Association For Molecular Pathology et al v. United States Patent and Trademark Office et al

Filing 184

DECLARATION of Jennifer C. Tempesta in Support re: 181 MOTION to File Amicus Brief.. Document filed by Biotechnology Industry Organization. (Attachments: # 1 Exhibit 1, # 2 Exhibits 2-8, # 3 Exhibits 9-12, # 4 Exhibits 13-16, # 5 Exhibits 17-21, # 6 Exhibits 22-24, # 7 Exhibit 25, # 8 Exhibits 26-28)(Tempesta, Jennifer)

Association For Molecular Pathology et al v. United States Patent and Trademark Office et al

Doc. 184 Att. 4

EXHIBIT 13

Dockets.Justia.com

6):-); %68-'0)

1SPIGYPEV &MSPSK] SJ )V]XLVSTSMIXMR
;SPJKERK .)0/1%22

%FWXVEGX
8LI KP]GSTVSXIMR LSVQSRI IV]XLVSTSMIXMR )43
MW ER IWWIRXMEP ZMEFMPMX] ERH KVS[XL JEGXSV JSV XLI IV]XLVSG]XMG TVSKIRMXSVW )43 MW QEMRP] TVSHYGIH MR XLI OMHRI]W )43 KIRI I\TVIWWMSR MW MRHYGIH F] L]TS\MEMRHYGMFPI XVERWGVMTXMSR JEGXSVW ,-*
8LI TVMRGMTEP VITVIWIRXEXMZI SJ XLI ,-*JEQMP] ,-* ERH
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
MW IJJMGMIRX ERH WEJI MR MQ TVSZMRK XLI QEREKIQIRX SJ XLI ERIQME EWWSGMEXIH [MXL GLVSRMG VIREP JEMPYVI 6,Y)43 EREPSKYIW [MXL TVSPSRKIH WYVZMZEP MR GMVGYPEXMSR LEZI FIIR HIZIPSTIH ;LIXLIV XLI VIGIRX HIQSRWXVEXMSR SJ )43 VIGITXSVW MR ZEVMSYW RSR LIQSTSMIXMG XMWWYIW MRGPYHMRK XYQSV GIPPW MW [IPGSQI SV SQMRSYW WXMPP RIIHW XS FI GPEVMJMIH )ZMHIRGI WYKKIWXW XLEX V,Y)43 QE] FI E YWIJYP RIYVSTVSXIGXMZI EKIRX -RXIVREP 1IHMGMRI z

ERH SXLIV LIQSTSMIXMG XMWWYIW [LIVI XLI] MRLMFMX XLI TVS KVEQQIH GIPP HIEXL ETSTXSWMW
SJ XLI LIQEXSTSMIXMG WXIQ ERH TVSKIRMXSV GIPPW XS QEMRXEMR XLI KVS[XL SJ ]SYRK FPSSH GIPPW 6IH FPSSH GIPP TVSHYGXMSR VIUYMVIW XLI LSVQSRI IV]XLVSTSMIXMR )43
E KP]GSTVSXIMR XLEX MW QEMRP] SJ VIREP SVMKMR 0EGO SJ )43 MW XLI TVMQEV] GEYWI SJ XLI ERIQME EWWS GMEXIH [MXL GLVSRMG VIREP JEMPYVI &IJSVI VIGSQFMRERX LYQER S )43 V,Y)43
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
ERH XS TEVXMEPP] MHIRXMJ] MXW EQMRS EGMH WIUYIRGI &EWIH SR XLMW [SVO XLI LYQER )43 KIRI GSYPH FI GLEVEGXIVM^IH ERH FI I\TVIWWIH MR LSWX GIPPW
(IXEMPW SJ XLI MRHYWXVMEP PEVKIWGEPI TVSHYGXMSR SJ V,Y)43 EVI HIWGVMFIH IPWI[LIVI
8LI TVIWIRX VIZMI[ TVSZMHIW MRJSVQEXMSR SR XLI WXVYGXYVI SJ IRHSKIRSYW )43 ERH XLI VI GSQFMRERX TVSHYGXW XLI WMXIW ERH QSPIGYPEV QIGLERMWQW SJ XLI L]TS\MG MRHYGXMSR SJ XLI )43 KIRI XLI IJJIGXW SJ )43 SR LIQEXSTSMIXMG ERH RSRLIQEXSTSMIXMG XMWWYIW ERH XLI XLIVETIYXMG MQTEGX SJ V,Y)43 ERH MXW EREPSKYIW

7XVYGXYVI SJ ,YQER )43

)43 MW E QIQFIV SJ XLI JEQMP] SJ GPEWW - G]XSOMRIW [LMGL /I] [SVHW IV]XLVSTSMIXMR VIH FPSSH GIPPW VIGSQFMRERX HVYKW ERIQME OMHRI]W L]TS\MEMRHYGMFPI JEG JSPH MRXS E GSQTEGX KPSFYPEV WXVYGXYVI GSRWMWXMRK SJ LIPMGEP FYRHPIW
-XW QSPIGYPEV QEWW MW O(E
EP XSV XLSYKL MX QMKVEXIW [MXL ER ETTEVIRX WM^I SJ z O(E SR 7(7TSP]EGV]PEQMHI KIPW 8LI TITXMHI GSVI SJ EQMRS EGMHW
WYJJMGIW JSV VIGITXSVFMRHMRK ERH MR ZMXVS WXMQYPE S XMSR SJ IV]XLVSTSMIWMW [LMPI XLI GEVFSL]HVEXI TSVXMSR -RXVSHYGXMSR J XLI XSXEP QSPIGYPI
MW VIUYMVIH JSV XLI MR ZMZS WYVZMZEP SJ 1SHIVR VIGSQFMRERX (2% XIGLRSPSK] IREFPIW XLI QERY XLI LSVQSRI
8LI GEVFSL]HVEXI GLEMRW SJ )43 LEZI JEGXYVI SJ LYQER TVSXIMRW MR GYPXYVIH ERMQEP GIPPW ]IEWX ERH FIIR EREP]^IH MR HIXEMP z
8LI GSQTPI\X]TI 2 FEGXIVME JSV YWI EW HVYKW 1SVI XLER HMJJIVIRX FPSSH GIPP PMROIH SPMKSWEGGLEVMHIW EX EWTEVEKMRIW ERH EVI MQ QSHYPEXMRK TVSXIMRW EVI GYVVIRXP] TVSHYGIH 7SQI SJ XLIWI TSVXERX MR WXEFMPM^MRK )43 MR GMVGYPEXMSR
-R GSRXVEWX EGX EW WTIGMJMG KVS[XL JEGXSVW 8EFPI
MR XLI FSRI QEVVS[ XLI WQEPP 3PMROIH SPMKSWEGGLEVMHI EX WIVMRI ETTIEVW XS
*VSQ XLI -RWXMXYXI SJ 4L]WMSPSK] 9RMZIVWMX] SJ 0YIFIGO 0YIFIGO +IVQER] 6ITVMRX VIUYIWXW WLSYPH FI EHHVIWWIH XS (V ;SPJKERK .IPOQERR -RWXMXYXI SJ 4L]WMSPSK] 9RMZIVWMX] SJ 0YIFIGO 6EX^IFYVKIV %PPII ( 0YIFIGO +IVQER] -RXIVREP 1IHMGMRI :SP 2S %YKYWX

.)0/1%22
8EFPI ,IQEXSTSMIXMG +VS[XL *EGXSVW *EGXSV )V]XLVSTSMIXMR 8LVSQFSTSMIXMR +1'7* +'7* 1'7* 7M^I O(E
z z 7MXIW SJ JSVQEXMSR 6IREP JMFVSFPEWXW LITEXSG]XIW RIYVSREP GIPPW ,ITEXSG]XIW VIREP TVS\MQEP XYFYPEV GIPPW 8P]QTLSG]XIW QSRSG]XIW IRHSXLIPMEP GIPPW JMFVSFPEWXW 1SRSG]XIW IRHSXLIPMEP GIPPW JMFVSFPEWXW 1SRSG]XIW 8EVKIX GIPPW &*9) '*9) 1IKEOEV]SG]XIW '*9+1 '*9+ '*91

6SYXMRIP] YWIH EW VIGSQFMRERX HVYKW &*9 FYVWXJSVQMRK YRMX '*9 GSPSR]JSVQMRK YRMX '7* GSPSR]WXMQYPEXMRK JEGXSV ) IV]XLVSMH + KVERYPSG]XI 1 QSRSG]XI

PEGO JYRGXMSREP MQTSVXERGI
,YQER YVMREV] )43 ERH V,Y)43 EVI MHIRXMGEP [MXL VI WTIGX XS XLIMV TVMQEV] ERH WIGSRHEV] WXVYGXYVI 2SXI LS[ IZIV XLEX XLIVI EVI QMRSV UYERXMXEXMZI HMJJIVIRGIW MR XLI GSQTSWMXMSR SJ XLI 2 ERH 3KP]GERW SJ LYQER YVMREV] )43
ERH LYQER WIVYQ )43
GSQTEVIH XS XLSWI SJ V,Y)43 8LI HMJJIVIRGIW MR IPIGXVSTLSVIXMG QSFMPMX] IREFPI ERXMHSTMRK PEFSVEXSVMIW XS HIXIGX V,Y)43 MR YVMREV] WEQTPIW SJ EXLPIXIW QMWYWMRK XLI HVYK XS IRLERGI XLIMV IRHYVERGI GE TEGMX]
-R EHHMXMSR XS XLI ETTVSZIH V,Y)43 TVITEVEXMSRW )TSIXMR EPJE ERH )TSIXMR FIXE
[LMGL EVI I\TVIWWIH JVSQ KIRIXMGEPP] IRKMRIIVIH 'LMRIWI LEQWXIV SZEV] ',3
GIPPW
V,Y)43 )TSIXMR SQIKE
JVSQ FEF] LEQWXIV OMHRI] &,/
GIPP GYPXYVIW z
LEW FIIR ETTPMIH MR GPMRM GEP XVMEPW z
8LI 2KP]GERW SJ V,Y)43 TVSHYGIH MR &,/ GIPPW ETTIEV XS FI WYPJEXIH XS E LMKLIV HIKVII
[LMGL QE] FI VIPIZERX VIKEVHMRK XLI MR ZMZS WYVZMZEP SJ XLI HVYK 3XLIV GIPP PMRIW WYGGIWWJYPP] XVERWJIGXIH [MXL XLI LYQER )43 KIRI XS TVSHYGI KP]GSW]PEXIH V,Y)43 MRGPYHIH 641- LYQER P]QTLSFPEWXSMH
'37 %JVMGER KVIIR QSROI] OMHRI]
1('/ GERMRI OMHRI]
0 QSYWI JMFVSFPEWX
ERH ' QSYWI QEQQEV]
GIPPW -R ZMI[ SJ XLI VIPEXMSRWLMT FIX[IIR XLI QYPXMERXIRREV] WMEPMG EGMH{GSRXEMRMRK GEVFSL]HVEXI GLEMRW ERH XLI MR ZMZS WXEFMP MX] SJ XLI LSVQSRI
VIGIRXP] E ',3GIPP HIVMZIH L]TIVKP]GSW]PEXIH V,Y)43 EREPSKYI (EVFITSIXMR EPJE
LEW FIIR HIZIPSTIH 8LMW GSQTSYRH TSWWIWWIW I\XVE 2PMROIH GEVFSL]HVEXI GLEMRW FEWIH SR WMXIHMVIGXIH QYXEKIRIWMW JSV I\GLERKI SJ EQMRS EGMHW 'SQTEVIH XS XLI )TSIXMRW [LMGL LEZI E TPEWQE LEPJPMJI SJ z LSYVW (EVFITSIXMR EPJE LEW E XS JSPH PSRKIV TPEWQE LEPJPMJI
)43 EQSYRXW EVI XVEHMXMSREPP] I\TVIWWIH MR YRMXW 9
[MXL 9 SJ )43 TVSHYGMRK XLI WEQI IV]XLVSTSMIWMWWXMQY PEXMRK VIWTSRWI MR I\TIVMQIRXEP ERMQEPW EW QSP GSFEPXSYW GLPSVMHI -RXIVREXMSREP VIJIVIRGI TVITEVEXMSRW SJ LYQER YVM REV] )43 ?RH -64
A ERH TYVMJMIH (2%HIVMZIH LYQER )43 ?-7 V(2% HIVMZIH
A LEZI FIIR IWXEFPMWLIH 8LI WTIGMJMG EGXMZMX] SJ TYVI V,Y)43 MW 9QK JYPP] KP]GSW]PEXIH TVSXIMR (EVFITSIXMR EPJE MW I\TVIWWIH MR KVEQ [MXL XLI FMSPSKMGEP EGXMZMX] SJ K (EVFITSIXMR EPJE TITXMHI GSVI [IMKLX GSVVIWTSRHMRK XS XLEX SJ 9 V,Y)43 TITXMHI GSVI [IMKLX FSXL SR XLISVIXMGEP KVSYRHW
ERH GPMRMGEP I\ TIVMIRGI

7MXIW ERH 1IGLERMWQW SJ )43 4VSHYGXMSR ERH (IKVEHEXMSR
)43 MW QEMRP] TVSHYGIH F] LITEXSG]XIW HYVMRK XLI JIXEP WXEKI %JXIV FMVXL EPQSWX EPP GMVGYPEXMRK )43 SVMKMREXIW JVSQ TIVMXYFYPEV JMFVSFPEWXPMOI GIPPW PSGEXIH MR XLI GSVXI\ SJ XLI OMHRI]W z
8VERWGVMTXMSR JEGXSVW SJ XLI +%8%JEQMP] QE] FI MQTSVXERX MR XLI GSRXVSP SJ XLI XMQI ERH XMWWYI WTIGMJMG I\TVIWWMSR SJ XLI )43 KIRI
-R EHYPXW QMRSV EQSYRXW SJ )43 Q62% EVI I\TVIWWIH MR PMZIV TEVIRGL]QE WTPIIR PYRK XIWXMW ERH FVEMR
-R FVEMR )43 I\IVXW RIYVSXVSTLMG ERH RIYVSTVSXIGXMZI IJJIGXW [LMGL EVI WITEVEXI JVSQ XLI EGXMSR SJ GMVGYPEXMRK )43 SR IV]XLVSTSMIXMG XMWWYIW
8MWWYI L]TS\ME MW XLI QEMR WXMQYPYW SJ )43 TVS HYGXMSR ?JSV VIJIVIRGIW WII
A -R TIVWSRW [MXL MRXEGX VIREP JYRGXMSR TPEWQE )43 PIZIPW MRGVIEWI I\TSRIRXMEPP] [MXL HI GVIEWMRK FPSSH LIQSKPSFMR ,F
GSRGIRXVEXMSR :EPYIW QE] VMWI XS 9P GSQTEVIH XS XLI RSVQEP ZEPYI SJ EFSYX 9P ?JSV VIJIVIRGIW WII
A )43 KIRI I\TVIWWMSR MW RSX SRP] WXMQYPEXIH [LIR XLI 3 GETEGMX] GSVVIWTSRHMRK XS XLI ,F GSRGIRXVEXMSR
SJ XLI FPSSH HIGVIEWIW FYX EPWS [LIR XLI EVXIVMEP T3 HIGVIEWIW JI EX LMKL EPXMXYHI VIWMHIRGI
SV [LIR XLI 3 EJJMRMX] SJ XLI FPSSH MRGVIEWIW 0MOI SXLIV TPEWQE KP]GSTVSXIMRW )43 GMVGYPEXIW EW E TSSP SJ MWSJSVQW XLEX HMJJIV MR KP]GSW]PEXMSR QSPIGYPEV QEWW FMSPSKMGEP EGXMZ MX] ERH MQQYRSVIEGXMZMX]
8LIVI MW E HMYVREP JPYGXYE XMSR SJ XLI GSRGIRXVEXMSR SJ GMVGYPEXMRK )43 [MXL ZEPYIW FIMRK EFSYX LMKLIV EX QMHRMKLX XLER MR XLI QSVRMRK
8LI QIGLERMWQW SJ XLI HIKVEHEXMSR SJ GMVGYPEXMRK )43 EVI WXMPP MRGSQTPIXIP] YRHIVWXSSH 8S E QMRSV HIKVII )43 QE] FI GPIEVIH F] XLI PMZIV ERH XLI OMHRI]W ,S[IZIV XLIVI MW IZMHIRGI XS EWWYQI XLEX )43 MW QEMRP] VIQSZIH JVSQ GMV GYPEXMSR F] YTXEOI MRXS IV]XLVSG]XMG ERH SXLIV GIPPW TSWWIWW MRK XLI )43 VIGITXSV
%GGSVHMRKP] RI[ V,Y)43 JSVQYPEXMSRW EVI TVIWIRXP] XIWXIH [LMGL GSRXEMR QIXLS\] TSP]IXL]PIRI KP]GSP XS TVIZIRX MRXIVREPM^EXMSR SJ XLI HVYK XLYW VIWYPXMRK MR TVSPSRKIH FMSPSKMGEP LEPJPMJI

'SRXVSP SJ )43 +IRI )\TVIWWMSR
&EWIH SR I\TIVMQIRXW [MXL LYQER )43TVSHYGMRK LITEXSQE GIPP GYPXYVIW QENSV TVSKVIWW LEW FIIR QEHI MR
-RXIVREP 1IHMGMRI :SP 2S %YKYWX

)V]XLVSTSMIXMR
YRHIVWXERHMRK XLI REXYVI SJ XLI 3 WIRWSV GSRXVSPPMRK XLI VEXI SJ XLI I\TVIWWMSR SJ XLI )43 KIRI ERH SXLIV L]TS\ME MRHYGMFPI KIRIW z
8LIVI EVI WIZIVEP VIKYPEXSV] (2% WIUYIRGIW MR XLI RIMKLFSVLSSH SJ XLI )43 KIRI 8LI OI] WI UYIRGI MW PSGEXIH [MXLMR XLI WSGEPPIH L]TS\ME VIWTSRWI IPI QIRX ,6)
-X MW GSQTSWIH SJ XLI RYGPISXMHIW ?%+A '+8+ XS [LMGL XLI L]TS\MEMRHYGMFPI XVERWGVMTXMSR JEGXSVW ,-*
GER FMRH ,-* EVI HMQIVW GSQTSWIH SJ ER ERH E WYFYRMX XLI PEXXIV SJ [LMGL MW MHIRXMGEP [MXL EV]PL]HVSGEVFSR RYGPIEV XVERWPSGEXSV %628
8LI] FIPSRK XS XLI JEQMP] SJ FEWMG LI PM\PSSTLIPM\ F,0,
TVSXIMRW [MXL E 4%7 HSQEMR EGGSVH MRK XS MXW TVIWIRGI MR XLI (VSWSTLMPE 4IVMSH %628 ERH XLI (VSWSTLMPE 7MRKPIQMRHIH TVSXIMRW
8LIVI EVI EX PIEWX XLVII WYFX]TIW SJ XLI ,-* WYFYRMX
3J XLIWI SRP] ,-* ERH ,-* FYX RSX ,-* TSWWIWW E 'XIVQMREP XVERWEGXMZEXMSR HSQEMR '8%(
,-* MW KIRIVEPP] GSR WMHIVIH XLI TVMQEV] QIHMEXSV SJ L]TS\MEMRHYGIH KIRI I\ TVIWWMSR
8LI VSPI SJ ,-* MW SRP] FIKMRRMRK XS FI YRHIVWXSSH
ERH ,-* QE] EGXYEPP] FI E WYTTVIW WSV SJ L]TS\MG KIRI MRHYGXMSR
&SXL XLI z O(E ,-* ERH XLI z O(E ,-* EVI GSRXMRYSYWP] TVSHYGIH [MXL XLIMV Q62% PIZIPW FIMRK IWWIRXMEPP] YREPXIVIH F] XLI MRHYGXMSR SJ L]TS\ME
,S[IZIV ,-* MW YWYEPP] RSX HIXIGXEFPI MR RSVQS\MG GIPPW
[LMPI ,-* MW GSRWXERXP] TVIWIRX MR XLI RYGPIYW ,-* TSWWIWWIW X[S S\]KIRHITIRHIRX TVSXISP]XMG HIKVEHEXMSR HSQEMRW 3((
ERH X[S 8%(W -R XLI TVIWIRGI SJ 3 ,-* MW L]HVS\]PEXIH EX XLI TVSPMRI VIWMHYIW
ERH
MR XLI 3((W 8LMW VIEGXMSR MW GEXEP]^IH F] WTIGMJMG ,-* TVSP]PL]HVS\]PEWI HSQEMR 4,(
GSRXEMRMRK IR ^]QIW XLEX FIPSRK XS XLI KVSYT SJ S\SKPYXEVEXI ERH *I --
HITIRHIRX HMS\]KIREWIW z
3R FMRHMRK XS XLI *I E RSRLIQI MVSR
3 QSPIGYPIW EVI WTPMX [MXL SRI EXSQ FIMRK XVERWJIVVIH XS XLI TVSPMRI VIWMHYIW ERH XLI SXLIV JSVQ MRK '3 ERH WYGGMREXI
[MXL S\SKPYXEVEXI %WGSVFEXI TVI ZIRXW XLI MREGXMZEXMSR SJ XLI 4,(W HYI XS S\MHEXMSR SJ *I
8LI /Q ZEPYIW SJ XLI XLVII 4,(W JSV 3 EVI IWWIRXMEPP] MHIRXMGEP ERH GPSWI XS EXQSWTLIVMG 3 GSRGIRXVEXMSRW
4VSP]PL]HVS\]PEXIH ,-* MW XEKKIH F] XLI ZSR,MTTIP 0MRHEY KIRI TVSHYGX T:,0 [LMGL JSVQW E GSQTPI\ [MXL XLI ) YFMUYMXMR PMKEWI
4SP]YFMUYMXMREXIH ,-* MW MQ QIHMEXIP] HIKVEHIH F] XLI TVSXIEWSQI
3RP] YRHIV L]TS\MG GSRHMXMSRW ,-* MW IREFPIH XS IRXIV XLI RYGPIYW ERH XS LIXIVSHMQIVM^I [MXL ,-* 8LI FMRHMRK SJ T:,0 MW E TVIVIUYMWMXI JSV XLI HIKVEHEXMSR SJ ,-* 8LYW XLI QYXE XMSR SJ T:,0 MR TEXMIRXW WYJJIVMRK JVSQ GSRKIRMXEP 'LYZEWL TSP]G]XLIQME MW EWWSGMEXIH [MXL MRGVIEWIH XVERWGVMTXMSR SJ XLI )43 KIRI
-R EHHMXMSR ,-* MW L]HVS\]PEXIH EX EWTEVEKMRI MR TSWM XMSR MR XLI '8%( MR XLI TVIWIRGI SJ 3 [LMGL VIWYPXW MR E VIHYGIH EFMPMX] SJ ,-* XS FMRH XLI XVERWGVMTXMSREP GSEGXMZEXSV T'&4 z
8LYW XLIVI EVI EX PIEWX WTI GMJMG L]HVS\]PEWIW [LMGL JYRGXMSR EW GIPPYPEV 3 WIRWSVW *MK
-RXIVIWXMRKP] WXYHMIW YXMPM^MRK XVERWJIGXIH LYQER GIPPW SZIVI\TVIWWMRK XLIWI L]HVS\]PEWIW LEZI VIZIEPIH HMJJIVIRGIW MR XLIMV WYFGIPPYPEV PSGEPM^EXMSR 4,( MW I\GPYWMZIP]
-RXIVREP 1IHMGMRI :SP 2S %YKYWX

*MKYVI ,-* TVSP]P ERH EWTEVEKMR]PL]HVS\]PEWIW EW GIP PYPEV 3 WIRWSVW -R RSVQS\ME E
TVSP]P L]HVS\]PEXMSR MR XLI 3HITIRHIRX HIKVEHEXMSR HSQEMR 3((
VIWYPXW MR FMRHMRK SJ XLI ZSR,MTTIP 0MRHEY TVSXIMR T:,0
ERH XLI YFMUYMXMR PMKEWI GSQTPI\ 9F
[MXL WYFWIUYIRX TVSXIEWSQEP HIKVEHEXMSR ERH F
EWTEVEKMR]P L]HVS\]PEXMSR MR XLI 'XIVQMREP XVERWEGXMZEXMSR HSQEMR '8%(
TVIZIRXW FMRHMRK SJ XLI T'&4 XVERW GVMTXMSREP GSEGXMZEXSV -R L]TS\ME ,-* IRXIVW XLI RYGPIYW XS JSVQ XLI EGXMZI XVERWGVMTXMSR GSQTPI\ [MXL T'6)& ERH ,-* 1SHMJMIH JVSQ 6IJ

TVIWIRX MR XLI RYGPIYW 4,( SGGYVW MR FSXL RYGPIYW ERH G] XSTPEWQ [LMPI 4,( ERH XLI EWTEVEKMR]PL]HVS\]PEWI EPWS GEPPIH *-, JEGXSV MRLMFMXMRK ,-*
EVI QEMRP] PSGEXIH MR XLI G]XSTPEWQ
8LI ,-*W EVI RSX SRP] XLI OI] VIKYPEXSVW SJ )43 TVSHYG XMSR 8LI] EVI MRZSPZIH MR QSWX TEXL[E]W SJ XLI EHETXEXMSR SJ KIRIW XS L]TS\ME
ERH XLIVIJSVI GSRWMHIVIH EXXVEGXMZI GERHMHEXIW JSV TLEVQEGSPSKMG QERMTYPEXMSR
*SV I\EQ TPI XLI IEVPMIV SFWIVZEXMSR XLEX *IGLIPEXMRK EKIRXW WYGL EW HIWJIVVMS\EQMRI MRGVIEWI )43 TVSHYGXMSR z
QE] FI I\TPEMRIH F] MRLMFMXMSR SJ XLI EGXMZMX] SJ XLI *I --
VIUYMVMRK ,-* TVSP]P ERH EWTEVEKMR]PL]HVS\]PEWIW *MK
3R XLI SXLIV LERH WMRGI ,-* MW EWWSGMEXIH [MXL ERKMSKIRIWMW ERH XYQSV TVSKVIWWMSR SRGSPSKMG MRZIWXMKEXMSRW EMQ EX MHIRXMJ] MRK GSQTSYRHW XLEX WTIGMJMGEPP] MRLMFMX ,-* HVMZIR KIRI I\TVIWWMSR
8VYP] LS[IZIV [MXL VIWTIGX XS XLI VIREP TVSHYGXMSR SJ )43 MX QYWX FI GSRGIHIH XLEX XLI VSPI SJ ,-* LEW RSX FIIR [IPP I\TPSVIH )43 Q62% I\TVIWWMSR MR VIREP GIPPW LEW FIIR VITSVXIH XS JSPPS[ ER EPPSVRSXLMRK JEWLMSR VEXLIV XLER XS FI E KVEHIH TVSGIWW
-R EHHMXMSR EXXIQTXW LEZI JEMPIH XS IWXEFPMWL VIREP GIPP GYPXYVIW JSV WXYH] SJ 3 HITIRHIRX )43 TVSHYGXMSR 7XYHMIW MR )43 XVERWKIRMG QMGI
LEZI WLS[R XLEX XLI ,6)W EVI PSGEXIH EX STTSWMXI WMXIW SJ XLI KIRI MR XLI OMHRI] FIX[IIR ERH OF XS XLI KIRI
ERH XLI

.)0/1%22
QIRXEP QMGI
']GPMG %14 LEW EPWS FIIR WLS[R XS ERXEKSRM^I XLI MRLMFMXMSR SJ )43 TVSHYGXMSR F] -0 ERH 82*
FYX XLI TVIGMWI VSPI SJ TVSXIMR OMREWI % MR XLI GSRXVSP SJ )43 Q62% I\TVIWWMSR WXMPP RIIHW XS FI IPYGMHEXIH

1IGLERMWQ SJ %GXMSR SJ )43
)V]XLVSG]XMG TVSKIRMXSVW MR XLI FSRI QEVVS[ EVI XLI TVMR GMTEP XEVKIXW SJ )43 8LI RSVQEPP] PS[ GSRGIRXVEXMSR SJ XLI LSVQSRI IREFPIW SRP] E WQEPP TIVGIRXEKI SJ TVSKIRMXSVW XS WYVZMZI ERH XS TVSPMJIVEXI [LMPI XLI VIQEMRMRK TVSKIRMXSVW YRHIVKS ETSTXSWMW 8LYW XLI TVMQEV] QIGLERMWQ F] [LMGL )43 QEMRXEMRW IV]XLVSTSMIWMW MW XLI TVIZIRXMSR SJ TVS KVEQQIH GIPP HIEXL
8LI QSWX TVMQMXMZI )43 VIWTSRWMZI TVSKIRMXSV MW XLI FYVWXJSVQMRK YRMXIV]XLVSMH &*9)
[LMGL KMZIW VMWI XS WIZIVEP GSPSR]JSVQMRK YRMXW IV]XLVSMH '*9)
&*9)W EVI HIZSMH SJ XVERWJIVVMR VIGIT XSV ERH I\TVIWW PMXXPI +%8% [LIVIEW '*9)W TSWWIWW XVERWJIVVMR VIGITXSVW ERH I\LMFMX EFYRHERX PIZIPW SJ +%8%
+%8% MW ER MQTSVXERX XVERWGVMTXMSR JEGXSV MR IV]XLVSG]XMG HIZIPSTQIRX
8LI FEPERGI FIX[IIR +%8% ERH GEWTEWI EGXMZMX] PEVKIP] HIXIVQMRIW XLI VEXI SJ TVSPMJIVEXMSR ERH HMJJIVIRXMEXMSR SJ IV]XLVSG]XMG TVSKIRMXSVW
+%8% MRHYGIW XLI ERXMETSTXSXMG TVSXIMR FGP\0
)V]XLVSG]XMG TVSKIRMXSVW QE] LEZI XLI TSXIRXMEP XS TVSHYGI WQEPP EQSYRXW SJ )43 XS QEMRXEMR FEWEP VEXIW SJ IV]XLVSTSMIWMW
,S[IZIV [LIR XLI GSRGIRXVEXMSR SJ )43 VMWIW MR FPSSH IMXLIV IRHSKIRSYWP] SV JSPPS[MRK XLI EH QMRMWXVEXMSR SJ V,Y)43 QER] QSVI &*9)W ERH '*9)W IWGETI JVSQ ETSTXSWMW ERH TVSPMJIVEXI XS VIWYPX MR XLI KVS[XL ERH QEXYVEXMSR SJ QSVTLSPSKMGEPP] MHIRXMJMEFPI TVSIV]XLVS FPEWXW ERH RSVQSFPEWXW %X XLI WXEKI SJ XLI TSP]GLVSQEXMG RSVQSFPEWX LIQSKPSFMR MW EGGYQYPEXIH 7YFWIUYIRXP] XLI RYGPIYW FIGSQIW T]ORSXMG ERH MW I\GPYHIH JVSQ XLI GIPP 8LI XMQI JVSQ XLI '*9) XS XLI VIXMGYPSG]XI MW EFSYX HE]W ERH MRZSPZIW z GIPP HMZMWMSRW 7MKRMJMGERX VIXMGYPSG]XSWMW FI GSQIW ETTEVIRX EFSYX z HE]W EJXIV ER EGYXI MRGVIEWI MR TPEWQE )43 '*9)W EVI XLI QSWX )43WIRWMXMZI GIPPW [MXL XLI LMKLIWX HIRWMX] SJ )43 VIGITXSVW SR XLIMV WYVJEGIW 8LI QEXYVI )43 VIGITXSV MW E EQMRSEGMH KP]GSTVSXIMR [LMGL MW E QIQFIV SJ XLI G]XSOMRI GPEWW - VIGITXSV WYTIVJEQMP]
-X TSWWIWWIW E WMRKPI L]HVSTLSFMG XVERWQIQFVERI WIUYIRGI E ZEVMEFPI G]XSTPEWQMG HSQEMR ERH ER I\XVEGIPPYPEV HSQEMR [MXL GSRWIVZIH G]WXIMRIW ERH E ;7<;7QSXMJ
8[S SJ XLI QIQFVERIWTERRMRK )43 VIGITXSV QSPIGYPIW JSVQ E HMQIV XS [LMGL SRI )43 QSPIGYPI FMRHW &] QIERW SJ PMKLX WGEXXIVMRK WIHMQIRXEXMSR IUYMPMFVMYQ ERH XMXVEXMSR GEPSVM QIXV] MX LEW FIIR WLS[R XLEX XLI )43 HMWWSGMEXMSR GSRWXERXW /H
EVI R1 ERH 1 JSV XLI X[S )43 VIGITXSV FMRHMRK WMXIW
'V]WXEP WXVYGXYVI EREP]WMW SJ XLI )43 VIGITXSV FMRHMRK VIWMHYIW LEW EPVIEH] FIIR GEVVMIH SYX
;MXL VI WTIGX XS RSZIP TLEVQEGSPSKMGEP GSQTSYRHW YWIH JSV XLIVET] MX MW RSXI[SVXL] XLEX XLI HIKVII SJ VIGITXSV FMRHMRK HITIRHW SR XLI GEVFSL]HVEXI GSRXIRX SJ )43 %JJMRMX] JSV XLI VIGITXSV
-RXIVREP 1IHMGMRI :SP 2S %YKYWX

*MKYVI 2SZIP TLEVQEGSPSKMGEP ETTVSEGLIW XS MRGVIEWI IV]XLVSTSMIWMW E
)RHSKIRSYW )43 TVSHYGXMSR QE] FI WXMQY PEXIH F] GSQTSYRHW WXEFMPM^MRK ,-* ERH IRLERGMRK ,-* XVERWGVMTXMSREP EGXMZMX] F
)\SKIRSYW PMKERHW SJ XLI )43 VI GITXSV )436
GER FI EHQMRMWXIVIH GPMRMGEPP] ETTVSZIH HVYKW EVI XLI )TSIXMRW ERH (EVFITSIXMR EPJE
G
-RLMFMXSVW SJ XLI LIQSTSMIXMG GIPP TLSWTLEXEWI ,'4
QE] TVSPSRK XLI EGXMSR SJ )43 23+ 2S\EP]PKP]GMRI 7 GLPSVSL]HVS\] GLMRSPMRIGEVFSRMG EGMH2GEVFS\]QIXL]PEQMHI (*3 HIW JIVVMS\EQMRI 01MQ 01MQSWMRI (,& HML]HVS\] FIR^SEXI

PMZIV [MXLMR OF XS XLI KIRI
-RWXIEH SJ ,-* XLI GPSWIP] VIPEXIH ,-* QE] GSRXVSP )43 KIRI I\TVIWWMSR MR XLI OMHRI] FIGEYWI ,-* [EW HIXIGXIH MR XLI )43 TVSHYG MRK VIREP JMFVSFPEWXW SJ L]TS\MG VEXW
-R GSRXVEWX XS ,-* ERH ,-* GSRXEMRMRK XLI WYFYRMX MW XLSYKLX XS WYTTVIWW XLI I\TVIWWMSR SJ L]TS\MEVIWTSRWMZI KIRIW
*MREPP] MX LEW XS FI VIQIQFIVIH XLEX XLIVI EVI SXLIV XVER WGVMTXMSR JEGXSVW [LMGL GER QSHYPEXI )43 KIRI XVERWGVMT XMSR -QEKE[E IX EP
LEZI HIQSRWXVEXIH XLEX +%8% MRLMFMXW )43 KIRI XVERWGVMTXMSR F] FMRHMRK XS XLI )43 TVS QSXIV YRHIV RSVQS\MG GSRHMXMSRW *SV I\EQTPI XLI 23 W]RXLEWI MRLMFMXSV 2+QSRSQIXL]P0EVKMRMRI 0211%
PS[IVW )43 TVSHYGXMSR F] MRGVIEWMRK +%8% (2% FMRHMRK
0211% MW GSRWMHIVIH SRI SJ XLI GERHMHEXI WYFWXERGIW XLEX WYTTVIWW )43 W]RXLIWMW MR TEXMIRXW [MXL GLVSRMG VIREP JEMPYVI
*YVXLIVQSVI XLI )43 TVSQSXIV ERH XLI JPEROMRK VIKMSR GSRXEMR FMRHMRK WMXIW JSV RYGPIEV JEGXSV & 2* &

)ZMHIRGI WYKKIWXW XLEX FSXL +%8% ERH 2* & EVI MRZSPZIH MR XLI MRLMFMXMSR SJ )43 KIRI I\ TVIWWMSR MR MRJPEQQEXSV] HMWIEWIW 8LI TVSMRJPEQQEXSV] G]XSOMRIW MRXIVPIYOMR -0
ERH XYQSV RIGVSWMW JEGXSV 82*
EGXMZEXI +%8%
ERH 2* &
-0 ERH 82* EVI XLSYKLX XS GSRXVMFYXI XS XLI ERIQME SJ GLVSRMG HMWIEWI TEVXP] F] WYTTVIWWMRK )43 TVSHYGXMSR
6IGIRX WXYHMIW LEZI WLS[R XLEX XLI +%8%WTIGMJMG MRLMFMXSV / VIWXSVIW )43 TVSHYGXMSR MR -0 82* SV 0 211% XVIEXIH LYQER LITEXSQE GIPP GYPXYVIW ERH I\TIVM

)V]XLVSTSMIXMR
HIGVIEWIW [MXL KP]GSW]PEXMSR
%TTEVIRXP] XLI GEVFSL]H VEXI TSVXMSR SJ E KP]GSTVSXIMR PMKERH TVIZIRXW VIGITXSV FMRH MRK XLVSYKL IPIGXVSWXEXMG JSVGIW
6IHYGIH VIGITXSV FMRHMRK ERH MRXIVREPM^EXMSR QE] TVSZMHI ER I\TPEREXMSR JSV XLI TVSPSRKIH MR ZMZS LEPJPMJI SJ L]TIVKP]GSW]PEXIH )43 EREPSKYIW WYGL EW (EVFITSIXMR EPJE
[LMGL LEW E JSPH VIHYGXMSR MR )43 VIGITXSV FMRHMRK EJJMRMX] GSQTEVIH XS V,Y)43
*MKYVI WLS[W E WGLIQI SJ )43 WMKREPPMRK 0MKERH FMRH MRK MRHYGIW E GSRJSVQEXMSREP GLERKI ERH E QSVI XMKLXIV GSR RIGXMSR SJ XLI X[S VIGITXSV QSPIGYPIW z
%W E VIWYPX X[S .ERYW OMREWI .%/
X]VSWMRI OMREWI QSPIGYPIW [LMGL EVI MR GSRXEGX [MXL XLI G]XSTPEWQMG VIKMSR SJ XLI )43 VIGIT XSV QSPIGYPIW EVI EGXMZEXIH
8LIVIYTSR WIZIVEP X]VSWMRI VIWMHYIW SJ XLI )43 VIGITXSV EVI TLSWTLSV]PEXIH ERH I\LMFMX HSGOMRK WMXIW JSV WMKREPPMRK TVSXIMRW GSRXEMRMRK 76' LSQSPSK] 7,
HSQEMRW
%W E VIWYPX WIZIVEP WMKREP XVERWHYGXMSR TEXL[E]W EVI GLERRIPIH MRGPYHMRK TLSWTLEXMH]PMRSWMXSP OMREWI 4-/%OX
.%/ 78%8 1%4 OMREWI ERH TVSXIMR OMREWI ' z
,S[IZIV XLI WTIGMJMG VSPIW SJ XLI ZEVMSYW IR^]QIW ERH XVERWGVMTXMSREP GS JEGXSVW MW SRP] FIKMRRMRK XS FI YRHIVWXSSH [MXL VIWTIGX XS XLI JEXI SJ XLI HMJJIVIRX IV]XLVSG]XMG TVSKIRMXSVW MR XIVQW SJ WYV ZMZEP TVSPMJIVEXMSR ERH HMJJIVIRXMEXMSR z
-R EHHM XMSR QER] SFWIVZEXMSRW LEZI FIIR HIVMZIH JVSQ WXYHMIW [MXL GIPP PMRIW [LMGL QE] HMJJIV MR VIWTSRWI JVSQ TVMQEV] )43 VIWTSRWMZI GIPPW
-RXIVIWXMRKP] )43 VIGITXSV WMKREPPMRK MW MRLMFMXIH F] XLI G]XSOMRIMRHYGMFPI 7, TVSXIMR '-7 EPWS ORS[R EW 73'7 JSV WYTTVIWWSV SJ G]XSOMRI WMKREP PMRK
[LMGL GER FMRH XS TLSWTLSV]PEXIH )43 VIGITXSV ERH .%/
8LI IJJIGX SJ )43 MW XIVQMREXIH F] XLI EGXMSR SJ XLI LIQSTSMIXMG GIPP TLSWTLEXEWI ,'4
[LMGL GEXEP]WIW .%/ HITLSWTLSV]PEXMSR
-R ZMXVS WXYHMIW LEZI WLS[R XLEX XLI )43MRHYGIH WMKREPPMRK TEXL[E]W VIXYVR XS RIEVP] FEWEP PIZIPW EJXIV z QMRYXIW
%TTEVIRXP] XLI )43)43VIGITXSV GSQTPI\ MW MRXIVREPM^IH JSPPS[MRK HI TLSWTLSV]PEXMSR SJ XLI VIGITXSV 8LI TVSXIEWSQI GSRXVSPW XLI HYVEXMSR SJ )43 WMKREPPMRK F] MRLMFMXMRK XLI VIRI[EP SJ GIPP WYVJEGI VIGITXSV QSPIGYPIW
1YXEXMSRW SJ XLI G]XSTPEWQMG 'XIVQMREP VIKMSRW SJ XLI )43 VIGITXSV ERH JYRGXMSREP HIJMGMIRGMIW SJ ,'4 QE] PIEH XS JEQMPMEP IV]XLVSG]XSWMW
3R XLI SXLIV LERH MRLMFMXSVW SJ ,'4 LEZI FIIR HIZIPSTIH XS TVIZIRX .%/ HITLSWTLSV]PEXMSR ERH XS TVSPSRK XLI EGXMSR SJ )43
)43 [EW IEVPMIV XLSYKLX XS EGX I\GPYWMZIP] SR IV]XLVSG]XMG TVSKIRMXSVW ,S[IZIV VIGIRX WXYHMIW LEZI WLS[R XLEX )43 MW E QSVI TPIMSXVSTMG LSVQSRI ?JSV VIJIVIRGIW WII z
A *SV I\EQTPI )43 VIGITXSV Q62% ERHSV TVSXIMR LEZI FIIR WLS[R XS FI TVIWIRX MR IRHSXLIPMEP GIPPW
ITMGEVHMYQ ERH TIVMGEVHMYQ
VIREP QIWERKMEP ERH ITMXLIPMEP GIPPW
TERGVIEXMG MWPIXW
TPEGIRXE
ERH HIJMRIH EVIEW SJ FVEMR z
&EWIH SR XLIWI JMRH MRKW MX LEW FIIR TVSTSWIH XLEX )43 JYPPJMPPW ERKMSKIRMG ERH RIYVSXVSTLMG JYRGXMSRW
,S[IZIV XLI TL]WMSPSKMGEP VSPI SJ XLI )43)43 VIGITXSV W]WXIQ MR RSR IV]XLVSG]XMG XMWWYIW VIUYMVIW JYVXLIV GPEVMJMGEXMSR 8VERWKIRMG
-RXIVREP 1IHMGMRI :SP 2S %YKYWX

*MKYVI 7MQTPMJMIH WGLIQI SJ )43 WMKREPPMRK MRZSPZMRK EYXS TLSWTLSV]PEXMSR SJ .%/ .ERYWI OMREWI
TLSWTLSV]PEXMSR S J XLI )43 VIGITXSV LSQSHMQIVM^EXMSR SJ 78%8 WMKREP XVERW HYGIV ERH EGXMZEXSV SJ XVERWGVMTXMSR
EGXMZEXMSR SJ 4-/ TLSWTLEXMH]PMRSWMXSPOMREWI
TLSWTLSV]PEXMSR SJ XLI EHETXIV TVSXIMR 7,' 7V'LSQSPSK] ERH GSPPEKIR
XS JSVQ E GSQTPI\ [MXL +6& KVS[XL JEGXSV VIGITXSV FMRHMRK TVSXIMR
737 WSR SJ WIZIRPIWW
ERH XLI +TVSXIMR 6EW ERH XLI WIUYIRXMEP EGXMZE XMSR SJ XLI WIVMRIOMREWI 6%* 1)/ W]R 1%4//
ERH 1%4/ QMXSKIR EGXMZEXIH TVSXIMR OMREWI
8LI WMKREPPMRK GEWGEHI VI WYPXW MR WYVZMZEP TVSPMJIVEXMSR ERH HMJJIVIRXMEXMSR SJ IV]XLVSG] XMG TVSKIRMXSVW 8LI )43)43VIGITXSV GSQTPI\ MW MRXIVREPM^IH ERH HIKVEHIH -R EHHMXMSR XLI EGXMSR SJ )43 MW XIVQMREXIH F] ,'4 LIQSTSMIXMG GIPP TLSWTLEXEWI
[LMGL GEXEPM^IW XLI HI TLSWTLSV]PEXMSR SJ .%/

QMGI I\TVIWWMRK )43 VIGITXSV I\GPYWMZIP] MR LIQEXSTSMIXMG GIPPW HIZIPST RSVQEPP] EVI LIEPXL] ERH JIVXMPI 8LI] HS RSX HMWTPE] RIYVSPSKMG HMWXYVFERGIW
%R MRXVMKYMRK UYIWXMSR MW [LIXLIV SV RSX XYQSV GIPPW I\ TVIWW XLI )43 VIGITXSV ERH [LIXLIV )43 TVSQSXIW XYQSV KVS[XL -RMXMEP WXYHMIW YXMPM^MRK E RYQFIV SJ HMJJIVIRX XYQSV GIPP PMRIW MR ZMXVS JEMPIH XS WLS[ KVS[XLQSHYPEXMRK IJJIGXW SJ V,Y)43 [LIR XIWXIH SZIV E [MHI HSWI VERKI z
IZIR [LIR )43 VIGITXSVTSWMXMZI GIPP PMRIW [IVI XIWXIH
2IMXLIV [EW V,Y)43 JSYRH XS WXMQYPEXI XLI KVS[XL SJ JVIWLP] I\TPERXIH LYQER GERGIVW MR TVMQEV] GYPXYVI
3R XLI SXLIV LERH )43FMRHMRK WMXIW ERH )43 VIGITXSV TVS XIMR VIWTIGXMZIP] [IVI HIXIGXIH MR FMSTWMIW SJ LYQER PYRK GEVGMRSQE
LYQER FVIEWX GEVGMRSQE z
ERH LYQER YXIVYW GIVZMGEP GEVGMRSQEW
*YVXLIVQSVI )43 VIGITXSV Q62% ERHSV TVSXIMR LEZI FIIR WLS[R MR ,IT& LYQER LITEXSGEVGMRSQE
VIREP GEVGMRSQE
ZEVM SYW FVIEWX GEVGMRSQE GIPP PMRIW
ERH QEPMKRERX XYQSVW SJ JIQEPI VITVSHYGXMZI SVKERW
1SVISZIV XLIWI VIGIRX WXYHMIW MRHMGEXI XLEX )43 GER MRHIIH WXMQYPEXI XLI TVSPMJIVE XMSR SJ XLI XYQSV GIPPW MR ZMXVS
ERH MR RYHI QMGI MR ZMZS
8YQSV VIKVIWWMSR GER FI MRHYGIH F] MRLMFMXMSR SJ )43 WMKREPPMRK TVSHYGIH F] XLI PSGEP MRNIGXMSR SJ ERXM )43 ERXMFSH] SV WSPYFPI JSVQW SJ XLI )43 VIGITXSV MRXS

.)0/1%22
XYQSV XMWWYI
-X [MPP FI ER MQTSVXERX MWWYI XS GPEV ERH SWXIMXMW JMFVSWE -VSR HIJMGMIRG] MW VIJPIGXIH F] E TVSTSV MJ] XLI VIEWSRW FIX[IIR XLI IEVPMIV RIKEXMZI ERH XLI QSVI VI XMSR SJ L]TSGLVSQMG VIH GIPPW " E XVERWJIVVMR WEXYVEXMSR GIRX TSWMXMZI VIWYPXW VIKEVHMRK XLI TSXIRXMEP SJ )43 XS ERH E WIVYQ JIVVMXMR GSRGIRXVEXMSR KP
% WXMQYPEXI XLI KVS[XL SJ XYQSV GIPPW VIGIRX VITSVX MRHMGEXIW XLEX XLI XVERWJIVVMR WEXYVEXMSR MW E FIX XIV GPMRMGEP QEVOIV JSV MVSR WYTTPIQIRXEXMSR EPXLSYKL XLI VIXMGYPSG]XI LIQSKPSFMR GSRXIRX VIJPIGXW XLI MVSR WXEXYW QSVI 'PMRMGEP -QTPMGEXMSRW ERH *YXYVI (MVIGXMSRW EGGYVEXIP]
1SWX RITLVSPSKMWXW WIX XLI XEVKIX LIQEXS 8LIVET] [MXL VIGSQFMRERX LYQER )43 LEW FIGSQI E GVMX ZEPYI EX z LIQSKPSFMR z KP
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z LSYVW XLI L]TIVKP]GSW]PEXIH (EVFITSIXMR WLS[IH XLEX XLI QSVXEPMX] VEXIW [IVI WSQI[LEX LMKLIV MR XLI EPJE LEW FIIR ETTVSZIH [LMGL LEW E TPEWQE LEPJPMJI SJ z RSVQEPLIQEXSGVMX
XLER MR XLI PS[LIQEXSGVMX
LSYVW
8LI QSWX RSZIP EKIRX ')6% [LMGL GSRXEMRW KVSYT
4SXIRXMEP RSRVIREP MRHMGEXMSRW JSV V,Y)43 EHQMRMWXVEXMSR E TSP]IXL]PIRI KP]GSP TSP]QIV MW WXMPP YRHIV MRZIWXMKEXMSR
;LMPI )43 MW RSVQEPP] MRXIVREPM^IH ERH HIKVEHIH JSP MRGPYHI XLI ERIQMEW EWWSGMEXIH [MXL GERGIV TVMQEVMP] GLI PS[MRK VIGITXSVFMRHMRK IZMHIRGI WYKKIWXW XLEX ')6% QE] QSXLIVET]EWWSGMEXIH ERIQME
EYXSMQQYRI HMWIEWIW %-(7 IWGETI HIKVEHEXMSR F] HMWWSGMEXMRK JVSQ XLI VIGITXSV 8LI FSRI QEVVS[ XVERWTPERXEXMSR ERH Q]IPSH]WTPEWXMG W]RHVSQIW HIZIPSTQIRX SJ IV]XLVSTSMIXMG HVYKW [MXL E WYWXEMRIH IJJM ?JSV VIJIVIRGIW WII
A -R GSRXVEWX [MXL XLI LMKL VIWTSRWI GEG] GSQTEVIH [MXL GYVVIRX XLIVETMIW QE] EPPS[ PIWW JVI VEXI MR VIREP ERIQME V,Y)43 VIWMWXERGI LIQSKPSFMR MR UYIRX GPMRMGEP HSWMRK %R EPXIVREXI TSWWMFMPMX] SJ MRGVIEWMRK GVIEWI KP MR [IIOW
MW SJXIR WIIR MR TEXMIRXW [MXL RSR XLI TSXIRG] SJ V,Y)43 GSYPH FI XLI YWI SJ HMQIVW SV XVMQIVW VIREP ERIQMEW -R XYQSV TEXMIRXW V,Y)43 XLIVET] EMQW EX SJ XLI TVSXIMR
%RSXLIV ETTVSEGL [LMGL LEW ETTEVIRXP] QEMRXEMRMRK XLI TEXMIRXWv LIQSKPSFMR ZEPYIW EFSZI XLI XVERW RSX ]IX FIIR XIWXIH GPMRMGEPP] QE] FI XS EHQMRMWXIV )43 JYWMSR XVMKKIV MRGVIEWMRK XLI I\IVGMWI XSPIVERGI ERH MQTVSZ QMQMGOMRK G]GPMG TITXMHIW XLEX WLS[ RS WIUYIRGI LSQSPSK] MRK UYEPMX] SJ PMJI TEVEQIXIVW % VIGIRX VIZMI[ LEW RSXIH XS )43 FYX FMRH XS XLI )43 VIGITXSV ERH IRLERGI QIXLSPSKMGEP HIJMGMIRGMIW MR QSWX VITSVXW GPEMQMRK MQTVSZIH IV]XLVSTSMIWMW MR I\TIVMQIRXEP ERMQEPW
2SRTITXMHMG UYEPMX] SJ PMJI MR V,Y)43 XVIEXIH TEXMIRXW
'PIEVP] LI PMKERHW SJ XLI )43 VIGITXSV LEZI EPWS FIIR HIWGVMFIH QSKPSFMR GSRGIRXVEXMSRW MR GERGIV TEXMIRXW WLSYPH RSX FI
-R EHHMXMSR MRLMFMXSVW SJ XLI LIQSTSMIXMG GIPP VEMWIH MRXS XLI RSVQEP VERKI 7YGL SZIVXVIEXQIRX GEYWIH E TLSWTLEXEWI ,'4
QE] TVSZI YWIJYP XS TVSPSRK XLI EGXMSR SJ TSSVIV WYVZMZEP VEXI MR VERHSQM^IH HSYFPIFPMRH TPEGIFS )43
)43 KIRI XVERWJIV MW ERSXLIV EPXIVREXMZI XS XLI GSRXVSPPIH XVMEPW SR TEXMIRXW [MXL QIXEWXEXMG FVIEWX GERGIV EHQMRMWXVEXMSR SJ V,Y)43
,S[IZIV XLIVI MW WXMPP PEGO
ERH LIEH ERH RIGO GERGIV TEXMIRXW YRHIV VEHMSXLIVET] SJ ORS[PIHKI SJ XLI IJJMGEG] WXEFMPMX] ERH XMWWYIWTIGMJMGMX]
)ZMHIRGIFEWIH GPMRMGEP TVEGXMGI KYMHIPMRIW LEZI FIIR SJ WYGL XVERWKIRIW 4VIWIRX MRZIWXMKEXMSRW JSGYW SR XLI IJ TVSZMHIH F] XLI %QIVMGER 7SGMIX] SJ 'PMRMGEP 3RGSPSK] ERH JIGXW SJ MRLMFMXSVW SJ ,-* TVSP]P ERH EWTEVEKMR]P XLI %QIVMGER 7SGMIX] SJ ,IQEXSPSK]
%GGSVHMRKP] XLI L]HVS\]PEWIW -VSR GLIPEXSVW SV GSQTIXMXSVW WYGL EW YWI SJ )TSIXMR MW VIGSQQIRHIH EW E XVIEXQIRX STXMSR JSV TE HIWJIVVMS\EQMRI ERH GSFEPX LEZI EPVIEH] FIIR WLS[R XS XMIRXW [MXL GLIQSXLIVET]EWWSGMEXIH ERIQME [MXL E LIQSKPS WXMQYPEXI )43 KIRI I\TVIWWMSR MR ZMZS z
-R EHHMXMSR FMR GSRGIRXVEXMSR FIPS[ KP ,S[IZIV XLI HSWEKI SJ ,-*HITIRHIRX )43 KIRI I\TVIWWMSR QE] FI IRLERGIH F] )TSIXMR WLSYPH FI XMXVEXIH XS QEMRXEMR E LIQSKPSFMR GSRGIR GSQTIXMXMZI MRLMFMXSVW SJ TVSP]P ERH EWTEVEKMR]P XVEXMSR SJ KP XS EZSMH GEVHMSZEWGYPEV HMWSVHIVW (YVMRK L]HVS\]PEWIW [MXL VIWTIGX XS S\SKPYXEVEXI
SZIV ]IEVW SJ XLI YWI SJ VIGSQFMRERX )43 MR VIREP TE +MZIR MRXVEZIRSYWP] SV WYFGYXERISYWP] XLI )TSIXMRW SV XMIRXW RS GPMRMGEP IZMHIRGI LEW FIIR TVSZMHIH XS EWWYQI XLEX (EVFITSIXMR EPJE EVI VSYXMRIP] EHQMRMWXIVIH XS TEXMIRXW SR I\SKIRSYW )43 MRHYGIW SV TVSQSXIW XYQSV KVS[XL LIQSHMEP]WMW SV GSRXMRSYW EQFYPEXSV] TIVMXSRIEP HMEP]WMW EW % JEWGMREXMRK JMRHMRK SJ TSXIRXMEP GPMRMGEP VIPIZERGI LEW [IPP EW XS QER] TVIHMEP]WMW TEXMIRXW z
3ZIVEPP FIIR XLI HIQSRWXVEXMSR SJ JYRGXMSREP )43 VIGITXSVW F] RIY XLIVI WIIQW XS FI ER YRHIVYXMPM^EXMSR SJ V,Y)43 HYVMRK XLI VSREP GIPPW
&SXL )43 VIGITXSV Q62% ERH TVSXIMR TVIHMEP]WMW TIVMSH EPXLSYKL XLI GSVVIGXMSR SJ ERIQME EPPS[W EVI I\TVIWWIH MR HIJMRIH EVIEW SJ XLI QEQQEPMER FVEMR TVM XLI TEXMIRXW XS IRXIV HMEP]WMW PEXIV XLER [MXLSYX V,Y)43 XLIV QEVMP] MR XLI LMTTSGEQTYW GETWYPE MRXIVRE GSVXI\ ERH ET] ERH TVIZIRXW PIJX ZIRXVMGYPEV L]TIVXVSTL] ERH GSRKIWXMZI QMHFVEMR
)43 I\IVXW RIYVSTVSXIGXMZI IJJIGXW LIEVX JEMPYVI z
6,Y)43 GER GSVVIGX XLI ERIQME MR MR ZMZS EW JMVWX HIQSRWXVEXIH MR
[LIR TVEGXMGEPP] EPP TEXMIRXW [MXL VIREP JEMPYVI 6IEWSRW JSV V,Y)43 [EW MRJYWIH MR XLI PEXIVEP ZIRXVMGPIW SJ 1SRKSPMER V,Y)43 VIWMWXERGI QE] FI MVSR HIJMGMIRG] MRJPEQQEXSV] SJ KIVFMPW [MXL I\TIVMQIRXEP GIVIFVEP MWGLIQME 7MQMPEV XS MXW IJ MRJIGXMSYW HMWIEWI EPYQMRMYQ SZIVPSEH L]TIVTEVEXL]VSMHMWQ JIGXW SR IV]XLVSG]XMG TVSKIRMXSVW )43 YTVIKYPEXIW XLI I\
-RXIVREP 1IHMGMRI :SP 2S %YKYWX

)V]XLVSTSMIXMR
TVIWWMSR SJ FGP\0 ER ERXMETSTXSXMG TVSXIMR MR RIYVSREP GIPPW
&VMRIW IX EP
JMVWX MRZIWXMKEXIH XLI IJJMGEG] SJ W]W XIQMGEPP] EHQMRMWXIVIH V,Y)43 MR VSHIRX QSHIPW SJ JSGEP FVEMR MWGLIQME GSRGYWWMZI FVEMR MRNYV] I\TIVMQIRXEP EYXS MQQYRI IRGITLEPSQ]IPMXMW ERH GEMREXIMRHYGIH WIM^YVIW 4VIWYQIHP] QIHMEXIH F] )43 VIGITXSVQIHMEXIH XVERWJIV EGVSWW XLI FPSSH FVEMR FEVVMIV EFSYX SJ W]WXIQMGEPP] EH QMRMWXIVIH V,Y)43 FIGEQI HIXIGXEFPI MR XLI GIVIFVSWTMREP JPYMH MR VEXW EJXIV z LSYVW
(IXEMPW SJ XLI I\TIVMQIR XEP WXYHMIW SR XLI RIYVSREP IJJIGXW SJ )43 LEZI FIIR WYQQE VM^IH IPWI[LIVI z
-R ZMI[ SJ XLI RIYVS TVSXIGXMZI EGXMSR SJ )43 MR ERMQEP WXYHMIW )LVIRVIMGL IX EP
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
%GORS[PIHKIQIRXW 8LEROW EVI HYI XS 1W (SVSXLIE &VIRRIGOI JSV I\ TIVX WIGVIXIVMEP LIPT MR XLI TVITEVEXMSR SJ XLI QERYWGVMTX LYQER VIGSQFMRERX IV]XLVSTSMIXMR EREP]WMW SJ KP]GSTITXMHIW SV TITXMHIW EX IEGL KP]GSW]PEXMSR WMXI F] JEWX EXSQ FSQFEVHQIRX QEWW WTIGXVSQIXV] &MSGLIQMWXV] z 6YWL 67 (IVF] 40 7QMXL (1 1IVV] ' 6SKIVW + 6SLHI 1* /EXXE : 1MGVSLIXIVSKIRIMX] SJ IV]XLVSTSMIXMR GEVFSL]HVEXI WXVYGXYVI %REP 'LIQ z 8EOIYGLM 1 -RSYI 2 7XVMGOPERH 8; IX EP 6IPEXMSRWLMT FIX[IIR WYKEV GLEMR WXVYGXYVI ERH FMSPSKMGEP EGXMZMX] SJ VIGSQFMRERX LYQER IV]XLVS TSMIXMR TVSHYGIH MR 'LMRIWI LEQWXIV SZEV] GIPPW 4VSG 2EXP %GEH 7GM 97% z 1MWEM^Y 8 1EXWYOM 7 7XVMGOPERH 8; 8EOIYGLM 1 /SFEXE % 8EOEWEOM 7 6SPI SJ ERXIRREV] WXVYGXYVI SJ 2PMROIH WYKEV GLEMRW MR VIREP LERHPMRK SJ VIGSQFMRERX LYQER IV]XLVSTSMIXMR &PSSH z 8EOIYGLM 1 8EOEWEOM 7 7LMQEHE 1 /SFEXE % 6SPI SJ WYKEV GLEMRW MR XLI MR ZMXVS FMSPSKMGEP EGXMZMX] SJ LYQER IV]XLVSTSMIXMR TVSHYGIH MR VIGSQFMRERX 'LMRIWI LEQWXIV SZEV] GIPP . &MSP 'LIQ z ;EWPI] 0' 8MQSR] + 1YVXLE 4 IX EP 8LI MQTSVXERGI SJ 2 ERH 3 PMROIH SPMKSWEGGLEVMHIW JSV XLI FMSW]RXLIWMW ERH MR ZMXVS ERH MR ZMZS FMSPSKMG EGXMZMXMIW SJ IV]XLVSTSMIXMR &PSSH z 7XSVVMRK 40 8MTPEH] 6. +EMRIW(EW 6) 6EJJIVX] & 1MWXV] =+ 0IGXMRFMRHMRK EWWE]W JSV XLI MWSJSVQW SJ LYQER IV]XLVSTSMIXMR GSQ TEVMWSR SJ YVMREV] ERH JSYV VIGSQFMRERX IV]XLVSTSMIXMRW . )RHSGVMRSP z 7OMFIPM : 2MWWIR0MI + 8SVNIWIR 4 7YKEV TVSJMPMRK TVSZIW XLEX LYQER WIVYQ IV]XLVSTSMIXMR HMJJIVW JVSQ VIGSQFMRERX LYQER IV]XLVSTSMIXMR &PSSH z 0EWRI * HI 'IEYVVM^ . 6IGSQFMRERX IV]XLVSTSMIXMR MR YVMRI 2EXYVI 4S[IPP .7 &IVORIV /0 0IFS 6: %HEQWSR .; ,YQER IV]XLVSTSMIXMR KIRI LMKL PIZIP I\TVIWWMSR MR WXEFP] XVERWJIGXIH QEQQEPMER GIPPW ERH GLVSQSWSQI PSGEPM^EXMSR 4VSG 2EXP %GEH 7GM 97% z 8WYHE ) +SXS 1 1YVEOEQM % IX EP 'SQTEVEXMZI WXVYGXYVEP WXYH] SJ 2PMROIH SPMKSWEGGLEVMHIW SJ YVMREV] ERH VIGSQFMRERX IV]XLVSTSMIXMRW &MSGLIQMWXV] z *MFM 16 ,IVQIRXMR 4 4EYP] .9 0EYJJIV 0 >IXXPQIMWWP + 2 ERH 3 KP]GSW]PEXMSR QYXIMRW SJ VIGSQFMRERX LYQER IV]XLVSTSMIXMR WIGVIXIH JVSQ &,/ GIPPW &PSSH z %GLEV]E :2 7MRLE (/ %PQIMHE %* 4EXLEVI %: )JJIGX SJ PS[ HSWI VIGSQFMRERX LYQER SQIKE IV]XLVSTSMIXMR V,Y)43
SR EREIQME MR TE XMIRXW SR LIQSHMEP]WMW . %WWSG 4L]WMGMERW -RHME z &VIR % /ERHYW % :EVP . IX EP % GSQTEVMWSR FIX[IIR ITSIXMR SQIKE ERH ITSIXMR EPJE MR XLI GSVVIGXMSR SJ ERIQME MR LIQSHMEP]WMW TEXMIRXW E TVSWTIGXMZI GSRXVSPPIH GVSWWSZIV WXYH] %VXMJ 3VKERW z 7MOSPI % 7TEWSZWOM + >EJMVSZ ( 4SPIREOSZMG 1 )TSIXMR SQIKE JSV XVIEXQIRX SJ ERIQME MR QEMRXIRERGI LIQSHMEP]WMW TEXMIRXW 'PMR 2ITLVSP z /E[EWEOM 2 ,EMWLMQE = 3LXE 1 IX EP 7XVYGXYVEP EREP]WMW SJ WYPJEXIH 2PMROIH SPMKSWEGGEVMHIW MR IV]XLVSTSMIXMR +P]GSFMSPSK] z 'SMRXI ( &IPMEVH 6 .SVMIY\ 7 IX EP 9RYWYEP 2KP]GSW]PEXMSR SJ E VI GSQFMRERX LYQER IV]XLVSTSMIXMR I\TVIWWIH MR E LYQER P]QTLSFPEWXSMH GIPP PMRI HSIW RSX EPXIV MXW FMSPSKMGEP TVSTIVXMIW +P]GSFMSPSK] z (IPSVQI ) 0SVIR^MRM 8 +MJJMR . IX EP 6SPI SJ KP]GSW]PEXMSR SR XLI WI GVIXMSR ERH FMSPSKMGEP EGXMZMX] SJ IV]XLVSTSMIXMR &MSGLIQMWXV] z )PPMSXX 7 &EVXPI] 8 (IPSVQI ) IX EP 7XVYGXYVEP VIUYMVIQIRXW JSV EHHM XMSR SJ 3PMROIH GEVFSL]HVEXI XS VIGSQFMRERX IV]XLVSTSMIXMR &MS GLIQMWXV] z /MXEKE[E = 7ERS = 9IHE 1 IX EP 2KP]GSW]PEXMSR SJ IV]XLVSTSMIXMR MW GVMXMGEP JSV ETMGEP WIGVIXMSR F] 1EHMR(EVF] GERMRI OMHRI] GIPPW )\T 'IPP 6IW z 8IVEWLMQE 7 /EQMLMVE 1 3KE[E 8 3LRS 1 -MNMQE 7 /SFE]EWLM 8 'SRXMRYSYW TVSHYGXMSR SJ LYQER IV]XLVSTSMIXMR F] MQQSFMPM^IH VI

6IJIVIRGIW

1M]EOI 8 /YRK '/ +SPH[EWWIV ) 4YVMJMGEXMSR SJ LYQER IV]XLVS TSMIXMR . &MSP 'LIQ z
.EGSFW / 7LSIQEOIV ' 6YHIVWHSVJ 6 IX EP -WSPEXMSR ERH GLEVEGXIVM^E XMSR SJ KIRSQMG ERH G(2% GPSRIW SJ LYQER IV]XLVSTSMIXMR 2EXYVI z
0MR */ 7YKKW 7 0MR ', IX EP 'PSRMRK ERH I\TVIWWMSR SJ XLI LYQER IV]XLVSTSMIXMR KIRI 4VSG 2EXP %GEH 7GM 97% z
)KVMI .' 7XVMGOPERH 8; 0ERI . IX EP 'LEVEGXIVM^EXMSR ERH FMSPSKMGEP IJJIGXW SJ VIGSQFMRERX LYQER IV]XLVSTSMIXMR -QQYRSFMSPSK] z
-RSYI 2 8EOIYGLM 1 3LEWLM , 7Y^YOM 8 8LI TVSHYGXMSR SJ VIGSQFM RERX LYQER IV]XLVSTSMIXMR &MSXIGLRSP %RRY 6IZ z
;IR ( &SMWWIP .4 7LS[IVW 1 6YGL &' &YRR ,* )V]XLVSTSMIXMR WXVYGXYVIJYRGXMSR VIPEXMSRWLMTW -HIRXMJMGEXMSR SJ JYRGXMSREPP] MQTSVXERX HSQEMRW . &MSP 'LIQ z
)PPMSXX 7 0SVIR^MRM 8 'LERK ( &EV^MPE] . (IPSVQI ) 1ETTMRK SJ XLI EGXMZI WMXI SJ VIGSQFMRERX LYQER IV]XLVSTSMIXMR &PSSH z
(EZMW .1 %VEOE[E 8 7XVMGOPERH 8; =TLERXMW (% 'LEVEGXIVM^EXMSR SJ VIGSQFMRERX LYQER IV]XLVSTSMIXMR TVSHYGIH MR 'LMRIWI LEQWXIV SZEV] GIPPW &MSGLIQMWXV] z
-QEM 2 /E[EQYVE % ,MKYGLM 1 3LIHE 1 3VMXE 8 /E[EKYGLM 8 3GLM 2 4L]WMGSGLIQMGEP ERH FMSPSKMGEP GSQTEVMWSR SJ VIGSQFMRERX LYQER IV]XLVSTSMIXMR [MXL LYQER YVMREV] IV]XLVSTSMIXMR . &MSGLIQ 8SO]S
z
(SVHEP 17 ;ERK ** +SPH[EWWIV ) 8LI VSPI SJ GEVFSL]HVEXI MR IV]XLVSTSMIXMR EGXMSR )RHSGVMRSPSK] z
7EWEOM , &SXLRIV & (IPP % *YOYHE 1 'EVFSL]HVEXI WXVYGXYVI SJ IV]XLVSTSMIXMR I\TVIWWIH MR 'LMRIWI LEQWXIV SZEV] GIPPW F] E LYQER IV]XLVSTSMIXMR G(2% . &MSP 'LIQ z
7EWEOM , 3GLM 2 (IPP % *YOYHE 1 7MXIWTIGMJMG KP]GSW]PEXMSR SJ

-RXIVREP 1IHMGMRI :SP 2S %YKYWX

.)0/1%22
GSQFMRERX 0 GIPPW .SYVREP SJ *IVQIRXEXMSR ERH &MSIRKMRIIVMRK z ,E]EOE[E 8 ;EHE 1 1M^YRS / %FI 7 1M]EWLMXE 1 9IHE 1 -R ZMZS FMSPSKMGEP EGXMZMXMIW SJ VIGSQFMRERX LYQER IV]XLVSTSMIXMR ERE PSKYIW TVSHYGIH F] ',3 GIPPW &,/ GIPPW ERH ' GIPPW &MSPSKMGEPW z ;IMOIVX 7 4ETEG ( &VMKKW . IX EP )RKMRIIVMRK 'LMRIWI LEQWXIV SZEV] GIPPW XS QE\MQM^I WMEPMG EGMH GSRXIRX SJ VIGSQFMRERX KP]GSTVSXIMRW 2EXYVI &MSXIGLRSP z )KVMI .' &VS[RI ./ (IZIPSTQIRX ERH GLEVEGXIVM^EXMSR SJ RSZIP IV]XLVSTSMIWMW WXMQYPEXMRK TVSXIMR 2)74
&V . 'ERGIV z %RREFPI 0 'SXIW 41 1YWWIXX 1: 8LI WIGSRH MRXIVREXMSREP VIJIVIRGI TVITEVEXMSR SJ IV]XLVSTSMIXMR LYQER YVMREV] JSV FMSEWWE] &YPP ;SVPH ,IEPXL 3VKER z 7XSVVMRK 40 +EMRIW (EW 6) 8LI -RXIVREXMSREP 7XERHEVH JSV 6IGSQFMRERX (2%HIVMZIH )V]XLVSTSMIXMR GSPPEFSVEXMZI WXYH] SJ JSYV VIGSQFMRERX (2%HIVMZIH IV]XLVSTSMIXMRW ERH X[S LMKLP] TYVMJMIH LYQER YVMREV] IV]XLVSTSMIXMRW . )RHSGVMRSP z .IPOQERR ; 8LI IRMKQE SJ XLI QIXEFSPMG JEXI SJ GMVGYPEXMRK IV]XLVSTSMIXMR )TS
MR ZMI[ SJ XLI TLEVQEGSOMRIXMGW SJ XLI VIGSQFM RERX HVYKW VL)TS ERH 2)74 )YV . ,EIQEXSP z 0SGEXIPPM * 3PMZEVIW . ;EPOIV 6 IX EP 2SZIP IV]XLVSTSMIWMW WXMQYPEX MRK TVSXIMR JSV XVIEXQIRX SJ ERIQME MR GLVSRMG VIREP MRWYJJMGMIRG] /MHRI] -RX z +PEWT] .% .EHINE .7 .YWXMGI + IX EP (EVFITSIXMR EPJE KMZIR IZIV] SV [IIOW EPPIZMEXIW EREIQME EWWSGMEXIH [MXL GERGIV GLIQSXLIVET] &V . 'ERGIV z &EGLQERR 7 0I ,MV 1 )GOEVHX /9 'SPSGEPM^EXMSR SJ IV]XLVSTSMIXMR Q62% ERH IGXSRYGPISXMHEWI MQQYRSVIEGXMZMX] MR TIVMXYFYPEV GIPPW SJ VEX VIREP GSVXI\ MRHMGEXIW XLEX JMFVSFPEWXW TVSHYGI IV]XLVSTSMIXMR . ,MWXSGLIQ ']XSGLIQ z 1E\[IPP 4, 3WQSRH 1/ 4YKL '; IX EP -HIRXMJMGEXMSR SJ XLI VIREP IV]XLVSTSMIXMRTVSHYGMRK GIPPW YWMRK XVERWKIRMG QMGI /MHRI] -RX z 1E\[IPP 4, *IVKYWSR (. 2MGLSPPW 0+ IX EP 7MXIW SJ IV]XLVSTSMIXMR TVSHYGXMSR /MHRI] -RX z (EQI ' 7SPE 1' 0MQ /' IX EP ,ITEXMG IV]XLVSTSMIXMR KIRI VIKYPE XMSR F] +%8% . &MSP 'LIQ z 8ER '' )GOEVHX /9 *MVXL .( 6EXGPMJJI 4. *IIHFEGO QSHYPEXMSR SJ VIREP ERH LITEXMG IV]XLVSTSMIXMR Q62% MR VIWTSRWI XS KVEHIH ERIQME ERH L]TS\ME %Q . 4L]WMSP *z* *ERHVI] . &YRR ,* -R ZMZS ERH MR ZMXVS VIKYPEXMSR SJ IV]XLVSTSMIXMR Q62% QIEWYVIQIRX F] GSQTIXMXMZI TSP]QIVEWI GLEMR VIEGXMSR &PSSH z 7EWEOM 6 4PIMSXVSTMG JYRGXMSRW SJ IV]XLVSTSMIXMR -RXIVR 1IH z 'LSRK >> /ERK .5 1EMIWI / )V]XLVSTSMIXMR G]XSTVSXIGXMSR MR ZEW GYPEV ERH RIYVSREP GIPPW 'YVV (VYK 8EVKIXW 'EVHMSZEWG ,EIQEXSP (MWSVH z .IPOQERR ; )V]XLVSTSMIXMR WXVYGXYVI GSRXVSP SJ TVSHYGXMSR ERH JYRG XMSR 4L]WMSP 6IZ z .IPOQERR ; &MSGLIQMWXV] ERH EWWE]W SJ )TS MR .IPOQERR ; IH
)V]XLVSTSMIXMR 1SPIGYPEV &MSPSK] ERH 'PMRMGEP 9WI GLET .SLRWSR 'MX] 82 97% z 7LIV[SSH .& 'EVQMGLEIP 0( +SPH[EWWIV ) 8LI LIXIVSKIRIMX] SJ GMV GYPEXMRK LYQER WIVYQ IV]XLVSTSMIXMR )RHSGVMRSPSK] z 7SLQM]E 1 /EXS = 1SPIGYPEV ERH IPIGXVMGEP LIXIVSKIRIMX] SJ GMVGYPEX MRK LYQER IV]XLVSTSMIXMR QIEWYVIH F] WIRWMXMZI IR^]QI MQQYRSEWWE] )YV . 'PMR -RZIWX z ;MHI 0 &IRKXWWSR ' &MVKIKEVH + 'MVGEHMER VL]XLQ SJ IV]XLVSTSMIXMR MR LYQER WIVYQ &V . ,EIQEXSP z 1EGHSYKEPP 0 &EMPSR 4 8EVI 2 4ELPOI ; 4MPP . &VERHX 1 ')6% 'SRXMRYSYW )V]XLVSTSMIWMW 6IGITXSV %GXMZEXSV
JSV XLI XVIEXQIRX SJ VIREP ERIQME ER MRRSZEXMZI EKIRX [MXL YRMUYI VIGITXSV FMRHMRK GLEVEG XIVMWXMGW ERH TVSPSRKIH WIVYQ LEPJPMJI . %Q 7SG 2ITLVSP %
;IRKIV 6, 'IPPYPEV EHETXEXMSR XS L]TS\ME 3 WIRWMRK TVSXIMR L]HVS\]PEWIW L]TS\MEMRHYGMFPI XVERWGVMTXMSR JEGXSVW ERH 3VIKYPEXIH KIRI I\TVIWWMSR *%7)& . z
6EXGPMJJI 4. *VSQ IV]XLVSTSMIXMR XS S\]KIR L]TS\MEMRHYGMFPI JEGXSV L]HVS\]PEWIW ERH XLI L]TS\ME WMKREP TEXL[E] &PSSH 4YVMJ z
+ES 2 (MRK 1 >LIRK .> IX EP :EREHEXIMRHYGIH I\TVIWWMSR SJ L]TS\MEMRHYGMFPI JEGXSV EPTLE ERH ZEWGYPEV IRHSXLIPMEP KVS[XL JEGXSV XLVSYKL TLSWTLEXMH]PMRSWMXSP OMREWI%OX TEXL[E] ERH VIEGXMZI S\] KIR WTIGMIW . &MSP 'LIQ z
*ERHVI] . 6IKYPEXMSR SJ IV]XLVSTSMIXMR KIRI I\TVIWWMSRYRHIVWXERHMRK GIPPYPEV S\]KIR WIRWMRK %Q . 4L]WMSP 6z6
1IX^IR ) 6EXGPMJJI 4. ,-* L]HVS\]PEXMSR ERH GIPPYPEV S\]KIR WIRWMRK &MSP 'LIQ z
;ERK +0 7IQIR^E +0 +IRIVEP MRZSPZIQIRX SJ L]TS\MEMRHYGMFPI JEGXSV MR XVERWGVMTXMSREP VIWTSRWI XS L]TS\ME 4VSG 2EXP %GEH 7GM 97% z
;ERK +0 .MERK &, 6YI )% 7IQIR^E +0 ,]TS\MEMRHYGMFPI JEGXSV MW E FEWMGLIPM\PSSTLIPM\4%7 LIXIVSHMQIV VIKYPEXIH F] GIPPYPEV 3 XIRWMSR 4VSG 2EXP %GEH 7GM 97% z
7IEKVSZIW 8 .SLRWSR 67 8[S ,-*W QE] FI FIXXIV XLER SRI 'ERGIV 'IPP z )VVEXYQ MR 'ERGIV 'IPP

,EVE 7 ,EQEHE . /SFE]EWLM ' /SRHS = -QYVE 2 )\TVIWWMSR ERH GLEVEGXIVM^EXMSR SJ L]TS\MEMRHYGMFPI JEGXSV ,-*
E MR LYQER OMHRI] 7YTTVIWWMSR SJ ,-*QIHMEXIH KIRI I\TVIWWMSR F] ,-*E &MSGLIQ &MSTL]W 6IW 'SQQYR z
+VEHMR / 1G+YMVI . ;IRKIV 6, IX EP *YRGXMSREP MRXIVJIVIRGI FI X[IIR L]TS\ME ERH HMS\MR WMKREP XVERWHYGXMSR TEXL[E]W GSQTIXMXMSR JSV VIGVYMXQIRX SJ XLI %VRX XVERWGVMTXMSR JEGXSV 1SP 'IPP &MSP z
;SSH 71 +PIEHPI .1 4YKL '; ,EROMRWSR 3 6EXGPMJJI 4. 8LI VSPI SJ XLI EV]P L]HVSGEVFSR VIGITXSV RYGPIEV XVERWPSGEXSV %628
MR L]TS\MG MRHYGXMSR SJ KIRI I\TVIWWMSR 7XYHMIW MR %628HIJMGMIRX GIPPW . &MSP 'LIQ z
.I[IPP 96 /ZMIXMOSZE - 7GLIMH % &EYIV ' ;IRKIV 6, +EWWQERR 1 -RHYGXMSR SJ ,-* MR VIWTSRWI XS L]TS\ME MW MRWXERXERISYW *%7)& . z
1EWWSR 2 ;MPPEQ ' 1E\[IPP 4, 4YKL '; 6EXGPMJJI 4. -RHITIRHIRX JYRGXMSR SJ X[S HIWXVYGXMSR HSQEMRW MR L]TS\MEMRHYGMFPI JEGXSV GLEMRW EGXMZEXIH F] TVSP]P L]HVS\]PEXMSR )1&3 . z
.EEOOSPE 4 1SPI (6 8MER =1 IX EP 8EVKIXMRK SJ ,-* XS XLI ZSR ,MTTIP0MRHEY YFMUYMX]PEXMSR GSQTPI\ F] 3VIKYPEXIH TVSP]P L]HVS\] PEXMSR 7GMIRGI z
-ZER 1 /SRHS / IX EP ,-* XEVKIXIH JSV :,0QIHMEXIH HIWXVYGXMSR F] TVSPMRI L]HVS\]PEXMSR MQTPMGEXMSRW JSV 3 WIRWMRK 7GMIRGI z
)TWXIMR %'6 +PIEHPI .1 1G2IMPP 0% IX EP ' IPIKERW )+0 ERH QEQQEPMER LSQSPSKW HIJMRI E JEQMP] SJ HMS\]KIREWIW XLEX VIKYPEXI ,-* F] TVSP]P L]HVS\]PEXMSR 'IPP z
-ZER 1 ,EFIVFIVKIV 8 +IVZEWM (' IX EP &MSGLIQMGEP TYVMJMGEXMSR ERH TLEVQEGSPSKMGEP MRLMFMXMSR SJ E QEQQEPMER TVSP]P L]HVS\]PEWI EGX MRK SR L]TS\MEMRHYGMFPI JEGXSV 4VSG 2EXP %GEH 7GM 97% z
&VYMGO 6/ 1G/RMKLX 70 % GSRWIVZIH JEQMP] SJ TVSP]PL]HVS\] PEWIW XLEX QSHMJ] ,-* 7GMIRGI z
/RS[PIW ,. 6EZEP 66 ,EVVMW %0 6EXGPMJJI 4. )JJIGX SJ EWGSVFEXI SR XLI EGXMZMX] SJ L]TS\ME MRHYGMFPI JEGXSV ,-*
MR GERGIV GIPPW 'ERGIV 6IW z
,MVWMPÈ 1 /SMZYRIR 4 +àR^PIV : /MZMVMOOS /- 1]PP]LEVNY . 'LEVEGXIVM^EXMSR SJ XLI LYQER TVSP]P L]HVS\]PEWIW XLEX QSHMJ] XLI L]TS\MEMRHYGMFPI JEGXSV . &MSP 'LIQ z
1E\[IPP 4, ;MIWIRIV 17 'LERK +; IX EP 8LI XYQSYV WYTTVIWWSV TVSXIMR :,0 XEVKIXW L]TS\MEMRHYGMFPI JEGXSVW JSV S\]KIRHITIRHIRX TVSXISP]WMW 2EXYVI z
3LL 1 4EVO '; -ZER 1 IX EP 9FMUYMXMREXMSR SJ L]TS\MEMRHYGMFPI JEGXSV VIUYMVIW HMVIGX FMRHMRK XS XLI HSQEMR SJ XLI ZSR ,MTTIP0MRHEY

-RXIVREP 1IHMGMRI :SP 2S %YKYWX

)V]XLVSTSMIXMR
TVSXIMR 2EX 'IPP &MSP z
7EPGIHE 7 'EVS . ,]TS\MEMRHYGMFPI JEGXSV ,-*
TVSXIMR MW VETMHP] HIKVEHIH F] XLI YFMUYMXMRTVSXIEWSQI W]WXIQ YRHIV RSVQS\MG GSRHMXMSRW -XW WXEFMPM^EXMSR F] L]TS\ME HITIRHW SR VIHS\MRHYGIH GLERKIW . &MSP 'LIQ z
,YERK 0) +Y . 7GLEY 1 &YRR ,* 6IKYPEXMSR SJ L]TS\MEMRHYGMFPI JEGXSV MW QIHMEXIH F] ER 3HITIRHIRX HIKVEHEXMSR HSQEMR ZME XLI YFMUYMXMRTVSXIEWSQI TEXL[E] 4VSG 2EXP %GEH 7GM 97% z
%RK 73 'LIR , ,MVSXE / IX EP (MWVYTXMSR SJ S\]KIR LSQISWXEWMW YRHIVPMIW GSRKIRMXEP 'LYZEWL TSP]G]XLIQME 2EX +IRIX z
0ERHS ( 4IIX (. +SVQER .. ;LIPER (% ;LMXIPE[ 10 &VYMGO 6/ *-, MW ER EWTEVEKMR]P L]HVS\]PEWI IR^]QI XLEX VIKYPEXIW XLI XVERWGVMTXMSREP EGXMZMX] SJ L]TS\MEMRHYGMFPI JEGXSV +IRIW (IZ z
(ERR ') VH &VYMGO 6/ (IMWIRLSJIV . 7XVYGXYVI SJ JEGXSVMRLMFMXMRK L]TS\MEMRHYGMFPI JEGXSV %R EWTEVEKMR]P L]HVS\]PEWI MRZSPZIH MR XLI L]TS\MG VIWTSRWI TEXL[E] 4VSG 2EXP %GEH 7GM 97% z
1G2IMPP 0% ,I[MXWSR /7 'PEVMHKI 8( 7IMFIP .* ,SVWJEPP 0) 7GLSJMIPH '. ,]TS\MEMRHYGMFPI JEGXSV EWTEVEKMR]P L]HVS\]PEWI *-,
GEXEP]WIW L]HVS\]PEXMSR EX XLI FIXEGEVFSR SJ EWTEVEKMRI &MSGLIQ . z
,YERK . >LES 5 1SSRI] 71 0II *7 7IUYIRGI HIXIVQMRERXW MR L]TS\ME MRHYGMFPI JEGXSV JSV L]HVS\]PEXMSR F] XLI TVSP]P L]HVS\]PEWIW 4,( 4,( ERH 4,( . &MSP 'LIQ z
1IX^IR ) &IVGLRIV4JERRWGLQMHX 9 7XIRKIP 4 IX EP -RXVEGIPPYPEV PSGEPMWEXMSR SJ LYQER ,-* L]HVS\]PEWIW MQTPMGEXMSRW JSV S\]KIR WIRWMRK . 'IPP 7GM z
7IQIR^E +0 .MERK &, 0IYRK 7; IX EP ,]TS\ME VIWTSRWI IPIQIRXW MR XLI EPHSPEWI % IRSPEWI ERH PEGXEXI HIL]HVSKIREWI % KIRI TVSQSX IVW GSRXEMR IWWIRXMEP FMRHMRK WMXIW JSV L]TS\MEMRHYGMFPI JEGXSV . &MSP 'LIQ z
+MEGGME % 7MMQ &+ .SLRWSR 67 ,-* EW E XEVKIX JSV HVYK HIZIPST QIRX 2EXYVI 6IZ (VYK (MWGSZ z
/PMRK 4. (VEKWXIR 46 6SFIVXW 6% IX EP -VSR HITVMZEXMSR MRGVIEWIW IV]XLVSTSMIXMR TVSHYGXMSR MR ZMXVS MR RSVQEP WYFNIGXW ERH TEXMIRXW [MXL QEPMKRERG] &V . ,EIQEXSP z
;ERRIV 61 7TMIPQERR 4 7XVSOE (1 IX EP )TSPSRIW MRHYGI IV]XLVSTSMIXMR I\TVIWWMSR ZME L]TS\MEMRHYGMFPI JEGXSV EGXMZEXMSR &PSSH z
6IR < (SVVMRKXSR /0 1E\[IPP 4, 6SFFMRW 4% )JJIGXW SJ HIWJIVVMS\EQMRI SR WIVYQ IV]XLVSTSMIXMR ERH ZIRXMPEXSV] WIRWMXMZMX] XS L]TS\ME MR LYQERW . %TTP 4L]WMSP z
6ETMWEVHE % 9VERGLMQIK & 7GYHMIVS (% IX EP -HIRXMJMGEXMSR SJ WQEPP QSPIGYPI MRLMFMXSVW SJ L]TS\MEMRHYGMFPI JEGXSV XVERWGVMTXMSREP EGXMZE XMSR TEXL[E] 'ERGIV 6IW z
/SYV] 78 /SYV] 1. &SRHYVERX 1' 'EVS . +VEFIV 7) 5YERXMXEXMSR SJ IV]XLVSTSMIXMRTVSHYGMRK GIPPW MR OMHRI]W SJ QMGI F] MR WMXY L]FVMHM ^EXMSR GSVVIPEXMSR [MXL LIQEXSGVMX VIREP IV]XLVSTSMIXMR Q62% ERH WIVYQ IV]XLVSTSMIXMR GSRGIRXVEXMSR &PSSH z
/SGLPMRK . 'YVXMR 48 1EHER % 6IKYPEXMSR SJ LYQER IV]XLVSTSMIXMR KIRI MRHYGXMSR F] YTWXVIEQ JPEROMRK WIUYIRGIW MR XVERWKIRMG QMGI &V . ,EIQEXSP z
6SWIRFIVKIV ' 1ERHVMSXE 7 .YVKIRWIR .7 IX EP )\TVIWWMSR SJ L]TS\MEMRHYGMFPI JEGXSVEPTLE ERH EPTLE MR L]TS\MG ERH MWGLIQMG VEX OMHRI]W . %Q 7SG 2ITLVSP z
-QEKE[E 7 -^YQM 8 1MYVE = 4SWMXMZI ERH RIKEXMZI VIKYPEXMSR SJ XLI IV]XLVSTSMIXMR KIRI . &MSP 'LIQ z
-QEKE[E 7 =EQEQSXS 1 1MYVE = 2IKEXMZI VIKYPEXMSR SJ XLI IV]XLVSTSMIXMR KIRI I\TVIWWMSR F] XLI +%8% XVERWGVMTXMSR JEGXSVW &PSSH z
8EVYQSXS 8 -QEKE[E 7 3LQMRI / IX EP / 2+
QSRSQIXL]P 0 EVKMRMRI MRLMFMXW IV]XLVSTSMIXMR KIRI I\TVIWWMSR F] WXMQYPEXMRK +%8% &PSSH z
-QEKE[E 7 8EVYQSXS 8 7Y^YOM 2 IX EP 0EVKMRMRI VIWGYIW HIGVIEWIH IV]XLVSTSMIXMR KIRI I\TVIWWMSR F] WXMQYPEXMRK +%8% [MXL 0211% /MHRI] -RX z
0II,YERK 7 0MR .. /YRK ,* ,YERK 40 0II 0 ,YERK 40 8LI LYQER IV]XLVSTSMIXMRIRGSHMRK KIRI GSRXEMRW E '%%8 FS\ 8%8% FS\IW ERH SXLIV XVERWGVMTXMSREP VIKYPEXSV] IPIQIRXW MR MXW JPEROMRK VI KMSR +IRI z
0E *IVPE / 6IMQERR ' .IPOQERR ; ,IPP[MK&àVKIP 8 -RLMFMXMSR SJ IV]XLVSTSMIXMR KIRI I\TVIWWMSR WMKREPMRK MRZSPZIW XLI XVERWGVMTXMSR JEG XSVW +%8% ERH 2* & *%7)& . z
.IPOQERR ; ,IPP[MK&YIVKIP 8 8YQSV RIGVSWMW JEGXSV T VIGITXSV 82*6-
QIHMEXIW XLI MR ZMXVS MRLMFMXMSR SJ LITEXMG IV]XLVSTSMIXMR TVS HYGXMSR )\T ,IQEXSP z
.IPOQERR ; 4VSMRJPEQQEXSV] G]XSOMRIW PS[IVMRK IV]XLVSTSMIXMR TVS HYGXMSR . -RXIVJIVSR ']XSOMRI 6IW z
-QEKE[E 7 2EOERS = 3FEVE 2 IX EP % +%8%WTIGMJMG MRLMFMXSV /
VIWGYIW ERIQME MRHYGIH F] -0FIXE 82*EPTLE SV 0211% *%7)& . z
*ERHVI] . ,Y[MPIV % *VIHI 7 4JIMPWGLMJXIV . .IPOQERR ; (MWXMRGX WMKREPMRK TEXL[E]W QIHMEXI TLSVFSPIWXIVMRHYGIH ERH G]XSOMRI MRHYGIH MRLMFMXMSR SJ IV]XLVSTSMIXMR KIRI I\TVIWWMSR )YV . &MSGLIQ z
*MWLIV .; )V]XLVSTSMIXMR 4L]WMSPSK] ERH TLEVQEGSPSK] YTHEXI )\T &MSP 1IH z
/SYV] 1. &SRHYVERX 1' 8LI QSPIGYPEV QIGLERMWQ SJ IV]XLVSTSMIXMR EGXMSR )YV . &MSGLIQ z
(I 1EVME 6 >IYRIV % )VEQS % IX EP 2IKEXMZI VIKYPEXMSR SJ IV]XLVSTSMIWMW F] GEWTEWIQIHMEXIH GPIEZEKI SJ +%8% 2EXYVI z
7Y^YOM 2 7Y[EFI 2 3LRIHE 3 IX EP -HIRXMJMGEXMSR ERH GLEVEGXIVM^E XMSR SJ X]TIW SJ IV]XLVSMH TVSKIRMXSVW XLEX I\TVIWW +%8% EX HMWXMRGX PIZIPW &PSSH z
'LMFE 8 -OE[E = 8SHSOSVS / +%8% XVERWEGXMZEXIW IV]XLVSTSMIXMR VIGITXSV KIRI ERH IV]XLVSTSMIXMR VIGITXSVQIHMEXIH WMKREPW IRLERGI +%8% KIRI I\TVIWWMSR 2YGPIMG %GMHW 6IW z
+VIKSV] 8 =Y ' 1E % 3VOMR 7, &PSFIP +% ;IMWW 1. +%8% ERH IV]XLVSTSMIXMR GSSTIVEXI XS TVSQSXI IV]XLVSMH GIPP WYVZMZEP F] VIKYPEXMRK FGP\0 I\TVIWWMSR &PSSH z
7EXS 8 1EIOE[E 8 ;EXEREFI 7 8WYNM / 2EOELEXE 8 )V]XLVSMH TVS KIRMXSVW HMJJIVIRXMEXI ERH QEXYVI MR VIWTSRWI XS IRHSKIRSYW IV]XLVSTSMIXMR . 'PMR -RZIWX z
(v%RHVIE %( >SR 0- )V]XLVSTSMIXMR VIGITXSV 7YFYRMX WXVYGXYVI ERH EGXMZEXMSR . 'PMR -RZIWX z
=SYWWSYJMER , 0SRKQSVI + 2IYQERR ( =SWLMQYVE % 0SHMWL ,* 7XVYGXYVI JYRGXMSR ERH EGXMZEXMSR SJ XLI IV]XLVSTSMIXMR VIGITXSV &PSSH z
4LMPS .7 %SOM /, %VEOE[E 8 2EVLM 03 ;IR . (MQIVM^EXMSR SJ XLI I\XVEGIPPYPEV HSQEMR SJ XLI IV]XLVSTSMIXMR )43
VIGITXSV F] )43 SRI LMKLEJJMRMX] ERH SRI PS[EJJMRMX] MRXIVEGXMSR &MSGLIQMWXV] z
7]IH 67 6IMH 7; 0M ' IX EP )JJMGMIRG] SJ WMKREPPMRK XLVSYKL G]XSOMRI VIGITXSVW HITIRHW GVMXMGEPP] SR VIGITXSV SVMIRXEXMSR 2EXYVI z
(EVPMRK 6. /YGLMFLSXPE 9 +PEIWRIV ; 1MGERSZMG 6 ;MXGLIV (6 &IEPW .1 +P]GSW]PEXMSR SJ IV]XLVSTSMIXMR EJJIGXW VIGITXSV FMRHMRK OM RIXMGW VSPI SJ IPIGXVSWXEXMG MRXIVEGXMSRW &MSGLIQMWXV] z
'LIIXLEQ .' 7QMXL (1 %SOM /, IX EP 216 WXVYGXYVI SJ LYQER IV]XLVSTSMIXMR ERH E GSQTEVMWSR [MXL MXW VIGITXSV FSYRH GSRJSVQEXMSR 2EX 7XVYGX &MSP z
0MZREL 3 7XYVE )% 1MHHPIXSR 7% .SLRWSR (0 .SPPMJJI 0/ ;MPWSR -% 'V]WXEPPSKVETLMG IZMHIRGI JSV TVIJSVQIH HMQIVW SJ IV]XLVSTSMIXMR VIGITXSV FIJSVI PMKERH EGXMZEXMSR 7GMIRGI z
6IQ] - ;MPWSR -% 1MGLRMGO 7; )V]XLVSTSMIXMR VIGITXSV EGXMZEXMSR F] E PMKERHMRHYGIH GSRJSVQEXMSR GLERKI 7GMIRGI z
;MXXLYLR &% 5YIPPI *; 7MPZIRRSMRIR 3 IX EP .%/ EWWSGMEXIW [MXL

-RXIVREP 1IHMGMRI :SP 2S %YKYWX

.)0/1%22
XLI IV]XLVSTSMIXMR VIGITXSV ERH MW X]VSWMRI TLSWTLSV]PEXIH ERH EGXMZEXIH JSPPS[MRK WXMQYPEXMSR [MXL IV]XLVSTSMIXMR 'IPP z
8EYGLM 8 *IRK +7 7LIR 6 IX EP -RZSPZIQIRX SJ 7,GSRXEMRMRK TLSWTLSX]VSWMRI TLSWTLEXEWI 7]T MR IV]XLVSTSMIXMR VIGITXSV WMKREP XVERWHYGXMSR TEXL[E]W . &MSP 'LIQ z
&EVFIV (0 &IEXXMI &/ 1EWSR .1 IX EP % GSQQSR ITMXSTI MW WLEVIH F] EGXMZEXIH WMKREP XVERWHYGIV ERH EGXMZEXSV SJ XVERWGVMTXMSR 78%8
ERH XLI TLSWTLSV]PEXIH IV]XLVSTSMIXMR VIGITXSV MQTPMGEXMSRW JSV XLI HSGOMRK QSHIP SJ 78%8 EGXMZEXMSR &PSSH z
/PMRKQYPPIV 9 8LI VSPI SJ X]VSWMRI TLSWTLSV]PEXMSR MR TVSPMJIVEXMSR ERH QEXYVEXMSR SJ IV]XLVSMH TVSKIRMXSV GIPPWWMKREPW IQEREXMRK JVSQ XLI IV]XLVSTSMIXMR VIGITXSV )YV . &MSGLIQ z
=SWLMQYVE % 1MWE[E , 4L]WMSPSK] ERH JYRGXMSR SJ XLI IV]XLVSTSMIXMR VIGITXSV 'YVV 3TMR ,IQEXSP z
'SRWXERXMRIWGY 72 ,YERK 0. 2EQ , 0SHMWL ,* 8LI IV]XLVSTSMIXMR VIGITXSV G]XSWSPMG NY\XEQIQFVERI HSQEMR GSRXEMRW ER IWWIRXMEP TVI GMWIP] SVMIRXIH L]HVSTLSFMG QSXMJ 1SP 'IPP z
3LXE 1 /E[EWEOM 2 -XSL 7 ,E]EOE[E 8 9WIJYPRIWW SJ KP]GSTITXMHI QETTMRK F] PMUYMH GLVSQEXSKVETL]QEWW WTIGXVSQIXV] MR GSQTEVEFMPMX] EWWIWWQIRX SJ KP]GSTVSXIMR TVSHYGXW &MSPSKMGEPW z
>IVQEXM = +EVVMHS ' %QWIPPIQ 7 IX EP 'EWTEWI EGXMZEXMSR MW VIUYMVIH JSV XIVQMREP IV]XLVSMH HMJJIVIRXMEXMSR . )\T 1IH z
0MR = &VS[R 0 ,IHPI] (; &EVFIV (0 &IRGLMQSP 7 8LI HIEXL TVSQSXMRK EGXMZMX] SJ T GER FI MRLMFMXIH F] HMWXMRGX WMKREPMRK TEXL [E]W &PSSH z )VVEXYQ MR &PSSH

3HE % 7E[EHE /- 7MKREP XVERWHYGXMSR MR TVMQEV] GYPXYVIH LYQER IV]XLVSMH GIPPW . ,IQEXSXLIV 7XIQ 'IPP 6IW z
7EWEOM % =EWYOE[E , 7LSYHE 8 /MXEQYVE 8 (MOMG - =SWLMQYVE % '-773'7 WYTTVIWWIW IV]XLVSTSMIXMR )43
WMKREPMRK F] FMRHMRK XLI )43 VIGITXSV ERH .%/ . &MSP 'LIQ z
=M 8 >LERK . 1MYVE 3 -LPI .2 ,IQEXSTSMIXMG GIPP TLSWTLEXEWI EWWS GMEXIW [MXL IV]XLVSTSMIXMR )TS
VIGITXSV EJXIV )TSMRHYGIH VIGITXSV X] VSWMRI TLSWTLSV]PEXMSR MHIRXMJMGEXMSR SJ TSXIRXMEP FMRHMRK WMXIW &PSSH z
/PMRKQYPPIV 9 0SVIR^ 9 'ERXPI] 0' 2IIP &+ 0SHMWL ,* 7TIGMJMG VIGVYMXQIRX SJ 7,484 XS XLI IV]XLVSTSMIXMR VIGITXSV GEYWIW MREGXMZE XMSR SJ .%/ ERH XIVQMREXMSR SJ TVSPMJIVEXMZI WMKREPW 'IPP z
:IVHMIV * ;EPVEJIR 4 ,YFIVX 2 IX EP 4VSXIEWSQIW VIKYPEXI XLI HYVE XMSR SJ IV]XLVSTSMIXMR VIGITXSV EGXMZEXMSR F] GSRXVSPPMRK HS[R VIKYPEXMSR SJ GIPP WYVJEGI VIGITXSVW . &MSP 'LIQ z
7YTMRS6SWMR 0 =SWLMQYVE % %PXEVEX^ , 2IYQERR ( % G]XSWSPMG HSQEMR SJ XLI IV]XLVSTSMIXMR VIGITXSV GSRXVMFYXIW XS IRHSTPEWQMG VIXMGYPYQEWWSGMEXIH HIKVEHEXMSR )YV . &MSGLIQ z
/VEPSZMGW 6 4VGLEP .8 +IRIXMG LIXIVSKIRIMX] SJ TVMQEV] JEQMPMEP ERH GSRKIRMXEP TSP]G]XLIQME %Q . ,IQEXSP z
&EVFSRI *4 .SLRWSR (0 *EVVIPP *< IX EP 2I[ ITSMXMR QSPIGYPIW ERH RSZIP XLIVETIYXMG ETTVSEGLIW 2ITLVSP (MEP 8VERWTPERX 7YTTP
z
1SVMX^ /1 0MQ +& ;MRXSYV )1 (IZIPSTQIRXEP VIKYPEXMSR SJ IV]XLVSTSMIXMR ERH IV]XLVSTSMIWMW %Q . 4L]WMSP 6z6
1EWYHE 7 2EKES 1 7EWEOM 6 )V]XLVSTSMIXMG RIYVSXVSTLMG ERH ERKMSKIRMG JYRGXMSRW SJ IV]XLVSTSMIXMR ERH VIKYPEXMSR SJ IV]XLVSTSMIXMR TVSHYGXMSR -RX . ,IQEXSP z
0ETTMR 86 1E\[IPP %4 .SLRWXSR 4+ )43vW EPXIV IKS IV]XLVSTSMIXMR LEW QYPXMTPI EGXMSRW 7XIQ 'IPPW z
%REKRSWXSY % 0II )7 /IWWMQMER 2 0IZMRWSR 6 7XIMRIV 1 )V]XLVSTSMIXMR LEW E QMXSKIRMG ERH TSWMXMZI GLIQSXEGXMG IJJIGX SR IR HSXLIPMEP GIPPW 4VSG 2EXP %GEH 7GM 97% z
%REKRSWXSY % 0MY > 7XIMRIV 1 IX EP )V]XLVSTSMIXMR VIGITXSV Q62% I\TVIWWMSR MR LYQER IRHSXLIPMEP GIPPW 4VSG 2EXP %GEH 7GM 97% z
;Y , 0II 7, +ES . 0MY < -VYIPE%VMWTI 10 -REGXMZEXMSR SJ IV]XLVSTSMIXMR PIEHW XS HIJIGXW MR GEVHMEG QSVTLSKIRIWMW (IZIPSTQIRX z
;IWXIRJIPHIV ' &MHHPI (0 &EVERS[WOM 60 ,YQER VEX ERH QSYWI OMHRI] GIPPW I\TVIWW JYRGXMSREP IV]XLVSTSMIXMR VIGITXSVW /MHRI] -RX z
*IRNZIW )7 3GLSE 17 'EFVIVE 3 IX EP ,YQER RSRLYQER TVMQEXI ERH VEX TERGVIEXMG MWPIXW I\TVIWW IV]XLVSTSMIXMR VIGITXSVW 8VERW TPERXEXMSR z
7E[]IV 78 /VERX^ 7& 7E[EHE / 6IGITXSVW JSV IV]XLVSTSMIXMR MR QSYWI ERH LYQER IV]XLVSMH GIPPW ERH TPEGIRXE &PSSH z
(MKMGE]PMSKPY 1 &MGLIX 7 1EVXM ,, IX EP 0SGEPM^EXMSR SJ WTIGMJMG IV]XLVSTSMIXMR FMRHMRK WMXIW MR HIJMRIH EVIEW SJ XLI QSYWI FVEMR 4VSG 2EXP %GEH 7GM 97% z
1EVXM ,, ;IRKIV 6, 6MZEW 0% IX EP )V]XLVSTSMIXMR KIRI I\TVIWWMSR MR LYQER QSROI] ERH QYVMRI FVEMR )YV . 2IYVSWGM z
0M = .YYP 7) 1SVVMW;MQER .% 'EPLSYR (% 'LVMWXIRWIR 6( )V]XLVSTSMIXMR VIGITXSVW EVI I\TVIWWIH MR XLI GIRXVEP RIVZSYW W]WXIQ SJ QMHXVMQIWXIV LYQER JIXYWIW 4IHMEXV 6IW z
0MY ' 7LIR / 0MY > 2SKYGLM '8 6IKYPEXIH LYQER IV]XLVSTSMIXMR VIGITXSV I\TVIWWMSR MR QSYWI FVEMR . &MSP 'LIQ z
.IPOQERR ; )JJIGXW SJ IV]XLVSTSMIXMR SR FVEMR JYRGXMSR 'YVV 4LEV QEGIYX &MSXIGLRSP MR TVIWW

7Y^YOM 2 3LRIHE 3 8EOELEWLM 7 IX EP )V]XLVSMHWTIGMJMG I\TVIWWMSR SJ XLI IV]XLVSTSMIXMR VIGITXSV VIWGYIH MXW RYPP QYXERX QMGI JVSQ PIXLEP MX] &PSSH z
&IVHIP ;) 3FIVFIVK ( 6IYJM & 8LMIP ) 7XYHMIW SR XLI VSPI SJ VI GSQFMRERX LYQER IV]XLVSTSMIXMR MR XLI KVS[XL VIKYPEXMSR SJ LYQER RSRLIQEXSTSMIXMG XYQSV GIPPW MR ZMXVS %RR ,IQEXSP z
1YRHX ( &IVKIV 16 &SHI + )JJIGX SJ VIGSQFMRERX LYQER IV]XLVSTSMIXMR SR XLI KVS[XL SJ LYQER XYQSV GIPP PMRIW MR ZMXVS 1MGVS XMXIVXIGXIXVE^SPMYQ EWWE] %V^RIMQMXXIPJSVWGLYRK z
6SWXM : 4IHVE^^SPM 4 4SRGLMS 0 IX EP )JJIGX SJ VIGSQFMRERX LYQER IV]XLVSTSMIXMR SR LIQEXSTSMIXMG ERH RSRLIQEXSTSMIXMG QEPMKRERX GIPP KVS[XL MR ZMXVS ,EIQEXSPSKMGE z
;IWXTLEP + 2MIHIVFIVKIV ) &PYQ ' IX EP )V]XLVSTSMIXMR ERH +'7* VIGITXSVW MR LYQER XYQSV GIPPW I\TVIWWMSR ERH EWTIGXW VIKEVHMRK JYRG XMSREPMX] 8YQSVM z
&EYIV ) (ERLEYWIV6MIHP 7 (I 6MIWI ; IX EP )JJIGXW SJ VIGSQFMRERX LYQER IV]XLVSTSMIXMR SR GPSRSKIRMG KVS[XL SJ TVMQEV] LYQER XYQSV WTIGMQIRW MR ZMZS 3ROSPSKMI z
/E]WIV / +EFMYW ,. %REP]WMW SJ I\TVIWWMSR SJ IV]XLVSTSMIXMRFMRHMRK WMXIW MR LYQER PYRK GEVGMRSQE F] XLI FMSXMR]PEXIH PMKERH >IRXVEPFP 4EXLSP z
%GW + %GW 4 &IGO[MXL 71 IX EP )V]XLVSTSMIXMR ERH IV]XLVSTSMIXMR VIGITXSV I\TVIWWMSR MR LYQER GERGIV 'ERGIV 6IW z
%GW + >LERK 4. 6IFFIGO 86 %GW 4 :IVQE % -QQYRS LMWXSGLIQMGEP I\TVIWWMSR SJ IV]XLVSTSMIXMR ERH IV]XLVSTSMIXMR VIGITXSV MR FVIEWX GEVGMRSQE 'ERGIV z
%VGEWS] 13 %QMR / /EVE]EP %* IX EP *YRGXMSREP WMKRMJMGERGI SJ IV]XLVSTSMIXMR VIGITXSV I\TVIWWMSR MR FVIEWX GERGIV 0EF -RZIWX z
%GW + >LERK 4. 1G+VEXL '1 IX EP ,]TS\MEMRHYGMFPI IV]XLVS TSMIXMR WMKREPMRK MR WUYEQSYW H]WTPEWME ERH WUYEQSYW GIPP GEVGMRSQE SJ XLI YXIVMRI GIVZM\ ERH MXW TSXIRXMEP VSPI MR GIVZMGEP GEVGMRSKIRIWMW ERH XYQSV TVSKVIWWMSR %Q . 4EXLSP z
3LMKEWLM 8 =SWLMSOE / *MWLIV .; %YXSGVMRI VIKYPEXMSR SJ IV]XLVSTSMIXMR KIRI I\TVIWWMSR MR LYQER LITEXSGIPPYPEV GEVGMRSQE GIPPW 0MJI 7GM z
;IWXIRJIPHIV ' &EVERS[WOM 60 )V]XLVSTSMIXMR WXMQYPEXIW TVSPMJIVE XMSR SJ LYQER VIREP GEVGMRSQE GIPPW /MHRI] -RX z
=EWYHE = *YNMXE = 1EWYHE 7 IX EP )V]XLVSTSMIXMR MW MRZSPZIH MR KVS[XL ERH ERKMSKIRIWMW MR QEPMKRERX XYQSYVW SJ JIQEPI VITVSHYGXMZI SVKERW 'EVGMRSKIRIWMW z
=EWYHE = *YNMXE = 1EXWYS 8 IX EP )V]XLVSTSMIXMR VIKYPEXIW XYQSYV KVS[XL SJ LYQER QEPMKRERGMIW 'EVGMRSKIRIWMW z )VVEXYQ MR 'EVGMRSKIRIWMW

-RXIVREP 1IHMGMRI :SP 2S %YKYWX

)V]XLVSTSMIXMR

=EWYHE = 1YWLE 8 8EREOE , IX EP -RLMFMXMSR SJ IV]XLVSTSMIXMR WMKREPPMRK HIWXVS]W \IRSKVEJXW SJ SZEVMER ERH YXIVMRI GERGIVW MR RYHI QMGI &V . 'ERGIV z
7]XOS[WOM %. 0YRR )( (EZMW /0 *IPHQER 0 7MIOQER 7 ,YQER IV]XLVSTSMIXMR HMQIVW [MXL QEVOIHP] IRLERGIH MR ZMZS EGXMZMX] 4VSG 2EXP %GEH 7GM 97% z
;VMKLXSR 2' &EPEWYFVEQERMER 4 &EVFSRI *4 IX EP -RGVIEWIH TS XIRG] SJ ER IV]XLVSTSMIXMR TITXMHI QMQIXMG XLVSYKL GSZEPIRX HMQIVM^EXMSR 2EX &MSXIGLRSP z
5YVIWLM 7% /MQ 61 /SRXIEXMW > IX EP 1MQMGV] SJ IV]XLVSTSMIXMR F] E RSRTITXMHI QSPIGYPI 4VSG 2EXP %GEH 7GM 97% z
+SPHFIVK . .MR 5 %QFVSMWI = IX EP )V]XLVSTSMIXMR QMQIXMGW HIVMZIH JVSQ WSPYXMSR TLEWI GSQFMREXSVMEP PMFVEVMIW . %Q 'LIQ 7SG z
2EJJEOL 2 (ERSW 3 +IRI XVERWJIV JSV IV]XLVSTSMIWMW IRLERGIQIRX 1SP 1IH 8SHE] z
;EVRIGOI ' +VMIXLI ; ;IMHIQERR % IX EP %GXMZEXMSR SJ XLI L]TS\MEMRHYGMFPI JEGXSV TEXL[E] ERH WXMQYPEXMSR SJ ERKMSKIRIWMW F] ETTPMGEXMSR SJ TVSP]P L]HVS\]PEWI MRLMFMXSVW *%7)& . z
7Y^YOM 1 ,MVEWE[E = ,MVEWLMQE / IX EP (SWIJMRHMRK HSYFPIFPMRH GPMRMGEP XVMEP SJ VIGSQFMRERX LYQER IV]XLVSTSMIXMR 'LYKEM
MR .ETERIWI TEXMIRXW [MXL IRHWXEKI VIREP HMWIEWI 6IWIEVGL +VSYT JSV 'PMRMGEP %WWIWWQIRX SJ VL)43 'SRXVMF 2ITLVSP z
%HEQWSR .; )WGLFEGL .; 8VIEXQIRX SJ XLI ERIQME SJ GLVSRMG VIREP JEMPYVI [MXL VIGSQFMRERX LYQER IV]XLVSTSMIXMR %RRY 6IZ 1IH z
2SQSXS = /E[EKYGLM = /YFSXE 1 IX EP % QYPXMGIRXIV WXYH] [MXL SRGI E [IIO SV SRGI IZIV] X[S [IIOW LMKLHSWI WYFGYXERISYW EHQMRM WXVEXMSR SJ VIGSQFMRERX LYQER IV]XLVSTSMIXMR MR GSRXMRYSYW EQFYPEXSV] TIVMXSRIEP HMEP]WMW 4IVMX (MEP -RX z
*SPI] 62 4EVJVI] 47 ,EVRIXX .( /IRX +1 1YVVE] (' &EVVI 4) 8LI MQTEGX SJ ERIQME SR GEVHMSQ]STEXL] QSVFMHMX] ERH ERH QSVXEPMX] MR IRHWXEKI VIREP HMWIEWI %Q . /MHRI] (MW z
7MPZIVFIVK ( &PYQ 1 4IIV + -EMRE % %RIQME HYVMRK XLI TVIHMEP]WMW TIVMSH % OI] XS GEVHMEG HEQEKI MR VIREP JEMPYVI 2ITLVSR z
1E .> )FFIR . <ME , 'SPPMRW %. ,IQEXSGVMX PIZIP ERH EWWSGMEXIH QSVXEPMX] MR LIQSHMEP]WMW TEXMIRXW . %Q 7SG 2ITLVSP z
,SVP ;, 'EZMPP - 1EG(SYKEPP -' 7GLEIJIV 61 7YRHIV4PEWWQERR + ,S[ XS HMEKRSWI ERH GSVVIGX MVSR HIJMGMIRG] HYVMRK VLY)43 XLIVET] E GSRWIRWYW VITSVX 2ITLVSP (MEP 8VERWTPERX z
/ERIOS = 1M]E^EOM 7 ,MVEWE[E = +IN]S * 7Y^YOM 1 8VERWJIVVMR WEXYVEXMSR ZIVWYW VIXMGYPSG]XI LIQSKPSFMR GSRXIRX JSV MVSR HIJMGMIRG] MR .ETERIWI LIQSHMEP]WMW TEXMIRXW /MHRI] -RX z
&IWEVEF % &SPXSR ;/ &VS[RI ./ IX EP 8LI IJJIGXW SJ RSVQEP EW GSQTEVIH [MXL PS[ LIQEXSGVMX ZEPYIW MR TEXMIRXW [MXL GEVHMEG HMWIEWI [LS EVI VIGIMZMRK LIQSHMEP]WMW ERH ITSIXMR 2 )RKP . 1IH z
.IPOQERR ; 9WI SJ VIGSQFMRERX LYQER IV]XLVSTSMIXMR EW ER ERXM ERIQMG ERH TIVJSVQERGI IRLERGMRK HVYK 'YVV 4LEVQ &MSXIGLRSP z
&SXXSQPI] % 8LSQEW 6 ZER 7/ *PIGLXRIV , (NYPFIKSZMG & ,YQER VIGSQFMRERX IV]XLVSTSMIXMR ERH UYEPMX] SJ PMJI E [SRHIV HVYK SV WSQI XLMRK XS [SRHIV EFSYX# 0ERGIX 3RGSP z
0I]PERH.SRIW & &)78 -RZIWXMKEXSVW ERH 7XYH] +VSYT &VIEWX GERGIV XVMEP [MXL IV]XLVSTSMIXMR XIVQMREXIH YRI\TIGXIHP] 0ERGIX 3RGSP z
,IROI 1 0EW^MRK 6 6àFI ' IX EP )V]XLVSTSMIXMR XS XVIEX LIEH ERH RIGO GERGIV TEXMIRXW [MXL EREIQME YRHIVKSMRK VEHMSXLIVET] VERHSQMWIH HSYFPIFPMRH TPEGIFSGSRXVSPPIH XVMEP 0ERGIX z
6M^^S .( 0MGLXMR %) ;SSPJ 7, IX EP 9WI SJ ITSIXMR MR TEXMIRXW [MXL GERGIV IZMHIRGIFEWIH GPMRMGEP TVEGXMGI KYMHIPMRIW SJ XLI %QIVMGER 7SGMIX] SJ 'PMRMGEP 3RGSPSK] ERH XLI %QIVMGER 7SGMIX] SJ ,IQEXSPSK] &PSSH z
1EWYHE 7 2EKES 1 8EOELEXE / IX EP *YRGXMSREP IV]XLVSTSMIXMR VI GITXSV SJ XLI GIPPW [MXL RIYVEP GLEVEGXIVMWXMGW 'SQTEVMWSR [MXL VIGIT XSV TVSTIVXMIW SJ IV]XLVSMH GIPPW . &MSP 'LIQ z
/SRMWLM = 'LYM (, ,MVSWI , /YRMWLMXE 8 8EFMVE 8 8VSTLMG IJJIGX SJ IV]XLVSTSMIXMR ERH SXLIV LIQEXSTSMIXMG JEGXSVW SR GIRXVEP GLSPMRIVKMG RIYVSRW MR ZMXVS ERH MR ZMZS &VEMR 6IW z
7EOEREOE 1 ;IR 8' 1EXWYHE 7 IX EP -R ZMZS IZMHIRGI XLEX IV]XLVSTSMIXMR TVSXIGXW RIYVSRW JVSQ MWGLIQMG HEQEKI 4VSG 2EXP %GEH 7GM 97% z
7EHEQSXS = -KEWI / 7EOEREOE 1 IX EP )V]XLVSTSMIXMR TVIZIRXW TPEGI REZMKEXMSR HMWEFMPMX] ERH GSVXMGEP MRJEVGXMSR MR VEXW [MXL TIVQERIRX SG GPYWMSR SJ XLI QMHHPI GIVIFVEP EVXIV] &MSGLIQ &MSTL]W 6IW 'SQQYR z
;IR 8' 7EHEQSXS = 8EREOE - IX EP )V]XLVSTSMIXMR TVSXIGXW RIYVSRW EKEMRWX GLIQMGEP L]TS\ME ERH GIVIFVEP MWGLIQMG MRNYV] F] YTVIKYPEXMRK &GP\0 I\TVIWWMSR . 2IYVSWGM 6IW z
&VMRIW 10 +LI^^M 4 /IIRER 7 IX EP )V]XLVSTSMIXMR GVSWWIW XLI FPSSHFVEMR FEVVMIV XS TVSXIGX EKEMRWX I\TIVMQIRXEP FVEMR MRNYV] 4VSG 2EXP %GEH 7GM 97% z
)MH 8 &VMRIW 1 6IGSQFMRERX LYQER IV]XLVSTSMIXMR JSV RIYVSTVSXIGXMSR [LEX MW XLI IZMHIRGI# 'PMR &VIEWX 'ERGIV 7z 7
.YYP 7) 2SRIV]XLVSTSMIXMG VSPIW SJ IV]XLVSTSMIXMR MR XLI JIXYW ERH RIS REXI 'PMR 4IVMREXSP z
.YQFI 20 )V]XLVSTSMIXMG EKIRXW EW RIYVSXLIVETIYXMG EKIRXW [LEX FEV VMIVW I\MWX# 3RGSPSK] z
'IVEQM % &VMRIW 1 +LI^^M 4 'IVEQM ' -XVM 01 2IYVSTVSXIGXMZI TVSTIVXMIW SJ ITSIXMR EPJE 2ITLVSP (MEP 8VERWTPERX z
)LVIRVIMGL , ,EWWIPFPEXX 1 (IQFVS[WOM ' IX EP )V]XLVSTSMIXMR XLIV ET] JSV EGYXI WXVSOI MW FSXL WEJI ERH FIRIJMGMEP 1SP 1IH z
&VYMGO 6/ 1G/RMKLX 70 3\]KIR WIRWMRK KIXW E WIGSRH [MRH 7GMIRGI z

-RXIVREP 1IHMGMRI :SP 2S %YKYWX

EXHIBIT 14

Title: FDA Clears Epogen For Treatment Of Anemia In Children On Dialysis URL: http://www.pslgroup.com/dg/142036.htm Doctor's Guide November 4, 1999

THOUSAND OAKS, CA. -- November 4, 1999 -- The U.S. Food and Drug Administration has approved Amgen's Epogen® (Epoetin alfa) for the treatment of anemia in children with chronic renal failure who are currently undergoing dialysis therapy. Epogen elevates or maintains the red blood cell level (the hematocrit) and virtually eliminates the need for maintenance blood transfusions in both adult and pediatric patients. FDA's action came almost on the 10th anniversary of the initial approval of Epogen. "Epogen is one of the most important improvements in the care of children with chronic renal failure in the last 20 years. Safety is of the utmost importance in treating children; the clinical trials demonstrated that Epogen is safe in children, as it is in adults," said Kathy Jabs, M.D., medical director of Dialysis and Renal Transplantation at the Children's Hospital of Philadelphia, and co-principal investigator of the pivotal pediatric clinical trial. "Anemia associated with dialysis is often more severe in children than in adults. Prior to the availability of Epogen, the majority of children with chronic renal failure were dependent on repeated blood transfusions which can lead to adverse effects such as iron overload, a potentially serious disorder, and the development of antibodies that can preclude patients from later receiving a successful kidney transplant," Dr. Jabs said. In the United States, the incidence of chronic renal failure in children varies from 10 to 20 new cases per year per million children, according to the United States Renal Data System. The incidence is generally higher in older children and is slightly higher in boys than in girls. "We are proud to make Epogen available to children with chronic renal failure on dialysis," said Gordon Binder, Amgen's chairman and chief executive officer. "Amgen has made a commitment to the nephrology community for more than a decade, and children are an important part of that community. We feel it is our responsibility to obtain comprehensive clinical information regarding Epogen's proper use and dosage for pediatric dialysis patients so that they can also experience the benefits of Epogen." Concurrent with today's approval, Amgen is making available a new children's book "Justin's Journey: My Life as a Kid With Kidney Disease" to provide children with kidney disease and their parents a peer-to-peer resource to help them understand the disease and enjoy a high quality of life. Efficacy Of Epogen The approval of Epogen for children with kidney disease was based on the results of four clinical trials conducted at 19 U.S. sites involving 128 pediatric dialysis patients, ages two months to 19 years old. In the trials, Epogen demonstrated efficacy in alleviating the anemia of End Stage Renal Disease (ESRD) and markedly reducing blood transfusion dependency. A total of 113 pati