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=7@K3?3@33@ B3E;7@ 3<3D=3@ F7=@;= 5*%&% ."(&28 G@FG= ?7@93>;:=3@
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=7B7D3I3F3@E7>3?3 J  <3? 6;:3D3B=3@ 3=F;H;F3E =7?43>; @AD?3>
363@K3 B7@;@9=3F3@ 63K3 F3:3@ FG4G: 367=G3F G@FG= 47D3=F;H;F3E
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3@F3D3 >3;@ =3<; BA>3 3=F;H;F3E 63@ --/ G@FG= ?7@97F3:G;=73633@ G?G?
B3E;7@ 43F3E; 3=F;H;F3E B3E;7@ G@FG= ?7@9GD3@9;=7D<3 AFAF <3@FG@9
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6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ E7E3= @383E 6363 @K7D; G@FG=
47D@383E 63F3 A4K7=F;8 B3E;7@ F3?B3= >7?3E B7D@383E3@ 63>3? ++
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BAEE;E; E7?;8AI>7D 6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ ?3G
6;47D;=3@ BAE;E;=3@ E7?;8AI>7D63F3 A4K7=F;8 B3E;7@ F3?B3= F7@3@9
67@93@ BAE;E; E7?;8AI>7D )G=G>  0" =A>34AD3E;B7?47D;3@ ( %
@3E3> =3@G> 6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ ?3E;: E7E3=

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F3?B3= ( %;F7D @3E3> =3@G>
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F3@993>  BD;>  K3;FG BG=G>  0" =A>34AD3E; B7?47D;3@A43F
<3@FG@9 "@<7=E; :7B3D;@   63@ ",' J ?9 6;63B3F=3@63F3
EG4K7=F;8 B3E;7@ ?7@93F3=3@ ?3G 6;47D;=3@ A43F63F3 A4K7=F;8 A43F EG63:
?3EG= 3@ F;@63=3@ =7B7D3I3F3@B363 F3@993>  BD;>  6;>3=G=3@
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;@FD3H7@3
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@K7D; 6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ @K7D; G>G :3F; ) @K7D;
E33F B3E;7@ F3D;= @383E 63>3? * E7B7DF; F7DF;@6;: 47@63 47D3F + 6;G>G :3F;
?7@<3>3D =7439;3@ 6363 =;D; 63@ BG@99G@9 , E=3>3 @K7D;  - @K7D;
F;?4G> F;43F;43 63F3 A4K7=F;8 B3E;7@ F3?B3= ?7D;@9;E =7E3=;F3@ 63@
?7@9GD3@9; 6363 =;D; -7=3@3@ 63D3: 
??!9 @36; J
?7@;F
++  J
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6;63B3F=3@63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ ?3G 6;3<3D=3@ F7=@;= 5*%&
."(&28 63F3 A4K7=F;8 B3E;7@ F3?B3= ?7@9;=GF;;@EFDG=E; K3@9 6;47D;=3@
B7D3I3F )G=G>  0" =A>34AD3E; B7?47D;3@ A43F 3@3>97E;= ;@<7=E;

?ADB:;@ ?9 6;63B3F=3@63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ ?3G 6;47D;


A43F B7@GDG@ @K7D; 63F3 A4K7=F;8 A43F ?3EG= ?7>3>G; ;@FD3H7@3 )G=G>
0" ?7?47D;=3@ F7=@;= 5*%&.&("28 6;63B3F=3@ D7EBA@
EG4K7=F;8 B3E;7@ ?7@93F3=3@ ?3G 6;3<3D; F7=@;= 5*%& .&("28 63F3
A4K7=F;8 B3E;7@ F3?B3= ?7@9;=GF; ;@FDG=E; K3@9 6;47D;=3@ A>7: B7D3I3F
3@ F;@63=3@ =7B7D3I3F3@ B363 F3@993>  BD;>  6;>3=G=3@
F;@63=3@ B363 BG=G>   0" ?7@9=3<; =3D3=F7D;EF;= @K7D; )*+,-
6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ @K7D; G>G :3F; ) @K7D; E33F
B3E;7@ F3D;= @383E * E7B7DF; F7DF;@6;:47@63 47D3F + 6;G>G :3F; ?7@<3>3D
=7439;3@ 6363 =;D; 63@ BG@99G@9 , E=3>3 @K7D;  - @K7D; F;?4G> F;43
F;43 63F3A4K7=F;8 B3E;7@ F3?B3= ?7D;@9;E =7E3=;F3@ 63@ ?7?793@9; 6363
=;D; F7=3@3@ 63D3: 
??!9 ++ J
?7@;F'36; J
?7@;F
)G=G> 0" ?7@93<3D=3@ F7=@;= 5*%& ."(&28 6;63B3F=3@ 63F3
EG4K7=F;8 B3E;7@ ?7@93F3=3@ @K7D;@K3 47>G? 47D=GD3@963@ ?3G
6;3<3D=3@ F7=@;= 5*%& ."(&28 >39; 63F3 A4K7=F;8 B3E;7@ F3?B3=
?7@9;=GF;;@EFDG=E; B7D3I3F )G=G> 0" =A>34AD3E;B7?47D;3@A43F
3@3>97E;= ;@<7=E; ?AD8;@ ?9 6; 63B3F=3@ 63F3 EG4K7=F;8 B3E;7@
?7@93F3=3@ @K7D;@K3 ?3E;: F7D3E3 63@ ?3G 6;47D;=3@ A43F B7@GDG@ @K7D;
63F3 A4K7=F;8 A43F ?3EG= ?7>3>G; ;@FD3H7@3 )G=G>  0"
?7@93<3D=3@ F7=@;= 5*%& ."(&28 6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@
?7@93F3=3@ ?3E;: @K7D; F7F3B;E76;=;F 47D=GD3@9 63@ ?3E;: ?3G 6;3<3D=3@

F7=@;= 5*%& ."(&28 63F3 A4K7=F;8 B3E;7@ F3?B3= ?7@9;=GF; ;@EFDG=E;


K3@9 6;47D;=3@ B7D3I3F
-;@63=3@ =7B7D3I3F3@ B363 ?3E3>3: K3@9 =77?B3F6;>3=G=3@ B363
F3@993>  BD;>  K3;FG B363 BG=G>  0" ?7@9=3<;BA>3
3=F;H;F3E 63@ --/ 6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ BGE;@9
4363@ F7D3E3 >7?3E 63@ E7E3= @383E 63@ 63F3 A4K7=F;8 B3E;7@ F3?B3=
>7?3E 63@ G@FG= 47D3=F;H;F3E B3E;7@ 6;43@FG AD3@9 >3;@ F7=3@3@ 63D3:

??!9 ++  J
?7@;F @36; J
?7@;F EG:G A )363
BG=G>  0" ?7?47D;=3@ >;@9=G@93@ F7@3@9 6;63B3F=3@ 63F3
EG4K7=F;8 B3E;7@ ?7@93F3=3@ 47DE76;3 6;47D;=3@ >;@9=G@93@ E7=;F3D@K3
F7@3@9 63@ 63F3 A4K7=F;8 B3E;7@ F3?B3= F7@3@9 63@ 47D43D;@9 6;F7?B3F
F;6GD )G=G>  0" ?7?47D;=3@>3F;:3@ D7@F3@9 97D3= E7@6; +(&
6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ 47DE76;3 G@FG= 6;3<3D=3@
+(& 3=F;8 63@ 63F3 A4K7=F;8 B3E;7@ F3?B3= ?7@9;=GF; K3@9 6;3<3D=3@
A>7: B3E;7@ 3@ F;@63=3@ =7B7D3I3F3@ B363 F3@993>  BD;> 
6;>3=G=3@ F;@63=3@ B363 BG=G>  0" &7@9=3<; BA>3 3=F;H;F3E 63@
--/6;63B3F=3@ 63F3EG4K7=F;8 B3E;7@ ?7@93F3=3@ ?3E;: BGE;@9 63@ 63F3
A4K7=F;8 B3E;7@ F3?B3= ?3E;: >7?3E 63@ G@FG= 47D3=F;H;F3EB3E;7@ ?3E;:
6;43@FG AD3@9 >3;@ F7=3@3@ 63D3: 
??!9 ++ J
?7@;F @36;
J
?7@;F EG:G A )363 BG=G>  0" ?7?43F3E; 3=F;H;F3E
B3E;7@ 6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@47DE76;3 G@FG= F;63=
F7D>3>G 43@K3= 47D3=F;H;F3E 63@ 63F3 A4K7=F;8 B3E;7@ F3?B3= F7@3@9



6;F7?B3F F;6GD )363 BG=G>  0" ?7?47D;=3@ >;@9=G@93@ F7@3@9


6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ 47DE76;3 6;47D;=3@
>;@9=G@93@ 6;E7=;F3D@K3 F7@3@9 63@ 63F3 A4K7=F;8 B3E;7@ F3?B3= F7@3@9
6;F7?B3F F;6GD
 <(3;(90 2,7,8(=(:(5
)363 F3@993>  BD;>  BG=G>  0" 6;63B3F=3@ :3E;>
7H3>G3E; B363 ?3E3>3: =7B7D3I3F3@BA>3 @383E F;63= 787=F;8 E74393;
47D;=GF EG4K7=F;8 B3E;7@ ?7@93F3=3@ E7E3=@383E (4K7=F;8 B3E;7@ F3?B3=
>7?3E ++  J
?7@;F B3E;7@ ?7@99G@3=3@ ( @3E3> =3@G> %;F7D ,)( 
J
?7@;F

@3>;E3

K3@9

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B7D@83E3@ 47D;=3@ BAE;E; E7?;8AI>7D =A>34AD3E; B7?47D;3@ ( )363
F3@993>  BD;>  BG=G>  0" 63F3 EG4K7=F;8 B3E;7@
?7@93F3=3@ E7E3= @383E 6363 ?3E;: @K7D; G@FG= 47D@383E (4K7=F;8 B3E;7@
F3?B3= >7?3E ++ J
?7@;F B3E;7@ ?7@99G@3=3@ ( @3E3> =3@G> %;F7D
,)(  J
?7@;F  @3>;E3 K3@9 63B3F 6;3?4;> ?3E3>3: =7B7D3I3F3@
=7F;63=787=F;83@ BA>3 @383E 47>G? F7D3F3E; "@F7DH7@E; 6;>3@<GF=3@ =3<;
B7D@383E3@ 47D;=3@ BAE;E; E7?;8AI>7D =A>34AD3E; B7?47D;3@ (
)363 F3@993>  BD;>  BG=G>  0" 6;63B3F=3@ :3E;>
7H3>G3E; B363 ?3E3>3: =7B7D3I3F3@ B7@GDG@3@ 5GD3: <3@FG@9 E74393;
47D;=GF EG4K7=F;8 B3E;7@ ?7@93F3=3@ >7?3E 63@ E7E3= @383E (4K7=F;8
F7=3@3@ 63D3: 
??!9 ++  J
?7@;F '36; J
?7@;F ,G:G



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5AD6;E F;63= =G3F 3@9=3F ) 43F3E <3@FG@9 ?7>743D 53D6;A>3F7D3>  G@K;
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EG4K7=F;8 B3E;7@ ?7@93F3=3@ @K7D; G>G :3F; ) @K7D; E33F B3E;7@ F3D;= @383E
63>3? * E7B7DF; F7DF;@6;: 47@63 47D3F + 6;G>G :3F; ?7@<3>3D =7439;3@
6363 =;D; 63@ BG@99G@9 , E=3>3 @K7D;  - @K7D; F;?4G> F;43F;43
(4K7=F;8 B3E;7@ F3?B3= ?7D;@9;E =7E3=;F3@ ?7@3:3@ @K7D; 63@
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??!9 @36; J
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++  J
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E=3>3 @K7D;  - @K7D; F;?4G> F;43F;43 (4K7=F;8 B3E;7@ F3?B3= ?7D;@9;E
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?7@;F ++ J
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?7D3E3=3@ E7E3= @383E 3F3 A4K7=F;8 B3E;7@ F3?B3= >7?3E G@FG=
47D3=F;H;F3E B3E;7@ 6;43@FG AD3@9 >3;@ F7=3@3@ 63D3: 
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0" 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ ?3E;: BGE;@9 4363@ F7D3E3 >7?3E
63@ ?3E;: E7E3= @383E 3@ 63F3 A4K7=F;8 B3E;7@ F3?B3= >7?3E G@FG=
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G>G :3F; ) @K7D; E33F B3E;7@ F3D;= @383E 63>3? * E7B7DF; F7DF;@6;:



47@63 47D3F + 6;G>G :3F; ?7@<3>3D =7439;3@ 6363 =;D; 63@ BG@99G@9
, E=3>3 @K7D;  - @K7D; F;?4G> F;43F;43 63F3 A4K7=F;8 B3E;7@ F3?B3=
?7D;@9;E =7E3=;F3@ 63@ ?7@9GD3@9; 6363 =;D; -7=3@3@ 63D3:

??!9 @36;

J
?7@;F ++

 J
?7@;F $A>34AD3E;

B7?47D;3@ A43F 3@3>97E;= ;@<7=E; ?ADB:;@ ?9 6;63B3F=3@ 63F3


EG4K7=F;8 B3E;7@ ?7@93F3=3@ ?3G 6;47D; A43F B7@GDG@ @K7D; 63F3
A4K7=F;8 A43F ?3EG= ?7>3>G; ;@FD3H7@3 &7@9=3<; =3D3=F7D;EF;= @K7D;
)*+,-6;63B3F=3@63F3EG4K7=F;8B3E;7@ ?7@93F3=3@ @K7D; G>G:3F;
) @K7D; E33F B3E;7@ F3D;= @383E * E7B7DF; F7DF;@6;: 47@63 47D3F+
6;G>G :3F; ?7@<3>3D =7439;3@ 6363 =;D; 63@ BG@99G@9 , E=3>3 @K7D; 
- @K7D; F;?4G> F;43F;43 63F3 A4K7=F;8 B3E;7@ F3?B3= ?7D;@9;E
=7E3=;F3@ 63@ ?7?793@9; 6363 =;D; F7=3@3@ 63D3: 
??!9
++ J
?7@;F '36;J
?7@;F &7@93<3D=3@ F7=@;= 5*%&% ."(&28
6;63B3F=3@ 63F3EG4K7=F;8B3E;7@ ?7@93F3=3@ ?3E;: @K7D; F7F3B;
E76;=;F 47D=GD3@9 63@ ?3E;: ?3G 6;3<3D=3@ F7=@;= 5*%&% ."(&28
63F3 A4K7=F;8 B3E;7@ F3?B3= ?7@9;=GF; ;@EFDG=E; K3@9 6;47D;=3@
B7D3I3F
)363B7@9=3<;3@ @K7D; )*+,- 3@F3D3F7AD; 63@ =3EGE F;63= 363
=7E7@<3@93@ 6;4G=F;=3@ 67@93@ 6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@
?7@93F3=3@ @K7D;G>G:3F; ) @K7D;E33F B3E;7@F3D;=@3B3E63>3? *
E7B7DF; F7DF;@6;: 47@63 47D3F + 6;G>G :3F;?7@<3>3D =7439;3@ 6363 =;D;
63@ BG@99G@9 , E=3>3 @K7D;  - @K7D; F;?4G> F;43F;43 ,763@9=3@
?7@GDGF F7AD; @K7D; 6363 D7FDAEF7D@3> E7B7DF; 6;D7?3ED7?3E 6;F7=3@



6;FGEG= B3@3E 3F3G F7DF;@6;: 43D3@9 47D3F 'K7D; 63B3F ?7@<3>3D =7


>7@93@ G?G?@K3 =;D; 43:G >7:7D D3:3@943:=3@ =7 BG@99G@963@
7B;93EFD;G? 'K7D; 47D>3@9EG@9 >74;: >3?3 63D; 3@9;@3 B7=FAD;E 63@
F3= D7EBA@E;8 F7D:363B @;FDA9>;E7D;@ $3EDA@   )363
;?B>7?7@F3E; B363 ?3E3>3: =7B7D3I3F3@ @K7D; 3=GF F7D63B3F F7:@;=
5*%&% ."(&28 &7@GDGF $3B>3@  E36A5= 63>3? 'AH3D7@F3
 ?7@93F3=3@ 43:I3 F7:@;= 5*%&% ."(&28 363>3: ?7FA67
D7>3=E3E; G@FG= ?7@9=:3K3>=3@ F7?B3F 63@ =7<36;3@ 47D:G4G@93@
67@93@ D3E3 D7>3=E3E; K3@9 ?7@K7@3@9=3@ -G<G3@ 63D; F7:@;= 5*%&%
."(&28 K3;FG ?7@;?4G>=3@ D7EBA@ BE;=A8;E;A>A9;E K3@9 =G3F E7B7DF;
B7DG43:3@ 63>3? 8G@9E; ;?G@ )AFF7D  )7DDK  63>3? 'AH3D7@F3

5*%&% ."(&28 ?7DGB3=3@ ;?3<;@3E; K3@96;D7@53@3=3@ E753D3
=:GEGE G@FG= ?7@53B3; 787= BAE;F;8  7@93@ ?7?43K3@9=3@ :3>:3>
K3@9 ?7@K7@3@9=3@ ?3=3 3=3@ F7D<36; B7DG43:3@ 3=F;8;F3E ?AFAD;=
E7:;@993 AFAFAFAF K3@9 F793@9 ?7@<36; D7>3=E D7EBA@ F7D:363B
43K3@93@ ?7@<36; E7?3=;@ <7>3E !3> F7DE74GF F7D<36; =3D7@3
D3@9E3@93@ ;?3<;@3E; 47DGB3 :3>:3> K3@9 ?7@K7@3@9=3@ 3=3@
?7@<3>3@=3@ =743F3@9 AF3= ?7@G<G 3&/302 4)"-".53 G@FG= 6;8AD?3F
,7439;3@ =75;> D3@9E3@93@ ;FG 6;FD3@E?;E;=3@ =7 ".*(%"-" 63@
)*10,".153 E7439;3@ >39; 6;=;D;? =7 ,024&,3 3&2&#2* ,7:;@993 B363
,024&,3 3&2&#2* 3=3@ F7D<36; "303*"3* B7@9;@6D33@ )363 )*10,".153
:3>:3> K3@9 ?7@K7@3@9=3@ 3=3@ 6;BDAE7E ?7@<36; E74G3: ?7?AD;

$7F;=3 F7D63B3F D3@9E3@93@ 47DGB3 ;?3<;@3E; K3@9 ?7@K7@3@9=3@


?7?AD; K3@9F7DE;?B3@ 3=3@ ?G@5G> =7?43>; 63@ ?7@;?4G>=3@ EG3FG
B7DE7BE; 3D; )*10,".153 D3@9E3@93@ K3@9 F7>3: ?7?BG@K3; ?3=@3
6;=;D;? =7 ".*(%"-" K3@9 3=3@ ?7?47@FG= BA>3 D7EBA@ K3@9 E7EG3;
67@93@ ?3=@3 D3@9E3@93@ K3@96;F7D;?3 ,7:;@993 EG4<7= 3=3@ >74;:
?G63: G@FG= ?7@93EAE;3E;=3@ 6;D;@K3 63>3? ?7@GDG=3@ E7EG3; @K7D;
K3@9 6;3>3?; 'AH3D7@F3   &7=3@;E?7 ;?3<;@3E; BAE;F;8
63B3F ?7>7?3:=3@ 13*,0/&520*..5/0-0(*

K3@9 ?7?B7@93DG:;

D7EBA@ EFD7EE E7>3;@ ;FG 63B3F ?7>7B3E=3@ &/%021)*/ K3@9 K3@9


?7>7?3:=3@ D7EBA@ D3E3 E3=;F 63@ 63B3F ?7@9GD3@9; D3E3 E3=;F 3F3G
?7@;@9=3F@K3 3?43@9 @K7D; !3DF  63>3? ?3D;K3? 63@ I;6A6A
  
-;@63=3@ =7B7D3I3F3@ B363 ?3E3>3: K3@9 ;@FA>7D3@E; 3=F;H;F3E
6;E7EG3;=3@ 63D; ;@F7DH7@E; K3@9 EG63: 6;F7@FG=3@ E747>G?@K3
;@F7DH7@E; K3@9 E7:3DGE@K3 E7EG3; F7AD; 363>3:?A@;FAD @K7D; 6363
3@<GD=3@ =7B363 =>;7@ G@FG= E797D3 ?;@F343@FG3@ B7D3I3F 3F3G 6A=F7D
4;>3?7D3E3=3@ E7D3@93@ @K7D; =7?43>; GB3K3=3@ >;@9=G@93@ F7@3@9
43F3E; 3=F;H;F3E E7>3?3 E7D3@93@ @K7D; 6363 43@FG ?7@9G43: BAE;E;
=>;7@ 47D;=3@ >3F;:3@ D7@F3@9 97D3= E7@6; +3@97 A8 &AF;A@
+(&
.6<;3@F; 
-;@63=3@ K3@96;47D;=3@ B363 'K , K3;FG ?7@9=3<; BA>3
3=F;H;F3E 63@ --/ 6;63B3F=3@ 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@
BGE;@9 4363@ F7D3E3 >7?3E 63@ E7E3= @383E 63@ 63F3 A4K7=F;8 B3E;7@

F3?B3= >7?3E 63@ G@FG= 47D3=F;H;F3E B3E;7@ 6;43@FG AD3@9>3;@


F7=3@3@63D3: 
??!9++ J
?7@;F@36; J
?7@;F
EG:G A &7?47D;=3@ >;@9=G@93@ F7@3@9 6;63B3F=3@ 63F3
EG4K7=F;8 B3E;7@ ?7@93F3=3@47DE76;3 6;47D;=3@ >;@9=G@93@ E7=;F3D@K3
F7@3@9  63@ 63F3 A4K7=F;8  B3E;7@ F3?B3=  F7@3@9  63@ 47D43D;@9
6;F7?B3F F;6GD &7?47D;=3@ >3F;:3@ D7@F3@9 97D3= E7@6; +(&
6;63B3F=3@ 63F3EG4K7=F;8B3E;7@ ?7@93F3=3@ 47DE76;3G@FG= 6;3<3D=3@
+(& 3=F;8 63@ 63F3 A4K7=F;8 B3E;7@ F3?B3= ?7@9;=GF; K3@96;3<3D=3@
A>7: B3E;7@ &7@9=3<; BA>3 3=F;H;F3E 63@ --/ 6;63B3F=3@ 63F3
EG4K7=F;8B3E;7@ ?7@93F3=3@ ?3E;: BGE;@9 63@ 63F3 A4K7=F;8 B3E;7@
F3?B3=?3E;:>7?3E 63@G@FG=47D3=F;H;F3E B3E;7@?3E;:6;43@FG
AD3@9 >3;@ F7=3@3@ 63D3: 
??!9 ++ J
?7@;F @36;
J
?7@;F EG:G A &7?43F3E; 3=F;H;F3E B3E;7@ 6;63B3F=3@ 63F3
EG4K7=F;8 B3E;7@ ?7@93F3=3@ 47DE76;3 G@FG= F;63= F7D>3>G 43@K3=
47D3=F;H;F3E63@ 3F3 A4K7=F;8 B3E;7@F3?B3=F7@3@9 6;F7?B3FF;6GD
7D63E3D=3@ ;?B>7?7@F3E; K3@9 EG63: 6;FG>;E=3@ B7@G>;E 6;3F3E
F;@63=3@ =7B7D3I3F3@

K3@9 6;>3=G=3@ B7@G>;E

E753D3

?7DGB3=3@ ;?B>7?7@F3E; 63D; D7@53@3 =7B7D3I3F3@ K3@9

G?G?
F7>3:

6;EGEG@ @3?G@ 363 4747D3B3 B7D47633@ F;@63=3@ K3@96;>3=G=3@


E7F;3B :3D;@K3 ?;E3>3@K3F;@63=3@ =7B7D3I3F3@ B363:3D; B7DF3?3
F;63= E7B7@G:@K3 E7EG3; 67@93@ D7@53@3 F;@63=3@ K3@9

F7>3:

6;F7?G=3@ !3>;@;6;=3D7@3=3@ =7F7D43F3E3@ B7@G>;E63>3??7>3=G=3@

3EG:3@ =7B7D3I3F3@ F7D:363B 'K  , 63@ F;@63=3@ =7B7D3I3F3@


6;>3=G=3@E74393;F3:3B 3I3>63>3??7@3@93@; =3EGE
<(3;(90
H3>G3E; 363>3: >3@9=3: F7D3=:;D 63>3? BDAE7E B7?4G3F3@
=7BGFGE3@ )7D3I3F ?7@9G?BG>=3@ ?7@KAF;D 63@ ?7@93@3>;E3 63F3
G@FG=?7@7F3B=3@ 3B3=3@FG<G3@EG63: F7D53B3; D7@53@3?7?7D>G=3@
?A6;8;=3E; 3F3G 3>F7D@3F;8 43DG K3@9 :3DGE 6;B7DF;?43@9=3@ !;63K3F
  H3>G3E; 6;>3=G=3@ E7F;3B :3D; E7>3?3 6G3 :3D;
B7@97>A>33@F7D:363B=>;7@B363 F3@993>   BD;> 
3D; :3E;> 7H3>G3E; K3@9 6;>3=G=3@ B363 F3@993>  BD;> 
BG=G>  0" 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ E7E3= @383E 6363
?3E;: @K7D; G@FG= 47D@383E (4K7=F;8 B3E;7@ F3?B3= >7?3E ++
J
?7@;F B3E;7@ ?7@99G@3=3@ ( @3E3> =3@G> %;F7D ,)( 
J
?7@;F @3>;E3 K3@9 63B3F 6;3?4;> ?3E3>3: =7B7D3I3F3@
=7F;63=787=F;83@ BA>3 @383E 47>G? F7D3F3E; "@F7DH7@E; 6;>3@<GF=3@ =3<;
B7D@383E3@ 47D;=3@ BAE;E; E7?;8AI>7D =A>34AD3E; B7?47D;3@ (
&3E3>3: =7B7D3I3F3@ BA>3 @383E F;63= 787=F;8 B363 'K , 47>G?
F7D3F3E; =3D7@3 63>3? 6G3 :3D; F;@63=3@ K3@96;>3=G=3@ B7@G>;E 47>G?
363 63F3 K3@9 6;63B3F B363 'K , K3@9 E7EG3; 67@93@ =D;F7D;3 :3E;>
B363 FG<G3@ =7B7D3I3F3@ 363>3: B7D@383E3@ B3E;7@ =7?43>; @AD?3>
7@93@ =D;F7D;3 :3E;> F;63= 363 E7E3= @3B3E ++@AD?3>  J
?7@;F
;D3?3 F7D3FGD 0;>=;@EA@ 



)363 6;39@AE3 =76G3 B7@GDG@3@ 5GD3: <3@FG@9 63D; E7?G3


F;@63=3@ K3@9 F7>3: 6;>3=G=3@ B363 F3@993>   BD;> 
6;63B3F=3@ :3E;> 7H3>G3E; K3@9 6;63B3F=3@ B363F3@993>  BD;> 
BG=G>   0" 63F3 EG4K7=F;8 B3E;7@ ?7@93F3=3@ >7?3E 63@ E7E3=
@383E (4K7=F;8 F7=3@3@ 63D3: 
 ??!9 ++ J
?7@;F '36;
J
?7@;F ,A !3E;>$ E;@GEF3=;=3D6;!+ J
?7@;F
@AD?A3J;E ,- 7>7H3E; / / @3>;E3 K3@9 63B3F 6;3?4;> ?3E3>3:
=7B7D3I3F3@ B7@GDG@3@ 5GD3: <3@FG@9 47>G? F7D3F3E; "@F7DH7@E;
6;>3@<GF=3@ ?A@;FAD --/ >3=G=3@ B7D7=3?3@ $  =A>34AD3E;
B7?47D;3@ A43F <3@FG@9 &3E3>3: =7B7D3I3F3@

B7@GDG@3@ 5GD3:

<3@FG@9B363 'K , 47>G? F7D3F3E; =3D7@3 63>3? 6G3 :3D; F;@63=3@ K3@9
6;>3=G=3@B7@G>;E47>G? 363 63F3 K3@9 6;63B3FB363 'K , K3@9E7EG3;
67@93@ =D;F7D;3 :3E;> B363 FG<G3@ =7B7D3I3F3@ 363>3: F;63= F7D<36;
B7@GDG@3@ 5GD3: <3@FG@9 67@93@ =D;F7D;3 :3E;> K3;FG --/@A?3> F;63=
363 @K7D; 6363 5GD3: <3@FG@9 =7?43>; @AD?3> 0;>=;@EA@  
 
7D63E3D=3@ B7?43:3E3@ 6;B7DG?GE3@ 6;39@AE3 6;3F3E 43:I3
=76G36;39@AE36;3F3E 63B3F 6;E;?BG>=3@ ?7@<36; E3FG 6;39@AE3 K3;FG
=7F;63=787=F;83@B7D8GE; <3D;@93@=3D6;ABG>?A@3> 47D:G4G@93@ 67@93@
93@99G3@ 3DF7D; 3F3G H7@3 3>3? B7@7@FG3@ 7H3>G3E; B363 =76G3
6;39@AE36;3F3EF;63= 363 B7D47633@67@93@6;39@AE3=7F;63=787=F;83@
B7D8GE;<3D;@93@ =3D6;ABG>?A@3>6;=3D7@3=3@ 63>3?FG<G3@63@
=D;F7D;3@ :3E;> B363 6;39@AE3 ;@; ;@F;@K3 E3?3 67@93@ 6G3 6;39@AE3



6;3F3E K3;FG ?7@G@<G=3@ =787=F;83@ BA?B3 <3@FG@9 F;63= E7E3= @383E


0;>=;@EA@63@:7D?   
)363 6;39@AE3 =7F;93 @K7D; 3=GF 63D; E7?G3 F;@63=3@ K3@9F7>3:
6;>3=G=3@ B363 F3@993>   BD;>  6;63B3F=3@ 7H3>G3E; K3@9
6;63B3F=3@ B363 F3@993>  BD;>  BG=G>   0" 63F3
EG4K7=F;8 B3E;7@ ?7@93F3=3@ @K7D; G>G :3F; ) @K7D; E33F B3E;7@ F3D;=
@383E 63>3? * E7B7DF; F7DF;@6;: 47@63 47D3F + 6;G>G :3F; ?7@<3>3D
=7439;3@ 6363 =;D; 63@ BG@99G@9 , E=3>3 @K7D;  - @K7D; F;?4G>
F;43F;43 (4K7=F;8 B3E;7@ F3?B3= ?7D;@9;E =7E3=;F3@ ?7@3:3@ @K7D;
63@ ?7?793@9; 6363 =;D; -7=3@3@ 63D3: 
 ??!9 @36;
J
?7@;F ++ J
?7@;F @3>;E3 K3@96;63B3F ?3E3>3: =7B7D3I3F3@
@K7D; 3=GF 47>G? F7D3F3E; "@F7DH7@E; 6;>3@<GF=3@=3<; =3D3=F7D;EF;=
@K7D; )*+,- 3<3D=3@ F7=@;= 5*%&% ."(&28 E753D3 ?3@6;D;
=A>34AD3E; B7?74D;3@ A43F 3@3>97E;= &3E3>3: =7B7D3I3F3@

@K7D;

3=GF B363 'K , 47>G? F7D3F3E; =3D7@3 63>3? 6G3 :3D; F;@63=3@ K3@9
6;>3=G=3@B7@G>;E47>G? 363 63F3 K3@9 6;63B3FB363 'K , K3@9E7EG3;
67@93@ =D;F7D;3 :3E;> B363 FG<G3@ =7B7D3I3F3@ 363>3: I3<3: B3E;7@
D;>7=EE=3>3 @K7D;:;>3@9 3F3G?7@GDG@ 0;>=;@EA@   
)363 6;39@AE3 ;@FA>7D3@E; 3=F;H;F3E 63D; E7?G3 F;@63=3@ K3@9
F7>3: 6;>3=G=3@ B363 F3@993>   BD;>  6;63B3F=3@ 7H3>G3E;
K3@9 6;63B3F=3@ B363 F3@993>  BD;>  BG=G>   0" 63F3
EG4K7=F;8 B3E;7@ ?7@93F3=3@ ?3E;: BGE;@9 4363@ F7D3E3 >7?3E 63@
?3E;: E7E3= @383E 3@63F3 A4K7=F;8 B3E;7@ F3?B3= >7?3E G@FG=



47D3=F;H;F3E B3E;7@ ?3E;: 6;43@FG AD3@9 >3;@ F7=3@3@ 63D3: 



??!9 ++ J
?7@;F @36; J
?7@;F EG:G A @3>;E3 K3@9
6;63B3F ?3E3>3: =7B7D3I3F3@ ;@FA>7D3@E; 3=F;H;F3E 47>G? F7D3F3E;
"@F7DH7@E; 6;>3@<GF=3@=3<; BA>3 3=F;H;F3E 63@ --/ 43F3E; 3=F;H;F3E
B3E;7@ 47D;=3@ >;@9=G@93@ F7@3@9 47D;=3@ >3F;:3@ +(& &3E3>3:
=7B7D3I3F3@ ;@FA>7D3@E; 3=F;H;F3E B363 'K , 47>G? F7D3F3E; =3D7@3
63>3? 6G3 :3D; F;@63=3@ K3@96;>3=G=3@ B7@G>;E 47>G? 363 63F3 K3@9
6;63B3F B363 'K , K3@9 E7EG3; 67@93@ =D;F7D;3 :3E;> B363 FG<G3@
=7B7D3I3F3@ 363>3: F7=3@3@ 63D3: @AD?3> 3=F;H;F3E =7?43>; @AD?3>
363@K3 B7@;@9=3F3@ 63K3 F3:3@ FG4G: 367=G3F G@FG= 47D3=F;H;F3E
0;>=;@EA@   
 ,:,8)(:(9(5 7,5;309
)7@KGEG@3@ ;@F7DH7@E; 63>3? =3EGE ;@; F;63= E7B7@G:@K3 E7EG3;
67@93@F7AD;@3?G@6;E7EG3;=3@67@93@=74GFG:3@63@=73633@
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