'U $UY\GDV $QXDXVNDV  0 %,5(/,2  ' 75 0,0$, YDGDV  P ELUHOLR  G /LHWXYRV J\YHQWRM WU PLPDL

SDSR YLHQX ODELDXVLDL W\ULQ MDP /LHWXYRV QDXMDXVLRV LVWRULMRV REMHNW  ,NDUW SR WU PLP SDVLURG SLUPRVLRV ODLNUDWLQ V SXEOLNDFLMRV NXULRVH WDUS NLWNR EXYR UHPLDPDVL LU NDL NXULDLV DXWHQWLNDLV 1.9'1.*% GRNXPHQWDLV    P SDVLURGLXVLDPH YHLNDODV /LHWXYL DUFK\YDV %ROHYL]PR PHWDL  EXYR DSYDOJLQLV $ 0HUNHOLR
!

VWUDLSVQLV 0DVLQLV OLHWXYL LYHLPDV DSLEU XVLRV LYDGRV NXUL

6656  P EXYR SDVNHOEWRV WU PLPR PDVWXV LU LNL LRO

"

VWDWLVWLQLDL GXRPHQ\V GDXJLDX NDLS SHQNLDVGHLPW PHW 5 &RQTXHVWDV LU VXGDU

$

NHOLDXMD L YLHQR YHLNDOR NLW LXR PHWX WDL DWVLVSLQGL WLN DQJO NDOED OHLGLDPXRVH OHLGLQLXRVH  3LUPDVLV DSLH VRYLHWLQHV GHSRUWDFLMDV UD
#

SLUP

WU PLP

HP ODS  0 *LOEHUJDV VDYR 5XVLMRV LVWRULMRV DWODVH DSLEHQGULQR GXRPHQLV DSLH GHSRUWDFLMDV 6RYLHW 6 MXQJRMH 7LHVD G PHV\V EXYR VXWHONWDV HWQLQHV .DXND]R LU .U\PR WDXW\EL PRQL GHSRUWDFLMDV %HW DUFK\YLQL DOWLQL WU NXPDV SDOLNR LXRVH GDUEXRVH VDYR U\NL \P  'DU NHOLDVGHLPWLV PHW NDXS VL OLXG\WRM DWVLPLQLPDL LU VWUDLSVQLDL DSLH YLHQ DU NLW WHURUR HSL]RG  %HW LYDGRV G O VX PLPR PDVW LU SDVHNPL EHL DSOLQN\EL L HVP V QHVLNHLW   P
%

SDVLURG

SDVNXWLQLV GDUEDV NXULDPH P JLQWD UHPLDQWLV YDLULDLV DOWLQLDLV DSLEU WL /LHWXYRV

&

J\YHQWRM SDWLUWXV QXRVWROLXV WDUS M LU SDWLUWXV WU PLP PHWX $ 'DPXLV VDYR VWXGLMRMH /LHWXYRV J\YHQWRM DXNRV LU QXRVWROLDL $QWURMR SDVDXOLQLR NDUR LU SRNDULR  PHWDLV  %HW DXWRULXV QHN O VDX WLNVOR NYHVWLRQXRWL DOWLQLXRVH SDWHLNLDP WUHPWLQL VNDLLDXV LU VWDWLVWLQ V LYDGRV G O WR QHVLNHLW  1DXMDV W\ULP SHUWHLN ODLNRWDUSLV SUDVLG MR  PHWDLV NXRPHW DSLH  P GRNXPHQWXV VNDLL EHL M WU PLPXV SUDG WD ULQNWL L EXYXVL VODSW DUFK\Y  3LUPLHML SDVLURG UXV LVWRULN GDUEDL NXULH 1.9'1.*% GRNXPHQWXRVH SDVLWDLNDQLXV GXRPHQLV DSLH WUHPWLQL
'

J\YHQLPR V O\JDV  5XVLMRV LVWRULRJUDILMRMH WU PLPDL WUDNWXRMDPL NDLS SULHYDUWLQ V PLJUDFLMRV LUDLND .XRPHW SULHYDUWD EXYR WLHVLRJLQ LU WDLNDQW UHSUHVLQHV SULHPRQHV PRQ V EXYR SHUNHOLDPL
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 PHWDLV &KLNDJR  7UHLDV SDWDLV\WDV OHLGLPDV . 
! " # $ % &

WXRPHW WDL YDGLQDPD GHSRUWDFLMRPLV  %HW WU PLP SUREOHPDWLND 5XVLMRMH GRP MRVL LU M DQDOL]DYR
(

JDXVXV DXWRUL E U\V 1 %XJDM  $ *XUMDQRY  9 =HPVNRY  6 $OLMHYD

 !

"

LU NW M SDWHLNWD LWLQ SRE GLXL LU

JDXVLD HPSLULQH PHGLDJD SDVLQDXGRWD LU LRMH VWXGLMRMH %HW \SDWLQJ SXEOLNDFLM JUXS VXGDUR GDUEDL NXULXRVH LWLQ GLGHOLV G PHV\V EXYR VNLULDPDV  P ELUHOLR WU PLP VWDWLVWLNDL 
#

3UDG WL UHQJWL SLUPLHML LWUHPW M

YDUG\QDL 7LHVD SULRULWHWDV LXR DWYLOJLX SULNODXV M EXYR WUDXNWL  

%

/LHWXYRV 5DXGRQDMDP NU\LXL NXULV L GDUE SUDG MR GDU  P 3R NHOL GHLPWPHL / .HUXOLV VXGDU LU LOHLGR  P LYHW SROLWLQL NDOLQL LU WUHPWLQL YDUG\Q 
$

PRQ V  /LHWXYRMH QXR  P EXYR W VLDPDV SUDG WDV YDUG\QR VXGDU\PR GDUEDV  3LUPDPH LR YDUG\QR WRPH EXYR VXUHJLVWUXRWL   VXLPWL LWUHPWL DU QXXG\WL PRQ V R  P SDWDLV\WDPH LU SDSLOG\WDPH YDUG\QR WRPH MDX   P

=HPVNRY 9 1 1HNRWRU\MH GDQQ\MH R VSHFSRVHOHQFDFK SULEDOWLMFDFK UDGXJD 7DOOLQ  V  =HPVNRY 9 1 0DVVRYRH RVYRERGHQLH VSHFSRVHOHQFHY , VV\OQ\FK  6RFLRORJLHVNLMH LVVOHGRYDQLMD  1U  S                                                                      9 .DUDOLXQ 2 SHUHPHHQLL SURWLYQLNRY VRYHWVNRL YODVWL NDSLWDOLVWLHVNLFK L GHNODVVLURYDQQ\FK HOHPHQWRY  LMXQLD  JRGD /DWYLMD QD JUDQL HSRFK Y\SXVN  SRG UHG / =LOH L GU 5LJD $YRWV  S  / =LOH 5XVLILNDFL MD /DWYLMD  JDGL  /DWYLMDV YHVWXUH  1  S  LDPH VWUDLSVQ\MH VNDLLDL SDWHLNWL UHPLDQWLV + 6WUXRGR SDVNHOEWX 6656 JHQHUDOLQ V SURNXUDW URV GDUEXRWRMR * 7HUHFKRYR  P NRYR  G ODLNX $ 0LNRMDQXL LYHUVWX ODWYL N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 V  9 , 3DVDW 7UXGQ\H VWUDQLF\ LVWRULL 0ROGRY\ H JJ 0 7HUUD   V : :LHOKRUVNL /RV 3RODNyZ Z QLHZROL VRZLHFNLHM  5DGD =LHP :VFKRGQLFK 5 3 /RQG\Q   V - 6LHGOHFNL /RV\ 3RODNyZ Z =655 Z ODWDFK  /RQGRQ *U\I 3XEOLFDWLRQV /WG   V 3 DURQ /XGQRVF SROVND Z =ZL ]NX 5DG]LHFNLP Z F]DVLH ,, ZRMQ\ VZLDWRZHM :DUV]DZD 3DxVWZRZH :\GDZQLFWZR 1DXNRZH   V  6 &LHVLHOVNL * +U\FLXN $ 6UHEUDNRZVNL 0DVRZH GHSRUWDFMH UDG]LHFNLH Z RNUHVLH ,, ZRMQ\ ~ZLDWRZHM :URFODZ 3UDFH KLVWRU\F]QH   V $ *XUMDQRZ &]WHU\ GHSRUWDFMH .$57$ 1LH]DOHQH SLVPR KLVWRU\F]QH :DUV]DZD  1  V  8 , $GDPXND 3DOLW\Q\MD UHSUHVLL FK JDGRX QD %HODUXVL 0LQVN %HODUXV  V  $ ( *XUMDQRY 3ROVNLH VSHFSHUHVHOHQF\ Y 6665 Y  JJ ,VWRULHVNLH VERUQLNL 0HPRULDOD Y\SXVN  5HSUHVVLL SURWLY SROLDNRY L SROVNLFK JUDGDQ 0RVNYD =YHQMD  V  ,YHW M OLHWXYL V UDDV 6WDOLQR WHURUDV  P 6XGDU\WRMDV / .HUXOLV &KLFDJR  /LHWXYRV J\YHQWRM JHQRFLGDV W   P 9LOQLXV  $QWUDV SDWDLV\WDV LU SDSLOG\WDV OHLGLPDV 9 
' (  ! " # $ %

5HPLDQWLV QDXMDLV DUFK\YLQLDLV DOWLQLDLV SLUPLDXVLD P JLQWD SDWLNVOLQWL  P WUHPWLHV VWDWLVWLN LU PHWRGLN
&

 0HPXDULQLDL OHLGLQLDL

U %LEOLRJUDILQ V YDG  GDXJLDXVLD SDG MR

'

LVLDLNLQWL WU PLPR DSOLQN\EHV LU WUHPWLQL J\YHQLPR V O\JDV  'DUEH SDVLQDXGRWD /LHWXYRV LU 5XVLMRV DUFK\YXRVH VDXJRPDLV 1.9' 1.*% GRNXPHQWDLV /LHWXYRV <SDWLQJRMR $UFK\YR .*%  950 LU /.3 GRNXPHQW VN\UL IRQGDLV 5XVLMRV )HGHUDFLMRV 9DOVW\ELQLR DUFK\YR IRQGDLV 1U  6656 1.9' VDN\PDL  6656 09' *8/$*DV  6656 09' DV VSHFLDOXV VN\ULXV 7U PLP JHRJUDILMD LU SRE GLV 7U PLPDL DUED GHSRUWDFLMRV ORW GHSRUWDWLR LYLMLPDV WUHPWLV WDL VSHFLILQ SROLWLQL UHSUHVLM U LV 3ROLWLQ PLV UHSUHVLMRPLV ORW UHSUHVVLR EDXGLDPRML SULHPRQ  EDXVP  NXULD QRULPD QXVORSLQWL N QRUV LXR PHWX SULSD VWDPRV SULHPRQ V NXULDV YDOVW\E QDXGRMR SROLWLQLDLV VXPHWLPDLV DWLPGDPD J\Y\E J\YHQDP M YLHW  LVL VGDPD DU ODLVY  SDWDOSLQGDPD SULHYDUWLQLDP J\G\PXL SVLFKLDWULQ VH JUXSHV L M WUHPW LU SULHYDUWLQ DSJ\YHQGLQLP  SDQDXGDPD SULHYDUWLQLDP OLJRQLQ VH LVL VGDPD L DOLHV LU DWLPGDPD SLOLHW\E  LWUHPGDPD J\YHQWRM

GDUEXL DSULERWRV ODLVY V V O\JRPLV R WDLS SDW WHLVP LU NLW LQVWLWXFLM  NXULRPV EXYR VXWHLNLDPRV WHLVPLQ V IXQNFLMRV DUED DGPLQLVWUDFLQH WYDUND Y\NGRP M YDOGLRV LQVWLWXFLM DUED SDUHLJ Q  DUED DGPLQLVWUDFLQLXV JDOLRMLPXV WXULQL YLVXRPHQLQL RUJDQL]DFLM LU M VWUXNW U VSUHQGLPDLV  WHLVL DW PLPDV DU DSULERMLPDV DVPHQLPV NXULH SULSDLQWL VRFLDOLDL SDYRMLQJDLV YDOVW\EHL DU SROLWLQHL VDQWYDUNDL SDJDO NODVLQLXV WDXWLQLXV UHOLJLQLXV DU NLWXV SR\PLXV 
(

'HSRUWDFLM  NDLS UHSUHVLM LVNLUWLQLV EUXRDV M DGPLQLVWUDFLQLV QHWHLVPLQLV SRE GLV LU WDL NDG EXYR QXNUHLSWRV QH SULH NRQNUHW DSLEU W PRQL PRJ  R SULH WDP WLNUDLV LDQNVWLQLDLV NULWHULMDLV RUJDQL]DYLPR SULLPGDYR 6RYLHW 6 MXQJRV JUXS  6SUHQGLPXV G O WU PLP

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

$QXDXVNDV $ /LHWXYRV J\YHQWRM VRYLHWLQLV QDLNLQLPDV 9  *UXQVNLV ( /LHWXYRV J\YHQWRM WU PLPDL    PHWDLV 9  /LHWXYRV NRY LU NDQL LVWRULMD .Q  /LHWXYRV J\YHQWRM WU PLPDL    P 'RNXPHQW ULQNLQ\V 9  LU  -XFL W ( 3 GRV PLUWLHV ]RQRMH 1HZ <RUN  $ONVQ\W *DUEWLHQ 2 6LELUH 7UHPWLQL HPH 9  $QNHYLLXV 6 8 8UDOR HP V JDOR 9  LU WW 5XVLMRV )HGHUDFLMRV  P VSDOLR  G VWDW\PR $SLH SROLWLQL UHSUHVLM DXN UHDELOLWDYLP , VWUDLSVQLV 3OJ    F 
& ' (

3DVLUXRLPDV WU PLPDPV 0DVLNDL QDLNLQWL OLHWXYL WDXW  YDGRYDXMDQWLV NRPXQLVWLQH LGHRORJLMD EXYR UHQJLDPDVL QXR 6LELU EXYR UHQJWDVL  P .DGDQJL SDJDO YV OWQ =DLGHQYXUPR QXRVWDW WXU MR E WL VXUHJLVWUXRWD DSLH  W NVW EXYXVL WDXWLQL SDUWLM LU RUJDQL]DFLM QDUL  WDL NDUWX VX HLP QDULDLV LWUHPWL DSLH  YLVRV OLHWXYL WDXWRV

3DVLUHQJLPR WU PLPDPV EDLJLDPDVLV HWDSDV SUDVLG MR  P JHJX V  G 7 GLHQ 1.*% VXDXNWDPH SDVLWDULPH NDUWX VX 1.*% DSVNULL VN\UL YLULQLQNDLV LU M SDYDGXRWRMDLV NHOL WUDQVSRUWR SRVN\UL LU SDVLHQLR E UL  M SRVN\UL YLULQLQNDLV EXYR DSWDUWDV SDVLUHQJLPDV PDVLQLDPV WU PLPDPV LU DUHWDPV  -DX SR GYLHM GLHQ JHJX V  G /LHWXYRV 665 YDOVW\E V
!

VDXJXPR OLDXGLHV NRPLVDUDV 3 *ODGNRYDV LOHLGR YLVLNDL VODSW RSHUDFLMRV SDUHQJLP 

VDN\P 1U DSLH LYHLPR

 P ELUHOLR  G 9 0HUNXORYR SDYDGXRWRMDV , 6HURYDV 6HURY 1.*% DSVNULL VN\UL YLULQLQNDPV LOHLGR VODSW LQVWUXNFLM  NDLS RUJDQL]XRWL JDOXWLQ WUHPLDP PRQL DSVNDLW LU SDW WU PLP  NDUW WXU MR E WL WUHPLDPL WLN WLH NXUL DSVNDLWRV E\ORVH VS WD VXNDXSWL NRNLRV QRUV NRPSURPLWXRMDQLRV PHGLDJRV DSLH GDO\YDYLP 1HSULNODXVRP\E V NRYRVH DXNW YDOVW\ELQL SDUHLJ MLP  SULNODXV\P DXOL V MXQJDL LU SDQ 7DLS QXPDW\W VXLPWL PRQL VNDLLXV JHURNDL VXPD MR QXR   MLHPV JHJX V  G GDU QHEXYR VXGDU\WD E\O  LNL  MLHPV MDX EXYR VXGDU\WRV DSVNDLWRV E\ORV R VXLPDP HLPRV QDUL SDGDXJ MR QXR  LNL   ' O WRNL SDVLNHLWLP EHQGUDV VNDLLXV QHGDXJ VXPD MR QXR   LNL   1.*% YLV P QHV VWURSLDXVLDL UHJLVWUDYR PRWHULV YDLNXV NXULH WXU MR LY\NWL NDUWX VX VDYR Y\UDLV W YDLV 3DVLNHLWLPDV DLNXV GDEDU G PHV\V VXWHONLDPDV QH DWVNLU PRQL  R HLP QDLNLQLP  6XQDLNLQXV LWLVDV HLPDV WXU MR LQ\NWL LU GHLPWPHLDLV NDXSWD M WDND 7XU MR LQ\NWL JHULDXVLD GDOLV GX GHLPWPHLXV XJG\W SDWLUWLV YLVXRPHQLQ NXOW ULQ

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
!

 NXULDLV UHPLDQWLV

P V LU NLWXRVH GDUEXRVH LYDUGLMDPRV  P QXPDW\W LWUHPWL J\YHQWRM NDWHJRULMRV W UD LQ\ ELQLDL GRNXPHQWDL UHJODPHQWDY PXPV QHLQRPRV VRYLHWLQ V YDGRY\E V GLUHNW\YRV Y\NG\PR WYDU N  7DLDX QXWDULPDV G O WR NDG LWUHPWRV LU YLHQDLS DU NLWDLS UHSUHVXRWRV WXU MR E WL NDLS WLN PLQ 
3*ODGNRYR  P JHJX V  G SUDQHLPDV 90HUNXORYXL /<$ I . DS  E  O  6656 1.9' GLUHNW\YD G O VRFLDOLDL VYHWLP HOHPHQW LVLXQWLPR L %DOWLMRV UHVSXEOLN  9DNDU 8NUDLQRV 9DNDU %DOWDUXVLMRV LU 0ROGDYLMRV /LHWXYRV /DWYLMRV LU (VWLMRV 665 1.*% SDWHLNWL GXRPHQ\V DSLH VXUHJLVWUXRW DQWLVRYLHWLQL LU VRFLDOLDL VYHWLP HOHPHQW VNDLL  5XVLMRV )HGHUDFLMRV YDOVW\ELQLV DUFK\YDV  WROLDX 5)9$ I  DS  E  O  , /LHWXYRV /DWYLMRV (VWLMRV LU 0ROGDYLMRV 665 LVLXQLDPR VSHFLDOLRMR NRQWLQJHQWR HWDSDYLPR SDVNLUVW\PR LU GDUELQLPR SULHPRQL SODQDV LELG O 
! !

WRVLRV NDWHJRULMRV JDO MR E WL SULLPWDV WLN DXNLDXVLX O\JLX NDLS 9.3E &. SROLWLQLR ELXUR LU 6656 OLDXGLHV NRPLVDU WDU\ERV QXWDULPDL LH DNWDL LNL LRO QHUDVWL 9LHQLQWHO LLPWLV \UD EHQGUDV 9.3E &. LU 6656 /.7  P JHJX V  G QXWDULPDV 1U VV ' O NRQWUUHYROLXFLQL RUJDQL]DFLM OLNYLGDYLPR YDNDULQ VH 8665 VULW\VH
!!

 7DLDX LV QXWDULPDV OLHLD WLN YDNDULQHV 8N

UDLQRV VULWLV LU MDPH QXPDW\WRV YDLULRV NRYRV SULHPRQ V SULH 281 8NUDLQRV QDFLRQDOLVW RUJD QL]DFLM WLN YLHQRMH YLHWRMH SUDE JRPLV SDPLQ WRV OHQN RUJDQL]DFLMRV ,NL WRO EXYXVLRV WU PLPR RSHUDFLMRV EXYR Y\NGRPRV UHPLDQWLV 9.3E &. SROLWLQLR ELXUR LU 6656 OLDXGLHV NRPLVDU WDU\ERV QXWDULPDLV ,U WLNUDL 6656 .*% &HQWULQLR DUFK\YR SD\PRMH SDV NHOEWRMH  P  NDLS SDJULQGDV Y\NG\WL WU PLPR RSHUDFLM  P ELUHOLR  G /LHWXYRV 665
!"

SDPLQ WDV 9.3E &. LU 6656 /.7  P JHJX V  G QXWDULPDV EHW QHL MR QXPHULV QHL SDYD GLQLPDV QHQXURG\WL LU MR WXULQ\V QHDWSDVDNRWDV 7U PLP Y\NG\PDV 7U PLP \SDW\E EXYR WD NDG YDLULRV LWUHPW M SDJDO YLVDV WULV UHSUHVLM U LV NDWHJRULMRV EXYR DWVWRYDXMDPRV WLN LWUHPW M L %DOWLMRV UHVSXEOLN  7HQ NXU  P WU PL PR RSHUDFLMD EXYR Y\NGRPD DWVNLULDQW HLPRV QDULXV SDJDO NRQYRMLQ V NDULXRPHQ V IRQGXRVH UDVW LQVWUXNFLM
!#

ML Y\NR GYLHP HWDSDLV 3LUPXRMX HWDSX YLVL WUHPLDPLHML EXYR YHDPL SUDGLQHV VXULQNL

PR VWRWLV LU NRQYRMXRMDPL HHORQ WHONLPR YLHW  %H WR MLH QHWXU MR E WL DSLHNRPL LU M GDLNWDL QHWLNULQDPL YLVL WXU MR E WL SDVNLUVWRPL YDJRQXV HLPRPLV 2 DQWUXRMX HWDSX MDX WHONLPR SXQN WXRVH WUHPLDPLHML EXYR SDGDOLMDPL GYL JUXSHV $ JUXS HLPRV JDOYRV LU % JUXS HLPRV QDULDL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

5XVLMRV )HGHUDFLMRV Y\ULDXV\E V DUFK\YDV  I  'RNXPHQW NROHNFLMD $ 9LWNRYVNLM 9 -DPSROVNLM 9HUD HWR E\OR VHNUHWRP 'RNXPHQW\ R OLWRYVNLFK VRE\WLMDFK FK JJ ,]YHVWL MD &. .366  1  V 
!!

!"

!#

5XVLMRV YDOVW\ELQLV NDUR DUFK\YDV WROLDX 59.$ I  DS  E  O  

VULWLV QHPRNDPD GDUER M JD WRG O SDJDO , 6HURYR LQVWUXNFLM WUHPWLQLDPV EXYR OHLGLDPD SDVLLPWL QH GDXJLDX NDLS  NJ SHU YLV M J\YHQLP XJ\YHQWR WXUWR GUDEXL  DYDO\Q V LQG  SDWO\Q V PDLVWR R NDLPR J\YHQWRMDPV GDU LU NLUYL  SM NO SULNODXV DWVLPLQLP QXR WU PLP Y\NG\WRM JUXS V QDUL EHL NLWR VPXONDXV LQYHQWRULDXV 9LVNDV NRODERUDQW PDORQ V 7UHPWLQL LU YLHWLQL

DSLH WDL GHWDO V NLHN VNLULDVL WDLDX HQNDY GLVWDL LU NRODERUDQWDL YLVXU HOJ VL

QHPRQLNDL , DUFK\YLQL NRQYRMLQ V NDULXRPHQ V GRNXPHQW PDW\WL NDLS WHPSWDL GLUER WHONLPR SXQNWDL WRNLH NDLS SDY\]GLXL 1DXMRVLRV 9LOQLRV VWRWLV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
!$

SDUHQJ 1.9' *8/$*R FHQWULQLV 2763 UHPGDPDVLV SUDQHLPDLV L YLHW  $ELHMXRVH LXRVH GR NXPHQWXRVH \UD QHPDD NODLG  SDWHNXVL Y OHVQHV 2763 WDUQ\ELQHV VXYHVWLQHV R SDVNXL LU GD EDUWLQL DXWRUL GDUEXV QHV QHSDNDQNDPDL NULWLNDL EXYR YHUWLQWL 1.9' NLHN\ELQLDL GXRPHQ\V 3UDNWLNDL LQRPDV YLVDLV HHORQDLV YHW WUHPWLQL VNDLLXV R GDO\MH HHORQ UDVWD NRQYRMDXV GRNXPHQWDFLMD NXULRMH VXUD\WRV WUHPLDP M SDYDUG V  %XYR  HHORQ  LVL VW L /LHWXYRV 
!%

HHORQ VX LWUHPWDLVLDLV % JUXS   HHORQDL VX VXLPWDLVLDLV $ JUXS  LU  HHORQDL VX NULPL QDOLQLDLV QXVLNDOW OLDLV ,  % JUXS V HHORQ  EXYR LVL VWL $OWDMDXV NUDW   1RYRVLELUVNR VULW   .RPLMRV $665 LU  .D]DFKVWDQR *XUMHYR VULW  ,  $ JUXS V HHORQ  EXYR LVL VWL 6WDUREHOVNR NDUR EHODLVYL ODJHU  L M Y OLDX SHUVL VWL .UDVODJ  R  -XFKQRYR NDUR EHODLV YL ODJHU  $EX HHORQDL VX NULPLQDOLQLDLV QXVLNDOW OLDLV EXYR LVL VWL .DUHOLMRV6XRPLMRV $665 0HGYHMD *RURV VWRW %DOWRVLRV%DOWLMRV M U NDQDOR ODJHU %HOEDOWODJ   L  HHORQ VX L

!$

!%

5)9$ I  DS  E  O  YHUVW       ,ELG O   $ ( *XUMDQRY 0DVWDE\ GHSRUWDFLL QDVHOHQLMD Y JOXE 665 Y PDHLMXQH  J ,VWRULHVNLH VERUQLNL 0HPRULD OD Y\SXVN  5HSUHVVLL SURWLY SROLDNRY L SROVNLFK JUDGDQ0RVNYD =YHQMD  V 

WUHPWDLVLDLV LU  L  HHORQ VX $ JUXS V VXLPWDLVLDLV RMR LU RMR NRQYRMDXV SXON DUFK\Y IRQGXRVH \UD LWUHPW M SDYDUGL V UDDL 7DUS HHORQ  SDVL VW L NDUR EHODLVYL ODJHUL *8/$*R SDWDLVRV GDUE ODJHULXV VYDUEXV HHORQDV LVL VWDV L -XFKQRYR ODJHULR 'XGLQNRV SULHSODXN 1RULOODJ  LR HHORQR NDOLQLDL EXYR %DOWLMRV YDOVW\EL DUPLM NDULQLQNDL  M EXYR /LHWXYRV NDULXRPHQ V NDULQLQNDL 9LV LXR HHOR QX YHW NDULQLQN SDYDUGL V UDDV UDVWDV RMR NRQYRMDXV SXONR DUFK\YR IRQGH 
!&

1DJULQ MDQW UDMRQLQLXV GDOLQL HHORQLQL LU SDVNLUVW\PR GXRPHQ VNLUWXPXV E WLQD DWVL YHOJWL WDL NDG GDXJHOLR NDWDORJH VXUD\W HHORQ LQRPRV WLN SDVN\ULPR VWRW\V LU UDMRQDL R IDNWL Q V DWY\NLPR YLHWRV JDO MR E WL NLWRV SHUDGUHVDYXV NHO\MH HHORQXV *DOL E WL NDG NDL NXULH HHOR QDL JDO MR E WL SD\P WL HLOLQ VH 3HUYHLP VN\ULDXV VXYHVWLQ VH WLN L LQHUFLMRV QHV EXYR SDVL V WL DUED WLN UHQJWDVL SDVL VWL EHW UHDOLDL QHDWY\NR SDVN\ULPR YLHW SDY\]GLXL G O  P ELUH OLR  G SUDVLG MXVL NDUR YHLNVP 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

YLVRV %DOWLMRV UHVSXEOLNRV 9 OLDX 2763  P VSDOLR P Q SUDQHLPH YLVL LWUHPWLHML L %DOWLMRV DOL .D]DFKVWDQH PHFKDQLNDL SULSOLXVXRWL SULH LWUHPW M L /DWYLMRV G O WR EHQGUDV LWUHPW M L /LHWXYRV VNDLLXV VXPDLQWDV  PRQ PLV LRV JUXS V LWU PLPR UDMRQDV WLNVOLDL LQRPDV L HH ORQR GRNXPHQW  VDXJRP RMR NRQYRMDXV SXONR IRQGH 
!'

(HORQLQL LU SDVNLUVW\PR GXRPHQ DSLH LWUHPWXRVLXV L /LHWXYRV

$OWDMDXV NUDW LU

1RYRVLELUVNR VULW VNLUWXPDV PDGDXJ YLHQRGDV DSLH  W NVWDQLXV PRQL  WLN SULHLQJR HQNOR *DOE W GDOLV HHORQ L /LHWXYRV L SUDGL EXYR SDVL VWL $OWDMDXV NUDW  R L WLNU M LWUHPWLHML L ODLSLQWL DQNVLDX 1RYRVLELUVNR VULW\MH (HORQ L /LHWXYRV V UDH Q UD Q YLHQR LVL VWR .UDVQRMDUVNR NUDW DUED M SUDYDLDYXVLR  LWUHPWLHML L /LHWXYRV PLQLPL .UDVQRMDUVNR NUDWR 81.9' SUDQHLPH  JDO MR DWYDLXRWL WHQ DUED VX WRPLV HLPRV JDOYRPLV NXULRV EXYR SHUVL VWRV L 6WDUREHOVNR NDUR EHODLVYL ODJHULR .UDVQRMDUVNR ODJHU .UDVODJ  DUED GDOLV YLHQR HHORQR NHOHWDV YDJRQ  SDVNLUWR 1RYRVLELUVNR VULW DU $OWDMDXV NUDW  WDULDPDL EXYR QXNUHLSWD .UDVQRMDUVNR NUDW 
!!

!& !'

59.$ I  DS  E  O    5)9$ I  DS  E  O  ,ELG O  59.$ I  DS  E  O 

,WUHPW M L /LHWXYRV SDVNLUVW\PR VNDLLXV   PRQL PDGDXJ DWLWLQND HHORQL Q VNDLL   PRQHV WXULQW JDOYRMH LU QHWHNWLV NHO\MH 6XLPW M VNDLLXV LVL VW M EHODLVYL ODJHULXV LU NULPLQDOLQL QXVLNDOW OL  LYHW WLHVLDL  NDUR SDWDLVRV GDUE ODJHULXV  

 PRQ V 0 V EHQGUDV HHORQLQLV YLV NDWHJRULM UHSUHVXRW M VNDLLXV Y\NGLXV %HQGUDV ELUHOLR  G L /LHWXYRV LYHW *RUNLR LU 6RO,OHFNR NDO MLPXV
!(

/LHWXYRMH WU PLPR RSHUDFLM  \UD   PRJXV 3 *ODGNRYR DWDVNDLWRMH EXYR UDRPD DSLH   PRQL LWU PLP  PRQL VNDLLXV VLHNW PDLDXVLDL   MHLJX DWVLYHOJWXPH WDL NDG GDOLV HHORQ QHSDVLHN WUHPWLHV YLHW LU WXR SDW PHWX EXYR LYHWD GLGHO NDOLQL JUXS ODJHULXV LU WUHPW  P SDWHNR DSLH  W NVW /LHWXYRV J\YHQWRM LHN WLHN SDNRUHJDYR WUHPWLQL WDXWLQ VXG W  7DUS WUHPWLQL GDXJLDXVLD EXYR NLQLQN  SURF LU QDP HLPLQLQNL GDUELQJR DPLDXV YDLUL VRFLDOLQL VOXRNVQL DWVWRY HLPRV QDUL   SURF WROLDX HLQD PRN\WRMDL  SURF WDUQDXWRMDL  SURF GDUELQLQNDL   SURF $WVNLUW QXR HLPRV LU LYHW SURF NDULNL   SURF GDUELQLQN  SURF 7UHPWLQL OLNLPDV /HQNLMRV Y\ULDXV\E /RQGRQH LU 6RYLHW 6 MXQJD  P OLHSRV  G VXGDU VXWDUW  SDJDO NXUL UXJSM LR  G EXYR SDVNHOEWD /HQNLMRV SLOLHL DPQHVWLMD , NDOLQLPR YLHW LU WUHPWLHV EXYR SDOHLVWDV   EXY V /HQNLMRV SLOLHWLV  3DE J OLDL L EXYXVLRV /HQNLMRV OHQNDL LU
"

 7UHPWLQL

QHVNLUVW SDJDO WDXW\EHV YLVL EXYR SULVNLUWL WUHPWLQL L /LHWXYRV NDWHJRULMDL 7LN SUDVLG M V NDUXL

ODJHULXV Y\U

VRFLDOLQ SDG WLV WRNLD WDUQDXWRM  SURF NLQLQN  SURF SROLFLMRV SDUHLJ Q  

\GDL NXULXRV VX P LU LWU P NDUWX VX OLHWXYLDLV WDLS SDW EXYR SDOHLGLDPL  7DLS VXPD MXV
"

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  DVPHQ\V DUED  SURF 7RPVNR VULW  7RPVNR VULW L =DUDV  %LU  .DXQR LDXOL  0DULMDPSRO V DSVNULL   DVPHQ\V DUED  SURF .D]DFKLM  P LHP LU SDYDVDU EXYR WUHPLDPD L 6RYLHW

7DUS M EXYR DSLH  W NVW OHQN L M  NDOLQLDL DSLH  W NVW \G NDOLQL VNDLLXV QHLQRPDV EHW PDW\W M EXYR DSLH  DSLH  UXV  JXG  YRNLHL  ODWYL L M  NDOLQL  6DYLWDUSLR SDJDOERV LQL ELXUR GXRPHQLPLV WDUS  P WUHPWLQL EXYR QHW  OHQNDL EHW JDOLPD VS WL NDG G O WR PHWR RNXSDFLMRV V O\J OHQN V UDXV SDWHNR GDOLV \G \SD NDUR SDE J OL  .RNXULQ $, (YDNXDFLMD ]DNOMXHQQ\FK 6  7DL JDOL SDWYLUWLQWL WH]  NDG EXYR LWUHPWD GDXJLDX PRQL QHJX SD\P WD GRNXPHQWXRVH 1.9' VWDWLVWLNRV GXRPHQLV DSLH WUHPWLQL SDVNLUVW\P VXULQNR  P UXJV MR P Q NDL WUHPWLQL VNDLLXV JDO MR E WL ODEDL SDNLW V
!( " "

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
"!

.UDVQRMDUVNR LU 1RYRVLELUVNR VULWLV R   LWUHPW M

SULVLPLQLPDL DSLH WHQ\NW J\YHQLP

ODEDL YDLU V 1HW 1.9' GRNXPHQWXRVH SD\P MR NDG

VSHFLDOL M WUHPWLQL J\YHQLPR LU EXLWLHV V O\JRV NLHNYLHQDPH UDMRQH ODEDL VNLUWLQJRV  'DXJXPD WUHPWLQL EXYR DSJ\YHQGLQWL EHQGUXRVH EDUDNXRVH LU HPLQ VH QRUV MXRVH EXYR JDOLPD J\YHQWL WLN YDVDU  ' O DQWLVDQLWDULQL V O\J  W\P HSLGHPLMRV EDGR VLUJR LU PLU
""

YDLNDL 7UHPWLQ V

$ 9HGHUDLW V OLXGLMLPX SUDG MR SOLVWL GL]HQWHULMD LU PDOLDULMD >@ ,JXO SXV PRQL >@ 0LU GDXJ PD YDLN  %HYHLN NDVGLHQ N QRUV ODLGRMRP  .LWDLS LU QHJDO MR E WL .HOLV NDUWXV DSLSO WL OLN EH MRNLR WXUWR WUHPWLQLDL WXU MR WHQNLQWLV PHQNX QH YLVDGD GXRGDPX GXRQRV ML EXYR NHSDPD L SURV PLOW LU SHO  GDYLQLX 7DLDX WXR NDQLRV QHVLEDLJ  -DX  P ELUHOLR P Q EHYHLN SXV OLHWXYL L $OWDMDXV NUDWR EXYR LYHWL WLNUDL LDL -DNXWLMRV $665 LQRPRV WHQ SDWHNXVL  OLHWXYL SDYDUG V 3R  PHW LU Y OLDX /LHWXY JU R WLN  PRQ V 
"#

$WYHWL OLHWXYLDL EXYR LVNLUVW\WL 7LW $U VDO /HQRV XS V LRW\VH %\NRYR SXVLDVDO SULH /DSWHY M URV -DQRV XS V LRWLV LU NLWXU 7XQGURMH OLHWXYLDPV LJ\YHQWL EXYR ODEDL VXQNX 7UHPWLQ\V . 6YLWNDXVNDV SULVLPHQD NDG W PDLVWR SURGXNW  NXULXRV PXPV VN\U SDJDO NRUWHOHV

"!

"" "#

6665 1.9' $OWDMDXV NUDWR YDOG\ERV YLULQLQNR 9RORHQNRV  P UXJV MR  G SUDQHLPDV /LHWXYRV J\YHQWRM WU PLPDL   P 3  9HGHUDLW $ .DLS MLH PXV YH  3  U /LHWXYRV J\YHQWRM JHQRFLGDV 7   3  

QHWXU MR X N QXVLSLUNWL 0HV QLHNR QHXGLUEGDYRP 'XRQRV QRUP JDXGDYRP EHW LU WDL QH YLVDGD M NHSGDYR >@ 3UDVLG MR EDGDV 0LUWL SUDG MR QH WLN VHQL EHW LU MDXQL 
"$

1RYRVLELUVNR VULW\MH WUHPWLQL OLHWXYL EXYR NXUGLQWD EHYHLN  W NVW DSLH  GHLPWDGDOLV GDXJHOLV M VHQHOLDL 9LVD HLPRV LODLN\PR QDWD WHNR PRWHULPV 'DXJHOLV WUHPWLQL SHUNHOGDYR MXRV

M YDLNDL

9LVXV WUHPWLHV VXQNXPXV MLH WXU MR SDNHOWL NDUWX VX VXDXJXVLDLV 9\U WDUS WUHPWLQL EXYR DSLH QHLOJDL J\YHQGDYR YLHQRMH WUHPWLHV YLHWRMH (QNDY GLVWDL QH WLN -DNXWLM  EHW LU J\YHQLPDV GDU ODELDX

NLWDV YLHWDV X W NVWDQL NLORPHWU SDY\]GLXL L $OWDMDXV

GDQDL NLOQRGDYR SDLDPH NUDWH VULW\MH LU QHW UDMRQH ' O WR WUHPWLQL

SDVXQN GDYR LU YLVRVH WUHPWLHV YLHWRVH DWVLUDGR GDXJ\E M NDS  7XR WDUSX *8/$*R 'DUER LU VSHFLDOL M WUHPWLQL VN\ULXV QHW QHILNVDYR WUHPWLQL VNDLLDXV NLWLPR G O PLUWLHV R EH WR WUHPWLQL JUHWRV SDVLSLOG  WUHPW\MH JLPXVLDLV YDLNDLV LU  DVPHQLPLV VDYDQRULNDL QXY\NXVLDLV WUHPW SDV DUWLPXRVLXV 7UHPWLHV YLHWRVH MLH E GDYR WUDXNLDPL WRNLH SDW DSULERMLPDL  P ELUHOLR  G SDJDO /LHWXYRV 1.9' V UDXV LYHWL  PRQ V SDWHNR %HOODJ .DUHOLMRMH LU 2QHJODJ
"%

WUHPWLQL V UDXV LU MLHPV EXYR WDLNRPL

$UFKDQJHOVNR VU .RNV EXYR M OLNLPDV EHYHLN QHLQRPD

3UDVLG MXV NDUXL GDXJHOLV ODJHUL LU PLQ WLHML EXYR OLNYLGXRMDPL R NDOLQLDL LPWXV NLORPHWU S VLRPLV YDURPL NLWXV ODJHULXV LPWDL NDOLQL QHSDVLHN QDXM NDOLQLPR YLHW LU SDNHOLXL PLU  $SLH QXR HLP DWVNLUWXV Y\UXV LQL LOLNR GDXJLDX 3LUPLDXVLD MLH SDWHNR 6WDUREHOVNR LU -XFKQRYR LD NDO MR OLHWXYL NDULDL NDUR EHODLVYL ODJHULXV 3UDVLG MXV NDUXL L 6WDUREHOVNR ODJHULR OLHWXYLDL EXYR LVNLUVW\WL YDLULXV ODJHULXV .DUODJ  9RUNXWODJ .RPLMRV $665 6LEODJ .HPHURYR VU 6HYXUDOODJ WXRPHW 6YHUGORYVNR VU LU .UDVODJ .UDVQRMDUVNR NU 5HLRW P .LHN NLWDLS NORVW VL  P ELUHOLR  G -XFKQRYR ODJHU\MH DWVLG UXVL NDUL OLNLPDV 1.9' GRNXPHQWXRVH QXURG\WD MRJ HHORQDV %DE\QLQR VWRW DOLD -XFKQRYR ODJHULR YH  PRQHV WDLDX OLXG\WRMDL WHLJLD UHPLDPDVL LU NDOLQW NDUL V UDX NDG ODJHU\MH EXYR NDOLQWD DSLH  NDUL GDU  SULVLG MR .UDVODJH 6DYLWDUSLR SDJDOERV LQL ELXUDV QXVWDW  NDG EXYR LYHWD  NDULDL NDL NXULH M JDO MR SDWHNWL NLWXV HHORQXV DUED L SUDGL SDWHNR 9LOQLDXV NDO MLP  3UDVLG MXV NDUXL -XFKQRYR ODJHU\MH NDOLQWL OLHWXYL  ODWYL LU HVW NDULDL DSLH  PRQL  EXYR LYHWL 6LELU   P OLHSRV  G OLHWXYL NDULDL EXYR QXYHWL .UDVODJ  /LHSRV  G EDU VXJU VWL OLHWXYL NDULQLQNDL EXYR QXJDEHQWL 'XGQLQN  , LD UXJSM LR  G MLH SDWHNR 1RULOVNR ODJHU   M ODJHULR SXQNW  1DXMLHML NDOLQLDL LD JDYR ODJHULQLQN GUDEXLXV LXLQLR XYDONDO  SDJDOYLXNXL XYDONDO  DQWNORG  PHGLQ DXNW LU WRN SDW GXEHQ O  .DOLQLDL GLUER 1RULOVNR
"&

JDP\NO UDMRQH ,VHNLQWL OLHWXYL NDULDL JUHLWDL SUDG MR PLUWL 7ROLDX

"$ "%

U\WXV QXR 1RULOVNR WLHV

6YLWNDXVNDV . /DLP V YDLNDL 3    P ELUHOLR  G SODQH OLHWXYLXV EXYR QXPDW\WD LVL VWL 8VROODJ  R ODWYLXV %HOODJ LU 2QHJODJ U /LHWXYRV J\YHQWRM WU PLPDL   P 3   P VSDOLR  G SD\PRMH SD\P WD NLWDLS ODWYLXV 8VROODJ  R OLHWXYLXV %HOODJ LU 2QHJODJ U 7HQ SDW 3 

/DPRV HHUX EXYR NDOLQWL ODWYL ODJHULXRVH

WREXOLQLPRVL NXUVXV LYHWL DXNWHVQLHML NDULQLQNDL  OLHWXYL  

LU  HVW   P SUDG WDV /LHWXYRV NDULXRPHQ V QDLNLQLPDV EXYR EDLJWDV 1RULOVNR NDOLQWL OLHWXYLDL GDU VSDULDX EXYR QDLNLQDPL  P LHP  'DXJXPD  P 6RYLHW

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
"'

LQYDOLGDL  P YLV L NDWHJRULM NDOLQL EXYR DWLWLQNDPDL 

ODJHULXV GDQLDXVLDL SDWHNGDYR VYHLNL PRQ V 3HU YLHQXV DU GYHMXV PHWXV MLH SHUHLGDYR YLVDV PLQ WDV NDWHJRULMDV LU WLN UHWDV ODJHULXRVH LJ\YHQR   P 7XRPHW SHU  PHWXV ODJHULXRVH EXYR NDOLQWD GDXJLDX NDLS  POQ PRQL NDUR SUDGLRMH EXYR  POQ  P OLHSRV  G  POQ NDOLQL   EHW GDXJLDX NDLS NHWYLUWDGDOLV DWJXO LPWXRVH *8/$*R ODJHUL LU
"(

NRORQLM NDSLQ\Q

#

 .LHN WDUS M EXYR OLHWXYL  1.9' GRNXPHQWDL QHQXURGR 1RUV NDUR PHWDLV
#

WUHPWLQLDL PDLWLQRVL SDQDLDL NDLS NDOLQLDL EHW QXR SHODJURV PLUGDYR UHWDL -LH JDO GDYR PDLWLQWLV GLOJHO PLV JU\EDLV XRJRPLV .DOLQLDL WRNL JDOLP\EL QHWXU MR  %HMH QHJDOLPD SDPLUWL NDG ODJHUL LU NDO MLP VDQLWDULMRV VN\ULDL GDQDL VXUD\GDYR ILNW\YLXV PLUWLHV OLXGLMLPXV 7DLS EXYR QXVOHSLDPRV WLNURVLRV PLUWLHV SULHDVW\V  SDY\]GLXL HQNDY GLVW QXNDQNLQWL NDOLQLDL LU VLHNLDPD NDG ODJHULV DU NDO MLPDV ODEDL QHYLU\W QXVWDW\WR PLUWLQJXPR YLGXUNL 3DY\]GLXL  P PLUWLQJXPR YLGXUNLV NDO MLPXRVH EXYR     P 
#!

  P

 EHW LH SURFHQWDL UHLNLD NDG EXYR VXQDLNLQWL W NVWDQLDL PRQL  ,U

SLUPLDXVLD WDL SDVDN\WLQD DSLH OLHWXYLXV WDLS SDW ODWYLXV LU HVWXV 0DW SDJDO 1.9' QXVWDW\WDV PRJDXV DWVSDUXPR IRUPXOHV QHW SHQNWDGDOLV NDO MLPXRVH PLUXVL PRQL EXYR NDOLQWD PDLDX NDLS P QHV  'DXJXPD PLUGDYR QHSDN O 1.9' NDO MLPXRVH LU YLHQ PHW  2 OLHWXYLDL SDWHNGDYR
#"

NDO MLPXV E WHQW WDGD NDL V O\JRV E GDYR SDLRV VXQNLDXVLRV  P NDOLQL PLUWLQJXPDV QHW
"& "' "( #

#!

1DYDLWLV $ /LHWXYRV NDULDL 1RULOVNR ODJHULXRVH 3  7HQ SDW /  7HQ SDW 3  %XYR  GLGHOL ODJHULDL LU  NRORQLMRV MXRV VXGDU  PDHVQL ODJHUL ODJHUL SXQNW  LU  NRORQLMRV U 7HQ SDW /  $HU QR DWVLPLQLP UDQNUDWLV 7  3   U 5HSUHVLM /LHWXYRMH W\ULPR FHQWUR DUFK\YDV 6656 1.9' .DO MLP YDOG\ERV YLULQLQNR P1LNROVNLR VXGDU\WRV NDOLQL VHUJDPXPR LU PLUWLQJXPR   P DSYDOJRV 5)9$ )  $S  %  /  

RILFLDOLXRVH 1.9' GRNXPHQWXRVH SD\P WDV GHLPWHULRSDL GLGHVQLV QHJX  P 'LGLRML GDOLV  P ELUHOLR  G LYHW 1RULOODJ SDWHNR  NDULNLDL ODJHULXV PRQL SDWHNR .UDVQRMDUVNR ODJHULXV  SURF L M 5HRW ODJHU   QXR HLP DWVNLUW Y\U  GDXJLDXVLDL

YDOVW\E V WDUQDXWRM  PRN\WRM  SROLFLMRV NW SDUHLJ Q  LXRVH ODJHULXRVH OLHWXYL PLUWLQJXPDV EXYR  SURF 1RULOODJH    5HRWXRVH   SURF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

3DVLEDLJXV NDOLQLPR ODLNXL UHWDV NXULV JU R /LHWXY  /LN J\YL  P NDOLQLDL GDU SDSLOG\GDYR ODJHULXV   DVPHQ JUXS VXGDU GDXJLDXVLD QXR HLP DWVNLUWL Y\UDL NXUL QHW  SURF PLU ODJHULXRVH  P ODJHULXRVH LU NDO MLPXRVH PLU  SURF YLV L /LHWXYRV  P DWYHW NDOLQL DUED  SURF YLV PLUXVL M NDOLQLPR YLHWRVH

6656 09' .DO MLP YDOG\ERV 6DQLWDULMRV VN\ULDXV YLULQLQNR PHGLFLQRV SON 'RVWRYDORYR 'RVWRYDORY  P JHJX V  G DWDVNDLWD 7HQ SDW / 
#"