Hip #`s 591-691 - Heritage Place
Transcription
Hip #`s 591-691 - Heritage Place
+LS1R &RQVLJQHGE\/D]\(5DQFK//&$JHQWIRU5HOLDQFH5DQFKHV//& 9LFWRUV&URZQ +LS1R $SULO%D\&ROW &DUWHUV&DUW HO6, 9LFW RUV&URZQ 9LNHV'DVKLQJ6, { &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, -XPSLQJ7DF)ODVK6, { 7ROOWDF6, %HDW<RXU3DQWV2II6, { )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, 5XQD ZD\9LNH6, D ZD\:LQQ HU6, { 5XQ 0LVV5DF\9LNH6, %\&$57(56&$57(/6,&KDPSLRQ\HDUROGFROW >*@175 6LUH RI VWDNHV ZLQQHUV LQFOXGLQJ &$57(56 &22.,(6,5DLQERZ)XW>*@620(7+,1/,.(7+,66, (DVWH[6>*@&$57(56/$67675$:6,66 3$<',576,>*@&$57(/6)25781(6, &$57(/526,(6,0U3HUU\&DUWHO6,>*@ VWGDP 9,.(6'$6+,1*6,E\)LUVW'RZQ'DVKZLQVWR ILQDOLVWLQWKH +REEV$PHULFD'HUE\ >*@6LVWHUWR 92/&206, 'DVKLQJ9LNH6, -D &DOO&ROOHFW6, +L7RUL6,'DPRIIRDOVRIUDFLQJDJHWZR \HDUROGVDOOVWDUWHG520LQFOXGLQJ± -DFN0DQQ6,JE\9DOLDQW+HUR3ODFHGDW QGGDP 581$:$<9,.(6,E\5XQDZD\:LQQHUZLQVDW'DPRI IRDOVWRUDFH520LQFOXGLQJ± 92/&206,FE\)LUVW'RZQ'DVKZLQVWR/RV$ODPLWRV :LQWHU&KDPS >*@(O3ULPHUR'HO$QR'HUE\ >*@/RV$ODPLWRV3UHS 6 QG/RV$ODPLWRV6XSHU'HUE\ >*@UG*RYHUQRU¶V&XS)XWXULW\>5@ >*@ ILQDOLVW&KDPSLRQRI&KDPSLRQV >*@*ROGHQ6WDWH'HUE\ >*@6LUH 'DVKLQJ9LNH6,FE\)LUVW'RZQ'DVK:LQQHUWRQG 5XLGRVR'HUE\ >*@ -$&DOO&ROOHFW6,FE\)LUVW'RZQ'DVKZLQVWRUG&DQ $P1DWLRQV&XS6 ILQDOLVWLQWKH6DP+RXVWRQ'HUE\&KDOOHQJH >*@ +L7RUL6,FE\)LUVW'RZQ'DVK:LQQHUWRQG&DOLIRUQLD %UHHGHUV)UHVKPDQ6>5@ ILQDOLVWLQWKH.LQGHUJDUWHQ)XWXULW\ >*@6LUH 'DVKLQ9LNH6,IE\'DVKLQ%\H:LQQHULQVWDUWV TXDOLILHG >*@'DPRI± 581$:$<:$*216,ZLQVWR6DP+RXVWRQ&ODVVLF + >*@)LUHFUDFNHU'HUE\UG6DP+RXVWRQ&KDOOHQJH&KDPS >*@ /LNH$=HSK\U6,JE\)LUVW'RZQ'DVKZLQVWR TXDOLILHGWR *ROGHQ6WDWH'HUE\ >*@ UGGDP 0,665$&<9,.(6,E\5DFLQ)UHHZLQVWR5HPLQJWRQ &KDPS >*@/DV'DPDV+ >*@7H[DV)XW >*@%DQGHUD'HUE\ >*@ 0RRUH6QG9HVVHOV0DW >*@5HPLQJWRQ&KDPS >*@(DVWH[+ >*@ HWF6LVWHUWR 5$&,19,.(6, >*@ 5$&,1'($/6, >*@'DPRI520LQFOXGLQJ±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{ )HDW XUH0U-HVV6, { 0U-HVV3HUU\6, %UHQGD)HDW XUH6, 'DVKL QJ3KRHEH6, { 'DVK)RU&DVK6, 3KRHEH¶V0RRQ%XJ6, { 5R\DO4XLFN'DVK6, { )LUVW'RZQ'DVK6, +DUHPV&KRLFH6, /LWW OH5HEDV6WROL { 6WROL6, 5HP DUND EOH5HED6, %\)/<,1*:,7+($*/(66,:LQQHU%URWKHUWR+($576:,'( 23(16,FKDPSLRQKDOIEURWKHUWR63(&,$/3+2(%(6,FKDP SLRQ62/,''(0$1'6,)85<2)7+(:,1'6,+LVILUVWIRDOVDUH \HDUOLQJVRI6RQRIVWDNHVZLQQHU)($785(05-(666,VLUHRI VWDNHV ZLQQHUV FKDPSLRQV LQFOXGLQJ +($576:,'(23(1 6, >*@-(66<28$1',6,>*@)($785(05%2-$1*/(66,>*@ VWGDP 52<$/5(%$%E\5R\DO4XLFN'DVK8QUDFHG'DPRIIRDORIUDFLQJDJH DQXQVWDUWHG\HDUROG QGGDP /,77/(5(%$6672/,E\6WROL8QSODFHG'DPRIIRDOVWRUDFHLQFOXGLQJ± 5'')LUVWSUL]H6WROL6,JE\)LUVW3UL]H3HUU\ZLQVDW UGGDP 5(0$5.$%/(5(%$6,E\=HYL7%ZLQVWR/D]\(1DW¶O 4+-RFNH\&KDPSQG+HULWDJH3ODFH'HUE\>5@ >*@UG.DQVDV -DFNSRW )XWXULW\ >5@ >*@ %RRPHU 6RRQHU 3UHS )XWXULW\ +DOI VLVWHU WR %UHQGDV&XSD7H6,'DPRIIRDOV520LQFOXGLQJ± '$6+,1*/,77/(5(%$6,)LUVW'RZQ'DVKZLQVWR 5DLQERZ-XYHQLOH>5@ >*@UG:HVW7H[DV'HUE\ >*@ ILQDOLVW >*@'DPRI±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± 62/,'$1,7$-26,:LQQHUWR5DLQERZ-XYHQLOH,QY6 QG/RQH6WDU'LVWDII&KDOOHQJHUG5XLGRVR-XYHQLOH,QY %DG%R\:LOO\6,&KLFNV%HGXLQRZLQVWRQG0DVWHU 6DOOV6UG5XLGRVR'HUE\ >*@:HVW7H[DV0DWXULW\ >*@ ILQDOLVW >*@ 5HEDV)HDWXUH6,)HDWXUH0U-HVV8QSODFHG'DPRI %2,*(25*(6, WR >*@ (1*$*(0(176$4+$&KDOOHQJH $FFUHGLWHG7H[DV%UHGHPEU\RWUDQVIHU 5*3 +LS1R &RQVLJQHGE\'UHDPV&RPH7UXH5DQFK$JHQWIRU 0HORQLH-RKQVRQ %URGJDU +LS1R 0DUFK*UD\&ROW )O\LQJZLWKHDJOHV6, %URGJDU +DUQH\*LUO6, { )HDW XUH0U-HVV6, { 0U-HVV3HUU\6, %UHQGD)HDW XUH6, 'DVKL QJ3KRHEH6, { 'DVK)RU&DVK6, 3KRHEH¶V0RRQ%XJ6, { 6HSD U DWLVW6, %HGXLQR6, { &KLFNV 6HSHUDWH:D\V6, 7ZHOIWK6HF UHW6, F UHW6, { 5DLVH$6H (DVLO\$7ZHOYH6, %\ )/<,1*:,7+($*/(66,:LQQHU%URWKHUWR +($576:,'( 23(16,FKDPSLRQKDOIEURWKHUWR63(&,$/3+2(%(6,FKDP SLRQ62/,''(0$1'6, )85<2)7+(:,1'6,+LVILUVWIRDOVDUH \HDUOLQJVRI6RQRIVWDNHVZLQQHU)($785(05-(666,VLUHRI VWDNHV ZLQQHUV FKDPSLRQV LQFOXGLQJ +($576:,'(23(1 6, >*@-(66<28$1',6,>*@)($785(05 %2-$1*/(66,>*@ VWGDP +$51(<*,5/6,E\6HSDUDWLVW:LQQHUWR6LVWHUWR 0$7(5, $/,676,'DPRIIRDOVRIUDFLQJDJHDOO520± 'HYRQ7ZHOYH6,JE\'HYRQ/DQH7%ZLQVWR )DUPLQJWRQ*LUO6,IE\ 7DF,W/LNH$0DQ:LQQHUWR 7LF 7DF$WWDFN6,IE\ 7DF,W/LNH$0DQ3ODFHGLQVWDUWVDW QGGDP 7ZHOIWK6HFUHW6,E\5DLVH$6HFUHWZLQVDWQG(G%XUNH 0HPRULDO)XWXULW\ >*@ ILQDOLVW 4+%&-XYHQLOH >*@6LVWHUWR 7:(/9,(6, ($6,/<$6(&5(76,'DPRIIRDOVWRUDFH520LQFO± 0$7(5,$/,67 6,JE\6HSDUDWLVWZLQVWR)LUVW'RZQ'DVK + >*@ 9DQG\¶V)ODVK+ >*@6JW3HSSHU)HDWXUH6 >*@ IQO>5@ >*@ 7:(/9(67(33(56,JE\:DON7KUX)LUHZLQVWR&DOL IRUQLD%UHHGHUV¶&KDPS>5@ >*@QG,QGHSHQGHQFH'D\6 6ZHHWZDWHU 'RZQV'HUE\ ILQDOLVWLQWKH*R0DQ*R+ >*@ 7KULIW\ 6, F E\ 6WHO &RURQD ZLQV WR UG &DOLIRUQLD %UHHGHUV6SULQW6>5@ +DUQH\6,JE\ 3ULW]L'DVKZLQVWR ILQDOLVW >*@ 0LVV)DUQVZRUWKIE\ 3ULW]L'DVK8QSODFHGLQVWDUWV'DPRI± +DUQH\%UR 6,ZLQVWRQG'RXEOH')XWXULW\ ILQDOLVW >*@ /DG\)DUQVZRUWK6,ZLQVWR -DLO7LPHIE\'DVK7KUX7UDIILF8QUDFHG'DPRI± &+(&.&$7+<6,ZLQVWR6DP+RXVWRQ)XWXULW\ >*@ UGGDP ($6,/<$7:(/9(6,E\(DV\'R]HQZLQVDWDQG:HVW 7H[DV)XWXULW\ >*@QG.DQVDV)XWXULW\ >*@.DQVDV'HUE\ >*@ ILQDOLVW LQ WKH $OO $PHULFDQ )XWXULW\ >*@ 5DLQERZ 'HUE\ >*@ +DOI VLVWHU WR $ &ODVV\&KLFN6,GDPRI &+,&.6 %('8,126, >*@ 'DPRIIRDOVWRUDFH520LQFOXGLQJ± 7:(/9,(6,5DLVH$6HFUHWZLQVWR 3&4+5$%UHHGHUV¶ )XWXULW\ >*@QG*ROGHQ6WDWH)XWXULW\ >*@*RYHUQRU¶V&XS'HUE\>5@ >*@&DOLIRUQLD6LUHV¶&XS)XWXULW\>5@ >*@UG9HVVHOV0DWXULW\ >*@ ($6,/<$6(&5(76,5DLVH$6HFUHWZLQVWR([SUHVV 6QG(O 3ULPHUR'HO $QR'HUE\ >*@*RYHUQRU¶V&XS)XWXULW\>5@ >*@ &DOLIRUQLD6LUHV¶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{ 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, 2QH6ZHHW'DVK6, { )LUVW'RZQ'DVK6, 6ZHHW %HGXLQR6, { +H]D)DVW'DVK6, { +H]D)DVW0DQ6, )LUVW3UL]H'DVK6, )LQH:LQHV6, { )LUVW'RZQ'DVK6, 'DVKLQ6DQG\6, %\21(6:((7-(666,6WDNHVZLQQHURIUDFHV>*@ +DOIEURWKHUWR21('$6+,1*($*/(6,ZRUOGFKDPSLRQ+LVILUVW IRDOVDUH\HDUROGVRI6LUHRI520LQFOXGLQJ2QH6ZHHW0DULH IQO2NODKRPD%UHG)XW>5*@2QH6ZHHW5XQDZD\6,ZLQ QHU IQO>5*@-HVV %XUQLQ6,ZLQQHU IQO5XLGRVR )XW >*@)RU6ZHHW-HVV6,ZLQQHU UG3RW 2¶*ROG )XW VWGDP 21(025(*/$662):,1(6,E\ +H]D)DVW'DVKZLQVWR 3&4+5$%UHHGHUV¶'HUE\ >*@(ODQ$JDLQ6UG*ROGHQ6WDWH-XYHQLOH ILQDOLVWLQWKH0LOGUHG19HVVHOV0HPRULDO+ >*@&KDUJHU%DU+ >*@ WZLFH/DV 'DPDV+ >*@'DPRIIRDORIUDFLQJDJH± %R[ZLQHL]ILQH6,IE\6HSDUDWLVW3ODFHGWZLFHLQVWDUWVDW QGGDP ),1(:,1(66,E\)LUVW'RZQ'DVKZLQVDW ILQDOLVWLQWKH/D 3ULPHUD'HO $QR'HUE\ >*@ -HQV/LVW&DOLIRUQLD%UHHGHUV6>5@ >*@'DP RIIRDOVWRUDFHZLQQHUVLQFOXGLQJ± 21(025(*/$662):,1(6,+H]D)DVW'DVK6WDNHVZLQQHUDERYH 0U 3HUU\V:LQH6,IE\0U-HVV3HUU\ZLQVWRQG$OO $PHULFDQ -XYHQLOH ,QY >5@ ILQDOLVW LQ WKH 5DLQERZ )XWXULW\ >*@ :HVW 7H[DV)XWXULW\ >*@ +REEV$PHULFD)XWXULW\ >*@ UGGDP '$6+,16$1'<6,E\6WUHDNLQ'DVKZLQVWR'LDPRQG &ODVVLF)XWXULW\>5@ >*@175\LQ ILQDOLVWLQWKH*ROGHQ6WDWH )XWXULW\ >*@+DOIVLVWHUWR 6,5 =(9,675$866,>5@>*@ +LJKV$QG/RZV6, >*@2XWRI 6<1&+52&(376, 175'DPRIIRDOVWRUDFH520LQFOXGLQJ±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{ &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, 'DVKLQ)ROOLHV F LDO6, { 6WUDZIO\6SH 'DVKLQJ)ROO\6, { 2QH)DP RXV(DJ OH6, { 0U-HVV3HUU\6, 2QH)DP RXV/DG\6, %XFNV KRW'HOLJKW6, { )LUVW'RZQ'DVK6, )RUW XQH2I'HOLJKW6, %\ 3<&3$,17<285:$*216,6WDNHVZLQQHURI>*@ 6LUHRI520VWDNHVZLQQHUVLQFO,0$)$1&< 3<&6, ZLQV2NOD%UHG)XW>5*@:$*217$/(66,ZLQV )5(,*+775$,1 % 6, %ODFN *ROG )XW >*@ -2.(521-$&.6,2.+RUVHPDQ¶V0\VWHU\)XW>5*@ QWU &58=,17+(:$*216,9DOOH\-XQFWLRQ)XW>*@ VWGDP 21( )$0286 5$&< /$'< 6, E\ 2QH )DPRXV (DJOH :LQQHU WR 7KLVLVKHUILUVWIRDO QGGDP %8&.6+27'(/,*+76,E\)LUVW'RZQ'DVKZLQVDW/D 0DULSRVD+ >*@ UG 5DLQERZ)XWXULW\ >*@ ILQDOLVWLQWKH /XEERFN 6 >*@6LVWHUWR $'(/,*+7)8//(*$&<6,'DPRIIRDOVWRUDFH ZLQQHUVLQFOXGLQJ± $OV %LJ +LW 6, J E\ 6HSDUDWLVW ZLQV WR ILQDOLVW LQ WKH 5HPLQJWRQ&KDPS&KDOOHQJH >*@ 7HOOHU6KH&DQ6,IE\7HOOHU&DUWHOZLQVWR UGGDP )25781(2)'(/,*+76,E\6L[)RUWXQHV %URRGPDUHRIWKH<HDULQ ZLQVWR(O 7HVRURGH 2UR'HUE\QG5DLQERZ6LOYHU &XS >*@HWF+DOIVLVWHUWR 75(6 6(,66,&KDPSLRQ >*@ '($10,5$&/(6,&KDPSLRQ'DPRIIRDOVWRUDFH520LQFO± $ '(/,*+7)8/ '$6+(5 6, &KDPSLRQ <HDU2OG &KDPSLRQ <HDU2OG*HOGLQJZLQVLQVWDUWVWR$OO$PHULFDQ)X WXULW\ >*@*ROGHQ6WDWH)XWXULW\ >*@5DLQERZ)XWXULW\ >*@ +(6 0< '$6+(5 6, &KDPSLRQ <HDU2OG *HOGLQJ ZLQV 5DLQERZ)XW >*@QG&KDPSLRQRI&KDPSLRQV >*@ $'(/,*+7)8//(*$&<6,)LUVW'RZQ'DVKZLQVLQVWDUWVDW $OO$PHULFDQ-XYHQLOH,QYLWDWLRQDO>5@ >*@ ILQDOLVWLQWKH/RV $ODPLWRV0LOOLRQ)XWXULW\ >*@'DPRI±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{ 6L[DUXQ6, { 6WUHDNLQ6L[6, &KLFNDUXQ6, 2XU7KLUG'HOLJKW6, L F\7% { 5HE¶V3RO 7LQ\¶V'HOLJKW6, { )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, 0LVV1HY DGD%HY6, L F\7% { 5HE¶V3RO 6KH]D/XOX %\75(66(,66,&KDPSLRQFROW>*@6LUHRI520 VWDNHVZLQQHUVLQFO2&+2$6,FKDPSLRQDW $OO $PHULF DQ )XW >*@ 75(6 3$66(6 6, ZLQV /RV $ODPLWRV 7ZR 0LOOLRQ )XW >*@ :,/' 6,; 6, 5DLQERZ)XW>*@75(6)5,(1'66,5DLQERZ )XW>*@),1&+(6,>5*@',$021'75(66(,66, VWGDP '2&6),567&$5'6,E\)LUVW'RZQ'DVKZLQVWR6DQ-XDQ &DSLVWUDQR6QG*RYHUQRU¶V&XS)XW>5@ >*@.LQGHUJDUWHQ)XW >*@ 0DULSRVD6 ILQDOLVW(G%XUNH)XW >*@*RYHUQRU¶V&XS'HUE\>5@ >*@ TXDOLILHGWR&DOLIRUQLD6LUHV¶&XS)XW>5@ >*@+DOIVLVWHUWR $5(*$/3$6 6,216,'DPRIIRDOVRIUDFLQJDJHWKUHH\HDUROGVDOOVWDUWHG WRUDFH520ZLQQHUVLQFOXGLQJ± 6(&5(7&$5'6,IE\5DLVH$6HFUHW &KDPSLRQ<HDU2OG)LOO\ ZLQVWR.LQGHUJDUWHQ)XWXULW\ >*@QG*ROGHQ6WDWH)XWXULW\ >*@(G%XUNH0HPRULDO)XWXULW\ >*@&DOLIRUQLD6LUHV¶&XS'HUE\>5@ >*@ ILQDOLVWLQWKH3&4+5$%UHHGHUV¶)XWXULW\ >*@'DPRI± 0DNH,W6HFUHW6,JE\0DNH,W$Q\ZKHUHZLQVWRQG /RV$ODPLWRV0LOOLRQ-XYHQLOH,QY>5@ >*@ 6HSDUDWH&DUG6,JE\6HSDUDWLVWZLQVWRQG&DOLIRUQLD %UHHGHUV6SULQW6>5@ 6HSDUDWH6HFUHWV6,FE\6HSDUDWLVWZLQVLQVWDUWVDW IL QDOLVW$OO$PHULFDQ)XWXULW\ >*@*RYHUQRU¶V&XS)XWXULW\>5@ >*@ 7DUDV6HFUHW6,IE\:DON7KUX)LUH:LQQHUWR ILQDOLVWLQWKH 3&4+5$%UHHGHUV¶)XWXULW\ >*@ 'XWFK6HFUHW6,IE\6HSDUDWLVWZLQVWR'DPRI±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{ &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, 'DVKLQ)ROOLHV F LDO6, { 6WUDZIO\6SH 'DVKLQJ)ROO\6, { 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, -RDQQD.DWH6, { 5DUH)RUP6, %XJ(P8S6, %\ 3<&3$,17<285:$*216,6WDNHVZLQQHURI>*@ 6LUHRI520VWDNHVZLQQHUVLQFO,0$)$1&< 3<&6, ZLQV2NOD%UHG)XW>5*@:$*217$/(66,ZLQV )5(,*+775$,1 % 6, %ODFN *ROG )XW >*@ -2.(521-$&.6,2.+RUVHPDQ¶V0\VWHU\)XW>5*@ QWU &58=,17+(:$*216,9DOOH\-XQFWLRQ)XW>*@ VWGDP -R1-HVVLH6,E\0U-HVV3HUU\ZLQVWRQG5DLQERZ-XYH QLOH6>5@'DPRIIRDOVRIUDFLQJDJHDOO\HDUROGVWRUDFHLQFOXGLQJ± $'DVKLQJ5HDVRQ6,IE\*RRG5HDVRQ6$:LQQHUDW QGGDP -2$11$.$7(6,E\5DUH)RUP &KDPSLRQ$JHG0DUHZLQVWR /RV $ODPLWRV &KDPS >*@ 7H[DV &KDPS &KDOOHQJH >*@ 5HPLQJWRQ*ROG&XS >*@5HG(DUWK+ >*@%RE0RRUH6/DV &ROLQDV 6QG&KDOOHQJH&KDPS >*@$OO$PHULFDQ'HUE\ >*@5HPLQJWRQ3DUN 'HUE\ >*@1HZ0H[LFR'HUE\&KDOOHQJH >*@&ODVVLF&KHYUROHW6>5@ UG+HULWDJH3ODFH)XWXULW\ >*@'DPRIIRDOVWRUDFH520LQFO± 7+$1.6)257+(5,'(6,JE\5HFNOHVV'DVKZLQVWR +DUULVEXUJ+ , $LQW-R&KLFN6,IE\&KLFNV %HGXLQRZLQVWRQG)DLU 0HDGRZV%HOOHV6UG5HG(DUWK6 ILQDOLVW$OO$PHULFDQ)XWXULW\ >*@ -D[5RVV6,FE\6WUDZIO\6SHFLDO:LQQHUDWUG5DLQERZ )XWXULW\ >*@5XLGRVR-XYHQLOH,QY>5@ >*@ -R1-HVVLH 6,IE\0U-HVV3HUU\6WDNHVSODFHGZLQQHUDERYH -R&DUYHU6,JE\:DYH&DUYHUZLQVWR ILQDOLVW >*@ -R&KURPH6,JE\ $SROOLWLFDO-HVVZLQVWR ILQDOLVW >*@ $ZVRPH)XU\6,FE\ )XU\RIWKHZLQGZLQVWR 2QH4XLFN4XHVWLRQIE\5R\DO4XLFN'DVK8QUDFHG'DPRI± 1.+22766,ZLQVWR9DOOH\-XQFWLRQ)XWXULW\ QG&KHURNHH1DWLRQ6 ILQDOLVW >*@ UGGDP %8*(0836,E\3DVVµ(P8S7%ZLQVDW0LVV3ROO\+ &ODVVLF 6RXWKHUQ %HOOH &ODVVLF 6LVWHU WR 0,*+7< 3$66 6, +H %XJVHP6,'DPRIIRDOVWRUDFHDOOZLQQHUVLQFOXGLQJ± -2$11$.$7(6,IE\5DUH)RUP &KDPSLRQDERYH 7RQWR/H%ODQF6,FE\-HW7RURZLQVWRUG .7)06+LOO &RXQWU\60DQRU'RZQV+, ILQDOLVW 74+$6LUHV¶&XS)XWXULW\>5@ >*@ WKGDP 0,660,*+7<%8*6,E\/DG\%XJ¶V0RRQZLQVWR )UHP %RXVWDQ\ )XWXULW\ %D\RX &RXQWU\ 'HUE\ 3DORPLQR )XWXULW\ QG 6RXWK 7H[DV'HUE\HWF6HW 175'DPRI520LQFOXGLQJ± 0,*+7<3$666,3DVVµ(P8S7%ZLQVWR/HR+'DPRI 0,*+7< ($6< 3$66 6, >*@ 3DVV 1 )ODVK 6, JUDQGGDPRI 3DVVLQ3URXG6, %8*(0836,3DVVµ(P8S7%6WDNHVZLQQHUDERYH +H %XJVHP 6,3DVVµ(P8S7%ZLQVQG)LUHFUDFNHU 'E\ >*@ (1*$*(0(176$4+$&KDOOHQJH$OO$PHULFDQ5DLQERZ5XLGRVR)XW $FFUHGLWHG2NODKRPD%UHGHPEU\RWUDQVIHU 5*3 +LS1R &RQVLJQHGE\5R\DO9LVWD5DQFKHV//&$JHQWIRU'/5DFH+RUVHV 3HH%HH1-DPHV +LS1R -DQXDU\%URZQ&ROW ,YRU\-DPHV6, 3HH%HH1-DPHV 3DW%6W\OLQ { &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, 'DVKLQ)ROOLHV F LDO6, { 6WUDZIO\6SH 'DVKLQJ)ROO\6, { 6WUHDNLQ/D-ROOD6, { 6WUHDNLQ6L[6, %RWW RP¶V8S6, ,YH%HHQ/LHG7R6, { 6L[)ROV6, 1DW LYH-HW'ROO6, %\,925<-$0(66,6WDNHVSODFHGZLQQHURIUDFHV %URWKHUWR3<&3$,17<285:$*216,6LUHRI520VWDNHV ZLQQHUVLQFO,9$1-$0(66,ZLQVDW 6DP+RXVWRQ)XW>*@),56735,=(',9(6,ZLQV%ODFN *ROG )XW >5*@ 5$3,' ,925< 6, -% -$0(6 6, 5$:+,'(&5((.6,63(&,$/6-$0,(6, VWGDP 3$7%67</,1E\6WUHDNLQ/D-ROOD8QSODFHG6LVWHUWR 0DUYLQV6WUHDNHU6, 'DPRIIRDOVRIUDFLQJDJHWRUDFHDOOZLQQHUVLQFOXGLQJ± 6W\OH2Q6SHHG'LDO6,JE\,YRU\-DPHVZLQVWR ,EVW\OLQILUVW6,JE\,YRU\-DPHVZLQVWR QGGDP ,9(%((1/,('726,E\6L[)ROVZLQVLQVWDUWVDW7RWV 5DQGOH0HPRULDO)XWXULW\ >*@+DOIVLVWHUWR /HDYLQ0\7UDFNV 6,2XW RI 1$7,9(-(7'2//6,'DPRIVWDUWHUV520LQFO± '2//6352',*<6,IE\5RQDV5\RQZLQVWR0LOH +LJK)XWXULW\ >*@5RFN\0RXQWDLQ)XWXULW\ >*@&KHUU\&UHHN)XWXULW\ >5@ >*@UG0LOH+LJK0DWXULW\6HW1:5\LQ'DPRI±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¶)XWXULW\>5@ 6RPHWKLQ)DVW6,IE\6SHFLDO/HDGHUZLQVWR ILQDOLVW>5@ >*@'DPRI 6SDUN\0F&ORQH6,WR (1*$*(0(176$4+$&KDOOHQJH 5*3 $FFUHGLWHG2NODKRPD%UHGHPEU\RWUDQVIHU +LS1R &RQVLJQHGE\-DPHV5DQFK$JHQWIRU:HHWRQD6WDQOH\ )DVW3UL]H7DFLWDQ +LS1R $SULO%D\&ROW 7DF,W/LNH$0DQ6, )DVW3UL]H7DFLWDQ )DVW3UL]H&RU RQD6, { )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, -XPSLQJ7DF)ODVK6, { 7ROOWDF6, %HDW<RXU3DQWV2II6, { &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, )DVW)LUVW3UL]H6, { +H]D)DVW0DQ6, )LUVW3UL]H'DVK6, %\7$&,7/,.($0$16,6WDNHVZLQQHURI>*@+DOI EURWKHUWR&$57(56&$57(/6,FKDPSLRQ6LUHRIVWDNHVZLQ QHUVLQFOXGLQJ,*27<2857$&6,*ROGHQ6WDWH 0LOOLRQ)XW>*@7+(/21*.1,)(6,ZLQV7H[DV&ODV VLF 'HUE\ >*@ QG 5DLQERZ )XW >*@ %/2&. 1 7$&./( 6, >*@,//7$&0$1+$77$16,ZLQVLQVWDUWV VWGDP )$6735,=(&2521$6,E\&RURQD&DUWHO:LQQHUWR'DPRI IRDOVRIUDFLQJDJHIRXU\HDUROGVDOOVWDUWHGWRUDFH520LQFO±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± )$6735,=(=2206,IE\6KD]RRPZLQVWR:HVW 7H[DV)XWXULW\ >*@1:5\LQ ILQDOLVW5DLQERZ)XW >*@ )DVW3UL]H'ROO6,IE\0U-HVV3HUU\ZLQVWRUG+DUUDK¶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{ 2FHDQ5XQD ZD\6, { )LUVW'RZQ'DVK6, 5XQD ZD\:DYH6, $OODPHULFDQGUHDPJLUO6, F LDO6, { 6WUDZIO\6SH 'DVKLQJ3KRHEH6, { )LUVW7R6KLQH6, { )LUVW'RZQ'DVK6, 0DUF\'DUOLQJ6, $FF HQWV6, F LDO/HDGHU6, { 6SH 'LVW LQFW LYHO\6, %\$0(5,&$1581$:$<6,&KDPSLRQ\HDUROGFKDPSLRQ \HDUROGFROWVWDNHVZLQQHURIUDFHV5XLGRVR)XW>*@QG 5DLQERZ)XW>*@7H[DV&ODVVLF)XW>*@+LVILUVWIRDOVDUH\HDUROGV RILQFO&$5(/(66/,*+71,1*6,ZLQV 74+$6LUHV¶ &XS)XW>5@0LVV%DG.LWW\%ZLQQHU$Q$JLW DWRUUG :HVW7H[DV -XY,QY>5@6RQRIFKDPSLRQ2&($1581$:$<6, VWGDP 0&0 '217/22.%$&.6,E\)LUVW7R6KLQHZLQVLQVWDUWVWR /RXLVLDQD'HUE\>5@ >*@%LOO\0RQWJRPHU\6>5@ >*@ ILQDOLVW 0DUGL*UDV)XWXULW\>5@ >*@/RXLVLDQD%UHHGHUV¶/DVVLH)XWXULW\>5@ >*@ /RXLVLDQD&KDPSLRQV'D\'HUE\>5@ >*@6HW 175DW)DLU*URXQGV\ LQ'DPRIIRDOVRIUDFLQJDJHLQFOXGLQJD\HDUROGDOOVWDUWHG ZLQQHUVLQFOXGLQJ± 0&0/RRN$W0H'DVK6,IE\ +H]D)DVW'DVK:LQQHUWR 0&0 'RQW/RRN$W0H6,IE\ +H]D)DVW'DVK:LQQHUDW 0&0/RRNLQJ*RRG6,IE\ +H]D)DVW'DVK:LQQHUWR QGGDP $&&(1766,E\6SHFLDO/HDGHU:LQQHUDW'DPRIIRDOVWRUDFH ZLQQHUVLQFOXGLQJ± 0&0'217/22.%$&.6,IE\)LUVW7R6KLQH6WDNHVZLQQHUDERYH :$5&+$1766,JE\ 2VFHROD:DUULRUZLQVWR/LYH2DN 6>5@ ILQDOLVWLQWKH/RXLVLDQD%UHHGHUV¶/DGGLH)XWXULW\>5@ >*@ 0&0$FFHQW2Q'DVK6,IE\6RPH'DVKHUZLQVWR 0&0 %ULGOHVQEULWFKHV6,JE\ +H]D)DVW'DVKZLQVWR 0&0&DMXQ$FFHQW6,JE\ +H]D)DVW'DVKZLQVWR ILQDO LVW0DUGL*UDV)XWXULW\>5@ >*@/RXLVLDQD%UHHGHUV¶/DGGLH)XW>5@ >*@ 6HW 175DW'HOWD'RZQV\LQ 6DUDKV9DOHQWLQH6,IE\5HHGV'DVKZLQVWR ILQDOLVWLQWKH /RXLVLDQD%UHHGHUV¶/DVVLH)XWXULW\>5@ >*@ 0&0 %RUJDWD6,JE\)LUVW'RZQ-HZHOZLQVWR 0- +H]D 'DVKLQ)DVW6,JE\ +H]D)DVW'DVK:LQQHULQVWDUWVDW 0U&DGLOODF0DQ6,JE\ $]RRP:LQQHUWR UGGDP ',67,1&7,9(/< 6,E\:KDW/XFN7%ZLQVWR %HXODK'HUE\ QG$OO$PHULFDQ&RQJUHVV'HUE\6LVWHUWR /8&.6)$0(6,JUDQGGDP RI :,11(56$:$5'6, ,0$5($'<6, 6XUH 1XII/XFN 6,/XFNV*ROGGDPRI 1,*+77,0( '((/,7(66, *ROG 0HGDO'DVK6, >*@JUDQGGDPRI *2/'0('$/-(666, >*@'DPRIIRDOVWRUDFHZLQQHUVLQFOXGLQJ± 6OLFH6,3LH,Q7KH6N\ZLQVWRUG*ROGHQ6WDWH)XWXULW\ >*@ ILQDOLVWLQWKH(O 3ULPHUR'HO $QR'HUE\ >*@ +LJK:LQH6,2Q$+LJKZLQVWR'DPRI± 0,66,2:$67$7(6,ZLQVWR)XWXUHRI,RZD6>5@ >*@ ,RZD6WDOOLRQ'HUE\>5@ >*@)XWXUHRI,RZD6>5@'DPRI± /RXLV LDQD'RXJ6,ZLQVWRQG,RZD 4+5$)DOO6DOH )XWXULW\3RON&RXQW\'HUE\>5@ (1*$*(0(176$4+$&KDOOHQJH 5*3 (PEU\RWUDQVIHU +LS1R 7HOOHU&DUW HO6, 7HOOHU,P/HUR\ 6L[*XQ7HUL6, +LS1R &RQVLJQHGE\-(+6WDOOLRQ6WDWLRQ$JHQW 7HOOHU,P/HUR\ )HEUXDU\%URZQ&ROW O DQG(DVH6, &RU RQD&DUW HO6, { +RO &RU RQD&KLFN6, { { -HW$ORQJ-DPLH6, { (DV\-HW6, -DLPLH-D\6, )LVKHUV'DVK6, { )LUVW'RZQ'DVK6, )LVKHUV)DY RULWH6, 6L[*XQ$QQ LH6, { 6L[DUXQ6, (DV\&DUULH$QQ6, %\7(//(5&$57(/6,&KDPSLRQFROW$OO$PHULF DQ )XW>*@6LUHRIVWDNHVZLQQHUVLQFOXGLQJ//$127(//(5 6,ZLQV$OO$PHULF DQ'HUE\>*@5XLGRVR'HUE\>*@ //$12&$57(/6,>*@&$57(/48,&.6, 5XLGRVR)XW>*@%2,*(25*(6,:HVW7H[DV)XW>*@ 1LJKWWLPH/LQHV6,>*@+855,&$57(/6, VWGDP 6,;*817(5,6,E\)LVKHUV'DVK:LQQHUWR'DPRIIRDOVRI UDFLQJDJHLQFOXGLQJDQXQVWDUWHG\HDUROGWRUDFHLQFOXGLQJ± 6L[*XQ6KD]RRP6,JE\6KD]RRPZLQVWR $FW$)RRO$4+$$3+$6,JE\'RF3RUXQRZLQVWRLQ$3+$ UDFHV QGGDP 6,;*81$11,(6,E\6L[DUXQZLQVWR+DOIVLVWHUWR $1,7$6 )($785( 6, >*@GDPRI 25,216'5($0 6, >*@JUDQGGDPRI 25,216$:$5'6,>5@ >*@ +27129$ 6,>5@ >*@ 2ULRQV.RRO 6,>5@ >*@HWF'DP RIIRDOVWRUDFH520LQFOXGLQJ± $11(23(16,IE\0U(\H2SHQHUZLQVWRLQ 862NOD)XW>5@ >*@.DQVDV-DFNSRW'HUE\>5@ >*@2NOD+RUVH PHQ¶V$VVRF)XWXULW\>5@2NOD+RUVHPHQ¶V$VVRF'HUE\>[email protected] VDV-DFNSRW)XW>5@ >*@6KHEHVWHU)XW >*@%OXH5LEERQ >*@ZLQVWR 86$LQ0H[LFR&O,QDXJXUDO >*@HWF'DPRI± 065(*$5' 6, ZLQV WR 1HZ 0H[LFR )LOOLHV 0DUHV &KDPS>5@ >*@-XQR¶V5HTXHVW6 >*@=LD3DUN5RDG5XQQHU6 QG/RX:RRWHQ+>5@ >*@UG1HZ0H[LFR)LOOLHVDQG0DUHV&KDPS >5@ >*@)RXU&RUQHUV6HQRUD6>5@ ILQDOLVWLQWKH/RX:RRWHQ+>5@ >*@WZLFH6HW175DW=LD3DUN\LQ 6L[*XQ5HJDUG6,ZLQVWRQG+DVWD/D9LVWDUG 6KXH)O\6>5@ >*@ ILQDOLVWLQWKH=LD)XWXULW\>5@ >*@ $QQLH(\H2YHU6,IE\0U(\H2SHQHU:LQQHUDW'DPRI± //$12 7(//(5 6, ZLQV WR $OO $PHULFDQ 'HUE\ >*@5XLGRVR'HUE\ >*@5HPLQJWRQ3DUN)XW >*@5HPLQJWRQ3DUN &KDPS &KDOOHQJH >*@QG $4+$ &KDOOHQJH &KDPS >*@/HR 6 >*@3UDLULH0HDGRZV&KDPS&KDOOHQJHUG+HULWDJH3ODFH)XW >*@ (<(6$/,/&8(5926,ZLQVWR/D9LOOLWD6 ILQDOLVWLQWKH 0DQRU'RZQV'HUE\ >*@0LOH+LJK'HUE\ >*@'DPRI± //$12&$57(/6,ZLQVWR/HR6 >*@-DFN %URRNV6>5@ >*@0\VWHU\'HUE\>5@QG5HPLQJWRQ&KDPS >*@HWF -= =RRPLQ &XHUYR 6, ZLQV LQ VWDUWV DW UG 2NODKRPD+RUVHPHQ¶V$VVRF0\VWHU\)XWXULW\>5@ >*@ %LJ&KRS6,ZLQVWRUG6/0%LJ'DGG\6 -'6,ZLQVWRQG'DQD3RLQW+ /LO$QQLH(\H2YHU6,ZLQVQG0DQXHO/XMDQ+>5@ >*@ :KRQHZ6,ZLQVWRUG5HPLQJWRQ3DUN'DVK $QQLHV)RUPIE\5DUH)RUP8QSODFHG'DPRI± %URRNV0LGQLJKW6,ZLQVDW TXDOLILHGWR$OO$PHULFDQ)XWX ULW\ >*@ ILQDOLVWLQWKH5DLQERZ)XWXULW\ >*@ 5*3 (1*$*(0(176$4+$&KDOOHQJH +LS1R &RQVLJQHGE\ )HWWHUPDQ5DQFK//& 2QH:LQQLQJ-HVV +LS1R )HEUXDU\6RUUHO)LOO\ 2QH6ZHHW-HVV6, 2QH:LQQLQJ-HVV %ULPPLQJ:LQQ HU { 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, 2QH6ZHHW'DVK6, { )LUVW'RZQ'DVK6, 6ZHHW %HGXLQR6, { %ULPPHUWRQ6, { )LUVW'RZQ'DVK6, )LWWLQJ&HOH E UDW LRQ6, &DXW LRXV:LQQ HU6, D ZD\:LQQ HU6, { 5XQ &DXW LRXV6DO7% %\21(6:((7-(666,6WDNHVZLQQHURIUDFHV>*@ +DOIEURWKHUWR21('$6+,1*($*/(6,ZRUOGFKDPSLRQ+LVILUVW IRDOVDUH\HDUROGVRI6LUHRI520LQFOXGLQJ2QH6ZHHW0DULH IQO2NODKRPD%UHG)XW>5*@2QH6ZHHW5XQDZD\6,ZLQ QHU IQO>5*@-HVV %XUQLQ6,ZLQQHU IQO5XLGRVR )XW >*@)RU6ZHHW-HVV6,ZLQQHU UG3RW 2¶*ROG )XW VWGDP %5,00,1*:,11(5E\ %ULPPHUWRQ8QUDFHG'DPRIIRDOVRIUDFLQJDJH ERWK XQUDFHG QGGDP &$87,286 :,11(5 6, E\ 5XQDZD\ :LQQHU ZLQV LQ VWDUWV DW &RZJLUO)XWXULW\'DPRIIRDOVWRUDFH520LQFOXGLQJ± &$87,286 0(025,(6 6, J E\ /HDYLQJ 0HPRULHV ZLQV DW 5DLQERZ)XWXULW\ >*@ ILQDOLVWLQWKH$OO$PHULFDQ)XWXULW\ >*@ :,11,1*,17+(%8))6,JE\&RSSHU%XIIZLQVWR 5XLGRVR'HUE\ >*@ ILQDOLVWLQWKH/HR6 >*@ .2);)0+ >*@ $1'7+(%($7*2(621 6, I E\ /HDYLQJ 0HPRULHV ZLQV WR 5DLQERZ-XYHQLOH,QY>5@ >*@UG$OO$PHULFDQ'HUE\ >*@ IL QDOLVWLQWKH$OO$PHULFDQ)XWXULW\ >*@5DLQERZ'HUE\ >*@6HW 175DW 5XLGRVR'RZQV\LQ'DPRI± )HDWXUH7KH%HDW6,:LQQHUWRUG5DLQERZ-XYHQLOH6>5@ 7KH)LUVW%HDW6,ZLQVWRUG0DQLWRED6SHHG+RUVH 'HUE\ 217+(0$3 6,IE\ 5HODJDWH7%ZLQVWR2NODKRPD'LV WDII&KDOOHQJH >*@UG'LVWDII &KOJ&KDPS >*@6HW 175\'DPRI± 7+( )''0$36,ZLQVWR$OO&DQDGLDQ'HUE\ $MD[&KDPS&KDOOHQJH$OO&DQDGLDQ&ODVVLF0DWXULW\QG$MD['RZQV 0DWXULW\UG2QWDULR-DFNSRW'HUE\$OH[ 3LFRY0HPRULDO&KDPS '$6+(5:,11(56,JE\6RPH'DVKHUZLQVWR.LQJ :LOOLDP6 ILQDOLVWLQWKH6DP+RXVWRQ)XWXULW\ >*@ /RQH6WDU:LQQHU6,JE\/HDYLQJ 0HPRLUHVZLQVDW &:/HDYHV1R'RXEW6,IE\/HDYLQJ0HPRULHV:LQQHUDW UGGDP &$87,2866$/7%E\:LWK&DXWLRQ8QUDFHG'DPRIIRDOVWRUDFHZLQ QHUVLQFOXGLQJ± &$87,286:,11(56,5XQDZD\:LQQHU6WDNHVZLQQHUDERYH &DXWLRXV&RPPHQW7%(GLWRULDO&RPPHQWZLQV6HW 175I WKGDP '876$/E\3DFLILF1DWLYH8QSODFHG'DPRIIRDOVWRUDFHZLQQHUVLQ FOXGLQJ± &KHHWDK&DW3OHDVXUH&DVWOHZLQVWR'DPRI± &+((7$+¶6&200(17ZLQVWR:LOORZ3DUN6QG'RQ 5LOH\6UG'U$% /HJJLR0HPRULDO+6HW 175ILQ %LJ&DWV-HW6,ZLQVWR ILQDOLVW2OG6RXWK)XWXULW\ >*@ $P\¶V*ODVV5DLVH<RXU*ODVV8QUDFHG'DPRI± +HUH&RPHV$P\6,ZLQVWR'DPRI± 0DG0DJLF6,ZLQVDWDQG 5*3 (1*$*(0(176$OO$PHULFDQ5DLQERZ5XLGRVR)XW +LS1R &RQVLJQHGE\/D]\(5DQFK//&IRU6DQ*UHJRULR5DFLQJ6WDEOHV,QF 1DPH3HQGLQJ +LS1R 0D\6RUUHO&ROW 7HPSWLQJ'DVK6, 1DPH3HQGL QJ )LYH%DU&ODVV\6, { )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, $7HPSWLQJ&KLFN6, %HGXLQR6, { &KLFNV 7HPSW0H1RW6, { 'DVK7D)DPH6, { )LUVW'RZQ'DVK6, 6XGG HQ)DPH6, )LYH%DU(ER Q\ {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± ),9(%$56+2:*,5/6,IE\2NH\ 'RNH\'DOHZLQVDW (G*LOHV0HPRULDO)XWXULW\ )LYH%DU/XFN\6,IE\ 7DF,W/LNH$0DQ:LQQHUDWUG 8WDK%UHG)XWXULW\>5@ QGGDP ),9(%$5(%21<E\6WUHDNLQ'DVK8QUDFHG'DPRIIRDOVZLQQHUVLQ FOXGLQJ± ),9(%$502//<6,IE\'DVK7D)DPHZLQVWR9HV VHOV0DWXULW\ >*@0LVV3ULQFHVV+ >*@8WDK&ODVVLF'HUE\>5@ >*@UG 'X%DU/HH*LOHV)UDQN+DUW)XWXULW\ ILQDOLVWLQWKH&KDPSLRQRI&KDP SLRQV >*@/RV$ODPLWRV,QY&KDPS >*@'DPRI± ),9(%$5&$57(/6, &KDPSLRQ<HDU2OG&ROWZLQVLQVWDUWV WR (G %XUNH 0LOOLRQ )XWXULW\ >*@ QG $OO $PHULFDQ 'HUE\ >*@ ILQDOLVW LQ WKH /RV $ODPLWRV 7ZR 0LOOLRQ )XWXULW\ >*@ *ROGHQ6WDWH0LOOLRQ)XWXULW\ >*@ )/<%$563(&,$/6,ZLQVWR&DOLIRUQLD%UHHGHUV¶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± ),9( %$5 6$66< 6, ZLQV LQ VWDUWV WR ,QWHUPRXQWDLQ)XWXULW\QG(G*LOHV0HPRULDO)XWXULW\ (1*$*(0(176$OO$PHULFDQ5DLQERZ5XLGRVR)XW/RV$ODPLWRV7ZR 0LOOLRQ)XW*ROGHQ6WDWH0LOOLRQ)XW(G%XUNH0LOOLRQ)XW 5*3 +LS1R &RQVLJQHGE\/D]\(5DQFK//&$JHQWIRU 9DOHULDQR5DFLQJ6WDEOHV//& +LS1R 6LON2Q)LUH9 -DQXDU\*UD\&ROW $SROOLWLFDO-HVV6, 6LON2Q)LUH9 ; 6LON0RXQW DLQ6, { 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, $SROOLWLFDO7LPH6, { $SROOR7% +DOI7LPH$WW UDFW LRQ6, { 3DQW KHU0RXQW DLQ6, W HU0H*RQH6, { 0H &DVK7KLV5XQQ HU6, 6LON6KRZF DVH7% {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± 6LON&DUWHOIE\&RURQD&DUWHO3ODFHGLQVWDUWVDW QGGDP 6,/.6+2:&$6(7%E\ )HUUDUD7%8QUDFHG'DPRIVWDUWHUV520LQFO± 6,/.02817$,16,IE\3DQWKHU0RXQWDLQ6WDNHVZLQQHUDERYH 9LWULQD6,IE\5R\DO6KDNH(PZLQVWR ILQDOLVW1HZ0H[LFR -XYHQLOH&KDOOHQJH >*@1HZ0H[LFR'HUE\&KDOOHQJH >*@ UGGDP 75,3729(*$67%E\%ROG(JR8QUDFHG'DPRIVWDUWHUVZLQQHUVLQFO± 7ULSSLQ9LVLRQ6,9LVLRQDULDQZLQVWRQG*RYHU QRUV&XS0DUDWKRQ60DUDWKRQ6WDNHV 7DQWDOL]LQJ(\HV6,0U(\H2SHQHUZLQVWR ILQDOLVWLQWKH 'DVKIRU&DVK-XYHQLOH,QY>5@ >*@'DPRI± 3(5621$/0,66,216,ZLQVWR6JW3HSSHU)HDWXUH6 +XQWLQJWRQ%HDFK2YHUQLJKW6UG $45$3UHVLGHQW¶V2SHQ6SULQJ 'HUE\ ILQDOLVWLQWKH/RV$ODPLWRV&KDPS >*@ ,V,W%ROG7%,V,W7UXHZLQVWR $OO$PHULFDQ/HDGHU6,6SHFLDO/HDGHUZLQVWR 5HWXUQ-RXUQH\7%,UJXQ:LQQHUWR'DPRI± 6DLQW6WUHHW7%ZLQVWR WKGDP '$1&,1*675$:E\'DQFLQJ'HUYLVK:LQQHULQVWDUWVDW+DOIVLVWHUWR 'RH%RZPDQ6WUDZ5RFNHWGDPRI &5$1.,783JUDQGGDPRI 0DMRUO\ &UDQN\6, ([WUDYDJDQW:RPDQ6,RXWRI 0675$: 'DPRIIRDOVWRUDFHZLQQHUVLQFOXGLQJ±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{ 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, 7DF,W/LNH$0DQ6, 0LJKW\3OHDVLQ %+%0LJKW\6, { { -XPSLQJ7DF)ODVK6, { 7ROOWDF6, %HDW<RXU3DQWV2II6, 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, 0LJKW\%'ROO6, { 2Q$+LJK6, 0LJKW\*LUO*R %\7$&,7/,.($0$16,6WDNHVZLQQHURI>*@+DOI EURWKHUWR&$57(56&$57(/6,FKDPSLRQ6LUHRIVWDNHVZLQ QHUVLQFOXGLQJ,*27<2857$&6,*ROGHQ6WDWH 0LOOLRQ)XW>*@7+(/21*.1,)(6,ZLQV7H[DV&ODV VLF 'HUE\ >*@ QG 5DLQERZ )XW >*@ %/2&. 1 7$&./( 6, >*@,//7$&0$1+$77$16,ZLQVLQVWDUWV VWGDP %+%0,*+7<6,E\0U-HVV3HUU\:LQQHUWR ILQDOLVWLQWKH 5HWDPD 3DUN )XWXULW\ >*@ $OWRRQD 'HUE\ >*@ 6LVWHU WR 0,*+7< ,19,&7866, -(66%0,*+7<6,'DPRIOLYLQJIRDOVRIUDFLQJ DJHWZR\HDUROGVDOOVWDUWHG520± 9DOLDQW6LVWHUIE\9DOLDQW+HUR:LQQHULQVWDUWVDW &RURQD:LQG6,FE\&RURQD&DUWHO3ODFHGWR ILQDOLVW LQWKH'DVKIRU&DVK)XWXULW\ >*@ QGGDP 0LJKW\%'ROO6,E\2Q$+LJKZLQVDWQG74+$%UHHGHUV¶ )XWXULW\ >5@ UG :HVW 7H[DV )XWXULW\ >*@ ILQDOLVW 6XQ &RXQWU\ )XWXULW\ >*@:HVW7H[DV'HUE\ >*@'DPRIIRDOVWRUDFH520LQFOXGLQJ±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± 0,*+7<6+$=2206,ZLQVWR5RFN\0RXQWDLQ)XW >*@ 0LWH\&DVK2EVHVVLRQ6,ZLQVWR ILQDOLVW>5@ >*@ %+%RRJLH6,JE\5XQDZD\:LQQHUZLQVWRUG+HUL WDJH 3ODFH 'HUE\ >*@ 0H[LFR &KDPS &KDOOHQJH >*@ ILQDOLVW LQ WKH 5DLQERZ)XWXULW\ >*@$OO$PHULFDQ'HUE\ >*@5HPLQJWRQ)XWXULW\ >*@ %+%0LJKW\6,IE\0U-HVV3HUU\:LQQHUWR ILQDOLVWLQWKH 5HWDPD3DUN)XWXULW\ >*@$OWRRQD'HUE\ >*@ 0LJKW\8QR6,IE\&KLFNV%HGXLQR3ODFHGWR ILQDOLVWLQWKH1HZ0H[ LFR-XYHQLOH&KDOOHQJH >*@'DPRI± 'DVKLQJ8QR6,ZLQVWRQG2NODKRPD)XWXULW\ >*@ $OWRRQD'HUE\ >*@UG5HPLQJWRQ3DUN'HUE\ >*@'DPRI± +HDUWV2QD+HUR6,:LQQHULQVWDUWVDWQG+HUL WDJH3ODFH-XYHQLOH, 9DOLDQW8QR6,ZLQVWR ILQDOLVW6DP+RXVWRQ)XW >*@ 0LJKW\/DMROOD6,:LQQHUDWUG+HULWDJH3ODFH-XYHQLOH,QY>5@ (1*$*(0(176$4+$&KDOOHQJH$OO$PHULFDQ5DLQERZ5XLGRVR)XW (PEU\RWUDQVIHU 5*3 +LS1R &RQVLJQHGE\5R\FH5RJHUV$JHQW $)DYRULWH/HJDF\ +LS1R -DQXDU\%URZQ)LOO\ )DY RULWH&DUW HO6, $)DY RUL WH/HJD F\ $/RYLQJ/HJD F\ { )DY RULWH7ULFN7% { 3KRQH7ULFN (YLO(ODLQH 6KHQRVKHUFRURQD6, U RQD&DUW HO6, { &R 6KHQRVKHVSHFLDO6, { 7HOOHU&DUW HO6, U RQD&DUW HO6, { &R -HW$ORQJ-DPLH6, )RUW XQH2I'HOLJKW6, W XQHV6, { 6L[)RU 2XU7KLUG'HOLJKW6, %\)$925,7(&$57(/6,6WDNHVZLQQHURIUDFHV $4+$&KOJ&KDPS>*@/RV$ODPLWRV&KDPS&KOJ>*@+DOIEURWKHUWR 6+(6&+(&.,1802876,+LVILUVWIRDOVDUH\HDUROGVRI6LUHRI 520LQFOXGLQJ/LWWOH7DONV6,ZLQVIQO*RYHUQRU¶V&XS )XW)LUH$W:LOO6,ZLQVIQO>5*@/XY2Q7KH5XQ6, ZLQVUG&DO%UGUV¶)UHVKPDQ>5@3ULVV\&DUWHO6,IQO>*@ VWGDP $/29,1*/(*$&<E\7HOOHU&DUWHO8QUDFHG7KLVLVKHUILUVWIRDO QGGDP )25781(2)'(/,*+76,E\6L[)RUWXQHV %URRGPDUHRIWKH<HDULQ ZLQVWR(O7HVRURGH2UR'HUE\QG5DLQERZ6LOYHU &XS >*@ %XWWRQV DQG %RZV 6 >*@ 5XLGRVR +RUVH 6DOH 'HUE\ $W 6XQODQG>5@UG:RUOG¶V&KDPS&ODVVLF >*@1HZ0H[LFR6WDWH)DLU+ >*@*R7RJHWKHU+ >*@0LOHV$QLPDO+HDOWK&KDOOHQJH+DOIVLVWHUWR 75(66(,66,&KDPSLRQ >*@ '($10,5$&/(6, &KDPSLRQ'DPRIIRDOVWRUDFH520LQFOXGLQJ± $ '(/,*+7)8/ '$6+(5 6, &KDPSLRQ <HDU2OG &KDPSLRQ <HDU2OG*HOGLQJZLQVLQVWDUWVWR$OO$PHULFDQ)X WXULW\ >*@*ROGHQ6WDWH)XWXULW\ >*@5DLQERZ)XWXULW\ >*@ +(6 0< '$6+(5 6, &KDPSLRQ <HDU2OG *HOGLQJ ZLQV 5DLQERZ)XW >*@QG&KDPSLRQRI&KDPSLRQV >*@ $'(/,*+7)8//(*$&<6,IE\)LUVW'RZQ'DVKZLQVLQVWDUWVDW $OO$PHULFDQ-XYHQLOH,QYLWDWLRQDO>5@ >*@ ILQDOLVWLQWKH/RV $ODPLWRV0LOOLRQ)XWXULW\ >*@'DPRI±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± -(66)281'-2<6,ZLQVWR$XWXPQ+ (1*$*(0(176$OO$PHULFDQ5DLQERZ5XLGRVR)XW/RV$ODPLWRV7ZR 0LOOLRQ)XW*ROGHQ6WDWH0LOOLRQ)XW 5*3 +LS1R &RQVLJQHGE\.XUW5DKPHLHU$JHQWIRU0LFKHOOH0HLZHV 5DF\5RFNHWWH +LS1R )HEUXDU\%URZQ)LOO\ O DQG(DVH6, &RU RQD&DUW HO6, { +RO &RU RQD&KLFN6, &RU RQDV/HDYLQJ<RX6, 5DF\5RFNHWWH 'DVKLQ9LNH6, { { /LO%LW5XVW\6, { (DVLO\6PDVKHG6, 5XVW\5RFNHWWH6, 'DVKLQ%\H6, { )LUVW'RZQ'DVK6, 6ZHHW%\H$QG%\H6, 5XQD ZD\9LNH6, D ZD\:LQQ HU6, { 5XQ 0LVV5DF\9LNH6, %\&2521$6/($9,1*<286,6WDNHVZLQQHURIUDFHVLQ VWDUWV )LUHFUDFNHU )XW >*@+DOI EURWKHU WR ZRUOG FKDPSLRQ :+26/($9,1*:+26,6LUHRI520VWDNHVZLQQHUV LQFO23(10($&2521$6,ZLQV/4+%$%GUV¶)XW >5*@'$6+)25&2521$66,2NOD)XW>*@:$67,1* 12&2521$6,>*@6&223,(6/($9,1*<28 VWGDP '$6+,1 9,.( 6, E\ 'DVKLQ %\H :LQQHU LQ VWDUWV DW TXDOLILHG WR 3UHVFRWW9DOOH\/DGGLH/DVVLH)XWXULW\ >*@3UHVLGHQW¶V2SHQ6SULQJ)XWX ULW\ >*@'DPRIIRDOVRIUDFLQJDJHERWKVWDUWHGLQFOXGLQJ± 581$:$<:$*216,JE\3<&3DLQW<RXU:DJRQZLQVWR 6DP +RXVWRQ &ODVVLF + >*@ )LUHFUDFNHU 'HUE\ UG 6DP +RXVWRQ &KDOOHQJH &KDPS 6 >*@ ILQDOLVW 5HPLQJWRQ &KDPS >*@ 6DP+RXVWRQ&ODVVLF+ >*@ TXDOLILHGWR7H[DV&ODVVLF'HUE\ >*@ QGGDP 581$:$<9,.(6,E\5XQDZD\:LQQHUZLQVDW'DPRI IRDOVWRUDFH520LQFOXGLQJ± 92/&206,FE\)LUVW'RZQ'DVKZLQVWR/RV$ODPLWRV :LQWHU&KDPS >*@(O3ULPHUR'HO$QR'HUE\ >*@/RV$ODPLWRV3UHS6 QG/RV$ODPLWRV6XSHU'HUE\ >*@UG*RYHUQRU¶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±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{ &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, 'DVKLQ)ROOLHV F LDO6, { 6WUDZIO\6SH 'DVKLQJ)ROO\6, { 0U(\H2SHQHU6, { 'DVK)RU&DVK6, %HGDZHH6, 6ZHHWO\6SHF LDO6, F LDO(II RUW6, { 6SH 6ZHHW,OOXV LRQ6, %\,925<-$0(66,6WDNHVSODFHGZLQQHURIUDFHV %URWKHUWR 3<&3$,17<285:$*216,6LUHRI520VWDNHV ZLQQHUVLQFO,9$1-$0(66,ZLQVDW 6DP+RXVWRQ)XW>*@),56735,=(',9(6,ZLQV%ODFN *ROG )XW >5*@ 5$3,' ,925< 6, -% -$0(6 6, 5$:+,'(&5((.6,63(&,$/6-$0,(6, VWGDP (<(/29(,76,E\0U(\H2SHQHUZLQVWR'DPRIIRDOVRI UDFLQJDJHLQFOXGLQJD\HDUROGDOOVWDUWHGZLQQHUVLQFOXGLQJ± &RSSHU2DNV6,IE\ %ULPPHUWRQZLQVWR ILQDOLVWLQ WKH5HPLQJWRQ2NODKRPD%UHG'HUE\>5@ >*@%ODFN*ROG)XW >*@ -HVVLOX6,IE\)O\-HVV)O\ZLQVWR $JRXWL(\HV6,IE\$JRXWLZLQVWR QGGDP 6:((7/< 63(& ,$/6,E\6SHFLDO(IIRUWZLQVDWDQG ILQDOLVWLQWKH6RRQHU6WDWH6>5@ >*@'DPRIIRDOVWRUDFH520 LQFOXGLQJ± 6ZHHWO\5R\DO6,IE\5R\DO6KDNH(PZLQVWR ILQDOLVWLQ WKH 1RUWKODQGV)XWXULW\ >*@'DPRI± *211$0$.(<2852<$/6,ZLQVWR%\%\-6>5@ ILQDOLVWLQWKH1HZ0H[LFR +%$6WDNHV>5@ >*@ 7ULFN\6KDNH6,ZLQVWR +ROODQG6W\OH6,IE\+ROODQG(DVHZLQVWR UGGDP 6:((7,//86,21 6,E\(DV\-HWZLQVWR 4+%&6XQ EHOW'HUE\>5@ 4+%&0LGZHVW&ODVV LF)XWXU LW\>5@'DPRIIRDOVDOO ZLQQHUVLQFOXGLQJ± 6ZHHW$GYLFH6,%XOO\%XOOLRQZLQVWRUG*RYHUQRU¶V &XS+'DPRI± %(67$'9,&(6,ZLQVWR.DQVDV'HUE\>5@ >*@QG +HULWDJH3ODFH'HUE\ >*@/RV$ODPLWRV6UG/D]\('HUE\>5@ >*@ (DVWH[ + >*@ ILQDOLVW LQ WKH 6RRQHU 6WDWH 6 >5@ >*@ 2NODKRPD 'HUE\ >*@6LUH 7ULFN\$GYLFH6,ZLQVWR )LUVW6PDUW$GYLFH6,:LQQHUDW 0V2SWLFDO,OOXVLRQ6,0U(\H2SHQHU:LQQHUDW'DPRI± ,OOXVLYH2NH\6,ZLQVWR .RRO,OOXVLRQ6,ZLQVWR WKGDP 0$<)/2:(50221E\7RS0RRQ8QUDFHG+DOIVLVWHUWR 7$//$'(*$6, 'DPRIIRDOVWRUDFH520LQFOXGLQJ± 6:((7,//86,216,(DV\-HW6WDNHVZLQQHUDERYH (DV\)ORZHU6,(DV\-HWZLQVDW'DPRI± 5DLVH$)ORZHU6,:LQQHUDW ILQDOLVWLQWKH2NODKRPD)XWXULW\ )DOO'LYLVLRQ >*@ /XQD/DUJR6,(DV\-HW3ODFHGWR'DPRI± 7KH)LUVW*UDQGH6,ZLQVWRUG 0F'DGH6 $FFUHGLWHG2NODKRPD%UHG 5*3 +LS1R &RQVLJQHGE\5DQFK$JHQWIRU0XOOHU5DFLQJ//& 2QH6KLQLQJ(DJOH +LS1R 0D\6RUUHO&ROW 2QH)DP RXV(DJ OH6, 2QH6KLQLQJ(DJ OH $7HPSWLQJ&KLFN6, { 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, 2QH)DP RXV/DG\6, %HGXLQR6, { &KLFNV 2QH6OLFN&RRNLH6, { &KLFNV %HGXLQR6, { %HGXLQR7% $&ODVV\&KLFN6, 7HPSW0H1RW6, L EL6, { 6LU$O 6ZHHW 9LFW UHVV6, %\21()$0286($*/(6,&KDPSLRQZLQV>*@ 6LUHRI520VWDNHVZLQQHUVLQFO21('$6+,1*($ */(6,ZRUOGFKDPSLRQ$OO$PHULF DQ)XW>*@ +(65( /(17/(666,FKDPSLRQ>*@ 0221,17+(($*/(6, 67,1.,15,&+6,%<(%<(($*/((<(6, >*@21(+$1'620(0$1'DVKIRU&DVK>*@ VWGDP $7HPSWLQJ&KLFN6,E\&KLFNV %HGXLQR %URRGPDUHRIWKH<HDULQ ZLQVWRUG0LVVLRQ%HDFK60RVV/DQGLQJ6 ILQDOLVWLQWKH *RYHUQRU¶V&XS'HUE\>5@ >*@/D 3ULPHUD'HO $QR'HUE\ >*@'DPRI OLYLQJIRDOVRIUDFLQJDJHWRUDFH520LQFOXGLQJ± 7(037,1*'$6+6,FE\)LUVW'RZQ'DVK &KDPSLRQ<HDU2OG &ROWZLQVLQVWDUWVDW7H[DV&ODVVLF)XWXULW\ >*@175 \LQ'DVKIRU&DVK)XW >*@175\LQ6LUH $7(037,1*'$6+6,JE\)LUVW'RZQ'DVKZLQVWR /RV$ODPLWRV:LQWHU'HUE\ >*@&DOLIRUQLD%UHHGHUV¶&KDPS>5@ >*@*R 0DQ*R+ >*@QG&KDPSLRQRI&KDPSLRQV >*@(O 3ULPHUR'HO $QR 'HUE\ >*@UG*ROGHQ6WDWH'HUE\ >*@*RYHUQRU¶V&XS'HUE\>5@ >*@ ILQDOLVWLQWKH/RV$ODPLWRV7ZR0LOOLRQ)XWXULW\ >*@ )LUVW7HPSWLQJ'DVK6,FE\)LUVW'RZQ'DVK:LQQHUWR QG/RV$ODPLWRV'HUE\&KDOOHQJH 1DWDOLH'DVK6,IE\)LUVW'RZQ'DVKZLQVWR ILQDOLVWLQWKH 3&4+5$%UHHGHUV¶)XWXULW\ >*@ 2FHDQ:RQ$ZD\6,JE\2FHDQ5XQDZD\ZLQVWR $)LUVW'RZQ&KLFN6,IE\)LUVW'RZQ'DVKZLQVWR6HW 175DW+LDOHDK3DUN\LQ'DPRI± 3HUU\V6WDPLQD6,FE\0U-HVV3HUU\:LQQHULQVWDUWVDW ILQDOLVWLQWKH5XLGRVR)XWXULW\ >*@ $7HPSWLQJ6WUDZIO\6,IE\6WUDZIO\6SHFLDOZLQVWR'DPRI± 7HPSWHGE\)DPH6,JE\,YRU\-DPHV:LQQHUDW )O\LQ7KH:DYHV6,IE\:DYH&DUYHU:LQQHULQVWDUWVDW 6KHV$7HPSWDWLRQ6,IE\)LUVW'RZQ'DVK3ODFHGLQVWDUWVDW QGGDP 7(0370(1276,E\6LU$OLELZLQVWR%ODFN*ROG)XWX ULW\>5@%ODFN*ROG0DWXULW\>5@ ILQDOLVW >*@'DPRIIRDOV520LQFO± $7HPSWLQJ&KLFN6,&KLFNV%HGXLQR6WDNHVSODFHGZLQQHUDERYH )LUVW7HPSWDWLRQ6,IE\+ROODQG(DVH3ODFHGWR'DPRI± &URZQV7HPSWDWLRQ6,:LQQHUWR UGGDP 6:((7 9,&75(666,E\9LFWRU\6WULGH7%:LQQHUDW+DOIVLVWHU WR %/86+,1* %8* 6, /<116 $//$17( 6, 0$.((0%/86+6, /HDYLQJ0HPRULHV6, >*@ %OXVKLQJ6WUHDNHU6,'DPRI520± 7(0370(1276,6LU$OLEL6WDNHVZLQQHUDERYH 7HPSWHGE\7LWOHV6,&DVK/HJDF\ZLQVWR86$LQ0H[ LFRQG7KH4XDUWHU5DFLQJ-RXUQDO6 ILQDOLVW >*@ (1*$*(0(176$4+$&KDOOHQJH$OO$PHULFDQ5DLQERZ5XLGRVR)XW /RV$ODPLWRV7ZR0LOOLRQ)XW*ROGHQ6WDWH0LOOLRQ)XW(G%XUNH0LOOLRQ)XW 5*3 (PEU\RWUDQVIHU +LS1R &RQVLJQHGE\%REE\'&R[ 2XWVN\UWV +LS1R $SULO*UD\)LOO\ ,YRU\-DPHV6, 2XWVN\UWV 3HUU\SKHU\6, { &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, 'DVKLQ)ROOLHV F LDO6, { 6WUDZIO\6SH 'DVKLQJ)ROO\6, { 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, .SD[6, { )LUVW'RZQ'DVK6, 5XQD ZD\'HH'HH6, %\,925<-$0(66,6WDNHVSODFHGZLQQHURIUDFHV %URWKHUWR 3<&3$,17<285:$*216,6LUHRI520VWDNHV ZLQQHUVLQFO,9$1-$0(66,ZLQVDW 6DP+RXVWRQ)XW>*@),56735,=(',9(6,ZLQV%ODFN *ROG )XW >5*@ 5$3,' ,925< 6, -% -$0(6 6, 5$:+,'(&5((.6,63(&,$/6-$0,(6, VWGDP 3HUU\SKHU\6,E\0U-HVV3HUU\:LQQHUDWQG 74+$6LUHV¶ &XS)XWXULW\>5@ >*@UG5HWDPD)XWXULW\ >*@6LVWHUWR -(667,),$%/( 6,'DPRIIRDOVRIUDFLQJDJHWRUDFHERWKZLQQHUV± 1DGD7R 3UDGD6,IE\,YRU\-DPHV:LQQHUWR ,YRU\V,QWHUOXGH6,IE\,YRU\-DPHV:LQQHUDW QGGDP .3$;6,E\)LUVW'RZQ'DVKZLQVWR ILQDOLVWLQWKH$OO$PHUL FDQ&RQJUHVV'HUE\ >*@6LVWHUWR $'2:15,*+7581$:$<6, 'DPRIIRDOVWRUDFH520LQFOXGLQJ± -(667,),$%/(6,JE\0U-HVV3HUU\ZLQVWR +DVWD/D 9LVWD 6175 \ LQ (O 0RUR 'H &XPSDV 6175 \LQ UG +DVWD/D9LVWD6 ILQDOLVWLQWKH5XLGRVR)XWXULW\ >*@ 3HUU\SKHU\6,IE\0U-HVV3HUU\6WDNHVSODFHGZLQQHUDERYH 6DUDK 6RWD6,IE\,YRU\-DPHVZLQVWRQG:LOOLDP ³'RF´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±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{ 6WUDZIO\6SHF LDO6, F LDO(II RUW6, { 6SH )O\,Q7KH3LH6, /DG\7HQD\D6, { 6L[DUXQ6, $OHWKLD6, { (\HVD6SHF LDO6, { 0U(\H2SHQHU6, 0LVV27RROH6, 2DN7UHHV3RS3RS6, F LDO6, { 2DN7UHH6SH *RWWD3RS3RS6, %\'(6,5,26,6WDNHVZLQQHURIUDFHV$OO$PHULF DQ -XY>5*@+DOIEURWKHUWR&2521$)257+(/$'<6,1225', 1$5</29(6,6LUHRI520VWDNHVZLQQHUVLQFOXGLQJ 3-&+,&.,1%/$&.6,FKDPSLRQ\HDUROGILOO\ZLQV 5XLGRVR)XW>*@'(1,526,/RV$ODPLWRV6XSHU'HUE\ >*@ .$52/,1$ 6, (O 'DPD]R 6, >*@ VWGDP (<(6$2$.75((323E\(\HVD6SHFLDO8QSODFHG'DPRIIRDORIUDFLQJ DJHDQXQVWDUWHG\HDUROG QGGDP 2$.75((63233236,E\2DN7UHH6SHFLDOZLQVLQVWDUWVDW TXDOLILHG WR74+$6DOH)XW>5@ >*@'DPRIRWKHUIRDOVWRUDFHZLQQHUV± &$57(/6323323 6,FE\7KH/RXLVLDQD&DUWHOZLQVDW 74+$6DOH)XWXULW\>5@ >*@ 3DQWKHUV3RS3RS6,JE\3DQWKHU0RXQWDLQZLQVWR UGGDP *RWWD3RS3RS6,E\%REE\4XHZLQVLQVWDUWVDWQG 7H[DV3RRU%R\6SULQW)XWXULW\>5@6HW175\LQ'DPRI IRDOVWRUDFHZLQQHUVLQFOXGLQJ± -2',(63233236,-RG\27RROHZLQVWR0DQRU 'HUE\ >*@ (DVW &KDPS &KDOOHQJH >*@175 $ODPR 4+%$ 'HUE\ 'DY\&URFNHWW6%OXHERQQHW+>5@QG0DQRU+,6SHHGKRUVH6SULQW )XWXULW\>5@UG*UDKDP)DUPV'HUE\ >*@ ILQDOLVW >*@ 5$1'<63233236,'DVK%\)RU5DQG\ZLQVWR 74+$6DOHV)XWXULW\>5@ >*@74+$7H[DV%UHG6>5@QG%DUQPDVWHU 6SULQW6>5@ >*@UG0DQRU'RZQV+%DUQ0DVWHU+>5@ ILQDOLVW >*@ *277$63(&,$/3236,6SHFLDO(ODQZLQVWR74+$ 6LUHV¶&XS)XWXULW\>5@ >*@QG0H[LFR&KDPS&KDOOHQJH$PHULFDQ )RXQGDWLRQ6UG&RPDO&RXQW\6 ILQDOLVW >*@'DPRI± 6+$.((063(&,$/3236,ZLQVWR)DLUPRXQW3DUN ,QY(YDQJHOLQH'RZQV'HUE\,NRQ6>5@QG:UDQJOHU6+LOO&RXQ WU\'DVK ILQDOLVWLQWKH7H[DV&ODVVLF)XWXULW\ >*@ -RG\V6SHFLDO3RS6,:LQQHUWR'DPRI 92/&20663(&,$/ 3236,:LQQHUWR:HVW7H[DV-XYHQLOH,QY -2'<3236/,77/(6,66,-RG\27RROHZLQVWR'L[LH 6WDOOLRQ)XWXULW\>5@ >*@UG0DQRU'RZQV'HUE\ >*@'DPRI -2'< 3236=220(56,7H[DV&ODVVLF'HUE\ >*@VHW175 *RWWD0RQH\3RS6,:LQQHUDW'DPRI±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{ -HVV/RXLV LD QD%OXH6, { 0U-HVV3HUU\6, 7KH/RXLV LD QD*LUO6, &RU RQD3HUI HFW LRQ6, U RQD&DUW HO6, { &R 6XS HU LRU3HUI HFW LRQ6, { 5R\DO6KDNH(P6, { 5R\DO4XLFN'DVK6, 6KDNH(P6L[6, 6ZHHWO\6SHF LDO6, F LDO(II RUW6, { 6SH 6ZHHW,OOXV LRQ6, )HEUXDU\%D\&ROW /RXLV LD QD6HQD W RU6, 5R\DO6HQD W RU 6ZHHWO\5R\DO6, %\/28,6 ,$1$6(1$7256,6WDNHVZLQQHURIUDFHV >*@+LVILUVWIRDOVDUH\HDUROGVRI6LUHRI7LPH)RU7KH6HQDWRU6, ZLQQHUUG +DUUDK¶V(QWHUWDLQPHQW)XW>*@,1R 6KHV$+RW 0HVV 6, ZLQQHU UG 5XLGRVR -XY ,QY 6HQDWRU 7DPDOH UG&KHURN HH1DWLRQ66RQRI-(66/28,6 ,$1$%/8(VLUHRI VWDNHVZLQQHUVLQFOXGLQJ -(66$/28,6 ,$1$=220>*@ VWGDP 6:((7/<52<$/6,E\5R\DO6KDNH(PZLQVWR ILQDOLVWLQ WKH 1RUWKODQGV)XWXULW\ >*@'DPRIIRDOVRIUDFLQJDJHIRDOVWRUDFH DOO520LQFOXGLQJ± *211$0$.(<2852<$/6,FE\ *RQDPDNH\RXUH\HVEOXHZLQV WR%\%\--6>5@ ILQDOLVWLQWKH 10+%$6WDNHV>5@ >*@ 7ULFN\6KDNH6,JE\)DYRULWH7ULFN7%ZLQVWR 5R\DO5HDVRQ6$6,JE\*RRG5HDVRQ6$3ODFHGLQVWDUWVDW QGGDP 6:((7/<63(&,$/6,E\6SHFLDO(IIRUWZLQVWR ILQDOLVWLQ WKH6RRQHU6WDWH6>5@ >*@'DPRIIRDOVWRUDFH520LQFOXGLQJ± +ROODQG6W\OH6,IE\+ROODQG(DVHZLQVWR (\H/RYH,W6,IE\0U(\H2SHQHUZLQVWR'DPRI± &RSSHU2DNV6,ZLQVWR ILQDOLVWLQWKH5HPLQJWRQ 3DUN2NODKRPD%UHG'HUE\>5@ >*@%ODFN*ROG)XWXULW\ >*@ -HVVLOX6,ZLQVWR $JRXWL(\HV6,ZLQVDW +DVKWDJJE\&KLFNV5HJDUG:LQQHULQVWDUWVDW 5R\DOW\)LUVW6,FE\5R\DO4XLFN'DVK:LQQHUDW ILQDOLVWLQWKH 0DQRU'RZQV)XWXULW\ >*@ UGGDP 6:((7,//86,216,E\(DV\-HWZLQVWR 4+%&6XQEHOW 'HUE\>5@ 4+%&0LGZHVW)XWXULW\>5@'DPRIIRDOVDOOZLQQHUVLQFO± 6ZHHW$GYLFH6,%XOO\%XOOLRQZLQVWRUG*RYHUQRU¶V &XS+'DPRI± %(67$'9,&(6,ZLQVWR.DQVDV'HUE\>5@ >*@QG +HULWDJH3ODFH'HUE\ >*@/RV$ODPLWRV6UG/D]\('HUE\>5@ >*@ (DVWH[+ >*@6LUH 7ULFN\$GYLFH6,ZLQVWR 0V2SWLFDO,OOXVLRQ6,0U(\H2SHQHU:LQQHUDW'DPRI± ,OOXVLYH2NH\6,ZLQVWR )DLWK0RXQWDLQ6,ZLQVDW WKGDP 0$<)/2:(50221E\7RS0RRQ8QUDFHG+DOIVLVWHUWR 7$//$'(*$6, 'DPRIIRDOVWRUDFH520LQFOXGLQJ± 6:((7,//86,216,(DV\-HW6WDNHVZLQQHUDERYH (DV\)ORZHU6,(DV\-HWZLQVDW /XQD/DUJR6,(DV\-HW3ODFHGWR'DPRI± 7KH)LUVW*UDQGH6,ZLQVWRUG 0FGDGH6 (1*$*(0(176$4+$&KDOOHQJH 5*3 $FFUHGLWHG2NODKRPD%UHGHPEU\RWUDQVIHU +LS1R +LS1R &RQVLJQHGE\-/&+RUVHV$JHQW 1DPH3HQGLQJ )HEUXDU\&KHVWQXW)LOO\ O DQG(DVH6, &RU RQD&DUW HO6, { +RO &RU RQD&KLFN6, &DUW HO6XFF HVV6, 1DPH3HQGL QJ 6ZHHW$WW UDFW LRQ7% { { 'DVKLQJ0DULDK6, { )LUVW'RZQ'DVK6, .HOO\V&RII HU6, 0HUF HU0LOO { )RUW\1LQHU 6HDV LGH$WW UDFW LRQ 6DOPRQ'RWWLH { +RQH\-D\ 7DKLFKH %\&$57(/68&&(666,6WDNHVZLQQHU>*@%URWKHU WR0,66&$57(/668&&(666,6LUHRI520LQFO&50 /,9(:,,5(36,SDLQWZRUOGFKDPSLRQ6SHHGKRUVH3DLQW $SS'HUE\>*@6/(:2)68&&(666,ZLQV6RRQHU 6WDWH6>5*@'$/76*81,1)2568&&(666,%3&$5 7(/6 32/,&< 6, 68&&(66)8/ '$6+ 6, VWGDP 6:((7$775$&7,217%E\0HUFHU0LOOZLQVWR'DPRIWKRU RXJKEUHGIRDOVRIUDFLQJDJHWRUDFHLQFOXGLQJ± &DFWXV3DUN7%IE\&DFWXV5LGJHZLQVWR QGGDP 6$/021'277,(E\+RQH\-D\ZLQVWR'DPRIIRDOVDOO ZLQQHUVLQFOXGLQJ± &$7&+0<&$7JE\1REOH&DWZLQVWR&OHYHODQG.LQGHU JDUWHQ6>5@0LNH5RZODQG0HPRULDO+>5@QG(GZDUG%DEVW0HPRULDO +>5@/R\DOW\6>5@2KLR)UHVKPDQ6>5@ 6HHNLQJ7KH+RQH\IE\*ROG0DUNHWZLQVWR 3ROLVK+RQH\IE\:HVWHUQ&DWZLQVWR'DPRI± 2PULFRQZLQVWR UGGDP 7$+,&+(E\7RSVLGHU:LQQHUDWLQ(QJODQG+DOIVLVWHUWR 35,1&('$1 ,(/ 526$/,(¶6&+$50RXWRI 6833(56+2: 'DPRIIRDOVWRUDFHZLQQHUVLQFOXGLQJ± 3257(1780)DVW*ROGZLQVWR%HVWRI2KLR-XYHQLOH &KDPS,QY+>/5@%XFNH\H+>5@2KLR*UDGXDWH6>5@4XLFN6WHS+ >5@QG%XFNH\H+>5@*HRUJH/HZLV0HPRULDO+>5@:HVWHUQ5HVHUYH +>5@%XFNH\H+>5@2KLR+DUYHVW+>5@UG%HVWRI2KLR6SULQW&KDPS 6>5@*UHDW/DNHV+(GZDUG%DEVW0HPRULDO+>5@ 7RNLR7DKLFKH:LOG$JDLQZLQVWR86$LQ-DSDQ'DPRI± /$1=$527(>-31@ZLQVWR86$LQ-DSDQ3URF\RQ6 >*@QG6XPPHU&KDPSLRQUG(QLI6 0DUTXHVDV>-31@ZLQVWR86$LQ-DSDQ +DJLQR3UHFLRXV>-31@ZLQVDWDQG86$LQ-DSDQ 6NDUD%UDH>-31@ZLQVWR86$LQ-DSDQ *OHDVRQ/RPRQGZLQVWR'DPRI± %DE\XUWKHJUHDWHVWZLQVWR'DPRI± &/867(52)67$56ZLQVLQVWDUWVDWDQG*DOODQW %ORRP+ >*@'LVWDII+ >*@&RUUHFWLRQ6,URTXRLV6>5@ %XGG\5HGZLQVWR *HQWOH-LP3ODFHGWR µ7LO6SULQJ2XU1DWLYH8QSODFHG'DPRI± 6XPPHU&KDUPZLQVWR $SSOH&UXPEOHZLQVWR 8QFOH%HQRZLQVWR $FFUHGLWHG.HQWXFN\%UHG 5*3 +LS1R &RQVLJQHGE\9LFWRU\)DUPV 9)$5R\DO'HDO +LS1R -DQXDU\%D\)LOO\ -&:LOOV6, 9)$5R\DO'HDO 5R\DO/RJR6, { 'HDOV$'HDO6, { 6WUHDNLQ6L[6, 'DVK/LNH/LJKWQ LQJ6, %HGXLQRV&KLFN-HW6, { 5RFN(P6PRRWK6, 7LQWDV&KLFN { 6SHF LDO&URZQ5R\DO6, { &KLFNV%HGXLQR6, 6LJQ7KH'DVK6, :LFNHG%XVLQ HVV6, O DQG(DVH6, { +RO )LQLVKHG%XVLQ HVV6, %\-&:,//66,6WDNHVSODFHGZLQQHURIUDFHVQG 2NOD%UHG)XW>[email protected])XW>5*@2.+RUVHPHQ¶V'HUE\ >5*@+DOIEURWKHUWR&+,&.660$57021(<6,6LUHRIVWDUWHUV 520LQFOXGLQJ3HJDVRV:LOOLQJ6,ZLQV&KDPSDQH/DG\ ([SUHV 6, ZLQQHU -& 7ERQH 6, ZLQQHU 6RQ RI VWDNHV ZLQQHU '($/6$'($/6,VLUHRI:+((/(11'($/(1'+'6, VWGDP 52<$//2*26,E\6SHFLDO&URZQ5R\DO:LQQHUDW'DPRI IRDORIUDFLQJDJH± 5R\DO3UL]H/RJRIE\)LUVW3UL]H6WDQOH\3ODFHGWR QGGDP :,&.('%86,1(666,E\+ROODQG(DVH:LQQHUDW'DPRI IRDOVWRUDFH520LQFOXGLQJ± %LJ%XVLQHVV)LUVW6,JE\)LUVW7R6KLQHZLQVWR UGGDP ),1,6+('%86,1(666,E\6WUHDNLQ6L[:LQQHUDW'DPRIIRDOVWR UDFHDOOZLQQHUVLQFOXGLQJ± %86,1(667<&2216,0DNH,W$Q\ZKHUHZLQVWR &DQDGD&KDPS&KDOOHQJH ILQDOLVWLQWKH/D]\()XWXULW\>5@ >*@&HQWUDO 'HUE\&KDOOHQJH >*@ %XVLQHVV6SULQW6,'DVKLQ&KLFRZLQVWRUG.DQVDV -DFNSRW)XWXULW\>5@ >*@ ILQDOLVWLQWKH9DOOH\-XQFWLRQ)XWXULW\ >*@ 1HZ%XVLQHVV6,$SROOR7%ZLQVWR ILQDOLVW >*@ WKGDP 6:((7163(&,$/ 6,E\6SHFLDO(IIRUW &KDPSLRQ<HDU2OG)LOO\ ZLQVLQVWDUWVWR6XQODQG)DOO'HUE\ >*@6XEDVWD&ODVVLF QG5DLQERZ'HUE\ >*@.DQVDV'HUE\ >*@%XWWRQVDQG%RZV6UG5DLQ ERZ6LOYHU&XS >*@2XWRI 6:((7.$75,1$6,'DPRIZLQQHUV± 127)25/21*6,)LUVW'RZQ'DVKZLQVWR*ROGHQ 6WDWH'HUE\ >*@*RYHUQRU¶V&XS'HUE\>5@ >*@ <RXFDQKHDUPHQRZ6,)LVKHUV'DVKZLQVWR ILQDOLVWLQWKH &HQWUDO'HUE\&KDOOHQJH >*@'DPRI 37)HDWXUH'DVK6, 6ZHHWDV&DVK6,ZLQVWR ILQDOLVW5XLGRVR'E\ >*@'DPRI± 121($6($6< 6,ZLQVWR9DOOH\-XQFWLRQ)XWXULW\ >*@ &HQWUDO-XY&KOJ >*@&HQWUDO'LVWDII&KOJ >*@0LVV%ODFNKDZN6175 0LVV%ODFNKDZN63RQ\([SUHVV6:RRGODQGV&KDPS6QG/D]\( )XWXULW\>5@ >*@5HG(DUWK6UG-XYHQLOH&KOJ&KDPS >*@'DPRI± %(/,(9(56*$7+(5,1*6,ZLQVWR,RZD'RXEOH *ROG'HUE\>5@ >*@3UDLULH0HDGRZV'LVWDII&KOJ&KDUOLH&ODERUQ 0HPRULDO6QG$4+$'LVWDII&KOJ&KDPS >*@HWF =RRPLQ)RU(DVH6,3ODFHGDWQG+LSRGURPR-XYHQLOH&KOJ 1XPEHU 2QH &DUWHO 6, :LQQHU WR ILQDOLVW LQ WKH /RV $ODPLWRV7ZR0LOOLRQ)XWXULW\ >*@ =RRPLQ([SUHVV6,ZLQVWRUG6XQODQG&KDPS&KOJ >*@:HVW7H[DV0DWXULW\ >*@ &DUWHO&DOLHQWH 6,ZLQVWRUG5HPLQJWRQ'HUE\ >*@.DQ VDV'HUE\>5@ >*@ TXDOLILHGWR5DLQERZ'HUE\ >*@6XSUHPH&KDPSLRQ +DXOLQ7KXQGHU6,ZLQVWR 5*3 $FFUHGLWHG2NODKRPD%UHG +LS1R &RQVLJQHGE\-XVWLQ 'XYDO 6FHQWRIDZRPDQ +LS1R )HEUXDU\6RUUHO)LOO\ 9DOLDQW+HUR6, 6FHQWRIDZRPDQ 3HUIHFWHVW*LUO6, { )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, &RU RQD&KLFN6, %HGXLQR6, { &KLFNV 6L]] OLQJ/LO6, { 0HW HU0H*RQH6, Q DW XUH6, { 7KH6LJ /DG\0HW HU5HDGHU :LOOLH &DWILVKHU6, { +HDY\:HLJKW6, 3RZHU6ZLYHO6, %\ 9$/,$17 +(52 6, 6WDNHV ZLQQHU RI UDFHV LQ VWDUWV >*@6LUHRIVWDNHVZLQQHUVLQFOXGLQJ)($785( +(526,FKDPSLRQ\HDUROG$OO$PHULF DQ'HUE\>*@ +28',1,6,5DLQERZ'>*@0,*+7<%9$/,$176, 9$/,$17/,//$'<6,>*@),5679$/,$176,*1 6,>*@6DP&URZ6,>*@21(9$/,$17+(52 VWGDP 3(5)(&7(67*,5/6,E\0HWHU0H*RQHZLQVWR.DQVDV %UHG)XWXULW\>5@ >*@.DQVDV%UHG'HUE\>[email protected] 'HUE\>5@ ILQDOLVWLQWKH.DQVDV)XWXULW\ >*@'DPRIIRDOVRIUDFLQJDJH LQFOXGLQJDQXQVWDUWHG\HDUROGWRUDFHZLQQHUVLQFOXGLQJ±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± :,//,(&$//0(6,IE\&DO\[ZLQVWR.DQVDV-DFN SRW)XWXULW\>5@ >*@.DQVDV%UHG)XWXULW\>5@ >*@&HQWUDO'HUE\&KDO OHQJH >*@ 0DULSRVD 6 6SHFLDO (IIRUW 6 QG 3DXO % )RUG 0HPRULDO +QG'LY3RQ\([SUHVV6UG'HUE\&KDOOHQJH&KDPS >*@'DPRI± &$//0($ %/$=1&+,&6,ZLQVWR=LD)XWXULW\>5@ >*@1HZ0H[LFR&ODVVLF)XWXULW\>5@ >*@3HOLFDQ6>5@ >*@1HZ 0H[LFR )LOOLHV DQG 0DUHV &KDPS 6 >5@ QG 6XQEXUVW 6 >5@ UG 7RPP\³'XNH´6PLWK+>5@ >*@ ILQDOLVW>5@ >*@ 0$.,1:,//,(66,ZLQVWR0DQXHO /XMDQ+>5@ >*@ QG:HVW7H[DV-XYHQLOH,QY>5@ >*@ ILQDOLVW5HWDPD'HUE\ >*@ &DOO,W$Q\ZKHUH6,ZLQVWRUG:HVW7H[DV'HUE\ >*@ +LJKHDVWHUMHW+ >*@ ILQDOLVWLQWKH5XLGRVR'HUE\ >*@6HW 175DW 6XQODQG3DUN\LQ /LOL&DOO0H6,ZLQVWRUG2FHDQVLGH+'DPRI±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{ 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, 7KH/RXLV LD QD*LUO6, L V LD QD6OHZ7% { /RX /LWW OH%OXH6KHHS6, { *DPH3DW ULRW6, %HGXLQR6, { &KLFNV )LUH$QG1LFH6, %H\ RQG7KH6SHFW UXP6, O HVV'DVK6, { 5HFN %H\ RQG6SHF LDO %\-(66/28,6 ,$1$%/8(6,&KDPSLRQ(DVW &KOJ >*@1756LUHRI520VWDNHVZLQQHUVLQFO/28,6 , $1$6(1$7256,ZLQV/HR6>*@ -(66$/28,6 ,$1$ =220 6, ZLQV /$ %UHG )XW >*@ %/8( /28,6 ,$1$ -2//$6,>5*@-(66$5811(56,>*@ 32/,7,& $/237,216, %5$'<60$5&+0$'1(666, VWGDP %(<21'7+(*$0(6,E\*DPH3DWULRWZLQVLQVWDUWVDW /RXLVLDQD%UHHGHUV¶/DVVLH)XWXULW\>5@ >*@UG/HH%HUZLFN)XWXULW\>5@ >*@'DPRIIRDOVRIUDFLQJDJHIRXU\HDUROGVDOOVWDUWHGZLQQHUV LQFOXGLQJ± +H]DIDVWJDPH6,JE\ +H]D)DVW'DVKZLQVWRUG /4+%$6DOH,QY6>5@ ILQDOLVWLQWKH/HH%HUZLFN)XWXULW\>5@ >*@ %H\RQGWKHSUL]H6,JE\)DVW3UL]H'DVKZLQVWR 6HYHQ3RLQW7KUHH6,JE\ +H]D)DVW'DVK:LQQHUWR %H\RQGWKHFKLF6,JE\ -XPSQ&KLFZLQVWR %H\RQGWKHJDPHZDJRQIE\ 3<&3DLQW<RXU:DJRQ:LQQHULQVWDUWDW %H\RQGLYRU\6,IE\,YRU\-DPHV:LQQHUDW %H\RQGWKHLOOXVLRQIE\)LUVW'RZQ,OOXVLRQ:LQQHUDW QGGDP %(<21'7+(63(&75806,E\5HFNOHVV'DVK:LQQHUDW'DPRI IRDOVWRUDFHDOO520LQFOXGLQJ± %(<21'7+(*$0(6,IE\*DPH3DWULRW6WDNHVZLQQHUDERYH %H\RQGV&DUROLQD6,IE\ +H]-XVW$ -LJJROR:LQQHUWR ILQDO LVWLQWKH +DUUDK¶V(QWHUWDLQPHQW)XWXULW\ >*@)LUHFUDFNHU)XWXULW\ >*@ %H\RQGWKHIO\6,JE\)O\-HVV)O\ZLQVWR %H\RQGWKHSDWULRW6,JE\*DPH3DWULRWZLQVWR %H\RQGHUMHVV6,JE\%XLOW-HVVHZLQVWR UGGDP %(<21'63(&,$/E\6SHFLDO/HDGHU8QUDFHG'DPRIIRDOVWRUDFH 520LQFOXGLQJ± 7K 6SHFLDO &KLYDWR 6, 'DVK 7R &KLYDWR ZLQV WR QG 4XLFNVLOYHU6>5@ ILQDOLVWLQWKH *&)$)XWXULW\ >*@ WKGDP +($9(1/<6,E\3LH,Q7KH6N\ &KDPSLRQ$JHG0DUHZLQVLQ VWDUWVWR$OO$PHULFDQ'HUE\ >*@5DLQERZ)XWXULW\ >*@ $OO$PHULFDQ*ROG&XS >*@5DLQERZ6LOYHU&XS >*@%XWWRQVDQG%RZV 6*R7RJHWKHU6QG.DQVDV'HUE\ >*@1HZ0H[LFR6WDWH)DLU+ >*@ 3RFDKRQWDV + >*@ %RRPHU 6RRQHU 3UHS )XWXULW\ ILQDOLVW LQ WKH &KDPSLRQRI&KDPSLRQV >*@6LVWHUWR +H]D 3LH'DQFHU6, +HDYHQV*ROG6,KDOIVLVWHUWR +HDYHQO\6PDVK6, 'DPRIIRDOVWRUDFHDOO520LQFOXGLQJ± 6.<:$56,(DVLO\6PDVKHG &KDPSLRQ<HDU2OG&ROWLQ0H[LFR ZLQVLQVWDUWVWR7KH4XDUWHU5DFLQJ-RXUQDO6 +HDYHQO\(IIRUW6,6SHFLDO(IIRUW3ODFHGWR*UDQGGDPRI 7+( *$0(&$57(/6,>5@ >*@ *DEULHOV7KXQGHU6, ZLQV ILQDOLVW/RV$ODPLWRV0LOOLRQ)XWXULW\ >*@ 5*3 (PEU\RWUDQVIHU +LS1R +LS1R &RQVLJQHGE\/HRQ7XFNHU %RUQ9DOLDQW $SULO6RUUHO&ROW 0LJKW\%9DOLDQW6, %RUQ9DOL DQW 6KH:DV%RUQ7R5XQ { 9DOLDQW+HUR6, { )LUVW'RZQ'DVK6, &RU RQD&KLFN6, 0LJKW\%'ROO6, { 2Q$+LJK6, 0LJKW\*LUO*R { )LVKHUV'DVK6, { )LUVW'RZQ'DVK6, )LVKHUV)DY RULWH6, %&53DOH0RRQ6, G RP.H\6, { .LQJ 0LVV0RRQ3ROLF\6, %\0,*+7<%9$/,$176,6WDNHVZLQQHURIUDFHV 2NOD%UHG)XW>5@QG+HULW DJH3ODFH)XW>*@ IQO5DLQERZ)XW>*@ %URWKHUWR*/25<5,'(56,KDOIEURWKHUWR0,*+7< ,19,&7866, 0,*+7< 2%6&(66,216,+LVILUVWIRDOVDUH\HDUOLQJVRI6RQRI 9$/,$17 +(526, VLUH RI VWDNHVZLQQHUV LQFOXGLQJ )($785( +(526,FKDPSLRQ>*@ +28',1,6,>*@ VWGDP 6+(:$6%25172581E\)LVKHUV'DVK8QSODFHG'DPRIIRDOVRIUDF LQJDJHWRUDFHDOO520LQFOXGLQJ± 2]RPDWOL6,JE\7UHV 6HLV:LQQHUWR QGGDP %&53$/(02216,E\.LQJGRP.H\ZLQVWR6LOYHU'ROODU )XWXULW\>5@ >*@,GDKR 4+%$)XWXULW\>5@UG,GDKR 4+%$'HUE\>5@'DP RIIRDOVWRUDFH520LQFOXGLQJ± /,77/( %,7 2) %$-$ 6, J E\ )LUVW 'RZQ 'DVK &KDPSLRQ <HDU2OG*HOGLQJZLQVWR/RV$ODPLWRV6XSHU'HUE\ >*@&HQWUDO&KDPS&KDOOHQJH >*@=:D\QH*ULIILQ'LUHFWRU¶V6175 \LQQG&KDPSLRQRI&KDPSLRQV >*@WZLFH$4+$&KDO OHQJH&KDPS >*@UG7KH&KDPS$W 6XQODQG >*@*R0DQ*R+ >*@ %&5 67(//$/81$6,IE\'DVK7D)DPHZLQVWR 4+%& 1RUWKZHVW&ODVVLF'HUE\>5@ ILQDOLVW>5@ >*@'DPRI±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¶V3ROLF\7%ZLQV'DPRIZLQQHUV±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{ 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, $SROOLWLFDO7LPH6, { $SROOR7% +DOI7LPH$WW UDFW LRQ6, { )LUVW1.RRO6, { )LUVW'RZQ'DVK6, .RRO.XH%DE\6, %HGXLQRV5XVW\6, {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± +(6$/,/%,7+,*+6,JE\2Q$+LJKZLQVWR%)3KLO OLSV-U+>5@ >*@/LYH2DN+>5@QG0DQRU'RZQV0DWXULW\ >*@ %DUQPDVWHU6SULQW6>5@ >*@+HDUWEHDWRI$PHULFD+>5@ >*@HWF 5867<648,&.,'6,IE\5R\DO4XLFN'DVKZLQVWR&\ SUHVV6QG%HOOIORZHU6UG3ULVV\)HLQ6 ILQDOLVW >*@'DPRI±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{ &R 6RXWKH UQ3ROLF\6, 6RXWKH UQ)LUVW6, (DVH)LUVW 'HQDOL5RVH { { 'DVKLQJ 0DULDK6, { )LUVW'RZQ'DVK6, .HOO\V&RII HU6, +ROODQG(DVH6, { )LUVW'RZQ'DVK6, (DV\ +HQU\HWWD6, 5XQ)RU 5DQGL6, %HGXLQR {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± &(5 6WROL0DUWLQL6,IE\ 6WROLZLQVWR 5DQGLV ,QMXQ6,IE\,QYLVLEOH ,QMXQZLQVWR &HU3DLQWHG%XJ6,IE\ 6WROLZLQVWR 'HQDOL&HOHEUDWLRQ6,FE\ %ULPPHUWRQZLQVWR UGGDP 527$5(32E\5HDO-HW:LQG8QUDFHG'DPRIIRDOVWRUDFHDOO520LQ FOXGLQJ± 581)255$1',6,<RXQJ%HGXLQR6WDNHVZLQQHUDERYH 5RWDV2SHUDWRU6,%HKROG$ %HGXLQRZLQVWR WKGDP -($1,( -($1 6, E\ 0XVFOH %DU ZLQV DW 1HZ 0H[LFR %UHHGHUV 'HUE\(75+HOHQ 0DWKLHVRQ6UG 6KXH)O\66LVWHUWR 3RSV %DU 6, *HFDWFKLW 6, KDOIVLVWHU WR 3LFNDOLFN 6, 'DPRIIRDOVWRUDFH520LQFOXGLQJ± &$1','2'(7$266,6NLGLGLFOH7%ZLQVWR6DQWD)H 'RZQV'HUE\>5@1HZ0H[LFR%UHG)XWXULW\>5@/D &KLULSDGD6>5@QG 1HZ0H[LFR%UHHGHUV¶'HUE\>5@ 6KXH)O\6>5@UG1HZ0H[LFR6WDWH )DLU)XWXULW\>5@ >*@ $0+$5'72&20(%<6,6DLO2Q%XQQ\ZLQVWR=LD 6RSKRPRUH&KDPS>5@QG/D &KLULSDGD67XUI3DUDGLVH'HUE\ ILQDOLVW >*@6HW 175\'DPRI± +DUG7R&RPH'DVKHU6,ZLQVWRUG 6KXH)O\6>5@ IL QDOLVWLQWKH=LD)XWXULW\>5@ >*@ %LEELDQD6,:LQQHUWRUG1HZ0H[LFR6WDWH)DLU6HQRULWD )XWXULW\>5@ >*@1HZ0H[LFDQ6SULQJ)XWXULW\>5@ &DOO%XQQ\6,ZLQVWR +DUG7R&DOO6,ZLQVWR $:KLWH'LDPRQG6,7KH $GDPDVZLQVWR ILQDOLVWLQWKH=LD )XWXULW\>5@ >*@'DPRI± ,FH2Q7KH5RFNV6,ZLQVWRQG=LD&KDPS>5@ >*@ 6XFK$ :KLWH\$3+$6,ZLQVWR ILQDOLVWLQWKH 36%$ $PHULFDQ3DLQW&ODVVLF)XWXULW\>5@ >*@3RW 2¶*ROG)XWXULW\ >*@ 5LSSHG'HQLP6,ZLQVWR -HDQLH2Q&DOO6,&DOOLJUDSKHUZLQVWR :LQ6RPH-HDQV6,1DWRPDV7%ZLQVWR 5*3 +LS1R &RQVLJQHGE\/D]\(5DQFK//&$JHQWIRU%RE-HUU\*DVWRQ /LO%LW9DOLDQW +LS1R 0DUFK%URZQ)LOO\ 9DOLDQW+HUR6, /LO%LW9DOL DQW 5XVW\V/LO/DG\ { )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, &RU RQD&KLFN6, %HGXLQR6, { &KLFNV 6L]] OLQJ/LO6, { )UHGULFNVEXUJ6, { 0U-HVV3HUU\6, )HDUOHVV)UHGD6, /LO%LW5XVW\6, { (DVLO\6PDVKHG6, 5XVW\ 5RFNHWWH6, %\ 9$/,$17 +(52 6, 6WDNHV ZLQQHU RI UDFHV LQ VWDUWV >*@6LUHRIVWDNHVZLQQHUVLQFOXGLQJ)($785( +(526,FKDPSLRQ\HDUROG$OO$PHULF DQ'HUE\>*@ +28',1,6,5DLQERZ'>*@0,*+7<%9$/,$176, 9$/,$17/,//$'<6,>*@),5679$/,$176,*1 6,>*@6DP&URZ6,>*@21(9$/,$17+(52 VWGDP 5867<6/,//$'<E\ )UHGULFNVEXUJ8QUDFHG'DPRIIRDOVRIUDFLQJDJH LQFOXGLQJD\HDUROGDOOVWDUWHGZLQQHUVLQFOXGLQJ± 9$/,$17/,//$'<6,IE\9DOLDQW+HURZLQVWR7H[DV &ODVVLF)XWXULW\ >*@ %LHQYHQLGRGH1XHYR6UG6LJQDWXUH6 ILQDOLVWLQ WKH+HULWDJH3ODFH)XWXULW\ >*@'DVKIRU&DVK'HUE\ >*@ %8%%$&$59(56,JE\:DYH&DUYHUZLQVWR5HWDPD 3DUN'HUE\ >*@+LDOHDK(O1LQR,QY%HQ(.HLWK6>5@ ILQDOLVWLQWKH 74+$6DOH)XWXULW\>5@ >*@ 'DVKQ5XVW\JE\)LUVW'RZQ'DVK:LQQHUWR QGGDP /,/%,75867< 6,E\(DVLO\6PDVKHGZLQVWR 4+%&'LV WDII >*@3DW +\ODQG+ >*@6W1LFKRODV([SUHVV+ >*@&RRUV)XW5HDO :LQG6QG$QQH%XUQHWW+ >*@/DV 'DPDV+ >*@HWF'DPRI520± :+26/($9,1*:+2 6,&KLFNV %HGXLQR :RUOG&KDPSLRQ &KDPSLRQ <HDU2OG*HOGLQJZLQVWR&KDPSLRQRI&KDPSLRQV >*@ /RV$ODPLWRV:LQWHU'HUE\ >*@/RV$ODPLWRV:LQWHU&KDPS >*@WZLFH &2521$6/($9,1*<286,FE\&RURQD&DUWHOZLQVLQVWDUWV )LUHFUDFNHU)XW >*@QG7H[DV&ODVVLF'HUE\ >*@ :+2/(/27$'$6+6,JE\'DVK)RU&DVKZLQVWR 0H[LFR&KDPS&KDOOHQJH >*@ 74+$6LUHV¶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{ $JRXWL6, U RQD&DUW HO6, { &R (DV\'DWH'DVK6, 5XVK5XVK6, { %HGXLQR7% 'DVKLQJ'HERUDK6, { :LOOLH:LFNHG6, %HGXLQR6, { &KLFNV :LFNHG:LOOD6, &DUQ\*LUO { )ULVFR)ODUH6, 0LJKWLO\6PDVKHG6, %\ 586+$*26,6WDNHVSODFHGZLQQHURIUDFHVQG 6SHHG+RUVH*ROG6LOYHU&XS)XW>5*@+HULW DJH3ODFH'HUE\>*@ %ODFN*ROG&KDPSLRQVKLS)XW>5*@ IQO/HR6>*@6RRQHU6WDWH6 >5*@ +LV ILUVW IRDOV DUH \HDUROGV RI 6LUH RI ,G 6RRQHU 5XVK 0DQWKLVJLUOVRQILUH6,ZLQQHU6RQRI$*287,6, VLUHRIVWDNHVZLQQHUVLQFO 6:,1*,1 '$''<26,>*@ VWGDP &$51<6:,&.('*,5/6,E\:LOOLH:LFNHG:LQQHUWR7KLVLV KHUILUVWIRDO QGGDP &$51<*,5/E\)ULVFR)ODUH8QUDFHG'DPRIVWDUWHUVZLQQHUVLQFO± &$51<675($.,1'$6+6,JE\6WUHDN$QG'DVKZLQVWR 7ULSOH(OHYHQ6([SR6TXDUH6:DOWHU0HUULFN0HPR ULDO6>5@QG*RYHUQRU¶V&XS0DUDWKRQ >*@([SR6TXDUH6:DOWHU 0HUULFN6>5@UG2NODKRPD&HQWHQQLDO6WZLFH:DOWHU0HUULFN6>5@ ,FH2Q7KH/DNH6,JE\*UDQLWH/DNHZLQVWRQG:DOWHU 0HUULFN0HPRULDO6>5@UG%LOO+HGJH6 ILQDOLVW 6/0%LJ'DGG\6 >*@ +H]D&XW$ERYH6,JE\/D]EXGGLHZLQVWR ILQDOLVWLQWKH 3DXO¶V9DOOH\+ >*@5HPLQJWRQ'LVWDQFH+ >*@WZLFH &DUQ\:LFNHG%R\6,JE\:LOOLH:LFNHG:LQQHUDW UGGDP 0,*+7,/<60$6+('6,E\(DVLO\6PDVKHG8QSODFHG'DPRIIRDOVWR UDFH520LQFOXGLQJ± ,==</(*$/$3+$6,7KH'HVHUW-HZHO>4@ $3+$:RUOG&KDPSLRQ WLPHV&KDPSLRQ<HDUV ZLQV$3+$1DW&KDPS)XWHWF ,//(*$//< 60$6+(' $3+$ 6, 7KH 'HVHUW -HZHO >4@ $3+$ :RUOG&KDPSLRQ&KDPSLRQDWZLQV $3+$1DW &KDPS)XWXULW\/RUHOHL)XWXULW\3DLQWWKH7RZQ)XWHWF )/$6+1$77,78'($4+$$3+$6,6)5R\DO4XLFN)ODVK>43@ZLQV LQ$3+$UDFHV3RW2¶*ROG)XW>5@ >*@UG 36%$'HUE\>5@ >*@ 0LJKW\)DQF\0DQ6,6L[ )ROV:LQQHUQG%RRPHU6RRQHU3UHS)XW 6PDVKHG&DODPLW\6,5R\DO4XLFN'DVKZLQVDW ILQDOLVW >*@'DPRI 32:(5+286(+(52$3+$6,$3+$&KDPSLRQ<HDU2OG *HOGLQJ &KDPSLRQ $JHG +RUVH &KDPSLRQ $JHG *HOGLQJ ZLQV /RUHOHL )XWXULW\ '20(67,& ',6785%$1&( $3+$ 6, >5@ >*@JUDQGGDPRI )$67$77,78'($3+$6, >5@ >*@ 'HDGZRRG'DYH 6, WKGDP 0LJKW\0DJJLH 6,E\0LJKW\'HFN:LQQHUDWQG0LGZD\:LQWHU)XW +DOIVLVWHUWR .LWDVWLFNV6, 9DQG\%R\ -U6,'DPRIIRDOVDOO520± &(/(%5$7('&200(176,(GLWRULDO&RPPHQW7%ZLQVLQ VWDUWVWR%OXH5LEERQ'HUE\ >*@HWF'DPRI 52<$//< &(/(% 5$7('6, <DKRR/HWV&HOHEUDWH6, 6DKDUD6KLQGLJ6,>5@ >*@JUDQGGDPRI '$6+72&(/( %5$7(6,>5@ >*@ %DVLFDOO\%DG6,ZLQVWRUG6RRQHU6WDWH6>5@ IQO >*@ (1*$*(0(176 6SHHGKRUVH*ROG6LOYHU&XS%ODFN*ROG.DQVDV-DFN SRW,RZD'RXEOH*ROG (OLJ LEOHIRU2NODKRPDDFFUHGLW DWLRQ 5*3 +LS1R &RQVLJQHGE\'LDPRQG&)DUPV$JHQWIRU5REHUW0=RFK -HVV6LJQ$Q*HW +LS1R $SULO%D\&ROW 0U-HVV3HUU\6, -HVV6LJQ$Q*HW 6LJQ$QG*R6, { 6WUHDNLQ/D-ROOD6, { 6WUHDNLQ6L[6, %RWW RP¶V8S6, 6FRRSLH)HLQ6, { 6LQQ)HLQ6, /HJV/D6FRRS6, { 9LW DO6LJQ6, Q DW XUH6, { 7KH6LJ 6XUH,V1LFH 5HDO(DV\1LJKW { 5HDO(DV\-HW6, 6ZHHW1LJKW\QLWH6, %\05-(663(55<6,&KDPSLRQ\HDUROG>*@6LUH RI520VWDNHVZLQQHUVLQFOFKDPSLRQV0$7$%$5, 6,ZLQV/RV$ODPLWRV)XW>*@$32//,7,&$/-(666, ZRUOGFKDPSLRQ/RV$ODPLWRV6XSHU'HUE\>*@21( )$0286($*/(6,/RV$ODPLWRV)XW>*@12&21,6, >*@0,665$&<-(666,>*@)5('5,&.6%85* VWGDP 6,*1$1'*26,E\9LWDO6LJQ:LQQHUWR'DPRIIRDOVRIUDF LQJDJHWRUDFHDOOZLQQHUV± *R-HVVLH*R6,JE\0U-HVV3HUU\ZLQVWR )DVW7R*RJE\)LUVW7R6KLQH:LQQHUWR 9LFWRU\6LJQ6,FE\0LVWHU9LFWRU\6PLWK:LQQHUWR QGGDP 5($/($6<1,*+7E\5HDO(DV\-HW3ODFHGDWDQG'DPRIIRDOVWR UDFH520LQFOXGLQJ± $OZD\V$'UHDPHU6,IE\6XSHU'H.DVZLQVWR (DV\6SDQLVK:RPDQ6,IE\6SDQLVK%RRW3ODFHGLQVWDUWDW 5HFNOHVV$QG(DV\6,IE\5HFNOHVV'DVK )LQDOLVWLQWKH7H[DV&KDPS &KDOOHQJH >*@ UGGDP 6:((71,*+7<1,7(6,E\7UXO\7UXFNOH7%:LQQHUDW'DPRI IRDOVWRUDFHZLQQHUVLQFOXGLQJ± 021(<6:((7021(<6,0DQ,Q7KH0RQH\ZLQVWR 0DQRU'RZQV/DVVLH)XWXULW\ ILQDOLVWLQWKH.DQVDV)XWXULW\ >*@ %ODFN'XFN6,'XFN'DQFH7%ZLQVWRQG3RPSDQR 3OD\ODQG)XWXULW\UG/DGGLH6 ILQDOLVWLQWKH%OXH5LEERQ)XWXULW\ >*@ WKGDP 1,*+76-2<6,E\-R\RXV-HG7%ZLQVDWDQG+DOIVLVWHUWR 758/<1,*+76, 7UXO\¶V (DVWHU6, 3ULVV\ /XOD6,'DPRIIRDOVWRUDFHZLQQHUVLQFOXGLQJ± 1LJKW7UDFNV6,5HE¶V3ROLF\7%ZLQVDWDQG ILQDOLVWLQWKH *ROGHQ6WDWH)XWXULW\ >*@/D3ULPHUD'HO$QR'HUE\ >*@'DPRI± %$%<,76721,*+76,ZLQVWR&RZER\&ODVVLF)XWXULW\ >*@QG%RLVH'HUE\ >*@ ILQDOLVWLQWKH'DVKIRU&DVK'HUE\ >*@ 1HHG<RX7RQLJKW6,ZLQVWRQG'DVKIRU'HVWLQ\)XWX ULW\0LG6XPPHU6L]]OHU)XWXULW\ ILQDOLVW >*@'DPRI± /$1(67(56,ZLQVWR1(%26WDOOLRQ$OO%UHHG)XWX ULW\>5@ ILQDOLVWLQWKH1RUWKZHVW-XYHQLOH&KDOOHQJH >*@ 1HHG$/DQLH1LJKW6,ZLQVLQVWDUWVDWUG'LDPRQG &ODVVLF)XWXULW\>5@ >*@ 'DOODV1LJKWV6,:LQQHUWR'DPRI± -$'$//$65816,ZLQVWR.DQVDV'HUE\ >*@ (DVW'HUE\&KDOOHQJH >*@QG0LVV3ROO\6'HOWD6UG(DVW &KDPS&KDOOHQJH >*@$OWRRQD'HUE\ >*@ ILQDOLVW >*@ -$)($5/(666,ZLQVWR1RUWKODQGV)XWXULW\ >*@ QG.DQVDV)XWXULW\ >*@.DQVDV'HUE\ >*@ 6ZHHW1LJKW3ROLF\5HE¶V3ROLF\7%'DPRI (O3DUUDQGHUR6, (1*$*(0(176$4+$&KDOOHQJH 5*3 $FFUHGLWHG7H[DV %UHG +LS1R &RQVLJQHGE\5DQFK$JHQW &DSWDLQV'UHDP +LS1R 0DUFK%D\)LOO\ &DSW DLQ&RXUD JH6, &DSW DLQV'UHDP 'UHDP\:LQQ HU6, { 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, &RU RQD&KLFN6, %HGXLQR6, { &KLFNV 6L]] OLQJ/LO6, { 5XQD ZD\:LQQ HU6, { %HGXLQR7% 0LVV)DVW&KLF6, 'UHDP\'DVK6, { 'DVK)RU&DVK6, 6RXWKH UQ6WUHDNHU6, %\&$37$,1&285$*( 6, 6WDNHVSODFHGZLQQHU RI UDFHV UG$OO$PHULF DQ)XW>*@+DOIEURWKHUWR&2521$&$6+6, FKDPSLRQ6LUHRI520VWDNHVZLQQHUVLQFO:,&. (' &285$*( 6, ZLQV 5DLQERZ 'HUE\ >*@ *5(< '$=(6, 74+$6DOH)XW>5*@&$37$,1675$:)/<6, 'DVKIRU&DVK'HUE\>*@6(&5(7&285$*(6, VWGDP '5($0<:,11(56,E\5XQDZD\:LQQHUZLQVWR6LVWHUWR 5(0$5.$%/< 6, 'DP RI IRDOV RI UDFLQJ DJH LQFOXGLQJ D \HDUROGERWKVWDUWHGLQFOXGLQJ±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± 6+(55<6$5,$6,JE\6WUHDNLQ/D-ROODZLQVWR1HZ 0H[LFR'LVWDQFH&KDOOHQJH >*@QG:HVW7H[DV0DUDWKRQ >*@%ULJ DQG+ >*@UG5XLGRVR6 ILQDOLVW'LVWDQFH &KOJ&KDPS >*@ 5(0$5.$%/<6,JE\5XQDZD\:LQQHUZLQVWR0U-HW 0RRUH6 ILQDOLVWLQWKH5XLGRVR6DOH)XWXULW\>5@ >*@ )RVWHUV'DVK6,JE\6WUDZIO\6SHFLDO:LQQHUWR ILQDOLVWLQ WKH$4+$(DVW'LVWDQFH&KDOOHQJH >*@ 3OD\IXO+DELWV6,IE\ 0HUULGRF3ODFHGWR'DPRI± $&2521$+$%,76,ZLQVWR7KH3ODQ+ 3/$<)8/%8*66,ZLQVWR,GDKR&XS)XWXULW\>5@ >*@ QG,GDKR&XS'HUE\>5@ >*@ /(*(1'$5<'5($0(56,ZLQVWR -HQV/LVW&DOLIRUQLD %UHHGHUV6>5@ >*@UG +H]D)DVW0DQ6 ILQDOLVW >*@6LUH 3OD\IXO&KRLFHV6,ZLQVWRUG %ODQH 6FKYDQHYHOGW)XW --+ 3OD\LQ)RU.HHSV6,ZLQVWRUG&DOLIRUQLD'LVWDII &KDOOHQJH ILQDOLVWLQWKH'LDPRQG&ODVVLF)XWXULW\>5@ >*@ ,QEHWZHHQ'DQFHVIE\5XQDZD\:LQQHU8QSODFHGLQVWDUW'DPRI± =RRPLQ)RU0DU\6,ZLQVWRUG*ROGHQ'ULOOHU6 >*@ 6SHFLDO)DVW([SUHVV6,ZLQVWR ILQDOLVW >*@ 0DU\V &RURQLWDV6,ZLQVWR ILQDOLVW >*@ 6RXWKHUQ$OLELIE\6WUHDNLQ/D-ROOD8QSODFHG'DPRI± $)8/$/,%,6,ZLQVWR7RPP\³'XNH´6PLWK>5@UG1HZ 0H[LFR%UHHGHUV&KDPS>5@ >*@ ILQDOLVW>5@ >*@ (1*$*(0(176$4+$&KDOOHQJH$OO$PHULFDQ5DLQERZ5XLGRVR)XW $FFUHGLWHG7H[DV%UHG 5*3 +LS1R +LS1R :,7+'5$:1)5206$/( +LS1R +LS1R &RQVLJQHGE\/D]\(5DQFK//&$JHQWIRU*DU\ .XU] -DNHV3DLQWHG:DJRQ -DQXDU\%URZQ)LOO\ 3<&3DLQW<RXU:DJRQ6, -DNHV3DLQWHG:DJRQ -DNHV&KDUPLQJ-RG\6, { &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, 'DVKLQ)ROOLHV F LDO6, { 6WUDZIO\6SH 'DVKLQJ)ROO\6, { -RG\2 7RROH6, { -RG\V*ORU\6, -HWWD2 7RROH6, &KDUPLQJ(ODQ6, F LDO(ODQ6, { 6SH +LJK&KDUPV %\ 3<&3$,17<285:$*216,6WDNHVZLQQHURI>*@ 6LUHRI520VWDNHVZLQQHUVLQFO,0$)$1&< 3<&6, ZLQV2NOD%UHG)XW>5*@:$*217$/(66,ZLQV )5(,*+775$,1 % 6, %ODFN *ROG )XW >*@ -2.(521-$&.6,2.+RUVHPDQ¶V0\VWHU\)XW>5*@ QWU &58=,17+(:$*216,9DOOH\-XQFWLRQ)XW>*@ VWGDP -$.(6&+$50,1*-2'<6,E\-RG\2 7RROHZLQVWR %OLQNRIDQ(\H6175QG 74+$6LUHV¶&XS'HUE\>5@ >*@UG)LUH FUDFNHU'HUE\/RQH6WDU'LVWDII&KDOOHQJH ILQDOLVWLQWKH 74+$6DOH)XWX ULW\>5@ >*@ 'HFNHWWD6 >*@6HW 1:5\LQ7KLVLVKHUILUVW IRDO QGGDP &+$50,1*(/$16,E\6SHFLDO(ODQZLQVWR'DPRIIRDOV WRUDFHZLQQHUVLQFOXGLQJ± -$.(6&+$50,1*-2'< 6,IE\-RG\2 7RROH6WDNHVZLQQHUDERYH *ROV&KDUPLQJ(ODQ6,JE\*ROZLQVWR &KDUPLQJ,OOXVLRQVIE\)LUVW,OOXVLRQV8QSODFHGLQVWDUW'DPRI± &+$50,1&+,()&2521$6,ZLQVWR6DP+RXVWRQ 'HUE\ >*@ &+,()&2521$6&+$506,ZLQVWR6DP+RXV WRQ-XYHQLOH6 ILQDOLVWLQWKH'DVKIRU&DVK'HUE\ >*@ UGGDP +,*+&+$506E\2Q$+LJK3ODFHGDW'DPRIIRDOVWRUDFHDOOZLQQHUV LQFOXGLQJ± +LJK )O\LQ&KDUP6,6WUDZIO\LQ%XGVZLQVWRUG 74+$ 6DOHV)XWXULW\>5@ >*@ ILQDOLVWLQWKH6DP+RXVWRQ)XWXULW\ >*@'DPRI± 7) 6WUXWWLQ+LJK6,ZLQVWR 6WROLV )O\LQ6,ZLQVWR +LJK5HEHO&KDUP6,5HEHO'DVKHUZLQVWRQG/D 9LOOLWD 6 6XQGRZQHU7UDLOHU6>5@*XOI&RDVW6>5@'DPRI± 'HDQ7VXQDPL6,:LQQHUWR )LUVW+LJK&KLFN6,&HOHEZLQVWRQG *&)$7;%UHG6 >5@UG0DQRU'RZQV6 ILQDOLVWLQWKH5LR5LFR)XWXULW\ >*@ +LJK6LOYHU&KDUP6,6SHFLDO(ODQZLQVWR (ODQV/XFN\&KDUP6,6SHFLDO(ODQZLQVWR ILQDOLVWLQWKH 5XLGRVR'HUE\ >*@1HZ0H[LFR'LVWDII&KDOOHQJH >*@'DPRI± 7KH\GRQWOLNHP\QDPH6,ZLQVWR (1*$*(0(176$4+$&KDOOHQJH$OO$PHULFDQ5DLQERZ5XLGRVR)XW $FFUHGLWHG2NODKRPD%UHG 5*3 +LS1R &RQVLJQHGE\/D]\(5DQFK//&$JHQWIRU 0F&ROHH/DQG/LYHVWRFN ([HFXW LYH3HUU\ +LS1R )HEUXDU\*UD\&ROW 0U-HVV3HUU\6, ([H FX W LYH3HUU\ ([H FX W LYH/RRNV6, { 6WUHDNLQ/D-ROOD6, { 6WUHDNLQ6L[6, %RWW RP¶V8S6, 6FRRSLH)HLQ6, { 6LQQ)HLQ6, /HJV/D6FRRS6, { ([H FX W LYH0HQD FH6, %HGXLQR6, { &KLFNV 3URPLVHG0HPR ULHV6, 6WLFN\13LFN\6, {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± %LJ /HZ 6, F E\ &RURQD &DUWHO :LQQHU DW QG 2NODKRPD)XWXULW\ >*@ &DUWHO([HFXWLYH6,FE\&RURQD&DUWHO:LQQHULQVWDUWDW ([HFXWLYH:DONWKUX6,JE\:DON7KUX)LUH:LQQHUDW QGGDP 67,&.<13,&.<6,E\6WLFNV$Q6WRQHVZLQVWR%REE\ 'R\OH6)LUVW'RZQ'DVK6QG3RPRQD&KDPS+ >*@ ILQDOLVW7H[DV &ODVVLF)XWXULW\ >*@5DLQERZ)XWXULW\ >*@/RV$ODPLWRV'HUE\ >*@6LV WHUWR (;(&87,9(/<6,'DPRIIRDOVWRUDFH520LQFOXGLQJ± (;(&87,9(/22.66,IE\([HFXWLYH0HQDFH6WDNHVZLQQHUDERYH (;(&87,9(35,1&(6,JE\([HFXWLYH0HQDFHZLQVWR %LHQYHQLGR'H1XHYR6/LYH2DN+>5@QG 6DZJUDVV6+HDUWEHDWRI $PHULFD+>5@ 74+$6LUHV¶&XS6>5@ ILQDOLVW7H[DV&ODVVLF'HUE\ >*@ ([HFXWLYH3LFN6,JE\([HFXWLYH0HQDFHZLQVWR ILQDOLVWLQ WKH 74+$6LUHV¶&XS'HUE\ >*@ 3LFN13OD\6,IE\ 5HODJDWH7%8QSODFHG'DPRI± ([HFXWLYH'\QDVW\6,ZLQVWR ILQDOLVW>5@ >*@ UGGDP 67$81&+16$66<6,E\6WDXQFK$YHQJHU7%3ODFHGDW'DPRI IRDOVWRUDFHDOO520LQFOXGLQJ± :((=$*21(*5$<6,,OOXVLYRZLQVWR0DQRU0DWX ULW\ >*@WZLFH 4+RI7H[DV%UHHGHUV¶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{ )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, $7HPSWLQJ&KLFN6, { &KLFNV%HGXLQR6, 7HPSW0H1RW6, { 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, 2QH6OLFN&RRNLH6, {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± )2&862163(('6,IE\6HSDUDWLVWZLQVWR4+5$RI ,QGLDQD'HUE\(QFKDQWHG6175QG&RQJUHVV'HUE\HWF 2QH)DPRXV/DG\6,IE\&KLFNV%HGXLQRZLQVWRUG .+(<<+ >*@ IQO$OO$PHULFDQ'HUE\ >*@5DLQERZ)XW >*@'DPRI± 21()$0286($*/(6, &KDPSLRQ<HDU2OG&ROWZLQVLQ VWDUWV WR/RV $ODPLWRV 7ZR 0LOOLRQ)XWXULW\ >*@ /RV $ODPLWRV6XSHU'HUE\ >*@*ROGHQ6WDWH'HUE\ >*@6LUH )$0286&$57(//$'<6,ZLQVLQVWDUWVDW .QLJKW7UDQVSRUWDWLRQ)XWXULW\175\LQ 2QH)DPRXV)HUUDJDPR6,ZLQVWRQG-HQV/LVW&DOLIRU QLD%UHHGHUV6>5@ ILQDOLVWLQWKH(O3ULPHUR'HO$QR'HUE\ >*@ 6WUDWHJLF:HDSRQ6,ZLQVWR ILQDOLVWLQWKH5XLGRVR )XWXULW\ >*@ )DPRXV&RURQD/DG\6,ZLQVDW ILQDOLVW5XLGRVR)XW >*@ 2QH)DPRXV%ULRQL6,ZLQVWR ILQDOLVW)LUHFUDFNHU)XW >*@ 2QH)DPRXV5RFN6WDU6,3ODFHGWR'DPRI± 2QH)DPRXV+HUR6,ZLQVWR ILQDOLVW >*@ 2QH)O\LQJ&RRNLH6,IE\6WUDZIO\6SHFLDO:LQQHUWRUG <DYDSDL'RZQV)XWXULW\ >*@'DPRI± &$57(56&22.,(6,ZLQVWR5DLQERZ)XWXULW\ >*@ =DQMHUR6,6KD]RRPZLQVWRUG3UHPLR0HUFHG*RPH]2UR]FR6 3OXP*RUJHRXV6,IE\&KLFNV%HGXLQR:LQQHU ILQDOLVW >*@'DPRI± -HVV,V*RUJHRXV6,:LQQHUWR ILQDOLVWLQWKH/RV$ODPLWRV 7ZR0LOOLRQ)XWXULW\ >*@ 2QH'DVKLQJ&RRNLH6,IE\5R\DO4XLFN'DVKZLQVWR ILQDOLVW LQWKH:HVW7H[DV)XWXULW\ >*@)LUHFUDFNHU'HUE\ >*@ 2QH4XLFN&RRNLH6,IE\5R\DO4XLFN'DVK:LQQHUWR'DPRI± -(66)($785(0(48,&.6,ZLQVWR+REEV $PHULFD 'HUE\ >*@ /RV $ODPLWRV &KDPS &KDOOHQJH >*@ QG &KDPSDW6XQODQG3DUN6 >*@9HVVHOV0DWXULW\ >*@6XQODQG&KDO OHQJH&KDPS >*@:HVW7H[DV0DWXULW\ >*@/RV$ODPLWRV&KDPS &KDOOHQJH >*@UG$OO$PHULFDQ'HUE\ >*@=LD3DUN&KDPS6 >*@ 2QH)DPRXV&RRNLH6,ZLQVWRQG+LDOHDK/D1LQD ,QY6RXWK)ORULGD,QY 5*3 (1*$*(0(176$4+$&KDOOHQJH +LS1R &RQVLJQHGE\-DPHV5DQFK$JHQWIRU:HHWRQD6WDQOH\ 0V3UL]H'LDPRQG +LS1R -DQXDU\%URZQ)LOO\ 6SLW&XUO-HVV6, 0V3UL]H'LD P RQG )LUVW3UL]H'LD P RQG6, { 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, /LO6SLW&XUO6, { 2Q$+LJK6, 6SLW&XUO/DUN6, { )O\-HVV)O\6, { 0U-HVV3HUU\6, 0LVV\1LQH )LUVW3UL]H'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, %\63,7&85/-(666,6WDNHVZLQQHUZLQVWR+HU LWDJH 3ODFH 'HUE\ >*@ QG 6SHHGKRUVH 'HUE\ >5*@ HWF %URWKHU WR 3(55<663,77,1,0$*(6,6LUHRI520VWDNHV ZLQQHUVLQFO63,7&85/',9$6,FKDPSLRQ6SHHGKRUVH )XW>5*@385('63,76,(DVWH[6>*@(<($63,7 &85/ *,5/ 6, >*@-(66 &85/ 0< 35,=( 6,>*@ VWGDP ),567 35,=( ',$021' 6, E\ )O\ -HVV )O\ :LQQHU LQ VWDUWV DW 'DPRIIRDOVRIUDFLQJDJHWZR\HDUROGVERWKVWDUWHGWR UDFHDOO520ZLQQHUVLQFOXGLQJ± ),56735,=('(1,06,JE\2DN7UHH6SHFLDOZLQVLQVWDUWVDW /4+%$/DGGLH)XWXULW\>5@ >*@ )LUVW3UL]H-HW6,JE\-HW%ODFN3DWULRW:LQQHUDWQG /4+%$)XWXULW\>5@ >*@ ILQDOLVWLQWKH/4+%$6DOH)XWXULW\>5@ >*@ 'LDPRQG3UL]H6,IE\6KD]RRPZLQVWR ILQDOLVWLQWKH 'DVKIRU&DVK'HUE\ >*@ 3<&)LUVW3UL]H0LD6,IE\3<&3DLQW<RXU:DJRQZLQVWR QGGDP ),56735,=('$6+6,E\'DVK)RU&DVK %URRGPDUHRIWKH<HDULQ ZLQVWR IQO >*@6LVWHUWR ),567'2:1'$6+6, :RUOG&KDPSLRQ'DPRIVWDUWHUV520±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{ )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, )LWWLQJ&HOH E UDW LRQ6, 5\RQ6, { 5RQDV 'UHDP'XFN6, { 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, 6SHF LDO%DOD QFH F LDO3URMHFW6, { 6SH &DVK%DOD QFH %\ %5,00(5721 6, &KDPSLRQ \HDUROG FROW ZLQV LQ VWDUWV$OO$PHULF DQ'HUE\>*@5DLQERZ'HUE\>*@6LUHRI 520VWDNHVZLQQHUVLQFO.,1* %5,00(57216, ZLQV $QFLUD &OVF6>5*@ %5,00,(6 $//,%,%6,ZLQV 74+$ 6DOH )XW >5*@ &2817 '( 021(7 6, 5HPLQJWRQ3DUN -XY)8//%2$76,>*@&<35(66&,7< VWGDP 6+(6-(6663(&,$/6,E\0U-HVV3HUU\ZLQVWR 9LQWRQ 6>5@QG'HOWD/RXLVLDQD%UHHGHUV¶'HUE\>5@ >*@UG 74+$6LUHV¶&XS )XW>5@ >*@ ILQDOLVW/RXLVLDQD&KDPSLRQV'D\'HUE\>5@ >*@'DPRI OLY LQJIRDOVRIUDFLQJDJHWKUHH\HDUROGVDOOVWDUWHGWRUDFH520LQFO±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± 6+(6-(6663(&,$/6,IE\0U-HVV3HUU\6WDNHVZLQQHUDERYH $ 6SHFLDO 7RDVW 6, I E\ 7RDVW 7R 'DVK ZLQV WR UG 2SHORXVDV-XYHQLOH6>5@ ILQDOLVWLQWKH /4+%$)XWXULW\>5@ >*@'DPRI± 7RDVW(P%\H6,ZLQVWR ILQDOLVW>5@ >*@ 7RDVW(P %LJWLPH6,ZLQVWR UGGDP &$6+%$/$1&(E\'DVK)RU&DVK:LQQHU'DPRIVWDUWHUVZLQQHUV±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{ )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, $7HPSWLQJ&KLFN6, { &KLFNV%HGXLQR6, 7HPSW0H1RW6, { 3DQW KHU0RXQW DLQ6, W HU0H*RQH6, { 0H &DVK7KLV5XQQ HU6, 6WUDZIO\&R(G6, F LDO6, {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± &R(G&DVK4XHHQ6,IE\3DQWKHU0RXQWDLQ:LQQHUWR 86$LQ0H[LFRQG&ODVLFR$0&&&0 2K6R)O\6,IE\/RRN)RUZDUGZLQVWR 0&0)O\'DVKHU6,IE\6RPH'DVKHUZLQVWR UGGDP '$6+6&2('6,E\)LUVW'RZQ'DVK:LQQHU'DPRIVWDUWHUVZLQQHUV± ),567'2:1+(52 6,9LOODJH+HURZLQVWR/4+%$)X WXULW\>5@ >*@/RXLVLDQD&KDPSLRQV'D\-XYHQLOH>5@ >*@1756DP+RXV WRQ'HUE\ >*@(DVW&KDPS&KDOOHQJH >*@1756DP+RXVWRQ&ODVVLF >*@QG0DUGL*UDV'HUE\>5@ >*@UG'DVKIRU&DVK)XW >*@HWF 0,5$&/(675($. 6,6WUHDNLQ/D-ROODZLQVWR+DUUDK¶V (QW)XW ILQDOLVW)LUHFUDFNHU)XW >*@)LUHFUDFNHU'HUE\ >*@6LUH 'DQFH 'DQFH 6, 3DQWKHU 0RXQWDLQ ZLQV WR UG (YDQJHOLQH'HUE\ ILQDOLVW/4+%$)XWXULW\>5@ >*@)ODVK\+HPS6>5@ >*@ 4XLWH5LRW6,6ZLQJLQ-HVVZLQVWRQG(YDQJHOLQH 'RZQV)XWXULW\ 0H[LFDQ6WDQGRII6,7RDVW7R'DVKZLQVWR ILQDOLVW>5@ >*@ /RXLVLDQD.QLJKW6,-HVV/RXLVLDQD%OXHZLQVWR 0HUULGRZQ6,0HUULGRF:LQQHUWR'DPRI± 6RPH0HUUL'DVKHU6,ZLQVWR 0HUULKHUR6,ZLQVWR WKGDP '$5. /29(/,1(66 6, E\ 5RFNHW :UDQJOHU ZLQV WR 3RFDKRQWDV6QG9DQG\¶V)ODVK6HWF+DOIVLVWHUWR %RDUG&KDLUPDQ 6, >*@1DWRYD7%GDPRI (DV\1DWRYD 6, $6XSHU QRYD6, >*@JUDQGGDPRI 1$729$635,1&(666, >*@ 285 /,48,'$725 6, 6+257 &=(&+ 6, >*@/RYH$W)LUVW*ODQFHGDPRI ),567%/$=,1/29(6, >5@ >*@2XWRI 12%/(129$ 7%'DPRIVWDUWHUV520± 7ROOGDUN1+DQGVRPH6,JE\7ROOWDFZLQVWRUG&DOLIRU QLD6LUHV¶&XS)XW>5@ >*@&DOLIRUQLD6LUHV¶&XS'HUE\>5@ >*@ (1*$*(0(176$4+$&KDOOHQJH 5*3 +LS1R &RQVLJQHGE\/D]\(5DQFK//&$JHQW /D9DOHQFLD +LS1R -DQXDU\%URZQ)LOO\ 9DOLDQW+HUR6, /D9DO HQF LD 7\OHUV)HDW XUH6, { )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, &RU RQD&KLFN6, %HGXLQR6, { &KLFNV 6L]] OLQJ/LO6, { )HDW XUH0U-HVV6, { 0U-HVV3HUU\6, %UHQGD)HDW XUH6, 7\OHUV)LUVW'RZQ6, { )LUVW'RZQ'DVK6, 7\OHUV &XWLH6, %\ 9$/,$17 +(52 6, 6WDNHV ZLQQHU RI UDFHV LQ VWDUWV >*@6LUHRIVWDNHVZLQQHUVLQFOXGLQJ)($785( +(526,FKDPSLRQ\HDUROG$OO$PHULF DQ'HUE\>*@ +28',1,6,5DLQERZ'>*@0,*+7<%9$/,$176, 9$/,$17/,//$'<6,>*@),5679$/,$176,*1 6,>*@6DP&URZ6,>*@21(9$/,$17+(52 VWGDP 7</(56)($785(6,E\)HDWXUH0U-HVVZLQVWR'DPRI IRDORIUDFLQJDJH± *OREDO0HQDFH6,JE\7HOOHU&DUWHO3ODFHGDW QGGDP 7</(56 ),567 '2:1 6, E\ )LUVW 'RZQ 'DVK ZLQV WR 4+%&-XYHQLOH >*@QG(G%XUNH0HPRULDO)XWXULW\ >*@ 4+%&6RSKR PRUH >*@ ILQDOLVW/RV$ODPLWRV'HUE\ >*@*RYHUQRU¶V&XS'HUE\>5@ >*@ 6LVWHUWR 75'$6+(56,'DPRIIRDOVWRUDFH520LQFOXGLQJ± $868$/6863(&76,FE\6WUDZIO\6SHFLDOZLQVLQVWDUWVDW $OO$PHULFDQ)XWXULW\ >*@6LUH 6HQLRU6ROR6,FE\0U-HVV3HUU\ZLQVWRUG6RXWKHUQ &DOLIRUQLD'HUE\ >*@ ILQDOLVWLQWKH/RV$ODPLWRV6XSHU'HUE\ >*@(G %XUNH0HPRULDO)XWXULW\ >*@ 3&4+5$%UHHGHU¶V'HUE\ >*@6LUH 5XPRU&RQWURO6,JE\6WUDZIO\6SHFLDOZLQVWRUG/RV $ODPLWRV7ZR0LOOLRQ-XYHQLOH,QY>5@ ILQDOLVW6RXWKHUQ&DOLI'HUE\ >*@ 7\OHUV =RRPLQ 6, IE\6KD]RRP ZLQV WR QG $45$7XUI3DUDGLVH'HUE\ 6WHDG\3URILWV6,IE\6WUDZIO\6SHFLDO:LQQHUDW'DPRI± &RQVLVWHQWO\8QUDFHG'DPRI /D &KHPLWD6, -D[WHQV )LUVW :DJRQ 6, F E\ 3<& 3DLQW <RXU :DJRQ :LQQHU DW ILQDOLVWLQWKH+HULWDJH3ODFH)XWXULW\ >*@ UGGDP 7</(56 &87,(6,E\%HGXLQR7%:LQQHUDW+DOIVLVWHUWR +XPEXJ &RXQW\6,'DPRIIRDOVWRUDFHDOO520LQFOXGLQJ± 7</(56),567'2:16,)LUVW'RZQ'DVK6WDNHVZLQQHUDERYH 75'$6+(56,)LUVW'RZQ'DVKZLQVWR0U-HW0RRUH6 UG(O 3ULPHUR'HO $QR'HUE\ >*@ ILQDOLVW(G%XUNH0HP)XWXULW\ >*@6LUH 7\OHUHWWH6,%OXVKLQJ%XJZLQVWRUG*RYHUQRU¶V&XS 'HUE\>5@ >*@'DPRI± 6(/)$66(57,9( 6,ZLQVWRLQ0H[LFR0H[LFR'HUE\ &KOJ >*@QG&DOLI&KDPS &KOJ >*@UG'HUE\ &KOJ&KDPS >*@ )((/7+(52$56,ZLQVWR&RURQD&KLFN+ >*@-HW 'HFN6UG&DOLIRUQLD-XYHQLOH&KDOOHQJH >*@$XWXPQ6 IQO >*@ 0DQH(YHQW6,ZLQVWRQG 'LOOLQJKDP+ 7\OHUDWH6,ZLQVWR 7\OHUV/DG\%XJ6,%OXVKLQJ%XJZLQVWR ILQDOLVWLQWKH*RY HUQRU¶V&XS)XWXULW\>5@ >*@'DPRI 6+('$6+,1*6,LQ 0H[LFR )XOOIRUFHDKHDG6, 6WUDZIO\V%XJ6, (1*$*(0(176$4+$&KDOOHQJH$OO$PHULFDQ5DLQERZ5XLGRVR)XW /RV$ODPLWRV7ZR0LOOLRQ)XW*ROGHQ6WDWH0LOOLRQ)XW $FFUHGLWHG2NODKRPD%UHGHPEU\RWUDQVIHU 5*3 +LS1R &RQVLJQHGE\-(+6WDOOLRQ6WDWLRQ$JHQWIRU$OHMDQGUR0R\D :LQLQJ,V(DV\ +LS1R )HEUXDU\6RUUHO&ROW 7LPDUURQ6, :LQLQJ,V(DV\ *DEEH\+ROODQG6, { 6WUDZIO\6SHF LDO6, F LDO(II RUW6, { 6SH )O\,Q7KH3LH6, &KHFN+HU7ZLFH6, { )LUVW'RZQ'DVK6, )LVKHUV)DY RULWH6, { +ROODQG(DVH6, { )LUVW'RZQ'DVK6, (DV\+HQU\HWWD6, +LJK)DVKLRQ/DVV6, J DQV HU6, { 0HU *HQX LQH.QRFNR XW6, %\ 7,0$5521 6, :LQQHU RI UDFHV +DOI EURWKHU WR &+(&.+,02876,0$67(56&$//6,6LUHRIVWDUWHUVLQFO 7LPDUURQV(\HVSODFHG6RQRIVWDNHVZLQQHU675$:)/<63(&,$/6, VLUHRIVWDNHVZLQQHUVLQFO7$,/25),76,ZRUOGFKDPSLRQ WZLFH >*@ 675($.,1 )/<(5 6, >*@ $868$/6863(&76,>*@/$(63(&,$/&2521$>*@ VWGDP *$%%(<+2//$1'6,E\+ROODQG(DVHZLQVWR'DPRI IRDOVRIUDFLQJDJHWRUDFHERWK520LQFOXGLQJ± -HVV*DEEH\6,IE\0U-HVV3HUU\3ODFHGWR'DPRI± 0\)LUVW-HVV6,FE\0\)LUVW0RRQ3ODFHGDW QGGDP +,*+)$6+,21/$666,E\0HUJDQVHUZLQVDW'DPRIIRDOV WRUDFHZLQQHUVLQFOXGLQJ± &,1'<6),567&'6,IE\&RURQD&DUWHOZLQVWR0DQRU 'RZQV6 ILQDOLVWLQWKH2NODKRPD'LVWDII&KDOOHQJH >*@'DPRI±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± )$//,1* ,1 /29($*$,1 6, I E\ )LUVW 'RZQ 'DVK ZLQV WR $OO$PHULFDQ)XW >*@5HG(DUWK+ >*@QG5HPLQJWRQ *ROG&XS >*@UG$OO$PHULFDQ'HUE\ >*@5XLGRVR'HUE\ >*@ 52-2'$1&(56,JE\'DVK7KUX7UDIILFZLQVWRLQ 860H[LFR&DOLIRUQLD&KOJ&KDPS >*@WZLFH9DQG\¶V)ODVK+ >*@ 'LUHFWRU¶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{ 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, &RU RQD&KLFN6, %HGXLQR6, { &KLFNV 6L]] OLQJ/LO6, { &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, 'HERQDLUHVV6, { 0U'DUN-HW6, &DXVH,P(DV\6, %\&$37$,1&285$*( 6, 6WDNHVSODFHGZLQQHU RI UDFHV UG$OO$PHULF DQ)XW>*@+DOIEURWKHUWR&2521$&$6+6, FKDPSLRQ6LUHRI520VWDNHVZLQQHUVLQFO:,&. (' &285$*( 6, ZLQV 5DLQERZ 'HUE\ >*@ *5(< '$=(6, 74+$6DOH)XW>5*@&$37$,1675$:)/<6, 'DVKIRU&DVK'HUE\>*@6(&5(7&285$*(6, VWGDP 'HEV&DUWHO6,E\&RURQD&DUWHOZLQVWRQG $OLVR9LHMR6 IL QDOLVWLQWKH.LQGHUJDUWHQ)XWXULW\ >*@'DPRIIRDOVRIUDFLQJDJHWZR \HDUROGVERWKVWDUWHGWRUDFH520LQFOXGLQJ± (1'/(662&($16,IE\2FHDQ5XQDZD\ZLQVWR +DUUDK¶V(QWHUWDLQPHQW)XWXULW\ >*@+LDOHDK/DVVLH)XWXULW\QG*RYHU QRU¶V6/RQH6WDU'LVWDII&KDOOHQJHUG +DUUDK¶V'DVK6 ILQDOLVWLQWKH 74+$6DOH)XWXULW\>5@ >*@7H[DV&ODVVLF'HUE\ >*@'DPRI± 2FHDQ-HVV&DUWHO6,FE\ $SROOLWLFDO-HVV:LQQHUDW ILQDOLVWLQWKH +DUUDK¶V(QWHUWDLQPHQW)XWXULW\ >*@ '(%6 54'6,FE\5R\DO4XLFN'DVKZLQVLQVWDUWVWR +LDOHDK/DGGLH )XWXULW\175\LQ,QGLDQD/LYH 4+5$,'HUE\ ILQDOLVW/RQJKRUQ'HUE\ >*@6HW 175DW,QGLDQD*UDQG\LQ -867($*/(6,IE\2QH)DPRXV(DJOHZLQVWR 6SHHGKRUVH'HUE\UG%HOOHV6 0LVWHU6HFUHW&DUWHO6,JE\1R6HFUHWV+HUHZLQVWR +0 7UHVDFHV6,JE\7UHV 6HLVZLQVWR 0LVWHU'DUN(DJOHFE\2QH)DPRXV(DJOH3ODFHGLQVWDUWVDW QGGDP 'HERQDLUHVV6,E\0U'DUN-HWZLQVDWUG%XVFK*UDKDP )DUPV)XWXULW\*UDKDP)DUPV0DW ILQDOLVW >*@'DPRI520LQFO± )$67 '(%21 $,5 6, F E\ +H]D )DVW 0DQ ZLQV WR 7H[DV&ODVVLF)XWXULW\ >*@(O5HQR6QG5HPLQJWRQ'HUE\ >*@6LUH /$'< 0$5$ 6, I E\ 0DUWKDV 6L[ 0RRQV ZLQV LQ VWDUWV WR 2NODKRPD)XWXULW\ >*@ 6KHEHVWHU)XWXULW\ >*@ )217$1$%($8-2/$,66,IE\0RRQ/DUNZLQVWR/RQJ KRUQ)XWXULW\ >*@UG/RQJKRUQ'HUE\ >*@'DPRI 52<$/0('$/ /,21 6, 1HZ 0H[LFR 'HUE\ &KDOOHQJH >*@ &5$=< $%287&2521$6,GDPRI -(6621(025(7+,1*6, 6KDERRPDWRU6,QG5XLGRVR'HUE\ >*@UG 5DLQERZ'HUE\ >*@ 3DLQW<RXU%HDX6, %HDXV:DJRQ6, )DVW)RQWDQD6, )ULYLORXV)RQWDQD6,JUDQGGDPRI 2.(< '2.(<)$17$6<6,5XLGRVR)XW >*@ 1$7,9('(%21 $,56,FE\5DLVH<RXU*ODVV7%ZLQVWR 3RUWODQG0HDGRZV'HUE\ 4+%&1RUWKZHVW)XWXULW\>5@ 6$921$ 6, I E\ 5DLVH 7KH *DPEOH :LQQHU WR 0DQRU /DVVLH)XWXULW\'DPRI 7(;$6:,/'&$7$3+$6,$3+$6ROLG :RUOG&KDPSLRQ9(521$ $3+$6,$3+$&KDPSLRQ <HDU2OG)LOO\ )ULRQD$3+$ -HVVHV6L[HV6,FE\0U-HVV3HUU\ZLQVWRQG7KH,Q IRUPDQW'HUE\ ILQDOLVW$OO$PHULFDQ -XY>5@ >*@6HW 175 'HEV&DUWHO6,IE\&RURQD&DUWHO6WDNHVZLQQHUDERYH 5*3 $FFUHGLWHG7H[DV %UHGHPEU\RWUDQVIHU +LS1R &RQVLJQHGE\ =DFK6WHYHQVRQ -DPHV :DQWD&KLFN +LS1R -DQXDU\%URZQ&ROW ,YRU\-DPHV6, -DPHV :DQWD&KLFN 3LWD&KLFN6, { &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, 'DVKLQ)ROOLHV F LDO6, { 6WUDZIO\6SH 'DVKLQJ)ROO\6, { :DYH&DUYHU6, { )LUVW'RZQ'DVK6, 5XQD ZD\:DYH6, 5R\DO 'HOSKLDV&KLFN6, %HGXLQR6, { &KLFNV 'HOSKLD6, %\,925<-$0(66,6WDNHVSODFHGZLQQHURIUDFHV %URWKHUWR 3<&3$,17<285:$*216,6LUHRI520VWDNHV ZLQQHUVLQFO,9$1-$0(66,ZLQVDW 6DP+RXVWRQ)XW>*@),56735,=(',9(6,ZLQV%ODFN *ROG )XW >5*@ 5$3,' ,925< 6, -% -$0(6 6, 5$:+,'(&5((.6,63(&,$/6-$0,(6, VWGDP 3,7$&+,&.6,E\:DYH&DUYHUZLQVWR7KLVLVKHUILUVWIRDO QGGDP 5R\DO 'HOSKLDV&KLFN6,E\&KLFNV %HGXLQRZLQVWRUG 5DLQERZ)XWXULW\ >*@'DPRIIRDOVWRUDFH520LQFOXGLQJ± .,1* %5,00(5721 6, J E\ %ULPPHUWRQ ZLQV WR $QFLUD)RUG&ODVVLF6>5@ >*@%)3KLOOLSV-U+>5@ >*@ 74+$6LUHV¶ &XS6QG7KH&KDPSDW 6XQODQG3DUN >*@UG7H[DV&ODVVLF)XWXULW\ >*@ 5HIULJHUDWRU+ >*@ 5HPLQJWRQ 3DUN 'HUE\ >*@ 6DP +RXVWRQ &ODVVLF >*@'DVKIRU&DVK-XYHQLOH>5@ ILQDOLVW$OO$PHULFDQ'HUE\ >*@ &2817'(021(76,JE\ %ULPPHUWRQZLQVWR 5HPLQJWRQ3DUN-XYHQLOH6>5@UG+HULWDJH3ODFH)XWXULW\ >*@ 'RZQ5LWH5R\DO6,JE\)LUVW'RZQ'DVKZLQVWR ILQDOLVWLQ WKH7H[DV&ODVVLF'HUE\ >*@'DVKIRU&DVK'HUE\ >*@ %ULP2I 5R\DOLW\6,FE\ %ULPPHUWRQZLQVWR ,YRU\.QLJKW6,JE\,YRU\-DPHVZLQVWR $5R\DO-HVV6,FE\0U-HVV3HUU\ZLQVWR %ULPPHUWRQV&KLFNIE\ %ULPPHUWRQ8QSODFHGLQVWDUWV'DPRI± 0RNDUD6,ZLQVWR UGGDP '(/3+,$6,E\6SHFLDO(IIRUW3ODFHGWR'DPRI520LQFO±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{ -RG\2 7RROH6, { -RG\V*ORU\6, -HWWD2 7RROH6, )ORHWWD6, { %\<DZO6, 0V 0LWR6, { %ROG(SLV RGH6, { 'DVK)RU&DVK6, 6RXWKH UQ3ULGH6, 7LPH7R$UU LYH &DLQH7% { 5DLVH $UU LYH2Q7LPH %\*2/6,6WDNHVZLQQHURIUDFHV+HULW DJH3ODFH )XW >*@ 5HWDPD 3DUN )XW >*@ 6LUH RI 520 VWDNHV ZLQQHUV LQFOXGLQJ6,/9(5*2/6,ZLQV 74+$6DOH)XW >5*@ *2/69,&725<3236,ZLQV'DVKIRU&DVK -XY 6,6%*2/6,0DQRU'RZQV,QY6>5@-$ *2/6$%/$=,1 6,*2/ 7-.$6,>*@*2/0&$6,>*@ VWGDP %H%ROG%DE\6,E\%ROG(SLVRGH:LQQHUDWUG 6HTXR\DK &RXQW\-XYHQLOH6>5@'DPRIIRDOVRIUDFLQJDJH$3+$VWDUWHG ZLQQHUVLQFOXGLQJ± -$ *2/6$%/$=,16,FE\*RO ZLQVWR 2NODKRPD 'HUE\175\LQ5RFN\0RXQWDLQ'HUE\ ILQDOLVWLQWKH0LOH +LJK)XWXULW\ >*@ -$5HG+RW*RO6,JE\*RO:LQQHUWR -$/XFN\/DG\6,IE\*RO:LQQHUWR (OYLVV,PDJH$3+$JE\$6KDUSHU,PDJH>3@8QUDFHG$3+$EDUUHOUDF LQJSRLQWV$3+$5HVHUYH:RUOG&KDPSLRQ$PDWHXU%DUUHO5DFLQJ+RUVH QGGDP 7,0(72$55,9(E\5DLVH &DLQH7%8QUDFHG'DPRIIRDOVWRUDFHZLQ QHUVLQFOXGLQJ± %H%ROG%DE\6,IE\%ROG(SLVRGH6WDNHVSODFHGZLQQHUDERYH 0RYH)RU0RQH\6,JE\0RYLQJ(IIRUW:LQQHUWR UGGDP $55,9( 217,0(E\(DV\-HW$UULYH8QUDFHG'DPRIRWKHUIRDOVWRUDFH± 7LPHO\0RRQ6,0RRQ/DUNZLQVDW WKGDP 358$5<&+,&.(16,E\*RRG%LUG7%:LQQHUDW'DPRIIRDOVWR UDFH520LQFOXGLQJ± 0$.(0,1(($6<6,(DV\-HWZLQVDWDQG 'HVKOHU 'HUE\QG4XHHQ&LW\'HUE\UG4XHHQ&LW\'RZQV)XWXULW\7KD\HU &RXQW\/DVVLH6 ILQDOLVW 504+$'HUE\ >*@6HW 175\'DPRI± %8//(7%8//,216,ZLQVWR5HPLQJWRQ3DUN)XWXULW\ >*@ 0LGZHVW &LW\ 6 >*@ WZLFH 5HG (DUWK + >*@ WZLFH UG 2NODKRPD'HUE\ >*@%LJ6SODVK6 6SHHGKRUVH6SULQW)XWXULW\>5@ HWF'DPRI /LNDVSHHGQ%XOOHW6, )DVWDVDVSHHGQ%XOOHW6,ZLQVWRQG2NODKRPD%UHG 'HUE\>5@ >*@ ILQDOLVWLQWKH%ODFN*ROG'HUE\>5@ >*@'DPRI± 612:%,*'($/6,ZLQVWR$OO$PHULFDQ'HUE\ >*@175UG&HQWUDO&KDPS&KDOOHQJH >*@ ILQDOLVWLQWKH'DVKIRU &DVK)XWXULW\ >*@'DVK)RU&DVK'HUE\ >*@ %XIIDOR%D\RX6,ZLQVWRQG3DU$'LFH6>5@6LUH 7LQJD7DQJR6,ZLQVWR86$QG'HUE\ 0H[LFDQR 6KHVPLQH1 6KHVUR\DO6,:LQQHUWR ILQDOLVW>5@ >*@'DPRI± 0\6RXWKHUQ&DUWHO6,ZLQVWR ILQDOLVW>5@ >*@ 6KHVDVSHHGLQ%XOOHW8QUDFHG'DPRI± %URZQ(\H 6X]H6,ZLQVWRQG%XWWRQVDQG%RZV6 >*@ ILQDOLVWLQWKH:HVW7H[DV)XWXULW\ >*@ 3UDLULH/DFH(DV\-HW'DPRI (DUOV)RUHYHU0RUH6, 5*3 $FFUHGLWHG2NODKRPD%UHG +LS1R &RQVLJQHGE\%XUQV5DQFK$JHQW )DYRULWHWLPHRIGD\ +LS1R )HEUXDU\6RUUHO&ROW )DY RULWH&DUW HO6, )DYRULWHWLPHRIGD\ 'DVK7LOO'DZQ6, { )DY RULWH7ULFN7% { 3KRQH7ULFN (YLO(ODLQH 6KHQRVKHUFRURQD6, U RQD&DUW HO6, { &R 6KHQRVKHVSHFLDO6, { $&ODVV LF'DVK6, { )LUVW'RZQ'DVK6, &ODVV LF&DQ\ RQ6, -HW7LOO'DZQ6, { 3LQH¶V(DVWHU-HW6, :KROH'DZQ6, %\)$925,7(&$57(/6,6WDNHVZLQQHURIUDFHV $4+$ &KOJ&KDPS>*@/RV$ODPLWRV&KDPS &KOJ>*@+DOIEURWKHUWR 6+(6&+(&.,1802876,+LVILUVWIRDOVDUH\HDUROGVRI6LUHRI 520LQFOXGLQJ/LWWOH7DONV6,ZLQV IQO*RYHUQRU¶V&XS )XW)LUH$W:LOO6,ZLQV IQO>5*@ /XY2Q7KH5XQ6, ZLQVUG&DO %UGUV¶)UHVKPDQ>5@3ULVV\&DUWHO6,IQO>*@ VWGDP 'DVK 7LOO 'DZQ 6, E\ $ &ODVVLF 'DVK ZLQV WR UG :HVW6RXWKZHVW-XYHQLOH&KDOOHQJH >*@'DPRIIRDOVRIUDFLQJDJH WZRXQVWDUWHG\HDUROGVWRUDFH520LQFOXGLQJ± 'DZQ2I$1HZ'D\6,IE\6HSDUDWLVWZLQVWRQG*RYHU QRU¶V&XS'HUE\>5@ >*@ 6SDQLVK'DVK6,JE\6SDQLVK%RRWZLQVWR 6HSDUDWH5RRPV6,IE\6HSDUDWLVW:LQQHUWR 6SDQLVK%RRW\6,IE\6SDQLVK%RRWZLQVWR ILQDOLVWLQWKH <DYDSDL'RZQV)XWXULW\ >*@'DPRI± +LJK %RRW\ 6, J E\ 2Q $ +LJK:LQQHU DW ILQDOLVW LQ WKH <DYDSDL'RZQV)XWXULW\ >*@ QGGDP -HW7LOO'DZQ6,E\3LQH¶V(DVWHU-HWZLQVWRUG &DEH]D GH 9DFD6&RORUDGR%UHHGHUV¶'HUE\>5@ ILQDOLVWLQWKH5DWRQ'HUE\ >*@ (O&DPLQR5HDO+ >*@'DPRIIRDOVWRUDFHDOO520LQFOXGLQJ± 'DVK7LOO'DZQ6,IE\$&ODVVLF'DVK6WDNHVSODFHGZLQQHUDERYH :LOOLRQDLUH6,JE\:LOOLH :DQWD'DVK:LQQHUWRQG5LR 5LFR)XWXULW\ >*@ ILQDOLVWLQWKH*LOOHVSLH&RXQW\)DLU)XWXULW\ >*@ %OXVKLQJ%XG6,JE\%OXVKLQJ%XJZLQVWR UGGDP :+2/('$:16,E\ /DQRYD\:LQQHUDW'DPRIIRDOV520LQFO± 683(5'('26,6XSHU'H .DVZLQVWR(O 7HVRURGH 2UR 'HUE\ 1HZ 0H[LFR -XYHQLOH &KDOOHQJH 7DOO &RWWRQ 6 &RORUDGR %UHHGHUV¶)XWXULW\>5@QG&RORUDGR6WDOOLRQ%UHHGHUV¶)XWXULW\>5@ >*@ %D\HU/HJHQG6&RORUDGR6WDOOLRQ%UHHGHUV¶'HUE\>5@UG%XWWRQVDQG %RZV6$XURUD'HUE\>5@ ILQDOLVW >*@'DPRI± :LOOLH6XSHU6,ZLQVWRUG&KHUU\&UHHN)XWXULW\>5@ >*@ 0DGLH5DH6,:LQQHUDW ILQDOLVW 6KXH)O\6>5@ >*@'DPRI± 5DH2I)LUH6,ZLQVWRQG 6XQODQG3DUN:LQWHU )XWXULW\ >*@ 6XQODQG:LQWHU'HUE\ >*@ ILQDOLVW5DLQERZ'HUE\ >*@ 3LQJ3RQJ3DWW\6,:LQQHUDWUG%\%\--6>5@ :KR5DH6,ZLQVWR ILQDOLVWLQWKH=LD'HUE\>5@ >*@ 7KUHH:D\)O\HU6,3ODFHGWRLQ0H[LFR'DPRI 6)%UDYH)O\HU6, LQ0H[LFR 6)7UHH:D\%UDYH -HW7LOO'DZQ6,3LQH¶V(DVWHU-HW6WDNHVSODFHGZLQQHUDERYH ,P &URZGLQ6,-HW'DQFHZLQVWRUG&RORUDGR6WDOOLRQ%UHHGHUV 6DOH)XWXULW\>5@ $6SHFLDO)OLJKW6,6WUDZIO\6SHFLDO:LQQHUWR'DPRI± )DOJRXW6SHFLDO6,ZLQVWRUG5LR5LFR)XWXULW\ >*@ 6XSHU'H'DZQ6,6XSHU'H .DVZLQVWR (1*$*(0(176$4+$&KDOOHQJH*ROGHQ6WDWH0LOOLRQ)XW 5*3 (OLJ LEOHIRU&DO%UHGDFFUHGLW DWLRQHPEU\RWUDQVIHU +LS1R &RQVLJQHGE\/D]\(5DQFK//&$JHQWIRU5REHUW66DQGUD/%URZQ +LS1R &DUWHUV)O\&KLFN )HEUXDU\%D\)LOO\ &DUWHUV&DUW HO6, &DUWHUV)O\&KLFN &KLFNV)O\6, { &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, -XPSLQJ 7DF)ODVK6, { 7ROOWDF6, %HDW<RXU3DQWV2II6, { &KLFNV5HJ DUG6, %HGXLQR6, { &KLFNV )LUVW5HJ DUG 7ZR6LFN7R)O\6, F LDO6, { 6WUDZIO\6SH ,OO7HPS HUHG7HH6, %\&$57(56&$57(/6,&KDPSLRQ\HDUROGFROW >*@175 6LUH RI VWDNHV ZLQQHUV LQFOXGLQJ &$57(56 &22.,(6,5DLQERZ)XW>*@ 620(7+,1/,.(7+,66, (DVWH[6>*@&$57(56/$67675$:6,66 3$<',576,>*@&$57(/6)25781(6, &$57(/526,(6,0U3HUU\&DUWHO6,>*@ VWGDP &+,&.6 )/<6,E\&KLFNV5HJDUG:LQQHUWR7KLVLVKHUILUVWIRDO QGGDP 7:26,&.72)/<6,E\6WUDZIO\6SHFLDO:LQQHUDW'DPRI IRDOVDOO520LQFOXGLQJ±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± 5HFNOHVV$QG7UDIILF6,'DVK7KUX7UDIILF:LQQHUWR WKGDP 7((6+($576,E\5RFNHW¶V0DJLFZLQVWR'DPRIIRDOV WRUDFHDOOZLQQHUVLQFOXGLQJ± ,//7(03(5('7((6,-RG\27RROH6WDNHVZLQQHUDERYH &DUU\2Q7HH6,6WUHDNLQ/D-ROODZLQVWR ILQDOLVWLQWKH/RX LVLDQD%UHHGHUV¶/DVVLH)XWXULW\>5@ >*@'DPRI± %8556:$55,256,ZLQVWR(DVW'HUE\&KDOOHQJH >*@'HOWD'RZQV/RXLVLDQD%UHHGHUV¶'HUE\>5@ >*@ +LSRGURPRGH /DV$PHULFDV6QG0DUGL*UDV'HUE\>5@ >*@UG>*@6HW 175 :$55,25/((6,ZLQVWR 6SHHGKRUVH*ROG&XS)XWX ULW\>5@ >*@/RXLVLDQD%UHHGHUV¶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{ )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, 'LFH\6HF UHW6, F UHW6, { 5DLVH$6H %DQG2I'LFH6, { 5DUH)RUP6, Q DW XUH6, { 7KH6LJ (VS HF LDOO\)RU<RX )RUH YHU6ZHHW6, { 0U-HW0RRUH6, 0RRODK0DEOH6, %\126(&5(76+(5(6,6WDNHVZLQQHURIUDFHV >*@6LUHRI520VWDNHVZLQQHUVLQFO+$%,766(&5(7 6,6)ORULGD'HUE\6(&5(76)/<6,4+5$ RI,QGLDQD66$)XW)(7&+,1*%($87<6,2NOD)XW>*@ +,*+ 6&+22/ 6(&5(76 6, :56 6(&5(7 '5($0 6, $KD0RPHQW6,ZLQVUG$OO$PHULF DQ)XW>*@ VWGDP 5$5(/<)25(9(56,E\5DUH)RUP:LQQHUWR'DPRIIRDOV RIUDFLQJDJHLQFOXGLQJDQXQVWDUWHG\HDUROGWRUDFHZLQQHUVLQFO± )25(9(5 %5$'*(/,1$ 6, I E\ 6KD]RRP ZLQV WR 5RFN\0RXQWDLQ'HUE\ ILQDOLVW0LOH+LJK)XW >*@$OWRRQD'HUE\ >*@ 12&200,70(176,JE\/LNHQRWKLQ\RXHYHUVDZZLQVWR .DQVDV-DFNSRW)XWXULW\>5@ >*@ ILQDOLVWLQWKH-DFN%URRNV6>5@ >*@ )RXQG$OLYH6,JE\'DVKLQ,V(DV\ZLQVWR ILQDOLVW.DQ VDV-DFNSRW3UHS)XWXULW\>5@ >*@6HW175DW(XUHND\LQ QGGDP )25(9(56:((76,E\0U-HW0RRUH:LQQHUDW+DOIVLVWHUWR 022 /$+ :5$1*/(5 6, 175 52&.(7 0$%/( 6, 'DPRIIRDOVWRUDFH520LQFOXGLQJ± %5$92+)25(9(56,JE\7KUHH2K¶V:LOGZLQVWR :HVW7H[DV'HUE\ >*@3UHVFRWW)XWXULW\ >*@3UHVFRWW'HUE\&KDPSLRQ 3UHS6%HUW)DUU)XWXULW\$45$)XWXULW\>5@QG$45$/DGGLH6HWF %5$92'$6+(56,JE\'DVK)RU&DVKZLQVWR)LUVW 'RZQ'DVK6UG4+%&6RSKRPRUH&ODVVLF >*@-HW'HFN+ >*@ 7,1<6%,*%2<6,FE\7LQ\¶V*D\ZLQVWR$45$/DGGLH 6.HYLQ%XUQV0HP)XWXULW\UG1DYDMR&RXQW\)XWXULW\ IQO >*@6LUH 6RFLDO3UR6,FE\)LUVW'RZQ'DVKZLQVWRUG*UDKDP )DUPV0DWXULW\ ILQDOLVWLQWKH5DLQERZ'HUE\ >*@ 6LQIXO6KHQDQLJDQV6,IE\&DVDG\&DVDQRYDZLQVWR IL QDOLVWLQWKH*ROGHQ6WDWH'HUE\ >*@/DVVLH+ >*@'DPRI 68535,6( (1',1*6, 6(&5(79,&(66, >*@ 0LOGO\ 6LQIXO 6, >*@ 0DOLFH ,Q 'DOODV 6, >*@ JUDQGGDPRI 7HER&UHHN6, >*@ 3ROLF\6WDWHPHQW6, &UHGLW&DUG4XHHQ6,IE\2Q$+LJKZLQVWR'DPRI± $9$,/$%/(&5(',7 6,ZLQVWR3DW+\ODQG0HPRULDO+ >*@0RRQVKLQHU+ >*@3DXO%)RUG0HPRULDO6&DO\[6QG >*@ $GMXVWHG&UHGLW6,ZLQVWRUG'LUHFWRU¶V6 ILQDOLVW >*@ /'LDEOR6,:LQQHUWRQG(DV\-HW6>5@ >*@ ILQDOLVW LQWKH5HPLQJWRQ3DUN2NODKRPD%UHG)XWXULW\>5@ >*@ 7KH=RRPLQDWRU6,:LQQHUWRQG)DLU0HDGRZV-XYHQLOH 6 ILQDOLVWLQWKH5HPLQJWRQ3DUN)XWXULW\ >*@ 5HJDO5DULW\6,:LQQHUWRQG/DQGRI2]66HW175 :DJRQ2Q&UHGLW6,:LQQHULQ0H[LFRQG3UHPLR$OO$ERXW&DVK -HVV$4XHHQ6,3ODFHGWRQG)//DG\%XJ6>5@ :LOG0DEOH6,IE\7KUHH2K¶V:LOGZLQVWR'DPRI :,/',7&+6, >*@ 6WUHDNLQPDEOHVOQ%5=6, (1*$*(0(176$4+$&KDOOHQJH$OO$PHULFDQ5DLQERZ5XLGRVR)XW 5*3 $FFUHGLWHG2NODKRPD%UHGHPEU\RWUDQVIHU +LS1R &RQVLJQHGE\*HQWU\)DUPV )HHOLQJ)LUVW +LS1R )HEUXDU\&KHVWQXW&ROW 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, 6SLW&XUO-HVV6, )HHOL QJ)LUVW 'HHOLVK6, { { /LO6SLW&XUO6, { 2Q$+LJK6, 6SLW&XUO/DUN6, )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, 6XFK$Q(DV\(II RUW6, F LDO(II RUW6, {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± '((+(,5(666,IE\0U-HVV3HUU\ZLQVWR0LVV3ULQ FHVV+ >*@$QDKHLP6QG/DV 'DPDV+ >*@UG &KLFDGR96 ILQDO LVW/RV$ODPLWRV6XSHU'HUE\ >*@*ROGHQ6WDWH'HUE\ >*@'DPRI± 52//,&.,15('6,JE\5ROO+HQQHVV\5ROO7%ZLQVLQVWDUWV WR&KDOOHQJHU6L[+>5@ 10+$+>5@WZLFH=LD &KDPS>5@QG10&ODVVLF&XS&KDPS>5@WZLFHHWF -HVV(\H6,FE\0U(\H2SHQHUZLQVWRQG $QLPDV6 ILQDOLVWLQWKH +REEV$PHULFD'HUE\ >*@ '$('*(6,IE\6HSDUDWLVWZLQVWR/XEERFN6 >*@ IL QDOLVWLQWKH /RYLQJWRQ+ >*@ '(&$6+$3+$6,5HDO(DV\&DVK>3@ $3+$&KDPSLRQ<HDU2OG &ROWZLQV0DVWHUSLHFH'HUE\ >*@ 0DQKHLPHU6,JE\ +H]D)DVW0DQZLQVWR ILQDOLVW >*@ 'DVKDGHHIE\0U-HVV3HUU\8QUDFHG'DPRI± 7)0663(&,$/3(55<6,IE\6SHFLDO/HDGHUZLQVWR )LUHFUDFNHU)XWXULW\ >*@'DPRI± 1273(55<35(77<6,IE\'DVK7D)DPHZLQVLQVWDUWVDW )LUHFUDFNHU)XWXULW\ >*@2OG6RXWK)XWXULW\ 7) ,P 7KDW *X\ 6, F E\ )LUVW 'RZQ 'DVK :LQQHU DW UG:HVW7H[DV)XWXULW\ >*@ 7)&$-81&$57(/6,FE\&RURQD&DUWHOZLQVLQVWDUWVWR &RURQD&DUWHO65DLQERZ)XW -XY>5@'DVKIRU&DVK -XY>5@ QGGDP 68&+$1($6<())2576,E\6SHFLDO(IIRUWZLQVWR 'HQLP1)XW >*@175HWF+DOIVLVWHUWR .LVV0H+LJK6, )LVKLQ.LVVHV6, 0LWR.LVV6,GDPRI )/202176, >*@'DPRI520LQFOXGLQJ± '((/,6+6,IE\)LUVW'RZQ'DVK &KDPSLRQDERYH )($5/(66)5('$6,'DVK)RU&DVKZLQVWR7H[DV &ODVVLF'HUE\ >*@HWF'DPRI )5('5,&.6%85*6,&KDPSLRQ >*@ )5('$9,//( 6, &KDPSLRQ >*@ '$6+$)5('$6, >*@JUDQGGDPRI +(=$ '$6+$),5( 6,&KDPSLRQ<HDU2OGWR >*@ (1*$*(0(176$4+$&KDOOHQJH$OO$PHULFDQ5DLQERZ5XLGRVR)XW (PEU\RWUDQVIHU 5*3 +LS1R &RQVLJQHGE\%REE\'&R[ .DWKDUVLV +LS1R -DQXDU\*UD\)LOO\ $PHULF DQ5XQD ZD\6, .DWKDUVLV $OO$ERXW(DVH6, { 2FHDQ5XQD ZD\6, { )LUVW'RZQ'DVK6, 5XQD ZD\:DYH6, $OODPHULFDQGUHDPJLUO6, F LDO6, { 6WUDZIO\6SH 'DVKLQJ3KRHEH6, { )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, (II RUWOHVV$JDLQ F LDO(II RUW6, { 6SH 'DVK$JDLQ6, %\$0(5,&$1581$:$<6,&KDPSLRQ\HDUROGFKDPSLRQ \HDUROGFROWVWDNHVZLQQHURIUDFHV5XLGRVR)XW>*@QG 5DLQERZ)XW>*@7H[DV&ODVVLF)XW>*@+LVILUVWIRDOVDUH\HDUROGV RILQFO&$5(/(66/,*+71,1*6,ZLQV 74+$6LUHV¶ &XS)XW>5@0LVV%DG.LWW\%ZLQQHU$Q$JLW DWRUUG :HVW7H[DV -XY,QY>5@6RQRIFKDPSLRQ2&($1581$:$<6, VWGDP $// $%287 ($6( 6, E\ )LUVW 'RZQ 'DVK ZLQV LQ VWDUWV WR 5XLGRVR)XWXULW\ >*@UG:HVW7H[DV)XWXULW\ >*@'DPRI IRDOVRIUDFLQJDJHWRUDFH520LQFOXGLQJ±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± $//$%287($6(6,IE\)LUVW'RZQ'DVK6WDNHVZLQQHUDERYH (QWUXVW6,IE\ 5HODJDWH7%ZLQVWR'DPRI± (;(&87,9(%5$666,ZLQVWR5XLGRVR'HUE\ >*@ QG)RXU&RUQHUV)XWXULW\ ILQDOLVWLQWKH:HVW7H[DV)XWXULW\ >*@ (;(&87,9(758676,ZLQVWR.LQJ5LFN5DFN6 QG 6XQODQG'LVWDQFH&KDOOHQJH >*@ 2XWWD7H[DV6,:LQQHUWRQG$OO$PHULFDQ -XY>5@ UGGDP '$6+$*$,16,E\'DVK)RU&DVKZLQVDW.LQGHUJDUWHQ )XWXULW\+DOIVLVWHUWR *5((1($*$,16,RXWRI (/$1$*$,16, &KDPSLRQ'DPRIIRDOVWRUDFH520LQFOXGLQJ±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{ 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, /LO6SLW&XUO6, { 2Q$+LJK6, 6SLW&XUO/DUN6, { 6KD]RRP6, { 7DNLQ2Q7KH&DVK6, .HHS2Q6KLQLQJ6, )DVW)LUVW3UL]H6, {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± )$6735,=(=2206,IE\6KD]RRPZLQVWR:HVW 7H[DV)XWXULW\ >*@1:5\LQ ILQDOLVWLQWKH5DLQERZ)XWX ULW\ >*@6HW175DW6XQODQG3DUN\LQ )DVW3UL]H'ROO6,IE\0U-HVV3HUU\ZLQVWRUG+DUUDK¶V (QWHUWDLQPHQW )XWXULW\ >*@ ILQDOLVW 5HPLQJWRQ )XWXULW\ >*@ 'DP RI )$6735,=(-25'$16, )DVW3UL]H'ROO7RR6, 0V )DVW )LUVW 3UL]H 6, I E\ '019 0RXQWDEOH ZLQV WR QG:HVW7H[DV'HUE\ >*@ ILQDOLVW7H[DV&ODVVLF'HUE\ >*@ )DVW3UL]H&RXQWU\ 6,ZLQVWRQG'DVWDUGO\'HVHUW'DVK6 )DVW3UL]H7UDF\6,IE\6KD]RRPZLQVWRUG-RH% 7XUQHU0HPRULDO6'DPRI 63,7&85/75(<6, )DVW3UL]H&RURQD6,IE\&RURQD&DUWHO:LQQHUWR'DPRI±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{ )DY RULWH7ULFN7% { 3KRQH7ULFN (YLO(ODLQH 6KHQRVKHUFRURQD6, U RQD&DUW HO6, { &R 6KHQRVKHVSHFLDO6, { 2FHDQ5XQD ZD\6, { )LUVW'RZQ'DVK6, 5XQD ZD\:DYH6, %OXHV*LUO7RR6, U RQD&DUW HO6, { &R 5XQ7KH'DVK6, %\)$925,7(&$57(/6,6WDNHVZLQQHURIUDFHV $4+$ &KOJ&KDPS>*@/RV$ODPLWRV&KDPS &KOJ>*@+DOIEURWKHUWR 6+(6&+(&.,1802876,+LVILUVWIRDOVDUH\HDUROGVRI6LUHRI 520LQFOXGLQJ/LWWOH7DONV6,ZLQV IQO*RYHUQRU¶V&XS )XW)LUH$W:LOO6,ZLQV IQO>5*@ /XY2Q7KH5XQ6, ZLQVUG&DO %UGUV¶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± %/8(60$1:21 6,JE\2FHDQ5XQDZD\ZLQV7XUI3DUD GLVH-DFNSRW6'DVWDUGO\'HVHUW'DVK6UG $45$7XUI3DUDGLVH'HUE\ $PRUH/D%OXH6,IE\0U-HVV3HUU\ZLQVWRUG*ROGHQ 6WDWH0LOOLRQ)XW >*@$QDKHLP6 ILQDOLVW*ROGHQ6WDWH'HUE\ >*@ 'DVK7RR%OXH6,JE\)LUVW'RZQ'DVKZLQVWR UGGDP 5XQ7KH'DVK6,E\ 6L[DUXQ %URRGPDUHRIWKH<HDULQZLQVDW UG 3&4+5$%UHHGHUV¶)XWXULW\ >*@ ILQDOLVW5XLGRVR)XW >*@ 'DPRIIRDOVWRUDFH520LQFOXGLQJ± %/8(6*,5/7226,&RURQD&DUWHO :RUOG&KDPSLRQDERYH %/8(60$17226,+ROODQG(DVHZLQVWR9HVVHOV0D WXULW\ >*@QG6JW3HSSHU)HDWXUH+ >*@UG .DWHOOD6 (<(//)22/ <$6,ZLQVWRLQ86ZLQQHUDW 86$ LQ 0H[LFR &ODVLFR (DVLO\ D 3RVVXP >*@ UG &ODVLFR $0&&&0>5@ >*@0H[LFR'LVWDII&KDOOHQJH'HUE\ 0H[LFDQR'DPRI±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{ )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, 5XQD ZD\:DYH6, D ZD\:LQQ HU6, { 5XQ ,Q7KH&XUO7% { 6SHF LDO/HDGHU6, F LDO(II RUW6, { 6SH 0LVV(\H2SHQHU6, /LO%LW5XVW\6, {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± :+26/($9,1*:+2 6,&KLFNV %HGXLQR :RUOG &KDPSLRQ &KDP SLRQ<HDU2OG*HOGLQJZLQVWR&KDPSLRQRI&KDP SLRQV >*@/RV$ODPLWRV:LQWHU'HUE\ >*@/RV$ODPLWRV:QWU&KDPS >*@ &2521$6/($9,1*<286,FE\&RURQD&DUWHOZLQVLQVWDUWV )LUHFUDFNHU)XW >*@QG7H[DV&ODVVLF'HUE\ >*@ :+2/(/27$'$6+6,JE\'DVK)RU&DVKZLQVWR 0H[LFR&KDPS&KDOOHQJH >*@74+$6LUHV¶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{ &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, $6KRW$W*ORU\ F LDO6, { 6WUDZIO\6SH %H6R0HUU\6, { 0U(\H2SHQHU6, { 'DVK)RU&DVK6, %HGDZHH6, :HVV6WLQN\%DE\6, 'RNH\'DOH6, { 2NH\ ,DP5LG LFX ORXV6, %\&$32'( &$3,6,6WDNHVZLQQHURIUDFHV+HUL WDJH3ODFH'HUE\>*@+LVILUVWIRDOVDUH\HDUROGVRI6LUHRIZLQ QHUVLQFO7+(6(5*(3527(&7256,2NOD)XW,QY :LQQ -HW &DSRGH(O&DSR'H &DPSHRQHV6RQRI&2521$ &$57(/VLUHRI%/8(6*,5/7226,ZRUOGFKDPSLRQ >*@7(//(5&$57(/6,&$57(56&$57(/6, VWGDP (<(6$ 5,',&2/286726,E\0U(\H2SHQHU:LQQHUWR7KLV LVKHUILUVWIRDO QGGDP :(6667,1.<%$%<6,E\2NH\ 'RNH\'DOHZLQVDW'DPRI IRDOVWRUDFH520LQFOXGLQJ± 6KD]RRP'XGH6,JE\6KD]RRP:LQQHUWRUG/DG\ %XJ¶V0RRQ6>5@ (\HVDROGFRXQWU\JDO6,IE\0U(\H2SHQHU:LQQHUWR )O\%\H6SHFLDO6,JE\ 'DVKLQ%\HZLQVWR &DOO0H)O\HU6,IE\)O\-HVV)O\:LQQHUWR UGGDP ,$05,',&8/2866,E\%XOO\%XOOLRQZLQVDW%OXH5LEERQ )XWXULW\ >*@'DPRIIRDOV520LQFOXGLQJ±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± &$0(2&$55,(56,0RQH\3LHZLQVWR%OXH5LEERQ 'HUE\ >*@QG2NODKRPD)XWXULW\ >*@ ILQDOLVWLQWKH%OXH5LEERQ)XWX ULW\ >*@2NODKRPD'HUE\ >*@ ,$05,',&8/2866,%XOO\%XOOLRQ6WDNHVZLQQHUDERYH 2QH/XFN6,/XFNV*D\&KLF:LQQHUWR $FFUHGLWHG2NODKRPD%UHG 5*3 +LS1R &RQVLJQHGE\*HQWU\)DUPV .LVV0\+HLQHNHQ +LS1R )HEUXDU\%D\&ROW &DUWHUV&DUW HO6, .LVV0\+HLQHNHQ )UHGDYLOOH6, { &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, -XPSLQJ 7DF)ODVK6, { 7ROOWDF6, %HDW<RXU3DQWV2II6, { 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, )HDUOHVV)UHGD6, { 'DVK)RU&DVK6, 6XFK$Q(DV\(II RUW6, %\&$57(56&$57(/6,&KDPSLRQ\HDUROGFROW >*@175 6LUH RI VWDNHV ZLQQHUV LQFOXGLQJ &$57(56 &22.,(6,5DLQERZ)XW>*@ 620(7+,1/,.(7+,66, (DVWH[6>*@&$57(56/$67675$:6,66 3$<',576,>*@&$57(/6)25781(6, &$57(/526,(6,0U3HUU\&DUWHO6,>*@ VWGDP )5('$9,//(6,E\0U-HVV3HUU\ &KDPSLRQ$JHG0DUHZLQVWR 'LVWDII &KOJ&KDPS >*@ 'HFNHWWD6 >*@/RV$ODPLWRV'LV WDII &KOJ >*@5HPLQJWRQ'LVWDII &KOJWZLFH&LW\RI+LDOHDK66SDUNOLQJ 7LS6175\LQQG'LVWDII &KOJ&KDPS >*@-XQR¶V5HTXHVW 6 >*@/DV 'DPDV+ >*@+LDOHDK,QY&KDPS4XHHQ&LW\'DVKUG0LO GUHG9HVVHOV+ >*@&KDUJHU%DU+ >*@+LDOHDK,QY&KDPS0HPEHUV 3OXV66LVWHUWR )5('5,&.6%85*6, '$6+$)5('$6, 'DPRI IRDOVRIUDFLQJDJHLQFOXGLQJD\HDUROGERWKVWDUWHGLQFOXGLQJ±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±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{ &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, $6KRW$W*ORU\ F LDO6, { 6WUDZIO\6SH %H6R0HUU\6, { 0U(\H2SHQHU6, { 'DVK)RU&DVK6, %HGDZHH6, 7H[DV/DG\3DVV LRQ6, L VHG3DVV LRQ6, { 3URP =RDQQLH6, %\&$32'( &$3,6,6WDNHVZLQQHURIUDFHV+HUL WDJH3ODFH'HUE\>*@+LVILUVWIRDOVDUH\HDUROGVRI6LUHRIZLQ QHUVLQFO7+(6(5*(3527(&7256,2NOD)XW,QY :LQQ -HW &DSRGH(O&DSR'H &DPSHRQHV6RQRI&2521$ &$57(/VLUHRI%/8(6*,5/7226,ZRUOGFKDPSLRQ >*@7(//(5&$57(/6,&$57(56&$57(/6, VWGDP (<(0$7(;$6/$'<E\0U(\H2SHQHU8QUDFHG6LVWHUWR 3$66,21586+ 6,'DPRIIRDORIUDFLQJDJH± 7RQV$7H[DVJE\ %ULPPHUWRQ:LQQHULQVWDUWVDW QGGDP 7H[DV/DG\3DVVLRQ6,E\3URPLVHG3DVVLRQZLQVWRUG .DQVDV )XWXULW\ >*@ ILQDOLVW LQ WKH .DQVDV 'HUE\ >*@ 0DQRU 'RZQV /DVVLH)XWXULW\ >*@ (75DW5HPLQJWRQ3DUN\LQ'DPRI IRDOVWRUDFHZLQQHUVLQFOXGLQJ±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± 7RQV$7H[DV:LQQHULQVWDUWVDW UGGDP =2$11,(6,E\ =HYL7%:LQQHUDW'DPRIIRDOVWRUDFHDOO520± 7H[DV/DG\3DVVLRQ 6,3URPLVHG3DVVLRQ6WDNHVSODFHGZLQQHUDERYH (\H2SHQHU%HQWOH\6,0U(\H2SHQHU:LQQHUWR ILQDOLVWLQ WKH1HZ0H[LFR-XYHQLOH&KDOOHQJH >*@'DPRI± 0$.(,7%(17/(<6,ZLQVWR%ODFN*ROG&KDPS)X WXULW\>5@ >*@0U-HW0RRUH+>5@QG2NODKRPD+RUVHPHQ¶V$VVRF )XWXULW\>5@ >*@UG6RRQHU6WDWH6>5@ >*@%ODFN*ROG)XWXULW\ )HDWXUH0U%HQWOH\6,ZLQVWR 5HG5LYHU&URVVLQJ6,6WUHDNLQ/D-ROODZLQVWR ILQDOLVWLQ WKH5XLGRVR)XWXULW\ >*@ )XUE\6,5R\DO4XLFN'DVK:LQQHUWR'DPRI± 5%' -HVVDVZLQJLQ6,ZLQVDWDQG +HVD+RRW6,ZLQVWR WKGDP +227$1$11,($11,(6,E\6LQQ)HLQ3ODFHGDW+DOIVLVWHUWR 7KH 1XPEHUV*DPH6,+RQHVW,QYHVWPHQWGDPRI ($6,/<+21(676, >*@'DPRIIRDOVWRUDFHZLQQHUVLQFOXGLQJ± 'RUDPH6,=HDORXVZLQVUG 6HTXR\DK&RXQW\ -XY>5@ 6HQDWRU 3RWWV6,2Q$+LJKZLQVWR $FFUHGLWHG2NODKRPD%UHG 5*3 +LS1R &RQVLJQHGE\/D]\(5DQFK//&$JHQWIRU:DOW3DW)OHWFKHU ,PD 5DPEOLQ(DJOH +LS1R 0DUFK%D\&ROW 2QH'DVKLQJ(DJ OH6, ,PD 5DPEOLQ(DJ OH ,PD 5DPEOLQ*LUO6, { 2QH)DP RXV(DJ OH6, { 0U-HVV3HUU\6, 2QH)DP RXV/DG\6, 2QH6ZHHW'DVK6, { )LUVW'RZQ'DVK6, 6ZHHW %HGXLQR6, { )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, .LSW\V.LVVHV6, {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¶V0LVV 3DZKXVND6&HQWUDO'LVWDII&KDOOHQJH6RRQHU7UDLOHU6 UG'LVWDII&KDOOHQJH&KDPS >*@ ILQDOLVW+HULWDJH3ODFH'HUE\ >*@6HW 175DW3UDLULH0HDGRZV\LQ6LVWHUWR ),56772 5$0%/( 6,'DPRIIRDOVRIUDFLQJDJHWRUDFH520LQFOXGLQJ±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± ,0$ 5$0%/,1*,5/6,IE\)LUVW'RZQ'DVK &KDPSLRQDERYH +(=$ 5$0%/,1 0$1 6, J E\ 7DNLQ 2Q 7KH &DVK ZLQV WR /RV$ODPLWRV&KDPS >*@WZLFH-XYHQLOH&KDOOHQJH&KDPS >*@ 2NODKRPD &KDPS &KDOOHQJH >*@ WZLFH &DOLIRUQLD &KDOOHQJH &KDPS >*@0LGZHVW&LW\6 >*@(75\LQ7ZR5LYHUV6 >*@:HVW6RXWKZHVW-XYHQLOH&KDOOHQJHQG5HPLQJWRQ)XWXULW\ >*@ &KDOOHQJH&KDPS >*@$OO$PHULFDQ'HUE\ >*@ ),567725$0%/(6,JE\)LUVW'RZQ'DVKZLQVWR .LQJ 5LFN 5DFN 6 >*@ 2NODKRPD 'LVWDQFH &KDOOHQJH >*@ &RYHUHG %ULGJHV6 >*@&HQWUDO'LVWDQFH&KDOOHQJH >*@5HPLQJWRQ'LVWDQFH+ WZLFH%LJ%DGJHU%DU6WZLFH2NODKRPD'LVWDQFH&KDOOHQJHHWF .LVVHV7HDVSRRQ 6,IE\(DV\-HWZLQVWRQG0RRUH6 /D]\( 1DW¶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{ &KLFNV %HGXLQR6, { %HGXLQR7% $&ODVV\&KLFN6, )LUVW5HJ DUG { )LUVW'RZQ'DVK6, 5HJ DUG6, { 0DMRU5LPH6, { 5LPH6, 0DU\0DMRU6, 7UX)RUFH6, { 0HJDIRUFH6, (DV\0DJGDOHQD %\&+,&.65(*$5'6,6WDNHVZLQQHURIUDFHV+HDG 3LQ+ IQO>*@6LUHRI520VWDNHVZLQQHUVLQFO5( *$5':,7+5(63(&76,ZLQV2.)XW>5*@<281 +2:0$1<025(6, +REEV$PHULFD)XW>*@$675($. 5(*$5'6,=LD)XW>5*@065(*$5'6, >5*@81&29(5('5(*$5'6,>*@612:5(*$5' VWGDP )25&(' 72 :,1 6, E\ 0DMRU 5LPH ZLQV WR 6LVWHU WR 0HDJDQ)RUFH6,'DPRIIRDOVRIUDFLQJDJHLQFOXGLQJD\HDUROG DOOVWDUWHGZLQQHUV± +LW:LWK)RUFH6,JE\+DUG+LWWLQJZLQVWRQG 6KXH)O\6>5@ >*@ ILQDOLVWLQWKH1HZ0H[LFR&ODVVLF)XWXULW\>5@ >*@ =LD'HUE\>5@ >*@1HZ0H[LFR +%$6WDNHV>5@ >*@ 7UXFN7R:DYHV6,JE\:DYH&DUYHUZLQVWR QGGDP 7UX)RUFH6,E\ 0HJDIRUFHZLQVWRQG5HDO:LQG6=LD 6RSKRPRUH &KDPS >5@ UG 3HOLFDQ 6 >5@ ILQDOLVW LQ WKH 1HZ 0H[LFR %UHHGHUV¶'HUE\>5@ >*@1HZ0H[LFR6WDWH)DLU6HQRULWD)XWXULW\>5@ >*@ 6LVWHUWR 0RIRUFH6, 'RQW /HDYH0H2XW6,'DPRIIRDOVWRUDFH ZLQQHUVLQFOXGLQJ± %OD]LQ)RUFH6,IE\&KLFNV$ %OD]LQZLQVWRQG1HZ 0H[LFR +%$6>5@ >*@UG 6KXH)O\6>5@ >*@ ILQDOLVWLQWKH 6XQODQG 10%UHG,QY+>5@ >*@'DPRI± 0LVV %OD]LQ)LUVW6,3ODFHGWR ILQDOLVWLQWKH1HZ0H[ LFR&ODVVLF)XWXULW\>5@ >*@ 0HDJDQ)RUFH6,IE\0DMRU5LPHZLQVWRQG1HZ0H[ LFR6WDWH)DLU6HQRULWD)XWXULW\>5@ >*@/RX :RRWHQ,QY+>5@ 6KD +RR\ +RR\6,IE\0DMRU5LPH:LQQHUWR'DPRI± 612:5(*$5'6,ZLQVWR1HZ0H[LFR)LOOLHV0DUHV &KDPS>5@ >*@6XQEXUVW6>5@QG/RX :RRWHQ+>5@ >*@1HZ 0H[LFR6WDWH)DLU6HQRULWD)XWXULW\>5@ >*@-LPP\'UDNH6>5@UG /RX :RRWHQ6\GQH\ 9DOHQWLQL+>5@ UGGDP ($6<0$*'$/(1$E\6L[ )ROV8QSODFHGLQVWDUWV'DPRIIRDOVDOO 520LQFOXGLQJ± 0RIRUFH6,0HJDIRUFHZLQVWRQG6DQWD)H'RZQV)X WXULW\>5@ >*@6DQWD)H'RZQV'HUE\>5@ >*@UG=LD)XWXULW\>5@ >*@ 7UX)RUFH6,0HJDIRUFH6WDNHVSODFHGZLQQHUDERYH 'RQW/HDYH0H2XW6,0HJDIRUFHZLQVWRQG1HZ0H[LFR 6WDWH)DLU6HQRULWD)XWXULW\>5@ >*@6DQWD)H'RZQV'HUE\>5@ >*@=LD 'HUE\>5@ >*@'DPRI± 1LNV.QRZ.QRZ6,ZLQVWRQG1HZ0H[LFR%UHHGHUV¶ +>5@ >*@ $QLPDV6 ILQDOLVW1HZ0H[LFR&ODVVLF&KDPS>5@ >*@ 'RQW/HDYH0H1RZ6,ZLQVWR (DV\*R5LPH6,%ULJDGLHU5LPHZLQVDWQG3HOLFDQ6 >5@ ILQDOLVWLQWKH1HZ0H[LFR%UHHGHUV'HUE\>5@ >*@ *ORU\)RUFH6,%ULJDGLHU5LPHZLQVWR (1*$*(0(176$4+$&KDOOHQJH 5*3 $FFUHGLWHG1HZ0H[LFR%UHG +LS1R &RQVLJQHGE\/D]\(5DQFK//&$JHQWIRU(ULQ.QR[ )DPH,Q5LR +LS1R 0DUFK*UD\)LOO\ %LJ'DGG\&DUW HO6, )DPH,Q5LR 5LII7D)DPH6, { &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, 0LVV5DF\(\HV6, { 0U(\H2SHQHU6, 0LVV5DF\9LNH6, { 'DVK7D)DPH6, { )LUVW'RZQ'DVK6, 6XGG HQ)DPH6, 'DVKLQ6DQG\6, { 6WUHDNLQ'DVK6, 6\QFKURFHSW6, %\%,*'$''<&$57(/6,:LQQHURIUDFHVLQVWDUWV IQO$OO$PHULF DQ)XW>*@5DLQERZ)XW>*@+DOIEURWKHUWR5$&</$ -2//$6,+LVILUVWIRDOVDUH\HDUOLQJVRI6RQRI&2521$&$5 7(/6,VLUHRIVWDNHVZLQQHUVLQFOXGLQJ%/8(6*,5/7226, ZRUOGFKDPSLRQ>*@7(//(5&$57(/6,FKDPSLRQ >*@),9(%$5&$57(/6,FKDPSLRQ>*@)O\LQJ)LJ VWGDP 5,))7$)$0(6,E\'DVK7D)DPH3ODFHGWR6LVWHUWR 6DQG\V )DPH6, )DPRXV6DQG\6,'DPRIIRDOVRIUDFLQJDJHLQFOXGLQJ DQXQVWDUWHG\HDUROGWRUDFH± 6ZLVV5LII6,JE\6ZLVVOH6WLFN7%3ODFHGDW QGGDP '$6+,16$1'<6,E\6WUHDNLQ'DVKZLQVWR'LDPRQG &ODVVLF)XWXULW\>5@ >*@175\LQ ILQDOLVWLQWKH*ROGHQ6WDWH )XWXULW\ >*@+DOIVLVWHUWR 6,5=(9,675$866,>5@>*@ +LJKV$QG/RZV6, >*@2XWRI 6<1&+52&(376, 175'DPRIIRDOVWRUDFH520LQFOXGLQJ± &+$03$*1(/$1(6,IE\/DQHV/HLQVWHUZLQVLQVWDUWVWR 'LDPRQG&ODVVLF)XWXULW\>5@ >*@/D3ULPHUD'HO$QR'HUE\ >*@ 7RZQ3ROLF\+ >*@UG6LOYHU'ROODU)XW>5@ >*@ ILQDOLVW >*@'DPRI±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{ 6WUHDNLQ/D-ROOD6, { 6WUHDNLQ6L[6, %RWW RP¶V8S6, 6FRRSLH)HLQ6, { 6LQQ)HLQ6, /HJV/D6FRRS6, { &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, &KHFN,W7R(P0LVV6, { &KHFN7KH&KDUWV6, 6KRZXP7R,W0LVV6, %\05-(663(55<6,&KDPSLRQ\HDUROG>*@6LUH RI520VWDNHVZLQQHUVLQFOFKDPSLRQV 0$7$%$5, 6,ZLQV/RV$ODPLWRV)XW>*@ $32//,7,&$/-(666, ZRUOGFKDPSLRQ/RV$ODPLWRV6XSHU'HUE\>*@21( )$0286($*/(6,/RV$ODPLWRV)XW>*@ 12&21,6, >*@0,665$&<-(666,>*@ )5('5,&.6%85* VWGDP &RURQD0RQ $PLH6,E\&RURQD&DUWHOZLQVWRUG(DVW'LV WDII&KDOOHQJH >*@5R\DO %XVKZDFNHU6'DPRIIRDOVRIUDFLQJDJHLQ FOXGLQJDQXQVWDUWHG\HDUROGWRUDFHDOO520LQFOXGLQJ± 6$17(021 $0,(6,IE\7RDVW7R'DVKZLQVWR0DUGL *UDV)XWXULW\>5@ >*@ &DGLOODF.LQG6,JE\3DQWKHU0RXQWDLQZLQVWR +LFODVV+XQWUHVV6,IE\ +LFODVV/D-ROOD:LQQHUWR QGGDP &+(&.,772(00,666,E\&KHFN7KH&KDUWVZLQVWR 9HVSHUR([SUHVV6 >*@7ULQLW\<HDUOLQJ6DOH)XWXULW\>5@QG0LVV%HWW\ 6UG%RRPHU6RRQHU)DOO)XWXULW\HWF'DPRIIRDOVWRUDFHDOO520±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± /,&(16(72=2206,ZLQVWRLQ860H[LFR &ODVLFR ,QDXJXUDO ILQDOLVWLQWKH1RUWKZHVW'HUE\&KDOOHQJH >*@ *UDQG &RHXU6,JE\&DO\[ZLQVWR ILQDOLVWLQWKH$OO $PHULFDQ)XWXULW\ >*@ +LJKHDVWHUMHW+ >*@ &KHFNKHU$ )LUVWGRZQ6,IE\)LUVW'RZQ'DVK:LQQHUWR IL QDOLVWLQWKH5DLQERZ'HUE\ >*@ UGGDP 6+2:8072,70,666,E\ 6KRZXP-HWZLQVWR+DOIVLVWHUWR $0$1'$1'5($066,'DPRIIRDOV520LQFOXGLQJ±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{ -RG\27RROH6, { -RG\V*ORU\6, -HWWD27RROH6, )ORHWWD6, { %\<DZO6, 0V0LWR6, { )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, :LWK2SHQ$UPV6, F LDO(II RUW6, { 6SH 1DW LYH$II DLU6, %\*2/6,6WDNHVZLQQHURIUDFHV+HULW DJH3ODFH )XW >*@ 5HWDPD 3DUN )XW >*@ 6LUH RI 520 VWDNHV ZLQQHUV LQFOXGLQJ6,/9(5*2/6,ZLQV74+$6DOH)XW >5*@*2/69,&725<3236,ZLQV'DVKIRU&DVK-XY 6,6%*2/6,0DQRU'RZQV,QY6>5@-$*2/6$%/$=,1 6,*2/7-.$6,>*@*2/0&$6,>*@ VWGDP -$62),67,&$7('/$'<6,E\)LUVW'RZQ'DVK:LQQHUWR 'DPRIIRDOVRIUDFLQJDJHWZR\HDUROGVVWDUWHGWRUDFHZLQ QHUVLQFOXGLQJ± -$681'$1&(6,JE\*ROZLQVWR%XJV$OLYHLQ6>5@ -$-HVV&ODVV\6,IE\0U-HVV3HUU\:LQQHUWR -$*ROV'HEXWDQWH6,IE\*RO:LQQHUWR -$*ROV'XQGHHFE\*RO:LQQHUWR86$LQ0H[LFR QGGDP :,7+23(1$5066,E\6SHFLDO(IIRUWZLQVDW ILQDOLVWLQWKH +HULWDJH3ODFH)XWXULW\>5@ >*@'DPRIIRDOVZLQQHUVLQFOXGLQJ± -$ :,1'&+$6(5 6, J E\ 6KD]RRP ZLQV WR 0DQRU 'RZQV'HUE\ >*@ ILQDOLVWLQWKH(DVW&KDPS&KDOOHQJH >*@ 23(1:,7+/29(6,IE\7DNLQ2Q7KH&DVKZLQVWR 74+$6LUHV¶&XS6>5@ >*@4+5$RI,QGLDQD'HUE\>5@175 1257+6,'( '(%87$17( 6, I E\ &RXS 'H .DV 7% ZLQV WR 'HOWD'RZQV7H[DV)XWXULW\>5@ ILQDOLVWLQWKH)LUHFUDFNHU)XWXULW\ >*@6RXQGRI6XPPHU'HUE\ >*@'DPRI± /D-ROOD,Q'HEW6,ZLQVWRQG/RXLVLDQD%UHHGHUV¶/DG GLH)XWXULW\>5@ >*@ 7UHDW+HU/LND/DG\6,ZLQVDW'DPRI± 6675,&.2575($76,ZLQVWR(YDQJHOLQH'RZQV )XWXULW\QG+LDOHDK'HUE\+LDOHDK,QY&KDPS'H6DL[6 6VWKHODG\LVDWUDPS6,ZLQVDW ILQDOLVW>5@ >*@ 6SHFLDO$UPV6,JE\2Q$+LJKZLQVWR ILQDOLVW >*@ -$5XQQLQJ7ZLVWHU6,IE\5XQDZD\:LQQHU:LQQHUWR ILQDO LVWLQWKH0LOH+LJK)XWXULW\ >*@HWF'DPRI± 5XQQLQJ0LUDFOH6,:LQQHUWR ILQDOLVW>5@ >*@ UGGDP 1$7,9($))$,56,E\(DV\-HWZLQVLQVWDUWVDW+DOIVLVWHUWR 1DWLYH 1REOHVVH6,GDPRI 12%/(66(6,;6, >*@ 385( ''$6+6, &KDPSLRQLQ0H[LFR 12%/(66(2%/(*( 6,)D YRULWH$WWUDFWLRQ6,JUDQGGDPRI $32//,7,&$/7,0( 6, &KDP SLRQ %URRGPDUHRIWKH\HDULQ >*@RXWRI 1$7,9( (035(666,175'DPRIZLQQHUVLQFOXGLQJ± 2NLH$IIDLU6,*UDQG$OOLDQFH7%:LQQHULQVWDUWV'DPR 75($&+(5 286/<6,&KDPSLRQ5DLQERZ)XWXULW\ >*@ 6LOYHUHG 6LON =HYL 7% 'DP RI 6,/9(5(' (<(6 6, &KDPSLRQ >*@ 6LON6WUHNLQJV6, >*@ %DUH 1HFHVV LWLHV 6, ZLQV 'DP RI %$5(/< 6+$.(1 6, 175JUDQGGDPRI )$50&,7<5,36, >*@ (1*$*(0(176$4+$&KDOOHQJH $FFUHGLWHG2NODKRPD%UHG 5*3 +LS1R &RQVLJQHGE\/D]\(5DQFK//&$JHQWIRU'RXJRU%RQQLH3HUFLYDO 1HEUDVND7RUQDGR +LS1R $SULO%URZQ)LOO\ /LWW OH&RU RQD6, 1HE UDVND7RUQ DGR /LWW OH6PDUW0RQH\ { &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, 7LQ\&KDUJHU/DG\ { 3ULQFH&KDUJHU%DU6, 7LQ\3RVV HVV LRQ { )LUVW6PDUW0RQH\6, { )LUVW'RZQ'DVK6, 3ULVV\*ROG'LJJ HU6, 6ZHHW/LWW OH'HP DQGV6, S ORGH2Q'HP DQG6, { ([ 6ZHHWOLWWOHVL[WHHQ6, %\ /,77/( &2521$ 6, :LQQHU RI UDFHV 6LUH RI $GGLHV6DLQW3DWW\ZLQQHU&RURQD;WUD6,ZLQQHU5XELHV &RURQD 6, ZLQQHU 6RQ RI &2521$ &$57(/ 6, VLUH RI RI VWDNHVZLQQHUVLQFO%/8(6*,5/7226,ZRUOGFKDPSLRQFKDPSLRQ DW>*@7(//(5&$57(/6,FKDPSLRQ\HDUROG FROW >*@ &$57(56 &$57(/ 6, FKDPSLRQ FROW >*@ VWGDP /,77/(60$57021(<E\)LUVW6PDUW0RQH\8QUDFHG'DPRIIRDOVRI UDFLQJDJHWRUDFHERWKZLQQHUV± 6PDUW\2WRROH6,JE\-RG\27RROHZLQVWR 6KDNH(0RQH\6,JE\5R\DO6KDNH(P:LQQHUWR QGGDP 6:((7 /,77/( '(0$1'6 6, E\ ([SORGH 2Q 'HPDQG ZLQV DW 'DPRIIRDOVWRUDFH520LQFOXGLQJ± 2YHU7KH%ULP6,IE\%ULPPHUWRQ:LQQHUWR *RWWD*RO6,JE\*RO:LQQHUWR UGGDP 6ZHHWOLWWOHVL[WHHQ6,E\7KH%XOOGRJJHUZLQVWRQG$PHUL FDQ(DJOH)XWXULW\'DPRIIRDOVWRUDFH520LQFOXGLQJ± %/$=,16721(66,6WLFNV$Q6WRQHVZLQVWR7ULQLW\ 0HDGRZV'HUE\ >*@QG3ULGHRI7H[DV+>5@UG6SHHGKRUVH'HUE\ >5@ >*@6SHHGKRUVH6SULQW'HUE\>5@ >*@7ULQLW\0HDGRZV6SULQW&KDO OHQJH+HDUWEHDWRI$PHULFD+>5@ 7KH)6L[WHHQ6,6WLFNV$Q6WRQHVZLQVWR'DPRI± 7$67()8//<6,:LQQHUDW0DQRU'RZQV/DGGLH)XWXULW\ >*@ 0&0*RLQJ$OO,Q6,:LQQHUWR ILQDOLVW>5@ >*@ 6ZHHWKHDUW6WRQHV6,6WLFNV$Q6WRQHVZLQVWR'DPRI± 6ZHHWKHDUWV4XLFNVL[6,ZLQVWR'DPRI± +(52(6+($576,ZLQVWR$4+$-XYHQLOH&KDO OHQJH&KDPS >*@3UDLULH0HDGRZV-XYHQLOH&KDOOHQJHQG3UDLULH 0HDGRZV'HUE\&KDOOHQJH >*@ ILQDOLVWLQWKH$4+$'HUE\&KDOOHQJH &KDPS >*@ 612:%8516,ZLQVWR$4+$'LVWDII&KDOOHQJH &KDPS >*@ QG &HQWUDO 'LVWDII &KDOOHQJH >*@ &HQWUDO -XYHQLOH &KDOOHQJH&HQWUDO'LVWDII&KDOOHQJHUG9DOOH\-XQFWLRQ)XWXULW\ >*@ 0LVV%ODFNKDZN6 >*@ ILQDOLVWLQWKH+HULWDJH3ODFH'HUE\ >*@ 6ZHHWKHDUWV/DG\6,ZLQVWR ILQDOLVW >*@'DPRI± 6811<'6,ZLQVWR%LOO+HGJH0HPRULDO2YHU QLJKW6QG)DLU0HDGRZV0DWXULW\UG*DUO\Q6KHOWRQ*0&7UXFN6 >5@ >*@+HULWDJH3ODFH-XYHQLOH,QY 7RQ2I+HDUWV6,ZLQVWR6HW175 &UXHO6XPPHU6,ZLQVWR'DPRI± 0<%$1$1$5$0$6,ZLQVLQVWDUWV'L[LH'RZQV)XW &XUOH\%DGRQ6,ZLQVDWUG5RFN\0WQ6SULQJ)XWXULW\ 06*0LWH%6WUHDNLQ6,ZLQVWR ILQDOLVW >*@ )HWFKLQJ,PDJH8QUDFHG'DPRI± 06*,0$*(2)6,;(66,ZLQVWR6HOPD6 5*3 +LS1R &RQVLJQHGE\/D]\(5DQFK//&$JHQWIRU3DUDJRQ)DUPV//& 1LJKWO\)LUH +LS1R 0DUFK%D\&ROW :DON7KUX)LUH6, 1LJKWO\)LUH 1LJKW/LQHV6, { )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, 6ZHHW %HGXLQR6, { %HGXLQR7% 6ZHHW*DPH6, { 6WUDZIO\6SHF LDO6, F LDO(II RUW6, { 6SH )O\,Q7KH3LH6, .LFNHQ:HVW6, O DQG(DVH6, { +RO 6KDQQDVDOLEL6, %\:$/.7+58),5(6,ZLQV IQO>*@6LUHRI 520VWDNHVZLQQHUVFKDPSLRQVLQFOXGLQJFKDPSLRQV +,*+(5),5(6,(G%XUNH0LOOLRQ)XW>*@/$6772 ),5(6,ZRUOGFKDPSLRQ>*@ +(=$ '$6+$),5(6, >*@6(3$5$7(),5(6,>*@-(66:$/.,1* 7+58 6, >*@ )/$0( 1 )/$6+ 6, >*@ VWGDP 1,*+7/,1(66,E\6WUDZIO\6SHFLDOZLQVWR ILQDOLVW*ROGHQ 6WDWH'HUE\ >*@/D 3ULPHUD'HO $QR'HUE\ >*@'DPRIIRDOVRIUDFLQJ DJHLQFOXGLQJD\HDUROGFXUUHQWO\UDFLQJWRUDFH520LQFOXGLQJ±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± =RRPDQGNLFNHQ6,JE\ $]RRPZLQVWRQG'DVKIRU &DVK'HUE\ >*@ 5XLGRVR 'HUE\ &KDOOHQJH UG 6XQODQG 3DUN :LQWHU 'HUE\ >*@ ILQDOLVWLQWKH6RXWKZHVW-XYHQLOH&KDPS >*@ /RYH <D0LVV-HVV6,IE\0U-HVV3HUU\ZLQVWR'DPRI± /RWWD/RYH)RU5RE\Q 6,ZLQVWRQG&\SUHVV6UG5DLQ ERZ -XY ILQDOLVW$OO$PHULFDQ)XW >*@$OO$PHULFDQ'HUE\ >*@ 'DPRI± 75(6)5,(1'6 6,ZLQVLQVWDUWVDW5DLQERZ )XWXULW\ >*@ (QY6, ZLQVWRUG6HFUHW&DUG6 ILQDOLVW>5@ >*@'DPRI±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{ +ROODQG(DVH6, { )LUVW'RZQ'DVK6, (DV\ +HQU\HWWD6, &RU RQD&KLFN6, %HGXLQR6, { &KLFNV 6L]] OLQJ/LO6, { 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, 7KH 5DYLQ0DQ LDF6, { 5DUH)RUP6, 5LYDQQH6, %\&2521$&$57(/6,6WDNHVZLQQHU>*@6LUHRI VWDNHVZLQQHUVFKDPSLRQVLQFOFKDPSLRQV%/8(6*,5/ 7226,ZRUOGFKDPSLRQ>*@7(//(5&$57(/6, $OO$PHULF DQ)XW>*@),9(%$5&$57(/6, (G%XUNH0LOOLRQ)XW>*@)O\LQJ)LJ6,>*@&$57(56 &$57(/6,>*@DQGRI(<()25&2521$>*@ VWGDP -HVVLFD 5DYLQ6,E\0U-HVV3HUU\ZLQVWRQG1HZ0H[LFR 'HUE\&KDOOHQJH >*@ ILQDOLVWLQWKH 6XQODQG3DUN)DOO'HUE\ >*@'DPRI IRDOVRIUDFLQJDJHWRUDFHDOO520LQFOXGLQJ±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± -HVVLFD5DYLQ6,IE\0U-HVV3HUU\6WDNHVSODFHGZLQQHUDERYH UGGDP 5,9$11( 6,E\)LUVW'RZQ'DVKZLQVDW ILQDOLVW >*@6LVWHUWR ,9(%((1%/(66('6,&KDPSLRQ>*@KDOIVLVWHUWR )/25(17,1(6, &KDPSLRQ\HDUV%URRGPDUHRIWKH<HDU >*@GDPRI 7+,6612:,652<$/6, &KDPSLRQ >*@ (9(1,1*612: 6, *@ &$/<;6,&KDPSLRQ 52<$/0,5$&/(',36, 67$0(16, 67</866, 6+,//,1*66, $OHWKLD6,GDPRI /$'< 7(1$<$6, >*@JUDQGGDPRI '(6,5,26,'DPRIIRDOVWRUDFH520LQFOXGLQJ±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{ )DY RULWH7ULFN7% { 3KRQH7ULFN (YLO(ODLQH 6KHQRVKHUFRURQD6, U RQD&DUW HO6, { &R 6KHQRVKHVSHFLDO6, { &KLFNV %HGXLQR6, { %HGXLQR7% $&ODVV\&KLFN6, %DUU\PHUUL6, { %DUU\PRUH6, 0HUUL9DQLW\6, %\)$925,7(&$57(/6,6WDNHVZLQQHURIUDFHV $4+$ &KOJ&KDPS>*@/RV$ODPLWRV&KDPS &KOJ>*@+DOIEURWKHUWR 6+(6&+(&.,1802876,+LVILUVWIRDOVDUH\HDUROGVRI6LUHRI 520LQFOXGLQJ/LWWOH7DONV6,ZLQV IQO*RYHUQRU¶V&XS )XW)LUH$W:LOO6,ZLQV IQO>5*@ /XY2Q7KH5XQ6, ZLQVUG&DO %UGUV¶)UHVKPDQ>5@3ULVV\&DUWHO6,IQO>*@ VWGDP ,%$48,&.&+,&.6,E\&KLFNV %HGXLQRZLQVWR'DVKLQJ )ROO\6QG,QGHSHQGHQFH'D\+>5@ ILQDOLVWLQWKH 9DQG\¶V)ODVK+ >*@ 6LVWHUWR ,%&+,&.48,&.6,'DPRIIRDOVRIUDFLQJDJHLQFOXGLQJ DQXQVWDUWHG\HDUROGWRUDFH± 4XLFNLQVRQ6,JE\ +DZNLQVRQ:LQQHUWR QGGDP %DUU\PHUUL6,E\%DUU\PRUHZLQVWRQG3RW 2¶*ROG)XWX ULW\ >*@5LDOWR)XWXULW\6LVWHUWR '2&6($6<&$6+6, %DUU\PH6, 'DPRIIRDOVWRUDFH520LQFOXGLQJ± ,%&+,&.48,&.6,IE\&KLFNV %HGXLQRZLQVWR6LJQRI /DQW\60DWFKPDNHU6:LQH&RXQWU\'HUE\QG6DQWD5RVD0DUDWKRQ 6 ILQDOLVWLQWKH%XOO 5DVWXV6 >*@ ,%$48,&.&+,&.6,IE\&KLFNV%HGXLQR6WDNHVZLQQHUDERYH &RURQD%DUU\6,JE\&RURQD&]HFKZLQVWR ILQDOLVW >*@ UGGDP 0(55,9$1,7<6,E\ 0HUULGRF:LQQHUDW'DPRIIRDOVWR UDFH520LQFOXGLQJ± '2&6($6<&$6+6,%DUU\PRUHZLQVWR 4+%&)UHVK PDQ&ODVVLF >*@QG %DUGHOOD+>5@ >*@-HW'HFN+ >*@%D\6KRUH -XYHQLOH6 ILQDOLVWLQWKH6RXWKHUQ&DOLIRUQLD'HUE\ >*@ %DUU\PH6,%DUU\PRUHZLQVWRQG 3&4+5$%UHHGHUV¶ 'HUE\>5@ >*@ 3&4+5$6UG'DVKIRU&DVK'HUE\ >*@ %DUU\PHUUL6,%DUU\PRUH6WDNHVSODFHGZLQQHUDERYH 0HUUL7UHDVXUH%DUU\PRUH:LQQHUWR'DPRI 6+227,0($6<6, WKGDP 0,669$1,7<%$5E\&ODEEHU%DU:LQQHUDW'DPRIVWDUWHUVZLQQHUV± 4XHHQ 0RLVKH6,.LQJ 0RLVKH7%ZLQVWRQG&DOL IRUQLD6WDWH)DLU&KDPS'DPRI± 48((1%$55<025(6,ZLQVWR'L[LH'RZQV)XWXULW\ QG3RPRQD-XYHQLOH6 ILQDOLVW 3&4+5$%UHHGHUV¶'HUE\>5@ >*@ 'DVKLQJ4XHHQ6,ZLQVWRUG%D\6KRUH-XYHQLOH6 IL QDOLVWLQWKH 3&4+5$%UHHGHUV¶)XWXULW\>5@ >*@'DPRI± 'DVKLQJ1DQD6,ZLQVWRQG&DOLIRUQLD'LVWDII&KDO OHQJH ILQDOLVW&KDUJHU%DU+ >*@'LVWDII&KDOOHQJH&KDPS >*@ 7KH5DLQPDNHU%RE6,ZLQVUG6DQWD5RVD0DUDWKRQ 4XHHQV %HGXLQR6,ZLQVWR'DPRI± 48((16-8126,ZLQVWR%RLVH'HUE\ >*@175 QG7HWRQ&ODVVLF)XWXULW\>5@ ILQDOLVW'HUE\&KDOOHQJH&KDPS >*@ %DUU\5R\DO6,ZLQVWRQG3RFDWHOOR6SULQJ&ODVVLF )XWXULW\*HP&RXQW\)XWXULW\ (1*$*(0(176$4+$&KDOOHQJH/RV$ODPLWRV7ZR0LOOLRQ)XW 5*3 (OLJ LEOHIRU&DO%UHGDFFUHGLW DWLRQHPEU\RWUDQVIHU +LS1R &RQVLJQHGE\/D]\(5DQFK//&$JHQWIRU %ROOHQEDFK)DUPV :DOO6WUHHW%HDXW\ +LS1R -DQXDU\%D\)LOO\ 9DOLDQW+HUR6, :DOO6WUHHW%HDXW\ :DOOVWUHHW 'DUOLQ6, { )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, &RU RQD&KLFN6, %HGXLQR6, { &KLFNV 6L]] OLQJ/LO6, { %XOO\%XOOLRQ6, F LDO(II RUW6, { 6SH 0DU\ 3RSSLQV6, $6SHF LDO6PLWK {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± 6$66<&2521$6,IE\&RURQD&DUWHOZLQVWR0LVV 3ULQF HVV + >*@ )XOOHUWRQ 2YHUQLJKW 6 )LUVW 3ODFH 4XHHQ 6 3RFDKRQWDV2YHUQLJKW6QG*KRVWVDQG*REOLQV6UG&KDUJHU%DU+ >*@&DOLIRUQLD'LVWDII&KDOOHQJH >*@ ILQDOLVW(G%XUNH0HPRULDO)XWXULW\ >*@.LQGHUJDUWHQ)XWXULW\ >*@0LOGUHG9HVVHOV+ >*@'DPRI± .ODVV\6DVV\6,IE\&RXQWU\&KLFNV0DQZLQVWR 3<&&$6+6,JE\ 3<&3DLQW<RXU:DJRQZLQVWR'RQ 6WHHOH0HPRULDO6UG 6SHHGKRUVH'HUE\ >*@0U0DVWHU%XJ+>5@ IL QDOLVWLQWKH+HULWDJH3ODFH)XWXULW\ >*@ .ODVV\&KLFN6,IE\9DOLDQW+HURZLQVWR ILQDOLVWLQWKH %ODFN*ROG)XWXULW\&KDPS>5@ >*@ &RURQD 'DUOLQIE\&RURQD&DUWHO8QSODFHG'DPRI± :DYH*RRGE\H 'DUOLQ6,IE\:DYH&DUYHU:LQQHUWR QGGDP $63(&,$/60,7+E\56PLWK7%'DPRIIRDOVWRUDFH520LQFO±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{ 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, 'LYL G HQGV'HF ODUHG6, { )LUVW'RZQ'DVK6, (DV\ +HQU\HWWD6, { &KLFNV %HGXLQR6, { %HGXLQR7% $&ODVV\&KLFN6, +HDYH QO\1RWH6, F LDO(II RUW6, { 6SH 'DVKLQJ 'DOHQH6, %\+,*+5$7(2)5(78516,6WDNHVZLQQHURIUDFHV +HULW DJH3ODFH)XWXULW\>*@+LVILUVWIRDOVDUH\HDUOLQJVRI6RQRI FKDPSLRQ05-(663(55<6,VLUHRIVWDNHVZLQQHUVLQFOFKDP SLRQV $32//,7,&$/-(666,ZRUOGFKDPSLRQZLQV /RV$ODPLWRV'HUE\>*@21()$0286($*/(6,/RV $ODPLWRV)XW>*@ 12&21,6,>*@ 0$7$%$5,6, VWGDP 127(7+(&+,&.E\&KLFNV %HGXLQR8QSODFHG'DPRIIRDOVRIUDFLQJ DJHLQFOXGLQJD\HDUROGFXUUHQWO\UDFLQJDOOVWDUWHG520LQFOXGLQJ± 1RWH7KH%OXHV6,IE\-HVV/RXLVLDQD%OXH:LQQHUWR QGGDP +HDYHQO\1RWH6,E\6SHFLDO(IIRUWZLQVDWUG5DLQERZ)X WXULW\ >*@ ILQDOLVWLQWKH5XLGRVR)XWXULW\ >*@6LVWHUWR $*DOODQW(IIRUW6, 'DPRIIRDOVWRUDFH520LQFOXGLQJ± $6,/9(5*2%/,16,JE\5R\DO4XLFN'DVKZLQVWR 9DOOH\-XQFWLRQ)XWXULW\ >*@.DQVDV'HUE\ >*@QG2NODKRPD&KDPS &KDOOHQJH >*@ &HQWUDO 'HUE\ &KDOOHQJH >*@ ILQDOLVW LQ WKH 'DVK IRU &DVK)XWXULW\ >*@$4+$&KDOOHQJH&KDPS >*@5HPLQJWRQ&KDPS >*@6HW 175DW3UDLULH0HDGRZV\LQ /,*+71,1*5281'6,JE\ 6WROLZLQVWR 74+$6LUHV¶ &XS)XWXULW\>5@ >*@ ILQDOLVWLQWKH6DP+RXVWRQ)XWXULW\ >*@ 83&20,167$56,FE\ 6WROLZLQVLQVWDUWVDW5DLQERZ -XYHQLOH,QY>5@ >*@ $WRQHPHQW6,JE\5R\DO4XLFN'DVKZLQVWR TXDOLILHGWR .LQGHUJDUWHQ)XWXULW\ >*@ /DZOHVV*XQVOLQJHU6,JE\0U(\H2SHQHU:LQQHUWR IQO >*@ UGGDP '$6+,1* '$/(1(6,E\'DVK)RU&DVK3ODFHGDW6LVWHUWR %$%<+2/'216,'DPRIIRDOVWRUDFHZLQQHUVLQFOXGLQJ± +HDYHQO\1RWH6,6SHFLDO(IIRUW6WDNHVSODFHGZLQQHUDERYH $*DOODQW(IIRUW6,6SHFLDO(IIRUWZLQVWRQG7XUI3DUD GLVH'HUE\ >*@ 0%1$$PHULFD66LUH 'DVKLQ .DVVLH&RXS'H .DV7%ZLQVWR ILQDOLVW >*@'DPRI± 'DVKLQ6OLQN\6,ZLQVWRQG%LOO\0RQWJRPHU\6>5@ 6OLQN\V'DVKHU6,ZLQVWR ILQDOLVW>5@ >*@ WKGDP &28175<0$0$6,E\6W%DUZLQVWR'DPRI520LQFO± %$%<+2/'216,'DVK)RU&DVKZLQVWR$ODPR 4+%$)XWXULW\0LVV3HQLQVXOD6-HW'HFN+QG'DVKIRU&DVK)XWX ULW\.DQVDV)XWXULW\/DV 'DPDV6&/ 0DGGRQ¶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{ { 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, 7LQ\'DVK2I&DVK6, { 'DVK)RU&DVK6, 7LQ\V(II RUW6, 3<&3DLQW<RXU:DJRQ6, { &RU RQD&DUW HO6, 'DVKLQ)ROOLHV 7KLV &DQG\V6SHF LDO6, { 6WUDZIO\6SHF LDO6, 6HQG0H7KH&DQG\6, %\ 5(' 67250 &$7 6, 6WDNHV SODFHG ZLQQHU RI UDFHV QG7H[DV &OVF)XW>*@6LUHRI520LQFO0$-25720 $36,$S+&KRUVHRIWKH\HDU\HDUV>*@(/ 5$<,72'( /81$6,ZLQV5XLGRVR -XY &KOJ>*@'(/,*+7)8/&$7 6, 6281' 2) &$1'< 6, &DQG\ &DUWHOV &DW 6, UG2.%UHG'HUE\>5*@)DPRXV&DQG\&DW6, VWGDP 6HQG0H&DQG\3DLQW6,E\ 3\F3DLQW<RXU:DJRQZLQVWR QG 6SHHGKRUVH)XWXULW\>5@ >*@ ILQDOLVWLQWKH 6SHHGKRUVH'HUE\ >*@ 6LVWHUWR 6SHFLDO&DQG\3DLQW6,'DPRIIRDORIUDFLQJDJH± *RRGUHDVRQIRUFDQG\6,JE\*RRG5HDVRQ6$3ODFHGLQVWDUWVDW QGGDP 7+,6 &$1'<663(&,$/ 6,E\6WUDZIO\6SHFLDOZLQVWR &HQWUDO'LVWDII &KOJ >*@WZLFH .HRNXN6 >*@QG0LVV %ODFNKDZN6WZLFH UG'LVWDII &KOJ&KDPS >*@ ILQDOLVW5DLQERZ)XW >*@'DPRI520± &$1'<&$57(/6,IE\&RURQD&DUWHOZLQVWR/XE ERFN6 >*@ 'HFNHWWD6 >*@)RUW(ULH'HUE\)DLU0HDGRZV%HOOHV6 QG6RRQHU6WDWH6>5@ >*@)//DG\%XJ6>5@HWF'DPRI±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{ 6WUHDNLQ/D-ROOD6, { 6WUHDNLQ6L[6, %RWW RP¶V8S6, 6FRRSLH)HLQ6, { 6LQQ)HLQ6, /HJV/D6FRRS6, { )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, -XPSLQJ7DF)ODVK6, { 7ROOWDF6, %HDW<RXU3DQWV2II6, %\05-(663(55<6,&KDPSLRQ\HDUROG>*@6LUH RI520VWDNHVZLQQHUVLQFOFKDPSLRQV0$7$%$5, 6,ZLQV/RV$ODPLWRV)XW>*@$32//,7,&$/-(666, ZRUOGFKDPSLRQ/RV$ODPLWRV6XSHU'HUE\>*@21( )$0286($*/(6,/RV$ODPLWRV)XW>*@12&21,6, >*@0,665$&<-(666,>*@)5('5,&.6%85* VWGDP -803'2:1),5676,E\)LUVW'RZQ'DVKZLQVWR6LVWHUWR 7$&,7/,.($0$16, )/$6+),5676, ,0-80316, $ 7DF )LUVW6,'DPRIIRDOVRIUDFLQJDJHWZR\HDUROGVERWKVWDUWHG WRUDFH520LQFOXGLQJ± -803'2:1$=2206,JE\$]RRPZLQVWR/D 3ODWD6 >*@ ILQDOLVW6XQODQG&KDOOHQJH&KDPS6 >*@:HVW7H[DV0DW >*@ .RE\V :DJRQ 6, J E\ 3<& 3DLQW <RXU :DJRQ :LQQHU DW ILQDOLVWLQWKH5XLGRVR)XWXULW\ >*@ &RURQD.HOO\6,IE\&RURQD&DUWHOZLQVDW ILQDOLVWLQWKH 'DVKIRU&DVK)XWXULW\ >*@ -HVV3HUU\0'6,JE\0U-HVV3HUU\:LQQHUWR QGGDP -803,1*7$&)/$6+6,E\7ROOWDF &KDPSLRQ<HDU2OG)LOO\ZLQV WR.LQGHUJDUWHQ)XW >*@&DOLI6LUHV¶&XS)XWXULW\>5@ >*@ QG'DVKIRU&DVK)XW >*@6LVWHUWR 63/$6+%$&6,&KDPSLRQ &ROW 'LYD 5HED 6, GDP RI 0(7$//,& /,21 6, >5@>*@ KDOI VLVW HU WR *2,1%<( 6, >*@ GDP RI +(=$'$6+,1%<( 6, >*@ %($7<28 6, $3+$ &KDPSLRQ %($7<285($/(=< $3+$ $EVROYH 6, *@ &KLFNV%RXGUR6, /DG\1D\HQ 6,&DWFK7KLV'DVK6, GDPRI )($785(05%2-$1*/(66, &KDPSLRQ&ROW >*@'DPRIIRDOVWRUDFH$3+$520LQFO± &$57(56&$57(/6,FE\&RURQD&DUWHO &KDPSLRQ<HDU2OG &ROW ZLQV LQ VWDUWV WR (G %XUNH 0LOOLRQ )XWXULW\ >*@175\LQ.LQGHUJDUWHQ)XWXULW\ >*@HWF 7$&,7/,.($0$16,FE\)LUVW'RZQ'DVKZLQVLQVWDUWVWR 3&4+5$%UGUV¶)XW >*@*RYHUQRU¶V&XS)XW>5@ >*@6LUH )/$6+),5676,IE\)LUVW'RZQ'DVKZLQVWR&DOLIRU QLD%UHHGHUV6>5@QG/RV$ODPLWRV0LOOLRQ)XWXULW\ >*@ ,0-80316,IE\)LUVW'RZQ'DVKZLQVWR$OLVR9LHMR6 $QDKHLP +LOOV 6 QG &DOLIRUQLD 'LVWDII &KDOOHQJH >*@ HWF 'DP RI +($'7851(56, >*@HWF -8031%('8,126, >*@ -80316,>5@ >*@ -XPSQ&KLF6, >*@ -XPSQEDFN 6, 8UE DQL WH 6, -XPSQRXW6, >*@ 5$,10(,136,IE\7H[DV+HUR>3@ZLQV*XOI&RDVW'E\ $7DF)LUVW6,JE\)LUVW'RZQ'DVKZLQVWRQG*ROGHQ 6WDWH'HUE\ >*@UG3&4+5$%UHHGHUV'HUE\ >*@ 7DF2II6,:LQQHUWRUG&DOLI%UGUV¶6RSKRPRUH6>5@ -XVMXPSLQ &KLFNV %HGXLQR 8QSODFHG 'DP RI )$17$67,& )25 0( 6RXWK$PHULF DQ&KDPSLRQLQ%UD]LO (PEU\RWUDQVIHU 5*3 +LS1R +LS1R &RQVLJQHGE\-(+6WDOOLRQ6WDWLRQ$JHQW 6HSDUDWH7DNHRII )HEUXDU\*UD\&ROW 6HSD U DWLVW6, 6HSD U DWH7DNHR II 7DNHR II5R\DOO\6, { &KLFNV%HGXLQR6, { %HGXLQR7% $&ODVV\&KLFN6, 6HSHUDWH:D\V6, { +HPSHQ7% -HW7RJ HWKHU6, { )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, 7LPHWR7DNHR II6, { 7LPHWR7KLQNULFK6, 0LVV%ROG)RXUZD\7% %\ 6(3$5$7,67 6, &KDPSLRQ \HDUV ZLQV LQ VWDUWV *RYHUQRU¶V&XS)XW>5*@6LUHRI520VWDNHVZLQQHUV LQFO'06+,&$*26,ZRUOGFKDPSLRQFKDPSLRQDW $OO$PHULF DQ)XW>*@,16(3(5$%/(6,FKDPSLRQ $OO$PHULF DQ'HUE\>*@5DLQERZ'HUE\>*@0221,676, FKDPSLRQ*ROGHQ6WDWH'HUE\>*@6(3$5$7(%(76, VWGDP 7$.(2))52<$//<6,E\)LUVW'RZQ'DVK3ODFHGWR6LVWHUWR 52<$/'2:1'$6+6,'DPRIOLYLQJIRDOVRIUDFLQJDJHLQFOXG LQJD\HDUROGFXUUHQWO\UDFLQJWRUDFH520LQFOXGLQJ± 7DNH2II-HVV6,FE\0U-HVV3HUU\ZLQVDWQG$OO $PHULFDQ)XWXULW\ >*@:HVW7H[DV)XWXULW\ >*@ ILQDOLVWLQWKH5XLGRVR )XWXULW\ >*@6LUH -HVV7DNHRII6,JE\0U-HVV 3HUU\3ODFHGWRQG +REEV$PHULFD-XYHQLOH,QY6>5@ 0U-HVVH/HH6,FE\0U-HVV3HUU\ZLQVWR6LUH &DQG\&RURQD6,IE\&RURQD&DUWHO3ODFHGDW ILQDOLVWLQWKH .LQGHUJDUWHQ)XWXULW\ >*@'DPRI± 'LUW\/LWWOH+DPVWHU6,JE\$]RRPZLQVWR QGGDP 7LPHWR7DNHRII6,E\7LPHWR7KLQNULFK %URRGPDUHRIWKH<HDULQ DQGZLQVWRQG9HVVHOV0DWXULW\&DOLIRUQLD%UHHGHUV &KDPS0LVV3HQLQVXOD6UG*R0DQ*R6&KLFDGR9+'DPRIIRDOV WRUDFH520LQFOXGLQJ± 52<$/ '2:1 '$6+ 6, I E\ )LUVW 'RZQ 'DVK &KDPSLRQ <HDU2OG &KDPSLRQ<HDU2OG)LOO\ZLQVLQVWDUWV $OO$PHULFDQ'HUE\ >*@'HUE\&KOJ&KDPS >*@HWF'DPRI± *HW'RZQ3HUU\6,ZLQVWRQG9HVVHOV0DW >*@ 5R\DO'RZQ-ROOD6,:LQQHUQG)RXU&RUQHUV)XW >*@ 'DPRI1&&$QFKRUPDQ6,ZLQVWR -HVVHV5R\DO'DVK6,'DPRI 0U6LSSLQ&RURQD6, 7) -HVV$5XQDZD\6, 7,0( )25 52<$/ &$6+ 6, I E\ 'DVK )RU &DVK ZLQV WR *ROGHQ6WDWH)XWXULW\ >*@*ROGHQ6WDWH'HUE\ >*@4+%& &KDPS >*@QG+HULWDJH3ODFH'HUE\ >*@HWF'DPRI± ',9,'(7+(&$6+6,ZLQVWR'LUHFWRUV¶60DNH,W $Q\ZKHUH+175QG/RV$ODPLWRV6XSHU'HUE\ >*@ 7,0( )25 675($.,1* 6, ZLQV WR &DPSHRQ GH &DPSHRQHV-HVDVSHFLDOHIIRUW6HWF 7,0()25$52<$/',3 6,ZLQVWR3DXO%)RUG66FRWW /HZLV63RPRQD-XYHQLOH&KDPSQG$4+5-6HWF 6HSDUDWH5R\DO:D\V6,ZLQVWRUG(DVW'HUE\&KDO OHQJH >*@ ILQDOLVWLQWKH6DP+RXVWRQ'HUE\6 >*@ 7LPH)RU5R\DO&KLFN'DPRI± 7,0()25=2206,ZLQVWR3UHVFRWW9DOOH\/DG GLH/DVVLH)XWXULW\ >*@ -RKQ2QHLOO6,ZLQVWR ILQDOLVW*ROGHQ6WDWH)XW >*@ (1*$*(0(176$OO$PHULFDQ5DLQERZ5XLGRVR)XW (PEU\RWUDQVIHU 5*3 +LS1R &RQVLJQHGE\%HOOH0HUH)DUP/WG$JHQWIRU'DUOLQJ)DUPV $WDF,W +LS1R 0DUFK6RUUHO&ROW 7DF,W/LNH$0DQ6, $WDF,W 5R\DOLVWD6, { )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, -XPSLQJ7DF)ODVK6, { 7ROOWDF6, %HDW<RXU3DQWV2II6, { (O5H\%XUQHU6, { %XJV$OLYH,Q6, )RXU6ZLQJV7% 0DNLQJ6HF UHWV F UHW6, { 5DLVH$6H %\J RQHV6, %\7$&,7/,.($0$16,6WDNHVZLQQHURI>*@+DOI EURWKHUWR&$57(56&$57(/6,FKDPSLRQ6LUHRIVWDNHVZLQ QHUVLQFOXGLQJ,*27<2857$&6,*ROGHQ6WDWH 0LOOLRQ)XW>*@7+(/21*.1,)(6,ZLQV7H[DV&ODV VLF 'HUE\ >*@ QG 5DLQERZ )XW >*@ %/2&. 1 7$&./( 6, >*@,//7$&0$1+$77$16,ZLQVLQVWDUWV VWGDP 52<$/,67$6,E\(O5H\%XUQHUZLQVWR'DPRIOLYLQJIRDOV RIUDFLQJDJHKHU\HDUROGLVGHFHDVHGWRUDFH520LQFOXGLQJ± 7+( $ /,67 6, J E\ )LUVW 'RZQ ([SUHVV ZLQV DW 5XLGRVR)XWXULW\ >*@UG$OO$PHULFDQ-XYHQLOH,QY>5@ >*@:HVW7H[DV -XYHQLOH,QY>5@ ILQDOLVWLQWKH5DLQERZ)XWXULW\ >*@6XQODQG3DUN)DOO )XWXULW\ >*@&DVLQR&DVK'HUE\ >*@&RWWRQZRRG+ >*@ &DUWHU/LVWD6,JE\6WUDZIO\6SHFLDOZLQVWRQG&DOLIRU QLD%UHHGHUV¶)UHVKPDQ6>5@ ILQDOLVW*RYHUQRU¶V&XS'HUE\>5@ >*@ 7KUHH6HFUHWV$ZD\6,JE\5DLVH$6HFUHWZLQVWR 5KRQGD/LVWDIE\6WUDZIO\6SHFLDO8QUDFHG'DPRI± <RX6WROH0\+DSS\6,IE\:DON7KUX)LUH:LQQHUWR QGGDP 0$.,1*6(&5(76E\5DLVH$6HFUHW8QSODFHG'DPRIIRDOVWRUDFH 520LQFOXGLQJ± &+,&.6 *277$ 6(&5(7 6, F E\ &KLFNV $ %OD]LQ ZLQV WR 0U-HW0RRUH+ >*@UG+LJKHDVWHUMHW+ >*@ ILQDOLVWLQWKH 1HZ0H[LFR&ODVVLF'HUE\>5@ >*@/RYLQJWRQ+ >*@ 056(//,2776,IE\)LUVW'RZQ([SUHVVZLQVWR6RODQR 'HUE\QG6WRFNWRQ'HUE\ 0LOH0DNHU6,JE\0DJLFDO0LOH7%ZLQVWRUG*ROG5XVK 'HUE\ >*@ UGGDP %<*21(66,E\'RF0DUFXV7%ZLQVDW'DPRIIRDOVWR UDFHZLQQHUV WKGDP 6(3(5$7(:$<66,E\+HPSHQ7% %URRGPDUHRIWKH<HDU LQ ZLQVDW'DPRI520LQFOXGLQJ± 6(3$5$7,67 6,&KLFNV%HGXLQR &KDPSLRQ<HDU2OG &KDPSLRQ <HDU2OG&ROW &KDPSLRQ<HDU2OG&ROWZLQVLQVWDUWVWR *RYHUQRU¶V&XS)XW>5@ >*@*ROGHQ6WDWH'HUE\ >*@HWF6LUH :$<0$.(56,0HUULGRF &KDPSLRQ<HDU2OG*HOGLQJZLQVWR 'DVKIRU&DVK)XW >*@*ROGHQ6WDWH)XW >*@ 0$.( ,7 $1<:+(5( 6, )LUVW 'RZQ 'DVK ZLQV WR 3&4+5$%UHHGHUV¶)XW>*@3&4+5$%UHHGHUV'HUE\ >*@6LUH 0$.,1*0(55,6,0HUULGRFZLQVWR4+%&3DFLILF'HUE\ >5@ ILQDOLVW%D\0HDGRZV)XWXULW\ >*@'DPRI &$/32/<&+,&.6, 0DNLQJ:D\V6,6LU5DPEOHUZLQVUG9DQG\¶V)ODVK+ >*@ ILQDOLVW >*@'DPRI .,1*0$1.,'6,/RV$ODPLWRV 0LOOLRQ )XW >*@ JUDQGGDP RI 0$.,1* &+2,&(6 6, >*@ 0,//,210$,'6, :$50,7836, (1*$*(0(176$4+$&KDOOHQJH 5*3 $FFUHGLWHG2NODKRPD%UHGHPEU\RWUDQVIHU +LS1R &RQVLJQHGE\%HOOH0HUH)DUP/WG$JHQW 2XWWD6LJKW +LS1R -DQXDU\%D\&ROW &DSR'H&DSL6, 2XWWD6LJKW :DLW:DWFK+HU6, { &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, $6KRW$W*ORU\ F LDO6, { 6WUDZIO\6SH %H6R0HUU\6, { 0U(\H2SHQHU6, { 'DVK)RU&DVK6, %HGDZHH6, 7DNH$IW HU0H6, O LRQ6, { %XOO\%XO 5HGG\,QY HVWP HQW %\&$32'(&$3,6,6WDNHVZLQQHURIUDFHV+HUL WDJH3ODFH'HUE\>*@+LVILUVWIRDOVDUH\HDUROGVRI6LUHRIZLQ QHUVLQFO7+(6(5*(3527(&7256,2NOD)XW,QY:LQQ -HW&DSRGH(O&DSR'H&DPSHRQHV6RQRI&2521$ &$57(/VLUHRI%/8(6*,5/7226,ZRUOGFKDPSLRQ >*@7(//(5&$57(/6,&$57(56&$57(/6, VWGDP :$,7:$7&++(56,E\0U(\H2SHQHU3ODFHGDW6LVWHUWR (<( <,1 <286, (\H2I*ORU\6, (\H17KH'UHDP6,'DPRIIRDOVRI UDFLQJDJHLQFOXGLQJDQXQVWDUWHG\HDUROGWRUDFH520LQFOXGLQJ± &$//0(7$7(56,JE\6KD]RRPZLQVWR2NODKRPD 'HUE\&KDOOHQJH >*@QG0LOH+LJK'HUE\ >*@ ILQDOLVWLQWKH$4+$ 'HUE\&KDOOHQJH&KDPS >*@ :::DWFK'DOH6,JE\2NH\'RNH\'DOHZLQVWRUG 'HOWD'HUE\&KDOOHQJH ILQDOLVW3UDLULH0HDGRZV'HUE\&KDOOHQJH >*@ 6WDUH<D'RZQ6,FE\)LW7R)O\:LQQHUWRQG0U-HW 0RRUH+ >*@ 2NH\:DWFKIE\2NH\'RNH\'DOH8QUDFHG'DPRI± 5DFKHO(OL]DEHWKIE\&DSR'H&DSL:LQQHULQVWDUWDW QGGDP 7$.($)7(50(6,E\%XOO\%XOOLRQ3ODFHGDW6LVWHUWR '5$:6$ &52:'6,'DPRIIRDOVWRUDFH520LQFOXGLQJ±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± 6((0(*21(6, &KDPSLRQ<HDU2OG)LOO\ZLQVLQVWDUWVWR 5DLQERZ'HUE\ >*@ $OO$PHULFDQ'HUE\ >*@ HWF'DPRI *HWWLQ,W*RQH6, >*@ 6HH,W6QRZ6,JUDQGGDPRI =220727+(021(<6, >*@ 6:((70$&+26, >*@ (<(6$6&5($0(56,0U(\H2SHQHUZLQVWR0LOH +LJK)XWXULW\ >*@5RFN\0RXQWDLQ&KDPSWZLFHHWF '5$:6$&52:'6,ZLQV0LOH+LJK)XW >*@6LUH 2QH)DVW/RRN6,ZLQVQG&(:LOOKLWH'HUE\ >*@ 5*3 $FFUHGLWHG2NODKRPD%UHG +LS1R +LS1R &RQVLJQHGE\/D]\(5DQFK//&$JHQW 3XW$6KLQH2Q,W )HEUXDU\%D\)LOO\ 0LJKW\%9DOLDQW6, 3XW$6KLQH2Q,W 6KH7UDYHOV6, { 9DOLDQW+HUR6, { )LUVW'RZQ'DVK6, &RU RQD&KLFN6, 0LJKW\%'ROO6, { 2Q$+LJK6, 0LJKW\*LUO*R { )LVKHUV'DVK6, { )LUVW'RZQ'DVK6, )LVKHUV)DY RULWH6, -HWVHWWLQJ*LUO6, WHU+DQG7% { 0DV -HW7RJ HWKHU6, %\0,*+7<%9$/,$176,6WDNHVZLQQHURIUDFHV 2NOD%UHG)XW>5@QG+HULW DJH3ODFH)XW>*@IQO5DLQERZ)XW>*@ %URWKHUWR*/25<5,'(56,KDOIEURWKHUWR0,*+7<,19,&7866, 0,*+7<2%6&(66,216,+LVILUVWIRDOVDUH\HDUOLQJVRI6RQRI 9$/,$17 +(526, VLUH RI VWDNHVZLQQHUV LQFOXGLQJ )($785( +(526,FKDPSLRQ>*@+28',1,6,>*@ VWGDP 6+( 75$9(/6 6, E\ )LVKHUV 'DVK :LQQHU WR 6LVWHU WR *XOIVWUHDP)LYH6,'DPRIIRDOVRIUDFLQJDJHWRUDFH520LQFO±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± ),;,172)/<6,JE\:DON7KUX)LUHZLQVLQVWDUWVDW *RYHUQRU¶V&XS)XW>5@ >*@QG.LQGHUJDUWHQ)XW >*@ %5,'/(:22' 6, F E\ 5DLVH $ 6HFUHW ZLQV WR &DOLI %UHHGHUV6RSKRPRUH6>5@ >*@QG3&4+5$%UHHGHUV¶)XW >*@HWF6LUH *,5/6(&5(766,IE\5DLVH$6HFUHWZLQVWR*ROGHQ 6WDWH'HUE\ >*@/D3ULPHUD'HO$QR'HUE\ >*@HWF'DPRI 6(&5(7 3$7+ 6, )LUH &OLII 6, >*@ JUDQGGDP RI )22/7+(*8<66, 0\*LUOV7RDVWHG6,WR *LUOV'RQW6HLV6, %RQRILGH6, &,7$7,21),9(6,ZLQVWR&DOLIRUQLD)XWXULW\>5@ )/$0,1*2876,JE\:DON7KUX)LUHZLQVWR)DUQDP 6QG=:D\QH*ULIILQ'LUHFWRU¶V6UG.DWHOOD6 ILQDOLVW >*@ *XOIVWUHDP)LYH6,JE\)LVKHUV'DVKZLQVWRQG/RV $ODPLWRV:LQWHU'HUE\6 >*@3&4+5$%UHHGHUV'HUE\ >*@ 7LPRW K\3LORW6,JE\5DLVH$6HFUHWZLQVWRQG*ROG 5XVK'HUE\ >*@0DOLEX6UG0DUDWKRQ+ >*@HWF (DUO\6HFUHW6,JE\5DLVH$6HFUHWZLQVWRQG&DOLIRU QLD6LUHV¶&XS'HUE\>5@ >*@3&4+5$6 ILQDOLVW >*@ )O\LQJ5HJDO6,$5HJDO&KRLFHZLQVWRQG&DOLI%UHHGHUV¶ 'HEXWDQWH6>5@'DPRI )O\LQJ)RRVH6,WR /HDU6,JE\5DLVH$6HFUHWZLQVWR ILQDOLVWLQWKH(O3ULPHUR 'HO$QR'HUE\ >*@ *HQGHU*DS'DPRI 7KH*DS6, >*@ &DOLIRUQLD:LOGILUH6, (1*$*(0(176$4+$&KDOOHQJH$OO$PHULFDQ5DLQERZ5XLGRVR)XW /RV$ODPLWRV7ZR0LOOLRQ)XW*ROGHQ6WDWH0LOOLRQ)XW 5*3 $FFUHGLWHG2NODKRPD%UHG +LS1R +LS1R &RQVLJQHGE\-(+6WDOOLRQ6WDWLRQ$JHQW (XUDWZLVW -DQXDU\6RUUHO)LOO\ (XURHDUV7% (XUDWZLVW ; ,P0HQD FH)DVW6, { /DQJIXKU { 'DQ]LJ 6ZHHW%ULDU7RR 8QN\$QG$OO\ { +HII $FF RUGLQJ7R&KLF { ([H FX W LYH0HQD FH6, { &KLFNV%HGXLQR6, 3URPLVHG0HPR ULHV6, ,P&RORU)DVW6, { 5HODJDWH7% 0DU LH5\RQ6, %\(852($567%6WDNHVZLQQHURIUDFHVLQ86 %LQJ&URVE\6>*@1753DORV9HUGHV6>*@SODFHGLQVWDUWLQ8$( QG*XOI1HZV'XEDL*ROGHQ6KDKHHQ>*@+LVILUVWIRDOVDUH\HDUROGV RI6LUHRIZLQQHUV(XURGHYLOZRPDQ7%(XUR%OD]LQ>4+@6, 6RQRIFKDPSLRQ/$1*)8+57%6LUHRIVWDNHVZLQQHUV LQFOXGLQJ FKDPSLRQV /$:<(5 521 7% >*@ :$1'2 7% VWGDP ,00(1$&()$676,E\([HFXWLYH0HQDFH:LQQHUWR 6LVWHUWR (;(&87,9(721(6,7KLVLVKHUILUVWIRDO QGGDP ,0&2/25)$676,E\5HODJDWH7%:LQQHUDW'DPRIIRDOVWR UDFH520LQFOXGLQJ± (;(&87,9(721(6,IE\([HFXWLYH0HQDFHZLQVWR 74+$6>5@175\LQ1HYLOO'RFXPHQW6ROXWLRQV6>5@ 7H[DV 7ZLVWHU 6 >5@ UG *LOOHVSLH &RXQW\ )DLU )XWXULW\ >*@ 7H[DV 7ZLVWHU6>5@ ([HFXWLYH,QWHQW6,JE\([HFXWLYH0HQDFHZLQVWR UGGDP 0$5,(5<216,E\5RQDV5\RQZLQVWR TXDOLILHGWR6XQ &RXQWU\)XWXULW\ >*@'DPRIIRDOVWRUDFHZLQQHUVLQFOXGLQJ± 4XDOLI\LQJ)RUPDW6,5HODJDWH7%:LQQHUWR WKGDP 721,0$5,(7%E\$]XUH7H:LQQHUDW+DOIVLVWHUWR 3$667+(+$/)7% 'DPRIRWKHUIRDOWRUDFH± 0DULH7RQL7%<XNRQZLQVWR'DPRI± 2QH7RXJK%XFN7%ZLQVWR 9HUPRQWV0DULH7%6,:LQQHUWR &RXQW)OHHW6WUHHW7%ZLQVWR $]XGDQFH7%:LQQHUWR'DPRI± /RXLVLDQD&KDPS7%6,:LQQHUDW $FFUHGLWHG2NODKRPD%UHGHPEU\RWUDQVIHU 5*3 +LS1R &RQVLJQHGE\/D]\(5DQFK//&$JHQWIRU9DOHULDQR5DFLQJ6WDEOHV//& +LS1R 7HPSWLQJ7KH&KLFN9 )HEUXDU\%URZQ)LOO\ )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, 7HPSWLQJ'DVK6, 7HPSWLQJ7KH&KLFN9 ; &KLFNV$)O\LQJ { { $7HPSWLQJ&KLFN6, { &KLFNV%HGXLQR6, 7HPSW0H1RW6, &KLFNV%HGXLQR6, { %HGXLQR7% $&ODVV\&KLFN6, 6KHHU+RSH6, Q DW XUH6, { 7KH6LJ 7LPH)RU/LO %\ 7(037,1* '$6+ 6, &KDPSLRQ \HDUROG FROW 7H[DV&OVF)XW>*@175%URWKHUWR$7(037,1*'$6+6LUHRI520 VWDNHV ZLQQHUV LQFO .,66 0< +2&.6 6, FKDPSLRQ WZLFHZLQV5DLQERZ'HUE\>*@/29(7+(:$<<28/,(6, +HULW DJH 3ODFH )XW >*@ 7(037,1* '(67,1< 6, :HVW7H[DV'HUE\>*@+(=$'$6+,1%<(6,>*@ VWGDP &+,&.6$)/<,1*E\&KLFNV%HGXLQR8QUDFHG'DPRIIRDOVRIUDFLQJDJH WRUDFHLQFOXGLQJ± -0)&DWV$)O\LQJ6,IE\5HG6WRUP&DW:LQQHUWR QGGDP 6+((5+23(6,E\7KH6LJQDWXUHZLQVDWDQG6LVWHUWR 7,0(72/($'6,'DPRIIRDOVWRUDFHDOO520LQFOXGLQJ± 6,03/,)<6,IE\'DVKLQJ9DOZLQVWR'DVK)RU&DVK 'HUE\ >*@74+$6LUHV¶&XS'HUE\>5@ >*@ ILQDOLVWLQWKH'DVKIRU&DVK )XWXULW\ >*@6DP+RXVWRQ)XWXULW\ >*@ 9DOHHU6,IE\'DVKLQJ9DO3ODFHGWR'DPRI± 6KDNH(P/HHU6,:LQQHUWRUG5LR5LFR)XWXULW\ 0.:6DQWD0DULD6,:LQQHUWR UGGDP 7,0()25/,/E\7LPHWR7KLQNULFK8QUDFHG+DOIVLVWHUWR 6L]]OLQJ/LO6, %URRGPDUHRIWKH<HDULQGDPRI &2521$.22/6, &KDP SLRQ \HDUV >*@ &2521$ &+,&. 6, &KDPSLRQ \HDUV >*@ %URRGPDUHRIWKH<HDULQ &2521$&2&. 7$,/6,JUDQGGDPRI &2521$&$6+6, &KDPSLRQ \HDUV >*@ 9$/,$17+(526, >*@ &2521$ &$57(/6, >*@'DPRIIRDOVWRUDFHZLQQHUVLQFOXGLQJ± 7,0(72/($'6,7KH6LJQDWXUHZLQVWR:LQH&RXQWU\ 'HUE\175\LQQG/RV$ODPLWRV'HUE\ >*@-RVLH¶V%DU6 ILQDOLVW/RV$ODPLWRV&KDPS >*@&DOLIRUQLD%UHHGHUV¶&KDPS>5@ >*@ <D7H\+D\6,&KLFNV%HGXLQR:LQQHULQVWDUWDW'DPRI± *2/'18**(75'6,ZLQVWR.LQGHUJDUWHQ)XWXULW\6 >*@QG7KH$PHULFDQ4+5DFLQJ-RXUQDO6 +(<+2//$1'6,ZLQVWR:HVW7H[DV0DWXULW\ >*@ 6XPPHU+DZN0DNHOD6,3ODFHGWRLQ0H[LFR'DPRI± 0DPLWD1DWLYH*&6,ZLQVWR86$LQ0H[LFRQG)X WXULW\&ULDGRUHV0H[LFDQRV>5@ >*@)XWXULW\0H[LFR>5@ 7LPH7R%HGXLQR&KLFNV%HGXLQR8QUDFHG'DPRI± 7LPH 7R 6WUHDN '+ 6, ZLQV WR LQ 86 0H[LFR QG &ODVLFR,QDXJXUDO >*@ 3KDQWRP5XQQHU(2 6,ZLQVWRQG2NODKRPD'HUE\ >*@ %HGXLQRV)RUH6RFNV6,:LQQHUWR'DPRI± $0$/$<$6,ZLQVWR+LDOHDK6RSKRPRUH,QY 0RORWRY6,:LQQHUDWUG'HOWD-XYHQLOH&KDOOHQJH +ROODQG7LPH 6,ZLQVWR ILQDOLVW >*@'DPRI +ROODQG 2SHQHU6,.LQJ2I5RFNLQ5ROO6,ZLQV (1*$*(0(176$OO$PHULFDQ5DLQERZ5XLGRVR)XW 5*3 (PEU\RWUDQVIHU +LS1R &RQVLJQHGE\5DQG\0F'RQDOG 6KH]D1LFH+XVWOH +LS1R $SULO%D\)LOO\ ,QVHSHUDEOH6, 6KH]D1LFH+XVW OH 1LFH+XVW OH { 6HSD U DWLVW6, %HGXLQR6, { &KLFNV 6HSHUDWH:D\V6, $'HOLJKWI XO/HJD F\6, { )LUVW'RZQ'DVK6, )RUW XQH2I'HOLJKW6, { &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, +XVW OH<RXU%XVW OH6, { 'DVK)RU&DVK6, 0LVV-HW6WULGH6, %\ ,16(3(5$%/(6,&KDPSLRQ\HDUROGFKDPSLRQ\HDUROG FROW ZLQV $OO $PHULF DQ 'HUE\ >*@ 5DLQERZ 'HUE\ >*@ %URWKHUWR6(3$5$7(,17(5(676,6LUHRI520VWDNHVZLQQHUV LQFO*2/'',**,1* $6+/(<6, ZLQV6: -XY&KDPS6>*@352172$/(;6,ZLQV /DLFR%LUG6 >5@68''(16(3$5$7,216,(<(*27,7*2,1*216, VWGDP 1,&(+867/(E\&RURQD&DUWHO8QSODFHG'DPRIIRDOVRIUDFLQJDJHLQ FOXGLQJDQXQVWDUWHG\HDUROGWRUDFHLQFOXGLQJ± &DUWHO+XVWOHUJE\0U 3LORWR3ODFHGDW 6KDNHQ1RW6WLUUHG%6,IE\7HPSWLQJ'DVK3ODFHGDW QGGDP +867/(<285%867/(6,E\'DVK)RU&DVKZLQVWR$X URUD 'HUE\>5@ >*@QG&KHUU\&UHHN)XWXULW\>5@ >*@ ILQDOLVW0LOH+LJK)X WXULW\ >*@0LOH+LJK'HUE\ >*@'DPRIIRDOVWRUDFH520LQFOXGLQJ± +XVWOH+XVWOH+XVWOH6,IE\6WUDZIO\6SHFLDO3ODFHGWR ILQDO LVWLQWKH0LOH+LJK'HUE\ >*@$XURUD'HUE\>5@ >*@ +XVWOH2Q'RZQ6,IE\ %ULGOHZRRG3ODFHGWR ILQDOLVWLQWKH 5RFN\0RXQWDLQ)XWXULW\ >*@:HVW6RXWKZHVW'HUE\&KDOOHQJH >*@ UGGDP 0,66-(7675,'(6,E\9LFWRU\6WULGH7%:LQQHUDW6LVWHUWR 4XHHQ2I 9LFWRU\6,'DPRIIRDOVWRUDFH520LQFOXGLQJ± +867/(<285%867/(6,'DVK)RU&DVK6WDNHVZLQQHUDERYH ,5$15($/)$676,%\<DZOZLQVLQVWDUWVWR7RWV 5DQGOH0HPRULDO)XWXULW\ >*@175\LQ ILQDOLVWLQWKH&( :LOOKLWH0HPRULDO'HUE\ >*@ 0V6WUHDNLQ6WULGH6,6WUHDNLQ6L[ZLQVWRQG0LOH+LJK 'HUE\ >*@ ILQDOLVWLQWKH&KHUU\&UHHN)XWXULW\>5@ >*@'DPRI± 60 &KLFNVDVWUHDNLQ6,ZLQVWRUG5HPLQJWRQ 3DUN2NODKRPD%UHG'HUE\>5@ ILQDOLVWLQWKH+HULWDJH3ODFH'HUE\ >*@5HPLQJWRQ&KDPS&KDOOHQJH >*@ (DVWH[+ >*@ 606WUHDNLQ&RXQWU\$4+$$3+$6, $3+$&KDPSLRQ<HDU2OG *HOGLQJZLQQHUWRLQ$3+$UDFHV IQO*UDKDP3DLQW$SS 'E\ >*@ *HWLQWKHSLFWXUH6,%\<DZOZLQVWRQG3RUWODQG0HDGRZV )XWXULW\ TXDOLILHGWR%RLVH)XWXULW\ >*@ ,FDQUXQIDVW6,+H]D)DVW0DQ:LQQHUWR ILQDOLVW >*@'DPRI± ,&DQ7RDVW)DVW6,ZLQVWR ILQDOLVW>5@ >*@ 7RPV'DUOLQJ,V+HUH6L[ )ROV3ODFHGLQVWDUWVDW'DPRI± 7(//(07200<6,ZLQVWR%XUVWRI(QHUJ\'HUE\ QG&KDUOLH5XVVHOO)XWXULW\ >*@*UHDW1RUWKHUQ'HUE\ WKGDP 0,66 -(7 48((1 6, E\ -HW 'HFN ZLQV DW DQG & / 0DGGRQ¶V%ULJKW(\HV6/D0HVD3DUN$OO'LVW&K6HULHV6NL+L3DUN)X WXULW\QG2NODKRPD'HUE\/DP.DQVDV'HUE\%XWWRQVDQG%RZV6$OO 'LVWDQFH&KDPS6HULHVHWF'DPRIIRDOVWRUDFH520LQFOXGLQJ± 4XHHQ2I9LFWRU\6,ZLQVWRUG-HW'HFN+ >*@ 0LVV$ZHVRPH4XHHQ6LU$XVWLQ'XQFDQ8QSODFHG'DPRI 6FDUH\$WWL WXGH6, &ROLQV6KDGRZ 5*3 $FFUHGLWHG2NODKRPD%UHG +LS1R &RQVLJQHGE\5R\DO9LVWD(TXLQH,QF$JHQWIRU 9DXJKQ-LOO&RRN 0LD.LQH +LS1R 0DUFK6RUUHO)LOO\ 'RPLQ\XQ6, 0LD.LQH 0LD-RQHV6, { 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, 5XQD ZD\'HH'HH6, D ZD\:LQQ HU6, { 5XQ 'DVKLQ'HH'HH6, { 6SHF LDO/HDGHU6, F LDO(II RUW6, { 6SH 0LVV(\H2SHQHU6, 6LJQ:LQGMDPPHU Q DW XUH6, { 7KH6LJ $FF HSWD EOH5LVN %\ '20,1<816,6WDNHVSODFHGZLQQHURIUDFHVQG 5XLGRVR'HUE\>*@UG$OO$PHULF DQ)XW>*@+DOIEURWKHUWR$'2:1 5,*+7581$:$<6, 5,'',&.6,+LVILUVWIRDOVDUH\HDUROGVRI LQFO 18&.<6,ZLQVLQVWDUWV:HVW7H[DV)XW>*@ 7,&./(85)$1&<6,ZLQVLQVWDUWV3RW 2¶*ROG)XW $GHODG\6,ZLQQHU IQO>*@%3 -XGVHQZLQQHU VWGDP 0,$-21(66,E\6SHFLDO/HDGHUZLQVWR .2);)0+ >*@$4+$0HPEHUV3OXV67RS 5RFNHWWH2YHUQLJKW6QG0LVV3ULQ FHVV+ >*@5HDO:LQG6UG/DV 'DPDV+ >*@/D 3DFLILFD6 ILQDOLVW LQ WKH 5XLGRVR )XWXULW\ >*@ 0LOGUHG 1 9HVVHOV 0HPRULDO + >*@ /RV $ODPLWRV:LQWHU'HUE\ >*@5XLGRVR'HUE\ >*@'DPRIIRDOVRIUDFLQJ DJHWZR\HDUROGVERWKVWDUWHGWRUDFH520LQFOXGLQJ± $ZLVH+HUR6,FE\9DOLDQW+HUR:LQQHUDWQG7KH*HW DZD\6 :DYH%\H7R 0LD6,IE\:DYH&DUYHU:LQQHUDW 0H]HUV6,JE\ 6WHO&RURQDZLQVDW QGGDP 6,*1:,1'-$00(5E\7KH6LJQDWXUH8QSODFHG'DPRIIRDOVWRUDFH 520LQFOXGLQJ± 0,$-21(66,IE\6SHFLDO/HDGHU6WDNHVZLQQHUDERYH 6LJQ2I&DUWHO6,JE\&RURQD&DUWHOZLQVWR UGGDP $&&(37$%/(5,6.E\6WUHDNLQ6L[ ILQDOLVWLQWKH 4+%&)UHVKPDQ&ODVVLF >*@'DPRIRWKHUIRDOVWRUDFHLQFOXGLQJ± 5RVHOD6,7KH6LJQDWXUHZLQVWR WKGDP )/<,1* &+,&.(77(6,E\7KUHH&KLFNVZLQVWR'DPRI IRDOVWRUDFHZLQQHUVLQFOXGLQJ± 0\)OLJKW3ODQ6,5HE¶V3ROLF\7%ZLQVWRQG/RV 1LQRV 6UG-XYHQLOH,QY6.LQGHUJDUWHQ)XWXULW\ /H0RRQ&KLFN6,0RRQ/DUNZLQVWRQG3UHVFRWW'HUE\ ILQDOLVW*ROGHQ6WDWH'HUE\ >*@/D 3ULPHUD'HO $QR'HUE\ >*@'DPRI± 7$%/( 32/,&< $))$,5 6, ZLQV WR *ROG 5XVK 'HUE\ >*@QG5HPLQJWRQ'LVWDQFH0DWXULW\ >*@ ILQDOLVWLQWKH(O 2FKR 6HWHQWD+ >*@:DU&KLF+ >*@ 021'$9,6,ZLQVWR:LQH&RXQWU\ 'HUE\175\LQ QG%D\6KRUH-XYHQLOH6UG 3&4+5$%UHHGHUV¶'HUE\ >5@ >*@ ILQDOLVWLQWKH 3&4+5$%UHHGHUV¶)XWXULW\>5@ >*@ /H0RRQ7DVN6,ZLQVWRQG$OH[ 3LFRY&KDPSHWF /D'DVK6,ZLQVDWDQG'DPRI± 5R\DO(YHQLQJ'DVK6,ZLQVWRUG$OO&DQDGLDQ 'HUE\)RUW(ULH 4+7%&KDOOHQJH6%DWWOHRIWKH%UHHGV6HWF 3\URGDVK6,ZLQVWRQG$OO&DQDGLDQ)XWXULW\$OH[ 3LFRY0HPRULDO&KDPS$OH[ 3LFRY0HPRULDO)XWXULW\>5@ 'DVK'RZQ8QGHU6,:LQQHUWRUG$OO&DQDGLDQ)XWXULW\ 3ULPR'DVK6,:LQQHUWR (1*$*(0(176$4+$&KDOOHQJH$OO$PHULFDQ5DLQERZ5XLGRVR)XW $FFUHGLWHG2NODKRPD%UHGHPEU\RWUDQVIHU 5*3 +LS1R &RQVLJQHGE\9LVWD(TXLQH&RORUDGR//&$JHQWIRU'DQ&RQQLH0RRQ +LS1R 5XFXV )HEUXDU\6RUUHO&ROW +DGWREHQXWV6, 5XFXV -R'HH&KLF6, { 6WULNH7KH&DVK6, { )LUVW'RZQ'DVK6, 0LVV 6WULNLQ-HW6, 6KHV%DG6, E UDQG%DU6, { )LUH 0LVV 2DNLH 0LWR6, { -RG\2 7RROH6, { -RG\V*ORU\6, -HWWD2 7RROH6, &KLFNDGRZQ$]X UH6, { (DV\)LUVW'RZQ6, &KDUO\V5DJW LPH%DQG %\ +$'72%(18766, 6WDNHVZLQQHURIUDFHVLQVWDUWV +DUUDK¶V (QW 'HUE\175 0U -HW 0RRUH + UG $OO $PHULF DQ 'HUE\ >*@ 6LUH RI 520 VWDNHV ZLQQHUV LQFO +$' 72 %( )$1 '$1*26,ZLQV0DSOH/HDI'HUE\5&+$'72%(0< '$<6,6DP+RXVWRQ -XY>*@ +$'$&(57$,1&+$506, +$'72%($:,11(56,5& +$'72%(029,1 VWGDP -2'((&+,&6,E\-RG\2 7RROHZLQVDW5RFN\0RXQWDLQ 6SULQJ&ODVVLF)XWXULW\QG,GDKR&XS)XWXULW\>5@'DPRIIRDORIUDFLQJ DJHDQXQVWDUWHG\HDUROG QGGDP &+,&.$'2:1$=85(6,E\(DV\)LUVW'RZQ3ODFHGDW'DPRIIRDOV WRUDFHZLQQHUVLQFOXGLQJ± :$<:$5':,1*66,IE\ +DGWREHQXWVZLQVWR+DZ WKRUQH)XWXULW\UG'L[LH'RZQV)XWXULW\ ,4+$,GDKR&XS'HUE\>5@ -2'((&+,&6,IE\-RG\27RROH6WDNHVZLQQHUDERYH +DG7R%H&KDUOH\6,JE\ +DGWREHQXWV:LQQHUWR 8QHYHUNQRZIE\ +DGWREHQXWV3ODFHGWR UGGDP &+$5/<65$*7,0(%$1'E\%DQG2I$]XUH8QUDFHG'DPRIIRDOVWR UDFH520LQFOXGLQJ± -XVW$5XPRU6,5DUH1HZVZLQVWRQG6XQ 'RZQV'LVWDII&KDOOHQJH %DQG2I 6DPEDVR6,6DPEDVR'DQFHUZLQVWR WKGDP ,76*277$%(&+$5/(<6,E\7RR7LG\ZLQVLQVWDUWVWR ,GDKR 4+%$'HUE\>5@ ILQDOLVWLQWKH%RLVH'HUE\ >*@'DPRI IRDOVWRUDFH± ,WV*RWWD%H6SHFLDO6,&DQWK3ODFHGWR &DQWK%H )RROLQ&DQWK3ODFHGWR (1*$*(0(176$4+$&KDOOHQJH/RV$ODPLWRV7ZR0LOOLRQ)XW*ROGHQ 6WDWH0LOOLRQ)XW%LWWHUURRW)XW $FFUHGLWHG,GDKR%UHG 5*3 +LS1R +LS1R &RQVLJQHGE\%RE0RRUH)DUPV//&$JHQW 5R\DOH&KLFN -DQXDU\6RUUHO)LOO\ &RXQW U\&KLFNV0DQ6, 5R\DOH&KLFN '\Q DVW\5R\DOH { &KLFNV%HGXLQR6, { %HGXLQR7% $&ODVV\&KLFN6, &RXQW U\=HYL6, { =HYL7% 7KDW&RXQW U\&KDUP6, { )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, 7HOO+HU0RUH6, { 5DUH)RUP6, 7HOOHU4XHHQ6, %\&28175<&+,&.60$16,&KDPSLRQ>5*@6LUH RI520VWDNHVZLQQHUVLQFO6802.,16,ZLQV %ODFN *ROG)XW>*@.22/ &28175< 0$16, ZLQV 6DP+RXVWRQ&KDPS>*@.$7,//$&0$16, >*@&28175<%2<'(/8;(6,6+$1$&+((6,6: (<(&$1'<36,FKDPSLRQ.QXFNOHV27RROH6,>*@ VWGDP '<1$67<52<$/(E\)LUVW'RZQ'DVK:LQQHUDW7KLVLVKHUILUVWIRDO QGGDP 7(//+(5025(6,E\5DUH)RUP:LQQHUDW ILQDOLVWLQWKH$OO $PHULFDQ)XWXULW\ >*@6LVWHUWR 5DUH.LQJ6,'DPRIIRDOVWRUDFH ZLQQHUVLQFOXGLQJ±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± 7KH)OLQJ.LQJ6,6SHFLDO(IIRUWZLQVWRQG(G%XUNH)X WXULW\ >*@.LQGHUJDUWHQ)XWXULW\ >*@ ILQDOLVW$OO$PHULFDQ)XWXULW\ >*@ 5DUH.LQJ 6,5DUH)RUPZLQVWRQG%XUQHWW6UG5HIULJ HUDWRU6 ILQDOLVW$OO$PHULFDQ'HUE\ >*@5DLQERZ'HUE\ >*@6LUH 6WHOODU4XHHQ6,6SHFLDO(IIRUW:LQQHUWR'DPRI± 6WRODZD\.LQJ6,ZLQVWRQG5XLGRVR2YHUQLJKW <DUG6UG$OO$PHULFDQ2YHUQLWH6 ILQDOLVW>5@ >*@ 7HOOHU<HS6,:LQQHUWRQG6XQODQG)DOO-XYHQLOH'DPRI± --V*RQH6,ZLQVWRQG5DLQERZ'HUE\ >*@ (\H%H6ZLIW6,ZLQVDWDQGQG$PHULFDQ4+5DFLQJ -RXUQDO6 ILQDOLVWLQWKH5HWDPD3DUN'HUE\ >*@ 7HOOHUV5RFNHW6,:LQQHULQVWDUWVUG(O0RURGH&XPSDV)XW 4XHHQ7KHQ$QG1RZ6,:LQQHU'DPRI 7UXH$FWLRQ6, *RLQJ6LQJOH8QSODFHG'DPRI± 612:%281'%($676,ZLQVWR(YHUJUHHQ 3DUN'HUE\&KDOOHQJH175QG&DOLIRUQLD%UHHGHUV&KDPS>5@ >*@ $4+$'HUE\&KDOOHQJH&KDPS >*@ ,YOLV6,ZLQVWRUG9DQG\¶V)ODVK+ ,I,:HUH.LQJ6,)LUVW'RZQ'DVK:LQQHUDW ILQDOLVWLQWKH 5HPLQJWRQ3DUN)XWXULW\ >*@+HULWDJH3ODFH)XWXULW\ >*@ 7HOOHU/LHV)LUVW'RZQ'DVK8QUDFHG'DPRI± 3$,17('/,(66,ZLQVWR3UDLULH0HDGRZV'HUE\&KDO OHQJH >*@016WDOOLRQ%UHHGHUV1&4+5$'HUE\HWF (1*$*(0(176$4+$&KDOOHQJH$OO$PHULFDQ5DLQERZ5XLGRVR)XW $FFUHGLWHG2NODKRPD%UHG 5*3 +LS1R &RQVLJQHGE\0DUW\3RZHUV$JHQWIRU)ODJ5DQFK//& 5RVH\'RHV,W +LS1R 0DUFK%URZQ)LOO\ 0U-HVV3HUU\6, 5RVH\'RHV,W $6QRZ\&DUW HO6, { 6WUHDNLQ/D-ROOD6, { 6WUHDNLQ6L[6, %RWW RP¶V8S6, 6FRRSLH)HLQ6, { 6LQQ)HLQ6, /HJV/D6FRRS6, { &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, $6QRZ\)OLQJ6, {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± $612:<&$57(/6,IE\&RURQD&DUWHO6WDNHVZLQQHUDERYH %36QRZ\6XFFHVV6,IE\&DUWHO6XFFHVVZLQVWRQG %LOO+HGJH0HPRULDO6UG+LDOHDK/DVVLH)XWXULW\ 5HDO6RXWKHUQ6NLS6,JE\6RXWKHUQ&DUWHOZLQVWR UGGDP )5,6&2)/,1*E\'DVK)RU&DVK8QSODFHG6LVWHUWR'DVK6'LDPRQG6, JUDQGGDPRI 52<$/48,&.',$021'6, >*@5LWD $QQV 'DVKGDPRI 68&&(66)8/'$6+6,KDOIVLVWHUWR 7KLQN $0LWH6,, *RWXP6,JUDQGGDPRI 5($/($6<&$6+>$3+$@6, $3+$ :RUOG&KDPSLRQ $3+$ &KDPSLRQ <HDU2OG '2&725 675($.,16,'DPRIIRDOVWRUDFH520LQFO± $5($/0$16,+H]D)DVW0DQ &KDPSLRQ<HDU2OG &KDPSLRQ <HDU2OG *HOGLQJ ZLQV WR 5HPLQJWRQ 'HUE\ >*@175+HULWDJH3ODFH'HUE\ >*@6RRQHU6WDWH6>5@QG7H[DV &ODVVLF'HUE\ >*@UG$OO$PHULFDQ'HUE\ >*@5DLQERZ'HUE\ >*@ %36 -803,1)5,6&26,-XPSQZLQVWR6LJQDWXUH6 7DOODKDVVHH6%HDXWLIXO3UDLULH6QG0U-HW0RRUH+UG+HULWDJH 3ODFH'HUE\ >*@(DV\-HW6>5@ >*@5HPLQJWRQ2NOD%UHG'HUE\>5@ 0U-HW0RRUH6>5@ ILQDOLVW/RV$ODPLWRV7ZR0LOOLRQ)XWXULW\ >*@ $&$57(/)/,1*6,&RURQD&DUWHOZLQVWR2NOD+RUVH PHQ¶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{ &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, 'DVKLQ)ROOLHV F LDO6, { 6WUDZIO\6SH 'DVKLQJ)ROO\6, { )HDW XUH0U-HVV6, { 0U-HVV3HUU\6, %UHQGD)HDW XUH6, $OODPHULFDQGUHDPJLUO6, F LDO6, { 6WUDZIO\6SH 'DVKLQJ3KRHEH6, %\ 3<&3$,17<285:$*216,6WDNHVZLQQHURI>*@ 6LUHRI520VWDNHVZLQQHUVLQFO,0$)$1&< 3<&6, ZLQV2NOD%UHG)XW>5*@:$*217$/(66,ZLQV )5(,*+775$,1 % 6, %ODFN *ROG )XW >*@ -2.(521-$&.6,2.+RUVHPDQ¶V0\VWHU\)XW>5*@ QWU &58=,17+(:$*216,9DOOH\-XQFWLRQ)XW>*@ VWGDP )($785( '5($0*,5/6,E\)HDWXUH0U-HVVZLQVWR1RUWK 'DNRWD +RUVH 3DUN 'HUE\ QG 0LQQHVRWD 6WDOOLRQ %UHHGHUV1&4+5$ 'HUE\'DPRIIRDORIUDFLQJDJH± )($785($581$:$<6,JE\2FHDQ5XQDZD\ZLQVWR &DQWHUEXU\3DUN'HUE\ QGGDP $//$0(5,&$1'5($0*,5/6,E\6WUDZIO\6SHFLDOZLQVWR ILQDOLVW/DV 'DPDV+ >*@'DPRIIRDOVWRUDFH520LQFOXGLQJ± $0(5,&$1 581$:$< 6, F E\ 2FHDQ 5XQDZD\ &KDPSLRQ <HDU2OG &KDPSLRQ<HDU2OG&ROWZLQVWR5XLGRVR )XWXULW\ >*@ QG 7H[DV &ODVVLF )XWXULW\ >*@ 5DLQERZ )XWXULW\ >*@ 5HPLQJWRQ3DUN)XWXULW\ >*@6LUH )($785('5($0*,5/6,IE\)HDWXUH0U-HVV6WDNHVZLQQHUDERYH 7HOOHU ,PD'UHDP6,JE\7HOOHU&DUWHOZLQVWR UGGDP '$6+,1*3+2(%(6,E\'DVK)RU&DVK &KDPSLRQ<HDU2OG)LOO\ &KDPSLRQ<HDU2OG)LOO\ZLQVLQVWDUWV.DQVDV)XW >*@.DQVDV'HUE\ >*@HWF'DPRI520$3+$LQFOXGLQJ± +($576:,'(23(1 6, )HDWXUH 0U -HVV &KDPSLRQ <HDU2OG &KDPSLRQ<HDU2OG &KDPSLRQ<HDU2OG)LOO\ZLQVLQ VWDUWVWR$OO$PHULFDQ)XWXULW\ >*@5XLGRVR)XWXULW\ >*@ 5DLQERZ'HUE\ >*@5XLGRVR'HUE\ >*@HWF 63(&,$/3+2(%(6,6SHFLDO(IIRUW &KDPSLRQ$JHG0DUHZLQV :RUOG¶V &KDPS &ODVVLF >*@ 5DLQERZ 6LOYHU &XS >*@ 5XLGRVR6DOH)XWXULW\>5@ >*@HWF'DPRI $63(&,$/ 612)/26, >*@ 6SHFLDO 3KRHQL[ 6, JUDQGGDP RI '8(/,1*-8$1 6,>5@ >*@ )85<2)7+(:,1'6,&RURQD&DUWHOZLQVWR&DOLIRUQLD &KDOOHQJH >*@ ILQDOLVW *ROGHQ6WDWH'HUE\ >*@HWF '$6+,1*)25'(67,1< 6,0U-HVV3HUU\ZLQVWR 74+$ 6LUHV¶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{ 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, 'LYL G HQGV'HF ODUHG6, { )LUVW'RZQ'DVK6, (DV\ +HQU\HWWD6, { 6WUDZIO\LQ%XGV6, F LDO6, { 6WUDZIO\6SH 7LQ\V5RVH%XG6, 6WUDZE HUU\1&UHDP { .LWDPDQ6, 0\6WUDZE HUU\:LQH %\+,*+5$7(2)5(78516,6WDNHVZLQQHURIUDFHV +HULW DJH3ODFH)XWXULW\>*@+LVILUVWIRDOVDUH\HDUOLQJVRI6RQRI FKDPSLRQ05-(663(55<6,VLUHRIVWDNHVZLQQHUVLQFOFKDP SLRQV $32//,7,&$/-(666,ZRUOGFKDPSLRQZLQV /RV$ODPLWRV'HUE\>*@21()$0286($*/(6,/RV $ODPLWRV)XW>*@ 12&21,6,>*@ 0$7$%$5,6, VWGDP &)%XGV$ 6PRNLQ6,E\ 6WUDZIO\LQ%XGV:LQQHUWRUG4XLFN VLOYHU6>5@'DPRIIRDOVRIUDFLQJDJHWRUDFHLQFOXGLQJ± &) 6PRNLQ*XQ6,IE\7UHV 6HLV:LQQHUWR &) 6PRNLQ6ZHHWLHIE\ *LYLQLWDUR\DOHIIRUW3ODFHGLQVWDUWVDW QGGDP 675$:%(55<1&5($0E\ .LWDPDQ8QSODFHG'DPRIIRDOVWRUDFH ZLQQHUVLQFOXGLQJ±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± &)5DULW\6,ZLQVWR 7KH 6SRUVWHU6,:LQQHUWR &))O\HU6,:LQQHUWR ILQDOLVWLQWKH2NODKRPD+RUVHPHQ¶V $VVRF)XWXULW\>5@ >*@ 4XLFN'L[LH&KLFN8QSODFHG'DPRI± &KLFN (OHVH6,:LQQHUWR UGGDP 0<675$:%(55<:,1(E\&KDUOLH%LUG8QUDFHG'DPRIIRDOVWRUDFH ZLQQHUVLQFOXGLQJ± 32&.(7352),76,&RXQW*LDFRPR7% ZLQVLQVWDUWVWR %XGZHLVHU'HUE\ >*@+RSHVDQG'UHDPV)XWXULW\>5@ >*@6W 1LFKRODV([SUHVV+ >*@'DUUHOO5RVH0HPRULDO)XWXULW\0LG$PHU LFD)XWXULW\)DLU0HDGRZV61752NODKRPD%UHG)XWXULW\>5@+RSHV DQG'UHDPV'HUE\>5@QG 6KHEHVWHU*ROG&XS0LGZHVW&LW\6'XQFDQ 6UG+HULWDJH3ODFH)XWXULW\>5@ >*@ 6KHEHVWHU*ROG&XS ILQDOLVW LQWKH +RUVHPHQ¶V 4+5$&KDPS >*@*R0DQ*R+ >*@+HULWDJH3ODFH 'HUE\>5@ >*@ -R\V3URILW6,&RXQW*LDFRPR7%:LQQHUWR &RXQWLQ 6WUDZEHUU\V&RXQW*LDFRPR7%:LQQHUWR'DPRI± &2817,175($685(6$3+$6,ZLQVWR2O\PSLD-RH+ 6OLFN6O\$3+$6,ZLQVWRQG5HG5LYHU3DLQW0DWXULW\ 5*3 $FFUHGLWHG2NODKRPD%UHG +LS1R &RQVLJQHGE\ '/75DQFK$JHQW 0DJLFDO-HVV +LS1R -DQXDU\%D\&ROW 2QH6ZHHW-HVV6, 0DJL F DO-HVV 0DJLF$QG5K\WKP6, { 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, 2QH6ZHHW'DVK6, { )LUVW'RZQ'DVK6, 6ZHHW %HGXLQR6, { 5HG+RW5K\WKP6, %HGXLQR6, { &KLFNV )O\ 5\WKP)O\6, 0DJLF DO'DVK { )LUVW'RZQ'DVK6, -HWW\6, %\21(6:((7-(666,6WDNHVZLQQHURIUDFHV>*@ +DOIEURWKHUWR21('$6+,1*($*/(6,ZRUOGFKDPSLRQ+LVILUVW IRDOVDUH\HDUROGVRI6LUHRI520LQFOXGLQJ2QH6ZHHW0DULH IQO2NODKRPD%UHG)XW>5*@2QH6ZHHW5XQDZD\6,ZLQ QHU IQO>5*@-HVV %XUQLQ6,ZLQQHU IQO5XLGRVR )XW >*@)RU6ZHHW-HVV6,ZLQQHU UG3RW 2¶*ROG )XW VWGDP 0$*,&$1'5+<7+06,E\5HG+RW5K\WKPZLQVWR *RYHUQRU¶V&XS'HUE\>5@ >*@/D 3DFLILFD62FHDQVLGH6QG6JW3HS SHU)HDWXUH+ >*@ ILQDOLVWLQWKH0LOGUHG9HVVHOV+ >*@/DV 'DPDV+ >*@ TXDOLILHGWR/RV$ODPLWRV'HUE\ >*@6LVWHUWR '$6+727+((1'6, )LUVW0DJLF DO'DVK6,'DPRIIRDOVRIUDFLQJDJHLQFOXGLQJDQ XQVWDUWHG\HDUROGWRUDFH520LQFOXGLQJ± &KDYHOD0DJLF6,IE\ +DZNLQVRQZLQVWR'DPRI± 8QFODLPHG 'LYLGHQG 6, J E\ $ 0HUH &KRFRODWH :LQQHU DW ILQDOLVWLQWKH*RYHUQRU¶V&XS)XWXULW\>5@ >*@ +DZN,Q7UDIILF6,IE\+DZNLVK:LQQHUWR QGGDP 0$*,& $/'$6+E\)LUVW'RZQ'DVK8QUDFHG'DPRIVWDUWHUV520± '$6+727+((1'6,IE\5HG+RW5K\WKPZLQVLQVWDUWVWR .LQGHUJDUWHQ)XWXULW\ >*@ (75\LQ'DPRI± +DZNLVK7R7KH(QG6,ZLQVWR 0$*,&$1'5+<7+06,IE\5HG+RW5K\WKP6WDNHVZLQQHUDERYH )LUVW0DJLF DO'DVK6,IE\5HG+RW5K\WKPZLQVWRUG 0LVV3ULQFHVV+ >*@ ILQDOLVWLQWKH(G%XUNH0LOOLRQ)XWXULW\ >*@/RV $ODPLWRV:LQWHU&KDPS >*@*RYHUQRU¶V&XS'HUE\>5@ >*@ 0DJLFDO5K\WKP6,JE\5HG+RW5K\WKPZLQVWR 0DJLFDO/DWLQ/RYHU6,JE\ (*6SHFLDO:D\VZLQVLQVWDUWVWR TXDOLILHGWR*ROGHQ6WDWH0LOOLRQ)XWXULW\ >*@ UGGDP -(77<6,E\(GLWRULDO&RPPHQW7%:LQQHUDW'DPRI IRDOVWRUDFHZLQQHUVLQFOXGLQJ± )$7 52<$/,7<6,5R\DO(YHQLQJ6QRZZLQVWR*DUGHQ *URYH2YHUQLJKW6UG7UHV 6HLV6 ILQDOLVW6JW3HSSHU)HDWXUH+ >*@ )R[\6SHHGHU6,'DVK7KUX7UDIILFZLQVWRUG&DQDGD-X YHQLOH&KDOOHQJH'DPRI± +$11,%$//(&7256,ZLQVWR-DFN 5KRGHQ0HPR ULDO+175QG-DFN 5KRGHQ0HPRULDO6WLPHV3RUWODQG0HDGRZV )DOO'HUE\UG*UDQWV3DVV'RZQV'HUE\6HW 175\LQ =RRPRQ6,ZLQVWRUG*UHDW)DOOV +5$)XWXULW\ $&DUROLQD-HW6,$OO 0LWH\'DVKZLQVWR TXDOLILHG >*@ WKGDP ,0$-(7%8*6,E\5HDO(DV\-HWZLQVDW'DPRIIRDOVWR UDFHZLQQHUVLQFOXGLQJ± 581-(7%8*6,6L[DUXQZLQVLQVWDUWVDW7ULQLW\ 0HDGRZV )XWXULW\ 'DP RI -$1((6 )$67 0$1 6, ZLQV WR $SSUHKHQG6QG'RQ *XHUUR60U 'RW\%DUV6 ILQDOLVW >*@ (1*$*(0(176$4+$&KDOOHQJH$OO$PHULFDQ5DLQERZ5XLGRVR)XW (PEU\RWUDQVIHU 5*3 +LS1R &RQVLJQHGE\ '/75DQFK$JHQW &RPDQGHU +LS1R )HEUXDU\6RUUHO&ROW 2QH6ZHHW-HVV6, &RPDQGHU :LOOLH6ZLQJV6, { 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, 2QH6ZHHW'DVK6, { )LUVW'RZQ'DVK6, 6ZHHW %HGXLQR6, { :LOOLH :DQWD'DVK6, { )LUVW'RZQ'DVK6, /LTX LG&KDUJH6, $OO7KH0HPR ULHV6, J OHU6, { 5RFNHW:UDQ (DV\-HW¶V6DJH6, %\21(6:((7-(666,6WDNHVZLQQHURIUDFHV>*@ +DOIEURWKHUWR21('$6+,1*($*/(6,ZRUOGFKDPSLRQ+LVILUVW IRDOVDUH\HDUROGVRI6LUHRI520LQFOXGLQJ2QH6ZHHW0DULH IQO2NODKRPD%UHG)XW>5*@2QH6ZHHW5XQDZD\6,ZLQ QHU IQO>5*@-HVV %XUQLQ6,ZLQQHU IQO5XLGRVR )XW >*@)RU6ZHHW-HVV6,ZLQQHU UG3RW 2¶*ROG )XW VWGDP :LOOLH6ZLQJV6,E\:LOOLH :DQWD'DVKZLQVWRQG&KDUJHU %DU+ >*@ ILQDOLVW/RV$ODPLWRV&KDPS >*@0LOGUHG9HVVHOV+ >*@ 'DPRIIRDOVRIUDFLQJDJHLQFOXGLQJDQXQVWDUWHG\HDUROGWRUDFHLQ FOXGLQJ± )LUH8S:LOOLH6,IE\:DON7KUX)LUHZLQVWR ILQDOLVWLQ WKH(G%XUNH0LOOLRQ)XWXULW\ >*@*ROGHQ6WDWH0LOOLRQ)XWXULW\ >*@/RV $ODPLWRV6XSHU'HUE\ >*@ QGGDP $OO7KH0HPRULHV6,E\5RFNHW:UDQJOHUZLQVWRUG0LOH +LJK)XWXULW\ >*@9DOOH\66HW 175\LQ6LVWHUWR :5$1 */(56$06,'DPRIIRDOVWRUDFHZLQQHUVLQFOXGLQJ± :LOOLH6ZLQJV6,IE\:LOOLH:DQWD'DVK6WDNHVSODFHGZLQQHUDERYH 0HPRULHV2I6QRZIE\7KLV6QRZ,V5R\DO8QUDFHG'DPRI± 0(025,(62)2.(<6,ZLQVWR5HWDPD3DUN)XWXULW\ >*@QG/RQJKRUQ)XWXULW\ >*@6LUH UGGDP ($6<-(7¶66$*(6,E\(DV\-HWZLQV'DPRIVWDUWHUVDOOZLQQHUV± :5$1*/(5 6$0 6, 5RFNHW :UDQJOHU ZLQV WR 3UHVFRWW'HUE\UG%D\0HDGRZV)XWXULW\ >*@(O 3ULPHUR'HO $QR'HUE\ >*@/RV 1LQRV+ >*@&\SUHVV+ >*@ ILQDOLVW*ROGHQ6WDWH)XW >*@ $OO7KH0HPRULHV6,5RFNHW:UDQJOHU6WDNHVSODFHGZLQQHUDERYH (OHJDQW/DVVLH6,,FKLERQZLQVWRQG5LQJRI5RVHV'HUE\ ILQDOLVWLQWKH2LO&DSLWDO'HUE\ >*@ WKGDP /,77/( 0$%(7%E\%HDX0D[ZLQVWR'DPRIVWDUWHUVZLQ QHUV± 3KDQWRP*D]HOOH7%2OG3XHEOR:LQQHUWR'DPRI± '211$ '2'$'6,ZLQVWR6XQ&RXQWU\)XWXULW\ 6S\*ODVV6,ZLQVWRUG6RQRLWD66HW 175\ 5XQ3KDQWRP7%:LQQHULQVWDUWVDW'DPRI± 5LJKW&XWH7%ZLQVWRUG5LOH\$OOLVRQ)XWXULW\ 6SHHG6SRRN7%6,ZLQVWRQG:(%XFN%ULWW+6LUH 0LVV(DV\-HW6,(DV\-HW3ODFHGLQVWDUWVDW'DPRI± %,*%58,6(56,ZLQVWR5RVV0HDGRZV6WZLFH /DG\ %HDX $ZD\ 7% +LWWLQJ $ZD\ 8QUDFHG 'DP RI %($8 )$6$ 7% >*@ 2%*<1 7% JUDQGGDP RI 81),1,6+(' 6<03+7% >*@ '219217% /LWWOH6DJH7%'DPRI /$ &2&+,7$>0(;@7% 6$*(63,(0$1 6,JUDQGGDPRI 6$*(6%(//(67$56, %$55< %$1',726, +RRNHG2Q&DVK6, >*@ (1*$*(0(176$4+$&KDOOHQJH$OO$PHULFDQ5DLQERZ5XLGRVR)XW 5*3 &DO%UHG HPEU\RWUDQVIHU +LS1R &RQVLJQHGE\6(3UHSSLQJ$JHQW 0\6PRRWK&RURQD +LS1R $SULO*UD\*HOGLQJ -HQV&RU RQD6, 0\6PRRWK&RU RQD 6PRRWK2NLH/DG\ { &RU RQD8S6, U RQD&DUW HO6, { &R 2XJKWD*R4XLFN6, 'DVK1-HQQ\ { :KROHORWWDVWLUULQ6, 7KLV.LGV*RW,W6, { 2NH\'RNH\'DOH6, { )LUVW'RZQ'DVK6, 2NH\GRNH\%DE\6, /DG\V(\HRSHQHU6, {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± %8//<663(&,$/-(76,%XOO\%XOOLRQZLQVWR7ZR 5LYHUV6UG2NODKRPD&KDPS&KDOOHQJH >*@2NODKRPD'HUE\&KDO OHQJH >*@ ILQDOLVW LQ WKH 2NODKRPD &KDPS &KDOOHQJH >*@ &HQWUDO &KDPS&KDOOHQJH >*@6HW175DW3UDLULH0HDGRZV\LQ /LWWOH/DG\*DPEOHU6,5DLVH7KH*DPEOHZLQVWRUG 2NODKRPD+RUVHPHQ¶V$VVRF'HUE\>5@ ILQDOLVWLQWKH9HVSHUR([SUHVV 6 >*@5XLGRVR6SULQW6 >*@'DPRI± =RRPLQIHUUDUL6,ZLQVWRUG2NODKRPD-XYHQLOH&KDO OHQJH >*@ 5DUH*DPEOLQ/DG\6,3ODFHGWR ILQDOLVWLQWKH6SHHGKRUVH 'HUE\>5@ >*@'DPRI±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± /$'<60$16,7KH2OH0DQZLQVWR7KDQNVJLYLQJ)XWXULW\ 6KHV0L/DG\6,7KH2OH0DQZLQVWR'DPRI± *$/(17-2+1,(6,ZLQVWR7H[DV)XWXULW\6LUH %OXH%HOO\6,ZLQVWR6HW175 %LJ'DGG\/DUN6,:LQQHUDW &KLFNZHJR6,7ULSOH&KLFNZLQVDW6LUH 5*3 +LS1R &RQVLJQHGE\%HOOH0HUH)DUP/WG$JHQWIRU'DUOLQJ)DUPV (\H2Q 6WROL +LS1R -DQXDU\*UD\)LOO\ 6WROL6, (\H2Q 6WROL (\H2Q7KH-XU\6, { )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, 6WUDZE HUU\6LON6, { %HGXLQR7% 3DLQWHG%XJ6, { 0U(\H2SHQHU6, { 'DVK)RU&DVK6, %HGDZHH6, -XU\6HOHFW LRQ 7RROH6, { -RG\2 -HQQLIHU6PLWK6, %\ 672/,6,&KDPSLRQ\HDUROGZLQVLQVWDUWV $OO$PHULF DQ'HUE\>*@6LUHRI520VWDNHVZLQQHUV LQFOXGLQJ 672/,6:,11(56,ZRUOGFKDPSLRQFKDPSLRQ\HDUROG $OO$PHULF DQ)XW>*@ .(7(/:216,FKDPSLRQZLQV &KDPSDW 6XQODQG3DUN>*@ '217/(7'2:16,ZLQV $OO$PHULF DQ'HUE\>*@685(6+27%6,>*@ VWGDP (<(217+(-85<6,E\0U(\H2SHQHU:LQQHUWR ILQDOLVWLQ WKH5XLGRVR-XYHQLOH,QYLWDWLRQDO>5@ >*@'DPRIIRDOVRIUDFLQJDJHWR UDFH520 QGGDP -85<6(/(&7,21E\-RG\2 7RROH8QSODFHGLQVWDUW'DPRIIRDOVWR UDFHDOOZLQQHUVLQFOXGLQJ± )O\LQ+LJK6HFUHW6,IE\1R6HFUHWV+HUH:LQQHUWR /HDG7KH-XU\6,IE\/HDG7KH)LHOGZLQVWR /HDG6HOHFWLRQ6,JE\/HDG7KH)LHOG:LQQHUWR UGGDP -HQQLIHU6PLWK6,E\56PLWK7%ZLQVWRUG6L[)ODJV 'HUE\'DPRIIRDOVWRUDFH520LQFOXGLQJ± +$%,78$/ )/<(5 $4+$$3+$ 6, 6SHFLDO (IIRUW ZLQV WR <HOORZVWRQH'RZQV3DLQW)XWXULW\ >*@:HVWHUQ0RQWDQD)DLU 3DLQW)XWXULW\UG:HVWHUQ0RQWDQD3DLQW'HUE\ ,P$ERYH7KH/DZ6,&KLFNV%HGXLQRZLQVWR'DPRI± /DZOHVV(IIRUW6,:LQQHUWR 7KH/HJDO&RXQFLO6,3LH,Q7KH6N\ZLQVWR 6KDNH(P6PLWK6,5R\DO6KDNH(P:LQQHUWR ,Q&RQWHPSW&DVDG\&DVDQRYD8QUDFHG'DPRI± 7DLQW 0LVEHKDYLQ6,:LQQHUWR $VNLQ $LQW *HWWLQ6,:LQQHUDW 7DLQW )LWWLQ6,ZLQVDW WKGDP *,1$1'-(76,E\6RXWKHUQ-HWZLQVWR'DPRIIRDOVWR UDFHERWKZLQQHUV± -HQQLIHU6PLWK6,56PLWK7%6WDNHVSODFHGZLQQHUDERYH *LQ$QG-HW1DWLYH)RO¶V1DWLYH7%ZLQVWR (1*$*(0(176$4+$&KDOOHQJH 5*3 +LS1R &RQVLJQHGE\/D]\(5DQFK//&$JHQW /HDGLQJ0DQQ +LS1R )HEUXDU\%URZQ&ROW &DUWHUV&DUW HO6, /HDGLQJ0DQQ 4XLFN.DWLH6WUHDN6, { &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, -XPSLQJ7DF)ODVK6, { 7ROOWDF6, %HDW<RXU3DQWV2II6, { 5R\DO4XLFN'DVK6, { )LUVW'RZQ'DVK6, +DUHPV&KRLFH6, 6WUHDN.DWLH6WUHDN6, { 6WUHDNLQ6L[6, .DWH6KDQQ RQ7% %\&$57(56&$57(/6,&KDPSLRQ\HDUROGFROW >*@175 6LUH RI VWDNHV ZLQQHUV LQFOXGLQJ &$57(56 &22.,(6,5DLQERZ)XW>*@620(7+,1/,.(7+,66, (DVWH[6>*@&$57(56/$67675$:6,66 3$<',576,>*@&$57(/6)25781(6, &$57(/526,(6,0U3HUU\&DUWHO6,>*@ VWGDP 48,&..$7,(675($.6,E\5R\DO4XLFN'DVKZLQVDW ILQDO LVWLQWKH5DLQERZ)XWXULW\ >*@'DPRIIRDOVRIUDFLQJDJHLQFOXGLQJDQ XQVWDUWHG\HDUROGWRUDFH520LQFOXGLQJ± $]RRPLQ6WUHDN6,IE\$]RRPZLQVWRQG2NODKRPD +RUVHPHQ¶V$VVRF'HUE\>5@UG2NOD+RUVHPHQ¶V$VVRF)XW>5@ >*@ QGGDP 675($..$7,(675($.6,E\6WUHDNLQ6L[ZLQVDW6LVWHUWR 6WUHDNLQ6KDQQRQ6,'DPRIIRDOVWRUDFH520LQFOXGLQJ± .DWLHV9LFWRU\6,IE\9LFWRU\'DVKZLQVDWQG'X%DUE )XWXULW\UG7ZD\QDV'DVK)XWXULW\ >*@ ILQDOLVW >*@'DPRI± 63$1,6+&$57(/6,ZLQVWR&DVK)RU.DV6 ILQDOLVWLQ WKH/RV$ODPLWRV:LQWHU'HUE\ >*@0LOGUHG9HVVHOV+ >*@HWF'DPRI± 9LYL$QD&RURQD6,ZLQVDW86$LQ0H[LFRUG3UHPLR $OEHUWR%DLOOHUHV)XWXULW\ 9,&725<63/$6+6,ZLQVWR)RXQWDLQ9DOOH\6 ILQDOLVW %LWWHUURRW)XWXULW\>5@ >*@$PHULFDQ:HVW)XWXULW\>5@ >*@ (/9,6,6%$&6,ZLQVDW1RUWKZHVW-XYHQLOH&KDOOHQJH >*@ ILQDOLVWLQWKH$4+$-XYHQLOH&KDOOHQJH&KDPS >*@ 6SODVK7DON6,ZLQVWRQG(ONR&RXQW\)DLU'HUE\ ILQDO LVWLQWKH:HVW6RXWKZHVW'LVWDII&KDOOHQJH >*@ -(+&RPSDQ\6,JE\)LUVW'RZQ'DVKZLQVWR ILQDOLVW >*@ UGGDP .$7(6+$11217%E\0LWR3DLQW8QSODFHG6LVWHUWR -2+1(<0,727% -RKQQ\'DUN7%'DPRIVWDUWHUVZLQQHUVLQFO±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{ 6L[DUXQ6, { 6WUHDNLQ6L[6, &KLFNDUXQ6, 2XU7KLUG'HOLJKW6, L F\7% { 5HE¶V3RO 7LQ\¶V'HOLJKW6, { 'DVK)RU&DVK6, J OHU6, { 5RFNHW:UDQ )LQG$%X\HU7% 6XFK$Q(DV\(II RUW6, F LDO(II RUW6, {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± )5('5,&.6%85*6,FE\0U-HVV3HUU\ &KDPSLRQ$JHG6WDOOLRQ ZLQVWR7KH&KDPS$W 6XQODQG3DUN >*@5HIULJHUDWRU+ >*@(DVW'HUE\&KDOOHQJH >*@+HDUWEHDWRI$PHULFD+>5@ >*@QG )LUHFUDFNHU'HUE\ >*@ +DUUDK¶V (QW'HUE\UG 74+$ &ODVVLF6>5@ >*@%)3KLOOLSV-U+>5@ >*@ ILQDOLVW7H[DV&ODVVLF'HUE\ >*@6LUH )5('$9,//(6,IE\0U-HVV3HUU\ &KDPSLRQ$JHG0DUHZLQVWR $4+$'LVWDII&KDOOHQJH&KDPS >*@ 'HFNHWWD6 >*@/RV $ODPLWRV'LVWDII&KDOOHQJH >*@5HPLQJWRQ'LVWDII&KDOOHQJHWZLFH&LW\ RI+LDOHDK66SDUNOLQJ7LS6175\LQQG'LVWDII&KDO OHQJH&KDPS >*@-XQR¶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{ 3DQW KHU0RXQW DLQ6, W HU0H*RQH6, { 0H &DVK7KLV5XQQ HU6, &KH\HQQHV%XOOLRQ6, O LRQ6, { %XOO\%XO &KH\HQQHV +XZDQD6, { *HW'RZQ3HUU\6, { 0U-HVV3HUU\6, 5R\DO'RZQ'DVK6, )DP RXV3KRHEH6, { 'DVK7D)DPH6, )UHVK$SS URDFK %\ '01902817$%/(6,6WDNHVZLQQHURIUDFHV 7H[DV &OVF'HUE\>*@+HULW DJH3ODFH'HUE\>*@5HPLQJWRQ3DUN'HUE\ >*@+DOIEURWKHUWR:$*21)8//2)*2/'6,6LUHRI520LQFO 0V)DVW)LUVW3UL]H6,ZLQVQG:HVW7H[DV'HUE\>*@ *RVSHO+RZG\6,ZLQVUG+LDOHDK(O1LQR6>5@'R]HU6, ZLQV'LVFR)RXU (1%)OR-R6, VWGDP )5((%(3+2(%(E\*HW'RZQ3HUU\8QUDFHG'DPRIIRDOVRIUDFLQJDJH WRUDFH± (1%)UHH0RXQWDLQ6,IE\ '0190RXQWDEOH3ODFHGLQVWDUWVDW QGGDP )$02863+2(%(6,E\'DVK7D)DPHZLQVDW1HZ 0H[LFDQ6SULQJ)XWXULW\>5@ >*@ ILQDOLVWLQWKH=LD)XWXULW\>5@ >*@1HZ 0H[LFR%UHHGHUV¶)XWXULW\>5@ >*@'DPRIIRDOVWRUDFH520LQFO± )DPRXV3DWULRW6,JE\*DPH3DWULRW:LQQHUWR ILQDO LVWLQWKH)RXU&RUQHUV)XWXULW\ >*@5XLGRVR-XYHQLOH&KDOOHQJH >*@ 6OLGH2I+DQG6,IE\)DYRULWH7ULFN7%3ODFHG ILQDOLVW>5@ >*@'DPRI± 'RZQ6LGH0DJLFLDQ6,:LQQHUDW ILQDOLVWLQWKH$OO$PHUL FDQ'HUE\ >*@5HPLQJWRQ&KDPS&KDOOHQJH6 >*@ 3KRHEH :DOOLQJIRUGIE\6RXWKHUQ&DUWHO3ODFHGDW'DPRI± 6FRRW:LWK'D/RRW6,ZLQVWR ILQDOLVW >*@ UGGDP )5(6+$3352$&+E\6SHFLDO7DVN'DPRIIRDOVWRUDFHZLQQHUVLQFO± )$02863+2(%(6,'DVK7D)DPH6WDNHVZLQQHUDERYH 0DMRU%XQNHU%XVWHU6,0DMRU5LPHZLQVWR =DPURQ6,'DVK7D)DPHZLQVWR ILQDOLVWLQWKH$OO$PHUL FDQ'HUE\ >*@1HZ0H[LFR&ODVVLF)XWXULW\>5@ >*@ WKGDP '$6+,1*3+2(%(6,E\'DVK)RU&DVK &KDPSLRQ<HDU2OG)LOO\ &KDPSLRQ<HDU2OG)LOO\ZLQVLQVWDUWV.DQVDV)XW >*@.DQVDV'HUE\ >*@HWF'DPRI520$3+$LQFOXGLQJ± +($576:,'(23(1 6, )HDWXUH 0U -HVV &KDPSLRQ <HDU2OG &KDPSLRQ <HDU2OG &KDPSLRQ <HDU2OG )LOO\ ZLQV LQ VWDUWVWR$OO$PHULFDQ)XWXULW\ >*@5XLGRVR)XWXULW\ >*@HWF 63(&,$/3+2(%(6,6SHFLDO(IIRUW &KDPSLRQ$JHG0DUHZLQV :RUOG¶V&KDPS&ODVVLF >*@5DLQERZ6LOYHU&XS >*@HWF 'DPRI $63(&,$/ 612)/26, >*@ 6SHFLDO3KRHQL[6, JUDQGGDPRI '8(/,1*-8$1 6,>5@ >*@ JUDQGGDPRI 7(037,1*'(67,1<6, >*@ )85<2)7+(:,1'6,ZLQVWR&DOLIRUQLD&KDOOHQJH >*@ '$6+,1*)25'(67,1<6,0U-HVV3HUU\ZLQVWR 74+$ 6LUHV¶&XS'HUE\>5@ >*@ ILQDOLVW >*@ 62/,''(0$1'6,ZLQV3ULGHRI7H[DV+>5@ >*@ $OODPHULFDQGUHDPJLUO6,6WUDZIO\6SHFLDOZLQVWR IQO >*@ 'DPRI $0(5,&$1581$:$<6,&KDPSLRQ >*@ 7KLV 'UHDPV )O\LQJ 6, :LQQHU 'DP RI +(6 5(/(17/(66 6, &KDPSLRQ >*@ 'UHDPQZLGHRSHQ6, >*@ (1*$*(0(176$4+$&KDOOHQJH$OO$PHULFDQ5DLQERZ5XLGRVR)XW 5*3 +LS1R &RQVLJQHGE\1RUWK)DUPV//&$JHQWIRU5R\%UDGOH\ %\H-HVVLH +LS1R $SULO*UD\)LOO\ -HVV-RQHV6, %\H-HVVLH $QQD0DGLV RQ { 0U-HVV3HUU\6, { 6WUHDNLQ/D-ROOD6, 6FRRSLH)HLQ6, 'LVFR'HO5H\6, { 'LVFR-HUU\7% 2DNV)R[\/DG\ { ([W UD6SHF LDO(II RUW6, F LDO(II RUW6, { 6SH )O\LQJ 5RFNHWWH6, +HPSHQV7UHDW6, { &DVK7UHDW6, 7HQG HU+HPS6, %\-(66-21(66,6WDNHVZLQQHURIUDFHV 6/0%LJ 'DGG\6>*@3DXO¶V 9O\+>*@2NOD&HQWHQQLDO6175 IQO5HPLQJWRQ 3DUN,QY&KDPS>*@5HPLQJWRQ3DUN+>*@HWF+DOIEURWKHUWR)$67 '(/5(<6,'$6+'(/5(<6,6LUHRIIRDOVRIUDFLQJDJH6RQRI FKDPSLRQ05-(663(55<6,VLUHRIVWDNHVZLQQHUVLQFO $32/ /,7,&$/-(666,ZRUOGFKDPSLRQ 0$7$%$5,6, VWGDP $11$0$',6 21E\([WUD6SHFLDO(IIRUW3ODFHGWR'DPRIIRDOVRIUDFLQJ DJHD\HDUROGDQGD\HDUROGERWKXQVWDUWHG QGGDP +(03(1675($76,E\&DVK7UHDWZLQVWR'DPRIIRDOVWR UDFHLQFOXGLQJ± %HGWLPH/LHV6,IE\([WUD6SHFLDO(IIRUW3ODFHGWR UGGDP 7HQGHU+HPS6,E\%DU+HPSZLQVWRQG$OO&DQDGLDQ)X WXULW\7URXW6SULQJV'HUE\'DPRIIRDOVWRUDFHZLQQHUVLQFOXGLQJ± 2K6R(DV\7R /XY6,(DV\6DJH:LQQHUWR 7RS27KH0RUQLQJ6,.DZHDK6XQULVHZLQVWR WKGDP /89:,7+($6(6,E\:LWK(DVHZLQVDW'DPRIIRDOVDOOZLQQHUV LQFOXGLQJ± 7HQGHU+HPS6,%DU+HPS6WDNHVSODFHGZLQQHUDERYH /XYLQJ7LPH6,1RZ,V7KH7LPH7%ZLQVWRQG&DQDGLDQ %UHG'HUE\>5@ 7HQGHU7KRXJKW6,7KLQN 3RVWLYHZLQVDW 5*3 +LS1R +LS1R &RQVLJQHGE\ '/75DQFK$JHQW $:LQQLQJ&]HFK 0D\%D\&ROW &RU RQD&]HFK6, $:LQQLQJ&]HFK $:LQQLQJ&KLFN6, { )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, &RU RQD&KLFN6, %HGXLQR6, { &KLFNV 6L]] OLQJ/LO6, { &KLFNV %HGXLQR6, { %HGXLQR7% $&ODVV\&KLFN6, :LQ)RU7LQ\6, { 7LQ\¶V*D\6, $QQ LH:LQVORZ %\&2521$&=(&+6,6WDNHVZLQQHURI%URWKHUWR&2 521$&$6+6,FKDPSLRQKDOIEURWKHUWR&2521$&$57(/6, 6LUHRI520VWDNHVZLQQHUVLQFO0$*,&6+2:&=(&+ 6,ZLQV*RYHUQRU¶V&XS)XW>5*@(/ $*8,/$5($/6, >*@ 6+257 &=(&+ 6, >*@&=(&+ 1 287 $6+/(<6,>*@%/$&.%(55<&=(&+6, VWGDP $:LQQLQJ&KLFN6,E\&KLFNV %HGXLQRZLQVWRUG6DQWD 0DULD6 ILQDOLVWLQWKH&DOLIRUQLD6LUHV¶&XS)XWXULW\>5@ >*@7RZQ3ROLF\ + >*@'DPRIIRDOVRIUDFLQJDJHLQFOXGLQJDQXQVWDUWHG\HDUROG WRUDFH520LQFOXGLQJ± 0DXL%DEH6,IE\$&ODVVLF'DVK:LQQHUWR'DPRI± 0RGHOR&ODUD6,IE\&RXQW&RURQDZLQVWR )LVKLHIE\)LVKHUV'DVK:LQQHUWR QGGDP :,1)257,1<6,E\7LQ\¶V*D\:LQQHUDW'DPRIIRDOVWR UDFHZLQQHUVLQFOXGLQJ± $:LQQLQJ&KLFN6,IE\&KLFNV %HGXLQR6WDNHVSODFHGZLQQHUDERYH :LQ)RU:RRGVWRFN6,JE\:RRGVWRFN%URZQZLQVWR 7KXQGHU&KLOG6,JE\:RRGVWRFN%URZQZLQVWR ILQDOLVW >*@ *UD\'XWFKPDQ6,JE\+ROODQG(DVH:LQQHUWR 6WUDZEHUU\%URZQIE\:RRGVWRFN%URZQ3ODFHGWR'DPRI± 0<675$:%(55<&+,&.6,ZLQVWR$K6LJK6+HDG 3LQ67KH&ODVVLFV'HUE\>5@QG&DOLIRUQLD'HUE\&KDOOHQJH >*@ /RQH6WDU3DUN$W*UDQG3UDLULH6)ORUHQWLQH6UG(G%XUNH0HPR ULDO)XWXULW\ >*@ ILQDOLVW 3&4+5$%UHHGHUV¶)XWXULW\ >*@'DPRI± 0<),5673$66,216,ZLQVWR)LUHFUDFNHU)XWXULW\ >*@QG)LUHFUDFNHU'HUE\ >*@ ILQDOLVW$OO$PHULFDQ)XWXULW\ >*@ 0\%OXHEHUU\&KLFN6,ZLQVWR'DPRI± %/8(3,5$1+$6,ZLQVWR$XWXPQ6UG*RYHU QRU¶V&XS)XWXULW\>5@ >*@ 7KLUGV%OXH/HJHQG6,ZLQVWRQG $GHTXDQ $UDSDKRH 'HUE\&KDOOHQJH ILQDOLVWLQWKH$4+$'HUE\&KDOOHQJH&KDPS >*@ %OXHV/LO&RURQD6,:LQQHUWRUG'DYLH6 %OXHEHUU\+LJK6,ZLQVWR ILQDOLVWLQWKH$=4XDUWHU 5DFLQJ3UHVLGHQW¶V2SHQ)XWXULW\ >*@ 0\7UDIILF'DVKHU6,ZLQVWR ILQDOLVWLQWKH&DOLIRUQLD6LUHV¶ &XS)XWXULW\>5@ >*@ %HUU\5HG+DZN6,ZLQVWR )LUHFUDFNHU([SUHVV6,ZLQVWR 6WUDZEHUU\3HDN6,ZLQVWR ILQDOLVWLQWKH(O 3ULPHUR'HO $QR'HUE\ >*@ 0\0D\&KLFN8QUDFHG'DPRI± 0\ .XKO&KLFN6,ZLQVWR $:LQQLQJ0RPHQWIE\&KLFNV %HGXLQR8QUDFHG'DPRI± 3KLODGHOSKLD3DWULRW6,ZLQVWR ILQDOLVWLQWKH(O 3ULPHUR 'HO $QR'HUE\ >*@ (1*$*(0(176$4+$&KDOOHQJH &DO%UHG 5*3 +LS1R &RQVLJQHGE\0DUW\3RZHUV$JHQWIRU0LFKDHO76DPSOHV 5RRVWHUVLWR +LS1R -DQXDU\%D\&ROW 3DSSDVLWR6, 5RRVWHUVLWR 0DEHOHHQ { &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, 6WUDZE HUU\6LON6, { %HGXLQR7% 3DLQWHG%XJ6, { *HQX LQH6WUDZIO\6, F LDO6, { 6WUDZIO\6SH +LJK)DVKLRQ'DVK6, %UD]RV%OXVK6, { 7DNLQ2Q7KH&DVK6, 7HPSW0H1RW6, %\ 3$33$6,726,6WDNHVZLQQHURIUDFHVLQVWDUWV 1HZ0H[LFR -XY &KOJ>*@+DOIEURWKHUWR 672/,6,FKDPSLRQ6LUH RI520LQFOXGLQJ 0$'5(6,7$6,ZLQV 3UDLULH0HDGRZV'LVW &KOJ 3DMDULWD6LWD6,QG .2);)0 +>*@&KDPSLRQ+XGGOH6,QG 2+$0\VWHU\)XW>5*@ 3$33$6,17+(+286(6,DW%LWWHUURRW)XW>5@ VWGDP 0$%(/((1 E\*HQXLQH6WUDZIO\8QUDFHG'DPRIIRDOVRIUDFLQJDJHWRUDFH QGGDP %5$=26%/86+6,E\ 7DNLQ2Q7KH&DVKZLQVDWDQG IL QDOLVWLQWKH1HZ0H[LFR'HUE\&KDOOHQJH >*@'DPRIIRDOVWRUDFH 520LQFOXGLQJ± &KLFNV2Q7KH%UD]RV6,IE\&KLFNV$ %OD]LQ:LQQHUDW IL QDOLVWLQWKH6HQRULWD)XWXULW\>5@ >*@ 'L 1DJDOHH6,JE\0DMRU5LPH3ODFHGWR UGGDP 7(0370(1276,E\6LU$OLELZLQVWR%ODFN*ROG)X WXULW\>5@%ODFN*ROG0DWXULW\>5@ ILQDOLVWLQWKH0LVV3ULQFHVV+ >*@'DP RIIRDOV520LQFOXGLQJ± $7HPSWLQJ&KLFN6,&KLFNV %HGXLQR %URRGPDUHRIWKH<HDULQ ZLQVWRUG0LVVLRQ%HDFK60RVV/DQGLQJ6 ILQDOLVWLQWKH *RYHUQRU¶V&XS'HUE\>5@ >*@/D 3ULPHUD'HO $QR'HUE\ >*@'DPRI± 7(037,1*'$6+6, &KDPSLRQ<HDU2OG&ROWZLQVLQVWDUWVDW 7H[DV&ODVVLF)XWXULW\ >*@175\LQ'DVK IRU&DVK)XWXULW\ >*@175\LQ6LUH $7(037,1*'$6+6,ZLQVWR/RV$ODPLWRV:LQWHU 'HUE\ >*@&DOLIRUQLD%UHHGHUV¶&KDPS>5@ >*@*R0DQ*R+ >*@ QG&KDPSLRQRI&KDPSLRQV >*@(O 3ULPHUR'HO $QR'HUE\ >*@UG *ROGHQ6WDWH'HUE\ >*@*RYHUQRU¶V&XS'HUE\>5@ >*@ ILQDOLVWLQWKH /RV$ODPLWRV7ZR0LOOLRQ)XWXULW\ >*@9HVVHOV0DWXULW\ >*@ )LUVW7HPSWLQJ'DVK6,:LQQHUWRQG/RV$ODPLWRV'HUE\ &KDOOHQJH 1DWDOLH'DVK6,ZLQVWR ILQDOLVW >*@ $)LUVW'RZQ&KLFN6,ZLQVWR6HW 175\'DPRI± 3HUU\V6WDPLQD6,:LQQHULQVWDUWVDW ILQDOLVWLQWKH 5XLGRVR)XWXULW\ >*@ )LUVW7HPSWDWLRQ6,+ROODQG(DVH3ODFHGWR'DPRI± &URZQV7HPSWDWLRQ6,:LQQHUWR WKGDP 6:((7 9,&75(666,E\9LFWRU\6WULGH7%:LQQHUDW+DOIVLVWHU WR %/86+,1* %8* 6, /<116 $//$17( 6, 0$.((0%/86+6, /HDYLQJ0HPRULHV6, >*@ %OXVKLQJ 6WUHDNHU 6, 'DP RI IRDOV520LQFOXGLQJ± 7(0370(1276,6LU$OLEL6WDNHVZLQQHUDERYH 7HPSWHGE\7LWOHV6,&DVK/HJDF\ZLQVWR86$LQ0H[ LFRQG7KH4XDUWHU5DFLQJ-RXUQDO6 ILQDOLVW >*@ 5DUH7HPSWDWLRQ5DUH)RUP'DPRI6QRZ17H[DV6,ZLQVWR ILQDOLVWLQWKH:HVW7H[DV-XYHQLOH,QY>5@ >*@ 5*3 +LS1R &RQVLJQHGE\0DUW\3RZHUV$JHQW %LOO\%LOO\%\R +LS1R -DQXDU\%URZQ&ROW ,QVHSHUDEOH6, %LOO\%LOO\%\R -HVV,GDKR%OXH { 6HSD U DWLVW6, { &KLFNV%HGXLQR6, 6HSHUDWH:D\V6, $'HOLJKWI XO/HJD F\6, { )LUVW'RZQ'DVK6, )RUW XQH2I'HOLJKW6, { -HVV/RXLV LD QD%OXH6, { 0U-HVV3HUU\6, 7KH/RXLV LD QD*LUO6, )XOO7LPH$WW UDFW LRQ { )LUVW'RZQ'DVK6, )DY RULWH$WW UDFW LRQ6, %\,16(3(5$%/(6,&KDPSLRQ\HDUROGFKDPSLRQ\HDUROG FROW ZLQV $OO $PHULF DQ 'HUE\ >*@ 5DLQERZ 'HUE\ >*@ %URWKHUWR6(3$5$7(,17(5(676,6LUHRI520VWDNHVZLQQHUV LQFO*2/'',**,1* $6+/(<6, ZLQV6: -XY&KDPS6>*@352172$/(;6,ZLQV/DLFR%LUG6 >5@68''(16(3$5$7,216,(<(*27,7*2,1*216, VWGDP -(66,'$+2%/8(E\-HVV/RXLVLDQD%OXH8QUDFHG'DPRIIRDORIUDFLQJ DJHDQXQVWDUWHG\HDUROG QGGDP )8//7,0($775$&7,21E\)LUVW'RZQ'DVK3ODFHGDW6LVWHUWR +DOI 7LPH$WWUDFWLRQ6,'DPRIIRDOVWRUDFHLQFOXGLQJ± :KDGD\DPHDQ6,IE\7UHV6HLVZLQVWR /RFDO$WWUDFWLRQIE\6HSDUDWLVW8QSODFHG'DPRI± %LRQLF&DW6,ZLQVWR UGGDP )$925,7($775$&7,216,E\(DV\-HW:LQQHUDW+DOIVLVWHUWR 12 %/(66(6,;6, >*@ 385(''$6+6,0H[LF DQ &KDPSLRQ 12%/(66(2%/(*(6,'DPRIIRDOVWRUDFHZLQ QHUVLQFOXGLQJ± +DOI7LPH$WWUDFWLRQ6,)LUVW'RZQ'DVK:LQQHUDWQG7KH &ODVVLFV)XWXULW\>5@UG&DOLIRUQLD-XYHQLOH&KDOOHQJH >*@'DPRI± $32//,7,&$/ 7,0( 6, &KDPS LRQ $JHG +RUVH &KDPS LRQ <HDU2OG)LOO\ &KDPSLRQ$JHG0DUH %URRGPDUHRIWKH<HDU ZLQVWR/RV$ODPLWRV6XSHU'HUE\ >*@0LOGUHG19HVVHOV 0HPRULDO + >*@ /RV $ODPLWRV ,QY &KDPS >*@ *RYHUQRU¶V &XS 'HUE\>5@ >*@&DOLIRUQLD&KDOOHQJH&KDPS >*@HWF'DPRI± $32//,7,&$/-(66 6, :RUOG&KDPSLRQ &KDPSLRQ<HDU2OG &KDPSLRQ<HDU2OG&ROWZLQVLQVWDUWVWR/RV $ODPLWRV 6XSHU 'HUE\ >*@175 &KDPSLRQ RI &KDPSLRQV >*@175 QG/RV$ODPLWRV7ZR0LOOLRQ)XWXULW\ >*@$OO$PHULFDQ'HUE\ >*@6LUH ,Q+LV'UHDPV6,ZLQVWRQG'HQLP1'LDPRQGV6 'HQLP1'LDPRQGV+>5@UG9DQG\V)ODVK+ >*@/D3DFLILFD6 2FHDQVLGH+>5@ TXDOLILHG >*@'DPRI± 32/,7,& $/ 237,21 6, ZLQV WR 'HOWD 6 >5@1750U-HVV3HUU\/RXLVLDQD'RZQV6>5@QG/4+%$)XWXULW\ >5@ >*@/RXLVLDQD&KDPSLRQV'D\'HUE\>5@ >*@2SHORXVDV6>5@ UG/4+%$6DOH)XWXULW\>5@ >*@/RXLVLDQD&ODVVLF6>5@ >*@HWF 6,==/,1&$57(/6,ZLQVWR)LUHFUDFNHU)XWXULW\ >*@175 QG +DUUDK¶V (QWHUWDLQPHQW )XWXULW\ >*@ )LUHFUDFNHU 'HUE\UG2OG6RXWK'HUE\ /28,6 ,$1$%/8('5($06,ZLQVWR$OO$PHULFDQ -XYHQLOH,QYQG5HPLQJWRQ'LVWDII&KDOOHQJHUG5HPLQJWRQ3DUN 'HUE\ >*@ 7LPH)RU7KH6HQDWRU6,:LQQHULQVWDUWVDWUG +DUUDK¶V(QWHUWDLQPHQW)XWXULW\ >*@ +DOIWLPH6HSHUDWRU6,ZLQVWRQG:\RPLQJ$OO%UHHG 'HUE\>5@ 5*3 (1*$*(0(176$4+$&KDOOHQJH +LS1R &RQVLJQHGE\/D]\(5DQFK//&$JHQWIRU0HUF\ +LQNOLQ+RUVH)DUP *RWVNLOOV 7RSD\ELOOV +LS1R )HEUXDU\%URZQ&ROW O DQG(DVH6, &RU RQD&DUW HO6, { +RO &RU RQD&KLFN6, 3<&3DLQW<RXU:DJRQ6, *RWVNLOOV 7RSD\ELOOV 5R\DOO\6WUHDN6, { { 'DVKLQ)ROOLHV F LDO6, { 6WUDZIO\6SH 'DVKLQJ)ROO\6, 5R\DO4XLFN'DVK6, { )LUVW'RZQ'DVK6, +DUHPV&KRLFH6, 6WUHDNLQ-HVVLH*DLO6, { 6WUHDNLQ6L[6, +LJK2Q5LWD %\ 3<&3$,17<285:$*216,6WDNHVZLQQHURI>*@ 6LUHRI520VWDNHVZLQQHUVLQFO,0$)$1&< 3<&6, ZLQV2NOD%UHG)XW>5*@:$*217$/(66,ZLQV )5(,*+775$,1 % 6, %ODFN *ROG )XW >*@ -2.(521-$&.6,2.+RUVHPDQ¶V0\VWHU\)XW>5*@ QWU &58=,17+(:$*216,9DOOH\-XQFWLRQ)XW>*@ VWGDP 5R\DOO\6WUHDN6,E\5R\DO4XLFN'DVKZLQVLQVWDUWVWRUG 74+$6DOH)XWXULW\>5@ >*@'DPRIIRDOVRIUDFLQJDJHIRXU\HDUROGV VWDUWHGWRUDFH520LQFOXGLQJ± -(7%/$&.*2/'020(176,IE\-HW%ODFN3DWULRWZLQVWR 0LVV3ROO\&ODVVLF6 >*@)LUHFUDFNHU'HUE\QG7H[DV&ODV VLF 'HUE\ >*@ +DUUDK¶V (QW )XWXULW\ >*@ 'HYHORS D 3ODQ 6 >*@ 0RWKHU¶V'D\6>5@UG%)3KLOOLSV-U+>5@ >*@ 6WLQJ/LNH$9LSHU6,IE\%URRNVWRQH%D\ZLQVWR QG6SDUNOLQJ7LS65REOH 5RMR6%HDXWLIXO3UDLULH6 -HWEODFN*ROG6WUHDN6,JE\-HW%ODFN 3DWLRW3ODFHGLQVWDUWVDW $SROOLWLFDO6WUHDN6,JE\ $SROOLWLFDO-HVV3ODFHGDW QGGDP 675($.,1-(66,(*$,/6,E\6WUHDNLQ6L[ZLQVWR ILQDOLVW 7H[DV&ODVVLF)XWXULW\ >*@'DPRIIRDOVWRUDFH520LQFOXGLQJ± )UHQFK)XU\6,JE\ 6WROLZLQVWRQG7XUI3DUD GLVH'HUE\ -DPHV66PLWK6%XHQD3DUN6UG7XUI3DUDGLVH&KDPS &KDOOHQJH7XUI3DUDGLVH&KDPS ILQDOLVW/RV$ODPLWRV:LQWHU&KDPS >*@ 5R\DOO\6WUHDN6,IE\5R\DO4XLFN'DVK6WDNHVSODFHGZLQQHUDERYH )RURXFLRXV-HVVLH6,JE\ 6FLQWDIO\LQJ:LQQHUWRQG5LR 5LFR)XWXULW\ >*@ ILQDOLVWLQWKH7H[DV-XYHQLOH&KDOOHQJH >*@ 7UXOH\%-ROO\6,JE\ 7UXOH\)LUVW&ODVVZLQVWR ILQDOLVW >*@ )HDWXUH-HVVLH*DLO6,IE\)HDWXUH0U-HVVZLQVWR ILQDOLVW &KDUJHU%DU+ >*@ 3&4+5$%UHHGHUV¶'HUE\ >*@/DV 'DPDV+ >*@ UGGDP +,*+215,7$E\2Q$+LJK8QUDFHG'DPRIRWKHUIRDOWRUDFH WKGDP /$85,7$-(7%$56,E\-HW'HFNZLQVDW6LVWHUWR /$85,7$ %$5-(76,'DPRIIRDOVWRUDFHZLQQHUVLQFOXGLQJ± =HYLWD6,=HYL7%ZLQVLQVWDUWVWRUG)RXU&RUQHUV )XWXULW\)RXU&RUQHUV'HUE\'DPRI± 9LVLRQ2I'DVK6,:LQQHUWR'DPRI±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{ )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, 2K/D3URXG6, O H\¶V&KDPS LRQ7% { 6KLU 2K/D5HH6, { &KLFNV%HGXLQR6, { %HGXLQR7% $&ODVV\&KLFN6, .RRO.XH6, { 6RPH.LQGD0DQ6, .RRO.LWW\6, %\ +$:.,1621 6, &KDPSLRQ >*@ +DOI EURWKHU WR FKDPSLRQV+$:.,6+6,)/$0(1)/$6+6,6LUHRI520 VWDNHVZLQQHUVLQFO675$:.,166,FKDPSLRQ\HDUV $4+$ &KOJ &KDPS >*@ %) )$50 %266 6, ZLQV 5XLGRVR'HUE\>*@6,;,6+6,ZLQV3&4+5$ %GUV)XW>*@63$5.<(%2<6,>*@67$57/(7+$:. VWGDP .22/.8(&+,&.6,E\&KLFNV%HGXLQR:LQQHUWR'DPRI IRDOVRIUDFLQJDJHWKUHH\HDUROGVDOOVWDUWHGWRUDFH520LQFO± .22/&$'(6,JE\+DZNLQVRQZLQVWR%ULJDQG2YHU QLJKW6$OO$PHULFDQ-XYHQLOH,QY>5@QG6XQODQG&KDPS&KDOOHQJH >*@ ILQDOLVWLQWKH5DLQERZ'HUE\ >*@$4+$&KDOOHQJH&KDPS >*@ +$:..8(3,(6,IE\+DZNLQVRQZLQVWR/DV'DPDV + >*@QG&DOLIRUQLD%UHHGHUV¶0DWURQ6>5@ >*@+XQWLQJWRQ+DUERXU 6UG$%:KDWD5XQQHU6 ILQDOLVWLQWKH0LOGUHG9HVVHOV+ >*@'DPRI± 'XULR6,JE\)RRVHZLQVDW QGGDP .22/.8(6,E\6RPH.LQGD0DQ:LQQHUDW'DPRIIRDOVWR UDFHZLQQHUVLQFOXGLQJ± .22/.8(%$%<6,IE\*RQH7R7KH0DQ &KDPSLRQ$JHG+RUVH &KDPSLRQ$JHG0DUH &KDPSLRQ$JHG0DUHZLQVLQVWDUWVWR $4+$&KDOOHQJH&KDPS >*@WZLFH$4+$'LVWDII&KDOOHQJH &KDPS >*@6DP+RXVWRQ&ODVVLF >*@2NODKRPD&KDPS&KDOOHQJH >*@7H[DV&KDPS&KDOOHQJH >*@WZLFH(DVWH[+ >*@(DVW&KDPS &KDOOHQJH >*@6DP+RXVWRQ&ODVVLF >*@WZLFH74+$6LUHV¶&XS'HUE\ >5@ >*@7ULQLW\0HDGRZV0DWXULW\5HIULJHUDWRU6)UDQFHV&DUU'LVWDII 6 'HQWRQ 6 <HOORZ 5RVH 6 $UPDGLOOR 6 0RFNLQJELUG 6 :DOOHU &RXQW\ 6 0DQRU 'RZQV + , 74+$ 6LUHV¶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{ &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, -HQQLIHU.DWH6, W DO6LJQ6, { 9L .LSW\.DWH6, { 5XQD ZD\:LQQ HU6, { %HGXLQR7% 0LVV)DVW&KLF6, /DOHOL6, F LDO(II RUW6, {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± 5$&,1* 675($. 6, I E\ 6WUHDNLQ 6L[HV ZLQV WR 6LOHVWRQH6>5@ 74+$7H[DV%UHG6>5@QG(DVW'LVWDII&KDOOHQJHUG %DUQPDVWHU6SULQW6>5@ >*@ ILQDOLVWLQWKH5XLGRVR)XWXULW\ >*@ +DZNLQJ6,JE\ +DZNLQVRQZLQVWRUG/RV$ODPLWRV 6XSHU'HUE\ >*@ TXDOLILHGWR/RV$ODPLWRV:LQWHU&KDPS >*@ 6KD]HH6,IE\6KD]RRPZLQVWRUG/D 3DFLILFD66JW 3HSSHU)HDWXUH+'DPRI± 2QH6ZHHW 6KD]HH6,IE\2QH6ZHHW-HVV:LQQHUDW :LQQHUV&DUWHO6,JE\7HOOHU&DUWHOZLQVWR ILQDOLVWLQWKH $OO$PHULFDQ)XWXULW\ >*@ TXDOLILHGWR5DLQERZ)XWXULW\ >*@ :LQQHUV6WUHDN6,JE\6WUHDNLQ6L[HV:LQQHUWR =RRPLQ5DFHUJE\-HVV =RRPLQ3ODFHGLQVWDUWVDW QGGDP /$/(/,6,E\6SHFLDO(IIRUW:LQQHUDW ILQDOLVWLQWKH.DQVDV 'HUE\ >*@'DPRIIRDOVWRUDFH520LQFOXGLQJ± 9,7$/7,0( 6,IE\9LWDO6LJQZLQVLQVWDUWVWR$4+$ 'HUE\&KDOOHQJH&KDPS >*@ -XY &KOJ&KDPS >*@HWF6HW 175\ 5$&,1*:,11(56,IE\5XQDZD\:LQQHU6WDNHVZLQQHUDERYH /D /DOLTXH6,IE\&RURQD&DUWHOZLQVWRQG5XLGRVR 'HUE\ >*@ TXDOLILHGWR5DLQERZ'HUE\ >*@ :LQQLQJ)ODLU6,IE\5XQDZD\:LQQHUZLQVWRQG6DQ -DFLQWR6>5@ TXDOLILHG WR 74+$%UHHGHUV¶)XWXULW\>5@ >*@'DPRI±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{ 6L[DUXQ6, { 6WUHDNLQ6L[6, &KLFNDUXQ6, 2XU7KLUG'HOLJKW6, L F\7% { 5HE¶V3RO 7LQ\¶V'HOLJKW6, { 6RXWKH UQ&DUW HO6, U RQD&DUW HO6, { &R 6RXWKH UQ3ROLF\6, )ULVFR)OLQJ { 'DVK)RU&DVK6, *R0LWH\0LWH6, %\75(66(,66,&KDPSLRQFROW>*@6LUHRI520 VWDNHVZLQQHUVLQFO2&+2$6,FKDPSLRQDW $OO $PHULF DQ )XW >*@ 75(6 3$66(6 6, ZLQV /RV $ODPLWRV 7ZR 0LOOLRQ )XW >*@ :,/' 6,; 6, 5DLQERZ)XW>*@75(6)5,(1'66,5DLQERZ )XW>*@),1&+(6,>5*@',$021'75(66(,66, VWGDP 6287+(51)/,1*6,E\6RXWKHUQ&DUWHOZLQVWR ILQDOLVWLQWKH 2NODKRPD%UHG'HUE\>5@ >*@)DLU0HDGRZV%HOOHV6 >*@'DPRIIRDOV RIUDFLQJDJHLQFOXGLQJDQXQVWDUWHG\HDUROGWRUDFHERWKZLQQHUV±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± $5($/0$1 6,+H]D)DVW0DQ &KDPSLRQ<HDU2OG &KDPSLRQ <HDU2OG*HOGLQJZLQVWR5HPLQJWRQ'HUE\ >*@175 \LQ+HULWDJH3ODFH'HUE\ >*@6RRQHU6WDWH6>5@QG7H[DV &ODVVLF'HUE\ >*@UG$OO$PHULFDQ'HUE\ >*@5DLQERZ'HUE\ >*@ %36-803,1)5,6&26,JE\-XPSQZLQVWR6LJQDWXUH 67DOODKDVVHH6%HDXWLIXO3UDLULH6QG0U-HW0RRUH+UG+HULWDJH 3ODFH'HUE\ >*@(DV\-HW6>5@ >*@5HPLQJWRQ2NOD%UHG'HUE\>5@ HWF ILQDOLVW$OO$PHULFDQ'HUE\ >*@/RV$ODPLWRV7ZR0LOOLRQ)XW >*@ $ &$57(/ )/,1* 6, I E\ &RURQD &DUWHO ZLQV WR 2NODKRPD+RUVHPHQ¶V$VVRFLDWLRQ'HUE\>5@ >*@UG2NODKRPD%UHG )XWXULW\>5@ ILQDOLVWLQWKH2NODKRPD%UHG'HUE\>5@ >*@'DPRI±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{ &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, -HW$ORQJ-DPLH6, { (DV\-HW6, -DLPLH-D\6, { &KLFNV %HGXLQR6, { %HGXLQR7% $&ODVV\&KLFN6, 0LV6WDUWLQJ*DWH { )LUVW'RZQ'DVK6, 0RR9LQ0DU\6, %\7(//(5&$57(/6,&KDPSLRQFROW$OO$PHULF DQ )XW>*@6LUHRIVWDNHVZLQQHUVLQFOXGLQJ //$127(//(5 6,ZLQV$OO$PHULF DQ'HUE\>*@5XLGRVR'HUE\>*@ //$12&$57(/6,>*@&$57(/48,&.6, 5XLGRVR)XW>*@ %2,*(25*(6,:HVW7H[DV)XW>*@ 1LJKWWLPH/LQHV6,>*@ +855,&$57(/6, VWGDP $FODVV\PRRYH6,E\&KLFNV %HGXLQR:LQQHUWRQG6WDUVDQG 6WULSHV+'DPRIOLYLQJIRDOVRIUDFLQJDJHWRUDFH520LQFOXGLQJ± &ODVV\ 0RRYHU6,IE\)LVKHUV'DVKZLQVWR 7KRU2I)LUH6,JE\:DON7KUX)LUHZLQVWR &ODVV\ 0RYLQ)HDWXUH6,IE\)HDWXUH0U-HVVZLQVLQVWDUWVWR 2VDJH%OXIIFE\7HOOHU&DUWHO3ODFHGLQVWDUWVDW QGGDP 0,667$57,1**$7(E\)LUVW'RZQ'DVK8QSODFHG6LVWHUWR 0$5<6022 9,1),5676, 0RR9LQ)LUVW6,'DPRIIRDOVWRUDFHDOOZLQQHUV LQFOXGLQJ± $FODVV\PRRYH6,IE\&KLFNV%HGXLQR6WDNHVSODFHGZLQQHUDERYH &KLFNV(\HIE\&KLFNV %HGXLQR8QUDFHG'DPRI± (\HV2Q0\&RURQD6,ZLQVWR TXDOLILHGWR5XLGRVR)XW >*@ UGGDP 0229,10$5<6,E\6PRRWK0RYHZLQVWR6W3DWULFN¶V 6QG/RV$ODPLWRV'HUE\UG7XPEOHZHHG'HUE\6LVWHUWR :DJJLQ2Q 6,KDOIVLVWHUWR 1R $ODEDL6, 6XQ'RJ'HFN6,2XWRI :DJRQ¶V 3HW6,'DPRIIRDOVWRUDFH520LQFOXGLQJ± 0$5<60229,1),5676,)LUVW'RZQ'DVKZLQVWR 9HQWXUD6UG'HEXWDQWH6 ILQDOLVW/RV$ODPLWRV'HUE\ >*@'DPRI± 6R6WULNLQJ6,:LQQHUWRQG:HVW7H[DV-XYHQLOH,QY>5@ 0RR9LQ-HVV6,ZLQVWR 0RR9LQ)LUVW6,)LUVW'RZQ'DVKZLQVWRQG(O 3ULPHUR 'HO $QR'HUE\ >*@&DOLIRUQLD'HUE\>5@ >*@7RZQ3ROLF\+>*@ ILQDOLVW LQ WKH /RV $ODPLWRV 'HUE\ >*@ *ROGHQ 6WDWH 'HUE\ >*@ TXDOLILHG WR *ROGHQ6WDWH)XWXULW\ >*@6LUH 'HOLF DWH'DQFHU6,%HGXLQR7%ZLQVWRUG 4+%&3DFLILF &ODVVLFV'HUE\>5@ ILQDOLVWLQWKH*RYHUQRU¶V&XS'HUE\>5@ >*@'DPRI± 'DQFLQJ)RU5R\DOW\6,ZLQVWRQG/D &KLULSDGD6 >*@ ILQDOLVWLQWKH 6XQODQG3DUN)DOO'HUE\ >*@ 6HFUHW7HUPV6,ZLQVWR'DPRI± /D (VWHUOLQD6,ZLQVWRUG 5LFRK6>5@ ILQDOLVW >*@ 7KH)HGHUDO([SUHVV6,%HGXLQR7%ZLQVWR6LUH 7\FRRQ 7LOOLH6,7LPHWR 7KLQNULFK3ODFHGWR'DPRI± +XPGHGXP6,:LQQHUDWUG016WDOOLRQ%UHHGHUV¶)XW>5@ 0RR9LQ3ROLF\5HE¶V3ROLF\7%8QUDFHG'DPRI± %$1'2)3/($685(6,ZLQVLQVWDUWVWR3DFLILF+ >*@0DOLEX%HDFK6 3&4+5$%UHHGHUV¶)XWXULW\>5@'DPRI± $2QH*LUO%DQG6,ZLQVWRQG 4+%&)UHVKPDQ >*@ 621*,10<'5($066,ZLQVWR+XQWLQJWRQ%HDFK6 QG'DVKIRU&DVK'HUE\ >*@7RZQ3ROLF\+ >*@HWF (1*$*(0(176$4+$&KDOOHQJH 5*3 +LS1R +LS1R &RQVLJQHGE\/D]\(5DQFK//&$JHQW +DQQD%UHH]H 0DUFK6RUUHO)LOO\ 2QH'DVKLQJ(DJ OH6, +DQQD%UHH]H +DQQD% -D]]LQ6, { 2QH)DP RXV(DJ OH6, { 0U-HVV3HUU\6, 2QH)DP RXV/DG\6, 2QH6ZHHW'DVK6, { )LUVW'RZQ'DVK6, 6ZHHW %HGXLQR6, { -D]]LQJ+L6, { 0HUULGRF6, $QQD+L6, %HDX:LQG\6, { 'XFN'DQFH7% :LQG\ -LQJ6, %\21('$6+,1*($*/(6,:RUOGFKDPSLRQFKDPSLRQ\HDU ROGFKDPSLRQ\HDUROGFROWVWDNHVZLQQHURIUDFHVLQVWDUWVDW $OO $PHULF DQ )XW >*@ *ROGHQ 6WDWH 0LOOLRQ )XW >*@ (G %XUNH0LOOLRQ)XW>*@+DOIEURWKHUWR21(6:((7-(666,+LVILUVW IRDOVDUH\HDUOLQJVRI6RQRIFKDPSLRQ21()$0286($*/(6, VLUHRIVWDNHVZLQQHUVFKDPSLRQVLQFOXGLQJ21('$6+,1*($*/( VWGDP +DQQD% -D]]LQ6,E\-D]]LQJ+LZLQVWRQG /4+%$-XYH QLOH>5@UG (YDQJHOLQH'RZQV-XYHQLOH6>5@ ILQDOLVWLQWKH/4+%$)X WXULW\>5@ >*@/RXLVLDQD&KDPSLRQV'D\-XYHQLOH6>5@ >*@'DPRI IRDOVRIUDFLQJDJHWRUDFHDOOZLQQHUV± %ORRG5HG&DGLOODF6,FE\ 3<&3DLQW<RXU:DJRQZLQVWR ILQDOLVWLQWKH +REEV$PHULFD)XWXULW\ >*@ 3DQWKHU% -D]]LQ6,JE\3DQWKHU0RXQWDLQZLQVWR +H]D)DVW-D]]PDQ6,JE\ +H]D)DVW'DVK:LQQHUWR 7KH*DPH,V2QIE\*DPH3DWULRW:LQQHUDW QGGDP %($8:,1'<6,E\'XFN'DQFH7%ZLQVDW 6XZDQQHH%HOOH 6'DPRIIRDOVWRUDFH520LQFOXGLQJ± %($8 &$6+$129$6,JE\6LU &DVKDQRYDZLQVWR 0DUGL*UDV'HUE\>5@ >*@0LVV3ROO\&ODVVLF ILQDOLVW /4+%$)XW>5@ >*@ :,1'<3(55<6,IE\0U-HVV3HUU\ZLQVWR/RXLVLDQD %UHHGHUV¶/DVVLH)XWXULW\>5@ >*@'DPRI± -(66/89&+,&.66,ZLQVWR'RQ%R\G0HPRULDO6 /H[LQJWRQ&KDOOHQJH6SULQW6175UG&RQJUHVV0DWXULW\ -HVV'DVKLQJ'DUOLQJ:LQQHUWR'DPRI± -6*7RDVW<RXU%XQV6,ZLQVWRQG6RXWK9DOOH\)XW -HVV 6WUDZIO\LQ6,ZLQVWR ILQDOLVW5HPLQJWRQ)XWXULW\ >*@ +DQQD%-D]]LQ6,IE\-D]]LQJ+L6WDNHVSODFHGZLQQHUDERYH -HVV0U3HUU\6,FE\0U-HVV3HUU\ZLQVWRUG/HH%HU ZLFN)XWXULW\>5@ >*@ ILQDOLVWLQWKH /4+%$)XWXULW\>5@ >*@6LUH %HDX &DVKLQ,Q6,JE\/LO(DV\&DVK:LQQHUWRQG0DUGL *UDV)XWXULW\>5@ >*@ ILQDOLVWLQWKH0DUGL*UDV'HUE\>5@ >*@ 3ULQFHO\'DQFHU6,IE\3ULQFHO\3OHDVXUH7%ZLQVWR'DPRI± +2//<:22'3(55<6,ZLQVWR0DUGL*UDV)XWXULW\ >5@ >*@175 \ LQ 0DUGL *UDV 'HUE\ >5@ >*@ QG /4+%$)XWXULW\>5@ >*@'HOWD/RXLVLDQD%UHHGHUV¶)XWXULW\>5@ >*@ 7D\ORU0DGH&DVK6,ZLQVDWQG0DUGL*UDV)XW>5@ >*@ 3ULQFHO\'DLV\6,ZLQVWRUG*R9LFNL0H\HUV6 ILQDOLVWLQ WKH/RXLVLDQD'RZQV&KDPSLRQV&ODVVLF>5@ >*@ 6WUHDNLQ'XFKHVV6,:LQQHUDW'DPRI± 7KH5HDO*DPH 6,ZLQVWRQG/HH%HUZLFN)XW>5@ >*@ %HGDZHH%HDX6,IE\ 6RPHNLQGDGDVK3ODFHGWR'DPRI 620(.,1'$ %($8 6, >5@ >*@175 \ %LJWLPH %HDX 6, >5@ >*@ )LUVW'RZQ %HGDZHH6, 0LVV %HDX :LQG\ I E\ *URV 2UHLOOH 8QSODFHG LQ VWDUWV 'DP RI 3DQWKHULVODQG6,>5@ >*@ (1*$*(0(176$4+$&KDOOHQJH/RV$ODPLWRV7ZR0LOOLRQ)XW*ROGHQ 6WDWH0LOOLRQ)XW(G%XUNH0LOOLRQ)XW 5*3 +LS1R &RQVLJQHGE\5R\DO9LVWD(TXLQH,QF$JHQWIRU9DXJKQ-LOO&RRN .LVVLQ&RURQDV +LS1R )HEUXDU\%URZQ)LOO\ O DQG(DVH6, &RU RQD&DUW HO6, { +RO &RU RQD&KLFN6, &RU RQDV)DVW'DVK6, .LVVLQ&RU RQDV .LSW\V)LUVW.LVV6, { { 'DVK)DVW*LUO6, { +H]D)DVW0DQ6, )LUVW3UL]H5RVH7RR6, )LUVW'RZQ'DVK6, { 'DVK)RU&DVK6, )LUVW3UL]H5RVH6, .LSW\V.LVVHV6, { .LSW\V&KDUJHU6, .HOO\V.LVVHV6, %\&2521$6)$67'$6+6,6WDNHVSODFHGZLQQHURIUDFHV QG +HULW DJH 3ODFH 'HUE\ >*@ IQO $OO $PHULF DQ )XW >*@ %URWKHUWR9$&+(77$6,6LUHRI520LQFO6,*12)&2521$6, ZLQV/HV%RLV'HUE\&KOJ5HG&RURQD:DUULRU6,ZLQV QG74+$6LUHV¶&XS)XW>*@&RURQDV'DZQ6, &RURQDV )DVW *DPH 6, ZLQV QG %LWWHUURRW )XW >5@ VWGDP .,37<6),567.,666,E\)LUVW'RZQ'DVK:LQQHUWR ILQDOLVWLQ WKH&DOLIRUQLD-XYHQLOH&KDOOHQJH >*@6LVWHUWR ,0$5$0%/,1*,5/6, ),567 72 5$0%/( 6, 'DP RI IRDOV RI UDFLQJ DJH WZR \HDUROGVERWKVWDUWHGWRUDFH520± .LVV7KLV9LVLRQ6,JE\9LVLRQDULDQZLQVWR )LUVW)RU&RURQD6,JE\6WHO&RURQDZLQVWR .LSW\-DPHV6,JE\,YRU\-DPHV:LQQHUWR *RRG)RU.LVVLQ6,IE\*RRG5HDVRQ6$3ODFHGLQVWDUWVDW QGGDP .,37<6.,66(66,E\.LSW\V&KDUJHUZLQVLQVWDUWVWR &RRUV'LVWULEXWRUV'HUE\ >*@-HW'HFN+ >*@:DOWHU0F,OKHQQ\6WDUV 6WULSHV6QG3DFLILF+ >*@HWF+DOIVLVWHUWR .,660(5($/($6<6, GDPRI 6+(=$1(21526(6,JUDQGGDPRI +28',1, 6,WR $',260<$0,*266,>5@ >*@ 3+27260$576, >*@ 2./$+20$%$1','26, >*@ 3$17+(5,17+()$67/$1( 6, 'DPRIIRDOVWRUDFHZLQQHUVLQFOXGLQJ± ,0$5$0%/,1*,5/ 6,IE\)LUVW'RZQ'DVK &KDPSLRQ<HDU2OG )LOO\ZLQVWR'DVKIRU&DVK'HUE\ >*@-RH%7XUQHU0HPR ULDO6$OO$PHULFDQ6QG'DVKIRU&DVK-XYHQLOH>5@ >*@*DUUHWW¶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¶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{ &RU RQD&DUW HO6, O DQG(DVH6, { +RO &RU RQD&KLFN6, 5HW XUQ2 7RROH6, 7RROH6, { -RG\2 5HW XUQ)ODPLQJ { (DV\:LQQLQJ-HW6, D ZD\:LQQ HU6, { 5XQ (DV\3DW ULF LD6, 0V%DVHOLQH6, W DO6LJQ6, { 9L 0RWKHUV0LVF KLHI6, %\05 277<(66,6WDNHVSODFHGZLQQHURIUDFHVUG 0DQRU'RZQV'HUE\>*@ IQO6DP+RXVWRQ)XW>*@6LUHRI520LQ FOXGLQJ 7(;$6,1'(3(1'(1&(*$/6,ZLQV'HOWD-XYH QLOH &KOJ 2WW\HV9DOHQWLQH*DO6,ZLQVUG 74+$6LUHV¶ &XS 'HUE\ >*@ 2WW\HV &DUWHO 6, ZLQV 2WW\HV 6KLQH\ &XHUYR6,ZLQV 2WW\HV%D\6RQ6,ZLQQHU VWGDP 06 5,'*(/,1(E\(DV\:LQQLQJ-HW8QUDFHG6LVWHUWR 05621,&%220 6,7KLVLVKHUILUVWIRDO QGGDP 06%$6(/,1(6,E\9LWDO6LJQ:LQQHUWR'DPRIIRDOVWRUDFH LQFOXGLQJ± 05621,&%2206,JE\(DV\:LQQLQJ-HWZLQVWR /4+%$6DOH)XWXULW\>5@ >*@*LOOHVSLH&RXQW\)DLU)XWXULW\ >*@ ILQDOLVW LQWKH0DUGL*UDV)XWXULW\>5@ >*@'HOWD'RZQV/RXLVLDQD%UHG'HUE\>5@ >*@/RXLVLDQD&KDPSLRQV'D\-XYHQLOH>5@ >*@ UGGDP 027+(560,6&+,()6,E\2Q$+LJK:LQQHUDW'DPRIRWKHUIRDOV WRUDFH WKGDP 0DVNHR %DE\ 6, E\ 0DVNHR /DG ZLQV DW QG 7ULQLW\ 0HDGRZV)XWXULW\UG7ULQLW\ 4+$)XWXULW\+DOIVLVWHUWR 5HEHOHQD.D\6, 6XUH 4XLN (QXI6,'DPRIIRDOVWRUDFH 520LQFOXGLQJ± ,V,W7UXH6,/HDYLQJ0HPRULHVZLQVWRUG$ODEDPD%UHG -XYHQLOH6QG'LY>5@ 0U 0DVNHR0RRQ6,0RRQ/DUN:LQQHUWR 0DVNHR3DVV6,3DVVµ(P8S7%3ODFHGDW 0DVNHR0HORG\0RRQ/DUN8QUDFHG(TXL6WDW:35$EDUUHOHDUQLQJVRI /D]\(%DUUHO)XWXULW\&KDPSLRQ 5*3
Similar documents
spooks smokin cat - Silverstone Ranch
$PDWHXU:RUOG&KDPSLRQILQDOLVWLQWKH1&+$1RQ3UR)XWXULW\DQG1&+$
1RQ3UR6XSHU6WDNHVVSOLWWK*ROG 6LOYHU