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-2863(9'8-32{+IRIVEP6IJIVXS-737IGXMSR

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{4VSGIWWETTVSEGL6IJIVXS-737IGXMSR

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

6 %'-'311-88))6)4368

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{6IPEXMSRWLMT[MXL-736IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR8LIIHMXMSRWSJ-73ERHLEZIEGSQQSRWXVYGXYVIERHRYQFIVMRKW]WXIQ[LMGLWMQTPMJMIWYWMRKXLI7XERHEVH[MXLXLIVIGSQQIRHEXMSRWSJ-73-73MWRSXEKYMHIXS-73

{'SQTEXMFMPMX][MXLSXLIVQEREKIQIRXW]WXIQW6IJIVXS-737IGXMSR

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59%0-8=1%2%+)1)287=78)17{6)59-6)1)287

7)'8-32{7'34){+IRIVEP6IJIVXS-737IGXMSR

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{%TTPMGEXMSR6IJIVXS-737IGXMSR

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7)'8-32{2361%8-:)78%2(%6(6)*)6)2')

6IJIVXS-737IGXMSR

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7)'8-32{8)617%2(()*-2-8-3276IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR8LI XIVQW YWIH MR -73 EVI WIX SYX MR -73;MXLXLIVIZMWMSRSJXLI7XERHEVHXLIXIVQWEVI RS[ MR PMRI [MXL GSQQSR %QIVMGER )RKPMWL XIVQW'SRGVIXI GSRXVEGXSVW EVI IRGSYVEKIH XS FIGSQI JEQMPMEV[MXL XLI HIJMRMXMSRW GSRXEMRIH MR w%'- 'SRGVIXI 8IVQMRSPSK]x%QIVMGER'SRGVIXI-RWXMXYXI2SXIXLEX XLIXIVQwUYEPMX] EWWYVERGIx EW HIJMRIH F] -73 ETTPMIW XS XLIEGXMZMXMIWSJXLITVSHYGIVSVGSRXVEGXSVEW[IPPEWXLIS[RIV-XMWRSXIHXLEXXLI%'-;IFWMXITVIWIRXP]GEVVMIWXLIw%'-'SRGVIXI8IVQMRSPSK]xTYFPMGEXMSR[LMGLGERTVSZMHIHIJMRMXMSRWSJXIVQWEWXLI]EVIGSQQSRP]YWIHMRXLIMRHYWXV]

8IVQWYWIHYRHIVHMWGYWWMSRWIGXMSRW2SXIXLEX-73HSIWRSXMQTSWIXIVQWSRXLIYWIVSXLIVXLERXLSWIMRHMGEXIHMR-73)ZIRXLIREQISVXMXPISJER SVKERM^EXMSRvW UYEPMX] W]WXIQ MW PIJX XS GLSMGI 8LIJSPPS[MRKXIVQWEVIGSQQSRP]YWIHMRXLIHMWGYWWMSRWIGXMSRSJXLMWKYMHIUYEPMX] GSRXVSP{EGXMSRW XEOIR F] ER SVKERM^EXMSR XSTVSZMHIGSRXVSPERHHSGYQIRXEXMSRSZIV[LEXMWFIMRKHSRIERH[LEXMWFIMRKTVSZMHIHWSXLEXXLIETTPMGEFPIWXERHEVHSJKSSHTVEGXMGIERHXLIGSRXVEGXHSGYQIRXWJSVXLI[SVOEVIJSPPS[IHUYEPMX]EWWYVERGI{EGXMSRW XEOIRF]ERSVKERM^EXMSR XSTVSZMHIERHHSGYQIRXEWWYVERGIXLEX[LEXMWFIMRKHSRIERH[LEXMWFIMRKTVSZMHIHEVIMREGGSVHERGI[MXLXLIGSRXVEGXHSGYQIRXWERHWXERHEVHWSJKSSHTVEGXMGIJSVXLI[SVOUYEPMX]QERYEP{XLMW XIVQMHIRXMJMIH MR'PEYWIFGERFIXLSYKLXSJEWXLIIRXMVIFSH]SJUYEPMX]HSGYQIRXWSVFMRHIVW XLEX GSPPIGXMZIP] HIWGVMFI XLI UYEPMX] QEREKIQIRXW]WXIQUYEPMX]TPER{XLISZIVZMI[HSGYQIRXXLEXHIWGVMFIWXLISFNIGXMZIWSJEUYEPMX]QEREKIQIRXW]WXIQ[SVO QIXLSHW{XLI TVSGIWWIW YWIH XS TVSHYGI ERHWYTTP]ETVSHYGXSJWIVZMGI

7)'8-32{59%0-8=1%2%+)1)287=78)1{+IRIVEPVIUYMVIQIRXW6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR7IXXMRKYTEUYEPMX]QEREKIQIRXW]WXIQ8LIVIUYMVIQIRXWSJ7IGXMSRTVSZMHIXLIJVEQI[SVOXSWIXYTERHHSGYQIRXE517-XVIUYMVIWXLIJSPPS[MRKe -HIRXMJ] XLITVSGIWWIW ERSVKERM^EXMSRYWIW XSTVSZMHIMXWTVSHYGXWSVWIVZMGIW

e (IXIVQMRI XLI WIUYIRGI SJ ERH MRXIVEGXMSRW SJ XLSWITVSGIWWIWERH

e 1EREKI ERH GSRXMRYEPP] MQTVSZI XLI IJJIGXMZIRIWW SJXLIW]WXIQ3RI[E]XSEGGSQTPMWLXLIEFSZIMWXSHVE[EJPS[GLEVXSJXLITVSGIWWIW8LMWTVSZMHIWEWMQTPI[E]XSYRHIVWXERHEPPSJXLIMRTYXWERHMRXIVJEGIWERHXSIZEPYEXIEW]WXIQ%WYKKIWXMSRJSV7IGXMSRSJEUYEPMX]TPERMWXSVITVSHYGIXLI WM\ MXIQW JVSQE XS J

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6 %'-'311-88))6)4368

{(SGYQIRXEXMSRVIUYMVIQIRXW +IRIVEP6IJIVXS-737IGXMSR

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e 3TIVEXMRKTVEGXMGIWSVMRWXVYGXMSRWe 4VSHYGXMSRWGLIHYPIWe 4VIJIVVIHWYTTPMIVPMWXWII7IGXMSR4YVGLEWMRKe 7TIGMJMGEXMSRWERHe (VE[MRKW1ER] IRKMRIIVMRK JMVQW LEZI WXERHEVHW JSV HVE[MRKPIXXIVMRKWM^IERHTPERSVMIRXEXMSREW[IPPEWTVSGIHYVIWXSGLIGOXLIMV[SVO(SGYQIRXEXMSRWLSYPHMRHMGEXI{XS XLII\XIRXRIGIWWEV]{[LMGLTSWMXMSRW[MXLMR ER SVKERM^EXMSRTIVJSVQE WTIGMJMGXEWO [LIVI XLI XEWO MW TIVJSVQIH ERH [LIR XLI XEWO MWTIVJSVQIH,S[XLIEGXMZMX]WLEPPFITIVJSVQIHHITIRHWSRXLIUYEPMJMGEXMSRWSJMRHMZMHYEPWTIVJSVQMRKXLIXEWO 5YEPMX]QERYEP6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR;LEXMWEUYEPMX]QERYEP#%UYEPMX]QERYEPMWWMQTP]EHSGYQIRXXLEXHIWGVMFIWE517-XMWTVIWIRXIHMRE[E]XLEXWYMXWXLISVKERM^EXMSRvWSTIVEXMSRW

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e )\TPEMRXLIWGSTIGSZIVIHF]XLI517

7IGXMSR{2SVQEXMZIVIJIVIRGI-HIRXMJ]XLIWSYVGISJVIJIVIRGIWXERHEVHWJSVXLI517

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e %HH SXLIV HIJMRMXMSRW WTIGMJMG XS ER SVKERM^EXMSR MJETTVSTVMEXI

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e -RGPYHI E HIXEMPIH HIWGVMTXMSRSJ LS[ ER SVKERM^EXMSR

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e -RGPYHIERSVKERM^EXMSREPGLEVX

7IGXMSR{6IWSYVGIQEREKIQIRXe 'VIEXIEQEXVM\SJXVEMRMRKVIUYMVIQIRXWXLEXGSQTEVIWTSWMXMSRW ERH XLI wQYWX ORS[x TVSGIHYVIW JSV IEGLTSWMXMSRVIUYMVMRKXVEMRMRK

7IGXMSR{4VSHYGXVIEPM^EXMSRe -JXLI517[MPPFIYWIHF]EHIWMKRJMVQXLIR -RGPYHIHIWMKRVIUYMVIQIRXWMRXLMWWIGXMSRERH 6IJIVIRGIER]HIWMKRSVIRKMRIIVMRKTVSGIHYVIWMRXLMWWIGXMSR

e -JXLI517[MPPFIYWIHF]EGSRWXVYGXMSRJMVQXLIR 6IJIVIRGI[SVOQIXLSHWMRXLMWWIGXMSRERH -HIRXMJ] ERH HIWGVMFI XLI X]TMGEP IPIQIRXW SJ XLISVKERM^EXMSRvW[SVOQIXLSHWMR'PEYWIWERH

7IGXMSR{1IEWYVIQIRXEREP]WMWERHMQTVSZIQIRXe %HHVIWWXLISVKERM^EXMSRvWMQTSVXERXQSRMXSVMRKMWWYIWWYGLEW MRWTIGXMSR XIWXMRKEYHMXMRKRSRGSRJSVQERGIERHMQTVSZIQIRX 'SRXVSPSJHSGYQIRXW6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR(SGYQIRX GSRXVSP TVSZMHIW EQIXLSH XS IRWYVI XLEX XLIHSGYQIRXMRYWIMWXLIGSVVIGXHSGYQIRXERHMWETTVSZIHEWVIUYMVIH(SGYQIRXGSRXVSPMWXLIJMVWXSJXLI-73VIUYMVIHTVSGIHYVIW8]TMGEPMRXIVREPHSGYQIRXWMRGPYHIe ;SVOMRKHVE[MRKWe 7LSTHVE[MRKWe 4VSGIHYVIWe -RWXVYGXMSRWe 6IJIVIRGIQEXIVMEPWERHe 'LIGOTVMRXWSJHIWMKRWHVE[MRKWERHWTIGMJMGEXMSRW8]TMGEPI\XIVREPHSGYQIRXWMRGPYHIe 6IKYPEXMSRWe 'SHIWe 7TIGMJMGEXMSRWe 'SRXVEGXHVE[MRKWe 'LERKISVHIVWe 6IUYIWXJSVMRJSVQEXMSRERHe *MIPHGLERKIRSXMGIW;LEXHSIWwGSRXVSPPIHxQIER#w'SRXVSPPIHxQIERWLEZMRKEW]WXIQEXMGTPERRIHETTVSEGLXS HSGYQIRX TVITEVEXMSR MHIRXMJMGEXMSR VIZMI[ ETTVSZEPHMWXVMFYXMSREZEMPEFMPMX]WXSVEKIERHVIZMWMSRGSRXVSP8LI GSRXVSPW RIIHIH ERH XLI I\XIRX SJ GSRXVSP TSWWMFPIQMKLX FI HMJJIVIRX JVSQ HSGYQIRX XS HSGYQIRX 'SRXVSPW[MPP FI HMJJIVIRX JSV MRXIVREP ERH I\XIVREP HSGYQIRXW ERH

RIIHXSFIIWXEFPMWLIHETTVSTVMEXIP]*SVMRXIVREPHSGYQIRXW'PEYWIWEXLVSYKLIERHKETTP]*SVI\XIVREPHSGYQIRXW'PEYWIWGXLVSYKLKETTP];LMGLHSGYQIRXWRIIHXSFIGSRXVSPPIH#)\EQTPIWSJHSGYQIRXWGSZIVIHF]XLMWGPEYWIMRGPYHIe (IWMKRSYXTYXWWYGLEWHVE[MRKWERHWTIGMJMGEXMSRWe 'SRXVEGX HSGYQIRXEXMSR MRGPYHMRKZEVMEXMSRW[MXL XLIGYWXSQIVERH[MXLWYTTPMIVW

e 3YXTYXWJVSQTPERRMRKEGXMZMXMIWWYGLEWHIWMKRZIVMJMGEXMSRWGLIHYPIWERHGLIGOPMWXW

e (SGYQIRXW HIWGVMFMRK XLI STIVEXMSR SJ ]SYV 517UYEPMX]QERYEP TVSGIHYVIW ?MRGPYHMRK XLSWI VIUYMVIHF]-73AERHJSVQW

e 4SPMGMIWSVKYMHIPMRIWe 3VKERM^EXMSREPWXVYGXYVIERHTSWMXMSRHIWGVMTXMSRWe (IWMKRMRTYXMRGPYHMRKWXERHEVHWGSHIWHIWMKRFVMIJWERHIRZMVSRQIRXEPMQTEGXWXEXIQIRXWERH

e 7SJX[EVIYWIHJSVHIWMKR;LEXEFSYXIPIGXVSRMGHSGYQIRXW#;LIVIIPIGXVSRMGHSGYQIRXWEVIYWIHXLIZIVWMSRSRXLIRIX[SVOWLSYPHFIMHIRXMJMIHEWXLIPEXIWXZIVWMSR%WXEXIQIRXGERFIEHHIHXSMRHMGEXIXLEXER]TETIVGST]MWYRGSRXVSPPIHERHMXMWYTXSXLIVIEHIVXSZIVMJ]XLEXMXMWXLIPEXIWXGST]F]GLIGOMRKXLIRIX[SVO 'SRXVSPSJVIGSVHW6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR6IGSVHWEVIEWXEXIQIRXSJXLIJEGXWI\MWXMRKEXXLIXMQIEREGXMZMX]SGGYVVIHERHXLI]GERRSXFIVIZMWIH7YTIVWIHIHSVVIZMWIHHSGYQIRXWGERFIGSQIVIGSVHW'SRXVSPSJVIGSVHWMWXLIWIGSRHVIUYMVIHTVSGIHYVI8LMWGPEYWIVIUYMVIWXLISVKERM^EXMSRXSMQTPIQIRXETVSGIHYVIXSTVSZMHIIZMHIRGIXLEXXLITVSNIGXVIUYMVIQIRXWERHWTIGMJMGEXMSRWLEZIFIIRQIX-RXLIGSRWXVYGXMSRMRHYWXV]ETTVSTVMEXIVIGSVHWQE]EPWSTVSZMHITVSXIGXMSRJSVERSVKERM^EXMSRJSVI\EQTPIVIGSVHWSJ HIPE] TLSXSW SJ GSQTPIXIH [SVO FIJSVI GSZIVMRK SVMRWTIGXMSRWLS[MRKGVMXIVMEFIMRKQIX8]TMGEPX]TIWSJVIGSVHW8LIX]TIWSJVIGSVHWXSOIITMRGPYHIe (IWMKRJMPIWERHGEPGYPEXMSRWe 'YWXSQIVWSVHIVWERHGSRXVEGXVIZMI[We 1IIXMRKRSXIWe -RXIVREPEYHMXVITSVXWe (IXEMPWSJRSRGSRJSVQMXMIWe 'SVVIGXMZIERHTVIZIRXMZIEGXMSRVITSVXWe 4YVGLEWISVHIVWe 7YTTPMIVWvXIWXVIGSVHWe -RWTIGXMSRVIGSVHWe 'EPMFVEXMSRVITSVXWe 8VEMRMRKVIGSVHWe (IXEMPWSJKSSHWVIGIMZIHERHHIPMZIVIHERHe 'SRWXVYGXMSRTLSXSWERHGLIGOTVMRXW*SVGSRGVIXIGSRWXVYGXMSRXLIJSPPS[MRKVIGSVHWWLSYPHFIOITXe % VIGSVHIH HMEV] SJ E GSRWXVYGXMSR TVSNIGX XLMW MWI\XVIQIP]ZEPYEFPIIWTIGMEPP][LIRETVSFPIQHIZIPSTW

6 %'-'311-88))6)4368

e (EMP]TLSXSKVETLWXLEXEVITVSTIVP]HEXIHe -HIRXMJMGEXMSR I\EQMREXMSR EGGITXERGI ERH XIWXMRKSJQEXIVMEPWERHWYFEWWIQFPMIW

e -RWTIGXMSRFIJSVIGEWXMRKGSRGVIXIMRGPYHMRKEGLIGOSJJSVQ HMQIRWMSRW WM^I ERH TSWMXMSR SJ VIMRJSVGMRK SVTVIWXVIWWMRKWXIIPNSMRXQEXIVMEPWMRWIVXWJSVQGSRHMXMSRGPIERPMRIWW SJ VIMRJSVGIQIRX WLSVMRK ERH WYTTSVX JSVJSVQW PSGEXMSR SJ TMTI GSRHYMXW ERH MRWIVXW ERH XLIGSRHMXMSRSJWSMPMRI\GEZEXMSRW

e 4VITEVEXMSR SJ GSRGVIXI WTIGMQIRW ERH XLIMV TVSTIVWXSVEKI[LMPIE[EMXMRKXIWXMRK

e 7XVIWWMRKVIGSVHWJSVTSWXXIRWMSRIHGSRWXVYGXMSRe 4IVJSVQERGI SJ XIWXW JSV XIQTIVEXYVI WPYQT G]PMRHIVWXVIRKXLEMVGSRXIRXERHYRMX[IMKLX

e -RWTIGXMSRSJJSVQVIQSZEPERHJMRMWLMRKSJJSVQIHERHYRJSVQIHWYVJEGIWERH

e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

7)'8-32{1%2%+)1)286)74327-&-0-8={1EREKIQIRXGSQQMXQIRX6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR8STQEREKIQIRXMWHIJMRIHMR-73'PEYWIEWwXLITIVWSRSVKVSYTSJTISTPI[LSHMVIGXWERHGSRXVSPWXLISVKERM^EXMSREXXLILMKLIWXPIZIPx8LMWGPEYWIWTIGMJMGEPP]MHIRXMJMIW XLI VIWTSRWMFMPMXMIW SJ XST QEREKIQIRX ERHIQTLEWM^IWXLIRIIHJSVIJJIGXMZIPIEHIVWLMT)ZMHIRGISJGSQQMXQIRXGERFIEGLMIZIHXLVSYKLe &YWMRIWWTPERRMRK TVSGIWWIW XLEX MHIRXMJ] GYWXSQIVWERH XLI VIKYPEXSV] VIUYMVIQIRXW ETTPMGEFPI XS XLISVKERM^EXMSR

e -HIRXMJ]MRKXLISVKERM^EXMSRvWTSPMGMIWERHSFNIGXMZIWe 'SQQYRMGEXMRKXLIUYEPMX]TSPMG]ERHSFNIGXMZIWXSXLITISTPI

e 1EREKIQIRXVIZMI[ERHe 4VSZMHMRKVIWSYVGIW

{'YWXSQIVJSGYW6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR;LEXHSIWXLIGYWXSQIV[ERX#8LMWGPEYWIQEOIWMXGPIEVXLEXMVVIWTIGXMZISJ[LSEGXYEPP]YRHIVXEOIWMRXIVEGXMSR[MXLXLIGYWXSQIVMXMWXLIVIWTSRWMFMPMX]

SJXSTQEREKIQIRXXSQEOIGIVXEMRXLEXXLSWIVIUYMVIQIRXWEVIYRHIVWXSSHERHXLEXXLIRIGIWWEV]VIWSYVGIWEVIEZEMPEFPI

{5YEPMX]TSPMG]6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR%UYEPMX]TSPMG]IWXEFPMWLIWEGSQQMXQIRXXSe 5YEPMX]e 'SRXMRYEPMQTVSZIQIRXSJXLI517e *VEQI[SVOJSVUYEPMX]SFNIGXMZIWERHe -RXIVREPGSQQYRMGEXMSRERHVIZMI[-RXLIQSWXKIRIVEPWIRWIEUYEPMX]TSPMG]WLSYPHFIEGPIEVWXEXIQIRXSJ XLISVKERM^EXMSRvWGSQQMXQIRX XSEWXERHEVHSJUYEPMX]8LMWWLSYPHTVSZMHIIZMHIRGISJGSQQMXQIRXJVSQXLI XSTQEREKIQIRX XLEXUYEPMX][MPPRSX FIGSQTVSQMWIH[LIRMXMWMRGSRJPMGX[MXLSXLIVMRXIVIWXW

{4PERRMRK 5YEPMX]SFNIGXMZIW6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR7EXMWJ]MRK XLI VIUYMVIQIRXW MR 7IGXMSR IWXEFPMWLIW ERSVKERM^EXMSRvWUYEPMX]TSPMG]8STYXXLEXTSPMG]MRXSIJJIGXXSTQEREKIQIRXRIIHW XSIWXEFPMWLGPIEVP]HIJMRIHSFNIGXMZIW JSVXLISVKERM^EXMSR8LIIWXEFPMWLIHSFNIGXMZIWWLSYPHFIVIEPMWXMGERHVIPEXIHXSEGLMIZEFPIERHQIEWYVEFPISYXGSQIWWYGLEWe 1IIXMRK WTIGMJMIH XIGLRMGEP WEJIX] IRZMVSRQIRXEPXMQIERHJMRERGMEPVIUYMVIQIRXWJSVETVSHYGXSVWIVZMGI

e (SGYQIRXMRKZEVMSYWMRXIVREPFYWMRIWWTVSGIWWIWe -QTVSZMRKGSRXVEGXHSGYQIRXEXMSRe -QTVSZMRKXVEMRMRKe 'SRXVSPPMRKSTIVEXMSRWTVSNIGXWe -HIRXMJ]MRKERHGSRXVSPPMRKRSRGSRJSVQERGIe +EMRMRKVITIEXFYWMRIWWERHe -HIRXMJ]MRKRI[QEVOIXERHWIVZMGISTTSVXYRMXMIW3FNIGXMZIWWLSYPHJSGYWSREVIEWXLEX[MPPFVMRKEVIXYVRXSXLIFYWMRIWWMRFSXLJMRERGMEPXIVQWERHMRXIVQWSJMRGVIEWIHGYWXSQIVWEXMWJEGXMSR;LEXEFSYXWIXXMRKUYEPMX]SFNIGXMZIWSRTVSNIGXW#4VSNIGXSFNIGXMZIWEVIETTVSTVMEXIERHWLSYPHFIGSRWMWXIRX[MXLERSVKERM^EXMSRvWSFNIGXMZIW8LI]RIIHXSFIMREKVIIQIRX[MXLXLITVSNIGX MRXIRX4VSNIGXSFNIGXMZIWGERFIQSVI WTIGMJMG XSTVSNIGXHIPMZIVEFPIWERH XLIGPMIRXvWSFNIGXMZIW*SV I\EQTPI MJ ER SVKERM^EXMSR MW VIWTSRWMFPI JSV XLIQEREKIQIRXSJXLITVSNIGXMXQE]RIIHXSe )RWYVI XLEX XLITVSNIGXSFNIGXMZIWEVI VIEPMWXMGERHEVIEFPIXSFIGSQQYRMGEXIHXSEPPPIZIPW[MXLMRXLITVSNIGX

e -HIRXMJ]XLIWYTTPMIVWMRZSPZIH[MXLXLITVSNIGXXLEXEVIVIUYMVIH XSIWXEFPMWLUYEPMX]SFNIGXMZIWGSRWMWXIRX[MXLXLITVSNIGXUYEPMX]TSPMG]

e )RWYVIXLEXMXLEWMHIRXMJMIHMXWSFNIGXMZIWETTVSTVMEXIP]ERH

e )RWYVI XLEX MX MRGPYHIW E VIZMI[SJ MXWTIVJSVQERGI MRQIIXMRK XLIWI SFNIGXMZIW EW TEVX SJ XLI QEREKIQIRXVIZMI[WII

'32'6)8)'327869'8-3259%0-8=7=78)17-2'32*361%2');-8,-73 6

5YEPMX]QEREKIQIRXW]WXIQTPERRMRK6IJIVXS-737IGXMSR

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vW S[RIVvW VIWTSRWMFMPMX] XS GSQQYRMGEXI [MXLFMHHIVWXSIRWYVIXLIWGSTIMWGPIEVP]HIJMRIH8LIVIGSQQIRHIHQSHIPMWe (IJMRMXMSR (IJMRIXLITVSFPIQ (IZIPSTXLIZMWMSRERH ;VMXIXLIQMWWMSRWXEXIQIRX

e 4PERRMRK (IZIPSTWXVEXIK] (IZIPSTMQTPIQIRXEXMSRTPERRMRKERH (IZIPSTVMWOQEREKIQIRX

e )\IGYXMSR (SXLI[SVO 1SRMXSVXLITVSKVIWWERH 8EOIGSVVIGXMZIEGXMSR

{6IWTSRWMFMPMX]EYXLSVMX]ERHGSQQYRMGEXMSR 6IWTSRWMFMPMX]ERHEYXLSVMX]6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR;LSHSIW[LEX#8ST QEREKIQIRX RIIHW XS IRWYVI XLEX TISTPI MR XLISVKERM^EXMSR ORS[ [LEX MW I\TIGXIH VIWTSRWMFMPMX] ERH[LEXMWEPPS[IHEYXLSVMX]%RSVKERM^EXMSREPGLEVXWLSYPHFI MRGPYHIH MR XLI SVKERM^EXMSRv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

-RWTIGXMSR HSIW RSX XEOI VIWTSRWMFMPMX] E[E] JVSQ XLIGSRWXVYGXMSR[SVOIV-XTVSZMHIWQEREKIQIRX[MXLEUYEPMX]QIEWYVIHEXE JSV MQTVSZMRK XLI W]WXIQERH XLIEFMPMX] XSXEOIGSVVIGXMZIEGXMSR)ZIV]GSRXVEGXSVWLSYPHFIVIWTSRWMFPIJSVUYEPMX]ERHWLSYPHGSQQYRMGEXI XSEPPIQTPS]IIW XLEXw;IHSUYEPMX]GSRWXVYGXMSRERHEVITVSYHSJIEGLSJ SYVTVSNIGXWx1EREKIQIRXVITVIWIRXEXMZI6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR;LSPSSOWEJXIVXLIUYEPMX]QEREKIQIRXW]WXIQ#8ST QEREKIQIRX EWWMKRW SRI TIVWSR XS LEZI SZIVEPPVIWTSRWMFMPMX]ERHEYXLSVMX]EWXLIQEREKIQIRXVITVIWIRXEXMZI%RSVKERM^EXMSRLS[IZIVQE]LEZIQSVIXLERSRITIVWSRTIVJSVQMRKWMQMPEVVSPIW{WYGLEWMRHMJJIVIRXFVERGLIWSVSRTVSNIGXW{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

(MWGYWWMSRJSV7IGXMSR/IITMRKTISTPIMRJSVQIH*SVE517 XS[SVO IJJIGXMZIP]KSSHGSQQYRMGEXMSR MWIWWIRXMEP8SFIIJJIGXMZIGSQQYRMGEXMSRTVSGIWWIWWLSYPHTVSZMHIXLISVKERM^EXMSRvWIQTPS]IIW[MXLXLIEFMPMX]XSe 8VERWQMXERHVIGIMZIMRJSVQEXMSRUYMGOP]ERHXSEGXSRMXe &YMPHXVYWX[MXLIEGLSXLIVe 8VERWQMX XLI MQTSVXERGI SJ GYWXSQIV WEXMWJEGXMSR ERHTVSGIWWTIVJSVQERGIERH

e -HIRXMJ]STTSVXYRMXMIWJSVMQTVSZIQIRX%PP MRJSVQEXMSR WLSYPH FI GPIEV YRHIVWXERHEFPI ERHEHETXIH XS XLI MRXIRHIH EYHMIRGI 9RJSVXYREXIP] KSSHGSQQYRMGEXMSR [MXLMR ER SVKERM^EXMSR MW VEVI MX MW SJXIRTIVGIMZIHF]XSTQEREKIQIRXEWFIXXIVXLERMXEGXYEPP]MW'SQQYRMGEXMRK MRJSVQEXMSR EFSYX XLI IJJIGXMZIRIWW SJ E517GSYPHFIXLVSYKLEZEVMIX]SJQIERWWYGLEWFYPPIXMRWRI[WPIXXIVW MRXIVREPQIIXMRKWQIIXMRKQMRYXIWRSRGSRJSVQERGIPSKWTVIZIRXMZIEGXMSRWYKKIWXMSRWERHGMVGYPEXMSRSJVITSVXW

{1EREKIQIRXVIZMI[ +IRIVEP6IJIVXS-737IGXMSR 6IZMI[MRTYX6IJIVXS-737IGXMSR 6IZMI[SYXTYX6IJIVXS-737IGXMSR

6 %'-'311-88))6)4368

(MWGYWWMSRJSV7IGXMSR-WXLIUYEPMX]QEREKIQIRXW]WXIQ[SVOMRK#8STQEREKIQIRX WLSYPH VIZMI[ XLI 517 SR E VIKYPEVFEWMW % RI[ W]WXIQ WLSYPH FI VIZMI[IH UYEVXIVP] [MXLVIZMI[W KMZIR ERRYEPP] XLIVIEJXIV 8S FI IJJIGXMZI XLIVIZMI[ WLSYPH FI TVITPERRIH MX MW VIGSQQIRHIH XLEX XLIVIUYMVIQIRXWSJERH FIWTIGMJMGEPP]EHHVIWWIHEXIEGLQEREKIQIRXVIZMI[8LI QEREKIQIRX VIZMI[ [MPP YWYEPP] FI VIGSVHIH MR EJSVQXLEXMRGPYHIWMHIRXMJMGEXMSRSJe (EXIERHPSGEXMSRSJXLIVIZMI[e 7GSTISJVIZMI[JSVI\EQTPIJYPPW]WXIQSVTEVXSJXLIW]WXIQ

e -HIRXMX]SJTEVXMGMTERXWREQIERHJYRGXMSRWe 1MRYXIWSJTVSGIIHMRKWERHe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vWUYEPMX] VIGSVHWERHFIGSQIW XLIJMVWXMRTYXMRXSXLIRI\XQEREKIQIRXVIZMI[

7)'8-32{6)7396')1%2%+)1)28{4VSZMWMSRSJVIWSYVGIW6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR;LEXMWRIIHIH#3VKERM^EXMSRWRIIHXSQEOIWYVIXLIVIWSYVGIWRIIHIHXSMQTPIQIRXQEMRXEMR ERH MQTVSZI XLI517EVIEZEMPEFPI;MXLMR XLI GSRWXVYGXMSR MRHYWXV] VIWSYVGI QEREKIQIRXSGGYVWMRVIWTSRWIXSEGLERKIMR[SVOPSEHWYGLEW[MRRMRKE RI[ GSRXVEGX WGSTI GLERKIW XS ER I\MWXMRK GSRXVEGX SVHIEPMRK[MXLYRTVIHMGXEFPIGSRHMXMSRW1EREKIQIRXRIIHWXSFI JPI\MFPI ERH UYMGOP] VIWTSRH XS VIWSYVGI MWWYIW6IWSYVGIWMRGPYHIRSXSRP]XLITIVWSRRIPVIUYMVIHFYXEPWSJMRERGIJEGMPMXMIWERHIUYMTQIRX*SVI\EQTPIMXQMKLXFIRIGIWWEV]XSe (IZIPSTRI[TVSGIHYVIWSV[SVOQIXLSHWe 3FXEMREHHMXMSREPIUYMTQIRXXLEXGERFIVIRXIHPIEWIHSVTYVGLEWIHERH

e %GUYMVIXLIVIWSYVGIWERHWOMPPWXLVSYKLEWYFGSRXVEGX

{,YQERVIWSYVGIW +IRIVEP6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR%VIXLITISTPIEFPIXSHS[LEXMWVIUYMVIH#

8LIQSWXMQTSVXERXJEGXSVMREGLMIZMRKEHIWMVIHSYXGSQIERHGYWXSQIVWEXMWJEGXMSRMWLEZMRKGSQTIXIRXTISTPIHSMRKXLIVMKLXNSF2SXI XLEX XLMW GPEYWI WTIGMJMGEPP] VIJIVW XS TIVWSRRIPTIVJSVQMRK[SVOXLEXEJJIGXWTVSHYGXUYEPMX] 'SQTIXIRGIE[EVIRIWWERHXVEMRMRK6IJIVXS-737IGXMSR

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vWGETEFMPMXMIW8VEMRMRKSRXLI517 SV SR WTIGMJMG[SVOQIXLSHW GER FI IJJIGXMZIP]TVSZMHIHF]EVIZMI[QIIXMRK3XLIVWIGXMSRWSJXLI7XERHEVHXLEXVIPEXIXSXVEMRMRKEVIe 'PEYWI4VIZIRXMZIEGXMSRe 'PEYWI-RXIVREPEYHMXERHe 'PEYWI1EREKIQIRXVIZMI[,S[MWIQTPS]IIE[EVIRIWWVEMWIH#8]TMGEP[E]WXSVEMWIIQTPS]IIE[EVIRIWWSJXLIMVGSRXVMFYXMSRXSEGLMIZMRKUYEPMX]SFNIGXMZIWMRGPYHIe 3VMIRXEXMRK IQTPS]IIW XS XLI SVKERM^EXMSRvW UYEPMX]TSPMG][LIRWEJIX]SVMIRXEXMSRMWGSRHYGXIH

e ,SPHMRK XIEQ FVMIJMRKW JSV I\EQTPI HIWMKR ERHGSRWXVYGXMSRWXEVXYT

e ,SPHMRK XSSPFS\ QIIXMRKW SR XLI [SVO WMXIW [LIRWEJIX] XSSPFS\ QIIXMRKW EVI GSRHYGXIH XS KIRIVEXIUYEPMX] E[EVIRIWW EX XLI GVEJX PIZIP MX MW TVEGXMGEP XSKIRIVEXI NSFWTIGMJMG LERHSYXW XLEX I\TVIWW XSTMGW MRWLSVXFYPPIXW[MXLMPPYWXVEXMSRWERHTLSXSW

e )RWYVMRKXLEXUYEPMX]SFNIGXMZIWEVILMKLP]ZMWMFPIXSIQTPS]IIW JSV I\EQTPI SR QIIXMRK EKIRHEW ERHHMWTPE]W

e 6IGSKRM^MRKERHVI[EVHMRKKSSH[SVOTIVJSVQERGIERHe 6ITSVXMRK RSRGSRJSVQERGIW ERH EGXMZIP] KMZMRKIQTPS]IIW MRJSVQEXMSR EFSYX [L] RSRGSRJSVQERGIWSGGYVVIHERHLS[XLI][IVIVIWSPZIH

{-RJVEWXVYGXYVI6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR8LIVMKLXXSSPWJSVXLINSFMRGPYHIRSXSRP]XLIGSRWXVYGXMSRIUYMTQIRX FYX EPWS XLI GSQTYXIVW WSJX[EVI VIJIVIRGIQEXIVMEPWGIPPTLSRIWERHSXLIVTIVMTLIVEPWXLEXEVIRIGIWWEV]XSSTIVEXIETVSNIGX

'32'6)8)'327869'8-3259%0-8=7=78)17-2'32*361%2');-8,-73 6

{;SVOIRZMVSRQIRX6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR8LMW GPEYWI I\TPMGMXP] WXEXIW XLEX XLI [SVO IRZMVSRQIRXEJJIGXWTVSHYGXGSRJSVQMX]*SVGSRGVIXIGSRXVEGXSVWXLIWIGPEYWIWETTP]XSEPPMRWXEPPEXMSRWERHXSLSXERHGSPH[IEXLIVGSRWXVYGXMSR8LMWWIGXMSREPWSETTPMIWXSWYMXEFMPMX]SJXLIIRZMVSRQIRXJSVXLI[SVOIVW'LERKIVSSQWFVIEOEVIEWWERMXEV]JEGMPMXMIWEHIUYEXITEVOMRKWSYVGIWSJLSXJSSHERHEGYPXYVISJWEJIX]EVIOI]IPIQIRXWMRWYTTSVXMRKTVSHYGXMZIIRZMVSRQIRXW7EJIX]ERHIRZMVSRQIRXEPMWWYIWGERFIKIRIVEPM^IHMRXLMWWIGXMSR

7)'8-32{463(9'86)%0->%8-32{4PERRMRKSJTVSHYGXVIEPM^EXMSR6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR4PERRMRKTVSGIWWQEREKIQIRX-R XLMW7XERHEVH TVSHYGX VIEPM^EXMSR MW XLIHIPMZIV]SJ EWIVZMGISVXLIQERYJEGXYVMRKSJETVSHYGX8LIGPEYWIVIUYMVIWTPERRMRKJSVEPPSJXLIEGXMZMXMIWRIGIWWEV]JSVTVSHYGXVIEPM^EXMSR7SQII\EQTPIWJSVHIWMKRIVWMRGPYHIe 'SRWMHIVMRK[LEXXLIGYWXSQIV[ERXWe 4VSZMHMRKETVSGIHYVIJSVGLIGOMRKHVE[MRKWERHWTIGMJMGEXMSRWFIJSVIMWWYIERH

e 6IZMI[MRKHIWMKRSYXTYXWEKEMRWXMRTYXWTIGMJMGEXMSRW7SQII\EQTPIWJSVGSRWXVYGXMSREGXMZMXMIWMRGPYHIe (IXIVQMRMRKXLIVIWSYVGIWRIIHIHe (IXIVQMRMRK XLIGVMXIVME JSVEGGITXERGISJEPP MXIQW MRIEGL[SVOQIXLSHERH

e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vW HIGMWMSR LS[ XLI TPER MWVIGSVHIH MJ XLI SVKERM^EXMSR HIGMHIW XLEX E JSVQEP TVSNIGXTPERMWRIIHIHMXGERFIEWFVMIJEWEGLIGOPMWXSVJPS[GLEVX[MXLVIJIVIRGIWXSXLIHSGYQIRXWSVTEVXWSJXLI517*SVGSQTPI\TVSNIGXWHIXEMPIHTPERWEVIETTVSTVMEXI4PERWGSYPHMRGPYHIe 6IWTSRWMFMPMXMIWXLITIVWSRSVSVKERM^EXMSRVIWTSRWMFPIJSVZIVMJMGEXMSR

e 7XEKIWMRXLITVSGIWW[LIRZIVMJMGEXMSRMWXSFIGEVVMIHSYXLSPHTSMRXW

e 1IXLSHWIUYMTQIRXERHG]GPIXMQI

e *VIUYIRG]SJMRWTIGXMSRERHGVMXIVMEJSVEGGITXERGIe 6IGSVHW SJ ZIVMJMGEXMSR XS FIQEHI ERH XLIMV JSVQEXERH

e 6IZMI[HMWXVMFYXMSRERHVIXIRXMSR8LITPERWWLSYPHFIRSQSVIHIXEMPIHXLER[LEXMWRIGIWWEV]XSSFXEMRGSRWMWXIRXVIWYPXWJSVXLIGSQTIXIRG]PIZIPSJXLITISTPI MRZSPZIH SR XLI TVSNIGX ;LIVI ETTPMGEFPI XLISVKERM^EXMSREPWSRIIHWETPERXSEHHVIWWLERHPMRKSJQEXIVMEPWERHMXIQWEGGITXIHSRXLIFEWMWXLEXIZMHIRGISJGSQTPMERGI[SYPH WYFWIUYIRXP] FI EZEMPEFPI JSV I\EQTPI GSRGVIXIHIPMZIV]EGGITXERGIJSV[LMGL XLIWXVIRKXLEXHE]WSVE[EXIVGIQIRXVEXMSEVIEWTIGMJMGVIUYMVIQIRX

{'YWXSQIVVIPEXIHTVSGIWWIW (IXIVQMREXMSRSJVIUYMVIQIRXWVIPEXIHXSXLITVSHYGX6IJIVXS-737IGXMSR 6IZMI[SJVIUYMVIQIRXWVIPEXIHXSXLITVSHYGX6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR8LITYVTSWISJEGSRWXVYGXMSR517MWXSIRWYVIXLEX XLITVSNIGX MW FIMRK GSRWXVYGXIH MR GSQTPMERGI[MXLTPERW ERHWTIGMJMGEXMSRW7TIGMJMGEXMSRWEVIEPIKEPGSRXVEGXERHWLSYPHFIXVIEXIHEWWYGL8LITYVTSWISJEWTIGMJMGEXMSRMWXSIRWYVIXLEXXLIUYEPMX]SJ[SVOQERWLMTXSPIVERGIGSRXVSPSVQEXIVMEPWRIIHIHJSVXLIJMRMWLIHGSRWXVYGXMSRWEXMWJMIWXLIGYWXSQIVvWVIUYMVIQIRXW7SQIXMQIWEWTIGMJMGEXMSRQE]GSRJPMGX[MXLPSGEPTVEGXMGISVXLII\TIVMIRGISJXLIGSRXVEGXSV-JEGSRXVEGXSVJMRHWXLEXEWTIGMJMIHMXIQSJXLITVSNIGXGERv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e 8LIVIUYMVIQIRXWEVIYRHIVWXSSHe 8LIVIUYMVIQIRXWGERFIQIXERHe 8LITVSNIGXQEREKIQIRXW]WXIQGERHIPMZIV%VIGSVHSJXLIVIZMI[MWVIUYMVIHERHGERFIEWWMQTPIEWERSXEXMSRSRXLIGSRXVEGX1ER]GSRWXVYGXMSRJMVQWLEZIEJSVQEPGSRXVEGXVIZMI[GSQQMXXII*SVGSRWXVYGXMSRTVSNIGXWXLIJYVXLIVHIJMRMXMSRSJTVSHYGXVIUYMVIQIRXWMR'PEYWIMWEMQIHEXGPEVMJ]MRK{VEXLIVXLER I\XIRHMRK{XLIWGSTISJ XLIWYTTPMIVvW VIWTSRWMFMPMX]7IIEPWS'PEYWI 'YWXSQIVGSQQYRMGEXMSR6IJIVXS-737IGXMSR

6 %'-'311-88))6)4368

(MWGYWWMSRJSV7IGXMSR'SQQYRMGEXMRK[MXLXLIGYWXSQIV8SIRWYVIXLEXXLIGYWXSQIVvWI\TIGXEXMSRWEVIQIXMHIRXMJ]ERH HSGYQIRX XLI GYWXSQIVv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

{(IWMKRERHHIZIPSTQIRX (IWMKRERHHIZIPSTQIRXTPERRMRK6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR4VSZMHMRKEHMWGMTPMRIHETTVSEGLXSHIWMKRERHHIZIPSTQIRX-XMWMQTSVXERXJSVXLISVKERM^EXMSRXSEREP]^IERHHIXIVQMRIMJXLMWGPEYWIMWETTPMGEFPI-XMWETTPMGEFPISRP]XSXLSWIJMVQWXLEX EGXYEPP] GEVV] SYX HIWMKR ERH HIZIPSTQIRX -R XLIGSRWXVYGXMSR MRHYWXV] HIWMKR GER ETTP] RSX SRP] XS XLITIVQERIRXGSRWXVYGXMSRFYXEPWSXSXIQTSVEV]GSRWXVYGXMSRXLEXIREFPIWXLIGSRWXVYGXMSRSJXLITIVQERIRXWXVYGXYVI*SVI\EQTPI XLI QIXLSHSPSK] TVIWIRXIH MR 'PEYWI GSYPHEPWSFIETTPMIHXSHIWMKRMRKJSVQWJSVGSRGVIXISVEGSRGVIXIQM\XYVI%GXMZMXMIWTIVXEMRMRK XS XLIQEREKIQIRXERHTIVJSVQERGI SJ HIWMKRGSRXMRYI MRXS XLI GSRWXVYGXMSRTLEWIERH XSGSQTPIXMSRSJXLITVSNIGXWYGLEWVIZMI[ERHWMKRSJJXLEXXLIHIWMKRv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

(MWGYWWMSRJSV7IGXMSR;LEXRIIHWXSFIGSRWMHIVIH#8LMWGPEYWIVIUYMVIWHIJMRMRKERHHSGYQIRXMRKXLIMRTYXWJSVTIVJSVQERGISJHIWMKRERHHIZIPSTQIRXMJRSXSXLIV[MWI

HSGYQIRXIH ERH VIZMI[MRK XLIQ JSV GSQTPIXIRIWW ERHEHIUYEG]TEVXMGYPEVP][LIVIXLI]LEZIFIIRTVSZMHIHF]SXLIVW8LIGYWXSQIVvWRIIHW[LMGLEVI EQENSV GSRWMHIVEXMSRQE]RSXEP[E]WFIGPIEVP]WXEXIH3XLIVJEGXSVWXLEXRIIHXSFIGSRWMHIVIHERHVIGSVHIHMRGPYHIe 9WISJXLIJEGMPMX]XLIIRZMVSRQIRXMR[LMGLMXJYRGXMSRWERHXLII\TIGXIHPMJIWTER

e %IWXLIXMGWe %ZEMPEFPIXIGLRSPSK]ERHQEXIVMEPWERHe 'SRWXVYGXMFMPMX]MWWYIWXLEXGSRGIVRGSQQSRTVEGXMGIWPSKMWXMGWPMQMXEXMSRWSJQEXIVMEPWERHEGGITXIHWXERHEVHW (IWMKRERHHIZIPSTQIRXSYXTYXW6IJIVXS-737IGXMSR

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vWVITVIWIRXEXMZI MJETTPMGEFPITIVXLIHIWMKRGSRXVEGXSV XLIS[RIVLIVLMQWIPJEPSRIMJXLIS[RIVLEWEWWYQIHXLIVSPISJ)RKMRIIVSJ6IGSVH (IWMKRERHHIZIPSTQIRXVIZMI[6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR(SXLITMIGIWJMX#(IWMKRVIZMI[MWXLIJSVQEPGLIGOMRKSJHIWMKRTPERRMRKMRTYXW ERH SYXTYXW(IWMKR VIZMI[WQE] XEOI EZEVMIX]SJJSVQWMRGPYHMRKQIIXMRKWERHGMVGYPEXMSRSJHIWMKRHSGYQIRXEXMSR (IWMKR VIZMI[W GER XEOI TPEGI EX ER] WXEKI SJ XLIHIWMKRTVSGIWW7MQTPIHIWMKRWQE]SRP]VIUYMVISRIVIZMI[

'32'6)8)'327869'8-3259%0-8=7=78)17-2'32*361%2');-8,-73 6

[LIVIEW GSQTPI\ HIWMKRW MRZSPZMRKQER] HMWGMTPMRIW[MPPVIUYMVIQSVIJVIUYIRXVIZMI[W*MKYVI%WLS[WEWMQTPMJMIHHMEKVEQSJXLIVIPEXMSRWLMTFIX[IIR VIZMI[ ZIVMJMGEXMSR ERH ZEPMHEXMSR SJ XLIHIWMKRERH XLI HIZIPSTQIRX TVSGIWW *SV WSQI HIWMKRFYMPHGSRXVEGXWXLIHIWMKRIV[MPPSRP]FIVIWTSRWMFPIYRXMPGSQTPIXMSRSJ HIWMKR HVE[MRKW ERH WTIGMJMGEXMSRW -R XLSWI GEWIW XLIHIWMKRIV[MPPRSXFIVIWTSRWMFPIJSVZEPMHEXMSR&I]SRHXLMWTSMRXMXMWXLIGSRXVEGXSVv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

(MWGYWWMSRJSV7IGXMSR-WMXVMKLX#:IVMJMGEXMSR MW GLIGOMRK XLEX XLI VIWYPXW SJ XLI HIWMKRTVSGIWWQIIX XLIVIUYMVIQIRXW MHIRXMJMIHEX XLIWXEVXSJXLIHIWMKRTVSGIWW1IXLSHWSJHIWMKRZIVMJMGEXMSRMRGPYHIe 4IVJSVQMRKEPXIVREXMZIGEPGYPEXMSRWe 'SQTEVMRK XLI RI[ HIWMKR [MXL E WMQMPEV TVSZIRHIWMKR

e 9RHIVXEOMRKXIWXWe 'LIGOMRKXLIHIWMKRHSGYQIRXWFIJSVIVIPIEWIERHe 4IIVVIZMI[;LEXMWXLIHMJJIVIRGIFIX[IIRHIWMKRVIZMI[ERHHIWMKRZIVMJMGEXMSR#(IWMKRZIVMJMGEXMSRMWGSRJMVQMRKXLEXHIWMKRSYXTYXQIIXWXLIHIWMKR MRTYXVIUYMVIQIRXWJSVIEGLHIWMKRIPIQIRXERHHIWMKRTEGOEKIMRHMZMHYEPP](IWMKR VIZMI[ MRZSPZIW TVSNIGX TEVXMGMTERXW EX WTIGMJMIHWXEKIW X]TMGEPP] EX ERH ERH GSQTPIXMSR XSIRWYVIXLEXXLIHIWMKRTEGOEKIWQIIXXLIRIIHWERHVIUYMVIQIRXW SJ XLI SXLIV TVSNIGX JYRGXMSRW ERH EVI GETEFPI SJEGLMIZMRKXLIMVSFNIGXMZIW (IWMKRERHHIZIPSTQIRXZEPMHEXMSR6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR(SIWMX[SVO#:EPMHEXMSRMWXLITVSGIWWSJGLIGOMRKXLEXXLIJMREPTVSHYGXSV WIVZMGI [MPP FI GETEFPI SJ QIIXMRK XLI GYWXSQIVWvVIUYMVIQIRXW*SVGSRWXVYGXMSRTVSNIGXWZEPMHEXMSRGERQIERGLIGOMRKXLEXXLIGSQTPIXIHGSQTSRIRX[MPPQIIXXLIVIUYMVIQIRXWJSVXLITVSNIGX'PEYWI%RSVKERM^EXMSRRIIHWXSGPIEVP]MHIRXMJ]HSGYQIRXERHEKVII[MXLEGYWXSQIVEFSYXXLIVIUYMVIQIRXWXLEXEVIWYFNIGX

XS HIWMKR ZEPMHEXMSR XLI GVMXIVME JSV EWWIWWQIRX ERH XLISVKERM^EXMSRvW VSPI 8LMW KIRIVEPP] MRZSPZIW XVMEP VYRW XSHIXIVQMRIMJXLIIUYMTQIRXJYRGXMSRWEWWTIGMJMIH7SQII\EQTPIWSJHIWMKRZEPMHEXMSRMRGPYHIe 'SQQMWWMSRMRKSJ TVSGIWW TPERXW WYGL EW[EWXI[EXIVERH[EXIVXVIEXQIRXTPERXWERH

e 4VIWWYVIXIWXMRKSJTMTMRKW]WXIQWSVTVIWWYVIZIWWIPW-XMWEPWSEGGITXEFPIJSVXLIGYWXSQIVXSTIVJSVQXLIZEPMHEXMSRERHTVSZMHIJIIHFEGOXSXLIHIWMKRIV 'SRXVSPSJHIWMKRERHHIZIPSTQIRXGLERKIW6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR8LMWGPEYWIVIUYMVIWQEREKIQIRXSJHIWMKRGLERKIWXLEXSGGYV%WXYH]TIVJSVQIHF]XLI'SRWXVYGXMSR-RHYWXV]-RWXMXYXIMRHMGEXIHXLEXSZIVSJVI[SVOGSWXWEVIHYIXSHIWMKRGLERKIW8LIVIJSVIGSRXVSPPMRKHIWMKRGLERKIMWGVMXMGEP8LI517VIUYMVIW JSVQEPHSGYQIRXERHGLERKIGSRXVSPTVSGIHYVIWXLEXQYWXFIJSPPS[IH%HIWMKRJMVQvWTVSXSGSPWXLEXHIXEMPLS[VIZMWMSRWEVIMRMXMEXIHERHGSQQYRMGEXIHSRHVE[MRKWMWERMQTSVXERXIPIQIRX-XWLSYPHFIMRGPYHIHMRXLMWWIGXMSRSVMRXLIJMVQvWIRKMRIIVMRKTVSGIHYVIW3RGI GSRWXVYGXMSR LEW WXEVXIH GLERKIW WLSYPH FIGSQTPIXIHMREXMQIP]QERRIVXSTVIZIRXMXIQWJVSQFIMRKFYMPXFIJSVI XLIGLERKIGERFIGSRZI]IH XSXLIGSRXVEGXSV1SWXGSRXVEGXSVWQEMRXEMRELSXWXMGOHVE[MRKJMPIXLEXGSRXEMRWXLI PEXIWX VIZMWMSRW %W TVIZMSYWP] TSMRXIH SYX IPIGXVSRMGJMPIWWLSYPHGEVV]SRP]XLIQSWXGYVVIRXVIZMWMSRW7YTIVMRXIRHIRXWEVIVIUYMVIHXSWMKRSJJHEMP]XSQEOIWYVIXLEXER]GLERKIWXLEXEJJIGXXLIMVEVIEWEVIVIEPM^IH-REX]TMGEPGSRWXVYGXMSRTVSNIGXXLSWIMRZSPZIHMRXLIEGXYEPGSRWXVYGXMSR [MPP RSX LEZI EYXLSVMX] ERH GSQTIXIRG] XSETTVSZI HIWMKR GLERKIW XLIVIJSVI WMXI GLERKIW MRZSPZMRKHIWMKR QEXXIVW [MPP RIIH XS FI VIJIVVIH XS XLI ETTVSTVMEXIHIWMKRIV%VIUYIWXJSVMRJSVQEXMSR6*-PSKMWEYWIJYPXSSPJSVIRWYVMRKXLEXEPPUYIWXMSRWSJXLIHIWMKRJVSQXLIJMIPHEVIERW[IVIHERHXLEXXLIMRJSVQEXMSRMWQEHIEZEMPEFPIXSEPP[LSQMKLXVIUYMVIMX'LIGOPMWXWERHWMKRSJJWWLSYPHVIJIVIRGIXLIHVE[MRK ERH VIZMWMSR TPYW ER] 6*-W JMIPH GLERKI RSXMGIW*'2WSVRSRGSRJSVQERGIVITSVXHMWTSWMXMSRWRSX]IXMRGSVTSVEXIH MRXS XLI HVE[MRKW 'LIGOPMWXW ERH WMKRSJJW WLSYPH FIVIZMI[IHXSIRWYVIXLEXGLERKIWLEZIFIIREHHVIWWIH-XMWXLIVIWTSRWMFMPMX] SJ XLI SVKERM^EXMSR QEREKMRK XLI TVSNIGX XSIRWYVIXLEXVIWSYVGIWEVIEZEMPEFPIXSQEREKIXLMWMRXIVJEGI

{4YVGLEWMRK 4YVGLEWMRKTVSGIWW6IJIVXS-737IGXMSR

*MK%{(IWMKRVIZMI[

6 %'-'311-88))6)4368

(MWGYWWMSRJSV7IGXMSR4PERRMRKERHQEREKMRKTYVGLEWMRK1EREKIQIRXSJTYVGLEWMRK VIUYMVIW ETPERRIHETTVSEGLXLEX MRGPYHIW WIPIGXMRK WYTTPMIVW WTIGMJ]MRK VIUYMVIQIRXWERHIZEPYEXMRKMJWTIGMJMGEXMSRWLEZIFIIRQIX6IEH]QM\IHGSRGVIXIWYTTP]MWERI\EQTPISJETVSHYGXXLEX MW SYXWSYVGIH %R SVKERM^EXMSR GER GSRXMRYI XS YWII\MWXMRKWYTTPMIVW[LIRHIZIPSTMRKE517LS[IZIV -73 VIUYMVIW XLEX WIPIGXMSR FI GEVVMIH SYX MR EGSRXVSPPIHQERRIV&IJSVIXLIJMREPWIPIGXMSRSJEWYTTPMIVMXMW [MWI XS GSRHYGX ER EYHMX SJ FEXGLMRK JEGMPMXMIW VIZMI[WXVIRKXL LMWXSVMIW IZEPYEXI XLI WYTTPMIVvW VIWTSRWI XSTVIZMSYWMWWYIWERHVIZMI[HSGYQIRXEXMSRGSRXVSP3VKERM^EXMSRW WLSYPH SYXPMRI UYEPMX] VIUYMVIQIRXW MRGPYHMRK XLIWIPIGXMSRGVMXIVMEXLEXEVIYWIHJSVXLIWIPIGXMSRSJWYTTPMIVW6IGSVHWWLSYPHFIQEMRXEMRIHSJETTVSZIHWYTTPMIVWERHERSVKERM^EXMSRvWFEWMWJSVMXWETTVSZEP-73VIGSKRM^IWXLEXTVMGIMWEJEGXSV 4YVGLEWMRKMRJSVQEXMSR6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR7XEXMRKTYVGLEWMRKVIUYMVIQIRXW8LITYVGLEWISVHIV WLSYPH PIEZIRSHSYFXEW XS[LEX MW[ERXIH-RWXVYGXMSRWWLSYPHFIE[VMXXIRSVHIV4LSRISVHIVWEVIWYFNIGXXSQMWYRHIVWXERHMRKF]WYTTPMIVWTLSRISVHIVWWLSYPHFIGSRJMVQIHF]JE\SVIQEMP;VMXXIRTYVGLEWISVHIVWWLSYPHFIGLIGOIHFIJSVIMWWYI-RWMQTPIGEWIWXLMWQE]NYWXMRZSPZIVIEHMRKMRMXMEPMRKERHHEXMRKXLISVHIV-RXLIGSRWXVYGXMSRMRHYWXV]TYVGLEWISVHIVWEVISJXIRMRXLI JSVQ SJ GEXEPSK GYXW SV WTIGMJMGEXMSRW 8LI] RIIH XSHIJMRIEWETTPMGEFPIe 7GSTIe 8MQMRKe 'SRWXVEMRXWe 4IVJSVQERGIVIUYMVIQIRXWXIGLRMGEPVIUYMVIQIRXWERHEGGITXERGIGVMXIVMEJSVXLI[SVO

e 517VIUYMVIQIRXWJSVWYTTPMIVWERHWYFGSRXVEGXSVWERHe (SGYQIRXEXMSRXSFITVSZMHIHERHETTPMGEFPIGSRXVSPWXS TVSZMHI GSRJMHIRGI EFSYX GSQTPMERGI XS WTIGMJMIHVIUYMVIQIRXW3VKERM^EXMSRWWLSYPHVIWIVZIXLIVMKLXXSGEVV]SYXWYVZIMPPERGIEGXMZMXMIWERHEYHMXW8LMWMRGPYHIWEGGIWWJSVETPERRIHWYVZIMPPERGIWII'PEYWI4YVGLEWMRKHSGYQIRXWWLSYPHFIVIZMI[IHXSIRWYVIXLIMVEHIUYEG] 4YVGLEWMRK HSGYQIRXW VIUYIWXW JSV TVSTSWEPW?6*4WAUYSXIWERHGSRXVEGXWWLSYPHFIQEMRXEMRIHEX PIEWXYRXMP GSRXVEGX GPSWISYX XS EZSMH QMWYRHIVWXERHMRKW ERHSZIVWMKLXW :IVMJMGEXMSRSJTYVGLEWIHTVSHYGX6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR(MH]SYKIX[LEX[EWSVHIVIH#8LI UYEPMX] GSRXVSP QIEWYVIW JSV E TVSNIGX RIIH XS FIIWXEFPMWLIHMRXLITYVGLEWMRKMRWXVYGXMSRW'PEYWI

1SWX FYWMRIWWIW LEZI WSQI JSVQ SJ QSRMXSVMRK ERHQIEWYVMRKWYGLEWEWMQTPIGLIGOPMWXXSHIXIVQMRIXLEX[LEX[EWHIPMZIVIHQEXGLIWXLITYVGLEWISVHIVSVEWYVZIMPPERGITVSGIWWEXXLIWYTTPMIVvWTPERXXSMRWTIGX[LEXMWSVHIVIH-RGSRWXVYGXMSRMXMWX]TMGEPXSEWWMKRERMRWTIGXSVXSXLIFEXGLTPERX SRQENSVGSRGVIXITPEGIQIRXW7LST MRWTIGXMSR SJVIMRJSVGMRK WXIIP WYTTPMIVW MW SJXIR GSRHYGXIH XS ZIVMJ]FIRHMRKERHGSEXMRKTVEGXMGIWERHXSGSRJMVQXVEGIEFMPMX]SJXLIQEXIVMEPW8LIMRXIVZEPFIX[IIRSJJWMXIMRWTIGXMSRWGERFI HIXIVQMRIH F] GSRXVEGXYEP VIUYMVIQIRXW GSRJMHIRGIPIZIP TSWWMFPI WGLIHYPI MQTEGXW ERH SRWMXI MRWTIGXMSRGETEFMPMXMIW8LIHIXEMPIHVIUYMVIQIRXWSJERSVKERM^EXMSRvWMRWTIGXMSRTPERW[MPPFIHIVMZIHJVSQGSHIWWXERHEVHWERHWTIGMJMGEXMSRW 1ER] JMVQW HIZIPST WXERHEVH MRWTIGXMSRGLIGOPMWXW XLEX EVI QSHMJMIH XS EGGSYRX JSV ER] WTIGMEPVIUYMVIQIRXW 8LI GLIGOPMWX WLSYPH FI WMKRIH SJJ F] EPPTEVXMIW MRGPYHMRK TVSHYGXMSR WYTIVZMWSVW WYFGSRXVEGXSVWMRWTIGXMSRWXEJJERHS[RIVvWVITVIWIRXEXMZIWEWETTPMGEFPI8LIVIEVIQER]WSYVGIWSJGLIGOPMWXWe %'- 1ERYEP SJ 'SRGVIXI -RWTIGXMSR 74 %'-'SQQMXXII

e -RXIVREXMSREP 'SRJIVIRGI SJ &YMPHMRK 3JJMGMEPW'SRWXVYGXMSR-RWTIGXMSR1ERYEP6EIFEVERH

e 2EXMSREP6IEH]1M\'SRGVIXI%WWSGMEXMSRFEXGLTPERXGIVXMJMGEXMSRGLIGOPMWX8LIWIWSYVGIWEVIVIGSQQIRHIHERHGERFIQSHMJMIHXSWYMX]SYVRIIHW(IWMKR [SVO XLEX MW WYFGSRXVEGXIH XS WYFGSRWYPXERXWWLSYPHFIVIZMI[IHF]XLIGSRWYPXERXXSZIVMJ]XLEXXLIHIWMKRQIIXWXLIHIWMKRGVMXIVME

{4VSHYGXMSRERHWIVZMGITVSZMWMSR 'SRXVSPSJTVSHYGXMSRERHWIVZMGITVSZMWMSR6IJIVXS-737IGXMSR

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

'32'6)8)'327869'8-3259%0-8=7=78)17-2'32*361%2');-8,-73 6

8LI2EXMSREP 6IEH]1M\IH 'SRGVIXI %WWSGMEXMSR LEW EGIVXMJMGEXMSRTVSKVEQXLEXTVSZMHIWHIXEMPWJSVXLITVSHYGXMSRSJGSRGVIXIQM\XYVIW8LIXLVIITEVXUYEPMX]GSRXVSPQERYEPMW E GSQTVILIRWMZI KYMHI JSV E GSRGVIXI TVSHYGIVv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

(MWGYWWMSRJSV7IGXMSR/IITMRKXVEGOSJ[LEX]SYEVIHSMRK-HIRXMJMGEXMSR QIERW ORS[MRK XLI TVSHYGX SV WIVZMGIMHIRXMJMGEXMSRXLEXVIWYPXWJVSQETEVXMGYPEVTVSGIWW8LIMHIRXMJMGEXMSRQIXLSHWWLSYPHFIHSGYQIRXIHJSVIEGLTVSHYGXSVWIVZMGIMHIRXMJMIHERHXLIVIGSVHWOITXEFSYXMXWMHIRXMJMGEXMSRWLSYPHFIHIWGVMFIH8VEGIEFMPMX]MWORS[PIHKISVVIGSVHSJ[LIVIXLITVSHYGXSVWIVZMGIGEQIJVSQ[LIVIMXMWGYVVIRXP]ERHMRXLIGEWISJWIVZMGIWMXWGYVVIRXWXEXYW)\EQTPIWMRGPYHIe .SFGEVHIRXVMIWe &EXGLGEVHWe -RWTIGXMSRVIGSVHW

e 8EKKMRKERHe 6IGSVHMRK SJ XLI PSGEXMSR SJ TEVXMGYPEVQEXIVMEPW JSVI\EQTPIFEXGLIWSJGSRGVIXI8VEGIEFMPMX]MWSJXIRERYRHIVIQTLEWM^IHMWWYIMRGSRGVIXIGSRWXVYGXMSR8VEGMRKXLIWXVYGXYVIXSXLIXVYGOPSEHMWYWYEPP]VIGSVHIH EHIUYEXIP] 7SYVGIW SJ EKKVIKEXI ERH GIQIRXWLS[IZIV VIUYMVI WSPMH GSRXVSP XS TVIZIRX ZEVMERGIW F]WYTTPMIVWHYIXSTVMGISVEZEMPEFMPMX]6IMRJSVGMRKFEVWSYVGIWEVISJXIRRSXGPSWIP]QSRMXSVIH6IGSVHWXLEXTVSZMHI XVEGIEFMPMX]WLSYPHFIVIXEMRIH MRE517 'YWXSQIVTVSTIVX]6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR0SSOMRKEJXIVGYWXSQIVTVSTIVX]8LMW GPEYWI VIUYMVIW ETTVSTVMEXI GEVI XS FI XEOIR SJGYWXSQIVvWTVSTIVX]XLEXMWIMXLIVFIMRKYWIHF]XLISVKERM^EXMSRSVYRHIVMXWGSRXVSP;LEXMWGYWXSQIVTVSTIVX]#)\EQTPIWSJGYWXSQIVTVSTIVX]EVIe 7YTTP]SJETEVXMGYPEVTMIGISJIUYMTQIRXJSVMRGPYWMSRMREJEGMPMX]

e 8IWXMRKIUYMTQIRXWYTTPMIHF]XLIGYWXSQIVe 8IGLRMGEP MRJSVQEXMSR JSV I\EQTPI KISXIGLRMGEPVITSVXWSVEPERHWYVZI]MJRSXGSZIVIHF]XLITVSZMWMSRWJSVHIWMKRMRTYXYRHIV'PEYWIERH

e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

(MWGYWWMSRJSV7IGXMSR0SSOMRKEJXIVXLITVSHYGXWIVZMGISVFSXL(ITIRHMRKSRXLIREXYVISJXLISVKERM^EXMSRWSQISVEPPSJ XLI VIUYMVIQIRXW SJ XLMW GPEYWIQE] ETTP] XS E TVSNIGXTPERLS[XLMWMWHSRIMWJPI\MFPI4VSGIHYVIWWLSYPHRSXFIYRRIGIWWEVMP] HSGYQIRXIH [LIR RSVQEP [SVO TVEGXMGIWEHIUYEXIP]EHHVIWWXLIVIUYMVIQIRXW2SXI XLEX XLMW VIUYMVIQIRX GSZIVW GSRWXMXYIRX TEVXW JSVI\EQTPIHIPMZIVMIWXSERHJVSQWXSVEKIEX]SYVWMXIEW[IPPEWTVSHYGXTVSZMHIHXS]SYVGYWXSQIV

6 %'-'311-88))6)4368

3VKERM^EXMSRW WLSYPH XS FI E[EVI SJ ER] VIKYPEXMSRW SVVIUYMVIQIRXWSJIEGLWYTTPMIVVIKEVHMRKLERHPMRKTEGOEKMRKERHWXSVEKI)\EQTPIWSJXLIWIMRGPYHIe 0MJXMRKVIUYMVIQIRXWe %TTVSTVMEXIWXSVEKISJIUYMTQIRXJSVI\EQTPI[IEXLIVTVSSJWXSVEKISJIPIGXVMGEPERHQIGLERMGEPIUYMTQIRX

e ,ERHPMRKERHPEFIPMRKSJLE^EVHSYWQEXIVMEPWERHe )\TMVEXMSRHEXIWSJTEMRXWERHGLIQMGEPW

{'SRXVSPSJQSRMXSVMRKERHQIEWYVMRKHIZMGIW6IJIVXS-737IGXMSR

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

7)'8-32{1)%796)1)28%2%0=7-7%2(-1463:)1)28

{+IRIVEP6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR%TPERJSVQSRMXSVMRKERHQIEWYVMRKEGXMZMXMIWWLSYPHFIHIZIPSTIH8LMWTPER[MPPETTP]XSe 'YWXSQIVWEXMWJEGXMSRe 517TIVJSVQERGIERHe 4VSHYGXSVWIVZMGITIVJSVQERGI8LIWI GPEYWIW TVSZMHI XLI HEXE XS FI EREP]^IH EW TIV7IGXMSR

{1SRMXSVMRKERHQIEWYVIQIRX 'YWXSQIVWEXMWJEGXMSR6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR%VI]SYKMZMRKXLIGYWXSQIVW[LEXXLI][ERX#)EGL GYWXSQIVvW TIVGITXMSR SJ E 517vW TIVJSVQERGIRIIHWXSFIQSRMXSVIHERHQIEWYVIH8LIVIGERFIE[MHIVERKISJGYWXSQIVW;MXLWSQITVSNIGXWTEVXMGYPEVP] XLSWIFIMRK GSRXVEGXIH WYGL EW HIWMKRFYMPHS[RSTIVEXI XLISVKERM^EXMSRQE] GSRWMHIV XLI IRH YWIVW EW GYWXSQIVW %HIWMKRSVKERM^EXMSRGSYPHZMI[XLIYWIVWSJMXWHIWMKRSYXTYXJSVI\EQTPIXLIGSRXVEGXSVERHXLIS[RIVEWGYWXSQIVW-RXLIGEWISJEQERYJEGXYVIVWYTTP]MRKQEXIVMEPWSVIUYMTQIRXXSXLIGSRWXVYGXMSRMRHYWXV]XLIGYWXSQIVWGSYPHMRGPYHIXLIEVGLMXIGXWIRKMRIIVWXLIGSRXVEGXSVWERHXLIIRHYWIVW

-RXLIGSRWXVYGXMSRMRHYWXV]MXMWRSXYRYWYEPJSVSVKERM^EXMSRWXSLEZIGPSWIVIPEXMSRWLMTW[MXLXLIMVGYWXSQIVW'YWXSQIVWEVI SJXIR MRZSPZIH MR XLI VIZMI[ SJ HIWMKRW ERH MR WSQIGEWIWIZIRXLIMRWTIGXMSRSJGSRWXVYGXMSR-XMWMQTSVXERXXSYRHIVWXERHLS[XLIGYWXSQIVvWTIVGITXMSRSJXLITVSHYGXUYEPMX]VIPEXIWXSXLIMVHIKVIISJWEXMWJEGXMSR-JXLIGYWXSQIVvWVIUYMVIQIRXWEVIQIXERHXLI]TIVGIMZIXLEXXLI] EVI RSX SV XLEX XLI UYEPMX] MW MRWYJJMGMIRX XLIR XLIGYWXSQIV[MPPFIHMWWEXMWJMIHXLYWXLIVIUYMVIQIRXWSJXLMWGPEYWILEZIRSXFIIRQIX-X GER FI HMJJMGYPX XS SFXEMR EGGYVEXI MRJSVQEXMSR EFSYXGYWXSQIVWEXMWJEGXMSRFYXHMVIGXGYWXSQIVGSRXEGXMWTVSFEFP]XLIQSWXIJJIGXMZI -RXIVREPEYHMX6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR;LEXMWEREYHMX#%R EYHMX MRZSPZIW ER MRHITIRHIRX I\EQMREXMSR SJ LS[[SVOTVSGIWWIWEVIFIMRKTIVJSVQIHSVLEZIFIIRTIVJSVQIH3[RIVW[LSWTIGMJ]GSQTPMERGI[MXLXLMW7XERHEVHWLSYPHLEZIUYEPMJMIHEYHMXSVWTIVJSVQEYHMXWSRETPERRIHFEWMW8LIMQTSVXERGISJXLIMRXIVREPEYHMXTVSGIWWMWVIGSKRM^IHMR XLI 7XERHEVH F] XLI VIUYMVIQIRX MR XLMW GPEYWI JSV EHSGYQIRXIHTVSGIHYVI8LIEYHMXTVSGIWWWLSYPHMRGPYHIe 4PERRMRKXLIEYHMXe 6IZMI[MRKXLIVIPIZERX517HSGYQIRXEXMSRXLIFEWMWJSVXLIEYHMX

e 6IZMI[MRK TVSHYGXMSR VITSVXW JEMPYVI XVIRHW ERHGYWXSQIVGSQTPEMRXW

e 'SRHYGXMRKXLIEYHMXe 6ITSVXMRKXLIVIWYPXWERHe :IVMJ]MRKGSVVIGXMZIEGXMSR8LIJVIUYIRG]SJEYHMXWWLSYPHFIFEWIHSRXLIQEXYVMX]SJXLISVKERM^EXMSR-XWLSYPHEWEQMRMQYQGSZIVEPPVIUYMVIQIRXWSJXLI7XERHEVHERRYEPP]8LI MRJSVQEXMSR SFXEMRIH JVSQ MRXIVREP EYHMXW WLSYPHTVSZMHIMRTYXMRXSXLIQEREKIQIRXVIZMI[1SRMXSVMRKERHQIEWYVIQIRXSJTVSGIWWIW6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR+IRIVEPP]XLIQSWXIJJIGXMZI[E]XSIRWYVISYXTYXUYEPMX]MW XS QSRMXSV ERH GSRXVSP XLI TVSGIWWIW XLEX TVSZMHI XLITVSHYGXSV WIVZMGI -REHIUYEXI GSRXVSP SJ XLI TVSGIWWQE]VIRHIVTVSHYGXZIVMJMGEXMSRMRETTVSTVMEXISVQE]GSQTVSQMWIHIPMZIV]XMQIWSVSXLIVVIUYMVIQIRXW6IUYMVIQIRXWJSVVIGSVHMRKERHVITSVXMRKSRXLITIVJSVQERGISJXLITVSGIWWIWWLSYPHFIGSRWMHIVIH)\EQTPIWMRGPYHIe %UYEPMX]TPERe %RMRWTIGXMSRERHXIWXTPERERHe %WEQTPMRKTPER1SRMXSVMRKERHQIEWYVIQIRXSJTVSGIWWIWQE]EPVIEH]FIRSVQEPXSXLITVSGIWWERHEWXERHEVH[E]SJ[SVOMRKMRXLIGSRWXVYGXMSR MRHYWXV] XLEX MW PEWIVGSRXVSPPIH KVEHIVW SVXIQTIVEXYVIGSRXVSPSJGSRGVIXIQM\XYVIW

'32'6)8)'327869'8-3259%0-8=7=78)17-2'32*361%2');-8,-73 6

1IEWYVIQIRX ERH QSRMXSVMRK SJ TVSGIWWIW QE] SRP]VIUYMVI PMQMXIH HSGYQIRXEXMSR XS HIQSRWXVEXI GSQTPMERGIJSVI\EQTPIJSVEWQEPPGSRXVEGXSVS[RIVQEREKIVEHMEV]VIGSVH SJ WMXI ZMWMXW GSRJMVQMRK XLI TIVJSVQERGI SJ XLIJSVIQERQE]WYJJMGI-XMWYTXSXLISVKERM^EXMSRXSHIXIVQMRIXLITVSGIWWVIUYMVIQIRXWGVMXIVMEJSVEGGITXERGIJVIUYIRG]SJ MRWTIGXMSR ERH HSGYQIRXEXMSR VIUYMVIQIRXW8LIWI EVIX]TMGEPP] EHHVIWWIH MR XLI [SVO QIXLSH SV IRKMRIIVMRKTVSGIHYVIJSVIEGLEGXMZMX]1SRMXSVMRKERHQIEWYVIQIRXSJTVSHYGX6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR'LIGOMRKXSQEOIWYVIXLMRKWEVIVMKLX8LMW GPEYWI GSRGIVRW ZIVMJ]MRK XLEX XLI GYWXSQIVvWVIUYMVIQIRXWLEZIFIIRQIX8LMWZIVMJMGEXMSRWLSYPHFIGSRHYGXIHMREGGSVHERGI[MXLE TVIHIXIVQMRIH TPER XLEX MHIRXMJMIW QIXLSHW WEQTPMRKTPERW GVMXIVME JSV EGGITXERGI XEWO VIWTSRWMFMPMXMIW ERHVIGSVHWXSFIOITX8LIPIZIPSJHIXEMPSJXLITPERWERHXLIEGGITXERGIGVMXIVMEWLSYPH FI RS QSVI XLER MW RIGIWWEV] XS SFXEMR GSRWMWXIRXVIWYPXW JSV XLI GSQTIXIRG] SJ TISTPI MRZSPZIH ;LIVIETTPMGEFPISVKERM^IERHTPERJSVQEXIVMEPEGGITXIHSR XLIFEWMW SJ JYXYVI XIWX IZMHIRGI JSV I\EQTPI HIZIPSTMRK ETVSXSGSP JSV EGGITXERGI SJ GSRGVIXI SR XLI FEWMW SJ TPERXMRWTIGXMSR ERH JMIPH XIWXW YTSRHIPMZIV] FIJSVI XLIHE]WXVIRKXLWGERFIHIXIVQMRIH

{'SRXVSPSJRSRGSRJSVQMRKTVSHYGX6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR;LEXGSRWXMXYXIWERSRGSRJSVQMRKTVSHYGX#%RSRGSRJSVQMRKTVSHYGX MW ER]TVSHYGXSVWIVZMGI XLEXHSIWRSXGSRJSVQXSIWXEFPMWLIHVIUYMVIQIRXW8LITVSHYGXRIIHW XS FI GPIEVP] MHIRXMJMIH ERH GSRXVSPPIH XS TVIZIRXYRMRXIRHIHYWI% HSGYQIRXIH TVSGIHYVI MW VIUYMVIH JSV LERHPMRKRSRGSRJSVQMX]8LMWTVSGIHYVIWLSYPHGPIEVP]IWXEFPMWLXLIQIERW SJ MHIRXMJ]MRK HSGYQIRXMRK ERH WYFWIUYIRXP]VIWTSRHMRKXSER]RSRGSRJSVQMRKTVSHYGXWSVWIVZMGIW;LIRERSRGSRJSVQMRKTVSHYGX SV WIVZMGI MW MHIRXMJMIHXLIJSPPS[MRKSTXMSRWQE]ETTP]e 6I[SVOXLITVSHYGXXSQEOIMXGSRJSVQXSWTIGMJMGEXMSRWe 6ITEMVMX[MXLGYWXSQIVvWETTVSZEPe 6I[SVOMX[MXLGYWXSQIVvWETTVSZEPe 6IPIKEXIMXXSERSXLIVETTPMGEXMSRe 7GVETMXSVe 9WIMXEWMW[MXLGYWXSQIVvWSVHIWMKRIVWvETTVSZEP8LIMXIQWLSYPHFIVIGLIGOIHXSEWWYVIGSQTPMERGI

{%REP]WMWSJHEXE6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR8LMWVIUYMVIQIRXWLSYPHRSXFIYRHIVIWXMQEXIH%REP]^MRKHEXE MW IWWIRXMEP JSV ER]TSWWMFPI MQTVSZIQIRX'SPPIGXMRK

HEXELEWRSQIERMRKMJXLIMRJSVQEXMSRMWRSXI\EQMRIHERHIZEPYEXIH7SQII\EQTPIWSJMRJSVQEXMSRXLEXWLSYPHFIIZEPYEXIHEVIe 2SRGSRJSVQERGIVITSVXWe 'YWXSQIVGSQTPEMRXWe 1MWWIHWGLIHYPIHEXIWe 4IVJSVQERGISJWYTTPMIVWe (S[RXMQIe 'YWXSQIVGLERKIWe )RKMRIIVMRKGLERKIWSVIVVSVWe :IRHSVGLERKIWSVIVVSVWERHe 7XEXMWXMGEPEREP]WMWSJQIEWYVEFPITVSHYGXUYEPMXMIW

{-QTVSZIQIRX 'SRXMRYEPMQTVSZIQIRX6IJIVXS-737IGXMSR

(MWGYWWMSRJSV7IGXMSR'SRXMRYEPMQTVSZIQIRXWLSYPHFIMRXIVTVIXIHEWEVIGYVVMRKWXITF]WXIT EGXMZMX] 8LMW GPEYWI VIWXEXIW SRI SJ XLIVIUYMVIQIRXWSJ'PEYWITVSGIWWIWJSVEGLMIZMRKMQTVSZIQIRXXS]SYV517RIIHXSFITPERRIH;LIVIEW'PEYWIMW GSRGIVRIH [MXL TPERRMRK XLI TVSGIWWIW JSV SFXEMRMRKTIVJSVQERGI HEXE LS[IZIV 'PEYWI EPWS JSGYWIW SRQEREKMRK XLI MQTPIQIRXEXMSR SJ XLI TPERRMRK TVSGIWW F]YWMRKGETXYVIHHEXEHIWGVMFIHMR'PEYWI 'SVVIGXMZIEGXMSR6IJIVXS-737IGXMSR

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e 'YWXSQIVGSQTPEMRXWe ;EVVERX]GPEMQWe 4VSFPIQW[MXLWYTTPMIVWe 2SRGSRJSVQMXMIWe 6I[SVOe %YHMXVITSVXWERHe 7XEXMWXMGEPMRHMGEXSVWSJTSSVTVSHYGXMSRGSRXVSPWYGLEW[MHIKVSYTMRKSJGSQTVIWWMZIWXVIRKXLW'SVVIGXMZI EGXMSR WLSYPH FI VIGSVHIH ERH XMQI PMQMXWWLSYPHFIWIXJSVZIVMJMGEXMSR 4VIZIRXMZIEGXMSR6IJIVXS-737IGXMSR

6 %'-'311-88))6)4368

(MWGYWWMSRJSV7IGXMSR4VIZIRXMZIEGXMSRMWQSVIHMJJMGYPXXSEHHVIWWXLERGSVVIGXMZIEGXMSRFIGEYWIMXERXMGMTEXIWGMVGYQWXERGIWXLEXEVIPMOIP] XSGEYWIRSRGSRJSVQMXMIWVEXLIVXLERVIWTSRHXSTVSFPIQW8VEMRMRKMWSRII\EQTPISJTVIZIRXMZIEGXMSR%GSRWXVYGXMFMPMX]VIZMI[MWERSXLIVI\EQTPISJTVIZIRXMZIEGXMSR;LIRIWXEFPMWLMRK E HIWMKR TPER XLI OI] VMWOW XS TSSV HIWMKRSYXTYXWGERFIMHIRXMJMIHERHGERXLIRFIVIZMI[IHEXIEGLWXEKI SJ HIWMKR HIZIPSTQIRX 7MQMPEVP] [LIR TPERRMRK EGSRWXVYGXMSR TVSGIWW XLSWI EWTIGXW SJ XLI TVSGIWW XLEXTVIWIRXEWMKRMJMGERXVMWOXSEGLMIZMRKXLIMRXIRHIHSYXGSQIWWLSYPHFIMHIRXMJMIH4VIZIRXMZI EGXMSR TVSGIHYVIW WLSYPH FI STIR EPPIQTPS]IIW WLSYPH FI MRZMXIH XS QEOI TVIZIRXMZI EGXMSRWYKKIWXMSRW 8SSP FS\ QIIXMRKW [LIVI WEJIX] MWWYIW EVIVIZMI[IHEVII\GIPPIRXJSVYQWXSVIZMI[UYEPMX]TVSGIHYVIWERH[SVOQIXLSHWJSVVMWOWSJTSSVUYEPMX]SYXTYX

6)*)6)2')7%'-'SQQMXXIIw5YEPMX]%WWYVERGI7]WXIQWJSV 'SRGVIXI 'SRWXVYGXMSR %'- 6x %QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-TT%'-'SQQMXXIIw5YEPMX]1EREKIQIRX7]WXIQJSV 'SRGVIXI 'SRWXVYGXMSR %'- 6x %QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-TT%'-'SQQMXXIIw5YEPMX]1EREKIQIRX7]WXIQJSV 'SRGVIXI 'SRWXVYGXMSR %'- 6x %QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-TT%'-'SQQMXXII1ERYEPSJ'SRGVIXI-RWTIGXMSR74%QIVMGER'SRGVIXI -RWXMXYXI *EVQMRKXSR,MPPW1-TT%QIVMGER'SRGVIXI-RWXMXYXIw%'-'SRGVIXI8IVQMRSPSK]x%QIVMGER'SRGVIXI-RWXMXYXI*EVQMRKXSR,MPPW1-LXXTXIVQMRSPSK]GSRGVIXISVKEGGIWWIH%TV&VMXMWL7XERHEVHW-RWXMXYXIw+YMHIPMRIWJSV5YEPMX]%WWYVERGIx&7&VMXMWL7XERHEVHW-RWXMXYXI0SRHSR

&VMXMWL 7XERHEVHW -RWXMXYXI w7TIGMJMGEXMSR JSV(IWMKR(IZIPSTQIRX4VSHYGXMSRERH7IVZMGMRKx&7&VMXMWL7XERHEVHW-RWXMXYXI 0SRHSR'SRWXVYGXMSR-RHYWXV]-RWXMXYXIw1IEWYVMRKXLI'SWXSJ5YEPMX]MR(IWMKRERH'SRWXVYGXMSRx'--4YFPMGEXMSR8LI9RMZIVWMX]SJ8I\EWEX%YWXMR%YWXMR8

'32'6)8)'327869'8-3259%0-8=7=78)17-2'32*361%2');-8,-73 6

%44)2(-

6 %'-'311-88))6)4368

{(IWMKRERHHIZIPSTQIRX{(IWMKRERHHIZIPSTQIRXTPERRMRK{(IWMKRERHHIZIPSTQIRXMRTYXW{(IWMKRERHHIZIPSTQIRXSYXTYXW{(IWMKRERHHIZIPSTQIRXVIZMI[{(IWMKRERHHIZIPSTQIRXZIVMJMGEXMSR{(IWMKRERHHIZIPSTQIRXZEPMHEXMSR{'SRXVSPSJHIWMKRERHHIZIPSTQIRXGLERKIW{4YVGLEWMRK{4YVGLEWMRKTVSGIWW{4YVGLEWMRKMRJSVQEXMSR{:IVMJMGEXMSRSJTYVGLEWIHTVSHYGX{4VSHYGXMSRERHWIVZMGITVSZMWMSR{'SRXVSPSJTVSHYGXMSRERHWIVZMGITVSZMWMSR{:EPMHEXMSRSJTVSGIWWIWJSVTVSHYGXMSRERHWIVZMGI{-HIRXMJMGEXMSRERHXVEGIEFMPMX]{'YWXSQIVTVSTIVX]{4VIWIVZEXMSRSJTVSHYGX{'SRXVSPSJQSRMXSVMRKERHQIEWYVMRKHIZMGIW

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