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#2:A0=9:0.:9L84.:

GE 9 J=NGDM\[G AF<MKLJA9D = 9 J=NGDM\[G 9?J_;GD9  9


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 J9;AGF9DA<9<= 9L=F<AE=FLG 9GK HJ=KKMHGKLGK <=
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KKAE ;GEG GK ?=F=K  9 K=D=\[G >9NGJ=;= 9K A<=A9K IM=


=PHDGJ9E G K=M 9E:A=FL= ;MDLMJ9D =E HJGN=ALG HJ`HJAG 9>AFA<9<= =D=LAN9 
KK=9E:A=FL=;MDLMJ9D;GFKAKL==EGMLJ9KA<=A9KIM=L9E:]EK[GG:B=LG<=
K=D=\[G *5441<=A<=A9K HGJL9FLG H9KK99L=JGK9LJA:MLGK<=ME;GFBMFLG
=NGDMLAN9E=FL= =KLWN=D  ;GE :GE ?J9M <= 9<9HL9:ADA<9<= X NA<9 ;GF;J=L9 
IM=9KFGN9KA<=A9K<A>A;ADE=FL=;GFK=?M=EAFN9<AJ 

*IM=9J9R[GAFKLJME=FL9D>9RH9J99LJA:MAJN9DGJ];GF>JGFL9J
GHJ=\G;GEG;MKLG9FWDAK=<=;MKLG
:=F=>_;AGH9<J[G  E:MLA<G=ELG<G
HJ=\G@WME;MKLG G;MKLG<=GHGJLMFA<9<=;GEHJGP=<=APG<=;GEHJ9J
Q >9\G P = <=APG <= >9R=J Q  * N9DGJ J=9D <9K ;GAK9K ]  F9 N=J<9<=  G IM=
9:JAEGK E[G H9J9 L=J  .= =M ;GEH9JLAD@G <9 jA<=A9 =MKk FME K=FLA<G
>GJL= HGKKAN=DE=FL=HJ=>=JAJ=AAJXA?J=B9FME<GEAF?GH=D9E9F@[<GIM=
AJ9GH9JIM= 

 A<=A9 E= >9JW J=KAKLAJ 9G H9KK=AG FG H9JIM= LG<GK GK
<GEAF?GK  =D=N9F<G G E=M ;MKLG <= GHGJLMFA<9<= G HJ=\G H9J9 >9R=J 9
LJG;9 A<=A9<=PN9A9ME=FL9JGN9DGJ<=PHJ9EAE=J=<MRAJGN9DGJ<=
Q  K=;GF@=\GE9AKH=KKG9KIM=;GEH9JLAD@9E;GEA?G9E=KE9A<=A9=9
 ++

A<=A9 ?9F@9 =KL9:ADA<9<= FG L=EHG LJ9<A\[G  G <=KNAG <= ;MJKG L=F<= 9
>A;9J;9<9N=RE9AK<A>_;AD=E9AK;9JG 

M K` EM<9J=A <= ;MJKG IM9F<G 9 A<=A9 <=AP9J <= <9J K=FLA<G
H9J99EAF@9NA<99>AFA<9<==D=LAN9 ==FL[GH=J;=:=JIM=GMLJ9A<=A9E=
K9LAK>9RE9AK KH=KKG9KK[GK=J=K=E:MK;9;GFKL9FL=<=K=FLA<GH9J9KM9K
9\b=K =N9JA9<9KG>=JL9K<=K=FLA<G=KL[GX<AKHGKA\[GFG9E:A=FL=KG;A9D =
9K H=KKG9K 9<GL9J[G 9K A<=A9K IM= D@= G>=J=;=J=E E9AGJ MLADA<9<=  =
H=JE9F=;=J[G F=D9K =FIM9FLG =PLJ9_J=E MLADA<9<= =FIM9FLG G>=J=;=J=E
=PHDA;9\b=KHD9MK_N=AKH9J9KM9KALM9\[G<=NA<9;GF;J=L9 

 DAL=J9LMJ9 =;GFaEA;9 ;GKLME9 K= J=>=JAJ G IM= ;@9E9EGK


9IMA <= .)*.& ;GEG (7*3D&8  +G<=EGK J=HJ=K=FL9J 9 A<=A9 ;GEG ME
;GFBMFLG$<=;J=F\9KF=KL=KL=JEGK

$S; ; ;T

PH=JA^F;A9K <= NA<9 <= HGM;9 EG:ADA<9<= KG;A9D = HGM;9


9DL=J9\[G FG F_N=D <= J=F<9 ;GFLJA:M=E H9J9 >GJL9D=;=J 9 ;J=F\9 E=FGJ FG
=K>GJ\G AF<ANA<M9D = G NGLG HGJ E9AK J=<AKLJA:MA\[G  G IM= ;9J9;L=JAR9
j<AF9KLA9K<==KIM=J<9k E9AKHJ=K=FL=K=E;D9KK=KKG;A9AKE9AK:9AP9K 9G
H9KKG IM= j<AF9KLA9K <= <AJ=AL9k  IM= 9;J=<AL9E IM= G =K>GJ\G H=KKG9D ] 9
;@9N= <G KM;=KKG  = <=E9F<9E E=FGK HGJ J=<AKLJA:MA\[G  K[G E9AK
=F;GFLJ9<9KF9;D9KK=E]<A9=;D9KK=KE9AK9DL9K+AC=LLQ  

AF<9 IM= G F_N=D <= J=F<9 K=B9 G E=KEG <=FLJG <= ;=JLG
?JMHG<==D=ALGJ=K KM9KGJA?=FKKG;A9AKGK>9J[GNGL9J<=>GJE9<A>=J=FL=9
>9NGJ <= E9AK GM E=FGK J=<AKLJA:MA\[G   <A>=J=F\9 HJAF;AH9D =FLJ= GK
=D=ALGJ=K ;GF;DMAM+AC=LLQ F[G=KLW=EKM9KHJ=>=J^F;A9K=>MF\b=K
<=MLADA<9<= E9KF9KA<=A9KKG:J=HGD_LA;9K9IM=>GJ9E=PHGKLGK<MJ9FL=G
;MJKG<=KM9KNA<9KKG;A9AK 
 #""

,M9F<G@W9>AFA<9<==D=LAN9 9A<=A99;9:9K=;GF>GJE9F<G9G
MKG ]AF;GJHGJ9<9XJGLAF9 =H9KK99K=JNAJ<=EG<=DGH9J999LJA:MA\[G<=
N9DGJ 9 LM<G 9G J=<GJ HJ=>=J^F;A9K >MF\[G <= MLADA<9<=  * IM= N9D= E9AK
H9J9 G KM;=KKG  G =K>GJ\G AF<ANA<M9D GM >9LGJ=K HJ=<=L=JEAF9<GK ;GEG
j:=J\G <= GMJGk  H=KKG9 NGL9 FG ;9F<A<9LG P HGJIM= ;GEH9JLAD@9 <9
E=KE9A<=A9IM==D=N=J:9DAR9 =9H=KKG9N^F=D= E9AK<GIM==EGMLJG 9
HGKKA:ADA<9<= <= LAJ9J KA?FA>A;9<G <9 HGKA\[G KG;A9D IM= G;MH9 =  9KKAE 
=F;GFLJ9J;GF>GJLGEGJ9D 

2=:=J   D=N9FL9 9 IM=KL[G <= IM=  FG K=M ;GLA<A9FG


;GF;J=LG  GK @GE=FK >J=IM=FL=E=FL= 9?=E =KIM=;A<GK <9 A<=A9
@AKLGJA;9E=FL= GJA?AF9D IM= >MF<9E=FL9 GK N9DGJ=K GJA=FL9<GJ=K <9K KM9K
9\b=K  K=B9 HGJIM= 9 A<=A9 BW H=J=;=M  K=B9 HGJIM= 9H=F9K K= <A>MF<AM
9LJ9N]K<9KKM9K;GFK=IM^F;A9K 

.ALM9\b=K <= NA<9 ;GF;J=L9 K=E=D@9FL=K L=F<=E 9 D=N9J 9


;GEH9JLAD@9E=FLG<=A<=A9KK=E=D@9FL=K =;GE=D9KL9:=D9K<=HJ=\GH9J9G
EMF<G N9DGJ  ,M9FLG E9AK A?M9D ME ?JMHG KG;A9D  E9AK ;GFN=J?^F;A9K =
E9AGJ 9 HJG:9:ADA<9<= <= J=9DAR9J ME =KL9<G <= :=E
=KL9J KG;A9D `LAEG 
,M9FLG E9AK <=KA?M9D G ?JMHG  IM9FLG E9AK @=L=JG?^F=GK GK AFL=J=KK=K 
E=FGJ=KK9HJG:9:ADA<9<= 

:849,GF:  HGJL9FLG  KA?FA>A;9 HJG:9:ADA<9<= <= =F;GFLJ9J


G:=<A^F;A9 9 ME9 GJ<=E <= ;GFL=c<G $m ;G=J=FL= ;GE 9 A<=A9 $  
<GEAF9\[G=>A;9R?9J9FL=GKMJ?AE=FLG<=MEN=F;=<GJ<=GF<GJ;=L 

:849,GF:A09.0/:=/0:9/:=.0?

 <GEAF9\[G  =E 2=:=J    HJ=KKMHb= ME jE_FAEG <=


NGFL9<=<=G:=<=;=Jk AKLG] <=jAFL=J=KK=F9G:=<A^F;A9k .=@WAFL=J=KK=
F9 G:=<A^F;A9  9 <GEAF9\[G ?9F@9 D=?ALAEA<9<=   <GEAF9\[G ] G
 #"#

E=;9FAKEG J=KHGFKWN=D H=D9 H=JKAKL^F;A9 <= DAF@9K <= 9\[G =  9KKAE  H=D9
AEHGKA\[G<=ME9;=JL9GJ<=EFGL=EHG <GEAF9\[G<=KN=D9ME9;=JL9
>GJ\9EGJ9D=FLJ=GKAF<AN_<MGK>GJ\9<=;GGJ<=F9\[G 9?J=?9=PH=;L9LAN9K
= ;J=F\9K  ,M9FLG E9AK =KLWN=D  E9AGJ 9 HJG:9:ADA<9<= <= K= =F;GFLJ9J
G:=<A^F;A9 <GEAF9\[GG>=J=;=J=>=J^F;A9K=EG<=DGK<=;GEHGJL9E=FLG
IM= ?=J9E =PH=;L9LAN9K 9MLG
J=9DARWN=AK FG L=EHG = 9HGFL9E G =IMAD_:JAG
<=K=B9<G FME BG?G <= EcDLAHDG =IMAD_:JAG  +GJ LJWK @W ME ;GFK=FKG
D=?ALAE9<GJ IM=LGJF9HGKK_N=D9MFA[G<9KH9JL=K9GLG<G 

)[GHGJ9;9KG KHAFGK9=K;J=N=MjG;GJHG<G KL9<G<=N=K=J


;GF<MRA<G<=;=JLGEG<GHGJMEH=FK9E=FLGcFA;Gk H   

 NA<9 KG;A9D ] ME ;9EHG <= 9\b=K <= K=FLA<G =  9KKAE  ME
;9EHG <= DML9 H=DG K=FLA<G <GEAF9FL=   GFKLALMA\[G ] G J=KMDL9<G <G
=E:9L=<=AFL=J=KK=KF99KK=E:D=A9;GFKLALMAFL=<=N9JA9<GK?JMHGKKG;A9AK
<=HJ=KK[G 

 <GEAF9\[G HG<= K= <9J <= LJ^K >GJE9K :WKA;9K  H=D9
;J=F\9 F9 7024?484/,/0 /: /4=04?: jD=?ALAEA<9<= <9K GJ<=FK =KL9LM_<9K =
<G <AJ=ALG <= E9F<G <9IM=D=K IM=  =E NAJLM<= <=KK9K GJ<=FK  =KL[G
FGE=9<GKH9J9=P=J;=J9<GEAF9\[GkH=D9;J=F\9F97024?484/,/0/,
?=,/4GF: jF9 ;J=F\9 ;GLA<A9F9 F9 K9FLA<9<= <9K LJ9<A\b=K NA?=FL=K <=K<=
K=EHJ= = F9 D=?ALAEA<9<= <9IM=D=K IM=  =E NAJLM<= <=KK9K LJ9<A\b=K 
J=HJ=K=FL9E 9 9MLGJA<9<=k GM  HGJ >AE   F9 7024?484/,/0 /: 7J/0=
j:9K=9<9F9N=F=J9\[G=PLJ9;GLA<A9F9<9K9FLA<9<= <GHG<=J@=J`A;GGM<G
;9JWL=J =P=EHD9J <= ME9 H=KKG9 = <9K GJ<=FK HGJ =KL9 J=N=D9<9K GM
;JA9<9Kk2=:=J   H  

* KL9<G<=AJ=ALGHJ=;AK9<GHJAE=AJGLAHG<=D=?ALAEA<9<= =
K= =J?M=M @AKLGJA;9E=FL= ;GFLJ9 G HG<=J <9 LJ9<A\[G = <9 9MLGJA<9<= 
+G<=EGK;@9E9J<=D=?ALAEA<9<=GHG<=J<=;GGJ<=F9\[G<G<AJ=ALG 
 #"$

,M9F<G @W D=?ALAEA<9<=  @W HG<=J  +G<=J KA?FA>A;9 9HGAG HGJ


ME9IM9FLA<9<=KM>A;A=FL=<=H=KKG9K .=EHG<=J K=JWHJ=;AKG9H=D9JH9J9
9 >GJ\9  GM K=B9  NAGD^F;A9  IM= AF<A;9 9MK^F;A9 <=KK9 IM9FLA<9<=  = 
HGJL9FLG 9MK^F;A9<=HG<=J 

V G 9HGAG <= IM9FLA<9<= KM>A;A=FL= = =KLWN=D <= H=KKG9K IM=


=EHJ=KL9HG<=JXKAFKLALMA\b=K<=MEH9_K ==KL=9HGAGF[G]E9AK<GIM=9
;GFLAFMA<9<=<G;GFK=FLAE=FLGIM= <=AF_;AG <=MGJA?=EXKD=AK  EME9
>J9K=  HG<=J ] j9?AJ <= ;GEME 9;GJ<Gk  +G<=J F[G <=E9F<9 BMKLA>A;9\[G
<=E9F<9D=?ALAEA<9<=J=F<L   

* BG?G <G <AD=E9 <G HJAKAGF=AJG ] ME9 >=JJ9E=FL9 cLAD H9J9


H=J;=:=J 9 <AFYEA;9 <9 <GEAF9\[G 9 H9JLAJ <9K =PH=;L9LAN9K KG;A9AK
;GEH9JLAD@9<9KAL=E   

KL=]G=KIM=E9O=:=JA9FG:WKA;G

/04,,1494/,/0070?4A,:10=?,/0>09?4/:;,=,,A4/,:=/08Q
49?0=0>>09,:-0/4I9.4,7024?484/,/0/:849,GF:

  GE :9K= F=KK= =KIM=E9  HG<=EGK IM=:J9J = <ANA<AJ ME


HGM;GE9AK9A<=A9<=;GFLJ9LGKG;A9D 

 >?,/:.:8:,.:=/:/0074?0>

#AKLGJA;9E=FL=  IM9F<G 9K H=KKG9K K= BMFL9J9E H9J9 >GJE9J


;GEMFA<9<=K GJ?9FAR9<9K  KMJ?AJ9E 9K =DAL=K  H=KKG9K ;GE 9;=KKG
HJANAD=?A9<G 9 J=;MJKGK = 9LANA<9<=K HJG<MLAN9K = ;GE 9 @9:ADA<9<= H9J9
>GJE9J GJ?9FAR9\b=K K9F;AGF9<9K H=D9 E9AGJA9 A?J=B9  =P]J;ALG  HGD_;A9 
LJA:MF9AK H9JD9E=FLG =EHJ=K9K KAF<A;9LGK H9JLA<GKHGD_LA;GK=L;  ;GEG
>AE<=>GJE9JJ=<=K<=;GGH=J9\[G=EE9KK9 

KAFKLALMA\b=KD=AK ;GFN=F\b=K ;`<A?GK<=;GF<ML9 GMK=B9 


9KJ=?J9K<GBG?G KMJ?=EH9J9J=<MRAJ99KKAE=LJA9<=AF>GJE9\[G=>9;ADAL9J
 #"%

9;GGJ<=F9\[G<GK;GEHGJL9E=FLGK 0E9GJ<=E<=<=L=JEAF9<G;GFL=c<G
H9KK99K=JE9FLA<9HGJMEIM9<JG=KH=;_>A;G<=H=KKG9KIM=MK9J[G>GJ\9
>_KA;9 ;G=J\[G = GM HK_IMA;9 A<=A9K ;GE 9 AFL=F\[G <= G:L=J
;GF>GJEA<9<=;GE9GJ<=E GM<=AEHGJK9F\b=KH=D9KM9NAGD9\[G .=@W
AFL=J=KK=F9G:=<A^F;A9H=D9E9AGJA9 =D9?9F@99HGAG=D=?ALAEA<9<= =@W
<GEAF9\[G 

AJ=ALGK AF<ANA<M9AK N^E <= ME9 LJ9<A\[G >ADGK`>A;9 IM=


=F>9LAR999MLGFGEA9H=KKG9DGjH=JL=F;AE=FLG9KAE=KEGk<= KHAFGK9=
9DA:=J<9<=HGD_LA;9 K;GFKLALMA\b=KEG<=JF9KF9K;=J9E9H9JLAJ<GE=<G
<= >9;\b=K GM K=B9  FG E=<G <= IM= ME9 >9;\[G <9 =DAL= ?9F@9KK=
9K;=F<^F;A9KG:J=9K<=E9AK JGEH=F<G
K=G:9D9F\G<=AFL=J=KK=K)GJL@ 
29DDAK = 2=AF?9KL     J9 F=;=KKWJAG ME KAKL=E9 =E IM= LG<GK GK
AF<AN_<MGK?GR9KK=E<=K=MKAFL=J=KK=K;GE9D?ME9K=?MJ9F\9 

 ;GFKLALMA\[G J=LAJ9 AFL=J=KK=K ;9JGK <AJ=ALGK AF<ANA<M9AK <9


HGKKA:ADA<9<=<=9DL=J9\[GHGD_LA;9GJ<AFWJA9 =9<=EG;J9;A9=9K=H9J9\[G
<= HG<=J=K  ;GE H=KGK = ;GFLJ9H=KGK  H=JEAL=E ;GEH=LA\[G AFLJ9

?GN=JF9E=FL9D  <A>A;MDL9F<G 9 HGKKA:ADA<9<= <= IM= ME9 >9;\[G =DAEAF=


GMLJ9 HGJ E=AG <9 NAGD^F;A9 GM AFKMJJ=A\[G   HJGL=\[G ;GFKLALM;AGF9D <=
<AJ=ALGK ;GFL]E GK AEHMDKGK <= ME ?JMHG 9 IM=J=J KM:GJ<AF9J GMLJGK HGJ
E=AG<9HGD_LA;9 )9DML9H=D9<GEAF9\[G GK<AJ=ALGK>MF;AGF9E;GEGME
K=?MJGH9J9GK;A<9<[GK 

*K ?JMHGK IM= ;@9E9EGK <= j=DAL=k GM j;D9KK= <GEAF9FL=k


=KL[GDGF?=<=>GJE9JMELG<GMFALWJAGGMMFA>GJE= #W*1.9*8 FGHDMJ9Di
=;GFaEA;9K HGD_LA;9K BM<A;AWJA9K J=DA?AGK9K=L; i ?JMHGKAF>DM=FL=K ;GE
D=?ALAEA<9<= = @9:ADA<9<= H9J9 GJ?9FAR9J AFL=J=KK=K F9 >GJE9 <=
GJ?9FAR9\b=K =LG<9K=D9KL^EMEAFL=J=KK=?=J9D;GEME EAJ9EMEHGFLG
`LAEG <= <AKLJA:MA\[G <G HG<=J G =IMAD_:JAG IM= =NAL9 9 NAGD^F;A9 i HGAK 
 #"&

;GE NAGD^F;A9  ?=J9


K= AFK=?MJ9F\9  AFKL9:ADA<9<=  GK ;MKLGK L=F<=E 9
KMH=J9JGK:=F=>_;AGK =LG<GKL=F<=E9H=J<=J * KL9<G] <=;=JL9>GJE9 
9?M=JJ9;ANAD;GFLAFM9E=FL=AEH=<A<9#9:=JE9K   

+J=KKMHGF<G 9 KG;A=<9<= ;GEG ME BG?G =FLJ= 9LGJ=K 9


HJAF;_HAG F[G
;GGH=J9FL=K ME BG?G <9 ;9\9<9 9EHDA>A;9<G  9K J=?J9K <G
BG?G N[G <=>AFAJ >GJE9K H9J9 9 =K;GD@9 <= IM=E ?GN=JF9 <=EG;J9;A9 
>GJE9K<==P=J;=J9NAF?9F\9HGJE=AG<GKLJA:MF9AK >GJE9K9;=ALWN=AK<=
=FJAIM=;AE=FLG K=E >J9M<= GM NAGD^F;A9 =L;  K D=AK  HGJL9FLG 
<=K=EH=F@9E ME H9H=D ;J_LA;G F9K =K;GD@9K = =PH=;L9LAN9K <9K H=KKG9K 
AEHb=E ;MKLGK X F[G ;GF>GJEA<9<= HJAK[G  EMDL9  AF<=FAR9\[G  J=KLJA\[G
<=<AJ=ALGK =HGJE=AG<=D9KGK=J@ME9FG;JA9;MDLMJ9 GF>GJE=BWNAKLG 
GK @GE=FK K[G =FLA<9<=K IM= 9LJA:M=E J=?J9K X J=9DA<9<= = 9 ;GFKLALM=E
;GEG;MDLMJ92=:=J   

P]J;ALGK  >GJ\9K HGDA;A9AK  LJA:MF9AK = HJAKb=K =KL[G G L=EHG


LG<G 9HDA;9F<G 9 D=A = <9F<G AF;=FLANGK H9J9 9K H=KKG9K ;GGH=J9J=E =
9?AJ=E<=9;GJ<G;GE9GJ<=E 

+9J9L=JGEGFGH`DAG<9NAGD^F;A9 G KL9<GG>=J=;=AF;=FLANGK


H9J9 9K =DAL=K ;GGH=J9J=E  K =DAL=K >GJE9E GJ?9FAR9\b=K IM= K[G
K9F;AGF9<9K H=D9 KG;A=<9<= =  HGJ E=AG <=D9K  ;GFIMAKL9E HJANAD]?AGK
E=<A9FL= 9;GJ<GK ;GE G KL9<G  KK= ] G E=;9FAKEG :WKA;G  ;GF>GJE=
)GJL@ 29DDAK=2=AF?9KL  H9J9G;GFLJGD=<9NAGD^F;A9 * KL9<GK=
NA9:ADAR9=K=LGJF99GJ?9FAR9\[G<9KGJ?9FAR9\b=K 

.G;A=<9<=K HGDALA;9E=FL= GJ?9FAR9<9K K[G 9IM=D9K  HGJL9FLG 


IM= ;GFKGDA<9J9E G ;GFLJGD= D=?_LAEG KG:J= 9 NAGD^F;A9 =E ME9 cFA;9
GJ?9FAR9\[G  G KL9<G  (9K F[G =PAKL= ME9 =FLA<9<= MFALWJA9 ;@9E9<9
KL9<G  G <=L=FLGJ  HGJ =P;=D^F;A9  <G EGFGH`DAG D=?_LAEG <9 NAGD^F;A9 
KK= EGFGH`DAG ] >JMLG <= ME 9;GJ<G =FLJ= =DAL=K  <= ME9 ;GF;=KK[G  
 #"'

<GEAF9\[G]ME9;GJ<GHGKK_N=D=FLJ==DAL=K 

*MLJ9 HJ=G;MH9\[G <=KK= 9;GJ<G <=N= K=J 9 ?=KL[G <9


HGHMD9\[G!GM;9MDL * KL9<G>MF<9<GF9DA:=J<9<=HJGL=?=GKAF<AN_<MGK
= 9K GJ?9FAR9\b=K HJAN9<9K IM= HJG<MR=E GK :=FK <= IM= 9 KG;A=<9<=
F=;=KKAL9  = :MK;9 9L=F<=J XK HJ=>=J^F;A9K <GK F[G
HJGHJA=LWJAGK HG:J=K
;GELJ9FK>=J^F;A9K<GKJA;GKJ=<AKLJA:MA\[G 

* KL9<G =FIM9FLGGJ?9FAR9\[G<9KGJ?9FAR9\b=K =;GEG>AE


<= ;GFLJGD9J 9 NAGD^F;A9 <AKH=JK9 F9 KG;A=<9<=  <AKLJA:MA HG<=J 9DG;9F<G
HJANAD]?AGK i F9 >GJE9 <= <AJ=ALGK = <=N=J=K F9 D=?AKD9\[G i  = 9KKAE j>9R
HGD_LA;9k   =KL9:ADA<9<= HGD_LA;9 = KG;A9D ] =FL[G E9FLA<9 H=DG KL9<G =E
>9NGJ<=?JMHGKN9JA9<GK;GEHG<=J<=HJ=KK[G ;GDG;9F<GjH9FGKIM=FL=Kk
FGK;GF>DALGK GEGJ=KMDL9<G GKE9AKHG:J=KF[GL^EEGLANGKH9J99HGA9J
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.= 9 =PA?^F;A9 ] jAFBMKL9k  AF;G=J=FL= ;GE 9 ;GF;=H\[G <=


BMKLA\9 ;GEH9JLAD@9<9  ;9:= 9G BMAR 9HGFL9J G =IMAD_:JAG  <AKLJA:MAF<G
=>A;A=FL=E=FL=G<AJ=ALG =J=KGDN=J9<AKHML9 ,M9FLGE=FGK<=KA?M9D<9<=
KG;A9D  E9AK >W;AD 9 9MLG
;GGJ<=F9\[G KG;A9D  (9AK <=KA?M9D<9<= KG;A9D K=
LJ9<MR =E E9AK AFL=J=KK=K IM= F[G ;GFN=J?=E = E9AGJ HJG:9:ADA<9<= <=
;@GIM=K GIM=<A>A;MDL999MLG
;GGJ<=F9\[GKG;A9D )=KK=;9KG K=JWHJ=;AKG
9;AGF9JME99MLGJA<9<=9;=AL9HGJ9E:GKGKD9<GK IM=K=LGJF9JWGWJ:ALJG
>G;9D GFGNGH9JYE=LJG<=J=>=J^F;A9 

$KKG ] N=J<9<=AJG AF;DMKAN= =E BG?GK <= ;GGH=J9\[G  ;GEG G


<AD=E9 <G HJAKAGF=AJG AL=E     * 9KH=;LG <9 AFL=J9\[G >J=IM=FL= =
KM>A;A=FL=E=FL=<MJWN=D=FLJ=H=KKG9KF9E=KE9KALM9\[G;GF;J=L9J=N=D9

K= AEHGJL9FL=  .= =M F[G MKG LJ9FKHGJL= Hc:DA;G F=E ;9EAF@G H9J9 G
LJ9:9D@G L=F@GE=FGKAFL=J9\[G;GEIM=EHJ=;AK9>9R=JAKKG =L=F<G9K=J
E=FGK;GEHJ==FKANGGMK=FK_N=D9KM9K<=E9F<9K (9AKA?M9D<9<=L=F<=9
?=J9JE9AK;GGH=J9\[GKG;A9D 

0E9 KG;A=<9<= :=E


KM;=<A<9 HJ=;AK9 L=J <AJ=ALGK = <=N=J=K
:=E<=>AFA<GK=ME99MLGJA<9<=HGD_LA;9;GED=?ALAEA<9<=H9J9H=JEALAJ9GK
K=MKE=E:JGKA<=FLA>A;9J=EG=IMAD_:JAG=>A;A=FL=F9E9AGJA9<GKBG?GKIM=
BG?9E JGLAF=AJ9E=FL=  -=?J9K HGM;G <=>AFA<9K  IM= H=<=E HGJ
AFL=JHJ=L9\[G =D_<=J=KHGD_LA;GKK=ED=?ALAEA<9<=<A>A;MDL9E9A<=FLA>A;9\[G
<GE=D@GJ=IMAD_:JAGH=D9KH=KKG9K 
 ##&

* KL9<G <= AJ=ALG K= LGJF9  9KKAE  ME HJG:D=E9 <=


;GGJ<=F9\[G *<AJ=ALGL=EME9>MF\[G:WKA;9<=;GGJ<=F9\[G 

(G;9F  A=D=F = (9JF=>>=   K= H=J?MFL9J9E HGJ IM= G


9LG <= ;GEHJ9J ME HJG<MLG JGM:9<G ] E=FGK 9;=ALWN=D F9 AF9E9J;9 <G
IM=F9-cKKA9 +GJIM=9H=J;=H\[GKG:J=9?J9NA<9<=<GKM:GJFGN9JA9L[G
<J9KLA;9E=FL= =FLJ= 0;JYFA9 = $KDYF<A9 F>AE  HGJ IM= 9K L9P9K <=
;JAEAF9DA<9<= N9JA9E L9FLG =FLJ= H9_K=K <=K=FNGDNA<GK KK=K 9MLGJ=K
9F9DAK9J9E 9K J=KHGKL9K <9<9K HGJ J=KA<=FL=K <=  H9_K=K =MJGH=MK =E
H=KIMAK9K >=AL9K =FLJ=   =   H9J9 AFN=KLA?9J K= AF<A;9<GJ=K <=
IM9DA<9<= <9K AFKLALMA\b=K BM<A;A9AK AF<=H=F<^F;A9 <G +G<=J 
AEH9J;A9DA<9<= <GK BM_R=K = HJGL=\[G 9GK <AJ=ALGK <= HJGHJA=<9<= L=E
AEH9;LGKG:J=9HJGH=FK[G<GK;A<9<[GK<=;GE=L=J=EME9LGAD_;ALG <=K=
=F?9B9J=E =E 9LANA<9<=K <=KGF=KL9K = KG:J= 9 H=J;=H\[G <G ?J9M <=
9;=AL9:ADA<9<=<G;GEHGJL9E=FLG<=KGF=KLG 

* =KLM<G =F;GFLJGM IM= 9 IM9DA<9<= <G KAKL=E9 BM<A;A9D L=E


AEH9;LG KG:J= 9 HJGH=FK[G <= 9K H=KKG9K AF>JAF?AJ=E 9K D=AK =E 9KH=;LGK
;GEG>9R=J<=;D9J9\b=K>9DK9KH9J9GK=?MJG G>=J=;=JKM:GJFG9ME9?=FL=
Hc:DA;G  J=;D9E9J ME :=F=>_;AG ?GN=JF9E=FL9D <= IM= F[G L^E <AJ=ALG 
;GEHJ9J9D?GIM=9H9J=FL9L=JKA<GHJG<MLG<=JGM:GGM>MJLGGMN=F<=JME
HJG<MLG MK9<G L=FL9F<G =K;GF<=J K=MK <=>=ALGK  * =KLM<G =F;GFLJGM 9AF<9
IM= 9 :9AP9 IM9DA<9<= <G KAKL=E9 BM<A;A9D >9R ;GE IM= 9K H=KKG9K K=B9E
E9AK LGD=JWN=AK ;GE ;GEHGJL9E=FLGK <=KGF=KLGK  G IM= =NA<=F;A9 IM=
AFKLALMA\b=K9BM<9E9EGD<9J;J=F\9K=N9DGJ=KF9KG;A=<9<= 

= GMLJG D9<G  9 IM9DA<9<= <9K AFKLALMA\b=K BM<A;A9AK HJG<MR


=>=ALG <AKKM9K`JAG KG:J= GK 9LGK ;JAEAFGKGK  *K 9MLGJ=K KM?=J=E IM= 9
IM9DA<9<= <9K AFKLALMA\b=K HG<= =KL9J J=D9;AGF9<9 9 9LALM<=K ?=J9AK <9
 ##'

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KAEMDL9F=9E=FL= =K;GD@9K AF<=H=F<=FL=K KG:J= 9:GJ<9J ME 9G GMLJG <=
E9F=AJ9 9EA?WN=D GM 9?J=KKAN9 ;JAEAFGK9  KK9 9<9HL9\[G <G BG?G <=
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9EA?WN=D     

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.==KH=J9
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=KH=J9
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J=KHGKL9<G]K=J9?J=KKANGK==KH=J9
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BG?9<GJ E9PAEAR9 K=M HJ`HJAG J=LGJFG =KH=J9<G 5&>4++  ;GFKA<=J9F<G G
IM=GKGMLJGKBG?9<GJ=KL=F<=E9>9R=J )=KK9HJ=NAK[G FAF?M]E?9F@9JA9
9DL=J9F<GMFAD9L=J9DE=FL=9KM9=KLJ9L]?A9  FL[G <9<GIM9DIM=JBG?G ME9
HJ=NAK[G <= ;GEHGJL9E=FLG <GK BG?9<GJ=K IM= F[G K=B9 ME =IMAD_:JAG <=
)9K@F[GHG<=JA9K=J;GEME=FL=9;J=<AL9<9HGJLG<GKGKBG?9<GJ=K HGJIM=
K=LG<GK9;J=<AL9KK=E=EL9DHJ=NAK[G<=F[G
=IMAD_:JAG =FL[GH=DGE=FGK
 ##(

ME BG?9<GJ J9;AGF9DE=FL= HJ=>=JAJA9 =K;GD@=J 9D?ME9 GMLJ9 =KLJ9L]?A9 


<A>=J=FL=<=KM9=KLJ9L]?A9HJ=NAKL9 *MK=B9 IM9DIM=J;=FWJAGIM=F[GK=B9
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=IMAD_:JAG<=)9K@;GEGME;GF;=ALG?=J9D<=KGDM\[GH9J9BG?GK 

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;GGJ<=F9\[G=E<AJ=\[G9ME=IMAD_:JAG=F[G9GMLJG 

)GBG?G 9E:GKGKBG?9<GJ=KK=F<G9EA?WN=AK]ME=IMAD_:JAG
<= )9K@  ?=J9F<G ME9 :G9 9DG;9\[G <= J=LGJFG =KH=J9<9      (9K
9E:GK GK BG?9<GJ=K K=F<G 9?J=KKANGK L9E:]E ] ME =IMAD_:JAG <= )9K@ 
HJG<MRAF<G9=KH=J9<99DG;9\[G<=5&>4++   IM=]HAGJH9J99E:GKGK
BG?9<GJ=K 

GEG GK FGE=K <9K =KLJ9L]?A9K KM?=J=E  GK <A>=J=FL=K


=IMAD_:JAGK 9IMA HG<=E K=J AFL=JHJ=L9<GK ;GEG J=HJ=K=FL9F<G  =E ME
EG<=DG KAEHD=K  <A>=J=FL=K LAHGK <= J=D9\b=K AFL=JH=KKG9AK  *K BG?9<GJ=K
9IMA HG<=E J9;AGF9DE=FL= L=J ME J=D9;AGF9E=FLG 9EA?WN=D  9KKAE ;GEG
HG<=E  L9E:]E J9;AGF9DE=FL=  L=J ME J=D9;AGF9E=FLG @GKLAD  E=KEG IM=
AKKGGK<=AP==EHAGJKALM9\[G 

* ?J9M <= AF;=JL=R9 =E J=D9\[G 9G ;GEHGJL9E=FLG <G GMLJG


HG<= D=N9J GK BG?9J=K 9 GHL9J=E  HGJL9FLG  HGJ ME9 =KLJ9L]?A9 5&>4++
)42.3&39*  GM7.8(4)42.3&39*   =KLJMLMJ9<=AF;=FLANGK=
=PH=;L9LAN9KNA?=FL=FME9KG;A=<9<=9>=L9GK=M;MJKG;ANADAR9;AGF9D HGAK
9ME=FL9GMJ=<MRGJAK;G<9GH\[GH=D9NAGD^F;A9 
 ##)

;GFGEAKL9K9D?ME9KN=R=KKM?=J=EIM=K=ME<GK=IMAD_:JAGK
] ME 0<@47J-=4: /0 $,=0?:  =FL[G G GMLJG =IMAD_:JAG F[G <=N=JA9 K=J
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;GEG BW NAKLG  ] 9 KALM9\[G 9 IM= K= ;@=?9 IM9F<G F[G HG<= K=J 9DL=J9<9
H9J9 E=D@GJ9J G ?9F@G <= ME BG?9<GJ K=E IM= 9G E=FGK GMLJG K=B9
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`LAEGKG;GJJ=EIM9F<G
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;GF;=FLJ9EFG=IMAD_:JAGJMAE 

.= K= H=FK9J H=D9 H=JKH=;LAN9 <G AFL=J=KK= `LAEG <G ?JMHG  9
E=D@GJ KGDM\[G ] 9 ;GGH=J9\[G 9EAKLGK9 i G:=<=;=J 9 D=A = ?GR9J <9
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J=LGE9JEGK G HJG:D=E9 <9 ;GGJ<=F9\[G  V <G IM= LJ9L9 G ;GF@=;A<G BG?G
<G<AD=E9<GHJAKAGF=AJG 


:2:/0.::;0=,GF:

*/4708,/:;=4>4:904=:+]MEGMLJGEG<=DG<=BG?G]
MEBG?G<=;GGH=J9\[G *BG?G<9;9\9<9%]MEBG?G<=;GGJ<=F9\[G 
=>=F<=EGKIM=GHJG:D=E9:WKA;G<G<AJ=ALG]<=;GGJ<=F9\[G 

*+FGKH=JEAL=H=J?MFL9JK=9;GGH=J9\[GHG<=KMJ?AJFME
EMF<G <= H=KKG9K =?G_KL9K K=E ME9 9MLGJA<9<= ;=FLJ9D  )G BG?G  @W <GAK
 ##*

BG?9<GJ=K;GE<M9KGH\b=K;GGH=J9JGMLJ9AJ K=EK9:=JGIM=GGMLJG=KLW
>9R=F<G  )[G AEHGJL9 G IM= G GMLJG >9\9  9 LJ9A\[G G>=J=;= ME 5&>4++
E=D@GJ<GIM=9;GGH=J9\[G *<AD=E9]IM= K=9E:GKLJ9_J=E 9E:GKK=
K9=EHAGJ<GIM=K=LAN=KK=E;GGH=J9<G 

+9J=LG ] G =IMAD_:JAG =E IM= 9E:GK ;GGH=J9E =  HGJ


;GFK=IM^F;A9  J=;=:=E H=F9K E=FGJ=K  ,M9DIM=J GMLJ9 <=;AK[G K=JA9 HAGJ
H9J99E:GKK=;GFKA<=J9<GG?JMHG /G<9NA9 HG<=EGHL9JHGJ;GFLAFM9J=E
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ME<GKHJAKAGF=AJGKJ=;=:=JWME9H=F9E9AK<MJ9 

 @AKL`JA9 <= >MF<G ] 9 K=?MAFL=  0E HJGEGLGJ <= %MKLA\9


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AF;=FLANGKH9J9IM=;GF>=KK=EG;JAE=E9AK?J9N=j.=NG;^>GJGcFA;G9
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   j.= NG;^ >GJ G cFA;G 9 F[G ;GF>=KK9J  MK9J=A 9 ;GF>AKK[G <G K=M
;GEH9F@=AJGH9J9HJG;=KKW
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  j.= F=F@ME <GK <GAK ;GF>=KK9J  K=J[G HJG;=KK9<GK H=DG ;JAE= E=FGJ 
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 +GJ>AE jK=9E:GK;GF>=KK9J=E K=J[G
HJG;=KK9<GKH=DG;JAE=?J9N= E9K;GEME9H=F9AFL=JE=<AWJA9 <=9FGKk

 

KKAE 9L9:=D9<=5&>4++8]9K=?MAFL=
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;GGH=J9\[G
 

  

LJ9A\[G 

 


 ##+

LJ9A\[G]9=KLJ9L]?A9<GEAF9FL= VE=D@GJLJ9AJK=GBG?9<GJ
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9;@9IM=GBG?9<GJN9A;GGH=J9J )[GAEHGJL9GIM=GGMLJG>9\9 LJ9AJ]9
E=D@GJ J=KHGKL9 J9;AGF9D IM= ;9<9 ME HG<= <9J X =KLJ9L]?A9 <G GMLJG  V 9
cFA;9KGDM\[G<GBG?G  KK=]G=IMAD_:JAG<=)9K@i9EM<9F\9MFAD9L=J9D
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GMLJG F[G EM<9J  D=N9  9FGK  E:GK K= K9AJA9E E=D@GJ K= ;GGH=J9KK=E
=IMAD_:JAG<=+9J=LG E9K9<=K;GF>A9F\9EcLM9AEH=<==KK=J=KMDL9<G 

V HGKK_N=D G:L=J ;GGH=J9\[G  ;GFLM<G  K= G BG?G >GJ J=H=LA<G


AF<=>AFA<9E=FL==FLJ=GKE=KEGKBG?9<GJ=K KKAE 9;GGH=J9\[GHG<=JA9
L=GJA;9E=FL=F9K;=JFG=KL9<G<=F9LMJ=R99H9JLAJ<=H=IM=FGK?JMHGK<=
AF<AN_<MGKK==D=K:9K=A9E9;GGH=J9\[GF9J=;AHJG;A<9<=i=KLJ9L]?A9jGD@G
HGJGD@Gk =EIM=MEJ=H=L=GIM=GGMLJG>=RFGBG?G9FL=JAGJP=DJG< 
 

E <GAK LGJF=AGK <= + <= GEHML9<GJ  =E IM= NWJAGK


=KLM<AGKGK <= L=GJA9 <GK BG?GK <= <A>=J=FL=K WJ=9K =;GFGEA9  HKA;GDG?A9 
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<GEAF9FL= = =KLWN=D  ,M9F<G 9 ;GGH=J9\[G :9K=9<9 F9 J=;AHJG;A<9<= K=
=KL9:=D=;= FME9 HGHMD9\[G  =D9 F[G ;GFK=?M= K=J KMH=J9<9 HGJ GMLJ9
=KLJ9L]?A9  ,M9F<G 9 L9P9 <= <=K;GFLG <GK BG?9<GJ=K ] :9AP9 <=K;GFL9E
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=KLWN=DP=DJG<  
 #$"

MJ9FL= 9 +JAE=AJ9 "M=JJ9 (MF<A9D KMJ?AJ9E +K J=9AK 


>=FaE=FG ;GF@=;A<G ;GEG H9;LG <= jNAN9 = <=AP= NAN=Jk =FLJ= 9K LJGH9K
:JALYFA;9K=9D=E[K IM=>DGJ=K;=MHGJLG<99DAF@9<=>J=FL=HGJH=DGE=FGK
<GAK9FGK9H9JLAJ<= =K=FNGDN=M
K=;GEGME9K]JA=<=;GFN=F\b=K
DG;9AK =E >9NGJ <9 NA<9 = <9 ;GGH=J9\[G  HGJ E=AG <9K J=KHGKL9K <GK
KGD<9<GK9G;GEHGJL9E=FLGMFK<GKGMLJGK 

KHJ=>=J^F;A9K<GKKGD<9<GK>GJ9EEGD<9<9KHGJ=KK9FGJE9
KG;A9D  .= 9K J=?J9K K[G ;D9J9K  K= ME9 H9JL= ] J=KHGFKAN9 X GMLJ9  K= 9K
AFL=F\b=KF[GK[GE9K;9J9<9K K=9KAFL=J9\b=KK[G>J=IM=FL=K=<MJWN=AKG
KM>A;A=FL=  ] HGKK_N=D G:L=J ;GGH=J9\[G F9 9MK^F;A9 <= ME9 9MLGJA<9<=
;=FLJ9D 

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 #$&

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 #$*

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 #$+

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 #%%

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<AJ=ALG E9AK GM E=FGK DA:=J<9<= <= HJG<MRAJ  <= AJ = NAJ  E9AK GM E=FGK
DA:=J<9<= <= =PHJ=KK[G =L;  = <G HJ=\G <=D= H9J9 9K H=KKG9K  ;GF>GJE= 9
!A?MJ9GGL=J  H  
 #&%

42@=, P 4-0=/,/0


 
 






 

 



     


 


* N9DGJ ] J=LJ9L9<G H=DG <=;DAN= <= ;MJN9K <= AF<A>=J=F\9 <=


AF<AN_<MGK =9!A?MJ9EGKLJ99HJGHGJ\[G=EIM=MEAF<AN_<MGLJG;9ME
HJG<MLG HGJ GMLJG  /M<G G E9AK ;GFKL9FL=  9 ;MJN9 <= AF<A>=J=F\9 ] ME9
;MJN9 <= MLADA<9<=  IM= J=HJ=K=FL9 FG ;MJKG <= KM9 DAF@9 9 HJGHGJ\[G ;GE
IM= 9 H=KKG9 LJG;9 JAIM=R9 HGJ DA:=J<9<= =FIM9FLG H=JE9F=;= AF<A>=J=FL= 
+GJ=P=EHDG GHGFLGD J=KLWKG:J=9E=KE9;MJN9<=AF<A>=J=F\9IM=G
HGFLGD J =FL[G9H=KKG9LJG;9JWJiJ=EJAIM=R9HGJME9ME=FLG<=
DA:=J<9<=<=DH9J9D 

*M K=B9  J i J ] G HJ=\G IM= 9 H=KKG9 =KLW <AKHGKL9 9 H9?9J
H9J9 9ME=FL9J KM9 DA:=J<9<= <= AJ = NAJ F9 JM9  HGJ =P=EHDG E9AK
K=?MJ9F\9 K=>GJ=KK=G;9KG +GJ@AH`L=K= 9;=AL9JGHJ=\GKM:KA<A9<GH=DG
?GN=JFG H9J9 >AF9F;A9E=FLG <= ME AE`N=D =E ME9 NARAF@9F\9 E=FGK
NAGD=FL9 9E=KE9>GJE9 ;GFKA<=J9F<G9KHJ=>=J^F;A9K<=KK9H=KKG9 ME
 #&&

9ME=FLG <= JAIM=R9 <= J H9J9 J ;GEH=FK9JA9 H9J9 =D9 ME9 H=J<9 <=
DA:=J<9<=<=DH9J9D *MK=B9 =D9K=K=FLAJA9;GEH=FK9<9F=KK=N9DGJ9G
GHL9J HGJ F[G K= :=F=>A;A9J <= ME HJG?J9E9 <G ?GN=JFG =E IM= >9E_DA9K
K[GKGJL=9<9K=?9F@9ENGM;@=JKH9J9K=EM<9J=EH9J9NARAF@9F\9KE=FGK
NAGD=FL9K = 9GAFN]K HJ=>=J=N=F<=JK=ML_LMDG9MEL=J;=AJGFGN9DGJJi
J 

 H=KKG9 =KL9JW <AKHGKL9 9 H9?9J E9AK H=D9 DA:=J<9<= <G IM=


AF<A;9<GF9;MJN90K==D9LAN=KK=;GF<A\b=K<=H9?9JE9AKK=EM<9JH9J9
ME9 NARAF@9F\9 E=D@GJ <G IM= 9 HJAE=AJ9 9DL=JF9LAN9  (9AK JAIM=R9
HG<=JA99ME=FL9JKM9MLADA<9<=<=0H9J90 HGJ=P=EHDG GEH9J9<9X
0  9 ;MJN9 0 AF<A;9 G HJ=\G IM= 9 H=KKG9 =KL9JA9 <AKHGKL9 9 H9?9J H=D9
DA:=J<9<=9H`KME9ME=FLG<=JAIM=R9 

GEG NAKLG  9 DA:=J<9<= L=E ME HJ=\G H9J9 ;9<9 ME  9KKAE


;GEGME;MKLG +JAE=AJG HJGL=?=JDA:=J<9<=K=PA?=J=;MJKGK ;GEG?9KLGK
=EHGD_;A9=LJA:MF9AK .=?MF<G 9ME=FL9JDA:=J<9<=KHG<=K9;JA>A;9JGMLJ9K
DA:=J<9<=K ;GF;GJJ=FL=K ;MKLG <= GHGJLMFA<9<=  +GJ =P=EHDG  E9AK
DA:=J<9<=<9<9H=DGEMFA;_HAGH9J99KH=KKG9K;GFKLJM_J=EKM9K;9K9KHG<=
D=N9J X ;GFKLJM\[G <= ;9K9K 9DL9K IM= N=F@9E 9 J=<MRAJ 9 DMR KGD9J <GK
NARAF@GK 

.=F<G 9 ;MJN9 <= MLADA<9<= ME9 ;MJN9 <= <=E9F<9  HG<=EGK


LJ9\9JME9;MJN9<=G>=JL9IM=AF;GJHGJ==KK=K;MKLGK!A?MJ9 ;MJN9
<= G>=JL9 * KG:=  G IM= KA?FA>A;9 IM= G ;MKLG <= E9AK DA:=J<9<= 9ME=FL9
=FIM9FLG9=PL=FK[G<9DA:=J<9<=9ME=FL9 ;MJN9<=<=E9F<9AF;DAF9
H9J9 :9APG  G IM= KA?FA>A;9 IM= 9 <AKHGFA:ADA<9<= <= H9?9J HGJ E9AK
DA:=J<9<= <AEAFMA F9 E=<A<9 =E IM= KM9 =PL=FK[G 9ME=FL9 ;MJN9K <=
<=E9F<9 K[G F=?9LAN9E=FL= AF;DAF9<9K HGJIM= GK ;GFKMEA<GJ=K =KL[G
 #&'

<AKHGKLGK 9 ;GEHJ9J E9AK 9 ME E=FGJ HJ=\G = 9 H9?9J E=FGK K= 9


IM9FLA<9<=9ME=FL9GGL=J  H  

42@=, P$=0G:0.@>?:/,74-0=/,/0


 


 

 


 9FWDAK= <= ;MKLG


:=F=>_;AG E=<= N9DGJ HGJ HJ=\G = ;MKLG 
HDA;9F<G ME9 9FWDAK= H9<J[G <= ;MKLG
:=F=>_;AG GM K=B9  ;GDG;9F<G 9
J9R[GAFKLJME=FL9D=EEGNAE=FLG GHGFLG`LAEGG;GJJ=IM9F<G9G>=JL9
K=A?M9D9X<=E9F<9 GIM=K=<WIM9F<G9IM9FLA<9<=<=DA:=J<9<=]D=G
HJ=\G<9DA:=J<9<=]H 

.= G +9JD9E=FLG GM G LJA:MF9D 9HDA;9J=E =KK= E]LG<G H9J9


<=;A<AJ=E G ?J9M <= DA:=J<9<= 9 K=J <9<9 9GK ;A<9<[GK H=D9 D=A HGJ
=P=EHDG  E9AK DA:=J<9<= H9J9 ;GFKLJMAJ KM9K ;9K9K GM E9AK DA:=J<9<= H9J9
F=?G;A9\b=K LJ9:9D@AKL9K  =F;GFLJ9JA9E 9 IM9FLA<9<= `LAE9 <= DA:=J<9<=
;GEH9J9F<G 9 <=E9F<9 HGJ =D9 = G ;MKLG <G 9ME=FLG <= KM9 G>=JL9
 #&(

9ME=FLG <= <=E9F<9K BM<A;A9AK =FNGDN=F<G ;GF>DALGK =FLJ= NARAF@GK GM


=FLJ=H9LJb=K==EHJ=?9<GK 

?GJ9HG<=EGK9<A;AGF9JGMLJG;GEHDA;9<GJX9FWDAK=!A?MJ9
 AJ=ALGKK[G:=FKHc:DA;GK=9=PL=FK[G<9DA:=J<9<=]HGL=F;A9DE=FL=
A?M9D H9J9 LG<GK AL=E    (9AK DA:=J<9<= F9 D=A H9J9 EAE KA?FA>A;9 9G
E=KEGL=EHGE9AKDA:=J<9<=H9J9LG<GK *9ME=FLG<GHGDA;A9E=FLGFME9
NARAF@9F\9 G>=J=;= ?9F@G <= DA:=J<9<= <= AJ = NAJ ?=J9D 9 LG<GK GK K=MK
EGJ9<GJ=K 

$E9?AF9F<G ME9 ;A<9<= ;GE <M9K H=KKG9K  ME9 HG:J= ;GE


MLADA<9<==ME9JA;9;GEMLADA<9<= K=9D=A>GJF=;=ME9IM9FLA<9<=
<=DA:=J<9<=DD =D9N9D=HH9J9GHG:J==HH9J9GJA;G *N9DGJ9?J=?9<G
<G<AJ=ALGDD]A?M9D9HH *N9DGJ<9DA:=J<9<=E=<A<GH=D99FWDAK=<=
;MKLG
:=F=>_;AGK=A?M9D9XKGE9<GIM=9K<M9KH=KKG9KH9?9J[GHGJ=D9 
;MJN9AF<A;99<=E9F<99?J=?9<9HGJDA:=J<9<= DA:=J<9<=`LAE9
;GJJ=KHGF<=9GHGFLGDD GF<=9<=E9F<99?J=?9<9K=AFL=JK=;;AGF9;GE9
;MJN9<=;MKLG*GGL=J  H   



 #&)

42@=, P 4-0=/,/0.:8:-08;N-74.:



 





 








 

 


.= G +9JD9E=FLG GM G LJA:MF9D 9HDA;9J=E =KK= E]LG<G H9J9


<=;A<AJ=E G ?J9M <= DA:=J<9<= 9 K=J <9<9 9GK ;A<9<[GK H=D9 D=A HGJ
=P=EHDG  E9AK HGD_;A9  =F;GFLJ9JA9E 9 IM9FLA<9<= `LAE9 <= DA:=J<9<=
;GEH9J9F<G9<=E9F<99?J=?9<9<9KG;A=<9<==G;MKLG<G9ME=FLG<=KM9
G>=JL9H=DG KL9<GH9?9E=FLG<=K9DWJAGK E9AKNA9LMJ9K 9JE9E=FLG=L;  

 <=E9F<9 9?J=?9<9 H=D9 DA:=J<9<= ] G:LA<9 KGE9F<G


K=
N=JLA;9DE=FL= GIM=KA?FA>A;9IM=LG<GEMF<GJ=;=:=9E=KE9IM9FLA<9<=
<G :=E = H=KKG9K <A>=J=FL=K G N9DGJ9E <A>=J=FL=E=FL=  KK9 ] 9
;9J9;L=J_KLA;9 E9J;9FL= <GK :=FK Hc:DA;GK  ;GEG HGDA;A9E=FLG GKL=FKANG 
K=?MJ9F\9 EADAL9J  JAGK <=KHGDM_<GK =L;   <=E9F<9 HGJ :=FK HJAN9<GK 
;GEG ;GEA<9 = JGMH9K  ] G 9?J=?9<G <= KGE9K <= ;MJN9K <= <=E9F<9K
 #&*

AF<ANA<M9AK >=AL9K @GJARGFL9DE=FL=  HGAK FG DANJ= E=J;9<G LG<GK H9?9E G


E=KEGHJ=\G=H=KKG9K<A>=J=FL=K;GEHJ9EIM9FLA<9<=K<A>=J=FL=K 

*;GFKLJ9F?AE=FLGGJ\9E=FLWJAGHG<=AFNA9:ADAR9J9G>=JL9<G
:=E <= >GJE9 9<=IM9<9 H9J9 LG<GK  =FK Hc:DA;GK ;MKL9E E9AK IM= :=FK
HJAN9<GK :9KL9 ;GEH9J9J 9K !A?MJ9K  =   * KL9<G K` ;GFK=?M=
G>=J=;=J 9 DA:=J<9<= 9L] ME HGFLG G HGFLG `LAEG  ;GE ME FcE=JG P <=
HGDA;A9AK = NA9LMJ9K  0E9 E9AGJ <=E9F<9 <9 HGD_;A9 H=DG HG:J=
;GF?=KLAGF9 G K=JNA\G H9J9 G JA;G  (9K G JA;G F[G HG<= HD=AL=9J FG
%M<A;AWJAG ME9 J=<M\[G <= LJA:MLGK  HGAK AKKG <=AP9JA9 G HG:J= =E HAGJ
KALM9\[G;GE9IM=<9<9IM9DA<9<=<G:=EHc:DA;G *E9AKJA;G IM=IM=J
=HG<=H9?9J HG<=AJ9GE=J;9<G=;GFLJ9L9JK=?MJ9F\9HJAN9<9 = 9KKAE 
;GEHJ9 E9AK DA:=J<9<=  +=KKG9K E9AK JA;9K H9?9J[G E9AK HGJ DA:=J<9<= <G
IM=H=KKG9KE9AKHG:J=K <=E9F<9HGJDA:=J<9<=;J=K;=;GE9JAIM=R9 

*>=J=;=F<G ME E=J;9<G DANJ= = J=<MRAF<G G:KLW;MDGK ;MKLGK


<=LJ9FK9\[GH9J9IM=9KH=KKG9KHGKK9E9;MEMD9JJAIM=R9 G KL9<GJ=<MR
G K=M ;MKLG F9 G>=JL9 <= <AJ=ALGK ;9F9DAR9 9 HGD_;A9 H9J9 GK :9AJJGK E9AK
HG:J=KK=E9HJ=KK[GHGD_LA;9<GJA;G <=K<=IM==KL=HGKK9:9J?9F@9J9D?G
=ELJG;9FGBG?G<=EG;JWLA;G 

KKAE  G +9JD9E=FLG HG<= ;JA9J ME9 D=A HGKKA:ADAL9F<G IM=


?9KLGK;GEK=?MJ9F\9HJAN9<9K=B9E<=<MRA<GK<GAEHGKLGKG:J=9J=F<9 
G9K=HJGN9N=DE=FL=;GF;GJ<9JA9 

 &,B7>

%G@F -9ODK HJGHb= ME9 L=GJA9 <= BMKLA\9 ;GEG =IMA<9<= =


;GE=\9 ;JALA;9F<G G IM= ;@9E9 <= AFLMA;AGFAKEG  V 9 HGKLMJ9 @9:ALM9D <=
F[GK==KL9:=D=;=J;JAL]JAGKH9J99K=D=\[G=FLJ=:=FKHc:DA;GKGMHJAF;_HAGK
;GF;GJJ=FL=K <= BMKLA\9  <= F[G K= <=>AFAJ ME9 J=?J9 <= HJ=>=J^F;A9 ME9
 #&+

>MF\[G <= MLADA<9<=  = LM<G K= LGJF9 <=E9F<9 EGJ9D D=?_LAE9  +9J9
OGJCAF  ] IM9F<G G 9?=FL= Hc:DA;G GH=J9 K=E ME9 L=GJA9 HGD_LA;9 <=
BMKLA\9 

+9J9ADMKLJ9JGHGFLG -9ODKHJGHb=GK?JW>A;GK9:9APG  
H   

42@=, P2@,7/,/0C-080>?,=?:?,749?@4.4:94>8:


 


 







        

)GHJAE=AJG?JW>A;G<9!A?MJ9 9K;MJN9K<=AF<A>=J=F\9$=
$$ K[G >GJE9<9K DA?9F<G HGFLGK ;GFKA<=J9<GK A?M9DE=FL= BMKLGK  
AF;DAF9\[G =E IM9DIM=J HGFLG <9K ;MJN9K =PHJ=KK9 GK H=KGK J=D9LANGK <9
A?M9D<9<==<G:=E
=KL9JLGL9DF9;GE:AF9\[GJ=HJ=K=FL9<9H=DGKHGFLGK
=   +=J;GJJ=F<G 9 ;MJN9 $  9 <AEAFMA\[G <9 A?M9D<9<= =PA?= ME 9ME=FLG
;9<9N=RE9AGJ<9KGE9<9KMLADA<9<=KH9J9;GEH=FK9J *HGFLG]E=D@GJ
<GIM=GHGFLG 

)G K=?MF<G ?JW>A;G <9 !A?MJ9   KMHGF@9EGK IM= 9K <M9K


DAF@9K ;GFL_FM9K J=HJ=K=FL9E 9K HJ=>=J^F;A9K <= ME BMAR IM= 9LJA:MA ME
H=KG J=D9LAN9E=FL= ?J9F<= X A?M9D<9<=  =FIM9FLG 9K DAF@9K LJ9;=B9<9K
J=HJ=K=FL9E 9K HJ=>=J^F;A9K <= GMLJG BMAR IM= 9LJA:MA H=KG J=D9LAN9E=FL=
?J9F<= 9G :=E
=KL9J LGL9D  KKAE  =FIM9FLG G HJAE=AJG BMAR ;D9KKA>A;9 
;GEGA?M9D9HGFLGK<=FLJG<9E=KE9;MJN9<=AF<A>=J=F\9 GK=?MF<G
 #'"

BMAR BMD?9  KMH=JAGJ  ,M=E =KLW ;=JLG 0E9 HGKLMJ9 AFLMA;AGFAKL9 F[G
G>=J=;=ME;JAL]JAG]LA;GH9J9K=D=;AGF9J=FLJ=ME=IMAD_:JAG=GMLJG 

-9ODK  H9J9 H=FK9J 9 BMKLA\9  HJGHb= ME9 KALM9\[G @AHGL]LA;9


jHGKA\[G GJA?AF9Dk = <=D9 <=JAN9 <GAK HJAF;_HAGK ?=J9AK <= BMKLA\9  <GAK
;JAL]JAGK ]LA;GK  )=KK9 HGKA\[G i ME9 =KH];A= <= =KL9<G <= F9LMJ=R9 IM=
9FL=;=<=9;=D=:J9\[G<=ME;GFLJ9LGKG;A9Di 9KH=KKG9KK==F;GFLJ9EKG:
ME jN]M <9 A?FGJYF;A9k  HGJ <=K;GF@=;=J=E K=MK L9D=FLGK F9LMJ9AK = 9K
HGKA\b=K KG;A9AK IM= 9KKMEAJ[G F9 KG;A=<9<=  KK= J=;MJKG E=LG<GD`?A;G
?9J9FL= A?M9D<9<= KM:KL9FLAN9 = =DAEAF9 9 9KKAE=LJA9 KG;A9D H9J9 9 LGE9<9
<=<=;AK[G 

+GKLG G IM9<JG  -9ODK 9;J=<AL9 IM= AF<AN_<MGK J9;AGF9AK


L=F<=JA9E 9 >9R=J ME9 =K;GD@9  HGF<=J9F<G ;MKLGK = :=F=>_;AGK  =E IM=
:MK;9JA9EE9PAEAR9JG?9F@GE_FAEG BWIM=<=K;GF@=;=EKM9KHGKA\b=K
KG;A9AK = KM9K ;9H9;A<9<=K F9LMJ9AK =  HGJL9FLG  AJA9E <=K=B9J HJGL=\[G =
HGKKA:ADA<9<=<=?9F@G9H9JLAJ<GHAGJJ=KMDL9<G K;DWMKMD9K>MF<9<GJ9K
<G ;GFLJ9LG KG;A9D K=JA9E GK K=?MAFL=K <GAK HJAF;_HAGK <= BMKLA\9 
FGJL=9<GJ=K<9FGN9KG;A=<9<=9A?M9D<9<=F99LJA:MA\[G<=<=N=J=K=
<AJ=ALGK:WKA;GK=9<=KA?M9D<9<==;GFaEA;9=KG;A9D9H=F9KK=J=KMDL9J
=E :=F=>_;AGK ;GEH=FK9L`JAGK H9J9 ;9<9 ME =  H9JLA;MD9JE=FL=  H9J9 GK
E=FGK>9NGJ=;A<GK 

EJ=KMEG H9JL=
K=<9HJ=EAKK9<=IM=9;9H9;A<9<=F9LMJ9D=
GHGFLG<=AF_;AGF9NA<9K[G>9LGJ=K9J:ALJWJAGK=;GFLAF?=FL=K <G IM=K=
K=?M=IM=]AFBMKLGIM=9D?ME9KH=KKG9K <=NA<G9<A>=J=F\9KF99DG;9\[G
F9LMJ9D <=KK=K >9LGJ=K  ?GR=E <= ME F_N=D <= :=E
=KL9J AF>=JAGJ 9 GMLJ9K
H=KKG9K +D9L[G=MJC= ;=JL9E=FL=<AK;GJ<9JA9E KKAE =E
LG<9 KG;A=<9<=  9 KGDM\[G BMKL9 K=JA9 J=<AKLJA:MAJ G EGFL9FL= <= J=;MJKGK
 #'#

KG;A9AK<AKHGF_N=AKH9J9IM=LG<GKHGKK9E?GR9J<9KE=KE9KGHGJLMFA<9<=K
F9NA<9 

+J=KKMHGF<G ME9 KG;A=<9<= KAEHD=K  ;GE <M9K H=KKG9K  G


HJAF;_HAG   ;@9E9<G <= HJAF;_HAG <9 <A>=J=F\9  =KL9:=D=;= IM= K= F[G
@GMN=JME9<AKLJA:MA\[GIM=E=D@GJ=9KALM9\[G<=9E:9K <=N=
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@GJARGFL9AK IM= K= AFL=JK=;;AGF9E =E YF?MDGK J=LGK F9 9DLMJ9 <9 DAF@9 <=
<AKLJA:MA\[G;GEAF;DAF9\[G<=G-9ODK   H   

42@=, P$=49.J;4:/,/410=09G,

 

   
    


.=3=3>GKK=E:=FK G>9LG<=K=J=EJ=L9K9KKAEKA?FA>A;9
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.=F<GH=KKG9K AF<A;9IM==D9KK[G;GEHD=E=FL9J=K *MK=B9 F[GAEHGJL9G
IM9FLG 9 KALM9\[G <= ;9<9 H=KKG9 K=B9 E=D@GJ9<9 F[G HG<= @9N=J ?9F@G
9D?ME9F[GK=JIM=GGMLJGL9E:]E?9F@= VGA<=9D<9;GGH=J9\[GKG;A9D
=E-9ODK 

+9J9GJ9;AG;_FAG -9ODKHJ=KKMHb=ME9;GEH9J9\[G;9J<AF9D=
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 #'$

<= 9KKG;A9\[G  <= =PHJ=KK[G =L;   GHGJLMFA<9<=K = JAIM=R9  GK IM9AK  =E
L=K=  K[G <=K=B9<GK = HJ=>=JA<GK HGJ LG<GK  * jN]M <9 A?FGJYF;A9k ] ME
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L9E:]E 9ME=FL9E ;MJN9 *+  V ME9 ;MJN9 <= <AKLJA:MA\[G <AKLAFL9 <9
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=EE=D@GJ=K;GF<A\b=K=EJ=D9\[G93 .==D9K==D=N9X<AJ=AL9KA?FA>A;9
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