Third Use Of The Law

H8LI8LMVH9WISJXLI0E[ 8LMVH9WIXIVQMRSPSK]MRQ]I\TIVMIRGIHSIWRSXTVSHYGIPIKEPMWXWMX IREFPIWSVHMREV]FIPMIZIVWXSYRHIVWXERHLS[XLIWEQI0E[GERFSXL GSRHIQRERHEPWSFIEHIPMKLXJYPKMJXMREGSRJYWMRK[SVPH[LIVIXLI VIFSVREGXYEPP][ERXXSHSKSSH 

1YGLMROLEWFIIRWTMPPIHIWTIGMEPP][MXLMRXLIPEWXWIZIVEP]IEVWSZIVXLIXLMVH

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vWMRXIVTVIXEXMSR3RISJXLITVSFPIQWSJ MRXIVTVIXMRK%VXMGPI:-PMIWMRXLIWMQTPIJEGXXLEXXLI'SRJIWWSVWTPEGIEPPXLVIISJXLIWI MRXIRXMSRWMRSRIEVXMGPI[MXLSYXWXVMGXP]HIJMRMRKERHHMJJIVIRXMEXMRK[LEXXLIMVTYVTSWIW EVIERH[LIRXLI]EVIZSMGMRKXLIQ 

(IJMRMRK[LEXXLIXLMVHYWISJXLIPE[MWMWRSXEWQMKLXFIEWWYQIHERIEW]

XEWO8LEXQER]XLVSYKLXLI]IEVWLEZIVIEHXLVSYKL%VXMGPI:-ERHLEZIGSQIXS



:SKIPw%8LMVH9WISJXLI0E[-WXLI4LVEWI2IGIWWEV]#x *SVEXLSVSYKLI\EQMREXMSRSJXLIQSHIVRHIFEXIWII7GSXX1YVVE]0E[0MJIERHXLI0MZMRK+SH8LI 8LMVH9WISJXLI0E[MR1SHIVR%QIVMGER0YXLIVERMWQ 7EMRX0SYMW'SRGSVHME4YFPMWLMRK,SYWI  





RYQIVSYWERHSTTSWMRKGSRGPYWMSRWXIWXMJMIWXSXLMWHMJJMGYPX]%PSXXLITVSFPIQSZIVXLI XLMVHYWISJXLIPE[vWHIJMRMXMSRMWHYIXSXLIJEGXXLEXXLIXIVQwXLMVHYWIxMWRIZIVYWIH SYXWMHISJXLIJMVWXTEVEKVETLWSJXLI)TMXSQIERHXLI7SPMH(IGPEVEXMSR2SHSYFXXLI FSHMIWSJXLIWIWIGXMSRWEVIEXPIEWXXSWSQII\XIRXFIMRKYWIHJSVXLITVSTIVHIJMRMRKSJ XLIXLMVHYWI9RJSVXYREXIP]XLMRKWKIXGSRJYWMRKHYIXSXLIJEGXXLEXXLIZIV]XIVQMW RIZIVETTPMIHMRXLIFSH]SJXLIWIEVXMGPIWERHXLIJEGXXLEXXLI'SRJIWWSVWSJXIR[VMXI EFSYXXLISXLIVX[SYWIWSJXLIPE[EW[IPP EPWS[MXLSYXYWMRKwYWIxXIVQMRSPSK] 2SX MRJVIUYIRXP]HSXLI'SRJIWWSVWWIIQXSXEPOSJEPPXLVIIYWIWSJXLIPE[[MXLMRSRI TEVEKVETL[MXLSYXHMWXMRKYMWLMRK[LMGLwSRIxXLI]EVIXEPOMRKEFSYXEXER]KMZIRXMQI  -WXLIXLMVHYWISJXLIPE[QIVIP]XLIPE[EWwMRJSVQEXMSRx{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w8LMVHEJXIVXLI]?XLI'LVMWXMERALEZIFIIRVIFSVR{WMRGIRIZIVXLIPIWWXLIJPIWL WXMPPGPMRKWXSXLIQ{XLEXTVIGMWIP]FIGEYWISJXLIJPIWLXLI]QE]LEZIEWYVIKYMHI EGGSVHMRKXS[LMGLXLI]GERSVMIRXERHGSRHYGXXLIMVIRXMVIPMJIx ,IVIMXWIIQWXLEXXLI 'SRJIWWSVWWMQTP]HIJMRIXLIXLMVHYWISJXLIPE[EWEKYMHI EWHMWXMRKYMWLIHJVSQMXW YWIWWIVZMRKEWEGYVFERHEQMVVSV 8LIWIGSRHHIJMRMXMSRKMZIRMRXLI7SPMH(IGPEVEXMSR



7IIJSVI\EQTPI/SPFERH;IRKIVXTEV /SPFERH;IRKIVX







WIIQWXSRMGIP]QEXGLYT[MXLXLIJMVWX;IVIEHw-X?XLIPE[AMWEPWSYWIH[LIRXLSWI [LSLEZIFIIRFSVRERI[XLVSYKL+SHvW7TMVMXGSRZIVXIHXSXLI0SVHERHLEHXLIZIMP SJ1SWIWVIQSZIHJVSQXLIQPMZIERH[EPOMRXLIPE[x7MQTP]XLIXLMVHYWISJXLI PE[MWwYWIHx[LIRXLIVIFSVRwPMZIERH[EPOMRXLIPE[x-JNYWXXLIWIHIJMRMXMSRW[IVI PSSOIHEXMX[SYPHWIIQXLEXXLIXLMVHYWIMWHIJMRIHEWEVIJPIGXMSRSJXLSWIMRWXERGIW [LIRXLIPE[JYRGXMSRWEWEKYMHIMRXLI'LVMWXMERvWHEMP]PMJI8LMWMWRSXXLSYKLLS[ XLIXLMVHYWIMWYWYEPP]XEPOIHSJMRWGLSPEVP]HIFEXI1YGLSJXLIHMWGYWWMSRSZIVXLI XLMVHYWIPSSOWEXXLIPE[ERHMXWYWIWMRGSRRIGXMSR[MXLMXWTVSGPEQEXMSRERHVIGITXMSR 9RHIVXLMWWGLIQI[IQMKLXHIJMRIXLIXLMVHYWIEWXLIYWYWHMHEGXMGYW8LIXLMVHYWISJ XLIPE[YRHIVWXSSHEWEWTIGMEPYWI[LIVIMRJSVQEXMSRMWXEYKLXERHPIEVRIHTSWIWQER] TVSFPIQWRSXPIEWXSJ[LMGLMWXLEXMXFIGSQIWYRGPIEVLS[XLMWEGXYEPP]LETTIRW-WXLI XLMVHYWIEWTIGMJMGMRWXERGI[LIVIXLIPE[MWXEYKLXERHPIEVRIHERHMJWSHSIWRvXXLI PE[EPWSMRWXVYGX[LIRMXMWFIMRKYWIHMRMXWJMVWXX[SYWIW#(SIWXLIXLMVHYWIXLIRQIER XLEXMXMWwYWIHx[LIRMRWXVYGXMSRTVIHSQMREXIWSZIVXLIPE[vWGYVFMRKERHGSRHIQRMRK{ [LIRXLIPE[MWwQSWXP]xMRWXVYGXMRKSVQE]FIXSXLII\XIRXXLEXXLIPE[MWMRWXVYGXMRK# 3RXSTSJXLMWMJ[IEVIXSWE]XLEXXLIXLMVHYWIMWEPWSEKYMHIGERRSXXLIPE[WIVZIEWE KYMHIVIKEVHPIWWSJLS[MXMWVIGIMZIHGERXLIPE[RSXWIVZIEWEKYMHIMJMXMWwPIEVRIHx XLVSYKLEJMVIERHFVMQWXSRIWIVQSR#-JXLIXLMVHYWISJXLIPE[GSRGIVRWMXWTVSGPEQEXMSR ERHwVIGITXMSRx[LIRI\EGXP]MWMXWIVZMRKEWEKYMHI[LIRSRIMWWMXXMRKMRXLITI[SVMW MXEKYMHIMRSRIvWHEMP]PMJI#%RHXLIVIZIVWIWMHISJXLMW[LIRMWMXMRWXVYGXMRK#-XWIIQW XLEX;IVRIV)PIVXvWZIVHMGXSJXLMWWGLIQIFIGSQIWETTVSTVMEXI,I[VMXIWw8LIYWYW



8LSYKLQE]FIRSXXSSXLIVGSRXIQTSVEV]HIJMRMXMSRW /SPFERH;IRKIVX-XWLSYPHRSXFIWIIREWGSMRGMHIRGIXLEXXLI*SVQYPEXSVWVITIEXXLMWPERKYEKI QEOMRKMXGPIEVXLEXXLIwMRRIVTIVWSRxMWwRSXYRHIVXLIPE[FYXMRXLIPE[XLI]PMZIERH[EPOMRXLIPE[SJ XLI0SVHERH]IXHSRSXLMRKFIGEYWISJXLIGSQTYPWMSRSJXLIPE[x/SPFERH;IRKIVXTEV 





HMHEGXMGYWSJXLIPEXIVHSKQEXMGMERWMRXLIWIRWISJQIVIMRJSVQEXMSRMWETYVI EFWXVEGXMSRx8LIXLMVHYWIYRHIVWXSSHEWwQIVIMRJSVQEXMSRxWIIQWXSQEOIPMXXPI HMWGIVREFPIWIRWI;LEXMJER]FIRIJMX[SYPHXLIVIFIMRLSPHMRKXSEHMWXMRGXXLMVHYWI YRHIVWXSSHMRXLMWQERRIV#;L][SYPHRvX[INYWXVIQSZIXLIZIMPSJXIGLRMGEPPERKYEKI ERHEHQMXXLEX[IEWEGLYVGLWMQTP]HIWMVISYVGSRKVIKEXMSRWXSGSRXMRYIJSPPS[MRKXLI PE[{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vWHEMP]MRWXVYGXMSRERH EHQSRMXMSRMXW[EVRMRKERHXLVIEXIRMRK3JXIRXLI]EPWSRIIHMXW TYRMWLQIRXWWSXLEXXLI]QE]FIMRGMXIHF]XLIQERHJSPPS[+SHvW 7TMVMX



;IVRIV)PIVXUYSXIHMR0S[IPP+VIIRw8LIu8LMVH9WISJXLI0E[vERH;IVRIV)PIVXvW4SWMXMSRx % TETIVHIPMZIVIHEXXLIXL%RRYEP7]QTSWMYQSRXLI0YXLIVER'SRJIWWMSRW'SRGSVHME8LISPSKMGEP 7IQMREV].ERYEV]   -J[IHSXSXEOIXLMWVSYXIXLIRXLIXLMVHYWISJXLIPE[FIKMRWXSFIMRHMWXMRKYMWLEFPI[MXLXLIJMVWX{SRI SJXLIEVKYQIRXWSJXIRVEMWIHEKEMRWXXLIXLMVHYWI6EXLIVMXMWXLMWEYXLSVvWSTMRMSRXLEXXLIXLMVHYWISJXLI PE[MWRSXEW]RXLIXMGMRZIRXMSRFYXXLEXMXEGXYEPP]VIJPIGXWLS[+SHVIEPP]HSIW[SVO8LMW[SVO[MXLMRXLI XLMVHYWIMWTEVXSJ+SHv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





-XMWLEVHXSFIPMIZIXLEXXLI]EVIXV]MRKXSHMWXMRKYMWLFIX[IIREXLMVHYWIERHER]SXLIV LIVI-WXLIJMVWXWIRXIRGIMRGPYHMRK[EVRMRKERHXLVIEXIRMRKFIMRKHIWGVMFIHEWXLIXLMVH YWISJXLIPE[ERHXLIWIGSRHWIRXIRGIXLIJMVWX#-JXLIXLMVHYWIMWXSFIWIIREWE wTSWMXMZIxSVwIZERKIPMGEPxYWISJXLIPE[-GERRSXWIIER][E]MR[LMGLXIEGLMRKEW HIWGVMFIHMRXLITVIZMSYWUYSXIGSYPHFIGSRWXVYIHEWFIMRKTSWMXMZIP]TSVXVE]IH  8SGPIEVYTXLIWIGSRJYWMSRWMXFIGSQIWRIGIWWEV]XSHMWXMRKYMWLFIX[IIRXLI MRXIRXWSJXLI'SRJIWWSVW{XLSWIFIMRKHIJMRMXMSRMQTPMGEXMSRERHGSRGIVRW%VXMGPI :-vWYWISJXIVQMRSPSK]GERFIHIGMTLIVIH[LIR[IQEOIGPIEVXLEXXIEGLMRKMWTSVXVE]IH EWIMXLIVERMQTPMGEXMSR{XLEXWMRGIXLIPE[MWXSFIEKYMHI HIJMRMXMSR MXWLSYPHXLIRFI XEYKLX MQTPMGEXMSR {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



9RPIWW[LMGLMWLMKLP]HSYFXJYPXLI'SRJIWWSVWQIERXSMRXMQEXIXLEXXIEGLMRKMRXLIXLMVHYWIMW WSQILS[EwHMJJIVIRXx[E]SJXIEGLMRKXLERNYWXHIWGVMFIH  8LI*SVQYPEXSVW[VMXIw*SVXLMWVIEWSRXSSFIPMIZIVWVIUYMVIXLIXIEGLMRKSJXLIPE[WSXLEXXLI]HS RSXJEPPFEGOSRXLIMVS[RLSPMRIWWERHTMIX]ERHYRHIVXLIETTIEVERGISJ+SHvW7TMVMXIWXEFPMWLXLIMVS[R WIVZMGIXS+SHSRXLIFEWMWSJXLIMVS[RGLSMGI[MXLSYX+SHvW;SVHSVGSQQERHx/SPFERH;IRKIVX   w*SVXLISPHGVIEXYVIPMOIEWXYFFSVRVIGEPGMXVERXHSROI]MWEPWSWXMPPETEVXSJXLIQERHMXRIIHWXSFI JSVGIHMRXSSFIHMIRGIXS'LVMWXRSXSRP]XLVSYKLXLIPE[vWXIEGLMRKEHQSRMXMSRGSQTYPWMSRERHXLVIEXFYX EPWSSJXIR[MXLXLIGYHKIPSJTYRMWLQIRXWERHXVMFYPEXMSRWYRXMPXLIWMRJYPJPIWLMWGSQTPIXIP]WXVMTTIH E[E]x/SPFERH;IRKIVX





FIYVKIHMRXLI[E]NYWXHIWGVMFIHYTSR'LVMWXMERWERHXLSWI[LSFIPMIZI MR'LVMWXFYXSRP]YTSRYRFIPMIZIVWRSR'LVMWXMERWERHXLIMQTIRMXIRX /SPFERH;IRKIVXRSXIXLEXXLMWMWRSXEVIJIVIRGIXSXLIERXMRSQMERGSRXVSZIVWMIWSJXLI WERHW SZIVXLIXLMVHYWI FYXVEXLIVXSXLISVMKMREPERXMRSQMERGSRXVSZIVW] FIX[IIR.SLR%KVMGSPEERH1IPERGLXLSRERH0YXLIV8LEXXLI]TPEGIXLMWEWXLI GSRGPYWMSRSJXLIIRXMVIEVXMGPIWLSYPHFIERMRHMGEXMSRXLEXXLISZIVEPPMRXIRXSJXLIEVXMGPI MWRSXSRP]XSHIWGVMFILS[XLIXLMVHYWISJXLIPE[JYRGXMSRWMRXLIGLYVGLFYXEPPXLVII  %W(EZMH7GEIV[VMXIWw%VXMGPI:-SJXLI*SVQYPESJ'SRGSVH[SYPHFIXXIVFIIRXMXPIH u8LI8LVII9WIWSJXLI0E[vERHRSXWMQTP]u8LMVH9WISJXLI0E[vx 2SXXEOMRKXLMW MRXSEGGSYRXLEWGEYWIHEPSXSJGSRJYWMSRSZIV%VXMGPI:-vWMRXIVTVIXEXMSR 

-XLEWSJXIRFIIRRSXIHXLEXwXLIHMWXMRGXMSRSJXLMVHYWILEWQSVIXSHS[MXLXLI

VIPEXMSRWLMTXLEXXLITIVWSRLEW[MXL+SHXLERMXHSIWEGLEVEGXIVMWXMGSJXLIPE[x -JXLI XLMVHYWISJXLIPE[MWXSFIHIJMRIHEWXSMXWJYRGXMSRMRKEWEKYMHIJSVXLIVIFSVRXLIRMX FIGSQIWRIGIWWEV]XSTSMRXSYX[LEXXLI*SVQYPEXSVWTSMRXSYXEWMQTPMGEXMSRWJSV YRHIVWXERHMRKXLIQERXS[LSQXLIPE[JYRGXMSRWMRMXWXLMVHYWI-WXLIJSPPS[MRK HIWGVMTXMSRSJXLI'LVMWXMERXSFIYRHIVWXSSHEWXLIGLEVEGXIVXLVSYKL[LMGLXLIPE[ WIVZIWEWEKYMHI#w-RWXIEH4EYPLSPHWXLEXXLIPE[GERRSXFYVHIRXLSWI[LSQ'LVMWXLEW VIGSRGMPIH[MXL+SH[MXLMXWGYVWIERHGERRSXXSVQIRXXLIVIFSVR[MXLMXWGSIVGMSR FIGEYWIXLI]HIPMKLXMRXLIPE[SJXLI0SVHEGGSVHMRKXSXLIMVMR[EVHTIVWSRWx -JXLMW



-FMH -FMHR  2SXIXLIEPQSWXMHIRXMGEPPERKYEKIFIX[IIRTEVERHTEVEPVIEH]GMXIH8LMWWLSYPHMRHMGEXIXLEX TEVEKVETLMWRSX[VMXXIREWERI\EQTPISJXLIXLMVHYWI  (EZMH47GEIVw7ERGXMJMGEXMSRMRXLI0YXLIVER'SRJIWWMSRWx'SRGSVHME8LISPSKMGEP5YEVXIVP]RS     7GSXX1YVVE]w8LI%YXLSV6IWTSRHWXS,MW'VMXMGWx %TETIVHIPMZIVIHEXXLI XL%RRYEP7]QTSWMYQ SRXLI0YXLIVER'SRJIWWMSRW'SRGSVHME8LISPSKMGEP7IQMREV].ERYEV]   /SPFERH;IRKIVXTEV 





MWRvXXLIMRXIRXSJXLI'SRJIWWSVW[L]HSXLI]GSRXMRYEPP]TSMRXSYXXLMWHMWXMRGXMSR# -J MXLEHRSMQTPMGEXMSREWXSXLIYRHIVWXERHMRKSJXLIXLMVHYWISJXLIPE[[L]HSXLI] MRXVSHYGIXLMWHMWXMRGXMSR#*YVXLIVQSVI[LEXMWXLIMRXIRXSJXLI'SRJIWWSVW[LIRXLI] XEOIWSQYGLXMQIXSHIWGVMFIXLIHMJJIVIRGIFIX[IIRXLIw[SVOWSJXLIPE[xERHXLI w[SVOWERHJVYMXWSJXLI7TMVMXxERHXLIGLEVEGXIVMWXMGWSJXLISRIJVSQ[LMGLXLIWIJVYMXW GSQI#;L][SYPHXLI'SRJIWWSVWMRXVSHYGIEPPSJXLIWIGSRGITXWMRXS%VXMGPI:-MJ XLI]HMHRvXLEZIMQTPMGEXMSRWJSVXLIYRHIVWXERHMRKSJXLIXLMVHYWISJXLIPE[#-XWIIQW GPIEVXLEXXLIWIEVIEPPHIWGVMTXMSRWSJXLIWXEXISJXLI'LVMWXMEREWTIVXEMRXSXLIPE[ WIVZMRKEWEKYMHI8LI]EVIHIWGVMTXMSRWSJLMQ[LSwPMZI?WAERH[EPO?WAMRXLIPE[x 8LEXMXMWRSXQERFYX+SHXLEXMWXLIWYFNIGXSJXLMWYXM{JYRGXMSR{MRWXVYGXMRKYWERH XLEXSRP]'LVMWXMERWGERVIGIMZIXLMWMRWXVYGXMSRWLSYPHPIEHYWXSFIPMIZIXLEXXLIXLMVHYWI SJXLIPE[MWRSXWMQTP]XLIwPIEVRMRKSJMRJSVQEXMSRxEWSRI[SYPHPIEVRWE]XLI EPTLEFIX%VXMGPI:-VEXLIVKMZIWYWEQYGLFVSEHIVYRHIVWXERHMRKSJXLMW[SVOSJ+SH XLI*SVQYPEXSVWTPEGIXLIXLMVHYWISJXLIPE[[MXLMRXLIGSRXI\XSJXLIRI[QER  [MXLMRXLIw[SVOWERHJVYMXWSJXLI7TMVMXx[MXLMRXLIVIRI[MRKSJXLILIEVXXLEXFIKMRW XSHIPMKLXMRXLIPE[[MXLMRXLIVIRI[MRKSJXLIQMRHERH[MXLMRXLIPIEHMRKSJXLI 7TMVMX8LMWMWGIVXEMRP]RSXwQIVIP]xPIEVRMRKWSQIXLMRKFYXVEXLIVMXMWVIJPIGXMZISJ XLIFVSEHIV[SVOSJ+SHMRWERGXMJMGEXMSR 

;LMPI%VXMGPI:-HSIWRSXMRXVSHYGIXLIXLMVHYWIWXVMGXP]EWERMRJSVQEXSV]

JYRGXMSRSJXLIPE[XLIVIEVIITMWXIQMGGSRGIVRWXLEX%VXMGPI:-TSWIWJSVXLIXLISPSKMER 

7IITEVERH /SPFERH;IRKIVXTEV  TEVERH  TEV  TEVERH  TEV  TEV 





EREP]^MRKXLIXLMVHYWISJXLIPE[REQIP]GSRGIVRMRKXLIITMWXIQMGGETEFMPMXMIWSJQER ERHXLIVSPISJXLIRI[ERHSPHQERMRXLIWIGSRWMHIVEXMSRW-XWIIQWXLEXGSRWMHIVEFPI TSVXMSRWSREPPWMHIWSJXLIEVKYQIRXSZIVXLIXLMVHYWIGPEMQXLEXXLIRI[QERMRXLI FIPMIZIVLEWRSRIIHXSFIMRWXVYGXIHERHKYMHIHERHXLIVIJSVIXLEXXLIXLMVHYWISJXLI PE[MWRSXGSRGIVRIH[MXLXLIRI[QERFIGEYWILILEWIZIV]XLMRKRIIHIHXSIRKEKIMR KSSH[SVOW-XMWXLIRSJXIREVKYIHXLEXXLISPHQERMWRSXEFPIXSFIwMRWXVYGXIHxEW[IPP XLISPHQER[ERXWRSXLMRKXSHS[MXLXLIPE[YRPIWWXSTIVZIVXMXJSVLMWS[REMQW 7XITLIR:EPPIWOI][VMXIW 8LISPHEHEQMRXLIVIKIRIVEXI[MPPRSXVIWTSRHXSTSWMXMZIHMVIGXMSRWERH TVSQTXMRKSJXLIPE[i-XMWGSRXVEV]XSXLIREXYVISJXLISPHEHEQXSFI KYMHIHF]EVYPIXS[LMGLMXVIJYWIWXSWYFQMXi8LIPE[XLYWMWRIZIVE VYPISVKYMHIMRETSWMXMZIWIRWI8LIRI[QERRIIHWRSKYMHIXLISPH QERGERRSXFIKYMHIHx 8LMWMWSRIVIEWSR[L]QER]VINIGXXLIXLMVHYWI 

*SVXLSWI[LS[ERXXSQEMRXEMRXLIXLMVHYWIZEVMSYWEXXIQTXWLEZIFIIRQEHIMR

XV]MRKXSVIWSPZIXLMWTVSFPIQ3RIERW[IVSJJIVIHXSXLMWTVSFPIQLEWFIIRXSWE]XLEX XLIRI[QERMWRSXXLISRIwVIGIMZMRKxXLMW[SVHFYXVEXLIVXLISPH.SREXLER0ERKI [VMXIWw7MRGIXLIVI[MPPFIRSRIIHSJTVIEGLMRKXLIPE[MRXLIVIWYVVIGXMSRMXMWGPIEV XLEXXLIJSVGISJEPPTVIEGLIHPE[MRGPYHMRKXLIu8LMVH9WIvMWRSXHMVIGXIHXS[EVHXLI 'LVMWXMERUYE'LVMWXMERFYXSRP]XS[EVHXLISPH%HEQ[LSMWGSRWXERXP][MXLXLI 'LVMWXMERMRGSRGVIXSEWPSRKEWLIVIQEMRWMRXLMW[SVPHx-XWIIQWXLEX0ERKIMW EWWIVXMRKXLEXXLIRI[QERPMZIWMRYWMRIWGLEXSPSKMGEPGSQTPIXMSRERH[LSPIRIWW8LI TVSFPIQ[MXLXLMWJSVQYPEXMSRERHSRIMR[LMGLQER]XLISPSKMERWLEZITSMRXIHSYXMW



:EPPIWOI]w8LI2I[1ERERHXLI3PHMRXLI&IPMIZIVx .SREXLER+0ERKIw9WMRKXLI8LMVH9WI*SVQYPESJ'SRGSVH:-ERHXLI4VIEGLIVvW8EWOx0SKME RS   





XLEXXLMWWIIQWRSXLMRKQSVIXLERXLIJMVWXSVWIGSRHYWISJXLIPE[ SVEGSQFMREXMSRSJ XLIX[S ;MPPMEQ0E^EVIXL[LSVINIGXWXLIXLMVHYWISJXLIPE[[VMXIW %XFIWXMJGSRWMWXIRXP]YRHIVWXSSHEWXLI4EYPMRIRSQSWXLI0E[vWuXLMVH YWIvMR%VXMGPI:-GERVMKLXP]VIJIVSRP]XSXLIPIKMXMQEXIETTPMGEXMSRSJ XLIWIJMVWXX[SYWIWXSXLITIVWMWXMRKWMR uPMOIEWXYFFSVRVIGEPGMXVERX HSROI]v SJMQTIVJIGX'LVMWXMERWEW[IPPEWIPWI[LIVIXSRSR'LVMWXMERW ,S[IZIVXLEXMWRSXERI[uXLMVHYWIvMROMRHFYXWSPIP]EHMJJIVIRXEVIESJ XLIJMVWXX[SJYRGXMSRWvMQTPIQIRXEXMSR -JXLIXLMVHYWIMWHMVIGXIHEXXLISPH%HEQXLIRMXFIGSQIWYRGPIEV[L]XLI7SPMH (IGPEVEXMSRHIGMWMZIP]WXEXIWXLEXXLIXLMVHYWIMWMRXIRHIHI\GPYWMZIP]JSV'LVMWXMERW.YWX [LEXI\EGXP]QEOIWXLIXLMVHYWIEHMWXMRGXYWIJVSQXLISXLIVYWIWERH[LEXMWXLI WMKRMJMGERGISJMXWJYRGXMSRMRKI\GPYWMZIP]XS'LVMWXMERWVEXLIVXLERRSR'LVMWXMERW#7GSXX 1YVVE][VMXIWw3TTSRIRXWSJiXLIXLMVHYWISJXLIPE[TVIWYQIXLEXXLIJSVQYPEXSVWSJ 'SRGSVHMRXVSHYGIHEXFIWXEYWIPIWWHMWXMRGXMSRERHEX[SVWXETIVRMGMSYWSRIx ,I EVKYIW[MXLXLMWGPEMQWE]MRKw3RXLIPIZIPSJPSKMG-LEZIELEVHXMQIFIPMIZMRKXLEXXLI JSVQYPEXSVWMRXVSHYGIHEHMWXMRGXMSR[MXLSYXEHMJJIVIRGIx 0ERKIEPWSHSIWRSXI\TPEMR wLS[xXLISPHQERMWXEYKLX8LIEWWIVXMSRXLEXXLISPHQERMWwMRWXVYGXIHxERHKYMHIH{ EWHMWXMRKYMWLIHJVSQFIMRKJSVGIH{F]XLIPE[WIIQWXSFIMRSTTSWMXMSRXS4EYPvW[SVHW MRLMWITMWXPIXSXLI6SQERW[LIVILI[VMXIWXLEXwXLIQMRHSJXLIJPIWLMWIRQMX]XS[EVHW +SHJSVMXMWRSXFIMRKWYFNIGXIHXSXLI0E[SJ+SHJSVRIMXLIVGERMXFIx 6SQ  

;IVRIV)PIVX[LSMXWLSYPHFIRSXIHHMHRSXHIGMWMZIP]VINIGXXLIXLMVHYWI

VINIGXIHXLEXXLIXLMVHYWISJXLIPE[SVER]PE[WLSYPHFIEMQIHEXXLIRI[QER)PIVX VINIGXIH1IPERGLXLSRvWGSRWXVYGXMSRSJXLIXLMVHYWIFIMRKETTPMIHXSXLIRI[QER)PIVX



0E^EVIXL'LVMWXMERWMR7SGMIX] 1YVVE]w8LI%YXLSV6IWTSRHWXS,MW'VMXMGWx  -FMH 





FIPMIZIHXLEXXLI*SVQYPEVINIGXIHXLMWGSRWXVYGXMSRJEZSVMRK0YXLIVvWYRHIVWXERHMRKSJE TYVIP]RIKEXMZIJYRGXMSRJSVXLIPE[1IPERGLXLSR[VMXIWGSRGIVRMRKXLIXLMVHYWI 8LIXLMVHYWISJXLITVIEGLMRKSJXLIPE[MWGSRGIVRIH[MXLXLSWIWEMRXW [LSRS[EVIFIPMIZIVW[LSLEZIFIIRFSVREKEMRXLVSYKL+SHvW[SVH ERHXLI,SP]7TMVMXSJ[LSQXLMW[SVH[EWWEMHw-[MPPTYXQ]PE[MR ]SYVLIEVXx?GJ.IV,IFA%PXLSYKL+SHRS[ H[IPPWMRXLIWIERHKMZIWXLIQPMKLXERHGEYWIWXLIQXSFIGSRJSVQIHXS LMQRIZIVXLIPIWWEPPWYGLLETTIRWXLVSYKL+SHvW[SVHERHXLIPE[MR XLMWPMJIMWRIGIWWEV]XLEXWEMRXWQE]ORS[ERHLEZIEXIWXMQSR]SJXLI [SVOW[LMGLTPIEWI+SH )PIVX[VMXIWw-R1IPERGLXLSRvWSTMRMSRMXMWXLIRI[TIVWSR[LSLEWFIIRVIFSVRXLVSYKL NYWXMJMGEXMSR[LSRIIHWXLIMRWXVYGXMSRW[LMGLXLIPE[MQTEVXW'EPZMRERH1IPERGLXLSR WIII]IXSI]ILIVI[LMPIXLI*SVQYPESJ'SRGSVHVEMWIWWXVSRKSFNIGXMSRWx,IEVKYIW JSVXLMWEWWIVXMSRXLEXXLI*SVQYPEVINIGXW1IPERGLXLSRvWJSVQYPEXMSRF]UYSXMRKXLI 7SPMH(IGPEVEXMSREWJSPPS[Ww?'LVMWXMERWAHSMRERHSJXLIQWIPZIWGSQTPIXIP] ZSPYRXEVMP][MXLSYXER]XIEGLMRKEHQSRMXMSRI\LSVXEXMSRSVTVSHHMRKSJXLIPE[[LEX XLI]EVISFPMKEXIHXSHSEGGSVHMRKXS+SHvW[MPPx)PIVX[VMXIWw2SXIu[MXLSYX MRWXVYGXMSRv{XLIPE[RSPSRKIVWIVZIWETIHEKSKMGEPJYRGXMSR8LEXMWXLIHIGMWMSR EKEMRWX1IPERGLXLSR[LSLEHQEHIMXXLIWTIGMEPXEWOSJXLIPE[XSMRWXVYGXXLINYWXEW WYGL8LIHIGMWMSRMWMRJEZSVSJ0YXLIVx)PIVXETTPMIWXSXLIMRHMGEXMZIERH WTSRXERISYWREXYVISJWERGXMJMGEXMSRGPEMQMRKXLEXXLIRI[QERFIGEYWILILEWXLIPE[ TIVJIGXP][VMXXIRSRXLIMVLIEVXIRKEKIWLMQWIPJMRXLMWPE[JVIIP]ERH[MXLSYXGSRWXVEMRX 8LITVSFPIQ[MXLXLMWEVKYQIRXEXPIEWXMRWSJEVEW)PIVXvWMRXIVTVIXEXMSRSJXLI7SPMH (IGPEVEXMSRKSIWMWXLEXLIGSQTPIXIP]MKRSVIW[LIVIXLI7SPMH(IGPEVEXMSRNYWXTVIZMSYW



1IPERGLXLSRSR'LVMWXMER(SGXVMRI0SGM'SQQYRIWXVERW'P]HI1ERWGLVIGO +VERH6ETMHW 1M&EOIV&SSOW )QTLEWMWQMRI  )PIVX8LI'LVMWXMER)XLSW  /SPFERH;IRKIVX  )PIVX8LI'LVMWXMER)XLSW





XSXLITEWWEKILIUYSXIWRSXIWXLEXXLMWFILEZMSVERHGETEFMPMX]SJXLIVIKIRIVEXI[SYPH SRP]SGGYVMJXLI'LVMWXMER[IVIJYPP]VIRI[IH8LI*SVQYPEXSVW[VMXIw-RHIIHMJXLI JEMXLJYPERHIPIGXGLMPHVIRSJ+SH[IVITIVJIGXP]VIRI[IHXLVSYKLXLIMRH[IPPMRK7TMVMXMR XLMWPMJIWSXLEXMRXLIMVREXYVIERHEPPXLIMVTS[IVWXLI][IVIGSQTPIXIP]JVIIJVSQWMR XLI][SYPHRIIHRSPE[x)PIVXMKRSVIWXLMWTEWWEKIXLEXHMVIGXP]TVIGIHIWLMWGMXEXMSR RSXXSQIRXMSRXLITEVEKVETLXLEXJSPPS[WMX[LIVIMXMWWXEXIHw7MRGILS[IZIVFIPMIZIVW MRXLMWPMJIEVIRSXTIVJIGXP][LSPP]iVIRI[IHix8LMWSJGSYVWIHSIWRSXQIERXLEX XLI*SVQYPEWYTTSVXW1IPERGLXLSRvWGSRWXVYGXMSRFYXMXGIVXEMRP]VEMWIWWXVSRKUYIWXMSRW EWXS[LEXMXMRJEGXHSIWWYTTSVX 

%RSXLIVMRXIVTVIXEXMSRSJ%VXMGPI:-WXEXIWXLEXMXMWRSXXLIRI[QER ERHMX[SYPH

WIIQPSKMGEPXLISPHQEREW[IPP [LSwVIGIMZIWxXLIXLMVHYWIFYXVEXLIVXLI'LVMWXMER MRGSRGVIXS7GSXX1YVVE][VMXIW 8LI*SVQYPESJ'SRGSVHMWTIVJIGXP]GPIEVXLEXXLIPE[HSIWRSXJYRGXMSR EWEwKYMHIXSXLI'LVMWXMERPMJIxJSVXLI'LVMWXMEREW'LVMWXMER8LI *SVQYPEvWEGXYEPXIEGLMRKGSRHIQRWXLIZIV]TSMRX?+IVLEVHA*SVHIXEOIW LIVIEWSRISJXLIJEYPXWSJXLIXLMVHYWI 1YVVE][VMXIWw2S[MX?XLIPE[ARSXSRP]XLVIEXIRWEGGYWIWERHGSRHIQRWFYXMXEPWS MRWXVYGXWRSXXLI'LVMWXMERUYE'LVMWXMERFYXXLI'LVMWXMERMRGSRGVIXSx&IWMHIWXLI JEGXXLEXMXMWZIV]HIFEXEFPI[LIXLIVMXMWwTIVJIGXP]GPIEVxXLEXXLI*SVQYPETVSQSXIWXLMW MRXIVTVIXEXMSRERSXLIVTVSFPIQXLMWYRHIVWXERHMRKTSWIWMWXLEXMXFIGSQIWYRGPIEV[LEX VSPIXLIRI[QERSVXLISPHQERTPE]EXEPP;LIR[IWE]w'LVMWXMERMRGSRGVIXSxEVI[I WE]MRKXLEXFSXLXLIRI[QERERHSPHQEREVII\TSWIHXSERHEVIMRXIVEGXMRK[MXLXLI 

/SPFERH;IRKIVX)QTLEWMWQMRI -FMH  -XMWRSXUYMXIGPIEVMJXLIWYTTSVXIVWSJXLMWTSWMXMSRVINIGXXLIMHIEXLEXXLISPHQERVIGIMZIWXLMW[SVH XLSYKLMXWIIQWXLEXXLI][SYPHLEZIXSMRGPYHIXLMWEW[IPP  1YVVE]w8LI%YXLSV6IWTSRHWXS,MW'VMXMGWx  -FMH 





XLMVHYWISJXLIPE[#3VEVI[IWE]MRKXLEXRIMXLIVXLIRI[QERRSVXLISPHLEZIER]XLMRK XSHS[MXLXLIXLMVHYWI#8LEXXLIXLMVHYWISJXLIPE[JYRGXMSRWI\GPYWMZIP]JSV'LVMWXMERW WLSYPHQEOIMXGPIEVXLEXWSQIXLMRKEFSYXSYVWTMVMXYEPVIFMVXLLEWWSQIXLMRKXSHS[MXL XLIXLMVHYWI'LVMWXMERWRIZIVETTVSEGLXLIPE[SVER]XLMRKJSVXLEXQEXXIVEWwRIYXVEPx XLIRI[QERHIPMKLXWMRFSXLXLIKSWTIPERHXLIPE[XLISPHQERLEXIWFSXLXLIKSWTIP ERHXLIPE[7GSXX1YVVE]XLSYKLWIIQWXSVIGSKRM^IXLIMRLIVIRXTVSFPIQWSJEWWMKRMRK ITMWXIQMGGETEFMPMXMIWXSFSXLSVIMXLIVXLIRI[QERSVXLISPH7XITLIR:EPPIWOI]FVMRKW YTERMQTSVXERXTSMRX[LIRLI[VMXIWw8LIVIMWEPWSXLIQEXXIVXLEXMRSYVYWISJXLI XIVQWuRI[QERvERHuSPHQERvXLEXGEYXMSRQYWXFII\TVIWWIHXLEX[IRSXSZIV HMWXMRKYMWLERHEPQSWXTIVWSRMJ]XLIRI[ERHXLISPH{XS[LSQ+SHvW;SVHSJPE[ERH KSWTIPEHHVIWWIWMXWIPJx3RISJXLIWXYQFPMRKFPSGOWMRXLIXLISPSKMGEPHMWGYWWMSRSZIV XLIXLMVHYWISJXLIPE[MWXLEXEQENSVTEVXSJXLIEVKYQIRXSZIVw[LSxMWVIGIMZMRKXLMW [SVHLMRKIWSRXLIEWWIVXMSRXLEXXLIRI[QERLEWWSQIWSVXSJTIVJIGXITMWXIQMG ORS[PIHKISVEGGIWWXSQSVEPXVYXL 

8LIEWWIVXMSRXLEXXLIRI[QERRIIHWRSQSVEPMRWXVYGXMSRQSWXPMOIP]PMIWMRER

YRHIVWXERHMRKSJ.IVIQMELvWTVSTLIG]XLEXXLIPE[[MPPFI[VMXXIRSRXLILIEVX .IV  8LIUYIWXMSRXLEXRIIHWEWOMRKMW[LIXLIVXLMWTVSTLIG]MWGSQTPIXIP]JYPJMPPIH# .YWX[MXLVIJIVIRGIXSXLMWWIGXMSRSJ.IVIQMELMXWIIQWSFZMSYWXLEXXLIERW[IVMWRS8LMW WIIQWXSFIXLIGEWI[LIR[IPSSOEX+SHvW[SVHWWTSOIRXLVSYKL.IVIQMELXLEXMRwXLEX XMQIxXLIVI[MPPFIRSRIIHXSMRWXVYGXSRIvWRIMKLFSVGSRGIVRMRK+SHHYIXSXLIJEGXXLEX wXLI][MPPEPPORS[QIx .IV -XWIIQWEPMXXPILEVHXSEWWIVXXLEXXLMWLEWFIIR JYPJMPPIH;LIRPSSOMRKEX,IFVI[WMXFIGSQIWIZIRGPIEVIVXLEXXLMWTVSTLIG]LEWRSX FIIRGSQTPIXIP]JYPJMPPIH;LIRXEPOMRKSJXLISPHERHRI[GSZIRERXXLIEYXLSVUYSXIW 



:EPPIWOI]w8LI2I[1ERERHXLI3PHMRXLI&IPMIZIVx



.IVIQMELERHGSRGPYHIWF]WXEXMRKXLEXwXLIXLMRKFIMRKQEHISPHERHKVS[MRKEKIHMW RIEVHMWETTIEVMRKx ,IF -RTEVETLVEWIXLMW[SYPHQIERXLEXXLIPE[FIMRK[VMXXIR SRXLILIEVXMWMRTVSGIWW]IXRSXGSQTPIXIXLIKVS[XLSJXLIORS[PIHKISJ+SHEQSRK SRIvWRIMKLFSVWMWMRTVSGIWW]IXRSXGSQTPIXI2SVQER,EFIPWIIQWXSMQTP]XLEXXLMWMW XLIGEWIMRLMWGSQQIRXEV]SRXLIWIZIVWIW 8LSWI[LSEVIMR'LVMWXEVIQMRMWXIVWSJXLMWRI[GSZIRERXERHEVI TVSQTXIHF]XLI7TMVMXSJ+SHJVSQ[MXLMR%WWYGLXLI]EVITEVXSJXLI RI[GVIEXMSRMR[LMGLXLITVSQMWIWSJ.IVIQMELvWRI[GSZIRERXEVI KVEHYEPP]FIMRKVIEPM^IHMRXLIMVPMZIW 'SV 3RP]XLVSYKL JEMXLMR'LVMWXGERIZIRXLILSTIWSJ-WVEIPMRXLISPHGSZIRERXFIJYPP] KVEWTIH 'SV 8SORS['LVMWXMWXSORS[+SHEGGSVHMRKXSXLI WTMVMXSJ.IV -J[IEVIXSEGGITXXLMWMRXIVTVIXEXMSR[IWIIXLEXMXMWRSXYRXMPXLIIRHSJXLIEKIXLEX IZIV]SRI[MPPLEZIXLIORS[PIHKISJXLIXLMRKWSJ+SHERH[MPPLEZIXLIPE[TIVJIGXP] [VMXXIRSRXLILIEVX8LMWMRXIVTVIXEXMSRWIIQWXSEJJMVQXLIGPIEVP]IWGLEXSPSKMGEPREXYVI SJ.IVIQMELvWTVSTLIG]MRGLETXIV 8LI[LSPIMHIEXLEXXLIVIMWWSQIwTEVXxSJYWXLEX[EPOWEVSYRH[MXLETIVJIGX YRHIVWXERHMRKSJXLIPE[ETTEVIRXP][MXLMXWS[RQIRXEPGETEGMXMIWWIIQWPMOIXLI



2SVQER',EFIP'SRGSVHME'SQQIRXEV].IVIQMEL0EQIRXEXMSRW 7X0SYMW'SRGSVHME4YFPMWLMRK ,SYWI 0YXLIVEHHVIWWMRKXLIWIZIVWIWSJ.IVIQMELEQSRKSXLIVWVIJIVWXSXLI[VMXMRKSJXLI PE[SRXLILIEVXEWERSRKSMRKEGXMZMX]SJXLI7TMVMX0YXLIVEWMJLILMQWIPJ[EWXLISRI[LSGSRWXVYGXIH XLIYRHIVWXERHMRKSJXLIXLMVHYWISJXLIPE[[VMXIWw8LIVIJSVIMXLETTIRWMRXLI2I[8IWXEQIRXXLEX[LMPI XLI;SVHSJPMJIKVEGIERHWEPZEXMSRMWTVSGPEMQIHSYXWMHIXLI,SP]7TMVMXXIEGLIWMRWMHIEXXLIWEQIXMQI 8LIVIJSVI-WEMELWE]W -W w%PP]SYVWSRWWLEPPFIXEYKLXF]XLI0SVHx%RHMR.IVIQMEL[IVIEHw- [MPPKMZIQ]PE[Wi%RHXLI]WLEPPEPPORS[1Ix GJ ,IRGI'LVMWXVIJIVWXSXLIWIX[STVSTLIXW [LIR,IWE]WMR.SLRw-XMW[VMXXIRMRXLITVSTLIXWuXLI]WLEPPFIXEYKLXF]+SHvx0MOI[MWIMR'SV w=SYEVIEPIXXIVJVSQ'LVMWXHIPMZIVIHF]YW[VMXXIRRSX[MXLMROFYX[MXLXLI7TMVMXSJXLIPMZMRK +SHRSXSRXEFPIXWSJWXSRIFYXSRXEFPIXWSJLYQERLIEVXWx8LYW[IVIEHMR.SLRXLEXw,MW ERSMRXMRK[MPPXIEGL]SYEPPxERHMR.SLRw&YXXLI'SYRWIPSVXLI,SP]7TMVMXi[MPPXIEGL]SYEPP XLMRKWx%GGSVHMRKP]XLMWMWLS[7GVMTXYVIQYWXFIYRHIVWXSSH[LIRMXWE]WXLEXXLIPE[WEVI[VMXXIRMRXLI QMRHWERHMRXLILIEVXW*SVF]wQMRHxERHwLIEVXx JSVXLMWMWLS[[IEVIWTIEOMRKRS[ MXQIERWMRXIPPIGX ERHJIIPMRK*SVXSFIMRXLIQMRHQIERWXSFIYRHIVWXSSHXSFIMRSYVLIEVXQIERWXSFIPSZIH8LYWXSWE] XLEXXLI0E[MWMRXLIQSYXLQIERWXLEXMXMWXEYKLXXSWE]XLEXMXMWMRXLIIEVQIERWXLEXMXMWLIEVHXSWE] XLEXMXMWMRXLII]IWQIERWXLEXMXMWWIIR8LIVIJSVIMXMWRSXIRSYKLJSVXLI0E[XSFIMRXLIWSYPERHXS WXEXISFNIGXMZIP]XLEXMXMWXLIVI2SMXQYWXFIMRXLIWSYPJSVQEPP]?MREGXYEPMX]AXLEXMWXLI0E[QYWXFI [VMXXIRMRXLILIEVXSYXSJPSZIJSVXLI0E[x0;





YPXMQEXIwSZIVTIVWSRMJMGEXMSRxSJXLIRI[QER-REREXXIQTXXSHVE[XLIREXYVISJXLI RI[ERHSPHQERE[E]JVSQERSZIVTIVWSRMJMIHGSRGITXMSR-XLMROXLEXXLI7GVMTXYVEP TSVXVE]EPSJXLIRI[QERSPHQEREWFIMRKGSQTIXMRKQSXMZEXMSRWERHW]QTEXLMIW[SYPH EMHMRXLMWHMWGYWWMSR%VQMR7GLYIX^I[VMXIW ;LMPI[ILEZIHIWGVMFIHXLIWIX[SXLISPHQERERHXLIRI[QER WITEVEXIP][IRIIHLS[IZIVXSVIQIQFIVXLEXXLI]EVIRSXX[SWITEVEXI TIVWSRW8LI]EVIX[SGSQTPIXIP]STTSWMXIREXYVIWFYXFSXLNSMRIH[MXLMR YWMRSRITIVWSR -JXLIRI[ERHSPHQEREVIYRHIVWXSSHMRXLMW[E][IGERWIIXLEXXLIVIEVIRSXX[S wTIVWSRWxMRYWIEGL[MXLXLIMVS[RQIRXEPGETEGMXMIW -J[IHVE[XLIHMWGYWWMSRE[E] JVSQXLIGPEMQIHITMWXIQMGGETEFMPMXMIWSJXLIRI[ERHSPHQERERHJSGYWSRwLS[xXLMW [SVHSJ+SH{XLIPE[{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

1E]FIWTMVMXJPIWLXIVQMRSPSK]QMKLXFIQSVIETTVSTVMEXI %VQMR;7GLYIX^Iw%'LVMWXMERERHXLI0E[x %TETIVHIPMZIVIHEXXLI'SRZIRXMSRSJXLI2IFVEWOE (MWXVMGX7XERXSR2IFVEWOE.YP]   ;LMPI-VINIGXXLIEWWIVXMSRXLEXXLI'LVMWXMERUYE'LVMWXMERHSIWRvXRIIHXSFIKYMHIH-XLMRO7GSXX 1YVVE]vWGPEMQXLEXMXMWXLI'LVMWXMERMRGSRGVIXS[LSMWMRWXVYGXIHMWGSVVIGX8LMWMWWSWMQTP]FIGEYWI[I GERRSXEXXVMFYXIER]ITMWXIQMGGETEFMPMXMIWXSIMXLIVXLIRI[QERSVXLISPHFIGEYWI'LVMWXMERWEP[E]WPMZI MREWMRKPIGSRWGMSYWRIWWERHXLMWQMKLXFIGEPPIHXLI'LVMWXMERMRGSRGVIXS XLSYKLMXMWEPWSXVYISJRSR 'LVMWXMERWMIIZIV]SRIPMZIW[MXLEWMRKPIGSRWGMSYWRIWW %VXMGPI:-XLSYKLMWRSXWSQYGLGSRGIVRIH [MXLXLIEGUYMWMXMSRSJORS[PIHKIFYXVEXLIV[MXLLS[[IVIGIMZIXLMWORS[PIHKI{HS[IHIPMKLXERH JVIIP]IRKEKIMRMX#-RXLMW[E][IWIIEQSVIWTMVMXYEPERHMRRIVwMRWXVYGXMSRxXLEXMWKSMRKSRXLEXXLI XLMVHYWISJXLIPE[MWHIWGVMTXMZISJXLEXMWXLIVIRI[EPSJXLILIEVXERHQMRH  ;LIR-WE]wVIGIMZIx-QIERQSVIERMHIESJEGGITXERGI SVVINIGXMSR ERHMRXIVEGXMSR[MXL8LMWMWXVYI JSVXLIVIWXSJXLMWWIGXMSR 





-J[IEVIXSEGGITXXLEXXLEXXLIPE[[VMXXIRSRXLILIEVXMWRSXEGSQTPIXIHVIEPMX] [IFIMRKYRHIVIWGLEXSPSKMGEPFSYRHWERHEP[E]WLEZMRKXLITVIWIRGISJXLIJPIWLXLIR [IRIIHXSI\EQMRI[LEXI\EGXP]XLIWMKRMJMGERGISJXLIPE[[VMXXIRSRXLILIEVXMRXLMW PMJIMW-XLMROXLEXFVMRKMRKFEGO1IPERGLXLSRvWHIWGVMTXMSRSJXLIXLMVHYWI[MPPFI LIPTJYP,I[VMXIW 8LIXLMVHYWISJXLITVIEGLMRKSJXLIPE[MWGSRGIVRIH[MXLXLSWIWEMRXW [LSRS[EVIFIPMIZIVW[LSLEZIFIIRFSVREKEMRXLVSYKL+SHvW[SVH ERHXLI,SP]7TMVMXSJ[LSQXLMW[SVH[EWWEMHw-[MPPTYXQ]PE[MR ]SYVLIEVXx?GJ.IV,IFA%PXLSYKL+SHRS[ H[IPPWMRXLIWIERHKMZIWXLIQPMKLXERHGEYWIWXLIQXSFIGSRJSVQIHXS LMQRIZIVXLIPIWWEPPWYGLLETTIRWXLVSYKL+SHvW[SVHERHXLIPE[MR XLMWPMJIMWRIGIWWEV]XLEXWEMRXWQE]ORS[ERHLEZIEXIWXMQSR]SJXLI [SVOW[LMGLTPIEWI+SH 1IPERGLXLSRGSVVIPEXIWXLIKYMHMRKJYRGXMSRSJXLIPE[[MXLXLIPE[[VMXXIRSRXLILIEVX 8LMWMWEVKYIHEKEMRWXF].SREXLER0ERKI[LS[VMXIWw8LI'LVMWXMERMRGSRGVIXSRIIHW XLIPE[TVIEGLIHXSLMQFIGEYWISJXLISPH%HEQ[LMPIXLI'LVMWXMERUYE'LVMWXMERLEW XLIPE[TIVJIGXP]MRWGVMFIHMRXLILIEVXx8LSWI[LSGPEMQXLEXXLIPE[MWTIVJIGXP] [VMXXIRSRXLILIEVXERHWXMPP[ERXXSYTLSPHXLIXLMVHYWISJXLIPE[WIIQXSGPEMQXLEXXLI PE[[VMXXIRSRXLILIEVXGERRSXFISVGERRSXJYPP]FIITMWXIQMGEPP]EGGIWWIHXLYWXLI RIIHJSVXLIXLMVHYWISJXLIPE[0ERKIQEOIWXLMWHMWXMRGXMSRFIX[IIRXLIMRWGVMFIH PE[SRXLILIEVXERHXLITVSGPEMQIHPE[,ISTIVEXIW[MXLERYRHIVWXERHMRKXLEX%VXMGPI



0SGM'SQQYRIW)QTLEWMWQMRI 0ERKIw9WMRKXLI8LMVH9WIx  ;LMPIXLIVIQMKLXFIMRXIVREPIZMHIRGIMREVXMGPI:-XSQEOIXLMWGPEMQMXMWJEVJVSQFIMRKGSRGPYWMZI 6EXLIVXLERRIIHMRKXSFIMRWXVYGXIHMRWSJEVEW[ILEZIXLIJPIWL-XLMROXLEX1IPERGLXLSRvWGPEMQMW TVIJIVEFPIXLEXMWXLEXMXMWSRP]XLVSYKLVIRI[EPSJXLIQMRHXLEX[IGERVIGIMZIXLIPE[MRMXWXLMVHYWI XLEXVIRI[EPEGXYEPP]MRZSPZIWEVIRI[EPSJXLIQMRH[LMGLMRGPYHIWSYVGSKRM^ERXYRHIVWXERHMRKSJXLI PE[8LEXMRLIEZIR[I[MPPRSXRIIHJYVXLIVMRWXVYGXMSRMWMVVIPIZERXXSERYRHIVWXERHMRKSJXLIXLMVHYWI %VXMGPI:-NYWXMQTPMIWXLEXEWPSRKEW[IWXMPPLEZIXLIJPIWL[I[MPPRIIHMRWXVYGXMSR(EZMH7GEIV[VMXIW w8LMWX]TISJEVKYQIRXEXMSREWWIVXIHXLEXXLI0E[[EWYRRIGIWWEV]MRER]TEVXSJE'LVMWXMERvWPMJI-RJEGX NYWXXLISTTSWMXI[EWXVYI-X[EWXLIVIKIRIVEXIERHRSXXLIYRVIKIRIVEXI[LSYRHIVWXSSHXLI0E[ERH GSYPHMRXLIMVMRRIVREXYVIETTVIGMEXIMXx(EZMH47GEIVw*SVQYPESJ'SRGSVH%VXMGPI:-8LI8LMVH9WI SJXLI0E[x'SRGSVHME8LISPSKMGEP5YEVXIVP]RS   





:-MWHIWGVMFMRKXLIXLMVHYWISJXLIPE[EWEJYRGXMSRSJXLITVSGPEMQIHPE[ ;LMPI 0ERKIWXEXIWXLEXXLIPE[[VMXXIRSRXLILIEVXMWERIXIVREPTVIWIRGIMRHMWXMRGXMSRXSXLMW LIEVKYIW 8LITVSGPEMQIHPE[SRXLISXLIVLERHPEGOWWYGLERIXIVREPEWTIGX %GGSVHMRKXSXLI7SPMH(IGPEVEXMSRXLITVIEGLMRKSJXLIPE[FIPSRKWSRP] wXSXLMWQSVXEPERHMQTIVJIGXPMJIx 7(:- -JXLIw8LMVH9WIxMWMRHIIH EJYRGXMSRSJXLITVIEGLIHPE[XLIRMXWTYVIP]XIQTSVEPREXYVI[MPPRSXPIX MXFIIUYEXIH[MXLXLIIXIVREPPE[[VMXXIRYTSRXLILIEVX  0ERKIMWGSVVIGXMRWXEXMRKXLEXMJXLIXLMVHYWIMWEJYRGXMSRSJXLITVIEGLIHPE[XLIRMX SRP]LEWXIQTSVEPZEPMHMX]0ERKIMWEPWSXIGLRMGEPP]GSVVIGXXLEXXLIXLMVHYWISJXLIPE[ MWRSXwW]RSR]QSYWx[MXLXLIPE[[VMXXIRSRXLILIEVXFYXSRP]FIGEYWIXLIXLMVHYWIMWE wJYRGXMSRx{MXMWWSQIXLMRKXLEXLETTIRW{[LMPIXLIPE[[VMXXIRSRXLILIEVXMWE wXLMRKx{WSQIXLMRKXLEXMW(IWTMXIXLMWEWWXEXIHFIJSVI[IWLSYPHRSXEWWYQIXLEXXLI PE[MWTIVJIGXP][VMXXIRSRXLILIEVX7IGSRHP]MJXLIXLMVHYWISJXLIPE[EWTVIWIRXIHMR %VXMGPI:-MWHIJMRIHEWFIMRKEKYMHIXLIRXLMWHSIWRSXI\GPYHIERwMRRIVxIPIQIRX8LI XLMVHTVSFPIQMW0ERKIvWEWWYQTXMSRXLEXXLIRI[QERHSIWRSXRIIHEKYMHI8LMWMWE TVSFPIQXLEXRSXSRP]TPEKYIWXLI0YXLIVERYRHIVWXERHMRKSJXLIXLMVHYWISJXLIPE[FYX EPWS[MXLXLIFVSEHIVHMWGYWWMSRSJWERGXMJMGEXMSRMXMWW]QTXSQEXMGSJXLIQSVIKIRIVEP TVSFPIQSJXLIwSZIVTIVWSRMJMGEXMSRxSJXLIRI[ERHSPHQER0ERKI[VMXIW 8LMW?PE[[VMXXIRSRXLILIEVXAMWPE[MRXLIWEQIWIRWIEWSRI[SYPHYWI XLIXIVQPE[XSHIWGVMFIXLIIJJIGXWSJKVEZMX]8LIPE[SJKVEZMX]HSIWRSX GEYWIERSFNIGXXSJEPPXSXLIIEVXLFYXSRP]HIWGVMFIW[LEXLETTIRWF] REXYVI7SEPWSXLIPE[MRWGVMFIHMRXLILIEVXMWTYVIP]HIWGVMTXMZISJ[LEX XLITIVJIGXGVIEXMSRSJ+SHHSIWF]REXYVI



;LMPIXLIXLMVHYWIMQTPMIWXLEXXLIPE[RIIHWXSFITVSGPEMQIH MRSVHIVJSVSRIXSFIMRWXVYGXIH XLI KYMHMRKJYRGXMSREGGSVHMRKXS%VXMGPI:-vWHIJMRMXMSRWIIQWXSMQTP]EQSVIwMRXIVREPxTVSGIWWw?8LIPE[A MWEPWSYWIH[LIRXLSWI[LSLEZIFIIRFSVRERI[XLVSYKL+SHvW7TMVMXiPMZIERH[EPOMRXLIPE[x  0ERKIw9WMRKXLI8LMVH9WIx  0ERKIw9WMRKXLI8LMVH9WIx





8LIWTSRXERIMX]SJWERGXMJMGEXMSRMWSJXIRGMXIHEWEVIEWSR[L]QERHSIWRSXRIIHXSFI XEYKLXXLIPE[;LMPIXLIXIVQWTSRXERIMX]MWRSXERMRETTVSTVMEXIXIVQMXMWSJXIR HIWGVMFIHMRE[E]XLEXGSQTPIXIP]HMZSVGIWXLIQMRHJVSQXLIEGXMSRWERGXMJMGEXMSR FIGSQIWWSQIX]TISJYRXLMROMRKEGXMSRXLEX[IEVIGSQTPIXIP]YRE[EVISJ+IVLEVH *SVHI[VMXIW 8LIVIMWRSGEPGYPEXMSRRS[SRHIVMRKEFSYXTVSKVIWWQSVEPMX]SVZMVXYI 8LIVIMWNYWXXLIHSMRKSJMXERHXLIRMXMWGSQTPIXIP]JSVKSXXIR8LIVMKLX LERHHSIWRvXORS[[LEXXLIPIJXMWHSMRK+SSH[SVOWMR+SHvWI]IWEVI UYMXIPMOIP]XSFIEPPXLSWIXLMRKW[ILEZIJSVKSXXIR7ERGXMJMGEXMSRMW +SHvWWIGVIX -RPMOIQERRIV0ERKIHIWGVMFIWXLIPE[[VMXXIRSRXLILIEVXEWWSQIXLMRKXLEXMWRSX wORS[RxFYXVEXLIVNYWXEXIVQXLEXMWW]QFSPM^IWWSQIXLMRKXLEXLETTIRWwF]REXYVIx 8LMWWIIQWEPMXXPIEFWYVH-XGERSRP]FIVINIGXIHXLEXWIRXMQIRXXLEXWE]WXLEXwXLIRI[ QERRIIHWRSKYMHIx.YWX[L]I\EGXP]HSIWMXRSXRIIHEKYMHI#(SIWRSXXLIPE[ [VMXXIRSRXLILIEVXWIVZIEWEKYMHI#-JMXHSIWRvXWIVZIXLMWTYVTSWIXLIR[L]MWMXXLIVI# 8LIPE[[VMXXIRSRXLILIEVXQE]FIWSREXYVEPSJSYVLIEZIRP]WXEXIXLEXMXTEWWIWSRXSE WYFGSRWGMSYWPIZIP(IWTMXIXLMWMXWIIQWL]TSXLIXMGEPP]WTIEOMRKMJEGIVXEMRQSVEP UYIWXMSR[IVIEWOIHSJYWMRLIEZIRXLEX[I[SYPHFIEFPIXSKMZIEREHIUYEXIERW[IV{ XLEX[I[SYPHFIEFPIXSGSKRM^ERXSJXLIPE[4EYPHSIWRSXHIPMKLXMRWSQIWSVXSJ TVIGSKRM^ERXPE[VEXLIVLIORS[WXLIPE[ERHHIPMKLXWMRMX8LIWIEWWIVXMSRWWIIQXSFI FEWIHSREGSRGITXXLEXXLIRI[QERWSQILS[PMZIWMRYW WIIQMRKP]UYMXIEKEMRWXSYV ORS[PIHKI ORS[WXLIPE[TIVJIGXP]ERHIRKEKIWMRKSSH[SVOWWTSRXERISYWP]EPP [MXLSYXSYVORS[PIHKISJMX8LMWMWXLIYPXMQEXIwSZIVTIVWSRMJMGEXMSRxSJXLIRI[QER /YVX1EVUYEVXVINIGXIHWYGLERMHIESJWTSRXERIMX]LI[VMXIW

 



+IVLEVH*SVHIw%0YXLIVER:MI[SJ7ERGXMJMGEXMSRx :EPPIWOI]w8LI2I[1ERERHXLI3PHMRXLI&IPMIZIVx



2S[IEVIRSXEYXSQEXE;ILEZIEVIRI[IH[MPP[LMGLwMWRSXMHPIMR XLIHEMP]TVEGXMGISJVITIRXERGIFYXGSSTIVEXIWMREPPXLI[SVOWSJXLI,SP] 7TMVMXXLEX,IEGGSQTPMWLIWXLVSYKLYWx *SVQYPESJ'SRGSVH7(-- T -JFIMRKFVERGLIWMRXLI8VYI:MRI 7X.R QIERWXLEXPMOI TPERXW[ILEZIRSGSRWGMSYWMRXIRXMSRWFYXWMQTP]TVSHYGIJVYMX wEYXSQEXMGEPP]xXLIRXLIWEQIETTPMIWXSXLI:MRI,MQWIPJi8LMWTWIYHS FMFPMGEPEVKYQIRXMWI\EGXP]TEVEPPIPXSXLEXSJXLISPHERXMRSQMERW[LS EVKYIHXLEX'LVMWXMERW[MPPHSXLIVMKLXXLMRKWw[MXLSYXER]XIEGLMRK EHQSRMXMSRI\LSVXEXMSRI\LSVXEXMSRSVTVSHHMRKSJXLIPE[iNYWXEWMR ERHSJXLIQWIPZIWXLIWYRXLIQSSRERHEPPXLIWXEVWJSPPS[YRMQTIHIH XLIVIKYPEVGSYVWI+SHKEZIXLIQSRGIERHJSVEPPx *'7(:-T   7TSRXERIMX]WLSYPHRSXFIWIIREWWSQIYRXLMROMRKEGXMSRFYXVEXLIVEGLEVEGXIVMWXMGSJ XLIVIFSVR[LS[LIRXLI]WIIWSQIXLMRKXLEXRIIHWXSFIHSRIHSIWXLMWEWXLI7TMVMX PIEHW%KEMRWXXLIWIEWWIVXMSRWMXWLSYPHFILIPHXLEXXLIMQTPMGEXMSRWSJXLIXLMVHYWISJ XLIPE[HYIXSXLIJEGXXLEXXLIPE[WLSYPHFIEKYMHIJSVXLIVIFSVRQIERWXLEX 'LVMWXMERWWLSYPHFIMRWXVYGXIHMRXLIPE[8LMWMQTPMGEXMSRSJGSYVWIFIMRKHYIXSXLI JEGXXLEXLMWVIRI[EP MRGPYHMRKXLIVIRI[EPSJXLIQMRH'SPGJ)TL MW MRGSQTPIXIHYIXSXLIJPIWLERHXLEXwEPPWYGL?VIRI[EPALETTIRWXLVSYKL+SHvW ;SVHx8LI*SVQYPEXSVW[VMXI %PXLSYKLXLSWI[LSFIPMIZIMR'LVMWXEVIXVYP]QSXMZEXIHF]XLI7TMVMXSJ +SHERHHSXLI[MPPSJ+SHEGGSVHMRKXSXLIMVMR[EVHTIVWSRJVSQEJVII WTMVMXRIZIVXLIPIWWXLI,SP]7TMVMXYWIWXLI[VMXXIRPE[SRXLIQXSXIEGL XLIQWSXLEXXLVSYKLMXFIPMIZIVWMR'LVMWXPIEVRXSWIVZI+SHRSX EGGSVHMRKXSXLIMVS[RMHIEWFYXEGGSVHMRKXSLMW[VMXXIRPE[ERH;SVH  8LMWQSVEPVISVMIRXEXMSRMWGPIEVP]HIWGVMFIHEWFIMRKXLVSYKLXLIPE[EWVIZIEPIHMR 7GVMTXYVI8LMWwEWVIZIEPIHMR7GVMTXYVIxMW[LEXQER]MRXLI)0'%VIEPP]VINIGX[LIR 

1EVUYEVXw8LI8LMVH9WISJXLI0E[EW'SRJIWWIHMRXLI*SVQYPESJ'SRGSVHx 8LI*SVQYPEXSVW[VMXIw8LIVIEJXIVXLI,SP]7TMVMXYWIWXLIPE[XSMRWXVYGXXLIVIFSVRiMR[LMGLKSSH [SVOWw[LMGL+SHTVITEVIHFIJSVILERHxXLI]EVIuWYTTSWIHXS[EPOv )TL?Ax/SPFERH;IRKIVX TEV  w)ZIRXLSYKLXLIMV?XLI'LVMWXMERvWAWMRMWGSQTPIXIP]GSZIVIHF]XLITIVJIGXSFIHMIRGISJ'LVMWXWSXLEX XLMWWMRMWRSXVIGOSRIHXSXLIQEWHEQRMRKERHIZIRXLSYKLXLIOMPPMRKSJXLISPHGVIEXYVIERHXLIVIRI[EP SJXLIMVQMRHWMRXLI7TMVMXLEWFIKYR{RSRIXLIPIWWXLISPHGVIEXYVIWXMPPGSRXMRYIWXSLERKSRMRXLIMV REXYVIERHEPPSJMXWMR[EVHERHSYX[EVHTS[IVWx/SPFERH;IRKIVXTEV  /SPFERH;IRKIVX 





XLI]VINIGXXLIXLMVHYWISJXLIPE[[LMPIQER]MRXLI0'17JIIPXLEXXLMWMWSJZMXEP MQTSVXERGI{XLEXwEPPWYGLLETTIRWXLVSYKL+SHvW;SVHx 

8LIXSRISJXLIHIFEXISZIVXLIXLMVHYWISJXLIPE[MRXLIWERHW[EW

HSQMREXIH[MXLGSRGIVRWSJ7GVMTXYVEPEYXLSVMX]ERHXLIGSRXMRYIHVIPIZERGISJXLIPE[ &IGEYWIXLIQSHIVRHIFEXISZIVXLIXLMVHYWISJXLIPE[FIKER[MXLXLIWIGSRGIVRWXLI] LEZIWIITIHMRXSSYVZIV]YRHIVWXERHMRKSJ[LEXXLIXLMVHYWIMWMRMXWIPJ{QYGLSJXLI GSRXMRYIHHMEPSKLEWFIIRJSGYWIHSRXLIRSVQEXMZIERHHMHEGXMGREXYVISJXLIPE[-R GSRXVEWXXSXLMW[IRIIHXSVIGPEMQXLIWTMVMXSJ%VXMGPI:-[LMGLGSRRIGXWXLIXLMVHYWISJ XLIPE[[MXLXLIFVSEHIVJYRGXMSRSJWERGXMJMGEXMSRERHVIRI[EP[LMGLMRGPYHIWFSXLXLI LIEVXERHXLIQMRH0EVV]:SKIPGETXYVIWXLMWWTMVMX[LIRLIZIV]EHIUYEXIP]HITMGXWXLI XLMVHYWISJXLIPE[ERHXLIYRMUYIWXEXISJXLI'LVMWXMERJSV[LSQwXLIWEQI0E[GER FSXLGSRHIQRERHEPWSFIEHIPMKLXJYPKMJXMREGSRJYWMRK[SVPH[LIVIXLIVIFSVREGXYEPP] [ERXXSHSKSSHx:SKIP[VMXIW *SVXLIQXLIGSRXMRYMRKVSPISJ+SHvW0E[LMWGSQQERHWLMWHIQERHW LMWI\LSVXEXMSRWXSLSPMRIWW{EPPSJMXKIRYMRIP]MWWMQTP]TEVXSJXLIPMJISJ JEMXL8LI]XVYWXXLIMV0SVH[LIRLIWE]Ww-JSVKMZI]SYx8LI]FIPMIZI LMQ[LIRLIWE]Ww0IX]SYVPMKLXWLMRIXLVSYKLKSSH[SVOWx WII1EXX  8LEXOMRHSJXLMRK[MPPRSXLETTIRMJTISTPIZMI[XLI0E[SJ+SHEW LEZMRKRSKYMHMRK[SVOMRXLIPMZIWSJXLINYWXMJMIH-RHIIHWYGLPMZIW XIWXMJ]XLEXXLI*SVQYPE[EWVMKLXXSWE]w&IPMIZIVWHSi[MXLSYXGSIVGMSR [MXLE[MPPMRKWTMVMXMRWSJEVEWXLI]EVIFSVRERI[[LEXRSXLVIEXSJXLI PE[GSYPHIZIVJSVGIJVSQXLIQx 

(EZMH7GEIV[VMXIWw8LITIVWSR[LSGPEMQWXLIHMVIGXKYMHERGISJXLI,SP]7TMVMXERHVINIGXWXLI0E[ EWVIZIEPIHMRXLITVSTLIXWERHXLIETSWXPIWMWMRJEGXVINIGXMRKXLI,SP]7TMVMXF]VINIGXMRK,MW[SVO ;LSIZIVGPEMQWE[SVOMRKSJXLI7TMVMXJSVLMWPMJIETEVXJVSQXLITVSTLIXWERHETSWXPIWMWEJEREXMG 7( <-- x(EZMH7GEIVw*SVQYPESJ'SRGSVH%VXMGPI:-x8LISHSVI.YRKOYRX^PMOI[MWI[VMXIWw8LI 'LVMWXMERGERRSXGPEMQXLI,SP]7TMVMXvWKYMHERGIEWENYWXMJMGEXMSRJSVXLIXVERWKVIWWMSRSJER]SJXLI8IR 'SQQERHQIRXWSVXLI0E[SJGVIEXMSR[LMGLYRHIVPMIWERHGSMRGMHIW[MXLXLIQ6IFIPPMSRQYVHIVWI\YEP YRGLEWXMXM]VSFFIV]ERHPYWXMRKSJER]OMRHEVIJSVFMHHIRMRER]ERHIZIV]uWMXYEXMSRvERHFIGEYWISJXLIQ +SHvW0E[uEP[E]WEGGYWIWvYWTEVXMGYPEVMP]WLSYPH[IXLMRO[IGSYPHXLIVIF]FITPIEWMRKXS+SH8S [ERXXSTPIEWI+SHXLIVIF][SYPHFIXLILIMKLXSJu7GL[EVQIVIMvx8LISHSVI6.YROYRX^w8LIu8LMVH 9WISJXLI0E[v0SSOMRKJSV0MKLXSRXLI,IEXx0YXLIVER*SVYQRS    :SKIPw%8LMVH9WISJXLI0E[-WXLI4LVEWI2IGIWWEV]#x  -FMH