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Ecoya Prospectus
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A9=;D9C=AB9CJ >CDO;=<G
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IBD KDBR=H A< 9BR =H; @C=;KBDE C9? =H; BFFBD=M9A=E IBD =H; 1@BEC PDC9?S =H; fBCD?
@B9<A?;D< =HC= =H; =A>; IBD 1@BEC =B C@@;J;DC=; A=< KDBR=H FJC9 A< 9BRG
1@BEC HC< C =;C> =HC= HC< C <=DB9K =DC@O D;@BD? A9 KDBRA9K <M@@;<<IMJ
A9=;D9C=AB9CJ PM<A9;<<;<G
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=CDK;= >CDO;=< A9=;D9C=AB9CJJEG
7H; $AD;@=BD< HC:; ?;@A?;? =B DCA<; =H; @CFA=CJ 9;;?;? =B IMD=H;D ?;:;JBF 1@BEC =HDBMKH C FMPJA@ BII;D C<
=H;E P;JA;:; =HC= BF;DC=A9K C< C FMPJA@JE JA<=;? @B>FC9ES RA=H :A<APJ; D;FBD=A9K C9? KBB? KB:;D9C9@;
<=DM@=MD;<S <HBMJ? H;JF 1@BEC =B PMAJ? PDC9? FDBIAJ; C9? A9<=AJ @B9IA?;9@; C>B9K<= 1@BECj< <MFFJA;D<S
A9=;D9C=AB9CJ @M<=B>;D< C9? @B9<M>;D<G
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IM9?A9K C9? =H; FDBIAJ; C9? =DC9<FCD;9@E RHA@H @B>;< RA=H P;A9K C FMPJA@ @B>FC9ES A= >CE 9B= P; CPJ; =B
@CFA=CJA<; B9 =H; A>>;?AC=; A9=;D9C=AB9CJ BFFBD=M9A=E =B =H; <C>; ?;KD;;G
!<CO8 @4 8 E;CL5= NH4@1344 L@5= C1AO 8 4=C;5 CG3;85@1E =@45C;OS %<<C;B@1EAOR GA3843 ;38B 8AA 5=3
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L=35=3; C; 1C5 5C 4HN4<;@N3 JC; 7=8;34 @1 !<CO8 H1B3; 5=@4 #JJ3;S )=3 G;@1<@G8A ;@4M4 CJ @12345@1E
@1 !<CO8 8;3 435 CH5 C1 G8E34 :Y 5C Z[S
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&DCAK 6@HR;AKHBII;DS =H; &1% BI 1@BECS RHB RC< =H; H;C? BI ._ f;JBR A9 !M<=DCJAC HC? A9:;<=;? A9 =H;
1@BEC PM<A9;<< A9 _''/G Q; P;@C>; ;W@A=;? CPBM= =H; FB=;9=ACJ BI 1@BEC C9? =H; CPAJA=E =B @D;C=; C HAKH
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A9=;D9C=AB9CJ PM<A9;<< FJC9 IBD 1@BECG
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P;JA;:;< A= RBMJ? P;9;IA= IDB> IMD=H;D @CFA=CJ D;<BMD@;< =B @CF=MD; =H; A9=;D9C=AB9CJ BFFBD=M9A=E =HC= ;WA<=<G
Q; CD; ;9=;DA9K =H; c6! >CDO;= [C9? B=H;D >CDO;=< A9 ?M; @BMD<;^S C9? FJC9 =B ;WFC9? =H; FDB?M@=
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FMPJA@JE JA<=;? B9 =H; 5b6g CD; <AK9AIA@C9= C9? IM9?C>;9=CJ =B =H; JB9K;D =;D> KDBR=H C9? <M@@;<< BI
1@BECS C< RC< =H; @C<; IBD ._ f;JBRG 49 FCD=A@MJCDS =H; @D;?APAJA=E @D;C=;? PE C FMPJA@ BII;D <HBMJ? KD;C=JE
C<<A<= A9 =H; C@@;J;DC=AB9 BI 1@BECj< PM<A9;<< FJC9 C9? =H; D;@BK9A=AB9 BI =H; 1@BEC PDC9?G !@@BD?A9KJES
=H; $AD;@=BD< HC:; ?;@A?;? =B DCA<; @CFA=CJ IBD =H; ?;:;JBF>;9= BI 1@BECS :AC C9 A9A=ACJ FMPJA@ BII;D BI
6HCD;< A9 =H; &B>FC9EG
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O9BR9 =B =H; $AD;@=BD< C9? =H;AD C<<B@AC=;<G 7H; 49?;F;9?;9= $AD;@=BD< HC:; CKD;;? =B <MP<@DAP; IBD
5bi._-S''' BI 6HCD;<S A9 @C<HS C= =H; %II;D aDA@;G 5bi_ >AJJAB9 BI <MP<@DAF=AB9< IBD =H; 6HCD;< A9 =HA<
FBBJ CD; P;A9K M9?;DRDA==;9 PE 7H; fCO;DE IBD 9AJ I;;G
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A9:;<=BD<X C9?
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C FMPJA@ FBBJG 49 8CD@H _'('S R; RDB=; =B =H; ;W ._ f;JBR <HCD;HBJ?;D< A9 5;R b;CJC9? A9:A=A9K
=H;> =B FD;)D;KA<=;D =B D;@;A:; =HA< %II;D $B@M>;9=G 1W ._ f;JBR 6HCD;HBJ?;D< @C9 FCD=A@AFC=; A9 =H;
FMPJA@ FBBJS CJB9K RA=H C9E B=H;D >;>P;D< BI =H; FMPJA@ A9 5;R b;CJC9? BD !M<=DCJAC =HC= HC:;
D;LM;<=;? C9 %II;D $B@M>;9= ?AD;@=JE IDB> =H; &B>FC9ES BD ?BR9JBC?;? A= IDB> =H; 1@BEC R;P<A=;
RRRG;@BECG@BG9rG
1@BEC D;<;D:;< =H; DAKH= =B CJ=;D =H;<; CJJB@C=AB9< C= A=< ?A<@D;=AB9G 7H;D; RAJJ CJ<B P; C9
B:;D<MP<@DAF=AB9< FBBJ BI MF =B =HD;; >AJJAB9 IMD=H;D 6HCD;< C:CAJCPJ;G 49 =H; ;:;9= =HC= <@CJA9K BI
!FFJA@C=AB9< A< D;LMAD;?S =H; ?C=; BI D;@;AF= BI C9 !FFJA@C=AB9 eBD> RAJJ P; M<;? C< B9; BI =H; <@CJA9K
@DA=;DACG 7H;D;IBD;S !FFJA@C9=< CD; ;9@BMDCK;? =B >CO; =H;AD !FFJA@C=AB9 C< <BB9 C< FDC@=A@CPJ;G
5B F;D<B9 KMCDC9=;;< =H; 6HCD;< C9? QCDDC9=< BII;D;? M9?;D =HA< %II;D $B@M>;9=G
!JJ 9;R A9:;<=BD< A9 =H; %II;D RAJJ CJ<B P; KDC9=;? =RB QCDDC9=< IBD ;:;DE IBMD 6HCD;< CJJB==;? =B =H;>S
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CJJB@C=;? M9?;D =HA< %II;DG 7H; QCDDC9=< RAJJ P; ;W;D@A<CPJ; A9 =RB =DC9@H;< l B9; =DC9@H; C= C9E =A>;
M9=AJ C IA9CJ ;W;D@A<; ?C=; BI (- $;@;>P;D _'(( [6;DA;< ( QCDDC9=<^ C9? =H; B=H;D =DC9@H; C= C9E =A>;
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<HBMJ? P; C==DC@=A:; AI =H; &B>FC9Ej< <HCD; FDA@; A< F;DIBD>A9K R;JJG
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PE (- $;@;>P;D _'(( FJM< MF =B 5bi+G_- >AJJAB9 BI IM9?A9K PE (- pM9; _'(+G
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6A9@; =H;9S R; HC:; <AK9AIA@C9=JE <@CJ;? MF =H; PM<A9;<< RA=H D;:;9M; IBD;@C<= =B D;C@H 5bi+G, >AJJAB9 A9
=H; E;CD =B +( 8CD@H _'(' C9? =B KDBR =B 5bidG' >AJJAB9 A9 =H; E;CD ;9?A9K +( 8CD@H _'((G 7HC= KDBR=H
A< >B<=JE ?DA:;9 IDB> !M<=DCJC<ACG Q; CD; ;9=;DA9K =H; c6! C9? c" >CDO;=< A9 _'('G 49 C??A=AB9S R;
A9=;9? =B ;W=;9? BMD FDB?M@= DC9K; A9 =H; F;DAB?< CH;C?G
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!JJ 9;R A9:;<=BD< M9?;D =HA< %II;D RAJJ CJ<B P; KDC9=;? =RB QCDDC9=< [B9; 6;DA;< ( QCDDC9= C9? B9; 6;DA;<
_ QCDDC9=^ IBD ;:;DE IBMD 6HCD;< CJJB==;? =B =H;>S KA:A9K =H;> =H; BFFBD=M9A=E =B ;J;@= =B <MP<@DAP; IBD =RB
C??A=AB9CJ 6HCD;< IBD ;:;DE IBMD 6HCD;< CJJB@C=;? =B =H;> FMD<MC9= =B =HA< %II;DG 7H; QCDDC9=< RAJJ P;
;W;D@A<CPJ; A9 =RB =DC9@H;< l B9; C= C9E =A>; P;IBD; C IA9CJ ;W;D@A<; ?C=; BI (- $;@;>P;D _'(( [6;DA;< (
QCDDC9=<^ C9? =H; B=H;D C= C9E =A>; P;IBD; C IA9CJ ;W;D@A<; ?C=; BI (- pM9; _'(+ [6;DA;< _ QCDDC9=<^S C=
=H; %II;D aDA@; IBD =HA< %II;DG
7H; 6HCD;< CD; P;A9K BII;D;? =B 5;R b;CJC9? C9? !M<=DCJAC9 D;<A?;9= A9<=A=M=AB9CJS FDBI;<<AB9CJ C9? D;=CAJ
A9:;<=BD< C9? =B A9:;<=BD< A9 B=H;D ZMDA<?A@=AB9< RH;D; =H; %II;D A< JCRIMJJE F;D>A==;?G
7H; >A9A>M> C>BM9= RHA@H >M<= P; DCA<;? PE 1@BEC =HDBMKH =H; A<<M; BI 9;R 6HCD;< M9?;D =H; %II;D A<
5bi, >AJJAB9S P;A9K , >AJJAB9 6HCD;< C= =H; %II;D aDA@;G 4I :CJA? C@@;F=C9@;< IBD =H; >A9A>M> <MP<@DAF=AB9
C>BM9= CD; 9B= D;@;A:;? PE =H; &JB<A9K $C=;S 1@BEC RAJJ RA=H?DCR C9? @C9@;J =HA< %II;DS A9 RHA@H @C<; CJJ
CFFJA@C=AB9 >B9A;< D;@;A:;? RAJJ P; D;IM9?;? [RA=HBM= A9=;D;<=^ A9 =H; @MDD;9@E BI CFFJA@C=AB9 RA=HA9 IA:;
PM<A9;<< ?CE< CI=;D =H; &JB<A9K $C=;G
%AAC<85@C14
_G- >AJJAB9 BI =H; 6HCD;< RAJJ P; CJJB@C=;? =B =H; 49?;F;9?;9= $AD;@=BD< C9? @;D=CA9 FDA:C=; A9:;<=BD<
O9BR9 =B =H; $AD;@=BD< C9? =H;AD C<<B@AC=;<G 5bi_ >AJJAB9 BI <MP<@DAF=AB9< IBD =H;<; 6HCD;< CD; P;A9K
M9?;DRDA==;9 PE 7H; fCO;DE IBD 9AJ I;;G
/ >AJJAB9 BI =H; 6HCD;< RAJJ P; C:CAJCPJ; IBD CJJB@C=AB9 =B 5bg IAD><S C9? <;J;@=;? A9<=A=M=AB9CJ
A9:;<=BD<X C9?
(G- >AJJAB9 BI =H; 6HCD;< RAJJ P; C:CAJCPJ; IBD >;>P;D< BI =H; FMPJA@ A9 5;R b;CJC9? BD !M<=DCJAC A9 C
FMPJA@ FBBJG 49 8CD@H _'('S 1@BEC RDB=; =B =H; ;W ._ f;JBR <HCD;HBJ?;D< A9 5;R b;CJC9? A9:A=A9K
=H;> =B FD;)D;KA<=;D =B D;@;A:; =HA< %II;D $B@M>;9=G 1W ._ f;JBR <HCD;HBJ?;D< >CE FCD=A@AFC=; A9 =H;
FMPJA@ FBBJS CJB9K RA=H C9E B=H;D >;>P;D< BI =H; FMPJA@ A9 5;R b;CJC9? BD !M<=DCJAC =HC= HC:;
D;LM;<=;? C9 %II;D $B@M>;9= ?AD;@=JE IDB> =H; &B>FC9ES BD ?BR9JBC?;? A= IDB> =H; 1@BEC R;P<A=;
RRRG;@BECG@BG9rG
1@BEC D;<;D:;< =H; DAKH= =B CJ=;D =H;<; CJJB@C=AB9< C= A=< ?A<@D;=AB9G 7H;D; RAJJ CJ<B P; C9
B:;D<MP<@DAF=AB9< FBBJ BI MF =B =HD;; >AJJAB9 IMD=H;D 6HCD;< C:CAJCPJ;G 49 =H; ;:;9= =HC= <@CJA9K BI
!FFJA@C=AB9< A< D;LMAD;?S =H; ?C=; BI D;@;AF= BI C9 !FFJA@C=AB9 eBD> RAJJ P; M<;? C< B9; BI =H; <@CJA9K
('
@DA=;DACG 7H;D;IBD;S !FFJA@C9=< CD; ;9@BMDCK;? =B >CO; =H;AD !FFJA@C=AB9 C< <BB9 C< FDC@=A@CPJ;G 5B9; BI
=H; F;BFJ; D;I;DD;? =B CPB:; KMCDC9=;; BD M9?;D=CO; C9E JACPAJA=E A9 D;<F;@= BI =H; 6HCD;< BD QCDDC9=<G
7H; fCO;DE HC< CKD;;? =B M9?;DRDA=; [IBD 9AJ I;;^ 5bi_ >AJJAB9 BI =H; 6HCD;< CJJB@C=;? =B =H; FBBJ BI
@;D=CA9 FDA:C=; A9:;<=BD< O9BR9 =B =H; $AD;@=BD< C9? =H;AD C<<B@AC=;<S D;FD;<;9=A9K _'q BI =H; =B=CJ %II;D
[;W@JM?A9K B:;D<MP<@DAF=AB9<^G 4I 5bi_ >AJJAB9 BD >BD; BI <MP<@DAF=AB9< CD; D;@;A:;? IDB> =H; M9?;DRDA==;9
FBBJS 7H; fCO;DE A< 9B= D;LMAD;? =B <MP<@DAP; IBD C9E 6HCD;< [D;KCD?J;<< BI =H; CKKD;KC=; C>BM9= BI
<MP<@DAF=AB9< D;@;A:;?^G 7H; fCO;DE ?B;< 9B= [9BD ?B;< C9E B=H;D F;D<B9^ KMCDC9=;; =H; 6HCD;< BD
QCDDC9=< BII;D;? M9?;D =HA< %II;D $B@M>;9=G
1C@H BI 7H; fCO;DE C9? aCM9MA [P;A9K ;WA<=A9K <HCD;HBJ?;D< HBJ?A9K >BD; =HC9 -q BI =H; 6HCD;<^ CD;
D;<=DA@=;? IDB> ?A<FB<A9K BI =H; J;KCJ BD P;9;IA@ACJ BR9;D<HAF BI =H; 6HCD;< H;J? PE =H;> C< C= =H; ?C=; BI
=HA< %II;D $B@M>;9=S B=H;DRA<; =HC9 =HDBMKH C PB9C IA?; <MFFBD=A9K <;@MDA=E A9=;D;<= KDC9=;? =B C J;9?;D
B9 @B>>;D@ACJ =;D><S IBD C F;DAB? IDB> =H; ?C=; =HC= 1@BECj< 6HCD;< CD; IAD<= LMB=;? B9 =H; 5b6g =B =H;
?CE CI=;D =H; ?C=; =HC= 1@BEC D;J;C<;< =B 5bg A=< IA9C9@ACJ D;<MJ=< IBD =H; IA9C9@ACJ E;CD ;9?A9K +( 8CD@H
_'((G
7H;<; D;<=DA@=AB9< CD; @B9=CA9;? A9 N;<=DA@=;? 6;@MDA=E $;;?<S RHA@H FDB:A?; =HC= =H; D;<=DA@=;?
6HCD;HBJ?;D< >CE B9JE ?A<FB<; BI =H;AD 6HCD;< RA=HA9 =H; D;<=DA@=;? F;DAB? [A^ =B C9 CIIAJAC=; =HC= CKD;;< =B
P; PBM9? PE =H; <C>; D;<=DA@=AB9< BD [AA^ RA=H =H; CFFDB:CJ BI 1@BECj< 49?;F;9?;9= $AD;@=BD< C9? 5bg BD
[AAA^ =B C9 BII;DBD RHB HC< >C?; C <M@@;<<IMJ IMJJ BD FCD=ACJ =CO;B:;D BII;D =B CJJ 6HCD;HBJ?;D< M9?;D =H;
7CO;B:;D< &B?;G
7H; $AD;@=BD< HC:; ?;@A?;? =B DCA<; =H; @CFA=CJ 9;;?;? IBD =H; IMD=H;D ?;:;JBF>;9= BI 1@BECj< PM<A9;<<
=HDBMKH C FMPJA@ BII;D P;@CM<; =H;E P;JA;:; A= A< =H; >B<= CFFDBFDAC=; >;C9< BI BP=CA9A9K =H; ;W=;D9CJ
IM9?A9K D;LMAD;? =B ;9CPJ; 1@BEC =B ;W;@M=; A=< PM<A9;<< FJC9G
aDB:A?; 1@BEC RA=H =H; IM9?A9K D;LMAD;? =B KDBR A=< PM<A9;<< A9 5;R b;CJC9?S !M<=DCJAC C9? !<AC C9?
=BS A9 ?M; @BMD<;S ;9=;D =H; c6! C9? c" >CDO;=<G
19CPJ; 1@BEC =B PDBC?;9 A=< FDB?M@= BII;DA9K C9? C?? C??A=AB9CJ HB>; IDCKDC9@; C9? PB?E n PC=H
FDB?M@=<G
$;>B9<=DC=; =HDBMKH @B9=A9MBM< ?A<@JB<MD; =HC= 1@BEC A< C <MIIA@A;9=JE @CFA=CJA<;? @B>FC9ES RA=H
@B>>A==;? <HCD;HBJ?;D<S C9? KDBR=H C>PA=AB9< C< C FMPJA@ @B>FC9EG 7HA< <HBMJ? H;JF A9<=AJ
@B9IA?;9@; C>B9K<= 1@BECj< <MFFJA;D< C9? @M<=B>;D< CPBM= A=< BII;DA9K C9? H;JF =B IMD=H;D C@@;J;DC=;
=H; A>FJ;>;9=C=AB9 BI 1@BECj< PM<A9;<< FJC9G
aDB:A?; 1@BEC RA=H =H; CPAJA=E =B ;9HC9@; A=< PM<A9;<< BF;DC=AB9< A9 !M<=DCJC<AC C9? @D;C=; C9
BFFBD=M9A=E =HC= A< C==DC@=A:; =B A9=;D9C=AB9CJ =CJ;9=G
!JJBR 1@BEC =B M=AJA<; FMPJA@ @B>FC9E KB:;D9C9@; <=DM@=MD;< =B @D;C=; C HAKH)LMCJA=E D;FBD=A9K C9?
@B9=DBJ ;9:ADB9>;9=S C9? FDB:A?; C KBB? PC<; IDB> RHA@H 1@BEC @C9 FMD<M; =H; A9=;D9C=AB9CJ KDBR=H
BI A=< PM<A9;<<G
eMD=H;D DCA<; 1@BECj< FDBIAJ; C9? C<<A<= A9 IMD=H;D PMAJ?A9K C FD;>AM> PDC9?G
4I 1@BEC #A>A=;? RC< =B D;>CA9 C FDA:C=;JE BR9;? @B>FC9E PC<;? A9 5;R b;CJC9?S RA=HBM= C9 CFFDBFDAC=;
J;:;J BI IM9?A9K C9? =H; FDBIAJ; C9? =DC9<FCD;9@E RHA@H @B>;< RA=H P;A9K C FMPJA@ @B>FC9ES A= >CE 9B= P;
CPJ; =B @CFA=CJA<; B9 =H; A>>;?AC=; A9=;D9C=AB9CJ BFFBD=M9A=E =B =H; <C>; ?;KD;;G
((
-43 CJ G;C<33B4 J;C6 5=3 ',#
1@BEC RAJJ M<; =H; FDB@;;?< IDB> =HA< %II;D C9? IDB> ;W;D@A<; BI QCDDC9=< B:;D =H; 9;W= =HD;; E;CD< =BT
N;@DMA= C??A=AB9CJ <=CII =B KDBR =H; PM<A9;<<S A9@JM?A9K F;D<B99;J A9 5;R b;CJC9?S !M<=DCJAC C9? =H;
c6!G
49:;<= A9 =H; BF;DC=AB9CJ C9? FDB?M@=AB9 A9IDC<=DM@=MD; D;LMAD;? =B <@CJ; =H; PM<A9;<<G
aDB:A?; RBDOA9K @CFA=CJ =B <M<=CA9 =H; BF;DC=AB9< BI =H; PM<A9;<< RHAJ; 1@BEC A9@D;C<;< A=< >B9=HJE
D;:;9M; <=D;C>G
!J=HBMKH A= A< A9=;9?;? =HC= =H; FDB@;;?< IDB> =H; 4a% RAJJ P; M<;? IBD =H; CPB:; FMDFB<;<S 1@BECS JAO;
C9E ;CDJE <=CK; @B>FC9ES 9;;?< =B P; IJ;WAPJ; RA=H A=< <=DC=;KA;<S FJC9<S =CDK;=;? >AJ;<=B9;<S BF;DC=AB9<
C9? CIICAD< <B =HC= A= @C9 D;<FB9? =B @HC9K;S <M@H C< @HC9K;< A9 =H; HB>; IDCKDC9@; C9? PB?E n PC=H
>CDO;=<S A=< @B>F;=A=A:; ;9:ADB9>;9= C9? A9<AKH=< A= KCA9< CPBM= A=< BF;DC=AB9<S @B<=< C9? A9:;<=>;9=
D;LMAD;>;9=<G !@@BD?A9KJES 1@BEC D;<;D:;< =H; DAKH= =B :CDE =H; M<; BI FDB@;;?< BM=JA9;? CPB:;G
7H; C>BM9= DCA<;? M9?;D =HA< %II;D <HBMJ? ;9CPJ; 1@BEC =B FMD<M; A=< @MDD;9= PM<A9;<< <=DC=;KEG
`BR;:;DS ;:;9=< <M@H C< C @HC9K; A9 <=DC=;KES IA9C9@ACJ F;DIBD>C9@; 9B= >;;=A9K ;WF;@=C=AB9< BD C
?;<AD; =B C@@;J;DC=; A=< ;WFC9<AB9 FJC9< >CE D;LMAD; 1@BEC =B DCA<; IMD=H;D @CFA=CJ A9 =H; IM=MD;G
N)%.%&>
7H; %II;D aDA@; IBD =H; 6HCD;< A< 5bi(G'' F;D 6HCD;G
B(C ,( 3==AE
!FFJA@C=AB9< IBD 6HCD;< >M<= P; >C?; B9 =H; !FFJA@C=AB9 eBD> @B9=CA9;? A9 BD C@@B>FC9EA9K =HA< %II;D
$B@M>;9=G
!FFJA@C=AB9 eBD>< >M<= P; @B>FJ;=;? A9 IMJJ C9? <MP>A==;? A9 C@@BD?C9@; RA=H =H; A9<=DM@=AB9< <;= BM=
P;JBR C9? B9 =H; FCK; FD;@;?A9K =H; !FFJA@C=AB9 eBD> FDABD =B =H; &JB<A9K $C=;G
!9 !FFJA@C=AB9 RAJJ @B9<=A=M=; C9 ADD;:B@CPJ; BII;D PE =H; !FFJA@C9= =B <MP<@DAP; IBD =H; 9M>P;D BI 6HCD;<
<F;@AIA;? A9 =H; !FFJA@C=AB9 eBD>S BD <M@H J;<<;D 9M>P;D BI 6HCD;< C< >CE P; CJJB@C=;? =B A=S B9 =H; =;D><
C9? @B9?A=AB9< <;= BM= A9 =HA< %II;D $B@M>;9= C9? =H; !FFJA@C=AB9 eBD>G fE <MP>A==A9K C9 !FFJA@C=AB9
eBD>S !FFJA@C9=< CKD;; =B P; PBM9? PE =HB<; =;D>< C9? @B9?A=AB9< C9? =H; &B9<=A=M=AB9 BI 1@BECG
O%&%*0* 3==A%.+,%(&-
!FFJA@C=AB9< M9?;D =H; %II;D >M<= P; >C?; IBD C >A9A>M> C>BM9= BI 5bi(S''' BD !id'' C9?S =H;D;CI=;DS
A9 >MJ=AFJ;< BI 5bi-'' BD !i.''G
3==A%.+,%(& O(&%$-
!JJ !FFJA@C=AB9< >M<= P; C@@B>FC9A;? PE FCE>;9= A9 IMJJ IBD =H; =B=CJ 9M>P;D BI 6HCD;< CFFJA;? IBD C= =H;
%II;D aDA@;G aCE>;9= >CE P; >C?; A9 ;A=H;D 5;R b;CJC9? ?BJJCD< BD !M<=DCJAC9 ?BJJCD<G
(_
&H;LM;< IBD 5;R b;CJC9? ?BJJCD FCE>;9=< >M<= P; ?DCR9 B9 C D;KA<=;D;? 5;R b;CJC9? PC9OS >M<= P;
@DB<<;? \5B= 7DC9<I;DCPJ;] C9? <HBMJ? P; >C?; FCECPJ; =B \1@BEC 4a%]G
&H;LM;< IBD !M<=DCJAC9 ?BJJCD FCE>;9=< >M<= P; ?DCR9 B9 C9 !M<=DCJAC9 PC9OS @DB<<;? \5B= 7DC9<I;DCPJ;]
C9? <HBMJ? P; >C?; FCECPJ; =B \1@BEC 4a%]G !9E FCE>;9=< A9 !M<=DCJAC9 ?BJJCD< RAJJ P; @B9:;D=;? A9=B
=H; 5;R b;CJC9? ?BJJCD ;LMA:CJ;9= M<A9K =H; !M<=DCJAC9 ?BJJCD s 5;R b;CJC9? ?BJJCD ;W@HC9K; DC=; C< C=
((G('C> [5b7^ B9 =H; ?CE CJJB@C=AB9< M9?;D =H; %II;D CD; ?;=;D>A9;? LMB=;? PE 7H; N;<;D:; fC9O BI
5;R b;CJC9?P C9? =H; 9M>P;D BI 6HCD;< FCA? IBD RAJJ P; @CJ@MJC=;? C< <M@H 5;R b;CJC9? ?BJJCD
;LMA:CJ;9= ?A:A?;? PE =H; %II;D aDA@; [DBM9?;? ?BR9 =B =H; 9;CD;<= 6HCD;^G
!FFJA@C=AB9 >B9A;< RAJJ P; PC9O;? MFB9 D;@;AF= A9=B C ?;<AK9C=;? PC9O C@@BM9= C9? H;J? B9 =DM<= F;9?A9K
=H; CJJB@C=AB9 BI 6HCD;<G 7H; PC9OA9K BI <M@H >B9A;< ?B;< 9B= @B9<=A=M=; @B9IAD>C=AB9 BI =H; CJJB@C=AB9 BI
C9E 6HCD;< =B =H; <M@@;<<IMJ !FFJA@C9=<G
!FFJA@C9=< <HBMJ? ;9<MD; =HC= <MIIA@A;9= IM9?< CD; H;J? A9 =H; D;J;:C9= C@@BM9= =B @B:;D =H; @H;LM; RHA@H
C@@B>FC9A;< =H;AD @B>FJ;=;? !FFJA@C=AB9 eBD>G !JJB@C=AB9< BI 6HCD;< RAJJ P; >C?; B9 =H; C<<M>F=AB9
=HC= C9 !FFJA@C9=j< @H;LM; RAJJ @J;CDG 4I C9 !FFJA@C9= ICAJ< =B >CO; FCE>;9= IBD =H; 6HCD;< M9?;D =H;
%II;DS BD C9 !FFJA@C9=j< @H;LM; ICAJ< =B @J;CDS =H;9 =H; CJJB@C=AB9 BI 6HCD;< =B =HC= !FFJA@C9= >CE P;
@C9@;JJ;?G
!M<=DCJAC9 A9:;<=BD< >CE <;9? =H;AD !FFJA@C=AB9< =B 1@BEC @s) &B>FM=;D<HCD; 49:;<=BD 6;D:A@;<S ha% fBW
-_S 8;JPBMD9; 04& +''(S !M<=DCJACG 6M@H !FFJA@C=AB9< >M<= P; D;@;A:;? PE [G6 U%!7)\ C1 9Z %G;@A
9>?>G !J=;D9C=A:;JES !M<=DCJAC9 A9:;<=BD< >CE <;9? =H;AD !FFJA@C=AB9 =B &B>FM=;D<HCD; A9 5;R b;CJC9?S
C< ?;<@DAP;? CPB:;G
!FFJA@C=AB9< =HDBMKH =H; &B)8C9CK;D< C9? B=H;D 5bg eAD>< >M<= P; JB?K;? A9 <MIIA@A;9= =A>; =B D;C@H
&B>FM=;D<HCD; PE 9B JC=;D =HC9 -F> [5b7^ B9 _/ !FDAJ _'('G
1@BEC >CE ;J;@= =B @JB<; =H; %II;D ;CDJES BD ;W=;9? =H; %II;DS BD C@@;F= JC=; !FFJA@C=AB9< ;A=H;D K;9;DCJJE
BD A9 FCD=A@MJCD @C<;<G 7H; %II;D >CE P; @JB<;? C= C9E ;CDJA;D ?C=; C9? =A>;S RA=HBM= IMD=H;D 9B=A@;G
!FFJA@C9=< CD;S =H;D;IBD;S ;9@BMDCK;? =B <MP>A= =H;AD !FFJA@C=AB9< C< ;CDJE C< FB<<APJ;G
3AA(.+,%(& N(A%.E
7H; CJJB@C=AB9 BI 6HCD;< C9? QCDDC9=< =B !FFJA@C9=< RAJJ P; C= =H; <BJ; ?A<@D;=AB9 BI 1@BECG 1@BEC >CES
C= A=< ?A<@D;=AB9S D;Z;@= C9E !FFJA@C=AB9 [A9 RHBJ; BD FCD=^ RA=HBM= KA:A9K C9E D;C<B9G
:+))+&,-
!JJ !FFJA@C9=< CJJB==;? 6HCD;< M9?;D =HA< %II;D RAJJ CJ<B P; CJJB==;? =RB QCDDC9=< [B9; 6;DA;< ( QCDDC9=
C9? B9; 6;DA;< _ QCDDC9=^ IBD ;:;DE IBMD 6HCD;< CJJB==;? =B =H;> IBD 9AJ @B9<A?;DC=AB9S KA:A9K !FFJA@C9=<
=H; BFFBD=M9A=E =B <MP<@DAP; IBD =RB C??A=AB9CJ 6HCD;< IBD ;:;DE IBMD 6HCD;< =H;E CD; CJJB==;? M9?;D =HA<
%II;DG 1C@H QCDDC9= ;9=A=J;< =H; HBJ?;D =B <MP<@DAP; IBD C9? P; CJJB==;? B9; BD?A9CDE <HCD; A9 =H;
&B>FC9ES @D;?A=;? C< IMJJE FCA?S C= C9 ;W;D@A<; FDA@; BI 5bi(G'' F;D QCDDC9=G 6;DA;< ( QCDDC9=< RAJJ P;
;W;D@A<CPJ; C= C9E =A>; M9=AJ C IA9CJ ;W;D@A<; ?C=; BI (- $;@;>P;D _'(( C9? 6;DA;< _ QCDDC9=< RAJJ P;
;W;D@A<CPJ; C= C9E =A>; M9=AJ C IA9CJ ;W;D@A<; ?C=; BI (- pM9; _'(+S PB=H C= =H; ;W;D@A<; FDA@; BI 5bi(G''G
eMD=H;D ?;=CAJ< A9 D;<F;@= BI =H; QCDDC9=< CD; <;= BM= B9 FCK;< -+ =B --G
(+
!FFJA@C9=< RAJJ P; <;9= 9B=A@;< BI CJJB@C=AB9 B9 =H; !JJB=>;9= $C=; [;WF;@=;? =B P; +' !FDAJ _'('^G !9E
D;IM9?< IBD M9<M@@;<<IMJ CFFJA@C=AB9< IBD 6HCD;< RAJJ P; FB<=;? A9 =H; @MDD;9@E BI CFFJA@C=AB9 9B JC=;D =HC9
IA:; PM<A9;<< ?CE< CI=;D =H; !JJB=>;9= $C=;G
!9 !FFJA@C9= ?B;< 9B= HC:; C9E A9=;D;<= A9S BD DAKH= BD ;9=A=J;>;9= =BS C9E 6HCD; BD QCDDC9= M9?;D =HA<
%II;D M9J;<< C9? M9=AJS C9? =H;9 B9JE =B =H; ;W=;9= =HC=S 6HCD;< C9? QCDDC9=< CD; CJJB==;? =B =HC= !FFJA@C9=
PE 1@BECG
4I EBM <;JJ 6HCD;< BD QCDDC9=< P;IBD; D;@;A:A9K C9 A9A=ACJ CJJB=>;9= 9B=A@;S EBM ?B <B C= EBMD BR9 DA<OS ;:;9
AI EBM BP=CA9;? ?;=CAJ< BI EBMD HBJ?A9K =HDBMKH =H; 6HCD; N;KA<=DCD BD @B9IAD>;? EBMD CJJB@C=AB9 =HDBMKH C
5bg eAD> BD B=H;DRA<;G 5;A=H;D 1@BEC 9BD C9E BI A=< $AD;@=BD<S BIIA@;D<S ;>FJBE;;<S @B9<MJ=C9=<S CK;9=<S
FCD=9;D< BD C?:A<;D< C@@;F=< C9E JACPAJA=E BD D;<FB9<APAJA=E <HBMJ? C9E F;D<B9 C==;>F= =B <;JJ BD B=H;DRA<;
?;CJ RA=H 6HCD;< BD QCDDC9=< P;IBD; =H; CJJB=>;9= 9B=A@; <HBRA9K =H; 9M>P;D BI 6HCD;< C9? QCDDC9=<
A<<M;? =B =H; !FFJA@C9= A< D;@;A:;? PE =H; !FFJA@C9= IBD =HB<; 6HCD;<G
S$'0&1-
8B9;E D;@;A:;? A9 D;<F;@= BI !FFJA@C=AB9< =HC= CD; ?;@JA9;? A9 RHBJ; BD A9 FCD= RAJJ P; D;IM9?;? A9 RHBJ; BD
A9 FCD= [C< =H; @C<; >CE P;^ RA=HBM= A9=;D;<= A9 =H; @MDD;9@E BI CFFJA@C=AB9G N;IM9?< IBD M9<M@@;<<IMJ
!FFJA@C=AB9< RAJJ P; FB<=;? RA=HA9 IA:; PM<A9;<< ?CE< CI=;D =H; !JJB=>;9= $C=;G
K)(G$)+>$
5B PDBO;DCK; BD @B>>A<<AB9 A< FCECPJ; PE !FFJA@C9=< IBD 6HCD;< C9? QCDDC9=< A<<M;? =B =H;> M9?;D =H;
%II;DG
1@BEC RAJJ FCE C PDBO;DCK; I;; BI _G_-q IBD CFFJA@C=AB9< D;@;A:;? FMD<MC9= =B 5bg IAD> CJJB@C=AB9< M9?;D
=H; %II;DG 1@BEC RAJJ FCE C PDBO;DCK; I;; BI (Gk-q IBD CJJ B=H;D <M@@;<<IMJ CFFJA@C=AB9< D;@;A:;? IDB>
5bg eAD>< A9 D;<F;@= BI CFFJA@C=AB9< M9?;D =H; 5bg CJJB@C=AB9 FBBJ P;CDA9K C9 5bg eAD>j< <=C>FG 5B
PDBO;DCK; RAJJ P; FCA? PE 1@BEC B=H;D =HC9 =H; PDBO;DCK; I;; FCECPJ; =B 5bg eAD><G 7H;D; RAJJ P; 9B
PDBO;DCK; FCECPJ; B9 CFFJA@C=AB9< D;@;A:;? M9?;D =H; FMPJA@ FBBJ =HC= ?B 9B= P;CD C9 5bg eAD> <=C>FG
49 C??A=AB9S eAD<= 5b &CFA=CJ 6;@MDA=A;< #A>A=;? C9? &DCAK< 49:;<=>;9= aCD=9;D< #A>A=;? RAJJ D;@;A:; C @B)
>C9CK;D I;; BI i_-S''' ;C@H A9 D;<F;@= BI =H; %II;DG
!??A=AB9CJJES eAD<= 5b &CFA=CJ 6;@MDA=A;< #A>A=;? C9? &DCAK< 49:;<=>;9= aCD=9;D< #A>A=;? CD; ;9=A=J;? =B C
I;; BI 'G_-q B9 =H; =B=CJ C>BM9= BI CFFJA@C=AB9< P;CDA9K =H;AD D;<F;@=A:; 5bg eAD> <=C>F AI =H; =B=CJ
C>BM9= BI =H;AD D;<F;@=A:; CFFJA@C=AB9< ;W@;;?< 5bi+ >AJJAB9G
RTU Q%-,%&>
!FFJA@C=AB9 HC< P;;9 >C?; =B 5bg IBD F;D>A<<AB9 =B JA<= =H; 6HCD;< C9? QCDDC9=<S C9? CJJ =H;
D;LMAD;>;9=< BI 5bg D;JC=A9K =H;D;=B =HC= @C9 P; @B>FJA;? RA=H B9 BD P;IBD; =H; ?C=; BI =HA< %II;D
$B@M>;9= HC:; P;;9 ?MJE @B>FJA;? RA=HG `BR;:;DS 5bg C@@;F=< 9B D;<FB9<APAJA=E IBD C9E <=C=;>;9= A9
=HA< %II;D $B@M>;9=G 49A=ACJ LMB=C=AB9 BI =H; 6HCD;< C9? QCDDC9=< A< ;WF;@=;? =B B@@MD B9 + 8CE _'('G
5bg HC< CM=HBDA<;? 5bg eAD>< =B C@= B9 =H; %II;DG 5bg A< C D;KA<=;D;? ;W@HC9K; D;KMJC=;? M9?;D =H;
6;@MDA=A;< 8CDO;=< !@=G
#23;4384 '12345C;4
7H; %II;D A< B9JE P;A9K >C?; =B >;>P;D< BI =H; FMPJA@ A9 5;R b;CJC9? C9? !M<=DCJAC BD B=H;DRA<; RH;D;
JCRIMJJE F;D>A==;?G 5B F;D<B9 >CE BII;DS A9:A=;S <;JJ BD ?;JA:;D C9E 6HCD;< BD QCDDC9=< BD ?A<=DAPM=; C9E
?B@M>;9=< [A9@JM?A9K =HA< %II;D $B@M>;9=^ =B C9E F;D<B9 BM=<A?; 5;R b;CJC9? BD !M<=DCJAC RA=HBM= =H;
CFFDB:CJ BI 1@BECG
c9J;<< B=H;DRA<; CKD;;? RA=H 1@BECS C9E F;D<B9 BD ;9=A=E CFFJEA9K IBD 6HCD;< A9 =H; %II;D RAJJS PE :AD=M; BI
<M@H !FFJA@C=AB9S P; ?;;>;? =B D;FD;<;9= =HC= H;S <H; BD A= A< 9B= A9 C ZMDA<?A@=AB9 =HC= ?B;< 9B= F;D>A= =H;
>COA9K BI =H; %II;D BD C9 A9:A=C=AB9 BI =H; OA9? @B9=CA9;? A9 =HA< %II;D $B@M>;9= C9? A< 9B= C@=A9K IBD =H;
C@@BM9= BD P;9;IA= BI C F;D<B9 RA=HA9 <M@H C ZMDA<?A@=AB9G 5;A=H;D 1@BEC 9BD C9E BI A=< $AD;@=BD<S BIIA@;D<S
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;>FJBE;;<S @B9<MJ=C9=<S CK;9=<S FCD=9;D< BD C?:A<;D< C@@;F=< C9E JACPAJA=E BD D;<FB9<APAJA=E =B ?;=;D>A9;
RH;=H;D C F;D<B9 A< CPJ; =B FCD=A@AFC=; A9 =H; %II;DG
'6GC;5815 *C<H6315
'J OCH 8;3 @1 81O BCHN5 84 5C =CL 5C B38A L@5= 5=@4 #JJ3; *C<H6315R GA3843 @663B@853AO <C158<5 81
+Fd /@;6R 81 8<<CH15815R C; 8 J@181<@8A 8B2@43;S
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49 _'',S =H; KJBPCJ PB?E n PC=H >CDO;= HC< P;;9 ;<=A>C=;? =B P; RBD=H CDBM9? c6i__G_ PAJJAB9 F;D
C99M>+G 7H; c6! HB>; IDCKDC9@; >CDO;= CJB9; HC< P;;9 ;<=A>C=;? =B P; RBD=H CDBM9? c6i-G( PAJJAB9
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F;D C99M> A9 _''k G 7HA< A< ?A<@M<<;? A9 IMD=H;D ?;=CAJ P;JBRG
49 _''kS =H; c6! HB>; IDCKDC9@; >CDO;= CJB9; RC< ;<=A>C=;? P; RBD=H CDBM9? c6i-G( PAJJAB9 F;D C99M>
C9? A< FD;?A@=;? =B KDBR C= C @B>FBM9? C99MCJ KDBR=H DC=; [\&!hN]^ BI +G+q F;D C99M> =B D;C@H C
>CDO;= <Ar; BI c6i/G' PAJJAB9 F;D C99M> PE _'(_-G 7H; KJBPCJ HB>; IDCKDC9@; >CDO;= A< JAO;JE =B P;
>C=;DACJJE JCDK;D =HC9 c6i-G( PAJJAB9 F;D C99M>G
7H; HB>; IDCKDC9@; >CDO;= A9@JM?;< FDB?M@= @C=;KBDA;< <M@H C< <@;9=;? @C9?J;<S CAD ID;<H;9;D<S DBB>
<FDCE<S ?AIIM<;D<S FB=FBMDDA C9? BAJ<G
49 1@BECj< :A;RS =H; IC@=BD< @B9=DAPM=A9K =B =H; KDBR=H BI =H; HB>; IDCKDC9@; >CDO;= A9@JM?;T
49?;F;9?;9= >CDO;= D;<;CD@H A9?A@C=;< =HC= =H; D;@;<<AB9 HC< C <AJ:;D JA9A9K IBD <MFFJA;D< C9?
D;=CAJ;D< BI F;D<B9CJ @CD; C9? HB>; IDCKDC9@; FDB?M@=< l M9;>FJBE>;9=S =;J;@B>>M=A9K C9?
ID;;JC9@A9K HC< @B9<M>;D< <F;9?A9K >BD; =A>; C= HB>; RA=H @B9<M>;D< ?DA:;9 =B A9:;<= A9
<A>FJ; C9? D;JC=A:;JE A9;WF;9<A:; FJ;C<MD;< =B >CO; =H;AD <FC@; >BD; @B>IBD=CPJ; C9? A9:A=A9K/G
7H; A9@D;C<;? FMD@HC<; BI @C9?J;< IBD KAI=< C9? =H; RAJJA9K9;<< IBD @B9<M>;D< =B FCE >BD; IBD
=H;<; KAI= @C9?J;<dG &B9<M>;D< CD; A9@D;C<A9KJE FMD@HC<A9K @C9?J;< C< C IB@CJ FBA9= A9 =H;AD
HB>; ?u@BDS C9? IBD CDB>C=H;DCFE)JAO; D;JCWC=AB9 C9? <=D;<< D;?M@=AB9S C@@BD?A9K =B =H; 5C=AB9CJ
&C9?J; !<<B@AC=AB9 A9 =H; c6!G 7H;E CJ<B <=C=; =HC= @C9?J;< CD; M<;? PE k BM= BI (' HBM<;HBJ?<
A9 =H; c6! C9? =HC= PB=H >;9 C9? RB>;9 @B9<A?;D @C9?J;< =B P; C9 CJRCE<)C@@;F=CPJ; C9?
HAKHJE CFFD;@AC=;? KAI= IBD C RA?; :CDA;=E BI B@@C<AB9<,G
7H; HB>; IDCKDC9@; >CDO;= HC< <;;9 <B>; >B:;>;9= =BRCD?< =H; oKD;;9 =D;9?j C9? 9B=
FBJJM=A9K =H; CADS CJB9K RA=H <CI;=E C<F;@=<('G
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499B:C=A:; 9;R FDB?M@= BII;DA9K< G
1@BECj< FDB?M@=< CD; FB<A=AB9;? IBD =H; 1@B #MW; <;K>;9= BI =H; HB>; IDCKDC9@; >CDO;= C9? @MDD;9=JE
A9@JM?; C DC9K; BI <@;9=;? @C9?J;<S =DC:;J @C9?J;< C9? ?AIIM<;D<G
%=H;D A9=;D9C=AB9CJ @B>FC9A;< RHA@H CJ<B <;JJ 1@B #MW; FDB?M@=< HC:; C@HA;:;? <AK9AIA@C9= KDBR=HG eBD
;WC>FJ;S 2C9O;; `BJ?A9K &BDFBDC=AB9 =DC?A9K C< 7H; 2C9O;; &C9?J; &B>FC9E [\2C9O;; &C9?J;]^ BI =H;
c6! [RHA@H A< ?A<@M<<;? IMD=H;D B9 FCK; _'^ KD;R =MD9B:;D C9? 1f47$! C= C &!hN BI (.q C9? (-q
D;<F;@=A:;JE P;=R;;9 e2(,,k C9? e2_'',G 7H; 2C9O;; &C9?J; &B>FC9E RC< C@LMAD;? PE 8C?A<B9
$;CDPBD9 aCD=9;D<S ##& A9 _''/G
+
6BMD@;T $C=C>B9A=BD 49=;DC@=A:; &B9<M>;D $C=CPC<; [RRRG?C=C>B9A=BDG@B>^S ( %@=BP;D _'',G fB?E C9? PC=H A< C9 CKKD;KC=AB9
BI =H; PB?E@CD; C9? PC=H n <HBR;D >CDO;=<
.
6BMD@;T a;DIM>;D n eJC:BDA<= [RRRGF;DIM>;DIJC:BDA<=G@B>^S _( 8CD@H _''d
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6BMD@;T Q;P<A=; BI =H; 5C=AB9CJ &C9?J; !@@B@AC=AB9S c6! [RRRG@C9?J;<GBDK^S (- 8CD@H _'('
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<MKK;<=< =HC= =H; <;K>;9= BI =H; HB>; IDCKDC9@; >CDO;= =HC= 1@BEC C??D;<<;< A< FB=;9=ACJJE KDBRA9K
IC<=;D =HC9 =H; HB>; IDCKDC9@; >CDO;= C< C RHBJ;G
49 _'',S A= RC< ;<=A>C=;? =HC= =H; KJBPCJ PB?E n PC=H >CDO;= RC< RBD=H CDBM9? c6i__G_ PAJJAB9 F;D
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=B KDBR C= C &!hN BI +G/q F;D C99M> =B D;C@H C >CDO;= <Ar; BI CFFDBWA>C=;JE c6i_-G- PAJJAB9 F;D
C99M> PE _'(+(+G
7H; PB?E n PC=H >CDO;= A9@JM?;< FDB?M@= @C=;KBDA;< <M@H C< JALMA? PC=H FDB?M@=<S <HBR;D FDB?M@=<S PB?E
JB=AB9< C9? <BCF<G
7H; =CPJ; P;JBR <;=< BM= =H; ;<=A>C=;? >CDO;= :CJM;< BI 1@BECj< @MDD;9= C9? A9=;9?;? IM=MD; >CDO;=<S
&C9C?C C9? =H; D;<= BI =H; RBDJ?T
6BMD@;T $C=C>B9A=BD 49=;DC@=A:; &B9<M>;D $C=CPC<; [RRRG?C=C>B9A=BDG@B>^S ( %@=BP;D _'',G fB?E C9? PC=H A< C9 CKKD;KC=AB9 BI
=H; PB?E @CD; C9? PC=H C9? <HBR;D >CDO;=<G
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A9@JM?;T
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&B9<M>;D<j RAJJA9K9;<< =B M<; C RA?;D C9? >BD; =CAJBD;? FDB?M@= <;= RA=HA9 =H; PB?E n PC=H
<;@=BDS DC=H;D =HC9 =H; =DC?A=AB9CJ o<BCF PJB@Oj BII;DA9KG
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5B=;T N;<= BI QBDJ? A9@JM?;< 1MDBF; [;W@JM?A9K c"^S &;9=DCJ C9? 6BM=H !>;DA@CS 8A??J; 1C<= C9? !IDA@CG
4?
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eBD C :CDA;=E BI D;C<B9< >C9E @B9<M>;D< CD; <F;9?A9K >BD; =A>; C= HB>; C9? <F;9?A9K >BD;
B9 F;D<B9CJ @CD; C@@;<<BDA;<G
1@BECj< FDB?M@=< CD; FB<A=AB9;? IBD =H; 1@B #MW; <;K>;9= BI =H; PB?E n PC=H >CDO;= C9? @MDD;9=JE
A9@JM?; <BCF<S HC9? n PB?E JB=AB9< C9? HC9? RC<HG
%=H;D A9=;D9C=AB9CJ @B>FC9A;< RHA@H CJ<B <;JJ =H;<; FDB?M@=< A9@JM?; 7H; fB?E 6HBF 49=;D9C=AB9CJ [RHA@H
A< ?A<@M<<;? IMD=H;D B9 FCK; _(^G 4= KD;R A=< =MD9B:;D C= C &!hN BI CFFDBWA>C=;JE kq P;=R;;9 e2 (,,k
C9? e2 _''/G 7H; fB?E 6HBF 49=;D9C=AB9CJ RC< C@LMAD;? A9 _''/ PE #j%D;CJ 6!G
QHAJ; 7H; fB?E 6HBF A< C >BD; >C=MD; PM<A9;<<S 1@BEC @B9<A?;D< 7H; fB?E 6HBFj< F;DIBD>C9@;
<MKK;<=< =HC= =H; \CIIBD?CPJ; JMWMDE] <;K>;9= BI =H; PB?E n PC=H >CDO;= =HC= 1@BEC C??D;<<;< A<
FB=;9=ACJJE KDBRA9K IC<=;D =HC9 =H; PB?E n PC=H >CDO;= C< C RHBJ;G
1@BEC D;FD;<;9=< C9 BFFBD=M9A=E =B A9:;<= A9 C @B>FC9E =HC= A9=;9?< =B =CDK;= <;J;@=;? A9=;D9C=AB9CJ HB>;
IDCKDC9@; C9? PB?E n PC=H >CDO;=<S A9@JM?A9KT
5;R b;CJC9? C9? !M<=DCJAC RH;D; 1@BEC CJD;C?E HC< C KDBRA9K FD;<;9@;G
!<AC l 1@BEC CJD;C?E HC< C <>CJJ FD;<;9@; A9 =H; 6HC9KHCA [&HA9C^ >CDO;= C9? A= A9=;9?< =B ;WFC9?
IMD=H;D A9=B !<AC A9 =H; E;CD< CH;C?G
c6! l RHA@H A< C JCDK; PB?E n PC=H C9? HB>; IDCKDC9@; >CDO;=S C9? RHA@H 1@BEC A< @MDD;9=JE
FJC99A9K =B ;9=;D RA=H =H; IAD<= <CJ;< BI FDB?M@=< A9 8CE _'('G
c" l 1@BEC @MDD;9=JE FJC9< =B ;9=;D =H; c" >CDO;= A9 JC=; _'('G
7H; >CDO;= IBD HB>; IDCKDC9@; C9? PB?E n PC=H FDB?M@=< A< @B>F;=A=A:; C9? A< C??D;<<;? PE PB=H JCDK;
A9=;D9C=AB9CJ @B<>;=A@ C9? IDCKDC9@; @B>FC9A;< C9? C IDCK>;9=;? DC9K; BI 9A@H; FJCE;D<G
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IDA;9?JE BII;DA9K FB=;9=ACJJE ?A<=A9KMA<H 1@BEC IDB> =H; JCDK; A9=;D9C=AB9CJ @B<>;=A@ C9? IDCKDC9@;
@B>FC9A;<G 4= CJ<B P;JA;:;< =H;D; A< C9 BFFBD=M9A=E IBD C IC<= >B:A9KS R;JJ IM9?;? PM<A9;<<S =B @CFA=CJA<;
B9 =H; >CDO;= BFFBD=M9A=E =HC= ;WA<=< 9BRG
6B>; BI =H; FDB:A?;D< BI FDB?M@=< =B =H; HB>; IDCKDC9@; C9? PB?E n PC=H >CDO;=< CD; ?A:A<AB9< BD
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BI =H;<; PM<A9;<<;< BF;DC=; C@DB<< C DC9K; BI <;@=BD< A9 C??A=AB9 =B =H;AD D;<F;@=A:; HB>; IDCKDC9@; C9?
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RC< HB9BMD;? RA=H =H; #;C?A9K QB>;9 19=D;FD;9;MD< BI =H; QBDJ? !RCD?S C9? A9 _''. <H; RC<
FD;<;9=;? RA=H =H; % C9? 8CEP;JJA9; &;J;PDA=E $;<AK9;D BI =H; 2;CD !RCD?G 7H;9 A9 _''-S H;D A>CK;
RC< FM= B9 C <=C>F PE !M<=DCJAC aB<= C< FCD= BI =H;AD !M<=DCJAC9 J;K;9?< @C>FCAK9 C9? D;@;A:;? IMD=H;D
CRCD?< IDB> 8CDA; &JCAD; C9? 49<=EJ; =H; <C>; E;CDG
&BJJ;==;j< @JA;9=< HC:; A9@JM?;? mC9=C<S $B> a;DAK9B9 C9? 8CDO< C9? 6F;9@;DG $MDA9K _'('S &BJJ;==;
FJC9< =B JCM9@H H;D 9;R &BJJ;==; $A99AKC9 JA9K;DA; DC9K; A9=B 8CDO< C9? 6F;9@;D A9 #B9?B9G
`; A< @MDD;9=JE C PBCD? ?AD;@=BD BI 5CFC<=EJ;S C @HCA9 BI &CJAIBD9AC9 <=BD;< D;=CAJA9K ;W@JM<A:; HB>; KBB?<
C9? <F;@ACJ=E IBB?< RA=H C IB@M< B9 <M<=CA9CPJ; JA:A9KG NA@H C9? HA< IC>AJE BR9 7H; eDC9O eC>AJE
0A9;ECD?< A9 &CJAIBD9ACj< 5CFC 0CJJ;EG `; A< CJ<B 0A@; &HCAD>C9 BI =H; !>;DA@C9 eAJ> 49<=A=M=;G
NA@H A< B9; BI B9JE ;AKH= F;BFJ; =B RA9 C JAI; =A>; 1>>E CRCD?G `; HC< B:;D<;;9 <B>; BI =H; RBDJ?j<
IC:BMDA=; >B:A;< C9? =;J;:A<AB9 <HBR<S A9@JM?A9KT !9 %IIA@;D C9? h;9=J;>;9S $;C? aB;=< 6B@A;=ES hBB?
8BD9A9K 0A;=9C>S 7H; #AB9 "A9KS `B>; 4>FDB:;>;9=S &H;;D< C9? hBJ?;9 hADJ<G NA@H HC< <=DB9K
`BJJERBB? @B99;@=AB9< C9? C RA?; 9;=RBDO =HDBMKHBM= =H; c6!G
NA@H ZBA9;? =H; PBCD? BI ._ f;JBR #A>A=;? A9 8CE _''/G `; A< CJ<B C ?AD;@=BD BI =H; `EF;DIC@=BDE #A>A=;?S
RHA@H A< C9B=H;D A9:;<=;; @B>FC9E BI 7H; fCO;DEG
NBP ZBA9;? !AD 5;R b;CJC9? C= =H; <=CD= BI _''+ C< &HA;I 49IBD>C=AB9 %IIA@;D C9? J;? =H; fM<A9;<<
7DC9<IBD>C=AB9 =;C>G NBP =H;9 H;J? =H; FB<A=AB9 BI hDBMF h;9;DCJ 8C9CK;D !ADJA9;< IDB> %@=BP;D _''+
M9=AJ HA< CFFBA9=>;9= C< &HA;I 1W;@M=A:; %IIA@;D A9 %@=BP;D _''-G
aDABD =B ZBA9A9K !AD 5;R b;CJC9?S NBP H;J? C DC9K; BI 6;9ABD 8C9CK;>;9= FB<A=AB9< PB=H RA=HA9 5;R
b;CJC9? C9? B:;D<;C<S A9@JM?A9K DBJ;< RA=H =H; 5C=AB9CJ !M<=DCJAC fC9OS fC9O BI 5;R b;CJC9?S 7;J;@B>
5b C9? 470 hDBMF A9 =H; c"G
+'
.G_ 0CA3 CJ 5=3 .C8;B
7H; fBCD? HC< MJ=A>C=; D;<FB9<APAJA=E IBD =H; <=DC=;KA@ ?AD;@=AB9 BI 1@BEC C9? <MF;D:A<A9K 1@BECj<
>C9CK;>;9= IBD =H; P;9;IA= BI <HCD;HBJ?;D<G
! 8B9A=BDA9K C9? RBDOA9K RA=H >C9CK;>;9= =B ?AD;@= =H; PM<A9;<< C9? =H; IA9C9@ACJ F;DIBD>C9@; BI
1@BECG
7H; fBCD? @MDD;9=JE FJC9< =B >;;= 9B= J;<< =HC9 ;AKH= =A>;< ?MDA9K =H; IA9C9@ACJ E;CDS A9@JM?A9K <;<<AB9<
=B @B9<A?;D 1@BECj< <=DC=;KA@ ?AD;@=AB9 C9? PM<A9;<< FJC9<G 0A?;B C9?sBD FHB9; @B9I;D;9@;< RAJJ CJ<B P;
M<;? C< D;LMAD;?G
! @BFE BI 1@BECj< @BDFBDC=; KB:;D9C9@; FBJA@A;< RAJJ P; C:CAJCPJ; IBD C@@;<< C= RRRG;@BECG@BG9rG
7H; fBCD? HC< =RB IBD>CJJE @B9<=A=M=;? @B>>A==;;< BI $AD;@=BD<G 7H;<; &B>>A==;;<S ;<=CPJA<H;? PE =H;
fBCD?S D;:A;R C9? C9CJE<; FBJA@A;< C9? <=DC=;KA;<S M<MCJJE ?;:;JBF;? PE >C9CK;>;9=S RHA@H CD; RA=HA9
=H;AD =;D>< BI D;I;D;9@;G 7H; &B>>A==;;< ;WC>A9; FDBFB<CJ< C9?S RH;D; CFFDBFDAC=;S >CO;
D;@B>>;9?C=AB9< =B =H; IMJJ fBCD?G &B>>A==;;< ?B 9B= =CO; C@=AB9 BD >CO; ?;@A<AB9< B9 P;HCJI BI =H;
fBCD? M9J;<< <F;@AIA@CJJE CM=HBDA<;? =B ?B <B PE =H; fBCD?G
7H; !M?A= C9? NA<O 8C9CK;>;9= &B>>A==;; RAJJ P; D;<FB9<APJ; IBD B:;D<;;A9K =H; DA<O >C9CK;>;9=
[A9@JM?A9K =D;C<MDE C9? IA9C9@A9K FBJA@A;<^S =D;C<MDES A9<MDC9@;S C@@BM9=A9K C9? CM?A= C@=A:A=A;< BI 1@BECS
C9? D;:A;RA9K =H; C?;LMC@E C9? ;II;@=A:;9;<< BI A9=;D9CJ @B9=DBJ<S >;;=A9K RA=H C9? D;:A;RA9K =H;
F;DIBD>C9@; BI ;W=;D9CJ CM?A=BD<S D;:A;RA9K =H; @B9<BJA?C=;? IA9C9@ACJ <=C=;>;9=<S C9? >COA9K
D;@B>>;9?C=AB9< B9 IA9C9@ACJ C9? C@@BM9=A9K FBJA@A;<G
7H; >;>P;D< BI =H; !M?A= C9? NA<O 8C9CK;>;9= &B>>A==;; CD; 6=;FH;9 6A9@JCADS NBP eEI; C9? NA@H
eDC9OG
S$*0&$)+,%(& H(**%,,$$
7H; N;>M9;DC=AB9 &B>>A==;; A< D;<FB9<APJ; IBD B:;D<;;A9K >C9CK;>;9= <M@@;<<AB9 FJC99A9KS
;<=CPJA<HA9K ;>FJBE;; A9@;9=A:; <@H;>;<S D;:A;RA9K C9? CFFDB:A9K =H; @B>F;9<C=AB9 CDDC9K;>;9=< IBD
=H; ;W;@M=A:; $AD;@=BD< C9? <;9ABD >C9CK;>;9=S C9? D;@B>>;9?A9K =B =H; IMJJ fBCD? =H; D;>M9;DC=AB9 BI
$AD;@=BD<G
7H; >;>P;D< BI =H; N;>M9;DC=AB9 &B>>A==;; CD; h;BII NB<<S NBP eEI; C9? NA@H eDC9OG
+(
.G. *@;3<5C;4T '153;3454
L%)$.,()-[ S$*0&$)+,%(&
7H; $AD;@=BD<j I;;< IBD =H; 49?;F;9?;9= $AD;@=BD< BI 1@BEC HC:; P;;9 IAW;?S A9A=ACJJE C= C =B=CJ BI !i.'S'''
F;D 49?;F;9?;9= $AD;@=BDG 7B FDB:A?; IBD IJ;WAPAJA=ES =H; ;WA<=A9K 6HCD;HBJ?;D< HC:; CFFDB:;? C9
CKKD;KC=; @CF B9 49?;F;9?;9= $AD;@=BD<j I;;< BI !i(-'S''' IBD =H; FMDFB<;< BI #A<=A9K NMJ; +G-G != =H;
;J;@=AB9 BI ;C@H 49?;F;9?;9= $AD;@=BDS $AD;@=BD<j I;;< >CE P; FCA? A9 FCD= BD RHBJ; PE A<<M; BI 6HCD;< A9
C@@BD?C9@; RA=H =H; #A<=A9K NMJ;<G 7H; 1W;@M=A:; $AD;@=BD< CD; 9B= ;9=A=J;? =B P; FCA? $AD;@=BD<j I;;<G
1@BEC HC< C@@;<< =B =H; 1W;@M=A:; $AD;@=BD< =HDBMKH @B9<MJ=C9@E CKD;;>;9=< RA=H 7H; fCO;DE C9?
aCM9MAG 7H; fCO;DE HC< ;9=;D;? A9=B C @B9<MJ=C9@E CKD;;>;9= RA=H 1@BECS FMD<MC9= =B RHA@H A= HC<
CKD;;? =B >CO; h;BII NB<<S 6=;FH;9 6A9@JCAD C9? hDC9= fCO;D C:CAJCPJ; =B 1@BEC =B FDB:A?; <F;@ACJA<=
>C9CK;>;9= C9? ;W;@M=A:; <;D:A@;< ?;<@DAP;? B9 FCK;< ++ C9? +. M9?;D =H; H;C?A9K \8C9CK;>;9=
7;C>]G c9?;D =H; @B9<MJ=C9@E CKD;;>;9=S 1@BEC A< @B9=DC@=;? =B FCE C @B9<MJ=C9@E I;; BI MF =B
!i.''S''' FJM< h67 F;D C99M> =B 7H; fCO;DE A9 D;<F;@= BI =H; <;D:A@;< FDB:A?;?G
aCM9MA HC< ;9=;D;? A9=B C @B9=DC@= IBD <;D:A@;< FMD<MC9= =B RHA@H A= HC< CKD;;? =B >CO; &DCAK
6@HR;AKHBII;D C:CAJCPJ; =B 1@BEC =B FDB:A?; <;D:A@;< C< &HA;I 1W;@M=A:; %IIA@;D BI 1@BECG c9?;D =H;
@B9<MJ=C9@E CKD;;>;9=S 1@BEC A< @B9=DC@=;? =B FCE C @B9<MJ=C9@E I;; BI !i(d+S-.' FJM< h67 F;D C99M>
=B aCM9MA A9 D;<F;@= BI <M@H <;D:A@;<G
7H; $AD;@=BD< CD; CJ<B ;9=A=J;? =B P; FCA? IBD CJJ D;C<B9CPJ; =DC:;JS C@@B>>B?C=AB9 C9? B=H;D ;WF;9<;<
A9@MDD;? PE =H;> A9 @B99;@=AB9 RA=H =H;AD C==;9?C9@; C= fBCD? BD 6HCD;HBJ?;D >;;=A9K<S BD B=H;DRA<; A9
@B99;@=AB9 RA=H 1@BECj< PM<A9;<<G
!< FCD= BI C9 A9@;9=A:; FC@OCK;S 1@BEC FJC9< =B FDB:A?; JA>A=;? D;@BMD<; JBC9< =B =H; 49?;F;9?;9=
$AD;@=BD< =B ;9CPJ; =H;> =B <MP<@DAP; IBD C9 CKKD;KC=; BI /k-S''' 6HCD;< M9?;D =H; %II;D C= =H; %II;D
aDA@;G #BC9< RAJJ 9B= P;CD A9=;D;<=S C9? RAJJ P; D;FCECPJ; CI=;D IA:; E;CD< BD ;CDJA;D C= =H; ?A<@D;=AB9 BI =H;
49?;F;9?;9= $AD;@=BDG 7H; JBC9< RAJJ P; 9B9 D;@BMD<; C< CKCA9<= =H; PBDDBRA9K 49?;F;9?;9= $AD;@=BD<S
PM= RAJJ P; <;@MD;? CKCA9<= =H; D;J;:C9= 6HCD;< C9? QCDDC9=< H;J? PE BD B9 P;HCJI BI =H; 49?;F;9?;9=
$AD;@=BD< C9? RHA@H R;D; C@LMAD;? RA=H =H; JBC9 FDB@;;?<G
7H; IBJJBRA9K 49?;F;9?;9= $AD;@=BD< RAJJ P; BII;D;? JBC9< BI 5bi__-S''' ;C@H =B ;9CPJ; =H;> =B
<MP<@DAP; IBD =H; 6HCD;< C= 5bi(G'' F;D 6HCD; <;= BM= P;JBRG 7H;<; 6HCD;< RAJJ HC:; QCDDC9=< C==C@H;?
=B =H;>S PM= C= =H; =A>; BI ;W;D@A<; BI =H; QCDDC9=<S =H; 49?;F;9?;9= $AD;@=BD< RAJJ 9;;? =B <MP<@DAP;S A9
@C<HS AI =H;E ;J;@= =B ;W;D@A<; =H;AD QCDDC9=<G
M,#$) -0I-.)%=,%(&-
49 C??A=AB9 =B =H; 6HCD;< C9? QCDDC9=< C@LMAD;? M<A9K =H; 49?;F;9?;9= $AD;@=BD JBC9<S =H; 49?;F;9?;9=
$AD;@=BD< HC:; CKD;;? =B <MP<@DAP; ?AD;@=JE BD =HDBMKH C<<B@AC=;? IC>AJE =DM<=< IBD 5bi._-S''' BI 6HCD;<
C9? QCDDC9=< M9?;D =H; %II;D C= =H; %II;D aDA@; BI i(G'' F;D 6HCD;G NA@H eDC9O HC< CKD;;? =B <MP<@DAP;
IBD 5bi__-S''' BI 6HCD;< C9? NBP eEI; HC< CKD;;? =B <MP<@DAP; IBD C9 C??A=AB9CJ 5bi_''S''' BI 6HCD;<G
5B9; BI =H; 1W;@M=A:; $AD;@=BD< BD =H;AD C<<B@AC=;? ;9=A=A;< CD; =B P; CJJB==;? QCDDC9=< [;W@;F= =B =H;
;W=;9= 7H; fCO;DE <MP<@DAP;< IBD 6HCD;< M9?;D A=< FCD=ACJ M9?;DRDA=; BI =H; %II;D^G
+_
%9 +( $;@;>P;D _'',S =H; IBJJBRA9K <HCD; <MP<@DAF=AB9< R;D; @B>FJ;=;?T
7H; fCO;DE RC< A<<M;? _kS+-dS.,' 6HCD;< [P;IBD; =H; <HCD; @B9<BJA?C=AB9 D;I;DD;? =B P;JBR^ IBD C
=B=CJ A<<M; FDA@; BI 5bi_S,,,S'''G 7H; A<<M; FDA@; RC< <C=A<IA;? PE RCE BI <;= BII CKCA9<=
<HCD;HBJ?;D C?:C9@;< >C?; PE 7H; fCO;DE =B =H; &B>FC9E <A9@; e;PDMCDE _''dG
_S+,(S.(' 6HCD;< [P;IBD; =H; <HCD; @B9<BJA?C=AB9^ R;D; A<<M;? IBD C =B=CJ A<<M; FDA@; BI
5bi(S'_-S''' FCE>;9= BI RHA@H RC< <;==J;? A9 @C<HG %I =H;<; 6HCD;<S (Sk-'S''' R;D; A<<M;? =B
A9=;D;<=< C<<B@AC=;? RA=H NA@HCD? eDC9OG 8D eDC9O RC< CFFBA9=;? C ?AD;@=BD BI =H; &B>FC9E B9 d
e;PDMCDE _'('G
-S_-'S''' 6HCD;< [P;IBD; =H; <HCD; @B9<BJA?C=AB9^ R;D; A<<M;? =B aCM9MAS C @B>FC9E C<<B@AC=;?
RA=H &DCAK 6@HR;AKHBII;DS A9 @B9<A?;DC=AB9 IBD =H; C@LMA<A=AB9 BI CJJ BI =H; <HCD;< =H;9 H;J? PE
aCM9MA A9 1@BEC a=E #A>A=;?G &DCAK 6@HR;AKHBII;D RC< CFFBA9=;? C ?AD;@=BD BI =H; &B>FC9E B9 d
e;PDMCDE _'('G
%9 (_ e;PDMCDE _'('S =H; &B>FC9E @B>FJ;=;? =H; A<<M; BI .//S//k 6HCD;< [P;IBD; =H; <HCD;
@B9<BJA?C=AB9^ =B A9=;D;<=< C<<B@AC=;? RA=H NBP eEI; IBD 5bi_''S''' @C<HG 8D eEI; RC< CFFBA9=;? C
?AD;@=BD BI =H; &B>FC9E B9 ( 8CD@H _'('G
%9 _. 8CD@H _'('S =H; &B>FC9E @B9<BJA?C=;? A=< +/S'-'S''' <HCD;< A9=B ++S'''S''' IMJJE FCA? BD?A9CDE
<HCD;<G
!@@BD?A9KJES B9 JA<=A9K C9? C<<M>A9K =H; %II;D A< <MP<@DAP;? =B =H; J;:;J BI 5bi(' >AJJAB9S =H; $AD;@=BD<S BD
=H;AD C<<B@AC=;? IC>AJE =DM<=<s;9=A=A;<S CD; ;WF;@=;? =B HBJ? BD @B9=DBJ =H; IBJJBRA9K 6HCD;< C9? QCDDC9=< A9
1@BECT
5B9; BI =H; $AD;@=BD< KMCDC9=;;< =H; 6HCD;< BD QCDDC9=< BII;D;? M9?;D =HA< %II;D $B@M>;9= BD
M9?;D=CO;< C9E JACPAJA=E A9 D;<F;@= BI =H; 6HCD;< BD QCDDC9=<G
49 C??A=AB9 =B HA< &HCAD>C9j< DBJ; C= 1@BECS h;BII RAJJ J;C? PDC9?S ?;<AK9 >;D@HC9?A<A9KS >CDO;=A9K C9?
FMPJA@A=E C= 1@BECG
h;BII RC< =H; IBM9?;D C9? 8C9CKA9K $AD;@=BD BI ._ f;JBR #A>A=;?G eMD=H;D ?;=CAJ< B9 h;BIIj<
PC@OKDBM9? CD; <;= BM= A9 6;@=AB9 .G( BI =HA< %II;D $B@M>;9=G
_/
!<<M>A9K CJJ 16a C9? 4$6a 6HCD;< C9? Q CDDC9=< CD; A<<M;?G
++
G"#+0 A(6I.+06)$$."E G6+.$ 'F.(2%+4. J$$+(."E 'F.(2%+4. !+".(%)" :A*3-.*>
&DCAK RC< =H; H;C? BI ._ f;JBR #A>A=;?S !M<=DCJACG eMD=H;D ?;=CAJ< B9 &DCAKj< PC@OKDBM9? CD; <;= BM= A9
6;@=AB9 .G( BI =HA< %II;D $B@M>;9=G
6=;FH;9 A< =H; &HA;I eA9C9@ACJ %IIA@;D BI 1@BEC C9? =H; &B>FC9E 6;@D;=CDEG
6=;FH;9 RC< =H; &HA;I eA9C9@ACJ %IIA@;D BI ._ f;JBR #A>A=;? C< R;JJ C< C9 1W;@M=A:; $AD;@=BD C9?
&B>FC9E 6;@D;=CDEG eMD=H;D ?;=CAJ< B9 6=;FH;9j< PC@OKDBM9? CD; <;= BM= A9 6;@=AB9 .G( BI =HA< %II;D
$B@M>;9=G
hDC9= RAJJ P; B9 =H; PBCD? BI 1@BEC C< R;JJ C< FDB:A?A9K D;KMJCD <MFFBD= =B =H; >C9CK;>;9= =;C> C=
1@BECG hDC9= RAJJ P; D;<FB9<APJ; IBD BDKC9A<C=AB9 <=DM@=MD;S O;E 9;KB=AC=AB9<S 9;R @B9=DC@=< C9? B:;D<;C<
<CJ;< >C9CK;>;9=G
hDC9= RC< 1W;@M=A:; &HCAD>C9 BI ._ f;JBRG eMD=H;D ?;=CAJ< B9 hDC9=j< PC@OKDBM9? CD; <;= BM= A9 6;@=AB9
.G( BI =HA< %II;D $B@M>;9=G
!I=;D BP=CA9A9K C fC@H;JBD BI fM<A9;<< 6=M?A;<S >CZBDA9K A9 8CDO;=A9K &B>>M9A@C=AB9<S NC@H;J P;KC9
RBDOA9K IBD ._ f;JBR RH;D; <H; RC< =H; 5;R 6BM=H QCJ;< !@@BM9= 8C9CK;DG eDB> ._ f;JBR <H;
>B:;? =B 6AK>C aHCD>C@;M=A@CJ< C< fM<A9;<< $;:;JBF>;9= 8C9CK;D =H;9 =B !JP;D=B &MJ:;D RBDOA9K C<
C &HC99;J !@=A:C=AB9 8C9CK;D RH;D; <H; D;>CA9;? M9=AJ ZBA9A9K 1@BEC A9 _''dG
aDABD =B ZBA9A9K 1@BEC A9 _'',S &JCAD; RBDO;? IBD 5b 8CKCrA9;< C< C9 !?:;D=A<A9K 7A=J; 8C9CK;DS
`BJJBRCE !?:;D=A<A9K C< C 8CDO;=A9K &B9<MJ=C9= C9? 8BB@HA C< C 8CDO;=A9K 8C9CK;DG
";9 ZBA9;? 1@BEC A9 _''dG aDABD =B =HA<S H; RC< C PM<A9;<< @B9<MJ=C9= A9 =H; c"S C?:A<A9K PB=H
PM<A9;<<;< C9? KB:;D9>;9= CK;9@A;< B9 C DC9K; BI PM<A9;<< A>FDB:;>;9= <=DC=;KA;<G ";9 HC< CJ<B
RBDO;? RA=H C 9M>P;D BI FD;<=AKABM< A9=;D9C=AB9CJ BDKC9A<C=AB9<S A9@JM?A9K =H; c9A=;? 6=C=;< ef4 C9?
49=;DaBJG `; A< C9 C@@D;?A=;? =DCA9;D <F;@ACJA<A9K A9 FDB@;<< A>FDB:;>;9= C9? <=CII ?;:;JBF>;9=G
pB<H HC< 9A9; E;CD< ;WF;DA;9@;S =HD;; E;CD< A9 C @HCD=;D;? C@@BM9=A9K IAD> C9? <AW E;CD< A9 @B>>;D@;G
aDABD =B ZBA9A9K 1@BEC pB<H RC< IA9C9@; >C9CK;D IBD !6g JA<=;? @B>FC9ES 19;DKE %9; #A>A=;?G
1@BEC A9=;9?< =B ;<=CPJA<H C9 1>FJBE;; 6HCD; aJC9 [\16a]^G 7H; 16a RAJJ P; CA>;? C= >B=A:C=A9K O;E
;>FJBE;;< =B >;;= ?;IA9;? O;E F;DIBD>C9@; A9?A@C=BD< C9? C= C==DC@=A9K FB=;9=ACJ HAKH C@HA;:;D< =B RBDO
C= 1@BECG $AD;@=BD< RAJJ 9B= P; ;JAKAPJ; =B FCD=A@AFC=; A9 =H; 16aG
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7H; FD;)@B9:;D<AB9 <=C=;>;9= RAJJ @B9=CA9 =H; IBJJBRA9K A9IBD>C=AB9T
C <=C=;>;9= =B =H; ;II;@= =HC= =H; FMDFB<; BI =H; FD;)@B9:;D<AB9 <=C=;>;9= A< =B C<<A<= D;KA<=;D;?
HBJ?;D< BI @B9:;D=APJ; <;@MDA=A;< =B ?;@A?; RH;=H;D =B ;J;@= =B @B9:;D= =HB<; <;@MDA=A;<X
C ?;<@DAF=AB9 BI C9E C?:;D<; @AD@M><=C9@;< [RH;9;:;D =H;E B@@MDD;?^ =HC= >CO; =H; A9:;<=>;9=
<=C=;>;9= ICJ<; BD >A<J;C?A9K A9 C >C=;DACJ FCD=A@MJCD PE D;C<B9 BI ICAJA9K =B D;I;DS BD KA:; FDBF;D
;>FHC<A<S =B =HB<; @AD@M><=C9@;<X
C ?;<@DAF=AB9 BI =H; ;II;@= BI C9E C?:;D<; @AD@M><=C9@;<S =B =H; ;W=;9= =HC= =H; ;II;@= @C9 P;
C<<;<<;?S BDS RH;D; =H; ;II;@= BI =H; C?:;D<; @AD@M><=C9@;< @C99B= P; C<<;<<;?S C <=C=;>;9= =B =HC=
;II;@=X
C JA<= BI C9E B=H;D ?B@M>;9=< =HC= CD;S A9 =H; BFA9AB9 BI 1@BECS D;J;:C9= =B C ?;@A<AB9 CPBM= RH;=H;D =B
;J;@= =B @B9:;D=S A9 RHA@H @C<; =H; ?B@M>;9=< RAJJ ;A=H;D P; A9@JM?;? A9 =H; FD;)@B9:;D<AB9 <=C=;>;9=
BD =H; FD;)@B9:;D<AB9 <=C=;>;9= RAJJ @J;CDJE A9?A@C=; RH;D; =HB<; ?B@M>;9=< >CE P; :A;R;? C9? HBR
=H;E >CE P; C@@;<<;?X C9?
C <=C=;>;9= PE 1@BEC =HC= =H; FD;)@B9:;D<AB9 <=C=;>;9= A< 9B= O9BR9 PE 1@BECS BD C9E $AD;@=BD BI
1@BECS =B P; ICJ<; BD >A<J;C?A9K A9 C >C=;DACJ FCD=A@MJCD PE D;C<B9 BI ICAJA9K =B D;I;DS BD KA:; FDBF;D
;>FHC<A<S =B C?:;D<; @AD@M><=C9@;<G
!FFJA@C=AB9 HC< P;;9 >C?; =B 5bg IBD F;D>A<<AB9 =B JA<= =H; 6HCD;< C9? QCDDC9=<S C9? CJJ =H;
D;LMAD;>;9=< BI 5bg D;JC=A9K =H;D;=B =HC= @C9 P; @B>FJA;? RA=H B9 BD P;IBD; =H; ?C=; BI =HA< %II;D
$B@M>;9= HC:; P;;9 ?MJE @B>FJA;? RA=HG `BR;:;DS 5bg C@@;F=< 9B D;<FB9<APAJA=E IBD C9E <=C=;>;9= A9
=HA< %II;D $B@M>;9=G 49A=ACJ LMB=C=AB9 BI =H; 6HCD;< C9? QCDDC9=< B9 =H; 5b6gS M9?;D =H; <E>PBJ< !"#S
!"#I% C9? !"#I. D;<F;@=A:;JES A< C9=A@AFC=;? =B B@@MD B9 + 8CE _'('G 5bg A< C D;KA<=;D;? ;W@HC9K;
D;KMJC=;? M9?;D =H; 6;@MDA=A;< 8CDO;=< !@=G
QHAJ; 1@BEC A< JA<=;?S A=< &B9<=A=M=AB9 A< ?;;>;? =B A9@BDFBDC=; CJJ FDB:A<AB9< BI =H; 5b6g #A<=A9K NMJ;<
D;LMAD;? =B P; @B9=CA9;? BD A9@BDFBDC=;? A9 A=< @B9<=A=M=AB9G eBD <B JB9K C< A=< 6HCD;< C9? QCDDC9=< CD;
JA<=;? B9 =H; 5b6gS 1@BEC >M<= @B>FJE RA=H =H; #A<=A9K NMJ;< C< C>;9?;? IDB> =A>; =B =A>;G
1@BEC #A>A=;? A< =H; A<<M;D BI =H; 6HCD;<G 1@BEC @C9 P; @B9=C@=;? C= A=< D;KA<=;D;? BIIA@;S RHA@H A<
JB@C=;? C= @s)&HCF>C9 7DAFFS #;:;J +-S !5b &;9=D;S _+)_, !JP;D= 6=D;;=S !M@OJC9?G
7H; ?AD;@=BD< BI 1@BEC C< C= =H; ?C=; BI =HA< %II;D $B@M>;9= CD; hDC9= fCO;DS &BJJ;==; $A99AKC9S NA@H
eDC9OS NBP eEI;S h;BII NB<<S &DCAK 6@HR;AKHBII;D C9? 6=;FH;9 6A9@JCADG 7H;E @C9 P; @B9=C@=;? C=
1@BECj< D;KA<=;D;? BIIA@; CPB:;G
7H; FDA9@AFCJ C@=A:A=E BI 1@BEC #A>A=;? A< =HC= A= A< C HBJ?A9K @B>FC9E IBD A=< BF;DC=A9K <MP<A?ACDA;<S RHA@H
CD; A9:BJ:;? A9 <;JJA9K FDB?M@=< =B @M<=B>;D< A9 =H; HB>; IDCKDC9@; C9? PB?E n PC=H >CDO;=<G 1@BEC
#A>A=;? @B>>;9@;? PM<A9;<< A9 e;PDMCDE _''dS C9? A=< >CA9 BF;DC=A9K <MP<A?ACDE RC< ;<=CPJA<H;? A9
!FDAJ _''.G eMD=H;D A9IBD>C=AB9 A9 D;<F;@= BI =H; PM<A9;<< C@=A:A=A;< BI 1@BEC A< @B9=CA9;? A9 <;@=AB9< _ =B
. BI =HA< %II;D $B@M>;9=
7H; 6HCD;< CD; P;A9K BII;D;? C= =H; %II;D aDA@; BI 5bi(G'' F;D 6HCD;G 7H; QCDDC9=< A<<M;? RA=H =H;
6HCD;< RAJJ P; CJJB==;? IBD 9AJ @B9<A?;DC=AB9G 7H; QCDDC9=< @C9 P; ;W;D@A<;? A9 C@@BD?C9@; RA=H =H;AD
=;D>< C< <;= BM= B9 FCK;< -+ =B -- C= 5bi(G''G
!FFJA@C=AB9< =B <MP<@DAP; IBD 6HCD;< >M<= P; >C?; B9 =H; !FFJA@C=AB9 eBD> A9 C@@BD?C9@; RA=H =H;
A9<=DM@=AB9< <;= BM= P;JBR A9 =HA< %II;D $B@M>;9= C9? B9 =H; FCK; FD;@;?A9K =H; !FFJA@C=AB9 eBD>G
--
!FFJA@C=AB9< M9?;D =H; %II;D >M<= P; >C?; IBD C >A9A>M> C>BM9= BI 5bi(S''' BD !id'' 6HCD;< C9?
=H;D;CI=;D A9 >MJ=AFJ;< BI 5bi-'' BD !i.''G
!FFJA@C=AB9< >M<= P; C@@B>FC9A;? PE FCE>;9= A9 IMJJ IBD =H; =B=CJ 9M>P;D BI 6HCD;< CFFJA;? IBD C= =H;
%II;D aDA@; BI 5bi(G'' F;D 6HCD;G aCE>;9= >CE P; >C?; A9 ;A=H;D 5;R b;CJC9? ?BJJCD< BD !M<=DCJAC9
?BJJCD<G
&H;LM;< IBD 5;R b;CJC9? ?BJJCD FCE>;9=< >M<= P; ?DCR9 B9 C D;KA<=;D;? 5;R b;CJC9? PC9OS >M<= P;
@DB<<;? \5B= 7DC9<I;DCPJ;] C9? <HBMJ? P; >C?; FCECPJ; =B \1@BEC 4a%]G
&H;LM;< IBD !M<=DCJAC9 ?BJJCD FCE>;9=< >M<= P; ?DCR9 B9 C D;KA<=;D;? !M<=DCJAC9 PC9OS >M<= P; @DB<<;?
\5B= 7DC9<I;DCPJ;] C9? <HBMJ? P; >C?; FCECPJ; =B \1@BEC 4a%]G !9E FCE>;9=< A9 !M<=DCJAC9 ?BJJCD< RAJJ
P; @B9:;D=;? A9=B =H; 5;R b;CJC9? ?BJJCD ;LMA:CJ;9= M<A9K =H; !M<=DCJAC9 ?BJJCD s 5;R b;CJC9? ?BJJCD
;W@HC9K; DC=; C< C= ((G('C> [5b7^ B9 =H; ?CE CJJB@C=AB9< M9?;D =H; %II;D CD; ?;=;D>A9;? LMB=;? PE 7H;
N;<;D:; fC9O BI 5;R b;CJC9?P C9? =H; 9M>P;D BI 6HCD;< FCA? IBD RAJJ P; @CJ@MJC=;? C< <M@H 5;R
b;CJC9? ?BJJCD ;LMA:CJ;9= ?A:A?;? PE =H; %II;D aDA@; [DBM9?;? ?BR9 =B =H; 9;CD;<= 6HCD;^G
5;R b;CJC9? !FFJA@C9=< >M<= IBDRCD? =H;AD @B>FJ;=;? !FFJA@C=AB9 eBD>< NO :G6 U+F)\ C1 9Z %G;@A =B
;A=H;DT
BD =B C9? 5bg eAD>S A9 <MIIA@A;9= =A>; IBD =H; !FFJA@C=AB9 eBD> =B D;C@H &B>FM=;D<HCD; 1C A853; 5=81
:G6 U+F)\ C1 9Z %G;@A 9>?>G
!M<=DCJAC9 A9:;<=BD< >CE <;9? =H;AD !FFJA@C=AB9 =B 1@BEC @s) &B>FM=;D<HCD; 49:;<=BD 6;D:A@;<S ha% fBW
-_S 8;JPBMD9; 04& +''(S !M<=DCJACG 6M@H !FFJA@C=AB9< >M<= P; D;@;A:;? PE 1@BEC PE [G6 U%!7)\ C1
9Z %G;@A 9>?>G !J=;D9C=A:;JES !M<=DCJAC9 A9:;<=BD< >CE <;9? =H;AD !FFJA@C=AB9 =B &B>FM=;D<HCD; A9 5;R
b;CJC9?S C< ?;<@DAP;? CPB:;G
eMD=H;D A9IBD>C=AB9 B9 HBR =B CFFJE IBD 6HCD;< A< <;= BM= A9 =H; <;@=AB9 BI =HA< %II;D $B@M>;9= ;9=A=J;?
\!FFJA@C=AB9 49<=DM@=AB9<] B9 FCK;< // =B /dG
!FFJA@C9=< CD; 9B= D;LMAD;? =B FCE C9E @HCDK;< =B 1@BEC A9 D;JC=AB9 =B =H; %II;DS B=H;D =HC9 =H; %II;D aDA@;
BI ;C@H 6HCD; CJJB@C=;? =B =H;>G
6HCD;< C9? QCDDC9=< FMD@HC<;? BD <BJ? B9 =H; 5b6g CD; JAO;JE =B C==DC@= 9BD>CJ PDBO;DCK; I;;< C9?
@HCDK;<G
1@BEC RAJJ FCE C PDBO;DCK; I;; BI _G_-q IBD CFFJA@C=AB9< D;@;A:;? FMD<MC9= =B 5bg IAD> CJJB@C=AB9< M9?;D
=H; %II;DG 1@BEC RAJJ FCE C PDBO;DCK; I;; BI (Gk-q IBD CJJ B=H;D <M@@;<<IMJ CFFJA@C=AB9< D;@;A:;? IDB>
5bg eAD>< A9 D;<F;@= BI CFFJA@C=AB9< M9?;D =H; 5bg CJJB@C=AB9 FBBJ P;CDA9K C9 5bg eAD>j< <=C>FG 5B
PDBO;DCK; RAJJ P; FCA? PE 1@BEC B=H;D =HC9 =H; PDBO;DCK; I;; FCECPJ; =B 5bg eAD><G 7H;D; RAJJ P; 9B
PDBO;DCK; FCECPJ; B9 CFFJA@C=AB9< D;@;A:;? M9?;D =H; FMPJA@ FBBJ =HC= ?B 9B= P;CD C9 5bg eAD> <=C>FG
49 C??A=AB9S eAD<= 5b &CFA=CJ 6;@MDA=A;< #A>A=;? C9? &DCAK< 49:;<=>;9= aCD=9;D< #A>A=;? RAJJ D;@;A:; C @B)
>C9CK;D I;; BI i_-S''' ;C@H A9 D;<F;@= BI =H; %II;DG
-/
!??A=AB9CJJES eAD<= 5b &CFA=CJ 6;@MDA=A;< #A>A=;? C9? &DCAK< 49:;<=>;9= aCD=9;D< #A>A=;? CD; ;9=A=J;? =B C
I;; BI 'G_-q B9 =H; =B=CJ C>BM9= BI CFFJA@C=AB9< P;CDA9K =H;AD D;<F;@=A:; 5bg eAD> <=C>F AI =H; =B=CJ
C>BM9= BI =H;AD D;<F;@=A:; CFFJA@C=AB9< ;W@;;?< 5bi+ >AJJAB9G
2#+)$-
N;=MD9< B9 =H; 6HCD;< C9? QCDDC9=< >CE P; PE RCE BI @CFA=CJ CFFD;@AC=AB9 [CJ=HBMKH =H; >CDO;= FDA@; BI
=H; 6HCD;< C9?sBD QCDDC9=< >CE CJ<B ?;@JA9;^ C9? C9E ?A:A?;9?< FCA? C9? B=H;D ?A<=DAPM=AB9< >C?; A9
D;<F;@= BI =H; 6HCD;<G
! !FFJA@CPJ; =CW;<G
5B=HA9K @B9=CA9;? A9 =HA< %II;D $B@M>;9= <HBMJ? P; @B9<=DM;? C< C FDB>A<; BI FDBIA=CPAJA=ES C9? 1@BEC
?B;< 9B= KA:; [9BD ?B;< C9E B=H;D F;D<B9 KA:;^ C9E KMCDC9=;; BD FDB>A<; C< =B =H; D;=MD9 BI @CFA=CJ BD =H;
C>BM9= BI C9E D;=MD9< [A9@JM?A9K ?A:A?;9?< C9? B=H;D ?A<=DAPM=AB9<^ A9 D;JC=AB9 =B =H; 6HCD;< BD QCDDC9=<G
7H; C>BM9= BI C9E D;=MD9< RAJJ ?;F;9? B9 C 9M>P;D BI IC@=BD<S A9@JM?A9K =HB<; ?A<@M<<;? M9?;D =H;
H;C?A9K \QHC= CD; >E DA<O<w] B9 FCK;< -, =B /+G 7H; IC@=BD< ?;<@DAP;? A9 =HC= <;@=AB9 @BMJ? D;?M@; BD
;JA>A9C=; =H; ?A<=DAPM=AB9< BD B=H;D D;=MD9< A9=;9?;? =B P; ?;DA:;? IDB> HBJ?A9K =H; 6HCD;< C9? QCDDC9=<G
L%;%1$&1 N(A%.E
7H; $AD;@=BD< HC:; C?BF=;? C FBJA@E =HC= =H;D; RAJJ 9B= P; C9E ?A:A?;9? FCE>;9=< BD B=H;D ?A<=DAPM=AB9<
>C?; IBD =H; IBD;<;;CPJ; IM=MD; C< <MDFJM< IM9?< RAJJ P; D;=CA9;? A9 BD?;D =B @CFA=CJA<; B9 A>>;?AC=; C9?
IM=MD; KDBR=H BFFBD=M9A=A;<G !@@BD?A9KJES C9? M9=AJ =HC= FBJA@E @HC9K;<S D;=MD9< B9 6HCD;< RAJJ P; JA>A=;?
=B =H; FDB@;;?< BI <CJ; BD B=H;D ?A<FB<A=AB9 BI 6HCD;< C9? QCDDC9=<G
1@BEC A< =H; ;9=A=E J;KCJJE JACPJ; =B FCE C9E ?A:A?;9?< BD B=H;D ?A<=DAPM=AB9< ?;@JCD;? BD >C?; B9 =H;
6HCD;<G
6HCD;HBJ?;D< >CE P;9;IA= IDB> C9E A9@D;C<; A9 =H; >CDO;= FDA@; BI =H;AD 6HCD;< C9? QCDDC9=<G 7H; FDA@;
BI =H; 6HCD;< C9? QCDDC9=< >CE DA<; BD ICJJ ?M; =B 9M>;DBM< IC@=BD<S A9@JM?A9KT
[C^ K;9;DCJ ;@B9B>A@ @B9?A=AB9<S A9@JM?A9K A9IJC=AB9 DC=;< C9? A9=;D;<= DC=;<X
[P^ :CDAC=AB9< A9 =H; JB@CJ C9? KJBPCJ >CDO;= IBD JA<=;? <=B@O<S A9 K;9;DCJS BD IBD <=B@O< A9 =H; A9?M<=DE A9
RHA@H 1@BEC BF;DC=;<X
[?^ =H; A9@JM<AB9 BD D;>B:CJ BI =H; 6HCD;< IDB> >CZBD >CDO;= A9?A@;<X
[;^ =H; 9C=MD; BI @B>F;=A=AB9 A9 =H; >CDO;=< A9 RHA@H 1@BEC BF;DC=;<X C9?
-k
[I^ 1@BECj< K;9;DCJ BF;DC=AB9CJ C9? PM<A9;<< F;DIBD>C9@; C9? FDBIA=CPAJA=E DA<O< CII;@=A9K 1@BECj<
PM<A9;<<G
5B C<<MDC9@;< @C9 P; >C?; =HC= 1@BECj< >CDO;= F;DIBD>C9@; RAJJ 9B= P; C?:;D<;JE CII;@=;? PE C9E <M@H
>CDO;= IJM@=MC=AB9< BD C9E BI =H; CPB:; IC@=BD<G 5;A=H;D 1@BECS 9BD C9E BI A=< $AD;@=BD<S BIIA@;D<S
;>FJBE;;<S @B9<MJ=C9=<S CK;9=<S FCD=9;D< BD C?:A<;D< KMCDC9=;;< =H; 6HCD;<S =H; QCDDC9=< BD 1@BECj<
>CDO;= BD IA9C9@ACJ F;DIBD>C9@;G
7H;D; @C9 P; 9B KMCDC9=;; =HC= C9 C@=A:; >CDO;= A9 =H; 6HCD;< BD QCDDC9=< RAJJ ?;:;JBF BD =HC= =H;
>CDO;= FDA@; BI =H; 6HCD;< C9? QCDDC9=< RAJJ A9@D;C<;G 7H;D; >CE P; D;JC=A:;JE I;R BD >C9E FB=;9=ACJ
PME;D< BD <;JJ;D< BI =H; 6HCD;< C9? QCDDC9=< B9 =H; 5b6g C= C9E =A>;G 7HA< >CE A9@D;C<; =H; :BJC=AJA=E BI
=H; >CDO;= FDA@; BI =H; 6HCD;< C9? QCDDC9=<G 4= >CE CJ<B CII;@= =H; FD;:CAJA9K >CDO;= FDA@; C= RHA@H
6HCD;HBJ?;D< CD; CPJ; =B <;JJ =H;AD 6HCD;< C9? QCDDC9=<G 7HA< >CE D;<MJ= A9 6HCD;HBJ?;D< D;@;A:A9K C
>CDO;= FDA@; IBD =H;AD 6HCD;< =HC= A< J;<< BD >BD; =HC9 =H; FDA@; =HC= 6HCD;HBJ?;D< FCA? IBD =H;>G
4I EBM <;JJ C9E BI EBMD 6HCD;< BD QCDDC9=<S =H; FMD@HC<;D BI =HB<; 6HCD;< RAJJ P; J;KCJJE JACPJ; =B FCE EBM
=H; <CJ; FDA@; BI =HB<; 6HCD;< BD QCDDC9=<G
5;R b;CJC9? =CW;< >CE CII;@= =H; D;=MD9 =B A9:;<=BD<G 7H; IBJJBRA9K =CWC=AB9 <M>>CDES RHA@H A< PC<;?
B9 =CW J;KA<JC=AB9 @MDD;9= C< C= =H; ?C=; BI =HA< %II;D $B@M>;9=S C??D;<<;< =H; =CW A>FJA@C=AB9< IBD
A9:;<=BD< RHB CD; 5;R b;CJC9? D;<A?;9=< IBD 5;R b;CJC9? =CW FMDFB<;< C9? RHB RAJJ HBJ? 6HCD;< C9?
QCDDC9=< C@LMAD;? =HDBMKH =H; %II;D B9 @CFA=CJ C@@BM9=G
7HA< <M>>CDE A< 9B= A9=;9?;? =B P; C9 CM=HBDA=C=A:; BD @B>FJ;=; <=C=;>;9= BI =H; JCR< CFFJA@CPJ;G
aDB<F;@=A:; A9:;<=BD< CD; C?:A<;? =B BP=CA9 A9?;F;9?;9= FDBI;<<AB9CJ C?:A@; D;J;:C9= =B =H;AD BR9
FCD=A@MJCD @AD@M><=C9@;< P;IBD; A9:;<=A9KG
3./0%-%,%(& (' 2#+)$-X 5B <=C>F ?M=E A< FCECPJ; A9 5;R b;CJC9? B9 6HCD; BD QCDDC9= =DC9<I;D< C9? 9B
9B=A@; BI <M@H =DC9<I;D< A< D;LMAD;? =B P; KA:;9 PE C 6HCD;HBJ?;D =B 5;R b;CJC9? D;:;9M; CM=HBDA=A;<G
L%-=(-+A (' 2#+)$- +&1 :+))+&,-X 7H; 5;R b;CJC9? =CW <E<=;> ?B;< 9B= @MDD;9=JE A9@JM?; C @CFA=CJ
KCA9< =CWG &B9<;LM;9=JES RH;D; =H; ?A<FB<CJ BI 6HCD;< BD QCDDC9=< ?B;< 9B= IBD> FCD= BI C F;D<B9j<
PM<A9;<<S C>BM9=< ?;DA:;? IDB> =H; ?A<FB<CJ BI 6HCD;< BD QCDDC9=< RAJJ K;9;DCJJE 9B= P; <MPZ;@= =B 5;R
b;CJC9? A9@B>; =CWG `BR;:;DS =H;D; CD; ;W@;F=AB9< =B =HA< RH;D; =H; 6HCD;< BD QCDDC9=< R;D;
FMD@HC<;? IBD =H; FMDFB<; BI <CJ; BD AI =H; 6HCD;< BD QCDDC9=< R;D; C@LMAD;? C< FCD= BI C FDBIA= >COA9K
M9?;D=COA9K BD <@H;>;G QH;D; B9; BI =H;<; ;W@;F=AB9< CFFJA;<S =H; KCA9 [BD JB<<^ IBD =H; 6HCD;HBJ?;D RAJJ
P; =H; ?AII;D;9@; P;=R;;9 =H; @B<= BI C@LMADA9K =H; 6HCD;< BD QCDDC9=< C9? =H; >CDO;= :CJM; BI =H;
@B9<A?;DC=AB9 D;@;A:;? IBD =H;AD ?A<FB<CJG
hAI=< BI 6HCD;< BD QCDDC9=< >C?; PE C 6HCD;HBJ?;D ?B>A@AJ;? A9 5;R b;CJC9? >CE P; <MPZ;@= =B 5;R
b;CJC9? KAI= ?M=EG hAI= ?M=E CFFJA;< C= -q B9 =H; ;W@;<< BI KAI=< B:;D i_kS''' A9 C9E (_ >B9=H F;DAB? C9?
CDA<;< B9 C KDC?MC=;? <@CJ; =B C >CWA>M> DC=; BI _-q BI =H; ;W@;<< C>BM9= BI KAI=< B:;D ik_S'''G
L%;%1$&1-X 49 K;9;DCJS C9E ?A<=DAPM=AB9S A9@JM?A9K C @C<H ?A:A?;9?S PE 1@BEC A9 D;<F;@= BI 6HCD;<S B=H;D
=HC9 C 9B9)=CWCPJ; PB9M< A<<M; BI 6HCD;< BD C D;=MD9 BI @CFA=CJ A9 @;D=CA9 @AD@M><=C9@;<S RAJJ P;
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/-
PricewaterhouseCoopers
188 Quay Street
Private Bag 92162
Auckland 1142
New Zealand
The Directors Telephone +64 9 355 8000
Ecoya Limited Facsimile +64 9 355 8001
PO Box 99276 www.pwc.com/nz
Newmarket
Auckland 1149
25 March 2010
Auditors’ report
Dear Directors
As auditors of Ecoya Limited (“the Company”) we have prepared this report pursuant to clause 28 of Schedule
1 of the Securities Regulations 2009 for inclusion in a prospectus to be dated 25 March 2010.
Directors’ responsibilities
The Company’s Directors are responsible for the preparation and presentation of:
(a) the financial statements, which comply with generally acceptance accounting practice in New
Zealand, and give a true and fair view of the financial position of Ecoya Limited and its subsidiaries
(“the Group”) as at 31 March 2009 and its financial performance and cash flows for the periods
ended on that date, as required by clause 23 of Schedule 1 of the Securities Regulations 2009 and
the Group interim financial statements as at 31 December 2009 and for the nine month period ended
on that date, as provided under clause 24 of Schedule 1 of the Securities Regulations 2009;
(b) the summary of financial statements of the Group for the periods ended 31 March 2009 and 31
December 2009 as required by clause 9 of Schedule 1 of the Securities Regulations 2009; and
(c) the prospective financial statements of the Group for the years ending 31 March 2010 and 31 March
2011, including the assumptions on which they are based, as required by clause 11 of Schedule 1 of
the Securities Regulations 2009.
Auditors’ responsibilities
We are responsible for expressing an independent opinion on the financial statements of the Group for the
period ended 31 March 2009 presented by the Directors and reporting our opinion in accordance with clause
28 of Schedule 1 of the Securities Regulations 2009.
We are also responsible for reporting, in accordance with clause 28 of Schedule 1 of the Securities
Regulations 2009, on the following matters which have been prepared and presented by the Directors:
(a) the amounts included in the summary of financial statements of the Group for the periods ended 31
March 2009 and 31 December 2009; and
(b) the prospective financial statements of the Group for the years ending 31 March 2010 and 31 March
2011.
This report has been prepared for inclusion in the prospectus for the purpose of meeting the requirements of
clause 28 of Schedule 1 of the Securities Regulations 2009. We disclaim any assumption of responsibility for
reliance on this report or the amounts included in the financial statements, the summary financial statements,
or the prospective financial statements for any other purpose other than that for which they were prepared. In
addition, we take no responsibility for, nor do we report on, any part of the prospectus not specifically
mentioned in this report.
We have no relationship with or interests in the Company or any of its subsidiaries other than in our capacities
as auditors, tax advisors and providers of other assurance services.
66
Basis of opinion on the financial statements
An audit of the financial statements includes examining, on a test basis, evidence relevant to the amounts and
disclosures in the financial statements. It also includes assessing:
(a) the significant estimates and judgements made by the Directors in the preparation of the financial
statements; and
(b) whether the accounting policies used and described on pages 73 to 78 are appropriate to the
circumstances of the Group and Company, consistently applied and adequately disclosed.
We have conducted our audit in accordance with generally accepted auditing standards in New Zealand. We
planned and performed our audit so as to obtain all the information and explanations which we considered
necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial
statements are free from material misstatements, whether caused by fraud or error. In forming our opinion we
also evaluated the overall adequacy of the presentation of the information in the financial statements.
We have undertaken procedures to provide reasonable assurance that the amounts set out in the summary of
financial statements of the Group on pages 49 to 52, pursuant to clause 9 of Schedule 1 of the Securities
Regulations 2009, have been correctly taken from the audited financial statements of the Group for the period
ended 31 March 2009 and the unaudited interim financial statements of the Group for the period ended 31
December 2009.
To meet our reporting responsibilities we have examined the prospective financial statements for the years
ending 31 March 2010 and 31 March 2011 to confirm that, so far as the accounting policies and calculations
are concerned, the prospective financial statements have been properly compiled on the footing of the
assumptions made or adopted by the Directors as set out on pages 41 to 48 of this prospectus and are
presented on a basis consistent with the accounting policies normally adopted or as set out on page 42 which
are intended to be adopted by the Group.
As we were not appointed as auditors of the Company until November 2009, we were not able to observe the
counting of physical inventory relating to the inventory acquired with the subsidiary in March 2008 or the
closing inventory at 31 March 2009 and we were unable to satisfy ourselves as to the inventory balance by
other audit procedures. Any misstatement of the inventory balance at these dates would affect the Group
results for the period ended 31 March 2009 and the year ending 31 March 2010.
We have obtained all the information and explanations we have required other than as noted in the
qualification above. In our opinion:
(a) proper accounting records have been kept by the Group as far as appears from our examination of
those records;
(b) the financial statements give a true and fair view of the cash flows of the Group for the period ended
on 31 March 2009; and
(c) except for any adjustments that might have been found to be necessary had the limitation on the
scope of our work discussed in the qualification outlined above not existed, the financial statements
of the Group, on pages 69 to 99 of this prospectus, as required by clauses 23 of Schedule 1 of the
Securities Regulations 2009, and that are required to be audited:
(i) subject to the Securities Regulations 2009, comply with generally accepted accounting
practice in New Zealand; and
(ii) give a true and fair view of the financial position of the Group as at 31 March 2009 and its
financial performance and cash flows for the period ended on that date.
67
Unqualified opinion on the Company financial statements
We have obtained all the information and explanations we have required. In our opinion:
(a) proper accounting records have been kept by the Company as far as appears from our examination
of those records;
(b) the financial statements of the Company, on pages 69 to 99 of this prospectus, as required by
clauses 23 of Schedule 1 of the Securities Regulations 2009, and that are required to be audited:
(i) subject to the Securities Regulations 2009, comply with generally accepted accounting
practice in New Zealand; and
(ii) give a true and fair view of the financial position of the Company as at 31 March 2009 and
its financial performance and cash flows for the period ended on that date;
In our opinion the amounts or details set out in the summary of financial statements, on pages 49 to 52 of this
prospectus, as required by clause 9 of Schedule 1 of the Securities Regulations 2009, have been correctly
taken from the audited financial statements of the Group for the period ended 31 March 2009 and the
unaudited interim financial statements of the Group for the period ended 31 December 2009.
In our opinion, the prospective financial statements for the years ending 31 March 2010 and 31 March 2011 so
far as the accounting policies and calculations are concerned, have been properly compiled on the footing of
the assumptions made or adopted by the Directors of the Company as set out on pages 41 to 48 of this
prospectus and are presented on a basis consistent with the accounting policies normally adopted or as set
out on page 42 which are intended to be adopted by the Group.
Actual results are likely to be different from the prospective financial statements since anticipated events
frequently do not occur as expected and the variation could be material. Accordingly, we express no opinion
as to whether the prospective financial statements will be achieved.
Yours faithfully
PricewaterhouseCoopers
Chartered Accountants
Auckland
68
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ecoya
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public
offer
investment statement
25 march 2010
ecoya limited