 

### CIGUQHOKEGCPFTCVUHTQOFC[QNFVQQNFGTCFWNVU+PVGTRTGVCVKQPQHVJGUGUVWFKGUKUFKHHKEWNVDGECWUGRTKQTVQYGCPKPIVJGJWFFNKPIDGJCXKQTQHVJGPGQPCVGUYKVJVJGKTFCOUCUYGNNCUVJGDGFFKPIOCVGTKCNRTGUGPVKPUQOGUVWFKGUOC[JCXGCHHGEVGFVJGEQPEGPVTCVKQPQH1 KPVJG 

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

### KPETGCUGUKP$#.RTQVGKPCPF2/0UFQPQVUJQYCIGFGRGPFGPEG$#.RTQUVCINCPFKPUKPETGCUGFUQQPGTCPFOQTGNGWMQE[VGUYGTGFGCFKP[QWPIGTFC[QNFTCVUEQORCTGFVQCFWNVUGIYGGMUQNF)WPPKUQPGVCNC#IGYGGMUXGTUWUYGGMUFKFPQVKPHNWGPEGVJG1 KPFWEGFFGETGCUGKPNWPIDCEVGTKEKFCNCEVKXKV[)KNOQWTGVCNC 

### 6JGNKVGTCVWTGQP1 GZRQUGFRTGIPCPVCPKOCNUKUGZVTGOGN[URCTUG'ZRQUWTGQH 

### TCVURRO1 JQP&C[QHRTGIPCPE[QT&C[UCPFQHNCEVCVKQPECWUGFC 

### ITGCVGTKPETGCUGKPNWPIRGTOGCDKNKV[CPFKPHNCOOCVKQPVJCPVJCVQDUGTXGFKPPQPRTGIPCPVTCVU)WPPKUQPGVCND

### 0WOGTQWUTGRQTVUFQEWOGPVVJCVCPKOCNUOCFGXKVCOKP'FGHKEKGPVCTGOQTGUWUEGRVKDNGVQVJGDKQEJGOKECNN[FGVGEVGFGHHGEVUQH1 GINKRKFEJCPIGUCPVKQZKFCPV 

### OGVCDQNKUOEJCPIGU75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[2T[QT)GPGTCNN[VJGTGUGCTEJUJQYUVJCVCNVJQWIJXKVCOKP'FGHKEKGPE[GPJCPEGUUWUEGRVKDKNKV[VQNWPIDKQEJGOKECNEJCPIGUVJGTGKUPQVCRTQRQTVKQPCVGTGNCVKQPUJKRDGVYGGPXKVCOKP'UWRRNGOGPVCVKQPCDQXGPQTOCNNGXGNUCPFRTQVGEVKQPHTQO1 #NUQXKVCOKP'FGHKEKGPE[FKF 

### PQVCNVGTVJGKORCEVQH1 QPNWPIUVTWEVWTG%JQYGVCN8KVCOKP%FGHKEKGPE[CNUQJCU 

### CPKPHNWGPEG)WKPGCRKIUFGHKEKGPVKPXKVCOKP%JCFCITGCVGTKPETGCUGKP$#.RTQVGKPEQORCTGFVQXKVCOKP%PQTOCNCPKOCNUYJGPGZRQUGFCEWVGN[VQDWVPQVRRO1 

### 5NCFGGVCN



##  5[UVGOKE'HHGEVU
6JGQTGVKECNCPCN[UGU2T[QTKPFKECVGVJCVVJG1 OQNGEWNGFQGUPQVRGPGVTCVG 

### VQVJGDNQQF[GVVJGTGCTGPWOGTQWUTGRQTVUQHU[UVGOKEGHHGEVUKGGHHGEVUQPN[ORJQE[VGUGT[VJTQE[VGUUGTWOEGPVTCNPGTXQWUU[UVGORCTCVJ[TQKFINCPFEKTEWNCVQT[U[UVGOCPFNKXGT2QUUKDN[QPGQTUGXGTCNQHVJGTGCEVKQPRTQFWEVUQH1 UGG5GEVKQPRGPGVTCVGUVJGNWPI 

### VKUUWGQTRGTJCRUUQOGU[UVGOKETGURQPUGUCTGUGEQPFCT[VQRWNOQPCT[GHHGEVU#NVJQWIJCXCTKGV[QHENKPKECNEJGOKUVT[EJCPIGUQEEWTCHVGT1 GZRQUWTGVJG[ECPPQVDGKPVGTRTGVGFCPF 

### YKNNPQVDGFKUEWUUGFJGTGUGG75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[CPF5GEVKQP'HHGEVUQPU[UVGOKEKOOWPKV[CTGFKUEWUUGFKP5GEVKQP

 %GPVTCN0GTXQWU5[UVGOCPF$GJCXKQTCN'HHGEVU#EWVGGZRQUWTGVQ1 ECWUGFVTCPUKGPVEJCPIGUKPDGJCXKQT6JGNQYGUVGZRQUWTG 

### ECWUKPIGHHGEVUYCURRO1 HQTJKPTCVUYJGGNTWPPKPICEVKXKV[FGETGCUGF6GRRGT 

### GVCN6GRRGTCPF9GKUU$GECWUGGZGTEKUKPICPKOCNUYGTGGZRQUGFKPVJGUGUVWFKGUKGVJG[TGEGKXGFCJKIJGTFQUGQH1 KVKUPQVUWTRTKUKPIVJCVJKIJGT 

### 1 EQPEGPVTCVKQPURROJCTGTGSWKTGFVQCHHGEVUGFGPVCT[DGJCXKQTGIQRGTCPV



### DGJCXKQTUUWEJCUNGXGTRTGUUKPIHQTHQQFTGKPHQTEGOGPV9GKUUGVCN/KEGUJQYCXGTUKXGTGURQPUGUVQ1 RROUD[VGTOKPCVKPI1 GZRQUWTG6GRRGTGVCN 

### 6JGNQYGUVGZRQUWTGUECWUKPIGHHGEVUCTGKORCEVGFD[VJGV[RGQHTGYCTF(QTGZCORNG1 JCFNGUUGHHGEVQPDGJCXKQTUVQCXQKFGNGEVTKEUJQEM+EJKMCYCGVCNVJCPQP



### DGJCXKQTUVQQDVCKPHQQFQTCEEGUUGZGTEKUG6GRRGTGVCN9GKUUGVCN

 %CTFKQXCUEWNCT'HHGEVU+PTCVU1 ECPECWUGDTCF[CTTJ[VJOKCCVGZRQUWTGUCUNQYCURROHQTFC[U 

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

 4GRTQFWEVKXGCPF&GXGNQROGPVCN'HHGEVU

### 0QTGRQTVUQHENCUUKECNGIIGPGTCVKQPUVWFKGUTGRTQFWEVKXGCUUC[UYKVJ1 YGTGHQWPF-CXNQEMGVCNRGTHQTOGFUGXGTCNFGXGNQROGPVCNVQZKEKV[



### GZRGTKOGPVUKPTCVU2TGIPCPVTCVUGZRQUGFKPVGTOKVVGPVN[JFC[VQVQRRO1 FWTKPIGCTN[OKFQTNCVGIGUVCVKQPQTFWTKPIVJGGPVKTGRGTKQFQHQTICPIGPUKU&C[UVQ



### JCFPQUKIPKHKECPVVGTCVQIGPKEGHHGEVU%QPVKPWQWUGZRQUWTGFWTKPIOKFIGUVCVKQPKPETGCUGFVJGTGUQTRVKQPQHGODT[QU2QUVPCVCNITQYVJCPFDGJCXKQTCNFGXGNQROGPVCNUQYGTGKPXGUVKICVGF6JGTGYCUPQGHHGEVQPPGQPCVCNOQTVCNKV[WRVQRRO2WRUHTQOFCOUGZRQUGFEQPVKPWQWUN[VQRROFWTKPIOKFQTNCVGIGUVCVKQPYGKIJGFNGUUFC[UCHVGTDKTVJ2WRUHTQORTGIPCPVTCVUGZRQUGFEQPVKPWQWUN[VQRROFWTKPINCVGIGUVCVKQPJCFFGNC[UKPDGJCXKQTCNFGXGNQROGPVGITKIJVKPIG[GQRGPKPI

 1VJGT5[UVGOKE'HHGEVU#PWODGTQHKPXGUVKICVKQPUJCXGUJQYPVJGGHHGEVUQH1 QPVJGRKVWKVCT[VJ[TQKF 

### CFTGPCNCZKUCUGXKFGPEGFD[EJCPIGUKPEKTEWNCVKPIJQTOQPGUCPFOQTRJQNQIKECNEJCPIGUKPVJGVJ[TQKFCPFRCTCVJ[TQKFINCPFU75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[0QOQTG

TGEGPVUVWFKGUEQWNFDGHQWPF5GXGTCNCRRTQCEJGUJCXGDGGPWUGFVQUVWF[VJGGHHGEVUQH1 QPVJGNKXGTKPETGCUG 

### KPUNGGRKPIVKOGHQNNQYKPIVJGKPLGEVKQPQHFTWIUGIRGPVQDCTDKVCNOGVCDQNK\GFD[VJGNKXGTFTWIRJCTOCEQMKPGVKEUCPFEJCPIGUKPNKXGTGP\[OGU6JGNQYGUVGZRQUWTGECWUKPIKPETGCUGFUNGGRKPIVKOGHTQORGPVQDCTDKVCNYCURRO1 HQTCVNGCUVQTFC[UJFC[KPHGOCNG 

### OKEG)TCJCOGVCN+PVJTGGURGEKGUQHCPKOCNUQPN[HGOCNGUYGTGCHHGEVGF)TCJCOGVCN2GPVQDCTDKVCNRJCTOCEQMKPGVKEUYCUOCTIKPCNN[RUNQYGFKPOKEGGZRQUGFVQRRO1 HQTJ)TCJCOGVCNVJGQRJ[NNKPGENGCTCPEGYCUUNQYGFKPQNFGT 

### TCDDKVUGZRQUGFVQRRO1 HQTFC[UJFC[%CPCFCCPF%CNCDTGUG1\QPG 

### JCUECWUGFDQVJKPETGCUGUFGETGCUGUCPFPQEJCPIGUKPNKXGTZGPQDKQVKEOGVCDQNKUOFGRGPFKPIQPVJGGZRQUWTGCPFGP\[OGDGKPIOGCUWTGF75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[



##  'HHGEVUQH/KZVWTGU
*WOCPUKPVJGTGCNYQTNFCTGGZRQUGFVQEQORNGZOKZVWTGUQHICUGUCPFRCTVKENGU5WHHKEKGPVGXKFGPEGGZKUVUVQMPQYVJCVVJGJGCNVJQWVEQOGKUFGRGPFGPVQPVJGOKZVWTGDWVVJGTGNCVKXGTQNGQTGXGPVJGGZCEVKFGPVKV[QHVJGOCLQTEQORQPGPVUKUPQVMPQYP$GECWUGQHVJKUKVKUETWEKCNVQGXCNWCVGVJGJGCNVJGHHGEVUQH1 KPNKIJVQHGRKFGOKQNQIKECNJWOCPENKPKECN 

### CPFCPKOCNVQZKEQNQIKECNUVWFKGU(QTVJGRWTRQUGUQHVJKUFQEWOGPVCPKPVGTCEVKQPKUEQPUKFGTGFVQQEEWTYJGPVJGTGURQPUGVQVJGOKZVWTGKUUVCVKUVKECNN[UKIPKHKECPVN[JKIJGTU[PGTIKUOQTNQYGTCPVCIQPKUOVJCPVJGUWOQHVJGKPFKXKFWCNRQNNWVCPVU/QUVCPKOCNVQZKEQNQIKECNUVWFKGUQH1 KPVGTCEVKQPUJCXGDGGPEQPFWEVGFYKVJDKPCT[OKZVWTGU 

### RTGFQOKPCPVN[01 CPF* 51 6JGTCTGTTGRQTVUQPEQORNGZOKZVWTGUCTGKPVGTGUVKPIDWV  

### NGUUJGNRHWNDGECWUGQHVGPVJGUVWFKGUFKFPQVKPENWFGCITQWRGZRQUGFQPN[VQ1 CPFVJGTGHQTG 

### MPQYNGFIGQHVJGTQNGQH1 KUEQPHQWPFGF6JWUQPN[VJGDKPCT[OKZVWTGUVWFKGUYKNNDG 

### UWOOCTK\GFJGTG6JKUTGUGCTEJJCUFGOQPUVTCVGFVJCVGZRQUWTGVQ1 KPEQODKPCVKQPYKVJ 

### CPQVJGTEJGOKECNECPTGUWNVKPCPVCIQPKUOCFFKVKXKV[QTU[PGTIKUOFGRGPFKPIQPVJGCPKOCNURGEKGUGZRQUWTGTGIKOGPCPFGPFRQKPVUVWFKGF+PVGTRTGVCVKQPKUHWTVJGTEQORNKECVGFD[VJGHCEVVJCVOQUVUVWFKGUWUGFGZRQUWTGTGIKOGPUWPNKMGVJGTGCNYQTNFKPVGTOUQHTCVKQUQHRQNNWVCPVEQPEGPVTCVKQPUPCVWTCNUGSWGPEKPIQHGZRQUWTGRCVVGTPUCPFQVJGTHCEVQTU(QTGZCORNGYJGP1 CPF01 GZRQUWTGUYGTGUGSWGPVKCNKPCP[QTFGTVJGTGYCUCPCFFKVKXG  

### KPETGCUGKP$#.RTQVGKPCUEQORCTGFVQCU[PGTIKUVKEKPETGCUGYJGPVJGGZRQUWTGUYGTGEQPEWTTGPV)GN\NGKEJVGTGVCNC#TCPIGQHKPVGTCEVKQPUJCUDGGPUJQYPYKVJ1 CPF01 EQODKPCVKQPU(QT  

### GZCORNGCYGGMGZRQUWTGVQCP1 01 OKZVWTGRROQHDQVJU[PGTIKUVKECNN[KPETGCUGF  

### CPVKQZKFCPVUKPVJGNWPIUQHTCVUDWVPQVIWKPGCRKIURGTQZKFGNGXGNUYGTGU[PGTIKUVKECNN[KPETGCUGFKPIWKPGCRKIUDWVPQVTCVUCPF)56CEVKXKV[YCUFGETGCUGFKPIWKPGCRKIUCPFWPEJCPIGFKPTCVU+EJKPQUGCPF5CICK/QUVQHVJGKPVGTCEVKQPUVWFKGUWUKPINWPIDKQEJGOKECNGPFRQKPVUFKURNC[U[PGTIKUO#TCTGGZEGRVKQPYCUVJGCPVCIQPKUOVQVJGKPETGCUGKPNWPIE[VQEJTQOG2EQPVGPVECWUGFD[RRO1 VQOQYJGPVJGTCVUYGTG 

### EQGZRQUGFVQRRO01 6CMCJCUJKCPF/KWTC%QODKPCVKQPUQHXCTKQWUCEWVG 

### GZRQUWTGFWTCVKQPUCPFQH1 CPF01 EQPEGPVTCVKQPUFKFPQVHQNNQYC%¥6TGNCVKQPUJKRHQT  

### KPETGCUGFNWPIRGTOGCDKNKV[DWVYGTGU[PGTIKUVKECVJKIJGT%¥6RTQFWEVU)GN\NGKEJVGTGVCND(QTRWNOQPCT[JQUVFGHGPUGUCICKPUVDCEVGTKCNKPHGEVKQPVJGKPVGTCEVKQPKUFGRGPFGPVQPVJGGZRQUWTGRCVVGTP)TCJCOGVCNUJQYGFVJCVCFC[GZRQUWTGQHOKEGVQOKZVWTGUQH1 CPF01 GCEJJCXKPICDCUGNKPGNGXGNYKVJVYQFCKN[JRGCMUQHVJGRQNNWVCPV  

### TGUWNVGFKPU[PGTIKUOQPN[YJGPGZRQUWTGVQGKVJGTICUCNQPGECWUGFCPKPETGCUGKPDCEVGTKCNKPFWEGFOQTVCNKV[$QVJU[PGTIKUVKECPFCPVCIQPKUVKEKPVGTCEVKQPUJCXGDGGPHQWPFYKVJEQODKPCVKQPUQH1 CPFCEKFKEUWNHCVGU9CTTGPGVCNTGRQTVGFVJCVYKVJFC[UQHGZRQUWTGVQRRO



### 1 
OIO 0*  51 1 CNQPGYCUTGURQPUKDNGHQTKPETGCUKPI$#.RTQVGKPEQNNCIGP

    

### U[PVJGUKUTCVGCPFQVJGTRCTCOGVGTUDWVD[FC[UQHGZRQUWTGU[PGTIKUOQEEWTTGF9JGPTCDDKVUYGTGGZRQUGFHQTOQJFC[FC[UYGGMVQRRO1 
IO * 51    

### VJGTGYCUCU[PGTIKUVKEKPETGCUGKPGRKVJGNKCNUGETGVQT[EGNNPWODGTYJGTGCUOQQHGZRQUWTGTGUWNVGFKPCPVCIQPKUO5EJNGUKPIGTGVCNC#PVCIQPKUOCNUQYCUQDUGTXGFHQTGHHGEVUQTEGTVCKP#/HWPEVKQPUCHVGTCEWVGGZRQUWTGUVQ1 * 51 OKZVWTGU5EJNGUKPIGTGVCN  

### D5GSWGPVKCNGZRQUWTGUVQ1 CPF* 51 CNUQJCXGDGGPGZCOKPGF'ZRQUWTGVQ1 FKF   

### PQVKPHNWGPEGVJGUWDUGSWGPVGHHGEVUQH* 51 QPDTQPEJQEQPUVTKEVKQPKPIWKPGCRKIU5KNDCWIJ  

### CPF/CWFGTN[)CTFPGTGVCNHQWPFCPCFFKVKXGKPETGCUGKPDCEVGTKCNKPHGEVKXKV[YJGPOKEGYGTGGZRQUGFCEWVGN[VQRRO1 DGHQTGDWVPQVCHVGT* 51   

### +PUWOOCT[VJGCPKOCNVQZKEQNQIKECNUVWFKGUENGCTN[FGOQPUVTCVGVJGOCLQTEQORNGZKVKGUCPFRQVGPVKCNKORQTVCPEGQHKPVGTCEVKQPUDWVFQPQVRTQXKFGCUEKGPVKHKEDCUKUHQTRTGFKEVKPIVJGTGUWNVUQHKPVGTCEVKQPUWPFGTWPVGUVGFCODKGPVGZRQUWTGUEGPCTKQU

###  

## 4GHGTGPEGU

#DTCJCO 9 / ,CPWU\MKGYKE\ # , /KPING / 9GNMGT / 9CPPGT # 5CEMPGT / # 
 5GPUKVKXKV[ QH DTQPEJQRTQXQECVKQP CPF VTCEJGCN OWEQWU XGNQEKV[ KP FGVGEVKPI CKTYC[ TGURQPUGU VQ 1   , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

#DTCJCO 9 / &GNGJWPV , % ;GTIGT . /CTEJGVVG $ 1NKXGT 9 ,T 
 %JCPIGU KP CKTYC[ RGTOGCDKNKV[ CPF TGURQPUKXGPGUU CHVGT GZRQUWTG VQ Q\QPG 'PXKTQP 4GU  

#DTCJCO 9 / 5KGNE\CM / 9 &GNGJWPV , % /CTEJGVVG $ 9CPPGT # 
 +ORCKTOGPV QH VTCEJGCN OWEQEKNKCT[ ENGCTCPEG DWV PQV EKNKCT[ DGCV HTGSWGPE[ D[ C EQODKPCVKQP QH NQY NGXGN Q\QPG CPF UWNHWT FKQZKFG KP UJGGR 'WT , 4GURKT &KU  

#K\CYC * %JWPI - ( .GKMCWH ) & 7GMK + $GVJGN 4 # 1	$[TPG 2 / *KTQUG 6 0CFGN , #  5KIPKHKECPEG QH VJTQODQZCPG IGPGTCVKQP KP Q\QPGKPFWEGF CKTYC[ J[RGTTGURQPUKXGPGUU KP FQIU , #RRN 2J[UKQN  

#NNGITC . /QCXGTQ 0 ' 4CORQNFK % 
 1\QPGKPFWEGF KORCKTOGPV QH OWEQEKNKCT[ VTCPURQTV CPF KVU RTGXGPVKQP YKVJ 0CEGV[NE[UVGKPG #O , /GF 
UWRRN % 55

#NRGTV 5 / )CTFPGT & ' *WTUV & , .GYKU 6 4 %QHHKP & . 
 'HHGEVU QH GZRQUWTG VQ Q\QPG QP FGHGPUKXG OGEJCPKUOU QH VJG NWPI , #RRN 2J[UKQN  

#NRGTV 5 ' -TCOGT % / *C[GU / / &GPPGT[ 2 # 
 /QTRJQNQIKE KPLWT[ CPF NKRKF RGTQZKFCVKQP KP OQPQNC[GT EWNVWTGU QH TCDDKV VTCEJGCN GRKVJGNKWO GZRQUGF KP XKVTQ VQ Q\QPG , 6QZKEQN 'PXKTQP

*GCNVJ  

#OFWT / 1 7ITQ 8 7PFGTJKNN & 9 
 4GURKTCVQT[ TGURQPUG QH IWKPGC RKIU VQ Q\QPG CNQPG CPF YKVJ UWNHWT FKQZKFG #O +PF *[I #UUQE ,  

#OQTWUQ / # 4[GT2QYFGT , ' 9CTTGP , 9KV\ ) )QNFUVGKP $ & 
 'HHGEVU QH Q\QPG QP VJG RTQFWEVKQP QH CEVKXG DCEVGTKEKFCN URGEKGU D[ CNXGQNCT OCETQRJCIGU +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

#TCP[K % 8CPC 5 % 6JQOCU 2 6 $TCFQH , 0 (GPVGTU , & )TCJCO , # /KNNGT ( , 
 'HHGEVU QH UWDEJTQPKE GZRQUWTG VQ C OKZVWTG Q H 1  51  CPF 
0*  51 QP JQUV FGHGPUGU QH OKEG     , 6QZKEQN 'PXKTQP *GCNVJ  

#TKVQ * 7EJK[COC + #TCMCYC * ;QMQ[COC ' 
 1\QPGKPFWEGF DTCF[ECTFKC CPF CTTJ[VJOKC CPF VJGKT TGNCVKQP VQ UNGGRYCMGHWNPGUU KP TCVU 6QZKEQN .GVV  

#TKVQ * 7EJK[COC + ;QMQ[COC ' 
 #EWVG GHHGEVU QH Q\QPG QP '') CEVKXKV[ UNGGRYCMGHWNPGUU CPF

JGCTV TCVG KP TCVU +PF *GCNVJ  

#VYCN 1 5 9KNUQP 6 
 2CTCVJ[TQKF INCPF EJCPIGU HQNNQYKPI Q\QPG KPJCNCVKQP C OQTRJQNQIKE UVWF[

#TEJ 'PXKTQP *GCNVJ  

$CPMU / # 2QTVGT & 9 /CTVKP 9 ) %CUVTCPQXC 8 
 1\QPGKPFWEGF NKRKF RGTQZKFCVKQP CPF OGODTCPG NGCMCIG KP KUQNCVGF TCV CNXGQNCT OCETQRJCIGU RTQVGEVKXG GHHGEVU QH VCWTKPG , 0WVT

$KQEJGO  

###  $CTT $ % *[FG & / 2NQRRGT % ) &WPIYQTVJ & . 
 &KUVCN CKTYC[ TGOQFGNKPI KP TCVU EJTQPKECNN[ GZRQUGF VQ Q\QPG #O 4GX 4GURKT &KU  

$CTT $ % *[FG & / 2NQRRGT % ) &WPIYQTVJ & . 
 # EQORCTKUQP QH VGTOKPCN CKTYC[ TGOQFGNKPI KP EJTQPKE FCKN[ XGTUWU GRKUQFKE Q\QPG GZRQUWTG 6QZKEQN #RRN 2JCTOCEQN

 

$CTT[ $ ' /KNNGT ( , %TCRQ , & 
 #NXGQNCT GRKVJGNKCN KPLWT[ ECWUGF D[ KPJCNCVKQP QH  RRO QH Q\QPG +P .GG 5 & /WUVCHC / ) /GJNOCP / # GFU +PVGTPCVKQPCN U[ORQUKWO QP VJG DKQOGFKECN GHHGEVU QH Q\QPG CPF TGNCVGF RJQVQEJGOKECN QZKFCPVU /CTEJ  2KPGJWTUV 0% 2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE 2WDNKUJGTU +PE RR  
#FXCPEGU KP OQFGTP GPXKTQPOGPVCN VQZKEQNQI[ X 

$CTT[ $ ' /KNNGT ( , %TCRQ , & 
 'HHGEVU QH KPJCNCVKQP QH  CPF  RCTVU RGT OKNNKQP Q\QPG QP VJG RTQZKOCN CNXGQNCT TGIKQP QH LWXGPKNG CPF CFWNV TCVU .CD +PXGUV  

$CTT[ $ ' /GTEGT 4 4 /KNNGT ( , %TCRQ , & 
 'HHGEVU QH KPJCNCVKQP QH  RRO Q\QPG QP VJG VGTOKPCN DTQPEJKQNGU QH LWXGPKNG CPF CFWNV TCVU 'ZR .WPI 4GU  

$CTVNGVV & ,T (CWNMPGT % 5 ++ %QQM - 
 'HHGEV QH EJTQPKE Q\QPG GZRQUWTG QP NWPI GNCUVKEKV[ KP [QWPI TCVU , #RRN 2J[UKQN  

$CUUGVV & , 2 $QYGP-GNN[ ' 
 4CV NWPI OGVCDQNKUO CHVGT  FC[U QH EQPVKPWQWU GZRQUWTG VQ  RRO Q\QPG #O , 2J[UKQN  ''

$CUUGVV & , 2 4CDKPQYKV\ , . 
 +PEQTRQTCVKQP QH INWEQUG ECTDQPU KPVQ TCV NWPI NKRKFU CHVGT GZRQUWTG VQ  RRO Q\QPG #O , 2J[UKQN  ''

$CUUGVV & , 2 $QYGP-GNN[ ' 'NDQP % . 4GKEJGPDCWIJ 5 5 
C 4CV NWPI TGEQXGT[ HTQO  FC[U QH EQPVKPWQWU GZRQUWTG VQ  RRO Q\QPG , 6QZKEQN 'PXKTQP *GCNVJ  

$CUUGVV & , 2 $QYGP-GNN[ ' $TGYUVGT ' . 'NDQP % . 4GKEJGPDCWIJ 5 5 $WPVQP 6 -GTT , 5 D # TGXGTUKDNG OQFGN QH CEWVG NWPI KPLWT[ DCUGF QP Q\QPG GZRQUWTG .WPI  

$CUUGVV & , 2 $QYGP-GNN[ ' 5GGF , . 
E 4CV NWPI DGP\Q
CR[TGPG OGVCDQNKUO HQNNQYKPI VJTGG FC[U EQPVKPWQWU GZRQUWTG VQ  RRO Q\QPG 4GU %QOOWP %JGO 2CVJQN 2JCTOCEQN  

$CUUGVV & , 2 'NDQP % . 4GKEJGPDCWIJ 5 5 $QUYGNN ) # 5VGXGPU 6 / /E)QYCP / % -GTT , 5 
 2TGVTGCVOGPV YKVJ '&7 FGETGCUGU TCV NWPI EGNNWNCT TGURQPUGU VQ Q\QPG 6QZKEQN #RRN

2JCTOCEQN  

$GEMGVV 9 5 (TGGF # 0 6WTPGT % /GPMGU * # 
 2TQNQPIGF KPETGCUGF TGURQPUKXGPGUU QH ECPKPG RGTKRJGTCN CKTYC[U CHVGT GZRQUWTG V Q 1  , #RRN 2J[UKQN   

$JCNNC & - %TQEMGT 6 6 
 6TCEJGCN RGTOGCDKNKV[ KP TCVU GZRQUGF VQ Q\QPG CP GNGEVTQP OKETQUEQRKE CPF CWVQTCFKQITCRJKE CPCN[UKU QH VJG VTCPURQTV RCVJYC[ #O 4GX 4GURKT &KU  

$JCNNC & - %TQEMGT 6 6 
 2WNOQPCT[ GRKVJGNKCN RGTOGCDKNKV[ KP TCVU GZRQUGF V Q 1  , 6QZKEQN  'PXKTQP *GCNVJ  

$JCNNC & - ;QWPI % 
 'HHGEVU QH CEWVG GZRQUWTG VQ 1 QP TCVU UGSWGPEG QH GRKVJGNKCN CPF KPHNCOOCVQT[  EJCPIGU KP VJG FKUVCN CKTYC[U +PJCNCVKQP 6QZKEQN  

###  $JCNNC & - /CPPKZ 4 % -NGKPOCP / 6 %TQEMGT 6 6 
 4GNCVKXG RGTOGCDKNKV[ QH PCUCN VTCEJGCN CPF DTQPEJQCNXGQNCT OWEQUC VQ OCETQOQNGEWNGU KP TCVU GZRQUGF VQ Q\QPG , 6QZKEQN 'PXKTQP *GCNVJ

 

$JCNNC & - /CPPKZ 4 % .CXCP 5 / 2JCNGP 4 ( -NGKPOCP / 6 %TQEMGT 6 6 
 6TCEJGCN CPF DTQPEJQCNXGQNCT RGTOGCDKNKV[ EJCPIGU KP TCVU KPJCNKPI QZKFCPV CVOQURJGTGU FWTKPI TGUV QT

GZGTEKUG , 6QZKEQN 'PXKTQP *GCNVJ  

$JCNNC & - &CPKGNU & 5 .WW 0 6 
 #VVGPWCVKQP QH Q\QPGKPFWEGF CKTYC[ RGTOGCDKNKV[ KP TCVU D[ RTGVTGCVOGPV YKVJ E[ENQRJQURJCOKFG (2.  CPF KPFQOGVJCEKP #O , 4GURKT %GNN /QN

$KQN  

$JCNNC & - 4CUOWUUGP 4 ' &CPKGNU & 5 
 #FJGUKQP CPF OQVKNKV[ QH RQN[OQTRJQPWENGCT NGWMQE[VGU KUQNCVGF HTQO VJG DNQQF QH TCVU GZRQUGF VQ Q\QPG RQVGPVKCN DKQOCTMGTU QH VQZKEKV[ 6QZKEQN #RRN

2JCTOCEQN  

$KCIKPK 4 ' /QQTOCP 9 , .GYKU 6 4 $GTPUVGKP + . 
 1\QPG GPJCPEGOGPV QH RNCVKPWO CUVJOC KP C RTKOCVG OQFGN #O 4GX 4GURKT &KU  

$NGCXKPU / 4 &\KGF\KE & 
 #P KOOWPQHNWQTGUEGPEG UVWF[ QH 6 CPF $ N[ORJQE[VGU KP Q\QPGKPFWEGF RWNOQPCT[ NGUKQPU KP VJG OQWUG 6QZKEQN #RRN 2JCTOCEQN  

$QCVOCP ' 5 9CTF ) /CTVKP % , 
 /QTRJQOGVTKE EJCPIGU KP TCDDKV NWPIU DGHQTG CPF CHVGT RPGWOQPGEVQO[ CPF GZRQUWTG VQ Q\QPG , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN

 

$QQTOCP ) # 5EJYCTV\ . 9 &WPIYQTVJ & . 
 2WNOQPCT[ GHHGEVU QH RTQNQPIGF Q\QPG KPUWNV KP TCVU OQTRJQOGVTKE GXCNWCVKQP QH VJG EGPVTCN CEKPWU .CD +PXGUV  

$QQTOCP ) # *CKNG[ 4 )TWODGKP 5 %JQW $ , *GTDGTV 4 # )QGJN 6 /GNNKEM 2 9 4Q[ETQHV , * *CUGOCP , - 5KNNU 4 
 6QZKEQNQI[ CPF ECTEKPQIGPGUKU UVWFKGU QH Q\QPG CPF Q\QPG  0 PKVTQUQOGVJ[NCOKPQ
R[TKF[NDWVCPQPG KP (KUEJGT0 TCVU 6QZKEQN 2CVJQN

 

$QTGM % <CKFGT / 1PI # /CUQP * 9KV\ ) 
 1\QPG CEVU CNQPG CPF U[PGTIKUVKECNN[ YKVJ KQPK\KPI TCFKCVKQP VQ KPFWEG KP XKVTQ PGQRNCUVKE VTCPUHQTOCVKQP %CTEKPQIGPGUKU 
.QPFQP  

$QTGM % 1PI # /CUQP * 
C 1\QPG CPF WNVTCXKQNGV NKIJV CEV CU CFFKVKXG EQECTEKPQIGPU VQ KPFWEG KP XKVTQ PGQRNCUVKE VTCPUHQTOCVKQP 6GTCVQI %CTEKPQI /WVCIGP  

$QTGM % 1PI # <CKFGT / 
D 1\QPG CEVKXCVGU VTCPUHQTOKPI IGPGU KP XKVTQ CPF CEVU CU C U[PGTIKUVKE EQECTEKPQIGP YKVJ TC[U QPN[ KH FGNKXGTGF CHVGT TCFKCVKQP %CTEKPQIGPGUKU 
.QPFQP  

$TWOOGT / ' ) 5EJYCTV\ . 9 /E3WKNNGP 0 - 
 # SWCPVKVCVKXG UVWF[ QH NWPI FCOCIG D[ UECPPKPI GNGEVTQP OKETQUEQR[ +PHNCOOCVQT[ EGNN TGURQPUG VQ JKIJCODKGPV NGXGNU QH Q\QPG +P ,QJCTK 1 $GEMGT 4 2 GFU 5ECPPKPI GNGEVTQP OKETQUEQR[++

` DKQNQIKECN CRRNKECVKQPU QH VJG 5'/ RTQEGGFKPIU QH VJG YQTMUJQRU QP CFXCPEGU KP DKQOGFKECN CRRNKECVKQPU QH VJG 5'/  56'/ /CTEJ #RTKN %JKECIQ +. %JKECIQ +. ++6 4GUGCTEJ +PUVKVWVG RR 

$WTNGUQP ) 4 -G[GU . . 5VWV\OCP , & 
 +OOWPQUWRRTGUUKQP QH RWNOQPCT[ PCVWTCN MKNNGT CEVKXKV[ D[ GZRQUWTG VQ Q\QPG +OOWPQRJCTOCEQN +OOWPQVQZKEQN  

%CLKICU # )C[GT / $GCO % 5VGKPDGTI , , 
 1\QPCVKQP QH &0# HQTOU CFFWEVU C 2&0# NCDGNKPI  CPF VJKPNC[GT EJTQOCVQITCRJ[ VGEJPKSWG VQ OGCUWTG &0# GPXKTQPOGPVCN DKQOCTMGTU #TEJ

'PXKTQP *GCNVJ  

###  %CPCFC # 6 %CNCDTGUG ' , 
 1\QPGKPFWEGF KPJKDKVKQP QH VJGQRJ[NNKPG GNKOKPCVKQP KP TCDDKVU GHHGEV QH CIG CPF UGZ 6QZKEQN #RRN 2JCTOCEQN  

%CPCFC # 6 %CNCDTGUG ' , .GQPCTF & 
 #IGFGRGPFGPV KPJKDKVKQP QH RGPVQDCTDKVCN UNGGRKPI VKOG D[

Q\QPG KP OKEG CPF TCVU , )GTQPVQN  

%CPCFC # 6 %JQY % - #KTTKGUU ) 4 %CNCDTGUG ' , 
 .CEM QH Q\QPG GHHGEV QP RNCUOC EQPEGPVTCVKQPU QH TGVKPQN CUEQTDKE CEKF CPF VQEQRJGTQN 0WVT 4GU  

%CPPKPI $ , *OKGNGUMK 4 4 5RCPPJCMG ' 9 ,CMCD ) , 
 1\QPG TGFWEGU OWTKPG CNXGQNCT CPF RGTKVQPGCN OCETQRJCIG RJCIQE[VQUKU VJG TQNG QH RTQUVCPQKFU #O , 2J[UKQN  ..

%CUVNGOCP 9 . &WPIYQTVJ & . 5EJYCTV\ . 9 6[NGT 9 5 
 #EWVG TGURKTCVQT[ DTQPEJKQNKVKU CP WNVTCUVTWEVWTCN CPF CWVQTCFKQITCRJKE UVWF[ QH GRKVJGNKCN EGNN KPLWT[ CPF TGPGYCN KP TJGUWU OQPMG[U GZRQUGF VQ Q\QPG #O , 2CVJQN  

%CVCNCPQ 2 , 4QIWU , 4[CP . / 
C %QPUGSWGPEGU QH RTQNQPIGF KPJCNCVKQP QH Q\QPG QP (0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV : 4QDWUV EQORQUKVG UEQTGU DCUGF QP OGFKCP RQNKUJ CPCN[UKU %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

%CVCNCPQ 2 , %JCPI .; . *CTMGOC , 4 -CFGP & # .CUV , # /GNNKEM 2 9 2CTMU 9 % 2KPMGTVQP - ' 4CFJCMTKUJPCOWTVJ[ $ 4[CP . / 5\CTGM , . 
D %QPUGSWGPEGU QH RTQNQPIGF KPJCNCVKQP QH Q\QPG QP (0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV :+ +PVGITCVKXG UWOOCT[ %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

%CXGPFGT ( . 5VGKPJCIGP 9 * 7NTKEJ % ' $WUG[ 9 / %QEMTGNN $ ; *CUGOCP , - *QICP / & &TGY 4 6 
 'HHGEVU KP TCVU CPF IWKPGC RKIU QH UJQTVVGTO GZRQUWTGU VQ UWNHWTKE CEKF OKUV Q\QPG CPF VJGKT EQODKPCVKQP , 6QZKEQN 'PXKTQP *GCNVJ  

%JCPG[ 5 ) 
 'HHGEVU QH Q\QPG QP NGWMQE[VG &0# 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ *GCNVJ 'HHGEVU 4GUGCTEJ .CDQTCVQT[ TGRQTV PQ '2# #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# 2$

%JCPI .; /GTEGT 4 4 5VQEMUVKNN $ . /KNNGT ( , )TCJCO , # 1URKVCN , , %TCRQ , & 
 'HHGEVU QH NQY NGXGNU QH 01 QP VGTOKPCN DTQPEJKQNCT EGNNU CPF KVU TGNCVKXG VQZKEKV[ EQORCTGF VQ 1    6QZKEQN #RRN 2JCTOCEQN  

%JCPI . /KNNGT ( , 7NVOCP , *WCPI ; 5VQEMUVKNN $ . )TQUG ' )TCJCO , # 1URKVCN , , %TCRQ , & 
 #NXGQNCT GRKVJGNKCN EGNN KPLWTKGU D[ UWDEJTQPKE GZRQUWTG VQ NQY EQPEGPVTCVKQPU QH Q\QPG EQTTGNCVG YKVJ EWOWNCVKXG GZRQUWTG 6QZKEQN #RRN 2JCTOCEQN  

%JCPI .; *WCPI ; 5VQEMUVKNN $ . )TCJCO , # )TQUG ' % /3⁄4PCEJG / ) /KNNGT ( , %QUVC & . %TCRQ , & 
 'RKVJGNKCN KPLWT[ CPF KPVGTUVKVKCN HKDTQUKU KP VJG RTQZKOCN CNXGQNCT TGIKQPU QH TCVU EJTQPKECNN[ GZRQUGF VQ C UKOWNCVGF RCVVGTP QH WTDCP CODKGPV Q\QPG 6QZKEQN #RRN 2JCTOCEQN

 

%JCPI .; 5VQEMUVKNN $ . /3⁄4PCEJG / ) /GTEGT 4 4 %TCRQ , & 
 %QPUGSWGPEGU QH RTQNQPIGF KPJCNCVKQP QH Q\QPG QP (0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV 8+++ /QTRJQOGVTKE CPCN[UKU QH UVTWEVWTCN CNVGTCVKQPU KP CNXGQNCT TGIKQPU %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG RR   TGUGCTEJ TGRQTV PQ 

%JGP . % /KNNGT 2 & .CO * ( )WV[ , #OFWT / 1 
 5WNHWTKE CEKFNC[GTGF WNVTCHKPG RCTVKENGU RQVGPVKCVG Q\QPGKPFWEGF CKTYC[ KPLWT[ , 6QZKEQN 'PXKTQP *GCNVJ  

###  %JKVCPQ 2 &K 5VGHCPQ # (KPQVVQ 5 <CXCVVKPK ) /CGUVTGNNK 2 /CRR % (CDDTK . / #NNGITC .  #ODTQZQN KPJKDKVU CKTYC[ J[RGTTGURQPUKXGPGUU KPFWEGF D[ Q\QPG KP FQIU 4GURKTCVKQP  
UWRRN  

%JQK # / - 'NDQP % . $TWEG 5 # $CUUGVV & , 2 
 /GUUGPIGT 40# NGXGNU QH NWPI GZVTCEGNNWNCT OCVTKZ RTQVGKPU FWTKPI Q\QPG GZRQUWTG .WPI  

%JQY % - 2NQRRGT % ) %JKW / &WPIYQTVJ & . 
 &KGVCT[ XKVCOKP ' CPF RWNOQPCT[ DKQEJGOKECN CPF OQTRJQNQIKECN CNVGTCVKQPU QH TCVU GZRQUGF VQ  RRO Q\QPG 'PXKTQP 4GU  

%JTKUVGPUGP ' )KGUG # % 
 %JCPIGU KP CDUQTRVKQP URGEVTC QH PWENGKE CEKFU CPF VJGKT FGTKXCVKXGU HQNNQYKPI GZRQUWTG VQ Q\QPG CPF WNVTCXKQNGV TCFKCVKQPU #TEJ $KQEJGO $KQRJ[U  

%NGOQPU ) - )CTEKC , ( 
C 'PFQETKPG CURGEVU QH Q\QPG GZRQUWTG KP TCVU #TEJ 6QZKEQN 5WRRN  



%NGOQPU ) - )CTEKC , ( 
D %JCPIGU KP VJ[TQKF HWPEVKQP CHVGT UJQTVVGTO Q\QPG GZRQUWTG KP TCVU

, 'PXKTQP 2CVJQN 6QZKEQN  

%QHHKP & . )CTFPGT & ' 
 +PVGTCEVKQP QH DKQNQIKECN CIGPVU CPF EJGOKECN CKT RQNNWVCPVU #PP 1EEWR *[I  

%QHHKP & . $NQOOGT ' , )CTFPGT & ' *QN\OCP 4 
 'HHGEV QH CKT RQNNWVKQP QP CNVGTCVKQP QH UWUEGRVKDKNKV[ VQ RWNOQPCT[ KPHGEVKQP +P 2TQEGGFKPIU QH VJG TF CPPWCN EQPHGTGPEG QP CVOQURJGTKE EQPVCOKPCVKQP KP EQPHKPGF URCEGU /C[ &C[VQP 1* 9TKIJV2CVVGTUQP #KT (QTEG $CUG 1* #GTQURCEG /GFKECN 4GUGCTEJ .CDQTCVQTKGU RR  TGRQTV PQ #/4.64 #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# #&

%QNGTKFIG , % ) %QNGTKFIG * / 5EJGNGING ' 5 )TGGP , ( 
 #EWVG KPJCNCVKQP QH Q\QPG UVKOWNCVGU DTQPEJKCN %HKDGTU CPF TCRKFN[ CFCRVKPI TGEGRVQTU KP FQIU , #RRN 2J[UKQN  

%QUVC & . -WV\OCP 4 5 .GJOCPP , 4 2QRGPQG ' # &TGY 4 6 
 # UWDEJTQPKE OWNVKFQUG Q\QPG UVWF[ KP TCVU +P .GG 5 & /WUVCHC / ) /GJNOCP / # GFU +PVGTPCVKQPCN U[ORQUKWO QP VJG DKQOGFKECN GHHGEVU QH Q\QPG CPF TGNCVGF RJQVQEJGOKECN QZKFCPVU /CTEJ  2KPGJWTUV 0% 2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE 2WDNKUJGTU +PE RR  
#FXCPEGU KP OQFGTP GPXKTQPOGPVCN VQZKEQNQI[ X 

%QUVC & . *CVEJ ) ' *KIJHKNN , 5VGXGPU / # 6GRRGT , 5 
C 2WNOQPCT[ HWPEVKQP UVWFKGU KP VJG TCV CFFTGUUKPI EQPEGPVTCVKQP XGTUWU VKOG TGNCVKQPUJKRU QH Q\QPG 
1  4GUGCTEJ 6TKCPING 2CTM  0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ *GCNVJ 'HHGEVU 4GUGCTEJ .CDQTCVQT[ TGRQTV PQ '2#& #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# 2$

%QUVC & . 5VGXGPU / 5 6GRRGT , 5 
D 4GRGCVGF GZRQUWTG VQ Q\QPG 
1  CPF EJTQPKE NWPI FKUGCUG  TGEGPV CPKOCN FCVC 2TGUGPVGF CV UV CPPWCN OGGVKPI QH VJG #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP ,WPG &CNNCU 6: 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RCRGT PQ 

###  %QUVC & . *CVEJ ) ' *KIJHKNN , 5VGXGPU / # 6GRRGT , 5 
 2WNOQPCT[ HWPEVKQP UVWFKGU KP VJG TCV CFFTGUUKPI EQPEGPVTCVKQP XGTUWU VKOG TGNCVKQPUJKRU QH Q\QPG +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

%QUVC & . 6GRRGT , 5 5VGXGPU / # 9CVMKPUQP 9 2 &QGTHNGT & . )GN\NGKEJVGT 6 4 .CUV , #  4GUVTKEVKXG NWPI FKUGCUG KP TCVU GZRQUGF EJTQPKECNN[ VQ CP WTDCP RTQHKNG QH Q\QPG #O , 4GURKT %TKV %CTG /GF  

%TCRQ , & $CTT[ $ ' %JCPI .; /GTEGT 4 4 
 #NVGTCVKQPU KP NWPI UVTWEVWTG ECWUGF D[ KPJCNCVKQP

QH QZKFCPVU , 6QZKEQN 'PXKTQP *GCNVJ  

%TQEMGT 6 6 $JCNNC & - 
 6TCPURQTV QH OCETQOQNGEWNGU CPF RCTVKENGU CV VCTIGV UKVGU HQT FGRQUKVKQP QH CKT RQNNWVCPVU %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

%WGVQ 4 5SWCFTKVQ ) . $GTOWFG\ ' 2T[QT 9 # 
 +FGPVKHKECVKQP QH JGRVCPCN CPF PQPCPCN KP DTQPEJQCNXGQNCT NCXCIG HTQO TCVU GZRQUGF VQ NQY NGXGNU QH Q\QPG $KQEJGO $KQRJ[U 4GU %QOOWP

 

&COLK - 5 5JGTYKP 4 2 
 6JG GHHGEV QH Q\QPG CPF UKOWNCVGF JKIJ CNVKVWFG QP OWTKPG NWPI GNCUVKP SWCPVKVCVKQP D[ KOCIG CPCN[UKU 6QZKEQN +PF *GCNVJ  

&KIING 9 / )CIG , % 
 6JG VQZKEKV[ QH Q\QPG KP VJG RTGUGPEG QH QZKFGU QH PKVTQIGP $T , +PF /GF

 

&KNNQP & %QODGU 4 /E%QPXKNNG / <GKIGT ' 
 1\QPG KU OWVCIGPKE KP 5CNOQPGNNC 'PXKTQP /QN /WVCIGP  

&KOKVTKCFKU 8 - 
 %CTDQJ[FTCVG E[VQEJGOKUVT[ QH DQPPGV OQPMG[ /CECEC TCFKCVC PCUCN GRKVJGNKWO 4GURQPUG VQ CODKGPV NGXGNU QH Q\QPG *KUVQN *KUVQRCVJQN  

&QFIG & ' 4WEMGT 4 $ 2KPMGTVQP - ' *CUGNVQP % , 2NQRRGT % ) 
 &QUGFGRGPFGPV VQNGTCPEG VQ Q\QPG +++ 'NGXCVKQP QH KPVTCEGNNWNCT %NCTC EGNN M&C RTQVGKP KP EGPVTCN CEKPK QH TCVU GZRQUGF HQT  OQPVJU 6QZKEQN #RRN 2JCTOCEQN  

&QPCNFUQP - $TQYP ) / $TQYP & / 5NKIJV , /CENCTGP 9 / &CXKU , / ) 
 .GWMQE[VG OGFKCVGF GRKVJGNKCN KPLWT[ KP Q\QPGGZRQUGF TCV NWPI %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

&QPCNFUQP - $TQYP ) / $TQYP & / 5NKIJV , /CENCTGP 9 &CXKU , / ) 
 %JCTCEVGTKUVKEU QH DTQPEJQCNXGQNCT NGWMQE[VGU HTQO VJG NWPIU QH TCVU KPJCNKPI  RRO QH Q\QPG +PJCNCVKQP

6QZKEQN  

&QTOCPU , # / # 
 #RRNKECVKQP QH VJG FKUGEVQT OGVJQF KP VJG NKIJV OKETQUEQRKE SWCPVKHKECVKQP QH V[RG ++ RPGWOQE[VGU KP EQPVTQN CPF Q\QPGGZRQUGF TCVU , /KETQUE  

&QTOCPU , # / # XCP $TGG . $QGTG # , ( /CTTC / 4QODQWV 2 , # 
 5VWF[ QH VJG GHHGEVU QH Q\QPG KP GORJ[UGOCVQWU TCVU , 6QZKEQN 'PXKTQP *GCNVJ  

&QTOCPU , # / # 4QODQWV 2 , # 8CP .QXGTGP * 
 5WTHCEG OQTRJQNQI[ CPF OQTRJQOGVT[ QH TCV CNXGQNCT OCETQRJCIGU CHVGT Q\QPG GZRQUWTG , 6QZKEQN 'PXKTQP *GCNVJ  

###  &QYPG[ ) 2 )WODC[ 4 5 &QJGTV[ & ' .C$TGESWG , ( *GPUQP , ' *GPUQP 2 / 9QTVJGP ) 5 
 'PJCPEGOGPV QH RWNOQPCT[ KPHNCOOCVKQP QH 2)'  GXKFGPEG HQT C XCUQFKNCVQT GHHGEV  , #RRN 2J[UKQN  

&QYPG[ ) 2 9QTVJGP ) 5 *GPUQP 2 / *[FG & / 
 0GWVTQRJKN UGSWGUVTCVKQP CPF OKITCVKQP KP NQECNK\GF RWNOQPCT[ KPHNCOOCVKQP ECRKNNCT[ NQECNK\CVKQP CPF OKITCVKQP CETQUU VJG KPVGTCNXGQNCT UGRVWO #O 4GX 4GURKT &KU  

&TKUEQNN - ' 5EJNGUKPIGT 4 $ 
 #NXGQNCT OCETQRJCIGUVKOWNCVGF PGWVTQRJKN CPF OQPQE[VG OKITCVKQP GHHGEVU QH KP XKVTQ Q\QPG GZRQUWTG 6QZKEQN #RRN 2JCTOCEQN  

&TKUEQNN - ' 8QNNOWVJ 6 # 5EJNGUKPIGT 4 $ 
 'CTN[ CNXGQNCT ENGCTCPEG QH RCTVKENGU KP TCDDKVU WPFGTIQKPI CEWVG CPF UWDEJTQPKE GZRQUWTG VQ Q\QPG (WPFCO #RRN 6QZKEQN  

&TKUEQNN - ' 8QNNOWVJ 6 # 5EJNGUKPIGT 4 $ 
 #EWVG CPF UWDEJTQPKE Q\QPG KPJCNCVKQP KP VJG TCDDKV TGURQPUG QH CNXGQNCT OCETQRJCIGU , 6QZKEQN 'PXKTQP *GCNVJ  

&TKUEQNN - ' .GKMCWH ) & 5EJNGUKPIGT 4 $ 
 'HHGEVU QH KP XKVTQ CPF KP XKXQ Q\QPG GZRQUWTG QP GKEQUCPQKF RTQFWEVKQP D[ TCDDKV CNXGQNCT OCETQRJCIGU +PJCNCVKQP 6QZKEQN 2TGOKGT +UUWG 

&WDGCW * %JWPI ; 5 
 1\QPG TGURQPUG KP YKNF V[RG CPF TCFKCVKQPUGPUKVKXG OWVCPVU QH 5CEEJCTQO[EGU

EGTGXKUKCG /)) /QN )GP )GPGV  

&WDGCW * %JWPI ; 5 
 )GPGVKE GHHGEVU QH Q\QPG KPFWEVKQP QH RQKPV OWVCVKQP CPF IGPGVKE TGEQODKPCVKQP

KP 5CEEJCTQO[EGU EGTGXKUKCG  /WVCV 4GU  

&WDKEM / # *GPI * 4WEMGT 4 $ 
 'HHGEVU QH RTQVGKP FGHKEKGPE[ CPF HQQF TGUVTKEVKQP QP NWPI CUEQTDKE CEKF CPF INWVCVJKQPG KP TCVU GZRQUGF VQ Q\QPG , 0WVT  

&WPIYQTVJ & . 
 0QPECTEKPQIGPKE TGURQPUGU QH VJG TGURKTCVQT[ VTCEV VQ KPJCNGF VQZKECPVU +P /E%NGNNCP 4 1 *GPFGTUQP 4 ( GFU %QPEGRVU KP KPJCNCVKQP VQZKEQNQI[ 0GY ;QTM 0; *GOKURJGTG 2WDNKUJKPI %QTR RR 

&\KGF\KE & 9JKVG * , 
C 6EGNN CEVKXCVKQP KP RWNOQPCT[ N[ORJ PQFGU QH OKEG GZRQUGF VQ Q\QPG

'PXKTQP 4GU  

&\KGF\KE & 9JKVG * , 
D 6J[OWU CPF RWNOQPCT[ N[ORJ PQFG TGURQPUG VQ CEWVG CPF UWDEJTQPKE Q\QPG

KPJCNCVKQP KP VJG OQWUG 'PXKTQP 4GU  

&\KGF\KE & 9JKVG * , 
C 4GURQPUG QH 6EGNNFGHKEKGPV OKEG VQ Q\QPG GZRQUWTG , 6QZKEQN 'PXKTQP

*GCNVJ  

&\KGF\KE & 9JKVG * , 
D 3WCPVKVCVKQP QH Q\QPGKPFWEGF NWPI NGUKQP FGPUKV[ CHVGT VTGCVOGPV YKVJ CP KPVGTHGTQP KPFWEGT QT CP CPVKKPVGTHGTQP CPVKDQF[ 6QZKEQN .GVV  

&\KGF\KE & 9TKIJV ' 5 5CTIGPV 0 ' 
 2WNOQPCT[ TGURQPUG VQ Q\QPG TGCEVKQP QH DTQPEJWUCUUQEKCVGF N[ORJQKF VKUUWG CPF N[ORJ PQFG N[ORJQE[VGU KP VJG TCV 'PXKTQP 4GU  

'CUVQP 4 ' /WTRJ[ 5 & 
 'ZRGTKOGPVCN Q\QPG RTGGZRQUWTG CPF JKUVCOKPG GHHGEV QP VJG CEWVG VQZKEKV[ CPF TGURKTCVQT[ HWPEVKQP GHHGEVU QH JKUVCOKPG KP IWKPGC RKIU #TEJ 'PXKTQP *GCNVJ  

'HHTQU 4 / (GPI 0* /CUQP ) 5KGVUGOC - 5KNXGTOCP 2 *WMMCPGP , 
 5QNWVG EQPEGPVTCVKQPU QH VJG RWNOQPCT[ GRKVJGNKCN NKPKPI HNWKF QH CPGUVJGVK\GF TCVU , #RRN 2J[UKQN  

###  'JTNKEJ 4 
 %JCPIGU KP UWUEGRVKDKNKV[ VQ TGURKTCVQT[ KPHGEVKQP ECWUGF D[ GZRQUWTGU VQ RJQVQEJGOKECN QZKFCPV RQNNWVCPVU +P .GG 5 & /WUVCHC / ) /GJNOCP / # GFU +PVGTPCVKQPCN U[ORQUKWO QP VJG DKQOGFKECN GHHGEVU QH Q\QPG CPF TGNCVGF RJQVQEJGOKECN QZKFCPVU /CTEJ  2KPGJWTUV 0% 2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE 2WDNKUJGTU +PE RR  
#FXCPEGU KP OQFGTP GPXKTQPOGPVCN VQZKEQNQI[ X 

'JTNKEJ 4 (KPFNC[ , % (GPVGTU , & )CTFPGT & ' 
 *GCNVJ GHHGEVU QH UJQTVVGTO KPJCNCVKQP QH PKVTQIGP FKQZKFG CPF Q\QPG OKZVWTGU 'PXKTQP 4GU  

'JTNKEJ 4 (KPFNC[ , % )CTFPGT & ' 
 'HHGEVU QH TGRGCVGF GZRQUWTGU VQ RGCM EQPEGPVTCVKQPU QH PKVTQIGP FKQZKFG CPF Q\QPG QP TGUKUVCPEG VQ UVTGRVQEQEECN RPGWOQPKC , 6QZKEQN 'PXKTQP

*GCNVJ  

'NUC[GF 0 / 
 +PHNWGPEG QH XKVCOKP ' QP RQN[COKPG OGVCDQNKUO KP Q\QPGGZRQUGF TCV NWPIU #TEJ $KQEJGO $KQRJ[U  

'NUC[GF 0 / /WUVCHC / ) 2QUVNGVJYCKV ' / 
 #IGFGRGPFGPV RWNOQPCT[ TGURQPUG QH TCVU VQ Q\QPG GZRQUWTG , 6QZKEQN 'PXKTQP *GCNVJ  

'NUC[GF 0 / -CUU 4 /WUVCHC / ) *CEMGT # & 1URKVCN , , %JQY % - %TQUU % ' 
 'HHGEV QH FKGVCT[ XKVCOKP ' NGXGN QP VJG DKQEJGOKECN TGURQPUG QH TCV NWPI VQ Q\QPG KPJCNCVKQP &TWI

0WVT +PVGTCEV  

'NUC[GF 0 / 'NNKPIUQP # 5 6KGTPG[ & ( /WUVCHC / ) 
 'HHGEVU QH Q\QPG KPJCNCVKQP QP RQN[COKPG OGVCDQNKUO CPF VTKVKCVGF VJ[OKFKPG KPEQTRQTCVKQP KPVQ &0# QH TCV NWPIU 6QZKEQN #RRN

2JCTOCEQN  

'TFOCP * ' *GTPCPFG\ 6 
 #FWNV VQZKEKV[ CPF FQOKPCPV NGVJCNU KPFWEGF D[ Q\QPG CV URGEKHKE UVCIGU KP URGTOCVQIGPGUKU KP &TQUQRJKNC XKTKNKU  'PXKTQP /WVCIGP  

'UMGY / . 5EJGWEJGP\WDGT 9 , 5EJQN\ 4 9 4GFF[ % % <CTMQYGT # 
 6JG GHHGEVU QH Q\QPG KPJCNCVKQP QP VJG KOOWPQNQIKECN TGURQPUG QH UGNGPKWO CPF XKVCOKP 'FGRTKXGF TCVU 'PXKTQP 4GU

 

'WUVKU 5 . 5EJYCTV\ . 9 -QUEJ 2 % &WPIYQTVJ & . 
 %JTQPKE DTQPEJKQNKVKU KP PQPJWOCP RTKOCVGU CHVGT RTQNQPIGF Q\QPG GZRQUWTG #O , 2CVJQN  

'XCPU / , %CDTCN . , 5VGRJGPU 4 , (TGGOCP ) 
 6TCPUHQTOCVKQP QH CNXGQNCT 6[RG  EGNNU VQ 6[RG  EGNNU HQNNQYKPI GZRQUWTG VQ 01  'ZR /QN 2CVJQN   

'XCPU / , ,QJPUQP . 8 5VGRJGPU 4 , (TGGOCP ) 
C 4GPGYCN QH VJG VGTOKPCN DTQPEJKQNCT GRKVJGNKWO KP VJG TCV HQNNQYKPI GZRQUWTG VQ 01 Q T 1  .CD +PXGUV    

'XCPU / , ,QJPUQP . 8 5VGRJGPU 4 , (TGGOCP ) 
D %GNN TGPGYCN KP VJG NWPIU QH TCVU GZRQUGF VQ NQY NGXGNU QH Q\QPG 'ZR /QN 2CVJQN  

'XCPU 6 9 $TQMCY , , %JWPI - ( 0CFGN , # /E&QPCNF & / 
 1\QPGKPFWEGF DTQPEJKCN J[RGTTGURQPUKXGPGUU KP VJG TCV KU PQV CEEQORCPKGF D[ PGWVTQRJKN KPHNWZ QT KPETGCUGF XCUEWNCT RGTOGCDKNKV[ KP VJG VTCEJGC #O 4GX 4GURKT &KU  

'XCPU , 0 *GOGPYC[ & 4 -GNNG[ , 
 'CTN[ OCTMGTU QH NWPI KPLWT[ %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ  #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# 2$

###  (CDDTK . / #K\CYC * #NRGTV 5 ' 9CNVGTU ' * 1	$[TPG 2 / )QNF $ & 0CFGN , # *QNV\OCP / , 
 #KTYC[ J[RGTTGURQPUKXGPGUU CPF EJCPIGU KP EGNN EQWPVU KP DTQPEJQCNXGQNCT NCXCIG CHVGT Q\QPG GZRQUWTG KP FQIU #O 4GX 4GURKT &KU  

(CDDTK . / #K\CYC * 1	$[TPG 2 / $GVJGN 4 # 9CNVGTU ' * *QNV\OCP / , 0CFGN , #  #P CPVKKPHNCOOCVQT[ FTWI 
$9% KPJKDKVU CKTYC[ J[RGTTGURQPUKXGPGUU KPFWEGF D[ Q\QPG KP FQIU , #NNGTI[ %NKP +OOWPQN  

(GVPGT 4 * 
 1\QPGKPFWEGF EJTQOQUQOG DTGCMCIG KP JWOCP EGNN EWNVWTGU 0CVWTG 
.QPFQP

 

(KNKRQYKE\ % /E%CWNG[ 4 
C 6JG GHHGEV QH EJTQPKE Q\QPG GZRQUWTG QP NWPI DGP\Q R[TGPG QZKFCUG DGP\RJGVCOKPG FGOGVJ[NCUG CPF OQPQCOKPG QZKFCUG 4GU %QOOWP %JGO 2CVJQN 2JCTOCEQN

 

(KNKRQYKE\ % /E%CWNG[ 4 
D 6JG GHHGEVU QH EJTQPKE Q\QPG GZRQUWTG QP RWNOQPCT[ EQNNCIGP EQPVGPV CPF EQNNCIGP U[PVJGUKU KP TCVU , #RRN 6QZKEQN  

(QWMG , / &GNGOQU 4 # /E(CFFGP ' 4 ,T 
 #KTYC[ TGURQPUG VQ WNVTC UJQTVVGTO GZRQUWTG VQ Q\QPG #O 4GX 4GURKT &KU  

(QWMG , / &G.GOQU 4 # &WPP / , /E(CFFGP ' 4 ,T 
 'HHGEVU QH Q\QPG QP E[ENQQZ[IGPCUG OGVCDQNKVGU KP VJG DCDQQP VTCEJGQDTQPEJKCN VTGG , #RRN 2J[UKQN  

(QWMG , / 9QNKP # & /E(CFFGP ' 4 ,T 
 'HHGEVU QH Q\QPG QP NWPI OGEJCPKEU CPF E[ENQQZ[IGPCUG OGVCDQNKVGU KP FQIU 2TQUVCINCPFKPU  

(TGGOCP ) ,WJQU . 6 (WTKQUK 0 , /WUUGPFGP 4 5VGRJGPU 4 , 'XCPU / , 
 2CVJQNQI[ QH RWNOQPCT[ FKUGCUG HTQO GZRQUWTG VQ KPVGTFGRGPFGPV CODKGPV ICUGU 
PKVTQIGP FKQZKFG CPF Q\QPG

#TEJ 'PXKTQP *GCNVJ  

(WLKOCMK * 
 +ORCKTOGPV QH JWOQTCN KOOWPG TGURQPUGU KP OKEG GZRQUGF VQ PKVTQIGP FKQZKFG CPF Q\QPG

OKZVWTGU 'PXKTQP 4GU  

(WLKOCMK * 5JKTCKUJK ( #UJKMCYC 6 /WTCMCOK / 
 %JCPIGU KP FGNC[GF J[RGTUGPUKVKXKV[ TGCEVKQP KP OKEG GZRQUGF V Q 1  'PXKTQP 4GU   

(WLKPCMC . ' *[FG & / 2NQRRGT % ) 6[NGT 9 5 &WPIYQTVJ & . .QNNKPK . 1 
 4GURKTCVQT[ DTQPEJKQNKVKU HQNNQYKPI NQPIVGTO Q\QPG GZRQUWTG KP DQPPGV OQPMG[U C OQTRJQOGVTKE UVWF[ 'ZR .WPI 4GU  

(WMCUG 1 +UQOWTC - 9CVCPCDG * 
 'HHGEVU QH GZGTEKUG QP OKEG GZRQUGF VQ Q\QPG #TEJ 'PXKTQP

*GCNVJ  

)CTFPGT & ' 
 7UG QH GZRGTKOGPVCN CKTDQTPG KPHGEVKQPU HQT OQPKVQTKPI CNVGTGF JQUV FGHGPUGU 'PXKTQP *GCNVJ 2GTURGEV  

)CTFPGT & ' /KNNGT ( , +NNKPI , 9 -KTV\ , / 
 +PETGCUGF KPHGEVKXKV[ YKVJ GZRQUWTG VQ Q\QPG CPF

UWNHWTKE CEKF 6QZKEQN .GVV  

)GN\NGKEJVGT 6 4 9KVUEJK * .CUV , # 
C 5[PGTIKUVKE KPVGTCEVKQP QH PKVTQIGP FKQZKFG CPF Q\QPG QP TCV NWPIU CEWVG TGURQPUGU 6QZKEQN #RRN 2JCTOCEQN  

###  )GN\NGKEJVGT 6 4 9KVUEJK * .CUV , # 
D %QPEGPVTCVKQPTGURQPUG TGNCVKQPUJKRU QH TCV NWPIU VQ GZRQUWTG VQ QZKFCPV CKT RQNNWVCPVU C ETKVKECN VGUV QH *CDGT	U .CY HQT Q\QPG CPF PKVTQIGP FKQZKFG 6QZKEQN #RRN 2JCTOCEQN  

)GTVPGT # $TQODGTIGT$CTPGC $ 6TC[UVOCP 4 $GT\QP & /GPMGU * 
C 4GURQPUGU QH VJG NWPI RGTKRJGT[ VQ Q\QPG CPF JKUVCOKPG , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

)GTVPGT # $TQODGTIGT$CTPGC $ &CPPGPDGTI # / ,T 6TC[UVOCP 4 /GPMGU * 
D 4GURQPUGU QH VJG NWPI RGTKRJGT[ VQ  RRO Q\QPG , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN

 

)GTVPGT # $TQODGTIGT$CTPGC $ 6TC[UVOCP 4 /GPMGU * 
E 'HHGEVU QH Q\QPG QP RGTKRJGTCN NWPI TGCEVKXKV[ , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

)KEJPGT 6 .CPIGDCTVGNU % 5CPFGTOCPP * ,T 
 1\QPG KU PQV OWVCIGPKE KP VJG 6TCFGUECPVKC CPF VQDCEEQ OWVCIGPKEKV[ CUUC[U /WVCV 4GU  

)KNOQWT / + ,CMCD ) , 
 /QFWNCVKQP QH KOOWPG HWPEVKQP KP OKEG GZRQUGF VQ  RRO Q\QPG +PJCNCVKQP

6QZKEQN  

)KNOQWT / + 5GNITCFG / - 
 # EQORCTKUQP QH VJG RWNOQPCT[ FGHGPUGU CICKPUV UVTGRVQEQEECN KPHGEVKQP KP TCVU CPF OKEG HQNNQYKPI 1 GZRQUWTG FKHHGTGPEGU KP FKUGCUG UWUEGRVKDKNKV[ CPF PGWVTQRJKN  TGETWKVOGPV 6QZKEQN #RRN 2JCTOCEQN  

)KNOQWT / + *OKGNGUMK 4 4 5VCHHQTF ' # ,CMCD ) , 
 5WRRTGUUKQP CPF TGEQXGT[ QH VJG CNXGQNCT OCETQRJCIG RJCIQE[VKE U[UVGO FWTKPI EQPVKPWQWU GZRQUWTG VQ  RRO Q\QPG 'ZR .WPI 4GU

 

)KNOQWT / + 2CTM 2 5GNITCFG / - 
C 1\QPGGPJCPEGF RWNOQPCT[ KPHGEVKQP YKVJ 5VTGRVQEQEEWU \QQGRKFGOKEWU KP OKEG #O 4GX 4GURKT &KU  

)KNOQWT / + 2CTM 2 &QGTHNGT & 5GNITCFG / - 
D (CEVQTU VJCV KPHNWGPEG VJG UWRRTGUUKQP QH RWNOQPCT[ CPVKDCEVGTKCN FGHGPUGU KP OKEG GZRQUGF VQ Q\QPG 'ZR .WPI 4GU  

)QJGGP 5 % 1	4QWTMG . .CTMKP ' % 
 1\QPG CPF VJG RGTQZKFCVKQP QH RQN[WPUCVWTCVGF HCVV[ CEKFU KP

XKXQ 'PXKTQP 4GU  

)QNFUVGKP ' 6[NGT 9 5 *QGRTKEJ 2 & 'CING % 
C 1\QPG CPF VJG CPVKDCEVGTKCN FGHGPUG OGEJCPKUOU QH VJG OWTKPG NWPI #TEJ +PVGTP /GF  

)QNFUVGKP ' 6[NGT 9 5 *QGRTKEJ 2 & 'CING % 
D #FXGTUG KPHNWGPEG QH Q\QPG QP RWNOQPCT[ DCEVGTKEKFCN CEVKXKV[ QH OWTKPG NWPI 0CVWTG 
.QPFQP  

)QNFUVGKP ' 9CTUJCWGT & .KRRGTV 9 6CTMKPIVQP $ 
 1\QPG CPF PKVTQIGP FKQZKFG GZRQUWTG OWTKPG RWNOQPCT[ FGHGPUG OGEJCPKUOU #TEJ 'PXKTQP *GCNVJ  

)QQEJ 2 % %TGCUKC & # $TGYGP , ) 
 6JG E[VQIGPGVKE GHHGEVU QH Q\QPG KPJCNCVKQP CPF KP XKVTQ GZRQUWTGU 'PXKTQP 4GU  

)QTFQP 6 #OFWT / 1 
 'HHGEV QH Q\QPG QP TGURKTCVQT[ TGURQPUG QH IWKPGC RKIU VQ JKUVCOKPG , 6QZKEQN

'PXKTQP *GCNVJ  

)QTFQP 6 8GPWIQRCNCP % 5 #OFWT / 1 &TC\GP , / 
 1\QPGKPFWEGF CKTYC[ J[RGTTGCEVKXKV[ KP VJG IWKPGC RKI , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

###  )TCJCO , # /GP\GN & $ /KNNGT ( , +NNKPI , 9 )CTFPGT & ' 
 +PHNWGPEG QH Q\QPG QP RGPVQDCTDKVCNKPFWEGF UNGGRKPI VKOG KP OKEG TCVU CPF JCOUVGTU 6QZKEQN #RRN 2JCTOCEQN

 

)TCJCO , # /GP\GN & $ /QNG / . /KNNGT ( , )CTFPGT & ' 
 +PHNWGPEG QH Q\QPG QP RGPVQDCTDKVCN RJCTOCEQMKPGVKEU KP OKEG 6QZKEQN .GVV  

)TCJCO , # )CTFPGT & ' $NQOOGT ' , *QWUG & ' /3⁄4PCEJG / ) /KNNGT ( , 
 +PHNWGPEG QH GZRQUWTG RCVVGTPU QH PKVTQIGP FKQZKFG CPF OQFKHKECVKQPU D[ Q\QPG QP UWUEGRVKDKNKV[ VQ DCEVGTKCN

KPHGEVKQWU FKUGCUG KP OKEG , 6QZKEQN 'PXKTQP *GCNVJ  

)TCJCO , # )TCPV . & (QNKPUDGG . , )CTFPGT & ' 5EJNGUKPIGT 4 $ 1XGTVQP , * .QWPUDWT[ 5 9 /E%WTF[ 6 4 *CUUGNDNCF 8 /E-GG & , 4KEJOQPF * / 2QNMQYUM[ $ 8 /CTEWU # * 
 &KTGEV JGCNVJ GHHGEVU QH CKT RQNNWVCPVU CUUQEKCVGF YKVJ CEKFKE RTGEWTUQT GOKUUKQPU +P +TXKPI 2 / GF #EKFKE FGRQUKVKQP UVCVG QH UEKGPEG CPF VGEJPQNQI[ XQNWOG +++ VGTTGUVTKCN OCVGTKCNU JGCNVJ CPF XKUKDKNKV[ GHHGEVU 9CUJKPIVQP &% 6JG 75 0CVKQPCN #EKF 2TGEKRKVCVKQP #UUGUUOGPV 2TQITCO 
5VCVG QH UEKGPEG CPF VGEJPQNQI[ TGRQTV 

)TGGP ) / 
 #NXGQNQDTQPEJKQNCT VTCPURQTV OGEJCPKUOU #TEJ +PVGTP /GF  

)TGGP ) / 
 5KOKNCTKVKGU QH JQUV FGHGPUG OGEJCPKUOU CICKPUV RWNOQPCT[ KPHGEVKQWU FKUGCUGU KP CPKOCNU CPF

OCP , 6QZKEQN 'PXKTQP *GCNVJ  

)TGGP ) / ,CMCD ) , .QY 4 $ &CXKU ) 5 
 &GHGPUG OGEJCPKUOU QH VJG TGURKTCVQT[ OGODTCPG #O 4GX 4GURKT &KU  

)TKPFUVCHH ) *GPT[ / *GTPCPFG\ 1 *QICP - .CK & 5KGIGN5EQVV % 
 (QTOCNFGJ[FG TKUM CUUGUUOGPV WRFCVG =HKPCN FTCHV? 9CUJKPIVQP &% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 1HHKEG QH

6QZKE 5WDUVCPEGU

)TQUG ' % )CTFPGT & ' /KNNGT ( , 
 4GURQPUG QH EKNKCVGF GRKVJGNKWO VQ Q\QPG CPF UWNHWTKE CEKF

'PXKTQP 4GU  

)TQUG ' % 4KEJCTFU , * +NNKPI , 9 /KNNGT ( , &CXKGU & 9 )TCJCO , # )CTFPGT & ' 
 2WNOQPCT[ JQUV FGHGPUG TGURQPUGU VQ KPJCNCVKQP QH UWNHWTKE CEKF CPF Q\QPG , 6QZKEQN 'PXKTQP

*GCNVJ  

)TQUG ' % 5VGXGPU / # *CVEJ ) ' ,CUMQV 4 * 5GNITCFG / , - 5VGCF # ) %QUVC & . )TCJCO , # 
 6JG KORCEV QH C OQPVJ GZRQUWTG VQ C FKWTPCN RCVVGTP QH Q\QPG QP RWNOQPCT[ HWPEVKQP CPVKQZKFCPV DKQEJGOKUVT[ CPF KOOWPQNQI[ +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

)TQUU - $ 9JKVG * , 
 2WNOQPCT[ HWPEVKQPCN CPF OQTRJQNQIKECN EJCPIGU KPFWEGF D[ C YGGM GZRQUWTG VQ  RRO Q\QPG HQNNQYGF D[ C YGGM TGEQXGT[ RGTKQF , 6QZKEQN 'PXKTQP *GCNVJ  

)TQUU - $ 9JKVG * , 
 (WPEVKQPCN CPF RCVJQNQIKE EQPUGSWGPEGU QH C YGGM GZRQUWTG VQ  22/ Q\QPG HQNNQYGF D[ C ENGCP CKT TGEQXGT[ RGTKQF .WPI  

)WGTTGTQ 4 4 4QWPFU & ' 1NUQP 4 5 *CEMPG[ , & 
 /WVCIGPKE GHHGEVU QH Q\QPG QP JWOCP EGNNU GZRQUGF KP XKXQ CPF KP XKVTQ DCUGF QP UKUVGT EJTQOCVKF GZEJCPIG CPCN[UKU 'PXKTQP 4GU  

###  )WPPKUQP # ( (KPMGNUVGKP + 9GKFGOCP 2 5W 9; 5QDQ / 5EJNGUKPIGT 4 $ 
 #IGFGRGPFGPV GHHGEV QH Q\QPG QP RWNOQPCT[ GKEQUCPQKF OGVCDQNKUO KP TCDDKVU CPF TCVU (WPFCO #RRN 6QZKEQN

 

)WPPKUQP # ( 9KGFGOCP 2 # 5QDQ / -QGPKI - . .WPI % % 
C #IGFGRGPFGPEG QH TGURQPUGU VQ CEWVG Q\QPG GZRQUWTG KP TCVU (WPFCO #RRN 6QZKEQN  

)WPPKUQP # ( 9GKFGOCP 2 # 5QDQ / 
D 'PJCPEGF KPHNCOOCVQT[ TGURQPUG VQ CEWVG Q\QPG GZRQUWTG KP TCVU FWTKPI RTGIPCPE[ CPF NCEVCVKQP (WPFCO #RRN 6QZKEQN  

)WVJ & , 9CTTGP & . .CUV , # 
 %QORCTCVKXG UGPUKVKXKV[ QH OGCUWTGOGPVU QH NWPI FCOCIG OCFG D[ DTQPEJQCNXGQNCT NCXCIG CHVGT UJQTVVGTO GZRQUWTG QH TCVU VQ Q\QPG 6QZKEQNQI[  

*CEMGT # & /WUVCHC / ) 1URKVCN , , 'NUC[GF 0 / .GG 5 & 
 4GNCVKQPUJKR QH CIG VQ TCV NWPI EQNNCIGP U[PVJGUKU KP TGURQPUG VQ Q\QPG GZRQUWTG #IG  

*CGHGNK$NGWGT $ 9GKDGN ' 4 
 /QTRJQOGVT[ QH VJG JWOCP RWNOQPCT[ CEKPWU #PCV 4GE  

*COGNKP % 
 2TQFWEVKQP QH UKPING CPF FQWDNGUVTCPF DTGCMU KP RNCUOKF &0# D[ Q\QPG +PV , 4CFKCV 1PEQN $KQN 2J[U  

*COGNKP % %JWPI ; 5 
C 6JG GHHGEV QH NQY EQPEGPVTCVKQPU QH Q\QPG QP 'UEJGTKEJKC EQNK EJTQOQUQOG

/WVCV 4GU  

*COGNKP % %JWPI ; 5 
D %JCTCEVGTK\CVKQP QH OWEQKF OWVCPVU QH 'UEJGTKEJKC EQNK - KUQNCVGF CHVGT GZRQUWTG VQ Q\QPG , $CEVGTKQN  

*COGNKP % 5CTJCP ( %JWPI ; 5 
C 1\QPGKPFWEGF &0# FGITCFCVKQP KP FKHHGTGPV &0# RQN[OGTCUG + OWVCPVU QH 'UEJGTKEJKC EQNK - $KQEJGO $KQRJ[U 4GU %QOOWP  

*COGNKP % 5CTJCP ( %JWPI ; 5 
D &0# FGITCFCVKQP ECWUGF D[ Q\QPG KP OWEQKF OWVCPVU QH

'UEJGTKEJKC EQNK - ('/5 /KETQDKQN .GVV  

*CTMGOC , 4 /CWFGTN[ , . 
 %QPUGSWGPEGU QH RTQNQPIGF KPJCNCVKQP QH Q\QPG QP (0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV 8 'HHGEVU QP RWNOQPCT[ HWPEVKQP %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

*CTMGOC , 4 2NQRRGT % ) *[FG & / 5V )GQTIG , # 9KNUQP & 9 &WPIYQTVJ & . 
 4GURQPUG QH VJG OCECSWG PCUCN GRKVJGNKWO VQ CODKGPV NGXGNU QH Q\QPG C OQTRJQNQIKE CPF OQTRJQOGVTKE UVWF[ QH VJG VTCPUKVKQPCN CPF TGURKTCVQT[ GRKVJGNKWO #O , 2CVJQN  

*CTMGOC , 4 *QVEJMKUU , # *GPFGTUQP 4 ( 
 'HHGEVU QH  CPF  RRO Q\QPG QP TCV PCUCN CPF PCUQRJCT[PIGCN GRKVJGNKCN OWEQUWDUVCPEGU SWCPVKVCVKXG JKUVQEJGOKUVT[ 6QZKEQN 2CVJQN  

*CTMGOC , 4 2NQRRGT % ) *[FG & / 5V )GQTIG , # 9KNUQP & 9 &WPIYQTVJ & . 
 4GURQPUG QH OCECSWG DTQPEJKQNCT GRKVJGNKWO VQ CODKGPV EQPEGPVTCVKQPU QH Q\QPG #O , 2CVJQN

 

*CTMGOC , 4 /QTICP - 6 )TQUU ' # %CVCNCPQ 2 , )TKHHKVJ 9 % 
 %QPUGSWGPEGU QH RTQNQPIGF KPJCNCVKQP QH Q\QPG QP (0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV 8++ GHHGEVU QP VJG PCUCN OWEQEKNKCT[ CRRCTCVWU %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

*CUUGVV % /WUVCHC / ) %QWNUQP 9 ( 'NCUJQHH 4 / 
 /WTKPG NWPI ECTEKPQIGPGUKU HQNNQYKPI GZRQUWTG VQ CODKGPV Q\QPG EQPEGPVTCVKQPU ,0%+ , 0CVN %CPEGT +PUV  

###  *CVEJ ) ' 
 %QORCTCVKXG DKQEJGOKUVT[ QH CKTYC[ NKPKPI HNWKF +P 2CTGPV 4 # GF %QORCTCVKXG DKQNQI[ QH VJG PQTOCN NWPI X + VTGCVKUG QP RWNOQPCT[ VQZKEQNQI[ $QEC 4CVQP (. %4% 2TGUU RR 



*CVEJ ) ' 5NCFG 4 5VGCF # ) )TCJCO , # 
 5RGEKGU EQORCTKUQP QH CEWVG KPJCNCVKQP VQZKEKV[ QH Q\QPG CPF RJQUIGPG , 6QZKEQN 'PXKTQP *GCNVJ  

*CVEJ ) ' -QTGP * #KUUC / 
 # OGVJQF HQT EQORCTKUQP QH CPKOCN CPF JWOCP CNXGQNCT FQUG CPF VQZKE GHHGEV QH KPJCNGF Q\QPG *GCNVJ 2J[U 
UWRRN  

*CVEJ ) ' 5NCFG 4 *CTTKU . 2 /E&QPPGNN 9 ( &GXNKP 4 $ -QTGP * 5 %QUVC & . /E-GG , 
 1\QPG FQUG CPF GHHGEV KP JWOCPU CPF TCVU C EQORCTKUQP WUKPI QZ[IGP NCDGNKPI CPF DTQPEJQCNXGQNCT NCXCIG #O , 4GURKT %TKV %CTG /GF  

*GPFGTUQP 4 ( *QVEJMKUU , # %JCPI + ; 5EQVV $ 4 *CTMGOC , 4 
 'HHGEV QH EWOWNCVKXG GZRQUWTG QP PCUCN TGURQPUG VQ Q\QPG 6QZKEQN #RRN 2JCTOCEQN  

*GPI * 4WEMGT 4 $ %TQVV[ , &WDKEM / # 
 6JG GHHGEVU QH Q\QPG QP NWPI JGCTV CPF NKXGT UWRGTQZKFG FKUOWVCUG CPF INWVCVJKQPG RGTQZKFCUG CEVKXKVKGU KP VJG RTQVGKPFGHKEKGPV TCV 6QZKEQN .GVV

 

*KIJHKNN , 9 %QUVC & . 
 5VCVKUVKECN TGURQPUG OQFGNU HQT Q\QPG GZRQUWTG VJGKT IGPGTCNKV[ YJGP CRRNKGF VQ JWOCP URKTQOGVTKE CPF CPKOCN RGTOGCDKNKV[ HWPEVKQPU QH VJG NWPI , #KT 9CUVG /CPCIG #UUQE

 

*KIJHKNN , 9 *CVEJ ) ' 5NCFG 4 %TKUUOCP - / 0QTYQQF , &GXNKP 4 $ %QUVC & . 
 %QPEGPVTCVKQPVKOG OQFGNU HQT VJG GHHGEVU QH Q\QPG QP DTQPEJQCNXGQNCT NCXCIG HNWKF RTQVGKP HTQO TCVU CPF IWKPGC RKIU +PJCNCVKQP 6QZKEQN  

*KTQUJKOC - -QJPQ 6 1JYCFC * *C[CUJK ; 
 /QTRJQNQIKECN UVWF[ QH VJG GHHGEVU QH Q\QPG QP TCV NWPI ++ NQPIVGTO GZRQUWTG 'ZR /QN 2CVJQN  

*QKIPG , $CFGT * 
 1\QPCVKQP QH YCVGT TQNG QH J[FTQZ[N TCFKECNU CU QZKFK\KPI KPVGTOGFKCVGU 5EKGPEG 9CUJKPIVQP &%  

*QNTQ[FG / % 0QTTKU # # 
 6JG GHHGEV QH Q\QPG QP TGCEVKXKV[ QH WRRGT CPF NQYGT CKTYC[U KP IWKPGC RKIU $T , 2JCTOCEQN  

*QNV\OCP / , (CDDTK . / 5MQQIJ $' 1	$[TPG 2 / 9CNVGTU ' * #K\CYC * 0CFGN , # C 6KOG EQWTUG QH CKTYC[ J[RGTTGURQPUKXGPGUU KPFWEGF D[ Q\QPG KP FQIU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

*QNV\OCP / , (CDDTK . / 1	$[TPG 2 / )QNF $ & #K\CYC * 9CNVGTU ' * #NRGTV 5 ' 0CFGN , # 
D +ORQTVCPEG QH CKTYC[ KPHNCOOCVKQP HQT J[RGTTGURQPUKXGPGUU KPFWEGF D[ Q\QPG #O 4GX 4GURKT &KU  

*QVEJMKUU , # *CTMGOC , 4 
 'PFQVQZKP QT E[VQMKPGU CVVGPWCVG Q\QPGKPFWEGF &0# U[PVJGUKU KP TCV PCUCN VTCPUKVKQPCN GRKVJGNKWO 6QZKEQN #RRN 2JCTOCEQN  

*QVEJMKUU , # *CTMGOC , 4 5WP , & *GPFGTUQP 4 ( 
C %QORCTKUQP QH CEWVG Q\QPGKPFWEGF PCUCN CPF RWNOQPCT[ KPHNCOOCVQT[ TGURQPUGU KP TCVU 6QZKEQN #RRN 2JCTOCEQN  

*QVEJMKUU , # *CTMGOC , 4 -KTMRCVTKEM & 6 *GPFGTUQP 4 ( 
D 4GURQPUG QH TCV CNXGQNCT OCETQRJCIGU VQ Q\QPG SWCPVKVCVKXG CUUGUUOGPV QH RQRWNCVKQP UK\G OQTRJQNQI[ CPF RTQNKHGTCVKQP HQNNQYKPI CEWVG GZRQUWTG 'ZR .WPI 4GU  

###  *QVEJMKUU , # *CTMGOC , 4 *GPFGTUQP 4 ( 
 'HHGEV QH EWOWNCVKXG Q\QPG GZRQUWTG QP Q\QPG KPFWEGF PCUCN GRKVJGNKCN J[RGTRNCUKC CPF UGETGVQT[ OGVCRNCUKC KP TCVU 'ZR .WPI 4GU  

*W 2 % /KNNGT ( , &CPKGNU / , *CVEJ ) ' )TCJCO , # )CTFPGT & ' 5GNITCFG / - 
 2TQVGKP CEEWOWNCVKQP KP NWPI NCXCIG HNWKF HQNNQYKPI Q\QPG GZRQUWTG 'PXKTQP 4GU  

*WTUV & , )CTFPGT & ' %QHHKP & . 
 'HHGEV QH Q\QPG QP CEKF J[FTQNCUGU QH VJG RWNOQPCT[ CNXGQNCT OCETQRJCIG 4'5 , 4GVKEWNQGPFQVJGN 5QE  

*WUUCKP / < /WUVCHC / ) %JQY % - %TQUU % ' 
C 1\QPGKPFWEGF KPETGCUG QH NWPI RTQNKPG J[FTQZ[NCUG CEVKXKV[ CPF J[FTQZ[RTQNKPG EQPVGPV %JGUV 
UWRRN 

*WUUCKP / < %TQUU % ' /WUVCHC / ) $JCVPCICT 4 5 
D *[FTQZ[RTQNKPG EQPVGPVU CPF RTQN[N J[FTQZ[NCUG CEVKXKVKGU KP NWPIU QH TCVU GZRQUGF VQ NQY NGXGNU QH Q\QPG .KHG 5EK  

*[FG & / *WDDCTF 9 % 9QPI 8 9W 4 2KPMGTVQP - 2NQRRGT % ) 
 1\QPGKPFWEGF CEWVG VTCEJGQDTQPEJKCN GRKVJGNKCN KPLWT[ TGNCVKQPUJKR VQ ITCPWNQE[VG GOKITCVKQP KP VJG NWPI #O , 4GURKT

%GNN /QN $KQN  

+DTCJKO # . <GG ; % 1UGDQNF , 9 
 6JG GHHGEVU QH Q\QPG QP VJG TGURKTCVQT[ GRKVJGNKWO QH OKEG ++

WNVTCUVTWEVWTCN CNVGTCVKQPU , 'PXKTQP 2CVJQN 6QZKEQN  

+EJKMCYC + *KIWEJK ; 7LKKG # ;QMQ[COC ' 
 5WRRTGUUKQP QH 5KFOCPV[RG EQPFKVKQPGF CXQKFCPEG TGURQPUG KP TCVU D[ Q\QPG 6CKMK 1UGP )CMMCKUJK  

+EJKPQUG 6 5CICK / 
 $KQEJGOKECN GHHGEVU QH EQODKPGF ICUGU QH PKVTQIGP FKQZKFG CPF Q\QPG +++ 5[PGTIKUVKE GHHGEVU QP NKRKF RGTQZKFCVKQP CPF CPVKQZKFCVKXG RTQVGEVKXG U[UVGOU KP VJG NWPIU QH TCVU CPF IWKPGC RKIU 6QZKEQNQI[  

+EJKPQUG 6 5CICK / 
 %QODKPGF GZRQUWTG VQ 0 1  1  CPF * 51 CGTQUQN CPF NWPI VWOQT HQTOCVKQP KP

   TCVU 6QZKEQNQI[  

+EJKPQUG 6 #TCMCYC - 5JKOQLQ 0 5CICK / 
 $KQEJGOKECN GHHGEVU QH EQODKPGF ICUGU QH PKVTQIGP FKQZKFG CPF Q\QPG ++ URGEKGU FKHHGTGPEGU KP NKRKF RGTQZKFGU CPF CPVKQZKFCVKXG RTQVGEVKXG GP\[OGU KP VJG NWPIU 6QZKEQN .GVV  

+PQWG * 5CVQ 5 *KTQUG 6 -KMWEJK ; 7DWMCVC 6 0CICUJKOC 5 5CUCMK 6 6CMKUJKOC 6 
 =# EQORCTCVKXG UVWF[ DGVYGGP HWPEVKQPCN CPF RCVJQNQIKE CNVGTCVKQPU KP NWPIU QH TCDDKVU GZRQUGF VQ CP CODKGPV NGXGN QH Q\QPG? 0KRRQP -[QDW 5JKMMCP )GMMCK <CUUJK  

,CMCD ) , $CUUGVV & , 2 
 +PHNWGP\C XKTWU KPHGEVKQP Q\QPG GZRQUWTG CPF HKDTQIGPGUKU #O 4GX 4GURKT &KU  

,CMCD ) , *GOGPYC[ & 4 
 %QPEQOKVCPV GZRQUWTG VQ ECTDQP DNCEM RCTVKEWNCVGU GPJCPEGU Q\QPGKPFWEGF NWPI KPHNCOOCVKQP CPF UWRRTGUUKQP QH CNXGQNCT OCETQRJCIG RJCIQE[VQUKU , 6QZKEQN 'PXKTQP *GCNVJ

 

,CMCD ) , *OKGNGUMK 4 4 
 4GFWEVKQP QH KPHNWGP\C XKTWU RCVJQIGPGUKU D[ GZRQUWTG VQ  RRO Q\QPG ,

6QZKEQN 'PXKTQP *GCNVJ  

,CMCD ) , 5RCPPJCMG ' 9 %CPPKPI $ , -NGGDGTIGT 5 4 )KNOQWT / + 
 6JG GHHGEVU QH Q\QPG QP KOOWPG HWPEVKQP 'PXKTQP *GCNVJ 2GTURGEV 
UWRRN  

,CPUUGP . , 1	$[TPG 2 / &CPKGN ' ' 
 /GEJCPKUO WPFGTN[KPI Q\QPGKPFWEGF KP XKVTQ J[RGTTGURQPUKXGPGUU KP ECPKPG DTQPEJK #O , 2J[UKQN  ..

###  ,QCF , 2 $TKE , / 2KPQ / 8 *[FG & / /E&QPCNF 4 , 
 'HHGEVU QH Q\QPG CPF PGWVTQRJKNU QP HWPEVKQP CPF OQTRJQNQI[ QH VJG KUQNCVGF TCV NWPI #O 4GX 4GURKT &KU  

,QJPUQP * ) 5VQWV $ - 4WRRGN 2 . 
 +PJKDKVKQP QH VJG NKRQZ[IGPCUG RCVJYC[ YKVJ RKTKRTQUV 7 RTQVGEVU PQTOCN RTKOCVGU HTQO Q\QPGKPFWEGF OGVJCEJQNKPG J[RGTTGURQPUKXG UOCNN CKTYC[U 2TQUVCINCPFKPU  

,QJPUQP 0 ( *QVEJMKUU , # *CTMGOC , 4 *GPFGTUQP 4 ( 
 2TQNKHGTCVKXG TGURQPUGU QH TCV PCUCN GRKVJGNKC VQ Q\QPG 6QZKEQN #RRN 2JCTOCEQN  

,QPGU ) . .CPG % ) /CPPKPI 2 , 1	$[TPG 2 / 
 4QNG QH VJG RCTCU[ORCVJGVKE PGTXQWU U[UVGO KP CKTYC[ J[RGTTGURQPUKXGPGUU CHVGT Q\QPG KPJCNCVKQP , #RRN 2J[UKQN  

,QPGU ) . 1	$[TPG 2 / 2CUJNG[ / 5GTKQ 4 ,WT[ , .CPG % ) &CPKGN ' ' 
C #KTYC[ UOQQVJ OWUENG TGURQPUKXGPGUU HTQO FQIU YKVJ CKTYC[ J[RGTTGURQPUKXGPGUU CHVGT 1 KPJCNCVKQP  , #RRN 2J[UKQN  

,QPGU ) . .CPG % ) &CPKGN ' ' 1	$[TPG 2 / 
D 4GNGCUG QH GRKVJGNKWOFGTKXGF TGNCZKPI HCEVQT CHVGT Q\QPG KPJCNCVKQP KP FQIU , #RRN 2J[UKQN  

,QPGU ) . .CPG % ) 1	$[TPG 2 / 
 'HHGEV QH VJTQODQZCPG CPVCIQPKUVU QP Q\QPGKPFWEGF CKTYC[ TGURQPUGU KP FQIU , #RRN 2J[UKQN  

,QPGU ) . .CPG % 1	$[TPG 2 / 
 'HHGEV QH CP KPJCNGF VJTQODQZCPG OKOGVKE 
7 QP KP XKXQ RWNOQPCT[ TGUKUVCPEG CPF CKTYC[ J[RGTTGURQPUKXGPGUU KP FQIU , 2J[UKQN  

,WJQU . 6 'XCPU / , /WUUGPFGP*CTXG[ 4 (WTKQUK 0 , .CRRNG % ' (TGGOCP ) 
 .KOKVGF GZRQUWTG QH TCVU VQ * 51 YKVJ CPF YKVJQW V 1  , 'PXKTQP 5EK *GCNVJ 2CTV % 'PXKTQP *GCNVJ 5EK    

-CICYC , *CIC / /K[C\CMK / 
 'HHGEVU QH TGRGCVGF GZRQUWTG VQ  RRO 1 HQT HQWT OQPVJU QP  DTQPEJKCN TGCEVKXKV[ KP IWKPGC RKIU 
 JTUFC[  FC[UYM +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

-CVUWOCVC 7 /KWTC / +EJKPQUG / -KOWTC - 6CMCJCUJK 6 +PQWG * 6CMKUJKOC 6 
 1Z[IGP TCFKECNU RTQFWEG CKTYC[ EQPUVTKEVKQP CPF J[RGTTGURQPUKXGPGUU KP CPGUVJGVK\GF ECVU #O 4GX 4GURKT

&KU  

-CXNQEM 4 &CUVQP ) )TCDQYUMK % 6 
 5VWFKGU QP VJG FGXGNQROGPVCN VQZKEKV[ QH Q\QPG + 2TGPCVCN GHHGEVU 6QZKEQN #RRN 2JCTOCEQN  

-CXNQEM 4 , /G[GT ' )TCDQYUMK % 6 
 5VWFKGU QP VJG FGXGNQROGPVCN VQZKEKV[ QH Q\QPG RQUVPCVCN

GHHGEVU 6QZKEQN .GVV  

-GNNG[ , 
 %[VQMKPGU QH VJG NWPI #O 4GX 4GURKT &KU  

-GPPGF[ % * *CVEJ ) ' 5NCFG 4 /CUQP 4 2 
 #RRNKECVKQP QH VJG '24 URKPVTCRRKPI VGEJPKSWG VQ VJG FGVGEVKQP QH TCFKECNU RTQFWEGF KP XKXQ FWTKPI KPJCNCVKQP GZRQUWTG QH TCVU VQ Q\QPG 6QZKEQN #RRN

2JCTOCEQN  

-GPQ[GT , . 2JCNGP 4 ( &CXKU , 4 
 2CTVKENG ENGCTCPEG HTQO VJG TGURKTCVQT[ VTCEV CU C VGUV QH VQZKEKV[ GHHGEV QH Q\QPG QP UJQTV CPF NQPI VGTO ENGCTCPEG 'ZR .WPI 4GU  

###  -KO % - )GPVKNG & / 5RTQWN 1 , 
 /GEJCPKUO QH Q\QPG KPCEVKXCVKQP QH DCEVGTKQRJCIG H #RRN

'PXKTQP /KETQDKQN  

-KPI 4 , %NGOGPVU , # 
 .KRKF U[PVJGUKU CPF UWTHCEVCPV VWTPQXGT KP VJG NWPIU +P (KUJOCP # 2 (KUJGT # $ GFU *CPFDQQM QH RJ[UKQNQI[ X + UGEV  VJG TGURKTCVQT[ U[UVGO $GVJGUFC /& #OGTKECP 2J[UKQNQIKECN 5QEKGV[ RR 

-NGGDGTIGT 5 4 -QNDG , #FMKPUQP 0 ( ,T 2GVGTU 5 2 5RCPPJCMG ' 9 
 6JG TQNG QH OGFKCVQTU KP VJG TGURQPUG QH VJG ECPKPG RGTKRJGTCN NWPI VQ  RRO Q\QPG #O 4GX 4GURKT &KU  

-NGGDGTIGT 5 4 -QNDG , 6WTPGT % 5RCPPJCMG ' 9 
 'ZRQUWTG VQ  RRO Q\QPG CVVGPWCVGU VJG KOOGFKCVG CPVKIGPKE TGURQPUG QH ECPKPG RGTKRJGTCN CKTYC[U , 6QZKEQN 'PXKTQP *GCNVJ  

-NGGDGTIGT 5 4 $CUUGVV & , 2 ,CMCD ) , .GXKVV 4 % 
 # IGPGVKE OQFGN HQT GXCNWCVKQP QH UWUEGRVKDKNKV[ VQ Q\QPGKPFWEGF KPHNCOOCVKQP #O , 2J[UKQN  ..

-NGGDGTIGT 5 4 .GXKVV 4 % <JCPI .; 
C 5WUEGRVKDKNKV[ VQ Q\QPGKPFWEGF KPHNCOOCVKQP + )GPGVKE EQPVTQN QH VJG TGURQPUG VQ UWDCEWVG GZRQUWTG #O , 2J[UKQN  ..

-NGGDGTIGT 5 4 .GXKVV 4 % <JCPI .; 
D 5WUEGRVKDKNKV[ VQ Q\QPGKPFWEGF KPHNCOOCVKQP ++ 5GRCTCVG NQEK EQPVTQN TGURQPUGU VQ CEWVG CPF UWDCEWVG GZRQUWTGU #O , 2J[UKQN  ..

-NGKPOCP / 6 /E%NWTG 6 4 /CWV\ 9 , 2JCNGP 4 ( 
 6JG KPVGTCEVKQP QH Q\QPG CPF CVOQURJGTKE CEKFU QP VJG HQTOCVKQP QH NWPI NGUKQPU KP TCVU +P .GG 5 & GF 'XCNWCVKQP QH VJG UEKGPVKHKE DCUKU HQT Q\QPGQZKFCPVU UVCPFCTFU RTQEGGFKPIU QH CP #2%# KPVGTPCVKQPCN URGEKCNV[ EQPHGTGPEG 0QXGODGT  *QWUVQP 6: 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RR  
#2%# RWDNKECVKQP PQ 64

-NGKPOCP / 6 2JCNGP 4 ( /CWV\ 9 , /CPPKZ 4 % /E%NWTG 6 4 %TQEMGT 6 6 
 *GCNVJ GHHGEVU QH CEKF CGTQUQNU HQTOGF D[ CVOQURJGTKE OKZVWTGU 'PXKTQP *GCNVJ 2GTURGEV  

-QDC[CUJK 6 6QFQTQMK 6 5CVQ * 
 'PJCPEGOGPV QH RWNOQPCT[ OGVCUVCUKU QH OWTKPG HKDTQUCTEQOC 04 (5 D[ Q\QPG GZRQUWTG , 6QZKEQN 'PXKTQP *GCNVJ   -Q\WODQ 9 , #ICTYCN 5 
 +PFWEVKQP QH &0# FCOCIG KP EWNVWTGF JWOCP NWPI EGNNU D[ VQDCEEQ UOQMG CT[NCOKPGU GZRQUGF VQ CODKGPV NGXGNU QH Q\QPG #O , 4GURKT %GNN /QN $KQN  

.	*GTCWNV 2 %JWPI ; 5 
 /WVCIGPKEKV[ QH Q\QPG KP FKHHGTGPV TGRCKTFGHKEKGPV UVTCKPU QH 'UEJGTKEJKC EQNK

/)) /QN )GP )GPGV  

.CK % % (KPNC[UQP2KVVU $ , 9KNNKU 9 8 
 (QTOCVKQP QH UGEQPFCT[ Q\QPKFGU HTQO VJG TGCEVKQP QH CP WPUCVWTCVGF RJQURJCVKF[NEJQNKPG YKVJ Q\QPG %JGO 4GU 6QZKEQN  

.CPFQNRJ , 4 
 %JGOKECN VTCPUHQTOCVKQP KP %* 6 [ %N  OQWUG GODT[Q HKDTQDNCUVU JKUVQTKECN DCEMITQWPF CUUGUUOGPV QH VJG VTCPUHQTOCVKQP CUUC[ CPF GXQNWVKQP CPF QRVKOK\CVKQP QH VJG VTCPUHQTOCVKQP CUUC[ RTQVQEQN +P -CMWPCIC 6 ;COCUCMK * GFU 6TCPUHQTOCVKQP CUUC[ QH GUVCDNKUJGF EGNN NKPGU OGEJCPKUOU CPF CRRNKECVKQP .[QP (TCPEG +PVGTPCVKQPCN #IGPE[ HQT 4GUGCTEJ QP %CPEGT RR  
+#4% UEKGPVKHKE RWDNKECVKQPU PQ 

.CPFQNRJ , 4 
 /QNGEWNCT CPF EGNNWNCT OGEJCPKUOU QH VTCPUHQTOCVKQP QH %*6 [ %N  CPF FKRNQKF JWOCP HKDTQDNCUVU D[ WPKSWG ECTEKPQIGPKE PQPOWVCIGPKE OGVCN EQORQWPFU C TGXKGY $KQN 6TCEG

'NGO 4GU  

.CPFQNRJ , 4 
 0GQRNCUVKE VTCPUHQTOCVKQP QH OCOOCNKCP EGNNU D[ ECTEKPQIGPKE OGVCN EQORQWPFU EGNNWNCT CPF OQNGEWNCT OGEJCPKUOU +P (QWNMGU ' % GF $KQNQIKECN GHHGEVU QH JGCX[ OGVCNU X ++ OGVCN ECTEKPQIGPGUKU $QEC 4CVQP (. %4% 2TGUU RR 

###  .CPFQNRJ , 4 
 /QNGEWNCT OGEJCPKUOU QH VTCPUHQTOCVKQP QH %*6 [  OQWUG GODT[Q EGNNU CPF FKRNQKF JWOCP HKDTQDNCUVU D[ ECTEKPQIGPKE OGVCN EQORQWPFU 'PXKTQP *GCNVJ 2GTURGEV 
UWRRN  



.CUV , # 
 'HHGEVU QH KPJCNGF CEKFU QP NWPI DKQEJGOKUVT[ 'PXKTQP *GCNVJ 2GTURGEV  

.CUV , # 
C 5[PGTIKUVKE GHHGEVU QH CKT RQNNWVCPVU Q\QPG RNWU C TGURKTCDNG CGTQUQN %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ  #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# 2$

.CUV , # 
D )NQDCN CVOQURJGTKE EJCPIG RQVGPVKCN JGCNVJ GHHGEVU QH CEKF CGTQUQN CPF QZKFCPV ICU OKZVWTGU 'PXKTQP *GCNVJ 2GTURGEV  

.CUV , # %TQUU % ' 
 # PGY OQFGN HQT JGCNVJ GHHGEVU QH CKT RQNNWVCPVU GXKFGPEG HQT U[PGTIKUVKE GHHGEVU QH OKZVWTGU QH Q\QPG CPF UWNHWTKE CEKF CGTQUQNU QP TCV NWPIU , .CD %NKP /GF  

.CUV , # )TGGPDGTI & $ 
 1\QPGKPFWEGF CNVGTCVKQPU KP EQNNCIGP OGVCDQNKUO QH TCV NWPIU ++ NQPIVGTO GZRQUWTGU 6QZKEQN #RRN 2JCTOCEQN  

.CUV , # )TGGPDGTI & $ %CUVNGOCP 9 . 
 1\QPGKPFWEGF CNVGTCVKQPU KP EQNNCIGP OGVCDQNKUO QH TCV NWPIU 6QZKEQN #RRN 2JCTOCEQN  

.CUV , # )GTTKGVU , ' *[FG & / 
 5[PGTIKUVKE GHHGEVU QP TCV NWPIU QH OKZVWTGU QH QZKFCPV CKT RQNNWVCPVU 
Q\QPG QT PKVTQIGP FKQZKFG CPF TGURKTCDNG CGTQUQNU #O 4GX 4GURKT &KU  

.CUV , # *[FG & / %JCPI & 2 ; 
C # OGEJCPKUO QH U[PGTIKUVKE NWPI FCOCIG D[ Q\QPG CPF C TGURKTCDNG CGTQUQN 'ZR .WPI 4GU  

.CUV , # 4GKUGT - / 6[NGT 9 5 4WEMGT 4 $ 
D .QPIVGTO EQPUGSWGPEGU QH GZRQUWTG VQ Q\QPG + NWPI EQNNCIGP EQPVGPV 6QZKEQN #RRN 2JCTOCEQN  

.CUV , # *[FG & / )WVJ & , 9CTTGP & . 
 5[PGTIKUVKE KPVGTCEVKQP QH Q\QPG CPF TGURKTCDNG CGTQUQNU QP TCV NWPIU + +ORQTVCPEG QH CGTQUQN CEKFKV[ 6QZKEQNQI[  

.CUV , # 9CTTGP & . 2GESWGV)QCF ' 9KVUEJK * 
 /QFKHKECVKQP D[ Q\QPG QH NWPI VWOQT FGXGNQROGPV KP OKEG ,0%+ , 0CVN %CPEGT +PUV  

.CUV , # )GN\NGKEJVGT 6 *CTMGOC , 2CTMU 9 % /GNNKEM 2 
C 'HHGEVU QH  OQPVJU QH Q\QPG GZRQUWTG QP NWPI EQNNCIGP KP (KUEJGT  TCVU 6QZKEQNQI[  

.CUV , # )GN\NGKEJVGT 6 4 2KPMGTVQP - ' 9CNMGT 4 / 9KVUEJK * 
D # PGY OQFGN QH RTQITGUUKXG RWNOQPCT[ HKDTQUKU KP TCVU #O 4GX 4GURKT &KU  

.CUV , # )GN\NGKEJVGT 6 4 *CTMGOC , *CYM 5 
 %QPUGSWGPEGU QH RTQNQPIGF KPJCNCVKQP QH Q\QPG QP (KUEJGT0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV + %QPVGPV CPF ETQUUNKPMKPI QH NWPI EQNNCIGP %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

.GG * - /WTNCU % 
 1\QPGKPFWEGF DTQPEJKCN J[RGTTGCEVKXKV[ KP IWKPGC RKIU KU CDQNKUJGF D[ $9 % QT (2.  DWV PQV D[ KPFQOGVJCEKP #O 4GX 4GURKT &KU  

.GG .; $NGGEMGT ' 4 0CFGN , # 
 'HHGEV QH Q\QPG QP DTQPEJQOQVQT TGURQPUG VQ KPJCNGF JKUVCOKPG CGTQUQN KP FQIU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

.GG .; &WOQPV % &LQMKE 6 & /GP\GN 6 ' 0CFGN , # 
 /GEJCPKUO QH TCRKF UJCNNQY DTGCVJKPI CHVGT Q\QPG GZRQUWTG KP EQPUEKQWU FQIU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

###  .GG .; &LQMKE 6 & &WOQPV % )TCH 2 & 0CFGN , # 
 /GEJCPKUO QH Q\QPGKPFWEGF VCEJ[RPGKE TGURQPUG VQ J[RQZKC CPF J[RGTECRPKC KP EQPUEKQWU FQIU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

.GG ,5 /WUVCHC / ) #HKHK # # 
 'HHGEVU QH UJQTVVGTO UKPING CPF EQODKPGF GZRQUWTG VQ NQYNGXGN 01 CPF 1 QP NWPI VKUUWG GP\[OG CEVKXKVKGU KP TCVU , 6QZKEQN 'PXKTQP *GCNVJ    

.GKMCWH ) & &TKUEQNN - ' 9G[ * ' 
 1\QPGKPFWEGF CWIOGPVCVKQP QH GKEQUCPQKF OGVCDQNKUO KP GRKVJGNKCN EGNNU HTQO DQXKPG VTCEJGC #O 4GX 4GURKT &KU  

.GKMCWH ) & <JCQ 3 <JQW 5 5CPVTQEM , 
 1\QPQN[UKU RTQFWEVU QH OGODTCPG HCVV[ CEKFU CEVKXCVG GKEQUCPQKF OGVCDQNKUO KP JWOCP CKTYC[ GRKVJGNKCN EGNNU #O , 4GURKT %GNN /QN $KQN  

.GQPCTF 4 , %JCTRKGF ) . (CFFKU $ 
 'HHGEVU QH CODKGPV KPJCNGF Q\QPG QP XQECN HQNF OWEQUC KP $QPPGV OQPMG[U , 8QKEG  

.GY & $ %JQFKOGNNC 8 /WTNCU % ) 
 )WKPGC RKI Q\QPGKPFWEGF CKTYC[ J[RGTTGCEVKXKV[ KU CUUQEKCVGF YKVJ KPETGCUGF 0CEGV[N &INWEQUCOKPKFCUG CEVKXKV[ KP DTQPEJQCNXGQNCT NCXCIG HNWKF .WPI 



.K # (; 4KEJVGTU # 
C 'HHGEVU QH  RRO Q\QPG GZRQUWTG QP VJ[OQE[VGU KP XKXQ CPF KP XKVTQ UVWFKGU

+PJCNCVKQP 6QZKEQN  

.K # (; 4KEJVGTU # 
D #ODKGPV NGXGN Q\QPG GHHGEVU QP UWDRQRWNCVKQPU QH VJ[OQE[VGU CPF URNGGP 6 N[ORJQE[VGU #TEJ 'PXKTQP *GCNVJ  

.K < &CPKGN ' ' .CPG % ) #TPCQWV / # 1	$[TPG 2 / 
 'HHGEV QH CP CPVKOQ /#D QP Q\QPGKPFWEGF CKTYC[ KPHNCOOCVKQP CPF CKTYC[ J[RGTTGURQPUKXGPGUU KP FQIU #O , 2J[UKQN

 ..

.KRROCPP / 
 *GCNVJ GHHGEVU QH Q\QPG C ETKVKECN TGXKGY ,#2%#  

.KRROCPP / 
 *GCNVJ GHHGEVU QH VTQRQURJGTKE Q\QPG TGXKGY QH TGEGPV TGUGCTEJ HKPFKPIU CPF VJGKT KORNKECVKQPU VQ CODKGPV CKT SWCNKV[ UVCPFCTFU , 'ZRQUWTG #PCN 'PXKTQP 'RKFGOKQN  

.WPCP - & 5JQTV 2 0GIK & 5VGRJGPU 4 , 
 )NWEQUGRJQURJCVG FGJ[FTQIGPCUG TGURQPUG QH RQUVPCVCN NWPIU VQ 01 CP F 1  +P 5CPFGTU % . 5EJPGKFGT 4 2 &CING ) ' 4CICP * #   GFU 2WNOQPCT[ OCETQRJCIG CPF GRKVJGNKCN EGNNU RTQEGGFKPIU QH VJG VJ CPPWCN *CPHQTF DKQNQI[ U[ORQUKWO 5GRVGODGT  4KEJNCPF 9# 9CUJKPIVQP &% 'PGTI[ 4GUGCTEJ CPF &GXGNQROGPV #FOKPKUVTCVKQP RR  #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# %10( 
'4&# U[ORQUKWO UGTKGU 

/CFFGP / % 'NKPI 6 ' &CKNG[ . # (TKGFOCP / 
 6JG GHHGEV QH Q\QPG GZRQUWTG QP TCV CNXGQNCT OCETQRJCIG CTCEJKFQPKE CEKF OGVCDQNKUO 'ZR .WPI 4GU  

/CFFGP / % (TKGFOCP / *CPNG[ 0 5KGINGT ' 3WC[ , $GEMGT 5 &GXNKP 4 -QTGP * 5 
 %JGOKECN PCVWTG CPF KOOWPQVQZKEQNQIKECN RTQRGTVKGU QH CTCEJKFQPKE CEKF FGITCFCVKQP RTQFWEVU HQTOGF D[ GZRQUWTG VQ Q\QPG 'PXKTQP *GCNVJ 2GTURGEV  

/CIKG # 4 #DDG[ & ' %GPVGTYCNN 9 4 
 'HHGEV QH RJQVQEJGOKECN UOQI QP VJG RGTKRJGTCN N[ORJQE[VGU QH PQPUOQMKPI EQNNGIG UVWFGPVU 'PXKTQP 4GU  

/CTKCUU[ # 6 5KGNE\CM / 9 /E%TC[ / 0 #DTCJCO 9 / 9CPPGT # 
 'HHGEVU QH Q\QPG QP NCOD VTCEJGCN OWEQUC SWCPVKVCVKXG IN[EQEQPLWICVG JKUVQEJGOKUVT[ #O , 2CVJQN  

###  /CTKCUU[ # 6 #DTCJCO 9 / 2JKRRU 4 , 5KGNE\CM / 9 9CPPGT # 
 'HHGEV QH Q\QPG QP VJG RQUVPCVCN FGXGNQROGPV QH NCOD OWEQEKNKCT[ CRRCTCVWU , #RRN 2J[UKQN  

/CTQPRQV 4 4 
 %QTTGNCVKQP QH FCVC HTQO VJG UVTCKP # OQWUG DKQCUUC[ YKVJ NQPIVGTO DKQCUUC[U 'ZR .WPI 4GU  

/CTQPRQV 4 4 5JKOMKP / $ 9KVUEJK * 2 5OKVJ . * %NKPG , / 
 5VTCKP # OQWUG RWNOQPCT[ VWOQT VGUV TGUWNVU HQT EJGOKECNU RTGXKQWUN[ VGUVGF KP VJG 0CVKQPCN %CPEGT +PUVKVWVG ECTEKPQIGPKEKV[

VGUVU ,0%+ , 0CVN %CPEGT +PUV  

/CVUWK 5 ,QPGU ) . 9QQNNG[ / , .CPG % ) )QPVQXPKEM . 5 1	$[TPG 2 / 
 6JG GHHGEV QH CPVKQZKFCPVU QP Q\QPGKPFWEGF CKTYC[ J[RGTTGURQPUKXGPGUU KP FQIU #O 4GX 4GURKT &KU

 

/CVUWOWTC ; 
 6JG GHHGEVU QH Q\QPG PKVTQIGP FKQZKFG CPF UWNHWT FKQZKFG QP VJG GZRGTKOGPVCNN[ KPFWEGF CNNGTIKE TGURKTCVQT[ FKUQTFGT KP IWKPGC RKIU + VJG GHHGEV QP UGPUKVK\CVKQP YKVJ CNDWOKP VJTQWIJ VJG CKTYC[ #O 4GX 4GURKT &KU  

/CWV\ 9 , $WHCNKPQ % 
 $TGCVJKPI RCVVGTP CPF OGVCDQNKE TCVG TGURQPUGU QH TCVU GZRQUGF VQ Q\QPG 4GURKT 2J[UKQN  

/CWV\ 9 , $WHCNKPQ % -NGKPOCP / 6 .GLPKGMU 4 / 2JCNGP 4 ( 
C 2WNOQPCT[ HWPEVKQP QH GZGTEKUKPI FQIU GZRQUGF VQ Q\QPG CNQPG QT KP EQODKPCVKQP YKVJ 51 CPF CEKF CGTQUQN 2TGUGPVGF CV  VJ CPPWCN OGGVKPI QH VJG #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP ,WPG &GVTQKV /+ 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RCRGT PQ 

/CWV\ 9 , /E%NWTG 6 4 4GKUEJN 2 2JCNGP 4 ( %TQEMGT 6 6 
D 'PJCPEGOGPV QH Q\QPG KPFWEGF NWPI KPLWT[ D[ GZGTEKUG , 6QZKEQN 'PXKTQP *GCNVJ  

/CWV\ 9 , -NGKPOCP / 6 2JCNGP 4 ( %TQEMGT 6 6 
 'HHGEVU QH GZGTEKUG GZRQUWTG QP VQZKE KPVGTCEVKQPU DGVYGGP KPJCNGF QZKFCPV CPF CNFGJ[FG CKT RQNNWVCPVU , 6QZKEQN 'PXKTQP *GCNVJ

 

/CWV\ 9 , (KPNC[UQP2KVVU $ , /GUUGT - -NGKPOCP / 6 0QTITGP / $ 3WKTKQP , 
 'HHGEVU QH Q\QPG EQODKPGF YKVJ EQORQPGPVU QH CEKF HQIU QP DTGCVJKPI RCVVGTP OGVCDQNKE TCVG RWNOQPCT[ UWTHCEVCPV EQORQUKVKQP CPF NWPI KPLWT[ KP TCVU +PJCNCVKQP 6QZKEQN  

/E$TKFG 4 - 1DGTFQGTUVGT ) /CTKP / ) 
 'HHGEVU QH Q\QPG QP VJG EJQNKPGTIKE UGETGVQT[ TGURQPUKXGPGUU QH HGTTGV VTCEJGCN INCPFU 'PXKTQP 4GU  

/E-GP\KG 9 * 
 %QPVTQNNGF JWOCP GZRQUWTG UVWFKGU E[VQIGPGVKE GHHGEVU QH Q\QPG KPJCNCVKQP +P $TKFIGU $ # $WVVGTYQTVJ $ ' 9GKPUVGKP + $ GFU +PFKECVQTU QH IGPQVQZKE GZRQUWTG %QNF 5RTKPI *CTDQT 0; %QNF 5RTKPI *CTDQT .CDQTCVQT[ RR  
$CPDWT[ TGRQTV PQ 

/E-GP\KG 9 * -PGNUQP , * 4WOOQ 0 , *QWUG & ' 
 %[VQIGPGVKE GHHGEVU QH KPJCNGF Q\QPG KP

OCP /WVCV 4GU  

/GCFQYU , 5OKVJ 4 % 
 7TKE CEKF RTQVGEVU GT[VJTQE[VGU HTQO Q\QPGKPFWEGF EJCPIGU 'PXKTQP 4GU 



/GNNKEM 2 9 &WPIYQTVJ & . 5EJYCTV\ . 9 6[NGT 9 5 
 5JQTV VGTO OQTRJQNQIKE GHHGEVU QH JKIJ CODKGPV NGXGNU QH Q\QPG QP NWPIU QH TJGUWU OQPMG[U .CD +PXGUV  

/GP\GN & $ 
 6QZKEKV[ QH Q\QPG QZ[IGP CPF TCFKCVKQP #PPW 4GX 2JCTOCEQN  

###  /GP\GN & $ 
 1\QPG CP QXGTXKGY QH KVU VQZKEKV[ KP OCP CPF CPKOCNU , 6QZKEQN 'PXKTQP *GCNVJ  



/GP\GN & $ 
 #PVKQZKFCPV XKVCOKPU CPF RTGXGPVKQP QH NWPI FKUGCUG #PP 0 ; #ECF 5EK  

/GTEGT 4 4 %TCRQ , & 
 #PCVQOKECN OQFGNKPI QH OKETQFQUKOGVT[ QH KPJCNGF RCTVKENGU CPF ICUGU KP VJG NWPI +P %TCRQ , & 5OQNMQ ' & /KNNGT ( , )TCJCO , # *C[GU # 9 GFU 'ZVTCRQNCVKQP QH FQUKOGVTKE TGNCVKQPUJKRU HQT KPJCNGF RCTVKENGU CPF ICUGU 5CP &KGIQ %# #ECFGOKE 2TGUU +PE RR 

/GTEGT 4 4 #PLKNXGN 5 /KNNGT ( , %TCRQ , & 
 +PJQOQIGPGKV[ QH XGPVKNCVQT[ WPKV XQNWOG CPF KVU GHHGEVU QP TGCEVKXG ICU WRVCMG , #RRN 2J[UKQN  

/GT\ 6 $GPFGT / # -GTT * & -WNNG 6 , 
 1DUGTXCVKQPU QH CDGTTCVKQPU KP EJTQOQUQOGU QH N[ORJQE[VGU HTQO JWOCP UWDLGEVU GZRQUGF VQ Q\QPG CV C EQPEGPVTCVKQP QH  RRO HQT  CPF  JQWTU

/WVCV 4GU  

/KNNGT ( , +NNKPI , 9 )CTFPGT & ' 
 'HHGEV QH WTDCP Q\QPG NGXGNU QP NCDQTCVQT[KPFWEGF TGURKTCVQT[

KPHGEVKQPU 6QZKEQN .GVV  

/KNNGT ( , /E0GCN % # -KTV\ , / )CTFPGT & ' %QHHKP & . /GP\GN & $ 
 0CUQRJCT[PIGCN TGOQXCN QH Q\QPG KP TCDDKVU CPF IWKPGC RKIU 6QZKEQNQI[  

/KNNGT 2 & )QTFQP 6 9CTPKEM / #OFWT / 1 
 'HHGEV QH Q\QPG CPF JKUVCOKPG QP CKTYC[ RGTOGCDKNKV[ VQ JQTUGTCFKUJ RGTQZKFCUG KP IWKPGC RKIU , 6QZKEQN 'PXKTQP *GCNVJ  

/KNNGT 2 & #KPUYQTVJ & .CO * ( #OFWT / 1 
 'HHGEV QH Q\QPG GZRQUWTG QP NWPI HWPEVKQPU CPF RNCUOC RTQUVCINCPFKP CPF VJTQODQZCPG EQPEGPVTCVKQPU KP IWKPGC RKIU 6QZKEQN #RRN 2JCTOCEQN

 

/KNNGT 2 & #KPUYQTVJ & .CO * ( #OFWT / 1 
 +PFQOGVJCEKP CPF ETQOQN[P UQFKWO CNVGT Q\QPG KPFWEGF EJCPIGU KP NWPI HWPEVKQP CPF RNCUOC GKEQUCPQKF EQPEGPVTCVKQPU KP IWKPGC RKIU 6QZKEQN #RRN

2JCTOCEQN  

/QEJKVCVG - /KWTC 6 
 /GVCDQNKE GPJCPEGOGPV CPF KPETGCUG QH CNXGQNCT OCETQRJCIGU KPFWEGF D[ Q\QPG

'PXKTQP 4GU  

/QEJKVCVG - +UJKFC - 1JUWOK 6 /KWTC 6 
 .QPIVGTO GHHGEVU QH Q\QPG CPF PKVTQIGP FKQZKFG QP VJG OGVCDQNKUO CPF RQRWNCVKQP QH CNXGQNCT OCETQRJCIGU , 6QZKEQN 'PXKTQP *GCNVJ  

/QHHCVV 4 - *[FG & / 2NQRRGT % ) 6[NGT 9 5 2WVPG[ . ( 
 1\QPGKPFWEGF CFCRVKXG CPF TGCEVKXG EGNNWNCT EJCPIGU KP TGURKTCVQT[ DTQPEJKQNGU QH $QPPGV OQPMG[U 'ZR .WPI 4GU  

/QQTG 2 ( 5EJYCTV\ . 9 
 /QTRJQNQIKECN GHHGEVU QH RTQNQPIGF GZRQUWTG VQ Q\QPG CPF UWNHWTKE CEKF CGTQUQN QP VJG TCV NWPI 'ZR /QN 2CVJQN  

/QTICP / 5 /G[GT 2 *QNWD 4 (TCPM 4 
 1XGTCNN CPF TGIKQPCN NWPI HWPEVKQP KP FQIU GZRQUGF CEWVGN[ VQ Q\QPG 'PXKTQP 4GU  

/QTICP & . (WTNQY 6 . /GP\GN & $ 
 1\QPGKPKVKCVGF EJCPIGU KP GT[VJTQE[VG OGODTCPG CPF NQUU QH FGHQTOCDKNKV[ 'PXKTQP 4GU  

/WTC % %JWPI ; 5 
 +P XKVTQ VTCPUETKRVKQP CUUC[ QH Q\QPCVGF 6 RJCIG &0# 'PXKTQP /QN /WVCIGP

 

###  /WTNCU % .GG * - 
 7 KPJKDKVU 1 KPFWEGF DTQPEJKCN J[RGTTGCEVKXKV[ KP VJG IWKPGCRKI  2TQUVCINCPFKPU  

/WTNCU % ) 4QWO , * 
C 5GSWGPEG QH RCVJQNQIKE EJCPIGU KP VJG CKTYC[ OWEQUC QH IWKPGC RKIU FWTKPI Q\QPGKPFWEGF DTQPEJKCN J[RGTTGCEVKXKV[ #O 4GX 4GURKT &KU  

/WTNCU % 4QWO , * 
D $TQPEJKCN J[RGTTGCEVKXKV[ QEEWTU KP UVGTQKFVTGCVGF IWKPGC RKIU FGRNGVGF QH NGWMQE[VGU D[ E[ENQRJQURJCOKFG , #RRN 2J[UKQN  

/WTNCU % ) /WTRJ[ 6 2 %JQFKOGNNC 8 
 1 KPFWEGF OWEQUCNKPMGF CKTYC[ OWUENG  J[RGTTGURQPUKXGPGUU KP VJG IWKPGC RKI , #RRN 2J[UKQN  

/WTNCU % ) .CPI < 9KNNKCOU ) , %JQFKOGNNC 8 
 #GTQUQNK\GF PGWVTCN GPFQRGRVKFCUG TGXGTUGU Q\QPGKPFWEGF CKTYC[ J[RGTTGCEVKXKV[ VQ UWDUVCPEG 2 , #RRN 2J[UKQN  

/WTRJ[ 5 & 7NTKEJ % ' (TCPMQYKV\ 5 * :KPVCTCU % 
 #NVGTGF HWPEVKQP KP CPKOCNU KPJCNKPI NQY EQPEGPVTCVKQPU QH Q\QPG CPF PKVTQIGP FKQZKFG #O +PF *[I #UUQE ,  

/WUK $ &GNN	1OQ ) 4KEEGTK . 5CPVWEEK & .CXKQNC ) $KIPCOK ) #NNGXC ' 
 'HHGEVU QH CEWVG CPF EQPVKPWQWU Q\QPG 
1  GZRQUWTG QP CEVKXKV[GZRNQTCVKQP CPF UQEKCN DGJCXKQT QH %& OKEG  0GWTQVQZKEQNQI[  

/WUVCHC / ) 
 $KQEJGOKECN DCUKU QH Q\QPG VQZKEKV[ (TGG 4CFKE $KQN /GF  

/WUVCHC / ) 'NUC[GF 0 / 8QP &QJNGP ( / *CUUGVV % / 2QUVNGVJYCKV ' / 3WKPP % . )TCJCO , # )CTFPGT & ' 
 # EQORCTKUQP QH DKQEJGOKECN GHHGEVU QH PKVTQIGP FKQZKFG Q\QPG CPF VJGKT EQODKPCVKQP KP OQWUG NWPI + +PVGTOKVVGPV GZRQUWTGU 6QZKEQN #RRN 2JCTOCEQN

 

/WUVCHC / ) 'NUC[GF 0 / .GG 5 & 
 6JG EQODKPGF GHHGEVU QH 1 CPF 01 QP RWNOQPCT[   DKQEJGOKUVT[ +P .GG 5 & GF 'XCNWCVKQP QH VJG UEKGPVKHKE DCUKU HQT Q\QPGQZKFCPVU UVCPFCTFU VTCPUCEVKQPU QH CP #2%# URGEKCNV[ EQPHGTGPEG 0QXGODGT  *QWUVQP 6: 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RR 

0CEJVOCP , 2 *CLTCVYCNC $ 4 /QQP * . )TQUU - $ 9TKIJV ' 5 
 5WTHCEGVGPUKQP OGCUWTGOGPVU QH RWNOQPCT[ NCXCIG HTQO Q\QPGGZRQUGF TCVU , 6QZKEQN 'PXKTQP *GCNVJ

 

0CEJVOCP , 2 /QQP * . /KNGU 4 % 
 1\QPG KPJCNCVKQP KP TCVU GHHGEVU QP CNMCNKPG RJQURJCVCUG CPF NCEVKE FGJ[FTQIGPCUG KUQGP\[OGU KP NCXCIG CPF RNCUOC $WNN 'PXKTQP %QPVCO 6QZKEQN  



0CF\KGLMQ % ' 0CPUGP . /CPPKZ 4 % -NGKPOCP / 6 2JCNGP 4 ( 
 'HHGEV QH PKVTKE CEKF XCRQT QP VJG TGURQPUG VQ KPJCNGF Q\QPG +PJCNCVKQP 6QZKEQN  

0CVKQPCN 6QZKEQNQI[ 2TQITCO 
 062 VGEJPKECN TGRQTV QP VJG VQZKEQNQI[ CPF ECTEKPQIGPGUKU UVWFKGU QH Q\QPG %#5 PQ  CPF Q\QPG00- 
%#5 PQ  KP (0 TCVU CPF $%( OKEG 
KPJCNCVKQP UVWFKGU 4GUGCTEJ 6TKCPING 2CTM 0% 75 &GRCTVOGPV QH *GCNVJ CPF  *WOCP 5GTXKEGU 0CVKQPCN +PUVKVWVGU QH *GCNVJ RWDNKECVKQP PQ  
0CVKQPCN 6QZKEQNQI[ 2TQITCO VGEJPKECN TGRQTV UGTKGU PQ 

0GVVGUJGKO 2 5\CMCN # - 
 /QTRJQIGPGUKU QH CNXGQNCT DTQPEJKQNK\CVKQP .CD +PXGUV  

0KMWNC - , 9KNUQP & 9 
 4GURQPUG QH TCV VTCEJGCN GRKVJGNKWO VQ Q\QPG CPF QZ[IGP GZRQUWTG KP XKVTQ (WPFCO #RRN 6QZKEQN  

###  0KMWNC - , 9KNUQP & 9 )KTK 5 0 2NQRRGT % ) &WPIYQTVJ & . 
C 6JG TGURQPUG QH VJG TCV VTCEJGCN GRKVJGNKWO VQ Q\QPG GZRQUWTG KPLWT[ CFCRVCVKQP CPF TGRCKT #O , 2CVJQN  

0KMWNC - , 9KNUQP & 9 &WPIYQTVJ & . 2NQRRGT % ) 
D +P XKVTQ GXKFGPEG QH EGNNWNCT CFCRVCVKQP VQ Q\QPG VQZKEKV[ KP VJG TCV VTCEJGC 6QZKEQN #RRN 2JCTOCEQN  

0KUJKMCYC / 5W\WMK 5 +MGFC * (WMWFC 6 5W\WMK , 1MWDQ 6 
 &QUGTGURQPUG TGNCVKQPUJKR QH Q\QPGKPFWEGF CKTYC[ J[RGTTGURQPUKXGPGUU KP WPCPGUVJGVK\GF IWKPGC RKIU , 6QZKEQN 'PXKTQP *GCNVJ

 

0KUJKMCYC / +MGFC * 0KUJK[COC * ;COCMCYC * 5W\WMK 5 1MWDQ 6 
 %QODKPGF GHHGEVU QH Q\QPG CPF EKICTGVVG UOQMG QP CKTYC[ TGURQPUKXGPGUU CPF XCUEWNCT RGTOGCDKNKV[ KP IWKPGC RKIU .WPI

 

1	$[TPG 2 / 9CNVGTU ' * #K\CYC * (CDDTK . / *QNV\OCP / , 0CFGN , # 
 +PFQOGVJCEKP KPJKDKVU VJG CKTYC[ J[RGTTGURQPUKXGPGUU DWV PQV VJG PGWVTQRJKN KPHNWZ KPFWEGF D[ Q\QPG KP FQIU #O 4GX 4GURKT &KU  

1QUVKPI 4 5 8CP )QNFG . / ) 8GTJQGH , 8CP $TGG . 
C 5RGEKGU FKHHGTGPEGU KP KORCKTOGPV CPF TGEQXGT[ QH CNXGQNCT OCETQRJCIG HWPEVKQPU HQNNQYKPI UKPING CPF TGRGCVGF Q\QPG GZRQUWTGU 6QZKEQN #RRN 2JCTOCEQN  

1QUVKPI 4 5 8CP 4GGU8GTJQGH / 8GTJQGH , 8CP )QNFG . / ) 8CP $TGG . 
D 'HHGEVU QH Q\QPG QP EGNNWNCT #62 NGXGNU KP TCV CPF OQWUG CNXGQNCT OCETQRJCIGU 6QZKEQNQI[  

1QUVKPI 4 5 8CP )TGGXGPDTQGM / / 8GTJQGH , 8CP )QNFG . / *CCIUOCP * 2 
E 5VTWEVWTCN CPF HWPEVKQPCN EJCPIGU QH UWTHCEVCPV RTQVGKP # KPFWEGF D[ Q\QPG #O , 2J[UKQN  ..

1QUVKPI 4 5 8CP +YCCTFGP , ( 8CP $TGG . 8GTJQGH , 8CP )QNFG . / ) *CCIUOCP * 2 
 'ZRQUWTG QH UWTHCEVCPV RTQVGKP # VQ Q\QPG KP XKVTQ CPF KP XKXQ KORCKTU KVU KPVGTCEVKQPU YKVJ CNXGQNCT EGNNU #O , 2J[UKQN  ..

1TQRG\C4GPFQP 4 . 5RGVJ 8 *KNNGT ) 9GDGT - (KUEJGT * 
 2TQUVCINCPFKP ' TGXGTUKDN[ KPFWEGU  OQTRJQNQIKECN EJCPIGU KP OCETQRJCIGU CPF KPJKDKVU RJCIQE[VQUKU 'ZR %GNN 4GU  

1UGDQNF , 9 )GTUJYKP . , <GG ; % 
 5VWFKGU QP VJG GPJCPEGOGPV QH CNNGTIKE NWPI UGPUKVK\CVKQP D[

KPJCNCVKQP QH Q\QPG CPF UWNHWTKE CEKF CGTQUQN , 'PXKTQP 2CVJQN 6QZKEQN  

1\CYC / 
 +OOWPQNQIKECN UVWFKGU QP VJG GHHGEV QH CKT RQNNWVCPVU 6JG GHHGEVU QH GZRQUWTG VQ Q\QPG QP +I' CPVKDQF[ RTQFWEVKQP KP OKEG 1VQ4JKPQ.CT[PIQN 6QM[Q  

2	CP # ; 5 $GNCPF , ,GIKGT < 
 1\QPGKPFWEGF CTVGTKCN NGUKQPU #TEJ 'PXKTQP *GCNVJ  

2CTMU 9 % 4QD[ , & 
 %QPUGSWGPEGU QH RTQNQPIGF KPJCNCVKQP QH Q\QPG QP (0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV +8 'HHGEVU QP GZRTGUUKQP QH GZVTCEGNNWNCT OCVTKZ IGPGU %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

2GFGP & $ 5YKGTU\ / 1JMWDQ - *CJP $ 'OGT[ $ -CNKPGT / # 
 0CUCN UGETGVKQP QH VJG Q\QPG UECXGPIGT WTKE CEKF #O 4GX 4GURKT &KU  

2GVGTUQP & % #PFTGYU * . 
 6JG TQNG QH Q\QPG KP TCFKCVKQP CXQKFCPEG KP VJG OQWUG 4CFKCV 4GU

 

2JCNGP 4 ( -GPQ[GT , . %TQEMGT 6 6 /E%NWTG 6 4 
 'HHGEVU QH UWNHCVG CGTQUQNU KP EQODKPCVKQP YKVJ Q\QPG QP GNKOKPCVKQP QH VTCEGT RCTVKENGU KPJCNGF D[ TCVU , 6QZKEQN 'PXKTQP *GCNVJ  

###  2JCNGP 4 ( %TQEMGT 6 6 /E%NWTG 6 4 6[NGT 0 - 
 'HHGEV QH Q\QPG QP OGCP NKPGCT KPVGTEGRV KP VJG NWPI QH [QWPI DGCINGU , 6QZKEQN 'PXKTQP *GCNVJ  

2JKRRU 4 , &GPCU 5 / 5KGNE\CM / 9 9CPPGT # 
 'HHGEVU QH  RRO Q\QPG QP IN[EQRTQVGKP UGETGVKQP KQP CPF YCVGT HNWZGU KP UJGGR VTCEJGC , #RRN 2J[UKQN  

2KEMTGNN , # )TGIQT[ 4 ' %QNG & , *CJP ( ( *GPFGTUQP 4 ( 
C 'HHGEV QH CEWVG Q\QPG GZRQUWTG QP VJG RTQVGKPCUGCPVKRTQVGKPCUG DCNCPEG KP VJG TCV NWPI 'ZR /QN 2CVJQN  

2KEMTGNN , # *CJP ( ( 4GDCT # * *QTQFC 4 # *GPFGTUQP 4 ( 
D %JCPIGU KP EQNNCIGP OGVCDQNKUO CPF RTQVGKPQN[UKU CHVGT TGRGCVGF KPJCNCVKQP GZRQUWTG VQ Q\QPG 'ZR /QN 2CVJQN  



2KPMGTVQP - ' $TQF[ # 4 /KNNGT ( , %TCRQ , & 
 'ZRQUWTG VQ NQY NGXGNU QH Q\QPG TGUWNVU KP GPJCPEGF RWNOQPCT[ TGVGPVKQP QH KPJCNGF CUDGUVQU HKDGTU #O 4GX 4GURKT &KU  

2KPMGTVQP - ' /GTEGT 4 4 2NQRRGT % ) %TCRQ , & 
 &KUVTKDWVKQP QH KPLWT[ CPF OKETQFQUKOGVT[ QH Q\QPG KP VJG XGPVKNCVQT[ WPKV QH VJG TCV , #RRN 2J[UKQN  

2KPMGTVQP - ' &QFIG & ' %GFGTFCJN&GOONGT , 9QPI 8 , 2GCMG , *CUGNVQP % , /GNNKEM 2 9 5KPIJ ) 2NQRRGT % ) 
 &KHHGTGPVKCVGF DTQPEJKQNCT GRKVJGNKWO KP CNXGQNCT FWEVU QH TCVU GZRQUGF VQ Q\QPG HQT  OQPVJU #O , 2CVJQN  

2KPMGTVQP - ' /3⁄4PCEJG / ) 2NQRRGT % ) 
 %QPUGSWGPEGU QH RTQNQPIGF KPJCNCVKQP QH Q\QPG QP (0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV +: %JCPIGU KP VJG VTCEJGQDTQPEJKCN GRKVJGNKWO RWNOQPCT[ CEKPWU CPF NWPI CPVKQZKFCPV GP\[OG CEVKXKV[ %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG RR  TGUGCTEJ TGRQTV PWODGT 

2KPQ / 8 /E&QPCNF 4 , $GTT[ , & ,QCF , 2 6CTMKPIVQP $ - *[FG & / 
C (WPEVKQPCN CPF OQTRJQNQIKE EJCPIGU ECWUGF D[ CEWVG Q\QPG GZRQUWTG KP VJG KUQNCVGF CPF RGTHWUGF TCV NWPI #O 4GX 4GURKT &KU  

2KPQ / 8 5VQXCNN / ; .GXKP , 4 &GXNKP 4 $ -QTGP * 5 *[FG & / 
D #EWVG Q\QPG KPFWEGF NWPI KPLWT[ KP PGWVTQRJKNFGRNGVGF TCVU 6QZKEQN #RRN 2JCTOCEQN  

2KPQ / 8 .GXKP , 4 5VQXCNN / ; *[FG & / 
E 2WNOQPCT[ KPHNCOOCVKQP CPF GRKVJGNKCN KPLWT[ KP TGURQPUG VQ CEWVG Q\QPG GZRQUWTG KP VJG TCV 6QZKEQN #RRN 2JCTOCEQN  

2NQRRGT % ) 
 %QORCTCVKXG OQTRJQNQIKE HGCVWTGU QH DTQPEJKQNCT GRKVJGNKCN EGNNU VJG %NCTC EGNN #O 4GX 4GURKT &KU  55

2NQRRGT % ) %JQY % - &WPIYQTVJ & . $TWOOGT / 0GOGVJ 6 , 
 'HHGEV QH NQY NGXGN QH Q\QPG QP TCV NWPIU ++ OQTRJQNQIKECN TGURQPUGU FWTKPI TGEQXGT[ CPF TGGZRQUWTG 'ZR /QN 2CVJQN

 

2NQRRGT % ) &WPIYQTVJ & . 6[NGT 9 5 %JQY % - 
 2WNOQPCT[ CNVGTCVKQPU KP TCVU GZRQUGF VQ  CPF  RRO Q\QPG C EQTTGNCVGF OQTRJQNQIKECN CPF DKQEJGOKECN UVWF[ #TEJ 'PXKTQP *GCNVJ

 

2NQRRGT % ) *CTMGOC , 4 .CUV , # 2KPMGTVQP - ' 6[NGT 9 5 5V )GQTIG , # 9QPI 8 , 0KUJKQ 5 , 9GKT # 5 &WPIYQTVJ & . $CTT[ $ ' *[FG & / 
 6JG TGURKTCVQT[ U[UVGO QH PQPJWOCP RTKOCVGU TGURQPFU OQTG VQ CODKGPV EQPEGPVTCVKQPU QH Q\QPG VJCP FQGU VJCV QH TCVU +P $GTINWPF 4 . .CYUQP & 4 /E-GG & , GFU 6TQRQURJGTKE Q\QPG CPF VJG GPXKTQPOGPV RCRGTU HTQO CP KPVGTPCVKQPCN EQPHGTGPEG /CTEJ  .QU #PIGNGU %# 2KVVUDWTIJ 2# #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP RR  
#9/# VTCPUCEVKQP UGTKGU PQ 64

###  2NQRRGT % ) %JW (2 *CUGNVQP % , 2GCMG , 9W , 2KPMGTVQP - ' 
C &QUGFGRGPFGPV VQNGTCPEG VQ Q\QPG + VTCEJGQDTQPEJKCN GRKVJGNKCN TGQTICPK\CVKQP KP TCVU CHVGT  OQPVJU	 GZRQUWTG

#O , 2CVJQN  

2NQRRGT % ) &WCP : $WEMRKVV # 4 2KPMGTVQP - ' 
D &QUGFGRGPFGPV VQNGTCPEG VQ Q\QPG +8 5KVGURGEKHKE GNGXCVKQP KP CPVKQZKFCPV GP\[OGU KP VJG NWPIU QH TCVU GZRQUGF HQT  FC[U QT  OQPVJU 6QZKEQN #RRN 2JCTOCEQN  

2TCUCF 5 $ 4CQ 8 5 /CPPKZ 4 % 2JCNGP 4 ( 
 'HHGEVU QH RQNNWVCPV CVOQURJGTGU QP UWTHCEG TGEGRVQTU QH RWNOQPCT[ OCETQRJCIGU , 6QZKEQN 'PXKTQP *GCNVJ  

2T[QT 9 # 
 6JG HQTOCVKQP QH HTGG TCFKECNU CPF VJG EQPUGSWGPEGU QH VJGKT TGCEVKQPU KP XKXQ 2JQVQEJGO

2JQVQDKQN  

2T[QT 9 # 
 %CP XKVCOKP ' RTQVGEV JWOCPU CICKPUV VJG RCVJQNQIKECN GHHGEVU QH Q\QPG KP UOQI!

#O , %NKP 0WVT  

2T[QT 9 # 
 *QY HCT FQGU Q\QPG RGPGVTCVG KPVQ VJG RWNOQPCT[ CKTVKUUWG DQWPFCT[ DGHQTG KV TGCEVU! (TGG

4CFKE $KQN /GF  

2T[QT 9 # 
 1\QPG KP CNN KVU TGCEVKXG URNGPFQT , .CD %NKP /GF  

2T[QT 9 # &CU $ %JWTEJ & ( 
 6JG Q\QPCVKQP QH WPUCVWTCVGF HCVV[ CEKFU CNFGJ[FGU CPF J[FTQIGP RGTQZKFG CU RTQFWEVU CPF RQUUKDNG OGFKCVQTU QH Q\QPG VQZKEKV[ %JGO 4GU 6QZKEQN  

2T[QT 9 # 9CPI - $GTOWFG\ ' 
 %JQNGUVGTQN Q\QPCVKQP RTQFWEVU CU DKQOCTMGTU HQT Q\QPG GZRQUWTG KP TCVU $KQEJGO $KQRJ[U 4GU %QOOWP  

4CDKPQYKV\ , . $CUUGVV & , 2 
 'HHGEV QH  RRO Q\QPG GZRQUWTG QP TCV NWPI NKRKF HCVV[ CEKFU 'ZR .WPI 4GU  

4CFJCMTKUJPCOWTVJ[ $ 
 %QPUGSWGPEGU QH RTQNQPIGF KPJCNCVKQP QH Q\QPG QP (0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV +++ 'HHGEVU QP EQORNGZ ECTDQJ[FTCVGU QH NWPI EQPPGEVKXG VKUUWG %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

4CJOCP + /CUUCTQ & 
 'PFQVQZKP VTGCVOGPV RTQVGEVU TCVU CICKPUV Q\QPGKPFWEGF NWPI GFGOC YKVJ GXKFGPEG HQT VJG TQNG QH OCPICPGUG UWRGTQZKFG FKUOWVCUG 6QZKEQN #RRN 2JCTOCEQN  

4CJOCP + 7 %NGTEJ . $ /CUUCTQ & 
 4CV NWPI CPVKQZKFCPV GP\[OG KPFWEVKQP D[ Q\QPG #O , 2J[UKQN  ..

4CLKPK 2 )GN\NGKEJVGT 6 4 .CUV , # 9KVUEJK * 
 #NXGQNCT CPF CKTYC[ EGNN MKPGVKEU KP VJG NWPIU QH TCVU GZRQUGF VQ PKVTQIGP FKQZKFG Q\QPG CPF C EQODKPCVKQP QH VJG VYQ ICUGU 6QZKEQN #RRN

2JCTOCEQN  

4CQ ) # .CTMKP ' % *CTMGOC , 4 &WPIYQTVJ & . 
C %JCPIGU KP VJG NGXGNU QH RQN[WPUCVWTCVGF HCVV[ CEKFU KP VJG NWPI CPF NGEKVJKP EJQNGUVGTQN CE[N VTCPUHGTCUG CEVKXKV[ KP RNCUOC QH OQPMG[U GZRQUGF

VQ CODKGPV NGXGNU QH Q\QPG 6QZKEQN .GVV  

4CQ ) # .CTMKP ' % *CTMGOC , 4 &WPIYQTVJ & . 
D %JCPIGU KP NKRKFU QH NWPI NCXCIG KP OQPMG[U CHVGT EJTQPKE GZRQUWTG VQ CODKGPV NGXGNU QH Q\QPG 6QZKEQN .GVV  

4CUOWUUGP 4 ' 
 +PJKDKVKQP QH &0# TGRNKECVKQP D[ Q\QPG KP %JKPGUG JCOUVGT 8 EGNNU , 6QZKEQN

'PXKTQP *GCNVJ  

###  4CWD , # /KNNGT ( , )TCJCO , # 
 'HHGEVU QH NQYNGXGN Q\QPG GZRQUWTG QP RWNOQPCT[ HWPEVKQP KP CFWNV CPF PGQPCVCN TCVU +P .GG 5 & /WUVCHC / ) /GJNOCP / # GFU +PVGTPCVKQPCN U[ORQUKWO QP VJG DKQOGFKECN GHHGEVU QH Q\QPG CPF TGNCVGF RJQVQEJGOKECN QZKFCPVU /CTEJ  2KPGJWTUV 0% 2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE 2WDNKUJGTU +PE RR  
#FXCPEGU KP OQFGTP GPXKTQPOGPVCN VQZKEQNQI[ X 

4GCUQT / , #FCOU ) - +++ $TQQMU , - 4WDKP 4 , 
 'PTKEJOGPV QH CNDWOKP CPF +I) KP VJG CKTYC[ UGETGVKQPU QH FQIU DTGCVJKPI Q\QPG , 'PXKTQP 5EK *GCNVJ 2CTV %  

4GKUGT - / 6[NGT 9 5 *GPPGUU[ 5 / &QOKPIWG\ , , .CUV , # 
 .QPIVGTO EQPUGSWGPEGU QH GZRQUWTG VQ Q\QPG ++ UVTWEVWTCN CNVGTCVKQPU KP NWPI EQNNCIGP QH OQPMG[U 6QZKEQN #RRN 2JCTOCEQN

 

4GW\GN 2 ) , 9KNOGT , 9 ) / 9QWVGTUGP 4 # <YCTV # 4QODQWV 2 , # (GTQP 8 , 
 +PVGTCEVKXG GHHGEVU QH Q\QPG CPF HQTOCNFGJ[FG QP VJG PCUCN TGURKTCVQT[ NKPKPI GRKVJGNKWO KP TCVU ,

6QZKEQN 'PXKTQP *GCNVJ  

4KEJVGTU # 
 'HHGEVU QH PKVTQIGP FKQZKFG CPF Q\QPG QP DNQQFDQTPG ECPEGT EGNN EQNQPK\CVKQP QH VJG NWPIU

, 6QZKEQN 'PXKTQP *GCNVJ  

4KEJVGTU # -WTCKVKU - 
 +PJCNCVKQP QH 01 CPF DNQQF DQTPG ECPEGT EGNN URTGCF VQ VJG NWPIU #TEJ  'PXKTQP *GCNVJ  

4KGVLGPU + / % / .GOOKPM * * #NKPM ) / 8CP $NCFGTGP 2 , 
C 6JG TQNG QH INWVCVJKQPG CPF INWVCVJKQPG 5 VTCPUHGTCUGU KP HCVV[ CEKF Q\QPKFG FGVQZKHKECVKQP %JGO $KQN +PVGTCEV  

4KGVLGPU + / % / 8CP 6KNDWTI % # / %QGPGP 6 / / #NKPM ) / -QPKPIU # 9 6 
D +PHNWGPEG QH RQN[WPUCVWTCVGF HCVV[ CEKF UWRRNGOGPVCVKQP CPF OGODTCPG HNWKFKV[ QP Q\QPG CPF PKVTQIGP FKQZKFG UGPUKVKXKV[ QH TCV CNXGQNCT OCETQRJCIGU , 6QZKEQN 'PXKTQP *GCNVJ  

4KGVLGPU + / % / &QTOCPU , # / # 4QODQWV 2 , # 8CP $TGG . 
 3WCNKVCVKXG CPF SWCPVKVCVKXG EJCPIGU KP E[VQEJTQOG 2FGRGPFGPV ZGPQDKQVKE OGVCDQNKUO KP RWNOQPCT[ OKETQUQOGU CPF KUQNCVGF %NCTC EGNN RQRWNCVKQPU FGTKXGF HTQO Q\QPGGZRQUGF TCVU , 6QZKEQN

'PXKTQP *GCNVJ  

4KVJKFGEJ - *QVEJMKUU , # )TKHHKVJ 9 % *GPFGTUQP 4 ( $TQQMU # . 
 %JTQOQUQOG FCOCIG KP TCV RWNOQPCT[ CNXGQNCT OCETQRJCIGU HQNNQYKPI Q\QPG KPJCNCVKQP /WVCV 4GU  

4QFTKIWG\ / $WT 5 (CXTG # 9GKDGN ' 4 
 2WNOQPCT[ CEKPWU IGQOGVT[ CPF OQTRJQOGVT[ QH VJG RGTKRJGTCN CKTYC[ U[UVGO KP TCV CPF TCDDKV #O , #PCV  

4QGJO , 0 *CFNG[ , ) /GP\GN & $ 
 6JG KPHNWGPEG QH XKVCOKP ' QP VJG NWPI HCVV[ CEKFU QH TCVU GZRQUGF VQ Q\QPG #TEJ 'PXKTQP *GCNVJ  

4QODQWV 2 , # 8CP $TGG . *GKUVGTMCOR 5 * /CTTC / 
 6JG PGGF HQT CP GKIJV JQWT Q\QPG UVCPFCTF +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

4QWO , * /WTNCU % 
 1\QPGKPFWEGF EJCPIGU KP OWUECTKPKE DTQPEJKCN TGCEVKXKV[ D[ FKHHGTGPV VGUVKPI OGVJQFU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

###  4[GT2QYFGT , ' #OQTWUQ / # %\GTPKGEMK $ 9KV\ ) )QNFUVGKP $ & 
 +PJCNCVKQP QH Q\QPG RTQFWEGU C FGETGCUG KP UWRGTQZKFG CPKQP TCFKECN RTQFWEVKQP KP OQWUG CNXGQNCT OCETQRJCIGU #O 4GX 4GURKT &KU  

5CICK / +EJKPQUG 6 
 $KQEJGOKECN GHHGEVU QH EQODKPGF ICUGU QH PKVTQIGP FKQZKFG CPF Q\QPG +8 %JCPIGU QH NKRKF RGTQZKFCVKQP CPF CPVKQZKFCVKXG RTQVGEVKXG U[UVGOU KP TCV NWPIU WRQP NKHG URCP GZRQUWTG 6QZKEQNQI[  

5CICK / #TCMCYC - +EJKPQUG 6 5JKOQLQ 0 
 $KQEJGOKECN GHHGEVU QP EQODKPGF ICUGU QH PKVTQIGP FKQZKFG CPF Q\QPG + 5RGEKGU FKHHGTGPEGU QH NKRKF RGTQZKFGU CPF RJQURJQNKRKFU KP NWPIU 6QZKEQNQI[

 

5CNFKXC 2 * 0 -KPI / &GNOQPVG 8 . % /CEEJKQPG / 2CTCFC / # % &CNKDGTVQ / . 5CMCG 4 5 %TKCFQ 2 / 2 5KNXGKTC 2 . 2 <KP 9 # $QJO ) / 
 4GURKTCVQT[ CNVGTCVKQPU FWG VQ WTDCP CKT RQNNWVKQP CP GZRGTKOGPVCN UVWF[ KP TCVU 'PXKTQP 4GU  

5CPVTQEM , )QTUMK 4 # 1	)CTC , ( 
 2TQFWEVU CPF OGEJCPKUO QH VJG TGCEVKQP QH Q\QPG YKVJ RJQURJQNKRKFU KP WPKNCOGNNCT RJQURJQNKRKF XGUKENGU %JGO 4GU 6QZKEQN  

5CUCMK - 0CFGN , # *CJP * . 
 'HHGEV QH Q\QPG QP DTGCVJKPI KP FQIU XCICN CPF PQPXCICN OGEJCPKUOU , #RRN 2J[UKQN  

5CYCFCKUJK - /KWTC - 1JVUWMC ' 7GFC 6 +UJK\CMK - 5JKPTKMK 0 
 1\QPQN[UKU QH UWRGTEQKNGF R$4 &0# TGUWNVKPI KP UVTCPF UEKUUKQP VQ QRGP EKTEWNCT &0# 0WENGKE #EKFU 4GU  

5CYCFCKUJK - /KWTC - 1JVUWMC ' 7GFC 6 5JKPTKMK 0 +UJK\CMK - 
 5VTWEVWTG CPF UGSWGPEG URGEKHKEKV[ QH Q\QPG FGITCFCVKQP QH UWRGTEQKNGF RNCUOKF &0# 0WENGKE #EKFU 4GU  

5EJGNGING ' 5 %CTN / . %QNGTKFIG * / %QNGTKFIG , % ) )TGGP , ( 
 %QPVTKDWVKQP QH XCICN CHHGTGPVU VQ TGURKTCVQT[ TGHNGZGU GXQMGF D[ CEWVG KPJCNCVKQP QH Q\QPG KP FQIU , #RRN 2J[UKQN

 

5EJNGUKPIGT 4 $ 
 &GRQUKVKQP CPF ENGCTCPEG QH KPJCNGF RCTVKENGU +P /E%NGNNCP 4 1 *GPFGTUQP 4 ( GFU %QPEGRVU KP KPJCNCVKQP VQZKEQNQI[ 0GY ;QTM 0; *GOKURJGTG 2WDNKUJKPI %QTR RR 

5EJNGUKPIGT 4 $ 
 0KVTQIGP QZKFGU +P .KRROCPP / GF 'PXKTQPOGPVCN VQZKECPVU JWOCP GZRQUWTGU CPF VJGKT JGCNVJ GHHGEVU 0GY ;QTM 0; 8CP 0QUVTCPF 4GKPJQNF RR 

5EJNGUKPIGT 4 $ &TKUEQNN - ' 
 /WEQEKNKCT[ ENGCTCPEG HTQO VJG NWPIU QH TCDDKVU HQNNQYKPI UKPING CPF KPVGTOKVVGPV GZRQUWTGU VQ Q\QPG , 6QZKEQN 'PXKTQP *GCNVJ  

5EJNGUKPIGT 4 $ &TKUEQNN - ' )WPPKUQP # ( <GNKMQHH , 6 
 2WNOQPCT[ CTCEJKFQPKE CEKF OGVCDQNKUO HQNNQYKPI CEWVG GZRQUWTGU VQ Q\QPG CPF PKVTQIGP FKQZKFG , 6QZKEQN 'PXKTQP *GCNVJ

 

5EJNGUKPIGT 4 $ 9GKFGOCP 2 # <GNKMQHH , 6 
 'HHGEVU QH TGRGCVGF GZRQUWTGU VQ Q\QPG CPF PKVTQIGP FKQZKFG QP TGURKTCVQT[ VTCEV RTQUVCPQKFU +PJCNCVKQP 6QZKEQN  

5EJNGUKPIGT 4 $ )QTE\[PUMK , ' &GPPKUQP , 4KEJCTFU . -KPPG[ 2 . $QUNCPF / % 
C .QPI VGTO KPVGTOKVVGPV GZRQUWTG VQ UWNHWTKE CEKF CGTQUQN Q\QPG CPF VJGKT EQODKPCVKQP CNVGTCVKQPU KP VTCEJGQDTQPEJKCN OWEQEKNKCT[ ENGCTCPEG CPF GRKVJGNKCN UGETGVQT[ EGNNU 'ZR .WPI 4GU  

5EJNGUKPIGT 4 $ <GNKMQHH , 6 %JGP . % -KPPG[ 2 . 
D #UUGUUOGPV QH VQZKEQNQIKE KPVGTCEVKQPU TGUWNVKPI HTQO CEWVG KPJCNCVKQP GZRQUWTG VQ UWNHWTKE CEKF CPF Q\QPG OKZVWTGU 6QZKEQN #RRN

2JCTOCEQN  

###  5EJTGKFGT , 2 4CCDG 1 ) 
 #PCVQO[ QH VJG PCUCNRJCT[PIGCN CKTYC[ QH GZRGTKOGPVCN CPKOCNU #PCV

4GE  

5EJWNVJGKU # * $CUUGVV & , 2 
 +PHNCOOCVQT[ EGNN KPHNWZ KPVQ Q\QPGGZRQUGF IWKPGC RKI NWPI KPVGTUVKVKCN CPF CKTYC[U URCEGU #IGPVU #EVKQPU  

5EJWNVJGKU # * $CUUGVV & , 2 (T[GT # & 
 1\QPGKPFWEGF CKTYC[ J[RGTTGURQPUKXGPGUU CPF NQUU QH PGWTQPCN / OWUECTKPKE TGEGRVQT HWPEVKQP , #RRN 2J[UKQN   

5EJYCTV\ . 9 &WPIYQTVJ & . /WUVCHC / ) 6CTMKPIVQP $ - 6[NGT 9 5 
 2WNOQPCT[ TGURQPUGU QH TCVU VQ CODKGPV NGXGNU QH Q\QPG GHHGEVU QH FC[ KPVGTOKVVGPV QT EQPVKPWQWU GZRQUWTG

.CD +PXGUV  

5EQVV % & $WTMCTV , # 
 %JTQOQUQOCN CDGTTCVKQPU KP RGTKRJGTCN N[ORJQE[VGU QH UVWFGPVU GZRQUGF VQ CKT RQNNWVCPVU 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ *GCNVJ 'HHGEVU 4GUGCTEJ .CDQTCVQT[ TGRQTV PQ '2# #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8#

2$

5EQVV & $ / .GUJGT ' % 
 'HHGEV QH Q\QPG QP UWTXKXCN CPF RGTOGCDKNKV[ QH 'UEJGTKEJKC EQNK

, $CEVGTKQN  

5GNITCFG / - 
 +OOWPQVQZKEKV[ CPF TKUM CUUGUUOGPV GHHGEV QH VGORQTCN HCEVQTU +PJCNCVKQP 6QZKEQN

 

5GNITCFG / - +NNKPI , 9 5VCTPGU & / 5VGCF # ) /3⁄4PCEJG / ) 5VGXGPU / # 
 'XCNWCVKQP QH GHHGEVU QH Q\QPG GZRQUWTG QP KPHNWGP\C KPHGEVKQP KP OKEG WUKPI UGXGTCN KPFKECVQTU QH UWUEGRVKDKNKV[ (WPFCO #RRN 6QZKEQN  

5GNITCFG / - &CPKGNU / , )TQUG ' % 
 #EWVG UWDEJTQPKE CPF EJTQPKE GZRQUWTG VQ C UKOWNCVGF WTDCP RTQHKNG QH Q\QPG GHHGEVU QP GZVTCRWNOQPCT[ PCVWTCN MKNNGT EGNN CEVKXKV[ CPF N[ORJQE[VG OKVQIGPKE TGURQPUGU +PJCNCVKQP 6QZKEQN  

5JGNNG[ 5 # 2CEKIC , ' $CNKU , 7 
 .WPI UWTHCEVCPV RJQURJQNKRKFU KP FKHHGTGPV CPKOCN URGEKGU .KRKFU

 

5JGTYKP 4 2 4KEJVGTU 8 
 'HHGEV QH  RRO Q\QPG GZRQUWTG QP V[RG ++ EGNNU CPF CNXGQNCT YCNNU QH PGYDQTP OKEG CP KOCIGCPCN[UKU SWCPVKVCVKQP , 6QZKEQN 'PXKTQP *GCNVJ  

5JGTYQQF 4 . .KRRGTV 9 ' )QNFUVGKP ' 
 'HHGEV QH  RRO Q\QPG QP CNXGQNCT OCETQRJCIG N[UQ\[OG NGXGNU KP TCVU YKVJ EJTQPKE RWNOQPCT[ DCEVGTKCN KPHGEVKQP 'PXKTQP 4GU  

5JKOWTC 5 /CGFC 5 6CMKUOKOC 6 
 )KCPV NCOGNNCT DQFKGU KP CNXGQNCT V[RG ++ EGNNU QH TCVU GZRQUGF VQ C NQY EQPEGPVTCVKQP QH Q\QPG 4GURKTCVKQP  

5JKQVUWMC 4 0 ;GTOCMQHH , - 1UJGTQHH / 4 &TGY 4 6 
 6JG EQODKPCVKQP QH Q\QPG CPF UKNKEC QP VJG FGXGNQROGPV QH RWNOQPCT[ HKDTQUKU , 6QZKEQN 'PXKTQP *GCNVJ  

5JKTCKUJK ( $CPFQY * 
 6JG IGPGVKE GHHGEVU QH VJG RJQVQEJGOKECN TGCEVKQP RTQFWEVU QH RTQR[NGPG RNWU 01 QP EWNVWTGF %JKPGUG JCOUVGT EGNNU GZRQUGF KP XKVTQ , 6QZKEQN 'PXKTQP *GCNVJ   

5JKTCKUJK ( *CUJKOQVQ 5 $CPFQY * 
 +PFWEVKQP QH UKUVGTEJTQOCVKF GZEJCPIGU KP %JKPGUG JCOUVGT 8 EGNNU D[ GZRQUWTG VQ VJG RJQVQEJGOKECN TGCEVKQP RTQFWEVU QH VQNWGPG RNWU 01 KP VJG ICU RJCUG /WVCV  4GU  

###  5KDKNNG ; 4G[PQNFU * ; 
 /CETQRJCIGU CPF RQN[OQTRJQPWENGCT PGWVTQRJKNU KP NWPI FGHGPUG CPF KPLWT[ #O 4GX 4GURKT &KU  

5KNDCWIJ 5 # /CWFGTN[ , . 
 'HHGEVU QH Q\QPG CPF UWNHWTKE CEKF CGTQUQN QP ICU VTCRRKPI KP VJG IWKPGC RKI NWPI , 6QZKEQN 'PXKTQP *GCNVJ  

5NCFG 4 *KIJHKNN , 9 *CVEJ ) ' 
 'HHGEVU QH FGRNGVKQP QH CUEQTDKE CEKF QT PQPRTQVGKP UWNHJ[FT[NU QP VJG CEWVG KPJCNCVKQP VQZKEKV[ QH PKVTQIGP FKQZKFG Q\QPG CPF RJQUIGPG +PJCNCVKQP 6QZKEQN  



5OKNGT - . $TCF[ # 0 #PXGT / 4 
 *KUVQRCVJQNQIKECN GHHGEVU QH EJTQPKE GZRQUWTG QH (KUEJGT  TCVU VQ NQYNGXGNU QH Q\QPG 9CTTGP /+ )GPGTCN /QVQTU 4GUGCTEJ .CDQTCVQTKGU $KQOGFKECN 5EKGPEG &GRCTVOGPV TGUGCTEJ RWDNKECVKQP PQ )/4

5PKFGT ) . -NGKPGTOCP , 6JWTNDGEM 9 / $GPICNK < * 
 6JG FGHKPKVKQP QH GORJ[UGOC TGRQTV QH C 0CVKQPCN *GCTV .WPI CPF $NQQF +PUVKVWVG &KXKUKQP QH .WPI &KUGCUGU YQTMUJQR #O 4GX 4GURKT

&KU  

5RGPINGT , & -GGNGT ) , -QWVTCMKU 2 4[CP 2 $ 4CK\GPPG / (TCPMNKP % # 
 'ZRQUWTGU VQ CEKFKE CGTQUQNU +P 5[ORQUKWO QP VJG JGCNVJ GHHGEVU QH CEKF CGTQUQNU 1EVQDGT  4GUGCTEJ 6TKCPING 2CTM 0% 'PXKTQP *GCNVJ 2GTURGEV  

5VGRJGPU 4 , 5NQCP / ( 'XCPU / , (TGGOCP ) 
C 'CTN[ TGURQPUG QH NWPI VQ NQY NGXGNU QH Q\QPG

#O , 2CVJQN  

5VGRJGPU 4 , 5NQCP / ( 'XCPU / , (TGGOCP ) 
D #NXGQNCT 6[RG  EGNN TGURQPUG VQ GZRQUWTG VQ  RRO 1 HQT UJQTV RGTKQFU 'ZR /QN 2CVJQN   

5VGRJGPU 4 , 5NQCP / ( )TQVJ & ) 0GIK & 5 .WPCP - & 
 %[VQNQIKE TGURQPUG QH RQUVPCVCN TCV NWPIU VQ 1 QT 01 GZRQUWTG #O , 2CVJQN    

5VGRJGPU 4 , $WPVOCP & , 0GIK & 5 2CTMJWTUV 4 / 6JQOCU & 9 
 6KUUWG NGXGNU QH XKVCOKP ' KP VJG NWPI CPF VJG EGNNWNCT TGURQPUG VQ KPLWT[ TGUWNVKPI HTQO QZKFCPV ICU GZRQUWTG %JGUV 
UWRRN 55

5VKNGU , 6[NGT 9 5 
 #IGTGNCVGF OQTRJQOGVTKE FKHHGTGPEGU KP TGURQPUGU QH TCV NWPIU VQ Q\QPG 6QZKEQN #RRN 2JCTOCEQN  

5VQPGT ) & 
 .WPI VWOQTU KP UVTCKP # OKEG CU C DKQCUUC[ HQT ECTEKPQIGPKEKV[ QH GPXKTQPOGPVCN EJGOKECNU 'ZR .WPI 4GU  

5VQPGT ) & 5JKOMKP / $ 
 .WPI VWOQTU KP UVTCKP # OKEG CU C DKQCUUC[ HQT ECTEKPQIGPKEKV[ +P /KNOCP * # 9GKUDWTIGT ' - GFU *CPFDQQM QH ECTEKPQIGP VGUVKPI 2CTM 4KFIG 0, 0Q[GU 2WDNKECVKQPU RR 

5W\WMK ' 6CMCJCUJK ; #KFC 5 -KOWNC ; +VQ ; /KWTC 6 
 #NVGTCVKQP KP UWTHCEG UVTWEVWTG QH %NCTC EGNNU CPF RWNOQPCT[ E[VQEJTQOG 2 D NGXGN KP TCVU GZRQUGF VQ Q\QPG 6QZKEQNQI[

 

5\CTGM , . 
 %QPUGSWGPEGU QH RTQNQPIGF KPJCNCVKQP QH Q\QPG QP (0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV ++ /GEJCPKECN RTQRGTVKGU TGURQPUGU VQ DTQPEJQCEVKXG UVKOWNK CPF GKEQUCPQKF TGNGCUG KP KUQNCVGF NCTIG CPF UOCNN CKTYC[U %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

6CMCJCUJK ; /KWTC 6 
 +P XKXQ GHHGEVU QH PKVTQIGP FKQZKFG CPF Q\QPG QP ZGPQDKQVKE OGVCDQNK\KPI U[UVGOU QH TCV NWPIU 6QZKEQN .GVV  

###  6CMCJCUJK ; /KWTC 6 
 # UGNGEVKXG GPJCPEGOGPV QH ZGPQDKQVKE OGVCDQNK\KPI U[UVGOU QH TCV NWPIU D[ RTQNQPIGF GZRQUWTG VQ Q\QPG 'PXKTQP 4GU  

6CMCJCUJK ; /KWTC 6 
 'HHGEVU QH PKVTQIGP FKQZKFG CPF Q\QPG KP EQODKPCVKQP QP ZGPQDKQVKE OGVCDQNK\KPI CEVKXKVKGU QH TCV NWPIU 6QZKEQNQI[  

6CMCJCUJK ; /KWTC 6 
 4GURQPUGU QH E[VQEJTQOG 2 KUQ\[OGU QH TCV NWPI VQ KP XKXQ GZRQUWTG VQ

Q\QPG 6QZKEQN .GVV  

6CMCJCUJK ; /KWTC 6 -WDQVC - 
 +P XKXQ GHHGEV QH Q\QPG KPJCNCVKQP QP ZGPQDKQVKE OGVCDQNKUO QH NWPI

CPF NKXGT QH TCVU , 6QZKEQN 'PXKTQP *GCNVJ  

6CMCJCUJK ; /KWTC 6 -KOWTC 5 
 # FGETGCUG KP UGTWO TGVKPQN D[ KP XKXQ GZRQUWTGU QH TCVU VQ Q\QPG

+PV , 8KVCO 0WVT 4GU  

6CP 9 % $GVJGN 4 # 
 6JG GHHGEV QH RNCVGNGV CEVKXCVKPI HCEVQT CPVCIQPKUV QP Q\QPGKPFWEGF CKTYC[ KPHNCOOCVKQP CPF DTQPEJKCN J[RGTTGURQPUKXGPGUU KP IWKPGC RKIU #O 4GX 4GURKT &KU

 

6CPUYGNN # - 
 &GVGEVKQP QH RCTCETKPG HCEVQTU KP QZKFCPV NWPI KPLWT[ %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

6CPUYGNN # - (TCJGT . , )TQUG ' % 
 %KTEWNCVKPI HCEVQTU VJCV OQFKH[ NWPI EGNN &0# U[PVJGUKU HQNNQYKPI GZRQUWTG VQ KPJCNGF QZKFCPVU + 'HHGEV QH UGTWO CPF NCXCIG QP NWPI HKDTQDNCUVU HQNNQYKPI GZRQUWTG QH CFWNV TCVU VQ  RRO Q\QPG , 6QZKEQN 'PXKTQP *GCNVJ  

6CPUYGNN # - (TCJGT . , )TQUG ' % 
 %KTEWNCVKPI HCEVQTU VJCV OQFKH[ NWPI EGNN &0# U[PVJGUKU HQNNQYKPI GZRQUWTG VQ KPJCNGF QZKFCPVU ++ 'HHGEV QH UGTWO CPF NCXCIG QP NWPI RPGWOQE[VGU HQNNQYKPI GZRQUWTG QH CFWNV TCVU VQ  RRO Q\QPG , 6QZKEQN 'PXKTQP *GCNVJ  

6CTMKPIVQP $ - 9W 4 5WP 9/ 0KMWNC - , 9KNUQP & 9 .CUV , # 
 +P XKVTQ GZRQUWTG QH VTCEJGQDTQPEJKCN GRKVJGNKCN EGNNU CPF QH VTCEJGCN GZRNCPVU VQ Q\QPG 6QZKEQNQI[  

6GKIG $ /E/CPWU 6 6 /WFF , $ 
 4GCEVKQP QH Q\QPG YKVJ RJQURJCVKF[NEJQNKPG NKRQUQOGU CPF VJG N[VKE GHHGEV QH RTQFWEVU QP TGF DNQQF EGNNU %JGO 2J[U .KRKFU  

6GRRGT , 5 9GKUU $ 
 &GVGTOKPCPVU QH DGJCXKQTCN TGURQPUG YKVJ Q\QPG GZRQUWTG , #RRN 2J[UKQN

 

6GRRGT , 5 9QQF 4 9 
 $GJCXKQTCN GXCNWCVKQP QH VJG KTTKVCVKPI RTQRGTVKGU QH Q\QPG 6QZKEQN #RRN

2JCTOCEQN  

6GRRGT , . 9GKUU $ %QZ % 
 /KETQCPCN[UKU QH Q\QPG FGRTGUUKQP QH OQVQT CEVKXKV[ 6QZKEQN #RRN

2JCTOCEQN  

6GRRGT , . 9GKUU $ 9QQF 4 9 
 $GJCXKQTCN KPFKEGU QH Q\QPG GZRQUWTG +P .GG 5 & /WUVCHC / ) /GJNOCP / # GFU +PVGTPCVKQPCN U[ORQUKWO QP VJG DKQOGFKECN GHHGEVU QH Q\QPG CPF TGNCVGF RJQVQEJGOKECN QZKFCPVU /CTEJ  2KPGJWTUV 0% 2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE 2WDNKUJGTU +PE RR  
#FXCPEGU KP OQFGTP GPXKTQPOGPVCN VQZKEQNQI[ X 

6GRRGT , 5 9GKUU $ 9QQF 4 9 
 #NVGTCVKQPU KP DGJCXKQT RTQFWEGF D[ KPJCNGF Q\QPG QT COOQPKC (WPFCO #RRN 6QZKEQN  

###  6GRRGT , 5 %QUVC & . .GJOCPP , 4 9GDGT / ( *CVEJ ) ' 
 7PCVVGPWCVGF UVTWEVWTCN CPF DKQEJGOKECN CNVGTCVKQPU KP VJG TCV NWPI FWTKPI HWPEVKQPCN CFCRVCVKQP VQ Q\QPG #O 4GX 4GURKT &KU

 

6GRRGT , 5 9KGUVGT / , 9GDGT / ( /3⁄4PCEJG / ) 
 /GCUWTGOGPVU QH ECTFKQRWNOQPCT[ TGURQPUG KP CYCMG TCVU FWTKPI CEWVG GZRQUWTG VQ PGCTCODKGPV EQPEGPVTCVKQPU QH Q\QPG (WPFCO #RRN 6QZKEQN  

6GRRGT , 5 9KGUVGT / , 9GDGT / ( (KV\IGTCNF 5 %QUVC & . 
 %JTQPKE GZRQUWTG VQ C UKOWNCVGF WTDCP RTQHKNG QH Q\QPG CNVGTU XGPVKNCVQT[ TGURQPUGU VQ ECTDQP FKQZKFG EJCNNGPIG KP TCVU (WPFCO #RRN

6QZKEQN  

6GRRGT , 5 GV CN 
 6JG TGNCVKXG EQPVTKDWVKQP QH EQPEGPVTCVKQP CPF FWTCVKQP VQ Q\QPG 
1 KPFWEGF NWPI  KPLWT[ 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 0CVKQPCN *GCNVJ  'PXKTQPOGPVCN 'HHGEVU 4GUGCTEJ .CDQTCVQT[ 2WNOQPCT[ 6QZKEQNQI[ $TCPEJ

6GRRGT , 5 GV CN 
 6KOG EQWTUG QH KPHNCOOCVKQP KP VJG TCV GZRQUGF VQ Q\QPG HQT UJQTV CPF RTQNQPIGF RGTKQFU YKVJ KPVGTOKVVGPV J[RGTXGPVKNCVKQP 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 0CVKQPCN *GCNVJ  'PXKTQPOGPVCN 'HHGEVU 4GUGCTEJ .CDQTCVQT[ 2WNOQPCT[ 6QZKEQNQI[ $TCPEJ

6GTCFC 0 /K\QIWEJK + -QJPQ 6 *C[CUJK ; 
 2WNOQPCT[ GHHGEVU KP TCVU KPFWEGF D[ RTQNQPIGF GZRQUWTG VQ C OKZVWTG QH 1 CPF 01  , ,RP 5QE #KT 2QNNWV    

6JQOCUUGP & ) 
 7PFGTUVCPFKPI OGEJCPKUOU QH ECTEKPQIGPGUKU WUKPI TCV VTCEJGCN GRKVJGNKCN EGNNU KP XKVTQ +P 2TQEGGFKPIU QH VJG U[ORQUKWO QP EWTTGPV EQPEGRVU CPF CRRTQCEJGU QP CPKOCN VGUV CNVGTPCVKXGU (GDTWCT[ #DGTFGGP 2TQXKPI )TQWPFU /& 9CUJKPIVQP &% 75 &GRCTVOGPV QH 'PGTI[ %10( #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# &'

6JQOCUUGP & ) *CTMGOC , 4 5VGRJGPU 0 & )TKHHKVJ 9 % 
 2TGPGQRNCUVKE VTCPUHQTOCVKQP QH TCV VTCEJGCN GRKVJGNKCN EGNNU D[ Q\QPG 6QZKEQN #RRN 2JCTOCEQN  

6JQOCUUGP & ) *CTMGOC , 4 5WP , & 5VGRJGPU 0 & )TKHHKVJ 9 % 
 6JG TQNG QH Q\QPG KP VTCEJGCN EGNN VTCPUHQTOCVKQP %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

6KEG 4 4 $GPFGT / # +XGVV , . &TGY 4 6 
 %[VQIGPGVKE GHHGEVU QH KPJCNGF Q\QPG /WVCV 4GU

 

6KNVQP $ ' 
 4GXKGYU QH RCRGT D[ *CUUGVV GV CN /WTKPG NWPI ECTEKPQIGPGUKU HQNNQYKPI GZRQUWTG VQ CODKGPV Q\QPG EQPEGPVTCVKQPU 
,0%+   =OGOQTCPFWO VQ $ ,QTFCP & , /E-GG CPF * 4KEJOQPF 75 '2#1#325? 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 1HHKEG QH *GCNVJ CPF 'PXKTQPOGPVCN #UUGUUOGPV 'PXKTQPOGPVCN %TKVGTKC CPF #UUGUUOGPV 1HHKEG /CTEJ 

6WTPGT % 4 -NGGDGTIGT 5 4 5RCPPJCMG ' 9 
 2TGGZRQUWTG VQ Q\QPG DNQEMU VJG CPVKIGPKPFWEGF NCVG CUVJOCVKE TGURQPUG QH VJG ECPKPG RGTKRJGTCN CKTYC[U , 6QZKEQN 'PXKTQP *GCNVJ  

6[NGT 9 5 
 %QORCTCVKXG UWDITQUU CPCVQO[ QH NWPIU RNGWTCU KPVGTNQDWNCT UGRVC CPF FKUVCN CKTYC[U #O 4GX 4GURKT &KU  55

6[NGT 9 5 ,WNKCP / & 
 )TQUU CPF UWDITQUU CPCVQO[ QH NWPIU RNGWTC EQPPGEVKXG VKUUWG UGRVC FKUVCN CKTYC[U CPF UVTWEVWTCN WPKVU +P 2CTGPV 4 # GF %QORCTCVKXG DKQNQI[ QH VJG PQTOCN NWPI X  VTGCVKUG QP RWNOQPCT[ VQZKEQNQI[ $QEC 4CVQP (. %4% 2TGUU RR 

###  6[NGT 9 5 6[NGT 0 - .CUV , # $CTUVQY 6 , /CINKCPQ & , *KPFU & / 
 'HHGEVU QH Q\QPG QP NWPI CPF UQOCVKE ITQYVJ 2CKT HGF TCVU CHVGT Q\QPG GZRQUWTG CPF TGEQXGT[ RGTKQFU 6QZKEQNQI[

 

6[NGT 9 5 6[NGT 0 - .CUV , # )KNNGURKG / , $CTUVQY 6 , 
 %QORCTKUQP QH FCKN[ CPF UGCUQPCN GZRQUWTGU QH [QWPI OQPMG[U VQ Q\QPG 6QZKEQNQI[  

6[NGT 9 5 6[NGT 0 - *KPFU & /CINKCPQ & 6CTMKPIVQP $ 
C +PHNWGPEG QH GZRQUWTG TGIKOGP QP GHHGEVU QH GZRGTKOGPVCN Q\QPG UVWFKGU GHHGEVU QH FCKN[ CPF GRKUQFKE QT UGCUQPCN E[ENGU QH GZRQUWTG CPF RQUVGZRQUWTG 2TGUGPVGF CV VJ CPPWCN OGGVKPI CPF GZJKDKVKQP QH VJG #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP ,WPG 8CPEQWXGT $% %CPCFC 2KVVUDWTIJ 2# #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP RCRGT PQ 

6[NGT 9 5 6[NGT 0 - /CINKCPQ & , *KPFU & / 6CTMKPIVQP $ ,WNKCP / & *[FG & / 2NQRRGT % ) &WPIYQTVJ & . 
D 'HHGEVU QH Q\QPG KPJCNCVKQP QP NWPIU QH LWXGPKNG OQPMG[U /QTRJQOGVT[ CHVGT C  OQPVJ GZRQUWTG CPF HQNNQYKP I C  OQPVJ RQUVGZRQUWTG RGTKQF +P $GTINWPF 4 . .CYUQP & 4 /E-GG & , GFU 6TQRQURJGTKE Q\QPG CPF VJG GPXKTQPOGPV RCRGTU HTQO CP KPVGTPCVKQPCN EQPHGTGPEG /CTEJ  .QU #PIGNGU %# 2KVVUDWTIJ 2# #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP RR  
#9/# VTCPUCEVKQP UGTKGU PQ 64

6[NGT 9 ,QPGU , $KTMU ' 2CUEQG , 5VGHHG[ ' ,CTXKU - *KPFU & 6CTMKPIVQP $ 
E 'HHGEVU QH Q\QPG QP GZGTEKUKPI JQTUGU C RTGNKOKPCT[ TGRQTV 'SWKPG 'ZGTEKUG 2J[UKQN  

6[UQP % # .WPCP - & 5VGRJGPU 4 , 
 #IGTGNCVGF FKHHGTGPEGU KP )5*UJWVVNG GP\[OGU KP 01  QT  1 GZRQUGF TCV NWPIU #TEJ 'PXKTQP *GCNVJ  



75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
 #KT SWCNKV[ ETKVGTKC HQT Q\QPG CPF QVJGT RJQVQEJGOKECN QZKFCPVU 4GUGCTEJ 6TKCPING 2CTM 0% 1HHKEG QH *GCNVJ CPF 'PXKTQPOGPVCN #UUGUUOGPV 'PXKTQPOGPVCN %TKVGTKC CPF #UUGUUOGPV 1HHKEG TGRQTV PQU '2#C(G( X #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# 2$

75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
 #P CEKF CGTQUQNU KUUWG RCRGT JGCNVJ GHHGEVU CPF CGTQOGVTKEU 4GUGCTEJ 6TKCPING 2CTM 0% 1HHKEG QH *GCNVJ CPF 'PXKTQPOGPVCN #UUGUUOGPV 'PXKTQPOGPVCN %TKVGTKC CPF #UUGUUOGPV 1HHKEG TGRQTV PQ '2#( #XCKNCDNG HTQO 06+5 5RTKPIHKGNF
8# 2$

75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
 #KT SWCNKV[ ETKVGTKC HQT QZKFGU QH PKVTQIGP 4GUGCTEJ 6TKCPING 2CTM 0% 1HHKEG QH *GCNVJ CPF 'PXKTQPOGPVCN #UUGUUOGPV 'PXKTQPOGPVCN %TKVGTKC CPF #UUGUUOGPV 1HHKEG TGRQTV PQU '2#C(E( X #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8#
2$ 2$ CPF 2$

7EJKFC & # $CNNQYG % # +TXKP % ) .CTUGP ) . 
 #UUGUUOGPV QH CKTYC[ TGURQPUKXGPGUU VQ KPJCNGF OGVJCEJQNKPG CPF VJG GHHGEVU QH UJQTVVGTO Q\QPG GZRQUWTG KP CIGF (KUEJGT TCVU *'+

%QOOWP  

7EJK[COC + ;QMQ[COC ' 
 'HHGEVU QH UJQTV CPF NQPIVGTO GZRQUWTG VQ Q\QPG QP JGCTV TCVG CPF DNQQF RTGUUWTG QH GORJ[UGOCVQWU TCVU 'PXKTQP 4GU  

7EJK[COC + 5KOQOWTC ; ;QMQ[COC ' 
 'HHGEVU QH CEWVG GZRQUWTG VQ Q\QPG QP JGCTV TCVG CPF DNQQF RTGUUWTG QH VJG EQPUEKQWU TCV 'PXKTQP 4GU  

7OG\W 6 5W\WMK # - /KWTC 6 -QK\WOK # 
 'HHGEVU QH Q\QPG CPF PKVTQIGP FKQZKFG QP FTKPMKPI CPF GCVKPI DGJCXKQTU KP OKEG 'PXKTQP 4GU  

###  8CP $TGG . 4QODQWV 2 , # 4KGVLGPU + / % / &QTOCPU , # / # /CTTC / 
 2CVJQDKQEJGOKECN GHHGEVU KP TCV NWPI TGNCVGF VQ GRKUQFKE Q\QPG GZRQUWTG +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

8CP $TGG . /CTTC / 4QODQWV 2 , # 
 &KHHGTGPEGU KP RWNOQPCT[ DKQEJGOKECN CPF KPHNCOOCVQT[ TGURQPUGU QH TCVU CPF IWKPGC RKIU TGUWNVKPI HTQO FC[VKOG QT PKIJVVKOG UKPING CPF TGRGCVGF GZRQUWTG VQ Q\QPG 6QZKEQN #RRN 2JCTOCEQN  

8CP FGT <GG , 8CP $GGM ' &WDDGNOCP 6 / # 4 8CP 5VGXGPKPEM , 
 6QZKE GHHGEVU QH Q\QPG QP OWTKPG . HKDTQDNCUVU FCOCIG VQ &0# $KQEJGO ,  

8CP .QXGTGP * 4QODQWV 2 , # 9CIGPCCT 5L 5E 9CNXQQTV * % 8QU , ) 
 'HHGEVU QH Q\QPG QP VJG FGHGPUG VQ C TGURKTCVQT[ .KUVGTKC OQPQE[VQIGPGU KPHGEVKQP KP VJG TCV UWRRTGUUKQP QH OCETQRJCIG HWPEVKQP CPF EGNNWNCT KOOWPKV[ CPF CIITCXCVKQP QH JKUVQRCVJQNQI[ KP NWPI CPF NKXGT FWTKPI KPHGEVKQP 6QZKEQN #RRN 2JCTOCEQN  

8CP .QXGTGP * -TCLPE ' + 4QODQWV 2 , $NQOOCGTV ( # 8QU , ) 
 'HHGEVU QH Q\QPG JGZCEJNQTQDGP\GPG CPF DKU
VTK P DWV[NVKPQZKFG QP PCVWTCN MKNNGT CEVKXKV[ KP VJG TCV NWPI 6QZKEQN #RRN 2JCTOCEQN  

8GPKPIC 6 5 'XGN[P 2 
 #EVKXKV[ EJCPIGU QH RWNOQPCT[ OCETQRJCIGU CHVGT KP XKXQ GZRQUWTG VQ Q\QPG CU FGOQPUVTCVGF D[ EGNN CFJGTGPEG , 6QZKEQN 'PXKTQP *GCNVJ  

8GPKPIC 6 5 (KFNGT 8 
 1\QPGKPFWEGF GNGXCVKQP QH ETGCVKPG MKPCUG CEVKXKV[ KP DNQQF RNCUOC QH TCVU

'PXKTQP 4GU  

8KEVQTKP - 
 4GXKGY QH VJG IGPQVQZKEKV[ QH Q\QPG /WVCV 4GU  

8KEVQTKP - 5V  JNDGTI / 
C 2JQVQEJGOKECN HQTOCVKQP QH OWVCIGPKE EQORQWPFU HTQO CNMGPGU CPF Q\QPG QT PKVTQIGP FKQZKFG 'PXKTQP /QN /WVCIGP  

8KEVQTKP - 5V  JNDGTI / 
D # OGVJQF HQT UVWF[KPI VJG OWVCIGPKEKV[ QH UQOG ICUGQWU EQORQWPFU KP 5CNOQPGNNC V[RJKOWTKWO 'PXKTQP /QN /WVCIGP  

9CNVGTU ' * 1	$[TPG 2 / )TCH 2 & (CDDTK . / 0CFGN , # 
 6JG TGURQPUKXGPGUU QH CKTYC[ UOQQVJ OWUENG KP XKVTQ HTQO FQIU YKVJ CKTYC[ J[RGTTGURQPUKXGPGUU KP XKXQ %NKP 5EK  

9CTTGP & . .CUV , # 
 5[PGTIKUVKE KPVGTCEVKQP QH Q\QPG CPF TGURKTCDNG CGTQUQNU QP TCV NWPIU +++ Q\QPG CPF UWNHWTKE CEKF CGTQUQN 6QZKEQN #RRN 2JCTOCEQN  

9CTTGP & . )WVJ & , .CUV , # 
 5[PGTIKUVKE KPVGTCEVKQP QH Q\QPG CPF TGURKTCDNG CGTQUQNU QP TCV NWPIU ++ U[PGTI[ DGVYGGP COOQPKWO UWNHCVG CGTQUQN CPF XCTKQWU EQPEGPVTCVKQPU QH Q\QPG 6QZKEQN #RRN 2JCTOCEQN  

9CTTGP & . *[FG & / .CUV , # 
 5[PGTIKUVKE KPVGTCEVKQP QH Q\QPG CPF TGURKTCDNG CGTQUQNU QP TCV NWPIU +8 2TQVGEVKQP D[ SWGPEJGTU QH TGCEVKXG QZ[IGP URGEKGU 6QZKEQNQI[  

9CVCPCDG 5 (TCPM 4 ;QMQ[COC ' 
 #EWVG GHHGEVU QH Q\QPG QP NWPIU QH ECVU + HWPEVKQPCN #O 4GX 4GURKT &KU  

###  9CVMKPUQP 9 2 )QTFQP % , 
 %CXGCVU TGICTFKPI VJG WUG QH VJG NCDQTCVQT[ TCV CU C OQFGN HQT CEWVG VQZKEQNQIKECN UVWFKGU OQFWNCVKQP QH VJG VQZKE TGURQPUG XKC RJ[UKQNQIKECN CPF DGJCXKQTCN OGEJCPKUOU 6QZKEQNQI[  

9CVMKPUQP 9 2 *KIJHKNN , 9 )QTFQP % , 
 /QFWNCVKPI GHHGEV QH DQF[ VGORGTCVWTG QP VJG VQZKE TGURQPUG RTQFWEGF D[ VJG RGUVKEKFG EJNQTFKOGHQTO KP TCVU , 6QZKEQN 'PXKTQP *GCNVJ  

9CVMKPUQP 9 2 #KNGTW # # &QYF 5 / &QGTHNGT & . 6GRRGT , 5 %QUVC & . 
 #EWVG GHHGEVU QH Q\QPG QP JGCTV TCVG CPF DQF[ VGORGTCVWTG KP VJG WPCPGUVJGVK\GF WPTGUVTCKPGF TCV OCKPVCKPGF CV FKHHGTGPV CODKGPV VGORGTCVWTGU +PJCNCVKQP 6QZKEQN  

9GIPGT % & 
 %JCTCEVGTK\CVKQP QH F[PCOKE TGURKTCVQT[ OGEJCPKEU D[ OGCUWTKPI RWNOQPCT[ CPF TGURKTCVQT[ U[UVGO KORGFCPEGU KP CFWNV DQPPGV OQPMG[U /CECEC TCFKCVC  KPENWFKPI VJG GHHGEVU QH NQPIVGTO GZRQUWTG VQ NQYNGXGN Q\QPG =2J& FKUUGTVCVKQP? &CXKU %# 7PKXGTUKV[ QH %CNKHQTPKC )TCFWCVG &KXKUKQP #XCKNCDNG HTQO 7PKXGTUKV[ /KETQHKNOU +PVGTPCVKQPCN #PP #TDQT /+ RWDNKECVKQP

PQ 

9GKDGN ' 4 
 /QTRJQOGVT[ QH VJG JWOCP NWPI 0GY ;QTM 0; #ECFGOKE 2TGUU +PE

9GKDGN ' 4 
 +U VJG NWPI DWKNV TGCUQPCDN[! VJG  , $WTPU #ODGTUQP NGEVWTG #O 4GX 4GURKT &KU

 

9GKUU $ (GTKP , /GTKICP 9 5VGTP 5 %QZ % 
 /QFKHKECVKQP QH TCV QRGTCPV DGJCXKQT D[ Q\QPG GZRQUWTG 6QZKEQN #RRN 2JCTOCEQN  

9KNNKCOU 5 , %JCTNGU , / /GP\GN & $ 
 1\QPG KPFWEGF CNVGTCVKQPU KP RJGPQN TGF CDUQTRVKQP HTQO VJG TCV NWPI 6QZKEQN .GVV  

9KNUQP & 9 2NQRRGT % ) &WPIYQTVJ & . 
 6JG TGURQPUG QH VJG OCECSWG VTCEJGQDTQPEJKCN GRKVJGNKWO VQ CEWVG Q\QPG KPLWT[ C SWCPVKVCVKXG WNVTCUVTWEVWTCN CPF CWVQTCFKQITCRJKE UVWF[

#O , 2CVJQN  

9KVUEJK * 
 1\QPG PKVTQIGP FKQZKFG CPF NWPI ECPEGT C TGXKGY QH UQOG TGEGPV KUUWGU CPF RTQDNGOU 6QZKEQNQI[  

9KVUEJK * 
 'HHGEVU QH QZ[IGP CPF Q\QPG QP OQWUG NWPI VWOQTKIGPGUKU 'ZR .WPI 4GU  

9KVUEJK * 9KNUQP & 9 2NQRRGT % ) 
C /QFWNCVKQP QH 0 PKVTQUQFKGVJ[NCOKPGKPFWEGF JCOUVGT NWPI VWOQTU D[ Q\QPG 6QZKEQNQI[  

9KVUEJK * 2 $TGKFGT / # 5EJWNNGT * / 
D (CKNWTG QH Q\QPG CPF PKVTQIGP FKQZKFG VQ GPJCPEG NWPI VWOQT FGXGNQROGPV KP JCOUVGTU %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

9TKIJV ' 5 9JKVG & / $TCF[ # 0 .K . % &	#TE[ , $ 5OKNGT - . 
 &0# U[PVJGUKU KP RWNOQPCT[ CNXGQNCT OCETQRJCIGU CPF V[RG ++ EGNNU GHHGEVU QH Q\QPG GZRQUWTG CPF VTGCVOGPV YKVJ

FKHNWQTQOGVJ[NQTPKVJKPG , 6QZKEQN 'PXKTQP *GCNVJ  

9TKIJV ' 5 -GJTGT , 2 9JKVG & / 5OKNGT - . 
 'HHGEVU QH EJTQPKE GZRQUWTG VQ Q\QPG QP EQNNCIGP KP TCV NWPI 6QZKEQN #RRN 2JCTOCEQN  

###  9TKIJV ' )TQUU - 5OKNGT - 
 %QPVKPWQWU EJTQPKE GZRQUWTG VQ Q\QPG DKQEJGOKECN HWPEVKQPCN CPF JKUVQRCVJQNQIKE GHHGEVU KP TCV NWPI 2TGUGPVGF CV PF CPPWCN OGGVKPI QH VJG #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP ,WPG #PCJGKO %# 2KVVUDWTIJ 2# #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP RCRGT PQ 

9TKIJV ' 5 9JKVG & / 5OKNGT - . 
 'HHGEVU QH EJTQPKE GZRQUWTG VQ Q\QPG QP RWNOQPCT[ NKRKFU KP TCVU 6QZKEQNQI[  

;CPCK / 1JTWK 6 #KMCYC 6 1MC[COC * 5GMK\CYC - /CG[COC - 5CUCMK * 6CMKUJKOC 6 
 1\QPG KPETGCUGU UWUEGRVKDKNKV[ VQ CPVKIGP KPJCNCVKQP KP CNNGTIKE FQIU , #RRN 2J[UKQN  

;GCFQP / 9KNMKPUQP & &CTNG[7UOCT 8 1	NGCT[ 8 , 2C[PG # 0 
 /GEJCPKUOU EQPVTKDWVKPI VQ Q\QPGKPFWEGF DTQPEJKCN J[RGTTGCEVKXKV[ KP IWKPGCRKIU 2WNO 2JCTOCEQN  

;QMQ[COC ' (TCPM 4 
 4GURKTCVQT[ WRVCMG QH Q\QPG KP FQIU #TEJ 'PXKTQP *GCNVJ  

;QMQ[COC ' +EJKMCYC + 
 =5VWF[ QP VJG DKQNQIKECN GHHGEVU QH CVOQURJGTKE RQNNWVCPVU? +P 4GUGCTEJ TGRQTV HQT HWPFU QH VJG 'PXKTQPOGPV #IGPE[ KP  6QM[Q ,CRCP 6JG +PUVKVWVG QH 2WDNKE *GCNVJ &GRCTVOGPV QH +PFWUVTKCN *GCNVJ RR 

` 

;QMQ[COC ' +EJKMCYC + -CYCK - 
 &QGU PKVTQIGP FKQZKFG OQFKH[ VJG TGURKTCVQT[ GHHGEVU QH Q\QPG! +P .GG 5 & GF 0KVTQIGP QZKFGU CPF VJGKT GHHGEVU QP JGCNVJ #PP #TDQT /+ #PP #TDQT 5EKGPEG 2WDNKUJGTU +PE RR 

;QMQ[COC ' +EJKMCYC + 0CODW < -CYCK - -[QPQ ; 
 4GURKTCVQT[ GHHGEVU QH KPVGTOKVVGPV GZRQUWTG VQ Q\QPG QH TCVU 'PXKTQP 4GU  

;QMQ[COC ' 0CODW < +EJKMCYC + 7EJK[COC + #TCMCYC * 
 2WNOQPCT[ TGURQPUG VQ GZRQUWTG VQ Q\QPG QH GORJ[UGOCVQWU TCVU 'PXKTQP 4GU  

;QMQ[COC ' )QVQ * -CYCK - -[QPQ * 
C /GEJCPKECN RTQRGTVKGU QH TCDDKV NWPI YKVJ GFGOC ECWUGF D[ GZRQUWTG VQ Q\QPG , 'PXKTQP 2CVJQN 6QZKEQN 1PEQN  

;QMQ[COC ' 7EJK[COC + #TKVQ * 
D 'ZVTCRWNOQPCT[ GHHGEVU QH NQY NGXGN Q\QPG GZRQUWTG +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

;QWPI % $JCNNC & - 
 6KOG EQWTUG QH RGTOGCDKNKV[ EJCPIGU CPF 2/0 HNWZ KP TCV VTCEJGC HQNNQYKPI 1 GZRQUWTG (WPFCO #RRN 6QZKEQN  



<GNCE 4 ' %TQOTQ[ * . $QNEJ 9 ' ,T &WPCXCPV $ ) $GXKU * # 
C +PJCNGF Q\QPG CU C OWVCIGP + EJTQOQUQOG CDGTTCVKQPU KPFWEGF KP %JKPGUG JCOUVGT N[ORJQE[VGU 'PXKTQP 4GU  



<GNCE 4 ' %TQOTQ[ * . $QNEJ 9 ' ,T &WPCXCPV $ ) $GXKU * # 
D +PJCNGF Q\QPG CU C OWVCIGP ++ GHHGEV QP VJG HTGSWGPE[ QH EJTQOQUQOG CDGTTCVKQPU QDUGTXGF KP KTTCFKCVGF %JKPGUG

JCOUVGTU 'PXKTQP 4GU  

<GNKMQHH , 6 -TCGOGT ). 8QIGN / % 5EJNGUKPIGT 4 $ 
 +OOWPQOQFWNCVKPI GHHGEVU QH Q\QPG QP OCETQRJCIG HWPEVKQPU KORQTVCPV HQT VWOQT UWTXGKNNCPEG CPF JQUV FGHGPUG , 6QZKEQN 'PXKTQP *GCNVJ

 

###  <KFGPDGTI%JGTT 5 *CP $ &WDKEM / # -GGP % . 
 +PHNWGPEG QH FKGVCT[KPFWEGF EQRRGT CPF OCPICPGUG FGHKEKGPE[ QP Q\QPGKPFWEGF EJCPIGU KP NWPI CPF NKXGT CPVKQZKFCPV U[UVGOU 6QZKEQN .GVV

 

<KVPKM . # 5EJYCTV\ . 9 /E3WKNNGP 0 - <GG ; % 1UGDQNF , 9 
 2WNOQPCT[ EJCPIGU KPFWEGF D[ NQYNGXGN Q\QPG OQTRJQNQIKECN QDUGTXCVKQPU , 'PXKTQP 2CVJQN 6QZKEQN  

### 

# *WOCP*GCNVJ'HHGEVUQH1\QPGCPF

4GNCVGF2JQVQEJGOKECN1ZKFCPVU

+PVTQFWEVKQP

+PVJGRTGXKQWUEJCRVGTTGUWNVUQHQ\QPG1 UVWFKGUKPNCDQTCVQT[CPKOCNUYGTG 

### RTGUGPVGFKPQTFGTVQWPFGTUVCPFVJGYKFGTCPIGQHRQVGPVKCNGHHGEVUVJCVOKIJVQEEWTKPGZRQUGFJWOCPRQRWNCVKQPUCPFVQGZRCPFVJGWPFGTUVCPFKPIQHVJGOGEJCPKUOUQH1 VQZKEKV[CPFVJG 

### DCUKEGZRQUWTGTGURQPUGTGNCVKQPUJKRUHQT1 6JGEQPEGRVQHSWCPVKVCVKXGN[GZVTCRQNCVKPI 

### TGUWNVUHTQONCDQTCVQT[CPKOCNUVQJWOCPUKUHWTVJGTGZRNQTGFKP%JCRVGT9JGPGXGTRQUUKDNGJQYGXGTTKUMCUUGUUOGPVQHRQNNWVCPVUUJQWNFDGDCUGFQPFKTGEVGXKFGPEGQHVJGKTJGCNVJGHHGEVUKPJWOCPRQRWNCVKQPU+PHQTOCVKQPQPJWOCPJGCNVJTGURQPUGUVQ1 ECPDG 

### QDVCKPGFVJTQWIJEQPVTQNNGFJWOCPGZRQUWTGUVWFKGUQPXQNWPVGGTUWDLGEVUQTVJTQWIJHKGNFCPFGRKFGOKQNQIKECNUVWFKGUQHRQRWNCVKQPUVJCVCTGGZRQUGFVQCODKGPVCKTEQPVCKPKPI1 

### %QPVTQNNGFJWOCPUVWFKGUV[RKECNN[WUGHKZGFEQPEGPVTCVKQPUQH1 WPFGTECTGHWNN[TGIWNCVGF 

### GPXKTQPOGPVCNEQPFKVKQPUYJGTGCUTGCNKUVKE1 GZRQUWTGEQPFKVKQPUQEEWTKPHKGNFCPF 

### GRKFGOKQNQI[UVWFKGUDWVCTGOQTGXCTKCDNG6JGRTKOCT[RWTRQUGQHCNNVJGUGUVWFKGUJQYGXGTKUVQQDVCKPGZRQUWTGTGURQPUGFCVCHQT1 6JKUEJCRVGTYKNNUWOOCTK\GVJGTGUWNVU 

### QHEQPVTQNNGFJWOCPHKGNFCPFGRKFGOKQNQIKEUVWFKGUQPVJGJGCNVJGHHGEVUQHGZRQUWTGVQ1 VJCVJCXGDGGPRWDNKUJGFQTCEEGRVGFHQTRWDNKECVKQPKPVJGRGGTTGXKGYGFNKVGTCVWTG

### (WTVJGTGXCNWCVKQPQHVJGOQUVKORQTVCPVMG[KPHQTOCVKQPHTQOVJKUEJCRVGTCUKVTGNCVGUVQVJGTGUVQHVJGFQEWOGPVYKNNDGRTQXKFGFKP%JCRVGTYJGTGVJGQXGTCNNFCVCDCUGQP1 JGCNVJ 

### GHHGEVUKUKPVGITCVGFCPFUWOOCTK\GF/QUVQHVJGUEKGPVKHKEKPHQTOCVKQPUGNGEVGFHQTTGXKGYCPFEQOOGPVKPVJKUEJCRVGTEQOGUHTQOVJGNKVGTCVWTGRWDNKUJGFUKPEGEQORNGVKQPQHVJGRTGXKQWU1 ETKVGTKCFQEWOGPV 

### 75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[5QOGQHVJGUGPGYGTUVWFKGUYGTGDTKGHN[TGXKGYGFKPVJGUWRRNGOGPVVQVJCVFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[DWVOQTGVJQTQWIJGXCNWCVKQPQHVJGUGUVWFKGUKUKPENWFGFJGTG+PQTFGTVQIKXGCDTQCFGTQXGTXKGYQHVJGMPQYPJWOCPJGCNVJGHHGEVUQH1 VJGQNFGTNKVGTCVWTGKUUWOOCTK\GFCPF 

### URGEKHKEUVWFKGUYJQUGFCVCYGTGLWFIGFVQDGUKIPKHKECPVDGECWUGQHVJGKTWUGHWNPGUUKPFGTKXKPIVJGEWTTGPV0CVKQPCN#ODKGPV#KT3WCNKV[5VCPFCTFU0##35CTGFKUEWUUGFDTKGHN[6JGTGCFGTKUJQYGXGTTGHGTTGFVQVJGOQTGGZVGPUKXGFKUEWUUKQPQHVJGUGMG[UVWFKGUKPVJGRTGXKQWUFQEWOGPV1VJGTQNFGTUVWFKGUCNUQCTGDTKGHN[FKUEWUUGFKPVJKUEJCRVGTKHVJG[CTGQRGPVQTGKPVGTRTGVCVKQPDGECWUGQHPGYGTFCVCQTRQVGPVKCNN[WUGHWNCUETKVGTKCHQTVJG1 0##35TGGXCNWCVKQP6QHWTVJGTCKFKPVJGFGXGNQROGPVQHVJKUEJCRVGTUWOOCT[VCDNGUQH



### VJGTGNGXCPV1 NKVGTCVWTGCTGKPENWFGFHQTGCEJQHVJGOCLQTUWDUGEVKQPU+PUWOOCTK\KPIVJG 

###  8

 8

 8

JWOCPJGCNVJGHHGEVUNKVGTCVWTGEJCPIGUHTQOEQPVTQNCTGFGUETKDGFKHVJG[YGTGUVCVKUVKECNN[UKIPKHKECPVCVCRTQDCDKNKV[RXCNWGNGUUVJCP#URGEKHKERXCNWGKURTQXKFGFJQYGXGTKHKVCKFUWPFGTUVCPFKPIQHVJGFCVCRCTVKEWNCTN[VTGPFUVQYCTFUKIPKHKECPEGQTKHOCLQTGHHGEVUPGGFVQDGGORJCUK\GF9JGTGCRRTQRTKCVGETKVKSWGQHCUVCVKUVKECNRTQEGFWTGCNUQKU

OGPVKQPGF



# %QPVTQNNGF*WOCP'ZRQUWTG5VWFKGU

2WNOQPCT[(WPEVKQP'HHGEVUQH1PGVQ6JTGG*QWT1\QPG'ZRQUWTGU
*GCNVJ[5WDLGEVU

+PVTQFWEVKQP6JGRWNOQPCT[TGURQPUGUQDUGTXGFKPJGCNVJ[JWOCPUWDLGEVUGZRQUGFVQCODKGPV1 EQPEGPVTCVKQPUEQPUKUVQHFGETGCUGFKPURKTCVQT[ECRCEKV[OKNFDTQPEJQEQPUVTKEVKQPTCRKF



### UJCNNQYDTGCVJKPIRCVVGTPFWTKPIGZGTEKUGCPFUWDLGEVKXGU[ORVQOUQHEQWIJCPFRCKPQPFGGRKPURKTCVKQP+PCFFKVKQP1 JCUDGGPUJQYPVQTGUWNVKPCKTYC[J[RGTTGURQPUKXGPGUUCU 

### FGOQPUVTCVGFD[CPKPETGCUGFRJ[UKQNQIKECNTGURQPUGVQCPQPURGEKHKEUVKOWNWU6JGFGETGCUGKPKPURKTCVQT[ECRCEKV[TGUWNVUKPCFGETGCUGKPHQTEGFXKVCNECRCEKV[(8%CPFVQVCNNWPIECRCEKV[6.%CPFKPEQODKPCVKQPYKVJDTQPEJQEQPUVTKEVKQPEQPVTKDWVGUVQCFGETGCUGKPVJGHQTEGFGZRKTCVQT[XQNWOGKPU('8 *QYGXGTKVKUKORQTVCPVVQUVTGUUVJCVKPOCP[QHVJG 

### UVWFKGUTGRQTVKPIVJGGHHGEVUQHCODKGPVTCPIGUQH1 EQPEGPVTCVKQPUKGRROVJG 

### QDUGTXGFFGETGOGPVUKP('8 VQCNCTIGGZVGPVTGHNGEVFGETGOGPVUKP(8%QHCUKOKNCT 

### OCIPKVWFGKGCFGETGCUGFKPURKTCVQT[ECRCEKV[CPFVQCNGUUGTGZVGPVKPETGCUGUKPEGPVTCNCPFRGTKRJGTCNCKTYC[TGUKUVCPEG4 CY

### 6JGOCLQTKV[QHEQPVTQNNGFJWOCPUVWFKGUJCXGDGGPEQPEGTPGFYKVJVJGGHHGEVUQHXCTKQWU1 EQPEGPVTCVKQPUKPJGCNVJ[UWDLGEVURGTHQTOKPIEQPVKPWQWUGZGTEKUG%'QT 

### KPVGTOKVVGPVGZGTEKUG+'HQTXCTKCDNGRGTKQFUQHVKOG6JGUGUVWFKGUJCXGVYQYGCMPGUUGUVJGHCKNWTGVQFGVGEVUJQTVVGTOGHHGEVUYKVJNQPIVGTOEQPUGSWGPEGUCPFVJGKTWUGQHUOCNNPWODGTUVJCVCTGPQVIGPGTCNN[TGRTGUGPVCVKXGQHVJGIGPGTCNRQRWNCVKQP%QPVTQNNGFJWOCPGZRQUWTGUVWFKGUQHVJKUV[RGJCXGRTQXKFGFVJGUVTQPIGUVCPFOQUVSWCPVKHKCDNGEQPEGPVTCVKQPTGURQPUGFCVCQPVJGJGCNVJGHHGEVUQH1 #UCTGUWNVQHVJGUGUVWFKGUCNCTIGDQF[QHFCVC 

### TGICTFKPIVJGKPVGTCEVKQPQH1 EQPEGPVTCVKQP%OKPWVGXGPVKNCVKQP CPFFWTCVKQPQH  '

### GZRQUWTG6KUCXCKNCDNG6JGOQUVUCNKGPVQDUGTXCVKQPUHTQOVJGUGUVWFKGUCTG1 EQPEGPVTCVKQPKUOQTGKORQTVCPVVJCPGKVJGTQT6KPFGVGTOKPKPIRWNOQPCT[TGURQPUGU  '

### CPFPQTOCNJGCNVJ[UWDLGEVUGZRQUGFVQ1 EQPEGPVTCVKQPURROVJGNGXGNQHVJG 

### EWTTGPV0##35FGXGNQRUKIPKHKECPVTGXGTUKDNGVTCPUKGPVFGETGOGPVUKPRWNOQPCT[HWPEVKQPKHQT6CTGKPETGCUGFUWHHKEKGPVN[6JGTGKUV[RKECNN[CNCTIGKPVGTUWDLGEVXCTKCDKNKV[KP '

### RJ[UKQNQIKECPFU[ORVQOCVKETGURQPUGUVQ1 JQYGXGTYKVJOQUVKPFKXKFWCNUVJGUGTGURQPUGU 

### VGPFVQDGTGRTQFWEKDNG6JGTGNCVKQPUJKRCOQPITGURQPUGXCTKCDNGUUWEJCUURKTQOGVT[TGUKUVCPEGOGCUWTGOGPVUU[ORVQOUCPFPQPURGEKHKEDTQPEJKCNTGURQPUKXGPGUUKU[GVVQDGHWNN[FGVGTOKPGFDWVVJGIGPGTCNN[YGCMCUUQEKCVKQPUUWIIGUVVJCVUGXGTCNTGURQPUGOGEJCPKUOUOC[DGQRGTCPV+PCFFKVKQPCITQYKPIPWODGTQHUVWFKGUCTGDGIKPPKPIVQRTQXKFGKPUKIJVKPVQVJGTGNCVKQPUJKRDGVYGGPTGIKQPCNFQUKOGVT[UGG%JCRVGTOGEJCPKUOUQHRWNOQPCT[TGURQPUGUGNKEKVGFD[CEWVG1 GZRQUWTGCPFVKUUWGNGXGNGXGPVUYKVJKPVJGCKTYC[U6JKUV[RG 

### QHKPHQTOCVKQPRTQOKUGUVQRTQXKFGHWTVJGTKPUKIJVKPVQVJGJGCNVJGHHGEVUTGNGXCPEGQH1 KPFWEGFRWNOQPCT[TGURQPUGUKPFGVGTOKPKPIYJKEJKPFKXKFWCNUCTGCVITGCVGUVTKUMHTQO



### CODKGPV1 GZRQUWTG 

###  8

 8

 8

 8

+PVJKUUGEVKQPVJGGHHGEVUQHCEWVGUKPINGVQJ1 GZRQUWTGUQPRWNOQPCT[ 

### HWPEVKQPKPJGCNVJ[UWDLGEVUCTGGZCOKPGFD[TGXKGYKPIUVWFKGUVJCVKPXGUVKICVGVJG1 GZRQUWTGTGURQPUGTGNCVKQPUJKRKPVGTUWDLGEVXCTKCDKNKV[KPFKXKFWCNUGPUKVKXKV[CPFVJG



### CUUQEKCVKQPDGVYGGPTGURQPUGUCPFOGEJCPKUOUQHRWNOQPCT[HWPEVKQPTGURQPUGUCPFVJGTGNCVKQPUJKRDGVYGGPVKUUWGNGXGNGXGPVUCPFHWPEVKQPCNTGURQPUGU7PNGUUQVJGTYKUGUVCVGFVJGVGTOUKIPKHKECPVKUWUGFKPVJKUUGEVKQPVQFGPQVGUVCVKUVKECNUKIPKHKECPEGCVR4GEGPVUKPING1 GZRQUWTGUVWFKGUQHITGCVGTVJCPJFWTCVKQPCTGTGXKGYGFKP5GEVKQP6JGUG 

### UKPINGGZRQUWTGNQPIGTFWTCVKQPUVWFKGUCTGDGIKPPKPIVQRTQXKFGKORQTVCPVKPUKIJVUKPVQVJG%¥6¥KPVGTCEVKQPTGNCVGFVQCUKIPKHKECPVRWNOQPCT[TGURQPUG-G[UVWFKGUQHNGUUVJCPJ '

### FWTCVKQPVJCVJCXGEQPVTKDWVGFVQVJGGZRQUWTGTGURQPUGFCVCDCUGCPFQVJGTUVWFKGUVJCVJCXGEQPVTKDWVGFVQCDGVVGTWPFGTUVCPFKPIQH1 KPFWEGFRWNOQPCT[TGURQPUGUKPJGCNVJ[KPFKXKFWCNU 

### CTGUWOOCTK\GFKP6CDNG6CDNGUWOOCTK\GUUVWFKGUTGXKGYGFKPVJGRTGXKQWUCKTSWCNKV[ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[CUYGNNCUUVWFKGURWDNKUJGFUKPEGEQORNGVKQPQHVJKUGCTNKGTFQEWOGPV0QVTGXKGYGFKPVJKUUGEVKQPCTGUVWFKGUVJCVGZCOKPGEJCPIGUKPCKTYC[TGURQPUKXGPGUUKPFWEGFD[1 KPJCNCVKQPUGG5GEVKQP

### #NNQHVJGUVWFKGUFKUEWUUGFJGTGWUGFCRRTQRTKCVGEQPVTQNUCPFVJGTGHQTGHQTUKORNKEKV[VJGVGZVYKNNPQVKPFKECVGHQTGCEJUVWF[VJCVUWDLGEVUYGTGCNUQGZRQUGFWPFGTUKOKNCTEQPFKVKQPUVQHKNVGTGFCKT(#=TGRQTVGFCVRRO1 ? 



### 6JG1\QPG%QPEGPVTCVKQP4GURQPUG4GNCVKQPUJKR#V4GUV'ZRQUWTGU 0QPGYUVWFKGUGZCOKPKPIVJGCEWVGGHHGEVUQHCUKPINGGZRQUWTGVQ1 EQPEGPVTCVKQPUDGNQYRROKPTGUVKPIJWOCPUJCXGDGGPRWDNKUJGFUKPEGVJG75 

### 'PXKTQPOGPVCN2TQVGEVKQP#IGPE['2#ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[5GXGPUVWFKGU;QWPIGVCN$CVGUGVCN5KNXGTOCPGVCN(QNKPUDGGGVCN*QTXCVJGVCN-CICYCCPF6UWTW-ÌPKIGVCNGZCOKPKPIJCVTGUVGZRQUWTGUYGTGFKUEWUUGFKPVJG'2#ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[KPXQNXKPIJGCNVJ[UWDLGEVUOCNGUHGOCNGUGZRQUGFVQ1 EQPEGPVTCVKQPUTCPIKPIHTQOVQRRO6JGNQYGUVEQPEGPVTCVKQPCVYJKEJ 

### UKIPKHKECPVTGFWEVKQPUKP(8%CPF('8 YGTGTGRQTVGFYCURRO(QNKPUDGGGVCN 

### *QTXCVJGVCN4GRQTVUQHKPETGCUGUKP4 CTGKPEQPUKUVGPVKPTGUVKPIJWOCPUWDLGEVU

CY

### GZRQUGFVQ1 EQPEGPVTCVKQPUDGNQYRRO

### 'ZRQUWTGYKVJ'ZGTEKUG $CVGUGVCNCPF*C\WEJCGVCNYGTGVJGHKTUVKPXGUVKICVQTUVQGZCOKPGVJGGHHGEVQPRWNOQPCT[HWPEVKQPTGURQPUGUQHKPETGCUKPIXGPVKNCVKQPXKCGZGTEKUGFWTKPI1 KPJCNCVKQP6JG+'RTQVQEQNWUGFEQPUKUVGFQHVJGUWDLGEVUCNVGTPCVKPI 

### TGUVCPFNKIJVGZGTEKUGQPCE[ENGGTIQOGVGTCVCTCVGUWHHKEKGPVVQFQWDNGTGUVKPIHQTOKP '

### FWTKPICRGTKQFQHJ*C\WEJCGVCNQDUGTXGFUKIPKHKECPVFGETGCUGUKPHQTEGFGZRKTCVQT[GPFRQKPVUCVRRO1 RCPFRRO1 RYKVJUWDLGEVUGZRQUGFVQRRO  

### JCXKPIVJGITGCVGUVFGETGOGPVU#HVGTGZRQUWTGUCNNUWDLGEVUEQORNCKPGFVQXCT[KPIFGITGGUQHUWDUVGTPCNUQTGPGUUEJGUVVKIJVPGUUCPFEQWIJ6JGKORQTVCPVHKPFKPIUHTQOVJGUGGCTN[UVWFKGUYGTGVJCVVJGGZGTEKUGKPFWEGFKPETGCUGKPCEEGPVWCVGFVJGQDUGTXGFRWNOQPCT[ '

### TGURQPUGCVCP[IKXGP1 EQPEGPVTCVKQPCPFNQYGTGFVJGOKPKOWO1 EQPEGPVTCVKQPCVYJKEJ  

### UKIPKHKECPVRWNOQPCT[TGURQPUGUYGTGQDUGTXGF5WDUGSWGPVN[VJGKPVGTCEVKQPDGVYGGP1 EQPEGPVTCVKQPCPFYCUGZCOKPGFD[WUKPIUKOKNCT+'RTQVQEQNUKPYJKEJDQVJ

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###  8

6CDNG%QPVTQNNGF'ZRQUWTGQH*GCNVJ[*WOCP5WDLGEVUVQ1\QPGC1\QPG%QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP CPF#EVKXKV['ZRQUWTG%QPFKVKQPU0WODGTCPF)GPFGT QH5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO*GCNVJ[ #FWNV 5WDLGEVU CV 4GUV J 0#  / (;QWPI JGCNVJ[CFWNVU  VQ [GCTU QNF(8% FGETGCUGF YKVJ  CPF RRO 1 GZRQUWTG EQORCTGFYKVJ (#  PQPUKIPKHKECPV FGETGCUG KP OGCP 81 HQNNQYKPIOCZ RRO 1 EQORCTGF YKVJ (# GZRQUWTG*QTXCVJ GV CN 
 J 0#  / (;QWPI JGCNVJ[CFWNVU  VQ [GCTU QNF&GETGCUG KP ('8  8  CPF 8 YKVJ  RRO 8% 8%1 GZRQUWTG EQORCTGF VQ (#5KNXGTOCP GV CN 
   J 0#  / ;QWPI JGCNVJ[CFWNVU  VQ [GCTU QNF&GETGCUG KP HQTEGF GZRKTCVQT[ XQNWOG CPF HNQY (QNKPUDGG GV CN 
*GCNVJ[ 'ZGTEKUKPI #FWNV 5WDLGEVU J +' ¥  OKPCV 8 ' .OKP6FD  %4*   / ;QWPI JGCNVJ[CFWNVU  VQ [GCTU QNF0Q UKIPKHKECPV EJCPIGU KP RWNOQPCT[ HWPEVKQP OGCUWTGOGPVU .KPP GV CN 
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5&[GCTU QNF(8% ('8  ('(  5)  +% CPF 6.% CNN FGETGCUGF YKVJ  CY KPETGCUKPI 1 EQPEGPVTCVKQP CPF 
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 J EQORGVKVKXGUKOWNCVKQPGZRQUWTGU CVOGCP 8 ' .OKP6FD   VQ%4*   VQ  /  JKIJN[ VTCKPGFEQORGVKVKXGE[ENKUVU  VQ [GCTU QNF&GETGCUG KP (8% CPF ('8 HQT  CPF RRO 1 GZRQUWTG EQORCTGF YKVJ (# GZRQUWTG FGETGCUG KP GZGTEKUG VKOG HQTUWDLGEVU WPCDNG VQ EQORNGVG VJG EQORGVKVKXG UKOWNCVKQP CV  CPF RRO 1  TGURGEVKXGN[5EJGNGING CPF #FCOU 
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### 1 EQPEGPVTCVKQPCPFNGXGNQHYGTGXCTKGF

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### 

### 6CDNGEQPV	F%QPVTQNNGF'ZRQUWTGQH*GCNVJ[*WOCP5WDLGEVUVQ1\QPGC1\QPG%QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP CPF#EVKXKV['ZRQUWTG%QPFKVKQPU0WODGTCPF)GPFGT QH5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO*GCNVJ[ 'ZGTEKUKPI #FWNV 5WDLGEVU 
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D ¥  J +' ¥  OKPVTGCFOKNNGZGTEKUG=8 ' .OKPO$5#?6FD  %4*   / ;QWPI JGCNVJ[CFWNVU  VQ [GCTU QNF1 EQPEGPVTCVKQP CPF CIG RTGFKEVGF ('8 FGETGOGPVU KV YCU EQPENWFGF VJCV CIG KU C UKIPKHKECPV RTGFKEVQT QH TGURQPUGQNFGT UWDLGEVU DGKPI NGUU TGURQPUKXG VQ 1 /E&QPPGNN GV CN 
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 J %'OGCP 8 ' .OKP6FD  %  / (*KIJN[ VTCKPGFEQORGVKVKXGE[ENKUVU  VQ [GCTU QNF&GETGCUG KP 8  81  8  YQTM NQCF TKFG VKOG'OCZ OCZ 6OCZ(8% CPF ('8 YKVJ  RRO 1 GZRQUWTG FWTKPI OCZKOCN GZGTEKUG EQPFKVKQPU DWV PQV UKIPKHKECPV YKVJ RRO 1 GZRQUWTG CU EQORCTGF VQ (# GZRQUWTG)QPI GV CN 


### 6CDNGEQPV	F%QPVTQNNGF'ZRQUWTGQH*GCNVJ[*WOCP5WDLGEVUVQ1\QPGC1\QPG%QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP CPF#EVKXKV['ZRQUWTG%QPFKVKQPU0WODGTCPF)GPFGT QH 5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO*GCNVJ[ 'ZGTEKUKPI #FWNV 5WDLGEVU 
EQPV	F J %' 
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5& [GCTU QNF5OCNN FGETGOGPVU KP ('8 CV  RRO YKVJ NCTIGT FGETGOGPVU CV RRO 1 #XQN GV CN 
   J +' ¥  OKPE[ENG GTIQOGVT[ QTVTGCFOKNN TWPPKPI= 8   .OKP?'6FD  %4*   / ( 
(#GZRQUWTG / ( 
1GZRQUWTG#FWNV JGCNVJ[05  VQ [GCTUQNF&GETGCUG KP (8% ('8  8  CPF 54 CPF KPETGCUG KP H YKVJ 1 GZRQUWTG 6 CY EQORCTGF YKVJ (# VQVCN EGNN EQWPV CPF .&* KPETGCUGF KP KUQNCVGF NGHVOCKP DTQPEJWU NCXCIG CPF KPHNCOOCVQT[ EGNN KPHNWZ QEEWTTGF YKVJ 1GZRQUWTG EQORCTGF VQ (# GZRQUWTG#TKU GV CN 
C VQ  OKP %'E[ENG GTIQOGVT[8   QT' .OKP6FD   VQ %4*   VQ  / #GTQDKECNN[ HKV VQ  [GCTU QNF1 GHHGEVKXG FQUG YCU UKIPKHKECPVN[ TGNCVGF VQ RWNOQPCT[ HWPEVKQPFGETGOGPVU CPF GZGTEKUG XGPVKNCVQT[ RCVVGTP EJCPIGU OWNVKRNG TGITGUUKQPCPCN[UKU UJQYGF VJCV 1 EQPEGPVTCVKQP CEEQWPVGF HQT VJG OCLQTKV[ QH VJGRWNOQPCT[ HWPEVKQP XCTKCPEG#FCOU GV CN 
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OGCP8   .OKP'6FD   VQ %4*   VQ  / 9GNNVTCKPGFFKUVCPEG TWPPGTU VQ  [GCTUQNF&GETGCUG KP (8% ('8  CPF ('( YKVJ  CPF  RRO 1 GZRQUWTG EQORCTGF YKVJ (# 8 FGETGCUGF CPF H KPETGCUGF YKVJ 6EQPVKPWQWU OKP 1 GZRQUWTGU VJTGG UWDLGEVU WPCDNG VQ EQORNGVGEQPVKPWQWU CPF EQORGVKVKXG RTQVQEQNU CV  RRO 1 #FCOU CPF 5EJGNGING 
   J %' 
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   J %' E[ENGGTIQOGVT[OGCP 8 ' .OKP6FD  %4*   / (*KIJN[ HKVGPFWTCPEGE[ENKUVU  VQ [GCTU QNF0Q UKIPKHKECPV FKHHGTGPEGU KP VJG GHHGEVU QH CNDWVGTQN QP OGVCDQNKE FCVCRWNOQPCT[ HWPEVKQP CKTYC[ TGCEVKXKV[ CPF GZGTEKUG RGTHQTOCPEG XURNCEGDQ FGETGCUG KP 8 FWTKPI 1 EQPFKVKQPU'OCZ )QPI GV CN 
   J %'OGCP 8 ' .OKP6FD  %4*   / (#EVKXGPQPCVJNGVGU(8% ('8  CPF /88 CNN FGETGCUGF YKVJ  RRO 1 GZRQUWTG EQORCTGF YKVJ (#(QNKPUDGG GV CN 
   J %'E[ENG GTIQOGVGT8 ' .OKPO $5#0#  / (;QWPI JGCNVJ[05  VQ [GCTU QNF FGETGCUG KP ('8  5KIPKHKECPV GNGXCVKQP QH UWDUVCPEG 2 CPF GRK2)( KP UGIOGPVCN CKTYC[ YCUJKPI DWV PQV DTQPEJQCNXGQNCT NCXCIG HNWKF*C\DWP GV CN 


### 6CDNGEQPV	F%QPVTQNNGF'ZRQUWTGQH*GCNVJ[*WOCP5WDLGEVUVQ1\QPGC1\QPG%QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP CPF#EVKXKV['ZRQUWTG%QPFKVKQPU0WODGTCPF)GPFGT QH5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO*GCNVJ[ 'ZGTEKUKPI #FWNV 5WDLGEVU 
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   J %' E[ENGGTIQOGVT[ 
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OGCP8   .OKP'6FD   VQ%4*   VQ  / /QFGTCVGN[ HKV[QWPI JGCNVJ[CFWNVU  VQ [GCTU QNF5KIPKHKECPV FGETGCUGU KP (8% CPF ('8 YKVJ 1 GZRQUWTG EQORCTGF VQ (# GZRQUWTG (8% CPF ('8 FGETGCUGU YKVJ 1 GZRQUWTG YGTG CVVGPWCVGF UKIPKHKECPVN[ YKVJ KPFQOGVJCEKP EQORCTGF VQ PQ FTWI CPFRNCEGDQ 54 KPETGCUGU YGTG PQV CHHGEVGF D[ KPFQOGVJCEKPCY5EJGNGING GV CN 
 J +' E[ENGGTIQOGVT[ 
 8 ' ¥ TGUV / (;QWPI JGCNVJ[CFWNVU  VQ [GCTU QNF&GETGCUG KP (8% YKVJ  RRO CPF ('8 YKVJ  CPF  RRO 1 EQORCTGF VQ (# FGETGCUG KP 8 YKVJ  CPF  RRO CPF 88% 8%YKVJ   CPF  RRO 1 GZRQUWTG EQORCTGF VQ (#5KNXGTOCP GV CN 
   J +' VTGCFOKNNGZGTEKUG 
 8 ' VQ  .OKP6FD  %4*   / ;QWPI JGCNVJ[05  VQ [GCTU QNF&GETGCUGU KP (8% ('8  8  CPF 6.% CPF KPETGCUGU KP 54 CPF H YKVJ 6 CY1 GZRQUWTG EQORCTGF YKVJ (# #VTQRKPG RTGVTGCVOGPV CDQNKUJGF 1 KPFWEGF KPETGCUG KP 54 CPF CVVGPWCVGF ('8 CPF ('( TGURQPUGCY  $GEMGVV GV CN 
   J %'VTGCFOKNN GZGTEKUG8 ' .OKPO $5#0#  / ;QWPI JGCNVJ[058 HGNN D[  CPF 1 WRVCMG GHHKEKGPE[ KP VJG NQYGT TGURKTCVQT[ VTCEV6 HGNN D[  FWTKPI 1 GZRQUWTG)GTTKV[ GV CN 
   J +' ¥  OKP JGCX[VTGCFOKNN GZGTEKUG=8 ' .OKPO $5#?0#  / ;QWPI JGCNVJ[05  VQ [GCTU QNF0Q EQTTGNCVKQP DGVYGGP RWNOQPCT[ HWPEVKQP CPF KPHNCOOCVQT[ GPFRQKPVUOGCUWTGF KP $#. HNWKF QDVCKPGF  J CHVGT GZRQUWTG KPETGCUG KPRGTEGPVCIG QH 2/0U VQVCN RTQVGKP CNDWOKP +I) CPF PGWVTQRJKNGNCUVCUG FGETGCUG KP RGTEGPVCIG QH OCETQRJCIGU YKVJ 1 GZRQUWTGEQORCTGF VQ (# GZRQUWTG-QTGP GV CN 
C

### 6CDNGEQPV	F%QPVTQNNGF'ZRQUWTGQH*GCNVJ[*WOCP5WDLGEVUVQ1\QPGC1\QPG%QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP CPF#EVKXKV['ZRQUWTG%QPFKVKQPU0WODGTCPF)GPFGT QH 5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO*GCNVJ[ 'ZGTEKUKPI #FWNV 5WDLGEVU 
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   J %'VTGCFOKNN GZGTEKUG8 ' .OKPO $5#6FD  %4*   / ;QWPI JGCNVJ[05  VQ [GCTU QNF5KIPKHKECPV FGETGCUGU KP (8% ('8  ('8 (8% CPF ('(  6JG  JCNHYKFVJ QH CP GZRKTGF CGTQUQN DQNWU YCU UKIPKHKECPVN[ KPETGCUGF UWIIGUVKPICP Q\QPGKPFWEGF EJCPIG KP UOCNN CKTYC[ HWPEVKQP-GGHG GV CN 
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   J +' ¥  OKPVTGCFOKNN GZGTEKUG8   .OKP'6FD  %4*   / *GCNVJ[[QWPI CFWNVU VQ  [GCTU QNF&GETGCUG KP 8% 8  CPF OCZKOCN VTCPURWNOQPCT[ RTGUUWTG CPF KPETGCUG6KP 54 CPF H YKVJ 1 GZRQUWTG EQORCTGF VQ (# GZRQUWTG NKFQECKPG KPJCNCVKQPCY RCTVKCNN[ TGXGTUGF VJG FGETGCUG KP 8%*C\WEJC GV CN 
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###  8

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5KNXGTOCPGVCNCPF(QNKPUDGGGVCNGZRQUGFCITQWRQHOCNGUCPFHGOCNGUVQQTRROHQTJYJKNGTGUVKPIQTGZGTEKUKPIKPVGTOKVVGPVN[6JG+'RTQVQEQNWUGFCNVGTPCVGFOKPQHTGUVYKVJOKPQHGZGTEKUGUWHHKEKGPVVQKPETGCUGVJG'

### XCNWGCVTGUVD[CHCEVQTQH6JGUWDOCZKOCNGZGTEKUGTGURQPUGUQHVJGUWDLGEVUYGTGVGUVGFRQUVGZRQUWTGWUKPICVJTGGUVCIGE[ENGGTIQOGVGTVGUVYKVJNQCFUCFLWUVGFVQCPFQHOCZKOWOQZ[IGPWRVCMG 1 (QNKPUDGGGVCN2WNOQPCT[HWPEVKQPTGURQPUGU OCZ

### YGTGTGNCVGFVQVJGVQVCNKPJCNGFFQUGQTVJGGHHGEVKXGFQUGQH1 ECNEWNCVGFCUVJGRTQFWEVQH 

### %¥6¥0GKVJGTUWDOCZKOCNGZGTEKUGQZ[IGPWRVCMG 1 PQTYGTGCHHGEVGF '  '

### UKIPKHKECPVN[D[CP[NGXGNQH1 GZRQUWTGJQYGXGTCUKIPKHKECPVKPETGCUGKPTGURKTCVQT[ 

### HTGSWGPE[HCPFCUKIPKHKECPVFGETGCUGKPVKFCNXQNWOG8 CVVJG1 YQTMNQCFYGTG 6 OCZ

### QDUGTXGF6JGTGNCVKQPUJKRDGVYGGPVJGGHHGEVKXGFQUGQH1 CPFVJGOGCPRGTEGPVEJCPIGKP 

### UGNGEVGFOGCUWTGUQHNWPIHWPEVKQPYCUCPCN[\GFWUKPINKPGCTTGITGUUKQP(QTEGFXKVCNECRCEKV[OCZKOWOGZRKTCVQT[HNQYCVCPFQH(8% CPF OCZ OCZ

### TGURGEVKXGN[CPF('8 YGTGHQWPFVQJCXGCUKIPKHKECPVNKPGCTEQTTGNCVKQPYKVJVJGGHHGEVKXG 

### FQUG6JGFGUETKRVKQPQHVJGTGNCVKQPUJKRDGVYGGP1 RWNOQPCT[HWPEVKQPFGETGOGPVUCPF 

### GHHGEVKXGFQUGYCUCRRCTGPVN[KORTQXGFD[VJGWUGQHCUGEQPFQTFGTRQN[PQOKCNOQFGNKPYJKEJGHHGEVKXGFQUGYCUWUGFCUVJGKPFGRGPFGPVXCTKCDNG#NVJQWIJVJGKPXGUVKICVKQPUQH5KNXGTOCPGVCNCPFQVJGTU$CVGUGVCN*CEMPG[GVCN*C\WEJCGVCNENGCTN[FGOQPUVTCVGVJGRQVGPVKCVKPIGHHGEVUQHGZGTEKUGQP1 TGURQPUGUVJGNGXGNQHGZGTEKUGWUGFKPVJGUGUVWFKGUYCUNQYTGSWKTKPI 

### KPETGCUGUKPQHQPN[VQVKOGUTGUVKPICNGXGNQHGZGTEKUGNQYGTVJCPVJCVQHCUWDLGEV '

### YCNMKPICVMOJ&G.WEKCCPF#FCOU+PQTFGTVQCFFTGUUVJKUEQPEGTP&G.WEKCCPF#FCOUGZRQUGFUKZJGCNVJ[PQPUOQMKPIOCNGUWDLGEVUQPUGRCTCVGQEECUKQPUVQ(#CPFCPFRRO1 HQTJYJKNGCVTGUVCPFYJKNGGZGTEKUKPIEQPVKPWQWUN[CV 

### YQTMNQCFUVJCVTGSWKTGFCPFQHVJGUWDLGEVU	1 6JG[QDUGTXGFCUKIPKHKECPV OCZ

### VKOGFGRGPFGPVKPETGCUGKPHFWTKPIVJG1 RRO1 GZRQUWTGCPFKOOGFKCVGN[ OCZ 

### HQNNQYKPIVJKUUCOGGZRQUWTGVJGTGYCUCUKIPKHKECPVFGETGCUGKP('8 CPFHQTEGFGZRKTCVQT[ 

### HNQYCVVQQH(8%('( 

### 6JGUGKPKVKCNUVWFKGUYJKEJENGCTN[FGOQPUVTCVGFVJGRQVGPVKCVKPIGHHGEVUQHGZGTEKUGQPJWOCPTGURQPUGUVQCEWVG1 GZRQUWTGRTQXKFGFVJGKORGVWUHQTCUGTKGUQHUVWFKGU#FCOU 

### GVCN(QNKPUDGGGVCN/E&QPPGNNGVCN-WNNGGVCN.KPPGVCNFGUKIPGFVQFGHKPGOQTGRTGEKUGN[1 GZRQUWTGTGURQPUGTGNCVKQPUJKRU6JGUG 

### KPXGUVKICVKQPUWVKNK\GFDQVJ+'(QNKPUDGGGVCN/E&QPPGNNGVCNCPF%'#FCOUGVCNQHXCT[KPIKPVGPUKV[(QNKPUDGGGVCNGZRQUGFHQWTITQWRUQHUWDLGEVUGCEJVQ(#CPFRRO1 HQTJ1PGITQWRYCUGZRQUGFYJKNGCVTGUVCPFVJG 

### QVJGTVJTGGITQWRUYGTGGZRQUGFYJKNGRGTHQTOKPI+'CVNGXGNUTGSWKTKPICXGPVKNCVKQPQHQT.OKP6JGUGEQODKPCVKQPUQHXGPVKNCVKQPCPF1 EQPEGPVTCVKQP%¥6¥ '

### TGUWNVGFKPCTCPIGQHVQVCNKPJCNGFGHHGEVKXGFQUGQHVQOI1 #FCOUGVCN 

### GZRQUGFGKIJVVTCKPGFOCNGUWDLGEVUVQ(#CPFRRO1 YJKNGVJG[GZGTEKUGF 

### EQPVKPWQWUN[CVVYQFKHHGTGPVYQTMNQCFUCPFQH1 HQTFWTCVKQPUTCPIKPIHTQO OCZ

### VQOKP'CEJUWDLGEVEQORNGVGFCNNRTQVQEQNUYKVJCVNGCUVFC[UDGVYGGPGCEJ6JGHKPFKPIUHTQOVJGUGVYQUVWFKGUEQPHKTOGFVJCVUKIPKHKECPVRWNOQPCT[TGURQPUGUQEEWTTGFCVRROYJGPUWDLGEVUGZGTEKUGFCVOQFGTCVGN[JGCX[YQTMNQCFU+VYCUHWTVJGTFGOQPUVTCVGFD[OWNVKRNGTGITGUUKQPCPCN[UKUVJCVVJG1 GHHGEVKXGFQUGYCUCDGVVGTRTGFKEVQTQHTGURQPUGVJCP 

### 1 EQPEGPVTCVKQPQTFWTCVKQPQHGZRQUWTGCNQPG/WNVKRNGTGITGUUKQPCPCN[UKUCNUQ

 '

### TGXGCNGFVJCVVJGOCLQTKV[QHXCTKCPEGHQTRWNOQPCT[HWPEVKQPTGURQPUGUYCUCEEQWPVGFHQTD[

###  8

 8

 8

 8

 8

1 EQPEGPVTCVKQPHQNNQYGFD[+PVJG#FCOUGVCNUVWF[KPYJKEJDQVJYQTMNQCF

 '

### CPFFWTCVKQPQHGZRQUWTGYGTGXCTKGFFWTCVKQPQHGZRQUWTGYCUQDUGTXGFVQDGVJGRQQTGUVRTGFKEVQTQHTGURQPUGHQTCNNRCTCOGVGTUCPCN[\GF*QYGXGTVJGOKPQTKORCEVQHEJCPIGUKPGZRQUWTGFWTCVKQPEQWNFJCXGDGGPCPCTVKHCEVQHVJGNKOKVGFEQODKPCVKQPUQHXGPVKNCVKQPCPFFWTCVKQPUQHGZRQUWTGWUGFD[VJGUGKPXGUVKICVQTU/E&QPPGNNGVCNEQPFWEVGFCUVWF[YKVJVJGRTKOCT[RWTRQUGQHFKUEGTPKPIVJGNQYGUVEQPEGPVTCVKQPQH1 CVYJKEJITQWROGCPFGETGOGPVUKPRWNOQPCT[HWPEVKQPQEEWTKP 

### JGCXKN[GZGTEKUKPIJGCNVJ[OGP+PQTFGTVQFGVGTOKPGCEQPEGPVTCVKQPTGURQPUGTGNCVKQPUJKRUKZITQWRUQHUWDLGEVUPVQYGTGGZRQUGFVQGKVJGTCP(#EQPVTQNQTQPGQHHKXG1 EQPEGPVTCVKQPUQTRROCVCQH.OKPCPFGZRQUWTG

 '

### FWTCVKQPQHJOKPTGUVOKPGZGTEKUG6JGUGKPXGUVKICVQTUQDUGTXGFUOCNNUKIPKHKECPVEJCPIGUKP(8%('8 ('( CPFEQWIJCVRRO1 CPFEQPEGPVTCVKQP   

### FGRGPFGPVTGURQPUGUKPCNNXCTKCDNGUOGCUWTGF(8%('8 ('( URGEKHKECKTYC[  

### TGUKUVCPEG=54 ?H8 CPFUWDLGEVKXGU[ORVQOUCV1 EQPEGPVTCVKQPURROCY 6 

### -WNNGGVCNCNUQEQPFWEVGFCUKOKNCTUVWF[QPJGCNVJ[PQPUOQMKPIOGPRGTHQTOKPI+'CVCQH.OKPHQTCPGZRQUWTGFWTCVKQPQHJOKPTGUVOKP '

### GZGTEKUG6YGPV[UWDLGEVUYGTGGZRQUGFVQCP(#EQPVTQNQTQPGQHHQWT1 EQPEGPVTCVKQPU 

### QTRRO6JGUGKPXGUVKICVQTUQDUGTXGFCUKIPKHKECPV%¥6KPVGTCEVKQPCVRRO1 HQT(8%('8 ('( CPFKPCNNXCTKCDNGUOGCUWTGF(8%('8 ('(     

### 54 H8 CPFUWDLGEVKXGU[ORVQOUCV1 EQPEGPVTCVKQPUITGCVGTVJCPRRO  CY 6 

### .KPPGVCNGZRQUGFJGCNVJ[YGNNEQPFKVKQPGFOCNGUWDLGEVUVQ[GCTUQHCIGHQTJVQQTRRO1 WUKPICP+'RTQVQEQN 

### OKPTGUVOKPGZGTEKUG.OKPEQODKPGFYKVJCPCODKGPVJGCVUVTGUU% '

### CPFTGNCVKXGJWOKFKV[=4*?6JG[QDUGTXGFPQUVCVKUVKECNN[UKIPKHKECPVEJCPIGUKPHQTEGFGZRKTCVQT[GPFRQKPVUCPFU[ORVQOUCHVGTGZRQUWTGVQ1 EQPEGPVTCVKQPUHTQOVQ 

### RRO6JGUGCWVJQTUQDUGTXGFCUOCNNDWVUKIPKHKECPVRTGFWEVKQPKP('8 YJKEJYCUPQVCUUQEKCVGFYKVJU[ORVQOUQHTGURKTCVQT[FKUEQOHQTVHQNNQYKPIVJGJ 

### RRO1 GZRQUWTG

### /QTGTGEGPVN[5GCNGVCNGZCOKPGFYJGVJGTIGPFGTQTTCEGFKHHGTGPEGUGZKUVKPTGURQPUKXGPGUUVQ1 6JGCWVJQTUGZRQUGFYJKVGCPFDNCEMOCNGUCPFHGOCNGU 

### PKPGCEJIGPFGTTCEGITQWRQPEGHQTJVQQTRRO1 WUKPICP+'RTQVQEQNOKPTGUVOKPGZGTEKUG.OKPO DQF[  ' 

### UWTHCEGCTGC=$5#?5VCVKUVKECNCPCN[UKUPQPRCTCOGVTKEVYQHCEVQTCPCN[UKUQHXCTKCPEGQHVJGRGTEGPVEJCPIGUHTQODCUGNKPGHQT('8 54 CPFEQWIJTGURQPUGUFGOQPUVTCVGFPQ  CY

### UKIPKHKECPVFKHHGTGPEGUKPTGURQPUKXGPGUUVQ1 DGVYGGPVJGIGPFGTTCEGITQWRUUVWFKGF

### %JCPIGUKP('8 54 CPFEQWIJYGTGHKTUVPQVGFCVCPFRRO1   CY 

### TGURGEVKXGN[HQTVJGITQWRCUCYJQNG+VKUFKHHKEWNVVQEQORCTGVJGTGUWNVUHTQOVJKUUVWF[YKVJQVJGTUVWFKGUVJCVJCXGGZCOKPGFVJG1 EQPEGPVTCVKQPTGURQPUGTGNCVKQPUJKRKPJGCNVJ[ 

### CFWNVOCNGUDGECWUGVJGCWVJQTUFKFPQVRTGUGPVCUGRCTCVGCPCN[UKUQHOCNGTGURQPUGU(QTHWTVJGTGXCNWCVKQPQHVJGKPHNWGPEGQHIGPFGTCPFTCEGQP1 TGURQPUKXGPGUUUGG 

### 5GEVKQP6JGQDUGTXCVKQPQHUKIPKHKECPVFGETGOGPVUKPRWNOQPCT[HWPEVKQPKPJGCXKN[GZGTEKUKPIJGCNVJ[UWDLGEVUCV1 EQPEGPVTCVKQPUQHRROCPFNQYGTJCUDGGPEQPHKTOGFD[ 

### PWOGTQWUKPXGUVKICVQTU#FCOUCPF5EJGNGING#XQNGVCN(QNKPUDGGGVCN)QPIGVCNYJQWVKNK\GFJEQPVKPWQWUJGCX[GZGTEKUGGZRQUWTGRTQVQEQNU#FCOUCPF5EJGNGINGCPF(QNKPUDGGGVCNQDUGTXGFUKIPKHKECPVFGETGOGPVUKP(8%CPF('8 

###  8

 8

 8  8

 8

KPYGNNVTCKPGFUWDLGEVUGZRQUGFVQRRO1 YJKNGGZGTEKUKPIYKVJCQHCRRTQZKOCVGN[  '

### .OKP#XQNGVCNQDUGTXGFUOCNNDWVUKIPKHKECPVFGETGOGPVUKP(8%CPF('8 KPC 

### ITQWRQHEQORGVKVKXGE[ENKUVUOCNGUHGOCNGUGZRQUGFVQRRO1 YJKNG 

### GZGTEKUKPIYKVJCQH.OKPKPEQODKPCVKQPYKVJCFFGFJGCVUVTGUU%5KOKNCTN[ '

### )QPIGVCNQDUGTXGFOQFGUVDWVUKIPKHKECPVFGETGOGPVUKP(8%CPF('8 KPCITQWRQH 

### VQRECNKDGTGPFWTCPEGE[ENKUVUGZRQUGFVQRRO1 YJKNGGZGTEKUKPICVCRRTQZKOCVGN[ 

### QHVJGKT1 OGCP.OKPYKVJCPCFFGFJGCVUVTGUU%+PCFFKVKQPVQ OCZ '

### VJGCDQXGUVWFKGUVJCVWUGFEQPVKPWQWUGZGTEKUG5EJGNGINGCPF#FCOUQDUGTXGFUKIPKHKECPVTGFWEVKQPUKP(8%CPF('8 CPFKPETGCUGFU[ORVQOUQHTGURKTCVQT[FKUEQOHQTV 

### HQNNQYKPIGZRQUWTGVQDWVPQVRRO1 KPCITQWRQHEQORGVKVKXGGPFWTCPEGCVJNGVGU 

### GZRQUGFYJKNGRGTHQTOKPICEQORGVKVKXGUKOWNCVKQPEQPUKUVKPIQHCOKPYCTOWRHQNNQYGFD[COKPEQORGVKVKXGDQWVOGCPQXGTGPVKTGRTQVQEQN.OKP '

### 6JGUVWFKGUTGXKGYGFCDQXGFGOQPUVTCVGVJCVKPJGCNVJ[[QWPICFWNVURGTHQTOKPIOQFGTCVGVQUGXGTG+'CPF%'QHVQJFWTCVKQPCP1 EQPEGPVTCVKQPQHVQRROKU 

### TGSWKTGFVQGNKEKVUVCVKUVKECNN[UKIPKHKECPVFGETGOGPVUKPRWNOQPCT[HWPEVKQPCPFUWDLGEVKXGTGURKTCVQT[U[ORVQOU4GVTQURGEVKXGCPCN[UKUD[*C\WEJCEQPHKTOGFVJGRTGXKQWUN[TGRQTVGF#FCOUGVCN(QNKPUDGGGVCNFQOKPCPVTQNGVJCV1 EQPEGPVTCVKQPRNC[UKP 

### FGVGTOKPKPI1 KPFWEGFTGURQPUGU*C\WEJCCPCN[\GFFCVCHTQOUVWFKGUVJCVWVKNK\GF+' 

### RTQVQEQNUQHJKPFWTCVKQP9JKNGEQPVTQNNKPIHQTXGPVKNCVKQPVJKUKPXGUVKICVQTHQWPFVJCVVJGFCVCDGUVHKVCOQFGNVJCVYCUCSWCFTCVKEHWPEVKQPQH1 EQPEGPVTCVKQP$CUGFQPVJKUCPCN[UKU 

### *C\WEJCCNUQEQPENWFGFVJCVCP1 EQPEGPVTCVKQPDGNQYYJKEJPQRWNOQPCT[HWPEVKQP 

### TGURQPUGYQWNFDGGNKEKVGFEQWNFPQVDGFGHKPGF6JGUVWFKGUTGXKGYGFKPVJKUUWDUGEVKQPWUGFFKHHGTGPVRCVVGTPUKG%'QT+'QHGZGTEKUGFWTKPIVJGKTGZRQUWTGRTQVQEQNU#PKORQTVCPVSWGUVKQPVQCUMKUVQYJCVGZVGPVCTGVJGTGUWNVUQHVJGUGUVWFKGUEQORCTCDNGYJGPVQVCNKPJCNGFFQUGUCTGVJGUCOGDWVGZGTEKUGRCVVGTPFKHHGTU#TGEGPVUVWF[D[/E-KVVTKEMCPF#FCOUCFFTGUUGUVJKUSWGUVKQP6JGUGKPXGUVKICVQTUGZRQUGFCGTQDKECNN[VTCKPGFOGPVQRRO1 VJTGGRTQVQEQNUCPF 

### (#VJTGGRTQVQEQNUQPUKZQEECUKQPU6JGUGRTQVQEQNUEQPUKUVGFQHCJ%'1 CPF(#CPF 

### VYQJ+'¥1 CPF¥(#RTQVQEQNUFGNKXGTGFKPTCPFQOUGSWGPEGUGRCTCVGFD[C 

### OKPKOWOQHFC[U.WPIHWPEVKQP('8 FGETGOGPVUQHCPFYGTGQDVCKPGF 

### HQTVJGJ%'CPFVJGVYQJ+'RRO1 RTQVQEQNUTGURGEVKXGN[6JGUGXCNWGUYGTG 

### UKIPKHKECPVN[FKHHGTGPVHTQOVJG(#XCNWGUDWVYGTGPQVUKIPKHKECPVN[FKHHGTGPVHTQOGCEJQVJGT6JG1 %'RTQVQEQNUTGUWNVGFKPITGCVGTRQUVGZRQUWTGXCNWGUHQTUWDLGEVKXGU[ORVQOUVJCP 

### QDVCKPGFYKVJGKVJGTQHVJG1 +'RTQVQEQNU*QYGXGTVJGQXGTCNNU[ORVQOUGXGTKV[FWTKPIVJG 

### NCUVOKPWVGQHGZGTEKUGHQTVJGVYQ+'RTQVQEQNUYCUPQVUKIPKHKECPVN[FKHHGTGPVHTQOVJG%'RQUVGZRQUWTGXCNWG/E-KVVTKEMCPF#FCOUEQPENWFGFVJCVYJGPVJGVQVCNKPJCNGFFQUGQH1 KUGSWKXCNGPVCVCIKXGP1 EQPEGPVTCVKQPVJGTGKUPQFKHHGTGPEGDGVYGGPRWNOQPCT[  

### HWPEVKQPTGURQPUGUKPFWEGFD[%'CPF+'RTQVQEQNUQHJQTNGUUFWTCVKQPCNVJQWIJUWDLGEVKXGU[ORVQOUCTGTGFWEGFUNKIJVN[FWTKPIVJGNCUVTGUVRGTKQFQH+'

###  8

+PVGTUWDLGEV8CTKCDKNKV[+PFKXKFWCN5GPUKVKXKV[CPFVJG#UUQEKCVKQP$GVYGGP4GURQPUGU$CVGUGVCNPQVGFVJCVXCTKCVKQPKPUGPUKVKXKV[CPFTGURQPUGYCUGXKFGPVHQTXCTKQWUU[ORVQOUCPFRWNOQPCT[HWPEVKQPUCUUGUUGFHQNNQYKPI1 GZRQUWTG6JKUQDUGTXCVKQP 

### QHNCTIGKPVGTUWDLGEVXCTKCDKNKV[KPTGURQPUGVQ1 CNUQJCUDGGPTGRQTVGFD[PWOGTQWUQVJGT 

### KPXGUVKICVQTU#FCOUGVCN(QNKPUDGGGVCN/E&QPPGNNGVCN-WNNGGVCNCPFKUKNNWUVTCVGFD[FCVCHTQO-WNNGGVCNRNQVVGFKP(KIWTG6JGFGUETKRVKQPQHVJGHCEVQTUVJCVEQPVTKDWVGVQKPVGTUWDLGEVXCTKCDKNKV[KUKORQTVCPVHQTVJGWPFGTUVCPFKPIQHKPFKXKFWCNTGURQPUGUOGEJCPKUOUQHTGURQPUGCPFJGCNVJTKUMUCUUQEKCVGFYKVJCEWVGGZRQUWTGU6JGGHHGEVQHVJKUNCTIGKPVGTUWDLGEVXCTKCDKNKV[QPVJGCDKNKV[VQRTGFKEVKPFKXKFWCNTGURQPUKXGPGUUVQ1 YCUTGEGPVN[FGOQPUVTCVGFD[/E&QPPGNNGVCN6JGUG 

### KPXGUVKICVQTUCPCN[\GFVJGFCVCQHYJKVGOCNGUWDLGEVUVQ[GCTUQHCIGYJQKPJCNGFGKVJGTQTRRO1 HQTJYJKNGRGTHQTOKPICP+'RTQVQEQN 

### .OKPO $5#VQKFGPVKH[RGTUQPCNEJCTCEVGTKUVKEUKGCIGJGKIJVDCUGNKPG ' 

### RWNOQPCT[HWPEVKQPURTGUGPEGQHCNNGTIKGUCPFRCUVUOQMKPIJKUVQT[VJCVOKIJVRTGFKEVKPFKXKFWCNFKHHGTGPEGUKP('8 TGURQPUG1HVJGRGTUQPCNEJCTCEVGTKUVKEUUVWFKGFQPN[CIG 

### EQPVTKDWVGFUKIPKHKECPVN[VQKPVGTUWDLGEVTGURQPUKXGPGUU[QWPIGTUWDLGEVUYGTGOQTGTGURQPUKXGCEEQWPVKPIHQTQHVJGQDUGTXGFXCTKCPEG+PVGTGUVKPIN[1 EQPEGPVTCVKQP 

### CEEQWPVGFHQTQPN[QHVJGXCTKCPEGENGCTN[FGOQPUVTCVKPIVJGKORQTVCPEGQHCU[GVWPFGHKPGFKPFKXKFWCNEJCTCEVGTKUVKEUVJCVFGVGTOKPGTGURQPUKXGPGUUVQ1  

### /E&QPPGNNGVCNDGZCOKPGFVJGTGRTQFWEKDKNKV[QHKPFKXKFWCNTGURQPUGUVQ1 GZRQUWTGKPJGCNVJ[JWOCPUWDLGEVUGZRQUGFVYKEGYKVJHTQOVQFC[UUGRCTCVKPI



### GZRQUWTGUOGCPFC[U6JKUKPXGUVKICVKQPYCUEQPFWEVGFKPQTFGTVQFGVGTOKPGYJGVJGTVJGQDUGTXGFKPVGTUWDLGEVXCTKCDKNKV[KUFWGRTKOCTKN[VQTGCNFKHHGTGPEGUKP1 TGURQPUKXGPGUU 

### COQPIUWDLGEVUQTYJGVJGTKVECPDGCEEQWPVGFHQTD[QVJGTUQWTEGUQHXCTKCDKNKV[6JGCWVJQTUGZCOKPGF(8%('8 ('( 54 EQWIJUJQTVPGUUQHDTGCVJ5$RCKPQPFGGR   CY

### KPURKTCVKQP2&+8 CPFHTGURQPUGUKPFWEGFD[1 GZRQUWTGVQEQPEGPVTCVKQPUTCPIKPIHTQO 6 

### VQRRO4GRTQFWEKDKNKV[YCUCUUGUUGFWUKPIVJGKPVTCENCUUEQTTGNCVKQPEQGHHKEKGPV4YJKEJKPEQTRQTCVGUKPVQCUKPINGOGCUWTGCNNVJGKPHQTOCVKQPEQPVCKPGFKPVJGEQTTGNCVKQPEQGHHKEKGPVUNQRGCPFKPVGTEGRVQDVCKPGFKPNKPGCTTGITGUUKQPCPCN[UKU5KOKNCTVQVJGOQTGTQWVKPGN[WUGFEQTTGNCVKQPEQGHHKEKGPV4KUGSWCNVQQPGYJGPVYQKFGPVKECNOGCUWTGOGPVUQEEWTKPVJGUCOGUWDLGEVCPFVJGYQTUVRQUUKDNGEQGHHKEKGPVKUGSWCNVQ
PYJKEJCRRTQCEJGU\GTQHQTCNCTIGP6JGTCPMKPIQHOQUVVQNGCUVTGRTQFWEKDNGHQTVJGTGURQPUGUUVWFKGFYCU(8%4('8 4('( 4EQWIJ45$  

### 454 42&+4H4CPF8 46JG

CY 6

### XCNWGQH4YCUUKIPKHKECPVN[FKHHGTGPVHTQO\GTQHQT(8%('8 ('( EQWIJ5$CPF  

### 54 /E&QPPGNNGVCNDEQPENWFGFVJCVVJGTGRQTVGFNCTIGKPVGTUWDLGEVXCTKCDKNKV[KP

CY

### OCIPKVWFGQHTGURQPUGYCUFWGVQNCTIGFKHHGTGPEGUKPVJGKPVTKPUKETGURQPUKXGPGUUQHKPFKXKFWCNUWDLGEVUVQ1 GZRQUWTG*QYGXGTVJGHCEVQTUVJCVEQPVTKDWVGVQVJKUNCTIGKPVGTUWDLGEV 

### XCTKCDKNKV[TGOCKPWPFGHKPGF6JGGZCOKPCVKQPQHKPVGTUWDLGEVXCTKCDKNKV[KUEQORNKECVGFD[CRQQTCUUQEKCVKQPDGVYGGPVJGXCTKQWU1 TGURQPUGU+PVJGKTUVWF[KPXGUVKICVKPI1 GZRQUWTGTGURQPUG  

### TGNCVKQPUJKRU/E&QPPGNNGVCNQDUGTXGFXGT[NQYEQTTGNCVKQPDGVYGGPEJCPIGUKP54

CY

### CPF(8%THQTUWDLGEVUGZRQUGFVQ1 EQPEGPVTCVKQPUTCPIKPIHTQOVQ 

### RROHQTJ

# -2 0 2 4 6 8 10 12 14 16 18 20 22

0.10 0.15 0.20 0.25



# Ozone ( ppm )

(KIWTG +PFKXKFWCNEQPEGPVTCVKQPTGURQPUGEWTXGUHQTHKXGUGRCTCVGUWDLGEVUGZRQUGFVQCPFRROQ\QPG1 HQTJYKVJOQFGTCVG 

### KPVGTOKVVGPVGZGTEKUG+NNWUVTCVGUVJGYKFGXCTKCDKNKV[KPTGURQPUKXGPGUUVQ

1 HTQOKPFKXKFWCNVQKPFKXKFWCN



5QWTEG -WNNG GV CN 


### /GEJCPKUOUQH#EWVG2WNOQPCT[4GURQPUGU6JGRWNOQPCT[TGURQPUGUQDUGTXGFFWTKPICPFHQNNQYKPICEWVGGZRQUWTGVQ1 CV 

### EQPEGPVTCVKQPUDGVYGGPCPFRROKPPQTOCNJGCNVJ[JWOCPUWDLGEVUKPENWFGFGETGCUGUKP6.%+%(8%('8 ('( CPF8 CPFKPETGCUGUKP54 HCPFCKTYC[TGURQPUKXGPGUU  6 CY

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

### U[UVGOUQHVJGTGURKTCVQT[VTCEV+PVWTPVJGUGHCEVQTUFGVGTOKPG1 FQUGFKUVTKDWVKQPCPFVJG 

### TGUWNVKPIEGNNWNCTCPFTGHNGZTGURQPUGU$CVGUGVCNQDUGTXGFVJCVVJGOQUVUKIPKHKECPVFGETGOGPVKPRWNOQPCT[HWPEVKQPYCUVJGTGFWEVKQPKPVJGVTCPURWNOQPCT[RTGUUWTGCVOCZKOCNKPURKTCVQT[XQNWOGYKVJQWVCEQPEQOKVCPVFGETGCUGKPUVCVKEEQORNKCPEG6JKUYQWNFUWIIGUVCPKPJKDKVKQPQHOCZKOCNKPURKTCVQT[GHHQTVCHVGT1 GZRQUWTGVJCVOC[TGUWNVKPTGFWEVKQPUKP+%6JGUGCWVJQTU 

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

### 6JGCEWVGKPJCNCVKQPQHCODKGPVEQPEGPVTCVKQPUQH1 D[JGCNVJ[JWOCPUWDLGEVUJCU 

### DGGPUJQYPVQTGUWNVKPCEQPEGPVTCVKQPFGRGPFGPVKPETGCUGKP4 (QNKPUDGGGVCN

CY

### /E&QPPGNNGVCN-WNNGGVCN5GCNGVCN6JKU1 KPFWEGFKPETGCUGKP4  CY

### JCUDGGPUJQYPVQDGRQQTN[EQTTGNCVGFYKVJEJCPIGUKPHQTEGFGZRKTCVQT[GPFRQKPVU/E&QPPGNNGVCN1\QPGKPFWEGFKPETGCUGUKP4 JCXGCTCRKFQPUGV$GEMGVVGVCN

CY

### EQORCTGFYKVJVJGITCFWCNFGXGNQROGPVQHFGETGOGPVUKPHQTEGFGZRKTCVQT[GPFRQKPVU-WNNGGVCN1\QPGKPFWEGFKPETGCUGUKP4 CNUQCRRGCTVQDGITGCVGTKPCVQRKE

CY

### UWDLGEVUCUCITQWR-TGKVGVCN/E&QPPGNNGVCNCNVJQWIJVJKUFQGUPQVCRRGCTVQDGVJGECUGHQT1 KPFWEGFFGETGOGPVUKP(8%CPFU[ORVQOU6CMGPVQIGVJGTVJGUG 

### QDUGTXCVKQPUUWIIGUVVJCVFKHHGTGPVRCVJYC[UNGCFVQ1 KPFWEGFFGETGOGPVUKP+%CPFVQ1   

### KPFWEGFKPETGOGPVUKP4 CY

### +PETGCUGUKP4 KPFWEGFD[1 JCXGDGGPUJQYPVQDGDNQEMGFD[CVTQRKPGUWNHCVG CY 

### RTGVTGCVOGPVKPJWOCPUWDLGEVU$GEMGVVGVCN#FCOU6JKUKPJKDKVKQPUWIIGUVUVJCVVJGTGNGCUGQHCEGV[NEJQNKPGHTQORCTCU[ORCVJGVKERQUVICPINKQPKEHKDGTUVJCVKPPGTXCVGCKTYC[UOQQVJOWUENGRNC[UCTQNGKPVJKUTGURQPUG*QYGXGTVJGQDUGTXCVKQPVJCVCJRRO1 KPJCNCVKQPCNUQTGUWNVUKPCJ[RGTTGURQPUKXGPGUUVQOGVJCEJQNKPGCEJQNKPGTIKECIGPV 

### *QNV\OCPGVCNUWIIGUVUVJGRQUUKDKNKV[VJCVCEWVG1 GZRQUWTGCNUQECPKPETGCUGVJG 

### UGPUKVKXKV[QHCKTYC[UOQQVJOWUENGVQCEGV[NEJQNKPGKPFGRGPFGPVQHCTGHNGZOGEJCPKUOKPXQNXKPIEJQNKPGTIKERQUVICPINKQPKEPGTXGU6JGTQNGVJCVCPKPETGCUGKPCKTYC[UOQQVJOWUENGUGPUKVKXKV[VQVJGGPFQIGPQWUTGNGCUGQHCEGV[NEJQNKPGOKIJVRNC[KP1 KPFWEGF 

### KPETGCUGUKP4 JCUPQVDGGPUVWFKGFCY

###  8

 8

#PCN[UGUD[%QNWEEKJCXGUWIIGUVGFVJCVVJGKPETGCUGKP4 KUPQVCUNCTIGCU

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### YQWNFDGGZRGEVGFYJGP1 GZRQUWTGKUEQODKPGFYKVJOQFGTCVGVQJGCX[GZGTEKUG*QYGXGT 

### VJGQDUGTXCVKQPVJCVEKTEWNCVKPIGRKPGRJTKPGNGXGNUKPETGCUGCUCHWPEVKQPQHVJGTGNCVKXGYQTMNQCFKPGZGTEKUKPIJWOCPUWDLGEVU)CNDQ9CTTGPCPF&CNVQPUWIIGUVUVJCVUVKOWNCVKQPQHCKTYC[UOQQVJOWUENGDGVCCFTGPQTGEGRVQTUOC[EQWPVGTCEVCKTYC[UOQQVJOWUENGEQPVTCEVKQPKPFWEGFD[1 GZRQUWTG6JGQDUGTXCVKQPUD[$GEMGVVGVCNVJCVVJG 

### DGVCCIQPKUVUCDQNKUJ1 KPFWEGFDTQPEJQEQPUVTKEVKQPKUEQPUKUVGPVYKVJVJKURQUUKDKNKV[ 

### #PQVJGTSWGUVKQPVQDGCFFTGUUGFYKVJTGICTFVQ1 KPFWEGFKPETGCUGUKP4 KU  CY

### YJGTGCNQPIVJGCKTYC[EGPVTCNXGTUWURGTKRJGTCNCKTYC[UKUVJGKPETGCUGKPTGUKUVCPEGRTQFWEGF!5VWFKGUQHCEWVGN[CPFUWDEJTQPKECNN[GZRQUGFCPKOCNUJCXGFGOQPUVTCVGFVKUUWGFCOCIGKPVJGEGPVTKCEKPCTTGIKQP%CUVNGOCPGVCN/GNNKEMGVCNCUYGNNCUKPETGCUGUKPRGTKRJGTCNTGUKUVCPEGCPFTGCEVKXKV[)GTVPGTGVCNCDE$GEMGVVGVCN-GGHGGVCNGZCOKPGFVJGRQUUKDKNKV[QHCPGHHGEVQPUOCNNCKTYC[UWUKPICPKPJCNGFCGTQUQNDQNWUFKURGTUKQPVGEJPKSWGKPJGCNVJ[PQPUOQMKPIOCNGUWDLGEVUGZRQUGFVQRRO1 HQTJWUKPIC%'RTQVQEQN .OKPO $5#6JGDQNWUFKURGTUKQP  ' 

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



### YKVJQWVCPKPETGCUGFCGTQUQNFGRQUKVKQPVJCVYCUPQVEQTTGNCVGFYKVJEJCPIGUKP54 6JGUG

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### HKPFKPIUUWIIGUVVJCVGZRQUWTGVQRRO1 WPFGTVJGEQPFKVKQPUQHVJKUGZRGTKOGPVTGUWNVUKP 

### EJCPIGUKPUOCNNCKTYC[HWPEVKQPVJCVCTGPQVFGVGEVCDNGD[OQTGEQPXGPVKQPCNVGEJPKSWGU1\QPGKPFWEGFCNVGTCVKQPUKPXGPVKNCVQT[RCVVGTPJCXGDGGPQDUGTXGFKPGZGTEKUKPIFQIU.GGGVCNCPFJWOCPU#FCOUGVCN(QNKPUDGGGVCN/E&QPPGNNGVCN-WNNGGVCN+PGZGTEKUKPIJWOCPU1 GZRQUWTGJCUDGGPUJQYPVQTGUWNV 

### KPCFGETGCUGKP8 CPFCPKPETGCUGKPHKPVJGCDUGPEGQHCP[EJCPIGKP#TCRKFUJCNNQY 6 '

### DTGCVJKPIRCVVGTPKUEQPUKUVGPVYKVJVJGOCKPVGPCPEGQHCPCRRTQRTKCVGXGPVKNCVKQPYKVJCTGFWEGF864GFWEVKQPQH86KURTQDCDN[TGNCVGFVQVJGTGFWEVKQPQH+%CPFKUCPGEFQVCNN[TGNCVGFVQTGFWEVKQPKPDTGCVJKPIFKUEQOHQTVECWUGFD[2&+.GGGVCNYJQRTQFWEGFCTGXGTUKDNGXCIQVQO[D[EQQNKPIVJGXCIWUPGTXGU

VQ%CDQNKUJGFVJGTCRKFUJCNNQYDTGCVJKPIKPFWEGFD[1 KPJCNCVKQPKPEQPUEKQWUFQIU

### /QTGTGEGPVN[5EJGNGINGGVCNJCXGUJQYPKPCPGUVJGVK\GFFQIUGZRQUGFVQ1 VJCV 

### EQQNKPIVJGEGTXKECNXCIWUPGTXGUVQ%FKFPQVCDQNKUJVJGQDUGTXGF1 KPFWEGFTCRKF 

### UJCNNQYDTGCVJKPIRCVVGTPCPFDTQPEJQEQPUVTKEVKQPDWVEQQNKPIVJGXCIWUPGTXGUVQ%FKFCDQNKUJDQVJVJGTCRKFUJCNNQYDTGCVJKPICPFVJGDTQPEJQEQPUVTKEVKQP6JGUGHKPFKPIUUWIIGUVVJCV1 UVKOWNCVGUPQPO[GNKPCVGF%HKDGTCHHGTGPVUCTKUKPIHTQOVJGNWPIYJQUGEQPFWEVKQPKU 

### PQVVQVCNN[DNQEMGFCV%DWVKUDNQEMGFVQVCNN[CV%6JKUEQPENWUKQPKUEQPUKUVGPVYKVJVJGHKPFKPIUQH%QNGTKFIGGVCNVJCVDTQPEJKCN%HKDGTUCTGVJGQPN[TGEGRVQTUVJCVCTGUVKOWNCVGFFKTGEVN[FWTKPI1 KPJCNCVKQPKPCPGUVJGVK\GFFQIU+HUKOKNCTDTQPEJKCN%HKDGTU 

### YGTGUVKOWNCVGFQTUGPUKVK\GFKPJWOCPUGZRQUGFVQ1 VJKUEQWNFGZRNCKPVJG1 KPFWEGF  

### TCRKFUJCNNQYDTGCVJKPIQDUGTXGFFWTKPIGZGTEKUGCUYGNNCUVJGUWDLGEVKXGU[ORVQOUCUUQEKCVGFYKVJVCMKPICFGGRKPURKTCVKQP

###  8



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### FGETGOGPVKP(8%YJKEJYCUCUUQEKCVGFYKVJCOCTMGFHCNNKP+%YKVJQWVCPKPETGCUGKPTGUKFWCNXQNWOG5RTC[KPIQHVJGWRRGTCKTYC[YKVJNKFQECKPGCGTQUQNKPVJGUGUWDLGEVUYCUKOOGFKCVGN[HQNNQYGFD[TGVWTPQH(8%VQYCTFEQPVTQNXCNWGU*C\WEJCGVCNEQPENWFGFVJCV1 KPJCNCVKQPUVKOWNCVGUNKFQECKPGUGPUKVKXGVTCEJGCNCPFNCT[PIGCNCKTYC[ 

### TGEGRVQTUYJKEJNGCFUVQCPKPXQNWPVCT[KPJKDKVKQPQHHWNNKPURKTCVKQPCTGFWEVKQPKP(8%CPFCEQPEQOKVCPVFGETGCUGKPOCZKOCNGZRKTCVQT[HNQYTCVGUKPJWOCPU6JGCKTYC[CHHGTGPVUDNQEMGFD[NKFQECKPGKPVJG*C\WEJCGVCNKPXGUVKICVKQPTGOCKPWPFGHKPGF*QYGXGTKVUGGOUNKMGN[VJCVVJGNWPICHHGTGPVUKPXQNXGFCTGVJGUCOGQPGUVJCVTGUWNVKP1 KPFWEGFTCRKFUJCNNQYDTGCVJKPIKPFQIUKGDTQPEJKCN%HKDGTU9JGP 

### UVKOWNCVGFYKVJGZQIGPQWUEJGOKECNUKPCPKOCNGZRGTKOGPVUDTQPEJKCN%HKDGTUKPFWEGCTGHNGZCRPGC%QNGTKFIGCPF%QNGTKFIG+PFQIUVJKUTGHNGZCRPGCKPXQNXGUVJGKPJKDKVKQPQHKPURKTCVQT[PGWTQPUGZRKTCVQT[PGWTQPUCPFCPFOQVQPGWTQPUKPVJGKPVGTEQUVCNPGTXGU-QGREJGPGVCN5EJOKFVCPF9GNNJQPGT5WEJCTGHNGZTGURQPUGKPJWOCPUYQWNFGZRNCKPVJGTGHNGZKPJKDKVKQPQHOCZKOCNKPURKTCVKQPEQPUGSWGPVVQCEWVG1 GZRQUWTG 

### &CVCEQPUKUVGPVYKVJCP1 KPFWEGFUVKOWNCVKQPQHDTQPEJKCN%HKDGTUKPJWOCP 

### UWDLGEVUTGEGPVN[JCUDGGPRWDNKUJGFD[*C\DWPGVCN6JGUGKPXGUVKICVQTUQDUGTXGFCUKIPKHKECPVKPETGCUGKPUWDUVCPEG2VJGPGWTQVTCPUOKVVGTTGNGCUGFHTQOVJGCHHGTGPVGPFKPIUQHDTQPEJKCN%HKDGTFWTKPIGZEKVCVKQPKPUGIOGPVCNCKTYC[YCUJKPIUQHUGXGPHGOCNGOCNGJGCNVJ[PQPUOQMKPIUWDLGEVUCHVGTCJ%' .OKPO $5#GZRQUWTGVQRRO ' 

### 1 5WDUVCPEG2YCUPQVGNGXCVGFKPDTQPEJQCNXGQNCTNCXCIG$#.HNWKFCHVGTCKTGZRQUWTG+P



### CFFKVKQPVJGUGIOGPVCNCKTYC[UWDUVCPEG2NGXGNUYGTGUKIPKHKECPVN[EQTTGNCVGFT  

### RYKVJCPGNGXCVGFCKTYC[EQPEGPVTCVKQPQHGRKRTQUVCINCPFKP( COCTMGTQH 

### QZKFCVKXGHTGGTCFKECNTGCEVKQPU6JGUGTGUWNVUCTGEQPUKUVGPVYKVJCPKPETGCUGFTGNGCUGQHUWDUVCPEG2UGEQPFCT[VQCPKPETGCUGFFKUEJCTIGQHDTQPEJKCN%HKDGTUKPFWEGFD[1 KPJCNCVKQPCPFCP1 KPFWEGFKPJKDKVKQPQHPGWVTCNGPFQRGRVKFCUGVJGGP\[OGVJCV

 

### FGITCFGUUWDUVCPEG2YKVJKPVJGCKTYC[U.WPI%HKDGTUJCXGDGGPUJQYPVQDGUVKOWNCVGFD[RTQUVCINCPFKP' CPFQVJGTNWPI 

### CWVCEQKFU%QNGTKFIGGVCN+PVGTGUVKPIN[5EJGNGINGGVCN'UEJGPDCEJGTGVCNCPF;KPIGVCNJCXGUJQYPVJCVRTGVTGCVOGPVYKVJVJGE[ENQQZ[IGPCUGKPJKDKVQTKPFQOGVJCEKPTGFWEGUCPFKPUQOGECUGUVQVCNN[CDQNKUJGU1 KPFWEGFRWNOQPCT[ 

### HWPEVKQPFGETGOGPVUKPJWOCPUWDLGEVU5EJGNGINGGVCNGZCOKPGFYJGVJGT1 KPFWEGF 

### RWNOQPCT[HWPEVKQPFGETGOGPVUEQWNFDGKPJKDKVGFD[VJGRTQUVCINCPFKPU[PVJGVCUGKPJKDKVQTKPFQOGVJCEKPKPJGCNVJ[JWOCPUWDLGEVU(QWTVGGPEQNNGIGCIGOCNGUEQORNGVGFUKZJGZRQUWTGRTQVQEQNUEQPUKUVKPIQHPQFTWIRNCEGDQCPFKPFQOGVJCEKPRTGVTGCVOGPVUYKVJ(#CPF1 RROGZRQUWTGYKVJKPGCEJRTGVTGCVOGPV2TGVTGCVOGPVUYGTGFGNKXGTGFYGGMN[KP 

### TCPFQOQTFGTKPCFQWDNGDNKPFHCUJKQP'ZRQUWTGUEQPUKUVGFQHJGZGTEKUGQPCE[ENGGTIQOGVGTYKVJYQTMNQCFUUGVVQGNKEKVCOGCPQH.OKP5VCVKUVKECNCPCN[UKUTGXGCNGF '

### UKIPKHKECPVGHHGEVUHQT(8%CPF('8 CETQUURTGVTGCVOGPVYKVJPQFTWIXGTUWUKPFQOGVJCEKP 

### CPFRNCEGDQXGTUWUKPFQOGVJCEKPEQORCTKUQPUDGKPIUKIPKHKECPV6JGUGHKPFKPIUUWIIGUVVJCVE[ENQQZ[IGPCUGRTQFWEVUQHCTCEJKFQPKECEKFYJKEJCTGTGFWEGFD[KPFQOGVJCEKPKPJKDKVKQPQHE[ENQQZ[IGPCUGRNC[CTQNGKPVJGFGXGNQROGPVQHRWNOQPCT[HWPEVKQPFGETGOGPVU6JGUGCPFUKOKNCTHKPFKPIUD['UEJGPDCEJGTGVCNCPF;KPIGVCNUWIIGUVVJCVVJGTGNGCUGQHUQOGE[ENQQZ[IGPCUGRTQFWEVEQPUGSWGPVVQ1 KPJCNCVKQPRNC[UCTQNGKP1 KPFWEGF  

### RWNOQPCT[HWPEVKQPFGETGOGPVU6JKUKFGCKUUWRRQTVGFD[VJGHKPFKPIUQH-QTGPGVCN

### YJQQDVCKPGFCRQUKVKXGEQTTGNCVKQPDGVYGGP1 KPFWEGFRWNOQPCT[HWPEVKQPFGETGOGPVUCPF 

### VJGNGXGNQHRTQUVCINCPFKP' 2)' KP$#.HNWKFEQNNGEVGFYKVJKPJCHVGTVJGGPFQH  

### GZRQUWTGKPJWOCPUWDLGEVUYJQXCTKGFITGCVN[KP1 TGURQPUKXGPGUU

### 6JGTGNGCUGQHE[ENQQZ[IGPCUGRTQFWEVUQHCTCEJKFQPKECEKFHTQOKPLWTGFCKTYC[GRKVJGNKWOECPVJWUDGXKGYGFCUCNKPMKPCECUECFGQHGXGPVUYJKEJDGIKPUYKVJVJGKPKVKCNTGCEVKQPQH1 YKVJVJGVKUUWGUCPFGPFUYKVJVJGQDUGTXGFRWNOQPCT[HWPEVKQPTGURQPUGU6JG 

### CRRCTGPVEQORQPGPVUQHVJKUEJCKPQHGXGPVUKPENWFGHCEVQTUVJCVKPHNWGPEG1 FGNKXGT[VQVJG 

### VKUUWGGIVJGKPJCNGFEQPEGPVTCVKQPDTGCVJKPIRCVVGTPCPFCKTYC[IGQOGVT[1 TGCEVKQPUYKVJEQORQPGPVUKPCKTYC[UWTHCEGNKSWKFCPFGRKVJGNKCNEGNNOGODTCPGU 

### NQECNVKUUWGTGURQPUGUKPENWFKPIKPLWT[CPFKPHNCOOCVKQPCPFUVKOWNCVKQPQHPGWTCNCHHGTGPVUDTQPEJKCN%HKDGTUCPFVJGTGUWNVKPITGHNGZTGURQPUGU+VUVKNNKUPQVWPFGTUVQQFJQYGCEJGXGPVKPVJKUECUECFGEQPVTKDWVGUVQVJGRWNOQPCT[TGURQPUGUKPFWEGFD[CEWVG

1 KPJCNCVKQP

 

### 6JGKPHNWGPEGVJCVKPFKXKFWCNTGURQPUKXGPGUUJCUQPVJKUECUECFGQHGXGPVUJCUPQVDGGPFGVGTOKPGFJQYGXGTTGEGPVFCVCUWIIGUVVJCVKPFKXKFWCN1 TGURQPUKXGPGUUOC[HGGF 

### DCEMCPFKPHNWGPEGVJGFKUVTKDWVKQPQH1 FQUGYKVJKPVJGNWPI)GTTKV[GVCNVGUVGFVJG 

### J[RQVJGUKUVJCV1 KPFWEGFTCRKFUJCNNQYDTGCVJKPIJGNRUVQNKOKVVJGFQUGQH1 TGCEJKPIVJG  

### NQYGTTGURKTCVQT[VTCEV6JG[HQWPFVJCVVJGFGITGGQH1 KPFWEGFTCRKFUJCNNQYDTGCVJKPI 

### FGETGCUGKP8 YCUUKIPKHKECPVN[EQTTGNCVGFYKVJCFGETGCUGKP1 WRVCMGGHHKEKGPE[QH 6 

### VJGNQYGTTGURKTCVQT[VTCEV6JKUQDUGTXCVKQPOC[GZRNCKPVJGTGEGPVFCVCQH5EJGNGINGGVCNCPF#TKUGVCNCVJCVUWIIGUVKPFKXKFWCNTGURQPUKXGPGUUVQ1 CUOGCUWTGFD[ 

### ('8 FGETGOGPVUOC[DGPGICVKXGN[EQTTGNCVGFYKVJVJGPWODGTQHPGWVTQRJKNU2/0URTGUGPV 

### KP$#.UCORNGU*QYGXGTVJGKPVGTTGNCVKQPUJKRCOQPIVJGTGURQPUKXGPGUUVQ1 VJG 

### FKUVTKDWVKQPQHFQUGYKVJKPVJGCKTYC[CPFTGUWNVKPICKTYC[KPHNCOOCVKQPKUUVKNNRQQTN[

WPFGTUVQQF

5WDLGEVUYKVJ2TGGZKUVKPI&KUGCUG

+PVTQFWEVKQP6GPUVWFKGU-ÌPKIGVCN.KPPGVCNC-QGPKIGVCN.KPPGVCNC5QNKEGVCN-GJTNGVCN5WRGTMQGVCN5KNXGTOCP-WNNGGVCNGZCOKPKPIVJGRWNOQPCT[TGURQPUGUVQCEWVG1 GZRQUWTGUQHNGUUVJCP 

### JKPRCVKGPVUYKVJRTGGZKUVKPIFKUGCUGYGTGFKUEWUUGFKPVJGETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[6JKUUGEVKQPGZCOKPGUVJGGHHGEVUQH1 GZRQUWTGQP 

### RWNOQPCT[HWPEVKQPKPUWDLGEVUYKVJRTGGZKUVKPIFKUGCUGD[TGXKGYKPI1 GZRQUWTGUVWFKGUVJCV 

### WVKNK\GFUWDLGEVUYKVJEJTQPKEQDUVTWEVKXGRWNOQPCT[FKUGCUG%12&CUVJOCCNNGTIKETJKPKVKUCPFKUEJGOKEJGCTVFKUGCUG$GECWUGQHVJGKTKORQTVCPVJGCNVJKORNKECVKQPUCNNQHVJGCXCKNCDNGUVWFKGUCTGTGXKGYGFCPFUWOOCTK\GFKP6CDNG7PNGUUQVJGTYKUGUVCVGFVJGVGTOUKIPKHKECPVKUWUGFVQFGPQVGUVCVKUVKECNUKIPKHKECPEGCVR

5WDLGEVUYKVJ%JTQPKE1DUVTWEVKXG2WNOQPCT[&KUGCUG+PHKXGQHVJGUVWFKGUEKVGFCDQXGVJG1 KPFWEGFRWNOQPCT[HWPEVKQPTGURQPUGUQH 

### RCVKGPVUYKVJOKNFVQOQFGTCVG%12&YGTGGZCOKPGF-ÌPKIGVCN.KPPGVCNCC5QNKEGVCN-GJTNGVCN0QUKIPKHKECPVEJCPIGUKPRWNOQPCT[HWPEVKQPQTU[ORVQOUYGTGTGRQTVGFKPCP[QHVJGUVWFKGUQHVJGGHHGEVUQH1 KPRCVKGPVUYKVJ%12&(QWT 

### QHVJGUGUVWFKGU.KPPGVCNCC5QNKEGVCN-GJTNGVCNGZCOKPGFVJG

### GHHGEVUQH1 EQPEGPVTCVKQPUDGVYGGPCPFRRO1 KPOKNFVQOQFGTCVG%12&  

### RCVKGPVUWUKPIOKNF+'GZRQUWTGRTQVQEQNUQHVQJFWTCVKQP6JGVQVCN### 6CDNG1\QPG'ZRQUWTGKP5WDLGEVUYKVJ2TGGZKUVKPI&KUGCUGC1\QPG%QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP CPF#EVKXKV['ZRQUWTG%QPFKVKQP0WODGTCPF)GPFGT QH 5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO5WDLGEVU YKVJ %JTQPKE 1DUVTWEVKXG 2WNOQPCT[ &KUGCUG   J +' 
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5WDLGEVU YKVJ *GCTV &KUGCUG OKP %'VTGCFOKNN YCNMKPI0#  / %QTQPCT[ JGCTVFKUGCUG YKVJCPIKPC RGEVQTKUVJTGUJQNF0Q UKIPKHKECPV EJCPIGU KP RWNOQPCT[ HWPEVKQP OGCUWTGOGPVUGZGTEKUG XGPVKNCVQT[ RCVVGTP QZ[IGP WRVCMG QT ECTFKQXCUEWNCTRCTCOGVGTU5WRGTMQ GV CN 


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U 4GHGTGPEGRROIO5WDLGEVU YKVJ #NNGTIKE 4JKPKVKU   J +' ¥  OKP0#  / *KUVQT[ QHCNNGTIKE TJKPKVKU+PETGCUGF TGURKTCVQT[ U[ORVQOU 54  CPF TGCEVKXKV[ VQ JKUVCOKPGCYYKVJ 1 GZRQUWTG CPF FGETGCUGF (8% ('8  CPF ('( YKVJ 1   GZRQUWTG EQORCTGF VQ (#/E&QPPGNN GV CN   J TGUV 6FD   VQ %4*   VQ  /  ( *KUVQT[ QHUGCUQPCN CNNGTIKETJKPKVKU CEWVGTGURQPUG VQ PCUCNEJCNNGPIG YKVJCPVKIGP+PETGCUG KP WRRGT CPF NQYGT TGURKTCVQT[ U[ORVQO UEQTGU EGNN KPHNWZGRKVJGNKCN EGNNU YKVJ 1 GZRQUWTG EQORCTGF VQ (# PQ GHHGEV QP CEWVGCNNGTIKE TGURQPUG VQ PCUCN CPVKIGP EJCNNGPIG DGVYGGP 1 CPF (#GZRQUWTG$CUEQO GV CN 
#FWNV 5WDLGEVU YKVJ #UVJOC J NKIJV +' 
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
 CPF 8 
 CPF C OCZUKIPKHKECPV KPETGCUG KP 4 
6-QGPKI GV CN 


### 6CDNGEQPV	F1\QPG'ZRQUWTGKP5WDLGEVUYKVJ2TGGZKUVKPI&KUGCUGC1\QPG%QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP CPF#EVKXKV['ZRQUWTG%QPFKVKQPU0WODGTCPF)GPFGT QH 5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO#FWNV 5WDLGEVU YKVJ #UVJOC 
EQPV	F J +'8 ' .OKP6FD  %4*   /  (PQPCUVJOCVKEU VQ  [GCTUQNF /  (CUVJOCVKEU VQ  [GCTUQNF2J[UKEKCPFKCIPQUGFCUVJOCEQPHKTOGF YKVJOGVJCEJQNKPGEJCNNGPIG VGUV#NN PQPUOQMGTUCPF CU[ORVQOCVKECV VKOG QH UVWF[0KPG YGTG CVQRKE0Q UKIPKHKECPV EJCPIGU KP RWNOQPCT[ CPF PCUCN HWPEVKQPOGCUWTGOGPVU KP GKVJGT CUVJOCVKEU QT PQPCUVJOCVKEU 5KIPKHKECPVKPETGCUG KP PCUCN NCXCIG YJKVG EGNN EQWPV CPF GRKVJGNKCN EGNN HQNNQYKPI1 GZRQUWTG KP CUVJOCVKEU QPN[/E$TKFG GV CN 
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   J TGUV 0#  /  ( VQ  [GCTUQNF/KNF UVCDNGCUVJOC+PETGCUG KP DTQPEJKCN TGURQPUKXGPGUU VQ CNNGTIGP PQ EJCPIG KPDCUGNKPG CKTYC[ HWPEVKQP/QNHKPQ GV CN 
   J +' ¥  OKP CV¥ TGUV8 E[ENG'GTIQOGVT[6FD  %4*   /  ( VQ  [GCTUQNF2J[UKEKCPFKCIPQUGF CUVJOC UOQMGTU GZUOQMGTU PQPUOQMGTU0Q UKIPKHKECPV EJCPIGU KP RWNOQPCT[ HWPEVKQP OGCUWTGOGPVUUKIPKHKECPV DNQQF DKQEJGOKECN EJCPIGU.KPP GV CN 
   J TGUV 0#  /  ( VQ  [GCTUQNF0QPUOQMKPICUVJOCVKEUUGNGEVGF HTQO CENKPKECN RTCEVKEG0Q UKIPKHKECPV EJCPIGU KP RWNOQPCT[ HWPEVKQP OGCUWTGOGPVU 5KNXGTOCP 


### 6CDNGEQPV	F1\QPG'ZRQUWTGKP5WDLGEVUYKVJ2TGGZKUVKPI&KUGCUGC1\QPG%QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP CPF#EVKXKV['ZRQUWTG%QPFKVKQPU0WODGTCPF)GPFGT QH 5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO#FWNV 5WDLGEVU YKVJ #UVJOC 
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PQTOCNU VQ  [GCTU QNF /  (CUVJOCVKEU VQ  [GCTU QNF#UVJOCVKEU CUFKCIPQUGF D[ CRJ[UKEKCPJKUVQT[ QH EJGUVVKIJVPGUU CPFYJGG\KPI&GETGCUG KP (8% CPF +% YKVJ 1 KP CUVJOCVKEU KPETGCUG KP CKTYC[TGURQPUKXGPGUU VQ OGVJCEJQNKPG KP CUVJOCVKEU YKVJ 1 CPF (#CUVJOCVKE UWDLGEVU JCF UKIPKHKECPVN[ ITGCVGT FGETGCUGU KP ('8 CPF('( YKVJ 1 GZRQUWTG VJCP FKF PQTOCN UWDLGEVU -TGKV GV CN 
'UEJGPDCEJGT GV CN#FQNGUEGPV 5WDLGEVU YKVJ #UVJOC   J TGUV 6FD  %4* /  ( 
PQTOCNU VQ  [GCTU QNF /  (CUVJOCVKEU VQ  [GCTU QNF#UVJOCVKEU JCFC JKUVQT[ QH CVQRKEGZVTKPUKE CUVJOCCPF GZGTEKUGKPFWEGFDTQPEJQURCUO&GETGCUG KP (4% YKVJ 1 GZRQUWTG KP CUVJOCVKEU PQ EQPUKUVGPVUKIPKHKECPV EJCPIGU KP RWNOQPCT[ HWPEVKQPCN RCTCOGVGTU KP GKVJGTITQWR QT DGVYGGP ITQWRU-QGPKI GV CN 
   J +' ¥  OKPVTGCFOKNNYCNMKPI CV OGCP8  '.OKP6FD  %4* /  ( 
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5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC)TQWRGF D[ TGUV CPF GZGTEKUG YKVJKP ITQWRU NKUVGF HTQO NQYGUV VQ JKIJGUV 1 EQPEGPVTCVKQPD

###  8

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### CRRTQZKOCVGN[VQ.OKP.KPPGVCNCQDUGTXGFCUOCNNDWVUKIPKHKECPVTGFWEVKQPKPCTVGTKCNQZ[IGPUCVWTCVKQPKPOKNFVQOQFGTCVG%12&RCVKGPVUCVVJGGPFQHVJGRRO1 GZRQUWTGHQTJCDUQNWVGOGCPFKHHGTGPEGR5KOKNCTN[5QNKEGVCN



### QDUGTXGFCUOCNNTGFWEVKQPKPCTVGTKCNQZ[IGPUCVWTCVKQPKPOKNFVQOQFGTCVG%12&RCVKGPVUCVVJGGPFQHCRRO1 GZRQUWTGHQTJCDUQNWVGOGCPFKHHGTGPEG 

### R+PEQPVTCUV-GJTNGVCNFKFPQVHKPFCUKIPKHKECPVGHHGEVQPCTVGTKCNQZ[IGPUCVWTCVKQPKPOKNFVQOQFGTCVG%12&RCVKGPVUCHVGTGZRQUWTGVQRRO1 WUKPIVJGUCOG 

### +'GZRQUWTGRTQVQEQNWUGFD[5QNKEGVCN5KOKNCTN[.KPPGVCNCHQWPFPQUKIPKHKECPVGHHGEVQPCTVGTKCNQZ[IGPUCVWTCVKQPKPOKNFVQOQFGTCVG%12&RCVKGPVUGZRQUGFVQCPFRRO1 HQTJ6JGEQODKPGFQDUGTXCVKQPUQHVJGUGUVWFKGUKPFKECVGVJCV 

### RGTUQPUYKVJ%12&CTGPQVTGURQPUKXGVQ1 EQPEGPVTCVKQPUQHRROCPFNQYGTKP 

### EQODKPCVKQPYKVJOKNFGZGTEKUG*QYGXGTVJKUEQPENWUKQPUJQWNFDGXKGYGFYKVJKPVJGEQPVGZVQHVJGNQYVQVCNKPJCNGFFQUGQH1 KPXQNXGFKPVJGCDQXGUVWFKGUKPVJCVUVWFKGUKP 

### JGCNVJ[UWDLGEVUWUKPIUKOKNCTVQVCNKPJCNGFFQUGUCNUQJCXGPQVUJQYPUKIPKHKECPVRWNOQPCT[HWPEVKQPGHHGEVU+PVGTRTGVCVKQPQHVJGUGUVWFKGUCNUQKUEQORNKECVGFD[VJGYKFGTCPIGQHVJGRWNOQPCT[HWPEVKQPKORCKTOGPVQHVJGRCVKGPVUUVWFKGF('8 (8%HTQOVQVJGKT 

### XCTKCDNGUOQMKPIJKUVQT[CPFVJGHCEVVJCVVJGUGRCVKGPVUCTGQNFGT[GCTUQHCIG6JGKPEQPUKUVGPE[QHVJGQDUGTXGFUOCNNFGETGCUGUKPCTVGTKCNQZ[IGPUCVWTCVKQPOCMGUVJGKPVGTRTGVCVKQPQHVJGENKPKECNUKIPKHKECPEGQHVJKUFCVCFKHHKEWNVCPFWPEGTVCKP&GURKVGUKOKNCTNKOKVCVKQPU-WNNGGVCNQDUGTXGFUOCNNUVCVKUVKECNN[UKIPKHKECPVFGETGCUGUKP(8%CPF('8 KPUOQMGTUCIGTCPIGVQ[GCTUFKCIPQUGF 

### YKVJOKNFEJTQPKEDTQPEJKVKUGZRQUGFVQRRO1 HQTJWUKPICP+'RTQVQEQNQPGOKP 

### GZGTEKUGRGTKQFDGIKPPKPIJRTKQTVQGPFQHGZRQUWTGCRRTQZKOCVGN[VQ.OKP'

### +PCFFKVKQP-WNNGGVCNQDUGTXGFVJCVTGRGCVGFFCKN[GZRQUWTGQXGTCFC[RGTKQFNGFVQCPCVVGPWCVKQPQHVJGUGHQTEGFGZRKTCVQT[GPFRQKPVUCPFVJCVVJKUCVVGPWCVKQPFKFPQVNCUVNQPIGTVJCPFC[U6JGRWNOQPCT[TGURQPUGUKPFWEGFD[1 GZRQUWTGKPVJKUUVWF[YGTG 

### CUUQEKCVGFQPN[YKVJOKNFU[ORVQOU

5WDLGEVUYKVJ#UVJOC6JTGGUVWFKGUGZCOKPKPIVJGRWNOQPCT[TGURQPUGUVQCEWVG1 GZRQUWTGUKPCFWNV 

### .KPPGVCN5KNXGTOCPCPFCFQNGUEGPV-QGPKIGVCNCUVJOCVKEUYGTGFKUEWUUGFKPVJGGCTNKGTETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[5KIPKHKECPVFGETGOGPVUKPITQWROGCPRWNOQPCT[HWPEVKQPYGTGPQVQDUGTXGFHQTCFWNVCUVJOCVKEUGZRQUGFHQTJCVTGUV5KNXGTOCPQTYKVJNKIJV+'.KPPGVCNVQ1 EQPEGPVTCVKQPUQHRROQTNGUU*QYGXGTKVUJQWNFDGPQVGFVJCVCNVJQWIJITQWROGCP



### RWNOQPCT[HWPEVKQPTGURQPUGUYGTGPQVUKIPKHKECPVN[CHHGEVGFKPVJGUGUVWFKGUVJGTGYGTGTGURQPUKXGCUVJOCVKEUWDLGEVUYJQJCFQDXKQWUFGETGOGPVUKPRWNOQPCT[HWPEVKQP-QGPKICPFEQYQTMGTU-QGPKIGVCNEQPFWEVGFCUGTKGUQHUVWFKGUGZCOKPKPIVJGRWNOQPCT[TGURQPUGUQHCFQNGUEGPVCUVJOCVKEUCPFPQPCUVJOCVKEUVQ[GCTUQHCIGGZRQUGFVQNQYNGXGNUQH1 -QGPKIGVCNHQWPFPQUKIPKHKECPV 

### EJCPIGUKPRWNOQPCT[HWPEVKQPQTU[ORVQOUKPCFQNGUEGPVPQTOCNCPFCUVJOCVKEUWDLGEVUHQWTOCNGUKZHGOCNGYJQKPJCNGFRRO1 HQTJCVTGUV6JGCUVJOCVKEUWDLGEVUKPVJKU 

### UVWF[YGTGEJCTCEVGTK\GFCUJCXKPIJKUVQTKGUQHCVQRKE6[RG+KOOWPQINQDWNKP'=+I'?OGFKCVGFCUVJOCCPFGZGTEKUGKPFWEGFDTQPEJQURCUO5WDUGSWGPVN[KPVYQUGRCTCVGUVWFKGUQHUKOKNCTITQWRUQHCFQNGUEGPVCUVJOCVKEUCPFPQPCUVJOCVKEU-QGPKIGVCN

###  8

 8

 8

QDUGTXGFPQUKIPKHKECPVEJCPIGUKPRWNOQPCT[HWPEVKQPQTU[ORVQOUHQNNQYKPIGZRQUWTGVQCPFRRO1 YKVJOQFGTCVG+'WRVQJCNVJQWIJCUOCNNUKIPKHKECPVFGETGCUGKP 

### HNQYCVQH(8%YCUQDUGTXGFKPVJGCFQNGUEGPVCUVJOCVKEUGZRQUGFVQRRO1 

### -TGKVGVCNCPF'UEJGPDCEJGTGVCNJCXGFGOQPUVTCVGFVJCVGZRQUWTGVQRRO1 YKVJJGCX[+'GZGTEKUG.OKPO $5#HQTJGNKEKVUCUKIPKHKECPV  ' 

### FGETGCUGKP(8%('8 ('8 (8%CPF('( KPDQVJPQTOCNCPFCUVJOCVKEUWDLGEVU  

### +PVJGUGUVWFKGU1 GZRQUWTGECWUGFUKIPKHKECPVN[ITGCVGTFGETGOGPVUKP('8 ('8 (8%CPF   

### ('( KPCUVJOCVKEUWDLGEVU+PEQPVTCUV-TGKVGVCNCPF'UEJGPDCEJGTGVCN 

### HQWPFPQUKIPKHKECPVFKHHGTGPEGDGVYGGPCUVJOCVKECPFPQTOCNUWDLGEVUKP(8%CPFUWDLGEVKXGU[ORVQOU+PCFFKVKQPVJGGHHGEVQH1 GZRQUWTGQPDTQPEJKCNTGURQPUKXGPGUUCUOGCUWTGFD[ 

### VJGEQPEGPVTCVKQPQHOGVJCEJQNKPGPGGFGFVQKPETGCUG54 2% YCUCNUQUVWFKGFCY 54CY

### 6JGCUVJOCVKEUWDLGEVUJCFCUKIPKHKECPVFGETGCUGKP2% HQNNQYKPI(#CPF1 GZRQUWTG54CY 

### +PEQORCTKUQPVJGPQTOCNUWDLGEVUJCFCUKIPKHKECPVFGETGCUGKP2% HQNNQYKPI 54CY

### 1 GZRQUWTGYKVJVJGRGTEGPVFGETGCUGKPOGCP2% CHVGT1 GZRQUWTGDGKPIUKOKNCTKP

 54CY 

### PQTOCNCPFCUVJOCVKEUWDLGEVUCNVJQWIJVJGCUVJOCVKERCVKGPVU	DCUGNKPG2% YCU 54CY

### UKIPKHKECPVN[NQYGTVJCPVJCVQHVJGPQTOCNUWDLGEVU6JGHKPFKPIUQHVJKUUVWF[KPFKECVGVJCVKHVJGVQVCNKPJCNGFFQUGKUKPETGCUGFUWHHKEKGPVN[D[GKVJGTKPETGCUKPIFWTKPIGZRQUWTGQT '

### 1 EQPEGPVTCVKQPOKNFVQOQFGTCVGCUVJOCVKEUYKNNTGURQPFYKVJCITGCVGTQDUVTWEVKXGTGURQPUG



### VJCPYKNNPQTOCNUWDLGEVU.KPPGVCNJCXGTGRQTVGFTGURQPUGUQHJGCNVJ[PCPFCUVJOCVKEPUWDLGEVUVQRRO1 CPFIO QHTGURKTCDNGUWNHWTKECEKF* 51 CGTQUQN   


### //#&OIGQOGVTKEUVCPFCTFFGXKCVKQP= ?CNQPGCPFKPEQODKPCVKQPWUKPI
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### VJG'2#RTQNQPIGFGZRQUWTGRTQVQEQNUGG5GEVKQP6JGUGKPXGUVKICVQTUQDUGTXGFCUKIPKHKECPV1 KPFWEGFTGFWEVKQPKP('8 VJCVYCUUVCVKUVKECNN[UKIPKHKECPVCPFCPKPETGCUGKP  

### CKTYC[TGURQPUKXGPGUUVQOGVJCEJQNKPGHQTCNNUWDLGEVUEQODKPGF6JGCUVJOCVKEUWDLGEVUFGOQPUVTCVGFCUVCVKUVKECNN[UKIPKHKECPVFGETGCUGKP('8 CUCHWPEVKQPQHGZRQUWTGFWTCVKQP 

### TGICTFNGUUQHRQNNWVCPVGZRQUWTG+PCFFKVKQPVJGTGYCUCITGCVGTTGFWEVKQPKP('8 HQNNQYKPI 

### 1 CNQPGKPVJGCUVJOCVKEUCUEQORCTGFVQVJGPQPCUVJOCVKEUXGTUWUCNVJQWIJ



### VJKUFKHHGTGPEGYCUPQVUVCVKUVKECNN[UKIPKHKECPV&GURKVGVJGNCEMQHCUKIPKHKECPVFKHHGTGPEGDGVYGGPCUVJOCVKEU	CPFPQPCUVJOCVKEU	ITQWROGCP('8 TGURQPUGUYKVJ1 GZRQUWTGVJG  

### TGURQPUGUQDUGTXGFKPVJGCUVJOCVKEUOC[DGEQPUKFGTGFOQTGKORQTVCPVDGECWUGVJGKTCXGTCIG('8 YCUCNTGCF[UKIPKHKECPVN[FGRTGUUGFD[VJGWPFGTN[KPIKNNPGUU  

### 6JGHKPFKPIUQHVJGCDQXGUVWFKGUEQORCTKPIVJGRWNOQPCT[HWPEVKQPTGURQPUGUHQNNQYKPI1 GZRQUWTGKPCUVJOCVKECPFPQPCUVJOCVKEUWDLGEVUUWIIGUVVJCVCUVJOCVKEUCTGCV 

### NGCUVCUUGPUKVKXGKHPQVOQTGUGPUKVKXGVQVJGCEWVGGHHGEVUQH1 KPJCNCVKQP6JGWPFGTN[KPI 

### OGEJCPKUOVJCVYQWNFGZRNCKPCRQUUKDNGKPETGCUGFTGURQPUKXGPGUUQHCUVJOCVKEUWDLGEVUVQ1 KUWPFGHKPGF1PGRQUUKDNGOGEJCPKUOEQWNFDGVJCVCUVJOCVKEUWDLGEVUJCXGCPGZCIIGTCVGF



### CKTYC[KPHNCOOCVQT[TGURQPUGVQCEWVG1 GZRQUWTG#UVWF[EQPFWEVGFD[/E$TKFGGVCN 

### YQWNFUWRRQTVVJKUJ[RQVJGUKU/E$TKFGGVCNGZRQUGFCU[ORVQOCVKECUVJOCVKEUWDLGEVUYKVJJKUVQTKGUQHCNNGTIKETJKPKVKUCPFPQPCNNGTIKEJGCNVJ[UWDLGEVUVQ(#CPFCPFRRO1 HQTOKPWUKPICNKIJV+'RTQVQEQN CRRTQZKOCVGN[  '

### .OKP2WNOQPCT[HWPEVKQPVGUVURQUVGTKQTTJKPQOCPQOGVT[CPFPCUCNNCXCIG0.YGTGRGTHQTOGFDGHQTGGZRQUWTGCPFOKPCPFCPFJCHVGTGZRQUWTG0QUKIPKHKECPVEJCPIGUKPRWNOQPCT[QTPCUCNHWPEVKQPYGTGHQWPFKPGKVJGTVJGCNNGTIKECUVJOCVKEQTPQPCNNGTIKEPQPCUVJOCVKEUWDLGEVU6JGCNNGTIKECUVJOCVKEUWDLGEVUJCFCUKIPKHKECPVKPETGCUGKPVJGPWODGTQHYJKVGDNQQFEGNNUKP0.HNWKFOKPCPFJHQNNQYKPIVJGRRO1 GZRQUWTG+P 

###  8

 8

CFFKVKQPCUKIPKHKECPVKPETGCUGKPGRKVJGNKCNEGNNUYCURTGUGPVOKPCHVGTGZRQUWTGVQRRO1 KPVJGCUVJOCVKEUWDLGEVU0QUKIPKHKECPVEGNNWNCTEJCPIGUYGTGQDUGTXGFKPVJG 

### PQPCUVJOCVKEUWDLGEVU6JGUGFCVCKPFKECVGVJCVVJGWRRGTCKTYC[UQHCUVJOCVKEKPFKXKFWCNUCTGOQTGUGPUKVKXGVQVJGCEWVGKPHNCOOCVQT[GHHGEVUQH1 VJCPVJQUGQHPQPCNNGTIKEPQPCUVJOCVKE  

### UWDLGEVU 6JGCDQXGUVWFKGUEQORCTGFVJGGHHGEVUQH1 KPJCNCVKQPQPRWNOQPCT[HWPEVKQPKP 

### CUVJOCVKECPFPQTOCNUWDLGEVUDWVFQPQVCFFTGUUVJGGHHGEVQHRTGGZRQUWTGVQCODKGPVEQPEGPVTCVKQPUQH1 QPVJGTGURQPUKXGPGUUQHCUVJOCVKEUWDLGEVUVQQVJGTTGURKTCVQT[ 

### EJCNNGPIGUKPENWFKPIQVJGTKTTKVCPVICUGUCNNGTIGPUCPFGZGTEKUG-QGPKIGVCNTGRQTVGFCPKPETGCUGKPVJGDTQPEJKCNTGURQPUGVQCP51 EJCNNGPIGKPCITQWRQH 

### CU[ORVQOCVKECFQNGUEGPVCUVJOCVKEUWDLGEVUHQNNQYKPIKPJCNCVKQPQHRRO1 HQTOKP 

### WUKPICNKIJVVQOQFGTCVG+'RTQVQEQN CRRTQZKOCVGN[.OKP '

### /QNHKPQGVCNKPXGUVKICVGFYJGVJGTTGUVKPIGZRQUWTGVQRRO1 HQT 

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

### HQNNQYGFD[KPJCNCVKQPQHCNNGTIGPCPF1 GZRQUWTGHQNNQYGFD[KPJCNCVKQPQHCNNGTIGP

### /QNHKPQGVCNQDUGTXGFPQUKIPKHKECPVFKHHGTGPEGUKPDCUGNKPG('8 CHVGT1 GZRQUWTG  

### DWVFKFQDUGTXGCUKIPKHKECPVTGFWEVKQPKPVJGRTQXQECVKXGEQPEGPVTCVKQPQHCNNGTIGPTGSWKTGFVQTGFWEG('8 6JKUUVWF[YCUNKOKVGFD[KVUUOCNNPWODGTQHUWDLGEVUCPFVJGTGUWNVU 

### YGTGEQPHQWPFGFD[RQUUKDNGQTFGTKPIGHHGEVUYKVJVJG1 GZRQUWTGHQNNQYGFD[CNNGTIGP 

### RTQVQEQNDGKPIVJGNCUVRTQVQEQNHQTCNNDWVQPGUWDLGEV&GURKVGVJGUGNKOKVCVKQPUVJGHKPFKPIUUWIIGUVVJCV1 EQPEGPVTCVKQPUCUNQYCURROOC[KPETGCUGVJGDTQPEJKCNTGURQPUKXGPGUU 

### VQCNNGTIGPKPCVQRKEUWDLGEVU+PQTFGTVQGZCOKPGYJGVJGTRTGGZRQUWTGVQ1 TGUWNVUKPGZCEGTDCVKQPQH 

### GZGTEKUGKPFWEGFCUVJOCVYQUVWFKGUYGTGEQPFWEVGFTGEGPVN[(GTPCPFGUGVCN9G[OGTGVCN(GTPCPFGUGVCNRTGGZRQUGFUVCDNGOKNFCUVJOCVKEUYKVJGZGTEKUGKPFWEGFCUVJOCVQRRO1 HQTJCVTGUVHQNNQYGFD[COKPGZGTEKUGEJCNNGPIG 

### VGUVCPFHQWPFPQUKIPKHKECPVGHHGEVQPGKVJGTVJGOCIPKVWFGQTVKOGEQWTUGQHGZGTEKUGKPFWEGFDTQPEJQEQPUVTKEVKQP5KOKNCTN[9G[OGTGVCNQDUGTXGFVJCVRTGGZRQUWTGVQGKVJGTQTRRO1 HQTOKPYJKNGRGTHQTOKPINKIJV+'FKFPQVGPJCPEGQTRTQFWEG 

### GZGTEKUGKPFWEGFCUVJOCKPQVJGTYKUGJGCNVJ[CFWNVUWDLGEVUYKVJUVCDNGOKNFCUVJOC#NVJQWIJVJGTGUWNVUQHVJGUGUVWFKGUYQWNFUWIIGUVVJCVRTGGZRQUWTGVQ1 PGKVJGTGPJCPEGUPQT 

### RTQFWEGUGZGTEKUGKPFWEGFCUVJOCKPCUVJOCVKEUWDLGEVUVJGTGNCVKXGN[NQYVQVCNKPJCNGFFQUGUWUGFKPVJGCDQXGUVWFKGUNKOKVVJGCDKNKV[VQFTCYCP[FGHKPKVKXGEQPENWUKQPU

5WDLGEVUYKVJ#NNGTIKE4JKPKVKU/E&QPPGNNGVCNGZRQUGFCFWNVUVQ[GCTUQHCIGYKVJCNNGTIKETJKPKVKUVQENGCPCKTCPFRRO1 HQTJWUKPICP+'RTQVQEQN .OKPCVOKP  '

### KPVGTXCNU6JGUVWF[UWDLGEVUYKVJCNNGTIKETJKPKVKUFKFPQVJCXGCJKUVQT[QHCUVJOCNKMGU[ORVQOU(QNNQYKPI1 GZRQUWTGVJGUWDLGEVUYKVJCNNGTIKETJKPKVKUGZJKDKVGFUKIPKHKECPV 

### KPETGCUGUKPTGURKTCVQT[U[ORVQOUCKTYC[TGCEVKXKV[VQJKUVCOKPGCPF54 CPFUKIPKHKECPV

CY

###  8

FGETGCUGUKP(8%('8 CPF('( YJGPEQORCTGFVQENGCPCKTGZRQUWTG9JGP  

### EQORCTGFVQPQTOCNUWDLGEVUYKVJQWVCNNGTIKETJKPKVKUUKOKNCTN[GZRQUGFVQRRO1 VJG 

### UWDLGEVUYKVJCNNGTIKETJKPKVKUYGTGPQOQTGTGURQPUKXGVQ1 DCUGFQPU[ORVQOUHQTEGF 

### GZRKTCVQT[RCTCOGVGTUQTCKTYC[TGCEVKXKV[VQJKUVCOKPGCGTQUQNUCNVJQWIJUWDLGEVUYKVJCNNGTIKETJKPKVKUFKFJCXGCUOCNNDWVUKIPKHKECPVN[ITGCVGTKPETGCUGKP54 6JGFCVCQP

CY

### UWDLGEVUYKVJCNNGTIKETJKPKVKUCPFCUVJOCVKEUWDLGEVUUWIIGUVVJCVDQVJQHVJGUGITQWRUJCXGCITGCVGTTKUGKP4 VQ1 YKVJCTGNCVKXGQTFGTQHCKTYC[TGURQPUKXGPGUUVQ1 DGKPIPQTOCN CY  

### CNNGTIKECUVJOCVKE$CUEQOGVCNEQPFWEVGFCUVWF[VQEJCTCEVGTK\GVJGWRRGTTGURKTCVQT[TGURQPUGVQCEWVG1 KPJCNCVKQPPCUCNEJCNNGPIGYKVJCPVKIGPCPFVJGEQODKPCVKQPQHVJGVYQ

### $CUEQOGVCNGZRQUGFTGUVKPICU[ORVQOCVKEUWDLGEVUYKVJJKUVQTKGUQHCNNGTIKETJKPKVKUKPCTCPFQOK\GFETQUUQXGTFGUKIPQPGCEJQHFC[UUGRCTCVGFD[YGGMUVQENGCPCKTQTRRO1 HQTJ(QNNQYKPIGZRQUWTGUWDLGEVUWPFGTYGPVPCUCNEJCNNGPIGYKVJHQWT 

### FQUGUQHCPVKIGPCPFRTQVGKPPKVTQIGPWPKVUQHTCIYGGFQTITCUU7RRGTCPFNQYGTCKTYC[U[ORVQOUYGTGTCVGFCPF0.YCURGTHQTOGFDGHQTGCPFCHVGTENGCPCKTCPFRRO1 GZRQUWTGCPFHQNNQYKPIGCEJCPVKIGPEJCNNGPIG'ZRQUWTGVQ1 ECWUGFUKIPKHKECPV  

### KPETGCUGUKPWRRGTCPFNQYGTCKTYC[U[ORVQOUCOKZGFKPHNCOOCVQT[EGNNKPHNWZYKVJCUGXGPHQNFKPETGCUGKP0.2/0UCHQNFKPETGCUGKPGQUKPQRJKNUCPFCHQNFKPETGCUGKPOQPQPWENGCTEGNNUCUYGNNCUCPCRRCTGPVUNQWIJKPIQHGRKVJGNKCNEGNNU6JGTGYCUCUKIPKHKECPVKPETGCUGKP0.CNDWOKPEQPEGPVTCVKQPHQNNQYKPI1 GZRQUWTG9JGPGZRTGUUGFCUCEJCPIG 

### HTQOVJGRQUVGZRQUWTGXCNWGUVJGTGYCUPQUKIPKHKECPVFKHHGTGPEGDGVYGGP1 CPFENGCPCKT 

### GZRQUWTGKPCPVKIGPKPFWEGFWRRGTCPFNQYGTCKTYC[U[ORVQOUEGNNUCNDWOKPCPFOGFKCVQTUJKUVCOKPGCPF6#/'GUVGTCUGCEVKXKV[6JGUGTGUWNVUUWIIGUVVJCVCEWVGGZRQUWTGVQ1 FQGU 

### PQVCNVGTVJGCEWVGTGURQPUGVQPCUCNEJCNNGPIGYKVJCPVKIGP

5WDLGEVUYKVJ+UEJGOKE*GCTV&KUGCUG1PGUVWF[JCUDGGPEQPFWEVGFGZCOKPKPIVJGECTFKQRWNOQPCT[GHHGEVUQHCEWVG1 KPJCNCVKQPKPRCVKGPVUYKVJKUEJGOKEJGCTVFKUGCUG5WRGTMQGVCNGZRQUGFUKZ



### OKFFNGCIGFOCNGUYKVJCPIKPCU[ORVQONKOKVGFGZGTEKUGVQNGTCPEGHQTOKPVQ(#CPFVQCPF1 YJKNGVJG[YGTGGZGTEKUKPIEQPVKPWQWUN[CEEQTFKPIVQCRTQVQEQNUKOWNCVKPI 

### VJGKTCPIKPCU[ORVQONKOKVGFGZGTEKUGVTCKPKPIRTGUETKRVKQPOGCP.OKP'

### 0QUKIPKHKECPVRWNOQPCT[HWPEVKQPKORCKTOGPVQTGXKFGPEGQHECTFKQXCUEWNCTUVTCKPKPFWEGFD[1 KPJCNCVKQPYCUQDUGTXGF6JGNQYYQTMNQCFUYGTGFKEVCVGFD[VJGRCVKGPVU



### CPIKPCU[ORVQONKOKVGFGZGTEKUGVQNGTCPEGCPFVJGUGNQYYQTMNQCFUCEVGFVQRTQVGEVVJGOHTQO1 KPFWEGFGHHGEVUD[NKOKVKPIVJGVQVCNKPJCNGFFQUG 



### +PHNWGPEGQH)GPFGT#IG'VJPKECPF'PXKTQPOGPVCN(CEVQTU

)GPFGT&KHHGTGPEGU#UYCUPQVGFKPVJGRTGXKQWU1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP 

### #IGPE[VJGRWNOQPCT[HWPEVKQPTGURQPUGUVQ1 QHQPN[CUOCNNPWODGTQHHGOCNG 

### UWDLGEVUJCXGDGGPGXCNWCVGFWPFGTEQPVTQNNGFNCDQTCVQT[EQPFKVKQPU#NVJQWIJVJGFCVCDCUGQPHGOCNGUJCUGZRCPFGFUGG6CDNGVJGTGCTGUVKNNHGYGTFCVCVJCPHQTOCNGU/QUVUVWFKGUKPXQNXKPIOKZGFITQWRUQHOCNGCPFHGOCNGUWDLGEVUKPENWFGVQQHGYHGOCNGUWDLGEVUVQCNNQYHQTOGCPKPIHWNEQORCTKUQPUDGVYGGPVJGTGURQPUGUQHVJGUGZGUQTHCKNVQEQPUKFGTVJGSWGUVKQPCVCNN6JGTGCTGJQYGXGTCHGYUVWFKGUVJCVWVKNK\GQPN[HGOCNGUWDLGEVU5GXGTCNUVWFKGU

### EKVGFKPVJG1 ETKVGTKCFQEWOGPVUWIIGUVGFVJCVHGOCNGUOKIJVDGOQTGTGURQPUKXGVQ 

### 1 VJCPOCNGU*QTXCVJGVCN)NKPGTGVCN)KDDQPUCPF#FCOU

### 6CDNG)GPFGT&KHHGTGPEGUKP2WNOQPCT[(WPEVKQP4GURQPUGUVQ1\QPGC1\QPG%QPEGPVTCVKQPD'ZRQUWTG &WTCVKQPCPF #EVKXKV['ZRQUWTG%QPFKVKQPUE0WODGT CPF)GPFGT QH5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO J8   .OKPO'$5#QPGGZRQUWTGUWDLGEV/GCP 6  %/GCP 4*  VTGCFOKNN VQ  ( CPF VQ  / KPGCEJEQPEGPVTCVKQPITQWR VQVCN QH KPFKXKFWCNURCTVKEKRCVGF*GCNVJ[ 05  VQ  [GCTUQNF DNCEMU CPF YJKVGU&GETGOGPVU KP ('8 KPETGCUGU KP 54 CPF EQWIJCYEQTTGNCVGF YKVJ1 EQPEGPVTCVKQP 6JGTG YGTGPQ UKIPKHKECPV FKHHGTGPEGUDGVYGGP VJG TGURQPUGU QHOCNGU CPF HGOCNGU5GCN GV CN 
 J 
OQWVJRKGEG%'8 .OKP'6   VQ %4*   VQ E[ENG ( (/GCP (8%   v .05  VQ  [GCTU QNF/GCP (8%   v .05  VQ  [GCTU QNF5KIPKHKECPV EQPEGPVTCVKQPTGURQPUG GHHGEV QP (8% CPF('8  NWPI UK\G JCF PQ GHHGEVQP RGTEGPVCIG FGETGOGPVU KP(8% QT ('8 /GUUKPGQ CPF #FCOU J 
OQWVJRKGEG+' 
 OKP GZGTEKUG8 .OKP HQT'OGP8 .OKP HQT'YQOGP6%4*VTGCFOKNN / (05  VQ  [GCTU QNF05  VQ  [GCTU QNF0Q EJCPIGU KP URKTQOGVT[ KPOGP QT YQOGP 9QOGP JCFUKIPKHKECPV  KPETGCUG KP 46HQNNQYKPI GZRQUWTG YJKEJYCU UWUVCKPGF CV  OKPRQUVGZRQUWTG4GKUGPCWGT GV CN 
   J 
OQWVJRKGEG%'8 .OKP HQT'OGP8 .OKP HQT'YQOGP6   VQ %4*   VQ E[ENG / (05  VQ  [GCTU QNF05  VQ  [GCTU QNF5KIPKHKECPV FGETGOGPVU KP(8% ('8  CPF ('( HQNNQYKPI 1 GZRQUWTG0Q UKIPKHKECPV FKHHGTGPEGUDGVYGGP OGP CPF YQOGP HQTURKTQOGVT[ QT 54 CY#FCOU GV CN 


### 6CDNGEQPV	F)GPFGT&KHHGTGPEGUKP2WNOQPCT[(WPEVKQP4GURQPUGUVQ1\QPGC1\QPG%QPEGPVTCVKQPD'ZRQUWTG &WTCVKQPCPF #EVKXKV['ZRQUWTG%QPFKVKQPUE0WODGT CPF)GPFGT QH5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO   J+'8 .OKP HQT'OGP8 .OKP HQT'YQOGP6  %4*  E[ENG / (*GCNVJ[ 05 VQ  [GCTU QNF*GCNVJ[ 05 VQ  [GCTU QNF4CPIG QH TGURQPUGU KP ('8  VQ 
OGCP 0Q UKIPKHKECPV FKHHGTGPEG KPTGURQPUGU QH OGP CPF YQOGP6GPFGPE[ HQT YQOGP VQ JCXGITGCVGT GHHGEVU&TGEJUNGT2CTMU GV CNCD   J+'/GCP 8 ' .OKP HQT OGP/GCP 8 ' .OKP HQTYQOGP/GCP 6  %/GCP 4*  E[ENGVTGCFOKNN / (*GCNVJ[ 05 VQ  [GCTU QNF*GCNVJ[ 05 VQ  [GCTU QNF/GCP FGETGOGPV KP ('8  &GETGOGPVU KP (8% CPF('8 YGTG VJG QPN[ RWNOQPCT[HWPEVKQPU UKIPKHKECPVN[ CNVGTGF D[1 GZRQUWTG 0Q UKIPKHKECPVFKHHGTGPEGU DGVYGGP TGURQPUGU QHOGP CPF YQOGP$GFK GV CN 
   J+'8 .OKP'6  %9$)6E[ENG ( *GCNVJ[ 05 VQ  [GCTU QNF/GCP FGETGOGPV KP('8  5KIPKHKECPV FGETGOGPVU KP CNNURKTQOGVT[ OGCUWTGOGPVU4GUWNVU PQV UKIPKHKECPVN[ FKHHGTGPVHTQO C UKOKNCT UVWF[ QP OCNGU&TGEJUNGT2CTMU GV CN *QTXCVJ GV CN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC.KUVGF HTQO NQYGUV VQ JKIJGUV 1 EQPEGPVTCVKQPD9$)6   6 
  6 EYGV DWND FT[ DWND QT INQDG

###  8

 8  8

 8

 8

.CWTKV\GPCPF#FCOU&G.WEKCGVCNQPVJGQVJGTJCPFFKFPQVHKPFUKIPKHKECPVFKHHGTGPEGUKPVJGTGURQPUGUQH[QWPIOGPCPF[QWPIYQOGPVQ1 GZRQUWTG 

### /GUUKPGQCPF#FCOUJ[RQVJGUK\GFVJCVFKHHGTGPEGURTGXKQWUN[QDUGTXGFDGVYGGPVJGTGURQPUGUQHOCNGUCPFHGOCNGUGZRQUGFVQ1 YGTGTGNCVGFVQFKHHGTGPEGUKPNWPI 

### UK\GDGVYGGPVJGUGZGU6JG[CFFTGUUGFVJKUKUUWGD[UGNGEVKPIVYQITQWRUQHYQOGPGCEJ1PGITQWRJCFCOGCP(8%QH.CPFVJGQVJGTITQWRJCFCOGCP(8%QH.#NNUWDLGEVUYGTGVQ[GCTUQHCIGCPFYGTGJGCNVJ[PQPUOQMGTUYJQJCFPQVNKXGFKPCJKIJCKTRQNNWVKQPCTGCHQTCVNGCUVOQ6JGUWDLGEVUEQORNGVGFVJTGGJ%' .OKP '

### GZRQUWTGU(#RRO1 CPFRRO1 6JGOQWVJRKGEGGZRQUWTGUYGTG  

### RTGUGPVGFKPTCPFQOQTFGTCVNGCUVFC[UCRCTVCPFCNNYGTGRGTHQTOGFYJGPVJGUWDLGEVYCUKPVJGHQNNKEWNCTRJCUGQHJGTOGPUVTWCNE[ENG6YQUWDLGEVUKPVJGUOCNNNWPIITQWRCPFQPGKPVJGNCTIGNWPIITQWRYGTGWPCDNGVQEQORNGVGVJGRRO1 GZRQUWTG$QVJITQWRUJCF 

### UKOKNCT1 KPFWEGFRGTEGPVCIGFGETGOGPVUVQHQNNQYKPIGZRQUWTGVQRRO1 CPF  

### CPFHQNNQYKPIGZRQUWTGVQRRO1 HQTVJGUOCNNCPFNCTIGNWPIITQWRU 

### TGURGEVKXGN[KPCNNOGCUWTGUQHNWPIHWPEVKQPTGICTFNGUUQHNWPIUK\GNGCFKPIVQVJGEQPENWUKQPVJCVNWPIUK\GRGTUGKUPQVU[UVGOCVKECNN[TGNCVGFVQRGTEGPVCIGFGETGOGPVUKP('8 EQPUGSWGPVVQ1 GZRQUWTG 

### *QTXCVJGVCNGZRQUGFJGCNVJ[[QWPIPQPUOQMKPIHGOCNGUVQ[GCTUQHCIGOGCPCIG[GCTUVQRRO1 QT(#HQTJYJKNGVJG[GZGTEKUGF 

### KPVGTOKVVGPVN[CVCVCTIGVXGPVKNCVKQPQH.OKP6JGUWDLGEVUGPICIGFKPVJTGGOKPE[ENGGTIQOGVGTGZGTEKUGRGTKQFUCNVGTPCVGFYKVJHQWTOKPTGUVRGTKQFU6JGGZRQUWTGUYGTGCOKPKOWOQHYGGMCRCTV6JGTGURQPUGUQHVJGUGUWDLGEVUYGTGEQORCTGFYKVJVJQUGQHCITQWRQH[QWPIOCNGUYJQGCTNKGTJCFEQORNGVGFVJGUCOGRTQVQEQN&TGEJUNGT2CTMUGVCN6JGTGYGTGPQUVCVKUVKECNN[UKIPKHKECPVFKHHGTGPEGUKPVJGTGURQPUGUDCUGFQPIGPFGT6JGHGOCNGUWDLGEVUJCFFGETGOGPVUQHCPFKP(8%('8 CPF('(   

### TGURGEVKXGN[EQORCTGFVQCPFHQTVJGOCNGUWDLGEVU1PCPKPFKXKFWCNDCUKUQHVJGOCNGUCPFQHVJGHGOCNGUJCFFGETGOGPVUQHQTOQTGKP('8 

### HQNNQYKPIVJGGZRQUWTGVQRRO1 1PGOCNGUWDLGEVFKFPQVTGURQPFVQVJG1 GZRQUWTG 

### +VYCUPQVGFJQYGXGTVJCVVJGHGOCNGUWDLGEVUKPJCNGFCPCDUQNWVGFQUGQH1 CDQWVNGUU 

### VJCPVJGOCNGUWDLGEVUFWGVQCUNKIJVN[NQYGTGZGTEKUGCPFVJGKPJGTGPVN[NQYGTTGUVKPI' '

### QHHGOCNGUEQORCTGFVQOCNGU*QYGXGTYJGP1 FQUGYCUTGNCVGFVQ$5#QTVQ(8%VJG 

### HGOCNGUKPJCNGFUNKIJVN[JKIJGTTGNCVKXGFQUGUQH1 VJCPVJGOCNGU 

### #FCOUGVCNEQORCTGFVJGTGURQPUGUQH[QWPIOGPVQ[GCTUQHCIGCPF[QWPIYQOGPVQ[GCTUQHCIGGZRQUGFVQRRO1 XKCOQWVJRKGEG#NN 

### UWDLGEVUYGTGJGCNVJ[PQPUOQMGTUYKVJENKPKECNN[PQTOCNRWNOQPCT[HWPEVKQP0QPGJCFCJKUVQT[QHUKIPKHKECPVCNNGTIKGUCPFPQPGJCFTGUKFGFKPCJKIJCKTRQNNWVKQPCTGCHQTCVNGCUVOQ6JGUWDLGEVUEQORNGVGFJ%'GZRQUWTGUOGCP.OKPHQTOCNGUCPF '

### .OKPHQTHGOCNGUVQ(#CPFRRO1 6JGGZRQUWTGUYGTGIKXGPKPTCPFQOQTFGTCPF 

### YGTGUGRCTCVGFD[COKPKOWOQHFC[U1\QPGGZRQUWTGKPFWEGFUKIPKHKECPVFGETGOGPVUKP(8%('8 CPF('( EQORCTGFVQ(#GZRQUWTG6JTGGHGOCNGUCPFHQWTOCNGUYGTG  

### WPCDNGVQEQORNGVGVJG1 GZRQUWTG(GOCNGUGZRGTKGPEGFOGCPFGETGOGPVUQHCPF 

### KP(8%('8 CPF('( TGURGEVKXGN[EQORCTGFVQOGCPFGETGOGPVUQHKP  

### (8%KP('8 CPFKP('( HQTOCNGU6JGTGYGTGPQUVCVKUVKECNN[  

### UKIPKHKECPVFKHHGTGPEGUDGVYGGPVJGURKTQOGVT[QT54 TGURQPUGUTGNCVGFVQIGPFGT$GECWUG

CY

### VJGHGOCNGUWDLGEVUKPJCNGFCUWDUVCPVKCNN[UOCNNGTCDUQNWVGFQUGQH1 FWGVQVJGEQPUKFGTCDN[ 

### NQYGTGZGTEKUG[GVJCFUKOKNCTFGETGOGPVUKPRWNOQPCT[HWPEVKQPEQORCTGFVQOGPVJG '

### Ozone Concentration (ppm) 0.00 0.12 0.18 0.24 0.30 0.40 0 5 10 15 20 25 30 35 

###  8

CWVJQTUEQPENWFGFVJCVHGOCNGUCTGOQTGTGURQPUKXGVQ1 VJCPOCNGU+PVJKUUVWF[VJGHGOCNG 

### UWDLGEVUKPJCNGFCNQYGTTGNCVKXGFQUGQH1 EQORCTGFVQOCNGUYJGPGZRTGUUGFQPVJGDCUKUQH 

### $5#DWVCUKOKNCTTGNCVKXGFQUGYJGPGZRTGUUGFQPVJGDCUKUQH(8%5GCNGVCNTGRQTVGFQPJGCNVJ[DNCEMCPFYJKVGOGPCPFYQOGPDGVYGGPCPF[GCTUQHCIGYJQGCEJYGTGCUUKIPGFVQEQORNGVGQPGJGZRQUWTGVQ(#QTRRO1 5WDLGEVUGZGTEKUGFKPVGTOKVVGPVN[QPCOQVQTFTKXGP 

### VTGCFOKNNCVCYQTMNQCFKPFWEKPICQHCDQWV.OKPO $5#HQTYQOGPCPFCDQWV ' 

### .OKPO $5#HQTOGP#NVJQWIJHGOCNGUWDLGEVUKPJCNGFCDQWVNGUUVQVCNFQUGQH 

### 1 VJCPOCNGUKPGCEJGZRQUWTGEQPEGPVTCVKQPITQWRVJGTGYGTGPQUKIPKHKECPVFKHHGTGPEGUKP



### VJGEJCPIGUKP('8 UGG(KIWTG54 QTEQWIJTCVKPIUDGVYGGPOCNGUCPFHGOCNGU  CY

### COQPIGKVJGTDNCEMUQTYJKVGU9QOGPCNUQKPJCNGFCNQYGTCDUQNWVGFQUGQH1 VJCPOGP 



### (KIWTG /GCPRGTEGPVEJCPIGvUVCPFCTFGTTQTQHVJGOGCPKPRQUVOKPWURTGXCNWGUQHHQTEGFGZRKTCVQT[XQNWOGKPU('8 HQTGCEJIGPFGTTCEG


### ITQWR1RGPDCTUYJKVGYQOGPETQUUJCVEJGFDCTUDNCEMYQOGPJCVEJGFDCTUYJKVGOGPUQNKFDCTUDNCEMOGP

5QWTEG 5GCN GV CN 


###  8

 8  8

 8

 8  8

 8

 8

 8

&TGEJUNGT2CTMUGVCNCDEQORCTGFVJGTGURQPUGUQHGKIJVOGPCPFGKIJVYQOGPDGVYGGPCPF[GCTUQHCIGVQ(#CPFRRO1 6JGUWDLGEVUYGTGCNNJGCNVJ[ 

### PQPUOQMGTUYJQYGTGNQPIVGTOTGUKFGPVUQHCTGNCVKXGN[NQYRQNNWVKQPCTGC6JGUWDLGEVURCTVKEKRCVGFKPJ+'OKPTGUVOKPGZGTEKUGCV.OKPGZRQUWTGUVJCVYGTG '

### RTGUGPVGFKPTCPFQOQTFGTCPFYGTGUGRCTCVGFD[CVNGCUVYGGM'ZEGRVHQT('8 VJGTG 

### YGTGPQUVCVKUVKECNN[UKIPKHKECPVFKHHGTGPEGUDGVYGGPVJGTGURQPUGUQHVJGOGPCPFYQOGPUWDLGEVUCNVJQWIJYQOGPJCFUNKIJVN[NCTIGTOGCPFGETGOGPVUKP(8%CPF('8 VJCPOGP

### +PFKXKFWCNFGETGOGPVUKP(8%CPF('8 TCPIGFHTQOVQCDQWVHQTDQVJOCNGCPFHGOCNG 

### UWDLGEVU$CUGFQP('8 VYQHGOCNGUCPFVJTGGOCNGUJCFPQTGURQPUGVQVJG1 GZRQUWTG 

### /CNGUWDLGEVUKPJCNGFCUQOGYJCVNCTIGTCDUQNWVGGHHGEVKXGFQUGQH1 FWGVQJKIJGTGZGTEKUG 

### CPFTGUVKPI9JGPYCUPQTOCNK\GFVQ$5#HGOCNGUKPJCNGFCNCTIGTFQUGQH1 VJCP ' ' 

### OCNGU9JGPYCUPQTOCNK\GFVQ(8%VJGTGNCVKXGKPJCNGFFQUGUQH1 YGTGUKOKNCT ' 

### 4GKUGPCWGTGVCNTGRQTVGFQPVJGRWNOQPCT[HWPEVKQPTGURQPUGUQHOGPCPFYQOGPDGVYGGPCPF[GCTUQHCIGYJQYGTGGZRQUGFVQCPFRRO1 

### 6JGVJTGGGZRQUWTGUYGTGRTGUGPVGFKPTCPFQOQTFGTCPFCVVJGUCOGVKOGQHFC[HQTGCEJUWDLGEV6JGUWDLGEVUYGTGGZRQUGFXKCOQWVJRKGEGHQTJFWTKPIYJKEJUGXGPOGPGZGTEKUGFHQTOKPCPFTGUVGFHQTOKPCPFVJGQVJGTVYQOGPCPFCNNQHVJGYQOGPCNVGTPCVGFVYQOKPTGUVRGTKQFUCPFVYQOKPGZGTEKUGRGTKQFU8GPVKNCVKQPTCVGUYGTGCDQWV.OKPHQTOGPCPF.OKPHQTYQOGPCNVJQWIJYJGPYCUPQTOCNK\GFVQ$5#VJGTGNCVKXG' '

### HQTOCNGUCPFHGOCNGUYCUUKOKNCT#NNFCVCYGTGRQQNGFTGICTFNGUUQHVJGVQVCNGZGTEKUGVKOG6JGTGYGTGPQUKIPKHKECPVEJCPIGUKPCP[RCTCOGVGTQHRWNOQPCT[HWPEVKQPKPVJGOCNGU(GOCNGUJCFPQUKIPKHKECPVEJCPIGUKPCP[URKTQOGVTKERCTCOGVGTDWVHQNNQYKPIVJGRRO1 GZRQUWTGFKFJCXGCUOCNNKPETGCUGKPVQVCNTGURKTCVQT[TGUKUVCPEG4 YJKEJ

 6

### TGOCKPGFCVVJKUNGXGNOKPRQUVGZRQUWTG$GFKGVCNTGRQTVGFQPVJGTGURQPUGUQHOGPCPFYQOGPVQ[GCTUQHCIGGZRQUGFHQTJVQ(#QTRRO1 HQTEQPUGEWVKXGFC[U1PN[VJGHKTUV1 FC[  

### TGUWNVUYKNNDGFKUEWUUGFKPVJKUUGEVKQPVJGKUUWGQHTGRGCVGFGZRQUWTGUKUCFFTGUUGFKP5GEVKQP'ZRQUWTGUYGTGEQPFWEVGFCVVJGUCOGVKOGQHFC[QPEQPUGEWVKXGFC[UYKVJVJG(#GZRQUWTGCNYC[UEQPFWEVGFHKTUV6JGUWDLGEVUCNVGTPCVGFOKPGZGTEKUGRGTKQFUOGCP '

### .OKPHQTOGPCPF.OKPHQTYQOGPCPFOKPTGUVRGTKQFUVJTQWIJQWVVJGJEJCODGTGZRQUWTGU9JGPYCUPQTOCNK\GFVQ$5#YQOGPKPJCNGFUNKIJVN[JKIJGTTGNCVKXG '

### FQUGUQH1 DWVYJGPPQTOCNK\GFVQ(8%YQOGPKPJCNGFCUNKIJVN[NQYGTTGNCVKXGFQUGQH 

### 1 VJCPOGP6JGTGYGTGPQUVCVKUVKECNN[UKIPKHKECPVITQWROGCPFKHHGTGPEGUDGVYGGPVJG



### TGURQPUGUQHOGPCPFYQOGPUWDLGEVU6JGOGCPFGETGOGPVUKP(8%CPF('8 HQNNQYKPIVJG 

### 1 GZRQUWTGHQTVJGUWDLGEVUYGTGCPFTGURGEVKXGN[+PCPGZRNQTCVQT[CPCN[UKU



### VJGUWDLGEVUYGTGFKXKFGFKPVQVYQITQWRUDCUGFQPYJGVJGTVJGKTFGETGOGPVKP('8 HQNNQYKPI 

### VJGHKTUV1 GZRQUWTGEQORCTGFVQVJG(#GZRQUWTGYCUQT6JGTGYGTGGKIJV 

### UWDLGEVUKPGCEJITQWRYKVJVJGUGPUKVKXGITQWREQPUKUVKPIQHVYQHGOCNGUCPFUKZOCNGU6JGOGCPRQUV1 GZRQUWTGFGETGOGPVKP('8 YCUO.HQTVJGUGPUKVKXGITQWRXGTUWUO.  

### HQTVJGPQPTGURQPUKXGITQWR5KOKNCTRCVVGTPUQHTGURQPUGYGTGGXKFGPVKP(8%CPF('8 

### 6JGTGYGTGPQUKIPKHKECPVEJCPIGUKPCP[HNQYRCTCOGVGTOCZKOWOXQNWPVCT[XGPVKNCVKQP/88GZRKTCVQT[TGUGTXGXQNWOGQTHWPEVKQPCNTGUKFWCNECRCEKV[6JGSWGUVKQPCUVQYJGVJGTVJGTGKUCFKHHGTGPEGKPUGPUKVKXKV[VQ1 DGVYGGPOGP 

### CPFYQOGPTGOCKPUWPTGUQNXGF&KHHGTGPVEQPENWUKQPUFGRGPFQPYJGVJGTKUPQTOCNK\GFVQ '

### DQF[QTNWPIUK\GKPECNEWNCVKPIVJGKPJCNGFFQUGUQH1 6JGUWDITQWRUUVWFKGFD[$GFKGVCN 

### KPENWFGFUKZOCNGUCPFVYQHGOCNGUUWIIGUVKPIVJCVQNFGTOCNGUOC[DGOQTGUGPUKVKXG

###  8

 8

 8

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VQ1 VJCPQNFGTHGOCNGU*QYGXGT4GKUGPCWGTGVCNHQWPFCUKIPKHKECPVKPETGCUGKP 

### 4 QPN[KPYQOGP*QTXCVJGVCN#FCOUGVCNCPF&TGEJUNGT2CTMUGVCN

6

### CDUWIIGUVGFVJCVDGECWUGVJGKTHGOCNGUWDLGEVUJCFUKOKNCTRWNOQPCT[HWPEVKQPTGURQPUGUVQVJGKTOCNGUWDLGEVUGXGPVJQWIJVJGHGOCNGUKPJCNGFNGUU1 HGOCNGUYGTGOQTG 

### UGPUKVKXGVJCPOCNGU/GUUKPGQCPF#FCOUUWIIGUVGFVJCVUQOGHCEVQTQVJGTVJCPCDUQNWVGNWPIUK\GCEEQWPVGFHQTQDUGTXGFFKHHGTGPEGUDGVYGGPOCNGUCPFHGOCNGUVJGKTVYQITQWRUQHHGOCNGUYKVJYKFGN[FKHHGTGPVNWPIUK\GUGZRGTKGPEGFUKOKNCTFGETGOGPVUKPRWNOQPCT[HWPEVKQPHQNNQYKPIGSWKXCNGPVGZRQUWTGU#NVJQWIJVJGEWTTGPVN[CXCKNCDNGNKVGTCVWTGUWIIGUVUVJCVHGOCNGUOC[DGUQOGYJCVOQTGUGPUKVKXGVQ1 VJCPOCNGUVJGSWGUVKQPKUPQV 

### UGVVNGF(WTVJGTEQORCTCVKXGUVWFKGUJCXGKPENWFGFQPN[UOCNNUWDLGEVITQWRUGZEGRVHQT5GCNGVCNCPFQHVGPQPN[ITQWROGCPFCVCCTGRTGUGPVGFYKVJNKVVNGKPHQTOCVKQPCDQWVKPFKXKFWCNTGURQPUGU

*QTOQPCN+PHNWGPEGU5GCNGVCNEQORCTGFVJGRWNOQPCT[HWPEVKQPTGURQPUGUQHYJKVGCPFDNCEMYQOGPVQ[GCTUQHCIGYJQUGOGPUVTWCNRJCUGYCUMPQYPCVVJGVKOGQHCUKPINGJGZRQUWTGVQQTRRO1 5WDLGEVURGTHQTOGFKPVGTOKVVGPV 

### VTGCFOKNNGZGTEKUG .OKPO $5#FWTKPIVJGHKTUVJQHGZRQUWTG6JGTGYGTGPQ ' 

### UKIPKHKECPVGHHGEVUHQT54 QTEQWIJVJCVEQWNFDGTGNCVGFVQOGPUVTWCNE[ENG6JGTGYCUCTCEG

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### ¥OGPUVTWCNRJCUGKPVGTCEVKQPHQT('8 *QYGXGTYJGPVJGITQWRUQHDNCEMCPFYJKVG 

### YQOGPYGTGCPCN[\GFUGRCTCVGN[VJGTGYCUPQUKIPKHKECPVRTKOCT[GHHGEVHQTOGPUVTWCNE[ENGRJCUG6JGUKIPKHKECPEGQHVJGQDUGTXGFKPVGTCEVKQPDGVYGGPTCEGCPFOGPUVTWCNE[ENGRJCUGKU

WPMPQYP 9GKPOCPPGVCNEQORCTGFVJGRWNOQPCT[HWPEVKQPTGURQPUGUQHUKZJGCNVJ[PQPUOQMKPIYQOGPVQCOKPGZRQUWTGVQRRO1 VQFC[UCHVGTVJGQPUGVQH 

### OGPUGUCPFVQFC[UCHVGTQXWNCVKQP5WDLGEVURGTHQTOGFKPVGTOKVVGPVGZGTEKUGCVCYQTMNQCFVJCVKPFWEGFCQH¥(8%1XWNCVKQPYCUEQPHKTOGFD[CDNQQFRTQIGUVGTQPGVGUV'

### 5RKTQOGVT[YCURGTHQTOGFRTGCPFOKPRQUV1 GZRQUWTG#NVJQWIJTGUVKPIYCUVJG  '

### UCOGFWTKPIDQVJGZRQUWTGUGZGTEKUGNQCFJCFVQDGTGFWEGFFWTKPIVJGNWVGCNRJCUGKPQTFGTVQOCVEJVJGXGPVKNCVQT[TGURQPUGVQGZGTEKUGFWTKPIVJGHQNNKEWNCTRJCUG6JGTGYGTGPQUKIPKHKECPVGHHGEVUTGNCVGFVQRJCUGQHVJGOGPUVTWCNE[ENG6JGCWVJQTUEQPENWFGFVJCVOGPUVTWCNRJCUGFQGUPQVPGGFVQDGEQPUKFGTGFKPGZRGTKOGPVCNFGUKIP1PGRTQDNGOYKVJVJGUVWF[KUVJCVVJGRQUVGZRQUWTGOGCUWTGOGPVUYGTGOCFGOKPCHVGTVJGEQPENWUKQPQHVJGGZRQUWTG6[RKECNN[RWNOQPCT[HWPEVKQPFGETGOGPVUDGIKPVQTGXGTUGQPEGGZRQUWTGGPFUVJWUCP[RWNOQPCT[HWPEVKQPEJCPIGUVJCVFKFQEEWTEQWNFDGGZRGEVGFVQDGTGFWEGFCVOKPRQUV1 GZRQUWTGEQORCTGFVQKOOGFKCVGN[CHVGTGZRQUWTG  

### #EWVG1 GZRQUWTGJCUDGGPUJQYPVQECWUGUJQTVVGTOCKTYC[KPHNCOOCVKQPUGG 

### 5GEVKQPKPFWEGFD[2)UCOQPIQVJGTKPHNCOOCVQT[UWDUVCPEGU+VCNUQJCUDGGPFGOQPUVTCVGFVJCVRTQIGUVGTQPGKPJKDKVU2)RTQFWEVKQPKPVJGWVGTKPGGPFQOGVTKWOYJKEJHNWEVWCVGUCUVJGRTQIGUVGTQPGEQPEGPVTCVKQPXCTKGUVJTQWIJQWVVJGOGPUVTWCNE[ENG(QZGVCNKPXGUVKICVGFVJGJ[RQVJGUKUVJCV1 GZRQUWTGFWTKPIVJGHQNNKEWNCTRJCUGYJGP 

### RTQIGUVGTQPGEQPEGPVTCVKQPKUNQYGUVOKIJVTGUWNVKPITGCVGTRWNOQPCT[HWPEVKQPTGURQPUGUFWGVQTGFWEGFCPVKKPHNCOOCVQT[KPHNWGPEGUQHRTQIGUVGTQPG0KPGPQPUOQMKPIYQOGPEQORNGVGFJOQWVJRKGEGGZRQUWTGUVQ(#CPFRRO1 YJKNGGZGTEKUKPIEQPVKPWQWUN[ CDQWV  '

### .OKPFWTKPIDQVJVJGHQNNKEWNCTCPFOKFNWVGCNRJCUGUQHVYQVQHQWTQXWNCVQT[OGPUVTWCNE[ENGU6JGTGYGTGPQFKHHGTGPEGUKPCP[RWNOQPCT[HWPEVKQPTGURQPUGUVQ(#TGNCVGFVQ

###  8

 8

OGPUVTWCNRJCUGPQTYCUVJGTGCFKHHGTGPEGKPVJGOGCP(8%FGETGOGPVUHQNNQYKPIVJGHQNNKEWNCTQTOKFNWVGCNRJCUG1 GZRQUWTGU6JG1 KPFWEGFFGETGOGPVUKP('8 CPF('(    

### YGTGUKIPKHKECPVN[NCTIGTFWTKPIVJGHQNNKEWNCTRJCUGCPFTGURGEVKXGN[VJCPFWTKPIVJGOKFNWVGCNRJCUGCPFTGURGEVKXGN[6JGCWVJQTUURGEWNCVGFVJCVVJGFKHHGTGPEGDGVYGGPVJG('8 CPF('( TGURQPUGUVQVJGVYQ1 GZRQUWTGUEQWNFDGFWGVQ   

### FKHHGTGPEGUKPEKTEWNCVKPIRTQIGUVGTQPGCPFVJGGHHGEVQHRTQIGUVGTQPGQPRTQUVCINCPFKPCEVKXKV[#XCKNCDNGFCVCUGG6CDNGFQPQVRGTOKVCEQPENWUKQPTGICTFKPIVJGKPHNWGPEGQHVJGOGPUVTWCNE[ENGQPTGURQPUGUVQ1 GZRQUWTG6YQQHVJGVJTGGUVWFKGUCXCKNCDNG(QZGVCN 

### CPF9GKPOCPPGVCNYGTGRGTHQTOGFYKVJUOCNNITQWRUQHUWDLGEVUCPFTGUWNVGFKPQRRQUKVGEQPENWUKQPU5GCNGVCNEQORCTGFTCEGDNCEMXGTUWUYJKVGCPFOGPUVTWCNRJCUGQDVCKPKPICUKIPKHKECPVKPVGTCEVKQPDGVYGGPTCEGCPFRJCUGDWVRQUVJQECPCN[UKUHCKNGFVQGUVCDNKUJCDCUKUHQTVJGKPVGTCEVKQPNGCXKPIVJGKORNKECVKQPUQHVJGUVWF[WPENGCT

#IG&KHHGTGPEGU+VJCUDGGPJ[RQVJGUK\GFVJCVCIGOC[DGCHCEVQTKPTGURQPUKXGPGUUVQ1 #NVJQWIJ 

### EJKNFTGPOCMGWRCNCTIGRTQRQTVKQPQHVJGRQRWNCVKQPHGYEQPVTQNNGFNCDQTCVQT[UVWFKGUQHVJGRWNOQPCT[HWPEVKQPGHHGEVUQHCP[CKTRQNNWVCPVJCXGDGGPTGRQTVGFQPUWDLGEVUWPFGTCIG(KGNFCPFGRKFGOKQNQIKECNUVWFKGUUGG5GEVKQPCVVGORVKPIVQTGNCVGCODKGPVCKTRQNNWVCPVGZRQUWTGVQRWNOQPCT[HWPEVKQPKPEJKNFTGPJCXGUWIIGUVGFVJCVEJKNFTGPOC[DGOQTGTGURQPUKXGVQCODKGPVCKTRQNNWVKQPVJCP[QWPICFWNVU6JGRTGXKQWU1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[ 

### KPENWFGFQPN[QPGNCDQTCVQT[GZRQUWTGUVWF[KPYJKEJEJKNFTGPYGTGVJGUWDLGEVU/E&QPPGNNGVCNCGXCNWCVGFVJGRWNOQPCT[HWPEVKQPTGURQPUGUQHDQ[UDGVYGGPCPF[GCTUQHCIGVQCPFRRO1 KPTCPFQOQTFGT6JGDQ[UCNVGTPCVGFOKPTGUVCPF

### GZGTEKUGRGTKQFU .OKPO $5#HQTVJGHKTUVOKPQHVJGOKPGZRQUWTG' 

### (QTEGFGZRKTCVQT[URKTQOGVT[CPFTGURKTCVQT[U[ORVQOUYGTGOGCUWTGFDGHQTGGZRQUWTGCPFCVOKPQHGZRQUWTGYJGTGCU4 YCUOGCUWTGFDGHQTGGZRQUWTGDGICPCPFCHVGTOKPQH

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### GZRQUWTG6JGITQWROGCPFGETGOGPVKP('8 HQNNQYKPIVJG1 GZRQUWTGYCU  

### EQORCTGFVQHQTCITQWRQH[QWPICFWNVOCNGUYJQGCTNKGTJCFEQORNGVGFVJGUCOGRTQVQEQN/E&QPPGNNGVCN+VUJQWNFDGPQVGFVJCVVJGCDUQNWVGHQTVJGEJKNFTGP '

### .OKPCPFCFWNVU.OKPYCUUKOKNCTYJGPPQTOCNK\GFHQT$5#CDQWV.OKPO $5##UUWOKPIVJCVCFLWUVKPIXGPVKNCVKQPHQTFKHHGTGPEGUKP$5#KUCP 

### CRRTQRTKCVGPQTOCNK\KPIVGEJPKSWGVJGUGEJKNFTGPCRRGCTGFVQGZRGTKGPEG1 KPFWEGF

### RWNOQPCT[GHHGEVUUKOKNCTVQCFWNVU6JGEJKNFTGPTGRQTVGFPQU[ORVQOUDWVVJGCFWNVUTGRQTVGFCUOCNNDWVUVCVKUVKECNN[UKIPKHKECPVKPETGCUGKPEQWIJHQNNQYKPI1 GZRQUWTG 

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

### 6CDNG*QTOQPCN+PHNWGPEGUQP2WNOQPCT[(WPEVKQP4GURQPUGUVQ1\QPGC1\QPG%QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP CPF#EVKXKV['ZRQUWTG%QPFKVKQPU0WODGT CPF)GPFGT QH 5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEGURROIO J +'8 ' .OKPO $5#0#  9(  $( *GCNVJ[ 05 VQ  [GCTUQNF5KIPKHKECPV OGPUVTWCN E[ENG RJCUG ¥ TCEGKPVGTCEVKQP HQT ('8  0Q UKIPKHKECPVOGPUVTWCN E[ENG RJCUG GHHGEV YJGP DNCEMUCPF YJKVGU YGTG CPCN[\GF UGRCTCVGN[0Q UKIPKHKECPV OGPUVTWCN RJCUG GHHGEVU HQT54 QT EQWIJ UEQTGCY5GCN GV CN 
   J %'8 .OKP'0#  ( *GCNVJ[ 05TGIWNCTOGPUVTWCNE[ENGU VQ  [GCTUQNF('8 FGETGCUGF  FWTKPI VJG OKFNWVGCN RJCUG CPF  FWTKPI VJGHQNNKEWNCT RJCUG &GETGOGPV KP ('(YCU UKIPKHKECPVN[ NCTIGT FWTKPI VJGHQNNKEWNCT RJCUG VJCP VJG OKFNWVGCN RJCUG%JCPIGU KP (8% YGTG UKOKNCT KP DQVJRJCUGU(QZ GV CN 
   OKP 0#  ( *GCNVJ[ 05TGIWNCTOGPUVTWCNE[ENGU  VQ [GCTU QNF%JCPIGU KP (8% ('8  ('(  8  CPF 8 YGTG UKOKNCT FWTKPIOCZ OCZDQVJ VJG HQNNKEWNCT CPF NWVGCN RJCUGU9GKPOCPP GV CN5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC.KUVGF HTQO NQYGUV VQ JKIJGUV 1 EQPEGPVTCVKQPD

### 

### 6CDNG#IG&KHHGTGPEGUKP2WNOQPCT[(WPEVKQP4GURQPUGUVQ1\QPGC1\QPG%QPEGPVTCVKQPD'ZRQUWTG &WTCVKQPCPF #EVKXKV['ZRQUWTG%QPFKVKQPU0WODGT CPF)GPFGT QH5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIOEQVJGTCODKGPVRQNNWVCPVU  J%'8 .OKP'6  %4*E[ENG /  ( 05 HQT DQVJ ITQWRUOGCP CIG   [GCTUQNF0Q FKHHGTGPEGU KP TGURQPUGU QH DQ[U CPF IKTNU5KOKNCT FGETGOGPVU 
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1CV  RRO GZRQUWTGU#XQN GV CN   J 
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OQWVJRKGEG+' 
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### 

### 6CDNGEQPV	F#IG&KHHGTGPEGUKP2WNOQPCT[(WPEVKQP4GURQPUGUVQ1\QPGC1\QPG%QPEGPVTCVKQPD'ZRQUWTG &WTCVKQPCPF #EVKXKV['ZRQUWTG%QPFKVKQPU0WODGT CPF)GPFGT QH5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO   J+'8 .OKP'6%4*  E[ENG / (*GCNVJ[ 05 VQ  [GCTU QNF/GCP FGETGOGPV KP('8   v  TCPIG QHFGETGOGPVU   VQ&TGEJUNGT2CTMU GV CNCD   J+'/GCP 8 ' .OKP HQT OGP/GCP 8 ' .OKP HQTYQOGP6  %4*  E[ENGVTGCFOKNN / (*GCNVJ[ 05 VQ  [GCTU QNF/GCP FGETGOGPV KP('8   GKIJV UWDLGEVU JCF C QT ITGCVGT FKHHGTGPEG DGVYGGP VJGKTTGURQPUG VQ 1 CPF (# CPF VJG QVJGTGKIJV JCF NGUU VJCP C  FKHHGTGPEGDGVYGGP VJGKT TGURQPUGU VQ (# CPF RRO 1 $GFK GV CN 
   J+'8 .OKP'6%4*  E[ENG / (*GCNVJ[ 05 VQ  [GCTU QNF*GCNVJ[ 05 VQ  [GCTU QNF UWDLGEVU JCF FGETGOGPVU KP ('8QP VJTGG UGRCTCVG GZRQUWTGU VQ  RROYKVJKP  QH VJGKT OGCP TGURQPUG VQ VJGVJTGG GZRQUWTGU 6JG QVJGT VJTGG UWDLGEVUYGTG PQV TGRTQFWEKDNG 5[ORVQO TGRQTVUFKF PQV EQTTGNCVG YGNN YKVJ RWNOQPCT[HWPEVKQP EJCPIGU$GFK GV CN 
   J%'8 .OKP' J+'8 .OKP'6%4*  E[ENGVTGCFOKNN / (*GCNVJ[ 05 VQ  [GCTU QNFCNN KP UGZEGRV QPG [GCTU QNF%QORCTKUQP QH J %' RTQVQEQN CPF J+' RTQVQEQN KPFKECVGF PQ FKHHGTGPEGDGVYGGP VJG EJCPIGU KP RWNOQPCT[HWPEVKQP HQNNQYKPI VJG VYQ RTQVQEQNU&TGEJUNGT2CTMU GV CN5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC.KUVGF HTQO NQYGUV VQ JKIJGUV 1 EQPEGPVTCVKQPD1\QPG EQPEGPVTCVKQP KU VJG OGCP QH C TCPIG QH CODKGPV EQPEGPVTCVKQPUE

### 

###  8

 8

 8

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JQWTQHGZRQUWTG$Q[UCPFIKTNUGZGTEKUGFCVUKOKNCTVQ.OKP+VUJQWNFDGPQVGF '

### VJCVVJGCODKGPVGZRQUWTGKPENWFGFVJGHWNNTCPIGQHCKTRQNNWVCPVURTGUGPVKPVJGQWVFQQTCKTOKZQPVJGFC[UQHVJGGZRQUWTGUGZEGRVHQTUOCNNHTCEVKQPUQH1 CPFRCTVKENGUNQUVKPVJGKPNGV 

### FWEV%QPEGPVTCVKQPUQH1 PKVTQIGPFKQZKFG01 VQVCNUWURGPFGFRCTVKEWNCVG652  

### RCTVKEWNCVGPKVTCVGRCTVKEWNCVGUWNHCVGRCTVKEWNCVGUQFKWOCPFRCTVKEWNCVGCOOQPKWOYGTGOGCUWTGFVJTQWIJQWVVJGGZRQUWTGU6JG1 EQPEGPVTCVKQPFWTKPIVJGCODKGPVCKTGZRQUWTGU 

### CXGTCIGFRROYJGTGCUKVCXGTCIGFRROFWTKPIVJGRWTKHKGFCKTGZRQUWTGU6JGEJKNFTGPEQPUKUVGPVN[JCFUKOKNCTFGENKPGUKPRWNOQPCT[HWPEVKQPYKVJVKOGHQNNQYKPIDQVJ(#CPFCODKGPVCKTGZRQUWTGU6[RKECNOGCPFGETGOGPVUKP(8%CPF('8 YGTGO.QTNGUU

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

### CUVJOCVKEUCTGRTGUGPVGFKP5GEVKQPQPN[FCVCQPPQTOCNCFQNGUEGPVUWDLGEVUYKNNDG

FKUEWUUGFKPVJKUUGEVKQP-QGPKIGVCNTGRQTVGFQPCFQNGUEGPVUVQ[GCTUQHCIGYJQYGTGGZRQUGFHQTOKPVQCKTQTQTRRO1 XKCCOQWVJRKGEGU[UVGO6GPUWDLGEVUYGTG 

### GZRQUGFVQGCEJ1 EQPEGPVTCVKQPDWVPQVCNNUWDLGEVUYGTGGZRQUGFVQDQVJEQPEGPVTCVKQPU

### 0QPGQHVJGJGCNVJ[UWDLGEVUJCFCJKUVQT[QHCUVJOCQTCNNGTIKGUCPFCNNJCFRWNOQPCT[HWPEVKQPYKVJKPVJGRTGFKEVGFTCPIGDCUGFQPCIGUGZCPFJGKIJV6JGTGYCUCVQOKPDTGCMKPGZRQUWTGHQTRWNOQPCT[HWPEVKQPVGUVRGTHQTOCPEGHQNNQYKPIOKPQHTGUVKPIGZRQUWTGHQNNQYGFD[COKPGZGTEKUGRGTKQF v.OKPHQTVJGRRO '

### 1 GZRQUWTGCPFv.OKPHQTVJGRRO1 GZRQUWTG%JCPIGUKP('8 YGTGPQV

  

### UKIPKHKECPVHQNNQYKPICP[GZRQUWTG#HVGTGZRQUWTGVQRRO1 4 YCUKPETGCUGF  6

### -QGPKIGVCNCNUQJCXGTGRQTVGFQPVJGRWNOQPCT[HWPEVKQPTGURQPUGUQHCPQVJGTITQWRQHJGCNVJ[CFQNGUEGPVUVQ[GCTUQHCIGVQJGZRQUWTGUVQCKTCPFRRO1 6JGUWDLGEVUYGTGGZRQUGFD[OQWVJRKGEGVQCKTCPFRRO1 YJKNG  

### CNVGTPCVKPIOKPRGTKQFUQHGZGTEKUG v.OKPYKVJOKPRGTKQFUQHTGUV '

### v.OKP6GUVUQHRWNOQPCT[HWPEVKQPKPENWFGFHQTEGFGZRKTCVQT[URKTQOGVT[ '

### CPF4 *GCNVJ[UWDLGEVUJCFPQUKIPKHKECPVCNVGTCVKQPUKPCP[RCTCOGVGTQHRWNOQPCT[HWPEVKQP 6

### EQPUGSWGPVVQGZRQUWTGVQCKTQTRRO1  

### #NVJQWIJHGYFCVCCTGCXCKNCDNGQPVJGTGURQPUGUQHJGCNVJ[CFQNGUEGPVUGZRQUGFVQ1 VJGNKOKVGFGZKUVKPIFCVCFQPQVKFGPVKH[CFQNGUEGPVUCUDGKPIGKVJGTOQTGQTNGUUTGURQPUKXG



### VJCP[QWPICFWNVU#VVJGVKOGVJG1 ETKVGTKCFQEWOGPVYCUTGNGCUGFPQUVWFKGUURGEKHKECNN[ 

### GXCNWCVKPIVJGRWNOQPCT[HWPEVKQPTGURQPUGUQHQNFGTCFWNVUJCFDGGPTGRQTVGF5GXGTCNUVWFKGU(QNKPUDGGGVCN#FCOUGVCNVJCVKPENWFGFCHGYOKFFNGCIGFKPFKXKFWCNUCOQPIVJGUWDLGEVUYGTGUWIIGUVKXGVJCVVJGTGOKIJVDGCFGETGCUGKP1 TGURQPUKXGPGUUYKVJ 

### CFXCPEKPICIG5GXGTCNTGRQTVUJCXGUKPEGCRRGCTGFEQNNGEVKXGN[UWIIGUVKPIVJCVEQNNGEVKXGN[JGCNVJ[QNFGTCFWNVUKGQXGT[GCTUQHCIGIGPGTCNN[CTGOKPKOCNN[TGURQPUKXGVQ1  

### CNVJQWIJUQOGKPFKXKFWCNUTGOCKPTGURQPUKXGVQ1  

### &TGEJUNGT2CTMUGVCNCTGRQTVGFQPGKIJVOGPCPFGKIJVYQOGPDGVYGGPCPF[GCTUQHCIGYJQYGTGGZRQUGFHQTJVQ(#QTRRO1 6JGUWDLGEVUYGTG 

###  8

 8

JGCNVJ[PQPUOQMGTUYKVJPQTOCNDCUGNKPGRWNOQPCT[HWPEVKQP6JGEJCODGTGZRQUWTGUKPXQNXGFCNVGTPCVKPIOKPTGUVCPFGZGTEKUGRGTKQFU CXGTCIGFv.OKPHQT '

### OGPCPFv.OKPHQTYQOGP'ZRQUWTGUYGTGRTGUGPVGFKPTCPFQOQTFGTCVNGCUVYGGMCRCTV6JGQPN[UKIPKHKECPVFKHHGTGPEGTGNCVGFVQUGZYCUKP('8 KPYJKEJYQOGPJCF 

### NCTIGTFGETGOGPVUVJCPOGP6JGTGYGTGPQUKIPKHKECPVFGETGOGPVUKPCP[QVJGTRCTCOGVGTQHRWNOQPCT[HWPEVKQPTGNCVGFVQ1 GZRQUWTGGZEGRVYJGPVJGFCVCQHCNNUWDLGEVUYGTG 

### RQQNGFUKIPKHKECPVOGCPFGETGOGPVUQHvKP(8%CPFvKP('8 YGTG 

### QDUGTXGF6JGTCPIGQHKPFKXKFWCNFGETGOGPVUKP('8 YCUHTQOVQ6YQYQOGPCPF 

### VJTGGOGPJCFPQTGURQPUGHQNNQYKPIVJG1 GZRQUWTG6JGUWDLGEVUTGRQTVGFOQTGU[ORVQOU 

### HQNNQYKPIVJG1 GZRQUWTGVJCPVJG(#GZRQUWTG5GXGPUWDLGEVUTGRQTVGFEQWIJPKPGTGRQTVGF 

### UQTGVJTQCVCPFUKZTGRQTVGFEJGUVVKIJVPGUU6JGCWVJQTUEQORCTGFVJGKTTGUWNVUQPQNFGTCFWNVUVQVJGTGUWNVUHTQOCITQWRQH[QWPICFWNVUYJQJCFEQORNGVGFVJGUCOGRTQVQEQN#NNQHVJGQNFGTUWDLGEVUKPJCNGFUNKIJVN[JKIJGTFQUGUQH1 VJCPVJG[QWPIGTUWDLGEVU¥ 

###  .HQTQNFGTOGPXGTUWU¥ .HQT[QWPIGTOGPCPF¥ .HQTQNFGT   


### YQOGPXGTUWU¥ .HQT[QWPIGTYQOGP*QYGXGTQNFGTOGPJCFCOGCP 

### FGETGOGPVKP('8 QHXGTUWUHQT[QWPIGTOGPYJGTGCUQNFGTYQOGPJCFCOGCP 

### FGETGOGPVKP('8 QHXGTUWUHQT[QWPIGTYQOGP6JGFGETGOGPVUQHVJGQNFGT 

### UWDLGEVUCNUQYGTGEQORCTGFVQRWDNKUJGFXCNWGUHQTVJG[QWPICFWNVUYKVJVJGQNFGTUWDLGEVUUVWFKGFEQPUKUVGPVN[UJQYKPIUOCNNGTEJCPIGUKPRWNOQPCT[HWPEVKQPUVJCPVJG[QWPICFWNVU6JGUGEQORCTKUQPUKPFKECVGFVJCVVJGUGQNFGTCFWNVUYGTGNGUUTGURQPUKXGVQ1 GZRQUWTGVJCP 

### V[RKECN[QWPICFWNVUKPVGTOUQHRWNOQPCT[HWPEVKQPEJCPIGUCPFU[ORVQOTGRQTVU4GKUGPCWGTGVCNTGRQTVGFQPVJGRWNOQPCT[HWPEVKQPTGURQPUGUQHJGCNVJ[CFWNVUDGVYGGPCPF[GCTUQHCIG#NNYGTGPQPUOQMGTUYKVJDCUGNKPGRWNOQPCT[HWPEVKQPYKVJKPVJGRTGFKEVGFPQTOCNTCPIG0QPGJCFCJKUVQT[QHCUVJOCCVQR[QTECTFKQXCUEWNCTFKUGCUGCPFPQPGTGURQPFGFVQCDCUGNKPGOGVJCEJQNKPGDTQPEJQEJCNNGPIG5WDLGEVUYGTGGZRQUGFD[OQWVJRKGEGVQQTRRO1 HQTJ5GXGPOGPTGUVGF 

### HQTOKPCPFGZGTEKUGFHQTOKPYJGTGCUVJGQVJGTVYQOGPCPFCNNYQOGPCNVGTPCVGFVYQOKPTGUVRGTKQFUYKVJVYQOKPGZGTEKUGRGTKQFUYCUCRRTQZKOCVGN[.OKPHQT '

### OGPCPF.OKPHQTYQOGP6JGVJTGGGZRQUWTGUYGTGRTGUGPVGFKPTCPFQOQTFGTCVVJGUCOGVKOGQHFC[HQTGCEJKPFKXKFWCNDWVVJGUGRCTCVKQPDGVYGGPGZRQUWTGUKUPQVUVCVGF6JGQPN[UKIPKHKECPVEJCPIGKPRWNOQPCT[HWPEVKQPYCUCKPETGCUGKP4 YKVJGZRQUWTGVQ 6

### RRO1 KPYQOGPQPN[YJKEJYCUUWUVCKPGFHQTCVNGCUVOKPRQUVGZRQUWTG6JGCWVJQTU 

### EQPENWFGFDCUGFQPVJGKPETGCUGKP4 KPVJGYQOGPVJCVQNFGTCFWNVUYGTGCVKPETGCUGFTKUM 6

### HQTRWNOQPCT[HWPEVKQPEJCPIGUYKVJPGCTCODKGPV1 GZRQUWTG*QYGXGT4 KUCJKIJN[  6

### XCTKCDNGRCTCOGVGTCPFPQQVJGTEJCPIGUYGTGUKIPKHKECPV)KXGPVJGNCTIGPWODGTQHXCTKCDNGUVGUVGFVJKUKUQNCVGFTGUWNVRQUUKDN[KUTGNCVGFVQVJGNCTIGPWODGTQHUVCVKUVKECNVGUVURGTHQTOGF+PEQPVTCUVVJGTGUWNVUQH-QGPKIGVCNHTQOJGCNVJ[CFQNGUEGPVUGZRQUGFVQRRO1 WUKPICUKOKNCTRTQVQEQNTGRQTVGFCOGCPFGETGOGPVKP('8 QH  

### CPFCPKPETGCUGQHKP4 CVVQOKPRQUVGZRQUWTG#VVQOKPRQUVGZRQUWTGVJG 6

### KPETGCUGKP4 YCU%QORCTKUQPQHVJGUGTGUWNVUVQVJQUGQH4GKUGPCWGTGVCNCV 6

### RRO1 UWRRQTVUVJGEQPVGPVKQPVJCV[QWPIGTKPFKXKFWCNUCTGOQTGTGURQPUKXGVQ1 VJCP  

### QNFGTKPFKXKFWCNUKPVJCVPQEJCPIGUKPURKTQOGVT[YGTGPQVGFKPVJGQNFGTCFWNVUGZRQUGFVQRRO1 CNVJQWIJQNFGTYQOGPUJQYGFKPETGCUGF4 YKVJRRO1 GZRQUWTG  6

### YJGTGCUVJGCFQNGUEGPVUJCFCOGCPFGETGOGPVQHKP('8 CPFCOGCPKPETGCUGQHKP 

### 4 YKVJGZRQUWTGVQRRO1 

6 

###  8

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$GFKGVCNTGRQTVGFVJCVQNFGTOGPCPFYQOGPVQ[GCTUQHCIGYJQEQORNGVGFVJTGGGZRQUWTGUVQRRO1 FKFPQVTGURQPFGSWKXCNGPVN[VQGCEJQHVJTGG 

### GZRQUWTGU6JGUWDLGEVUYGTGJGCNVJ[PQPUOQMGTUYKVJDCUGNKPGRWNOQPCT[HWPEVKQPYKVJKPRTGFKEVGFPQTOCNNKOKVU6JGUWDLGEVUCNVGTPCVGFOKPGZGTEKUG YCUCRRTQZKOCVGN[ '

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

### [GCTUQHCIG5GCNGVCNEQORCTGFVJGRWNOQPCT[HWPEVKQPTGURQPUGUQHYJKVGCPFDNCEMYQOGPVQ[GCTUYJQGCEJEQORNGVGFCJGZRQUWTGVQQTRRO1 6JGUWDLGEVURCTVKEKRCVGFKPQPN[QPGGZRQUWTGGCEJYJKNGGZGTEKUKPI 

### KPVGTOKVVGPVN[ .OKPO $5#FWTKPIVJGHKTUVJQHVJGGZRQUWTG1NFGTUWDLGEVU ' 

### YKVJKPVJGCIGTCPIGVGUVGFJCFUOCNNGTFGETGOGPVUKP('8 VJCP[QWPIGTUWDLGEVU 

### 1PGUKORNGOGVJQFVQGUVKOCVGVJG1 GZRQUWTGFQUGKUVQECNEWNCVGVJGRTQFWEVQH 

### 1 EQPEGPVTCVKQPRCTVURGTOKNNKQPNKVGTURGTOKPWVGCPFGZRQUWTGFWTCVKQPOKPWVGU '

### 4GUGCTEJQP[QWPICFWNVU(QNKPUDGGGVCN#FCOUGVCNJCUFGOQPUVTCVGFVJCVVJGQTFGTQHTGNCVKXGKORQTVCPEGQHVJGVJTGGHCEVQTUKU1 EQPEGPVTCVKQPCPFGZRQUWTG  '

### FWTCVKQP&TGEJUNGT2CTMUGVCNKPXGUVKICVGFVJGTGNCVKXGTQNGQHVJGVJTGGEQORQPGPVUQHGHHGEVKXGFQUGKPJGCNVJ[PQPUOQMKPICFWNVUDGVYGGPCPF[GCTUQHCIG6JGUWDLGEVUYGTGGZRQUGFVQDQVJ(#CPFRRO1 QPEGYJKNGVJG[RGTHQTOGFCJ 

### EQPVKPWQWUGZGTEKUGRTQVQEQNCPFQPEGYJKNGVJG[RGTHQTOGFCJ+'RTQVQEQNKPYJKEJVJG[CNVGTPCVGFOKPGZGTEKUGRGTKQFUCPFOKPTGUVRGTKQFU/GCPTCPIGFHTQOVQ '

### .OKPCOQPIVJGHQWTGZRQUWTGU'ZRQUWTGUYGTGUGRCTCVGFD[CVNGCUVYGGM4GICTFNGUUQHRTQVQEQN1 GZRQUWTGKPFWEGFUKIPKHKECPVFGETGOGPVUKP('8 ('8 CPF   

### HQTVJGCPFJGZRQUWTGUTGURGEVKXGN[('8 CPFRGCMGZRKTCVQT[HNQYTCVG 

### 2'(4EQORCTGFVQ(#GZRQUWTG6JGTGYGTGUKIPKHKECPVFGETGOGPVUKP('(  

### CPF.UTGURGEVKXGN[('( ('( CPF/88HQNNQYKPICNNHQWT  

### GZRQUWTGU6JGQPN[UKIPKHKECPVFKHHGTGPEGDGVYGGPVJGTGURQPUGUVQVJGCPFJ1 RTQVQEQNUYCUKP('8 6JGVQVCNPWODGTQHU[ORVQOUTGRQTVGFYCUHQTVJGJ(#

 

### GZRQUWTGHQTVJGJ1 GZRQUWTGCPFHQTDQVJVJGJ(#CPFJ1 GZRQUWTGU 

### +VCRRGCTUVJCVTGUVKPIXGPVKNCVKQPFWTKPIVJGJRTQVQEQNJCFCUOCNNGTGHHGEVEQORCTGFVQGZGTEKUGXGPVKNCVKQP6JKUUWRRQTVUGCTNKGTTGRQTVUVJCVVJG1 EQPEGPVTCVKQPKUVJGOQUV 

### UKIPKHKECPVHCEVQTCOQPIVJGVJTGGHCEVQTUVJCVEQPVTKDWVGVQGHHGEVKXGFQUG#FCOUGVCN(QNKPUDGGGVCN*CEMPG[GVCN#XCKNCDNGFCVCCNVJQWIJQPCNKOKVGFPWODGTQHUWDLGEVUEQPUKUVGPVN[KPFKECVGVJCVTGURQPUKXGPGUUVQ1 KUFGETGCUGFKPRGTUQPUQXGT[GCTUQHCIGEQORCTGFVQ[QWPIGTCFWNVU

### #NVJQWIJVJGTGCTGHGYFCVCCXCKNCDNGQPCFWNVUKPVJGKTVJKTVKGUCPFHQTVKGUVJGUVCVKUVKECNOQFGNKPIUVWF[QH/E&QPPGNNGVCNQPUWDLGEVUHTQOVQ[GCTUQHCIGUWIIGUVUVJCVTGURQPUKXGPGUUVQ1 KUCNTGCF[FKOKPKUJKPID[CIGCPFVJCVVJGOQUVTGURQPUKXGKPFKXKFWCNU 

### CTGNKMGN[VQDGNGUUVJCP[GCTUQHCIG6JGTGUWNVUQH$GFKGVCNUWIIGUVVJCVQNFGTCFWNVUOC[DGNGUUTGRTQFWEKDNGKPVJGKTTGURQPUGUVQ1 VJCP[QWPIGTCFWNVOCNGU/E&QPPGNN 

###  8

GVCNDJQYGXGTVJKUHKPFKPIKUDCUGFQPQPN[UWDLGEVUCPFUJQWNFDGEQPHKTOGFDGHQTGDGKPIEQPUKFGTGFEQPENWUKXG

'VJPKECPF4CEKCN(CEVQTU;QWPIYJKVGOCNGUJCXGDGGPVJGOQUVHTGSWGPVN[UVWFKGFRQRWNCVKQPKPRWDNKUJGFTGRQTVUQPRWNOQPCT[HWPEVKQPTGURQPUGUVQ1 6JGTGKUEQPEGTPJQYGXGTVJCVTGURQPUGUVQ 

### 1 OC[DGKPHNWGPEGFD[GVJPKEFKHHGTGPEGUDCUGFQPVJGQDUGTXCVKQPVJCVDNCEMUJCXGUOCNNGT



### NWPIUVJCPYJKVGUHQTCIKXGPUVCPFKPIQTUKVVKPIJGKIJV4QUUKVGTCPF9GKNN/E&QPPGNNCPF5GCN6JWUCPGSWKXCNGPVKPJCNGFXQNWOGQH1 EQWNFTGUWNVKPCNCTIGT1 FQUGRGT  

### WPKVQHNWPIVKUUWGKPDNCEMUEQORCTGFVQYJKVGURQVGPVKCNN[KPFWEKPIITGCVGTGHHGEVUKPDNCEMUVJCPYJKVGUGZRQUGFVQ1 WPFGTVJGUCOGEQPFKVKQPU5GCNGVCNGXCNWCVGFVJG 

### RWNOQPCT[HWPEVKQPTGURQPUGUQHKPFKXKFWCNUDNCEMYJKVGOCNGCPFHGOCNGPRGTITQWRDGVYGGPCPF[GCTUQHCIGYJQYGTGGZRQUGFVQQTRRO1 'CEJUWDLGEVYCUCUUKIPGFTCPFQON[VQCPGZRQUWTGITQWRCPFRCTVKEKRCVGFKP 

### QPN[QPGGZRGTKOGPVCNUGUUKQP6JGRTQVQEQNKPXQNXGFCJGZRQUWTGVQVJGCUUKIPGFEQPFKVKQP&WTKPIVJGHKTUVJQHGZRQUWTGVJGUWDLGEVUCNVGTPCVGFOKPTGUVRGTKQFUCPFOKPGZGTEKUGRGTKQFU .OKPO $5#5RKTQOGVTKECPFRNGVJ[UOQITCRJKE ' 

### OGCUWTGOGPVUYGTGOCFGCVCPFOKPHQNNQYKPIVJGHKPCNGZGTEKUGRGTKQF6JGKPKVKCNPQPRCTCOGVTKECPCN[UKUQHVJGRGTEGPVCIGEJCPIGUKP('8 KPFKECVGFVJCV('8 TGURQPUGU  

### KPETGCUGFYKVJKPETGCUKPI1 EQPEGPVTCVKQPCPFCITQWRGHHGEVQEEWTTGFVJCVYCUKPFGRGPFGPV 

### QH1 EQPEGPVTCVKQP6JGTGYCUCP1 GHHGEVDWVPQITQWRGHHGEVQTITQWR¥1 KPVGTCEVKQPHQT  

### 54 KPFKECVKPICPKPETGCUGKP54 YKVJKPETGCUKPI1 EQPEGPVTCVKQP$QVJITQWRCPF CY CY 

### 1 GHHGEVUYGTGUKIPKHKECPVHQTEQWIJDWVVJGKPVGTCEVKQPYCUPQVUKIPKHKECPV#RQUVJQE



### CPCN[UKUWUKPICFKHHGTGPVUVCVKUVKECNOGVJQFQPVJGCDUQNWVGEJCPIGUKP('8 KPFKECVGFVJCVVJG 

### DNCEMOCNGUGZRGTKGPEGFUKIPKHKECPVFGETGOGPVUKP('8 HQNNQYKPIGZRQUWTGVQRRO1   

### YJGTGCUDNCEMYQOGPCPFYJKVGOGPCPFYQOGPFKFPQVJCXGUKIPKHKECPVFGETGOGPVUKP('8 

### CV1 EQPEGPVTCVKQPUDGNQYRRO6JGUGTGUWNVUCTGPQVGCUKN[GZRNCKPGFDGECWUGVJGTGYCU 

### PQIGPFGTFKHHGTGPEGCOQPIYJKVGUCPFPQTCEKCNFKHHGTGPEGCOQPIYQOGP(WTVJGTOQTGVJGDNCEMOGPJCFUKIPKHKECPVN[ITGCVGTFGETGOGPVUKP('8 CVQPN[UQOGQHVJG1 EQPEGPVTCVKQPU  

### UVWFKGFUGG(KIWTG#NVJQWIJVJGTGUWNVUECPDGEQPUKFGTGFUWIIGUVKXGQHCPGVJPKEFKHHGTGPEGOQTGUWDLGEVUOWUVDGUVWFKGFDGHQTGVJGKUUWGQHGVJPKEFKHHGTGPEGKP1 TGURQPUKXGPGUUECPDGOQTGFGHKPKVKXG+VUJQWNFDGPQVGFVJCVCNVJQWIJVJKUUVWF[KPENWFGF



### CNCTIGPWODGTQHUWDLGEVUGCEJUWDLGEVRCTVKEKRCVGFKPQPN[QPGGZRGTKOGPV6JWUVJGTCPIGQHKPFKXKFWCNTGURQPUKXGPGUUEQWNFJCXGDGGPFKHHGTGPVDGVYGGPITQWRU

'PXKTQPOGPVCN(CEVQTU#PWODGTQHGPXKTQPOGPVCNHCEVQTUUWEJCUCODKGPVVGORGTCVWTGCPFJWOKFKV[UGCUQPQHVJG[GCTTQWVGQHKPJCNCVKQPCPFUOQMKPIJKUVQT[JCXGDGGPJ[RQVJGUK\GFVQRQVGPVKCNN[KORCEVQPTGURQPUGUVQ1 GZRQUWTGKPCFFKVKXGQTU[PGTIKUVKEYC[U0QPGQHVJGUG 

### RQVGPVKCNN[KPVGTCEVKPICIGPVUJCUDGGPCFFTGUUGFCFGSWCVGN[KPVJGGZVCPV1 NKVGTCVWTG

### #NVJQWIJ1 EQPEGPVTCVKQPUKP.QU#PIGNGUHQTGZCORNGIGPGTCNN[CTGJKIJGUVQPJQVFT[ 

### FC[UOQUVTGUGCTEJQPTGURQPUGUVQ1 GZRQUWTGJCUDGGPEQPFWEVGFWPFGTVGORGTCVWTGCPF 

### JWOKFKV[EQPFKVKQPUPQVUWDUVCPVKCNN[FKHHGTGPVHTQOVJQUGV[RKECNQHKPFQQTGPXKTQPOGPVU6JGHGYUVWFKGUVJCVKPENWFGFVGORGTCVWTGCPFJWOKFKV[CUGZRGTKOGPVCNHCEVQTUJCXGRTQFWEGFGSWKXQECNTGUWNVUUGG%JCRVGT5GEVKQPKPVJG1 ETKVGTKCFQEWOGPV0QPGY 

###  8

TGRQTVUQHVGORGTCVWTGQTJWOKFKV[GHHGEVUJCXGCRRGCTGFUKPEGVJG1 ETKVGTKCFQEWOGPV 

### 75'PXKTQPOGPVCN2TQVGEVKQP#IGPE['CTNKGTUVWFKGUFKUEWUUGFKPVJG1 ETKVGTKCFQEWOGPVJCXGUWIIGUVGFVJCV 

### EKICTGVVGUOQMGTUCTGNGUUTGURQPUKXGVQ1 VJCPPQPUOQMGTU5KPEGVJGPVJGSWGUVKQPCUVQ 

### YJGVJGTTGCEVKXKV[VQ1 TGVWTPUYKVJEGUUCVKQPQHEKICTGVVGUOQMKPIJCUDGGPCFFTGUUGFD[ 

### 'OOQPUCPF(QUVGT6JKTV[HQWTKPFKXKFWCNUYKVJPQJKUVQT[QHCUVJOCQTQDXKQWUTGURKTCVQT[FKUGCUGYJQGPTQNNGFKPCUOQMKPIEGUUCVKQPRTQITCOYGTGCUUKIPGFTCPFQON[VQCP1 ITQWRPQTCP(#ITQWRP6JGUWDLGEVUTCPIGFHTQOVQ[GCTUQHCIG



### CPFJCFCITQWROGCPUOQMKPIJKUVQT[QHvRCEM[GCTU/QUVQHVJGUWDLGEVUJCFDCUGNKPGRWNOQPCT[HWPEVKQPUUQOGYJCVDGNQYRTGFKEVGFXCNWGUDCUGFQPCIGJGKIJVCPFUGZ5WDLGEVUEQORNGVGFJGZRQUWTGUVQRRO1 QT(#CUCUUKIPGFRTKQTVQDGIKPPKPIVJG 

### UOQMKPIEGUUCVKQPRTQITCO6JGUWDLGEVUTGUVGFFWTKPIVJGGZRQUWTGUGZEGRVHQTOKPQHGZGTEKUGCVMIOOKPPQIKXGPCVVJGDGIKPPKPIQHVJGNCUVOKPQHGZRQUWTG'

### 0KPGUWDLGEVUKPVJG1 ITQWRCPFUKZKPVJG(#ITQWREQORNGVGFVJGOQUOQMKPIEGUUCVKQP 

### RTQITCOCPFTGRGCVGFVJGKTCUUKIPGFGZRQUWTGUCVVJGGPFQHVJGRTQITCO2TKQTVQDGIKPPKPIVJGUOQMKPIEGUUCVKQPRTQITCODQVJVJG(#CPF1 ITQWRUJCFRTGVQRQUVGZRQUWTGEJCPIGU 

### KP(8%('8 CPF('( YKVJKPVJGXCTKCDKNKV[QHTGRGCVGFVGUVU6JG1 ITQWRJCFC   

### UKIPKHKECPVOGCPEJCPIGKP('( QHEQORCTKPIRQUVVQRTGGZRQUWTGYJGTGCUVJG 

### (#ITQWRJCFCPQPUKIPKHKECPVEJCPIG%JCPIGUKP(8%CPF('8 YGTGPQVUKIPKHKECPV 

### KPGKVJGTITQWR+VUJQWNFDGPQVGFVJCVUOQMKPIEGUUCVKQPNGFVQCITQWROGCPKORTQXGOGPVKPDCUGNKPG('( QH6JGRQUV1 GZRQUWTGXCNWGUHQT('( YGTGUKOKNCT   

### HQNNQYKPIVJGKPKVKCNCPFVJGRQUVUOQMKPIEGUUCVKQPGZRQUWTGU6JWUVJGFKHHGTGPEGKPVJG('( FGETGOGPVYKVJ1 GZRQUWTGRQUVUOQMKPIEGUUCVKQPYCUNCTIGN[FWGVQVJG  

### KORTQXGOGPVVJCVGPUWGFHTQOOQQHCDUVKPGPEGHTQOUOQMKPI6JGTGUWNVUQH'OOQPUCPF(QUVGTUWIIGUVVJCVCEVKXGUOQMKPIDNWPVUTGURQPUKXGPGUUVQ1 CPFVJCVEGUUCVKQPQH 

### UOQMKPIHQTOQNGCFUVQKORTQXGFDCUGNKPGRWNOQPCT[HWPEVKQPCPFRQUUKDN[VJGTGGOGTIGPEGQH1 TGURQPUKXGPGUU 



### 4GRGCVGF'ZRQUWTGUVQ1\QPG4GRGCVGFFCKN[GZRQUWTGVQ1 KPVJGNCDQTCVQT[UGVVKPINGCFUVQCVVGPWCVGFEJCPIGU 

### KPURKTQOGVT[CPFU[ORVQOTGURQPUGUVJCVYGTGKPKVKCNN[VGTOGFCFCRVCVKQP*CEMPG[GVCNC#UGTKGUQHTGRGCVGFGZRQUWTGUVWFKGURGTHQTOGFKPXCTKQWUNCDQTCVQTKGUYCUTGXKGYGFKPVJGRTGXKQWUETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[6JGURKTQOGVTKETGURQPUGUVQTGRGCVGF1 GZRQUWTGV[RKECNN[UJQYGFVJCVVJGTGURQPUGYCU 

### KPETGCUGFQPVJGUGEQPFGZRQUWTGFC[VQEQPEGPVTCVKQPUKPVJGTCPIGQHVQRRO1 KP 

### GZRQUWTGUCEEQORCPKGFD[OQFGTCVGGZGTEKUGUGG6CDNG6JWUVJGTGURQPUGYCUGPJCPEGFQPVJGUGEQPFEQPUGEWVKXGFC[/GEJCPKUOUHQTGPJCPEGFTGURQPUGUJCFPQVDGGPGUVCDNKUJGFCNVJQWIJKVYCUJ[RQVJGUK\GFVJCVRGTUKUVGPEGQH1 KPFWEGFFCOCIGHQTITGCVGT 

### VJCPJOC[JCXGEQPVTKDWVGFVQVJGNCTIGT&C[TGURQPUG#PGPJCPEGF&C[TGURQPUGYCUNGUUQDXKQWUQTCDUGPVKPGZRQUWTGUVJCVYGTGTGRGCVGFCVNQYGTEQPEGPVTCVKQPUQTVJCVECWUGFTGNCVKXGN[UOCNNITQWROGCP1 KPFWEGFFGETGOGPVUKPURKTQOGVT[6YQTGRQTVU$GFK 

### GVCN(QNKPUDGGGVCNKPFKECVGFVJCVGPJCPEGFURKTQOGVTKETGURQPUKXGPGUUYCURTGUGPVYKVJKPJNCUVKPIHQTCVNGCUVJCPFRQUUKDN[JDWVYCUENGCTN[CDUGPVCHVGTJ#HVGTVQFC[UQHEQPUGEWVKXGFCKN[GZRQUWTGUVQ1 TGURQPUGUYGTGOCTMGFN[ 

### FKOKPKUJGFQTCDUGPV1PGUVWF[*QTXCVJGVCNUWIIGUVGFVJCVVJGTCRKFKV[QHVJKU

### FGENKPGKPTGURQPUGYCUTGNCVGFVQVJGOCIPKVWFGQHVJGUWDLGEVU	KPKVKCNTGURQPUGUVQ1 QTVJGKT 

### UGPUKVKXKV[(KPCNN[VJGRGTUKUVGPEGQHVJGCVVGPWCVKQPQHURKTQOGVTKECPFU[ORVQO### 6CDNG%JCPIGUKP(QTEGF'ZRKTCVQT[.WPI8QNWOG#HVGT4GRGCVGF&CKN['ZRQUWTGVQ1\QPGC1\QPG%QPEGPVTCVKQPD'ZRQUWTG &WTCVKQPCPF #EVKXKV[E0WODGT CPF)GPFGT QH5WDLGEVU2GTEGPV %JCPIG KP ('8 QP%QPUGEWVKXG 'ZRQUWTG &C[U 4GHGTGPEGURROIO(KTUV5GEQPF6JKTF(QWTVJ(KHVJ   J +' 
  /  (QNKPUDGG GV CN 
   J +' 
  / 
 
` `(QNKPUDGG GV CN 
   J +' 
 CPF   /  (` `)NKPGT GV CN 
   J +' 
 CPF  G` `)NKPGT GV CN 
   J %' 
  /```$TQQMGU GV CN 
   J %' 
  /  (```(QNKPUDGG GV CN 
 /  (`` `   J +' 
  /` `(QNKPUDGG GV CN 
   J %' 
  /`(QZETQHV CPF #FCOU 
   J %' 
  /```5EJQPHGNF GV CN 
 /`` `   J %' 
  /```$TQQMGU GV CN 
   J +' 
 ¥ TGUVKPI  /H -WNNG GV CN 
   J +' 
 ¥ TGUVKPI  (H -WNNG GV CN 
   J +' 
  / (QNKPUDGG GV CN 
   J +' 
  / *QTXCVJ GV CN 
   J +' 
  /  (`` `$GFK GV CN 
   J +' 
  /  (` `$GFK GV CN 
   J +' 
 ¥ TGUVKPI  /  (I`.KPP GV CN 
D   J +' 
  /` `(QNKPUDGG GV CN 
   J +' 
 ¥ TGUVKPI `*CEMPG[ GV CN 
C5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC.KUVGF HTQO NQYGUV VQ JKIJGUV 1 EQPEGPVTCVKQPD'ZRQUWTG FWTCVKQP CPF KPVGPUKV[ QH +' QT %' YGTG XCTKCDNG 8 
PWODGT KP RCTGPVJGUGU IKXGP KP NKVGTU RGT OKPWVG QT CU C OWNVKRNG QH TGUVKPI XGPVKNCVKQPE'(QT C OQTG EQORNGVG FKUEWUUKQP QH VJGUG UVWFKGU UGG 6CDNG  CPF 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
F5WDLGEVU YGTG GURGEKCNN[ UGPUKVKXG QP RTKQT GZRQUWTG VQ  RRO 1 CU GXKFGPEGF D[ C FGETGCUG KP ('8 QH OQTG VJCP  6JGUG PKPG UWDLGEVU CTG C UWDUGV QH VJG VQVCN ITQWR QH  KPFKXKFWCNU WUGFG KP VJKU UVWF[$TQPEJKCN TGCEVKXKV[ VQ C OGVJCEJQNKPG EJCNNGPIG CNUQ YCU UVWFKGFH5GXGP UWDLGEVU EQORNGVGF GPVKTG GZRGTKOGPVI

###  8

TGURQPUGUJCUDGGPUVWFKGF*QTXCVJGVCN.KPPGVCND-WNNGGVCN6JGUGUVWFKGUKPFKECVGVJCVVJGCVVGPWCVKQPQHTGURQPUGKUTGNCVKXGN[UJQTVNKXGFDGKPIRCTVKCNN[TGXGTUGFYKVJKPVQFC[UCPFV[RKECNN[CDQNKUJGFYKVJKPVQYGGMU4GRGCVGFGZRQUWTGUUGRCTCVGFD[YGGMHQTWRVQYGGMUCRRCTGPVN[FQPQVECWUGCP[NGUUGPKPIQHVJGURKTQOGVTKETGURQPUG.KPPGVCND(QNKPUDGGGVCNCNUQUGG&GXNKPGVCNGZRQUGFCITQWRQHJGCNVJ[OCNGUVQRRO1 HQTJFC[QPEQPUGEWVKXGFC[U5WDLGEVURGTHQTOGFJGCX[+'   '

### VQ.OKPOKPTGUVOKPGZGTEKUG&GETGOGPVUKP('8 CXGTCIGF 

### CPFQPVJGGZRQUWTGFC[U$CUGNKPGRTGGZRQUWTG('8 FGETGCUGFHTQOVJG 

### HKTUVFC[	URTGGZRQUWTGOGCUWTGOGPVCPFYCUFGRTGUUGFD[CPCXGTCIGQHCDQWVQPVJGVJKTFFC[6JKUUVWF[KNNWUVTCVGUVJCVYKVJJKIJEQPEGPVTCVKQPCPFJGCX[GZGTEKUGGZRQUWTGUURKTQOGVT[CPFU[ORVQOTGURQPUGUCTGPQVEQORNGVGN[TGEQXGTGFYKVJKPJ$GUKFGUVJGCDUGPEGQHRWNOQPCT[HWPEVKQPTGURQPUGUCHVGTUGXGTCNFC[UQH1 GZRQUWTGU[ORVQOUQHEQWIJCPFEJGUVFKUEQOHQTVWUWCNN[CUUQEKCVGFYKVJ1 GZRQUWTG

 

### IGPGTCNN[CTGCDUGPV(QNKPUDGGGVCN.KPPGVCND(QZETQHVCPF#FCOU+PCFFKVKQPCKTYC[TGURQPUKXGPGUUVQOGVJCEJQNKPGKUKPETGCUGFYKVJCPKPKVKCN1 GZRQUWTG*QNV\OCPGVCN(QNKPUDGGGVCNOC[DGHWTVJGTKPETGCUGFYKVJ



### UWDUGSWGPVGZRQUWTGU(QNKPUDGGGVCNCPFUJQYUCVGPFGPE[HQTVJGKPETGCUGFTGURQPUGVQFKOKPKUJYKVJTGRGCVGFGZRQUWTG-WNNGGVCN&KOGQGVCN#PWODGTQHRQUUKDNGGZRNCPCVKQPUHQTVJGKPKVKCNN[GPJCPEGFCPFVJGPNGUUGPGFTGURQPUGOC[DGTGNCVGFVQEJCPIGUVJCVCTGQEEWTTKPIKPRWNOQPCT[GRKVJGNKCCUCEQPUGSWGPEGQH1 GZRQUWTG

### +PHNCOOCVQT[TGURQPUGU-QTGPGVCNCGRKVJGNKCNFCOCIGCPFEJCPIGUKPRGTOGCDKNKV[-GJTNGVCNEQWNFDGKPXQMGFVQGZRNCKPCVNGCUVCRQTVKQPQHVJGUGTGURQPUGU$[DNQEMKPIURKTQOGVTKECPFU[ORVQOTGURQPUGUYKVJKPFQOGVJCEKPRTGVTGCVOGPV5EJQPHGNFGVCNFGOQPUVTCVGFVJCVKPVJGCDUGPEGQHCPKPKVKCNURKTQOGVTKETGURQPUGUWEJGHHGEVUYGTGPQVGPJCPEGFD[TGRGCVGFGZRQUWTG*QYGXGTVJGOGEJCPKUOUQHVJGUGTGURQPUGUYKVJTGICTFVQTGRGCVGFGZRQUWTGUKPJWOCPUTGOCKPUVQDGGNWEKFCVGF4GEGPVUVWFKGUQHTGRGCVGF1 GZRQUWTGUJCXGCFFTGUUGFUQOGQVJGTHGCVWTGUQHVJG 

### TGURQPUGUUGG6CDNG#UGTKGUQHTGRQTVUHTQOVJG4CPEJQ.QU#OKIQUITQWRKP%CNKHQTPKCJCXGGZCOKPGFEJCPIGUKPTGURQPUGVQ1 CUCTGUWNVQHVJGUGCUQPQHVJG[GCTKPVJG 

### 5QWVJ%QCUV#KT$CUKPQH.QU#PIGNGU%#6JGRWTRQUGQHVJKUTGUGCTEJ.KPPGVCNCNUQ*CEMPG[GVCN#XQNGVCNYCUVQFGVGTOKPGYJGVJGTTGURQPUKXGUWDLGEVUPKFGPVKHKGFFWTKPICPKPKVKCNUETGGPKPIHQNNQYKPICRGTKQFQHNQYCODKGPV1 GZRQUWTG 

### YQWNFTGOCKPTGURQPUKXGCHVGTTGIWNCTCODKGPVGZRQUWTGFWTKPIVJGUOQIUGCUQP4GURQPUGUQHUQECNNGFPQPTGURQPUKXGUWDLGEVUPCNUQYGTGGZCOKPGFCETQUUVJG[GCT6JGUWDLGEVUYGTGGZRQUGFVQRRO1 QPHQWTQEECUKQPUURTKPIHCNNYKPVGTCPFVJG 

### HQNNQYKPIURTKPI1PN[UWDLGEVUTGURQPFGTURCTVKEKRCVGFKPVJGHKPCNURTKPIGZRQUWTGU6JGOCTMGFFKHHGTGPEGKP('8 TGURQPUGDGVYGGPTGURQPUKXGCPFPQPTGURQPUKXGUWDLGEVUUGGP 

### KPKVKCNN[XGTUWU
PQNQPIGTYCURTGUGPVCHVGTVJGUWOOGTUOQIUGCUQPHCNNVGUVQTVQOQNCVGTYKPVGTVGUV*QYGXGTYJGPVJGTGFWEGFUWDUGVQHUWDLGEVUYCUGZRQUGFFWTKPIVJGHQNNQYKPIURTKPIVJGTGURQPUKXGUWDLGEVUCICKPJCFUKIPKHKECPVN[NCTIGTEJCPIGUKP('8 5GCUQPCNEJCPIGUKP('8 TGURQPUGVQ1 KPVJGTGURQPUKXGCPFPQPTGURQPUKXGUWDLGEVU  

### CTGUJQYPDGNQY

### 6CDNG2WNOQPCT[(WPEVKQP'HHGEVUYKVJ4GRGCVGF'ZRQUWTGUVQ1\QPGC1\QPG %QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP CPF #EVKXKV['ZRQUWTG%QPFKVKQPU0WODGT CPF)GPFGT QH5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
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
CNUQ UGG 6CDNG    J+' 
JGCX[8 VQ  .OKP' .OKPO $5#% 4*UETGGP GZRQUWTGUKP URTKPI UGEQPF GZRQUWTGUKP UWOOGTHCNN CPF YKPVGT CPF URTKPI HQTTGURQPFGTU CPFPQPTGURQPFGTUQPN[ CFWNV.QU #PIGNGUTGUKFGPVU TGURQPUKXG PQPTGURQPUKXG4GURQPFGTU#IG  VQ [GCTU CVQRKE CUVJOCVKE PQTOCN0QPTGURQPFGTU#IG  VQ [GCTU PQTOCN4GURQPFGTU JCF('8   CHVGT KPKVKCNUETGGPKPI PQPTGURQPFGTU JCF PQ EJCPIG4GURQPFGTU JCF PQPUKIPKHKECPV TGURQPUG KP NCVGUWOOGT QT GCTN[ YKPVGT DWV YGTG TGURQPUKXG CICKPKP GCTN[ URTKPI 
URTKPI  O. #WVWOP O. YKPVGT  
 O. URTKPI O. 0QPTGURQPFGTU FKF PQV EJCPIGYKVJ UGCUQP 5WIIGUVU VJCV TGURQPFGTU TGURQPUGUOC[ XCT[ YKVJ CODKGPV GZRQUWTG DWVPQPTGURQPFGTU IGPGTCNN[ TGOCKP PQPTGURQPUKXG.KPP GV CN 
CNUQ UGG *CEMPG[ GV CN  J%' CV  .OKP VQ % VQ  4*VJTGG FC[ UGVU QHGZRQUWTGU / *GCNVJ[CGTQDKECNN[VTCKPGF 05(8%   VQ .%QPUGEWVKXG FC[U QH GZRQUWTG VQ  RRORTQFWEGF UKOKNCT TGURQPUGU QP GCEJ FC[  RRO RCKT ECWUGF KPETGCUGFTGURQPUG VQ  RRO QP UGEQPF FC[ RRO ECWUGF OWEJ KPETGCUGF TGURQPUG QP&C[  5[ORVQO TGURQPUGU YGTGYQTUG QP VJG UGEQPF GZRQUWTG VQ  RRO DWVPQV YKVJ UGEQPF GZRQUWTG VQ  RRO$TQQMGU GV CN 


### 6CDNGEQPV	F2WNOQPCT[(WPEVKQP'HHGEVUYKVJ4GRGCVGF'ZRQUWTGUVQ1\QPGC1\QPG %QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP CPF #EVKXKV['ZRQUWTG%QPFKVKQPU0WODGT CPF)GPFGT QH5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO  J%' 
UGG RCRGT HQTFGVCKNU VQ % VQ  4* FC[ (#  FC[1   FC[UEQPUGEWVKXGGZRQUWTG VQ 1 / #GTQDKECNN[VTCKPGF JGCNVJ[05 
UQOG YGTGMPQYP 1UGPUKVKXG CIG  v  [GCTU.CTIGUV ('8 FGETGCUG QP UGEQPF QH  FC[U1 GZRQUWTG OGCP FGETGCUG 6TGPFHQT CFCRVCVKQP PQV EQORNGVG KP  FC[U81 FGETGCUGF YKVJ UKPING CEWVGOCZ1 GZRQUWTG DWV YCU PQV UKIPKHKECPVCHVGT  FC[U QH 1 GZRQUWTG2GTHQTOCPEG VKOG YCU NGUU CHVGT CEWVG 1 U GZRQUWTG VJCP CHVGT (# 
 U(QZETQHV CPF #FCOU 
   OKP%'8   .OKP' VQ % VQ  4*VYQ GZRQUWTGUHQT GCEJ UWDLGEVUGRCTCVGF D[   QT  J / ITQWRU QH 05 PQPCNNGTIKEPQP.QU #PIGNGUTGUKFGPVU HQT OQ CIG [GCTU0Q FKHHGTGPEGU DGVYGGP TGURQPUGU VQGZRQUWTGU UGRCTCVGF D[  QT  J'PJCPEGF ('8 TGURQPUG CV  JXU 2QUUKDNG GPJCPEGF TGURQPUG CV J XU 5KOKNCT VTGPFUQDUGTXGF HQT TGURKTCVQT[ RCVVGTP CPF 54 CY5EJQPHGNF GV CN 
   J+' 
 ¥  OKP GZGTEKUG8   .OKP'% 4*VJTGG GZRQUWTGUYKVJ C OKPKOWOYGGM KPVGTXCN /  ( *GCNVJ[ 05 [GCTU QNF HQT/ CPF  [GCTUQNF HQT ((8%   .HQT / CPF . HQT (5RKTQOGVTKE EJCPIGU YGTG PQV TGRTQFWEKDNGHTQO VKOG VQ VKOG CHVGT Q\QPG GZRQUWTGT   4GRGCV GZRQUWTGU VQ CKT [KGNFGFEQPUKUVGPV TGURQPUGU$GFK GV CN 
   J+' 
 ¥  OKP GZGTEKUG8   .OKP'% 4*'ZRQUGF HQT EQPUGEWVKXGFC[U PQV GZRQUGFHQT  FC[U VJGPGZRQUGF VQ RRO CICKPHQT  FC[ /  ( *GCNVJ[ 05 VQ  [GCTU QNFOGFKCP CIG  [GCTU OGCP (8%  . OGCP('8   .('8 (8% TCPIG  VQ 1XGTCNN KPETGCUG KP U[ORVQOU DWV PQ UKPINGU[ORVQO KPETGCUGF UKIPKHKECPVN[ (8%FGETGCUGF  O. CPF  O. QP &C[U CPF  TGURGEVKXGN[ ('8 HGNN D[  CPF O. CPF ('8 HGNN D[  CPF  O.0Q UKIPKHKECPV EJCPIGU QP &C[U  CPF  QTYKVJ (# ('8 EJCPIGU YGTG CPF QP VJG HQWT 1 FC[U$GFK GV CN 


### 6CDNGEQPV	F2WNOQPCT[(WPEVKQP'HHGEVUYKVJ4GRGCVGF'ZRQUWTGUVQ1\QPGC1\QPG %QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP CPF #EVKXKV['ZRQUWTG%QPFKVKQPU0WODGT CPF)GPFGT QH5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO2#0  J+' 
 OKP TGUV  OKPGZGTEKUG8   .OKP'% 4* FC[UEQPUGEWVKXGGZRQUWTG VQ 2#01 /  ( *GCNVJ[ 05/GCP CIG  [GCTU('8 FGETGCUGF YKVJ 1 CNQPG QP &C[  QH 1 
 2#0 QP &C[  QH1 
 2#0  FC[U CHVGT  FC[U QH 1 2#0 CHVGT  FC[U QH 1 
 2#05KOKNCT VQ 1 CFCRVCVKQP UVWFKGU 1 TGURQPUGU RGCMGF CHVGT  FC[U YGTGFGRTGUUGF  FC[U NCVGT CPF TGURQPUGUTGVWTPGF  FC[U NCVGT 2#0 RTQDCDN[ JCF PQGHHGEV QP CFCRVCVKQP VQ 1 &TGEJUNGT2CTMU GV CN 
DCNUQ UGG 6CDNG 5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC.KUVGF HTQO NQYGUV VQ JKIJGUV 1 EQPEGPVTCVKQPD

### ('8 5RTKPI ('8 (CNN ('8 9KPVGT ('8 5RTKPI  

### O. 
O. 
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### 4GURQPFGTU   
 

0QPTGURQPFGTU 
 
 
 


6JGUGTGUWNVUUWIIGUVCUGCUQPCNXCTKCDKNKV[KPTGURQPUGVJCVOC[DGCVVTKDWVGFVQKPETGCUGFCODKGPV1 GZRQUWTGFWTKPIVJGUWOOGTOQPVJU+VOWUVDGPQVGFVJCVVJG

### TGURQPFGTUKPENWFGFUWDLGEVUYJQJCFCJKUVQT[QHEQORNCKPVUHTQOCODKGPVCKTRQNNWVKQP(WTVJGTOQTGVJKUITQWRKPENWFGFCUKIPKHKECPVRTQRQTVKQPQHCNNGTIKEKPFKXKFWCNUYJQUGUGCUQPCNCNNGTIKGUEQWNFJCXGEQPVTKDWVGFVQVJGKTXCT[KPITGURQPUGU*KUVQTKECNN[JQYGXGTUVWFKGUYKVJVJGUWDLGEVUFTCYPHTQOVJGRQRWNCVKQPQH.QU#PIGNGUJCXGTGRQTVGFTGFWEGFTGURQPUGUVQ1 GZRQUWTGKPVJGNCDQTCVQT[EQORCTGFVQPQPTGUKFGPVU*CEMPG[GVCN  

### D $TQQMGUGVCNTGGZCOKPGFCJ[RQVJGUKURTGXKQWUN[VGUVGFD[)NKPGTGVCNVJCVTGRGCVGFGZRQUWTGVQQPGEQPEGPVTCVKQPECPCNVGTTGURQPUGVQUWDUGSWGPVGZRQUWTGVQCFKHHGTGPV1 EQPEGPVTCVKQP)NKPGTGVCNRTGXKQWUN[JCFUJQYPVJCVVJGTGURQPUGVQ 

### RRO1 YCUPQVKPHNWGPEGFD[RTGXKQWUN[DGKPIGZRQUGFVQRRO1 HQTJQP  

### EQPUGEWVKXGFC[U$TQQMGUGVCNVGUVGFYJGVJGTGZRQUWTGVQQTRRO1 YQWNFEJCPIGUWDUGSWGPVTGURQPUGVQQTRRO1 6JG[HQWPFKPETGCUGF

 

### TGURQPUGUVQRROHQTDQVJRTGGZRQUWTGU('8CPFHQTRROCEWVGN[RROCHVGTRROCPFRROCHVGTRROTGURGEVKXGN[DWVVJKUVTGPFYCUUKIPKHKECPVQPN[HQTVJGJKIJGTEQPEGPVTCVKQP#NVJQWIJPQVUVCVKUVKECNN[UKIPKHKECPVVJGTGURQPUGKPETGCUGUGGPQPVJGUGEQPFGZRQUWTGFC[CVRROKUUKOKNCTVQVJCVUGGOD[)NKPGTGVCN6JGUGQDUGTXCVKQPUUWIIGUVVJCVCNVJQWIJRTGGZRQUWTGVQNQYEQPEGPVTCVKQPUQH1 OC[PQVKPHNWGPEGTGURQPUGVQJKIJGTEQPEGPVTCVKQPURTGGZRQUWTGVQC 

### JKIJEQPEGPVTCVKQPQH1 OC[UKIPKHKECPVN[KPETGCUGTGURQPUGVQCNQYGTEQPEGPVTCVKQPQPVJG 

### HQNNQYKPIFC[5EJQPHGNFGVCNEQPHKTOGFRTGXKQWUQDUGTXCVKQPUQH$GFKGVCNCPF(QNKPUDGGGVCNVJCVVJGRGTKQFQHGPJCPEGFTGURQPUKXGPGUUVQ1 HQNNQYKPICPKPKVKCN 

### GZRQUWTGRGTUKUVUHQTCDQWVVQJDWVKUCDUGPVD[JCHVGTVJGKPKVKCNGZRQUWTG+PCUGTKGUQHRCKTGFGZRQUWTGUVQRROYKVJEQPVKPWQWUJGCX[GZGTEKUGUGRCTCVGFD[KPVGTXCNUQHQTFC[UVJG[HQWPFVJCVVJGTGURQPUGUVQVJGUGEQPFGZRQUWTGYGTGENGCTN[KPETGCUGFCVJ('8CPFHQTVJGHKTUVCPFUGEQPFGZRQUWTGUTGURGEVKXGN[CPFRQUUKDN[CNUQCVJ('8CPF5KOKNCTVTGPFUYGTGQDUGTXGFHQTQVJGTRJ[UKQNQIKECNXCTKCDNGUUWEJCU54CYCPFTGURKTCVQT[RCVVGTPFWTKPIGZGTEKUG9KVJCQTFC[KPVGTXCNDGVYGGPGZRQUWTGUVJGTGURQPUGUVQVJGVYQGZRQUWTGU

YGTGUKOKNCT(QZETQHVCPF#FCOUFGOQPUVTCVGFVJCVFGETGOGPVUKPGZGTEKUGRGTHQTOCPEGUGGPCHVGTCJGZRQUWTGVQRROEQPVKPWQWUJGCX[GZGTEKUGYGTGNGUUCHVGTEQPUGEWVKXGFC[UQH1 GZRQUWTGVJCPVJG[YGTGCHVGTCUKPINGCEWVGGZRQUWTG/CZKOCN 

### CGTQDKERQYGTCPFRGTHQTOCPEGVKOGQPCRTQITGUUKXGDKE[ENGGZGTEKUGVGUVYGTGTGFWEGFCPFUTGURGEVKXGN[HTQO(#EQPVTQNCHVGTCUKPINGRROGZRQUWTG#HVGTEQPUGEWVKXGFC[UQHJGZRQUWTGUVJGOCZKOCNCGTQDKERQYGTYCUTGFWEGFQPN[CPFVJGRGTHQTOCPEGVKOGD[QPN[UVJGUGFKHHGTGPEGUHTQO(#EQPVTQNYGTGPQVUVCVKUVKECNN[### UKIPKHKECPV&GURKVGVJGEJCPIGKPGZGTEKUGRGTHQTOCPEG(QZETQHVCPF#FCOUFKFPQVUJQYVJGCVVGPWCVKQPQH('8 TGURQPUGUGGPKPOCP[RTGXKQWUUVWFKGU(QNKPUDGGGVCN 

### .KPPGVCND*QYGXGTVJGUGKPXGUVKICVQTUUGNGEVGFMPQYP1 UGPUKVKXGUWDLGEVUYJQUG 

### ('8 FGETGOGPVUGZEGGFGFQPVJGHKTUVFC[UQHGZRQUWTG6JGNCTIGOCIPKVWFGQHVJGUG 

### TGURQPUGUVJGVTGPFHQTVJGTGURQPUGUVQFGETGCUGQPVJGVJKTFCPFHQWTVJFC[VJGFGETGCUGFU[ORVQOTGURQPUGUCPFVJGQDUGTXCVKQPUQH*QTXCVJGVCNVJCV1 UGPUKVKXGUWDLGEVU 

### CFCRVUNQYN[UWIIGUVVJCVCVVGPWCVKQPQHTGURQPUGYQWNFJCXGQEEWTTGFKHVJGGZRQUWTGUGTKGUJCFDGGPEQPVKPWGFHQTCPQVJGTQTFC[U6JGUGQDUGTXCVKQPUUWRRQTVVJGEQPVGPVKQPCFXCPEGFD[*QTXCVJGVCNVJCVVJGRTQITGUUKQPQHCVVGPWCVKQPQHTGURQPUGKUCHWPEVKQPQH1 UGPUKVKXKV[(WTVJGTOQTGVJGUGTGUWNVUUWIIGUVVJCVGZGTEKUGTGURQPUGUCHVGT 

### 1 GZRQUWTGOC[DGNKOKVGFGKVJGTXQNWPVCTKN[QTKPXQNWPVCTKN[OQTGD[UWDLGEVKXGU[ORVQOU



### VJCPD[CNVGTCVKQPUKPICUGZEJCPIGEQPUGSWGPVVQEJCPIGUKPXGPVKNCVQT[HWPEVKQP$GFKGVCNGZCOKPGFVJGTGURQPUGUQHGNFGTN[UWDLGEVUOGFKCPCIG[GCTUVQHQWTGZRQUWTGUVQRRO1 HQTJYKVJOKNF+'6JGHKTUVVJTGGGZRQUWTGUYGTGQP 

### EQPUGEWVKXGFC[UYKVJVJGHQWTVJGZRQUWTGHQNNQYKPIVJGVJKTFD[FC[U%JCPIGUKP('8 QP 

### VJGHKTUVVYQGZRQUWTGFC[UCXGTCIGFCPFCDQWVJCNHVJGTGURQPUGGZRGEVGFKPCITQWRQHJGCNVJ[[QWPIOCNGU(QNKPUDGGGVCN6JGTGYGTGPQUKIPKHKECPVEJCPIGUKP('8 QPVJGVJKTFCPFHQWTVJGZRQUWTGFC[U5[ORVQOTGURQPUGU 

### YGTGPGINKIKDNGCNVJQWIJVJGTGYCUCPQXGTCNNKPETGCUGKPU[ORVQOUQPVJGHKTUVFC[QH1 GZRQUWTGEQORCTGFVQCKTGZRQUWTG&GURKVGVJGJKIJEQPEGPVTCVKQPQHVJGGZRQUWTGVJGTG



### YCUPQGPJCPEGOGPVQHVJGURKTQOGVT[TGURQPUGQPVJGUGEQPFFC[QHGZRQUWTG#NVJQWIJUKOKNCTQDUGTXCVKQPUJCXGDGGPOCFGKPRTGXKQWUUVWFKGURTQFWEKPIUOCNNEJCPIGUKPURKTQOGVT[(QNKPUDGGGVCNYKVJTGRGCVGFGZRQUWTGUVJGTGURQPUGUQHQNFGTUWDLGEVUCTGPQVUWHHKEKGPVN[WPFGTUVQQFVQGZRNCKPVJGUGTGURQPUGU$GFKGVCNJCFRTGXKQWUN[TGRQTVGFVJCVTGURQPUGUVQ1 KPVJGQNFGTUWDLGEVUVGPFGFVQDGNGUUTGRTQFWEKDNGCNVJQWIJVJKUHCEVQT 

### CNQPGEQWNFPQVGZRNCKPVJGUGTGURQPUGU&TGEJUNGT2CTMUGVCNDGZCOKPGFVJGTGURQPUGVQTGRGCVGFGZRQUWTGUVQRRO1 RNWURRORGTQZ[CEGV[NPKVTCVG2#0'ZRQUWTGUVQ1 CPF1 RNWU2#0   

### [KGNFGFUKOKNCTEJCPIGUKPURKTQOGVT[('8 CPFTGURGEVKXGN[6JWU2#0FKF 

### PQVKPETGCUGTGURQPUGUVQ1 4GRGCVGFGZRQUWTGVQVJG2#0RNWU1 OKZVWTGTGUWNVGFKP  

### UKOKNCTEJCPIGUVQVJQUGUGGPYKVJ1 GZRQUWTGCNQPG4GURQPUGUKP('8 GZEGGFGFQP  

### VJGUGEQPFGZRQUWTGCPFHGNNVQNGUUVJCPCHVGTVJGHKHVJFC[6JGCVVGPWCVKQPQHTGURQPUGRGTUKUVGFFC[UCHVGTVJGTGRGCVGFGZRQUWTGUDWVYCUCDUGPVCHVGTFC[U6JGUGQDUGTXCVKQPUUWIIGUVVJCV2#0FQGUPQVKPHNWGPEGVJGCVVGPWCVKQPQHTGURQPUGVQTGRGCVGF1 GZRQUWTG+H 

### VJG2#0TGURQPUGUCTGEQPUKFGTGFPGINKIKDNGVJKUUVWF[EQPHKTOUVJGQDUGTXCVKQPVJCVVJGCVVGPWCVKQPQH1 TGURQPUGUYKVJEJCODGTGZRQUWTGUNCUVUPQNQPIGTVJCPYGGM 

### 4GRGCVGFOWNVKJQWTGZRQUWTGVQNQYEQPEGPVTCVKQPUQH1 JCUDGGPGZCOKPGF 

### *QTXCVJGVCN(QNKPUDGGGVCN.KPPGVCN*QTXCVJGVCNGZRQUGFUWDLGEVUHQTEQPUGEWVKXGFC[UVQRROWUKPIVJGJRTQNQPIGFGZRQUWTGRTQVQEQNUGG5GEVKQP6JG[QDUGTXGFUOCNNRTGVQRQUVGZRQUWTGEJCPIGUKP('8 

### QPVJGHKTUVGZRQUWTGDWVPQEJCPIGQPVJGUGEQPFFC[.KPPGVCNQDUGTXGFCFGETGCUGKP('8 KPJGCNVJ[UWDLGEVUCHVGTCJGZRQUWTGVQRRO#UGEQPF 

### EQPUGEWVKXGGZRQUWTG[KGNFGFGXGPUOCNNGTTGURQPUGU9KVJGZRQUWTGVQCOKZVWTGQH1 RNWUIO QH* 51 CGTQUQNVJGTGYCUCFGETGCUGKP('8 QPVJGHKTUVGZRQUWTG

   

### FC[+PCITQWRQHCUVJOCVKEUGZRQUGFWPFGTUKOKNCTEQPFKVKQPUVJG('8 TGURQPUGQPVJGHKTUV 

### FC[YCU1 CPF1 RNWUCEKF#HVGTCFLWUVOGPVHQTVJGGZGTEKUGGHHGEV  

### VJGTGURQPUGUCPFYGTGUVKNNITGCVGTVJCPVJQUGQHPQPCUVJOCVKEU4GURQPUGUYGTGUNKIJVN[TGFWEGFQPVJGUGEQPFFC[QHGZRQUWTG(QNKPUDGGGVCNGZRQUGFUWDLGEVUVQRRO1 HQTJQP 

### EQPUGEWVKXGFC[U5RKTQOGVT[TGURQPUGUYGTGV[RKHKGFD[EJCPIGUKP('8 VJCVTGCEJGF 

### QPVJGHKTUVFC[CPFQPVJGUGEQPFFC[QHGZRQUWTG0QUKIPKHKECPVFKHHGTGPEGUKPURKTQOGVT[TGURQPUGUDGVYGGP(#CPFUWDUGSWGPV1 GZRQUWTGUYGTGQDUGTXGF5[ORVQO 

### TGURQPUGUYGTGCNUQITGCVGUVQPVJGHKTUVGZRQUWTGFC[CPFYGTGNCTIGN[CDUGPVHTQOVJGVJKTFFC[QP/GVJCEJQNKPGTGURQPUKXGPGUUYCUVGUVGFWUKPICUKPINGFQUGQHOGVJCEJQNKPGCPFVJGPD[EQORCTKPIEJCPIGUKP4 CUVJGTCVKQQH54 CHVGTOGVJCEJQNKPGCGTQUQNVQVJCVCHVGTUCNKPG

CY CY

### CGTQUQN6JGTGURQPUGUVQ('8 CPFOGVJCEJQNKPGVGUVKPICTGUJQYPDGNQY 



### &C[ &C[ &C[ &C[ &C[ %NGCP#KT

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### 54 4CVKQ      

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### /GVJCEJQNKPGTGURQPUKXGPGUUYCUKPETGCUGFQXGTVJGENGCPCKTTGURQPUGVJTQWIJQWVVJGFC[UQH1 GZRQUWTGCNVJQWIJKVTGCEJGFCRGCMQPVJGUGEQPFFC[CPFKPUQOG 

### UWDLGEVUVJGTGYCUCVTGPFHQTTGURQPUKXGPGUUVQFGETGCUGCHVGTFC[U6JGUGTGUWNVUUWIIGUVVJCVTGRGCVGFGZRQUWTGVQNQYNGXGNUQH1 FGURKVGVJGCVVGPWCVKQPQHU[ORVQOUCPFRWNOQPCT[ 

### HWPEVKQPEJCPIGUKUPQVYKVJQWVJC\CTF+VKUNKMGN[VJCVUQOGGRKVJGNKCNFCOCIGRGTUKUVUVJCVEQPVTKDWVGUVQVJGGPJCPEGFTGURQPUGVQOGVJCEJQNKPGVJTQWIJQWVVJGGZRQUWTGUGTKGU*QYGXGTKVOWUVDGPQVGFVJCVKPVJKUUVWF[UWDLGEVUKPKVKCNN[YGTGUGNGEVGFDCUGFQPVJGKT('8 TGURQPUGVQRRO1 HQTJ6JKUOC[KPRCTVGZRNCKPVJGITGCVGT('8 TGURQPUGU   

### UGGPKPVJKUUVWF[DWVVJGTGYCUPQEQTTGNCVKQPDGVYGGPKPFKXKFWCN('8 FGETGOGPVUCPF 

### EJCPIGUKPOGVJCEJQNKPGTGURQPUKXGPGUU(WTVJGTOQTGVJG*QTXCVJGVCNUWDLGEVUYGTGGZRQUGFQPN[VQRROCPFVJG[YGTGUQOGYJCVQNFGTVJCPVJG(QNKPUDGGGVCNUWDLGEVUVJG.KPPGVCNUWDLGEVUQPVJGQVJGTJCPFJCFNQYGTXGPVKNCVKQPFWTKPIGZGTEKUGCPFYGTGTGUKFGPVUQH.QU#PIGNGUCEEWUVQOGFVQGZRQUWTGVQVJGUGNGXGNUQH1 UGG 

### %JCRVGTHQTV[RKECN1 EQPEGPVTCVKQPU 

### $CUGFQPUVWFKGUEKVGFJGTGCPFKPVJGRTGXKQWUETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[UGXGTCNEQPENWUKQPUECPDGFTCYPCDQWVTGRGCVGFVQJ1 GZRQUWTGU4GRGCVGFGZRQUWTGUVQ1 ECPECWUGCPGPJCPEGFKGITGCVGT  

### TGURQPUGQPVJGUGEQPFFC[QHGZRQUWTG6JKUGPJCPEGOGPVCRRGCTUVQDGFGRGPFGPVQPVJGKPVGTXCNDGVYGGPVJGGZRQUWTGUJECWUGUVJGITGCVGUVKPETGCUGCPFKUCDUGPVYKVJKPVGTXCNU

FC[U#PGPJCPEGFTGURQPUGCNUQCRRGCTUVQFGRGPFVQUQOGGZVGPVQPVJGOCIPKVWFGQHVJGKPKVKCNTGURQPUG5OCNNTGURQPUGUVQVJGHKTUV1 GZRQUWTGCTGNGUUNKMGN[VQTGUWNVKPCP 

### GPJCPEGFTGURQPUGQPVJGUGEQPFFC[QH1 GZRQUWTG4GRGCVGFFCKN[GZRQUWTGCNUQTGUWNVUKP 

### CVVGPWCVKQPQHURKTQOGVTKETGURQPUGUV[RKECNN[CHVGTVQFC[UQHGZRQUWTG6JKUCVVGPWCVGFTGURQPUGRGTUKUVUHQTNGUUVJCPQTCUNQPICUYGGMU+PVGORQTCNEQPLWPEVKQPYKVJVJGURKTQOGVT[EJCPIGUU[ORVQOUKPFWEGFD[1 UWEJCUEQWIJCPFEJGUVFKUEQOHQTVCNUQCTG 

### CVVGPWCVGFYKVJTGRGCVGFGZRQUWTG1\QPGKPFWEGFEJCPIGUKPCKTYC[TGURQPUKXGPGUUCVVGPWCVGOQTGUNQYN[VJCPURKTQOGVTKECPFU[ORVQOTGURQPUGU#VVGPWCVKQPQHVJGEJCPIGUKPCKTYC[TGURQPUKXGPGUUCNUQRGTUKUVNQPIGTVJCPEJCPIGUKPURKTQOGVT[CNVJQWIJVJKUJCUDGGPUVWFKGFQPN[QPCNKOKVGFDCUKU+PNQPIGTFWTCVKQPNQYGTEQPEGPVTCVKQPUVWFKGUVJCVFQPQVECWUGCP

###  8

 8

 8

 8

 8

 8

 8

 8

GPJCPEGFUGEQPFFC[TGURQPUGVJGCVVGPWCVKQPQHTGURQPUGVQ1 CRRGCTUVQRTQEGGFOQTG  

### TCRKFN[

'HHGEVUQP'ZGTEKUG2GTHQTOCPEG

+PVTQFWEVKQP#PGCTN[GRKFGOKQNQIKECNUVWF[GZCOKPKPITCEGRGTHQTOCPEGUKPJKIJUEJQQNETQUUEQWPVT[TWPPGTU9C[PGGVCNUWIIGUVGFVJCVGZGTEKUGRGTHQTOCPEGKUFGRTGUUGFD[KPJCNCVKQPQHCODKGPVQZKFCPVCKTRQNNWVCPVU9C[PGGVCNUWIIGUVGFVJCVVJGFGVTKOGPVCNGHHGEVUQHQZKFCPVCKTRQNNWVCPVUQPTCEGRGTHQTOCPEGOC[JCXGDGGPTGNCVGFVQKPETGCUGF4 QT

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### VQVJGCUUQEKCVGFFKUEQOHQTVKPDTGCVJKPIVJWUNKOKVKPITWPPGTU	OQVKXCVKQPVQRGTHQTOCVJKIJNGXGNU6JGGHHGEVUQHCEWVG1 KPJCNCVKQPQPGZGTEKUGRGTHQTOCPEGJCXGDGGPGXCNWCVGFKP 

### PWOGTQWUEQPVTQNNGFJWOCPUVWFKGU6JGUGUVWFKGUECPDGFKXKFGFKPVQVYQECVGIQTKGUVJQUGVJCVGZCOKPGVJGGHHGEVUQHCEWVG1 KPJCNCVKQPQPOCZKOCNQZ[IGPWRVCMGCPFVJQUG 

### VJCVGZCOKPGVJGGHHGEVUQHCEWVG1 KPJCNCVKQPQPVJGCDKNKV[VQEQORNGVGUVTGPWQWUEQPVKPWQWU 

### GZGTEKUGRTQVQEQNUWRVQJKPFWTCVKQP(KXGUVWFKGU(QNKPUDGGGVCN*QTXCVJGVCN(QNKPUDGGGVCN#FCOUCPF5EJGNGING5CXKPCPF#FCOUGZCOKPKPIVJGGHHGEVUQHCEWVG1 GZRQUWTGUQPGZGTEKUGRGTHQTOCPEGYGTGFKUEWUUGFKPVJG'2# 

### ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[6JKUUGEVKQPUWOOCTK\GU

VJGUVWFKGUTGXKGYGFKPVJCVFQEWOGPVCPFTGXKGYUOQTGTGEGPVUVWFKGUVJCVGZCOKPGVJGGHHGEVQHCEWVG1 KPJCNCVKQPQPOCZKOCNQZ[IGPWRVCMGCPFGPFWTCPEGRGTHQTOCPEG5VWFKGUCTGCNUQ 

### UWOOCTK\GFKP6CDNG

'HHGEVQP/CZKOCN1Z[IGP7RVCMG6JTGGUVWFKGU(QNKPUDGGGVCN*QTXCVJGVCN5CXKPCPF#FCOUGZCOKPKPIVJGGHHGEVUQHCEWVG1 GZRQUWTGUQP1 YGTGFKUEWUUGFKPVJG'2#  OCZ

### ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[1HVJGUGUVWFKGUQPN[(QNKPUDGGGVCNQDUGTXGFVJCV1 YCUUKIPKHKECPVN[FGETGCUGFHQNNQYKPIC OCZ

### JGZRQUWTGVQRRO1 YKVJNKIJV+'4GFWEVKQPUKP1 YGTGCEEQORCPKGFD[C  OCZ

### FGETGCUGKPOCZKOWOCVVCKPGFYQTMNQCFCFGETGCUGKPOCZKOWOXGPVKNCVKQPCPFC

FGETGCUGKPOCZKOWOJGCTVTCVG6JGFGETGCUGKPOCZKOWOXGPVKNCVKQPYCUCUUQEKCVGFYKVJCFGETGCUGKP8 +PCFFKVKQPVJG1 GZRQUWTGTGUWNVGFKPC 6 

### FGETGCUGKP('8 CPFUWDLGEVKXGU[ORVQOUQHEQWIJCPFEJGUVFKUEQOHQTV+PEQPVTCUV 

### *QTXCVJGVCNFKFPQVQDUGTXGCEJCPIGKP1 QTQVJGTOCZKOWOECTFKQRWNOQPCT[ OCZ

### GPFRQKPVUKPOCNGCPFHGOCNGUWDLGEVUGZRQUGFCVTGUVVQRRO1 HQTJCNVJQWIJ(8% 

### YCUUKIPKHKECPVN[FGETGCUGF5KOKNCTN[5CXKPCPF#FCOUQDUGTXGFPQGHHGEVQPOCZKOWOCVVCKPGFYQTMNQCFQT1 KPPKPGUWDLGEVUGZRQUGFVQRRO1 YJKNG OCZ 

### RGTHQTOKPICRTQITGUUKXGN[KPETGOGPVGFGZGTEKUGVGUVVQXQNKVKQPCNHCVKIWGNCUVKPIOKP+PCFFKVKQP5CXKPCPF#FCOUQDUGTXGFPQUKIPKHKECPVGHHGEVQPRWNOQPCT[HWPEVKQPRGTHQTOCPEGVKOGOCZKOWOJGCTVTCVGQTCPCGTQDKEVJTGUJQNFCNVJQWIJOCZKOWOXGPVKNCVKQPYCUUKIPKHKECPVN[TGFWEGF/QTGTGEGPVHKPFKPIUQH(QZETQHVCPF#FCOUCPF)QPIGVCNUWRRQTVVJGGCTNKGTQDUGTXCVKQPUQH(QNKPUDGGGVCN(QZETQHVCPF#FCOUQDUGTXGFUKIPKHKECPVRTGFWEVKQPUKPRGTHQTOCPEGVKOG1 OCZKOWO OCZ

### XGPVKNCVKQPCPFOCZKOWOJGCTVTCVGKPGKIJVCGTQDKECNN[VTCKPGFOCNGUFWTKPICTCRKFN[KPETGOGPVGF1 VGUVHQNNQYKPIOKPGZRQUWTGVQRRO1 YKVJ%' OCZ 

### GZGTEKUG.OKP5KOKNCTN[)QPIGVCNHQWPFUKIPKHKECPV'

### 6CDNG1\QPG'HHGEVUQP'ZGTEKUG2GTHQTOCPEGC1\QPG%QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP CPF#EVKXKV['ZRQUWTG%QPFKVKQPU0WODGTCPF)GPFGT QH 5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO%' 
 8   VQ' .OKP  VQ OKPRTQITGUUKXGOCZKOWO GZGTEKUGRTQVQEQN6FD   VQ %4*   VQ  /  ( #VJNGVKE 4GFWEGF OCZKOWO RGTHQTOCPEG VKOG CPF KPETGCUGFTGURKTCVQT[ U[ORVQOU FWTKPI 1 GZRQUWTG.KPFGT GV CN 
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   J %' CV 81 OCZ6FD   VQ %4*   VQ  /  ( 9GNNVTCKPGFE[ENKUVU&GETGCUG KP (8% ('8  ('(  CPF /88 YKVJ  RRO 1 EQORCTGF YKVJ (# GZRQUWTG(QNKPUDGG GV CN 
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### 

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### GHHGEVUYGTGCUUQEKCVGFYKVJKPETGCUGFTGURKTCVQT[U[ORVQOUCPFUOCNNKPEQPUKUVGPVEJCPIGUKP('8 *GPEGKVCRRGCTUVJCVOCZKOCNQZ[IGPWRVCMGKUTGFWEGFKHKVKURTGEGFGFD[CP 

### 1 GZRQUWTGGPVCKNKPICUWHHKEKGPVVQVCNKPJCNGFFQUGQH1 VQTGUWNVKPUKIPKHKECPVRWNOQPCT[

 

### HWPEVKQPFGETGOGPVUQTUWDLGEVKXGU[ORVQOUQHTGURKTCVQT[FKUEQOHQTV'HHGEVQP'PFWTCPEG'ZGTEKUG2GTHQTOCPEG6YQUVWFKGU#FCOUCPF5EJGNGING(QNKPUDGGGVCNVJCVCFFTGUUGFVJGGHHGEVUQHCEWVG1 GZRQUWTGUQPVJGCDKNKV[QHJKIJN[VTCKPGFUWDLGEVUVQEQORNGVGUVTGPWQWU 

### EQPVKPWQWUGZGTEKUGRTQVQEQNUYGTGFKUEWUUGFKPVJG'2#ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[#FCOUCPF5EJGNGINGGZRQUGFYGNNVTCKPGFFKUVCPEGTWPPGTUVQ(#CPFCPFRRO1 YJKNGVJGTWPPGTUGZGTEKUGFQPCDKE[ENGGTIQOGVGTCVYQTMNQCFU 

### UKOWNCVKPIGKVJGTCJUVGCF[UVCVGVTCKPKPIDQWVQTCOKPYCTOWRHQNNQYGFKOOGFKCVGN[D[COKPEQORGVKVKXGDQWV6JGGZGTEKUGNGXGNUKPVJGUVGCF[UVCVGVTCKPKPIDQWVYGTGQHUWHHKEKGPVOCIPKVWFGQHVJGKT1 VQKPETGCUGOGCPVQ.OKP6JGOCZ ' '

### CXGTCIGFQXGTVJGGPVKTGEQORGVKVKXGUKOWNCVKQPYCUCNUQ.OKPYJGTGCUVJGOGCP'

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### RTQVQEQNHQWTTWPPGTUGZRQUGFVQRRO1 CPFPKPGGZRQUGFVQRRO1 KPFKECVGFVJCV  

### VJG[EQWNFPQVJCXGRGTHQTOGFOCZKOCNN[6JTGGUWDLGEVUYGTGWPCDNGVQEQORNGVGDQVJVJGVTCKPKPICPFEQORGVKVKXGRTQVQEQNUCVRRO1 CPFCHQWTVJHCKNGFVQEQORNGVGQPN[VJG 

### EQORGVKVKXGTKFG(QNKPUDGGGVCNGZRQUGFUKZYGNNVTCKPGFOGPCPFQPGYGNNVTCKPGFYQOCPVQRRO1 YJKNGVJG[GZGTEKUGFEQPVKPWQWUN[QPCDKE[ENGGTIQOGVGTHQTJCVQHVJGKT 

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### CPFVJGUWDLGEVUTGRQTVGFU[ORVQOUQHNCT[PIGCNCPFVTCEJGCNKTTKVCVKQPCPFEJGUVUQTGPGUUCPFVKIJVPGUUYJGPVCMKPIFGGRDTGCVJU#PGEFQVCNTGRQTVUQDVCKPGFHTQOVJGE[ENKUVUUWIIGUVGFVJCVVJGKTRGTHQTOCPEGYQWNFJCXGDGGPNKOKVGFKHVJG[GZRGTKGPEGFUKOKNCTU[ORVQOUFWTKPI EQORGVKVKQP#XQNGVCNGZRQUGFYGNNEQPFKVKQPGFE[ENKUVUVQCPFRRO1 HQTJKPCODKGPVJGCV%YJKNGVJG[GZGTEKUGFEQPVKPWQWUN[ 

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### KPETGCUGFKPCEQPEGPVTCVKQPFGRGPFGPVOCPPGT6JTGGCPFE[ENKUVUEQWNFPQVEQORNGVGVJGJGZRQUWTGVQCPFRRO1 TGURGEVKXGN[YKVJQWVCTGFWEVKQPKPYQTMNQCF

### 5KOKNCTN[KPVJGKTUVWF[QHVJGGHHGEVUQH1 GZRQUWTGQP1 )QPIGVCNTGRQTVGF  OCZ

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### GZRQUGFJKIJN[VTCKPGFGPFWTCPEGCVJNGVGUVQCPFRRO1 YJKNGVJG[ 

### YGTGRGTHQTOKPICJEQORGVKVKXGRTQVQEQN6JGEQORGVKVKXGRTQVQEQNWUGFKPVJKUUVWF[YCUUKOKNCTVQVJCVWUGFD[#FCOUCPF5EJGNGINGGZEGRVVJCVVJGYQTMNQCFFWTKPIVJGHKPCNOKPEQORGVKVKXGDQWVYCUOQTGKPVGPUGKVYCUUGNGEVGFDCUGFQPVJGOCZKOWOYQTMNQCFCRRTQZKOCVGN[QHVJGKT1 OGCP.OKPGCEJUWDLGEVEQWNF OCZ '

### OCKPVCKPHQTOKPYJKNGDTGCVJKPI(##NNUWDLGEVUEQORNGVGFVJG(#GZRQUWTGYJGTGCUQPGHKXGCPFUGXGPUWDLGEVUEQWNFPQVEQORNGVGVJGCPFRRO1 GZRQUWTGU 

### TGURGEVKXGN[(QNNQYKPICPFRRO1 GZRQUWTGU(8%CPF('8 YGTGTGFWEGF  

### UKIPKHKECPVN[RCPFUWDLGEVKXGU[ORVQOUYGTGGNGXCVGFUKIPKHKECPVN[R0QUKIPKHKECPVGHHGEVQH1 YCUHQWPFHQTOGVCDQNKEQTXGPVKNCVQT[RCVVGTPTGURQPUGU5KOKNCTN[ 

### (QNKPUDGGGVCNHQWPFVJCVJKIJN[VTCKPGFTWPPGTUGZRGTKGPEGFCTGFWEGFTWPVKOGQPCVTGCFOKNNURGGFCPFITCFGUGVCVCRRTQZKOCVGN[QHVJGKTUWDLGEVU1 YJGPGZRQUGFVQ OCZ

### RRO1 EQORCTGFYKVJ(#6JGUGUWDLGEVUFKFJCXGUKIPKHKECPVN[GNGXCVGFU[ORVQOUQH 

### TGURKTCVQT[FKUEQOHQTVCPFUKIPKHKECPVN[FGETGCUGF(8%CPF('8 YJGTGCUCTVGTKCNQZ[IGP 

### UCVWTCVKQPCVVJGGPFQHVJGTWPYCUPQVCHHGEVGFD[1 GZRQUWTG 

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

### FGETGOGPVUKPGZGTEKUGRGTHQTOCPEG1PGRQUUKDKNKV[KUVJCVUVKOWNCVKQPQHPGWTCNTGEGRVQTUKPVJGCKTYC[UOC[TGUWNVKPCPKPJKDKVKQPQHCNRJCOQVQTPGTXGCEVKXKV[VQTGURKTCVQT[OWUENGUFWTKPIKPURKTCVKQP-QGREJGPGVCN5EJOKFVCPF9GNNJQPGTTGUWNVKPIKPVJGQDUGTXGFFGETGCUGKP8 CPFCVVJGUCOGVKOGKPETGCUKPIVJGUWDLGEV	UUGPUCVKQPQHTGURKTCVQT[ 6

### GHHQTV6JKUOGEJCPKUOYQWNFPQVDGFKTGEVN[TGNCVGFVQU[ORVQOUQHFKUEQOHQTVDWVDGECWUGQHVJGEQOOQPTQNGQHCKTYC[PGWTCNCHHGTGPVUOC[DGFKHHKEWNVVQFKUEGTPHTQOVJGGHHGEVUQHU[ORVQOUQHTGURKTCVQT[FKUEQOHQTV+PFGGFCTGHNGZKPJKDKVKQPQHVJGCDKNKV[VQKPURKTGYQWNFDGEQPUKUVGPVYKVJVJGTGFWEGF8 HQNNQYKPI1 GZRQUWTGKPUWDLGEVURGTHQTOKPIOCZKOCN 6 

### GZGTEKUGCPFYQWNFDGEQPUKUVGPVYKVJVJGFGXGNQROGPVQHCRJ[UKQNQIKECNN[KPFWEGFXGPVKNCVQT[NKOKVCVKQPVQOCZKOCNQZ[IGPWRVCMG



## 2WNOQPCT[(WPEVKQP'HHGEVUQH2TQNQPIGF/WNVKJQWT1\QPG'ZRQUWTGU
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### 6JGUGUVWFKGUJCXGFGOQPUVTCVGFUVCVKUVKECNN[UKIPKHKECPVEJCPIGUKPURKTQOGVT[4 U[ORVQOU

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### 6JGQPN[TGNCVGFUVWF[EKVGFKPVJGRTGXKQWUETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[YCUVJCVQH-GTTGVCNYJQGZRQUGF### 6CDNG2WNOQPCT[(WPEVKQP'HHGEVU#HVGT2TQNQPIGF'ZRQUWTGUVQ1\QPGC1\QPG %QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP CPF #EVKXKV['ZRQUWTG%QPFKVKQPU0WODGT CPF)GPFGT QH5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO J+' 
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5GG *QTUVOCP GV CN 
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# NQIPQTOCN OQFGN YCU HKVVGF VQ ('8 FCVC/QFGN RCTCOGVGTU KPFKECVG 1 EQPEGPVTCVKQPJCF ITGCVGT GHHGEV VJCP 8 QT FWTCVKQP'GUVKOCVGF GZRQPGPV HQT =1 ?.CTUGP GV CN 
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###  8

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### VJGOQTGTGEGPVUVWFKGU6JGHKTUVRTQNQPIGF1 GZRQUWTGUVWF[KPXQNXKPINQYEQPEGPVTCVKQPUCPFC 

### UWDUVCPVKCNCOQWPVQHOQFGTCVGGZGTEKUG YCUTGRQTVGFD[(QNKPUDGGGVCN6JGDCUKE 

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### UWDLGEVUGZGTEKUGFCVCOQFGTCVGNGXGNYKVJCXGPVKNCVKQPQHCDQWV.OKPHQTOKPQHGCEJJQWT2WNOQPCT[HWPEVKQPVGUVUYGTGEQPFWEVGFFWTKPIVJGOKPTGUVRGTKQFCPFCVVJGDGIKPPKPICPFGPFQHGZRQUWTG6JGGZRQUWTGYCUKPVGPFGFVQUKOWNCVGCFC[QHJGCX[QWVFQQTYQTMQTRNC[(QTEQPXGPKGPEGVJKURTQVQEQNKUTGHGTTGFVQCUVJG'2#RTQNQPIGFGZRQUWTG RTQVQEQN +PVJKUUVWF[(QNKPUDGGGVCNCITQWRQHUWDLGEVUYCUGZRQUGFVQENGCPCKTCPFRRO1 HQTJ(QTEGFXKVCNECRCEKV[CPF('8 FGETGCUGFKPCTQWIJN[NKPGCT  

### HCUJKQPVJTQWIJQWVVJGGZRQUWTGCPFJCFHCNNGPD[CPFTGURGEVKXGN[D[VJGGPFQHVJGGZRQUWTG5[ORVQOUQHEQWIJCPFEJGUVFKUEQOHQTVYGTGKPETGCUGFCPFCKTYC[TGURQPUKXGPGUUVQOGVJCEJQNKPGYCUCRRTQZKOCVGN[FQWDNGFCHVGT1 GZRQUWTG6JGTGYCU 

### CYKFGTCPIGQHTGURQPUGVJTGGUWDLGEVUJCF('8 FGETGOGPVUQHQTITGCVGTCPFVJGVJTGG 

### NGCUVUGPUKVKXGUWDLGEVUJCFNGUUVJCPEJCPIGKP('8  

### +PQTFGTVQGZVGPFVJGUGKPKVKCNQDUGTXCVKQPU*QTUVOCPGVCNWUGFVJGUCOGRTQVQEQNVQGZRQUGCITQWRPQHUWDLGEVUVQENGCPCKTCPFVJTGGFKHHGTGPV1 EQPEGPVTCVKQPUCPFRRO#VRRO1 TGURQPUGUYGTGUKOKNCTVQ

 

### VJQUGQDUGTXGFKPVJGRTGXKQWUUVWF[YKVJVJGGZEGRVKQPVJCVVJGU[ORVQOTGURQPUGUYGTGUOCNNGTKPVJGPGYITQWRQHUWDLGEVU#UKOKNCTDWVQHUOCNNGTOCIPKVWFGRCVVGTPQHTGURQPUGKPURKTQOGVT[4 CPFCKTYC[TGURQPUKXGPGUUYCUUGGPCVVJGVYQNQYGTEQPEGPVTCVKQPU6JG

CY

### OGCP('8 TGURQPUGUFWTKPIVJGHQWTGZRQUWTGUCTGUJQYPKP(KIWTG6JGTGURQPUGUYGTG 

### FGRGPFGPVQPEQPEGPVTCVKQPCPFGZRQUWTGFWTCVKQPXGPVKNCVKQPYCUPQVXCTKGFCPFCXGTCIGFCPFCVVJGVJTGG1 EQPEGPVTCVKQPU.CTUGPGVCNWUGFVJGUGFCVC*QTUVOCP 

### GVCNVQFGXGNQRCFQUGTGURQPUGTGNCVKQPUJKRHQTRGTEGPVEJCPIGKP('8 CUC 

### HWPEVKQPQH1 EQPEGPVTCVKQPCPFGZRQUWTGFWTCVKQP6JGNQIPQTOCNOWNVKRNGNKPGCTTGITGUUKQP 

### OQFGNUWIIGUVGFVJCV('8 TGURQPUGUYGTGCRRTQZKOCVGN[NKPGCTYKVJFWTCVKQPQHGZRQUWTGDWV 

### VJCV1 EQPEGPVTCVKQPRNC[UCUNKIJVN[OQTGKORQTVCPVTQNG6JGGZRQPGPVQHCRRTQZKOCVGN[ 

### UWIIGUVUVJCVFQWDNKPI1 EQPEGPVTCVKQPYQWNFDGUKOKNCTVQKPETGCUKPIGZRQUWTGFWTCVKQPD[ 

### CDQWV [ VKOGU#UGTKGUQHCFFKVKQPCNGZRQUWTGUYGTGEQPFWEVGFCVCPFRRO1 VQUVWF[ 

### EJCPIGUKPEGNNUCPFKPHNCOOCVQT[OGFKCVQTUHTQO$#.UGG5GEVKQPDWVRWNOQPCT[HWPEVKQPYCUOGCUWTGFCUYGNN/E&QPPGNNGVCNTGRQTVGFCPFGETGCUGKP('8 

### CVRROCPFCPFGETGCUGCVRRO6JGUGTGURQPUGUYGTGUNKIJVN[NCTIGTVJCPVJQUGUGGPKPVJGRTGXKQWU*QTUVOCPGVCNUVWF[6JGFWTCVKQP('8 TGURQPUGFCVC 

### YGTGHKVVQCVJTGGRCTCOGVGTNQIKUVKEOQFGNYJKEJUKIPKHKECPVN[KORTQXGFVJGCOQWPVQH### Air

0.08 ppm

0.10 ppm

0.12 ppm



## Exposure Duration (h) 0 1 2 3 4 5 6 7 3,800 3,900 4,000 4,100 4,200 4,300 4,400 4,500

(KIWTG 6JGHQTEGFGZRKTCVQT[XQNWOGKPU('8 KUUJQYPKPTGNCVKQPVQGZRQUWTG


### FWTCVKQPCVFKHHGTGPVQ\QPGEQPEGPVTCVKQPU#OKPTGUVKPIGZRQUWTGRGTKQFYCUKPVGTRQUGFDGVYGGPVJGGPFQHVJGVJKTFJQWTCPFVJGDGIKPPKPIQHVJGHQWTVJJQWT6JGTGYGTGUKZOKPGZGTEKUGRGTKQFUOKPWVG

XGPVKNCVKQP.OKPFWTKPIVJGGZRQUWTGVJGUGOGCUWTGOGPVUYGTGOCFGOKPCHVGTVJGGPFQHGCEJGZGTEKUG6JGVQVCNGZRQUWTGFWTCVKQPYCUJ6JGUVCPFCTFGTTQTQHVJGOGCPPQVUJQYPHQTVJGUG('8 CXGTCIGUTCPIGF


### HTQOVQO.

5QWTEG *QTUVOCP GV CN 




### XCTKCPEGGZRNCKPGFD[VJGOQFGNEQORCTGFVQCNKPGCTOQFGNVJKUKUEQPUKUVGPVYKVJGZRNQTCVQT[CPCN[UGUKPVJG(QNKPUDGGGVCNTGRQTV6JGTGCUQPCDN[IQQFHKVVQVJGNQIKUVKEOQFGNUWIIGUVUVJCVVJG1 RWNOQPCT[HWPEVKQPTGURQPUGTGNCVKQPUJKROC[JCXGCUKIOQKFUJCRG6JG 

### RTKOCT[KORQTVCPEGQHVJKUQDUGTXCVKQPKUVJCVKVUWIIGUVUVJCVVJGTGKUCTGURQPUGRNCVGCW6JCVKUHQTCIKXGP1 EQPEGPVTCVKQPCPFGZGTEKUGXGPVKNCVKQPNGXGNKGFQUGTCVGCPFCHVGTC 

### EGTVCKPNGPIVJQHGZRQUWTGVJG('8 TGURQPUGVGPFUPQVVQKPETGCUGHWTVJGTKGRNCVGCWYKVJ 

### KPETGCUKPIFWTCVKQPQHGZRQUWTG

### n = 87 AIR
0% n = 60 0.08 ppm O
26% n = 32 0.10 ppm O
31% n = 49 0.12 ppm O
46%



### Percent of Subjects 

# Distribution of Percent Change in FEV 1

33 3



### +PVJGHQWTVJUVWF[KPVJKUUGTKGU(QNKPUDGGGVCNUWDLGEVUYGTGGZRQUGFVQRRO1 HQTJQPEQPUGEWVKXGFC[U5WDLGEVUYJQYGTGPQVTGURQPUKXGVQ1 YGTG  

### PQVUGNGEVGFVQRCTVKEKRCVGKPVJKUUVWF[4GURQPUGUKP('8 QPVJGHKTUVQHVJGUGGZRQUWTGU

### CXGTCIGF#ICKPU[ORVQOTGURQPUGUYGTGOQFGUVYKVJCUKIPKHKECPVKPETGCUGKPNQYGTTGURKTCVQT[U[ORVQOUQPVJGHKTUVGZRQUWTGFC[#UKIPKHKECPVKPETGCUGKPCKTYC[TGURQPUKXGPGUUVQOGVJCEJQNKPGCNUQYCUUJQYP6JGTGURQPUGVQVJGTGRGCVGFGZRQUWTGUKUFKUEWUUGFKP5GEVKQP+PCFFKVKQPUWDLGEVUYGTGGZRQUGFVQRROHQTJWUKPIVJGUCOGJQWTN[GZRQUWTGRTQVQEQNCUFGUETKDGFCDQXG+PVJGUGUWDLGEVU(8%FGETGCUGFCPF('8 FGENKPGF 

### (QNKPUDGGGVCNVQQMVJG('8 TGURQPUGFCVCHTQOCNNHQWTUVWFKGUEQPFWEVGF 

### CVVJG'2#*GCNVJ'HHGEVU4GUGCTEJ.CDQTCVQT[WUKPIVJGUCOGRTQNQPIGFGZRQUWTGRTQVQEQNCPFGZCOKPGFVJGFKUVTKDWVKQPQHTGURQPUGUCOQPIVJGUWDLGEVUCVVJGVJTGGEQPEGPVTCVKQPU6JKUTGURQPUGFKUVTKDWVKQPKUKNNWUVTCVGFITCRJKECNN[KP(KIWTGYJKEJKNNWUVTCVGUVJCV('8 

### FGETGOGPVUCUNCTIGCUVQJCXGDGGPQDUGTXGFYKVJRTQNQPIGFGZRQUWTGVQ

1 EQPEGPVTCVKQPURRO6JKUTGURQPUGFKUVTKDWVKQPCNNQYUQPGVQFGVGTOKPGVJGPWODGT



### QTRGTEGPVCIGQHUWDLGEVUYKVJTGURQPUGUKPGZEGUUQHCEGTVCKPNGXGN6JGRTQRQTVKQPQHUWDLGEVUYKVJCP('8 FGETGCUGKPGZEGUUQHKUUJQYPKP(KIWTG9KVJCKTGZRQUWTG 

### PQQPGGZEGGFGFVJKUTGURQPUGNGXGNJQYGXGTQHVJGUWDLGEVUGZRQUGFVQRRO1 JCFCFTQRKP('8 CHVGTJ

 



### (KIWTG 6JGFKUVTKDWVKQPQHTGURQPUGHQTUWDLGEVUGZRQUGFVQENGCPCKTCPFCVNGCUVQPGQHQTRROQ\QPG1 KUUJQYPJGTG6JG1 GZRQUWTGU  

### NCUVGFJFWTKPIYJKEJVKOGVJGUWDLGEVUGZGTEKUGFHQTOKPQHGCEJJQWTYKVJCOKPTGUVRGTKQFCVVJGGPFQHVJGVJKTFJQWT&GETGCUGUKPHQTEGFGZRKTCVQT[XQNWOGKPU('8 CTGGZRTGUUGFCURGTEGPVEJCPIGHTQO


### DCUGNKPG(QTGZCORNGVJGDCTNCDGNGF KPFKECVGUVJGRGTEGPVQHUWDLGEVUYKVJCFGETGCUGKP('8 QHDWVCPFVJGDCTNCDGNGF


### KPFKECVGUKORTQXGOGPVKP('8 QHDWV'CEJRCPGNQHVJGHKIWTG


### KPFKECVGUVJGRGTEGPVCIGQHUWDLGEVUCVGCEJ1 EQPEGPVTCVKQPYKVJC 

### FGETGCUGQH('8 KPGZEGUUQH


###  8

6JKUTGURQPUGFKUVTKDWVKQPCNUQKNNWUVTCVGUVJGYKFGTCPIGQHTGURQPUGVQ1 WPFGT 

### VJGUGGZRQUWTGEQPFKVKQPUCPFTGKPHQTEGUVJGQDUGTXCVKQPD[QVJGTU/E&QPPGNNGVCN*QTXCVJGVCNQHCUWDUVCPVKCNTCPIGQHKPFKXKFWCNTGURQPUGVQ1  

### *QTXCVJGVCNGZCOKPGFVJGTGURQPUGUQHJGCNVJ[OGPCPFYQOGPCIGUVQVQRRO1 HQTJWUKPIVJG'2#RTQNQPIGFGZRQUWTGRTQVQEQN9JGP 

### EQORCTGFYKVJVJGENGCPCKTGZRQUWTG('8 FGETGCUGFCDQWVYKVJ1 GZRQUWTG*QYGXGT  

### VJGXCTKCDKNKV[QHVJKUTGURQPUGCOQPIVJKUUOCNNJGVGTQIGPGQWUITQWRQHUWDLGEVUYCUGPQWIJVQRTGENWFGUVCVKUVKECNUKIPKHKECPEGQHVJKUQDUGTXCVKQP0QUKIPKHKECPVEJCPIGUYGTGQDUGTXGFYKVJCUGEQPFGZRQUWTGQPVJGPGZVFC[1PVJGHKTUVFC[QH1 GZRQUWTGQHVJGUWDLGEVU 

### TGRQTVGFEJGUVVKIJVPGUU6JGCWVJQTURQKPVQWVVJCVVJGTCPIGQHXCTKCDKNKV[KPTGURQPUGKPVJGKTUVWF[YCUUKOKNCTVQVJCVTGRQTVGFD[(QNKPUDGGGVCNCPF*QTUVOCPGVCNCNVJQWIJHGYGTUWDLGEVUGZRGTKGPEGFNCTIGPGICVKXGEJCPIGUKP('8 1PGRQUUKDNGGZRNCPCVKQP 

### HQTVJGFKHHGTGPEGUDGVYGGPVJGHKPFKPIUQH*QTXCVJGVCNCPF*QTUVOCPGVCNOC[DGVJCVVJGUWDLGEVUKP*QTXCVJ	UUVWF[YGTGUKIPKHKECPVN[QNFGTYJKEJOC[TGUWNVKPTGFWEGFTGURQPUGUVQ1 CU&TGEJUNGT2CTMUGVCNCJCXGUJQYPUGG5GEVKQP

### 6JGXGPVKNCVKQPFWTKPIGZGTEKUGVQ.OKPYCUUKOKNCTVQVJCVTGRQTVGFD[*QTUVOCPGVCN#PCFFKVKQPCN('8 OGCUWTGOGPVYCUOCFGKPVJKUUVWF[CVVJGGPFQHVJGNWPEJ 

### RGTKQFKGCHVGTOKPQHTGUV#VVJKUVKOGVJGUOCNNFGETGOGPVUKP('8 UGGPCHVGTVJG 

### VJKTFGZGTEKUGYGTGTGXGTUGFCPFVJG('8 YCUUKOKNCTVQVJGTGURQPUGKP(#CVVJGUCOGVKOG 

### RQKPV#NVJQWIJURKTQOGVT[YCUPQVOGCUWTGFCVVJKUVKOGKPVJGQVJGTRTQNQPIGFGZRQUWTGUVWFKGU(QNKPUDGGGVCN*QTUVOCPGVCNKVYCUPQVGFVJCVVJGFGENKPGKP('8 

### YCUCVVGPWCVGFDGVYGGPVJGVJKTFCPFHQWTVJRQUVGZGTEKUGOGCUWTGOGPV6JGUGQDUGTXCVKQPUUWIIGUVVJCVVJGUWDLGEVU	NWPIHWPEVKQPOC[KPFGGFJCXGKORTQXGFFWTKPIVJGNWPEJTGUV RGTKQF .KPPGVCNJCXGTGRQTVGFTGURQPUGUQHJGCNVJ[CPFCUVJOCVKEUWDLGEVUVQRRO1 WUKPIVJG'2#RTQNQPIGFGZRQUWTGRTQVQEQN+PJGCNVJ[UWDLGEVUVJG[QDUGTXGFC 

### UOCNNFGETGCUGKP('8 YJKEJYCUUVCVKUVKECNN[UKIPKHKECPVCPFCPKPETGCUGKPCKTYC[ 

### TGURQPUKXGPGUUVQOGVJCEJQNKPG6JGHWPEVKQPCNTGURQPUGUKPCUVJOCVKEUGICFGETGCUGKP('8 YGTGITGCVGTVJCPVJQUGQHVJGJGCNVJ[UWDLGEVU6JG[QDUGTXGFUOCNNGTTGURQPUGUQP 

### CUGEQPFEQPUGEWVKXGFC[QHGZRQUWTGCUFKF*QTXCVJGVCNCPF(QNKPUDGGGVCN6JGXGPVKNCVKQPCXGTCIGFCPF.OKPKPVJGJGCNVJ[CPFCUVJOCVKEUWDLGEVUTGURGEVKXGN[6JG('8 TGURQPUGUQDUGTXGFKPVJKUUVWF[CNVJQWIJUVCVKUVKECNN[UKIPKHKECPVCTGOWEJNQYGT 

### VJCPVJQUGQDUGTXGFD['2#KPXGUVKICVQTU(QNKPUDGGGVCN*QTUVOCPGVCN(QNKPUDGGGVCN6JGUOCNNGTTGURQPUGUOC[DGFWGVQRTGXKQWUCODKGPVGZRQUWTGUNQYGTXGPVKNCVKQPUQTCNCTIGTRTQRQTVKQPQH1 KPUGPUKVKXGUWDLGEVUKP.QU#PIGNGU1PN[QH 

### JGCNVJ[UWDLGEVUGZRGTKGPEGFCP('8 FGETGOGPVKPGZEGUUQHYJGTGCUQH 

### CUVJOCVKEUJCF('8 FGETGOGPVUKPGZEGUUQH#UVJOCVKETGURQPUGUTCPIGFHTQOVQ  

###  6QHWTVJGTGZRNQTGVJGHCEVQTUVJCVFGVGTOKPGTGURQPUKXGPGUUVQ1 *C\WEJCGVCN 

### FGUKIPGFCRTQVQEQNVQGZCOKPGVJGGHHGEVQHXCT[KPITCVJGTVJCPEQPUVCPV1 EQPEGPVTCVKQPU+PVJKUUVWF[UWDLGEVUYGTGGZRQUGFVQCEQPUVCPVNGXGNQHRRO1 HQT

 

### JCPFVQCP1 NGXGNVJCVKPETGCUGFNKPGCTN[HTQOVQRROHQTVJGHKTUVJCPFVJGP 

### FGETGCUGFNKPGCTN[HTQOVQQXGTVJGUGEQPFJQHVJGJGZRQUWTGVTKCPIWNCTEQPEGPVTCVKQPRTQHKNG5WDLGEVURGTHQTOGFOQFGTCVGGZGTEKUGHQTVJGHKTUVOKPQHGCEJJQWT6JGQXGTCNNGZRQUWTGFQUGHQTVJGUGVYQGZRQUWTGUECNEWNCVGFCUVJG%¥6¥YCUCNOQUV '

### KFGPVKECNFKHHGTGPEG9KVJGZRQUWTGVQVJGEQPUVCPVRRO1 VJG('8 FGENKPGF  

### CRRTQZKOCVGN[D[VJGHKHVJJQWTQHGZRQUWTGCPFTGOCKPGFCVVJCVNGXGNHQTVJGTGOCKPFGTQHVJGGZRQUWTG6JGUGTGURQPUGUCTGKNNWUVTCVGFKP(KIWTG6JKUQDUGTXCVKQPENGCTN[KPFKECVGUCTGURQPUGRNCVGCWUWIIGUVGFKPQVJGTUVWFKGU*QTUVOCPGVCNYKVJCPGZRQUWTGTGIKOGPVJCVRTQFWEGUTGNCVKXGN[UOCNNEJCPIGUKPNWPIHWPEVKQP# Steady Versus Variable Ozone Concentration

Air

0.12-ppm

Variable



## Exposure Duration (h) 0 2 4 6 8 3.9

4 4.1 4.2 4.3 4.4 4.5

Constant



###  8

(KIWTG 6JGHQTEGFGZRKTCVQT[XQNWOGKPU('8 KUUJQYPKPTGNCVKQPVQGZRQUWTG


### FWTCVKQPJQWTUWPFGTVJTGGGZRQUWTGEQPFKVKQPU5WDLGEVUGZGTEKUGFOKPWVGXGPVKNCVKQP.OKPHQTOKPFWTKPIGCEJJQWT('8 YCU


### OGCUWTGFCVVJGGPFQHVJGKPVGTXGPKPITGUVRGTKQF5VCPFCTFGTTQTQHVJGOGCPHQTVJGUG('8 CXGTCIGUPQVUJQYPTCPIGFHTQOVQO.


5QWTEG *C\WEJC GV CN 




### 9KVJVJGVTKCPIWNCT1 EQPEGPVTCVKQPRTQHKNGVJG('8 FGETGCUGFCNOQUVVYKEGCU  

### OWEJCHVGTJQHGZRQUWTG6JGKPKVKCNTGURQPUGQXGTVJGHKTUVJYCUOKPKOCNCPFVJGPVJGTGYCUCUWDUVCPVKCNFGETGCUGKP('8 EQTTGURQPFKPIVQVJGJKIJGTCXGTCIG1 EQPEGPVTCVKQPVJCV  

### TGCEJGFCPCFKTCHVGTJ&GURKVGEQPVKPWGFGZRQUWTGVQCNQYGT1 EQPEGPVTCVKQP 

### RROVJG('8 DGICPVQKORTQXGCPFYCUTGFWEGFD[QPN[CVVJGGPFQHVJG 

### JGZRQUWTG*QYGXGTPQVGVJCVVJGCXGTCIG1 EQPEGPVTCVKQPKPVJGGKIJVJJQWTYCU 

### RRO6JKUUVWF[KNNWUVTCVGUVYQKORQTVCPVRQKPVU(KTUVCTGURQPUGRNCVGCWQEEWTU+VKUKPVWKVKXGN[QDXKQWUVJCVVJGTGOWUVDGCNKOKVVQVJGCEWVGFGETGCUGVJCVECPQEEWTKP('8 

### *QYGXGTHTQOVJKUUVWF[KVKUCNUQENGCTVJCVVJGTGURQPUGRNCVGCWOWUVDGFGRGPFGPVQPVJG1 EQPEGPVTCVKQPDGECWUGOWEJNCTIGTFGETGCUGUKP('8 QEEWTYKVJGZRQUWTGVQ

 

### 1 EQPEGPVTCVKQPUJKIJGTVJCPRRO5GEQPFVJGTGURQPUGVQ1 GZRQUWTGKUFGRGPFGPVQP

 

### VJGFQUGTCVGUQOGHWPEVKQPQH%CPFCPFVJGEWOWNCVKXGFQUGUQOGHWPEVKQPQHFQUGTCVG '

### CPF6CVNGCUVYJGPVJG1 EQPEGPVTCVKQPKUXCTKGF6JKUUVWF[CNUQCHHKTOUVJGQDUGTXCVKQP 

### (QNKPUDGGGVCN#FCOUGVCN*C\WEJC.CTUGPGVCNVJCV

### 1 EQPEGPVTCVKQPKUCOQTGKORQTVCPVHCEVQTKPFGVGTOKPKPI1 TGURQPUGUVJCPKUGKVJGTGZRQUWTG

 

### FWTCVKQPQTVJGXQNWOGQHCKTDTGCVJGFFWTKPIVJGGZRQUWTG



## +PETGCUGF#KTYC[4GURQPUKXGPGUU
+PETGCUGFCKTYC[TGURQPUKXGPGUUKPFKECVGUVJCVVJGCKTYC[UCTGRTGFKURQUGFVQDTQPEJQEQPUVTKEVKQPKPFWEGFD[CXCTKGV[QHUVKOWNKGIURGEKHKECNNGTIGPU51 EQNFCKT 

### GVE#KTYC[TGURQPUKXGPGUUKUWUWCNN[OGCUWTGFD[JCXKPIVJGKPFKXKFWCNHQTEGHWNN[GZJCNGKPVQCURKTQOGVGTFGUKIPGFVQOGCUWTGGZRKTCVQT[HNQYTCVGUGI('8 QTNGUUEQOOQPN[ 

### D[OGCUWTKPI4 KPCDQF[RNGVJ[UOQITCRJ+PQTFGTVQFGVGTOKPGVJGNGXGNQHCKTYC[

CY

### TGURQPUKXGPGUUCKTYC[HWPEVKQPKUOGCUWTGFDGHQTGCPFKOOGFKCVGN[CHVGTVJGKPJCNCVKQPQHUOCNNCOQWPVUQHCPCGTQUQNK\GFDTQPEJQEQPUVTKEVQTFTWIGIOGVJCEJQNKPGQTJKUVCOKPG6JGFQUGQHVJGDTQPEJQEQPUVTKEVQTFTWIKUKPETGCUGFKPCUVGRYKUGHCUJKQPWPVKNCRTGFGVGTOKPGFFGITGGQHCKTYC[TGURQPUGGICFTQRKP('8 QTCKPETGCUG 

### KP4 JCUQEEWTTGF6JGFQUGQHVJGDTQPEJQEQPUVTKEVQTFTWIVJCVRTQFWEGFVJG

CY

### CHQTGOGPVKQPGFTGURQPUGKUQHVGPTGHGTTGFVQCUVJG2& KGVJGRTQXQECVKXGFQUGVJCV 

### RTQFWEGFCFTQRKP('8 QTVJG2& KGVJGRTQXQECVKXGFQUGVJCVRTQFWEGFC  

### KPETGCUGKP4 

CY

### #JKIJNGXGNQHDTQPEJKCNTGURQPUKXGPGUUKUCJCNNOCTMQHCUVJOC*QYGXGTXCT[KPIFGITGGUQHKPETGCUGFCKTYC[TGURQPUKXGPGUUOC[QEEWTKPQVJGTNWPIFKUGCUGGIEJTQPKEDTQPEJKVKUQTXKTCNTGURKTCVQT[KPHGEVKQPUQTKPJGCNVJ[CU[ORVQOCVKEKPFKXKFWCNU6JGTCPIGQHPQPURGEKHKEDTQPEJKCNTGURQPUKXGPGUUCUGZRTGUUGFD[VJG2& HQTGZCORNGKUCVNGCUV 

### HQNFHTQOVJGOQUVUGPUKVKXGCUVJOCVKEUVQVJGNGCUVUGPUKVKXGJGCNVJ[UWDLGEVUUGG(KIWTG6JGCXGTCIG2& HQTJGCNVJ[UWDLGEVUKUVQVKOGUVJCVQHOKNFVQOQFGTCVG 

### CUVJOCVKEU%JCVJCOGVCN%QEMETQHVGVCN#VQRKEQTCNNGTIKEKPFKXKFWCNUYKVJQWVCUVJOCKPVGTOGFKCVGKPTGURQPUKXGPGUUDGVYGGPJGCNVJ[UWDLGEVUCPFOKNFCUVJOCVKEUV[RKECNN[JCXGCNQYGT2& VJCPJGCNVJ[KPFKXKFWCNU6QYPNG[GVCN%QEMETQHVGVCN 

### +PETGCUKPIUGXGTKV[QHCUVJOCCUKPFKECVGFD[KPETGCUKPIU[ORVQOUQTOGFKECVKQPWUCIGKUCUUQEKCVGFYKVJFGETGCUKPI2& /KNFCUVJOCVKEUOC[JCXGC2& VJCVKUVKOGU  

### JKIJGTVJCPVJCVQHOQFGTCVGQTUGXGTGCUVJOCVKEU%QEMETQHVGVCN#NQY2& KP 

### PQPCUVJOCVKEUCNUQKUCUUQEKCVGFYKVJKPETGCUGFU[ORVQOUCPFCTGFWEGFDCUGNKPG('8 

### -GPPGF[GVCN6JGCXGTCIGEJCPIGUKPCKTYC[TGURQPUKXGPGUUKPFWEGFD[1 TCPIG 

### HTQOVQ6JKUOGCPUVJCVKPCJGCNVJ[UWDLGEVGZRQUGFVQ1 C2& QHWPKVU  

### YQWNFFGETGCUGVQC2& DGVYGGPCPFWPKVU6JGTGHQTGYKVJCRTQPQWPEGF1 KPFWEGF  

### EJCPIGKPCKTYC[TGURQPUKXGPGUUCJGCNVJ[UWDLGEVEQWNFOQXGHTQOVJGPQTOCNTCPIGKPVQVJGWRRGTJCNHQHVJGOKNFCUVJOCVKETCPIGQHCKTYC[TGURQPUKXGPGUU+PETGCUGUKPCKTYC[TGURQPUKXGPGUUCTGCPKORQTVCPVEQPUGSWGPEGQHGZRQUWTGVQ1  

### 4GUWNVUQHUVWFKGUTGRQTVKPIEJCPIGUKPCKTYC[TGURQPUKXGPGUUHQNNQYKPI1 GZRQUWTGCTG 

### UWOOCTK\GFKP6CDNG6JGUGUVWFKGUXCT[YKVJTGICTFVQGZRQUWTGTGIKOGPUV[RGCPFFQUGQHDTQPEJQEQPUVTKEVKXGCIGPVCPFUWDLGEVRQRWNCVKQP+PETGCUGFCKTYC[TGURQPUKXGPGUUCUUQEKCVGFYKVJ1 GZRQUWTGYCUHKTUVTGRQTVGFD[)QNFGPGVCNYJQUVWFKGFJKUVCOKPG 

### TGURQPUKXGPGUUKPGKIJVJGCNVJ[OGPCHVGTGZRQUWTGVQRRO1 HQTJCVTGUV

### CPFHQWPFVJCVVJGJKUVCOKPGKPFWEGF4 HQTVJGITQWRYCUITGCVGTOKPCHVGT

CY

### 1 GZRQUWTGVJCPCVDCUGNKPG6YQQHVJGKTUWDLGEVUJQYGXGTJCFCPKPETGCUGFTGURQPUGVQ



### JKUVCOKPGYGGMQTITGCVGTCHVGTGZRQUWTGTCKUKPIVJGRQUUKDKNKV[VJCVJKIJ1 NGXGNUECPTGUWNV 

### KPOQTGRGTUKUVGPVKPETGCUGUKPCKTYC[TGURQPUKXGPGUU.CVGT*QNV\OCPGVCNHQWPFKPPQPCUVJOCVKEUWDLGEVUVJCVCDTGCVJOGVJCEJQNKPGQTJKUVCOKPGEJCNNGPIG## asthma

allergy only

healthy 

# 0.01 0.10 1.00 10.0 100 Arbitrary Logarithmic Scale

(KIWTG #KTYC[HWPEVKQPECPDGOGCUWTGFDGHQTGCPFKOOGFKCVGN[CHVGTVJGKPJCNCVKQPQHCPCGTQUQNK\GFDTQPEJQEQPUVTKEVQTFTWINKMGOGVJCEJQNKPG6JGRTQXQECVKXGFQUGVJCVRTQFWEGUCFTQRKPHQTEGFGZRKTCVQT[XQNWOGKPUJCUDGGPWUGFVQGZRTGUUVJGTCPIGQHPQPURGEKHKEDTQPEJKCN TGURQPUKXGPGUU

KPETGCUGF54CYCNOQUVVYKEGCUOWEJCHVGT1 CUCHVGTCKTGZRQUWTGDWVVJKUGHHGEVTGUQNXGF

### CHVGTJ#VQRKEUWDLGEVUUJQYGFUKOKNCTKPETGCUGUKPTGURQPUKXGPGUUVQJKUVCOKPGCHVGT1 GZRQUWTG6JGCWVJQTUEQPENWFGFVJCVVJGKPETGCUGFPQPURGEKHKEDTQPEJKCNTGURQPUKXGPGUU



### CHVGT1 GZRQUWTGYCUPQVTGNCVGFVQCVQR[-ÌPKIGVCNHQWPFKPETGCUGFTGURQPUKXGPGUU 

### VQKPJCNGFCEGV[NEJQNKPGCHVGTCJGZRQUWTGVQCPFzIO CPFRRO 

### TGURGEVKXGN[(QNKPUDGGCPF*C\WEJCHQWPFKPETGCUGFCKTYC[TGURQPUKXGPGUUKPHGOCNGUCPFJCHVGTCOKPGZRQUWTGVQRRO1 YJGPEQORCTGFVQCKT6CMGP 

### VQIGVJGTVJGUGUVWFKGUUWIIGUVVJCV1 KPFWEGFKPETGCUGUKPCKTYC[TGURQPUKXGPGUUWUWCNN[ 

### TGUQNXGVQJCHVGTGZRQUWTGDWVOC[RGTUKUVKPUQOGKPFKXKFWCNUHQTNQPIGTRGTKQFU&KOGQGVCNYGTGVJGHKTUVVQKPXGUVKICVGCFCRVCVKQPVQVJGKPETGCUGUKPCKTYC[TGURQPUKXGPGUUHQNNQYKPI1 GZRQUWTG1XGTFC[UQHCJFC[GZRQUWTGVQRRO 

### 1 VJG[HQWPFRTQITGUUKXGCVVGPWCVKQPQHVJGKPETGCUGUKPCKTYC[TGURQPUKXGPGUUUWEJVJCV



### CHVGTVJGVJKTFFC[QH1 GZRQUWTGJKUVCOKPGCKTYC[TGURQPUKXGPGUUYCUPQNQPIGTFKHHGTGPV 

### HTQOVJGUJCOGZRQUWTGNGXGNU-WNNGGVCNGZVGPFGFVJGUGHKPFKPIUD[GZRQUKPIVYQITQWRUQHJGCNVJ[XQNWPVGGTUPVQRRO1 HQTJFC[HQTFC[UKPCTQYCPF 

### HQWPFVJCVVJGTGYCUCUKIPKHKECPVN[GPJCPEGFTGURQPUGVQOGVJCEJQNKPGCHVGTVJGHKTUVFC[UQHGZRQUWTGDWVVJKUTGURQPUGUNQYN[PQTOCNK\GFD[VJGGPFQHVJGHKHVJFC[6JWUVJGCVVGPWCVKQPQH1 KPFWEGFKPETGCUGUKPCKTYC[TGURQPUKXGPGUUHQNNQYGFVJGUCOGVKOGEQWTUGCU 

### CVVGPWCVKQPQHQVJGTRWNOQPCT[HWPEVKQPEJCPIGU)QPIGVCNFGOQPUVTCVGFKPETGCUGFCKTYC[TGURQPUKXGPGUUVQJKUVCOKPGCVRRO1 KPXKIQTQWUN[GZGTEKUKPIGNKVGE[ENKUVUYJQYGTGGZRQUGFHQTJ(QNKPUDGGGV 

### CNHQWPFCPCRRTQZKOCVGFQWDNKPIQHVJGOGCPOGVJCEJQNKPGTGURQPUKXGPGUUKPCITQWRQHJGCNVJ[XQNWPVGGTUGZRQUGFHQTJVQRRO1 *QYGXGTQPCPKPFKXKFWCNDCUKUPQ 

### TGNCVKQPUJKRYCUHQWPFDGVYGGP1 KPFWEGFEJCPIGUKPCKTYC[TGURQPUKXGPGUUCPFVJQUGKP 

### (8%CPF('8 UWIIGUVKPIVJCVEJCPIGUKPCKTYC[TGURQPUKXGPGUUCPFNWPIXQNWOGQEEWTTGF 

### D[FKHHGTGPVOGEJCPKUOU*QTUVOCPGVCNGZVGPFGF(QNKPUDGG	UQDUGTXCVKQPUD[FGOQPUVTCVKPIUKIPKHKECPVFGETGCUGUKPVJG2& KPJGCNVJ[UWDLGEVUKOOGFKCVGN[CHVGTC 

### 6CDNG+PETGCUGF#KTYC[4GURQPUKXGPGUU(QNNQYKPI1\QPG'ZRQUWTGUC1\QPG%QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP CPF #EVKXKV['ZRQUWTG%QPFKVKQPU0WODGT CPF)GPFGT QH5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO J+' CV .OKP% 4* / *GCNVJ[ 05 VQ  [GCTUQNF  CPF  FGETGCUGU KP EWOWNCVKXG FQUGQH OGVJCEJQNKPG TGSWKTGF VQ RTQFWEG C KPETGCUG KP 54 CHVGT GZRQUWTG VQ 1 CV CY  CPF  RRO TGURGEVKXGN[*QTUVOCPGV CN J 0#  *GCNVJ 05 v  [GCTUQNF+PETGCUGF CKTYC[ TGURQPUKXGPGUU VQOGVJCEJQNKPG KOOGFKCVGN[ CHVGT GZRQUWTG CVVJG VYQ JKIJGUV EQPEGPVTCVKQPU QH 1 -Ì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

### 6CDNGEQPV	F+PETGCUGF#KTYC[4GURQPUKXGPGUU(QNNQYKPI1\QPG'ZRQUWTGUC1\QPG%QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP CPF #EVKXKV['ZRQUWTG%QPFKVKQPU0WODGT CPF)GPFGT QH5WDLGEVU5WDLGEV%JCTCEVGTKUVKEUE1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO J YKVJ +' CV  ¥ TGUVKPI J YKVJ +' CV  ¥ TGUVKPI JFC[ HQT  FC[U% 4* /  ( *GCNVJ[ 05 VQ  [GCTUQNF KPETGCUG KP54 VQ C DTGCVJ JKUVCOKPG 
CYCGTQUQN EJCNNGPIG CHVGT GZRQUWTG VQ 1 CV  RRO DWVPQ EJCPIG CV  RRO 2TQITGUUKXG CFCRVCVKQP QH VJKUGHHGEV QXGT FC[ GZRQUWTG&KOGQGV CN   JFC[ HQT  FC[U KP C TQY  /  ( *GCNVJ[ 05 VQ  [GCTUQNF'PJCPEGF TGURQPUG VQ OGVJCEJQNKPG CHVGT HKTUV  FC[U DWVVJKU TGURQPUG PQTOCNK\GF D[ &C[ -WNNG GV CN   J YKVJ +' CV8   VQ  .OKP'% 4* /  (  CUVJOCVKEU (  / JGCNVJ[ (  / VQ  [GCTUQNF&GETGCUGF 2%54CYHTQO  OIO. VQ  OIO. KPJGCNVJ[ UWDLGEVU CHVGT 1  2% 54CYHGNN HTQO  OIO.VQ  OIO. KP CUVJOCVKE UWDLGEVU CHVGT GZRQUWTG VQ 1CPF HTQO  OIO. VQ  OIO. CHVGT GZRQUWTG VQCKT-TGKV GV CN   J CV TGUV 0#  /  ( *GCNVJ[ 05 VQ  [GCTUQNF KPETGCUG KP JKUVCOKPGKPFWEGF4  OKP CHVGT 1CY GZRQUWTG  CPF  KPETGCUGU  J CPF  YGGM CHVGTGZRQUWTG 
R  TGURGEVKXGN[ 6YQ UWDLGEVU JCF CPKPETGCUGF TGURQPUG VQ JKUVCOKPG  YGGM CHVGT GZRQUWTG)QNFGPGV CN   J YKVJ +' CV  ¥ TGUVKPI % 4* /  (  CVQRKE PQPCVQRKE05  VQ [GCTU QNF6GPDTGCVJ OGVJCEJQNKPG QT JKUVCOKPG EJCNNGPIG KPETGCUGF54 KP  PQPCUVJOCVKEU CHVGT 1  1P CXGTCIGCY VJG CVQRKE UWDLGEVU JCF ITGCVGT TGURQPUGU VJCP VJGPQPCVQRKE UWDLGEVU 6JG KPETGCUGF TGURQPUKXGPGUUTGUQNXGF CHVGT  J #VTQRKPG RTGOGFKECVKQP DNQEMGF VJG1 KPFWEGF KPETGCUG KP CKTYC[ TGURQPUKXGPGUU*QNV\OCPGV CN5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC.KUVGF HTQO NQYGUV VQ JKIJGUV 1 EQPEGPVTCVKQPD

###  8

JGZRQUWTGVQEQPEGPVTCVKQPUQH1 CUNQYCURRO$GECWUGOGVJCEJQNKPGEJCNNGPIGU 

### YGTGPQVEQPFWEVGFCVNCVGTVKOGRQKPVUKPCP[QHVJGUGUVWFKGUVJGFWTCVKQPQHVJGKPETGCUGFCKTYC[TGURQPUKXGPGUUCHVGTCODKGPVNGXGN1 GZRQUWTGEQWNFPQVDGFGVGTOKPGF 

### 0QFQWDVGZKUVUVJCV1 GXGPCVCODKGPVEQPEGPVTCVKQPURTQFWEGUCEWVGKPETGCUGUKP 

### CKTYC[TGURQPUKXGPGUU9JGVJGT1 GZRQUWTGECWUGURTQVTCEVGFKPETGCUGUKPCKTYC[ 

### TGURQPUKXGPGUUKPJGCNVJ[KPFKXKFWCNUKPFWEGUCUVJOCQTRTGFKURQUGUKPFKXKFWCNUVQCUVJOCKUCOQTGFKHHKEWNVSWGUVKQPVQCPUYGTUGG5GEVKQP*QYGXGTVJGKPETGCUGUKPCKTYC[TGURQPUKXGPGUUHQNNQYKPI1 GZRQUWTGGXGPKHUJQTVKPFWTCVKQPOC[JCXGKORQTVCPVENKPKECN 

### KORNKECVKQPU5GXGTCNUVWFKGUJCXGDGGPEQPFWEVGFURGEKHKECNN[VQFGVGTOKPGVJGUKIPKHKECPEGQHCEWVGKPETGCUGUKPCKTYC[TGURQPUKXGPGUUCHVGT1 GZRQUWTG6JGUGUVWFKGUFGUKIPGFVQVGUVVJG 

### J[RQVJGUKUVJCVCP1 GZRQUWTGJGKIJVGPUVJGTGURQPUGVQCUWDUGSWGPVDTQPEJQEQPUVTKEVQT 

### EJCNNGPIGJCXGGZRQUGFCUVJOCVKEUVQ1 QTCKTCPFVJGPVQCMPQYPDTQPEJQEQPUVTKEVQTCIGPV 

### VQEQORCTGVJGRWNOQPCT[HWPEVKQPEJCPIGUCHVGT1 VQVJQUGCHVGTCKT-TGKVGVCNYGTG 

### HKTUVVQKPXGUVKICVGVJGEJCPIGKPCKTYC[TGURQPUKXGPGUUVJCVQEEWTUCHVGT1 GZRQUWTGKP 

### KPFKXKFWCNUYKVJCUVJOC6JG[GZRQUGFPKPGOKNFCUVJOCVKEUDCUGNKPG2%  54CY

### OIO.HQTJVQRRO1 YKVJ+'CPFHQWPFVJCVVJGDCUGNKPG2% FGENKPGFHTQO  54CY

### VQOIO.CHVGT1 CUEQORCTGFVQVQOIO.CHVGTCKT-QGPKIGVCN 

### FGOQPUVTCVGFVJCVCOKPGZRQUWTGVQRRO1 HQNNQYGFD[COKPGZRQUWTGVQ 

### RRD51 ECWUGFITGCVGTEJCPIGUKP('8 TGURKTCVQT[TGUKUVCPEGCPFKP   OCZ

### CFQNGUEGPVCUVJOCVKEUVJCPFKFCPCKT51 GZRQUWTGEQODKPCVKQP

### /QNHKPQGVCNGZCOKPGFVJGGHHGEVUQHCJTGUVKPIGZRQUWTGVQRRO1 QPVJGTGURQPUGVQCTCIYGGFQTITCUUCNNGTIGPKPJCNCVKQPEJCNNGPIG#UVJOCVKEUWDLGEVU



### YGTGGZRQUGFVYKEGVQCKTCPFVYKEGVQ1 QPEGRGTYGGMQXGTCRGTKQFQHYGGMU6YQ 

### CNNGTIGPEJCNNGPIGUYGTGRGTHQTOGFQPEGCHVGTCKTCPFQPEGCHVGT1 GZRQUWTG6JGQVJGTCKT 

### CPF1 GZRQUWTGUYGTGHQNNQYGFD[CRNCEGDQEJCNNGPIG#TCIYGGFCNNGTIGPGZVTCEVYCUWUGF 

### HQTUKZQHVJGUGXGPUWDLGEVU6JGQTFGTQHGZRGTKOGPVUYCUPQVTCPFQOK\GFKPCPGHHQTVVQCXQKFWPGZRGEVGFN[UGXGTGTGCEVKQPUUKZQHVJGUGXGPUWDLGEVUYGTGGZRQUGFVQVJGQ\QPGCNNGTIGPEQPFKVKQPNCUVCPFHKXGQHVJGUGXGPYGTGGZRQUGFVQVJGCKTRNCEGDQEQPFKVKQPHKTUV#NNGTIGPTGURQPUKXGPGUUYCUGZRTGUUGFCUVJGCNNGTIGPEQPEGPVTCVKQPPGGFGFVQECWUGCTGFWEVKQPKP('8 QT2% 6JG2% YCUNQYGTCHVGTVJG1 GZRQUWTGVJCPCHVGTVJGCKT    

### GZRQUWTGR6JGUGQDUGTXCVKQPUUWIIGUVVJCVCNNGTIGPURGEKHKECKTYC[TGURQPUKXGPGUUKUKPETGCUGFCHVGT1 GZRQUWTG#NVJQWIJKVKUGZRGEVGFVJCVURGEKHKEDTQPEJKCNTGCEVKXKV[YKNNDG 

### KPETGCUGFD[1 GZRQUWTGDCUGFQPVJGOCTMGFKPETGCUGUKPPQPURGEKHKEDTQPEJKCN 

### TGURQPUKXGPGUUKPFWEGFD[1 GZRQUWTGUWEJCTGURQPUGYQWNFPQVJCXGDGGPCPVKEKRCVGFWPFGT 

### VJGUGOKNFGZRQUWTGEQPFKVKQPUYJGTGNWPIHWPEVKQPQTU[ORVQOCVKETGURQPUGUJCXGPQVDGGPQDUGTXGF6JGNCEMQHTCPFQOK\CVKQPKPVJKUUVWF[OCMGUKVFKHHKEWNVVQCUUGUUVJGXCNKFKV[QHEQPENWUKQPUDCUGFQPVJGUVCVKUVKECNCPCN[UKU6JGUGTGUWNVUCTGRTQXQECVKXGDWVUJQWNFDGEQPUKFGTGFRTGNKOKPCT[WPVKNVJKUGZRGTKOGPVECPDGTGRGCVGF1\QPGOC[DGCENKPKECNN[KORQTVCPVEQHCEVQTKPVJGTGURQPUGVQCKTDQTPGDTQPEJQEQPUVTKEVQTUWDUVCPEGUKPKPFKXKFWCNUYKVJCUVJOC+VKURNCWUKDNGVJCVVJKURJGPQOGPQPEQWNFEQPVTKDWVGVQKPETGCUGFCUVJOCGZCEGTDCVKQPUCPFGXGPEQPUGSWGPVKPETGCUGFJQURKVCNCFOKUUKQPUUGG5GEVKQP9JGVJGTVJGKPETGCUGFCKTYC[TGURQPUKXGPGUUHQNNQYKPI1 GZRQUWTGRTQFWEGUCPCEEGPVWCVGFDTQPEJQEQPUVTKEVQTTGURQPUGVQKPJCNGFCNNGTIGPUQT51

 

### KPJGCNVJ[KPFKXKFWCNUQTVJQUGYKVJNWPIFKUGCUGUQVJGTVJCPCUVJOCKUWPMPQYP

5GXGTCNUVWFKGUJCXGDGGPWPFGTVCMGPVQFGVGTOKPGVJGOGEJCPKUOQH1 KPFWEGF 

### KPETGCUGUKPCKTYC[TGURQPUKXGPGUUCNUQUGG%JCRVGT'CTN[GZRGTKOGPVUKPFQIU.GGGVCN

### CPFJWOCPU)QNFGPGVCNUWIIGUVGFCPKORQTVCPVTQNGHQTXCICNTGHNGZGUDGECWUGXCICNPGTXGEQQNKPICPFCVTQRKPGKPJKDKVGFVJGKPETGCUGKPJKUVCOKPGKPFWEGFDTQPEJQEQPUVTKEVKQPECWUGFD[1 1\QPGGZRQUWTGKPETGCUGFDTQPEJQOQVQTTGURQPUGUVQ 

### EJQNKPGTIKEUVKOWNKGICEGV[NEJQNKPGCPFOGVJCEJQNKPGKPFQIU*QNV\OCPGVCNCPFJWOCPU5GNV\GTGVCN5WDUGSWGPVUVWFKGUJQYGXGTTGXGCNGFVJCVDKNCVGTCNXCIQVQO[FKFPQVKPJKDKV1 KPFWEGFJ[RGTTGURQPUKXGPGUUVQUWDEWVCPGQWUJKUVCOKPGKPIWKPGCRKIU 

### )QTFQPGVCN6JGUGFCVCRTQXKFGUVTQPIGXKFGPEGVJCV1 KPFWEGFKPETGCUGFCKTYC[ 

### TGURQPUKXGPGUUKUOGFKCVGFCVNGCUVKPRCTVD[EJQNKPGTIKETGEGRVQTUQPCKTYC[UOQQVJOWUENGEGNNU+PVGTGUVKPIN[)QTFQPGVCNCNUQPQVGFVJCVKUQOGVTKEVGPUKQPKPIWKPGCRKIVTCEJGCNUOQQVJOWUENGCPFNWPIRCTGPEJ[OCNUVTKRUKPTGURQPUGVQJKUVCOKPGCPFECTDCEJQNYCUPQVCHHGEVGFD[GZRQUWTGVQ1 UWIIGUVKPIVJCV1 CHHGEVGFVJGKPXKXQOKNKGWUWTTQWPFKPIVJG  

### UOQQVJOWUENGTCVJGTVJCPRTQFWEGFFKTGEVGHHGEVUQPVJGUOQQVJOWUENGKVUGNH+VECPDGJ[RQVJGUK\GFVJCVVJGKPETGCUGFGRKVJGNKCNRGTOGCDKNKV[ECWUGFD[1 UGG 

### %JCRVGTOC[CNNQYITGCVGTRGPGVTCVKQPQHDTQPEJQEQPUVTKEVQTUWDUVCPEGUKPENWFKPIOGVJCEJQNKPGCPFJKUVCOKPGCPFVJCVVJKUYQWNFNGCFVQKPETGCUGFCKTYC[TGURQPUKXGPGUU*QYGXGT4QWOCPF/WTNCUUWIIGUVGFVJCVVJGKPETGCUGFGRKVJGNKCNRGTOGCDKNKV[CHVGT1 EQWNFPQVVQVCNN[GZRNCKPVJKURJGPQOGPQPDGECWUGRCTGPVGTCNEJQNKPGTIKEEJCNNGPIGCHVGT



### 1 OQTGTGRTQFWEKDN[ECWUGFDTQPEJQURCUOVJCPFKFKPJCNCVKQPEJCNNGPIGYKVJOGVJCEJQNKPG

### 6JGKPETGCUGFTGURQPUKXGPGUUVQRCTGPVGTCNEQORCTGFVQKPJCNGFEJQNKPGTIKEEJCNNGPIGOC[JQYGXGTJCXGDGGPFWGVQKPETGCUGFDTQPEJKCNDNQQFHNQYCHVGT1 GZRQUWTG6JGTGHQTGVJG 

### HKPFKPIUQH4QWOCPF/WTNCUFQPQVGZENWFGKPETGCUGFGRKVJGNKCNRGTOGCDKNKV[CUVJGECWUGQHKPETGCUGFCKTYC[TGURQPUKXGPGUUCHVGT1 GZRQUWTG 

### *QNV\OCPGVCNHKTUVRQKPVGFQWVVJCV1 KPFWEGFCEWVGKPHNCOOCVKQPOC[DG 

### KORQTVCPVKPVJGKPFWEVKQPQHVJGKPETGCUGFCKTYC[TGURQPUKXGPGUU+POQPITGNFQIUGZRQUGFVQ1 VJG[HQWPFDTQPEJKCNYCNN2/0KPHKNVTCVKQPKPVJQUGCPKOCNUVJCVFGXGNQRGFKPETGCUGF



### CKTYC[TGURQPUKXGPGUUVQCEGV[NEJQNKPGDWVPQVKPCPKOCNUVJCVHCKNGFVQFGXGNQRKPETGCUGFCKTYC[TGURQPUKXGPGUU1	$[TPGGVCNNCVGTFGOQPUVTCVGFVJCVJ[FTQZ[WTGCUKOWNVCPGQWUN[FGETGCUGFRGTKRJGTCNDNQQFNGWMQE[VGEQWPVUFGETGCUGF2/0KPHNWZKPVQDTQPEJKCNVKUUWGCPFRTGXGPVGFKPETGCUGFCKTYC[TGURQPUKXGPGUUKPFQIUGZRQUGFVQ1 $QVJ 

### 1 KPFWEGFKPETGCUGFCKTYC[TGURQPUKXGPGUUCPFDTQPEJKCNVKUUWG2/0KPHNWZTGVWTPGFYGGMU



### CHVGTVTGCVOGPVYCUFKUEQPVKPWGFYJGPRGTKRJGTCNNGWMQE[VGEQWPVUJCFPQTOCNK\GF5GNV\GTGVCNHQWPFCNCTIGTRGTEGPVCIGQH2/0UXGTUWUKP$#.HNWKFCHVGT1 GZRQUWTGKPVJGKTUWDLGEVUVJCVJCFCITGCVGTVJCPVJTGGHQNFFGETGCUGKPVJGRTQXQECVKXG



### EQPEGPVTCVKQPYJKEJECWUGFC.¥EO* 1.UKPETGCUGKP54 HQTOGVJCEJQNKPG  CY

### EQORCTGFVQVJQUGUWDLGEVUVJCVJCFNGUUVJCPCVYQHQNFFGETGCUG6JGUGFCVCUWIIGUVCRQUUKDNGCUUQEKCVKQPDGVYGGPKPHNCOOCVKQPCPFKPETGCUGFCKTYC[TGURQPUKXGPGUUCHVGT1 GZRQUWTG

### #PGCTN[UVWF[KPFQIU1	$[TPGGVCNUWIIGUVGFVJCVQZ[IGPCVKQPRTQFWEVUQHCTCEJKFQPKECEKFVJCVCTGUGPUKVKXGVQKPJKDKVKQPD[VJGCPVKKPHNCOOCVQT[FTWIKPFQOGVJCEKPRNC[CTQNGKP1 KPFWEGFJ[RGTTGURQPUKXGPGUUYKVJQWVCHHGEVKPIVJGKPHNWZQH2/0U+PVJG 

### HKTUVQHUGXGTCNJWOCPUVWFKGUYKVJC2)KPJKDKVQTKPFQOGVJCEKPFKFPQVCVVGPWCVGVJGKPETGCUGKPCKTYC[TGURQPUKXGPGUUKPUWDLGEVUGZRQUGFVQRRO1 HQTJ;KPIGVCNDWVFKF 

### COGNKQTCVGVJGGHHGEVQH1 QPURKTQOGVTKEGPFRQKPVU-NGGDGTIGTCPF*WFCMQDUGTXGFC 

### OCTMGFTGFWEVKQPKP2/0KPHNWZKP1 GZRQUGFOKEGIKXGPKPFQOGVJCEKPYKVJQWVCP[EJCPIG 

### KP1 KPFWEGFKPETGCUGUKPRGTOGCDKNKV[CUKPFKECVGFD[$#.RTQVGKP*QYGXGT*C\WEJCGV 

### CNHQWPFPQGHHGEVQHKDWRTQHGPQP2/0NGXGNUQTRTQVGKPKPVJG$#.HNWKFQH1  

### GZRQUGFJWOCPUCNUQUGG5GEVKQP5GNV\GTGVCNCPF-QTGPGVCNCD

### HQWPFVJCV1 KPETGCUGUCNCTIGPWODGTQH$#.KPHNCOOCVQT[OGFKCVQTUKPENWFKPI2)'   

### 2)( CPFVJTQODQZCPG$ =6:$ ?QPGQTOQTGQHYJKEJOC[RNC[CTQNGKPVJGKPETGCUGKP   

### CKTYC[TGURQPUKXGPGUUCHVGT1 GZRQUWTG 

### 6JGTQNGQHTGCEVKXGQZ[IGPOGVCDQNKVGUQTPGWTQRGRVKFGOGFKCVQTUKPVJGKPETGCUGKPCKTYC[TGURQPUKXGPGUUCHVGT1 JCUPQVDGGPKPXGUVKICVGF(WTVJGTOQTGVJGTGJCUDGGPPQ 

### FKTGEVCUUGUUOGPVQHCNVGTCVKQPUKPPGTXGCHHGTGPVUEJCPIGUKPPGWTQVTCPUOKVVGTEQPEGPVTCVKQPUEJCPIGUKPUOQQVJOWUENGRQUVU[PCRVKETGEGRVQTUQTOQFWNCVKQPQHPGTXGUKIPCNVTCPUOKUUKQPD[KPHNCOOCVQT[OGFKCVQTUCUVJGUGRGTVCKPVQVJGKPETGCUGKPCKTYC[TGURQPUKXGPGUUCHVGT1 

### +PEQPENWUKQPCNVJQWIJVJGOGEJCPKUOQH1 KPFWEGFKPETGCUGUKPCKTYC[TGURQPUKXGPGUUKUPQV 

### EQORNGVGN[WPFGTUVQQFKVCRRGCTUVQDGCUUQEKCVGFYKVJCPWODGTQHEGNNWNCTQTDKQEJGOKECNEJCPIGUKPVJGCKTYC[UGG5GEVKQPCPF6CDNGUCPF$GECWUGVJGUGCNVGTCVKQPUCTGRCTVQHCEQORNGZRTQEGUUKVEQOGUCUPQUWTRTKUGVJCVVJGOGEJCPKUVKEUVWFKGUQP1  

### KPFWEGFKPETGCUGUKPCKTYC[TGURQPUKXGPGUUJCXGPQVRKPRQKPVGFCPKUQNCVGFFGTCPIGOGPV



## +PHNCOOCVKQPCPF*QUV&GHGPUG

+PVTQFWEVKQP+PIGPGTCNKPHNCOOCVKQPECPDGEQPUKFGTGFCUVJGJQUVTGURQPUGVQKPLWT[CPFVJGKPFWEVKQPQHKPHNCOOCVKQPECPDGCEEGRVGFCUGXKFGPEGVJCVKPLWT[JCUQEEWTTGF5GXGTCNQWVEQOGUCTGRQUUKDNGKPHNCOOCVKQPECPTGUQNXGGPVKTGN[EQPVKPWGFCEWVGKPHNCOOCVKQPECPGXQNXGKPVQCEJTQPKEKPHNCOOCVQT[UVCVGEQPVKPWGFKPHNCOOCVKQPECPCNVGTVJGUVTWEVWTGQTHWPEVKQPQHQVJGTRWNOQPCT[VKUUWGNGCFKPIVQFKUGCUGUUWEJCUHKDTQUKUQTGORJ[UGOCKPHNCOOCVKQPECPCNVGTVJGDQF[	UJQUVFGHGPUGTGURQPUGVQKPJCNGFOKETQQTICPKUOURCTVKEWNCTN[KPRQVGPVKCNN[XWNPGTCDNGRQRWNCVKQPUUWEJCUVJGXGT[[QWPICPFQNFCPFKPHNCOOCVKQPECPCNVGTVJGNWPI	UTGURQPUGVQQVJGTCIGPVUUWEJCUCNNGTIGPUQTVQZKPU+VKUCNUQRQUUKDNGVJCVVJGRTQHKNGQHTGURQPUGECPDGCNVGTGFKPRGTUQPUYKVJRTGGZKUVKPIRWNOQPCT[FKUGCUGGICUVJOCQT%12&QTUOQMGTU#VRTGUGPVKVKUMPQYPVJCVUJQTVVGTOGZRQUWTGQHJWOCPUVQ1 ECPECWUGCEWVGKPHNCOOCVKQPCPFVJCVNQPIVGTOGZRQUWTGQHNCDQTCVQT[ 

### CPKOCNUTGUWNVUKPCEJTQPKEKPHNCOOCVQT[UVCVGUGG%JCRVGT*QYGXGTVJGTGNCVKQPUJKRDGVYGGPTGRGVKVKXGDQWVUQHCEWVGKPHNCOOCVKQPKPJWOCPUECWUGFD[1 CPFVJGFGXGNQROGPVQH 

### EJTQPKETGURKTCVQT[FKUGCUGKUWPMPQYP6JGRTGXKQWU1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[ 

### EQPVCKPGFPQUVWFKGUKPYJKEJKPHNCOOCVKQPYCUOGCUWTGFKPJWOCPUGZRQUGFVQ1 

### (KDGTQRVKEDTQPEJQUEQR[UKPEGJCUDGGPWUGFVQUCORNGEGNNUCPFHNWKFUNKPKPIVJGTGURKTCVQT[VTCEVQHJWOCPUHQTOCP[OCTMGTU4G[PQNFU$TQPEJQCNXGQNCTNCXCIGRTKOCTKN[UCORNGUVJGCNXGQNCTTGIKQPQHVJGNWPIJQYGXGTVJGWUGQHUOCNNXQNWOGNCXCIGU4GPPCTFGVCNQTDCNNQQPECVJGVGTUCNUQCNNQYUUCORNKPIQHVJGCKTYC[U0CUCNNCXCIGCNNQYUUCORNKPIQHEGNNUCPFHNWKFTGOQXGFHTQOVJGPCUCNRCUUCIGU+PVJGRCUV[GCTUUGXGTCNUVWFKGUJCXGCPCN[\GF$#.CPF0.EGNNUCPFHNWKFHTQOJWOCPUGZRQUGFVQ1 HQTOCTMGTUQHKPHNCOOCVKQPCPFNWPIFCOCIGUGG6CDNGUCPF 

### 6JGRTGUGPEGQH2/0UKPVJGNWPIJCUNQPIDGGPCEEGRVGFCUCJCNNOCTMQHKPHNCOOCVKQPCPFJCUDGGPVCMGPCUVJGOCLQTKPFKECVQTVJCV1 ECWUGUKPHNCOOCVKQPKPVJG 

### 6CDNG$TQPEJQCNXGQNCT.CXCIG5VWFKGUQH+PHNCOOCVQT['HHGEVUHTQO%QPVTQNNGF*WOCP'ZRQUWTGVQ1\QPGC1\QPG %QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP#EVKXKV[ .GXGN8'0WODGT CPF)GPFGT QH5WDLGEVU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO J +' 
 .OKPUKZ OKPGZGTEKUG RGTKQFU OKP TGUV OKP NWPEJ / VQ  [GCTUQNF$#. HNWKF  J CHVGT GZRQUWTG VQ  RRO 1 JCF UKIPKHKECPVKPETGCUGU KP 2/0U RTQVGKP 2)'  HKDTQPGEVKP +. NCEVCVGFGJ[FTQIGPCUG CPF CPVKVT[RUKP EQORCTGF YKVJ VJG UCOG UWDLGEVUGZRQUGF VQ (# 5KOKNCT DWV UOCNNGT KPETGCUGU KP CNN OGFKCVQTU CHVGTGZRQUWTG VQ  RRO 1 GZEGRV HQT RTQVGKP CPF HKDTQPGEVKP&GETGCUGF RJCIQE[VQUKU QH [GCUV D[ CNXGQNCT OCETQRJCIGU YCU PQVGFCV DQVJ EQPEGPVTCVKQPU&GXNKP GV CN-QTGP GV CN   J +' 
 OKP CV .OKP OKP TGUV /  ( VQ [GCTU QNF$TQPEJKCN NCXCIG DTQPEJKCN DKQRUKGU CPF $#. FQPG  J CHVGTGZRQUWTG $#. UJQYU EJCPIGU UKOKNCT VQ QVJGT UVWFKGU #KTYC[NCXCIG UJQYU KPETGCUGF EGNNU .&* +. $KQRUKGU UJQY KPETGCUGFPWODGT QH 2/0U#TKU GV CNC   J 
OQWVJRKGEG%' 
 .OKP  / 5KIPKHKECPVN[ GNGXCVGF 2/0U KP VJG $#. HNWKF   CPF  J CHVGTGZRQUWTG YKVJ RGCM KPETGCUGU CV  J5EJGNGINGGV CN 
   J +' 
 .OKP CVOKP KPVGTXCNU / VQ [GCTU QNF$#. HNWKF  J CHVGT GZRQUWTG JCF UKIPKHKECPV KPETGCUGU KP 2/0URTQVGKP CNDWOKP +I) 2)'  RNCUOKPQIGP CEVKXCVQT GNCUVCUGEQORNGOGPV %C CPF HKDTQPGEVKP-QTGP GV CNCD   J +' 
 .OKP CVOKP KPVGTXCNU / VQ [GCTU QNF/CETQRJCIGU TGOQXGF  J CHVGT GZRQUWTG JCF EJCPIGU KP VJG TCVGQH U[PVJGUKU QH  FKHHGTGPV RTQVGKPU CU CUUC[GF D[ EQORWVGTK\GFFGPUKVQOGVT[ QH VYQFKOGPUKQPCN IGN RTQVGKP RTQHKNGU&GXNKP CPF-QTGP   J +' 
 .OKP CVOKP KPVGTXCNU / VQ [GCTU QNF$#. HNWKF  J CHVGT GZRQUWTG EQPVCKPGF KPETGCUGF NGXGNU QH VJGEQCIWNCVKQP HCEVQTU VKUUWG HCEVQT CPF HCEVQT 8++ /CETQRJCIGU KPVJG $#. HNWKF JCF GNGXCVGF VKUUWG HCEVQT O40#/E)GGGV CN 
   J +' 
 .OKP CVOKP KPVGTXCNU / VQ  [GCTUQNF$#. HNWKF  J CHVGT GZRQUWTG VQ  RRO 1 JCF UKIPKHKECPV KPETGCUGUKP 2/0U RTQVGKP 2)'  6:$  +. .&* CPVKVT[RUKP CPF VKUUWG HCEVQT EQORCTGF YKVJ VJG UCOG UWDLGEVU GZRQUGF VQ (#&GETGCUGF RJCIQE[VQUKU QH [GCUV D[ CNXGQNCT OCETQRJCIGU-QTGP GV CN

### 6CDNGEQPV	F$TQPEJQCNXGQNCT.CXCIG5VWFKGUQH+PHNCOOCVQT['HHGEVUHTQO%QPVTQNNGF*WOCP'ZRQUWTGVQ1\QPGC1\QPG %QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP#EVKXKV[ .GXGN8'0WODGT CPF)GPFGT QH5WDLGEVU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO   JFC[ HQT FC[U  JGKVJGT  QT FC[U NCVGT+' 
 .OKP CVOKP KPVGTXCNU / VQ  [GCTUQNF$#. FQPG KOOGFKCVGN[ CHVGT HKHVJ FC[ QH GZRQUWTG CPF CICKPCHVGT GZRQUWTG  QT  FC[U NCVGT /QUV OCTMGTU QHKPHNCOOCVKQP 
2/0U +. +. RTQVGKPCPVKVT[RUKP2)'  HKDTQPGEVKP UJQYGF EQORNGVG CVVGPWCVKQP OCTMGTU QHFCOCIG 
.&* GNCUVCUG FKF PQV 4GXGTUCN QH CVVGPWCVKQPYCU PQV EQORNGVG HQT UQOG OCTMGTU GXGP CHVGT  FC[U&GXNKP GV CN   J +' 
 .OKP CVOKP KPVGTXCNU / 5WDLGEVU IKXGP  OI KDWRTQHGP QT RNCEGDQ  OKP DGHQTGGZRQUWTG 5WDLGEVU IKXGP KDWRTQHGP JCF NGUU QH C FGETGCUGKP ('8 CHVGT 1 GZRQUWTG $#. HNWKF  J CHVGT GZRQUWTG EQPVCKPGF UKOKNCT NGXGNU QH 2/0U RTQVGKP HKDTQPGEVKP.&* CPVKVT[RUKP .6$  CPF %C KP DQVJ KDWRTQHGP CPFRNCEGDQ ITQWRU *QYGXGT UWDLGEVU IKXGP KDWRTQHGP JCFFGETGCUGF NGXGNU QH +. 6:$  CPF 2)'  *C\WEJC GV CN J +' 
 9 HQTYQOGP  9HQT OGP CVOKP KPVGTXCNU /  ( VQ  [GCTUQNF$#. HNWKF  J CHVGT GZRQUWTG JCF UKIPKHKECPV KPETGCUGUKP 2/0U 2)'  6:$  CPF 2)( CV DQVJ 1 EQPEGPVTCVKQPU5GNV\GT GV CN5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC.KUVGF HTQO NQYGUV VQ JKIJGUV 1 EQPEGPVTCVKQPD

### 6CDNG#FFKVKQPCN5VWFKGUQH+PHNCOOCVQT[CPF*QUV&GHGPUG'HHGEVUHTQO%QPVTQNNGF*WOCP'ZRQUWTGVQ1\QPGC1\QPG %QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP#EVKXKV[ .GXGN8'0WODGT CPF)GPFGT QH5WDLGEVU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO0CUCN .CXCIG 5VWFKGU OKP +' 
 .OKPCV OKPKPVGTXCNU/ ( CUVJOCVKE/ (PQPCUVJOCVKE VQ  [GCTUQNF0. FQPG KOOGFKCVGN[ CPF  J CHVGT GZRQUWTG +PETGCUGFPWODGT QH 2/0U CV DQVJ VKOGU KP CUVJOCVKE UWDLGEVUGZRQUGF VQ  RRO 1  PQEJCPIG KP PQPCUVJOCVKEUWDLGEVU 0Q EJCPIG KP NWPI QT PCUCN HWPEVKQP/E$TKFG GV CN   JFC[ HQT EQPUGEWVKXGFC[U+' 
NKIJVVTGCFOKNN / 1  CKT5WDLGEVU KPQEWNCVGF YKVJ V[RG  TJKPQXKTWU RTKQT VQGZRQUWTG 0. YCU RGTHQTOGF QP VJG OQTPKPI QH&C[U  VQ    CPF  0Q FKHHGTGPEG KP XKTWU VKVGTUKP 0. HNWKF QH CKT CPF 1 GZRQUGF UWDLGEVU CV CP[ VKOGVGUVGF 0Q FKHHGTGPEG KP 2/0U QT KPVGTHGTQP ICOOC KP0. HNWKF QT KP DNQQF N[ORJQE[VG RTQNKHGTCVKXG TGURQPUG VQXKTCN CPVKIGP*GPFGTUQPGV CN 
   J +' 
 .OKPCV OKPKPVGTXCNU / VQ  [GCTUQNF0. FQPG KOOGFKCVGN[ DGHQTG KOOGFKCVGN[ CHVGT CPF  JCHVGT GZRQUWTG +PETGCUGF PWODGTU QH 2/0U CV DQVJ VKOGUCHVGT GZRQUWTG KPETGCUGF NGXGNU QH VT[RVCUG C OCTMGT QHOCUV EGNN FGITCPWNCVKQP KOOGFKCVGN[ CHVGT GZRQUWTGKPETGCUGF NGXGNU QH CNDWOKP  J CHVGT GZRQUWTG)TCJCO CPF-QTGP 
-QTGP GV CN   J QP EQPUGEWVKXGFC[U4GUVKPI  / 1  CKTGZRQUGF  VQ [GCTUQNF0. FQPG KOOGFKCVGN[ DGHQTG CPF CHVGT GCEJ GZRQUWTGCPF  J CHVGT VJG UGEQPF GZRQUWTG +PETGCUGF NGXGNU QH2/0U CV CNN VKOGU CHVGT VJG HKTUV GZRQUWTG YKVJ RGCMXCNWGU QEEWTTKPI KOOGFKCVGN[ RTKQT VQ VJG UGEQPFGZRQUWTG)TCJCO GV CN   J 4GUVKPI  /  (CNNGTIKE TJKPKVKEU v  
5&[GCTU QNF0. FQPG KOOGFKCVGN[ CHVGT GZRQUWTG +PETGCUGFWRRGT CPF NQYGT TGURKTCVQT[ U[ORVQOU CPF KPETGCUGFNGXGNU QH 2/0U GQUKPQRJKNU CPF CNDWOKP KP 0. HNWKF$CUEQO GV CN

### 6CDNGEQPV	F#FFKVKQPCN5VWFKGUQH+PHNCOOCVQT[CPF*QUV&GHGPUG'HHGEVUHTQO%QPVTQNNGF*WOCP'ZRQUWTGVQ1\QPGC1\QPG%QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP#EVKXKV[ .GXGN8'0WODGT CPF)GPFGT QH5WDLGEVU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO%NGCTCPEG 5VWFKGU J +' 
NKIJVVTGCFOKNN / v 
5&[GCTU QNF5WDLGEVU KPJCNGF TCFKQNCDGNGF KTQP QZKFG RCTVKENGU KOOGFKCVGN[ DGHQTGGZRQUWTG %QPEGPVTCVKQPFGRGPFGPV KPETGCUG KP TCVG QH RCTVKENGENGCTCPEG  J CHVGT GZRQUWTG CNVJQWIJ ENGCTCPEG YCU EQPHKPGFRTKOCTKN[ VQ VJG RGTKRJGTCN CKTYC[U CV VJG NQYGT 1 EQPEGPVTCVKQP(QUVGT GV CN 
   J %' 
 .OKP  / QT ( VQ [GCTU QNF5WDLGEVU KPJCNGF TCFKQNCDGNGF KTQP QZKFG RCTVKENGU  J CHVGT GZRQUWTG0Q 1 KPFWEGF FKHHGTGPEG KP ENGCTCPEG QH RCTVKENGU FWTKPI VJG PGZV  JQT VJG HQNNQYKPI OQTPKPI)GTTKV[ GV CN 
   J +' 
 .OKP CVOKP KPVGTXCNU / VQ [GCTU QNF5WDLGEVU KPJCNGF 6E&62#  OKP CHVGT GZRQUWTG 5KIPKHKECPVN[OKPETGCUGF ENGCTCPEG QH 6E&62# HTQO VJG NWPI KP 1 GZRQUGFOUWDLGEVU 5WDLGEVU JCF GZRGEVGF EJCPIGU KP (8% CPF 54 CY-GJTN GV CN 
   J +' 
 .OKP CVOKP KPVGTXCNU / VQ [GCTU QNF5KOKNCT FGUKIP CPF TGUWNVU CU GCTNKGT UVWF[ 
-GJTN GV CN  (QTVJG EQODKPGF UVWFKGU VJG CXGTCIG TCVG QH ENGCTCPEG YCU  HCUVGT KP1 GZRQUGF UWDLGEVU-GJTN GV CN 
+P 8KVTQ 5VWFKGU J *WOCP PCUCNGRKVJGNKCN EGNNU+PETGCUGF KP +%#/ +. +. CPF 60( GZRTGUUKQP CV  RRO0Q KPETGCUG KP +. GZRTGUUKQP 0Q KPETGCUGU CV  RRO$GEM GV CN 
 J #KTYC[GRKVJGNKCN EGNNNKPG%QPEGPVTCVKQPFGRGPFGPV KPETGCUGF UGETGVKQP QH 2)'  6:$  2)(  .6$  CPF .6&  /QTG UGETGVKQP DCUQNCVGTCNN[ VJCP CRKECNN[ /E-KPPQP GV CN J #KTYC[GRKVJGNKCN EGNNNKPG CPFCNXGQNCTOCETQRJCIGU+PETGCUGF UGETGVKQP QH +. +. CPF HKDTQPGEVKP D[ GRKVJGNKCN EGNNUGXGP CV NQYGUV 1 EQPEGPVTCVKQP 0Q 1 KPFWEGF UGETGVKQP QH VJGUG EQORQWPFU D[ OCETQRJCIGU&GXNKP GV CN 


### 6CDNGEQPV	F#FFKVKQPCN5VWFKGUQH+PHNCOOCVQT[CPF*QUV&GHGPUG'HHGEVUHTQO%QPVTQNNGF*WOCP'ZRQUWTGVQ1\QPGC1\QPG %QPEGPVTCVKQPD'ZRQUWTG&WTCVKQP#EVKXKV[ .GXGN8'0WODGT CPF)GPFGT QH5WDLGEVU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO+P 8KVTQ 5VWFKGU 
EQPV	F J #NXGQNCTOCETQRJCIGU%QPEGPVTCVKQPFGRGPFGPV KPETGCUGU KP 2)' RTQFWEVKQP CPFFGETGCUGU KP RJCIQE[VQUKU QH UJGGR GT[VJTQE[VGU0Q 1 KPFWEGF UGETGVKQP QH +. 60( QT +.$GEMGT GV CN5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC.KUVGF HTQO NQYGUV VQ JKIJGUV 1 EQPEGPVTCVKQPD

### NWPIUQHJWOCPU5QNWDNGOGFKCVQTUQHKPHNCOOCVKQPQTKVUTGUQNWVKQPUWEJCUE[VQMKPGUCPFCTCEJKFQPKECEKFOGVCDQNKVGUCNUQJCXGDGGPOGCUWTGFKPVJG$#.HNWKFQHJWOCPUGZRQUGFVQ1 %[VQMKPGUVJCVJCXGDGGPTGRQTVGFOQUVQHVGPCTGKPVGTNGWMKP+.CPF+.CNVJQWIJ+.



### CPFVWOQTPGETQUKUHCEVQT60(CNUQJCXGDGGPUVWFKGF5QNWDNGOGVCDQNKVGUQHCTCEJKFQPKECEKFKPXQNXGFKPKPHNCOOCVKQPCPFJQUVFGHGPUGGI2)' CPF2)( VJTQODQZCPGCPF  

### NGWMQVTKGPGU=.6U?UWEJCU.6$ CNUQJCXGDGGPTGRQTVGFKPVJG$#.HNWKFQHJWOCPUGZRQUGF 

### VQ1 +PCFFKVKQPVQVJGKTTQNGKPKPHNCOOCVKQPOCP[QHVJGUGEQORQWPFUJCXG 

### DTQPEJQEQPUVTKEVKXGRTQRGTVKGUCPFOC[DGKPXQNXGFKPKPETGCUGFCKTYC[J[RGTTGCEVKXKV[QDUGTXGFHQNNQYKPI1 GZRQUWTG

### 7PFGTPQTOCNEKTEWOUVCPEGUVJGGRKVJGNKCNKPKPIVJGNCTIGCPFUOCNNCKTYC[UFGXGNQRVKIJVLWPEVKQPUCPFTGUVTKEVVJGRGPGVTCVKQPQHGZQIGPQWURCTVKENGUCPFOCETQOQNGEWNGUHTQOVJGCKTYC[NWOGPKPVQVJGKPVGTUVKVKWOCPFDNQQFCUYGNNCUTGUVTKEVVJGHNQYQHRNCUOCEQORQPGPVUKPVQVJGCKTYC[NWOGP*QYGXGTUGXGTCNUVWFKGUUGG6CDNGUJQYVJCV1 FKUTWRVUVJGKPVGITKV[QHVJGGRKVJGNKCNEGNNDCTTKGTKPJWOCPCKTYC[UCUOGCUWTGFD[



### KPETGCUGFRCUUCIGQHTCFKQNCDGNGFEQORQWPFUQWVQHVJGCKTYC[UCUYGNNCURCUUCIGQHOCTMGTUQHRNCUOCKPHNWZUWEJCUCNDWOKPKOOWPQINQDWNKPCPFQVJGTRTQVGKPUKPVQVJGCKTYC[U+PCFFKVKQPOCTMGTUQHGRKVJGNKCNEGNNFCOCIGUWEJCUNCEVCVGFGJ[FTQIGPCUG.&*CEVKXKV[CNUQJCXGDGGPOGCUWTGFKPVJG$#.HNWKFQHJWOCPUGZRQUGFVQ1 

### +PHNCOOCVQT[EGNNUQHVJGNWPIUWEJCUCNXGQNCTOCETQRJCIGU#/UOQPQE[VGUCPF2/0UCNUQEQPUVKVWVGCPKORQTVCPVEQORQPGPVQHVJGRWNOQPCT[JQUVFGHGPUGU[UVGO+PVJGKTWPUVKOWNCVGFUVCVGVJG[RTGUGPVPQFCPIGTVQUWTTQWPFKPIRWNOQPCT[EGNNUCPFVKUUWGUDWVWRQPCEVKXCVKQPVJG[CTGECRCDNGQHIGPGTCVKPIHTGGTCFKECNUCPFGP\[OGUYKVJOKETQDKEKFCNECRCDKNKVKGUDWVVJG[CNUQJCXGVJGRQVGPVKCNVQFCOCIGPGCTD[EGNNU#PKOCNUVWFKGUJCXGFGOQPUVTCVGFVJCV1 FGETGCUGUJQUVFGHGPUGU[UVGOHWPEVKQPUGG%JCRVGT5GEVKQP 

### 1VJGTUQNWDNGHCEVQTUVJCVJCXGDGGPUVWFKGFKPENWFGVJQUGKPXQNXGFYKVJHKDTKPFGRQUKVKQPCPFFGITCFCVKQP6KUUWG(CEVQT(CEVQT8++CPFRNCUOKPQIGPCEVKXCVQTRQVGPVKCNOCTMGTUQHHKDTQIGPGUKUHKDTQPGEVKPRNCVGNGVFGTKXGFITQYVJHCEVQTCPFEQORQPGPVUQHVJGEQORNGOGPVECUECFG%C+PHNCOOCVKQP#UUGUUGFD[$TQPEJQCNXGQNCT.CXCIG5GNV\GTGVCNYGTGVJGHKTUVVQFGOQPUVTCVGVJCVGZRQUWTGQHJWOCPUVQ1 TGUWNVGFKPKPHNCOOCVKQPKPVJGNWPI+PVJKUUVWF[XQNWPVGGTUYGTGGZRQUGFVQQT



### RRO1 HQTJYJKNGWPFGTIQKPIGZGTEKUGCPF$#.YCURGTHQTOGFJNCVGT

### $TQPEJQCNXGQNCTNCXCIGHNWKFHTQOUWDLGEVUGZRQUGFVQ1 EQPVCKPGFHQNFOQTG2/0U 

### EQORCTGFYKVJ$#.HNWKFHTQOVJGUCOGUWDLGEVUGZRQUGFVQ(##FFKVKQPCNN[$#.HNWKFHTQO1 GZRQUGFUWDLGEVUEQPVCKPGFKPETGCUGFNGXGNUQH2)' 2)( CPF6:$ EQORCTGFVQ    

### HNWKFHTQOCKTGZRQUGFUWDLGEVU-QTGPGVCNCDCNUQFGUETKDGFKPHNCOOCVQT[EJCPIGUKPVJGNWPIUQHUWDLGEVUGZRQUGFVQRRO1 HQTJYJKNGWPFGTIQKPI+'CV.OKPKPC 

### UVWF[FGUKIPGFVQUKOWNCVGCFWNVUYQTMKPIQWVFQQTUQTEJKNFTGPCEVKXGN[RNC[KPI$TQPEJQCNXGQNCTNCXCIGYCURGTHQTOGFJCHVGT1 GZRQUWTG5WDLGEVUGZRQUGFVQ1 JCFCP  

### GKIJVHQNFKPETGCUGKP2/0UKPVJG$#.HNWKFEQPHKTOKPIVJGQDUGTXCVKQPUQH5GNV\GTGVCN+PCFFKVKQP-QTGPGVCNTGRQTVGFCVYQHQNFKPETGCUGKP$#.HNWKFRTQVGKPCNDWOKPCPFKOOWPQINQDWNKP)+I)NGXGNUUWIIGUVKXGQHKPETGCUGFGRKVJGNKCNEGNNRGTOGCDKNKV[CUCTGUWNVQH1 GZRQUWTG6JGTGYCUCNUQCHQNFKPETGCUGKP+.NGXGNUKPVJG$#.HNWKF

### +PVGTNGWMKPCPF60(YGTGPQVRTGUGPVKPFGVGEVCDNGNGXGNUKPVJG$#.HNWKFQHCP[UWDLGEV6JGTGYCUJQYGXGTCVYQHQNFKPETGCUGKPVJGRTQKPHNCOOCVQT[GKEQUCPQKF2)' CUYGNNCUC 

### VYQHQNFKPETGCUGKPVJGEQORNGOGPVEQORQPGPV%C6JKUUVWF[CNUQRTQXKFGFGXKFGPEGHQTUVKOWNCVKQPQHHKDTQIGPKERTQEGUUGUKPVJGNWPID[FGOQPUVTCVKPIUKIPKHKECPVKPETGCUGUKPVYQEQORQPGPVUQHVJGEQCIWNCVKQPRCVJYC[6KUUWG(CEVQTCPF(CEVQT8++/E)GGGVCNCUYGNNCUWTQMKPCUGRNCUOKPQIGPCEVKXCVQTCPFHKDTQPGEVKP-QTGPGVCNC6CMGPVQIGVJGTVJGUGVYQUVWFKGUFGOQPUVTCVGVJCVGZRQUWTGQHJWOCPUVQOQFGTCVGNGXGNUQH1 TGUWNVUKPCP 

### KPHNCOOCVQT[TGCEVKQPKPVJGNWPICUGXKFGPEGFD[UWDUVCPVKCNKPETGCUGUKP2/0UCPFRTQKPHNCOOCVQT[EQORQWPFU(WTVJGTOQTGVJGUGUVWFKGUFGOQPUVTCVGVJCVDQVJEGNNUCPFOGFKCVQTUECRCDNGQHFCOCIKPIRWNOQPCT[VKUUWGCTGKPETGCUGFCHVGT1 GZRQUWTGCUCTG 

### EQORQWPFUVJCVRNC[CTQNGKPHKDTQVKECPFHKDTKPQN[VKERTQEGUUGU#NVJQWIJCPKOCNUVWFKGUJCXGUJQYPVJCVVJGVGTOKPCNDTQPEJKQNGUCTGCOCLQTUKVGQH1 KPFWEGFKPHNCOOCVKQPHGYJWOCPUVWFKGUJCXGEQPHKTOGFVJKUHKPFKPIDGECWUG$#. 

### RTKOCTKN[UCORNGUEGNNUCPFHNWKFKPVJGVGTOKPCNDTQPEJKQNGUCPFCNXGQNK*QYGXGTKUQNCVGFNCXCIGQHVJGOCKPUVTGCODTQPEJWUWUKPIDCNNQQPECVJGVGTUQTVJGOQTGVTCFKVKQPCN$#.WUKPIUOCNNXQNWOGUQHUCNKPGJCXGVJGCDKNKV[VQRTGHGTGPVKCNN[OGCUWTG1 KPFWEGFEJCPIGUKPVJG 

### NCTIGCKTYC[U+PQPGUVWF[KUQNCVGFCKTYC[NCXCIGYCURGTHQTOGFQPUWDLGEVUJCHVGTGZRQUWTGVQRRO1 YJKNGWPFGTIQKPIOQFGTCVGGZGTEKUG#TKUGVCNC+PETGCUGUKP 

### VQVCNNCXCICDNGEGNNU.&*CEVKXKV[CPF+.YGTGTGRQTVGF+PEQPVTCUV5EJGNGINGGVCNQDUGTXGFPQKPETGCUGKP2/0UKPVJGDTQPEJKCNHNWKFJQYGXGTDTQPEJKCNDKQRUKGUUJQYGFKPETGCUGFPWODGTUQH2/0UKPCKTYC[VKUUWG6JGFCVCUWIIGUVKXGQH1 KPFWEGFEJCPIGUKPGRKVJGNKCNEGNNRGTOGCDKNKV[FGUETKDGF 

### D[-QTGPGVCNCCPF&GXNKPGVCNUWRRQTVGCTNKGTYQTMKPYJKEJGRKVJGNKCNEGNNRGTOGCDKNKV[CUOGCUWTGFD[KPETGCUGFENGCTCPEGQHTCFKQNCDNGFFKGVJ[NGPGVTKCOKPGRGPVCCEGVKECEKF 6E&62#HTQOVJGNWPIUQHJWOCPUGZRQUGFVQ1 YCUFGOQPUVTCVGF O


### -GJTNGVCN+PVJCVUVWF[GKIJVJGCNVJ[UWDLGEVUYJQKPJCNGF6E&62#LWUVRTKQT O

### VQGZRQUWTGVQCKTQTRRO1 HQTJYJKNGWPFGTIQKPIJGCX[GZGTEKUG.OKPJCF 

### KPETGCUGFENGCTCPEGQHVJGEQORQWPF-GJTNGVCNTGRQTVGFUKOKNCTQDUGTXCVKQPUQPCPCFFKVKQPCNUWDLGEVU(QTVJGEQODKPGFITQWRQHUWDLGEVUGZRQUGFHQTJVQRRO1  

### VJGCXGTCIGENGCTCPEGTCVGYCUHCUVGTVJCPVJCVQDUGTXGFCHVGTCKTGZRQUWTGUVTQPIN[UWIIGUVKPIKPETGCUGFRGTOGCDKNKV[HTQOVJGCKTYC[NWOGPCPFCNXGQNCTURCEGVQVJGDNQQFCPFKPVGTUVKVKCNURCEGU6JGCXGTCIG1 KPFWEGFFGETGOGPVKP(8%KPVJGUGUWDLGEVUYCU

### 6JGUGEJCPIGUKPRGTOGCDKNKV[OQUVNKMGN[CTGCUUQEKCVGFYKVJCEWVGKPHNCOOCVKQPCPFRQVGPVKCNN[EQWNFCNNQYDGVVGTCEEGUUQHKPJCNGFCPVKIGPUCPFQVJGTUWDUVCPEGUVQVJGUWDOWEQUC5VWFKGUKPYJKEJJWOCP#/CPFCKTYC[GRKVJGNKCNEGNNUYGTGGZRQUGFVQ1 KPXKVTQ 

### UWIIGUVVJCVOQUVQHVJGEQORQPGPVUHQWPFKPKPETGCUGFNGXGNUKPVJG$#.HNWKFQH1 GZRQUGF 

### JWOCPUCTGRTQFWEGFD[GRKVJGNKCNEGNNU/CETQRJCIGUGZRQUGFVQCPFRRODWVPQVRRO1 HQTJUJQYGFUOCNNKPETGCUGUKP2)' DWVPQEJCPIGKPUWRGTQZKFGCPKQPQT  

### E[VQMKPGRTQFWEVKQP$GEMGTGVCN+PEQPVTCUVCKTYC[GRKVJGNKCNEGNNUGZRQUGFKPXKVTQVQCPFRRO1 HQTJUJQYGFNCTIGEQPEGPVTCVKQPFGRGPFGPVKPETGCUGUKP 

### 2)' 6:$ .6$ .6% CPF.6& /E-KPPQPGVCN6JGUGEGNNUCNUQUJQYGF   

### KPETGCUGUKP+.+.CPFHKDTQPGEVKPCV1 EQPEGPVTCVKQPUCUNQYCURRO&GXNKPGVCN 

### +PVGTGUVKPIN[OCETQRJCIGUTGOQXGFJNCVGTHTQOUWDLGEVUGZRQUGFVQRRO1 HQTJYJKNGWPFGTIQKPIKPVGTOKVVGPVJGCX[GZGTEKUG-QTGPGVCNCUJQYGFEJCPIGU



### KPVJGTCVGQHU[PVJGUKUQHFKHHGTGPVRTQVGKPUCUOGCUWTGFD[SWCPVKVCVKXGEQORWVGTK\GFFGPUKVQOGVT[QHVYQFKOGPUKQPCNIGNRTQVGKPRTQHKNGU*QYGXGT#/UGZRQUGFVQ1 KPXKVTQ 

### UJQYGFEJCPIGUQPN[KPVJGTCVGQHU[PVJGUKUQHUKZRTQVGKPUUWIIGUVKPIVJCVOQUVQHVJG

### EJCPIGUUGGPKPVJGKPXKXQGZRQUGF#/UYGTGFWGVQCEVKQPUTGUWNVKPIHTQOOGFKCVQTUTGNGCUGFD[QVJGTEGNNUHQNNQYKPI1 GZRQUWTGYJKEJVJGPCNVGTGFOCETQRJCIGHWPEVKQP 

### 0WOGTQWUUVWFKGUJCXGUJQYPVJCVJWOCPUGZRQUGFVQ1 HQTEQPUGEWVKXGFC[U 

### GZRGTKGPEGFGETGOGPVUKPRWNOQPCT[HWPEVKQPQPVJGHKTUVCPFUGEQPFFC[UDWVVJGFGETGOGPVUFKOKPKUJYKVJGCEJUWEEGGFKPIFC[UQVJCVD[VJGHKHVJFC[PQUWEJGHHGEVUCTGQDUGTXGFUGG5GEVKQP*QYGXGTVJGUGUVWFKGUFKFPQVCFFTGUUVJGSWGUVKQPQHYJGVJGTTGRGCVGFGZRQUWTGVQ1 CNUQTGUWNVGFKPCVVGPWCVKQPQHKPHNCOOCVKQPQTNWPIFCOCIG#PKOCNUVWFKGU 

### UWIIGUVVJCVCNVJQWIJUQOGOCTMGTUQHKPHNCOOCVKQPOC[DGFKOKPKUJGFWPFGTN[KPIFCOCIGVQNWPIGRKVJGNKCNEGNNUEQPVKPWGU6GRRGTGVCN+PCTGEGPVUVWF[&GXNKPGVCNJWOCPUYGTGGZRQUGFVQRRO1 HQTEQPUGEWVKXGFC[UJFC[YJKNGWPFGTIQKPI+'CPF 

### VJGPYGTGGZRQUGFVQ1 CUKPINGVKOGGKVJGTQTFC[UNCVGT6JGTGUWNVUUJQYVJCV 

### PWOGTQWUKPFKECVQTUQHKPHNCOOCVKQPGI2/0KPHNWZ+.+.2)' $#.RTQVGKP 

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

### 1 HQTJYJKNGWPFGTIQKPIOQFGTCVGGZGTEKUG.OKPCPFWPFGTYGPV$#.JNCVGT

### #PCFFKVKQPCNGKIJVUWDLGEVUYGTGGZRQUGFVQRRO1 +PETGCUGFPWODGTUQH2/0UCPF 

### NGXGNUQH+.YGTGHQWPFCVDQVJ1 EQPEGPVTCVKQPU6JGTGCNUQYGTGKPETGCUGUKPOQUVQHVJG 

### QVJGTEQORQWPFUTGRQTVGFD[-QTGPGVCNCDKPENWFKPIHKDTQPGEVKPCPF2)' 

### #NXGQNCTOCETQRJCIGRJCIQE[VKEECRCDKNKV[YCUCNUQOQPKVQTGFKPVJKUUVWF[CPFKVYCUTGRQTVGFVJCVOCETQRJCIGUTGOQXGFHTQOJWOCPUGZRQUGFVQDQVJ1 EQPEGPVTCVKQPUJCF 

### FGETGCUGFCDKNKV[VQRJCIQE[VK\G%CPFKFCCNDKECPU QRUQPK\GFYKVJEQORNGOGPV%QORCTKUQPQHVJGOCIPKVWFGQHKPHNCOOCVQT[EJCPIGUQDUGTXGFKPVJKUUVWF[CPFD[-QTGPGVCNCDYJGPPQTOCNK\GFHQTFKHHGTGPEGUKPEQPEGPVTCVKQPFWTCVKQPQHGZRQUWTGCPFXGPVKNCVKQPUWIIGUVVJCVNWPIKPHNCOOCVKQPHTQO1 OC[QEEWTCUCEQPUGSWGPEGQHGZRQUWTGVQCODKGPV 

### NGXGNUYJKNGGZGTEKUKPI#NVJQWIJVJGOGCPEJCPIGUKP+.2)' CPF2/0UTGRQTVGFD[ 

### &GXNKPGVCNYGTGUOCNNVJGTGYCUCEQPUKFGTCDNGTCPIGQHTGURQPUGCOQPIVJGKPFKXKFWCNURCTVKEKRCVKPIKPVJGUVWF[6JWUCNVJQWIJUQOGQHVJGUVWF[RQRWNCVKQPUJQYGFNKVVNGQTPQTGURQPUGVQ1 QVJGTUJCFKPETGCUGUKP+.QT2/0UVJCVYGTGCUNCTIGCUQTNCTIGT 

### VJCPVJQUGTGRQTVGFD[-QTGPGVCNCDYJGPUWDLGEVUYGTGGZRQUGFHQTJVQRRO1 +PVGTGUVKPIN[VJQUGKPFKXKFWCNUYJQJCFVJGNCTIGUVKPETGCUGUKPKPHNCOOCVQT[OGFKCVQTUKP



### VJKUUVWF[FKFPQVPGEGUUCTKN[JCXGVJGNCTIGUVFGETGOGPVUKPRWNOQPCT[HWPEVKQPUWIIGUVKPIUGRCTCVGOGEJCPKUOUWPFGTN[KPIVJGUGVYQTGURQPUGUVQ1 6JGUGFCVCUWIIGUVVJCVCNVJQWIJ 

### VJGRQRWNCVKQPCUCYJQNGOC[JCXGCUOCNNKPHNCOOCVQT[TGURQPUGVQNQYNGXGNUQH1 VJGTG 

### OC[DGCUKIPKHKECPVUWDRQRWNCVKQPVJCVKUXGT[UGPUKVKXGVQVJGUGNQYNGXGNUQH1 

### (WTVJGTOQTGGXGPCUOCNNKPHNCOOCVQT[TGURQPUGKHKVTGEWTUKPVJGRQRWNCVKQPCUCYJQNG

UJQWNFPQVDGFKUEQWPVGF6KOG%QWTUGQH+PHNCOOCVQT[4GURQPUG

### 6JGVKOGEQWTUGQHVJGKPHNCOOCVQT[TGURQPUGVQ1 KPJWOCPUJCUPQVDGGP 

### GZRNQTGFHWNN[5VWFKGUKPYJKEJ$#.YCURGTHQTOGFJ&GXNKPGVCN-QTGPGVCNQTJ5GNV\GTGVCNCHVGTGZRQUWTGVQRRO1 FGOQPUVTCVGVJCVVJG 

### KPHNCOOCVQT[TGURQPUGKUSWKEMN[KPKVKCVGFCPFQVJGTFCVC-QTGPGVCNCDKPFKECVGVJCVGXGPJCHVGTGZRQUWTGKPHNCOOCVQT[OGFKCVQTUUWEJCU+.CPF2/0UCTGUVKNNUWDUVCPVKCNN[GNGXCVGF*QYGXGTCEQORCTKUQPQHVJGUGUVWFKGUUJQYUVJGTGCTGFKHHGTGPEGUKPVJGOCIPKVWFGQHTGURQPUGQHUQOGKPFKECVQTUFGRGPFKPIQPYJGP$#.KURGTHQTOGFCHVGT1 GZRQUWTG1\QPGKPFWEGFKPETGCUGUKP2/0U+.CPF2)' CTGITGCVGTJCHVGT

 

### 1 GZRQUWTGYJGTGCU$#.NGXGNUQHHKDTQPGEVKPCPFRNCUOKPQIGPCEVKXCVQTCTGITGCVGT



### JCHVGTGZRQUWTG5VKNNQVJGTEQORQWPFURTQVGKP6KUUWG(CEVQTCTGGSWCNN[GNGXCVGFDQVJCPFJCHVGT1 GZRQUWTG5EJGNGINGGVCNGZRQUGFHKXGUWDLGEVUVQ(#QTRRO 

### 1 HQTJYKVJCXGPVKNCVKQPQH.OKP'CEJUWDLGEVYCUGZRQUGFVQ1 QPVJTGGUGRCTCVG

 

### QEECUKQPUCPF$#.YCURGTHQTOGFQTJCHVGTGZRQUWTG+PCFFKVKQP$#.YCUUGRCTCVGFKPVQVYQHTCEVKQPUVJGHKTUVO.YCUJYCUFGUKIPCVGFVJGRTQZKOCNCKTYC[UHTCEVKQP2#CPFVJGTGOCKPKPIVJTGGO.YCUJGUYGTGRQQNGFCPFFGUKIPCVGFVJGFKUVCNCKTYC[UCPFCNXGQNCTUWTHCEGHTCEVKQP&##56JGRGTEGPVQH2/0UKPVJG2#UCORNGYCUUVCVKUVKECNN[GNGXCVGFCVCPFJCHVGT1 GZRQUWTGYKVJCRGCMTGURQPUGCVJ6JG 

### RGTEGPVQH2/0UKPVJG&##5UCORNGYCUGNGXCVGFCVQPN[VJGCPFJVKOGRQKPVUYKVJGSWKXCNGPVGNGXCVKQPUCVGCEJVKOG

'HHGEVQH#PVK+PHNCOOCVQT[#IGPVUQP1\QPG+PFWEGF+PHNCOOCVKQP2TGXKQWUUVWFKGU5EJGNGINGGVCN'UEJGPDCEJGTGVCNJCXGUJQYPVJCVKPFQOGVJCEKPCPCPVKKPHNCOOCVQT[CIGPVVJCVKPJKDKVUVJGRTQFWEVKQPQHE[ENQQZ[IGPCUGRTQFWEVUQHCTCEJKFQPKECEKFOGVCDQNKUOKUECRCDNGQHDNWPVKPIVJGYGNNFQEWOGPVGFFGETGOGPVUKPRWNOQPCT[HWPEVKQPQDUGTXGFKPJWOCPUGZRQUGFVQ1 +PCTGEGPVUVWF[ 

### JGCNVJ[OCNGXQNWPVGGTUYGTGIKXGPOIKDWRTQHGPCPQVJGTCPVKKPHNCOOCVQT[CIGPVVJCVDNQEMUE[ENQQZ[IGPCUGOGVCDQNKUOQTCRNCEGDQOKPRTKQTVQCJGZRQUWTGVQRRO1 

### #PCFFKVKQPCNOIYCUCFOKPKUVGTGFHQNNQYKPIVJGHKTUVJQWTQHGZRQUWTG$TQPEJQCNXGQNCTNCXCIGYCURGTHQTOGFJCHVGTVJGGZRQUWTG#UGZRGEVGFUWDLGEVUIKXGPKDWRTQHGPJCFDNWPVGFFGETGOGPVUKPNWPIHWPEVKQPHQNNQYKPI1 GZRQUWTGEQORCTGFVQVJGUCOGUWDLGEVU 

### IKXGPCRNCEGDQ*C\WEJCGVCN$TQPEJQCNXGQNCTNCXCIGHNWKFHTQOUWDLGEVUIKXGPKDWRTQHGPCNUQJCFTGFWEGFNGXGNUQHVJGE[ENQQZ[IGPCUGRTQFWEV2)' CUYGNNCU+.DWVPQ 

### FGETGCUGUYGTGQDUGTXGFKP2/0UHKDTQPGEVKPRGTOGCDKNKV[.&*CEVKXKV[QTOCETQRJCIGRJCIQE[VKEHWPEVKQP*C\WEJCGVCN6JGUGFCVCUWIIGUVVJCVCNVJQWIJCPVKKPHNCOOCVQT[CIGPVUOC[DNWPV1 KPFWEGFFGETGOGPVUKP('8 CPFKPETGCUGUKP2)' OQUV  

### KPHNCOOCVQT[OGFKCVQTUCTGGNGXCVGFKPVJG$#.QHVJGUGUWDLGEVU

7UGQH0CUCN.CXCIG6Q#UUGUU1\QPG+PFWEGF+PHNCOOCVKQPKPVJG7RRGT4GURKTCVQT[6TCEV$TQPEJQCNXGQNCTNCXCIGJCURTQXGPVQDGCRQYGTHWNTGUGCTEJVQQNVQCPCN[\GEJCPIGUKPVJGNWPIHQNNQYKPIGZRQUWTGQHJWOCPUVQZGPQDKQVKEU*QYGXGTDGECWUG$#.KUGZRGPUKXGUQOGYJCVKPXCUKXGCPFTGSWKTGUURGEKCNK\GFRGTUQPPGNCPFHCEKNKVKGUKVWUWCNN[KUFQPGQPN[YKVJUOCNNPWODGTUQHUWDLGEVUCPFKPUGNGEVGFOGFKECNEGPVGTU6JGTGHQTGVJGTGKUKPETGCUKPIKPVGTGUVKPVJGWUGQH0.CUCVQQNKPCUUGUUKPI1 KPFWEGFKPHNCOOCVKQPKPVJGWRRGT 

### TGURKTCVQT[VTCEVYJKEJKUVJGRTKOCT[RQTVCNHQTKPURKTGFCKTCPFVJGTGHQTGVJGHKTUVTGIKQPQHVJGTGURKTCVQT[VTCEVVQEQOGKPEQPVCEVYKVJCKTDQTPGZGPQDKQVKEU0CUCNNCXCIGKUUKORNGCPF

###  8

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### KOOGFKCVGN[DGHQTGCPFKOOGFKCVGN[CHVGTGCEJGZRQUWTGCUYGNNCUJCHVGTVJGUGEQPFGZRQUWTG0CUCNNCXCIGHNWKFEQPVCKPGFGNGXCVGFPWODGTUQH2/0UCVCNNRQUVGZRQUWTGVKOGUVGUVGFYKVJRGCMXCNWGUQEEWTTKPIKOOGFKCVGN[RTKQTVQVJGUGEQPFFC[QHGZRQUWTG6JGTGYGTGPQEJCPIGUKP2/0PWODGTUCVCP[VKOGKPUWDLGEVUGZRQUGFVQENGCPCKTHQTEQPUGEWVKXGFC[U$CUEQOGVCNGZRQUGFUWDLGEVUYKVJCNNGTIKETJKPKVKUVQRRO1 CVTGUVHQTJHQNNQYGFKOOGFKCVGN[D[0.6JG[TGRQTVGFCUGXGPHQNFKPETGCUGKP2/0U



### CHQNFKPETGCUGKPGQUKPQRJKNUCPFCHQNFKPETGCUGKPOQPQPWENGCTEGNNUHQNNQYKPI1 GZRQUWTGCUYGNNCUCHQNFKPETGCUGKPCNDWOKP)TCJCOCPF-QTGPEQORCTGF



### KPHNCOOCVQT[OGFKCVQTURTGUGPVKPDQVJVJG0.CPF$#.HNWKFUQHJWOCPUGZRQUGFVQ1 6JG 

### UCOGUWDLGEVUYJQYGTGGZRQUGFVQRRO1 HQTJYKVJ$#.RGTHQTOGFJNCVGTCU 

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
)TCJCOCPF-QTGP  

### *QYGXGTVT[RVCUGCEQPUVKVWGPVQHOCUVEGNNUEQPVCKPGFKPVJGUCOGITCPWNGUCUJKUVCOKPGYCUHQWPFKPGNGXCVGFNGXGNUKOOGFKCVGN[CHVGT1 GZRQUWTGDWVPQVJNCVGT-QTGPGVCN

### /E$TKFGGVCNTGRQTVGFVJCVCUVJOCVKEUWDLGEVUCTGOQTGUGPUKVKXGVQWRRGTCKTYC[KPHNCOOCVKQPCV1 EQPEGPVTCVKQPUVJCVFQPQVCHHGEVNWPIHWPEVKQP0CUCNNCXCIGCPFNWPICPF 

### PCUCNHWPEVKQPYGTGEQORCTGFKPCUVJOCVKECPFPQPCUVJOCVKEUWDLGEVUGZRQUGFKPCJGCFFQOGVQCPFRRO1 HQTOKPFWTKPIKPVGTOKVVGPVOQFGTCVGGZGTEKUG   '

### .OKP#UKIPKHKECPVKPETGCUGKPVJGPWODGTQH2/0UKP0.HNWKFYCUFGVGEVGFKPVJGCUVJOCVKEUWDLGEVUDQVJKOOGFKCVGN[CPFJCHVGTGZRQUWTGVQRRO1 6QVCNYJKVG 

### DNQQFEQWPVCUWTTQICVGHQT2/0KPHNWZYCUUKIPHKECPVN[EQTTGNCVGFYKVJ+.KPVJG0.HNWKF0QUKIPKHKECPVEGNNWNCTEJCPIGUYGTGUGGPKPPQPCUVJOCVKEUWDLGEVUCPFPQEJCPIGUKPNWPIQTPCUCNHWPEVKQPQTDKQEJGOKECNOGFKCVQTUYGTGHQWPFKPGKVJGTCUVJOCVKEQTPQPCUVJOCVKEUWDLGEVU6JGUGUVWFKGUUWIIGUVVJCV0.OC[UGTXGCUCUGPUKVKXGCPFTGNKCDNGVQQNVQFGVGEVKPHNCOOCVKQPKPVJGWRRGTCKTYC[UQHJWOCPUGZRQUGFVQZGPQDKQVKEU%JCPIGUKP*QUV&GHGPUG%CRCDKNKV[(QNNQYKPI1\QPG'ZRQUWTG%QPEGTPCDQWVVJGGHHGEVQH1 QPJWOCPJQUVFGHGPUGECRCDKNKV[FGTKXGUHTQO 

### PWOGTQWUCPKOCNUVWFKGUFGOQPUVTCVKPIVJCVCEWVGGZRQUWTGVQCUNKVVNGCURRO1 ECWUGU 

### FGETGOGPVUKPCPVKDCEVGTKCNJQUVFGHGPUGUCPFNKVVNGKHCP[GHHGEVQPVJGEQWTUGQHCEWVGXKTCNKPHGEVKQPUGG%JCRVGT5GEVKQP#UVWF[QHGZRGTKOGPVCNTJKPQXKTWUKPHGEVKQPKPUWUEGRVKDNGJWOCPXQNWPVGGTUHCKNGFVQUJQYCP[GHHGEVQHEQPUGEWVKXGFC[UQH1 GZRQUWTGQP 

### VJGENKPKECNGXQNWVKQPQTJQUVTGURQPUGVQCXKTCNEJCNNGPIG*GPFGTUQPGVCN+PVJKUUVWF[[QWPIOCNGUYGTGKPQEWNCVGFYKVJV[RGTJKPQXKTWU6%+&CFOKPKUVGTGFCUPQUGFTQRU*CNHYGTGVJGPGZRQUGFVQRRO1 JFC[HQTEQPUGEWVKXGFC[UYJKNG 

### WPFGTIQKPIKPVGTOKVVGPVNKIJVGZGTEKUGCPFJCNHYGTGGZRQUGFVQENGCPCKTWPFGTVJGUCOGTGIKOGP6JGTGYCUPQFKHHGTGPEGKPTJKPQXKTWUVKVGTUKPPCUCNUGETGVKQPUDGVYGGPVJG1  

### GZRQUGFCPFEQPVTQNITQWRUPQTYGTGVJGTGCP[FKHHGTGPEGUKPNGXGNUQHKPVGTHGTQPICOOCQT2/0UKP0.HNWKFQTKPDNQQFN[ORJQE[VGRTQNKHGTCVKXGTGURQPUGVQTJKPQXKTWUCPVKIGP*QYGXGTTGEGPVHKPFKPIUVJCVTJKPQXKTWUECPCVVCEJVQVJGKPVTCEGNNWNCTCFJGUKQPOQNGEWNG+%#/TGEGRVQTQPTGURKTCVQT[VTCEVGRKVJGNKCNEGNNU)TGXGGVCNCPFVJCV1 ECPWR 

### TGIWNCVGVJG+%#/TGEGRVQTQPPCUCNGRKVJGNKCNEGNNU$GEMGVCNUWIIGUVVJCVOQTGUVWFKGUCTGPGGFGFVQGZRNQTGOQTGHWNN[VJGRQVGPVKCNKPVGTCEVKQPDGVYGGP1 GZRQUWTGCPF 

### XKTCNKPHGEVKXKV[+PCUKPINGUVWF[JWOCP#/JQUVFGHGPUGECRCEKV[YCUOGCUWTGFKPXKVTQKP#/UTGOQXGFHTQOUWDLGEVUGZRQUGFVQCPFRRO1 HQTJYJKNGWPFGTIQKPIOQFGTCVG 

### GZGTEKUG#NXGQNCTOCETQRJCIGUHTQO1 GZRQUGFUWDLGEVUJCFUKIPKHKECPVFGETGOGPVUKP 

### EQORNGOGPVTGEGRVQT
DWVPQVCPVKIGPCPVKDQF[=(E?TGEGRVQTOGFKCVGFRJCIQE[VQUKUQH

%CPFKFCCNDKECPU &GXNKPGVCN6JGUGFCVCUJQYVJCVCEWVGKPXKXQGZRQUWTGQHJWOCPUVQ1 TGUWNVUKPKORCKTOGPVQH#/JQUVFGHGPUGECRCDKNKV[RQVGPVKCNN[TGUWNVKPIKP 

### FGETGCUGFCDKNKV[VQRJCIQE[VQUGCPFMKNNKPJCNGFOKETQQTICPKUOUKPXKXQ*WOCP#/UCNUQJCXGDGGPGZRQUGFVQ1 KPXKVTQVQKPXGUVKICVGYJGVJGTEJCPIGUKPOCETQRJCIGJQUVFGHGPUG 

### HWPEVKQPUCTGFWGVQCFKTGEVGHHGEVQH1 QP#/UQTUGEQPFCT[GHHGEVUTGUWNVKPIHTQONWPI 

### KPLWT[CPFKPHNCOOCVKQP$GEMGTGVCNGZRQUGF#/UVQVQRRO1 KPXKVTQHQT 

### JCPFUJQYGFCEQPEGPVTCVKQPFGRGPFGPVFGETGCUGKPRJCIQE[VQUKUQHCPVKDQF[EQCVGFUJGGRGT[VJTQE[VGUCUOCNNKPETGCUGKP2)' CPFRTQFWEVKQPQHUKIPKHKECPVN[NQYGTNGXGNUQH+. 

### +.CPF60(QPUVKOWNCVKQPYKVJNKRQRQN[UCEEJCTKFGYJGPEQORCTGFYKVJCKTGZRQUGFEGNNU$GEMGTGVCN#NVJQWIJVJGHGYUVWFKGUKPYJKEJCPKOCNUJCXGDGGPGZRQUGFVQXKTWUKPEQPLWPEVKQPYKVJ1 GZRQUWTGRTQXKFGUQOGGXKFGPEGVQUWIIGUVVJCV1 KORCKTUVJGKOOWPG  

### U[UVGO	UCDKNKV[VQHKIJVXKTCNKPHGEVKQPUVJGTGKUKPUWHHKEKGPVJWOCPFCVCVQMPQYYJGVJGT1 GZRQUWTGCHHGEVUXKTCNKPHGEVKXKV[*QYGXGTVJGTGKURQVGPVKCNECWUGHQTEQPEGTPVJCV



### 1 OC[TGPFGTJWOCPUCPFCPKOCNUOQTGUWUEGRVKDNGVQCUWDUGSWGPVDCEVGTKCNEJCNNGPIG

 

### 6JGTGCTGVYQUVWFKGUVJCVJCXGKPXGUVKICVGFVJGGHHGEVQH1 GZRQUWTGQP 

### OWEQEKNKCT[ENGCTCPEGQHKPJCNGFRCTVKENGUYKVJEQPHNKEVKPITGUWNVU+PQPGUVWF[(QUVGTGVCNUGXGPOCNGXQNWPVGGTUKPJCNGFTCFKQNCDGNGFHGTTKEQZKFG 6E(G 1 RCTVKENGUCPFVJGP O
 

### YGTGGZRQUGFVQCPFRRO1 HQTJYJKNGWPFGTIQKPINKIJV+'6JGKPXGUVKICVQTU 

### QDUGTXGFCEQPEGPVTCVKQPFGRGPFGPVKPETGCUGKPTCVGQHRCTVKENGENGCTCPEGJCHVGTGZRQUWTGCNVJQWIJKPETGCUGFENGCTCPEGYCUEQPHKPGFRTKOCTKN[VQVJGRGTKRJGTCNCKTYC[UKPUWDLGEVUGZRQUGFVQRRO1 +PVJGUGEQPFUVWF[)GTTKV[GVCNOCNGQTHGOCNGUWDLGEVU 

### YGTGGZRQUGFVQRRO1 HQTJYJKNGWPFGTIQKPI%'.OKPJCHVGTGZRQUWTG 

### UWDLGEVUKPJCNGF6E(G 1 RCTVKENGUCPFENGCTCPEGYCUOGCUWTGFYKVJCICOOCECOGTCHQT O
 

### VJGPGZVJCPFQPVJGPGZVOQTPKPI6JGTGYCUPQFKHHGTGPEGKPVJGENGCTCPEGTCVGQHRCTVKENGUKPCKTCPF1 GZRQUGFUWDLGEVU6JGFKUETGRCPE[DGVYGGPVJGUGUVWFKGUOC[DG 

### GZRNCKPGFD[FKHHGTGPEGUKPGZRQUWTGRTQVQEQNVKOGQHRCTVKENGKPJCNCVKQPQTVKOGQHENGCTCPEGOGCUWTGOGPVQTD[VJGRTGUGPEGQHEQWIJKOOGFKCVGN[HQNNQYKPI1 GZRQUWTGYJKEJOC[ 

### JCXGCEEGNGTCVGFENGCTCPEGKPVJGHKTUVUVWF[



## 'ZVTCRWNOQPCT['HHGEVUQH1\QPG
+VKUUVKNNDGNKGXGFVJCV1 TGCEVUKOOGFKCVGN[QPEQPVCEVYKVJTGURKTCVQT[U[UVGO 

### VKUUWGCPFKUPQVCDUQTDGFQTVTCPURQTVGFVQGZVTCRWNOQPCT[UKVGUVQCP[UKIPKHKECPVFGITGGUGG%JCRVGT#PWODGTQHNCDQTCVQT[CPKOCNUVWFKGURTGUGPVGFKP%JCRVGTJQYGXGTUWIIGUV

###  8

VJCVTGCEVKQPRTQFWEVUHQTOGFD[VJGKPVGTCEVKQPQH1 YKVJTGURKTCVQT[U[UVGOHNWKFUQTVKUUWGU 

### OC[RTQFWEGGHHGEVUOGCUWTGFQWVUKFGVJGTGURKTCVQT[VTCEV

` GKVJGTKPVJGDNQQFCUEJCPIGUKPEKTEWNCVKPIDNQQFN[ORJQE[VGUGT[VJTQE[VGUCPFUGTWOQTCUEJCPIGUKPVJGUVTWEVWTGQTHWPEVKQPQHQVJGTQTICPUUWEJCUVJGRCTCVJ[TQKFINCPFVJGJGCTVVJGNKXGTCPFVJGEGPVTCNPGTXQWUU[UVGOUGG%JCRVGT5GEVKQP8GT[NKVVNGKUMPQYPJQYGXGTCDQWVVJGOGEJCPKUOUD[YJKEJ1 EQWNFECWUGVJGUGGZVTCRWNOQPCT[GHHGEVU 

### 6JGTGUWNVUHTQOJWOCPGZRQUWTGUVWFKGUFKUEWUUGFKPVJGRTGXKQWUETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[HCKNGFVQFGOQPUVTCVGCP[EQPUKUVGPVGZVTCRWNOQPCT[GHHGEVUUGG%JCRVGT5GEVKQPQHVJGFQEWOGPV'CTN[UVWFKGUQPRGTKRJGTCNDNQQFN[ORJQE[VGUEQNNGEVGFHTQOJWOCPXQNWPVGGTUFKFPQVHKPFCP[UKIPKHKECPVIGPQVQZKEQTHWPEVKQPCNEJCPIGUCV1 GZRQUWTGUQHVQRROHQTWRVQJFC[.KOKVGF 

### FCVCQPJWOCPUWDLGEVUCXCKNCDNGCVVJGVKOGVJGETKVGTKCFQEWOGPVYCURWDNKUJGFCNUQKPFKECVGFVJCVRRO1 GZRQUWTGHQTQXGTJECWUGFVTCPUKGPVEJCPIGUKPDNQQFGT[VJTQE[VGU 

### CPFUGTCGIGT[VJTQE[VGHTCIKNKV[CPFGP\[OGCEVKXKVKGUDWVVJGRJ[UKQNQIKECNUKIPKHKECPEGQHVJGUGUVWFKGUTGOCKPUSWGUVKQPCDNG6JGEQPENWUKQPUFTCYPHTQOVJGUGGCTN[UVWFKGUTCKUGFQWDVVJCVEGNNWNCTFCOCIGQTCNVGTGFHWPEVKQPKUQEEWTTKPIVQEKTEWNCVKPIEGNNUCV1 GZRQUWTGU 

### WPFGTRRO5VWFKGURWDNKUJGFUKPEGVJGRWDNKECVKQPQHVJGRTGXKQWUETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[QPVJGRQVGPVKCNGZVTCRWNOQPCT[GHHGEVUQHKPXKXQ1 GZRQUWTGQHJWOCPUWDLGEVUJCXGPQVDGGPXGT[FGHKPKVKXG,QJPUQPGVCNGZRQUGF



### OCNGPQPUOQMGTUVQRRO1 HQTJQPEQPUGEWVKXGFC[U9JGPEQORCTGFVQCKT 

### EQPVTQNU1 GZRQUWTGFKFPQVTGUWNVKPCP[UKIPKHKECPVEJCPIGKPVJGCEVKXKV[QHDNQQFRNCUOC 

### RTQVGKPCUGKPJKDKVQT5EJGNGINGGVCNGZRQUGF1 UGPUKVKXGJGCNVJ[[QWPIOGPVQ 

### CPFRRO1 YKVJJGCX[GZGTEKUG .OKP2NCUOCEQPEGPVTCVKQPUQH2)( ' 

### YGTGGNGXCVGFCHVGTCPFOKPQHGZRQUWTGVQVJGJKIJGT1 NGXGNRRO+VKUNKMGN[ 

### JQYGXGTVJCVVJGGNGXCVKQPQHVJKUGEQUCPQKFKPVJGDNQQFYCUFWGGKVJGTVQKPETGCUGFRTQFWEVKQPQTVQFGETGCUGFOGVCDQNKUOQH2)( KPVJGNWPI

### 6JGFGOQPUVTCVKQPKPVJGRTGXKQWUUGEVKQP5GEVKQPQHCPCTTC[QHKPHNCOOCVQT[OGFKCVQTUCPFKOOWPGOQFWNCVQTUTGNGCUGFCVVJGCKTYC[UWTHCEGRTQXKFGUCRQUUKDNGOGEJCPKUOHQTGHHGEVUVQQEEWTGNUGYJGTGKPVJGDQF[



## 1\QPG/KZGFYKVJ1VJGT2QNNWVCPVU
#NVJQWIJKVKUYGNNMPQYPVJCVRQNNWVGFCKTEQPVCKPUCNCTIGPWODGTQHEJGOKECNURGEKGUVJGOQUVEQOOQPCRRTQCEJVQGXCNWCVKPICKTRQNNWVKQPGHHGEVUWPFGTNCDQTCVQT[EQPFKVKQPUJCUDGGPCUUGUUOGPVQHTGURQPUGUEQPUGSWGPVVQGZRQUWTGVQUKPINGRQNNWVCPVU6JKUJCUDGGPVJGECUGHQTCXCTKGV[QHTGCUQPUPQVVJGNGCUVQHYJKEJKUVJGRTQDNGOKPJGTGPVKPCFGSWCVGN[EQPVTQNNKPIVJGEQPEGPVTCVKQPUQHOWNVKRNGRQNNWVCPVUUKOWNVCPGQWUN[(WTVJGTCVOQURJGTKEEJGOKUVT[KUXGT[EQORNKECVGFCPFKVKUFKHHKEWNVVQCFGSWCVGN[CUUGUUVJGGZRQUWTGOKZVWTGCUVJGPWODGTQHEQPUVKVWGPVRQNNWVCPVUKPETGCUGU1DUGTXGFGHHGEVUOC[DGTGNCVGFVQWPMPQYPTGCEVKQPRTQFWEVUVJGOQPKVQTGFRQNNWVCPVUDGKPIQPN[UWTTQICVGU1VJGTRTQDNGOUKPJGTGPVKPOKZVWTGUVWFKGUKPXQNXGEQPUKFGTCVKQPUUWEJCUYJGVJGTRQNNWVCPVUCTGRTGUGPVGFUKOWNVCPGQWUN[QTKPUGSWGPVKCNQTQXGTNCRRKPIRCVVGTPU+FGCNN[VJGUGNGEVGFRCVVGTPUJQWNFCVNGCUVCRRTQZKOCVGQPGVJCVQEEWTUKPVJGCODKGPVGPXKTQPOGPV+PURKVGQHVJGUGFKHHKEWNVKGUKPHQTOCVKQPHTQOOKZVWTGUVWFKGUKUKORQTVCPVHTQOVJGUVCPFRQKPVQHCVVGORVUVQDGVVGTWPFGTUVCPFTGURQPUGUQHJWOCPUVQVJGEQORNGZOKZVWTGQHCODKGPVCKT###  8

 8

 8

6JGRTGXKQWU1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[ 

### GXCNWCVGFVJGNKOKVGFFCVCDCUGQHKPHQTOCVKQPCXCKNCDNGQPOKZVWTGUQH1 YKVJQPGQTOQTG 

### RQNNWVCPVUCPFEQPENWFGFVJCVRWNOQPCT[HWPEVKQPEJCPIGUYGTGPQOQTGVJCPCFFKVKXGCPFKPOQUVECUGUYGTGCVVTKDWVCDNGVQ1 CNQPG5GXGTCNPGYUVWFKGUJCXGUKPEGCRRGCTGFKPYJKEJ 

### JWOCPUWDLGEVUYGTGGZRQUGFVQOKZVWTGUQHVYQQTOQTGRQNNWVCPVUQTVQKPFKXKFWCNRQNNWVCPVUUGSWGPVKCNN[6CDNGGZVGPFKPIVJGFCVCDCUGHQTEQPVTQNNGFUVWFKGU'RKFGOKQNQIKECNUVWFKGUCNUQJCXGKPXGUVKICVGFOKZVWTGUQHRQNNWVCPVUCPFJCXGPQVHQWPFGXKFGPEGUWIIGUVKXGQHU[PGTIKUVKEGHHGEVUUGG5GEVKQP

1\QPGCPF5WNHWT%QPVCKPKPI2QNNWVCPVU*QTXCVJGVCNEQORCTGFVJGRWNOQPCT[HWPEVKQPTGURQPUGUQHOCNGUWDLGEVUVQ[GCTUQHCIGYKVJPQTOCNDCUGNKPGRWNOQPCT[HWPEVKQPVQHQWTGZRGTKOGPVCNEQPFKVKQPU(#RRO1 VQIO * 51 CGTQUQNCPF   


### RRO1 
VQIO * 51 CGTQUQN'ZRQUWTGUYGTGEQORNGVGFKP   

### TCPFQOUGSWGPEGCOKPKOWOQHYGGMCRCTVCPFYGTGEQPFWEVGFCV%CPF4*5WDLGEVUCNVGTPCVGFOKPTGUVCPFGZGTEKUG VQ.OKPRGTKQFUVJTQWIJQWVVJGJ '

### GZRQUWTGU6JGTGUWNVUKPFKECVGFVJCVPGKVJGT1 CNQPGPQT1 OKZGFYKVJ* 51 CGTQUQNJCF   

### UKIPKHKECPVGHHGEVUQPCP[RWNOQPCT[HWPEVKQPOGVCDQNKEQTXGPVKNCVQT[RCTCOGVGT-QGPKIGVCNGXCNWCVGFUGSWGPVKCN1 RROCPF51 RRO  

### GZRQUWTGUKPCNNGTIKECUVJOCVKECFQNGUEGPVUVQ[GCTUQHCIG6JTGGUWDLGEVUWUGFPQTGIWNCTOGFKECVKQPUVJGQVJGTWUGFQPGQTOQTGQHDGVCCFTGPGTIKECIGPVUVJGQRJ[NNKPGCPFCPVKJKUVCOKPGU#NNUWDLGEVUJCFC2% HQTOGVJCEJQNKPGQHOIO.QTNGUU5WDLGEVU 

### VQQMVJGKTOQTPKPIOGFKECVKQPQPGZRGTKOGPVFC[UKHPGGFGFDWVCVNGCUVJGNCRUGFDGVYGGPCP[OGFKECVKQPWUGCPFVJGUVCTVQHVJGGZRGTKOGPV6JGUWDLGEVURCTVKEKRCVGFKPVJTGGGZRQUWTGUCV%CPF4*YJKEJYGTGRTGUGPVGFKPTCPFQOQTFGTCPFCVNGCUVYGGMCRCTV6JGVJTGGGZRQUWTGUYGTGCKT
51 1 
1 CPF1 
51 6JG    

### OQWVJRKGEGGZRQUWTGUYGTGJKPFWTCVKQPFWTKPIYJKEJVJGUWDLGEVUDTGCVJGFQPGVGUVICUHQTOKPHQNNQYGFD[CUGEQPFICUHQTVJGHKPCNOKP5WDLGEVUGZGTEKUGFCVCQHCDQWV '

### .OKPFWTKPIVJGUGEQPFCPFHQWTVJOKPUGIOGPVUQHVJGGZRQUWTG2WNOQPCT[HWPEVKQPUYGTGOGCUWTGFVQCPFVQOKPRQUVGZRQUWTG%JCPIGUKP('8 CPF4 YGTG  6

### UKIPKHKECPVN[ITGCVGTHQNNQYKPIVJG1 
51 GZRQUWTGVJCPHQNNQYKPIVJGQVJGTVYQGZRQUWTGU 

### #NVJQWIJVJGUWDLGEVITQWRYCUUOCNNVJGTGUWNVUKPFKECVGVJCV1 GZRQUWTGOC[RQVGPVKCVG 

### TGURQPUGUVQ51 GZRQUWTGKPCUVJOCVKECFQNGUEGPVU+VUJQWNFDGPQVGFVJCVVJG51  

### EQPEGPVTCVKQPRROWUGFKPVJKUUVWF[KUCUWDVJTGUJQNFNGXGN.KPPGVCNGXCNWCVGFVJGRWNOQPCT[HWPEVKQPCPFU[ORVQOTGURQPUGUQHCVQRKECPFPQTOCNUWDLGEVUCPFCUVJOCVKEUWDLGEVUGZRQUGFVQ(#RRO1  

### IO TGURKTCDNG* 51 CGTQUQN//#&OCPFCOKZVWTGQHVJGVYQRQNNWVCPVU
 

### 6JGEJCODGTGZRQUWTGUYGTGJKPFWTCVKQPFWTKPIYJKEJVJGUWDLGEVUYCNMGFQPCVTGCFOKNN .OKPHQTOKPQHGCEJJQWT6JGTGYCUCOKPNWPEJRGTKQF '

### HQNNQYKPIVJGVJKTFJQWT2WNOQPCT[HWPEVKQPCPFU[ORVQOTGURQPUGUYGTGOGCUWTGFRTGGZRQUWTGCPFFWTKPIVJGJQWTN[OKPDTGCMUCPFCOGVJCEJQNKPGDTQPEJQEJCNNGPIGVGUVYCURGTHQTOGFHQNNQYKPIGCEJGZRQUWTG4GNCVKXGVQTGURQPUGUVQVJG(#GZRQUWTG* 51  

### 6CDNG1\QPG/KZGFYKVJ1VJGT2QNNWVCPVUC%QPEGPVTCVKQPD'ZRQUWTG &WTCVKQP CPF 'ZRQUWTG0WODGT CPF)GPFGT QH 5WDLGEVRROIO2QNNWVCPV #EVKXKV[ %QPFKVKQPUE5WDLGEVU %JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEG2GTQZ[CEGV[N 0KVTCVG12#0 J+'8 .OKP'6  %9$)6 ( *GCNVJ[ 05 VQ  [GCTU QNF'ZRQUWTG VQ VJG OKZVWTG QH 2#0 
 1KPFWEGF FGETGOGPVU KP (8% CPF ('8CXGTCIKPI  ITGCVGT VJCP QDUGTXGFHQNNQYKPI GZRQUWTG VQ 1 CNQPG*QTXCVJ GV CN 
12#0 J+'8 .OKP'6%4* /  ( *GCNVJ[ 05OGCP CIG   [GCTU0Q FKHHGTGPEGU DGVYGGPTGURQPUGU VQ GZRQUWTG VQ1 CNQPG CPF 1 
 2#0 &TGEJUNGT2CTMU GV CND1012#0 J+'8 .OKP'6  %4*   VQ  /  ( *GCNVJ[ 05 UWDLGEVU VQ  [GCTU QNF UWDLGEVU VQ  [GCTU QNF0Q FKHHGTGPEGU DGVYGGPTGURQPUGU VQ 1 CNQPG 1 
 01  1  2#0 QT 1 
 01 
 2#0 &TGEJUNGT2CTMU GV CN0KVTQIGP%QPVCKPKPI 2QNNWVCPVU101 J 
OQWVJRKGEG+'8   VQ  VKOGU'TGUVKPI6  %4*   /  ( *GCNVJ[ 05 VQ  [GCTU QNF0Q UKIPKHKECPV EJCPIGU KP CP[ RWNOQPCT[HWPEVKQP YKVJ 1 CNQPG QT 1 
 01  -QGPKI GV CN 
 1*01* 1 J+' 
 OKPJ GZGTEKUG8 .OKP' J *01 QT * 1 HQI QT CKT HQNNQYGF D[ JDTGCM HQNNQYGF D[  J16  %4*   /  ( *GCNVJ[ 05OKPKOWO QH  FGETGOGPVKP ('8 CHVGT  J GZRQUWTGVQ  RRO 1 YKVJ  OKPGZGTEKUGJ'ZRQUWTG VQ *01 QT * 1 HQI HQNNQYGF D[ 1 KPFWEGF UOCNNGT RWNOQPCT[ HWPEVKQPFGETGOGPVU VJCP CKT HQNNQYGF D[ 1 #TKU GV CN 
101* 51 101* 51 10151* 51  J %' HQT  OKP8 .OKP J  OKPVQVCN GZGTEKUG8 .OKP J  OKPVQVCN GZGTEKUG8 .OKP6   VQ %4*   VQ  / / /*GCNVJ[ UWDLGEVUUQOG UOQMGTU2QUUKDNG UOCNN FGETGCUG KP 5)CY2QUUKDNG UOCNN FGETGCUG KP 5)CY2QUUKDNG UOCNN FGETGCUG KP ('8-CICYC 


### 6CDNGEQPV	F1\QPG/KZGFYKVJ1VJGT2QNNWVCPVUC%QPEGPVTCVKQPD'ZRQUWTG &WTCVKQP CPF 'ZRQUWTG0WODGT CPF)GPFGT QH 5WDLGEVRROIO2QNNWVCPV #EVKXKV[ %QPFKVKQPUE5WDLGEVU %JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEG0KVTQIGP%QPVCKPKPI 2QNNWVCPVU 
EQPV	F101 J 
OQWVJRKGEG%'8 .OKP HQT OGP'8 .OKP HQT'YQOGP /  ( *GCNVJ[ 05 v  
5&[GCTU QNF HQT ( v  
5&[GCTU QNF HQT /0Q FKHHGTGPEGU DGVYGGP TGURQPUGU VQ 1 CPF 01 
 1 HQT URKTQOGVTKE RCTCOGVGTU +PETGCUG KP 54 YKVJ 01 
 1 YCU UKIPKHKECPVN[ NGUU VJCPCY  HQT 1 CNQPG#FCOU GV CN 
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
OQWVJRKGEG+'8 .OKP'OKP GZRQUWTG VQ CKTQT 1  HQNNQYGF D[OKP GZRQUWTG VQ 1QT 516  %4*   /  ( #NN CNNGTIKECUVJOCVKEU VQ  [GCTUQNF OGFKECVKQPUYKVJJGNF HQT CVNGCUV  JDGHQTG GZRQUWTGU2TKQT GZRQUWTG VQ 1 RQVGPVKCVGF RWNOQPCT[ HWPEVKQP TGURQPUGU VQ51  FGETGOGPVU KP ('8 YGTG CPF HQT VJG CKT1  1 1  CPF   1 51 GZRQUWTGU TGURGEVKXGN[ -QGPKI GV CN 
1110C%N* 51 J GZRQUWTG VQ CGTQUQNHQNNQYGF  J NCVGT D[ CJ GZRQUWTG VQ 1 +' 
 OKP RGT JCNHJQWT8   VKOGU TGUVKPI' VQ  OKP6  %4*0QPCUVJOCVKE /  (#UVJOCVKE /  (05  VQ [GCTU QNF05  VQ [GCTU QNF0Q UKIPKHKECPV EJCPIGU KP U[ORVQOU QT NWPI HWPEVKQP YKVJ CP[ CGTQUQN1EQODKPCVKQP KP VJG JGCNVJ[ ITQWR +P CUVJOCVKEU * 51 RTGGZRQUWTG GPJCPEGF VJG UOCNN FGETGOGPVU KP (8% VJCV QEEWTTGF HQNNQYKPI GZRQUWTGVQ  RRO 1  #UVJOCVKEU JCF PQ UKIPKHKECPV EJCPIGU QP ('8 YKVJ CP[1 GZRQUWTGU DWV U[ORVQOU YGTG ITGCVGT7VGNN GV CN 
 1* 51  J EQPUGEWVKXG FC[U OKP GZGTEKUGJ8   .OKP'6  %4*  0QPCUVJOCVKE /  (#UVJOCVKE /  (05  VQ [GCTU QNF05  VQ [GCTU QNF'ZRQUWTG VQ 1 QT 1 
 * 51 KPFWEGF UKIPKHKECPV FGETGOGPVU KP HQTEGF  GZRKTCVQT[ HWPEVKQP &KHHGTGPEGU DGVYGGP 1 CPF 1 
 * 51 YGTG CV  DGUV OCTIKPCNN[ UKIPKHKECPV 1 KU VJG OQTG KORQTVCPV RQNNWVCPV HQTKPFWEKPI TGURKTCVQT[ GHHGEVU # HGY CUVJOCVKE CPF PQPCUVJOCVKE UWDLGEVUYGTG OQTG TGURQPUKXG VQ 1 
 * 51 VJCP VQ 1 CNQPG  .KPP GV CN 


### 6CDNGEQPV	F1\QPG/KZGFYKVJ1VJGT2QNNWVCPVUC%QPEGPVTCVKQPD2QNNWVCPV'ZRQUWTG &WTCVKQP CPF#EVKXKV['ZRQUWTG%QPFKVKQPUE0WODGT CPF)GPFGT QH5WDLGEVU5WDLGEV%JCTCEVGTKUVKEU 1DUGTXGF 'HHGEV
U 4GHGTGPEGRROIO5WNHWT%QPVCKPKPI 2QNNWVCPVU 
EQPV	F101* 51 *01 J YKVJ +' HQT EQPUGEWVKXG FC[U8 .OKP'6  %4*  #UVJOCVKECFQNGUEGPVU EQORNGVGFUVWF[ /  (05  VQ  [GCTU QNF 0Q UKIPKHKECPV RWNOQPCT[ HWPEVKQP EJCPIGUHQNNQYKPI CP[ GZRQUWTG EQORCTGF VQ TGURQPUGVQ ENGCP CKT 5KZ CFFKVKQPCN UWDLGEVU UVCTVGF VJGUVWF[ DWV FTQRRGF QWV FWG VQ WPEQOHQTVCDNGU[ORVQOU-QGPKI GV CN 
  VQ1* 51 CGTQUQN J+'8   VQ  .OKP'6  %4*   / *GCNVJ[ 05 VQ  [GCTU QNF0Q UKIPKHKECPV GHHGEVU QH GZRQUWTG VQ 1 CNQPGQT EQODKPGF YKVJ * 51 CGTQUQN *QTXCVJ GV CN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC)TQWRGF D[ RQNNWVCPV OKZVWTGD9$)6   6 
  6 EYGV DWNV FT[ DWND QT INQDG

###  8

CGTQUQNGZRQUWTGCNQPGKPFWEGFPQUKIPKHKECPVCNVGTCVKQPKPRWNOQPCT[HWPEVKQPU[ORVQOUQTDTQPEJKCNTGCEVKXKV[VQOGVJCEJQNKPG'ZRQUWTGVQ1 CNQPG('8 FGETGOGPVQHCDQWVO.  

### EQORCTGFVQVJG(#TGURQPUGQTOKZGFYKVJ* 51 CGTQUQN('8 FGETGOGPVQHCDQWVO.  

### EQORCTGFVQVJG(#GZRQUWTGKPFWEGFUKIPKHKECPVFGETGOGPVUKPHQTEGFGZRKTCVQT[HWPEVKQPCPFKPETGCUGFDTQPEJKCNTGCEVKXKV[$QVJGHHGEVUYGTGITGCVGTQPVJGHKTUVQHEQPUGEWVKXGFC[UQHGZRQUWTG)TQWROGCPNWPIHWPEVKQPCPFOGVJCEJQNKPGTGCEVKXKV[EJCPIGUYGTGUQOGYJCVNCTIGTHQNNQYKPI1 
* 51 CGTQUQNEQORCTGFVQGZRQUWTGVQ1 CNQPGDWVVJGFKHHGTGPEGU   

### YGTGCVDGUVOCTIKPCNN[UKIPKHKECPVCPFWUWCNN[PQPUKIPKHKECPVFGRGPFKPIQPVJGHWPEVKQPVGUVGF*QYGXGTVJGTGYGTGCHGYKPFKXKFWCNUWDLGEVUYJQUJQYGFUKIPKHKECPVN[NCTIGTRWNOQPCT[HWPEVKQPFGETGOGPVUHQNNQYKPIVJGGZRQUWTGVQ1 
* 51 VJCPHQNNQYKPI  

### GZRQUWTGVQ1 CNQPG6JGCWVJQTUEQPENWFGFVJCV1 KUOQTGKORQTVCPVVJCP* 51 CGTQUQNKP   

### KPFWEKPIRWNOQPCT[F[UHWPEVKQPKPPQTOCNCVQRKECPFCUVJOCVKECFWNVU6JGTGFQGUJQYGXGTCRRGCTVQDGCOQTGUGPUKVKXGUWDRQRWNCVKQPVJCVTGURQPFUVQ1 
* 51 CGTQUQN  

### OQTGUVTQPIN[VJCPVJGCXGTCIGCFWNV7VGNNGVCNTGRQTVGFQPVJGRWNOQPCT[HWPEVKQPCPFU[ORVQOQNQI[TGURQPUGUQHJGCNVJ[CFWNVUVQ[GCTUQHCIGCPFCNNGTIKECUVJOCVKEUVQ[GCTUQHCIGYJQYGTGGZRQUGFHQTJVQUQFKWOEJNQTKFG0C%NCGTQUQNIO QT* 51 CGTQUQN 
 

### IO CPFJNCVGTVQQTRRO1 HQTJ6JGUVWF[YCUCP 


### KPEQORNGVGDNQEMFGUKIPKPVJCVGCEJUWDLGEVEQORNGVGFEJCODGTGZRQUWTGUVQGCEJQHVYQ1 EQPEGPVTCVKQPUHQNNQYKPIGCEJQHVJGCGTQUQNUHQWTQHVJGRQUUKDNGUKZEQODKPCVKQPURGT



### UWDLGEV1WVQHVJGVQVCNPWODGTQHUWDLGEVUJGCNVJ[CPFCUVJOCVKEUWDLGEVUEQORNGVGFGCEJQHVJGRQUUKDNGGZRQUWTGEQODKPCVKQPU5WDLGEVUGZGTEKUGFHQTOKPQWVQHGCEJJCNHJQWTQHGZRQUWTG VKOGUTGUVKPIVQ.OKP'PXKTQPOGPVCNEQPFKVKQPUCXGTCIGF '

### v%CPFv4*1\QPGGZRQUWTGUYGTGUGRCTCVGFD[CVNGCUVYGGMU*GCNVJ[UWDLGEVUJCFPQUKIPKHKECPVRWNOQPCT[HWPEVKQPTGURQPUGQTNGUUVQ1 GZRQUWTG 

### TGICTFNGUUQHVJG1 EQPEGPVTCVKQPQTVJGCGTQUQNRTGGZRQUWTG#UCITQWRCUVJOCVKEUJCF 

### OGCPFGETGOGPVUKP(8%QHQTITGCVGTKPQPN[CHGYECUGUHQNNQYKPIVJG0C%NRRO1 EQODKPCVKQPHQNNQYKPIVJG0C%NRRO1 EQODKPCVKQPCPFHQNNQYKPI  

### VJG* 51 RRO1 EQODKPCVKQP0QEQODKPCVKQPQHCGTQUQNCPF1 EQPEGPVTCVKQPKPFWEGF   

### CFGETGOGPVKP('8 QHQTITGCVGT#NVJQWIJVJGUVCVKUVKECNCPCN[UKUKPFKECVGUVJCVGZRQUWTG 

### VQ* 51 CGTQUQNUKIPKHKECPVN[CNVGTGFVJGRCVVGTPQHTGURQPUGCPFTGEQXGT[VQ1 GZRQUWTGQP   

### VJGPGZVFC[KPCUVJOCVKEUVJGITQWROGCPFCVCRTGUGPVGFKPVJGTGRQTVUJQYVJCVHWPEVKQPCNN[VJGTGKUNKVVNGFKHHGTGPEGDGVYGGPVJGTGURQPUGUVQVJGXCTKQWUGZRQUWTGUQTKPVJGVKOGEQWTUGQHTGEQXGT[6JGKPFKXKFWCNTGURQPUGUQHVJGCUVJOCVKEUWDLGEVUCTGTGRQTVGFVQDGOQTGXCTKCDNGVJCPVJQUGQHVJGJGCNVJ[UWDLGEVU#UVJOCVKEUWDLGEVUTGRQTVGFOQTGTGURKTCVQT[U[ORVQOUVJCPJGCNVJ[UWDLGEVUDWVVJGTGYCUPQFQUGTGURQPUGTGNCVKQPUJKRDGVYGGP1 EQPEGPVTCVKQP 

### CPFU[ORVQOKPVGPUKV[HQTJGCNVJ[QTCUVJOCVKEUWDLGEVU6JGXCTKCDKNKV[QHVJGTGURQPUGUQHVJGCUVJOCVKEUWDLGEVUOCMGUKPVGTRTGVCVKQPQHVJGUGTGUWNVUFKHHKEWNV5QOGQHVJGCUVJOCVKEUWDLGEVUYGTGTGRQTVGFVQGZRGTKGPEGGZGTEKUGKPFWEGFDTQPEJQURCUOCPFYKVJQWV(#EQPVTQNGZRQUWTGUKVKUKORQUUKDNGVQFGVGTOKPGYJCVKHCP[RQTVKQPQHVJGCUVJOCVKEUWDLGEVUTGURQPUGKUTGNCVGFVQGZGTEKUGKPFWEGFDTQPEJQURCUOEQORCTGFVQVJCVTGNCVGFVQ1 GZRQUWTG 

### -CICYCGZRQUGF,CRCPGUGOGPVQVJTGGOKZVWTGU1 RRO
01  

### RRO
* 51 IO 1 RRO
01 RRO
* 51     


### IO QT1 RRO
01 RRO
51 RRO
* 51 
   

### IO 'ZRQUWTGUYGTGJKPFWTCVKQPCPFUWDLGEVUGZGTEKUGFHQTCVQVCNQHOKP 

### FWTKPIGZRQUWTGCPFHQTOKPFWTKPIGZRQUWTGUCPF5QOGQHVJGUWDLGEVUYGTG

###  8

 8

 8

UOQMGTU4GRQTVGFU[ORVQOUYGTGCVVTKDWVGFVQ1 GZRQUWTGYJGTGCUUOCNNFGETGOGPVUKP 

### CKTYC[EQPFWEVCPEGYGTGQDUGTXGFHQNNQYKPIGZRQUWTGUVQOKZVWTGUCPF#NVJQWIJVJGOCIPKVWFGQHVJG('8 FGETGOGPVKUPQVUVCVGFCRQUUKDNGFGETGCUGYCUQDUGTXGFCHVGT 

### GZRQUWTG6JGTGURQPUGUQDUGTXGFYKVJVJGUGOKZGFGZRQUWTGEQPFKVKQPUYGTGPQFKHHGTGPVVJCPTGURQPUGUTGRQTVGFHQTGZRQUWTGUVQUKOKNCTEQPEGPVTCVKQPUQH1 KPFKECVKPIPQGPJCPEGF 

### TGURQPUGFWGVQVJGRTGUGPEGQHVJGQVJGTRQNNWVCPVUKPVJGOKZVWTGU

1\QPGCPF0KVTQIGP%QPVCKPKPI2QNNWVCPVU#FCOUGVCNTGRQTVGFQPVJGTGURQPUGUQHOCNGUCPFHGOCNGUVQ[GCTUQHCIGCNNJGCNVJ[PQPUOQMGTUGZRQUGFVQ(#RRO1 RRO 

### 01 CPFRRO1 
RRO01 5WDLGEVUYGTGGZRQUGFXKCOQWVJRKGEGHQTJ  

### FWTKPIYJKEJVJG[GZGTEKUGFEQPVKPWQWUN[CVCQHCDQWV.OKPHQTOCNGUCPF.OKP '

### HQTHGOCNGU6JGGZRQUWTGUYGTGRTGUGPVGFKPTCPFQOQTFGTCOKPKOWOQHFC[UCRCTV6JGTGYGTGPQFKHHGTGPEGUKPCP[RWNOQPCT[HWPEVKQP('8 FGETGOGPVQHCDQWVDGVYGGP 

### VJG1 CPF01 
1 GZRQUWTGUGZEGRVHQT54 YJKEJYCUNQYGTHQNNQYKPI01    CY 

### 1 
HQTHGOCNGUCPFHQTOCNGUVJCPHQNNQYKPI1 CNQPG
HQTHGOCNGU

 

### CPF
HQTOCNGU-QGPKIGVCNGZRQUGFOCNGCPFHGOCNGCFQNGUEGPVUVQ(#RRO01 RRO1 CPFRRO01 
RRO1 6YGNXGQHVJGUWDLGEVUYGTGJGCNVJ[   

### PQTOCNUCPFVJGQVJGTYGTGCNNGTIKECUVJOCVKEU6JGCUVJOCVKEUGZEGRVHQTQPGYJQVQQMPQTGIWNCTOGFKECVKQPUWUGFQPGQTOQTGQHDGVCCFTGPGTIKECIGPVUVJGQRJ[NNKPGCPFCPVKJKUVCOKPGU#UVJOCVKEUWDLGEVUVQQMVJGKTOQTPKPIOGFKECVKQPUKHPGGFGFDWVTGHTCKPGFHTQOOGFKECVKQPWUGHQTCVNGCUVJRTKQTVQVJGGZRQUWTGU6JGOQWVJRKGEGGZRQUWTGUYGTGJKPFWTCVKQPFWTKPIYJKEJVJGUWDLGEVUGZGTEKUGFKPOKPRGTKQFUOGCPv '

### .OKPCNVGTPCVGFYKVJOKPTGUVRGTKQFU0QEJCPIGUKPCP[OGCUWTGQHRWNOQPCT[HWPEVKQPYGTGQDUGTXGFKPPQTOCNQTCUVJOCVKEUWDLGEVUHQNNQYKPI1 QT01 
1 GZRQUWTG  

### 5GSWGPVKCNGZRQUWTGVQRRO01 QT(#HQTJHQNNQYGFJNCVGTD[CJ 

### GZRQUWTGVQRRO1 YCUKPXGUVKICVGFD[*C\WEJCGVCNKPJGCNVJ[PQPUOQMKPI 

### HGOCNGUVQ[GCTUQHCIG5WDLGEVUCNVGTPCVGFOKPRGTKQFUQHGZGTEKUG  '

### .OKPO $5#CPFOKPTGUVRGTKQFUYJKNGKPVJGGZRQUWTGEJCODGTCPFTGUVGFKPCODKGPV 

### CKTFWTKPIVJGJKPVGTGZRQUWTGRGTKQF6JGGZRQUWTGFC[UYGTGUGRCTCVGFD[CVNGCUVYGGMU#ODKGPVEQPFKVKQPUKPVJGGZRQUWTGEJCODGTYGTG%CPF4*)TQWROGCPFGETGOGPVUHQNNQYKPIVJG(#1 GZRQUWTGUGSWGPEGYGTGCPFHQT 

### 2'(4(8%('8 CPF('( TGURGEVKXGN[(QNNQYKPIVJG01 1 GZRQUWTGUGSWGPEG    

### VJGITQWROGCPFGETGOGPVUYGTGCPFTGURGEVKXGN[HQT2'(4(8%('8 CPF('( #NVJQWIJUOCNNVJGFKHHGTGPEGUKP('8 CPF('( DGVYGGP    

### VJG(#1 CPF01 1 GZRQUWTGUGSWGPEGUYGTGUVCVKUVKECNN[UKIPKHKECPV6JGTGYGTGPQ  

### FKHHGTGPEGUKPVJGEJCPIGUKP54 QTU[ORVQOQNQI[DGVYGGPVJGVYQGZRQUWTGUGSWGPEGU6JG

CY

### OQUVUVTKMKPIHKPFKPIQHVJKUUVWF[YCUVJCVCNVJQWIJDQVJGZRQUWTGUGSWGPEGUKPETGCUGFCKTYC[TGURQPUKXGPGUUVQOGVJCEJQNKPGTGURQPUKXGPGUUYCURQVGPVKCVGFD[VJG01 1 GZRQUWTGUGSWGPEGEQORCTGFVQVJG(#1 GZRQUWTGUGSWGPEG  

### #TKUGVCNGZCOKPGFRWNOQPCT[HWPEVKQPTGURQPUGUVQCJGZRQUWTGVQRRO1 HQNNQYKPICJGZRQUWTGVQOIO.PKVTKECEKF*01 XQNWOGOGCP  

### FKCOGVGTvOQTOIO.YCVGT* 1XQNWOGOGCPFKCOGVGTv 

### OHQI6JKUKUCEQOOQPRCVVGTPQHRQNNWVCPVGZRQUWTGKPEQCUVCN%CNKHQTPKCCTGCU5WDLGEVUYGTGJGCNVJ[CFWNVUVQ[GCTUQHCIGVJG[YGTGRTGUETGGPGFHQTCFGETGOGPVQHQT

###  8

 8

 8  8

ITGCVGTKP('8 HQNNQYKPIJQHGZRQUWTGVQRRO1 FWTKPIYJKEJVJG[GZGTEKUGFHQT  

### OKPQHGCEJJQWT .OKP&GETGOGPVUKP('8 HQNNQYKPIVJGUETGGPKPI1 GZRQUWTG ' 

### TCPIGFHTQOVQ6JGVJTGGGZRQUWTGU(#
1 * 1HQI
1 CPF*01 HQI
1    

### YGTGRTGUGPVGFKPTCPFQOQTFGTCPFYGTGUGRCTCVGFD[COKPKOWOQHYGGMU6JGCWVJQTUJ[RQVJGUK\GFVJCVGZRQUWTGVQCEKFKEHQIHQNNQYGFD[1 GZRQUWTGYQWNFKPFWEGITGCVGT 

### FGETGOGPVUKP(8%CPF('8 VJCP* 1HQIQTCKTHQNNQYGFD[1 GZRQUWTG+PHCEVDQVJ  

### *01 CPF* 1HQIGZRQUWTGUGGOGFVQCOGNKQTCVGVJGGHHGEVQHUWDUGSWGPV1 GZRQUWTGQP   

### ('8 CPF(8%CNVJQWIJQPN[VJGFKHHGTGPEGDGVYGGPVJG('8 TGURQPUGUVQ(#
1    

### CPF* 1HQI
1 YCUUKIPKHKECPV)TQWROGCPEQORCTKUQPUQHOGVJCEJQNKPG  

### TGURQPUKXGPGUUCPF1 TGURQPUKXGPGUUFGHKPGFCUCOKPKOWOQHCFGETGOGPVKP('8  

### HQNNQYKPIVJGRTGUETGGPKPI1 GZRQUWTGUWIIGUVVJCVVJGUWDLGEVUENCUUKHKGFCU1 UGPUKVKXGQP  

### VJGCXGTCIGJCFNQYGTOGVJCEJQNKPG2% FQUGU6JGKPFKXKFWCNFCVCJQYGXGTFQPQV 5TCY

### CNYC[UUWRRQTVVJKUEQPENWUKQP6YQQH1 UGPUKVKXGUWDLGEVUJCFOGVJCEJQNKPG2%  54CY

### EQPEGPVTCVKQPUCDQXGVJGCWVJQT	UEWVQHHHQTCKTYC[J[RGTTGURQPUKXGPGUUCPFQH1 PQPUGPUKVKXGUWDLGEVUJCFJ[RGTTGCEVKXGCKTYC[UDCUGFQPVJGCWVJQTU	ETKVGTKCHQT



### OGVJCEJQNKPG2%  54CY

### #TKUGVCNDHWTVJGTGZCOKPGFRWNOQPCT[TGURQPUGUVQEQODKPGF1 CPF 

### *01 GZRQUWTGU6GPJGCNVJ[PQPUOQMKPICFWNVUVQ[GCTUQHCIGYGTGGZRQUGFVQ 

### (#IO QH*01 ICURNWURRO1 QTVQRRO1 CNQPG6JGGZRQUWTGRTQVQEQN 
 

### YCUJKPFWTCVKQPYKVJOKP+'CV.OKPCNVGTPCVKPIYKVJOKPTGUVRGTKQFUGCEJJQWT2WNOQPCT[HWPEVKQPYCUOGCUWTGFFWTKPIGCEJTGUVRGTKQFYJGTGCU$#.RTQZKOCNCKTYC[NCXCIGCPFDTQPEJKCNDKQRUKGUYGTGRGTHQTOGFJCHVGTEQORNGVKQPQHGCEJGZRQUWTG/GCP('8 CPF(8%FGETGCUGFCPFOGCP54 CPFTGURKTCVQT[U[ORVQOUEQTGUKPETGCUGF  CY

### CETQUUDQVJVJG*01 
1 CPFVJG1 GZRQUWTGU6JGTGUWNVUKPFKECVGFJQYGXGTVJCV  

### *01 EQODKPGFYKVJ1 FKFPQVGZCEGTDCVGVJGRWNOQPCT[HWPEVKQPFGETGOGPVUQTTGURKTCVQT[  

### U[ORVQOUECWUGFD[1 CNQPG5KOKNCTN[VJGTGYGTGPQUVCVKUVKECNN[UKIPKHKECPVFKHHGTGPEGU 

### DGVYGGPVJG*01 
1 CPFVJG1 GZRQUWTGUKPVJGEGNNWNCTQTDKQEJGOKECNEQPUVKVWGPVUKP  

### GKVJGTVJG$#.QTRTQZKOCNCKTYC[NCXCIGHNWKFUQTKPVJGDTQPEJKCNDKQRU[URGEKOGPU6JGCWVJQTUEQPENWFGFVJCV*01 FQGUPQVRQVGPVKCVGVJGKPHNCOOCVQT[TGURQPUGRTQFWEGFD[1 KP  

### JGCNVJ[KPFKXKFWCNU6JGQDLGEVKXGQHCUVWF[D[-QGPKIGVCNYCUVQKPXGUVKICVGRQUUKDNGKPVGTCEVKQPUDGVYGGPQZKFCPVURRO1 
RRO01 CPFCP* 51 CGTQUQN   

### IO YKVJCOCUUOGFKCPCGTQF[PCOKEFKCOGVGT//#&QHOv 

I

### 6YGPV[VYQCFQNGUEGPVCNNGTIKECUVJOCVKEUYJQCNUQJCFGZGTEKUGKPFWEGFDTQPEJQURCUOCPFCRQUKVKXGTGURQPUGVQCUVCPFCTFK\GFOGVJCEJQNKPGDTQPEJQEJCNNGPIGVGUVEQORNGVGFCNNGZRQUWTGU5WDLGEVUKPJCNGF(#1 
01 1 
01 
* 51 QT1 
01 
*01        

### VJTQWIJCOQWVJRKGEGHQTOKPQPEQPUGEWVKXGFC[U'CEJRCKTQHGZRQUWTGUYCUUGRCTCVGFD[CVNGCUVYGGM5WDLGEVUGZGTEKUGF CDQWVVKOGU(8%CPFTGUVGFKPCNVGTPCVKPI '

### OKPRGTKQFU2WNOQPCT[HWPEVKQPU(8%('8 CPF4 YGTGOGCUWTGF  OCZ OCZ 6

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

###  8

 8

1\QPG2GTQZ[CEGV[N0KVTCVGCPF/QTG%QORNGZ/KZVWTGU*QTXCVJGVCNGZRQUGFJGCNVJ[[QWPIYQOGPVQ[GCTUQHCIGVQ(#RRO1 RRO2#0CPFRRO1 
RRO2#06JG  

### EJCODGTGZRQUWTGUYGTGJKPFWTCVKQPFWTKPIYJKEJUWDLGEVUCNVGTPCVGFOKPGZGTEKUGRGTKQFU .OKPCPFOKPTGUVRGTKQFU'ZRQUWTGUYGTGEQORNGVGFKPTCPFQO '

### QTFGTCPFYGTGCVNGCUVYGGMCRCTV'ZRQUWTGVQ2#0CNQPGFKFPQVKPFWEGCP[UKIPKHKECPVEJCPIGUKPRWNOQPCT[HWPEVKQP$QVJ1 CPF2#0
1 GZRQUWTGKPFWEGFUKIPKHKECPV  

### FGETGOGPVUKP(8%('8 CPF('( JQYGXGTVJGFGETGOGPVUHQNNQYKPIVJG  

### 2#0
1 GZRQUWTGYGTGUKIPKHKECPVN[NCTIGTCXGTCIGQHCDQWVUWIIGUVKPIKPVGTCEVKQP 

### DGVYGGP2#0CPF1 +VUJQWNFDGPQVGFVJCVV[RKECNRGCMCODKGPV2#0EQPEGPVTCVKQPUCTG 

### CDQWVRRO5[ORVQOTGRQTVUKPFKECVGFVJCV1 
2#0GZRQUWTGKPFWEGFITGCVGT 

### UWDLGEVKXGUVTGUUVJCPFKFGZRQUWTGVQ1 CNQPG 

### &TGEJUNGT2CTMUGVCNDGZRQUGFGKIJVJGCNVJ[[QWPICFWNVUOGCPCIG[GCTUVQCOKZVWTGQHRRO2#0
RRO1 QPEQPUGEWVKXGFC[UVQGXCNWCVG 

### RQUUKDNGCVVGPWCVKQP5WDLGEVUYGTGTGGZRQUGFVQVJG2#0
1 OKZVWTGQPVJGVJKTFCPF 

### UGXGPVJFC[UHQNNQYKPIVJGNCUVEQPUGEWVKXGFC[QHGZRQUWTG#VVGPWCVKQPQEEWTTGFYKVJVJGUCOGRCVVGTPCPFVKOGUGSWGPEGCUJCUDGGPTGRQTVGFHQT1 CNQPG6JGNCTIGUVITQWROGCP 

### FGETGOGPVUQEEWTTGFHQNNQYKPIVJGUGEQPFGZRQUWTGCPFVJGUWDLGEVUDGECOGRTQITGUUKXGN[NGUUTGURQPUKXGYKVJUWDUGSWGPVGZRQUWTGU6YQUWDLGEVUHCKNGFVQTGVWTPVQDCUGNKPGXCNWGUYKVJEQPUGEWVKXGFC[UQHGZRQUWTG2WNOQPCT[HWPEVKQPEJCPIGUCHVGTVJGHQNNQYWRGZRQUWTGUKPFKECVGFVJCVVJGCVVGPWCVKQPTGURQPUGKUTGNCVKXGN[UJQTVNKXGFKPVJCVKVDGICPVQCDCVGYKVJKPVQFC[UHQNNQYKPIVJGHKHVJEQPUGEWVKXGFC[QHGZRQUWTG6JGUGTGUWNVUCTGEQPUKUVGPVYKVJVJQUGQHUKOKNCTUVWFKGUWUKPIGZRQUWTGVQ1 CNQPG*QTXCVJGVCN-WNNG 

### GVCNUWIIGUVKPIVJCV2#0JCFPQCFFKVKQPCNGHHGEVQPCVVGPWCVKQPVQ1 #ITGCVGT 

### PWODGTQHU[ORVQOUYCUTGRQTVGFHQNNQYKPICNN2#0
1 GZRQUWTGUVJCPHQNNQYKPIGZRQUWTG 

### VQ1 CNQPG  

### &TGEJUNGT2CTMUGVCNUVWFKGFQNFGTOGPCPFYQOGPVQ[GCTUQHCIGCPF[QWPIOGPCPFYQOGPVQ[GCTUQHCIGYJQGCEJEQORNGVGFJEJCODGTGZRQUWTGUVQ(#RRO1 CPFOKZVWTGUQHRRO1 YKVJRRO01 CPFQT  

### RRO2#05WDLGEVUCNVGTPCVGFOKPGZGTEKUG CDQWV.OKPCPFTGUVRGTKQFU'

### 'ZRQUWTGVQ1 CNQPGCPFKPCNNEQODKPCVKQPUKPFWEGFUKIPKHKECPVFGETGOGPVUKP(8%VQ 

### ('8 VQCPF('( VQKPVJG[QWPIGTITQWR+PVJGQNFGT  

### ITQWRVJGUGUCOGVJTGGXCTKCDNGUYGTGUKIPKHKECPVN[FGETGCUGFQPN[YKVJ01 
1 GZRQUWTG  

### HQT(8%HQT('8 CPFHQT('( 'ZRQUWTGQHVJGQNFGTUWDLGEVUVQ  

### 2#0
1 KPFWEGFUKIPKHKECPVFGETGOGPVUQPN[KP(8%CPF('8 6JG2#0  

### 01 
1 GZRQUWTGKPFWEGFCUKIPKHKECPVFGETGOGPVQPN[KP(8%KPVJGQNFGT  

### UWDLGEVU#NNUWDLGEVUTGRQTVGFOQTGU[ORVQOUHQNNQYKPIVJGOKZVWTGGZRQUWTGUVJCPHQNNQYKPIGZRQUWTGVQ1 CNQPG6JGUGRWNOQPCT[HWPEVKQPTGUWNVUHQNNQYKPIVJGGZRQUWTGVQ1 
2#0  

### CTGKPEQPVTCUVVQVJQUGTGRQTVGFD[&TGEJUNGT2CTMUGVCNCPF*QTXCVJGVCNQP[QWPICFWNVUGZRQUGFVQRRO1 
RRO2#06JGTGUWNVUQHDQVJGCTNKGTUVWFKGU 

### UWIIGUVGFCPKPVGTCEVKQPDGVYGGP1 CPF2#0KPVJCVRWNOQPCT[HWPEVKQPFGETGOGPVU 

### HQNNQYKPIVJGOKZVWTGGZRQUWTGYGTGCRRTQZKOCVGN[NCTIGTVJCPVJQUGHQNNQYKPIGZRQUWTGVQ1 CNQPGYJGTGCUVJGTGYGTGPQUKIPKHKECPVRWNOQPCT[HWPEVKQPGHHGEVUYKVJGZRQUWTGVQ 

### 2#0CNQPG#NKMGN[GZRNCPCVKQPHQTVJKUFKUETGRCPE[KUVJCVVJG2#0EQPEGPVTCVKQPWUGFD[&TGEJUNGT2CTMUGVCNYCUUNKIJVN[NGUUVJCPJCNHVJCVWUGFD[&TGEJUNGT2CTMUGVCNCPF*QTXCVJGVCN6JWUKHVJGCFFKVKQPCNGHHGEVQH2#0KUNKPGCTCPCFFKVKQPCN

### GHHGEVQH2#0
1 YQWNFDGGZRGEVGFVQDGNGUUVJCPYJKEJRTQDCDN[YQWNFPQVDG 

### FGVGEVGFDGECWUGKVKUYKVJKPVJGXCTKCDKNKV[QHVJGRWNOQPCT[HWPEVKQPOGCUWTGOGPVU+PCP[ECUGCODKGPV2#0EQPEGPVTCVKQPUCTGEQPUKFGTCDN[NGUUVJCPRRO6JKUKPFKECVGUVJCVGXGPKH2#0CPF1 FQKPVGTCEVKPUQOGYC[KPVJGKTGHHGEVUQPRWNOQPCT[HWPEVKQPCVV[RKECN 

### CODKGPVEQPEGPVTCVKQPUQH1 CPF2#0GHHGEVUECPDGCVVTKDWVGFVQ1 CNQPG  



### 5WOOCT[+PHQTOCVKQPQPKPVGTCEVKXGGHHGEVUDGVYGGP1 CPFQVJGTRQNNWVCPVUTGOCKPUURCTUGCV 

### VJKUVKOG*QYGXGTKVKUENGCTVJCV1 KUTGURQPUKDNGHQTVJGNCTIGUVUJCTGQHQDUGTXGFGHHGEVU 

### YJGPUWDLGEVUCTGGZRQUGFVQVJGOKZVWTGUQH1 CPFQVJGTRQNNWVCPVUVJCVJCXGDGGPUVWFKGFVQ 

### FCVG6JGTGKUPQGXKFGPEGVJCVUKOWNVCPGQWUGZRQUWTGQHJGCNVJ[KPFKXKFWCNUVQCODKGPVEQPEGPVTCVKQPUQH1 RNWU01 2#0* 51 *01 QT51 TGUWNVUKPUKIPKHKECPVKPVGTCEVKQP    

### *QYGXGT#TKUGVCNJCXGTGRQTVGFVJCV*01 CPF* 1HQIGZRQUWTGCOGNKQTCVGUVJG  

### RWNOQPCT[HWPEVKQPGHHGEVUQHCUWDUGSWGPV1 GZRQUWTG-QGPKIGVCNHQWPFVJCV 

### RTGGZRQUWTGVQ1 KPFWEGFUKIPKHKECPVRWNOQPCT[HWPEVKQPFGETGOGPVUKPCNNGTIKECUVJOCVKE 

### CFQNGUEGPVUHQNNQYKPICUGSWGPVKCN51 GZRQUWTG$QVJVJG1 CPF51 EQPEGPVTCVKQPUYGTGCV  

### UWDVJTGUJQNFNGXGNUHQTVJGGZRGTKOGPVCNFGUKIPWUGF$QVJUVWFKGUVJCVTGRQTVGFRQVGPVKCNN[UKIPKHKECPVGHHGEVUJCXGKPXQNXGFUGSWGPVKCNGZRQUWTGRTQVQEQNUKPEQPVTCUVVQVJGUKOWNVCPGQWUGZRQUWTGRTQVQEQNUYJKEJIGPGTCNN[JCXGPQVUJQYPGHHGEVUDG[QPFVJQUGVJCVYQWNFDGGZRGEVGFCVVJG1 EQPEGPVTCVKQPWUGF+VOC[DG 

### VJCVEGTVCKPRTGGZRQUWTGURTGFKURQUGCPKPFKXKFWCNVQTGURQPUGUHQNNQYKPICUWDUGSWGPVGZRQUWTGJQYGXGTVJKUSWGUVKQPTGOCKPUHCTHTQODGKPITGUQNXGF(WTVJGTVJGUGTGUWNVUCTGTGNCVGFQPN[VQURKTQOGVT[CPFRNGVJ[UOQITCRJ[CPFOC[PQVDGCRRNKECDNGVQQVJGTRQUUKDNG GPFRQKPVU



# 5[ORVQOUCPF2WNOQPCT[(WPEVKQPKP%QPVTQNNGF5VWFKGUQH#ODKGPV#KT'ZRQUWTGU

%QPVTQNNGF1 GZRQUWTGUVWFKGUWPFGTCXCTKGV[QHFKHHGTGPVGZRGTKOGPVCNEQPFKVKQPU 

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

### VQFGVGTOKPGVJGKPFGRGPFGPVGHHGEVUQH1 CUYGNNCURQUUKDNGKPVGTCEVKQPUCOQPIOCP[ 

### RQNNWVCPVUCPFQVJGTEQPFKVKQPURTGUGPVKPV[RKECNCODKGPVCKT



## /QDKNG.CDQTCVQT[5VWFKGU
3WCPVKVCVKXGN[WUGHWNKPHQTOCVKQPQPVJGGHHGEVUQHCEWVGGZRQUWTGVQRJQVQEJGOKECNQZKFCPVUQPU[ORVQOUCPFRWNOQPCT[HWPEVKQPQTKIKPCVGFHTQOHKGNFUVWFKGUWUKPICOQDKNGNCDQTCVQT[CURTGUGPVGFKPVJGRTGXKQWUETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[6JGUGUVWFKGUQHHGTVJGCFXCPVCIGQHUVWF[KPIVJGGHHGEVUQHCODKGPVCKTQPCNQECNUWDLGEVRQRWNCVKQPD[EQODKPKPIVJGGZRGTKOGPVCNOGVJQFUQHDQVJGRKFGOKQNQI[CPF

### EQPVTQNNGFGZRQUWTGUVWFKGU(KGNFUVWFKGUWUKPIOQDKNGGZRQUWTGEJCODGTUKPXQNXGUWDLGEVUGZRQUGFVQCODKGPVCKT(#YKVJQWVRQNNWVCPVUQT(#EQPVCKPKPICTVKHKEKCNN[IGPGTCVGFEQPEGPVTCVKQPUQH1 VJCVCTGEQORCTCDNGVQVJQUGOGCUWTGFKPVJGCODKGPVGPXKTQPOGPV6JG 

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

### D#XQNGVCNCDE5WEJGHHGEVUKPENWFGRWNOQPCT[HWPEVKQPFGETGOGPVUCV1 EQPEGPVTCVKQPUQHRROKPJGCNVJ[GZGTEKUKPICFQNGUEGPVU#XQNGVCN 

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	ENKPKECNUGXGTKV[V[RKECNN[YCUOKNFDCUGFQPVJGKTDCUGNKPGNWPIHWPEVKQPCPFGZGTEKUGECRCDKNKV[/CP[QHVJGPQTOCNUWDLGEVUYKVJCJKUVQT[QHCNNGTI[CRRGCTGFVQDGOQTGTGURQPUKXGVQ1 VJCPPQPCNNGTIKEPQTOCNUWDLGEVU.KPPGVCNDCNVJQWIJC 

### UVCPFCTFK\GFGXCNWCVKQPQHCVQRKEUVCVWUYCUPQVRGTHQTOGF&KTGEVEQORCTCVKXGUVWFKGUQHGZGTEKUKPICVJNGVGU#XQNGVCNEYKVJEJCODGTGZRQUWTGUVQQZKFCPVRQNNWVGFCODKGPVCKTOGCP1 EQPEGPVTCVKQPQHRROCPFRWTKHKGFCKTEQPVCKPKPICEQPVTQNNGF 

### EQPEGPVTCVKQPQHIGPGTCVGF1 CVRROUJQYGFPQUKIPKHKECPVFKHHGTGPEGUKPNWPIHWPEVKQP 

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

### CEEQTFKPIVQOQDKNGNCDQTCVQT[UVWFKGU#XQNGVCNE1XGTCNNVJGU[ORVQOUCPFFGETGOGPVUKPNWPIHWPEVKQPYGTGIGPGTCNN[OQFGUVCPFYJKNGUVCVKUVKECNN[UKIPKHKECPVKPUQOGECUGUYGTGRTQDCDN[PQVENKPKECNN[UKIPKHKECPV

### 

### 6CDNG#EWVG'HHGEVUQH1\QPGKP#ODKGPV#KTKP(KGNF5VWFKGUYKVJC/QDKNG.CDQTCVQT[C/GCP 1\QPG%QPEGPVTCVKQPDRROIO#ODKGPV6GORGTCVWTGE%'ZRQUWTG&WTCVKQP#EVKXKV[.GXGN8'0WODGT QH 5WDLGEVU 1DUGTXGF 'HHGEV
U 4GHGTGPEGv v  v   J %' 
 .OKP  JGCNVJ[ EJKNFTGP  VQ [GCTU QNF0Q UKIPKHKECPV EJCPIGU KPHQTEGF GZRKTCVQT[ HWPEVKQP CPFTGURKTCVQT[ U[ORVQOU CHVGTGZRQUWTG VQ  RRO 1 KP CODKGPVCKT#XQN GV CN 
v v  v   J %' 
 .OKP  JGCNVJ[ CFQNGUEGPVU VQ  [GCTU QNF5OCNN UKIPKHKECPV FGETGCUGU KP (8% ('8 ('8  CPF 2'(4 TGNCVKXGVQ EQPVTQN YKVJ PQ TGEQXGT[ FWTKPI CJ RQUVGZRQUWTG TGUV PQ UKIPKHKECPVKPETGCUGU KP U[ORVQOU#XQN GV CN 
CDv v  v   J %' 
 .OKP  JGCNVJ[ CFWNVUEQORGVKVKXG DKE[ENKUVU/KNF KPETGCUGU KP NQYGT TGURKTCVQT[U[ORVQO UEQTGU CPF UKIPKHKECPVFGETGCUGU KP ('8 CPF (8%OGCP EJCPIGU KP CODKGPV CKT YGTG PQVUVCVKUVKECNN[ FKHHGTGPV HTQO VJQUG KPRWTKHKGF CKT EQPVCKPKPI  RRO 1 #XQN GV CN 
 Ev v  v   J %' 
 .OKP  JGCNVJ[ CFWNVU CUVJOCVKE CFWNVU0Q UKIPKHKECPV EJCPIGU HQT VQVCNU[ORVQO UEQTG QT HQTEGF GZRKTCVQT[RGTHQTOCPEG KP PQTOCNU QTCUVJOCVKEU JQYGXGT ('8 TGOCKPGFNQY QT FGETGCUGF HWTVJGT  JCHVGT CODKGPV CKT GZRQUWTG KPCUVJOCVKEU.KPP GV CN 
D#XQN GV CN 
v v  v   J %' 
 .OKP  JGCNVJ[ CFWNVU YGTG CUVJOCVKE5OCNN UKIPKHKECPV FGETGCUGU KP ('8 CPF (8% YKVJ PQTGEQXGT[ FWTKPI C J RQUVGZRQUWTGTGUV 6.% FGETGCUGF CPF0KPETGCUGF UNKIJVN[.KPP GV CN 
D#XQN GV CN 


### 6CDNGEQPV	F#EWVG'HHGEVUQH1\QPGKP#ODKGPV#KTKP(KGNF5VWFKGUYKVJC/QDKNG.CDQTCVQT[C/GCP 1\QPG%QPEGPVTCVKQPDRROIO#ODKGPV6GORGTCVWTGE%'ZRQUWTG&WTCVKQP#EVKXKV[.GXGN8'0WODGT QH 5WDLGEVU 1DUGTXGF 'HHGEV
U 4GHGTGPEGv v  v   J +' 
 VKOGUTGUVKPICV OKP KPVGTXCNU JGCNVJ[ CFWNVU CUVJOCVKE CFWNVU+PETGCUGF U[ORVQO UEQTGU CPF UOCNNUKIPKHKECPV FGETGCUGU KP ('8(8% 2'(4 CPF6.% KP DQVJ CUVJOCVKE CPF JGCNVJ[UWDLGEVU JQYGXGT  JGCNVJ[UWDLGEVU YGTG CNNGTIKE CPF CV[RKECNN[TGCEVKXG VQ RQNNWVGF CODKGPV CKT.KPP GV CN 
 D5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC4CPMGF D[ NQYGUV NGXGN QH 1 KP CODKGPV CKT RTGUGPVGF CU VJG OGCP v 5&D/GCP v 5&E

### 

## *KIJ#NVKVWFG5VWFKGU
5[ORVQOUCPFRWNOQPCT[HWPEVKQPTGUWNVKPIHTQOGZRQUWTGVQ1 KPEQOOGTEKCN 

### CKTETCHVHN[KPICVJKIJCNVKVWFGUCPFKPCNVKVWFGUKOWNCVKQPUVWFKGUYGTGTGXKGYGFKPVJGRTGXKQWUETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[#VVGPVKQPJCUHQEWUGFQPVJGJGCNVJGHHGEVUKPHNKIJVETGYURGEKHKECNN[HNKIJVCVVGPFCPVUDGECWUGQHVJGKTRJ[UKECNCEVKXKVKGUCVCNVKVWFGCPFGZRQUWTGRCVVGTPUVQRGCMNGXGNUQHECDKP1 6JGOQUVSWCPVKVCVKXGN[WUGHWN 

### KPHQTOCVKQPYCUDCUGFQPCUGTKGUQHJ[RQDCTKEUVWFKGUQHPQTOCNPQPUOQMKPIUWDLGEVUYJQYGTGGZRQUGFVQOHVCPF1 CVEQPEGPVTCVKQPUQHCPFRROHQTQTJ 

### .CVGIQNCGVCNCD+PETGCUGFU[ORVQOUCPFRWNOQPCT[HWPEVKQPFGETGOGPVUQEEWTTGFCVRRODWVPQVCVRROWPFGTNKIJVGZGTEKUGEQPFKVKQPU*QYGXGTVJGGZRQUWTGEQPFKVKQPUFKFPQVTGHNGEVJKIJGTRGCM1 EQPEGPVTCVKQPUTGRQTVGFVQQEEWTKPEGTVCKPCKTETCHV 

### CVJKIJCNVKVWFGUQTVJGJKIJGTECDKPCNVKVWFGUCVVCKPGFD[PGYIGPGTCVKQPEQOOGTEKCNCKTETCHV0QTGRQTVUJCXGCRRGCTGFUWDUGSWGPVN[KPVJGNKVGTCVWTGVJCVURGEKHKECNN[UVWF[VJGJGCNVJGHHGEVUQHCKTETCHVECDKP1 *QYGXGT1 NGXGNUYGTGTGRQTVGFVQDGXGT[NQYCXGTCIG  

### EQPEGPVTCVKQPVQRROFWTKPITCPFQON[UGNGEVGFUOQMKPICPFPQPUOQMKPIHNKIJVUKP0CIFCGVCN0QPGQHVJGHNKIJVUGZEGGFGFVJGVKOGYGKIJVGFCXGTCIGUVCPFCTFQHRROFWTKPICP[JKPVGTXCNRTQOWNICVGFD[VJG75(GFGTCN#XKCVKQP#FOKPKUVTCVKQPRGTJCRUTGNCVGFVQVJGWUGQH1 UETWDDKPIECVCN[VKEHKNVGTU/GNVQP

### *QYGXGTKPHNKIJV1 GZRQUWTGKURQUUKDNGDGECWUGECVCN[VKEHKNVGTUCTGPQVPGEGUUCTKN[KP 

### EQPVKPWQWUWUGFWTKPIHNKIJV



# (KGNFCPF'RKFGOKQNQI[5VWFKGU

#EWVG'HHGEVUQH1\QPG'ZRQUWTG

+PVTQFWEVKQP(KGNFCPFGRKFGOKQNQI[UVWFKGUCFFTGUUKPIVJGCEWVGGHHGEVUQH1 QPNWPIHWPEVKQP 

### FGETGOGPVUCPFKPETGCUGFOQTDKFKV[CPFOQTVCNKV[KPJWOCPRQRWNCVKQPUKPXQNXGVJQUGEQODKPCVKQPUQHGPXKTQPOGPVCNEQPFKVKQPUCPFEQRQNNWVCPVCPFCEVKXKV[NGXGNURTGUGPVWPFGTTGCNYQTNFEQPFKVKQPUQH1 GZRQUWTG6JKUTGCNYQTNFTGNGXCPEGKUCPCFXCPVCIGQXGTCPKOCN 

### QTJWOCPEJCODGTUVWFKGU6JWUTGUWNVUQHUWEJUVWFKGUCTGGUUGPVKCNEQORQPGPVUQHCPWPFGTUVCPFKPIQHQXGTCNNGHHGEVUQH1 *QYGXGTVJGEQPFKVKQPUWPFGTYJKEJGRKFGOKQNQIKE 

### UVWFKGUCTGECTTKGFQWVECPPQVDGEQPVTQNNGFKPVJGUCOGYC[VJCVVJG[ECPKPGZRGTKOGPVCNUVWFKGU2CTCOGVGTUVJCVOC[DGFKHHKEWNVQTKORQUUKDNGVQGUVKOCVGQTEQPVTQNQWVUKFGVJGNCDQTCVQT[KPENWFGCEVWCN1 GZRQUWTGUNGXGNUQHVGORGTCVWTG4*CNNGTIGPUEQTTGNCVGF 

### RQNNWVCPVUQVJGTVJCP1 CPFDTGCVJKPITCVGUCPFCEVKXKV[RCVVGTPUQHUWDLGEVU8CTKCVKQPUKP 

### VJGUGHCEVQTUECPDGKORQTVCPVUQWTEGUQHXCTKCDKNKV[KPFCVCCPFTGUWNVUCPFOC[WPFGTEGTVCKPEQPFKVKQPUNGCFVQDKCUGUGIEQPHQWPFKPIKPTGUWNVU6JGUGCPFQVJGTKUUWGUQHKORQTVCPEGKPVJGKPVGTRTGVCVKQPQHGRKFGOKQNQI[UVWF[TGUWNVUCTGFKUEWUUGFKPVJGUGEVKQPUDGNQY6JGNKOKVCVKQPUQHGRKFGOKQNQIKEUVWFKGUQH1 JGCNVJGHHGEVUPQVGFCDQXGYGTG 

### JKIJNKIJVGFKPVJGRTGXKQWU1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[ 

### YJKEJTGCEJGFVJGEQPENWUKQPVJCVDGECWUGQHUWEJHCEVQTUGRKFGOKQNQIKEUVWFKGUQPVJGCEWVGGHHGEVUQH1 QPNWPIHWPEVKQPCXCKNCDNGCVVJCVVKOGFKFPQVRTQXKFGKPHQTOCVKQPVJCVKU 

### SWCPVKVCVKXGN[WUGHWNKPVJGUVCPFCTFUGVVKPIRTQEGUU5KPEGRWDNKECVKQPQHVJG1 ETKVGTKC 

### FQEWOGPVJQYGXGTTGUWNVUJCXGDGEQOGCXCKNCDNGHTQOCUWDUVCPVKCNPWODGTQHYGNNEQPFWEVGFKPFKXKFWCNNGXGNUVWFKGUCPFCIITGICVGNGXGNVKOGUGTKGUUVWFKGU0GYUVCVKUVKECN

###  8

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+PFKXKFWCN.GXGN5VWFKGU6JGUVWFKGUFKUEWUUGFKPVJKUUGEVKQPHCNNKPVQVJTGGOCKPECVGIQTKGUUWOOGTECORUVWFKGUGZGTEKUGUVWFKGUCPFFCKN[NKHGUVWFKGU5WOOGTECORUVWFKGUKPXQNXGEQNNGEVKQPQHUGSWGPVKCNWUWCNN[FCKN[FCVCQPNWPIHWPEVKQPTGURKTCVQT[U[ORVQOUCPFGPXKTQPOGPVCNEQPFKVKQPUQXGTVJGEQWTUGQHQTYGGMCVVGPFCPEGCVECORU'ZGTEKUGUVWFKGUCTGWPKSWGKPVJCVNWPIHWPEVKQPCPFTGURKTCVQT[U[ORVQOUCTGOGCUWTGFDGHQTGCPFCHVGTGCEJQHCUGTKGUQHFKUETGVGGZGTEKUGGXGPVUKPVJGRTGUGPEGQHCODKGPVCKTRQNNWVKQP&CKN[NKHGUVWFKGUOGCUWTGNWPIHWPEVKQPTGURKTCVQT[U[ORVQOUCPFGZCEGTDCVKQPQHGZKUVKPITGURKTCVQT[FKUGCUGUCNQPIYKVJGPXKTQPOGPVCNXCTKCDNGUCVTGIWNCTKPVGTXCNUKPVJGEQWTUGQHPQTOCNFCKN[CEVKXKVKGUQHCRQRWNCVKQP6JGUGKPENWFGUVWFKGUQHJGCNVJ[CFWNVUCPFUEJQQNCIGFEJKNFTGPCUYGNNCUUVWFKGUQHKPFKXKFWCNUYKVJRTGGZKUVKPIFKUGCUGGICUVJOC/GFKECVKQPWUGCNUQOC[

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### VQTCVJGTDTKGHGZRQUWTGU'ZGTEKUGUVWFKGUQHHGTVJGRQVGPVKCNQHCUUGUUKPIKPFKXKFWCNXCNWGU '

### CPF1 EQPEGPVTCVKQPUFWTKPIVJGTGNGXCPVGZRQUWTGRGTKQFYJGTGCUUWEJCUUGUUOGPVUCTGOQTG 

### FKHHKEWNVKPECORCPFFCKN[NKHGUVWFKGU#NVJQWIJVJGUVWF[FGUKIPUFKHHGTKPUQOGYC[UVJGEGPVTCNFGUKIPHGCVWTGQHCNNQHVJGUGUVWF[V[RGUKUVJGEQNNGEVKQPQHTGRGCVGFOGCUWTGOGPVUQPKPFKXKFWCNU6JKUHGCVWTGKUGZRNQKVGFKPFCVCCPCN[UKUD[JCXKPIGCEJUWDLGEVUGTXGCUJKUQTJGTQYPEQPVTQN(QTEQPVKPWQWUQWVEQOGUUWEJCUNWPIHWPEVKQPUWDLGEVURGEKHKENKPGCTTGITGUUKQPUCTGWUWCNN[RGTHQTOGFYKVJNWPIHWPEVKQPQTEJCPIGKPNWPIHWPEVKQPCUVJGQWVEQOGXCTKCDNGCPF1 QT 

### QVJGTGPXKTQPOGPVCNHCEVQTUCUVJGGZRNCPCVQT[XCTKCDNG6JGTGITGUUKQPUNQRGKUCOGCUWTGQHKPFKXKFWCNNWPIHWPEVKQPTGURQPUGVQ1 6JGOGCPUNQRGCETQUUKPFKXKFWCNUQHVGPKUWUGFCUC 

### OGCUWTGQHVJGCXGTCIGRQRWNCVKQPTGURQPUG#OQTGUVCVKUVKECNN[XCNKFCRRTQCEJKPXQNXGUEQORWVKPIVJGOGCPUNQRGYKVJYGKIJVKPIRTQRQTVKQPCNVQVJGKPXGTUGXCTKCPEGUQHVJGKPFKXKFWCNUNQRGU#PCNVGTPCVKXGCRRTQCEJJCUDGGPVQWUGCPCN[UKUQHEQXCTKCPEGOGVJQFUVQHKVCRQRWNCVKQPRQQNGFUNQRGCPFUGRCTCVGUWDLGEVURGEKHKE[KPVGTEGRVU6QFCVGPQUVWFKGUJCXGWUGFPQPNKPGCTGISWCFTCVKEOQFGNUKPTGNCVKPINWPIHWPEVKQPFGETGOGPVUVQ1 GZRQUWTGUYJKEJKPEJCODGTUVWFKGUJCXGDGGPUJQYPVQDGVVGTFGUETKDGVJGHWPEVKQPCN



### TGNCVKQPUJKRDGVYGGP1 GZRQUWTGUCPFNWPIHWPEVKQPFGETGOGPVUUGG%JCRVGT 

### 5GEVKQP+UUWGUKPVJG+PVGTRTGVCVKQPQH+PFKXKFWCN.GXGN5VWFKGU6JGOQUVDCUKESWGUVKQPCHHGEVKPIVJGKPVGTRTGVCVKQPQHCEWVG1 GRKFGOKQNQI[ 

### UVWFKGUKUYJGVJGTCPFKHUQVQYJCVGZVGPVVJGCUUQEKCVKQPUQDUGTXGFDGVYGGP1 CPF 

### FGETGCUGFRWNOQPCT[HWPEVKQPCTGECWUCNN[TGNCVGFVQ1 CPFPQVOGTGN[FWGVQEQPHQWPFKPID[ 

### UQOGQVJGTHCEVQTGIVGORGTCVWTGCNNGTIGPUVKOGVTGPFUKPURKTQOGVT[QTQVJGTRQNNWVCPVU### $[FGHKPKVKQPCEQPHQWPFGTKUCPWPOGCUWTGFQTWPCEEQWPVGFHQTXCTKCDNGVJCVJCUCPGHHGEVQPVJGOGCUWTGFQWVEQOGCPFCNUQKUEQTTGNCVGFYKVJ1 EQPEGPVTCVKQPU8CTKCDNGUVJCVUCVKUH[ 

### QPN[QPGQHVJGUGVYQEQPFKVKQPUCTGPQVEQPHQWPFGTU(QTGZCORNGCXCTKCDNGVJCVCHHGEVUNWPIHWPEVKQPDWVKUKPFGRGPFGPVQH1 YQWNFCFFXCTKCVKQPVQNWPIHWPEVKQPOGCUWTGOGPVUDWV 

### YQWNFPQVEQPHQWPFCP1 NWPIHWPEVKQPCPCN[UKUCPFCXCTKCDNGVJCVEQTTGNCVGUYKVJ1 DWV  

### FQGUPQVFKTGEVN[CHHGEVNWPIHWPEVKQPKPVJGTCPIGQHOGCUWTGOGPVUYQWNFPQVEQPHQWPFCPCPCN[UKUQH1 GHHGEVU1VJGTXCTKCDNGUOKIJVOQFKH[VJGGHHGEVQH1 QPNWPIHWPEVKQPVJGTGD[  

### KPETGCUKPIQTFGETGCUKPIVJG1 GHHGEVWPFGTVJGEQPFKVKQPUQHUVWF['RKFGOKQNQIKUVUTGHGTVQ 

### VJKUNCVVGTRJGPQOGPQPCUGHHGEVOQFKHKECVKQP6JGRTGUGPEGQHGHHGEVOQFKHKECVKQPFQGUPQVDKCUVJGTGUWNVUQHCUVWF[DWVECPRTQXKFGKPUKIJVUKPVQVJGTCPIGQHGHHGEVOCIPKVWFGUGIUNQRGQHNWPIHWPEVKQPFGETGOGPVQP1 NGXGNVJCVQEEWTWPFGTXCT[KPIGPXKTQPOGPVCN 

### EQPFKVKQPU#ODKGPVCKTVGORGTCVWTGQHVGPGZJKDKVUCOQFGTCVGVQJKIJEQTTGNCVKQPQXGTVKOGYKVJ1 KPCEWVGGRKFGOKQNQI[UVWFKGUFWGKPRCTVVQVJGFGRGPFGPEGQH1 HQTOCVKQPTCVGQP  

### NKIJVKPVGPUKV[#OQPIVJGUVWFKGUTGXKGYGFKPVJKUUGEVKQPEQTTGNCVKQPUTCPIKPIHTQOVQOGCPJCXGDGGPTGRQTVGF%QTTGNCVKQPUDGVYGGP1 CPF4*YJGPTGRQTVGF 

### JCXGDGGPKPVJGTCPIGVQ5GXGTCNJWOCPEJCODGTUVWFKGUJCXGGZCOKPGFVJGRQUUKDNGFKTGEVGHHGEVUQHVGORGTCVWTGCPF4*QPNWPIHWPEVKQPKPFGRGPFGPVQH1 YKVJ 

### UQOGYJCVOKZGFTGUWNVU5VCE[GVCN(QNKPUDGGGVCN'UEJGPDCEJGTGVCN6YQUVWFKGUTGRQTVGFKPETGCUGUKP('8 CVJKIJVGORGTCVWTGCPF%CPF4* 

### 5VCE[GVCN'UEJGPDCEJGTGVCNYJGTGCUVJGQVJGTTGRQTVGFPQGHHGEVQP('8 

### CV%CPFCFGETGCUGCV%(QNKPUDGGGVCN4GHGTTKPIVQTGUWNVUQHCEWVG1 GRKFGOKQNQI[UVWFKGU'UEJGPDCEJGTCPFEQNNGCIWGUEQPENWFGFDCUGFQPVJGKTQYP



### TGUWNVUVJCVVJGCUUQEKCVKQPUHQWPFDGVYGGPCODKGPV1 CPFFCKN[EJCPIGUKPXGPVKNCVQT[ 

### HWPEVKQPECPPQVDGCVVTKDWVGFVQVJGJGCVCPFJWOKFKV[UVTGUUQHVGPCUUQEKCVGFYKVJJKIJ1 EQPEGPVTCVKQPU6GORGTCVWTGUQDUGTXGFKPVJGGRKFGOKQNQI[UVWFKGUTGXKGYGFKPVJG



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

### GVCN#XQNGVCN*QGMCPF$TWPGMTGGH+PGCEJECUGCXGTCIG('8 

### OGCUWTGOGPVUJCXGDGGPQDUGTXGFVQFGENKPGUVGCFKN[QXGTVJGHKTUVHGYOGCUWTGOGPVUCPFVJGPVQUVCDKNK\GQTTGEQXGTUNKIJVN[VQCHNCVRCVVGTP#XGTCIG(8%OGCUWTGOGPVUHQNNQYCUKOKNCTRCVVGTP+PEQPVTCUV2'(4QHVGPJCUDGGPQDUGTXGFVQKPETGCUGUVGCFKN[QXGTUWEEGUUKXGOGCUWTGOGPVU5KOKNCTRCVVGTPUJCXGDGGPQDUGTXGFKPUVWFKGUYKVJKPVGTXCNUDGVYGGPNWPIHWPEVKQPOGCUWTGOGPVUTCPIKPIHTQOJVQYGGM6JGEQPUKUVGPE[QHVJGUGQDUGTXCVKQPUCETQUUUVWFKGUUWIIGUVUVJCVVJG[TGRTGUGPVTGCNRJGPQOGPCVJCVUJQWNFDGTGEQIPK\GFKPFGUKIPKPICPFCPCN[\KPIUVWFKGUKPXQNXKPITGRGCVGFNWPIHWPEVKQPOGCUWTGOGPVU*QYGXGTVKOGVTGPFUYKNNTGUWNVKPEQPHQWPFKPIQH1 GHHGEVUQPN[KHD[EJCPEGVJGVTGPFEQTTGNCVGUYKVJ 

### VGORQTCNXCTKCVKQPUKP1 EQPEGPVTCVKQPU5WEJEJCPEGEQTTGNCVKQPUEQWNFDGGKVJGTRQUKVKXGQT 

### PGICVKXGCPFKHRTGUGPVYQWNFJCXGCNCTIGTKORCEVKGRTQFWEGCPWPFGUKTCDNGFGITGGQHEQPHQWPFKPIQPUVWFKGUKPYJKEJCNNUWDLGEVUDGIKPVJGUVWF[UKOWNVCPGQWUN[CPFJCXGHGYHQNNQYWROGCUWTGOGPVU5VWFKGUVJCVHQEWUQPFCKN[EJCPIGUKPNWPIHWPEVKQPOC[DGNGUUKORCEVGFD[VJKURJGPQOGPQP+VKUCNUQKORQTVCPVVQEQPUKFGTVJGTQNGUQHQVJGTRQNNWVCPVUCURQUUKDNGEQPHQWPFGTUQTGHHGEVOQFKHKGTU+PVJGUVWFKGUVQDGTGXKGYGFKPVJKUUGEVKQPOQUVEQRQNNWVCPVUGI51  

### 01 UWNHCVGCPFCEKFCGTQUQNUYGTGRTGUGPVCVNGXGNUYGNNDGNQYVJQUGVJCVJCXGRTQFWEGF 

### NWPIHWPEVKQPFGETGOGPVUKPJGCNVJ[UWDLGEVUHQNNQYKPIUJQTVVGTOGZRQUWTGUKPEJCODGTUVWFKGUUGG5GEVKQP+PEQPVTCUVCPGZVGPUKXGCPFITQYKPIFCVCDCUGKUCXCKNCDNGHTQOEJCODGTUVWFKGUFQEWOGPVKPIVJGKPFGRGPFGPVCEWVGGHHGEVUQHCODKGPVNGXGN1 QPNWPIHWPEVKQPUGG 

### 5GEVKQP#NVJQWIJFKTGEVNWPIHWPEVKQPGHHGEVUQHQVJGTRQNNWVCPVUCVV[RKECNCODKGPVEQPEGPVTCVKQPUUGGOWPNKMGN[KVJCUDGGPUWIIGUVGFVJCVVJGGHHGEVUQH1 OC[DGRQVGPVKCVGFD[ 

### EQGZRQUWTGQTRTGXKQWUGZRQUWTGVQQVJGTRQNNWVCPVUOQUVPQVCDN[CEKFCGTQUQNU5RGMVQTGVCND5QOGFCVCHTQOCPKOCNUVWFKGUUWIIGUVKPVGTCEVKXGGHHGEVUQH1 CPFCEKFGZRQUWTGUHQT 

### EGTVCKPRWNOQPCT[QWVEQOGUUGG%JCRVGT*QYGXGTVQFCVGCPCN[UGUFKTGEVGFVQYCTFUVJKURJGPQOGPQPKPHKGNFUVWFKGUQHJWOCPNWPIHWPEVKQPXKCCPCN[UKUQHVJGTGNCVKQPUJKRDGVYGGPCEKFCGTQUQNNGXGNUCPFTGUKFWCNUHTQOTGITGUUKQPUQHNWPIHWPEVKQPQP1 JCXGRTQXGPPGICVKXG 

### 5RGMVQTGVCNCD6JCVKUCHVGTEQPVTQNNKPIHQTVJGKPHNWGPEGQH1 PQUKIPKHKECPV 

### CUUQEKCVKQPDGVYGGPCEKFCGTQUQNRGCMUCPFNWPIHWPEVKQPFGETGOGPVUJCUDGGPQDUGTXGF#EKFCGTQUQNGRKUQFGUYJKEJQHVGPQEEWTEQKPEKFGPVYKVJJKIJ1 NGXGNUKPVJGUWOOGTKPVJG 

### PQTVJGCUVGTP7PKVGF5VCVGUOC[GZVGPFHQTUGXGTCNJQWTUQTFC[U*QYGXGTVJGRQUUKDNGRQVGPVKCVKPIGHHGEVUQHRTQNQPIGFCEKFRGCMUQP1 GHHGEVUCTGUVKNNRQQTN[WPFGTUVQQF5QOG 

### TGEGPVGRKFGOKQNQIKECNUVWFKGU2QRGGVCN2QRGCPF&QEMGT[-QGPKIGVCN4QGOGTGVCNJCXGTGRQTVGFUKIPKHKECPVCUUQEKCVKQPUDGVYGGPNWPIHWPEVKQPFGETGOGPVUCPFCODKGPVRCTVKEWNCVGOCVVGT2/EQPEGPVTCVKQPU#NVJQWIJPQUWRRQTVKPIGXKFGPEGHQTNWPIHWPEVKQPGHHGEVUFWGVQCODKGPVNGXGNRCTVKENGGZRQUWTGKU[GVCXCKNCDNGHTQOJWOCPQTNCDQTCVQT[CPKOCNEQPVTQNNGFUVWFKGUVJGRQUUKDKNKV[QHUQOGEQPHQWPFKPID[RCTVKENGU

KPVJGUVWFKGUTGXKGYGFJGTGECPPQVDGTWNGFQWV+PGRKFGOKQNQIKEUVWFKGUCEVKXKV[NGXGNUCTGFKHHKEWNVVQEQPVTQNCPFVQOGCUWTGCNVJQWIJVJKUXCTKGUYKVJUVWF[V[RGUGGDGNQY%JCODGTUVWFKGUJCXGUJQYPENGCTN[VJCVNWPI1 FQUGUCPFCUUQEKCVGFHWPEVKQPCNGHHGEVUKPETGCUGCUCHWPEVKQPQHRJ[UKECNCEVKXKV[NGXGN 

### *C\WEJC'RKFGOKQNQIKEUVWF[FGUKIPUQHVGPJCXGDGGPEJQUGPVJCVTGUWNVKPTGNCVKXGN[

###  8

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JKIJUWDLGEVCEVKXKV[NGXGNUGZGTEKUGUVWFKGUCPFECORUVWFKGUDWVIGPGTCNN[VJGUVWFKGUJCXGDGGPECTTKGFQWVYKVJQWVSWCPVKVCVKXGKPHQTOCVKQPQPFKUVTKDWVKQPUCETQUUUWDLGEVUCPFVKOG'

### 8CTKCVKQPUKPCEVKXKV[NGXGNUYKNNKPVTQFWEGXCTKCDKNKV[KPVJGTGNCVKQPUJKRDGVYGGPRGTUQPCNGZRQUWTGCPFRGTUQPCNFQUG+HVJKUXCTKCDKNKV[QEEWTURTKOCTKN[DGVYGGPUWDLGEVUKVYKNNTGUWNVKPFKHHGTKPI1 FQUGUVQRGQRNGGZRQUGFVQVJGUCOG1 NGXGNCPF[KGNFFKHHGTGPEGUKP  

### TGURQPUGVJCVOC[DGOKUKPVGTRTGVGFCU1 UGPUKVKXKV[XCTKCVKQPU+HXCTKCDKNKV[KPCEVKXKV[NGXGNU 

### QEEWTUQXGTVKOGHQTCIKXGPUWDLGEVKVYKNNCFFGTTQTVQVJGHWPEVKQPCNTGNCVKQPUJKRNKPMKPINWPIHWPEVKQPCPF1 GZRQUWTG+PGKVJGTECUGVJGKPHNWGPEGQHCEVKXKV[NGXGNXCTKCDKNKV[KUVQCFF 

### FQUGGUVKOCVKQPGTTQTQTOKUENCUUKHKECVKQP'UVKOCVGUQHDCUGFQPJGCTVTCVGOGCUWTGOGPVU '

### ECPDGFGTKXGFWUKPIUWDLGEVURGEKHKEECNKDTCVKQPUWPFGTTGRTGUGPVCVKXGTCPIGUQHGZGTEKUGNGXGNUCPFV[RGU5COGVGVCN4CK\GPPGCPF5RGPINGT*QYGXGTVJGWVKNKV[QHUWEJ'

### GUVKOCVGUHQTTGFWEKPIFQUGOKUENCUUKHKECVKQPGTTQTUKPCEWVG1 GRKFGOKQNQI[UVWFKGUJCUPQV 

### [GVDGGPFGOQPUVTCVGF-KPPG[5RGMVQTGVCND4CK\GPPGCPF5RGPINGT6JKUKURCTVN[FWGVQVJGNQIKUVKECNFKHHKEWNVKGUCUUQEKCVGFYKVJEQNNGEVKPICEEWTCVGFCVCCPFCNUQOC[DGFWGVQVJGHCEVVJCVHQTCIKXGPUWDLGEVXCTKCVKQPUCETQUUFC[UCTGWUWCNN[UOCNNKP '

### EQORCTKUQPVQ1 EQPEGPVTCVKQPXCTKCVKQPU6JGUCOGKUUWGUCTKUGKPVJGEQPVGZVQH1 GZRQUWTG  

### OKUENCUUKHKECVKQPKPFCKN[NKHGUVWFKGUUGGDGNQYYJGTGQWVFQQT1 EQPEGPVTCVKQPUCTGWUGF 

### VQGUVKOCVGGZRQUWTGUQHUWDLGEVUYJQURGPFUWDUVCPVKCNCOQWPVUQHVKOGKPFQQTUFWTKPIVJGRGTKQFQXGTYJKEJNWPIHWPEVKQPOGCUWTGOGPVUVCMGRNCEG%COR5VWFKGUQH.WPI(WPEVKQPKP%JKNFTGP5WOOGTECORUVWFKGURTQXKFGVJGOQUVGZVGPUKXGCPFTGNKCDNGKPHQTOCVKQPQPVJGCEWVGRWNOQPCT[GHHGEVUQH1 WPFGTPCVWTCNEQPFKVKQPU%CORUVWFKGUKPXQNXGVJGEQNNGEVKQPQH 

### UGSWGPVKCNWUWCNN[FCKN[FCVCQPNWPIHWPEVKQPQPGCEJQHCNCTIGPWODGTQHEJKNFTGPCNQPIYKVJEQPEWTTGPVOGCUWTGOGPVUQH1 GZRQUWTGUCPFQVJGTGPXKTQPOGPVCNHCEVQTUQXGTVJGEQWTUG 

### QHCUKPINGYGGMQTOWNVKYGGMUWOOGTECOR&CVCCPCN[UGUWUWCNN[EQPUKUVQHGUVKOCVKPIVJGNKPGCTCUUQEKCVKQPDGVYGGPNWPIHWPEVKQPCPFGPXKTQPOGPVCNXCTKCDNGUQPCPKPFKXKFWCNDCUKUCNNQYKPIGCEJUWDLGEVVQUGTXGCUJKUJGTQYPEQPVTQNCPFVJGPVGUVKPIVJGOGCPRQRWNCVKQPCUUQEKCVKQPHQTUVCVKUVKECNUKIPKHKECPEG#UPQVGFUWOOGTECORUQHHGTVJGUKIPKHKECPVCFXCPVCIGVJCVUWDLGEVGZRQUWTGUCTGGURGEKCNN[YGNNGUVKOCVGFDGECWUGVJG[CTGDCUGFQPQPUKVGQWVFQQT1 OQPKVQTKPI+PCFFKVKQPVJGUGUVWFKGUCUUGUUVJGRWNOQPCT[GHHGEVUQHPCVWTCNFKWTPCN



### RCVVGTPUQH1 GZRQUWTGUYJKEJQHVGPKPXQNXGDTQCFFC[VKOGRGCMU 

### 5KPEGVJGNCUV1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[ 

### GKIJVECORUVWFKGUJCXGDGGPTGRQTVGF&GUKIPEJCTCEVGTKUVKEUCPFTGUWNVUCTGUWOOCTK\GFKP6CDNG5KZQHVJGUGUVWFKGUJCXGHQEWUGFUQNGN[QPPQTOCNKGPQPCUVJOCVKEEJKNFTGPQPGHQEWUGFQPCUVJOCVKEUGZENWUKXGN[6JWTUVQPGVCNCPFQPGWUGFDQVJPQTOCNCPFCUVJOCVKEEJKNFTGP4CK\GPPGGVCN#NVJQWIJOGVJQFUCPFTGUWNVUXCTKGFUQOGYJCVCETQUUUVWFKGUVJKUITQWRQHUVWFKGUEQNNGEVKXGN[RTQXKFGUUWDUVCPVKCNGXKFGPEGHQTCUUQEKCVKQPUDGVYGGPCODKGPV1 GZRQUWTGUVQIGVJGTYKVJQVJGTRQNNWVCPVUCPFCEWVGFGETGOGPVUKPNWPI 

### HWPEVKQP+PVGTRTGVCVKQPQHVJGUGCUUQEKCVKQPUCUECWUCNKUUWRRQTVGFD[GXKFGPEGQHDKQNQIKECNRNCWUKDKNKV[(QTGZCORNGVJGYGNNFQEWOGPVGFFKTGEVGHHGEVUQH1 QPNWPIHWPEVKQPKPJWOCP 

### EJCODGTUVWFKGUVJGGXKFGPEGCNUQHTQOEJCODGTUVWFKGUKPFKECVKPICNCEMQHFKTGEVGHHGEVUQHQVJGTEQNNKPGCTGPXKTQPOGPVCNHCEVQTUGIVGORGTCVWTGCPFCEKFCGTQUQNUCVVJGNGXGNUCVYJKEJVJGUGHCEVQTUQEEWTKPVJGECORUVWFKGUGZRQUWTGTGURQPUGTGNCVKQPUJKRUCPFEQPUKUVGPE[CETQUUUVWFKGUCNNRTQXKFGUVTQPIUWRRQTV%CORUVWFKGUKPXQNXKPICUVJOCVKE

### EJKNFTGPIGPGTCNN[JCXG[KGNFGFNWPIHWPEVKQP1 CUUQEKCVKQPUVJCVCTGUKOKNCTKPCDUQNWVG 

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
 OCNGU HGOCNGU CXI CIG   [GCTU 5[ORVQOSWGUVKQPPCKTG CPF HWPEVKQP VGUVU IKXGP VYKEG FCKN[ VQ GCEJEJKNF DGVYGGP  CPF  CO CPF  CPF  RO%JKNFTGP	U CEVKXKV[ NGXGNU PQV GUVKOCVGF5VTQPIGUV CUUQEKCVKQP DGVYGGP NWPI HWPEVKQP CPFGPXKTQPOGPVCN XCTKCDNGU YCU KP PQPCUVJOCVKEU YKVJ(8% FGETGOGPVU UKIPKHKECPVN[ EQTTGNCVGF 
R  YKVJ NCIIGFCXI 51  2/  CPF VGORGTCVWTG 7PNCIIGF 2'(4 UKIPKHKECPVN[ EQTTGNCVGF YKVJJ1#NUQ UKIPKHKECPV CUUQEKCVKQP QH VGORGTCVWTG YKVJ CNNNWPI HWPEVKQP KPFKEGU KP PQPCUVJOCVKEU DWV PQV KPCUVJOCVKEU %QGHHKEKGPV QH XCTKCVKQP UVCDNG CETQUUOQTPKPI CPF GXGPKPI VGUVU4CK\GPPG GV CN 
DJ 1 TCPIGF HTQO  VQ  RRD OCZ J1  RRD QP  FC[U QH VQVCN UVWF[ YGGMU (QT QVJGT RQNNWVCPVU CPF XCTKCDNGUOGCUWTGF UGG 4CK\GPPG GV CN 
 DGECWUGUCOG RTQVQEQN WUGF JGTG CU KP VJCV UVWF[C 'HHGEVU QH RQNNWVCPVU CPF QVJGT GPXKTQPOGPVCN XCTKCDNGUQP NWPI HWPEVKQP YGTG GZCOKPGF KP IKTNU CVVGPFKPI QPG QHVJTGG YGGM )KTN )WKFG ECOR UGUUKQPU QP VJG PQTVJ UJQTGQH .CMG 'TKG %QJQTV 
P   UETGGPGF D[ /% CPFUMKPRTKEM VGUVU HQT  EQOOQP TGURKTCVQT[ CNNGTIGPUHKXG CUVJOCVKEU YKVJFTCYP HTQO VJG UVWF[ 
P   .WPIHWPEVKQP VGUVU CFOKPKUVGTGF VYKEG FCKN[ %JKNFTGP	U CEVKXKV[NGXGNU PQV GUVKOCVGFC #UUQEKCVKQPU DGVYGGP CGTQOGVTKE FCVC CPF NWPIHWPEVKQP OGCUWTGOGPVU YGTG PQV TGRQTVGF D[ RQNNWVCPVKP VJKU TGHGTGPEG #IITGICVG CPCN[UKU HQT HWNN UVWF[ PQVTGRQTVGF .WPI HWPEVKQP EJCPIGU TGRQTVGF HQT  GRKUQFGFC[U QPN[ ('8 FGETGOGPVU UVCVKUVKECNN[ UKIPKHKECPV QP GRKUQFG FC[U HQT OGVJCEJQNKPG PQPTGURQPUKXGUWDLGEVU4CK\GPPG GV CN DD 5WDUGV QH  IKTNU 
 /%
  /% UVWFKGF RTG CPFRQUVGZGTEKUG QP  NQYRQNNWVKQP 
EQPVTQN FC[ CPF RGCMRQNNWVKQP FC[ 
GRKUQFG  J 1 RRD51 IO  D )TQWR OGCP (8% KPETGCUGF RQUVGZGTEKUG KP VJGP   UWDUGV D[  O.  O. KP /%CPF  O. KP/%
 2QNNWVKQP GHHGEV PQV UVCVKUVKECNN[ UKIPKHKECPV%QPVKPWQWU J 1  51  01  CPFCEKF CGTQUQNU 
CU * 51  J 1 TCPIG   RRD OCZ J CEKF RCTVKENGEQPEGPVTCVKQP  IO KP QPG GRKUQFG(2 51 IO HQT RGCM JQWT 6KOGCEVKXKV[ OQFGN WUGF VQ GXCNWCVG NKMGN[ EWOWNCVKXG J 1 CPF * 51 GZRQUWTGUFQUGU GZRGTKGPEGF D[ EJKNFTGP KP CDQXG .CMG 'TKG )KTN )WKFG ECOR UVWF[UWOOGT  5GG 4CK\GPPG GV CN 
  HQTRTQVQEQN CPF TGNCVGF KPHQTOCVKQP &QUKOGVT[ OQFGN YCUFGXGNQRGF HQT TGNCVKPI JGCTV TCVG 
HTQO C OKP ITCFGFE[ENG GTIQOGVGT VGUV VQ XGPVKNCVKQP CPF VJGP VQ 1 CPF* 51 EQPEGPVTCVKQP #NUQ HKXG TCPFQON[ UGNGEVGF EJKNFTGP YQTG RQTVCDNG JGCTVTCVG OQPKVQTU RTQXKFKPI FCVCHQT WUG KP VJG FQUKOGVTKE OQFGN#RRNKECVKQP QH VJG FQUKOGVT[ OQFGN WUGF VQ GUVKOCVGKPFKXKFWCN J EWOWNCVKXG FQUGU HQT 1 CPF * 51 GZRQUWTGU QP  EQPVTQN CPF  GRKUQFG FC[ KPFKECVGFPGICVKXG VTGPF KP NWPI HWPEVKQP 
2'(4 CU EWOWNCVKXGFQUG KPETGCUGF HQT DQVJ 1 CPF * 51  CNVJQWIJ UNQRGU HQT GCEJ FKF PQV FKHHGT UKIPKHKECPVN[ HTQO \GTQ 
R4CK\GPPG CPF 5RGPINGTD

### 6CDNGEQPV	F#EWVG'HHGEVUQH2JQVQEJGOKECN1ZKFCPV2QNNWVKQP.WPI(WPEVKQPKP%COR5VWFKGUC2QNNWVCPVU'PXKTQPOGPVCN 8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 4GHGTGPEG/CZ  J 1TCPIGF HTQO  VQ RRD YKVJOCZ  J  RRD QP  QH FC[U QH 1TGEQTFGF 1  51 * 51  2/  2/      VGORGTCVWTG JWOKFKV[ CPF YKPF URGGF CPFFKTGEVKQP OGCUWTGF .GXGNU PQV TGRQTVGF HQT51  R* 01  CPF 0*  'HHGEVU QH RQNNWVCPVU CPF QVJGT GPXKTQPOGPVCN XCTKCDNGU QPTGURKTCVQT[ HWPEVKQPU KP  EJKNFTGP 
 DQ[U  IKTNU CIGU CVVGPFKPI  VQ  YGGMU QH UWOOGT ECOR CV (CKTXKGY.CMG 0, 5WDUGVU YGTG P   HQT CNN YGGMU P   HQTHKTUV  YGGMU QPN[ P   HQTNCUV  YGGMU QPN[ 5[ORVQOSWGUVKQPPCKTG (8% ('8  //'( CPF 2'4( 
D[URKTQOGVT[ YGTG OGCUWTGF QPEG GCEJ VGUV FC[ 
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
v5' YGTG v CPF v  O.RRD HQT (8% CPF ('8 TGURGEVKXGN[ CPF v  CPF v O.URRD HQT 2'(4 CPF //'( TGURGEVKXGN[/QUV UNQRGU QH TGITGUUKQP UKIPKHKECPV CV R  FKHHGTGPEGU HTQO \GTQ 0QV ENGCT KH UNQRGU HQT FCVCUWDUGVU UKIPKHKECPVN[ FKHHGTGPV HTQO GCEJ QVJGT 
GIHWPEVKQP XU 1   RRD CPF HWPEVKQP XU1   RRD 0Q HQTOCN CPCN[UKU RGTHQTOGF HQTRQUUKDNG EQPEGPVTCVKQP VJTGUJQNF5RGMVQT GV CN 
CD

### 6CDNGEQPV	F#EWVG'HHGEVUQH2JQVQEJGOKECN1ZKFCPV2QNNWVKQP.WPI(WPEVKQPKP%COR5VWFKGUC2QNNWVCPVU'PXKTQPOGPVCN 8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 4GHGTGPEG/CZKOCNJ1EQPEGPVTCVKQPU TCPIGF HTQOCRRTQZKOCVGN[  VQ  RRD QXGT VJG EQWTUGQH VJG UVWF[ J CXGTCIG CGTQUQN CEKFKV[OGCUWTGOGPVU TCPIGF HTQO PGCT  VQIO 
* 51 GSWKXCNGPV 6GORGTCVWTG CPF 4* OGCUWTGF DWV NGXGNU PQV TGRQTVGF6*+ TGCEJGF C OCZKOWO QH ( #NNGPXKTQPOGPVCN OGCUWTGOGPVU YGTG OCFG QPUKVG'HHGEVU QH 1 CPF QVJGT GPXKTQPOGPVCN XCTKCDNGU QP NWPIHWPEVKQP UVWFKGF KP C ITQWR QH  EJKNFTGP 
 IKTNU DQ[U CIGU  CV C YGGM  UWOOGT ECOR KPUQWVJYGUVGTP 0GY ,GTUG[ 
(CKTXKGY .CMG 5COG NQECVKQPWUGF KP RTGXKQWU ECOR UVWF[ D[ UCOG KPXGUVKICVQTU5WDLGEVU JCF PQ JKUVQT[ QH NWPI FKUGCUGU QT CVQR[ 6YQNWPI HWPEVKQP OGCUWTGOGPV RGTKQFU GCEJ FC[ 
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
GI OGCPUNQRG QH ('8 QP J OCZKOWO 1 YCU  v  O.RRD 6JGUG TGUWNVU UWIIGUV C RQUUKDNGECTT[QXGT GHHGEV HTQO RTGXKQWUFC[ 1 GZRQUWTGU +P VJGHWNN UGV QH  UWDLGEVU TGITGUUKQPU QH RO NWPI HWPEVKQPQP RTGXKQWUJQWT 1  OCZKOWO J 1 HQT UCOG FC[ QT CXGTCIG 1 HQT FC[ YGTG UKIPKHKECPVN[ PGICVKXG KP OQUVECUGU 
GI OGCP UNQRG QH ('8 QP RTGXKQWUJQWT 1 YCU  v  O.RRD #NN TGITGUUKQPU QH VJG ROCO NWPI HWPEVKQP FKHHGTGPEGU QP KPVGTXGPKPI 1EQPEGPVTCVKQPU YGTG UKIPKHKECPVN[ PGICVKXG 
GI OGCPUNQRG QH ('8 QP OGCP 1 DGVYGGP CO CPF RO OGCUWTGOGPVU YCU =v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
5RGMVQT CPF .KRROCPP

### 6CDNGEQPV	F#EWVG'HHGEVUQH2JQVQEJGOKECN1ZKFCPV2QNNWVKQP.WPI(WPEVKQPKP%COR5VWFKGUC2QNNWVCPVU'PXKTQPOGPVCN 8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 4GHGTGPEGJ 1 RTGEGFKPI NWPI HWPEVKQP OGCUWTGOGPVUTCPIGF HTQO  VQ  RRD 2QNNWVCPVUOGCUWTGF QP UKVG KPENWFGF 1  01TCPIG  VQ  RRD 51 
TCPIG  VQ  RRD CPF HKPGOGCP  IO  EQCTUG 
OGCP  IO  CPF VQVCN 
OGCP  IO  2/ OCUU 6GORGTCVWTG CXGTCIGF % 
TCPIG VQ % CPF 4* CXGTCIGF 'HHGEVU QH 1 CPF QVJGT GPXKTQPOGPVCN HCEVQTU QP NWPIHWPEVKQP GZCOKPGF KP  EJKNFTGP 
 HGOCNG  OCNGCIGU  CVVGPFKPI  QH  UGSWGPVKCN YGGMU 
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
UWDLGEVURGEKHKE UNQRGU CPFD[ RQQNKPI CETQUU KPFKXKFWCNU 
EQOOQP RQRWNCVKQP UNQRGVQ FGVGTOKPG VJG NKPGCT TGNCVKQPU DGVYGGP VJG VJTGG NWPIHWPEVKQP XCTKCDNGU CPF XCTKQWU 1 OGVTKEU 
J CXGTCIGRTGEGFKPI JQWT QH URKTQOGVT[ J CXGTCIG  J RTGXKQWU VQJQWT QH URKTQOGVT[ QT J CXGTCIG RTGEGFKPI URKTQOGVT[6JG EQOOQP UNQRG OQFGN YCU TGRGCVGF UGRCTCVGN[ HQTOQTPKPI PQQP CPF GXGPKPI NWPIHWPEVKQP OGCUWTGOGPVUCPF UGRCTCVGN[ HQT FCVC YKVJ J 1 NGXGNU CDQXG CPF DGNQY RRD /WNVKRNG TGITGUUKQP OQFGNU YGTG HKV VJCVKPENWFGF 1 CNQPI YKVJ VGORGTCVWTG 4* CPF EQCTUG CPFHKPG 2/ OCUU6JG RQRWNCVKQPRQQNGF TGITGUUKQP UNQRGU 
v5' QH (8%CPF ('8 QP RTGXKQWU JQWT 1 YGTG 
v CPF  
v O.RRD TGURGEVKXGN[ 
R   KPDQVJ ECUGU HQT 2'(4 VJG TGITGUUKQP UNQRG YCUv O.URRD 
PQV UKIPKHKECPV 5KOKNCT VJQWIJUNKIJVN[ OQTG PGICVKXG UNQRGU YGTG QDVCKPGF WUKPI JCPF J CXGTCIG 1  +PVGTRTGVCVKQP QH FKHHGTGPEGU CETQUUVJG VJTGG 1 OGVTKEU KU UWDUVCPVKCNN[ JCORGTGF D[ VJG JKIJEQTTGNCVKQPU COQPI VJGOT 9JGP VGORGTCVWTG 4* CPF EQCTUG CPF HKPG2/ OCUU YGTG KPENWFGF YKVJ 1 KP OWNVKRNG TGITGUUKQPOQFGNU VJG 1 UNQRGU KPETGCUGF KP CDUQNWVG OCIPKVWFG VQ 
v CPF 
v O.RRD HQT (8% CPF('8  TGURGEVKXGN[ CPF VQ 
v HQT 2'(46GEJPKECN RTQDNGOU YKVJ VJG VGORGTCVWTG UGPUQT KP VJGHKTUV YGGM QH VJG UVWF[ FKF PQV CRRGCT VQ KPHNWGPEG VJGUGTGUWNVU &CVC YGTG URNKV QP VJG DCUKU QH YJGVJGT QT PQVVJG OCZKOWO J 1 EQPEGPVTCVKQP KP VJG  J RTGEGFKPIURKTQOGVT[ YCU CDQXG  RRD 4GITGUUKQP UNQRGUTGNCVKPI NWPI HWPEVKQP CPF RTGXKQWU   CPF JCXGTCIG 1 YGTG OQTG PGICVKXG KP VJG JKIJ EQPEGPVTCVKQPUVTCVWO 6JKU TGUWNV KU EQPUKUVGPV YKVJ VJG PQPNKPGCTGI SWCFTCVKE TGNCVKQPUJKRU DGVYGGP NWPI HWPEVKQP CPF1 GZRQUWTG QDUGTXGF KP EJCODGT UVWFKGU $GECWUGNGXGNU QH RQNNWVCPVU QVJGT VJCP 1 YGTG SWKVG NQY 
01 CPF 51  CPFQT YGTG WPEQTTGNCVGF YKVJ 1 NGXGNU 
2/ VJG TGITGUUKQP TGUWNVU TGRQTVGF HTQO VJKU YGNNEQPFWEVGFUVWF[ CTG NKMGN[ VQ TGRTGUGPV TGCN KPHNWGPEGU QH 1 QP NWPIHWPEVKQP*KIIKPU GV CN 
)TQUU GV CN 


### 6CDNGEQPV	F#EWVG'HHGEVUQH2JQVQEJGOKECN1ZKFCPV2QNNWVKQP.WPI(WPEVKQPKP%COR5VWFKGUC2QNNWVCPVU'PXKTQPOGPVCN 8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 4GHGTGPEG&CKN[ OCZKOWO 1 EQPEGPVTCVKQPU TCPIGF HTQOCRRTQZKOCVGN[  VQ  RRD 
FGTKXGF XKUWCNN[HTQO HKIWTG RTGUGPVGF KP RCRGT 1VJGTRQNNWVCPVU OGCUWTGF QP UKVG KPENWFGF 51  01  %1 VQVCN J[FTQECTDQPU CPF UK\GUGITGICVGF2/ OCUU #UKFG HTQO 1  CNN ICUGQWURQNNWVCPV NGXGNU TGRQTVGF VQ DG XGT[ NQY 
FCVCPQV RTGUGPVGF J 652 EQPEGPVTCVKQPUTCPIGF HTQO  VQ IO  #KTDQTPG CNNGTIGPFCVC EQNNGEVGF 6GORGTCVWTG TCPIGF HTQO  VQ% CV PKIJV CPF HTQO  VQ % FWTKPIFC[ 4* TCPIGF HTQO  VQ  CV PKIJV CPFHTQO  VQ  FWTKPI FC['HHGEVU QH 1 CPF QVJGT GPXKTQPOGPVCN XCTKCDNGU QP NWPIHWPEVKQP GZCOKPGF KP  EJKNFTGP 
 IKTNU  DQ[UCIGU  CVVGPFKPI QPG QH UKZ YGGM ECOR UGUUKQPU CV CUWOOGT ECOR NQECVGF KP VJG OQWPVCKPU PGCT +F[NNYKNF%#  MO UQWVJGCUV QH .QU #PIGNGU 
CNVKVWFG  O.WPI HWPEVKQP OGCUWTGF VYKEG FCKN[ QP GCEJ ECORGT 
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
#XQN GV CN 


### 6CDNGEQPV	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
CIGU  5VWF[ URCPPGF FC[U 5RKTQOGVT[ CPF TGURKTCVQT[ U[ORVQO FCVCEQNNGEVGF GCEJ CHVGTPQQP #PCN[UKU QH (8% ('8  CPF2'(4 KP TGNCVKQP VQ 1 CPF VGORGTCVWTG WUKPI NKPGCTTGITGUUKQP YKVJKP ECORU CPF UWDLGEV V[RGU 
KG EQWPUGNQTUXU ECORGTU4GITGUUKQPU QH NWPI HWPEVKQP QP J CPF J CXGTCIG1 YKVJKP UGXGTCN UWDLGEV UWDUGVU [KGNFGF KPEQPUKUVGPVTGUWNVU YKVJ UQOG OGCP UNQRGU CRRCTGPVN[ UKIPKHKECPVN[RQUKVKXG CPF QPG PGICVKXG OGCP UNQRG JKIJNKIJVGF D[CWVJQTU QH DQTFGTNKPG UKIPKHKECPEG 
R  $GTT[ GV CN 
&CKN[ J OCZKOWO 1 EQPEGPVTCVKQPU TCPIGFHTQO  VQ  RRD KP  CPF HTQO  VQ RRD KP  1PUKVG OGCUWTGOGPVU CNUQOCFG HQT CEKF CGTQUQNU 
CRRTQZKOCVGN[  VQ POQNGUO KP  CPF  VQ  POQNGUO KP  CPF VGORGTCVWTG 
DGVYGGP  CPF% QXGT  [GCTU'HHGEVU QH 1 CPF CEKF CGTQUQNU QP RGCM HNQY TGURKTCVQT[U[ORVQOU CPF OGFKECVKQP WUCIG KP CUVJOCVKE EJKNFTGPGXCNWCVGF CV VYQ YGGM UWOOGT ECORU 
,WPG QH  CPF KP VJG %QPPGEVKEWV 4KXGT 8CNNG[ (KHV[VYQ CPF UWDLGEVU YGTG UVWFKGF KP  CPF  TGURGEVKXGN[TCPIKPI KP CIG HTQO  2GCM HNQY OGCUWTGF VYKEG FCKN[CRRTQZKOCVGN[  CO CPF  RO %QODKPKPIFCVC HTQO VJG VYQ UVWFKGU KPFKXKFWCN TGITGUUKQPU QH FCKN[EJCPIG KP ('8 QP 1 QT * EQPEGPVTCVKQPU YGTG RGTHQTOGF+P UWDLGEVU YKVJQWV CUVJOC GZCEGTDCVKQPU FWTKPI VJGECORU UVCVKUVKECNN[ UKIPKHKECPV PGICVKXG OGCP UNQRGUYGTG HQWPF TGNCVKPI2'(4 CPF 1 QT * EQPEGPVTCVKQPU6JG EQTTGNCVKQP DGVYGGP VJGUG VYQ RQNNWVCPVU YCU PQVTGRQTVGF 6JG OGCP UNQRGU YGTG 
v O.URRDHQT 1  CPF 
v O.UPOQNO HQT *  +P VJGECUG QH1CUECVVGTRNQV YKVJ2'(4 FGOQPUVTCVGF CPCRRCTGPVN[ NKPGCT VTGPF +P EQPVTCUV VJG * TGITGUUKQPTGUWNVU CRRGCTGF VQ DG FTKXGP GPVKTGN[ D[ QPG FCVC RQKPV6JWTUVQP GV CN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC%KVGF KP 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
D

### 

### 6JWTUVQPGVCNJQYGXGTVJGJGCNVJUKIPKHKECPEGQHCIKXGPFTQRKP('8 OC[DG 

### ITGCVGTHQTVJQUGYKVJRTGGZKUVKPIEQORTQOKUGFTGURKTCVQT[HWPEVKQP#NVJQWIJUKOKNCTUVWF[FGUKIPUJCXGDGGPGORNQ[GFKPOQUVQHVJGECORUVWFKGUUWOOCTK\GFKP6CDNGFKHHGTGPEGUKPCPCN[VKECNOGVJQFUJCXGOCFGSWCPVKVCVKXGEQORCTKUQPUDGVYGGPUVWFKGUFKHHKEWNVVQKPVGTRTGV+PRCTVKEWNCTKVJCUPQVDGGPENGCTVQYJCVGZVGPVFKHHGTGPEGUKPTGUWNVUCETQUUUVWFKGUOC[DGFWGVQFKHHGTGPEGUKPUVWF[EJCTCEVGTKUVKEUGI1 GHHGEVRQVGPVKCVKQPD[QVJGTRQNNWVCPVUCPFCEVKXKV[NGXGNUCUQRRQUGFVQFKHHGTGPEGUKP 

### FCVCCPCN[UKUOGVJQFU(QTDGVVGTEQORCTKUQPKPVJKUFQEWOGPVFCVCHTQOUKZQHVJGECORUVWFKGUUWOOCTK\GFKP6CDNGYGTGTGCPCN[\GFWUKPIWPKHQTOCPCN[VKECNOGVJQFU(QTGCEJUVWF[CHVGTPQQPNWPIHWPEVKQPFCVC('8 YGTGTGITGUUGFQPEQPEWTTGPVJ1 EQPEGPVTCVKQPUWUKPI  

### CPCPCN[UKUQHEQXCTKCPEGOQFGNVJCVKPENWFGFUWDLGEVURGEKHKEKPVGTEGRVUCPFCUKPINGRQQNGF1 UNQRG#NVJQWIJKPVGTUWDLGEVXCTKCVKQPKPTGURQPUGUVQ1 YQWNFDGGZRGEVGFQPVJGDCUKUQH

 

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

6CDNG5NQRGUHTQO4GITGUUKQPUQH(QTEGF'ZRKTCVQT[

8QNWOGKP1PG5GEQPFQP1\QPGHQT5KZ%COR5VWFKGU C

5VWF[ 0COG 5NQRG v 5' 
O.RRD R8CNWG 4GHGTGPEG D

(CKTXKGY .CMG   v   5RGMVQT GV CN 
C

(CKTXKGY .CMG   v   5RGMVQT GV CN 
 5RGMVQT CPF .KRROCPP 


.CMG %QWEJKEJKPI  v   4CK\GPPG GV CN 


.CMG 'TKG  v   4CK\GPPG GV CN 
 

5CP $GTPCTFKPQ /QWPVCKPU  v   *KIIKPU GV CN 
 )TQUU GV CN 


2KPG 5RTKPIU 4CPEJ  v   #XQN GV CN 
 

#NN UVWFKGU  v  

(QT GCEJ UVWF[ FCVC YGTG CPCN[\GF KP QPG TGITGUUKQP OQFGN VJCV KPENWFGF C RQQNGF 1 UNQRG CPF UGRCTCVG C  UWDLGEVURGEKHKE KPVGTEGRVU 5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU 5NQRG KU VJG YGKIJVGF OGCP QH UKZ UVWF[URGEKHKE UNQRGU 6JG 5' KU VJG YGKIJVGF 5' QH OGCP UNQRG D



### +VKUPQVENGCTYJ[VJG0GY,GTUG[UVWF[[KGNFGFCNCTIGTUNQRGVJCPVJGQVJGTUVWFKGU2QUUKDNGGZRNCPCVKQPUKPENWFGITGCVGTUWDLGEVCEVKXKV[NGXGNUTGUWNVKPIKPJKIJGT1 FQUGUCVCIKXGPGZRQUWTGNGXGNRQVGPVKCVKQPQHVJG1 GHHGEVD[QVJGTRQNNWVCPVUUWEJCU

 

### CEKFCGTQUQNUVJGTGNCVKXGCDUGPEGQH1 VQNGTCPEGKPVJG0GY,GTUG[UVWF[QTEQPHQWPFKPID[ 

###  8

CKTDQTPGCNNGTIGPU6JGTGCTGPQHKTOFCVCQPCEVKXKV[NGXGNUCETQUUVJGUKZUVWFKGU6JWUYJGTGCUVJKUHCEVQTUWTGN[EQPVTKDWVGUVQVJGTCPFQOXCTKCDKNKV[YKVJKPCPFDGVYGGPUVWFKGUKVKUPQVMPQYPYJGVJGTCEVKXKV[NGXGNUYGTGUWDUVCPVKCNN[CPFU[UVGOCVKECNN[JKIJGTKPVJG0GY,GTUG[UVWF[2QVGPVKCVKQPQHVJG1 GHHGEVUQPNWPIHWPEVKQPKPCUVJOCVKEUD[CEKF 

### CGTQUQNUJCUDGGPFGOQPUVTCVGFKPCEJCODGTUVWF[KPYJKEJ1 GZRQUWTGYCUCFOKPKUVGTGF 

### FC[HQNNQYKPICJGZRQUWTGVQIO * 51 7VGNNGVCN#NVJQWIJVJG 
 

### TGNGXCPEGQHVJGUGFCVCVQVJGPQPCUVJOCVKEUWDLGEVUYJQGZRGTKGPEGFOWEJNQYGTCEKFNGXGNUCVPQTVJGCUVGTPUWOOGTECORUKUPQVENGCTVJG[FQFGOQPUVTCVGVJCVRQVGPVKCVKQPECPQEEWTDGVYGGPVJGUGRQNNWVCPVU*QYGXGTVJKUHCEVQTCNQPGECPPQVGZRNCKPVJGQDUGTXGFFKHHGTGPEGUCETQUUECORTGUWNVUDGECWUGCECORUVWF[KPUQWVJGTP1PVCTKQ4CK\GPPGGVCNYJKEJ[KGNFGFTGNCVKXGN[NQY('8 UNQRGUQP1 GZRGTKGPEGFUWNHCVGCGTQUQNNGXGNUVJCVYGTG  

### EQORCTCDNGVQVJQUGUGGPKP0GY,GTUG[5KOKNCTN[YJGTGCUVQNGTCPEGFWGVQRTKQTGZRQUWTGUVQJKIJ1 NGXGNUJCUDGGPUWIIGUVGFCUCPGZRNCPCVKQPHQTVJGUOCNNGTUNQRGUUGGPKPVJG 

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

ITQWRU5GXGTCNKPXGUVKICVQTUJCXGTGRQTVGFTGITGUUKQPTGUWNVUHQTJCXGTCIG1 CPFHQT 

### NQPIGTCXGTCIKPIVKOGUGIVQJ*KIIKPUGVCN#XQNGVCN5RGMVQTGVCNC+PIGPGTCNUKOKNCTTGUWNVUJCXGDGGPQDVCKPGFTGICTFNGUUQHVJGCXGTCIKPIVKOG#VVGORVUVQFTCYEQPENWUKQPUTGICTFKPIVJGTGNCVKXGKORQTVCPEGQHUJQTVVGTORGCMUCPFNQPIGTVGTOCXGTCIGUHTQOUWEJCPCN[UGUJCXGDGGPJCORGTGFD[VJGJKIJFGITGGQHEQTTGNCVKQPDGVYGGPJCPFOWNVKJQWTCXGTCIGU7PVKNDGVVGTCPCN[VKECNOGVJQFUCTGHQWPFHQTFGCNKPIYKVJVJKURTQDNGOEQORCTCVKXGTGUWNVUYKNNTGOCKPFKHHKEWNVVQKPVGTRTGV

.WPI(WPEVKQPKP'ZGTEKUKPI5WDLGEVU6JKUUWDUGEVKQPFKUEWUUGUUVWFKGUKPXQNXKPINWPIHWPEVKQPOGCUWTGOGPVKOOGFKCVGN[DGHQTGCPFCHVGTCUGTKGUQHFKUETGVGQWVFQQTGZGTEKUGCEVKXKVKGUKPVJGRTGUGPEGQHCKTRQNNWVKQP6JKUFGUKIPKUUKOKNCTKPRTKPEKRNGVQVJGCODKGPVEJCODGTUVWFKGUEQPFWEVGFKPVJGGCTN[UUGG5GEVKQPKPYJKEJUWDLGEVUGZGTEKUGFWPFGTCURGEKHKGFRTQVQEQNKPCEJCODGTXGPVKNCVGFYKVJCODKGPVCKT*GTGJQYGXGTVJGTGKUV[RKECNN[NGUUEQPVTQNKORQUGFQXGTGZGTEKUGFWTCVKQPCPFKPVGPUKV[CPFNGUUCUUGUUOGPVQHCEJKGXGF%QORGPUCVKPIVQUQOG '

### GZVGPVHQTVJKUFKOKPKUJGFEQPVTQNKUVJGTGNCVKXGGCUGQHEQNNGEVKPIPWOGTQWUTGRGCVGFOGCUWTGOGPVUCVXCT[KPICODKGPV1 NGXGNUHQTVJGUCOGUWDLGEVUKORTQXKPIVJGRTGEKUKQPQH 

### EQPEGPVTCVKQPTGURQPUGGUVKOCVKQP+PEQPVTCUVVQECORUVWFKGUFWTCVKQPQHTGNGXCPV1 GZRQUWTGKUCUUWOGFVQDGMPQYPCUKVKUFGHKPGFD[VJGNGPIVJQHGCEJGZGTEKUGGXGPV

 

### 4GUWNVUHTQOHKXGGZGTEKUGUVWFKGU5GNY[PGVCN5RGMVQTGVCND*QGMCPF$TWPGMTGGH*QGMGVCNC$TCWP(CJTNCPFGTGVCN$TWPGMTGGHGVCNCTGUWOOCTK\GFKP6CDNG1PGQHVJGUVWFKGU5GNY[PGVCNYCUFKUEWUUGF

###  8

KPVJGRTGXKQWU1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[DWVKU 

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

### VTGCFOKNNVGUVVJCVCEJKGXGFCJGCTVTCVGV[RKECNQHVJCVUWDLGEV	UGZRGTKGPEGYJKNGTWPPKPI+PVJGUVWF[QH5YKUUUEJQQNEJKNFTGP$TCWP(CJTNCPFGTGVCNOKPGZGTEKUGRGTKQFUQPCE[ENGGTIQOGVGTYGTGWVKNK\GFQPHQWTVQUKZQEECUKQPUQXGTCOQRGTKQF

### 6CDNG#EWVG'HHGEVUQH2JQVQEJGOKECN1ZKFCPV2QNNWVKQP.WPI(WPEVKQPKP'ZGTEKUKPI5WDLGEVUC2QNNWVCPVU'PXKTQPOGPVCN 8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 4GHGTGPEGJ 1 EQPEGPVTCVKQP TCPIGF HTQO  VQ RRD OCZ 6*+  % OCZ CEKFKECGTQUQN 
CU * 51IO FWTKPI UVWF[ 51  01  2/  2/  51  01  0*  Z     VGORGTCVWTG CPF 4* OGCUWTGF DWV PQVTGRQTVGF'HHGEVU QH 1 QP TGURKTCVQT[ HWPEVKQP CPF U[ORVQOUGZCOKPGF KP  PQPUOQMKPI CFWNVU 
 QH  PQP%CWECUKCPHGOCNGU GZGTEKUKPI CNOQUV FCKN[ QWVFQQTU 
6WZGFQ 0;HQT  VQ  OKP 
CXGTCIG EC  OKP HTQO ,WN[ VQ GCTN[#WIWUV  2TG CPF RQUVGZGTEKUG NWPI HWPEVKQPOGCUWTGF CPF SWGUVKQPPCKTG CPUYGTGF RQUVGZGTEKUG 2WNUGTCVG ECNKDTCVGF VQ 8 KPFQQTU VCMGP RQUVGZGTEKUG''ZGTEKUG TGIKOGP UGNHUGNGEVGF DWV EQPUVCPV HQT GCEJUWDLGEV QXGT VJG EQWTUG QH UVWF[ &QUKOGVT[ GUVKOCVGF CPFNKPGCT TGITGUUKQPU FQPG HQT RWNOQPCT[ HWPEVKQP EJCPIGU XU OGCP 1 EQPEGPVTCVKQP FWTKPI GZGTEKUG CPF 
 KPJCNGF1 FQUG 2GTUKUVGPEG QH GHHGEVU VGUVGF D[ NKPGCT TGITGUUKQPUQH DGHQTGGZGTEKUG NWPI HWPEVKQP QP RTGXKQWUFC[ 1 FWTKPIGZGTEKUG 5WDLGEVU UETGGPGF QPN[ D[ SWGUVKQPPCKTG VYQYKVJ RTGXKQWU JKUVQT[ QH CUVJOC DWV CU[ORVQOCVKE5KIPKHKECPV 
R   FGETGOGPVU KP (8% ('8 2'(4 ('(  CPF ('8 (8% CUUQEKCVGF YKVJ 1   (QT GZCORNG VJG OGCP UNQRG QH('8 QP 1 CETQUU CNN UWDLGEVU YCU O.RRD 
v 0Q RGTUKUVGPEG QHGHHGEVU UGGP 0Q U[ORVQOU TGRQTVGF D[ UWDLGEVU /GCPFGETGOGPVU UJQYGF WPGZRGEVGF KPXGTUG TGNCVKQPUJKR YKVJECNEWNCVGF 8 NGXGNU CU KPFKECVGF D[ TGITGUUKPI'RWNOQPCT[ HWPEVKQP EJCPIGU CPF RQUVGZGTEKUG HWPEVKQPCICKPUV KPJCNGF 1 FWTKPI GZGTEKUG 8 TCPIGU IKXGP DWV 'PQV ITQWR QT UWDUGV OGCPU 5WDLGEVU PQV UETGGPGF HQTCVQR[ 'ZGTEKUG FQPG KP 5VGTNKPI (QTGUV YQQFGFTGUGCTEJ RCTM QP RCXGF TQCFU QT VTCKNU5RGMVQT GV CN 
DOKP RGCM 1 OGCUWTGF FWTKPI TWPU CXGTCIGF RRD 
TCPIG  VQ  RRD #ODKGPV 6CXGTCIGF % 
TCPIG  VQ %4* CXGTCIGF  
TCPIG  VQ .GXGNU QH QVJGT RQNNWVCPVU YGTG NQY OGFKCPXCNWGU YGTG 51   RRD 01   RRD (2  IO  /GFKCP QH UWDLGEVURGEKHKE EQTTGNCVKQPUQH 1 CPF 4* EQTTGNCVGF YCU 'HHGEVU QH 1 QP NWPIHWPEVKQP EJCPIG FWTKPI TWPPKPIQWVFQQTU YGTG GZCOKPGF KP  EQPFKVKQPGF TGETGCVKQPCNTWPPGTU 
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
R   +P TGITGUUKQPU VJCV KPENWFGF VGORGTCVWTG CPF 4*VJG 1 UNQRG FTQRRGF VQ 
PQV UKIPKHKECPV#NVJQWIJ VGORGTCVWTG TGCEJGF JKIJ NGXGNU FWTKPI VJGUVWF[ C UWDUVCPVKCN FKTGEV GHHGEV QH VGORGTCVWTG QT 4* QPNWPI HWPEVKQP TGNCVKXG VQ VJCV QH 1  UGGOU WPNKMGN[ #RQUUKDNG RQVGPVKCVKPI TQNG QH JKIJ VGORGTCVWTG CPF 4* QP8  CPF EQTTGURQPFKPI 1 FQUG ECPPQV DG TWNGF QWV' .WPI HWPEVKQP GHHGEV QDUGTXGF KP UKORNG 1 OQFGN UGGONKMGN[ VQ DG C XCNKF TGHNGEVKQP QH 1 GHHGEVU WPFGT XCT[KPIGPXKTQPOGPVCN EQPFKVKQPU5GNY[P GV CN 


###  8

+PEQPVTCUVVQVJGUGUVWFKGUGCTN[KPXGUVKICVKQPQH1 GHHGEVUKP6JG0GVJGTNCPFU 

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

### VJGUVWFKGUKP*QWUVQPOKPRGCMUYJKNGTWPPKPIXCTKGFHTQOVQRRDKP6WZGFQJ1 NGXGNUTCPIGFHTQOVQRRDCPFKP6JG0GVJGTNCPFUJOCZKOCQPUVWF[FC[U



### TCPIGFHTQOVQRRD6JG5YKUUUVWF[QDUGTXGF1 NGXGNUDGVYGGPCPFRRDFWTKPI 

### VJGGZGTEKUGRGTKQF6JGUVWFKGUKPCFWNVU5GNY[PGVCN5RGMVQTGVCND$TWPGMTGGHGVCNKPXQNXKPIHCKTN[KPVGPUGGZGTEKUG[KGNFGFUVCVKUVKECNN[UKIPKHKECPVOGCPUNQRGUQH('8 

### KG('8 CHVGTGZGTEKUGOKPWU('8 DGHQTGGZGTEKUGTGITGUUGFQP1 NGXGNUOGCUWTGFFWTKPI  

### GZGTEKUGYJGTGCUVJGUVWFKGUKPEJKNFTGPFKFPQV6JGOGCPUNQRGQDUGTXGFKPVJG6WZGFQUVWF[CETQUUCNNUWDLGEVUYCUO.RRDvDWVYCUTGFWEGFVQO.RRDvKPVJGITQWRQHTWPPGTUYJQCEJKGXGFVJGJKIJGUVXCNWGU .OKPFWTKPI '

### GZGTEKUG6JGOGCPUNQRGTGRQTVGFHTQOVJG*QWUVQPUVWF[YCUUKOKNCTVQVJGNCVVGTPWODGT

O.RRDv6JGNCTIGGHHGEVNGXGNQDUGTXGFKPVJG6WZGFQUVWF[NGF5RGMVQTGVCNDVQURGEWNCVGVJCV1 GHHGEVUOC[JCXGDGGPRQVGPVKCVGFD[QVJGTRQNNWVCPVUUWEJCUCEKF 

### CGTQUQNUJQYGXGTVJKURJGPQOGPQPYCUPQVFGOQPUVTCVGFCPCN[VKECNN[HTQOVJGCXCKNCDNGCEKFOQPKVQTKPIFCVC+PVJG*QWUVQPUVWF[VJG1 GHHGEVDGECOGUOCNNCPFPQPUKIPKHKECPVYJGP 

### VGORGTCVWTGCPF4*YGTGCFFGFVQVJGOQFGN'HHGEVUQHVGORGTCVWTGCPF1 QPNWPIHWPEVKQP 

### YGTGJKIJN[EQTTGNCVGFCPFJCTFVQUGRCTCVGKPVJG&WVEJCOCVGWTE[ENKUVU$TWPGMTGGHGVCNCNVJQWIJCFLWUVOGPVHQTJWOKFKV[FKFPQVEJCPIGVJGHKPFKPIU)KXGPVJGCXCKNCDNGMPQYNGFIGDCUGQPVJGKPFGRGPFGPVGHHGEVUQH1 CPFVGORGTCVWTGQPNWPIHWPEVKQPKVUGGOU 

### TGCUQPCDNGVQKPVGTRTGVVJGTGUWNVUHTQOVJGUGUVWFKGUCUFGOQPUVTCVKPICEWVGGHHGEVUQHNQYEQPEGPVTCVKQPUQHCODKGPV1 QPNWPIHWPEVKQPYKVJOQFGTCVGVQJGCX[GZGTEKUG6JG 

### RTGFQOKPCPVN[PGICVKXGHKPFKPIU

### 

### 6CDNGEQPV	F#EWVG'HHGEVUQH2JQVQEJGOKECN1ZKFCPV2QNNWVKQP.WPI(WPEVKQPKP'ZGTEKUKPI5WDLGEVUC2QNNWVCPVU'PXKTQPOGPVCN 8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 4GHGTGPEGJ OCZKOWO 1 EQPEGPVTCVKQPU FWTKPI UVWF[TCPIGF HTQO  VQ IO 
 VQ  RRD6JG JKIJGUV J CXGTCIG 2/ NGXGN YCUIO  VJG JKIJGUV J CXGTCIG UWNHCVGEQPEGPVTCVKQP YCU IO  VJG JKIJGUV JCXGTCIG 01 EQPEGPVTCVKQP YCU IO 6GORGTCVWTG FCVC YGTG EQNNGEVGF DWV NGXGNUYGTG PQV TGRQTVGF6JG TGNCVKQPUJKR DGVYGGP NWPI HWPEVKQP EJCPIG CPF1 GZRQUWTGU FWTKPI QWVFQQT GZGTEKUG GZCOKPGF KP CRQRWNCVKQP QH  EJKNFTGP 
 IKTNU  DQ[U CIGU PQVIKXGP KP 9CIGPKPIGP 6JG 0GVJGTNCPFU 5VWF[ EQXGTGFVJG RGTKQF HTQO NCVG /C[ VQ OKF,WN[  .WPIHWPEVKQP CUUGUUGF WUKPI JCPFJGNF RGCMHNQY OGVGTU DGHQTGCPF CHVGT XCTKQWU QWVFQQT URQTVUVTCKPKPI GZGTEKUGU NCUVKPICRRTQZKOCVGN[  J %JCPIG KP 2'(4 TGITGUUGF QP11 ¥ GZGTEKUG FWTCVKQP CPF VGORGTCVWTG HQT GCEJ UWDLGEV CPFFKUVTKDWVKQP QH UNQRGU YGTG GZCOKPGF 2QUVGZGTEKUG 2'(4CPCN[\GF KP TGNCVKQP VQ UCOG CPF RTGXKQWU FC[ J1 OCZKOWO CPF VGORGTCVWTG #PCN[UGU TGRGCVGF KPUWDUGVU QH UWDLGEVU YKVJ XCT[KPI NGXGNU QH EQTTGNCVKQPDGVYGGP 1 CPF VGORGTCVWTG FWTKPI VJGKT UGTKGU QH GZGTEKUGGXGPVU(QT  EJKNFTGP YKVJ CV NGCUV HQWT UGVU QH DGHQTG CPF CHVGTGZGTEKUG RGCM HNQY OGCUWTGOGPVU VJG OGCP UNQRG QH VJG2'(4 EJCPIG QP 1 FWTKPI GZGTEKUG YCU  
vO.UIO  (QT  UWDLGEVU YKVJ CV NGCUV HQWTRQUVGZGTEKUG OGCUWTGOGPVU VJG OGCP UNQRG QH 2'(4 QPRTGXKQWUJQWT 1 YCU  
v YJKEJ KUUVCVKUVKECNN[ UKIPKHKECPV DWV KP VJG PQPRNCWUKDNG FKTGEVKQP#FLWUVOGPV HQT VGORGTCVWTG TGUWNVGF KP PGICVKXG OGCPUNQRGU DWV VJGUG CTG FKHHKEWNV VQ KPVGTRTGV DGECWUG QH VJGJKIJ UVCVKUVKECN EQTTGNCVKQP DGVYGGP UCOGFC[ 1 CPFVGORGTCVWTG 
T   'ZGTEKUG GXGPVU YGTG QH NQYKPVGPUKV[ CU EQORCTGF YKVJ EJCODGT UVWFKGU CPF YKVJ VJG6WZGFQ TWPPGTU UVWF[ 
5RGMVQT GV CN D5KIPKHKECPV GZRQUWTGU OC[ JCXG QEEWTTGF RTKQT VQ VJGGZGTEKUG RGTKQF * NGXGNU YGTG NQY 
IO  CUOGCUWTGF UKOWNVCPGQWUN[ CV VJTGG QVJGT PQPWTDCP UKVGU KP6JG 0GVJGTNCPFU 6JG RQUUKDKNKV[ QH C RJ[UKECN GHHGEV QHVGORGTCVWTG QP OKPK9TKIJV RGCM HNQY OGVGTOGCUWTGOGPVU YCU PQVGF D[ CWVJQTU*QGM CPF $TWPGMTGGH*QGM GV CN 
CJ OCZKOWO 1 EQPEGPVTCVKQPU FWTKPI VJGGZGTEKUG RGTKQF TCPIGF HTQO  VQ  RRO6JG JKIJGUV RQNNWVCPV NGXGNU OGCUWTGF FWTKPIVJG UVWF[ RGTKQF YGTG  RRO HQT J OGCP1 CPF IO HQT VJG OGCP 01  0Q OGCUWTGOGPVU QH RCTVKEWNCVGU YGTG CXCKNCDNG6JG CEWVG GHHGEVU QH CODKGPV 1 QP NWPI HWPEVKQP YGTGGZCOKPGF KP  5YKUU EJKNFTGP CIGF  VQ  [GCTU CHVGT OKP QH QWVFQQT GZGTEKUG QP C E[ENG GTIQOGVGT 
 95VWF[ EQXGTGF VJG RGTKQF HTQO /C[ VJTQWIJ 1EVQDGT %JCPIGU KP NWPI HWPEVKQP YGTG TGITGUUGF QP EWTTGPV 1EQPEGPVTCVKQP YKVJ QT YKVJQWV CFLWUVOGPV HQT VGORGTCVWTG4* CPF QVJGT HCEVQTU'NGXCVGF 1 NGXGNU YGTG UKIPKHKECPVN[ CUUQEKCVGF YKVJFGETGCUGF RGCM HNQYU 
2'(4 DWV PQV (8% QT ('8 CHVGT GZGTEKUG 6JG CXGTCIG CFLWUVGF TGITGUUKQP UNQRG HQT2'(4 YCU O.URRO 6JKU EQTTGURQPFU VQ CPCXGTCIG FGETGCUG KP 2'(4 QH CPF CV  CPF RRO 1  TGURGEVKXGN[ 6JG UKIPKHKECPV CUUQEKCVKQPHQT 2'(4 DWV PQV (8% QT ('8  KU PQV EQPUKUVGPV YKVJQVJGT UVWFKGU 6JG NQY 1 NGXGNU CPF UJQTV GZGTEKUGRGTKQF TCKUG C SWGUVKQP QH RNCWUKDKNKV[ TGICTFKPI VJGTGUWNVU$TCWP(CJTNCPFGT GV CN

### 6CDNGEQPV	F#EWVG'HHGEVUQH2JQVQEJGOKECN1ZKFCPV2QNNWVKQP.WPI(WPEVKQPKP'ZGTEKUKPI5WDLGEVUC2QNNWVCPVU'PXKTQPOGPVCN 8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 4GHGTGPEG&WTKPI GZGTEKUG VJG OCZKOWO JQWTN[ 1EQPEGPVTCVKQP CXGTCIGF IO 
 RROYKVJ C TCPIG QH  VQ IO 
 VQ RRO 6GORGTCVWTG CXGTCIGF % YKVJ CTCPIG QH  VQ % 01 CPF 51 EQPEGPVTCVKQPU YGTG NQY J CXGTCIGU YGTG CPF IO  TGURGEVKXGN[ 0QOGCUWTGOGPVU QH 2/ YGTG OCFG6JG TGNCVKQPUJKR DGVYGGP NWPIHWPEVKQP EJCPIG CPF 1GZRQUWTG YCU KPXGUVKICVGF KP  COCVGWT E[ENKUVU  VQ [GCTU QH CIG FWTKPI VTCKPKPI UGUUKQPU CPF TCEGU DGVYGGP,WPG  CPF #WIWUV   KP 6JG 0GVJGTNCPFU .WPIHWPEVKQP YCU OGCUWTGF YKVJ URKTQOGVT[  OKP DGHQTG CPFDGVYGGP  CPF  OKP CHVGT E[ENKPI KP TWTCN NQECVKQPU#EWVG TGURKTCVQT[ U[ORVQOU YGTG TGEQTFGF KP C FKCT[DGHQTG CPF CHVGT GZGTEKUG 6JG FKHHGTGPEG DGVYGGP RTG CPFRQUVGZGTEKUG NWPI HWPEVKQP YCU TGITGUUGF QP VJG OGCP 1EQPEGPVTCVKQP FWTKPI GZGTEKUG 6KOG VTGPF RQNNGPCODKGPV VGORGTCVWTG CPF CDUQNWVG JWOKFKV[ YGTG VCMGPKPVQ CEEQWPV CU RQVGPVKCN EQPHQWPFGTU 4GITGUUKQP UNQRGUYGTG RQQNGF CPF OGCP CPF OGFKCP UNQRGU YGTG ECNEWNCVGF6JG GHHGEV QH 1 FWTKPI GZGTEKUG QP OGCP U[ORVQO UEQTGUYCU FGVGTOKPGF D[ C NQIKUVKE TGITGUUKQP OQFGN CNNEQGHHKEKGPVU YGTG EQPXGTVGF VQ GUVKOCVGF QFFU TCVKQU.WPI HWPEVKQP YCU PGICVKXGN[ TGNCVGF VQ 1 EQPEGPVTCVKQPFWTKPI GZGTEKUG GHHGEVU YGTG UVTQPIGT KP OKFUWOOGT VJCPKP VJG NCVG UWOOGT /GCP TGITGUUKQP EQGHHKEKGPVU YGTG v  v  v  CPF  v O.UIO HQT (8% ('8  2'( CPF ('(  TGURGEVKXGN[ (QT CNN DWV ('(  VJG OGCP EQGHHKEKGPVUYGTG UKIPKHKECPVN[ FKHHGTGPV HTQO \GTQ #FLWUVOGPVU HQTCKT JWOKFKV[ TGUWNVGF KP UNKIJVN[ OQTG PGICVKXGEQGHHKEKGPVU HQT ('8 CPF 2'( #EWVG TGURKTCVQT[U[ORVQOU QH UJQTVPGUU QH DTGCVJ EJGUV VKIJVPGUU CPFYJGG\G YGTG RQUKVKXGN[ TGNCVGF VQ 1 $TWPGMTGGH GV CN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC

### QHVJGUVWFKGUKPEJKNFTGPCTGOQTGFKHHKEWNVVQKPVGTRTGVDWVOC[DGTGNCVGFVQVJGNQYGZGTEKUGKPVGPUKVKGUCEJKGXGFNQYGZRQUWTGUCPFRGTJCRUCUUQEKCVGF1 VQNGTCPEGVJCVQEEWTTGFRTKQT 

### VQVJGGZGTEKUGRGTKQFWPFGTUVWF[QTVQUQOGUWDVNGGHHGEVQHEQPHQWPFGTUQPVJGRGCMHNQY

OGCUWTGOGPVU

.WPI(WPEVKQPKP&CKN[.KHG5VWFKGU6JKUUGVQHUVWFKGUKUEJCTCEVGTK\GFD[VJGCUUGUUOGPVQHNWPIHWPEVKQPTGURKTCVQT[U[ORVQOUCPFGPXKTQPOGPVCNHCEVQTCUUQEKCVKQPUKPVJGEQWTUGQHRGQRNG	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

### KPEQORNGVGCPFXCTKCDNGRGPGVTCVKQPQH1 KPFQQTUCPFVJGRTGRQPFGTCPEGQHVKOGURGPVKPFQQTU 

### D[UVWF[UWDLGEVU6JKURTQDNGOKURTQDCDN[NGUUUGXGTGHQTVJGUVWFKGUKPXQNXKPIUEJQQNEJKNFTGPYJQQHVGPURGPFUWDUVCPVKCNVKOGQWVFQQTUCHVGTUEJQQNYJGP1 NGXGNUOC[DG 

### GNGXCVGF+PFGGFVJTGGQHVJGUEJQQNDCUGFUVWFKGUJCXGHQWPFUVCVKUVKECNN[UKIPKHKECPVCUUQEKCVKQPUDGVYGGPNWPIHWPEVKQPCPFRTGXKQWUFC[1 NGXGNU%CUVKNNGLQUGVCN-KPPG[ 

### GVCN*QGMGVCND#PQVJGTFKHHKEWNV[KPKPVGTRTGVKPIVJGTGUWNVUQHVJGUGUVWFKGUKUVJGRQUUKDNGTQNGQHUGCUQPCNHCEVQTUGIRQNNGPUGRKFGOKEUQHTGURKTCVQT[KPHGEVKQPEJCPIGUKPCEVKXKV[RCVVGTPUCURQVGPVKCNEQPHQWPFGTUQHVJGCPCN[UGU+PCFFKVKQPVQVJGUGIGPGTCNNKOKVCVKQPUKPJGTGPVKPVJGUVWF[FGUKIPUGXGTCNQHVJGUVWFKGUUWOOCTK\GFKP6CDNGJCXGQVJGTRTQDNGOUVJCVNKOKVVJGKTWVKNKV[HQTCUUGUUKPI1 GHHGEVUQPNWPIHWPEVKQP6JGUVWF[QH8GFCNGVCNCNVJQWIJYGNNEQPFWEVGFVQQM



### RNCEGHTQO5GRVGODGTVJTQWIJ/C[CRGTKQFYJGP1 NGXGNUIGPGTCNN[CTGNQYCPFQVJGT 

### RQVGPVKCNTGURKTCVQT[KPUWNVUOC[FQOKPCVG6JGUVCVKUVKECNUKIPKHKECPEGQHTGUWNVUHTQOCUVWF[ECTTKGFQWVKP6WEUQP#<KUFKHHKEWNVVQKPVGTRTGVDGECWUGQHVJGOWNVKRNGUVCVKUVKECNVGUVURGTHQTOGF-T\[\CPQYUMKGVCN6JGTGOCKPKPIUVWFKGUCNVJQWIJUWDLGEVVQVJGIGPGTCNETKVKEKUOUPQVGFRTGXKQWUN[RTQXKFGUWIIGUVKXGGXKFGPEGVJCVCODKGPV1 OC[RNC[CTQNGKPUJQTVVGTONWPIHWPEVKQP 

### FGENKPGUCOQPIEJKNFTGPGPICIGFKPVJGKTPQTOCNFCKN[TQWVKPGU-KPPG[GVCN%CUVKNNGLQUGVCN*QGMGVCND6JG/GZKEQ%KV[UVWF[QH%CUVKNNGLQUGVCNKUGURGEKCNN[PQVGYQTVJ[DGECWUGQHVJGPQXGNQDUGTXCVKQPQH('8 CPF('(  

### FGETGOGPVUVJCVYGTGUVTQPIN[TGNCVGFVQ1 NGXGNUCXGTCIGFQXGTVQJRTGXKQWUVQ 

### URKTQOGVT[DWVPQVVQRTGXKQWUJQWT1 NGXGNU6JGUVTGPIVJQHVJGUGCUUQEKCVKQPUOGCUWTGF 

### D[VJGTCVKQQHVJGTGITGUUKQPUNQRGVQKVUUVCPFCTFGTTQTKPETGCUGFUVGCFKN[CUCXGTCIKPIVKOGKPETGCUGF1\QPGNGXGNUQDUGTXGFVJTQWIJQWVVJKUOQUVWF[YGTGJKIJD[75UVCPFCTFUJCXGTCIG1 EQPEGPVTCVKQPUKPVJGJQWTRTGEGFKPINWPIHWPEVKQPOGCUWTGOGPVUTCPIGFHTQO 

### VQRRDYKVJCOGCPQHRRD6JGCWVJQTUUWIIGUVGFVJGUGTGUWNVUOC[TGHNGEVCPKPHNCOOCVQT[TGURQPUGKPVJGCKTYC[UTCVJGTVJCPVJGYGNNMPQYPCEWVGRJ[UKQNQIKECNTGURQPUG*QYGXGTHWTVJGTUVWFKGUYKNNDGPGEGUUCT[VQVGUVVJKUJ[RQVJGUKU

2CPGN5VWFKGUQH5[ORVQO2TGXCNGPEG

### /CP[HKGNFCPFGRKFGOKQNQIKECNUVWFKGUTGXKGYGFDQVJKPVJGNCUVETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[CPFKPVJGRTGXKQWUUGEVKQPQHVJKUFQEWOGPV### 6CDNG#EWVG'HHGEVUQH2JQVQEJGOKECN1ZKFCPV2QNNWVKQP&CKN[.KHG5VWFKGUQH.WPI(WPEVKQPCPF4GURKTCVQT[5[ORVQOUC2QNNWVCPVU'PXKTQPOGPVCN 8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 4GHGTGPEG/CZ 1 
J EQPEGPVTCVKQPU TCPIGF HTQO  VQ RRD 1VJGT CODKGPV RQNNWVCPVU OGCUWTGFYGTG 01  652 +2 452 (2 51  CPF (2 51 .WPI HWPEVKQP OGCUWTGF D[ URKTQOGVT[ HQT  EJKNFTGPCIGU  [GCTU 
 OCNGU  HGOCNGU KP -KPIUVQP CPF*CTTKOCP 60 5RKTQOGVT[ FQPG DGVYGGP  CO CPF RO QP WR VQ  FC[U CV NGCUV  YGGM CRCTV FWTKPI(GDTWCT[ VQ #RTKN  %JKNFURGEKHKE NKPGCT TGITGUUKQPOQFGNU QH (8% ('8  //'( CPF 8 HKV QP J OCZ1 OCZ CPF J (2 CPF (2 51  /GCPU v 5& QH FKUVTKDWVKQPU QH GUVKOCVGF EJKNFURGEKHKE UNQRGU EQORWVGFCPF VGUVGF HQT UKIPKHKECPEG D[VVGUV5KIPKHKECPVN[ PGICVKXG OGCP UNQRGU QP 1 HQT CNN NWPIHWPEVKQP XCTKCDNGU (QT GZCORNG OGCP UNQRG QH ('8QP 1 YCU O.RRD 
v #OQPI TGITGUUKQPUQP (2 CPF (2 51  QPN[ QPG UVCVKUVKECNN[ UKIPKHKECPV OGCPUNQRG 
KG RQUKVKXG OGCP UNQRG QH //'( QP (24GUWNVU KPUGPUKVKXG VQ QWVNKGT CWFKVU CPF KPEQPENWUKXG HQTUGPUKVKXKV[ XCTKCVKQP #UUQEKCVKQP DGVYGGP HKVVGF UNQRGUCPF KPFKXKFWCN EJCTCEVGTKUVKEU PQV UKIPKHKECPV .QY 1NGXGNU TCKUG RNCWUKDKNKV[ SWGUVKQPU-KPPG[ 
D-KPPG[ GV CN 
DJ CXGTCIG 1 EQPEGPVTCVKQPU KP JQWTRTGEGFKPI URKTQOGVT[ TCPIGF HTQO  VQ RRD YKVJ OGCP QH  RRD 0Q QVJGTRQNNWVCPVU OGCUWTGF 6GORGTCVWTG TCPIGFHTQO  VQ % 4* TCPIGF HTQO  VQ'HHGEVU QH 1 QP NWPI HWPEVKQP GZCOKPGF FWTKPI TGIWNCTUEJQQN JQWTU KP C ITQWR QH  EJKNFTGP 
 IKTNU  DQ[UCIGU  HTQO VJTGG UEJQQNU KP /GZKEQ %KV[ 5RKTQOGVT[CPF U[ORVQO FCVC 
EQWIJRJNGIO EQNNGEVGF DGVYGGP CPF  JQWTU GXGT[  YGGMU QXGT VJG RGTKQF ,CPWCT[VJTQWIJ ,WPG  6Q CEEQWPV HQT NWPI ITQYVJ QXGT VJGUVWF[ RGTKQF TGUKFWCNU HTQO NWPI HWPEVKQP RTGFKEVKQPGSWCVKQPU YGTG WUGF KP CPCN[UGU #PCN[UGU NKOKVGF VQ UWDLGEVU YKVJ CV NGCUV UGXGP XCNKF OGCUWTGOGPVU 5EJQQNUYGTG PQV CKT EQPFKVKQPGF CPF YKPFQYU YGTG WUWCNN[ QRGP5EJQQNU CPF UWDLGEV TGUKFGPEGU CNN YKVJKP  MO QH 1OQPKVQTKPI UKVG #UUQEKCVKQPU DGVYGGP 1 CPF NWPIHWPEVKQP 
(8% ('8  CPF ('(  GZCOKPGF D[ EQORWVKPI VJG YGKIJVGF OGCP QH UWDLGEVURGEKHKETGITGUUKQP UNQRGU TGNCVKPI VJGUG XCTKCDNGU 8CTKQWU 1CXGTCIKPI VKOGU 
HTQO  J VQ  JYGTG VGUVGF #HVGTCPCN[\KPI RQRWNCVKQP CU C YJQNG TGITGUUKQPU YGTG TGRGCVGFKP UWDLGEV UWDUGVU FGHKPGF D[ UGZ TGRQTV QH EJTQPKEU[ORVQOU CPF OCVGTPCN UOQMKPI 1XGTCNN TGITGUUKQPUTGRGCVGF YKVJ VGORGTCVWTG CPF 4* KP OQFGN YKVJ 1 1PN[ (8% JCF C UVCVKUVKECNN[ UKIPKHKECPV PGICVKXG OGCPUNQRG KP TGNCVKQP VQ RTGXKQWU JQWT 1 EQPEGPVTCVKQP v  O.RRD 6JKU UNQRG KU CRRTQZKOCVGN[QPG QTFGT QH OCIPKVWFG NQYGT VJCP VJQUG QDUGTXGF KPUQOG ECOR UVWFKGU $QVJ ('8 CPF ('( JCF UKIPKHKECPV PGICVKXG CUUQEKCVKQPU YKVJ 1 CXGTCIGF QXGTVJG RTGXKQWU   CPF  J (QT GZCORNG VJG OGCPUNQRG QH ('8 QP J CXGTCIG 1 YCU v  O.RRD 6JG CWVJQTU URGEWNCVGF VJCV VJG (8% TGUWNVTGHNGEVU VJG CEWVG TGXGTUKDNG GHHGEVU QH 1 QP QPG	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


### 6CDNGEQPV	F#EWVG'HHGEVUQH2JQVQEJGOKECN1ZKFCPV2QNNWVKQP&CKN[.KHG5VWFKGUQH.WPI(WPEVKQPCPF4GURKTCVQT[5[ORVQOUC2QNNWVCPVU'PXKTQPOGPVCN 8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 4GHGTGPEG&CKN[ OCZKOWO J 1 EQPEGPVTCVKQPU QP FC[URTKQT VQ NWPIHWPEVKQP VGUVKPI TCPIGF HTQO  VQIO 
 VQ  RRD .GXGNU QH QVJGTRQNNWVCPVU OGCUWTGF 
51  01  2/  CPF  CGTQUQN *  YGTG TGRQTVGF VQ DG NQY FWTKPIUVWF[ #ODKGPV VGORGTCVWTG 
TCPIG  VQ % CPF UQOG RQNNGP FCVC CNUQ YGTG EQNNGEVGF#UUQEKCVKQPU DGVYGGP OQTPKPI NWPI HWPEVKQP CPF RTGXKQWUFC[ 1 GZCOKPGF FWTKPI UEJQQN KP  EJKNFTGP 
CIGU HTQO UGXGP UEJQQNU KP VJTGG VQYPU KP 6JG 0GVJGTNCPFU6QYPU YGTG UGNGEVGF YKVJQWV NQECN RQNNWVKQP UQWTEGU CPFYKVJ NQY NGXGNU QH RQNNWVCPVU QVJGT VJCP 1  5VWF[ URCPPGFVJG RGTKQF HTQO /CTEJ VJTQWIJ ,WN[ YKVJ NWPIHWPEVKQPOGCUWTGOGPVU EQNNGEVGF GXGT[  YGGMU #P QXGTCNN VKOGVTGPF YCU HKV VQ VJG NWPI HWPEVKQP FCVC VQ CEEQWPV HQT NWPIITQYVJ &CVC QP (8% ('8  2'(4 CPF ('( CPCN[\GF KP TGNCVKQP VQ RTGXKQWUFC[ J OCZKOWO 1EQPEGPVTCVKQPU WUKPI UWDLGEVURGEKHKE NKPGCT TGITGUUKQPUHQNNQYGF D[ CPCN[UKU QH OGCP UNQRGU +PVGTUWDLGEVXCTKCVKQPU KP TGURQPUKXGPGUU VQ 1 YGTG VGUVGF XKC CP (VGUV 6JG KPHNWGPEG QH EJTQPKE TGURKTCVQT[ U[ORVQOU CPFQVJGT UWDLGEV EJCTCEVGTKUVKEU 
GI CIG UGZ QP 1TGURQPUKXGPGUU YCU GZCOKPGF /QFGNU VJCV KPENWFGF QVJGTRQNNWVCPVU YGTG CNUQ EQPUKFGTGF0GICVKXG WUWCNN[ UVCVKUVKECNN[ UKIPKHKECPV OGCP UNQRGUUGGP HQT NWPI HWPEVKQP TGITGUUGF QP RTGXKQWUFC[ JOCZKOWO 1 HQT VJG UGXGP KPFKXKFWCN UEJQQNU 1XGT CNN UWDLGEVU OGCP TGITGUUKQP UNQRGU HQT (8% CPF ('8YGTG v  CPF v  O.IO TGURGEVKXGN[ CPF HQT 2'(4 CPF ('( YGTG v CPF v  O.UIO  TGURGEVKXGN[ 6JGUGEQGHHKEKGPVU OC[ DG FQWDNGF VQ EQPXGTV VQ UNQRGU KP VGTOUQH RCTVU RGT DKNNKQP 6JG CWVJQTU TGRQTV VJCV CFFKPI 51 01  QT 2/ FKF PQV OCVGTKCNN[ EJCPIG VJG 1 UNQRGU  6JGTG YCU GXKFGPEG HQT KPVGTUWDLGEV XCTKCVKQP KP 1TGURQPUKXGPGUU DWV VJKU XCTKCVKQP YCU PQV UVCVKUVKECNN[TGNCVGF VQ CXCKNCDNG UWDLGEV EJCTCEVGTKUVKEU FCVC6GORGTCVWTG FCVC PQV KPENWFGF KP OQFGNU RGTJCRU FWG VQJKIJ EQTTGNCVKQP YKVJ 1  6JG NWPI HWPEVKQP1 TGNCVKQPUJKRU PQVGF CDQXG CTG SWCNKVCVKXGN[ UKOKNCT VQVJQUG TGRQTVGF KP VJG  (CKTXKGY .CMG ECOR UVWF[ CPFVJG /GZKEQ %KV[ UEJQQN EJKNFTGP	U UVWF[*QGM CPF $TWPGMTGGH*QGM GV CN 
DJ OCZKOWO 1 EQPEGPVTCVKQPU QP 2'(4OGCUWTGOGPV FC[U TCPIGF HTQO  VQ  RRD0Q QVJGT RQNNWVCPVU CUUGUUGF DWV CODKGPVVGORGTCVWTG FCVC KPENWFGF4GNCVKQPUJKR DGVYGGP FCKN[ RGCM HNQY OGCUWTGOGPVU CPFCODKGPV 1 EQPEGPVTCVKQPU KP C RQRWNCVKQP UCORNG QH UWDLGEVU 
DQVJ CFWNVU CPF EJKNFTGP QXGT YGGMRGTKQFU FWTKPI PQTOCN FCKN[ CEVKXKVKGU KP 6WEUQP #<2GCM HNQY CUUGUUGF WUKPI JCPFJGNF RGCMHNQY OGVGTU WR VQHQWT VKOGU RGT FC[ 2'(4 OGCUWTGOGPVU QP KPKVKCN  FC[UHQT GCEJ UWDLGEV FTQRRGF VQ CXQKF RQUUKDNG NGCTPKPI GHHGEVUNGCXKPI C UGTKGU QH WR VQ  OGCUWTGOGPV FC[U RGT UWDLGEV2QRWNCVKQPRQQNGF TGITGUUKQP UNQRGU EQORWVGF HQT 2'(4QP  CPF J CXGTCIG 1 HQT EJKNFTGP 
CIGU CPFCFWNVU 
CIGU  EQPVTQNNKPI HQT TGUKFWCN CWVQEQTTGNCVKQPU 1WVEQOG OGCUWTGU KPENWFGF 2'(4 FKWTPCNXCTKCDKNKV[ CPF CHVGTPQQP 2'(4 NGXGNU $GUKFGU 1 RQVGPVKCN GZRNCPCVQT[ XCTKCDNGU KPENWFGF VGORGTCVWTGCXGTCIG VKOG QWVFQQTU CEWVG TGURKTCVQT[ KPHGEVKQPUCUVJOC CPF GPXKTQPOGPVCN VQDCEEQ UOQMG GZRQUWTG5KIPKHKECPV RQUKVKXG CUUQEKCVKQPU QDUGTXGF DGVYGGP1 EQPEGPVTCVKQPU CPF 2'(4 FKWTPCN XCTKCDKNKV[ VJGGHHGEV OCIPKVWFG YCU ITGCVGUV KP CUVJOCVKE UWDLGEVU+P EJKNFTGP QPN[ PQQP 2'(4 YCU UWRRTGUUGF QP FC[UYKVJ JKIJGT 1 NGXGNU 6JG WPEGTVCKP TGNCVKQPUJKRDGVYGGP EGPVTCN UKVG 1 NGXGNU CPF RGTUQPCN GZRQUWTGU KPVJKU UQWVJYGUVGTP EQOOWPKV[ YCU PQV CFFTGUUGF#NVJQWIJ VJG UVCVKUVKECN OQFGNU GORNQ[GF YGTGCRRTQRTKCVG CPF YGNN EJQUGP KV CRRGCTU VJCV C UWDUVCPVKCNCOQWPV QH GZRNQTCVQT[ FCVC CPCN[UKU YCU RGTHQTOGF RTKQTVQ UGNGEVKQP QH TGUWNVU VQ RTGUGPV KP VJG RCRGT NGCFKPI VQWPEGTVCKPVKGU TGICTFKPI VJG UVCVKUVKECN XCNKFKV[ QH VJGJ[RQVJGUKU VGUVU RTGUGPVGF-T\[\CPQYUMK GV CN

### 6CDNGEQPV	F#EWVG'HHGEVUQH2JQVQEJGOKECN1ZKFCPV2QNNWVKQP&CKN[.KHG5VWFKGUQH.WPI(WPEVKQPCPF4GURKTCVQT[5[ORVQOUC2QNNWVCPVU'PXKTQPOGPVCN 8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 4GHGTGPEG/GCPU CPF TCPIG QH OCZ FCKN[ J XCNWGU1 OGCP  IO  TCPIG  IO  51 OGCP  IO  TCPIG  IO  01 OGCP  IO  TCPIG  IO  %Q* OGCP   %Q* WPKVUTCPIG   %Q* WPKVU VGORGTCVWTG OGCP % TCPIG VQ 
%(QNNQYWR UVWF[ 
5GRVGODGT  VJTQWIJ #RTKN  QHRQNNWVCPVTGURKTCVQT[ U[ORVQO TGNCVKQPUJKRU KP UWDUGVU QHEJKNFTGP HTQO  %JGUVPWV 4KFIG ETQUUUGEVKQPCN UVWF[ QHOQTG VJCP  GNGOGPVCT[ UEJQQN EJKNFTGP 5WDUCORNGUUGNGEVGF HTQO UKZ UEJQQNU KP UVWF[ CTGC YKVJ EQPUKUVGPVN[JKIJGT NGXGNU QH CKT RQNNWVKQP FWTKPI RTGXKQWU  [GCTU5WDUCORNGU 
VJTGG UVTCVKHKGF D[ TGRQTVGF U[ORVQOU 1PGQT OQTG QH HQNNQYKPI OGCUWTGU VCMGP HQT  EJKNFTGPFKCTKGU U[ORVQO SWGUVKQPPCKTG URKTQOGVT[ 6GNGRJQPGHQNNQYWR GCEJ  YGGMU QP FKCTKGU URKTQOGVT[ FQPG CVUEJQQN RQNNWVCPVU 
KPENWFKPI 1  OGCUWTGF CV QPG OQPKVQTFCVC HTQO  OQPKVQTU HQT 51 IGPGTCNN[ TGHNGEVGF KP FCVC CVUKPING OQPKVQT &KCT[ RCPGN UVWF[ EQXGTGF  OQUWEEGUUKXG 2'(4 URKTQOGVT[ UVWFKGU QH  YGGMU GCEJ FQPGKP TGURGEVKXG ITQWRU QH VJG VJTGG UWDUCORNGU4GNCVKQPUJKRU QH OCZKOWO JQWTN[ 51  01  1  CPF %Q* CPF OKPKOWO VGORGTCVWTG HQT GCEJ J RGTKQF VQ FCKN[WRRGT CPF NQYGT TGURKTCVQT[ KNNPGUU YJGG\G CPF 2'(4YGTG GXCNWCVGF WUKPI OWNVKRNG TGITGUUKQP OQFGNU CFLWUVGFHQT KNNPGUU QEEWTTGPEG QT NGXGNU QH 2'(4 QP RTGEGFKPIFC[ 0Q CKT RQNNWVCPV YCU UVTQPIN[ CUUQEKCVGF YKVJTGURKTCVQT[ KNNPGUU QT YKVJ 2'(4 #WVJQTU EQPENWFGF VJCVVJKU UVWF[ ECP DGUV DG KPVGTRTGVGF CU UJQYKPI PQ CEWVGGHHGEVU QH UVWFKGF RQNNWVCPVU QP TGURKTCVQT[ U[ORVQOU QT2'(4 KP EJKNFTGP CV NGXGNU NQYGT VJCP VJG EWTTGPV0##35 DWV CNUQ PQVGF VJCV EQPENWUKQP OWUV DG VGORGTGFD[ TGNCVKXGN[ NQY NGXGNU QH RQNNWVCPVU GPEQWPVGTGF CPFRQUUKDKNKV[ QH GZRQUWTG OKUENCUUKHKECVKQP8GFCN GV CN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC%KVGF KP 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
D

### TGRQTVGFTGUWNVUVJCVKPFKECVGFCUUQEKCVKQPUDGVYGGPCODKGPVQZKFCPVGZRQUWTGUCPFXCTKQWUOGCUWTGUQHTGURKTCVQT[GHHGEVUGIKTTKVCVKXGTGURKTCVQT[U[ORVQOUCPFCEWVGRWNOQPCT[HWPEVKQPFGETGOGPVUKPEJKNFTGPCPFCFWNVU6JGCIITGICVKQPQHKPFKXKFWCNUVWFKGURTQXKFGUTGCUQPCDN[IQQFGXKFGPEGHQTCPCUUQEKCVKQPDGVYGGPCODKGPVRJQVQEJGOKECNQZKFCPVUCPFCEWVGTGURKTCVQT[GHHGEVUCPFCFCVCDCUGVJCVKUIGPGTCNN[EQJGTGPVEQPUKUVGPVCPFDKQNQIKECNN[RNCWUKDNG+PCFFKVKQPQVJGTUVWFKGUQHKTTKVCVKXGU[ORVQOUKPEJKNFTGPCPFCFWNVUCNUQYGTGTGRQTVGFKPVJGFQEWOGPV(QTGZCORNG*COOGTGVCNTGRQTVGFSWCNKVCVKXGCUUQEKCVKQPUDGVYGGPCODKGPVQZKFCPVNGXGNUCPFU[ORVQOUUWEJCUG[GCPFVJTQCVKTTKVCVKQPEJGUVFKUEQOHQTVEQWIJCPFJGCFCEJGCVVQVCNQZKFCPVNGXGNUITGCVGTVJCPRROKP[QWPICFWNVUPWTUKPIUVWFGPVU9C[PGGVCNTGRQTVGFCJKIJEQTTGNCVKQP4 DGVYGGP 

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v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

### OQFGN-TWRPKEMGVCNTGRQTVGFUVCVKUVKECNN[UKIPKHKECPVGHHGEVUQH1 NGXGNUQPFCKN[ 

### TGRQTVGFTGURKTCVQT[U[ORVQOUKPJGCNVJ[PQPUOQMKPICFWNVUDWVPQVCOQPIUOQMGTUEJKNFTGPCPFRCVKGPVUYKVJEJTQPKETGURKTCVQT[FKUGCUG1UVTQGVCNGXCNWCVGFVJGFCKN[TGRQTVUQHPQPUOQMKPICFWNVUCPFWUKPICNQIKUVKETGITGUUKQPOQFGN### 6CDNG#EWVG'HHGEVUQH2JQVQEJGOKECN1ZKFCPV2QNNWVKQP5[ORVQO2TGXCNGPEGC2QNNWVCPVU CPF 'PXKTQPOGPVCN 8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 4GHGTGPEG6QVCN QZKFCPV %1 51  01 CPF 01 OGCUWTGF VQVCN QZKFCPV EQPEGPVTCVKQPU TGCEJGF GRKUQFKENGXGNU 
OCZKOWO JFC[  VQ  RROOGCP FCKN[ VGORGTCVWTG YCU %4GCPCN[UKU QH FCKN[ FKCT[ UVWF[ QH UVWFGPV PWTUGU YQTMKPICPF NKXKPI CV UEJQQNU KP .QU #PIGNGU 
UGG 75'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[  HQT FGVCKNU QH*COOGT GV CN  6JKU UGTKGU QH RCRGTU TGGZCOKPGU VJGPWTUGU	 FCVC WUKPI NQIKUVKE TGITGUUKQP OQFGNU CPF VKOG UGTKGUOGVJQFU VQ CEEQWPV HQT UGTKCN EQTTGNCVKQP 
CWVQEQTTGNCVKQP QHU[ORVQOU QP UWEEGUUKXG FC[U 6JG GHHGEVU QH VQVCN QZKFCPVUQP FCKN[ RTGXCNGPEG TCVGU QH U[ORVQOU TKUMU QH FGXGNQRKPIPGY U[ORVQOU 
GRKUQFGU CPF FWTCVKQP QH GRKUQFGU YGTGCPCN[\GF#UUQEKCVKQPU HQWPF DGVYGGP VQVCN QZKFCPVU CPF RTGXCNGPEG QHEQWIJ CPF G[G KTTKVCVKQP EQPHKTOKPI RCTV QH HKPFKPIU QH QTKIKPCNUVWF[ #UUQEKCVKQP YKVJ EQWIJ QPN[ CV QZKFCPV EQPEGPVTCVKQPUCDQXG CRRTQZKOCVGN[  RRO 2TGXKQWUN[ TGRQTVGFCUUQEKCVKQPU DGVYGGP QZKFCPVU CPF EJGUV FKUEQOHQTV CPFJGCFCEJG 
*COOGT GV CN  PQV EQPHKTOGF 1ZKFCPVUCUUQEKCVGF YKVJ KPETGCUGF TKUM 
KPEKFGPEG QH EJGUV FKUEQOHQTVCPF G[G KTTKVCVKQP CPF FWTCVKQP QH GRKUQFGU QH EQWIJ RJNGIOCPF UQTG VJTQCV &WTCVKQP QH U[ORVQOU UJQYGF EQPEGPVTCVKQPTGURQPUG TGNCVKQPUJKRU GXGP DGNQY  RRO (KPFKPIU UWIIGUVFKHHGTGPV GHHGEVU QH QZKFCPVU QP U[ORVQO EJCTCEVGTKUVKEU .CEMQH FCKN[ RCTVKEWNCVG OGCUWTGOGPVU UOCNN PWODGT QH UWDLGEVUCPF JGVGTQIGPGQWU KPFKXKFWCN TGURQPUGU TGUVTKEV SWCPVKVCVKXGKPVGTRTGVCVKQP QH TGUWNVU .WPI HWPEVKQP YCU PQV OGCUWTGF5EJYCTV\ 
5EJYCTV\ CPF <GIGT5EJYCTV\ GV CN 
&CKN[ 1  01  51  CPF %Q* CPFGXGT[ UKZVJ FC[ UWNHCVGU OGCUWTGF CV QPG UKVG 
#\WUCJ FCKN[ OCZKOWO 1  RRO J CXGTCIG 1  RRO UWNHCVGU IO  OCZKOWOVGORGTCVWTG YCU %4GCPCN[UKU QH FCKN[ FKCTKGU EQORNGVGF FWTKPI FC[ UWTXG[RGTKQF 
5GRVGODGT  VQ /CTEJ  D[  EJKNFTGP CPF CFWNVU 
-TWRPKEM GV CN  CPF  PQPUOQMKPICFWNVU 
1UVTQ GV CN  NKXKPI KP )NGPFQTC %QXKPC QT#\WUC %# 
UGG (NGUJ GV CN  HQT FGVCKNU 2TGUGPEG QTCDUGPEG QH  
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
P   YKVJQWV CKT EQPFKVKQPGTU CPF VJQUG YKVJRTGGZKUVKPI TGURKTCVQT[ KPHGEVKQP YGTG CPCN[\GF.QIKUVKE TGITGUUKQP OQFGN KPFKECVGF UKIPKHKECPV CUUQEKCVKQPUDGVYGGP KPEKFGPEG QH NQYGT TGURKTCVQT[ U[ORVQOU CPF JGCNVJ[PQPUOQMKPI CFWNVU 
DWV PQV COQPI UOQMGTU EJKNFTGP QTRCVKGPVU YKVJ EJTQPKE TGURKTCVQT[ FKUGCUG J FCKN[ OCZKOWO1 NGXGNU 
14    %+ QH  HQT C  RROEJCPIG J CXGTCIG 1 NGXGN 
14    %+ QH CPF CODKGPV UWNHCVGU 
14    %+ QH HQT C IO EJCPIG %Q* YCU UKIPKHKECPVN[TGNCVGF VQ FCKN[ U[ORVQOU KP EJKNFTGP )CU UVQXG KP VJG JQOGYCU CUUQEKCVGF YKVJ NQYGT TGURKTCVQT[ VTCEV U[ORVQOU14    %+ QH  CU YGTG VJG GHHGEVU QH 1KP UWDITQWRU YKVJQWV TGUKFGPVKCN CKT EQPFKVKQPGT14   CPF YKVJ RTGGZKUVKPI TGURKTCVQT[ KPHGEVKQP 
14  #NN VJG CDQXG KPETGCUGF TKUMU YGTG UVCVKUVKECNN[UKIPKHKECPV 
R   +PVGTRTGVCVKQP QH TGUWNVU NKOKVGF D[UGNGEVKQP QH UCORNG WPFGTUCORNKPI QH [QWPI CFWNVUCIITGICVKQP QH U[ORVQOU QH CNN UGXGTKV[ NGXGNU KPVQ QPGOGCUWTG RQUUKDNG TGRQTVKPI DKCU CPF CDUGPEG QH KPFQQTGZRQUWTG CGTQCNNGTIGP CPF NWPI HWPEVKQP FCVC-TWRPKEM GV CN1UVTQ GV CN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC

### HQWPFCUVCVKUVKECNN[UKIPKHKECPVCUUQEKCVKQPDGVYGGPVJGKPEKFGPEGQHNQYGTTGURKTCVQT[VTCEVU[ORVQOUCPFJFCKN[OCZKOWOCPFJCXGTCIG1 NGXGNUCPFKPETGCUGFTKUM 

### TGURGEVKXGN[YKVJRROKPETGCUGKP1 CPFCODKGPVUWNHCVGUKPETGCUGFTKUMYKVJC 

### IO EJCPIG6JGNQYGTTGURKTCVQT[VTCEVGHHGEVUQH1 YGTGITGCVGTKPVJGUWDITQWRUYKVJ 


### ICUUVQXGUYKVJQWVTGUKFGPVKCNCKTEQPFKVKQPGTUCPFYKVJRTGGZKUVKPITGURKTCVQT[KPHGEVKQP+PVGTRTGVCVKQPQHVJGTGUWNVUKUNKOKVGFD[VJGUGNGEVKQPQHVJGUCORNGHQTCPCN[UKUWPFGTUCORNKPIQH[QWPICFWNVUCIITGICVKQPQHU[ORVQOUQHCNNUGXGTKV[NGXGNUKPVQQPGOGCUWTGRQUUKDNGTGRQTVKPIDKCUCPFCDUGPEGQHKPFQQTGZRQUWTGQWVFQQTCGTQCNNGTIGPCPFNWPIHWPEVKQPFCVC6JGTGUWNVUHTQOVJGCDQXGRCPGNUVWFKGUUWIIGUVCOQFGUVDWVDKQNQIKECNN[RNCWUKDNGTGNCVKQPUJKRDGVYGGPUJQTVVGTOGZRQUWTGVQCODKGPVQZKFCPVU1 CPFTGURKTCVQT[U[ORVQOU

### 6JGKPVGTRTGVCVKQPQHVJGUGTGEGPVTGCPCN[UGUKUNKOKVGFD[UGXGTCNHCEVQTU*GVGTQIGPGQWUKPFKXKFWCNTGURQPUGUQEEWTCPFCPCN[UGUQHITQWRGFFCVCRQUUKDN[OC[OKUUUWUEGRVKDNGUWDITQWRU6JGNCEMQHURGEKHKEOGCUWTGOGPVUQH1 CPFQVJGTRQNNWVCPVUGURGEKCNN[RCTVKENGU 

### CPFQHRGTUQPCNGZRQUWTGQTTKUMXCTKCDNGUGIVKOGCEVKXKV[FCVCYGCMGPVJGCUUGUUOGPVQHEQPHQWPFGTUCPFGHHGEVOQFKHKGTU+PCFFKVKQPVJGQXGTCNNFCVCCPCN[UKURGTVCKPUVQUOCNNCPFXGT[UGNGEVGFUCORNGUVJCVJCXGWPEGTVCKPTGRTGUGPVCVKXGPGUUVQVJGIGPGTCNRQRWNCVKQP

#IITCXCVKQPQH'ZKUVKPI4GURKTCVQT[&KUGCUGU2TKQTGRKFGOKQNQIKECNFCVCQPVJGGHHGEVUQHCODKGPV1 NGXGNUKPUWDLGEVUYKVJ 

### GZKUVKPITGURKTCVQT[FKUGCUGJCXGDGGPFKHHKEWNVVQKPVGTRTGVFWGVQOGVJQFQNQIKECNNKOKVCVKQPU75'PXKTQPOGPVCN2TQVGEVKQP#IGPE['ZCEGTDCVKQPQHCUVJOCCPFQVJGTJGCNVJGPFRQKPVUUWDUGSWGPVN[JCUDGGPGXCNWCVGFCPFOQTGTGEGPVUVWFKGUJCXGQDUGTXGFRQUUKDNGKPETGCUGUKPU[ORVQOCIITCXCVKQPQTEJCPIGUKPNWPIHWPEVKQPQHCUVJOCVKEUWDLGEVUKPTGNCVKQPVQKPETGCUGF1 QTVQVCNQZKFCPVNGXGNUCUYGNNCUKPVGTCEVKQPUDGVYGGP1 EQPEGPVTCVKQPUCPF  

### VGORGTCVWTG*QYGXGTPQEQPUKUVGPVRCVVGTPQHHKPFKPIUHQTCIITCXCVKQPQHU[ORVQOUQTNWPIHWPEVKQPEJCPIGUJCUDGGPTGRQTVGFHQTRCVKGPVUYKVJQVJGTV[RGUQHEJTQPKENWPIFKUGCUG5QOGQHVJGOCLQTKUUWGUKPKPVGTRTGVKPITGUWNVUHTQOUVWFKGUQHTGURKTCVQT[GZCEGTDCVKQPUJCXGDGGPKPCFGSWCVGUCORNGUK\GCPFEJCTCEVGTK\CVKQPQHVJGUVWF[UWDLGEVUNCEMQHKPHQTOCVKQPQPVJGRQUUKDNGGHHGEVUQHOGFKECVKQPUVJGCDUGPEGQHTGEQTFUHQTCNNFC[UQPYJKEJU[ORVQOUEQWNFJCXGQEEWTTGFKPCFGSWCVGKPVGTRTGVCVKQPQHVJGENKPKECNUKIPKHKECPEGQHOGCUWTGFEJCPIGUVJGTQNGQHEQPHQWPFGTUCPFGHHGEVOQFKHKGTUGIVGORGTCVWTGJWOKFKV[RCTVKENGUCGTQCNNGTIGPUCPFRGTUQPCNQTITQWREJCTCEVGTK\CVKQPQHKPFQQTQWVFQQTGZRQUWTGU(QTGZCORNG9JKVVGOQTGCPF-QTPCPF*QNIWKPGVCNHQWPFUOCNNKPETGCUGUKPVJGRTQDCDKNKV[QHCUVJOCCVVCEMUCUUQEKCVGFYKVJRTGXKQWUCVVCEMUFGETGCUGFVGORGTCVWTGCPFKPETGOGPVCNKPETGCUGUKPQZKFCPVCPF1 EQPEGPVTCVKQPU.GDQYKV\GVCN 

### CPF.GDQYKV\TGRQTVGFGHHGEVUKPCUVJOCVKEUUWEJCUFGETGCUGF2'(4CPFKPETGCUGFTGURKTCVQT[U[ORVQOUVJCVYGTGTGNCVGFVQVJGKPVGTCEVKQPQH1 CPFVGORGTCVWTG0QPGQH 

### VJGUGUVWFKGUCFGSWCVGN[CUUGUUGFRQUUKDNGGHHGEVOQFKHKECVKQPD[QVJGTRQNNWVCPVURCTVKEWNCTN[KPJCNCDNGRCTVKENGUYJKEJOC[JCXGKPFGRGPFGPVGHHGEVU'RKFGOKQNQIKECNUVWFKGURWDNKUJGFUKPEGVJGETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[JCXGCVVGORVGFVQEQPVTQNHQTOCP[OGVJQFQNQIKECNKUUWGUGIYKVJ=?DGVVGTGUVKOCVGUQHGZRQUWTGVQRQNNWVCPVU=CUYGNNCU1 ?CPF 

### GPXKTQPOGPVCNXCTKCDNGUVJCVECPEQPHQWPFQTOQFKH[TGURQPUGU=?UGTKCNOGCUWTGOGPVUQHRWNOQPCT[HWPEVKQPHQTFGVGTOKPKPIEQTTGNCVKQPUYKVJRQNNWVCPVUCPFQVJGTGPXKTQPOGPVCNXCTKCDNGU=?DGVVGTDKQOGFKECNEJCTCEVGTK\CVKQPQHEQJQTVUCPF=?OQTGTQDWUVCPCN[VKECN

### CRRTQCEJGUVJCVEQPVTQNHQTCWVQEQTTGNCVKQPQHGPXKTQPOGPVCNXCTKCDNGUCPFJGCNVJTGURQPUGU4GEGPVUVWFKGUIGPGTCNN[JCXGRTQXKFGFHWTVJGTGXKFGPEGVJCVUWRRQTVUCTGNCVKQPUJKRDGVYGGPCODKGPV1 QZKFCPVEQPEGPVTCVKQPUCPFTGURKTCVQT[OQTDKFKV[KPCUVJOCVKEUWDLGEVU 

### 6CDNG)QPIUVWFKGFVJGTGNCVKQPUJKRDGVYGGPCKTSWCNKV[CPFTGURKTCVQT[UVCVWUQHCUVJOCVKEUWDLGEVUNKXKPIKPCJKIJQZKFCPVCTGCQH.QU#PIGNGU%QWPV[6JGUVWF[EQXGTGF(GDTWCT[VQ&GEGODGTDWVFCVCCPCN[UGUYGTGNKOKVGFVQCFC[RGTKQF#RTKNVJTQWIJ0QXGODGTDGECWUGQHUVCIIGTGFGPVT[QHUWDLGEVUKPVQVJGUVWF[CPFVJGJKIJHTGSWGPE[QHOKUUKPIQTKPEQORNGVGFCVCGPEQWPVGTGFKPVJGGCTNKGTRCTVQHVJGUVWF[RGTKQF4GITGUUKQPCPFEQTTGNCVKQPCPCN[UGUDGVYGGP1 CPFCXGTCIGU[ORVQOUEQTGUCUVJOC 

### OGFKECVKQPKPFGZ#/+CPFFC[CPFPKIJV2'(4CETQUUUWDLGEVUUJQYGFYGCMPQPUKIPKHKECPVTGNCVKQPUJKRU6JGUGFCKN[QWVEQOGXCTKCDNGUYGTGEQORCTGFCETQUUFC[UYKVJOCZKOWOJCXGTCIG1 KPVJTGGTCPIGURROVQRROCPFRROPQUVCVKUVKECNQT 

### ENKPKECNUKIPKHKECPEGYCUFGVGEVGF+PFKXKFWCNGZRQUWTGUCPFCEVKXKV[RCVVGTPUYGTGPQVGUVKOCVGFKPVJGUGVYQCPCN[UGU/WNVKRNGTGITGUUKQPCPCN[UGUCNUQKPFKECVGFVJGNCEMQHCUKIPKHKECPVQXGTCNNTGNCVKQPUJKRDGVYGGP1 CPFVJGKTKPFGRGPFGPVXCTKCDNGUCPFTGURKTCVQT[ 

### UVCVWUFGURKVGVJGWUGQHNCIIGFXCTKCDNGUCPFVJGKPENWUKQPQHQVJGTRQNNWVCPVUOGVGQTQNQIKECNXCTKCDNGUCGTQCNNGTIGPUCPF#/+6QVCNUWURGPFGFRCTVKENGUFKTGEVN[CHHGEVGF2'(4DWVVJGTGNCVKQPUJKRYCUPQVEQPUKUVGPVKPVJGCPCN[UKU#GTQCNNGTIGPUUJQYGFUKIPKHKECPVN[PGICVKXGTGNCVKQPUJKRUVQTGURKTCVQT[XCTKCDNGUDWVQPN[VJGGHHGEVQHEGTVCKPOQNFUYCUEQPUKFGTGFENKPKECNN[TGNGXCPV6GORGTCVWTGCPFJWOKFKV[UJQYGFPQUKIPKHKECPVGHHGEVQPVJGTGURKTCVQT[XCTKCDNGUQPVJKUUVWF[#NVJQWIJVJGTGYCUPQUKIPKHKECPVQXGTCNNGHHGEVQH1 QPTGURKTCVQT[XCTKCDNGUKPVJG 

### CUVJOCVKEUWDLGEVUOWNVKRNGTGITGUUKQPCPCN[UKUQHUWDLGEVUYJQUG1 EQGHHKEKGPVUQPXCTKQWU 

### FC[UYGTGKPVJGVQRSWCTVKNGHQTFGRGPFGPVXCTKCDNGUTGURKTCVQT[OGCUWTGUUJQYGFUKIPKHKECPVCPFEQPUKUVGPVGHHGEVUQH1 QP&C[VCPFVJGRTGXKQWUFC[&C[V/WNVKRNGTGITGUUKQP 

### VGUVKPIQHUWDUGVUHQTCUUQEKCVKQPUQHU[ORVQOUEQTGQTFC[QTPKIJV2'(4QPVJGUCOGFC[1 CPFRTGXKQWUFC[XCNWGUQHVJGUCOGTGURQPUGUUJQYGFJKIJN[UKIPKHKECPV1 EQGHHKEKGPVUHQT

 

### CNNVJTGGTGURKTCVQT[OGCUWTGU6JGENKPKECNUKIPKHKECPEGQHTGURQPUGUKPU[ORVQOUEQTGUCPFFC[CPFPKIJVRGCMHNQYYCUGXCNWCVGFHQTCNNUWDLGEVUD[KPFKXKFWCNTGITGUUKQPCPCN[UGU0QUWDLGEVJCFGXKFGPEGQHUKIPKHKECPVYQTUGPKPIQHU[ORVQOUCVVTKDWVCDNGVQ1 FWTKPIVJGUVWF[#FWNVUWDLGEVUYKVJ 

### JKIJUEQTGUKPHCVKIWGJ[RGTXGPVKNCVKQPF[URPGCEQPIGUVKQPCPFTCRKFDTGCVJKPIKPVJG#UVJOC5[ORVQO%JGEMNKUVJCFOQTGPGICVKXGUNQRGEQGHHKEKGPVUHQT1 VJCPUWDLGEVUYKVJNQY 

### VQOQFGTCVGUEQTGUQPVJGEJGEMNKUV4GURQPFGTUUVCVKUVKECNN[KFGPVKHKGFD[OWNVKRNGTGITGUUKQPCPCN[UKUUEQTGFEQPUKUVGPVN[JKIJGTKPVJGHCEVQTUTGRTGUGPVKPIHCVKIWGJ[RGTXGPVKNCVKQPCPFTCRKFDTGCVJKPI6JGJKIJGTUEQTGUQHVJGUGTGURQPFGTUJQYGXGTYGTGCRRCTGPVN[PQVCUUQEKCVGFYKVJFKHHGTGPEGUKPCODKGPV1 EQPEGPVTCVKQPUUKPEGVJGVGUVUEQTGU 

### YGTGUKOKNCTFWTKPITGNCVKXGN[NQYHKTUVVGUVCPFJKIJUGEQPFVGUV1 FC[U6JGUKIPKHKECPEG 

### QHVJGRU[EJQNQIKECNTGUWNVUKUWPENGCTCVVJKUVKOG)QPI.GDQYKV\GVCNRGTHQTOGFCVKOGUGTKGUCPCN[UKUVQGXCNWCVGFCKN[TGURKTCVQT[TGURQPUGUVQQWVFQQTCPFKPFQQTCKTRQNNWVCPVCPFCGTQCNNGTIGPGZRQUWTGUKPRQVGPVKCNN[UGPUKVKXGCFWNVUNKXKPIKPCFT[ENKOCVG6WEUQP#<&CKN[U[ORVQOUCPF2'(4YGTGTGEQTFGFKPYGNNEJCTCEVGTK\GFITQWRUQHCUVJOCVKEUCNNGTIKEUWDLGEVURCVKGPVUYKVJEJTQPKECKTYC[UQDUVTWEVKQPCPFCU[ORVQOCVKEJGCNVJ[EQPVTQNUVQVCNUCORNGUK\GQHQXGT[GCTU&CKN[FKCTKGUKPENWFGFCEWVGU[ORVQOUOGFKECVKQPWUGCPFFQEVQTU	XKUKVU### 6CDNG#IITCXCVKQPQH'ZKUVKPI4GURKTCVQT[&KUGCUGUD[2JQVQEJGOKECN1ZKFCPV2QNNWVKQPC2QNNWVCPVU CPF 'PXKTQPOGPVCN 8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 4GHGTGPEG#KT RQNNWVCPV OGCUWTGOGPVU HQT #RTKN VQ 0QXGODGT WUGF KP UVCVKUVKECN CPCN[UGU &CKN[ OCZKOWO QH01  51  %1 6*% NGUUZ VJCP %CNKHQTPKC UVCPFCTFU QT 0##35 51IO QP  FC[U 652 IO QP  QH FC[U YKVJ FCVC &CKN[ OCZKOWO J CXGTCIG 1EQPEGPVTCVKQPU 
HTQO EQPVKPWQWU OQPKVQTKPI   RRO QP  FC[U  RROQP  FC[U  RRO QP  FC[U CPF RRO QP  FC[U 1WVFQQT CGTQCNNGTIGPUUCORNGF YKVJ 4QVQ4QF URQTGU RQNNGPU ITCUUGUOQNFU OKUEGNNCPGQWU FGDTKU CNN IGPGTCNN[ NQY GZEGRVHQT ITQWR QH EQOOQP OQNFU 
TWUVU UOWVUOWUJTQQO RTGUGPV KP VJQWUCPFU RGT USWCTGEGPVKOGVGT QP UCORNGT /GCP 
v5& FCKN[VGORGTCVWTG CV  RO FWTKPI  FC[U v % TCPIG %  FC[U YKVJ%'HHGEVU QH RQNNWVCPVU CPF QVJGT GPXKTQPOGPVCN XCTKCDNGU QPTGURKTCVQT[ U[ORVQOU CPF 2'(4 GXCNWCVGF KP OQRQRWNCVKQP UVWF[ QH CUVJOCVKEU NKXKPI KP JKIJ1 CTGC)NGPFQTC QH .QU #PIGNGU %QWPV[ %# &GVCKNGFSWGUVKQPPCKTGU IKXGP CV QWVUGV QP OGFKECNQEEWRCVKQPCNJKUVQTKGU CPF RGTUQPCN HCEVQTU KPENWFKPI IGPGTCN CEVKXKV[RCVVGTPU RU[EJQNQIKECN VGUVKPI 
#UVJOC 5[ORVQO %JGEMNKUV5VCVG6TCKV #PZKGV[ +PXGPVQT[ GVE CNUQ IKXGP QPEG FWTKPIIQQF CKT RGTKQF CPF QPEG FWTKPI UOQII[ RGTKQF .WPIHWPEVKQP 
URKTQOGVT[ CPF DTQPEJQFKNCVQT TGURQPUGU OGCUWTGFCV QWVUGV KP CNN UWDLGEVU &CKN[ FKCTKGU 
EJGEMGF ¥YGGMOKPK9TKIJV RGCM HNQY OGVGTU CPF 0GDWNK\GT %JTQPQNQICVVCEJGF VQ OGVGTGFFQUG KPJCNGT WUGF VQ TGEQTF U[ORVQOUFC[ CPF PKIJV 2'(4 CPF OGFKECVKQP WUG TGURGEVKXGN[/WNVKRNG TGITGUUKQP CPCN[UGU HQT QXGTCNN ITQWR VJGP UWDUGVUVYQ ITQWRU QH TGURQPFGTU CPCN[\GF UGRCTCVGN[ CPFEQORCTGF YKVJ TGUV QH EQJQTV'KIJV QH  UWDLGEVU EQORNGVKPI UVWF[ 
QH  TGETWKVGF UJQYGF PQXCTKCDKNKV[ KP CUVJOC UVCVWU FWTKPI VJG FC[ UVWF[ 4GURKTCVQT[UVCVWU QH HKPCN UVWF[ RQRWNCVKQPP   YKVJ IGPGTCNN[ OKNF QT UVCDNG CUVJOC CU C YJQNG PQV TGNCVGFGKVJGT ENKPKECNN[ QT UVCVKUVKECNN[ VQ OCZKOWO J CXGTCIG 1 QP &C[U VV V QT V HQT CP[ TGURKTCVQT[ XCTKCDNG GXGP YJGP CFLWUVKPI HQTOGFKECVKQP WUG U[ORVQOU CPF 2'(4 QP &C[ V 5WDUGV CPCN[UGUUJQYGF CUUQEKCVKQP QH 1 YKVJ U[ORVQOU CPF YKVJ FC[ CPF PKIJV 2'(4KP UWDLGEVU KP VQR SWCTVKNG HQT TGURKTCVQT[ OGCUWTGU DWV CUUQEKCVKQP FKFPQV HQNNQY C EQPUKUVGPV TGNCVKQPUJKR YKVJ CODKGPV 1 EQPEGPVTCVKQPU8 NGXGNU FWTKPI QWVFQQT VKOG PQV GUVKOCVGF 1WVEQOGU PQV TGNCVGF VQ'VKOG QWVFQQTU XU KPFQQTU QT VQ QWVFQQT VKOG QP ENGCP XU UOQII[FC[U 5WDUGVU 
TGURQPFGTU FKHHGTGF HTQO TGUV QH EQJQTV OCKPN[ KPUEQTGU QH #UVJOC 5[ORVQO %JGEMNKUV HQT HCEVQTU TGRTGUGPVKPI HCVKIWGJ[RGTXGPVKNCVKQP CPF TCRKF DTGCVJKPI DWV VJGTG YCU PQ FKHHGTGPEG KPTGURQPFGTU DGVYGGP ENGCP CPF UOQII[ RGTKQFU #GTQCNNGTIGPU HTQOOCRNG QCM DGGEJ CPF GNO VTGGU UJQYGF UKIPKHKECPV 
CPF ENKPKECNN[TGNGXCPV TGNCVKQPUJKRU VQ TGURKTCVQT[ XCTKCDNGU 'ZRQUWTG CUUGUUOGPVNKOKVGF D[ QWVFQQTUQPN[ OQPKVQTKPI CPF NCEM QH VKOGCEVKXKV[ FCVC)QPI 
)QPI GV CN*QWTN[ QWVFQQT 1  %1 01  CPF 652 OGCUWTGF HTQO VJTGG UVCVKQPU *QWTN[ OCZKOC WUGF HQT 1 CPF%1 FCKN[ %1 CPF 01 FGTKXGF CU YGKIJVGF OGCUWTGUHQT GCEJ ENWUVGT UCORNKPI UKVG CPF FCKN[ XCNWGU YGTGWUGF 5CORNG QH JQOGU OQPKVQTGF KPUKFG CPF QWVUKFGHQT RCTVKEWNCVGU CPF ICUGU CPF GXCNWCVGF HQT JQWUKPIEJCTCEVGTKUVKEU 
GI ICU UVQXG WUCIG/GVGQTQNQIKECN XCTKCDNGU OGCUWTGF FCKN[6GORGTCVWTG FCVC PQV TGRQTVGF'HHGEVU QH QWVFQQT CPF KPFQQT CKT RQNNWVCPVU CPF CGTQCNNGTIGPUGXCNWCVGF KP C [GCT UVWF[ QH  UWDLGEVU YKVJ CUVJOC YKVJ CKTYC[ QDUVTWEVKXG FKUGCUG  CVQRKEU CPF  PQTOCNUNKXKPI KP CP CTKF GPXKTQPOGPV 
6WEUQP #< 5WDLGEVU RCTV QHC EQOOWPKV[ RQRWNCVKQP UCORNG QH  HCOKNKGU 
UGG 75'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[  HQT FGVCKNU QH.GDQYKV\ GV CN    .GDQYKV\  CPF JCFYGNNEJCTCEVGTK\GF U[ORVQOU OGFKECVKQP WUG NWPI HWPEVKQPOGVJCEJQNKPG TGURQPUG 
KP C UWDUCORNG CPF KOOWPQNQIKECNUVCVWU &CKN[ FKCTKGU 
CEWVG U[ORVQOU OGFKECVKQP WUG CPFFQEVQTU	 XKUKVU CPF FCKN[ 2'(4 
¥FC[ RGTHQTOGF HQT OQ ¥UVWF[ RGTKQF &WTCVKQP QH VKOG URGPVQWVFQQTU TGEQTFGF 5RGEVTCN VKOG UGTKGU CPCN[UGU WUGF VQGXCNWCVG GCEJ TGURKTCVQT[ TGURQPUG XCTKCDNG HQT RGTKQFKEVGPFGPEKGU CPF EQXCTKCPEG 
FGRGPFGPV CPF KPFGRGPFGPVHWPEVKQPU CU RTQEGUUGU KP VKOG KP VJG FKHHGTGPV ITQWRU#UVJOCVKEU JCF ITGCVGUV PWODGT QH TGURKTCVQT[ EQORNCKPVU YJKEJ YGTGTGNCVGF VQ VJG RTGUGPEG QH ICU UVQXGU CEVKXG UOQMKPI JWOKFKV[ CPFVGORGTCVWTG 1 YCU CUUQEKCVGF YKVJ RGCM HNQY CPF VGORGTCVWTG 
NCVGURTKPI YJGG\G 
&C[ V YKVJ JWOKFKV[ CPF RTQFWEVKXG EQWIJ 
&C[ V 1 
&C[ V YCU TGNCVGF VQ RTQFWEVKXG EQWIJ FWTKPI VJG UWOOGT KPCNNGTIKE UWDLGEVU 1WVFQQT ICUGU CPF OGVGQTQNQIKECN XCTKCDNGUUKIPKHKECPVN[ TGNCVGF VQ U[ORVQOU CPF 2'(4 DQVJ KPFGRGPFGPVN[ CPF CUGHHGEV OQFKHKGTU 0Q UKIPKHKECPV 1 GHHGEV KP RCVKGPVU YKVJ QDUVTWEVKXGFKUGCUG QT KP PQTOCNU 5OCNN PWODGT QH UWDLGEVU CPF UVWF[ FC[U CPFNCEM QH KPFQQT 01 CPF 2/ OGCUWTGOGPVU OGCUWTGF RQNNWVCPV XCNWGU CPF GHHGEV GUVKOCVGU NKOKV SWCPVKVCVKXG KPVGTRTGVCVKQP QH UVWF[.GDQYKV\ GV CN

### 6CDNGEQPV	F#IITCXCVKQPQH'ZKUVKPI4GURKTCVQT[&KUGCUGUD[2JQVQEJGOKECN1ZKFCPV2QNNWVKQPC2QNNWVCPVU CPF 'PXKTQPOGPVCN 8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 4GHGTGPEG1WVFQQT 1 NGXGNU OGCUWTGF JQWTN[ D[ VJTGGUVCVKQPU CPF OCZKOWO  CPF J CXGTCIG XCNWGUYGTG WUGF VQ TGRTGUGPV 1 NGXGNU HQT CNN UWDLGEVU QPC IKXGP FC[ (QT GCEJ FC[ QH VJG UVWF[ VJG OGCPQH VJG OCZKOWO J 1 CXGTCIG HQT VJG RTGEGFKPI FC[U YCU ECNEWNCVGF VQ DG CP KPFGZQH EWOWNCVKXG GZRQUWTG 2/ YCU OGCUWTGF FCKN[CV QPG UVCVKQP /GCP v 5& QH OCZKOWO J1 EQPEGPVTCVKQPU YCU  v  RRO 
TCPIG RRO OQXKPI CXGTCIG OCZKOWO J1 NGXGNU YGTG  v  RRO 
RRO /CZKOWO FCKN[ QWVFQQT VGORGTCVWTG YCU( 
% RGT RGTUQPFC[ OCZKOWO 2/YCU IO 
OGCP IO  6GORQTCN GHHGEV QH CODKGPV 1 EQPEGPVTCVKQP QP 2'(4 FWTKPIOQ UVWF[ RGTKQF KP  EJKNFTGP 
 RJ[UKEKCPFKCIPQUGFCUVJOCVKEU CPF  PQPUOQMKPI CFWNVU 
 CUVJOCVKEU KP VJG6WEUQP EQOOWPKV[ RQRWNCVKQP UCORNG /KPK9TKIJV RGCMHNQY OGVGTU WUGF HQWT QT HGYGT VKOGU RGT FC[ DWV QPN[ HQT YGGM RGTKQFU CPF QPN[ QPG OGVGT YCU CUUKIPGFJQWUGJQNF%JKNFTGP	U VGUVU YGTG UWRGTXKUGF D[ CFWNV CPF KPKVKCN  FC[U QHQDUGTXCVKQP YGTG GNKOKPCVGF HTQO CPCN[UKU 5[ORVQOU HTQOFCKN[ FKCTKGU YGTG CNUQ WUGF KP CPCN[UKU 4CPFQOGHHGEVUNQPIKVWFKPCN OQFGN YCU WUGF HQT CPCN[UGU VQ CEEQWPV HQTCWVQEQTTGNCVKQP QH 2'(4 XCNWGU /WNVKHCEVQTKCN #0%18# YCUWUGF VQ CPCN[\G FC[VQFC[ EJCPIGU KP FCKN[ CXGTCIG 2'(4 CPFU[ORVQO RTGXCNGPEG TCVGU 
VJG FGRGPFGPV XCTKCDNGU KP TGNCVKQPVQJ 1 XCNWGU QP VJG UCOG FC[ CPF RTGXKQWU FC[U 
NCIU QH CPF #PCN[\GF 2'(4 FCVC NKOKVGF VQ CV NGCUV  OGCUWTGOGPVU HQTCV NGCUV  FC[U KP  QH EJKNFTGP CPF  QH CFWNVU 0QQP2'(4 KP PQPCUVJOCVKE CPF CUVJOCVKE EJKNFTGP YCU NQYGT YKVJJKIJGT J OCZKOWO 1 NGXGNU .OKP RRO 1 
R   CPF .OKP RRO 1 
R   TGURGEVKXGN[ 'HHGEV QHJ 1 OGCP QP GXGPKPI 2'(4 UGGP QPN[ KP CUVJOCVKEEJKNFTGP RQUUKDN[ TGHNGEVKPI C EWOWNCVKXG 1 TGURQPUG FWTKPIEQWTUG QH FC[ #OQPI CFWNVU GXGPKPI 2'(4 YCU FGETGCUGFKP CUVJOCVKEU YJQ URGPV OQTG VKOG QWVFQQTU QP FC[U YKVJJKIJGT 1 EQPEGPVTCVKQPU% ¥ 6 GHHGEV 6JG #0%18#OQFGN UJQYGF UKIPKHKECPV KPVGTCEVKXG GHHGEVU QH 1 ¥VGORGTCVWTG ¥ 2/ QP FCKN[ CXGTCIG 2'(4 &CKN[ TCVGU QHCNNGTIKEKTTKVCPV U[ORVQOU KPETGCUGF YKVJ VJG OCZKOWO J1 CXGTCIG 
  RRO QP VJG RTGXKQWU FC[ CPF KPETGCUGFOQTG YKVJ KPVGTCEVKQPU QH 1 ¥ VGORGTCVWTG ¥ 2/  /KUUKPI 2'(4 FCVC RQUUKDNG QXGTGUVKOCVKQP QH QWVFQQT1 GZRQUWTG NCTIG XCTKCDKNKV[ QH TGURQPUGU KP CUVJOCVKEUOGFKECVKQP WUG QP FC[U YKVJ JKIJ 1 NGXGNU TGNCVKXGN[ NQY 1 NGXGNU CPF WPEGTVCKP GHHGEVU QH KPFQQT CPF QWVFQQT CNNGTIGPUCPF TGURKTCVQT[ KPHGEVKQPU NKOKV KPVGTRTGVCVKQP.GDQYKV\ GV CN 
-T\[\CPQYUMK GV CN 


### 6CDNGEQPV	F#IITCXCVKQPQH'ZKUVKPI4GURKTCVQT[&KUGCUGUD[2JQVQEJGOKECN1ZKFCPV2QNNWVKQPC2QNNWVCPVU CPF 'PXKTQPOGPVCN 8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 4GHGTGPEG*QWTN[ 1  VYKEG FCKN[ 
 CO CPF  RO CEKFKECGTQUQNU 
UWNHCVGU 51  CPF *  CPF RQNNGP EQWPVU YGTGOGCUWTGF QP UKVG *QWTN[ VGORGTCVWTG 4* CPF 1OGCUWTGF HTQO PGCTD[ OQPKVQTU +P  RQNNWVKQPNGXGNU KPETGCUGF FCKN[ WPVKN &C[  YJGP OCZKOWO J1 TGCEJGF  RRO CPF FC[VKOG * CPF UWNHCVG NGXGNUYGTG  POO CPF IO  TGURGEVKXGN[ +P  CKT SWCNKV[ YCU DGVVGT 
GI VJG JKIJGUV FCKN[ JOCZKOWO 1 YCU  RRO 6GORGTCVWTG FCVC PQVTGRQTVGF'HHGEVU QH CODKGPV UWOOGTVKOG JC\G CKT RQNNWVKQP QPCUVJOCVKE EJKNFTGP 
CIGU  CVVGPFKPIYGGM CUVJOC ECOR KP %QPPGEVKEWV 4KXGT 8CNNG[YGTG GXCNWCVGF FWTKPI ,WPG  
P   CPF P   2'(4 CPF U[ORVQOU 
¥FC[ CPFPWODGT QH CUPGGFGF 
RTP KPJCNGF DTQPEJQFKNCVQTVTGCVOGPVU IKXGP D[ QPUKVG RJ[UKEKCP FWTKPI GCEJUVWF[ FC[ YGTG TGEQTFGF %QTTGNCVKQPU DGVYGGPJGCNVJ QWVEQOGU CPF CKT RQNNWVCPVU YGTG RGTHQTOGF+P  FCKN[ VQVCN PWODGT QH RTP VTGCVOGPVU JKIJN[ EQTTGNCVGFT  YKVJ OCZKOWO 1  51 FC[VKOG *  CPF OCZKOWO VGORGTCVWTG DWV QPN[ 51 
T   CPF * 
T   YGTGUKIPKHKECPV 
R   CPF TGOCKPGF UQ CHVGT VGORGTCVWTG YCUKPENWFGF KP VJG CPCN[UKU &CKN[ RQNNGP EQWPVU YGTG PQV CUUQEKCVGFYKVJ VTGCVOGPVU RTP #HVGTPQQP EJGUV U[ORVQOU 
EQWIJRJNGIO CPF YJGG\G CPF EJCPIGU KP OQTPKPICHVGTPQQP 2'(4XCNWGU 
GZENWFKPI EJKNFTGP IKXGP OGFKECVKQP YGTG UKIPKHKECPVN[EQTTGNCVGF 
R   YKVJ 1 CPF *  TGURGEVKXGN[ 5EJGFWNGFOGFKECVKQPU FKF PQV CRRCTGPVN[ RTQXKFG C RTQVGEVKXG GHHGEV 
:  R   CNVJQWIJ VJG HCKNWTG VQ CEJKGXG UVCVKUVKECNUKIPKHKECPEG KU PQV WPGZRGEVGF IKXGP VJG UOCNN UCORNG UK\G +P EJCPIG KP 2'(4 
OCIPKVWFG PQV TGRQTVGF EJGUV U[ORVQOUCPF VJG HGYGT FCKN[ GZCEGTDCVKQPU 
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
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC

### #UCORNGQHJQOGUYCUGXCNWCVGFHQTGPXKTQPOGPVCNEJCTCEVGTKUVKEUCPFYCUOQPKVQTGFKPFQQTUCPFQWVFQQTUCVVJGJQOGHQTICUGUCPFRCTVKENGUKPCFFKVKQPVQTGIKQPCNUVCVKQPCT[QWVFQQTOQPKVQTU#UVJOCVKEUUJQYGFVJGOQUVTGURKTCVQT[TGURQPUGU1WVFQQT1 NGXGNUYGTG 

### UKIPKHKECPVN[RTGNCVGFVQYJGG\GRTQFWEVKXGEQWIJCPFRGCMHNQYNCVGURTKPIKPVJGCUVJOCVKEITQWR5VCVKUVKECNKPVGTCEVKQPUDGVYGGP1 CPFUOQMKPIRTGUGPEGQHCICUUVQXG 

### OCZKOWOVGORGTCVWTGCPFOKPKOWOJWOKFKV[4 YGTGHQWPF6JGQVJGTITQWRUFKF 

### PQVFGOQPUVTCVGCP1 GHHGEVGZEGRVHQTVJGCVQRKEITQWRYJKEJJCFKPETGCUGFUWOOGTVKOG 

### RTQFWEVKXGEQWIJTGNCVGFVQ1 NGXGNU6JWUVJGUGTGUWNVUKPFKECVGCP1 GHHGEVQPCUVJOCVKEU  

### CPFVJCVUVCVKUVKECNKPVGTCEVKQPUDGVYGGP1 CPFQVJGTGPXKTQPOGPVCNHCEVQTUCTGUKIPKHKECPVN[ 

### TGNCVGFVQU[ORVQOUCPFRGCMHNQY1PVJGQVJGTJCPFVJGTGUWNVUCTGNCTIGN[FGUETKRVKXGCPFSWCNKVCVKXGYKVJQWVCFGSWCVGGHHGEVGUVKOCVQTU#UWDUGSWGPVCPCN[UKUQHVJGUCOGEQOOWPKV[RQRWNCVKQPUCORNGKP6WEUQP.GDQYKV\GVCN-T\[\CPQYUMKGVCNGXCNWCVGFVJGVGORQTCNTGNCVKQPUJKRDGVYGGP2'(4CPFCODKGPV1 KPEJKNFTGPCPFPQPUOQMKPICFWNVU&WTKPIRCTVQHVJGUVWF[ 

### RGTKQFCODKGPVRCTVKENGUYKVJC//#&QHOQTNGUU2/ YGTGEQNNGEVGFFCKN[CVQPG 

### OQPKVQTKPIUVCVKQP#TCPFQOGHHGEVUNQPIKVWFKPCNOQFGNCPFOWNVKHCEVQTKCNCPCN[UKUQHEQXCTKCPEGYGTGWUGFHQTCPCN[UGU&WTKPIVJGUVWF[RGTKQFVJGOCZKOWOCODKGPV1 EQPEGPVTCVKQPUYGTGTGNCVKXGN[NQYKGVJGJOCZKOWOPGXGTGZEGGFGFRRO+P



### EJKNFTGPPQQPRGCMHNQYUYGTGFGETGCUGFQPFC[UYJGPVJGTGYCUCJKIJ1 EQPEGPVTCVKQP

### %JKNFTGPYKVJRJ[UKEKCPEQPHKTOGFCUVJOCGZRGTKGPEGFVJGITGCVGUVFGETGCUGKPPQQPRGCMHNQY'XGPKPIRGCMHNQYCNUQYCUUKIPKHKECPVN[TGNCVGFVQ1 KPEJKNFTGPGURGEKCNN[CUVJOCVKE 

### EJKNFTGPUWIIGUVKPICEWOWNCVKXG1 TGURQPUGFWTKPIVJGEQWTUGQHVJGFC[#OQPICFWNVU 

### GXGPKPIRGCMHNQYUYGTGFGETGCUGFKPCUVJOCVKEUYJQURGPVOQTGVKOGQWVFQQTUQPFC[UYJGP1 NGXGNUYGTGJKIJ#HVGTCFLWUVOGPVHQTEQXCTKCVGUUKIPKHKECPVUVCVKUVKECNKPVGTCEVKQPUQHJ



### 1 NGXGNUYKVJ2/ CPFVGORGTCVWTGQPFCKN[2'(4YGTGHQWPF6JGTGYCUCUKIPKHKECPV

 

### KPETGCUGKPCNNGTIKEKTTKVCPVU[ORVQOTCVGUTGNCVGFVQRTQNQPIGFGZRQUWTGVQ1 OCZKOWOJ 

### CXGTCIGQPVJGRTGXKQWUFC[CPFVJGKPVGTCEVKQPUQH1 VGORGTCVWTGCPFJWOKFKV[6JGUVWF[ 

### JCFUQOGOGVJQFQNQIKERTQDNGOUGIOKUUKPIFCKN[2'(4FCVCKPOCP[UWDLGEVUNCEMQHKPHQTOCVKQPCDQWVURGEKHKEJQWTUURGPVQWVFQQTUOGFKECVKQPWUCIGCPFTGNCVKXGN[NQY1 NGXGNU 

### FWTKPIVJGUVWF[RGTKQF0QPGVJGNGUUVJGFCVCCPCN[UGUEQPVTQNQHEQPHQWPFGTUCPFQXGTCNNGZRQUWTGCUUGUUOGPVUVTGPIVJGPVJGEQPENWUKQPUQHVJGUVWF[VJGTGURKTCVQT[TGURQPUGVQ1 KU 

### CEWVGQEEWTUOQTGQHVGPKPCUVJOCVKEUCPFKPETGCUGUCUVGORGTCVWTGCPF2/ KPETGCUG 

### 6JGTGURKTCVQT[GHHGEVUQHCODKGPV1 CPFQVJGTEQGZKUVKPIRQNNWVCPVUYGTGGXCNWCVGF 

### FWTKPICYGGMCUVJOCECORKPVJG%QPPGEVKEWV4KXGT8CNNG[KP,WPGQHCPF6JWTUVQPGVCN'CEJEJKNFCIGVQ[GCTURCTVKEKRCVGFKPVJGUCOGFCKN[CEVKXKVKGUCNNYGGM2GCMHNQYCPFU[ORVQOUYGTGTGEQTFGFVYKEGCFC[CUYGNNCUVJGPWODGTQHCUPGGFGFRTPVTGCVOGPVUQHKPJCNGFDTQPEJQFKNCVQTCFOKPKUVGTGFD[CPQPUKVGRJ[UKEKCPFWTKPIGCEJFC[GCEJTGRTGUGPVKPICPGZCEGTDCVKQPQHCUVJOC*QWTN[OGCUWTGOGPVUQH1 CPFVYKEGFCKN[UCORNGUQHCEKFKECGTQUQNUUWNHCVGU=51 ?CPFJ[FTQIGPKQPU=* ?YGTG

 

### EQNNGEVGF6JGTGUWNVUKPFKECVGCUVTQPICUUQEKCVKQPDGVYGGPVJGCODKGPVCKTRQNNWVKQPOKZCPFVJGQEEWTTGPEGQHCUVJOCVKEGZCEGTDCVKQPUKPEJKNFTGP&WTKPIRQNNWVKQPNGXGNURTQITGUUKXGN[KPETGCUGFWPVKN&C[YJGPVJGJOCZKOWO1 EQPEGPVTCVKQPTGCEJGF 

### RROCPFVJGFC[VKOGCOVQRO* CPF51 EQPEGPVTCVKQPUYGTGPOO 


### CPFIO TGURGEVKXGN[6JGEQTTGNCVKQPUQHVJGFCKN[VQVCNPWODGTQHRTPVTGCVOGPVU 

### TGSWKTGFYKVJFCKN[OCZKOWO1 FC[VKOG51 CPF* CPFOCZKOWOVGORGTCVWTGYGTGCNN  

### JKIJTDWVQPN[51 TCPF* TYGTGUKIPKHKECPVRIKXGP 

### VJGUOCNNPWODGTQHFC[UKPXQNXGF#HVGTPQQPU[ORVQOUEQWIJRJNGIOCPFYJGG\GCPFOQTPKPICHVGTPQQPEJCPIGKP2'(4YKVJQWVOGFKECVKQPYGTGUKIPKHKECPVN[EQTTGNCVGFRYKVJ1 CPF* TGURGEVKXGN[&WTKPIVJGNQECNCKTSWCNKV[YCUDGVVGTGI 

### VJGFCKN[JOCZKOWO1 EQPEGPVTCVKQPYCUQPN[RRO6JGTGYGTGHGYGTCUVJOCVKE 

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

### TGEGPVUVWFKGUJCXGUVTGPIVJGPGFVJGKTEQPENWUKQPUD[KORTQXGOGPVUQTPGYCRRTQCEJGUKPVJGGUVKOCVKQPUQH1 GZRQUWTGEQPHQWPFGTUCPFGHHGEVOQFKHKGTUEJCTCEVGTK\CVKQPQHVJGUWDLGEVU 

### CPFUGTKCNOGCUWTGOGPVUQHVJGKTTGURQPUGUCPFCPCN[VKECNCRRTQCEJGU6JWUVJGCIITGICVGTGUWNVUECPDGXKGYGFCUDKQNQIKECNN[CPFVGORQTCNN[RNCWUKDNGEQPUKUVGPVCPFEQJGTGPVVQUQOGGZVGPVJQYGXGTUQOGOGVJQFQNQIKECNRTQDNGOURGTUKUV6JGUVWFKGUUJCTGEGTVCKPFGHKEKGPEKGUUWEJCUUOCNNPWODGTUQHUWDLGEVUYJKEJOC[TGFWEGUVCVKUVKECNRQYGTCPFVJGNCEMQHVKOGCEVKXKV[OGCUWTGOGPVUCPFUKIPKHKECPVFCVCCDQWVKPFKXKFWCNTGURQPUGUCPFVJGKTFKUVTKDWVKQP6JGKPFGRGPFGPVGHHGEVQHCODKGPV1 CUGUVKOCVGFD[UVCVKUVKECNOQFGNUKP 

### GRKFGOKQNQIKECNUVWFKGUKUFKHHKEWNVCVDGUVVQENGCTN[FKHHGTGPVKCVGHTQOVJQUGQHEQRQNNWVCPVUDGECWUG1 QTCPQVJGTRQNNWVCPVUWEJCU* OC[DGCEVKPIQPN[CUCPKPFKECVQTQHVJGVQZKE 

### RQVGPE[QHVJGCODKGPVOKZVWTGQHRQNNWVCPVU6JKUKPEQODKPCVKQPYKVJOGCUWTGOGPVGTTQTCPFWPEQPVTQNNGFCUUQEKCVKQPUYKVJQVJGTHCEVQTUEQORNKECVGUCPCN[VKECNHKPFKPIUCDQWVVJGTGNCVKQPUJKRUCOQPIEQORQPGPVUQHCPCODKGPVOKZVWTGCPFOC[PQVCEEWTCVGN[FKUGPVCPINGVJGGHHGEVUQH1 KPCDKQNQIKECNN[CRRTQRTKCVGHCUJKQP 



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

### RJQVQEJGOKECNQZKFCPVUCXCKNCDNGCVVJCVVKOG.KOKVCVKQPUKFGPVKHKGFKPENWFGFKPVGTHGTGPEGUD[

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

### URCVKCNN[YKVJKPCPCKTUJGFVJG[WUWCNN[CTGJKIJN[EQTTGNCVGFCETQUUUKVGUQXGTVKOGUQVJCVEQTTGNCVKQPCNVKOGUGTKGUUVWFKGUCTGPQVCUFGRGPFGPVQPFGVCKNGFGZRQUWTGCUUGUUOGPVUCUCTGHQTGZCORNGETQUUUGEVKQPCNUVWFKGUCPFKHVJGWNVKOCVGWUGQHVJGUGUVWFKGUKUVQDGKPENWFGFCUETKVGTKCHQTCODKGPVUVCPFCTFUVJGCVVCKPOGPVQHYJKEJKUGXCNWCVGFCVEGPVTCNOQPKVQTKPIUVCVKQPUVJGPVJGUGCTGVJGFCVCOQUVTGNGXCPVHQTCPCN[UKU*QYGXGTVJGWUWCNN[JKIJEQTTGNCVKQPQHVJGJFCKN[OCZKOWO1 EQPEGPVTCVKQPYKVJQVJGTCXGTCIKPIVKOGUGI 

### CPJCXGTCIGFCKN[OCZKOWOKPJKDKVUVJGCDKNKV[QHUWEJVKOGUGTKGUUVWFKGUVQFKUETKOKPCVGVJGOQUVDKQNQIKECNN[TGNGXCPV1 CXGTCIKPIVKOG

### 1HVJGEQPEGTPUTCKUGFD[VJGRTGXKQWUETKVGTKCFQEWOGPVTGICTFKPIGRKFGOKQNQIKECNUVWFKGUKPIGPGTCNVJGOQUVTGNGXCPVVQVKOGUGTKGUUVWFKGUKUVJGRQVGPVKCNHQTQVJGTUGTKCNN[EQTTGNCVGFGPXKTQPOGPVCNHCEVQTUGIVGORGTCVWTGQTQVJGTRQNNWVCPVUVQEQPHQWPFVJGWPKSWGKFGPVKHKECVKQPQH1 CUCETKVKECNECWUCNHCEVQTKPCP[GPXKTQPOGPVCNJGCNVJGHHGEVUKFGPVKHKGFXKC 

### VKOGUGTKGUCPCN[UGUQHCIITGICVGRQRWNCVKQPFCVC#UFKUEWUUGFD[6JWTUVQPCPF-KPPG[GKVJGTWRYCTFQTFQYPYCTFDKCUKPVJG1 GHHGEVGUVKOCVGECPTGUWNVKHVJGOQFGNKU 

### OKUURGEKHKGF+PVJGECUGQHWPFGTURGEKHKECVKQPKHCPQVJGTGPXKTQPOGPVCNHCEVQTVJCVKUDQVJUGTKCNN[EQTTGNCVGFYKVJ1 QXGTVKOGCPFCNUQOC[DGECWUCNN[TGNCVGFYKVJVJGGHHGEVWPFGT 

### EQPUKFGTCVKQPGIVGORGTCVWTGUVTGUUGHHGEVUQPOQTVCNKV[KUGZENWFGFHTQOVJGCPCN[UKUVJGP1 OC[RKEMWRVJCVGPXKTQPOGPVCNHCEVQT	UGHHGEVKPVJGOQFGNDKCUKPIVJG1 EQGHHKEKGPV

 

### WRYCTF%QPXGTUGN[VJGKPENWUKQPQHXCTKCDNGUKPVJGOQFGNVJCVCTGEQTTGNCVGFYKVJ1 EQPEGPVTCVKQPUDWVCTGWPNKMGN[VQDGECWUCNN[TGNCVGFVQVJGJGCNVJQWVEQOGGIVJG



### KPXGTUGQHYKPFURGGFTGUWNVUKPOQFGNQXGTURGEKHKECVKQPYJKEJOC[DKCUVJG1 EQGHHKEKGPV 

### FQYPYCTF1PN[XCTKCDNGUVJCVCTGDKQNQIKECNN[RNCWUKDNGUJQWNFDGKPENWFGFKPCVKOGUGTKGUOQFGNCPFKPVGTEQTTGNCVKQPUQHVJGOQFGNEQGHHKEKGPVUUJQWNFDGNQYKHOQFGNURGEKHKECVKQPDKCU

KUVQDGOKPKOK\GF1PGCURGEVQHGXCNWCVKPIVKOGUGTKGUGRKFGOKQNQIKEUVWFKGUQHVJGJGCNVJGHHGEVUQHCKTRQNNWVKQPVJCVYCUPQVTCKUGFFKTGEVN[D[VJGRTGXKQWUETKVGTKCFQEWOGPVDWVYJKEJECPDGETWEKCNVQRTQRGTKPVGTRTGVCVKQPKUVJGUVCVKUVKECNSWGUVKQPQHJQYGCEJUVWF[JCUCFFTGUUGFVJGRQVGPVKCNN[EQPHQWPFKPIKPHNWGPEGUQHNQPIYCXGGIUGCUQPCNXCTKCVKQPUKPVJGJGCNVJQWVEQOGFCVC6JGUGCUQPCNKV[QHOQTDKFKV[CPFOQTVCNKV[YCUOGPVKQPGFGZRNKEKVN[KP*KRRQETCVGU	VTGCVKUGQP#KTU9CVGTUCPF2NCEGUCPFJCUDGGPUVWFKGFQXGTVJG[GCTU*GEJVGTCPF)QNFUOKVJ+PTGURKTCVQT[FKUGCUGUUWEJCUCUVJOCVJKUUGCUQPCNKV[QHCFOKUUKQPUKUXGT[EQOOQPFWGKPRCTVVQVJGOWNVKHCEVQTKCNPCVWTGQHVJGUGFKUGCUGU(QTGZCORNGURTKPICPFHCNNKPETGCUGUKPRQNNGPCPFYKPVGTKPHNWGP\CGRKFGOKEUUWRGTKORQUGNQPIYCXGE[ENGUQPVJGFC[VQFC[XCTKCVKQPUKPTGURKTCVQT[JQURKVCNCFOKUUKQPTCVGU5WEJNQPIYCXGE[ENGUPGGFVQDGCFFTGUUGFCURCTVQHCP[VKOGUGTKGUCPCN[UKUHQTVYQTGCUQPUVJG[TGUWNVKPUVTQPICWVQEQTTGNCVKQPUVJCVXKQNCVGVJGWPFGTN[KPICUUWORVKQPUQHOQUVUVCVKUVKECNCRRTQCEJGUWUGFVQCPCN[\GUWEJFCVCCPFVJGKTKPENWUKQPECPNGCFVQOKUNGCFKPIEQPENWUKQPUKGEQPHQWPFKPIKPVJCVVJGNQPIYCXGTGNCVKQPUJKRUYQWNFNKMGN[QDUEWTGVJG

### CEWVGKGUJQTVYCXGGHHGEVUDGKPIGXCNWCVGF6JGPGGFVQCFFTGUUUGCUQPCNE[ENGUKPTGURKTCVQT[FKUGCUGVKOGUGTKGUFCVCKPQTFGTVQCXQKFURWTKQWUNQPIYCXGFQOKPCVGFEQTTGNCVKQPUJCUNQPIDGGPTGEQIPK\GFGI+RUGPGVCNDWVVQQQHVGPJCUDGGPKIPQTGFQTKPCFGSWCVGN[CFFTGUUGFKPVJGRWDNKUJGFNKVGTCVWTG#WVQEQTTGNCVKQPCNVJQWIJQHVGPEQPVTKDWVGFVQD[UGCUQPCNE[ENGUKPVJGFCVCECPDGKPVTQFWEGFD[QVJGTECWUGUCUYGNN(QTGZCORNG.KRHGTVPQVGFVJGPGGFHQTJQURKVCNK\CVKQPUVWFKGUVQVCMGKPVQCEEQWPVDQVJYGGMN[CPFUGCUQPCNVGORQTCNRCVVGTPUKPVJGFCVC6JWUCPKORQTVCPVETKVGTKQPHQTVJGGXCNWCVKQPQHCIITGICVGRQRWNCVKQPVKOGUGTKGUUVWFKGUQHVJGCEWVGOQTDKFKV[CPFOQTVCNKV[GHHGEVUQH1 KUYJGVJGTQTPQVVJGCWVJQTUJCXGCRRTQRTKCVGN[CFFTGUUGFCNNNQPIYCXG 

### RGTKQFKEKVKGUKPVJGFCVCCURCTVQHVJGKTCPCN[UKU6JGTGCTGCXCTKGV[QHUVCVKUVKECNCRRTQCEJGUCXCKNCDNGVQCFFTGUUCNNNQPIYCXGEQPHQWPFKPIKPVKOGUGTKGUCPCN[UGUGCEJJCXKPICFXCPVCIGUCPFFKUCFXCPVCIGU6JGRTKOCT[IQCNKPKPXQMKPIUWEJRTQEGFWTGUKUVQGNKOKPCVGVJGNQPIYCXGCWVQEQTTGNCVKQPPQKUGKPVJGFCVCYKVJQWVKPCFXGTVGPVN[TGOQXKPICP[1 TGNCVGFJGCNVJGHHGEVUUKIPCNCVVJGUCOGVKOG

### +PRCTVKEWNCTUVGRUVJCVCFFTGUUCWVQEQTTGNCVKQPKPVJGOQFGNDWVCNUQTGOQXGQTGZRNCKPUJQTVYCXGXCTKCPEGKPVJGJGCNVJQWVEQOGXCTKCDNGQHKPVGTGUVGID[CRRN[KPIRTGHKNVGTUVQVJGUGTKGUVJCVCHHGEVRGTKQFKEKVKGUFQYPVQCHGYFC[UQTD[CPCN[\KPIVJGTGUKFWCNUHTQORTKQTTGITGUUKQPUQHVJGQWVEQOGXCTKCDNGQPEQPVTQNXCTKCDNGUVJCVCTGEQTTGNCVGFYKVJ1 UWEJCU 

### VGORGTCVWTGECTT[YKVJVJGOVJGTKUMQHCNUQTGOQXKPIUJQTVYCXGCUUQEKCVKQPUQHKPVGTGUVDGHQTGVJGCEVWCNCPCN[UKUJCUDGIWP(WTVJGTOQTGCNVJQWIJVJGTGCTGUVCPFCTFTGITGUUKQPFKCIPQUVKEUCXCKNCDNGVQFGVGTOKPGYJGVJGTCWVQEQTTGNCVKQPTGOCKPUCUKIPKHKECPVRTQDNGOGIVJG&WTDKP9CVUQPUVCVKUVKEPQUWEJEJGEMGZKUVUVQFGVGTOKPGYJGVJGTVJGCWVQEQTTGNCVKQPTGOQXCNOGVJQFUCNUQJCXGKPCFXGTVGPVN[TGOQXGFCP1 JGCNVJGHHGEVUCUUQEKCVKQPQHKPVGTGUV

### 6JWUCNVJQWIJUVGRUOWUVDGVCMGPKPVKOGUGTKGUCPCN[UGUVQCFFTGUUVJGRQVGPVKCNN[NCTIGDKCUGUTGUWNVKPIHTQONQPIYCXGGIUGCUQPCNCWVQEQTTGNCVKQPUECTGOWUVDGVCMGPPQVVQCNUQTGOQXGVJGUKIPCNQHKPVGTGUVYJGPFGCNKPIYKVJVJGCWVQEQTTGNCVKQPRTQDNGO

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



### *QURKVCNCFOKUUKQPCPF'4XKUKVUVWFKGUVJCVJCXGEQPUKFGTGF1 CUUQEKCVKQPUCTG 

### UWOOCTK\GFKP6CDNG+PVJGRTGXKQWUETKVGTKCFQEWOGPVU75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[UWEJUVWFKGUYGTGHQWPFVQIKXGKPEQPUKUVGPVTGUWNVUHQT### 6CDNG*QURKVCN#FOKUUKQPU8KUKVUKP4GNCVKQPVQ2JQVQEJGOKECN1ZKFCPV2QNNWVKQP6KOG5GTKGU5VWFKGUC%QPEGPVTCVKQP
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E

### 6CDNGEQPV	F*QURKVCN#FOKUUKQPU8KUKVUKP4GNCVKQPVQ2JQVQEJGOKECN1ZKFCPV2QNNWVKQP6KOG5GTKGU5VWFKGUC%QPEGPVTCVKQP
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### 6CDNGEQPV	F*QURKVCN#FOKUUKQPU8KUKVUKP4GNCVKQPVQ2JQVQEJGOKECN1ZKFCPV2QNNWVKQP6KOG5GTKGU5VWFKGUC%QPEGPVTCVKQP
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 J OCZ YCUGZEGGFGF QP  QH VQVCN UVWF[ FC[UYJGTGCU  YCUGZEGGFGF QP FC[U1'4 XKUKVU HQT CUVJOC DTQPEJKVKU CPF HKPIGT YQWPFUC PQPTGURKTCVQT[ EQPVTQN CV PKPG JQURKVCNU KP EGPVTCN0GY ,GTUG[ YGTG CPCN[\GF HQT VJG RGTKQF /C[ VQ #WIWUV CPF  &CKN[ XCNWGU QH 1 CPF 51 QDVCKPGF HTQO PGCTGUV QH HKXG OQPKVQTKPI UKVGU $CTQOGVTKERTGUUWTG VGORGTCVWTG 4* CPF XKUKDKNKV[ 
CU CP KPFGZQH UWNHCVG QDVCKPGF HTQO C 0GYCTM OGCUWTGOGPVUVCVKQP$KXCTKCVG EQTTGNCVKQPU KPFKECVGF CUVJOC XKUKVU VQ DG UVTQPIN[ PGICVKXGN[ EQTTGNCVGFYKVJ VGORGTCVWTG CPF YGCMN[ PGICVKXGN[ EQTTGNCVGF YKVJ 1  UWIIGUVKPI C UGCUQPCNKV[KPHNWGPEG FGURKVG NKOKVCVKQP VQ VJG 1 UGCUQP *QYGXGT UKOWNVCPGQWU TGITGUUKQP QHCUVJOC XKUKVU QP CNN GPXKTQPOGPVCN XCTKCDNGU [KGNFGF UKIPKHKECPV 
RQUKVKXG 1 CPFPGICVKXG VGORGTCVWTG EQGHHKEKGPVU QPN[ UWIIGUVKPI VJCV VGORGTCVWTG CEVGF CU CNQPIYCXG EQPVTQN XCTKCDNG TGXGCNKPI VJG UJQTVYCXG 1 TGNCVKQPUJKR YKVJ CUVJOC&C[QHYGGM GHHGEVU QP XKUKVU HQWPF WPKORQTVCPV 0Q GPXKTQPOGPVCN CUUQEKCVKQPUUGGP YKVJ DTQPEJKVKU QT EQPVTQN ECUGU 
HKPIGT EWVU%QF[ GV CN 
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### 6CDNGEQPV	F*QURKVCN#FOKUUKQPU8KUKVUKP4GNCVKQPVQ2JQVQEJGOKECN1ZKFCPV2QNNWVKQP6KOG5GTKGU5VWFKGUC%QPEGPVTCVKQP
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D

### 6CDNGEQPV	F*QURKVCN#FOKUUKQPU8KUKVUKP4GNCVKQPVQ2JQVQEJGOKECN1ZKFCPV2QNNWVKQP6KOG5GTKGU5VWFKGUC%QPEGPVTCVKQP
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
E 
v/GCP 
v5&  COVQ  RO CXI1'4 XKUKVU HQT CUVJOC CV EGPVTCN 0GY ,GTUG[ JQURKVCNUHTQO /C[ VQ #WIWUV  VQ  TGNCVGF VQ FCKN[ NGXGNU QH1 CPF VGORGTCVWTG 1VJGT GPXKTQPOGPVCN XCTKCDNGUEQPUKFGTGF KPENWFG 4* UWNHCVGU 01  51  CPF XKUKDKNKV[ #UVJOC XKUKVU YGTG UKIPKHKECPVN[ CUUQEKCVGF YKVJ 1 CPF COVGORGTCVWTG DWV PQV YKVJ QVJGT GPXKTQPOGPVCN XCTKCDNGU EQPUKFGTGF 1EQGHHKEKGPV KORNKGU C  OGCP GHHGEV DWV WPCFFTGUUGF VGORGTCVWTGGHHGEVU OC[ DG C EQPHQWPFKPI HCEVQT #P CPCN[UKU NKOKVGF VQ ,WN[ CPF#WIWUV TGFWEGU VJKU EQPEGTP [KGNFKPI C  OGCP GHHGEV D[ 1 9GKUGN GV CN 
9GKUGN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC4GXKGYGF KP 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
D4GXKGYGF KP 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
E

### TGCUQPUVJCVYGTGPQVCRRCTGPV#EQOOQPYGCMPGUUQHOCP[QHVJQUGUVWFKGUJQYGXGTYCUCHCKNWTGVQEQPVTQNCFGSWCVGN[HQTUGCUQPCNFKHHGTGPEGUKPJQURKVCNWUCIGCPF1 EQPEGPVTCVKQP

### 6JGTGHQTGGCEJQHVJGWRFCVGFETKVKSWGUKPVJKUVCDNGPQYKPENWFGUCPGXCNWCVKQPQHJQYVJGFCVCYGTGQTYGTGPQVEQPVTQNNGFHQTNQPIYCXGKPHNWGPEGUGIUGCUQPCNKV[9KVJVJKUHCEVQTVCMGPKPVQCEEQWPVVJGQNFGTUVWFKGU	XCT[KPITGUWNVUCTGPQYOQTGWPFGTUVCPFCDNG+PCPWODGTQHVJGUGUVWFKGUFQEWOGPVGFNQPIYCXGRGTKQFKEKVKGUKPVJGFCVCYGTGKIPQTGFTGUWNVKPIKPPQPUKIPKHKECPVCUUQEKCVKQPUKG%CNKHQTPKC&GRCTVOGPVQH2WDNKE*GCNVJ$TCPVCPF*KNN$TCPV.GX[GVCN0COGMCVCGVCNQTGXGPUKIPKHKECPVPGICVKXGEQTTGNCVKQPUDGVYGGP1 CPFJQURKVCNXKUKVUCPFCFOKUUKQPU4KEJCTFU 

### GVCNCUCTGUWNVQHVJGIGPGTCNN[JKIJGTTGURKTCVQT[CFOKUUKQPTCVGUKPVJGEQNFGTOQPVJUYJGP1 NGXGNUCTGCVVJGKTNQYGUV6YQUVWFKGUVJCVFKFPQVEQPVTQNHQTUGCUQPCNKV[ 

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

### TGURKTCVQT[JQURKVCNCFOKUUKQPU*QYGXGTQVJGTKPVGTEQTTGNCVGFGPXKTQPOGPVCNXCTKCDNGUGICEKFKEUWNHCVGUCNUQOC[JCXGDGGPEQHCEVQTUKPVJKUCUUQEKCVKQP$CVGUCPF5K\VQ1XGTCNNCTGXKGYQHVJGUGQNFGTUVWFKGUUWIIGUVUVJCVKHVJGFCVCCTGCPCN[\GFWUKPIPGYGTUVCVKUVKECNVGEJPKSWGUCUKIPKHKECPVCUUQEKCVKQPOC[DGHQWPFDGVYGGPGNGXCVGFCODKGPV1 EQPEGPVTCVKQPUCPFCEWVGKPETGCUGUKPFCKN[TGURKTCVQT[JQURKVCNCFOKUUKQPU

 

### 5KPEGVJGNCUVETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[CPWODGTQHPGY'4XKUKVCPFJQURKVCNCFOKUUKQPUUVWFKGUJCXGDGGPEQORNGVGFCHGYQHYJKEJUJCTGUQOGQHVJGUCOGUVCVKUVKECNHNCYUHQWPFKPOCP[QHVJGQNFGTUVWFKGU(QTGZCORNG6UGPICPF.KCPF6UGPIGVCNHCKNGFVQEQPVTQNHQTVJGUGCUQPCNKV[QHCFOKUUKQPUCPFRQNNWVCPVUKPVJGKTUVCVKUVKECNCPCN[UGUQHSWCTVGTN[JQURKVCNCFOKUUKQPUKP*QPI-QPIECWUKPIVJGOVQTGRQTVPQCUUQEKCVKQPUYKVJ1 DWVCUKIPKHKECPVCPFNKMGN[URWTKQWUPGICVKXG 

### EQTTGNCVKQPQHCIGURGEKHKECUVJOCCFOKUUKQPUYKVJSWCTVGTN[OGCP51 KPVJGHKTUVQHVJGUG 

### RCRGTUCPFCUKIPKHKECPVCPFCNUQNKMGN[URWTKQWURQUKVKXGCUUQEKCVKQPYKVJ652KPVJGUGEQPFRCRGTDWVPQCUUQEKCVKQPYKVJ1 5WP[GTGVCNHCKNGFVQEQPUKFGTUGCUQPCNKV[KPVJGKT 

### KPKVKCNGXCNWCVKQPQHCP1 TGNCVKQPUJKRYKVJ%12&JQURKVCNCFOKUUKQPUKP$CTEGNQPC5RCKP 

### ECWUKPIVJGOVQGNKOKPCVG1 HTQOEQPUKFGTCVKQPKPVJGUVWF[CPFCP[GXCNWCVKQPQHRQUUKDNG 

### JGCNVJGHHGEVU#NUQ$CVGUGVCNWUKPICNCTIGN[FGUETKRVKXGCRRTQCEJEJCTCEVGTK\GFVJGUGCUQPCNRGTKQFKEKVKGUQH8CPEQWXGT$%TGURKTCVQT['4XKUKVU6JGKTUWDCPCN[UKUQHVJGYCTOUGCUQP/C[VJTQWIJ1EVQDGTKPENWFGFCFQOKPCPVHCNNCUVJOCRGCMYJKEJYQWNFQDUEWTGCP[UWOOGTVKOG1 CUUQEKCVKQPUCPFVJGTGHQTGNKVVNGECPDGKPHGTTGFHTQOVJKUFCVC 

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### +PCUVWF[QH$KTOKPIJCO#.FCVC5EJYCTV\CUGRCTCVGN[GZCOKPGF1 CPF 

### 2/ KPHNWGPEGUQPJQURKVCNCFOKUUKQPUD[VJGGNFGTN[HQTRPGWOQPKCOGCPFC[CPF 

### %12&OGCPFC[ECWUGUHTQOVQ1VJGTRQVGPVKCNN[EQPHQWPFKPIRQNNWVCPVUGI51 CPF01 YGTGPQVEQPUKFGTGFPQTYCUCP[EQPVTQNCFOKUUKQPECVGIQT[CPCN[\GF 

### 2QKUUQPTGITGUUKQPCPCN[UGUYGTGGORNQ[GFEQPVTQNNKPIHQTVKOGVTGPFUUGCUQPCNHNWEVWCVKQPUCPFYGCVJGTDWVFC[QHYGGMGHHGEVUYJKEJECPDGCNCTIGKPHNWGPEGQPUWEJCFOKUUKQPUYGTGPQVCFFTGUUGF9GCVJGTYCUEQPVTQNNGFD[KPENWFKPIFWOO[XCTKCDNGUHQTUGXGPWPURGEKHKGFVGORGTCVWTGCPFFGYRQKPVTCPIGECVGIQTKGUKPVJGTGITGUUKQP5GCUQPCNHNWEVWCVKQPUYGTGEQPVTQNNGFVJTQWIJVJGWUGQHOQPVJN[FWOO[XCTKCDNGUYJKEJTCKUGUVJGEQPEGTPVJCVYKVJKPOQPVJNQPIYCXGEQPHQWPFKPIOC[JCXGTGOCKPGF*QYGXGTCWVQTGITGUUKXGOQFGNUYGTGTGRQTVGFN[WUGFYJGPGXGTUGTKCNEQTTGNCVKQPYCUHQWPFKPOQFGNTGUKFWCNU$CUGOQFGNTGUWNVUGZENWFKPIYKPVGTOQPVJU[KGNFGFCFC[NCITGNCVKXGTKUM44GUVKOCVGQHHQTRPGWOQPKCCFOKUUKQPUHTQOCRRDKPETGCUGKPJCXGTCIG1 EQPHKFGPEGKPVGTXCN 

### %+VQ'ZENWFKPIFC[UGZEGGFKPIRRD[KGNFGFUKOKNCTTGUWNVU44%+VQ(QT%12&VJGDCUKEOQFGN[KGNFGFC44%+VQYJGTGCUGZENWFKPIFC[UCDQXGRRDUKOKNCTN[ICXG44%+VQ0QOQFGNUEQPUKFGTGF1 CPF2/ UKOWNVCPGQWUN[6YQQVJGTEQORCTCVKXGOQFGNUVJG  

### KPENWUKQPQHUKPGEQUKPGE[ENGUQHXCTKQWURGTKQFKEKVKGUWRVQ[GCTUKPVJGTGITGUUKQPCPFVJGCPCN[UKUQHFGXKCVKQPUHTQOCPQPRCTCOGVTKEUOQQVJKPIQHCFOKUUKQPEQWPVUYGTGVGUVGFHQT2/ DWVPQVHQT1 UQVJGOQFGNUGPUKVKXKV[QHVJG1 GHHGEVYCUPQVVGUVGF1XGTCNNGXGP   

### CHVGTGZENWFKPIFC[UGZEGGFKPIVJGUVCPFCTFVJKUYQTMKPFKECVGFCHCKTN[EQPUKUVGPV1 GHHGEV 

### CETQUUTGURKTCVQT[ECVGIQTKGUVJCVCRRTQCEJGFDWVFKFPQVTGCEJUVCVKUVKECNUKIPKHKECPEG5EJYCTV\DCPCN[\GF1 CPF2/ CKTRQNNWVKQPTGNCVKQPUJKRUYKVJFCKN[  

### JQURKVCNCFOKUUKQPUQHRGTUQPU[GCTUQTQNFGTKPVJG&GVTQKV/+OGVTQRQNKVCPUVCVKUVKECNCTGCHTQOVQ&CKN[EQWPVUHQTRPGWOQPKCOGCPFC[CUVJOCOGCPFC[CPFCNNQVJGT%12&UOGCPFC[YGTGTGITGUUGFQPVJGRQNNWVKQPXCTKCDNGUCPFXCTKQWUUGCUQPCNVTGPFCPFVGORGTCVWTGFWOO[XCTKCDNGUWUKPI2QKUUQP

### OQFGNKPI*QYGXGTFC[QHYGGMGHHGEVUYGTGPQVCFFTGUUGF1\QPGYCUCPCN[\GFYKVJTGURGEVVQDQVJKVUFCKN[JCXGTCIGCPFJOCZKOWO#WVQTGITGUUKXGCPCN[UGUCPFTGUKFWCNURNQVUKPFKECVGFPQTGOCKPKPICWVQEQTTGNCVKQPKPVJGOQFGN$QVJ1 CPF2/ YGTG  

### UKIPKHKECPVKPUKOWNVCPGQWURQNNWVCPVOQFGNUHQTRPGWOQPKCCPF%12&DWVPQVHQTCUVJOCYJKEJYCUCUETKDGFVQVJGNQYFCKN[EQWPVUHQTVJKUECVGIQT[6JGUGUKOWNVCPGQWUEQGHHKEKGPVUYGTGTGRQTVGFN[UKOKNCTVQVJQUGHTQOVJGUKPINGRQNNWVCPVOQFGNUCNVJQWIJVJGEQTTGNCVKQPUQHVJGEQGHHKEKGPVUYGTGPQVRTQXKFGF&TQRRKPICNNFC[UGZEGGFKPIVJGJOCZKOWO1 UVCPFCTF 

### FKFPQVEJCPIGVJGUK\GQHVJG1 EQGHHKEKGPVUYJKEJTGOCKPGFUKIPKHKECPVR$CUGF 

### QPVJGTGITGUUKQPEQGHHKEKGPVUCPFFCVCRTGUGPVGFKVECPDGGUVKOCVGFVJCVVJGOGCPGHHGEVHQT1 YCUFQWDNGVJCVHQT2/ KPVJGRPGWOQPKCOQFGNDWVEQORCTCDNGHQT

 

### %12&HQT1 XGTUWUHQT2/ 1PCPCDUQNWVGUECNGVJGUGTGUWNVUKORN[VJCV  

### 1 YCUCUUQEKCVGFYKVJvTGURKTCVQT[CFOKUUKQPUD[VJGGNFGTN[FC[RRDCUCJ



### OCZKOWORGTOKNNKQPRGTUQPUKPVJG&GVTQKVOGVTQRQNKVCPCTGC6JKUGUVKOCVGFQGUPQVKPENWFGCFOKUUKQPUD[RGTUQPUNGUUVJCP[GCTUQHCIGYJKEJNKMGN[YQWNFJCXGKPENWFGFJKIJGTCUVJOCCFOKUUKQPUHQTGZCORNGUQVJCVVJGVQVCNTGURKTCVQT[CFOKUUKQPUCUUQEKCVGFYKVJ1 KPVJGGPVKTGRQRWNCVKQPNKMGN[YQWNFDGJKIJGTVJCPGUVKOCVGFHTQOVJKUYQTM  

### 5EJYCTV\EGXCNWCVGFVJGCUUQEKCVKQPUQHDQVJ2/ CPF1 YKVJTGURKTCVQT[  

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

### EQPVTKDWVKQPVQJQURKVCNCFOKUUKQPUD[VJGGNFGTN[HQTRPGWOQPKCOGCPFC[GXGPCHVGTEQPVTQNNKPIHQTYGCVJGTCPF2/ #NVJQWIJCNNOQFGNUICXGUKOKNCTTGUWNVUVJGDGUVFCVCHKV 

### CUOGCUWTGFD[CPCN[UKUQHFGXKCPEGCPFUVTQPIGUV1 CUUQEKCVKQPYCUTGRQTVGFHQTVJG 

### UVGRYKUGURNKPGOQFGNYJKEJ[KGNFGFCRPGWOQPKCCFOKUUKQPUTGNCVKXGTKUMQH%+VQHQTCRRDKPETGCUGKPVJGFC[NCIQHVJGJCXGTCIGQH1 6JGWUGQHJ 

### FCKN[OCZKOWO1 KPVJGUGCPCN[UGUTGRQTVGFN[[KGNFGFNGUUUKIPKHKECPVCUUQEKCVKQPUYKVJ 

### CFOKUUKQPU*QYGXGTGNKOKPCVKPIFC[UYKVJGKVJGT2/ CDQXGIO QTCJOCZKOWO  

### 1 CDQXGRRDHTQOVJGCPCN[UKUFKFPQVCNVGTTGUWNVUUKIPKHKECPVN[

 

### 6CDNGKPVGTEQORCTGUVJG1 TGURKTCVQT[JQURKVCNCFOKUUKQPUGHHGEVGUVKOCVGUHQT 

### VJGXCTKQWUUVWFKGURTQXKFKPIUWHHKEKGPVKPHQTOCVKQPVQCNNQYVJGFGTKXCVKQPQHUWEJRQNNWVCPVURGEKHKEGUVKOCVGU6JGGUVKOCVGUCTGRTGUGPVGFKPVYQYC[UCUCPCDUQNWVGPWODGTQHFCKN[CFOKUUKQPURGTRRDKPETGCUGKPJ1 EQPEGPVTCVKQPRGTOKNNKQPRGTUQPUVQVCN 

### RQRWNCVKQPCPFCUCRGTEGPVKPETGCUGKPVJGFCKN[CFOKUUKQPTCVGQHVJGTGNGXCPVCFOKUUKQPUECVGIQT[RTGUGPVGFCUCTGNCVKXGTKUMRGTRRDKPETGCUGKPJ1 EQPEGPVTCVKQP# 

### TGHGTGPEGKPETGOGPVQHRRD1 KUGORNQ[GFJGTGDGECWUGVJKUKU

### 6CDNG5WOOCT[QH'HHGEV'UVKOCVGUHQT1\QPGKP4GEGPV5VWFKGUQH4GURKTCVQT[*QURKVCN#FOKUUKQPUC.QECVKQP 4GHGTGPEG4GURKTCVQT[ #FOKUUKQP%CVGIQT['HHGEV 5K\G 
v 5'=#FOKUUKQPU RRD 1 FC[ RGTUQPU?4GNCVKXG 4KUM 
 %+D=44 QH  RRD 1  J OCZ?0GY ;QTM %KV[ 0;E6JWTUVQP GV CN 
 #NN$WHHCNQ 0;E6JWTUVQP GV CN 
 #NN1PVCKTQ %CPCFCE$WTPGVV GV CN 
 #NN6QTQPVQ %CPCFCE6JWTUVQP GV CN 
 #NN/QPVTGCN %CPCFCF&GNHKPQ GV CN 
C #NN$KTOKPIJCO #.G5EJYCTV\ 
C 2PGWOQPKC KP GNFGTN[  
v $KTOKPIJCO #.G5EJYCTV\ 
C %12& KP GNFGTN[  
v &GVTQKV /+G5EJYCTV\ 
D 2PGWOQPKC KP GNFGTN[  
v &GVTQKV /+G5EJYCTV\ 
D %12& KP GNFGTN[  
v /KPPGCRQNKU /0G5EJYCTV\ 
E 2PGWOQPKC KP GNFGTN[  
v   
 VQ /KPPGCRQNKU /0G5EJYCTV\ 
E %12& KP GNFGTN[H H5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC1PGYC[v  5'DJ FCKN[ OCZKOWO Q\QPG FCVC GORNQ[GF KP CPCN[UKUEJ FCKN[ OCZKOWO Q\QPG FCVC GORNQ[GF KP CPCN[UKUFJ FCKN[ CXGTCIG Q\QPG FCVC GORNQ[GF KP CPCN[UKU 
 J J CXI TCVKQ   CUUWOGF VQ EQORWVG GHHGEVU CPF 44 GUVKOCVGUG0QV TGRQTVGF 
PQPUKIPKHKECPVH

### CRRTQZKOCVGN[VJGFKHHGTGPEGDGVYGGPVJGOCZKOWOCPFVJGOGCPJFCKN[OCZKOWO1 KP 

### VJGUGUVWFKGUGIKP6QTQPVQVJGOGCPRRDOCZKOWORRD6JGCDUQNWVGGHHGEVGUVKOCVGUTGNCVKXGVQVQVCNRQRWNCVKQPJCXGVJGCFXCPVCIGUVJCVVJGVQVCNGHHGEVECPDGTGCFKN[RCTVKVKQPGFKPVQUWDECVGIQTKGUGID[CIGITQWRQTFKUGCUGUWDECVGIQT[CPFKVCNUQECPDGCRRNKGFGCUKN[VQQVJGTUKVWCVKQPUKGQPN[VJGRQRWNCVKQPCPF1 NGXGNUCTGTGSWKTGF 

### DWVVJKUOC[PQVDGCRRTQRTKCVGKHVJGQVJGTRQRWNCVKQPOCMGWRKUXGT[FKHHGTGPVHTQOVJGUVWF[RQRWNCVKQPUGIKPCIGFKUVTKDWVKQP6JGTGNCVKXGTKUMGUVKOCVGUCTGKPVWKVKXGN[KPVGTRTGVCDNGDWVCTGPQVCUTGCFKN[CRRNKGFGNUGYJGTGKGVJGTGURKTCVQT[FKUGCUGRTGXCNGPEGTCVGUOWUVDGMPQYPCPFVJGGHHGEVYKNNXCT[FGRGPFKPIQPVJGRTGXCNGPEGYJKEJFKHHGTUYKFGN[DGVYGGPRQRWNCVKQPUCPFGXGPVJTQWIJQWVVJG[GCTYKVJKPCUKPINGRQRWNCVKQPCUTGURKTCVQT[OQTDKFKV[KUIGPGTCNN[JKIJGTKPYKPVGTVJCPUWOOGT(QTGZCORNGVJKUCEEQWPVUHQTOWEJQHVJGCRRCTGPVKPEQPUKUVGPE[DGVYGGPVJG$WTPGVVGVCNCPF6JWTUVQPGVCNTGNCVKXGTKUMUKPVJCVVJG6JWTUVQPGVCN6QTQPVQXCNWGUCTGHQT,WN[CPF#WIWUVQPN[YJGPVJGRTGXCKNKPIPWODGTQHTGURKTCVQT[CFOKUUKQPURGTFC[CTGIGPGTCNN[CVCPCPPWCNOKPKOWOYJGTGCUVJG$WTPGVVGVCN1PVCTKQXCNWGUCTGTGNCVKXGVQTGURKTCVQT[CFOKUUKQPUCXGTCIGUQXGTOQTGOQPVJUQHVJG[GCT[KGNFKPIQPGHQWTVJVJGGHHGEVCUCTGNCVKXGTKUMGXGPVJQWIJVJGCDUQNWVGGHHGEVGUVKOCVGKUVYQVJKTFUQHVJG6JWTUVQPGVCNGUVKOCVG+PVJGECUGQHVJG5EJYCTV\UVWFKGUQHVJGGNFGTN[VJGCUUWORVKQPJCUDGGPOCFGDCUGFQPFCVCRTGUGPVGFD[5EJYCTV\DVJCVVJGJFCKN[OCZKOWO1 KUVKOGUVJGJCXGTCIGCPFVJG 

### RRDJOCZKOWOGUVKOCVGURTQXKFGFHQTVJGUGUVWFKGUVJGTGHQTGCTGFGTKXGFHTQOCRRDKPETGCUGKPJCXGTCIG1 6JGCDUQNWVGGHHGEVUK\GTGUWNVUHTQOVJGUGRCTVKEWNCTUVWFKGU 

### UWIIGUVVJCVCNCTIGRQTVKQPQHVJG1 GHHGEVUPQVGFKPVJGRTGXKQWUVQVCNTGURKTCVQT[CFOKUUKQPU 

### UVWFKGUCTGEQPVTKDWVGFD[%12&CPFRPGWOQPKCECUGUKPVJGGNFGTN[$CUGFQPTGUWNVURTGUGPVGFD[6JWTUVQPGVCNVJGQVJGTOCLQTEQPVTKDWVQTKUCUVJOCCFOKUUKQPUYJKEJCTGWUWCNN[OQTGRTGXCNGPVKP[QWPIGTCIGITQWRU1XGTCNNVJGTGUWNVURTGUGPVGFKP6CDNGEQNNGEVKXGN[KPFKECVGVJCVCODKGPV1 QHVGPJCUCUKIPKHKECPVGHHGEVQPJQURKVCN 

### CFOKUUKQPUHQTTGURKTCVQT[ECWUGUTCPIKPIKPVJGUGUVWFKGUHTQOVQVQVCNTGURKTCVQT[CFOKUUKQPUFC[RRD1  RGTUQPUQTHTQOCVQTGNCVKXGTKUMRRD1    



### &CKN[/QTVCNKV[2CUVUVWFKGUQHVJGRQUUKDNGCUUQEKCVKQPQH1 QZKFCPVUYKVJJWOCPOQTVCNKV[ 

### UWOOCTK\GFKPRTKQT1 ETKVGTKCFQEWOGPVU75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[ 

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
0QV TGRQTVGF VQ WPFGHKPGFHQT  FC[UQH 1ZKFCPV14GNCVKQPUJKR DGVYGGP FCKN[ OCZKOWO QZKFCPVEQPEGPVTCVKQPU CPF FCKN[ ECTFKCE CPFTGURKTCVQT[ OQTVCNKV[ KP .QU #PIGNGU HQT VJGRGTKQFU  VQ  #WIWUV  VJTQWIJ&GEGODGT  CPF ,CPWCT[ VJTQWIJ5GRVGODGT 2QUKVKXG TGNCVKQPUJKR DGVYGGP FCKN[ OCZKOWO QZKFCPVEQPEGPVTCVKQPU CPF OGCP FCKN[ FGCVJ TCVGU QP JKIJUOQIFC[U XU NQYUOQI FC[U 3WGUVKQPCDNG GZRQUWTG CPCN[UKUKPENWFKPI WUG QH VJG 54+ UOQI KPFGZ/KNNU 
C DD D0QV TGRQTVGF 1ZKFCPV %QORCTKUQP QH FCKN[ OQTVCNKV[ KP VYQ.QU #PIGNGU %QWPV[ CTGCU UKOKNCT KPVGORGTCVWTG DWV YKVJ FKHHGTGPV NGXGNU QH FCKN[OCZKOWO CPF OGCP QZKFCPV NGXGNU 
-+ 51CPF %1 EQPEGPVTCVKQPU YGTG CNUQ OGCUWTGF0Q UKIPKHKECPV EQTTGNCVKQPU DGVYGGP FKHHGTGPEGU KPOQTVCNKV[ CPF FKHHGTGPEGU KP RQNNWVCPV NGXGNU *QYGXGTVJG RQRWNCVKQPU FKHHGTGF KP UQEKQGEQPQOKE CPF CIGFKUVTKDWVKQP EJCTCEVGTKUVKEU/CUUG[ GV CND VQ CXGTCIG QH JFCKN[ OCZ HTQOCNN .QU #PIGNGUUKVGU1ZKFCPV &CKN[ TGURKTCVQT[ CPF ECTFKCE FGCVJ EQWPVUHQT .QU #PIGNGU %QWPV[  VQ  TGNCVGFVQ FCKN[ OCZKOWO QZKFCPV EQPEGPVTCVKQPU #NNFC[U CDQXG ( FCKN[ OCZKOWO VGORGTCVWTGGNKOKPCVGF HTQO CPCN[UKU 'CEJ FC[	U CXGTCIGQH FCKN[QZKFCPV OCZKOC YCU TGNCVGF VQ VJCV FC[	UFGXKCVKQP HTQO OQPVJN[ OGCP OQTVCNKV[# UVTCVKHKECVKQP QH VJG OQTVCNKV[ FGXKCVKQPU XU QZKFCPVEQPEGPVTCVKQP TGXGCNGF KPETGCUKPI OQTVCNKV[ YKVJKPETGCUKPI QZKFCPV EQPEGPVTCVKQP GXGP KP VJG EQQNGTOQPVJU 6JG WUG QH FGXKCVKQPU CFFTGUUGU FCVC UGCUQPCNKV[+V KU GUVKOCVGF VJCV QXGT  FGCVJU[GCT KP .QU #PIGNGUCTG CUUQEKCVGF YKVJ QZKFCPVU *QYGXGT VJG NCEM QHVGORGTCVWTG EQPVTQNU DGNQY ( KU C OCLQT YGCMPGUU/KNNU 


### 6CDNGEQPV	F&CKN[/QTVCNKV[#UUQEKCVGFYKVJ'ZRQUWTGVQ2JQVQEJGOKECN1ZKFCPV2QNNWVKQPC%QPEGPVTCVKQP
URRO 2QNNWVCPV 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 4GHGTGPEG VQ OQPVJN[ CXI1ZKFCPV 4GCPCN[UKU QH VJG TGNCVKQPUJKR DGVYGGP -+ CPFFCKN[ OQTVCNKV[ HTQO ECTFKCE CPF TGURKTCVQT[FKUGCUGU KP .QU #PIGNGU HQT VJG [GCTU VJTQWIJ 7UGF FGXKCVKQPU HTQO UKPG YCXG HKV VQ TGFWEGUGCUQPCNKV[ QH RQNNWVKQP CPF OQTVCNKV[ DWV HKV QHOQPVJN[ XCTKCVKQPU YCU KPCFGSWCVG 5KIPKHKECPVEQTTGNCVKQPU HQWPF DGVYGGP RQNNWVCPVU CPF OQTVCNKV[ HQTECTFKQTGURKTCVQT[ FKUGCUGU DWV CWVQEQTTGNCVKQPCFLWUVOGPVU D[ CWVJQTU TGRQTVGFN[ TGFWEGF VJGUGCUUQEKCVKQPU VQ PQPUKIPKHKECPEG*GEJVGT CPF)QNFUOKVJ 
D VQ OCZ  JFC[14GNCVKQPUJKR DGVYGGP FCKN[ OQTVCNKV[ CPF FCKN[J OCZKOWO EQPEGPVTCVKQPU QH 1 KP 4QVVGTFCO6JG 0GVJGTNCPFU FWTKPI VJG OQPVJU QH ,WN[ CPF#WIWUV  CPF /QTVCNKV[ UKIPKHKECPVN[ JKIJGT FWTKPI TGNCVKXGN[ JKIJRQNNWVKQP 
  1  CPF JGCV GRKUQFGU KP *QYGXGT PQ UKIPKHKECPV OQTVCNKV[ FKHHGTGPEG FWGVQ OQFGTCVG 1 GRKUQFGU 
  1   KP  KP VJG CDUGPEG QH JKIJ VGORGTCVWTG 5WEJ CIITGICVGFCPCN[UGU QH UGTKCN FCVC OCMGU KPVGTRTGVCVKQP FKHHKEWNV$KGTUVGMGT CPF'XGPFKLM 
E VQ UKZUKVG OGCPQH FCKN[ JOCZ16QVCN TGURKTCVQT[ CPF ECTFKQXCUEWNCT OQTVCNKV[KP .QU #PIGNGU %QWPV[  VQ  TGNCVGFVQ 1  %1 51  01  *% 2/ FCKN[ OCZ VGORGTCVWTG CPF 4* .QYRCUUHKNVGT WUGF VQ GNKOKPCVG UJQTVYCXG CUUQEKCVKQPU UQVJCV QPN[ UGCUQPCN CUUQEKCVKQPU EQWNF DG UVWFKGF(TGSWGPE[ FQOCKP CPCN[UKU KPFKECVGF C UKIPKHKECPVUJQTVYCXG 1 OQTVCNKV[ CUUQEKCVKQP DWV VJKU YCU PQVKPXGUVKICVGF HWTVJGT 6JG HKNVGTGF 
KG NQPIYCXG FCVCCPCN[UKU KPFKECVGF 1 VQ DG C PQPUKIPKHKECPV EQPVTKDWVQT VQUGCUQPCN XCTKCVKQPU KP OQTVCNKV[5JWOYC[ GV CN VQ UKZUKVG OGCPQH FCKN[ JOCZ15JWOYC[ GV CN 
  VQ  .QU #PIGNGUOQTVCNKV[ FCVCUGV TGCPCN[\GF WUKPI C JKIJRCUUHKNVGT VQ CNNQY KPXGUVKICVKQP QH UJQTVYCXG 
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
HQT YJKEJ QPN[VGORGTCVWTG YCU UKIPKHKECPV-KPPG[ CPF1\MC[PCM 


### 6CDNGEQPV	F&CKN[/QTVCNKV[#UUQEKCVGFYKVJ'ZRQUWTGVQ2JQVQEJGOKECN1ZKFCPV2QNNWVKQPC%QPEGPVTCVKQP
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E

### KPHNWGPEGUQPOQTVCNKV[DGNQY(FCKN[OCZKOWO*GEJVGTCPF)QNFUOKVJTGCPCN[\GFVJG/KNNUFCVCWUKPICUKORNGCPPWCNUKPGYCXGUGCUQPCNKV[EQTTGEVKQPCPFQDVCKPGFUKIPKHKECPVQZKFCPVEQTTGNCVKQPUWPVKNCPCWVQEQTTGNCVKQPCFLWUVOGPVYCUCRRNKGFVJKUTGRQTVGFN[ECWUGFVJGRQNNWVCPVOQTVCNKV[EQTTGNCVKQPUVQFTQRVQPQPUKIPKHKECPEGTGUWNVUPQVRTGUGPVGF$KGTUVGMGTCPF'XGPFKLMEQPFWEVGFCVVGUVQHFKHHGTGPEGCPCN[UKUQHVYQUWOOGTUQHVKOGUGTKGUFCVCHTQO4QVVGTFCOHQTCPF#NVJQWIJUKIPKHKECPVOQTVCNKV[FKHHGTGPEGUEQWNFDGUGGPFWTKPIJGCVRQNNWVKQPGRKUQFGU1  

### RROPQUKIPKHKECPVOQTVCNKV[KPETGCUGEQWNFDGUGGPFWTKPIVJGENGCPGTCPFEQQNGTUWOOGTGRKUQFGU1 RRO5VCVKUVKECNVKOGUGTKGUOGVJQFUYGTGPGGFGFVQ 

### CFFTGUURTQDCDNGEQPHQWPFKPID[VGORGTCVWTGGHHGEVU1XGTCNNVJGXCTKQWUGZRQUWTGCUUGUUOGPVCPFUVCVKUVKECNCPCN[UGUYGCMPGUUGUKPVJGUVWFKGUTGRQTVGFKPRTGXKQWU1 ETKVGTKC 

### FQEWOGPVUJCXGRTGXGPVGFVJGFTCYKPIQHFGHKPKVKXGEQPENWUKQPUKPVJQUGRCUVFQEWOGPVUCUVQYJGVJGTQTPQVVJGTGKUCUKIPKHKECPVCUUQEKCVKQPDGVYGGP1 CPFJWOCPOQTVCNKV[ 

### #NVJQWIJTGNCVKXGN[HGY1 OQTVCNKV[UVWFKGUJCXGDGGPEQPFWEVGFCPFRWDNKUJGF 

### UKPEGVJGNCUVETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[VJGUVCVKUVKECNOGVJQFUCPFRQNNWVKQPFCVCGORNQ[GFKPVJGUGUVWFKGUJCXGKORTQXGFEQORCTGFYKVJVJGQNFGTUVWFKGUFKUEWUUGFCDQXG5JWOYC[GVCNHQEWUGFQPNQPIYCXGXCTKCVKQPUKPOQTVCNKV[HKPFKPIVJCV1 YCUCPQPUKIPKHKECPVEQPVTKDWVQTVQUGCUQPCNXCTKCVKQPUKP.QU#PIGNGUOQTVCNKV[ 

### FWTKPIVQ#UOKIJVJCXGDGGPGZRGEVGFVGORGTCVWTGYCUHQWPFVQDGVJGRTKPEKRCNGPXKTQPOGPVCNHCEVQTKPHNWGPEKPIUGCUQPCNOQTVCNKV[HNWEVWCVKQPU6JKURCRGT	UGZRNQTCVQT[HTGSWGPE[FQOCKPCPCN[UKUFKFKPFKECVGCUKIPKHKECPVUJQTVYCXGKGE[ENGUQPVJGQTFGTQHCHGYFC[UKPRGTKQFCUUQEKCVKQPDGVYGGP1 CPFOQTVCNKV[DWVVJKUTGUWNVYCUPQVRWTUWGFKPVJG 

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



### 1 EQGHHKEKGPVYCUUVCVKUVKECNN[UGRCTCDNGHTQOVJGQVJGTUKIPKHKECPVRQNNWVCPVUKPVJGCPCN[UKU



### %101 CPF2/CNVJQWIJVJGUGQVJGTVJTGGRQNNWVCPVUYGTGVQQKPVGTEQTTGNCVGFVQUGRCTCVG 

### HTQOGCEJQVJGT'ZRTGUUGFCUCPGNCUVKEKV[VJG1 TGITGUUKQPEQGHHKEKGPVv=5'? 

### FGCVJURRDQXGTCNN[GCTUKPFKECVGFVJCVCKPETGCUGKP1 EQPEGPVTCVKQPYCUCUUQEKCVGFYKVJ 

### CKPETGCUGKPVQVCNOQTVCNKV[6JKUTGUWNVYQWNFKORN[CP1 OGCPGHHGEVQPVJGQTFGT 

### QHQHVQVCNOQTVCNKV[VJTQWIJQWVVJG[GCTKGVQVCNFGCVJU[GCT4GUWNVUHQTKPFKXKFWCN[GCTUXCTKGFYKFGN[KPVGTOUQHVJG1 EQGHHKEKGPVUK\GCPFUKIPKHKECPEGYJKEJ 

### KPFKECVGUVJGPGGFHQTOWNVKRNG[GCTUQHFCVCVQFKUEGTPCPGHHGEVQHUWEJCUOCNNUK\GTGNCVKXGVQQVJGTOQTVCNKV[ECWUGU1\QPGTGITGUUKQPTGUWNVUHQTECTFKQXCUEWNCTFGCVJUCXGTCIGFC[YGTGSWCNKVCVKXGN[UKOKNCTVQVJQUGHQTVQVCNOQTVCNKV[CXGTCIGFC[DWVQPN[VGORGTCVWTGYCUUKIPKHKECPVHQTTGURKTCVQT[FGCVJUCXGTCIGFC[RTQDCDN[FWGVQNQYEQWPVPWODGTGHHGEVUHQTVJKUECVGIQT[KG2QKUUQPOQFGNUOC[JCXGDGGPTGSWKTGF1XGTCNNCNVJQWIJVJG5JWOYC[GVCNCPCN[UKUQHVJGUGVQ.QU#PIGNGUFCVCKPFKECVGUVJCVFKUGCUGHCEVQTUCPFQVJGTRQNNWVCPVUFQOKPCVGVJGQXGTCNNUGCUQPCNE[ENGUKPOQTVCNKV[KP.QU#PIGNGUVJG-KPPG[CPF1\MC[PCMUJQTVYCXGCPCN[UKUFQEWOGPVUVJCV

### 1 GZRNCKPGFCUOCNNDWVUVCVKUVKECNN[UKIPKHKECPVRQTVKQPQHFC[VQFC[XCTKCVKQPUKPVQVCN



### OQTVCNKV[KPVJCVEKV[QXGTC[GCTRGTKQF5EJYCTV\CPCN[\GFVQVCNFCKN[JWOCPOQTVCNKV[KP&GVTQKV/+FWTKPIVJG[GCTRGTKQFHTQOVQRTKOCTKN[KPXGUVKICVKPIVJGGHHGEVUQH2/WUKPI2QKUUQPOGVJQFU#NVJQWIJCEVWCNTGUWNVUCTGPQVRTGUGPVGFHQT1 KVKUUVCVGFKPVJGFKUEWUUKQPQH 

### TGUWNVUVJCV1 YCUJKIJN[KPUKIPKHKECPVCUCRTGFKEVQTQHFCKN[OQTVCNKV[9GCVJGTKU 

### EQPVTQNNGFHQTGZVGPUKXGN[KPVJGOQFGNURGEKHKECVKQPDGHQTGVJGKPVTQFWEVKQPQHVJGCKTRQNNWVKQPXCTKCDNGU6JGHCEVVJCV1 KUWUWCNN[EQTTGNCVGFQXGTVKOGYKVJOGVGQTQNQI[TCKUGUVJGEQPEGTP 

### VJCVVJGOQFGNOC[DGQXGTURGEKHKGFDWVPQFKCIPQUVKEUGIEQTTGNCVKQPUQHVJGEQGHHKEKGPVUCTGRTGUGPVGFVQCNNQYHQTCPGXCNWCVKQP#NVJQWIJRTGXKQWUFC[VGORGTCVWTGYCUKPENWFGFKPVJGOQFGNVJGQPN[FKTGEVUGCUQPCNKV[EQPVTQNCVVGORVGFYCUVQNKOKVVJGCPCN[UKUVQPQPYKPVGTOQPVJU6JWUKVKUPQVENGCTVQYJCVGZVGPVYKVJKPUGCUQPNQPIYCXGEQPHQWPFKPICNUQOC[DGKPHNWGPEKPIVJGTGUWNVU+HRTGUGPVUWEJNQPIYCXGEQPHQWPFKPIYQWNFDGGZRGEVGFVQDKCUVJG1 EQGHHKEKGPVFQYPYCTFVQYCTFUPQPUKIPKHKECPEGKPVJKUECUGDGECWUG1 KUWUWCNN[JKIJGUV

 

### CPFOQTVCNKV[NQYGUVKPUWOOGTCPFYQWNFTGUWNVKPCWVQEQTTGNCVKQPKPVJGOQFGN0QOQFGNTGUKFWCNFKCIPQUVKEUCTGTGRQTVGFGI&9UVCVKUVKEUQTRNQVUQHVJGOQFGNTGUKFWCNUUQVJGGZVGPVQHVJKURTQDNGOKHRTGUGPVECPPQVDGGXCNWCVGFFKTGEVN[*QYGXGTCWVQTGITGUUKXGOGVJQFUYGTGGORNQ[GFYJKEJUJQWNFJCXGCFFTGUUGFCP[CWVQEQTTGNCVKQPRTQDNGOU1XGTCNNVJGRQQTFQEWOGPVCVKQPQHVJGOQTVCNKV[1 OQFGNKPIGURGEKCNN[TGICTFKPIVJGNCEMQHOQFGN 

### URGEKHKECVKQPFGVCKNUQTOQFGNEQGHHKEKGPVKPVGTEQTTGNCVKQPUOCMGUVJGCWVJQT	UUVCVGOGPVTGICTFKPI1 CPFOQTVCNKV[FKHHKEWNVVQGXCNWCVG 

### &QEMGT[GVCNEQPFWEVGFCPCPCN[UKUQHVQVCNFCKN[JWOCPOQTVCNKV[KP5V.QWKU/1CPF-KPIUVQP*CTTKOCP60FWTKPIVJG[GCTRGTKQFHTQO5GRVGODGTVJTQWIJ#WIWUVCKOGFRTKOCTKN[CVCUUGUUKPIVJGGHHGEVUQH2/QPOQTVCNKV[1PGQHVJGUVTGPIVJUQHVJKUUVWF[KUVJGHCEVVJCVOWNVKRNGCKTRQNNWVCPVUYGTGOGCUWTGFCPFEQPUKFGTGF6JWUCURCTVQHVJGCPCN[UKU1 CPFQVJGTICUGQWURQNNWVCPVUCNUQYGTGEQPUKFGTGFCPFHQWPF 

### VQJCXGPQPUKIPKHKECPVCUUQEKCVKQPUYKVJOQTVCNKV[KPVJGUGEKVKGU6JGUVCVKUVKECNCPCN[UKUCFFTGUUGFCWVQEQTTGNCVKQPKPVJGOQTVCNKV[FCVCVJTQWIJVJGWUGQHOWNVKRNGENKOCVGKPFKEGUKGFCKN[OGCPVGORGTCVWTGJQVFC[EQNFFC[JWOKFFC[JQVCPFJWOKFFC[UGCUQPCPFKPVGTCEVKXGVGTOUCPFVJTQWIJVJGKPEQTRQTCVKQPQHCWVQTGITGUUKXGOQFGNKPI6JKUCRRTQCEJKURQUUKDN[OQTGEQPUGTXCVKXGVJCPVJCVGORNQ[GFD[-KPPG[CPF1\MC[PCMCPFVJGNCEMQHCUKIPKHKECPV1 EQGHHKEKGPVKPVJKUCPCN[UKUOC[DGFWGKPRCTVVQVJGUVCVKUVKECNOQFGNKPI 

### CRRTQCEJYJKEJOC[QTOC[PQVJCXGCHHGEVGFCP1 OQTVCNKV[TGNCVKQPUJKRKPVJGFCVCKPVJG 

### RTQEGUUQHCFFTGUUKPICWVQEQTTGNCVKQPCPFUQGZVGPUKXGN[EQPVTQNNKPIHQTVGORGTCVWTGYJKEJKUWUWCNN[EQTTGNCVGFYKVJ1 QXGTVKOG#NUQVJGNCEMQHCP[1 CUUQEKCVKQPUYKVJVQVCN  

### OQTVCNKV[OC[DGFWGKPRCTVVQVJGTGNCVKXGN[NQY1 NGXGNUHQWPFKPVJGUGRCTVKEWNCT 

### EQOOWPKVKGUGURGEKCNN[KP-KPIUVQP*CTTKOCPYJGTGPQ1 GZEGGFCPEGUQEEWTTGFFWTKPIVJG 

### UVWF[[GCTOCZKOWOJOGCP1 RRO1XGTCNNVJKUUVWF[FKFPQVUJQYCP 

### CUUQEKCVKQPDGVYGGP1 CPFOQTVCNKV[DWVVJKUOC[KPRCTVDGCRTQFWEVQHVJGRCTVKEWNCT 

### OGVJQFQNQIKECNCPFGZRQUWTGEJCTCEVGTKUVKEUQHVJKUUVWF[XKU . XKUVJGKFGPVKHKECVKQPQH

1 JGCNVJGHHGEVU



### 5WOOCT[CPF%QPENWUKQPU4GEGPVGRKFGOKQNQI[UVWFKGUCFFTGUUKPIVJGCEWVGGHHGEVUQHCODKGPV1 JCXG[KGNFGF 

### UKIPKHKECPVCUUQEKCVKQPUYKVJCYKFGTCPIGQHJGCNVJQWVEQOGUKPENWFKPINWPIHWPEVKQPFGETGOGPVUCIITCXCVKQPQHRTGGZKUVKPITGURKTCVQT[FKUGCUGCPFKPETGCUGUKPFCKN[JQURKVCN

### CFOKUUKQPUCPFOQTVCNKV[+PFKXKFWCNNGXGNECORCPFGZGTEKUGUVWFKGUENGCTN[KPFKECVGVJCVNWPIHWPEVKQPECPFGETGCUGKPCEQPEGPVTCVKQPTGNCVGFOCPPGTKPTGURQPUGVQ1 GZRQUWTGUQEEWTTKPI 

### KPCODKGPVCKT6JGEQODKPGFTGUWNVUQHVJGUGUVWFKGURTQXKFGWUGHWNSWCPVKVCVKXGKPHQTOCVKQPQPVJGRWNOQPCT[GHHGEVUQHCODKGPV1 GZRQUWTGU4GUWNVUHTQOFCKN[NKHGUVWFKGUCNVJQWIJ 

### OQTGFKHHKEWNVVQKPVGTRTGVSWCPVKVCVKXGN[FWGVQGZRQUWTGCUUGUUOGPVWPEGTVCKPVKGUCTGSWCNKVCVKXGN[EQPUKUVGPVYKVJECORCPFGZGTEKUGUVWFKGU6JGTGKUNKOKVGFGXKFGPEGHTQOUGXGTCNUVWFKGUUWIIGUVKPIVJCVCODKGPV1 KPFWEGFNWPIHWPEVKQPFGETGOGPVUOC[RGTUKUVHQTWRVQ 

### J4GUWNVUHTQONWPIHWPEVKQPGRKFGOKQNQI[UVWFKGUIGPGTCNN[CTGEQPUKUVGPVYKVJVJQUGQHJWOCPEJCODGTUVWFKGU#P1 TGNCVGFYQTUGPKPIQHU[ORVQOUKPUGNGEVGFITQWRUQHJGCNVJ[ 

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

### CFOKUUKQPUCUVJGCUUQEKCVKQPJCUDGGPUGGPD[PWOGTQWUTGUGCTEJGTUCVCXCTKGV[QHNQECNKVKGUWUKPICYKFGTCPIGQHCRRTQRTKCVGUVCVKUVKECNCRRTQCEJGU#NVJQWIJVJGCDUQNWVGUK\GQHVJGGHHGEVXCTKGFUQOGYJCVCETQUUNQECNKVKGUCPFUVCVKUVKECNCRRTQCEJGUVJGUGCPCN[UGUUWIIGUVVJCVKPVJGUWOOGTVKOGYJGPOCP[QVJGTTGURKTCVQT[KNNPGUUECWUGUJCXGCDCVGF1 CKTRQNNWVKQPKU 

### CUUQEKCVGFYKVJCUWDUVCPVKCNRQTVKQPQPVJGQTFGTQHVQQHCNNTGURKTCVQT[JQURKVCNXKUKVUCPFCFOKUUKQPU/QTGQXGTEGTVCKPQHVJGUGCPCN[UGUCNUQKPFKECVGVJCVQPVJGJKIJGUV1 FC[UVJKURQNNWVCPV	UGUVKOCVGFEQPVTKDWVKQPECPKPETGCUGVQVJGRQKPVYJGTGKVKUCUUQEKCVGF



### YKVJPGCTN[JCNHQHCNNTGURKTCVQT[JQURKVCNCFOKUUKQPU/QTGQXGTUKIPKHKECPVCUUQEKCVKQPUCNUQCTGUGGPDGVYGGP1 CPFJQURKVCNXKUKVUCPFCFOKUUKQPUCVGZRQUWTGUDGNQYRROJFCKN[ 

### OCZKOWO1  

### #UYCUCNUQVJGECUGHQTVJG1 JQURKVCNCFOKUUKQPUVKOGUGTKGUUVWFKGUOCP[QHVJG 

### QNFGT1 OQTVCNKV[UVWFKGUJCFOGVJQFQNQIKECNQTUVCVKUVKECNYGCMPGUUGUVJCVRTGXGPVGFENGCT 

### EQPENWUKQPU*QYGXGTUKPEGVJGTGNGCUGQHVJGRTGXKQWUETKVGTKCFQEWOGPVUQPGQHVJGVYQOQUVWUGHWNPGYUVWFKGU-KPPG[CPF1\MC[PCMKPFKECVGFUVCVKUVKECNN[UKIPKHKECPVGHHGEVUD[1 QPUJQTVVGTOCEWVGJWOCPOQTVCNKV[6JGQPGTGNGXCPVPGYUVWF[VJCVFKFPQVUJQY 

### CP[1 CUUQEKCVKQP&QEMGT[GVCNGORNQ[GFOWEJOQTGGZVGPUKXGENKOCVGCPF 

### CWVQEQTTGNCVKQPEQPVTQNOGVJQFUCPFYCUEQPFWEVGFQXGTCOWEJUJQTVGTVKOGRGTKQFVJCPVJGQVJGTUVWF[#NUQVJGUVWF[VJCVUJQYGFCP1 OQTVCNKV[CUUQEKCVKQPEQPUKFGTGFCPWTDCPCTGC 

### GZRGTKGPEKPIJOCZKOWO1 EQPEGPVTCVKQPUCDQXGRROYJGTGCUVJGQVJGTUVWF[CTGCU 

### GCUVGTP6GPPGUUGGCPF5V.QWKU/1FKFPQV6JWUCNVJQWIJVJGCPCN[UKUQHFCKN[UGTKGUQHJWOCPOQTVCNKV[CPFCKTRQNNWVKQPJCU[KGNFGFUOCNNDWVUVCVKUVKECNN[UKIPKHKECPVCUUQEKCVKQPUYKVJ1 KPQPGUVWF[VJGUGPUKVKXKV[QHVJKUCUUQEKCVKQPVQUVCVKUVKECNOQFGNKPIOGVJQFUCPFVQ 

### 1 EQPEGPVTCVKQPNGXGNPGGFUHWTVJGTKPXGUVKICVKQP





## %JTQPKE'HHGEVUQH1\QPG'ZRQUWTG

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### UVWFKGUCXCKNCDNGCVVJCVVKOGCPFEQPENWFGFKVKUWPNKMGN[VJCVCP[QHVJGUGUVWFKGUECPDG

### WUGFVQFGXGNQRSWCPVKVCVKXGGZRQUWTGTGURQPUGTGNCVKQPUJKRUHQTCODKGPVQZKFCPVGZRQUWTGU(WTVJGTUVWF[QHYGNNFGHKPGFRQRWNCVKQPUQXGTNQPIRGTKQFUQHVKOGKUTGSWKTGFDGHQTGCP[TGNCVKQPUJKRDGVYGGPRJQVQEJGOKECNQZKFCPVUCPFVJGRTQITGUUKQPQHEJTQPKEFKUGCUGUECPDGEQPENWUKXGN[FGOQPUVTCVGFHTQORQRWNCVKQPUVWFKGU75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[6JGFQEWOGPVPQVGFVJCVGZKUVKPIUVWFKGUHCKNGFVQFGOQPUVTCVGCP[EQPUKUVGPVTGNCVKQPUJKRDGVYGGPEJTQPKEQZKFCPVGZRQUWTGCPFEJCPIGUKPRWNOQPCT[HWPEVKQPEJTQPKEU[ORVQOUEJTQOQUQOCNCDPQTOCNKVKGUQTEJTQPKEFKUGCUGOQTVCNKV[6JGNCTIGUVUVWF[VJCVJCFDGGPRGTHQTOGFCVVJGVKOGQHVJGETKVGTKCFQEWOGPVYCUVJCVQH&GVGNUGVCNCVVJG7PKXGTUKV[QH%CNKHQTPKCCV.QU#PIGNGU7%.#&GVGNUGVCN4QMCYGVCN6JKUUVWF[GORNQ[GFCRQRWNCVKQPDCUGFUCORNGQHJQWUGJQNFUKPUGNGEVGFEQOOWPKVKGUKPVJG.QU#PIGNGU5QWVJ%QCUV#KT$CUKP#UVCPFCTFK\GFKPVGTXKGYYCUCFOKPKUVGTGFCPFKPFKXKFWCNUWPFGTYGPVXCTKQWUVGUVUQHNWPIHWPEVKQP#KTRQNNWVKQPFCVCYGTGFGTKXGFHTQOCPGVYQTMQHOQPKVQTKPIUVCVKQPUOCKPVCKPGFD[VJG5QWVJ%QCUV#KT3WCNKV[/CPCIGOGPV&KUVTKEVQHVJG%CNKHQTPKC#KT4GUQWTEGU$QCTF#4$6JGWUGHWNPGUUQHVJGHKPFKPIUQHVJKUUVWF[YCUEQPUKFGTGFVQDGNKOKVGFFWGVQCPWODGTQHHCEVQTUXCTKCDNGVKOKPIQHVGUVKPIKPVJGUGXGTCNUVWF[EQOOWPKVKGUQXGTC[GCTRGTKQFRCWEKV[QHFCVCQPUGNHUGNGEVKQPEQORNGVKQPTCVGUDGVYGGPVQCPFOKITCVKQPKPCPFQWVQHVJGUVWF[EQOOWPKVKGUKPEQPUKUVGPVFGOQPUVTCVKQPQHTGRTQFWEKDKNKV[QHVJGRWNOQPCT[HWPEVKQPOGCUWTGOGPVUOKZGFGVJPKEKV[QHVJGUVWF[RQRWNCVKQPKPCFGSWCVGFCVCQPKPFKXKFWCNGZRQUWTGCPFHCKNWTGVQCFLWUVGZRQUWTGGUVKOCVGUHQTOKITCVKQPKPCPFQWVQHVJGUVWF[CTGCUCPFOGVJQFUGORNQ[GFHQTEQORCTKUQPUQHJGCNVJGHHGEVU6JGETKVGTKCFQEWOGPVCNUQUWOOCTK\GFVJGHKTUVQHVJG#FXGPVKUV*GCNVJ5OQI#*5/1)UVWFKGU*QFIMKPGVCNQPVJGQEEWTTGPEGQH%12&KPTGNCVKQPVQEJTQPKECKTRQNNWVKQPGZRQUWTGU*QYGXGTVJGFCVCHTQOVJKUHKTUVRWDNKECVKQPYGTGHGNVVQDGQHNKOKVGFXCNWGDGECWUGQPN[U[ORVQOFCVCYGTGTGRQTVGFCPFVJGGZRQUWTGCUUGUUOGPVYCUKPUWHHKEKGPV

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### QPN[CRRTQCEJHQTQDVCKPKPIJWOCPFCVC#UJCUDGGPPQVGFKPVJGFQEWOGPVRTKPEKRCNRTQDNGOUHQTUWEJUVWFKGUTGNCVGVQVJGURGEKHKECVKQPQHKPFKXKFWCNGZRQUWTGUQXGTVJGTGNGXCPVRGTKQFUQHNKHGQHVJGUVWF[UWDLGEVUVJGEQKPEKFGPVGHHGEVUQHQVJGTQZKFCPVURGEKGUGI01 FGTKXCVKXGCEKFURGEKGUCPFQVJGTCKTRQNNWVCPVUCEKFCGTQUQNURCTVKEWNCVGURGEKGU

Z

### UGCUQPCNGHHGEVUVJCVTGNCVGVQRQNNWVCPVCPFOGVGQTQNQIKEHCEVQTUYJKEJCHHGEVURGEKHKERWNOQPCT[HWPEVKQPOGCUWTGOGPVUTGNGXCPVFWTKPIVJGEQWTUGQHNQPIKVWFKPCNUVWFKGUQTQXGTUVWFKGUVJCVWVKNK\GOWNVKRNGETQUUUGEVKQPCNUCORNGUCPFEQPVTQNHQTGHHGEVUQHHCEVQTUUWEJCUQEEWRCVKQPCNGZRQUWTGUEKICTGVVGUOQMKPIGVE+PCFFKVKQPRCUVGRKFGOKQNQIKEUVWFKGUJCXGPQVJCFCEEGUUVQCP[JWOCPJKUVQNQIKEURGEKOGPUKPTGNCVKQPVQVJGGZRQUWTGITQWRUWPFGTUVWF[PQTJCXGURGEKHKEOGEJCPKUOUDGGPKPXGUVKICVGFVQGZRNCKPCP[QHVJGU[ORVQOQT

HWPEVKQPCNQWVEQOGUQDUGTXGF

*KUVQNQIKECPF+OOWPQNQIKE'HHGEVU5JGTYKPJCURTGUGPVGFUQOGRTQXQECVKXGRTGNKOKPCT[JKUVQNQIKEFCVCCPFWUGUKVVQQHHGTCJ[RQVJGUKUQPVJGKORQTVCPEGQHRCVJQNQIKEEJCPIGUKPVJGEGPVTKCEKPCTTGIKQP%#4QHVJGNWPIKPTGNCVKQPVQEJTQPKERWNOQPCT[GHHGEVUQHQZKFCPVCKTRQNNWVKQP5JGTYKP5JGTYKPCPF4KEJVGTU1PN[VJGRWDNKECVKQPVJCVRTGUGPVUVJGRTKOCT[FCVC5JGTYKP

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	UFCVCCTGQHEQPUKFGTCDNGKPVGTGUVRCTVKEWNCTN[KPTGNCVKQPVQVJGRTKOCVG1 GZRQUWTGFCVCVJCVUJQYUKOKNCTGHHGEVUUGG%JCRVGT5GEVKQPVJG[ 

### EWTTGPVN[CTGPQVQHXCNWGKPVJGFGVGTOKPCVKQPQHCRRTQRTKCVGJWOCPGZRQUWTGNGXGNUHQT1  

### PQTFQVJG[GXGPGUVCDNKUJVJGHCEVVJCVVJGQZKFCPVGPXKTQPOGPVHQWPFKPOGVTQRQNKVCP.QU#PIGNGUKPFGGFKUTGURQPUKDNGHQTVJGQDUGTXGFRCVJQNQIKEEJCPIGU<YKEMGVCNECTTKGFQWVCUVWF[QHCNNGTIKEUGPUKVK\CVKQPCPFEGNNWNCTKOOWPGTGURQPUGUKPEJKNFTGPOGFKCPCIGQH[GCTUHTQOHQWTUEJQQNUKPVYQ#WUVTKCPEKVKGU6YQ[GCTUQHOGVGQTQNQIKEFCVCCPFEQPVKPWQWUN[OGCUWTGFNGXGNUQH51 01 CPF1 YGTG  

### CXCKNCDNGHQTDQVJEKVKGU/QPKVQTUYGTGYKVJKPMOQHVJGUVWF[UEJQQNUGZEGRVHQTQPG1 OQPKVQTVJCVYCUMOHTQOCUEJQQNKPVJGJKIJ1 CTGC#NNGTIKEFKUGCUGUTJKPKVKU

 

### EQPLWPEVKXKVKUCPFCUVJOCTGURQPUGVQRTKEMVGUVCPVKIGPUVQVCN+I'EQPEGPVTCVKQPPWODGTQHUWDLGEVUYKVJ+I'M7.CPFVQVCN+I)EQPEGPVTCVKQPFKFPQVFKHHGTDGVYGGPVJGUWDLGEVUKPVJGVYQEKVKGU#FLWUVOGPVHQTUGZCIGCEVKXGCPFRCUUKXGUOQMKPICPFV[RGUQHEQQMKPICPFJQOGJGCVKPIFKFPQVCNVGTVJGTGUWNVU%JKNFTGPHTQOVJGJKIJ1 GPXKTQPOGPVJCFUOCNN 

### DWVUVCVKUVKECNN[UKIPKHKECPVFGETGCUGUKPVJGCDUQNWVGCPFTGNCVKXGPWODGTUQH1-6JGNRGTKPFWEGT6EGNNUCPF1-0-
PCVWTCNMKNNGTEGNNUCPFKPETGCUGUKP1-6UWRRTGUUQT6EGNNU#FLWUVOGPVHQTCEVKXGCPFRCUUKXGUOQMKPICPFTGEGPVTGURKTCVQT[KNNPGUUFKFPQVCNVGTVJGTGUWNVU6JGHTGSWGPE[QHUWDLGEVUYKVJCOGCUWTCDNG2& VQJKUVCOKPGCNUQ 

### YCUKPETGCUGFKPVJGJKIJ1 CTGC0QTGNCVKQPUJKRDGVYGGPVJG6EGNNHKPFKPIUCPF2& QT  

### CP[QHVJGQVJGTKOOWPQNQIKEOCTMGTUCTGRTQXKFGF6JG<YKEMGVCNTGUWNVUCTGNKOKVGFD[NCEMQHCP[GZRQUWTGFCVCCPFD[NCEMQHFGVCKNHQTVJG1 CPFQVJGTCODKGPVCKTRQNNWVKQPFCVC'ZEGRVHQTFCVCQPVJGCXGTCIG 

### RGTEGPVCIGVKOGCDQXGURGEKHKENGXGNUQH1 VJGTGCTGPQWUGHWNFCVCVJCVECPDGCRRNKGFVQVJG 

### QDUGTXCVKQPUTGRQTVGF/QTGQXGTVJGFKHHGTGPEGUQDUGTXGFKPVJGXCTKQWU6EGNNUWDUGVUYGTGTGNCVKXGN[UOCNNCPFQHSWGUVKQPCDNGDKQNQIKECNUKIPKHKECPEG6JGTGCTGPQCPCN[UGUVJCVTGNCVGVJG6EGNNHKPFKPIUVQVJGENKPKECNCPFHWPEVKQPCNFCVCUGG6CDNGVJCVCTGTGRQTVGF(KPCNN[CNVJQWIJVJGEQOOWPKVKGUYGTGUCKFVQDGUKOKNCTQPCNNOGVGQTQNQIKECPFQVJGT

### CODKGPVRQNNWVKQPFCVCKPURGEVKQPQHVJGCWVJQT	U6CDNG<YKEMGVCNKPFKECVGUVJCVVJGOGCPCXGTCIKPIVKOGPQVIKXGP01 NGXGNUKPVJGNQY1 EQOOWPKV[YGTGHQWTHQNFITGCVGT  

### VJCPVJQUGKPVJGJKIJ1 EQOOWPKV[IO XGTUWUIO 0QFCVCQPCEKFURGEKGUQT   

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

### QDVCKPGFHQTCNNUWDLGEVUKP/C[VJTQWIJ,WPGCUYGTGJKUVQTKGUQPTGUKFGPEGUOQMKPIQEEWRCVKQPCNNGTIKGUGVE#NNVJTGGITQWRUYGTGOCVEJGFHQTCIGUGZCPFQEEWRCVKQP6JGTGYGTGPQFKHHGTGPEGUKPHCOKNKCNCNNGTI[JKUVQT[QTRGTUQPCNUOQMKPIURGEKHKEFCVCPQVIKXGPKPRCRGT6JGTGYCUCRTQITGUUKXGKPETGCUGKPDQVJPCUCNU[ORVQOUCPFPCUCNJKUVQNQIKECDPQTOCNKVKGUKPTGNCVKQPVQRTGUWOGF1 GZRQUWTG8GTCETW\PGYCTTKXCNU 

### NQPIVGTOTGUKFGPVUQHUQWVJYGUVGTPOGVTQRQNKVCP/GZKEQ%KV[6JGRTKPEKRCNJKUVQNQIKEEJCPIGYCUDCUCNEGNNJ[RGTRNCUKCYKVJUSWCOQWUEGNNOGVCRNCUKCCPFOWEQUCNCVTQRJ[QEEWTTKPINGUUHTGSWGPVN[1PN[QHVJQUGYKVJFC[TGUKFGPEGKPUQWVJYGUVGTPOGVTQRQNKVCP/GZKEQ%KV[UJQYGFPQTOCNOWEQUC7PHQTVWPCVGN[PQCODKGPVCKTFCVCYGTGRTGUGPVGFHQT51 QTRCTVKENGUYJKEJCTG 

### UCKFVQDGNQYTGNCVKXGVQQVJGTRCTVUQHVJGEKV[QTQVJGTRQNNWVCPVUVJCVEQWNFDGRTGUGPV+PCFFKVKQPDGECWUGVJGOQPVJN[CXGTCIGOCZKOCN1 EQPEGPVTCVKQPUCTGCPFJCXGDGGPUKPEG 

### NCVGYGNNCDQXGVJGEWTTGPV75JUVCPFCTFQHRRDVJG%CNFGTQP)CTEKFWGP3UGVCNFCVCCTGQHNKOKVGFXCNWGVQWPFGTUVCPFKPINQYCODKGPV1 GZRQUWTGU6JKU 

### EQPENWUKQPRTQDCDN[CRRNKGUGXGPKHQPGEQPUKFGTUVJGFKHHGTGPVEQPEGPVTCVKQPUTGRTGUGPVGFD[CIKXGPRCTVURGTDKNNKQPXCNWGCVFKHHGTGPVCNVKVWFGU5WDLGEVUKPUQWVJYGUVGTPOGVTQRQNKVCP/GZKEQ%KV[CTGUWDLGEVGFVQ1 NGXGNUQHDGVYGGPCPFRRDHQTUGXGTCNJQWTURGTFC[ 

### KPVJGYKPVGTCPFURTKPI&GURKVGVJGNCEMQHFCVCQPQVJGTCKTRQNNWVCPVUCPFURGEKHKEGZRQUWTGFCVCHQTKPFKXKFWCNUWDLGEVUVJKUUVWF[FQGURTQXKFGWUGHWNGXKFGPEGVQUWIIGUVWRRGTTGURKTCVQT[FCOCIGCUCEQPUGSWGPEGQHRTQNQPIGFGZRQUWTGVQCODKGPVCKTOKZVWTGU

2WNOQPCT[(WPEVKQP4GURKTCVQT[5[ORVQOUCPF%JTQPKE4GURKTCVQT[&KUGCUG6JG#FXGPVKUV*GCNVJ5OQI5VWF[ 5KPEGVJGRWDNKECVKQPQHVJGETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[CPWODGTQHUVWFKGUJCXGDGGPRWDNKUJGFVJCVCVVGORVVQFGHKPGEJTQPKETGURKTCVQT[U[UVGOJGCNVJGHHGEVUKPTGNCVKQPUJKRVQCODKGPV1 EQPEGPVTCVKQPUUGG6CDNG#OQPIVJGUGVJGUGTKGUQHRWDNKECVKQPUHTQOVJG 

### #*5/1)UVWF[*QFIMKPGVCN'WNGTGVCN#DDG[GVCNCDYKNN

DGFKUEWUUGFHKTUVCPFCUCUGV

### 

### 6CDNG2CVJQNQIKECPF+OOWPQNQIKE%JCPIGU#UUQEKCVGFYKVJ%JTQPKE1\QPG'ZRQUWTGC%QPEGPVTCVKQPU
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

### 

### 6CDNG'HHGEVUQH%JTQPKE1\QPG'ZRQUWTGQP2WNOQPCT[(WPEVKQP4GURKTCVQT[5[ORVQOUCPF%JTQPKE4GURKTCVQT[&KUGCUGC%QPEGPVTCVKQPU
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


### 6CDNGEQPV	F'HHGEVUQH%JTQPKE1\QPG'ZRQUWTGQP2WNOQPCT[(WPEVKQP4GURKTCVQT[5[ORVQOUCPF%JTQPKE4GURKTCVQT[&KUGCUGC%QPEGPVTCVKQPU
U 2QNNWVCPVU CPF'PXKTQPOGPVCN8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 4GHGTGPEGRROIO VQ CXGTCIG */8 VQ  1%TQUUUGEVKQPCN UVWF[ QH EJKNFTGP CIGU  VQ [GCTU KP C EQOOWPKV[ KP #WUVTKCP CNRUFKXKFGF KPVQ VJTGG \QPGU DCUGF QP 51  01  CPF 1  TGURKTCVQT[ JGCNVJ FGOQITCRJKE CPFURKTQOGVT[ FCVC1PN[ FKHHGTGPEG KP TGURKTCVQT[ JKUVQT[ YCU KPETGCUGF CFLWUVGF RTGXCNGPEG QHCUVJOC KP \QPG YKVJ JKIJGUV 1 
  RRO */8 XU VJG \QPGUYKVJ NQYGT 1 EQPEGPVTCVKQPU 
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
 VQ OGCP RGCM FCKN[RGCM JQWTN[XCNWGU  VQ .QPI$GCEJ CPF.CPEGUVGTTGURGEVKXGN[ VQ  1ZKFCPVU  VQ [GCT HQNNQYWR QH .CPECUVGT CPF .QPI$GCEJ %# EQJQTVU HTQO 7%.# %14&UVWF[ .QPI $GCEJ YKVJ JKIJGT 01  51  CPF 652 VJCP .CPECUVGT#NN TGRQTVGF GZEGUU HWPEVKQPCN FGENKPG HQT .QPI $GCEJ NKMGN[ FWG VQ DKCU KPFGENKPG GUVKOCVGU DGVYGGP NQECVKQPU FCVC PQV WUGHWN YKVJ TGICTF VQ RQUUKDNG1 GHHGEVU&GVGNU GV CN 
0QV TGRQTVGF 1ZKFCPV 2TGXCNGPEG QH TGURKTCVQT[ U[ORVQOU KPPQPUOQMKPI 5GXGPVJ &C[ #FXGPVKUVU TGUKFKPIHQT CV NGCUV  [GCTU KP JKIJ 
5QWVJ %QCUV CPFNQY 
5CP (TCPEKUEQ 5CP &KGIQRJQVQEJGOKECN CKT RQNNWVKQP CTGCU QH%CNKHQTPKC #4$ TGIKQPCN CKT DCUKP OQPKVQTKPIFCVC HQT QZKFCPVU 01  51  %1 652 CPF 51 HTQO  VQ 5NKIJVN[ KPETGCUGF RTGXCNGPEG QH TGURKTCVQT[ U[ORVQOU KP JKIJ RQNNWVKQPCTGC CHVGT CFLWUVKPI HQT EQXCTKCDNGU  ITGCVGT TKUM HQT %12& FWG VQ CKTRQNNWVKQP 
PQV URGEKHKE VQ QZKFCPVU RCUV UOQMGTU JCF ITGCVGT TKUM VJCPPGXGTUOQMGTU YJGP RCUV UOQMGTU YGTG GZENWFGF TKUM HCEVQTU YGTGUKOKNCT +P CFFKVKQP KPUWHHKEKGPV GZRQUWTG CUUGUUOGPV CPF EQPHQWPFKPI D[GPXKTQPOGPVCN EQPFKVKQPU NKOKV VJG SWCPVKVCVKXG WUG QH VJKU UVWF[*QFIMKP GV CN 


### 6CDNGEQPV	F'HHGEVUQH%JTQPKE1\QPG'ZRQUWTGQP2WNOQPCT[(WPEVKQP4GURKTCVQT[5[ORVQOUCPF%JTQPKE4GURKTCVQT[&KUGCUGC%QPEGPVTCVKQPU
U2QNNWVCPVU CPF'PXKTQPOGPVCN 8CTKCDNGU5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 4GHGTGPEGRROIO0QV TGRQTVGF 1ZKFCPV %TQUUUGEVKQPCN CPCN[UKU QH CDQXG RQRWNCVKQPU WUGUJQWTU CDQXG XCTKQWU VJTGUJQNF XCNWGU HQT QZKFCPVU652 51 DCUGF WRQP %CNKHQTPKC '2# CPF 9QTNF*GCNVJ 1TICPK\CVKQP OCZ NGXGNU RGTKQF EQXGTGF VQ  FCVC CXCKNCDNG HQT KORQTVCPV EQXCTKCVGU 
UGZQEEWRCVKQP GPXKTQPOGPVCN VQDCEEQ UOQMG TCEG CIGGFWECVKQP RCUV UOQMKPI1: 
 OQUV UKIPKHKECPVN[ CUUQEKCVGF YKVJ %12& CHVGT CFLWUVOGPVHQT EQXCTKCVGU PWODGT QH JQWTU CDQXG JKIJGT VJTGUJQNFU NGUUUKIPKHKECPV YJGP 652 51  CPF 1: 
 GPVGTGF KP UCOG TGITGUUKQP652 
 QPN[ RQNNWVCPV CUUQEKCVGF YKVJ %12& JKIJ EQTTGNCVKQPDGVYGGP 1: 
 652 
 CPF 51 
JQWTU OQTG VJCP  RRJO+ORTQXGF GZRQUWTG CUUGUUOGPV QXGT RTGXKQWU RCRGT JQYGXGT PQENGCT UVCVGOGPV RQUUKDNG CDQWV GHHGEVU QH QZKFCPVU FWG VQ EQNKPGCTKV[YKVJ 652 CPF 51 'WNGT GV CN0QV TGRQTVGF 15COG CU #DDG[ GV CN 
C DWV CPCN[UKU CRRNKGF VQ%12& UGXGTKV[ CPF C OWNVKRQNNWVCPV CPCN[UKURGTHQTOGF CNUQ GXCNWCVGF GHHGEV QH WUKPI FCVC HQTFKHHGTGPV VKOG RGTKQFU QH CODKGPV CKT OQPKVQTKPI%WOWNCVKXG KPEKFGPEG QH %12& U[ORVQOU YJGP GCEJ RQNNWVCPVGPVGTGF UGRCTCVGN[ UKOKNCT VQ CDQXG UVWF[ LQKPV GHHGEVU QH 1< 
CPF 652 
 CPF OGCP EQPEGPVTCVKQPU QH GCEJ RQNNWVCPV GXCNWCVGFQPN[ HQT EWOWNCVKXG CUVJOC KPEKFGPEG 652 
 GPVGTGF NQIKUVKETGITGUUKQP KP RTGHGTGPEG VQ 1< 
 DWV OGCP 1 EQPEGPVTCVKQPGPVGTGF KP RTGHGTGPEG VQ OGCP 652 EJCPIG KP CUVJOC UGXGTKV[CUUQEKCVGF YKVJ OGCP 1 EQPEGPVTCVKQP 
 VQ  CPF YKVJGZEGGFCPEG HTGSWGPE[ HQT 1< 
 1< 
 CPF 652 
EQPUKFGTGF UGRCTCVGN[ HKPFKPIU HQT CUVJOC UGXGTKV[ UKOKNCT VQEWOWNCVKXG KPEKFGPEG YJGP 652 CPF 1 GXCNWCVGF VQIGVJGT KP PQCPCN[UKU FKF 652 CPF 1 DQVJ TGOCKP LQKPVN[ UKIPKHKECPV PQT YGTGVJGTG CP[ KPVGTCEVKQPU FCVC WPCDNG VQ WPGSWKXQECNN[ FKUGPVCPINGGHHGEVU QH KPFKXKFWCN RQNNWVCPVU#DDG[ GV CN5GG #RRGPFKZ # HQT CETQP[OU CPF CDDTGXKCVKQPUC

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

### FGXGNQROGPVQHGZRQUWTGKPFKEGUVQQMCEEQWPVQHVJGKORTQXGOGPVUKP#4$FCVCCHVGT&CVCYGTGCXCKNCDNGHQTVQVCNQZKFCPVU1 65251 01 %1CPF51 GZENWFKPIVQ    

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

### VJGVQVCNFQUCIGVQYJKEJVJG[YQWNFDGGZRQUGF6JGGUVKOCVGUKPVJKUTGRQTVFKFPQVEQTTGEVHQTVKOGURGPVKPFQQTU9JGPVJG1:YCUVJGQPN[RQNNWVCPVEQPUKFGTGFGCEJJ[GCTKPETGOGPVKPGZRQUWTGYCUCUUQEKCVGFYKVJCKPETGCUGKPTKUMHQT%12&KPCOWNVKRNGNQIKUVKETGITGUUKQPCPCN[UKUVJCVCFLWUVGFHQTGHHGEVUQHQEEWRCVKQPRCUUKXGGZRQUWTGVQVQDCEEQUOQMGRGTUQPCNUOQMKPIUGZCIGTCEGCPFGFWECVKQPDCUGNKPGFCVCQPN[/QTGQXGTVJGFCVCYGTGEQORCVKDNGYKVJCVJTGUJQNFGHHGEVCVRRJO*QYGXGTYJGPJQWTUCDQXGC652

EQPEGPVTCVKQPQHIO =652?CPF51 EQPEGPVTCVKQPQHRRJOYGTGKPENWFGFKPVJG 


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

GZRQUWTG

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

### FGOQPUVTCVGFEQTTGNCVKQPEQGHHKEKGPVUQHDGVYGGPOQPVJN[OGCPVQVCNQZKFCPVUCPF1 CV 

### EQPEGPVTCVKQPURRJO+VUJQWNFDGPQVGFVJCVCOQTGCRRTQRTKCVGEQORCTKUQPYQWNFJCXGDGGPDGVYGGPVJGOGCPCPFVJGFKHHGTGPEGUQHVJGVYQOGCUWTGOGPVU6JGCDQXGGUVKOCVGUYGTGCRRNKGFVQFCVCVJCVKPENWFGF[GCTUQHHQNNQYWRQHVJGUVWF[RQRWNCVKQP#DDG[GVCND6JKUCPCN[UKUHQEWUGFQPKPEKFGPVQEEWTTGPEGQHQDUVTWEVKXGCKTYC[UFKUGCUG#1&

` UCOGFGHKPKVKQPCUHQT%12&CDQXG+PEKFGPVU[ORVQOUQH#1&YGTGUKIPKHKECPVN[CUUQEKCVGFYKVJJQWTUCDQXGUGXGTCN652VJTGUJQNFUDWVPQVYKVJJQWTUCDQXGCP[1 VJTGUJQNF6JGTGYCUCUWIIGUVKQPQHCPCUUQEKCVKQPDGVYGGPJQWTUCDQXG 

### RRJO1 =1<?CPFVJG[GCTEWOWNCVKXGKPEKFGPEGQHCUVJOC=44HQTJ[GCT 

### CDQXG1<%.VQ?CPFFGHKPKVGDTQPEJKVKU44=%.VQ?#RRTQZKOCVGN[QHVJGUVWF[RQRWNCVKQPGZRGTKGPEGFCVNGCUVJKPGZEGUUQHVJG1<ETKVGTKQP%WOWNCVKXGKPEKFGPEGGUVKOCVGUYGTGCFLWUVGFYKVJVJGWUGQH%QZRTQRQTVKQPCNJC\CTFOQFGNUHQTVJGUCOGXCTKCDNGUPQVGFKPVJGQTKIKPCNRWDNKECVKQPQH*QFIMKPGVCNCUYGNNCUVJGRTGUGPEGQHRQUUKDNGU[ORVQOUKPCPFEJKNFJQQFTGURKTCVQT[KNNPGUUJKUVQT[0QPGQHVJGCPCN[UGUKPENWFGFDQVJ1 CPF652 

### VJTGUJQNFU0QFCVCYGTGRTQXKFGFQPVJGFGVCKNUQHVJGUWDLGEVUCXCKNCDNGHQTVJGRTQURGEVKXGCPCN[UKUCPFVJGKTTGRTGUGPVCVKXGPGUUXGTUWUVJGGPVKTGDCUGRQRWNCVKQP6JGTGHQTGCUUWOKPIPQDKCUFWGVQUGNGEVKXGNQUUVQHQNNQYWRVJGUGFCVCCTGEQPUKUVGPVYKVJCUOCNN1 GHHGEVCPF 

### CTGNKOKVGFD[VJGUCOGEQPUKFGTCVKQPUQHEQNKPGCTKV[CPFUWDUGSWGPVTGFWEVKQPQHRQYGTPQVGF

CDQXG #PQVJGTCPCN[UKUD[#DDG[GVCNGXCNWCVGFEJCPIGUKPTGURKTCVQT[U[ORVQOUGXGTKV[YKVJVJG652CPF1 VJTGUJQNFUPQVGFCDQXG+PVJKUCPCN[UKUNQIKUVKETGITGUUKQP 

### TCVJGTVJCP%QZRTQRQTVKQPCNJC\CTFOQFGNKPIYCUWUGFVQCUUGUUEWOWNCVKXGKPEKFGPEGQHEQORQPGPVUQHVJG%12&EQORNGZCPFOWNVKRNGNKPGCTTGITGUUKQPYCUWUGFVQGXCNWCVGEJCPIGUKPU[ORVQOUGXGTKV[9JGP1 YCUEQPUKFGTGFD[KVUGNHVJGTGYCUCVTGPFVQYCTFCP 

### KPETGCUGFTKUMQHCUVJOCHQTCJCXGTCIGCPPWCNKPETGOGPVKPVJG1<ETKVGTKQP44%.VQ+PVJKUCPCN[UKUVJGTGYCUCUWIIGUVKQPVJCVTGEGPVCODKGPV1 EQPEGPVTCVKQPUYGTGOQTGTGNCVGFVQEWOWNCVKXGKPEKFGPEGVJCPRCUVEQPEGPVTCVKQPU%JCPIG



### KPCUVJOCUGXGTKV[UEQTGYCUCUUQEKCVGFUKIPKHKECPVN[YKVJVJGVQCXGTCIGCPPWCNGZEGGFCPEGHTGSWGPE[HQT1 VJTGUJQNFUQHCPFRRJO0QUKIPKHKECPVGHHGEVUYGTGHQWPF 

### HQT%12&QTDTQPEJKVKUCNQPG+PEQPVTCUVVQVJGCDQXGUVWF[QHEWOWNCVKXGKPEKFGPEGVJGKPXGUVKICVQTUECTTKGFQWVCPCPCN[UKUKPYJKEJ652CPF1<YGTGCNNQYGFVQEQORGVGHQTGPVT[KPVQCOQFGNVQGXCNWCVGCUVJOCEWOWNCVKXGKPEKFGPEGCPFEJCPIGUKPUGXGTKV[+PVJGEWOWNCVKXGKPEKFGPEGOQFGNVJCVGORNQ[GFGZEGGFCPEGHTGSWGPEKGUPWODGTQHJQWTUCDQXGVJTGUJQNF652GPVGTGFDGHQTG1<YJGPCXGTCIGCPPWCNOGCPEQPEGPVTCVKQPUYGTGWUGF1 GPVGTGFDGHQTG652(TQOVJKUVJGCWVJQTUEQPENWFGFVJCVDQVJ652CPF1 YGTG  

### TGNGXCPVVQCUVJOCEWOWNCVKXGKPEKFGPEG+PPQECUGFKFDQVJRQNNWVCPVUTGOCKPUKIPKHKECPV

### UKOWNVCPGQWUN[KPVJGUCOGTGITGUUKQP0QKPVGTCEVKQPUYGTGQDUGTXGFDGVYGGP652CPF1 HQT 

### GKVJGTOGVTKE#UKOKNCTTGUWNVYCUQDUGTXGFHQTEJCPIGKPCUVJOCUGXGTKV[#UKPRTGXKQWUCPCN[UGUVJGTGYCUCJKIJEQTTGNCVKQPDGVYGGP652CPF1<GZEGGFCPEGHTGSWGPEKGUCPFVJGKTTGURGEVKXGCXGTCIGCPPWCNOGCPEQPEGPVTCVKQPU6JG#*5/1)UVWF[TGRTGUGPVUVJGOQUVGZVGPUKXGGHHQTVVQFCVGVQRTQXKFGTGCNKUVKEGZRQUWTGGUVKOCVGUYKVJKPVJGEQPUVTCKPVUQHCNCTIGRQRWNCVKQPDCUGFUVWF[/QTGQXGTVJGGZRQUWTGGUVKOCVGUHQTRJQVQEJGOKECNQZKFCPVUJCXGDGGPVKGFVQEWTTGPV1 NGXGNUCPFJCXG 

### VCMGPKPVQCEEQWPVOCP[QHVJGUQWTEGUQHKPCEEWTCE[CPFKORTGEKUKQPKPVJGCUUKIPOGPVQHGZRQUWTGUVQKPFKXKFWCNUUJQTVQHFGVCKNGFRGTUQPCNOQPKVQTKPI#UUWEJVJG[FQTGRTGUGPVCEQPUKFGTCDNGKORTQXGOGPVQXGTCNNQVJGTUVWFKGUVQFCVG0QPGVJGNGUUKVKUPQVRQUUKDNGHTQO

VJGUGFCVCVQFGVGTOKPGKHVJGTGKUCPGHHGEVQH1 QPVJGQWVEQOGUVJCVYGTGUVWFKGF6JKU 

### NCTIGN[KUFWGVQVJGFKHHKEWNV[QHRCTVKVKQPKPIGHHGEVUDGVYGGP1 CPFRCTVKENGU

### 1VJGT5VWFKGU 5WDUGSWGPVVQVJGRWDNKECVKQPQHVJGETKVGTKCFQEWOGPVVYQCFFKVKQPCNRWDNKECVKQPUJCXGGOGTIGFHTQOVJG7%.#UVWF[&GVGNUGVCN6JGFCVCRTGUGPVGFCTGFGTKXGFHTQOVJGUCOGRQRWNCVKQPDCUGUVJCVYGTGWUGFKPRTGXKQWURWDNKECVKQPUCPFVJGTGHQTGVJG[CTGUWDLGEVVQVJGUCOGNKOKVCVKQPUVJCVYGTGEKVGFKPVJG

KPVTQFWEVKQPVQVJKUUGEVKQP+P&GVGNUGVCNTGRQTVGFC[GCTHQNNQYWRUVWF[QHYJKVGPQP*KURCPKEUWDLGEVUHTQOVJG.CPECUVGTCPF)NGPFQTCUVWF[CTGCU6JGCPFOQOGCPRGCMJQWTN[VQVCNQZKFCPVXCNWGUHTQOVQHQT.CPECUVGTCPF)NGPFQTCYGTGCPFRRJOCPFCPFRRJOTGURGEVKXGN[1PN[CPFQHUWDLGEVUTGURGEVKXGN[YGTGTGVGUVGFYKVJDQVJVJGSWGUVKQPPCKTGCPFOGCUWTGUQHNWPIHWPEVKQP'HHGEVUQHCKTRQNNWVKQPQPVJGFC[UQHVGUVKPIYGTGGXCNWCVGFD[EQORCTKPINWPIHWPEVKQPVGUVTGUWNVUKPCUWDITQWRQHKPFKXKFWCNUYJQYGTGVGUVGFVJTGGVKOGUCVVQOQKPVGTXCNU0QGHHGEVYCUQDUGTXGFDWVVJGRQYGTVQHKPFFKHHGTGPEGUYCUNQY1XGTVJGHQNNQYWRRGTKQFVJGTGYGTGPQEJCPIGUKPTGRQTVGFTGURKTCVQT[U[ORVQOUHQTGKVJGTEQOOWPKV[+PCFWNVU[GCTUQHCIGYJQPGXGTUOQMGFCNNURKTQOGVTKECPFPKVTQIGPYCUJQWVTGUWNVUUJQYGFOQTGTCRKFFGVGTKQTCVKQPKP)NGPFQTC&KHHGTGPEGUYGTGUKIPKHKECPVQPN[HQTOKFGZRKTCVQT[HNQYUCPFHQTUNQRGQH2JCUG+++HTQOVJGPKVTQIGPYCUJQWVEWTXG6JGGHHGEVUYGTGITGCVGTKPHGOCNGUKPYJQOEJCPIGUKP('8 CNUQ 

### YGTGUKIPKHKECPV+PUWDLGEVUNGUUVJCP[GCTUQHCIGQPN[EJCPIGUKPUNQRGQH2JCUG+++YGTGUKIPKHKECPVCNVJQWIJ(8%KP)NGPFQTCHGOCNGUYCUNQYGTVJCPVJCVQDUGTXGFKP.CPECUVGT6JGTGUWNVUQHVJKUUVWF[TGOCKPNKOKVGFD[VJGNCEMQHCFGSWCVGGZRQUWTGFCVCCPFVJGHCKNWTGVQEQPVTQNHQTVJGRQUUKDNGGHHGEVUQHQVJGTCODKGPVRQNNWVCPVFKHHGTGPEGUDGVYGGPVJGEQOOWPKVKGU2TQDNGOUYKVJNQUUVQHQNNQYWRTGRTGUGPVCUKIPKHKECPVKUUWGGURGEKCNN[HQTVJGRWNOQPCT[HWPEVKQPOGCUWTGOGPVUIKXGPVJCVCRRTQZKOCVGN[QHVJGQTKIKPCNUWDLGEVUYGTGPQVCXCKNCDNGHQTTGRGCVGFVGUVKPI$CUGNKPGEQORCTCDKNKV[KUCNUQQHEQPEGTPDGECWUGUWDLGEVUYJQYGTGTGVGUVGFKP.CPECUVGTJCFCDGVVGTUNQRGQH2JCUG+++VJCPVJQUGPQVTGVGUVGF$GECWUGVJKUOGCUWTGOQUVEQPUKUVGPVN[FKHHGTGFDGVYGGPVJGVYQUVWF[EQOOWPKVKGUVJGRQUUKDKNKV[QHUGNGEVKQPDKCUKUXGT[TGCN1XGTCNNVJGUGTGUWNVUFQPQVUVTGPIVJGPVJGWUGHWNPGUUQHVJKUUVWF[HQTVJGCVVTKDWVKQPQHCPGHHGEVQHQZKFCPVGZRQUWTGQPTGURKTCVQT[JGCNVJ6JGTGRQTVHTQOVJG7%.#ITQWREQORCTGF.CPECUVGTYKVJ.QPI$GCEJVJGNCVVGTCTGCYKVJTGNCVKXGN[JKIJNGXGNUQH51 UWNHCVGU01 CPFJ[FTQECTDQPUCUYGNNCU  Z

### KPETGCUGFVQVCNQZKFCPVNGXGNUOGCPJFCKN[RGCMXCNWGUVQRRJOXGTUWURRJOTGURGEVKXGN[&GVGNUGVCN#UCDQXGVJGCPCN[UKUYCUTGUVTKEVGFVQPQP*KURCPKEYJKVGUYJQPGXGTUOQMGFEKICTGVVGUCPFYKVJ[GCTUQHHQNNQYWR1PN[QHVJG.CPECUVGTEQJQTVCPFQHVJG.QPI$GCEJEQJQTVJCFRWNOQPCT[HWPEVKQPTGVGUVGFQPVYQ

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vO.[GCTKP.QPI 

### $GCEJXGTUWUO.[GCTvO.[GCTKP.CPECUVGT#RRNKECVKQPQHVJKUFKHHGTGPEGVQVJGFCVCKPVJGKT6CDNG#YQWNFUWIIGUVVJCVVJGUKIPKHKECPVFKHHGTGPEGKP('8 HQTDQVJOCNGU 

### CPFHGOCNGUOC[DGNCTIGN[KHPQVGPVKTGN[FWGVQDKCU6JWUCNNQHVJGHWPEVKQPCNFKHHGTGPEGUTGRQTVGFKPVJKUUVWF[CTGUWURGEVQPVJKUDCUKUCNQPG6JKUQHEQWTUGKIPQTGUCP[CFFKVKQPCNDKCUGUVJCVOC[JCXGDGGPFWGVQVJGNCTIGNQUUGUVQHQNNQYWRKPDQVJEQOOWPKVKGU

#PWODGTQHCFFKVKQPCNUVWFKGUJCXGCFFTGUUGFFCVCTGNGXCPVVQVJGEJTQPKEGHHGEVUQH1 QPTGURKTCVQT[JGCNVJUGG6CDNG

 

### 5EJYCTV\GXCNWCVGFVJGGHHGEVQHCKTRQNNWVKQPQPEJKNFTGPCPF[QWPICFWNVUCIGUVQ[GCTUYKVJVJGWUGQHFCVCFGTKXGFHTQO0*#0'5++5GEQPF0CVKQPCN*GCNVJCPF0WVTKVKQP'ZCOKPCVKQP5WTXG[(GDTWCT[VQ#NNKPFKXKFWCNUKPGCEJEGPUWUVTCEVYGTGCUUKIPGFCXGTCIGRQNNWVCPVXCNWGUFGTKXGFHTQOOQPKVQTUNQECVGFYKVJKPOKNGUQHVJGEGPVTQKFQHVJGEGPUWUVTCEV#XGTCIGJQWTN[XCNWGUHQTVJGFC[URTGEGFKPIURKTQOGVT[YGTGWUGFCPFCPCPPWCNCXGTCIGYCUETGCVGFHQT1 '2#5VQTCIGCPF4GVTKGXCNQH 

### #GTQOGVTKE&CVC=5#41#&?FCVCDCUG(QT1 EJGOKNWOKPGUEGPEGCPFWNVTCXKQNGV=78? 

### URGEVTQUEQR[UKZQHVJGUGXGPJQWTN[TGCFKPIUDGVYGGPCOCPFROYGTGTGSWKTGFVQKPENWFGCFC[	UFCVC1PN[QHVJGQHVJGUWDLGEVUNKXGFENQUGGPQWIJVQCOQPKVQTVQJCXG1 GZRQUWTGUCUUKIPGFVQVJGO&CVCHQT65201 CPF51   

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

### RROYCUQDUGTXGFCDQXGYJKEJVJGTGCRRGCTGFVQDGCNKPGCTFGENKPGKP(8%QPN[FCVCUJQYPITCRJKECNN[6JGGHHGEVRGTUKUVGFCHVGTEQPVTQNHQTUGZTCEGCIGHCOKN[KPEQOGGFWECVKQPCNNGXGNEJTQPKETGURKTCVQT[U[ORVQOUCPFUOQMKPIJKUVQT[4GUWNVUYGTGNKVVNGCHHGEVGFD[TGIKQPQTWUGQHC[GCTCXGTCIKPIVKOG1\QPGNGXGNUCDQXGVJGVJTGUJQNFYGTGUKIPKHKECPVN[CUUQEKCVGFYKVJCP(8%CTGUWNVPQVUGGPHQT652DWVQDUGTXGFHQT01  

### 6JGOCLQTNKOKVCVKQPQHVJG5EJYCTV\CPCN[UKUKUVJGKPCDKNKV[VQFKUVKPIWKUJDGVYGGPVJGGHHGEVUQH1 652CPF01 CPFVJGEJQKEGQHQPN[CUKPINGOGVTKEHQT1 JQWTN[  

### CXGTCIG5WRRQTVHQTVJGHQTOGTEQPEGTPECPDGUGGPKPVJGUKOKNCTKV[QHVJGGHHGEVUQH01 

### CPF1 KPVJGNQIKUVKETGITGUUKQPCPCN[UGUYJKEJUWIIGUVUVJCVVJGTGUWNVUEQWNFTGHNGEVVJGLQKPV 

### GHHGEVQHCPWODGTQHURGEKGUKPCEQORNGZQZKFCPVGPXKTQPOGPV6JGQRGTCVKPICUUWORVKQPVJCVPGCTVGTOVQ[GCTGZRQUWTGTGCUQPCDN[TGHNGEVUCNKHGVKOGQHGZRQUWTGKUJKIJN[UWURGEVKPVJGOQDKNG75RQRWNCVKQP+PHCEVTGUVTKEVKQPQHVJGCPCN[UKUVQUWDLGEVUYJQUVKNNTGUKFGFKPVJGUVCVGKPYJKEJVJG[YGTGDQTPNGFVQUNKIJVTGFWEVKQPUQH1 GHHGEVGURGEKCNN[HQT 

### ('8 CPF2'(4&GURKVGVJGUGNKOKVCVKQPUVJGFCVCFQUWIIGUVVJCVHQTEJKNFTGPCPF[QWPI 

### CFWNVUKHVJGTGKUCEJTQPKE1 GHHGEVQTOQTGCEEWTCVGN[HQTVJGUGFCVCCUWDEJTQPKEGHHGEV 

### QPNWPIHWPEVKQPKVEQWNFQEEWTCVNGXGNUCVQTDGNQYRRD*QYGXGTVJGRCTVKEWNCTRCVVGTPQHGZRQUWTGRGCMUUGCUQPGVEVJCVOC[DGTGNGXCPVECPPQVDGFKUEGTPGFHTQOVJGUGFCVC+P5VGTPGVCNTGRQTVGFCETQUUUGEVKQPCNUVWF[EQPFWEVGFKPCPFQHVJGTGNCVKQPUJKRDGVYGGPTGURKTCVQT[JGCNVJGHHGEVUQHUGEQPFVJTQWIJUKZVJITCFGEJKNFTGPKPVYQ%CPCFKCPEQOOWPKVKGUQPGKPUQWVJGTP1PVCTKQCPFQPGKPUQWVJGTP/CPKVQDC6JG1PVCTKQTGIKQPYCUEJCTCEVGTK\GFD[NQYNGXGNUQHICUGQWURQNNWVCPVU51 CPF01 CPF  

### OQFGTCVGN[GNGXCVGFNGXGNUQHRCTVKEWNCVGUWNHCVG(2UCPF1 (TGSWGPVGRKUQFGUQHGNGXCVGF 

### UWNHCVGCPF1 EQPEGPVTCVKQPUQEEWTTGFKPVJGUWOOGTCPFGCTN[HCNN6JG/CPKVQDCEQOOWPKV[ 

### YCUPQVUWDLGEVVQVJGUCOGRCVVGTPQHCKTRQNNWVCPVU)CUGUCPF1 OGCUWTGFD[ 

### EJGOKNWOKPGUEGPEGYGTGUCORNGFEQPVKPWQWUN[CPF652UWNHCVGUCPFVQVCNPKVTCVGUYGTGUCORNGFGXGT[UKZVJFC[(KZGFOQPKVQTKPIUVCVKQPUYGTGGUVCDNKUJGFCVVJGEGPVGTQHGCEJEQOOWPKV[CPFOQPKVQTKPIYCUECTTKGFQWVHTQO1EVQDGTVQ#RTKN1\QPGOGCUWTGOGPVUKP1PVCTKQYGTGFGTKXGFHTQOUKVGUDGVYGGPVQMOHTQOVJGUVWF[CTGC#XGTCIGCPPWCNOCZKOWO1 EQPEGPVTCVKQPUYGTGUKOKNCTKPVJGVYQEQOOWPKVKGUCPF 

### RROKP1PVCTKQCPF/CPKVQDCTGURGEVKXGN[DWVVJGHTGSWGPE[QHGNGXCVGF1 GXGPVU 

### RRO%CPCFKCPUVCPFCTFHQTJOCZKOWOYCUOQTGHTGSWGPVKP1PVCTKQFC[UVJCPKP/CPKVQDCFC[UKP0KPGV[VYQRGTEGPVQHVJGUWDLGEVUPRTQXKFGFFCVCHTQOFGVCKNGFSWGUVKQPPCKTGUDWVQPN[RTQXKFGFURKTQOGVTKEFCVCVGUVGFKPHCNNCPFYKPVGTOQPVJU6JGTGYGTGPQOGCPKPIHWNFKHHGTGPEGUKPVJGRTGXCNGPEGQHCNNQHVJGTGURKTCVQT[JGCNVJQWVEQOGUUVWFKGFCHVGTCFLWUVOGPVHQTRCTGPVCNUOQMKPIICUEQQMKPIUGZNGPIVJQHTGUKFGPEGRCTGPVCNGFWECVKQPCPFRCUVTGURKTCVQT[KNNPGUUJKUVQT[1PVCTKQEJKNFTGPJCFCNQYGT(8%CFLWUVGFHQTCIGUGZJGKIJVCPFRCTGPVCNUOQMKPICPFCNQYGT('8 DQVJFKHHGTGPEGUYGTGUVCVKUVKECNN[UKIPKHKECPV6JGFKHHGTGPEGUYGTGUQOGYJCVITGCVGT 

### YJGPEJKNFTGPYKVJWPFGTN[KPITGURKTCVQT[KNNPGUUQTU[ORVQOUYGTGGZENWFGFHTQOVJGCPCN[UGU6JGUGFCVCCTGXGT[FKHHKEWNVVQKPVGTRTGVKPTGNCVKQPVQ1 FWGVQVJGOCTMGF 

### EQNKPGCTKV[DGVYGGPVJG1 CPFUWNHCVGNGXGNUKP1PVCTKQ/QTGQXGTVJGFKHHGTGPEGUQDUGTXGF 

### KPNWPIHWPEVKQPCTGXGT[UOCNNCPCXGTCIGQHO.CPFO.HQT(8%CPF('8  

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

%CPCFKCPEQOOWPKVKGU(KXGVQYPUKPUQWVJYGUVGTP1PVCTKQCPFHKXGVQYPUKP5CUMCVEJGYCPYGTGUGNGEVGFCPFUVWFKGFDGVYGGP5GRVGODGTCPF/CTEJ%JKNFTGPVQ[GCTUQHCIGYGTGUVWFKGFPYKVJVGEJPKSWGUUKOKNCTVQVJGRTGXKQWUUVWF[+P51  

### 01 CPF1 YGTGOQPKVQTGFEQPVKPWQWUN[VJTQWIJCUKVGPGVYQTMQPGUKVGKPGCEJVQYP 

### 2CTVKENGUYGTGUCORNGFGXGT[FC[UHQTJKP5CUMCVEJGYCPCPFGXGT[FC[UKP1PVCTKQ#PPWCNOGCPJOCZKOWO1 EQPEGPVTCVKQPUYGTGUNKIJVN[JKIJGTKP1PVCTKQDWVVJGVJCPF 

### VJRGTEGPVKNGXCNWGUYGTGOWEJITGCVGTVJRRDXGTUWURRDVJRRDXGTUWURRD6JKUYCURCTVKEWNCTN[VTWGHQTVJGOQPVJUQH,WPGVQ#WIWUV6JGNGXGNUQH2/ CPF 

### PKVTCVGFKFPQVXCT[DGVYGGPVJGCTGCUCPFYGTGYGNNYKVJKPVJG%CPCFKCP#ODKGPV#KT3WCNKV[

###  8

 8

1DLGEVKXGU#PPWCNOGCP51 NGXGNUYGTGVJTGGVQHQWTVKOGUITGCVGTKP1PVCTKQEQOOWPKVKGU 

### IO XGTUWUIO   



### 6JGCFLWUVGFCIGUGZRCTGPVCNGFWECVKQPICUEQQMKPICPFRCTGPVCNUOQMKPIRTGXCNGPEGQHTGURKTCVQT[U[ORVQOUFKFPQVFKHHGTCOQPIVJGEQOOWPKVKGU#FLWUVGFJGKIJVYGKIJVRNWUVJGCDQXGCFLWUVOGPVHCEVQTU(8%CPF('8 CXGTCIGFCPF 

### NGUUTGURGEVKXGN[KPVJGHKXG1PVCTKQVQYPU0QFKHHGTGPEGUYGTGQDUGTXGFHQT2'(4('( QT6JGTGUWNVUFKFPQVEJCPIGYJGPVJGCPCN[UKUYCUTGUVTKEVGFVQNKHGNQPI  OCZ

### TGUKFGPVUQTVQEJKNFTGPYKVJQWVTGURKTCVQT[U[ORVQOU#NVJQWIJPQVUVCVKUVKECNN[UKIPKHKECPV1PVCTKQEJKNFTGPYKVJFQEVQTFKCIPQUGFEWTTGPVCUVJOCJCF('( CPFNGXGNUVJCV  OCZ

### YGTGCPFTGURGEVKXGN[NQYGTVJCPUKOKNCTEJKNFTGPKP5CUMCVEJGYCP1XGTCNNVJGRTGXCNGPEGQHCUVJOCYCUHQTVJGGPVKTGUCORNG6JGUGTGUWNVUCTGEQPUKUVGPVKPVGTOUQHVJGOCIPKVWFGQHVJG('8 CPF(8% 

### GHHGEVUYKVJVJQUGQHVJGRTGXKQWU5VGTPUVWF[5VGTPGVCN+PCFFKVKQPVJGUGFCVCRTQXKFGUWIIGUVKXGGXKFGPEGQHGPJCPEGFGHHGEVUHQTEJKNFTGPYKVJEWTTGPVCUVJOC6JGVYQOCLQTNKOKVCVKQPUQHVJGUVWF[CTGTGEQIPK\GFD[VJGCWVJQTUVJGGHHGEVUQDUGTXGFECPPQVDGCVVTKDWVGFVQ1 QTVQ51 QTCEKFCGTQUQNUCPFEQWNFDGFWGVQGKVJGTRCTVQHVJGRQNNWVCPV  

### OKZVWTGQTCVVTKDWVGFVQVJGEQODKPCVKQPQHVJGEQORQPGPVCPFVJGFKHHGTGPEGUKPVJGOGCPXCNWGUTGRQTVGFFQPQVVCMGKPVQCEEQWPVVJGXCTKCDKNKV[KPVJGRWNOQPCT[HWPEVKQPFKUVTKDWVKQPCPFVJGXCTKCDKNKV[QHTGURQPUGUCETQUUVJGFKUVTKDWVKQPUGGCDQXG2QTVPG[CPF/WNNCJ[WUGFVJG750CVKQPCN*GCNVJ+PVGTXKGY5WTXG[CPF5#41#&FCVCVQGZRNQTGVJGTGNCVKQPUJKRDGVYGGP1 CPF652CPFEJTQPKETGURKTCVQT[ 

### FKUGCUG#XGTCIGJQWTN[1 EQPEGPVTCVKQPUHTQOVQYGTGWUGFFCVCHTQOVQ 

### CPFFCVCHTQOCNQPGYGTGGXCNWCVGF+PFKXKFWCNUYGTGOCVEJGFVQVJGPGCTGUVEGPVTQKFQHVJGEGPUWUVTCEVKPYJKEJVJG[NKXGFKP+PFKXKFWCNUYGTGGZENWFGFKHVJG[NKXGFOKNGUHTQOVJGPGCTGUVOQPKVQT1PN[QHVJGCFWNVUUWTXG[GFYJQRCTVKEKRCVGFKPVJGUOQMKPICPFTGURKTCVQT[FKUGCUGUWRRNGOGPVCNKPVGTXKGYCPFHQTYJQOTGUKFGPVKCNFCVCYGTGCXCKNCDNGEQWNFDGKPENWFGF5GXGPFKHHGTGPVOQFGNURGEKHKECVKQPURTQDKVCPCN[UKUGXCNWCVGFEWOWNCVKXG[GCTCPF[GCTGHHGEVUQH1 QPXCTKQWUTGURKTCVQT[ 

### FKUGCUGU*QWTN[CXGTCIG1 EQPEGPVTCVKQPUDWVPQV652EQPEGPVTCVKQPUQXGTVQ 

### YGTGUKIPKHKECPVN[CUUQEKCVGFYKVJVJGTGRQTVQHUKPWUKVKUCPFJC[HGXGTCHVGTEQPVTQNHQTUOQMKPIUGZKPEQOGTCEGGFWECVKQPVGORGTCVWTGCPFUVCDKNKV[QHTGUKFGPEG+PEQPVTCUVPGKVJGT1 PQT652YGTGCUUQEKCVGFYKVJTGRQTVGFCUVJOCCPFGORJ[UGOC#PGPQTOQWU 

### COQWPVQHFCVCTGFWEVKQPVJGNCEMQHKPFKXKFWCNGZRQUWTGFCVCNCEMQHURGEKHKECVKQPQHVJGCIGCPFUGZFKUVTKDWVKQPQHVJGUVWF[RQRWNCVKQPNCEMQHFCVCQPQEEWRCVKQPCNGZRQUWTGUVJGWUGQHCUKPING1 OGVTKECPFVJGTGUVTKEVGFHQTOWNCVKQPQHVJGRCTVKEWNCVGFCVCCNNUGXGTGN[NKOKVGFVJG 

### WUGHWNPGUUQHVJGUGFCVC-KNDWTPGVCNUVWFKGFVJGGHHGEVQHCKTRQNNWVKQPQPGZRKTCVQT[HNQYUCPFXKVCNECRCEKV[KP/GZKECP#OGTKECPEJKNFTGPKP.QU#PIGNGU+PUGEQPFCPFHKHVJITCFGUVWFGPVUYGTGUVWFKGFCPFQHVJGUGYGTGUVWFKGFCICKPKP6JGCPCN[VKECNUVTCVGI[VJGNQUUGUVQHQNNQYWRCPFVJGNCEMQHTGCUQPCDNGGZRQUWTGFCVCOCMGVJGFCVCHTQOVJKUUVWF[XKTVWCNN[WPKPVGTRTGVCDNG#UVWF[D[%CUVKNNGLQUGVCNGXCNWCVGFVJGGHHGEVUQHCEWVGGZRQUWTGUVQCODKGPV1 EQPEGPVTCVKQPUQPRWNOQPCT[HWPEVKQPCPFTGURKTCVQT[U[ORVQOU1PGJWPFTGF 

### CPFHQTV[GKIJV[GCTQNFEJKNFTGPKPVJGUQWVJYGUVRCTVQH/GZKEQ%KV[YGTGUVWFKGFDGVYGGP,CPWCT[CPF,WPG9GGMN[URKTQOGVTKEOGCUWTGOGPVUYGTGOCFGQXGTYGGMU#ODKGPVCKTFCVCYGTGQDVCKPGFHTQOVJGOQPKVQTKPIU[UVGOOCKPVCKPGFD[VJG/GZKECP

### IQXGTPOGPVCPFKPENWFGFJQWTN[XCNWGUHQTVGORGTCVWTG4*CPF1 EQPEGPVTCVKQP1\QPG 

### EQPEGPVTCVKQPGZEGGFGFRRDQPQHFC[UCPFHTGSWGPVN[GZEGGFGFRRD0QFCVCCTGRTGUGPVGFHQT51 QTRCTVKENGU#NNUWDLGEVUJCFVQNKXGYKVJKPMOQHCOQPKVQTKPIUVCVKQP

### 6JGUVWF[FGOQPUVTCVGFVJCVNGXGNUQH('8 CPF('( YGTGCUUQEKCVGFYKVJOGCPJQWTN[  

### 1 NGXGNUKPVJGRTGEGFKPICPFJ6JGCWVJQTUKPVGTRTGVGFVJGKTFCVCCUEQPUKUVGPV



### YKVJCUWDEJTQPKEGHHGEVQH1 QPOGCUWTGUFGTKXGFHTQOURKTQOGVT[VJCVOC[DGFWGVQCP 

### KPHNCOOCVQT[RTQEGUU*QYGXGTVJKUKPVGTRTGVCVKQPUGGOUCVQFFUYKVJVJGUVCVGOGPVKPVJGRCRGTVJCVVJGKPKVKCN('8 OGCUWTGOGPVUHQTVJGITQWRFKFPQVFKHHGTHTQOVJQUGQDUGTXGFKPC 

### EQORCTCDNGCIGITQWRKPVJG*CTXCTF5KZ%KVKGU5VWF[YJQYGTGPQVGZRQUGFVQ1 EQPEGPVTCVKQPUCUJKIJCUVJQUGTGRQTVGFKPVJKUUVWF[+HVJGQXGTCNNNGXGNQHRWNOQPCT[



### HWPEVKQPQHVJKUITQWRFQGUPQVFKHHGTHTQOVJQUGEJKNFTGPYJQNKXGKPCODKGPVGPXKTQPOGPVUYKVJHCTNQYGT1 EQPEGPVTCVKQPUVJGFCVCYQWNFUWIIGUVVJCVVJGUWDEJTQPKEGHHGEVUQDUGTXGF 

### CTGPQVVTCPUNCVGFKPVQRGTUKUVGPVCDPQTOCNKVKGUCVNGCUVCUECPDGQDUGTXGFYKVJURKTQOGVT[#WUVTKCPKPXGUVKICVQTU5EJOKV\DGTIGTGVCNFGUETKDGFCETQUUUGEVKQPCNUVWF[QHVJGGHHGEVUQH1 QPVJGTGURKTCVQT[JGCNVJQHEJKNFTGPCIGUVQ[GCTU2WNOQPCT[ 

### HWPEVKQPKPVYQFKHHGTGPVCTGCUYKVJFKHHGTKPICPPWCN1 EQPEGPVTCVKQPUCEVWCNOGVTKEQP 

### YJKEJCPPWCNDCUGFPQVIKXGPYGTGEQORCTGFRRDXGTUWURRD0QFKHHGTGPEGUYGTGQDUGTXGFHQT(8%#NNHNQYOGCUWTGU('8 ('( CPF('( YGTGUKIPKHKECPVN[NQYGT   

### KPVJGEJKNFTGPKPVJGJKIJ1 CTGC6JGUGFCVCCTGQHNKOKVGFXCNWGHQTCXCTKGV[QHTGCUQPU 

### VJGOQUVKORQTVCPVDGKPINCEMQHKPFKXKFWCNGZRQUWTGFCVCNCEMQHFCVCQPQVJGTRQNNWVCPVUVJGWPKPVGTRTGVCDNGURGEKHKECVKQPQHCPPWCN1 EQPEGPVTCVKQPNCEMQHFCVCQPEJTQPKETGURKTCVQT[ 

### KNNPGUUGURGEKCNN[CUVJOCCPFVJGNCEMQHFCVCQPUOQMKPIHQTVJGVGGPCIGOGODGTUQHVJGUWDLGEVITQWR5EJOKV\DGTIGTGVCNHQNNQYKPIWRQPVJGKTRTGNKOKPCT[FCVC5EJOKV\DGTIGTGVCNUVWFKGFCFFKVKQPCNUWDLGEVUKPVJG#WUVTKCP6[TQNKCP#NRU6JTGG\QPGUYGTGKFGPVKHKGFDCUGFWRQPCODKGPVCKTEQPFKVKQPU<QPGYCUEJCTCEVGTK\GFD[CPPWCNOGCP51 78HNWQTGUEGPEGQHIO OQPVJN[OGCP01 2CNOGUVWDGUQHRRDCPFCPPWCN   

### OGCP1 EJGOKNWOKPGUEGPEGQHRRDOCZKOWOJCNHJQWTOGCPRRD<QPG 

### YCUEJCTCEVGTK\GFD[XCNWGUQHIO RRDCPFRRDRRDTGURGEVKXGN[CPF 

### <QPGYCUEJCTCEVGTK\GFD[IO RRDCPFRRDRRDTGURGEVKXGN[

### %JKNFTGPCIGUVQ[GCTUYJQNKXGFKPVJGUVWF[CTGCUHQT[GCTUYGTGGPTQNNGF4GURKTCVQT[JGCNVJSWGUVKQPPCKTGFCVCCPFHQTEGFGZRKTCVQT[HNQYUYGTGQDVCKPGF(WNNFCVCYGTGCXCKNCDNGHTQOQHVJGGPTQNNGFUWDLGEVU#FLWUVGFCIGUGZGPXKTQPOGPVCNVQDCEEQUOQMGUQEKQGEQPQOKEUVCVWUCPFJQOGJGCVKPINGXGNUQH(8%CPFHQTEGFHNQYUFKFPQVHQNNQYVJGITCFKGPVKP1 EQPEGPVTCVKQPU#NVJQWIJ<QPGFKHHGTGFUKIPKHKECPVN[HTQO<QPG 

### QPUGXGTCNOGCUWTGUVJGTGYGTGPQOGCPKPIHWNFKHHGTGPEGUYKVJ<QPG#FLWUVGFCUVJOCRTGXCNGPEGYCUJKIJGUVKP<QPGXGTUWUCPFHQT<QPGUCPFTGURGEVKXGN[6JGTGYGTGPQFKHHGTGPEGUHQTQVJGTTGURKTCVQT[U[ORVQOU#NVJQWIJVJGCWVJQTUEQPENWFGVJCVTGUKFGPEGKPVJGCTGCQHGNGXCVGF1 KPETGCUGUVJGTKUMQHNQYUOCNNCKTYC[TGNCVGFNWPI 

### HWPEVKQPECTGHWNKPURGEVKQPQHVJGFCVCFQGUPQVUWRRQTVVJKUEQPENWUKQP6JKUEQPENWUKQPKUDCUGFQPVJGUWRRQUGFKPETGCUGFHTGSWGPE[QH('8 QHNGUUVJCPKP<QPGTGNCVKXGVQVJG 

### QVJGT\QPGUCNVJQWIJVJGURGEKHKEFCVCCTGPQVRTQXKFGF/QTGQXGTVJGOGCPNGXGNUHQTCNNHWPEVKQPCNOGCUWTGOGPVUCTGNQYGUVKP<QPGVJG\QPGYKVJVJGNQYGUV1 EQPEGPVTCVKQPUCPF 

### VJGJKIJGUV51 CPF01 EQPEGPVTCVKQPU6JKUTGRQTVKUJCPFKECRRGFD[VJGNCEMQHCP[  

### KPHQTOCVKQPVJCVEQWNFDGWUGFVQCEEGUUKPFKXKFWCNGZRQUWTGU/QTGQXGTQPN[CUKPINGOQPKVQTKPIUVCVKQPYCUGORNQ[GFVJCVYCURNCEGFCVVJGEGPVGTQH<QPGYJKEJKVUGNHYCUCV

### VJGEGPVGTQHVJGUVWF[CTGCMO 0QKPHQTOCVKQPKURTQXKFGFCUVQJQYVJG 

### EQPEGPVTCVKQPUQHVJGXCTKQWURQNNWVCPVUYGTGGUVKOCVGFHQT<QPGUCPF6JGTGHQTGVJGUGFCVCXKTVWCNN[CTGQHPQSWCPVKVCVKXGXCNWG

1VJGT%JTQPKE&KUGCUG/QTDKFKV[CPF/QTVCNKV[1PN[#*5/1)UVWF[JCURTQXKFGFCP[FCVCQPRQUUKDNG1 TGNCVGFJGCNVJGHHGEVU 

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

### 1\QPGGZRQUWTGYCUPQVCUUQEKCVGFYKVJGZEGUUTGURKTCVQT[ECPEGTOQTVCNKV[QTKPEKFGPEGQHPQPTGURKTCVQT[ECPEGTQXGTVJG[GCTHQNNQYWRRGTKQF#UGEQPFEJTQPKEFKUGCUGUVWF[HTQOVJG#*5/1)RQRWNCVKQPGZVGPFGFVJGCDQXGQDUGTXCVKQPUVQKPENWFGO[QECTFKCNKPHCTEVKQPCPFCNNECWUGOQTVCNKV[#DDG[GVCN+PEKFGPVEJTQPKETGURKTCVQT[FKUGCUGCNUQYCUKPENWFGFKPVJKUCPCN[UKU#ODKGPVNGXGNUQH1 YGTGPQVCUUQEKCVGFYKVJKPEKFGPEGQHO[QECTFKCNKPHCTEVKQPCVCP[QHVJGVJTGUJQNFKPFKEGU



### VJCVYGTGVGUVGF0GKVJGTVJGOGCPEQPEGPVTCVKQPQH1 PQTCP[QHVJGVJTGUJQNFUYGTG 

### CUUQEKCVGFYKVJKPEKFGPEGQHEJTQPKETGURKTCVQT[FKUGCUGUCURTGXKQWUN[FGHKPGF*QYGXGTVJGTGYCUCVTGPFVQYCTFCPCUUQEKCVKQPDGVYGGP[GCTEWOWNCVKXGKPEKFGPEGQHCUVJOCCPFJGZEGGFCPEGQHVJG1<VJTGUJQNF44%.VQ

%QPENWUKQPU6JGDQF[QHFCVCVJCVJCUCEEWOWNCVGFUKPEGRWDNKECVKQPQHVJGRTGXKQWUCKTSWCNKV[ETKVGTKCFQEWOGPVHQT1 75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[RTQXKFGUQPN[ 

### UWIIGUVKXGGXKFGPEGHQTJGCNVJGHHGEVUQHEJTQPKE1 GZRQUWTG/QUVQHVJGUVWFKGUUWHHGTHTQO 

### QPGQTCPQVJGTQHVJGHQNNQYKPINKOKVCVKQPUUKORNKUVKECUUKIPOGPVQHGZRQUWTGKPVGTOUQHEJQKEGQH1 OGVTKEUQTCFGSWCVGCFLWUVOGPVHQTTGNGXCPVEQXCTKCVGUCPFNCEMQHCDKNKV[VQ 

### KUQNCVGGHHGEVUTGNCVGFVQ1 HTQOVJQUGQHQVJGTRQNNWVCPVUGURGEKCNN[VJGRCTVKEWNCVGHTCEVKQP

### 6JG#*5/1)UVWF[JCUOCFGUWDUVCPVKXGRTQITGUUKPVJGRTQDNGOQHVJGCUUKIPOGPVQHKPFKXKFWCNGZRQUWTGU#DDG[GVCNC7PHQTVWPCVGN[VJGTGUWNVUHTQOVJKUUVWF[ECPPQVFKUGPVCPINGVJGGHHGEVUQHEJTQPKE1 GZRQUWTGHTQOVJQUGFWGVQEJTQPKEGZRQUWTGVQVJG 

### RCTVKEWNCVGHTCEVKQPQHCODKGPVRQNNWVKQP6JGUVWF[CNUQNCEMUUWHHKEKGPVRQYGTVQGXCNWCVGVJGRQUUKDKNKV[QHKPVGTCEVKQPUDGVYGGP1 CPFRCTVKEWNCVGRQNNWVKQPKPTGNCVKQPVQJGCNVJGHHGEVU

### 6JWUVJGQXGTCNNFCVCCTGPQVEQPENWUKXGDWVEWTTGPVGXKFGPEGKUUWIIGUVKXGQHRQUUKDNGJGCNVJGHHGEVUHTQOEJTQPKEGZRQUWTGVQ1  

### 6CDNG'HHGEVUQH%JTQPKE1\QPG'ZRQUWTGQPVJG+PEKFGPEGQH%CTFKQXCUEWNCTCPF/CNKIPCPV&KUGCUGUC%QPEGPVTCVKQPU
U 2QNNWVCPVU CPF'PXKTQPOGPVCN8CTKCDNGU 5VWF[ &GUETKRVKQP 4GUWNVU CPF %QOOGPVU 4GHGTGPEGRROIO0QV TGRQTVGF *QFIMKP GV CN*QFIMKP GV CN 
 CPF #DDG[ GV CNC CPCN[UKU DCUGF WRQP GZEGGFCPEGHTGSWGPEKGU  VQ  CPF ECPEGTEWOWNCVKXG KPEKFGPEG  VQ 'ZEGGFCPEG QH 1< 
 VJTGUJQNFDQTFGTNKPG CUUQEKCVGF YKVJ TGURKTCVQT[ECPEGT PQ CUUQEKCVKQP YKVJ OGCPEQPEGPVTCVKQP OWNVKRQNNWVCPV CPCN[UKU YKVJ652 
 CPF 1< 
 QPN[ 1< 
GPVGTGF VJG NQIKUVKE TGITGUUKQP HQTTGURKTCVQT[ OCNKIPCPE[ 652 
 YCUUKIPKHKECPV HQT HGOCNGU HQT CNN OCNKIPCPE[PQ CUUQEKCVKQP DGVYGGP 1 CPF CP[ OGCUWTGQH ECPEGT OQTVCNKV[ QXGTCNN TGUWNVUUWIIGUVKXG QH 1 GHHGEV QP TGURKTCVQT[ECPEGT OQTDKFKV[ CV NGXGN QH GZRQUWTGYKVJKP TCPIG GZRGTKGPEGF D[ NCTIGRGTEGPVCIG QH UVWF[ RQRWNCVKQP/KNNU GV CN 
0QV TGRQTVGF 5GG CDQXG 5GG CDQXG 0Q CUUQEKCVKQP DGVYGGP CP[ 1 VJTGUJQNFCPF CNNECWUG OQTVCNKV[ QT KPEKFGPEG QHO[QECTFKCN KPHCTEVKQP#DDG[ GV CN 
D5GG #RRGPFKZ # HQT CETQP[OU CPF CDDTGXKCVKQPUC

###  8

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 8



# 5WOOCT[CPF%QPENWUKQPU

%QPVTQNNGF*WOCP5VWFKGUQH1\QPG'ZRQUWTG
'HHGEVUQP2WNOQPCT[(WPEVKQP%QPVTQNNGFJWOCP1 GZRQUWTGUVWFKGUJCXGRTQXKFGFVJGUVTQPIGUVCPFOQUV 

### SWCPVKHKCDNGGZRQUWTGTGURQPUGFCVCQPVJGJGCNVJGHHGEVUQH1 6JKUEJCRVGTTGXKGYUVJG 

### TGUWNVUQHUVWFKGUKPXQNXKPIUWDLGEVUGZRQUGFVQ1 EQPEGPVTCVKQPUTCPIKPIHTQOVQ 

### RRO1 YJKNGCVTGUVQTFWTKPI%'QT+'QHXCT[KPIKPVGPUKV[HQTRGTKQFUQHWRVQJ+P 

### OCP[QHVJGUGUVWFKGUUOCNNUCORNGUK\GCPFUWDQRVKOCNGZRGTKOGPVCNFGUKIPNKOKVVJGCDKNKV[VQIGPGTCNK\GVQVJGNCTIGTRQRWNCVKQP1HRCTVKEWNCTEQPEGTPKPEQPUKFGTKPIUVWFKGUYKVJUOCNNUCORNGUK\GUKUVJGTKUMQHOCMKPICDGVC6[RG++GTTQTVJGKPEQTTGEVEQPENWUKQPVJCVPQFKHHGTGPEGGZKUVUDGVYGGPVTGCVOGPVUYJGPEQORCTKUQPUCTGPQVUKIPKHKECPVN[FKHHGTGPV6JGNKMGNKJQQFQHOCMKPIC6[RG++GTTQTITGCVN[NKOKVUVJGCDKNKV[VQFGVGTOKPGVJGOKPKOWO1 EQPEGPVTCVKQPVJCVTGUWNVUKPCUKIPKHKECPVRWNOQPCT[TGURQPUGKPVJGNCTIGTRQRWNCVKQP#UC



### TGUWNVVJGEQPENWUKQPUFTCYPHTQOOCP[QHVJGUVWFKGUEKVGFKPVJKUEJCRVGTOC[WPFGTGUVKOCVGVJGRTGUGPEGQHTGURQPUGUCVNQY1 EQPEGPVTCVKQPUKPJGCNVJ[[QWPICFWNVU 



### *GCNVJ[5WDLGEVU4GUWNVUHTQOUVWFKGUQHCVTGUVGZRQUWTGUVQ1 HQTJKPJGCNVJ[CFWNVUWDLGEVUJCXG 

### FGOQPUVTCVGFFGETGOGPVUKPHQTEGFGZRKTCVQT[XQNWOGUCPFHNQYUQEEWTTKPICVCPFCDQXGRRO1 (QNKPUDGGGVCN*QTXCVJGVCN#KTYC[TGUKUVCPEGKUPQVENGCTN[ 

### CHHGEVGFFWTKPICVTGUVGZRQUWTGVQVJGUG1 EQPEGPVTCVKQPU 

### 9KVJOQFGTCVG+'HQTJGNKEKVKPICQHVQ.OKPFGETGOGPVUKPHQTEGF '

### GZRKTCVQT[XQNWOGUCPFHNQYUUGEQPFCT[VQFGETGCUGUKP+%JCXGDGGPQDUGTXGFKPJGCNVJ[CFWNVUWDLGEVUCVCPFCDQXGRRO1 (QNKPUDGGGVCN5GCNGVCN9KVJ+' '

### .OKPRWNOQPCT[U[ORVQOUCPFFGETGOGPVUKPHQTEGFGZRKTCVQT[XQNWOGUCPFHNQYUCTGRTGUGPVHQNNQYKPIJGZRQUWTGUVQRRO1 /E&QPPGNNGVCN5[ORVQOUCTG 

### RTGUGPVCPFFGETGOGPVUKPHQTEGFGZRKTCVQT[XQNWOGUCPFHNQYUQEEWTCVVQRRO1 HQNNQYKPIJQHEQPVKPWQWUJGCX[GZGTEKUG VQ.OKP#FCOUCPF5EJGNGING

 '

### (QNKPUDGGGVCN#XQNGVCN)QPIGVCNCPFHQNNQYKPIJQHKPVGTOKVVGPVJGCX[GZGTEKUG VQ.OKP/E&QPPGNNGVCN-WNNGGVCN '

### .KPPGVCN9KVJNQPIGTGZRQUWTGUQHVQJFWTCVKQPTGURQPUGUJCXGDGGPQDUGTXGFCVNQYGT1 EQPEGPVTCVKQPUCPFNQYGTXGPVKNCVKQPTCVGU+PVJGTCPIGQHEQPEGPVTCVKQPUDGVYGGP 

### CPFRROCPWODGTQHUVWFKGUWUKPIOQFGTCVG+'CPFFWTCVKQPUDGVYGGPCPFJJCXGUJQYPUKIPKHKECPVTGURQPUGUWPFGTVJGHQNNQYKPIEQPFKVKQPURROHQTJQH+'CV'



### .OKP(QNKPUDGGGVCNVQRROHQTJQH+'CVVQ.OKP '

### (QNKPUDGGGVCN*QTUVOCPGVCNCPFRROHQTJQH+'CV.OKP '

### *C\WEJCGVCN5[ORVQOCPFURKTQOGVT[TGURQPUGUYGTGKPETGCUGFYKVJKPETGCUGFFWTCVKQPQHGZRQUWTG1 EQPEGPVTCVKQPCPFVQVCNXGPVKNCVKQP#KTYC[TGUKUVCPEGKUQPN[ 

### OQFGUVN[CHHGEVGFYKVJOQFGTCVGQTGXGPJGCX[GZGTEKUGEQODKPGFYKVJ1 GZRQUWTGVQ 

### EQPEGPVTCVKQPUCUJKIJCURRO1 (QNKPUDGGGVCN/E&QPPGNNGVCN5GCN 

### GVCN+PETGCUGFDTGCVJKPIHTGSWGPE[HCPFFGETGCUGF8 YJKNGOCKPVCKPKPI 6 '

### QEEWTYKVJGZRQUWTGVQVQRRO1 YJGPEQODKPGFYKVJJGCX[GZGTEKUGHQTVQJ 

### /E&QPPGNNGVCN#FCOUCPF5EJGNGING&KHHGTGPEGUKPTGURQPUGVQCIKXGP1 EQPEGPVTCVKQPCOQPIKPFKXKFWCNUJCXGDGGPUJQYPVQDGTGRTQFWEKDNG)NKPGTGVCN



### /E&QPPGNNGVCNDKPFKECVKPIUQOGKPFKXKFWCNUCTGEQPUKUVGPVN[OQTGTGURQPUKXGVQ

1 VJCPQVJGTU



###  8

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)TQWROGCPFGETGOGPVUKPRWNOQPCT[HWPEVKQPECPDGGUVKOCVGFTQWIJN[YJGPGZRTGUUGFCUCPQPNKPGCTHWPEVKQPQHGHHGEVKXGKGGZRQUWTGFQUGQH1 VJGUKORNGRTQFWEVQH 

### 1 EQPEGPVTCVKQPOGCPXGPVKNCVKQPCPFGZRQUWTGFWTCVKQP5KNXGTOCPGVCN(QNKPUDGG



### GVCN#FCOUGVCN6JG1 EQPEGPVTCVKQPCRRGCTUVQOCMGCITGCVGTKORCEVQP 

### VJGRWNOQPCT[HWPEVKQPTGURQPUGVJCPFQGUQTGZRQUWTGFWTCVKQP(QNKPUDGGGVCN '

### #FCOUGVCNCPFKPFGGF.CTUGPGVCNUWIIGUVCPGZRQPGPVQHCRRTQZKOCVGN[HQTVJG1 EQPEGPVTCVKQP#PQVJGTYC[QHGZRTGUUKPIVJKUTGNCVKQPUJKRKUVJCVFQWDNKPIVJG 

### 1 EQPEGPVTCVKQPWPFGTCP[IKXGPGZRQUWTGUEGPCTKQYKNNJCXGCITGCVGTKORCEVQPURKTQOGVT[



### TGURQPUGUVJCPFQWDNKPIGKVJGTQTGZRQUWTGFWTCVKQP*QYGXGTCVCP[IKXGP '

### 1 EQPEGPVTCVKQPVJGOCLQTGZVGTPCNFGVGTOKPCPVUQHTGURQPUGCTGCPFGZRQUWTGFWTCVKQP '

### $GECWUGQHVJGDTQCFTCPIGQHKPVGTUWDLGEVXCTKCDKNKV[CPFVJGKPCDKNKV[VQKFGPVKH[EJCTCEVGTKUVKEUVJCVKPHNWGPEGVJKUXCTKCDKNKV[QVJGTVJCPCIGGHHQTVUVQGUVKOCVGQTOQFGNKPFKXKFWCNTGURQPUGUJCXGUQHCTDGGPHTWKVNGUU/E&QPPGNNGVCN0GXGTVJGNGUURTGFKEVKQPQHITQWROGCP('8 TGURQPUGUWUKPIVJGXCTKCDNGUQHVJG1 EQPEGPVTCVKQPCPF  '

### GZRQUWTGFWTCVKQPECPDGUWEEGUUHWN#FCOUGVCN(QNKPUDGGGVCN*C\WEJC*C\WEJCGVCN.CTUGPGVCN/E&QPPGNNGVCN+PCEWVG1 GZRQUWTGUVWFKGUQHJQTNGUUKPFWTCVKQPVJGTGURQPUGUQDUGTXGF 

### FWTKPICPFHQNNQYKPICEWVGGZRQUWTGVQ1 CVEQPEGPVTCVKQPUDGVYGGPCPFRROKP 

### PQTOCNJGCNVJ[JWOCPUWDLGEVUKPENWFGFGETGCUGUKP6.%+%(8%('8 ('( CPF8   6

### CPFKPETGCUGUKP54 HCPFCKTYC[TGURQPUKXGPGUU1\QPGGZRQUWTGCNUQJCUDGGPUJQYPVQ

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### TGUWNVKPVJGU[ORVQOUQHEQWIJ2&+5$VJTQCVKTTKVCVKQPCPFYJGG\KPI5KOKNCTTGURQPUGUCTGUGGPYKVJVQJGZRQUWTGUKPVJG1 EQPEGPVTCVKQPTCPIGDGVYGGPCPFRRO 

### 9JGPXKGYGFEQNNGEVKXGN[VJGUGRJ[UKQNQIKECNCPFU[ORVQOTGURQPUGUOC[DGUGRCTCVGFKPVQHQWTIGPGTCNECVGIQTKGUKPENWFKPIU[ORVQOUEJCPIGUKPNWPIXQNWOGQTURKTQOGVT[EJCPIGUKP4 CPFEJCPIGUKPCKTYC[TGURQPUKXGPGUU6JGUGECVGIQTKGU

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### CTGDCUGFQPVJGCDUGPEGQHEQTTGNCVKQPDGVYGGPURKTQOGVT[TGURQPUGUCPFEJCPIGKP4 QT

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### CKTYC[TGURQPUKXGPGUU6JGCVVGPWCVKQPD[CVTQRKPGQH4 DWVPQVURKTQOGVT[TGURQPUGU

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### UWRRQTVUVJGPQVKQPQHKPFGRGPFGPVOGEJCPKUOU6JGCVVGPWCVKQPD[KPFQOGVJCEKPQTKDWRTQHGPQHURKTQOGVT[TGURQPUGUDWVPQVEJCPIGUKP4 QTCKTYC[TGURQPUKXGPGUUCNUQUWRRQTVUVJKU

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### ECVGIQTK\CVKQP#DTQPEJQFKNCVQTCNDWVGTQNIKXGPVQJGCNVJ[UWDLGEVURTKQTVQ1 GZRQUWTGFKF 

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

TGURQPUGU 4GEGPVOWNVKJQWT1 GZRQUWTGUVWFKGUKPFKECVGVJCVURKTQOGVT[CPFU[ORVQO 

### TGURQPUGUVQEQPEGPVTCVKQPUCUNQYCURROQEEWTKPJGCNVJ[UWDLGEVUYKVJGZRQUWTGUNCUVKPIVQJ2TQNQPIGFGZRQUWTGUJCVNQYGT1 EQPEGPVTCVKQPURROCNUQKPFKECVG 

### VJCVVJGTGKUCRNCVGCWQHTGURQPUGVQ1 *C\WEJCGVCN#NVJQWIJUWIIGUVGFKP 

### RTGXKQWUUVWFKGU)NKPGTGVCNUWEJCRNCVGCWKUFKHHKEWNVVQXGTKH[YKVJVJGV[RKECNFWTCVKQPQHNGUUVJCPJCPFVJGNCTIGTGURQPUGUUGGPYKVJJKIJGTEQPEGPVTCVKQPU6JGNGXGNQHVJGTGURQPUGRNCVGCWKGVJGURKTQOGVT[FGETGOGPVCVYJKEJVJGTGURQPUGPQNQPIGTEJCPIGUOWUVDGFGRGPFGPVQPVJGFQUGTCVGQHGZRQUWTGKGVJGRTQFWEVQHVJG1 EQPEGPVTCVKQPCPF 

###  8

DGECWUGVJGOCIPKVWFGQHTGURQPUGCVCJKIJGTFQUGTCVGOC[ITGCVN[GZEGGFVJGTGURQPUG '

### RNCVGCWUGGPCVCNQYGTFQUGTCVG2TQNQPIGFGZRQUWTGUVWFKGUCNUQUWIIGUVVJCV1 KPFWEGF 

### URKTQOGVT[TGURQPUGUFGRGPFQPVJGKOOGFKCVGGZRQUWTGJKUVQT[9KVJTGNCVKXGN[NQYFQUGTCVGUGI*C\WEJCGVCNTGURQPUGUVQGZRQUWTGVJCVQEEWTTGFVQJRTGXKQWUN[OC[KPHNWGPEGVJGEWTTGPVTGURQPUG6JGEWOWNCVKXGGHHGEVQHGZRQUWTGUJCUPQVDGGPUVWFKGFCVJKIJGTFQUGTCVGUDWVITGCVGTRGTUKUVGPEGQHGHHGEVUOC[DGGZRGEVGFDCUGFQPVJGNQPIGTTGEQXGT[RGTKQFCVJKIJGTFQUGUTCVGU4GEQXGT[HTQO1 GZRQUWTGJCUPQVDGGPU[UVGOCVKECNN[KPXGUVKICVGFKPCNCTIG 

### ITQWRQHUWDLGEVUDWVCXCKNCDNGKPHQTOCVKQPKPFKECVGUVJCVCPKPKVKCNRJCUGQHTGEQXGT[RTQEGGFUTGNCVKXGN[TCRKFN[CPFUQOGVQQHVJGCEWVGTGURQPUGCRRGCTUVQDGTGEQXGTGFYKVJKPCDQWVJ(QNKPUDGGCPF*C\WEJC*QYGXGTVJGTGKUUQOGKPFKECVKQPVJCVVJGURKTQOGVTKETGURQPUGUCVNGCUVVQJKIJGT1 EQPEGPVTCVKQPUCTGPQVHWNN[TGEQXGTGFYKVJKPJ 

### (QNKPUDGGCPF*QTXCVJ(QNKPUDGGGVCN%QNNGEVKXGN[VJGUGQDUGTXCVKQPUUWIIGUVVJCVVJGTGKUCTCRKFTGEQXGT[QH1 KPFWEGFURKTQOGVT[CPFU[ORVQOTGURQPUGUYJKEJ 

### OC[QEEWTFWTKPITGUVKPIGZRQUWTGVQ1 (QNKPUDGGGVCNQTCU1 EQPEGPVTCVKQPKU  

### TGFWEGFFWTKPIGZRQUWTG*C\WEJCGVCNCPFCUNQYGTRJCUGYJKEJKPUQOGECUGUOC[VCMGCVNGCUVJVQEQORNGVG4GRGCVGFGZRQUWTGUVWFKGUCVJKIJGTEQPEGPVTCVKQPUV[RKECNN[UJQYVJCVVJGTGURQPUGVQ1 KUGPJCPEGFQPVJGUGEQPFQHUGXGTCNFC[UQHGZRQUWTG

### 6JKUGPJCPEGFTGURQPUGUWIIGUVUCTGUKFWCNGHHGEVQHVJGRTGXKQWUGZRQUWTGCDQWVJGCTNKGTGXGPVJQWIJVJGRTGGZRQUWTGURKTQOGVT[OC[DGVJGUCOGCUQPVJGRTGXKQWUFC[6JGCDUGPEGQHVJGGPJCPEGFTGURQPUGYKVJTGRGCVGFGZRQUWTGCVNQYGT1 EQPEGPVTCVKQPUOC[DGVJGTGUWNV 

### QHCOQTGEQORNGVGTGEQXGT[QTNGUUFCOCIGVQRWNOQPCT[VKUUWGU5VWFKGUQHTGRGCVGFFCKN[GZRQUWTGVQ1 JCXGUJQYPVJCV1 KPFWEGFEJCPIGUKP  

### URKTQOGVT[U[ORVQOU4 CKTYC[TGURQPUKXGPGUUCPFCKTYC[KPHNCOOCVKQPCTGCVVGPWCVGF

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### YKVJTGRGVKVKXGGZRQUWTG#VJKIJGTFQUGTCVGUU[ORVQOCPFURKTQOGVT[TGURQPUGUOC[DGGPJCPEGFQPVJGUGEQPFGZRQUWTG#VVGPWCVKQPQHTGURQPUGYKVJKPVQFC[UKUCEQPUKUVGPVHKPFKPIKPTGRGCVGFGZRQUWTGUVWFKGUTGICTFNGUUQH1 GZRQUWTGFQUGTCVGCNVJQWIJCVVGPWCVKQP 

### QHTGURQPUGQEEWTUCHVGTHGYGTGZRQUWTGUCVVJGNQYGTFQUGTCVGU6JGCVVGPWCVKQPQHTGURQPUGCRRGCTUVQQEEWTOQTGTCRKFN[KPNGUUTGURQPUKXGKPFKXKFWCNU*QTXCVJGVCNQTKPTGURQPUKXGUWDLGEVUGZRQUGFVQNQYGT1 FQUGTCVGU(QNKPUDGGGVCN.QUUQH 

### CVVGPWCVKQPKUTGNCVKXGN[TCRKFYKVJ1 TGURQPUKXGPGUUDGKPIRCTVKCNN[TGUVQTGFYKVJKPVQ 

### FC[U-WNNGGVCN.KPPGVCNDCPFPQTOCNTGURQPUKXGPGUUTGUVQTGFYKVJKPVQYGGMUCHVGTCUGTKGUQHQTFCKN[1 GZRQUWTGU6JGCVVGPWCVKQPQHCKTYC[TGURQPUKXGPGUU 

### OC[QEEWTUQOGYJCVOQTGUNQYN[VJCPVJCVQHU[ORVQOCPFURKTQOGVT[TGURQPUGU#KTYC[KPHNCOOCVKQPCNUQCRRGCTUVQCVVGPWCVGDWVNGUUEQORNGVGN[VJCPVJGURKTQOGVT[TGURQPUGUCPFYKVJCOQTGITCFWCNTGEQXGT[&GXNKPGVCN(QNKPUDGGGVCN5QOGOCTMGTUQHKPHNCOOCVKQPGI.&*CPFGNCUVCUGJCXGPQVFGOQPUVTCVGFCVVGPWCVKQP6JGOGEJCPKUOUNGCFKPIVQVJGQDUGTXGFRWNOQPCT[TGURQPUGUKPFWEGFD[1 CTG 

### DGIKPPKPIVQDGDGVVGTWPFGTUVQQF6JGCXCKNCDNGFGUETKRVKXGFCVCUWIIGUVUGXGTCNRQUUKDNGOGEJCPKUOUUQOGNGCFKPIVQCNVGTCVKQPUKPNWPIXQNWOGUU[ORVQOUCPFGZGTEKUGDTGCVJKPIRCVVGTPUCPFQVJGTUNGCFKPIVQKPETGCUGUKPEGPVTCNCPFRGTKRJGTCN4 6JGUGOGEJCPKUOU

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### CRRGCTVQKPXQNXG1 TGCEVKQPUYKVJVJGCKTYC[NKPKPIHNWKFCPFGRKVJGNKCNEGNNOGODTCPGU 

### NQECNVKUUWGTGURQPUGUKPENWFKPIKPLWT[CPFKPHNCOOCVKQPCPFUVKOWNCVKQPQHPGWTCNCHHGTGPVUDTQPEJKCN%HKDGTUCPFVJGTGUWNVKPITGHNGZTGURQPUGUCPFU[ORVQOU/WEJTGOCKPU

VQDGWPFGTUVQQFKPQTFGTVQFGVGTOKPGJQYGCEJGXGPVKPVJKUECUECFGEQPVTKDWVGUVQVJGRWNOQPCT[TGURQPUGUKPFWEGFD[CEWVG1 KPJCNCVKQPKPJWOCPUWDLGEVU 

### 5WDLGEVUYKVJ2TGGZKUVKPI&KUGCUG1HVJGUWDRQRWNCVKQPUUVWFKGFVJQUGYKVJRTGGZKUVKPIKORGFKOGPVUKPRWNOQPCT[HWPEVKQPCPFGZGTEKUGECRCEKV[CTGQHRTKOCT[EQPEGTPKPGXCNWCVKPIVJGJGCNVJGHHGEVUQH1 DGECWUGGXGPCUOCNNEJCPIGKPHWPEVKQPKUNKMGN[VQJCXGOQTGKORCEVQPCRGTUQPYKVJ



### TGFWEGFTGUGTXG+PJGTGPVKPVJGUGUVWFKGUCTGUGXGTCNNKOKVCVKQPUVJCVCVRTGUGPVJCORGTVJGCDKNKV[VQOCMGFGHKPKVKXGEQPENWUKQPUTGICTFKPIVJGTGNCVKXG1 TGURQPUKXGPGUUQHVJGXCTKQWU 

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



### KPHQTEGFGZRKTCVQT[XQNWOGYGTGQDUGTXGFHQTJGZRQUWTGUQHEJTQPKEDTQPEJKVKEUVQRRO1 
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### DGGPQDUGTXGFKPUQOGQHVJGUGUVWFKGUDWVVJGKPVGTRTGVCVKQPQHVJGUGTGUWNVUCPFVJGKTENKPKECNUKIPKHKECPEGKUWPEGTVCKP5KOKNCTNKOKVCVKQPUCNUQCRRN[VQVJGGCTN[UVWFKGUGZCOKPKPI1 GHHGEVUKPCFWNVCPF 

### CFQNGUEGPVCUVJOCVKEU&GETGOGPVUKPRWNOQPCT[HWPEVKQPYGTGPQVQDUGTXGFHQTCFWNVCUVJOCVKEUGZRQUGFHQTJCVTGUV5KNXGTOCPQTYKVJKPVGTOKVVGPVNKIJVGZGTEKUG.KPPGVCNVQ1 EQPEGPVTCVKQPUQHRROCPFNGUU5KOKNCTN[PQUKIPKHKECPVEJCPIGUKP 

### RWNOQPCT[HWPEVKQPQTU[ORVQOUYGTGHQWPFKPCFQNGUEGPVCUVJOCVKEUGZRQUGFHQTJCVTGUVVQRRO1 -QGPKIGVCNCPFKPCFQNGUEGPVCUVJOCVKEUCPFPQPCUVJOCVKEUGZRQUGFVQ 

### CPFRRO1 YKVJKPVGTOKVVGPVOQFGTCVGGZGTEKUGWRVQJ-QGPKIGVCN 

### CNVJQWIJCUOCNNFGETGCUGKPHQTEGFGZRKTCVQT[HNQYCVQH(8%YCUQDUGTXGFKPCUVJOCVKEUCHVGTGZRQUWTGVQRRO1 /QTGTGEGPVQDUGTXCVKQPUD[-TGKVGVCN 

### 'UEJGPDCEJGTGVCNCPF.KPPGVCNUWIIGUVVJCVOKNFVQOQFGTCVGCUVJOCVKEUCTGCVNGCUVCUUGPUKVKXGVQVJGCEWVGGHHGEVUQH1 KPJCNCVKQPCUJGCNVJ[UWDLGEVUYJGPVJGCUVJOCVKEU 

### CTGGZRQUGFVQ1 WPFGTEQPFKVKQPUVJCVGNKEKVCUKIPKHKECPVTGURQPUGKPJGCNVJ[UWDLGEVU-TGKV 

### GVCNCPF'UEJGPDCEJGTGVCNGZRQUGFCFWNVCUVJOCVKECPFPQPCUVJOCVKEUWDLGEVUVQRRO1 YKVJKPVGTOKVVGPVOQFGTCVGGZGTEKUGHQTJCPFQDUGTXGFCITGCVGTTGURQPUGKP 

### 4 ('8 CPF('( KPVJGCUVJOCVKEUWDLGEVUCNVJQWIJEJCPIGUKP(8%CPFU[ORVQOU

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### YGTGUKOKNCTKPDQVJITQWRU1\QPGGZRQUWTGCNUQTGUWNVGFKPCOCTMGFKPETGCUGKPCKTYC[TGURQPUKXGPGUUVQOGVJCEJQNKPGKPDQVJVJGCUVJOCVKECPFPQPCUVJOCVKEUWDLGEVU6JGUGTGURQPUGUVCMGQPITGCVGTKORQTVCPEGYJGPKVKUEQPUKFGTGFVJCVVJGQDUGTXGF1 KPFWEGF 

### RWNOQPCT[GHHGEVUYGTGUWRGTKORQUGFQPRTGGZKUVKPIKORCKTOGPVQHRWNOQPCT[HWPEVKQPCPFCKTYC[TGURQPUKXGPGUU+PCFFKVKQPVJGQDUGTXCVKQPUQH-QGPKIGVCNCPF/QNHKPQGVCNUWIIGUVVJGRQUUKDKNKV[VJCVCEWVGGZRQUWTGVQ1 CVFQUGUVJCVFQPQVRTQFWEGOGCUWTCDNG 

### RWNOQPCT[HWPEVKQPFGETGOGPVUOC[KPETGCUGVJGTGURQPUKXGPGUUQHCUVJOCVKEUVQKPJCNGF51 

### QTCPVKIGPU

5[ORVQO4GURQPUGUVQ1\QPG

### (QNNQYKPIGZRQUWTGVQ1 OCP[UWDLGEVUTGRQTVTGURKTCVQT[U[ORVQOUVJGOQUV 

### EQOOQPQHYJKEJCTGEQWIJUJQTVPGUUQHDTGCVJCPF2&+6JGTGKUCDTQCFTCPIGQHUGXGTKV[KPTCVKPIU[ORVQOTGURQPUGUCOQPIUWDLGEVUKPVJGUGUVWFKGU#PWODGTQHJ1 GZRQUWTG 

### UVWFKGUVJCVJCXGGZCOKPGFVJGGZRQUWTGFQUGRWNOQPCT[HWPEVKQPCPFU[ORVQOTGURQPUGTGNCVKQPUJKRUJCXGKPENWFGFCUGOKSWCPVKVCVKXGCPCN[UKUQHU[ORVQOTGURQPUGU#XQNGVCN-WNNGGVCN/E&QPPGNNGVCN5GCNGVCN+PGCEJQHVJGUGUVWFKGUCU1 EQPEGPVTCVKQPKPETGCUGFVJGRWNOQPCT[HWPEVKQPTGURQPUGDGECOGOQTGPGICVKXGC 

### FGETGCUGKP('8 CPFVJGNGXGNQHVJGTGURKTCVQT[U[ORVQOUEQWIJUJQTVPGUUQHDTGCVJ2&+ 

### KPETGCUGF6JGOGCPFGETGOGPVKP('8 KPGCEJQHVJGUGUVWFKGUYCUJKIJN[EQTTGNCVGFT

### KPCNNECUGUYKVJVJGOGCPEJCPIGKPU[ORVQOTCVKPIQTU[ORVQOUEQTGVJGFGVGTOKPCVKQPQHU[ORVQOUXCTKGFDGVYGGPUVWFKGU6JKUJKIJEQTTGNCVKQPTGUWNVURTKOCTKN[DGECWUGGCEJQHVJGUGXCTKCDNGUKUJKIJN[EQTTGNCVGFYKVJ1 EQPEGPVTCVKQP%QTTGNCVKQPQH 

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

### GZGTEKUGUVWFKGU/E&QPPGNNGVCN#XQNGVCNU[ORVQOUQHEQWIJQTVQVCNTGURKTCVQT[U[ORVQOUEQTGUYGTGKPETGCUGFUKIPKHKECPVN[CVCPFRRO1  

### TGURGEVKXGN[+PVJGJGCX[GZGTEKUGUVWF[5GCNGVCNEQWIJU[ORVQOUKPETGCUGFUKIPKHKECPVN[CVRRO1 1VJGTUVWFKGUVJCVUWRRQTVVJKUTGNCVKQPUJKRQHU[ORVQOUCPF 

### RWNOQPCT[HWPEVKQPJCXGDGGPEQPFWEVGFYKVJXCTKQWUGZRQUWTGFWTCVKQPUCPFGZGTEKUGKPVGPUKVKGU)QPIGVCN*QTUVOCPGVCNTCPIKPIHTQOJQHUGXGTGGZGTEKUGVQJQHOQFGTCVGGZGTEKUGCV1 EQPEGPVTCVKQPUHTQOVQRRO 

### +PEQORCTKPIVJGURKTQOGVT[CPFU[ORVQOTGURQPUGUQHQNFGTCFWNVUCPF[QWPICFWNVUGZRQUGFVQ1 WPFGTVJGUCOGEQPFKVKQPU&TGEJUNGT2CTMUGVCNHQWPF 

### UKIPKHKECPVN[NQYGTURKTQOGVT[TGURQPUGUXGTUWU('8 KPVJGQNFGTCFWNVU

### +PCFFKVKQPVJGKPEKFGPEGQHTGURKTCVQT[U[ORVQOTGURQPUGUHQTVJGVJTGGU[ORVQOUOQUVEQOOQPN[TGRQTVGFYKVJ1 GZRQUWTGYGTGCNOQUVVYKEGCUJKIJKPVJG[QWPICFWNVUYJGTGCU 

### VJGKPEKFGPEGQHU[ORVQOUWPTGNCVGFVQ1 GZRQUWTGGIG[GKTTKVCVKQPOWUENGUQTGPGUU 

### V[RKECNN[YCUITGCVGTKPVJGQNFGTCFWNVU6JGEQORCTCDNGQTITGCVGTKPEKFGPEGQHPQPTGURKTCVQT[U[ORVQOUKPVJGQNFGTCFWNVUENGCTN[KPFKECVGUVJCVVJG[HGNVNGUUTGURKTCVQT[FKUEQOHQTVKPEQPLWPEVKQPYKVJVJGKTUOCNNGTURKTQOGVT[TGURQPUGU#UVJOCVKEUYJGPEQORCTGFYKVJPQPCUVJOCVKEUVGPFVQJCXGITGCVGTEJCPIGUKP4 CPFGZRKTCVQT[HNQYYKVJ

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### 1 GZRQUWTG-TGKVGVCN*QTUVOCPGVCNDWVUKOKNCTEJCPIGUKPNWPIXQNWOG



### KG(8%#UVJOCVKEUCNUQJCXGUKOKNCTU[ORVQOTGURQPUGUHQTEQWIJ2&+CPFUJQTVPGUUQHDTGCVJCNVJQWIJKPQPGUVWF[*QTUVOCPGVCNCUVJOCVKEUTGRQTVGFCJKIJGTKPEKFGPEGQHYJGG\KPI+PTGRGCVGFGZRQUWTGUVWFKGU(QNKPUDGGGVCN.KPPGVCNDVJGEJCPIGUKPU[ORVQOUVTCEMVJGEJCPIGUKPURKTQOGVT[9KVJTGRGCVGFGZRQUWTGVQJKIJ1 EQPEGPVTCVKQPUVJGEJCPIGKP('8 KUV[RKECNN[ITGCVGUVQPVJGUGEQPFGZRQUWTGFC[ 

### %QTTGURQPFKPIN[U[ORVQOUCTGKPETGCUGFQPVJGUGEQPFGZRQUWTGFC[CPFFKOKPKUJVQPGCTDCUGNKPGNGXGNUD[VJGHQWTVJQTHKHVJGZRQUWTGYJGPVJGURKTQOGVT[TGURQPUGUDGEQOGPGINKIKDNG9KVJTGRGCVGFGZRQUWTGVQNQYGT1 EQPEGPVTCVKQPUVJGNCTIGUVURKTQOGVT[ 

###  8

 8

TGURQPUGKUUGGPQPVJGHKTUVFC[CPFCVVGPWCVGUD[VJGVJKTFQTHQWTVJFC[5[ORVQOTGURQPUGUCNUQCTGNCTIGUVQPVJGHKTUVFC[CPFCTGCVVGPWCVGFYKVJVJGUCOGVKOGEQWTUG+PCUKPINGJUVWF[KPYJKEJU[ORVQOCPFURKTQOGVT[TGURQPUGUYGTGOGCUWTGFFWTKPIGZRQUWTGCPFTGEQXGT[VJGOGCPEJCPIGUKPU[ORVQOUCPFURKTQOGVT[TGURQPUGUHQNNQYGFUKOKNCTVKOGEQWTUGU/E&QPPGNNGVCN+PVGTXGPVKQPUVWFKGUGZCOKPKPIVJGGHHGEVUQHXCTKQWUFTWIVTGCVOGPVUQPVJGTGURQPUGUVQ1 CNUQTGRQTVRCTCNNGNEJCPIGUKPU[ORVQOUCPFURKTQOGVT[#NVJQWIJCVTQRKPG 

### DNQEMGFVJGKPETGCUGKP4 KPTGURQPUGVQ1 GZRQUWTGKVFKFPQVCNVGTVJGURKTQOGVT[QT CY 

### U[ORVQOTGURQPUGU$GEMGVVGVCN5KOKNCTN[CNDWVGTQNCPFUCNDWVCOQNYJKEJJCFPQGHHGEVQP1 KPFWEGFEJCPIGUKPURKTQOGVT[CNUQJCFPQGHHGEVQHU[ORVQOTGURQPUGU 

### /E-GP\KGGVCN)QPIGVCN6JGCPVKKPHNCOOCVQT[OGFKECVKQPUKPFQOGVJCEKPCPFKDWRTQHGPYJKEJRCTVKCNN[KPJKDKVVJGURKTQOGVT[TGURQPUGUVQ1 GZRQUWTGCNUQECWUGC 

### TGFWEVKQPKPTGURKTCVQT[U[ORVQOU5EJGNGINGGVCN*C\WEJCGVCN6JGKPFKXKFWCNEQTTGNCVKQPUDGVYGGPU[ORVQOUCPFURKTQOGVT[TGURQPUGUCTGTGNCVKXGN[NQYCPFCTGQHNKVVNGRTGFKEVKXGXCNWG*QYGXGTVJGITQWROGCPTGURQPUGUJCXGUKOKNCTGZRQUWTGTGURQPUGEJCTCEVGTKUVKEUCPFHQNNQYCUKOKNCTVKOGEQWTUGQHTGURQPUGVQGZRQUWTGCPFTGEQXGT[5[ORVQOCPFURKTQOGVT[TGURQPUGUCNUQHQNNQYCUKOKNCTVKOGEQWTUGQHCVVGPWCVKQPVQTGRGCVGFGZRQUWTGCPFVJG[CTGCHHGEVGFUKOKNCTN[D[CPWODGTQHOGFKECVKQP

KPVGTXGPVKQPU

'HHGEVUQP'ZGTEKUG2GTHQTOCPEG'PFWTCPEGGZGTEKUGRGTHQTOCPEGCPF1 OC[DGNKOKVGFD[CEWVGGZRQUWTGVQ OCZ

### 1 #FCOUCPF5EJGNGING5EJGNGINGCPF#FCOU)QPIGVCN(QZETQHVCPF



### #FCOU(QNKPUDGGGVCN.KPFGTGVCN)QPIGVCNCPF5EJGNGINGCPF#FCOUHQWPFVJCVUKIPKHKECPVTGFWEVKQPUKPOCZKOCNGPFWTCPEGGZGTEKUGRGTHQTOCPEGOC[QEEWTKPYGNNEQPFKVKQPGFCVJNGVGUYJKNGVJG[RGTHQTO%' .OKP '

### HQTJCV1 EQPEGPVTCVKQPURRO&CVCHTQO.KPFGTGVCNUWIIGUVVJCVUOCNN 

### FGETGOGPVUKPOCZKOCNGZGTEKUGRGTHQTOCPEGOC[QEEWTCV1 EQPEGPVTCVKQPUNGUUVJCP 

### RRO6JGOGEJCPKUOUVJCVNGCFVQVJGUGTGURQPUGUCPFVJGOKPKOWO1 EQPEGPVTCVKQPCV 

### YJKEJVJGUGGHHGEVUQEEWTJCXGPQV[GVDGGPFGHKPGFENGCTN[4GRQTVUHTQOUVWFKGUQHGZRQUWTGVQ1 FWTKPIJKIJKPVGPUKV[GZGTEKUGKPFKECVGVJCVDTGCVJKPIFKUEQOHQTVCUUQEKCVGFYKVJOCZKOCN 

### XGPVKNCVKQPOC[DGCPKORQTVCPVHCEVQTKPNKOKVKPIGZGTEKUGRGTHQTOCPEG*QYGXGTVJGUGUVWFKGUFQPQVGZENWFGVJGRQUUKDKNKV[VJCVUQOGCU[GVWPFGHKPGFRJ[UKQNQIKECNOGEJCPKUOOC[NKOKVGZGTEKUGRGTHQTOCPEG

'HHGEVUQP#KTYC[4GURQPUKXGPGUU1\QPGGZRQUWTGECWUGUCPKPETGCUGKPPQPURGEKHKECKTYC[TGURQPUKXGPGUUCUKPFKECVGFD[CTGFWEVKQPKPVJGEQPEGPVTCVKQPQHOGVJCEJQNKPGQTJKUVCOKPGTGSWKTGFVQRTQFWEGCIKXGPTGFWEVKQPKP('8 QTKPETGCUGKP54 +PETGCUGFCKTYC[TGURQPUKXGPGUUKUCP  CY

### KORQTVCPVEQPUGSWGPEGQHGZRQUWTGVQ1 DGECWUGKVURTGUGPEGOGCPUVJCVVJGCKTYC[UCTG 

### RTGFKURQUGFVQPCTTQYKPIQPKPJCNCVKQPQHCXCTKGV[QHUVKOWNKGIURGEKHKECNNGTIGPU51  

### EQNFCKT/CTMGFN[KPETGCUGFCKTYC[TGURQPUKXGPGUUKUCENCUUKECNHGCVWTGQHCUVJOCCPFCNUQOC[DGRTGUGPVYKVJQVJGTTGURKTCVQT[FKUGCUGUGIEJTQPKEDTQPEJKVKUCEWVGXKTCNKPHGEVKQPUCPFGXGPKPCUK\GCDNGRGTEGPVCIGQHVJGJGCNVJ[CU[ORVQOCVKERQRWNCVKQP/CP[UVWFKGUJCXGFGOQPUVTCVGF1 KPFWEGFKPETGCUGUKPPQPURGEKHKECKTYC[TGURQPUKXGPGUUKPJGCNVJ[UWDLGEVU 

### CHVGTCVQJGZRQUWTGYKVJGZGTEKUGVQEQPEGPVTCVKQPUKPVJGTCPIGQHVQRRO

### )QNFGPGVCN*QNV\OCPGVCN-Ì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

### V[RKECNN[VYQVQHQWTHQNF5KOKNCTTGNCVKXGEJCPIGUKPCKTYC[TGURQPUKXGPGUUCTGUGGPKPCUVJOCVKEUGZRQUGFVQ1 FGURKVGVJGKTOCTMGFN[FKHHGTGPVDCUGNKPGCKTYC[TGURQPUKXGPGUU1PG 

### UVWF[/QNHKPQGVCNJCUDGGPRWDNKUJGFUWIIGUVKPICPKPETGCUGKPURGEKHKEKGCNNGTIGPKPFWEGFCKTYC[TGCEVKXKV[6JKUTGURQPUGYCUQDUGTXGFCHVGTCJTGUVKPIGZRQUWTGQHCVQRKECUVJOCVKEUVQRRO1 1PGQHVJGKORQTVCPVCURGEVUQHVJKUQDUGTXCVKQPQH 

### KPETGCUGFCKTYC[TGURQPUKXGPGUUCHVGT1 GZRQUWTGKUVJCVVJKUTGRTGUGPVUCRNCWUKDNGNKPM 

### DGVYGGPCODKGPV1 GZRQUWTGCPFKPETGCUGFJQURKVCNCFOKUUKQPUHQTCUVJOC*QYGXGT 

### GZRGTKOGPVCNFGUKIPHNCYURTGENWFGVJGWUGQHVJKUUVWF[KPVJGFGVGTOKPCVKQPQHCNQYGUV

QDUGTXGFGHHGEVNGXGN%JCPIGUKPCKTYC[TGURQPUKXGPGUUCHVGT1 GZRQUWTGCRRGCTVQDGTGUQNXGFOQTG 

### UNQYN[VJCPEJCPIGUKP('8 QTTGURKTCVQT[U[ORVQOU(WTVJGTOQTGKPUVWFKGUQHTGRGCVGF 

### GZRQUWTGVQ1 EJCPIGUKPCKTYC[TGURQPUKXGPGUUVGPFVQDGUQOGYJCVNGUUUWUEGRVKDNGVQ 

### CVVGPWCVKQPYKVJEQPUGEWVKXGGZRQUWTGUVJCPEJCPIGUKP('8 &KOGQGVCN-WNNGGVCN 

### (QNKPUDGGGVCN6JGSWGUVKQPQHYJGVJGTEJTQPKE1 GZRQUWTGECPKPFWEGC 

### RGTUKUVGPVKPETGCUGQTFGETGCUGKPCKTYC[UTGURQPUKXGPGUUJCUPQVDGGPUVWFKGFCFGSWCVGN[+PETGCUGUKPCKTYC[TGURQPUKXGPGUUFQPQVCRRGCTVQDGUVTQPIN[CUUQEKCVGFYKVJFGETGOGPVUKPNWPIHWPEVKQPQTKPETGCUGUKPU[ORVQOU6JKUEQPENWUKQPKUDCUGFQPUVWFKGUKPJGCNVJ[UWDLGEVUJQYGXGTCUVJOCVKEUYJQJCXGYKFGN[FKHHGTGPVDCUGNKPGCKTYC[TGURQPUKXGPGUUGZJKDKV('8 EJCPIGUCHVGT1 GZRQUWTGVJCVCTGUKOKNCTVQVJQUGUGGPKPJGCNVJ[  

### UWDLGEVU-TGKVGVCN6JGOGEJCPKUOQH1 KPFWEGFKPETGCUGUKPCKTYC[TGURQPUKXGPGUUKUQPN[RCTVKCNN[ 

### WPFGTUVQQFDWVKVCRRGCTUVQDGCUUQEKCVGFYKVJCPWODGTQHEGNNWNCTCPFDKQEJGOKECNEJCPIGUKPCKTYC[VKUUWG#KTYC[KPHNCOOCVKQPOC[DGVGORQTCNN[CUUQEKCVGFYKVJVJGRTGUGPEGQHKPETGCUGFCKTYC[TGURQPUKXGPGUU*QNV\OCPGVCN1	$[TPGGVCN5GNV\GTGVCNDWVOCP[CPKOCNOQFGNUQHKPFWEGFPGWVTQRJKNKCTGRQTVCEQPHNKEVKPITQNGQHVJGUGEGNNUKPGNKEKVKPIPQPURGEKHKEDTQPEJKCNJ[RGTTGURQPUKXGPGUU5GXGTCNCPKOCNURGEKGUHQTGZCORNGJCXGUJQYPCPKPETGCUGFCKTYC[TGURQPUKXGPGUUKPFWEGFD[1 GZRQUWTGKPVJGCDUGPEGQHCP 

### KPHNWZQH2/0UKPVQVJGCKTYC[OWEQUC'XCPUGVCN1MC\CYCGVCN.KGVCN+PQPGJWOCPUVWF[;KPIGVCNRTGGZRQUWTGVTGCVOGPVYKVJVJGCPVKKPHNCOOCVQT[FTWIKPFQOGVJCEKPDNQEMGFVJGGHHGEVQH1 QP('8 CPF(8%DWVPQVQPCKTYC[  

### TGURQPUKXGPGUUJQYGXGTE[ENQQZ[IGPCUGKPJKDKVQTUJCXGPQVDGGPGHHGEVKXGCVDNQEMKPIVJG1  

### KPFWEGFKPHNWZQH2/0UKPVQ$#.HNWKF*C\WEJCGVCN-NGGDGTIGTCPF*WFCM6JGTGHQTG1 KPFWEGFCKTYC[TGURQPUKXGPGUUOC[PQVDGFWGVQVJGRTGUGPEGQH2/0UKPVJG 

### CKTYC[QTVQVJGTGNGCUGQHCTCEJKFQPKECEKFOGVCDQNKVGU4CVJGTKVUGGOUNKMGN[VJCVVJGOGEJCPKUOHQTVJKUTGURQPUGKUOWNVKHCEVQTKCNRQUUKDN[KPXQNXKPIVJGRTGUGPEGQHE[VQMKPGURTQUVCPQKFUQTPGWTQRGRVKFGUCEVKXCVKQPQHOCETQRJCIGUGQUKPQRJKNUQTOCUVEGNNUCPF

### GRKVJGNKCNFCOCIGVJCVKPETGCUGUFKTGEVCEEGUUQHOGFKCVQTUVQVJGUOQQVJOWUENGQTTGEGRVQTUKPVJGCKTYC[UVJCVCTGTGURQPUKDNGHQTTGHNGZDTQPEJQEQPUVTKEVKQP

+PHNCOOCVKQPCPF*QUV&GHGPUG'HHGEVU#PWODGTQHUVWFKGUENGCTN[UJQYVJCVCUKPINGCEWVGGZRQUWTGVQJQHJWOCPUVQOQFGTCVGEQPEGPVTCVKQPUQH1 VQRROYJKNGGZGTEKUKPICVOQFGTCVGVQJGCX[NGXGNU 

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

### &GETGOGPVUKPVJGCDKNKV[QH#/UVQRJCIQE[VQUGOKETQQTICPKUOUCNUQYGTGTGRQTVGFKPVJKU UVWF[ 1\QPGCNUQECWUGUKPHNCOOCVQT[EJCPIGUKPVJGPQUGCUKPFKECVGFD[KPETGCUGFNGXGNUQH2/0UCPFCNDWOKPCOCTMGTHQTKPETGCUGFGRKVJGNKCNEGNNRGTOGCDKNKV[+PETGCUGUKPVT[RVCUGNGXGNUKOOGFKCVGN[CHVGT1 GZRQUWTGUWIIGUVGFVJGTGNGCUGQHOCUVEGNNRTQFWEVU 

### 6JGTGCRRGCTUVQDGPQUVTQPIEQTTGNCVKQPDGVYGGPCP[QHVJGOGCUWTGFEGNNWNCTCPFDKQEJGOKECNEJCPIGUCPFEJCPIGUKPNWPIHWPEVKQPOGCUWTGOGPVUUWIIGUVKPIVJCVFKHHGTGPVOGEJCPKUOUOC[DGTGURQPUKDNGHQTVJGUGRTQEGUUGU#NVGTPCVKXGN[VJGCDUGPEGQHCEQTTGNCVKQPOC[TGHNGEVGKVJGTVJGVGORQTCNOKUCNKIPOGPVQHVJGUGOGCUWTGOGPVUVJGHCEVVJCVEJCPIGUFGVGEVGFKPVJGNCXCIGHNWKFFQPQVSWCPVKVCVKXGN[TGHNGEVGXGPVUQEEWTTKPIKPVKUUWGUYJGTGHWPEVKQPCNQTU[ORVQOCVKEGXGPVUQTKIKPCVGQTVJCV$#.HNWKFOC[PQVDGEQNNGEVGFHTQOVJGUCOGNWPITGIKQPRTKOCTKN[KORNKECVGFKPRWNOQPCT[HWPEVKQPTGURQPUGU6JGKFGCQHFKHHGTGPVOGEJCPKUOUKUUWRRQTVGFD[CUVWF[KPYJKEJKDWRTQHGPCE[ENQQZ[IGPCUGKPJKDKVQTDNWPVGFVJG1 KPFWEGFFGETGOGPVUKPNWPIHWPEVKQPYKVJQWVCNVGTKPIVJG1 KPFWEGFKPETGCUGKP  

### 2/0UQTGRKVJGNKCNEGNNRGTOGCDKNKV[CNVJQWIJKDWRTQHGPFKFEJCPIGVJGEQPEGPVTCVKQPQHCPWODGTQHOGFKCVQTUUQOGQHYJKEJOC[DGTGNCVGFVQEJCPIGUKPHWPEVKQP*C\WEJCGVCN  +PXKVTQUVWFKGUUWIIGUVVJCVGRKVJGNKCNEGNNUCTGVJGRTKOCT[VCTIGVQH1 KPVJGNWPI 

### CPFVJCV1 KPFWEGUVJGOVQRTQFWEGOCP[QHVJGOGFKCVQTUHQWPFKPVJG$#.HNWKFQHJWOCPU 

### GZRQUGFVQ1 #NVJQWIJ1 FQGUPQVKPFWEG#/UVQRTQFWEGVJGUGEQORQWPFUKPNCTIG  

### SWCPVKVKGUKVFQGUFKTGEVN[KORCKTVJGCDKNKV[QH#/UVQRJCIQE[VQUGCPFMKNNOKETQQTICPKUOU

(CEVQTU/QFKH[KPI4GURQPUKXGPGUUVQ1\QPG/CP[XCTKCDNGUVJCVCVNGCUVJCXGRQVGPVKCNHQTKPHNWGPEKPITGURQPUGVQ1 TGOCKP 

### KPCFGSWCVGN[CFFTGUUGFKPVJGCXCKNCDNGENKPKECNFCVC(CEVQTUUWEJCUUOQMKPIUVCVWUCIGIGPFGTTCEGQTGVJPKEITQWRUGCUQPCPFOQFGQHDTGCVJKPIFWTKPIGZRQUWTGJCXGDGGPGXCNWCVGFKPCFGSWCVGN[HQTVJGKTRQVGPVKCNKPHNWGPEGQPTGURQPUGUVQ1 GZRQUWTG 

###  8

+PHQTOCVKQPFGTKXGFHTQO1 GZRQUWTGQHUOQMGTUKUNKOKVGF5QOGFGITGGQH 

### CVVGPWCVKQPCRRGCTUVQQEEWTKPCEVKXGUOQMGTUCPFOC[DGTGXGTUGFHQNNQYKPIUOQMKPIEGUUCVKQP'OOQPUCPF(QUVGTDWVCXCKNCDNGTGUWNVUUJQWNFDGKPVGTRTGVGFYKVJECWVKQP6JGRQUUKDKNKV[QHCIGTGNCVGFFKHHGTGPEGUKPTGURQPUGVQ1 JCUDGGPGZRNQTGFVQUQOGGZVGPV 

### UKPEGVJGRWDNKECVKQPQHVJGRTGXKQWU1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP 

### #IGPE[;QWPICFWNVUJKUVQTKECNN[JCXGRTQXKFGFVJGUWDLGEVRQRWNCVKQPHQTCKTRQNNWVCPVGZRQUWTGUVWFKGU2WNOQPCT[HWPEVKQPTGURQPUKXGPGUUCRRGCTUVQFGETGCUGYKVJCIGCNVJQWIJU[ORVQOTCVGUTGOCKPUKOKNCTVQVJQUGQH[QWPICFWNVU&TGEJUNGT2CTMUGVCND$GFKGVCN4GKUGPCWGTGVCN/E&QPPGNNGVCN6JGNKOKVGFKPHQTOCVKQPCXCKNCDNGQPVJGTGURQPUGUQHEJKNFTGPCPFCFQNGUEGPVUVQ1 /E&QPPGNNGVCN 

### C#XQNGVCNC-QGPKIGVCNFQGUPQVKPFKECVGVJCVEJKNFTGPCPFCFQNGUEGPVUCTGGKVJGTOQTGQTNGUUTGURQPUKXGVJCP[QWPICFWNVU1HVJGUVWFKGUVJCVJCXGKPXGUVKICVGFIGPFGTFKHHGTGPEGUKPTGURQPUKXGPGUUVQ1 UQOG.CWTKV\GPCPF#FCOU 

### *QTXCVJGVCN#FCOUGVCN&TGEJUNGT2CTMUGVCNCD/GUUKPGQCPF#FCOUJCXGUWIIGUVGFVJCVYQOGPCTGOQTGTGURQPUKXGVQ1 VJCPOGP*QYGXGTVJG 

### CDUGPEGQHEQPUKUVGPVHKPFKPIUYKVJTGURGEVVQIGPFGTFKHHGTGPEGUKPFKECVGUVJCVKVECPPQVDGEQPENWFGFVJCVOGPCPFYQOGPTGURQPFFKHHGTGPVN[VQ1 %QORCTKUQPQHTGURQPUGUCETQUU 

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

### CPF6EQPFKVKQPU6JTGGUVWFKGU(QZGVCN5GCNGVCN9GKPOCPPGVCN '

### JCXGEQORCTGFRWNOQPCT[HWPEVKQPTGURQPUGUQHYQOGPFWTKPIFKHHGTGPVRJCUGUQHVJGOGPUVTWCNE[ENGDWVVJGTGUWNVUCTGEQPHNKEVKPI6JGTGURQPUGUQHDNCEMCPFYJKVG[QWPICFWNVUVQXCTKQWUEQPEGPVTCVKQPUQH1 JCXGDGGPEQORCTGFKPQPGUVWF[5GCNGVCN6JGFCVC 

### UWIIGUVGFVJCVDNCEMOCNGUGZRGTKGPEGFUKIPKHKECPVFGETGOGPVUKPRWNOQPCT[HWPEVKQPCVCNQYGTEQPEGPVTCVKQPQH1 VJCPYJKVGOCNGUDWVVJCVVJGTGYGTGPQFKHHGTGPEGUCOQPIVJGTGURQPUGU 

### QHYJKVGOCNGUCPFDNCEMCPFYJKVGHGOCNGU6JWUVJGSWGUVKQPQHGVJPKEQTTCEKCNFKHHGTGPEGUKPTGURQPUKXGPGUUVQ1 KUCPUYGTGFKPCFGSWCVGN[CPFVJGCXCKNCDNGTGUWNVUUJQWNFDG 

### KPVGTRTGVGFYKVJECWVKQP0QPGYUVWFKGUCTGCXCKNCDNGQPVJGGHHGEVUQHJGCVUVTGUUKGKPETGCUGFVGORGTCVWTGQT4*QP1 TGURQPUGU1PGUVWF[.KPPGVCNUWIIGUVUVJCV 

### UGPUKVKXKV[VQ1 OC[DGTGNCVGFVQUGCUQPCNXCTKCVKQPUKPCODKGPV1 EQPEGPVTCVKQPUVJKU  

### HKPFKPIPGGFUVQDGEQPHKTOGF6YQUVWFKGU*[PGUGVCN#FCOUGVCNJCXGTGRQTVGFVJCVFKHHGTGPEGUKPVJGKPJCNCVKQPTQWVGGIQTCNXGTUWUPCUCNQTQTQPCUCNCRRGCTVQDGQHPGINKIKDNGKORQTVCPEGKPVJGTGURQPUGUQHGZGTEKUKPICFWNVUVQ1 GZRQUWTG5VWFKGUQH 

### 1 WRVCMGKPVJGWRRGTCKTYC[)GTTKV[GVCNEQPHKTOVJGPGINKIKDNGFKHHGTGPEGUDGVYGGP



### QTCNCPFPCUCNKPJCNCVKQPCNUQUGG%JCRVGT0QPGQHVJGUGRQVGPVKCNKPHNWGPEGUQP1 TGURQPUKXGPGUUCIGIGPFGTTCEGJQTOQPCNHNWEVWCVKQPUUOQMKPIUGCUQPCNXCTKCVKQPUKP



### TGURQPUKXGPGUUCPFCODKGPVGPXKTQPOGPVCNHCEVQTUJCUDGGPKPXGUVKICVGFVJQTQWIJN[*QYGXGTVJGQDUGTXCVKQPVJCVJGCNVJ[QNFGTCFWNVUCRRGCTVQDGNGUUTGURQPUKXGVQ1 GZRQUWTG 

### VJCP[QWPICFWNVUJCUDGGPEQPHKTOGFVQVJGRQKPVVJCVKVECPDGEQPUKFGTGFKPTKUMCUUGUUOGPV0GXGTVJGNGUUVJKUFQGUPQVCFFTGUUHWNN[VJGSWGUVKQPQHCIGFKHHGTGPEGUDGECWUGEJKNFTGPCPFCFQNGUEGPVUTGOCKPKPCFGSWCVGN[UVWFKGF### 'ZVTCRWNOQPCT['HHGEVUQH1\QPG+VUVKNNKUDGNKGXGFVJCV1 TGCEVUKOOGFKCVGN[QPEQPVCEVYKVJTGURKTCVQT[U[UVGOU 

### HNWKFUCPFVKUUWGUCPFKUPQVCDUQTDGFQTVTCPURQTVGFVQGZVTCRWNOQPCT[UKVGUVQCP[UKIPKHKECPVFGITGG#PWODGTQHNCDQTCVQT[CPKOCNUVWFKGUTGRQTVGFKPVJGRTGXKQWUEJCRVGT%JCRVGTCPFGCTN[UVWFKGUQPJWOCPUWDLGEVUTGRQTVGFKPVJKUEJCRVGTUWIIGUVVJCVTGCEVKQPRTQFWEVUHQTOGFD[VJGKPVGTCEVKQPQH1 YKVJTGURKTCVQT[U[UVGOHNWKFUQTVKUUWGUOC[RTQFWEGGHHGEVU 

### OGCUWTGFQWVUKFGVJGTGURKTCVQT[VTCEV

` GKVJGTKPVJGDNQQFCUEJCPIGUKPEKTEWNCVKPIDNQQFN[ORJQE[VGUGT[VJTQE[VGUQTUGTWOQTCUEJCPIGUKPVJGUVTWEVWTGQTHWPEVKQPQHQVJGTQTICPUUWEJCUVJGRCTCVJ[TQKFVJGJGCTVVJGNKXGTCPFVJGEGPVTCNPGTXQWUU[UVGO0QGZVTCRWNOQPCT[GHHGEVUJCXGDGGPTGRQTVGFVQFCVGKPQVJGTQTICPU[UVGOUQH1 GZRQUGF 

### JWOCPUWDLGEVUGZEGRVHQTNKOKVGFFCVCKPFKECVKPIVJCVCEWVGVQJGZRQUWTGUYKVJGZGTEKUG

CVEQPEGPVTCVKQPURRO1 ECWUGFVTCPUKGPVEJCPIGUKPDNQQFEGNNUCPFRNCUOC6JG 

### KPVGTRTGVCVKQPQHCNNVJGUGGHHGEVUKPTGICTFUVQRQVGPVKCNJWOCPJGCNVJGHHGEVUCVCODKGPVNGXGNUQHGZRQUWTGRRO1 KUPQVENGCT*QYGXGTVJGFGOQPUVTCVKQPKPVJKUEJCRVGTQHCP 

### CTTC[QHKPHNCOOCVQT[OGFKCVQTUCPFKOOWPGOQFWNCVQTUTGNGCUGFCVVJGCKTYC[UWTHCEGKPTGURQPUGVQ1 RTQXKFGUCRQUUKDNGOGEJCPKUOHQTGHHGEVUVQQEEWTQWVUKFGQHVJGNWPI

### #FFKVKQPCNUVWFKGUCTGPGGFGFVJGTGHQTGKPQTFGTVQFGVGTOKPGKHVJGTGCTGCP[UKIPKHKECPVGZVTCRWNOQPCT[GHHGEVUQH1 GZRQUWTGCPFCVYJCVNGXGNUQHGZRQUWTGVJG[OKIJVQEEWT 



### 'HHGEVUQH1\QPG/KZGFYKVJ1VJGT2QNNWVCPVU0QUKIPKHKECPVGPJCPEGOGPVQHTGURKTCVQT[GHHGEVUKGOQTGVJCPCFFKVKXGJCUDGGPEQPUKUVGPVN[FGOQPUVTCVGFHQTOKZVWTGUQH1 YKVJ51 01 * 51 *01 QTRCTVKEWNCVG     

### CGTQUQNUQTYKVJOWNVKRNGEQODKPCVKQPUQHVJGUGRQNNWVCPVU6JGTGKUIGPGTCNCITGGOGPVCOQPIUVWFKGUQHUKOWNVCPGQWUGZRQUWTGQHJGCNVJ[CFWNVUCPFCUVJOCVKECFQNGUEGPVUVQOKZVWTGUQH1 CPF01 51 * 51 QT*01 VJCVRWNOQPCT[HWPEVKQPTGURQPUGUCTGPQVUKIPKHKECPVN[

    

### FKHHGTGPVHTQOVJQUGHQNNQYKPIGZRQUWTGVQ1 CNQPGYJGPEQORCTGFVQUVWFKGUEQPFWEVGFCVVJG 

### UCOG1 EQPEGPVTCVKQP'ZRQUWTGVQJKIJ2#0EQPEGPVTCVKQPUKGRROEQODKPGFYKVJ 

### 1 JCUDGGPTGRQTVGFVQKPFWEGITGCVGTRWNOQPCT[HWPEVKQPTGURQPUGUVJCPGZRQUWTGVQ1 CNQPG

 

### *QTXCVJGVCNDWVYJGPVJG2#0EQPEGPVTCVKQPKUTGFWEGFVQVJGCODKGPVTCPIGCP[CFFKVKQPCNGHHGEVQH2#0KPVJGOKZVWTGCRRGCTUVQDGPGINKIKDNG&TGEJUNGT2CTMUGVCN+PCFFKVKQPVQUKOWNVCPGQWUGZRQUWTGUVQRQNNWVCPVOKZVWTGUUVWFKGUQHVJGTGURQPUGUVQ1 GZRQUWTGGKVJGTRTGEGFGFQTHQNNQYGFD[CPQVJGTRQNNWVCPVJCXGDGGPRGTHQTOGF6QVJG 

### GZVGPVVJCVVJGUGGZRQUWTGUGSWGPEGUOKOKETGCNCODKGPVEQPFKVKQPUVJGTGUWNVUEQWNFDGWUGHWNKPVJGTKUMCUUGUUOGPVRTQEGUU-QGPKIGVCNFGOQPUVTCVGFVJCVGZRQUWTGQHCNNGTIKECPFRTQDCDN[CUVJOCVKECFQNGUEGPVUVQ1 CPFVJGPVQ51 TGUWNVGFKPUKIPKHKECPVRWNOQPCT[  

### HWPEVKQPFGETGOGPVUPQVUGGPYKVJCP1 1 UGSWGPEGQT(#51 UGSWGPEG6JGUGTGUWNVUCNUQ  

### ECPDGKPVGTRTGVGFKPNKIJVQHVJGHCEVVJCV1 KPETGCUGUPQPURGEKHKEDTQPEJKCNTGURQPUKXGPGUU 

### CPFVJCVVJGKPETGCUGF51 TGURQPUGUOC[UKORN[TGHNGEVVJKUKPETGCUGFTGURQPUKXGPGUU5WEJ 

### TGURQPUGUYQWNFDGWPNKMGN[KPPQPCVQRKEJGCNVJ[CFQNGUEGPVU1VJGTUVWFKGU#TKUGVCN*C\WEJCGVCN.KPPGVCN7VGNNGVCNJCXGCUUGUUGFVJGTGURQPUGUVQ1 CHVGTRTGXKQWUGZRQUWTGVQCPQVJGTRQNNWVCPV#TKUGVCNHQWPFVJCVRTGGZRQUWTGVQ



### YCVGTQT*01 HQICRRGCTGFVQCVVGPWCVGTGURQPUGUVQ1 YJGTGCU*C\WEJCGVCN  

### QDUGTXGFCPKPETGCUGFCKTYC[TGURQPUKXGPGUUCHVGT1 GZRQUWTGRTGEGFGFD[01 GZRQUWTG  

### TGNCVKXGVQ1 GZRQUWTGCNQPG6YQUVWFKGUQHEQODKPGFQTUGSWGPVKCNGZRQUWTGVQ* 51   

### CGTQUQNCPF1 UWIIGUVCRQUUKDN[GPJCPEGFTGURQPUGVQ1 KPCUVJOCVKEUYJGPVJGGZRQUWTGKU  

### EQODKPGFYKVJQTRTGEGFGFD[GZRQUWTGVQ* 51 CGTQUQN.KPPGVCN7VGNNGVCN  

### 6JGUGHKPFKPIUCTGKPVTKIWKPIDWVOWUVDGTGRNKECVGFDGHQTGVJG[ECPDGWUGHWNHQTSWCPVKVCVKXGJGCNVJCUUGUUOGPV/WEJKUWPMPQYPCDQWVTGURQPUGUVQCKTRQNNWVCPVOKZVWTGU1PN[CNKOKVGFPWODGTQHRQNNWVCPVEQODKPCVKQPUCPFGZRQUWTGRTQVQEQNUJCXGDGGPKPXGUVKICVGFCPFUWDLGEVITQWRUCTGUOCNNCPFOC[PQVDGTGRTGUGPVCVKXGQHVJGIGPGTCNRQRWNCVKQP(GYUVWFKGUJCXGKPENWFGFOQTGVJCPVYQRQNNWVCPVUCPFOQUVEQODKPCVKQPUJCXGDGGPGXCNWCVGFKPUKPINGUVWFKGU(WTVJGTOQTGQPN[TCTGN[CTGGPFRQKPVUQVJGTVJCPRWNOQPCT[HWPEVKQPCPFRNGVJ[UOQITCRJ[OGCUWTGF



## (KGNFCPF'RKFGOKQNQI[5VWFKGUQH1\QPG'ZRQUWTG
+PFKXKFWCNNGXGNECORCPFGZGTEKUGUVWFKGURTQXKFGWUGHWNSWCPVKVCVKXGKPHQTOCVKQPQPVJGGZRQUWTGTGURQPUGTGNCVKQPUJKRUNKPMKPIJWOCPNWPIHWPEVKQPFGENKPGUYKVJ1 GZRQUWTG 

### QEEWTTKPIKPCODKGPVCKT6JGKTWVKNKV[FGTKXGUNCTIGN[HTQOVJGTGNKCDKNKV[YKVJYJKEJKPFKXKFWCNGZRQUWTGUECPDGGUVKOCVGFWUKPIQWVFQQTOGCUWTGOGPVUKPUVWFKGUQHVJGUGMKPF#NVJQWIJKVWUWCNN[JCUPQVDGGPRQUUKDNGVQKUQNCVG1 GZRQUWTGUHTQOQVJGTEQRQNNWVCPVUGI 

### CEKFCGTQUQNUCPFGPXKTQPOGPVCNHCEVQTUGIVGORGTCVWTGKPVJGFGUKIPQHUWEJUVWFKGUVJGCXCKNCDNGDQF[QHGXKFGPEGPQYUVTQPIN[UWRRQTVUCFQOKPCPVTQNGQH1 KPVJGQDUGTXGFNWPI 

### HWPEVKQPFGETGOGPVU6JGOQUVGZVGPUKXGGRKFGOKQNQIKEFCVCDCUGQPRWNOQPCT[HWPEVKQPTGURQPUGUVQCODKGPV1 EQOGUHTQOECORUVWFKGU5KZTGEGPVMG[UVWFKGUHTQOVJTGGUGRCTCVGTGUGCTEJ 

### ITQWRURTQXKFGCEQODKPGFFCVCDCUGQPKPFKXKFWCNGZRQUWTGTGURQPUGTGNCVKQPUJKRUHQTEJKNFTGPTCPIKPIKPCIGHTQOVQ[GCTUGCEJYKVJCVNGCUVUKZUGSWGPVKCNOGCUWTGOGPVUQH('8 CPFRTGXKQWUJQWT1 GZRQUWTGUYJKNGCVVGPFKPIUWOOGTECORU#XQNGVCN  

### *KIIKPUGVCN4CK\GPPGGVCN5RGMVQTGVCNC9JGPCPCN[\GFVQIGVJGTWUKPIEQPUKUVGPVOGVJQFUVJGUGFCVC[KGNFGFCPCXGTCIGTGNCVKQPUJKRDGVYGGP('8 CPFRTGXKQWUJQWT1 EQPEGPVTCVKQPQHO.RRD6JGJKIJGUVJ1 NGXGNU   

### OGCUWTGFKPHKXGQHVJGUKZUVWFKGUTCPIGFHTQOVQRRDYKVJQPGUVWF[TGRQTVKPIEQPEGPVTCVKQPUCUJKIJCURRD/KPKOWO1 XCNWGUTCPIGFHTQOVQRRD#NVJQWIJ 

### VJGTGITGUUKQPTGUWNVUPQVGFCDQXGYGTGDCUGFQPJ1 NGXGNUGZRQUWTGKPECORUVWFKGU 

### WUWCNN[GZVGPFGFHQTOWNVKRNGJQWTU$GECWUGQHVJGJKIJNGXGNQHEQTTGNCVKQPDGVYGGPUKPINGCPFOWNVKRNGJQWTCXGTCIGUKPVJGUVWFKGUVJGUGTGUWNVUOC[VJGTGHQTGTGRTGUGPVVQUQOGGZVGPVVJGKPHNWGPEGQHOWNVKJQWTGZRQUWTGU+PCFFKVKQPVQVJGECORUVWF[TGUWNVUVYQMG[UVWFKGUKPXQNXKPINWPIHWPEVKQPOGCUWTGOGPVUDGHQTGCPFCHVGTYGNNFGHKPGFGZGTEKUGGXGPVUKPCFWNVUJCXG[KGNFGFGZRQUWTGTGURQPUGUNQRGUQHCPFO.RRD5RGMVQTGVCND5GNY[PGVCN1\QPGEQPEGPVTCVKQPUFWTKPIGZGTEKUGGXGPVUQHCRRTQZKOCVGN[JFWTCVKQPTCPIGFHTQOVQRRDKPVJGUGUVWFKGU%QPUKUVGPVYKVJEJCODGTUVWFKGUVJGTGKUPQENGCTGXKFGPEGHTQOKPFKXKFWCNNGXGNUVWFKGUHQTCTGURQPUGVJTGUJQNFHQTVJGCXGTCIGRQRWNCVKQPGHHGEVUQH1 QPRWNOQPCT[HWPEVKQPFGENKPG*QYGXGTCUYKVJEJCODGTUVWFKGU 

### VJGTGKUGXKFGPEGVJCVTGURQPUKXKV[XCTKGUCETQUUKPFKXKFWCNU6JWURWNOQPCT[HWPEVKQPFGENKPGCUCHWPEVKQPQHCODKGPV1 GZRQUWTGHQTCPKPFKXKFWCNOC[DGGKVJGTITGCVGTVJCPQTNGUUVJCP 

### VJGOGCPTGURQPUGUPQVGFCDQXG4GEGPVTGUWNVUQHFCKN[NKHGUVWFKGUCNUQUWRRQTVCEQPUKUVGPVTGNCVKQPUJKRDGVYGGPCODKGPV1 QZKFCPVGZRQUWTGCPFCEWVGTGURKTCVQT[OQTDKFKV[KPVJGRQRWNCVKQP4GURKTCVQT[ 

### U[ORVQOUQTGZCEGTDCVKQPQHCUVJOCCPFFGETGOGPVUKP2'(4QEEWTYKVJKPETGCUKPICODKGPV1 GURGEKCNN[KPCUVJOCVKEEJKNFTGP.GDQYKV\GVCN-T\[\CPQYUMKGVCN



### 6JWTUVQPGVCN%QPEWTTGPVVGORGTCVWTGRCTVKENGU* CGTQCNNGTIGPUCPFCUVJOC

### UGXGTKV[QTOGFKECVKQPUVCVWUCNUQOC[EQPVTKDWVGCUKPFGRGPFGPVQTOQFKH[KPIHCEVQTU6JGCIITGICVGTGUWNVUUJQYITGCVGTTGURQPUGUKPCUVJOCVKEKPFKXKFWCNUVJCPKPPQPCUVJOCVKEU.GDQYKV\GVCN-T\[\CPQYUMKGVCNKPFKECVKPIVJCVCUVJOCVKEUEQPUVKVWVGCUGPUKVKXGITQWRKPGRKFGOKQNQIKEUVWFKGUQHQZKFCPVCKTRQNNWVKQP4GEGPVCIITGICVGRQRWNCVKQPVKOGUGTKGUUVWFKGUQH1 TGNCVGFJGCNVJGHHGEVURTQXKFG 

### TGNGXCPVGXKFGPEGQHCEWVGTGURQPUGUGXGPDGNQYCJOCZKOWOQHRRO1 'OGTIGPE[ 

### TQQOXKUKVUJQURKVCNCFOKUUKQPUCPFOQTVCNKV[CNNJCXGDGGPGZCOKPGFCURQUUKDNGQWVEQOGUQHGZRQUWTGVQ1 +PVJGECUGQH'4XKUKVUVJGGXKFGPEGKUNKOKVGFGI$CVGUGVCN%QF[ 

### GVCN9JKVGGVCN9GKUGNGVCNDWVTGUWNVUIGPGTCNN[CTGEQPUKUVGPVYKVJCPGHHGEVQH1 QPOQTDKFKV[/QTVCNKV[UVWFKGUXKU . XKU1 CNUQCTGTCVJGTNKOKVGFDWVCTG  

### OQTGOKZGFKPVJGKTTGUWNVU1PGQHVYQPGYYGNNFGUKIPGFUVWFKGUKPFKECVGCUKIPKHKECPVCUUQEKCVKQPDGVYGGP1 CPFVQVCNOQTVCNKV[KP.QU#PIGNGU%#GXGPCHVGTEQPVTQNNKPIHQTVJG 

### RQVGPVKCNN[EQPHQWPFKPIGHHGEVUQHVGORGTCVWTGCPF2/-KPPG[CPF1\MC[PCM.QU#PIGNGUGZRGTKGPEGFRGCMJOCZKOWO1 EQPEGPVTCVKQPUCDQXGRROFWTKPIVJKUUVWF[ 

### RGTKQF*QYGXGTCVNQYGTEQPEGPVTCVKQPUQXGTCUJQTVGTVKOGURCPCPFYKVJFKHHGTGPVUVCVKUVKECNOGVJQFUCUGEQPFUVWF[&QEMGT[GVCNFKFPQVFGVGEVCUKIPKHKECPV1 CUUQEKCVKQPYKVJOQTVCNKV[6JGUVTQPIGUVCPFOQUVEQPUKUVGPVGXKFGPEGQH1 GHHGEVUDQVJ

 

### CDQXGCPFDGNQYRRO1 VJGPKURTQXKFGFD[VJGOWNVKRNGUVWFKGUVJCVJCXGDGGP 

### EQPFWEVGFQXGTVJGNCUVFGECFGQPUWOOGTVKOGFCKN[JQURKVCNCFOKUUKQPHQTTGURKTCVQT[ECWUGUKPXCTKQWUNQECNGUKPGCUVGTP0QTVJ#OGTKEC$CVGUCPF5K\VQ6JWTUVQPGVCN.KRHGTVCPF*COOGTUVTQO$WTPGVVGVCN6JGUGUVWFKGUEQPUKUVGPVN[JCXGUJQYPVJCV1 CKTRQNNWVKQPKUCUUQEKCVGFYKVJCPKPETGCUGFKPEKFGPEGQH 

### CFOKUUKQPUCEEQWPVKPIHQTTQWIJN[QPGVQVJTGGGZEGUUTGURKTCVQT[JQURKVCNCFOKUUKQPURGTRRD1 RGTOKNNKQPRGTUQPU6JKUCUUQEKCVKQPJCUDGGPUJQYPVQTGOCKPGXGPCHVGTUVCVKUVKECNN[ 

### EQPVTQNNKPIHQTVJGRQUUKDNGEQPHQWPFKPIGHHGEVUQHVGORGTCVWTGCPFEQRQNNWVCPVUGI* 51 CPF2/ CUYGNNCUYJGPEQPUKFGTKPIQPN[FC[UJCXKPIJOCZKOWO1 EQPEGPVTCVKQPU   

### DGNQYRRO(WTVJGTOQTGVJGUGTGUWNVUKORN[VJCV1 CKTRQNNWVKQPECPCEEQWPVHQTC 

### UWDUVCPVKCNRQTVKQPQHUWOOGTVKOGJQURKVCNCFOKUUKQPUHQTTGURKTCVQT[ECWUGUQPVJGOQUVRQNNWVGFFC[U1XGTCNNVJGCIITGICVGRQRWNCVKQPVKOGUGTKGUUVWFKGUEQPUKFGTGFKPVJKUEJCRVGTRTQXKFGUVTQPIGXKFGPEGVJCVCODKGPVGZRQUWTGUVQ1 ECPECWUGUKIPKHKECPVGZCEGTDCVKQPUQH 

### RTGGZKUVKPITGURKTCVQT[FKUGCUGKPVJGIGPGTCNRWDNKECVEQPEGPVTCVKQPUDGNQYRRO1  

### 5VWFKGUQHEJTQPKEJGCNVJGHHGEVUVJCVOC[TGNCVGVQNQPIVGTOGZRQUWTGVQCODKGPVRQNNWVCPVUUVKNNJCXGPQVRTQXKFGFGPQWIJFCVCVQFGVGTOKPGKHVJGTGCTGTGURKTCVQT[QTQVJGTJGCNVJGHHGEVUVJCVTGUWNVFKTGEVN[HTQOEJTQPKE1 GZRQUWTG*QYGXGTVJGCIITGICVGGXKFGPEG 

### VQFCVGUWIIGUVUVJCVEJTQPKE1 GZRQUWTGCNQPIYKVJQVJGTGPXKTQPOGPVCNHCEVQTUEQWNFDG 

### TGURQPUKDNGHQTJGCNVJGHHGEVUKPGZRQUGFRQRWNCVKQPU6JGOQUVWUGHWNUGVQHFCVCJCUDGGPRTQXKFGFD[VJG#*5/1)UVWFKGU*QFIMKPGVCN'WNGTGVCN#DDG[GVCNCD6JGUGUVWFKGUJCXGRTQXKFGFVJGOQUVTGHKPGFOGCUWTGUQHEJTQPKEGZRQUWTGVQFCVGKPENWFKPICFLWUVOGPVHQTSWCNKV[QHVJGOQPKVQTKPIFCVCCUFGVGTOKPGFD[FKUVCPEGQHOQPKVQTKPIUKVGUHTQOUWDLGEVTGUKFGPEGUVQRQITCRJ[VKOGURGPVKPFQQTUCPFVKOGURGPVCVYQTM6JGOQUVEQPUKUVGPVGHHGEVUVJCVECPDGCVVTKDWVCDNGKPRCTVVQ1 TGNCVGVQCPKPETGCUGKP[GCTEWOWNCVKXG 

### KPEKFGPEGQHCUVJOC44HQTGCEJJCDQXGRRJOCPFCPKPETGCUGKPCUVJOCUGXGTKV[7PHQTVWPCVGN[HQTVJGGPVKTGUGVQHUVWFKGUVJGEQNKPGCTKV[DGVYGGP1 CPF652 

### TGFWEGUVJGEQPHKFGPEGVJCVGHHGEVUECPDGCVVTKDWVGFVQ1 CNQPG1 KPEQODKPCVKQPYKVJVJG  

### RCTVKEWNCVGHTCEVKQPQHCODKGPVRQNNWVKQPQTVJGEQODKPCVKQPQHVJGVYQ5QOGUWRRQTVHQTCP

###  8

GHHGEVQPRGTUQPUYKVJCUVJOCCNUQECPDGFGTKXGFHTQOCTGEGPV%CPCFKCPUVWF[5VGTPGVCNVJCVFGOQPUVTCVGFPQPUVCVKUVKECNN[UKIPKHKECPVCPFTGFWEVKQPUKP('( CPF 

### HQTRGQRNGNKXKPIKP1PVCTKQTGNCVKXGVQVJQUGKP5CUMCVEJGYCP#ICKPJQYGXGTVJG OCZ

### GHHGEVUQH1 CTGKORQUUKDNGVQFKUGPVCPINGHTQOVJGQVJGTEQPVTKDWVQTUUWEJCUVJGCEKFUWOOGT 

### JC\GVJCVEJCTCEVGTK\GUVJG7PKVGF5VCVGUGCUVQHVJG/KUUKUUKRRK4KXGT

###  

## 4GHGTGPEGU

#DDG[ & ' /QQTG , 2GVGTUGP ( $GGUQP . 
C 'UVKOCVKPI EWOWNCVKXG CODKGPV EQPEGPVTCVKQPU QH CKT RQNNWVCPVU FGUETKRVKQP CPF RTGEKUKQP QH OGVJQFU WUGF HQT CP GRKFGOKQNQIKECN UVWF[ #TEJ 'PXKTQP

*GCNVJ  

#DDG[ & ' /KNNU 2 - 2GVGTUGP ( ( $GGUQP 9 . 
D .QPIVGTO CODKGPV EQPEGPVTCVKQPU QH VQVCN UWURGPFGF RCTVKEWNCVGU CPF QZKFCPVU CU TGNCVGF VQ KPEKFGPEG QH EJTQPKE FKUGCUG KP %CNKHQTPKC 5GXGPVJ &C[ #FXGPVKUVU 'PXKTQP *GCNVJ 2GTURGEV  

#DDG[ & ' 2GVGTUGP ( /KNNU 2 - $GGUQP 9 . 
 .QPIVGTO CODKGPV EQPEGPVTCVKQPU QH VQVCN UWURGPFGF RCTVKEWNCVGU Q\QPG CPF UWNHWT FKQZKFG CPF TGURKTCVQT[ U[ORVQOU KP C PQPUOQMKPI RQRWNCVKQP #TEJ 'PXKTQP *GCNVJ  

#FCOU 9 % 
 2J[UKQNQIKECN TGURQPUGU QH JGCNVJ[ JWOCP UWDLGEVU EQPUGSWGPV VQ KPJCNCVKQP QH 0 1  1  CPF

  01 RNWU 1 FWTKPI JGCX[ UWUVCKPGF GZGTEKUG 5CETCOGPVQ %# %CNKHQTPKC 5VCVG #KT 4GUQWTEGU   $QCTF TGRQTV PQ #4$4 #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# 2$

#FCOU 9 % 5EJGNGING ' 5 
 1\QPG CPF JKIJ XGPVKNCVKQP GHHGEVU QP RWNOQPCT[ HWPEVKQP CPF GPFWTCPEG RGTHQTOCPEG , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

#FCOU 9 % 5CXKP 9 / %JTKUVQ # ' 
 &GVGEVKQP QH Q\QPG VQZKEKV[ FWTKPI EQPVKPWQWU GZGTEKUG XKC VJG GHHGEVKXG FQUG EQPEGRV , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

#FCOU 9 % $TQQMGU - # 5EJGNGING ' 5 
 'HHGEVU QH 01 CNQPG CPF KP EQODKPCVKQP YKVJ 1 QP   [QWPI OGP CPF YQOGP , #RRN 2J[UKQN  

#FCOU 9 % 5EJGNGING ' 5 5JCHHTCVJ , & 
 1TCN CPF QTQPCUCN DTGCVJKPI FWTKPI EQPVKPWQWU GZGTEKUG RTQFWEG UKOKNCT TGURQPUGU VQ Q\QPG KPJCNCVKQP #TEJ 'PXKTQP *GCNVJ  

#TKU 4 %JTKUVKCP & 5JGRRCTF & $CNOGU , 4 
 6JG GHHGEVU QH UGSWGPVKCN GZRQUWTG VQ CEKFKE HQI CPF Q\QPG QP RWNOQPCT[ HWPEVKQP KP GZGTEKUKPI UWDLGEVU #O 4GX 4GURKT &KU  

#TKU 4 / %JTKUVKCP & *GCTPG 2 3 -GTT - (KPMDGKPGT 9 ' $CNOGU , 4 
C 1\QPGKPFWEGF CKTYC[ KPHNCOOCVKQP KP JWOCP UWDLGEVU CU FGVGTOKPGF D[ CKTYC[ NCXCIG CPF DKQRU[ #O 4GX 4GURKT &KU  

#TKU 4 %JTKUVKCP & 6CIGT + 0IQ + (KPMDGKPGT 9 ' $CNOGU , 4 
D 'HHGEVU QH PKVTKE CEKF ICU CNQPG QT KP EQODKPCVKQP YKVJ Q\QPG QP JGCNVJ[ XQNWPVGGTU #O 4GX 4GURKT &KU  

#UVTCPF 21 4QFCJN - 
 6GZVDQQM QH YQTM RJ[UKQNQI[ RJ[UKQNQIKECN DCUGU QH GZGTEKUG PF GF 0GY ;QTM 0; /E)TCY*KNN $QQM %QORCP[ R 

#XQN ' . .KPP 9 5 5JCOQQ & # 8GPGV 6 ) *CEMPG[ , & 
 #EWVG TGURKTCVQT[ GHHGEVU QH .QU #PIGNGU UOQI KP EQPVKPWQWUN[ GZGTEKUKPI CFWNVU , #KT 2QNNWV %QPVTQN #UUQE  

#XQN ' . .KPP 9 5 8GPGV 6 ) 5JCOQQ & # *CEMPG[ , & 
 %QORCTCVKXG TGURKTCVQT[ GHHGEVU QH Q\QPG CPF CODKGPV QZKFCPV RQNNWVKQP GZRQUWTG FWTKPI JGCX[ GZGTEKUG , #KT 2QNNWV %QPVTQN #UUQE

 

#XQN ' . .KPP 9 5 5JCOQQ & # 8CNGPEKC . / #P\CT 7 6 8GPGV 6 ) *CEMPG[ , & 
C 4GURKTCVQT[ GHHGEVU QH RJQVQEJGOKECN QZKFCPV CKT RQNNWVKQP KP GZGTEKUKPI CFQNGUEGPVU #O 4GX 4GURKT &KU  

###  #XQN ' . .KPP 9 5 5JCOQQ & # 8CNGPEKC . / #P\CT 7 6 *CEMPG[ , & 
D 5JQTVVGTO JGCNVJ GHHGEVU QH CODKGPV CKT RQNNWVKQP KP CFQNGUEGPVU +P .GG 5 & GF 'XCNWCVKQP QH VJG UEKGPVKHKE DCUKU HQT Q\QPGQZKFCPVU UVCPFCTFU VTCPUCEVKQPU QH CP #2%# KPVGTPCVKQPCN URGEKCNV[ EQPHGTGPEG 0QXGODGT  *QWUVQP 6: 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RR  #2%# KPVGTPCVKQPCN URGEKCNV[ EQPHGTGPEG VTCPUCEVKQPU 64

#XQN ' . .KPP 9 5 8GPGV 6 ) 5JCOQQ & # 5RKGT % ' *CEMPG[ , & 
E %QORCTCVKXG GHHGEVU QH NCDQTCVQT[ IGPGTCVGF Q\QPG CPF CODKGPV QZKFCPV GZRQUWTG KP EQPVKPWQWUN[ GZGTEKUKPI UWDLGEVU +P .GG 5 & GF 'XCNWCVKQP QH VJG UEKGPVKHKE DCUKU HQT Q\QPGQZKFCPVU UVCPFCTFU RTQEGGFKPIU QH CP #2%# KPVGTPCVKQPCN URGEKCNV[ EQPHGTGPEG 0QXGODGT  *QWUVQP 6: 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RR  
#2%# KPVGTPCVKQPCN URGEKCNV[ EQPHGTGPEG VTCPUCEVKQPU 64

#XQN ' . .KPP 9 5 5JCOQQ & # 5RKGT % ' 8CNGPEKC . / 8GPGV 6 ) 6TKO 5 % *CEMPG[ , & 
 5JQTVVGTO TGURKTCVQT[ GHHGEVU QH RJQVQEJGOKECN QZKFCPV GZRQUWTG KP GZGTEKUKPI EJKNFTGP

,#2%#  

#XQN ' . .KPP 9 5 5JCOQQ & # *CEMPG[ , & 
 5GCUQPCN Q\QPG TGCEVKXKV[ KP .QU #PIGNGU TGUKFGPVU 2TGUGPVGF CV UV CPPWCN OGGVKPI QH VJG #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP ,WPG &CNNCU 6: 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RCRGT PQ 

#XQN ' . 6TKO 5 % .KVVNG & ' 5RKGT % ' 5OKVJ / 0 2GPI 4% .KPP 9 5 *CEMPG[ , & )TQUU - $ &	#TE[ , $ )KDDQPU & *KIIKPU + 6 6 
 1\QPG GZRQUWTG CPF NWPI HWPEVKQP KP EJKNFTGP CVVGPFKPI C UQWVJGTP %CNKHQTPKC UWOOGT ECOR 2TGUGPVGF CV TF CPPWCN OGGVKPI CPF GZJKDKVKQP QH VJG #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP ,WPG 2KVVUDWTIJ 2# 2KVVUDWTIJ 2# #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP RCRGT PQ 

#XQN ' . 6TKO 5 % .KVVNG & ' 5RKGT % ' 5OKVJ / 0 2GPI 4 % .KPP 9 5 *CEMPG[ , &  1\QPG GZRQUWTG CPF NWPI HWPEVKQP C UQWVJGTP %CNKHQTPKC UWOOGT ECOR UVWF[ +P $GTINWPF 4 . .CYUQP & 4 /E-GG & , GFU 6TQRQURJGTKE Q\QPG CPF VJG GPXKTQPOGPV RCRGTU HTQO CP KPVGTPCVKQPCN EQPHGTGPEG /CTEJ  .QU #PIGNGU %# 2KVVUDWTIJ 2# #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP RR  
#9/# VTCPUCEVKQP UGTKGU PQ 64

$CUEQO 4 0CENGTKQ 4 / (KV\IGTCNF 6 - -CIG[5QDQVMC # 2TQWF & 
 'HHGEV QH Q\QPG KPJCNCVKQP QP VJG TGURQPUG VQ PCUCN EJCNNGPIG YKVJ CPVKIGP QH CNNGTIKE UWDLGEVU #O 4GX 4GURKT &KU  



$CVGU & 8 
 6JG UVTGPIVJ QH VJG GXKFGPEG TGNCVKPI CKT RQNNWVCPVU VQ CFXGTUG JGCNVJ GHHGEVU %JCRGN *KNN 0% 7PKXGTUKV[ QH 0QTVJ %CTQNKPC CV %JCRGN *KNN +PUVKVWVG HQT 'PXKTQPOGPVCN 5VWFKGU 
%CTQNKPC GPXKTQPOGPVCN GUUC[ UGTKGU 8+

$CVGU & 8 5K\VQ 4 
 4GNCVKQPUJKR DGVYGGP CKT RQNNWVCPV NGXGNU CPF JQURKVCN CFOKUUKQPU KP 5QWVJGTP

1PVCTKQ %CP , 2WDNKE *GCNVJ  

$CVGU & 8 5K\VQ 4 
 #KT RQNNWVKQP CPF JQURKVCN CFOKUUKQPU KP UQWVJGTP 1PVCTKQ VJG CEKF UWOOGT JC\G

GHHGEV 'PXKTQP 4GU  

$CVGU & 8 5K\VQ 4 
 6JG 1PVCTKQ #KT 2QNNWVKQP UVWF[ KFGPVKHKECVKQP QH VJG ECWUCVKXG CIGPV 'PXKTQP *GCNVJ 2GTURGEV  

$CVGU & 8 $GNN ) / $WTPJCO % & *C\WEJC / /CPVJC , 2GPIGNN[ . & 5KNXGTOCP ( 
 5JQTVVGTO GHHGEVU QH Q\QPG QP VJG NWPI , #RRN 2J[UKQN  

$CVGU & 8 $CMGT#PFGTUQP / 5K\VQ 4 
 #UVJOC CVVCEM RGTKQFKEKV[ C UVWF[ QH JQURKVCN GOGTIGPE[

XKUKVU KP 8CPEQWXGT 'PXKTQP 4GU  

###  $GEM 0 -QGPKI , 3 .WEJVGN & . #NVOCP . % 1TUDQTP / 6 -GPPG[ , 5 
 1\QPG ECP KPETGCUG VJG GZRTGUUKQP QH KPVGTEGNNWNCT CFJGUKQP OQNGEWNG CPF VJG UP[VJGUKU QH E[VQMKPGU D[ JWOCP PCUCN GRKVJGNKCN EGNNU +PJCNCVKQP 6QZKEQN  

$GEMGT 5 /CFFGP / % 0GYOCP 5 . &GXNKP 4 $ -QTGP * 5 
 /QFWNCVKQP QH JWOCP CNXGQNCT OCETQRJCIG RTQRGTVKGU D[ Q\QPG GZRQUWTG KP XKVTQ 6QZKEQN #RRN 2JCTOCEQN  

$GEMGVV 9 5 /E&QPPGNN 9 ( *QTUVOCP & * *QWUG & ' 
 4QNG QH VJG RCTCU[ORCVJGVKE PGTXQWU U[UVGO KP CEWVG NWPI TGURQPUG VQ Q\QPG , #RRN 2J[UKQN  

$GEMGVV 9 5 (TGGF # 0 6WTPGT % /GPMGU * # 
 2TQNQPIGF KPETGCUGF TGURQPUKXGPGUU QH ECPKPG RGTKRJGTCN CKTYC[U CHVGT GZRQUWTG V Q 1  , #RRN 2J[UKQN   

$GFK , ( &TGEJUNGT2CTMU & / *QTXCVJ 5 / 
 &WTCVKQP QH KPETGCUGF RWNOQPCT[ HWPEVKQP UGPUKVKXKV[ VQ CP KPKVKCN Q\QPG GZRQUWTG #O +PF *[I #UUQE ,  

$GFK , ( *QTXCVJ 5 / &TGEJUNGT2CTMU & / 
 4GRTQFWEKDKNKV[ QH VJG RWNOQPCT[ HWPEVKQP TGURQPUG QH QNFGT OGP CPF YQOGP VQ C JQWT Q\QPG GZRQUWTG ,#2%#  

$GFK , ( *QTXCVJ 5 / &TGEJUNGT2CTMU & / 
 #FCRVCVKQP D[ QNFGT KPFKXKFWCNU TGRGCVGFN[ GZRQUGF VQ  RCTVU RGT OKNNKQP Q\QPG HQT VYQ JQWTU ,#2%#  

$GTT[ / .KQ[ 2 , )GNRGTKP - $WEMNGT ) -NQV\ , 
 #EEWOWNCVGF GZRQUWTG VQ Q\QPG CPF OGCUWTGOGPV QH JGCNVJ GHHGEVU KP EJKNFTGP CPF EQWPUGNQTU CV VYQ UWOOGT ECORU 'PXKTQP 4GU

 

$KGTUVGMGT - 'XGPFKLM , ' 
 1\QPG VGORGTCVWTG CPF OQTVCNKV[ KP 4QVVGTFCO KP VJG UWOOGTU QH 

CPF  'PXKTQP 4GU  

$TCPV , 9 # 
 *WOCP ECTFKQXCUEWNCT FKUGCUGU CPF CVOQURJGTKE CKT RQNNWVKQP KP .QU #PIGNGU %CNKHQTPKC

+PV , #KT 9CVGT 2QNNWV  

$TCPV , 9 # *KNN 5 4 ) 
 *WOCP TGURKTCVQT[ FKUGCUGU CPF CVOQURJGTKE CKT RQNNWVKQP KP .QU #PIGNGU

%CNKHQTPKC +PV , #KT 9CVGT 2QNNWV  

$TCWP(CJTN·PFGT % -ÒP\NK 0 &QOGPKIJGVVK ) %CTGNN % ( #EMGTOCPP.KGDTKEJ 7 
 #EWVG GHHGEVU QH CODKGPV Q\QPG QP TGURKTCVQT[ HWPEVKQP QH 5YKUU UEJQQNEJKNFTGP CHVGT C OKPWVG JGCX[

GZGTEKUG 2GFKCVT 2WNOQPQN  

$TQQMGU - # #FCOU 9 % 5EJGNGING ' 5 
  RRO 1 GZRQUWTG KPFWEGU J[RGTTGURQPUKXGPGUU QP  J TGGZRQUWTG VQ  RR O 1  , #RRN 2J[UKQN   

$TWPGMTGGH $ *QGM ) $TGWIGNOCPU 1 .GGPVXCCT / 
 4GURKTCVQT[ GHHGEVU QH NQYNGXGN RJQVQEJGOKECN CKT RQNNWVKQP KP COCVGWT E[ENKUVU #O , 4GURKT %TKV %CTG /GF  

$WTPGVV 4 6 &CNGU 4 ' 4CK\GPPG / ' -TGYUMK & 5WOOGTU 2 9 4QDGTVU ) 4 4CCF;QWPI / &CPP 6 $TQQM , 
 'HHGEVU QH NQY CODKGPV NGXGNU QH Q\QPG CPF UWNHCVGU QP VJG HTGSWGPE[ QH TGURKTCVQT[ CFOKUUKQPU VQ 1PVCTKQ JQURKVCNU 'PXKTQP 4GU  

%CNFGTQP)CTEKFWGPCU . 1UQTPQ8GNCSWG\ # $TCXQ#NXCTG\ * &GNICFQ%JCXG\ 4 $CTTKQU/CTSWG\ 4  *KUVQRCVJQNQIKE EJCPIGU QH VJG PCUCN OWEQUC KP UQWVJYGUV OGVTQRQNKVCP /GZKEQ %KV[

KPJCDKVCPVU #O , 2CVJQN  

%CNKHQTPKC &GRCTVOGPV QH 2WDNKE *GCNVJ 
 %NGCP CKT HQT %CNKHQTPKC KPKVKCN TGRQTV QH VJG #KT 2QNNWVKQP 5VWF[ 2TQLGEV 5CP (TCPEKUEQ %# 5VCVG QH %CNKHQTPKC &GRCTVOGPV QH 2WDNKE *GCNVJ

###  %CNKHQTPKC &GRCTVOGPV QH 2WDNKE *GCNVJ 
 %NGCP CKT HQT %CNKHQTPKC UGEQPF TGRQTV QH VJG #KT 2QNNWVKQP 5VWF[ 2TQLGEV $GTMNG[ %# 5VCVG QH %CNKHQTPKC &GRCTVOGPV QH 2WDNKE *GCNVJ

%CNKHQTPKC &GRCTVOGPV QH 2WDNKE *GCNVJ 
 4GRQTV +++ C RTQITGUU TGRQTV QH %CNKHQTPKC	U HKIJV CICKPUV CKT RQNNWVKQP $GTMNG[ %# 5VCVG QH %CNKHQTPKC &GRCTVOGPV QH 2WDNKE *GCNVJ

%CUVKNNGLQU / )QNF & 4 &QEMGT[ & 6QUVGUQP 6 $CWO 6 5RGK\GT ( ' 
 'HHGEVU QH CODKGPV Q\QPG QP TGURKTCVQT[ HWPEVKQP CPF U[ORVQOU KP /GZKEQ %KV[ UEJQQNEJKNFTGP #O 4GX 4GURKT &KU

 

%CUVNGOCP 9 . 6[NGT 9 5 &WPIYQTVJ & . 
 .GUKQPU KP TGURKTCVQT[ DTQPEJKQNGU CPF EQPFWEVKPI CKTYC[U QH OQPMG[U GZRQUGF VQ CODKGPV NGXGNU QH Q\QPG 'ZR /QN 2CVJQN  

%JCVJCO / $NGGEMGT ' 4 5OKVJ 2 . 4QUGPVJCN 4 4 /CUQP 2 0QTOCP 2 5 
 # EQORCTKUQP QH JKUVCOKPG OGVJCEJQNKPG CPF GZGTEKUG CKTYC[ TGCEVKXKV[ KP PQTOCN CPF CUVJOCVKE UWDLGEVU #O 4GX 4GURKT &KU  

%QEMETQHV & 9 -KNNKCP & 0 /GNNQP , , # *CTITGCXG ( ' 
 $TQPEJKCN TGCEVKXKV[ VQ KPJCNGF JKUVCOKPG C OGVJQF CPF ENKPKECN UWTXG[ %NKP #NNGTI[  

%QF[ 4 2 9GKUGN % 2 $KTPDCWO ) .KQ[ 2 , 
 6JG GHHGEV QH Q\QPG CUUQEKCVGF YKVJ UWOOGTVKOG RJQVQEJGOKECN UOQI QP VJG HTGSWGPE[ QH CUVJOC XKUKVU VQ JQURKVCN GOGTIGPE[ FGRCTVOGPVU 'PXKTQP

4GU  

%QNGTKFIG , % ) %QNGTKFIG * / 
 4GHNGZGU GXQMGF HTQO VTCEJGQDTQPEJKCN VTGG CPF NWPIU +P %JGTPKCEM 0 5 9KFFKEQODG , ) GFU *CPFDQQM QH RJ[UKQNQI[ X  VJG TGURKTCVQT[ U[UVGO 9CUJKPIVQP &% #OGTKECP 2J[UKQNQIKECN 5QEKGV[ RR 

%QNGTKFIG * / %QNGTKFIG , % ) )KP\GN - * $CMGT & ) $CP\GVV 4 $ /QTTKUQP / # 
 5VKOWNCVKQP QH BKTTKVCPV	 TGEGRVQTU CPF CHHGTGPV %HKDGTU KP VJG NWPIU D[ RTQUVCINCPFKPU 0CVWTG .QPFQP  

%QNGTKFIG * / %QNGTKFIG , % ) $CMGT & ) )KP\GN - * /QTTKUQP / # 
 %QORCTKUQP QH VJG GHHGEVU QH JKUVCOKPG CPF RTQUVCINCPFKP QP CHHGTGPV %HKDGT GPFKPIU CPF KTTKVCPV TGEGRVQTU KP VJG KPVTCRWNOQPCT[ CKTYC[U #FX 'ZR /GF $KQN  

%QNGTKFIG , % ) %QNGTKFIG * / 5EJGNGING ' 5 )TGGP , ( 
 #EWVG KPJCNCVKQP QH Q\QPG UVKOWNCVGU DTQPEJKCN %HKDGTU CPF TCRKFN[ CFCRVKPI TGEGRVQTU KP FQIU , #RRN 2J[UKQN  

%QNWEEK # 8 
 2WNOQPCT[ FQUGGHHGEV TGNCVKQPUJKRU KP Q\QPG GZRQUWTG +P .GG 5 & /WUVCHC / ) /GJNOCP / # GFU +PVGTPCVKQPCN U[ORQUKWO QP VJG DKQOGFKECN GHHGEVU QH Q\QPG CPF TGNCVGF RJQVQEJGOKECN QZKFCPVU /CTEJ  2KPGJWTUV 0% 2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE 2WDNKUJGTU +PE RR  
#FXCPEGU KP OQFGTP GPXKTQPOGPVCN VQZKEQNQI[ X 

&GNHKPQ 4 , $GEMNCMG / 4 *CPNG[ , # 
 4GNKCDKNKV[ QH JQURKVCN FCVC HQT RQRWNCVKQPDCUGF UVWFKGU QH CKT RQNNWVKQP #TEJ 'PXKTQP *GCNVJ   &GNHKPQ 4 , $GEMNCMG / 4 *CPNG[ , # 
C 6JG TGNCVKQPUJKR QH WTIGPV JQURKVCN CFOKUUKQPU HQT TGURKTCVQT[ KNNPGUUGU VQ RJQVQEJGOKECN CKT RQNNWVKQP NGXGNU KP /QPVTGCN 'PXKTQP 4GU  

&GNHKPQ 4 , $GEMNCMG / 4 *CPNG[ , # 
D 'UVKOCVKQP QH WPOGCUWTGF RCTVKEWNCVG CKT RQNNWVKQP FCVC HQT CP GRKFGOKQNQIKECN UVWF[ QH FCKN[ TGURKTCVQT[ OQTDKFKV[ 'PXKTQP 4GU  

&G.WEKC # , #FCOU 9 % 
 'HHGEVU QH 1 KPJCNCVKQP FWTKPI GZGTEKUG QP RWNOQPCT[ HWPEVKQP CPF DNQQF  DKQEJGOKUVT[ , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

###  &G.WEKC # , 9JKVCMGT , * $T[CPV . 4 
 'HHGEVU QH EQODKPGF GZRQUWTG VQ Q\QPG CPF ECTDQP OQPQZKFG 
%1 KP JWOCPU +P .GG 5 & /WUVCHC / ) /GJNOCP / # GFU +PVGTPCVKQPCN U[ORQUKWO QP VJG DKQOGFKECN GHHGEVU QH Q\QPG CPF TGNCVGF RJQVQEJGOKECN QZKFCPVU /CTEJ 2KPGJWTUV 0% 2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE 2WDNKUJGTU +PE RR  
#FXCPEGU KP OQFGTP GPXKTQPOGPVCN VQZKEQNQI[ X 

&GVGNU 4 4QMCY 5 0 %QWNUQP # * 6CUJMKP & 2 5C[TG , 9 /CUUG[ ( , ,T 
 6JG 7%.# RQRWNCVKQP UVWFKGU QH EJTQPKE QDUVTWEVKXG TGURKTCVQT[ FKUGCUG + /GVJQFQNQI[ CPF EQORCTKUQP QH NWPI HWPEVKQP KP CTGCU QH JKIJ CPF NQY RQNNWVKQP #O , 'RKFGOKQN  

&GVGNU 4 5C[TG , 9 %QWNUQP # * 4QMCY 5 0 /CUUG[ ( , ,T 6CUJMKP & 2 9W // 
 6JG 7%.# RQRWNCVKQP UVWFKGU QH EJTQPKE QDUVTWEVKXG TGURKTCVQT[ FKUGCUG +8 TGURKTCVQT[ GHHGEV QH NQPIVGTO GZRQUWTG VQ RJQVQEJGOKECN QZKFCPVU PKVTQIGP FKQZKFG CPF UWNHCVGU QP EWTTGPV CPF PGXGT UOQMGTU #O 4GX 4GURKT &KU  

&GVGNU 4 6CUJMKP & 2 5C[TG , 9 4QMCY 5 0 %QWNUQP # * /CUUG[ ( , ,T 9GIOCP & *  6JG 7%.# RQRWNCVKQP UVWFKGU QH EJTQPKE QDUVTWEVKXG TGURKTCVQT[ FKUGCUG  NWPI HWPEVKQP EJCPIGU CUUQEKCVGF YKVJ EJTQPKE GZRQUWTG VQ RJQVQEJGOKECN QZKFCPVU C EQJQTV UVWF[ COQPI PGXGT

UOQMGTU %JGUV  

&GVGNU 4 6CUJMKP & 2 5C[TG , 9 4QMCY 5 0 /CUUG[ ( , ,T %QWNUQP # * 9GIOCP & *  6JG 7%.# RQRWNCVKQP UVWFKGU QH %14& : C EQJQTV UVWF[ QH EJCPIGU KP TGURKTCVQT[ HWPEVKQP CUUQEKCVGF YKVJ EJTQPKE GZRQUWTG VQ 51  01  CPF J[FTQECTDQPU #O , 2WDNKE *GCNVJ  

Z Z

&GXNKP 4 $ -QTGP * 5 
 6JG WUG QH SWCPVKVCVKXG VYQFKOGPUKQPCN IGN GNGEVTQRJQTGUKU VQ CPCN[\G EJCPIGU KP CNXGQNCT OCETQRJCIG RTQVGKPU KP JWOCPU GZRQUGF VQ Q\QPG #O , 4GURKT %GNN /QN $KQN  



&GXNKP 4 $ /E&QPPGNN 9 ( -QTGP * 5 $GEMGT 5 
 2TQNQPIGF GZRQUWTG QH JWOCPU VQ  CPF  RRO Q\QPG TGUWNVU KP KPHNCOOCVKQP KP VJG NWPI 2TGUGPVGF CV TF CPPWCN OGGVKPI QH VJG #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP ,WPG 2KVVUDWTIJ 2# 2KVVUDWTIJ 2# #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP RCRGT PQ 

&GXNKP 4 $ /E&QPPGNN 9 ( /CPP 4 $GEMGT 5 *QWUG & ' 5EJTGKPGOCEJGTU & -QTGP * 5  'ZRQUWTG QH JWOCPU VQ CODKGPV NGXGNU QH Q\QPG HQT  JQWTU ECWUGU EGNNWNNCT CPF DKQEJGOKECN EJCPIGU KP VJG NWPI #O , 4GURKT %GNN /QN $KQN  

&GXNKP 4 $ /E-KPPQP - 2 0QCJ 6 $GEMGT 5 -QTGP * 5 
 1\QPGKPFWEGF TGNGCUG QH E[VQMKPGU CPF HKDTQPGEVKP D[ CNXGQNCT OCETQRJCIGU CPF CKTYC[ GRKVJGNKCN EGNNU #O , 2J[UKQN  .

.

###  &GXNKP 4 $ (QNKPUDGG . , $KUECTFK ( *CVEJ ) $GEMGT 5 /CFFGP / 4QDDKPU / % -QTGP * 5  4GRGCVGF GZRQUWTG QH JWOCPU VQ Q\QPG ++ +PHNCOOCVKQP CPF EGNN FCOCIG 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 0CVKQPCN *GCNVJ CPF 'PXKTQPOGPVCN 'HHGEVU 4GUGCTEJ .CDQTCVQT[ %NKPKECN 4GUGCTEJ $TCPEJ OCPWUETKRV KP RTGRCTCVKQP

&KOGQ / , )NGPP / ) *QNV\OCP / , 5JGNNGT , 4 0CFGN , # $QWUJG[ * # 
 6JTGUJQNF EQPEGPVTCVKQP QH Q\QPG ECWUKPI CP KPETGCUG KP DTQPEJKCN TGCEVKXKV[ KP JWOCPU CPF CFCRVCVKQP YKVJ TGRGCVGF GZRQUWTGU #O 4GX 4GURKT &KU  

&QEMGT[ & 9 5EJYCTV\ , 5RGPINGT , & 
 #KT RQNNWVKQP CPF FCKN[ OQTVCNKV[ CUUQEKCVKQPU YKVJ RCTVKEWNCVGU CPF CEKF CGTQUQNU 'PXKTQP 4GU  

&TGEJUNGT2CTMU & / $GFK , ( *QTXCVJ 5 / 
 +PVGTCEVKQP QH RGTQZ[CEGV[N PKVTCVG CPF Q\QPG QP RWNOQPCT[ HWPEVKQPU #O 4GX 4GURKT &KU  

&TGEJUNGT2CTMU & / $GFK , ( *QTXCVJ 5 / 
C 2WNOQPCT[ HWPEVKQP TGURQPUGU QH QNFGT OGP CPF YQOGP VQ Q\QPG GZRQUWTG 'ZR )GTQPVQN  

&TGEJUNGT2CTMU & / $GFK , ( *QTXCVJ 5 / 
D 2WNOQPCT[ HWPEVKQP FGUGPUKVK\CVKQP QP TGRGCVGF GZRQUWTGU VQ VJG EQODKPCVKQP QH RGTQZ[CEGV[N PKVTCVG CPF Q\QPG ,#2%#  

&TGEJUNGT2CTMU & / $GFK , ( *QTXCVJ 5 / 
 2WNOQPCT[ HWPEVKQP TGURQPUGU QH [QWPI CPF QNFGT

CFWNVU VQ OKZVWTGU Q H 1  01 CPF 2#0 6QZKEQN +PF *GCNVJ    

&TGEJUNGT2CTMU & / *QTXCVJ 5 / $GFK , ( 
 6JG GHHGEVKXG FQUG EQPEGRV KP QNFGT CFWNVU GZRQUGF VQ Q\QPG 'ZR )GTQPVQN  

'OOQPU - (QUVGT 9 / 
 5OQMKPI EGUUCVKQP CPF CEWVG CKTYC[ TGURQPUG VQ Q\QPG #TEJ 'PXKTQP

*GCNVJ  

'UEJGPDCEJGT 9 . ;KPI 4 . -TGKV , 9 )TQUU - $ 
 1\QPGKPFWEGF NWPI HWPEVKQP EJCPIGU KP PQTOCN CPF CUVJOCVKE UWDLGEVU CPF VJG GHHGEV QH KPFQOGVJCEKP +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

'UEJGPDCEJGT 9 . /QQTG 6 $ .QTGP\GP 6 , 9GI , ) )TQUU - $ 
 2WNOQPCT[ TGURQPUGU QH CUVJOCVKE CPF PQTOCN UWDLGEVU VQ FKHHGTGPV VGORGTCVWTG CPF JWOKFKV[ EQPFKVKQPU KP CP GPXKTQPOGPVCN EJCODGT .WPI  

'WNGT ) . #DDG[ & ' /CIKG # 4 *QFIMKP , ' 
 %JTQPKE QDUVTWEVKXG RWNOQPCT[ FKUGCUG U[ORVQO GHHGEVU QH NQPIVGTO EWOWNCVKXG GZRQUWTG VQ CODKGPV NGXGNU QH VQVCN UWURGPFGF RCTVKEWNCVGU CPF UWNHWT FKQZKFG KP %CNKHQTPKC 5GXGPVJ&C[ #FXGPVKUV TGUKFGPVU #TEJ 'PXKTQP *GCNVJ

 

'WNGT ) . #DDG[ & ' *QFIMKP , ' /CIKG # 4 
 %JTQPKE QDUVTWEVKXG RWNOQPCT[ FKUGCUG U[ORVQO GHHGEVU QH NQPIVGTO EWOWNCVKXG GZRQUWTG VQ CODKGPV NGXGNU QH VQVCN QZKFCPVU CPF PKVTQIGP FKQZKFG KP %CNKHQTPKC 5GXGPVJFC[ #FXGPVKUV TGUKFGPVU #TEJ 'PXKTQP *GCNVJ  

'XCPU 6 9 $TQMCY , , %JWPI - ( 0CFGN , # /E&QPCNF & / 
 1\QPGKPFWEGF DTQPEJKCN J[RGTTGURQPUKXGPGUU KP VJG TCV KU PQV CEEQORCPKGF D[ PGWVTQRJKN KPHNWZ QT KPETGCUGF XCUEWNCT RGTOGCDKNKV[ KP VJG VTCEJGC #O 4GX 4GURKT &KU  

###  (GTPCPFGU # . ) /QNHKPQ 0 # /E%NGCP 2 # 5KNXGTOCP ( 6CTNQ 5 4CK\GPPG / 5NWVUM[ # 5 <COGN 0 
 6JG GHHGEV QH RTGGZRQUWTG VQ  RRO QH Q\QPG QP GZGTEKUGKPFWEGF CUVJOC

%JGUV  

(NGUJ 4 & 4KJC / . /KNNGT / ( 
 'HHGEVU QH UJQTVVGTO KPVGTOKVVGPV CKT RQNNWVCPVU QP KPEKFGPEG CPF UGXGTKV[ QH CEWVG TGURKTCVQT[ FKUGCUG FCVC EQNNGEVKQP CPF SWCNKV[ CUUWTCPEG 
RTQLGEV UWOOCT[ 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ *GCNVJ 'HHGEVU 4GUGCTEJ .CDQTCVQT[ '2# TGRQTV PQ '2# #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8#

2$

(QNKPUDGG . , *C\WEJC / , 
 2GTUKUVGPEG QH Q\QPGKPFWEGF EJCPIGU KP NWPI HWPEVKQP CPF CKTYC[ TGURQPUKXGPGUU +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

(QNKPUDGG . , *QTXCVJ 5 / 
 2GTUKUVGPEG QH VJG CEWVG GHHGEVU QH Q\QPG GZRQUWTG #XKCV 5RCEG 'PXKTQP

/GF  

(QNKPUDGG . , 5KNXGTOCP ( 5JGRJCTF 4 , 
 'ZGTEKUG TGURQPUGU HQNNQYKPI Q\QPG GZRQUWTG , #RRN 2J[UKQN  

(QNKPUDGG . , 5KNXGTOCP ( 5JGRJCTF 4 , 
 &GETGCUG QH OCZKOWO YQTM RGTHQTOCPEG HQNNQYKPI Q\QPG GZRQUWTG , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

(QNKPUDGG . , &TKPMYCVGT $ . $GFK , ( *QTXCVJ 5 / 
 6JG KPHNWGPEG QH GZGTEKUG QP VJG RWNOQPCT[ HWPEVKQP EJCPIGU FWG VQ GZRQUWTG VQ NQY EQPEGPVTCVKQPU QH Q\QPG +P (QNKPUDGG . , 9CIPGT , # $QTIKC , ( &TKPMYCVGT $ . )NKPGT , # $GFK , ( GFU 'PXKTQPOGPVCN UVTGUU KPFKXKFWCN JWOCP CFCRVCVKQPU 0GY ;QTM 0; #ECFGOKE 2TGUU RR 

(QNKPUDGG . , $GFK , ( *QTXCVJ 5 / 
 4GURKTCVQT[ TGURQPUGU KP JWOCPU TGRGCVGFN[ GZRQUGF VQ NQY EQPEGPVTCVKQPU QH Q\QPG #O 4GX 4GURKT &KU  

(QNKPUDGG . , $GFK , ( *QTXCVJ 5 / 
 2WNOQPCT[ HWPEVKQP EJCPIGU CHVG T  J EQPVKPWQWU JGCX[ GZGTEKUG KP  RRO Q\QPG , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

(QNKPUDGG . , $GFK , ( *QTXCVJ 5 / 
 2WNOQPCT[ TGURQPUG VQ VJTGUJQNF NGXGNU QH UWNHWT FKQZKFG 
 RRO CPF Q\QPG 
 RRO , #RRN 2J[UKQN  

(QNKPUDGG . , *QTUVOCP & * 8QTQPC 4 & 2TKPEG , / $GTT[ / 
 &GVGTOKPCPVU QH GPFWTCPEG RGTHQTOCPEG FWTKPI Q\QPG KPJCNCVKQP 2TGUGPVGF CV VJ +PVGTPCVKQPCN 7PKQP QH 2J[UKQNQIKECN 5EKGPEGU %QPITGUU ,WN[ 8CPEQWXGT $% %CPCFC 2TQE +PV 7PKQP 2J[UKQN 5EK  

(QNKPUDGG . , /E&QPPGNN 9 ( *QTUVOCP & * 
 2WNOQPCT[ HWPEVKQP CPF U[ORVQO TGURQPUGU CHVGT JQWT GZRQUWTG VQ  RRO Q\QPG YKVJ OQFGTCVG GZGTEKUG ,#2%#  

(QNKPUDGG . , *QTUVOCP & * -GJTN * 4 /E&QPPGNN 9 ( )GTTKV[ 6 4 5GCN ' .CTUQP 4 *C\WEJC / , #DFWN5CNCCO 5 (CWEGVVG $ +XGU 2 , 
 'HHGEVU QH UKPING CPF TGRGCVGF RTQNQPIGF NQYNGXGN Q\QPG GZRQUWTG KP OCP 2TGUGPVGF CV CPPWCN OGGVKPI QH VJG 5QEKGV[ HQT 1EEWRCVKQPCN CPF 'PXKTQPOGPVCN *GCNVJ /CTEJ 9CUJKPIVQP &%

(QNKPUDGG . , *QTUVOCP & * -GJTN * 4 *CTFGT 5 & #DFWN5CNCCO 5 +XGU 2 , 
 4GURKTCVQT[ TGURQPUGU VQ TGRGCVGF RTQNQPIGF GZRQUWTG VQ  RRO Q\QPG #O , 4GURKT %TKV %CTG

/GF  

### 8

 (QNKPUDGG . , &GXNKP 4 $ 4QDDKPU / - $KUECTFK ( * #DFWN5CNCCO 5 -QTGP * 5 
 4GRGCVGF GZRQUWTG VQ JKIJ Q\QPG EQPEGPVTCVKQP + RWNOQPCT[ HWPEVKQP CPF U[ORVQO TGURQPUGU #O , 4GURKT %TKV %CTG /GF RTGRCTGF HQT UWDOKUUKQP

(QUVGT 9 / %QUVC & . .CPIGPDCEM ' ) 
 1\QPG GZRQUWTG CNVGTU VTCEJGQDTQPEJKCN OWEQEKNKCT[ HWPEVKQP KP JWOCPU , #RRN 2J[UKQN  

(QZ 5 & #FCOU 9 % $TQQMGU - # .CUNG[ $ . 
 'PJCPEGF TGURQPUG VQ Q\QPG GZRQUWTG FWTKPI VJG HQNNKEWNCT RJCUG QH VJG OGPUVTWCN E[ENG 'PXKTQP *GCNVJ 2GTURGEV  

(QZETQHV 9 , #FCOU 9 % 
 'HHGEVU QH Q\QPG GZRQUWTG QP HQWT EQPUGEWVKXG FC[U QP YQTM RGTHQTOCPEG CPF 1  , #RRN 2J[UKQN   OCZ

)CNDQ * 
 *QTOQPCN CPF OGVCDQNKE CFCRVCVKQP VQ GZGTEKUG 0GY ;QTM 0; 6JKGOG CPF 5VTCVQP

)GTTKV[ 6 4 9GCXGT 4 # $GTPVUGP , *QWUG & ' 1	0GKN , , 
 'ZVTCVJQTCEKE CPF KPVTCVJQTCEKE TGOQXCN QH 1 KP VKFCNDTGCVJKPI JWOCPU , #RRN 2J[UKQN   

)GTTKV[ 6 4 $GPPGVV 9 & -GJTN * &G9KVV 2 , 
 /WEQEKNKCT[ ENGCTCPEG QH KPJCNGF RCTVKENGU

OGCUWTGF C V  J CHVGT Q\QPG GZRQUWTG KP JWOCPU , #RRN 2J[UKQN  

)GTTKV[ 6 4 /E&QPPGNN 9 ( *QWUG & ' 
 6JG TGNCVKQPUJKR DGVYGGP FGNKXGTGF Q\QPG FQUG CPF HWPEVKQPCN TGURQPUGU KP JWOCPU 6QZKEQN #RRN 2JCTOCEQN  

)GTVPGT # $TQODGTIGT$CTPGC $ 6TC[UVOCP 4 $GT\QP & /GPMGU * 
C 4GURQPUGU QH VJG NWPI RGTKRJGT[ VQ Q\QPG CPF JKUVCOKPG , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN

 

)GTVPGT # $TQODGTIGT$CTPGC $ &CPPGPDGTI # / ,T 6TC[UVOCP 4 /GPMGU * 
D 4GURQPUGU QH VJG NWPI RGTKRJGT[ VQ  RRO Q\QPG , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN

 

)GTVPGT # $TQODGTIGT$CTPGC $ 6TC[UVOCP 4 /GPMGU * 
E 'HHGEVU QH Q\QPG QP RGTKRJGTCN NWPI TGCEVKXKV[ , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

)KDDQPU 5 + #FCOU 9 % 
 %QODKPGF GHHGEVU QH Q\QPG GZRQUWTG CPF CODKGPV JGCV QP GZGTEKUKPI HGOCNGU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

)NKPGT , # *QTXCVJ 5 / (QNKPUDGG . , 
 2TGGZRQUWTG VQ NQY Q\QPG EQPEGPVTCVKQPU FQGU PQV FKOKPKUJ VJG RWNOQPCT[ HWPEVKQP TGURQPUG QP GZRQUWTG VQ JKIJGT Q\QPG EQPEGPVTCVKQPU #O 4GX 4GURKT &KU

 

)QNFGP , # 0CFGN , # $QWUJG[ * # 
 $TQPEJKCN J[RGTKTTKVCDKNKV[ KP JGCNVJ[ UWDLGEVU CHVGT GZRQUWTG VQ Q\QPG #O 4GX 4GURKT &KU  

)QNFUOKVJ , 4 )TKHHKVJ * . &GVGNU 4 $GGUGT 5 0GWOCPP . 
 'OGTIGPE[ TQQO CFOKUUKQPU OGVGQTQNQIKE XCTKCDNGU CPF CKT RQNNWVCPVU C RCVJ CPCN[UKU #O , 'RKFGOKQN  

)QPI * ,T 
 4GNCVKQPUJKR DGVYGGP CKT SWCNKV[ CPF VJG TGURKTCVQT[ UVCVWU QH CUVJOCVKEU KP CP CTGC QH JKIJ QZKFCPV RQNNWVKQP KP .QU #PIGNGU %QWPV[ =HKPCN TGRQTV? 5CETCOGPVQ %# %CNKHQTPKC #KT 4GUQWTEGU
$QCTF EQPVTCEV PQU # CPF #

)QPI * , 6CUJMKP & 2 5KOOQPU / 5 %QWNUQP # * %NCTM 8 # 5RKXG[ ) * 5C[TG , 9  4GNCVKQPUJKR DGVYGGP QZKFCPV CKT RQNNWVKQP CPF TGURKTCVQT[ UVCVWU QH CUVJOCVKEU KP .QU #PIGNGU %QWPV[ OGVJQFQNQI[ CPF UVWF[ UCORNG +P .GG 5 & GF 'XCNWCVKQP QH VJG UEKGPVKHKE DCUKU HQT

###  Q\QPGQZKFCPVU UVCPFCTFU VTCPUCEVKQPU QH CP #2%# KPVGTPCVKQPCN URGEKCNV[ EQPHGTGPEG 0QXGODGT  *QWUVQP 6: 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RR 

)QPI * ,T $TCFNG[ 2 9 5KOOQPU / 5 6CUJMKP & 2 
 +ORCKTGF GZGTEKUG RGTHQTOCPEG CPF RWNOQPCT[ HWPEVKQP KP GNKVG E[ENKUVU FWTKPI NQYNGXGN Q\QPG GZRQUWTG KP C JQV GPXKTQPOGPV #O 4GX 4GURKT &KU  

)QPI * ,T $GFK , ( *QTXCVJ 5 / 
 +PJCNGF CNDWVGTQN FQGU PQV RTQVGEV CICKPUV Q\QPG VQZKEKV[ KP

PQPCUVJOCVKE CVJNGVGU #TEJ 'PXKTQP *GCNVJ  

)QTFQP 6 8GPWIQRCNCP % 5 #OFWT / 1 &TC\GP , / 
 1\QPGKPFWEGF CKTYC[ J[RGTTGCEVKXKV[ KP VJG IWKPGC RKI , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

)TCJCO & ' -QTGP * 5 
 $KQOCTMGTU QH KPHNCOOCVKQP KP Q\QPGGZRQUGF JWOCPU EQORCTKUQP QH VJG PCUCN CPF DTQPEJQCNXGQNCT NCXCIG #O 4GX 4GURKT &KU  

)TCJCO & *GPFGTUQP ( *QWUG & 
 0GWVTQRJKN KPHNWZ OGCUWTGF KP PCUCN NCXCIGU QH JWOCPU GZRQUGF VQ

Q\QPG #TEJ 'PXKTQP *GCNVJ  

)TGXG , / &CXKU ) /G[GT # / (QTVG % 2 ;QUV 5 % /CTNQT % 9 -COCTEM / ' /E%NGNNCPF # 
 6JG OCLQT JWOCP TJKPQXKTWU TGEGRVQT KU +%#/ %GNN  

)TQUU - $ 9JKVG * , 5CTIGPV 0 ' 
 6JG GHHGEV QH Q\QPG KPJCNCVKQP QP OGVCDQNKE HWPEVKQPKPI QH XCUEWNCT GPFQVJGNKWO CPF QP XGPVKNCVQT[ HWPEVKQP 6QZKEQN #RRN 2JCTOCEQN  

*CEMPG[ , & .KPP 9 5 .CY & % -CTW\C 5 - )TGGPDGTI * $WEMNG[ 4 & 2GFGTUGP ' '  'ZRGTKOGPVCN UVWFKGU QP JWOCP JGCNVJ GHHGEVU QH CKT RQNNWVCPVU +++ VYQJQWT GZRQUWTG VQ Q\QPG CNQPG CPF KP EQODKPCVKQP YKVJ QVJGT RQNNWVCPV ICUGU #TEJ 'PXKTQP *GCNVJ  

*CEMPG[ , & .KPP 9 5 $WEMNG[ 4 & *KUNQR * , 
 5VWFKGU KP CFCRVCVKQP VQ CODKGPV QZKFCPV CKT RQNNWVKQP GHHGEVU QH Q\QPG GZRQUWTG KP .QU #PIGNGU TGUKFGPVU XU PGY CTTKXCNU 'PXKTQP *GCNVJ 2GTURGEV  

*CEMPG[ , & .KPP 9 5 /QJNGT , ) %QNNKGT % 4 
C #FCRVCVKQP VQ UJQTVVGTO TGURKTCVQT[ GHHGEVU QH Q\QPG KP OGP GZRQUGF TGRGCVGFN[ , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN

 

*CEMPG[ , & .KPP 9 5 -CTW\C 5 - $WEMNG[ 4 & .CY & % $CVGU & 8 *C\WEJC / 2GPIGNN[ . & 5KNXGTOCP ( 
D 'HHGEVU QH Q\QPG GZRQUWTG KP %CPCFKCPU CPF UQWVJGTP %CNKHQTPKCPU GXKFGPEG HQT CFCRVCVKQP! #TEJ 'PXKTQP *GCNVJ  

*CEMPG[ , & .KPP 9 5 5JCOQQ & # #XQN ' . 
 4GURQPUGU QH UGNGEVGF TGCEVKXG CPF PQPTGCEVKXG XQNWPVGGTU VQ Q\QPG GZRQUWTG KP JKIJ CPF NQY RQNNWVKQP UGCUQPU +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

*COOGT & + *CUUGNDNCF 8 2QTVPQ[ $ 9GJTNG 2 ( 
 .QU #PIGNGU UVWFGPV PWTUG UVWF[ FCKN[ U[ORVQO TGRQTVKPI CPF RJQVQEJGOKECN QZKFCPVU #TEJ 'PXKTQP *GCNVJ  

*C\DWP / ' *COKNVQP 4 *QNKCP # 'UEJGPDCEJGT 9 . 
 1\QPGKPFWEGF KPETGCUGU KP UWDUVCPEG 2 CPF GRKRTQUVCINCPFKP ( KP VJG CKTYC[U QH JWOCP UWDLGEVU #O , 4GURKT %GNN /QN $KQN   

###  *C\WEJC / , 
 4GNCVKQPUJKR DGVYGGP Q\QPG GZRQUWTG CPF RWNOQPCT[ HWPEVKQP EJCPIGU , #RRN 2J[UKQN

 

*C\WEJC / 5KNXGTOCP ( 2CTGPV % (KGNF 5 $CVGU & 8 
 2WNOQPCT[ HWPEVKQP KP OCP CHVGT UJQTVVGTO GZRQUWTG VQ Q\QPG #TEJ 'PXKTQP *GCNVJ  

*C\WEJC / , $CVGU & 8 $TQODGTI 2 # 
 /GEJCPKUO QH CEVKQP QH Q\QPG QP VJG JWOCP NWPI , #RRN 2J[UKQN  

*C\WEJC / , (QNKPUDGG . , 5GCN ' ,T 
 'HHGEVU QH UVGCF[UVCVG CPF XCTKCDNG Q\QPG EQPEGPVTCVKQP RTQHKNGU QP RWNOQPCT[ HWPEVKQP #O 4GX 4GURKT &KU  

*C\WEJC / , (QNKPUDGG . , 5GCN ' $TQODGTI 2 # 
 .WPI HWPEVKQP TGURQPUG QH JGCNVJ[ YQOGP CHVGT UGSWGPVKCN GZRQUWTGU VQ 01 CP F 1  #O , 4GURKT %TKV %CTG /GF    

*C\WEJC / , /CFFGP / 2CRG ) $GEMGT 5 &GXNKP 4 $ -QTGP * 5 -GJTN * $TQODGTI 2 #  'HHGEVU QH E[ENQQZ[IGPCUG KPJKDKVKQP QP Q\QPGKPFWEGF TGURKTCVQT[ KPHNCOOCVKQP CPF NWPI HWPEVKQP EJCPIGU 'WT , #RRN 2J[UKQN 1EEWR /GF  

*GEJVGT * * )QNFUOKVJ , 4 
 #KT RQNNWVKQP CPF FCKN[ OQTVCNKV[ #O , /GF 5EK  

*GPFGTUQP ( 9 &WDQXK ' , *CTFGT 5 5GCN ' ,T )TCJCO & 
 'ZRGTKOGPVCN TJKPQXKTWU KPHGEVKQP KP JWOCP XQNWPVGGTU GZRQUGF VQ Q\QPG #O 4GX 4GURKT &KU  

*KIIKPU + 6 6 &	#TE[ , $ )KDDQPU & + #XQN ' . )TQUU - $ 
 'HHGEV QH GZRQUWTGU VQ CODKGPV Q\QPG QP XGPVKNCVQT[ NWPI HWPEVKQP KP EJKNFTGP #O 4GX 4GURKT &KU  

*QFIMKP , ' #DDG[ & ' 'WNGT ) . /CIKG # 4 
 %12& RTGXCNGPEG KP PQPUOQMGTU KP JKIJ CPF NQY RJQVQEJGOKECN CKT RQNNWVKQP CTGCU %JGUV  

*QGM ) $TWPGMTGGH $ 
 6KOG VTGPFU KP TGRGCVGF URKTQOGVT[ KP EJKNFTGP 'WT 4GURKT ,  

*QGM ) $TWPGMTGGH $ -QUVGTKPM 2 8CP FGP $GTI 4 *QHUEJTGWFGT 2 
C 'HHGEV QH CODKGPV Q\QPG QP RGCM GZRKTCVQT[ HNQY QH GZGTEKUKPI EJKNFTGP KP VJG 0GVJGTNCPFU #TEJ 'PXKTQP *GCNVJ  

*QGM ) (KUEJGT 2 $TWPGMTGGH $ .GDTGV ' *QHUEJTGWFGT 2 /GPPGP / ) 
D #EWVG GHHGEVU QH CODKGPV Q\QPG QP RWNOQPCT[ HWPEVKQP QH EJKNFTGP KP VJG 0GVJGTNCPFU #O 4GX 4GURKT &KU

 

*QNIWKP # * $WHHNGT 2 # %QPVCPV % ( ,T 5VQEM 6 * -QVEJOCT & *UK $ 2 ,GPMKPU & ' )GJCP $ / 0QGN . / /GK / 
 6JG GHHGEVU QH Q\QPG QP CUVJOCVKEU KP VJG *QWUVQP CTGC +P .GG 5 & GF 'XCNWCVKQP QH VJG UEKGPVKHKE DCUKU HQT Q\QPGQZKFCPVU UVCPFCTFU RTQEGGFKPIU QH CP #2%# KPVGTPCVKQPCN URGEKCNV[ EQPHGTGPEG 0QXGODGT  *QWUVQP 6: 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RR  
#2%# KPVGTPCVKQPCN URGEKCNV[ EQPHGTGPEG VTCPUCEVKQPU 64

*QNV\OCP / , %WPPKPIJCO , * 5JGNNGT , 4 +TUKINGT ) $ 0CFGN , # $QWUJG[ * # 
 'HHGEV QH Q\QPG QP DTQPEJKCN TGCEVKXKV[ KP CVQRKE CPF PQPCVQRKE UWDLGEVU #O 4GX 4GURKT &KU  



*QNV\OCP / , (CDDTK . / 1	$[TPG 2 / )QNF $ & #K\CYC * 9CNVGTU ' * #NRGTV 5 ' 0CFGN , # 
 +ORQTVCPEG QH CKTYC[ KPHNCOOCVKQP HQT J[RGTTGURQPUKXGPGUU KPFWEGF D[ Q\QPG #O 4GX 4GURKT &KU  

###  *QTUVOCP & * (QNKPUDGG . , +XGU 2 , #DFWN5CNCCO 5 /E&QPPGNN 9 ( 
 1\QPG EQPEGPVTCVKQP CPF RWNOQPCT[ TGURQPUG TGNCVKQPUJKRU HQT JQWT GZRQUWTGU YKVJ HKXG JQWTU QH OQFGTCVG GZGTEKUG VQ   CPF  RRO #O 4GX 4GURKT &KU  

*QTUVOCP & * $CNN $ # $TQYP , )GTTKV[ 6 (QNKPUDGG . , 
 %QORCTKUQP QH RWNOQPCT[ TGURQPUGU QH CUVJOCVKE CPF PQPCUVJOCVKE UWDLGEVU RGTHQTOKPI NKIJV GZGTEKUG YJKNG GZRQUGF VQ C NQY

NGXGN QH Q\QPG 6QZKEQN +PF *GCNVJ  

*QTXCVJ 5 / )NKPGT , # /CVUGP6YKUFCNG , # 
 2WNOQPCT[ HWPEVKQP CPF OCZKOWO GZGTEKUG TGURQPUGU HQNNQYKPI CEWVG Q\QPG GZRQUWTG #XKCV 5RCEG 'PXKTQP /GF  

*QTXCVJ 5 / )NKPGT , # (QNKPUDGG . , 
 #FCRVCVKQP VQ Q\QPG FWTCVKQP QH GHHGEV #O 4GX 4GURKT

&KU  

*QTXCVJ 5 / $GFK , ( &TGEJUNGT2CTMU & / 
 'HHGEVU QH RGTQZ[CEGV[N PKVTCVG CNQPG CPF KP EQODKPCVKQP YKVJ Q\QPG KP JGCNVJ[ [QWPI YQOGP , #KT 2QNNWV %QPVTQN #UUQE  

*QTXCVJ 5 / (QNKPUDGG . , $GFK , ( 
 %QODKPGF GHHGEV QH Q\QPG CPF UWNHWTKE CEKF QP RWNOQPCT[ HWPEVKQP KP OCP #O +PF *[I #UUQE ,  

*QTXCVJ 5 / $GFK , ( &TGEJUNGT2CTMU & / 9KNNKCOU 4 ' 
 #NVGTCVKQPU KP RWNOQPCT[ HWPEVKQP RCTCOGVGTU FWTKPI GZRQUWTG VQ  RRD Q\QPG HQT  JQWTU KP JGCNVJ[ OKFFNG CIGF KPFKXKFWCNU +P $GTINWPF 4 . .CYUQP & 4 /E-GG & , GFU 6TQRQURJGTKE Q\QPG CPF VJG GPXKTQPOGPV RCRGTU HTQO CP KPVGTPCVKQPCN EQPHGTGPEG /CTEJ  .QU #PIGNGU %# 2KVVUDWTIJ 2# #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP RR  
#9/# VTCPUCEVKQP UGTKGU PQ 64

*[PGU $ 5KNXGTOCP ( %QNG 2 %QTG[ 2 
 'HHGEVU QH Q\QPG GZRQUWTG C EQORCTKUQP DGVYGGP QTCN CPF PCUCN DTGCVJKPI #TEJ 'PXKTQP *GCNVJ  

+RUGP , +PIGPKVQ ( ' &GCPG / 
 'RKUQFKE OQTDKFKV[ CPF OQTVCNKV[ KP TGNCVKQP VQ CKT RQNNWVKQP #TEJ

'PXKTQP *GCNVJ  

,QJPUQP & # 9KPVGTU 4 5 9QQNNG[ 6 )TCJCO & *GPFGTUQP ( 9 
 1\QPG GHHGEVU QP CNRJCRTQVGKPCUG KPJKDKVQT KP XKXQ DNQQF RNCUOC KPJKDKVQT[ CEVKXKV[ KU WPEJCPIGF 'ZR .WPI 4GU

 

-CICYC , 
 'ZRGTKOGPVCN UVWFKGU QP JWOCP JGCNVJ GHHGEVU QH CGTQUQN CPF ICUGQWU RQNNWVCPVU +P .GG 5 & 5EJPGKFGT 6 )TCPV . & 8GTMGTM 2 , GFU #GTQUQNU TGUGCTEJ TKUM CUUGUUOGPV CPF EQPVTQN UVTCVGIKGU

` RTQEGGFKPIU QH VJG UGEQPF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  9KNNKCOUDWTI 8# %JGNUGC /+ .GYKU 2WDNKUJGTU +PE RR 

-CICYC , 6UWTW - 
 'HHGEVU QH Q\QPG CPF UOQMKPI CNQPG CPF KP EQODKPCVKQP QP DTQPEJKCN TGCEVKXKV[ VQ KPJCNGF CEGV[NEJQNKPG 0KRRQP -[QDW 5JKMMCP )CMMCK <CUUJK  

-GGHG / , $GPPGVV 9 & &GYKVV 2 5GCN ' 5VTQPI # # )GTTKV[ 6 4 
 6JG GHHGEV QH Q\QPG GZRQUWTG QP VJG FKURGTUKQP QH KPJCNGF CGTQUQN DQNWUGU KP JGCNVJ[ JWOCP UWDLGEVU #O 4GX 4GURKT

&KU  

-GJTN * 4 *C\WEJC / , 5QNKE , , $TQODGTI 2 # 
 4GURQPUGU QH UWDLGEVU YKVJ EJTQPKE QDUVTWEVKXG RWNOQPCT[ FKUGCUG CHVGT GZRQUWTGU VQ  RRO Q\QPG #O 4GX 4GURKT &KU

 

-GJTN * 4 8KPEGPV . / -QYCNUM[ 4 , *QTUVOCP & * 1	0GKN , , /E%CTVPG[ 9 * $TQODGTI 2 # 
 1\QPG GZRQUWTG KPETGCUGU TGURKTCVQT[ GRKVJGNKCN RGTOGCDKNKV[ KP JWOCPU #O 4GX 4GURKT &KU  

###  -GJTN * 4 8KPEGPV . / -QYCNUM[ 4 , *QTUVOCP & * 1	0GKN , , /E%CTVPG[ 9 * $TQODGTI 2 # 
 1\QPGKPFWEGF EJCPIGU KP VJG RWNOQPCT[ ENGCTCPEG QH 6E&62# KP OCP O +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR   
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

-GPPGF[ 5 / $WTTQYU $ 8GFCN 5 'PCTUQP & # %JCP;GWPI / 
 /GVJCEJQNKPG TGURQPUKXGPGUU COQPI YQTMKPI RQRWNCVKQPU TGNCVKQPUJKR VQ UOQMKPI CPF CKTYC[ ECNKDGT #O 4GX 4GURKT &KU 



-GTT * & -WNNG 6 , /E+NJCP[ / . 5YKFGTUM[ 2 
 'HHGEVU QH Q\QPG QP RWNOQPCT[ HWPEVKQP KP PQTOCN UWDLGEVU CP GPXKTQPOGPVCNEJCODGT UVWF[ #O 4GX 4GURKT &KU  

-KNDWTP - * 9CTUJCY 4 * 6JQTPVQP , % 
 'ZRKTCVQT[ HNQYU FGETGCUGF KP .QU #PIGNGU EJKNFTGP HTQO  VQ  KU VJKU GXKFGPEG QH GHHGEVU QH CKT RQNNWVKQP! 'PXKTQP 4GU  

-KPPG[ 2 . 
 5JQTVVGTO NWPI HWPEVKQP CUUQEKCVKQPU YKVJ CKT RQNNWVKQP KP -KPIUVQP CPF *CTTKOCP 6GPPGUUGG =FKUUGTVCVKQP? $QUVQP /# *CTXCTF 7PKXGTUKV[ 5EJQQN QH 2WDNKE *GCNVJ

-KPPG[ 2 . ¤\MC[PCM * 
 #UUQEKCVKQPU QH FCKN[ OQTVCNKV[ CPF CKT RQNNWVKQP KP .QU #PIGNGU %QWPV[

'PXKTQP 4GU  

-KPPG[ 2 . 9CTG , * 5RGPINGT , & &QEMGT[ & 9 5RGK\GT ( ' (GTTKU $ ) ,T 
 5JQTVVGTO RWNOQPCT[ HWPEVKQP EJCPIG KP CUUQEKCVKQP YKVJ Q\QPG NGXGNU #O 4GX 4GURKT &KU

 

-NGGDGTIGT 5 4 *WFCM $ $ 
 #EWVG Q\QPGKPFWEGF EJCPIG KP CKTYC[ RGTOGCDKNKV[ TQNG QH KPHKNVTCVKPI NGWMQE[VGU , #RRN 2J[UKQN  

-QGPKI , 3 %QXGTV & 5 /QTICP / 5 *QTKMG / *QTKMG 0 /CTUJCNN 5 ) 2KGTUQP 9 ' 
 #EWVG GHHGEVU QH  RRO Q\QPG QT  RRO PKVTQIGP FKQZKFG QP RWNOQPCT[ HWPEVKQP KP JGCNVJ[ CPF CUVJOCVKE CFQNGUEGPVU #O 4GX 4GURKT &KU  

-QGPKI , 3 %QXGTV & 5 /CTUJCNN 5 ) 8CP $GNNG ) 2KGTUQP 9 ' 
 6JG GHHGEVU QH Q\QPG CPF PKVTQIGP FKQZKFG QP RWNOQPCT[ HWPEVKQP KP JGCNVJ[ CPF KP CUVJOCVKE CFQNGUEGPVU #O 4GX 4GURKT

&KU  

-QGPKI , 3 %QXGTV & 5 5OKVJ / 5 8CP $GNNG ) 2KGTUQP 9 ' 
 6JG RWNOQPCT[ GHHGEVU QH Q\QPG CPF PKVTQIGP FKQZKFG CNQPG CPF EQODKPGF KP JGCNVJ[ CPF CUVJOCVKE CFQNGUEGPV UWDLGEVU 6QZKEQN

+PF *GCNVJ  

-QGPKI , 3 %QXGTV & 5 *CPNG[ 3 5 8CP $GNNG ) 2KGTUQP 9 ' 
 2TKQT GZRQUWTG VQ Q\QPG RQVGPVKCVGU UWDUGSWGPV TGURQPUG VQ UWNHWT FKQZKFG KP CFQNGUEGPV CUVJOCVKE UWDLGEVU #O 4GX 4GURKT

&KU  

-QGPKI , 3 .CTUQP 6 8 *CPNG[ 3 5 4GDQNNGFQ 8 &WONGT - %JGEMQYC[ * 9CPI 5< .KP & 2KGTUQP 9 ' 
 2WNOQPCT[ HWPEVKQP EJCPIGU KP EJKNFTGP CUUQEKCVGF YKVJ HKPG RCTVKEWNCVG OCVVGT 'PXKTQP 4GU  

-QGPKI , 3 %QXGTV & 5 2KGTUQP 9 ' *CPNG[ 3 5 4GDQNNGFQ 8 &WONGT - /E-KPPG[ 5 '  1ZKFCPV CPF CEKF CGTQUQN GZRQUWTG KP JGCNVJ[ UWDLGEVU CPF UWDLGEVU YKVJ CUVJOC 2CTV + GHHGEVU QH QZKFCPVU EQODKPGF YKVJ UWNHWTKE QT PKVTKE CEKF QP VJG RWNOQPCT[ HWPEVKQP QH CFQNGUEGPVU YKVJ CUVJOC %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG RR  TGUGCTEJ TGRQTV PQ 

###  -QGREJGP * 2 -CNKC / 5QOOGT & -NWUUGPFQTH & 
 #EVKQP QH V[RG , CHHGTGPVU QP VJG FKUEJCTIG RCVVGTP QH OGFWNNCT[ TGURKTCVQT[ PGWTQPU +P 2CKPVCN # 5 )KNN-WOCT 2 GFU 4GURKTCVQT[ CFCRVCVKQPU ECRKNNCT[ GZEJCPIG CPF TGHNGZ OGEJCPKUOU RTQEGGFKPIU QH VJG #WIWUV -TQIJ EGPVGPCT[ U[ORQUKWO 1EVQDGT  5TKPCICT +PFKC &GJNK +PFKC 7PKXGTUKV[ QH &GNJK RR 

-ÌPKI ) 4ÌOOGNV * -KGPNG * &KTPCIN - 2QNMG * (TWJOCPP ) 
 PFGTWPI FGT
DTQPEJQOQVQTKUEJGP 4GCIKDKNKV·V FGU /GPUEJGP FWTEJ 'KPYKTMWPI XQP 1\QP =%JCPIGU KP VJG DTQPEJKCN TGCEVKXKV[ QH JWOCPU ECWUGF D[ VJG KPHNWGPEG QH Q\QPG? #TDGKVUOGF 5Q\KCNOGF

2TCGXGPVKXOGF  

-QTGP * 5 &GXNKP 4 $ )TCJCO & ' /CPP 4 /E)GG / 2 *QTUVOCP & * -Q\WODQ 9 , $GEMGT 5 *QWUG & ' /E&QPPGNN 9 ( $TQODGTI 2 # 
C 1\QPGKPFWEGF KPHNCOOCVKQP KP VJG NQYGT CKTYC[U QH JWOCP UWDLGEVU #O 4GX 4GURKT &KU  

-QTGP * 5 &GXNKP 4 $ )TCJCO & ' /CPP 4 /E&QPPGNN 9 ( 
D 6JG KPHNCOOCVQT[ TGURQPUG KP JWOCP NWPI GZRQUGF VQ CODKGPV NGXGNU QH Q\QPG +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

-QTGP * 5 *CVEJ ) ' )TCJCO & ' 
 0CUCN NCXCIG CU C VQQN KP CUUGUUKPI CEWVG KPHNCOOCVKQP KP TGURQPUG VQ KPJCNGF RQNNWVCPVU 6QZKEQNQI[  

-QTGP * 5 &GXNKP 4 $ $GEMGT 5 2GTG\ 4 /E&QPPGNN 9 ( 
 6KOGFGRGPFGPV EJCPIGU QH OCTMGTU CUUQEKCVGF YKVJ KPHNCOOCVKQP KP VJG NWPIU QH JWOCPU GZRQUGF VQ CODKGPV NGXGNU QH Q\QPG

6QZKEQN 2CVJQN  

-TGKV , 9 )TQUU - $ /QQTG 6 $ .QTGP\GP 6 , &	#TE[ , 'UEJGPDCEJGT 9 . 
 1\QPGKPFWEGF EJCPIGU KP RWNOQPCT[ HWPEVKQP CPF DTQPEJKCN TGURQPUKXGPGUU KP CUVJOCVKEU , #RRN 2J[UKQN  

-TWRPKM # , *CTTKPIVQP 9 1UVTQ $ 
 #ODKGPV Q\QPG CPF CEWVG JGCNVJ GHHGEVU GXKFGPEG HTQO FCKN[ FCVC , 'PXKTQP 'EQP /CPCIG  

-T\[\CPQYUMK / 3WCEMGPDQUU , .GDQYKV\ / 
 5WDEJTQPKE TGURKTCVQT[ GHHGEVU HTQO NQPI VGTO GZRQUWTG VQ Q\QPG KP 6WEUQP 2TGUGPVGF CV PF CPPWCN OGGVKPI CPF GZJKDKVKQP QH VJG #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP ,WPG #PCJGKO %# 2KVVUDWTIJ 2# #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP RCRGT PQ 

-T\[\CPQYUMK / 3WCEMGPDQUU , , .GDQYKV\ / & 
 4GNCVKQP QH RGCM GZRKTCVQT[ HNQY TCVGU CPF U[ORVQOU VQ CODKGPV Q\QPG #TEJ 'PXKTQP *GCNVJ  

-WNNG 6 , 5CWFGT . 4 -GTT * & (CTTGNN $ 2 $GTOGN / 5 5OKVJ & / 
 &WTCVKQP QH RWNOQPCT[ HWPEVKQP CFCRVCVKQP VQ Q\QPG KP JWOCPU #O +PF *[I #UUQE ,  

-WNNG 6 , /KNOCP , * 5CWFGT . 4 -GTT * & (CTTGNN $ 2 /KNNGT 9 4 
 2WNOQPCT[ HWPEVKQP CFCRVCVKQP VQ Q\QPG KP UWDLGEVU YKVJ EJTQPKE DTQPEJKVKU 'PXKTQP 4GU  

-WNNG 6 , 5CWFGT . 4 *GDGN , 4 %JCVJCO / & 
 1\QPG TGURQPUG TGNCVKQPUJKRU KP JGCNVJ[ PQPUOQMGTU #O 4GX 4GURKT &KU  

.CTUGP 4 + /E&QPPGNN 9 ( *QTUVOCP & * (QNKPUDGG . , 
 #P CKT SWCNKV[ FCVC CPCN[UKU U[UVGO HQT KPVGTTGNCVKPI GHHGEVU UVCPFCTFU CPF PGGFGF UQWTEG TGFWEVKQPU RCTV  C NQIPQTOCN OQFGN TGNCVKPI JWOCP NWPI HWPEVKQP FGETGCUG VQ 1 GZRQUWTG , #KT 9CUVG /CPCIG #UUQE   

###  .CVGIQNC / 6 /GNVQP % ' *KIIKPU ' # 
C 'HHGEVU QH Q\QPG QP U[ORVQOU CPF ECTFKQRWNOQPCT[ HWPEVKQP KP C HNKIJV CVVGPFCPV UWTTQICVG RQRWNCVKQP #XKCV 5RCEG 'PXKTQP /GF  

.CVGIQNC / 6 /GNVQP % ' *KIIKPU ' # 
D 2WNOQPCT[ CPF U[ORVQO VJTGUJQNF GHHGEVU QH Q\QPG KP CKTNKPG RCUUGPIGT CPF EQEMRKV ETGY UWTTQICVGU #XKCV 5RCEG 'PXKTQP /GF  

.CWTKV\GP 5 - #FCOU 9 % 
 1\QPG KPJCNCVKQP GHHGEVU EQPUGSWGPV VQ EQPVKPWQWU GZGTEKUG KP HGOCNGU EQORCTKUQP VQ OCNGU , #RRN 2J[UKQN  

.GDQYKV\ / & 
 6JG GHHGEVU QH GPXKTQPOGPVCN VQDCEEQ UOQMG GZRQUWTG CPF ICU UVQXGU QP FCKN[ RGCM HNQY TCVGU KP CUVJOCVKE CPF PQPCUVJOCVKE HCOKNKGU +P 4[NCPFGT 4 2GVGTUQP ; 5PGNNC /% GFU

'65

` GPXKTQPOGPVCN VQDCEEQ UOQMG TGRQTV HTQO C YQTMUJQR QP GHHGEVU CPF GZRQUWTG NGXGNU /CTEJ  )GPGXC 5YKV\GTNCPF 'WT , 4GURKT &KU 
UWRRN  

.GDQYKV\ / & 1	4QWTMG / - &QFIG 4 *QNDGTI % , %QTOCP ) *QUJCY 4 9 2KPPCU , . $CTDGG 4 # 5PGNNGT / 4 
 6JG CFXGTUG JGCNVJ GHHGEVU QH DKQNQIKECN CGTQUQNU QVJGT CGTQUQNU CPF KPFQQT OKETQENKOCVG QP CUVJOCVKEU CPF PQPCUVJOCVKEU 'PXKTQP +PV  

.GDQYKV\ / & *QNDGTI % , &QFIG 4 4 
 4GURKTCVQT[ GHHGEVU QP RQRWNCVKQPU HTQO NQYNGXGN GZRQUWTGU VQ Q\QPG 2TGUGPVGF CV VJ CPPWCN OGGVKPI QH VJG #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP ,WPG #VNCPVC )# 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RCRGT PQ 

.GDQYKV\ / & *QNDGTI % , $Q[GT $ *C[GU % 
 4GURKTCVQT[ U[ORVQOU CPF RGCM HNQY CUUQEKCVGF YKVJ KPFQQT CPF QWVFQQT CKT RQNNWVCPVU KP VJG UQWVJYGUV , #KT 2QNNWV %QPVTQN #UUQE  

.GDQYKV\ / & %QNNKPU . *QNDGTI % , 
 6KOG UGTKGU CPCN[UGU QH TGURKTCVQT[ TGURQPUGU VQ KPFQQT CPF QWVFQQT GPXKTQPOGPVCN RJGPQOGPC 'PXKTQP 4GU  

.GDQYKV\ / & 3WCEMGPDQUU , , -T\[\CPQYUMK / 
 #EWVG TGURKTCVQT[ GHHGEVU QH RTQNQPIGF CODKGPV Q\QPG +P $GTINWPF 4 . .CYUQP & 4 /E-GG & , GFU 6TQRQURJGTKE Q\QPG CPF VJG GPXKTQPOGPV RCRGTU HTQO CP KPVGTPCVKQPCN EQPHGTGPEG /CTEJ  .QU #PIGNGU %# 2KVVUDWTIJ 2# #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP RR  
#9/# VTCPUCEVKQP UGTKGU PQ 64

.GG .; $NGGEMGT ' 4 0CFGN , # 
 'HHGEV QH Q\QPG QP DTQPEJQOQVQT TGURQPUG VQ KPJCNGF JKUVCOKPG CGTQUQN KP FQIU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

.GG .; &WOQPV % &LQMKE 6 & /GP\GN 6 ' 0CFGN , # 
 /GEJCPKUO QH TCRKF UJCNNQY DTGCVJKPI CHVGT Q\QPG GZRQUWTG KP EQPUEKQWU FQIU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

.GX[ & )GPV / 0GYJQWUG / 6 
 4GNCVKQPUJKR DGVYGGP CEWVG TGURKTCVQT[ KNNPGUU CPF CKT RQNNWVKQP NGXGNU KP CP KPFWUVTKCN EKV[ #O 4GX 4GURKT &KU  

.K < &CPKGN ' ' .CPG % ) #TPCQWV / # 1	$[TPG 2 / 
 'HHGEV QH CP CPVKOQ /#D QP Q\QPGKPFWEGF CKTYC[ KPHNCOOCVKQP CPF CKTYC[ J[RGTTGURQPUKXGPGUU KP FQIU #O , 2J[UKQN

 ..

.KPFGT , *GTTGP & /QPP % 9CPPGT *7 
 &KG 9KTMWPI XQP 1\QP CWH FKG MQGTRGTNKEJG .GKUVWPIUHCGJKIMGKV =6JG GHHGEV QH Q\QPG QP RJ[UKECN CEVKXKV[? 5EJYGK\ < 5RQTVOGF  

.KPP 9 5 $WEMNG[ 4 & 5RKGT % ' $NGUUG[ 4 . ,QPGU / 2 (KUEJGT & # *CEMPG[ , & 
 *GCNVJ GHHGEVU QH Q\QPG GZRQUWTG KP CUVJOCVKEU #O 4GX 4GURKT &KU  

###  .KPP 9 5 ,QPGU / 2 $CEJOC[GT ' # 5RKGT % ' /C\WT 5 ( #XQN ' . *CEMPG[ , & 
 5JQTVVGTO TGURKTCVQT[ GHHGEVU QH RQNNWVGF CODKGPV CKT C NCDQTCVQT[ UVWF[ QH XQNWPVGGTU KP C JKIJ QZKFCPV EQOOWPKV[ #O 4GX 4GURKT &KU  

.KPP 9 5 (KUEJGT & # /GFYC[ & # #P\CT 7 6 5RKGT % ' 8CNGPEKC . / 8GPGV 6 ) *CEMPG[ , & 
C 5JQTVVGTO TGURKTCVQT[ GHHGEVU QH  RRO Q\QPG GZRQUWTG KP XQNWPVGGTU YKVJ EJTQPKE QDUVTWEVKXG RWNOQPCT[ FKUGCUG #O 4GX 4GURKT &KU  

.KPP 9 5 /GFYC[ & # #P\CT 7 6 8CNGPEKC . / 5RKGT % ' 6UCQ ( 5& (KUEJGT & # *CEMPG[ , & 
D 2GTUKUVGPEG QH CFCRVCVKQP VQ Q\QPG KP XQNWPVGGTU GZRQUGF TGRGCVGFN[ HQT UKZ YGGMU #O 4GX 4GURKT &KU  

.KPP 9 5 5JCOQQ & # 8GPGV 6 ) 5RKGT % ' 8CNGPEKC . / #P\CT 7 6 *CEMPG[ , & C 4GURQPUG VQ Q\QPG KP XQNWPVGGTU YKVJ EJTQPKE QDUVTWEVKXG RWNOQPCT[ FKUGCUG #TEJ 'PXKTQP

*GCNVJ  

.KPP 9 5 #XQN ' . *CEMPG[ , & 
D 'HHGEVU QH CODKGPV QZKFCPV RQNNWVCPVU QP JWOCPU C OQXCDNG GPXKTQPOGPVCN EJCODGT UVWF[ +P .GG 5 & /WUVCHC / ) /GJNOCP / # GFU +PVGTPCVKQPCN U[ORQUKWO QP VJG DKQOGFKECN GHHGEVU QH Q\QPG CPF TGNCVGF RJQVQEJGOKECN QZKFCPVU /CTEJ  2KPGJWTUV 0% 2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE 2WDNKUJGTU +PE RR  
#FXCPEGU KP OQFGTP GPXKTQPOGPVCN VQZKEQNQI[ X 

.KPP 9 5 #XQN ' . 5JCOQQ & # 5RKGT % ' 8CNGPEKC . / 8GPGV 6 ) (KUEJGT & # *CEMPG[ , & 
 # FQUGTGURQPUG UVWF[ QH JGCNVJ[ JGCXKN[ GZGTEKUKPI OGP GZRQUGF VQ Q\QPG CV EQPEGPVTCVKQPU PGCT VJG CODKGPV CKT SWCNKV[ UVCPFCTF 6QZKEQN +PF *GCNVJ  

.KPP 9 5 #XQN ' . 5JCOQQ & # 2GPI 4% 8CNGPEKC . / .KVVNG & ' *CEMPG[ , & 
 4GRGCVGF NCDQTCVQT[ Q\QPG GZRQUWTGU QH XQNWPVGGT .QU #PIGNGU TGUKFGPVU CP CRRCTGPV UGCUQPCN XCTKCVKQP KP TGURQPUG 6QZKEQN +PF *GCNVJ  

.KPP 9 5 5JCOQQ & # #PFGTUQP - 4 2GPI 4% #XQN ' . *CEMPG[ , & 
 'HHGEVU QH RTQNQPIGF TGRGCVGF GZRQUWTG VQ Q\QPG UWNHWTKE CEKF CPF VJGKT EQODKPCVKQP KP JGCNVJ[ CPF CUVJOCVKE XQNWPVGGTU #O , 4GURKT %TKV %CTG /GF  

.KRHGTV ( 9 
 # ETKVKECN TGXKGY QH UVWFKGU QH VJG CUUQEKCVKQP DGVYGGP FGOCPFU HQT JQURKVCN UGTXKEGU CPF CKT RQNNWVKQP 'PXKTQP *GCNVJ 2GTURGEV 
UWRRN  

.KRHGTV ( 9 *COOGTUVTQO 6 
 6GORQTCN RCVVGTPU KP CKT RQNNWVKQP CPF JQURKVCN CFOKUUKQPU 'PXKTQP

4GU  

/CTVKPG\ ( 5WP[GT , #PVQ , / 
 4GNKCDKNKV[ QH C OQPKVQTKPI U[UVGO HQT TGURKTCVQT[ GOGTIGPE[ TQQO CFOKUUKQPU 'WT 4GURKT ,  

/CUUG[ ( , ,T .CPFCW ' &GCPG / 
 #KT RQNNWVKQP CPF OQTVCNKV[ KP VYQ CTGCU QH .QU #PIGNGU %QWPV[ 2TGUGPVGF CV VJG LQKPV OGGVKPI QH VJG #OGTKECP 5VCVKUVKECN #UUQEKCVKQP CPF VJG $KQOGVTKE 5QEKGV[ 
'0#4 &GEGODGT 0GY ;QTM 0;

/E$TKFG & ' -QGPKI , 3 .WEJVGN & . 9KNNKCOU 2 8 *GPFGTUQP 9 4 ,T 
 +PHNCOOCVQT[ GHHGEVU QH Q\QPG KP VJG WRRGT CKTYC[U QH UWDLGEVU YKVJ CUVJOC #O , 4GURKT %TKV %CTG /GF

 

/E&QPPGNN 9 ( 5GCN ' ,T 
 4GNCVKQPUJKRU DGVYGGP NWPI HWPEVKQP CPF RJ[UKECN EJCTCEVGTKUVKEU KP [QWPI CFWNV DNCEM CPF YJKVG OCNGU CPF HGOCNGU 'WT 4GURKT ,  

###  /E&QPPGNN 9 ( *QTUVOCP & * *C\WEJC / , 5GCN ' ,T *CCM ' & 5CNCCO 5 # *QWUG & '  2WNOQPCT[ GHHGEVU QH Q\QPG GZRQUWTG FWTKPI GZGTEKUG FQUGTGURQPUG EJCTCEVGTKUVKEU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

/E&QPPGNN 9 ( +++ %JCROCP 4 5 .GKIJ / 9 5VTQRG ) . %QNNKGT # / 
C 4GURKTCVQT[ TGURQPUGU QH XKIQTQWUN[ GZGTEKUKPI EJKNFTGP VQ  RRO Q\QPG GZRQUWTG #O 4GX 4GURKT &KU

 

/E&QPPGNN 9 ( +++ *QTUVOCP & * #DFWN5CNCCO 5 *QWUG & ' 
D 4GRTQFWEKDKNKV[ QH KPFKXKFWCN TGURQPUGU VQ Q\QPG GZRQUWTG #O 4GX 4GURKT &KU  

/E&QPPGNN 9 ( *QTUVOCP & * #DFWN5CNCCO 5 4CIIKQ . , )TGGP , # 
 6JG TGURKTCVQT[ TGURQPUGU QH UWDLGEVU YKVJ CNNGTIKE TJKPKVKU VQ Q\QPG GZRQUWTG CPF VJGKT TGNCVKQPUJKR VQ PQPURGEKHKE CKTYC[ TGCEVKXKV[ 6QZKEQN +PF *GCNVJ  

/E&QPPGNN 9 ( -GJTN * 4 #DFWN5CNCCO 5 +XGU 2 , (QNKPUDGG . , &GXNKP 4 $ 1	0GKN , , *QTUVOCP & * 
 4GURKTCVQT[ TGURQPUG QH JWOCPU GZRQUGF VQ NQY NGXGNU QH Q\QPG HQT

 JQWTU #TEJ 'PXKTQP *GCNVJ  

/E&QPPGNN 9 ( /WNNGT - ' $TQODGTI 2 # 5J[ % / 
 2TGFKEVQTU QH KPFKXKFWCN FKHHGTGPEGU KP CEWVG TGURQPUG VQ Q\QPG GZRQUWTG #O 4GX 4GURKT &KU  

/E)GG / 2 &GXNKP 4 5CNWVC ) -QTGP * 
 6KUUWG HCEVQT CPF HCEVQT 8++ OGUUGPIGT 40#U KP JWOCP CNXGQNCT OCETQRJCIGU GHHGEVU QH DTGCVJKPI Q\QPG $NQQF  

/E-GP\KG & % 5VKTNKPI & 4 (CFN 5 #NNGP / 
 6JG GHHGEVU QH UCNDWVCOQN QP RWNOQPCT[ HWPEVKQP KP E[ENKUVU GZRQUGF VQ Q\QPG C RKNQV UVWF[ %CP , 5RQTV 5EK  

/E-KPPQP - 2 /CFFGP / % 0QCJ 6 . &GXNKP 4 $ 
 +P XKVTQ Q\QPG GZRQUWTG KPETGCUGU TGNGCUG QH CTCEJKFQPKE CEKF RTQFWEVU HTQO C JWOCP DTQPEJKCN GRKVJGNKCN EGNN NKPG 6QZKEQN #RRN 2JCTOCEQN

 

/E-KVVTKEM 6 #FCOU 9 % 
 2WNOQPCT[ HWPEVKQP TGURQPUG VQ GSWKXCNGPV FQUGU QH Q\QPG EQPUGSWGPV VQ

KPVGTOKVVGPV CPF EQPVKPWQWU GZGTEKUG #TEJ 'PXKTQP *GCNVJ  

/GNNKEM 2 9 &WPIYQTVJ & . 5EJYCTV\ . 9 6[NGT 9 5 
 5JQTV VGTO OQTRJQNQIKE GHHGEVU QH JKIJ CODKGPV NGXGNU QH Q\QPG QP NWPIU QH TJGUWU OQPMG[U .CD +PXGUV  

/GNVQP % ' 
 #KTNKPGT ECDKP Q\QPG CP WRFCVGF TGXKGY 9CUJKPIVQP &% (GFGTCN #XKCVKQP #FOKPKUVTCVKQP 1HHKEG QH #XKCVKQP /GFKEKPG TGRQTV PQ &16(###/ #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# #&# 

/GUUKPGQ 6 & #FCOU 9 % 
 1\QPG KPJCNCVKQP GHHGEVU KP HGOCNGU XCT[KPI YKFGN[ KP NWPI UK\G EQORCTKUQP YKVJ OCNGU , #RRN 2J[UKQN  

/KNNU % # 
C &Q UOQIU VJTGCVGP EQOOWPKV[ JGCNVJ! %KPEKPPCVK , /GF  

/KNNU % # 
D 4GURKTCVQT[ CPF ECTFKCE FGCVJU KP .QU #PIGNGU UOQIU #O , /GF 5EK  

/KNNU % # 
 4GURKTCVQT[ CPF ECTFKCE FGCVJU KP .QU #PIGNGU UOQIU FWTKPI   CPF 

#O , /GF 5EK  

/KNNU 2 - #DDG[ & $GGUQP 9 . 2GVGTUGP ( 
 #ODKGPV CKT RQNNWVKQP CPF ECPEGT KP %CNKHQTPKC 5GXGPVJFC[ #FXGPVKUVU #TEJ 'PXKTQP *GCNVJ  

###  /QNHKPQ 0 # 9TKIJV 5 % -CV\ + 6CTNQ 5 5KNXGTOCP ( /E%NGCP 2 # 5\CNCK , 2 4CK\GPPG / 5NWVUM[ # 5 <COGN 0 
 'HHGEV QH NQY EQPEGPVTCVKQPU QH Q\QPG QP KPJCNGF CNNGTIGP TGURQPUGU KP CUVJOCVKE UWDLGEVU .CPEGV 
 

0CIFC 0 . (QTVOCPP 4 % -QQPV\ / & $CMGT 5 4 )KPGXCP / ' 
 #KTNKPGT ECDKP GPXKTQPOGPV EQPVCOKPCPV OGCUWTGOGPVU JGCNVJ TKUMU CPF OKVKICVKQP QRVKQPU 9CUJKPIVQP &% 75 &GRCTVOGPV QH 6TCPURQTVCVKQP 1HHKEG QH VJG 5GETGVCT[ #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8#

2$

0COGMCVC 6 %CTPQY $ 9 (NQWTPQ[)KNN < 1	(CTTGNN ' $ 4GFC & 
 /QFGN HQT OGCUWTKPI VJG JGCNVJ KORCEV HTQO EJCPIKPI NGXGNU QH CODKGPV CKT RQNNWVKQP OQTDKFKV[ UVWF[ 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ *GCNVJ 'HHGEVU 4GUGCTEJ .CDQTCVQT[ TGRQTV PQ '2# #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# 2$

0KGYQGJPGT & ' -NGKPGTOCP , 4KEG & $ 
 2CVJQNQIKE EJCPIGU KP VJG RGTKRJGTCN CKTYC[U QH [QWPI EKICTGVVG UOQMGTU 0 'PIN , /GF  

1	$[TPG 2 / 9CNVGTU ' * )QNF $ & #K\CYC * # (CDDTK . / #NRGTV 5 ' 0CFGN , # *QNV\OCP / , 
 0GWVTQRJKN FGRNGVKQP KPJKDKVU CKTYC[ J[RGTTGURQPUKXGPGUU KPFWEGF D[ Q\QPG GZRQUWTG #O 4GX 4GURKT &KU  

1MC\CYC # -QDC[CUJK * +OCK 6 -QPPQ 5 5WPQWEJK - *QUJKPQ * 1MCFC ; 5WICPWOC 6 /CTW[COC 5 #FCEJK / 6CMCJCUJK 6 ;COCIWEJK * /KUCYC / 
 1\QPGKPFWEGF CKTYC[ J[RGTTGURQPUKXGPGUU KP IWKPGC RKIU #TGTWIK  

1UVTQ $ & .KRUGVV / , /CPP , - -TWRPKEM # *CTTKPIVQP 9 
 #KT RQNNWVKQP CPF TGURKTCVQT[ OQTDKFKV[ COQPI CFWNVU KP 5QWVJGTP %CNKHQTPKC #O , 'RKFGOKQN  

2ÌPM· # 
 #UVJOC CPF NQY NGXGN CKT RQNNWVKQP KP *GNUKPMK #TEJ 'PXKTQP *GCNVJ  

2QRG % # +++ &QEMGT[ & 9 
 #EWVG JGCNVJ GHHGEVU QH 2/ RQNNWVKQP QP U[ORVQOCVKE CPF CU[ORVQOCVKE  EJKNFTGP #O 4GX 4GURKT &KU  

2QRG % # +++ &QEMGT[ & 9 5RGPINGT , & 4CK\GPPG / ' 
 4GURKTCVQT[ JGCNVJ CPF 2/  RQNNWVKQP C FCKN[ VKOG UGTKGU CPCN[UKU #O 4GX 4GURKT &KU  

2QTVPG[ 2 4 /WNNCJ[ , 
 7TDCP CKT SWCNKV[ CPF EJTQPKE TGURKTCVQT[ FKUGCUG 4GI 5EK 7TDCP 'EQP

 

4CK\GPPG / ' 5RGPINGT , & 
 &QUKOGVTKE OQFGN QH CEWVG JGCNVJ GHHGEVU QH Q\QPG CPF CEKF CGTQUQNU KP EJKNFTGP +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

4CK\GPPG / 5VGTP $ $WTPGVV 4 5RGPINGT , 
 #EWVG TGURKTCVQT[ HWPEVKQP CPF VTCPURQTVGF CKT RQNNWVCPVU QDUGTXCVKQPCN UVWFKGU 2TGUGPVGF CV VJ CPPWCN OGGVKPI QH VJG #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP ,WPG 0GY ;QTM 0; 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RCRGT

PQ 

4CK\GPPG / ' $WTPGVV 4 6 5VGTP $ (TCPMNKP % # 5RGPINGT , & 
 #EWVG NWPI HWPEVKQP TGURQPUGU VQ CODKGPV CEKF CGTQUQN GZRQUWTGU KP EJKNFTGP 'PXKTQP *GCNVJ 2GTURGEV  

4GKUGPCWGT % 5 -QGPKI , 3 /E/CPWU / 5 5OKVJ / 5 -WUKE ) 2KGTUQP 9 ' 
 2WNOQPCT[ TGURQPUG VQ Q\QPG GZRQUWTGU KP JGCNVJ[ KPFKXKFWCNU CIGF  [GCTU QT ITGCVGT ,#2%#  

### 8

 4GPPCTF 5 + &CWIJVQP & / 4QDDKPU 4 # 6JQORUQP # $ 8QP 'UUGP 5 
 +P XKXQ CPF KP XKVTQ OGVJQFU HQT GXCNWCVKPI CKTYC[U KPHNCOOCVKQP KORNKECVKQPU HQT TGURKTCVQT[ VQZKEQNQI[ 6QZKEQNQI[

 

4G[PQNFU * ; 
 $TQPEJQCNXGQNCT NCXCIG #O 4GX 4GURKT &KU  

4KEJCTFU 9 #\GP 5 2 9GKUU , 5VQEMKPI 5 %JWTEJ , 
 .QU #PIGNGU CKT RQNNWVKQP CPF CUVJOC KP EJKNFTGP #PP #NNGTI[  

4QGOGT 9 *QGM ) $TWPGMTGGH $ 
 'HHGEV QH CODKGPV YKPVGT CKT RQNNWVKQP QP TGURKTCVQT[ JGCNVJ QH EJKNFTGP YKVJ EJTQPKE TGURKTCVQT[ U[ORVQOU #O 4GX 4GURKT &KU  

4QMCY 5 0 &GVGNU 4 %QWNUQP # * 5C[TG , 9 6CUJMKP & 2 #NNYTKIJV 5 5 /CUUG[ ( , ,T  6JG 7%.# RQRWNCVKQP UVWFKGU QH EJTQPKE QDUVTWEVKXG TGURKTCVQT[ FKUGCUG  EQORCTKUQP QH RWNOQPCT[ HWPEVKQP KP VJTGG EQOOWPKVKGU GZRQUGF VQ RJQVQEJGOKECN QZKFCPVU OWNVKRNG RTKOCT[ RQNNWVCPVU QT OKPKOCN RQNNWVCPVU %JGUV  

4QUUKVGT % ' 9GKNN * 
 'VJPKE FKHHGTGPEGU KP NWPI HWPEVKQP GXKFGPEG HQT RTQRQTVKQPCN FKHHGTGPEGU +PV , 'RKFGOKQN  

4QWO , * /WTNCU % 
 1\QPGKPFWEGF EJCPIGU KP OWUECTKPKE DTQPEJKCN TGCEVKXKV[ D[ FKHHGTGPV VGUVKPI OGVJQFU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

5COGV , / .CODGTV 9 ' ,COGU & 5 /GTOKGT % / %JKEM 6 9 
 #UUGUUOGPV QH JGCTV TCVG CU C RTGFKEVQT QH XGPVKNCVKQP +P 0QPKPXCUKXG OGVJQFU HQT OGCUWTKPI XGPVKNCVKQP KP OQDKNG UWDLGEVU %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG RR  TGUGCTEJ TGRQTV PQ 

5CXKP 9 / #FCOU 9 % 
 'HHGEVU QH Q\QPG KPJCNCVKQP QP YQTM RGTHQTOCPEG CPF 1  , #RRN OCZ 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

5EJGNGING ' 5 #FCOU 9 % 
 4GFWEGF GZGTEKUG VKOG KP EQORGVKVKXG UKOWNCVKQPU EQPUGSWGPV VQ NQY NGXGN Q\QPG GZRQUWTG /GF 5EK 5RQTVU 'ZGTEKUG  

5EJGNGING ' 5 #FCOU 9 % 5KGHMKP # & 
 +PFQOGVJCEKP RTGVTGCVOGPV TGFWEGU Q\QPGKPFWEGF RWNOQPCT[ HWPEVKQP FGETGOGPVU KP JWOCP UWDLGEVU #O 4GX 4GURKT &KU  

5EJGNGING ' 5 #FCOU 9 % )KTK 5 0 5KGHMKP # & 
 #EWVG Q\QPG GZRQUWTG KPETGCUGU RNCUOC RTQUVCINCPFKP ( KP Q\QPGUGPUKVKXG JWOCP UWDLGEVU #O 4GX 4GURKT &KU   

5EJGNGING ' 5 5KGHMKP # & /E&QPCNF 4 , 
 6KOG EQWTUG QH Q\QPGKPFWEGF PGWVTQRJKNKC KP PQTOCN JWOCPU #O 4GX 4GURKT &KU  

5EJGNGING ' 5 %CTN / . %QNGTKFIG * / %QNGTKFIG , % ) )TGGP , ( 
 %QPVTKDWVKQP QH XCICN CHHGTGPVU VQ TGURKTCVQT[ TGHNGZGU GXQMGF D[ CEWVG KPJCNCVKQP QH Q\QPG KP FQIU , #RRN 2J[UKQN

 

5EJOKFV 6 9GNNJÌPGT * * 
 6JG TGHNGZ KPHNWGPEG QH C ITQWR QH UNQYN[ EQPFWEVKPI XCICN CHHGTGPVU QP

CPF FKUEJCTIGU KP ECV KPVGTEQUVCN PGTXGU 2HNWGIGTU #TEJ  

5EJOKV\DGTIGT 4 4JQODGTI - -GOONGT ) 
 %JTQPKE GZRQUWTG VQ Q\QPG CPF TGURKTCVQT[ JGCNVJ QH EJKNFTGP =NGVVGT? .CPEGV 
 

5EJOKV\DGTIGT 4 4JQODGTI - $ÒEJGNG * 2WEJGIIGT 4 5EJOKV\DGTIGT0CV\OGT & -GOONGT ) 2CPQUEJ $ 
 'HHGEVU QH CKT RQNNWVKQP QP VJG TGURKTCVQT[ VTCEV QH EJKNFTGP 2GFKCVT 2WNOQPQN

 

###  5EJQPHGNF $ 4 #FCOU 9 % 5EJGNGING ' 5 
 &WTCVKQP QH GPJCPEGF TGURQPUKXGPGUU WRQP TGGZRQUWTG

VQ Q\QPG #TEJ 'PXKTQP *GCNVJ  

5EJYCTV\ , 
 .WPI HWPEVKQP CPF EJTQPKE GZRQUWTG VQ CKT RQNNWVKQP C ETQUUUGEVKQPCN CPCN[UKU QH 0*#0'5 ++

'PXKTQP 4GU  

5EJYCTV\ , 
 2CTVKEWNCVG CKT RQNNWVKQP CPF FCKN[ OQTVCNKV[ KP &GVTQKV 'PXKTQP 4GU  

5EJYCTV\ , 
 #KT RQNNWVKQP CPF VJG FWTCVKQP QH CEWVG TGURKTCVQT[ U[ORVQOU #TEJ 'PXKTQP *GCNVJ  



5EJYCTV\ , 
C #KT RQNNWVKQP CPF JQURKVCN CFOKUUKQPU HQT VJG GNFGTN[ KP $KTOKPIJCO #NCDCOC #O , 'RKFGOKQN  

5EJYCTV\ , 
D #KT RQNNWVKQP CPF JQURKVCN CFOKUUKQPU HQT VJG GNFGTN[ KP &GVTQKV /KEJKICP #O , 4GURKT

%TKV %CTG /GF  

5EJYCTV\ , 
E 2/  Q\QPG CPF JQURKVCN CFOKUUKQPU HQT VJG GNFGTN[ KP /KPPGCRQNKU /0 #TEJ 'PXKTQP  *GCNVJ  

5EJYCTV\ , <GIGT 5 
 2CUUKXG UOQMKPI CKT RQNNWVKQP CPF CEWVG TGURKTCVQT[ U[ORVQOU KP C FKCT[ UVWF[ QH UVWFGPV PWTUGU #O 4GX 4GURKT &KU  

5EJYCTV\ , *CUUGNDNCF 8 2KVEJGT * 
 #KT RQNNWVKQP CPF OQTDKFKV[ C HWTVJGT CPCN[UKU QH VJG .QU #PIGNGU UVWFGPV PWTUGU FCVC ,#2%#  

5GCN ' ,T /E&QPPGNN 9 ( *QWUG & ' 5CNCCO 5 # &GYKVV 2 , $WVNGT 5 1 )TGGP , 4CIIKQ . 
 6JG RWNOQPCT[ TGURQPUG QH YJKVG CPF DNCEM CFWNVU VQ UKZ EQPEGPVTCVKQPU QH Q\QPG #O 4GX 4GURKT &KU  

5GCN ' ,T /E&QPPGNN 9 ( *QWUG & ' 
 6JG GHHGEV QH CIG UQEKQGEQPQOKE UVCVWU CPF OGPUVTWCN E[ENG QP VJG RWNOQPCT[ TGURQPUG VQ Q\QPG #TEJ 'PXKTQP *GCNVJ KP RTGUU

5GNV\GT , $KID[ $ ) 5VWNDCTI / *QNV\OCP / , 0CFGN , # 7GMK + ( .GKMCWH ) & )QGV\N ' , $QWUJG[ * # 
 1 KPFWEGF EJCPIG KP DTQPEJKCN TGCEVKXKV[ VQ OGVJCEJQNKPG CPF CKTYC[  KPHNCOOCVKQP KP JWOCPU , #RRN 2J[UKQN  

5GNY[P $ , 5VQEM 6 * *CTF[ 4 , %JCP ( # ,GPMKPU & ' -QVEJOCT & , %JCROCP 4 5 
 *GCNVJ GHHGEVU QH CODKGPV Q\QPG GZRQUWTG KP XKIQTQWUN[ GZGTEKUKPI CFWNVU +P .GG 5 & GF 'XCNWCVKQP QH VJG UEKGPVKHKE DCUKU HQT Q\QPGQZKFCPVU UVCPFCTFU RTQEGGFKPIU QH CP #2%# KPVGTPCVKQPCN URGEKCNV[ EQPHGTGPEG 0QXGODGT  *QWUVQP 6: 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RR  
#2%# KPVGTPCVKQPCN URGEKCNV[ EQPHGTGPEG VTCPUCEVKQPU 64

5JGTYKP 4 2 
 #KT RQNNWVKQP VJG RCVJQDKQNQIKE KUUWGU , 6QZKEQN %NKP 6QZKEQN  

5JGTYKP 4 2 4KEJVGTU 8 
 %GPVTKCEKPCT TGIKQP 
%#4 FKUGCUG KP VJG NWPIU QH [QWPI CFWNVU C RTGNKOKPCT[ TGRQTV +P $GTINWPF 4 . .CYUQP & 4 /E-GG & , GFU 6TQRQURJGTKE Q\QPG CPF VJG GPXKTQPOGPV RCRGTU HTQO CP KPVGTPCVKQPCN EQPHGTGPEG /CTEJ  .QU #PIGNGU %# 2KVVUDWTIJ 2# #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP RR  
#9/# VTCPUCEVKQP UGTKGU PQ 64

5JWOYC[ 4 * #\CTK # 5 2CYKVCP ; 
 /QFGNKPI OQTVCNKV[ HNWEVWCVKQPU KP .QU #PIGNGU CU HWPEVKQPU QH RQNNWVKQP CPF YGCVJGT GHHGEVU 'PXKTQP 4GU  

5KNXGTOCP ( 
 #UVJOC CPF TGURKTCVQT[ KTTKVCPVU 
Q\QPG 'PXKTQP *GCNVJ 2GTURGEV  

###  5KNXGTOCP ( (QNKPUDGG . , $CTPCTF , 5JGRJCTF 4 , 
 2WNOQPCT[ HWPEVKQP EJCPIGU KP

Q\QPG

` KPVGTCEVKQP QH EQPEGPVTCVKQP CPF XGPVKNCVKQP , #RRN 2J[UKQN  

5QNKE , , *C\WEJC / , $TQODGTI 2 # 
 6JG CEWVG GHHGEVU QH  RRO Q\QPG KP RCVKGPVU YKVJ EJTQPKE QDUVTWEVKXG RWNOQPCT[ FKUGCUG #O 4GX 4GURKT &KU  

5RGMVQT & / .KRROCPP / 
 *GCNVJ GHHGEVU QH CODKGPV Q\QPG QP JGCNVJ[ EJKNFTGP CV C UWOOGT ECOR +P $GTINWPF 4 . .CYUQP & 4 /E-GG & , GFU 6TQRQURJGTKE Q\QPG CPF VJG GPXKTQPOGPV RCRGTU HTQO CP KPVGTPCVKQPCN EQPHGTGPEG /CTEJ  .QU #PIGNGU %# 2KVVUDWTIJ 2# #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP RR  
#9/# VTCPUCEVKQP UGTKGU PQ 64

5RGMVQT & / .KRROCPP / .KQ[ 2 , 6JWTUVQP ) & %KVCM - ,COGU & , $QEM 0 5RGK\GT ( ' *C[GU % 
C 'HHGEVU QH CODKGPV Q\QPG QP TGURKTCVQT[ HWPEVKQP KP CEVKXG PQTOCN EJKNFTGP #O 4GX 4GURKT &KU  

5RGMVQT & / .KRROCPP / 6JWTUVQP ) & .KQ[ 2 , 5VGEMQ , 1	%QPPQT ) )CTUJKEM ' 5RGK\GT ( ' *C[GU % 
D 'HHGEVU QH CODKGPV Q\QPG QP TGURKTCVQT[ HWPEVKQP KP JGCNVJ[ CFWNVU GZGTEKUKPI QWVFQQTU #O 4GX 4GURKT &KU  

5RGMVQT & / 6JWTUVQP ) & /CQ , *G & *C[GU % .KRROCPP / 
 'HHGEVU QH UKPING CPF OWNVKFC[ Q\QPG GZRQUWTGU QP TGURKTCVQT[ HWPEVKQP KP CEVKXG PQTOCN EJKNFTGP 'PXKTQP 4GU

 

5VCE[ 4 9 5GCN ' ,T )TGGP , *QWUG & 
 2WNOQPCT[ HWPEVKQP KP PQTOCN JWOCPU YKVJ GZGTEKUG CPF VGORGTCVWTGJWOKFKV[ UVTGUU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

5VGTNKPI 6 & 2JCKT , , 2QNNCEM 5 8 5EJWOUM[ & # &G)TQQV + 
 7TDCP OQTDKFKV[ CPF CKT RQNNWVKQP C HKTUV TGRQTV #TEJ 'PXKTQP *GCNVJ  

5VGTNKPI 6 & 2QNNCEM 5 8 2JCKT , , 
 7TDCP JQURKVCN OQTDKFKV[ CPF CKT RQNNWVKQP C UGEQPF TGRQTV

#TEJ 'PXKTQP *GCNVJ  

5VGTP $ ,QPGU . 4CK\GPPG / $WTPGVV 4 /GTCPIGT , % (TCPMNKP % # 
 4GURKTCVQT[ JGCNVJ

GHHGEVU CUUQEKCVGF YKVJ CODKGPV UWNHCVGU CPF Q\QPG KP VYQ TWTCN %CPCFKCP EQOOWPKVKGU 'PXKTQP 4GU

 

5VGTP $ 4 4CK\GPPG / ' $WTPGVV 4 6 ,QPGU . -GCTPG[ , (TCPMNKP % # 
 #KT RQNNWVKQP CPF EJKNFJQQF TGURKTCVQT[ JGCNVJ GZRQUWTG VQ UWNHCVG CPF Q\QPG KP  %CPCFKCP TWTCN EQOOWPKVKGU

'PXKTQP 4GU  

5WP[GT , #PVÉ , / /WTKNNQ % 5±G\ / 
 'HHGEVU QH WTDCP CKT RQNNWVKQP QP GOGTIGPE[ TQQO CFOKUUKQPU HQT EJTQPKE QDUVTWEVKXG RWNOQPCT[ FKUGCUG #O , 'RKFGOKQN  

5WRGTMQ * 4 #FCOU 9 % &CN[ 2 9 
 'HHGEVU QH Q\QPG KPJCNCVKQP FWTKPI GZGTEKUG KP UGNGEVGF RCVKGPVU YKVJ JGCTV FKUGCUG #O , /GF  

6GRRGT , 5 %QUVC & . .GJOCPP , 4 9GDGT / ( *CVEJ ) ' 
 7PCVVGPWCVGF UVTWEVWTCN CPF DKQEJGOKECN CNVGTCVKQPU KP VJG TCV NWPI FWTKPI HWPEVKQPCN CFCRVCVKQP VQ Q\QPG #O 4GX 4GURKT &KU

 

6JWTUVQP ) & -KPPG[ 2 . 
 #KT RQNNWVKQP GRKFGOKQNQI[ EQPUKFGTCVKQPU KP VKOGUGTKGU OQFGNKPI

+PJCNCVKQP 6QZKEQN  

###  6JWTUVQP ) & +VQ - -KPPG[ 2 . .KRROCPP / 
 # OWNVK[GCT UVWF[ QH CKT RQNNWVKQP CPF TGURKTCVQT[ JQURKVCN CFOKUUKQPU KP VJTGG 0GY ;QTM 5VCVG OGVTQRQNKVCP CTGCU TGUWNVU HQT  CPF  UWOOGTU , 'ZRQUWTG #PCN 'PXKTQP 'RKFGOKQN  

6JWTUVQP ) & +VQ - *C[GU % ) $CVGU & 8 .KRROCPP / 
 4GURKTCVQT[ JQURKVCN CFOKUUKQPU CPF UWOOGTVKOG JC\G CKT RQNNWVKQP KP 6QTQPVQ 1PVCTKQ EQPUKFGTCVKQP QH VJG TQNG QH CEKF CGTQUQNU

'PXKTQP 4GU  

6JWTUVQP ) & .KRROCPP / 5EQVV / $ (KPG , / 
 5WOOGTVKOG JC\G CKT RQNNWVKQP CPF EJKNFTGP YKVJ CUVJOC #O , 4GURKT %TKV %CTG /GF UWDOKVVGF

6QYPNG[ 4 ) 4[Q 7 ; -QNQVMKP $ / -CPI $ 
 $TQPEJKCN UGPUKVKXKV[ VQ OGVJCEJQNKPG KP EWTTGPV CPF HQTOGT CUVJOCVKE CPF CNNGTIKE TJKPKVKU RCVKGPVU CPF EQPVTQN UWDLGEVU , #NNGTI[ %NKP +OOWPQN

 

6UGPI 4 ; / .K % - 
 .QY NGXGN CVOQURJGTKE UWNHWT FKQZKFG RQNNWVKQP CPF EJKNFJQQF CUVJOC #PP #NNGTI[  

6UGPI 4 ; / .K % - 5RKPMU , # 
 2CTVKEWNCVG CKT RQNNWVKQP CPF JQURKVCNK\CVKQP HQT CUVJOC #PP #NNGTI[  

6WEMGT * ) 
 'HHGEVU QH CKT RQNNWVKQP CPF VGORGTCVWTG QP TGUKFGPVU QH PWTUKPI JQOGU KP VJG .QU #PIGNGU CTGC $GTMGNG[ %# %CNKHQTPKC 5VCVG 2WDNKE *GCNVJ

7PKVGF -KPIFQO /KPKUVT[ QH *GCNVJ 
 /QTVCNKV[ CPF OQTDKFKV[ FWTKPI VJG .QPFQP HQI QH &GEGODGT  .QPFQP 7PKVGF -KPIFQO *GT /CLGUV[	U 5VCVKQPGT[ 1HHKEG TGRQTV PQ 

###  75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
 #KT SWCNKV[ ETKVGTKC HQT Q\QPG CPF QVJGT RJQVQEJGOKECN QZKFCPVU 4GUGCTEJ 6TKCPING 2CTM 0% 1HHKEG QH *GCNVJ CPF 'PXKTQPOGPVCN #UUGUUOGPV 'PXKTQPOGPVCN %TKVGTKC CPF #UUGUUOGPV 1HHKEG TGRQTV PQ '2# #XCKNCDNG HTQO 06+5 5RTKPIHKGNF
8# 2$

75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
 #KT SWCNKV[ ETKVGTKC HQT Q\QPG CPF QVJGT RJQVQEJGOKECN QZKFCPVU 4GUGCTEJ 6TKCPING 2CTM 0% 1HHKEG QH *GCNVJ CPF 'PXKTQPOGPVCN #UUGUUOGPV 'PXKTQPOGPVCN %TKVGTKC CPF #UUGUUOGPV 1HHKEG TGRQTV PQU '2#C(G( X #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# 2$

75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
 5WOOCT[ QH UGNGEVGF PGY KPHQTOCVKQP QP GHHGEVU QH Q\QPG QP JGCNVJ CPF XGIGVCVKQP UWRRNGOGPV VQ  CKT SWCNKV[ ETKVGTKC HQT Q\QPG CPF QVJGT RJQVQEJGOKECN QZKFCPVU 4GUGCTEJ 6TKCPING 2CTM 0% 1HHKEG QH *GCNVJ CPF 'PXKTQPOGPVCN #UUGUUOGPV 'PXKTQPOGPVCN %TKVGTKC CPF #UUGUUOGPV 1HHKEG TGRQTV PQ '2#( #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# 2$

7VGNN / , (TCORVQP / 9 /QTTQY 2 ' %QZ % .GX[ 2 % 5RGGTU & / )KDD ( 4 
 1ZKFCPV CPF CEKF CGTQUQN GZRQUWTG KP JGCNVJ[ UWDLGEVU CPF UWDLGEVU YKVJ CUVJOC 2CTV ++ GHHGEVU QH UGSWGPVKCN UWNHWTKE CEKF CPF Q\QPG GZRQUWTGU QP VJG RWNOQPCT[ HWPEVKQP QH JGCNVJ[ UWDLGEVU CPF UWDLGEVU YKVJ CUVJOC %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG RR  TGUGCTEJ TGRQTV PQ 

8GFCN 5 5EJGPMGT / $ /WPQ\ # 5COGV , / $CVVGTOCP 5 5RGK\GT ( ' 
 &CKN[ CKT RQNNWVKQP GHHGEVU QP EJKNFTGP	U TGURKTCVQT[ U[ORVQOU CPF RGCM GZRKTCVQT[ HNQY #O , 2WDNKE *GCNVJ  



9CTTGP , $ &CNVQP 0 
 # EQORCTKUQP QH VJG DTQPEJQFKNCVQT CPF XCUQRTGUUQT GHHGEVU QH GZGTEKUG NGXGNU QH

CFTGPCNKPG KP OCP %NKP 5EK  

9C[PG 9 5 9GJTNG 2 ( %CTTQNN 4 ' 
 1ZKFCPV CKT RQNNWVKQP CPF CVJNGVKE RGTHQTOCPEG ,#/#

, #O /GF #UUQE  

9GKPOCPP ) ) 9GKFGPDCEJ)GTDCUG / (QUVGT 9 / <CEWT * (TCPM 4 
 'XKFGPEG HQT Q\QPG KPFWEGF UOCNNCKTYC[ F[UHWPEVKQP NCEM QH OGPUVTWCNE[ENG CPF IGPFGT GHHGEVU #O , 4GURKT %TKV

%CTG /GF  

9GKUGN % 
 =/GOQTCPFWO VQ &T )GQTIG 6JWTUVQP 0GY ;QTM 7PKXGTUKV[ /GFKECN %GPVGT? 2KUECVCYC[ 0, 'PXKTQPOGPVCN  1EEWRCVKQPCN *GCNVJ 5EKGPEGU +PUVKVWVG 1EVQDGT 

9GKUGN % 2 %QF[ 4 2 .KQ[ 2 , 
 4GNCVKQPUJKR DGVYGGP UWOOGTVKOG CODKGPV Q\QPG NGXGNU CPF GOGTIGPE[ FGRCTVOGPV XKUKVU HQT CUVJOC KP EGPVTCN 0GY ,GTUG[ 'PXKTQP *GCNVJ 2GTURGEV 
UWRRN  

9G[OGT # 4 )QPI * ,T .[PGUU # .KPP 9 5 
 2TGGZRQUWTG VQ Q\QPG FQGU PQV GPJCPEG QT RTQFWEG GZGTEKUGKPFWEGF CUVJOC #O , 4GURKT %TKV %CTG /GF  

9JKVG / % 'V\GN 4 # 9KNEQZ 9 & .NQ[F % 
 'ZCEGTDCVKQPU QH EJKNFJQQF CUVJOC CPF Q\QPG RQNNWVKQP KP #VNCPVC 'PXKTQP 4GU  

9JKVVGOQTG # 5 -QTP ' . 
 #UVJOC CPF CKT RQNNWVKQP KP VJG .QU #PIGNGU CTGC #O , 2WDNKE *GCNVJ

 

;KPI 4 . )TQUU - $ 6GT\Q 6 5 'UEJGPDCEJGT 9 . 
 +PFQOGVJCEKP FQGU PQV KPJKDKV VJG Q\QPG KPFWEGF KPETGCUG KP DTQPEJKCN TGURQPUKXGPGUU KP JWOCP UWDLGEVU #O 4GX 4GURKT &KU

 

###  ;QWPI 9 # 5JCY & $ $CVGU & 8 
 'HHGEV QH NQY EQPEGPVTCVKQPU QH Q\QPG QP RWNOQPCT[ HWPEVKQP KP OCP , #RRN 2J[UKQN  

<YKEM * 2QRR 9 9CIPGT % 4GKUGT - 5EJOQIGT , $QEM # *GTMPGT - 4CFWPUM[ - 
 'HHGEVU QH Q\QPG QP VJG TGURKTCVQT[ JGCNVJ CNNGTIKE UGPUKVK\CVKQP CPF EGNNWNCT KOOWPG U[UVGO KP EJKNFTGP #O 4GX 4GURKT &KU  

### 8-1

# 'ZVTCRQNCVKQPQH#PKOCN6QZKEQNQIKECN

&CVCVQ*WOCPU

 +PVTQFWEVKQP

#HWNNGXCNWCVKQPQHVJGJGCNVJGHHGEVUQHQ\QPG1 TGSWKTGUCPKPVGITCVGF 

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

### UKOKNCTV[RGUQHGHHGEVUKPUGXGTCNCPKOCNURGEKGUHTQOOQWUGVQPQPJWOCPRTKOCVG%JCRVGT#NUQYJGPUKOKNCTGPFRQKPVUGIKPHNCOOCVKQPCPFRWNOQPCT[HWPEVKQPJCXGDGGPGZCOKPGFKP1 GZRQUGFCPKOCNUCPFJWOCPUUKOKNCTGHHGEVUCTGQDUGTXGF*QYGXGT 

### SWCPVKVCVKXGGZVTCRQNCVKQPKGKHCEGTVCKPGZRQUWTGECWUGUCURGEKHKEGHHGEVKPCPKOCNUYJCVGZRQUWTGKUNKMGN[VQECWUGVJCVUCOGGHHGEVKPJWOCPU!KUVJGIQCNDWVKUEQPVTQXGTUKCN5WEJCPGZVTCRQNCVKQPTGSWKTGUCPKPVGITCVKQPQHFQUKOGVT[CPFURGEKGUUGPUKVKXKV[&QUKOGVT[ KUFGHKPGFCUVJGFQUGFGNKXGTGFVQCUKVGKPVJGTGURKTCVQT[VTCEV46#UECPDGUGGPKP5GEVKQPUWDUVCPVKCNKPHQTOCVKQPKUCXCKNCDNGQPFQUKOGVT[KPUGXGTCNURGEKGUKPENWFKPIJWOCPU&QUKOGVTKEUVWFKGUVJCVCTGTGHGTGPEGFKPVJGGCTNKGT1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN 

### 2TQVGEVKQP#IGPE[CTGUWOOCTK\GFQPN[DTKGHN[JGTGPGYGTTGUGCTEJKUVJGHQEWU5RGEKGUUGPUKVKXKV[FKUEWUUGFKP5GEVKQPTGHGTUVQVJGUGPUKVKXKV[QHCURGEKHKEURGEKGUVQVJGFGNKXGTGFFQUG(QTGZCORNGGXGPKHVJGUCOGFQUGQH1 YGTGFGNKXGTGFVQCURGEKHKE 

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

### 8-2GZCORNGMPQYNGFIGQHFQUKOGVT[KPJWOCPUCUTGNCVGFVQCIGCPFGZGTEKUGECPGPJCPEGWPFGTUVCPFKPIQHJWOCPUWUEGRVKDKNKV[HCEVQTU

#  1\QPG&QUKOGVT[

 +PVTQFWEVKQP
&QUKOGVT[TGHGTUVQOGCUWTKPIQTGUVKOCVKPIVJGSWCPVKV[QTTCVGQHCEJGOKECNCDUQTDGFD[VCTIGVUKVGUYKVJKPVJG466JGEQORQWPFOQUVFKTGEVN[TGURQPUKDNGHQTVQZKEGHHGEVUOC[DGVJGKPJCNGFICU1 QTKVUEJGOKECNTGCEVKQPRTQFWEVU%QORNGVGKFGPVKHKECVKQPQH 

### VJGCEVWCNVQZKECIGPVUCPFVJGKTKPVGITCVKQPKPVQFQUKOGVT[CTGEQORNGZKUUWGUVJCVJCXGPQVDGGPTGUQNXGF6JWUOQUVFQUKOGVT[KPXGUVKICVKQPUCTGEQPEGTPGFYKVJVJGFQUGQHVJGRTKOCT[KPJCNGFEJGOKECN+PVJKUEQPVGZVCHWTVJGTEQPHQWPFKPICURGEVECPDGVJGWPKVUQHFQUGGIOCUUTGVCKPGFRGTDTGCVJOCUUTGVCKPGFRGTDTGCVJRGTDQF[YGKIJVOCUUTGVCKPGFRGTDTGCVJRGTTGURKTCVQT[VTCEVUWTHCEGCTGC6JCVKUYJGPEQORCTKPIFQUGDGVYGGPURGEKGUYJCVKUVJGTGNGXCPVOGCUWTGQHFQUG!6JKUSWGUVKQPJCUPQVDGGPCPUYGTGFWPKVUCTGQHVGPFKEVCVGFD[VJGV[RGQHGZRGTKOGPVQTD[CEJQKEGOCFGD[VJGKPXGUVKICVQTU'ZRGTKOGPVCNCPFVJGQTGVKECNFQUKOGVT[OQFGNKPIUVWFKGUCTGWUGFVQQDVCKPKPHQTOCVKQPQPFQUG'ZRGTKOGPVUJCXGDGGPECTTKGFQWVVQQDVCKPFKTGEVOGCUWTGOGPVUQHCDUQTDGF1 KPVJG46VJGWRRGT46746TGIKQPRTQZKOCNVQVJGVTCEJGCNGPVTCPEGCPFVJG 

### NQYGT46.46TGIKQPFKUVCNVQVTCEJGCNGPVTCPEGJQYGXGTGZRGTKOGPVCNN[QDVCKPKPIFQUKOGVT[FCVCKUGZVTGOGN[FKHHKEWNVKPUOCNNGTTGIKQPUQTNQECVKQPUUWEJCUURGEKHKECKTYC[UQTVJGEGPVTKCEKPCTTGIKQP%#4LWPEVKQPQHEQPFWEVKPICKTYC[UCPFICUGZEJCPIGTGIKQPYJGTGNGUKQPUECWUGFD[1 QEEWTUGG%JCRVGT5GEVKQP0GXGTVJGNGUUGZRGTKOGPVCVKQPKU 

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
##  5WOOCT[QH4GXKGYQH'ZRGTKOGPVCNCPF6JGQTGVKECN&QUKOGVT[
#UWOOCT[QHVJGOQTGTGNGXCPVGZRGTKOGPVCNCPFVJGQTGVKECNFQUKOGVT[UVWFKGUEQPVCKPGFKPVJGRTGXKQWU1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[ 

### KURTGUGPVGF6JGTGCFGTKUTGHGTTGFVQVJGGCTNKGTFQEWOGPVHQTEQORNGVGPGUU'ZRGTKOGPVUQPVJGPCUQRJCT[PIGCNTGOQXCNQH1 KPNCDQTCVQT[CPKOCNUUWIIGUVGF 

### VJCVVJGHTCEVKQPQH1 WRVCMGFGRGPFUKPXGTUGN[QPHNQYTCVG;QMQ[QOCCPF(TCPM 

### WRVCMGYCUITGCVGTHQTPQUGVJCPOQWVJDTGCVJKPI;QMQ[QOCCPF(TCPMCPFVTCEJGCNCPFEJCODGTEQPEGPVTCVKQPUYGTGTGNCVGFNKPGCTN[;QMQ[QOCCPF(TCPM/KNNGTGVCN1PN[QPGKPXGUVKICVKQPOGCUWTGFWRVCMGD[VJG.46HKPFKPIVQWRVCMGD[VJG.46QHFQIU;QMQ[QOCCPF(TCPM#VVJGVKOGVJGTGYGTGPQTGRQTVGFTGUWNVUHQT

### 8-3JWOCP746QT.46WRVCMG9KVJVJGGZEGRVKQPQHVYQTGNCVKXGN[ETWFGUVWFKGUD[%NCOCPPCPF$CPETQHVCPF*CNNGVVVJGTGYGTGPQFCVCQP1 WRVCMGKPJWOCPUCVVJGVKOG 

### QHVJGGCTNKGTETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[5GXGTCNOCVJGOCVKECNFQUKOGVT[OQFGNUYGTGFGXGNQRGFVQUKOWNCVGVJGRTQEGUUGUKPXQNXGFKP1 WRVCMGCPFVQRTGFKEV1 WRVCMGD[XCTKQWUTGIKQPUCPFUKVGUYKVJKPVJG46 

### 6JGOQFGNQH#JCTQPUQPGVCNYCUWUGFVQCPCN[\GPCUQRJCT[PIGCNWRVCMGFCVC#RRNKGFVQ1 FCVCVJGOQFGNKPFKECVGFVJCVVJGCXGTCIGOCUUVTCPUHGTEQGHHKEKGPVQHVJKUTGIKQP 

### CPFVJGOCUUTGVCKPGFKPETGCUGFYKVJKPETGCUKPICKTHNQYDWVVJGRGTEGPVWRVCMGFGETGCUGF/QFGNUYGTGFGXGNQRGFVQUKOWNCVG.46WRVCMG/KNNGTGVCN6JGOQFGNUYGTGXGT[UKOKNCTKPVJGKTVTGCVOGPVQH1 KPVJGCKTYC[UCPFCKTURCEGUCPFKPVJGKTWUG 

### QHOQTRJQOGVTKEFCVCVQFGHKPGVJGFKOGPUKQPUQHVJGCKTEQORCTVOGPVUCPFNKSWKFNKPKPI$QVJ

VJGCPFVJGOQFGNUQH/KNNGTCPFEQYQTMGTUVQQMKPVQCEEQWPVTGCEVKQPUQH1 YKVJ 

### EQPUVKVWGPVUQHVJGNKSWKFNKPKPI*QYGXGTVJGUGOQFGNUFKHHGTGFKPVJGKTVTGCVOGPVQHEJGOKECNTGCEVKQPUKPVJGNKSWKFNKPKPICPFVJGNCVGTOQFGNKPENWFGFVTCPURQTVCPFEJGOKECNTGCEVKQPUYKVJKPVKUUWGCPFDNQQFYJGTGCUVJGHKTUVOQFGNFKFPQVCPKPUVCPVCPGQWUTGCEVKQPCVVJGNKSWKFVKUUWGKPVGTHCEGYCUCUUWOGFUQVJG1 EQPEGPVTCVKQPYCUFGHKPGFCU\GTQ+PDQVJ 

### OQFGNUVKUUWGFQUGYCUFGHKPGFCUVJG1 HNWZVQVJGNKSWKFVKUUWGKPVGTHCEG$QVJOQFGNU 

### RTGFKEVGF1 VKUUWGFQUGVQDGTGNCVKXGN[NQYKPVJGVTCEJGCVQKPETGCUGVQCOCZKOWOKPQT 

### PGCTVJG%#4CPFVJGPVQFGETGCUGFKUVCNN[VJKUYCUEJCTCEVGTKUVKEHQTDQVJVJGCPKOCNCPFVJGJWOCPUKOWNCVKQPU/KNNGTGVCN2TKQTVQVJGTGYGTGPQGZRGTKOGPVCNTGUWNVUVJCVYGTGWUGHWNKPLWFIKPIVJGXCNKFKV[QHVJGOQFGNKPIGHHQTVU*QYGXGTCEQORCTKUQPQHVJGTGUWNVUQH/KNNGTCPFEQYQTMGTUYKVJOQTRJQNQIKECNFCVCUJQYKPIVJG%#4VQDGOQUVCHHGEVGFD[1 UGG 

### %JCRVGT5GEVKQPKPFKECVGFSWCNKVCVKXGCITGGOGPVDGVYGGPVJGUKVGQHRTGFKEVGFOCZKOWOVKUUWGFQUGCPFVJGUKVGQHQDUGTXGFOCZKOWOOQTRJQNQIKECNFCOCIGKPVJGRWNOQPCT[TGIKQP
##  'ZRGTKOGPVCN1\QPG&QUKOGVT[&CVC

 +PVTQFWEVKQP/QFGNUQH1 WRVCMGKPVJG46JCXGTGCEJGFCUECNGQHUQRJKUVKECVKQPVJCVRTQXKFG 

### UQOGJKIJN[URGEKHKERTGFKEVKQPUTGICTFKPIVJGNQECVKQPCPFOCIPKVWFGQH1 FQUG*QYGXGT 

### DGHQTGVJGUGOQFGNUECPDGGZRNQKVGFVQVJGKTHWNNGUVFGITGGKPGZVTCRQNCVKPIFQUGYKVJKPCPFDGVYGGPURGEKGUXCNKFCVKQPQHVJGOQFGNUYKVJGZRGTKOGPVCNFCVCKUGUUGPVKCN6JKUUGEVKQPYKNNTGXKGYVJGGZRGTKOGPVCNFCVCDCUGQPYJKEJVJGOQFGNKPIQH1 FQUKOGVT[KUDQVJDCUGFCPF 

### XCNKFCVGF6JKUYKNNJGNRHCEKNKVCVGFKUEWUUKQPQHVJGOQFGNUVJGOUGNXGUKPUWDUGSWGPVUGEVKQPU6CDNGRTQXKFGUCUWOOCT[QHCNNRQUVGZRGTKOGPVCN1 FQUKOGVT[UVWFKGU 



###  +P8KXQ1\QPG&QUKOGVT[5VWFKGU6JGOQFGNRTGFKEVKQPUQH1XGTVQPGVCNDCUGFQPVJGQTKIKPCNOQFGNQH/KNNGTGVCNRTQXKFGFURGEKHKERTGFKEVKQPUCDQWVVJGTGIKQPCNCPFVQVCNWRVCMGGHHKEKGPEKGUQH1 KPNCDQTCVQT[TCVU+VYCUVJGTGHQTGPGEGUUCT[VQVGUVVJGUGRTGFKEVKQPUYKVJ 

### CEVWCNFCVC6JGHKTUVFCVCQPVQVCN46WRVCMGQH1 KPTCVUYGTGQDVCKPGFD[9KGUVGTGVCN 

### 1\QPGWRVCMGYCUOGCUWTGFKPCYCMGWPCPGUVJGVK\GF5RTCIWG&CYNG[5&TCVUTGEGKXKPICPQUGQPN[GZRQUWTG'CEJTCVYCUUKVWCVGFYKVJKPCRNGVJ[UOQITCRJVJCVEQPVKPWQWUN[OQPKVQTGFVJGCPKOCN	UDTGCVJKPIRCVVGTP#KTYKVJ1 HNQYGFD[TCVU	PQUGUCV 

### O.OKPHQTJCVCEQPEGPVTCVKQPQHQTRRO1 &GVGTOKPCVKQPQH46

### 8-46CDNG'ZRGTKOGPVCN5VWFKGUQP1\QPG&QUKOGVT[C6[RG QH 5VWF[5RGEKGU5VTCKP 7RVCMG $TGCVJKPI 2CVVGTPU 4GUWNVU 4GHGTGPEG+P XKXQPQUG QPN[4CV5&6QVCN 46 8   O.6H   DRO8   O.OKP'7RVCMG OGCUWTGF KP  TCVU GZRQUGF VQ   QT  RRO 1 HQT J7RVCMG OGCUWTGF WUKPI OCUU DCNCPEG 6QVCN 46 WRVCMG GHHKEKGPE[OGCUWTGF CV  7RVCMG GHHKEKGPE[ YCU KPFGRGPFGPV QH1 EQPEGPVTCVKQP9KGUVGT GV CN 
+P XKXQ 4CV 
(4CV 
5&4CV.QPI'XCPU)WKPGC RKI*CTVNG[6QVCN 46 (QT TCVU8   O.6H   DRO8   O.OKP'(QT IWKPGC RKIU8   O.6H   DRO8   O.OKP'#NN WRVCMG OGCUWTGOGPVU CV  RRO 1  +P CFFKVKQP ( TCVU YGTGOGCUWTGF CV  RRO 7RVCMG OGCUWTGOGPVU OCFG YKVJ U[UVGO QH9KGUVGT GV CN 
 6QVCN 46 WRVCMG GHHKEKGPE[ CXGTCIGF  CPF YCUUVTCKP CPF URGEKGU KPFGRGPFGPV 7RVCMG GHHKEKGPE[ CICKP YCU UJQYP VQ DGKPFGRGPFGPV QH 1 EQPEGPVTCVKQP KP ( TCVU9KGUVGT GV CN 
+P XKXQ 4CV 
( 6QVCN 46 JGCFNCT[PZVTCEJGCNWPI8   O.6H   DRO8   O.OKP'4GIKQPCN WRVCMG OGCUWTGF D[ CUUC[KPI HQT TGEQXGTCDNG 1 HTQOTGURKTCVQT[ VTCEV VKUUWG CHVGT CPKOCN KPJCNGF 1GPTKEJGF  RRO 1 HQT J (KHV[HQWT RGTEGPV QH KPURKTGF 1 YCU VCMGP WR D[ VQVCN 46 1H VJG1 VCMGP WR  VCMGP WR D[ VJG JGCF  D[ VJG NCT[PZVTCEJGCCPF  D[ VJG NWPIU*CVEJ GV CN 
+P XKXQ *WOCP 6QVCN 46 746.468   O.6H   CPF  DRO8   CPF  O.U+QTCN PCUCN CPF QTQPCUCNDTGCVJKPI7RVCMG GHHKEKGPEKGU QH 746 .46 CPF VQVCN 46 OGCUWTGF D[ UCORNKPIKPURKTGF CPF GZRKTGF CKT HTQO ECVJGVGT KPUGTVGF VJTQWIJ PQUG VQ RQUVGTKQTQTQRJCT[PZ 7RVCMG GHHKEKGPEKGU EQORWVGF HTQO RGCM RNCVGCWEQPEGPVTCVKQPU QP KPURKTCVKQP CPF GZRKTCVKQP +PURKTCVQT[ 746 WRVCMGGHHKEKGPEKGU CXGTCIGF  KPURKTCVQT[ RNWU GZRKTCVQT[ .46 WRVCMGGHHKEKGPEKGU CXGTCIGF  5OCNN DWV UKIPKHKECPV FGETGCUGU KP 746 CPF.46 WRVCMG GHHKEKGPEKGU YKVJ KPETGCUKPI H 0Q GHHGEV QH EQPEGPVTCVKQP QPWRVCMG 7RVCMG GHHKEKGPE[ QH OQWVJ TGNCVKXGN[ ITGCVGT VJCP PQUG D[ CDQWV)GTTKV[ GV CN 
+P XKXQ *WOCP 6QVCN 46 746.468   O.6H   DRO8   .OKP'6YGPV[ JGCNVJ[ OCNG UWDLGEVU GZRQUGF VQ  RRO 1 YJKNG GZGTEKUKPI CV8 QH  .OKP HQT  J 7RVCMG GHHKEKGPEKGU QH 746 .46 CPF'VQVCN 46 OGCUWTGF CV DGIKPPKPI CPF CV GPF QH GZRQUWTG D[ OGVJQF QH)GTTKV[ GV CN 
 5WDLGEVU OQWVJDTGCVJGF QPN[ 7RVCMG GHHKEKGPEKGUEQORWVGF CU OCUU HTCEVKQPU 746 KPURKTCVQT[ GHHKEKGPE[ YCU  CPFFKF PQV EJCPIG FWTKPI GZRQUWTG .46 GHHKEKGPE[ FTQRRGF HTQO  VQ FWTKPI GZRQUWTG .46 FGETGCUG EQTTGNCVGF YKVJ FTQR KP 8 6%WOWNCVKXG FQUG QH 1 VQ .46 YCU RTGFKEVKXG QH 8 FTQR 6)GTTKV[ CPF/E&QPPGNN 
)GTTKV[ GV CN 
)GTTKV[ GV CN 
+P XKVTQ 2KI5JGGR6TCEJGC 8   O.U+7PKFKTGEVKQPCN 1 WRVCMG GHHKEKGPEKGU QH VTCEJGC FGETGCUGF YKVJ KPETGCUKPIHNQY HTQO  VQ  HQT VJG UJGGR CPF  HQT VJG RKI /CUU VTCPUHGTEQGHHKEKGPVU IGPGTCNN[ YGTG KPFGRGPFGPV QH HNQY$GP,GDTKC GV CN

### 8-56CDNGEQPV	F'ZRGTKOGPVCN5VWFKGUQP1\QPG&QUKOGVT[C6[RG QH 5VWF[5RGEKGU5VTCKP 7RVCMG $TGCVJKPI 2CVVGTPU 4GUWNVU 4GHGTGPEG+P XKVTQ 0# 0# 0# 1\QPQN[UKU UVWFKGU QP XCTKQWU WPUCVWTCVGF HCVV[ CEKFU TCVGT[VJTQE[VG IJQUV OGODTCPGU CPF TCV $#. &QOKPCPV RTQEGUUGU CTGVJG RTQFWEVKQP QH CNFGJ[FGU CPF RGTQZKFGU FWG VQ TGCEVKQPU DGVYGGP 1CPF QNGHKPU2T[QT GV CN 
+P XKXQ *WOCP  O. FGRVJKPVQ VQVCN 468   O.68   O.U+7RVCMG GHHKEKGPEKGU D[ OGCUWTKPI TGEQXGT[ QH 1 DQNWUGU FGNKXGTGFCV  O. KPETGOGPVU KPVQ NWPI VQ FGRVJ QH  O. #V FGGRGUV FGRVJQPN[  QH 1 EQWNF DG TGEQXGTGF 1\QPG WRVCMG D[ EQPFWEVKPICKTYC[U NCTIGT VJCP RTGFKEVGF D[ /KNNGT GV CN 
*W GV CN 
D+P XKXQ *WOCP  O. FGRVJKPVQ VQVCN 468   O.68     + O.U5COG VGEJPKSWG CU *W GV CN 
D DWV KPXGUVKICVKPI HNQY GHHGEVU+PETGCUKPI HNQY ECWUGF OCTMGF UJKHV QH FGNKXGTGF 1 VQYCTF VJGRGTKRJGT[ QH VJG EQPFWEVKPI CKTYC[U 
KG VJG ITGCVGT VJG KPURKTCVQT[HNQY VJG ITGCVGT VJG COQWPV QH 1 FGNKXGTGF VQ VJG NWPI RGTKRJGT[YJGTG KV KU CXCKNCDNG HQT CDUQTRVKQP /CUU VTCPUHGT EQGHHKEKGPVU KPWRRGT CKTYC[U KPFGRGPFGPV QH HNQY DWV KP EQPFWEVKPI CKTYC[U VJG[KPETGCUG RTQRQTVKQPCN VQ HNQY .WPI NKSWKF NKPKPI OCUU VTCPUHGTEQGHHKEKGPV EQORWVGF VQ DG  EOU KP VJG 746 HCNNKPI VQ EOU KP VJG TGURKTCVQT[ CKTYC[U 4GCEVKQP TCVG EQPUVCPVDGVYGGP 1 CPF VJG NWPI NKSWKF NKPKPI YCU EQORWVGF CU  ¥  U KPVJG 746 HCNNKPI VQ  ¥  U KP VJG FKUVCN EQPFWEVKPI CKTYC[U*W GV CN 
+P XKXQ *WOCP  O. FGRVJKPVQ VQVCN 468   O.68   O.U+%QORCTKUQP QH 1 DQNWU WRVCMG DGVYGGP QTCN CPF PCUCN TQWVGU0QUG YCU HQWPF VQ DG  OQTG GHHKEKGPV CV TGOQXKPI 1 HTQO VJG CKTUVTGCO VJCP VJG OQWVJ-CDGN GV CN 
+P XKVTQ 4CV 
5& .WPI 8   O.6H   DRO(4%   CPF  O.2GTHWUGF CPF PQPRGTHWUGF TCV NWPIU XGPVKNCVGF YKVJ  RRO 1  7RVCMGGHHKEKGPE[ QH NWPIU FTQRRGF HTQO  CV  DRO VQ CDQWV  CV DRO 0Q EJCPIG KP WRVCMG GHHKEKGPE[ YJGP NWPIU KPHNCVGF HTQO (4%  VQ  O.2QUVNGVJYCKV GV CN 
+P XKXQ *WOCP 6QVCN 46 746VTCEJGC OCKPUVGODTQPEJK8   O.6H   DRO8   O.U+1 WRVCMG GHHKEKGPEKGU KP EQPFWEVKPI CKTYC[ UVTWEVWTGU FGVGTOKPGFD[ UCORNKPI CKT HTQO CPCVQOKECN UKVGU TCPIKPI HTQO VJG XQECN EQTFU VQDTQPEJWU KPVGTOGFKWU KP  UWDLGEVU WPFGTIQKPI VTCPUPCUCNDTQPEJQUEQR[ YJKNG DGKPI GZRQUGF VQ  RRO 1  6QVCN 46 WRVCMGGHHKEKGPE[ YCU  7RVCMG GHHKEKGPEKGU QH OQWVJXQECN EQTFU XQECN EQTFUWRRGT VTCEJGC  WRRGT VTCEJGCOCKPDKHWTECVKQP ECTKPC  OCKP DKHWTECVKQP ECTKPCDTQPEJWUKPVGTOGFKWU )GTTKV[ GV CN 
+P XKXQ *WOCP 6QVCN 46 8   O.6H   DRO8   .OKP'0CUCN CPF QTCNDTGCVJKPI6QVCN 46 WRVCMG GHHKEKGPE[ OGCUWTGF WUKPI VJG UCOG VGEJPKSWG9KGUVGT GV CN  9KGUVGT GV CN  CRRNKGF VQ TCVU &WTKPIPCUCN DTGCVJKPI VQVCN 46 WRVCMG GHHKEKGPE[ YCU  &WTKPI QTCNDTGCVJKPI VQVCN 46 WRVCMG GHHKEKGPE[ YCU  CPF UKIPKHKECPVN[ JKIJGTVJCP YKVJ PCUCN DTGCVJKPI9KGUVGT GV CN 
5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC

###  8

 8

 8

 8

8-61 WRVCMGYCUFGVGTOKPGFD[OCUUDCNCPEG6JGWRVCMGYCUVJGFKHHGTGPEGKPOCUUKPVJG



### WRUVTGCOCKTCPFKPVJGCKTFQYPUVTGCOQHVJGTCV6QVCN461 WRVCMGGHHKEKGPE[QH 

### CRRTQZKOCVGN[YCUOGCUWTGFCPFYCUKPFGRGPFGPVQH1 EQPEGPVTCVKQP&WTKPIFCVC 

### CESWKUKVKQPVJGCPKOCNUJCFCPCXGTCIGVKFCNXQNWOG8 QHCDQWVO.CPCXGTCIG 6

### DTGCVJKPIHTGSWGPE[HQHCDQWVDTGCVJURGTOKPWVGDROCPFCPCXGTCIGOKPWVGXGPVKNCVKQP QHCDQWVO.OKP6JKUUVWF[YCUHQNNQYGFD[CPQVJGT9KGUVGTGVCN '

### KPYJKEJVQVCN46WRVCMGYCUOGCUWTGFKPVJTGGUVTCKPUQHTCVUCPFKPVJGIWKPGCRKI5RGEKHKECNN[(KUEJGT(5&CPF.QPI'XCPUTCVUCPF*CTVNG[IWKPGCRKIUYGTGGZRQUGFHQTJVQRRO1 (TCVUCNUQTGEGKXGFCRROGZRQUWTG#NNTCVUKPVJG 

### 9KGUVGTGVCNUVWF[JCFH	UDGVYGGPCPFDRO8 UDGVYGGPCPFO. 6

### CPFUDGVYGGPCPFO.OKP6JGIWKPGCRKIUJCFC8 QHO.PQVFKHHGTGPV ' 6

### HTQOTCVUCPHQHDROCPFCQHO.OKP7RVCMGYCUOGCUWTGFCUKPVJGRTGXKQWU '

### GZRGTKOGPV9KGUVGTGVCN6QVCN46WRVCMGQH1 YCUURGEKGUKPFGRGPFGPVCPF 

### CXGTCIGFVJKUYCUJKIJGTVJCPKPVJGRTGXKQWUUVWF[DGECWUGCFKHHGTGPVECNEWNCVKQPOGVJQFHQTHTCEVKQPCNWRVCMGYCUWUGF#UKPVJGHKTUVGZRGTKOGPVGZRQUWTGEQPEGPVTCVKQPFKFPQVCHHGEVWRVCMG9KGUVGTGVCNEQTTGEVGFCNNHNQYUWUGFKPWRVCMGECNEWNCVKQPUHQTDQF[VGORGTCVWTGCPFTGNCVKXGJWOKFKV[+PVJGKTNCVGTYQTMJQYGXGTVJG[HQWPFVJCVVJKUEQTTGEVKQPYCUPQVYCTTCPVGFTGUWNVKPIKPCUNKIJVN[JKIJGTEQORWVGF1 WRVCMGGHHKEKGPE[ 

### 9KGUVGTGVCN6JGUGFCVCCTGKPFKUCITGGOGPVYKVJVJGOQFGNRTGFKEVKQPUQH1XGTVQPGVCNYJQOCFGRTGFKEVKQPUQH1 WRVCMGKPVYQFKHHGTGPVTCVCPCVQOKECNNWPIOQFGNU-NKOGPV 

### ;GJGVCN5KOWNCVKQPUYGTGEQPFWEVGFKPDQVJCPCVQOKECNOQFGNUXCT[KPIHCPF8 CVHKZGFHWPEVKQPCNTGUKFWCNECRCEKV[(4%CNUQYCUXCTKGFCUCHTCEVKQPQHVQVCNNWPI

6 '

### ECRCEKV[6.%6JG-NKOGPVCPCVQOKECNNWPIOQFGNICXGEQPUKUVGPVN[JKIJRTGFKEVKQPUHQTWRVCMGYJGPEQORCTGFYKVJCEVWCNFCVC6JGRTGFKEVKQPUWUKPIVJG;GJGVCNOQFGNECOGENQUGT6QVCN46WRVCMGUPQVKPENWFKPIVJGJGCFHQTVJG;GJGVCNOQFGNYGTGRTGFKEVGFVQTCPIGDGVYGGPCPFCVHDROCPF8 O.CPFDGVYGGP 6

### CPFHQTHDROCPF8 O.*QYGXGTYJGPVJGHCEVVJCVVJGUGRTGFKEVKQPU 6

### FQPQVKPENWFGVJGJGCFQHVJGCPKOCNKUEQPUKFGTGFKVKUGXKFGPVVJCVVJGOQFGNRTGFKEVKQPUQXGTGUVKOCVGVJGVQVCN46WRVCMGKPTCVU6JGSWGUVKQPKUYJGVJGTVJGOGCUWTGOGPVUCTGCEEWTCVGQTYJGVJGTVJGTGKUCRTQDNGOYKVJVJGOQFGNHQTOWNCVKQP6JGFCVCQH2QUVNGVJYCKVGVCNRTGUGPVGFDGNQYUWIIGUVGFVJCVVJGFCVCQH9KGUVGTGVCNOC[DGTGCUQPCDNG6JG2QUVNGVJYCKVGVCNFCVCKPVJGGZEKUGFTCVNWPIUWIIGUVGFCENGCTKPXGTUGFGRGPFGPEGQHNWPIWRVCMGQPH#VC8 QHO.VJG1 WRVCMGGHHKEKGPE[QHVJG 6 

### GZEKUGFNWPIHGNNHTQOPGCTN[WPKV[CVHDROVQCNOQUVCVHDRO(QTGZVTCRQNCVKQPRWTRQUGUCMG[SWGUVKQPJGTGKUYJCVUJQWNFDGEQPUKFGTGFVJGPQTOCNTGUVKPIHQHCTCV#NVJQWIJ9KGUVGTGVCNCNNQYGFVJGKTTCVUVQCEENKOCVGVQVJGRNGVJ[UOQITCRJD[OQPKVQTKPIHCPFDGICPWRVCMGOGCUWTGOGPVUQPN[CHVGTHJCFRNCVGCWGFCVCOKPKOWOKVKUUVKNNWPEGTVCKPYJGVJGTH	UQHVQDROCTGTGCUQPCDNG+PCUWOOCT[QHUVWFKGUQHVJGRWNOQPCT[HWPEVKQPQHTCVUKPTGURQPUGVQ1 6GRRGTGVCNHQWPFV[RKECN 

### H	UQHDRO#NVJQWIJVJGOQFGNUCRRGCTVQQXGTGUVKOCVGVJG1 WRVCMGGHHKEKGPE[QHVJGTCV 

### 46VJGFKUETGRCPE[KUPQVNCTIGCPFVJGPGCTCITGGOGPVKPFKECVGUVJCVVJG1 FQUKOGVT[ 

### OQFGNUJCXGRTGFKEVKXGECRCDKNKV[+PCFFKVKQPVQFCVCQPVJGVQVCN461 WRVCMGGHHKEKGPE[KPXKXQFCVCQPTGIKQPCN 

### 1 FQUKOGVT[KPCPKOCNOQFGNUJCXGDGIWPVQGOGTIG*CVEJCPF#KUUCCPF#KUUCCPF



### *CVEJHKTUVFGUETKDGFCOGVJQFVQOGCUWTG1 WRVCMGKPCPKOCNUD[GZRQUKPIVJGOPQUG 

###  8

 8

8-7QPN[YJKNGKPCRNGVJ[UOQITCRJVQ1 GPTKEJGFYKVJ1CUVCDNGKUQVQRGQHQZ[IGP#HVGT  

### GZRQUWTGDTQPEJQCNXGQNCTNCXCIG$#.HNWKFCPFTGURKTCVQT[VTCEVVKUUWGYGTGCUUC[GFHQTGZEGUU1WUKPIKUQVQRGTCVKQOCUUURGEVTQOGVT[1PGRTQDNGOYKVJVJKUVGEJPKSWGKUVJCVCNN 

### QHVJGCDUQTDGF1ECPPQVDGCEEQWPVGFHQTVJWURQUUKDN[NGCFKPIVQCPWPFGTGUVKOCVKQPQH 

### FQUG6JGVGEJPKSWGWUGFD[*CVEJCPF#KUUCKPXQNXGUVJGFGVGEVKQPQHGZEGUU1KP 

### 1 TGCEVKQPRTQFWEVUCHVGTVKUUWGR[TQN[UKU6JWU1 VJCVKUFGITCFGFVQ* 1QT1 KU    
  

### NQUVCPFECPPQVDGFGVGEVGFKPFT[VKUUWG'KIJVOCNG(TCVUHQWTRTGXKQWUN[GZRQUGFEJTQPKECNN[VQ1 HQT[GCTVQCPWTDCPRCVVGTPIGPGTCNN[EQPUKUVKPIQHCRRODCUGNKPG 

### YKVJJFCKN[URKMGUTKUKPIVQRROYGTGGZRQUGFHQTJVQRROQH1GPTKEJGF1 


### *CVEJGVCN&WTKPIGZRQUWTGVJGTCVUDTGCVJGFCVDROCPFJCFC8 QHO. 6

### CPFCQHO.OKP#HVGTGZRQUWTGVJGNWPIVTCEJGCCPFJGCFYGTGCPCN[\GF '

### UGRCTCVGN[HQT11XGTCNNVJGCPKOCNUVQQMWRQHKPURKTGF1 #NVJQWIJVJKUXCNWGQH 


### 1 WRVCMGGHHKEKGPE[KUJKIJGTVJCPVJCVHQWPFD[9KGUVGTGVCNEQPUKFGTKPIVJG



### HCEVVJCVVJGEQGHHKEKGPVQHXCTKCVKQPHQT1 WRVCMGGHHKEKGPE[OGCUWTGOGPVUKUCTQWPFKPCNN 

### UVWFKGUVJGTGUWNVQH*CVEJCPF#KUUCKUEQPUKUVGPVYKVJVJGFCVCQH9KGUVGTGVCN1HVJG1 VCMGPWRD[VJGCPKOCNUYCUVCMGPWRD[VJGJGCFD[VJG 

### NCT[PZVTCEJGCCPFD[VJGNWPIU$[CUUWOKPIGSWCNWRVCMGGHHKEKGPEKGUD[EQORCTVOGPVUQPKPURKTCVKQPCPFGZRKTCVKQPKPURKTCVQT[WRVCMGQH1 D[VJGUGTGIKQPUYCU 

### EQORWVGF+VYCUFGVGTOKPGFVJCVVJGTCVPCUQRJCT[PZ02JCFCPKPURKTCVQT[GHHKEKGPE[QHCPFVJCVVJGNCT[PZVTCEJGCTGOQXGFQHVJGTGOCKPKPI1  

### 6JKUVGEJPKSWGTGEGPVN[JCUDGGPGZVGPFGFVQJWOCPU*CVEJGVCNUJQYGFVJCVYJGPJWOCPUWDLGEVUYGTGGZRQUGFVQRRO1 YJKNGGZGTEKUKPIKPVGTOKVVGPVN[CV 


### .OKPHQTJVJGCOQWPVQHTGEQXGTGF1KPNCXCICDNGEGNNUKPFKECVGFVJCVVJG ' 

### JWOCPEGNNUKPEQTRQTCVGFVQVKOGUVJG1 FQUGKGEQPEGPVTCVKQPQH1 VJCVYCU   

### KPEQTRQTVGFD[VJG$#.EGNNUHTQOTCVUGZRQUGFVQRRO1 HQTJCVTGUV%QPUGSWGPVN[ 

### VQEQORCTGCDUQTDGF1 FQUGUDGVYGGPTCVUCPFJWOCPUWUKPI$#.TGSWKTGUVJGCUUWORVKQP 


### VJCVVJGCOQWPVQHNCXCICDNGEGNNOGODTCPGCXCKNCDNGVQTGCEVYKVJ1 KUEQORCTCDNGDGVYGGP 


### VJGVYQURGEKGU6JGFKHHGTGPEGDGVYGGPTCVUCPFJWOCPUEQWNFDGCEEQWPVGFHQTD[VJGHCEVVJCVVJGJWOCPUYGTGGZGTEKUKPIYJGTGCUVJGTCVUYGTGPQV*QYGXGTCUYCUPQVGFCDQXG

PQVCNNCDUQTDGF1 ECPDGCEEQWPVGFHQT




###  +P8KVTQ1\QPG&QUKOGVT[5VWFKGU6JGWUGQHYJQNGKPVCEVCPKOCNUVQUVWF[1 WRVCMGKUPGGFGFVQCUEGTVCKPVJGCEVWCN 

### COQWPVUQH1 CDUQTDGF*QYGXGTKVKUCNUQKORQTVCPVVQWPFGTUVCPFUQOGQHVJGOQTG 

### HWPFCOGPVCNRTQEGUUGUIQXGTPKPI1 WRVCMGUWEJCUVJGDKQEJGOKUVT[QH1 NKSWKFCPF  

### 1 VKUUWGKPVGTCEVKQPUVQFGVGTOKPGEJGOKECNTGCEVKQPTCVGUGUUGPVKCNVQ1 FQUKOGVT[OQFGNU 

### (WTVJGTOQTGVJGWUGQHKPVCEVCPKOCNUFQGUPQVCNNQYOQTGRTGEKUGFGVGTOKPCVKQPUQHVJGTQNGQHRJ[UKQNQIKECNRCTCOGVGTUQP1 WRVCMG(QTVJKUTGCUQPVJGTGJCXGDGGPUQOGNKOKVGF 

### CVVGORVUCVWVKNK\KPICPKOCNVKUUWGGZRNCPVUCPFYJQNGNWPIUVQUVWF[1 WRVCMG 

### $GP,GDTKCGVCNUVWFKGF1 WRVCMGD[VJGVTCEJGCQHUJGGRCPFRKIUVQ 

### KPXGUVKICVGOCUUVTCPUHGTEQGHHKEKGPVU1\QPGDQNWUGUQHRROYGTGRCUUGFVJTQWIJGZEKUGFVTCEJGCG6TCEJGCGYGTGQDVCKPGFHTQOCUNCWIJVGTJQWUGVQJCHVGTUNCWIJVGTCPFCNVJQWIJVJG[YGTGMGRVEQCVGFYKVJRJ[UKQNQIKEUCNKPGVJG[YGTGPQVOCKPVCKPGFCVDQF[VGORGTCVWTGRQUUKDN[TGUWNVKPIKPWPFGTGUVKOCVKQPQHKPXKXQWRVCMG6JGNGPIVJUCPFFKCOGVGTUQHVJGRKIVTCEJGCGYGTGPQVVQQFKHHGTGPVHTQOJWOCPVTCEJGCNFKOGPUKQPU6JGHNQYFGRGPFGPEGQHOCUUWRVCMGCPFVJGOCUUVTCPUHGTEQGHHKEKGPV-YGTGFGVGTOKPGFHQT

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

### CEEQWPVHQTVJGFKHHGTKPIQDUGTXCVKQPU#UKIPKHKECPVHGCVWTGQHVJG$GP,GDTKCGVCNUVWF[YCUVJGWUGQHCTCRKFN[TGURQPFKPI1 CPCN[\GT+PQTFGTVQEQPFWEVVJGKT1 WRVCMGUVWFKGU$GP,GDTKCCPF7NVOCP  

### CPF$GP,GDTKCGVCNFGXGNQRGFCTCRKFN[TGURQPFKPI1 CPCN[\GT6JGCPCN[\GT 

### TGNKGUQPVJGTGCEVKQPQH1 YKVJCNMGPGUUWEJCUGVJ[NGPGRTQR[NGPGE[ENQJGZCPGGVE6GP 

### CNMGPGUYGTGVGUVGF0KPGV[RGTEGPVUVGRTGURQPUGVKOGUQHVQOUYGTGCEJKGXGFYKVJXCT[KPIFGITGGUQHNKPGCTTGURQPUGYKVJ1 EQPEGPVTCVKQP6JGCWVJQTUEQPENWFGFVJCVVJGDGUV 

### CNMGPGYCUOGVJ[NDWVGPGYKVJQRVKOWOVQTGURQPUGUQHOUCPFOKPKOWOFGVGEVCDNGNKOKVUQH1 QHRRD+PVGTHGTGPEGYKVJ%1 JQYGXGTYCUHQWPFTGSWKTKPI  

### OGCUWTGOGPVUQH%1 VQEQTTGEVVJGCPCN[\GTTGURQPUG 

### 2QUVNGVJYCKVGVCNWUGFCPKUQNCVGFTCVNWPIRTGRCTCVKQPVQKPXGUVKICVGVJGGHHGEVUQHXCUEWNCTRGTHWUKQPKPURKTGFFQUGVGORGTCVWTGCPFFKUVCNNWPIUWTHCEGCTGCQP1 CDUQTRVKQPD[VJG.468CUEWNCTRGTHWUKQPJCFNKVVNGQTPQGHHGEVQPWRVCMGGHHKEKGPE[QH



### 1 9JGPVJGNWPIYCUGZRQUGFVQRRO1 CPFXGPVKNCVGFYKVJC8 QHO.C(4%QH

 6

### O.CPFCPHQHDROWRVCMGGHHKEKGPE[YCU#UHKPETGCUGFYKVJHKZGF8 WRVCMG 6

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

### NCVVGTTGUWNVUWIIGUVUVJCV1 WRVCMGKUXKTVWCNN[EQORNGVGD[VJGVKOG1 TGCEJGUVJGCNXGQNCT  

### URCEGUQHVJGNWPI1VJGTYKUGKVYQWNFJCXGDGGPGZRGEVGFVJCVVJGWRVCMGGHHKEKGPE[YQWNF

JCXGTKUGPYKVJKPETGCUGF(4%6QHWTVJGTKPXGUVKICVGVJGTGCEVKQPUQH1 YKVJVJGNWPI2T[QTGVCN 

### RGTHQTOGFQ\QPQN[UKUUVWFKGUQHXCTKQWUWPUCVWTCVGFHCVV[CEKFU7(#UTCVGT[VJTQE[VGIJQUVOGODTCPGUCPFTCV$#.6JGUGUVWFKGUFGOQPUVTCVGFUKIPKHKECPVRTQFWEVKQPQHJ[FTQIGPRGTQZKFGCPFCNFGJ[FGUCPFVJCVRTQFWEVKQPQHJ[FTQIGPRGTQZKFGYCUFWGRTKOCTKN[VQ

TGCEVKQPUDGVYGGP1 CPFQNGHKPU6JGCWVJQTUEQPENWFGFVJCVVJGTGCEVKQPQH1 YKVJ7(#UKP  

### VJGNWPIHNWKFNKPKPICPFEGNNOGODTCPGURTQFWEGJ[FTQIGPRGTQZKFGCPFCNFGJ[FGUVJCVOC[DGKORQTVCPVOGFKCVQTUKPVJGVQZKEKV[QH1 6JGSWCPVKVCVKXGTGUWNVUQHVJGUGUVWFKGUNGF2T[QT 

### VQJ[RQVJGUK\GCDQWVVJGFGITGGVQYJKEJ1 TGCEVUYKVJVJGNKSWKFNKPKPIQHVJGNWPICPF 

### YKVJNWPIVKUUWG#UKORNGOQFGNECNEWNCVKQPYCURGTHQTOGFWUKPIVJG'KPUVGKP5OQNWEJQYUMKGSWCVKQPVQGUVKOCVGVJGJCNHNKHGQH1 KPDKNC[GTUCPFEGNNOGODTCPGU2T[QT 

### EQPENWFGFVJCVCUWDUVCPVKCNHTCEVKQPQH1 TGCEVUKPVJGDKNC[GTCPFVJCVQPN[KPTGIKQPUQHVJG 

### 8-9NWPIYJGTGVJGNWPINKPKPIHNWKFNC[GTKUNGUUVJCPOVJKEMYKNN1 RGPGVTCVGVQVKUUWGCPF 

### QPN[VJGPYKNN1 TGCEVKPEGNNOGODTCPGUDGHQTGRGPGVTCVKPIHWTVJGT6JGQXGTCNNEQPENWUKQPKU 

### VJCVVJGVQZKEGHHGEVUQH1 OC[DGOGFKCVGFPQVLWUVD[1 FKTGEVN[DWVD[TGCEVKXG  

### KPVGTOGFKCVGUUWEJCUCNFGJ[FGUCPFJ[FTQIGPRGTQZKFG6JKUTCKUGUVJGSWGUVKQPCUVQVJGTGNGXCPVFQUGQH1 KUKVVJGVQVCNFQUGVJGFQUGVQVJGNKSWKFNKPKPIVJGVKUUWGFQUGQTVJG 

### FQUGQHTGCEVKXGKPVGTOGFKCVGUFGNKXGTGFVQVKUUWG!

 *WOCP1\QPG&QUKOGVT[5VWFKGU5KIPKHKECPVRTQITGUUJCUDGGPOCFGKPVJGCTGCQHJWOCP1 FQUKOGVT[UKPEGVJG 

### RTGXKQWUETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[5VWFKGUJCXGDGGPEQPFWEVGFFGHKPKPIVQVCNCPFTGIKQPCNTGURKTCVQT[VTCEVWRVCMGVJGFGRGPFGPEGQHWRVCMGQPRJ[UKQNQIKECNRCTCOGVGTUCPFVJGTQNGQHWRVCMGKPOQFWNCVKPITGURQPUG)GTTKV[GVCNTGRQTVGFQPOGCUWTGOGPVUQH1 WRVCMGD[VJGGZVTCVJQTCEKE 

### CKTYC[UCKTYC[URTQZKOCNVQVJGRQUVGTKQTQTQRJCT[PZCPFKPVTCVJQTCEKECKTYC[UCKTYC[UFKUVCNVQVJGRQUVGTKQTQTQRJCT[PZKPJGCNVJ[[QWPIOCNGXQNWPVGGTU1\QPGWRVCMGYCUOGCUWTGFD[RNCEKPICUOCNNRQN[GVJ[NGPGECVJGVGTVJTQWIJVJGPQUGCPFRQUKVKQPKPIVJGFKUVCNVKRKPVJGRQUVGTKQTQTQRJCT[PZ$TGCVJD[DTGCVJUCORNGUQH1 YGTGEQNNGEVGFCPFVJGRGCM 

### RNCVGCWEQPEGPVTCVKQPUYGTGEQORCTGFYKVJEJCODGTEQPEGPVTCVKQPU6JGGHHGEVUQPWRVCMGQH1 EQPEGPVTCVKQPRROHCPFDROCVHKZGF8 CPFOQFGQHDTGCVJKPI

 6

### QTCNPCUCNCPFQTQPCUCNYGTGVGUVGF6JG1 CPCN[\GTJCFCOQFGTCVGN[TCRKFTGURQPUGYKVJ 

### CTGURQPUGVKOGQHOU+PURKTCVQT[8 TCPIGFDGVYGGPCPFO.OGCP 6

### KPURKTCVQT[HNQYCVDROYCUO.UCVDROKVYCUO.U6JGCWVJQTUOGCUWTGFGZVTCVJQTCEKEWRVCMGGHHKEKGPE[QH1 QPKPURKTCVKQPCVCRRTQZKOCVGN[CPFKPVTCVJQTCEKE 

### WRVCMGGHHKEKGPE[KPURKTCVKQPRNWUGZRKTCVKQPCVCRRTQZKOCVGN[6JG[GUUGPVKCNN[HQWPFPQGHHGEVQH1 EQPEGPVTCVKQPQPWRVCMGKPVTCVJQTCEKEWRVCMGYCUUKIPKHKECPVN[JKIJGTCV 

### RRODWVVJGFKHHGTGPEGYCUXGT[UOCNN6JG[FKFHKPFVJCVDQVJKPVTCVJQTCEKECPFGZVTCVJQTCEKEWRVCMGFGETGCUGFYKVJKPETGCUKPIHCVHKZGF8 HCNNKPID[CDQWVHQT 6

### GZVTCVJQTCEKEWRVCMGCPFD[CDQWVHQTKPVTCVJQTCEKEWRVCMGYJGPHKPETGCUGFHTQOVQDRO6JGHKPKVGTGURQPUGVKOGQHVJGCPCN[\GTOC[JCXGCHHGEVGFVJGTGUWNVUCVVJGDROHD[QXGTGUVKOCVKPIGZVTCVJQTCEKEWRVCMGCPFWPFGTGUVKOCVKPIKPVTCVJQTCEKEWRVCMG*QYGXGTDGECWUGWRVCMGYCUFGHKPGFTGNCVKXGVQRNCVGCWUQHEQPEGPVTCVKQPVJGTGURQPUGVKOGQHVJGCPCN[\GTYCUCFGSWCVGVQTGCEJCRNCVGCWKPVJGUKPURKTCVQT[VKOGCVDRO+VKUKORQTVCPVVQPQVGJGTGVJCVYJGPWVKNK\KPIVJGFCVCHTQOVJKUUVWF[VQEQORCTGYKVJQVJGTUVWFKGUCPFOQFGNUVJGWRVCMGGHHKEKGPEKGUOGCUWTGFCTGEQORCTCDNGVQUVGCF[UVCVGWPKFKTGEVKQPCNOGCUWTGOGPVUQHWRVCMG#PQVJGTHGCVWTGKUVJCV)GTTKV[GVCNEQPUKUVGPVN[OGCUWTGFCUOCNNPQP\GTQRNCVGCWQH1 QPGZRKTCVKQP6JKURNCVGCWKUPQV 

### EQPUKUVGPVYKVJVJGUWIIGUVKQPHTQOOQFGNUQH1 WRVCMGCPFVJGFCVCQH2QUVNGVJYCKVGVCN 

### PQTYKVJVJGNCVGTYQTMQH)GTTKV[GVCN=?VJCVKURTGUGPVGFDGNQYVJCVPQ1 UJQWNFDGYCUJGFQWVHTQONWPIXQNWOGUDG[QPFVJGEQPFWEVKPICKTYC[U6JKUQDUGTXCVKQP



### QH)GTTKV[GVCNOC[JCXGDGGPCPCTVKHCEVQHVJGOCPPGTKPYJKEJ1 YCUOGCUWTGFD[ 

### UCORNKPIHTQOVJGRQUVGTKQTQTQRJCT[PZ6JGTGOC[JCXGDGGPGPVTCKPOGPVQH1 KPVJG 

### RJCT[PIGCNCKTURCEGUVJCVYCUYCUJGFQWVCHVGTGZRKTCVKQPQHFGCFURCEGCKT4GICTFNGUUVJGEQPEGPVTCVKQPQH1 GZJCNGFHTQOVJGCNXGQNCTRJCUGQHYCUJQWVYCUXGT[NQY

### 1PGQHVJGOQUVUVCTVNKPITGUWNVUHTQOVJGYQTMQH)GTTKV[GVCNYCUVJGHKPFKPIVJCVVJGTGYCUQPN[CUOCNNDWVUVCVKUVKECNN[UKIPKHKECPVFKHHGTGPEGDGVYGGPWRVCMGD[VJGPQUGCPFD[VJGOQWVJ6JGOQWVJJCFCRRTQZKOCVGN[ITGCVGTWRVCMGGHHKEKGPE[VJCP

###  8

 8

8-10VJGPQUG6JGEQODKPGFQTQPCUCNRCUUCIGJCFCPWRVCMGGHHKEKGPE[ITGCVGTVJCPVJGPQUGD[CPQVJGT6JKUUWIIGUVUVJCVRGTUQPUYJQDTGCVJGPCUCNN[CTGCVPQNGUUTKUMVJCPRGTUQPUYJQDTGCVJGQTQPCUCNN[#FCOUGVCNKPXGUVKICVGFVJKURQUUKDKNKV[D[EQORCTKPIHWPEVKQPCNTGURQPUGUKPUWDLGEVUCEWVGN[GZRQUGFVQ1 YJKNGDTGCVJKPIGKVJGTQTCNN[QT 

### QTQPCUCNN[*GCNVJ[UWDLGEVUYGTGGZRQUGFQPHKXGUGRCTCVGFC[UVQRRO1 +PVJGHKTUV 

### HQWTGZRQUWTGUUWDLGEVUYGTGGZRQUGFD[HCEGOCUMYKVJQTYKVJQWVPQUGENKRHQTOKPCVCPGZGTEKUGNGXGNQH.OKPQTHQTOKPCVGZGTEKUGNGXGNQH.OKP6JGHKHVJGZRQUWTGYCUHQTOKPCV.OKPYKVJGZRQUWTGVJTQWIJCOQWVJRKGEG6JGTGYGTGPQFKHHGTGPEGUKPRWNOQPCT[HWPEVKQPTGURQPUGHQTEGFGZRKTCVQT[XQNWOGKPU=('8 ?HQTEGFXKVCNECRCEKV[ 

### =(8%?QTHQTEGFGZRKTCVQT[HNQYYKVJHCEGOCUMGZRQUWTGCOQPICNNGZRGTKOGPVCNITQWRUKGPQPQUGENKRQTVKOGGHHGEV2WNOQPCT[HWPEVKQPTGURQPUGYCUJQYGXGTITGCVGT '

### YKVJCOQWVJRKGEG#FCOUGVCNURGEWNCVGFVJCVVJGITGCVGTTGURQPUGYKVJVJGOQWVJRKGEGYCUFWGVQ1 UETWDDKPID[VJGHCEGOCUMQTD[HCEKCNJCKT+VCNUQOC[JCXGDGGP 

### FWGVQFKHHGTGPVQTCNEQPHKIWTCVKQPUKORQUGFD[COQWVJRKGEG*[PGUGVCNCNUQKPXGUVKICVGFYJGVJGTHWPEVKQPCNTGURQPUGUYGTGCHHGEVGFD[VJGOQFGQHDTGCVJKPI*GCNVJ[UWDLGEVUYGTGGZRQUGFVQRRO1 HQTOKPKPCPGZRQUWTGEJCODGT1PVYQFKHHGTGPV 

### QEECUKQPUGCEJUWDLGEVDTGCVJGFGKVJGTVJTQWIJVJGPQUGQTVJGOQWVJGZENWUKXGN[6JGTGYCUPQFKHHGTGPEGKPRWNOQPCT[HWPEVKQPTGURQPUGDGVYGGPVJGUGVYQTQWVGUQHGZRQUWTG6CMGPVQIGVJGTVJGUVWFKGUQH#FCOUGVCNCPF*[PGUGVCNCTGEQPUKUVGPVYKVJVJGQDUGTXCVKQPUQH)GTTKV[GVCNQPVJGGSWCNGHHKEKGPE[QHCNNTQWVGUQHDTGCVJKPIHQTGZVTCVJQTCEKE1 UETWDDKPI

### 6JKUUVWF[YCUHQNNQYGFD[CPQVJGTUVWF[)GTTKV[CPF/E&QPPGNN)GTTKV[GVCNKPYJKEJVJGTGNCVKQPUJKRDGVYGGP1 WRVCMGCPFHWPEVKQPCNTGURQPUGYCU 

### KPXGUVKICVGF*GCNVJ[UWDLGEVUYGTGGZRQUGFVQRRO1 HQTJYJKNGGZGTEKUKPI 

### EQPVKPWQWUN[CV.OKP1\QPGWRVCMGYCUOGCUWTGFCVVJGDGIKPPKPICPFCVVJGGPFQHGZRQUWTGYJKNGVJGUWDLGEVUYGTGUVKNNGZGTEKUKPIWUKPIVJGVGEJPKSWGQH)GTTKV[GVCN+PEQPVTCUVVQVJGYQTMQH)GTTKV[GVCNWRVCMGYCUEQORWVGFKPVJKUUVWF[D[KPVGITCVKPIEQPEGPVTCVKQPVKOGUHNQYKPUVGCFQHWUKPIRGCMRNCVGCWOGCUWTGOGPVU#NUQKPVJKUYQTMVJGTGURQPUGVKOGQHVJGCPCN[\GTYCUUEQORCTGFYKVJUKPVJGRTGXKQWUYQTM6JGCWVJQTUHQWPFVJCVCDQWVQHVJGKPURKTGF1 YCUVCMGPWRD[VJG746KG 

### VJGUCOGCUVJGGZVTCVJQTCEKECKTYC[UFGUETKDGFKP)GTTKV[GVCNFWTKPIKPURKTCVKQPCPFVJCVVJKUFKFPQVEJCPIGFWTKPIGZRQUWTG6QVCN46WRVCMGGHHKEKGPE[YCUCRRTQZKOCVGN[CPFKVFKFPQVEJCPIGFWTKPIGZRQUWTG*QYGXGT.46KGVJGKPVTCVJQTCEKECKTYC[UFGUETKDGFKP)GTTKV[GVCNWRVCMGGHHKEKGPE[HGNNFWTKPIGZRQUWTGHTQOVQCPFYCUEQTTGNCVGFYKVJVJG1 KPFWEGFHCNNKP8 8 HGNNHTQOVQO.HKPETGCUGF  66

### HTQOVQDROKPURKTCVQT[HNQYHGNNHTQOVQO.UKPETGCUGFUNKIJVN[ '

### HTQOVQ.OKPUWIIGUVKPIVJCVVJG8 TGFWEVKQPOC[JCXGCRTQVGEVKXGGHHGEVQP 6

### FQUGFGNKXGTGFVQVJGRGTKRJGT[QHVJGNWPI+VKUPQVNKMGN[VJCVVJGHKPKVGCPCN[\GTTGURQPUGVKOGCHHGEVGFWRVCMGOGCUWTGOGPVU'XKFGPEGQHVJKUKUVJGNCEMQHFGRGPFGPEGQH746WRVCMGQPEJCPIGUKP8 QTH6JGNQYXCNWGUHQTWRVCMGKPVJG.46OC[JCXGDGGPFWGVQCPCTVKHCEV 6

### HTQOVJGTGNCVKXGN[UNQYTGURQPUGVKOGQHVJGCPCN[\GTYJKEJYCUCRRTQZKOCVGN[GSWCNVQKPURKTCVQT[CPFGZRKTCVQT[VKOGU#UCEJGEMQPVJGKTTGUWNVUVJGCWVJQTUEQORCTGFVJGKTFCVCYKVJVJGRTGXKQWUYQTMQH)GTTKV[GVCND[EQORWVKPIWRVCMGD[VJGQTKIKPCNVGEJPKSWGWUKPIRGCMRNCVGCWEQPEGPVTCVKQPU9JGPVJCVYCUFQPGVJG746WRVCMGGHHKEKGPEKGUYGTGCPFCVVJGDGIKPPKPICPFGPFQHGZGTEKUGTGURGEVKXGN[CPFVJG.46GHHKEKGPEKGUYGTGCPFCVVJGDGIKPPKPICPFGPFQHGZGTEKUGTGURGEVKXGN[6JG746EJCPIGEQORWVGFVJKU

###  8

 8

8-11YC[YCUPQVUKIPKHKECPVDWVVJG.46GHHKEKGPE[FTQRYCU9JGPXKGYGFCVKPVJKUOCPPGTVJGFCVCHTQOVJKUGZRGTKOGPVCTGEQPUKUVGPVYKVJVJQUGHTQOVJGRTGXKQWUGZRGTKOGPV$GECWUGVJGTGKUCPGGFVQEQORCTGJWOCP1 WRVCMGFCVCYKVJTCV1 WRVCMGFCVCKV  

### KUGUUGPVKCNVJCVVJGTGDGEQPHKFGPEGKPVJGTGNKCDKNKV[QHVJGFKHHGTGPVCRRTQCEJGU6QJGNRGUVCDNKUJVJGEQORCTCDKNKV[QHVGEJPKSWGU9KGUVGTGVCNOGCUWTGFVQVCN46WRVCMGKPJWOCPUWUKPICUKOKNCTCNVJQWIJQDXKQWUN[UECNGFWRU[UVGOVQVJCVWUGFHQTTCVU9KGUVGTGVCN*GCNVJ[UWDLGEVUDTGCVJGFRRO1 YJKNGUGCVGFKPCPGZRQUWTG 

### EJCODGTVJGKTHCEGUYGTGRNCEGFKPCUGCNGFHCEGOCUM6JGHCEGOCUMYCUCVVCEJGFVQCNCTIGVWDGVJTQWIJYJKEJEJCODGTCKTYCUEKTEWNCVGFYKVJCRWORCVCTCVGQH.OKP7RUVTGCOCPFFQYPUVTGCO1 EQPEGPVTCVKQPUYGTGOGCUWTGFEQPVKPWQWUN[CUYCUXGPVKNCVKQPYKVJCP 

### KPFWEVKQPRNGVJ[UOQITCRJ5WDLGEVUDTGCVJGFCVTGUVGKVJGTVJTQWIJPQUGQTOQWVJCXGTCIGHDRO8 VQO.VQ.OKP9JKNGPQUGDTGCVJKPIQH 6 '

### KPURKTGF1 YCUVCMGPWRD[VJGVQVCN46CPFYJKNGOQWVJDTGCVJKPIQHKPURKTGF1 YCU  

### VCMGPWRYJKEJYCUUKIPKHKECPVN[JKIJGTVJCPVJCVHQWPFYKVJPQUGDTGCVJKPI6JKUFKHHGTGPEGKURTQDCDN[PQVJQYGXGTDKQNQIKECNN[UKIPKHKECPV5KIPKHKECPVPGICVKXGEQTTGNCVKQPUDGVYGGPHCPFWRVCMGKPDQVJOQWVJCPFPQUGDTGCVJGTUYGTGHQWPFUKOKNCTEQTTGNCVKQPUYGTGHQWPFYKVJDWVPQEQTTGNCVKQPUYGTGHQWPFDGVYGGPWRVCMGCPF8 QTCP[QVJGTOGCUWTGQHDTGCVJKPI ' 6

### RCVVGTPQTRWNOQPCT[HWPEVKQP6JGQDUGTXCVKQPUKP9KGUVGTGVCNQHCUNKIJVKPETGCUGQHVQVCN46WRVCMGGHHKEKGPE[YKVJQTCNDTGCVJKPICPFVJGKPXGTUGEQTTGNCVKQPQHVQVCN46WRVCMGGHHKEKGPE[YKVJHCTGEQPUKUVGPVYKVJVJQUGQH)GTTKV[GVCN(WTVJGTOQTGVJGFCVCQPVQVCN46WRVCMGCTGEQPUKUVGPVQXGTCNNYKVJVJCVQH)GTTKV[GVCN6JGFCVCHTQO)GTTKV[GVCNTGRQTVKPIVQVCN46WRVCMGGHHKEKGPEKGUQHCDQWVYGTGDCUGFQPOKPKOWORNCVGCWOGCUWTGOGPVUVJWUTGHNGEVKPIWRVCMGFWTKPIUVGCF[UVCVGHNQYEQPFKVKQPUCUQRRQUGFVQVJGE[ENKECNEQPFKVKQPUQHCEVWCNDTGCVJKPI6JGFCVCQH)GTTKV[GVCNQPVJGQVJGTJCPFKPYJKEJVQVCN46GHHKEKGPEKGUQHYGTGTGRQTVGFYGTGQDVCKPGFD[KPVGITCVKPIVJGRTQFWEVQHEQPEGPVTCVKQPCPFHNQYVJWUOQTGCEEWTCVGN[TGHNGEVKPIVJGCEVWCNOCUUWRVCMGQH1 FWTKPI 

### E[ENKECNDTGCVJKPIYJGP)GTTKV[GVCNEQORWVGFWRVCMGWUKPIVJGOGVJQFQNQI[HTQO)GTTKV[GVCNVJG[HQWPFVJCVVJGVQVCN46WRVCMGOGCUWTGOGPVUYGTGEQORCTCDNG6JWUVQVCN46OCUUWRVCMGGHHKEKGPEKGUCVTGUVQHCTGPQVWPTGCUQPCDNG*W*WGVCNDCPF7NVOCPGVCNVQQMCFKHHGTGPVCRRTQCEJVQOGCUWTKPITGURKTCVQT[VTCEVWRVCMGQH1 6JG[GZRNQKVGFVJGFGXGNQROGPVQHC 

### TCRKFTGURQPFKPI1 CPCN[\GT$GP,GDTKCCPF7NVOCP$GP,GDTKCGVCNVQ 

### OGCUWTGVJGTGEQXGT[QHUOCNNDQNWUGUQH1 FGNKXGTGFVQFKHHGTGPVXQNWOGVTKEFGRVJUQHVJG46

### 1\QPGWRVCMGYCUOGCUWTGFKPCUGVQHHQWTGZRGTKOGPVU+PVJGDCUGNKPGGZRGTKOGPVUCDUQTRVKQPQH1 DQNWUGUYCUOGCUWTGFKPJGCNVJ[OCNGUWDLGEVUCVTGUV6JG1 DQNWUGUYGTG  

### O.KPUK\GYKVJCRGCMEQPEGPVTCVKQPQHRRO6JG1 CPCN[\GTEJCTCEVGTKUVKEUYGTG 

### UCORNGHNQYQHO.OKPOGVJ[NDWVGPGCUTGCEVKXGCNMGPGVQUVGRTGURQPUGVKOGQHOUCPFNQYGTFGVGEVKQPNKOKVRRD+PVJGDCUGNKPGGZRGTKOGPVUVJG8 YCU 6

### O.CPFVJGKPURKTCVQT[CPFGZRKTCVQT[HNQYTCVGUYGTGO.U+PCEQORNGVGUGVQHOGCUWTGOGPVUDQNWUTGEQXGT[YCUGZCOKPGFHQTRGPGVTCVKQPUQHVQO.KPO.KPETGOGPVU+PVJGUGEQPFUGVQHGZRGTKOGPVUVJGGHHGEVUQHHNQYYGTGOGCUWTGFD[OGCUWTKPIDQNWUTGEQXGT[CUCHWPEVKQPQHRGPGVTCVKQPFGRVJHQTHNQYUQHCPFO.UCVCHKZGF8 QHO.+PCVJKTFUGVQHGZRGTKOGPVUDQNWUTGEQXGT[YCU 6

### OGCUWTGFCUCHWPEVKQPQHRGPGVTCVKQPFGRVJCVCHNQYQHO.UCPFC8 QHO.VJG 6

### DQNWUFGNKXGTGFVQCTWDDGTOQWVJRKGEGQTVQCPCUCNECPPWNCYCUEQORCTGFVJGTGD[GZCOKPKPI

### 8-12RQVGPVKCNWRVCMGFKHHGTGPEGUDGVYGGPVJGVYQRCVJYC[U+PVJGHQWTVJUGVQHGZRGTKOGPVUVJGGHHGEVUQH1 EQPEGPVTCVKQPQPWRVCMGYGTGFGVGTOKPGFD[FGNKXGTKPIDQNWUGUYKVJRGCM 

### EQPEGPVTCVKQPUQHCPFRRO6JGNCVVGTGZRGTKOGPVUYGTGEQPFWEVGFDGECWUGCEWVGUVWFKGUKPKUQNCVGFFQICKTYC[UUJQYGFVJCVCDUQTRVKQPGHHKEKGPE[YCUKPXGTUGN[TGNCVGFVQKPJCNGFEQPEGPVTCVKQPDGVYGGPCPFRRO8CWIJCPGVCN;QMQ[COCCPF(TCPM*QYGXGTNCVGTGZRGTKOGPVUKPIWKPGCRKIUTCDDKVU/KNNGTGVCNCPFJWOCPU)GTTKV[GVCNUJQYGFCNCEMQHEQPEGPVTCVKQPFGRGPFGPEGKORN[KPICNKPGCTTGNCVKQPUJKRDGVYGGPEQPEGPVTCVKQPCPFFQUG6JGFGRGPFGPEGQTNCEMQHFGRGPFGPEGQHWRVCMGGHHKEKGPE[QP1 EQPEGPVTCVKQPRTQXKFGUKPHQTOCVKQPQPVJGQTFGTQHTGCEVKQPUQH1 YKVJNWPI  

### HNWKFNKPKPICPFVKUUWG7PFGTUVGCF[UVCVGEQPFKVKQPUEQPEGPVTCVKQPKPFGRGPFGPEGQHWRVCMGGHHKEKGPE[UWIIGUVUVJCVHKTUVQTFGTRTQEGUUGURNC[CTQNG*QYGXGTDGECWUG1 CDUQTRVKQPKU 

### EQWRNGFVQDQVJKPVGTHCEKCNVTCPUHGTICURJCUGVQUQNWVG1 CPFUWDUGSWGPVTGCEVKQPCVHCEG 

### XCNWGVJGEQPENWUKQPECPPQVDGTGCEJGFVJCVUCVWTCVGFCDUQTRVKQPTCVGUCTGUQNGN[FWGVQUCVWTCVKQPQHVJGTGCEVKQPEQORQPGPVU+PCNNHQWTGZRGTKOGPVU*WCPFEQNNGCIWGUEQORWVGFVJGHKTUVVJTGGOQOGPVUQHVJGKPURKTGFCPFGZRKTGFDQNWUFKUVTKDWVKQPUYKVJTGURGEVVQXQNWOG6JG\GTQVJOQOGPVQHCDQNWUKUVJG1 OCUUEQPVCKPGFKPVJGDQNWU6JWUVJG\GTQVJOQOGPVUQHVJGKPURKTGFCPFGZRKTGF 

### DQNWUGUYGTGWUGFVQEQORWVG1 WRVCMGGHHKEKGPE[QTCDUQTDGFHTCEVKQPDTGCMVJTQWIJ 

### XQNWOGVJGOGCPXQNWOGQHVJGGZJCNGFDQNWUCPFDQNWUFKURGTUKQP6JGHKTUVOQOGPVQHCDQNWUKUKVUOGCPXQNWOGVTKERQUKVKQP6JGHKTUVOQOGPVQPKPURKTCVKQPIKXGUVJGRGPGVTCVKQPXQNWOG8 CPFVJGHKTUVOQOGPVQPGZRKTCVKQPIKXGUVJGDTGCMVJTQWIJXQNWOG8 +PVJG
R $

### CDUGPEGQHCP[1 WRVCMGCNQPIKVWFKPCNN[OKZGFDQNWUUJQWNFJCXG8 8 6JGUGEQPF  $ R

### OQOGPVQHCDQNWUKUKVUXCTKCPEG6JGFKHHGTGPEGKPXCTKCPEGDGVYGGPVJGGZRKTGFCPFKPURKTGFDQNWUKUCOGCUWTGQHICUOKZKPIQTFKURGTUKQPKPVJGNWPI 

### +PVJGDCUGNKPGGZRGTKOGPVUVJGDTGCVJKPIRCVVGTPYCUCTGUVKPIRCVVGTPYKVJC8 QH 6

### O.CPFCPCXGTCIGKPURKTCVQT[HNQYQHO.U6JGUGGZRGTKOGPVUYGTGRGTHQTOGFQPPKPGOCNGUWDLGEVUCPFUJQYGFVJCVCNOQUVCNN1 YCUCDUQTDGFDG[QPFCRGPGVTCVKQPFGRVJQH 

### O.1PN[CDQWVQHKPJCNGF1 YCUTGEQXGTGFCVVJGO.RGPGVTCVKQPFGRVJCPF 

### DG[QPFVJCVFGRVJKVYCUXGT[FKHHKEWNVVQQDVCKPCPCEEWTCVGOGCUWTGOGPVQHTGEQXGT[6JGKPXGUVKICVQTUCNUQHQWPFVJCV8 YCUITGCVGTVJCP8 CVRGPGVTCVKQPFGRVJUNGUUVJCPO. $ R

### CHVGTYJKEJ8 NGXGNGFQWVCVCEQPUVCPVXCNWG&KURGTUKQPYCUKPUGPUKVKXGVQRGPGVTCVKQPFGRVJ$

### #PKORQTVCPVHKPFKPIQHVJGDCUGNKPGGZRGTKOGPVYCUVJCVCVSWKGVTGUVKPIXGPVKNCVKQPCDQWVQHVJG1 OCUUKPCDQNWUKPJCNGFVJTQWIJVJGWRRGTCKTYC[UKUVCMGPWRD[VJGWRRGT 

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
R

### EWTXGUYKVJKPETGCUKPIHNQYKGKPETGCUKPIHNQYECWUGUCFGGRGTRGPGVTCVKQPQH1 KPVQVJG 

### NWPIYKVJNQYGTHTCEVKQPCNWRVCMGD[VJGEQPFWEVKPICKTYC[U'XGPVWCNN[CNNQHVJG1 KUUVKNN 

### CDUQTDGF$TGCMVJTQWIJXQNWOGUJQYGFCUKOKNCTRCVVGTPCVCNNHNQYUKGITGCVGTVJCPRGPGVTCVKQPXQNWOGCVUOCNN8 DWVHNCVVGPKPIQWVCVNCTIGT8 #UHNQYKPETGCUGFVJGNGXGNQH
R R

### 8-13VJGRNCVGCWKPETGCUGF&KURGTUKQPCNVJQWIJEQPUVCPVCUCHWPEVKQPQH8 CVCNNHNQYUKPETGCUGF
R

### NKPGCTN[YKVJKPETGCUKPIHNQY6JGUVWFKGUQH*WCPFEQNNGCIWGUKPXGUVKICVKPIVJGTQNGQHGZRQUWTGTQWVGKPOQFWNCVKPI1 WRVCMGGHHKEKGPEKGUTGRQTVGFVJCVVJGPQUGCDUQTDGFCRRTQZKOCVGN[OQTG 

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



### EQPEGPVTCVKQPFGRGPFGPEGUVWFKGUUJQYGFVJCVWRVCMGGHHKEKGPE[YCUPQVCHHGEVGFD[VJGEQPEGPVTCVKQPQHKPURKTGF1 DGVYGGPVQRROKORN[KPIVJCV1 WRVCMGKUIQXGTPGFD[  

### NKPGCTRTQEGUUGU1PGQHVJGXGT[WPKSWGHGCVWTGUQHVJGCRRTQCEJVQOGCUWTKPIWRVCMGGHHKEKGPE[VCMGPD[*WCPFEQNNGCIWGUKUVJCVVJG1 DQNWUTGEQXGT[FCVCECPDGWUGFVQFGTKXGNQECNOCUU 

### VTCPUHGTEQGHHKEKGPVUHQTVJGEQPFWEVKPICKTYC[U4GIKQPCNOCUUVTCPUHGTEQGHHKEKGPVUFGTKXGFGZRGTKOGPVCNN[KPVJKUYC[ECPVJGPDGWUGFCUKPRWVKPVQOCVJGOCVKECNOQFGNUKOWNCVKQPUVJGTGD[RQVGPVKCNN[NGCFKPIVQOQTGCEEWTCVGOQFGNUQH1 FQUGVQVJG46 

### *WCPFEQNNGCIWGUFGHKPGVJGRCTCOGVGT-CRGTUGEQPFCUQPGVJCVKUUWKVCDNGVQEJCTCEVGTK\GNQECN1 CDUQTRVKQP+VKUVJGRTQFWEVQHVJGQXGTCNN-EGPVKOGVGTURGTUGEQPF 

### YJKEJTGHNGEVUVJGEQODKPGFEQPVTKDWVKQPQHFKHHWUKQPCPFEJGOKECNTGCEVKQPVQWRVCMGCPFVJGNQECNUWTHCEGXQNWOGTCVKQCRGTEGPVKOGVGT(TQOVJG8 EWTXGUVJGUGKPXGUVKICVQTU
R

### FGTKXGFXCNWGUHQT-C6JWUVJGGZRGTKOGPVCNN[FGTKXGFOCUUVTCPUHGTEQGHHKEKGPVUFGRGPFGFQPCUUWORVKQPUCDQWVCKTYC[CPCVQO[CPFOQTRJQNQI[#UCTGUWNVQHVJGXCTKQWUGZRGTKOGPVUVJGUGKPXGUVKICVQTUHQWPFCPWODGTQHKORQTVCPVRTQRGTVKGUQH-C

i 6JGRTQZKOCNUWDEQORCTVOGPVQHVJGPQUGJCUC-CVJCVKUNCTIGTVJCPVJG-CHQTVJGRTQZKOCNOQWVJEQORCTVOGPVUGGJQYGXGTVJGEQOOGPVOCFGCDQXGTGICTFKPIVJGPQUGOQWVJFKHHGTGPEGU

i -C	UKPVJGWRRGTCKTYC[EQORCTVOGPVYGTGDGVYGGPCPFUCPFTGNCVKXGN[KPUGPUKVKXGVQHNQYKPFKECVKPIVJCVFKHHWUKQPTGUKUVCPEGQH1 VJTQWIJVJG 

### ICUDQWPFCT[NC[GTKUOWEJNGUUVJCPVJTQWIJVJGOWEWUHKNO6JGUGFCVCCNUQCTGEQPUKUVGPVYKVJVJGRKICPFUJGGRVTCEJGCGGZRGTKOGPVUQH$GP,GDTKCGVCN 

i +PVJGRTQZKOCNCPFFKUVCNEQPFWEVKPICKTYC[UWDEQORCTVOGPVU-C YCU 

### NKPGCTN[TGNCVGFVQHNQY UWIIGUVKPIVJCVVJGICURJCUGCDUQTRVKQPTCVGEQPUVCPV 

### KUFKTGEVN[RTQRQTVKQPCNVQHNQY+PNQYGTCKTYC[UVJGTGHQTGFKHHWUKQPTGUKUVCPEGQHVJGICUDQWPFCT[NC[GTKUKORQTVCPV*WCPFEQNNGCIWGUEQPENWFGFVJCVVJGICUDQWPFCT[NC[GTEQPVTKDWVGUVQQHVJGQXGTCNNFKHHWUKQPTGUKUVCPEGKPVJGEGPVTCNCKTYC[EQORCTVOGPV

i 6JGOCUUVTCPUHGTEQGHHKEKGPVKPVJGNWPINKSWKFNKPKPIKUGUVKOCVGFVQHCNNHTQOEOUKPVJG746VQEOUKPVJGTGURKTCVQT[CKTYC[U

i 6JGEJGOKECNTGCEVKQPTCVGDGVYGGP1 CPFVJGNWPINKSWKFNKPKPIYCUGUVKOCVGFVQ 

### DG¥ U¥ UCPF¥ UKPVJGWRRGTCKTYC[URTQZKOCN  

### EQPFWEVKPICKTYC[UCPFFKUVCNEQPFWEVKPICKTYC[UTGURGEVKXGN[

### 8-14 i 6JGQXGTCNNOCUUWRVCMGEQGHHKEKGPVUFGVGTOKPGFKPVJGYQTMQH*WCTGUKIPKHKECPVN[JKIJGTVJCPVJQUGWUGFKPVJGOQFGNQH/KNNGTGVCN+HVJGOCUUVTCPUHGTEQGHHKEKGPVUKPVJGOQFGNCTGCFLWUVGFWRYCTFVJGVQVCNWRVCMGGHHKEKGPE[YQWNFDGJKIJGTVJCPOGCUWTGOGPVUJCXGUJQYPTGSWKTKPICFQYPYCTFCFLWUVOGPVQHRWNOQPCT[TGIKQPOCUUVTCPUHGTEQGHHKEKGPVU)GTTKV[GVCNVQQMCUQOGYJCVOQTGEQPXGPVKQPCNCRRTQCEJKPCPCVVGORVVQCESWKTGTGIKQPCNKPHQTOCVKQPQP1 CDUQTRVKQPKPVJGJWOCP46*GCNVJ[UWDLGEVUWPFGTYGPV 

### VTCPUPCUCNDTQPEJQUEQR[YJKNGKPCPGZRQUWTGEJCODGTKPYJKEJRRO1 YCURTGUGPV

### 5WDLGEVUYGTGCUMGFVQDTGCVJGCVDRO+PURKTGFCPFGZRKTGFCKTYCUUCORNGFVJTQWIJC6GHNQPECVJGVGTVJCVJCFDGGPRCUUGFVJTQWIJVJGDKQRU[EJCPPGNQHVJGDTQPEJQUEQRGCPFRQUKVKQPGFCRRTQZKOCVGN[KPVJGEGPVGTQHVJGCKTYC[NWOGP6JGCKTYCUFTCYPKPVQCTCRKFTGURQPUG1 CPCN[\GT$GP,GDTKCCPF7NVOCP$GP,GDTKCGVCNYKVJC 

### TGURQPUGVKOGQHO.UYJKNGWUKPIGVJ[NGPGCUVJGTGCEVKXGCNMGPG#XGTCIG8 YCU 6

### O.CPFCXGTCIGKPURKTCVQT[HNQYYCUO.U#KTYCUUCORNGFHQTHKXGDTGCVJUHTQOCDQXGVJGXQECNEQTFUCVVJGGPVTCPEGVQVJGVTCEJGCCDQXGVJGOCKPDKHWTECVKQPECTKPCCPFOKFYC[VJTQWIJVJGDTQPEJWUKPVGTOGFKWU(NQYYCUOGCUWTGFUKOWNVCPGQWUN[D[CRPGWOQVCEJCVVCEJGFVQCUKORNGE[NKPFTKECNOQWVJRKGEG$GHQTGCPFCHVGTGCEJOGCUWTGOGPVCUGVQHUCORNGUHTQOVJGOQWVJYCUEQNNGEVGFHQTTGHGTGPEG7RVCMGYCUFGHKPGFCUVJGHTCEVKQPQH1 OCUUNQUVCETQUUCP[CPCVQOKECNUGIOGPVOCUUYCUFGVGTOKPGFD[KPVGITCVKPI 

### VJGRTQFWEVQH1 EQPEGPVTCVKQPCPFHNQY$[YC[QHEQORCTKUQPYKVJVJGQVJGTJWOCP1  

### WRVCMGUVWFKGU)GTTKV[GVCNHQWPFVJCVVQVCN46WRVCMGQH1 OGCUWTGFKPVJKUHCUJKQP 

### YCU6JKUKUJKIJGTVJCPVJGTGUVKPIFCVCQH9KGUVGTGVCNJQYGXGTVJGCXGTCIG8 KPVJKUUVWF[QHO.EQORCTGFYKVJVJGO.86TGRQTVGFD[9KGUVGTGVCN

6

### OC[CEEQWPVHQTVJKUFKHHGTGPEG9JGP)GTTKV[GVCNEQORWVGFVJGWPKFKTGEVKQPCNWRVCMGGHHKEKGPEKGUDGVYGGPVJGOQWVJCPFVJGXCTKQWUUCORNKPIUKVGUVJG[HQWPFVJCVCPFQHVJG1 RCUUKPIKPVQVJGOQWVJKUVCMGPWRD[UVTWEVWTGUWRVQVJG 

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

### VTCEJGCKUKPNKPGYKVJVJGFCVCHTQOUJGGRCPFRQTEKPGVTCEJGCGCVVJGJKIJGTHNQYTCVGU$GP,GDTKCGVCN6JGRTGUGPVFCVCCTGCNUQEQPUKUVGPVYKVJVJGDQNWUWRVCMGFCVCQH*WCPFEQNNGCIWGUYJKEJCNUQYGTGCESWKTGFYKVJCOQWVJRKGEG9JGPVJG1 DQNWUFCVC 

### CTGWUGFVQEQORWVGWPKFKTGEVKQPCNWRVCMGGHHKEKGPEKGUCUUWOKPIVJCVVJGUGIOGPVCNGHHKEKGPEKGUCTGVJGUCOGQPKPURKTCVKQPCPFGZRKTCVKQPVJG*WGVCNDFCVC[KGNFWRVCMGGHHKEKGPEKGUQHCPFDGVYGGPVJGOQWVJCPFVJGXQECNEQTFUVJGWRRGTVTCEJGCVJGOCKPDKHWTECVKQPECTKPCCPFVJGDTQPEJWUKPVGTOGFKWUTGURGEVKXGN[6JG1 DQNWUFCVCCTG 

### VJGTGHQTGKPIQQFCEEQTFYKVJVJGFCVCQH)GTTKV[GVCN6JGOGCUWTGFWRVCMGGHHKEKGPEKGUCETQUUCKTYC[UGIOGPVUENGCTN[CRRGCTVQDGJKIJGTVJCPVJQUGRTGFKEVGFD[VJGOQFGNQH/KNNGTGVCN+HJKIJGTWRVCMGEQGHHKEKGPVUKPVJGEQPFWEVKPICKTYC[UYGTGWUGFKPVJGOQFGNQH/KNNGTGVCNVJGOQFGNYQWNFQXGTGUVKOCVGVQVCN461 WRVCMG

### 8-156QCFLWUVHQTVJKURWNOQPCT[WRVCMGEQGHHKEKGPVUYQWNFJCXGVQDGTGFWEGF7PHQTVWPCVGN[VJGFCVCQH*WCPFCUUQEKCVGUECPPQVRTQXKFGKPHQTOCVKQPDG[QPFVJGEQPFWEVKPICKTYC[U)GTTKV[GVCNCNUQOGCUWTGF1 YCUJQWVXQNWOGUKGVJGGZRKTGFXQNWOGU 

### TGSWKTGFVQECWUGCURGEKHKGFFTQRKP1 EQPEGPVTCVKQP6JKUV[RGQHFCVCRTQXKFGUKPUKIJVKPVQ 

### VJGNQECVKQPQHOCLQTUKVGUQH1 WRVCMG#VVJGOQWVJVJGYCUJQWVXQNWOGYCUO. 

### CPFCVVJGWRRGTVTCEJGCVJGYCUJQWVXQNWOGYCUO.$[VJGVKOGVJGGPVKTGCPCVQOKECNFGCFURCEGQHVJGNWPIUYCUYCUJGFQWVVJG1 EQPEGPVTCVKQPJCFHCNNGPVQ\GTQ 

### )GTTKV[GVCN+VKUWPENGCTYJGVJGTVJGCDUGPEGQHTGEQXGTGF1 CHVGTYCUJQWVQHVJG 

### EQPFWEVKPICKTYC[UYCUFWGVQ1 PQVRGPGVTCVKPIDG[QPFVJGEQPFWEVKPICKTYC[UQTVQCNNQH 

### VJG1 VJCVRGPGVTCVGFDG[QPFVJGEQPFWEVKPICKTYC[UDGKPICDUQTDGF6JGNCVVGTRQUUKDKNKV[KU 

### OQTGNKMGN[DCUGFQPVJGQDUGTXCVKQPUQH*W+PCUUGUUKPIVJGYQTMQH)GTTKV[GVCNKVKUUKIPKHKECPVVQPQVGVJCVVJGUGKPXGUVKICVQTUOGCUWTGFGZRKTGFRNCVGCWUQH1 EQPEGPVTCVKQPVJCVYGTG\GTQ6JKUEQPVTCUVU 

### YKVJVJGGCTNKGTYQTMQH)GTTKV[GVCNKPYJKEJCPQP\GTQGZRKTCVQT[RNCVGCWYCUQDUGTXGF6JGPQP\GTQGZRKTCVQT[RNCVGCWOC[JCXGDGGPFWGVQCPWODGTQHHCEVQTUVJCVCTGWPENGCT$GECWUGGVJ[NGPGYCUVJGTGCEVKPICNMGPGKPCNNECUGUKVKUWPNKMGN[VJCVKPVGTHGTGPEGYKVJQVJGTICUGUUWEJCUECTDQPFKQZKFG%1 YCUTGURQPUKDNG#PQVJGTRQUUKDKNKV[KUVJCV1  

### KPVJGGCTN[GZRKTCVQT[RJCUGDGECOGGPVTCKPGFKPVJGRQUVGTKQTQTQRJCT[PZCPFRGTUKUVGFHQTVJGFWTCVKQPQHGZRKTCVKQP

 +PVGTEQORCTKUQPQH1\QPG&QUKOGVT[5VWFKGU6JGRTGXKQWUUGEVKQPUGORJCUK\GFVJGOGVJQFUCPFTGUWNVUQHKPFKXKFWCNGZRGTKOGPVCNUVWFKGUQP1 FQUKOGVT[6JKUUGEVKQPYKNNHQEWUQPEQORCTKUQPUQHVJGKPXKXQ 

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

### CPKOCNQTJWOCPUWDLGEVQTVQOGCUWTGHNQY6JGUGEQPFECVGIQT[KUVJGOGVJQFWUGFVQEQORWVG1 WRVCMGGHHKEKGPE[6JGTGCTG 

### GUUGPVKCNN[VYQOGVJQFU1PGOGVJQFTGHGTTGFVQCUVJGUVGCF[UVCVGOGVJQFTGNKGUQPOGCUWTKPIVJGNQUUQH1 HTQOCUVGCF[CKTHNQYOQXKPICETQUUCPCPCVQOKECNUVTWEVWTG

### #PGZCORNGKUVJGFCVCQH;QMQ[COCCPF(TCPMKPYJKEJCEQPUVCPVHNQYQHQ\QPCVGFCKTVJTQWIJVJG746QHCFQIYCUOCKPVCKPGFD[CVTCEJGCNECPWNCCVVCEJGFVQCRWOR7RVCMGGHHKEKGPE[YCUOGCUWTGFD[EJCPIGUKPGSWKNKDTKWO1 EQPEGPVTCVKQP#PQVJGTGZCORNGKUVJG 

### UVWF[QH)GTTKV[GVCNYJKEJWUGFVJGUVGCF[UVCVGOGVJQFD[OGCUWTKPIVJGRGCMKPURKTCVQT[CPFOKPKOWOGZRKTCVQT[1 EQPEGPVTCVKQPUVJTQWIJCECVJGVGTKPVJGRQUVGTKQT 

### RJCT[PZ6JGUGOGCUWTGOGPVUYGTGEQORCTGFVQVJGCODKGPVEJCODGTEQPEGPVTCVKQPVQQDVCKPWRVCMGGHHKEKGPEKGUQHVJG746CPF.466JGUGEQPFOGVJQFKUTGHGTTGFVQCUVJGPQPUVGCF[UVCVGOGVJQF6JKUOGVJQFWUGUVJGKPVGITCVKQPQHVJGRTQFWEVQHHNQYCPF1 EQPEGPVTCVKQPVQ 

### EQORWVG1 OCUUGUVJCVKPVWTPCTGWUGFVQEQORWVG 

### 8-166CDNG6QVCN4GURKTCVQT[6TCEV7RVCMG&CVC C

5RGEKGU /QWVJ0QUG /GVJQF 8 
O. (NQY 
O.U H 
DRO ( 4GHGTGPEG 6 +PURKTCVQT[

D

V

*WOCP / 5VGCF[     )GTTKV[ GV CN 
 E

*WOCP 0 5VGCF[     )GTTKV[ GV CN 


*WOCP /0 5VGCF[     )GTTKV[ GV CN 


*WOCP /0 5VGCF[     )GTTKV[ GV CN 


*WOCP / 0QPUVGCF[     )GTTKV[ GV CN 
 E

*WOCP / 0QPUVGCF[     )GTTKV[ GV CN 


*WOCP / 5VGCF[     )GTTKV[ GV CN 


*WOCP / 5VGCF[     )GTTKV[ GV CN 


*WOCP /QWVJRKGEG 0QPUVGCF[     )GTTKV[ GV CN 


*WOCP / 0QPUVGCF[     9KGUVGT GV CN 


*WOCP 0 0QPUVGCF[     9KGUVGT GV CN 


*WOCP /QWVJRKGEG 0QPUVGCF[     *W GV CN 
D

*WOCP /QWVJRKGEG 0QPUVGCF[     *W GV CN 
D

4CV 
( 0 0QPUVGCF[     9KGUVGT GV CN 


4CV 
5& 0 0QPUVGCF[     9KGUVGT GV CN 


4CV 
.QPI'XCPU 0 0QPUVGCF[     9KGUVGT GV CN 


4CV 
( 0 0QPUVGCF[     *CVEJ GV CN 


)WKPGC RKI 0 0QPUVGCF[     9KGUVGT GV CN 


5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU /  OQWVJ GZRQUWTG D[ PCVWTCN DTGCVJKPI  0  PCUCN GZRQUWTG D[ PCVWTCN DTGCVJKPI C /0  RQQNGF FCVC HTQO OQWVJ CPF PCUCN GZRQUWTG /QWVJRKGEG  GZRQUWTG D[ OQWVJRKGEG 5VGCF[  WRVCMG EQORWVGF FWTKPI EQPUVCPV WPKFKTGEVKQPCN HNQY 0QPUVGCF[  WRVCMG EQORWVGF D[ KPVGITCVKQP FWTKPI E[ENKE DTGCVJKPI (  VQVCN 46 WRVCMG

V H KU GKVJGT OGCUWTGF QT KU EQORWVGF HTQO TGRQTVGF HNQYU CPF XQNWOGU D
6QVCN 46 WRVCMG TGRQTVGF D[ )GTTKV[ GV CN 
 CPF )GTTKV[ GV CN 
 FKF PQV KPENWFG VJG EQPVTKDWVKQP HTQO 746 WRVCMG GHHKEKGPE[ E FWTKPI GZRKTCVKQP 6JG FCVC KPENWFG CP GZRKTCVQT[ 746 EQPVTKDWVKQP CUUWOKPI KV GSWCNU KPURKTCVQT[ 746 WRVCMG GHHKEKGPE[



### WRVCMG6JGUVWFKGUQH9KGUVGTGVCNKPTQFGPVUCPF9KGUVGTGVCNKPJWOCPUCTGGZCORNGUQHVJKUVGEJPKSWGCUKUVJGUVWF[QH)GTTKV[GVCN

6QVCN4GURKTCVQT[6TCEV7RVCMG'HHKEKGPE[6CDNGRTQXKFGUCUWOOCT[QHKPXKXQFCVCKPCNNCPKOCNURGEKGUQHTGURKTCVQT[VTCEV1 WRVCMGGHHKEKGPE[( 6JGFCVCTGRQTVGFHQTVJGUVWFKGUQH)GTTKV[GVCN  V

### JCXGDGGPCFLWUVGFHTQOVJGRWDNKUJGFXCNWGUVQCEEQWPVHQTVJGHCEVVJCVVJG( EKVGFKPVJQUG

V

### RCRGTUFKFPQVKPENWFGWRVCMGKPVJG746QPGZRKTCVKQP6QOCMGVJGCFLWUVOGPVVJG746WRVCMGGHHKEKGPE[QPGZRKTCVKQPYCUCUUWOGFVQGSWCNVJGKPURKTCVQT[WRVCMGGHHKEKGPE[6JG( FCVCNKUVGFHQTVJGUVWF[QH*WGVCNDYGTGFGTKXGFHTQOVJGKTDQNWUTGEQXGT[FCVCD[

V

### KPVGITCVKPIVJGFCVCQXGTVJGFGUKTGF8 $GECWUG*WGVCNDEQWNFPQVTGEQXGTDQNWUGU 6

### HTQOCFGRVJITGCVGTVJCPO.KVYCUCUUWOGFVJCVCP[DQNWUFGNKXGTGF### 8-176CDNG7PKFKTGEVKQPCN7RRGT4GURKTCVQT[6TCEV7RVCMG'HHKEKGPE[&CVC C

5RGEKGU /QWVJ0QUG /GVJQF (NQY 
O.U H 
DRO ( 4GHGTGPEG +PURKTCVQT[

D

WTV

*WOCP / 5VGCF[    )GTTKV[ GV CN 


*WOCP 0 5VGCF[    )GTTKV[ GV CN 


*WOCP /0 5VGCF[    )GTTKV[ GV CN 


*WOCP /0 5VGCF[    )GTTKV[ GV CN 


*WOCP / 0QPUVGCF[    )GTTKV[ GV CN 


*WOCP / 0QPUVGCF[    )GTTKV[ GV CN 


*WOCP / 5VGCF[    )GTTKV[ GV CN 


*WOCP / 5VGCF[    )GTTKV[ GV CN 


*WOCP /QWVJRKGEG 0QPUVGCF[    )GTTKV[ GV CN 


*WOCP /QWVJRKGEG 0QPUVGCF[    7NVOCP GV CN 


*WOCP /QWVJRKGEG 0QPUVGCF[    7NVOCP GV CN 


&QI 
DGCING 0CUCN ECPWNC 5VGCF[  0#  ;QMQ[COC CPF (TCPM 
 E

&QI 
DGCING 0CUCN ECPWNC 5VGCF[  0#  ;QMQ[COC CPF (TCPM 


&QI 
DGCING /QWVJRKGEG 5VGCF[  0#  ;QMQ[COC CPF (TCPM 


&QI 
DGCING /QWVJRKGEG 5VGCF[  0#  ;QMQ[COC CPF (TCPM 


4CV 
( 0 0QPUVGCF[    *CVEJ GV CN 


)WKPGC RKI 0 5VGCF[  0#  /KNNGT GV CN 


4CDDKV 0 5VGCF[  0#  /KNNGT GV CN 


5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU /  OQWVJ GZRQUWTG D[ PCVWTCN DTGCVJKPI  0  PCUCN GZRQUWTG D[ PCVWTCN DTGCVJKPI C /0  RQQNGF FCVC HTQO OQWVJ CPF PCUCN GZRQUWTG /QWVJRKGEG  GZRQUWTG D[ OQWVJRKGEG 0CUCN ECPWNC  GZRQUWTG D[ PCUCN ECPWNC 5VGCF[  WRVCMG EQORWVGF FWTKPI EQPUVCPV WPKFKTGEVKQPCN HNQY 0QPUVGCF[  WRVCMG EQORWVGF D[ KPVGITCVKQP FWTKPI E[ENKE DTGCVJKPI (  VQVCN 46 WRVCMG

V H KU GKVJGT OGCUWTGF QT KU EQORWVGF HTQO HNQYU CPF 8  D

6 0#  PQV CRRNKECDNG E



### VQCFGRVJITGCVGTVJCPO.YCUCDUQTDGFEQORNGVGN[6JGFGTKXCVKQPQH( HTQOVJGDQNWU

V

### FCVCYCUFQPGHQT8 UQHCPFO.6

### 6QCUUGUUVJGEQPUKUVGPE[QHVJGFCVCKVKUWUGHWNVQGZCOKPGKVCUCHWPEVKQPQHHNQY(KIWTGUJQYU( CUCHWPEVKQPQHKPURKTCVQT[HNQYHQTCNNJWOCPUVWFKGU6JG( HTQOVJG

V V

### DQNWUTGEQXGT[FCVCQH*WGVCNCTGUJQYPHQT8 UQHCPFO.#P 6

### QXGTXKGYQHVJGFCVCUWIIGUVUVJCVYKVJTGURGEVVQ( VJGTGKUIQQFCITGGOGPVCOQPIVJG

V

### XCTKQWUGZRGTKOGPVCNOGVJQFUHQTJWOCPU6JGFCVCENGCTN[UJQYVJCV( FGETGCUGUYKVJ

V

### KPETGCUKPIHNQYCPFKPETGCUGUYKVJKPETGCUKPI8 DQVJQHYJKEJCTGSWCNKVCVKXGN[EQPUKUVGPV 6

### YKVJOQFGNRTGFKEVKQPU1PGQDUGTXCVKQPKUSWKVGRTQOKPGPVVJGTCVFCVCQH9KGUVGTGVCNCPF*CVEJGVCNPQVUJQYPKP(KIWTGCTGEQPUKFGTCDN[NQYGTVJCPVJGJWOCPFCVC'XGPKHKVKUCUUWOGFVJCVVJGTCVUYGTGDTGCVJKPIWRVQVJTGGVKOGUTGUVKPIXGPVKNCVKQP### 8-186CDNG.QYGT4GURKTCVQT[6TCEV7RVCMG'HHKEKGPE[&CVC C

5RGEKGU /QWVJ0QUG /GVJQF 8 
O.U (NQY 
O.U H 
DRO ( 4GHGTGPEG 6 +PURKTCVQT[

D
NTV

*WOCP /0 5VGCF[     )GTTKV[ GV CN 


*WOCP /0 5VGCF[     )GTTKV[ GV CN 


*WOCP / 0QPUVGCF[     )GTTKV[ GV CN 


*WOCP / 0QPUVGCF[     )GTTKV[ GV CN 


*WOCP / 5VGCF[     )GTTKV[ GV CN 


*WOCP / 5VGCF[     )GTTKV[ GV CN 


*WOCP /QWVJRKGEG 0QPUVGCF[     )GTTKV[ GV CN 


*WOCP /QWVJRKGEG 0QPUVGCF[     *W GV CN 
D

*WOCP /QWVJRKGEG 0QPUVGCF[     *W GV CN 
D

&QI 
DGCING 0# 0QPUVGCF[     ;QMQ[COC CPF (TCPM E 

&QI 
DGCING 0# 0QPUVGCF[     ;QMQ[COC CPF (TCPM 

4CV 
( 0 0QPUVGCF[     *CVEJ GV CN 


5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU /  OQWVJ GZRQUWTG D[ PCVWTCN DTGCVJKPI  0  PCUCN GZRQUWTG D[ PCVWTCN DTGCVJKPI C /0  RQQNGF FCVC HTQO OQWVJ CPF PCUCN GZRQUWTG /QWVJRKGEG  GZRQUWTG D[ OQWVJRKGEG 0CUCN ECPWNC  GZRQUWTG D[ PCUCN ECPWNC 5VGCF[  WRVCMG EQORWVGF FWTKPI EQPUVCPV WPKFKTGEVKQPCN HNQY 0QPUVGCF[  WRVCMG EQORWVGF D[ KPVGITCVKQP FWTKPI E[ENKE DTGCVJKPI (  VQVCN 46 WRVCMG

V H KU GKVJGT OGCUWTGF QT KU EQORWVGF HTQO HNQYU CPF 8  D

6 0#  PQV CRRNKECDNG E



### GSWKXCNGPVVQCPKPURKTCVQT[HNQYKPJWOCPUQHCRRTQZKOCVGN[O.UVJGTCVFCVCYQWNFUVKNNDGUKIPKHKECPVN[NQYGTVJCPYJCVYCUOGCUWTGFKPJWOCPU6JGEQPUKUVGPE[QHVJGJWOCPFCVCQH9KGUVGTGVCNKPYJKEJVJGUCOGOGVJQFQNQI[YCUWUGFVQOGCUWTG( KP

V

### JWOCPUCUYCUWUGFHQTTCVUYKVJVJGQVJGTJWOCPFCVCUVTQPIN[UWIIGUVUVJCVVJGNQY( KPTCVU

V

### KUPQVCHWPEVKQPQHVJGOGVJQFQNQI[GORNQ[GF1XGTCNNVJGGXKFGPEGTGCUQPCDN[RQKPVUVQVJG

EQPENWUKQPVJCV( KPCTCVKUUOCNNGTVJCPKPCJWOCPV



### 7PKFKTGEVKQPCN7RRGT4GURKTCVQT[6TCEV7RVCMG6CDNGUWOOCTK\GUVJGFCVCQPVJGWPKFKTGEVKQPCN1 WRVCMGGHHKEKGPE[QHVJG 

### 746( +PIGPGTCN( FGUETKDGUVJGWRVCMGGHHKEKGPE[QHCPCVQOKECNUVTWEVWTGURTQZKOCNVQ

WTV WTV

### VJGNCT[PZ#RQUUKDNGGZEGRVKQPVQVJKUCTGVJGFCVCQH*WGVCND+PVJCVUVWF[CPFQVJGTDQNWUUVWFKGUKVYCUCUUWOGFVJCVVJG746KUVJGXQNWOGQHVJG46O.FKUVCNVQVJGNKRU6JKUOC[QTOC[PQVKPENWFGVJGNCT[PZ6JGYKFGXCTKGV[QH746WRVCMGFCVCKPFKHHGTGPVURGEKGUCPFWPFGTFKHHGTGPVHNQYEQPFKVKQPUCNNQYUUQOGKPVTCCPFKPVGTURGEKGUEQORCTKUQPU6QOCMGEQORCTKUQPUCOQPIFKHHGTGPVURGEKGUJQYGXGTTGSWKTGUCUUWORVKQPUCDQWVVJGUECNKPIQHDTGCVJKPIRCVVGTPUCOQPIURGEKGU)GTTKV[GZCOKPGFPCUQRJCT[PIGCNWRVCMGFCVCCXCKNCDNGKPFKHHGTGPVURGEKGUCVVJCVVKOGD[GZCOKPKPIVJGFCVCCUCHWPEVKQPQHVJGTCVKQQHRTGFKEVGFTGUVKPIHNQYVQOGCUWTGFHNQYUECNGFHNQY6JGRTGFKEVGFHNQYUYGTGQDVCKPGFWUKPIVJGCNNQOGVTKEV = 500 mL V = 1,000 mL Hu et al. (1994) V = 1,500 mL V = 825 mL Gerrity et al. (1995)

V = 1,239 mL Gerrity et al. (1994) V = 1,650 mL Gerrity et al. (1993) V = 631 mL Wiester et al. (1995)

1.0

0.9

0.8

0.7

0.6

0.5

0 200 400 600 800 1,000 1,200 1,400 1,600 T TT T

T T T

Inspirator y Flow ( mL/s )



### 8-19(KIWTG 6QVCNTGURKTCVQT[VTCEVWRVCMGCUCHWPEVKQPQHKPURKTCVQT[HNQYKPJWOCPU

GSWCVKQPUQH)W[VQP1\QPGWRVCMGGHHKEKGPE[QHVJG746YCUVJGPFGUETKDGFCUCUKPINGHWPEVKQPQHUECNGFHNQYCPFURGEKGUYGKIJV9JGPPGYGTFCVCDGEQOGCXCKNCDNGVJKUCRRTQCEJECPDGGZVGPFGFVQ746FCVCCESWKTGFD[DQVJOQWVJCPFPCUCNDTGCVJKPI(KIWTGUJQYU( HQTPCUCNDTGCVJKPIRNQVVGFCUCHWPEVKQPQHVJGTCVKQ

WTV

### DGVYGGPRTGFKEVGFCPFOGCUWTGFHNQY#UYKVJVJGRTGXKQWUYQTMQH)GTTKV[CNNQHVJGFCVCGZEGRVVJGDGCINGFQIFCVCCTGTQWIJN[EQPUKUVGPVYKVJGCEJQVJGT6JGDQF[YGKIJVFGRGPFGPEGQHVJG)GTTKV[CPCN[UKUKUKNNWUVTCVGFD[VJGVYQFCUJGFNKPGUTGRTGUGPVKPIVJGRTGFKEVGFTCPIGQHHNQYFGRGPFGPEKGUDGVYGGPTCVUNQYGTNKPGCPFJWOCPUWRRGTNKPG#NNURGEKGUGZEGRVVJGDGCINGFQIUHCNNYKVJKPVJGUGDQWPFCTKGU(KIWTGUJQYUVJGFCVCHQT( D[VJGQTCNTQWVGRNQVVGFKPVJGUCOG

WTV

### OCPPGT#NNQHVJGFCVCCTGHQTJWOCPUGZEGRVHQTVJGVYQDGCINGFQIFCVCRQKPVU5GXGTCNQDUGTXCVKQPUCTGYQTVJPQVKPI(KTUVVJGFCVCHQTVJGDGCINGFQICRRGCTVQDGEQPUKUVGPVYKVJVJGJWOCPFCVC6JGCPCN[UKUQH)GTTKV[RTGFKEVUVJCVVJGJWOCPFCVCIGPGTCNN[YQWNFNKGCDQXGVJGFQIFCVCCNVJQWIJPQVVQCNCTIGFGITGG6JKUUWIIGUVUVJCVVJGQTCNRCUUCIGQHVJGFQIOC[JCXG1 UETWDDKPIRTQRGTVKGUUKOKNCTVQVJGJWOCPQTCNRCUUCIG5GEQPFYKVJKP 

### VJGJWOCPFCVCWUGQHCOQWVJRKGEGCRRGCTUVQTGFWEGVJGWRVCMGGHHKEKGPE[QHVJGQTCNRCUUCIGYC[6JGENQUGFFKCOQPFUKP(KIWTGCTGVJGFCVCHTQOVJGUVWF[QH)GTTKV[GVCN1.0

0.7

0.5

0.3

0.2

0.1 0.1 0.2 0.3 0.5 1.0 2.0 3.0

Predicted Restin g Flow/Measured Flow Natural Steady State Natural Non-steady State Canula Steady State Canula Non-steady State

Beagle Rat

Rabbit

Guinea Pig Human

Beagle



### 8-20(KIWTG 7PKFKTGEVKQPCNWRVCMGGHHKEKGPE[KPVJGWRRGTTGURKTCVQT[VTCEVD[VJGPCUCNRCVJYC[6JGTCVKQQHRTGFKEVGFTGUVKPIHNQYVQOGCUWTGFHNQYKUCYC[VQUECNGHNQYVQCNNQYHQTKPVGTURGEKGUEQORCTKUQPU6JGDGCINGFQIFCVCCTGHTQO;QMQ[COCCPF(TCPMVJGTCVFCVCCTGHTQO*CVEJGVCNVJGTCDDKVCPFIWKPGCRKIFCVCCTGHTQO/KNNGTGVCNCPFVJGJWOCPFCVCCTGHTQO)GTTKV[GVCNENQUGFUSWCTGCPF7NVOCPGVCNQRGPFKCOQPF.KPGUTGRTGUGPVKPIRTGFKEVKQPUHQTWRVCMGGHHKEKGPE[CTGHTQO)GTTKV[

YJKEJKPXQNXGFWPGPEWODGTGFDTGCVJKPI6JGUGFCVCIGPGTCNN[CTGNQYGTVJCPVJGFCVCQH*WGVCNCPFQH)GTTKV[GVCN6JGHCEVVJCVVJG*WGVCNCPF)GTTKV[GVCNFCVCCTGEQPUKUVGPVYKVJGCEJQVJGTUWRRQTVUVJKUURGEWNCVKQP6JKUQDUGTXCVKQPOC[CEEQWPVHQTVJGTGUWNVQH7NVOCPGVCNVJCVVJGWRVCMGGHHKEKGPE[QHVJG746KUITGCVGTD[VJGPCUCNRCVJYC[VJCPD[VJGQTCNRCVJYC[YJKEJKUEQWPVGTVQVJGQDUGTXCVKQPUQH)GTTKV[GVCN.QYGT4GURKTCVQT[6TCEV7RVCMG6CDNGUWOOCTK\GUVJGFCVCQPVJGWRVCMGGHHKEKGPE[QHVJG.46VTCEV( NTV

### +PVJKUFKUEWUUKQP( KUVJGWRVCMGGHHKEKGPE[QHVJG.46TGNCVKXGVQVJGEQPEGPVTCVKQPQH NTV

### 8-211 GPVGTKPIVJG.466JGJWOCPFCVCQH)GTTKV[GVCNCPFVJGTCVFCVCQH



### *CVEJGVCNKPENWFGVJGNCT[PZKPVJG.466JGDGCINGFQIFCVCQH;QMQ[COCCPFNatural
Steady State Natural
Non-steady State Canula
Steady State Canula
Non-steady State

Beagle

Beagle 1.0

0.7

0.5

0.3

0.2

0.1 0.1 0.2 0.3 0.5 1.0 2.0 3.0

Predicted Restin g Flow/Measured Flow



### 8-22(KIWTG 7PKFKTGEVKQPCNWRVCMGGHHKEKGPE[KPVJGWRRGTTGURKTCVQT[VTCEVD[VJGQTCNRCVJYC[6JGTCVKQQHRTGFKEVGFTGUVKPIHNQYVQOGCUWTGFHNQYUECNGUVJGHNQYVQCNNQYHQTKPVGTURGEKGUEQORCTKUQP6JGENQUGFUSWCTGUCPFFKCOQPFUCVCUECNGFHNQYQHCTGHTQO)GTTKV[GVCNVJGENQUGFUSWCTGCVCUECNGFHNQYQHKUHTQO)GTTKV[GVCNVJGQRGPFKCOQPFCVCUECNGFHNQYQHKUHTQO)GTTKV[GVCNVJGTGOCKPKPIQRGPFKCOQPFUCTGHTQO*WGVCN

(TCPMFQGUPQVKPENWFGVJGNCT[PZ6JGKPHNWGPEGQHVJGNCT[PZKPVJGJWOCPFCVCQH*WGVCNDKUWPEGTVCKPDGECWUGQHVJGXQNWOGVTKEFGHKPKVKQPQHVJG746UGGFKUEWUUKQP CDQXG *WOCPFCVCQDVCKPGFWUKPIPQPUVGCF[UVCVGOGVJQFUD[VJGQTCNRCVJYC[CTGRNQVVGFKP(KIWTGCUCHWPEVKQPQHKPURKTCVQT[HNQY#UKP(KIWTGVJGFCVCQH*WGVCNCTGRNQVVGFHQTVJTGGFKHHGTGPV8 UO.O.CPFO.6JGHKTUV 6

### QDUGTXCVKQPKUVJCVVJGUKPINGFCVCRQKPVQH)GTTKV[GVCNKUCRRTQZKOCVGN[JKIJGTVJCPVJGFCVCQH*WGVCNCVCEQORCTCDNGHNQYCPF8 5GEQPFVJGFCVCQH)GTTKV[GV 6

### CNCTGOCTMGFN[NQYGTVJCPVJCVUWIIGUVGFHQTEQORCTCDNGHNQYUCPF8 UD[VJGFCVCQH 6

### *WGVCN+PCUUGUUKPIVJKUFKUETGRCPE[KVKUKORQTVCPVVQMGGRKPOKPFVJCVVJG746KUFGHKPGFKPVJGYQTMQH*WGVCNCUCHKZGFXQNWOGQHO.FKUVCNVQVJGNKRU6JKUKUV = 500 mL V = 1,000 mL Hu et al. (1994) V = 1,500 mL

V = 825 mL Gerrity et al. (1995) V = 1,239 mL Gerrity et al. (1994) V = 1,650 mL Gerrity et al. (1994)

1.0

0.9

0.8

0.7

0.6 0 800 200 400 600 1,000 1,200 1,400 1,600


### Inspiratory Flow (mL/s) T TT

T TT



### 8-23CPKPCEEWTCVGFGHKPKVKQPVJCVEQWNFKPHNWGPEGITGCVN[VJGGUVKOCVKQPQH.46WRVCMGGHHKEKGPE[6JGEQJGTGPEGQHCNNQHVJGFCVCQP( CPF( D[VJGQTCNRCVJYC[V WTV



### (KIWTG 7RVCMGGHHKEKGPE[QHVJGNQYGTTGURKTCVQT[VTCEVCUCHWPEVKQPQHKPURKTCVQT[

HNQYKPJWOCPU

UWIIGUVUVJCV( CNUQUJQWNFDGEQPUKUVGPVCOQPIUVWFKGU+HKVKUCUUWOGFVJCVVJGFCVC NTV

### TGRTGUGPVGFD[VJG)GTTKV[GVCNUVWFKGUOQTGCEEWTCVGN[TGHNGEVJWOCP.46WRVCMGGHHKEKGPE[VJGPVJGHNQYFGRGPFGPEGHQT( YQWNFDGEQPUKFGTCDN[UVGGRGTVJCP NTV

### UWIIGUVGFD[VJGFCVCQH*WGVCN(KPCNN[VJG( FCVCQH;QMQ[COCCPF(TCPMKPDGCINGFQIUYGTGCESWKTGF NTV

### YKVJHNQYUVJCVYGTGCDQWVCPFQHTGUVKPIHNQYTCVGUCPF8 UCRRTQZKOCVGN[QH 6

### VJQUGRTGFKEVGF)W[VQP9JGPHNQYKUUECNGFKPVJGFQIUVJG( UQHCPFCV NTV

### VJGVYQHNQYTCVGUCTGEQPUKUVGPVYKVJVJGJWOCPFCVCQH)GTTKV[GVCNDWVJKIJGTVJCPVJG*WGVCNFCVC

##  &QUKOGVT[/QFGNKPI
 $CEMITQWPF

### 8-246CDNGRTGUGPVUCUWOOCT[QHVJGQTGVKECNUVWFKGUQHVJGWRVCMGQH1 D[VJG46U 

### QTTGIKQPUQHJWOCPUCPFNCDQTCVQT[CPKOCNUVJCVJCXGDGEQOGCXCKNCDNGUKPEGVJGTGXKGY#NVJQWIJVJGTGCTGKPXGUVKICVKQPUNKUVGFVJGTGCTGQPN[HKXGFKUVKPEV### 8-256CDNG6JGQTGVKECN1\QPG&QUKOGVT[+PXGUVKICVKQPUC5RGEKGU CPF 4GIKQP/QFGNGF#PCVQOKECN/QFGN.KSWKF .KPKPI CPF 6KUUWG6TCPURQTV CPF %JGOKECN4GCEVKQPU &QUKOGVT[ /QFGN 5WDLGEV QH +PXGUVKICVKQPD4GUWNVU2TGFKEVKQPU 4GHGTGPEG)WKPGC RKI.46-NKOGPV 
5EJTGKFGT CPF*WVEJGPU 
 TCV.46 -NKOGPV ;GJ GV CN/KNNGT GV CN 
 'PJCPEGF /KNNGT GV CN 
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
 CPF1XGTVQP GV CN 
/KNNGT GV CN 
 CPF 1XGTVQP GV CN 
%QORCTGU 1 FQUG RTQHKNGU QH JWOCP TCV IWKPGCRKI CPF TCDDKV 7UGU OQFGN CPF GZRGTKOGPVCNFCVC VQ GUVKOCVG 1 FQUGTGURQPUG EWTXGU HQTFGETGOGPVU KP ('8 
JWOCPU CPF HQT $#.RTQVGKPU KP TCV IWKPGC RKI CPF TCDDKV %QORCTGU.46 WRVCMG RTGFKEVKQPU VQ VJG JWOCPGZRGTKOGPVCN FCVC QH )GTTKV[ GV CN 
5KOKNCTKV[ COQPI URGEKGU KP VJG UJCRG QH VJG CKTYC[ UGIOGPVEWTXG VKUUWG FQUG KPETGCUGU FKUVCNN[ KP VJG 6$ TGIKQP TGCEJGUC OCZKOWO KP VJG HKTUV RWNOQPCT[ TGIKQP UGIOGPV HQT JWOCPTCV CPF IWKPGC RKI CPF KP VJG NCUV 6$ UGIOGPV QH VJG TCDDKVCPF VJGP FGETGCUGU FKUVCNN[ KP VJG RWNOQPCT[ TGIKQP2TGFKEVKQPU QH WRVCMG FKUVCN VQ VJG QTQRJCT[PZ CTG KP CITGGOGPVYKVJ )GTTKV[ GV CN 
/KNNGT GV CN 
4CV VQVCN 467465EJTGKFGT CPF 4CCDG 6$ 7UGU TCVECUV FCVC 
4CCDGGV CN  VQ FGHKPG6$ TGIKQP RCVJU27. ;GJ GV CN HQT OQFGN QHVJG CEKPWU6$ CPF RWNOQPCT[ TGIKQPOCUU VTCPUHGT EQGHHKEKGPVUDCUGF QP 1XGTVQP GV CN'PJCPEGF 1XGTVQP GV CN 
 +NNWUVTCVGU FQUGFKUVTKDWVKQP CNQPI VJG NQPIGUV CPF UJQTVGUV 
CUFGHKPGF D[ VKOG QH HNKIJV RCVJU HTQO VJG VTCEJGCVQ VJG OQUV FKUVCN CNXGQNK6JTGGHQNF FKHHGTGPEG KP 2#4 FQUGU QH VJG UJQTVGUV CPF NQPIGUVRCVJU HTQO VTCEJGC VQ 2#4 &QUG FKUVTKDWVKQPU CNQPI VJGNQPIGUV QT UJQTVGUV RCVJ YGTG SWCNKVCVKXGN[ UKOKNCT VQ 1XGTVQPGV CN 
 YKVJ OCZKOWO VKUUWG FQUG KP VJG HKTUV RWNOQPCT[TGIKQP IGPGTCVKQP1XGTVQP GV CN*WOCP .46PGYDQTP VQCFWNV6$ DCUGF QP;GJ CPF 5EJWO 27. DCUGFQP *CPUGP CPF#ORC[C 
/KNNGT GV CN 
 'PJCPEGF 1XGTVQP GV CN 
 (TQO XCTKQWUUQWTEGU FGXGNQRU CIGFGRGPFGPV .46 CPCVQOKECNOQFGNU (QT SWKGV CPF OCZKOCN GZGTEKUGDTGCVJKPI CRRNKGU VJG FQUKOGVT[ OQFGN QH /KNNGTGV CN 
 VQ UGXGTCN CIGU HTQO DKTVJ VQ CFWNVKNNWUVTCVKPI VJG .46 FKUVTKDWVKQP QH CDUQTDGF 1 (QT SWKGV DTGCVJKPI VJG .46 FKUVTKDWVKQP QH FQUG VJG RGTEGPVWRVCMG CPF VJG 2#4 FQUG CTG PQV XGT[ UGPUKVKXG VQ CIG DWVCTG OQTG UGPUKVKXG FWTKPI GZGTEKUG 4GICTFNGUU QH CIG CPFDTGCVJKPI UVCVG VJG NCTIGUV 1 FQUG QEEWTU KP VJG 2#4 0QWRVCMG KP VJG 7461XGTVQP CPF )TCJCO /KNNGT CPF1XGTVQP 


### 8-266CDNGEQPV	F6JGQTGVKECN1\QPG&QUKOGVT[+PXGUVKICVKQPUC5RGEKGU CPF 4GIKQP/QFGNGF#PCVQOKECN/QFGN.KSWKF .KPKPI CPF 6KUUWG6TCPURQTV CPF %JGOKECN4GCEVKQPU &QUKOGVT[ /QFGN 5WDLGEV QH +PXGUVKICVKQPD4GUWNVU2TGFKEVKQPU 4GHGTGPEG*WOCP VQVCN 46746*CPPC CPF 5EJGTGT .46 9GKDGN6KOGFGRGPFGPV OQNGEWNCTFKHHWUKQP CPF HKTUVQTFGTTGCEVKQPU KP NKSWKF NKPKPICPF KPVGTUVKVKWO VTCPUHGTVJTQWIJ GRKVJGNKWOOQFGNGF CU C RGTOGCDKNKV[RTQEGUU`PQ TGCEVKQPU KPVJKU NC[GT 746 CPF .46NKSWKF NKPKPI TCVGEQPUVCPVU  CPF  VKOGUVJCV QH /KNNGT GV CN 
TGURGEVKXGN[/QFGN FGXGNQROGPV .WPI FKOGPUKQPU UECNGF VQVJQUG QH C [QWPI OCNG CPF C [QWPI HGOCNG%QPVTCUVU .46 CKTRJCUG EQPEGPVTCVKQPU FWTKPIGZGTEKUG CPF TGUV %QORCTGU OCNG CPF HGOCNGCKTRJCUG 1 EQPEGPVTCVKQPU CPF OCNG CPF HGOCNGUWDGRKVJGNKCN EQPEGPVTCVKQPU746 WRVCMG OC[ DG ITGCVGT KP EQNF VJCP KP YCTOGT CKT (QTVJG XGPVKNCVQT[ RCTCOGVGTU WUGF 
 UWDGRKVJGNKCN1 EQPEGPVTCVKQPU CTG C OCZKOWO KP VJG VGTOKPCN DTQPEJKQNGUQT VJG HKTUV TGURKTCVQT[ DTQPEJKQNGU CPF 
 VJGUGEQPEGPVTCVKQPU CTG ITGCVGT KP VJG HGOCNG VJCP KP VJG OCNG HQTOQUV QH VJG 46*CPPC GV CN 
*WOCP FKUVCN UGIOGPVQH C NQDG DCUGF QP*QTUHKGNF GV CN 
5KOKNCT VQ /KNNGT GV CN/QPVG %CTNQ UKOWNCVKQP VTCPURQTV RTQEGUUGUFGHKPGF KP VGTOU QH RTQDCDKNKVKGU DCUGF QPRJ[UKECN CPF EJGOKECN RTKPEKRNGU 6JG GHHGEV QHNWPI CU[OOGVTKGU QP VJG FKUVTKDWVKQP QH WRVCMG KPVJG RWNOQPCT[ TGIKQP6KUUWG FQUG KP VJG 2#4 CNQPI VJG UJQTVGUV RCVJ KUCRRTQZKOCVGN[  NCTIGT VJCP VJCV CNQPI VJG NQPIGUV RCVJ7NVOCP CPF #PLKNXGN*WOCP .469GKDGN+PXGUVKICVGU VYQHQTOWNCVKQPU /KNNGT GV CN 
 CPF /KNNGT GV CN 
/QFGN FGXGNQROGPV CUUWOGU SWCUKUVGCF[EQPFKVKQPU #KTRJCUG EQPEGPVTCVKQP CPF VKUUWGFQUG RTQHKNGU HQT VJG VYQ TGCEVKQP UEJGOGUXCTKQWU XGPVKNCVQT[ RCTCOGVGTU CPF XCTKQWU NKSWKFNKPKPI VTCPURQTV CPF EJGOKECN RCTCOGVGTU%QORCTGU RTGFKEVKQPU QH HKTUVQTFGT TGCEVKQPUEJGOG VQ TGUWNVU QH /KNNGT GV CN 
6JKU OQFGN FQGU PQV EQPUGTXG OCUU 2TGFKEVKQPU UJQWNF QPN[DG EQPUKFGTGF SWCNKVCVKXGN[ /CZKOWO VKUUWG FQUG KPTGURKTCVQT[ DTQPEJKQNGU HQT DQVJ EJGOKECN TGCEVKQP UEJGOGU)TQVDGTI GV CN 
)TQVDGTI=?4CV .46DCUGF QPUGTKCN TGEQPUVTWEVKQP QHC UGV QH KPVTCRWNOQPCT[CKTYC[U CPF VJGKTXGPVKNCVQT[ WPKVUEQODKPGF YKVJ C UKPINGRCVJ HTQO VJG NCT[PZ VQVJG TGEQPUVTWEVGF UGVDCUGF QP ;GJ GV CN6$ CPF RWNOQPCT[ TGIKQPOCUU VTCPUHGT EQGHHKEKGPVUDCUGF 1XGTVQP GV CN/QFGN FGXGNQROGPV +NNWUVTCVGU VJG KPHNWGPEG QHXGPVKNCVQT[ WPKV UK\G CPF RTQZKOCN CPCVQOKE FGCFURCEG CPF QP VJG WRVCMG CPF FKUVTKDWVKQP QHKPJCNGF 1 KP XGPVKNCVQT[ WPKVU 
+NNWUVTCVGU VJGKPHNWGPEG QH XGPVKNCVQT[ WPKV XQNWOG QP VJGFKUVTKDWVKQP QH KPJCNGF 1 YKVJKP XGPVKNCVQT[WPKVU8GPVKNCVQT[ WPKV WRVCMG KU UKIPKHKECPVN[ KPHNWGPEGF D[ DQVJRTQZKOCN CKTYC[ FGCF URCEG CPF XGPVKNCVQT[ WPKV XQNWOG(NWZ QH 1 VQ CKTNKSWKF KPVGTHCEG KP VJG RTQZKOCN RQTVKQPU QHNCTIGT XGPVKNCVQT[ WPKVU CTG UKIPKHKECPVN[ ITGCVGT VJCP KPUOCNNGT WPKVU/GTEGT GV CN 
/GTEGT CPF %TCRQ=?

### 8-276CDNGEQPV	F6JGQTGVKECN1\QPG&QUKOGVT[+PXGUVKICVKQPUC5RGEKGU CPF 4GIKQP/QFGNGF#PCVQOKECN/QFGN.KSWKF .KPKPI CPF 6KUUWG6TCPURQTV CPF %JGOKECN4GCEVKQPU &QUKOGVT[ /QFGN 5WDLGEV QH +PXGUVKICVKQPD4GUWNVU2TGFKEVKQPU 4GHGTGPEG4CV XGPVKNCVQT[ WPKV/GTEGT GV CN 
/GTEGT GV CN 
 /GTEGT GV CN 
 #NQPI C RCVJ FKUVCNN[ HTQOC DTQPEJKQNCTCNXGQNCT FWEV LWPEVKQP EQORCTGUGZRGTKOGPVCNN[ FGVGTOKPGF EJCPIGU KP XGPVKNCVQT[WPKV YCNN VJKEMPGUU FWG VQ CP 1 GZRQUWTG VQFQUKOGVT[ OQFGN RTGFKEVKQPU QH HNWZ VQ VJG CKTNKSWKF KPVGTHCEG#U C HWPEVKQP QH FKUVCPEG HTQO VJG $#&, GZRGTKOGPVCNN[FGVGTOKPGF TGNCVKXG EJCPIGU KP XGPVKNCVQT[ WPKV YCNN VJKEMPGUUFWG VQ 1 GZRQUWTG CTG XGT[ UKOKNCT VQ RTGFKEVGF TGNCVKXGHNWZGU VQ VJG CKTNKSWKF KPVGTHCEG2KPMGTVQP GV CN/KNNGT CPF %QPQNN[*WOCP VQVCN 46746(TGFDGTI GV CN 
.46 9GKDGN 
2UGWFQ UVGCF[UVCVGFKHHWUKQP CPF HKTUV QTFGTTGCEVKQPU EQODKPGF YKVJDKQEJGOKECN FCVC QH /KNNGTGV CN 
/QFGN FGXGNQROGPV +NNWUVTCVGU .46 FKUVTKDWVKQPQH 
 CKTRJCUG EQPEGPVTCVKQP CV XCTKQWU VKOGUFWTKPI VJG DTGCVJKPI E[ENG CPF 
 1 HNWZ 
FQUGVQ NKSWKF NKPKPI CPF VQ VKUUWG(NWZ QH 1 VQ CKTNKSWKF KPVGTHCEG FGETGCUGU FKUVCNN[ HNWZ VQVKUUWG KPETGCUGU CNQPI VJG EQPFWEVKPI CKTYC[U TGCEJGU COCZKOWO KP VJG VGTOKPCN DTQPEJKQNGU VJGP FGETGCUGU TCRKFN[KP VJG ICU GZEJCPIG TGIKQP*W GV CN 
C5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU )GPGTCNN[ HQT OQFGNKPI RWTRQUGU 2#4 KU VJG HKTUV RWNOQPCT[ TGIKQP IGPGTCVKQP QT OQFGN UGIOGPV 27.  RWNOQPCT[ TGIKQPC4GHGTU VQ VJG VJGQTGVKECN QT OCVJGOCVKECN HQTOWNCVKQP CURGEVU QH ICU VTCPURQTV CPF TGCEVKQPU YKVJQWV VJG URGEKHKECVKQP QH OQTRJQOGVTKE CPF RJ[UKQNQIKECN RCTCOGVGT XCNWGUD

### 8-28FQUKOGVT[OQFGNUYKVJTGURGEVVQITQWRUQHEQYQTMGTUCPFKPFGRGPFGPVOQFGNHQTOWNCVKQPVJGOQFGNUQH1XGTVQPGVCNCPF/KNNGTGVCN*CPPCGVCN)TQVDGTIGVCNCNVJQWIJVJG[EQPUKFGTGFVYQTGCEVKQPUEJGOGU/GTEGTGVCNCPF*WGVCNC+PUQOGECUGUUGXGTCNTGHGTGPEGUJCXGDGGPITQWRGFKPVQQPGKPXGUVKICVKQP6JKUKUDGECWUGVJGOWNVKRNGUVWFKGUECOGHTQOVJGUCOGEQYQTMGTUQTNCDQTCVQT[CPFCFFGFVQQTYGTGEQORNGOGPVCT[VQVJGQTKIKPCNQTEQOOQPFQUKOGVT[OQFGNKPI

VJGOG/CLQTHCEVQTUCHHGEVKPIVJGNQECNWRVCMGQHTGCEVKXGICUGUKPVJG46YGTGTGURKTCVQT[VTCEVOQTRJQNQI[CPFCPCVQO[VJGTQWVGQHDTGCVJKPIPQUGQTOQWVJVJGFGRVJCPFTCVGQHDTGCVJKPI8 CPFHVJGRJ[UKEQEJGOKECNRTQRGTVKGUQHVJGICUGUVJGRTQEGUUGUQHICU 6

### VTCPURQTVCPFVJGRJ[UKEQEJGOKECNRTQRGTVKGUQHVJGNKSWKFNKPKPIQHVJG46TGURKTCVQT[VTCEVVKUUWGCPFECRKNNCT[DNQQF#FGVCKNGFFKUEWUUKQPQHVJGUGHCEVQTUECPDGHQWPFKP1XGTVQP7NVOCPCPF1XGTVQPCPF/KNNGT$GECWUGCNNQHVJGFQUKOGVT[OQFGNUNKUVGFKP6CDNGYGTGFGXGNQRGFVQUKOWNCVGWRVCMGKPVJG.46QTVJGVQVCN46VJGUGOQFGNUJCXGUQOGEQOOQPCURGEVU6JGUGKPENWFGVJGHQTOWNCVKQPQH1 VTCPURQTVCPFYCNNNQUUKPVJGCKTEQORCTVOGPVUQHVJG46VJGWUGQH 

### URGEKGUFGRGPFGPVOQTRJQOGVTKEOQFGNUQTFCVCVQFGHKPGCKTCPFNKSWKFNKPKPIEQORCTVOGPVFKOGPUKQPUCPFCFGUETKRVKQPQHVJGVTCPURQTVCPFNQUUQH1 KPVJGNKSWKFNKPKPICPFVKUUWG 

### +PCNNVJGFQUKOGVT[OQFGNUVJCVJCXGDGEQOGCXCKNCDNGUKPEGGZEGRVHQT7NVOCPCPF#PLKNXGNCPF)TQVDGTIGVCNYJKEJCTGFKUEWUUGFNCVGT1 VTCPURQTV 

### CPFNQUURTQEGUUGUKPCKTEQORCTVOGPVUYGTGCRRTQZKOCVGFKPVGTOUQHCQPGFKOGPUKQPCNVKOGFGRGPFGPVRCTVKCNFKHHGTGPVKCNGSWCVKQPQHEQPVKPWKV[6JKUV[RGQHGSWCVKQPCEEQWPVUHQTCZKCNEQPXGEVKQPCPFFKURGTUKQPQTFKHHWUKQPCPFVJGNQUUQH1 D[CDUQTRVKQPCVVJGICUNKSWKF 

### KPVGTHCEG6JGWUGQHVJKUCRRTQZKOCVKQPKUXGT[EQOOQPKPOQFGNKPIVJGVTCPURQTVKPVJG.46QHICUGUUWEJCUQZ[IGPPKVTQIGPJGNKWOCPF%1 GI5EJGTGTGVCN2CKXC 

### %JCPICPF(CTJK;W2CEMGVCNCPFJCUDGGPCUUWOGFVQDGCRRNKECDNGVQ1 7NVOCPCPF#PLKNXGNWUGFC/QPVG%CTNQOGVJQFVQUKOWNCVG1 WRVCMG$CUGF  

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

### 8-29GVCNQT1XGTVQPGVCN6JGNKSWKFCPFVKUUWGVTCPURQTVTGCEVKQPHQTOWNCVKQPHQTURGEKHKEKPXGUVKICVKQPUKUKPFKECVGFKPEQNWOPQH6CDNG+PCFFKVKQPVQVJGCUUWORVKQPUCPFVJGHQTOWNCVKQPQHGSWCVKQPUVJCVFGUETKDGVJGVTCPURQTVCPFNQUUQH1 KPVJG46UQHJWOCPUQTNCDQTCVQT[CPKOCNUKVKUKORQTVCPVVQGXCNWCVG 

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

CUUWOGVJCVVJGUQNWVKQPUQHVJGUGOQFGNUCTGPQVCEEWTCVG$GECWUGVJG)TQVDGTIGVCNOQFGNHQTOWNCVKQPKUFKHHGTGPVVJCPVJGQVJGTUCPGZRNCPCVKQPKUPGGFGF$CUGFQPVJGUOCNNPGUUQHTGNGXCPVRCTCOGVGTU)TQVDGTIGVCNCUUWOGSWCUKUVGCF[EQPFKVKQPUHQT1 EQPEGPVTCVKQPCPFCKTXGNQEKV[KPVJGCKTEQORCTVOGPVU 

### CPFQDVCKPCRRTQZKOCVGCPCN[VKECNUQNWVKQPUVQVJGVKOGKPFGRGPFGPVVJTGGFKOGPUKQPCNGSWCVKQPQHEQPVKPWKV[HQTCOQFGNCKTYC[CPFCRRN[VJGTGUWNVUVQVJGOQTRJQOGVTKEOQFGNQH9GKDGN1PGCFXCPVCIGQHCPCN[VKECNUQNWVKQPUKUVJCVVJG[CEEQWPVPCVWTCNN[HQTRCTCOGVGTUUWEJCUFKURGTUKQPCPFICURJCUGOCUUVTCPUHGTEQGHHKEKGPVUQTNQECNRTQEGUUGUGIRQUUKDKNKV[QHJKIJWRVCMGCVCKTYC[GPVTCPEGUVJCVOWUVDGMPQYPCPFGUVKOCVGFHQTQTKPEQTRQTCVGFKPVQVJGQPGFKOGPUKQPCNCRRTQCEJ)TQVDGTIGVCNECTTKGFQWVUKOWNCVKQPUWUKPICPCVQOKECNCPFRJ[UKQNQIKECNEQPFKVKQPUDCUGFQP/KNNGTGVCNCPFEQORCTGFVJGKTTGUWNVU#NVJQWIJSWCNKVCVKXGN[UKOKNCTVQ/KNNGTGVCN)TQVDGTICPFEQYQTMGTURTGFKEVGFUKIPKHKECPVN[NCTIGTRWNOQPCT[VKUUWGFQUGUWRVQHQNF#EQORCTKUQPQHVJGRWNOQPCT[TGIKQPFQUGURTGFKEVGFD[)TQVDGTIGVCNVQVJQUGRTGFKEVGFD[/KNNGTGVCNKPFKECVGUVJCVVJG)TQVDGTIGVCNOQFGNFQGUPQVEQPUGTXGOCUUKVRTGFKEVUVJCVVJGRWNOQPCT[TGIKQPCDUQTDUQXGTVKOGUVJGCOQWPVQH1 

### KPJCNGF6JGQXGTRTGFKEVKQPOC[DGCPCTVKHCEVQHVJGSWCUKUVGCF[CRRTQZKOCVKQPDGECWUGGHHGEVUFWGVQFKHHGTGPEGUKPVJGVKOGQHHNKIJVUHTQOVJGVTCEJGCVQFKHHGTGPV.46NQECVKQPUCTGPQVVCMGPKPVQCEEQWPV+PCP[ECUGVJGSWCPVKVCVKXGRTGFKEVKQPUTGRQTVGFD[)TQVDGTIGVCNCTGSWGUVKQPCDNG%JGOKECNFCVCOQTGTGEGPVVJCPVJCVWUGFHQTVJGFQUKOGVT[OQFGNUKP6CDNGUJQYVJCVEQORQWPFUQVJGTVJCPWPUCVWTCVGFHCVV[CEKFUVJGQPN[EQORQWPFYKVJYJKEJ1 KU 

### CUUWOGFVQTGCEVKPVJGOQFGNUWUKPIVJGUGEQPFEJGOKECNTGCEVKQPHQTOWNCVKQPCTGCUTGCEVKXGQTOQTGTGCEVKXGYKVJ1 2T[QT7UKPIVJGUGFCVCGUVKOCVGUQH1 FKHHWUKQP  

### EQGHHKEKGPVUKPVJGNKSWKFNKPKPICPFDKNC[GTUNC[GTVJKEMPGUUGUCPFFCVCQPVJGEQPEGPVTCVKQPUQHDKQEQORQWPFUKPVJGUGNC[GTU2T[QTGUVKOCVGUVJCVOQUVQHCP[1 VJCVRGPGVTCVGU 

### KPVQCEGNNDKNC[GTTGCEVUYKVJKPVJGNC[GTXGT[NKVVNGKHCP[RGPGVTCVGUVQVJGEGNNKPVGTKQTCPF1 YKNNPQVRGPGVTCVGVJGNKSWKFNKPKPIYJGTGKVKUITGCVGTVJCPzOVJKEM5GXGTCNTGNGXCPV



### EQOOGPVUCTGIKXGPD[2T[QTVJGECNEWNCVKQPUCTGEQPUKFGTGFCETWFGHKTUVCRRTQZKOCVKQPVJGRQUUKDKNKV[VJCVCUOCNNHTCEVKQPQH1 OC[RGPGVTCVGVJGDKNC[GTCPFTGCEJ 

### VJGEGNNKPVGTKQTECPPQVDGGZENWFGFCPFUWTHCEVCPVNC[GTUECPDGXGT[VJKPCPFUQOGEGNNUOC[PQVDGRTQVGEVGFXGT[YGNNQTCVCNN

### 8-30+HVJGEQPENWUKQPUQH2T[QTCTGGUUGPVKCNN[EQTTGEVVJG[JCXGKORNKECVKQPUHQTRCUVCPFHWVWTGFQUKOGVT[OQFGNKPIUVWFKGUDGECWUGRCUVKPXGUVKICVKQPUJCXGWPFGTGUVKOCVGFVJGTGCEVKXKV[QH1 YKVJDKQEQORQWPFUYKVJTGURGEVVQEGNNWNCTFCOCIGRTQFWEVUQH 

### 1 TGCEVKQPUKPVJGNKSWKFNKPKPIOC[DGVJGOCKPVQZKEEQORQWPFKPETGCUKPIVJGXCNWGQHTCVG



### EQPUVCPVUYQWNFJCXGPQGHHGEVQPRTGFKEVKQPUQHFQUKOGVT[OQFGNUWUKPIVJGKPUVCPVCPGQWUTGCEVKQPUEJGOGDGECWUGTCVGEQPUVCPVUKPVJKUCRRTQCEJCTGCUUWOGFVQDGKPHKPKVGDWVKPETGCUKPIVJGEQPEGPVTCVKQPQHTGCEVKPIDKQEQORQWPFUYQWNFKPETGCUGWRVCMGWUGQHWPUCVWTCVGFHCVV[CEKFFCVCQPN[YKVJCHKTUVQTFGTTGCEVKQPUEJGOGTGUWNVUKPCPWPFGTGUVKOCVGQHVJGTGCEVKXKV[QH1 KPVJGNKSWKFNKPKPICPFCPQXGTGUVKOCVGQHVJG1 VKUUWGFQUGCPFC  

### RQUUKDNGWPFGTGUVKOCVKQPQHVJGVQZKEFQUGFWGVQTGCEVKQPRTQFWEVUCPFYKVJJKIJGT1 

### TGCEVKQPTCVGUVJGHKTUVQTFGTEJGOKECNTGCEVKQPHQTOWNCVKQPYQWNFTGUWNVKPNCTIGTRTGFKEVGFWRVCMGU &QUKOGVT[/QFGN2TGFKEVKQPU5KOKNCTKV[QH/QFGN2TGFKEVKQPU#UWTXG[QHFQUKOGVT[OQFGNKPITGUWNVUUJQYUVJCVKPUQOGCTGCUQHKPXGUVKICVKQPVJGTGKUCSWCNKVCVKXGUKOKNCTKV[KPRTGFKEVKQPUD[OQFGNUQHFKHHGTGPVITQWRUQHKPXGUVKICVQTUHQTFKHHGTGPVURGEKGUQTUWDRQRWNCVKQPU &KUVTKDWVKQPQH.46FQUGFQUGRTQHKNGUQTFQUGXGTUWUIGPGTCVKQP #UUJQYPKP(KIWTGDGIKPPKPICVVJGVTCEJGCPGVFQUG1 HNWZVQCKTNKSWKFKPVGTHCEG 

### UNQYN[FGETGCUGUFKUVCNN[KPVJGVTCEJGQDTQPEJKCNTGIKQP6$CPFTCRKFN[FGETGCUGUFKUVCNN[KPVJGRWNOQPCT[TGIKQP6KUUWGFQUG1 HNWZVQNKSWKFVKUUWG 

### KPVGTHCEGKUXGT[NQYKPVJGVTCEJGCKPETGCUGUVQCOCZKOWOKPVJGVGTOKPCNDTQPEJKQNGUQTHKTUVCKTYC[IGPGTCVKQPKPVJGRWNOQPCT[TGIKQPCPFTCRKFN[FGETGCUGUFKUVCNN[HTQOVJKUNQECVKQPGI/KNNGTGVCN1XGTVQPGVCN1XGTVQPCPF)TCJCO)TQVDGTIGVCN*WGVCNC+H1 YGTGVJGQPN[VQZKECIGPVCPFCNNVJGVKUUWGUQHVJG.46YGTGGSWCNN[UGPUKVKXG 

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

### ECUGVJG1 PGVNQECNFQUGPQVVJGNQECN1 VKUUWGFQUGOC[DGCDGVVGTGUVKOCVQTQHNQECNVQZKE  

### VKUUWGFQUGDGECWUGVJGTCVGQHRTQFWEVKQPQHRTQFWEVUYQWNFDGTGNCVGFVQVJGTCVGQH1  

### WRVCMG  'HHGEVQHGZGTEKUGQTKPETGCUGFXGPVKNCVKQP 6JGGHHGEVQHGZGTEKUGKUVQUNKIJVN[KPETGCUGVJG6$FQUGCPFVQUKIPKHKECPVN[KPETGCUGVJGRWNOQPCT[TGIKQPVQVCNFQUGOCUUQH1 CPFVJG%#4FQUGOCUURGTWPKVUWTHCEGCTGCGI/KNNGT 

### GVCN1XGTVQPGVCN1XGTVQPCPF)TCJCO*CPPCGVCN)TQVDGTIGVCNZone Order Generation Generation 0 0 0 0 2 2 2 2 3 3 4 4 4 6 6 4
5 8 8 6 10 10 5
7 12 12 8 14 14 6 9 15 16 7

10 16 17 11

17 18 12 19 20 13 21 22 8 14 23 23 Rabbit

Guinea Pig Rat Human

Zone Order Generation Generation 0 0 0 0 2 2
2 2 3 3
4 4 4 6 6 4
5 8 8 6 10 10 5
7 12 12 8
14 14 6 9 15 16 7

10 16 17 11

17 18 12 19 20 13
21 22 8 14 23 23 Rabbit

Guinea Pig Rat Human



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

### 8-33  'HHGEVQHTGURKTCVQT[VTCEVKPJQOQIGPGKV[ /QFGNUJCXGRTGFKEVGFVJCVVJGHWTVJGTVJGRTQZKOCNCNXGQNCTTGIKQPKUHTQOVJGVTCEJGCVJGNGUUVJG1 VKUUWG 

### FQUGOCUUQH1 CDUQTDGFRGTWPKVUWTHCEGCTGCVQVJGRTQZKOCNCNXGQNCT 

### TGIKQP(QTOQFGNKPIRWTRQUGUVJGRTQZKOCNCNXGQNCTTGIKQPJCUDGGPFGHKPGFCUVJGHKTUVRWNOQPCT[IGPGTCVKQPQTVJGHKTUVRWNOQPCT[TGIKQPOQFGNUGIOGPVCNQPICRCVJVJKUTGIKQPKUCRCTVQHVJG%#41XGTVQPGVCNRTGFKEVGFCVJTGGHQNFITGCVGTRTQZKOCNCNXGQNCTTGIKQPFQUGHQTVJGUJQTVGUVRCVJTGNCVKXGVQVJGNQPIGUVRCVJKPTCVU7NVOCPCPF#PLKNXGNUKOWNCVGF1 FKUVTKDWVKQP 

### KPCUOCNNUGIOGPVQHVJGFKUVCNCKTYC[UQHCPCU[OOGVTKECPCVQOKEOQFGNQHVJGJWOCPNWPI6JG[HQWPFVJCVVJG1 VKUUWGFQUGOCUURGTUSWCTG 

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

4GURKTCVQT[6TCEV7RVCMGKP*WOCP#FWNVUCPF%JKNFTGP1XGTVQPCPF)TCJCOWUGFUGXGTCNUQWTEGUQHFCVCQPCIGFGRGPFGPV.46FKOGPUKQPUCPFUVTWEVWTGVQ

EQPUVTWEVVJGQTGVKECN.46CPCVQOKECNOQFGNUHQTJWOCPUHTQODKTVJVQCFWNVJQQF6JG1 FQUKOGVT[OQFGNQH/KNNGTGVCNYCUWUGFVQGUVKOCVGVJGTGIKQPCNCPFNQECNWRVCMG



### QH1 (QTVJGRGTEGPVWRVCMGVQFWTKPISWKGVDTGCVJKPIVJG.46FKUVTKDWVKQPQH 

### 8-34CDUQTDGF1 CPFVJGEGPVTKCEKPCT1 VKUUWGFQUGCTGPQVXGT[UGPUKVKXGVQCIG4GIKQPCNRGTEGPV  

### WRVCMGUCTGOQTGFGRGPFGPVQPCIGFWTKPIJGCX[GZGTEKUGQTYQTMVJCPFWTKPISWKGVDTGCVJKPICPFVQVCNWRVCMGUTCPIGHTQOVQ)GPGTCNN[VJGVQVCNSWCPVKV[QH1 CDUQTDGFRGT 

### OKPWVGKPETGCUGUYKVJCIG(QTCNNEQPFKVKQPUUKOWNCVGFVJGNCTIGUV1 VKUUWGFQUGKURTGFKEVGF 

### VQQEEWTKPVJG%#4/KNNGTCPF1XGTVQPRTGUGPVUKOKNCTTGUWNVU$GECWUGWRVCMGD[VJG746YCUPQVUKOWNCVGFCPFDGECWUGVJKUTGIKQPECPDGCUUWOGFVQJCXGCPKORQTVCPVGHHGEVQP.46WRVCMGCEQORCTKUQPQHRTGFKEVKQPUQH.46WRVCMGUKPEJKNFTGPCPFCFWNVUUJQWNFDGXKGYGFYKVJECWVKQP1PVJGQVJGTJCPF746WRVCMGRTQDCDN[JCUNKVVNGGHHGEVQPVJGUJCRGQH

VJGFQUGEWTXGU&QUKOGVT[/QFGNKPI4GUWNVU%QORCTGFVQ&QUKOGVT[&CVC$CUGFQPVJGGZRGTKOGPVCNEQPFKVKQPUFKUEWUUGFKP)GTTKV[GVCNCPFWUKPIVJGOQFGNCPFRCTCOGVGTUQH/KNNGTGVCN/KNNGTGVCNUKOWNCVGFVJGWRVCMGQH1 FKUVCNVQVJGQTQRJCT[PZQHJWOCPUWDLGEVU(QTVJGVCTIGVH	UQHCPFDROCPF8 U

 6

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

### IGPGTCNCITGGOGPVDGVYGGPVJGOQFGNRTGFKEVKQPUCPFFCVCCTGSWKVGIQQF#NVJQWIJVJGOQFGNUCTGECRCDNGQHOCMKPITGCUQPCDNGRTGFKEVKQPUQHVQVCN46WRVCMGGHHKEKGPE[VJGKTCEEWTCE[HQTURGEKHKETGIKQPUTGOCKPUWPEGTVCKP6JG1 DQNWUFCVC 

### *WGVCND7NVOCPGVCNCPFVJGCKTYC[WRVCMGGHHKEKGPE[FCVC

### 8-356CDNG#UUWORVKQPHQT#RRNKECVKQPQH&QUKOGVT[/QFGNVQ$TGCVJKPI(TGSWGPE[4GURQPUGUVQ1\QPG C

5RGEKGU $TGCVJKPI 4GURKTCVQT[ 6TCEV /QTRJQNQI[ /CUU 6TCPUHGT %QGHHKEKGPVU /QFG QH

*WOCP 1TCN  .46 UVTWEVWTG HTQO 9GKDGN 
  /CUU VTCPUHGT EQGHHKEKGPVU HQT GCEJ  8QNWOG QH QTCN ECXKV[ VJTQWIJ QTQRJCT[PIGCN UGIOGPV CPF GCEJ 6$

NCT[PZ CPF UWTHCEG VQ XQNWOG IGPGTCVKQP FGHKPGF CU -C
58 YJGTG TCVKQ 
58 HTQO *W GV CN 58 HQT VJG 6$ TGIKQP KU HTQO 9GKDGN CD 
 FKOGPUKQPU TGFWEGF VQ (4% -C  &GCF URCEG XQNWOG 
8  CPF (4% HTQO *W GV CN 
D F HTQO *CTV GV CN 
 6$  2WNOQPCT[ OCUU VTCPUHGT EQGHHKEKGPV KU TGIKQP XQNWOG CV (4% GSWCNU  EOU 
/KNNGT GV CN  8 OKPWU QTQRJCT[PIGCN XQNWOG

F  2TQZKOCN CNXGQNCT TGIKQP FGHKPGF CU

HKTUV TGURKTCVQT[ DTQPEJKQNG  2WNOQPCT[ TGIKQP GZRCPFU

6$ FQGU PQV GZRCPF

4CV 0CUCN  02 FKOGPUKQPU HTQO 5EJTGKFGT CPF  02 CPF 6$ OCUU VTCPUHGT EQGHHKEKGPVU 4CCDG 
 GUVKOCVGF WUKPI FCVC QH *CVEJ GV CN  6$ TGIKQP HTQO ;GJ GV CN 
 
  8QNWOGU CPF UWTHCEG CTGCU QH .46  /CUU VTCPUHGT EQGHHKEKGPV QH RWNOQPCT[

KUQVTQRKECNN[ UECNGF VQ (4% TGIKQP   EOU KPHGTTGF HTQO  2WNOQPCT[ TGIKQP HTQO /GTEGT 2KPMGTVQP GV CN 


GV CN 
  6$ CPF RWNOQPCT[ TGIKQPU

GZRCPF WPKHQTON[ FWTKPI DTGCVJKPI  2TQZKOCN CNXGQNCT TGIKQP KU HKTUV

IGPGTCVKQP QH RWNOQPCT[ TGIKQP

5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU C



### 6CDNG%QORCTKUQPQH6QVCN4GURKTCVQT[6TCEV7RVCMG

&CVCYKVJ/QFGN2TGFKEVKQPU C

8 
O. H 
DRO /GCUWTGF ( 2TGFKEVGF ( &CVC 5QWTEG

6 V V

    )GTTKV[ GV CN 


    )GTTKV[ GV CN 


    *W GV CN 
D

    *W GV CN 
D

    )GTTKV[ GV CN 


    )GTTKV[ GV CN 


    9KGUVGT GV CN 


5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU C

### 8-36)GTTKV[GVCNTCKUGSWGUVKQPUCDQWVVJGOQFGNRTGFKEVKQPUQHWRVCMGKPVJGEQPFWEVKPICKTYC[U6JGUGNCVVGTFCVCUGVUUWIIGUVVJCVVJGOQFGNUQH/KNNGTGVCNOC[WPFGTGUVKOCVGVJG1 WRVCMGEQGHHKEKGPVUKPVJGEQPFWEVKPICKTYC[U7NVOCPGVCNUJQY 

### KPVJGKTCPCN[UKUQHVJGDQNWUFCVCVJCVVJGTGCEVKXKV[QH1 YKVJVJGNWPINKSWKFNKPKPIFGETGCUGU 

### YKVJKPETGCUKPIFGRVJKPVQVJGNWPI6JKUEQWNFKORN[VJCVOQTG1 KUVCMGPWRKPEGPVTCN 

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	U(QTEQORCTKUQPRWTRQUGUVJGFCVCQH9KGUVGTGVCNCPF*CVEJGVCN

6

### ECPDGWUGF6JGCXGTCIGWRVCMGGHHKEKGPE[HQTVJGTCVHTQOVJGUGFCVCKU$CUGFQPVJG8 UCPFH	UQHVJGUGCPKOCNUCPCXGTCIG.46WRVCMGQHKUEQORWVGFWUKPI1XGTVQP 6

### GVCN+H1XGTVQPGVCNJCFKPENWFGFVJGGHHGEVUQH746WRVCMGVJGKTOQFGNYQWNFJCXGRTGFKEVGFOQTGVJCP+VKUKORQTVCPVVQPQVGVJCVVJGUGTGUWNVUCTGDCUGFQPVJGQNFGTOQFGNCUUWORVKQPUPQVVJQUGRTGUGPVGFKP6CDNG+HVJGPGYGTCUUWORVKQPUJCFDGGPWUGFVJGCITGGOGPVDGVYGGPRTGFKEVKQPUCPFCEVWCNTGUWNVUYQWNFJCXGDGGPOWEJDGVVGTKGVQVCNWRVCMGYQWNFJCXGDGGPKPVJGVQTCPIGFGRGPFKPIQPXGPVKNCVKQP



#  5RGEKGU5GPUKVKXKV[.WPI(WPEVKQPCPF+PHNCOOCVQT['PFRQKPVU'ZGORNKH[KPICP#RRTQCEJ

 +PVTQFWEVKQP
3WCPVKVCVKXGGZVTCRQNCVKQPQHCPKOCNDCUGF1 VQZKEKV[FCVCVQVJGJWOCP 

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

### TGOCKPUNCTIGN[FGUETKRVKXG*GPEGQPN[CUKORNKHKGFCRRNKECVKQPQHVJKURCTCFKIOKUHGCUKDNGCVVJKUVKOG6JGHQNNQYKPIUGEVKQPYKNNCVVGORVVQJCTOQPK\GUGNGEVKXGNKVGTCVWTGQPCEWVGJWOCPCPFCPKOCNTGURQPUGUVQ1 GZRQUWTGCNTGCF[TGXKGYGFKPFGVCKNKP%JCRVGTUCPFYKVJ 

### YJCVKUMPQYPCDQWVVJGFQUKOGVT[QH1 KPCPGHHQTVVQFKUEGTPTGNCVKXGURGEKGUUGPUKVKXKV[

### 6QEQPUVTWEVCPCTIWOGPVVJCVKURNCWUKDNGHQTVJKUVGUVCRRNKECVKQPHQEWUKUQPGPFRQKPVUHQTYJKEJVJGTGCTGUWHHKEKGPVFCVCKPDQVJJWOCPUCPFVGUVCPKOCNURGEKGUCPFHQTYJKEJGZRQUWTGUEGPCTKQUCTGUKOKNCT6JGGPFRQKPVUEQORCTGFKPENWFGOGCUWTGUQHRWNOQPCT[HWPEVKQPCPFOCTMGTUQHNWPIKPHNCOOCVKQPOQUVPQVCDN[$#.RTQVGKPCPFEGNNU9JGPRQUUKDNGQVJGTKPHNWGPEKPIRCTCOGVGTUUWEJCUXGPVKNCVKQPCWIOGPVCVKQPCPFCPVKQZKFCPVUYKVJKPVJGNWPICNUQYKNNDGFKUEWUUGF6JGDQF[QHKPXKVTQEGNNUVWFKGUJCUPQVDGGPKPENWFGFDGECWUGQHVJG

## Acute Effect

Animal 

## Acute Effect

Human



## Chronic Effect

Animal 

## Chronic Effect

Human



### Experimental correlation

Extrapolation



### 8-37FKHHKEWNVKGUKPKPVGTRTGVCVKQPCUUQEKCVGFYKVJ(KIWTG2CTCNNGNQITCORCTCFKIOHQTWVKNK\KPICPKOCNFCVCHQTJWOCPJGCNVJRTGFKEVKQPU#EWVGJQOQNQIQWUGPFRQKPVUUGTXGCUVJGDCUKUHQTGZVTCRQNCVKPIEJTQPKEGHHGEVUKPJWOCPUHTQOCPKOCNFCVCFQUKOGVT[CPFEWNVWTKPIU[UVGOU6JGTGCFGTKUTGHGTTGFVQ%JCRVGT5GEVKQPCPFVJGTGEGPVTGXKGYD[-QTGPGVCN6JGIQCNJGTGKUVQFGXGNQRCJ[RQVJGVKECNOQFGNHQTVJGCUUGUUOGPVQHURGEKGUURGEKHKEUGPUKVKXKV[YKVJCEWVG1 GZRQUWTGVJCVECPUGTXGCUCHTCOGYQTM 

### VQDGVVGTRTGFKEVJWOCPTGURQPUGUGURGEKCNN[YKVJTGICTFVQEJTQPKEGHHGEVU6JGEQORNGZKUUWGQHYJGVJGTEQPVTQNNGFJWOCPENKPKECNUVWFKGUCEEWTCVGN[TGHNGEVRQRWNCVKQPDCUGFTGURQPUGUCNUQYKNNPQVDGEQPUKFGTGFKPVJKUFKUEWUUKQP

 &QUKOGVT[6JKUVQRKEJCUDGGPFKUEWUUGFKPFGVCKNKP5GEVKQP4GEGPVUVWFKGUD[*CVEJGVCNWVKNK\KPIVJGPQPTCFKQCEVKXGKUQVQRGQHQZ[IGP1VQNCDGN1 JCXGUJQYPVJCV 


### GZRQUWTGQHGZGTEKUKPIJWOCPU.OKPCPFTGUVKPITCVUVQRRO1 HQTJTGUWNVGFKP 

### QTVKOGUVJG1FQUGCUCFFWEVVQVJG$#.EQPUVKVWGPVUQHJWOCPUCUEQORCTGFVQVJQUG 

### QH(OCNGTCVU6JKUHQWTVQHKXGHQNFFKHHGTGPEGCRRGCTGFVQDGFWGVQVJGGZGTEKUGUVKOWNCVGFJ[RGTXGPVKNCVKQPQHVJGJWOCPUYJGPEQORCTGFVQVJGTCVCPFEQORCTGFHCXQTCDN[YKVJKPFKEGUQHGHHGEVKG$#.EGNNUCPFRTQVGKPCVJ1PN[YJGPVJGTCVUYGTGGZRQUGFVQRRO1 HQTJFKFVJG1 NCDGNKPIQH$#.EQPUVKVWGPVUCRRTQZKOCVGVJCVQHVJGJWOCP  

### 6JWUQPVJGDCUKUQHVJKUUVWF[QHEGNNWNCTCPFRTQVGKPKPHNWZFWGVQ1 KPLWT[VJGTCVCPF 

### JWOCPCRRGCTVQJCXGUKOKNCTUGPUKVKXKV[VQ1 YJGPGZGTEKUGKUEQPUKFGTGF#FFKVKQPCNTGNCVGF 

### UVWFKGUYKVJ1 KPFKECVGVJCVFGRQUKVKQPKPVJG46KUCEWOWNCVKXGHWPEVKQPQHXGPVKNCVKQPQXGT 


### VJGKPKVKCNRGTKQFQHGZRQUWTGYJKEJYQWNFNGPFUWRRQTVVQVJGUGHKPFKPIU5CPVTQEMGVCN

### 8-38#VVGORVUVQEQORCTGCPKOCNFCVCQDVCKPGFYKVJQWVGZGTEKUGVQJWOCPUVWF[FCVCYKVJGZGTEKUGVJWUYQWNFWPFGTGUVKOCVGVJGFQUGVQVJGNWPICPFRTGUWOCDN[VJGTGUWNVCPVTKUMQHGHHGEV5VWFKGUQH1 GHHGEVUDWVYKVJQWVCUUGUUOGPVQHFQUGKPGZGTEKUKPITQFGPVUJCXG 

### EQPHKTOGFVJKUEQPENWUKQP/CWV\GVCN'ZGTEKUGKUQPN[QPGHCEVQTVJCVECPCNVGTFQUGCPFGHHGEV5VWFKGUKPNCDQTCVQT[CPKOCNUVJCVKPEQTRQTCVGQVJGTHCEVQTUUWEJCUVKOGQHFC[QTFKWTPCNTJ[VJOU8CP$TGGGVCNCPKOCNUVTCKP2KPQGVCN%QUVCGVCNQTPWVTKVKQP%JCRVGT5GEVKQPCNUQUJQYUWDUVCPVKCNOQFKHKECVKQPQHTGURQPUGVQ1 CPFVJWUGORJCUK\GVJG 

### PGGFHQTECTGHWNEQPUKFGTCVKQPQHGZQIGPQWUHCEVQTUYJGPCVVGORVKPIVQEQORCTGQTGZVTCRQNCVGUVWF[HKPFKPIU+VKUNKMGN[VJCVCUKOKNCTTCPIGQHHCEVQTFGRGPFGPVXCTKCDKNKV[GZKUVUYKVJKPJWOCPVGUVUWDLGEVU

##  *QOQNQI[QH4GURQPUG
6JGEQPEGRVQHURGEKGUUGPUKVKXKV[CEVWCNN[EQPUKUVUQHVYQKPVGITCVGFEQORQPGPVU6JGHKTUVJQOQNQI[QHTGURQPUGKPFKECVGUYJGVJGTVJGQWVEQOGUGGPKPVJGCPKOCNVGUVURGEKGUTGRTGUGPVUVJGUCOGDKQNQIKECNTGURQPUGKPVJGJWOCP+POCP[ECUGUCOGCUWTGOGPVQHVJGUCOGGPFRQKPVKPDQVJURGEKGUECPDGRTGUWOGFVQTGHNGEVVJGUCOGVQZKERJGPQOGPQPQTOGEJCPKUOKGVJGRWNOQPCT[KTTKVCPVKPFWEGFVCEJ[RPGCUGGDGNQY1PVJGQVJGTJCPFVJGTGOC[DGGPFRQKPVUVJCVCNVJQWIJJQOQNQIQWUCTGPQVGZRTGUUGFUKOKNCTN[HQTGZCORNGVJGDWTPKPIFKUEQOHQTVQHUGPUQT[KTTKVCVKQPKPVJGJWOCPCPFVJGRCWUGQPVKFCNGZRKTCVKQPUGGPKPTQFGPVU6JGUGEQPFEQORQPGPVQHURGEKGUUGPUKVKXKV[TGNCVGUVJGFQUGTGURQPUGEWTXGVQIKXGPJQOQNQIQWUTGURQPUGU#NVGTCVKQPUKPRGTOGCDKNKV[QHVJGCKTDNQQFDCTTKGTQHVJGNWPICRRGCTVQTGHNGEVVTWGURGEKGUFKHHGTGPEGUKPUGPUKVKXKV[VQRWNOQPCT[KTTKVCPVUUWEJCU1 *CVEJ 

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

### KPVJGRTGUGPVFKUEWUUKQPCTGFGUETKDGFKPFGVCKNKP%JCRVGTUCPF5GEVKQPUCPFTGURGEVKXGN[QHVJKUFQEWOGPVCPFKPVJGRTGXKQWU1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN 

### 2TQVGEVKQP#IGPE[ +PHNCOOCVQT[CPF#PVKQZKFCPV'PFRQKPVUCU*QOQNQIQWU+PFKECVQTU+PHNCOOCVKQPQHRWNOQPCT[CKTYC[UCPFCKTURCEGUKUDGUVFGUETKDGFCUCECUECFGQHGXGPVUVJCVPGVYQTMKPHKNVTCVKPINGWMQE[VGURNCUOCRTQVGKPUCPFEGNNFGTKXGFOGFKCVQTUYJKEJHWPEVKQPRTGUWOCDN[VQFGHGPFQTTGRCKTDWVOC[HWTVJGTFCOCIGVJGKPLWTGFNWPIUGG

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

### -QTGPGVCND'NUC[GFGVCNCPFYJGPVJGKTNGXGNUCTGOCPKRWNCVGFKPXKXQGKVJGTECPKPHNWGPEGVJGFGITGGQHVQZKEQWVEQOG*GPEGVJGOGCUWTGOGPVQHDCUCNCPF1 TGURQPUGNGXGNUQHVJGUGCPVKQZKFCPVUKP$#.EGNNUCPFHNWKFUKUWUGHWNKPCUUGUUKPIVJG



### SWCNKVCVKXGCPFSWCPVKVCVKXGTGURQPUGUCOQPIJWOCPUCPFNCDQTCVQT[VGUVURGEKGU



##  5VWFKGUQH.WPI(WPEVKQP
 %QPHQWPFKPI+PHNWGPEGUKP.WPI(WPEVKQP5VWFKGU+FGCNN[CU[UVGOHQTOGCUWTKPIRWNOQPCT[HWPEVKQPKPUOCNNCPKOCNUYQWNFDGCRRTQZKOCVGN[VJGUCOGCUVJCVWUGFKPJWOCPUHQTEQQRGTCVKXGWPTGUVTCKPGFUWDLGEVU*QYGXGTKPCPKOCNUVWFKGUVJKUKUWUWCNN[PQVRQUUKDNG(QTVWPCVGN[EGTVCKPOGCUWTGUGIUVCVKENWPIXQNWOGUFKHHWUKQPECRCEKV[CRRGCTVQDGOKPKOCNN[KPHNWGPEGFD[UGPUQT[TGHNGZQTOWUEWNCTCEVKXKV[KPURKVGQHWPPCVWTCNUVTGUUGUQTDNWPVKPIQHTGURQPUGUECWUGFD[CPGUVJGVKEQTRJ[UKECNKOOQDKNK\CVKQP1PVJGQVJGTJCPFUQOGOGCUWTGOGPVUV[RKECNN[VJQUGKPXQNXGFKPVJGCUUGUUOGPVQHXGPVKNCVQT[OGEJCPKEUECPDGRTQHQWPFN[KPHNWGPEGFD[VJGUGCPFQVJGTHCEVQTUUWEJCUCODKGPVCPFVQZKECPVCNVGTGFDQF[EQTGVGORGTCVWTGVJWUEQPHQWPFKPIETQUUURGEKGUEQORCTKUQPU$GECWUGCOCLQTGORJCUKUQHVJKUUGEVKQPKUVJGEQORCTKUQPQHNWPIHWPEVKQPFCVCQHCPKOCNUCPFJWOCPUKVKUKORQTVCPVVJCVVJGTGCFGTTGCNK\GRQVGPVKCNN[EQPHQWPFKPIKPHNWGPEGUDQTPGD[UVWFKGUQHNWPIHWPEVKQPKPTQFGPVUYJGPEQORCTGFVQCPCNQIQWUOGCUWTGOGPVUKPJWOCPU6JGUGCTGFKUEWUUGFDTKGHN[DGNQY

#PGUVJGUKC#PGUVJGUKCCNVGTURWNOQPCT[HWPEVKQPOGCUWTGOGPVUKPDQVJJWOCPU4GJFGTGVCNCPFNCDQTCVQT[CPKOCNU5MQTPKEMCPF$TCKP.COOGVCN4KEJGVCN### 8-406CDNG2WNOQPCT[#PVKQZKFCPV5WDUVCPEGUKP8CTKQWU.CDQTCVQT[#PKOCN5RGEKGUCPF*WOCPU C

#PVKQZKFCPV /QWUG *COUVGT 4CV )WKPGC 2KI 4CDDKV *WOCP

#UEQTDCVG

6KUUWG D v v v v v v

$#. EGNNU

` ` v v

` v E

$#. HNWKF

` ` v v

` v E

)NWVCVJKQPG

6KUUWG D v v v v v v

$#. EGNNU

` ` v v

` v E

$#. HNWKF

` ` v v

` v E

6QEQRJGTQN

6KUUWG D v v v v v v

$#. EGNNU

` ` v v

` v F

$#. HNWKF

` ` v v

` v F

7TKE #EKF

6KUUWG D

` ` v v

` `

$#. EGNNU

` `  v

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$#. HNWKF

` ` v v

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5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU FCVC 
OGCP v 5' GZVTCEVGF CPF UWOOCTK\GF HTQO C 5NCFG GV CN 
  &CVC GZRTGUUGF CU OI I YGV VKUUWG D &CVC GZRTGUUGU CU POQNOI RTQVGKP E &CVC GZRTGUUGF CU POQNOI NKRKF RJQURJQTWU F



### +PIGPGTCNXGPVKNCVKQPKUTGFWEGFCPFEJCPIGUKPXGPVKNCVQT[RCVVGTPUQEEWT2CXNKPCPF*QTPDGKP$GNNXKNNGGVCN*WPVGTGVCN5KCHCMCUGVCN+PJWOCPUCPGUVJGUKCECPFGETGCUGEQORNKCPEGCPF(4%CPFKVCNUQECPKPETGCUGCKTYC[TGUKUVCPEG4

CY

### 4GJFGTGVCN+PUOCNNNCDQTCVQT[OCOOCNUCPCPCNQIQWUFGETGCUGKP(4%QEEWTUCNVJQWIJCRRCTGPVN[XKCCFKHHGTGPVRJ[UKQNQIKECNOGEJCPKUO.COOGVCN#FFKVKQPCNCPGUVJGUKCTGNCVGFGHHGEVUKPENWFGCDNQEMCFGQHKTTKVCPVTGHNGZGU9GKUUDGTIGVCNCPFCNVGTCVKQPQHXGPVKNCVQT[RCVVGTPUKPTGURQPUGVQ%1 /CTVKP$QF[CPF5KPENCKT 

### *GPEGCNVJQWIJPQVKPXCNKFCVKPIGZRGTKOGPVCNTGUWNVUEJQKEGQHCPGUVJGVKECIGPVOC[CHHGEVVJGOGCUWTGFTGURQPUGCPFOC[EQPHQWPFETQUUURGEKGUEQORCTKUQP

4GUVTCKPV %QNNGEVKQPQHUOCNNCPKOCNRWNOQPCT[HWPEVKQPFCVCYKVJQWVVJGWUGQHCPGUVJGUKCWUWCNN[TGSWKTGUUQOGV[RGQHRJ[UKECNKOOQDKNK\CVKQP4GUVTCKPVOC[TCPIGHTQOOKPKOCNN[TGUVTKEVKXGCNNQYKPIVWTPKPICPFUQOGNQEQOQVKQPVQGZVTGOGN[EQPHKPKPICUQEEWTUYJGPCPKOCNUCTGKPUGTVGFKPVQPQUGQPN[GZRQUWTGVWDGU#NVJQWIJTGUVTCKPVTGFWEGUOQXGOGPV

###  8

8-41CTVKHCEVUCPFRGTOKVUCVVCEJOGPVQHFGNKECVGRTQDGUQTUGPUQTUKOOQDKNK\CVKQPECPCNUQRTQFWEGWPFGUKTCDNGRJ[UKQNQIKECNFKUVWTDCPEGUUWEJCUEJCPIGUKPDQF[EQTGVGORGTCVWTG6

EQ

### 0CICUCMCGVCNJ[RGTOGVCDQNKUO0CICUCMCGVCNKPETGCUGFGZRKTCVQT[%1 

### ,CGIGTCPF)GCTJCTVEJCPIGUKPXGPVKNCVKQPCPFXGPVKNCVQT[RCVVGTP.CKGVCN/CWFGTN[CPFICUVTKETGURQPUG6QTCCUQPGVCN5WEJUVTGUUTGNCVGFTGURQPUGUCTGRQQTN[WPFGTUVQQFCPFVJGKTKPHNWGPEGQPVQZKEQNQIKETGURQPUGUOC[YGNNRCUUWPPQVKEGFWPNGUUURGEKHKECNN[GZCOKPGF6GORGTCVWTG#NVJQWIJPQVYKFGN[CRRTGEKCVGFVQZKECPVKPFWEGFEJCPIGUKPVJGTOQTGIWNCVQT[HWPEVKQPECPOQFKH[VJGTGUWNVUQHVQZKEQNQIKECNUVWFKGU)QTFQPGVCN)QTFQP4GEGPVUVWFKGUKPFKECVGVJCVGZRQUWTGVQCPFRRO1 CNUQECPFGETGCUG6   EQ

### JGCTVTCVGCPFDNQQFRTGUUWTGQXGTQTOQTGJQWTUKPWPTGUVTCKPGFWPCPGUVJGVK\GFTQFGPVUOCKPVCKPGFCVPQTOCNTQQOVGORGTCVWTG7EJK[COCGVCN9CVMKPUQPGVCN1PVJGQVJGTJCPFYJGPTCVUYGTGTGUVTCKPGFKPCJGCFQWVDQF[RNGVJ[UOQITCRJCPFGZRQUGFVQVJGUCOGEQPEGPVTCVKQPQH1 RROCUKPVJG7EJK[COCGVCNCPF9CVMKPUQPGVCN 

### UVWFKGUPQEJCPIGKPDNQQFRTGUUWTGYCUQDUGTXGF6GRRGTGVCN6JGFKUEQTFCPEGDGVYGGPVJGUGHKPFKPIUOC[DGVJGTGUWNVQHTGUVTCKPVUVTGUUYJKEJJCUDGGPUJQYPVQKPETGCUG6 0CICUCMCGVCNCPFKPVJKUEKTEWOUVCPEGEQWNFJCXGDNWPVGFVJG

EQ

### FGETGCUGKP6 CUUQEKCVGFYKVJ1 GZRQUWTG EQ 

### #NVJQWIJ1 KPFWEGFEJCPIGUKPJGCTVTCVGCPF6 OC[DGWPKSWGVQTQFGPVUVJKU  EQ

### RJGPQOGPQPJCUPQVDGGPYGNNUVWFKGFKPJWOCPU+VKURQUUKDNGVJCVDGECWUGQHVJGKTNCTIGTVJGTOCNOCUUCPFFKHHGTGPVVJGTOQTGIWNCVQT[OGEJCPKUOUJWOCPUFQPQVGZJKDKVUKOKNCTEJCPIGUKPVJGUGRCTCOGVGTUQPGZRQUWTG(QTGZCORNGTGEVCNVGORGTCVWTGKPETGCUGFD[VJGUCOGCOQWPVKPDQVJCKTCPFRRO1 ITQWRUQHJWOCPUFWTKPICJGZRQUWTGCV% 

### $GFKGVCN6JGGHHGEVUQP6 OC[JCXGDGGPEQPHQWPFGFDGECWUGVJGUWDLGEVU

EQ

### RGTHQTOGFOQFGTCVGGZGTEKUGFWTKPICNVGTPCVGOKPRGTKQFUFWTKPIGZRQUWTG1PVJGQVJGTJCPFYQOGPGZGTEKUKPIKPVGTOKVVGPVN[KPOQFGTCVG%CPFJQV%CODKGPVEQPFKVKQPUUJQYGFPQEJCPIGKP6 TGNCVGFVQ1 GZRQUWTGDWVFKFUJQYNGUUQHCPKPETGCUGKPJGCTVTCVG EQ 

### VJCPFKFCKTGZRQUGFUWDLGEVUCV%)KDDQPUCPF#FCOU+VUJQWNFDGPQVGFJQYGXGTVJCVQVJGTUVWFKGUJCXGUJQYPRQVGPVKCVKQPQHJWOCPNWPIHWPEVKQPTGURQPUGUCUUQEKCVGFYKVJKPETGCUGFCODKGPVVGORGTCVWTGCPF1 GZRQUWTG(QNKPUDGGGVCN 

### )KDDQPUCPF#FCOU6JGHWNNKORQTVCPEGQHVGORGTCVWTGKPTGNCVKPITQFGPVCPFJWOCPTGURQPUKXGPGUUVQ1 TGOCKPUVQDGWPFGTUVQQF 



### 'ZGTEKUGCPF8GPVKNCVKQP'ZGTEKUGJCUNQPIDGGPGORNQ[GFKPJWOCPUVWFKGUVQGPJCPEGVJGGHHGEVUQHCKTRQNNWVCPVUGURGEKCNN[1 (QNKPUDGGCPF4CXGP'ZGTEKUGCRRGCTUVQGZCEGTDCVG 

### HWPEVKQPCNGHHGEVUD[KPETGCUKPIVJGKPJCNGFFQUG*CVEJGVCNCPFRQUUKDN[D[UJKHVKPIVJGFGRQUKVKQPQHVJGRQNNWVCPVVQOQTGUGPUKVKXGRWNOQPCT[UKVGU)GTTKV[CPF9KGUVGT#NVJQWIJGZGTEKUGECPDGWUGFKPNCDQTCVQT[CPKOCNUVQGPJCPEGFGRQUKVKQPQH1 PQFKTGEV 

### OGVJQFUHQTOGCUWTKPIXGPVKNCVKQPQTDTGCVJKPIOGEJCPKEUCTGCXCKNCDNGHQTUOCNNCPKOCNUFWTKPIGZGTEKUG#NVGTPCVKXGN[KPCPCVVGORVVQOKOKEVJGKPETGCUGKPXGPVKNCVKQPRTQFWEGFD[GZGTEKUGKPJWOCPUUVWFKGUGORNQ[KPITGUVTCKPGFCPKOCNUJCXGWUGF%1 CUCXGPVKNCVQT[ 

### UVKOWNCPV%CTDQPFKQZKFGVQOCZKOCNN[KPETGCUGUVJTGGVQHKXGVKOGUKPTQFGPV '

### URGEKGU%1 KPGZEGUUQHYKNNTGUWNVKPCTGFWEVKQPKPXGPVKNCVKQP9QPICPF#NCTKG 

###  8

 8  8

 8

8-426GRRGTGVCN6JKUKPETGCUGKPKUGSWKXCNGPVVQNKIJVVQ¥TGUVKPI8 QT ' '

### OQFGTCVGGZGTEKUGVQ¥8 KPJWOCPU75'PXKTQPOGPVCN2TQVGEVKQP#IGPE['

### +POCP[1 UVWFKGUKPJWOCPUDQVJJGCX[VQ¥QTXGT[JGCX[ ¥GZGTEKUG  ''

### JCXGDGGPWUGF5KOKNCTKPETGCUGUKPXGPVKNCVKQPECPPQVDGCVVCKPGFKPUOCNNCPKOCNUWUKPIVJG%1 EJCNNGPIGVGEJPKSWGVJWURQUKPICNKOKVCVKQPKPCVVGORVKPIVQOCMGFKTGEVEQORCTKUQPU 

### DGVYGGPCPKOCNCPFJWOCPUVWFKGU6JGCRRNKECVKQPQHVJKU%1 EJCNNGPIGOGVJQFQNQI[KP1 GZRQUGFTCVUVQ  

### RROHQTJYKVJOKPCNVGTPCVKPIJ[RGTXGPVKNCVKQPENGCTN[FGOQPUVTCVGUGPJCPEGFRWNOQPCT[KTTKVCVKQPCUTGHNGEVGFKPDTGCVJKPIRCVVGTPEJCPIGUFWTKPIGZRQUWTG6GRRGTGVCN6JGDTGCVJKPIRCVVGTPCNVGTCVKQPUV[RKECNQH1 GZRQUWTGCRRGCTGFVQDGNCTIGT 

### VJCPYQWNFDGRTGFKEVGFDCUGFUQNGN[QPKPETGCUGFFQUGUWIIGUVKPIVJCV%1 EJCNNGPIGFWTKPI 

### 1 GZRQUWTGOC[JCXGGPJCPEGFFGRQUKVKQPCVETKVKECNNWPIUKVGU6GRRGTGVCN6JKU



### CWIOGPVGFTGURQPUGYCUTGHNGEVGFENGCTN[KPVJGNCTIGKPETGCUGUKPRTQVGKPQDUGTXGFKPVJG$#.HNWKF%QUVCGVCND+PRQUVOQTVGOUVWFKGUTCVUGZGTEKUGFFWTKPIGZRQUWTGJCXGDGGPHQWPFVQJCXGGZCEGTDCVGFNWPIRCVJQNQI[VJWUCRRGCTKPIVQEQPHKTOVJKUJ[RQVJGUKU/CWV\GVCNCPFUWIIGUVKPIVJCVGZGTEKUGOC[KPHCEVGPJCPEGVQZKEKV[FKURTQRQTVKQPCVGVQVJGCRRCTGPVFQUGQHVQZKECPV #EWVG'ZRQUWTG&CVC6YQEQTPGTUQHVJGRCTCNNGNQITCORCTCFKIOECPDGEQPUVTWEVGFTGCFKN[HTQOFCVCICVJGTGFKPGORKTKECNUVWFKGUQHCEWVG1 GZRQUWTGKPJWOCPUCPFNCDQTCVQT[CPKOCNU6JGUG 

### UVWFKGUJCXGVJGDWNMQHVJGFCVCYKVJVJGJKIJGUVHTGSWGPE[QHEQOOQPGPFRQKPVUVJCVECPDGEQORCTGF*GPEGVJGHQNNQYKPIFKUEWUUKQPYKNNHQEWUQPUGXGTCNECVGIQTKGUQHJQOQNQIQWUNWPIHWPEVKQPCPF$#.UVWF[FCVCVJCVJCXGDGGPQDVCKPGFHTQOJWOCPUCPFCPKOCNUGZRQUGFUKOKNCTN[VQ1 6JGJWOCPUVWFKGUYGTGFTCYPHTQOVJGNCTIGGZKUVKPIFCVCDCUGQPNWPI 

### HWPEVKQPCPFTGRTGUGPVV[RKECNTGURQPUGU6JGEQTTGURQPFKPI$#.FCVCCTGOQTGNKOKVGFCPFCTGWUGFVQVJGGZVGPVRQUUKDNG+PEQPVTCUVVJGCPKOCNUVWFKGUUGNGEVGFHQTEQORCTKUQPCTGJKIJN[UGNGEVKXGCPFTGRTGUGPVCTCVJGTUOCNNFCVCDCUGKPXQNXKPIUKOKNCTGZRQUWTGUEGPCTKQUCPFJQOQNQIQWUGPFRQKPVU6JKUCRRTQCEJQHPGEGUUKV[GZENWFGUVJGNCTIGOCLQTKV[QHCPKOCNUVWFKGUPQVDGECWUGVJG[FQPQVEQPVCKPKORQTVCPVVQZKEQNQIKEFCVCQP1 DWVTCVJGTVJG[CTG 

### FKURCTCVGKPVJGKTGZRQUWTGRCTCOGVGTUQTDKQNQIKEGPFRQKPVUVJCVTGCFKN[ECPDGVKGFVQVJQUG

CXCKNCDNGKPJWOCPU6KFCN$TGCVJKPI+PJWOCPU1 RTQFWEGURWNOQPCT[KTTKVCVKQPCTGURQPUGCUUQEKCVGFYKVJEQWIJCPF 

### UWDUVGTPCNUQTGPGUU%JCRVGT#NVJQWIJVJGUGU[ORVQOUCTGFKHHKEWNVVQCUUGUUKPCPKOCNUGZRQUWTGVQUWHHKEKGPVEQPEGPVTCVKQPUQH1 RTQFWEGUTGHNGZCNVGTCVKQPUKPVKFCNDTGCVJKPIVJCV 

### ECPDGOGCUWTGFQDLGEVKXGN[/QUVPQVCDN[VJGTGURQPUGKUCPKPETGCUGKPHVJCVKUWUWCNN[CEEQORCPKGFD[CFGETGCUGKP8 VCEJ[RPGCYJGTGCUOC[PQVDGCNVGTGF#NVJQWIJVJG 6 '

### OCIPKVWFGQHVJGVCEJ[RPGKETGURQPUGKUXCTKCDNGFGRGPFKPIQPVJGURGEKGUCPFGZRQUWTGEQPFKVKQPUVJKUGPFRQKPVKUSWKVGUGPUKVKXGCPFEQPUKUVGPVCETQUUOCP[URGEKGUGIIWKPGCRKIUECVUFQIUTCVUOQPMG[UJWOCPU6QGZCOKPGVJGETQUUURGEKGUTGURQPUGVQ1 FCVCYGTGGXCNWCVGFHTQOJWOCPCPF 

### CPKOCNUVWFKGUVJCVTGRQTVKPIKOOGFKCVGRQUVGZRQUWTGCNVGTCVKQPUKPH/QUVJWOCPUVWFKGUGORNQ[GFCPGZGTEKUGTGIKOGPFWTKPI1 GZRQUWTGVQKPETGCUGFQUG1PVJGQVJGTJCPFHGY 

### CPKOCNUVWFKGUJCXGWUGFGZGTEKUGTGN[KPITCVJGTQPJKIJGZRQUWTGEQPEGPVTCVKQPUQT

### Ozone ( ppm ) 0.2 0.4 0.6 0.8 1.0 1.2 1.4 80 90 100 110 120 130 140 150 160 Human, Rest, 2h Folinsbee et al. (1975)

Human, Li g ht, 2h Folinsbee et al. (1975)

Human, Heavy, 1h DeLucia and Adams (1977)

Human, Very Heavy, 2.5h

McDonnell et al. (1983)

Guinea Pi g , Rest, 2h Amdur et al. (1978)

Guinea Pi g , Rest, 2h Murphy et al. (1964)

Rat, Li g ht, 2.25h Tepper et al. (1990)

Rat, Rest, 3h Mautz and Bufalino (1989)



###  8

8-43%1 KPFWEGFJ[RGTXGPVKNCVKQP6JTGGTGRTGUGPVCVKXGJWOCPUVWFKGUYGTGUGNGEVGFDGECWUGVJG[ 

### WUGFCNCTIGTCPIGQHEQPEGPVTCVKQPUCPFXGPVKNCVKQPTCVGU5GNGEVGFFCVCHTQOVJGUGVJTGGJWOCPUVWFKGUCTGEQORCTGFVQVJGCXCKNCDNGCPKOCNFCVCKP(KIWTGCPFFKUEWUUGFHWTVJGT

DGNQY

(KIWTG %QORCTKUQPQHEJCPIGUKPHTGSWGPE[QHDTGCVJKPICHVGTQ\QPGGZRQUWTGKPJWOCPUCPFCPKOCNU&CVCCTGGZRTGUUGFCURGTEGPVQHVJGEQPVTQNTGURQPUG4KIJVJCPFNGIGPFKPFKECVGUURGEKGUGZGTEKUGNGXGNGZRQUWTGFWTCVKQPCPFVJGTGHGTGPEG*WOCPFCVCCTGRNQVVGFYKVJUQNKFNKPGUCPFQRGPU[ODQNUYJGTGCUCPKOCNFCVCCTGRNQVVGFYKVJDTQMGPNKPGUFKHHGTGPVKCVGFD[URGEKGUCPFENQUGFU[ODQNU

(QNKPUDGGGVCNGZCOKPGFVJGWRRGTNKOKVUQHVJG1 EQPEGPVTCVKQPTGURQPUG 

### EWTXGKPJWOCPUWDLGEVUGZRQUGFGKVJGTCVTGUVQTYJKNGRGTHQTOKPINKIJVVQOQFGTCVGKPVGTOKVVGPVGZGTEKUG+'.OKP¥TGUVKPI/GCUWTGOGPVUQHHYGTGQDVCKPGF '

### FWTKPIGZGTEKUGHQNNQYKPICJGZRQUWTGVQQTRRO1 %QPEGPVTCVKQP 

### FGRGPFGPVKPETGCUGUKPHYGTGQDUGTXGFKPDQVJVJGTGUVKPICPFGZGTEKUKPIITQWRCNVJQWIJVJGOCIPKVWFGQHVJGEJCPIGKPVJGGZGTEKUKPIITQWRYCUITGCVGT6JGTQNGQHGZGTEKUGKPCNVGTKPI

###  8

 8

8-44VJG1 KPFWEGFEJCPIGUKPHYCUGZCOKPGFHWTVJGTD[&G.WEKCCPF#FCOUYJQ 

### GZRQUGFJWOCPUVQQTRRO1 HQTJYJKNGVJGUWDLGEVUGZGTEKUGFCVQPGQHHQWT 

### XGPVKNCVKQPNGXGNUQT¥TGUVKPI6JGOCIPKVWFGQHVJGHTGURQPUGKPETGCUGFYKVJ '

### EQPEGPVTCVKQPCPFGZGTEKUGNGXGNDWVYCUUKIPKHKECPVQPN[KPVJGJKIJGUVGZGTEKUGITQWRCVCPFRRO.CUVN[VJGNQYGTNKOKVUQHVJGEQPEGPVTCVKQPTGURQPUGYGTGGZRNQTGFD[/E&QPPGNNGVCNYJGTGUWDLGEVURGTHQTOKPIXGT[JGCX[GZGTEKUG.OKP

¥TGUVKPIYGTGGZRQUGFVQQTRRO1 HQTJ' 

### 5KIPKHKECPVEJCPIGUKPHYGTGQDUGTXGFCVCNNGZRQUWTGNGXGNU#NVJQWIJUGXGTCNCPKOCNUVWFKGUJCXGGXCNWCVGFVKFCNDTGCVJKPIEJCPIGUFWTKPICPFCHVGT1 GZRQUWTGQPN[HQWTUVWFKGUJCXGGZCOKPGFOWNVKRNGEQPEGPVTCVKQPUUWEJVJCVEQORCTKUQPUVQ



### JWOCPFCVCECPDGOCFG7PCPGUVJGVK\GFTGUVTCKPGFIWKPGCRKIUYGTGGZRQUGFHQTJVQQTRRO1 XKCPQUGEQPGUYJKNGVKFCNDTGCVJKPIYCUOGCUWTGFWUKPIC 

### EQPUVCPVXQNWOGRNGVJ[UOQITCRJ/WTRJ[GVCN#UKOKNCTGZRGTKOGPVCNRTGRCTCVKQPYCUWUGFD[#OFWTGVCNVQGXCNWCVGVJGTGURKTCVQT[TGURQPUGQHIWKPGCRKIUVQCPFRRO1 +PDQVJQHVJGUGGZRGTKOGPVUCOQPQVQPKEKPETGCUGKPHYCUQDUGTXGF 

### JQYGXGTVJGCPKOCNUUVWFKGFD[/WTRJ[GVCNYGTGWPKHQTON[OQTGUGPUKVKXGVQ1 VJCPVJQUGQH#OFWTGVCN/CWV\CPF$WHCNKPQOGCUWTGFDTGCVJKPIRCVVGTPU



### KPCYCMGTGUVTCKPGFTCVUGZRQUGFHQTJVQCPFRRO1 %QPEGPVTCVKQP 

### TGNCVGFKPETGCUGUKPHYGTGQDUGTXGFWRVQRRODWVVJGTGURQPUGUVQCPFRROYGTGVJGUCOG+PCPQVJGTUVWF[CYCMGTCVUYGTGGZRQUGFVQCPFRRO1 HQT 

### JKPJGCFQWVRTGUUWTGRNGVJ[UOQITCRJUYJGTG%1 UVKOWNCVGFDTGCVJKPIYCUKPEQTRQTCVGF 

### VQCWIOGPVXGPVKNCVKQP6GRRGTGVCN9KVJVJGCFFGF%1 TCVUCPFIWKPGCRKIU 

### CRRGCTGFVQDGUKOKNCTN[TGURQPUKXGVQ1 +PIGPGTCNCUFGRKEVGFKP(KIWTGTGUVTCKPGF 

### IWKPGCRKIUCPFTCVUCRRGCTGFVQDGCUTGURQPUKXGCUVJGNKIJVN[GZGTEKUKPIJWOCPUCPFENGCTN[OQTGTGURQPUKXGVJCPVJGJWOCPUGZRQUGFCVTGUV1PN[YKVJUVTGPWQWUGZGTEKUGFQGUVJGTGURQPUGQHJWOCPUCRRGCTVQGZEGGFVJCVQHTQFGPVU+PCFFKVKQPVQUKOKNCTEQPEGPVTCVKQPTGNCVGFGHHGEVUKPJWOCPUCPFCPKOCNUVJGVKOGTGNCVGFGHHGEVUQH1 GZRQUWTGCRRGCTVQDGUKOKNCT6QFGOQPUVTCVGVJKUJQOQNQI[/CWFGTN[ 

### EQORCTGFVJGVKOGEQWTUGQHTGURQPUGVQ1 KPJWOCPUCPFIWKPGCRKIUGZRQUGFWPFGT 

### UQOGYJCVUKOKNCTEQPFKVKQPU*WOCPUYGTGGZRQUGFVQRRO1 HQTJYJKNGGPICIKPIKP 

### PQPUVTGPWQWU+'CVOKPKPVGTXCNU(QNKPUDGGGVCN+PCPQVJGTUVWF[TGURKTCVQT[RCTCOGVGTUYGTGOGCUWTGFCVOKPKPVGTXCNUFWTKPIGZRQUWTGCPFHQTJRQUVGZRQUWTG$CVGUCPF*C\WEJC5KOKNCTN[WPCPGUVJGVK\GFTGUVTCKPGFIWKPGCRKIUYGTGGZRQUGFVQRRO1 HQTJCURCTVQHCEQPEGPVTCVKQPTGURQPUGUVWF[FGUETKDGFCDQXGYKVJTGURKTCVQT[ 

### HWPEVKQPCUUGUUGFCVOKPKPVGTXCNUFWTKPIGZRQUWTGCPFHQTJRQUVGZRQUWTG/WTRJ[GVCN+PDQVJIWKPGCRKIUCPFJWOCPUHKPETGCUGFCPF8 FGETGCUGFDQVJRCTCOGVGTU 6

### VJGPTGVWTPGFVQYCTFEQPVTQNXCNWGUFWTKPIVJGRQUVGZRQUWTGRGTKQF6JGRGTEGPVEJCPIGHTQOEQPVTQNKPHCPF8 YCUPGCTN[VJGUCOGVJTQWIJQWVVJGGZRQUWTGCPFRQUVGZRQUWTGRGTKQFU 6

### KPFKECVKPIVJCVCUKOKNCTEQPEGPVTCVKQPQH1 RRORTQFWEGFUKOKNCTVGORQTCNCNVGTCVKQPU 

### KPXGPVKNCVKQP#ICKPVJGIWKPGCRKIUYQWNFCRRGCTVQDGUNKIJVN[OQTGTGURQPUKXGVJCPJWOCPUDGECWUGVJGIWKPGCRKIUYGTGGZRQUGFVQCNQYGTEQPEGPVTCVKQPRROCVTGUVYJGTGCUVJGJWOCPUYGTGGZRQUGFVQRROYKVJNKIJV+'

/GEJCPKEU$TGCVJKPIOGEJCPKEUJCXGDGGPGZCOKPGFKPUGXGTCNCPKOCNCPFJWOCP1 GZRQUWTG 

### UVWFKGUDWVVJGTGKUNKVVNGUKOKNCTKV[DGVYGGPVJGFCVCDCUGUHQTVJGEQPEGPVTCVKQPUQTVJGURGEKHKE

###  8

8-45VGEJPKSWGUWUGF$CVGUGVCNGZCOKPGFDTGCVJKPIOGEJCPKEUKPTGUVKPICPFKPNKIJVN[GZGTEKUKPI¥TGUVKPIJWOCPUGZRQUGFHQTJVQRRO1 #NVJQWIJPQ ' 

### EQPEGPVTCVKQPTGURQPUGFCVCYGTGQDVCKPGFKPETGCUGFVQVCNRWNOQPCT[TGUKUVCPEG4 CPF .

### FGETGCUGFF[PCOKEEQORNKCPEG%F[PYGTGHQWPFHQTDQVJTGUVKPI
CPFCPFGZGTEKUKPI
CPFUWDLGEVUGZRQUGFVQ1 +PCUKOKNCTUVWF[*C\WEJCGVCN 

### GZRQUGFOGPHQTJVQRRO1 WUKPIOQFGTCVG+'.OKPCPFHQWPFCUKIPKHKECPV 

### KPETGCUGKP4 CNVJQWIJPQEQPEQOKVCPVEJCPIGKP%F[PYCUFGVGEVGF/E&QPPGNN

CY

### GVCNWUKPICDTQCFTCPIGQH1 EQPEGPVTCVKQPUCPFRRO 

### JCPFXGT[JGCX[GZGTEKUG.OKPTGRQTVGFEQPEGPVTCVKQPFGRGPFGPVKPETGCUGUKP4 CY

### +PJWOCPUCVTGUVQTRGTHQTOKPINKIJVGZGTEKUGJQYGXGTCJGZRQUWTGCVPGCTCODKGPV1 

### EQPEGPVTCVKQPUYQWNFDGGZRGEVGFVQKPFWEGQPN[OQFGUVKPETGCUGUKP4 CPFPQEJCPIGUKP

CY

### %F[P*C\WEJC#NVJQWIJTGNCVKXGN[JKIJ1 EQPEGPVTCVKQPURRORTQFWEGFGHHGEVUQP4 CPF  .

### %F[PKPCPKOCNU/WTRJ[GVCNQPN[VJTGGUVWFKGUKPCPKOCNUJCXGGXCNWCVGFVJGUGRCTCOGVGTUCVNQYGTOQTGTGNGXCPV1 EQPEGPVTCVKQPU9CVCPCDGGVCNUVWFKGF 

### CPGUVJGVK\GFRCTCN[\GFCPFOGEJCPKECNN[XGPVKNCVGFECVUGZRQUGFXKCCUVGGNVTCEJGCNVWDGVQGKVJGTQTRRO1 HQTDGVYGGPCPFJ/GCUWTGOGPVUQHDTGCVJKPI 

### OGEJCPKEUYGTGTGEQTFGFGXGT[OKP9KVJKPETGCUKPI1 EQPEGPVTCVKQPCPFGZRQUWTG 

### FWTCVKQP4 KPETGCUGFCPFVQCNGUUGTGZVGPV%F[PFGETGCUGF$TQPEJQEQPUVTKEVKQPCV .

### RRO1 YCUTGXGTUGFHQNNQYKPICVTQRKPGCRCTCU[ORCVJGVKETGEGRVQTDNQEMGTDWVQPN[ 

### RCTVKCNN[TGXGTUGFCVVJGVYQJKIJGTEQPEGPVTCVKQPUUWIIGUVKPIVJGKPXQNXGOGPVQHOQTGVJCPDTQPEJQEQPUVTKEVKQPKPVJGKPETGCUGKP4 CVVJGUGNGXGNU7PHQTVWPCVGN[TGNCVKPIVJG .

### EQPEGPVTCVKQPUWUGFKPVJKUUVWF[VQQVJGTCPKOCNQTJWOCPUVWFKGUKUFKHHKEWNVDGECWUGGZRQUWTGVJTQWIJCVTCEJGCNVWDGYQWNFGNKOKPCVGUETWDDKPIQH1 D[VJGPQUGCPFQTQRJCT[PZCPFNKMGN[ 

### YQWNFGZCIIGTCVGVJGRWNOQPCT[1 FQUG)GTTKV[GVCN

### 1VJGTUVWFKGUJCXGCVVGORVGFVQGZCOKPGDTGCVJKPIOGEJCPKEUKPWPCPGUVJGVK\GFCPKOCNUYKVJPCVWTCNPCUCNDTGCVJKPICPFCXQKFCPEGQHRQVGPVKCNCPGUVJGUKCTGNCVGFDNWPVKPIQHTGHNGZTGURQPUGU/WTRJ[GVCNGZRQUGFWPCPGUVJGVK\GFIWKPGCRKIUVQUGXGTCNEQPEGPVTCVKQPUQH1 HQTJCPFOGCUWTGFXGPVKNCVKQPCURTGXKQWUN[FKUEWUUGFCPF4 #VEQPEGPVTCVKQPU  .

### NGUUVJCPRRO1 JCFPQGHHGEVDWV4 KPETGCUGFCPFCVCPFRRO  .

### TGURGEVKXGN[7UKPICUKOKNCTVGUVU[UVGO#OFWTGVCNQDUGTXGFPQUKIPKHKECPVCNVGTCVKQPQH4 KPWPCPGUVJGVK\GFIWKPGCRKIUFWTKPICJGZRQUWTGVQQTRRO .

### 1 *QYGXGT%F[PFGETGCUGFUKIPKHKECPVN[CVCPFRRO1 +PCPCNQIQWUUVWFKGUKP

 

### WPCPGUVJGVK\GFTCVU6GRRGTGVCNQDUGTXGFPQUKIPKHKECPVEJCPIGUKP4 QT%F[PCHVGTC .

### JGZRQUWTGVQQTRRO1 KPURKVGQHKPVGTOKVVGPVOKPRGTKQFUQH 

### GZGTEKUGNKMGJ[RGTXGPVKNCVKQPKPFWEGFD[%1  

### #NVJQWIJKPETGCUGFTGUKUVCPEGKUFGOQPUVTCDNGKPIWKPGCRKIUECVUFQIUCPFJWOCPUCEQORCTKUQPQHRGTEGPVEJCPIGKPTGUKUVCPEGHTQOEQPVTQNOGCUWTGOGPVUCHVGTCPCEWVGJ1 GZRQUWTG(KIWTGUWIIGUVUVJCVJWOCPUCTGOQTGNKMGN[VQDTQPEJQEQPUVTKEVFWGVQ



### 1 GZRQUWTGVJCPTQFGPVU0GKVJGTQHVJGIWKPGCRKIUVWFKGU/WTRJ[GVCN#OFWT



### GVCNPQTVJGTCVUVWF[6GRRGTGVCNUJQYGFCUKIPKHKECPVKPETGCUGKP4 CVNGUU .

### VJCPRRO*QYGXGTENQUGTGZCOKPCVKQPQHVJGJWOCPFCVCTGXGCNUVJCVVJG/E&QPPGNNGVCNUVWF[GORNQ[GFXGT[JGCX[GZGTEKUGCPFOQUVQHVJGUVWFKGUKPENWFGFKPVJG*C\WEJCOQFGNWUGFOQFGTCVGVQJGCX[GZGTEKUG6JWUVJGKPJCNGFFQUGNKMGN[YQWNFDGITGCVGTVJCPKPURQPVCPGQWUN[DTGCVJKPICPKOCNU#OQTGEQORCTCDNGUVWF[KPJWOCPUVJCVGORNQ[GF

### 8-46QPN[NKIJVGZGTEKUGTGRQTVGFVJCVCPFRROHQTJTGUWNVGFKPOKPKOCNPQPUKIPKHKECPVCPFKPETGCUGUKP4 *CEMPG[

CY

### Ozone ( ppm ) 0.2 0.4 0.6 0.8 1.0 60 80 100 120 140 160 180 200 Human, Very Heavy, 2.5h McDonnell et al. (1983)

Human, Rest, 2h Bates et al. (1972)

Human, Li g ht, 2h Bates et al. (1972)

Human, Combined, 2h Hazucha (1987)

Human, Li g ht, 2h Hackney et al. (1975)

Cat, Rest, 2h Watanabe et al. (1973)

Rat, Li g ht, 2.25h Tepper et al. (1990)

Guinea Pi g , Rest, 2h Amdur et al. (1978)



### 8-47(KIWTG %QORCTKUQPQHEJCPIGUKPTGUKUVCPEGCHVGTQ\QPGGZRQUWTGKPJWOCPUCPFCPKOCNU&CVCCTGGZRTGUUGFCURGTEGPVQHVJGEQPVTQNTGURQPUG4KIJVJCPFNGIGPFKPFKECVGUURGEKGUGZGTEKUGNGXGNGZRQUWTGFWTCVKQPCPFVJGTGHGTGPEG*WOCPFCVCCTGRNQVVGFYKVJUQNKFNKPGUCPFQRGPU[ODQNU6JGNKPGNCDGNGF*C\WEJCKUCOQFGNQHRTGFKEVGFTGURQPUG#PKOCNFCVCCTGRNQVVGFYKVJFCUJGFNKPGUFKHHGTGPVKCVGFD[URGEKGUCPFENQUGF U[ODQNU

GVCN.KMGYKUGVJG$CVGUGVCNFCVCQDVCKPGFKPUWDLGEVUCVTGUVCPFYKVJNKIJVGZGTEKUGRRO1 CNUQCTIWGCICKPUVCPWPWUWCNN[JKIJ1 TGURQPUKXGPGUUKPJWOCPU  

### TGNCVKXGVQVGUVCPKOCNUHQTVJKUGPFRQKPVYJGPGZGTEKUGTGNCVGFFQUGKUEQPUKFGTGF+PIGPGTCNUKOKNCTHKPFKPIUJCXGDGGPQDUGTXGFWUKPIVJGOGCUWTGOGPVQH%F[PJQYGXGTVJGTGURQPUGFGETGOGPVUYGTGOQTGXCTKCDNGCPFQHUOCNNGTOCIPKVWFG)KXGPVJGFKUVCNFGRQUKVKQPQH1 CUKPFKECVGFD[OQTRJQNQIKECNUVWFKGU%JCRVGT5GEVKQPKVKU 

### UWTRTKUKPIVJCVUQNKVVNGCVVGPVKQPJCUDGGPIKXGPVQVJKURCTCOGVGT#XCKNCDNGFCVCUWIIGUVVJCVVJGUGEJCPIGUKP%F[PCTGQHNKVVNGDKQNQIKECNUKIPKHKECPEGHQTCODKGPVGZRQUWTGU

### 8-48#KTYC[4GURQPUKXGPGUU6JGCDKNKV[QH1 VQKPETGCUGCKTYC[TGURQPUKXGPGUUVQPQPURGEKHKE 

### DTQPEJQEQPUVTKEVKPIUVKOWNKKPJWOCPUCPFQVJGTOCOOCNKCPURGEKGUJCUDGGPMPQYPHQTCVNGCUVCFGECFG%JCRVGTUCPF5GEVKQPUCPFTGURGEVKXGN[*QYGXGTCKTYC[TGURQPUKXGPGUUKURGTJCRUVJGNGCUVWPFGTUVQQFTGURQPUGVQ1 RCTVKEWNCTN[KPVJGEQPVGZVQH 

### URGEKGUEQORCTKUQPU*WOCPUENGCTN[GZJKDKVKPETGCUGUKPCKTYC[TGURQPUKXGPGUUCVGPXKTQPOGPVCN1 GZRQUWTGNGXGNU)QPIGVCN/E&QPPGNNGVCN(QNKPUDGGGVCN 

### *QTUVOCPGVCNYJGTGCUCPCNQIQWUTGURQPUGUKPCPKOCNUCV1 EQPEGPVTCVKQPU 

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

'NCUVKEKV[CPF&KHHWUKQP6JGKPVGITKV[QHVJGRWNOQPCT[CKTDNQQFDCTTKGTKUGUUGPVKCNHQTGHHKEKGPVGZEJCPIGQHQZ[IGPCPF%1 6JKUHTCIKNGGRKVJGNKCNKPVGTHCEGYKVJOCVTKZGFKPVGTUVKVKCNEQPPGEVKXG 

### VKUUWGUCPFECRKNNCTKGURQUUGUUGUKPJGTGPVGNCUVKERTQRGTVKGUCPFRTGUGPVUCHKPKVGTGUKUVCPEGVQQZ[IGPFKHHWUKQPVQVJGDNQQF#NVJQWIJVJGGNCUVKECPFFKHHWUKQPCT[RTQRGTVKGUQHVJGDNQQFCKTDCTTKGTCTGPQVNKPMGFKORNKEKVN[VQQPGCPQVJGTHWPEVKQPCNN[DQVJRTQRGTVKGUECPDGSWCPVKHKGFTGCFKN[CPFEQORCTGFDGVYGGPJWOCPUCPFNCDQTCVQT[CPKOCNU%QUVC9JGPEQODKPGFCUUGUUOGPVQHVJGUGHWPEVKQPCNRTQRGTVKGUKUQHVGPUWHHKEKGPVVQGXCNWCVGRCVJQNQIKEQTVQZKEGXGPVUKPVJGFKUVCNTGCEJGUQHVJGNWPI(QTVJKUTGCUQPCPFDGECWUGQHVJGHCEVVJCV1 

### FGRQUKVUKPVJGFGGRNWPIVJGGHHGEVUQH1 QPVJGUGRCTCOGVGTUYKNNDGFKUEWUUGFVQIGVJGT

### +PJCNGF1 KUMPQYPVQRGPGVTCVGVQVJGFGRVJUQHVJGNWPICPFRTGHGTGPVKCNN[FGRQUKV 

### KPVJGUOCNNGUVCKTYC[UCPFKVURTQZKOCNCEKPK5GEVKQP5QOGYJCVUWTRTKUKPIN[TGNCVKXGN[HGYUVWFKGUKPJWOCPUJCXGUQWIJVVQEJCTCEVGTK\GRQVGPVKCNHWPEVKQPCNKORCKTOGPVUCVVJGCKTDNQQFKPVGTHCEG6JGTGCUQPUHQTVJKUCTGNKMGN[VYQHQNF(KTUVKPVJGGCTN[UVWFKGUQHVJGJGCNVJGHHGEVUQH1 QPJWOCPUUVCVKEEQORNKCPEGCPFFKHHWUKPIECRCEKV[HQTECTDQPOQPQZKFG 

### &. YGTGCHHGEVGFCVQPN[XGT[JKIJEQPEGPVTCVKQPUYGNNCDQXGYJCVYQWNFDGEQPUKFGTGF %1

### GPXKTQPOGPVCNN[TGNGXCPV5GEQPFHTQOCRTCEVKECNRGTURGEVKXGVJGUGOGCUWTGOGPVURTQXGFVQDGEQPUKFGTCDN[OQTGVGFKQWUVQRGTHQTOVJCPVJGHQTEGFGZRKTCVQT[OGCUWTGOGPVYJKEJUGPUKVKXGN[FGVGEVU1 KPFWEGFCNVGTCVKQPUFKUEWUUGFDGNQY0GXGTVJGNGUUVJGTGCTGUWHHKEKGPV 

### FCVCQPJWOCPUGZRQUGFCEWVGN[VQ1 VQCNNQYCTGCUQPCDNGEQORCTKUQPQHVJGUGGPFRQKPVU 

### YKVJVJGKTOQTGCDWPFCPVCPKOCNJQOQNQIWGU6JGGCTNKGUVUVWFKGUNGCXGNKVVNGFQWDVVJCV1 KUGFGOCIGPKECVJKIJEQPEGPVTCVKQPUKP 

### XKTVWCNN[CNNOCOOCNKCPURGEKGU+PVJGRCUVQEEWRCVKQPCNGZRQUWTGUQHVQRRO1 YGTG 

### PQVWPEQOOQPCPFCRRORGCMGZRQUWTGJCUDGGPTGRQTVGF-NGKPHGNFGVCN%JCNNGPGVCN6JGTGUWNVCPVYQTMGTU[ORVQOUCPFUKIPUKPENWFKPIEJGUVTCFKQITCOUYGTGEQPUKUVGPVYKVJVJGOCPKHGUVCVKQPUQHGFGOCTGRQTVGFKPGZRGTKOGPVCNCPKOCNUKGKPETGCUGFNWPIYGKIJVCPFUVCKPCDNGGFGOCKPVJGCKTURCEGU5VQMKPIGT.WPIHWPEVKQPJQYGXGTV[RKECNN[YCUPQVOGCUWTGFKPVJGUGYQTMTGNCVGFGZRQUWTGU+PCNCVGTUVWF[QHCTEYGNFGTUGZRQUGFVQVQRRO1 NKVVNGKHCP[EQPXKPEKPIGXKFGPEGQHHWPEVKQPCNKORCKTOGPVKP 

### 8-49VGTOUQHCNVGTGFNWPIXQNWOGUOCZKOCNGZRKTCVQT[HNQYTCVGUCPF&. YCUQDVCKPGF;QWPI %1

### GVCN6QHWTVJGTGZRNQTGVJGRQUUKDNGGHHGEVUQH1 ;QWPICPFEQYQTMGTU 

### UWDLGEVGFJWOCPXQNWPVGGTUCVTGUVVQEQPVTQNNGFCVOQURJGTGUQHVQRRO1 XKC 

### OQWVJRKGEGHQTJ5OCNNTGFWEVKQPUKPXKVCNECRCEKV[8%HQTEGFGZRKTCVQT[XQNWOGKPUF[PCOKECPFUVCVKENWPIEQORNKCPEGCPFKPVTCRWNOQPCT[ICUFKUVTKDWVKQPYGTGQDUGTXGFDWVQPN[VJGHCNNKP&. RTQXGFVQDGUVCVKUVKECNN[UKIPKHKECPV5KOKNCTDWVEQPUKFGTCDN[OQTG %1

### XCTKCDNGGHHGEVUQPNWPIHWPEVKQPYGTGTGRQTVGFD[*CNNGVVKPUWDLGEVUGZRQUGFVQVQRRO1 HQTOKP0QPGVJGNGUUQHGZRQUGFUWDLGEVUUGXGPUJQYGFCVNGCUVCFTQR 

### KP&. .KMG;QWPICPFEQYQTMGTU*CNNGVVKPVGTRTGVGFVJGUGEJCPIGUVQKPFKECVGNWPI %1

### GFGOCKPCITGGOGPVYKVJVJGJ[RQVJGUKUVJCVVJGFGGRNWPIKTTKVCPV1 YCUJCXKPIKVUGHHGEVCV 

### VJGCNXGQNCTNGXGN+PVGTGUVKPIN[CFFKVKQPCNYQTMHTQOVJGUCOGNCDQTCVQT[QHVJG;QWPIUVWF[$CVGUGVCNHQWPFVJCVTGUVKPIUWDLGEVUTGEGKXKPIPCUCNGZRQUWTGVQRRO1 HQTJ 

### TGUWNVGFKPCPQPUKIPKHKECPVTGFWEVKQPKP&. *QYGXGTKPCNKOKVGFVGUVITQWRVJGEQ %1

### KORQUKVKQPQHNKIJVGZGTEKUGYJKEJFQWDNGFXGPVKNCVKQPGPJCPEGFVJKUTGURQPUG+VCRRGCTUVJCVVJGPCUCN$CVGUGVCNXGTUWUOQWVJRKGEG;QWPIGVCNTQWVGUQHGZRQUWTGYGTGKPUVTWOGPVCNKPVJGFKHHGTGPVKCNTGURQPUGDGECWUGKVKUNKMGN[VJCVVJGOQWVJRKGEGFKOKPKUJGFYJCVUETWDDKPIQEEWTUYJGPGZRQUWTGKUXKCVJGWPGPEWODGTGFOQWVJKPJWOCPVGUVUWDLGEVUCUTGRQTVGFD[)GTTKV[GVCN5KPEGVJGUGGCTN[UVWFKGUVJGTGJCXGDGGPPQ

CFFKVKQPCNEQPVTQNNGFJWOCPCEWVGUVWFKGUVJCVJCXGGZCOKPGFCNVGTCVKQPUKP&. CV %1

### 1 EQPEGPVTCVKQPUDGNQYRRO 

### #PCNQIQWUCPKOCNUVWFKGUQHCEWVG1 GZRQUWTGKPFKECVGVJCVVJGIGPGTCNRCVVGTPQH 

### HWPEVKQPCNKORCKTOGPVKUUKOKNCTVQVJCVTGRQTVGFKPJWOCPUVWFKGU#PGUVJGVK\GFCPFXGPVKNCVGFECVUUJQYGFCIGPGTCNFGENKPGKP8%UVCVKENWPIEQORNKCPEGQT&. YKVJGZRQUWTGUWRVQ %1

### JQHVQRRO1 9CVCPCDGGVCN6JGTGURQPUGUQHVJGCPKOCNUYGTG 

### XCTKCDNGCPFVJGUGFGENKPGUYJKEJFKFPQVCEJKGXGQXGTCNNUVCVKUVKECNUKIPKHKECPEGYGTGVJQWIJVVQDGNCTIGN[UGEQPFCT[VQVJGUWDUVCPVKCNVQKPETGCUGUKP4 +PCOQTGEQORNGZ

CY

### UVWF[FGUKIPTCVUYGTGGZRQUGFHQTQTJVQQTRRO1 YKVJKPVGTOKVVGPV%1 VQ  

### J[RGTXGPVKNCVGVQ¥TGUVKPI8 VJGCPKOCNUCUCPGZGTEKUGCPCNQIWGVQJWOCPGZRQUWTGU

'

### %QUVCGVCNC6JG&. XCNWGUYGTGTGFWEGFD[CDQWVCVDQVJRROVKOG %1

### RQKPVUCPFD[CDQWVYKVJCJGZRQUWTGVQRRO'ZRQUWTGVQRROHQTJJQYGXGTITGCVN[GZCEGTDCVGFVJGCNXGQNCTGHHGEVYKVJCTGUWNVCPVTGFWEVKQPKP&. %1

### 5VCVKEEQORNKCPEGWPCHHGEVGFD[VJGQVJGTGZRQUWTGEQPFKVKQPUYCUCHHGEVGFQPN[CVVJKUNCVVGTGZRQUWTGFWTCVKQP6JGUG1 KPFWEGFGHHGEVURCTVKEWNCTN[VJGTGFWEVKQPUKP&. CRRGCTGFVQ  %1

### EQTTGNCVGYKVJVJGFGITGGQHNWPIGFGOCKPCHHGEVGFCPKOCNUCUJCFDGGPUWTOKUGFHQTVJGCEWVGN[GZRQUGFJWOCPU9KVJVJGOWNVKVWFGQHOQTGTGEGPVUVWFKGUQH1 CVCODKGPVNGXGNU 

### CNVGTCVKQPUKPUVCVKENWPIEQORNKCPEGQT&. TCTGN[CTGTGRQTVGFKPGKVJGTJWOCPUQTCPKOCNU %1



### (QTEGF'ZRKTCVKQP4GFWEVKQPUKP(8%CPF('8 JCXGDGEQOGVJGJCNNOCTMUQHCEWVGNWPIF[UHWPEVKQP 

### KPJWOCPUCHVGT1 GZRQUWTG%JCRVGT6JGUGOGCUWTGUCTGUGPUKVKXGVQ1 NGXGNUCUNQYCU  

### RROHQTCUNKVVNGCUJYJGPJGCX[+'KUKPENWFGFFWTKPIVJGGZRQUWTG/E&QPPGNNGVCNCPFUJQYEWOWNCVKXGF[UHWPEVKQPTGUWNVKPIHTQOJQHNQYGTNGXGNUQHVJKUQZKFCPVCPFRROYJGPPGCTN[EQPVKPWQWUOQFGTCVGGZGTEKUGKUGORNQ[GF*QTUVOCPGVCN4GFWEVKQPUKP('8 CPF(8%KPFWEGFD[1 CTGDGNKGXGFVQDGRCTVN[VJGTGUWNVQH  

### RCKPOGFKCVGFKPVGTTWRVKQPQHOCZKOCNKPURKTCVKQP*C\WEJCGVCN'ZCEVN[YJCVNGXGN

### 8-50QHVKUUWGKPLWT[QTKPHNCOOCVKQPEQTTGNCVGUYKVJVJGUGHWPEVKQPCNFGHKEKVUKUWPENGCTCPFKUCPCEVKXGCTGCQHTGUGCTEJ%JCRVGT5GEVKQP/QUVUVWFKGUQH1 KPGZRGTKOGPVCNCPKOCNUOCMGNKVVNGGHHQTVVQOKOKEJWOCPUVWF[ 

### FGUKIPUVJGTGD[KORGFKPIVJGGZVTCRQNCVKQPQHGZRGTKOGPVCNCPKOCNUVWF[TGUWNVUVQJWOCPU4GEGPVN[JQYGXGTTCVUVWFKGUKPXQNXKPIRGTKQFUQHKPVGTOKVVGPV%1 KPFWEGFJ[RGTXGPVKNCVKQP 

### VQGPJCPEGFQUKOGVT[JCXGCVVGORVGFVQECRKVCNK\GQPVJGSWCNKVCVKXGUKOKNCTKV[QHVJGTCVCPFJWOCPOCZKOWOGZRKTCVQT[HNQYXQNWOG/'(8EWTXGUCUCRQVGPVKCNN[UGPUKVKXGGPFRQKPVQHVQZKEKV[%QUVCGVCNC6GRRGTGVCN+PVJGTCV(8%FQGUKPFGGFFGETGCUGYKVJ1 GZRQUWTGCNVJQWIJVJGOCIPKVWFGQHTGURQPUGKUCRRCTGPVN[NGUUVJCPVJCVQDUGTXGFKP



### JWOCPU#UKPVJGJWOCPVJGTGFWEGF(8%KPVJGCPKOCNCRRGCTUPQVVQDGVJGTGUWNVQHCEJCPIGKPTGUKFWCNXQNWOG6QVCNNWPIECRCEKV[OC[DGTGFWEGFUNKIJVN[DWVNWPIEQORNKCPEGFQGUPQVEJCPIG*QYGXGTKVKURTGOCVWTGVQCUUWOGCEQOOQPOGEJCPKUOHQTVJG(8%TGFWEVKQPUKPVJGTCVCPFJWOCP7PNKMGVJGJWOCPRCKPQPKPURKTCVKQPKPVJGCPKOCNOQFGNKUNKMGN[PQVCPKUUWGDGECWUGVJGCPKOCNKUCPGUVJGVK\GFFWTKPIVJGRTQEGFWTGCPFKUDTQWIJVVQ6.%D[CFGHKPGFCKTYC[RTGUUWTGEO* 1$GECWUGIGPGTCNCPGUVJGUKCKUMPQYPVQ 

### FKOKPKUJUGPUQT[CHHGTGPVUVKOWNKCPCPCNQIQWU1 KPFWEGFHCNNKPTCV(8%UJQWNFGZRGEVGFN[ 

### JCXGDGGPDNWPVGFKHPQVVQVCNN[GNKOKPCVGF6QYJCVGZVGPVCPGUVJGUKCOKVKICVGUVJGTCVTGURQPUGQTVJCVVJGTGCTGKPJGTGPVURGEKGUFKHHGTGPEGUKPFQUKOGVT[QTUGPUKVKXKV[KUPQVENGCTHTQOVJGUGUVWFKGU0GXGTVJGNGUUEQORCTKUQPQHOQFGNRTGFKEVGF(8%EJCPIGUKPJWOCPU*C\WEJCYKVJCPCNQIQWUTCVFCVC%QUVCGVCNCYQWNFUWIIGUVVJCVVJKUTGURQPUGKPVJGCPGUVJGVK\GFTCVKUCDQWVJCNHVJCVQHVJGJWOCP(KIWTG

5VWFKGUQH+PHNCOOCVKQPCPF#PVKQZKFCPV%QPVGPVQH$TQPEJQCNXGQNCT.CXCIG(NWKF$QVJJWOCPUCPFCPKOCNUGZJKDKVC2/0KPHNCOOCVQT[TGURQPUGYKVJCUUQEKCVGFEJCPIGUKPNWPIRGTOGCDKNKV[CHVGTCEWVGGZRQUWTGVQ1 4GEGPVUVWFKGUKPFKECVGVJCVJWOCPU 

### GZRQUGFVQ1 EQPEGPVTCVKQPUCUNQYCURROHQTJYKVJOQFGTCVGGZGTEKUG.OKP 

### GZJKDKVCHQWTHQNFKPETGCUGKPVJGRGTEGPVCIG2/0UYJGP$#.KUQDVCKPGFJRQUVGZRQUWTG&GXNKPGVCN6QFCVGCPKOCNUVWFKGUCVEQORCTCDNGGZRQUWTGNGXGNUCTGTCTG*QVEJMKUUGVCNCPFGZGTEKUGGPJCPEGOGPVQHGZRQUWTGFQUGJCU[GVVQDGKPEQTRQTCVGF#UPQVGFCDQXGVJGKUUWGQHFQUKOGVT[KUETKVKECNKHGZVTCRQNCVKQPCVUWEJNGXGNUKUVQDGCVVGORVGF0GXGTVJGNGUUKPVJGQPGCEWVGTCVUVWF[CVRRO1 HQTJCPKPETGCUG 

### KPPCUCNNCXCIGFGTKXGF2/0UYCUPQVGFJRQUVGZRQUWTGYKVJPQUKOKNCTEJCPIGKP2/0PWODGTKPVJG$#.*QVEJMKUUGVCN+PEQPVTCUVKPVJGUCOGUVWF[YJGPJKIJGTEQPEGPVTCVKQPUQH1 CPFRROYGTGWUGF$#.2/0UYGTGGNGXCVGFDWVPQEJCPIGU 

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

FKUEWUUGFKPOQTGFGVCKNDGNQY(QWTTGRTGUGPVCVKXGJWOCPUVWFKGUQHNWPIKPHNCOOCVQT[TGURQPUGUCHVGTCEWVG1 GZRQUWTGECPDGEQORCTGFYKVJGZKUVKPICEWVGCPKOCNFCVCHTQOUVWFKGUQHCPCNQIQWUFGUKIP

### 5GNV\GTGVCNGZRQUGFOQFGTCVGN[GZGTEKUKPIVQ9UWDLGEVUVQQTRRO1 HQTJYKVJ$#.QDVCKPGFJRQUVGZRQUWTG6JG$#.HNWKFHTQOVJG

### Ozone (ppm) 0.2 0.4 0.6 0.8 1.0 1.2 50 60 70 80 90 100 110 Human, Rest, 2 h Hazucha (1987)

Human, Very Heavy, 2 h Hazucha (1987)

Rat, Light, 4 h Costa et al. (1988a)

Rat, Light, 7 h Costa et al. (1988a)

Rat, Rest, 8 h Costa et al. (1988a)



### 8-51(KIWTG %QORCTKUQPQHEJCPIGUKPHQTEGFXKVCNECRCEKV[CHVGTQ\QPGGZRQUWTGKPJWOCPUCPFCPKOCNU&CVCCTGGZRTGUUGFCURGTEGPVQHVJGEQPVTQNTGURQPUG4KIJVJCPFNGIGPFKPFKECVGUURGEKGUGZGTEKUGNGXGNGZRQUWTGFWTCVKQPCPFVJGTGHGTGPEG*WOCPFCVCCTGRNQVVGFYKVJUQNKFNKPGUHTQOVJGGSWCVKQPQH*C\WEJCYKVJVJGUJCFGFCTGCTGRTGUGPVKPIVJGRTGFKEVGFTCPIGQHFGETGOGPVUGZRGEVGFDGVYGGPNKIJVGZGTEKUGVQRNKPGCPFXGT[JGCX[GZGTEKUGDQVVQONKPG4CVFCVCCTGRNQVVGFYKVJFCUJGFNKPGUCPFENQUGF U[ODQNU

EQODKPGFCPFRRO1 ITQWRUEQPVCKPGFCPCXGTCIGHQNFOQTG2/0UVJCPFKF 

### $#.HNWKFCHVGTHKNVGTGFCKT2TQVGKPNGXGNUKPVJG$#.HNWKFYGTGPQVCUUC[GFKPVJKUUVWF[+PUGRCTCVGUVWFKGUJWOCPUYGTGGZRQUGFVQRRO1 HQTJYKVJJGCX[GZGTEKUG.OKP 

### YKVJ$#.UCORNGUEQNNGEVGFCVCPFJRQUVGZRQUWTG-QTGPGVCND6JGUGVYQUVWFKGUUJQYGFVJCVVJGKPHNCOOCVQT[TGURQPUGKUSWKEMN[KPKVKCVGFRQUVGZRQUWTG6JG2/0CPFRTQVGKPEQPVGPVYGTGGNGXCVGFCVDQVJVKOGUJ2/0¥RTQVGKP¥YKVJVJGJVKOGRQKPV2/0¥RTQVGKP¥DGKPIJKIJGTHQTRTQVGKPDWVUQOGYJCVNGUUHQT2/0U5EJGNGINGGVCNHQNNQYGFVJGVKOGEQWTUGQHVJGKPHNCOOCVQT[TGURQPUGCPFJRQUVGZRQUWTGCHVGTCJGZRQUWTGQHRRO1 YKVJGZGTEKUG.OKP6JG 

### 2/0EQPVGPVQHVJGEQODKPGFCKTYC[CPFCNXGQNCT$#.HNWKFYCUGNGXCVGFCVJ¥CPFJ¥QPN[YKVJVJGJRQKPVTGRTGUGPVKPIVJGRGCM2TQVGKPEQPVGPVQHVJG$#.HNWKFFKFPQVEJCPIGUKIPKHKECPVN[CVCP[RQKPV6JGOCP[UVWFKGUQH1 KPFWEGFKPHNCOOCVKQPKPNCDQTCVQT[CPKOCNUCTGTGXKGYGFKP 

### %JCRVGT5GEVKQP(QTVJGRWTRQUGQHURGEKGUEQORCTKUQPQPN[UGNGEVGFUVWFKGU

### 8

8-526CDNG2QN[OQTRJQPWENGCT.GWMQE[VGCPF2TQVGKP2GTOGCDKNKV[4GURQPUGVQ1\QPGD[5RGEKGU C

'ZRQUWTG 'ZRQUWTG 5RGEKGU 2QUVGZRQUWTG 2/0 2TQVGKP 2CTCOGVGTU %QPFKVKQPU 
5VTCKP $#. 6KOG +PETGCUG +PETGCUG 4GHGTGPEG D D

 'ZGTEKUG *WOCP  J  0QV FQPG 5GNV\GT GV CN  J 
 OKPCNV 
  9

 'ZGTEKUG *WOCP  J   -QTGP GV CN  J 
 OKPCNV 
CD  .OKP

 'ZGTEKUG *WOCP  J   -QTGP GV CN  J 
 OKPCNV 
  .OKP

 'ZGTEKUG *WOCP    J  CV  J 0Q EJCPIG 5EJGNGING  J 
 OKPCNV  CV  J GV CN 
  .OKP

 &C[VKOG 4JGUWU OQPMG[     CV  J  CV  J *[FG GV CN  J TGUV   J  CV  J  CV  J 


 CV  J  CV  J

 CV  J  CV  J

 CV  J  CV  J

 &C[VKOG 
C /QWUG  J 0QV FQPG 
C  CV  RRO *CVEJ GV CN  TGUV 
5YKUU #NDKPQ  CV  RRO 


  
D )WKPGC RKI 
D  CV  RRO  J 
*CTVNG[  CV  RRO

E 4CV  CV  RRO 5&

F *COUVGT  CV  RRO )QNFGP 5[TKCP

G 4CDDKV  CV  RRO 0<9 / 
G  CV  RRO  CV  RRO

E  CV  RRO

F  CV  RRO

 &C[VKOG )WKPGC RKI  J 0QV FQPG (QT  RRO 5NCFG GV CN  TGUV 
*CTVNG[  HQT #*  


 J 8KVCOKP % /  HQT #*  #* 
 (QT  RRO  



 HQT #*    HQT #*   &C[VKOG 4CV  J 0QV FQPG (QT  RRO %QUVC GV CN  
 OKPCNV 
(  CV  J 
C  QT  J HQT  J /  CV  J  OKPCNV (QT  RRO HQT  J  CV  J

¥  CV  J '

5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU C 1\QPG TGURQPUGCKT TGURQPUG D

###  8

8-536CDNGYKNNDGEQPUKFGTGF6JGURGEVTWOQHGZRQUWTGEQPFKVKQPUWUGFKPVJGXCTKQWUCPKOCNUVWFKGUOCMGUFKHHKEWNVVJGFKTGEVEQORCTKUQPCOQPINCDQTCVQT[VGUVURGEKGU*QYGXGTQPGUVWF[D[*CVEJCPFEQYQTMGTUURGEKHKECNN[CFFTGUUGFVJKUSWGUVKQPD[GZRQUKPIOKEGIWKPGCRKIUTCVUTCDDKVUCPFJCOUVGTUWPFGTKFGPVKECNEQPFKVKQPUCPFRRO1 HQTJHQNNQYGFCVJRQUVGZRQUWTGYKVJ$#.CPFCUUC[HQTRTQVGKP)WKPGC 

### RKIUYGTGOQUVTGURQPUKXGTGURQPFKPICVRROYJGTGCUOKEGJCOUVGTUCPFTCVUDGICPTGURQPFKPICVRROCPFTCDDKVUTGURQPFGFQPN[VQRRO1PN[QPGUVWF[KPXQNXKPI$#.CUUGUUOGPVQH2/0UCPFRTQVGKPKPGZRQUGFOQPMG[UJCUDGGPRWDNKUJGF*[FGGVCN#VRRO1 JVJGOQPMG[UJCFCUKIPKHKECPVKPHNCOOCVQT[TGURQPUGDWVKVKU 

### FKHHKEWNVVQCUUGUUOQPMG[TGURQPUKXGPGUUTGNCVKXGVQVJGJWOCPHQTVJKUGPFRQKPV#UUWOKPICNKPGCTEQPEGPVTCVKQPVKOGUFWTCVKQPTGNCVKQPUJKRVJGOQPMG[FCVCCRRGCTUKOKNCTVQVJGIWKPGCRKITGURQPUG*QYGXGTPQPGQHVJGUGURGEKGUUJQYGF$#.RTQVGKPKPETGCUGUCRRTQZKOCVKPIVJQUGTGRQTVGFKPJWOCPUVWFKGU+PTGEGPVUVWFKGURRO1 HQTJYKVJ$#.VQJRQUVGZRQUWTG5NCFGGV 

### CN%TKUUOCPGVCNIWKPGCRKIUOCFGXKVCOKP%FGHKEKGPVGZJKDKVGFGPJCPEGFTGURQPUKXGPGUUVQ1 VJKUTGUWNVKUEQORCTCDNGVQVJCVQHVJGGZGTEKUGFJWOCPUQH-QTGPGVCN 

### D(KIWTG5KOKNCTN[YJGPTCVUYGTGGZRQUGFVQRRO1 HQTJYKVJ 

### KPVGTOKVVGPV%1 KPFWEGFJ[RGTXGPVKNCVKQP6GRRGTGVCNVQOKOKEOKNFOQFGTCVG 

### GZGTEKUGVJTGGVQHKXGHQNFVJG$#.RTQVGKPCUYGNNCU2/0TGURQPUGUCVJ '

### RQUVGZRQUWTGEQORCTGFHCXQTCDN[YKVJVJQUGFCVCQH-QTGPCPFEQYQTMGTUCD(KIWTG  9KVJKPCIKXGPNCDQTCVQT[CPKOCNURGEKGUTGURQPUGUCOQPIUVTCKPUCNUQECPFKHHGTCRRTGEKCDN[CUFGOQPUVTCVGFKPTCVUD[2KPQGVCNCPF%QUVCGVCN6JGUGUVWFKGUKPFKECVGFVJCV9KUVCTTCVUGZJKDKVITGCVGTKPHNCOOCVQT[TGURQPUGURTQVGKPCPF2/0VQ1 VJCP5&CPF(TCVUCHVGTCPJGZRQUWTGVQCPFRROYKVJ$#.UCORNGF



### CVQTJNCVGT5KOKNCTN[OQWUGUVTCKPU%**G,CPF$%-NGGDGTIGTGVCNCPF5&TCVUWDUVTCKPU%QUVCGVCNJCXGDGGPUJQYPVQRQUUGUUURGEKHKEIGPGVKEUWUEGRVKDKNKV[VQJKIJNGXGNUQH1 RRO+PVJGECUGQHVJGOKEGVJGTGURQPUKXGUVTCKPKU 

### UGXGPVKOGUCVVJGJRQUVGZRQUWTGRGCMCUUWUEGRVKDNGCUVJGFCVCDCUGUKPCPKOCNUCPFRCTVKEWNCTN[KPJWOCPUYKVJTGICTFVQVJGUGCPVKQZKFCPVUCTGSWKVGNKOKVGF5WRRNGOGPVCVKQPCPFFGRTKXCVKQPUVWFKGUYKVJXKVCOKPU%CPF'JCXGUJQYPVJCVVJGUGCPVKQZKFCPVUJCXGUQOGTQNGKPRTQVGEVKPICICKPUVVJGGHHGEVUQH1 KPCPKOCNU'NUC[GFGVCN5NCFGGVCN 

### %TKUUOCPGVCNCPFKPJWOCPU%JCVJCOGVCN1HVJGCPKOCNOQFGNUCUEQTDCVGFGRTKXGFIWKPGCRKIUCRRGCTVQJCXG$#.CUEQTDCVGNGXGNUOQUVNKMGJWOCPUYKVJCRTQVGKPRGTOGCDKNKV[TGURQPUGYKVJQWVGZGTEKUGKPVJGCPKOCNXGT[UKOKNCTVQVJGJWOCPGZRQUGFVQVJGUCOGEQPEGPVTCVKQPRRO1 HQTJYKVJGZGTEKUG*QYGXGT%TKUUOCP 

### GVCNCNUQTGUKUVCPVUVTCKPHQTVJG2/0TGURQPUGVQRRO1 VJGRTQVGKPTGURQPUGKU 

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

# Basal Levels of Ascorbic Acid

Guinea Pi g s Humans Rats Normal AH -Deficient 0 500 1,000 1,500 2,000 2,500 3,000 3,500



# Effect of Ozone Inhalation (0.4 ppm, 2 h)
on BAL Protein

Guinea Pi g s Humans Rats Normal AH -Deficient -20

0 20 40 60 80 2

2 

## A

B

8-54(KIWTG %QORQUKVGQHFCVCHTQO5NCFGGVCN-QTGPGVCNDCPF%TKUUOCPGVCNEQORCTKPIDCUCNDTQPEJQCNXGQNCTNCXCIG$#.CUEQTDCVGNGXGNU#VQQ\QPGKPFWEGFEJCPIGUKP$#.RTQVGKP$1\QPGGZRQUWTGURROJVQJ$#.QHJWOCPUGZRQUGFYKVJGZGTEKUGTCVUGZRQUGFTGUVKPICPFIWKPGCRKIUGZRQUGFTGUVKPIYKVJCUEQTDKECEKF=#* ?FGHKEKGPVCPFYKVJQWVPQTOCN#* FGHKEKGPE[  

### Rat, no CO Rat, with CO Human

Ozone ( ppm ) 0 0.5 1.0 1.5 2.0 0 5 10 15 20

2

2



### 8-55(KIWTG %QORQUKVGQHFCVCEQORCTKPIRQN[OQTRJQPWENGCTNGWMQE[VGUQDVCKPGFD[DTQPEJQCNXGQNCTNCXCIGVQJCHVGTQ\QPG1 GZRQUWTGRROJ 

### QHJWOCPUYKVJGZGTEKUG-QTGPGVCNDVQVJQUGQHTCVUGZRQUGFVQ1 VQRROCVTGUVQTJ[RGTXGPVKNCVGFYKVJECTDQPFKQZKFG%1

 

### 6GRRGTGVCN

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

### VJGFCVC(QTGZCORNG*CVEJGVCNUJQYGFVJCVVJGTCDDKVYCUVJGNGCUVTGURQPUKXGVQ1 KPVGTOUQH$#.RTQVGKPDWVVJKUURGEKGUJCUCOQPIVJGNQYGUVVKUUWGNGXGNUQHXKVCOKP%



### 5NCFGGVCN*QYGXGTTCDDKVUCRRCTGPVN[JCXGCNQYRTQRGPUKV[VQHQTONKRKF

###  8

8-56RGTQZKFGU#TCMCYCGVCNCPGZRGEVGFRTQFWEVQHNWPINKRKF1 KPVGTCEVKQP2T[QT 

### 6JWUVQKPVGTRTGVKPVGTURGEKGUUGPUKVKXKV[QPN[KPVGTOUQHDCUCNCPVKQZKFCPVNGXGNUJQYGXGTVGORVKPIVJKUOC[DGYQWNFDGQXGTN[UKORNKUVKECPFRTGOCVWTGCVVJKUVKOG 2TQNQPIGF'ZRQUWTG5VWFKGU6JGRTGXKQWUUGEVKQPUQHVJKUVGZVJCXGWVKNK\GFNWPIHWPEVKQPTGURQPUGUVQCEWVG1 GZRQUWTGKPCPCVVGORVVQGNWEKFCVGVJGTGNCVKXGUGPUKVKXKV[COQPINCDQTCVQT[VGUVURGEKGUCPF



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

.WPI(WPEVKQP5VWFKGU4GXGTUCNCVVGPWCVKQPQHRWNOQPCT[HWPEVKQPFGETGOGPVUWUKPICUEGPCTKQQHTGRGCVGFGZRQUWTGVQ1 JCUDGGPTGRQTVGFHQTDQVJJWOCPUCPFNCDQTCVQT[CPKOCNU#VNGCUV 

### PKPGUVWFKGUDGVYGGPCPFJCXGFQEWOGPVGFVJCVHQTTGRGCVGFGZRQUWTGUDGVYGGPCPFRRO1 JFC[WRVQFC[UURKTQOGVTKEEJCPIGUYGTGOQUVUGXGTGQPVJGHKTUV 

### QTUGEQPFFC[QHGZRQUWTGYCPGFQXGTVJGPGZVFC[UQHGZRQUWTGCPFD[VJGHKHVJFC[JCFTGVWTPGFVQEQPVTQNRTGGZRQUWTGNGXGNU%JCRVGT5GEVKQP+PVJGQPN[CPKOCNUVWF[WUKPICUKOKNCTGZRQUWTGRTQVQEQNCPFCPCNQIQWUGZRGTKOGPVCNFGUKIP6GRRGTGVCNUJQYGFVJCVTCVUKPKVKCNN[FKURNC[GFCVCEJ[RPGKETGURQPUGVQ1 VJCVCVVGPWCVGFCHVGT 

### EQPUGEWVKXGFC[UQHGZRQUWTGCRCVVGTPSWKVGUKOKNCTVQVJCVQHJWOCPU'ZRQUWTGUYGTGHQTJCPFKPENWFGFEJCNNGPIGYKVJ%1 FWTKPICNVGTPCVGOKPRGTKQFUVQCWIOGPVXGPVKNCVKQP 

### VQ¥TGUVKPIYJKEJKUGSWKXCNGPVVQNKIJVGZGTEKUGKPJWOCPU#UKPVJGJWOCP '

### UVWFKGUVJGHWPEVKQPCNEJCPIGUYGTGNCTIGUVQP&C[QTFGRGPFKPIQPVJGRCTCOGVGTCPFVJG1 EQPEGPVTCVKQPCPFRRO#VVGPWCVKQPQHVJGEJCPIGUKPUJCRGEQPUVCPVQH



### VJGHNQYXQNWOGEWTXGQHVJGTCVUCNUQYCUQDUGTXGFQXGTVJKURGTKQF6JWUWPFGTCPCNQIQWUEQPFKVKQPUQHGZRQUWTGDQVJVJGJWOCPUCPFVJGTCVUGZJKDKVGFUKOKNCTKPKVKCNHWPEVKQPCNTGURQPUGUVQ1 YKVJHWNNCPFMKPGVKECNN[UKOKNCTTGXGTUCNQHGHHGEVU

### /QTGFKHHKEWNVKUVJGFKTGEVEQORCTKUQPDGVYGGPJWOCPCPFCPKOCNNWPIHWPEVKQPTGURQPUGUVQRTQNQPIGFUGXGTCNYGGM1 GZRQUWTGNCTIGN[DGECWUGQHVJGNKOKVGFCXCKNCDKNKV[ 

### QHEQPVTQNNGFJWOCPUVWF[FCVC+PVJGQPN[UVWF[QHKVUMKPF$GPPGVVGZRQUGFJWOCPUWDLGEVUCVTGUVVQQTRRO1 HQTJFC[FC[UYGGMHQTEQPUGEWVKXG 

### YGGMU#NVJQWIJPQGHHGEVUYGTGFKUEGTPCDNGGCTN[KPVJGGZRQUWTGVJGTGCRRGCTGFVQDGUOCNNDWVUKIPKHKECPV1 KPFWEGFTGFWEVKQPUKP('8 CPFUOCNNPQPUKIPKHKECPVTGFWEVKQPUKP  

### (8%RCTVKEWNCTN[KPVJGNCUVYGGMUQHVJGUVWF[6JKUTGFWEVKQPKP('8 OQTGNKMGN[YQWNF 

### TGHNGEVQDUVTWEVKXGEJCPIGUYKVJKPVJGNWPICVVJGUGRQKPVUNCVGKPVKOGTCVJGTVJCPVJGRCKPOGFKCVGFTGFWEVKQPUVJCVCTGUGGPYKVJCEWVG1 GZRQUWTGYJKEJCVVGPWCVGCHVGTCHGYFC[UQH 

### GZRQUWTG6JGNCEMQHEQPEGPVTCVKQPTGNCVGFFGETGOGPVUKP('8 CPF(8%KUUQOGYJCV 

### WPUGVVNKPIDWVTGICTFNGUUCHVGTRQUVGZRQUWTGYGGMUKPENGCPCKTCNNOGCUWTGFGHHGEVUJCF

TGXGTUGF### Da y s 1 2 3 4 5 80 90 100 110 120

0 50 100 150 200 Rat, Li g ht, 0.35 ppm Tepper et al. (1989)

Rat, Li g ht, 0.5 ppm Tepper et al. (1989)

Rat, Li g ht, 1.0 ppm Tepper et al. (1989)

Human, Moderate, 0.35 pp m Folinsbee et al. (1980)

Human, Li g ht, 0.5 ppm Hackney et al. (1977)

Human, Moderate, 0.5 ppm

Folinsbee et al. (1980) 

### Rat

Human



### 8-577PHQTVWPCVGN[VJGTGCTGPQFKTGEVN[RCTCNNGNCPKOCNUVWFKGUVQEQORCTGVQVJKUNKOKVGFFCVCDCUG$WVKHVJGVYQHQNFUGPUKVKXKV[FKHHGTGPEGDGVYGGPVJGTCVCPFJWOCP(8%TGURQPUGUGG(KIWTGKUCUUWOGFCPWODGTQHCPKOCNUVWFKGUOC[DGEQPUKFGTGFEQORCTCDNGHQTVJGRWTRQUGUQHVJKUFKUEWUUKQP1PVJGQPGJCPFTCVUGZRQUGFVQQTRRO1 HQTJFC[FC[UYGGMHQTYGGMUYGTGTGRQTVGFVQGZJKDKVUQOGFGITGGQH 

### UOCNNCKTYC[QDUVTWEVKQPDCUGFQPVJG/'(8EWTXGUDWVNKVVNGKHCP[TGFWEVKQPKP(8%QT&. YCUQDUGTXGF%QUVCGVCN1VJGTUJCXGTGRQTVGFCPCNQIQWUOCTIKPCNKPETGCUGUKP %1

### TCV6.%QTKVUEQORQPGPVXQNWOGU$CTVNGVVGVCN%QUVCGVCN4CWDGVCNQTKPTGIKQPCN4 ;QMQ[COCGVCNCHVGTKPVGTOKVVGPVQTEQPVKPWQWUGZRQUWTGUVQ

CY

### RRO1 HQTVQYGGMUYJKEJYQWNFPQVDGWPGZRGEVGFYKVJFKUVCNCKTYC[QTNWPIFCOCIG

### #EVWCNRCVJQNQI[KPVJGFKUVCNNWPIVGPFUVQDGHQECNCPFFKHHKEWNVVQEQTTGNCVGRTGEKUGN[YKVJVJGOCTIKPCNHWPEVKQPCNKORCKTOGPV(KIWTG %QORCTKUQPQHEJCPIGUKPHQTEGFXKVCNECRCEKV[KPJWOCPUNGHVQTFKPCVGCPFHTGSWGPE[QHDTGCVJKPIKPTCVUTKIJVQTFKPCVGYKVJWRVQEQPUGEWVKXGFC[UQHQ\QPG1 GZRQUWTG&CVCCTGGZRTGUUGFCURGTEGPVQHVJGEQPVTQN 

### TGURQPUG4KIJVJCPFNGIGPFKPFKECVGUURGEKGUGZGTEKUGNGXGN1 EQPEGPVTCVKQPCPFVJGTGHGTGPEG*WOCPFCVCCTGRNQVVGFYKVJUQNKF



### NKPGUCPFQRGPU[ODQNUYJGTGCUTCVFCVCCTGRNQVVGFYKVJDTQMGPNKPGUCPFENQUGFU[ODQNU

### 8-586JGNKOKVGFHWPEVKQPCNFCVCCXCKNCDNGKPOQPMG[UIGPGTCNN[CITGGYKVJVJGRCVVGTPQHFKUVCNNWPIRCVJQRJ[UKQNQI[TGRQTVGFKPTCVU9JGPGZRQUGFVQRRO1 HQTFC[U 

### JFC[OQPMG[UGZJKDKVGFCUNKIJVKPETGCUGKPNWPIFKUVGPUKDKNKV['WUVKUGVCN.KMGYKUGOQPMG[UGZRQUGFVQRROJFC[HQTOQGZJKDKVGFKPETGCUGFEJGUVYCNNDWVPQVNWPIEQORNKCPEGCPFNWPIXQNWOGUYJKEJYCUOQUVOCTMGFKPVJGOQPMG[UGZRQUGFVQ1 QPN[KPCNVGTPCVGOQPVJUFWTKPIVJCVOQRGTKQF6[NGTGVCN4GECNNJQYGXGT 

### VJCVNKVVNGQTPQEJCPIGKPNWPIGNCUVKEKV[JCUDGGPCUUQEKCVGFYKVJEQPVTQNNGF1 GZRQUWTGUKP 

### JWOCPUYJGVJGTVJGGZRQUWTGUCTGCEWVGQTTGRGCVGF1PVJGQVJGTJCPFJKIJGTEQPEGPVTCVKQPURROHQT[GCTTGUWNVGFKPVJGCNVGTCVKQPQHFKUVCNCKTYC[OGEJCPKEUKPGZRQUGFOQPMG[UCUINGCPGFHTQONQECNTGUKUVCPEGUOGCUWTGFWUKPIQUEKNNCVQT[OGVJQFUCICKPVJKUKUKPIGPGTCNCITGGOGPVYKVJVJGRTGUGPEGQHFKUVCNNWPIKPLWT[QTFKUGCUG/QTRJQOGVTKECPCN[UGUQHVJGGPFCKTYC[UCPFFKUVCNNWPITGIKQPUQH1 GZRQUGFOQPMG[U 

### EQPUKUVGPVN[UJQYCNVGTGFEGNNRTQHKNGUCPFKPVGTUVKVKCNTGUVTWEVWTKPIGXGPYJGPHWPEVKQPCNEJCPIGUCTGOCTIKPCNYJKEJNKMGKPVJGTCVNKMGN[TGHNGEVUVJGNCTIGHWPEVKQPCNTGUGTXGQHVJGKPVGITCVGFNWPI6JWUCNVJQWIJVJGUGEQNNGEVKXGFCVCHTQOUWDEJTQPKECPKOCNUVWFKGUUWIIGUVCTGCUQPCDN[JQOQNQIQWUFKUVCNNWPITGURQPUGVQ1 OCP[QHVJGUGNKPMCIGUKPHWPEVKQPCN 

### QWVEQOGUTGOCKPWPEGTVCKPKPVGTOUQHYJCVVQCPVKEKRCVGKPVJGJWOCPTGURQPUG%NGCTN[VJGSWGUVKQPQHRQVGPVKCNNWPIKORCKTOGPVTGUWNVKPIHTQOCPGCTNKHGVKOGGZRQUWTGVQ1 TCPMUCOQPIVJGOQUVRTGUUKPIEQPEGTPUCDQWVVJKUVQZKECPV6JGCPKOCNFCVC 

### CNVJQWIJFGOQPUVTCVKPIVJCVEJTQPKE1 GZRQUWTGECPKPFWEGEJCPIGUKPVJGUVTWEVWTGCPF 

### HWPEVKQPQHVJGNWPIJCXG[GVVQRTQXKFGGXKFGPEGQHRQVGPVKCNFKUGCUGQTFKUCDKNKV[KPJWOCPUGZRQUGFVQ1 QXGTRTQNQPIGFRGTKQFUQHVJGKTNKXGU6JGGZKUVKPIGRKFGOKQNQIKEUVWFKGU 

### %JCRVGT5GEVKQPVQQOGTGN[RTQXKFGUWIIGUVKXGGXKFGPEGVJCVRGTUKUVGPVQTRTQITGUUKXGFGVGTKQTCVKQPKPNWPIHWPEVKQPOC[DGCUUQEKCVGFYKVJNQPIVGTOQZKFCPVRQNNWVCPVGZRQUWTG&GVGNUGVCN&GVGNUCPFEQYQTMGTUTGRQTVGFFGETGOGPVUKP('8 CPFPKVTQIGPYCUJQWVCETQUUCNNCIGITQWRUKPCTGCUYJGTGQZKFCPVRQNNWVKQPKUJKIJ

### 5KOKNCTN[CPCN[UKUQHVJGRWNOQPCT[HWPEVKQPFCVCHTQOVJG0CVKQPCN*GCNVJCPF0WVTKVKQP'ZCOKPCVKQP5WTXG[0*#0'5++UJQYGFNQUUQHNWPIHWPEVKQPYJGPCPPWCNCXGTCIGUQHCODKGPV1 GZEGGFGFRRO5EJYCTV\6JKURCVVGTPQHKORCKTOGPVKUEQPUKUVGPV 

### SWCNKVCVKXGN[YKVJVJGEJTQPKECPKOCNUVWFKGU%QUVCGVCN5VWFKGUQH+PHNCOOCVKQPCPF#PVKQZKFCPV%QPVGPVQHVJG$TQPEJQCNXGQNCT.CXCIG(NWKF6JGXKTVWCNCDUGPEGQHJWOCP$#.UVWF[FCVCCHVGTTGRGCVGFQTRTQNQPIGFGZRQUWTGUVQ1 JKPFGTUVJGEQORCTKUQPQHPQPCEWVGJWOCPCPFCPKOCNKPHNCOOCVQT[TGURQPUGU

### *QYGXGTVJGTGEGPVUVWF[QH&GXNKPGVCNUWIIGUVUVJCVVJG2/0CPFRTQVGKPTGURQPUGUVQTGRGCVGFFCKN[GZRQUWTGUVQRRO1 JYKVJ+'HQTEQPUGEWVKXGFC[UCVVGPWCVGOWEJ 

### CUFQVJGHWPEVKQPCNTGURQPUGU*GPEGHQTOQUVQHVJG$#.RCTCOGVGTUYKVJVJGGZEGRVKQPQHNCEVCVGFGJ[FTQIGPCUGCEVKXKV[=COCTMGTQHEGNNKPLWT[?VJGTGKUKPFGGFCPCRRCTGPVTGXGTUCNQHCEWVGKPHNCOOCVKQPYJGPGZRQUWTGUCTGEQPVKPWGFQXGTVJGFC[GZRQUWTGRGTKQF4CVUVWFKGUNCTIGN[CRRGCTVQUJQYUKOKNCTCVVGPWCVKQPVQ1 DWVVJKUTGURQPUGUGGOUVQDGKPHNWGPEGFD[ 

### GZRQUWTGRCVVGTPUQTEQPFKVKQPU$CUUGVVGVCN6GRRGTGVCN8CP$TGGGVCN6JGUVWF[YKVJVJGOQUVUKOKNCTFGUKIPVQVJGJWOCPRTQVQEQN6GRRGTGVCNUJQYGFUQOGTGFWEVKQPKP$#.RTQVGKPYKVJTGRGCVGFGZRQUWTGKPXQNXKPIKPVGTOKVVGPVJ[RGTXGPVKNCVKQPYKVJ%1 DWVQXGTVJGFC[RGTKQFVJGRTQVGKPNGXGNUTGOCKPGFUKIPKHKECPVN[ 

### GNGXCVGFEGNNUYGTGPQVGXCNWCVGFKPVJKUUVWF[+PVGTGUVKPIN[XKVCOKP%CPFINWVCVJKQPGNGXGNU

### 8-59KPVJG$#.HNWKFKPETGCUGFQXGTVJGFC[EQWTUGQHGZRQUWTGCTGURQPUGEQPUKUVGPVYKVJCPWPTGIWNCVGFCPVKQZKFCPVTQNGKPVJGCFCRVCVKXGOGEJCPKUO8CP$TGGCPFEQYQTMGTUQPVJGQVJGTJCPFTGRQTVGFVJCVEQPUGEWVKXGFC[UJFC[QHRRO1 TGUWNVGFKPEQORNGVG 

### TGXGTUCNQHDQVJ$#.CNDWOKPCPF2/0OGCUWTGUVQVJGEQPVTQNXCNWGU+VUJQWNFDGPQVGFJQYGXGTVJCVQVJGTDKQOCTMGTUCPFOGFKCVQTUYKVJKPVJG$#.YGTGPQVHWNN[TGEQXGTGFYJKEJOKIJVUWIIGUVCUNQYGTTGXGTUCNVKOGHTCOGQTEQPVKPWGF1 KPFWEGFRCVJQIGPGUKUCEQPENWUKQP 

### QHVJG6GRRGTGVCNUVWF[+PIWKPGCRKIUOCFGFGHKEKGPVKPXKVCOKP%CPFGZRQUGFVQ1 QT 

### RROEQPVKPWQWUN[HQTFC[UCVVGPWCVKQPQHVJGHWPEVKQPCNCPFKPHNCOOCVQT[GPFRQKPVUCRRGCTGFPGCTN[EQORNGVGKPURKVGQHVJGFGHKEKGPE[-QFCXCPVKGVCN1VJGTCPVKQZKFCPVUPQVCNVGTGFDCUCNN[YGTGWPTGIWNCVGFOQTGD[VJG1 EJCNNGPIGVJGUOCNNTGUKFWCN 

### TGUGTXQKTUQHCUEQTDCVGYJKEJRGTUKUVGFKPVJGPGCTN[FGHKEKGPE[UVCVGQHVJGCPKOCNUYGTGCRRCTGPVN[OQDKNK\GFVQVJGUKVGQHKPLWT[CNNQYKPITGRCKTVQRTQEGGF.KMGYKUGEJTQPKECNN[GZRQUGFTCVUJCXGGNGXCVGF$#.CUEQTDCVGKPFKECVKXGQHVJGQZKFCPVDWTFGPCPFVJGQPIQKPITGRCKT)TQUGGVCN2TQNQPIGFGZRQUWTGUWRVQOQCRRGCTVQUWUVCKPCNQYITCFGKPVGTUGRVCNKPHNCOOCVKQPCPFGXKFGPEGQHNWPIOCVTKZTGOQFGNKPIKPDQVJTCVUCPFOQPMG[UUWIIGUVKPIVJCVJWOCPUYQWNFDGJCXGUKOKNCTN[*QYGXGTUWEJFCVCCTGPQVRTGUGPVN[

CXCKNCDNGHTQOJWOCPU



#  3WCPVKVCVKXG'ZVTCRQNCVKQPQH#EWVG1\QPG'HHGEVU

 +PVTQFWEVKQP
#FXCPEGUKPFQUKOGVT[UKPEGVJGRTGXKQWU1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN 

### 2TQVGEVKQP#IGPE[HCNNKPVQHKXGOCLQTCTGCUITGCVGTUQRJKUVKECVKQPQHOQFGNCRRNKECVKQPUGI1XGTVQPGVCN/GTEGTGVCNVJGCRRGCTCPEGQHGZRGTKOGPVCNWRVCMGFCVCVJCVECPDGEQORCTGFVQOQFGNRTGFKEVKQPU9KGUVGTGVCN*CVEJGVCN)GTTKV[GVCNGZRGTKOGPVUURGEKHKECNN[FGUKIPGFVQGUVKOCVGOQFGNRCTCOGVGTU*WGVCNDCDGVVGTWPFGTUVCPFKPIQHVJGTQNGQH1 KPVJGNKSWKFNKPKPIUCPFVKUUWGUQHVJG462T[QTCPFCDGVVGT 

### WPFGTUVCPFKPIQHCPCVQOKECNCURGEVU/GTEGTGVCN6JGTQNGQHVJGUGCFXCPEGUKPKPVGTURGEKGUFQUKOGVTKEGZVTCRQNCVKQPHQNNQYU9KVJVJGKPHQTOCVKQPCXCKNCDNGHQTTCVUTGCUQPCDN[TGNKCDNGRTGFKEVKQPUQHVJGHNWZQH1 VQVJGCKTNKSWKFNKPKPIKPVGTHCEGQHVQZKEQNQIKECNN[KORQTVCPVTGIKQPUUWEJCUVJG%#4KU



### RQUUKDNG6JGTGCTGVYQOCKPKPXGUVKICVKQPUVJCVOCMGVJKUHGCUKDNG*CVEJGVCNYJQGUVKOCVGFVJGRGTEGPVWRVCMGCPFVJGHTCEVKQPQHVJGTGVCKPGF1 VJCVKUKPVJG746 

### VTCEJGCCPFNWPIQHTCVUCPF2KPMGTVQPGVCNYKVJGNCDQTCVKQPD[/KNNGTGVCNYJQKNNWUVTCVGFVJGDCUKEEQTTGEVPGUUQHOQFGNKPICUUWORVKQPUHQTXGPVKNCVQT[WPKVU6JGLWFIOGPVQHDCUKEEQTTGEVPGUUKUDCUGFQPVJGCUUWORVKQPVJCVVJGFQUGECWUKPIVJGTGURQPUGKURTQRQTVKQPCNVQVJGHNWZQH1 VQVJGCKTNKSWKFNKPKPIKPVGTHCEG7UKPIVJKUKPHQTOCVKQP 

### TGIKQPCNOCUUVTCPUHGTEQGHHKEKGPVUEQWNFDGGUVKOCVGFYJKEJYQWNFCNNQYVJGRTGFKEVKQPQHNQECNTGURKTCVQT[VTCEV1 FQUGUKPTCVUGZRQUGFWPFGTIGPGTCNEQPFKVKQPU 

### 6JGTGUWNVUQHVJGKPXGUVKICVKQPQH*WGVCNDECPDGWUGFVQGUVKOCVG746CPF6$OQFGNRCTCOGVGTUDWVOC[PQVDGUGPUKVKXGGPQWIJVQFGVGTOKPGRWNOQPCT[TGIKQPRCTCOGVGTU+HWRVCMGKUPQVEQPHKPGFVQVJG746CPF6$UVJGPVJGKTOCUUVTCPUHGTEQGHHKEKGPVUCNQPGYQWNFPQVDGUWHHKEKGPVVQCEEQWPVHQTVQVCN46WRVCMGGICUOGCUWTGFD[9KGUVGTGVCN=?QT)GTTKV[GVCN=?CPFVJGFKHHGTGPEGKPRTGFKEVGFYKVJQWVRWNOQPCT[

### 8-60TGIKQPWRVCMGCPFGZRGTKOGPVCNWRVCMGUEQWNFDGWUGFVQGUVKOCVGVJGRWNOQPCT[TGIKQPOCUUVTCPUHGTEQGHHKEKGPV7PHQTVWPCVGN[PQFQUKOGVT[FCVCHQTVJGJWOCPRWNOQPCT[TGIKQPCTG

CXCKNCDNG&GURKVGNKOKVCVKQPUVJG1 FQUKOGVT[FCVCVJCVJCXGDGGPQDVCKPGFQXGTVJGRCUV 

### UGXGTCN[GCTUEQWRNGFYKVJVJGCFXCPEGUKPOQFGNKPIUWIIGUVVJCVVJGTGJCUDGGPEQPVKPWCNEQPXGTIGPEGDGVYGGPVJGOQFGNRTGFKEVKQPUCPFGZRGTKOGPVCNQDUGTXCVKQPU)KXGPVJGOCP[CTGCUQHEQPUKUVGPE[DGVYGGPOQFGNUCPFGZRGTKOGPVUKVKUXCNWCDNGVQDGIKPVQGORNQ[VJGUGOQFGNUVQRTQXKFGVJGFQUKOGVTKEDCUKUHQTCPKOCNVQJWOCPGZVTCRQNCVKQP1PGQHVJGITGCVGUVUQWTEGUQHWPEGTVCKPV[KPUWEJCPCRRNKECVKQPQHFQUKOGVT[OQFGNUKUVJGNCEMQHHWNNWPFGTUVCPFKPIQHVJGCRRTQRTKCVGVCTIGVUKVGHQT1 VQZKEKV[GIWRRGTQTNQYGTCKTYC[UQT 

### RWNOQPCT[TGIKQPVJCVKPKVKCVGUCRCTVKEWNCTTGURQPUGGURGEKCNN[VJGHWPEVKQPCNEJCPIGUKPVJGNWPI*QYGXGTTGCUQPCDNGCUUWORVKQPUECPDGOCFGVQPCTTQYVJGVCTIGVUKVG6JGHKTUVCRRNKECVKQPQHFQUKOGVT[OQFGNUIKXGPKP5GEVKQPKUCPGZCOKPCVKQPQHFGNKXGTGFFQUGXGTUWUTGURQPUGYKVJKPCIKXGPURGEKGU6JKUKUHQNNQYGFKP5GEVKQPD[UQOGKPVGTURGEKGUEQORCTKUQPUQHFGNKXGTGFFQUGXGTUWUTGURQPUG



##  +PVTCURGEKGU&GNKXGTGF&QUG4GURQPUG#UUWOKPIVJCVEJCPIGUKP('8 KPJWOCPUGZRQUGFVQ1 OCKPN[CTGVJGTGUWNVQH  

### 1 RWNOQPCT[VKUUWGFQUG/KNNGTGVCNEQPUVTWEVGFCFQUGTGURQPUGEWTXG6JG[



### RNQVVGFFGETGOGPVUKP('8 XGTUWURTGFKEVGFEWOWNCVKXGRWNOQPCT[TGIKQP1 VKUUWGFQUG  

### UECNGFVQDQF[OCUU(KIWTG6JGEQPEGPVTCVKQPTGURQPUGFCVCCTGHTQO/E&QPPGNNGVCNKPYJKEJJGCNVJ[UWDLGEVUYGTGGZRQUGFVQCPFRRO1 'ZRQUWTGYCUHQTJYKVJJGCX[+'/KNNGTGVCNWUGFVJGCXGTCIG 

### YGKIJVCPFJGKIJVQHVJGUWDLGEVUVQGUVKOCVGVJG(4%VJCVYCUWUGFKPVJGOQFGNVQUKOWNCVG1 

### FQUG6JGGZGTEKUGDTGCVJKPIRCTCOGVGTFCVCYGTGWUGFCNQPIYKVJCPGUVKOCVGQHTGUVKPIDTGCVJKPIRCTCOGVGTU(KIWTGKUUKOKNCTKPUJCRGVQVJGEQPEGPVTCVKQPTGURQPUGEWTXGQH/E&QPPGNNGVCN&KHHGTGPEGUDGVYGGPVJGUGVYQEWTXGUJQYGXGTCTGCEEQWPVGFHQTD[VJGVTCPUNCVKQPDGVYGGPGZRQUWTGEQPEGPVTCVKQPCPF1 FQUG 

### #UCPQVJGTGZCORNG2KPMGTVQPGVCNGZCOKPGFVJGTGNCVKQPDGVYGGPCEVWCNVKUUWGTGURQPUGQHTCVUEJTQPKECNN[GZRQUGFVQ1 CPFCRTGFKEVKQPQH1 FQUGCUCHWPEVKQPQH  

### FKUVCPEGHTQOVJGDTQPEJKQNGCNXGQNCTFWEVLWPEVKQP$#&,VQXGPVKNCVQT[WPKVU7UKPIVJGUGFCVC/KNNGTCPF%QPQNN[RNQVVGFVJGRTGFKEVGF1 FQUGCPFVJGQDUGTXGFEJCPIGKPYCNN 

### VJKEMPGUUFWGVQVJGGZRQUWTGXGTUWUFKUVCPEGHTQOVJG$#&,(KIWTG'XGPVJQWIJEQPUKFGTCDNGXCTKCDKNKV[KPVJGVJKEMPGUUEJCPIGECPDGKPHGTTGFHTQOVJGFCVCVJGVYQEWTXGUUECNGFVQVJGKTXCNWGUCVVJGLWPEVKQPUJQYCTGOCTMCDNGUKOKNCTKV[CPFUWIIGUVCDCUKEEQTTGEVPGUUKPTGICTFUVQVJGXGPVKNCVQT[WPKVOQFGNRCTCOGVGTU



##  +PVGTURGEKGU&GNKXGTGF&QUG4GURQPUG
6JGKNNWUVTCVKQPURTGUGPVGFKPVJKUUGEVKQPCTGDCUGFQPFQUKOGVTKEGUVKOCVGUHQTJWOCPUCPFTCVUWUKPIGZKUVKPIQTOQFKHKGFVJGQTGVKECNOQFGNU/KNNGTGVCN/KNNGTGVCN1XGTVQPGVCN1PGHWPEVKQPCNCPFQPGKPHNCOOCVQT[GPFRQKPVYKNNDGRTQXKFGFFTCYKPIHTQOVJGHCPF$#.RTQVGKPFCVCFGUETKDGFKP5GEVKQP$GECWUGVJGFKXGTUKV[QHGZRQUWTGUEGPCTKQUCETQUUURGEKGUKUUQITGCVVJGYKPFQYQHGZRQUWTGRCTCOGVGTUJCUDGGPPCTTQYGFOKPKOK\KPIGZRQUWTGDCUGFFKHHGTGPEGUKPTGNCVKPIURGEKGUTGURQPUKXGPGUU

### 1.0

0.9

0.8

0.7

0.6

0.5

0.4

0.3

0.2

0.1

0
0 2 4 6 8 10 12 14 16 18 20 22 24

Pulmonar y Tissue Dose (n g O / g bod y wei g ht) 3



### 8-61(KIWTG %JCPIGUKPHQTEGFGZRKTCVQT[XQNWOGKPU('8 XGTUWURWNOQPCT[VKUUWG


### FQUG2NQVVGFCTGFGETGOGPVUKP('8 NKVGTUHQTJWOCPUWDLGEVUCICKPUV


### RTGFKEVGFRWNOQPCT[VKUUWGFQUGPQTOCNK\GFVQDQF[YGKIJV+PQTFGTHTQONGHVVQTKIJVVJGFQUGXCNWGUEQTTGURQPFVQCPFRROQ\QPG1 GZRQUWTGEQPEGPVTCVKQPU6JGEQPVKPWQWUEWTXG 

### YCUCPG[GHKV

5QWTEG /KNNGT GV CN 




### $GECWUGVJGVJGQTGVKECNOQFGNUFGXGNQRGFD[/KNNGTGVCNCPF1XGTVQPGVCNGUVKOCVGVJGFQUGFKUVTKDWVKQPVQVJG46QPCRGTDTGCVJDCUKUCOKPKOWOSWCPVKVCVKXGFGUETKRVKQPQHVKFCNDTGCVJKPI8 CPFHKUPGGFGFVQWVKNK\GVJGVJGQTGVKECNOQFGNU 6

### QH1 FGRQUKVKQP6JGPGGFHQTFGVCKNGFDTGCVJKPIRCTCOGVGTUVJGTGHQTGUGXGTGN[TGUVTKEVUVJG 

### CRRNKECVKQPQHVJGOQFGNVQUVWFKGURTQXKFKPIUWEJFCVC7PHQTVWPCVGN[DTGCVJD[DTGCVJRCTCOGVGTUQXGTVJGEQWTUGQHCPGZRQUWTGPQTOCNN[CTGPQVOGCUWTGFQTTGRQTVGFKPOQUVRWDNKECVKQPU6YQUVWFKGUGCEJKPJWOCPUCPFTCVURTQXKFKPICFGSWCVGFGVCKNQXGTVJGEQWTUGQHVJGGZRQUWTGCNNQYGFVJGOQFGNEQORWVCVKQPUVQDGRGTHQTOGFHQTVJKUKNNWUVTCVKQP(KIWTG6JGJWOCPUVWFKGUGZCOKPGFYGTG&G.WEKCCPF#FCOUYJQGZRQUGFVJGUWDLGEVUVQCPFRRO1 HQTJYKVJEQPVKPWQWUGZGTEKUGQZ[IGPWRVCMGVQVJG 

### DQF[RGTKQFUCPF$GEMGVVGVCNYJQGZRQUGFVJG### 0 100 200 300 400 500 600 700 800 900 1,000 0 1 2 3 4 5 6 7 8 9 10

0 25 50 75 100 125



### Distance from Bronchiolar-Alveolar Duct Junction (μm) Dose Response



###  8

8-62(KIWTG 4GNCVKQPUJKRDGVYGGPEJCPIGKPCNXGQNCTYCNNVJKEMPGUUCPFRTGFKEVGFQ\QPG1 FQUGCUCHWPEVKQPQHFKUVCPEGHTQOVJGDTQPEJKQNGCNXGQNCTFWEV 

### LWPEVKQP$#&,4CVUYGTGGZRQUGFVQRRO1 HQTJFC[HQT 

### FC[U

5QWTEG /KNNGT CPF %QPQNN[ 




### UWDLGEVUVQRRO1 YKVJCNVGTPCVKPIOKPGZGTEKUG.OKP6JTGGTCVUVWFKGUYGTG 

### GXCNWCVGF6GRRGTGVCNYJQGZRQUGFTCVUVQCPFRRO1 HQT 

### JYKVJCNVGTPCVKPIOKPRGTKQFUQH%1 KPFWEGFJ[RGTXGPVKNCVKQPVQ¥TGUVKPI  '

### 6GRRGTGVCNYJQGZRQUGFTCVUVQCPFRRO1 HQTJYKVJ 

### CNVGTPCVKPIOKPRGTKQFUQH%1 UWEJVJCVUWDUGSWGPVRGTKQFUQH%1 GZRQUWTGJCFJKIJGT  

### %1 EQPEGPVTCVKQPUVJCPRTGXKQWURGTKQFUCPF/CWV\CPF$WHCNKPQYJQGZRQUGF 

### TCVUVQRRO1 HQTJCVTGUV6JGTGURQPUGRCTCOGVGTYCUVJGTCVKQQH1 CNVGTGFHH   1 

### VQEQPVTQNHH &QUGTCVGYCUVJGCXGTCIGFQUGVQVJGRTQZKOCNCNXGQNCTTGIKQP2#4

EPV

### EQORWVGFHTQOVKOGVQVJGVKOGQHVJGOCZKOWOH 1 EPV



### H 6JG2#4YCUEJQUGPCUVJGVCTIGV 

### DCUGFQPVJGRGTEGRVKQPVJCV1 CEVUQPFGGRNWPIUVTGVEJTGEGRVQTU

## Predicted Avera g e PAR Dose Rate ( n g O /cm /min ) 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.0 1.2 1.4 1.6 1.8 2.0 2.2

Beckett et al. (1985) DeLucia and Adams (1977)

Tepper et al. (1989) Mautz and Bufalino (1989) 

### Human data:

Rat data:

2

3 

### Tepper et al. (1990)



### 8-63(KIWTG 6JGOCZKOWOTCVKQQHQ\QPG1 CNVGTGFDTGCVJKPIHTGSWGPE[H  1 

### VQ 

### EQPVTQNDTGCVJKPIHTGSWGPE[H CVXCTKQWU1 EQPEGPVTCVKQPUXGTUWU EPV 

### RTGFKEVGFCXGTCIGFQUGTCVGVQVJGRTQZKOCNCNXGQNCTTGIKQP2#4HKTUVIGPGTCVKQPFKUVCNVQVJGVGTOKPCNDTQPEJKQNGU6JGCXGTCIGKUHQTVJGVKOGHTQOVJGKPKVKCVKQPQHGZRQUWTGVQVJGVKOGQHQEEWTTGPEGQHVJGOCZKOWOTCVKQ$GEMGVVGVCNCPF/CWV\CPF$WHCNKPQRTQXKFGFUWHHKEKGPVXGPVKNCVQT[FCVCHQTQPN[QPG1 EQPEGPVTCVKQP 



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

### 3,000

1,000

300

100

0 20 40 60 80 100 120 140 160 Rat

Guinea Pi g

Rabbit

Human



### Pulmonary Tissue Dose (n g O / g body wei g ht) 3



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




#  3WCPVKVCVKXG'ZVTCRQNCVKQPQH%JTQPKE1\QPG'HHGEVU

 +PVTQFWEVKQP
+PRTGXKQWUUGEVKQPUVJGJQOQNQI[DGVYGGPNCDQTCVQT[CPKOCNTGURQPUGUVQCEWVG1 GZRQUWTGCPFGHHGEVUQDUGTXGFKPJWOCPUWDLGEVUYCUFGOQPUVTCVGF/QUVQHVJGUG



### TGURQPUGUYGTGTGNCVGFVQNWPIHWPEVKQPCPFVQCOQTGNKOKVGFGZVGPVTGEQXGT[QHGZVTCXCUCVGF

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

### GZRQUWTG9JGTGFCVCHTQONQPIVGTOGZRQUWTGUGZKUVETQUUURGEKGUTGNCVKQPUJKRUCOQPIUKOKNCTGPFRQKPVUWUWCNN[HWPEVKQPCNCTGEQPUKFGTCDN[YGCMGTCNVJQWIJVJGTGKUVJGUWIIGUVKQPVJCVNQPIVGTOGZRQUWTGVQ1 ECPCNVGTVJGFKUVCNNWPIVJCV\QPGYJGTGVJGQTGVKECNOQFGNU 

### YQWNFRTGFKEVITGCVGUV1 FGRQUKVKQP 

### 6JKUUGEVKQPEQPVKPWGUVJGTCVKQPCNGHQWPFGFKPVJGGZVTCRQNCVKQPRCTCFKIOKNNWUVTCVGFKP(KIWTGKPCPCVVGORVVQSWCPVKVCVKXGN[CFFTGUUVJGSWGUVKQPQHRQVGPVKCNEJTQPKECNVGTCVKQPVQVJGNWPIUQH1 GZRQUGFRGQRNG&KTGEVFCVCHTQOGRKFGOKQNQIKECNUVWFKGUTGOCKP 

### UWIIGUVKXGCVDGUVUGG%JCRVGT1PVJGQVJGTJCPFVJGGZVGPUKXGFCVCDCUGQHOQTRJQOGVTKEGHHGEVUQPVJGFKUVCNNWPIQHGZRQUGFCPKOCNUTQFGPVUCPFPQPJWOCPRTKOCVGUTGXGCNUVJGUGPUKVKXKV[QHUWEJGPFRQKPVUCPFENGCTN[TGNCVGUVQVJGUKVGQHVJGNWPICUUQEKCVGFYKVJKPEKRKGPVEJTQPKENWPIFKUGCUGUCUUQEKCVGFYKVJMPQYPVQZKEKPJCNCPVUGIVQDCEEQUOQMG7PHQTVWPCVGN[VJGTGKUCNCEMQHTGNKCDNGOQTRJQOGVTKEFCVCQPVJGJWOCPNWPIVJCVCTGCUUQEKCVGFYKVJ1 QTQVJGTCKTRQNNWVCPVU6JWUVJGIQCNJGTGKUVQFTCYHTQOVJGGZVGPUKXG 

### CPFTGNKCDNGCPKOCNFCVCDCUGYJKEJFGOQPUVTCVGUEJTQPKEGHHGEVUQHNQPIVGTOGZRQUWTGUVQ1 CPFRTQLGEVHTQOKVVJGRQVGPVKCNHQTEJTQPKEGHHGEVUKPJWOCPUWVKNK\KPIVJGNKPMCIG



### RTQXKFGFD[PGYGTTGHKPGF1 FQUKOGVT[GUVKOCVGU

### +PVJGNQPIVGTOUVWFKGUUGNGEVGFHQTFGVCKNGFCPCN[UKUITGCVKORQTVCPEGYCURNCEGFQPVJGTGNGXCPEGQHVJGGZRQUWTGEQPEGPVTCVKQPUVJGUKVGURGEKHKEKV[QHVJGOQTRJQOGVTKECPCN[UKUCPFVJGEQPUKUVGPE[QHCPCN[UKUYKVJKPURGEKGU6YQTCVUVWFKGUYGTGUGNGEVGFVJCVTGRTGUGPVPGCTNKHGVKOGGZRQUWTGUVQ1 QXGTCTCPIGQHEQPEGPVTCVKQPUCPFUEGPCTKQU%JCPIGV 

### CN%JCPIGVCN6JGHQTOGTUVWF[YCUEQPFWEVGFKPEQPLWPEVKQPYKVJVJG75'PXKTQPOGPVCN2TQVGEVKQP#IGPE['2#CPFKPXQNXGFCYGGMFC[WTDCPRCVVGTPQHGZRQUWTGTGRTGUGPVGFD[CJURKMGFC[UYGGMUNQYN[TKUKPIVQRROHTQOCPGCTEQPVKPWQWUDCUGNKPGQHRRO1 HQTYGGMU6JGNCVVGTUVWF[YCUEQPFWEVGFD[VJGUCOG 

### OQTRJQOGVTKUVUDWVQPTCVUGZRQUGFYGGMFC[UJFC[VQQTRRO1 HQT 

### YGGMU$QVJUVWFKGUWVKNK\GF(TCVU.KMGYKUGVJGRTKOCVGUVWFKGUYGTGEQPFWEVGFD[VJGUCOGKPXGUVKICVQTUDWVKPXQNXGFVYQUVTCKPUQHOQPMG[U+PQPGUVWF[VJGDQPPGVOQPMG[YCUGZRQUGFHQTFC[UJFC[VQQTRRO1 *CTMGOCGVCNYJGTGCU 

### VJGUGEQPFUVWF[EQPUKUVGFQHFCKN[JFC[GZRQUWTGUVQVJGUOCNNGTHCUEKEWNCTKUOQPMG[QHQTRRO1 HQTEQPUGEWVKXGOQQTOQYKVJCNVGTPCVKPIOQPVJUQHENGCPCKT6[NGTGV 

### CN6JGCUUWORVKQPUPGGFGFVQOQFGNVJGURGEKHKEURGEKGUFQUKOGVT[QHGCEJUVWF[CTGRTQXKFGFKPVJGHQNNQYKPIUGEVKQP)TQYVJYCUEQORGPUCVGFYJGTGCRRTQRTKCVGHQTTCVUCPFCNNQOGVTKECPCVQOKECFLWUVOGPVUQTCUUWORVKQPUYGTGOCFGVQGUVKOCVGWPCXCKNCDNGCPCVQOKEFCVCCUKPVJGECUGQHVJGOQPMG[HQTVJGFQUKOGVT[OQFGNU8GPVKNCVKQPYCUCUUWOGFVQDGWPCHHGEVGFD[1 CHVGTVJGHKTUVFC[UQHGZRQUWTGDGECWUGCFCRVKXGGXGPVUCTGMPQYPVQQEEWT 

### KPVJCVVKOGHTCOG6JKUUKORNKHKGFVJGOQFGNHQTOWNCVKQPUHQTVJGCPKOCNUVWFKGUCNVJQWIJXCTKGFCEVKXKV[CPFGZRQUWTGRTQHKNGUYGTGEQPUKFGTGFVJTQWIJQWVHQTVJGJWOCPFQUGGUVKOCVGU#NNQOGVTKEGSWKXCNGPVNKHGURCPGUVKOCVGUCNUQYGTGOCFGKPCPGHHQTVVQTGNCVGVJGFWTCVKQPQHVJGGZRQUWTGRGTKQFTGNCVKXGVQNKHGURCPCPFEWOWNCVKXGFQUG

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

### KPVJGGZRGTKOGPVCNCPKOCNUCVPQOKPCNN[UKOKNCTFQUGU+PVJKUCVVGORVVQGZVTCRQNCVGEJTQPKE1 GHHGEVUHTQOVJGGZRGTKOGPVCNCPKOCNUVQ 

### JWOCPUVJGVYQHQTGOQUVCUUWORVKQPUCTGVJCVVJGTGGZKUVUEQJGTGPEGQHCPCNQIQWUFQUGTGURQPUGFCVCCETQUUURGEKGUYKVJTGICTFVQCEWVGGZRQUWTGGHHGEVUCUTGRTGUGPVGFD[QPGUKFGQHVJGRCTCNNGNQITCOOQFGN=(KIWTG?CPFVJGTGGZKUVUUQOGTGNCVKQPUJKRQHGHHGEVVQVJGVQVCNEWOWNCVKXGFQUGVQVJGVCTIGVVKUUWG6JGGUUGPVKCNJ[RQVJGUKUKUVJCVVJGTCVGQHEJCPIGQHKPVGTUVKVKCNVJKEMPGUUKUTGNCVGFVQVJGTCVGQH1 WRVCMG%NGCTN[VJGNCVVGTCUUWORVKQPKIPQTGU 

### RQVGPVKCNCFCRVKXGQTTGRCTCVKXGRTQEGUUGUDWVTCVJGTCUUWOGUVJCVEQPVKPWKPIGZRQUWTGQHCP[UEGPCTKQKORCTVUKTTGXGTUKDNGQTUNQYN[TGXGTUKDNGEJCPIGUYKVJKPVJGEQPUVKVWVKXGUVTWEVWTGQHVJGVCTIGVCTGC6JGTGKUNKVVNGVQUWDUVCPVKCVGVJKUCUUWORVKQPQVJGTVJCPVJGEQOOQPN[DGNKGXGFKTTGXGTUKDKNKV[QHHKDTQIGPGUKUCPFFGIGPGTCVKXGNWPIFKUGCUG
##  (CEVQTU%QPUKFGTGFKP'UVKOCVKPI&QUG

(QTGCEJQHVJGCPKOCNUHQTYJKEJFQUGUYGTGUKOWNCVGF6CDNGNKUVUKPHQTOCVKQPQTRCTCOGVGTUPGGFGFHQTVJGFQUKOGVT[UKOWNCVKQPUCPFVJGUQWTEGQHVJGKPHQTOCVKQP#NUQFGVCKNUCTGRTQXKFGFCUVQJQYVJKUKPHQTOCVKQPYCUOQFKHKGFUECNGFQTWUGFVQEQTTGURQPFVQVJGGZRGTKOGPVCNQTJ[RQVJGVKECNCPKOCNUHQTYJKEJFQUGYCUGUVKOCVGF#PGZRCPFGFFKUEWUUKQPHQNNQYU

 *WOCP6JGFQUGUKOWNCVKQPUYGTGHQTCJ[RQVJGVKECN0GY;QTM%KV[CFWNVQWVFQQTYQTMGTCPFCJ[RQVJGVKECN[GCTQNF0GY;QTM%KV[EJKNFYJQKUCEVKXGQWVQHFQQTU6JGKT

### 8-676CDNG6JG$CUKUQH+PHQTOCVKQPHQT/QFGN2CTCOGVGTUC+PHQTOCVKQP 0GGFGF( 4CV'2# %JTQPKE 5VWF[( 4CV062*'+ %JTQPKE 5VWF[$QPPGV /QPMG[/CECEC TCFKCVC/QPMG[/CECEC HCUEKEWNCTKU*WOCP %JKNF *WOCP #FWNV%JCTCEVGTKUVKEU QHUKOWNCVGF CPKOCN%JCPI GV CN 
 6GRRGTGV CN 
  MI YGGMU QNF OCNGU%JCPI GV CN 
 .CUV GV CN  MI YGGMU QNF OCNGU*CTMGOC GV CN 
 MI 
WUGF MI YGGMU QNF OCNGUCPF HGOCNGU6[NGT GV CN 
  MIWUGF MI YGGMU QNF OCNGU2TGUGPV UKOWNCVKQP MI  [GCTU EOJGKIJV OCNG QT HGOCNG2TGUGPVUKOWNCVKQP  MIEO JGKIJVCFWNV OCNG'ZRQUWTG TGIKOG %JCPI GV CN 
  RROEQPVKPWQWU DCEMITQWPF JFC[  FC[UYGGM RRO TCORGF RGCM QXGT  J FC[UYGGM   CPF YGGM GZRQUWTGU%JCPI GV CN 
   CPF  RRO  JFC[ FC[UYGGM HQT  YGGMU*CTMGOC GV CN 
 JFC[ HQT  FC[U  CPF  RRO6[NGT GV CN 
 JFC[ HQT  OQ  RRO RRO 
FCKN[ CPF RRO 
FCKN[ CNVGTPCVKPIOQPVJU,QJPUQP 
EQPVKPWQWU GZRQUWTGRCVVGTP HQT C 0GY ;QTMQWVFQQT EJKNF #RTKN1EVQDGT  #XIGZRQUWTG  RRD TCPIG RRD,QJPUQP 
EQPVKPWQWUGZRQUWTG RCVVGTPHQT C 0GY ;QTMQWVFQQT YQTMGT#RTKN1EVQDGT #XIGZRQUWTG  RRDTCPIG  RRD.46 UVTWEVWTG 27. /GTEGT GV CN  
MI 5& TCV6$ ;GJ GV CN  
MI .QPI'XCPU TCV9GKDGN 
 CFWNV JWOCP .46&GCF URCEG XQNWOGCV (4%&GCF URCEG XQNWOG  746 
 6$ XQNWOGU &GCF URCEG XQNWOG  746 
 6$ XQNWOGU *CTV GV CN 
 JGKIJV  EO CIG [GCTU YGKIJV  MI(4% /GTEGT GV CN  
MI 5& TCV(4%YGKIJV 
6CMG\CYC GV CN -QUEJ GV CN  
TCFKCVCOQPMG[U (4%  O.MI6[NGT GV CN  
MIHCUEKEWNCTKU (4%YGKIJV 
TGNCVKQP HQTEQODKPGF TQFGPV URGEKGU6CMG\CYC GV CN 
746 XQNWOG 
8CPF UWTHCEG CTGC 
52CVTC GV CN  
( TCV  MI  YGGMU QNF)TCRJKECN KPVGTRQNCVKQP CPF GZVTCRQNCVKQP YKVJ TGURGEV VQ CIG5EJTGKFGT CPF 4CCDG  
MI TJGUWU OQPMG[8YGKIJV58 8 6JG TCVKQ QH 746CPF FGCF URCEG XQNWOGUCTG VJG UCOG CU KP VJGCFWNV JWOCP 58*W GV CN 
C6$ XQNWOG 
8 CPFUWTHCEG CTGC 
58 /GTEGT GV CN C 
MI 5& TCV5 ;GJ GV CN  
MI .QPI'XCPU TCV58 8 2WNOQPCT[ CPF 6$ XQNWOGU KP UCOG TCVKQ CUJWOCP58 8 XQNWOG  FGCF URCEG XQNWOG OKPWU746 XQNWOG58 27. TGIKQP XQNWOG8 CPF UWTHCEG CTGC58 (4% OKPWU 6$ XQNWOG58 2WNOQPCT[ CPF 6$XQNWOGU KP UCOG TCVKQ CUJWOCP5 /GTEGT GV CN 
DKPVGTURGEKGU KPVGTRQNCVKQP8 2WNOQPCT[ CPF 6$XQNWOGU KP UCOG TCVKQ CUJWOCP5 6[NGT GV CN MI HCUEKEWNCTKU58 8 XQNWOG  (4% XQNWOG OKPWU FGCFURCEG XQNWOG58 

### 8-686CDNGEQPV	F6JG$CUKUQH+PHQTOCVKQPHQT/QFGN2CTCOGVGTUC+PHQTOCVKQP 0GGFGF( 4CV'2# %JTQPKE 5VWF[( 4CV062*'+ %JTQPKE 5VWF[$QPPGV /QPMG[/CECEC TCFKCVC/QPMG[/CECEC HCUEKEWNCTKU*WOCP %JKNF *WOCP #FWNV6KFCN XQNWOG CPFDTGCVJKPI HTGSWGPE[%QUVC 
 OGCUWTGOGPVU OCFG CV    CPF  YGGMU QHGZRQUWTG 
KPVGTRQNCVKQP HQT QVJGT VKOGRQKPVU0QPG TGRQTVGF #UUWOGFUKOKNCT VQ VJCV QH VJG '2#EJTQPKE UVWF[0QPG TGRQTVGF # TCPIG QH RCTCOGVGTU WUGF5GG 6CDNG  CPF 5GEVKQP ,QJPUQP 
CEVKXKV[ RCVVGTP*QHOCPP GV CN VKFCNXQNWOGU CPFDTGCVJKPI HTGSWGPEGU,QJPUQP 
CEVKXKV[ RCVVGTP+%42 
 VKFCNXQNWOGU CPFDTGCVJKPIHTGSWGPEGU/CUU VTCPUHGT EQGHHKEKGPVU 2CTCOGVGT GUVKOCVKQP WUKPI VJG TCV FCVC QH *CVEJ GV CN 
 CPF CPCUUWOGF RWNOQPCT[ TGIKQP EQGHHKEKGPV 5GG 6CDNG  CPF5GEVKQP (QT EQTTGURQPFKPI IGPGTCVKQPU QT OQFGN UGIOGPVU VJG UCOG CU HQT VJGCFWNV JWOCP 5GG 6CDNG  CPF 5GEVKQP *W GV CN 
D/KNNGT GV CN 
9GKDGN 
5GG 6CDNG 5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU 27. 8 CPF 5 KPFKECVG RWNOQPCT[ XQNWOG CPF UWTHCEG CTGC TGURGEVKXGN[ +P UQOG EGNNU QH VJKU VCDNG VJG KPHQTOCVKQP KU QTFGTGF CU HQNNQYUCEJCTCEVGTKUVKEU QH VJG URGEKGU CPF VJG TGHGTGPEG VQ VJG DCUKU QH VJG KPHQTOCVKQP HQNNQYGF D[ CP KPFKECVKQP CU VQ JQY VJG TGHGTGPEG KPHQTOCVKQP YCU WUGF QT OQFKHKGF HQT VJG RTGUGPV UKOWNCVKQPU6JG RTQRQTVKQP U[ODQNKPFKECVGU VJCV QPG RCTCOGVGT KU RTQRQTVKQPCN VQ CPQVJGT 
GI 58 KORNKGU VJCV5588   YJGTG VJG UWDUETKRVGF RCTCOGVGTU CTG MPQYP 8 KU VJG PGY  QT FGUKTGF XQNWOG CPF 5 KU VJG GUVKOCVGF UWTHCEG CTGC QH VJG PGY XQNWOG

### 8-69TGUKFGPEGUYGTGPQVCKTEQPFKVKQPGFCPFVJG[NKXGFYQTMGFQTRNC[GFKPVJGUCOGCTGC6JGUGVYQITQWRUQHRGQRNGYQWNFJCXGVGPFGFVQGZRGTKGPEGJKIJGTQWVFQQT1 EQPEGPVTCVKQPU 

### VJCPQVJGT0GY;QTM%KV[RGQRNGDGECWUGVJGEJQUGPCTGCJCFJKIJGTQWVFQQT1 

### EQPEGPVTCVKQPUVJCPQVJGTCTGCUCPF1 NGXGNUCTGJKIJGTKPJQOGUYKVJQWVCKTEQPFKVKQPKPI 

### ,QJPUQP6JGUGUEGPCTKQUYGTGUGNGEVGFDGECWUGVJG[KPXQNXGVJGUCOGCVTKUMRQRWNCVKQPITQWRUWUGFHQTVJG1 TKUMCPCN[UKUKPVJGUVCHHRCRGT75'PXKTQPOGPVCN 

### 2TQVGEVKQP#IGPE[6JGCEVKXKV[RCVVGTPUCPF1 GZRQUWTGGUVKOCVGUYGTGIGPGTCVGFD[VJGRTQDCDKNKUVKE 

### 0CVKQPCN#ODKGPV#KT3WCNKV[5VCPFCTFU'ZRQUWTG/QFGNHQT1 R0'/1 ,QJPUQP  

### HQT#RTKNVJTQWIJ1EVQDGT6JGOQFGNKPICRRTQCEJHQTQWVFQQTYQTMGTUECPDGFGUETKDGFCUHQNNQYU1WVFQQTYQTMGTUTGUKFKPIKP0GY;QTM%KV[YGTGFKXKFGFKPVQPQPQXGTNCRRKPIUGVUQHEQJQTVUUWEJVJCVGCEJEQJQTVEQWNFDGKFGPVKHKGFD[CTGUKFGPVKCNNQECVKQPCYQTMNQECVKQPCPFCTGUKFGPVKCNCKTEQPFKVKQPKPIU[UVGO6JGR0'/1 OQFGNIGPGTCVGFCPGZRQUWTGGXGPV 

### UGSWGPEG''5HQTGCEJEQJQTVDCUGFQPFCVCQDVCKPGFHTQOCEVKXKV[FKCT[UVWFKGUKPXQNXKPIQWVFQQTYQTMGTU'CEJGZRQUWTGGXGPVKPVJG''5CUUKIPGFVJGEQJQTVVQCIGQITCRJKENQECVKQPCOKETQGPXKTQPOGPVCPFCPGZGTVKQPNGXGN#NIQTKVJOUYKVJKPVJGR0'/1 OQFGN 

### RTQXKFGFGUVKOCVGUQH1 GZRQUWTGCPFGSWKXCNGPVXGPVKNCVKQPTCVG'84HQTGCEJGXGPVVJCV 

### NCUVGFHTQOVQOKP6JG'84KUXGPVKNCVKQPTCVGNKVGTURGTOKPWVGFKXKFGFD[DQF[UWTHCEGCTGCUSWCTGOGVGTU'ZRQUWTGUYGTGECNEWNCVGFQPCOKPWVGD[OKPWVGDCUKUJQYGXGTVJGEQPEGPVTCVKQPCPF'84XCNWGUQHCNNOKPWVGUYKVJKPCIKXGPGZRQUWTGGXGPVYGTGJGNFEQPUVCPVFWTKPIVJGGXGPV6JGR0'/1 OQFGNWUGFHQTQWVFQQTEJKNFTGPYCUIGPGTCNN[ 

### EQPUKUVGPVYKVJVJGOQFGNHQTQWVFQQTYQTMGTUDWVTGNKGFQPJWOCPCEVKXKV[FCVCHTQOEJKNFTGP#PQVJGTFKHHGTGPEGYCUVJCVVJGEQJQTVUQHEJKNFTGPYGTGKFGPVKHKGFD[TGUKFGPVKCNNQECVKQPCPFCKTEQPFKVKQPKPIU[UVGOQPN[YQTMRNCEGNQECVKQPYCUPQVURGEKHKGF(KIWTGU#CPF$IKXGCPKFGCQHVJGGZRQUWTGEQPEGPVTCVKQPUHQTVJGQWVFQQTYQTMGTCPFEJKNFTGURGEVKXGN[YKVJRNQVUQHVJGCXGTCIGJQWTN[CPFOQPVJN[1 EQPEGPVTCVKQPU6JGGZRQUWTGEQPEGPVTCVKQPUQHVJGCFWNVCPFEJKNFFKHHGTDGECWUGVJGKT



### FCKN[CEVKXKVKGUCPFNQECVKQPUCTGFKHHGTGPV0QVGVJCVKPCHGYECUGUVJGJQWTN[CXGTCIGGZEGGFUVJGRRORRDUVCPFCTF

#PCVQOKECN#URGEVU6JGCFWNV0GY;QTM%KV[YQTMGTYCUCUUWOGFVQJCXGEJCTCEVGTKUVKEUUKOKNCTVQVJGUWDLGEVUQHCPKPXGUVKICVKQPD[/E&QPPGNNGVCN6JGDQF[UWTHCEGCTGCQHVJGYQTMGTPGGFGFVQEQPXGTV'84VQOKPWVGXQNWOGYCUCUUWOGFVQDGO -QTGPGVCND 



### CPFO ,QJPUQPVQO 6JG0GY;QTM%KV[EJKNFJCFCDQF[UWTHCEG  

### CTGCQHO YJKEJYCUEQPUKUVGPVYKVJDQVJ[GCTQNFOCNGUCPFHGOCNGU,QJPUQP

### 6JGCUUWOGFXCNWGUHQTVJGEJKNF	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

### 60 90 120 150 180 210 240 270 300 330 0 20 40 60 80 100 120 140 160 180 200 220
A

Da y s

APR MAY JUNE JULY AUG SEPT OCT 

### 60 90 120 150 180 210 240 270 300 330 0 20 40 60 80 100 120 140 160 180 200 220
B

Da y s



### 8-70(KIWTG 6JGXCTKCVKQPKPGZRQUWTGEQPEGPVTCVKQPHQTVJG0GY;QTM%KV[CFWNVCPFEJKNF2NQVVGFCTGVJGJQWTN[CPFOQPVJN[1 CXGTCIGUHQTVJG0GY;QTM 

### %KV[QWVFQQTYQTMGT#CPFVJG[GCTQNFEJKNF$6JGJQWTN[CXGTCIGUCTGTGRTGUGPVGFD[VJGFQVUCPFVJGOQPVJN[CXGTCIGD[VJGEQPVKPWQWU

UQNKFNKPG

###  8

 8

 8

8-71Z Z 
8 8  YJGTGVJGUWDUETKRVUPCPFQKPFKECVGVJGPGYCPFQTKIKPCNXCNWGU

P P R

### TGURGEVKXGN[&KOGPUKQPUWUGFHQTVJGCFWNVYGTGHTQO*WGVCNDYJQDCUGFVJGKTXCNWGUQPVJGCEQWUVKETGHNGEVKQPOGCUWTGOGPVUQH(TGFDGTIGVCNVJCVEQTTGURQPFGFVQVJGQTQRJCT[PIGCNOQWVJVJTQWIJNCT[PZTGIKQP6JG.46OQFGNFGXGNQRGFD[9GKDGNYCUWUGFHQT.46UVTWEVWTGCPFFKOGPUKQPUDWVYCUUECNGFKUQVTQRKECNN[VQ(4%CPFFGCFURCEGXQNWOGUCUCRRTQRTKCVG

/CUU6TCPUHGT%QGHHKEKGPVU6JKURCTCOGVGTKUPGEGUUCT[VQFGVGTOKPGVJGNQECNFQUGGZRTGUUGFKPVGTOUQHVJGHNWZQH1 VQTGURKTCVQT[VTCEVUWTHCEGU5RGEKHKECNN[VJKUFQUGKUTGNCVGFVQVJGRTQFWEVQHVJG 

### OCUUVTCPUHGTEQGHHKEKGPVCPFICURJCUGEQPEGPVTCVKQPQH1 KPVGITCVGFQXGTVJGVKOGQHKPVGTGUV

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

### FKHHGTGPVHTQOVJGGZRGTKOGPVCNXCNWGQHO.UOC[DGUWURGEV(QTXGT[FKHHGTGPVTGCUQPUVJKUNCVVGTURGEWNCVKQPKURTQDCDN[XCNKF/GCUWTGOGPVUD[*WGVCNCVTCVGUJKIJGTVJCPO.UKPFKECVGVJCVNQECNOCUUVTCPUHGTEQGHHKEKGPVUKPETGCUGYKVJKPETGCUKPIHNQYTCVGU+PCFFKVKQPPCKXGUWDLGEVUYGTGWUGFHQTVJGDQNWUGZRGTKOGPVU%JTQPKEGZRQUWTGVQ1 YJKEJKUOQTGCRRTQRTKCVGVQVJGRTGUGPVUKOWNCVKQPUEGPCTKQUEQWNFCNVGTOCUUVTCPUHGT 

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

VJGTCVXCNWGKUPQVWPTGCUQPCDNG8GPVKNCVKQP#EVKXKV[RCVVGTPUHQTVJGCFWNVCPFVJGEJKNF,QJPUQPYGTGWUGFVQGUVKOCVGU6JGUGVQHGUVKOCVGUJCFQXGTOKPWVGD[OKPWVGECUGUGCEJECUGEQPUKUVKPIQH '

### VJGFC[QHVJG[GCTJQWTOKPWVGCPFGSWKXCNGPVXGPVKNCVQT[TCVG FKXKFGFD[DQF[UWTHCEG '

### CTGC6JGIGPGTCVGFRCVVGTPUYGTGHQTUGSWGPVKCNFC[UHTQOVJGDGIKPPKPIQH#RTKNVJTQWIJ1EVQDGT(QTVJGCFWNV8 UYGTGGUVKOCVGFD[KPVGTRQNCVKQPHTQOCRNQVQH8 XGTUWUVJCV 6 6 '

### YCUFTCYPWUKPIKPHQTOCVKQPHTQO6CDNGKP+PVGTPCVKQPCN%QOOKUUKQPQP4CFKQNQIKECN

###  8

 8

 8

8-722TQVGEVKQP6KFCNXQNWOGUCPFH	UHQTVJGEJKNFYGTGGUVKOCVGFWUKPICTGNCVKQPUJKRDGVYGGP8 CPFFGXGNQRGFD[*QHOCPPGVCN(QTDQVJJWOCPUH	UYGTGFGHKPGF 6 '

### CUFKXKFGFD[VJGGUVKOCVGF8 ' 6



### 'UVKOCVKPI2TQZKOCN#NXGQNCT4GIKQP&QUG6JG2#4FQUGUYGTGGUVKOCVGFD[UKOWNCVKQPHQTGCEJQHVJGOKPWVGD[OKPWVGGSWKXCNGPVUCPFRGTUQPCNEQPEGPVTCVKQPGUVKOCVGUVJGUGFQUGUYGTGCXGTCIGF '



###  /QPMG[U#PCVQOKECN#URGEVU$GECWUGVJGTGYGTGPQFCVCQPVJGWRVCMGQH1 D[VJG746QHOQPMG[UPQ 

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

/CUU6TCPUHGT%QGHHKEKGPVU

6JGJWOCPOCUUVTCPUHGTEQGHHKEKGPVXCNWGUYGTGCUUWOGFDGECWUGVJGTGYGTGPQTGRQTVGFXCNWGUPQTWRVCMGFCVCVJCVYQWNFJCXGCNNQYGFGUVKOCVGUQHVJGUGEQGHHKEKGPVU(QTEQTTGURQPFKPIOQFGNUGIOGPVUQTOQFGNIGPGTCVKQPUVJGOQPMG[EQGHHKEKGPVUYGTGVJGUCOGCU

VJQUGWUGFHQTJWOCPU8GPVKNCVKQP0QXGPVKNCVKQPRCTCOGVGTUYGTGTGRQTVGFHQTVJGOQPMG[GZRGTKOGPVU(QTVJKUTGCUQPHQWTUVCVGUQHXGPVKNCVKQPYGTGWUGFVQECNEWNCVGVJGFQUGUUGG6CDNG6JGHKTUVVJTGGKPVJGVCDNGYGTGGZVTCRQNCVGFHTQOJWOCPXCNWGUQH8 UCPFH	U6JGUGJWOCP 6

### RCTCOGVGTUYGTGEQPUKUVGPVYKVJVJGCNIQTKVJOWUGFHQTVJGJWOCPUKOWNCVKQPUCPFEQTTGURQPFCRRTQZKOCVGN[VQUGFGPVCT[NQYCPFNKIJVCEVKXKV[CUECVGIQTK\GFD[*QHOCPPGVCNHQTCPCFWNVJWOCP6JGNCUVUGVQHRCTCOGVGTUEQTTGURQPFVQOGCUWTGOGPVUOCFGD[/QUUQPHKXGCYCMGHGOCNGCFWNVE[PQOQNIWUOQPMG[U/CECECHCUEKEWNCTKU



'UVKOCVKPI2TQZKOCN#NXGQNCT4GIKQP&QUGU(QTVJGVYQOQPMG[GZRGTKOGPVUCPFEQTTGURQPFKPIXGPVKNCVQT[RCTCOGVGTUUECNGF2#4FQUGUYGTGGUVKOCVGFCPFOWNVKRNKGFD[VJGCXGTCIGGZRQUWTGEQPEGPVTCVKQPUVQQDVCKPGUVKOCVGFCXGTCIG2#4FQUGU 4CVU#PCVQOKECN#URGEVU

### 8-734CVUCTGPCUCNDTGCVJGTUVJGTGHQTGVJG746OQFGNEQTTGURQPFUVQCPFKUDCUGFQP

### 8-746CDNG'UVKOCVKPI/QPMG[8GPVKNCVQT[2CTCOGVGTUC*WOCP#EVKXKV[.GXGND'ZVTCRQNCVKQPHTQOCMI*WOCPYKVJVJG(QNNQYKPI2CTCOGVGTUE6QCMI/QPMG[ 6QCMI/QPMG[8'.OKP86O.HDTGCVJUOKP8'.OKP86O.HDTGCVJUOKP8'.OKP86O.HDTGCVJUOKP5GFGPVCT[         .QY         .KIJV       'ZVTCRQNCVKQPHTQOCMI/CECECHCUEKEWNCTKUYKVJVJGHQNNQYKPIRCTCOGVGTUF        5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU (QT GZVTCRQNCVKQP 
8   
8  ¥ 
YGKIJV YGKIJV  H  H ¥ 
YGKIJV YGKIJV  C6 6      8' 86¥ H 5WDUETKRV  EQTTGURQPFU VQ VJG  QT MI OQPMG[ CPF UWDUETKRV  EQTTGURQPFU VQ GKVJGT VJG JWOCP QT VJG MI OQPMG[6JGUG EJCTCEVGTK\CVKQPU HQT VJG JWOCP RCTCOGVGTU CTG EQPUKUVGPV YKVJ VJQUG QH VJG +PVGTPCVKQPCN %QOOKUUKQP QP 4CFKQNQIKECN 2TQVGEVKQP 
 CPFD*QHOCPP GV CN 
(QT C IKXGP JWOCP 8E' VJG JWOCP 86CPF H CTG DCUGF QP VJG +PVGTPCVKQPCN %QOOKUUKQP QP 4CFKQNQIKECN 2TQVGEVKQP 
 (QT VJG UGNGEVGF 8 ' 86CPFH CTG VJG UCOG CU WUGF HQT VJG CFWNV JWOCP/QUU 
 RCTCOGVGTU CTG VJG CXGTCIG HQT HKXG OQPMG[UF

### VJG(TCVPCUQRJCT[PIGCNTGIKQP6JGFKOGPUKQPUOC[DGVQQNCTIGJQYGXGTDGECWUG### 8-75

### 8-76VJGECUVKPIRTQEGFWTGECPTGUWNVKPCNCTIGTXQNWOGVJCPKPCNKXGCPKOCN;GJGVCNCPFCKTHNQYUVTGCONKPKPI/QTICPGVCNOC[TGUWNVKPCUOCNNGTGHHGEVKXGXQNWOG6JGUVTWEVWTGQHVJG.46KUCEQORQUKVGQHVJG6$OQFGNQHVJG.QPI'XCPUTCV;GJGVCNCPFCRWNOQPCT[TGIKQPDCUGFQPVJG/GTEGTGVCNXGPVKNCVQT[WPKVOQFGNQHVJG5&TCV)KXGPVJGFQUKOGVT[OQFGNWUGFVJGXQNWOGUCPFUWTHCEGCTGCUQHVJGFKHHGTGPVTGIKQPUCTGOQTGKORQTVCPVVJCPVJGUVTWEVWTCNFKHHGTGPEGUQHVJGVJTGGUVTCKPUWUGFVQEQPUVTWEVVJGTCV

46

/CUU6TCPUHGT%QGHHKEKGPVU/CUUVTCPUHGTEQGHHKEKGPVUHQTVJGPCUQRJCT[PIGCNTGIKQPCPF6$QHVJGTCVYGTGGUVKOCVGFWUKPIVJGWRVCMGFCVCQH*CVEJGVCNCPFCPCUUWOGFRWNOQPCT[TGIKQPOCUUVTCPUHGTEQGHHKEKGPV*CVEJGVCNTGRQTVGFVJGCXGTCIGWRVCMGQH1 HQTGKIJV(TCVU 

### CPFVJGCXGTCIGHTCEVKQPQH1 KPVJGPCUQRJCT[PIGCNTGIKQPVJGVTCEJGCCPFVJGNWPIU


### *CVEJGVCN=CPF?FKUEWUUKUUWGUTGNCVGFVQWUKPI1 FQUGCUCOGCUWTGQH1 
 

### FQUG$CUGFQPCFKUEWUUKQPKP/KNNGTGVCNEQPEGTPKPIVJGKPXGUVKICVKQPQH2KPMGTVQPGVCNVJGRWNOQPCT[TGIKQPOCUUVTCPUHGTEQGHHKEKGPVYCUFGHKPGFCUVJCVWUGFD[/GTEGTGVCN6JKUEQODKPGFYKVJKPHQTOCVKQPHTQO*CVEJGVCNCNNQYGFCPGUVKOCVGQHOCUUVTCPUHGTEQGHHKEKGPVUHQTVJGPCUQRJCT[PIGCNTGIKQPCPFVJG6$#EQOOQPGUVKOCVGQHOCUUVTCPUHGTEQGHHKEKGPVUCNUQYCUOCFGWUKPIVJGFCVCHQTVJGKPFKXKFWCNTCVU(QTVJGUGEQGHHKEKGPVUYJQUGXCNWGUYGTGGUUGPVKCNN[VJGUCOGCUVJGHKTUVUGVVJGKPFKXKFWCNTCVUKOWNCVKQPUFGXKCVGFHTQOVJGGZRGTKOGPVCNFCVCD[CPCXGTCIGQH

8GPVKNCVKQP(QTVJG'2#EJTQPKEUVWF[8 CPFHYGTGOGCUWTGFCV'ZRQUWTG9GGMU 6

### CPF(QTKPVGTOGFKCVGYGGMUVJGUGRCTCOGVGTUYGTGGUVKOCVGFD[KPVGTRQNCVKQPCPFCUUWOGFEQPUVCPVFWTKPIGCEJQHVJQUGYGGMU$GECWUGXGPVKNCVQT[RCTCOGVGTUYGTGPQVTGRQTVGFHQTVJG0CVKQPCN6QZKEQNQI[2TQITCO*GCNVJ'HHGEVU+PUVKVKVG062*'+EJTQPKEUVWF[RCTCOGVGTUUKOKNCTVQVJQUGQHVJG'2#EJTQPKEUVWF[YGTGCUUWOGFUGGDGNQY

'UVKOCVKPI2TQZKOCN#NXGQNCT4GIKQP&QUGU(QTVJG'2#EJTQPKEUVWF[VJGGZRQUWTGRCVVGTPYCUXCTKCDNGFWTKPIVJGYGGMDWVTGRGCVGFGCEJYGGM6GRRGTGVCN6JG2#4FQUGUYGTGUKOWNCVGFHQTGCEJYGGMCPFCXGTCIGF6JGXGPVKNCVQT[RJ[UKQNQIKECNCPFCPCVQOKECNEJCTCEVGTKUVKEUQHVJG062*'+UVWF[TCVUYKVJTGURGEVVQVKOGYGTGCUUWOGFVQDGUKOKNCTVQVJG'2#EJTQPKEUVWF[TCVUCPFVJGCXGTCIGUECNGF2#4FQUG=IEO OKP?=IO CODKGPV1 ?YCUFGHKPGFCUVJGUCOGVJCVYCU  


### RTGFKEVGFHQTVJG'2#UVWF[TCVU)KXGPVJKUCPFVJGCXGTCIGGZRQUWTGEQPEGPVTCVKQPVJGCXGTCIG2#4FQUGUYGTGGUVKOCVGF



##  4GUWNVUCPF&KUEWUUKQP

 5KOWNCVKQP4GUWNVU6JGUKOWNCVKQPTGUWNVUCTGRTGUGPVGFKP6CDNG6JGHKTUVCPFUGEQPFEQNWOPUKFGPVKH[VJGNCDQTCVQT[GZRGTKOGPVUCPFVJGJ[RQVJGVKECNJWOCPGZRQUWTGUVJCVYGTGUKOWNCVGF%QNWOPCRRNKGUQPN[VQVJGOQPMG[UCPFKUFKUEWUUGFCDQXGUGG5GEVKQPKPVJGFKUEWUUKQPQHOQPMG[XGPVKNCVKQP6JG#XGTCIG2#4&QUGEQNWOPKUVJGRTGFKEVGFCXGTCIGHNWZQH1 VQVJGUWTHCEGUQHVJGCNXGQNKQTTGURKTCVQT[

### 8-776CDNG5WOOCT[QH5KOWNCVKQP4GUWNVUC5KOWNCVKQP QH5QWTEG HQT5KOWNCVKQP#XGTCIG9GKIJVMI/KPWVG 8QNWOGD.OKP#XGTCIG2#4 &QUGIEO OKP%WOWNCVKXG 2#4&QUGIEO&WTCVKQP QH'ZRGTKOGPVYGGMU'SWKXCNGPV *WOCP%JKNF 6KOGEYGGMU'SWKXCNGPV *WOCP#FWNV 6KOGEYGGMU'2# TCV 
 YGGMU%JCPI GV CN 
6GRRGT GV CN
 G    '2# TCV 
 YGGMU  G    '2# TCV 
 YGGMU  G    062*'+ TCV 
 RROF%JCPI GV CN 
  G    062*'+ TCV 
 RROF G    062*'+ TCV 
 RROF G    $QPPGV OQPMG[ 
 RRO*CTMGOC GV CN  DGNQYG DGNQYG  $QPPGV OQPMG[ 
 RRO   G     G     G     G    (CUEKEWNCTKU OQPMG[FCKN[  RRO6[NGT GV CN 
   ¥ DGNQYH ¥ DGNQYH  (CUEKEWNCTKU OQPMG[UGCUQPCN  RRO  G     G     G     G    [GCTQNF 0;% EJKNFI75 'PXKTQPOGPVCN2TQVGEVKQP #IGPE[ G    0##FWNV 0;% QWVFQQT UWRGTXKUQTI G   0# 5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OUC1PN[ TGNGXCPV HQT VJG OQPMG[U 5GG 6CDNG D)KXGP VJG PQPJWOCP GZRQUWTG VKOG VJG PWODGT QH YGGMU VJG JWOCP YQWNF JCXG VQ DG GZRQUGF HQT GSWCN JWOCP CPF PQPJWOCP RJ[UKQNQIKECN VKOGU YGGMU  YGGMU¥E*7/#0 010*7/#0YGKIJV YGKIJV  *7/#0 010*7/#06JG TGNCVKXG 2#4 FQUG =
IEO OKP
IO 1 ? YCU CUUWOGF VQ DG VJG UCOG CU VJG CXGTCIG HQT VJG '2# TCVF (QT GCEJ OKPWVG XQNWOG VJG GZRQUWTG EQPEGPVTCVKQP HQT VJGUG DQPPGV OQPMG[U YCU QPGJCNH VJQUG NKUVGF DGNQYG(QT GCEJ OKPWVG XQNWOG VJG HCUEKEWNCTKU OQPMG[U GZRQUGF FCKN[ YGTG GZRQUGF VQ 1 VYKEG CU NQPI CU VJG UGCUQPCN HCUEKEWNCTKU OQPMG[UH0;%  0GY ;QTM %KV[I

### 8-78DTQPEJKQNGUKPVJGHKTUVOQFGNIGPGTCVKQPFKUVCNVQVJGVGTOKPCNDTQPEJKQNGU(QTGCEJGZRGTKOGPVVJGCXGTCIGKUQXGTVJGVQVCNVKOGQTFWTCVKQPQHVJGGZRGTKOGPVIKXGPKPEQNWOP&WTCVKQPVJGCXGTCIGKPENWFGUVKOGUQHPQGZRQUWTG%QNWOP%WOWNCVKXG2#4&QUGKUVJGVQVCNSWCPVKV[QH1 RTGFKEVGFVQDGCDUQTDGFD[VJGVKUUWGCPFNKSWKFUQHVJG 

### 2#4FWTKPIVJGGZRGTKOGPVVJGUGFQUGXCNWGUCTGVJGUCOGCUVJGFWTCVKQPKPOKPWVGUOWNVKRNKGFD[VJGCXGTCIG2#4FQUGEQNWOP6JGGPVTKGUKPEQNWOPUCPFCTGVJGVQVCNVKOGUCJWOCPYQWNFJCXGVQDGGZRQUGFVQTGCEJVJGGSWKXCNGPVRJ[UKQNQIKEVKOGUQHCURGEKHKENCDQTCVQT[CPKOCNURGEKGU$CUKECNN[VJGEQPEGRVQHRJ[UKQNQIKECNVKOGKUVJCVVJGVKOGEQWTUGUQHGSWKXCNGPVRTQEGUUGUGICDTGCVJCJGCTVDGCVCETQUUURGEKGUCTGCRRTQZKOCVGN[VJGUCOGYKVJTGURGEVVQVJGVKOGURCPQHVJGRTQEGUUFKXKFGFD[VJGDQF[OCUUTCKUGFVQVJGQPGHQWTVJRQYGT6TCXKUGVCN+HVJKUEQPEGRVKUCRRNKECDNGVQVJGVKOGEQWTUGQH1 KPFWEGFDKQNQIKECNGHHGEVUVJGPVJG 

### GPVTKGUKPVJGVYQEQNWOPUCTGVJGJWOCPGZRQUWTGFWTCVKQPUPGEGUUCT[VQQDVCKPVJGUCOGEWOWNCVKXG2#4FQUGDKQNQIKECNGHHGEVCUVJCVQHVJGEQTTGURQPFKPINCDQTCVQT[CPKOCNFWTCVKQP0QVGVJCVHQTQPN[VYQQTVJTGGQHVJGNCDQTCVQT[CPKOCNGZRGTKOGPVUCTGVJGJWOCPFWTCVKQPUITGCVGTVJCPVJGNCDQTCVQT[CPKOCNU	GSWKXCNGPVQTTGCNFWTCVKQPVKOGU

 +PVGTRTGVCVKQPQH%JTQPKE5KVG5RGEKHKE&QUG'HHGEV'UVKOCVGU$GECWUGVJG2#4KUEQPUKFGTGFVJGRTKOCT[UKVGQH1 KPLWT[CPFTGRTGUGPVUVJCV 

### TGIKQPQHVJGNWPIHTQOYJKEJOQUVEJTQPKENWPIFKUGCUGUQTKIKPCVGKVYCUUGNGEVGFCUVJGOQUVCRRTQRTKCVGVCTIGVVQFGXGNQRETQUUURGEKGUFQUGTGURQPUGGZVTCRQNCVKQPU6JGUGNGEVGFGHHGEVTGNCVGUVQVJGVJKEMPGUUQHVJGKPVGTUVKVKWOCVVJG2#4YJKEJKUKPFKECVKXGQHHWPFCOGPVCNUVTWEVWTCNTGOQFGNKPI6JGKPFKEGUQHVJKEMPGUURTQXKFGFKPVJGPQVGFUVWFKGUKPENWFGDQVJEGNNWNCTCPFCEGNNWNCTEQPUVKVWGPVUCFKUVKPEVKQPVJCVYCUPQVCNYC[UENGCTJQYGXGTKPVGTUVKVKCNCTKVJOGVKEVJKEMPGUUCTGCNXQNWOGEWDKEOKETQITCOURGTUSWCTGOKETQITCOQTXQNWOGFGPUKV[YCUCXCKNCDNGCPFEQWNFDGTGRTGUGPVGFKPVGTOUQHRGTEGPVEJCPIGHTQOEQPVTQN&QUGTGURQPUGEWTXGUHQT1 KPFWEGFVJKEMGPKPIQHVJG2#4CTGTGRTGUGPVGFKP 

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


### WRVQCHKXGHQNFFKHHGTGPEGKPCEWVGTGURQPUKXGPGUUDGVYGGPURGEKGU*CVEJGVCN6JGUGGZRNCPCVKQPUTGOCKPURGEWNCVKXGJQYGXGTKPVJGCDUGPEGQHFKTGEVFCVC8GPVKNCVKQPXCNWGUHQTVJGOQPMG[UYGTGUGNGEVGFCRTKQTKCUNKIJVCEVKXKV[VQDGUKOKNCTVQVJGJWOCPOQFGNDGKPIWUGFYJKEJJCFXGPVKNCVKQPXCNWGUQPN[UNKIJVN[JKIJGTVJCPVJGGORKTKECNN[FGTKXGFXCNWGUUGG6CDNGHTQOEQORCTCDNGCYCMGTGUVKPIOQPMG[UYJGPCFLWUVGFHQTUK\GTotal Interstitial (EPA)
Total Interstitial (NTP/HEI) Acellular (EPA)
Acellular (NTP/HEI) 300

260

220

180

140

100

60

20

-20
0 10 20 30 40 50 60 70 Cumulative PAR Dose (μ g /cm ) 2 (A) RAT

Total Interstitial (Harkema) Total Interstitial (T y ler) Acellular (Harkema) Acellular (T y ler) 300

260

220

180

140

100

60

20

-20
0 10 20 30 40 50 60 70 (B) MONKEY

Adult Child Adult Child

Cumulative PAR Dose (μ g /cm ) 2



### 8-79(KIWTG 
#%JCPIGHTQOEQPVTQNQHVQVCNKPVGTUVKVKCNCPFCEGNNWNCTVJKEMPGUUHQTVJGTCVUGZRQUGFVQQ\QPG1 KPVJG75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[ 

### %JCPIGVCNCPF0CVKQPCN6QZKEQNQI[2TQITCO*GCNVJ'HHGEVU+PUVKVKVG%JCPIGVCNUVWFKGU5QNKFNKPGTGRTGUGPVUVJGNKPGCTTGITGUUKQPHQTVJGVQVCNKPVGTUVKVKCNVJKEMPGUUCPFVJGFCUJGFNKPGTGRTGUGPVUVJGNKPGCTTGITGUUKQPHQTVJGCEGNNWNCTVJKEMPGUUCETQUUVJGXCTKQWUEWOWNCVKXGFQUGGUVKOCVGUHQTDQVJUVWFKGU6JGTGURGEVKXGEQTTGNCVKQPEQGHHKEKGPVUT CTGCPF$%JCPIGHTQOEQPVTQNQHVQVCN 

### KPVGTUVKVKCNCPFCEGNNWNCTVJKEMPGUUHQTVJGOQPMG[UGZRQUGFVQ1 KPVJG 

### 6[NGTGVCNCPF*CTMGOCGVCNUVWFKGU5QNKFNKPGTGRTGUGPVUVJGNKPGCTTGITGUUKQPHQTVJGVQVCNKPVGTUVKVKCNVJKEMPGUUCPFVJGFCUJGFNKPGTGRTGUGPVUVJGNKPGCTTGITGUUKQPHQTVJGCEGNNWNCTVJKEMPGUUCETQUUVJGXCTKQWUEWOWNCVKXGFQUGGUVKOCVGUHQTDQVJUVWFKGU6JGTGURGEVKXGEQTTGNCVKQPEQGHHKEKGPVUT CTGCPF8GTVKECNFCUJGFNKPGYKVJ 

### CTTQYUHQTEJKNFCPFCFWNVFGPQVGRTQZKOCNCNXGQNCTTGIKQP2#4FQUGNGXGNHQTKPVGTRQNCVKQPQH2#4VJKEMPGUUGHHGEVHTQOVJGOQPMG[WRRGTGUVKOCVGQHTGURQPUG9JCVKUTGOCTMCDNGKPDQVJ(KIWTGU#CPF$KUVJGCRRCTGPVNKPGCTFQUGTGURQPUGTGNCVKQPUJKRUYKVJKPURGEKGU6JKUOC[DGFWGKPRCTVVQVJGHCEVVJCVVJGTGYCUEQPUKUVGPE[KPVJGOGVJQFUQHVJGTGURGEVKXGKPXGUVKICVQT[VGCOUVWF[KPIGCEJURGEKGU+VKUKPVGTGUVKPIVQPQVGVJCVVJGGUVKOCVGFVQVCNEWOWNCVKXG2#4FQUGHQTVJG'2#EJTQPKEUVWF[zI1 EO KUSWKVGUKOKNCTVQVJCVGUVKOCVGFHQTVJG062*'+UVWF[ITQWRQHRRO 

### 1 zI1 EO #PGZCOKPCVKQPQHVJGTGURGEVKXG2#4VJKEMPGUUTGURQPUGHTQOGCEJ

  

### UVWF[KPFKECVGUCPCRRCTGPVUKOKNCTKV[DGVYGGPVJGUVWFKGUYKVJVJG062*'+TGUWNVUDGKPICDKVNCTIGTKPXCNWG#VRRO1 VJG062*'+KPXGUVKICVQTUCNUQTGRQTVGFVJGQDUGTXCVKQPQH 

### DTQPEJKQNCTK\CVKQPKPVQVJG2#4YJGTGCUVJKURTQEGUUYCUCDUGPVQTPQVUKIPKHKECPVCVRRO1 QTKPVJG'2#EJTQPKEUVWF[+VKUPQVENGCTYJGVJGTVJKUKPFKECVGUSWCNKVCVKXGN[TCVJGT 

### 8-80VJCPSWCPVKVCVKXGN[FKHHGTGPVTGURQPUGUKPKVKCVGFCVCPFRRO1 *QYGXGTKVKU 

### KORQTVCPVVQPQVGVJCVVJGEQTTGNCVKQPEQGHHKEKGPVUT HQT2#4FQUGVQTGURQPUGCETQUU

### 8-816CDNG5WOOCTKGUQH5VWF[&CVC7UGFKP'ZVTCRQNCVKQPQH%JTQPKE1\QPG'HHGEVU C

5VWF[ 5RGEKGU 
OGCP XCNWG

` zO zO  
zO zO  
zO zO 6QVCN +PVGTUVKVKCN 8QNWOG %GNNWNCT 8QNWOG #EGNNWNCT 8QNWOG

  

( /CNG 4CV  %JCPI GV CN  
'2#

`  YGGMU 
WTDCP RTQHKNG

2TQHKNG RRO EQPVKPWQWU DCEMITQWPF  JFC[  FC[UYGGM RRO TCORGF RGCM QXG T  J 
CXI  RRO HQT RGCM  RRO FCKN[  FC[UYGGM

YGGM GZRQUWTG 
HTQO (KIWTG 

YGGM GZRQUWTG 
HTQO 6CDNG 

YGGM GZRQUWTG 
HTQO 6CDNG 

YGGM TGEQXGT[ CHVGT  YGGMU CKT YGGM TGEQXGT[ CHVGT  YGGMU 1   GUVKOCVG HTQO HKIWTG 

 



   D
 

  

  

 E

   D
 

  

  



   D
 

  
  

 D

D

D D

D

D

( /CNG 4CV  %JCPI GV CN  062*'+

`  YGGMU 
JFC[  FC[UYGGM

 RRO  RRO  RRO  RRO (TQO #RRGPFKZ &

` *'+ 4GRQTV

      
    

  

  

  

  

  



(CUEKEWNCTKU /QPMG[  6[NGT GV CN 

`  OQ 
 JFC[

 RRO  RRO 
FCKN[  RRO 
FCKN[ CNVGTPCVKPI OQPVJU 8QNWOG HTCEVKQP QH NWPI QEEWRKGF D[ TGURKTCVQT[ DTQPEJKQNCT YCNN 
¥

` HTQO 

6CDNG ++

    

  

  

  

  

  



$QPPGV /QPMG[  *CTMGOC GV CN 

`  FC[U 
 JFC[

 RRO  RRO  RRO #TKVJOGVKE OGCP VJKEMPGUU zO

` HTQO (KIWTG  CPF VGZV

    

  

  

  

  

  



5GG #RRGPFKZ # HQT CDDTGXKCVKQPU CPF CETQP[OU C

%QPVTQN XCNWG D 2CTGPVJGVKECN XCNWGU KPFKECVG RGTEGPV FKHHGTGPEG HTQO TGURGEVKXG EQPVTQN E

### 8-82DQVJUVWFKGUCUKNNWUVTCVGFKP(KIWTG#CTGCPFHQTVJGVQVCNCPFCEGNNWCTKPVGTUVKVKCNEJCPIGUTGURGEVKXGN[+PVJGECUGQHVJGOQPMG[FCVCTGRTGUGPVGFKP(KIWTG$VJGCPCNQIQWUEQTTGNCVKQPEQGHHKEKGPVUT YGTGCPFHQTVJGVQVCNCPFCEGNNWNCT 

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

### VJGJWOCPQDXKQWUN[OWUVDGEQPUKFGTGFRTGNKOKPCT[DGECWUGQHNKPIGTKPISWGUVKQPUTGICTFKPITGNCVKXGFQUKOGVT[CETQUUURGEKGUCPFVJGWPEGTVCKPVKGUCUUQEKCVGFYKVJGRKUQFKEV[RKECNJWOCPUEGPCTKQXGTUWUEQPVKPWCNTGRGCVGFGZRQUWTGUV[RKECNQHCPKOCNUVWFKGU;GVVJKUGZVTCRQNCVKQPRTQXKFGUCHQWPFCVKQPHTQOYJKEJCFFKVKQPCNSWGUVKQPUECPDGFGTKXGFCPFCFFTGUUGFVQTGFWEGVJGUGWPEGTVCKPVKGU6JGEQJGTGPVGXKFGPEGKPJCPFUWIIGUVUVJCVVJGTGKUC

### 8-83TGCNRQUUKDKNKV[VJCVEJTQPKEGZRQUWTGVQ1 ECPNGCFVQKPVGTUVKVKCNVJKEMGPKPICVVJG2#4VJCV 

### TGIKQPQHVJGNWPIKPXQNXGFKPEJTQPKEFKUGCUGUUWEJCUEJTQPKEDTQPEJKQNKVKUCUUQEKCVGFYKVJEKICTGVVGUOQMGQTQEEWRCVKQPCNHKDTQIGPGUKU6JGCRRCTGPVNCEMQHTGXGTUCNQHGHHGEVUFWTKPIRGTKQFUQHENGCPCKTTCKUGUEQPEGTPVJCVUGCUQPCNGZRQUWTGUJCXGCEWOWNCVKXGKORCEVQXGTOCP[[GCTU6JGTQNGQHCFCRVKXGRTQEGUUGUKPVJKUTGURQPUGKUWPMPQYPDWVOC[DGETKVKECNN[FGRGPFGPVQPVJGVGORQTCNHTGSWGPE[QTRTQHKNGQHGZRQUWTG(WTVJGTOQTGVJGKPVGTURGEKGUFKXGTUKV[KPCRRCTGPVUGPUKVKXKV[VQVJGEJTQPKEGHHGEVUQH1 KUPQVCDNGDWVVJGKUUWGQH 

### FQUKOGVT[OC[DGGZRNCPCVQT[KPRCTV+VYQWNFCRRGCTVJCVVJGTCVRTQDCDN[TGRTGUGPVUPQNGUUVJCPVJGNQYGTNKOKVQHTGURQPUGCPFVJGOQPMG[VJGWRRGTNKOKVKHPQVCFKTGEVEQTTGNCVGCUEQWNFDGURGEWNCVGFQPVJGDCUKUQHTGNCVKXGGSWKXCNGPVNKHGVKOGGUVKOCVGUCPFVJGKTRJ[NQIGPGVKETGNCVKQPUJKR

#  5WOOCT[CPF%QPENWUKQPU

 1\QPG&QUKOGVT[
6JGTGJCXGDGGPUKIPKHKECPVCFXCPEGUKP1 FQUKOGVT[UKPEGRWDNKECVKQPQHVJG 

### RTGXKQWU1 ETKVGTKCFQEWOGPV75'PXKTQPOGPVCN2TQVGEVKQP#IGPE[VJCVDGVVGT 

### GPCDNGSWCPVKVCVKXGGZVTCRQNCVKQPYKVJOCTMGFTGFWEVKQPUKPWPEGTVCKPV[2TKQTVQVJGTGYGTGNKOKVGFFCVCQP1 WRVCMGKPNCDQTCVQT[CPKOCNU;QMQ[COCCPF(TCPM/KNNGT 

### GVCNGUUGPVKCNN[PQTGNKCDNGFCVCKPJWOCPU%NCOCPPCPF$CPETQHV*CNNGVVQPN[QPGTGCNKUVKEOQFGNQH1 FQUG/KNNGTGVCNCPFPQFCVCQP 

### 1 TGCEVKQPMKPGVKEUKPNWPINKPKPIHNWKFU#VVJGRTGUGPVVKOGFCVCICRUKPCNNQHVJGUGCTGCU



### JCXGDGIWPVQHKNNKP'ZRGTKOGPVUCPFOQFGNUFGUETKDKPIVJGWRVCMGGHHKEKGPE[CPFFGNKXGTGFFQUGQH1 KPVJG46QHCPKOCNUCPFJWOCPUCTGDGIKPPKPIVQRTGUGPVCENGCTGTRKEVWTGVJCP 

### RTGXKQWUN[JCUGZKUVGF6JGVQVCN46WRVCMGGHHKEKGPE[QHTCVUCVTGUVKUCRRTQZKOCVGN[9KGUVGTGVCN*CVEJGVCN&CVCHTQOGZEKUGFTCVNWPIUUWRRQTVVJGUGKPXKXQHKPFKPIUCPFHWTVJGTKPFKECVGVJCV1 WRVCMGGHHKEKGPE[KUEJGOKECNTGCEVKQPFGRGPFGPV2QUVNGVJYCKV 

### GVCN1HVJG1 VCMGPWRD[VJGVQVCN46QHVJGTCVKUTGOQXGFKPVJGJGCF 

### KPVJGNCT[PZVTCEJGCCPFKPVJGNWPIU*CVEJGVCN6JGTGIKQPCNWRVCMGGHHKEKGPE[FCVCHTQOVJGTCVJCXGDGGPWUGHWNKPGUVKOCVKPI1 OCUUVTCPUHGTEQGHHKEKGPVUHQTVJG 

### TCV1\QPGFQUKOGVT[OQFGNUTGSWKTGKPRWVQHTGIKQPCNOCUUVTCPUHGTEQGHHKEKGPVU.KOKVGFUVWFKGUJCXGDGGPEQPFWEVGFVQSWCPVKVCVGVJGOCUUVTCPUHGTEQGHHKEKGPVUQHNWPIVKUUWGFKTGEVN[WUKPIGZEKUGFCPKOCNVKUUWG+PRKICPFUJGGRVTCEJGCGOCUUVTCPUHGTEQGHHKEKGPVUYGTGFGVGTOKPGFHQTWPKFKTGEVKQPCNHNQYEQPFKVKQPUCPFYGTGHQWPFVQDGKPFGRGPFGPVQHHNQYUWIIGUVKPICNCEMQHFGRGPFGPEGQH1 WRVCMGQPICUFKHHWUKQPRTQEGUUGU$GP,GDTKCGVCN 

### 6JGUGHKPFKPIUEQPVTCUVYKVJ#JCTQPUQPGVCNYJQHQWPFVJCVVJGOCUUVTCPUHGTEQGHHKEKGPVKPFQI02KPETGCUGFCUCHWPEVKQPQHKPETGCUKPIHNQY+PJWOCPUCVTGUVVJGVQVCN46WRVCMGGHHKEKGPE[KUDGVYGGPCPF)GTTKV[GVCN*WGVCND9KGUVGTGVCN#V8 UCTQWPFO.VQVCN46WRVCMG 6

### GHHKEKGPE[HCNNUHTQOCDQWVVQCUHNQYKPETGCUGUHTQOVQO.U#U8 KPETGCUGUWRVCMGGHHKEKGPE[KPETGCUGUCPFHNQYFGRGPFGPEGNGUUGPUUWIIGUVKPIVJCVCV 6

### JKIJ8 WRVCMGOC[DGICUFKHHWUKQPNKOKVGF#VC8 CTQWPFO.VQVCN46WRVCMGHCNNU 6 6

### HTQOCVCHNQYQHO.UVQCVCHNQYQHO.U6JGUVWFKGUQH)GTTKV[GVCNCPF9KGUVGTGVCNKPFKECVGVJCVVJGOQFGQHDTGCVJKPIQTCNXGTUWUPCUCNXGTUWU

### 8-84QTQPCUCNJCUNKVVNGGHHGEVQP746QTQPVQVCN46WRVCMGGHHKEKGPE[6JKUQDUGTXCVKQPKUUWRRQTVGFD[GZRGTKOGPVUEQORCTKPIRWNOQPCT[HWPEVKQPTGURQPUGCUCHWPEVKQPQHOQFGQHDTGCVJKPI#FCOUGVCN*[PGUGVCN-CDGNGVCNJQYGXGTHQWPFVJCV746WRVCMGGHHKEKGPE[YCUNQYGTYKVJOQWVJRKGEGDTGCVJKPICUEQORCTGFYKVJPCUCNDTGCVJKPI1PGRQUUKDNGGZRNCPCVKQPQHVJGFKUETGRCPE[COQPIVJGUVWFKGUKUVJCVCOQWVJRKGEGOC[FGETGCUG746WRVCMGGHHKEKGPE[KPEQORCTKUQPYKVJWPGPEWODGTGFDTGCVJKPI6JGGPJCPEGFRJ[UKQNQIKETGURQPUGVQ1 YKVJOQWVJRKGEGDTGCVJKPIUJQYPD[#FCOUGVCN 

### UWRRQTVUVJKUEQPEGRV6QQDVCKPFCVCQPTGIKQPCN1 WRVCMGGHHKEKGPE[KPJWOCPU)GTTKV[GVCN 

### OGCUWTGF1 EQPEGPVTCVKQPUCVXCTKQWUCPCVQOKECNUKVGUHTQOVJGOQWVJVQDTQPEJWU 

### KPVGTOGFKWUKPURQPVCPGQWUN[DTGCVJKPIJWOCPU6JG[HQWPFVJCVVJGWPKFKTGEVKQPCNWRVCMGGHHKEKGPE[QHVJGJWOCPVTCEJGCYCUUKOKNCTVQVJCVQHVJGUJGGRCPFRKIVTCEJGC$GP,GDTKCGVCNUWIIGUVKPICUKOKNCTOCUUVTCPUHGTEQGHHKEKGPVDGJCXKQTKPVJGJWOCPVTCEJGC)GTTKV[GVCNCNUQHQWPFVJCVVJGWRVCMGGHHKEKGPEKGUDGVYGGPVJGOQWVJCPFXCTKQWUCPCVQOKECNUKVGUKPVJGVQVCN46CITGGFYGNNYKVJVJG1 DQNWUFCVCQH*WGVCN$QVJ 

### VJG*WGVCNDCPF)GTTKV[GVCNFCVCKPFKECVGVJCVVJGOCUUVTCPUHGTEQGHHKEKGPVUQHVJGNCTIGEQPFWEVKPICKTYC[UCTGNCTIGTVJCPJCFDGGPVJQWIJVRTGXKQWUN[9JGPCNNQHVJGCPKOCNCPFJWOCPKPXKXQ1 WRVCMGGHHKEKGPE[FCVCCTGEQORCTGF 

### VJGTGKUCIQQFFGITGGQHEQPUKUVGPE[CETQUUFCVCUGVU6JKUCITGGOGPVTCKUGUVJGNGXGNQHEQPHKFGPEGYKVJYJKEJVJGUGFCVCUGVUECPDGWUGFVQUWRRQTVFQUKOGVTKEOQFGNHQTOWNCVKQPU+PVJGCTGCQHOCVJGOCVKECNOQFGNHQTOWNCVKQPVJGTGJCXGDGGPUGXGTCNOQFGNUFGXGNQRGFUKPEG6JG[ECPDGITQWRGFCEEQTFKPIVQJQYVTCPURQTVCPFEJGOKECNTGCEVKQPUCTGOQFGNGFKPUVCPVCPGQWUTGCEVKQPUQTSWCUKUVGCF[HKTUVQTFGTTGCEVKQPU6JGOQFGNU1XGTVQPGVCN/KNNGTGVCN1XGTVQPGVCN*CPPCGVCN)TQVDGTIGVCNRTGFKEVVJCVPGV1 FQUGVQNWPINKPKPIHNWKFRNWUVKUUWGITCFWCNN[ 

### FGETGCUGUFKUVCNN[HTQOVJGVTCEJGCVQYCTFVJGGPFQHVJG6$CPFVJGPTCRKFN[FGETGCUGUKPVJGRWNOQPCT[TGIKQP9JGPVJGVJGQTGVKECNFQUGQH1 VQNWPIVKUUWGKUEQORWVGFKVKUNQYKPVJG 

### VTCEJGCKPETGCUGUVQCOCZKOWOKPVJGVGTOKPCNDTQPEJKQNGUQHVJGHKTUVIGPGTCVKQPQHVJGRWNOQPCT[TGIKQPCPFVJGPFGETGCUGUTCRKFN[FKUVCNN[KPVQVJGRWNOQPCT[TGIKQP6JGOQFGNUCNUQRTQXKFGKPUKIJVKPVQVJGTQNGVJCVKPETGCUGFXGPVKNCVKQPRNC[UKPGPJCPEKPI1 KPFWEGF 

### TGURQPUGU6JGKPETGCUGF8 CPFHNQYCUUQEKCVGFYKVJGZGTEKUGKPJWOCPUQT%1 UVKOWNCVGF 6 

### XGPVKNCVKQPKPETGCUGUKPTCVUUJKHVU1 FQUGHWTVJGTKPVQVJGRGTKRJGT[QHVJGNWPIECWUKPIC 

### FKURTQRQTVKQPCVGKPETGCUGKPFKUVCNNWPIFQUG6JKURTGFKEVKQPKUUWRRQTVGFD[VJGFCVCQH2QUVNGVJYCKVGVCNKPGZEKUGFTCVNWPIUCPFQH*WGVCNDCPF)GTTKV[GVCNKPJWOCPNWPIU1\QPGFQUKOGVT[OQFGNUCNUQJCXGGPCDNGFGZCOKPCVKQPQHTGIKQPCNFQUKOGVT[COQPIRCTCNNGNCPFUGTKCNCPCVQOKECNUVTWEVWTGU9JGPCU[OOGVTKENWPIOQTRJQNQI[KUWUGFKPFQUKOGVTKEOQFGNUVJGXCTKCVKQPQH1 FQUGCOQPICPCVQOKECNN[GSWKXCNGPVXGPVKNCVQT[WPKVUCU 

### CHWPEVKQPQHRCVJNGPIVJHTQOVJGVTCEJGCJCUDGGPRTGFKEVGFVQXCT[CUOWEJCUUKZHQNF1XGTVQPGVCN/GTEGTGVCN/GTEGTCPF%TCRQWPKVUYKVJVJGUJQTVGTRCVJUCTGGZRGEVGFVQJCXGVJGITGCVGTFCOCIG6JKUEQWNFJCXGUKIPKHKECPVKORNKECVKQPUHQTTGIKQPCNQTNQECNK\GFFCOCIGVQNWPIVKUUWG9JGTGCUVJGCXGTCIGNWPIFQUGOKIJVDGCVCNGXGNVJCVYQWNFDGEQPUKFGTGFKPUKIPKHKECPVNQECNTGIKQPUQHVJGNWPIOC[TGEGKXGUKIPKHKECPVN[JKIJGTVJCPCXGTCIGFQUGUCPFVJGTGHQTGDGCVITGCVGTTKUMHQTEJTQPKEGHHGEVU6JGQTGVKECNOQFGNUCNUQJCXGDGGPCRRNKGFVQOCMGRTGFKEVKQPUCDQWVFGNKXGTGFFQUGUHTQOGZRQUWTGUEGPCTKQUVJCVCTGPQVPGEGUUCTKN[CEJKGXCDNGGZRGTKOGPVCNN[1XGTVQPCPF

### 8-85)TCJCOCPF/KNNGTCPF1XGTVQPJCXGUECNGFVJGJWOCPNWPIFKOGPUKQPUVQCEEQWPVHQTCIGXCTKCVKQPU6JG[RTGFKEVGFVJCV.46WRVCMGGHHKEKGPE[KUPQVUGPUKVKXGVQCIGCVTGUVKPIXGPVKNCVKQPDWVKUCIGFGRGPFGPVYJGPGZGTEKUGEQPFKVKQPUCTGKPXQMGF6JGVQVCNSWCPVKV[QH1 CDUQTDGFRGTOKPWVGKURTGFKEVGFVQKPETGCUGYKVJCIGFWTKPIJGCX[YQTMQT 

### GZGTEKUG
##  5RGEKGU*QOQNQI[CPF5GPUKVKXKV[
'ZCOKPKPIHWPEVKQPCNRCTCOGVGTUOGCUWTGFCPCNQIQWUN[KPJWOCPUCPFXCTKQWUCPKOCNURGEKGUFKUENQUGUTGOCTMCDNGUKOKNCTKV[KPCEWVG1 KPFWEGFGHHGEVU6JGVCEJ[RPGKE 

### TGURQPUGVQVJKUQZKFCPVKUENGCTN[EQPEGPVTCVKQPFGRGPFGPVKPDQVJJWOCPUCPFCPKOCNUCPFUJQYURCTCNNGNGZCEGTDCVKQPYJGPJ[RGTXGPVKNCVKQPGIGZGTEKUGQT%1 KUUWRGTKORQUGF

### +PFGGFTQFGPVUCRRGCTVQDGUNKIJVN[OQTGTGURQPUKXGVJCPJWOCPUKPVJKUTGICTF9JCVKUPQVMPQYPKUYJGVJGTVJKUKUGXKFGPEGQHRWNOQPCT[KTTKVCPVUGPUKVKXKV[RGTJCRUCUCRTGNWFGVQVQZKEKV[QTYJGVJGTVCEJ[RPGCKUCFGHGPUKXGRQUVWTGVCMGPD[VJGTGURKTCVQT[U[UVGOVQOKPKOK\GFKUVCNNWPI1 FGRQUKVKQP#KTYC[QTNWPITGUKUVCPEGKPJWOCPUKUPQVCHHGEVGF 

### CRRTGEKCDN[D[CEWVGGZRQUWTGVQ1 GZEGRVWPFGTEQPFKVKQPUQHJGCX[GZGTEKUGCPKOCNU 

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

### KPHNWGPEGVJKUFKHHGTGPEGKPTGURQPUKXGPGUU%QNNGEVKXGN[VJGCEWVGHWPEVKQPCNTGURQPUGQHNCDQTCVQT[CPKOCNUVQ1 CRRGCTUSWKVGJQOQNQIQWUVQVJCVQHVJGJWOCP.KMGYKUGVJGUVWFKGU 

### QH$#.EQPUVKVWGPVUKPFKECVGVJCVVJGKPHNWZQHKPHNCOOCVQT[EGNNUCPFRTQVGKPHTQOVJGUGTWOKUKPHNWGPEGFD[URGEKGUDWVRGTJCRUVQCNGUUGZVGPVVJCPD[XGPVKNCVKQPCPFCPVKQZKFCPVUVCVWUDGECWUGCFLWUVOGPVHQTVJGUGHCEVQTUECPOQFWNCVGTGURQPUGUVQCRRTQZKOCVGCPKOCNTGURQPUGUVQVJQUGQHJWOCPU7PHQTVWPCVGN[VJGUGKPHNWGPVKCNHCEVQTUCTGTCTGN[OGCUWTGFCPFGXGPNGUUQHVGPEQPVTQNNGF9JGPJWOCPUCTGGZRQUGFTGRGCVGFN[HQTUGXGTCNEQPUGEWVKXGFC[UNWPIHWPEVKQPFGETGOGPVUUWDUKFGCPFPQTOCNURKTQOGVTKERCTCOGVGTUCTGTGICKPGF6JKURJGPQOGPQPQHHWPEVKQPCNCVVGPWCVKQPCNUQJCUDGGPFGOQPUVTCVGFKPTCVUPQVQPN[KPVGTOUQHURKTQOGVT[DWVCNUQKPVGTOUQHVJGENCUUKEVCEJ[RPGKEXGPVKNCVQT[TGURQPUG(WNNQTRCTVKCNCVVGPWCVKQPQHVJG$#.RCTCOGVGTUCNUQCRRGCTUVQQEEWTKPDQVJTCVUCPFJWOCPUDWVGZRQUWTGUEGPCTKQCRRGCTUVQRNC[CTQNGQVJGTEGNNWNCTEJCPIGUKPCPKOCNUFQPQVCVVGPWCVG'ZKUVKPIGRKFGOKQNQIKEUVWFKGURTQXKFGQPN[UWIIGUVKXGGXKFGPEGVJCVRGTUKUVGPVQTRTQITGUUKXGFGVGTKQTCVKQPKPNWPIHWPEVKQPKUCUUQEKCVGFYKVJNQPIVGTOQZKFCPVRQNNWVCPVGZRQUWTG6JGUGNQPIVGTOGHHGEVUCTGVJQWIJVVQDGGZRTGUUGFKPVJGHQTOQHOCZKOWOCKTHNQYQTURKTQOGVTKECDPQTOCNKVKGUDWVVJGHQWPFCVKQPHQTVJKUEQPENWUKQPTGOCKPUYGCMCPFJ[RQVJGVKECN#PKOCNUVWF[FCVCCNVJQWIJUWIIGUVKPIVJCV1 JCUGHHGEVUQPNWPIHWPEVKQPCVPGCTCODKGPVNGXGNURTGUGPVCXCTKCDNG 

### RKEVWTGQHTGURQPUGVJCVOC[QTOC[PQVTGNCVGVQVGEJPKECNEQPFKVKQPUQHGZRQUWTGQTUQOGQVJGT[GVWPFKUEQXGTGFXCTKCDNGQHTGURQPUG6JWUCEQIGPVKPVGTRTGVCVKQPQHVJGCPKOCNHKPFKPIUCUFGHKPKVKXGGXKFGPEGQHEJTQPKEFGVGTKQTCVKQPQHNWPIHWPEVKQPYQWNFDGFKHHKEWNVCVVJKUVKOG*QYGXGTVJGUWDVNGHWPEVKQPCNFGHGEVUCRRCTGPVCHVGTVQOQQHGZRQUWTGCPF

### 8-86VJGFGVCKNGFOQTRJQOGVTKECUUGUUOGPVUQHVJG1 KPFWEGFNGUKQPUFQCRRGCTEQPUKUVGPVYKVJVJG 

### OQFKEWOQHUVWFKGUHQEWUKPIQPNQPIVGTOGHHGEVUKPJWOCPRQRWNCVKQPU$CUGFQPVJGCRRCTGPVJQOQNQI[QHVJGUGTGURQPUGUDGVYGGPJWOCPUCPFNCDQTCVQT[CPKOCNUCPKOCNUVWFKGURTQXKFGCOGCPUVQOQTGFKTGEVN[CUUGUUUWEJEJTQPKEJGCNVJEQPEGTPU



##  3WCPVKVCVKXG'ZVTCRQNCVKQP
6JGCITGGOGPVDGVYGGPVJGQTGVKECNOQFGNUQH1 WRVCMGCPFGZRGTKOGPVCN 

### FGVGTOKPCVKQPUQH1 WRVCMGGHHKEKGPE[PQYRTQXKFGCDCUKUQPYJKEJTGURQPUGUOC[DG 

### GZCOKPGFCUCHWPEVKQPQHFGNKXGTGF1 FQUGKPUVGCFQH1 GZRQUWTGEQPEGPVTCVKQP 

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

### EQORCTKUQPU/KNNGTCPF%QPQNN[EQORCTGFVJGFKUVTKDWVKQPQHRTGFKEVGF1 VKUUWGFQUG 

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

### CNVGTGFHVQEQPVTQNHYCURNQVVGFCUCHWPEVKQPQHVJGCXGTCIGEGPVTKCEKPCTFQUGQXGTVJGRGTKQFHTQOVJGDGIKPPKPIQHGZRQUWTGVQVJGRQKPVQHOCZKOWOHTCVKQ4CVCPFJWOCPFCVCYGTGWUGFHQTVJKUEQORCTKUQP+VYCUHQWPFVJCVCVEQORCTCDNG1 FQUGUVJGTGURQPUGUQHTCVU 

### ITGCVN[GZEGGFGFVJCVQHJWOCPUCPFYGTGKPKVKCVGFCVNQYGTFQUGU$[GZCOKPKPIVJGFQUGTGURQPUGKPUVGCFQHVJGEQPEGPVTCVKQPTGURQPUGVJGFKHHGTGPEGKPVCEJ[RPGKETGURQPUGDGVYGGPTCVUCPFJWOCPUKUOCIPKHKGF+PCPQVJGTGZCORNGCPCPCN[UKUUKOKNCTVQ/KNNGTGVCNYCURGTHQTOGFVQGZCOKPGTGEQXGTGF$#.RTQVGKPCUCHWPEVKQPQH1 FQUGVQVJGRWNOQPCT[ 

### TGIKQP6JGURGEKGUEQPUKFGTGFYGTGVJGTCVIWKPGCRKITCDDKVCPFJWOCP+PCNNECUGUVJG$#.RTQVGKPTGURQPUGHQNNQYGFCNQINKPGCTTGNCVKQPUJKRUWIIGUVKPICEQPUKUVGPE[QHTGURQPUGCETQUUURGEKGU;GVVJGFCVCHTQOFKHHGTGPVURGEKGUVGPFGFVQENWUVGTVQIGVJGTUWIIGUVKPIURGEKGUURGEKHKEUGPUKVKXKV[HCEVQTU#PCVVGORVYCUOCFGVQCFFTGUUSWCPVKVCVKXGN[VJGSWGUVKQPQHRQVGPVKCNEJTQPKECNVGTCVKQPQHVJGNWPIUQHRGQRNGGZRQUGFVQ1 D[KPVGITCVKPIFQUKOGVT[OQFGNRTGFKEVKQPUCPF 

### DKQNQIKECNGHHGEVUQDUGTXGFKPNCDQTCVQT[CPKOCNU+PVJGNQPIVGTOGZRQUWTGUVWFKGUUGNGEVGFHQTCPCN[UKUKORQTVCPEGYCURNCEGFQPVJGTGNGXCPEGQHGZRQUWTGEQPEGPVTCVKQPUVJGUKVGQHURGEKHKEKV[QHVJGOQTRJQOGVTKECPCN[UKUCPFVJGEQPUKUVGPE[QHCPCN[UKUYKVJKPURGEKGU6YQTCV(UVWFKGUYGTGUGNGEVGFVJCVTGRTGUGPVGFPGCTNKHGVKOGGZRQUWTGUVQ1 QXGTCTCPIGQH 

### 8-87EQPEGPVTCVKQPUCPFUEGPCTKQU%JCPIGVCN6YQOQPMG[UVWFKGUYGTGCNUQEQPUKFGTGFDQPPGVOQPMG[UGZRQUGFHQTFC[U*CTMGOCGVCNCPFHCUEKEWNCTKUOQPMG[UGZRQUGFFCKN[HQTOQQTFCKN[GXGT[QVJGTOQPVJHQTOQ6[NGTGVCN6JGDKQNQIKECNGHHGEVEJQUGPHQTGZVTCRQNCVKQPYCUVJGKPETGCUGFVJKEMPGUUQHVJGCEGNNWNCTCPFVQVCNKPVGTUVKVKCNXQNWOGUKPVJG2#4TGIKQPQHVJGNWPIOGCUWTGOGPVUYGTGOCFGKPCNNHQWTQHVJGUGKPXGUVKICVKQPU6JGSWCPVKV[QH1 RTGFKEVGFVQDGCDUQTDGFRGTUSWCTG 

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

### 8-88 

## 4GHGTGPEGU

#FCOU 9 % 5EJGNGING ' 5 5JCHHTCVJ , & 
 1TCN CPF QTQPCUCN DTGCVJKPI FWTKPI EQPVKPWQWU GZGTEKUG RTQFWEG UKOKNCT TGURQPUGU VQ Q\QPG KPJCNCVKQP #TEJ 'PXKTQP *GCNVJ  

#JCTQPUQP ' ( /GPMGU * )WTVPGT ) 5YKHV & . 2TQEVQT & ( 
 'HHGEV QH TGURKTCVQT[ CKTHNQY TCVG QP TGOQXCN QH UQNWDNG XCRQTU D[ VJG PQUG , #RRN 2J[UKQN  

#KUUC / *CVEJ ) ' 
 /GVJQF HQT VTCEKPI QZ[IGP KP XKXQ CRRNKECVKQP VQ Q\QPG FQUKOGVT[ KP CPKOCNU +P 5KOKE / ) 6C[NQT - # 9CTF , ( 8QP 5QPPVCI % GFU 1Z[IGP TCFKECNU KP DKQNQI[ CPF OGFKEKPG RTQEGGFKPIU QH VJG VJ KPVGTPCVKQPCN EQPITGUU QP TCFKECNU ,WPG,WN[  .C ,QNNC %# 0GY ;QTM 0; 2NGPWO 2TGUU RR  
$CUKE NKHG UEKGPEGU X 

#OFWT / 1 7ITQ 8 7PFGTJKNN & 9 
 4GURKTCVQT[ TGURQPUG QH IWKPGC RKIU VQ Q\QPG CNQPG CPF YKVJ UWNHWT FKQZKFG #O +PF *[I #UUQE ,  

#TCMCYC - +EJKPQUG 6 5CICK / 
 =5RGEKGU FKHHGTGPEGU QH NKRKF RGTQZKFCVKQP CPF VJG TGNCVGF HCEVQTU KP NWPIU QH XCTKQWU CPKOCNU GZRQUGF VQ EQODKPGF ICU QH PKVTQIGP FKQZKFG CPF Q\QPG? +P /WTCMCOK / -CYCVC / -QDC[CUJK 6 GFU ='ZRGTKOGPVCN UVWFKGU QP VJG GHHGEVU QH ICUGQWU CKT RQNNWVCPVU KP EQODKPCVKQP QP CPKOCNU? -QMWTKVUW -QICK -GPM[WUJQ -GPM[W *QMQMW  

$CTVNGVV & ,T (CWNMPGT % 5 ++ %QQM - 
 'HHGEV QH EJTQPKE Q\QPG GZRQUWTG QP NWPI GNCUVKEKV[ KP [QWPI TCVU , #RRN 2J[UKQN  

$CUUGVV & , 2 $QYGP-GNN[ ' $TGYUVGT ' . 'NDQP % . 4GKEJGPDCWIJ 5 5 $WPVQP 6 -GTT , 5  # TGXGTUKDNG OQFGN QH CEWVG NWPI KPLWT[ DCUGF QP Q\QPG GZRQUWTG .WPI  

$CVGU & 8 *C\WEJC / 
 6JG UJQTVVGTO GHHGEVU QH Q\QPG QP VJG JWOCP NWPI +P 2TQEGGFKPIU QH VJG EQPHGTGPEG QP JGCNVJ GHHGEVU QH CKT RQNNWVCPVU 1EVQDGT 9CUJKPIVQP &% 9CUJKPIVQP &% 75 5GPCVG %QOOKVVGG QP 2WDNKE 9QTMU RR  UGTKCN PQ 

$CVGU & 8 $GNN ) / $WTPJCO % & *C\WEJC / /CPVJC , 2GPIGNN[ . & 5KNXGTOCP ( 
 5JQTVVGTO GHHGEVU QH Q\QPG QP VJG NWPI , #RRN 2J[UKQN  

$GEMGVV 9 5 /E&QPPGNN 9 ( *QTUVOCP & * *QWUG & ' 
 4QNG QH VJG RCTCU[ORCVJGVKE PGTXQWU U[UVGO KP CEWVG NWPI TGURQPUG VQ Q\QPG , #RRN 2J[UKQN  

$GFK , ( *QTXCVJ 5 / (QNKPUDGG . , 
 *WOCP GZRQUWTG VQ UWNHWT FKQZKFG CPF Q\QPG KP C JKIJ VGORGTCVWTGJWOKFKV[ GPXKTQPOGPV #O +PF *[I #UUQE ,  

$GNNXKNNG , 9 'UECTTCIC . # 9CNNGPUVGKP 5 . *QWFG 4 9 *QYNCPF 9 5 
 4GNCVKXG TGURKTCVQT[ FGRTGUUCPV GHHGEVU QH QZ[OQTRJQPG 
0WOQTRJCP CPF OQTRJKPG #PGUVJGUKQNQI[

 

$GP,GDTKC # 7NVOCP , 5 
 (CUVTGURQPFKPI EJGOKNWOKPGUEGPV Q\QPG CPCN[\GT HQT TGURKTCVQT[ CRRNKECVKQPU 4GX 5EK +PUVTWO  

$GP,GDTKC # *W 5% 7NVOCP , 5 
 +ORTQXGOGPVU KP C EJGOKNWOKPGUEGPV Q\QPG CPCN[\GT HQT TGURKTCVQT[ CRRNKECVKQPU 4GX 5EK +PUVTWO  

$GP,GDTKC # *W 5% -KV\OKNNGT ' . 7NVOCP , 5 
 1\QPG CDUQTRVKQP KPVQ GZEKUGF RQTEKPG CPF UJGGR VTCEJGCG D[ C DQNWUTGURQPUG OGVJQF 'PXKTQP 4GU  

$GPPGVV ) 
 1\QPG EQPVCOKPCVKQP QH JKIJ CNVKVWFG CKTETCHV ECDKPU #GTQUR /GF  

### 8-89 $QQTOCP ) # 5EJYCTV\ . 9 &WPIYQTVJ & . 
 2WNOQPCT[ GHHGEVU QH RTQNQPIGF Q\QPG KPUWNV KP TCVU OQTRJQOGVTKE GXCNWCVKQP QH VJG EGPVTCN CEKPWU .CD +PXGUV  

%JCNNGP 2 , 4 *KEMKUJ & ' $GFHQTF , 
 #P KPXGUVKICVKQP QH UQOG JGCNVJ JC\CTFU KP CP KPGTVICU VWPIUVGPCTE YGNFKPI UJQR $T , +PF /GF  

%JCPI *- (CTJK . ' 
 1P OCVJGOCVKECN CPCN[UKU QH ICU VTCPURQTV KP VJG NWPI 4GURKT 2J[UKQN

 

%JCPI .; *WCPI ; 5VQEMUVKNN $ . )TCJCO , # )TQUG ' % /3⁄4PCEJG / ) /KNNGT ( , %QUVC & . %TCRQ , & 
 'RKVJGNKCN KPLWT[ CPF KPVGTUVKVKCN HKDTQUKU KP VJG RTQZKOCN CNXGQNCT TGIKQPU QH TCVU EJTQPKECNN[ GZRQUGF VQ C UKOWNCVGF RCVVGTP QH WTDCP CODKGPV Q\QPG 6QZKEQN #RRN 2JCTOCEQN

 

%JCPI .; 5VQEMUVKNN $ . /3⁄4PCEJG / ) /GTEGT 4 4 %TCRQ , & 
 %QPUGSWGPEGU QH RTQNQPIGF KPJCNCVKQP QH Q\QPG QP (0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV 8+++ /QTRJQOGVTKE CPCN[UKU QH UVTWEVWTCN CNVGTCVKQPU KP CNXGQNCT TGIKQPU %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG RR  TGUGCTEJ TGRQTV PQ 

%JCVJCO / & 'RRNGT , * ,T 5CWFGT . 4 )TGGP & -WNNG 6 , 
 'XCNWCVKQP QH VJG GHHGEVU QH XKVCOKP % QP Q\QPGKPFWEGF DTQPEJQEQPUVTKEVKQP KP PQTOCN UWDLGEVU #PP 0 ; #ECF 5EK

 

%NCOCPP * ) $CPETQHV 4 9 
 6QZKEKV[ QH Q\QPG KP JKIJ CNVKVWFG HNKIJV +P 1\QPG EJGOKUVT[ CPF VGEJPQNQI[ RTQEGGFKPIU QH VJG KPVGTPCVKQPCN Q\QPG EQPHGTGPEG 0QXGODGT  %JKECIQ +. 9CUJKPIVQP &% #OGTKECP %JGOKECN 5QEKGV[ RR  
#FXCPEGU KP EJGOKUVT[ PQ 

%QUVC & . 
 +PVGTRTGVCVKQP QH PGY VGEJPKSWGU WUGF KP VJG FGVGTOKPCVKQP QH RWNOQPCT[ HWPEVKQP KP TQFGPVU (WPFCO #RRN 6QZKEQN  

%QUVC & . 
 8GPVKNCVQT[ RCTCOGVGTU HQT VJG '2# EJTQPKE TCV UVWF[ =OGOQTCPFWO VQ ,QJP 1XGTVQP? 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ *GCNVJ 'HHGEVU 4GUGCTEJ .CDQTCVQT[ &GEGODGT 

%QUVC & . -WV\OCP 4 5 .GJOCPP , 4 2QRGPQG ' # &TGY 4 6 
 # UWDEJTQPKE OWNVKFQUG Q\QPG UVWF[ KP TCVU +P .GG 5 & /WUVCHC / ) /GJNOCP / # GFU +PVGTPCVKQPCN U[ORQUKWO QP VJG DKQOGFKECN GHHGEVU QH Q\QPG CPF TGNCVGF RJQVQEJGOKECN QZKFCPVU /CTEJ  2KPGJWTUV 0% 2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE 2WDNKUJGTU +PE RR  
#FXCPEGU KP OQFGTP GPXKTQPOGPVCN VQZKEQNQI[ X 

%QUVC & . 5EJCHTCPM 5 0 9GJPGT 4 9 ,GNNGVV ' 
 #NXGQNCT RGTOGCDKNKV[ VQ RTQVGKP KP TCVU FKHHGTGPVKCNN[ UWUEGRVKDNG VQ Q\QPG , #RRN 6QZKEQN  

%QUVC & . 5VGXGPU / 5 6GRRGT , 5 
C 4GRGCVGF GZRQUWTG VQ Q\QPG 
1  CPF EJTQPKE NWPI FKUGCUG  TGEGPV CPKOCN FCVC 2TGUGPVGF CV UV CPPWCN OGGVKPI QH VJG #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP ,WPG &CNNCU 6: 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RCRGT PQ 

%QUVC & . *CVEJ ) ' *KIJHKNN , 5VGXGPU / # 6GRRGT , 5 
D 2WNOQPCT[ HWPEVKQP UVWFKGU KP VJG TCV CFFTGUUKPI EQPEGPVTCVKQP XGTUWU VKOG TGNCVKQPUJKRU QH Q\QPG 
1 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ *GCNVJ 'HHGEVU 4GUGCTEJ .CDQTCVQT[ '2# TGRQTV PQ '2#& #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# 2$

%QUVC & . 6GRRGT , 5 .GJOCPP , 4 9KPUGVV & 9 *CVEJ ) ' &GXNKP 4 $ 
 5VTCKP CU C HCEVQT KP VJG OCIPKVWFG CPF VKOG

` EQWTUG QH TGURQPUG VQ CEWVG Q\QPG 
1  C UVWF[ QH NWPI F[UHWPEVKQP  CPF KPLWT[ KP 9KUVCT (KUEJGT CPF 5RTCIWG&CYNG[ TCVU 4GUGCTEJ 6TKCPING 2CTM 0% 75

### 8-90 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 0CVKQPCN *GCNVJ  'PXKTQPOGPVCN 'HHGEVU 4GUGCTEJ .CDQTCVQT[ 2WNOQPCT[ 6QZKEQNQI[ $TCPEJ

%QUVC & . 6GRRGT , 5 5VGXGPU / # 9CVMKPUQP 9 2 &QGTHNGT & . )GN\NGKEJVGT 6 4 .CUV , #  4GUVTKEVKXG NWPI FKUGCUG KP TCVU GZRQUGF EJTQPKECNN[ VQ CP WTDCP RTQHKNG QH Q\QPG #O , 4GURKT %TKV %CTG /GF  

%TKUUOCP - *CVEJ ) ' 5NCFG 4 0QTYQQF , -QTGP * 
 1\QPGKPFWEGF CNVGTCVKQPU KP XKVCOKP % EQPEGPVTCVKQPU KP DTQPEJQCNXGQNCT NCXCIG HNWKF QH JWOCPU TCVU CPF IWKPGC RKIU 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 0CVKQPCN *GCNVJ  'PXKTQPOGPVCN 'HHGEVU 4GUGCTEJ .CDQTCVQT[

&G.WEKC # , #FCOU 9 % 
 'HHGEVU QH 1 KPJCNCVKQP FWTKPI GZGTEKUG QP RWNOQPCT[ HWPEVKQP CPF DNQQF  DKQEJGOKUVT[ , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

&GVGNU 4 5C[TG , 9 %QWNUQP # * 4QMCY 5 0 /CUUG[ ( , ,T 6CUJMKP & 2 9W // 
 6JG 7%.# RQRWNCVKQP UVWFKGU QH EJTQPKE QDUVTWEVKXG TGURKTCVQT[ FKUGCUG +8 TGURKTCVQT[ GHHGEV QH NQPIVGTO GZRQUWTG VQ RJQVQEJGOKECN QZKFCPVU PKVTQIGP FKQZKFG CPF UWNHCVGU QP EWTTGPV CPF PGXGT UOQMGTU #O 4GX 4GURKT &KU  

&GVGNU 4 6CUJMKP & 2 5C[TG , 9 4QMCY 5 0 %QWNUQP # * /CUUG[ ( , ,T 9GIOCP & *  6JG 7%.# RQRWNCVKQP UVWFKGU QH EJTQPKE QDUVTWEVKXG TGURKTCVQT[ FKUGCUG  NWPI HWPEVKQP EJCPIGU CUUQEKCVGF YKVJ EJTQPKE GZRQUWTG VQ RJQVQEJGOKECN QZKFCPVU C EQJQTV UVWF[ COQPI

PGXGTUOQMGTU %JGUV  

&GVGNU 4 6CUJMKP & 2 5C[TG , 9 4QMCY 5 0 /CUUG[ ( , ,T %QWNUQP # * 9GIOCP & *  6JG 7%.# RQRWNCVKQP UVWFKGU QH %14& : C EQJQTV UVWF[ QH EJCPIGU KP TGURKTCVQT[ HWPEVKQP CUUQEKCVGF YKVJ EJTQPKE GZRQUWTG VQ 51  01  CPF J[FTQECTDQPU #O , 2WDNKE *GCNVJ  

Z Z

&GXNKP 4 $ /E&QPPGNN 9 ( /CPP 4 $GEMGT 5 *QWUG & ' 5EJTGKPGOCEJGTU & -QTGP * 5  'ZRQUWTG QH JWOCPU VQ CODKGPV NGXGNU QH Q\QPG HQT  JQWTU ECWUGU EGNNWNCT CPF DKQEJGOKECN EJCPIGU KP VJG NWPI #O , 4GURKT %GNN /QN $KQN  

&GXNKP 4 $ (QNKPUDGG . , $KUECTFK ( $GEMGT 5 /CFFGP / % 4QDDKPU / -QTGP * 5 
 4GRGCVGF GZRQUWTG QH JWOCPU GZRQUGF VQ Q\QPG ++ +PHNCOOCVKQP CPF EGNN FCOCIG 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 0CVKQPCN *GCNVJ CPF 'PXKTQPOGPVCN 'HHGEVU 4GUGCTEJ .CDQTCVQT[ %NKPKECN 4GUGCTEJ $TCPEJ OCPWUETKRV KP RTGRCTCVKQP

'NUC[GF 0 / -CUU 4 /WUVCHC / ) *CEMGT # & 1URKVCN , , %JQY % - %TQUU % ' 
 'HHGEV QH FKGVCT[ XKVCOKP ' NGXGN QP VJG DKQEJGOKECN TGURQPUG QH TCV NWPI VQ Q\QPG KPJCNCVKQP &TWI

0WVT +PVGTCEV  

'WUVKU 5 . 5EJYCTV\ . 9 -QUEJ 2 % &WPIYQTVJ & . 
 %JTQPKE DTQPEJKQNKVKU KP PQPJWOCP RTKOCVGU CHVGT RTQNQPIGF Q\QPG GZRQUWTG #O , 2CVJQN  

(QNKPUDGG . , 4CXGP 2 $ 
 'ZGTEKUG CPF CKT RQNNWVKQP , 5RQTVU 5EK  

(QNKPUDGG . , 5KNXGTOCP ( 5JGRJCTF 4 , 
 'ZGTEKUG TGURQPUGU HQNNQYKPI Q\QPG GZRQUWTG , #RRN 2J[UKQN  

(QNKPUDGG . , *QTXCVJ 5 / 4CXGP 2 $ $GFK , ( /QTVQP # 4 &TKPMYCVGT $ . $QNFWCP 0 9 )NKPGT , # 
 +PHNWGPEG QH GZGTEKUG CPF JGCV UVTGUU QP RWNOQPCT[ HWPEVKQP FWTKPI Q\QPG GZRQUWTG , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

### 8-91 (QNKPUDGG . , $GFK , ( *QTXCVJ 5 / 
 4GURKTCVQT[ TGURQPUGU KP JWOCPU TGRGCVGFN[ GZRQUGF VQ NQY EQPEGPVTCVKQPU QH Q\QPG #O 4GX 4GURKT &KU  

(QNKPUDGG . , /E&QPPGNN 9 ( *QTUVOCP & * 
 2WNOQPCT[ HWPEVKQP CPF U[ORVQO TGURQPUGU CHVGT JQWT GZRQUWTG VQ  RRO Q\QPG YKVJ OQFGTCVG GZGTEKUG ,#2%#  

(TGFDGTI , , 9QJN / $ )NCUU ) / &QTMKP * . 
 #KTYC[ CTGC D[ CEQWUVKE TGHNGEVKQPU OGCUWTGF CV VJG OQWVJ , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

)GTTKV[ 6 4 
 0CUQRJCT[PIGCN WRVCMG QH Q\QPG KP JWOCPU CPF CPKOCNU +P %TCRQ , & /KNNGT ( , 5OQNMQ ' & )TCJCO , # *C[GU # 9 GFU 'ZVTCRQNCVKQP QH FQUKOGVTKE TGNCVKQPUJKRU HQT KPJCNGF RCTVKENGU CPF ICUGU 5CP &KGIQ %# #ECFGOKE 2TGUU +PE RR 

)GTTKV[ 6 4 /E&QPPGNN 9 ( 
 &Q HWPEVKQPCN EJCPIGU KP JWOCPU EQTTGNCVG YKVJ VJG CKTYC[ TGOQXCN GHHKEKGPE[ QH Q\QPG! +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

)GTTKV[ 6 4 9KGUVGT / , 
 'ZRGTKOGPVCN OGCUWTGOGPVU QH VJG WRVCMG QH Q\QPG KP TCVU CPF JWOCP UWDLGEVU 2TGUGPVGF CV VJ CPPWCN OGGVKPI QH VJG #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP ,WPG 0GY ;QTM 0; 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RCRGT PQ 

)GTTKV[ 6 4 9GCXGT 4 # $GTPVUGP , *QWUG & ' 1	0GKN , , 
 'ZVTCVJQTCEKE CPF KPVTCVJQTCEKE TGOQXCN QH 1 KP VKFCNDTGCVJKPI JWOCPU , #RRN 2J[UKQN   

)GTTKV[ 6 4 /E&QPPGNN 9 ( 1	0GKN , , 
 'ZRGTKOGPVCN Q\QPG FQUKOGVT[ KP JWOCPU , #GTQUQN

/GF  

)GTTKV[ 6 4 $GPPGVV 9 & -GJTN * &G9KVV 2 , 
 /WEQEKNKCT[ ENGCTCPEG QH KPJCNGF RCTVKENGU

OGCUWTGF C V  J CHVGT Q\QPG GZRQUWTG KP JWOCPU , #RRN 2J[UKQN  

)GTTKV[ 6 4 /E&QPPGNN 9 ( *QWUG & ' 
 6JG TGNCVKQPUJKR DGVYGGP FGNKXGTGF Q\QPG FQUG CPF HWPEVKQPCN TGURQPUGU KP JWOCPU 6QZKEQN #RRN 2JCTOCEQN  

)GTTKV[ 6 4 $KUECTFK ( 5VTQPI # )CTNKPIVQP # 4 $TQYP , 5 $TQODGTI 2 # 
 $TQPEJQUEQRKE FGVGTOKPCVKQP QH Q\QPG WRVCMG KP JWOCPU , #RRN 2J[UKQN  

)KDDQPU 5 + #FCOU 9 % 
 %QODKPGF GHHGEVU QH Q\QPG GZRQUWTG CPF CODKGPV JGCV QP GZGTEKUKPI HGOCNGU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

)QPI * ,T $TCFNG[ 2 9 5KOOQPU / 5 6CUJMKP & 2 
 +ORCKTGF GZGTEKUG RGTHQTOCPEG CPF RWNOQPCT[ HWPEVKQP KP GNKVG E[ENKUVU FWTKPI NQYNGXGN Q\QPG GZRQUWTG KP C JQV GPXKTQPOGPV #O 4GX 4GURKT &KU  

)QTFQP % , 
 6QZKEKPFWEGF J[RQVJGTOKC CPF J[RQOGVCDQNKUO FQ VJG[ KPETGCUG WPEGTVCKPV[ KP VJG GZVTCRQNCVKQP QH VQZKEQNQIKECN FCVC HTQO GZRGTKOGPVCN CPKOCNU VQ JWOCPU! 0GWTQUEK $KQDGJCX 4GX

 

)QTFQP . / ,GPUGP ( % %WTVCKP % % /QDNG[ 2 9 #NQKC 4 % 
 6JGTOQVTQRKE NKRKF RJCUG UGRCTCVKQP KP VJG JWOCP KOOWPQFGHKEKGPE[ XKTWU $KQEJKO $KQRJ[U #EVC  

)TCJCO , # *CVEJ ) ' 
 6JG KPVGITCVKQP QH URGEKGU UGPUKVKXKV[ CPF FQUKOGVT[ KP VJG GZVTCRQNCVKQP QH Q\QPG CPF PKVTQIGP FKQZKFG JGCNVJ FCVC HTQO CPKOCN VQ OCP 2TGUGPVGF CV VJ CPPWCN OGGVKPI QH VJG

### 8-92 #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP ,WPG 5CP (TCPEKUEQ %# 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP TGRQTV PQ 

)TQUG ' % 5VGXGPU / # *CVEJ ) ' ,CUMQV 4 * 5GNITCFG / , - 5VGCF # ) %QUVC & . )TCJCO , # 
 6JG KORCEV QH C OQPVJ GZRQUWTG VQ C FKWTPCN RCVVGTP QH Q\QPG QP RWNOQPCT[ HWPEVKQP CPVKQZKFCPV DKQEJGOKUVT[ CPF KOOWPQNQI[ 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ *GCNVJ 'HHGEVU 4GUGCTEJ .CDQTCVQT[ '2# TGRQTV PQ '2#& #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# 2$

)TQVDGTI , $ 
 )CU CDUQTRVKQP KP RWNOQPCT[ CKTYC[U CV NQY 2GENGV PWODGT , $KQOGEJ 'PI

 

)TQVDGTI , $ 5JGVJ $ 8 /QEMTQU . ( 
 #P CPCN[UKU QH RQNNWVCPV ICU VTCPURQTV CPF CDUQTRVKQP KP RWNOQPCT[ CKTYC[U , $KQOGEJ 'PI  

)W[VQP # % 
 /GCUWTGOGPV QH VJG TGURKTCVQT[ XQNWOGU QH NCDQTCVQT[ CPKOCNU #O , 2J[UKQN  

*CEMPG[ , & .KPP 9 5 $WEMNG[ 4 & 2GFGTUGP ' ' -CTW\C 5 - .CY & % (KUEJGT & #  'ZRGTKOGPVCN UVWFKGU QP JWOCP JGCNVJ GHHGEVU QH CKT RQNNWVCPVU + FGUKIP EQPUKFGTCVKQPU #TEJ

'PXKTQP *GCNVJ  

*CEMPG[ , & .KPP 9 5 /QJNGT , ) %QNNKGT % 4 
 #FCRVCVKQP VQ UJQTVVGTO TGURKTCVQT[ GHHGEVU QH Q\QPG KP OGP GZRQUGF TGRGCVGFN[ , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

*CNNGVV 9 ; 
 'HHGEV QH Q\QPG CPF EKICTGVVG UOQMG QP NWPI HWPEVKQP #TEJ 'PXKTQP *GCNVJ  

*CPPC . / 5EJGTGT 2 9 
 /GCUWTGOGPV QH NQECN OCUU VTCPUHGT EQGHHKEKGPVU KP C ECUV OQFGN QH VJG JWOCP WRRGT TGURKTCVQT[ VTCEV , $KQOGEJ 'PI  

*CPPC . / (TCPM 4 5EJGTGT 2 9 
 #DUQTRVKQP QH UQNWDNG ICUGU CPF XCRQTU KP VJG TGURKTCVQT[ U[UVGO +P %JCPI * - 2CKXC / GFU 4GURKTCVQT[ RJ[UKQNQI[ CP CPCN[VKECN CRRTQCEJ 0GY ;QTM 0; /CTEGN &GMMGT +PE RR  
.GPHCPV % GF .WPI DKQNQI[ KP JGCNVJ CPF FKUGCUG X 

*CPUGP , ' #ORC[C ' 2 
 *WOCP CKT URCEG UJCRGU UK\GU CTGCU CPF XQNWOGU , #RRN 2J[UKQN

 

*CTMGOC , 4 /CWFGTN[ , . *CJP ( ( 
 6JG GHHGEVU QH GORJ[UGOC QP QZ[IGP VQZKEKV[ KP TCVU #O 4GX 4GURKT &KU  

*CTMGOC , 4 2NQRRGT % ) *[FG & / 5V )GQTIG , # 9KNUQP & 9 &WPIYQTVJ & . 
 4GURQPUG QH OCECSWG DTQPEJKQNCT GRKVJGNKWO VQ CODKGPV EQPEGPVTCVKQPU QH Q\QPG #O , 2CVJQN

 

*CTV / % 1T\CNGUK / / %QQM % & 
 4GNCVKQP DGVYGGP CPCVQOKE TGURKTCVQT[ FGCF URCEG CPF DQF[ UK\G CPF NWPI XQNWOG , #RRN 2J[UKQN  

*CVEJ ) ' #KUUC / 
 &GVGTOKPCVKQP QH CDUQTDGF FQUG QH Q\QPG KP CPKOCNU CPF JWOCPU WUKPI UVCDNG KUQVQRG 
QZ[IGP VTCEKPI 2TGUGPVGF CV VJ CPPWCN OGGVKPI QH VJG #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP ,WPG 0GY ;QTM 0; 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RCRGT PQ



*CVEJ ) ' 5NCFG 4 5VGCF # ) )TCJCO , # 
 5RGEKGU EQORCTKUQP QH CEWVG KPJCNCVKQP VQZKEKV[ QH Q\QPG CPF RJQUIGPG , 6QZKEQN 'PXKTQP *GCNVJ  

### 8-93 *CVEJ ) ' 9KGUVGT / , 1XGTVQP , * ,T #KUUC / 
 4GURKTCVQT[ VTCEV FQUKOGVT[ QH =?1NCDGNGF Q\QPG KP TCVU KORNKECVKQPU HQT C TCVJWOCP GZVTCRQNCVKQP QH Q\QPG FQUG +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

*CVEJ ) ' 5NCFG 4 *CTTKU . 2 /E&QPPGNN 9 ( &GXNKP 4 $ -QTGP * 5 %QUVC & . /E-GG , 
 1\QPG FQUG CPF GHHGEV KP JWOCPU CPF TCVU C EQORCTKUQP WUKPI QZ[IGP NCDGNKPI CPF DTQPEJQCNXGQNCT NCXCIG #O , 4GURKT %TKV %CTG /GF  

*C\WEJC / , 
 4GNCVKQPUJKR DGVYGGP Q\QPG GZRQUWTG CPF RWNOQPCT[ HWPEVKQP EJCPIGU , #RRN 2J[UKQN

 

*C\WEJC / , $CVGU & 8 $TQODGTI 2 # 
 /GEJCPKUO QH CEVKQP QH Q\QPG QP VJG JWOCP NWPI , #RRN 2J[UKQN  

*QHOCPP 9 /CTVQPGP 6 $ )TCJCO 4 % 
 2TGFKEVGF FGRQUKVKQP QH PQPJ[ITQUEQRKE CGTQUQNU KP VJG JWOCP NWPI CU C HWPEVKQP QH UWDLGEV CIG , #GTQUQN /GF  

*QTUHKGNF - &CTV ) 1NUQP & ' (KNNG[ ) ( %WOOKPI ) 
 /QFGNU QH VJG JWOCP DTQPEJKCN VTGG , #RRN 2J[UKQN  

*QTUVOCP & * (QNKPUDGG . , +XGU 2 , #DFWN5CNCCO 5 /E&QPPGNN 9 ( 
 1\QPG EQPEGPVTCVKQP CPF RWNOQPCT[ TGURQPUG TGNCVKQPUJKRU HQT JQWT GZRQUWTGU YKVJ HKXG JQWTU QH OQFGTCVG GZGTEKUG VQ   CPF  RRO #O 4GX 4GURKT &KU  

*QVEJMKUU , # *CTMGOC , 4 5WP , & *GPFGTUQP 4 ( 
 %QORCTKUQP QH CEWVG Q\QPGKPFWEGF PCUCN CPF RWNOQPCT[ KPHNCOOCVQT[ TGURQPUGU KP TCVU 6QZKEQN #RRN 2JCTOCEQN  

*W 5 
 0QPKPXCUKXG FGVGTOKPCVKQP QH Q\QPG FKUVTKDWVKQP KP VJG JWOCP NWPI CKTYC[U =2J& VJGUKU?

*W 5 % $GP,GDTKC # 7NVOCP , 5 
C 5KOWNCVKQP QH Q\QPG WRVCMG FKUVTKDWVKQP KP VJG JWOCP CKTYC[U D[ QTVJQIQPCN EQNNQECVKQP QP HKPKVG GNGOGPVU %QORWV $KQOGF 4GU  

*W 5 % $GP,GDTKC # 7NVOCP , 5 
D .QPIKVWFKPCN FKUVTKDWVKQP QH Q\QPG CDUQTRVKQP KP VJG NWPI SWKGV TGURKTCVKQP KP JGCNVJ[ UWDLGEVU , #RRN 2J[UKQN  

*W 5% $GP,GDTKC # 7NVOCP , 5 
 .QPIKVWFKPCN FKUVTKDWVKQP QH Q\QPG CDUQTRVKQP KP VJG NWPI GHHGEVU QH TGURKTCVQT[ HNQY , #RRN 2J[UKQN  

*WPVGT # 4 2NGWXT[ $ , 4GGU , / * 
 6JG TGURKTCVQT[ FGRTGUUCPV GHHGEVU QH DCTDKVWTCVGU CPF PCTEQVKE CPCNIGUKEU KP VJG WPCPCGUVJGVK\GF TCDDKV $T , #PCGUVJ  

*[FG & / *WDDCTF 9 % 9QPI 8 9W 4 2KPMGTVQP - 2NQRRGT % ) 
 1\QPGKPFWEGF CEWVG VTCEJGQDTQPEJKCN GRKVJGNKCN KPLWT[ TGNCVKQPUJKR VQ ITCPWNQE[VG GOKITCVKQP KP VJG NWPI #O , 4GURKT

%GNN /QN $KQN  

*[PGU $ 5KNXGTOCP ( %QNG 2 %QTG[ 2 
 'HHGEVU QH Q\QPG GZRQUWTG C EQORCTKUQP DGVYGGP QTCN CPF PCUCN DTGCVJKPI #TEJ 'PXKTQP *GCNVJ  

+PVGTPCVKQPCN %QOOKUUKQP QP 4CFKQNQIKECN 2TQVGEVKQP 
 4GRQTV QH VJG 6CUM )TQWR QP TGHGTGPEG OCP 1ZHQTF 7PKVGF -KPIFQO 2GTICOQP 2TGUU .VF +%42 RWDNKECVKQP PQ 

### 8-94 ,CGIGT 4 , )GCTJCTV , / 
 4GURKTCVQT[ CPF OGVCDQNKE TGURQPUG QH TCVU CPF OKEG VQ HQTOCNKP XCRQT 6QZKEQNQI[  

,QJPUQP 6 4 
 1PGOKPWVG Q\QPG GZRQUWTG UGSWGPEGU HQT UGNGEVGF 0GY ;QTM EQJQTVU =NGVVGT VQ &T ,QJP * 1XGTVQP 75 '2#? &WTJCO 0% +PVGTPCVKQPCN 6GEJPQNQI[ %QTRQTCVKQP

0QXGODGT 

-CDGN , 4 $GP,GDTKC $ 7NVOCP , 5 
 .QPIKVWFKPCN FKUVTKDWVKQP QH Q\QPG CDUQTRVKQP KP VJG NWPI EQORCTKUQP QH PCUCN CPF QTCN SWKGV DTGCVJKPI , #RRN 2J[UKQN  

-NGGDGTIGT 5 4 $CUUGVV & , 2 ,CMCD ) , .GXKVV 4 % 
 # IGPGVKE OQFGN HQT GXCNWCVKQP QH UWUEGRVKDKNKV[ VQ Q\QPGKPFWEGF KPHNCOOCVKQP #O , 2J[UKQN  ..

-NGKPHGNF / )KGN % 6CDGTUJCY + 4 
 *GCNVJ JC\CTFU CUUQEKCVGF YKVJ KPGTVICUUJKGNFGF OGVCN CTE YGNFKPI #/# #TEJ +PF *GCNVJ  

-NKOGPV 8 
 5KOKNCTKV[ CPF FKOGPUKQPCN CPCN[UKU GXCNWCVKQP QH CGTQUQN FGRQUKVKQP KP VJG NWPIU QH NCDQTCVQT[ CPKOCNU CPF OCP (QNKC /QTRJQN 
2TCIWG  

-QFCXCPVK 7 2 *CVEJ ) ' 5VCTEJGT $ )KTK 5 0 9KPUGVV & %QUVC & . 
 1\QPGKPFWEGF RWNOQPCT[ HWPEVKQPCN RCVJQNQIKECN CPF DKQEJGOKECN EJCPIGU KP PQTOCN CPF XKVCOKP %FGHKEKGPV IWKPGC RKIU (WPFCO #RRN 6QZKEQN  

-QTGP * 5 &GXNKP 4 $ )TCJCO & ' /CPP 4 /E)GG / 2 *QTUVOCP & * -Q\WODQ 9 , $GEMGT 5 *QWUG & ' /E&QPPGNN 9 ( $TQODGTI 2 # 
C 1\QPGKPFWEGF KPHNCOOCVKQP KP VJG NQYGT CKTYC[U QH JWOCP UWDLGEVU #O 4GX 4GURKT &KU  

-QTGP * 5 &GXNKP 4 $ )TCJCO & ' /CPP 4 /E&QPPGNN 9 ( 
D 6JG KPHNCOOCVQT[ TGURQPUG KP JWOCP NWPI GZRQUGF VQ CODKGPV NGXGNU QH Q\QPG +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

-QTGP * 5 &GXNKP 4 $ $GEMGT 5 2GTG\ 4 /E&QPPGNN 9 ( 
 6KOGFGRGPFGPV EJCPIGU QH OCTMGTU CUUQEKCVGF YKVJ KPHNCOOCVKQP KP VJG NWPIU QH JWOCPU GZRQUGF VQ CODKGPV NGXGNU QH Q\QPG

6QZKEQN 2CVJQN  

-QTGP * 5 &GXNKP 4 $ $GEMGT 5 
 1\QPGKPFWEGF KPHNCOOCVQT[ TGURQPUG KP RWNOQPCT[ EGNNU +P 5JQQM . $ .CUMKP & . GFU :GPQDKQVKEU CPF KPHNCOOCVKQP TQNGU QH E[VQMKPGU CPF ITQYVJ HCEVQTU 1TNCPFQ (. #ECFGOKE 2TGUU RR 

-QUEJ 2 % )KNNGURKG , 4 $GTT[ , & 
 (NQYXQNWOG EWTXGU CPF VQVCN RWNOQPCT[ TGUKUVCPEG KP PQTOCN DQPPGV CPF TJGUWU OQPMG[U , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

.CK ;. 6UW[C ; *KNFGDTCPFV , 
 8GPVKNCVQT[ TGURQPUGU VQ %1 GZRQUWTG KP VJG TCV , #RRN 2J[UKQN  4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

.COO 9 , ' *KNFGDTCPFV , 4 *KNFGDTCPFV , .CK ;. 
 'PFGZRKTCVQT[ XQNWOG KP VJG TCV GHHGEVU QH EQPUEKQWUPGUU CPF DQF[ RQUKVKQP , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN 



.CUV , # )GN\NGKEJVGT 6 4 *CTMGOC , *CYM 5 
 %QPUGSWGPEGU QH RTQNQPIGF KPJCNCVKQP QH Q\QPG QP (KUEJGT0 TCVU EQNNCDQTCVKXG UVWFKGU 2CTV + %QPVGPV CPF ETQUUNKPMKPI QH NWPI EQNNCIGP %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

### 8-95 .GHQJP # 5 'FYCTFU 2 , #FCOU / $ 
 6JG EJCTCEVGTK\CVKQP QH Q\QPG GZRQUWTGU KP TWTCN 9GUV 8KTIKPKC CPF 8KTIKPKC , #KT 9CUVG /CPCIG #UUQE  

.GKVJ & ' 
 %QORCTCVKXG OCOOCNKCP TGURKTCVQT[ OGEJCPKEU 2J[UKQNQIKUV  

/CTVKP$QF[ 4 . 5KPENCKT , & 
 #PCN[UKU QH TGURKTCVQT[ RCVVGTPU KP VJG CYCMG CPF KP VJG JCNQVJCPG CPCGUVJGVKUGF TCV 4GURKT 2J[UKQN  

/CWFGTN[ , . 
 4GURKTCVQT[ HWPEVKQP TGURQPUGU QH CPKOCNU CPF OCP VQ QZKFCPV ICUGU CPF VQ RWNOQPCT[ GORJ[UGOC , 6QZKEQN 'PXKTQP *GCNVJ  

/CWFGTN[ , . 
 4GURKTCVKQP QH ( TCVU KP PQUGQPN[ KPJCNCVKQP GZRQUWTG VWDGU , #RRN 6QZKEQN

 

/CWV\ 9 , $WHCNKPQ % 
 $TGCVJKPI RCVVGTP CPF OGVCDQNKE TCVG TGURQPUGU QH TCVU GZRQUGF VQ Q\QPG 4GURKT 2J[UKQN  

/CWV\ 9 , $WHCNKPQ % -NGKPOCP / 6 .GLPKGMU 4 / 2JCNGP 4 ( 
 2WNOQPCT[ HWPEVKQP QH GZGTEKUKPI FQIU GZRQUGF VQ Q\QPG CNQPG QT KP EQODKPCVKQP YKVJ 51 CPF CEKF CGTQUQN 2TGUGPVGF CV VJ CPPWCN OGGVKPI QH VJG #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP ,WPG &GVTQKV /+ 2KVVUDWTIJ 2# #KT 2QNNWVKQP %QPVTQN #UUQEKCVKQP RCRGT PQ 

/E&QPPGNN 9 ( *QTUVOCP & * *C\WEJC / , 5GCN ' ,T *CCM ' & 5CNCCO 5 # *QWUG & '  2WNOQPCT[ GHHGEVU QH Q\QPG GZRQUWTG FWTKPI GZGTEKUG FQUGTGURQPUG EJCTCEVGTKUVKEU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

/E&QPPGNN 9 ( *QTUVOCP & * #DFWN5CNCCO 5 4CIIKQ . , )TGGP , # 
 6JG TGURKTCVQT[ TGURQPUGU QH UWDLGEVU YKVJ CNNGTIKE TJKPKVKU VQ Q\QPG GZRQUWTG CPF VJGKT TGNCVKQPUJKR VQ PQPURGEKHKE CKTYC[ TGCEVKXKV[ 6QZKEQN +PF *GCNVJ  

/GTEGT 4 4 %TCRQ , & 
 6JTGGFKOGPUKQPCN CPCN[UKU QH NWPI UVTWEVWTG CPF KVU CRRNKECVKQP VQ RWNOQPCT[ FQUKOGVT[ OQFGNU +P )CTFPGT & ' %TCRQ , & /E%NGNNCP 4 1 GFU 6QZKEQNQI[ QH VJG NWPI PF GF 0GY ;QTM 0; 4CXGP 2TGUU RR  
6CTIGV QTICP VQZKEQNQI[ UGTKGU

/GTEGT 4 4 .CEQ , / %TCRQ , & 
 6JTGGFKOGPUKQPCN TGEQPUVTWEVKQP QH CNXGQNK KP VJG TCV NWPI HQT RTGUUWTGXQNWOG TGNCVKQPUJKRU , #RRN 2J[UKQN  

/GTEGT 4 4 #PLKNXGN 5 /KNNGT ( , %TCRQ , & 
 +PJQOQIGPGKV[ QH XGPVKNCVQT[ WPKV XQNWOG CPF KVU GHHGEVU QP TGCEVKXG ICU WRVCMG , #RRN 2J[UKQN  

/GTEGT 4 4 4WUUGNN / . 4QIINK 8 . %TCRQ , & 
C %GNN PWODGT CPF FKUVTKDWVKQP KP JWOCP CPF TCV CKTYC[U #O , 4GURKT %GNN /QN $KQN  

/GTEGT 4 4 4WUUGNN / . %TCRQ , & 
D #NXGQNCT UGRVCN UVTWEVWTG KP FKHHGTGPV URGEKGU , #RRN 2J[UKQN  

/KNNGT ( , 
 # OCVJGOCVKECN OQFGN QH VTCPURQTV CPF TGOQXCN QH Q\QPG KP OCOOCNKCP NWPIU =2J& VJGUKU? 4CNGKIJ 0% 0QTVJ %CTQNKPC 5VCVG 7PKXGTUKV[ #XCKNCDNG HTQO 7PKXGTUKV[ /KETQHKNOU +PVGTPCVKQPCN #PP #TDQT /+ RWDNKECVKQP PQ 

/KNNGT ( , %QPQNN[ 4 $ 
 7PEGTVCKPVKGU KP JGCNVJ TKUM CUUGUUOGPVU EQOOGPVCT[ QP UGNGEVGF KUUWGU CPF TGUGCTEJ PGGFU +P .GG 5 & 5EJPGKFGT 6 GFU %QORCTCVKXG TKUM CPCN[UKU CPF RTKQTKV[ UGVVKPI HQT CKT RQNNWVKQP KUUWGU RTQEGGFKPIU QH VJG VJ 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO ,WPG  -G[UVQPG %1 2KVVUDWTIJ 2# #KT  9CUVG /CPCIGOGPV #UUQEKCVKQP RR  8+2

### 8-96 /KNNGT ( , 1XGTVQP , * 
 %TKVKECN KUUWGU KP KPVTC CPF KPVGTURGEKGU FQUKOGVT[ QH Q\QPG +P 5EJPGKFGT 6 .GG 5 & 9QNVGTU ) , 4 )TCPV . & GFU #VOQURJGTKE Q\QPG TGUGCTEJ CPF KVU RQNKE[ KORNKECVKQPU RTQEGGFKPIU QH VJG TF 75&WVEJ KPVGTPCVKQPCN U[ORQUKWO /C[  0KLOGIGP 6JG 0GVJGTNCPFU #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

/KNNGT ( , /GP\GN & $ %QHHKP & . 
 5KOKNCTKV[ DGVYGGP OCP CPF NCDQTCVQT[ CPKOCNU KP TGIKQPCN RWNOQPCT[ FGRQUKVKQP QH Q\QPG 'PXKTQP 4GU  

/KNNGT ( , /E0GCN % # -KTV\ , / )CTFPGT & ' %QHHKP & . /GP\GN & $ 
 0CUQRJCT[PIGCN TGOQXCN QH Q\QPG KP TCDDKVU CPF IWKPGC RKIU 6QZKEQNQI[  

/KNNGT ( , 1XGTVQP , * ,T ,CUMQV 4 * /GP\GN & $ 
 # OQFGN QH VJG TGIKQPCN WRVCMG QH ICUGQWU RQNNWVCPVU KP VJG NWPI + VJG UGPUKVKXKV[ QH VJG WRVCMG QH Q\QPG KP VJG JWOCP NWPI VQ NQYGT TGURKTCVQT[ VTCEV UGETGVKQPU CPF GZGTEKUG 6QZKEQN #RRN 2JCTOCEQN  

/KNNGT ( , 1XGTVQP , * )GTTKV[ 6 4 )TCJCO 4 % 
 +PVGTURGEKGU FQUKOGVT[ QH TGCEVKXG ICUGU +P /QJT 7 &WPIYQTVJ & /E%NGNNCP 4 -KOOGTNG ) 5VÌDGT 9 .GYMQYUMK , GFU +PJCNCVKQP VQZKEQNQI[ VJG FGUKIP CPF KPVGTRTGVCVKQP QH KPJCNCVKQP UVWFKGU CPF VJGKT WUG KP TKUM CUUGUUOGPV 0GY ;QTM 0; 5RTKPIGT8GTNCI RR 

/KNNGT ( , 1XGTVQP , * -KODGNN , 5 4WUUGNN / . 
 4GIKQPCN TGURKTCVQT[ VTCEV CDUQTRVKQP QH KPJCNGF TGCEVKXG ICUGU +P )CTFPGT & ' %TCRQ , & /E%NGNNCP 4 1 GFU 6QZKEQNQI[ QH VJG NWPI PF GF 0GY ;QTM 0; 4CXGP 2TGUU RR  
6CTIGV QTICP VQZKEQNQI[ UGTKGU

/QTICP - 6 -KODGNN , 5 /QPVKEGNNQ 6 / 2CVTC # . (NGKUJOCP # 
 5VWFKGU QH KPURKTCVQT[ CKTHNQY RCVVGTPU KP VJG PCUCN RCUUCIGU QH VJG ( TCV CPF TJGUWU OQPMG[ WUKPI PCUCN OQNFU TGNGXCPEG VQ HQTOCNFGJ[FG VQZKEKV[ 6QZKEQN #RRN 2JCTOCEQN  

/QUU 1 4 
 =.GVVGT VQ &T ,QJP * 1XGTVQP 75 '2# TG OQPMG[ VKFCN XQNWOGU CPF DTGCVJKPI HTGSWGPEKGU? 4GUGCTEJ 6TKCPING 2CTM 0% %JGOKECN +PFWUVT[ +PUVKVWVG QH 6QZKEQNQI[ (GDTWCT[ 

/WTRJ[ 5 & 7NTKEJ % ' (TCPMQYKV\ 5 * :KPVCTCU % 
 #NVGTGF HWPEVKQP KP CPKOCNU KPJCNKPI NQY EQPEGPVTCVKQPU QH Q\QPG CPF PKVTQIGP FKQZKFG #O +PF *[I #UUQE ,  

0CICUCMC 6 *KTCVC - 5WICPQ ; 5JKDCVC * 
 *GCTV DCNCPEG FWTKPI RJ[UKECN TGUVTCKPV KP TCVU ,RP , 2J[UKQN  

0CICUCMC 6 *KTCVC 5JKDCVC * GV CN 
 /GVCDQNKE CPF ECTFKQXCUEWNCT EJCPIGU FWTKPI RJ[UKECN TGUVTCKPV KP TCVU ,RP , 2J[UKQN  

1XGTVQP , * ,T 
 2J[UKEQEJGOKECN RTQEGUUGU CPF VJG HQTOWNCVKQP QH FQUKOGVT[ OQFGNU +P /KNNGT ( , /GP\GN & $ GFU (WPFCOGPVCNU QH GZVTCRQNCVKQP OQFGNKPI QH KPJCNGF VQZKECPVU Q\QPG CPF PKVTQIGP FKQZKFG 9CUJKPIVQP &% *GOKURJGTG 2WDNKUJKPI %QTRQTCVKQP RR 

1XGTVQP , * )TCJCO 4 % 
 2TGFKEVKQPU QH Q\QPG CDUQTRVKQP KP JWOCP NWPIU HTQO PGYDQTP VQ CFWNV *GCNVJ 2J[U 
UWRRN  

1XGTVQP , * /KNNGT ( , 
 &QUKOGVT[ OQFGNKPI QH KPJCNGF VQZKE TGCEVKXG ICUGU +P 9CVUQP # ; $CVGU 4 4 -GPPGF[ & GFU #KT RQNNWVKQP VJG CWVQOQDKNG CPF RWDNKE JGCNVJ 9CUJKPIVQP &% 0CVKQPCN #ECFGO[ 2TGUU RR 

1XGTVQP , * )TCJCO 4 % /KNNGT ( , 
 # OQFGN QH VJG TGIKQPCN WRVCMG QH ICUGQWU RQNNWVCPVU KP VJG NWPI ++ VJG UGPUKVKXKV[ QH Q\QPG WRVCMG KP NCDQTCVQT[ CPKOCN NWPIU VQ CPCVQOKECN CPF XGPVKNCVQT[ RCTCOGVGTU 6QZKEQN #RRN 2JCTOCEQN  

### 8-97 1XGTVQP , * $CTPGVV # ' )TCJCO 4 % 
 5KIPKHKECPEGU QH VJG XCTKCDKNKV[ QH VTCEJGQDTQPEJKCN CKTYC[ RCVJU CPF VJGKT CKT HNQY TCVGU VQ FQUKOGVT[ OQFGN RTGFKEVKQPU QH VJG CDUQTRVKQP QH ICUGU +P %TCRQ , & 5OQNMQ ' & /KNNGT ( , )TCJCO , # *C[GU # 9 GFU 'ZVTCRQNCVKQP QH FQUKOGVTKE TGNCVKQPUJKRU HQT KPJCNGF RCTVKENGU CPF ICUGU 5CP &KGIQ %# #ECFGOKE 2TGUU +PE RR 

2CEM # *QQRGT / $ 0KZQP 9 6C[NQT , % 
 # EQORWVCVKQPCN OQFGN QH RWNOQPCT[ ICU VTCPURQTV KPEQTRQTCVKPI GHHGEVKXG FKHHWUKQP 4GURKT 2J[UKQN  

2CKXC / 
 )CU VTCPURQTV KP VJG JWOCP NWPI , #RRN 2J[UKQN  

2CVTC # . /3⁄4PCEJG / ) 5JCMC 0 $ )QQ[C # 
 # OQTRJQOGVTKE UVWF[ QH PCUCNRJCT[PIGCN ITQYVJ HQT RCTVKENG FGRQUKVKQP KP VJG TCV #O +PF *[I #UUQE ,  

2CXNKP ' ) *QTPDGKP 6 ( 
 #PGUVJGUKC CPF VJG EQPVTQN QH XGPVKNCVKQP +P %JGTPKCEM 0 5 9KFFKEQODG , ) GFU *CPFDQQM QH RJ[UKQNQI[ UGEVKQP  TGURKTCVKQP X ++ EQPVTQN QH DTGCVJKPI $GVJGUFC /& #OGTKECP 2J[UKQNQIKECN 5QEKGV[ RR  
*CPFDQQM QH RJ[UKQNQI[ X ++

2JCNGP 4 ( 1NFJCO / , $GCWECIG % $ %TQEMGT 6 6 /QTVGPUGP , & 
 2QUVPCVCN GPNCTIGOGPV QH JWOCP VTCEJGQDTQPEJKCN CKTYC[U CPF KORNKECVKQPU HQT RCTVKENG FGRQUKVKQP #PCV 4GE 



2KPMGTVQP - ' /GTEGT 4 4 2NQRRGT % ) %TCRQ , & 
 &KUVTKDWVKQP QH KPLWT[ CPF OKETQFQUKOGVT[ QH Q\QPG KP VJG XGPVKNCVQT[ WPKV QH VJG TCV , #RRN 2J[UKQN  

2KPQ / 8 *[FG & / 5VQXCNN / ; 
 5VTCKP FKHHGTGPEGU KP VJG TGURQPUG QH VJG TCV NWPI VQ CP CEWVG Q\QPG GZRQUWTG #O 4GX 4GURKT &KU  #

2QUVNGVJYCKV ' / .CPIHQTF 5 & $KFCPK # 
 &GVGTOKPCPVU QH KPJCNGF Q\QPG KP KUQNCVGF TCV NWPIU 6QZKEQN #RRN 2JCTOCEQN  

2T[QT 9 # 
 *QY HCT FQGU Q\QPG RGPGVTCVG KPVQ VJG RWNOQPCT[ CKTVKUUWG DQWPFCT[ DGHQTG KV TGCEVU! (TGG

4CFKE $KQN /GF  

2T[QT 9 # &CU $ %JWTEJ & ( 
 6JG Q\QPCVKQP QH WPUCVWTCVGF HCVV[ CEKFU CNFGJ[FGU CPF J[FTQIGP RGTQZKFG CU RTQFWEVU CPF RQUUKDNG OGFKCVQTU QH Q\QPG VQZKEKV[ %JGO 4GU 6QZKEQN  

4CCDG 1 ) ;GJ * % 5EJWO ) / 2JCNGP 4 ( 
 6TCEJGQDTQPEJKCN IGQOGVT[ JWOCP FQI TCV JCOUVGT #NDWSWGTSWG 0/ .QXGNCEG (QWPFCVKQP TGRQTV PQ .(

4CWD , # /GTEGT 4 4 /KNNGT ( , )TCJCO , # 1	0GKN , , 
 &QUG TGURQPUG QH GNCUVCUG KPFWEGF GORJ[UGOC KP JCOUVGTU #O 4GX 4GURKT &KU  

4CWD , # /KNNGT ( , )TCJCO , # 
 'HHGEVU QH NQYNGXGN Q\QPG GZRQUWTG QP RWNOQPCT[ HWPEVKQP KP CFWNV CPF PGQPCVCN TCVU +P .GG 5 & /WUVCHC / ) /GJNOCP / # GFU +PVGTPCVKQPCN U[ORQUKWO QP VJG DKQOGFKECN GHHGEVU QH Q\QPG CPF TGNCVGF RJQVQEJGOKECN QZKFCPVU /CTEJ  2KPGJWTUV 0% 2TKPEGVQP 0, 2TKPEGVQP 5EKGPVKHKE 2WDNKUJGTU +PE RR  
#FXCPEGU KP OQFGTP GPXKTQPOGPVCN VQZKEQNQI[ X 

4GJFGT - /CNNQY , ' (KDWEJ ' ' -TCDKNN & 4 5GUUNGT # & 
 'HHGEVU QH KUQHNWTCPG CPGUVJGUKC CPF OWUENG RCTCN[UKU QP TGURKTCVQT[ OGEJCPKEU KP PQTOCN OCP #PGUVJGUKQNQI[  

4GJFGT - 5GUUNGT # & /CTUJ * / 
 )GPGTCN CPGUVJGUKC CPF VJG NWPI #O 4GX 4GURKT &KU

 

### 8-98 4KEJ % 4 4GJFGT - -PQRR 6 - *[CVV 4 ' 
 *CNQVJCPG CPF GPHNWTCPG CPGUVJGUKC CPF TGURKTCVQT[ OGEJCPKEU KP RTQPG FQIU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

5CPVTQEM , *CVEJ ) ' 5NCFG 4 *C[GU , / 
 +PEQTRQTCVKQP CPF FKUCRRGCTCPEG QH QZ[IGP KP NWPI VKUUWG HTQO OKEG CNNQYGF VQ DTGCVJG  RRO 1  6QZKEQN #RRN 2JCTOCEQN    


5EJGNGING ' 5 5KGHMKP # & /E&QPCNF 4 , 
 6KOG EQWTUG QH Q\QPGKPFWEGF PGWVTQRJKNKC KP PQTOCN JWOCPU #O 4GX 4GURKT &KU  

5EJGTGT 2 9 5JGPFCNOCP . * )TGGPG 0 / 
 5KOWNVCPGQWU FKHHWUKQP CPF EQPXGEVKQP KP UKPING DTGCVJ NWPI YCUJQWV $WNN /CVJ $KQRJ[U  

5EJTGKFGT , 2 *WVEJGPU , 
 /QTRJQNQI[ QH VJG IWKPGC RKI TGURKTCVQT[ VTCEV #PCV 4GE  

5EJTGKFGT , 2 4CCDG 1 ) 
 #PCVQO[ QH VJG PCUCNRJCT[PIGCN CKTYC[ QH GZRGTKOGPVCN CPKOCNU #PCV

4GE  

5EJYCTV\ , 
 .WPI HWPEVKQP CPF EJTQPKE GZRQUWTG VQ CKT RQNNWVKQP C ETQUUUGEVKQPCN CPCN[UKU QH 0*#0'5 ++

'PXKTQP 4GU  

5EJYCTV\ . 9 &WPIYQTVJ & . /WUVCHC / ) 6CTMKPIVQP $ - 6[NGT 9 5 
 2WNOQPCT[ TGURQPUGU QH TCVU VQ CODKGPV NGXGNU QH Q\QPG GHHGEVU QH FC[ KPVGTOKVVGPV QT EQPVKPWQWU GZRQUWTG

.CD +PXGUV  

5GNV\GT , $KID[ $ ) 5VWNDCTI / *QNV\OCP / , 0CFGN , # 7GMK + ( .GKMCWH ) & )QGV\N ' , $QWUJG[ * # 
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5KCHCMCU 0 / $QPQTC / &WTQP $ )CWVKGT * /KNKE'OKNK , 
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5MQTPKEM 9 # $TCKP , & 
 $TGCVJKPI CPF NWPI OGEJCPKEU KP JCOUVGTU GHHGEV QH RGPVQDCTDKVCN CPGUVJGUKC , #RRN 2J[UKQN  

5NCFG 4 5VGCF # ) )TCJCO , # *CVEJ ) ' 
 %QORCTKUQP QH NWPI CPVKQZKFCPV NGXGNU KP JWOCPU CPF NCDQTCVQT[ CPKOCNU #O 4GX 4GURKT &KU  

5NCFG 4 *KIJHKNN , 9 *CVEJ ) ' 
 'HHGEVU QH FGRNGVKQP QH CUEQTDKE CEKF QT PQPRTQVGKP UWNHJ[FT[NU QP VJG CEWVG KPJCNCVKQP VQZKEKV[ QH PKVTQIGP FKQZKFG Q\QPG CPF RJQUIGPG +PJCNCVKQP 6QZKEQN

 

5NCFG 4 %TKUUOCP - 0QTYQQF , *CVEJ ) 
 %QORCTKUQP QH CPVKQZKFCPV UWDUVCPEGU KP DTQPEJQCNXGQNCT NCXCIG EGNNU CPF HNWKF HTQO JWOCPU IWKPGC RKIU CPF TCVU 'ZR .WPI 4GU  

5PKFGT ) . 5JGTVGT % $ 
 # QPG[GCT UVWF[ QH VJG GXQNWVKQP QH GNCUVCUGKPFWEGF GORJ[UGOC KP JCOUVGTU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

5VCJN 9 4 
 5ECNKPI QH TGURKTCVQT[ XCTKCDNGU KP OCOOCNU , #RRN 2J[UKQN  

5VQMKPIGT * ' 
 1\QPG VQZKEQNQI[ C TGXKGY QH TGUGCTEJ CPF KPFWUVTKCN GZRGTKGPEG  #TEJ

'PXKTQP *GCNVJ  

6CMG\CYC , /KNNGT ( , 1	0GKN , , 
 5KPINGDTGCVJ FKHHWUKPI ECRCEKV[ CPF NWPI XQNWOGU KP UOCNN NCDQTCVQT[ OCOOCNU , #RRN 2J[UKQN 4GURKT 'PXKTQP 'ZGTEKUG 2J[UKQN  

### 8-99 6GRRGT , 5 9KGUVGT / , -KPI / ' 9GDGT / ( %QUVC & . 
 7UG QH ECTDQP FKQZKFG EJCNNGPIG VQ FGVGEV VQZKECPVKPFWEGF EJCPIGU KP ECTFKQRWNOQPCT[ HWPEVKQP QH CYCMG TCVU +PJCNCVKQP 6QZKEQNQI[ 2TGOKGT +UUWG RR 

6GRRGT , 5 %QUVC & . .GJOCPP , 4 9GDGT / ( *CVEJ ) ' 
 7PCVVGPWCVGF UVTWEVWTCN CPF DKQEJGOKECN CNVGTCVKQPU KP VJG TCV NWPI FWTKPI HWPEVKQPCN CFCRVCVKQP VQ Q\QPG #O 4GX 4GURKT &KU

 

6GRRGT , 5 9KGUVGT / , 9GDGT / ( /3⁄4PCEJG / ) 
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6GRRGT , 5 9KGUVGT / , 9GDGT / ( (KV\IGTCNF 5 %QUVC & . 
 %JTQPKE GZRQUWTG VQ C UKOWNCVGF WTDCP RTQHKNG QH Q\QPG CNVGTU XGPVKNCVQT[ TGURQPUGU VQ ECTDQP FKQZKFG EJCNNGPIG KP TCVU (WPFCO #RRN

6QZKEQN  

6GRRGT , 5 GV CN 
 6KOG EQWTUG QH KPHNCOOCVKQP KP VJG TCV GZRQUGF VQ Q\QPG HQT UJQTV CPF RTQNQPIGF RGTKQFU YKVJ KPVGTOKVVGPV J[RGTXGPVKNCVKQP 4GUGCTEJ 6TKCPING 2CTM 0% 75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 0CVKQPCN *GCNVJ CPF 'PXKTQPOGPVCN 'HHGEVU 4GUGCTEJ .CDQTCVQT[ 2WNOQPCT[ 6QZKEQNQI[ $TCPEJ

6TCXKU % % 9JKVG 4 - 9CTF 4 % 
 +PVGTURGEKGU GZVTCRQNCVKQP QH RJCTOCEQMKPGVKEU , 6JGQT $KQN

 

6[NGT 9 5 6[NGT 0 - .CUV , # )KNNGURKG / , $CTUVQY 6 , 
 %QORCTKUQP QH FCKN[ CPF UGCUQPCN GZRQUWTGU QH [QWPI OQPMG[U VQ Q\QPG 6QZKEQNQI[  

75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
 #KT SWCNKV[ ETKVGTKC HQT Q\QPG CPF QVJGT RJQVQEJGOKECN QZKFCPVU 4GUGCTEJ 6TKCPING 2CTM 0% 1HHKEG QH *GCNVJ CPF 'PXKTQPOGPVCN #UUGUUOGPV 'PXKTQPOGPVCN %TKVGTKC CPF #UUGUUOGPV 1HHKEG '2# TGRQTV PQU '2#C(G( X #XCKNCDNG HTQO 06+5 5RTKPIHKGNF 8# 2$

75 'PXKTQPOGPVCN 2TQVGEVKQP #IGPE[ 
 4GXKGY QH PCVKQPCN CODKGPV CKT SWCNKV[ UVCPFCTFU HQT Q\QPG CUUGUUOGPV QH UEKGPVKHKE CPF VGEJPKECN KPHQTOCVKQP 4GUGCTEJ 6TKCPING 2CTM 0% 1HHKEG QH #KT 3WCNKV[ 2NCPPKPI CPF 5VCPFCTFU 1#325 UVCHH RCRGT

7EJK[COC + 5KOQOWTC ; ;QMQ[COC ' 
 'HHGEVU QH CEWVG GZRQUWTG VQ Q\QPG QP JGCTV TCVG CPF DNQQF RTGUUWTG QH VJG EQPUEKQWU TCV 'PXKTQP 4GU  

7NVOCP , 5 
 6TCPURQTV CPF WRVCMG QH KPJCNGF ICUGU +P 9CVUQP # ; $CVGU 4 4 -GPPGF[ & GFU #KT RQNNWVKQP VJG CWVQOQDKNG CPF RWDNKE JGCNVJ 9CUJKPIVQP &% 0CVKQPCN #ECFGO[ 2TGUU RR 

7NVOCP , 5 #PLKNXGN 5 
 /QPVG %CTNQ UKOWNCVKQP QH Q\QPG WRVCMG KP CP CUU[OGVTKE NWPI OQFGN +P 5EJPGEM & , .WECU % . GFU $KQHNWKF OGEJCPKEU  RTQEGGFKPIU QH VJG VJKTF OKF#VNCPVKE EQPHGTGPEG QP DKQHNWKF OGEJCPKEU 1EVQDGT $NCEMUDWTI 8# 0GY ;QTM 0; 0GY ;QTM 7PKXGTUKV[ 2TGUU RR 

7NVOCP , 5 $GP,GDTKC # *W 5 
 0QPKPXCUKXG FGVGTOKPCVKQP QH TGURKTCVQT[ Q\QPG CDUQTRVKQP VJG DQNWUTGURQPUG OGVJQF %CODTKFIG /# *GCNVJ 'HHGEVU +PUVKVWVG TGUGCTEJ TGRQTV PQ 

8CP $TGG . 4QODQWV 2 , # 4KGVLGPU + / % / &QTOCPU , # / # /CTTC / 
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### 8-100 #OUVGTFCO 6JG 0GVJGTNCPFU 'NUGXKGT 5EKGPEG 2WDNKUJGTU RR  
5VWFKGU KP GPXKTQPOGPVCN UEKGPEG 

8CP $TGG . /CTTC / 4QODQWV 2 , # 
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8CWIJCP 6 4 ,T ,GPPGNNG . ( .GYKU 6 4 
 .QPIVGTO GZRQUWTG VQ NQY NGXGNU QH CKT RQNNWVCPVU GHHGEVU QP RWNOQPCT[ HWPEVKQP KP VJG DGCING #TEJ 'PXKTQP *GCNVJ  

9CVCPCDG 5 (TCPM 4 ;QMQ[COC ' 
 #EWVG GHHGEVU QH Q\QPG QP NWPIU QH ECVU + HWPEVKQPCN #O 4GX 4GURKT &KU  

9CVMKPUQP 9 2 9KGUVGT / , *KIJHKNN , 9 
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9GKDGN ' 4 
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9GKUUDGTI 4 / /CTKCP , $TCFUJCY , 
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9KGUVGT / , 9KNNKCOU 6 $ -KPI / ' /3⁄4PCEJG / ) /KNNGT ( , 
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9KGUVGT / , 6GRRGT , 5 -KPI / ' /3⁄4PCEJG / ) %QUVC & . 
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9KGUVGT / , 5VGXGPU / # /3⁄4PCEJG / ) /E-GG , . ,T )GTTKV[ 6 4 
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9QPI - . #NCTKG ; 
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;GJ *% 5EJWO ) / 
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;GJ * % 5EJWO ) / &WIICP / 6 
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;GJ * % $TKPMGT 4 / *CTMGOC , 4 /WIIGPDWTI $ # )WKNOGVVG 4 # 
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;QMQ[COC ' (TCPM 4 
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;QMQ[COC ' +EJKMCYC + 0CODW < -CYCK - -[QPQ ; 
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;QWPI 9 # 5JCY & $ $CVGU & 8 
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'PXKTQP *GCNVJ  

;QWPI 9 # 5JCY & $ $CVGU & 8 
 'HHGEV QH NQY EQPEGPVTCVKQPU QH Q\QPG QP RWNOQPCT[ HWPEVKQP KP OCP , #RRN 2J[UKQN  

### 8-101 ;W % 2 
 1P GSWCVKQP QH ICU VTCPURQTV KP VJG NWPI 4GURKT 2J[UKQN  

# 9

Integrative Summary of
Ozone Health Effects

9.1 Introduction

Characterization of the health risks associated with pollutant exposure requires an integrative interpretation of the continuum from air quality to exposure to dose to effects, with full consideration of the actual exposure and susceptibility of different subgroups in the population. The currently published information on population exposure to ozone (O 3 

### ) (see Chapter 4) is superseded by recent analyses of the U.S. Environmental Protection Agency (EPA) in a staff paper prepared by the Office of Air Quality Planning and Standards (U.S. Environmental Protection Agency, 1996). Thus, the staff paper contains the risk assessment

for O 3 

### . This chapter characterizes the hazard and dose-response components of risk assessment by integrating the animal toxicological, human clinical and epidemiological, and extrapolation studies of O 3 

### that were discussed in Chapters 6, 7, and 8, respectively, of this criteria document. Because each of these approaches has different strengths and weaknesses, they were evaluated separately in the respective base chapters; however, a combined evaluation can better describe the full array of effects that are known to occur with exposure

to O 3 

### . The chapter begins with an overview of the relationship between exposure and dose, as this lays a foundation for inter- and intraspecies extrapolation. The chapter then isorganized according to biological outcomes, beginning with the effects of short- and longterm exposures of O 3 

### alone or in ambient air and ending with experimental exposures to binary mixtures with O 3 

### . The section on short-term exposures (i.e., <8 h) presents descriptively symptoms and effects on lung function, exacerbation of existing disease, and cellular-biochemical responses. Quantitative exposure-response relationships for the effects of

O 3 

### on pulmonary function (e.g., changes in lung volume) are summarized separately because the large number of studies allows more complex evaluation and modeling. For the other classes of effects, the more limited exposure-response information is integrated with the description of the effects. The section on long-term exposures encompasses repeated exposures (i.e., 1 to 5 days), prolonged exposures (i.e., months), and genotoxicity and carcinogenicity. Because the available database on binary exposure studies has little predictive value of effects in populations exposed to complex pollutant mixtures, the emphasis is placed on the principles of interaction. The conclusions section is organized according to key questions about the health consequences of O 3 

### exposure and the population groups that are most likely to be affected.

9-1

### Because this chapter integrates the results of a large number of studies from the

current and earlier O 3 

### criteria documents (U.S. Environmental Protection Agency, 1978, 1986), it is not practical to provide experimental details or cite specific references. Rather, emphasis is given to main findings that are supported by published, confirmatory studies, unless noted otherwise. Comprehensive details and references are provided in the base chapters (Chapters 6 through 8). A discussion of selective, key references can be found in the summary and conclusion sections of those chapters.



# 9.2 Exposure-Dose Relationships

Qualitative and quantitative health assessments require, among other things, the ability to relate exposure to dose and dose to effect. In the case of O 3 

### health assessment, this ability is necessary for two major reasons: (1) to develop unified predictive models of human population responses based on exposure, and (2) to enable extrapolation from animals to humans for chronic effects. Physically and biologically based models of dose simplify the methods of predicting population responses and, in turn, significantly reduce the uncertainty of these predictions. For animal-to-human extrapolations, splitting the problem of exposure and response into an exposure-dose problem and a dose-response problem separates the issue of interspecies sensitivity from purely dosimetric considerations. Responses in animals may be homologous with responses in humans but follow different dose-response curves. By measuring or computing delivered O 3 

### dose to relevant tissues in animals and humans, transfer functions can, in principle, be developed relating dose-response curves among different species, assuming tissues from different species react in identical fashion. This section discusses the understanding of exposure-dose relationships and how they improve the ability to interpret and predict O 3 

### responses. Historically, the first step beyond describing responses solely in terms of exposure concentration was the use of the product of concentration × time × minute ventilation (C × T

× E 

### ), yielding what often has been referred to as an "effective dose". Response modeling  ̇ V has examined the interaction of individual pairs of variables. However, no single model has been able to simply unify any response in terms of the product o fC×T× E 

### . This is due to  ̇ V

the fact tha tC×T× E 

### is a metric of exposure dose rather than delivered dose and,  ̇ V furthermore, does not account for the mediation of responses in localized regions of the lung that would be responding to local O 3 

### doses. Advances in O 3 

### dosimetry modeling and experimental determinations of regional O 3 

### dose in animals and humans have enabled extensions beyond simpl eC×T× E 

### modeling to interpret responses.  ̇ V Ozone dosimetry models provide predictions of the dose distribution of O 3 

### in the respiratory tract from the trachea to the alveolar spaces of the lung. These models utilize the best available anatomical, physiological, and biochemical data available for animals and humans. These data are incorporated into mathematical formulations of convection, diffusion, and chemical reaction processes in the lung. The models predict that, under resting ventilatory conditions, the O 3 

### dose per airway generation to all respiratory tract constituents (tissue plus fluid) slowly decreases from the trachea to the terminal and respiratory bronchioles and then declines in the alveolated generations. When dose of O 3 

### to tissue alone is considered (accounting for reaction and diffusion kinetics in the liquid lining layer), there is a three order of magnitude increase in tissue dose from the trachea to the proximal alveolar regions (PARs), after which the tissue and total dose are virtually equal and fall rapidly in the

9-2

### alveolated generations. Currently, relationships between delivered regional dose and response are derived assuming that O 3 

### is the active agent directly responsible for effects; however, there is uncertainty as to the correctness of this assumption. Reactive intermediates, such as peroxides and aldehydes formed when O 3 

### interacts with constituents of lung lining fluid, may be the agents mediating responses. Thus, the dose of the reactive intermediates may be relevant. Even in the presence of uncertainty over the relevant dose agent, the histopathological findings from chronic O 3 

### exposures in animals match the predicted

distribution of O 3 

### dose (i.e., the sites of the highest predicted O 3 

### doses correspond with those regions of the lung with the greatest tissue alterations). Experimental studies in humans have revealed some important features needed for health assessment. Among these is the observation that the dose of O 3 

### delivered to the lower respiratory tract is independent of the mode of breathing (i.e., oral versus nasal versus oronasal). This observation simplifies health assessment by eliminating the need for precise information on modes of breathing when considering population responses. Experimental studies in humans also have shown that increasing E 

### with exercise (increasing both  ̇ V breathing frequency and tidal volume) causes only a small decrease in O 3 

### uptake efficiency by the total respiratory tract. Based on models of O 3 

### dose, it appears that the increased E 

### in  ̇ V exercise, although having little effect on uptake efficiency by the total respiratory tract, causes

the distribution of delivered O 3 

### dose to shift deeper into the respiratory tract. The shift in O 3 

### dose as a function of E 

### could help explain the complex relationships seen between response  ̇ V and C, T, and E 

### . An important observation from the human experimental dosimetry studies  ̇ V is the general agreement between O 3 

### dosimetry models and the measured data. Experiments in laboratory animals (particularly rats) have been valuable in providing, in conjunction with human experimental data and mathematical dosimetry models, the basis for dosimetric extrapolation. Whereas the human total respiratory tract has an

O 3 

### uptake efficiency between 70 and 100%, the respiratory tract of the rat takes up only about

50% of the inhaled O 3 

### . Unlike the case with humans, the dosimetry models overestimate the uptake efficiency of the rat respiratory tract by approximately 25 to 50% (i.e., the predicted uptake efficiency is between 65 and 75%), but the models are still highly valuable for extrapolation purposes. An important finding has been that the models correctly relate the regional dose of O 3 

### to the increase in alveolar wall thickness, both of which decline with distance from the junction of the conducting airways and the alveolar regions of the lung. Experimental O 3 

### dosimetry and predictive O 3 

### dosimetry models are informative about the feasibility of extrapolating animal responses to humans. Some acute responses to

O 3 

### can be compared across species on a strict dose-response basis. For example, both animals and humans respond to O 3 

### in a dose-dependent manner by increasing breathing frequency and decreasing tidal volume (tachypnea). A qualitative comparison between rat and human tachypneic responses at a variety of O 3 

### concentrations and exercise levels indicates that when exercising, rats and humans have a similar response, but rats are somewhat more responsive at rest. However, when dose to the proximal alveolar region of the lung (normalized to body weight) is considered as the dose metric for tachypneic responses, rats appear to be much more responsive than humans. Another example is influx of protein into the alveolar spaces following O 3 

### exposure as measured in bronchoalveolar lavage (BAL) fluid. When BAL protein is plotted as a function of pulmonary tissue dose, the rat, guinea pig, rabbit, and human all respond with a similar dose-response pattern, suggesting a common mechanism of response. However, each curve is offset from the other, reflecting overall

9-3

### sensitivity differences among the species, with the human and guinea pig being more responsive than the rat and rabbit. Available data on chronic responses to O 3 

### are considerably more difficult to compare across species. Specific assumptions are required to model exposure-dose relationships. For example, allometric anatomic adjustments provide estimates of unavailable dosimetric data for nonhuman primates, and allometric equivalent life-span estimates better relate the duration of exposure to life-span and cumulative dose. Studies of long-term exposure in monkeys and rats show a near-linear dose-response pattern when alveolar interstitial thickness was related to cumulative dose estimates for the PAR of the lung. Analogous estimates of PAR dose in humans predict similar increases in interstitial thickness at the PAR, with the monkey being more responsive, and the rat less responsive.



# 9.3 Effects of Short-Term Ozone Exposures
9.3.1 Physiological Responses to Ozone Exposure
Typical acute physiological responses to O 3 

### exposure observed in both human clinical and field studies include a reduction in forced vital capacity (FVC), decreased expiratory flow rates, and increased respiratory symptoms. The most common symptoms include cough, airway irritation, and chest discomfort associated with deep inhalation. These responses are often accompanied by increased airway resistance and tachypnea. The voluntary spirometry and symptom responses cannot be elicited from animals, but their tachypneic response is well documented. Ozone exposure also increases airway responsiveness to nonallergenic airway stimuli (e.g., histamine) in humans and animals. There is a large range of physiological responses among humans, with at least a 10-fold difference between the most and least responsive individuals.

9.3.1.1 Respiratory Symptom Responses

An association between O 3 

### exposure and the presence of symptoms has been shown in human clinical, field, and epidemiological studies. Prevalent symptoms include cough, irritation of the airways (described as a scratchy throat or discomfort under the sternum), and discomfort when taking a deep breath (described as chest tightness or pain in the chest). Eye irritation, sometimes reported as a symptom in field or epidemiological studies with exposure to oxidant mixtures including peroxyacyl nitrates, is not associated with exposure to O 3 

### alone. The most prevalent respiratory symptoms have a much higher incidence in young adults than in older adults and generally are not reported in children or adolescents. Asthmatics have symptoms similar to nonasthmatics but also report a higher incidence of wheezing. The receptors responsible for cough may be unmyelinated C-fibers or rapidly adapting receptors located in the larynx and the largest conducting airways. Thus, there appears to be a potential mechanistic linkage between coughing and changes in spirometry. Field and epidemiological studies also indicate an association between hourly or daily ambient O 3 

### levels and the presence of respiratory symptoms, particularly cough. Such associations may be most evident in asthmatic children. Although symptoms cannot be elicited from animals, indirect measures of symptom responses in animals include behavioral responses (e.g., decreased wheel-running activity, decreased activity associated with obtaining food) indicative of aversion to O 3 

### exposure.

9-4

### Symptom responses to O 3 

### exposure follow a monotonic exposure-response relationship that has a similar form to that for spirometry responses. Increasing exposure levels elicit increasingly more severe symptoms that persist for longer periods. Symptom and spirometry responses follow a similar time course during an acute exposure and the subsequent recovery, as well as over the course of several days in a repeated exposure study. Furthermore, medication interventions that block or reduce spirometry responses have a similar effect on symptom responses. Levels at which symptoms occur under various exposure conditions are discussed in Section 9.3.4.2. As with spirometry responses, symptom responses vary considerably among subjects, although the individual correlations between spirometry and symptom responses are relatively low. Ozone induces interference with exercise performance, either by reducing maximal sustainable levels of activity or by reducing the duration of activity that can be tolerated at a particular work level; this is likely related to symptoms. In several heavy or severe exercise studies of athletes exposed to O 3 

### , the discomfort associated with the respiratory symptoms caused by O 3 

### concentrations in excess of 0.18 ppm was of sufficient severity that the athletes reported that they would have been unable to perform maximally if the conditions of the exposure were present during athletic competition. In workers or active people exposed to ambient O 3 

### , respiratory symptoms may cause reduced productivity or may curb the desire to pursue certain leisure activities.

9.3.1.2 Lung Function Responses Epidemiological, field, and chamber studies have demonstrated that acute exposure

to O 3 

### decreases FVC and forced expiratory volume i n 1 s (FEV 1 

### ). In humans, O 3 

### exposure reduces FVC primarily by decreasing inspiratory capacity. This is believed to be the result of neurogenic inhibition of maximal inspiration, possibly caused by stimulation of C-fiber afferents, either directly or from O 3 

### -induced products of inflammation. C-fibers are also thought to be the receptors responsible for the cough reflex in humans. After exposure to O 3 

### , coughing frequently is elicited during the deep inspiration prior to the forced expiratory maneuver used in dynamic spirometry tests such as FVC, FEV 1 

### , and forced expiratory flow at 25 to 75% of FVC. The observation that nonsteroidal anti-inflammatory drugs (e.g., indomethacin, ibuprofen) reduce or block spirometric responses to O 3 

### exposure and reduce levels of prostaglandin E 2 

### (PGE 2 

### ) within the lung suggests that mediators released by damaged epithelial cells and alveolar macrophages may play a role in the inhibition of maximal inspiration. Although it seems clear that the reduction in total lung capacity is not attributable to reduced static compliance (i.e., a stiffer lung ) or inspiratory muscle weakness, other mechanisms may be involved. Increased interstitial fluid in patients with heart disease causes a decrease in vital capacity and frequency-dependent decreases in lung compliance.

The O 3 

### -induced tachypneic response, seen in many animal species and in exercising humans, may be related to the decrease in vital capacity. In humans, the pulmonary reflexes that inhibit maximal inspiration may also limit tidal volume during exercise, which leads to a compensatory tachypnea. The tachypneic response in humans may not be entirely involuntary because it has been reported that O 3 

### -exposed subjects may consciously modify their breathing pattern to relieve discomfort. The time course of the spirometry responses to O 3 

### exposure depends on the exposure conditions. At low levels of exposure (e.g., light exercise and O 3 

### concentration <0.18 ppm), responses are induced slowly and progressively and they may or may not reach a plateau of response, depending on the duration of the exposure. At higher levels of exposure (e.g., very heavy exercise and O 3 

### concentration >0.25 ppm), responses occur rapidly (within

9-5

### 15 min), and the largest portion of the response tends to occur early in exposure, indicative of a plateau of response that typically is not achieved because of termination of the exposure within 1 to 2 h. The quantitative exposure-response relationships are discussed more extensively in Section 9.3.4. In both chamber and field studies, the responses of healthy children to acute

O 3 

### exposure are similar to those seen in adults. Responses of children and adolescents exposed to ambient O 3 

### (and other copollutants) at summer camps in at least six different
locations in the northeastern United States, southeastern Canada, and Southern California indicate changes in spirometry similar to those found in individuals exposed to O 3 

### under controlled experimental conditions. There is a substantial range of response among individuals in camp studies and between various locations; however, the average FEV 1 

### was lower when ambient O 3 

### was higher. Although direct comparisons cannot be made because of incompatible differences in experimental design and analytical approach, this range of response is comparable to the range of response seen in chamber studies at low

O 3 

### concentrations. In the "camp studies", a key measurement is the slope of the relationship

between FEV 1 

### and the measured O 3 

### concentration during the previous hour, without consideration of the background O 3 

### levels (even though exposures occurred over multiple hours). The average slope from six studies was −0.50 mL/ppb within an O 3 

### concentration range of 0.01 to 0.16 ppm (see Chapter 7). For an exposure to 0.12 ppm O 3 

### , this corresponds

to a decrease in FEV 1 

### of 60 mL from a base level of approximately 2,000 to 2,500 mL, or

a 2.4 to 3.0% decrease in FEV 1 

### . This is comparable to the findings of McDonnell et al. (1985) for 8- to 11-year-old boys who experienced a 3.4% decrease in FEV 1 

### after being exposed to 0.12 ppm O 3 

### for 2 h. Recent studies in adults performing outdoor exercise also have shown an association between decreased spirometric responses and increased ambient

O 3 

### levels. A consistent finding across many animal species is that O 3 

### causes rapid shallow breathing (O 3 

### -induced tachypnea), which, in humans, may be related to a sensation of discomfort associated with taking large tidal breaths. Of particular interest for comparing interspecies responses is that the responses of rats and guinea pigs fall within the same range as seen for humans from rest to heavy exercise. Common pulmonary function tests do not measure changes in the small airways of the centriacinar region of the lung (that segment between the last conducting airway and the gas exchange region), which is highly susceptible to damage by O 3 

### and is the site of epithelial cell necrosis and remodeling of respiratory bronchioles. Numerous pulmonary function tests reputed to measure responses in small airways (e.g., closing volume, aerosol bolus) have been

used in O 3 

### studies. Responses have been demonstrated, but it is not clear that these tests correlate with the morphological lesion observed in the small airways of experimental animals (see Section 9.4), which is predicted to occur in humans but has not been confirmed reliably through comparable morphologic data from humans residing in O 3 

### -polluted areas. Even if small airways disease is demonstrated in humans, there is as yet no compelling evidence that it will progress to chronic lung disease. An increase in airway resistance is an indication of the response of large airways

to O 3 

### exposure and is mechanistically different from lung volume responses. Also, higher

O 3 

### concentrations are required to change airway resistance compared to FEV 1 

### . Changes in specific airway resistance (SR

aw 

### ) of healthy subjects following O 3 

### exposure are small relative to those seen in asthmatics with an inhalation exposure to a bronchoconstricting drug (methacholine), a specific antigen, or sulfur dioxide (SO 2 

### ). In rats exposed to O 3 

### , changes in

9-6

### resistance also tend to be small. The observation that changes in airway resistance are modest clearly indicates that reductions in maximum expiratory flow are not caused primarily by narrowing of large airways. The increase in airway resistance appears to be vagally mediated because it is sensitive to inhibition by atropine.

9.3.1.3 Changes in Airway Responsiveness Ozone exposure also causes increased responsiveness of the pulmonary airways to subsequent challenge with bronchoconstrictor drugs such as histamine or methacholine. This phenomenon is seen even after recovery from spirometric changes, but it typically is no longer present after 24 h. Although changes in airway responsiveness tend to resolve somewhat more slowly and appear to be less likely to be attenuated with repeated exposure, the evidence for a persistent increase in responsiveness from animal studies is inconsistent. Changes in airway responsiveness in rats and guinea pigs tend to occur at higher

O 3 

### concentrations and, as in humans, tend to be most pronounced shortly after the exposure and less so 24 h postexposure. Changes in airway responsiveness appear to occur independently of changes in pulmonary function. This response may not be due to the presence of polymorphonuclear leukocytes (PMNs) in the airway or to the release of arachidonic acid metabolites, but could possibly be due to epithelial damage and the consequent increased access of these chemicals to smooth muscle in the airways or to the receptors in the airways responsible for reflex bronchoconstriction. The clinical relevance of
this observation is that, after O 3 

### exposure, human airways may be more susceptible to a variety of stimuli, including antigens, chemicals, and particles. One animal study has demonstrated decreased antigen-induced bronchoconstriction after O 3 

### exposure, and a human study in allergic asthmatics is suggestive of an increase in such a response. An increased response to inhalation of a specific antigen to which a human is sensitized is a plausible

outcome of O 3 

### exposure. However, ongoing studies of this phenomenon will need to be evaluated in order to determine the exposure-response relationship for alterations in responses to inhaled antigens, especially with regard to sensitive asthmatics. Enhanced response to antigens in asthmatics could lead to increased morbidity (i.e., medical treatment, emergency room visits, hospital admissions) or to more persistent alterations in airway responsiveness.



## 9.3.2 Exacerbation of Respiratory Disease
People with preexisting pulmonary disease may be at increased risk from

O 3 

### exposure. Because of their existing functional limitations, any further decrease in function would lead to a greater overall functional decline. Furthermore, some individuals with pulmonary disease may have an inherently greater sensitivity to O 3 

### . Asthmatics, by definition, have inherently greater bronchial responsiveness, but, depending on the severity of
their disease and its clinical status, their FEV 1 

### can be within the normal range (100 ± 20% predicted) or may be less than 50% predicted. Patients with chronic obstructive pulmonary disease (COPD) can have FEVs ranging from 30 to 80% of predicted, again depending on disease severity. Because of their depressed functional state, small absolute changes in lung function have a larger relative impact. For example, a 500-mL FEV 1 

### decrease in a healthy young man with an FEV 1 

### of 4,000 mL causes only a 12% decline. In a 55-year-old COPD patient with an FEV 1 

### that is 50% of predicted, or about 1,670 mL, a 500-mL decline in FEV 1 

### would result in a 30% decline in FEV 1 

### . Asthmatics with depressed baseline function would have similarly magnified relative responses and, because of increased bronchial

9-7

### responsiveness, may also experience larger changes in airway resistance. Evaluating the intersection of risk factors and exposures is more complex. For example, an individual with more severe lung disease is unable to exercise heavily and thus would be less likely to encounter an effective exposure. About 10 million people in the United States (4% of the population) are estimated to have asthma (National Institutes of Health, 1991). The prevalence is higher among African Americans, older (8- to 11-year-old) children, and urban residents (Schwartz et al., 1990). Death due to asthma is an infrequent event; on an annual basis, about one death occurs per 10,000 asthmatic individuals. Mortality rates are higher among males and are at least 100% higher among nonwhites. In two large urban centers (New York and Chicago), mortality rates from asthma among nonwhites may exceed the city average by up to fivefold (Sly, 1988; Evans et al., 1987; National Institutes of Health, 1991; Weiss and Wagener, 1990; Carr et al., 1992). Although some innercity areas may have lower O 3 

### concentrations than some suburban areas, the concentrations are much higher than those in most rural areas. The impact of ambient O 3 

### on asthma morbidity and mortality in this apparently susceptible population is not well understood. The few epidemiological studies are subject to confounding factors and have rarely focused on innercity nonwhite asthmatics. Furthermore, controlled human exposure studies of asthmatics typically include mild to moderate asthmatics and have not dealt specifically with nonwhite asthmatics. A number of epidemiological studies have shown a consistent relationship between ambient oxidant exposure and acute respiratory morbidity in the population. Small decreases in forced expiratory volumes and increased respiratory symptoms, including exacerbation of asthma, occur with increasing ambient O 3 

### , especially in children. Modifying factors, such as ambient temperature, aeroallergens, and other copollutants (e.g., particles) also can contribute to this relationship. Ozone air pollution can account for a portion of summertime hospital admissions and emergency department visits for respiratory causes; studies conducted in various locations in the eastern United States and Canada consistently have shown a relationship with increased incidence of visits and admissions, even after controlling for modifying factors, as well as when considering only concentrations <0.12 ppm O 3 

### . It has

been estimated from these studies that O 3 

### may account for roughly one to three excess summertime respiratory hospital admissions per hundred parts per billion O 3 

### , per million

persons. The association between elevated ambient O 3 

### concentrations during the summer months and increased hospital visits and admissions has a plausible biologic basis in the physiologic, symptomatic, and field study evidence discussed earlier. Specifically, increased airway resistance, airway permeability, and incidence of asthma attacks and airway inflammation suggest that ambient O 3 

### exposure could be a cause of the increased hospital admissions, particularly for asthmatics. The associations found in the epidemiological studies are supported by chamber studies. Asthmatics and nonasthmatics have qualitatively similar responses to chamber

O 3 

### exposures. Although symptom and volume-related responses (i.e., decreased FVC) tend to be similar, airway resistance increases relatively more, from an already higher baseline, in asthmatics exposed to O 3 

### . Ozone-induced alterations in responsiveness to bronchoconstrictor drugs show similar changes in asthmatics and nonasthmatics. There is no evidence at this

time that O 3 

### induces a persistent increase in airway responsiveness or that O 3 

### -exposed asthmatics are more likely to have a late-phase response to specific antigen challenge. Symptom responses also have been reported in asthmatics exposed to O 3 

### . In contrast to

9-8

### nonasthmatics, wheezing, a typical finding in asthma, is a prevalent symptom in addition to the cough, chest tightness, and shortness of breath that are reported by subjects without

asthma.



## 9.3.3 Morphological and Biochemical Abnormalities 9.3.3.1 Inflammation and Cell Damage Ozone-induced cell injury may lead to effects including inflammation, altered permeability of the epithelial barrier, impaired host defense and particle clearance, irreversible structural alterations in the lung, exacerbation of preexisting disease (e.g., asthma), and increased sensitivity to biocontaminants (e.g., allergens). Of these, O 3 

### -induced inflammation of the respiratory tract has been best documented and occurs in all species that have been studied. The mechanisms leading to the observed inflammatory responses induced by O 3 

### are just beginning to be understood. Both animal morphological studies and in vitro studies indicate that airway ciliated epithelial cells and Type 1 cells are the most O 3 

### -sensitive cells and are initial targets of O 3 

### . These cells are damaged by O 3 

### and produce a number of proinflammatory mediators (e.g., interleukins [IL-6, IL-8], PGE 2 

### ) capable of initiating a cascade of events leading to PMN influx into the lung, activation of alveolar macrophages, inflammation, and increased permeability across the epithelial barrier.

Ozone-Induced Inflammation Ozone causes inflammatory changes throughout the respiratory tract, including the nose. Humans and laboratory animals exposed to O 3 

### develop inflammation and increased permeability in the nasal passages. A recent study reported a positive correlation between

nasal inflammation in children and measured ambient O 3 

### concentrations. Studies with rats suggest a potential competing mechanism between the nose and lung, with inflammation occurring preferentially in the nose at low O 3 

### concentrations and shifting to the lung at higher concentrations. It is unclear if this represents a specialization restricted to rats or is a more general phenomenon. In general, inflammation can be considered as the host response to injury and the induction of inflammation as evidence that injury has occurred. Inflammation induced by exposure of humans to O 3 

### can have several potential outcomes: (1) inflammation induced by a single exposure (or several exposures over the course of a summer) can resolve entirely; (2) continued acute inflammation can evolve into a chronic inflammatory state; (3) continued inflammation can alter the structure and function of other pulmonary tissue, leading to diseases such as fibrosis; (4) inflammation can alter the body’s host defense response to inhaled microorganisms, particularly in potentially vulnerable populations such as the very young and old; and (5) inflammation can alter the lung’s response to other agents such as allergens or toxins. Except for outcome (1), the possible chronic responses have not been identified with inflammation induced by exposure of humans to O 3 

### . It is also possible that the profile of response can be altered in persons with preexisting pulmonary disease (e.g., asthma, COPD) or smokers. The recent use of BAL as a research tool in humans has afforded the opportunity to sample cells and fluid from the lung and lower airways of humans exposed to O 3 

### and to

ascertain the extent and course of inflammation and its constitutive elements. Several studies have shown that humans exposed acutely (1 to 3 h) to 0.2 to 0.6 ppm O 3 

### had O 3 

### -induced inflammation, cell damage, and altered permeability of epithelial cells lining the respiratory

9-9

### tract (allowing components from plasma to enter the lung). For individuals acutely exposed to 0.4 to 0.6 ppm O 3 

### , PMNs (the hallmark cells of inflammation) make up 8 to 10% of the recovered BAL cells. This represents a five- to eightfold increase in PMNs compared with similar individuals exposed to clean air, who typically have 1 to 2% PMNs in their BAL

fluid. The lowest concentration of O 3 

### tested, 0.08 ppm for 6.6 h with moderate exercise, also induced small but statistically significant increases in a number of inflammatory mediators, including PMNs. The percent of PMNs in BAL fluid taken from individuals exposed to 0.4 ppm

O 3 

### for 2 h equals or exceeds those found in individuals exposed to other environmental toxicants, such as asbestos or silica, or in individuals with idiopathic pulmonary fibrosis (IPF) or connective tissue disorders (CTD) (Cherniak et al., 1990). For example, individuals with a history of occupational exposure to asbestos (>10 years) have 3.3 ± 1.3% BAL PMNs, and individuals with a history of occupational exposure to silica (>2 years) have 1.4 ± 0.4% PMNs. Untreated patients newly diagnosed with IPF have 6.7 ± 2.5% PMNs, whereas those with CTD have 16 ± 11.6% PMNs. Baseline levels of PMNs in patients with asthma do not differ significantly from healthy individuals, although PMN levels can increase following allergen bronchoprovocation (Smith and Deshazo, 1993). In contrast, PMNs can make up as much as 80% of BAL cells in patients with acute bacterial infections (Stanley, 1991). Short-term (<8 h) exposure of animals to O 3 

### also results in cell damage, inflammation, and altered permeability, although, in general, higher O 3 

### concentrations are required to elicit a response equivalent to that of humans. Because humans were exposed to

O 3 

### while exercising and most animal studies were done at rest, differences in ventilation likely play a significant role in the different response of humans and rodents to the same

O 3 

### concentration. Studies in which animals were exposed at night (during their active period)

or in which ventilation was increased with CO 2 

### tend to support this idea. Studies utilizing BAL techniques sample only free or loosely adherent cells in the lung; thus, it is possible that cellular changes have occurred in the interstitium that are not reflected in BAL studies, or that BAL changes exist in the absence of interstitial changes. However, morphometric analyses of inflammatory cells present in lung and airway tissue sections of animals exposed to O 3 

### are in general agreement with BAL studies. Short-term

O 3 

### exposure (<8 h) causes similar types of alterations in lung morphology in all laboratory animal species studied. The most affected cells are the ciliated epithelial cells of the airways and Type 1 cells in the alveolar region. The centriacinar region (the junction of the conducting airways and gas exchange region) is a primary target, possibly because it receives the greatest dose of O 3 

### delivered to the lower respiratory tract. Sloughing of ciliated epithelial and Type 1 cells occurs within 2 t o 4 h of exposure of rats to 0.5 ppm O 3 

### .

Time Course of Ozone-Induced Inflammatory Response Findings from human and animal studies agree that the O 3 

### -induced inflammatory response occurs rapidly and persists for at least 24 h. Increased levels of PMNs and protein

are observed in the BAL fluid withi n 1 h following a 2-h exposure of humans to O 3 

### and continue for at least 20 h. The kinetics of response during this time have not been well studied in humans, although a single study shows that PMN levels are higher at 6 h postexposure than at 1 or 20 h in different individuals. Several animal studies suggest that BAL PMN and protein levels peak 12 to 16 h after an acute O 3 

### exposure and begin to decline by 24 h, although some studies report detectable BAL PMNs even 36 h after exposure. It is also clear that in humans the pattern of response differs for different

9-10

### inflammatory mediators. Mediators of acute inflammation, such as IL-6 and PGE 2 

### , are more elevated immediately after exposure; whereas mediators that potentially could play a role in resolving inflammation, such as fibronectin and plasminogen activator, are preferentially elevated 18 h after exposure. The rapidity with which cellular and biochemical mediators are induced by O 3 

### makes it conceivable that some of them may play a role in O 3 

### -induced changes in lung function—indeed there is some evidence that BAL PGE 2 

### levels are correlated with

decrements in FEV 1 

### , and anti-inflammatory medications that block PGE 2 

### production also reduce or block the spirometric responses to O 3 

### . Although earlier studies suggested that

O 3 

### -induced PMN influx might contribute to the observed increase in airway hyperreactivity, animal studies show that when PMNs are prevented from entering the lung, O 3 

### -induced hyperreactivity or increases in many inflammatory mediators still occur. In addition, studies in which anti-inflammatory drugs are used to block O 3 

### -induced lung function decrements still show increases in PMNs and most other inflammatory mediators (although PGE 2 

### is not increased).

Individuals and Populations Susceptible to Ozone
To date, there have been no studies that have examined the cellular/biochemical response to O 3 

### of potentially susceptible subpopulations, such as asthmatics, nor are there any data in humans addressing whether age, gender, or racial differences can modify the inflammatory response to O 3 

### . Increased susceptibility of asthmatics or chronic bronchitics could be hypothesized on the basis that they have an underlying inflammatory disease that may be exacerbated with an otherwise small magnitude of change. Inflammation is not induced to the same extent in all individuals. In moderately exercising humans exposed to 0.08 ppm O 3 

### for 6.6 h, the mean changes in inflammatory indices were low, but some individuals had increases comparable to those reported in heavily exercising subjects exposed to 0.4 ppm O 3 

### for 2 h, suggesting that some segments of the population may be more responsive to low levels of O 3 

### . It has not yet been studied whether intersubject differences in inflammatory response to O 3 

### are reproducible over time for the same subject, as has been shown for intersubject differences in lung function. There seems to be no strong correlation between the various mediators of inflammation, cell damage, and permeability (i.e., those individuals with the greatest PMN response are not necessarily those with the greatest BAL protein, PGE 2 

### , or IL-6 response). Furthermore, the magnitude of lung function decrements and respiratory symptoms has not yet been shown to be correlated with mediators of inflammation, with the possible exception of PGE 2 

### . Animal studies also show large interspecies and interstrain differences in response

to O 3 

### and suggest that genetic factors may play a role in susceptibility to O 3 

### . Different rat strains respond to O 3 

### differently; for example, Wistar rats have the greatest PMN influx, whereas Fischer rats demonstrate the most epithelial cell damage. In addition, limited data suggest that dietary antioxidant levels may affect the response of rodents to O 3 

### and that very young rats produce more PGE 2 

### in response to O 3 

### than do older rats. Taken as a whole, the human and animal studies suggest that the inflammatory response to O 3 

### is complex and that determinants of susceptibility may occur at several different genetic loci.

9-11

### 9.3.3.2 Host Defense The mammalian respiratory tract has a number of closely integrated defense mechanisms that, when functioning normally, provide protection from the adverse effects of a wide variety of inhaled particles and microbes. Impaired mucociliary clearance can result in unwanted accumulation of cellular secretions and increased numbers of particles and microorganisms in the lung, leading to increased infections and bronchitis.

Mucociliary Clearance of Inhaled Particles Animal studies show that clearance of inhaled insoluble particles is slowed after acute exposure to O 3 

### . Ozone-induced damage to cilia and increased mucus secretion likely contribute to a slowing of mucociliary transport rates. Interestingly, retarded mucociliary clearance is not observed in animals exposed repeatedly to O 3 

### . The effects of O 3 

### on mucociliary clearance in humans have not been well studied, and the results are somewhat conflicting; one study reports an O 3 

### -induced increase in particle clearance in subjects exposed to 0.4 ppm O 3 

### for 2 h, and another study reports no O 3 

### -induced change in particle clearance with a similar exposure regimen.

Alveolar Macrophage Function Macrophages represent the first line of defense against inhaled microorganisms and particles that reach the lower airways and alveoli. Studies in both humans and animals have shown that there is an immediate decrease in the number of BAL macrophages following

O 3 

### exposure. Alveolar macrophages also have been shown to be crucial to the clearance of certain gram-positive bacteria from the lung. Several studies in both humans and laboratory

animals also have shown that O 3 

### impairs the phagocytic capacity of alveolar macrophages, and some studies suggest that mice may be more impaired than rats. The production of superoxide anion (an oxygen radical used in bacterial killing) by alveolar macrophages also is depressed in both humans and animals exposed to O 3 

### , and the ability of alveolar macrophages to kill bacteria directly is impaired. Decrements in alveolar macrophage function have been observed in moderately exercising humans exposed to the lowest concentration tested, 0.08 ppm O 3 

### for 6.6 h.

Interaction with Infectious Agents

Concern about the effect of O 3 

### on susceptibility to respiratory infection derives primarily from animal studies in which O 3 

### -exposed mice die following a subsequent challenge with aerosolized bacteria. Increased mortality of experimental laboratory animals has been shown to be concentration-dependent, and exposure to as little as 0.08 ppm O 3 

### for 3 h can increase mortality of mice to a subsequent challenge with streptococcus bacteria. In addition, younger mice are more susceptible to infection than older mice; this has been related to

increased PGE 2 

### production in these animals, which likely decreases alveolar macrophage activity. It has been suggested that impaired alveolar macrophage function is the mechanism likely responsible for enhanced susceptibility to bacteria. However, mortality is not observed with other rodent species, raising the question of whether this phenomenon is restricted to mice. Although both mice and rats show impaired macrophage killing of inhaled bacteria following O 3 

### exposure, rats mount a faster PMN response to O 3 

### to compensate for the deficit in alveolar macrophage function. The slower clearance time in mice allows the streptococcus strain to persist in lung tissue and, subsequently, to elaborate a number of virulence factors

9-12

### that evade secondary host defense and lead to bacterial multiplication and death of the host. Although increased mortality in laboratory animals is not directly relevant to humans, laboratory animals and humans share many host defense mechanisms being measured by mortality in the mouse model. Thus, the category of effect (i.e., decrement in antibacterial defenses) can be qualitatively extrapolated to humans. There is no compelling evidence from animal toxicological, human clinical, or epidemiological studies that O 3 

### increases the incidence of respiratory viral infection in humans. A study of experimental rhinovirus infection in susceptible volunteers failed to show any effect of 5 consecutive days of O 3 

### exposure (0.3 ppm, 8 h/day) on the clinical picture or on host response. Studies in which O 3 

### -exposed mice were challenged with influenza virus have conflicting results: some studies show increased mortality, some show decreased mortality, and still others show no change at all. However, even when increased mortality was demonstrated, there was no difference in viral titers in the lung, suggesting virus-specific immune functions were not altered. One animal study found that, although subchronic

O 3 

### exposure did not affect the acute course of a viral infection, it did enhance postinfluenzal

alveolitis. Taken as a whole, the data clearly indicate that an acute O 3 

### exposure impairs the host defense capability of both humans and animals, primarily by depressing alveolar macrophage function and perhaps also by decreasing mucociliary clearance of inhaled particles and microorganisms. This suggests that humans exposed to O 3 

### could be predisposed to bacterial infections in the lower respiratory tract. The seriousness of such infections may depend on how quickly bacteria develop virulence factors and how rapidly PMNs are mobilized to compensate for the deficit in alveolar macrophage function. Ozone also has been reported to suppress natural killer cell activity in the lung, to suppress proliferative responses to bacterial antigen (Listeria) in both spleen and bronchial lymph nodes, and to induce delayed hypersensitivity responses to Listeria antigen. However, these effects occur at higher exposure levels (0.75 to 1.0 ppm O 3 

### ) than those that affect macrophage function.



## 9.3.4 Quantitative Ozone Exposure-Response Relationships
A quantitative understanding of the relationship between O 3 

### exposure and subsequent response is useful both for a better understanding of the processes underlying outcomes of interest and for purposes of prediction. Examples of the utility of the latter include identification of exposures unlikely to produce effects, risk and benefits assessment, and prediction of responses based on exposures for which empirical data do not exist. In general, exposure-response relationships have been better characterized for populations than for individuals, and, although the form of the relationships may differ, those for individuals are likely to be qualitatively similar to those of populations. On the other hand, because of large differences in responsiveness among individuals, exposure-response relationships for the population may not reflect quantitatively the experience of a given individual. Relationships between short-term exposure and acute response have been described for lung function changes, induction of symptoms, and BAL outcomes in experimental exposure studies and for lung function, symptoms, hospital and emergency room admissions, and mortality in epidemiologic studies. Exposure in the experimental studies can be defined in terms of concentration, dose rate of exposure, total inhaled dose, and dose at the active site. The limiting factor in modeling exposure-response with experimental data has been that

9-13

### no single study has included a wide enough range of the three exposure variables of interest (i.e., C, E 

### , T) to choose between models or to identify the appropriate method of describing  ̇ V

exposure. Exposure-response models in the epidemiologic studies generally have included only O 3 

### concentration measured at a central monitoring site in the study area as the exposure variable. With some exceptions, characterization of exposure-response relationships in these studies has been limited by little information on activity level or duration of exposure, a generally narrow range of exposure concentrations, the need for complex models to control for potential confounding by other pollutants and extraneous variables, and outcomes for which only a small fraction of the variance is explained by exposure to pollutants. These factors make selection among various models of response difficult. A number of exposure-response functions have been proposed to describe the results of experimental studies. No single exposure-response model form, however, has been adequately tested and identified as providing an accurate, precise description of the relationship between exposure and response in both humans and laboratory animals for lung function or BAL endpoints. Rather, for a given study, a particular model may have been selected a priori to describe the exposure-response data or may have been identified as providing the best fit among several competing models. In many cases, models have been found to be deficient, but rarely has the performance of a number of possible models been systematically compared. From the individual studies, several important observations have been made that are qualitatively true for describing BAL and pulmonary function responses in both humans and laboratory animals and that should be considered in the selection of a model to describe population response as a function of exposure. Response increases monotonically with C, E 

### ,  ̇ V and T, with C generally being a stronger predictor of response than E 

### or T. The relationship  ̇ V between response and one of the exposure variables is dependent on the level of the other two variables. The relationship between response and each of the exposure variables is curvilinear over a wide range of exposure conditions, although it may appear linear over certain narrow ranges of exposure. With increasing duration of response (and possibly with increasing concentration), the FEV 1 

### response may approach a plateau in humans. Some evidence exists suggesting that the level of the plateau with T is a function of C. This plateau has not been observed in animal studies or for BAL endpoints. Respiratory symptom responses generally follow a pattern similar to that observed for spirometry (e.g., mean responses increase with increasing C, E 

### , and T). As with spirometry responses, large individual differences in  ̇ V symptom responses occur. Little analytical work, however, has been performed that mathematically describes either the mean or individual responses as multivariable functions
of C, E 

### , and T.  ̇ V Exposure-response models of FEV 1 

### and BAL responses in laboratory animals that have been proposed and that fit to varying degrees include linear and polynomial models of
C, E 

### , and T, with and without cross-product terms (e.g. , C × T); exponential models  ̇ V

utilizin g C × T as the exposure variable at constant E 

### ; and cumulative normal probability or  ̇ V logistic models utilizing C y 

### × T as the exposure variable at constant E 

### . Models of these  ̇ V types have been found under some circumstances to describe the relationship between exposure and response for a particular data set. Most single data sets, however, do not include a wide enough range of data to test adequately the performance of a particular model across a wide range of exposure conditions or to identify an appropriate exposure metric. In particular, recent efforts have focused on the relationship between response and C and T at

9-14

### constant E 

### . No definitive work has addressed the modeling of response and E 

### for a given  ̇ V  ̇ V endpoint or for consideration of E 

### changing as a function of T. Because animal and human  ̇ V

studies often are conducted at different relative levels of E 

### , and because techniques to adjust  ̇ V mathematically for these differences only now are being developed, efforts to compare responses across species or to develop extrapolation models have been hampered. As noted earlier, quantitative models currently do not exist for respiratory symptoms. Evidence indicates that, for humans and animals, the exposure-response relationship of BAL and pulmonary function outcomes may be modified by previous recent exposure to O 3 

### , and the relationship for FEV 1 

### changes in humans may be modified by age. Previous exposure to O 3 

### has not been included in any exposure-response models. For young adults, the modification of the exposure-response relationship by age has been modeled. Exposure-response models of lung function in epidemiologic studies generally have been limited to linear models of response as functions of various O 3 

### exposure metrics (e.g., 1- h or 8-h daily maximum, etc.). A number of studies have demonstrated significant negative mean linear relationships between O 3 

### exposure and lung function. Exposure-response models of respiratory symptoms in epidemiologic studies generally have employed logistic regression techniques with O 3 

### or total oxidant concentration as the exposure variable. These latter models generally have been chosen a priori reflecting the categorical nature of the outcome variable rather than by comparison of the performance of several candidates. Ecological studies of the relationship between daily rates of emergency room or hospital admissions or mortality and O 3 

### exposure have utilized a variety of complex exposureresponse models with some metric of daily O 3 

### concentration as the exposure variable. The complexity of the models results from, among other things, the need to control for potentially confounding long-wave patterns in the health outcomes in relationship to other potential confounders, such as other air pollutants, seasonal and meteorological factors, holidays, and day-of-week effects. In various studies, both linear and nonlinear functions have been used to describe the relationship between adjusted health outcome and concentration. In summary, O 3 

### is no exception to the general problems encountered in all studies of environmental epidemiology. No single universal model form has been identified that accurately and precisely describes the relationship between population exposure and response under all circumstances. In general, the ability of a predictive model based on one study to predict responses from an independent study has not been studied adequately. For purposes of prediction or risk estimation, the adequacy of fit of a given model in a given data set and the size and representativeness of the sample should be assessed. Extrapolation beyond the range of observed data introduces additional uncertainty into predictions or risk estimates.

9.3.4.1 Prediction and Summary of Mean Responses A selection of published reports in which models of population or mean responses have been developed is listed below, along with figures summarizing examples of predicted quantitative exposure-response relationships. Reports numbered 5 and 11 are epidemiological studies, and the remainder are experimental studies. Because no currently available single model is sufficient to accurately describe all major scenarios, the key models are presented without weighting. Following this section is a further section that describes models of individual responses within the population. 1. Hazucha (1987) predicts mean FEV 1 

### decrements in humans as a function of C (0.0 to 0.75 ppm O 3 

### ) for four levels of E 

### for 2-h exposures (Figure 9-1).  ̇ V

9-15

### Figure 9-1. Mean predicted changes in forced expiratory volume i n 1 s following 2-h exposures to ozone with increasing levels of intermittent exercise.

Source: Hazucha (1987).



### 2. McDonnell and Smith (1994) predict mean FEV 1 

### decrements in heavily exercising humans as a function of C (0.0 to 0.4 ppm O 3 

### ) and T (1.0 to 6.6 h) (Figure 9-2). 3. Highfill et al. (1992) predict the BAL responses of resting rats and guinea pigs as a function of C (0.0 to 0.8 ppm O 3 

### ) and T (2 to 8 h) (Figure 9-3). 4. Tepper et al. (1994) predict the FVC changes as a function of C (0.0 to 0.8 ppm O 3 

### ) and T (2 to 7 h) for exposures conducted with rats breathing at three times resting E 

### (Figure 9-4).  ̇ V 5. Burnett et al. (1994) predict the frequency of hospital admissions (adjusted for covariates) as a linear function of C (previous day 1-h O 3 

### maximum) for Ontario hospitals (Figure 9-5). Other reports in which models are developed or that contain data potentially useful for further development or testing of models are listed below. 6. Seal et al. (1993) present data that would allow modeling of FEV 1 

### decrements in humans as a function of C (0.0 to 0.4 ppm O 3 

### ) for 2-h exposures with

moderate exercise. 7. Folinsbee et al. (1978) predict lung function changes in humans as a function of C (0.0 to 0.50 ppm O 3 

### ) and E 

### (10 to 65 L/min) for 2-h exposures.  ̇ V

9-16

### Figure 9-2. Predicted mean decrements in forced expiratory volume i n 1 s for 1- and 2-h exposures to ozone with intermittent heavy exercise (A) and 6.6-h exposures with moderate prolonged exercise (B).

Source: McDonnell and Smith (1994).



### Figure 9-3. Derived means of BAL protein (BALP) denoted by symbols and the exponential model shown by lines as time of exposure varies from 2 to 8 h.

Source: Highfill et al. (1992).



### 9-17

### Figure 9-4. Predicted mean forced vital capacity for rats exposed to ozone while undergoing intermittent carbon dioxide-induced hyperpnea.

Source: Tepper et al. (1994).



### Figure 9-5. Average number of adjusted respiratory admissions among all 168 hospitals by decile of the daily 1-h maximum ozone level (ppm), lagged 1 day.

Source: Burnett et al. (1994)



### 9-18

### 8. Adams et al. (1981) predict lung function changes in humans as a function of the product o fC×T× E 

### for C = 0 to 0.4 ppm O 3 

### , T = 30 to 80 min, and  ̇ V

E 

### = 33 or 66 L/min.  ̇ V 9. Rombout et al. (1989) predict the concentration of protein in BAL fluid of rats as a function of C (0.25 to 4.0 mg/m 3 

### O 3 

### ) and T (0 to 12 h) for daytime and nighttime exposures. 10. Highfill and Costa (1995) compare the fits of quadratic, exponential, and sigmoid-shaped models to published human lung function data and

O 3 

### laboratory animal BAL data. 11. Thurston et al. (1994) predict hospital admissions in Toronto as a function of C (previous day 1-h O 3 

### maximum) for Toronto hospitals.

9.3.4.2 Prediction and Summary of Individual Responses It is well known that considerable interindividual differences in the magnitude of response to O 3 

### exposure exist. The individual lung function and, to a lesser extent, respiratory symptom responses to O 3 

### have been demonstrated to be reproducible over a period of time, indicating that some individuals are consistently more responsive than others to O 3 

### . The basis for these differences is not known, with the exception that young adults have been observed to be more responsive than older adults (see Figure 9-6).

Figure 9-6. Predicted mean decrements in forced expiratory volume i n1s( ∆

FEV 1 

### ) following 2-h exposures to ozone while undergoing heavy intermittent exercise for three ages. (Note: To convert ∆ FEV 1 

### to % ∆ FEV 1 

### , multiply by 22.2%.)

Source: McDonnell et al. (1993).



### 9-19

### Calculation of group mean responses for a population that includes both more and less responsive individuals is useful for making inferences regarding the probability that a population effect is present or absent for a given exposure. Because the frequency distribution of individual responses to O 3 

### changes with changing exposure conditions, however, knowledge of the mean and variance of population responses does not provide reliable information on the distribution of individual responses for a given exposure, and, hence, is not particularly useful for estimating risks to members of the population. One method of presenting individual data is illustrated in Figure 9-7 in which histograms are presented for individual responses of subjects participating in four 6.6-h studies of low-level

O 3 

### exposure.

Figure 9-7. The distribution of response for 87 subjects exposed to clean air and at least one of 0.08, 0.10, or 0.12 ppm ozone (O 3 

### ). The O 3 

### exposures lasted 6.6 h, during which time the subjects exercised for 50 min of each hour, with a 35- min rest period at the end of the third hour. Decreases in forced expiratory

volume i n 1 s (FEV 1 

### ) are expressed as percent change from baseline. For example, the bar labeled, "−10" indicates the percent of subjects with a

decrease in FEV 1 

### of >5% but ≤ 10%, and the bar labeled "5" indicates improvement in FEV 1 

### of >0% but ≤ 5%. Each panel of the figure indicates the percentage of subjects at each O 3 

### concentration with a decrease of FEV 1 

### in excess of 10%.

Similarly, the histograms of regression slopes of the lung function-O 3 

### concentration relationship for children participating in a camp study illustrate a large range of variability in response (Figure 9-8). Another method that allows interpolation between observed data points involves definition of the effect of interest (e.g., a 10% decrement in FEV 1 

### ) and modeling of the proportion of individuals who experience such an effect as a function of exposure conditions. Figures 9-9 and 9-10 show the predicted proportion of individuals (humans) experiencing

10% FEV 1 

### decrements and respiratory symptom responses, respectively, as a function of C (0.0 to 0.4 ppm O 3 

### ) for independent studies conducted at either 1 o r 2 h of exposure with heavy exercise.

9-20

### Figure 9-8. Histograms of regression slopes for FEV 1 

### versus 1-h ozone (O 3 

### ) concentration in children attending a summer camp in northwestern New Jersey. The numbers of children in each group are indicated in parentheses; an asterisk identifies the number of children with slopes that were significantly different from zero (p < 0.05). Shading represents the percent of significant (p < 0.05) slopes across the distributions.

Source: Spektor et al. (1988)



### .

9-21

### Figure 9-9. Proportion of heavily exercising individuals predicted to experience a 10% decrement in forced expiratory volume i n 1 s following a 1- or 2-h exposure to

ozone.

Source: U.S. Environmental Protection Agency (1989).



### Figure 9-10. Proportion of heavily exercising individuals predicted to experience mild cough following a 2-h ozone exposure.

Source: U.S. Environmental Protection Agency (1989).



### 9-22

### Predictions of the proportion of individuals experiencing 5, 10, or 15% FEV 1 

### decrements as a function of C (0.0 to 0.12 ppm O 3 

### ), T (1 to 6.6 h), at a specific age (24 years) for exposures with moderate exercise are shown in Figure 9-11.

Figure 9-11. Proportion of moderately exercising individuals exposed to ozone for 6.6 h predicted to experience 5, 10, or 15% decrements in forced expiratory

volume i n 1 s as a function o f C × T for age = 24 years.

Source: McDonnell et al. (1995).



### As an example of differences between the mean and individual responses, it was stated earlier that exposure for 5.6 h to 0.08 ppm O 3 

### was the shortest duration for which a 5%

mean decrement in FEV 1 

### was observed. For those same exposure conditions, 41, 17, and 10% of the subjects studied experienced FEV 1 

### decrements larger than 5, 10, and 15%, respectively. The clinical significance of individual responses to O 3 

### exposure depends on the health status of the individual, the magnitude of the changes in pulmonary function, the severity of respiratory symptoms, and the duration of the response. Tables 9-1 and 9-2 categorize individual functional and symptomatic responses to O 3 

### exposure as normal (or none) and by increasing levels of severity in healthy persons and in persons with impaired respiratory systems, respectively. Pulmonary function responses are represented in these tables by changes in spirometry (e.g., FEV 1 

### ), SR

aw 

### , and nonspecific bronchial responsiveness. Respiratory symptom responses include cough, pain on deep inspiration, and wheeze. The changes in spirometry that have been focused on most frequently are O 3 

### -induced decrements

in FEV 1 

### because they are easily quantified, have a continuous distribution, and have been used to provide most of the exposure-response relationships described in this section. The combined impact of both functional and symptomatic

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### Table 9-1. Gradation of Individual Responses to Short-Term Ozone Exposure in Healthy Persons a

Functional Response None Small Moderate Large

FEV 1 Within normal range (±3%) Decrements of 3%

to ≤ 10% Decrements of

>10% but <20% Decrements of

≥ 20%

Nonspecific bronchial responsiveness b Within normal

range Increases of <100% Increases of

≤ 300% Increases of >300%

Duration of

response None <4 hours >4 hours but

≤ 24 hours >24 hours

Symptomatic Response Normal Mild Moderate Severe

Cough Infrequent cough Cough with deep

breath Frequent spontaneous cough Persistent

uncontrollable cough

Chest pain None Discomfort just

noticeable on exercise or deep

breath Marked discomfort on exercise or deep

breath Severe discomfort on exercise or deep

breath

Duration of response None <4 hours >4 hours but

≤ 24 hours >24 hours

Impact of Responses Normal Normal Mild Moderate

Interference with normal activity None None A few sensitive

individuals choose to limit activity Many sensitive

individuals choose to limit activity

a See text for discussion; see Appendix A for abbreviations and acronyms.

b An increase in nonspecific bronchial responsiveness of 100% is equivalent to a 50% decrease in PD 20 or PD 100 (see Chapter 7, Section 7.2.3).



### responses to O 3 

### exposure generally is displayed as an interference with normal activity or a change in medical treatment (see Tables 9-1 and 9-2). In healthy individuals, the importance attached to individual changes in FEV 1 

### and nonspecific bronchial responsiveness depends, in part, on the magnitude and persistence of the response, but it is also important to consider the circumstances in which changes in lung function occur with other responses. For example, a 20% decrement in FEV 1 

### or a 100 to

200% increase in SR

aw 

### that is induced as a result of a nonspecific bronchial responsiveness test and one that is almost completely reversible within an hour is associated with little, if any, airway epithelial damage. If, in addition, there are no respiratory symptoms (except chest discomfort), then this response, in itself, would not be considered clinically significant.
On the other hand, a smaller decrement in FEV 1 

### of 15%, accompanied by marked pain on deep inspiration and persistent cough that is reversed in approximately 24 h, may be considered clinically significant in some individuals. In other words, it is important to

9-24

### Table 9-2. Gradation of Individual Responses to Short-Term Ozone Exposure in Persons with Impaired Respiratory Systems a

Functional Response None Small Moderate Large

FEV 1 change Decrements of

<3% Decrements of 3 to

≤ 10% Decrements of

>10% but <20% Decrements of

≥ 20%

Nonspecific bronchial responsiveness b Within normal

range Increases of <100% Increases of

≤ 300% Increases of

>300%

Airway resistance
(SR

aw ) Within normal range (±20%) SR

aw increased

<100% SR

aw increased up to 200% or up to

15 cm H 2 O/s SR

aw increased

>200% or more

than 15 cm H 2 O/s

Duration of response None <4 hours >4 hours but ≤ 24

hours >24 hours

Symptomatic Response Normal Mild Moderate Severe

Wheeze None With otherwise normal breathing With shortness of

breath Persistent with

shortness of

breath

Cough Infrequent cough Cough with deep

breath Frequent

spontaneous cough Persistent

uncontrollable cough

Chest pain None Discomfort just

noticeable on exercise or deep

breath Marked

discomfort on exercise or deep

breath Severe discomfort

on exercise or deep breath

Duration of response None <4 hours >4 hours, but

≤ 24 hours >24 hours

Impact of Responses Normal Mild Moderate Severe

Interference with normal activity None Few individuals

choose to limit activity Many individuals

choose to limit activity Most individuals

choose to limit activity

Medical treatment No change Normal medication

as needed Increased frequency of

medication use or

additional

medication Physician or

emergency room
visit

a See text for discussion; see Appendix A for abbreviations and acronyms.

b An increase in nonspecific bronchial responsiveness of 100% is equivalent to a 50% decrease in PD 20 or PD 100 (see Chapter 7, Section 7.2.3).



### 9-25

### consider the pattern of responses and not simply to focus on a single marker of the effect

of O 3 

### . The magnitude of individual changes can become more important in persons with impaired respiratory systems (e.g., asthmatics) who already have reduced baseline lung function. Any change in function that causes these individuals to drop below 40 to 50% of predicted would be considered clinically adverse. For example, O 3 

### -induced changes in SR

aw 

### , a measure of airway narrowing, are small and of minimal clinical significance in nonasthmatic individuals. Asthmatics, however, often have baseline airway narrowing and experience larger changes in SR

aw 

### on exposure to O 3 

### than do nonasthmatics. Because of these baseline differences, the clinical significance of increases in SR

aw 

### depends both on percent change from baseline and on absolute increases in SR

aw 

### .



# 9.4 Effects of Long-Term Ozone Exposures

In both humans and test animals, the response to a single O 3 

### exposure nominally can be characterized by lung dysfunction, lung cell injury and inflammation, and leakage of plasma proteins into the airspace lumen. However, when such an exposure is repeated for several consecutive days, many of these effects appear to wane, suggesting attenuation or the development of tolerance to the continued intermittent challenge. In spite of this apparent state of attenuation, long-term O 3 

### exposures have been linked to subtle pulmonary effects, some of which have irreversible components, thereby enhancing concern about chronic effects. The following section will provide an overview attempting to synthesize the current understanding of the phenomenon of attenuation during brief, repeated exposures and the evidence for potential health impairments resulting from protracted exposures to this oxidant.



## 9.4.1 Repeated Exposures
It is well established that a brief exposure of laboratory rodents to an

O 3 

### concentration, which causes minimal effects, will protect the animals from a subsequent lethal challenge of O 3 

### a week later. This phenomenon, called tolerance, bears a similarity to the pattern of attenuated nonlethal effects (sometimes referred to as "adaptation") observed in both human volunteers and animals when exposed to episodic levels of O 3 

### ( ≤ 0.5 ppm) for 1 to 7 h/day over a succession of 5 or more days. Generally, over a 5-day exposure period, the effects of Day 1 are accentuated on Day 2 and diminish thereafter. Attenuation of the functional effects include spirometric deficits and associated symptoms as well as irritative alterations of breathing; nonspecific airway responsiveness, however, does not revert to normal levels. Measures of tissue effects that attenuate include inflammation and impaired phagocytic capabilities of alveolar macrophages. However, some evidence from animal studies suggests that tissue alterations persist, although the observed changes may be part of a transition to a chronically affected stage of the lung. Thus, in general, cell-associated indicators of injury or damage within the lung appear to diminish in spite of the continued

O 3 

### exposure. A number of mechanisms have been shown to be involved in the evolution of this "adapted" state. These mechanisms range from the replacement of sensitive cells in the alveolar lining (epithelium) by more resistant cells (with or without a thickened fluid barrier on the lumenal surface) to the enhancement of antioxidant metabolism providing cell resistance and more biochemical defenses at the lung surface. However, controlled human

9-26

### studies show that after a 1-week period without O 3 

### exposure, subjects regain their spirometric responsiveness to O 3 

### challenge, although this abrupt transition between unresponsiveness and responsiveness appears less distinct in field-related studies. For example, studies of Southern Californians suggest that they are significantly less responsive to the spirometric effects of an acute episodic-like controlled challenge with O 3 

### when studied for a period after the "high" O 3 

### season than after the relatively "low" O 3 

### season. Likewise, there is some evidence that O 3 

### - exposed urban populations are also somewhat more resistant to the oxidant than populations that receive minimal exposure. This would appear to be in conflict with hospital admissions data suggesting the aggravation of respiratory diseases, like asthma, within such populations. It remains to be shown whether these latter data reflect the responsiveness of a sensitive subpopulation, perhaps less adapted or having less reserve function.



## 9.4.2 Prolonged Exposures
Most long-term exposure studies in animals have evaluated structural and functional changes. In the few investigations of the immune system or antibacterial host defenses, prolonged exposures of animals either caused no effects or did not increase the magnitude of effects observed after acute exposures. Thus, the following discussion centers on the larger body of knowledge on other endpoints. Epidemiologic studies attempting to associate chronic lung effects in humans with long-term O 3 

### exposure provide only suggestive evidence that such a linkage exists. Most studies have been cross-sectional in design and have been compromised by incomplete control of confounding variables and inadequate exposure information. Other studies have attempted to follow variably exposed groups prospectively. Studies of such design have been conducted in communities of the Southwest Air Basin as well as in Canada where comparisons could bedrawn between lung function changes over several years in populations from high- or lowoxidant pollution. The findings suggest small, but consistent decrements in lung function among inhabitants of the more highly polluted communities. However, associations between

O 3 

### and other copollutants and, in some cases, problems with study population loss undermine the confidence in the study conclusions. Likewise, recent associations found between O 3 

### andthe incidence and severity of asthma over a decade of study, although derived from welldesigned studies, also tend to be weakened by the colinearity of O 3 

### with other air pollutants. Nevertheless, in all of the studies assessing lung function, the pattern of dysfunction associated with the long-term exposure has been consistent with the functional and structural abnormalities seen in laboratory animal studies. The advantage of laboratory animal studies is the ability to examine closely the distribution and intensity of the O 3 

### -induced morphologic changes that have been identified throughout the respiratory tract (see Chapter 6, Section 6.2.4). Indeed, cells of the nose, like the distal lung, clearly are affected by O 3 

### . Perhaps of greater health concern are the lesions that occur in the small airways and in the centriacinar regions of the lung where the alveoli meet the distal airways (Figure 9-12). Altered function of the distal airways, the proximal conduits of air to the gas-exchange regions, can result in reduced communication of fresh air with the alveoli and air-trapping. In fact, chronic O 3 

### lesions as found in animal studies are reminiscent of the earliest lesions found in respiratory bronchiolitis, some of which may progress to fibrotic lung disease (Kuhn et al., 1989; King, 1993).

9-27

### Figure 9-12. A summary of the morphologic lesions found in the terminal bronchioles and centriacinar region (CAR) of the lung following exposure of laboratory rats to filtered air or a simulated ambient pattern of ozone for up to 78 weeks. In the terminal bronchiole, the sizes of the dome of Clara cells became smaller with ozone exposure, and the number of cilia is reduced (arrows). In the CAR, the epithelium becomes thicker, and accumulation of collagen fibers occurs (arrow heads).

Source: Chang et al. (1992).



### 9-28

### The O 3 

### -induced inflammation, cell damage, and altered permeability of epithelial cells lining the respiratory tract allow exudation of fluid, cells, and cellular debris from plasma into lung tissue. The magnitude of intraluminal exudation associated with injury correlates with the initial epithelial necrosis and release of inflammatory mediators. As shown in Figure 9-13, the temporal pattern of effects during and after a chronic exposure is complex. During the early days of exposure, the end-airway lumenal and interstitial inflammation peaks, and, thereafter, appears to subside at a lower plateau of activity sometimes referred to as a "smoldering" lesion. Several cytokines remain elevated beyond the apparent adaptation phase of the response and may be linked conceptually to the developmentof chronic lesions in the distal lung. To date, however, a clear association of these BALderived mediators and cells with long-term toxicity has not been demonstrated. Some evidence of molecular changes within the matrix of the lung may also link to the chronic effects, but these too remain poorly defined. When exposures to O 3 

### continue for weeks or
months, the diminished O 3 

### -induced exudative response in the distal bronchoalveolar areas is supplanted by hyperplastic epithelia in the alveoli and end-airways. Damaged cells in centriacinar alveoli are replaced by metabolically active progenitor cells that are more resistant to oxidant challenge. Junctional areas between conducting and gas-exchange regions,

where the O 3 

### changes are typically most intense, also undergo epithelial hyperplasia, giving the appearance that airway cells are extending into the mouth of the alveolus, hence the term "bronchiolization". The functional result of this concentration-dependent process is the effective elongation of distal bronchioles, which functionally may alter air distribution within the lung during breathing. These hyperplastic cells also are believed to be more resistant to

O 3 

### . When exposure to O 3 

### ceases, most, but not all, of the hyperplasia appears to reverse with

time. In contrast, within the underlying interstitium (tissue between blood and air spaces) of the affected centriacinar region, proliferating fibroblasts appear to evolve excess noncellular fibrous matrices, which may be only partially reversible and may, in fact, progress

after removal from O 3 

### exposure. This would suggest that O 3 

### can initiate focal interstitial fibrosis of the lung at the regions where O 3 

### causes epithelial cell damage as a prelude to chronic degenerative lung disease. The crucial question, then, is whether this latter irreversible process, which clearly occurs at relatively high O 3 

### concentrations, occurs at ambient levels to which humans are typically exposed, in many cases, over a lifetime. Unfortunately, comparable morphologic data from humans residing in O 3 

### -polluted areas are lacking. Studies of prolonged O 3 

### exposures in monkeys and rats reveal generally similar morphologic responses, although it appears that the monkey exhibits somewhat more tissue injury than does the rat under roughly similar exposure conditions. Interspecies comparisons of dosimetric data indicate that the monkey, with its similarity to the human in distal airway structure, provides data that may best reflect the potential effects of O 3 

### in humans exercising out of doors. As such, monkeys exposed to O 3 

### at 0.15 ppm fo r 8 h each day for 6 to 90 days exhibit significant distal airway remodeling. Rats show similar but more modest changes at 0.25 ppm O 3 

### after exposures of longer duration, up to 18 mo and beyond (near-lifetime). The chronic distal lung and airway alterations appear consistent with incipient peribronchiolar fibrogenesis within the interstitium. Attempts to correlate functional deficits have been variable, perhaps due in part to the degree and distribution of the lesions and the general insensitivity of most measures of the distal lung function. The interstitial changes may progress, however. Moreover, one recent primate study revealed evidence that

9-29

### Figure 9-13. Schematic comparison of the duration-response profiles for epithelial hyperplasia, bronchoalveolar exudation, and interstitial fibrosis in the centriacinar region of lung exposed to a constant low concentration of ozone.

Source: Dungworth (1989).



### intermittent challenge with a pattern of O 3 

### exposure more reflective of seasonal episodes, with extended periods of clean air in between extended periods of O 3 

### , actually leads to greater injury. The reasons for this are unclear, but may relate to the known loss of tolerance that occurs in both humans and animal test species with removal of the oxidant burden. In conclusion, the collective toxicologic data on chronic exposure to O 3 

### garnered in animal exposure and human population studies have some ambiguities. What is clear is that

the distribution of the O 3 

### lesions is roughly similar across species, is, in part, concentration dependent (and perhaps time or exposure-pattern dependent), and, under certain conditions, has irreversible structural attributes. What is unclear is whether ambient exposure scenarios encountered by humans result in similar lesions and whether there are resultant functional or impaired health outcomes, particularly because the human exposure scenario may involve much longer exposures than can be studied in the laboratory. The epidemiologic lung function data generally parallel those of the animal studies, but they lack the confidence of

O 3 

### exposure history and are frequently confounded by personal or copollutant variables.

9-30

## 9.4.3 Genotoxicity and Carcinogenicity of Ozone
Numerous in vitro exposure studies suggest that O 3 

### has either weak or no potential to cause mutagenic, cytogenetic, or cellular transformation effects. Most of these experiments utilized high concentrations of O 3 

### (>5.0 ppm). Because of the exposure systems used, there

are unknowns about the formation of artifacts and the dose of O 3 

### . Therefore, these studies are not very useful in health assessment. Cytogenetic effects have been observed in some, but not all, laboratory animal and human studies of short-term O 3 

### exposure. However, welldesigned human clinical cytogenetic studies were negative. Until recently, in vivo exposure studies of carcinogenicity, with and without co-exposure to known carcinogens, were either negative or ambiguous. A well-designed cancer bioassay study has recently been completed by the National Toxicology Program (NTP) using male and female Fischer 344/N rats and B6C3F 1 

### mice. Animals were exposed for 2 years to 0.12, 0.5, and 1.0 ppm O 3 

### (6 h/day, 5 days/week). A similar lifetime exposure was conducted, but 0.12 ppm was not used. The NTP evaluated the weight-of-evidence for this study; they found "no evidence" of carcinogenicity in rats but reported "equivocal evidence" of carcinogenicity in O 3 

### -exposed male mice and "some evidence" of carcinogenic activity in O 3 

### -exposed female mice. The increases in adenomas and carcinomas were observed only in the lungs. There was no concentration response. In the male mice, the incidence of neoplasms in the 2-year study was not elevated significantly by O 3 

### and was within the range of historical controls. The lifetime exposure resulted in an increased incidence of carcinomas that was not statistically significant. When the female mouse data from the two exposure regimens (at 1.0 ppm) were combined, there was a statistically significant increase (almost double) in neoplasms. In a companion study, male rats were treated with a tobacco carcinogen and exposed for 2 years to 0.5 ppm O 3 

### . Ozone did not affect the response and, therefore, had no tumor promoting activity. In summary, only chronic exposure to a high concentration of O 3 

### (1.0 ppm) has been shown to evoke a limited degree of carcinogenic activity in the females of one strain of mice. Rats were not affected. Furthermore, there was no concentration response, and there is inadequate information from other research to provide mechanistic support for the finding in mice. Thus, the potential for animal carcinogenicity is uncertain.



# 9.5 Effects of Combined Pollutant Exposures

In ambient air, people are exposed to mixtures of pollutants, making it important to understand interactions. Epidemiological studies, which inherently evaluate O 3 

### as part of complex mixtures, are discussed in other subsections dealing with classes of effects. In the laboratory it becomes possible to sort out the role of O 3 

### in simple mixtures. Complex mixtures are typically not investigated in the laboratory because, even if only six pollutants were involved, the experimental design required to unequivocally sort out which pollutant or pollutant interactions were responsible for the responses or portions of the responses could require as many as 719 additional separate experiments, even if the concentrations of the six pollutants remained the same. The summary will focus only on binary mixtures because these are by far the predominant type of experiments. Responses to a binary pollutant mixture may represent the sum of the independent responses to the two chemicals (i.e., an additive response). If there is some interaction between either the two responses or the two pollutants, the resultant response

9-31

### could be larger than additive (synergism) or smaller than additive (antagonism). Interaction between pollutants could result in the production of a more or less toxic byproduct. Alternatively, the response to one pollutant could magnify the response to the other pollutant or could interfere with or block the action of the other pollutant. Binary mixture studies fall into two categories, simultaneous and sequential exposures. In the simultaneous exposures, both the responses and the pollutants can interact. In the sequential exposures, it is primarily the responses that would interact. In general, controlled human studies of O 3 

### mixed with other pollutants show no more than an additive response with symptoms or spirometry as an endpoint. This applies to

O 3 

### in combination with nitrogen dioxide (NO 2 

### ), SO 2 

### , sulfuric acid (H 2 

### SO 4 

### ), nitric acid (HNO 3 

### ), or carbon monoxide (CO). Indeed, at the levels of copollutants used in human exposure studies, the responses can be attributed primarily to O 3 

### . In one study, exposure to

O 3 

### increased airway responsiveness to SO 2 

### in asthmatics. Similarly, other pollutants that may increase airway responsiveness could augment the effect of O 3 

### on airway responsiveness. The relatively large number of animal studies of O 3 

### in mixture with NO 2 

### and

H 2 

### SO 4 

### shows that additivity, synergism, and antagonism can result, depending on the exposure regimen and the endpoint studied. The numerous observations of synergism are of concern, but the interpretation of most of these studies relative to the real world is confounded by unrealistic exposure designs. For example, ambient concentrations of O 3 

### often were combined with levels of copollutants substantially higher than ambient, creating the possibility that mechanisms of toxicity unlikely in the real world contributed to the experimental outcome. Nevertheless, the data support a hypothesis that coexposure to pollutants, each at innocuous or low-effect levels, may result in effects of significance.



# 9.6 Conclusions

This section summarizes the primary conclusions derived from an integration of

the known effects of O 3 

### provided by animal toxicological, human clinical, and epidemiological studies.

1. What are the effects of short-term (<8-h) exposures to ozone? Recent epidemiology studies addressing the effects of short-term ambient exposure

to O 3 

### in the population have yielded significant associations with a wide range of health outcomes, including lung function decrements, aggravation of preexisting respiratory disease, increases in daily hospital admissions and emergency department visits for respiratory causes, and increased mortality. Results from lung function epidemiology studies are generally consistent with the experimental studies in laboratory animals and humans.

Short-term O 3 

### exposure of laboratory animals and humans causes changes in pulmonary function, including tachypnea (rapid, shallow breathing), decreased lung volumes and flows, and increased airway responsiveness to nonspecific stimuli. Increased airway resistance occurs in both humans and laboratory animals, but typically at higher exposure levels than other functional endpoints. In addition, adult human subjects experience

O 3 

### induced symptoms of airway irritation such as cough or pain on deep inspiration. The changes in pulmonary function and respiratory symptoms occur as a function of exposure concentration, duration, and level of exercise. Adult human subjects with mild asthma have qualitatively similar responses in lung volume and airway responsiveness to

9-32

### bronchoconstrictor drugs as nonasthmatics. Respiratory symptoms are also similar, but wheezing is a prevalent symptom in O 3 

### -exposed asthmatics in addition to the other demonstrated symptoms of airway irritation. Airway resistance, however, increases relatively more in asthmatics from an already higher baseline. Recovery from the effects of O 3 

### on pulmonary function and symptoms is usually complete within 24 h of the end of exposure, although other responses may persist somewhat longer. · An association between daily mortality and O 3 

### concentration for areas with high

O 3 

### levels (e.g., Los Angeles) has been suggested, although the magnitude of

such an effect is unclear.

· Increased O 3 

### levels are associated with increased hospital admissions and emergency department visits for respiratory causes. Analyses from data in the Northeastern United States suggest that O 3 

### air pollution is associated with a substantial portion (on the order of 10 to 20%) of all summertime respiratory hospital visits and admissions. · Pulmonary function in children at summer camps in southern Ontario, Canada,
in the northeastern United States, and in Southern California is associated with

O 3 

### concentration. Meta-analysis indicates that a 0.50-mL decrease in FEV 1 

### is

associated wit h a 1 ppb increase in O 3 

### concentration. For preadolescent children exposed to 120 ppb (0.12 ppm) ambient O 3 

### , this amounts to an average

decrement of 2.4 to 3.0% in FEV 1 

### . Similar responses are reported for children and adolescents exposed to O 3 

### in ambient air or O 3 

### in purified air for 1 to 2 h while exercising. · Pulmonary function decrements are generally observed in healthy subjects (8 to 45 years of age) after 1 t o 3 h of exposure as a function of the level of exercise performed and the O 3 

### concentration inhaled during the exposure. Group mean data from numerous controlled human exposure and field studies indicate that, in general, statistically significant pulmonary function decrements beyond the range of normal measurement variability (e.g., 3 to 5% for FEV 1 

### ) occur (1) at >0.50 ppm O 3 

### when at rest, (2) at >0.37 ppm O 3 

### with light exercise (slow walking), (3) at >0.30 ppm O 3 

### with moderate exercise (brisk walking), (4) at >0.18 ppm O 3 

### with heavy exercise (easy jogging), and (5) at >0.16 ppm O 3 

### with very heavy exercise (running). Smaller group mean changes (e.g., <5%) in FEV 1 

### have been observed at lower

O 3 

### concentrations than those listed above. For example, FEV 1 

### decrements have been shown to occur with very heavy exercise in healthy adults at 0.15 to 0.16 ppm O 3 

### , and such effects may occur in healthy young adults at levels as low as 0.12 ppm. Also, pulmonary function decrements have been observed in children and adolescents at concentrations of 0.12 and 0.14 ppm O 3 

### with heavy exercise. Some individuals within a study may experience FEV 1 

### decrements in excess of 15% under these exposure conditions, even when the group mean

decrement is less than 5%. · For exposures of healthy subjects performing moderate exercise during longer duration exposures (6 to 8 h), 5% group mean decrements in FEV 1 

### were observed at (1) 0.08 ppm O 3 

### after 5.6 h, (2) 0.10 ppm O 3 

### after 4.6 h, and

9-33

### (3) 0.12 ppm O 3 

### after 3 h. For these same subjects, 10% group mean FEV 1 

### decrements were observed at 0.12 ppm O 3 

### after 5.6 and 6.6 h. As in the shorter duration studies, some individuals experience changes larger than those represented by the group mean changes. · An increase in the incidence of cough has been reported at O 3 

### concentrations as low as 0.12 ppm in healthy adults during 1 t o 3 h of exposure with very heavy exercise. Other respiratory symptoms, such as pain on deep inspiration, shortness of breath, and lower respiratory scores (a combination of several symptoms), have been observed at 0.16 to 0.18 ppm O 3 

### with heavy and very heavy exercise. Respiratory symptoms also have been observed following exposure to 0.08, 0.10, and 0.12 ppm O 3 

### for 6.6 h with moderate levels of

exercise. · Increases in nonspecific airway responsiveness in healthy adults have been

observed after 1 t o 3 h of exposure to 0.40 ppm, but not 0.20 ppm, O 3 

### at rest and have been observed at concentrations as low as 0.18 ppm, but not to 0.12 ppm, O 3 

### during exposure with very heavy exercise. Increases in nonspecific airway responsiveness during 6.6-h exposures with moderate levels of exercise have been observed at 0.08, 0.10, and 0.12 ppm O 3 

### . Short-term O 3 

### exposure of laboratory animals and humans disrupts the barrier function of the lung epithelium, permitting materials in the airspaces to enter lung tissue, allowing cells and serum proteins to enter the airspaces (inflammation), and setting off a cascade of responses. · Increased levels of PMNs and protein in lung lavage fluid have been observed following exposure of healthy adults to 0.20, 0.30, and 0.40 ppm with very heavy exercise and have not been studied at lower concentrations for 1- to 3-h exposures. Increases in lung lavage protein and PMNs also have been observed at 0.08 and 0.10 ppm O 3 

### during 6.6-h exposures with moderate exercise; lower

concentrations have not been tested.

Short-term O 3 

### exposure of laboratory animals and humans impairs alveolar macrophage clearance of viable and nonviable particles from the lungs and decreases the effectiveness of host defenses against bacterial lung infections in animals and perhaps humans. The ability of alveolar macrophages to engulf microorganisms is decreased in humans exposed to 0.08 and 0.10 ppm O 3 

### for 6.6 h with moderate exercise.

2. What are the effects of repeated, short-term exposures to ozone? During repeated short-term exposures, some of the O 3 

### -induced responses are partially or completely attenuated. Over a 5-day exposure, pulmonary function changes are typically greatest on the second day, but return to control levels by the fifth day of exposure. Most of the inflammatory markers (e.g., PMN influx) also attenuate by the fifth day of exposure, but markers of cell damage (e.g., lactate dehydrogenase enzyme activity) do not attenuate and continue to increase. Attenuation of lung function decrements is reversed following 7 to 10 days without O 3 

### . Some inflammatory markers are also reversed during this time period, but others still show attenuation even after 20 days without O 3 

### . The mechanisms and impacts involved in attenuation are not known, although animal studies show that the underlying cell damage continues throughout the attenuation process. In addition, attenuation may alter the normal distribution of O 3 

### within the lung, allowing more O 3 

### to reach sensitive

9-34

### regions, possibly affecting normal lung defenses (e.g., PMN influx in response to inhaled microorganisms).

3. What are the effects of long-term exposures to ozone? Available data indicate that exposure to O 3 

### for months and years causes structural changes in several regions of the respiratory tract, but effects may be of the greatest importance in the centriacinar regions (where the alveoli and conducting airways meet); this region typically is affected in most chronic airway diseases of the human lung. This

information on O 3 

### effects in the distal lung is extrapolated from animal toxicological studies because, to date, comparable data are not available from humans. The apparent lack of reversal of effects during periods of clean air exposure raises concern that seasonal exposures may have a cumulative impact over many years. The role of adaptive processes in this response is unknown but may be critically dependent on the temporal frequency or profile of exposure. Furthermore, the interspecies diversity in apparent sensitivity to the chronic effects

of O 3 

### is notable, with the rat representing the lower limit of response, and the monkey the upper limit. Epidemiological studies attempting to associate chronic health effects in humans with long-term O 3 

### exposure provide only suggestive evidence that such a linkage exists. Long-term exposure in the females of one strain of mice to high O 3 

### levels (1 ppm) caused a small, but statistically significant increase in lung tumors. There was no concentration-response relationship, and rats were not affected. Genotoxicity data are either negative or weak. Given the nature of the database, potential carcinogenicity in animals is uncertain. Ozone did not show tumor-promoting activity in a chronic rat study (at 0.5 ppm

O 3 

### ).

4. What are the effects of binary pollutant mixtures containing ozone? Combined data from laboratory animal and controlled human exposure studies of

O 3 

### support the hypothesis that coexposure to pollutants, each at low-effect levels, may result in effects of significance. The data from human studies of O 3 

### in combination with NO 2 

### , SO 2 

### , H 2 

### SO 4 

### , HNO 3 

### , or CO show no more than an additive response on lung spirometry or respiratory symptoms. The larger number of laboratory animal studies with O 3 

### in mixture

with NO 2 

### and H 2 

### SO 4 

### show that effects can be additive, synergistic, or even antagonistic, depending on the exposure regimen and the endpoint studied. This issue of exposure to copollutants remains poorly understood, especially with regard to potential chronic effects.

5. What population groups are at risk as a result of exposure to ozone? Identification of population groups that may show increased sensitivity to O 3 

### is based on their (1) biological responses to O 3 

### , (2) preexisting lung disease (e.g., asthma), (3) activity patterns, (4) personal exposure history, and (5) personal factors (e.g., age, nutritional status). The predominant information on the health effects of O 3 

### noted above comes from clinical and field studies on healthy, nonsmoking, exercising subjects, 8 to 45 years of age. These studies demonstrate that, among this group, there is a large variation in sensitivity and responsiveness to O 3 

### , with at least a 10-fold difference between the most and least responsive individuals. Individual sensitivity to O 3 

### also may vary throughout the year, related to

seasonal variations in ambient O 3 

### exposure. The specific factors that contribute to this large intersubject variability, however, remain undefined. Although differences may be due to the

9-35

### dosimetry of O 3 

### in the respiratory tract, available data show little difference on O 3 

### deposition in the lungs for inhalation through the nose or mouth. Daily life studies reporting an exacerbation of asthma and decrease in peak expiratory flow rates, particularly in asthmatic children, appear to support the controlled studies; however, those studies may be confounded by temperature, particle or aeroallergen exposure, and asthma severity of the subjects or their medication use. In addition, field studies of summertime daily hospital admissions for respiratory causes show a consistent relationship between asthma and ambient levels of O 3 

### in various locations in the Northeastern United States, even after controlling for independent contributing factors. Controlled studies on mild asthmatics suggest that they have similar lung volume responses but greater airway resistance changes to O 3 

### than nonasthmatics. Furthermore, limited data from studies of moderate asthmatics suggest that this group may have greater lung volume responses than

nonasthmatics. Other population groups with preexisting limitations in pulmonary function and exercise capacity (e.g., chronic obstructive pulmonary disease, chronic bronchitis, ischemic heart disease) would be of primary concern in evaluating the health effects of O 3 

### . Unfortunately, not enough is known about the responses of these individuals to make definitive conclusions regarding their relative responsiveness to O 3 

### . Indeed, functional effects in these individuals with reduced lung function may have greater clinical significance than comparable changes in healthy individuals. Currently available data on personal factors or personal exposure history known or suspected of influencing responses to O 3 

### follow. · Human studies have identified a decrease in pulmonary function responsiveness

to O 3 

### with increasing age, although symptom rates remain similar. Toxicological studies are not easily interpreted but suggest that young animals are not more responsive than adults. · Available toxicological and human data have not conclusively demonstrated that males and females respond differently to O 3 

### . If gender differences exist for lung function responsiveness to O 3 

### , they are not based on differences in baseline pulmonary function. · Data are not adequate to determine whether any ethnic or racial group has a different distribution of responsiveness to O 3 

### . In particular, the responses of nonwhite asthmatics have not been investigated.

· Information derived from O 3 

### exposure of smokers is limited. The general trend is that smokers are less responsive than nonsmokers. This reduced responsiveness may wane after smoking cessation. · Although nutritional status (e.g., vitamin E deficiency) makes laboratory rats more susceptible to O 3 

### -induced effects, it is not clear if vitamin E supplementation has an effect in human populations. Such supplementation has

no or minimal effects in animals. The role of such antioxidant vitamins in

O 3 

### responsiveness, especially their deficiency, has not been well studied. Based on information presented in this document, the population groups that have demonstrated increased responsiveness to ambient concentrations of O 3 

### consist of exercising, healthy and asthmatic individuals, including children, adolescents, and adults.

9-36

## References

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### 9-37Kuhn, C., III; Boldt, J.; King, T. E., Jr.; Crouch, E.; Vartio, T.; McDonald, J. A. (1989) An immunohistochemical study of architectural remodeling and connective tissue synthesis in pulmonary fibrosis. Am. Rev. Respir. Dis. 140: 1693-1703.

Kulle, T. J.; Sauder, L. R.; Hebel, J. R.; Chatham, M. D. (1985) Ozone response relationships in healthy nonsmokers. Am. Rev. Respir. Dis. 132: 36-41.

McDonnell, W. F.; Smith, M. V. (1994) Description of acute ozone response as a function of exposure rate and total inhaled dose. J. Appl. Physiol. 76: 2776-2784.

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McDonnell, W. F., III; Chapman, R. S.; Leigh, M. W.; Strope, G. L.; Collier, A. M. (1985) Respiratory responses of vigorously exercising children to 0.12 ppm ozone exposure. Am. Rev. Respir.

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McDonnell, W. F.; Muller, K. E.; Bromberg, P. A.; Shy, C. M. (1993) Predictors of individual differences in acute response to ozone exposure. Am. Rev. Respir. Dis. 147: 818-825.

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Schwartz, J.; Gold, D.; Dockery, D. W.; Weiss, S. T.; Speizer, F. E. (1990) Predictors of asthma and persistent wheeze in a national sample of children in the United States: association with social class, perinatal events, and race. Am. Rev. Respir. Dis. 142: 555-562.

Seal, E., Jr.; McDonnell, W. F.; House, D. E.; Salaam, S. A.; Dewitt, P. J.; Butler, S. O.; Green, J.; Raggio, L.(1993) The pulmonary response of white and black adults to six concentrations of ozone. Am. Rev. Respir. Dis. 147: 804-810.

Sly, M. D. (1988) Mortality from asthma in children 1979-1984. Ann. Allergy 60: 433-443.

Smith, D. L.; Deshazo, R. D. (1993) Bronchoalveolar lavage in asthma: an update and perspective. Am. Rev. Respir. Dis. 148: 523-532.

Spektor, D. M.; Lippmann, M.; Lioy, P. J.; Thurston, G. D.; Citak, K.; James, D. J.; Bock, N.; Speizer, F. E.; Hayes, C. (1988) Effects of ambient ozone on respiratory function in active, normal children. Am. Rev. Respir. Dis. 137: 313-320.

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### 9-38Tepper, J. S.; Costa, D. L.; Doerfler, D.; Lehmann, J. R.; Stevens, M. A.; Madden, M. C. (1994) The relative contribution of concentration and duration to ozone (O3)-induced lung injury. Fundam. Appl.

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### 9-39

### # 

# Appendix A

Abbreviations and Acronyms

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