The URL can be used to link to this page

Item C08' CM ounty of onroe BOARD OF COUNTY COMMISSIONERS Mayor Heather Carruthers, District 3 Mayor Pro Tem George Neugent, District 2 TheFloridaKeys Danny L. Kolhage, District 1 David Rice, District 4 Sylvia J. Murphy, District 5 County Commission Meeting August 17, 2016 Agenda Item Number: C.8 Agenda Item Summary #1902 BULK ITEM: DEPARTMENT: Yes Project Management / Facilities TIME APPROXIMATE:STAFF CONTACT: Johnnie Yongue (305) 292-4429 None AGENDA ITEM WORDING: Approval to Reject Lowest Bidder Pedro Falcon Electrical Contractors for the Stock Island Fire Station HVAC Improvements in the amount of $37,129.00 due to discrepancies on other county projects. Requesting approval to award contract to second lowest bidder, Kenmar General Contracting, in the amount of $62,500.00. Highest of the three bids was D L Porter Constructors for $78,163.00. Project is paid for by the One Cent Infrastructure Sales Tax. th ITEM BACKGROUND: On June 29, 2016 county staff held a bid opening to which there were no submitted bids in response to the published Request for Proposals for the Stock Island Fire Station HVAC System Improvements. Following bid opening, county staff sent out to local contractors a solicitation request to which there where three responses. The lowest bidder Pedro Falcon Electrical Contractors was the lowest bidder for the amount of $37,129.00, but is not recommended for award due to the significant difference between their bid and the other bidders as well as other contributing factors such as open disputes regarding other county projects described in legal memo attached as backup. The second lowest bidder is Kenmar General Contracting at a price of $62,500.00 whom is recommended for award. And the highest bid was from D L Porter Constructors at a price of $78,163.00. PREVIOUS RELEVANT BOCC ACTION: Board of County Commissioners gave approval to advertise the Request for Proposals for the Construction of the Stock Island Fire Station HVAC th Improvements on May 18, 2016 at their regular meeting. CONTRACT/AGREEMENT CHANGES: none STAFF RECOMMENDATION: Approval as stated above. DOCUMENTATION: Tabulation Sheet DL Porter Proposal 4EGOIX4K ' Pedro Falcon Proposal Kenmar Proposal PFEC SIFS Legal Memo Kenmar SIFS HVAC Contract FINANCIAL IMPACT: th Effective Date: August 17, 2016 th Expiration Date: August 17, 2017 Total Dollar Value of Contract: $62,500.00 Total Cost to County: $62,500.00 Current Year Portion: $62.500.00 Budgeted: No Source of Funds: 304 CPI: Indirect Costs: Estimated Ongoing Costs Not Included in above dollar amounts: None Revenue Producing: No If yes, amount: Grant: No County Match : None Insurance Required: Yes Additional Details: $50,000.00 budgeted, another $12,500.00 needed to award contract. REVIEWED BY: Doug Sposito Completed 08/01/2016 8:04 AM Chris Ambrosio Completed 08/01/2016 12:09 PM Budget and Finance Completed 08/01/2016 12:12 PM Maria Slavik Completed 08/01/2016 12:25 PM Kathy Peters Completed 08/01/2016 2:45 PM Board of County Commissioners Pending 08/17/2016 9:00 AM 4EGOIX4K %XXEGLQIRX8EFYPEXMSR7LIIX 7XSGO-WPERH*MVI7XEXMSR%TTVSZEPXS6INIGX0S[IWX&MHHIVERH 'F Monroe County Engineering 1100 Simonton Street, 2-216 Key West, FL 33040 Project Management PROPOSAL TO: Monroe County Project Management 1100 Simonton St. 2-216 Key West FL 33040 PROPOSAL FROM: (04SVXIV'SRWXVYGXSVW-RG 4EPQIV4EVO'MVGPI 7EVEWSXE*0 The undersigned, having carefully examined the Work and reference Drawings, Specifications, Proposal, and Addenda thereto and other Contract Documents for the construction of: Stock Island Fire Station #8 HVAC Improvements and having carefully examined the site where the Work is to be performed, having become familiar with all local conditions including labor affecting the cost thereof, and having familiarized himself with material availability, Federal, State, and Local laws, ordinances, rules and regulations affecting performance of the Work, does hereby propose to furnish all labor, mechanics, superintendents, tools, material, equipment, transportation services, and all incidentalsnecessary to perform and complete said Work and work incidental hereto, in a workman-like manner, in conformance with said Drawings, Specifications, and other Contract Documents including Addenda issued thereto. The undersigned further certifies that he has personally inspected the actual location of where the Work is to be performed, together with the local sources of supply and that he understands the conditions under which the Work is to be performed. The proposer shall assume the risk of any and all costs and delays arising from the existence of any subsurface or other latent physical condition which could be reasonably anticipated by reference to documentary information provided and made available, and from inspection and examination of the site. Theundersignedagrees tocommence performance of this Projectwithin ten (10) calendardays after the date of issuance to the undersigned by Owner of the Purchase OrderOnce commenced;undersigned shall diligently continue performance until completion of the Project. The undersigned shall accomplish Substantial Completion of Thirty30 the Project within () calendar days. The undersigned shall accomplish Final Thirty (30) Completion of the Project within calendardays thereafter 68 Pageof 4EGOIX4K 'F Monroe County Engineering 1100 Simonton Street, 2-216 Key West, FL 33040 Project Management The Base Proposal shall be furnished below in words and numbers. If there is an inconsistency between the two the Proposal in words shall control. 7IZIRX])MKLX8LSYWERH3RI,YRHVIH7M\X]8LVII Dollars. (Total Base Proposal-words) $_________________________________________________________________ (TotalBase Proposal–numbers) I acknowledge Alternates as follows: 1.Alternate #1 None I acknowledge receipt of Addenda No(s).or None No.____Dated__________________ 78 Pageof 4EGOIX4K %XXEGLQIRX(04SVXIV4VSTSWEP 7XSGO-WPERH*MVI7XEXMSR%TTVSZEPXS6INIGX0S[IWX&MHHIVERH 'G 4EGOIX4K 'G 4EGOIX4K 'G 4EGOIX4K 'G 4EGOIX4K 'G 4EGOIX4K 'G / 20152016 SEPTEMBER 30, 2016 30140-9801 RECEIPT# PEDRO FALCON ELECTRICAL Business Name: CONTRACTORS INC PEDRO FALCON, CHRISTIAN N BRISSON 31160 AVE C Owner Name:Business Location: QUALIFIER, ROBERT D ALLSBROOK BIG PINE KEY, FL 33043 Mailing Address: QUALIFIER Business Phone:305-872-2200 31160 AVE C BIG PINE KEY, FL 33043 CONTRACTOR (GENERAL/ELECTRICAL 3RD Business Type: QUALIFIER STATE LIC EC13003416) Employees10 STATE LICENSE: EC0001491/CGC1507617/ Tax Amount Sub-TotalPenaltyPrior Years Collection CostTotal Paid Transfer Fee 25.000.0025.000.000.000.0025.00 Paid103-14-0000732309/14/2015 25.00 THIS BECOMES A TAX RECEIPT THIS IS ONLY A TAX. WHEN VALIDATED YOU MUST MEET ALL COUNTY AND/OR MUNICIPALITY PLANNING AND ZONING REQUIREMENTS. P.O. Box 1129, Key West, FL 33041-1129 EXPIRES SEPTEMBER 30, 2016 RECEIPT# 30140-9801 PEDRO FALCON ELECTRICAL Business Name: CONTRACTORS INC 31160 AVE C Business Location: BIG PINE KEY, FL 33043 Owner Name: PEDRO FALCON, CHRISTIAN N BRISSON Business Phone:305-872-2200 Mailing Address: QUALIFIER, ROBERT D ALLSBROOK CONTRACTOR (GENERAL/ELECTRICAL 3RD Business Type: 31160 AVE C QUALIFIER STATE LIC EC13003416) BIG PINE KEY, FL 33043 Employees10 STATE LICENSE: EC0001491/CGC1507617/ Tax Amount Sub-TotalPenaltyPrior Years Collection CostTotal Paid Transfer Fee 25.000.0025.000.000.000.0025.00 103-14-00007323 Paid09/14/2015 25.00 4EGOIX4K 'G (%8) 11((==== ')68-*-'%8)3*0-%&-0-8=-2796%2') 8,-7')68-*-'%8)-7-779)(%7%1%88)63*-2*361%8-32320=%2('32*)67236-+,8794328,)')68-*-'%8),30()68,-7 ')68-*-'%8)(3)7238%**-61%8-:)0=362)+%8-:)0=%1)2()<8)2(36%08)68,)'3:)6%+)%**36()(&=8,)430-'-)7 &)03;8,-7')68-*-'%8)3*-2796%2')(3)7238'3278-898)%'3286%'8&)8;))28,)-779-2+-2796)6 7 %98,36->)( 6)46)7)28%8-:)36463(9')6%2(8,)')68-*-'%8),30()6 -14368%28-JXLIGIVXMJMGEXILSPHIVMWER%((-8-32%0-2796)(XLITSPMG] MIW QYWXFIIRHSVWIH-J79&63+%8-32-7;%-:)(WYFNIGXXS XLIXIVQWERHGSRHMXMSRWSJXLITSPMG]GIVXEMRTSPMGMIWQE]VIUYMVIERIRHSVWIQIRX%WXEXIQIRXSRXLMWGIVXMJMGEXIHSIWRSXGSRJIVVMKLXWXSXLI GIVXMJMGEXILSPHIVMRPMIYSJWYGLIRHSVWIQIRX W '328%'8 %RKMI(IWSVQIEY\ 463(9')6 2%1) &S[IR1MGPIXXI &VMXXSJ*PSVMHE00' *%< 4,32) %'2S %'2S)\X 23VPERHS%ZIRYI )1%-0 'IVXMJMGEXIW$FQFMRGGSQ 7YMXI %((6)77 1EMXPERH*0 -2796)6 7 %**36(-2+'3:)6%+)2%-' %QIVMWYVI-RWYVERGI'SQTER] -2796)6% 4)(63*%0'3%QIVMWYVI1YXYEP-RWYVERGI'SQTER] -2796)( -2796)6& 4IHVS*EPGSR)PIGXVMGEP'SRXVEGXSVW-RG -2796)6' %ZIRYI' -2796)6( &MK4MRI/I]*0 -2796)6) -2796)6* '3:)6%+)7')68-*-'%8)291&)66):-7-32291&)6 8,-7-783')68-*=8,%88,)430-'-)73*-2796%2')0-78)(&)03;,%:)&))2-779)(838,)-2796)(2%1)(%&3:)*368,)430-'=4)6-3( -2(-'%8)(238;-8,78%2(-2+%2=6)59-6)1)288)6136'32(-8-323*%2='3286%'83638,)6(3'91)28;-8,6)74)'883;,-',8,-7 ')68-*-'%8)1%=&)-779)(361%=4)68%-28,)-2796%2')%**36()(&=8,)430-'-)7()7'6-&)(,)6)-2-779&.)'883%008,)8)617 )<'097-327%2('32(-8-3273*79',430-'-)70-1-877,3;21%=,%:)&))26)(9')(&=4%-('0%-17 %((079&6 430-'=)**430-'=)<4 -276 8=4)3*-2796%2')0-1-87 430-'=291&)6 11((==== 11((==== 086-27(;:( %==+0 '311)6'-%0+)2)6%00-%&-0-8= < )%',3''966)2') (%1%+)836)28)( < '0%-171%()3''96 46)1-7)7 )ESGGYVVIRGI 1)()<4 %R]SRITIVWSR 4)6732%0 +)20%++6)+%8)0-1-8%440-)74)6+)2)6%0%++6)+%8) 463 < 430-'=03'463(9'87'31434%++ .)'8 38,)6 '31&-2)(7-2+0)0-1-8 % == %98313&-0)0-%&-0-8= '% )EEGGMHIRX < &3(-0=-2.96= 4IVTIVWSR %2=%983 %003;2)(7',)(90)( &3(-0=-2.96= 4IVEGGMHIRX %9837%9837 2323;2)( 4634)68=(%1%+) ,-6)(%9837 %9837 4IVEGGMHIRX &<=='9 91&6)00%0-%& )%',3''966)2') 3''96 )<')770-%& '0%-171%()%++6)+%8) ()(6)8)28-32 4)638, ;36/)67'314)27%8-32 %;' < = 78%898))6 %2()1403=)670-%&-0-8= =2 %2=46346-)8364%682)6)<)'98-:) )0)%',%''-()28 2% 3**-')61)1&)6)<'09()(# 1ERHEXSV]MR2, )0(-7)%7))%)1403=)) -J]IWHIWGVMFIYRHIV )0(-7)%7)430-'=0-1-8 ()7'6-48-323*34)6%8-327FIPS[ ()7'6-48-323*34)6%8-32703'%8-327:),-'0)7 %'36(%HHMXMSREP6IQEVOW7GLIHYPIQE]FIEXXEGLIHMJQSVIWTEGIMWVIUYMVIH 8LIJSPPS[MRKTSPMG]TVSZMWMSRWERHSVIRHSVWIQIRXWJSVQTEVXSJXLITSPMGMIWSJMRWYVERGIVITVIWIRXIHF]XLMWGIVXMJMGEXISJMRWYVERGI8LI XIVQWGSRXEMRIHMRXLITSPMGMIWERHSVIRHSVWIQIRXWWYTIVWIHIXLIVITVIWIRXEXMSRWQEHILIVIMR)PIGXVSRMGGSTMIWSJXLITSPMG]TVSZMWMSRW ERHSVIRHSVWIQIRXWPMWXIHFIPS[EVIEZEMPEFPIF]IQEMPMRKGIVXMJMGEXIW$FQFMRGGSQ ;LIRVIUYMVIHF][VMXXIRGSRXVEGXXLSWITEVXMIWPMWXIHMRWEMHGSRXVEGXMRGPYHMRKXLIGIVXMJMGEXILSPHIVEVIEHHIHEWEREHHMXMSREPMRWYVIH[MXL VIWTIGXXSXLIKIRIVEPPMEFMPMX]MRGPYHMRKSRKSMRKERHGSQTPIXIHSTIVEXMSRWEYXSPMEFMPMX]ERHYQFVIPPEPMEFMPMX]EWEJJSVHIHF]XLITSPMG]ERHSV 7II%XXEGLIH ')68-*-'%8),30()6'%2')00%8-32 7,390(%2=3*8,)%&3:)()7'6-&)(430-'-)7&)'%2')00)(&)*36) 8,))<4-6%8-32(%8)8,)6)3*238-');-00&)()0-:)6)(-2 1SRVSI'SYRX]&YMPHMRK(ITEVXQIRX1EVEXLSR+SZX %''36(%2');-8,8,)430-'=463:-7-327 0MGIRWMRK(ITEVXQIRX 3ZIVWIEW,MKL[E] %98,36->)(6)46)7)28%8-:) 1EVEXLSR*0 %'36('36436%8-32%PPVMKLXWVIWIVZIH %'36( 8LI%'36(REQIERHPSKSEVIVIKMWXIVIHQEVOWSJ%'36( 4EGOIX4K 'G 4)(63*%0'3 %+)2'='97831)6-( 03' %((-8-32%06)1%6/77',)(90) 4EKISJ %+)2'=2%1)(-2796)( 4IHVS*EPGSR)PIGXVMGEP'SRXVEGXSVW-RG &S[IR1MGPIXXI &VMXXSJ*PSVMHE00' %ZIRYI' 430-'=291&)6 &MK4MRI/I]*0 '%66-)62%-''3() )**)'8-:)(%8) %((-8-32%06)1%6/7 8,-7%((-8-32%06)1%6/7*361-7%7',)(90)83%'36(*361 ')68-*-'%8)3*0-%&-0-8=-2796%2') *361291&)6*3618-80) IRHSVWIQIRXW ;LIRVIUYMVIHF][VMXXIRGSRXVEGX[EMZIVSJWYFVSKEXMSR[MXLVIWTIGXXSXLIKIRIVEPPMEFMPMX]EYXSPMEFMPMX]ERH[SVOIVv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ayor Heather Carruthers, District 3 Mayor Pro Tem George Neugent, District 2 Danny L. Kolhage, District 1 7KH)ORULGD.H\V David Rice, District 4 Sylvia J. Murphy, District 5 Robert B. ShillingerCounty Attorney** Office of the County Attorney , th Pedro J. Mercado, Assistant County Attorney ** 1111 12 Street, Suite 408 Cynthia L. Hall, Assistant County Attorney ** Key West, FL 33040 Christine Limbert-Barrows, Assistant County Attorney ** (305) 292-3470 – Phone Derek V. Howard, Assistant County Attorney** (305) 292-3516 – Fax Steven T. Williams, Assistant County Attorney** Peter H. Morris, Assistant County Attorney Chris Ambrosio, Assistant County Attorney ** Board Certified in City, County & Local Govt. Law MEMORANDUM Date: July 27, 2016 To: Monroe County Board of County Commissioners From: Chris Ambrosio, Assistant County Attorney CC: Johnnie Yongue, Project Manager, Pedro Mercado, Assistant County Attorney. Re: Stock Island Fire Station HVAC system repairs; Agenda Item # ________. BOCC Agenda meeting on 8/17/16. ______________________________________________________________________________________ The Stock Island Fire Station HVAC system requires repairs. There are heat, humidity, mold and mildew conditions at the fire station due to the HVAC system and its use. Our consultant engineer assessed the conditions and causes and he suggested that the repairs be made soon in order to prevent further damage and for the firemen stationed there. The fire department has requested the repairs be expedited. We published a request for proposals solicitation for the HVAC system repairs and improvements. By the th June 29 bid opening date, we received no bids. We then solicited proposals from vendors. We received three proposals as follows: 1. Pedro Falcon Electrical Contractors (PFEC) - $37,129.00. 2. Kenmar General Contracting LLC (Kenmar) - $62,500.00. 3. D L Porter Constructors (DL Porter) - $78,163.00. Project management has concerns about the lower base proposal from PFEC because its total amount appears to be under estimated based on the extent of work needed on the project and which would result in several change orders increasing the overall costs. The estimates received from Kenmar and DL Porter appear to be comprehensive and more accurate estimates of the work required. Considering that two current projects are experiencing problems and require remediation work on which PFEC is the general contractor (Marathon Airport improvements and Crawl Key Fire Training Academy) and the proposals received from Kenmar and DL Porter, the County attorney’s office recommends that the County accept Kenmar’s proposal for the Stock Island Fire Station HVAC system repairs and improvementsas being in the County’s best interests. Pursuant to Ch.3, D. 3. of the County Purchasing Policy, because no responses to the RFP were received it is recommended that the BOCC ratify the second mechanism undertaken by project management of making direct requests for submission of proposals from the three contractors listed above and authorize project management to accept the proposal and enter into an agreement with Kenmar as being in the County’s best interests. 4EGOIX4K 'J 783'/-70%2(*-6)78%8-32,:%' -1463:)1)287 %KVIIQRX e &IX[IIR3[RIVERH'SRXVEGXSV Wherethe basis of payment is a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v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v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vWWMKREXYVI SJETTVSZEPSRXLI'IVXMJMGEXISJ7YFWXERXMEP'SQTPIXMSR8LIPMUYMHEXIHHEQEKIWXEFPIFIPS[ WLEPPFIYXMPM^IHXSHIXIVQMRIXLIEQSYRXSJPMUYMHEXIHHEQEKIW *-6787)'32(78(%= '3286%'8%13928(%=7(%=78,)6)%*8)6 9RHIV(E](E](E] (E](E](E] (E](E](E] ERH9T(E](E](E] 8LI'SRXVEGXSVvWVIGSZIV]SJHEQEKIWERHWSPIVIQIH]JSVER]HIPE]GEYWIHF]XLI 3[RIVWLEPPFIERI\XIRWMSRSJXMQISRXLI'SRXVEGX %68-'0) 'SRXVEGX7YQ 8LIS[RIVWLEPPTE]XLI'SRXVEGXSVMRGYVVIRXJYRHWJSVXLI'SRXVEGXSVvWTIVJSVQERGISJ XLI'SRXVEGXXLI'SRXVEGX7YQSJ7YQSJ7M\X]8[S8LSYWERH*MZI,YRHVIHERH2S(SPPEVW WYFNIGXXSEHHMXMSRWERHHIHYGXMSRWEWTVSZMHIHMRXLI'SRXVEGX(SGYQIRXW 8LI'SRXVEGX7YQMWFEWIHYTSRXLIJSPPS[MRKEPXIVREXIWMJER][LMGLEVIHIWGVMFIHMR XLI'SRXVEGX(SGYQIRXWERHEVILIVIF]EGGITXIHF]XLI3[RIV %PXIVREXI 2SRI 8LIS[RIVWLEPPTE]XLI'SRXVEGXSVMRGYVVIRXJYRHWJSVXLI'SRXVEGXSVv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v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w4YFPMG'SRWXVYGXMSR 6IXEMREKIx6IHYGXMSRSVPMQMXEXMSRSJVIXEMREKIMJER]WLEPPFIVIHYGIHMRGVIQIRXEPP]EXXLI HMWGVIXMSRSJERHYTSRXLIETTVSZEPSJXLI(MVIGXSVSJ4VSNIGX1EREKIQIRX %68-'0) *MREP4E]QIRX *MREPTE]QIRXGSRWXMXYXMRKXLIIRXMVIYRTEMHFEPERGISJXLI'SRXVEGX7YQWLEPPFIQEHIF]XLI 3[RIVXSXLI'SRXVEGXSV[LIR XLI'SRXVEGXLEWFIIRJYPP]TIVJSVQIHF]XLI'SRXVEGXSV I\GITXJSVXLI'SRXVEGXSVvWVIWTSRWMFMPMX]XSGSVVIGXRSRGSRJSVQMRK;SVOEWTVSZMHIHMR 7YFTEVEKVETLSJXLI+IRIVEP'SRHMXMSRWERHXSWEXMWJ]SXLIVVIUYMVIQIRXWMJER][LMGL RIGIWWEVMP]WYVZMZIJMREPTE]QIRXERH EJMREPETTVSZEPJSVTE]QIRXLEWFIIRMWWYIHF]XLI (MVIGXSVSJ4VSNIGX1EREKIQIRX7YGLJMREPTE]QIRXWLEPPFIQEHIF]XLI3[RIVRSXQSVI XLERHE]WEJXIVXLIMWWYERGISJXLIJMREPETTVSZEPJSVTE]QIRX8LIJSPPS[MRKHSGYQIRXW WEQTPIWMRWIGXMSR EVIVIUYMVIHJSV*MREP4E]QIRX %TTPMGEXMSRERH'IVXMJMGEXIJSV4E]QIRX 'SRXMRYEXMSR7LIIX 'IVXMJMGEXISJ7YFWXERXMEP'SQTPIXMSR 'SRXVEGXSVvW%JJMHEZMXSJ(IFXWERH'PEMQW 'SRXVEGXSVv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v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vW*IIWERH'SWXW8LI'SYRX]ERH'SRXVEGXSVEKVIIXLEXMRXLIIZIRXER] GEYWISJEGXMSRSVEHQMRMWXVEXMZITVSGIIHMRKMWMRMXMEXIHSVHIJIRHIHF]ER]TEVX]VIPEXMZIXSXLI IRJSVGIQIRXSVMRXIVTVIXEXMSRSJXLMW%KVIIQIRXXLITVIZEMPMRKTEVX]WLEPPFIIRXMXPIHXS VIEWSREFPIEXXSVRI]vWJIIWERHGSYVXGSWXWEWERE[EVHEKEMRWXXLIRSRTVIZEMPMRKTEVX]ERH WLEPPMRGPYHIEXXSVRI]v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v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wTYFPMGVIGSVHx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vWJIIWERHGSWXWEWWSGMEXIH[MXLXLEXTVSGIIHMRK8LMW TVSZMWMSRWLEPPWYVZMZIER]XIVQMREXMSRSVI\TMVEXMSRSJXLIGSRXVEGX 8LI'SRXVEGXSVMWIRGSYVEKIHXSGSRWYPX[MXLMXWEHZMWSVWEFSYX*PSVMHE4YFPMG6IGSVHW0E[ MRSVHIVXSGSQTP][MXLXLMWTVSZMWMSR %+6))1)284EKISJ 4EGOIX4K 'J 783'/-70%2(*-6)78%8-32,:%' -1463:)1)287 4YVWYERXXS*7ERHXLIXIVQWERHGSRHMXMSRWSJXLMWGSRXVEGXXLI'SRXVEGXSVMW VIUYMVIHXS /IITERHQEMRXEMRTYFPMGVIGSVHWXLEX[SYPHFIVIUYMVIHF]XLI'SYRX]XSTIVJSVQXLI WIVZMGI 9TSRVIGIMTXJVSQXLI'SYRX]vWGYWXSHMERSJVIGSVHWTVSZMHIXLI'SYRX][MXLEGST]SJ XLIVIUYIWXIHVIGSVHWSVEPPS[XLIVIGSVHWXSFIMRWTIGXIHSVGSTMIH[MXLMREVIEWSREFPIXMQIEX EGSWXXLEXHSIWRSXI\GIIHXLIGSWXTVSZMHIHMRXLMWGLETXIVSVEWSXLIV[MWITVSZMHIHF]PE[ )RWYVIXLEXTYFPMGVIGSVHWXLEXEVII\IQTXSVGSRJMHIRXMEPERHI\IQTXJVSQTYFPMG VIGSVHWHMWGPSWYVIVIUYMVIQIRXWEVIRSXHMWGPSWIHI\GITXEWEYXLSVM^IHF]PE[JSVXLIHYVEXMSR SJXLIGSRXVEGXXIVQERHJSPPS[MRKGSQTPIXMSRSJXLIGSRXVEGXMJXLIGSRXVEGXSVHSIWRSXXVERWJIV XLIVIGSVHWXSXLI'SYRX] 9TSRGSQTPIXMSRSJXLIGSRXVEGXXVERWJIVEXRSGSWXXSXLI'SYRX]EPPTYFPMGVIGSVHWMR TSWWIWWMSRSJXLI'SRXVEGXSVSVOIITERHQEMRXEMRTYFPMGVIGSVHWXLEX[SYPHFIVIUYMVIHF]XLI 'SYRX]XSTIVJSVQXLIWIVZMGI-JXLI'SRXVEGXSVXVERWJIVWEPPTYFPMGVIGSVHWXSXLI'SYRX]YTSR GSQTPIXMSRSJXLIGSRXVEGXXLI'SRXVEGXSVWLEPPHIWXVS]ER]HYTPMGEXITYFPMGVIGSVHWXLEXEVI I\IQTXSVGSRJMHIRXMEPERHI\IQTXJVSQTYFPMGVIGSVHWHMWGPSWYVIVIUYMVIQIRXW-JXLI 'SRXVEGXSVOIITWERHQEMRXEMRWTYFPMGVIGSVHWYTSRGSQTPIXMSRSJXLIGSRXVEGXXLI'SRXVEGXSV WLEPPQIIXEPPETTPMGEFPIVIUYMVIQIRXWJSVVIXEMRMRKTYFPMGVIGSVHW%PPVIGSVHWWXSVIH IPIGXVSRMGEPP]QYWXFITVSZMHIHXSXLI'SYRX]YTSRVIUYIWXJVSQXLI'SYRX]vWGYWXSHMERSJ VIGSVHWMREJSVQEXXLEXMWGSQTEXMFPI[MXLXLIMRJSVQEXMSRXIGLRSPSK]W]WXIQWSJXLI'SYRX] %VIUYIWXXSMRWTIGXSVGST]TYFPMGVIGSVHWVIPEXMRKXSE'SYRX]GSRXVEGXQYWXFIQEHI HMVIGXP]XSXLI'SYRX]FYXMJXLI'SYRX]HSIWRSXTSWWIWWXLIVIUYIWXIHVIGSVHWXLI'SYRX] WLEPPMQQIHMEXIP]RSXMJ]XLI'SRXVEGXSVSJXLIVIUYIWXERHXLI'SRXVEGXSVQYWXTVSZMHIXLI VIGSVHWXSXLI'SYRX]SVEPPS[XLIVIGSVHWXSFIMRWTIGXIHSVGSTMIH[MXLMREVIEWSREFPIXMQI -JXLI'SRXVEGXSVHSIWRSXGSQTP][MXLXLI'SYRX]vWVIUYIWXJSVVIGSVHWXLI'SYRX]WLEPP IRJSVGIXLITYFPMGVIGSVHWGSRXVEGXTVSZMWMSRWMREGGSVHERGI[MXLXLIGSRXVEGXRSX[MXLWXERHMRK XLI'SYRX]v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v7(98=83 463:-()49&0-'6)'36(76)0%8-2+838,-7'3286%'8'328%'88,) '9783(-%23*49&0-'6)'36(7&6-%2&6%(0)=%84,32) &6%(0)=&6-%2$13263)'3928=*0+3:13263)'3928=%88362)=v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v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v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vWFILEPJ 8LIJMVWXXIRHSPPEVW SJVIQYRIVEXMSRTEMHXSXLI'SRXVEGXSVMWJSVXLIMRHIQRMJMGEXMSR TVSZMHIHJSVXLIEFSZI [ 7IGXMSR,IEHMRKW7IGXMSRLIEHMRKWLEZIFIIRMRWIVXIHMRXLMW%KVIIQIRXEWE QEXXIVSJGSRZIRMIRGISJVIJIVIRGISRP]ERHMXMWEKVIIHXLEXWYGLWIGXMSRLIEHMRKWEVIRSXE TEVXSJXLMW%KVIIQIRXERH[MPPRSXFIYWIHMRXLIMRXIVTVIXEXMSRSJER]TVSZMWMSRSJXLMW %KVIIQIRX \ (MWEHZERXEKIH&YWMRIWW)RXIVTVMWI (&) 4SPMG]ERH3FPMKEXMSR-XMWXLITSPMG]SJ XLI'SYRX]XLEX(&)vWEWHIJMRIHMR'*64EVXEWEQIRHIHWLEPPLEZIXLISTTSVXYRMX]XS TEVXMGMTEXIMRXLITIVJSVQERGISJGSRXVEGXWJMRERGIHMR[LSPISVMRTEVX[MXL'SYRX]JYRHWYRHIV XLMWEKVIIQIRX8LI(&)VIUYMVIQIRXWSJETTPMGEFPIJIHIVEPERHWXEXIPE[WERHVIKYPEXMSRW ETTP]XSXLMW%KVIIQIRX8LI'SYRX]ERHMXW'SRXVEGXSVEKVIIXSIRWYVIXLEX(&)vWLEZIXLI STTSVXYRMX]XSTEVXMGMTEXIMRXLITIVJSVQERGISJXLI%KVIIQIRX-RXLMWVIKEVHEPPVIGMTMIRXWERH GSRXVEGXSVWWLEPPXEOIEPPRIGIWWEV]ERHVIEWSREFPIWXITWMREGGSVHERGI[MXLETTPMGEFPIJIHIVEP ERHWXEXIPE[WERHVIKYPEXMSRWXSIRWYVIXLEX(&)vWLEZIXLISTTSVXYRMX]XSGSQTIXIERH TIVJSVQGSRXVEGXW8LI'SYRX]ERH'SRXVEGXSVERHWYFGSRXVEGXSVWWLEPPRSXHMWGVMQMREXISRXLI FEWMWSJVEGIGSPSVREXMSREPSVMKMRSVWI\MRE[EVHERHTIVJSVQERGISJGSRXVEGXWIRXIVIH TYVWYERXXSXLMW%KVIIQIRX ] %KVIIQIRXW[MXL7YFGSRXVEGXSVW-RXLIIZIRXXLEXXLI'SRXVEGXSVWYFGSRXVEGXWER]SV EPPSJXLI[SVOMRXLMWTVSNIGXXSER]XLMVHTEVX]XLI'SRXVEGXSVWTIGMJMGEPP]EKVIIWXSMHIRXMJ]XLI '3928=EWEREHHMXMSREPMRWYVIHSREPPMRWYVERGITSPMGMIWVIUYMVIHF]XLI'SYRX]-REHHMXMSR XLI'SRXVEGXSVWTIGMJMGEPP]EKVIIWXLEXEPPEKVIIQIRXWSVGSRXVEGXWSJER]REXYVI[MXLLMW WYFGSRXVEGXSVWWLEPPMRGPYHIXLI'3928=EWEHHMXMSREPMRWYVIH ^ *PSVMHE+VIIR&YMPHMRK'SEPMXMSR7XERHEVHW1SRVSI'SYRX]VIUYMVIWMXWFYMPHMRKWXS GSRJSVQXS*PSVMHE+VIIR&YMPHMRK'SEPMXMSRWXERHEVHW %+6))1)284EKISJ 4EGOIX4K 'J 783'/-70%2(*-6)78%8-32,:%' -1463:)1)287 7TIGMEP'SRHMXMSRWMJER]EVIHIXEMPIHMR7IGXMSRSJXLI4VSNIGX1ERYEPJSVXLMW4VSNIGX %68-'0) 8IVQMREXMSRSV7YWTIRWMSR 8LI'SRXVEGXQE]FIXIVQMREXIHF]XLI3[RIVEWTVSZMHIHMR%VXMGPISJXLI+IRIVEP 'SRHMXMSRW %68-'0) )RYQIVEXMSRSJ'SRXVEGX(SGYQIRXW 8LI'SRXVEGX(SGYQIRXWI\GITXJSV1SHMJMGEXMSRWMWWYIHEJXIVI\IGYXMSRSJXLMW %KVIIQIRXEVIIRYQIVEXIHEWJSPPS[W -RWIVXMRJSVQEXMSRLIVI E (VE[MRKW'SZIV))11 F 7TIGMJMGEXMSRW(ILYQMHMJMIV7IVMIW7TIG7LIIX (6(.YRGXMSR&S\7TIG7LIIX -RWXEPPEXMSR1ERYEP 8LI%KVIIQIRXMWXLMWI\IGYXIH7XERHEVH*SVQSJ%KVIIQIRX&IX[IIR3[RIVERH 'SRXVEGXSV 8LI+IRIVEP'SRHMXMSRWEVIXLI+IRIVEP'SRHMXMSRWSJXLI'SRXVEGXJSV'SRWXVYGXMSR 8LI7YTTPIQIRXEV]ERHSXLIV'SRHMXMSRWSJXLI'SRXVEGXEVIXLSWIGSRXEMRIHMRXLI 4VSNIGX1ERYEPHEXIH 8LI%HHIRHEMJER]EVIEWJSPPS[W 2YQFIV(EXI4EKI 8LI%PXIVREXIWMJER]EVIEWJSPPS[W 2SRI )2(%08)62%8)7 8LMW%KVIIQIRXMWIRXIVIHMRXSEWSJXLIHE]ERH]IEVJMVWX[VMXXIREFSZIERHMWI\IGYXIHMREX PIEWXJSYVSVMKMREPGSTMIWSJ[LMGLSRIMWXSFIHIPMZIVIHXSXLI'SRXVEGXSV 8LI9RMX4VMGIWMJER]EVIEWJSPPS[W 2SRI &%0%2')3*4%+)-28)28-32%00=0)*8&0%2/ 7-+2%896)4%+)83*3003; %+6))1)284EKISJ 4EGOIX4K %XXEGLQIRX/IRQEV7-*7,:%''SRXVEGX 7XSGO-WPERH*MVI7XEXMSR%TTVSZEPXS6INIGX0S[IWX 'J 783'/-70%2(*-6)78%8-32,:%' -1463:)1)287 +)2)6%0'32(-8-3273*8,)'3286%'8 +)2)6%0463:-7-327 &EWMG(IJMRMXMSRW 8LI'SRXVEGX(SGYQIRXW 8LI'SRXVEGX(SGYQIRXWGSRWMWXSJXLI%KVIIQIRX FIX[IIR3[RIVERH'SRXVEGXSV'SRHMXMSRWSJXLI'SRXVEGX +IRIVEP7YTTPIQIRXEV]ERHSXLIV 'SRHMXMSRW (VE[MRKW7TIGMJMGEXMSRWEHHIRHEMWWYIHTVMSVXSI\IGYXMSRSJXLI'SRXVEGX 3[RIVWTVSTSWEPHSGYQIRXWSXLIVHSGYQIRXWPMWXIHMRXLI%KVIIQIRXERH1SHMJMGEXMSRWMWWYIH EJXIVI\IGYXMSRSJXLI'SRXVEGXERHXLI'SRXVEGXSVv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w;SVOxQIERWXLIGSRWXVYGXMSRERHWIVZMGIWVIUYMVIHF]XLI 'SRXVEGX(SGYQIRXW[LIXLIVGSQTPIXIHSVTEVXMEPP]GSQTPIXIHERHMRGPYHIWEPPSXLIVPEFSV QEXIVMEPWIUYMTQIRXERHWIVZMGIWTVSZMHIHSVXSFITVSZMHIHF]XLI'SRXVEGXSVXSJYPJMPPXLI 'SRXVEGXSVvWSFPMKEXMSRW8LI;SVOQE]GSRWXMXYXIXLI[LSPISVETEVXSJXLI4VSNIGX 8LI4VSNIGX 8LI4VSNIGXMWXLIXSXEPGSRWXVYGXMSRSJ[LMGLXLI;SVOTIVJSVQIHYRHIV XLI'SRXVEGX(SGYQIRXWQE]FIXLI[LSPISVETEVXERH[LMGLQE]MRGPYHIGSRWXVYGXMSRF] SXLIV'SRXVEGXSVWERHF]XLI3[RIVv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vW(VE[MRKW7TIGMJMGEXMSRWERH3XLIV(SGYQIRXW 8LI(VE[MRK7TIGMJMGEXMSRWERHSXLIVHSGYQIRXWTVITEVIHF]XLI%VGLMXIGXEVI MRWXVYQIRXWSJXLI%VGLMXIGXvWWIVZMGIXLVSYKL[LMGLXLI;SVOXSFII\IGYXIHF]XLI'SRXVEGXSV MWHIWGVMFIH8LI'SRXVEGXSVQE]VIXEMRSRIGSRXVEGXVIGSVHWIX2IMXLIVXLI'SRXVEGXSVRSV ER]7YFGSRXVEGXSV7YFWYFGSRXVEGXSVSVQEXIVMEPSVIUYMTQIRXWYTTPMIVWLEPPS[RSVGPEMQE GST]VMKLXMRXLI(VE[MRKW7TIGMJMGEXMSRWERHSXLIVHSGYQIRXWTVITEVIHF]XLI%VGLMXIGX%PP GSTMIWSJXLIQI\GITXXLI'SRXVEGXSVv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x\xHVE[MRKW 'ETMXEPM^EXMSR 8IVQWGETMXEPM^IHMRXLIWI+IRIVEP'SRHMXMSRWMRGPYHIXLSWI[LMGLEVI WTIGMJMGEPP] HIJMRIH XLIXMXPIWSJRYQFIVIHEVXMGPIWERHMHIRXMJMIHVIJIVIRGIWXS4EVEKVETLW +IRIVEP'SRHMXMSRWSJXLI'SRXVEGX4EKISJ 4EGOIX4K 'J 783'/-70%2(*-6)78%8-32,:%' -1463:)1)287 7YFTEVEKVETLWERH'PEYWIWMRXLIHSGYQIRXSV XLIXMXPIWSJSXLIVHSGYQIRXWTYFPMWLIHF] XLI%QIVMGER-RWXMXYXISJ%VGLMXIGXW -RXIVTVIXEXMSR -RXLIMRXIVIWXSJFVIZMX]XLI'SRXVEGX(SGYQIRXWJVIUYIRXP]SQMXQSHMJ]MRK[SVHWWYGL EWwEPPxERHwER]xERHEVXMGPIWWYGLEWwXLIxERHwERxFYXXLIJEGXXLEXEQSHMJMIVSVEREVXMGPIMW EFWIRXJVSQSRIWXEXIQIRXERHETTIEVWMRERSXLIVMWRSXMRXIRHIHXSEJJIGXXLIMRXIVTVIXEXMSRSJ IMXLIVWXEXIQIRX 3;2)6 (IJMRMXMSR 8LI3[RIVMW1SRVSI'SYRX]8LIXIVQw3[RIVxQIERWXLI3[RIVSVXLI3[RIVv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vWVIWTSRWMFMPMX]XSWIGYVIERHTE]JSVXLIFYMPHMRKTIVQMX W JSVXLITVSNIGX -RJSVQEXMSRSVWIVZMGIWYRHIVXLI3[RIVv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v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v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vWERH%VGLMXIGXvWERHXLIMVVIWTIGXMZIGSRWYPXERXWv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w'SRXVEGXSVxQIERWXLI 'SRXVEGXSVSVXLI'SRXVEGXSVvWEYXLSVM^IHVITVIWIRXEXMZI 8LITPYVEPXIVQw'SRXVEGXSVWx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vWFIWXWOMPPERH EXXIRXMSR8LI'SRXVEGXSVWLEPPFIWSPIP]VIWTSRWMFPIJSVERHLEZIGSRXVSPSZIVGSRWXVYGXMSR QIERWQIXLSHWXIGLRMUYIWWIUYIRGIWERHTVSGIHYVIWERHJSVGSSVHMREXMRKEPPTSVXMSRWSJXLI ;SVOYRHIVXLMW'SRXVEGXWYFNIGXXSSZIVEPPGSSVHMREXMSRSJ4VSNIGX1EREKIQIRXEWTVSZMHIHMR 7YFTEVEKVETLWERH 8LI'SRXVEGXSVWLEPPFIVIWTSRWMFPIXSXLI3[RIVJSVEGXWERHSQMWWMSRWSJXLI 'SRXVEGXSVvWIQTPS]IIW7YFGSRXVEGXSVWERHXLIMVEKIRXWERHIQTPS]IIWERHSXLIVTIVWSRW TIVJSVQMRKTSVXMSRWSJXLI;SVOYRHIVEGSRXVEGX[MXLXLI'SRXVEGXSV 8LI'SRXVEGXSVWLEPPRSXFIVIPMIZIHSJSFPMKEXMSRWXSTIVJSVQXLI;SVOMREGGSVHERGI [MXLXLI'SRXVEGX(SGYQIRXWIMXLIVF]EGXMZMXMIWSVHYXMIWSJ4VSNIGX1EREKIQIRXMRMXW EHQMRMWXVEXMSRSJXLI'SRXVEGXSVF]XIWXMRWTIGXMSRWSVETTVSZEPWVIUYMVIHSVTIVJSVQIHF] TIVWSRWSXLIVXLERXLI'SRXVEGXSV 8LI'SRXVEGXSVWLEPPMRWTIGXTSVXMSRWSJXLI4VSNIGXVIPEXIHXSXLI'SRXVEGXSVv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vW IQTPS]IIWERHSXLIVTIVWSRWGEVV]MRKSYXXLI'SRXVEGX8LI'SRXVEGXSVWLEPPRSXTIVQMX IQTPS]QIRXSJYRJMXTIVWSRWSVTIVWSRWRSXWOMPPIHMRXEWOWEWWMKRIHXSXLIQ 8LI'SRXVEGXSVMWVIWTSRWMFPIJSVXLIGSRHYGXSJLMWIQTPS]IIWEXEPPXMQIW1MWGSRHYGX HIWXVYGXMSRSJTVSTIVX]YRWEJITVEGXMGIWSVZMSPEXMSRSJER]*IHIVEPSV7XEXIVIKYPEXMSRW MRGPYHMRKEFYWISJEPGSLSPSVHVYKW[MPPFIGEYWIJSVTIVQERIRXHMWQMWWEPJVSQXLITVSNIGX-J ER]'SRXVEGXSVvWIQTPS]IIMWHIXIVQMRIHXSFIHIXVMQIRXEPXSXLI4VSNIGXEWHIIQIHF]4VSNIGX 1EREKIQIRXXLI'SRXVEGXSV[MPPVIQSZIERHSVVITPEGIXLIIQTPS]IIEXXLIVIUYIWXSJ4VSNIGX 1EREKIQIRX)QTPS]IIWHMWQMWWIHJVSQXLITVSNIGX[MPPFIXVERWTSVXIHJVSQXLINSFWMXIEXXLI 'SRXVEGXSVv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v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v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vW'SRWXVYGXMSR7GLIHYPI 8LI'SRXVEGXSVTVSQTXP]EJXIVFIMRKE[EVHIHXLI'SRXVEGXWLEPPTVITEVIERHWYFQMXJSV XLI3[RIVvWERH%VGLMXIGXvWMRJSVQEXMSRERH4VSNIGX1EREKIQIRXvWETTVSZEPE'SRXVEGXSVv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vWETTVSZEP 8LI'SRXVEGXSVWLEPPGSSTIVEXI[MXL4VSNIGX1EREKIQIRXMRWGLIHYPMRKERHTIVJSVQMRK XLI'SRXVEGXSVvW;SVOXSEZSMHGSRJPMGXHIPE]MRSVMRXIVJIVIRGI[MXLXLI;SVOSJSXLIV 'SRXVEGXSVWSVXLIGSRWXVYGXMSRSVSTIVEXMSRWSJXLI3[RIVv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v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v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vWSTIVEXMSRW[MXLERHWIGYVIXLI ETTVSZEPSJ4VSNIGX1EREKIQIRXFIJSVIYWMRKER]TSVXMSRSJXLIWMXI 'YXXMRKERH4EXGLMRK +IRIVEP'SRHMXMSRWSJXLI'SRXVEGX4EKISJ 4EGOIX4K 'J 783'/-70%2(*-6)78%8-32,:%' -1463:)1)287 8LI'SRXVEGXSVWLEPPFIVIWTSRWMFPIJSVGYXXMRKJMXXMRKSVTEXGLMRKVIUYMVIHXSGSQTPIXI XLI;SVOSVXSQEOIMXWTEVXWJMXXSKIXLIVTVSTIVP],IWLEPPEPWSTVSZMHITVSXIGXMSRSJI\MWXMRK [SVOEWVIUYMVIH 8LI'SRXVEGXSVWLEPPRSXHEQEKISVIRHERKIVETSVXMSRSJXLI;SVOSVJYPP]SVTEVXMEPP] GSQTPIXIHGSRWXVYGXMSRSJXLI3[RIVvWS[RJSVGIWSVSJSXLIV'SRXVEGXSVWF]GYXXMRKTEXGLMRK I\GEZEXMRKSVSXLIV[MWIEPXIVMRKWYGLGSRWXVYGXMSR8LI'SRXVEGXSVWLEPPRSXGYXSVSXLIV[MWI EPXIVWYGLGSRWXVYGXMSRF]SXLIV'SRXVEGXSVWSVF]XLI3[RIVvWS[RJSVGIWI\GITX[MXL[VMXXIR GSRWIRXSJ4VSNIGX1EREKIQIRX3[RIVERHWYGLSXLIVGSRXVEGXSVWWYGLGSRWIRXWLEPPRSXFI YRVIEWSREFP][MXLLIPH8LI'SRXVEGXSVWLEPPRSXYRVIEWSREFP][MXLLSPHJVSQXLISXLIV 'SRXVEGXSVWSVXLI3[RIVXLI'SRXVEGXSVv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vWXSSPWGSRWXVYGXMSRIUYMTQIRXQEGLMRIV]ERHWYVTPYWQEXIVMEPW'PIERYTWLEPPFI TIVJSVQIHXSXLIWEXMWJEGXMSRSJXLI3[RIVSV4VSNIGX1EREKIQIRX -JXLI'SRXVEGXSVJEMPWXSGPIERYTEWTVSZMHIHMRXLI'SRXVEGX(SGYQIRXW4VSNIGX 1EREKIQIRXQE]HSWS[MXLXLI3[RIVv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v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vWJEMPYVIXSTYVGLEWISVQEMRXEMRXLIVIUYMVIHMRWYVERGI XLI'SRWYPXERXWLEPPMRHIQRMJ]XLI'SYRX]JVSQER]ERHEPPMRGVIEWIHI\TIRWIWVIWYPXMRKJVSQ WYGLHIPE]7LSYPHER]GPEMQWFIEWWIVXIHEKEMRWXXLI'SYRX]F]ZMVXYISJER]HIJMGMIRG]SV EQFMKYMX]MRXLITPERWERHWTIGMJMGEXMSRWTVSZMHIHF]XLI'SRXVEGXSVXLI'SRXVEGXSVEKVIIWERH [EVVERXWXLEXXLI'SRXVEGXSVWLEPPLSPHXLI'SYRX]LEVQPIWWERHWLEPPMRHIQRMJ]MXJVSQEPP PSWWIWSGGYVVMRKXLIVIF]ERHWLEPPJYVXLIVHIJIRHER]GPEMQSVEGXMSRSRXLI'SYRX]vWFILEPJ 8LIJMVWXXIRHSPPEVW SJVIQYRIVEXMSRTEMHXSXLI'SRXVEGXSVMWJSVXLIMRHIQRMJMGEXMSR TVSZMHIHJSVXLIEFSZI %(1-2-786%8-323*8,)'328%'8 %VGLMXIGX)RKMRIIV 8LI%VGLMXIGXERHSV)RKMRIIVMWXLITIVWSRPE[JYPP]PMGIRWIHXSTVEGXMGI EVGLMXIGXYVIIRKMRIIVMRKSVER]IRXMX]PE[JYPP]TVEGXMGMRKEVGLMXIGXYVIIRKMRIIVMRKMHIRXMJMIHEW WYGLMRXLI%KVIIQIRXERHMWVIJIVVIHXSXLVSYKLSYXXLI'SRXVEGX(SGYQIRXWEWMJWMRKYPEVMR RYQFIV8LIXIVQw%VGLMXIGXxQIERWXLI%VGLMXIGXSVXLI%VGLMXIGXvWEYXLSVM^IHVITVIWIRXEXMZI 4VSNIGX1EREKIQIRX 4VSNIGX1EREKIQIRXMWXLITIVWSRSVIRXMX]MHIRXMJMIHEWWYGLMRXLI%KVIIQIRXERHMW VIJIVVIHXSXLVSYKLSYXXLI'SRXVEGX(SGYQIRXWEWMJWMRKYPEVMRRYQFIV8LIXIVQw4VSNIGX 1EREKIQIRXxQIERW1SRVSI'SYRX]4VSNIGX1EREKIQIRX(ITEVXQIRXSV4VSNIGX 1EREKIQIRXv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vWVITVIWIRXEXMZIW HYVMRK GSRWXVYGXMSR YRXMPJMREPTE]QIRXMWHYIERH [MXLXLI3[RIVv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v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vWVIWTSRWMFMPMX] EWTVSZMHIHMR4EVEKVETLERHRIMXLIV[MPPFIVIWTSRWMFPIJSVXLI'SRXVEGXSVv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vWGSRWYPXERXWWLEPPFIXLVSYKLXLI%VGLMXIGX'SQQYRMGEXMSRWF]ERH[MXL 7YFGSRXVEGXSVWERHQEXIVMEPWYTTPMIVWWLEPPFIXLVSYKLXLI'SRXVEGXSV'SQQYRMGEXMSRWF]ERH +IRIVEP'SRHMXMSRWSJXLI'SRXVEGX4EKISJ 4EGOIX4K 'J 783'/-70%2(*-6)78%8-32,:%' -1463:)1)287 [MXLSXLIV'SRXVEGXSVWWLEPPFIXLVSYKL4VSNIGX1EREKIQIRXERHWLEPPFIGSRXIQTSVERISYWP] TVSZMHIHXSXLI%VGLMXIGX 4VSNIGX1EREKIQIRX[MPPVIZMI[ERHGIVXMJ]EPP%TTPMGEXMSRWJSV4E]QIRXF]XLI 'SRXVEGXSVMRGPYHMRKJMREPTE]QIRX4VSNIGX1EREKIQIRX[MPPEWWIQFPIIEGLSJXLI 'SRXVEGXSVvW%TTPMGEXMSRWJSV4E]QIRX[MXLWMQMPEV%TTPMGEXMSRWJVSQSXLIV'SRXVEGXSVMRXSE 4VSNIGX%TTPMGEXMSRJSV4E]QIRX%JXIVVIZMI[MRKERHGIVXMJ]MRKXLIEQSYRXWHYIXLI 'SRXVEGXSVWXLI4VSNIGX%TTPMGEXMSRJSV4E]QIRXEPSRK[MXLXLIETTPMGEFPI'SRXVEGXSVWv %TTPMGEXMSRWJSV4E]QIRX[MPPFITVSGIWWIHF]4VSNIGX1EREKIQIRX &EWIHSR4VSNIGX1EREKIQIRXvWSFWIVZEXMSRWERHIZEPYEXMSRWSJ'SRXVEGXSVWv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vWRSV4VSNIGX1EREKIQIRXv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v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vWWYFQMXXEPWWLEPPRSXVIPMIZIXLI'SRXVEGXSVSJXLISFPMKEXMSRWYRHIV4EVEKVETLW ERH4VSNIGX1EREKIQIRXvWVIZMI[WLEPPRSXGSRWXMXYXIETTVSZEPSJWEJIX]TVIGEYXMSRW SVYRPIWWSXLIV[MWIWTIGMJMGEPP]WXEXIHF]4VSNIGX1EREKIQIRXSJER]GSRWXVYGXMSRQIERW +IRIVEP'SRHMXMSRWSJXLI'SRXVEGX4EKISJ 4EGOIX4K 'J 783'/-70%2(*-6)78%8-32,:%' -1463:)1)287 QIXLSHWXIGLRMUYIWWIUYIRGIWSVTVSGIHYVIW4VSNIGX1EREKIQIRXv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v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vWHIGMWMSRWSRQEXXIVWVIPEXMRKXSEIWXLIXMGIJJIGX[MPPFIJMREPMJ GSRWMWXIRX[MXLXLIMRXIRXI\TVIWWIHMRXLI'SRXVEGX(SGYQIRXW 'PEMQWERH(MWTYXIW (IJMRMXMSR %'PEMQMWEHIQERHSVEWWIVXMSRF]SRISJXLITEVXMIWWIIOMRKEWEQEXXIV SJVMKLXEHNYWXQIRXSVMRXIVTVIXEXMSRSJ'SRXVEGXXIVQWTE]QIRXSJQSRI]I\XIRWMSRSJXMQISV SXLIVVIPMIJ[MXLVIWTIGXXSXLIXIVQWSJXLI'SRXVEGX8LIXIVQw'PEMQxEPWSMRGPYHIWSXLIV HMWTYXIWERHQEXXIVWMRUYIWXMSRFIX[IIRXLI3[RIVERH'SRXVEGXSVEVMWMRKSYXSJSVVIPEXMRKXS XLI'SRXVEGX'PEMQWQYWXFIQEHIF][VMXXIRRSXMGI8LIVIWTSRWMFMPMX]XSWYFWXERXMEXI'PEMQW WLEPPVIWX[MXLXLITEVX]QEOMRKXLIGPEMQ 1IIXERH'SRJIV 8LI'SRXVEGXSVERH4VSNIGX1EREKIQIRXWLEPPXV]XSVIWSPZIXLI GPEMQSVHMWTYXI[MXLQIIXERHGSRJIVWIWWMSRWXSFIGSQQIRGIH[MXLMRHE]WSJXLIHMWTYXI SVGPEMQ%R]GPEMQSVHMWTYXIXLEXXLITEVXMIWGERRSXVIWSPZIWLEPPFIHIGMHIHF]XLI'MVGYMX XL 'SYVX.YHMGMEP'MVGYMX1SRVSI'SYRX]*PSVMHE 8MQI0MQMXWSR'PEMQW 'PEMQWF]IMXLIVTEVX]QYWXFIQEHI[MXLMRHE]WEJXIV SGGYVVIRGISJXLIIZIRXKMZMRKVMWIXSWYGL'PEMQSV[MXLMRHE]WEJXIVXLIGPEMQERXJMVWX VIGSKRM^IWXLIGSRHMXMSRKMZMRKVMWIXSXLI'PEMQ[LMGLIZIVMWPEXIV'PEMQWQYWXFIQEHIF] +IRIVEP'SRHMXMSRWSJXLI'SRXVEGX4EKISJ 4EGOIX4K 'J 783'/-70%2(*-6)78%8-32,:%' -1463:)1)287 [VMXXIRRSXMGIWYFQMXXIHXSXLIHIWMKREXIHVITVIWIRXEXMZI%REHHMXMSREP'PEMQQEHIEJXIVXLI MRMXMEP'PEMQLEWFIIRMQTPIQIRXIHF]'LERKI3VHIV[MPPRSXFIGSRWMHIVIHYRPIWWWYFQMXXIHMR [VMXMRKXSXLI3[RIVv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v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v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w7YFGSRXVEGXSVxMWVIJIVVIHXSXLVSYKLSYXXLI 'SRXVEGX(SGYQIRXWEWMJWMRKYPEVMRRYQFIVERHQIERWE7YFGSRXVEGXSVSVEREYXLSVM^IH VITVIWIRXEXMZISJXLI7YFGSRXVEGXSV8LIXIVQw7YFGSRXVEGXSVxHSIWRSXMRGPYHISXLIV 'SRXVEGXSVWSVWYFGSRXVEGXSVWSJSXLIV'SRXVEGXSVW %7YFWYFGSRXVEGXSVMWETIVWSRSVIRXMX][LSLEWEHMVIGXSVMRHMVIGXGSRXVEGX[MXLE 7YFGSRXVEGXSVXSTIVJSVQETSVXMSRSJXLI;SVOEXXLIWMXI8LIXIVQw7YFWYFGSRXVEGXSVx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vWGSQTIRWEXMSRWLEPPFIIUYMXEFP]EHNYWXIH '327869'8-32&=3;2)636&=38,)6'3286%'8367 3[RIVvW6MKLXXS4IVJSVQ'SRWXVYGXMSR[MXL3[R*SVGIWERHXS%[EVH3XLIV 'SRXVEGXW 8LI3[RIVVIWIVZIWXLIVMKLXXSTIVJSVQGSRWXVYGXMSRSVSTIVEXMSRWVIPIEWIHXSXLI 4VSNIGX[MXLXLI3[RIVv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vWS[RJSVGIW MRGPYHMRKTIVWSRWSVIRXMXMIWYRHIVWITEVEXIGSRXVEGXWRSXEHQMRMWXIVIHF]4VSNIGX1EREKIQIRX XLI3[RIVWLEPPTVSZMHIJSVGSSVHMREXMSRSJWYGLJSVGIW[MXLXLI;SVOSJXLI'SRXVEGXSV[LS WLEPPGSSTIVEXI[MXLXLIQ -XWLEPPFIXLIVIWTSRWMFMPMX]SJXLI'SRXVEGXSVXSGSSVHMREXILMW[SVO[MXLXLI[SVOSJ SXLIVGSRXVEGXSVWSRXLIWMXI8LI3[RIVERH4VSNIGX1EREKIQIRXWLEPPFILIPHLEVQPIWWJSV ER]ERHEPPGSWXWEWWSGMEXIH[MXLMQTVSTIVGSSVHMREXMSR 1YXYEP6IWTSRWMFMPMX] 8LI'SRXVEGXSVWLEPPEJJSVHXLI3[RIVvWS[RJSVGIW4VSNIGX1EREKIQIRXERHSXLIV GSRXVEGXSVWVIEWSREFPISTTSVXYRMX]JSVMRXVSHYGXMSRERHWXSVEKISJXLIMVQEXIVMEPWERHIUYMTQIRX ERHTIVJSVQERGISJXLIMVEGXMZMXMIWERHWLEPPGSRRIGXERHGSSVHMREXIXLI'SRXVEGXSVvW GSRWXVYGXMSRERHSTIVEXMSRW[MXLXLIMVWEWVIUYMVIHF]XLI'SRXVEGX(SGYQIRXW -JTEVXSJXLI'SRXVEGXSVvW;SVOHITIRHWJSVTVSTIVI\IGYXMSRSVVIWYPXWYTSR GSRWXVYGXMSRSVSTIVEXMSRWF]XLI3[RIVvWS[RJSVGIWSVSXLIVGSRXVEGXSVWXLI'SRXVEGXSVWLEPP TVMSVXSTVSGIIHMRK[MXLXLEXTSVXMSRSJXLI;SVOTVSQTXP]VITSVXXS4VSNIGX1EREKIQIRXER] ETTEVIRXHMWGVITERGMIWSVHIJIGXWMRWYGLSXLIVGSRWXVYGXMSRXLEX[SYPHVIRHIVMXYRWYMXEFPIJSV WYGLTVSTIVI\IGYXMSRERHVIWYPXW*EMPYVISJXLI'SRXVEGXSVWSXSVITSVXWLEPPGSRWXMXYXIER EGORS[PIHKQIRXXLEXXLI3[RIVvWS[RJSVGIWSVSXLIVGSRXVEGXSVWvGSQTPIXIHSVTEVXMEPP] GSQTPIXIHGSRWXVYGXMSRMWJMXERHTVSTIVXSVIGIMZIXLI'SRXVEGXSVvW;SVOI\GITXEWXSHIJIGXW RSXXLIRVIEWSREFP]HMWGSZIVEFPI 'SWXWGEYWIHF]HIPE]WSVF]MQTVSTIVP]XMQIHEGXMZMXMIWSVHIJIGXMZIGSRWXVYGXMSRWLEPP FIFSVRIF]XLI'SRXVEGXSV8LI'SRXVEGXSVv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v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vSV[SVOQIRv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vW'SQTIRWEXMSR-RWYVERGI2STIVGIRXEKIJSV SZIVLIEHERHTVSJMXWLEPPFIEPPS[IHSRMXIQWSJ7SGMEP7IGYVMX]ERH7EPIW8E\-JHIHYGXMSRW EVISVHIVIHXLIEQSYRXSJGVIHMXWLEPPFIRIXGSWXXS3[RIVEWHIJMRIHMRWIGXMSRSJXLI 'SRXVEGX-XIQWGSRWMHIVIHEWSZIVLIEHWLEPPMRGPYHIMRWYVERGISXLIVXLERXLEXQIRXMSRIH EFSZIFSRHSVFSRHWWYTIVMRXIRHIRXXMQIOIITIVGPIVOW[EXGLQIRYWISJWQEPPXSSPW QMWGIPPERISYWWYTTPMIWMRGMHIRXEPNSFGSWXW[EVVERXMIWERHEPPKIRIVEPLSQIJMIPHSJJMGI I\TIRWIW8LIEGXYEPGSWXSJ'LERKIWMRXLI;SVO SXLIVXLERXLSWIGSZIVIHF]YRMXTVMGIWWIX JSVXLMRXLI'SRXVEGX(SGYQIRXW WLEPPFIGSQTYXIHEWJSPPS[W +IRIVEP'SRHMXMSRWSJXLI'SRXVEGX4EKISJ 4EGOIX4K 'J 783'/-70%2(*-6)78%8-32,:%' -1463:)1)287 MJXLI'SRXVEGXSVTIVJSVQWXLIEGXYEP;SVOXLIQE\MQYQTIVGIRXEKIQEVOYTJSV SZIVLIEHWLEPPFIJMZITIVGIRX ERHXLIQE\MQYQTIVGIRXEKIJSVTVSJMXWLEPPFIJMZITIVGIRX MJXLI7YFGSRXVEGXSVTIVJSVQWXLIEGXYEP;SVOXLIWYFGSRXVEGXSVv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v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wHE]x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v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v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vW%TTPMGEXMSRWJSV4E]QIRX %TTPMGEXMSRWJSV4E]QIRX %XPIEWXJMJXIIRHE]WFIJSVIXLIHEXIIWXEFPMWLIHJSVIEGLTVSKVIWWTE]QIRXXLI 'SRXVEGXSVWLEPPWYFQMXXS4VSNIGX1EREKIQIRXERMXIQM^IH%TTPMGEXMSRJSV4E]QIRXJSV;SVO GSQTPIXIHMREGGSVHERGI[MXLXLIWGLIHYPISJZEPYIW7YGLETTPMGEXMSRWLEPPFIRSXEVM^IHERH WYTTSVXIHF]WYGLHEXEWYFWXERXMEXMRKXLI'SRXVEGXSVv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vWXMXPIXSWYGLQEXIVMEPWERHIUYMTQIRXSVSXLIV[MWITVSXIGXXLI3[RIVvWMRXIVIWXERH WLEPPMRGPYHIETTPMGEFPIMRWYVERGIWXSVEKIERHXVERWTSVXEXMSRXSXLIWMXIJSVWYGLQEXIVMEPWERH IUYMTQIRXWXSVIHSJJXLIWMXI 8LI'SRXVEGXSV[EVVERXWXLEXXMXPIXSEPP;SVOGSZIVIHF]ER%TTPMGEXMSRJSV4E]QIRX[MPP TEWWXSXLI3[RIVRSPEXIVXLERXLIXMQISJTE]QIRX8LI'SRXVEGXSVJYVXLIV[EVVERXWXLEXYTSR WYFQMXXEPSJER%TTPMGEXMSRJSV4E]QIRXEPP;SVOJSV[LMGLETTVSZEPJSVTE]QIRXLEZIFIIR TVIZMSYWP]MWWYIHERHTE]QIRXWVIGIMZIHJVSQXLI3[RIVWLEPPXSXLIFIWXSJXLI'SRXVEGXSVv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vWETTPMGEXMSRW[MXLWMQMPEVETTPMGEXMSRWJSVTVSKVIWWTE]QIRXWJVSQSXLIV'SRXVEGXSVW ERHGIVXMJ]XLIEQSYRXWHYISRWYGLETTPMGEXMSRW %JXIVXLI4VSNIGX1EREKIQIRXvWVIGIMTXSJXLI4VSNIGX%TTPMGEXMSRJSV4E]QIRX4VSNIGX 1EREKIQIRX[MPPIMXLIVETTVSZIXLI%TTPMGEXMSRJSV4E]QIRX[MXLEGST]XSXLI'SRXVEGXSVJSV WYGLEQSYRXEW4VSNIGX1EREKIQIRXHIXIVQMRIMWTVSTIVP]HYISVRSXMJ]XLI'SRXVEGXSVMR [VMXMRKSJ4VSNIGX1EREKIQIRXvWVIEWSRWJSV[MXLLSPHMRKETTVSZEPMR[LSPISVMRTEVXEWTVSZMHIH MR7YFTEVEKVETL 8LIMWWYERGISJEWITEVEXI%TTVSZEPJSV4E]QIRX[MPPGSRWXMXYXIVITVIWIRXEXMSRWQEHI F]4VSNIGX1EREKIQIRXXSXLI3[RIVFEWIHSRXLIMVMRHMZMHYEPSFWIVZEXMSRWEXXLIWMXIERHXLI HEXEGSQTVMWMRKXLI%TTPMGEXMSRJSV4E]QIRXWYFQMXXIHF]XLI'SRXVEGXSVXLEXXLI;SVOLEW TVSKVIWWIHXSXLITSMRXMRHMGEXIHERHXLEXXSXLIFIWXSJ4VSNIGX1EREKIQIRXv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vW GSRWXVYGXMSRQIERWQIXLSHWXIGLRMUYIWWIUYIRGIWSVTVSGIHYVIW VIZMI[IHGSTMIWSJ VIUYMWMXMSRWVIGIMZIHJVSQ7YFGSRXVEGXSVWERHQEXIVMEPWYTTPMIVWERHSXLIVHEXEVIUYIWXIHF] XLI3[RIVXSWYFWXERXMEXIXLI'SRXVEGXSVv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vWTSVXMSRSJ XLI;SVOXLIEQSYRXXS[LMGLWEMH7YFGSRXVEGXSVMWIRXMXPIHVIJPIGXMRKTIVGIRXEKIWEGXYEPP] VIXEMRIHJVSQTE]QIRXWXSXLI'SRXVEGXSVSREGGSYRXSJWYGL7YFGSRXVEGXSVv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v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vWJMREP%TTVSZEPJSV4E]QIRX[MPPGSRWXMXYXIEJYVXLIV VITVIWIRXEXMSRXLEXGSRHMXMSRWPMWXIHMR7YFTEVEKVETLEWTVIGIHIRXXSXLI'SRXVEGXSVvW FIMRKIRXMXPIHXSJMREPTE]QIRXLEZIFIIRJYPJMPPIH 2IMXLIVJMREPTE]QIRXRSVER]VIQEMRMRKVIXEMRIHTIVGIRXEKIWLEPPFIGSQIHYIYRXMPXLI 'SRXVEGXSVWYFQMXWXS4VSNIGX1EREKIQIRX EREJJMHEZMXXLEXTE]VSPPWFMPPWJSVQEXIVMEPWERH IUYMTQIRXERHSXLIVMRHIFXIHRIWWGSRRIGXIH[MXLXLI;SVOJSV[LMGLXLI3[RIVSVXLI 3[RIVvWTVSTIVX]QMKLXFIVIWTSRWMFPISVIRGYQFIVIH PIWWEQSYRXW[MXLLIPHF]3[RIV LEZI FIIRTEMHSVSXLIV[MWIWEXMWJMIH EGIVXMJMGEXIIZMHIRGMRKXLEXMRWYVERGIVIUYMVIHF]XLI 'SRXVEGX(SGYQIRXWXSVIQEMRMRJSVGIEJXIVJMREPTE]QIRXMWQEHIMWGYVVIRXP]MRIJJIGXERH[MPP RSXFIGERGIPIHSVEPPS[IHXSI\TMVIYRXMPEXPIEWXHE]Wv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vW%JJMHEZMXSJ(IFXWERH'PEMQW 'SRXVEGXSVv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vW4YFPMG'SRWXVYGXMSR 8LI'SRXVEGXSVQYWXMRWIVXXLMWTEVEKVETLMREPPMXWGSRXVEGXW[MXL &SRH WYFGSRXVEGXSVWERHQEXIVMEPQIR 4638)'8-323*4)67327%2(4634)68= 7EJIX]4VIGEYXMSRWERH4VSKVEQW 8LI'SRXVEGXSVWLEPPFIVIWTSRWMFPIJSVMRMXMEXMRKQEMRXEMRMRKERHWYTIVZMWMRKEPPWEJIX] TVIGEYXMSRWERHTVSKVEQWMRGSRRIGXMSR[MXLXLITIVJSVQERGISJXLI'SRXVEGX8LI'SRXVEGXSV WLEPPWYFQMXXLI'SRXVEGXSVv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v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vWSFPMKEXMSRWYRHIV4EVEKVETL 8LI'SRXVEGXSVWLEPPHIWMKREXIEVIWTSRWMFPIQIQFIVSJXLI'SRXVEGXSVvWSVKERM^EXMSREX XLIWMXI[LSWIHYX]WLEPPFIXLITVIZIRXMSRSJEGGMHIRXW8LMWTIVWSRWLEPPFIXLI'SRXVEGXSVvW WYTIVMRXIRHIRXYRPIWWSXLIV[MWIHIWMKREXIHF]XLI'SRXVEGXSVMR[VMXMRKXSXLI3[RIVSV4VSNIGX 1EREKIQIRX 8LI'SRXVEGXSVWLEPPRSXPSEHSVTIVQMXER]TEVXSJXLIGSRWXVYGXMSRSVWMXIXSFIPSEHIH WSEWXSIRHERKIVMXWWEJIX] )QIVKIRGMIW +IRIVEP'SRHMXMSRWSJXLI'SRXVEGX4EKISJ 4EGOIX4K 'J 783'/-70%2(*-6)78%8-32,:%' -1463:)1)287 -RERIQIVKIRG]EJJIGXMRKWEJIX]SJTIVWSRWSVTVSTIVX]XLI'SRXVEGXSVWLEPPEGXEXXLI 'SRXVEGXSVv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v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vWJEMPYVIXSTVSZMHI WEXMWJEGXSV]IZMHIRGISJMRWYVERGI 8LI'SRXVEGXSVWLEPPTVSZMHIXSXLI'SYRX]MRGEVISJ4VSNIGX1EREKIQIRXEW WEXMWJEGXSV]IZMHIRGISJXLIVIUYMVIHMRWYVERGIIMXLIV 'IVXMJMGEXISJ-RWYVERGI 3V %GIVXMJMIHGST]SJXLIEGXYEPMRWYVERGITSPMG] 8LI'SYRX]EXMXWWSPISTXMSRLEWXLIVMKLXXSVIUYIWXEGIVXMJMIHGST]SJER]SVEPP MRWYVERGITSPMGMIWVIUYMVIHF]XLMW'SRXVEGX +IRIVEP'SRHMXMSRWSJXLI'SRXVEGX4EKISJ 4EGOIX4K 'J 783'/-70%2(*-6)78%8-32,:%' -1463:)1)287 %PPMRWYVERGITSPMGMIWQYWXWTIGMJ]XLEXXLI]EVIRSXWYFNIGXXSGERGIPPEXMSRRSRVIRI[EP QEXIVMEPGLERKISVVIHYGXMSRMRGSZIVEKIYRPIWWEQMRMQYQSJXLMVX] HE]WTVMSVRSXMJMGEXMSR MWKMZIRXSXLI'SYRX]F]XLIMRWYVIV 8LIEGGITXERGIERHSVETTVSZEPSJXLI'SRXVEGXSVvWMRWYVERGIWLEPPRSXFIGSRWXVYIHEW VIPMIZMRKXLI'SRXVEGXSVJVSQER]PMEFMPMX]SVSFPMKEXMSREWWYQIHYRHIVXLMWGSRXVEGXSVMQTSWIH F]PE[ 8LI1SRVSI'SYRX]&SEVHSJ'SYRX]'SQQMWWMSRIVWMXWIQTPS]IIWERHSJJMGMEPW[MPPFI MRGPYHIHEWw%HHMXMSREP-RWYVIHxSREPPTSPMGMIWI\GITXJSV;SVOIVvW'SQTIRWEXMSR -REHHMXMSRXLI'SYRX][MPPFIREQIHEWEREHHMXMSREPMRWYVIHERHPSWWTE]IISREPP TSPMGMIWGSZIVMRK'SYRX]S[RIHTVSTIVX] %R]HIZMEXMSRWJVSQXLIWI+IRIVEP-RWYVERGI6IUYMVIQIRXWQYWXFIVIUYIWXIHMR [VMXMRKSRXLI'SYRX]TVITEVIHJSVQIRXMXPIHw6IUYIWXJSV;EMZIVSJ-RWYVERGI6IUYMVIQIRXWx ERHETTVSZIHF]XLI1SRVSI'SYRX]vW6MWO1EREKIV &YMPHIVvW6MWO-RWYVERGI2SX6IUYMVIH 4YFPMG'SRWXVYGXMSR&SRH %4YFPMG'SRWXVYGXMSR&SRHMWRSXVIUYMVIHEWETEVXSJXLMWGSRXVEGX 92'3:)6-2+%2('366)'8-323*;36/ 9RGSZIVMRKSJ;SVO -JETSVXMSRSJXLI;SVOMWGSZIVIHGSRXVEV]XS4VSNIGX1EREKIQIRXvWVIUYIWXSVXS VIUYMVIQIRXWWTIGMJMGEPP]I\TVIWWIHMRXLI'SRXVEGX(SGYQIRXWMXQYWXMJVIUYMVIHMR[VMXMRKF] 4VSNIGX1EREKIQIRXFIYRGSZIVIHJSVXLIMVSFWIVZEXMSRERHFIVITPEGIHEXXLI'SRXVEGXSVv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v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vWI\TIRWI-JXLI'SRXVEGXSVHSIWRSXTE]GSWXWSJWYGLVIQSZEP ERHWXSVEKI[MXLMRXIRHE]WEJXIV[VMXXIRRSXMGIXLI3[RIVQE]YTSRXIREHHMXMSREPHE]Wv[VMXXIR RSXMGIWIPPWYGLQEXIVMEPWERHIUYMTQIRXEXEYGXMSRSVEXTVMZEXIWEPIERHWLEPPEGGSYRXJSVXLI TVSGIIHWXLIVISJEJXIVHIHYGXMRKGSWXWERHHEQEKIWXLEXWLSYPHLEZIFIIRFSVRIF]XLI 'SRXVEGXSVMRGPYHMRKGSQTIRWEXMSRJSV4VSNIGX1EREKIQIRXvWWIVZMGIWERHI\TIRWIWQEHI RIGIWWEV]XLIVIF]-JWYGLTVSGIIHWSJWEPIHSRSXGSZIVGSWXW[LMGLXLI'SRXVEGXSVWLSYPH LEZIFSVRIXLI'SRXVEGX7YQWLEPPFIVIHYGIHF]XLIHIJMGMIRG]-JTE]QIRXWXLIRSV XLIVIEJXIVHYIXLI'SRXVEGXSVEVIRSXWYJJMGMIRXXSGSZIVWYGLEQSYRXXLI'SRXVEGXSVWLEPPTE] XLIHMJJIVIRGIXSXLI3[RIV 8LI'SRXVEGXSVWLEPPFIEVXLIGSWXSJGSVVIGXMRKHIWXVS]IHSVHEQEKIHGSRWXVYGXMSR [LIXLIVGSQTPIXIHSVTEVXMEPP]GSQTPIXIHSJXLI3[RIVSVSXLIV'SRXVEGXSVWGEYWIHF]XLI 'SRXVEGXSVv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vWPMEFMPMX][MXLVIWTIGXXSXLI'SRXVEGXSVv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v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v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