PAGE 1

!"#$%&'$%()'*+,'!-%.*/('/-"/0)1'%2*3()'45',%&/*/4-%*$'!46(-'%+ !"# $%&'("#)&!#*+%,# *+,' &!#-(-. -#)&!#/"(0%"0*" ' #7 )*-*0'&*)(7'/042!)4+ ! *'/0()%) ' )89:;<<=>'E ;C'JEI<;EG'D8GD;GG:=C<'?D'<@='I=K8; I=:=C<'D?I'<@='>=HI== #EL@=G?I'?D'*I=I'<@='BJ?CB?IB@;J'?D'M?B='*G9=IE MEC8EIO'PQRR

PAGE 2

' ; "#$%&'(%)* /@;B'<@=B;B';B'>=>;LE<=>';TN'#I;EC')8?I S -?>I;H8=TN'EC>'M8EC'V&E9EGG=I?V' -E:WC'&@EA=B SSS F@?';CBJ;I= >'EC>'=CL?8IEH=>'E'C=EIGO'B=A=C S O=EI'G?CH'JEBB;?C'D?I' $E<;C'*:=I;LEC'G;<=IE<8I=N'L8G<8I=N'@;B'J?G;<;LBU'6;<@?8<'=EL@'?C='?D'O?8 N '<@;B' <@=B;B'F?8G>'C?<'@EA='9==C'J?BB;9G=U ' ' ' ' ' ' ' ' '

PAGE 3

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

PAGE 4

' ;;; 2'3.#!)4!5)*(#*(1 ,=>;LE<;?CUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUUUUUUUU UUU'; *LXC?FG=>H=:=C8L<;?CUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUUUUU 'R /@='!89G;L'%:EH=UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUUUUUUUUUUUU'] /@='!I;AE<='%:EH=UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU U UUUUUUUUUUUUUUUU '^ &@EJ<=I'4C=1' /I8_;GG?ZB'!89G;L'%:EH='EC>'!I;AE<='/I8<@BUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUUUU RQ /@='!89G;L'%:EH='?D'/I8_;GG?UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUU'R` 3?>'EC>'/I8_;GG?UUUUUU UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUUU'R` ' /@='2=BB;EC;L'2O<@UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUU'R] ' )8J=IB<;<;?C'EC>'<@=')8J=ICE<8IEG'#?>OUUUUUUUUUUUUUUUUUUUUUU UUUUU'R[ ' /@='3ET=UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUUUUU'PR ' &G=ECG;C=BBUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUUUUUUUUUUU'Pa 2EBL8G;C;'2EL@;B:?UUUUUU UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUUU'P] ' (:EBL8GE<;?CUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUU'P] ' )=Y8EG',?:;CE<;?C'?D'6?:=CUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUU'`Q .;?G= CL=1'/?I<8I=N'3=C?L;>='EC>'*BBEBB;CE<;?CUUUUUUUUUUUUUUUUUU UUUUUUUUUU'`a /@='!I;AE<='%:EH='?D'/I8_;GG?UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUUUUUU'`^ &@EJ<=I'/F?1' 2O<@?G?H;T;CH'EC>',;BEDD;I:;CH'<@='!E1')8J=IB<;<;?CB'EC>'<@=')8J=ICE<8IEG UUUUUUU']^

PAGE 5

' ;A 2EBL8G;C;'2EL@;B:?UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUUUUUU UUUUU']^ ' /@='!EOUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUU'][' ' 2EG=')=Y8EG;',?:;CE<;?C'?D'6?:=CUUUUUUUUUUUUUUUUUUUUUU U'][' .;?G=CL=1'/?I<8I=N'3=C?L;>=N'EC>'*BBEBB;CE <;?CUUUUUUUUUUUUUUUUUUUUUUUUUU U'b` /@='!I;AE<='%:EH='?D'<@='!E';C' %C<;:E<=' )JEL=BUUU'b[ &?CLG8B;?CUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUUU'^] #;9G;?HIEJ@OUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUU UUUUUUUUUUUUUUUUU'^[ ! ! !

PAGE 6

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
PAGE 7

' R 6*(7)$8&(%)* /@='>;L=D;C=>';C' "#):;3:2@89A#2<#B2569@#/21:3:;= 'EB'V?C='J=IB?C'F@?' @EB'B?G='EC>'L?:JG=<='J?G;<;LEG'J?F=IU'%C'EC<;K8;;L'EB'EC'=:=IH=CLO':=EB8I='9O'B';C' B?:='?<@=I'DEB@;?CUUU;C'<@=':?>=IC'F?IG>N':ECO'>;L=IB'?D':EBB':?A=:=C'@EA='I8G=>'<@I?8H@'<@=;I'L?C'E':?C?J?GO'?D'J?F=IV' eRa]fU'*C?<@=I'J ?G;<;LEG'BL;=CL='>;L<;?CEIO'EGB?'C?<=B'<@E<'>;L'@EA='G;<'D?I'@8:EC'I;H@');LF;>=' J@=C?:=C?C'FI;<<=C'E9?8<'=Y<=C B;A=GO';C'F?IXB'?D'G;<=IE<8I='?I'?<@=IF;B='>=J;L<=>' ;C'AEI;?8B'EI<'D?I:BN'<@=I='@EB'9==C'E'JEI<;L8GEI'DEBL;CE<;?C'F;<@'<@='I=JI=B=C';C'$E<;C'*:=I;LE';C' <@=' ;8C5:112 ?D'<@=' C;C=<==C<@ S L=C<8IOU'/@=B='D;H8I=B'LGE;:=>'J?F=I';C'<@='AEL88:'LI=E<=>'9O'<@=' ;C>=J=C>=CL='FEIB N 'B?:=<;:=B'=C>?F;CH'<@=:B=GA=B'F;<@'E9B?G8<='E8<@?I;'J?F=I'<@I?8H@'E'L?:9;CE<;?C'?D':;G;' J=I B?CEG'L@EI;B:E1'V<@='LE8>;GG?'g@E>h'E'JI?J=CB;':EHC;DO'@;B' J=IB?CEG;'EGG'G;:;';<;?C'g:E>=h'@;:'9=G;=A=';C'<@='C=L=BB;=C'=YL=J<;?CE G'L@EIEL<=I'?D'@;B'?FC'J=IB?CV'e&@=AEG;=I'`ifU''/@=' ;8C5:112D= 'J?F=I'FEB'?D<=C'JI=>;LE<=>'?C'@;B'E9;G;U'-?9=I
PAGE 8

' P >;L=IB'VAEIO'G;<G =BB'?D'<@='J?G;<;LEG'>?L'F;=G>'EG:?B<'E9B?G8<='J?F=IV'eRfU'/@;B' ;8C5:112 ':?>=G'?D' >;L'<@=';:J?I;A;>8EG'G=E>=IN'L?C<;C8=>' ?DD'EC>'?C'<@I?8H@?8<'B=A=IEG'L?8C'R[[QB'@?F=A=IN':EIX=>'E'L@ECH=';C' >;L=A=G?J=>';C')?8<@' *:=I;LEU',;A=IH;CH'DI?:'<@='?G>'D?I:B'?D' ;8C5:112 '>?:;CE<;?CN':?>=IC'>;L'C?<'9O'EC';C>;A;>8EG'F;<@':;G;?B?'`bfU'6@;G='>;LB' B?:=<;:=B'=:=IH=>'?8<'?D'<@;B'I8G=N'V<@='EJJ=EIECL='?D'E'B;L=C<;EG;B :'B?:=<;:=B'@;>'<@='=DD=L<;A='L?C'?A=I'<@?B=';C'H?A=IC:=C?B?'aPfU' !=I@EJB';C'EC'E<<=:J<'=IB'<@;B'C=F';CLEICE<;?C'?D'>;L8I;CH'<@;B'<;:='J=I;?>'eR[bQ S R[ [QfN';CLG8>;CH' 3E9I;=G'3EILcE'2dIK8=T'EC>'2EI;?'.EIHEB'$G?BEN'L@?B='' ;<;?CB'?D'>;L'F@E<';B'C?F'XC?FC'EB'<@=' >;L=D;C=>'9O'B'=I=>'<@='D;IB<'F?IX'<@E<'D;=D;C;<;?CN'EB';<'JI?A;>=B'EC' ;C>;I=L<'LI;<;L;B:'?D'<@='>;L='-?BEB'<@I?8H@';?'j8;I?HEU'3=IEG>'2EI<;C N'

PAGE 9

' ` @?F=A=IN';C'@;B 'ECEGOB;B'?D'$E<;C'*:=I;LEC'G;<=IEIO'B N 'C?<=B'<@E<'2;H8=G'kCH=G' *B<8I;EBZB' &1#=6429#796=:56@36 'e (>6#/96=:56@3 f'eR[abf'FEB'V<@='D;IB<'I=EG'>;L'<@='>;LG=>'J?F=IU'/@='>;L IEFC';C'<@=B='F?IXB'F;<@' G;<';L;L;L8#IC6932 'e (>6#H:M#HC9C5K@#H69C@5L#+8=#):65 f'eR[]Pf'F=I='J89G;B@=>' ED<=I'<@='LGEBB;L'C?A=G'?D'*B<8I;EBN'L?C <; C8;CH'<@='>;LU'/ @='H=CI=' I=L=;A=>'I=GE<;A=GO'G;<'<@= 'R[^QBU'*<'<@;B'<;:=N' <@='>;L';C'<@='J89G;LE<;?C'?D'<@I=='B=:;CEG'F?IXB1' &1# 96;C9=2#561#IN3252# e-=EB?CB'?D')='=YJGE;CB'<@E<' <@=B='C?A=GB'?D'<@='R[^QB'>;DD =I=>'DI?:' <@=;I'JI=>= L=BB?IBU'/@ =O':EIX=>'E''>=D;C;CH'EBJ=L<'?D'<@=' J?B<:?>=IC '$E<;C'*:=I;LEC'>;L=I'A;=FB' <@='L@EIEL<=I'DI?:'E'D;IB<'J=IB?C'AEC;L'D==G;CH BU'/@='>;L;:=CB;?CEG' D;H8I=N'BO:9?G;L'?D'<@='=A;GB'?D'=YL=BB;A='J?F=IN'98<'E'L?:JG;LE<=>'@8:EC'9=;CHV' e`b[fU' %C'?<@=I'F?I>BN'<@=B='C?A=GB'F=I='8C;K8=';C'JGEL;CH'<@='>;L
PAGE 10

' a @8:EC;T=>'JI?;CH';L;L?:'?D'E'G;:;6#J6@6981#:@#>:= #!8GA9:@3> f'eR[i[fN'EC>'<@=':?B<'I=L=C<' EC>'L8II=C;L:?2 'e (>6#$68=3#2<#3>6#J283 f'ePQQQf' L?C<;C8='<@;B';<;?CU'6@;G=' (>6#J6@6981#:@#>:=#!8GA9:@3> '>?=B'C?<'B=D;C;<;?CN'EB';<'>=J;LO'G?B<'J?G;<;LEG'J?F=IN ;<'B@EI=B'C8:=I?8B'B;:;GEI;<;=B';C';O'?D');:?C'#?Gc AEIU /@='EG<=I=>'D?L8B'DI?:'<@='>;L;L'ECY;=>=C':EC'>=:?CB;B<;CL<;?C':E>='9=;L'<@='>;L'EIH8='<@E<'<@;B' >;B<;CL<;?C'EGG?F=>'D?I'E'>=:OB<;D;LE<;?C'?D'<@='>;L=J;L<;CH'@;B'9?>;GO'E;G:=C;L'=D=LE<;CH'@;:B=GDU'0;B'9?>OZB'F=EXC=BB=B'@;H@G;H@<'<@='L?::?CEG;<;=B'9='<@='L?::?C';C>;A;>8EGB'?D'<@='I=H;:='?A=I' F@?:'<@='>;LU'*B'-?BEGcE'&?IC=_? S !EII;=H?'C ?<=B';C'EC'=BBEO' ?C'F@E<'B@='LEGGB'<@='V>=:O<@;D;LE<;?CV'?D'3EILcE'2dIK8=TZB'!E;L;GO'DE;G;CHB'EGB?'B=IA='=G=H;<;:;T;CH'@;B'E8<@?I;;:=CB;?C'ELK8;I=B'E'>=G=H;<;:;T;CH'D8CL<;?CN';CAEG;>E<;CH'E8<@? I;6#J6@6981#:@#>:=# !8GA9:@3> h'I=L?HC;T=B'<@E<'<@='HI=E<=B<'@8:;G;E<;?C'?D'EGG'D?I'E':EC';B'O'DE;G'@;:V'ebPfU'

PAGE 11

' ] %<';B'<@;B'>= S :OB<;DO;CH'JI?L=BB';C'<@='I=JI=B=C'@;B' J?F=I'F@;L@'D?I:B'<@='9EB;B'?D':O'<@=B;BU'%C'<@;B'<@=B;B'%'F;GG'JI=B=C<'E'LG?B='I=E>;CH' ?D';L6# "C3CI@#2<#3>6#/839:89;> f'EC>'2EI;?'.EIHEB'$G?BEZB' !8#<:6=38#561# ;>:?2 'e (>6#$68=3#2<# 3>6#J283 fN'F@;L@'9?<@'JI?A;>='EC'ELL?8C<'?D'<@='>?FCDEGG'EC>'>=:;B='?D';L';C' G;X='?I' B8J=ICE<8IEG'E9;G;<;=B'EC>'Pf'<@I?8H@' @;B '=:JG?O:=C<'?D';C<;:;>E<;?C';C'<@='D?I:'?D' @8:;G;E<;?C'?I'A;?G=CL= '=J;L<;?C B'?D'=EL@ '>;L=I:;C=B'@;B'J89G;L'?C='D?I'<@='I=E>=I' 9O'8C:EBX;CH';<'D?I';=I'';C'@?F' E' L?::8C;'L?:=''<@8B'DEL;G;=D;C='<@='>;L' J=IB?CEG;;L';C'<@='C?A=GB N 'EB'L?::?CGO'XC?FC'9O' <@='J?J8GE<;?C'?A=I' F@;L@'<@='>;L
PAGE 12

' b LEB='L?8G>'9=B<'9='>=D;C=>'<@I?8H@'EC'E:EGHE:E<;?C'?D',EA;>'$?LXF??>'EC>'2EY' 6=9=IZB'>=D;C;<;?CBU'%<';B' 9?<@'V<@='JI?9E9;G;'9O'?<@=IBV'EC>'V<@='LEJEL;6#*2@;:=6#-Q<295#):;3:2@89A#2<#'2;:212MA N'aRP S aR`f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n?I'E':EG='B8JI=:EL;B<';>=?G?HOV'e &@EC<'EC>'&IEBX= 'Y;fU'*G <@?8H@ 'B?:=' BL@?GEIBN'B8L@'EB'*GDI=>?'2;IEC>o N ':=I2 N'LGE;:;CH';<';B' ?D<=C'=:JG?O=>'=C;H IE<='EC>'B< =I=?>;<;?C';LE<;?C'<@I?8H@'@8:;G;E<;?C'?I' =:EBL8GE<;?CN'<@='>;L;I=L=I';=B'<@I?8H@'IEJ=N'=U'4A=IEGGN'<@='>;L'?A=I<@I?F'@;:'

PAGE 13

' ^ EI=''=B;I=B'9=LE8B='?D'E' D=EI' ?D' I= ;LG;X='?I'B8J=ICE<8IEG'B=D;C=B'L@EI;B:E'EB'V<@= 'L=I;A;>8EG' J=IB?CEG;;CEIO':=C'EC>''EB' =C>?F=>'F;<@'B8J=ICE<8IEGN'B8J=I@8:ECN'?I'E<'G=EB<'BJ=L;D;LEGGO'=YL=J<;?CEG'J?F=IB' ?I'K8EG;<;=Bp'e6=9=I'`]ifU'/@=B='L@EIEL<=I;B<;LB'EI='=;<@=I '';L;BL8IB;A=':=ECB'B8L@'EB'J?G;<;LEG' JI?JEHEC>Eq'?I'=GB='<@=O'EI='L@EIEL<=I;B<;LB'E<';L=:?CB'?C' ;;L'<@I?8H@'@;B'L@EIEL<=I;TE<;?C'EB'B8J=I@8:EC'?I'3?>G;X=U'0=';B' B8J=I;?I'?'C?<' J?BB=BBN'B8L@'EB'<@='>;A;C= S G;X='E9;G;'<;:='?I'<@=':?I='9EB;L'E9;G;'VI;H@ V 'J=IB?CB'F@?:'@= 'I8G=BU' %C'<@='3EILcE'2dIK8=T'<=Y:=38 'B<=I=?G;X=';L:=38# K8EG;<;=B'EI='B?'@ OJ=I9 ?G;T=>'<@=O'EJJ=EI'B8J=ICE<8IEGN'B8L@'EB'@;B' 9=G;=A=>' E9;G; I=CU

PAGE 14

' i 29#!:7%;'(#!60'/# %C'L?C;L'B=LI=>=C'DI?:'J89G;L'A;=FN'EC>'<@E<'JI=B=C<'E' <@I=E<';L;BL?A=I=>U'/@=B='L@EIEL<=I;B<;LB' EI='EG:?B<'=YLG8B;A=GO'I=GE<=>';GO'DE;G;CHBN'98<':EO';CLG8>='?<@=I'DEL;L;I=L;L<'<@='J?J8GEI':O<@BU'%C'<@;B'FEON'<@='C?A=G'=YEL=I9E<=B'<@=' DEGB=@??>'?D'<@=';:EH='?D'J?F=I'<@I?8H@';;L;DD=I=C<' I=JI=B=C;L'ELL?8C<'?D'<@='@;B;L;L'F@E<'.EIHEB'$G?BE'@;:B=GD'>=BLI;9=B' ;C'EC';C<=IA;=F'EB'<@='V=G'<=:E'eI=EG;B<';L ?=B' C?<'EGG?F'<@='I=E>=I''EC>'>;B<8I9;CH'I=EG;=J;L<=>U'%C'L?C'LEIC;AEG=BK8='CE<8I='?D'<@='3EILcE' 2dIK8=T'C?A=G'EGG?FB'D?I'E':?I='@8:?I?8B'EC>'BE<;I;LEG'=YE:;CE<;?C'?D'J?F=I'EC>' >;L< E=I';:?2 N'%'@EA='L@?B=C';BL8BB'<@='GE<=I'C?A=G'D;IBU

PAGE 15

' [ FEB'9EB=>'?C'EC'E<<=:J<'=I'L?:JI=@=CB;?CU'%'9=G;=A='<@E<' -EDE=G'/I8_;GG?':EX=B'D?I'E'B=G'?D'<@=';L;BL8BB';C'<@;B'<@=B;BU'+E:=GON'@=';B'E'>;L'?C'<@='JI?_=L<;?C'?D'E' JEI<;L8GEI';:EH='<@E<';B'L=C'?C'@ ;B'EJJ=EIECL='EC>'B=Y8EG;;L=GN'%'D?8C>';<'JI8>=C<';L>;<;?CN'3EILcE'2dIK8=TZB'8C8B8EG' C?A=G;B<;L'B;DD;L8G<'I=E>'< @E<'I=K8;I=B'HI=E<=I' =YJGECE<;?CU'%'D?8C>';<'B=CB;9G='=I'
PAGE 16

' RQ 59'<(#7!=>!278?%..)@1!:83.%&!60'/#!'*$!:7%;'(#!278(9 R"=#12@M#8=#(9CS:112#1:?65P#>6#8@5#I8@A#23>69#)2I:@:;8@=#T 2C15#G6#;2@56I@65#32#3>:=# 8T8?:@M#32#1:6#32#3>6I=61?6=#8@5#56;6:?6#6?69A2@6# 61=6P#2<#>8?:@M#32#G6#3T2#762716#:@#2@6 W #8#7CG1:;#1:6#8@5#8#79:?836#39C3>#3>83#;2C15#@23# G6#6Q796==65R XXX ,89M8=#!12=8#<92I# !8#<:6=38#561#;>:?2 # %C'E'I=L=C<'>;BL8BB;?C'L?C>8L<=>'ED<=I' .EIHEB'$G?BE'I=L=;A=> '<@='+?9=G'!I;T=' D?I'G;<=IE<8I=N'+=FBF==X'I=J?I<=I')=<@'&?G<=I'6EGGB'K8?<=B' <@='E8<@?I 1's%'<@;CX'$E<;C' *:=I;LEC'G;<=IE<8I='>=EGB'F;<@'J?F=I'EC>'J?G;<;LBN'EC>'%'F?8G>'BEO'<@;B';B' ;C=A;;<;?C'?D'E8<@?I;' 9I8;DD;L8G<'D?I'E'$E<;C'*:=I;LEC'FI;<=I''J?G;<;LB' EC>'<@=B='JI?9G=:B'<@E<'EI='GEIH=I'<@EC'J?G;<;LBUV'/@=';C=BLEJE9GO';C<=I' CE<8I='?D'$E<;C'* :=I;LEC'J?G;<;LB'EC>'G;<=IE<8I='<@E<'.EIHEB'$G?BE'>=BLI;9=B';B' I=JI=B=C<=>';C'?C='?D'@;B':?B<'GE8>=>'C?A=GB'I=HEI>;CH'J?F=I'EC>'>;L:?2 'e (>6#$68=3#2<#3>6#J283 fU' /@='C?A=G'EI<;L8GE<=B'<@I==':E;C'CEIIE<;A=' G;C=B '<@E<'=EL@'JI;A;G=H= ?C='JEI<;L8GEI'L@EIEL<=I'?I'B=<'?D'L@EIEL<=IBU'/@='CEIIE<;A=' G;C=B';CLG8>='"IEC;EZB'B'<@=;I'JG?<'' E'LG?B='A;B;?C'?D'<@='>;L '?C'<@='D;H8I='?D'/I8_;GG?'@;:B=GD'EC>' @;B';CC=I'L;ILG=U' /@='D;IB<'CEIIE<;A='G;C='D?L8B=B'?C'"IEC;E'&E9IEGU'/@;B'=C<;I=GO'D;L<;?CEG' L@EIEL<=I'I=<8ICB'N'`]'O=EIB'ED<=I' @=I'=BLEJ='EC>'E'G? CH'J=I;?>'?D'B=GD S ;:J?B=>'=Y;G=U'/@='I=<8IC'?D'<@='E>8G<'"IEC;E''A;IH;C N 'JI?A;>=B'E'<=:J?IEG'9I;>H='9= S

PAGE 17

' RR C?F'?D'<@='CEIIE<;?C 'EC>'<@='<@=I= S EC> S <@=C'?D'<@='X=O'=A=C' _8B<''E:;>B<'@=I'DE<@=IZB'J?G;<;LEG' >?FCDEGGN'<@='E>?G=BL=C<'"IEC;E'JI?A;>=B'E'L?CC=L<;?C'9=' JI;AE<=';:EH=B'?D'<@='>;LH='?D'<@='>;L'>8=';L;L'J=IB?CEG'ECY;=<;=BU' "IEC;E'EGB?'B=IA=BN'D?I'.EIHEB'$G?BEN'EB'E':='/I8_;GG?ZB' B8J=I;?I;'>?:;CECL='EB'E':EL@?'?I ':=BB;EC;L'D;H8I='<@E<':=C'HEA='@;:'<@=;I' 8C>=IEH='>E8H@<=IB':S8=P#6=3L# ;2I71638I6@36#52;CI6@3852YYY&98#C@8#I8@698#56#6Q796= 8916#=C#85I:98;:Z@ 'V' e5E<@=IB'HEA='/I8_;GG?'<@=;I'>E8H@<=IBN';?L8:=C<=>UUU'%<'FEB'E'FEO'D?I' <@=:':;IE<;?CVf'e*GE:=>EN'PfU' %C'<@='B=L?C>'CEIIE<;A='G;C=N'D?8I'L?CBJ;IEIEFC'DI?:'@;BN'FE;<';C'EC'E 8'<@=;I'8C;K8='I?G=B';C'<@='JG?<'EHE;CB<' /I8_;GG?U'*GG'D?8I'?D'<@='L?CBJ;IE='<@='I=E>=I'ELL=BB';L';C<=ICEG;TE<;?C'?D' <@=' J89G;L';:EH= EB'F=GG'EB'< @E<'?D '<@?B='EI?8C>'<@=:U 4CL='EFEX=C=>'=J<@B'?D' <@='>;LN'EC>'GEBL;A;?8BC=BB'@?F=A=IN'<@=O'C?'G?CH=I'B' D?I' <@=;I'?FC'B89_=L<;?C 'EC>'I=;B<;L'I8G=IU'

PAGE 18

' RP /@='C?A=G'EI<;L8GE<=B'=EL@ 'L?CBJ;IEN'G;X=':ECO'?D'<@='L?CBJ;IE=E<@'?D'<@='2;IE9EG'B;B<=IB' F@?:'@='X C=F'J=IB?CEGGOU'0=';B'<@='?CGO'L?CBJ;IE='GE'2ETEN'?C='?D'/I8_;GG?ZB'J=IB?CEG'H8EI>BN'>=B;I=B'I=;L' <@='<@IEB@;CH'?D'@;B':=:?IOU')EGAE>?I'(B@EGdN'?I'<@='V/8IXVN';B'E'>=A? 8<' &E<@?G;L'F@?':8B<'L?CDI?C<'@; B'?FC':?IEG'LI;B;B'F@=C'@='>=L;>=B':=C<'C?<'=I'?'3EILcE'38=II=I?N':?I='L?::?CGO'XC?FC'EB'*:E>;'=>;LE<;?C';BH8B<'D?I'@;:B=GD'EC>'<@='I=H;:='D?I' @;B'?FC 'EL <;?C';B'@;B'JI;:=' :?<;AE'CEIIE<;A='G;C='?D'<@='C?A=G' 8B=B'-EDE=G'/I8_;GG?'EB'E'L@EIEL<=IU'/@=' C?A=G'JE;CU'%<'>=J;L;L'>=G;H@A;B?IBU'/@I?8H@'<@='C?A=GZB':?A=:=C<';C;L=I'G=EICB'?D'/I8_;GG?ZB'J=IB?CEG' ECY;=<;=B'EC>'F=EXC=BB=BU'%C'L?C':EC'LI;JJG=>'9O'JI?B'?8<'?D'L?COU'!GEH8=>'9O'@;B';GG S @=EG<@N'C=EI'<@='=C>'?D'<@='C?A=GN'<@=' >;L
PAGE 19

' R` D?8I<==C S O=EI S ?G>';C'E'A;?G=C<'I=BJ?CB=''EC>' >=:?IEG;T=>N'/I8_;GG?';B'EBBEBB;CE<=>'?CGO'E'B@?I<'<;:='GE<=IU' (EL@'?D'<@='<@I=='CEIIE<;A='G;C=B'=YJG?I=B'E'>;DD=I=C<'J=IBJ=L<;A='?D'<@=';:EH=' EC>'J=IL=J<;?C'? D'<@;B'@;B;DD=I=C<'J=IBJ=L<;A=B'EGG?F'<@=' I=E>=I'E':?I='C8ECL=>'8C>=IB;CH'?D'9?<@'<@='J89G;L'EC>'JI;AE<=';:EH=B'<@=' >;L=CL='<@EC'EC?<@=IU' %CB<=E> N 'EGG'<@='>;DD=I;CH'? J;C;?CB'EC>'J=IBJ=L<;A=B'D?I:'E'L?:JG=Y'DIE:=F?IX'DI?:' F@;L@' <@=';:EH=B'?D'<@='>;L'DI?:'EGG'B;>=BU 2AB!:CDE65!6F+GB !HI!2JCK6EEH G)$!'*$!278?%..) %C'=B;L'9O'<@='J89G;L' EB'=;<@=I'E':=BB;EC;L'D;H8I='>8='';:EH='EB'<@='BEA;?I'?D'<@='CE<;?CN'?I'=GB='?<@=IF;B='DEA?I=>'9O'3?>' ;C'B?:='B;HC;D;LEC<'FEOU'/I8_;GG?'EGB?'@EB'E':EH;LEG'?I'B8J=ICE<8IEG'E9;G;O'<@E<'L?C 'B8J=I;?I;'F;<@'3?>'?I'M=B8B'&@I;B='9O'E''J89G;L'?I'<@I?8H@'J8IJ?B=D8G' JGEC' <@='J89G;L'J=IL=J<;?C'?D'EC'ECEG?HO's9='<@='3=C=IEG;BB;:?' g<@E''G;D=p'e$?J=T S &EGA?'RPfU'*' CEIIE<;A='?D'<@='>;L=CL='' G;9=IE<='<@=',?:;C;LEC'J=?JG='FEB'EGB?'E>?J<=>'ED<=I'E'DE:?8B'BJ==L@N'=C<;' J25#

PAGE 20

' Ra 8@5#(9CS:112 N'FI;<<=C'9O'<@='J8JJ=<'JI=B;>=C<'M?EK8cC'#EGEH8=I'BJ=L;D;=>'<@='>;L'';C'<@='L=C<=I'?D' &;8>E>'/I8_;GG?'eC?F'I=B'1' ):2=# 6@#61#;:612P#(9CS:112#6@#18#3:6998 'e3?>';C'@=EA=CN'/I8_ ;GG?'?C'=EI<@f'e$?J=T S &EGA?';YfU' /@;B'>=G;C=E<=B 'E'>;A;B;?C'?D'X;CH>?:B';C'F@;L@'3?>'I8 G=>'EGG'?D'@=EA=C'F@;G=' /I8_;GG?'I8G=>'EGG'<@='=EI<@N'JI=B8:E9GO'F;<@'>;A;C='9;>>;CHU'' .EIHEB'$G?BE'L?C<;C8=B'EC>'=YJEC>B'<@;B'@;B'9O'3?>';C'@;B'C?A=GU'5?I';CB R(9CS:112#@2#>CG:698#725:52#116?89#8# ;8G2#18#=2G96>CI8@8#I:=:Z@P#=:@#872A2#398=;6@56@36#[=365#>8#=:52#7898#6=36#78\=P# :@=39CI6@32#561#'69#'C796I2R 'eV/I8_;GG?'L?8G>'C?<'@EA='LEII;=>'?8<'@;B'B8J=I@8:EC' :;BB;?C'F;<@?8<' =C;A;C='EC>'J8E'-;LEI>?'LGE;:B'C=EI'<@='=C>' ?D'<@='C?A=G'8J?C'@=EI;CH'<@='C=FB'<@E<'@=I'@8B9EC>'@EB'9==C'EBBEBB;CE<=>1' R):2=# @2#769I:3:9L#UC6#' C#&Q;616@;:8#>8A8#IC6932R 'eV3?>'F;GG'C?<'J=I:;<'<@='(YL=GG=CLOZB' >=E<@Vf'e.EIHEB'$G?BE' a]Pq'3I?BB:EC'`afU'5?I'#;=CA=C;> EN'/I8_;GG?';B'9=G;=A=>''F;GG'JI?<=L<'@;:U' %C'DEL=E'<@E<'/I8_;GG?'; B'EC';CB' EC>'J=I@EJB'EB'E'I=B8G;A;C;
PAGE 21

' R] @=':EO'9='X;GG=>U'/@='L?CBJ;IE'?D'<@='EI:ON'3=C=IEG'!8J?'-?:dCN'D?I'@;:'< ?'9=G;=A='<@='>;L=E> U'/@='L?CBJ;IE;LN'EB';D';CLI=>8G?8B'I?'$;A;?N'D?I';CB''?8<1' R; CL@32=#29:<:;:2=# 36@\8#6@#]61^#;C6972#]56#(9CS:112^R 'eV@?F':ECO'@?G=B'F=I=';C'g/I8_;GG?ZBh'9?>OVf' e.EIHEB'$G?BE'`PRq'3I?BB:EC'Pa]fU' "#$!%$&&'()'*!%+,# /I8_;GG?ZB'J=IL=;A=>'>;A;C;'9O'?C='?D'<@='L?CBJ;IEI?'$;A;?'&=>=u?BN'=BLI;9='<@='J89G;L' J=IL=J<;?C'?D'<@='>;LEN'/I8_;GG?'LGE;:=>'=D=E<=>'E'L?::?C',?:;C;LEC'=C=:ON'<@=' 9GELX'0E;<;ECU *LL?I>;CH';CH'IEL=';C'<@=',?:;C;LEC'-=J89G;LN' ,?:;C;LEC'D=EI'?D'0E;<;ECB'=Y <=C>B'9ELX'EB'DEI'EB'RiPP'F@=C'0E;<;';CAE>=>'EC>' ?LL8J;=>'<@=',?:;C;LEC'-=J89G;L'D?I'?A=I'PQ'O=EIBN'I=JI=B=C<;CH'E'?:;CE<;?C'D?I'<@='L?8CEO'<@;B'=A=C<'L?C<;C8=B''PifU'%C'<@='C?A=GN',?:;C;LEC'L?C<=:J<'D?I'0E;<;ECB';B'L=I
PAGE 22

' Rb B?:='?D'/I8_;GG?ZB'E>A;B?IB'>=LGEI;CH'<@=O'D;C>'0E;<;' G89GL9:;2 'e9EI9EI;Lf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eV%'@EA='B'<@=B='F;<@' 9G??>UUUCZ<'<@=',?:;C;LEC' -=J89G;L'F?8G>'C?<'=Y;B<'EOVf'e.EIHEB'$G?BE'PR^q'3I?BB:EC'RbafU' /I8_;GG?'@?F=A=I';B'C? <'<@='@=I?'@='JI?LGE;:B' '0E;<;EC';CAEB;?C'<@E<':ECO',?:;C;LECB'B=LI==B;I=> N'98<'F=I='C=A=I' E9G=''8G\8#8?8@F852#>8=38#ICA# 899:G8#56#B2@36;9:=3:P#'8@3:8M2P#'8@#_C8@P#"FC8P#>69?\8@#56#>8:3:8@2=Y#!8#76=36#>8G\8# :52#6Q36@5:N@52=6#=:@#UC6#@85:6#>:;:698#@858Y#&=7698@52#C@#6=385:=38#;2@#?:=:Z@P#81#UC6# @2#16#36IG1898#18#I8@2R 'eV/@='HECHI=C='@E>':? A=>'A=IO'@;H@U'2?C<=LI;B<;N')EC<;EH?N' )EC'M8ECN'*T8EN'<@=O'F=I='EGG'<==:;CH'F;<@'0E;<;ECBU'/@='JGEH8='FEB'BJI=E>;CH'EC>' C?'?C='>;>'ECO<@;CHU'/@=O'F=I='FE;<;CH'D?I'E'B'

PAGE 23

' R^ F?8G>'C?<'=>'EB' B8J=I;?I ';C'<@='C?A=G 'U' /I8_;GG?ZB'E9;G;=D=E<'E'J=IL=;A=>'=C=:ON'LI=E<=B'E' JI?D?8C>'B=CB='?D'J89G;L'G?OEG< O';C'<@='C?A=GU'5?I';CBI?' $;A;?'B8;\8#?6:@36P#?6:@3:;:@;2#842=a#(252=# ;96\8@#81#*>:?2#61#=81?8529#56#18#/839:8P#61#UC6#8;8GZ#;2@#18=#MC6998=#56#;8C5:112=P#;2@# 61#761:M92#56#C@8#@C6?8#:@?8=: Z@#>8:3:8@8R ''eV6@?'EI?8C>'@;:'@E>'C?<'9==C'E' /I8_;GG;B=>'<@='LE8>;GG?'FEIBN'>;>'EFEO'F;<@'<@='<@I=E<' ?D'E'C=F';CAEB;?C'DI?:'0E;<;Vf'e.EIHEB'$ G?BE'Riiq'3I?BB:EC'RaQfU'+8:=I?8B' E>A;B?IB'EC>'EBB;B=9 <=>C=BB'EDD;I:B'<@=' >;L'9='@EI>'JI=B B =>'='EC> N 'L?CB=K8=C==JGO'<@E<';<'EGG?FB'<@='J89G;L'=' _8B<;D;LE<;?CB'D?I'/I8_;G G?ZB':?I=';CB;>;?8B'9=@EA;?IBU'5?I';CBI?'$;A;?'C?<=B' <@E<'L?:JEI=>'N Rb`CN#:I72938G8P#<96@36#8#6=2P#UC6# (9CS:112#=6#3:9898#8#18=#ICS696=#UC6#UC69\8a#b-#UCN#=6#>CG:698#116@852#56#8;:6@58=#A#M8@852= vV'eV6 @E<'>;>';<':E<<=I';D'/I8_;GG?'D8LX=>'ECO'F?:EC'@='FEC<=>v' 4I'BFEGG?F=>'8J'DEL'G;A=B
PAGE 24

' Ri RaQfU'/@='G?OEG';C'@;B':=BB;EC;L'I?G='<@8B'EGG?FB'/I8_;GG?'=@8:EC;T;CH'B89_=L<;?C'?D'@;B'J=?JG ='F;<@?8<'JI?<=B<'?I'>=D;ECL=U %C'E>>;<;?C';BE'?CGO' L?C=B;I='C?<@;CH':?I='<@EC'N'?CL='EHE;CN' 9O':=C'B8L@'EB'0=CIO'&@;I;C?B1' R@858#83986#38@32#8#18# ;89@6# @6M98#;2I2#18#G18@;8Y#!2=#6=3C792=#56#52I:@:;8@8=#729#>8:3:8@2=#=2@#61#78@#56# ;858#5\8R 'eV+?<@;CH'E<EO'?LL8II=CL=Vf'e.EIHEB'$G?BE'PR[q'3I?BB:EC'Rb]fU' /@8BN'C?<'?CGO';B'/ I8_;GG?'BEA;CH'<@='CE<;?C'DI?:'E'B8JJ?B=>';CAEB;?CN'@=';B'EGB?' JI?<=L<;CH'F@;<=',?:;C;LEC'F?:=C\B'A;I<8=BN'F@;L@'D8I<@=I'B8JJ?I';C'<8IC'9I==>B'<@='BE:='J89G;L'G?OEG=I;CH' <@E<';C'<@='C?A=G':ECO'?D'<@ =B='F@;<='>E:B=GB';C'>;B;T=>U'%C'EC' ;I?C;L'=U'%C'<@='C?A=GN'<@= I=E>=I';B'EGG?F=>'E'HG;:JB='E<'<@='B<=JB'@='='<@;B'DEL<'DI?:'J89G;L' XC?FG=>H=' F@=C'F='F;
PAGE 25

' R[ VF@;<=CBV'@;:B=GD1' R=6#381UC6Z#18#;898#;2@#7921:S:585P#>8=38#5:=:IC189#G8S2#C@8# 561:;85\=:I8#@CG6#G18 @UC6;:@8#8UC6118#I296@6F#56#=C=#I8369@2=#8=;6@5:6@36=P#12=# @6M92=#>8:3:8@2=P#UC6#=:6I796#>8G\8#56=796;:852#6@#18=#7:616=#8S6@8=#A#6@#18#=CA8# 7927:8R 'eV@='J?F>=I=>'@;B'DEL='H=C=I?8BGO'8C<;G'@='@E>'@;>>=C'8C>=I'E'>=G;LE<=' F@;<;B@'LG?8>'<@='>EIX'<;CH='?D'<@=' 0E;<;EC'9GELXB'F@?'F=I='@;B':E<=ICEG'ECL=B'EGFEOB'>=BJ;B=>'?C'?<@=I'J=?JG=\B'BX;CN'EC>'?C'@;B '?FCVf'e.EIHEB' $G?BE'`[q'3I?BB:E C'P]fU'%C'<@;B'I=A=GE<;?C'?D'@;B';>=C<;?J;DD=I=C<'L?CC?'L?::?C'H??>'?D'@;B'J=?JG=N'/I8_;GG?';B'EL<;CH'?8<'@;B'?FC';>=C<;=BJ;B=B' ;C'@;:B=GDU'/@8BN';C'E'FEON'@;B':?<;A=B'EI=' I=A=EG=>'EB ':?I='B=GD;B@'<@EC'<@=O'EJJ=EIU' %<';B';:J?I='F;<@'E'L?GG=L<;A=' ,?:;C;LEC'ECY;= N'98<':ECO'F;<@;C'<@=',?:;C;LEC'-=J89G;LU ' -./$0&,','1)!()2!,#$!-./$0)(,.0(3!412+ %C'ELL?I>ECL='F;<@'/I8_;GG?ZB'J=IL=;A=>'>;A;C;'BN'/I8_;GG?';B'EGB?'BE;>';LOU'5?I';CBO'J=I:;BB;?C'
PAGE 26

' PQ # 56#369;:27612#A#MC8@36=P#=:@#UC6#=6#?68#6@#=C#<96@36#G9:112#56#=C529 DY#e2#=C58G8 #=:# # @2#UC69\8Y # e 0='FEB'BF=E<;CH'C?FU'%D'<@=O'L?8G>'B=='@;:w'*C?<@=I':O<@' I=J=E<=>'E9?8<'@;:'FEB1'Z/I8_;GG?'C=A=I'BF=E'@E<'EC>' HG?A=B' EC>'O?8'C=A=I'B=='E'>I?J' ?D 'BF=E<'?C'@;B'D?I=@=E>U' 0='>;>C\<'BF=E<';D'@=' >;>C\<'FEC<''<@;B'CE<8IEG'JI?L=BB'DI?:'?LL8II;CH' >=:?CB'9O'<@='BE:='9;?G?H;LEG'D8CL<;? CB'EB'?<@=IBU' 2?I=';:J?I' ;C'<@='JEBBEH='E9?A=U'%<';B'C?<'<@E<'/I8_;GG?'>?=B'C?<'BF=E?=B'C?<' BF=E <' :<#>6#526=#@23#T8@3#32 N';:JGO;CH'@;B'E9;G;OZB'I=BJ?CB=B' 9EB=>'?C'@;B'>=B;I=BU'%C'=YJI=BB;CH'<@;B'J?F=I'?A=I'@;B'?FC'9?>ON'<@='C?A=G;B<;L' /I8_;GG?'>=:?CB'LEJEL;'BJ=L;D;LEGGON'@;B'LEJEL;OU'%C'<@;B'FEON'/I8_;GG?ZB'?FC'9?>O'9=L?:=B'EC'=YE:JG=' ?D'<@=''?A=I'<@?B='?D'?<@=IBU' /I8_;GG?ZB' L?CO'EGB?'B@?FB'E'I=:EIXE9G='>;BL;JG;C=U'/@;B' E>:;IE9G='K8EG;'<@;B'EDD;I:B'/I8_;GG?ZB' >?:;CECL='EC>'J?F=I'EB'E'>;BL;JG;C=I'?D'9?>;=BU'/@;B'F;GG'9='>;BL8BB=>':?I=' =Y<=CB;A=GO';C'GE<=I'B=L<;?CB'I=HEI>;CH'A;?G=CL=U' *C?<@=I'=YE:JG='?D 'E'B8J=ICE<8IEG':O<@'B'E9?8<'/I8_;GG?';B'<@E<'@=' I=K8;I=B'A;I<8EGGO'C?'BG==JN'E'D=E<'F@;L@'/I8_;GG?'@;:B=GD'9=G;=A=B1 #R;2@39:GCAZ#8#=C# 8C96218#56#=69#=C769:29f 'esL?C''' >;A;C;'I;H@<'';C'

PAGE 27

' PR B8J=ID;L;EGGO'B:EGG'D=E?J'?D'EB'=YL=J<;?CEG';B'EJJI?JI;E<=>'EC>' =YEHH=IE<=>'=I'F;<@'EC' ;C@=I=C<'I;H@<'=:?CB;BL;JG;C=U'M8B<'EB'/I8_;GG?'LEC' L@??B='O'EHE;CB<'CE<8IEG'=Y@E8B<;?CU' *B'%'@EA=' BN'< @='=YL =J<;?CEG'CE<8I='?D'@;B'F;GG 'JE;C< B'@;:'EB'E'B8J=I;?IGO'>;BL;JG;C=>' J=IB?CU''%<'EGB?'J?;C;I=L<;?CN'EB'F='B@EGG'B==N'?D' @;B'J?F=I''XC?FBU 4A=IEGGN'/I8_;GG?ZB'B8J=ICE<8IEG'L?CO'9=L?:=B'EC?<@= I' :=L@EC;B:';C'X==J;CH'F;<@'<@=':=BB;EC;L'?I'>;A;C='=YE:JG=B'<@E<'I=;CD?IL=B'<@=' >;L'B8J=I;?I;;A;C=GO'H;A=CN' /I8_;GG?'8B=B'@;B'CE<8IEG' LEJEL;; BL;JG;C=''>=C'U'/@;B'B==:;CHGO'B8J=ICE<8IEG'L@EIEL<=I;B<;L' @?F=A=IN'@EB'E'DIE:=F?IX'<@E<';B'9EB=>';C'I=EG;;L
PAGE 28

' PP C='<@=';CB<;<8<;?C'<@E<'?IHEC;T=B'<@= :'EC>'<@='B8IA=;GGECL=' B' ;' JI?>8L;CH'<@='D==G;CH'D?I'<@='J89G;L'<@E<'/I8_;GG?';B'>;A;C=GO'?:C;BL;=C?'e*:E>;=BLI;9=B'E'J?J8GEI'9=G;=D'E9?8<' <@='HET=U'*LL?I>;CH'8;\8#=6@3:9=6#56=@C58=#8#18=#M6@36=R 'eVC?'?C='L?8G>'=C>8I=';<' F;<@?8<'G?F=I;CH'@;B'?FC'=O=BN';C<;:;>E<=>'EC>'ECC;@;GE<=>'9O'<@='D?IL='IE>;E<;CH' DI?:'<@?B='J;=IL;CH' =O=B'<@E<'B==:=>''?C=ZB':?B<'B=LI=<'<@?8H@':?B<' @;>>=C'>=B;I=B'EC>'EJJ=<;<=BN'EC>':E>='J=?JG='D==G'CEX=>Vf' e.EIHEB'$G?BE'aiq' 3I?BB:EC'`RfU 5?I'" IEC;EN'F@?'L?:=B'8C>=I' /I8_;GG?ZB'BE<;CH'<@E<'?CL='HG ECL=>'E<'B@='>=BLI;9=B'@=IB=GD'EB'@EA;CH'VJ8I?'J=GG=_?V' eV@?GG?F'BX;CVf'e.EIHEB'$G?BE']QPq'3I?BB:EC'`[RfU'/@='HET=' =:J<;=B'@=I '?D'@=I'A=IO' 9=;CH 'B8L@'<@E<'B@='C?'G?CH=I'@EB'EC';>=C<;=BLI;9=B1'V O8#@2#'<@I?8H@?8<'<@='F?IG>U'/@='=A;G'=O=N'?I'V 61#I81#56#2S2 V'EB'lE<<;E' &@;CL @ ;GGE')dCL@=T'FI;<=B';C'EC'EI<;LG='E9?8<'<@='BO:9?G;B:'?D'=O=B1' R=6#72 59\8#

PAGE 29

' P` 792?2;89#18#I818#=C6936#A#381#8I6@8F8#<29IC1858#;2@=3:3C:9\8#IC;>8=#?6;6=#C@# 8C3N@3:;2#=293:16M:2P#7C6=32#UC6#8;3K8#=2G96#18#:I8M:@8;:Z@P#81#:@'9='E9G=''G8LX'EC>'<@=' D? I:8GE<;?C'?D'B8L@'E'<@I=E<'L?8G>':ECO'<;:=B'L?CB<;<8<='EC'E8<@=C<;L'BJ=GGN'F@;L@' EL=E'?D'E'<@I=E<'?D'EC'8CG;:;<=>'?LL8G<'J?F=IVf' e)dCL@=T'P`[fU'%C'<@;B'FEON'/I8_;GG?';B'C?<'?CGO'EBB;B<=>'9O'>;A;C='J?F=I';C'<@=' J89G;LZ B'=O=B'98<'EGB?'9O'EC'?LL8G<'J?F=I'<@E<';B'JEI<;L8GEIGO'<@I=E<=C;CHU'/@=' J89G;LZB'<=II?I'?D'<@='HET='B=IA=B'E'B=GD S J?G;L;CH'D8CL<;?C'<@E<'LEGGB''2;L@=G' 5?8LE8GEI=B'C?<'I;BX'<@E<'/I8_;GG?';B'C?<'HET;CH'?C'<@=:' DI?:'EDDE;I' F;<@'XC?FG=>H='?D'=A=C'<@=;I';CC=I':?B<'<@?8H@;L';B'JI;CL;JEGGO 'D=G<'<@I?8H@'<@='L@EIEL<=IB' B=CBE<;?C'<@E<'=O=B'EI='EGFEOB'8J?C' <@=:U' );HC;D;LEC?=B'C?<'EJJ=EI''E9;G;';<';B'=YLG8B;A=GO' >;BL8BB=>';C'I=GE<;?C''9O'J?J8GEI' ;:EH;CE<;?CU'/@='I8:?I';B'L=I' 9O',?:;C;LECB'EB'"IEC;E'C?<=B1' g12# 56#12=#2S2=P#12#56#18=#I:9858=#56#(9CS:112P#12#>8G\8#2\52#IC;>8=#?6;6=Y#"#787LP#8#12=# 8I:M2=#56#7878Y p'es/@='B'@=EI>';<' ?D<=C'DI?:'!EJEN'DI?:'!EJE\B'DI;=C>Bpf'e.EIHEB'$G?BE ']Q[q'3I?BB:EC'`[RfU'/@='

PAGE 30

' Pa L?CBJ;IE;'<@='DE<@=I'EC>' <@E<';<'@EB'9==C'JEBB=>'>?FC'E<'BL@??GU' ,8=';BL8BB;CH'EC>'L?C'EC>' J=IJ=<8E<=>':O<@'<@E<';B';C'X==J;CH'F;<@'<@='I@=;BJ=IB=BU'/@=' :O<@'D?I:B'O=<'EC?<@=I';CB=B'EC'=YL8B='D?I'<@=;I' ;::?9;G;;L'<@=:'?D'<@=;I'I;H@'@EA='XC?FG=>H='?D'<@=;I' ;C<=C<;?CBU'7==:?CBGO'EC>'B8J=ICE<8IEG'J?F=IB'EC>' B'E':?I='@8:EC'J?F=IN'/I8_;GG?'EGB?'EDD;I:B'@;B'E8<@?I;E<;?CU'%C'JEI<;L8GEIN'@='@8:;G;E<=B'?<@=I':=C';C'@;B'EBB=I<;?CB'<@E<'<@=O'EI=' 8CLG =ECU'5?I'=YE:JG=N'@='H;A=B'0=CIO'&@;I;C?B'<@='C;LXCE:=B'V&?CB<;<8<;?CEG')?'V6EGX;CH'/8I>V 'EC>'I8<@G=BBGO'LI;<;L;T=B '@;B'EJJ=EIECL='EC>'L?C>8L<'9O' ;CB;C8E<;CH'<@E<'<@=')=CEA;B?IBN'=CD?IL;CH'@EIB@' J=CEG<;=B'?C'<@?B='F@?'EJJ=EI'G=BB'<@EC'J=ID=L< '?I'F@?'EI='I=BJ?CB;9G='D?I'>;I'
PAGE 31

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h6Y 'e*'D=F':=<=IB'DI?:'<@='H8EI>'J?B=I'<@='DGEH'EC>'B=EG'?D'<@='-=J89G;LN'E'J;J='FEB'BJ=F;CH'?8<'D;G<@O'9GELX' FE<=I'<@E<'@E>'D?I:=>'E'K8EH:;I='E<'<@='=>H='?D'<@='@;H@FEOUUU'0='D=G<'IEH=N' 98IC;CH'GEAE'DG??>;CH'@;B'9?>OU'0='L?C'@;B'D;IB<';:J8GB= N''L8IB='<@='?DD;L=IB'F@?'F=I='JI=B=C<'EC>'>=:EC>';D'<@;B'FEB'<@=' ;:EH='<@=O'F=I=''5?IL=B1'EC';CB<;<8<;?C'?A=II8C' 9O'B<;CX;CH'FE<=I'EC>'A=I:;CU'#8<'@=';::=>;E<=GO'>=L;>=>'<@E<'@='@E>'':ECU'*C>':EX='!8J?'-?:dC';C'J=IB?C'BFEGG?F' E'G;<'B@;<'J?8I;CH'?8<'?D'<@E<'B=FEH='J;J=Uf'e.EIHEB'$G?BE'R^Q S R^Rq'3I?BB:EC'RP^f 0=I=N'/I8_;GG?'I;CX'DI?:'<@='B=F=I'EB'<@?8H@'@=';B'EC'EC;:EGU'/@='=DD=L<'?D'<@;B'@8:;G;E<;?CN' JEI<;L8GEIGO'?D'B8L@'EC';:J?I'>EI =''9O'L?CB=K8=CL=N'/I8_;GG?U'%<'EGB?' B=IA=B'?:;CE<;?CU'/@=I=';B'C?'G;:;<''?D'<@='>;L'D8I<@=I:?I=N'C?':EC' :EO'=BLEJ='@;B'>;BL;JG;CEIO': =EB8I=BN';CLG8>;CH'E'3=C=IEGU %C',?:;C;LEC'B?L;=E:EH;CH';CB8G8L<;?CN'EJJ=EIEC L=B'F=I=' ;:J?I'<@E<'E':EC'@E>';I
PAGE 32

' Pb %C'<@;B'FEON'<@='J =IL=J<;?C'?D'E':ECZB'8C<;>;C=BB 'J=I@EJB';:JG;=B'EC';CE9;G;8L='F?:=CN'F@;L@'9=G;<=I'XC?FB'DI?:';C<;:E<='HGECL=B';C'?=B''EJJ=EIECL=U' 5?I'=YE:JG=N'@='L?:JG=<=B'E'B=?>?IEC'J=ID8:=BU'0='<@;CXB' E9?8<':;C8<=' >=?=B'C?<'H?' 8CC?<;L=>'9O'<@='J89G;LN'EB'*CVf'<@E<'@=' R@C@;8#36@\8#C@8#899MC8#6@#61#C@:<29I6P#61#;>8UCN#2#61#398S6#56#;8116R eVC=A=I'@E>'E'FI;CXG='?C'@;B'8C;D?I:N'@;B'<8Y=>?N'?I'@;B'B=BJ;<=N'<@='J89G;LZB 'ELXC?FG=>H=:=C<'?D'/I8_;GG?ZB'LG=ECG;C=BBN'<@=' I=E>=I'@EB'JI;A;G=H=>'XC?FG=>H=N'<@I?8H@'E'C?A=G;B<;L'HGECL=';C;L>=IU'*B'E'I=B8G'9O'<@;B'JI;AE<='O'?I' ?D'@;B' EJJ=EIECL=U' /@;B'I=JI=B=C;L;L'>;<;?CN'<@='C?<;?C'?D'/I8_;GG?'EB'E'LG=EC'J=IB?C';B'B?:=F@E<':;<;HE<=>'9O' <@='I =E>=I Z B'ELXC?FG=>H=:=C<'?D'@;B'JI?D?8C>'E
PAGE 33

' P^ :EBBELI=U'0;B'@EC>B'EI=':='F;<@'9G??>'DI?:'<@='A;?G=CL='@=' L?::;'EC>'<@;B'<=C B;?C';B'JGEO=>'?8<'D?I'<@='I=E>=I'L?C<;C8?8BGOU' F+L5CE6M62N!+M"! %789:-%; B0'1&8.'(%)* /@='>;L'EHE;CB<'<@=;I':EBL8G;C;G=BB'?D' <@=;I':EI;;CC=I'JEI=>' =YLG8B;A=GO'9O':=C'LG?B='6IG98=#UC6#I6# 3:9NYYY#698#18#ICS69#56#$92:1L@R 'eV<@='9=B<'L8C< r '%'=A=I'D8LX=>t'FEB' 5I?;GdC\B'F;D=Vf'e.EIHEB'$G?BE'^] S bq'3I?BB:EC]`fN'/I8_;GG?ZB'J89G;L'EBB=I<;?C'?D'@;B' B=Y8EG'J?BB=BB;?C'?D'<@;B'F?:EC';C'<@='JI=B=CL='?D'<@='@8B9EC>'E9?G;B@=B'<@=' L?CL=J<'<@E<'<@='@8B9EC>'@EB'ECO'8C;K8='?I '=YLG8B;A= 'ELL=BB'=B;I=BU'*B'&@I;B<;EC'l@I?C S 0ECB?C'=YJGE;CB1'sg,?:;C;LECh':=C'D=EI=>'L8LX?G>IOU' )8L@'E'I=GE<;?C'L?8G>'<@I=E<=C'<@='@8B9EC>\B'=C<;I='I=J8'9='=YJ=I;=CL=>' EB'=YN'@;B'D=:;C;TE<;?CU'*'9EB;B'D?I'<@;B'X;C>'?D' '''''''''''''''''''''''''''''' ''''''''''''''''''''''''' r '/@='F?I>'L8C<';B'C?<'E'JI?J=I'6IG98Y '6@;G=';<'L?CA=OB'E'A;?G=C<''6IG98 'F?8G>'9='V9I?E>VU'/@;B';B'E'B<;GG'E'>=I?HE'D?I' F?:=C'98<'IE<@=I'<@EC'E'>=A;L='F@;L@'=:J@EB;T=B'<@=':=
PAGE 34

' Pi I=EB?C;CH'FEB':=C\B'L?CA;L<;?C'<@E<'9?<@':=C'EC>'F?:=C'>=:EC>=>'H??>'B=Yp' eR`bfU 5I?;GdCZB'@8:;G;E<;?C 'EGB?'J=ID?I:B'EC';C<;:;>E<;CH'D8CL<;?CU'5?I'<@='I=B<'?D' <@=':=C'E<'<@='9ECK 8=?:;CECL=N';C'<=I:B'?D'DI==' ELL=BB''JI=B =C'>=DO'@;:U 4<@=I'D?I:B'?D'=:EBL8GE<;?C';CLG8>='<@=';CB;C8E<;?CB'?D'<@='@?:?B=Y8EG;;CH'E'(U' -=>>?LX1'V @?:?B=Y8EG;'<@8B' =DD=:;CE<=U'0?:?B=Y8EG':=C'EI='>=D;C=>'EB'<@=':?B<'8C S :EBL8G;C='?I'=:EBL8GE<=>' ?D':=CpeifU'!=I@EJB'<@;B'=YJGE;CB'<@='L?CB=C<'M?EK8cC'#EGEH8= I'EC>' M?@CCO' *99=B'3EILcEN'<@='@=E>';<;?CEGGO'<@=';CB8G<'?D' I89:;Z@ 'eDEHH?=I?HE?=B'C?<'EGFEOB';:JGO'<@E<'< @=' J=IB?C''EGB?'B;HC;DO' J=>?J@;G;EN'EB=Y8EG;'B=Y8EG'>=A;ECL=BU'5?I' =YE:JG=N'*99=B'3EILcE';B'LEGG=>'E' I89:;Z@# =;<@=I'9=LE8B='/I8_;GG?'<@=?I;T=B'@=':EO' @EA='B=Y'F;< @'EG2=#A#8I89:;2@852=R 'esG;X='<@?B=' G=L@=I?8BN'DEHH?<'JI;=B;B;C<=I=B<';C'B=Y'EGG'
PAGE 35

' P[ >8G69#789852# 18#?69M8#8#6=6#6=78421#I83C=81N@:;2#=69\8#?6:@36P#396:@38#842=#839L=R es <@='GEB<'<;:='<@E<')JEC;EI>N'F@?'FEB'EB'?G>'EB'2=<@8B=GE@N'@E>'E'@EI> S ?C':8B<' @EA='9==C'G=BB'?D'<@='=YEL<'B;HC; D;LECL='?D'<@='<=I:N'<@=';C<=C<';B'L=IGO's>=A;ECI=BB;CH';B';C'DEL<'L?CB;>=I=>'B8L@'EC';CB8G<'; C'<@;B'C?A=GN' <@E<';<';B'L?::?C'D?I'/I8_;GG?''@;:'9O' ?I>=I;CH'*99=B'3EILcE''<@=C'LI=E<='E'DEGB='BL=CEI;?'B8L@'<@E<' ;<'EJJ=EIB'<@E<'<@='A;L<;:'=CHEH=>';C'E'JEI<;L8GEI'B=Y8EGGO'>=A;EC<'9=@EA; ?IU'5?I' =YE:JG=N'<@='CEIIE?'&;JI;?=BLI;9=>'EB'EC'=C=:O'?D'/I8_;GG?ZB1 #g7696;:Z#6@#*898;8=#6@#C@8#96A6938#56#I89:;8=E#12# 6@;2@3892@#87C481852#6@#C@#>2361#56#I818#IC6936P#;2@#;81FZ@#A#=2=3N@#56#ICS69P#A #18# G2;8#;2@ 92CM6Y#&1#5:;38I6@#<296@=6#56369I:@Z#UC6#36@\8#6=769I8#6@#61#96;32R# eVJ=I;B@=>';C'&EIELEB';C'E'@?:?B=Y8EG'>;BJ8<=1'@='FEB'D?8C>'B'=E<@';C'E' L@=EJ'@?<=GN'F=EI;CH'JEC<;=B'EC>'E'9IEN'F;<@'G;JB<;LX'?C'@;B':?8<@U'/@='D?I=CB;L' =YE:;CE<;?C' >=<=I:;C=>'<@E<'@='@E>'BJ=I:';C'@;B'I=L<8:p'e.EIHEB'$G?BE'iiq' 3I?BB:EC'b`fU' /@='L?CBJ;IE='GE'2ETE'I=L?8C=IB'<@='EBBEBB;CE<;?C'?D'*C8=''3EGcC>=T'<@E<';B'' 9ELX'=IB'@;B' =G;:;CE<;?CN'EG?CH'F;<@'<@='X;GG;CH'?D'EC?<@=I'F;'28 I J@OU'

PAGE 36

' `Q +?<'L?C<=C<'F;<@'<@='E BBEBB;CE<;?CN'@?F=A=IN'/I8_;GG?'=Y<=C>B'<@='J8C;B@:=C<'=A=C' D8I<@=I'9O';:JGO;CH'<@E<'28IJ@O';B'E'@?:?B=Y8EG'F@?'J8IB8=>'/EA;;L:?2P#729#G29989#18=#7:=38=#56#18#>:=3298# # 56#J81\@56FP# 3 C?2#61#96<:@8I:6@32#I8;8G92#56# >8;69#56#(8?:32#C@#8=6=:@2Y#"=\#=6# # 1:G98G8#56#12=# 52=#I216=32=#36=3:M2=Y#OP#7898# UC6#3252#AE#18#I89:;2@69\8Y# # i=36#>8G9L#8; 2=852#56#381#I252#8#=C#>69I8@2# I6@29P#56#UC:6@#=6#>8G\8# # 6@8I29852P#UC6#(8?:3 2P#968;;:2@8@52#;2@#18#6@69M\8# 56#C@#GC6@#I8;>2P# # 18?Z#=C#>2@29#58@52#IC69 36#81#56 M6@69852#A#5:=:IC1Z#=C# ;9:I6@ 'e+?<'BE<;BD;=>' F;<@'?I>=I;CH'@;B':8I>=IN'<@='3? E < N'=T'B>=>'<@=':ELE9I='I=D;C=:=C<'?D'<8IC;CH'/EA;'?D'FI;<<=C'G=<<=I'=YJGE;C=>'F@O'@='X;GG=>'28IJ@O1'<@='*:=I;LEC' FEB'E'@?:?B=Y8EGU'28IJ@O'@E>'B?'J8IB8=>'@;B'O?8CH=I'9I?<@=IN'F;<@'F@?:' @='@E>'DEGG=C';C'G?A=N'<@E<'/EA;'<@= 'B=H=C=IE<= Uf 'e.EIHEB'$G?BE'RRiq' 3I?BB:EC'i]f /@8BN';<' ;B'C?<'=C?8H@'D?I'<@='I=H;:=' :=I=GO ''28IJ@ON'<@='>;L'E<'<@=;I' B=Y8EG;'@8:;G;E<;CH':=C'B8L@'EB'28IJ@ON'/EA;' #EOEI>?'&;JI;?E<;?C';C'F@;L@'EGG':=C'L?CBE<;?C'EDD;I:B'/ I8_;GG?ZB'J?F=I'9O'=CB8I;CH'<@E<'<@='J89G;L' I=:E;CB';CEL<;A='EC>'8CF;GG;CH'=IU' %C'>;BL8BB;CH'=:EBL8GE<;?CN';<';B';:J?I=I=>'E'L?::?C' B=Y'BO:9?G'EC>'BL@??GH;IG'LI8B@U'*B'"IEC;E'>=BLI;9=B1'V 6118#A#=C=#;2I784698=#561#

PAGE 37

' `R *216M:2#'8@32#)2I:@M2P#A#381#?6F#3258=#18=#IC;>8;>8=#56#=C=#M6@698;:Z@P#=248G8@#;2@# 08I<:=YYY=6#=6;96368G8@P#UCN #1:@52P#UCN#>69I2=2P#=69#8I858=P#G6=858=P#8G98F858=P# 8;89:;:858=#729#08I<:=#(9CS:112R 'esB@='EC>'@=I'LGEBB:E<=B'E<')EC=:ON'EC>'J=I@EJB'EGG'<@='H;IGB'?D'@=I'H=C=IE<;?CN'>I=E:=>'E9?8<'-E:D;Bt'O?8' F@;BJ=I=>'=ID8GN'@?F':EIA= G?8B';<'F?8G>'9='N' X;BB=>N'=:9IEL=>N'LEI=BB=>'9O'-E:D;B'/I8_;GG?pf'e.EIHEB'$G?BE'R`Rq'3I?BB:EC'[]fU' -E:D;B';B'EGB?'BE;>''B=Y'F;<@'C8:=I?8B'DE:?8B'F?:=C'EC>';<';B'B8JJ?B=>' <@E<'@=';B'K8;<='B=Y8EGGO'BX;GG=>U 7==D8G'?D '@;B'B?CZB'9=@EA;?IN'F@;L@';B'A=IO':8L@';C'X==J;CH' F;<@'/I8_;GG?ZB'?FCN'/I8_;GG?'JI;AE<=GO'>;BJEIEH=B'@;B'B?CN'JI?LGE;:;CH'<@E<'-E:D;B';B' C?<'EB'B=Y8EGGO'BX;GG=>'EB'@EB'9==C'JI?LGE;:=>1's '6MC92#UC6#08I<:=#@:#=:UC:698#698#38@# GC6@2#6@#18#;8I8#;2I2#56;\8#18# <8I8#UC6#12=#85C12@6=#18#6;>892@#6@;:I8Y#c'6#3:9Z#8# j:I#e2?8Vd#c'6#3:9Z#8#k=8#k=8#M8G29d#c/8=Z#729#18=#89I8=#8#)6G98#/8M63#A#8#I65:2# +211AT225d#,8A8#IN9:32Y 'eV0='FEB'B8I='-E:D;B'FEBC\<'=A=C'EB'H??>';C'9=>'EB'EGG'<@=' EBBG;LX=IB'BE;>'@='FEBU')?'@='D8LX=>'l;: '+?AEXw'0='D8LX=>'mBE'mBE'3E9?Iw'0='B<8LX';<' '@EGD'<@='ELw'#;H'>=EGUpf'e.EIHEB'$G?BE'`` S aq' 3I?BB:EC'PRfU'/I8_;GG?'EGB?'LGE;:B'<@E<'-E:D;B'FEB'?CGO'E9G='8L='<@=B='F?:=C' 9O'B@?F=I;CH'<@=:'F;<@'H;D8G8#UC6#@:# =:UC:698#16#MC=38G8@#38@32#18=#ICS696=Y#!6#MC=38G8#18#8 789:6@;:8R 'eB8BJ=L<=>'<@E<'@;B' B?C'>;>CZ<'=A=C'G;X='F?:=C'A=IO':8L@U'0='G;X=>'<@='EJJ=EIECL=Vf'e.EIHEB'$G?BE'`` S aq'3I?BB:EC'PRfU''/I8_;GG?'I;>;L8G=B'@;B'B?C';C'<@;B':ECC=I' 9=LE8B= '-E:D;B' GEOB 'LGE;:'

PAGE 38

' `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e6T# # O29V#A8#@85:6#I:98#8#18=#ICS696=# ;2@#6=6#56=78978S2Y##B:5:N@5218P# # =276@=L@5218P#;81;C18@52#;CL@38#;89@6#>8A#6@#;858#C@8#56#=C=#3638=#A#IC=12=P# # ;CL@32=#?6112=#6@#=C#7CG:=#A#18#;C9?8#6Q8;38#56#=C=#@81M8=YYY&@#e6T#O29V#A8#@:# # 12=#183:@2=P#52I:@;8@2=P#;212IG:8@2=P#MC836I8136;2=P#I:98@#8=\Y# +8@#8796@5:52# # 8#9679:I:9=6P#6@36@5:52#UC6#@2#56G6@#I:989#8#18=#ICS696=#;2@2#I:98@#12=#76992=# # 8#18=#76998=P#12=#;8G8112=#8#18=#A6MC8=P#12=#7C69;2=#8#18=#7C69;8= 'e4LLEB;?CEGGO' E':EC\B'@=E>'F;GG'G??X'?8<'?D'B?:='A=@;LG='EC>'D?I'EC';CBU'/@?B='G??XBU' )@=';B'FE;<;CH'D?I'E'9I=EX';C''EHE;C'B@='<=GGB' @=IB=GDN'EB'B@='>;>'O=B<=I>EO'EC>'<@='>EO'9=D?I='O=B<=I>EON'<@E<'B@=';B'?C' ,?:;C;LEC'B?;GU'% C'+=F'7?IX'C?9?>O'G??XB'E<'E'F?:EC'F;<@'<@E<'EII?HECL=' ECO:?I=U'2=EB8I;CH'@=IN'F=;H@;CH'@=IN'LEGL8GE<;CH'@?F':8L@'DG=B@'<@=I=';B';C' =EL@'?C='?D'@=I'9I=EB'<@;H@BN'@?F':8L@'@E;I'?C'@=I'J89;BN'<@='=YEL<' L8IA='?D'@=I'98<
PAGE 39

' `` &?G?:9;ECBN'38E<=:EGECB x H;A='B8L@'G??XBU'/@=O\A='G=EIC=>''<@=O':8BC\<'G??X'E<'F?:=C'<@='FEO':EG='>?HB'G??X'E<'D=:EG='>?HBN' BN'D=EID8G'J=IBJ=L<;A=U' /@='BL=C=';CA?X=B'<@=':EG='HET='98<''?D'EC' =YE:;CE<;?C'?D'E'F?:ECZB'9?>O'<@I?8H@':EG='=O=BN'EB';B';<;?CEGN'F='B=='<@=' =DD=L<'?D'B8L@'E'HET='?C' E'F?:ECU'/@='BL=C=';B'FI;<<=C';C'E':ECC=I'<@E<'D==GB' ;CAEB;A='EC>'A;?GE<;CHN'>=:?CB=I'@?F'<@;B':EG='HET=' B89?I>;CE<=B'F?:=C';C';C'<@;B':ECC= I' >=C;=B'F?:=CN'B8L@'EB'"IEC;EN '<@=;I'@8:EC;'8J?CN'EC>'=AEG8E<=>U /I8_;GG?'@;:B=GD'=:JG?OB'<@;B':EG='HET='F@=C'@='G8B'7?GEC>E'(B<=I=G1's !8#IC;>8;>:38#>8G\8#56=<:1852#81#<96@36#56#18=#6=;C618=P# 116?8@52#C@8#M98@#<232M98<\8 #561#J6@6981\=:I2YYY#06;295Z#61#;C6976;:112#116@2P#18=# <29I8=#56=899211858=P#12=#76;>:32=#G96?6=P#=C6132=P#:@=:@C852=#G8S2#18#G1C=8P#18#;85698# =81:6@36R 'e<@='H;IG'@E>'G=>'<@='JEIE>='?D'B<8>=C'@=I'JG8:JN'I?8C>=>'9?>ON'@=I'B:EGG'9I=EB='@=I'9G?8B=N'@=I'DGEI;CH'@;JBpf'e.EIHEB'$G?BE'`biq' 3I?BB:EC'PiPfU''0=I='/I8_;GG?'B=Y8EG GO 'B89?I>;CE<=B'7? GEC>E'9O'>;BB=L<;CH'@=I'9?>O' ;C ; <;?CEG'8B='?D'<@=':EG='HET= U'/@;B' >;BB=L<;?C'=:J@EB;T=B'<@=';C<;:;>E<;CH'=DD=L<'/I8_;GG?ZB'B=Y8EG'HET='J?B=B'D?I' F?:=CN'F@?'EI='EGG'B89_=L<'AECL=BU %<';B'JEI<;L8GEIGO';:J?IEZB'EH=U')@=';B'_8B<'E'H;IGN'?CGO' B=A=C<==C S O=EIB S ?G>U'/I8_;GG?ZB'>;BI=HEI>'D?I'<@;B'DEL<'@?F=A=IN'>=:?CB
PAGE 40

' `a J=CL@EC<'D?I'J=>?J@;G;EU'5?I'=YE:JG=N'@='IEJ=B'"IEC;E'F@=C'B@=';B'D?8I<==C S O=EIB S ?G>U'/I8_;GG?ZB'J=>?J @;G;E'>=:?CB?J@;G ;E'J=ID?I:B 'EC';C<;:;>E<;CH'D8CL<;?C'D?I' H;IGB' F@?':EO'EGG'9=' /I8_;GG?ZB'C=Y<'A;L<;:BU'(A=C':EII;=>'F?:=C'EI='C?<'=Y=:J<=>'D?IN'EB'%'@EA='B' JI=A;?8BGON'/I8_;GG?'>;BI=HEI>B'<@=':EII;EH='L?C?=B'C?<':=I=GO'HET='8J?C'<@=B='F?:=CN'@ ='EGB? 'EL=B;I=U'0 ;B'B=Y8EG'EJJ=<;<=';B'IE:JEC6IG98=#UC6#=6#>8G\8#3:9852DR 'eV9?EBVf'e.EIHEB'$G?BE' ^`q'3I?BB:EC']Rf'EC>'9IEHB'E<'E'I=L=J<;?C'?D'G?LEG',?:;C;LEC'=G;<=B'<@E<'@='@EB'9==C' V C@#>2IG96#8I852Y#[@#>2IG96#UC6#>8#6=36;>852#6@#=C=#G98F2=#8#18=#ICS696=#IL=# G6118=#56#6=36#78\=R 'eVE'F=GG S G?A=>':ECU'*':EC'F@?'@EB'@=G>';C '@;B'EI:B'<@=':?B<' 9=E8<;D8G'F?:=C';C'<@;B'L?8C'?D'?I>;CEIO'F?:=C'EC>'H;IGB'F@?:'@;B'E>A;B?I' 2EC8=G'*GD?CB?'B=G=L'B=Y8EG;;=B'*BB?L;E<;?C'E9?8<'<@='@;B=>'' =I?<;L'E JJ=<;<=N'EB'F=GG'EB'@;B';CE9;G;'9O'?<@=IBN'B;CL='H?EUUUU'F;<@';8=''CE<8I=U'ePf /@='8B='?D'<@='3 ?E<'C;LXCE:=';C'<@='C?A=G';B'E':;BEJJI?JI;E<;?C'?D'@;BU' /@='3?E<'C;LXCE:=N';C'EL<8EG;'J?J8GEI;':?B<'DE:?8BGO';C'E' :=I= CH8='L=G=9IE<;C H'/I8_;GG?ZB':8I>=IU'%'9=G;=A=' '''''''''''''''''''''''''''''' ''''''''''''''''''''''''' r '*HE;CN'B8 9B<;<8<='V9I?E>V'D?I'VL8C
PAGE 41

' `] .EIHEB'$G?BEZB';CA?X;CH'?D'<@='3?E<'C;LXCE:= 9=D?I= # /I8_;GG?ZB'EBBEBB;CE<;?C' = :J@EB;T= B '<@;B'A=IO'L?CC=L<;?C'E9?8<'<@='>;L'GEBL;A;?8BC=BBU '/@=' DEL<'<@E<'<@='H?E<'C;LXCE:='FEB'EC';CB8G?=B'EL<'8J?C'<@='GEBL;A;?8B'>=B;I=B'<@E<'.EIHEB'$G?BE'?8'B=Y8EG'=CL?8C<=I'<@E<'B@?FLEB=B'<@='B=Y8EG'A;?G=CL='@=' L?::; N'/I8_;GG? 'IEJ=B'"IEC;E'EB'E'D?8I<==C S O=EI S ?G>U'/@;B' B=IA=B'EB'<@='C?A=GZB'JI;:='=YE:JG='?D'/I8_;GG?ZB'B=Y8EG'A;?G=CL=U'/I8_;GG?'EGB?'D?IL=B' ?<@=I'F?:=C'B8L@'EB'2?C;N'E'F?:EC'F;<@'F@?:'@='@EB'E'B=Y8EG'I=GE<;?CB@;JN'AECL=BU'%C'?C=';CB'E<'2?C;'EC>'@=I' @8B9EC>ZB'@?:=U'0='E<<=:J=BJ;<='<@='DEL<' <@E<'@='C?<=B'B@='B==:=>'JEI<;L8GEIGO'@=B;'I=B;B=E'E<'<@='<;:=U' /@=B='>=J;L<;?CB'?D'/I8_;GG?ZB 'E<<=:J=:?CB'A;?G=CL=U'' Q%).#*&#>!2)7(87#R!G#*)&%$#R!'*$!+11'11%*'(%)* .;?G=CL=';C'<@='D?I:'?D''H=C?L;>= N 'EB'F='@EA='B==C N ;B'E':=L@EC;B:'<@I?8H@'F@;L@'<@='>;LB'<@='A;?G=CL=' /I8_;GG?'L?::;=N' F@;L@';B'B==C'EB'E'_8B<;D;=>'EL<;?C'
PAGE 42

' `b 3=C=IEGGON'@?F=A=IN'<@='J89G;LZB'I=BJ?CB='=IB'E<='<@='J89G;LU'/@='A;?G=CL='@='8B=B''>EI='>=DO'@;:U'%C'<@;B'FEON'<@='J89G;L'L?:=B''9O'@;:U' /@=':E_?I;=DO '<@='I=H;:=';C'B?:=':ECC=IU'2ECO'?D'<@='A;L<;:B'EI='<@I?FC'';C'EIIECH=>'VELL;> =C=C<'<@E<' EGG=H=>GO'X;GG=>'<@='2;IE9EG'B;B<=IBU r '6@;G='<@='ELL;>=C=B=CL='?D'<@=' B8='=HIE>=>'J89G;LEGGON'B8L@'EB'*C'?8<'G;X='E' >?HZB'E<'<@='=CN'EB'*C;BL?A=I=>1'V i1#@2#:G8#8#56S89#UC6#16#898@;898@#18=#C48=#;2@#81:;836=P#16#;293898@#18# '''''''''''''''''''''''''''''' ''''''''''''''''''''''''' r '/@='2;IE9EG'B;B<=IB'EGB?'XC?FC'EB'<@='98<<=IDG;=B SS 2;C=IAEN'!E'/=I=BE SS EI=' @;B'E'HI?8JN'@=E>=>'9O'2;C=IAE'2;IE9EGN'XC?FC'EB'<@=' 2?A=:=C<'?D'<@='5?8I<==C<@'?D'M8C= N'F@;L@'FEB'EC'?IHEC;T=>'HE<@=I;CH'?D'/I8_;GG?' ?JJ?C=C=';C'<@=;I'>I;A=I'F=I='X;>CEJJ=>'EC>'B@?<'?C'?I>=IB'9O'<@='/I8_;GG?'I=H;:=U'/@=;I'LEI' FEB'GE<=I'<@I?FC'?DD'E'LG;DD'B?'E B'=E<@B'G??X'G;X='EC'ELL;>=C
PAGE 43

' `^ 16@MC8#2#12#=6@3898@#6@ #18#=:118#61N;39:;8Y#B838912P#=\W#?6S8912P#S8IL=R 'eV@='FEB'C?<' H?;CH' '<@='8B='?D'E<;CHU'/I8_;GG?'JI?A;>=B'<@=' J89G;L'F;<@'E'JI;:='=YE:JG='?D'<@='L?CB=K8=CL=B'?D'>=DO;CH'@;B'I=H;:='EC>'<@=O'EI=' 9I8?'C?<'?LL8I'E<'<@='@EC>'?D'/I8_;GG? @;:B=GD N'98<';C'DEL<'EI='L?::;<<=>'ED<=I'@;B'>=E<@U'-=HEI>G=BBN'<@=B='EL<;?CB'EI='D8GGO' ;C'X==J;CH'F;<@'F@E<'/I8_; GG?'F?8G>'@EA='>?C='9EB=>'?C'<@='=A;>=CL='JI?A;>=>' =EIG;=I';C'<@='C?A=G'9O'EC=L>?<=B'DI?:'L@EIEL<=IB'B8L@'EB'/?CO'%:9=I;=>N' ?CL= 'EHE;CN'I=JI=B=C'; C<=ICEG;TE<;?C'?D'<@='>;LB'D?I':E;C>;<;?CEGGON':ECO'?D'<@='F?IB< 'EL'9O'-E:D;BN'<@='B?C'?D'/I8_;GG?N'F@?'EJJ=EIB'=B;I=';DD;L8G<'N';CA?GA=' >=HIE>;CH'EC>'@?II;DO;CH'EL'LEB
PAGE 44

' `i %C'?C='JEI<;L8GEIGO'A;G= '=YE:JG=N'2;H8=G'kCH=G'#EoTN'<@='D?I:=I'A;L=' JI=B;>=C<'?D'<@=',?:;C; LEC'!EI'E'/I8_;GG;B';C'/I8_;GG?ZB' EBBEBB;CE<;?C'D?I'G=EX;CH'; C D?I:E<;?C''D?I'B?:='<;:= U $E<=I'@=';B'D=>':=E=BJ=IE<;?CN'?CGO'' <@E<'<@='D??>'@='L?CB8:=>'FEB'<@='DG=B@'?D'@;B'B?C1' "#18=#52=#2#396=#=6I8@8=P#6@#?6F#561#876=32=2#71832#56#>89:@ 8#56#I8\F#>8G:3C81P# # 16=#398S692@#81#;818G2F2#C@8#2118#;2@#392F2=#56#;89@6Y#B:MC61#m@M61#HL6F#A# # B256=32#=6#8398M8@3892@P#;2I:6@52#;2@#18=#I8@2=#>8=38#>89389=6Y#&1#;89;61692# # ?21?:Z#8#6@3989P#72;2#56=7CN=Y#&@;89Z#8#HL6F#)\8FE#61#M6@6981#08I<:=#(9CS:112# # UC 69\8#=8G69#=:#@2#16#58G8#8=;2#;2I69=6#8#=C#7927:2#>:S2 e*D<=I''?D'<@='8B8EG'JGE<='?D'D?8G S B:=GG;CH'L?IC':8B@N'E'J?<'F;<@' J;=L=B'?D':=E<'FEB'9I?8H@<'' 2?>=B';<'>?FCN'L@?X ;CHN'=E<;CH'F;<@'9?<@'@EC>B'8C<;G'<@=O' F=I='D8GGU'*'B@?I<'<;:='GE<=I'<@='_E;G=I'LE:=';CU'0='L?CDI?C<=>'#d=T',cET1' 3=C=IEG'-E:D;B'/I8_;GG?'FEC<=>';>C\<':EX=' @;:'B;LXVf'e.EIHEB'$G?BE'aaPq'3I?BB:EC'``[fU' r %C'<@;B'JEBBEH=N'<@='I=E>= I'B==B'<@E<'-E:D;B'I=' JEI<;EGGO'I=BJ?CB;9G='D?I'@;B'?FC'B?CZB'>=E<@U'/@='>=E<@'?D'E'DE<@=I';B' <@8B' :E' F;<@'<@='>=E<@'?D'E'B?CN'EHE;CN'B@?F;CH'<@=',?:;C;LEC';C<=ICEG;TE<;?C'?D'<@=' I='9O'/I8_;GG?U' /@=';C<=C<;?C'?D'<@=B='@?II;D;L'EL=BLI;9=>';C'HIEJ@;L'>='JI;:;<;A=' J?F=I'D?I'<@='>;L'?C'D=EIN'B89:;BB;?CN'EC>'A;?G=CL=U '''''''''''''''''''''''''''''' ''''''''''''''''''''''''' r '%C')JEC;B@N'<@='F?I>'D?I'<@=':=E<'?D'EC'EC;:EG'EC>'<@='DG=B@'?D'E'J=IB?C';B'<@='BE:=1' ;89@6Y /@;B'E>>B'EC'EIH8E9GO':?I='A;BL=IEG'L?C<=Y<'=BLI;9= >'L?8G>'=EB;GO'B;HC;DO'=;<@=I'<@=':=E<'?D'EC'EC;:EG'?I'J=IB?CU'/@;B'J?BB;9;G;
PAGE 45

' `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

PAGE 46

' aQ );:;GEIGON'/I8_;GG?ZB';CL?C<;C=CL=';B'E'9=@EA;?I''F;<@' O?8CH'L@;G>I=C'?I'A=IO'?G>':=C U'/@='=YJ?B8I='?D'<@;B'DEL< 'F=EX=CB'<@='D;=IL='EC>' :EBL8G;C=';:EH='/I8_;GG?'B==XB''@;B'J89G;L';:EH=N'<@='JI;AE<='''A;IH;CEGN'<@='J=ID=L<' LECAEB'?A=I'F@;L@'/I8_;GG?'LEC'EL<'?8<'@;B' I8;>:=38 'I?G='EB'E'>?:;CEC<'B =Y8EG'D;H8I=U' 0='9=H;CB'@;B'B=>8L<;?C'EHHI=B B;A=GON'<@I8B<;CH'@;B'EN'D?H?BEV'esE'F=FEO'<@I?8H@'<@='B=>8L<;?C'?D'"IEC ;EN'/I8_;GG?';B'L?CDI?C<=>'F;<@'<@=' 9I=EX>?FC'?D'<@;B':EBL8G;C='DEzE>=U'/@=':?B<';:J?I'>=D;C;CH'EBJ=L<'?D'@;B' :EC@??>N'@;B'J=C;BN'L=EB=B'q';<'9=L?:=B'DGELL;>'>8I;CH'@;B' B=>8L<;?C'?D'<@;B'O?8CH'H;IGU'/@=';:J?I'J=C;B''=YJG;L;'J=IB?C1' R08<861#!62@:58=#(9CS:112#B21:@8#698#3258?\8P#76=6#8#=C=#=636@38#842=P# 76=6#8#=C=#792G16I8=#56#79Z=3838P#76=6#8#12=#521296=#56#;8G 6F8#UC6#16#58G8@#12=#;C98=P# 12=#A8@UC:=P#12=#?6@6F218@2=P#12=#;2@=7:985296=#C@#I8;>2#;8G981P#C@#;>:?2#;2@#C@#Mh6?2# 3258?\8#;878F#56#72@69=6#3:6=2#A#56#92I769#12=#;24:32=#?\9M6@6=#UC6#16#7C=:698@# 5618@36R# es-EDE=G'$=?C;>EB'/I8_;GG?'2?G;CEN'>=BJ;<='@;B'B=A=C =BJ;<='@;B' JI?B=BJ;<='@;B'@=E>EL@=B'F;<@'JI;=B'I=E>'VE'F=;LE<=B'<@='>;:;C8<;A=';C' )JEC;B@

PAGE 47

' aR L?CBJ;IE'F;<@'E'JI;LX'<@E<'L?8G>'B<;GG'H=<'@EI>'EC>' 9I=EX'EGG'<@='A;IH;C'L@=II;=B'<@E<'LE:='@;B'FEOpf'e`[bf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nC@^#76UC642#=6Q2# IC6932#A# ]C@8=^#7:69@8=#18I7:48=R 'esE'B?D<'9=GGON'F@;<='J89;BN'B:EGGN'>=E>'B=YN'gEC>h'@E;IG=BB' G=HBpf'e.EIHEB'$G?BE']Riq'3I?BB:EC'`[ifU'0=';B'<@8B'C?<'E'J@OB;LEGGO'>?:;CE<;CH' JI=B=CL=N'98<'IE<@=I'E':EC'F;<@'B:??<@'G=HB'G;X='E'F?:ECN'F@;<='@E;I'G;X='EC'?G>' :ECN'EC>'<@='B=YG=BBC=BB'?D'E'L@;G>U'%::=>;E<=GO'ED<=I'<@;B'>=BLI;J<;?C'9O'"IEC;EN'B@=' JI?A;>=B' E'G;B<'?D'@;B'<;
PAGE 48

' aP /839:8#eC6?8R 'eV/@='3=C=IEG;BB;:?N'<@='#=C=DEL;E<='_8Y;L;LC=BB';C'@;B'I?G='EB'E'G=E>=IN'B8JJ?I<=IN'EC>'DE<@=I'?D'<@='CE<;?CN'EC>'EC?<@=I' <@E<'B@?F LEB=B'<@='I=EG;'EH;CH'9?>O'<@E<'<@;B'HIEC>'G=E>=I';B' 'F;<@;C'B@?FB'<@='>;BJEI;;L' @;B'JI;AE<='I=EG;;LE<;CH'<@='DEGB=@??>B'?D'@;B'J89G;L';:EH=U ! ! !

PAGE 49

' a` 59'<(#7!S>! FT(9).) /%U%*/!'*$!"%1'44%70%*/!(9#!:'(7%'7&9@1!:)-#7 %C'L?C:?2D= 'D?L8B'?C'<@='@;B=BLI;9=B';C'EC';C<=IA;=FN'V?D'EGG'<@=' $E<;C'*:=I;LEC'>;L=:EC>=>'E'>;DD=I=C<'CEIIE<;A='EJJI?EL@U' *B'3EILcE'2dIK8=T'LGE;:B1'VB;CL='%'FEC<=>''V'e#=GG S .;GGE>EN'V&?CA=IBE<;?CV' PRf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cE'2dIK 8=TZB'!E8=';BJ GEOB'EC>'@;B'B=Y8EG'JI?F=BB'F;<@'F?:=CU'4C='?D'<@=':?B<'C?'9O'-EDE=G'/I8_;GG?U

PAGE 50

' aa ?D'<@=;I'I8G=I'F;<@'<@='?G>'?C=N'<@='L?::8C;;LB<'?D'<@;BN'<@='>;L'<@=' HIEA=N'?D<=C';C<=II8 J<;CH'<@='VF=V'B;L'J=IB?CEG'>='D ;H8I='9=LE:='E'B@I;A=G=>'L?IJB=U /@= '3EILcE'2d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cE'2dIK8=T'<=Y
PAGE 51

' a] )?:=<@;CH'B;:;GEI'?LL8IB'F;<@'J=IBJ=L<;A=U'4D<=C'<@='A?;L=B'EC>'J=IBJ=L<;A=B' B@;D<'F;<@'G;<=IN'F@?'B8>>=CGO':EO' S B=C<=CL=U' &?CD8B;?C'EC>'>;BB?CECL='EI='LI=E<=>'D?I'<@='I=E>=I'EB'E'LEL?J@?CO'?D'A?;L=B'DI?:' <@='J89G;L'L?:J=<='8L=B'<@='D==G'?D'E'B;:8G;DD;L8G<';D'C?<';:J?BB;9G=''C?A=GU' /@='AEI;?8B'A?;L=B'EC>'J=IBJ=L<;A='?D'<@='C?A=G'EI='>;B<;CH8;B@=>'9O'<@=;I' >;DD=I;CH'G=A=GB'?D'XC?FG=> H='?D'<@='!E' < @='CEIIE'I=JI?>8L=IB'?D'<@=' >;L;I=L<'XC?FG=>H='?D'<@='!EN'EI=' <@=';C>;A;>8EG;T=>'A;=FB'?D'=;<@=I'<@=' !E'<@='>;L'CEIIE'J89G;L'EBJ=L;L'JI;:EI;GO'DEL;G;':;Y<8I='?D'<@='VF=V'EC>'V%V' J=IBJ=L<;A=B'?D'<@='C?A=GN'EB'F=GG'EB'<@='EI<;L8GE<;?C'?D'9?<@'<@='J89G;L'EC>'JI;AE<=' BL=C=BU

PAGE 52

' ab M8B<'EB';C' !8#<:6=38#561#;>:?2 N'<@='>;DD=I=C<' A?;L= S J=IBJ=L<;A=B'LI=E<='E'>;A;>=' 9='JI;AE<=';:EH='?D'<@='>;L H='?D'<@='!E;LH='8C<;G'L?CDI?C<=>'F;<@' <@='I=EG;;LH='?D'<@='>;L;A;>='9='JI;AE<=';: EH='EB'>;B<;CH8;B@=>'<@I?8H@'<@=' 8B='?D'A?;L= S J=IBJ=L<;A=';B'L?:JG;LE<=>'9O'<@='<;H@<'EI<;L8GE<;?C'?D':8G<;JG='A?;L= S J=IBJ=L<;A=B'F;<@;C'B:EGG'CEIIE<;A='BJEL=U''/@;B'CEIIE<;?C'B;DD=I;CH';:EH=B'?D'<@='>;L'J89G;L SSS ';EG?H8='<@E<'JI?>8L=B'<@='=DD=L<'?D'E'B;:8G;CH'?D'J=IBJ=L<;A='>;DD=IB'DI?:'<@='/I8_;GG?' C?A=GU'%C'<@='.EIHEB'$G?BE'<=Y' J=IBJ=L<;A='L@ECH=BN'<=C>''EI?8C>'E'>?:;CE<;CH'L@EIEL<=IN' J=IBJ=L<;A=N'EC>'CEIIE<;A='B;<8E<;?CU'/I8_;GG?ZB'J=IBJ=L<;A='EC>'B?:;CE<=B' B?:='L@EJ<=IBN'"IEC;EZB'J=IBJ=L<;A='EC>'B'<@='L?C BJ;IE< ?IBZ ;C>;A;>8EG'J=IBJ=L<;A=B'EC>'B'J89G;L'BL=C=B'EC>'9='J89G;L';:EH=B'?D'<@='>;L;BL=IC'<@='<;:= S BJEL='L??I>;CE<=B':8L@'=EB;=IN'JI?>8L;CH'E':?I=' JE8B=>'L?CB'JI;AE<=';:EH=B';C' &1#23242 '9=L?:=':?I=';::=>;E<=GO'EJJEI=C<'D?I'<@='

PAGE 53

' a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e/@='>EFC'F?:=C'F=I=' BF==J;CH'8J'< @='L=G=B <;EG''C?<'=A=C'<@=C'>;>'F=' I=B;HC'?8IB=G A=B''@EJJ=C=>N'98<' <@E<'?C'<@='L ?C'9==C'<@='A;L<;:B' ?D'EC?<@=I'@;B'<@='JEBBEH='?D' <@=' L?:=<'EB'E'A;LAEC=CO'<@=' B8JJ?B ;<;?CB'?D'B;B=EB=B'F;<@' 8C:;BN'E'B?G=:C':=BBEH='FEB :E>='J89G ;L';C'F@;L@'@='@E>'=YJI=BB=>':O' 8C;K8='EC>'B?A=I=;HC'>=L;B;?C'
PAGE 54

' ai ?<@=I'@EC>'@='@=EI>'<@=':8B;L'EC>'< @=' I?LX=;>'C?<'9=G?CH'' F;<@?8<'=:?<;?C' 'HE<@=I=>'?C'<@ =' :E;C'BK8EI='F;<@'@8H='9ECC=IB' BEO;CH'=<=ICEG'HG?IO''F;<@'<@='=IG;CHB''9O'<@=':=:?IO'?D '<@='@?<' L?EG'<@E<'FEB'2EC8=GE' )dCL@=TZB'@EC>'?C'@;BUf'e3EILcE'2dIK8=T'[iq'-E9EBBE' ^^ S ^if %C'<@;B'K8?';BGEC>ZB''<@I?8H@'E' L@ECH=';C'J=IBJ=L<;A='8<;=B'EB'E'G=E>=IU'/@8BN';C'L?C=I'F@?'@EB'A?G8C;E<='L?C'JI;AE<=';:EH=B'?D'<@=' >;L'<@I?8H@'<@='CEIIE'JI;AE<='BJEL=B U'5?I'=YE:JG=N';C'?C='BL=C='E':EC'F;<@'G=J I ?BO _8:JB'DI?:' 9=@;C>' I?B=98B@=B'EC>'@?G>B'<@='!E'8CEDIE;>U'0='BLI=E:B'E<'<@='EBBEBB;C1' R839N?636# ;8 G9Z@#839N?636R 'e%'>EI='O?8N'O?8'9EBN'%'>EI='O?8Vf'e3EILcE'2dIK8=T'RP`q' -E9EBBE'RRPfU'4CL='<@='EBBEBB;C'@EB'G?F=I=>'@;B'H8CN'<@='!E'IEJ;>GO'O=GGB '@;B'JGECB'?D'I=A=CH=U'6;<@;C'<@='BE:='B=C<=CL='<@='CEIIEI??: ';BL?A=I '<@E<'@='@EB' >= D=LE<=> '@;:B=GD';C'D=EI1'V 6@39Z#6@#61#529I:329:2P#;699Z#18=#396=#8158G=P#12=#396=# 76=3:112=P#12=#396=#;6992S2=P#A#=6#UC:3Z#;2@#18#7C@38#56#12=#5652=#12=#78@3812@6=#UC6# 116?8G8#6@=27852=#56#I:695 8R 'eV@='F=C<';CI??:N'B@8<'<@='<@I=='LI?BB9EIBN' <@='<@I=='9?G'F;<@'@;B'D;CH=I<;JB'@='
PAGE 55

' a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eV;<'EGFEOB'B==: =>'<@E<'@='FEB';C'

PAGE 56

' ]Q 'B=='@;:'JGEO;CH'>?:;C?=B'E<'B=A=C'?ZLG?LX'E<'C;H@<'E<' <@='BE:='<;:='@='@E>'9==C'B==C'G;H@<;CH'L?F'L@;JB'I;A='<@=':?BK8;8GE=:?CB;B<;CL' B8J=I;?I;?'C?<'9=G;=A=';C'<@=B='B8J=ICE<8IEG'I8:?IBN'LECC?<' E>=K8E <=GO'=YJGE;C'@;B'?:C;JI=B=CL='EC>'LEC'?CGO'FI;<='?DD'<@=B='B;:8G'?:C;JI=B=CL=' >=:?CB 'I; H@<'G=BB'?D'<@='E9B8I>' CE<8I='?D'<@='=YJGECE<;?C'D?I'<@='I=E>=IN';<';B'E'9=G;=AE9G=' I=EG;< O'D?I'E'J89G;L'F@?'9?<@'?J=IE<=B';C'E'C?A=G;B<;L'I=EG:'<@E<'=:9IEL=B'<@=' DEC'F@? N' 8C<;G'<@='>=E<@'?D'<@='!E'XC?FG=>H='?D'?C=N' @;H@GO'L?C'EBJ=L<'?D'<@='>;L;L= :;B='@E>'G;<=I';B'E9G='=C<;;L=LEO;CH'L?IJB=N'=YJ?B;CH'@;B' 'EGB?'@;B':?I=J EI<8I='D?I'<@='I=E>=IU

PAGE 57

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e<@='BE:='9=GGB' ?D'_89;GE<;?C'<@E<'@E>'9=H8C'L=G=9IE<;CH' @;B'>=E<@'F=C<'?C'L=G=9IE<;CH'@;B' ;::?I'<@=I='FEB'E'HI=E<'J=I:EC=C<'IEGGO'?C'<@=':E;C'BK8EI='F;<@' B@?8'GEIH='B;HCB'BEO;CH'3?>N')EA='<@='2EHC;D;L=CEOf'e3EILcE'2dIK8=T'a`q'-E9EBB E'`PfU %C'<@;B'FEON'<@='!E=J;L<=>'EB'E'M=B8B'&@I;B<'D;H8I=N'I;B=C'DI?:'<@='>=E>'?C' <@='<@;I>'>EOU'/@;B'>=J;L<;?C'?D'<@='!E=E<@'JGEL=B'@;:' ?C'E'@;H@=I'J=>=B'9O':?I;L?CZ<';C<=C>';='EHE;CVf' e3EILcE'2dIK8=T'aRq'-E9EBBE'``fU '%C'<@;B';CB'9=':8L@'

PAGE 58

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`P'O=EIBVf' e3EILcE'2dIK8=T'[^q'3I?BB:EC'^[fU'/@=' !E'EH='>=:?CB';::?I'EGB?N' J=I@EJBN'E'B8JJ?B=>'F;B>?:'<@E<'>;B<;CH8;B@=B'@;:'EB'B8J=ICE<8IEG'EC>'B8J=I;?IU' /@;B';:EH='?D'<@='!E=B<'ECL;=C< V'LEC' EGB ?'9='I=E>'C=HE<;A=GOU'5?I' ;CB=IB'<@='>=E<@' ?D'PNQQQ'L@;G>I=C'EC>'@EB'C?':=:?IO'?D'<@='=A=CO'EGB?'9=L?:=B' ;CLI=EB;CHGO'I=J8HCEC=:;B=N'<@='!EO';B' >=BLI;9=>'EB'

PAGE 59

' ]` R7C59:N@52=6R# VI?<<;CHV'e3EILcE'2dIK8=T'bQ1'-E9EBBE'a^fN'E'I=J8GB;A=' >=BLI;J<;?C <@E<';C>;LE<=B'@;B'9?>;GO'DE;G;CHBU'-=E>';C'<@;B'FEON'<@='>;B<;CL<;?C':E>='9='?<@=IB'<@E<'F?8G>'C?I:EGGO'B8HH=B<'@=';B'B8J=I;?I'=J;L<;?C'?D'<@='!E' I=J8GB;A='9O'<@='I=E>=IU *C?<@=I'I=GE<=>':O<@'E9?8<'<@='!E'<@I?8H@'<@='J=IBJ=L<;A='?D'<@=' VF=V'F@?'EI='<@='J=?JG='8C>=I'<@='I=H;:=N'B'X;GG'<@?B='F@?'>EI=>''H?;CH'EI?8C>'<@E<'E'98GG=<'B@?<';C' H?'I;H@<'<@I?8H@'F;<@?8<'@EI:;CH'@;:N'EC>';D'B@?<'DI?:'<@='DI?C<';<'F?8G> 'I=9?8C>' ?DD'@;B'9?>O'9ELX'E<'<@='E<'EC>'J=IJ=<8E<=>'9O'<@='J89G;L'?D'<@='I=H;:=N '>=:?CB;L'B8J=ICE<8IEG'E9;G;<;=B' <@E<';< 'LI=E<= B 'E'DE9G=' <@E<'B8JJ?B=B'9?<@'<@='>;L'EC>'EC';::=>;E<=' I='<@=;I'D=EI'?D'@;B'A;?G=C<'I=J I ;BEGU'/@=':O<@ZB' J=IJ=<8E<;?C'=CB8I=B'<@E<'C?'?C='E<<=:J#&@29I2C=#t:@M= f';C'F@;L@'E'D;H8I=';B' ?I;H;CEGGO'L=G=9IE<=>'D?I'@;B'8C8B8EG'ECE;BJEIEH=>'EB'E':?CB=I' ?CL='<@=';C;<;EG'J89G;L';C<=I=B<'@EB '<;I=>U

PAGE 60

' ]a ;::?9;G='EHE;CB< ';'JEI<;L;JE<= B';C';;CE<;?CU' /@='>;LE:=C'<@I=E<';L=E<@'8G\8 #56#=69#8@36=#56#UC6# ;CI718=#I:#6585#UC6#698@#12=#opq#842=P#7692#38I72;2#56=7CN=#56#oru#842=#IL=R 'eVC?<' 9=D?I='O?8'I=EL@UUURQ^N'98<'EGB?'C?<'ED<=I'RP]'O=EIB':?I=Vf'e3EILcE'2dIK8=T'RQiq' -E9EBBE'iifN'F@;L@'L?C;LH=N'<@='!E=':?I='B;HC;D;LEC<'9O'<@='DEL<'<@E<'B@=';B' R61#K@:;2#=69#56#6=36# IC@52#>CI8@2#2#8@:I81P#8#UC:6@#16#>:F2#61#>2@29#56#I838912#56#=C#7927:8#I8@ 2R# eV<@=' ?CGO'9=;CH';C'<@;B'F?IG>N'@8:EC'?I'EC;:EGN'F@?:'@='>;>'<@='@?C?I'?D'X;GG;CH'F;<@'@;B' ?FC'@EC>Vf'e3EILcE '2dIK8=T'RQiq'-E9EBBE'iif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

PAGE 61

' ]] # =8@M96P#7692#N1#@2#=6@3\8#98G:8#@:#I:652#=:@2#C@#81:?:2#:@I6@=2#UC6#=6#:G8# # >8;:6@52#IL=#>2@52#8#I65:58#UC6#=6#16#56=8MC8G8#18#?:58P#=6@3\8#:@M9L?:52#A# # 7C92#56#I252#UC6 #N1#38IG:N@#=2@96\8#I:6@398=#12# I838G8@#=2@96\8#729#6112=#A# # 729#N1 Y# e 0='BEF'@;:B=GD'=CL;ILG=>'G;X='E'F;G>'9=EB<'9O'<@='B;G=C<'B:;G;CH' EBBEBB;CB'F@?'D?8H@<'?A=I'<@='JI;A;G=H='?D'' =C_?O;CH'@;B'9G??>'98<'@='>;>'C?<'D==G'IEH='?I'D=EIN'IE<@=I'EC';::=CB='I=G;=D' <@E<'HI=F'>==J=I'EB'@;B'G;D=''EFEON'@='D=G<'@;:B=GD'F=;H@'J8I=N' B?'@=''EB'<@=O'X;GG=>'@;:N'@=' B:;G=>'D?I'<@=:'EC>'D?I'@;:B=GDU f' e3 EILcE'2dIK8=T'RQaq'-E9EBBE'i]f /@;B'>==J'I=G;=D'D=G<';C'<@='>I=E:';C>;LE<=B'<@E<'JI;AE<=GO';<';B'<@='<@I=E<'=D;C;CH 'EBJ=L=C<;'C?<'C=L=BBEI;GO'B'@;:'=L;>=' F@;L@'9;?G?H;LEG'LI=E<8I=B':EO'HI?F'EC>'JI?BJ=I1'V 56#I252#G8=38G8#;2@#UC 6#N1# =6481898#;2@#61#5652#8#12=#L9G216=#UC6#56G\8@#589#<9C32=#A#8#12=#8@:I816=#UC6#56G\8@# ;96;69#A#8#12=#>2IG96=#UC6#56G\8@#792=76989R# eVEGG'@='@E>'?'FEB'J?;C<'E<''E<'EC;:EGB'D?I'<@=:''E<':=C'D?I'<@=:'=L;>='F@E<'F;GG' DG?8I;B@';B'EC'EI<;L8GE<;?C'?D'@;B 'B8J=ICE<8IEG'F;GGU'M8 B<'EB'@=':EO'J?;C<'E<'' ?I>=I'<@=:';L?:;CECL=U'0=';B'<@='L?C;BJ=IB=>'E<'@;B'L@??B;CHU'/@=':O<@'?D'<@='>;L'EB'E'VH;A=I NV 'F@=CN' ;C'DEL
PAGE 62

' ]b 9?>;=BU r '/@='>;BJEI;;L=:?CB=:;B=N'98<'<@='I=E>=I';B' L?C<;C8?8BGO':E>='EFEI=' ?D '<@I?8H@'<@='B'<@I?8H@'HGECL=B';C';L'B@==<';:JI;C<=>'F;<@'@=I';:EH=N'EC' EGG8B;?C''?D'&@I;B N' B;HC;DO;CH'@=I'9;I<@'F;<@?8<'?I;H;CEG'B;C U'(A=C'@ =I'CE:=N' G6@5:;:Z@ B=C>V'D8I<@=I'>=:?CBU r %C'<@;B'=YE:JG=N'< @=':?<@=IZB';::EL8GE<='L?CL=J<;?C'LG=EIGO' JEIEGG=GB'<@=' .;IH;C'2EIOZB'?FC N'LI=E<;CH' E'JEIEGG=G'9=' M =B8B';D'?CGO'9O' FEO'?D'<@= ;I' B;:;GEIGO'L?CL=;A=>':?<@=IBU'/@=':?<@=IZB'L?CB=LIE<;?C 'EGB? 'EBB;B;A;C;'9O'JI=B=C<;CH'@;:'EB' >=B=IA;CH'?D'E'BE;C;L<;?CEIO'I=HEI>;CH'<@='.;IH;C'2EIO' C?<=B1'V %<'FEB'EG'E'5E<@=I';C' 0=EA=C'F@?:'<@='B=IEJ@;:'=Y'@EA='E':?<@=I'?C' =EI<@'F@?'B@?8G>'C=A=I'GELX'<@='BJG=C>?I'?D'@?G;C=BBV'e*'&E<@?G;L',;L<;?CEIO'PabfU' /@8BN':8L@'EB'M=B8B'&@I;B8='=B=IA;CH'?D'E'>;A;C=GO'9G=BB=>' '''''''''''''''''''''''''''''' ''''''''''''''''''''''''' r '/@=B=';CLEICE<;?CB'?D'@;B'>=B'J?BB=BB;?C'F;GG'9='EI<;L8GE<=>';C'GE<=I'B=L<;?CB' I=HEI>;CH'<@='>;L'B=Y8EG'>?:;CE<;?CU r '$=<;L;E'+ETEI=C?'<@='!E'EGB?'E':?<@=I'I=JGEL=:=C<'ED<=I'#=C>;L;WCZB' >=E <@N'EGB?'@EB'E'CE:='F;<@'&@I;B<;EC'I=G;H;?8B';:JG;LE<;?CBU' e8F896@2 ';C')JEC;B@':=ECB' DI?:'+ETEI=<@N'<@='L@;G>@??>'@?:='?D'M=B8B'EC>'?D<=C';CLG8>=>'EB'JEI<'?D'M=B8B'&@I;B
PAGE 63

' ]^ :?<@=IN'B?'8=''>; A;C;U %C'B8:N'EGG'?D'<@=B='L?CC=L<;?CB'?D'<@='!E;A;C='?I' B8J=ICE<8IEG'L?:J?B='EBJ=L;L'EB'B8J=I;?I'EC>'J=I@EJB'@EA;CH'EC';C@=I=C<'I; H@<''=A=C'L?C;CH'<@='!E;L=C<;U '*'CEIIE<;A='?D'<@='>;L:=I2 'EGB?'=Y;B' D8CL<;?CB'B;:;GEIGO';L8=''EC>' ?A=IAEG8=>':EBL8G;C=':?>=GU'/@;B';B'ELL?:JG;B@= >'<@I?8H@'ON'EC>'<@='?<@=I '@;H@G;H@<;CH '@;B'B=Y8EG' >?:;CE<;?C'?D'F?:=CU' "#$!<(,0'(0*#=&!%(&*.3')$!412+ +8:=I?8B'@OJ=I9?G;L'LGE;:B'= Y;B<'E9?8<'<@='!EON'F@;L@' I=;CD?IL=' = >'EBJ=LOU'5?I';CB'B8L@'<@E<'@=';B'C?<'_8B<'GEIH='?I'??IBVf'e3EILcE'2dIK8=T' ]bq'-E9EBBE'aafU'!89G;L':O<@B'EGB?'=Y;B<'E9?8<'<@='

PAGE 64

' ]i !E'8=38#12=#;:6@#842=#A#8#12=# ;:6@32#;:@;C6@38#>8G\8#36@:52#C@8#369;698#56@3:;:Z@R 'eV8C<;G'<@='EH='?D'?C='@8C>I=>' EC>'E<'?C='@8C>I=>'EC>'D;D'B=<'?D'<==<@Vf'e3EILcE'2dIK8=T']bq' -E9EBBE'a`fU'*B';C'<@='/I8_;GG?'CEIIE<;A=N'B;T='L?CB<;<8<=B'EC';:J?I'?:;CE<='EC?<@=IU' /@='@OJ=I9?G;L'CE<8I='<@E<'<@='I@='<@='J89G;L\B'?FC' <@=?I;=B';:JGO';C>;LE<=B'<@='B8J=ICE<8IEG'K8EG;=:?CB':EBL8G;C=' 9?>O'<@E<';B'C?<'F;<@;C'<@='L?CD;C=B'?D'I=EG;'=EIG;=IN';C'>;B<;CH8;B@;CH' @;B'>;DD=I=CL='DI?:'?<@=IBN'<@='!EO';B'@;H@GO' >;A=IH=C<'DI?:'<@?B=';C'<@='I=B<'?D'<@='L?::8C;'J89G;L'?J;C; ?C'?D'<@;B'DEL<' L?8G>'=EB;GO'BFEO'DI?:'I=A=I=CL=''B=<' ?D'<==<@';B'E'HI?<=BK8=';:EH=U'%<'B@?FLEB=B'EC'?8<'?D'?I>=I'9?>Oq'@=';B'9?<@'EC'?G>' :EC'EC>'E':EC'F;<@'9E9O'<==<@U'$E<=I'?CN'%'F;GG'=YE:;C='<@='HI?<=BK8=' ;:JG;LE<;?CB' ?D'<@;B'JEBBEH=U /@='>;L'<=B<;LG='D8CL<;?CB';C':8L@'<@='BE:='FEO'EB'@;B'B;T=U' 0=I=N'<@='<=B<;LG=';B'ELL?I>;CH'C=OVf'e3EILcE'2dIK8=T'RPq'-E9EBBE'bfU'*'9 =<<=I''9='VEB'9;H'EB'EC'?Y'X;>C=OV'D8I<@=I'=:J@EB;T;CH';'B;T=';C'8B;CH'EC' ECEG?HO'<@E<';B':?I=';C'X==J;CH'F;<@'<@='=YEHH=IE<=>'EC>'@OJ=I9?G;L'
PAGE 65

' ][ /@='CEIIE=CN'EB' <@='>;L69@:852R 'eVL?8G>'?CGO'FEGX'F;<@'<@='E;>'?D'E'B:EGG' ?I<@?J=>;L'LEI<'F@;L@'9?I='@;B'@=IC;E<=>'<=B<;LG=Vf'e3EILcE'2dIK8=T']`q'-E9 EBBE' aRfU'/@8BN'F@E<';B'B8J=ID;L;EGGO'E' @OJ=I S :EBL8G;C=';:EH ='9=L?:=B'B89A=I<=>'>8='=9;G;';C'E' F@ ==G9EII?F';B'E GB? 'E 'I;>;L8G?8B'?C='D?I'<@='I=E>=I 'EC> 'B@?FLEB=B'3EILcE'2dIK8=TZB' 8B='?D'L?:=>O'< ?'LI;<;L;T='<@='>;L';B'E>>;<;?CEGGO' B89A=IB;A=U'-E<@=I'<@EC'9=;CH'E'H;D<'?D'CE<8I=N '<@='!E8L<'?D'>;B=EB=N';C>;LE<;CH'B;LXC=BB'EC>'>=LEO'IE<@=I' <@EC'A;'A;I;G;';< N'D=F'?D'<@='VF=V'F@?' L?:J?B='<@='B89_=L'<@=' !E;BL8BB=>' ;C'JEBBEH=B' <@E<'=E<@N';CA?GA='<@='>;L=C<;.(3',+!()2!?1@') (,'1)!1A!B1@$) 4<@=I'BJEL=B';C'F@;L@'<@;B':EBL8G;C=';:EH=IO'EJJ=EIB';CLG8>='<@='!E'B=Y8EG'>?:;CE<;?C'?D'F?:=CU'*HE;CN'@OJ=I9?G='>?:;CE<=B'<@=' I=JI=B=C;L:S2=R 'eV;C'<@='L?8IB='?D'@;B'G;D=<;:=UUU:8B<'@EA='

PAGE 66

' bQ B;I=>'D;A='<@?8BEC>'L@;G>I=CVf'e3EILcE'2dIK8=T']^q'-E9EBBE'aafU'/@;B'B8JJ?B=>' JI?G;D;L'DE<@=I;CH';B'B;HC;D;LEC<'D?I'E'D;H8I='B8L@'EB'<@='!E;<;?CEGGON'EC>' L=I'EB'E' V DE<@=I'?D'<@='CE<;?C N V >=:?CB?:;CEC<':EG='?D'E'JEI<;L8GEI'VDE:;GOV'?D'J=?JG=U'%C' <@;B';CB=E'?D'<@='>;L='G;<=IEGN'EB'<@='!E'?D'<@='CE<;?CN':EX;CH'@;:'EX;C'''<@E<'F;GG'GE<=I'9=G?CH'=BL=C>=C;L'D?I'<@='J8IJ?B=B' ?D'<@='C?A=GN'@;B'CE:=N' &1#7839:89;8# ?I'<@='!E=C<;=:?CB' B=Y8EG'JI?F=BBN'EB'@='@EB'@E>'' F?:=C'' A;I;G;=I:;C=>N'@?F=A=I N' 9O'@;B'JI?D?8C>'>=B=IB'<@='X;GG;CH'?D'PNQQQ'L@;G>I=CN' F@;L@';B' C=EIGO' EB':ECO'EB'@='B;I=BU'0=';B'<@8B'C?<'?CGO'<@=':EC'F@?'>=L;>=B'F@;L@''JI?BJ=I'C?I' <@=':EC'F@?'H;A=B'G;D= 'B'?D'L@;G>I=CN'98<'@=';B'EGB?'<@=' >=B;LE;G=L<;?C'D?I'A;?G=CL=U' /@='!E?:;CECL='?A=I'F?:=CZB'9?>;=B' 9=O?C>'<@='DEL<'<@E<'@=';B'<@='HI=E<';:JI=HCE=BLI;J<;A='BL=C=N'<@='!EO'>?89G=N'@?F' @=':EO'EBB;B<'@;:';C'<@='IEJ='?D'E'F?:EC'F@?:'*IEH?CoB'E>:;I=B1'

PAGE 67

' bR !6#7927C=2#=6;C6=39L9=618#;2I2#>:F2#;2@#38@38=#ICS696=#96396;>698=#UC6# # >8G\8@#=:52#=C=#;2@;CG:@8 =P#36#18#72@M2#8#18#2IG96=#56#39278#UC6#18#=CS636@#729#729#12=#7:6=#A#18=#I8@2=#I:6@398=#3K#36# # 56=78;>8=#;2@#18#;C;>898#M98@56P#UC6#;898S2P#36#18#;2I6=#G89G6858P#16#5:S2P# # >8=38#18=#IL=#6=396;>8=#=6#96?C61;8@#56#9 8G:8#81#79: @;:7:2#A#56=7CN=#36# =C71:;8@# # UC6#@2#I6#56S6#8=\#I:#M6@6981#; 2I2#C@8#39:=36#72I8992=8#;2@#18# =6I:118#=C6138 e0='g<@='!E'E9>8L<;CH'@=I'EB'@='@E>'>?C='F;<@'B?':ECO' H??> S G??X;CH'F?:=C'F@?'@E>'9= L?:='@;B'L?CL89;C=BN'%ZGG'@EA=' @=I'@=G>' >?FC' 9O'D?IL='?C'<@='9=>'F;<@'D?8I ''G=HB' F@;G='O?8' G=N'3?>'>E:C';?HH=>N'@=''@;:N'=A=C'<@='<;H@<=B< '?D'<@=:'I?GG' EI?8C>'F;<@' IEH='E<'D;IB<'EC>'<@=C'<@=O'9= H'O ?8'>?CZ<'G=EA=':='G;X='<@;B' H=C=IEG'G;X='E'BE>' I?B='EJJG='F@?B='B==>'@EB'D EGG=C'?DDf'e3EILcE'2dIK8=T'R[q' -E9EBBE'RR S RPf /@;B'A;?G=C<'>=BLI;J<;?C'@;H@G;H@BU'6 ?:=C LEC'9='<;=>'>?FC'EC>'IEJ=>N'98<'B<;GG '=C_?O';?:' F?: EC'F@?'=:=IH=B';C'<@='B=BLI;9='@=I'IEJ='9O'<@='!E< I;EIL@'?C'<@='>;C;CH' I??:''<@=':EBBELI='?D'@=I'@8B9EC>'F;<@'E':EL@=<=U'/@='!E?:;CE<;?C'?D'F?:=CZB'9?>;=B'<@I?8H@'IEJ='B=IA=B'EB'E'BO:9?G;L'<@I=E<'?D'A;?G=CL=' ='?D'A;?G=CL='H;A=C'<@E<'<@='!EG=BBN';CLG8>;CH'EGG'F?:=C'I=HEI>G=BB'?D'EH='?I'B?J@;G;EN';C';CB'L@;G>'EC>'E'FE<=IDI?C<'F@?I='F@?'JI=<=C>B''8G<'EC>'C?<'E'L@;G>N'<@=' JEI=BB=B''?' 9O'B=A=IEG'?D'<@='!EA;B?IB'F@?'@EA='XC?FG=>H='?D'<@='!E
PAGE 68

' bP /@8BN'%'F?8G>'EIH8='<@E<'<@;B'B<;GG'BB'EB'EC'=YE:JG='?D'@;B'J=CL@EC<'D?I' J=>?J@;G;L'9=@EA;?IU' /@ ='EIL@=;L=IBL?I=B'<@=;I'B=Y8EG'>?:;CE<;?C'?D'F?:=CU'/@=' O?8CH'H;IG';B'E'J=ID=L<'LECAEB'?C'F@;L@'';C'<@='C?A=GB' EB'';C=YJ =I;=CL=>';LAECL=BU 7='E9;G;?:;CE<='?<@=IB N ';<';B'C?<'EGFEOB'J=IL=;A=>' EC>'JI=B=C<=>';C'<@;B'FEO'F;<@ ;C'<@='CEIIE<=>'F?IG>U'%C'DEL='9O'B;>='F;<@'<@=' CEIIE<;A='<@E<'JI=B=C=BLI;9=>N'E'B=L?C>'CEIIE<;A='=:=IH=B'<@E<' B==:B''BX;GGU' %C'<@;B'FEON'<@=O'9=L?:='J89G;LEGGO'GE8>=>'=YE:JG=B'?D'@;B':EBL8G;C;'BL@??GH;IGN'F@?';B'?C='?D'<@='V%V' A?;L= S J=IBJ=L<;A=B'<@E<'=:=IH=B'DI?:'<@='J89G;L'VF=V'A?; L= S J=IBJ=L<;A=N'D?C>GO' I=LEGGB'@=I'B=Y8EG'=CL?8C<=I'F;<@'<@='!E=E<@U')@='B'D?I'EGG'?<@=I':=C'>8='=J;L<=>'F;<@':? I='E<<=C<;?C'H;A=C'CEJJ=>N'G8I=>'F;<@'LEC>O'F@;G='FEGX;CH'@?:=N'EC>' D?IL=>';CB'<@;B'G=E>=I'D?I' @;B'B=Y8EG'JI?F=BB'EC>'BX;GGN'E>:;I;CHN'D?I';CB 'E9;G;
PAGE 69

' b` ]NQQQ'L@;G>I=CU'/@='BL@??GH;IGZB'J=IBJ=L<;A='BB';C'B@EIJ'L?C'A;IH;CEG'D;H8I='?D'"IEC;EN'F@?'JI?LGE;:B'E<'<@='EH='?D'D;D=I:;C=>'F@=C'<@='C?A=G'D?L8B=B'?C':?I=' ;C<;:E <=':?:=C;L;BJGEO=>U'5?I' =YE:JG=N';C'@;B'D;IB<'B=Y8EG'=CL?8C<=IN'<@='F?:ECN'E'JI?B<;<8<=N'GE8H@B'E<'@;B'GELX'?D' =YJ=I;=CL=N'B;BH8B'EH=N'@=';B' >=J;L<=>' EB'JEI<;L8GEIGO'B=CB;<;A='F@=C'@EA;CH';C<=IL?8IB=U'0=';B'>=BLI;9=>'9O'<@=' BL@??GH;IG'EB'9=;CH' RIL=#8=C=3852#UC6#A2R eV:?I='DI;H@<=C=>'<@EC'%Vf'e3EILcE' 2dIK8=T'Paaq'-E9EBBE'PQifU '0='LI;=B'F@=C'@='IEJ=B'@;B'D8<8I='F;D='$=<;L;EU'0='EGB?' LI;=B';C'@;B'IEJ='?D'5 IECL;BLEN'E'IEC>?:'F?:EC'F@?B='A?;L='=:=IH=B'DI?:'<@='VF=V' J=IBJ=L<;A=''F=EXC=BB'>=J;L<=>' <@I?8H@'<@='!E!2)7(87#R!G#*)&%$ #R!'*$!+11'11%*'(%)* '28L@'?D'<@='A;?G=CL='<@E<'?LL8IB'F;<@;C'<@;B'CEIIE<;A=';B'L?:JEIE9G='
PAGE 70

' ba 5?I'=YE:JG=N';C'E':?:=C<'?D'B=C;G;I=E :N'<@=' >;L=IB'<@='>=E<@'?D''L@;G>I=CU'/@=B='L@;G>I=C'F=I='G?CH'EH?' D?IL=>''G?<<=IO'<@E<'FEB'8B=>'=I':?C=O''I;BX;CH'<@='=YJ?B8I='?D'<@;B'DEL'?C'9?EB'?D'<@='=EI<@U'7=EIB'GE<=IN'<@='!E< I;EIL@'LGE;:B'<@='L@;G>I=C \B' L?CBI=C'@EA='9==C'B=C<'EFEON'@=' LECC?<'@=EI'<@= ;I'A?;L=BN';C>;LE<;CH'<@E<'<@= 'B;CH;CH';B'E':EC;D=B'H8;G<' @='=YJ=I;=CL=B' ;B''>?:;C==I;CH':ECC=I'U'0='<@8B'?I>=IB'@;B':=C'=I'?D'E'GEIH='HI?8J'?D';CC?L=C <'A;L<;:B':EO'9='=K8E<=>'=N'J=I@EJB'B;:;GEI'='<@E<'?LL8IB'F;<@;C' !8#<:6=38 U'/@=' :EBBELI='?D'<@=B='L@;G>I=C';B'EC';CB=J;L'2EI<;C'B '@OJ=I9?G='?D'3EILcE'2dIK8=TZB'F?IX';B';C=DD=L<;A=';C':?:=C=A?;>'?D'I=EG;'<@8B'C?<'<@I=E<=C;CHN'%'>;BEHI==U'%C' :O'A;=FN'<@='@OJ=I9?G;L'A;?G=CL='?D'<@='>;L'DI? :'<@=' 8CD?I<8CE<='I=EG;B'?D';CC?L=C<'A;L<;:B'L?::;<<=>'9O' C8:=I?8B'>;L=E'=L;B;?C'I=C';'?D'>=B=I'?D'<@='2;IE9EG'B;B<=IBN'<@=I=';B'C?'I=I=C'F@?'9=L?:=':?I=' >=J=IB?CEG;T=> 'A;L<;:B'?D'<@='>;L'>=B
PAGE 71

' b] %C'EC?<@=I';CB';C'?I>=I''?D'2E_?I'3=C=IEG'-?>I;H?'>=' *H8;GEI'?C'E'JGE<<=IU'/@='LECC;9EG;B:';C'<@='BL=C='I=LEGGB'<@=''<@='9?>O'?D'@ ;B'B?CU'*B'$WJ=T S &EGA?' C?<=BN'<@='9EI9EI;B:'?D'<@='LECC;9EG;B:'B=IA=B'EB'E'VBO:9?G'?D':EY;:8:'LI8=G=I'=EG;CH'F;<@'<@='JI=B=IAE<;?C' ?D'@;B'?FC'J?F=IV'e`QfU' );:;GEIGON'F@=C'<@='9?>O'>?89G=ZB'D8C=IEG';B '>=B=LIE<=>N'<@='!E=I'EGG';CA?GA=>U'4CL=' LE8H@;=B'EI='J8<'?C'J89G;L'>;BJGEOU'/@='!E'<@=:'@8CH'V 56#C@8# ?:M8#>29:F2@381#;2I2#1292=R 'eVDI?:'@?I;T?C;CE<;?CN' F@;L@'I=LEGGB'<@='?:;CE<;CH'JI=B=CL=U'/@= A;?G=CL =' ;CB<;GGB'D=EI';C'<@='B89_=L'>EI='=DO'@;:'EC>'<@8B'=CB8I=B'<@=' L?C<;C8E<;?C'?D'<@='!EB'@;B'>?:;CE<;?C':?<;D'?C?:;C?BU'4CGO'?C=':ECN'<@='9?>O'>?89G=N';B'EGG?F=>';L=B;I='?:;CEC<';C'C=EIGO'=A=IO'EBJ=L<'?D'@;B' G;D=U'%C')JEC;B@N'>?:;C?''EB'<@='B;CH8GEI' JI=<=I;<'<@;I>'J=IB?C'D?I:'?D'<@='A=I9' 52I:@89 'e?:;CE<=fN'F @;L@'D8I<@=I' @;H@G;H@
PAGE 72

' bb 2AB!:J6Q+2B!6F+GB!HI!2AB!:+2J6+J5A /@='>;L=I:;C=>' 9O'<@='JI;AE<='=U''/@='@OJ=I9?G='8B= >'C=BB'?D' <@='!E'F@=C';<';B'EJJG;=>''<=B<;LG=N'F@;L@';B'B89A=I<=>'DI?:'EC';:EH='?D'B'DI?:' E':EC'8CE9G='??IB''';C'<@='D=';:EH=IO';C'EBB?L;E<;?C'F;<@' <@='!E=BLI;9=B'@;:'EB'E' R@:42#56;9N7:32R eV>=LI=J;<'L@;G>Vf'e3EILcE'2dIK8=T'Rbq'-E9EBBE'[f'F@? N ';C'?C=' ;CB' EB'B<8:9G;CH'?A=I'F?I>B'EC>'>I??G;CH';C'DI?C<'?D'@;B':?<@=IU'/@='J89G;L'VF=V'F@?' D;C>'<@='!EO'C?<='<@E<'@='J?BB=BB=B'V 5:6@36=#=8@2=P#76UC642=#A#92I2=#UC6# 7896;\8@#5:6@36=#56#16;>6R 'eV<==<@N'B:EGG'EC>'B<899O'<@E<'G??X=>'G ;X=':;GX'<==<@Vf' e3EILcE'2dIK8=T']bq'-E9EBBE'a`fU'0=';B'8CE9G='O'B=LI=<;?CBU' 0='?D<=C'8I;CE<=B'@;:B=GDN'G;X='/I8_;GG?N'?I'G?B=B'L?C':8B<'I=GO'?C'<@=':?<@=I'D;H8I='?D'$=<;L;EN' U'6@;G='@;B';GG;<=IELO';B'C?<'L@;G>;B@';C'EC>'?D';'=BLI;9=B1' R56#I252#UC6#;8@38G8# ;2@#3252#61#81I8#61#3:12#6@#18#3C@8#61#1:12#6@#18#3:@8#61# G2@636#@\3:52R ''eV@='F?8G>'L@EC<'F;<@'EGG'@;B'B?8G'<@='<8CE';C'<@='<;C'<@='G??CO';C'<@=' 9;C'<@='C=E<'C;H@';B@'FEO';C'F@;L@'<@='!E=:?CB';C'<@='D?GG?F;CH'JEBBEH='EI<;L8GE<=>'D;IB<';C'

PAGE 73

' b^ <@='A?;L='?D'<@='CEIIE'J=IB?Cf' 9=D?I='BF;'J=IB?C'C EIIE<;?C';C'<@='A?;L='EC>'J=IBJ=L<;A='?D' $=<;L;E1' R16#58G8#@81M858=#56#I8596#3:69@8#729#3C#I81#;2I72938I:6@32#;2@#61#I:@:=392# 56#+218@58P#718=P#718=R# eVB@='F?8G>'F@ELX'@;B'9=@;C>'G;X='E'<=C>=I':?<@=I'D?I'O?8I' 9E>':ECC=IB'F;<@'<@=':;C;B<=I'DI?:'0?GGEC>N'JGE J'JGEJVf'e3EILcE'2dIK8=T'R[`q' -E9EBBE'RbafU' %C'EC?<@=I';CB=BLI;9=>'EB' :?A;CH'EB;>='@;B'<=B<;LG=';C'?I>=I';CXO 'J??Vf'e3EILcE'2dIK8=T'R[aq' -E9EBBE'Rb`fU'/@=';CXO'J??V'e-E9EBBE' Rb`f'EB'E''VLELEV'e3EILcE'2dIK8=T'R[PfN':=EC;CH'D=L=BU' *G<@?8H@'<@;B'LECC?<'9='L?CB;>=I=>'E'F@?GGO'ELL8IE<=';B@'CE<8I='?D'<@='!EB'$=<;L;E'8B=B';C'@;B'JI=B=CL=U 7='=YJ?B=B'@;B';::E<8I='K8EG;<;=BN'<@=' !EO';B'B;:8G'@;B'L?IJB=';B' R96324852#56#1\UC6@6=#I:@K=;C12=#A#8@:I816=# 7898=:389:2=#56#<2@52#56#I89P#=2G96#3252#6@#18=#8Q:18=#A#6@#18=#:@M16=R# eVBJI?8<;CH'<;CO' G;L@=CB'EC>'JEIEB;<;L'EC;:EGB'DI?:'<@='>= J<@B'?D'<@='B=EN'=BJ=L;EGGO';C'<@='EI:J;'HI?;CVfe3EILcE'2dIK8=T'RPq'-E9EBBE'bfq'<@='>;LIECX'F;<@'BG?F'HIEC>DE<@=I'B;JBVf'e3EILcE'2dIK8=T'i[q'-E9EBBE' ^`fU'*GG'?D'<@=B=';:EH=B =:J@EB;T='@;B'?G>'EH='EC>'> =LEOU'/@='!E=E<@';B' EGB?'D?I=B@E>?F=>';C'BL=C=B'B8L@'EB'<@='9?>O'>?89G=ZB'>=:;B=U'0;B'?FC'>=E<@';B'

PAGE 74

' bi I=D=II=>'8=''<;:='B=I'8CE9G=' 'ECL;=C<'CE<8I='?D'<@;B' >;L'=:J?F=I=>U' %C'?C='JEI<;L8GEI'K8?';C'EC'=EIG;=I'B=L<;?CN'<@=''EC>'?G>':EC'EI='L?:9;C=>'B8L@'<@E<'<@='!E8=38#12=#;:6@#842=#A#8#12=#;:6@32#;:@;C6@38#>8G\8#36@:52#C@8# 369;698#56@3:;:Z@R 'eVX=J<'?C'HI?F;CH'8C<;G'<@='EH='?D'?C='@8C>I=>'EC>'E<'?C=' @8C>I=>'EC>'D;D'B=<'?D'<==<@Vf'e3EILcE'2dIK8=T']bq'-E9EBBE'a`fU'/@=' =Y'F;<@'<@='B;:8G=IN'F@?':8B<'I=L<;DO';C'@;B'?I'@=I':;C>'<@='I=>'EC>'D;A='EC>'E'L@;G>'_8B<'HI?F;CH';C' ; 'E:9;AEG=C<'CE<8I='?D'<@='!EO'B@?FLEB=B'E' HI?<=BK8='JI=B=C'D;H8I;C=B'?D'B=C;G='JI=HCEC<' @EHBUUU/@;B';B'E''A=IO'B'HI?<=BK8=U'%<';B' E:9;AEG=C=E<@N'E'>=E<@'<@E<'H;A=B'9;I<@U'/@=I=';B'C?<@;CH' L?:JG=<=>N'C?<@;CH'LEG:'EC>'B;=B'?D'<@=B='?G>'@EHBU'/@=O' L?:9;C='E'B=C;G=N'>=LEO;CH'EC>'>=D?I:=>'DG=B@'F;<@'<@='DG=B@'?D'C=F'G;D=N' L ?CL=;A=>'98<'EB'O=<'8CD?I:=>U'$;D=';B'B@?FC';C';'L?C;L'B8L@';B'JI=L;B=GO'<@=' HI?<=BK8='L?CL=J<'?D'<@='9?>OU'e#EX@<;C'P] S Pbf /@='HI?<=BK8='9?>O';B'<@8B'@;H@GO'>;A=IH=C<'DI?:'<@='C?I:N'F @;L@';C>;LE<=B';O'LEC'EB'=EB;GO'9='L?CB'EB' @?II;DO;CH'EB';<'LEC'9='=:9IEL=>'D?I';B'EB'LI;<;K8='?D'E'JEI<;L8GEI'D?I:'?D'9?>O'?I>=I'<@E<'<@='!EO';B':=BBO'EC>'>;B?I>=IGON';C'L?C'EC>'BE;C
PAGE 75

' b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dCZB' F;D=N'F@;L@';GG8B=I'<@='BE:='L?C>;<;?CBU

PAGE 76

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eV%'BLE IL=GO'C?<;L=>'F@=C'@='>;>'@;B'>8'EC>'9I?X=';C'B?G;==J'EDDG;L<;?C'<@E<'C?<'?CGO'>;>'%'D==G'J;Vf'e3EILcE'2dIK8=T'RRR q'-E9EBBE'[RfU'/@8BN'E'F?:EC'F@?' B@?8G>'9='EDIE;>'L?:=B'
PAGE 77

' ^R >?:;CE;=B'EC>'EB'E':EL@?U'/@='V8I;C='<=EIBV'EGB?'@;H@G;H@<'<@=' L@;G>;B@'EC>'8CL?C'CE<8I='?D'<@='!E'8C>=IBL ?I='<@='G?F=I S 9?>O' ;:EH=IO'L?::?CGO'EBB?L;E<=>'F;<@'<@='!E=C<;'9='E'IEJ='?D'E'CE;A='O?8CH'H;IG' :=EC<'?:;CECL=';B'>;BU'/@='O?8CH'BL@??GH;IG' F;<@'F@?:'@=';B'<@?8H@<''EB'E'JI?B<;<8<=' F@?'AEC'B=Y8EG'JI?LG;A;<;=B';C'?I>=I';<;?CEG'J?F=I'I=GE<;?CB@;J'<@E<'?LL8IB';C'<@=' C?A=G'9='F?:=C';B';CA=I<=>N'F;<@'<@='!E'D??G'EC>'<@='F?:EC'EB';C'L?:JG=<='B=Y8EG'L?CU'/@=' JI?B<;<8<='C?<=B'<@E<'<@ ='!EA;B?IB'<=GGB'@=I'EC>'<@='I=B<'?D'<@='JI?B<;<8<=B' R@2#=6#8=C=36@ YYY 6=#C@#72G96#8GC612#76@56S2#UC6#@:#=:UC:698#=6#18=#?8#8#3:989#=:@2#UC6#16=# >8;6#6QLI6@6=#56#IN5:;2#;2@#61#5652#A#16=#;> C78#18#3638I6@38#A#16=#I636#;2=8=#56# ;2I69#729#18#;C;898;>8R 'eV >?CZ<'9='EDIE;>N'@=ZB 'E'J??I'D??G;B@'?G>'HIEC>DE<@=I'F@?' ;BCZ<'=A=C'H?;CH'?L'B8LX'?C' O?8I'<;<<; =B'EC >'J8<'<@;CHB'?' ?=B'C?<'EJJ=EI'E:?CH'<@;B'G;BN'@='L?::?CGO'8B=B'=;<@=I'@;B' '''''''''''''''''''''''''''''' ''''''''''''''''''''''''' '/@;B';B@'F?I>'L@?;L=BN'JEI<;L8GEIGO'F;<@'BGECH'F ?I>BU' /6@56S2 ;C')JEC;B@';B'BOC?CO:?8B'F;<@' :IGN;:1# e;:9=L;G=f'?I' :5:238 'e;>;?'LEII;=B':8L@':?I='9;<='<@EC'D??G;B@' F?8G>';C'(CHG;B@U'%':?I='EX;C'8:9EBBUV '*GB?N'%'@EA=' L@ECH=>'<@='
PAGE 78

' ^P D;CH=IB'?I'?<@=I'?9_=L=I:;C=B'<@='!ECEJJ=>'DI?:'<@='L?CA=C<';C'ME:E;LEN' R18#=8;892@#8I2958F858# A#;2@#C@8#;8I:=8#56#'HEHH=>'EC >';C'E' B='E'J;C='9?YVf'e3EILcE'2dIK8=T'RiRq'-E9EBBE'R]Rf'EC>';B'GE;>' R56=@C58#A#@89;23:F858R 'eVCEX=>'EC>'>I8HH=>Vf'e3EILcE'2dIK8=T'RiRq'-E9EBBE'R]Pf' ?C'<@='!E'D?I'@;B'B=Y8EG'E:8B=:=C'C?I:EGGO'?LL8I'F;<@'<@=' R38@38=#ICS696=#:@6936=#UC6#16#>8G\8@# =69?:52#=:@#=21:;:38918= #A#UC6#N1#>8G\8#>6;>2#=CA8=#6@#8UC61#;C8932#=:@#56=76938918=# =:UC:698#561#16389M2 R 'eV :ECO';C=I<'F?:=C'<@E<'@E>'B=IA=>'@;:'F;<@?8<'@;B' B?G;L;' <@E<'@='@E>''B;:JGO'B'F;<@'<=II?IVf'e3EILcE'2dIK8=T'RiPq'-E9EBBE' R]Pf''E'B;:;GEI' D=EIU'%C'DELN'@=';B'L?:JG=<=GO'CEX=>'EB'J=I'$=<;L;EZB'I=K8=B'EC>'GE;>'9EI='D?I'<@='D;IB<'<;:=';C'E'B=Y8EG'=CL?8C<=I'B;CL='@;B'D;IB<'F;<@'<@=' JI?B<;<8<='F@?':?LX=>'@;B'@=IC;E<=>'<=B<;LG =U' '''''''''''''''''''''''''''''' ''''''''''''''''''''''''' r '%'@EA='B=G=L<=>':O'?FC'
PAGE 79

' ^`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

PAGE 80

' ^a ?<@=IBN'<@='>;LO'EC>':;C>U'%C' <@;B'FEON'3EILcE'2dIK8=T'=YJ?B=B'<@='DEGB;<;=B'?D'<@;B':?>=G'?D'>;L
PAGE 81

' ^] 5)*&.81%)* *'O=EI'EH? N '%'F?IX=>'E<'EC';C<=ICB@;J';C'*IH=C<;CE'D?I'EC'?IHEC;TE<;?C'XC?FC' EB'<@= "=2;:8;:Z@#*:?:1#"GC618=#56#/18F8#56#B8A2 'e<@='&;A;G'*BB?L;E<;?C'?D'<@=' 3IEC>:?<@=IB'?D'<@='!GETE'>='2EO?fU'/@='H?EG'?D'<@='?IHEC;TE<;?C' ;B '?J<=>'L@;G>I=CU'% C'B?:='LEB=B' <@=O' EI='E9G=' 8G?J<=>' F=I='9E9;=B'9?IC''B?:='?D'<@='`QNQQQ' 56=87898;65:2=# e<@=' >;BEJJ=EI=>'?I':;BB;CH'?C=Bf'>8I;CH'EC'=IE'?D'*IH=C<;C=EC'>;LI=C'F=I='9?IC';C'>=E<@'LE:JB'<@E<'@?8B=>' JI=HCEC<'F?:=C'8C<;G'<@=O'HEA='9;I<@U' /@='I=H;:='<@=C'X;>CEJJ=>'<@=B='L@;G>I=C EC>'JGEL=> '<@=: ';C' :;G;?J<;?CU'/ @='L@;G>I=CZB '9;I<@'L=I<;D;LE<=B'F=I='?D<=C'DE9I;LE< =>''GE<=I'9='EBBEBB;CE<=>U' /@='<@?8H@<' 9=@;C>'B8L@'E'9EI9EI;L' JI?L=BB' FEB'<@E<'VL@;G>I=C'B@?8G>'9='I=:?A=>'DI?:'ZB89A=IB;A=B'EC>'JGEL=>';C' ZJI?J=IZ'@?:=BV'B?'EB'' <@='EI:=>' D?IL=BV'e)L@=J=I S 08H@=B'P`^fU' %C'@=EI;CH'<@='BI=C'?D'<@=' 56=87896;:52=# ;C' :==<;CHB'<@E<'%'E<<=C>=>N'<@= ;I ':?B<'J=IAEB;A='>=B;I= B==:=>''>8I;CH'<@;B'@?II;D;L'J=I;?>'?D'*IH=C<;C=EC' @;BI=C'?D'<@=' 56=87896;:52= N' %' D==G'<@E< ''B'?8I'D8<8I=';<';B';:J?I'>8 I;CH' <@=B='

PAGE 82

' ^b JEB<'E;>'<@=B='=A=Cv'6@E<'EGG?F=>'EC'=C<;I='J=?JG=''JEI<;L ;JE<=';C' E'BOB<=:';C'F@;L@ N'EB '.EIHEB'$G?BE'C?<=B N <@=' J=?JG=' R=6@3\8@#6=38#56?2;:Z@#729#]61#5:;38529^#81#6Q396I2#56#>8G69#8G5:;852#8#18#IL=# 616I6@ 381#5:M@:585#>CI8@8R 'e V D=G<'B8L@'>=A?<;?C'D?I'g<@='>;L;LE<=>'<@=;I':?B<'=G=:=C;HC;;L=IB''I=BJ?C>''?C=':ECC=I';C'F@;L @'<@='C?A=G;B''@?F' B8L@'E'BOB<=:'?LL8II=> U'% '>;BL?A=I=>'<@E<' <@=' C?A=GB 'D;C>'<@='DE8G<' ;BB=:;CE<;?C'?D'<@= '>;L'<@I?8H@'E' :8G<;DEL=<=>'BOB<=:'<@E<'JI=OB'?C'<@='J8 9G;LZB'D=EIN'B8J=IB<;<;?CN'EC >'B =CB='?D' G? OEG;L;CEIO':EC'LEII;=B'EC'=Y;CEIO'E8<@?I;;A;>8EG'J?F=I'LECC?<'L?:JEI=U /@='>;L 'B8J=I S @8:ECC=BB';B'?C= ':=L@EC;B:'<@I?8H@'F@;L@' @;B' J89G;L';:EH=';B'LI=E<=>'EC>'@;B'J?F=I'EDD;I:=>U'0= ';B'GE8>=>'EB'B8J=I;?I'?A=I' <@?B='F@?:'@='I8G=B'>8=''JI?Y;:;;A;C='EC>'<@I?8H@' =YL=J<;?CEG'L@EIEL<=I;B<;LB'<@E<'=:J@EB;T='@;B'B8 J=I ;?I' CE<8I=U'%C'EC?<@=I' :=L@EC;B:'?D'L?C;L' @8:;G;E<;?C'E<=U'0='L@EIEL<=I;T=B'@;:B=GD'EB'E'>;BL;JG;C=I'?D'9?>;=B'EHE;CB<' F@?:'I=;LO';B'8B=>'EB'D8I<@=I'

PAGE 83

' ^^ EDD;I:E<;?C'?D'J?F=IU'0=';B'L@EIEL<=I;T=>'EB'<@='B' <@='?C='F;<@'<@=':?B<'>;BL;JG;C='?A=I'@;B'9?>OU'0='B=IA=B'EB'EC'=YE:JG=''EBJ;I='EC>'@;B';C@=I=C=B<;C=>'L@?;L='D?I'E'G=E>=IU'' 7==:?CB=IZB'J89G;L' ;:EH=''I=;HCN'<@=O'EGB?'JE;C<'E'I;L@=I'J;L<8I='?D'<@='G=E>=I'9O' B@?F;CH'<@='L?C;L=A;L=B'B8L@'EB'_8Y'>IE:E<;L';I?CO'EI='8<;G;T=>'=I'JI=B=C' <@='?C='@='B@?FB'9=@;C>'LG?B=>'>??IBU' /@='9?>O';B'J=I@EJB '<@=':?B<'L?::?CGO'8B=>'I=B?8IL='EHE;CB<'F@;L@'<@;B' =DD=L<';B'8<;G;T=>U'6@;G='<@='>;L=LGEI;CH'@;:B=GD'<@=' :?B<'A;I;G='EC>'B=Y8EGGO'A?IEL;?8BN'<@='C?A=GB'F;GG'>=J;L<'@;:'EB'B=LI==I':EO'I=GO'?C'@;B'J @OB;LEG'B'HIEC>'B;T='EB'JI??D'?D'@;B' J?F=IN'<@='C?A=GB'=YJ?B='<@='>;L';C'F==J;CH'?A=I'E'F?:ECU''#O'EGG?F;CH'<@='I=E>=I''<@='L8I'B@?F'<@='>;LB;>=''C?I'E' >;BL;JG='?D'?C='98<'EC'EH;CH'EC>':=C'=DD=L<;A=':=L@EC;B:B'<@I?8H@'F@;L@''LI;<;K8='<@='>;L
PAGE 84

' ^i :EO'E I<;L8GE<='<@='>;L;=B'ED<=I'<@='DEL'EGG?F'<@='I=E>=I'EC';C<;:E<='LG?B= S 8J'?D'<@='J=IB?CEG'ECY;=<;=B'<@='D;H8I=' =YJ=I;=CL=BU'%C'E>>;<;?CN'%'9=G;=A='G;<=IEIO'>=A;L=B'B8L@'EB'@OJ=I9?G='EC>'>IE:E<;L' ;I?CO'?D<=C' EGG?F'D?I'E'9=<<=I'EC>':?I='@8:?I?8B'L?C;L'JI;AE<=';:EH=B'<@E<'@;H@G;H@<'<@='E9B8I>;;L;L?'C?<'D;C>'<@;B';L'EC>'JI;AE<='BJEL='<@E<'<@='I=E>=I':EO'B=='<@='=Y<=C<''?A=I'<@='J89G;LZ B'=O=BU'%<';B';CAEG8E9G=';C':O'?J;C;?C'';L'B'>=:?LIELO';B'BF==J;CH'<@I?8H@' <@='2;>>G='(EB<'EC>'*DI;LEN':8L@'EB';<'>;>';C'$E<;C'*:=I;LE'B?:=' =C<'<@EC'=A=I''=YE:;C=' E9?8<'?8I'L8II=C<'J?G;<;LEG'LG;:E<=1'0?F'>;>'<@;B'@EJJ=Cv'6@Ov'*C>'F@E<'LEC'F='>?' ;BL8BB =>'@=I=N' JI?A;>='EC'=YL=GG=C<''I=BJ?C>'
PAGE 85

' ^[ D%3.%)/7'<9T *GE:=>EN')?GU'V (G';:J=I;?'>=G':;=>?U V' &1#/8\= 'RaUa'ePQQQf1'R S [U'!I;C;ECE1'%C>;ECE'"C;A=IB;E'&E9I=IEZB'38E<=:EGEN'Ri[i S R[PQUV 0!"E#02I8@;6#!8@MC8M6=# # "@@C81 a' eR[[Pf1'`i^ S `[QU B!"#%@369@83:2@81#H:G1:2M987>A U'(#)&4U' 6=9U' ]',=L=:9=IU'PQQRU &EI>?B?N'5=ICEC>?'0=CI;K8=U'V4C'<@='&@EIEL<=I;TE<;?C'?D'*8<@?I;6#e6T#"C3>29:389:8@:=I#:@#!83:@#"I69:;8Y '!I;CL=;GG;B:?UV'&E8>;GG?B E#):;38329=#:@#'78@:=># # "I69:;8Y '(>U'08H@'2U'0E:;GGU'4XGE@?:E1'<@='"C;A=IB; X *6@3C9A#'78@:=>#"I69:;8@#$:;3:2@Y# # (>U'/=IIO'MU'!=EAG=I'EC>'!=<=I');B@U'*G9ECON'+71')'!?G;<;LB';C'<@=',?:;C;LEC' -=J89G;LUp' (> 6#*2C@39A#:@#3>6#*:3A#2<#+:=78@218 #2@# 2EO'iN'PQQ[ Y '(>U'$E<;C' *:=I;LEC')<8>;=B'*BB?L;E<;?CU'&EG;D?IC;E1'"&$*N'PQQ[U V,;L'=>U'$?C>?CN'"lN'PQQPU' !I;C
PAGE 86

' iQ V,;LU'*>EIB @'+EHEIU',=G@;N'P QQ]U' !I;C6#"C3CI@#2<#3>6#/839:89;>Y '/IECBU'3I=H?IO'-E9EBBEU'+=F' 7?IX1'+71'0EIJ=I&?GG;CB'!89G;B@=IN'R[^bU'!I;C?:'0?8B=N' R[^]U'!I;C6#,2:;6#2<#3>6#B8=369=E#t9:3:@M#8@5#"C3>29:3A#:@# # B2569@#!83:@#"I69:;8@#!:36983C96Y# *8B<;C'/|1'"C;A=IB;N',EA;>U' *2129:@M#3>6#e83:2@E#08;6#8@5#&3>@:;:3A#:@#3>6#)2I:@:;8@#067CG1:; U' #?8G>= IN'&41'$OCC='-;=CC=I'!89G;B@=IBN'%CLUN'PQQRU'!I;C21:;#):;3:2@89A U'`I>'=>U'+=F'7?IX1'/@='2EL:;GG;EC' &?:JECON'R[bPU'!I;C8LL;WC'>=G' J?>=I UV' !I;C29:389:8@:=I#:@#3>6#)2I:@:;8@#067CG1:;Y '+=F' 7?IX1'+71'!EGHIEA='2EL:;GGECN'PQQ[U'!I;C6# # )2I:@:;8@#):;38329Y '3E;C=BA;GG=N'5$1' "C;A=IB;EN'PQQ]U'!I;C'+;XX;'&IEBX=U'+=F'M=IB=ON' PQQ`U'!I;CU' _2C9@6A=#(>92CM>#3>6#!8GA9:@3>E#!83:@#"I69:;8@#$:;3:2@#:@#3>6# # (T6@3:63>#*6@3C9AY# +=F'7?IX1'.=IB?N'R[i[U '!I;C
PAGE 87

' iR -=>>?LXN'-@?>E'(U' %@36992M83:@M#*89:GG68@#I8=;C1:@:3:6=E#3>62963:;81#8@5#6I7:9:;81# # 8@81A=6= U'ME:E;LE1'/@='"C;A=IB;;=B'!I=BBN'PQQaU'!I;C=G'?_?UV' 06?:=38#56# # $:1212M\8#A#!:@Mh\=3:;8#56#18#[@:?69=:585#56#*2=38#0:;8 U'P]1PU' eR[[[f1'P`` S PaiU' 6=9U']',=L=:9=I'PQRQU' )L@=J=I S 08H@=BN' +ECLOU *>:15#'C9?:?81E#"@3>927212M:;81#/69=76;3:?6=#2@#3>6# # (9683I6@3#8@5#B8139683I6@3#2<#*>:1596@#n*C13C96P#%11@6==#8@5#+681:@Mv Y# # +?IF=GGN'2EBBEL@8B=<=:;L'!89G;B@=IBN'R[i^U'!I;C6#(9:81=#2<#"G98>8IE#(>6#B8V:@M# 2<#8#e83:2@81#/839:89;>Y '$;CL?GCN' +(1'PQQaU'!I;C=N')@EI?C'l==D=U' V $ECH8EH=';C'mEGE:=EZB'(G'HIEC'#8I8C>yC S #8I8C>d'@E' :8=I:?2Y # 2E>I;>N')JE;C1'!8C='$ =L<8IEN'PQQQU'!I;C6#$68=3#2<#3>6#J283Y '/IECBU'(>;<@'3I?BB:ECU'+=F'7?IXN'+71' !;LE>?IN'PQQRU' 6=9=IN'2EYU' (>6#(>629A#2<#'2;:81#8@5#&;2@2I:;#-9M8@:F83:2@ U'/IECBU'*U'2U' 0=C>=IB?C'EC>'/EGL?<<'!EIB?CBU'+=F'7?IXN'+71'4YD?I>'"C;A=IB;

Public Lies and Private Truths

Material Information

Subjects

Notes

Record Information

Material Information

Subjects

Notes

Record Information

This item is only available as the following downloads: