avatar Lennox International Inc. Manufacturing
  • Location: Texas 
  • Founded:
  • Website:

Pages

  • Page 1

    2020 ANNUAL REPORT


  • Page 2

    NYSE: LII 2020 | Revenue 2020 | Segment profit* 13% 22% 65% 5% 23% 72% Refrigeration Commercial Residential Refrigeration Commercial Residential Revenue Segment Profit Margin** Share Price (in millions) (end of year) $273.97 16.0% $3,840 $3,884 $3,807 13.9% $243.97 $3,642 $3,634 13.4% 13.9% 12.9% $218.86 $208.26 $153.17 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 FINANCIAL HIGHLIGHTS (in millions, except per share data) Statements of Operations Data 2020 2019 2018 2017 2016 Revenue......................................................................................$3,634.1 $3,807.2 $3,883.9 $3,839.6 $3,641.6 Operating income....................................................................... $478.5 $656.9 $509.5 $494.5 $429.4 Income from continuing operations ........................................... $357.1 $408.8 $360.3 $307.1 $278.6 Net income................................................................................. $356.3 $408.7 $359.0 $305.7 $277.8 Basic earnings per share from continuing operations.................. $9.32 $10.49 $8.87 $7.28 $6.41 Diluted earnings per share from continuing operations.............. $9.26 $10.38 $8.77 $7.17 $6.34 Cash dividends declared per share.............................................. $3.08 $2.95 $2.43 $1.96 $1.65 Other Data Capital expenditures................................................................... $78.5 $105.6 $95.2 $98.3 $84.3 Research and development expenses .......................................... $66.8 $69.9 $72.2 $73.6 $64.6 Balance Sheet Data at Period End Total assets.................................................................................. $2,032.5 $2,034.9 $1,817.2 $1,891.5 $1,760.3 Total debt................................................................................... $980.6 $1,171.2 $1,041.3 $1,004.0 $868.2 Stockholders’ (deficit) equity....................................................... ($17.1) ($170.2) ($149.6) $50.1 $38.0 *Excludes eliminations and unallocated corporate expenses. **Segment profit is total segment profit for all of our segments including eliminations. For further detail and a comparison of Segment Profit to Income from Continuing Operations before Income Taxes, see Note 3 in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2020, included herein.


  • Page 3

    TO OUR STOCKHOLDERS The COVID-19 pandemic created system include e-commerce and digital tools that provide insight a year of extreme uncertainty and into products, parts, and warranty status, to name a few. The Service unprecedented challenges in 2020 with Dashboard is a command center that enables the contractor service economies and businesses worldwide manager to stay connected with homeowners to, with permission, significantly impacted, especially in monitor, proactively diagnose, and troubleshoot their HVAC the first half of the year. For Lennox equipment without having to set foot in their homes. International, overall revenue and profitability were down for the full Residential distribution expansion remains a key strategic initiative year, but the second half showed strong for us to drive market share gains and growth. We paused new improvement. In the third quarter, the Lennox Store openings after the July 2018 tornado that damaged company set new third-quarter highs our manufacturing plant in Iowa and during the continued recovery for revenue, total segment profit, and in 2019, and then placed plans on hold again in 2020 due to the adjusted earnings per share from pandemic. During this time, we took the opportunity to prune continuing operations. In the fourth several underperforming stores. We have resumed new store quarter, the company set new fourth-quarter highs for revenue, total openings and are planning to grow from 219 stores at the end of segment profit and margin, and adjusted earnings per share from 2020 to at least 350 stores by the end of 2025. continuing operations. In addition to opening new stores, our Residential business The strength was driven by our Residential business with revenue is focused on driving same store sales through targeted sales, growth of 12 percent in the second half of the year in the resilient marketing, and operational excellence initiatives. Included in residential market. Our Residential business set new third-quarter this, we see opportunity to capture a greater percentage of parts and fourth-quarter highs for revenue, profit and margin. and supplies business. We expect this business to grow on average 15 percent annually through 2024 to a total of approximately $700 Through the global turmoil of 2020, Lennox International million at similar profitability to our equipment business. maintained a strong balance sheet and generated record cash -- $612 million in cash from operations and $535 million in free cash flow. In 2020, the pandemic had a larger impact on commercial The company held the dividend rate steady and paid more than $118 markets compared to the resiliency we saw in residential. Both million in dividends for the year. We took action to align costs with our Commercial and Refrigeration businesses were down from the market conditions and the high uncertainty of 2020 but continued to prior year. make investments in key programs to drive growth and profitability for the future. For the full year, Commercial revenue declined 15 percent and profit declined 17 percent. Segment margin was 17.1 percent, down Company revenue was $3.63 billion in 2020, down 5 percent on a 40 basis points from the prior year’s record level. The second quarter GAAP basis and down 4 percent on an adjusted basis excluding the was the low point for the year with the greatest impact from the impact from divestitures in the prior year. GAAP operating income pandemic. The business showed relative improvement in the third was $479 million compared to $657 million in the prior year that and fourth quarters, and backlog was up a double-digit percentage included a $179 million net gain from insurance recoveries. exiting the year. Adjusted total segment profit was $507 million for the year compared Commercial new construction and replacement equipment to $610 million in the prior year that included $99 million of insurance revenue were both down a high-teens percentage in 2020. Planned recovery. Adjusted total segment margin was 13.9 percent for the replacement was down a mid-20s percentage, and emergency year compared to 16.2 percent in the prior year with the insurance replacement was down a mid-single digit percentage. benefit. From an operational perspective, excluding the $99 million of insurance benefit in the prior year, total segment profit was down Regional and local equipment revenue was down a mid-teens 1 percent, and total segment margin was up 40 basis points. percentage for the year. National account equipment revenue was down a mid-20s percentage as customers delayed opening new GAAP earnings per share from continuing operations was $9.26 locations and pushed out planned replacements in the highly compared to $10.38 in the prior year that included the insurance uncertain environment. We expect the pent-up demand created benefit and $99 million of pension settlements. Adjusted earnings by these delays to flow back over the coming quarters and years as per share from continuing operations was $9.94 compared to $11.19 systems need to be replaced. in the prior year with the insurance benefit and pension settlements. Our Commercial business continued to win in the market with Turning to the performance of our business segments, Residential 32 new national account equipment customers across diverse end set a new record for revenue at $2.36 billion for the year. Residential markets. Among existing customers, our strong relationships revenue rose 3 percent on growth in both replacement and new include Amazon, where our revenue more than doubled with this construction business. On a reported basis, Residential profit was major customer in 2020. Lennox has the most efficient rooftop units down 8 percent, and segment margin was down 220 basis points available in the market, which provide the lowest operating cost to 18.1 percent. From an operational perspective, excluding the $99 for the building owner – extremely important for national account million of insurance benefit in the prior year, segment profit rose 17 customers. percent, and segment margin expanded 210 basis points. Increasingly, national account customers want the units installed, In 2020, our Residential team continued to invest in the digitization commissioned, and maintained by us – which is where our Lennox of the business and industry-leading applications that help us National Account Services (NAS) business comes into play. Revenue better serve our customers and enable them to be more productive in this business has been growing at a mid-teen percentage annually and profitable. With the LennoxPROs system, we are focused on over the three years prior to the pandemic. In 2020, revenue was being invaluable to contractors by linking their business operations down a high-single digit percentage but also showed relative seamlessly into our platform long-term. The many capabilities of the improvement in the third and fourth quarters as the business


  • Page 4

    continued to recover. NAS has 103 service branches across North information aligned with the Sustainability Accounting Standard America with a footprint capable of serving more than 94 percent of Board (SASB) and the Task Force on Climate-related Financial North America customer sites. Disclosures (TCFD) frameworks. In Refrigeration, 2020 was an especially difficult year as the A few examples of what the company has done over the last decade pandemic impacted our business in Europe and then in North include a 69 percent reduction in greenhouse gases and a 32 percent America. Although the factories for all our businesses were impacted reduction in energy use. In safety, we have realized an 84 percent to various degrees and times through the year, the Refrigeration reduction in recordable frequency rates and an 87 percent reduction factories were especially hard hit, causing significant inefficiencies in lost workday frequency rates. Our diversity initiatives have led and further impacting profitability. to a 50 percent increase in persons of color and female employees among our U.S. salaried employees. In our Refrigeration business on an adjusted basis, which excludes the impact from divestitures in the prior year, revenue was down Another example of how Lennox International leads the field in 12 percent, with both North America and Europe revenue down sustainability is with the most energy-efficient products on the a low-double digit percentage. Refrigeration profit was down market, such as our 28-SEER residential air conditioners, 99 percent 47 percent, and segment margin was down 470 basis points to efficient furnaces, and our 23.5-SEER commercial rooftop units. We 7.0 percent. For the fourth quarter, Refrigeration revenue was up also provide industry-leading indoor air quality (IAQ) products 7 percent year-over-year, and we exited the year with backlog up a for residential and commercial customers. Our PureAir S system double-digit percentage, led by strength in North America. for the residential market includes filtration that removes from the air more than 99 percent of the virus that causes COVID-19 based We continue to invest in our industry-leading product line-up to on third-party testing, and HVAC systems typically recirculate all win share in our traditional markets and take advantage of new of the air in a house about every 10 minutes. In Commercial in market opportunities. Ahead of new Department of Energy (DOE) 2020, Lennox launched the Building Better Air initiative. Working minimum efficiency standards that took effect in January 2020, with customers, the Lennox team creates IAQ solutions tailored to we revamped 80 percent of our Refrigeration product line. The the needs for the building. For both Residential and Commercial, transition has gone well for us to advance our leading position and Lennox has a full IAQ product lineup, including high-efficiency capitalize on market opportunities. We are also introducing a new filters, ultraviolet lights, outdoor air ventilation, and humidity “industrial” grade product line called Magna Industrial Refrigeration. control, among other products. This organic expansion creates a new $300 million opportunity for us in the light industrial market. We expect sales to begin mid-2021. In 2020, the company navigated the near-term challenges brought on by the pandemic while continuing to position the company well for Across all three of our businesses, we continue to realize significant future growth and higher profitability. Looking ahead, we continue savings through global sourcing programs. In addition to our to focus on maintaining a strong balance sheet with strong cash supplier base in the United States and Canada, we continue to generation, investing in initiatives and projects to drive company expand our supply base in Southeast Asia, India, and Mexico. We performance, and returning cash to shareholders through dividends also continue to focus on engineering-led cost reductions. A key to that grow in line with earnings over time and repurchasing stock. this is the investments we have made in computational analytics and accelerated life qualification testing that enable us to dramatically reduce the time to implement cost savings. We can model lifetime performance on a computer in the lab and precisely understand the performance specifications to provide to our supplier in order to optimize cost, quality, and performance. From our sourcing and engineering-led cost reduction programs in 2020, we realized $34 million of savings. Factory productivity is another key focus area for us. In 2020, we began construction on the third factory on our Saltillo, Mexico Todd M. Bluedorn campus. We will be moving some indoor coil production from Chairman of the Board & Chief Executive Officer our Mississippi factory as well as moving some sheet metal fabrication in-house. With this new 325,000 sq. ft. facility, we plan for Residential production hours to increase from approximate- ly 40 percent to 50 percent in Mexico. Annual savings from the third plant are expected to be approximately $10 million. Across our factories, we continue to make automation investments in both fabrication and assembly to help drive down conversion costs. We are also investing in information technology to ensure informa- tion flow on the factory floor allows for optimal synchronization. Beyond investing in the factories and productivity, all three busi- nesses are making key investments in e-commerce and advanced control technologies. Overall, these investments are driving market share gains, support for our customers, and margin expansion. Across all of Lennox International, we are dedicated to sustainability and have been a leader on this front for many years. In 2020, we expanded our reporting and communication on the key aspects of sustainability for the company, and our latest Environmental, Social, and Governance (ESG) report is one example of that. Available *For a reconciliation of 2020 GAAP and adjusted financials, refer to the company’s February 2, 2021 on the company website, our latest ESG report includes data and earnings release and financial statements available at www.lennoxinternational.com.


  • Page 5

    BOARD OF DIRECTORS AND MANAGEMENT TEAM BOARD OF DIRECTORS MANAGEMENT TEAM Todd M. Bluedorn Todd M. Bluedorn Chairman of the Board and Chief Executive Officer Chairman of the Board and Chief Executive Officer Sherry L. Buck Chief Financial Officer Joseph W. Reitmeier W.L. Gore & Associates Executive Vice President Committees:1, 4 and Chief Financial Officer Janet K. Cooper Prakash Bedapudi Former Senior Vice President and Treasurer Executive Vice President Qwest Communications International Inc. and Chief Technology Officer Committees: 1, 4 Gary S. Bedard John E. Major Executive Vice President, President President and Chief Operating Officer MTSG Worldwide Refrigeration Committees: 2, 3 Daniel M. Sessa Max H. Mitchell Executive Vice President President and Chief Executive Officer and Chief Human Resources Officer Crane Co. Committees: 1, 2 John D. Torres Executive Vice President, John W. Norris, III Chief Legal Officer and Secretary Co-Founder Maine Network Partners Douglas L. Young Committees: 3, 4 Executive Vice President, President and Chief Operating Officer Karen H. Quintos Residential Heating & Cooling Former Executive Vice President and Chief Customer Officer Elliot S. Zimmer Dell Technologies Inc. Executive Vice President, Committees: 3, 4 President and Chief Operating Officer North America Commercial Heating & Cooling Kim K.W. Rucker Former Executive Vice President, Chris A. Kosel General Counsel and Secretary Vice President, Andeavor Corporate Controller Committees: 2, 3 and Chief Accounting Officer Gregory T. Swienton Former Chairman and Chief Executive Officer Ryder System, Inc. Committees: 1, 2 Todd J. Teske LII Lead Independent Director Former Chairman, President and Chief Executive Officer Briggs & Stratton Corporation Committees: 2, 3 Shane D. Wall Former Chief Technology Officer and Global Head Committee Legend (bold indicates chairperson) HP Labs of HP Inc. 1: Audit 2: Board Governance Committees: 2, 3 3: Compensation & Human Resources 4: Public Policy


  • Page 6


  • Page 7

    2020 FORM 10-K


  • Page 8


  • Page 9

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


  • Page 10

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


  • Page 11

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


  • Page 12

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


  • Page 13

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


  • Page 14

    9:H><CH68GDHHDJG7JH>C:HH:H 0:6AHDA:K:G6<:EGD9J8I9:K:ADEB:CI8N8A:I>B:>BEGDK:B:CIH6C9EGD9J8I96I6B6C6<:B:CI HNHI:BH ID 8DBB:G8>6A>O: C:L EGD9J8IH ID B6G@:I BDG: G6E>9AN  0: JH: 69K6C8:9  8DBB:G8>6AAN 6K6>A67A: 8DBEJI:G 6>9:9 9:H><C  8DBEJI:G 6>9:9 B6CJ;68IJG>C<  8DBEJI6I>DC6A ;AJ>9 9NC6B>8H 6C9 DI=:G HDE=>HI>86I:9 9:H><C IDDAH ID HIG:6BA>C: I=: 9:H><C6C9B6CJ;68IJG>C<EGD8:HH:H 0:JH:8DBEA:M8DBEJI:GH>BJA6I>DCH6C96C6ANH:H>CI=:8DC8:EIJ6A9:H><CE=6H:7:;DG: ;JC8I>DC6A EGDIDINE:H 6G: 8G:6I:9   0: 6AHD DE:G6I: 6 ;JAA A>C: D; EGDIDINE: B68=>C: :FJ>EB:CI 6C9 69K6C8:9 A67DG6IDG>:H 8:GI>;>:97N6EEA>867A:>C9JHIGN6HHD8>6I>DCH   (40B>=0;8CH (JG H6A:H 6C9 G:A6I:9 H:<B:CI EGD;>I I:C9 ID 7: H:6HDC6AAN =><=:G >C I=: H:8DC9 6C9 I=>G9 FJ6GI:GH D; I=: N:6G 7:86JH: HJBB:G>HI=:E:6@H:6HDC;DGH6A:HD;6>G8DC9>I>DC>C<:FJ>EB:CI6C9H:GK>8:H>CI=:. , 6C96C696 DGI=:H6B:G:6HDC  DJGLDG@>C<86E>I6AC::9H6G:<:C:G6AAN<G:6I:G>CI=:;>GHI6C9H:8DC9FJ6GI:GH 6C9L:<:C:G6AAN=6K:=><=:GDE:G6I>C<86H= >C;ADLH>CI=:I=>G96C9;DJGI=FJ6GI:GH !/B6G@:IH6G:9G>K:C7NH:6HDC6AL:6I=:GE6II:GCH !/EGD9J8IH6C9H:GK>8:H6G:HDA9N:6GGDJC9 7JII=:KDAJB: 6C9B>MD;EGD9J8IH6A:H6C9H:GK>8:8=6C<:H><C>;>86CIAN7NH:6HDC -=:>C9JHIGN<:C:G6AANH=>EHGDJ<=ANIL>8:6HB6CNJC>IH 9JG>C<#JC:6H>I9D:H>C:8:B7:G (K:G6AA 8DDA>C<:FJ>EB:CIG:EG:H:CIH6HJ7HI6CI>6AEDGI>DCD;I=:6CCJ6A!/B6G@:I :IL::C I=: =:6I>C< H:6HDC GDJ<=AN 'DK:B7:G I=GDJ<= :7GJ6GN 6C9 8DDA>C< H:6HDC GDJ<=AN &6N I=GDJ<= J<JHI 6G: E:G>D9H 8DBBDCAN G:;:GG:9 ID 6H TH=DJA9:G H:6HDCHU L=:C I=: 9>HIG>7JI>DC 8=6CC:A IG6CH>I>DCH >IH 7JN>C< E6II:GCH ;GDB DC: H:6HDC ID I=: C:MI   -=:H: H:6HDC6A ;AJ8IJ6I>DCH >C B>M 6C9 KDAJB: 9G>K: DJG H6A:H 6C9 G:A6I:9 H:<B:CI EGD;>I  G:HJAI>C< >C HDB:L=6I=><=:GH6A:H>CI=:H:8DC96C9I=>G9FJ6GI:GH9J:IDI=:=><=:GKDAJB:>CI=:8DDA>C<H:6HDCG:A6I>K:IDI=:=:6I>C< H:6HDC  %0C4=CB0=3)A034<0A:B 0:=DA9CJB:GDJHE6I:CIHI=6IG:A6I:IDI=:9:H><C6C9JH:D;DJGEGD9J8IH 0:8DCH>9:GI=:H:E6I:CIH>BEDGI6CI 7JICD H>C<A: E6I:CI >H B6I:G>6A ID I=: DK:G6AA 8DC9J8I D; DJG 7JH>C:HH   0: EGD68I>K:AN D7I6>C E6I:CIH ID ;JGI=:G DJG HIG6I:<>8 >CI:AA:8IJ6A EGDE:GIN D7?:8I>K:H   0: DLC DG A>8:CH: H:K:G6A IG69:B6G@H 6C9 H:GK>8: B6G@H L: 8DCH>9:G >BEDGI6CI >C I=: B6G@:I>C<D;DJGEGD9J8IH6C9H:GK>8:H 6C9L:EGDI:8IDJGB6G@HI=GDJ<=C6I>DC6AG:<>HIG6I>DCH6C98DBBDCA6LG><=IH  ><?4C8C8>= ,J7HI6CI>6AAN 6AA B6G@:IH >C L=>8= L: E6GI>8>E6I: 6G: 8DBE:I>I>K:   -=: BDHI H><C>;>86CI 8DBE:I>I>K: ;68IDGH L: ;68: 6G: EGD9J8I G:A>67>A>IN  EGD9J8I E:G;DGB6C8:  H:GK>8: 6C9 EG>8:  L>I= I=: G:A6I>K: >BEDGI6C8: D; I=:H: ;68IDGH K6GN>C< 6BDC< DJG 7JH>C:HH:H   -=: ;DAADL>C< 6G: HDB: D; I=: 8DBE6C>:H L: K>:L 6H H><C>;>86CI 8DBE:I>IDGH >C :68= D; DJG I=G:: 7JH>C:HH H:<B:CIH L>I=G:A:K6CI7G6C9C6B:H L=:C9>;;:G:CI;GDBI=:8DBE6CNC6B: H=DLC>CE6G:CI=:H:H -=:B6G@H7:ADLB6N7: I=:G:<>HI:G:9DGJCG:<>HI:G:9IG69:B6G@HDGIG69:C6B:HD;I=:>GG:HE:8I>K:DLC:GH Q +:H>9:CI>6A !:6I>C<  DDA>C<  6GG>:G AD76A DGEDG6I>DC 6GG>:G  GN6CI  )6NC:  -:BEHI6G  DB;DGIB6@:G  !:>A  G8D6>G:  $::E+>I:  6N  '><=I -G6C: -:8=CDAD<>:H EA8 -G6C:  B:G>86C ,I6C96G9  B:G>HI6G )6ADB6 "C9JHIG>:H "C8  +=::B  +JJ9  0:6I=:G $>C< #D=CHDC DCIGDAH  "C8  2DG@  %JM6>G:  DA:B6C 6>@>C "C9JHIG>:H  %I9  6>@>C  DD9B6C B6C6  &6C9&:AGDH:"C9JHIG>:H)%&6NI6< 0:HI>C<=DJH: G><>96>G: -6EE6C )=>A8D $:AK>C6IDG  >7HDC GD6C 'J-DC: Q DBB:G8>6A!:6I>C<DDA>C< 6GG>:G AD76ADGEDG6I>DC6GG>:G ")DBB:G8>6A-G6C:-:8=CDAD<>:HEA8-G6C: )6ADB6 "C9JHIG>:H  "C8  +=::B  +JJ9 #D=CHDC DCIGDAH  "C8  2DG@ 6>@>C "C9JHIG>:H  %I9   DD9B6C  &8*J6N &:AGDH:"C9JHIG>:H)%&6BBDI=6C9(' "C8 Q +:;G><:G6I>DC !JHHB6CCDGEDG6I>DC)6ADB6"C9JHIG>:H "C8 +=::B&6CJ;68IJG>C<DBE6CN!:6I-G6CH;:G)GD9J8IH GDJEB:GHDCA:8IG>8D DE:A6C96GG>:G AD76ADGEDG6I>DC6GG>:G  GDJE$J76 ,:6GA:  D:9=6GI A;6%6K6A JCIC:G B7!6C9)6C6HDC>8DGE ,6CND 


  • Page 15

    D<0=0?8C0;"0=064<4=C %:CCDMVHHJ88:HH >CA6G<:E6GI G:A>:HDCI=:8=6G68I:GD;DJGG E:DEA: -=6I8=6G68I:G>HG:;A:8I:9>C%:CCDMVH8DG:K6AJ:HD; >CI:<G>IN  G:HE:8I 6C9 :M8:AA:C8:   (JG 8DCI>CJ:9 HJ88:HH 9:E:C9H DC DJG 67>A>IN ID 6IIG68I  BDI>K6I:  9:K:ADE 6C9 G:I6>C :BEADN::HL=D:B7D9NDJG8DG:K6AJ:H &6C6<:B:CIHIG>K:HIDB6>CI6>CI=:G><=ICJB7:GD;:BEADN::HL>I=I=:C:8:HH6GNH@>AAHIDB6I8=I=::ME:8I:99:B6C9;DG I=:EGD9J8IHL:B6CJ;68IJG:6C99>HIG>7JI: HD;:8:B7:G  L::BEADN:96EEGDM>B6I:AN E:DEA: (;I=:H: :BEADN::H 6EEGDM>B6I:AN L:G:H6A6G>:96C9 L:G:=DJGAN -=:CJB7:GD;=DJGANLDG@:GHK6G>:H>CDG9:GIDB6I8= DJGA67DGC::9H9JG>C<E:G>D9HD;;AJ8IJ6I>C<9:B6C9  EEGDM>B6I:AN D;DJG:BEADN::H >C8AJ9>C<>CI:GC6I>DC6AAD86I>DCH 6G:G:EG:H:CI:97NJC>DCH 0:7:A>:K:L:=6K: <DD9 G:A6I>DCH=>EH L>I= DJG :BEADN::H 6C9 L>I= I=: JC>DCH G:EG:H:CI>C< DJG :BEADN::H   0: 8JGG:CIAN 9D CDI 6CI>8>E6I: 6CN B6I:G>6A69K:GH:8DCH:FJ:C8:HG:HJAI>C<;GDBC:<DI>6I>DCHIDG:C:L6CN8DAA:8I>K:76G<6>C>C<6<G::B:CIH  0: =6K: >9:CI>;>:9 EG>DG>I>:H L: 7:A>:K: 6G: 8G>I>86A ID DJG HJ88:HH >C 6IIG68I>C<  BDI>K6I>C<  9:K:ADE>C<  6C9 G:I6>C>C< :BEADN::H   -=:H: >C8AJ9: 6BDC< DI=:G I=>C<H  EGDK>9>C< 8DBE:I>I>K: 8DBE:CH6I>DC 6C9 7:C:;>I EGD<G6BH   EGDK>9>C< 86G::G9:K:ADEB:CIEGD<G6BH EGDBDI>C<=:6AI=6C9H6;:IN 6C98=6BE>DC>C<69>K:GH:6C9>C8AJH>K:LDG@:CK>GDCB:CI  (JGH:C>DGB6C6<:GH ID<:I=:GL>I=DJG=JB6CG:HDJG8:HI:6B6G:9:KDI:9IDEGDBDI>C<I=:H:EG>DG>I>:HID:CHJG:L:G:B6>C6C :BEADN:GD;8=D>8: 0:G:<JA6GAN8DC9J8I6CDCNBDJHHJGK:NHIDH::@;::9768@;GDBDJG:BEADN::HDC6K6G>:IND;HJ7?:8IH  >C8AJ9>C< H6;:IN  8DBBJC>86I>DCH  9>K:GH>IN 6C9 >C8AJH>DC  B6C6<:B:CI HJEEDGI ID HJ88::9 L>I=>C DJG 8DBE6CN  6C9 86G::G <GDLI= 0:;DJC9I=>H:HE:8>6AANJH:;JA>CIDJC9:GHI6C96C9G:HEDC9IDI=:>BE68ID;(/" DCDJGLDG@;DG8: 7DI= DJGDCH>I::HH:CI>6ALDG@:GH6C9DJGG:BDI:LDG@:GH  97:08=,>498 ,8/ 08014> "<92<,7= 0: 6G: 8DBB>II:9 ID EGDK>9>C< DJG :BEADN::H L>I= 6 8DBE:I>I>K: 8DBE:CH6I>DC E68@6<:I=6IG:L6G9HE:G;DGB6C8:6C968=>:K:B:CID;9:H>G:97JH>C:HHG:HJAIH (JG8DBE:CH6I>DCE68@6<:8DCH>HIHD;I=G:: EG>B6GN7:C:;>IHE6N76H:E6N6C9>C8:CI>K:EGD<G6BH =:6AI=6C9L:A;6G:7:C:;>IH 6C9G:I>G:B:CI8DCIG>7JI>DCH 0:6C6ANO: DJG8DBE:CH6I>DC6C97:C:;>IHEGD<G6BH6CCJ6AANID:CHJG:L:G:B6>C8DBE:I>I>K:6C9B6@:8=6C<:H6HC:8:HH6GN ,<00<0@069:708>"<92<,7= -D=:AEDJG:BEADN::HHJ88::9>CI=:>GGDA:H6C9<GDLI=:>G86G::GH6I%:CCDM L:EGDK>9: CJB:GDJHIG6>C>C<6C99:K:ADEB:CIEGD<G6BH (C::M6BEA:>HDJGT6G::G#DJGC:NUEGD<G6BL=>8=EGDK>9:H:BEADN::HL>I= :C<6<>C<IDDAH:C67A>C<I=:BIDG:;A:8IDCH@>AAH6C9>CI:G:HIH 6C9:MEADG:6K6G>:IND;EDI:CI>6A86G::GE6I=H 6G::G#DJGC:N 6AADLH:BEADN::HID=6K:BDG:B:6C>C<;JA86G::G9:K:ADEB:CI8DCK:GH6I>DCHL>I=I=:>GB6C6<:G "C699>I>DCIDIG6>C>C<6C9 9:K:ADEB:CIEGD<G6BHL:=6K:6GD7JHIE:G;DGB6C8:G:K>:L6C9<D6AH:II>C<EGD8:HH;DG6AA:BEADN::H 0:7:A>:K:I=>H=:AEH :CHJG: I=6I :BEADN::H B::I :ME:8I6I>DCH I=GDJ<=DJI I=: N:6G L=>A: 8DCI>CJ>C< 9:K:ADEB:CI D; I=:>G ADC< I:GB 86G::GH 6I %:CCDM  7:69C00 0,6>3 ,8/ %,10>C H E6GI D; DJG :;;DGI ID 6IIG68I 6C9 G:I6>C 6 8DBE:I>I>K: LDG@;DG8: ;  L: 6G: 8DBB>II:9 ID :CHJG>C<I=6I:K:GN:BEADN::G:IJGCH=DB:H6;:6II=::C9D;:68=96N ,6;:IN>HDJGIDEEG>DG>IN6C9DJGH6;:INEGD<G6BH6G: HJ88::9>C<IDG:9J8:G>H@H68GDHHDJGDE:G6I>DCH "CG:HEDCH:IDI=:(/" E6C9:B>8 L:=6K:I6@:C:MI:CH>K:68I>DCHI=6I 6G:6A><C:9L>I=I=:0DGA9!:6AI=(G<6C>O6I>DC6C9:CI:GH;DG>H:6H:DCIGDA6C9)G:K:CI>DCIDEGDI:8II=:=:6AI=6C9H6;:IN D;DJGLDG@:GH  4@0<=4>C,8/8.6?=498 0:6G:8DBB>II:9ID69>K:GH:LDG@;DG8:7J>AIDC6;DJC96I>DCD;G:HE:8I6C9K6AJ:;DGE:DEA:D; 9>;;:G:CI768@<GDJC9H :ME:G>:C8:H 6C9E:GHE:8I>K:H "CL::C=6C8:9DJG9>K:GH>IN6C9>C8AJH>DCEGD<G6BH7NEGDK>9>C< :MI:CH>K:JC8DCH8>DJH7>6HIG6>C>C< >C8G:6H>C<I=:;D8JHDC9>K:GH>IN6C9>C8AJH>DC9JG>C<DJG=>G>C<EGD8:HH:H 6C9:ME6C9>C< :BEADN::G:HDJG8:<GDJEH (JG8DBB>IB:CIID9>K:GH>IN6C9>C8AJH>DC:C67A:H6AA:BEADN::HID7:8G:6I>K: ;::A8=6AA:C<:9  6C9I=G>K: L=>8=6AADLHJHIDA:K:G6<:I=:JC>FJ:HIG:C<I=HD;DJG:BEADN::HID9:A>K:G>CCDK6I>K:EGD9J8IH6C9HDAJI>DCH;DG DJG8JHIDB:GH =E8A>=<4=C0;'46D;0C8>=  (JGDE:G6I>DCH6G:HJ7?:8IID:KDAK>C<6C9D;I:C>C8G:6H>C<AN HIG>C<:CI>CI:GC6I>DC6A ;:9:G6A HI6I:6C9AD86AA6LH6C9 G:<JA6I>DCH8DC8:GC>C<I=::CK>GDCB:CI CK>GDCB:CI6AA6LH6;;:8IDG8DJA96;;:8IDJG9DB:HI>8DE:G6I>DCH 0:7:A>:K:L:6G: >CHJ7HI6CI>6A8DBEA>6C8:L>I=HJ8=:M>HI>C<:CK>GDCB:CI6AA6LH6C9G:<JA6I>DCH   80<2C 114.408.C -=: . ,  :E6GIB:CI D; C:G<N =6H CJB:GDJH 68I>K: :C:G<N 8DCH:GK6I>DC GJA:B6@>C<H I=6I >BE68I G:H>9:CI>6A6C98DBB:G8>6A=:6I>C< 6>G8DC9>I>DC>C<6C9G:;G><:G6I>DC:FJ>EB:CI 0:6G:68I>K:AN>CKDAK:9>C. , :E6GIB:CI D;C:G<N6C9DC<G:HH>DC6A68I>K>I>:HG:A6I:9ID:C:G<N:;;>8>:C8N 0:6G:EG:E6G:9ID=6K:8DBEA>6CIEGD9J8IH>CEA68:>C 69K6C8:D;I=::;;:8I>K:96I:HD;6AAHJ8=G:<JA6I>DCH7:>C<8DCH>9:G:97NI=:. , :E6GIB:CID;C:G<N $01<420<,8>= -=: JH: D; =N9GD;AJGD86G7DCH T!HU 6H G:;G><:G6CIH ;DG 6>G 8DC9>I>DC>C< 6C9 G:;G><:G6I>DC :FJ>EB:CI >H 


  • Page 16

    8DBBDCEG68I>8:>CI=:!/+>C9JHIGN6C9>HG:<JA6I:9 0:7:A>:K:L:=6K:8DBEA>:9L>I=6EEA>867A:GJA:H6C9G:<JA6I>DCH >C K6G>DJH 8DJCIG>:H <DK:GC>C< I=: JH: D; !H   0: 6G: 6C 68I>K: E6GI>8>E6CI >C I=: DC<D>C< >CI:GC6I>DC6A 6C9 9DB:HI>8 9>6AD<J:DCI=>HHJ7?:8I6C96G:L:AAEDH>I>DC:9IDG:68I>C6 I>B:ANB6CC:GID8=6C<:H>CI=:G:<JA6IDGNA6C9H86E:  $070/4,>498 .>4@4>C   "C 699>I>DC ID 6;;:8I>C< DJG DC<D>C< DE:G6I>DCH  6EEA>867A: :CK>GDCB:CI6A A6LH 86C >BEDH: D7A><6I>DCHIDG:B:9>6I:=6O6G9DJHHJ7HI6C8:H6IDJGEGDE:GI>:H 6IEGDE:GI>:H;DGB:GANDLC:9DGDE:G6I:97NJH6C96I;68>A>I>:H ID L=>8= L: =6K: H:CI DG H:C9 L6HI: ;DG IG:6IB:CI DG 9>HEDH6A   0: 6G: 6L6G: D; 8DCI6B>C6I>DC 6I HDB: D; DJG ;68>A>I>:H =DL:K:G 76H:9DC;68IHEG:H:CIAN@CDLC L:9DCDI7:A>:K:I=6I6CN;JIJG:G:B:9>6I>DC8DHIH6IHJ8=;68>A>I>:HL>AA7:B6I:G> I 6A IDDJGG:HJAIHD;DE:G6I>DCH DGBDG:>C;DGB6I>DC H::'DI: >CI=:'DI:HIDDJGDCHDA>96I:9>C6C8>6A,I6I:B:CIH "C I=: E6HI  L: =6K: G:8:>K:9 CDI>8:H I=6I L: 6G: 6 EDI:CI>6AAN G:HEDCH>7A: E6GIN 6ADC< L>I= DI=:G EDI:CI>6AAN G:HEDCH>7A: E6GI>:H >C ,JE:G;JC9 EGD8::9>C<H JC9:G I=: DBEG:=:CH>K: CK>GDCB:CI6A +:HEDCH:  DBE:CH6I>DC 6C9 %>67>A>IN 8I ;DG 8A:6CJE D; =6O6G9DJH HJ7HI6C8:H 6I 8:GI6>C H>I:H ID L=>8= I=: EDI:CI>6AAN G:HEDCH>7A: E6GI>:H 6G: 6AA:<:9 ID =6K: H:CI L6HI: 6H:9DCI=:;68IHEG:H:CIAN@CDLC L:9DCDI7:A>:K::CK>GDCB:CI6A8A:6CJE8DHIH6HHD8>6I:9L>I=6CN,JE:G;JC9H>I:H67DJI L=>8=L:=6K:G:8:>K:9CDI>8:I=6IL:6G:6EDI:CI>6AANG:HEDCH>7A:E6GINL>AA7:B6I:G>6A  ),=>0 ,8/ $06,>0/ 97:64,8.0   &6CN 8DJCIG>:H 6GDJC9 I=: LDGA9 6H L:AA 6H B6CN HI6I:H >C I=: ., =6K: :C68I:9 9>G:8I>K:H  A6LH  6C9 G:<JA6I>DCH 9>G:8I:9 6I EG:K:CI>C< :A:8IG>86A 6C9 :A:8IGDC>8 :FJ>EB:CI L6HI: 7N :C8DJG6<>C< G:JH: 6C9 G:8N8A>C<6HL:AA6HG:HIG>8I>C<I=:JH:D;=6O6G9DJHEGD9J8IH>C:A:8IG>86A6C9:A:8IGDC>8:FJ>EB:CI AA!/+EGD9J8IH6C9 8:GI6>C8DBEDC:CIHD;HJ8=EGD9J8IH6G:EDI:CI>6AAN HJ7?:8IIDI=:H:INE:HD;G:FJ>G:B:CIH 0:6G:CDIJC>FJ:AN 6;;:8I:96H 8DBE6G:9IDDI=:GB6CJ;68IJG:GH 0:68I>K:ANBDC>IDGI=:9:K:ADEB:CI6C9:KDAJI>DCD;HJ8=G:FJ>G:B:CIH6C97:A>:K:L:6G: L:AAEDH>I>DC:9ID8DBEANL>I=HJ8=9>G:8I>K:H>CI=:G:FJ>G:9I>B:;G6B:H  E08;01;4=5>A<0C8>= (JGL:7H>I:699G:HH>H LLL A:CCDM>CI:GC6I>DC6A 8DB 0:B6@:6K6>A67A: ;G::D;8=6G<:I=GDJ<=DJGL:7H>I: DJG6CCJ6A G:EDGIHDCDGB $ FJ6GI:GANG:EDGIHDCDGB * 8JGG:CIG:EDGIHDCDGB $ >C8AJ9>C<:M=>7>IH 6C96B:C9B:CIHID I=DH:G:EDGIH;>A:9DG;JGC>H=:9EJGHJ6CIIDI=:,:8JG>I>:HM8=6C<:8ID; 6H6B:C9:9I=:TM8=6C<:8IU 6HHDDC6H G:6HDC67ANEDHH>7A:6;I:GHJ8=B6I:G>6A>H:A:8IGDC>86AAN;>A:9L>I= 9 DG;JGC>H=:9ID I=:,:8JG>I>:H6C9M8=6C<:DBB>HH>DC  -=:>C;DGB6I>DCDCDJGL:7H>I:>HCDI6E6GID; DG>C8DGEDG6I:97NG:;:G:C8:>CID I=>HCCJ6A+:EDGIDCDGB $ -=:,:8JG>I>:H6C9M8=6C<:DBB>HH>DCB6>CI6>CH6L:7H>I:6ILLL H:8 <DKI=6I8DCI6>CHG:EDGIH EGDMN6C9>C;DGB6I>DC HI6I:B:CIH 6C9DI=:G>C;DGB6I>DCG:<6G9>C<>HHJ:GH >C8AJ9>C<%:CCDM"CI:GC6I>DC6A I=6I;>A::A:8IGDC>86AANL>I=I=:,:8JG>I>:H 6C9M8=6C<:DBB>HH>DC =5>A<0C8>=01>DC>DAG42DC8E4$55824AB (JG:M:8JI>K:D;;>8:GH I=:>GEG:H:CIEDH>I>DCH6C9I=:>G6<:H6G:6H;DAADLH6HD;:7GJ6GN  #0<4 64 %>B8C8>= -D99& AJ:9DGC  =6>GB6CD;I=:D6G96C9=>:;M:8JI>K:(;;>8:G ; #DH:E=0 +:>IB:>:G  M:8JI>K:/>8:)G:H>9:CI =>:;>C6C8>6A(;;>8:G M:8JI>K:/>8:)G:H>9:CI )G:H>9:CI6C9=>:;(E:G6I>C< DJ<A6H% 2DJC<  (;;>8:G +:H>9:CI>6A!:6I>C<DDA>C< M:8JI>K:/>8:)G:H>9:CI )G:H>9:CI6C9=>:;(E:G6I>C< 6GN, :96G9  (;;>8:G 0DGA9L>9:+:;G><:G6I>DC )G6@6H=:96EJ9>  M:8JI>K:/>8:)G:H>9:CI =>:;-:8=CDAD<N(;;>8:G ; 6C>:A& ,:HH6  M:8JI>K:/>8:)G:H>9:CI =>:;!JB6C+:HDJG8:H(;;>8:G #D=C -DGG:H  M:8JI>K:/>8:)G:H>9:CI =>:;%:<6A(;;>8:G6C9,:8G:I6GN M:8JI>K:/>8:)G:H>9:CI )G:H>9:CI6C9=>:;(E:G6I>C< AA>DI3>BB:G  (;;>8:G 'DGI=B:G>86DBB:G8>6A!:6I>C<DDA>C< =G>H $DH:A  />8:)G:H>9:CI =>:;88DJCI>C<(;;>8:G6C9DCIGDAA:G 


  • Page 17

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


  • Page 18

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


  • Page 19

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


  • Page 20

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


  • Page 21

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


  • Page 22

    96B6<:H  HI>B6I:H G:A6I:9 ID DJG 8A6>BH 6C9 A6LHJ>IH  >C8AJ9>C< :HI>B6I:H ;DG 6H7:HIDH G:A6I:9 8A6>BH 6C9 G:A6I:9 >CHJG6C8: G:8DK:G>:H >CKDAK:CJB:GDJHJC8:GI6>CI>:H  >K:CI=:>C=:G:CIJC8:GI6>CIND;A>I><6I>DC6C9:HI>B6I:H L:86CCDI7:8:GI6>CI=6I :M>HI>C<8A6>BHDGA>I><6I>DCDG6CN;JIJG:69K:GH:A:<6A9:K:ADEB:CIHL>AACDI=6K:6B6I:G>6A69K:GH:>BE68IDCDJG;>C6C8>6A 8DC9>I>DC "C699>I>DC L:6G:HJ7?:8IID:MI:CH>K:6C98=6C<>C<;:9:G6A HI6I:6C9AD86AA6LH6C9G:<JA6I>DCH9:H><C:9IDEGDI:8I I=::CK>GDCB:CI -=:H:A6LH6C9G:<JA6I>DCH8DJA9>BEDH:A>67>A>IN;DGG:B:9>6I>DC8DHIH6C98>K>ADG8G>B>C6AE:C6AI>:H>C86H:H D;CDC 8DBEA>6C8: DBEA>6C8:L>I=:CK>GDCB:CI6AA6LH>C8G:6H:HDJG8DHIHD;9D>C<7JH>C:HH :86JH:I=:H:A6LH6G:HJ7?:8I ID;G:FJ:CI8=6C<: L:6G:JC67A:IDEG:9>8II=:;JIJG:8DHIHG:HJAI>C<;GDB:CK>GDCB:CI6A8DBEA>6C8: 4=4A0;'8B:02C>AB +(" 3$1'(0,&+$6',65837('285%86,1(6623(5$7,216$1'5(68/762)23(5$7,216 ' CDK:AHIG6>CD;8DGDC6K>GJHDG (/"  HJG;68:9>CA6I:6C9=6HHEG:696GDJC9I=:LDGA9 "C I=:HEG:69D; (/" 6C9I=:9:K:ADEB:CIHHJGGDJC9>C<I=:<AD76AE6C9:B>89>HGJEI:9DJG7JH>C:HHDE:G6I>DCH6C96;;:8I:9DJGG:HJAIHD; DE:G6I>DCH DG:M6BEA: >CG:HEDCH:IDI=:(/" E6C9:B>8 K6G>DJHC6I>DC6A HI6I: 6C9AD86A<DK:GCB:CIHL=:G:L: DJG HJEEA>:GH  6C9 DJG 8JHIDB:GH DE:G6I: >HHJ:9 9:8G::H EGD=>7>I>C< 8:GI6>C 7JH>C:HH:H ;GDB 8DCI>CJ>C< ID DE:G6I: 6C9 8:GI6>C 8A6HH:H D; LDG@:GH ;GDB G:EDGI>C< ID LDG@  -=DH: 9:8G::H G:HJAI:9 >C HJEEAN 8=6>C 9>HGJEI>DC 6C9 =><=:G 67H:CI::>HB >C DJG ;68IDG>:H 99>I>DC6AAN 8:GI6>CD;DJGB6CJ;68IJG>C<;68>A>I>:H:ME:G>:C8:9H=DGI I:GBHJHE:CH>DCHD;DE:G6I>DCH;DG(/"  :BEADN::=:6AI=8DC8:GCH 0:>BEA:B:CI:9H:K:G6A8DHIG:9J8I>DC68I>DCH>CI=:H:8DC9FJ6GI:GD; >C8AJ9>C<:BEADN:: I:GB>C6I>DCH I:BEDG6GN;68>A>IN8ADHJG:H6C986C8:AA6I>DCHD;8:GI6>CH6A:H6C9B6G@:I>C<68I>K>I>:H 6C9G:K>H:9DJG;>C6C8>6A DJIADD@9DLCL6G9ID688DJCI;DG(/" VH:ME:8I:9:8DCDB>8>BE68IDCDJGDBE6CN6C9;JIJG:JC8:GI6>CIN NI=::C9D; CJB:GDJH8DJCIG>:H>C8AJ9>C< I=:.C>I:9,I6I:H 6C696 .C>I:9$>C<9DB JGDE:6C.C>DC 6C9&:M>8D =696EEGDK:9K6G>DJH;DGBHD;6K688>C:;DG(/" 6C97:<6C9>HIG>7JI>C<I=:BIDI=:>G8>I>O:CH>C=DE:D;HADL>C<I=: HEG:69D;(/"  -=:I>B>C<D;6CNEDH>I>K:>BE68I;GDBI=:K688>C:H>HJC8:GI6>C 99>I>DC6AAN >I>HJC@CDLC>;8JGG:CI K688>C:HL>AALDG@DCI=:C:LHIG6>CHD;I=:8DGDC6K>GJHL=>8==6K:7::CG:EDGI:9>CCJB:GDJH8DJCIG>:H >C8AJ9>C<I=:.C>I:9 $>C<9DB6C9.C>I:9,I6I:H  HI=:(/" E6C9:B>88DCI>CJ:H =:6AI=8DC8:GCG>H@HG:B6>C 6C9L:86CCDIEG:9>8IL=:I=:G6CND;DJGB6CJ;68IJG>C< DE:G6I>DC6A DG 9>HIG>7JI>DC ;68>A>I>:H L>AA :ME:G>:C8: 9>HGJEI>DCH  DG =DL ADC< HJ8= 9>HGJEI>DCH LDJA9 A6HI   "I 6AHD G:B6>CH JC8A:6G=DLK6G>DJHC6I>DC6A HI6I: 6C9AD86A<DK:GCB:CIHL>AAG:68I>;I=:9>HIG>7JI>DCD;K688>C:H>HHADL:GI=6C:ME:8I:9  ";I=:(/" E6C9:B>8LDGH:CHDGI=:E6C9:B>88DCI>CJ:HADC<:GI=6CEG:H:CIAN:ME:8I:9 (/"LDJA98DCI>CJ:ID >BE68IDJGG:HJAIHD;DE:G6I>DCH ;>C6C8>6AEDH>I>DC6C986H=;ADLH ; /2%$/(1(5$/86,1(66&2120,&$1'$5.(721',7,21628/''9(56(/<))(&785,1$1&,$/(5)250$1&($1',0,7 285&&(66727+($3,7$/$5.(76 JIJG:9>HGJEI>DCH>C. , DG<AD76A;>C6C8>6A6C98G:9>IB6G@:IHDG>C8G:6H:H>CI=:8DHIHD;86E>I6AB><=I=6K:6C69K:GH: >BE68IDCDJG7JH>C:HH -=:I><=I:C>C< JC6K6>A67>A>INDG>C8G:6H:98DHIHD;8G:9>I69K:GH:AN6;;:8IHI=:67>A>IND;DJG8JHIDB:GH ID D7I6>C ;>C6C8>C< ;DG H><C>;>86CI EJG8=6H:H 6C9 DE:G6I>DCH  L=>8= 8DJA9 G:HJAI >C 6 9:8G:6H: >C H6A:H D; DJG EGD9J8IH 6C9 H:GK>8:H 6C9 B6N >BE68I I=: 67>A>IN D; DJG 8JHIDB:GH ID B6@: E6NB:CIH ID JH  ,>B>A6GAN  I><=I:C>C< D; 8G:9>I B6N 69K:GH:AN 6;;:8I DJG HJEEA>:G 76H: 6C9 >C8G:6H: I=: EDI:CI>6A ;DG DC: DG BDG: D; DJG HJEEA>:GH ID :ME:G>:C8: ;>C6C8>6A 9>HIG:HH DG 76C@GJEI8N  (JG 7JH>C:HH B6N 6AHD 7: 69K:GH:AN 6;;:8I:9 7N ;JIJG: 9:8G:6H:H >C I=: <:C:G6A A:K:A D; :8DCDB>8 68I>K>IN 6C9 >C8G:6H:H>C7DGGDL>C<8DHIH L=>8=B6N86JH:DJG8JHIDB:GHID86C8:A 9:8G:6H:DG9:A6NI=:>GEJG8=6H:HD;DJGEGD9J8IH6C9 H:GK>8:H "; ;>C6C8>6A B6G@:IH L:G: ID 9:I:G>DG6I:  DG 8DHIH D; 86E>I6A L:G: ID >C8G:6H: H><C>;>86CIAN 9J: ID 6 ADL:G>C< D; DJG 8G:9>I G6I>C<H EG:K6>A>C<>C9JHIGN8DC9>I>DCH I=:KDA6I>A>IND;I=:86E>I6AB6G@:IHDGDI=:G;68IDGH L:B6N7:JC67A:IDD7I6>CC:L ;>C6C8>C<DC688:EI67A:I:GBH DG6I6AA 9:I:G>DG6I>DC>CDJG;>C6C8>6AE:G;DGB6C8:8DJA96AHDA>B>IDJG;JIJG:67>A>INID 688:HH 6BDJCIH8JGG:CIAN6K6>A67A:JC9:GDJG9DB:HI>88G:9>I;68>A>IN "C699>I>DC 6K6>A67>A>INJC9:GDJG6HH:IH:8JG>I>O6I>DC6<G::B:CI B6N7:69K:GH:AN>BE68I:97N8G:9>IFJ6A>IN6C9E:G;DGB6C8:D;DJG8JHIDB:G688DJCIHG:8:>K67A: -=:6K6>A67>A>INJC9:GDJG 6HH:I H:8JG>I>O6I>DC 6<G::B:CI >H 76H:9 DC I=: 6BDJCI D; 688DJCIH G:8:>K67A: I=6I B::I I=: :A><>7>A>IN 8G>I:G>6 D; I=: 6HH:I H:8JG>I>O6I>DC 6<G::B:CI  "; G:8:>K67A: ADHH:H >C8G:6H: DG 8G:9>I FJ6A>IN 9:I:G>DG6I:H  I=: 6BDJCI D; :A><>7A: G:8:>K67A:H 8DJA9 9:8A>C:6C9 >CIJGC ADL:GI=:6K6>A67>A>INJC9:GI=:6HH:IH:8JG>I>O6I>DC 0:86CCDIEG:9>8II=:A>@:A>=DD9 9JG6I>DCDGH:K:G>IND;6CN;JIJG:9>HGJEI>DC>C;>C6C8>6AB6G@:IHDG6CN69K:GH::8DCDB>8 8DC9>I>DCH>CI=:. , 6C9DI=:G8DJCIG>:H 


  • Page 23

    8517(51$7,21$/3(5$7,2168%-(&7!672,6.61&/8',1*25(,*1855(1&</8&78$7,216(*8/$7,216$1'7+(5,6.6 0::6GCG:K:CJ: E6N:ME:CH:H DLC6HH:IH6C9>C8JGA>67>A>I>:H>C8DJCIG>:HJH>C<8JGG:C8>:HDI=:GI=6CI=:. , 9DAA6G (JG DCHDA>96I:9 >C6C8>6A ,I6I:B:CIH 6G: EG:H:CI:9 >C . ,  9DAA6GH 6C9 L: IG6CHA6I: G:K:CJ:  >C8DB:  :ME:CH:H  6HH:IH 6C9 A>67>A>I>:H >CID . ,  9DAA6GH 6I :M8=6C<: G6I:H >C :;;:8I 9JG>C< DG 6I I=: :C9 D; :68= G:EDGI>C< E:G>D9  -=:G:;DG:  >C8G:6H:H DG 9:8G:6H:H>CI=:K6AJ:D;I=:. , 9DAA6GG:A6I>K:IDDI=:G8JGG:C8>:HB6N6;;:8IDJGC:IDE:G6I>C<G:K:CJ:H DE:G6I>C<>C8DB: 6C9I=:K6AJ:D;76A6C8:H=::I>I:BH9:CDB>C6I:9>C;DG:><C8JGG:C8>:H :86JH:D;I=:<:D<G6E=>89>K:GH>IND;DJGDE:G6I>DCH L:6@C:HH:H>CHDB:8JGG:C8>:HB><=I7:D;;H:I7NHIG:C<I=H>CDI=:GHDK:GI>B: !DL:K:G L:86CCDI6HHJG:I=6I;AJ8IJ6I>DCH>C ;DG:><C8JGG:C8N:M8=6C<:G6I:H E6GI>8JA6GANI=:HIG:C<I=:C>C<D;I=:. , 9DAA6G6<6>CHIB6?DG8JGG:C8>:H LDJA9CDIB6I:G>6AAN 6;;:8IDJG;>C6C8>6AG:HJAIH "C699>I>DCIDI=:8JGG:C8N:M8=6C<:G>H@H>C=:G:CI>CDE:G6I>C<>C;DG:><C8DJCIG>:H DJG>CI:GC6I>DC6AH6A:H6C9DE:G6I>DCH >C8AJ9>C<EJG8=6H:HD;G6LB6I:G>6AH;GDB>CI:GC6I>DC6AHJEEA>:GH 6G:HJ7?:8IIDG>H@H6HHD8>6I:9L>I=AD86A<DK:GCB:CIA6LH G:<JA6I>DCH 6C9 EDA>8>:H >C8AJ9>C< I=DH: G:A6I:9 ID I6G>;;H 6C9 IG69: 76GG>:GH  >CK:HIB:CIH  I6M6I>DC  :M8=6C<: 8DCIGDAH :BEADNB:CI G:<JA6I>DCH 6C9 8=6C<:H >C A6LH 6C9 G:<JA6I>DCH  (JG >CI:GC6I>DC6A H6A:H 6C9 DE:G6I>DCH 6G: 6AHD H:CH>I>K: ID 8=6C<:H >C ;DG:><C C6I>DC6A EG>DG>I>:H  >C8AJ9>C< <DK:GCB:CI 7J9<:IH  6H L:AA 6H ID <:DEDA>I>86A 6C9 :8DCDB>8 >CHI67>A>IN  "CI:GC6I>DC6AIG6CH68I>DCHB6N>CKDAK:>C8G:6H:9;>C6C8>6A6C9A:<6AG>H@H9J:ID9>;;:G>C<A:<6AHNHI:BH6C98JHIDBH>C;DG:><C 8DJCIG>:H 6HL:AA6H8DBEA>6C8:L>I=6CI> 8DGGJEI>DCA6LHHJ8=6HI=:. , DG:><CDGGJEI)G68I>8:H8I6C9I=:. $ G>7:GN 8I -=:67>A>INIDB6C6<:I=:H:G>H@H8DJA97:9>;;>8JAI6C9B6NA>B>IDJGDE:G6I>DCH6C9B6@:I=:B6CJ;68IJG:6C9H6A:D;DJG EGD9J8IH>CI:GC6I>DC6AANBDG:9>;;>8JAI L=>8=8DJA9C:<6I>K:AN6;;:8IDJG7JH>C:HH6C9G:HJAIHD;DE:G6I>DCH DC;A>8IH  L6GH  C6IJG6A 9>H6HI:GH  >C;:8I>DJH 9>H:6H: DJI7G:6@H DG I:GGDG>HI 68IH 8DJA9 6AHD 86JH: H><C>;>86CI 96B6<: DG 9>HGJEI>DCIDDJGDE:G6I>DCH :BEADN::H ;68>A>I>:H HNHI:BH HJEEA>:GH HJEEAN8=6>C 9>HIG>7JIDGH G:H:AA:GHDG8JHIDB:GH>CI=: .C>I:9,I6I:H6C9>CI:GC6I>DC6AAN;DG:MI:C9:9E:G>D9HD;I>B:6C98DJA96AHD6;;:8I9:B6C9;DGDJGEGD9J8IH ':IH6A:HDJIH>9:D;I=:.C>I:9,I6I:H8DBEG>H:9 D;DJGC:IH6A:H>C (&85,7< 5($&+(6 $1' 7+(5 ,65837,216 25 ,686( 2) 1)250$7,21 <67(06 #( (/< !321 28/' ))(&7 85 %,/,7< 72 21'8&78586,1(66))(&7,9(/< (JG >C;DGB6I>DC HNHI:BH 6C9 I=DH: D; DJG 7JH>C:HH E6GIC:GH 6G: >BEDGI6CI ID DJG 7JH>C:HH 68I>K>I>:H  0: 6AHD DJIHDJG8: K6G>DJH >C;DGB6I>DC HNHI:BH  >C8AJ9>C< 96I6 B6C6<:B:CI  ID I=>G9 E6GIN H:GK>8: EGDK>9:GH  :HE>I: DJG H:8JG>IN B:6HJG:H 6H L:AA 6H I=DH: D; DJG 7JH>C:HH E6GIC:GH 6C9 I=>G9 E6GIN H:GK>8: EGDK>9:GH  I=: >C;DGB6I>DC HNHI:BH L: G:AN JEDC B6N 7: KJAC:G67A: ID >CI:GGJEI>DC DG 96B6<: ;GDB 8DBEJI:G =68@>C<H  8DBEJI:G K>GJH:H  LDGBH DG DI=:G 9:HIGJ8I>K: DG 9>HGJEI>K: HD;IL6G:  EGD8:HH 7G:6@9DLCH  9:C>6A D; H:GK>8: 6II68@H  B6A>8>DJH HD8>6A :C<>C::G>C< DG DI=:G B6A>8>DJH 68I>K>I>:H  DG 6CN 8DB7>C6I>DCI=:G:D; II:BEIH=6K:7::CB69:ID6II68@DJG>C;DGB6I>DCHNHI:BH 7JICDB6I:G>6A=6GB=6HG:HJAI:9 0=>A:L: =6K:>BEA:B:CI:98DCIGDAH6C9I6@:CDI=:GEG:K:CI6I>K:68I>DCHIDHIG:C<I=:CI=:H:HNHI:BH6<6>CHI;JIJG:6II68@H L:86C<>K: CD 6HHJG6C8: I=6I I=:H: 8DCIGDAH 6C9 EG:K:CI6I>K: 68I>DCH L>AA 7: :;;:8I>K:  CN 7G:68= D; 96I6 H:8JG>IN 8DJA9 G:HJAI >C 6 9>HGJEI>DCD;DJGH:GK>8:HDG>BEGDE:G9>H8ADHJG:D;E:GHDC6A96I6DG8DC;>9:CI>6A>C;DGB6I>DC L=>8=8DJA9=6GBDJGG:EJI6I>DC  G:FJ>G:JHID:ME:C9G:HDJG8:HIDG:B:9NHJ8=6H:8JG>IN7G:68=DG9:;:C96<6>CHI;JGI=:G6II68@HDGHJ7?:8IJHIDA>67>A>INJC9:G A6LHI=6IEGDI:8IE:GHDC6A96I6 G:HJAI>C<>C>C8G:6H:9DE:G6I>C<8DHIHDGADHHD;G:K:CJ: #( $< 27 %( %/( 72 8&&(66)8//< 17(*5$7( $1' 3(5$7( 86,1(66(6 7+$7 #( $< &48,5( 125 ($/,=( 7+( 17,&,3$7(' (1(),762)75$7(*,&(/$7,216+,36#($<250 GDBI>B:IDI>B: L:B6NH::@ID8DBEA:B:CIDG:ME6C9DJG7JH>C:HH:HI=GDJ<=HIG6I:<>868FJ>H>I>DCH ?D>CIK:CIJG:H6C9 HIG6I:<>8 G:A6I>DCH=>EH  -=: HJ88:HH D; I=:H: IG6CH68I>DCH L>AA 9:E:C9  >C E6GI  DC DJG 67>A>IN ID I>B:AN >9:CI>;N I=DH: G:A6I>DCH=>EH C:<DI>6I:6C98ADH:I=:IG6CH68I>DCH6C9I=:C>CI:<G6I: B6C6<:6C9DE:G6I:I=DH:7JH>C:HH:HEGD;>I67AN ";L:6G: JC67A: ID HJ88:HH;JAAN 9D I=DH: I=>C<H  L: B6N CDI G:6A>O: I=: 6CI>8>E6I:9 7:C:;>IH 6HHD8>6I:9 L>I= HJ8= IG6CH68I>DCH  L=>8= 8DJA969K:GH:AN6;;:8IDJG7JH>C:HH6C9G:HJAIHD;DE:G6I>DCH 1<8785((7(50,1$7,217+$7$,*1,),&$1703$,50(172)7+("$/8( " 2) 85 22':,// 17$1*,%/( 66(7 &&855(' 28/' $9($1'9(56())(&72185(68/762)3(5$7,216 HD;:8:B7:G  L:=69<DD9L>AAD; B>AA>DCDCDJGDCHDA>96I:96A6C8:,=::I CN;JIJG:9:I:GB>C6I>DC I=6I6C>BE6>GB:CID;I=:K6AJ:D;<DD9L>AAD88JGG:9LDJA9G:FJ>G:6LG>I: 9DLCD;I=:>BE6>G:9EDGI>DCD;<DD9L>AAID;6>G 


  • Page 24

    K6AJ: 6C9 LDJA9 G:9J8: DJG 6HH:IH 6C9 HID8@=DA9:GHV :FJ>IN 6C9 8DJA9 =6K: 6 B6I:G>6A 69K:GH: :;;:8I DC DJG G:HJAIH D; DE:G6I>DCH C4<  !15(62/9('7$))200(176 'DC: 


  • Page 25

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


  • Page 26

    DG86H=;ADLH DGBDG:>C;DGB6I>DC H::'DI:>CI=:'DI:HIDI=:DCHDA>96I:9>C6C8>6A,I6I:B:CIH C4< ,1($)(7<,6&/2685(6 'DI6EEA>867A: %') 7 C4< $5.(7)25(*,675$17?62002148,7<(/$7('72&.+2/'(5$77(56$1'668(585&+$6(62)48,7< (&85,7,(6 "0A:4C=5>A<0C8>=5>A><<>=(C>2: (JG8DBBDCHID8@>HA>HI:9;DGIG69>C<DCI=:':L2DG@,ID8@M8=6C<:JC9:GI=:HNB7DAT%"" U >;34AB>5><<>=(C>2: HD;I=:8ADH:D;7JH>C:HHDC:7GJ6GN  6EEGDM>B6I:AN=DA9:GHD;G:8DG9=:A9DJG8DBBDCHID8@ N=DA9:GH   ><?0A8B>=>5)>C0;(C>2:7>;34A'4CDA= -=:;DAADL>C<<G6E=8DBE6G:HI=:8JBJA6I>K:IDI6AG:IJGCHD;%""VH8DBBDCHID8@L>I=I=:8JBJA6I>K:IDI6AG:IJGCHD;I=: ,I6C96G9H)DDGVH&>986E"C9:M 67GD69>C9:MD;B>9 H>O:. , 8DBE6C>:HD;L=>8=I=:DBE6CN>H6E6GI 6C9L>I=6 E::G<GDJED;. , >C9JHIG>6AB6CJ;68IJG>C<6C9H:GK>8:8DBE6C>:H>CI=:!/+7JH>C:HH:H -=:<G6E=6HHJB:HI=6I L6H>CK:HI:9DC:8:B7:G  L>I=9>K>9:C9HG:>CK:HI:9 (JGE::G<GDJE>C8AJ9:H(' "C8 DB;DGI,NHI:BH., "C8  #D=CHDC DCIGDAH "C8  6C9 06IH8D  "C8   )::G <GDJE G:IJGCH 6G: L:><=I:9 7N B6G@:I 86E>I6A>O6I>DC  -LD 8DBE6C>:H EG:K>DJHAN >C8AJ9:9 >C I=: E::G <GDJE >C9:M  "C<:GHDAA +6C9 EA8 6C9 .C>I:9 -:8=CDAD<>:H DGEDG6I>DC  L:G: G:BDK:9 9J: ID I=:>GHE>C D;;IG6CH68I>DCH9JG>C< Comparison of 5 Year Cumulative Total Return Assumes Initial Investment of $100 December 2020 250.00 200.00 150.00 100.00 50.00 0.00 2015 2016 2017 2018 2019 2020 Lennox International, Inc. S&P MidCap 400 Index Peer Group -=>HE:G;DGB6C8:<G6E=6C9DI=:G>C;DGB6I>DC;JGC>H=:9JC9:GI=>HDBE6G>HDCD;-DI6A,ID8@=DA9:G+:IJGCH:8I>DCH=6AACDI 7:9::B:9ID7:THDA>8>I>C<B6I:G>6AUDGID7:T;>A:9UL>I=I=:,:8JG>I>:H6C9M8=6C<:DBB>HH>DCDGHJ7?:8IID+:<JA6I>DC DG DGIDI=:A>67>A>I>:HD;,:8I>DCD;I=:M8=6C<:8I 


  • Page 27

    $DA%DA270B4B>5><?0=H@D8CH(42DA8C84B (JGD6G9D;>G:8IDGH=6H6JI=DG>O:96IDI6AD;7>AA>DCIDG:EJG8=6H:H=6G:HD;DJG8DBBDCHID8@8DAA:8I>K:ANG:;:GG:9 ID6HI=:T,=6G:+:EJG8=6H:)A6CHU >C8AJ9>C<6C>C8G:B:CI6AB>AA>DCH=6G:G:EJG8=6H:6JI=DG>O6I>DC>C:8:B7:G  -=: ,=6G: +:EJG8=6H: )A6CH 6JI=DG>O: DE:C B6G@:I G:EJG8=6H: IG6CH68I>DCH 6C9 9D CDI =6K: 6 HI6I:9 :ME>G6I>DC 96I:  H D; :8:B7:G  B>AA>DC>H6K6>A67A:IDG:EJG8=6H:H=6G:HJC9:GI=:,=6G:+:EJG8=6H:)A6CH  "CI=:;DJGI=FJ6GI:GD; L:EJG8=6H:9H=6G:HD;DJG8DBBDCHID8@6H;DAADLH ??A>G8<0C4 >;;0A+0;D4>5 (70A4B (70A4BC70C<0H E4A064%A824 %DA270B43B H4C14%DA270B43 )>C0;(70A4B %083?4A(70A4 %0AC>5%D1;82;H *=34AC74%;0=B %DA270B43   8=2;D38=6544B ==>D=243%;0=B 8=<8;;8>=B (8ID7:GI=GDJ<=(8ID7:G        S    'DK:B7:GI=GDJ<='DK:B7:G       S    'DK:B7:GI=GDJ<=:8:B7:G        S       S   -=:H: H=6G:H D; 8DBBDC HID8@ L:G: HJGG:C9:G:9 ID %"" ID H6I>H;N :BEADN:: I6M L>I==DA9>C< D7A><6I>DCH >C 8DCC:8I>DC L>I=I=::M:G8>H:D;ADC< I:GB>C8:CI>K:6L6G9H C4< (/(&7(',1$1&,$/$7$ -=:;DAADL>C<I67A:EG:H:CIH H:A:8I:9;>C6C8>6A96I6;DG:68=D;I=:;>K:N:6GH:C9:9:8:B7:G ID>CB>AA>DCH  :M8:EIE:GH=6G:96I6 >AC74.40AB=343424<14A      (C0C4<4=CB>5$?4A0C8>=B0C0 ':I,6A:H                     (E:G6I>C<"C8DB:                "C8DB:GDBDCI>CJ>C<(E:G6I>DCH                ':I"C8DB:                6H>86GC>C<H):G,=6G:GDBDCI>CJ>C<(E:G6I>DCH                >AJI:96GC>C<H):G,=6G:GDBDCI>CJ>C<(E:G6I>DCH                6H=>K>9:C9H:8A6G:9):G,=6G:                $C74A0C0 6E>I6AME:C9>IJG:H                +:H:6G8=6C9:K:ADEB:CIME:CH:H                0;0=24(744C0C00C%4A8>3=3 -DI6AHH:IH                     -DI6A:7I                   ,ID8@=DA9:GHV:;>8>IFJ>IN                "C;DGB6I>DC>CI=:I67A:67DK:>HCDIC:8:HH6G>AN>C9>86I>K:D;; G:HJAIHD;;JIJG:DE:G6I>DCH -DJC9:GHI6C9I=:;68IDGHI=6I B6N6;;:8I8DBE6G67>A>IN I=:;>C6C8>6A96I6H=DJA97:G:69>C8DC?JC8I>DCL>I="I:B T&6C6<:B:CIVH>H8JHH>DC6C9C6ANH>H D; >C6C8>6A DC9>I>DC 6C9 +:HJAIH D; (E:G6I>DCH U 6C9 I=: DCHDA>96I:9 >C6C8>6A ,I6I:B:CIH 6C9 I=: G:A6I:9 'DI:H ID I=: DCHDA>96I:9>C6C8>6A,I6I:B:CIH>C"I:B T(I=:G>C6C8>6A,I6I:B:CI:I6>AH UD;I=>HCCJ6A+:EDGIDCDGB $ 


  • Page 28

    C4< $1$*(0(17?6,6&866,21$1'1$/<6,62),1$1&,$/21',7,21$1'(68/762)3(5$7,216 -=: ;DAADL>C< 9>H8JHH>DC H=DJA9 7: G:69 >C 8DC?JC8I>DC L>I= I=: DI=:G H:8I>DCH D; I=>H G:EDGI  >C8AJ9>C< I=: DCHDA>96I:9 >C6C8>6A,I6I:B:CIH6C9G:A6I:9'DI:HIDI=:DCHDA>96I:9>C6C8>6A,I6I:B:CIH>C"I:B T(I=:G>C6C8>6A,I6I:B:CI:I6>AH U D;I=>HCCJ6A+:EDGIDCDGB $ DB8=4BB$E4AE84F 0:DE:G6I:>CI=G::G:EDGI67A:7JH>C:HHH:<B:CIHD;I=:=:6I>C< K:CI>A6I>DC 6>G8DC9>I>DC>C<6C9G:;G><:G6I>DCT!/+U >C9JHIGN (JGG:EDGI67A:H:<B:CIH6G:+:H>9:CI>6A!:6I>C<DDA>C< DBB:G8>6A!:6I>C<DDA>C< 6C9+:;G><:G6I>DC DG BDG:9:I6>A:9>C;DGB6I>DCG:<6G9>C<DJGG:EDGI67A:H:<B:CIH H::'DI:>CI=:'DI:HIDI=:DCHDA>96I:9>C6C8>6A,I6I:B:CIH  0: H:AA DJG EGD9J8IH 6C9 H:GK>8:H I=GDJ<= 6 8DB7>C6I>DC D; 9>G:8I H6A:H  9>HIG>7JIDGH 6C9 8DBE6CN DLC:9 HIDG:H -=: 9:B6C9 ;DG DJG EGD9J8IH 6C9 H:GK>8:H >H H:6HDC6A 6C9 H><C>;>86CIAN >BE68I:9 7N I=: L:6I=:G   06GB:G I=6C CDGB6A HJBB:G I:BE:G6IJG:H<:C:G6I:9:B6C9;DGG:EA68:B:CI6>G8DC9>I>DC>C<6C9G:;G><:G6I>DCEGD9J8IH6C9H:GK>8:H 6C98DA9:GI=6CCDGB6A L>CI:G I:BE:G6IJG:H =6K: 6 H>B>A6G :;;:8I DC =:6I>C< EGD9J8IH 6C9 H:GK>8:H   DCK:GH:AN  8DDA:G I=6C CDGB6A HJBB:GH 6C9 L6GB:GI=6CCDGB6AL>CI:GH9:EG:HHI=:9:B6C9;DG!/+EGD9J8IH6C9H:GK>8:H "C699>I>DCIDL:6I=:G 9:B6C9;DGDJG EGD9J8IH 6C9 H:GK>8:H >H >C;AJ:C8:9 7N C6I>DC6A 6C9 G:<>DC6A :8DCDB>8 6C9 9:BD<G6E=>8 ;68IDGH  HJ8= 6H >CI:G:HI G6I:H  I=: 6K6>A67>A>IN D; ;>C6C8>C<  G:<>DC6A EDEJA6I>DC 6C9 :BEADNB:CI IG:C9H  C:L 8DCHIGJ8I>DC  <:C:G6A :8DCDB>8 8DC9>I>DCH 6C9 8DCHJB:GHE:C9>C<=67>IH6C98DC;>9:C8: HJ7HI6CI>6AEDGI>DCD;I=:H6A:H>C:68=D;DJG7JH>C:HHH:<B:CIH>H6IIG>7JI67A: ID G:EA68:B:CI7JH>C:HH L>I=I=:76A6C8:8DBEG>H:9D;C:L8DCHIGJ8I>DC7JH>C:HH -=: EG>C8>E6A :A:B:CIH D; 8DHI D; <DD9H HDA9 6G: 8DBEDC:CIH  G6L B6I:G>6AH  ;68IDGN DK:G=:69  A67DG  :HI>B6I:9 8DHIH D; L6GG6CIN:ME:CH:6C9;G:><=I6C99>HIG>7JI>DC8DHIH -=:EG>C8>E6AG6LB6I:G>6AHJH:9>CDJGB6CJ;68IJG>C<EGD8:HH:H6G:HI::A  8DEE:G6C96AJB>CJB "CG:8:CIN:6GH EG>8>C<KDA6I>A>IN;DGI=:H:8DBBD9>I>:H6C9G:A6I:98DBEDC:CIH=6H>BE68I:9JH6C9I=: !/+>C9JHIGN>C<:C:G6A 0:H::@IDB>I><6I:I=:>BE68ID;8DBBD9>INEG>8:KDA6I>A>INI=GDJ<=68DB7>C6I>DCD;EG>8>C< 68I>DCH K:C9DG8DCIG68IH >BEGDK:9EGD9J8I>DC:;;>8>:C8N6C98DHIG:9J8I>DC>C>I>6I>K:H 0:6AHDE6GI>6AANB>I><6I:KDA6I>A>IN>C I=:EG>8:HD;I=:H:8DBBD9>I>:H7N:CI:G>C<>CID;JIJG:H8DCIG68IH6C9;>M:9;DGL6G98DCIG68IH  7:,.>91!( ",8/074.,8/>30$0=?6>4823,820=>99?<  48,8.4,6"0<19<7,8.0 CDK:AHIG6>CD;8DGDC6K>GJHDG (/"  HJG;68:9>CA6I:6C9=6HHEG:696GDJC9I=:LDGA9 "C I=:HEG:69D; (/" 6C9I=:9:K:ADEB:CIHHJGGDJC9>C<I=:<AD76AE6C9:B>89>HGJEI:9DJG7JH>C:HHDE:G6I>DCH6C96;;:8I:9DJGG:HJAIHD; DE:G6I>DCH DG:M6BEA: >CG:HEDCH:IDI=:(/" E6C9:B>8 K6G>DJHC6I>DC6A HI6I: 6C9AD86A<DK:GCB:CIHL=:G:L: DJG HJEEA>:GH  6C9 DJG 8JHIDB:GH DE:G6I: >HHJ:9 9:8G::H EGD=>7>I>C< 8:GI6>C 7JH>C:HH:H ;GDB 8DCI>CJ>C< ID DE:G6I: 6C9 8:GI6>C 8A6HH:H D; LDG@:GH ;GDB G:EDGI>C< ID LDG@  -=DH: 9:8G::H G:HJAI:9 >C HJEEAN 8=6>C 9>HGJEI>DC  =><=:G 67H:CI::>HB >C DJG ;68IDG>:H  6C9 C:<6I>K:AN >BE68I:9 C:I H6A:H ;DG DJG DBB:G8>6A 6C9 +:;G><:G6I>DC H:<B:CIH  99>I>DC6AAN  8:GI6>C D; DJG B6CJ;68IJG>C< ;68>A>I>:H :ME:G>:C8:9 H=DGI I:GB HJHE:CH>DCH D; DE:G6I>DCH ;DG (/"  :BEADN:: =:6AI= 8DC8:GCH  0: >BEA:B:CI:9H:K:G6A8DHIG:9J8I>DC68I>DCH>CI=:H:8DC9FJ6GI:GD; >C8AJ9>C<:BEADN::I:GB>C6I>DCH I:BEDG6GN;68>A>IN 8ADHJG:H6C986C8:AA6I>DCHD;8:GI6>CH6A:H6C9B6G@:I>C<68I>K>I>:H 6C9G:K>H:9DJG;>C6C8>6ADJIADD@9DLCL6G9ID688DJCI;DG (/" VH:ME:8I:9:8DCDB>8>BE68IDCDJGDBE6CN6C9;JIJG:JC8:GI6>CIN HI=:(/" E6C9:B>88DCI>CJ:H =:6AI=8DC8:GCG>H@HG:B6>C 6C9L:86CCDIEG:9>8IL=:I=:G6CND;DJGB6CJ;68IJG>C<  DE:G6I>DC6A DG 9>HIG>7JI>DC ;68>A>I>:H L>AA :ME:G>:C8: 9>HGJEI>DCH  DG =DL ADC< HJ8= 9>HGJEI>DCH LDJA9 A6HI   "I 6AHD G:B6>CH JC8A:6G=DLK6G>DJHC6I>DC6A HI6I: 6C9AD86A<DK:GCB:CIHL>AAG:68I>;I=:9>HIG>7JI>DCD;K688>C:H>HHADL:GI=6C:ME:8I:9  ";I=:(/" E6C9:B>8LDGH:CHDGI=:E6C9:B>88DCI>CJ:HADC<:GI=6CEG:H:CIAN:ME:8I:9 (/"LDJA98DCI>CJ:ID >BE68IDJGG:HJAIHD;DE:G6I>DCH ;>C6C8>6AEDH>I>DC6C986H=;ADLH ; 8=0=280;867;867CB Q ':IH6A:H9:8G:6H:9B>AA>DC DG ID B>AA>DC>C;GDB B>AA>DC>C  Q (E:G6I>C<>C8DB:>CL6HB>AA>DC8DBE6G:9IDB>AA>DC>C L=>8=>C8AJ9:9B>AA>DCC:I<6>C ;GDB>CHJG6C8:G:8DK:G>:H  Q ':I>C8DB:>C9:8G:6H:9IDB>AA>DC;GDBB>AA>DC>C  Q >AJI:9:6GC>C<HE:GH=6G:;GDB8DCI>CJ>C<DE:G6I>DCHL:G: E:GH=6G:>C8DBE6G:9ID E:GH=6G:>C   Q 0: <:C:G6I:9  B>AA>DC D; 86H= ;ADL ;GDB DE:G6I>C< 68I>K>I>:H >C  8DBE6G:9 ID  B>AA>DC >C    -=: 


  • Page 29

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


  • Page 30

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


  • Page 31

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


  • Page 32

    9770<.4,60,>482996482 -=:;DAADL>C<I67A:EG:H:CIHDJGDBB:G8>6A!:6I>C<DDA>C<H:<B:CIVHC:IH6A:H6C9EGD;>I;DG6C99DAA6GH >CB>AA>DCH >AC74.40AB=343 424<14A   8554A4=24 70=64 ':IH6A:H            )GD;>I           D;C:IH6A:H     DBB:G8>6A !:6I>C<  DDA>C< C:I H6A:H 9:8G:6H:9  >C  8DBE6G:9 ID    ,6A:H KDAJB: L6H  ADL:G 6C9 EG>8:6C9B>M8DB7>C:99:8G:6H:9 ,:<B:CIEGD;>I>C9:8G:6H:9B>AA>DC8DBE6G:9ID9J:IDB>AA>DCD;ADL:GH6A:HKDAJB:6C9B>AA>DC D;JC;6KDG67A:B>M )6GI>6AAND;;H:II>C<I=:H:9:8A>C:HL6HB>AA>DCD;ADL:G,  B>AA>DCD;:C<>C::G>C<6C9HDJG8>C< A:9 8DHI G:9J8I>DCH   B>AA>DC ;GDB ADL:G 8DBBD9>IN 8DHIH   B>AA>DC D; ;68IDGN EGD9J8I>K>IN   B>AA>DC D; DI=:G EGD9J8I 8DHIH B>AA>DCD;ADL:GI6G>;;HDC=>C:H:>BEDGIH 6C9B>AA>DCD;;6KDG67A:;DG:><C8JGG:C8N:M8=6C<:G6I:H $01<420<,>498 -=:;DAADL>C<I67A:EG:H:CIHDJG+:;G><:G6I>DCH:<B:CIVHC:IH6A:H6C9EGD;>I;DG6C99DAA6GH>CB>AA>DCH >AC74.40AB=343 424<14A   8554A4=24 70=64 ':IH6A:H            )GD;>I           D;C:IH6A:H     ':IH6A:H9:8G:6H:9>C8DBE6G:9ID ,6A:HKDAJB:L6HADL:G6C9I=:ADHHD;H6A:H;GDBDJG9>K:HI:9 $NHDG06GG:C7JH>C:HH8DCIG>7JI:9L=>8=L6HE6GI>6AAND;;H:I7ND;;6KDG67A:8DB7>C:9EG>8:6C9B>M6C9;GDB ;6KDG67A:;DG:><C8JGG:C8N:M8=6C<:G6I:H  ,:<B:CIEGD;>I>C9:8G:6H:9B>AA>DC8DBE6G:9ID9J:IDB>AA>DCD;ADL:GH6A:HKDAJB:H B>AA>DCD; ;68IDGN>C:;;>8>:C8N B>AA>DCD;DI=:GEGD9J8I8DHIH6C9L6GG6CIN B>AA>DC;GDBCDC G:8JGG>C<JGDE:6CG:;G><:G6CIFJDI6 H6A:H   B>AA>DC D; 8DB7>C:9 EG>8: 6C9 B>M  6C9  B>AA>DC ;GDB ADL:G >C8DB: ;GDB :FJ>IN B:I=D9 >CK:HIB:CIH   )6GI>6AAN D;;H:II>C< I=:H: 9:8A>C:H L6H  B>AA>DC ;GDB ADL:G 8DBBD9>IN 8DHIH   B>AA>DC D; :C<>C::G>C< 6C9 HDJG8>C< A:9 8DHI G:9J8I>DCH B>AA>DCADL:G,  B>AA>DCADL:G;G:><=I6C99>HIG>7JI>DC:ME:CH: B>AA>DCD;=><=:GEGD;>I9J:IDI=: 9>K:HI>IJG:D;I=:$NHDG06GG:C7JH>C:HH 6C9B>AA>DCD;;6KDG67A:;DG:><C8JGG:C8N:M8=6C<:G6I:H 9<:9<,>0,8/!>30< DGEDG6I:6C9DI=:G:ME:CH:H>C8G:6H:97NB>AA>DC>C8DBE6G:9IDEG>B6G>AN9J:IDH=DGI I:GB6C9ADC< I:GB HID8@ 76H:9>C8:CI>K:8DBE:CH6I>DC .40A=343424<14A  ><?0A43C>.40A=343424<14A  >=B>;830C43'4BD;CB 0>%,60= ':I H6A:H 9:8G:6H:9   >C  8DBE6G:9 ID   9G>K:C 7N 6  9:8A>C: G:A6I:9 ID I=: 9>K:HI>IJG:H D; DJG JHIG6A>6  H>6 ,DJI=B:G>86 6C9$NHDG06GG:C7JH>C:HH:H E6GI>6AAND;;H:I7NKDAJB:<GDLI=6C9;GDB;6KDG67A:EG>8:6C9 B>M 8DB7>C:9  -=: >C8G:6H: >C KDAJB: L6H EG>B6G>AN 9J: ID B6G@:I <GDLI= >C DJG +:H>9:CI>6A !:6I>C<  DDA>C< 6C9 DBB:G8>6A !:6I>C<  DDA>C< H:<B:CIH  6C9 I=: ;6KDG67A: EG>8: 6C9 B>M 8DB7>C:9 L6H 6IIG>7JI67A: ID 6AA I=G:: D; DJG 7JH>C:HHH:<B:CIH 


  • Page 33

    <9=="<914> GDHH EGD;>I B6G<>CH ;DG  9:8G:6H:9  76H>H ED>CIH T7EHU ID   8DBE6G:9 ID   >C    0: H6L B6G<>C 9:8G:6H:HD;7EH;GDB=><=:G8DBBD9>IN8DHIH 7EH;GDB=><=:G;G:><=I6C99>HIG>7JI>DC8DHIH 7EH;GDBADL:G;68IDGN EGD9J8I>K>IN 6C97EH;GDBDI=:GEGD9J8I8DHIH -=:H:9:8G:6H:HL:G:D;;H:I7N>C8G:6H:HD;7EH;GDB;6KDG67A:EG>8: 6C9 B>M   7EH ;GDB HDJG8>C< 6C9 :C<>C::G>C< A:9 8DHI G:9J8I>DCH  6C9  7EH ;GDB DJG 9>K:HI:9 JHIG6A>6  H>6  ,DJI= B:G>86 6C9$NHDG06GG:C7JH>C:HH:HL=>8=8DAA:8I>K:AN=69ADL:GB6G<>CH %066482080<,6,8//7484=><,>4@0B:08=0= ,  :ME:CH:H 9:8G:6H:9 7N  B>AA>DC >C  8DBE6G:9 ID    H 6 E:G8:CI6<: D; C:I H6A:H  ,  :ME:CH:H 9:8G:6H:9  7EH ;GDB   ID   >C I=: H6B: E:G>D9H   ,  9:8G:6H:9 EG>B6G>AN 9J: ID I=: H6A: D; DJG 9>K:HI:9 JHIG6A>6 H>6 ,DJI=B:G>86 6C9$NHDG06GG:C7JH>C:HH:H  9==0=,48=,8/!>30<B:08=0= 0> %DHH:H<6>CH6C9DI=:G:ME:CH:H C:I;DG6C9>C8AJ9:9I=:;DAADL>C<>CB>AA>DCH >AC74.40AB=343 424<14A    +:6A>O:9ADHH:H<6>CH C:IDCH:IIA:9;JIJG:H8DCIG68IH      DG:><C8JGG:C8N:M8=6C<:<6>CHADHH:H C:I       6>CHADHH:HDC9>HEDH6AD;;>M:96HH:IH      (I=:GDE:G6I>C<<6>CHADHH:H     S =6C<:>CJCG:6A>O:9<6>CHADHH:H C:ID;JCH:IIA:9;JIJG:H8DCIG68IH      H7:HIDH G:A6I:9A>I><6I>DC      ,E:8>6AA:<6A8DCI>C<:C8N8=6G<:H       CK>GDCB:CI6AA>67>A>I>:H       (I=:G>I:BH C:I      %DHH:H<6>CH6C9DI=:G:ME:CH:H C:I       -=: G:6A>O:9 <6>CH DC H:IIA:9 ;JIJG:H 8DCIG68IH >C  L:G: 6IIG>7JI67A: ID 8=6C<:H >C 8DBBD9>IN EG>8:H G:A6I>K: ID DJG H:IIA:9 ;JIJG:H 8DCIG68I EG>8:H  6H 8DBBD9>IN EG>8:H =6K: >C8G:6H:9 >C  G:A6I>K: ID    99>I>DC6AAN  I=: 8=6C<: >C JCG:6A>O:9ADHH:H C:IDCJCH:IIA:9;JIJG:H8DCIG68IHL6H9J:IDADL:G8DBBD9>INEG>8:HG:A6I>K:IDI=:JCH:IIA:9;JIJG:H8DCIG68I EG>8:H DGBDG:>C;DGB6I>DCDCDJG9:G>K6I>K:H H::'DI:>CI=:'DI:HIDI=:DCHDA>96I:9>C6C8>6A,I6I:B:CIH  DG:><C8JGG:C8N:M8=6C<:ADHH:H>C8G:6H:9>CEG>B6G>AN9J:IDL:6@:C>C<>C;DG:><C:M8=6C<:G6I:H>CDJGEG>B6GN B6G@:IH -=:HE:8>6AA:<6A8DCI>C<:C8N8=6G<:H9:8G:6H:9EG>B6G>AN9J:IDADL:GA:<6A8DHIH6HHD8>6I:9L>I=DJIHI6C9>C<A:<6A H:IIA:B:CIH   -=: 6H7:HIDH G:A6I:9 A>I><6I>DC G:A6I:H ID @CDLC 6C9 :HI>B6I:9 ;JIJG: 6H7:HIDH B6II:GH   -=: :CK>GDCB:CI6A A>67>A>I>:HG:A6I:ID:HI>B6I:9G:B:9>6I>DC8DHIH;DG8DCI6B>C6I>DC6IHDB:D;DJG;68>A>I>:H +:;:GID'DI:>CI=:'DI:HIDI=: DCHDA>96I:9 >C6C8>6A ,I6I:B:CIH ;DG BDG: >C;DGB6I>DC DC A>I><6I>DC  >C8AJ9>C< I=: 6H7:HIDH G:A6I:9 A>I><6I>DC  6C9 I=: :CK>GDCB:CI6AA>67>A>I>:H  $0=><?.>?<4823,<20= +:HIGJ8IJG>C<8=6G<:HL:G: B>AA>DC>C8DBE6G:9ID B>AA>DC>C -=:8=6G<:H>CG:A6I:9EG>B6G>AN ID68I>K>I>:H>CI=:+:H>9:CI>6A!:6I>C<DDA>C<H:<B:CIID8ADH:8:GI6>C%:CCDM,IDG:H6C9G:9J8:B6C6<:B:CI6C9HJEEDGI HI6;; 6C968I>K>I>:H>CI=:DBB:G8>6A!:6I>C<DDA>C<H:<B:CIHIDG: 6A><CG:HDJG8:H6C9>IHEGD9J8IEDGI;DA>D -=:8=6G<:H >C  L:G: EG>B6G>AN ;DG EGD?:8IH ID G:6A><C G:HDJG8:H 6C9 :C=6C8: B6CJ;68IJG>C< 6C9 9>HIG>7JI>DC 86E67>A>I>:H   DG BDG: >C;DGB6I>DCDCDJGG:HIGJ8IJG>C<68I>K>I>:H H::'DI:>CI=:'DI:HIDI=:DCHDA>96I:9>C6C8>6A,I6I:B:CIH 99/A466 0: E:G;DGB:9 6 FJ6A>I6I>K: >BE6>GB:CI 6C6ANH>H 6C9 CDI:9 CD >C9>86IDGH D; <DD9L>AA >BE6>GB:CI ;DG I=: N:6G :C9:9 


  • Page 34

    :8:B7:G      0: 9>9 CDI G:8DG9 6CN <DD9L>AA >BE6>GB:CIH >C  DG    +:;:G ID 'DI:  >C I=: 'DI:H ID I=: DCHDA>96I:9>C6C8>6A,I6I:B:CIH;DGBDG:>C;DGB6I>DCDC<DD9L>AA ==0>7:,4<708> 0:9>9CDI=6K:6CN>BE6>GB:CIHD;6HH:IHG:A6I:9ID8DCI>CJ>C<DE:G6I>DCH>CDG "08=498%0>>60708> "C I=: H:8DC9 6C9 ;DJGI= FJ6GI:GH D;   L: :CI:G:9 >CID 6<G::B:CIH ID EJG8=6H: <GDJE 6CCJ>IN 8DCIG68IH 6C9 IG6CH;:G 8:GI6>CE:CH>DC6HH:IH6C9G:A6I:9E:CH>DC7:C:;>ID7A><6I>DCHID)68>;>8%>;:"CHJG6C8:DBE6CN 0:G:8D<C>O:9 B>AA>DC D;E:CH>DCH:IIA:B:CI8=6G<:HG:A6I:9IDI=:H:IG6CH68I>DCH 0:9>9CDI=6K:H><C>;>86CIE:CH>DC7JNDJI68I>K>IN>C +:;:G ; ID'DI:>CI=:'DI:HIDI=:DCHDA>96I:9>C6C8>6A,I6I:B:CIH;DGBDG:>C;DGB6I>DCDCE:CH>DCH6C9:BEADN::7:C:;>IEA6CH 8.9701<97;?4>C0>39/8@0=>708>= "CK:HIB:CIHDK:GL=>8=L:9DCDI:M:G8>H:8DCIGDA7JI=6K:H><C>;>86CI>C;AJ:C8:6G:688DJCI:9;DGJH>C<I=::FJ>INB:I=D9 D; 688DJCI>C<   "C8DB: ;GDB :FJ>IN B:I=D9 >CK:HIB:CIH L6H  B>AA>DC >C  8DBE6G:9 ID  B>AA>DC >C    -=: >C8G:6H:>H9J:ID>BEGDK:9DE:G6I>C<E:G;DGB6C8:6II=:?D>CIK:CIJG:H 8>0<0=>B:08=080> ':I>CI:G:HI:ME:CH:D;B>AA>DC>C>C8G:6H:9;GDBB>AA>DC>CEG>B6G>AN9J:ID6C>C8G:6H:>CDJG6K:G6<: 7DGGDL>C<H 8.970&,B0= -=:>C8DB:I6MEGDK>H>DCL6HB>AA>DC>C8DBE6G:9IDB>AA>DC>C 6C9I=::;;:8I>K:I6MG6I:L6H  >C8DBE6G:9ID >C -=:6C9:;;:8I>K:I6MG6I:H9>;;:G;GDBI=:HI6IJIDGNG6I:D;EG>B6G>AN9J: ID HI6I: 6C9 ;DG:><C I6M:H  +:;:G ID 'DI:  >C I=: 'DI:H ID I=: DCHDA>96I:9 >C6C8>6A ,I6I:B:CIH ;DG BDG: >C;DGB6I>DC DC E:CH>DCH6C9:BEADN::7:C:;>IEA6CH 0::ME:8IDJG:;;:8I>K:I6MG6I:L>AA7:7:IL::C6C9>C;JIJG:N:6GH :M8AJ9>C< I=:>BE68ID;:M8:HHI6M7:C:;>IH +:;:GID'DI:>CI=:'DI:HIDI=:DCHDA>96I:9>C6C8>6A,I6I:B:CIH;DGBDG:>C;DGB6I>DC DCI=:>BE68ID;G:8:CI8=6C<:H>CI6MA:<>HA6I>DC 9==1<974=.98>48?0/!:0<,>498= -=:G:L:G:CDH><C>;>86CIADHH:H;GDB9>H8DCI>CJ:9DE:G6I>DCH>C -=:B>AA>DCD;EG: I6M>C8DB:>CEG>B6G>AN G:A6I:9 ID 8=6C<:H >C G:I6>C:9 EGD9J8I A>67>A>I>:H 6C9 <:C:G6A A>67>A>I>:H ;DG I=: ,:GK>8: ME:GIH 7JH>C:HH HDA9 >C  6C9 I=: !:6GI=7JH>C:HHHDA9>C  .40A=343424<14A  ><?0A43C>.40A=343424<14A  '4BD;CB1H(46<4=C $0=4/08>4,60,>482996482 -=:;DAADL>C<I67A:EG:H:CIHDJG+:H>9:CI>6A!:6I>C<DDA>C< H:<B:CIVHC:IH6A:H6C9EGD;>I;DG6C99DAA6GH>C B>AA>DCH >AC74.40AB=343 424<14A    8554A4=24 70=64 ':IH6A:H             )GD;>I           D;C:IH6A:H      +:H>9:CI>6A!:6I>C<DDA>C<C:IH6A:H>C8G:6H:9>C8DBE6G:9ID ,6A:HKDAJB:>C8G:6H:96C9EG>8:6C9 B>M8DB7>C:9>C8G:6H:9 


  • Page 35

    ,:<B:CIEGD;>I>C>C8G:6H:9B>AA>DC8DBE6G:9ID9J:ID6C>C8G:B:CI6AB>AA>DCD;>CHJG6C8:EGD8::9H;DG ADHIEGD;>IHG:A6I:9IDI=:&6GH=6AAIDLCIDGC69D B>AA>DCD;;6KDG67A:EG>8: B>AA>DCD;HDJG8>C<6C9:C<>C::G A:98DHI G:9J8I>DCH B>AA>DCD;ADL:GL6GG6CIN8DHIH 6C9B>AA>DCD;=><=:GH6A:HKDAJB: )6GI>6AAND;;H:II>C<I=:H:>C8G:6H:H>H B>AA>DCD;=><=:G;G:><=I6C99>HIG>7JI>DC:ME:CH: B>AA>DC;GDBADL:G;68IDGN:;;>8>:C8N B>AA>DCD;=><=:G,   B>AA>DCD;JC;6KDG67A:B>M B>AA>DCD;=><=:GDI=:GEGD9J8I8DHIH B>AA>DCD;=><=:G8DBBD9>I>:H 6C9B>AA>DCD; JC;6KDG67A:;DG:><C:M8=6C<:G6I:H 9770<.4,60,>482996482 -=:;DAADL>C<I67A:EG:H:CIHDJGDBB:G8>6A!:6I>C<DDA>C<H:<B:CIVHC:IH6A:H6C9EGD;>I;DG6C99DAA6GH >CB>AA>DCH >AC74.40AB=343 424<14A    8554A4=24 70=64 ':IH6A:H           )GD;>I           D;C:IH6A:H     DBB:G8>6A!:6I>C<DDA>C<C:IH6A:H>C8G:6H:9>C8DBE6G:9ID B ,6A:HKDAJB:>C8G:6H:96C9EG>8: 6C9B>M8DB7>C:9>C8G:6H:9 ,:<B:CIEGD;>I>C>C8G:6H:9B>AA>DC8DBE6G:9ID9J:IDB>AA>DCD;=><=:GEG>8:6C9B>M8DB7>C:9 B>AA>DCD;=><=:GH6A:HKDAJB: 6C9B>AA>DC;GDBHDJG8>C<6C9:C<>C::G>C< A:98DHIG:9J8I>DCH )6GI>6AAND;;H:II>C<I=:H: >C8G:6H:HL6HB>AA>DCD;ADL:G;68IDGN:;;>8>:C8N B>AA>DCD;=><=:GL6GG6CIN6C9DI=:GEGD9J8I8DHIH B>AA>DCD;=><=:G 8DBBD9>I>:H B>AA>DCD;=><=:G;G:><=I6C99>HIG>7JI>DC:ME:CH: B>AA>DCD;=><=:G, :ME:CH: 6C9B>AA>DCD; =><=:GI6G>;;HDC=>C:H:>BEDGIH $01<420<,>498 -=:;DAADL>C<I67A:EG:H:CIHDJG+:;G><:G6I>DCH:<B:CIVHC:IH6A:H6C9EGD;>I;DG6C99DAA6GH>CB>AA>DCH >AC74.40AB=343 424<14A    8554A4=24 70=64 ':IH6A:H          )GD;>I         D;C:IH6A:H      ':IH6A:H9:8G:6H:9>C8DBE6G:9ID -=:ADHHD;H6A:H;GDBI=:9>K:HI:9JHIG6A>6 H>6 ,DJI= B:G>866C9$NHDG06GG:C7JH>C:HH:H8DCIG>7JI:96C9JC;6KDG67A:;DG:><C8JGG:C8N:M8=6C<:G6I:H8DCIG>7JI:9 E6GI>6AAND;;H:I7N;6KDG67A:EG>8:6C9B>M8DB7>C:9 ,:<B:CIEGD;>I>C9:8G:6H:9B>AA>DC8DBE6G:9ID9J:IDB>AA>DCD;ADL:G;68IDGN:;;>8>:C8N  B>AA>DCD;=><=:G8DBBD9>I>:H B>AA>DCD;ADL:GH6A:HD;G:;G><:G6CI6AAD86I>DCH>CJGDE: B>AA>DCD;=><=:GL6GG6CIN6C9 DI=:GEGD9J8I8DHIH B>AA>DCD;=><=:G, :ME:CH:H B>AA>DCJC;6KDG67A:;DG:><C8JGG:C8N:M8=6C<:G6I:H 6C9 B>AA>DCD;=><=:GI6G>;;HDC=>C:H:>BEDGIH )6GI>6AAND;;H:II>C<I=:H:9:8G:6H:HL6HB>AA>DC;GDB=><=:GEG>8:6C9B>M 8DB7>C:9 B>AA>DCD;HDJG8>C<6C9:C<>C::G>C< A:98DHIG:9J8I>DCH 6C9B>AA>DCD;=><=:GEGD;>I9J:IDI=:9>K:HI>IJG:D; $NHDG06GG:C 9<:9<,>0,8/!>30< DGEDG6I:6C9DI=:G:ME:CH:H9:8G:6H:97NB>AA>DC>C8DBE6G:9IDEG>B6G>AN9J:IDADL:GH=DGI I:GB6C9ADC< I:GB>C8:CI>K:8DBE:CH6I>DC 


  • Page 36

    22>D=C8=65>ADCDA4B>=CA02CB +:6A>O:9<6>CH6C9ADHH:HDCH:IIA:9;JIJG:H8DCIG68IH6G:68DBEDC:CID;H:<B:CIEGD;>IADHH .CG:6A>O:9<6>CH6C9ADHH:H DC JCH:IIA:9 ;JIJG:H 8DCIG68IH 6G: :M8AJ9:9 ;GDB H:<B:CI EGD;>I I ADHH 6H I=:N 6G: HJ7?:8I ID 8=6C<:H >C ;6>G K6AJ: JCI>A I=:>G H:IIA:B:CI96I: DI=G:6A>O:96C9JCG:6A>O:9<6>CH6C9ADHH:HDC;JIJG:H8DCIG68IH6G:68DBEDC:CID;%DHH:H<6>CH6C9DI=:G :ME:CH:H C:I>CI=:688DBE6CN>C<DCHDA>96I:9,I6I:B:CIHD;(E:G6I>DCH ,::'DI:D;I=:'DI:HIDDCHDA>96I:9>C6C8>6A ,I6I:B:CIH;DGBDG:>C;DGB6I>DCDCDJG9:G>K6I>K:H6C9'DI:D;I=:'DI:HIDI=:DCHDA>96I:9>C6C8>6A,I6I:B:CIH;DGBDG: >C;DGB6I>DCDCDJGH:<B:CIH6C9;DG6G:8DC8>A>6I>DCD;H:<B:CIEGD;>IIDDE:G6I>C<>C8DB: !8@D838CH0=30?8C0;'4B>DA24B (JGLDG@>C<86E>I6A6C986E>I6A:ME:C9>IJG:G:FJ>G:B:CIH6G:<:C:G6AANB:II=GDJ<=>CI:GC6AAN<:C:G6I:9;JC9H 76C@A>C:H D;8G:9>I6C96C6HH:IH:8JG>I>O6I>DC6GG6C<:B:CI 0DG@>C<86E>I6AC::9H6G:<:C:G6AAN<G:6I:G>CI=:;>GHI6C9H:8DC9FJ6GI:GH 9J:IDI=:H:6HDC6AC6IJG:D;DJG7JH>C:HH8N8A:  %>,>0708>91,=369A= -=:;DAADL>C<I67A:HJBB6G>O:HDJG86H=;ADL68I>K>IN;DGI=:N:6GH:C9:9:8:B7:G  6C9>CB>AA>DCH   ':I86H=EGDK>9:97NDE:G6I>C<68I>K>I>:H          ':I86H=JH:9>CEGDK>9:97N>CK:HI>C<68I>K>I>:H          ':I86H=JH:9>C;>C6C8>C<68I>K>I>:H          0> ,=3 "<9@4/0/ -C !:0<,>482 .>4@4>40=  ':I 86H= EGDK>9:9 7N DE:G6I>C< 68I>K>I>:H >C8G:6H:9  B>AA>DC ID  B>AA>DC>C8DBE6G:9IDB>AA>DC>C -=:>C8G:6H:L6HEG>B6G>AN6IIG>7JI67A:ID69:8G:6H:>CLDG@>C<86E>I6A E6GI>6AAND;;H:I7N69:8G:6H:>CC:I>C8DB: 0>,=3'=0/48"<9@4/0/-C8@0=>482.>4@4>40= -=:C:I8=6C<:>C>CK:HI>C<68I>K>I>:HD;B>AA>DCL:G:6IIG>7JI67A: ID67H:C8:D;86H=>C;ADLH;GDB>CHJG6C8:EGD8::9HD;B>AA>DCID;JC986E>I6A:ME:C9>IJG:H;DGI=:G:8DCHIGJ8I>DCD;DJG &6GH=6AAIDLC ;68>A>IN 6C9  B>AA>DC D; EGD8::9H ;DG I=: H6A:H D; DJG $NHDG 06GG:C 7JH>C:HH >C   6E>I6A :ME:C9>IJG:H L:G:  B>AA>DC   B>AA>DC 6C9  B>AA>DC >C    6C9   G:HE:8I>K:AN   6E>I6A :ME:C9>IJG:H >C  L:G: EG>B6G>AN G:A6I:9 ID I=: :ME6CH>DC D; DJG B6CJ;68IJG>C< 86E68>IN 6C9 :FJ>EB:CI 6C9 >CK:HIB:CIH >C HNHI:BH 6C9 HD;IL6G: ID HJEEDGII=:DK:G6AA:CI:GEG>H:  0>,=3'=0/4848,8.482.>4@4>40= ':I86H=JH:9>C;>C6C8>C<68I>K>I>:H>C8G:6H:9IDB>AA>DC>C;GDB B>AA>DC>C -=:>C8G:6H:>H9J:ID69:8G:6H:>C7DGGDL>C<H6C96C>C8G:6H:>CE6NB:CIHDCDJG9:7I;68>A>I>:H >C8G:6H: E6GI>6AAN D;;H:I7NADL:GH=6G:G:EJG8=6H:H>C JG>C<L:G:EJG8=6H:9B>AA>DCD;H=6G:H8DBE6G:9IDB>AA>DCD; H=6G:H>C 0:6AHDG:IJGC:9B>AA>DCIDH=6G:=DA9:GHI=GDJ<=9>K>9:C9E6NB:CIH>C DG699>I>DC6A>C;DGB6I>DC DCH=6G:G:EJG8=6H:H G:;:GID'DI:>CI=:'DI:HIDI=:DCHDA>96I:9>C6C8>6A,I6I:B:CIH 


  • Page 37

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


  • Page 38

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


  • Page 39

    6C9 DGI=:EG:8:9>C<;>H86AN:6G "C699>I>DC HID8@G:EJG8=6H:H86CDCAN7:B69:DJID;HJGEAJH6C9DCAN>;DJG86E>I6ALDJA9 CDI7:>BE6>G:9 0,=4829774>708>= +:;:GID'DI:>CI=:'DI:HIDI=:DCHDA>96I:9>C6C8>6A,I6I:B:CIH;DGBDG:9:I6>AHDCDJGA:6H>C<8DBB>IB:CIH ?,<,8>00=<06,>0/>99?<0->!-642,>498= (JGH:C>DGJCH:8JG:9CDI:HL:G:>HHJ:97N%:CCDM"CI:GC6I>DC6A"C8 I=:T)6G:CIU6C96G:JC8DC9>I>DC6AAN<J6G6CI::97N 8:GI6>C D; DJG HJ7H>9>6G>:H I=: T J6G6CIDG ,J7H>9>6G>:HU 6C9 6G: CDI H:8JG:9 7N DJG DI=:G HJ7H>9>6G>:H   -=: J6G6CIDG ,J7H>9>6G>:H 6G:  DLC:9 6C9 8DCHDA>96I:9  6AA <J6G6CI::H 6G: ;JAA 6C9 JC8DC9>I>DC6A  6C9 6AA <J6G6CI::H 6G: ?D>CI 6C9 H:K:G6A -=:;DAADL>C<8DB7>C:9)6G:CI6C9 J6G6CIDG,J7H>9>6G>:H;>C6C8>6A>C;DGB6I>DC>HEG:H:CI:96HD;6C9;DGI=:N:6GH:C9:9 :8:B7:G 6C9>CB>AA>DCH B>5 B>5 424<14A  424<14A   JGG:CI6HH:IH       'DC 8JGG:CI6HH:IH         JGG:CIA>67>A>I>:H       'DC 8JGG:CIA>67>A>I>:H         BDJCIH9J:IDCDC <J6G6CIDGHJ7H>9>6G>:H       >AC74.40A=343 >AC74.40A=343 424<14A  424<14A   ':IH6A:H         GDHHEGD;>I       "C8DB:;GDB8DCI>CJ>C<DE:G6I>DCH       ':I>C8DB:       ':IH6A:HIDCDC <J6G6CIDGHJ7H>9>6G>:H       $550;0=24(744CAA0=64<4=CB C D;; 76A6C8: H=::I 6GG6C<:B:CI >H 6CN IG6CH68I>DC  6<G::B:CI DG DI=:G 8DCIG68IJ6A 6GG6C<:B:CI >CKDAK>C< 6C JC8DCHDA>96I:9:CI>INJC9:GL=>8=I=:8DBE6CN=6HB69:<J6G6CI::H 6G:I6>C:9DG68DCI>C<:CI>CI:G:HI>CIG6CH;:GG:9 6HH:IH 6CD7A><6I>DCJC9:G9:G>K6I>K:>CHIGJB:CIH8A6HH>;>:96H:FJ>INDG6CND7A><6I>DC6G>H>C<DJID;6B6I:G>6AK6G>67A: >CI:G:HI>C6CJC8DCHDA>96I:9:CI>INI=6IEGDK>9:H;>C6C8>C< A>FJ>9>IN B6G@:IG>H@DG8G:9>IG>H@HJEEDGIIDJH DGI=6I:C<6<:H>C A:6H>C<  =:9<>C< DG G:H:6G8= 6C9 9:K:ADEB:CI 6GG6C<:B:CIH L>I= JH   0: =6K: CD D;; 76A6C8: H=::I 6GG6C<:B:CIH I=6I L: 7:A>:K:B6N=6K:6B6I:G>6A8JGG:CIDG;JIJG::;;:8IDCDJG;>C6C8>6A8DC9>I>DC A>FJ>9>INDGG:HJAIHD;DE:G6I>DCH  


  • Page 40

    >=CA02CD0;$1;860C8>=B ,JBB6G>O:97:ADL6G:DJG8DCIG68IJ6AD7A><6I>DCH6HD;:8:B7:G G 6C9I=:>G:ME:8I:9>BE68IDCDJGA>FJ>9>IN6C9 86H=;ADLH>C;JIJG:E:G>D9H>CB>AA>DCH %0H<4=CBD41H%4A8>3 .40A>A ">A4C70= )>C0; !4BB .40AB .40AB .40AB -DI6AADC< I:GB9:7ID7A><6I>DCH                HI>B6I:9>CI:G:HIE6NB:CIHDC:M>HI>C<9:7ID7A><6I>DCH                (E:G6I>C<A:6H:H                )JG8=6H:D7A><6I>DCH        S  S  S -DI6A8DCIG68IJ6AD7A><6I>DCH                  DCIG68IJ6AD7A><6I>DCHG:A6I:9ID;>C6C8:A:6H:H6G:>C8AJ9:96HE6GID;ADC< 9 I:GB9:7I ,::'DI:;DGBDG: >C;DGB6I>DCG:A6I:9IDDJGADC< I:GB9:7I  HI>B6I:9>CI:G:HIE6NB:CIH6G:76H:9DC8JGG:CI8DCIG68IJ6AG:FJ>G:B:CIH6C99DCDIG:;A:8IH:6HDC6A8=6C<:H>CI=: 76A6C8:D;DJG9DB:HI>88G:9>I;68>A>IN  )JG8=6H:D7A><6I>DCH8DCH>HID;>CK:CIDGNI=6I>HE6GID;DJGI=>G9E6GINAD<>HI>8HEGD<G6BH  -=: I67A: 67DK: 9D:H CDI >C8AJ9: E:CH>DC  EDHI G:I>G:B:CI 7:C:;>I ; 6C9 L6GG6CIN A>67>A>I>:H 7:86JH: >I >H CDI 8:GI6>C L=:C I=:H:A>67>A>I>:HL>AA7:;JC9:9 DG699>I>DC6A>C;DGB6I>DCG:<6G9>C<DJG8DCIG68IJ6AD7A><6I>DCH H::'DI:D;I=:'DI:HIDI=: DCHDA>96I:9>C6C8>6A,I6I:B:CIH ,::'DI:D;I=:'DI:HIDI=:DCHDA>96I:9>C6C8>6A,I6I:B:CIH;DGBDG:>C;DGB6I>DCDC DJGE:CH>DC6C9EDHI G:I>G:B:CI7:C:;>IHD7A><6I>DCH 08A+0;D4"40BDA4<4=CB  6>GK6AJ:>HI=:EG>8:I=6ILDJA97:G:8:>K:9IDH:AA6C6HH:IDGI=:EG>8:E6>9IDIG6CH;:G6A>67>A>IN>C6CDG9:GANIG6CH68I>DC I 7:IL::CB6G@:IE6GI>8>E6CIH6II=:B:6HJG:B:CI96I: 6>GK6AJ:>H76H:9JEDCI=:IG6CHE6G:C8ND;>CEJIHIDI=:K6AJ6I>DCD;6C 6HH:IDGA>67>A>IN6HD;I=:B:6HJG:B:CI96I:6C9G:FJ>G:H8DCH>9:G6I>DCD;DJG8G:9>ILDGI=>C:HHL=:CK6AJ>C<8:GI6>CA>67>A>I>:H  (JG;G6B:LDG@;DGB:6HJG>C<;6>GK6AJ:>H76H:9DC6I=G:: A:K:A=>:G6G8=N;DG;6>GK6AJ:B:6HJG:B:CIH -=:I=G:: A:K:A;6>GK6AJ:=>:G6G8=N;DG9>H8ADHJG:D;;6>GK6AJ:B:6HJG:B:CIH>H9:;>C:96H;DAADLH 0@06 *JDI:9EG>8:H;DG4/08>4.,6>CHIGJB:CIH>C68I>K:B6G@:IH6II=:B:6HJG:B:CI96I: 6 0@06  *JDI:9EG>8:H;DG=4746,<>CHIGJB:CIH>C68I>K:B6G@:IHFJDI:9EG>8:H;DG>9:CI>86ADGH>B>A6G>CHIGJB:CIH>C < B6G@:IHI=6I6G:CDI68I>K:6C9BD9:A 9:G>K:9K6AJ6I>DCH>CL=>8=6AAH><C>;>86CI>CEJIH6C9H><C>;>86CIK6AJ: 9G>K:GH 6G: 9-=0<@,-60 >C 68I>K: B6G@:IH 6I I=: B:6HJG:B:CI 96I: 6C9 ;DG I=: 6CI>8>E6I:9 I:GB D; I=: >CHIGJB:CI 0@06       /6AJ6I>DCH 9:G>K:9 ;GDB K6AJ6I>DC I:8=C>FJ:H >C L=>8= DC: DG BDG: H><C>;>86CI >CEJIH DG H><C>;>86CI K6AJ: 9G>K:GH 6G: ?89-=0<@,-60 >CEJIH I=6I G:;A:8I I=: G:EDGI>C< :CI>INVH DLC 6HHJBEI>DCH 67DJI I=: 6HHJBEI>DCH B6G@:I E6GI>8>E6CIH LDJA9 JH: >C EG>8>C< I=: 6HH:I DG A>67>A>IN 9:K:ADE:9 76H:9 DC I=: 7:HI >C;DGB6I>DC 6K6>A67A:>CI=:8>G8JBHI6C8:H 0=:G: 6K6>A67A:  I=: ;6>G K6AJ:H L:G: 76H:9 JEDC FJDI:9 EG>8:H >C 68I>K: B6G@:IH  !DL:K:G  >; FJDI:9 EG>8:H L:G: CDI 6K6>A67A: I=:CI=:;6>GK6AJ:HL:G:76H:9JEDCFJDI:9EG>8:H;DGH>B>A6G6HH:IHDGA>67>A>I>:HDG>C9:E:C9:CIANHDJG8:9B6G@:I E6G6B:I:GH  HJ8= 6H 8G:9>I 9:;6JAI HL6E HEG:69H  N>:A9 8JGK:H  G:EDGI:9 IG69:H  7GD@:G 9:6A:G FJDI:H  >CI:G:HI G6I:H 6C9 7:C8=B6G@ H:8JG>I>:H  DG 6HH:IH 6C9 A>67>A>I>:H L>I=DJI D7H:GK67A: B6G@:I 68I>K>IN  >; 6CN  I=: ;6>G K6AJ:H L:G: 76H:9 JEDC 9>H8DJCI:9 86H= ;ADL B:I=D9DAD<>:H >C8DGEDG6I>C< 6HHJBEI>DCH I=6I  >C DJG ?J9<B:CI  G:;A:8I I=: 6HHJBEI>DCH 6 B6G@:IEA68: E6GI>8>E6CILDJA9JH: /6AJ6I>DC69?JHIB:CIHIDG:;A:8I:>I=:GE6GINVH8G:9>ILDGI=>C:HH6C967>A>INIDE6NL:G:>C8DGEDG6I:9 G >CID DJGK6AJ6I>DCH L=:G:6EEGDEG>6I: 6HD;:8:B7:G 6C9 I=:B:6HJG:B:CI96I:H ,::'DI:D;I=:'DI:HIDI=: DCHDA>96I:9>C6C8>6A,I6I:B:CIH;DGBDG:>C;DGB6I>DCDCI=:6HH:IH6C9A>67>A>I>:HB:6HJG:96I;6>GK6AJ: 


  • Page 41

    "0A:4C'8B: 9779/4>C"<4.0$4=5 0::CI:G>CID8DBBD9>IN;JIJG:H8DCIG68IHIDHI67>A>O:EG>8:H:ME:8I:9ID7:E6>9;DGG6LB6I:G>6AH6C9E6GIH8DCI6>C>C<=><= 8DEE:G6C96AJB>CJB8DCI:CI -=:H:8DCIG68IH6G:;DGFJ6CI>I>:H:FJ6AIDDGA:HHI=6CFJ6CI>I>:H:ME:8I:9ID7:8DCHJB:9>C ;JIJG:EGD9J8I>DC AJ8IJ6I>DCH>CB:I6A8DBBD9>INEG>8:H>BE68II=:K6AJ:D;I=:;JIJG:H8DCIG68IHI=6IL:=DA9 0=:CB:I6A 8DBBD9>INEG>8:HG>H: I=:;6>GK6AJ:D;DJG;JIJG:H8DCIG68IH>C8G:6H:H DCK:GH:AN L=:C8DBBD9>INEG>8:H;6AA I=:;6>GK6AJ: D; DJG ;JIJG:H 8DCIG68IH 9:8G:6H:H   "C;DGB6I>DC 67DJI DJG :MEDHJG: ID B:I6A 8DBBD9>IN EG>8: B6G@:I G>H@H 6C9 6 H:CH>I>K>IN 6C6ANH>HG:A6I:9IDDJGB:I6A8DBBD9>IN=:9<:H>HEG:H:CI:97:ADL>CB>AA>DCH 'DI>DC6A6BDJCIEDJC9HD;6AJB>CJB6C98DEE:G    6GGN>C<6BDJCI6C9;6>GK6AJ:D;C:I6HH:I    =6C<:>C;6>GK6AJ:;GDB8=6C<:>C;DGL6G9EG>8:H   +:;:GID'DI:D;I=:'DI:HIDI=:DCHDA>96I:9>C6C8>6A,I6I:B:CIH;DG699>I>DC6A>C;DGB6I>DCG:<6G9>C<DJG8DBBD9>IN ;JIJG:H8DCIG68IH 8>0<0=>$,>0$4=5 (JGG:HJAIHD;DE:G6I>DCH86C7:6;;:8I:97N8=6C<:H>C>CI:G:HIG6I:H9J:IDK6G>67A:G6I:HD;>CI:G:HIDCDJG9:7I;68>A>I>:H  86H= 86H=:FJ>K6A:CIH6C9H=DGI I:GB>CK:HIB:CIH 69K:GH:BDK:B:CI>CI=:A:K:AHD;>CI:G:HIG6I:H68GDHHI=::CI>G: N>:A98JGK:LDJA9=6K:G:HJAI:9>C6C>C8G:6H:IDEG: I6M>CI:G:HI:ME:CH:D;6EEGDM>B6I:AN B>AA>DC  B>AA>DC6C9  B>AA>DC;DGI=:N:6GH:C9:9:8:B7:G  6C9 G:HE:8I>K:AN  GDBI>B:IDI>B: L:B6NJH:6C>CI:G:HIG6I:HL6E=:9<>C<HIG6I:<NID:A>B>C6I:I=:K6G>67>A>IND;86H=;ADLH>C6EDGI>DC D;DJG>CI:G:HIE6NB:CIH -=>HHIG6I:<N L=:C:BEADN:9 6AADLHJHID;>M6EDGI>DCD;DJG>CI:G:HIE6NB:CIHL=>A:6AHDI6@>C< 69K6CI6<:D;=>HIDG>86AANADL>CI:G:HIG6I:H HD;:8:B7:G 6C9 CD>CI:G:HIG6I:HL6EHL:G:>C:;;:8I 9<0428?<<08.CB.3,820$,>0$4=5 (JG G:HJAIH D; DE:G6I>DCH 6G: 6;;:8I:9 7N 8=6C<:H >C ;DG:><C 8JGG:C8N :M8=6C<: G6I:H   ':I H6A:H 6C9 :ME:CH:H >C ;DG:><C 8JGG:C8>:H6G:IG6CHA6I:9>CID. , 9DAA6GH;DG;>C6C8>6AG:EDGI>C<EJGEDH:H76H:9DCI=:6K:G6<::M8=6C<:G6I:;DGI=:E:G>D9  JG>C< 6C9 C:IH6A:H;GDBDJIH>9:I=:. , G:EG:H:CI:9   6C9  G:HE:8I>K:AN D;DJGIDI6A C:IH6A:H DGI=:N:6GH:C9:9:8:B7:G   6C9 ;DG:><C8JGG:C8NIG6CH68I>DC<6>CH6C9ADHH:H9>9CDI=6K: 6 B6I:G>6A >BE68I ID DJG G:HJAIH D; DE:G6I>DCH     8=6C<: >C ;DG:><C :M8=6C<: G6I:H LDJA9 =6K: =69 6C :HI>B6I:9   B>AA>DC    B>AA>DC 6C9   B>AA>DC >BE68I ID C:I >C8DB: ;DG G I=: N:6GH :C9:9 :8:B7:G      6C9  G:HE:8I>K:AN 0: H::@ ID B>I><6I: I=: >BE68I D; 8JGG:C8N :M8=6C<: G6I: BDK:B:CIH DC 8:GI6>C H=DGI I:GB IG6CH68I>DCH 7N E:G>D9>86AAN :CI:G>C< >CID ;DG:><C 8JGG:C8N ;DGL6G9 8DCIG68IH   N :CI:G>C< >CID ;DGL6G9 8DCIG68IH  L: AD8@ >C :M8=6C<: G6I:H I=6I LDJA9 DI=:GL>H:86JH:ADHH:HH=DJA9I=:. , 9DAA6G6EEG:8>6I:6C9<6>CHH=DJA9I=:. , 9DAA6G9:EG:8>6I: +:;:GID'DI:D;I=: 'DI:HIDI=:DCHDA>96I:9>C6C8>6A,I6I:B:CIH;DG699>I>DC6A>C;DGB6I>DCG:<6G9>C<DJG;DG:><C8JGG:C8N;DGL6G98DCIG68IH A8C820;22>D=C8=6BC8<0C4B  8G>I>86A 688DJCI>C< :HI>B6I: >H DC: I=6I G:FJ>G:H 9>;;>8JAI HJ7?:8I>K: DG 8DBEA:M :HI>B6I:H 6C9 6HH:HHB:CIH 6C9 >H ;JC96B:CI6A ID DJG G:HJAIH D; DE:G6I>DCH 6C9 ;>C6C8>6A 8DC9>I>DC   -=: ;DAADL>C< 9:H8G>7:H DJG 8G>I>86A 688DJCI>C< :HI>B6I: G:A6I:9IDEGD9J8IL6GG6CI>:H6C9EGD9J8I G:A6I:98DCI>C<:C8>:H6C9=DLL:9:K:ADEDJG?J9<B:CIH 6HHJBEI>DCH6C9:HI>B6I:H 67DJI;JIJG::K:CIH6C9=DLHJ8=EDA>8>:H86C>BE68IDJG;>C6C8>6AHI6I:B:CIH -=>H9>H8JHH>DC6C96C6ANH>HH=DJA97:G:69>C 8DC?JC8I>DCL>I=DJGDCHDA>96I:9>C6C8>6A,I6I:B:CIH6C9G:A6I:9'DI:H>CT"I:B >C6C8>6A,I6I:B:CIH6C9,JEEA:B:CI6GN 6I6 U 


  • Page 42

    "<9/?.>),<<,8>40=,8/"<9/?.>$06,>0/98>48208.40= -=::HI>B6I:D;DJGA>67>A>IN;DG;JIJG:L6GG6CIN8DHIHG:FJ>G:HJHIDB6@:6HHJBEI>DCH67DJII=:6BDJCI I>B>C<6C9C6IJG: D; ;JIJG: EGD9J8I G:A6I:9 8DHIH   ,DB: D; I=: L6GG6CI>:H L: >HHJ: :MI:C9  N:6GH DG BDG: >C 9JG6I>DC 6C9 6 G:A6I>K:AN HB6AA 69?JHIB:CIID6C6HHJBEI>DCB6N=6K:6H><C>;>86CI>BE68IDCDJGDK:G6AAA>67>A>IN  GDB I>B: ID I>B:  L: B6N 6AHD >C8JG 8DHIH ID G:E6>G DG G:EA68: >CHI6AA:9 EGD9J8IH :ME:G>:C8>C< FJ6A>IN >HHJ:H >C DG9:G ID H6I>H;NDJG8JHIDB:GH6C9EGDI:8IDJG7G6C9 -=:H:EGD9J8I G:A6I:98DHIHB6NCDI7:8DK:G:9JC9:GDJGL6GG6CI>:H6C96G:CDI 8DK:G:97N>CHJG6C8:  0: E:G>D9>86AAN G:K>:L I=: 6HHJBEI>DCH JH:9 ID 9:I:GB>C: I=: A>67>A>I>:H ;DG EGD9J8I L6GG6CI>:H 6C9 EGD9J8I G:A6I:9 8DCI>C<:C8>:H6C9L:69?JHIDJG6HHJBEI>DCH76H:9JEDC;68IDGHHJ8=6H68IJ6A;6>AJG:G6I:H6C98DHI:ME:G>:C8: 'JB:GDJH ;68IDGH 8DJA9 6;;:8I 68IJ6A ;6>AJG: G6I:H 6C9 8DHI :ME:G>:C8: >C8AJ9>C< I=: 6BDJCI 6C9 I>B>C< D; C:L EGD9J8I >CIGD9J8I>DCH  8=6C<:H>CB6CJ;68IJG>C<I:8=C>FJ:HDGAD86I>DCH 8DBEDC:CIHDGHJEEA>:GHJH:9 ,=DJA968IJ6A8DHIH9>;;:G;GDBDJG:HI>B6I:H  L:B6N7:G:FJ>G:9ID69?JHII=:A>67>A>I>:H6C9IDG:8DG9:ME:CH:>C;JIJG:E:G>D9H ,::'DI:>CI=:'DI:HIDI=:DCHDA>96I:9 >C6C8>6A,I6I:B:CIH;DGBDG:>C;DGB6I>DCDCDJGEGD9J8IL6GG6CI>:H6C9EGD9J8I G:A6I:98DCI>C<:C8>:H '424=C22>D=C8=6%A>=>D=24<4=CB ,::'DI:>CI=:'DI:HIDI=:DCHDA>96I:9>C6C8>6A,I6I:B:CIH;DG9>H8ADHJG:D;G:8:CI688DJCI>C<EGDCDJC8:B:CIH6C9 I=:EDI:CI>6A>BE68IDCDJG;>C6C8>6AHI6I:B:CIH6C99>H8ADHJG:H C4<  8$17,7$7,9($1'8$/,7$7,9(,6&/2685(6%287$5.(7,6. -=:>C;DGB6I>DCG:FJ>G:97NI=>H>I:B>H>C8AJ9:9JC9:GI=:86EI>DCT&6G@:I+>H@U>C"I:B67DK: 


  • Page 43

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


  • Page 44

    '%$')$#%##)'()'%*!$*#)#'" -DI=:,ID8@=DA9:GH6C9D6G9D;>G:8IDGH = @= A9 9 9 > %:CCDM"CI:GC6I>DC6A"C8 > A  !:48498=98>3098=964/,>0/48,8.4,6%>,>0708>=,8/8>0<8,698><96!@0<48,8.4,6$0:9<>482 0:=6K:6J9>I:9I=:688DBE6CN>C<8DCHDA>96I:976A6C8:H=::IHD;; %:CCDM"CI:GC6I>DC6A"C8 6C9HJ7H>9>6G>:HI=:DBE6CN6H 0:=6K:6J9>I:9I=:688DBE6CN>C<8DCHDA>96I:976A6C8:H=::IHD;%:CCDM"CI:GC6I>DC6A"C8 D; ; :8:B7:G7    6C9 9   I=: = G:A6I:9 A 9 8DCHDA>96I:9 A>9 9 HI6I:B:CIH D; ; DE:G6I>DCH >  8DBEG:=:CH>K: = > A ADHH  >>C8DB:  HID8@=DA9:GHV9:;>8>I:FJ>IN 6C986H=;ADLH;DG:68=D;I=:N:6GH>CI=:I=G:: N:6GE:G>D9:C9:9:8:B7:G  6C9I=: G:A6I:9 CDI:H 6C9 ,8=:9JA: "" R /6AJ6I>DC 6C9 *J6A>;N>C< 88DJCIH 88DJCIH 6C9 +:H:GK:H 8DAA:8I>K:AN  I=: 8DCHDA>96I:9 ;>C6C8>6A HI6I:B:CIH 0:6AHD=6K:6J9>I:9I=:DBE6CNVH>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<6HD;:8:B7:G 0:6AHD=6K:6J9>I:9I=:DBE6CNVH>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<6HD;:8:B7:G  76H:9DC 7A> = 9 > 8>0<8,698><96E8>02<,>0/<,70A9<5 8G>I:G>6:HI67A>H=:9>C > > 8>0<8,698><96E8>02<,>0/<,70A9<5   >HHJ:97NI=:DBB>II::D;,EDCHDG>C<(G<6C>O6I>DCH >HHJ:97NI=:DBB>II::D;,EDCHDG>C<(G<6C>O6I>DCH D;I=:-G:69L6NDBB>HH>DC  "C DJG DE>C>DC  I=: 8DCHDA>96I:9 ;>C6C8>6A HI6I:B:CIH G:;:GG:9 ID 67DK: EG:H:CI ;6>GAN  >C 6AA B6I:G>6A G:HE:8IH  I=: ;>C6C8>6A EDH>I>DCD;I=:DBE6CN6HD;:8:B7:G 6C9 6C9I=:G:HJAIHD;>IHDE:G6I>DCH6C9>IH86H=;ADLH;DG:68=D;I=: N:6GH >C I=: I=G:: N:6G E:G>D9 :C9:9 :8:B7:G     >C 8DC;DGB>IN ; L>I= . ,  <:C:G6AAN 688:EI:9 688DJCI>C< EG>C8>EA:H AHD>CDJGDE>C>DC I=:DBE6CNB6>CI6>C:9 >C6AAB6I:G>6AG:HE:8IH :;;:8I>K:>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C<6HD; :8:B7:G 76H:9DC8G>I:G>6:HI67A>H=:9>C8>0<8,698><96E8>02<,>0/<,70A9<5  >HHJ:97NI=:DBB>II:: D;,EDCHDG>C<(G<6C>O6I>DCHD;I=:-G:69L6NDBB>HH>DC 3,82048..9?8>482"<48.4:60 H9>H8JHH:9>C'DI:IDI=:8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH 9> 9> = A>9 9 ;> > A I=:DBE6CN8=6C<:9>IHB:I=D9D;688DJCI>C<;DGA:6H:H6HD; #6CJ6GN 9J:IDI=:69DEI>DCD;88DJCI>C<,I6C96G9H.E96I:,.'D     0,=0=&9:4. 0,=0=&9:4.  6H6B:C9:9 9 9 ,=4=19<!:48498= -=: DBE6CNVH B6C6<:B:CI >H G:HEDCH>7A: ;DG I=:H: 8DCHDA>96I:9 ;>C6C8>6A HI6I:B:CIH  ;DG B6>CI6>C>C< :;;:8I>K: >CI:GC6A 8DCIGDADK:G;>C6C8>6AG:EDGI>C< 6C9;DG>IH6HH:HHB:CID;I=::;;:8I>K:C:HHD;>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C< 6C9;DG>IH6HH:HHB:CID;I=::;;:8I>K:C:HHD;>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C< >C8AJ9:9 A 9 9 >CI=:688DBE6CN>C<&6C6<:B:CIVH+:EDGIDC"CI:GC6ADCIGDA(K:G>C6C8>6A+:EDGI>C< (JGG:HEDCH>7>A>IN>HID:MEG:HH6C DE>C>DCDCI=:DBE6CNVH8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH6C96CDE>C>DCDCI=:DBE6CNVH>CI:GC6A8DCIGDADK:G;>C6C8>6A DE>C>DCDCI=:DBE6CNVH8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH6C9 6CDE>C>DCDCI=:DBE6CNVH>CI:GC6A8DCIGDADK:G;>C6C8>6A G:EDGI>C< 76H:9 DC DJG 6J9>IH  0: 6G: 6 EJ7A>8 688DJCI>C< ;>GB G:<>HI:G:9 L>I= I=: )J7A>8 DBE6CN 88DJCI>C< (K:GH><=I D6G9.C>I:9,I6I:H)(6C96G:G:FJ>G:9ID7:>C9:E:C9:CIL>I=G:HE:8IIDI=:DBE6CN>C688DG96C8:L>I=I=:. 9 > 9   9 > 9 7 > 9 9 IL>I=G:HE:8IIDI=:DBE6CN>C688DG96C8:L>I=I=:. ,  ;:9:G6AH:8JG>I>:HA6LH6C9I=:6EEA>867A:GJA:H6C9G:<JA6I>DCHD;I=:,:8JG>I>:H6C9M8=6C<:DBB>HH>DC6C9I=:)( ;:9:G6AH:8JG>I>:HA6LH6C9I=:6EEA>867A:GJA:H6C9G:<JA6I>DC HD;I=:,:8JG>I>:H6C9M8=6C<:DBB>HH>DC6C9I=:)( 0:8DC9J8I:9DJG6J9>IH>C688DG96C8:L>I=I=:HI6C96G9HD;I=: 9 9 9> > 9 >= = 9 9 ; = )( -=DH:HI6C96G9HG:FJ>G: = 9 9 > I=6IL:EA6C6C9E:G;DGBI=: = A 9 ; = 6J9>IH 9> ID D7I6>C 7 > G:6HDC67A:7A 6HHJG6C8: 67DJI 7 L=:I=:G = = I=:= 8DCHDA>9 A>96I:9 9 ;>C6C8>6A ;> > A HI6I:B:CIH 6G: ;G:: ; D; ; B6I:G>6A > A B>HHI6I:B:CI > L=:I=:G = = 99J: ID :GGDG DG ;;G6J9 9  6C9 9 L=:I=:G = = :;;:8I>K: ;; > >>CI:GC6A A 8DCIGDA DCIGDA DK:G ;>C6C8>6A G:EDGI>C< L6H B6>CI6>C:9 >C 6AA B6I:G>6A G:HE:8IH  (JG6J9>IHD;I=:8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH>C8AJ9:9E:G;DGB>C<EGD8:9JG:HID6HH:HHI=:G>H@HD;B6I:G>6AB>HHI6I:B:C (JG6J9>IHD;I=:8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH>C8AJ9:9E:G;DGB>C<EGD8:9JG:HID6HH:HHI=:G>H@HD;B6I:G>6AB>HHI6I:B:CI D;I=:8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH ; = A>9 9 ;> > A L=:I=:G9J:ID:GGDGDG;G6J9 = = 9 DG;G6J9 6C9E:G;DGB>C<EGD8:9JG:HI=6IG:HEDC9IDI=DH:G>H@H ,J8= EGD8:9JG:H >C8AJ9:9 :M6B>C>C<  DC 6 I:HI 76H>H  :K>9:C8: G:<6G9>C< I=: 6BDJCIH 6C9 9>H8ADHJG:H >C I=: 8DCHDA>96I:9 ;>C6C8>6A HI6I:B:CIH  (JG 6J9>IH 6AHD >C8AJ9:9 :K6AJ6I>C< I=: 688DJCI>C< EG>C8>EA:H JH:9 6C9 H><C>;>86CI :HI>B6I:H B69: 7N B6C6<:B:CI  6H L:AA 6H :K6AJ6I>C< I=: DK:G6AA EG:H:CI6I>DC D; I=: 8DCHDA>96I:9 ;>C6C8>6A HI6I:B:CIH  (JG 6J9>I D; >CI:GC6A 8DCIGDADK:G;>C6C8>6AG:EDGI>C<>C8AJ9:9D7I6>C>C<6CJC9:GHI6C9>C<D;>CI:GC6A8DCIGDADK:G;>C6C8>6AG:EDGI>C< 6HH:HH>C<I 6HH:HH>C<I==: G>H@I=6I6B6I:G>6AL:6@C:HH:M>HIH 6C9I:HI>C<6C9:K6AJ6I>C<I=:9:H><C6C9DE:G6I>C<:;;:8I>K:C:HHD;>CI:GC6A8DCIGDA76H:9 6C9I:HI>C<6C9:K6AJ6I>C<I=:9:H><C6C9DE:G6I>C<:;;:8I>K:C:HHD;>CI:GC6A8DCIGDA76H:9 DC I=: 6HH:HH:9 G>H@  (JG 6J9>IH 6AHD >C8AJ9:9 E:G;DGB>C< HJ8= DI=:G EGD8:9JG:H 6H L: 8DCH>9:G:9 C:8:HH6GN >C I=: 8>G8JBHI6C8:H > 0:7:A>:K:I=6IDJG6J9>IHEGDK>9:6G:6HDC67A:7 7 A> = 9> >9 7A 76H>H;DGDJGDE>C>DCH > ; > > 01484>498,8/474>,>498=918>0<8,698><96!@0<48,8.4,6$0:9<>482  8DBE6CNVH >CI:GC6A 8DCIGDA DK:G ;>C6C8>6A G:EDGI>C< >H 6 EGD8:HH 9:H><C:9 ID EGDK>9: G:6HDC67A: 6HHJG6C8: G:<6G9>C< I=: G:A>67>A>IND;;>C6C8>6AG:EDGI>C<6C9I=:EG:E6G6I>DCD;;>C6C8>6AHI6I:B:CIH;DG:MI:GC6AEJGEDH:H>C688DG96C8:L>I=<:C:G6AAN G:A>67>A>IND;;>C6C8>6AG:EDGI>C<6C9I=:EG:E6G6I>DCD;;>C6C8>6AHI6I:B:CIH;DG:MI:GC6AEJGEDH:H>C688DG96C8:L>I=<:C:G6 AAN 688:EI:9 688DJCI>C< EG>C8>EA:H   8DBE6CNVH >CI:GC6A 8DCIGDA DK:G DK:G ;>C6C8>6A G:EDGI>C< >C8AJ9:H I=DH: EDA>8>:H 6C9 EGD8:9JG:H I=6I =    E:GI6>C > ID I=: = B6>CI:C6C8: > D; ; G:8DG9H 9 I=6I =  >C > G:6HDC67A:67A: 9:I6>A  688JG6I:AN 6C9 ;6>GAN G:;A:8I I=: IG6CH68I>DCH 6C9 9>HEDH>I>DCHD;I=:6HH:IHD;I=:8DBE6CNEGDK>9:G:6HDC67A:6HHJG6C8:I=6IIG6CH68I>DCH6G:G:8DG9:96HC:8:HH6GNIDE:G 9>HEDH>I>DCHD;I=:6HH:IHD;I=:8DBE6CNEGDK>9:G:6HDC67 A:6HHJG6C8:I=6IIG6CH68I>DCH6G:G:8DG9:96HC:8:HH6GNIDE:GB>I > EG:E6G6I>DC D; ;>C6C8>6A HI6I:B:CIH >C 688DG96C8: L>I= <:C:G6AA <:C:G6AANN 688:EI:9 688DJCI>C< EG>C8>EA:H  6C9 I=6I G:8:>EIH 6C9 


  • Page 45

    :ME:C9>IJG:H D; I=: 8DBE6CN 6G: 7:>C< B69: DCAN >C 688DG96C8: L>I= 6JI=DG>O6I>DCH D; B6C6<:B:CI 6C9 9>G:8IDGH D; I=: 8DBE6CN 6C9  EGDK>9: G:6HDC67A: 6HHJG6C8: G:<6G9>C< EG:K:CI>DC DG I>B:AN 9:I:8I>DC D; JC6JI=DG>O:9 68FJ>H>I>DC  JH:  DG 9>HEDH>I>DCD;I=:8DBE6CNVH6HH:IHI=6I8DJA9=6K:6B6I:G>6A :;;:8IDCI=:;>C6C8>6AHI6I:B:CIH = > > A :86JH: D; >IH >C=:G:CI A>B>I6I>DCH  >CI:GC6A 8DCIGDA DK:G ;>C6C8>6A G:EDGI>C< B6N CDI EG:K:CI DG 9:I:8I B>HHI6I:B:CIH  AHD  EGD?:8I>DCH D; 6CN :K6AJ6I>DC D; :;;:8I>K:C:HH ID ;JIJG: E:G>D9 E:G>D9H H 6G: HJ7?:8I ID I=: G>H@ I=6I 8DCIGDAH B6N 7:8DB: >C69:FJ6I: 7:86JH:D;8=6C<:H>C8DC9>I>DCH DGI=6II=:9:<G::D;8DBEA>6 DGI=6II=:9:<G::D;8DBEA>6C8:L>I=I=:EDA>8>:HDGEGD8:9JG:HB6N9:I:G>DG6I: C8:L>I=I=:EDA>8>:HDGEGD8:9JG:HB6N9:I:G>DG6I: <4>4.,6?/4>,>>0< -=:8G>I>86A6J9>IB6II:G8DBBJC>86I:97:ADL>H6B6II:G6G>H>C<;GDBI=:8JGG:CIE:G>D96J9>ID;I=:8DCHDA>96I:9;>C6C8>6A = > > A 9> > 97 A > > >C<;GDBI=:8JGG:CIE:G>D96J9>ID;I=:8DCHDA>96I:9;>C6C8>6A HI6I:B:CIHI=6IL6H8DBBJC>86I:9DGG:FJ>G:9ID7:8DBBJC>86I:9 = > 9 > 9 7 > 9 IDI=:6J9>I8DBB>II::6C9I=6IG:A6I:HID688DJCIHDG = 9> > 9 =   A 9> A 9>H8ADHJG:HI=6I6G:B6I:G>6AIDI=:8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH6C9>CKDAK:9DJG:HE:8>6AAN8=6AA:C<>C< = > A = A>9 9 ;> > A I:B:CIH6C9>CKDAK:9DJG:HE:8>6AAN8=6AA:C<>C< HJ7?:8I>K: DG 8DBEA:M ?J9<B:CI  -=: 8DBBJC>86I>DC D; 6 8G>I>86A 6J9>I B6II:G 9D:H CDI 6AI:G >C 6CN L6N DJG DE>C>DC DC I=: 8DCHDA>96I:9 ;>C6C8>6AHI6I:B:CIH I6@:C6H6L=DA: 6C9L:6G:CDI 7N8DBBJC>86I>C<I=:8G>I>86A6J9>IB6II:G7:ADL 7N8DBBJC>86I>C<I=:8G>I>86A6J9>IB6II:G7:ADL EGDK>9>C<6H:E6G6I: DE>C>DCDCI=:8G>I>86A6J9>IB6II:GDGDCI=:688DJCIHDG9>H8ADHJG:HIDL=>8=>IG:A6I:H > > = > > A 9> = 9> A => = > A @,6?,>49891>30:<9/?.>A,<<,8>C64,-464>C H9>H8JHH:9>C'DI:H6C9IDI=:8DCHDA>96I:9;>C6C8>6AHI6I:B:CIH I=:DBE6CNEGDK>9:H6EGD9J8IL6GG6CIN;DG 8:GI6>CD;>IHEGD9J8IHL>I=I=:L6GG6CINE:G>D9<:C:G6AANG6C<>C<;GDBDC:IDN:6GH -=:EGD9J8IL6GG6CINA>67>A>IN>H :HI>B6I:97NEGD9J8I86I:<DGN76H:9DCI=::HI>B6I:9;JIJG:8DHIHIDG:E6>GDGG:EA68:I=:EGD9J8IHJC9:GL6GG6CIN :HI>B6I:97NEGD9J8I86I:<DGN76H:9DCI=::HI>B6I:9;JIJG:8DH IHIDG:E6>GDGG:EA68:I=:EGD9J8IHJC9:GL6GG6CIN -=: DBE6CNVHEGD9J8IL6GG6CINA>67>A>INL6HB>AA>DC6HD;:8:B7:G  0:>9:CI>;>:9I=::K6AJ6I>DCD;I=:EGD9J8IL6GG6CINA>67>A>IN6H68G>I>86A6J9>IB6II:G HH:HH>C<I=:6HHJBEI>DCHJH:9 ID:HI>B6I:I=:EGD9J8IL6GG6CINA>67>A>IN HE:8>;>86AAN I=:: I=::HI>B6I:9;6>AJG:G6I:H7NEGD9J8I7NN:6G HI>B6I:9;6>AJG:G6I:H7NEGD9J8I7NN:6G 6C9:HI>B6I:98DHI E:G;6>AJG: >CKDAK:9HJ7?:8I>K:6C98DBEA:M6J9>IDG?J9<B:CI  -=:;DAADL>C<6G:I=:EG>B6GNEGD8:9JG:HL:E:G;DGB:9ID699G:HHI=>H8G>I>86A6J9>IB6II:G 0::K6AJ6I:9I=:9:H><C -=:;DAADL>C<6G:I=:EG>B6GNEGD8:9JG:HL:E:G;DGB:9ID699G:HHI=>H8G>I>86A6J9>IB6II:G 6C9I:HI:9I=:DE:G6I>C<:;;:8I>K:C:HHD;8:GI6>C>CI:GC6A8DCIGDAHDK:GI=:DBE6CNVH:HI>B6I:D;I=:;JIJG:;6>AJG:G6I:H 7NEGD9J8I86I:<DGN6C98DCIGDAHID:HI>B6I:I=:8DHID;;6>AJG:H7NEGD9J8I86I:<DGN;DGEGD9J8IHHJ7?:8IIDL6GG6CIN 7NEGD9J8I86I:<DGN6C98DCIGDAHID:HI>B6I:I=:8DHID;;6>AJG :H7NEGD9J8I86I:<DGN;DGEGD9J8IHHJ7?:8IIDL6GG6CIN  0: 6HH:HH:9 I=: :HI>B6I:9 ;JIJG: ;6>AJG: G6I:H 7N EGD9J8I 86I:< 86I:<DGN DGN 6C9 I=: :HI>B6I:9 8DHI E:G ;6>AJG: 7N EGD9J8I 86I:<DGN JH:9 >C I=: :HI>B6I>DC D; I=: EGD9J8I L6GG6CIN A>67>A>IN A>67>A>IN 7N 8DBE6G>C< I=:B ID I=: DBE6CNVH JC9:GAN>C< => > A 9 0:I:HI:96H6BEA:D;I=:=>HIDG>86A96I6JH:96HI=:76H>H;DGI=:H:6HHJBEI>DCH7N8DBE6G>C<IDI=: =>HIDG>86A96I6 9 A ; = => > A 9 96HI=:76H>H;DGI=:H:6HHJBEI>DCH7N8DBE6G>C<IDI=: G:A:K6CIJC9:GAN>C<9D8JB:CI6I>DC H $)& %%) 0:=6K:H:GK:96HI=:DBE6CNVH6J9>IDGH>C8:  6AA6H AA -:M6H :7GJ6GN  


  • Page 46

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


  • Page 47

    !##$-#)'#)$#!# #(*('( $#($!)())"#)($$%')$#( =<8;;8>=B4G24?C?4AB70A430C0 >AC74.40AB=343424<14A    #4CB0;4B           DHID;<DD9HHDA9             GDHHEGD;>I             3(5$7,1*(;3(16(6 ,:AA>C< <:C:G6A6C969B>C>HIG6I>K::ME:CH:H          %DHH:H<6>CH6C9DI=:G:ME:CH:H C:I          +:HIGJ8IJG>C<8=6G<:H          %DHH<6>C C:IDCH6A:D;7JH>C:HH:H6C9G:A6I:9EGDE:GIN  S       %DHH<6>C;GDBC6IJG6A9>H6HI:GH C:ID;>CHJG6C8:G:8DK:G>:H          "C8DB:;GDB:FJ>INB:I=D9>CK:HIB:CIH          $?4A0C8=68=2><4           ):CH>DCH:IIA:B:CIH        "CI:G:HI:ME:CH: C:I         (I=:G:ME:CH:>C8DB: C:I        "C8DB:;GDB8DCI>CJ>C<DE:G6I>DCH7:;DG:>C8DB:I6M:H          )GDK>H>DC;DG>C8DB:I6M:H         =2><45A><2>=C8=D8=6>?4A0C8>=B          ,6&217,18('23(5$7,216 %DHH>C8DB:;GDB9>H8DCI>CJ:9DE:G6I>DCH7:;DG:>C8DB:I6M:H         "C8DB:I6M7:C:;>I:ME:CH:     S   %DHH;GDB9>H8DCI>CJ:9DE:G6I>DCH          #4C8=2><4           $51,1*63(56+$5(>$6,& "C8DB:;GDB8DCI>CJ>C<DE:G6I>DCH          %DHH;GDB9>H8DCI>CJ:9DE:G6I>DCH     S    ':I>C8DB:          $51,1*63(56+$5(>,/87(' "C8DB:;GDB8DCI>CJ>C<DE:G6I>DCH          %DHH;GDB9>H8DCI>CJ:9DE:G6I>DCH     S    ':I>C8DB:          0:><=I:9K:G6<:'JB7:GD;,=6G:H(JIHI6C9>C< 6H>8          0:><=I:9K:G6<:'JB7:GD;,=6G:H(JIHI6C9>C< >AJI:9          -=:688DBE6CN>C<CDI:H6G:6C>CI:<G6AE6GID;I=:H:DCHDA>96I:9>C6C8>6A,I6I:B:CIH 


  • Page 48

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


  • Page 49

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


  • Page 50

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

  • View More

Get the full picture and Receive alerts on lawsuits, news articles, publications and more!