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A52F A52; AB?; A< 0?6:2 (6:69.?9F <08 -<B;4 1?.D@ 092.? 96;8@
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?29.A2@ F<BA5 0?6:2 16?20A9F A< A52 12096;6;4 3<?AB;2@ 2E=2?62;021 /F
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/BA ?.A52? A5.A A52 2;<?:<B@ 20<;<:60 05.;42@ <C2? A52 =.@A F2.?@ 5.C2
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272 <=B /BB3;>B B= /:B3@ B63 A=17/: /<2 31=<=;71 1=<27B7=<A 0CB 7<AB3/2 B@732
B= B3/16 B63 >3=>:3 B= 1=;3 B= B3@;A E7B6 B63A3 >@=0:3;A (=;3 E=C:2
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3F/;7<3A A=;3 B63=@73A =< B63 E/G 1@7;3 7A @3:/B32 B= B63 >3=>:3 7< A=173BG
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1:/AA3A >/@B71C:/@:G B63 :=E3@ =@ E=@97<5 1:/AA3A < AC16 /< />>@=/16 7B 7A
B63 :=E3@1:/AA 1C:BC@3 >3@ A3 E6716 1/CA3A 1@7;7</:7BG ) 6 3 /@5C;3<B 7A B6/B
0G 1=<4=@;7<5 B= :=E3@1:/AA D/:C3A B63 7<27D72C/: E7:: 0@3/9 B63 :/E ) 6 3
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27A1CAA32 )63G E3@3 /:: E@7B7<5 /B / B7;3 /<2 7< / 1=<B3FB E63< 1:/AA
27443@3<13A /<2 27AB7<1B7=<A E3@3 ;=@3 ;/@932 B6/< B63G <=E /@3 #=<3B63
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6756:G :793:G B= 03 :32 B= D7=:/B3 A=;3 /A>31BA =4 B63 :/E "7::3@
"7::3@ =443@A <= 3F>:/</B7=< 4=@ B63 =@757<A =4 B63A3 A=17/: D/:C3A :: 63
2=3A 7A B= ;/@9 B637@ 3F7AB3<13 /<2 3F>:/7< B6/B 1=<4=@;7<5 B= B63; E7:: :3/2
B= 1@7;7</:7BG /227<5 B6/B 7B 7A 1=;;=< 7< :=E3@1:/AA 6=CA36=:2A 4=@ B63
4/B63@ B= 03 /0A3<B =4B3< 031/CA3 63 6/A 0@3/1632 B63 1@7;7</: :/EA ) 6 3
6=;3 :743 7A / 43;/:32=;7</B32 3<D7@=<;333@ C<7BA )63A3 5/<5A B/93
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G=CB6A / A3<A3 =403:=<57<5 /<2 AB/BCA
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B 6 3 ; B= 1@7;7</:7BG ) 6 3 A 3 /BB7BC23A 6/D3 3F7AB32 4=@ G3/@A /<2 /@3 >/AA32 =< B=
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/ 27443@3 > 3 < A B= 03 1=<B@/@GB= B63 :35/: @C:3A
3 A33A 7B <=B /A / A G ; > B = ; =4; / : / 2 8 C A B ; 3 @=0:3; /@7A3A 031/CA3 B63 AC01C:BC@3 7A 7< 1=<4:71B E7B6 /A>31BA
=4B63 1C:BC@3 =4B63 1=C<B@G /A / E6=:3 3A>317/::G B6/B E6716 7A 3<A6@7<32 7< = C @
:35/: AGAB3; @7;7</:7BG >/@B71C:/@:G8CD3<7:3 1@7;7</:7BG 7A <=B B63@34=@3 A33<
/A / 1=<A17=CA @303::7=< /5/7<AB ;722:31:/AA D/:C3A B /@7A3A 4 @ = ; /< /:B3@</B7D3
E=@97<51:/AA AC01C:BC@3 E6716 6/A 0 3 3 < / 2 = > B 3 2 / < 2 /:B3@32 =D3@ B63 G3/@A 7< /
6 / > 6 / H / @ 2 A=@B =4 E/G ) 6 3 2@7D7<5 4=@13 ; / G <3D3@ 6/D3 033< B= 0@3/16 B63
1@7;7</: @C:3A 0 C B B63 @3AC:B E/A A = ; 3 B 7 ; 3 A B= 2= A= 3 A/GA
7B A 3 3 ; 3 2 B= ;3 B6/B 3F13AA7D3 :37AC@3 B 7 ; 3 B 6 3 / 0 A 3 < 1 3 =4/23?C/B3 >/@3<B/:

; = 2 3 : A / < 2 1/@3 B63 >@3A3<13 =4 9 < = E < / 2 C : B =443<23@A 7< B63 :=1/:7BG
B=53B63@E7B6 B63 0=GA = E < </BC@/: 23A7@3 B= B3AB B63;A3:D3A 7< /1BA =42/@7<5
0 @ / D / 2 = / < 2 2/<53@ E3@3 / AC447173:/</B7=< 4 = @ 23:7<?C33@32 =44 /4B3@ :3/D7<5 A16==: / < 2 E/A /:;=AB 13@B/7<:G
>6/A71 7< 16/@/1B3@ "/GA > A33 /:A= " / G A / < 2
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1:/AA D/:C3A $ @ ; = @ 3 >=A7B7D3:G B6/B 7B 7A B63 A3B =4D/:C3A E6716 03AB ;33BA
B63 A=17/: <332A =4 B6/B A31B=@ =4 A=173BG
"=@@7A
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/@5C3A B6/B A=17/: 2 3 : 7 < ? C 3 < B A / 0 = C < 2 7< B63 :=E3@ 1:/AA3A / < 2 B6/B 7B 7A B63
1:/AA 16/@/1B3@7AB71A E6716 6/D3 1/CA32 B63 1@7;7</:7BG <B7A=17/: 0 3 6 / D 7 = C @
3F7ABA B 6 @ = C 5 6 = C B A=173BG / < 2 7< /:: 1:/AA3A 0 C B B63 E/G 7< E6716 7B 7A
3F>@3AA32 27443@A / < 2 2 3 > 3 < 2 A C > = < ; 3 ; 0 3 @ A 6 7 > =4 / >/@B71C:/@ 1:/AA @ 7 ; 7
</:7BG 63 A33A /A :/@53:G / :=E3@1:/AA 3F>@3AA7=< " = @ @ 7 A
) 6 7 A 7A 031/CA3 B63 E6=:3 A=17/:7A/B7=< > @ = 1 3 A A 7 @ = 2 C 1 3 1@7;7</:7BG B 6 / < B63 A / ; 3 >@=13AA 7< B63 ;722:3 1:/AA3A ) 6 3
C > 0 @ 7 < 5 7 < 5 7< B63 ;722:31:/AA 6 = ; 3 7A 1=<B@=::32 0G B63 4/;7:G 7A D3@G
= @ 2 3 @ 3 2 /<2 /:;=AB /:: /1B7D7B73A /@3 13<B@32 / @ = C < 2 B63 6 = ; 3 /<2 4/;7:G <
B63 :=E3@ 1:/AA3A B63 167:2A C>0@7<57<5 4 @ = ; / G = C < 5 /53 /0=CB B6@33 =@
4 = C @ E/A A>:7B 0 3 B E 3 3 < 4/;7:G / < 2 6 = ; 3 = < B63 = < 3 6 / < 2 /<2 >33@ 5 @ = C >
/ < 2 AB@33B /1?C/7<B/<13A =< B63 =B63@ ) 6 3 E=@97<5 1:/AA 167:2 7A :793:G B=
6/D3 / :3AA = @ 2 3 @ 3 2 / < 2 @35C:/B32 C > 0 @ 7 < 5 7 < 5 / < 2 B= 03 A3:/G 7<
B63 AB@33B ) 6 3 >33@ 5 @ = C > 7A B63@34=@3 / ; C 1 6 AB@=<53@ 7<4:C3<134 @ = ; / ; C 1 6
3/@:73@ /53 !793 "7::3@ / < 2 " / G A 63 23>71BA B63 :=E3@1:/AA 1C:BC@3 /A 2@7D3<
0G / 23A7@3 4=@ 7 ; ; 3 2 7 / B 3 5@/B7471/B7=< =4 0 = B 6 ;/B 3@7/: /<2 >6GA71/: < 3 3 2 A
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1=<B@=::32 E63< B63G 1 = ; ; 7 B / 1@7;3 / < 2 B63 =44717/: AGAB3;A =4 1=<B@=: AB3>
7< ) 6 3 3AA3<B7/: ;3AA/53 =4 " = @@7A 7A B6/B B63 E6=:3 3B6=A =4 B63 E=@97<5
1:/AA 7A ; = @ 3 =@73<B32 B=E/@2A 1@7;7</:7BG / < 2 /<B7A=17/: 036/D7=C@
D/:C/B7=<
/16 =4 B63A3 B6@33 B63=@73A AC443@A 4 @ = ; / 1 = ; ; = < 23431B ) 6 3 G >@3271B B==
; C 1 6 1@7;7</:7BG /<2 1 / < < = B / 1 1 = C :717B >@3271B7=< B6/B 7<27D72C/:A E=C:2
1 = > = @ B =4 AC16 /1B7D7BG
B 6 @ = C 5 6 = C B B637@ :7D3A ) 6 7 A 1=<4:71BA E7B6 / E723A>@3/2 47<27<5 B6/B ; = A B
>3=>:3A 23:7<?C3<1 G @ 3 2 C 1 3 A 1=<A723@/0:G /B / 0 = C B B63 /53 =4 BE3<BG ) 6 7 A
/ > > @ = / 1 6 1/@@73A B63 7;>:717B / A A C ; > B 7 = < B6/B ; / < 7A @7572:G A=17/:7A32 / < 2
D7@BC/::G C</0:3 B= B67<9 =CBA723 B63 A=17/: 1=<AB@/7<BA 74 B63 A=17/: 5 @ = C >
/113>BA 1@7;3 /A <=@;/: / < 2 </BC@/: B63 7<27D72C/: >/AA7D3:G >/@B717>/B3A
@7B71A @3A7AB B67A / @ 5 C ; 3 B 3 2 B= /<AE3@ 1@7B717A; 0G /AA3@B7<5 B6/B >3=>:3 :7D7<5 7< B63
:=E3@ 1:/AA3A E 6 = /@3 <=<1@7;7</: =@ B6=A3 E 6 = E7A6 B= > @ = B 3 1 B B637@
167:2@3< 4 @ = ; 1@7;7</:7BG 2= <=B AC0831B B637@ 167:2@3< B= B63 4C:: :=E3@1:/AA
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B= 03 A/G7<5 B6/B 13@B/7< BG>3A =4 =443<13A /@3 B6=C56B =4 /A < = @ ; / : / < 2
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:: B63A3 />>@=/163A AC443@ 4 @ = ; /B :3/AB BE= ; / 8 = @ 1=<4CA7=<A 7@AB B63@3
7A B63 1=<4CA7=< 03BE33< /@3/ / < 2 1:/AA E6716 /@3 =4B3< CA32 /A ; = @ 3 =@ :3AA
7<B3@16/<53/0:3 B3@;A (31=<2:G /<2 ; = @ 3 4C<2/;3<B/::G B63@3 /@3 B63
1=<4CA7=<A /@7A7<5 =CB =4 /< 7;>:717B B @ 3 / B ; 3 D3< 7< B63 < 7 < 3 B 3 3 : 3 / : / 0 = C @
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717BG /@3 ?C7B3 53<3@/: )= > C B 7B / < = B 6 3 @ E/G
<=B 3D3@G=<3 7< / / B 6 = : 7 1 1 = C 
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1@7;7</: < = @ /@3 1@7;7</:A 1=<AB/<B:G 7<D=:D32 7< 1@7;3
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7< '=</:2 :/@93 32 (7BC/B7=</: @7;3 %@3D3<B7=< (C113AA4C: /A3 (BC273A
# 3 E .=@9 /@@=E K 3 A B = <
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'=03@B '37<3@ 32A )63 $F4=@2 /<20==9 =4 @7;7@B=:=5G $ F 4 = @ 2 $ F 4 = @ 2
*<7D3@A7BG %@3AA
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*<7D3@A7BG =4 C223@A473:2 ?C=B32 7< 7<AE=@B6 % %AG16=:=5G
/<2 @7;3 /@:=E ! = < 5 ; / <
%3/A3 '3>3/B +71B7;7A/B7=< )/97<5 (B=19 @ 7 ; 3 %@3D3<B7=< / < 2
3B31B7=< (3@73A %/>3@ ! = < 2 = < = ; 3 $44713 %=:71G '3A3/@16 @ = C >
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%67:7>A /D72 @7;3 /<2 CB6=@7BG 7< +71B=@7/< <5:/<2 ! = < 2 = <
@ = = ; 3:;
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/<2 =
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= C @ A 3 =4 '3>3/B C@5:/@G +71B7;7A/B7=< @7B7A6 =C@</: =4 @7;7<=:=5G
D=: >
%G:3 @ 7 ; 3 /<2 * < 3 ; > : = G ; 3 7@71/: (BC273A
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>
'/B1:7443 /<2 " 1 C : : / 5 6 " 6 / A 7 < 5 6=ABA %=:713 % 3 @ 1 3 >
B7=<A =4 756 @7;3 @3/A @7B7A6 =C@</: =4@7;7<=:=5G D=: >
(/7<A0C@G %3B3@ (C71723 3:7<?C3<1G /<2 B63 1=:=5G =4 ! = < 2 = <
@ = ; (C71723 7< !=<2=< <AB7BCB3 =4 %AG167/B@G @3>@7<B32 7< , / @ A = <
/<2 %/C: ,7:3A 32A )63 (=17=:=5G =4@7;3 /<2 3:7<?C3<1G 7< @7B/7< D=:
$F4=@2 "/@B7< '=03@BA=<
218
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( 1 / @ ; / < ! = @ 2 )63 @7FB=< 7A=@23@A >@7: ( 1 / @ ; / <

' 3 > = @ B ; < 2 ! = < 2 = < " ( $
( 1 6 : = A A ; / < ( M 3 : : ; / < / < 2 (6/D3:A=< ' E7B6 (32:/9 " / < 2 = 0 0
3:7<?C3<1G %@3D3<B7=< 7< (=CB6 671/5= 74BG .3/@ AA3AA;3 : / < 2 (7BC/B7=</: %@3D3<B7=< (=17/: +/:C3A /<2 (=17/: +73E
>=7<BA 7< +=< 7@A1 6 3B /:
( 6 / E :744=@2 ' )63 /19@=::3@ 671/5= *<7D3@A7BG =4 6 7 1 / 5 =
%@3AA
( 6 / E :744=@2 ' @=B63@A 7< @7;3 671/5= *<7D3@A7BG =4 6 7 1 / 5 =
%@3AA
( 6 / E :744=@2 ' / < 2 " 1 / G CD3<7:3 3:7<?C3<1G /<2 *@0/<
@3/A 671/5= 6 7 1 / 5 = *<7D3@A7BG %@3AA
( 6 / E :744=@2 ' / < 2 " 1 / G CD3<7:3 3:7<?C3<1G /<2 *@0/<
@3/A @3D7A32 3 2 < 671/5= 6 7 1 / 5 = *<7D3@A7BG %@3AA
( ; 7 B 6 6 / < 5 7 < 5 (7BC/B7=<A / < 2 6 / < 5 7 < 5 %3=>:3 7< +=<
7 @ A 1 6 3B /:
( ; 7 B 6 ( C A / < @7;3 (>/13 /<2 (=173BG / ; 0 @ 7 2 5 3 / ; 0 @ 7 2 5 3
*<7D3@A7BG %@3AA
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>
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# 3 E .=@9 B6/1/ %@3AA
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)/G:=@ /< @ 7 ; 3 <F73BG /<2 !=1/:7BG ' 3 A > = < 2 7 < 5 B = B63 = <
27B7=< =4 < 5 : / < 2 /B B63 < 2 =4 B63 3 D=:
>
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/ ; 0 @ 7 2 5 3 %=:7BG %@3AA
)=07/A @7;3 /<2 <2CAB@7/: (=173BG 7< B63 #7<3B33<B6 3<BC@G
% 3 < 5 C 7 < / @ ; = < 2 A E = @ B 6
)=::3G ( /<2 )@353/5:3 ( 67:2@3<A /;7:G 3<B@3A <B35@/B32
(C>>=@B (3@D713A B= %@3D3 6
+=72 3 = @ 5 3 / < 2 3 @ < / @ 2 ) 6 = ; / A )63=@3B71/: @7;7<=:=5G
$ F 4 = @ 2 $ F 4 = @ 2 *<7D3@A7BG %@3AA
+=< 7 @ A 1 6 ) 6 3 B671A =4%C0:71 )3:3D7A7=< (C@D37::/<13 7< +=<
7 @ A 1 6 3B /:
+=< 7 @ A 1 6 / @ : / < 2 / < 2 ,/93473:2 32A B671/: /<2
(=17/: %3@A>31B7D3A =< (7BC/B7=</: @7;3 %@3D3<B7=< $F4=@2 /<2 % = @ B : / < 2
$ @ 3 5 = < / @ B %C0:7A67<5
+=< 7 @ A 1 6 / < 2 (63/@7<5 F 1 : C A 7 = < 4 @ = ; >C0:71 A>/13 7<
+=< 7 @ A 1 6 3B /:
,/93473:2 (7BC/B7=</: @ 7 ; 3 % @ 3 D 3 
3@BG 7< +=< 7 @ A 1 6 3B /:
,3::A ;>:=G;3=@B D=: # =
219
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26;2:.;;
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(=?6;42?+2?9.4
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.?9<D %?2;A602 .99
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9<@21 6?0B6A )292C6@6<; .;1 A52 %<9606;4 <3 %B/960 (=.02 803, (=
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J 24.; %.B9
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7< !/B3 "=23@<7BG !<;1<; (.42
220
215
% ) ' ),!+
<=;73 (B@/7< /<2 CD3<7:3 (C01C:BC@3
# $ " # '"#!)-
6/;03@A AB 3<BC@G 71B7=</@G 2347<3A /<=;73 /A / :/19 =4 @35/@2 4=@
B63 53<3@/::G /113>B32 A=17/: =@ ;=@/: AB/<2/@2A 37B63@ 7< /< 7<27D72C/: =@ 7<
/ A=17/: 5@=C> B63 AB/B3 =@ 1=<27B7=< =46/D7<5 <= @35/@2 4=@ B63 53<3@/::G
/113>B32 A=17/: =@ ;=@/: AB/<2/@2A < 1@7;7<=:=571/: B3@;A 7B 7A <=@;/::G
CA32 B= 23>71B / AB/B3 =4 :/E:3AA<3AA =@ <=@;:3AA<3AA
B ? 8 5 2 6 :
< 1 = ; ; = < E7B6 B63 =B63@ />>@=/163A CA32 7< B67A 16/>B3@ B63 1=<13>B =4
/<=;73 6/A / :=<5 67AB=@G ) 6 3 B3@; E/A47@ABCA32 7< B63 <7<3B33<B6 13<BC@G /A
/< 3F>:/</B7=< =4 6 C ; / < 036/D7=C@ 0G B63 @3<16 A=17=:=57AB /<2 1@7;7<=:
=57AB ;7:3 C@9637; A33 B63 /<2 327B7=<A =467A E=@9A "C16 =4
67A B63=@G 7A 23@7D32 4@=; 67A E=@9 =< AC71723 @/B63@ B6/< =< 53<3@/:
1@7;7</:7BG 0 C B 67A >C0:7A632 723/A 6/D3 6/2 / :/AB7<5 34431B C>=< 1@7;7<=:=57
1/: E@7B7<5 C@9637; 23A1@703A 6=E A=173B73A 0357< 7< A7;>:3 4=@;A =4
7<B3@/1B7=< /<2 /@3 63:2 B=53B63@0G A=:72/@7BG/<2 :793<3AA3A < AC16 A=173B73A
B63 ;3;03@A 6/D3 A7;7:/@ /7;A /<2 @=:3A )63A3 53<3@/::G 6=;=53<3=CA
A=173B73A 63 1/::32 ;316/<71/: ) 6 3 5@=EB6 =4A=173B73A B=53B63@ E7B6 B316<71/:
/<2 31=<=;71 /2D/<13A ;/93 B63 7<B3@@3:/B7=<A67>A ;=@3 1=;>:71/B32 /<2
27D3@A3 , 6 3 < B67A 6/>>3<A B63 4C<1B7=<A /<2 >=A7B7=<A =4 7<27D72C/:A 7<
A=173B73A E7:: D/@G /<2 3/16 >3@A=<A E=@9 031=;3A ;=@3 A>317/:7A32 " 3 ;
03@A =4 A=173BG /:A= 031=;3 ;=@3 7<B3@23>3<23>7<3AA 4=@ 7<27D72C/:A 031/CA3 B63G E=C:2
03 @3:3/A32 B= 3<8=G 5==2A >@=2C132 0G =B63@A )67A B@/<A4=@;/B7=< 7< ;=AB
A=173B73A7A / 5@/2C/: =11C@@3<13 :3/27<5 B= / 63/:B6G A=173BG #= =<3 A=173BG 7A
E6=::G ;316/<71/: =@E6=::G=@5/<71 < 3D3< B63 ;=AB >@7;7B7D3 A=173B73A B63@3
7A A=;3 27D7A7=< =4:/0=C@ /<2 7< B63 ;=AB 1=;>:3F B63@3 7A A=;3 C<74=@;7BG
D3@G A=173BG B63@34=@3 3F6707BA 3:3;3<BA 4@=; 3/16 =467A 1/B35=@73A
221
216
<=;73 (B@/7< /<2 CD3<7:3 (C01C:BC@3
< 0=B6 BG>3A =4 A=173BG :/E >:/GA /< 7 ; > = @ B / /@BA =4 B63
A=173BG /<2 3<AC@3 B6/B B63G 1=3F7AB E7B6=CB >@=0:3;A %/@B:G 2 C 3 B= B63
27443@3:/GA / 27443@3/@B
C @ 9 6 3 7 ; @31=5<7A32 B6/B B63@3 E/A 1@7;7</:7BG 7< /:: A=173B73A 3 A/E
1@7;3 /A / <=@;/: =11C@@3<13 /<2 A/72 B6/B 7B 7A 7;>=AA70:3 B= 6/D3 / A=173BG
B=B/::G 23D=72 =4 1@7;3 :: A=173B73A 53<3@/B3 A = ; 3 @C:3A / < 2 >@=D723
A/<1B7=<A 7< 1/A3 B63A3 /@3 0@=93< )67A E=C:2 1:3/@:G <=B 03 <313AA/@G C<:3AA
B63 /1B7D7B73A A= >@=6707B32 E3@3 </BC@/: /<2 :793:G B= =11C@ ) 6 3 @ 3 4 = @ 3
1@7;3 7A / <313AA/@G 43/BC@3 =4 3D3@G A=173BG / < 2 >@=D7232 7B 2=3A < = B 3F1332
13@B/7< :3D3:A B63 A=173BG 7A 63/:B6G C @ 9 6 3 7 ; /@5C3A B6/B 1@7;3 =@757</B3A
7< A=173BG /<2 7A / 4 C < 2 / ; 3 71932 C> 0G B63 # 3 E @7;7<=:=57ABA /<2 E7:: 03 27A1CAA32 7< 6 / > B 3 @ A
= C @ B 3 3 < /<2 74B33< 3 1:/7;32 B6/B B63 03AB 3F/;>:3A =463/:B6G :3D3:A =4
1@7;7</:7BG E3@3 B= 03 4 = C < 2 7< A7;>:3 ;316/<71/: A=173B73A
< C<63/:B6G :3D3: =4 1@7;7</:7BG 7A ;=@3 :793:G B= /@7A3 7< /< =@5/<71
A=173BG /<2 B= 03 B63 @3AC:B =4 B63 :/E 037<5 7 < / 2 3 ? C / B 3 B= @35C:/B3 B63
7<B3@/1B7=<A =4 B63 D/@7=CA >/@BA =4 B6/B A=173BG ) 6 3 7<1=;>:3B3 7<B35@/B7=<
57D3A @7A3 B= /<=;73 =<3 =4 B63 @3AC:BA =4 E6716 7A 3F13AA7D3 =@ C<63/:B6G
:3D3:A =41@7;7</:7BG 3 CA32 / < C ; 0 3 @ =4 3F/;>:3A ;=AB =4E6716 /@7A3 4 @ = ;
/< C<0/:/<132 27D7A7=< =4 :/0=C@ ) 6 3 A 3 1/< :/@53:G 03 47BB32 7<B= B6@33
1/B35=@73A ) 6 3 47@AB E/A / 1=;07</B7=< =4 47</<17/: 1@7A7A /<2 7<2CAB@7/:
1=<4:71B ) 6 3 A31=<2 E/A @7572 /<2 C<</BC@/: 1:/AA 27D7A7=<A AC16 B6/B B63
=>>@3AA32 ;/G @303: ) 6 3 B67@2 /<2 47</: A7BC/B7=< 63 ;3<B7=<A 7A E63@3 B63@3
7A /< /0<=@;/: 27D7A7=< =4 :/0=C@ AC16 B6/B E=@93@A 0 3 1 = ; 3 /:73</B32 4@=;
B637@ 8=0A /<2 0 3 1 = ; 3 27A7<B3@3AB32 7< B63;
< 3/16 =4 B63A3 B6@33 3F/;>:3A 034=@3 / < = ; 7 3 1/< 03 A/72 B= 3F7AB B63
; / 8 = @ 4/1B=@ E6716 <332A B= 03 >@3A3@3AA7=< /A 3F>3@73<132 7< B63 A =@ 7B ;/G /@7A3 4 @ = ; / B7;3
=4 C<@3/:7AB71 /<2 >@31/@7=CA >@=A>3@7BG =@ 4 @ = ; /< =D3@:G 4/AB 7<2CAB@7/:
5@=EB6 =@ :/B3@ E@7B3@A / < = ; 7 3 1=C:2 3F7AB E7B6=CB B63 >@7=@ <332 4=@ AC16
/< C>63/D/: CB 4=@ C @ 9 6 3 7 ; C>63/D/:A E3@3 <313AA/@G =@ 67; /<=;73
E/A B63 @3AC:B =4 / :/19 =4 A=173B/: <=@;A =@ @35C:/B7=<A =D3@ >3=>:3A 23A7@3A
/<2 /A>7@/B7=<A # = :7D7<5 037<5 1/< 03 6/>>G =@ 3D3< 3F7AB C<:3AA 67A <332A
/@3 AC447173<B:G >@=>=@B7=<32 B= 67A ;3/<A (C71723 =@757</: @3>@7<B32
/B > ) 6 3 =<:G E/G 63 A/E =4 @35C:/B7<5 =@ 1=<B@=::7<5 B63
7<A/B7/0:3 23A7@3A =4 6 C ; / < A E/A 0G >C0:71 =>7<7=< =@ ;=@/:7BG > 3 @ A C / 2 7 < 5
7<27D72C/:A B6/B E6/B B63G 6/D3 7A /:: B63G ;=@/::G 23A3@D3 63/:B6G A=173BG
7A B63@34=@3 =<3 7< E6716 B63 C>>3@ /<2 :=E3@ :7;7BA =4 B63 /113>B/0:3 /<2
@3/A=</0:3 3F>31B/B7=<A =4 E=@93@A =@ ; 3 ; 0 3 @ A =4 3/16 A=17/: 1:/AA /@3
1/@34C::G 2347<32 /<2 3<4=@132 3 @31=5<7A32 B6/B B63A3 A=173B/: @C:3A /<2
< = @ ; A E=C:2 16/<53 =D3@ B7;3 /A 31=<=;71 AB/<2/@2A 16/<532 A:=E /<2
>@=5@3AA7D3 A674B E=C:2 3/A3 AC16 /28CAB;3<BA 0 C B / 0 @ C > B =@ D7=:3=E3@ /<2 E3/:B6 27ABC@0 B63 4/1B=@A =4
222
217
<=;73(B@/7</<2CD3<7:3(C01C:BC@3
1=<B@=: / < 2 > @ = 2 C 1 3 /<=;73 , 6 3 < A=173B/: < = @ ; A /@3 =D3@B6@=E< B63@3 ; / G
03 @3A7AB/<13 B= <3E :7;7B/B7=<A /<2 A= < 3 E < = @ ; A B/93 / :=<5 B7;3 B=
23D3:=> B 7A /B AC16 B7;3A B6/B AC71723 / < 2 6 = ; 7 1 7 2 3 @/B3A @7A3 !/B3@
1@7;7<=:=57ABA 6/D3 /BB@70CB32 5@=EB6 7< 1@7;3 53<3@/::G B= AC16 16/<53A A33
" 3 @ B = < 03:=E )= A C ; C> C @ 9 6 3 7 ; D73E32 / < = ; 7 3 /A / AB/B3 =4 :/E:3AA
<3AA 3F7AB7<5 /B B7;3A =4 / 0 @ C > B A=17/: 16/<53 / < 2 /4431B7<5 7< >/@B71C:/@ B63
AB/B3 =4 <=@;:3AA<3AA E6716 3F7ABA E63< B63 7<A/B7/0:3 23A7@3A =46 C ; / < A /@3
<= :=<53@ 1=<B@=::32 0G A=173BG
C @ 9 6 3 7 ; A 723/A 6/D3 B= /< 3FB33@7=2 =4 B63 @ 3 < 1 6
@3D=:CB7=< =@ 2C@7<5 B63 7<2CAB@7/: @3D=:CB7=< >3@7=2A 23>71B32 0G C @ 9 6 3 7 ;
/A 037<5 7< / AB/B3 =4 C>63/D/: / < 2 / < = ; 7 3 A33 " 1 = < / : 2 ) 6 3
27A1@3>/<1G 7< B63 475C@3A /@=A3 031/CA3 C @ 9 6 3 7 ; 0/A32 67A B63=@73A =< @/B3A
=4 AC71723 E6716 63 4 = C < 2 B= 03 7<1@3/A7<5 / < 2 / A A C ; 3 2 B6/B 1@7;3 @/B3A
E3@3 A7;7:/@:G /4431B32 =E3D3@ C @ 9 6 3 7 ; A ; / 7 < B63A7A E/A B6/B 1@7;3 7A
/AA=17/B32 E7B6 0 @ 3 / 9 2 = E < =4A=17/: < = @ ; A / < 2 @C:3A 57D7<5 @7A3 B= /< / 0 A 3 < 1 3
=4 A=17/: 1=<B@=: ) 6 3 @ 3 /@3 BE= 3:3;3<BA B= B67A B63 47@AB 7A B63 0 @ 3 / 9 2 = E <
=4@35C:/B7=<A @C:3A /<2 7<4=@;/: :7;7BA C < 2 3 @ ; 7 < 7 < 5 1=<4723<13 7< B63 A=17/:
A B @ C 1 B C @ 3 B63 A31=<2 7A B6/B B67A AB@C1BC@/: > @ = 0 : 3 ; :3/2A B= >AG16=:=571/:
433:7<5A =4 7A=:/B7=< ) 6 3 =D3@/:: 27A=@23@ /<2 27A=@5/<7A/B7=< A=17/: / < 2
>3@A=</: A674BA 036/D7=C@ 7< B63 27@31B7=< =4 1@7;3 ) 6 3 @ 3 ;/G AB7:: 03
A C 0 A B / < 1 3 7< B67A
" 2 ? A < ;
4B3@ C @ 9 6 3 7 ; B63 ;=AB 4 / ; = C A 1@7;7<=:=571/: E@7B3@ =< /<=;73 7A B63
; 3 @ 7 1 / < '=03@B " 3 @ B = < 3 2@3E =< C @ 9 6 3 7 ; A 723/A B= B@G B= 3F>:/7<
B63 1@7;3 >@=0:3; 7< B63 * < 7 B 3 2 (B/B3A =4 ;3@71/ <AB3/2 =4 13<B@7<5
> @ = 0 : 3 ; A =4 /<=;73 =< B63 7<A/B7/0:3 23A7@3A =4 6 C ; / < 037<5A 63 3F>:/7<A
B 6 3 ; /A A = ; 3 B 6 7 < 5 E6716 ;/G 3F7AB E 6 3 < 23A7@3A / < 2 <332A B6=C56 :7;7B32
AB7:: 5= 0 3 G = < 2 E6/B 1=C:2 03 A/B7A4732 7< A=17/::G /113>B/0:3 E/GA ) 6 7 A 7A D3@G
1:=A3 B= C @ 9 6 3 7 ; A 723/ =4 / < = ; 7 3 7< B6/B 7B E = C : 2 AC553AB B6/B B= > @ 3 D 3 6 3 : 2 =@
3<4=@132 @35C:/B3 B63 7<27D72C/:A 23A7@3A E63@3/A 4=@ " 3 @ B = < B63G E = C : 2
@35C:/B3 /<2 1=<B@=: B63 7<27D72C/:A E7::7<5<3AA B= CA3 C</113>B/0:3 E/GA B=
/1673D3 B6=A3 23A7@3A " 3 @ B = < B63@34=@3 /@5C3A B6/B A=173BG E7:: <=B 03 / < = ; 7 3
74 7BA ; 3 ; 0 3 @ A =<:G CA3 :357B7;/B3 ; 3 / < A =4/ 2 D / < 1 3 ; 3 0 3 B E 3 3 < 23A7@3A /<2 B63 ; 3 / < A
=4 /1673D7<5 B6=A3 23A7@3A E6716 7A 4 C < 2 / ; 3 @3AAC@32 B= AC11332 0 C B B6=A3 E6= /@3 C</0:3 =@
:3/AB :793:G B= AC11332 0G :357B7;/B3 ; 3 / < A /@3 C < 2 3 @ ;=AB AB@/7< B= CA3
7::357B7;/B3 =@ 7::35/: =>>=@BC<7B73A
C @ 9 6 3 7 ; A/72 B63 7<27D72C/:A 23A7@3A /@3 23@7D32 4 @ = ; E7B67< B63 >3@A=<
7< " 3 @ B = < A D73E B63 23A7@3A =47<27D72C/:A /@3 :/@53:G 2347<32 0G A=173BG / 1 6
1C:BC@3 / < 2 A=173BG 6/A 27443@3<B 3:3;3<BA E6716 7B 1=<A723@A E=@B6 AB@7D7<5
4=@ < ;3@71/ /<2 ; C 1 6 =4 B63 ,3AB3@< E=@:2 B67A 7A E3/:B6 / < 2 B 6 @ = C 5 6
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6;;<C.A6<; .@ :<@A 0 < : : < ; .:<;4 A52 9<D2? 09.@@ :2?60.;@ /20.B@2 A52F
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52 6;09B121 A52 C.4?.;A <? A?.:= .90<5<960@ .;1 1?B4 .1160A@ A :645A .9@<
225
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7<1:C23 @/17/: =@ @3:757=CA ;7<=@7B73A >/@B71C:/@:G 74 B63G /@3 A3D3@3:G 27A/2
D/<B/532 :: B63A3 >3=>:3 ;756B E3:: @3831B A=173BGA 5=/:A /<2 B63 ; 3 / < A =4
/1673D7<5 B63; 0 C B 433: <= 23A7@3 B= 4756B 4=@ <3E =<3A ) 6 3 7 @ 23D7/<13 7A
<35/B7D3 ) 6 3 D/5@/C0:71 <C7A/<13 =443<13A :1=6=:71A
/<2 2@C5 /2271BA ;/G 1=;;7B =443<13A E67:3 C < 2 3 @ B63 7<4:C3<13A =4 AC16
AC0AB/<13A /<2 ;756B /:A= 03 2@7D3< B= 1 = ; ; 7 B =443<13A CAC/::G >@=>3@BG
=443<13A 7< =@23@ B= =0B/7< B6=A3 AC0AB/<13A ) 6 3 ; 3 ; 0 3 @ A =4;7<=@7BG @/17/:
/<2 @3:757=CA 0/195@=C<2A ;756B /:A= A7;>:G @3B@3/B /<2 0 3 1 = ; 3 7<B@=A>31
B7D3 1=;;7BB7<5 <= 1@7;3 7< A= 2=7<5 0 C B < = B @3/::G 1=<B@70CB7<5 B= A=173BG
) 6 7 A 036/D7=C@ ;756B 03 D73E32 /A C<A=17/0:3 0 C B 1:3/@:G 1 / < < = B 03 1=<A723@
32 23D7/<B 7< / 1@7;7</: A3<A3
" 3 @ B = < B63< 7<1:C23A @303::7=< /A B63 :/AB =4 B63 @3/1B7=<A@3AC:B7<5 7<
/<=;73 < B67A 1/B35=@G /5/7< 0=B6 5=/:A / < 2 ; 3 / < A =4 /1673D7<5 B 6 3 ; /@3
@3831B32 0 CB @303::7=< /:A= 7<1:C23A / 23A7@3 B= AC0AB7BCB3 <3E 5=/:A 7< >:/13
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23D7/<13 6/A / >=A7B7D3 3<2 E6716 7A = 4 B 3 < > C @ A C 3 2 0G <35/B7D3 ;3/<A < B67A
1/B35=@G /@3 B63 AB@33B 5/<5 ;3;03@A B63 B3@@=@7AB /<2L=@ 4@332=; 4756B3@
) 6 3 @303::7=CA @3/1B7=< =4B3< 7<D=:D3A 23AB@C1B7D3 1@7;3A AC16 /A E7:4C:
2/;/53 B= >@=>3@BG /<2 1@7;3A =4 >C0:71 27A=@23@ B ; / G 3D3< 7<1:C23
; C @ 2 3 @ B3@@=@7AB =443<13A /<2 /<G 1@7;3 23A75<32 B= /BB/19 B63 0/A7A =4 B63
1C:BC@3
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3F1:CA7D3 %3=>:3 ;/G @3/1B 27443@3<B:G /B 27443@363@3A =4 B637@ :7D3A AC16 /A /B E=@9 =@ E7B67< B63 4/;7:G =@ >33@
5@=C> =@ 3F/;>:3 / >3@A=@7D/B3 B6/B A/;3 7<27D72C/: ;/G CA3 2@C5A 47BB7<5 7<B= /
@3B@3/B7AB /<2 <313AA/@7:G 1@7;7</: @3A>=<A3 / < 2 7< B63 >C0:71 A>63@3 63 =@
A63 ;/G 4756B 4=@ / >=:7B71/: 723/: 27443@3@3A3<B:G 3F7AB7<5 /<2
7<D=:D7<5 / @303::7=CA @3A>=<A3 E6716 ; / G =@ ; / G < = B 7<1:C23 1@7;7</:7BG
2 3 > 3 < 2 7 < 5 =< B63 036/D7=C@ 16=A3< B= 3F>@3AA B67A >=:7B71/: 723/:
" 3 @ B = < AB/B32 B6/B 67A B63=@G =4 / < = ; 7 3 =@ AB@/7< B63=@G /A 7B 7A
A=;3B7;3A 1/::32 7A =<:G 7<B3<232 B= 3F>:/7< 13@B/7< BG>3A =4 1@7;7</:7BG
>/@B71C:/@:G AB@33B 1@7;7</:7BG )67A B= /< 3FB3:/7<A E6G 63 13<B@3A =<
1@7;3A 1 = ; ; 7 B B 3 2 0G B63 :=E3@ 1:/AA3A / < 2 1@7;3A E6716 ;/G 3F6707B / :/19
=4 =>>=@BC<7BG
" = @ 3 4 C < 2 / ; 3 3@A=</: E3/:B6 /<2 /1673D3;331B / :=B 0 C B B63 A=173B/:
AB@C1BC@3A <313AA/@G B= 23:7D3@ 7B 2= < = B 3F7AB '313<B:G / :/@53 >/@B =4 B67A
B63A7A 6/A 033< 57D3< @3<3E32 /BB3<B7=< 7< B63 E=@9 =4 " 3 A A < 3 @ / < 2
'=A3<43:2 E6= /@5C3 B6/B 1@7;3 7< ;3@71/ @3AC:BA 4@=; B63 1C:BC@3
=4 >@7=@7B7A7<5 E3/:B6 E6716 7A 63/D7:G A C > > = @ B 3 2 0G (B/B3 7<AB7BCB7=<A E6716
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0G " 3 @ B = < 0 C B B63 AB@C1BC@/: /</:GA7A 7A @/B63@ 27443@3<B = @ "3AA<3@ /<2
'=A3<43:2 B63 (B/B3 AB@C1BC@3 /<2 A=17/: 7<AB7BCB7=<A 4/;7:G 63/:B6 / < 2
226
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<=;73(B@/7</<2CD3<7:3(C01C:BC@3
3 2 C 1 / B 7 = < /@3 23A75<32 B= 57D3 AB@3<5B6 B= B63 3 1 = < = ; G ) 6 3 ; 3 @ 7 1 / <
>3=>:3 /@3 A=17/:7A32 B= 0 / 1 9 B63A3 AB@C1BC@3A /A A C > > = @ B A 4=@ B63 3 1 = < = ; G I
A= 32C1/B7=< 7A < = B >@7H32 /A /< 3<2 7< 7BA3:4 4=@ :3/@<7<5 =@ >3@A=</:
2 3 D 3 : = > ; 3 /72 3 ; > : = G ; 3 >=@B B 6 3 4@33
; / @ 9 3 B ) 6 7 A 3 < 1 = C @ / 5 3 A >3=>:3 B= CA3 B63 ; = A B 3447173 > = @ B C < 7 B 7 3 A =443@32 7< B63 ; / @ 9 3 B
3 1 = < = ; G /@3 /113>B32 0G ;=AB /A B63 />>@=D32 / < 2 :35/: E/G =4 /1673D7<5
B67A 0 C B 4=@ A=;3 B63 ; = A B 3447173<B ; 3 / < A ; / G 03 1@7;7</: ) 6 3 @ 3 7A / E723
@/<53 =4 1@7;7</: /1B7D7B73A 4 @ = ; 1 @ C 2 3 AB@33B 1@7;3 AC16 /A @=003@G =4B3<
/ @ ; 3 2 @=003@G B= ; = @ 3 7<<=D/B7D3 4 = @ ; A AC16 /A 7<A723@ 23/:7<5 B= 2 3 4 @ / C 2
B63 AB=19 ;/@93B " 3 A A < 3 @ / < 2 '=A3<43:2 /@5C3 B 6 / B = B 6 3 @ A=173B73A E 6 7 1 6 /@3
:3AA 4=1CA32 =< >C@3:G ; = < 3 B / @ G D/:C3A AC443@ :3AA 1@7;3 = E 3 D 3 @ @7B/7< 7<
B63 A /<2 A 6 / A 0 3 3 < ; = D 7 < 5 B = E / @ 2 A / A7;7:/@ >@7=@7BG 4=@ ; / @ 9 3 B
D/:C3A 74 B637@ B63=@G 7A 1=@@31B 7B 2=3A < = B 0 = 2 3 E3:: 4=@ @7B7A6 1 @ 7 ; 3 @/B3A
7< B63 <3/@ 4CBC@3
) 6 3 >=:71G 7;>:71/B7=<A =4B63A3 / > > @ = / 1 6 3 A /@3 :/@53:G =CBA723 B63 >C@D73E
=4 B63 1@7;7</: 8CAB713 AGAB3; ) 6 3 G @3?C7@3 E723@ >=:7B71/: =0831B7D3A I B=
>@=D723 5@3/B3@ 3 2 C 1 / B 7 = < / : / < 2 8=0 B@/7<7<5 =>>=@BC<7B73A B= 0C7:2 C> B63
>=AA707:7B73A 4=@ > 3 = > : 3 B= = 0 B / 7 < 8=0A E7B6 5==2 E/53A / < 2 @3/A=</0:3 6 = C @ A
B= 3<1=C@/53 1C:BC@/: 723/:A E6716 4=1CA =< 1 = ; ; C < 7 B G / < 2 @3A>31B 4=@
6 C ; / < 7 B G /<2 B= 3 < A C @ 3 B6/B ; = @ 3 E3756B 7A 57D3< B= B63 =0:75/B7=<A =4
17B7H3<A67> A= 4/@ /A B67A 7<D=:D3A @3A>31B 4=@ =B63@A I 037<5 1=<A723@32
/:=<5A723 7<27D72C/: 4 @ 3 3 2 = ; / < 2 @756BA
B ? 8 5 2 6 : . ; 1 " 2 ? A < ; . 0 < : = . ? 6 @ < ;

C @ 9 6 3 7 ; /<2 " 3 @ B = < 272 < = B A33 B67<5A 7< 3<B7@3:G B63 A/;3 :756B ) 6 3
4 = @ ; 3 @ >:/13A 63/DG 3 ; > 6 / A 7 A C > = < / 1=<27B7=< =4 < = @ ; : 3 A A < 3 A A /@7A7<5 = C B
=4 / 0 @ C > B 16/<53 B63 :/BB3@ A33A / < = ; 7 3 /A /< 3 < 2 3 ; 7 1 1 = < 2 7 B 7 = < " 3 @ B = <
A/GA B67A 1/< 3F7AB /B /<G B7;3 7< /<G A=173BG /A :=<5 /A B63 4/1B=@A ; 3 / @ B 3D3< / :/@53 > / @ B =4
7B 7A / < = ; 7 3
C @ 9 6 3 7 ; /<2 " 3 @ B = < 3/16 2 = 1 C ; 3 < B / A:756B:G 27443@3<B 723/ =4 / < = ; 7 3
) 6 3 @ 3 /@3 BE= ;/7< 27443@3<13A ) 6 347@AB7A B63 ; = @ 3 4 C < 2 / ; 3 < B / : C @ 9 6 3 7 ;
AB/B3A B6/B B63 23A7@3A =4 7<27D72C/:A /@3 </BC@/: / < 2 47F32 B63 :3D3: =41@7;7</:
036/D7=C@ /<2 =4/ < = ; 7 3 7A 2 3 1 7 2 3 2 0G B63 3447173<1G E7B6 E6716 B63A3 23A7@3A
/@3 @3AB@/7<32 /<2 B6/B B63G /@3 ;=AB :793:G B= 1 @ C ; 0 : 3 /<2 53<3@/B3 1@7;3
7< >3@7=2A =4@/>72 16/<53 " 3 @ B = < =< B63 =B63@ 6 / < 2 A/GA B6/B A=173BG < = B
B63 7<27D72C/: A3BA B63 23A7@3A / < 2 5=/:A /<2 B6/B A / ; 3 A=173BG /:A= A3BA B63
/113>B/0:3 ;3/<A =4 /1673D7<5 B63 3<2A 4 @3E/@2A /@3 =<:G 0 3 A B = E 3 2 4=@
= 0 B / 7 < 7 < 5 B63 3<2A B63 @3AB@/7<7<5 ; 3 / < A 0 3 1 = ; 3 E 3 / 9 3 < 3 2 3 < 1 = C @ / 5 7 < 5 B63
CA3 =4 C</113>B/0:3 / < 2 7::35/: ; 3 / < A
) 6 3 A31=<2 / < 2 ; = @ 3 >@/1B71/: 27443@3<13 7A B6/B C @ 9 6 3 7 ; B/:9A / 0 = C B /
E6=:3 A=173BG 037<5 / < = ; 7 3 " 3 @ B = < E=C:2 1=<A723@ B6/B B63 1 = < 2 7 B 7 = < =<:G
/4431BA 13@B/7< >/@BA =4B63 A=173BG 73 B6=A3 >/@BA E6716 />>3/@ 7< B63 =44717/:
1@7;3 AB/B7AB71A /<2 53<3@/::G A>3/97<5 B6=A3 >/@BA /@3 2 @ / E < 4 @ = ; B 6 3 :=E3@
1:/AA3A " 3 @ B = < 7< 34431B 4=1CA3A =< B63 /D/7:/07:7BG =4:357B7;/B3 = > > = @ B C < 7 B 7 3 A
227
222
<=;73 (B@/7< /<2 CD3<7:3 (C01C:BC@3
B= /1673D3 E3/:B6 ) 6 3 A 3 =>>=@BC<7B73A 3F7AB 4=@ B63 67563@ 1:/AA3A 0 C B < = B 4=@
B63 :=E3@ 1:/AA3A
( = ; 3 < = E @343@ B= " 3 @ B = < A B63=@G /A / AB@/7< B63=@G @/B63@ B6/< / < = ; 7 3
) 6 7 A 7A 031/CA3 =4 67A /AA3@B7=@3AAC@3
B= AC11332 3F7ABA 0 C B B63 ; 3 / < A /@3 /0A33 =4
>@3AAC@3 7A 23>71B32 /5/7< 7< AC01C:BC@/: B63=@73A A33 B 1/< 03 A33< /A
A7;7:/@ B= =@ 1:=A3:G @3:/B32 B= 723/A =4 @3:/B7D3 23>@7D/B7=< A33
" = A B @313<B:G / < = ; 7 3 6/A 0 3 3 < C A 3 2 /A /< 3F>:/</B7=< 4=@ B63 7<1@3/A3 7<
1@7;3 2C@7<5 B7;3A =4 C < 3 ; > : = G ; 3 =AA707:7BG 4C:47:A C @ 9 6 3 7 ; A < 3 3 2 4=@ / ; / 8 = @ C>63/D/: 034=@3 / < = ; 7 3
1/< 3F7AB BA 34431BA /@3 @37<4=@132 74 B63 ;=@/: < = @ ; A > @ = ; = B 7 < 5 / 1 1 3 > B / < 1 3
=4B63 @C:3A =4A=173BG />>3/@ B= 03 ;7AA7<5 ( = ; 3 A33 B67A /0A3<13 7< B63 E/G
B63 ;/AA ; 3 2 7 / >/@B71C:/@:G )+ 1 6 C @ < = C B B63 723/: =4 / ;/B3@7/:7AB71
3F7AB3<13 /A B63 < = @ ; B= E6716 /:: @756BB67<97<5 ; 3 ; 0 3 @ A =4 A=173BG A6=C:2
/A>7@3 3D3< B 6 = C 5 6 43E E7:: 3D3@ /1673D3 A C 1 6 / 47</<17/: <7@D/ > = @ B C < 7 B G AB@C1BC@3A 3 /@5C3A B6/B
3D3< 7< / @313AA7=< >3=>:3 /@3 B=:2 B 6 / B B63@3 /@3 =>>=@BC<7B73A /<2 B6/B B63G
/@3 4/7@:G / 2 ; 7 < 7 A B 3 @ 3 2 ) 6 3 A 3 ;3AA/53A 1:/A6 E7B6 B63 3F>3@73<13 =4 ; / < G
3A>317/::G B63 C < 3 ; > : = G 3 2 E 6 = 6/D3 :7BB:3 @3/:7AB71 16/<13 =4 /1673D7<5
47</<17/: =@ =11C>/B7=</: AC113AA " / < G E7:: / 1 1 3 > B B637@ :=B =@ A7;>:G 57D3
C> /<G 2 @ 3 / ; A =4 /BB/7<7<5 ; = @ 3 B 6 / < B63G /:@3/2G 6/D3 0 C B B63@3 E7:: 03
=B63@A E6= 0 3 1 = ; 3 AC447173<B:G 27A7::CA7=<32 / < 2 4 @ C A B @ / B 3 2 4=@ 1@7;7</:7BG B=
>@=D723 0 = B 6 / @3:3/A3 /<2 /< / 1 6 7 3 D 3 ; 3 317/::G :793:G 74 B63G
D73E B637@ 4/7:C@3 /A / 4/C:B =4B63 C<4/7@ = > 3 @ / B 7 = < =4 B63 AGAB3; @/B63@ B6/<
/ @34:31B7=< =4 B637@ = E < /07:7BG : B 6 = C 5 6 " 3 @ B = < A/E B67A > 6 3 < = ; 3 < = < /A
1 = < 4 7 < 3 2 B= B63 :=E3@ 1:/AA3A B63@3 7A <= 1=;>3::7<5 @3/A=< E6G B67A A6=C:2
03 B63 1/A3 (33 4=@ 3F/;>:3 B63 27A1CAA7=< =4 1 = @ > = @ / B 3 1@7;3 7< @3:/B7=< B=
B67A B63=@G 7< 6 / > B 3 @ ) 6 @ 3 3 / 1 6 1 = @ > = @ / B 3 0 = 2 G 6/A / 5=/: CAC/::G
47</<17/: B= /1673D3 73 6756 /<2 3D3@7<1@3/A7<5 >@=47B < B7;3A =4
@313AA7=< 7B 7A ; = @ 3 274471C:B B= /1673D3 B63A3 5=/:A /<2 B63 >@3AAC@3 B= CA3
C < / 1 1 3 > B / 0 : 3 / < 2 1@7;7</: ; 3 / < A 7 A ; C 1 6 AB@=<53@ ) 6 3 ; = @ 3 B63 1 = ; > / < G
B63 47@; =@ 7BA 3F31CB7D3A /@3 >@3AAC@7A32 0G B63 @313AA7=< B63 ; = @ 3 1 = ; > 3 : :
7<5 B63 B 3 ; > B / B 7 = < B= =443<2 0G AC16 B67<5A /A B/F 3D/A7=< +) 4 @ / C 2 /<2
1=AB1CBB7<5 7< @3:/B7=< B= 63/:B6 / < 2 A/43BG A33 =F
'313<B:G B 6 3 ; 3 A A C 1 6 /A B6=A3 4 = C < 2 7< / < = ; 7 3 6/D3 033< />>3/@7<5 7 B 3 @ (7FB33< / < 2 7< :7<9A 0 3 B E 3 3 < 1@7;3
/ < 2 ; = 2 3 @ < 7 A / B 7 = < = @ / 4C:: 27A1CAA7=< =4 B63A3 A33 = E < 3 A /<2 '=19
0 C B B63 1=@3 7A B6/B B63@3 7A / > @ = 0 : 3 ; E7B6 B63 7<B3@>:/G 0 3 B E 3 3 <
17D7:7A/B7=< / < 2 ; = 2 3 @ < 7 B G ) 6 3 / A A C ; > B 7 = < 7A B 6 / B /A 17D7:7A/B7=< 23D3:=>A B63
3FB3@</: 1=<B@=:A =< > 3 = > : 3 A /1B7=<A 0 3 1 = ; 3 ; = @ 3 A=>67AB71/B32 /<2 27D3@A3
:=<5A723 B67A >3=>:3 23D3:=> 7<B3@</: >AG16=:=571/: 1=<B@=:A =@ 7<6707B7=<A
B= B/93 7<B= / 1 1 = C : 3 F A B / < 2 / @ 2 A =4 /113>B/0:3 036/D7=C@
%3@A=</: 1 = < 2 C 1 B /A 7B /4431BA =B63@A 7A B 6 C A > @ 3 A C ; 3 2 B= 6/D3 53<3@/::G
228
223
<=;73(B@/7</<2CD3<7:3(C01C:BC@3
7;>@=D32 /A 17D7:7A/B7=< >@=5@3AA3A ) 6 7 A AC>>=A32:G 7A A33< 7< / 53<3@/:

@32C1B7=< 7< D7=:3<13 0 3 B E 3 3 < / 0 = C B B63 :/B3 ;3273D/: >3@7=2 /<2 B63
;72BE3<B73B6 13<BC@G B 7A B63< /AA3@B32 B6/B C<4=@BC</B3:G B6/B B@3<2 6/A
@35@3AA32 A7<13 B63 ; 7 2 2 : 3 =4 B67A 13<BC@G /A 3F3;>:74732 0=B6 7< E/@A /<2
AC16 0@CB/:7BG /A 3F>3@73<132 7< 3 @ ; / < G 7< B63 A =@ 7< B63 4=@;3@
.C5=A:/D7/ 7< B63 A / < 2 A 23/A =4 ;=23@<7BG =< B63 =B63@ 6 / < 2
13<B@3 =< 27A@C>B7=< 1 / C A 3 2 0G 7<2CAB@G A=17/: C>63/D/:A /<2 31=<=;71
C>63/D/:A B= 3F>:/7< 6 = E 1=<B@=:A 0 = B 6 7<B3@</: /<2 3FB3@</: 23A75<32 B=
>@3D3317/::G >@=>3@BG 1@7;3A 7< ;=@3 ; = 2 3 @ < 1C:BC@3A =B6 B63
/ A A C ; > B 7 = < A / < 2 B63 3;>7@71/: 0/A7A 4=@ B63A3 AE33>7<5 /AA3@B7=<A /@3 ?C3A
B7=</0:3 B63G /@3 >@3A3<B32 63@3 /A =<3 =4 B63 E/GA 7< E6716 /<=;73 ;756B
03 CA32 0G >@3A3:/7< 1@7;3 B@3<2A
< = ; 7 3 6 = E 3 D 3 @ 2 3 4 7 < 3 2 63:>A B= 3F>:/7< E6G A=;3 >3=>:3 ;/G 03
;=B7D/B32 B= 1 = ; ; 7 B / 1@7;3 ) 6 3 B63=@G =4 /<=;73 B63@34=@3 1/< 03 /<=B63@
CA34C: B==: =4 3F>:/</B7=< / < 2 >@3271B7=< 4=@ B63 1@7;7<=:=57AB
( ) ' # # ' ! ) + % ' + ) $ #
< B63 >@3D7=CA 1 6 / > B 3 @ B63 @3:/B7=<A67> 03BE33< 1@7;3 /<2 0 = B 6 >=D3@BG /<2
3 1 = < = ; 7 1 7<3?C/:7BG E/A ABC2732 B A33;32 B6/B E63@3/A :/19 =4 E3/:B6 7<
7BA3:4 E/A C<:793:G B= 03 :7<932 E7B6 1@7;7</:7BG B63@3 E/A / :7<9 E7B6 B63
C < 3 ? C / : 27AB@70CB7=< =4E3/:B6 ) 6 3 >=AA707:7BG B6CA /@7A3A B6/B 7B 7A B63 433:7<5
=4 C<4/7@<3AA /@7A7<5 4 @ = ; B6/B 7<3?C/:7BG B6/B 1/CA3A 1@7;3 ) 6 3 @3:/B7D3
23>@7D/B7=< B63=@G 1=<A723@A B67A >=7@3A3=A7B7=< /A
1 = ; > / @ 7 < 5 C < 4 / D = C @ / 0 : G E7B6 =B63@A B63G 23A7@3 ;=@3 B63G =4B3< 433: B63G
23A3@D3 ;=@3 0 C B 74 B63@3 A33;A B= 03 <= :357B7;/B3 16/<13 =4 /1?C7@7<5
; = @ 3 B63G ; / G CA3 7::357B7;/B3 ; 3 / < A ) 6 C A 74@3:/B7D3 23>@7D/B7=< 7A >@3A3@3A3:/</B7=<A =4 1@7;7</:7BG < (B/19A D73E B63 >@=0:3;A 1/CA32 0G @3:/B7D3
23>@7D/B7=< 5@=E /A ; = @ 3 >3=>:3 4/:: 7<B= B63 1/B35=@G /<2 /A B63 5/>A
0 3 B E 3 3 < B63A3 >3=>:3 / < 2 =B63@A 5@=E 3 /@5C3A B6/B @3:/B7D3 23>@7D/B7=<
/:=<3 E7:: < = B 1/CA3 1@7;7</:7BG < 7<27D72C/: ;756B 4C:47: 67A 23A7@3 0G
:357B7;/B3 ; 3 / < A 7< B67A 1/A3 53<3@/::G B6@=C56 >=:7B71/: AB@C55:3 B= @31B74G
B63A3 7;0/:/<13A 4 B63@3 7A / >/@BG E6716 E7:: 4756B 4=@ @327AB@70CB7=< =4
7<1=;3 =@ / C < 7 = < E6716 E7:: 2= B63 A/;3 1@7;7</:7BG 7A :3AA :793:G B= @3AC:B
CB B6=A3 E 6 = 03:73D3 B6/B B637@ >:756B 7A <=B /22@3AA32 0G B63A3 >=:7B71/:
; 3 / < A =@ 1=<A723@ B63; 7@@3:3D/=:7B717A32 /1B =4B@G7<5 B= @32@3AA
/< C<4/7@ 7;0/:/<13 0 C B @/B63@ 7<D=:D3A / >3@A=< /1B7<5 B= B@G B= 03BB3@ 67A
>=A7B7=< =4B33<A3 =4=B63@A E 6 = ;/G E3:: 03 <= 03BB3@ =44 =@ =<:G
;/@57</::G A=
'3:/B7D3 23>@7D/B7=< /A / B63=@G =4 1@7;7</:7BG 1/@@73A E7B6 7B B63 7;>:71/B7=<
B6/B B63 > @ = 0 : 3 ; E7:: <=B 03 4C::G @32@3AA32 C<B7: B63@3 7A / @327AB@70CB7=< =4
7 < 1 = ; 3 B 6 @ = C 5 6 >=:7173A AC16 /A 4C:: 3;>:=G;3 @ = 0 : 3 ; ;756B 03
/::3D7/B32 74 43E3@ >3=>:3 43:B >=:7B71/::G ;/@57</:7A32 /<2 ; = @ 3 03:73D32 B6/B
A=;3B67<5 ;756B 03 2=<3 @ = ; B67A AB/<2>=76=:2A
2@/;/B71 @327AB@70CB7=< =4 E3/:B6 AC16 /A B6/B 3<D7A/532 7< B63 >@3D7=CA
>/@/5@/>6 E=C:2 <=B <313AA/@7:G AB=> B63 1@7;3 > @ = 0 : 3 ; < 2 3 3 2 B63 A/;3
B63=@G ;756B E3:: 03 CA32 /A /< 3F>:/</B7=< =4B63 <3E 1@7;7</:7BG < @3:/B7D3
23>@7D/B7=< B63 433:7<5 =423>@7D/B7=< ;/G /@7A3 E63< /< 7<27D72C/: 1=;>/@3A
67A A7BC/B7=< E7B6 B6/B =4 =B63@A =@ E7B6 B6/B =4 67;A3:4 /B /< 3/@:73@ B7;3
) 6 = A 3 ; / 2 3 E=@A3 =44 0G B63 @327AB@70CB7=< =4 E3/:B6 ;/G 433: C<8CAB:G
B@3/B32 /<2 03 B3;>B32 B= BC@< B= 1@7;7</:7BG 7< =@23@ B= @35/7< B637@ 4 = @ ; 3 @
>=A7B7=< ) 6 3 ;/7< 27443@3<13 7A B6/B B63 < C ; 0 3 @ 7< B67A 5 @ = C > 7A :793:G B= 03
A;/::3@ B6/< B63 < C ; 0 3 @ E 6 = 1C@@3<B:G 433: @3:/B7D3:G 23>@7D32
=F /@5C3A B6/B B63 3F>:/</B7=<A >@=D7232 0G B63=@73A =4 @3:/B7D3
23>@7D/B7=< /@3 CA34C: B= 3F>:/7< 67563@ 1@7;3 @/B3A 7< @313AA7=<A B AC16
B7;3 63 /@5C3A B63 AB@/7< B= BC@< B= 1@7;7</:7BG 7A AB@=<53@ 031/CA3 B63
>=AA707:7BG =4A3@7=CA /:B3@/B7=<A 7< E3/:B6 27AB@70CB7=< A33; B= 03 @31327<5 <
/ A=173BG E63@3 E3/:B6 /<2 >=AA3AA7=<A /@3 7 ; > = @ B / 3=>:3A 23A7@3A B63 433:7<5A =4 3<DG /<2 C<4/7@<3AA
1/< =<:G 5@=E 7< / @313AA7=< ) 6 3 @3AC:B//@B71C:/@:G AB@=<5 7<
13@B/7< 5@=C>A I B63 G=C<5 3B6<71 ;7<=@7B73A /<2 E = ; 3 < /:: =4E 6 = ; 433:
>=:7B71/::G ;/@57</:7A32 031/CA3 B63 A=:CB7=<A E6716 ;756B 03AB /22@3AA B637@
A7BC/B7=<A /@3 B63 :3/AB :793:G B= 03 AC>>=@B32 /B B63A3 B7;3A @7;7<=:=57ABA
E6= A33 B67A /A /< 7;>=@B/=A7B7=< /<2 E3/:B6 /A B63 =<:G @3/: A=:CB7=<A
B= B63 1@7;3 >@=0:3;
C@@73 /<2 6/A <=B32 B6/B B63 @3AC:B =4 B63 ;/@93B
31=<=;G 6/A 033< 23>@7D/B7=< / E723<7<5 =4 B63 5/> 03BE33< B63 @716 /<2
B63 >==@ ) 6 3 A 3 B@3<2A 7< B63 A /<2 A E3@3 / 1 1 = ; > / < 7 3 2 0G /
E7B62@/E/: =4 >C0:71 AC>>=@B 47</<17/: /<2 A=17/: /<2 /< C < 2 3 @ ; 7 < 7 < 5 =4
:3AA 4=@;/: A C > > = @ B ; 3 1 6 / < 7 A ; A /<2 1=<B@=: AB@C1BC@3A AC16 /A 4/;7:G /<2
1=;;C<7BG 3 1:/7;A B6/B B63 23>@7D/B7=<A 3F/13@0/B32 0G B63 1 = < A C ; 3 @
7A; A= 13<B@/: B= / ;/@93B 3 1 = < = ; G 6/D3 4=AB3@32 1@7;3 )= 1 = C @=0:3;A 63 /@5C3A 4=@ / ;=D3 B=E/@2A
4C:: 3;>:=G;3/<27<5 3;>:=G;3C0:71 / < 2 <=<>@=47B ;/97<5

A31B=@A =4 B63 3 1 = < = ; G /<2 23D3:=>7<5 >=:7173A 4=@ E=@9A6/@7<5 /<2
@32C1B7=< =4 E=@9 B7;3 C@@73 /B >
)67A 7A 3F>31B32 0=B6 B= >@=D723 ;=@3 >3=>:3 E7B6 E=@9 /<2 /< 7<1=;3 /<2
/:A= B= 47</<13 B63 AB/44 4=@ (B/B3 /53<173A B= A C > > = @B B63 :3AA 4 = @ B C =:7B71/: 1:7;/B3 =4 3FB3<27<5 >C0:71>@7D/B3 >/@B<3@A67>A B63 1:/7;
B6/B AC16 / > @ = 5 @ / ; ; 3 E=C:2 @32C13 AB@/7< /<2 E7B6 7B 1@7;3 7A C<:793:G B=
03 B3AB32
"=AB =4 B63 /0=D3 AB@/7< B63=@7ABA 13<B@32 =< 3 1 = < = ; 7 1 23>@7D/B7=< =@
@3:/B7D3 23>@7D/B7=< 0 C B =B63@ ;=@3 53<3@/: AB@/7< B63=@7ABA 6/D3 27443@3
E7B6 E 6 / B 63 B3@;A / 53<3@/: AB@/73A
=4 AB@/7<
/ (B@/7< @3AC:B7<5 4 @ = ; 4/7:C@3 B= /1673D3 >=A7B7D3:G D/:C32 5=/:A =@
5==2A E6716 1=C:2 03 A33< /A B63 ; = A B 1 = ; ; = < 4=@; =4AB@/7< B63=@G CA32
0G 1@7;7<=:=57ABA 7< B63 >/AB ) 6 7 A 63 = < 1 3 ; = @ 3 A>:7B 7<B= B6@33 ) 6 3 47@AB
A C 0 5 @ = C > /@7A3A E 6 3 < /A>7@/B7=<A /@3 < = B /1673D32 /<2 7A B63 4 = @ ; E6716
/@7A3A 7< B63 AB@/7< B63=@73A =4 " 3 @ B = < A33 / 0 = D 3 = 6 3 < A33 03:=E
/ < 2 : = E / @ 2 / < 2 $6:7< A33 03:=E ) 6 3 5=/:A 3<D7A/532 7<
B67A 4 = @ ; 6/D3 53<3@/::G 033< ;722:31:/AA /A>7@/B7=<A ) 6 3 A 3 1 = < 2 A C 0 5 @ = C >
7<1:C23A B6=A3 E 6 = 433: AB@/7< /A / @3AC:B =43F>31B/B7=<A < = B ;/B3@7/:7A7<5 7<B=
23A7@32 3 < 2 A =@ 5=/:A ) 6 3 3 F > 3 1 B / B 7 = < /@7A3A E 6 3 < >3=>:3 A33 =B63@A A7;7:/@:G
>:/132 /1673D7<5 B63 23A7@32 5=/:A /A B637@ 3F>31B/B7=< 7A 0/A32 =< / @3/:7AB71
/AA3AA;3 3 =@ /A>7@/B7=< B63 433:7<5 =4 AB@/7<
7 < 2 C 1 3 2 0G 4/7:C@3 7A /:: B63 AB@=<53@ < B63 47</: A C 0 5 @ = C > AB@/7< /@7A3A E 6 3 <
B63 = C B 1 = ; 3 A /@3 <=B A33< B= 03 0 / A 3 2 =< 8CAB 2317A7=<A ) 6 7 A BG>3 =4 AB@/7<
7<D=:D3A 1 = ; > / @ 7 A = < A E7B6 =B63@ A7;7:/@ 1/A3A / 1 6 =4B63A3 / A A C ; 3 A B6/B B63
/1B=@A /@3 > C @ A C 7 < 5 A=;3 A=@B =4 5=/: ) 6 3 47@AB A C 0 5 @ = C > 6/A 0 3 3 < ;=AB
ABC2732 0G 1@7;7<=:=57ABA /<2 G3B 5 < 3 E < = B 3 A B6/B 7B 7A B63 =B63@ BE= E6716
/@3 ;=AB :793:G B= 57D3 @7A3 B= / < 5 3 @ / < 2 4@CAB@/B7=< 5<3E 1/::A =< @3
A3/@163@A B= 7<1:C23 /:: B6@33 7< B3AB7<5 AB@/7< B63=@G
0 (B@/7< @3AC:B7<5 4 @ = ; B63 @3;=D/: =4 >=A7B7D3:G D/:C32 AB7;C:7 (B/19
/0=D3 6 / 2 1=<A723@32 B67A 0 C B E/A 7<B3@3AB32 ;/7<:G 7< ; = < 3 G /<2 3;>:=G
; 3 : = G ; 3 3 B= :=A7<5 / > 3 @ A = 3@73<13A
1 (B@/7< @3AC:B7<5 4 @ = ; <35/B7D3 AB7;C:7 (B@/7< ; / G /@7A3 E 6 3 < / > 3 @ A = <
7A 4/132 E7B6 /< C<>:3/A/AG16=:=571/: /<2 =B63@ 34431BA =4 167:2 / 0 C A 3 =@ 4/;7:G 0 @ 3 / 9 C > B6@3/BA
>6GA71/: >/7< =@ /BB/19 23B31B7=< 1@7;7</: > @ = A 3 1 C B 7 = < > C < 7 A 6 ; 3 3 =4 AB@/7< ; / G 57D3 @7A3 B= 1@7;7</:7BG B= 3A1/>3
2@7D7<5 /B A>332 2@C5 B/97<5 B= A339 @3D3<53 =@ B= AB=> B63 C < > : 3 / A / 3@73<13 5<3E 7< 3/@:73@ @3A3/@16 >@=831BA @3>=@BA B6/B 63 6/A 4 = C < 2
A = ; 3 1=@@3:/B7=< 03BE33< 1@7;3 / < 2 B67A BG>3 =4 AB@/7<
) 6 3 AC553AB7=< 7A B6/B 3/16 =4 B63A3 BG>3A =4 AB@/7< 7A :793:G B= 57D3 @7A3 B=
<35/B7D3 3 ; = B 7 = < A AC16 /A 2 7 A / > > = 7 @3AA7=< 43/@ / < 2 ; = A B 7;
>=@B/<B:G /<53@ 5<3E /AA=17/B3A 3/16 =4 B63A3 E7B6 =443<27<5 0 C B B63
@3:/B7=<A67> E7B6 /<53@ 7A B63 AB@=<53AB ) 6 3 34431BA E7:: 2 3 > 3 < 2 =< B63
; / 5 < 7 B C 2 3 =4 B63 AB@/7< =< B63 7<27D72C/: / AC0831B7D3 B3AB 6 = E @ 3 1 3 3@7=2 $4 1=C@A3 B63@3 7A < = B 6 7 < 5 4/B/:7AB71 / 0 = C B B63 @3:/B7=<A67> / < 2 5 < 3 E
@31=5<7A3A B6/B 3D3< D3@G /1CB3 433:7<5A =4AB@/7< ; / G < = B @3AC:B 7< =443<27<5
" C 1 6 E7:: 2 3 > 3 < 2 =< 1=5<7B7D3 /07:7B73A B= @ 3 / A = @ = 0 : 3 ; B 6 @ = C 5 6 / < 2
B= >:/13 7B 7< >3@A>31B7D3 B63 /D/7:/07:7BG =4:35/: 036/D7=C@/: 1=>7<5 AB@/B3573A
E6716 ; / G E=@9 =CB /<53@ /<2 3 ; = B 7 = < / : 1 = > 7 < 5 AB@/B3573A AC16 /A B 6 @ = E 7 < 5
231
226
<=;73 (B@/7< /<2 CD3<7:3 (C01C:BC@3
A52 .;42? 6;A< =<@6A6C2 B@2 /F 16446;4 A52 4.?12; <? /F 0.9:6;4 A52 2:<A6<;
D6A5 /?2.A56;4 2E2?06@2@ ) 5 2 @<06.9 2;C6?<;:2;A 0.; .9@< 529= 6; 0<=6;4 D6A5
.1C2?@6AF N6;4?.332A .9 A5<B45 ;<A @=206360.99F 0<;02?;21 D6A5 @A?.6;
A52<?F 16@0<C2?21 A5.A 4<<1 =2?3<?:.;02 .AA2;1.;02 .;1 /25.C6<B? 6;
@05<<9 :645A 529= A< =?2C2;A 1296;>B2;0F .;1 <332;16;4 2C2; 6; ;24920A21
05691?2; <? A5<@2 D5< 5.1 /22; =5F@60.99F <? @2EB.99F ./B@21
@ 0.; /2 @22; 3?<: A52 ./<C2 4;2D 6; 56@ 42;2?.9 @A?.6; A52<?F
@31=5<7A3A B6/B B63@3 /@3 ; / < G <=<1@7;7</: E/GA <312.96;4 D6A5 @A?.6; ) 5 B @
E63@3/A =3 / < 2 6 3 A < 3 G ! 7 < 2 A6=E G = C < 5 ;/:3A =4B3< CA32 >33@
5@=C>7<5A 4=@ 1@7;7</:7BG 0=B6 > @ = > 3 @ B G / < 2 D7=:37<5A =@ 5/<5A B= 0C7:2 :/@53:G
<=<1@7;7</: AB@/B3573A 4=@ 1=>7<5 E7B6 > @ = 0 : 3 ; A =4B3< AB@/7< % 3 @ 6 / > A B67A
3F>:/7<A E6G ; / < G @3A3/@163@A 6 / 2 4 = C < 2 =<:G / D3@G E3/9 :7<9 0 3 B E 3 3 < AB@/7<
/ < 2 1@7;3 B B 6 C A 0 3 1 = ; 3 A <313AA/@G B= 27A1=D3@ 6 = E 1@7;7</: 036/D7=C@
;756B 03 16=A3< 5<3E AC553ABA B 6 3 16=713 E7:: 03 7<4:C3<132 /F @B05
43/BC@3A /A B63 6:=<?A.;02 =4 B63 5=/: B= B63 7<27D72C/: .;1 A52 =?2@2;02 <?
./@2;02 <3 <A52? 6:=<?A.;A 5=/:A B63 16332?6;4 ./696A62@ <3 A52 6;16C61B.9 A<
0<=2 A5?<B45 0<4;6A6C2 <?=?</92:@<9C6;4@8699@ @<06.9 @B==<?A 0<;@A?.6;A@ A<
0?6:6;.9 .0A6C6AF @B05 .@ @<06.9 0<;A?<9 @22 5.=A2? )56?A22; 32.? <342AA6;4
0.B45A .;1 D52A52? A52 D612? @<06.9 2;C6?<;:2;A =?<C612@ <A52? <==<?AB;6
A62@ <? .3320A@ 05<602@ 6; <A52? D.F@ ( < : 2 <3 A52@2 092.?9F 12=2;1 <; A52
A2:=2?.:2;A <3 A52 6;16C61B.9 .@ D299 .@ 92.?;6;4 ./696A62@ =22? 4?<B=@ .;1
@<06.9 0<;A?<9 2 2E=9.6;@ A52@2 D6A56; . @05<<9 2;C6?<;:2;A 6; .; .?A6092 <;
A52 96;8@ /2AD22; 0?6:2 .;1 @A?.6; 6; :2?60.; @05<<9@ 4;2D
) 6 7 A 7A / 4/@ ; = @ 3 @ = C < 2 3 2 1 = < 1 3 > B =4 AB@/7< / < 2 /<AE3@A ; / < G =4 B63
> @ = 0 : 3 ; A /AA=17/B32 E7B6 3/@:73@ B63=@73A
( * * ! ) * ' ! ) $ ' ( $ * + # ! + #
< B @ = 2 C 1 B 7 = <
) 5 2 A52<?F <3.;<:62 B;1<B/A219F 5.@ 5.1 . =?<3<B;1 23320A B=<; 0?6:6;<9
<4F A56@ 02;AB?F /BA 6A@ 2E=9.;.A6<;@ .?2 :<?2 =2?A6;2;A 3<? @ < : 2 .@=20A@ <3
0?6:2 A5.; 3<? <A52?@ ) 5 2 0<;02=A <3.;<:62 :.F /2 B@23B9 .@ .; 2E=9.;.A6<;
<3 =?<=2?AF <332;02@ <? A5<@2 <332;02@ 12@64;21 A< 2;5.;02 . =2?@<;@ @<06.9
<? 20<;<:60 @A.;1.?1@ ) 5 2 @ 2 .?2 A52 0?6:2@ D5605 .6: A< A?.;@=<?A =2<=92
09<@2? A< A52 49<@@F 1?2.: A52 612.9 <3 A<1.F@ .1C2?A6@6;4 .42;062@ ) 5 2
.;<:62 A52<?F 6@ ;<A ;2.?9F @< B@23B9 .@ .; 2E=9.;.A6<; <3 A52 ;24.A6C2 .;1
1.:.46;4 <332;02@ D5605 .?2 2@=206.99F 3?2>B2;A 6; A52 <33606.99F ?20<?121
0?6:6;.96AF <3 F<B;4 =2?@<;@ D5692 A52 .==?<.052@ <3 @A?.6; .;1 ?29.A6C2
12=?6C.A6<; <;9F =.?A6.99F 3699 A56@ 4.= ) 5 6 @ @20A6<; D699 A5B@ 0<;02;A?.A2 <;
1296;>B2;0F ?.A52? A5.; 0?6:6;.96AF @22 .;1
)52?2 .?2 AD< @A?<;4 ?2.@<; 3<? 0<;02;A?.A6;4 <; 1296;>B2;0F @ 9<;4 .4<
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@A?<;4 @B==<?A A< A52 C62D A5.A A52 7BC2;692 1296;>B2;A <3 A<1.F 6@ A52
5.?12;21 .;1 =2?@6@A2;A .1B9A 0?6:6;.9 <3 A<:<??<D F A56@ 5F=<A52@6@ 63
7BC2;692 1296;>B2;0F 0<B91 /2 B;12?@A<<1 .;1 =<@@6/9F =?2C2;A21 . 9.?42
.:<B;A <3 .1B9A 0?6:6;.96AF 0<B91 /2 =?22:=A21 .;1 =?2C2;A21 )52?2 6@
232
227
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@<:2 .==.?2;A @B==<?A 3<? A56@ ;<A6<; 6; A52 0?6:6;.9 @A.A6@A60@ D5605 @5<D
. 9.?42 1?<= 6; A52 6;0612;02 <30?6:6;.96AF 3<? =2<=92 <C2? F2.?@ <3.42 6;
3.0A A52 =2.8 .42 <3 <332;12?@ 6@ .3A2? A5.A .42 A52 ;B:/2?@ /246; A<
1?<= )56@ 6@ @B==<?A21 /F A52 36;16;4@ <3. @293?2=<?A6;4 @B?C2F <3
<332;02@ 0<::6AA21 /F A5<@2 /2AD22; A52 .42@ <3 .;1 )52 4?2.A2@A
;B:/2? <3:.92 <332;02@ D2?2 /F A5<@2 /2AD22; .;1 D6A5 . =2.8 .A
<? .A 633?.B1 .;1 D<?8=9.02 A523A .?2 2E09B121 <? 32:.92@ A52 =2.8 .42
<3 <332;16;4 D.@ 9<<1%.42 2A .9
) 5 2 @20<;1 ?2.@<; 3<? A52 =?2<00B=.A6<; D6A5 7BC2;692 0?6:2 6@ @6:=9F 6A@
@0.92 )52 3.@A2@A ?6@6;4 0?6:6;.9 @A.A6@A60@ @6;02 A52 (20<;1 ,<?91 ,.? 5.C2
/22; 3<? A56@ 4?<B= D5605 ;<D .00<B;A@ 3<? <C2? <;2 A56?1 <3 .99 <33606.99F
?20<?121 0?6:2@ A 5.@ A5B@ ;.AB?.99F /22; =2?026C21 .@ .; 6;0?2.@6;4 @<06.9
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0?6:2@ D6A5 D5605 F<BA5@ .?2 :<@A <3A2; .@@<06.A21 .?2 A5<@2 <3 D.;A<;
C6<92;02 .;1 12@A?B0A6<; D52?2 . :<A6C2 6@ <3A2; 163360B9A A< 16@0<C2? )52
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5.C2 /22; =2?@<;63621 /F @B05 4?<B=@ .@ )211F <F@ 6; A52 @ :B442?@
.;1 3<<A/.99 5<<964.;@ 6; A52 @ .;1 @ A D.@ .9@< 9.?429F F<BA5@ D5<
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"<@A <3A52 96A2?.AB?2 <; A56@ A<=60 6@ :2?60.; .;1 :B05 <36A 5.@ 02;A?21
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7BC2;692 1296;>B2;0F A<<8 =9.02 6; 4.;4@ <? 4?<B=@ <? A5.A 6A D.@ 0<::6AA21
/20.B@2 <3 =?2@@B?2 3?<: =22? 4?<B=6;4@ !682D6@2 6A D.@ .@@B:21 A5.A A52
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09.@@2@ ; =.?A A52@2 .@@B:=A6<;@ .?<@2 /20.B@2 A52 D<?8 D.@ 52.C69F
12=2;12;A <; A52 <33606.9 @A.A6@A60@ D5605 6; 6A@293 92.C2@ 6A <=2; A< 0?6A606@:
) D < 2.?9F :2?60.; D<?8@ <52; 9<D.?1 .;1 $596; D2?2
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52?2 D6A5 A52 ;202@@.?F 0.BA6<;.?F 0<::2;A A5.A A52F D2?2 <;9F 6;A2?2@A21 6;
2E=9.6;6;4 02?A.6; AF=2@ <30?6:6;.96AF 9.?429F @A?22A 0?6:2@ H /?.D9@ =5F@60.9
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@6:69.? <332;02@ ) 5 2 F .?2 A5B@ 96:6A21 6; A526? 2E=9.;.A6<; <3 0?6:6;.96AF
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<? @A?.6; A52<?62@ 46C6;4 A52: . 124?22 <3C.9616AF <BA@612 =22? 0B9AB?2
< 5 2 ;
<52;@ :.7<? D<?8 3:7<?C333@ 5@=C>7<5 < =B63@ E=@2A 4=@ B63 G=CB6A 1 = < 1 3 @ < 3 2 13@B/7<
/1B7D7B73A E3@3 1=@@31B 0G B63 AB/<2/@2 =4 B63 A C 0 1 C : B C @ 3 A7;>:G 031/CA3 B63G
E3@3 E@=<5 0G B63 < = @ ; A =4B63 53<3@/: 1C:BC@3 73 B63 1C:BC@3 =4B63 ;722:3
1:/AA 3 /AAC;32 B6/B ;722:3 1:/AA D/:C3A >:/132 ; = @ 3 E3756B =< ?C/:7B73A
AC16 /A 2@7D3 /<2 /;07B7=< 7<27D72C/: @3A>=<A707:7BG >3@A=</: /1673D3;3:/<<7<5 /<2 B63 /07:7BG B= >=AB>=<3 B63 5@/B7471/B7=< =4 7 ; ; 3 2 7 / B 3
23A7@3A 4=@ B63 3F>31B/B7=< =4 4CBC@3 5/7< B63 1=<B@=: =4 /55@3AA7=< / < 2
D7=:3<13 E63B63@ D3@0/: =@ >6GA71/: 1=<AB@C1B7D3 /<2 63/:B6G CA3 =4 :37AC@3
B7;3 /<2 :/AB 0 C B 13@B/7<:G <=B :3/AB B63 @3A>31B 4=@ >@=>3@BG >/@B71C:/@:G
B6/B 03:=<57<5 B= =B63@ >3@A=<A !=E3@1:/AA D/:C3A = 4 B 3 < 1=<4:71B32 E7B6
B6=A3 =4B63 ;722:3 1:/AA /<2 7<1:C232 B=C56<3AA 3F17B3;3<B / < 2 7 ; ; 3 2 7 / B 3
5@/B7471/B7=<
= 6 3 < /@5C32 B6/B 4=@ B63 E=@97<51:/AA 0=G B63 A=17/:7A/B7==AA70:3 A=:CB7=<A B= B63 2 7 : 3 ; ; / 4/132 0G B63
E=@97<51:/AA 0=G ) 6 3 47@AB BE= 63 2@3E 4@=; , , 6 G B 3 A 1:/AA71 1/B35=@73A
=41=::353 0=G /<2 1=@<3@ 0=G A33 ,6GB3 < B63 1=::353 0=G A=:CB7=<
G=CB6A E6=::G 7<B3@</:7A3 B63 D/:C3A =4 B63 ; 7 2 2 : 3 1:/AA / < 2 1 = ; > 3 B 3 4=@
AC113AA E6=::G =< B6=A3 B3@;A I B63G ; C A B B@G B= 03/B =@ ; / B 1 6 B63 ; 7 2 2 : 3
1:/AA /B B637@ =E< 5/;3 " C 1 6 ;=@3 1 = ; ; = < E/A B63 1 = @ < 3 @ 0 = G A=:CB7=<
E6716 7<D=:D32 G=CB6A /113>B7<5 B637@ :7;7B/B7=<A / < 2 :7D7<5 E7B67< B 6 3 ;
;/97<5 B63 ;=AB =4 E6/B :357B7;/B3:G 1=;3A B637@ E/G = B 6 B63 1=::353 0=G
/<2 B63 1=@<3@ 0=G @3/1B7=<A E3@3 3AA3<B7/::G 1 = < 4 = @ ; 7 A B / < 2 /@3 A7;7:/@ B=
" 3 @ B = < A 1=<4=@;7BG @343@@32 B= /0=D3
) 6 3 >@=0:3; A=:CB7=< 7A B63 B67@2 @3A>=<A3 E6716 1@3/B3A E 6 / B = 6 3 <
23A1@7032 /A B63 23:7<?C37B=;7A3A B63 /1B7=<A =4 A = ; 3 = < 3 E 6 = 23A7@3A 0 C B 7A
23<732 AC113AA 7< B63 ;722:31:/AA A3<A3 D3< 2 C @ 7 < 5 @3/1B7=< 4 = @ ; / B 7 = < /<2
B63 <35/B7D3 036/D7=C@ > 3 @ 4 = @ ; 3 2 B= A6=E 1 = B 4=@ ;722:31:/AA D/:C3A
7B 7A 7;>:732 B6/B B63 E=@97<51:/AA 0=GA A31@3B:G AB7:: 23A7@3 B63 /::>3@D/A7D3
;722:31:/AA AC113AA D/:C3A ( C 16 A31@3B 23A7@3A ;/G :3/2 B= >AG16=:=571/:
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B63 3F7AB3<13 =4 5/<5A =@ AC01C:BC@3A E6716 A C > > = @ B / < 2 />>@=D3 =4 B63
/1B7=<A =4 B63 23:7<?C3>=@B / < 2 />>@=D/: =@ /B :3/AB E7:: < = B AC443@ B63
27A/>>@=D/: =4 B63 < = < 2 3 : 7 < ? C 3 =7@=0:3;A E7B6 = 6 3 < A / @ 5 C ; 3 < B A 0G A6=E7<5
B6/B 63 @3:73A B== 63/D7:G =< B63 723/ B6/B B63 E=@97<51:/AA 0=G 23A7@3A
;722:31:/AA AC113AA ) 6 3 G A/G B6/B B67A ; / G 03 B@C3 =4 B63 1=::353 0=G 74 63
234
229
<=;73(B@/7</<2CD3<7:3(C01C:BC@3
4/7:A 0 C B 7B 2=3A < = B />>:G B= ; = A B :=E3@ =@ E=@97<5 1:/AA 0=GA ) 6 3 G / @ 5 C 3 2
B6/B /:B6=C56 B63A3 0=GA ;756B 6/D3 2 @ 3 / ; A / < 2 /A>7@/B7=<A 4/@ 0 3 G = < 2 B637@
3F>31B/B7=<A B63G 272 < = B <313AA/@7:G 1=D3B AB/BCA 7< B3@;A =4 ;722:31:/AA
D/:C3A !793 " 3 @ B = < B63G A/E ; = A B :=E3@ =@ E=@97<51:/AA 0=GA /A 5=/:
=@73<B32 / < 2 A/E B637@ > @ = 0 : 3 ; /A / 27A1@3>/<1G 0 3 B E 3 3 < B63 /D/7:/0:3 ; 3 / < A
/ < 2 B63 23A7@32 3<2A ) 6 3 G 1/::32 B637@ B63=@G 7443@3<B7/: $ > > = @ B C < 7 B G
( B @ C 1 B C @ 3
< 4 = @ ; C : / B 7 < 5 B637@ B63=@G B63G 2 @ / E 3FB3<A7D3:G =< B63 723/A =4 " 3 @ B = <
A33 /0=D3 E 6 = /@5C32 B6/B 1@7;3 @3AC:BA 4 @ = ; 3F1:CA7=< 4 @ = ;
:357B7;/B3 ; 3 / < A =4 /1673D7<5 AC113AA / < 2 =4 ( C B 6 3 @ : / < 2 A 7443@3<B7/:
AA=17/B7=< A33 /0=D3 E 6 7 1 6 /@5C3A B6/B 1@7;7</: 0 3 6 / D 7 = C @ 7A
:3/@<32 4 @ = ; 5 @ = C > @3:/B7=<A67>A @ 7 ; 3 =11C@A 0 3 1 / C A 3 = 40:=1932 :357B7;/B3
=>>=@BC<7B73A B63 BG>3 =4 1@7;7</: 036/D7=C@ E6716 E7:: /@7A3 2 3 > 3 < 2 A =< B63
/@3/ /<2 >33@ 5@=C>7<5 =@ 5/<5 E7B6 E6716 B63 7<27D72C/: 7A 1 = < < 3 1 B 3 2
) 6 3 G /@5C3 B6/B / 2 6 3 @ 3 < 1 3 B= B63 1=<D3<B7=</: /<2 :35/: 036/D7=C@ > / B B 3 @ < A
0 3 1 = ; 3 A C<<313AA/@G E 6 3 < :357B7;/B3 ; 3 / < A /@3 A33< B= 03 C<4/7@:G />>:732
73 74B63G 433: B6/B B63 AGAB3; 6/A 1/CA32 B 6 3 ; B= 4/7: ) 6 3 A=173BG >@=43AA3A
3?C/: =>>=@BC<7B73A 4=@ /:: 0 C B B63 @3/:7BG 7A D3@G 27443@33=>:3 E7B6 B63 </BC@/: / < 2 <313AA/@G /07:7BG 4=@ B63 03AB >=A7B7=<A
/ < 2 B63 67563AB >/72 8=0A A= A3:31B7=< ; / G 03 0/A32 =< AC0831B7D3 1@7B3@7/
AC16 /A /113 > = @ B C < 7 B 7 3 A =4 AC113AA 0 3 7 < 5 C<4/7@:G
0:=1932 0G B63 1=<D3<B7=</: 7<AB7BCB7=<A 7< A=173BG AC16 /A B63 A16==: / < 2
3;>:=G3@A ) 6 3 @3AC:B/ @ 3 2 7 1 / ; 3 =AA70:G B= B/93 > / @ B 7<
1@7;7</: /1BA E 7B 6 = C B 433:7<5 5C7:BG / 0 = C B B63 ;=@/:7BG =4 67A /1B7=<A * < : 7 9 3
= 6 3 < A 3F>:/</B7=< <= >AG16=:=571/: > @ = 0 : 3 ; A < 3 3 2 /@7A3
: = E / @ 2 / < 2 $6:7< :7AB B6@33 BG>3A =4 7::35/: = > > = @ B C < 7 B G E6716 ; / G 03
/D/7:/0:3 B= B63 :=E3@1:/AA 8CD3<7:3 1@7;7</: 1=<4:71B /<2 @3B@3/B7AB B63
:/BB3@ 7A A = ; 3 B 7 ; 3 A /:A= 9 < = E < /A 2 @ C 5 = @ 7 3 @ = 0 / 0 : G 03AB 9 < = E < /A 7B 2@/EA B = 5 3 B 6 3 @
" 3 @ B = < A / < = ; 7 3 /<2 ( C B 6 3 @ : / < 2 A 27443@3<B7/: /AA=17/B7=< B63=@73A
) 6 3 1@7;7</: 5/<5 7A / 8CD3<7:3 5/<5 E 6 = A 3 ; = A B 7 ; > = @ B / @=>3@BG B E7:: =<:G 23D3:=> 7< /< /@3/ E63@3 B63@3 /@3
= > > = @ B C < 7 B 7 3 A 4=@ AC16 =443<13A /A AB3/:7<5 / < 2 4=@ B63 @3137D7<5 / < 2 6 / < 2 : 7 < 5
=4AB=:3< 5==2A : = E / @ 2 / < 2 $ 6 : 7 < /@5C3 B6/B B67A 3 < D 7 @ = < ; 3 < B 7A ; = A B :793:G
B= 3F7AB 74 B63@3 7A A = ; 3 B=:3@/B32 /2C:B 1@7;7</: /1B7D7BG E7B67< B63 < 3 7 5 6 0 = C @
6 = = 2 A= B6/B B63 < 3 7 5 6 0 = C @ 6 = = 2 57D3A 13@B/7< :7;7B32 1@7;7</: /1B7D7B73A /< /7@
=4@3A>31B/07:7BG / < 2 / > > / @ 3 >:G7<5 < = @ ; A 27443@3@3A3 @ 3 2 7 1 B / 0 : 3 7<27D72C/:A E7:: < = B 03
/113>B32 /A ; 3 ; 0 3 @ A B63G E7:: B63@34=@3 03 2@7D3< B= =<3 =4 B63 =B63@ BE=
BG>3A =4 036/D7=C@
$ < 3 =4 B63A3 7A B63 1=<4:71B 5/<5 ) 6 3 /@3/A ; = A B :793:G B= A > / E < 1=<4:71B
5/<5A /@3 CAC/::G B@/<A73 = > C : / B 7 = <
O ) 0 3 1 / C A 3 =4 :/19 =4>@723 7< B63 1 = ; ; C < 7 B G < AC16 3 < D 7 @ = < ; 3 C @ > = A 3 7< :743 0 3 1 = ; 3 <35/B7D3 /<2 D7=:3@=D3 B637@ E=@B6 / < 2 AB/BCA
B 7A B67A B6/B BC@<A B63; B= D7=:3<13
: = E / @ 2 / < 2 $ 6 : 7 < A B67@2 BG>3 =4 5/<5 I B63 @3B@3/B7AB =@ 2 @ C 5 = @ 7 3 < B 3 2
5 / < 5 I ; / G 3F7AB 7< /<G < 3 7 5 6 0 = C @ 6 = = 2 E 6 3 @ 3 2 @ C 5 A 1/< 03 = 0 B / 7 < 3 2 ) 6 3
; 3 ; 0 3 @ A =4 B63A3 5/<5A /@3 <37B63@ 47A6 < = @ 4=E: B63G 6/D3 4/7:32 0 = B 6 7<
B63 :357B7;/B3 /<2 B63 1@7;7</: A>63@3A ( = ; 3 =4 B63A3 4/7:C@3A ; / G 0 3 1 = ; 3
B63 AB/0:3 1= @ < 3 @ 0=GA @343@@32 B= 0G = 6 3 < 0 C B A = ; 3 0 3 1 = ; 3 ; 3 ; 0 3 @ A =4
B63A3 @3B@3/B7AB 5/<5A , 6 7 1 6 E/G /< 7<27D72C/: B C @ < A E7:: 2 3 > 3 < 2 C > = < B637@
= E < >3@A=</:7B73A /A E3:: /A =< B637@ /AA=17/B7=<A /<2 B63 /D/7:/07:7BG =4 2@C5A
: = E / @ 2 / < 2 $6:7< @31=5<7A3 B6/B ; / < G 5/<5A > @ = 0 / 0 : G >/@B/93 7< A = ; 3 2 @ C 5
CA3 0 C B 7< ;=AB B67A E7:: =<:G 03 / > 3 @ 7 > 6 3 @ / : /1B7D7BG < 4/1B B= B/:9 =4
@3B@3/B7AB 5/<5A ; / G 03 / :7BB:3 ;7A:3/27<5 /A 7B 7A @/@3 4=@ / 5/<5 1 C : B C @ 3 B=
1 3 = < 2 0G @3B@3/B7<5 7<B= /
; = @ 3 7<27D72C/: > / B B 3 @ < =4 2 @ C 5 /0CA3
: = E / @ 2 / < 2 $6:7< >@3271B32 / 5@=EB6 =4 1=<4:71BBG>3 D7=:3=<A3 B= B63 1=::/>A3 =4 1 = ; ; C < 7 B G
A>7@7B 7< :=E3@1:/AA /@3/A >=AA70:G 2 C 3 B= B63 >=:7B71/: 16/<53A 7< A:C;
=@5/<7A/B7=< =@ 1:3/@/<13
C . 9 B . A 6 < ;
( = ; 3 1@7B71A 6/D3 /@5C32 A33 =F B 6 /B B63A3 B63=@73A AC443@ 4 @ = ; /
0/A71 7;>:/CA707:7BG ) 6 3 G @3?C7@3 :=E3@1:/AA G=CB6A B= 3F>3@73<13 AB@=<5
2 7 A / > > = 7 31B =@ /A>7@3 B= /<G 5@3/B AC113AA C < 2 3 @ B6=A3 D/:C3A (C16 /< / > > @ = / 1 6
;756B AC553AB B6/B 7B 7A B63 :=E3@AB@3/; 5 @ / ; ; / @ A16==: 0=GA / < 2 ; 7 2
B= C > > 3 @ @ / < 5 3 1=;>@363<A7D3 0=GA =@ /A = 6 3 < 1/::A B 6 3 ; B63 1=::353
0=GA E 6 = /@3 ; = A B :793:G B= AC443@ 2 7 A / > > = 7 =B63A7A E6716 @/7A3A 7BA = E < A3B =4>=AA707:7B73A /<2
> @ = 0 : 3 ; A A E7:: 03 A33< 4 @ = ; B63 A31B7=<A 1 = < 1 3 @ < 7 < 5 A16==: / < 2 1=<B@=:
B63=@73A A33 6 / > B 3 @ ) 6 7 @ B 3 3 < B63@3 7A ; C 1 6 3D723<13 B6/B A16==: 7BA3:42=3A
< = B 1/CA3 @303::7=< /5/7<AB ;722:31:/AA < = @ ; A 0 C B 0 = @ 3 2 = ; ; / G :3/2 B=
= C B 0 C @ A B A =43<3@5G E6716 ; / G 03 =4C < / 1 1 3 > B / 0 : 3 /<2 >=AA70:G 3D3< 1@7;7</:
036/D7=C@
< /227B7=< B63 3F>:/</B7=<A 23A1@7032 7< B67A A31B7=< >@=D723 <= 1=<D7<1
7<5 0/A7A B= / 1 1 = C 1 = ; ; 7 B B 7 < 5 1@7;7</: /1BA /B B63 3<2 =4 B637@ B33<A /<2 B63 = < A 3 B =4
/ 2 C : B 6 = = 2 ) 6 3 G ;=AB:G @3;/7< ; 3 ; 0 3 @ A =4 B63 A / ; 3 A=17/: 1:/AA / < 2 B63@3
7A <= =0D7=CA @3/A=< B= 03:73D3 B6/B B63G /:: 47<2 B637@ :=B 7;>@=D7<5 / < 2 3<8=G
A C 2 2 3 < AC113AA /B B63 /53 =4/ 0 = C B BE3<BG 4 B63 7<7B7/: 8CD3<7:3 1@7;7</:7BG 7A
2 C 3 B= / @3/1B7=< /5/7<AB B63 ;722:31:/AA < = @ ; A =@ /B :3/AB 7<4:C3<132 0G
B 6 3 ; E6G 2=3A B67A 036/D7=C@ 16/<53 /:B6=C56 B63@3 7A :7BB:3 =@ <= 1 6 / < 5 3 7<
B6=A3 D/:C3A $4 1=C@A3 7B ; / G A7;>:G 03 B6/B B63 G=C<5 433: ; = @ 3 = C B @ / 5 3 /B
236
231
<=;73(B@/7</<2CD3<7:3(C01C:BC@3
E6/B B63G ; / G A33 /A C<4/7@ E=@97<5A =4 A=173BG /<2 /A B63G ; / B C @ 3 B63G
A:=E:G 1 = ; 3 B= /113>B B63 AB/BCA ?C= =@ :7;7B B637@ =>>=A7B7=< B= >/AA7D3
@3A7AB/<13 B ; / G /:A= 03 B6/B /A B63G 5@=E =:23@ B63G 0 3 1 = ; 3 ;=@3
2 = ; 3 A B 7 1 / B 3 2 /<2 /1?C7@3 @3A>=<A707:7B73A E6716 :3/D3 B63; :3AA 4@33 B=
>/@B717>/B3 7< 1@7;7</:7BG %3@6 />A /2C:B 4@CAB@/B7=< 1=;3A =CB 7< 27443@3 @ = 0 : 3 ; =@757</B3A ; C 1 6 3/@:73@ B6/< B63A3 AC01C:BC@/: B63=@73A AC553AB
167:26==2 036/D7=C@/: > @ = 0 : 3 ; A 031=;3 8CD3<7:3 1@7;7</: 036/D7=C@ /<2
B63< /2C:B /<B7A=17/: /1B7D7B73A
=B6 = 6 3 < /<2 : = E / @ 2 /<2 $6:7< 2@/E B= / :/@53 3FB3 B 3 2 B= 3F>:/7< 1@7;3A E6716 2= <=B />>3/@ B= 03 ;=B7D/B32 0G 5@332
) 6 3 G 2 @ / E =< " 3 @ B = < B= 3F>:/7< 6=E B63 AB@/7< ;756B @3AC:B 7< 1@7;3A =4
>@=B3AB /A ; C 1 6 /A 7< 1@7;3A =4 >C@>=A3
) 6 3 @ 7 B 7 A 6 A 7 B C / B 7 = <
B E/A 7<7B7/::G 7<271/B32 B6/B ; = A B =4B63A3 B63=@73A =@757</B3 7< B63 * ( B637@
@3:3D/<13 B= @7B7A6 1@7;7</:7BG ;CAB 03 1=<A723@32 $ < 3 1=<A7AB333@ 5@=C> =@ 5/<5 = AC16 5/<5A
3F7AB 7< @7B/7< @7B7A6 ABC273A =4 B63 A /<2 A 53<3@/::G 4 = C < 2 B6/B
AB@=<5 A B @ C 1 B C @ 3 2 8CD3<7:3 5/<5A >/@B71C:/@:G 5/<5A E6=A3 13<B@/: 7<B3<B7=<
E/A B= 1 = ; ; 7 B 2 3 : 7 < ? C 3 /@B717>/<BA E3@3 :793:G B= 03 >/@B =4/ E723@ 17@1:3 =@ >33@ 5@=C> A33 4=@
3F/;>:3 " / G A / < 2 3<A3< /<2 '=839 < B67A 1=<B3FB /<2
23A>7B3 A = ; 3 3F13>B7=<A A33 =@@75/< / E723A>@3/2 AC01C:BC@3
0/A32 =< 2 3 : 7 < ? C 3 B7=< =4 B63 >=A7B7=< 7<
@7B/7<
" = @ 3 @313<B:G > 3 @ 1 3 > B 7 = < A 6/D3 16/<532 ) 6 C A .=C<5 1:/7;A B6/B
G=C<5 ; 3 < E 6 = /@3 3F1:C232 4@=; /<G < = @ ; / : A=17/: >=A7B7=< B3<2 B= 1 = ; 3
B=53B63@ B= 4 = @ ; 5/<5A B= @35/7< / >:/13 /<2 A = ; 3 A3:4@3A>31B B 7A /:A=
AC553AB32 B6/B B67A A C 0 1 C : B C @ 3 7A =4B3< >@3;7A32 =< >6GA71/: AB@3<5B6 7A A3F7AB
/<2 @/17AB 4 = @ ; A / @ = C < 2 3B6<71 =@ 53=5@/>671 :7<3A /<2 ;/G /:A= 1=<<31B
E7B6 4==B0/:: B3/;A (7;7:/@:G /;>03:: >3@137D3A G=C<5 ; 3 <
3F1:C232 4 @ = ; ; / 7 < A B @ 3 / ; A=17/: /1B7D7B73A /A BC@<7<5 B= / 4=@; =4;7:7B/@7AB71
1C:BC@3 =45 @ = C > D7=:3<13 /A / ;3/<A B= 53B E6/B B63G E/@3D/:3A /A 8=G@727<5 2@C5A @/;@/727<5 0C@5:/@G /<2 @7=B7<5 =E3D3@
0=B6 A63 /<2 ,/:9:/B3 A33 B67A BG>3 =4 >C0:71 >=@B@/G/: =4 ;/A1C:7<7BG
/A >@3A3:G ; = @ 3
H3/:=CA:G 3F3@17A32 / < 2 :3AA 1C:BC@/::G /113>B32 B6/< 7< =B63@ ;/<743AB/B7=<A
/;>03:: /:A= =0A3@D32 B6/B G=C<5 E = ; 3 < 4=@; AC01C:BC@3A 0CB /@5C3A B6/B
B63A3 /@3 :/@53:G 1=<AB@C1B7D3 /<2 0/A32 =< A3:463:> /<2 B6CA B637@ 34431B 7A
;=@3 B= 63:> B6/< B= 23AB@=G 1=;;C<7B73A < 3AA3<B7/::G A7;7:/@ 1=<1:CA7=<
7A @3/1632 0G " 1 ' = 0 0 7 3 E6= A33A B63 BG>71/: 43;/:3 AC01C:BC@3 /A
CA7<5 / ABG:3 =4 2@3AA /<2 036/D7=C@ 3;0=2G7<5 43;7<7<7BG /A / E/G =4
237
232
<=;73 (B@/7< /<2 CD3<7:3 (C01C:BC@3
=>>=A7<5 3AB/0:7A632 <=@;A 3A>317/::G 7< A16==:A :: B67A E/A A = ; 3 E/G
@3;=D32 4@=; ;3@71/< 3F>3@73<13A E63@3 G=C<5 3F1:C232 E = ; 3 < 4 = C < 2
@34C53 7< 5/<5A E63@3 1@7;3 D7=:3<13 B=C56<3AA /<2 7 < 2 3 > 3 < 2 3 < 1 3 E3@3
>C@AC32 /;>03:: /<2
@/B63@ 27443@3:3 =4@7B7A6 1@7;7</: 5@=C>7<5A 7A 57D3< 0G = < / : 2
/<2 ,7:A=< E 6 = 27A1CAA B63 /1B7D7B73A =4 5@=C>A =4 ;/:3A E 6 = 1 = ; 3
B=53B63@ B= 1/@@G =CB 1@7;7</: /1B7D7B73A 7< B67A 1/A3 @/;@/723@A ) 6 3 G @3>=@B
B63A3 /A 1:3/@ 5@=C>A E7B6 :3/23@A /<2 />>@3<B713A /<2 1=<B/7<7<5 A>317/:7ABA
7< /@3/A AC16 /A 2@7D7<5 =@ D7=:3<13 ) 6 3 A 3 5@=C>A /@3 A/72 B= E=@9 B=53B63@
7< ; C 1 6 B63 A/;3 E/G /A :357B7;/B3 E=@9 5@=C>A ;756B 0 C B B637@ 1 = < < 3 1 B 7 = <
=CBA723 B67A /1B7D7BG 7A :3AA 1:3/@ A= B6/B 7B 7A C<13@B/7< E 6 3 B 6 3 @ B67A 7A @3/::G /
AC01C:BC@3 @/B63@ B6/< 8CAB / 5/<5 AB@C1BC@3 4=@ B63 8=0 < B67A A3<A3 1:3/@3@
3F/;>:3A 1/< 03 5/7<32 4@=; 4==B0/:: 6==:75/<A +/< ! 7 ; 0 3 @ 5 3 < 3B /:
A/E B63A3 /A D3@G AB@C1BC@32 /<2 4/7@:G :=<5:/AB7<5 C<7BA 3 < = B 3 2 B6@33
:/G3@A B63 1:=A39<7B 1=@3 E 6 = =@5/<7A32 >:/<<32 / < 2 B==9 >/@B 7< /:: B63
D7=:3<13 B63 AB/57/@73A ;=@3 :==A3:G :7<932 B= B63 1=@3 / < 2 >/@B717>/B7<5 7<
D7=:3<13 0CB <=B G3B ; 3 ; 0 3 @ A /<2 B63 >3@7>63@/: /2=:3A13<BA E 6 = E3@3
< C ; 3 @ = C A D=1743@=CA 0CB =<:G :==A3:G 1=<<31B32 /<2 <=B 7<D=:D32 7< @3/: /1BA
=4 D7=:3<13 =6<AB=< 6/A B3<B/B7D3:G @3>:71/B32 B67A BG>3 =4 5@=C>7<5
7< 63@ /</:GA7A =4 A3D3< 4==B0/:: 6==:75/< 5@=C>A 3 @ ABC2G A6=E32 B6/B B63
/53 ; 3 ; 0 3 @ A 6 7 > =4 B63A3 5/<5A E3 3 @ 13317/::G B63 1=@3
;3;03@A CB /< /227B7=</: 47<27<5 =4A=;3 A75<7471/<13 7A B6/B ; 3 ; 0 3 @ A /@3
<=B <313AA/@7:G 27A/4431B32 G=CB6A ;/<G 6/D3 8=0A A = ; 3 B 7 ; 3 A 6756:G >/72 /<2
6756>=E3@32 >=ABA ) 6 7 A @/7A3A 4C@B63@ ?C3AB7=<A 0 C B B63A3 5 @ = C > A /@3
>3@6/>A B63 1:=A3AB B63 @7B7A6 A33; B= 1=;3 B= B63 6756:G A B @ C 1 B C @ 3 2 5/<5A
B 7A B6CA <=B =0D7=CA B6/B /<G 3/AG B@/<A:/B7=< 1/< 03 ; / 2 3 7<B= / @7B7A6
1=<B3FB =4 :=E/@2 /<2 $6:7<A <=B7=< =4 27D727<5 2 3 : 7 < ? C 3 < 1 G 7<B= B6@33
BG>3A 1@7;7</: 1=<4:71B /<2 @3B@3/B7AB < B63 *( B63G 4 = C < 2 B6/B B63 1@7;7</:
BG>3 >@3D/7:32 7< 27AB@71BA E63@3 B63@3 E3@3 AB@=<5 =>>=@BC<7B73A =4B3< /@7A7<5
=CB =4 B63 3F7AB3<13 =4 "/47/BG>3 =@5/<7A/B7=<A ) 6 7 A AB@C1BC@3 7A :3AA
>3@D/A7D3 7< @7B/7< /:B6=C56 B63@3 7A =4 1=C@A3 =@5/<7A32 1@7;3 7< 2@C5A
>@=AB7BCB7=< 5/;0:7<5 /<2 >@=B31B7=< =<4:71B 2 3 : 7 < ? C 3 < 1 G 7< B63 *( 7A
1:=A3:G @3:/B32 B= = 6 3 < A <=B7=<A =4 5/<5 4756BA /<2 >@=B31B7=< =4 B C @ 4
5/7< B67A A33;A B= 6/D3 033< :3AA E723A>@3/2 7< @7B/7< /:B6=C56 2@C5A / < 2
4==B0/:: 6==:75/<7A; ;756B 03 16/<57<5 B67A 1BA =4 2 3 A B @ C 1 B 7 = < E6716
:=E/@2 /<2 $6:7< /:A= ; 3 /@B =4 @7B7A6 8CD3<7:3 1@7;3 / < 2 036/D7=C@ ) 6 3 7 @
B67@2 1/B35=@G =4 @3B@3/B7A; 6/A >3@6/>A 031=;3 ; = @ 3 7 ; > = @ B / 3@6/>A AC@>@7A7<5 1=<1:CA7=< 57D3< B63 >3@D/A7D3 < / B C @ 3 =4B63 @7B7A6
1:/AA AGAB3; 7A B6/B B63 AB@=<5 1:/AA0/A32 /<2 AC01C:BC@/: B63=@73A =4 0=B6
= 6 3 < /<2 =4 :=E/@2 /<2 $6:7< A33; B= 03 =4 =<:G :7;7B32 @3:3D/<13 7<
@7B/7< #=<3B63:3AA E63< /::=E/<13A /@3 ; / 2 3 4=@ 1C:BC@/: 27443@3<13A B63
;3@71/< 47<27<5A ;/G 03 =4 AC0AB/<B7/: @3:3D/<13 B= 8CD3<7:3 1@7;3 7<
@7B/7< ) 6 C A E=@93@A 4@=; 0 = B 6 1=C<B@73A .=C<5 / ; > 0 3 : :
238
233
<=;73(B@/7</<2CD3<7:3(C01C:BC@3
/<2 =3 / < 2 6 3 A < 3 G ! 7 < 2 A33 @3:3D/<13 7< = 6 3 < A <=B7=< B6/B 5/<5
; 3 ; 0 3 @ A 2 @ / E A3:43AB33; 4 @ = ; /AA=17/B7=< E7B6 =B63@ ; 3 ; 0 3 @ A < /<G
3D3 B A =4 >33@ 7<4:C3<13 2 = 3 A < = B
@ 3 ; = D 3 B 6 3 >=AA707:7BG B6/B G = C B 6 A /@3 3 < 1 = C @ / 5 3 2 B= =443<2 >/@B:G 2 C 3 B= B63
7<4:C3<13 =4 B63 >33@A CA7<5 B63 E = @ 2 7< / :==A3@ A3<A3 B 6 / < B6/B =4 5/<5A
) 6 7 A 7A @34:31B32 7< B63 E=@9 =4 ,3AB /<2 / @ @ 7 < 5 B = < /<2 B6/B =4
5<3E E6= 4 = C < 2 B63 AB@=<53AB 1=@@3:/B7=< 0 3 B E 3 3 < =443<27<5 / < 2
>33@A 3 ; 3 @ 5 3 2 E 6 3 < /< 7<27D72C/: 43:B ; = @ 3 / B B / 1 6 3 2 B= 67A =@ 63@ >33@A E/A
7< 4 @ 3 ? C 3 33@ 5 @ = C > E/A 7<D=:D32 7< A3@7=CA
=443<13A ( = ; 3 A C > > = @ B 4=@ B67A 1 = ; 3 A 4 @ = ; B63 47<27<5 =4B63 .=CB6 !743ABG:3
(C@D3G : = = 2 % / 5 3 3B /: > B6/B >3=>:3 E 6 = 6/2 4@73<2A =@
@3:/B7D3A E 6 = 6 / 2 033< 7< B@=C0:3 E7B6 B63 >=:713 E3@3 =D3@ B6@33 B7;3A /A
:793:G B= 03 =443<23@A B63;A3:D3A
" C 1 6 =4 B63 @7B7A6 :7B3@/BC@3 =< G=CB6 5/<5A / < 2 AC01C:BC@3A 7A 2 @ / E <
B=53B63@ 7< /< 7<B3@3AB7<5 AC@D3G 0G " C < 1 7 3 E 6 = 1@7B71/::G 3F/;7<3A
2 3 D 3 : = > ; 3 3@7=2A 7< B67A
AC01C:BC@3 ) 6 3 3/@:73@ >6/A3 63 2 C 0 A /A / B7;3 =4 @3A7AB/<13 =<3 7< E6716
B 6 @ = C 5 6 0 = B 6 B637@ ABG:3A / < 2 0 3 6 / D 7 = C @ G = C B 6 A E3@3 @3A7AB7<5 2 = ; 7 < / 31BA B= B67A B63 E67B3 E=@97<51:/AA G=CB6
1C:BC@3 /A >=@B@/G32 7< B63 ) 3 2 2 G 0=GA ; = 2 A A97<63/2A / < 2 >C<9A / < 2 B63
0:/19 G = C B 6 1C:BC@3A I @ C 2 3 0=GA / < 2 B63 D3@G 27443@33 74E = ; 3 < /@3 7<1:C232 /B /:: 7B 7A =<:G =<
B63 >3@7>63@73A < 2 3 3 2 A=;3 =4B63A3 A C 0 1 C : B C @ 3 A /@3 < = B >3@137D32 /A 5 @ = C >
1C:BC@3A 0 C B E3@3 @/B63@ 7<27D72C/:7AB71 / < 2 0 / A 3 2 =< B63 723/ B6/B B63 ;=AB
7 ; > = @ B / >=A7B7=< B= B63 2 = ; 7 < / C < 9 A ) 6 3 =B63@ > 6 / A 3 6 3
A33A /A = < 3 =4 1=C<B3@1C:BC@3 7< E6716 ; / < G ;722:31:/AA G=CB6A < = B 3 2 B637@
27A7::CA7=<;3=:7B71/: ; = D 3 ; 3 >73A
>=:7B71/: /</@167ABA / < 2 /</@167A; . 1C:BC@3 I # 3 E 53 A/0A /<2
31=E/@@7=@A < B67A :/AB 5 @ = C > 7 < 5 /1B7D7ABA /@3 = 4 B 3 < 2 @ / E < B=53B63@ =<
A7<5:37AAC3 >=:7B71A @/B63@ B6/< 037<5 / 5 @ = C > =@ AC01C:BC@3 E7B6 A7;7:/@
D/:C3A / < 2 B63A3 /2 6=1 5@=C>7<5A /@3 < = E CAC/::G /22@3AA32 /<2 =@5/<7A32
D7/ B63 A E3@3 1@7;7</:7A32 7< B63 @ 7 ; 7 < / : CAB713 /<2 %C0:71 $ @ 2 3 @ 1B
) 6 7 A / < 2 B63 4/A17</B7=< =4 B63 2 = ; 7 < / 7<5A A33 /:: 3B /: / < 2 /:: 57D3 B 6 3 ; / C<74G7<5 4=@13
/ < 2 >=:7B71/: E3756B B6/B B63G ; 7 5 6 B =B63@E7A3 < = B 3<8=G < /:: B63A3
A C 0 1 C : B C @ 3 A / : B 6 = C 5 6 B63 ; / 7 < :7<97<5 3 : 3 ; 3 @ = 0 : 3 ; A /<2 1@7;3 E/D3A 6/D3 0 3 3 < :7<932 E7B6 B 6 3 ; A33 /:: 3B
/: D3< E63@3 B67A 6/A < = B 0 3 3 < B63 1/A3 B637@ =B63@E7A3 :/E/0727<5
/1B7D7B73A 6/D3 0 3 3 < 1@7;7</:7A32 /A B63G 2= < = B 47B B63 ; / 7 < A B @ 3 / ; /113>B32
036/D7=C@A
;72AB /:: B63A3 D/@7=CA 1=;>:71/B7=<A 7B 2=3A /B :3/AB 3;3@53 1:3/@:G B6/B
7<B3@>@3B/B7=< =4B63 7<4=@;/B7=< 7A 274471C:B 3A>317/::G / < 2 1@C17/::G 7< B3@;A
=41/CA/B7=< = 3 A 7B ;3/< B6/B =443<23@A 4=@53 1:=A3 4@73<2A67>A 031/CA3 B63G
/@3 7A=:/B32 /<2 @3831B32 0G < = < = 4 4 3 < 2 3 @ A =@ 031/CA3 B63G A339 =CB B6=A3 E 6 =
239
234
<=;73 (B@/7< /<2 CD3<7:3 (C01C:BC@3
7<2C:53 7< A7;7:/@ /1B7D7B73A =@ 7A B63 1@7;7</: /1B7D7BG 1 = ; ; 7 B B 3 2 =<:G 031/CA3
=43 < 1 = C @ / 5 3 ; 3 /7@A =@ =B63@ 5@=C>7<5A 2 = 3 A B67A ; 3 / < B6/B B63 2G</;71A =4B63A3 4@73<2A67>A
7 < 4 : C 3 < 1 3 B63 1@7;7</:7BG =@ A7;>:G B6/B B63 =443<23@A /@3 =CB B=53B63@ E63<
B63G 231723 B= =443<2 E 6 3 < B63G ;756B 6/D3 2317232 B= 2= A = ; 3 B 6 7 < 5 3:A3
AC16 /A 1/B16 / 0CA A > 3 3 @ 5 @ = C > 7<4:C3<13 =<:G / 4/1B=@ 031/CA3 B63 A6/@32
3F>3@73<13 ;/93A 7B ; = @ 3 >:3/AC@/0:3 / < 2 74 A= E6G 7A 7B ; = @ 3 >:3/AC@/0:3
A B63@3 / 1/CA/: @3:/B7=<A67> / :7<9 / 1 6 / < 1 3 7<1723<13 =@ A = ; 3 1 = ; 0 7 @ = 2 C 1 3 2 / B63=@G =42 3 : 7 < ? C 3 < 1 G
E6716 031/CA3 63 :/B3@ 3 F B 3 < 2 3 2 7B 6/A 1 = ; 3 B= 03 53<3@/::G / B B @ 7 0 C B 3 2 B=
" / B H / /:=<3 (G93A /<2 " / B H / " / B H / / < 2 :B6=C56
7B E/A 23A75<32 B= 3F>:/7< 8CD3<7:3 1@7;3A / < 2 ; = A B =4 B67A A31B7=< E7:: 03
2 3 D = B 3 2 B= B6/B /@3/ B63 13<B@/: B63A7A ; / G 03 3 F B 3 < 2 3 2 B= 1=D3@ A = ; 3 /2C:B
1@7;3 / < 2 A=;3 =4 B63 3 F / ; > : 3 A 7< B67A A31B7=< /@3 23A75<32 B= A6=E 6=E
B67A ; 7 5 6 B 03 >=AA70:3 " / B H / A ; / 7 < B 6 3 ; 3 1 = < 1 3 @ < 3 2 E6/B 63 1/::32 2@74B
< 1 = < B @ / A B B= B63 B63=@73A A= 4/@ 1=D3@32 " / B H / A B63=@G =4 2@74B 7<D=:D3A /<
3 : 3 ; 3 < B =4 4@33 E7:: 7<27D72C/: 16=713 / < 2 8 C 2 5 ; 3 =A7B7D7A; 0 3 1 / ; 3
> = > C : / @
) 6 3 /</:GA3A =4 B63 >=A7B7D7ABA A 3 3 ; B= 7;>:G B6/B B63@3 A6=C:2 03 ; C 1 6
; = @ 3 1@7;7</:7BG B63G 1 / < < = B 3F>:/7< E6G B6=A3 E3 B67<9 =4 /A 1@7;7</:A /@3
:/E/0727<5 7< ;=AB @3A>31BA < = @ 1/< B63G 3F>:/7< E6G ; = A B 1@7;7</:A @ 3 4 = @ ;
7< B637@ 3/@:G A / < 2 B63G 1 / < < = B / 1 1 = C 3=>:3 /@3 7< 4/1B :/E
/0727<5 (G93A / < 2 " / B H / / @ 5 C 3 2 B6/B 7<27D72C/:A /@3 < = B 1 = ; ; 7 B B 3 2 B=
1@7;7</:7BG ) 6 3 1=<13>B =42@74B 0/A71/::G A7BC/B3A B63 7<27D72C/: /A 2@74B7<5 /B
E7:: 0 3 B E 3 3 < :/E/0727<5 / < 2 2 3 : 7 < ? C 3 3 =4 0 3 6 / D 7 = C @ ) 6 3 AB/B3 =4 2@74B 7A @3/1632 0 3 1 / C A 3
=4 E 6 / B " / B H / B3@;A <3CB@/:7A/B7=< #3CB@/:7A/B7=< /@7A3A 4 @ = ; B63 4/1B B6/B
3D3@G 1@7;7</: :/E 6/A 7BA :7;7BA CAC/::G 2 3 < = B 3 2 0G =44717/: 2343<13A B= B63
/1B7D7BG /<2 B63@34=@3 3D3@G :/E 7A ?C/:74732 " / B H / AC553ABA B6/B B63 8CD3<7:3
CA3A B63A3 :7;7BA 3FB3<27<5 B637@ 7<B3@>@3B/B7=< 7< E/GA E6716 /::=E B63 /1B7=<
E 7 B 6 = C B 5C7:B =@ @3;=@A3 7B 1/< 03 8CAB74732 0 = B 6 B= A3:4 /<2 =B63@A 0G
>:3/27<5 A/G A3:4 2343<13 2 C @ 3 A A =@ 3D3< 7<A/<7BG %/@B =4 B67A >@=13AA /:A=
7<D=:D3A / 27AB=@B7=< =4 =B63@ /@3/A =4 B63 2 = ; 7 < / < B D/:C3 AGAB3; ; 7 < = @
3 : 3 ; 3 < B =4 B63 2 = ; 7 < / < B D/:C3 AGAB3; 3<1=C@/53A 7<27D72C/:A B= A339 3F17B3
; 3 < B / < 2 /2D3<BC@3 ) 6 3 A 3 =0831BA /@3 <=@;/::G ; / 2 3 A C 0 = @ 2 7 >@=>@7/B3 E/GA /<2
B7;3A ) 6 C A D7=:3<13 ; / G 03 /113>B/0:3 7< 0=F7<5 =@ >=AA70:G = B 6 3 @ A>=@BA
0 C B B 6 3 2 3 : 7 < ? C 3 >@=D7<5 =4 D7=:3<13 ; / G 3FB3<2 B63
B 7 ; 3 A / < 2 >:/13A E63@3 7B 7A /113>B/0:3 4=@ 3F/;>:3 0G CA7<5 7B 7< 5/<5 4756BA
240
235
<=;73(B@/7</<2CD3<7:3(C01C:BC@3
=@ > C 0 0@/E:A (7;7:/@:G <= /1B7=< 7A /0A=:CB3:G 1 = < 2 3 ; < 3 2 3D3< 97::7<5 7A
> 3 @ ; 7 B B 3 2 /A A3:4 2 3 4 3 < 1 3 =@ 0G /11723=A7B7D3:G @3?C7@32 /B
B7;3A =4 E/@ =@ 4=@ B63 > C @ > = A 3 A =48C2717/: 3F31CB7=< < B6=A3 E 6 = B/93 >/@B
7< 1@7;7</: /1B7D7B73A AC16 @3/A=<A /@3 57D3< / E723@ 7<B3@>@3B/B7=< B6/< B6=A3
/113>B32 0G B63 1 = < 4 = @ ; 7 < 5 ; 3 ; 0 3 @ A =4 A=173BG ) 6 3 8CAB7471/B7=<A 4=@ B63
1@7;7</:7BG /@3 B63@34=@3 7< / >3@D3@A3 E/G 23@7D32 4 @ = ; B63 < = @ ; A =4 B63
2 = ; 7 < / B =@
7<B3@</:7A3 /<G A3B =4@C:3A =@ < = @ ; A 0CB 6/A @/B63@ :3/@<B / A3B =4 2347<7B7=<A
4/D=C@/0:3 B= D7=:/B7=< E67:3 AB7:: B/17B:G AC0A1@707<5 B= ; / < G =4 B63 ;722:3
1:/AA @C:3A
" / B H / / < 2 (G93A :7AB 47D3 8CAB7471/B7=<A 034=@3 B63 /1B =@ 3F1CA3A
/4B3@ B63 /1B E6716 23:7<?C3<BA /<2 =B63@A ;/G CA3 B= 3F>:/7< =@ <3CB@/:7A3
1@7;7</: /1BA
3 < G @3A>=<A707:7BG CAC/::G 0G 1:/7;7<5 B6/B B63 /1B E/A / @3AC:B =4
C<1=<B@=::/0:3 4/1B=@A /< /11723/@3<B/: <35:31B >=D3@BG 0@=93< 6 = ; 3
037<5 :32 /AB@/G 0G 4@73<2A ) 6 7 A BG>3 =4 3F1CA3 7A <=B @3AB@71B32 B= 8CD3<7:3A
/<2 7A = 4 B 3 < A33< 7< =443<13A 1 = ; ; 7 B B 3 2 0G E67B31=::/@ /<2 3A>317/::G
1=@>=@/B3 1@7;7</:A ( C 16 =443<23@A 4@3?C3<B:G 1:/7; B6/B B63G E3@3 4=@132 B=
/1B 0G B637@ AC>3@7=@A =@ /1B32 =<:G =CB =4 / A3<A3 =4 @3A>=<A707:7BG B= A=;3
:/@53@ 3<B7BG =@ B6/B 7B E/A B63 4/C:B =4 AC0=@27</B3A E 6 = 6/2 033< <35:753 B B= >/AA @3A>=<A707:7BG 7< B63 1/A3 =4 B63 A7<97<5 =4 B63
6 / < < 3 : 43@@G 1/::32 B63 3@/:2 =4 @33 <B3@>@7A3
) 6 3 1@7;7</: ; / G 1:/7; B6/B <= = < 3 E/A /1BC/::G 6 / @ ; 3 2 37B63@
>6GA71/::G =@ 47</<17/::G 4 7B3;A /@3 AB=:3< 4@=; E3/:B6G 7<27D72C/:A =@ 4@=;
3;>:=G3@A =@ :/@53 A6=>A 7B ; / G 03 A/72 B6/B B63G 1/< /44=@2 B63 :=AA =@ B6/B
B63 7 < A C @ / < 1 3 1 = ; > / < G E7:: >/G ) 6 3 A/;3 >3@A=< ;756B E3:: >3@137D3 B634B
4 @ = ; /< 723<B747/0:3 43::=E 7<27D72C/: /A 7;;=@/: 5/7< B67A ;/G 03 CA32 B=
3F>:/7< / :=B =4 E67B31=::/@ / < 2 1=@>=@/B3 1@7;3 ?C7B3 27443@3 C 0 0@/E:A =@ 2=;3AB71 D7=:3<13 /@3 =4B3< A33< 0G B637@
> 3 @ > 3 B @ / B = @ A /A >@7D/B3 / < 2 B63@34=@3 <=B 1@7;7</: < /:: B63A3 1/A3A B63
>3@>3B@/B=@A ;/G 03 0/A71/::G :/E/0727<5 0CB 6/D3 /< 3FB3<232 D73E =4
/113>B/0:3 036/D7=C@
) 6 3 1:/7; B6/B B63 D71B7; 23A3@D32 B63 6 / @ ; 1/CA32 /<2 A= 7A <=B /
B@C3 D71B7; 35 B63 D71B7; 7A /:A= 1@7;7</: /<2 A= A6=C:2 <=B 1=;>:/7< =@
B63 D71B7; AB/@B32 B63 B@=C0:3 / < 2 A= =<:G 5=B E6/B E/A 1 = ; 7 < 5 (7;7:/@:G
7< B63 1/A3 =4 A3F 1@7;3 A63 E/A /A97<5 4=@ 7B 031/CA3 =4 B63 E/G A63 E/A
2@3AA32 /<2 7< 2=;3AB71 D7=:3<13 B6/B B63 D71B7; 23A3@D32 B63 D7=:3<13 /A
63 =@ A63 6 / 2 ; 7 A 0 3 6 / D 3 2
< =443<23@ ;756B 1:/7; B6/B A7<13 3D3@G=<3 6/A /B A=;3 B7;3
1 = ; ; 7 B B 3 2 / 1@7;7</: /1B <= = < 3 7A 7< / >=A7B7=< B= 1 = < 2 3 ; < 67;
) 6 3 />>@=D/: =4 B63 5 @ = C > =@ 5/<5 =@ B63 1=@>=@/B7=< ;/G 03 A/72
B= 03 ; = @ 3 7 ; > = @ B / 1/::A 4=@ 23:7<?C3<1G 7B 7A 8CAB74732
< >/@B B63A3 8CAB7471/B7=<A C<23@:7<3 " / B H / A ;/7< >=7/@B71C:/@ 7<AB/<13 16=A3< 23:7<?C3 >3@A=< 1/< @3/1B / < 2 @ 3 A > = < 2 B=
=>>=@BC<7B73A B= 1 = ; ; 7 B 1@7;3A =@ 1/< 231723 E 6 3 B 6 3 @ / >/@B71C:/@ B7;3
>:/13 /<2 3<D7@=<;3
AC01C:BC@3 =@ 5/<5 ;/G ;/93 AC16 /1B7D7BG ; = @ 3 :793:G 0G > @ = ; = B 7 < 5 7B 0 C B
7B 2=3A <=B ;/93 B63 036/D7=C@ ;/<2/B=@G = @ " / B H / B63@3 7A / ; / 8 = @ 4:/E
7< B63 E=@9A =4 0=B6 = 6 3 < /<2 =4 :=E/@2 / < 2 $6:7< 7< 3/16 1/A3 B63
7<27D72C/: E6= BC@<A B= B63 >33@ 5@=C> 57D3A C> =@ 3A1/>3A B63 1=<AB@/7<BA =4
1=<4=@;7<5 B= =44717/: 036/D7=C@ 4=@ B63 3?C/::G 2 3 ; / < 2 7 < 5 /<2 1=<AB@/7<7<5
@3?C7@3;33@A=</: @3/A=< @/B63@ B6/< ;3@3:G /A /
@3?C7@3;3
D / : C / B 7 = <
"/BH/A 723/A 0 3 1 / ; 3 E723:G /113>B32 ) 6 7 A 1/< 03 >/@B7/::G 3F>:/7<32 0G B63
B7;3 7< E6716 B63G E3@3 >=A7B32 ) 6 3 3<2 =4 B63 474B73A /<2 B63 3/@:G A7FB73A
E3@3 A33< /A / >3@7=2 7< E6716 A=173BG 035/< B= 16/<53 < 0 = B 6 ;3@71/ / < 2
C @ = > 3 B63@3 6/2 033< / D3@G 1=<D3<B7=</: /113>B/<13 =4 4/;7:G :743 / < 2
:35/:7BG ) 6 7 A 035/< B= 03 ?C3AB7=<32 0G AC16 ; = D 3 ; 3 = < 4 3 @ 3 < 1 3 ( ! :32 0G " / @ B 7 < ! C B 6 3 @ 7<5 / < 2
B63 17D7: @756BA ; = D 3 ; 3 :=27<5 E7B6 @/271/: /<2 @303::7=CA 723/A 3D723<132 7< :7B3@/BC@3 0G B63
/<5@G G=C<5 ; 3 < /<2 7< ;CA71 0G @=19 /<2 @=:: ) 6 3 1C:BC@/: 1 6 / < 5 3
3FB3<232 B63 /113>B/0:3 /@3/A =4 036/D7=C@ = < D 3 :3 6 / 2
; / 2 3 /:1=6=: B63 =<:G /113>B/0:3 A=17/: 2@C5 E63@3/A /113>B/07:7BG 0 3 5 / < B=
03 3FB3<232 7< 13@B/7< A31B=@A =4A=173BG B= ; / @ 7 8 C / < / / < 2 7< A = ; 3 1/A3A B63
;=@3 >AG16323:71 2@C5A 3A>7B3 7BA E723 /113>B/<13 7B 7A <313AA/@G B= /AA3AA
7BA CA34C:<3AA
"/BH/ /AA3@BA B6/B <37B63@ B63 7<27D72C/: <=@ B63 >33@ 5@=C> 7A B=B/::G
=>>=A32 B= B63 < = @ ; A =4B63 2 = ; 7 < / =AA70:3 4=@ / 8CD3<7:3 AC01C:BC@3 B= 3D=:D3 7< E6716 B63 ; 3 ; 0 3 @ A D73EA
E3@3 27/;3B@71/::G = > > = A 3 2 B= /2C:B =@ ;722:31:/AA D/:C3A /A B63 :/BB3@ /@3
B== 1:=A3:G 1=<<31B32 E7B6 B63 8CD3<7:3A B= /::=E AC16 / E6=:3A/:3 0@3/16 E7B6
2 = ; 7 < / =7 = @ B / < 1 3 =4 >33@ 5 @ = C > A3BB7<5
>/@B71C:/@:G 2C@7<5 /2=:3A13<13 :B6=C56 B63 ; 3 ; 0 3 @ A =4 B63 >33@ 5 @ = C >
;/G <=B 03 7<27D72C/::G =>>=A32 B= /2C:B D/:C3A B63 23A7@3 B= 433: A B @ = < 5
D7@7:3 =@ ;/A1C:7<3 =@ B= >@=D3 :=G/:BG B= B63 5 @ = C > ; / G :3/2 B 6 3 ;
=CBE/@2:G B= 3F>@3AA =>7<7=<A =@ >/@B/93 7< /1B7D7B73A 1=<B@/@G B= B63 /2C:B
D/:C3A
"/BH/A 7A <=B / >C@3 AC01C:BC@/: B63=@G 031/CA3 23A>7B3 7BA 1:=A3 1 = < < 3 1
B7=< E7B6 / 23:7<?C3 B63 23:7<?C3<1G /@7A3A = C B =4 B63 AB/B3 =4 2@74B
E6716 7A /< 7<27D72C/: 433:7<5 CD3<7:3A /@3 AC0831B B= 0 = B 6 1=<D3<B7=</:
D/:C3A /A > @ = ; = B 3 2 0G /2C:BA /<2 23:7<?C333@
5 @ = C > =@ AC01C:BC@3 ) 6 3 G @3A>=<2 B= 0=B6 B63A3 >@3AAC@3A A = ; 3 =4 B637@
/1B7D7B73A ;=AB:G 23@7D3 4 @ = ; =<3 /<2 A=;3 ;=AB:G 4 @ = ; B63 =B63@ *<:793
242
237
<=;73(B@/7</<2CD3<7:3(C01C:BC@3
= 6 3 < =@ : = E / @ 2 / < 2 $6:7< E 6 3 @ 3 B63 2 3 : 7 < ? C 3 < 1 G E/A / 27@31B @3ACB =4
B63 >33@ 5@=C> 7< " / B H / A B63=@G 7B 1/< 3F7AB / > / @ B 4 @ = ; 7B =@ 6 7 ; B 6 3
A C 0 1 C : B C @ 3 > 3 @ ; 7 B A 23:7<?C3<1G 0 C B 7B 2=3A < = B 2 3 ; / < 2 7B
) 6 3 <35/B7D3 3 : 3 ; 3 :/7<32
0G " / B H / A B63=@G < 7<27D72C/: 7< / AB/B3 =42@74B / < 2 E7A67<5 B= >@=D3 67A
/07:7BG B= 1=<B@=: 67A :743 ;756B > 3 @ 4 = @ ; /< / 1 B 7 = < ;3@3:G 031/CA3 7B 7A
1@7;7</: #= >@3271B7=< 7A /BB/1632 B= B67A B63@3 7A A7;>:G B63 >=AA707:7BG B6/B
/< 7<27D72C/: ;756B 231723 B= > 3 @ 4 = @ ; / 1@7;7</: /1B / < 2 ;756B /:A= 03 /0:3
B= 3F3@17A3 A = ; 3 16=713 =D3@ B63 BG>3 =4 1@7;7</:7BG
= E 3 D 3 @ B63 27AB7<1B7D3 43/BC@3 B= 3;>6/A7H3 7A B 6 / B " / B H / A33A ; = A B
2 3 : 7 < ? C 3 3 @ 4 = @ ;
1@7;7</: /1BA E 6 3 < 0 = B 6 B63 = > > = @ B C < 7 B G / < 2 B63 B 3 ; > B / B 7 = < /@7A3
$ # ! * ( $ #
) 6 7 A 1 6 / > B 3 @ 6/A A=C56B B= 7 A3C2=A=17=:=571/: 3F>:/</B7=<A =4 1@7;3 ' 3 1 3 ; 3 /@B 4 @ = ; B63 = B 6 3 @ A /@3 5 < 3 E A 53<3@/: AB@/7< B63=@G A33
E6716 /::=EA / AC0831B7D3 /AA3AA;3 = @ B / 3@A=</: E/GA / < 2 /07:7B73A =4 1=>7<5 E7B6 AB@/7< /<2 C @ @ 7 3 A
3F>:/</B7=< =4 6 = E @3:/B7D3 23>@7D/B7=< 1/< 1@3/B3 B3<A7=<A :3/27<5 B= 1@7;7
</:7BG ) 6 3 7<1@3/A32 3;>6/A7A =< >3@A=</: /A /5/7<AB A=17/: /<2 1C:BC@/:
4/1B=@A @3>@3A3<BA /< 3F17B7<5 < 3 E 4/13B B= AB@/7< B63=@G / < 2 =<3 E6716 < 3 3 2 A
@75=@=CA 3;>7@71/: B3AB7<5 ) 6 3 = B 6 3 @ E@7B3@A AC@D3G32 7< B67A 16/>B3@ /:: AB@3AA
D/@7=CA /A>31BA =4 B63 @3:/B7=<A67> 0 3 B E 3 3 < 7<27D72C/:A / < 2 A=173BG 3 ; > 6 /
A7A7<5 B63 5@3/B3@ :793:76==2 =4 1@7;7</: /1B7D7BG /@7A7<5 E 6 3 < 3 D 3 @ B67A @3:/B7=<
A67> 7A A3@7=CA:G :/197<5 7< 6 / @ ; = < G (3D3@/: ; / < 7 4 3 A B / B 7 = < A =4 >=AA70:3
/ 317471 5@=C>A / < 2 B 6 3
2 = ; 7 < / :=@32 ) 6 3 3F>:/</
B7=<A 6/D3 0 3 3 < 0@=/2:G 1/B35=@7A32 C < 2 3 @ B 6 @ 3 3 ; / 7 < 1=<13>BA / < = ; 7 3
AB@/7< / < 2 AC01C:BC@3 )= / :/@53 3FB3:/</B7=<A 6/D3 7< 1 = ; ; = <
/ AB@=<5 B 3 < 2 3 < 1 G B= A7BC/B3 B63A3 27A8C<1BC@3A >@7;/@7:G I 0 C B <=B 3F1:CA7D3
:G I 7< B63 :=E3@ =@23@A =4 A=173BG / < 2 B= 47<2 B 6 3 ; B= 03 3A>317/::G > = B 3 A ) 6 3 G 4/7: B= /22@3AA B63 @3/A=<A E 6 G
E = ; 3 < E 6 = AC443@ 4 @ = ; B63 A / ; 3 A=17/: 1=<27B7=<A /@3 < = B A7;7:/@:G /4431B32
/<2 2= <=B /:A= B C @ < B= 1@7;3 7< :/@53 < C ; 0 3 @ A ) 6 7 A 4/7:C@3 @32C13A B63
3F>:/</B=@G > = E 3 @ =4B63A3 B63=@73A A33 /:A= 6 / > B 3 @ :3D3< = < A 3 ? C 3 :/</B7=<A ; / 9 3 B= C < 2 3 @ A B / < 2 7 < 5 1@7;7</:
036/D7=C@ 7A 5@3/B3AB E63< E=@97<51:/AA G = C B 6 1 @ 7 ; 3 /<2 23:7<?C3<1G 7A
037<5 1=<A723@32
) 6 3 >=:71G 7;>:71/B7=<A /@3 D/@7=CA < B63 1@7;7</: 8CAB713 A>63@3 B63G
;/7<:G A33; B= 03 /7;32 /B >@3D3<B7<5 B63 > @ = 0 : 3 ; ;/<743AB7<5 7BA3:4 /A
1@7;7</: /1B7D7BG ) 6 3 7;>:71/B7=< A33;A B= 03 B6/B =443<23@A 4=::=E7<5 = < 3
=@ / 43E D7=:/B7=<A A6=C:2 03 @ 3 ; = D 3 2 4 @ = ; A=173BG 4=@ / >3@7=2 =4B7;3 ) 6 7 A
7A 0 = B 6 /< 3F>3<A7D3 =>B7=< / < 2 = < 3 E6716 7A 7<D/A7D3 =4 >3@A=</: 4 @ 3 3 2 = ;
0 C B ; / < G A33 7B /A / <313AA/@G >@3D3<B/B7D3 ; 3 / A C @ 3 $ B 6 3 @ >=AA70:3 >=:7173A
243
238
<=;73 (B@/7< /<2 CD3<7:3 (C01C:BC@3
;756B 03 B= @3?C7@3 >@==4 =4 / 1 1 3 > B / 0 : 3 :743ABG:3A / < 2 1 = < 2 C 1 B 0 3 4 = @ 3 /<G
/113AA B= E3:4/@3 /<2L=@ / BG>3 =44=@B@3AA 3F7AB3<13 E63@30G B63 E = @ B 6 G /@3
> @ = B 3 1 B 3 2 4 @ = ; B63 /1B7D7B73A =4 B63 C < 2 3 @ 1 : / A A E 6 = /@3 :34B B= >@3G =< 3/16
=B63@ ) 6 3 :/BB3@ >@=>=A/: / A A C ; 3 A B6/B B63 > = > C : / B 7 = < 1/< 03 1:3/@:G /<2
4/7@:G 27D7232 C> 7<B= ;=@/: 5 @ = C > A B67A A 3 3 ; A C<:793:G =< /<G > @ = > 3 @ ABC2G
=4 A=173BG / < 2 1@7;7</:7BG 7 < 1 : C 2 7 < 5 E67B31=::/@ 1 = @ > = @ / B 3 / < 2 2 = ; 3 A B 7 1
1@7;3A $ B 6 3 @ >=:71G 7;>:71/B7=<A :/@53:G :73 =CBA723 B63 1@7;7</: 8CAB713
AGAB3; >@=D7A7=< =4 5@3/B3@ 3 2 C 1 / B 7 = < / : / < 2 8=0 B@/7<7<5 =>>=@BC<7B73A
7<1@3/A32 8=0 = > > = @ B C < 7 B 7 3 A 7<D=:D7<5 5 = = 2 E/53A /<2 @3/A=</0:3 6 = C @ A /<
3F>/<A7=< =4 B63 >C0:71 A31B=@ B= >@=D723 A3@D713A B= B63 :3AA E3:: =44
> @ = ; = B 7 < 5 433:7<5A =47<1:CA7=< =4/:: 17B7H3<A / < 2 3 < 1 = C @ / 5 7 < 5 1C:BC@/: 723/:A
E6716 4=1CA =< 1 = ; ; C < 7 B G / < 2 @3A>31B 4=@ =B63@A
' ' # (
5<3E ' ) 6 3 <B3@/1B7D3 4431BA =4 %33@ +/@7/0:3A =< 3:7<

? C 3 < 1 G @7;7<=:=5G D=: >
5<3E ' = 0 3 @ B = C < 2 / B 7 = < 4=@ / 3 < 3 @ / : (B@/7< ) 6 3 = @ G =4 @ 7 ; 3
/<2 3 : 7 < ? C 3 < 1 G @7;7<=:=5G D=: >
5<3E ' < $D3@D73E =4 3 < 3 @ / : (B@/7< ) 6 3 = @ G 7< ' % 3 B 3 @ < = A B 3 @
32 AA/GA 7< @7;7<=:=571/: )63=@73A ! = A <53:3A '=F0C@G
5<3E ' (B@/7< ) 6 3 = @ G / < 2 (16==: @ 7 ; 3 7< (( ( 7 ; > A = < 32
$4@7;3 /<2 @7;7</:7BG ) 6 = C A / < 2 $/9A %7<3 =@53 %@3AA
5<3E ' = 0 3 @ B / < 2 ,67B3 3 : 3 < '/A97< < ;>7@71/: )3AB =4
3 < 3 @ / : (B@/7< ) 6 3 = @ G @7;7<=:=5G D=: >
=F (B3D3< 3D7/<13 '3/:7BG /<2 (=173BG < 2 3 2 < ! = < 2 = < =:B
'7<36/@B / < 2 , 7 < A B = <
=F (B3D3< '313AA7=< @7;3 /<2 %C<7A6;3 3 < * < 7
D3@A7BG %@3AA
/ ; > 0 3 : : 7@: 3:7<?C3<BA $ F 4 = @ 2 /A7: :/19E3::
/ ; > 0 3 : : )63 7@:A 7< B63 /<5 $ F 4 = @ 2 /A7: :/19E3::
/ ; > 0 3 : : =:7/B6 @7B/7<A /<53@=CA %:/13A ! = < 2 = < " 3 B 6 C 3 <
: = E / @ 2 ' 7 1 6 / @ 2 /<2 $6:7< ! : = G 2 3:7<?C3<1G /<2 $>>=@BC<7BG
! = < 2 = < =::73@"/1;7::/<
= 6 3 < :03@B 3:7<?C3<B =GA )63 C:BC@3 =4 B63 /<5 # 3 E .=@9
) 6 3 @ 3 3 %@3AA
= @ @ 7 5 / < % / C : (16==:7<5 B63 (;/A6 (B@33B 72A ! = < 2 = < " / 1 ; 7 : : / <
C @ @ 7 3 ::7=B =<4@=<B7<5 @7;3 < ;3@71/< 6/::3<53 # 3 E .=@9
% / : = G ; 3 7B/:7A; 7< ( B 3 > 6 3 < 253:: ( / < 2 @ / ,/:9:/B3 /<2
/ @ 3 B 6 ,7::7/;A 32A 30/B7<5 B63 CBC@3 =4 B63 %C0:71 (>63@3 :23@A6=B
D30C@G
C @ @ 7 3 ::7=B " / @ 9 3 B @ 7 ; 3 / < 2 = ; ; C < 7 B G ) = E / @ 2 / " 7 2 @ / < 5 3
) 6 3 = @ G =4 %=AB7<2CAB@7/: + 7 = : 3 < 1 3 )63=@3B71/: @7;7<=:=5G D=: >
244
239
% ) ' $ * ' ) #
!/03::7<5 %63<=;3<=:=5G /<2
B6<=;3B6=2=:=5G
# ) ' $ * ) $ #
) 6 3 # 3 E @7;7<=:=573A 7A @/B63@ / ;7A<=;3@ ) 6 3 723/A C>=< E6716 ; C 1 6

=4 B67A A16==: 7A 0/A32 /@3 0G <= ;3/<A <3E B63G /@3 2@/E< 4@=; B63 E=@9A
=4 %:/B= /<2 @7AB=B:3 "/167/D3::7 =003A :4@32 (16C:BH /@: "/@F /<2
B63 671/5= (16==: "=@3=D3@ A7<13 B63 B63=@G 035/< B= />>3/@ /0=CB B67@BG
G3/@A /5= 7B 7A >3@6/>A <= :=<53@ <3E < ;/<G B3FBA B63 />>@=/16 7A @343@@32
B= /A @/271/: 1@7;7<=:=5G 1=<4:71B 1@7;7<=:=5G "/@F7AB 1@7;7<=:=5G =@ AG;
0=:71 7<B3@/1B7=<7A; ,6/B3D3@ B63 :/03: B63 1=<B3<BA /@3 ;C16 B63 A/;3
) 6 3 G 47@AB 035/< B= 03 >@=>/5/B32 /B B63 3<2 =4B63474B73A/<2 /:B6=C56 B63G
/@3 AB7:: 4@3?C3<B:G 2@/E< =< E@7B3@A =4 B67A A16==: E3@3 ;=AB /1B7D3 /<2
7<4:C3<B7/: 7< B63 :7;7B32 >3@7=2 03BE33< /<2
B 7A C<AC@>@7A7<5 B6/B B63G /@=A3 2C@7<5 B67A >3@7=2 E6716 E/A 53<3@/::G /
B7;3 =4 ?C3AB7=<7<5 /CB6=@7BG /<2 B63 AB/BCA ?C= ) 6 3 A7FB73A /@3 9<=E< 4=@
B637@ 1/;>CA 1=<4:71BA 7< 0=B6 C @ = > 3 /<2 ;3@71/ /A E3:: /A B63 E6=:3A/:3
@3831B7=< =4;/<G =4B63 D/:C3A =4B63 7;;327/B3 >=ABE/@ G3/@A ) 6 3 6 C ; / <
@756BA ;=D3;3=>C:/@ /<2 AB@=<53@ B63 G=C<5
035/< B= ?C3AB7=< B63 1=<D3<B7=</: E/G =4 :743 /<2 1=<D3<B7=</: D/:C3A 7<
;3@71/ B63@3 E/A >@=B3AB =D3@ B63 +73B</; E/@ /<2 0=B6 63@3 /<2
3:A3E63@3 B63@3 E/A / 5@=E7<5 >/1747AB ; = D 3 ; 3 @=0:3; 5@3E 4@=; / 17D7: @756BA 1/;>/75< 7<B= / D7=:3B32
D/:C3A 3F>:/</B7=<A /<2 E/GA =4:743 A= B63 <3E 1@7;7<=:=573A E3@3 B= / :/@53
3FB3=A7B7D7A; E6716 6/2 /@7A3< 7< /<2 B/93< =D3@
1@7;7<=:=5G )= C<23@AB/<2 B63 <3E 1@7;7<=:=573A 7B 7A 7;>=@B/7@71/: /<2 7<AB7BCB7=</: 3:3;3<BA /5/7<AB
E6716 B63A3 >3=>:3 E3@3 E=@97<5
245
240
!/03::7<5%63<=;3<=:=5G/<2B6<=;3B6=2=:=5G
A 6/A /:@3/2G 0 3 3 < A33< >=A7B7D7ABA 03:73D3 B6/B 1@7;7</:7BG 7A 1/CA32 0G
A = ; 3 B 6 7 < 5 =CBA723 B63 1=<B@=: =4 B63 =443<23@ 7B 7A B63 @3AC:B =4 / 07=:=571/:
>AG16=:=571/: =@ A=17/: 4/C:B ) 6 3 G B63@34=@3 @3831B =@ /B :3/AB A3D3@3:G :7;7B
B63 723/ =4 / @/B7=</: ; / < /0:3 B= 3F3@17A3 4@33 E7:: /<2 B= 16==A3 /<2 27@31B
67A /1B7=<A < 2 = 7 < 5 B67A B63G 13/A3 B= 23A1@703 B63 E=@:2 /<2 B63 /1B7D7B73A
=4 / A=173BG 0G ; 3 / < A =4 B6=A3 E 6 = >/@B717>/B3 7< 7B <AB3/2 B63G A339 =CB
E6/B B63G 1=<A723@ B= 03 B63 >@=4=C<2 /<2 1=;>3::7<5 1/CA3A E6716 AC01=<
A17=CA:G 27@31B B63 >/@B717>/<BA 036/D7=C@ ) 6 3 1/CA3 =4 B63 036/D7=C@ ;/93A
B63 7<27D72C/: 1 6 = = A 3 B= /1B 7< / >/@B71C:/@ E/G /<2 A= B63 1/CA3 0 3 1 = ; 3 A B63
16=713 A 6/A 0 3 3 < 3D723@31327<5 16/>B3@A 74/ >/@B71C:/@
4/1B=@ /@7A3A ;/@932:G ; = @ 3 4@3?C3<B:G 7< 1@7;7</:A B6/< 7< <=<1@7;7</:A
B 6 3 < B63 >=A7B7D7ABA B 3 < 2 B= A33 B6/B 4/1B=@ /A / 1/CA3 =4 B6/B 1@7;7</:7BG A33
6 / > B 3 @ A (7F B= ) E 3 : D 3 < 1@7B717A; B63 <3E 1@7;7<=:=57ABA >=7 > = @ B 3 2 0G B63=@3B71/: 3F>:/
</B7=< B= 3AB/0:7A6 E 6 3 B 6 3 @ B63 1=<<31B7=< 7A 1/CA/: /<2 6=E B63 1/CA/B7=<
E=@9A 7< >@/1B713
4 B63 >=A7B7D7AB B@/27B7=< 7A A= =0D7=CA:G 4:/E32 E6G E/A 7B /113>B32 4=@ A=
:=<5 / < 2 0G A= ; / < G >3=>:3 " C 1 6 =4 7BA />>3/: @3ABA =< 7BA 1:/7; B= 03
A173<B7471 ) 6 3 :7<9A 0 3 B E 3 3 < 1@7;3 /<2 B63 D/@7=CA 4/1B=@A A33;32 B= 03
A173<B7471/::G B3AB32 /<2 B6CA /A =0831B7D3 B63 > @ 3 A C ; 3 2 4 @ 3 3 2 = ; 4@=;
>=:7B71/: =@ = B 6 3 @ 07/A ; / 2 3 B 6 3; ; = @ 3 /113>B/0:3 ) 6 3 A 3 53<3@/: 1=<A723@
/B7=<A /@3 @37<4=@132 0G >/@B71C:/@ 7<AB7BCB7=</: B@/27B7=<A = @ 3F/;>:3 7<
@7B/7< B63 8C2717/@G 7A CA32 B= 037<5 /A932 B= 7<B3@>@3B /<2 />>:G B63 :/E
=0831B7D3:G E7B6=CB ?C3AB7=<7<5 7BA D/:727BG =@ 4/7@<3AA A173<B7471 /<2
=0831B7D3 0/A7A 4=@ 3F>:/<7<5 1@7;7</:7BG 7A B6CA 3A>317/::G /113>B/0:3 B= 7B B63
; = @ 3 A= 747B 7A > = A B C : / B 3 2 0G =B63@ >@=43AA7=</:A ) 6 3 >=A7B7D7AB />>@=/16 /:A=
/>>3/:A B= AC0AB/<B7/: A31B=@A =4 B63 53<3@/: >C0:71 7B ;/93A B 6 3 ; 433: A/43
4 @ = ; 0 3 1 = ; 7 < 5 1@7;7</: B63;A3:D3A E67:AB <=B A7;>:G 1 = < 2 3 ; < 7 < 5 B63
7<27D72C/: E 6 = 7A 1@7;7</: *<:793 ;GA3:4 / 1@7;7</: 7A <=B < = @ ; / : =@ 6/A
3F>3@73<132 /< C > 0 @ 7 < 5 7 < 5 L 3 < D 7 @ = < ; 3 
/ < 2 < 3 3 2 B= 03 > @ = B 3 1 B 3 2 /5/7<AB B 6 3 ;
# 3 E 1@7;7<=:=573A @3831B B67A AB/<13 (=;3 =4 B63 @3/A=<A 4=@ B67A @3831B7=<
E7:: 5@/2C/::G 3 ; 3 @ 5 3 4 @ = ; =C@ 27A1CAA7=< 0 C B =B63@A 1/< 7;;327/B3:G 03
; / 2 3 3F>:717B $ < 3 / @ 5 C ; 3 =A7B7D7AB A16==: 7A B6/B 7B 7A B==
A7;>:7AB71 B A33;A B= B@3/B B63 1@7;7</:A /A 74 B63G 3F7AB /:;=AB 7< / D/1CC;
" = A B 1@7;7</: /1B7D7B73A 7<D=:D3 37B63@ 27@31B:G =@ B/17B:G B63 1==>3@/B7=< =@
/B :3/AB 9<=E:3253 =4 ; / < G >3=>:3 =@ 3D3< 5@=C>A AC16 /A >C@16/A3@A =4
AB=:3< 5==2A , 6 3 < / ; 3 ; 0 3 @ =4 / 1=@>=@/B7=< 2=3A A=;3 7::35/: /1B E7B67<
B6/B 7<AB7BCB7=< 7B 7A 53<3@/::G 2=<3 E7B6 B63 9<=E:3253 /<2 =4B3< B63 0:3AA7<5
=@ 3D3< 27@31B7=< =4 AC>3@D7A=@A 1@7;7</: /1B 7A <=B /< 7A=:/B32 /1B A= B63
< 3 E 1@7;7<=:=57AB E = C : 2 /@5C3 B6/B B= 3F>:/7< ;=AB 1@7;7</:7BG 7< >=A7B7D7AB
B3@;A 7A <37B63@ @3/:7AB71 < = @ 7::C;7</B7<5
A31=<2 / @ 5 C ; 3 =A7B7D7A; 1/< 03 4=C<2 7< B63 @3831B7=< =4
B63 723/ B6/B 1@7;7</: 036/D7=C@ 1/< 03 @ 3 2 C 1 3 2 B= / >C@3:G A173<B7471 =@
B316<71/: ?C3AB7=< ) 6 3 1@7;7</: /1B E/A A33< /A /< /0<=@;/: /1B /<2 7B E/A
<313AA/@G B= 0@7<5 B63 1@7;7</: 0/19 B= <=@;/:7BG 37B63@ 0G 1=@@31B7<5 A=;3
246
241
!/03::7<5 %63<=;3<=:=5G /<2 B6<=;3B6=2=:=5G
>AG16=:=571/: 23431B =@ 0G B3/167<5 6=E B= 1=>3 E7B6 A = ; 3 07=:=571/: =@
A=17/: >@=0:3; /<2 031=;3 :/E/0727<5 ) 6 3 7;>:717B / A A C ; > B 7 = < E/A B6/B
1@7;3 7A <=B @3/::G / @/B7=</: 16=713 /<2 B63@34=@3 /<G=<3 ;/97<5 B6/B 16=713
;CAB 03 27443@3 4=@ / D3@G AB@=<5 ?C3AB7=<7<5 =4 B67A AB/<13
A31 =C1/C:BA D73EA @3>@=2C132 7< @7BH;/< 32 > >
C @ B 6 3 @ ; = @ 3 >=A7B7D7ABA A33;32 B= /AAC;3 B6/B 74 A = ; 3 B 6 7 < 5 E/A 1/::32 /
1@7;3 7B E/A <313AA/@7:G E@=<5 031/CA3 B63 (B/B3 A/72 7B E/A E@=<5 # 3 E
1@7;7<=:=57ABA > @ = 0 3 0367<2 B67A 1:/7; /<2 /@5C3 B6/B ; / < G /1BA /@3 2347<32
/A 1@7;3A :/@53:G B= >@=B31B /<2 @34:31B B63 7<B3@3ABA =4 B63 > = E 3 @ 4 C : /<2 B=
@3B/7< / >=:7B71/: /<2 723=:=571/: AB/BCA ?C= < B63 A ; C 1 6 =4 B67A E/A
0@=C56B 7<B= ?C3AB7=< ;/<G 4/132 1@7;7</: 16/@53A 4=@ E 6 / B B63G A/E /A
=>>@3AA7=< /<2 <=B7=<A =4 63:>7<5 B63; 0/19 B= <=@;/:7BG A 3 3 ; 3 2 7@@3:
3D/@7A7<5 74 7B 6/2 <=B 033< 16/::3<532 7< B63
A>63@3 =4 1@7;7</:7BG =@ B63 <3E 1@7;7<=:=573A 1@7;3 7A @3:/B32 B= B63
:/E/0727<5 3A>317/::G B63 >=E3@4C: /A E3:: /A B= B6=A3 E 6 = D7=:/B3 B63 :/E
) 6 3 <3E 1@7;7<=:=573A :/@53:G /5@33 =< B63 0/A7A 4=@ @3831B7<5 >=A7B7D7A;
0CB B63G 27443@ =D3@ E6/B A6=C:2 @3>:/13 7B ) 6 3 <3E 1@7;7<=:=573A /A B63
>:C@/: AC553ABA 3 ; 0 @ / 1 3 27443@3:7B 7<B= 4=C@ /@3/A =@ A16==:A </;3:G :/03::7<5 =@ 7<B3@/1
B7=<7A; > 6 3 < = ; 3 < = : = 5 G /<2 3 B 6 < = ; 3 B 6 = 2 = : = 5 G 1=<4:71B /<2 @/271/: 1@7;7
<=:=573A B 7A <=B 1:/7;32 B6/B B67A 7A B63 =<:G =@ B63 1=@@31B E/G B= >@3A332 B6/B 7B E7:: ;/93 B63; 3/A73@ B= 4=::=E B 7A
6=E3D3@ 7;>=@B/6/A7A3 B6/B B63A3 /@3/A /@3 7<B3@:7<932 / < 2 2= < = B
1=<AB7BCB3 A3>/@/B3 B63=@73A ) E = =4 B63A3 >3@A>31B7D3A :/03::7<5 =@ 7<B3@/1
B7=<7A; /<2 >63<=;3<=:=5G /<2 3B6<=;3B6=2=:=5G E7:: 03 23/:B E7B6 7<
B67A 16/>B3@ /<2 BE= 1=<4:71B /< 2 @/271/: 1@7;7<=:=573A 7< B63 <3FB
! ! ! # $ # ) ' ) $ # ( "
!/03::7<5 B63=@73A /<2 7<B3@/1B7=<7A; E3@3 B63 A>@7<50=/@2 4=@ ; / < G =4 B63
>@=>=<3<BA /<2 723/A =4 B63 <3E 1@7;7<=:=5G ) E = >@3:7;7</@G >=7<BA <332
B= 03 <=B32 7@AB:G :/03::7<5 =@ 7<B3@/1B7=<7A; @3>@3A3<BA < = B / A7<5:3 B63=@G
0CB @/B63@ / < C ; 0 3 @ =4 27443@3<B 723/A 2@/E< B=53B63@ C < 2 3 @ = < 3 ; 3 B 6 = 2
) 6 7 A ; 3 B 6 = 2 7A A=;3B7;3A /:A= 1/::32 A=17/: @3/1B7=< B63=@G / < 2 /A B67A B3@;
AC553ABA 7B :==9A B=E/@2A A=173BGA @3/1B7=< B= B63 23D7/3@A=< =4B63 23D7/=AA70:G ;=@3 7 ; > = @ B / @ = > = < 3 /@B71C:/@ B=
7<1:C23 B63 /1B7=<A /<2 >=A7B7=<A =4 B6=A3 / @ = C < 2 B63 1@7;7</: / < 2 B63 34431B
B63A3 ;/G 6/D3 C > = < B63 1@7;7</:
:B6=C56 B63 723/A =4 :/03::7<5 B63=@G =<:G B==9 @==B 7< @7B7A6 1@7;7<=:=5G
7< B63 A B63G 6/D3 / 4/7@:G :=<5 67AB=@G < @323@719 ) 6 @ / A 6 3 @ 7<
67A E=@9 =< 8CD3<7:3 5/<5A @31=5<7A32 B6/B B63 =44717/: :/03: =4 23D7/=B3<B7/::G <35/B7D3 34431BA C > = < B63 G=CB6A ) E = G3/@A :/B3@ @ / < 9 ) / < < 3 <
0 / C ; /@5C32 B6/B 1/::7<5 A = ; 3 = < 3 1@7;7</: ;756B @3AC:B 7< 6 7 ; :7D7<5
C> B= B63 23A1@7>B7=<
247
242
!/03::7<5%63<=;3<=:=5G/<2B6<=;3B6=2=:=5G
!/03::7<5=@7<B3@/1B7=<7A;7A/23@7D/B7D3=4B63E723:GCA32A=17=:=571/:
723/ =4 7<B3@/1B7=<7AB A=17/: B63=@G <B3@/1B7=<7AB B63=@G /</:GA3A B63 E/G
A=17/: /1B=@A CAC/::G 7<27D72C/:A 6/D3 1 = < 1 3 > B 7 = < A =4 B63;A3:D3A /<2 =4 A52
=B63@A / @ = C < 2 B 6 3 ; E7B6 E 6 = ; B63G 7<B3@/1B ) 6 7 A 57D3A ; 3 / < 7 < 5 B= A52
036/D7=C@ =47<27D72C/:A /A 7B >:/13A B637@ /1B7=< 7< B637@ C < 2 3 @ A B / < 2 7 < 5 =4 B63
E=@:2 $4 1 = C @ A 3 ; / < G 1 = < 1 3 > B 7 = < A E 6 7 1 6 3/16 > 3 @ A = < 6=:2A E7:: 03 2 @ / E <
4 @ = ; B637@ 1 C : B C @ 3 =@ >=A7B7=< 7< A=173BG 0 C B B63 7<B3@/1B7=<7ABA /BB/16
7 ; > = @ B / < 1 3 B= B63 ;3/<7<5A E6716 B63 7<27D72C/: >:/13A =< D/@7=CA =11C@
@3<13A !/03::7<5 B63=@G 7A 2 @ / E < 4 @ = ; B67A 0 C B 13<B@3A 7BA A B C 2 G =< 6 = E
AG;0=:A < / ; 3 : G :/03::7<5 A = ; 3 = < 3 1/< 03 C A 3 2 =@ 1 / < 03 A33< B= 7<4:C3<13
A = ; 3 = < 3 A /1B7=<
' C 0 7 < 5 B = < / < 2 ,37<03@5 A/G B 6 / B 7 3 @ A = < 1 = ; ; 7 B A 1@7;3A / < 2 6 = E =<3 1/<
>@3D33@A>31B7D3A 7@AB B= :==9 /B
B63 > @ = 0 : 3 ; 4 @ = ; B63 >3@A>31B7D3 =4 A=173BG / < 2 /A9 C < 2 3 @ E6/B 1 7 @ 1 C ; A B / <
13A 2=3A / > 3 @ A = < 53B A3B /A723 / < 2 1/::32 1@7;7</: = E 2=3A B63 :/03::7<5
1 = ; 3 / 0 = C B = E 2=3A B63 :/03: /4431B B63 /1B7=<A =4 =B63@A B=E/@2A B63
7<27D72C/: , 6 / B D/:C3 2= B63G > C B =< B63 4/1B =423D7/<13 (31=<2:G B= :==9
/B B63 > @ = 0 : 3 ; 4 @ = ; B63 >3@A>31B7D3 =4 B63 > 3 @ A = < :/03::32 /<2 /A9 6 = E B63G
@3/1B B= B63 4/1B =4037<5 :/03::32 = B63G / 2 = > B B63 1@7;7</: @=:3 A3B 4=@ B 6 3 ;
0G =B63@A = 3 A 7B /4431B B63 17@1:3A B63G :7D3 7< / < 2 /:B3@ B637@ A3:41 = < 1 3 > B B=
B/93 / 1 1 = C 3@A>31B7D3 0 C B 7B
1:3/@:G 6/A ; = @ 3 ,3 A6/:: 0@734:G 1 = ; ; 3 < B =< B63A3 BE= 4/13BA / < 2 /22 /
B67@2 ) 6 C A E3 A6/:: /A9 E6/B 036/D7=C@ A6=C:2 /BB@/1B B63 :/03: =4 1@7;3
/<2 E6G ) 6 7 A 7A B63 B67@2 ?C3AB7=< B= / 2 2 B= B63 BE= /:@3/2G 7<271/B32 6 = E
2= =44717/: /53<173A /<2 A=173BG CA3 / < 2 />>:G B63A3 :/03:A / < 2 E 6 / B 34431B
2=3A :/03::7<5 6/D3 =< B63 7<27D72C/:
! / 0 3 : : 7 < 5 0 3 6 / D 7 = C @ A = 1 7 3 B / : @ 3 / 1 B 7 = <
= E / @ 2 3193@ /<2 > = 7 =E3@ =@ 0G B63 E6=:3 =4B63 A=173BG )= 1/:: A = ; 3 B 6 7 < 5 / 1@7;3 7A B63@34=@3
=<:G / @3/1B7=< B= / >/@B71C:/@ BG>3 =4 036/D7=C@ / @3/1B7=B/0:3 B= = B 6 3 @ ; 3 ; 0 3 @ A =4 A=173BG / 1 6 A=173BG
1@3/B3A 23D7/<BA / < 2 1@7;7</:A 0G ; / 9 7 < 5 @C:3A E 6 = A 3 0@3/16 E7:: 1=<AB7BCB3
23D7/<13 =@ 1@7;7</:7BG ) 6 3 @C:3A =4 /<G >/@B71C:/@ A=173BG /B /<G >/@B71C:/@
B7;3 /@3 < = B 7</:73</0:3 =@ 3F/;>:3 / 0 = @ B 7 = < E/A 53<3@/::G 7::35/: 7< @7B/7<
C> C<B7: < = E 7< 13@B/7< 2 3 4 7 < 3 2 1 7 @ 1 C ; A B / < 1 3 A 7B 7A :35/: / < 2 /113>B/0:3
'C:3A 27443@ 4 @ = ; A=173BG B= A=173BG ) 6 C A B63 > @ = > = < 3 B32 /A A3:43D723 > @ = / 1 6 3 A B= B63 1@7;7</: 8CAB713 AGAB3;
4@=; @ 3 4 = @ ; B= :34B @3/:7A; B= / < / @ 1 6 7 1 /0=:7B7=<7A; A33 %7B16 >>
; = @ 3 CAC/: D73E 7A B6/B < = B 6 7 < 5 7A 1@7;7</: C<B7: A = ; 3 = < 3 @3/1BA B=
7B 7< AC16 / E/G /A B= 2347<3 7B /A A C 1 6 / < 2 B@3/B 7BA B@/<A5@3AA=@A /A 1@7;7</:
248
243
!/03::7<5 %63<=;3<=:=5G /<2 B6<=;3B6=2=:=5G
B63@3 7A <= A C 1 6 B67<5 /A /< /1B E 6 7 1 6 0G 7BA D3@G @363<A70:3 D3< B63 ; = A B 1 = ; ; = < : G @31=5<7A32 1@7;3 ; C @ 2 3 @ 7A < = B
C<7D3@A/::G 2347<32 7< B63 A3<A3 B 6 / B / < G = < 3 E 6 = 97::A / < = B 6 3 @ 7A 3D3@GE63@3
/ < 2 /:E/GA 5C7:BG =4 ; C @ 2 3 @ ( = ; 3 97::7<5A /@3 3F1CA32 =< B63 5 @ = C < 2 A =4
3 F B @ 3 ; 3 >@=D=1/B7=< =@ =4 A3:42343<13 ( = ; 3 /@3 /1B7D3:G 1 = < 2 = < 3 2 / < 2
5:=@74732 I 97::7<5 7< E/@ ) 6 3 @ 3 4 = @ 3 B 6 3 A / ; 3 /1B I 97::7<5 I 1 / < < = B 03
C < 2 3 @ A B = = 2 E 7 B 6 = C B ?232?2;02 B= <A52? >3=>:3@ @3/1B7=<A < B67A B63=@3B71/:
.;.9F@6@ A52 0?2.A<?@ .;1 2;3<?02?@ <3 ?B92@ ;221 A< /2 @B/720A21 B= . 1@7B71/:
@0?BA6;F D5605 @5<B91 ;<A /2 0<;36;21 A< A5<@2 D 5 < C6<9.A2 A52 ?B92@
)56@ =2?@=20A6C2 <; A52 @2AA6;4 <3 0?6:6;.9 9.D@ 4<2@ .4.6;@A A52 :<?2
A?.16A6<;.9 ;<?:.A6C2 612. B;12? D5605 .; .0A6C6AF 6@ . 0?6:2 636A /?2.052@ A52
;<?:@ <3 /25.C6<B? .002=A21 /F A5<@2 6; A52 @<062AF ) 5 2 =?</92: D6A5 A52
;<?:.A6C2 612. 6@ A52 612. <3 . 0<;@2;@B@ <3 .99 =2<=92 6; . @<062AF @6;02
;<?:.A6C2 A52<?F .@@B:2@ A5.A A52 C62D@ <3.99 =2?@<;@ 0.??F 2>B.9 D2645A ;
6;A2?.0A6<;6@: A56@ .@@B:=A6<; 6@ 05.992;421 /F @0?BA6;6@6;4 A52 ?2.0A6<;@ <3
6;16C61B.9@ .;1 4?<B=@ A< @22 D 5 < @ 2 ?2.0A6<;@ .?2 46C2; :<@A D2645A
= E < 3 A / < 2 '=19 27A1CAA B63 34431BA B 6 / B > = E 3 @ /<2 >=A7B7=< 1/<
6/D3 C > = < B63 E/G 7< E6716 / > 3 @ A = < A /1B ; / G 03 2347<32 0G =B63@A 7<
A=173BG ) 6 3 G /@5C3 B6/B 74/1B7=<A /@3 > 3 @ 4 = @ ; 3 2 0G > = E 3 @ 4 C : >3=>:3 B63@3 7A
/ @ 3 : C 1 B / < 1 3 B= 2347<3 B63 /1B7=< /A 1@7;7</: / : B 6 = C 5 6 7B ;/G 03 1@7B717A32
D3< 74 B 6 3 /1B7D7BG 7A ; / 2 3 7::35/: 7B ; / G 03 2 3 4 7 < 3 2 /A /< /2;7<7AB@/B7D3
7<4@/1B7=< @ / B 6 3 @ B6/< / 1@7;3 ) 6 7 A 1/< ; = A B 1:3/@:G 03 A33< 7< B63 /@3/ =4
1 = @ > = @ / B 3 =@ E67B31=::/@ 1@7;3 E 6 3 @ 3 D3@G = 4 B 3 < ;=@/::G @3>@363<A70:3 / < 2
2 / ; / 5 7 < 5 /1B7D7BG 7A <=B 2 3 4 7 < 3 2 /A 1@7;7</: ) 6 3 G /@5C3 B6/B B67A B 3 < 2 3 < 1 G
/@7A3A < = B =<:G 031/CA3 =4 B63 > = E 3 @ =4 B63 > 3 @ A = < 1/@@G7<5 =CB B63 /1BA 0 C B
/:A= 0 3 1 / C A 3 =4 B63 >@=F7;7BG =4 B 6 3 / 1 B = @ / < 2 B63 > 3 @ A = < E 6 = 7A A3BB7<5 = C B
B63 @3/1B7=<A =4 B 6 3 A=173BG ) 6 3 1:=A3@ B63A3 B E = /@3 B63 ; = @ 3 :793:G B63
/1B7=< 7A B= 03 3F1CA32 /<2 3F>:/7<32 /E/G /A 4/7@:G < = @ ; / : ) 6 3 4 C @ B 6 3 @ / > / @ B
B63G /@3 B 6 3 ; = @ 3 :793:G B63 / 1 B 7 = < 7A B= 03 1:/AA74732 /A 1@7;7</: /<2 / 6/@A6
>3</:BG A3B 4=@ B6=A3 E6= B@/<A5@3AA
B 7A < = B =<:G B63 >=E3@4C: E 6 = 4756B 4=@ 13@B/7< :35/: >=A7B7=<A :: A=@BA =4
>@3AAC@3 5 @ = C > A /@5C3 4=@ /:: ; / < < 3 @ =4:35/: 16/<53A = @ 3F/;>:3 /:B6=C56
7< / 0 = @ B 7 = < E/A :35/:7A32 7< 13@B/7< A7BC/B7=<A B63@3 6/D3 /:E/GA 0 3 3 <
>@3AAC@3 5 @ = C > A E 6 = /@5C3 4=@ 1 6 / < 5 7 < 5 B67A $ < B63 = < 3 6 / < 2 ; / < G 5 @ = C > A
; / G 4756B 4=@ B63 E = ; / < A @756B B= 16==A3 / < 2 B63@34=@3 4=@ /0=@B7=< =<
2 3 ; / < 2 / < 2 C> C<B7: E339A = B 6 3 @ 5@=C>A E7:: 03 /@5C7<5 4=@ B63 @756BA =4
B63 4 = 3 B C A =@ /A B63G E=C:2 1/:: 7B B63 167:2 / < 2 37B63@ > C A 6 4=@ <= / 0 = @ B 7 = @ = B 3 1 B
@756BA = < 3 B63 @756BA =4B63 ; = B 6 3 @ / < 2 B63 =B63@ B63 @756BA =4 B63 4=3BCA =@
167:2 < G 16/<57<5 =4B63 :/E @3AC:BA 7< A = ; 3 @327AB@70CB7=< =403<347BA $ < 3
=@ ; = @ 3 BG>3 =4 > 3 @ A = < :=A3A 0G 037<5 >@3D3<B32 4 @ = ; 2= 7<5 /A B63G E / @ = B 3 1 B 3 2 ) 6 3 5 @ = C > B6/B E7<A 7A B 6 3 =<3 E6716 7A AC113AA4C: 7< =0B/7<7<5 B63
A C > > = @ B =4 B6=A3 7< / >=A7B7=< B= 231723
( = ; 3 036/D7=C@A 0 3 1 = ; 3 1@7;7</:7A32 2 C 3 B= 4/7@:G A;/:: >@3AAC@3 5 @ = C > A
=@ 7<B3@3AB 5 @ = C > A 0 C B :/B3@ 0 3 1 = ; 3 A= /113>B32 /A 1@7;7</: B6/B /:;=AB /:: 7<
/ >/@B71C:/@ A=173BG E=C:2 /113>B B 6 3 ; /A 7<63@3<B:G 0 / 2 $ < 3 =4 B63 03AB
249
244
!/03::7<5%63<=;3<=:=5G/<2B6<=;3B6=2=:=5G
3F/;>:3A =4 B67A 7A B63 @35C:/B7=< =42@C5A *<B7: 3/@:G B67A 13<BC@G /:;=AB /::
2@C5A E3@3 :35/::G /D/7:/0:3 =< 2 3 ; / < 2 " / < G E3@3 CA32 7< B63 B@3/B;3 :32 7< B= B63 / 5 C 3 = < 4 3 @ 3 < 1 3 1/::7<5 4=@
B63 >=AA3AA7=< A/:3 3B1 =4 AC16 2@C5A /A = > 7 C ; ; = @ > 6 7 < 3 /<2 1=1/7<3 B=
03 ; / 2 3 7::35/: < C < 2 3 @ B63 /<53@=CA @ C 5 A 1B B63G 031/;3 7::35/:
7< @7B/7< " / < G 7< B63 1 = C >=A32 AC16 / :/E
0 C B < = E B63 >=AA3AA7=< =4 B63A3 AC0AB/<13A 4=@ = B 6 3 @ B6/< ;3271/: >C@>=A3A
7A 53<3@/::G @35/@232 /A 0 / 2 =@ E@=<5 7< 7BA3:4 B 7A 1:3/@ B6/B B63 D73E =4B63
E723@ A=173BG ; / G E3:: 1 6 / < 5 3 4 @ = ; B7;3 B= B7;3
) 6 3 / > > @ = / 1 6 =47<B3@/1B7=<7A; 6/A 7BA =E< > @ = 0 : 3 ; A ) 6 3 @3A3/@163@A /@3
= 4 B 3 < 34431B7D3:G >:/17<5 B637@ = E < D/:C3A =< =B63@A = @ 3F/;>:3 B63G =4B3<
/AA3@B B6/B B63 >=E3@:3AA E = C : 2 2@/E B63 :7<3 2347<7<5 1@7;7</:7BG 7< /
27443@3=A7B7=< E6716 7A < = B <313AA/@7:G B63 1/A3 < A = ; 3 @3A>31BA B67A 7A
/A >@=0:3;/B71/: /A / A A C ; 7 < 5 / <=@;/B7D3 A B @ C 1 B C @ 3 0 C B 7< B63 1/A3 =4
7<B3@/1B7=<7A; B63 B63=@7ABA /@3 /B :3/AB ; = @ 3 /E/@3 =4 B63 >@=0:3;/B71
>=A7B7=< =4 :/03::7<5 13@B/7< 036/D7=C@ /A 1@7;7</: /<2 =B63@ 036/D7=C@ /A
< = < 1 @ 7 ; 7 < / : ) 6 7 A /E/@3<3AA 7A A75<7471/3=>:3 4=@ B637@ 036/D7=C@ /<2 :3AA E7::7<5 B= /AAC;3 B6/B
A = ; 3 B 6 7 < 5 7A E @ = < 5 =@0 / 2>3@A3 31/CA3 B63G 2= < = B D73E 1@7;3A /A 27443@3@=>=<3<BA =4 B67A A16==: B3<2 B= ABC2G
23D7/<13 @/B63@ B6/< 1@7;3 ) 6 3 G 6/D3 :==932 /B /1B7D7B73A A=;3 1@7;7</:
A = ; 3 < = B E 6 7 1 6 6/D3 :32 5 @ = C > A 7< A=173BG B= D73E B63 >3@>3B@/B=@A 7< / 0/2
:756B
! . / 2 9 9 6 ; 4 A 5 2 6 ; 1 6 C 6 1 B . 9
) 6 3 :3/27<5 > @ = > = < 3 @=0:3;A /@7A7<5 E 6 3 < / :/03: /BB/163A /<2 B63
7<27D72C/: 723<B7473A E7B6 B6/B :/03: 3193@ B==9 B63 D73E B6/B 7<
;/97<5 @/:3A =@ 1@7;3A A=173BG 1@3/B32 23D7/<13 /<2 0G />>:G7<5 B63 @C:3A B=
>/@B71C:/@ >3=>:3 / < 2 :/03::7<5 B 6 3 ; /A 1@7;7</:A /<2 =CBA723@A A=173BG
1@3/B3A B63 1@7;7</:A < B67A A31B7=< E3 /@3 1 = < 1 3 @ < 3 2 E7B6 6=E A=173BG
231723A E 6 = B= :/03: 7< B63 <3FB E3 E7:: 1=<A723@ B63 34431BA =4 AC16 / :/03:
=< B63 7<27D72C/:
) 6 3 ? C 3 A B 7 = < 7A E 6 = 2= E3 :/03: /A 1@7;7</: ) 6 3 B@7B3 /<AE3@ 7A B6=A3
E 6 = B@/<A5@3AA B63 1@7;7</: :/E (C16 / @3A>=<A3 @3?C7@3A 3 < = @ ; = C A ?C/:747
1/B7=<A A A6=C:2 6/D3 0 3 3 < 1:3/@ 4 @ = ; 6 / > B 3 @ $ < 3 /:;=AB 3D3@G=<3 6/A
B@/<A5@3AA32 / 1@7;7</: :/E 0 C B ;/<G 6/D3 <3D3@ 0 3 3 < > C < 7 A 6 3 2 4=@ A= 2=7<5
) 6 3 @ 3 4 = @ 3 B63 /<AE3@ ;756B 03 B6/B E3 :/03: /<2 > C < 7 A 6 =<:G B6=A3 E 6 = /@3
1/C56B ) 6 7 A 7A >/@B7/::G B @ C 3 /<2 1/< 3F>:/7< A = ; 3 =4 B63 1=<13<B@/B7=< =<
AB@33B /A = > > = A 3 2 B= 0 = / @ 2 @ = = ; =@ 2=;3AB71 1@7;7</:7BG A >=7<B32 =CB 0G
= E < 3 A / < 2 '=19 = < 3 =4 B63 4/1B=@A /4431B7<5 A=173B/: @3/1B7=< B= /
>/@B71C:/@ /1B7D7BG 7A B63 D7A707:7BG =4 B63 =443<13 4 /< =443<13 7A =0D7=CA /<2
1 = ; ; 7 B B 3 2 =< B63 AB@33B 0 = B 6 B63 >C0:71 /<2 >=:713 /@3 5=7<5 B= 03 ;=@3
/E/@3 =47B B6/< 747B 6 / > > 3 < A 7< B63 6 = ; 3 =@ 7< 0 = / @ 2 @ = = ; A = @ B67A @3/A=<
7BA <35/B7D3 34431BA E7:: 03 ; = @ 3 =0D7=CA /<2 7B 7A ; = @ 3 :793:G B= 03 =44717/::G
1=<B@=::32 , 6 3 @ 3 B67A AB@33B /1B7D7BG 031=;3A >/@B71C:/@:G >@3D/:3 @ = 0 : 3 ; B63A3 4/1B=@A /@3 3D3< AB@=<53@ /A 1/< 03 A33< 4 @ = ;
B63 @3/1B7=< B= 4==B0/:: 6==:75/<A ) 6 3 BG>3A =4 1@7;3A E6716 /@3 B/@53B32 7<
B67A E/G /<2 B63 >C0:71 43/@ =4 B63; 1/< 03 /@B74717/::G 1=<B@=::32 A E/A
A33< 7< 6/>B3@A ) 6 @ 3 3 / < 2 7D3 B63 ;327/ ;/G 0C7:2 C> / >/@B71C:/@ 1@7;3
/A 037<5 ;=@3 7;>=@B/@3D/:33@13>B7=< 0G A=173BG /<2 B63@34=@3 7<4:C3<13 B63 @3/1B7=<
=4 A=173BG B= 7B (7;7:/@:G B63 >=:713 0G 231727<5 B= B/@53B >/@B71C:/@ 1@7;3A
;/G ;/93 7B />>3/@ B6/B B63@3 7A / >@=0:3; 7< / >/@B71C:/@ /@3/ = @ 3F/;>:3
E63< <23@B=< B==9 =D3@ /A 16734 1=<AB/0:3 7< " / < 1 6 3 A B 3 @ 63 0 3 5 / < /
1@CA/23 /5/7<AB 6=;=A3FC/:7BG /<2 CA32 67A >=:713 B= A339 = C B / < 2 >@=A31CB3
B67A 5@=C> " / < 1 6 3 A B 3 @ E6716 6/2 67B63@B= 03:73D32 7B 6/2 /< 7<A75<7471/@=0:3; A C 2 2 3 < : G 27A1=D3@32 / :/@53 > @ = 0 : 3 ; ) 6 3 /1B7D7BG 6/2
/:E/GA 3F7AB32 0CB =<:G < = E E/A 7B E/A 037<5 >=:7132 /<2 @3/1B32 /5/7<AB
(7;7:/@:G B63@3 ;/G 03 / 2317A7=< =< B63 >/@B =4 B63 >=:713 B= >/B@=: 13@B/7<
/@3/A ;=@3 1:=A3:G ) 6 3 G /@3 B63< :793:G B= 27A1=D3@ ; = @ 3 1@7;3 B63@3 E6716
;/G 8CAB74G B637@ 7<7B7/: 8 C 2 5 ; 3 :G ;3/< B6/B B63 />>/@3<B:G :=E3@ 1@7;3 @/B3 =4=B63@ /@3/A @34:31BA / :3AA
7<B3<A3 :3D3: =4 >=:717<5
D3< B67A 7A B== A7;>:3 /< /<AE3@ 031/CA3 ; / < G >3=>:3 E6= /@3 1/C56B
1=;;7BB7<5 / 1@7;3 /@3 37B63@ <=B @3>=@B32 B= B63 >=:713 =@ 6/D3 <= /1B7=<
B/93< /5/7<AB B63; ) 6 3 @ 3 4 = @ 3 B63 :/03: 1@7;7</: 7A =<:G > C B C > = < A = ; 3 = < 3
7< 4/7@:G @/@3 17@1C;AB/<13A /<2 B637@ 1@7;7</: /1B7D7BG 7A =<:G / A;/:: >/@B =4
B63 >@=13AA ) 6 3 E/G 7< E6716 /1B7=<A E6716 6/D3 033< 2347<32 /A 1@7;7</:
/@3 >=:7132 /<2 1=<B@=::32 7A /B :3/AB /A 7;>=@B/=:713 /@3 <=B B63 3<4=@13;3=@/B3 1@7;3 3 @ 3 B63 1=<B@=: /53<173A AC16 /A B63 4/1B=@G
7<A>31B=@A ;=AB:G CA3 >3@AC/A7=< /<2 @/@3:G >@3AA 1@7;7</: 16/@53A < ;=AB
=443<13A 6=E3D3@ B63 3 < 4 = @ 1 3 ; 3 =:713 B63 1=C@BA
8C253A >@=0/B7=< =44713@A /<2 >@7A=<A ) 6 3 @ 3 /@3 1:/7;A 0G :/03::7<5 B63=@7ABA
B6/B B63 >=:713 A6=E A3FC/: @/17/: @3:757=CA /<2L=@ 1:/AA 07/A 7< > 3 @ 4 = @ ; 7 < 5
B637@ 2CB73A A33 4=@ 3F/;>:3 (;7B6 /<2 @/G /<2 B63 <AB7BCB3 =4 '/13
'3:/B7=<A $< 475C@3A >@=2C132 0G B63 = ; 3 $44713 B63@3 7A / 1:3/@
27443@3<13 7< @/17/: /<2 A3FC/: 7<1:CA7=< 7< B63 1@7;7</: 8CAB713 AGAB3; E6716
7A /B :3/AB AC553AB7D3 =4 07/A (9=5/< = ; 3 $44713 / = ; 3
$44713 0 $< 475C@3A > @ = 2 C 1 3 2 0G B63 = ; ; 7 A A 7 = < 4=@ '/17/: ?C/:7BG
=@ =< B637@ 036/:4 B63 07/A 7A 3D3< ;=@3 3D723=:713 /@3 <=B AC@>@7A7<5:G :793:G B= 03 7<4:C3<132
0G / D/@73BG =4 3FB3@</: 17@1C;AB/<13A AC16 /A B63 /BB7BC23 @3A>31B4C: =@
/55@3AA7D3 /<2 B63 / > > 3 / @ / < 1 3 =4 8CD3<7:3A AB=>>32 7< B63 AB@33BA
7</::G B63 E@=<5 >3@A=< ;/G 03 /@@3AB32 /11CA32 /<2 3D3<BC/::G 3D3<
1=<D71B32 ) 6 7 A ;/G 6 / > > 3 < 74 B6=A3 7< >=E3@ 231723 B= >C<7A6 / A1/>35=/B
B6/B 7A 9<=E7<5:G >C<7A6 B63 E@=<5 >3@A=< =@ 74 B63@3 7A / ;7AB/93 B /::
AB/53A =4 B67A ;7AB/93 B63@3 ;/G 03 34431BA 4=@ B63 E@=<532 7<27D72C/: E 6 =
;/G 03 B@3/B32 27443@3<B:G 0G =B63@A =< B63 0/A7A B6/B B63@3 7A < = A ; = 9 3
E7B6=CB 47@3 :: B63A3 /@3/A =4 07/A 1/< /5/7< 0 3 1 = ; 3 7;>=@B/>3/@/<13A /<2 B63 3 < 1 = C @ = 0 / B 7 = < =44713@A /<2 =B63@ =44717/:A
) 6 3 CA3 =4 B63 E=@2 1@7;7</: >3@6/>A 6/A /A ; C 1 6 B= 2= E7B6 B63 @3/1B7=<
=4 A=173BG B= B63 036/D7=C@ / < 2 B= B63 7<27D72C/: /A 7B 2=3A B= B63 4/1B =4 /<
=443<13 6/D7<5 033< 1 = ; ; 7 B B 3 2
( = 1 7 / : @ 3 / 1 B 7 = B

) 6 3 B67@2 >/@B =4 B63 A=17/: @3/1B7=< B63=@73A 7A B6/B 74 A=;3=<3 7A AC0831B32
B= / :/03: B67A ;/G 03 7<B3@</:7A32 0G B63 > 3 @ A = < :/03::32 / < 2 B67A ;756B
/4431B 036/D7=C@ 3193@ / < 2 / < 2 ; / < G =B63@ :/03::7<5 B63=@7ABA
E 6 = 3 F > = C < 2 B67A 723/ /@3 < = B A/G7<5 B6/B B67A 1/CA32 23D7/<13 !/03::7<5
B63=@7ABA 6/D3 <3D3@ /@5C32 B63 A7;>:7AB71 ;7A@3>@3A3<B/B7=< B6/B B63G /@3
A = ; 3 B 7 ; 3 A /11CA32 =4I B63G 6/D3 <3D3@ A/72 74 G=C 1/B16 ;3 AB3/:7<5 1/::
;3 / B6734 /<2 1=<D71B / < 2 A3<B3<13 ;3 4=@ B 6 3 4 B E7:: 7<B3@</:7A3 B63 :/03:
/<2 E7:: 1/:: ;GA3:4 / B6734 /<2 /1B /11=@27<5:G ) 6 3 G E3@3 A3397<5 B=
1 = ; > @ 3 6 3 < 2 / A7BC/B7=< 0G B/97<5 / 1 1 = C /@B717>/<BA / < 2 =4 B637@
7<B3@/1B7=<A = E =B63@A B@3/B / < 2 D73E >3=>:3 /4431BA B63 E/G B63G D73E
B63;A3:D3A A33 " / B A C 3 2 / > 3 @ A = < ; / G 6/D3 / >/@B71C:/@ A3:4
7;/53 0 C B C<:3AA B67A 0 3 1 = ; 3 A /113>B32 0G = B 6 3 @ A 7< B63 A=173BG 7B 7A 274471C:B
B= ACAB/7< /<2 ; / G 6/D3 B= 03 @3:7<?C7A632 ) 6 7 A 7A A33< /A 1@C17/: 0 3 1 / C A 3
3/16 7<27D72C/: 1 = < 2 C 1 B A 67A =@ 63@ :743 / 1 1 = @ 2 7 < 5 B= B637@ A3:47;/53
) 6 7 A >/@B =4 B63 :/03::7<5 B63=@G 7A >=AA70:G B63 03AB 2 = 1 C ; 3 B A =4 >@7;/@G / < 2 A 3 1 = < 2 / @ G
23D7/<13 ) 6 3 4 = @ ; 3 @ 7A A33< /A @C:3 0 @3 / 9 7 < 5 / < 2 53<3@/::G 6/A < = B 6 7 < 5 B=
2= E7B6 :/03:A 031/CA3 B63 23D7/=AA70:G 0G A/G7<5
B6/B B63 3;>:=G3@ =E3A 6 7 ; B63 ; = < 3 G =@ 63 7A =<:G 0=@@=E7<5 B63 ; = < 3 G
=@ B6/B B63 D7=:3<13 E/A 1 = ; ; 7 B B 3 2 7< A3:42 3 4 3 < 1 3 =@ / 4C::3@ 27A1CAA7=< =4
<3CB@/:7A/B7=< A33 B 1=C:2 03 < = @ ; / : 7 A 3 2 74 =B63@A / @ = C < 2 B 6 3 ; /:A=
1 = ; ; 7 B A7;7:/@ /1BA ; / 9 7 < 5 B 6 3 ; A 3 3 ; A:756B:G 27A@3>CB/0:3 @ / B 6 3 @ B 6 / <
1@7;7</: = @ 3F/;>:3 / E=@93@ ;/G A33 B 6 / B 3D3@G=<3 >7:43@A / :7BB:3 4 @ = ;
E=@9 =@ / G = C B 6 ; / G A33 B 6 / B ; = A B =4 67A > 3 3 @ A A6=>:74B ) 6 3 G 1 = ; 3 B= A33
AC16 /1BA /A < = @ ; / : @ / B 6 3 @ B6/< 1@7;7</: / < 2 03:73D3 B6/B B63G 6/D3 /
@3/A=</0:3 2343<13 =@ 8CAB7471/B7=< B63 3 ; > : = G 3 @ =@ B63 A6=> 1/< /44=@2 B63
:=AA 3B1 D 3 < >3=>:3 E 6 = 6/D3 1 = ; ; 7 B B 3 2 ; / < G 1@7;3A ; / G 47B 7<B= B67A
1/B35=@G =4 >@7;/@G 23D7/<13 3A>317/::G 74 B63G 6/D3 <=B 033< 1=<D71B32 / < 2
6/D3 B63@34=@3 0 3 3 < /0:3 B= ;/7<B/7< B637@ A3:47;/53
%@7;/@G 23D7/<13 7A < = B 43/BC@32 7< ; / < G :/03::7<53F>:/</B7=<A 031/CA3 B6=A3
1 = < 1 3 @ < 3 2 6/D3 <=B G3B 1 6 / < 5 3 2 B637@ A3:47;/53 7< @3A>=<A3 B= A=173B/: @3/1B7=<
B= B637@ 036/D7=C@ , 6 3 < B63 :/03: 1@7;7</: 7A =44717/::G/>>:732 B= A = ; 3 = < 3 E 6 =
7A AB7:: / >@7;/@G23D7/B32 B63 D73E =4 A=173BG B6/B 7B 7A < = B =<:G B63
/1B7D7BG E6716 7A E@=<5 0 C B /:A= B6/B B63 7<27D72C/: =443<23@ 7A / 1@7;7</: ) 6 / B
7A A=173BG <=E D73EA B63 >3@A=< /A :3AA E=@B6G / < 2 /A B63 BG>3 =4> 3 @ A = <E 6 =E7::
53B 7<B= B@=C0:3 0 C B B63 B 3 @ ; >@7;/@G 2 3 D 7 / < 1 3 7;>:73A B6/B B63 > 3 @ A = <
1 = < 1 3 @ < 3 2 2=3A <=B A6/@3 B67A D73E ) 6 3 G A33 1@7;7</:7BG /A <37B63@ > / @ B =4B637@
16/@/1B3@ <=@ =4B637@:743ABG:3 =E3D3@ 1/::7<5 B 6 3 ; 1@7;7</:A ; / G16/<53 B67A
252
247
!/03::7<5 %63<=;3<=:=5G /<2 B6<=;3B6=2=:=5G
( 3 1 = < 2 / @ G 23D7/<13 7A 036/D7=C@ E 6 7 1 6 @3AC:BA /B :3/AB 7< >/@B 4@=; B63
> @ = 0 : 3 ; A =4A3:4723<B7BG /<2 A=173B/: @3/1B7=<A ( 3 1 = < 2 / @ G 23D7/<13 ; / G 6/D3
/ < C ; 0 3 @ =41/CA3A 0 C B B63A3 E@7B3@A AC553AB B6/B 7B 1/< 03 03BB3@ C < 2 3 @ A B = = 2
B 6 @ = C 5 6 B63 34431BA =4 :/03::7<5 E6716 ; / G 6/D3 ; / 2 3 7B ; = @ 3 :793:G ) 6 = A 3
1=D3@32 0G B63 1 = < 1 3 > B =4 A31=<2/@G 23D7/<13 /@3 53<3@/::G B6=A3 E 6 =
>3@A7AB3<B:G 0@3/9 B63 :/E 0 = B 6 /A / E/G =4 ; / 9 7 < 5 / :7D7<5 /<2 /A / E/G =4
:743 < 4/1B ; = A B =4B63 1@7;7<=:=571/: ABC273 A A= 4/@ 1/@@732 =CB 0G >=A7B7D7ABA
/A E3:: /A 0G B63 > @ = > = < 3 
031/CA3 B63 3F/;>:3A =41@7;7</:A /@3 ;=AB:G 2 @ / E < 4 @ = ; >@7A=<A / < 2 A7;7:/@
7<AB7BCB7=<A $ < 3 AB@3<5B6 =4 B63 :/03::7<5 A16==: 7A B6/B B63G /@3 ; = @ 3 /E/@3
B6/B B637@ 47<27<5A ;=AB:G />>:G =<:G B= A 3 1 = < 2 / @ G 23D7/<BA
B 7A B63 ; 3 ; 0 3 @ A =4 A=173BG / < 2 >/@B71C:/@:G B63 >=:713 1=C@BA / < 2 =B63@
/53<BA =4 A=17/: 1 = =<A70:3 4=@ 57D7<5 /< 7<27D72C/: / :/03:
A 7A /:A= A=173BG :/@53:G B 6 @ = C 5 6 A52 A / ; 3 /53<BA E 6 = 1/< 2 3 B 3 @ ; 7 < 3 B63
34431BA B6/B :/03: E7:: 6/D3 =< A52 7<27D72C/: ) 5 2 7<27D72C/:A A= :/03::32 /@3
B@3/B32 27443@3<B:G 4 @ = ; =B63@A / < 2 B63 34431B =4B67A 2 3 > 3 < 2 A >/@B:G C > = < B637@
/07:7BG B= 23/: E7B6 B 6 3 1 = < A 3 ? C 3 < 1 3 A / < 2 6 = E B63G B63< D73E B63;A3:D3A ) 6 3
7<27D72C/: / 1 1 3 > B 7 < 5 B 6 3 :/03: 0 3 1 = ; 3 A / A 3 1 = < 2 / @ G 23D7/ B / < 1 3 ; / G /@7A3 /4B3@ =<:G = < 3 B@/<A5@3AA7=< / < 2 :/03: 4=@ =B63@A 7B ; / G
B/93 / < C ; 0 3 @ =4 B@/<A5@3AA7=<A / < 2 >3</:B73A ( 3 1 = < 2 / @ G 23D7/<13 ; / G /:A=
0 C B @/@3:G /@7A3 E 6 3 < B63 > 3 @ > 3 B @ / B = @ / : B 6 = C 5 6 C < 2 7 A 1 = D 3 @ 3 2 03:73D3A B6/B 74
1 / C 5 6 B 63 E7:: 03 :/03::32 /<2 /113>BA B 6 / B A3:47<4:71B32 :/03: 3193@ 1/::A B67A
A31@3B 23D7/<13 3193@ /<2 #= = < 3 =4 B63A3 BG>3A 1=D3@A B63
E6=:3 =4 23D7/<13 / < 2 B63@34=@3 3/16 7A 7 ; > = @ B / 317/::G E 6 3 B 6 3 @ B67A 7A
/113>B32 /A / A3:47;/53 2 3 > 3 < 2 C > = 3@A=<
7A B@3/B32 /A / @3AC:B =4 B63 23D7/<13 / < 2 A31=<2:G B63 E/G B63 >3@A=<
; / < / 5 3 A B= 6 / < 2 : 3 B63A3 34431BA B 7A 7 ; > = @ B / 7< B63 >@=13AA B63 4/1B =4 037<5
=44717/::G :/03::32 7A =4B3< <=B AC447173/@B =4 A=173BG E 6 7 1 6 7A A75<7471/ 3 @ A = <
1 = < 1 3 @ < 3 2
4>3=>:3 9<=E / 0 = C B B63 1@7;7</: :/03: 7B 7A :793:G B= /4431B B63 E/G 7< E6716
B63G B@3/B B63 7<27D72C/: = @ ; / < G B63 1@7;7</: :/03: 7A :793:G B= 03 B63
=D3@@727<5 723<B74G7<5 :/03: > 3 @ A = < >@3D7=CA:G 9 < = E < ;/7<:G /A / > / @ 3 @7;/@7:G 9 < = E < /A / B6734 ) 6 3 7<27D72C/:
;/G B63< AB/@B B= E = < 2 3 @ E63B63@ B63 1 = < 1 3 > B 7 = < =4 6 7 ; /A 0/2 =@ /A / B6734
7A /1BC/::G ; = @ 3 @3/: B6/< B63 > 3 @ 1 3 > B 7 = < 63 6 / 2 =4 67;A3:4 >@3D7=CA:G
" / < G >3=>:3 6/D3 / AB3@3=BG>3 =4=443<23@A /A :3AA E=@B6G B6/< =B63@A /<2
= 4 B 3 < @3831B B 6 3 ; 0 3 1 / C A 3 =4 B637@ 1@7;7</:7BG = @ 3F/;>:3 =443<23@A ; / G 03
@34CA32 E=@9 0 3 1 / C A 3 B63G 6/D3 0 3 3 < 1=<D71B32 ) 6 7 A ; / G 03 @/B7=</: 35
037<5 @3831B32 /A / 1 6 7 : 2 ; 7 < 2 3 @ 0 3 1 / C A 3 =4 1=<D71B7=<A 4=@ 167:2 /0CA3 =@
7@@/B7=</: 35 74 / 1=<D71B7=< 4=@ 167:2 / 0 C A 3 @3AC:BA 7< @3831B7=< 4=@ / 8=0 /A
/ 1/A673@ 23A>7B3 3F13::33=>:3 /@3 1=<A723@32 :3AA
E = @ B 6 G =@ 7< A = ; 3 = B 6 3 @ E/G 27443@363@3A =4B637@ :7D3A 1CBB7<5 B63; =44 4@=; 4@73<2A /<2 3D3< @3:/B7D3A
/<2 4 @ = ; B63 :/E/0727<5 A31B=@A =4 A=173BG )67A ;/G 4=@13 B63; 7<B=
/AA=17/B7=< E7B6 =B63@ :/E0@3/93@A E6716 ;/G 4C@B63@ 1=<A=:72/B3 B63
1@7;7</: :/03: /A E3:: /A >@=D727<5 /< =>>=@BC<7BG B= :3/@< <3E 1@7;3A /<2
1@7;7</: D/:C3A (= /< =11/A7=</: 2@C5 CA3@ ;/G /4B3@ B63 7<B3@D3<B7=< =4
=44717/: /53<173A =4 1=<B@=: 031=;3 A3>/@/B32 4@=; B63 :35/: /<2 /113>B/0:3
A31B7=<A =4 A=173BG /<2 0G /AA=17/B7<5 E7B6 =B63@A 7< B63 A/;3 >@3271/;37@/B7=<A /<2 /1B7D7B73A =4B67A <3E AC01C:BC@3 031=;7<5
;=@3 7<1:7<32 B= CA3 2@C5A /<2 >3@6/>A 031=;7<5 7<D=:D32 7< =B63@ 7::35/:
/1B7D7B73A C @ B 6 3 @ ; = @ 3 B63 >=:713 ;/G 63:> B= 1=<A=:72/B3 B63 1@7;7</:7BG 0G
D7A7B7<5 B63; E63< 1@7;3A A7;7:/@ B= B6=A3 B63G 1=;;7BB32 /@7A3 7< B637@ /@3/
I 74 B63G 272 7B =<13 B63G ;/G E3:: 2= 7B /5/7< :: =4 B63A3 34431BA /@3
/;>:74732 74B63 (B/B3 7<1/@13@/B32 B63; 4=@ B637@ 1@7;3A CB /A B63 @3>3/B32
CA3 =4B63 E=@2 ; / G 7<271/B3A B63@3 7A <=B67<5 C</D=72/0:3 =@ 23B3@;7<7AB71
/0=CB AC16 @3/1B7=<A <2332 A=;3 031=;3 23B3@;7<32 B= :3/@< 4@=; B63
3@@=@ =4 B637@ E/GA /<2 B= E7< 0/19 B637@ @3>CB/B7=< ) 6 3 /@5C;3<B =4 B63
7<B3@/1B7=<7ABA 7A 6=E3D3@ B6/B ;/<G 2= 7<B3@</:7A3 B63 :/03: /<2 B6CA
1@7;7</:7BG /@7A3A =CB =4 B63 @3/1B7=< =4 A=173BG B= B63;
) 6 3 7<1/@13@/B7=< =4 =443<23@A 7A 53<3@/::G A33< /A B63 ;=AB D363;33@A>31B7D3 =< B67A 7A / > / < =4 B6/B 1:/7; %@7A=<A 57D3 >3=>:3
B63 =>>=@BC<7BG =4 :3/@<7<5 6=E B= 1=;;7B =B63@ 1@7;3A 0CB ;=@3 7;>=@B/=7@=D=93 1@7;7</:7BG 0G @37<4=@17<5 B63
/:73</B7=< =4B63A3 >3=>:3 4@=; A=173BG %@7A=< @3;=D3A ;/<G =4B63 3:3;3<BA
=4 :743 <313AA/@G 4=@ / <=@;/: 3F7AB3<13 /<2 B3<2A B= ;/@9 >3=>:3 /A
3F1=<D71BA " / < G >@7A=<3@A /113>B B63 :/03: A33 <= >=AA707:7BG =4 16/<53
/<2 =< @3:3/A3 1=;;7B 4C@B63@ 1@7;3A >@=;>B7<5 B63 ?C3AB7=< =4 E63B63@
B63A3 4C@B63@ 1@7;3A /@7A3 /A 7< >/@B / 1=<A3?C3<13 =4 B63 :/03: /<2 B63
>C<7A6;3B B6/B B637@ /1B7=<A E3@3 53<C7<3:G 1@7;7</:
/<2 A= E7:: <3D3@ /113>B B63 :/03: AB7:: =B63@A E7:: B@G B= @3BC@< B= /A <=@;/:
/< 3F7AB3<13 /A >=AA70:3 /<2 >@=0/0:G E7:: <=B @3=443<2
(C16 @34=@;7AB 7<B3<B7=<A /@3 ;/23 B63 ;=@3 274471C:B B= 7;>:3;3@7A=< B63 AB75;/ 4=::=EA B63 7<27D72C/: 7<B= B63
1=;;C<7BG :: B63 >@=0:3;A E7B6 /113>B/<13 7<B= / 1=;;C<7BG 47<27<5 /
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>=>C:/B7=< =4 / 13@B/7< /@3/ /@3 ;=D32 B= :7D3 7< / < 3 E 1=C<17: 3AB/B3 /<2
6=E B63G /@3 :/03::32 /A B@=C0:3 0G 0=B6 B63 =B63@A :7D7<5 7< B63 /@3/ / < 2 0G
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B@3/B;3CA67<5 B 6 3 ; B=E/@2A ;=@3 23D7/>3< B63 7<6/07B/<BA 4=C56B 0/19 /5/7<AB B63 :/03: E6716 272 < = B A3@D3 B=
/;>:74G B63 23D7/<13 $< B63 =B63@ 6/<2 / ABC2G =4 " = 2 A / < 2 '=193@A 43:B
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036/D7=C@ 0CB @/B63@ B6/B B63 7<B3<A3 4=1CA =4 ;327/ / < 2 =44717/: /BB3<B7=<
1/CA32 / >/<71 7< B63 @3AB =4 B63 >=>C:/B7=< ) 6 3 @3AC:B E/A B6/B 3D3< 74 B637@
/1B7=<A E3@3 <=B C<2C:G 6 / @ ; 4 C : B63G ; 3 B 6/@A6 @3/1B7=<A 4 @ = ; B63 1=<B@=:
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/:=<5 B63 @=/2 B= /1?C7@7<5 / <35/B7D3 A3:47;/53
' 2 9 2 C . ; 0 2 A < 1 . F
A:756B:G ;=274732 :/03::7<5 B63=@G ;/G 03 CA34C: 7< 1=<A723@7<5 0 = B 6 B63 E/G
7< E6716 E3 D73E 1@7;7</:7BG B=2/G /<2 B63 / B B 3 ; > B B= 1=<B@=: 7BA / > > / @ 3 C0:71 /BB7BC23A 6 / 2 033< 1=<27
B7=<32 B= A33 B63 ;3<B/::G 7:: 7< <35/B7D3 /<2 23D/:C32 E/GA A / @3AC:B ; / < G
=4B6=A3 E 6 = <332 ;3<B/: 63:> /<2 B6=A3 E 6 = 1/@3 4=@ B 6 3 ; E7:: 37B63@ B@G B=
6723 B67A 4/1B 4@=; 4/;7:G 4@73<2A 1=::3/5C3A /<2 B637@ 3;>:=G3@A =@ E7::
E7B62@/E 4 @ = ; 5@=C>A =@ >3=>:3 E6= B63G B67<9 ;756B @3831B B 6 3 ; /:B6=C56
/ 43E E7:: 03 =>3< /<2 /1B7D3:G B@G B= 32C1/B3 >3=>:3 7<B= 16/<57<5 B637@
/BB7BC23A < 53<3@/: B63G 4 = C < 2 B6/B B63 >@3D/:3 @ = ; = B 7 = < 3/@<7<5 1/>/17BG /<2 >=AA70:G ;=AB 7 ; > = @ B / 3=>:3 1=<13@<32
(C16 47<27<5A /:=<5 E7B6 B6=A3 =4B63 3/@:73@ :/03::7<5 B63=@7ABA ; / G 63:> B=
C<23@AB/<2 B63 >@=0:3;A =4 1@7;7</:A /<2 B63 E/GA 7< E6716 B63A3 ;756B 03
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/ 2 2 @ 3 A A 3 2 < C ; 0 3 @ =4@ 3 1 3 / > 3 @ A 6/D3 AC553AB32 B6/B B63 1@7;7</: 8CAB713
AGAB3; / < 2 B63 >C0:71 7< @7B/7< / < 2 3:A3E63@3 /@3 7<1@3/A7<5 B63 AB75;/B7A/
B7=< =4 =443<23@A >/@B71C:/@:G 8CD3<7:3A B 6 C A 63756B3<7<5 B6 3 /2D3@A3 34431BA
= 4 :/03::7<5 A33 )@7>:3BB / < 2 3 / / < 3 / / < < = B 3 A B6/B
:3D3:A =4 D7=:3<13 / > > 3 / @ B= 03 @7A7<5 3D3< 7< B63 # 3 B 6 3 @ : / < 2 A E 6 3 @ 3 7B 6/A
B 3 < 2 3 2 B= 03 :=E / < 2 /BB@70CB3A B67A >/@B:G B= @3:/03::7<5 ; / 9 7 < 5 13@B/7< /1BA
; = @ 3 A3@7=CA B6/< >@3D7=CA:G ) 6 3 E6=:3 /@3/ =4 D7=:3<13 7A 037<5 ; = @ 3
6/@A6:G B@3/B32 /<2 :3AA B=:3@/B32 < 2 3 3 2 )@7>:3BB 1:/7;A B6/B 7< B63 *( /<
7<1@3/A3 7< D7=:3/<732 0G 16/<53A 7< B63 1@7;7</: 8CAB713 AGAB3; ;=D7<5 :3AA A3@7=CA =443<13A
>/@B71C:/@:G AB/BCA =443<13A A C 1 6 /A B @ C / < 1 G C> B63 A 3 =@B/<B:G 0G / 1 6 / < 5 3 7317/::G G=C<5 D7=:3 = > C : / @ 23>71B7=<A 0 C B /:A=
7< B63 1@7;7<=:=571/: 3F>:/</B7=<A A C 1 6 /A B6/B =4 = = 9 / < 2 ! / C 0
E6716 23>71BA B63A3 G = C B 6 A /A 7 ; > @ = > 3 @ : G A=17/:7A32 / < 2 A= :/197<5 7< ;=@/:
433:7<5 =B6 B63 A3D3@3 8 C 2 5 ; 3 < B / < 2 /AA=17/B32 43/@ 6/D3 / B 3 < 2 3 < 1 G B= 03
B@/<A43@@32 B= /:: G = C B 6 1@7;7</:A / < 2 3D3< B= 1=::31B7=<A =4 G = C B 6 A ; = @ 3
53<3@/::G ) 6 3 34431B 7A B= 7A=:/B3 / < 2 A35@35/B3 B63A3 G = C B 6 A 4 @ = ; B63 @3AB =4
A=173BG 3A1/:/B7<5 B63 1@7;7</:7A7<5 34431BA =4 :/03::7<5
"3=AA7 /@5C3A B6/B B67A 2 3 ; = < 7 A 7 < 5 =4 =443<23@A /A 1=<AB7BCB7<5 /
B6@3/B B= B63 A=17/: 4/0@71 5=3A 6 / < 2 7< 6 / < 2 E7B6 3 1 = < = ; 7 1 2 = E 3 @ <
B6/B / @7A3 =@ / > 3 @ 1 3 > B 7 = < =4/ @7A3 7< 1@7;3 :3/2A B= 1/::A 4=@ 6/@A63@
B @ 3 / B ; 3 3=>:3 B 6 @ = C 5 6 AC16 :/03::7<5
1/< 7BA3:4 B@7553@ ; = @ 3 1@7;3
, 6 / B 3 D 3 @ B63 @3/A=< 4=@ B67A 2 3 ; = < 7 A 7 < 5 =4 7<27D72C/: =443<23@A =@ 5@=C>A
=4 >3=>:3 B67A ; 3 @ 7 1 / < D73E 1/< 03 @3/27:G />>:732 B= B63 * " 7 < = @ /1BA
=4 >C0:71 = @ 2 3 @ /@3 037<5 ; = @ 3 1:=A3:G 1=<B@=::32 G = C B 6 A 6/D3 /<B7A=17/:
036/D7=C@ =@23@A /5/7<AB B 6 3 ; / < 2 /@3 B63 AC0831B =4 1C@43EA ) 6 3 A 3
@3AB@/7<BA B 3 < 2 B= />>:G < = B 8CAB B= B63 1@7;7</:A 0 C B B= /:: G=CB6A C @ B 6 3 @
; = @ 3 7B 6/A 0 3 1 = ; 3 ; = @ 3 1 = ; ; = < B= 1:/AA74G B63 =443<23@ 0G B63 @7A9 B63G
>=A3 @/B63@ B6/< B63 1@7;3 B63G 6/D3 1 = ; ; 7 B B 3 2 A= /</:GA7<5 / < 2 > C < 7 A 6 7 < 5
B63 > 3 @ A = < @/B63@ B6/< B63 1@7;3 ) 6 C A B63 >@=0/B7=< A3@D713 7A < = E 3F>31B32
B= /2D7A3 B63 1=C@B 7< A3<B3<17<5 @3>=@B A /A B= B63 @7A9 >=A32 0G B63 7<27D72C/:
/<2 A7;7:/@ >@=13AA3A /@3 CA32 7< B63 />>:71/B7=< =4 1 = ; ; C < 7 B G @36/07:7B/B7=<
=@23@A $ < 3 =4 B63 B==:A 037<5 23A75<32 7A / 13<B@/: /<2 C < 7 4 = @ ; /AA3AA;3@3AA / < 2 >C0:71 /@3 ; = @ 3 @3/2G B= D73E E723 5@=C>A =4
=443<23@A /A 3D7: I A33 B63 @3/1B7=< B= B63 /;73 C:53@ 97::3@A ) 6 3 @ 3 7A /
1 = < A B / 3=>:3 I 6==:75/<A ; C 5 5 3 @ A G = C B 6 AC01C:BC@3A G = C B 6 5/<5A CAC/::G
8CAB 5@=C>A =4 G=C B6A 6/<57<5 =CB B = 5 3 B 6 3 @ <=B AB@C1BC@32 5/<5A 4==B0/::
6==:75/<A B33</53 ; = B 6 3 @ A 2 @ C 5 CA3@A / < 2 A= =< /:: 3B /: / < 2
" 1 ' = 0 0 7 3 ) 6 3 E 7 2 3 A > @ 3 / 2 / < 2 2/;/57<5 CA3 =4 6/B3 A>3316
B 6 @ = C 5 6 = C B >C0:71 :743 4 C @ B 6 3 @ 3F/13@0/B3A B63 >@=0:3; A33 ,67::=19 / < 2
(:/G23< .=C<5 >3=>:3 /@3 037<5 :/03::32 43/@32 /D=7232 / < 2
3F1:C232 B= / 5@3/B3@ 3FB3:G 4 @ = ; B637@ A=17/: >=A7B7=<
=@ 3D3< 4 @ = ; B63 / ; = C < B =4 1@7;7</:7BG 1 = ; ; 7 B B 3 2 A 7< B63 *( B63@3 6/D3
256
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7B3<B7=< B= / 2 2 @ 3 A A B67A 0G >/@3<B7<5 =@23@A < /AA=17/B32 7AAC3 7A B63
7A1CAA7=< =4 B 6 3 < 3 3 2 B= 3F1:C23 2 / < 5 3 @ = C A > 3 = > : 3 E7B6 A3D3@3 >3@A=</:7BG
7A=@23@ E 6 3 @ 3 2347<7B7=<A 7<1:C27<5 B637@ / A A C ; 3 2 :/19 =4 A=17/:7A/B7=< /<2
=;>/AA7= A33 ) 6 3
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=CB6A 7< >/@B71C:/@ 1/< 433: 27A1@7;7</B32 /5/7<AB 7< A=17/: / < 2 3 ; > : = G ; 3 3=>:3 /@3 ; = D 3 2 B= A=17/:7A3 E7B6 27443@3 A /<2 ; / G 03 /BB@/1B32 B= 3 : 3 ; 3 C<B7: B 6 3 <
<2 /A 7<271/B32 7< B63 >@31327<5 A31B7=< E/A B = = <35/B7D3 / 1=<13>B /<2
AC553AB327<AB3/2 / >=A7B7D3 />>:71/B7=< E671663 1/::32 @37<B35@/B7D3 A6/;7<5
0/A71/::G=443<23@A A6=C:2 03 A 6 / ; 3 2< = BB = AB75;/B7A3 B 6 3 ; 0 C B B = ;/93 B 6 3 ;
3/:7A3 B63 <35/B7D3 7 ; > / 1 B =4 B637@ /1B7=<A /<2 B 6 3 < B= 3 < 1 = C @ / 5 3 =B63@A B=
4=@57D3 / < 2 B= / 1 1 3 > BB 6 3 ; 0 / 1 97<B= A=173BG ) 6 3 @ 3 /@3 BE= 3AA3<B7/: 3:3;3<BA
= B63 723/ @/7B6E/7B3 47@AB B6/B B63 = 4 4 3 < 2 3 @ < 3 3 2 A B= 03 1 = < 4 @ = @=D723 B63 A 6 / ; 7 < 5 <313AA/@G 4=@ B63 >@=13AA A31=<2:G B63
>@=13AA< 3 3 2 A B= B/93 >:/13 7< 4@=@=D723 B63 @37<B35@/B7=< 7<B= A=173BG =B6 B63A3
@3 <313AA/@G B= ; / 9 3 B63 A674B 4@=; AB75;/B7A7<5 / < 2 B = E / @ 2 A @37<B35@/B7=<
)56@1:/7;32 >=A7B7D3 34431B 7A B63 7<B3<B7=< 0 3 6 7 < 2 @3>/@/B7=< / < 2 1/CB7=< >:CA
63 =443<23 @ / 2 ; 7 B A 5C7:B 7A ; / 2 3 B= 4/13 C> B= 67A =@ 6 3 @ D71B7; / < 2 B= /5@33
/1B7=<E6716 E7:: B 6 3 < /::=E B63 /44/7@B= 03 4=@57D3< ) 6 3 723/ 6/A 0 3 3 < CA32 7<
3E M3/:/<2 A33 " = @ @ 7 A 3B /: CAB@/:7/ A33 ( B @ / < 5 =@AGB63
/ < 2 C 2 A = < 3B /: / < 2 7< >/@BA =4 ; 3 @ 7 1 / A33 :4=@2
7B6/A0 3 3 < B3AB32 7< D/@7=CA 4 = @ ; A 7< @7B/7< / < 2 A7<13 B 6 3 @ 7 ; 3 /<2 7A=@23@
1B 6/A 0 3 3 < C A 3 2 </B7=<E723 /A > / @ B =4 @ 3 > / @ / B 7 = < A33 "/FE3:: /<2
"=@@7A 7 5 < / < / < 2 .=C<5 / < 2 = = : 2
:B6=C56 ; / < G 6/D3 43:B B6/B B63 >=:71G E = C : 2 =<:G = > 3 @ / B 3 AC113AA4C::G 7<
@C@/: 1 = ; ; C < 7 B 7 3 A E7B6 AB@=<5 1 = ; ; C < 7 B G 0 = < 2 A B67A 7A ? C 3 A B 7 = < 3 2 0G
@/7B6E/7B3 E 6 = AC553ABA B6/B 7B 6/A /A ; C 1 6 / < 2 A = ; 3 B 7 ; 3 A ; = @ 3
>=E3@7< 17B73A B 7A CAC/::G C A 3 2 /A > / @ B =4 B63 3/@:G 1 / C B 7 = < 7 < 5 AGAB3; 0 C B
7A > = 7 = @ B / =7<BA> / < =4 / 1 / C B 7 = < E/@<7<5 =@ @ 3 > @ 7 ; / < 2 B/93< 7 =@BA /@3 > @ 3 > / @ 3 2 / < 2 /A > / @ B =4 A3<B3<17<5
:317A7=<A /A B= @3:3/A3 /<2 >=AB@3:3/A3 7<B3@D3<B7=< C @ B 6 3 @ ; = @ 3 0 = B 6
@/7B6E/7B3 / < 2 =B63@A 35 ( 7 ; > A = < 3B /: A33 B67A /A / CA34C: E/G
=4/ > > @ = / 1 6 7 < 5 A = ; 3 E67B31=::/@ /<2 1 = @ > = @ / B 3 D7=:/B7=<A =4 B63 :/E ) 6 3 A 3
=4B3<3A1/>3 3<B7@3:G C < A 1 / B 6 3 2 A 6 / ; 7 < 5 /<2 @37<B35@/B7=< E = C : 2 03 /<
/2D/<13==:71G 1 = C : 2 6/D3 D3@G E723 />>3/:
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34431BA =4:/03::7<5 /@3 < = B 3/A7:G >@3271B32 ABC2G =4B63 :/03::7<5 34431B =4B63
7;>/1B =4 /@@3AB 7< 1/A3A =4 2=;3AB71 D7=:3<13 ( 6 3 @ ; / < 4 = C < 2 B6/B
B6=A3 E7B6 AB3/2G 8=0A E3@3 23B3@@32 0CB B63 @3/1B7=< =4 B63 C < 3 ; > : = G 3 2 E/A
74/<GB67<5 B= 7<1@3/A3 B63 D7=:3<13 /5/7<AB B637@ >/@B<3@A 4=::=E7<5 /< /@@3AB
%3@6/>A 6=E3D3@ B63A3 47<27<5A /@1 ;=@3 @3:3D/ = E 3 @ @3:/B7=<A
3 ; 0 = 2 7 3 2 7< 1=<B@=: 0/:/<13 B63=@G A33 B 6 / < B63G /@3 B= :/03::7<5
4=C@B6 1@7B717A; =4B3< :3D3::32 /B B63 :/03::7<5 B63=@G 7A B6/B 7B 2=3A < = B
E7B6AB/<2 3;>7@71/: B3AB7<5 /@ 4@=; AB/B7<5 / 4/1B E6716 3F7AB32 7B 1=C:2 03
A/72 B6/B :/03::7<5 E/A 1=<D3G7<5 / A=17/: / < 2 A=;3B7;3A / >=:7B71/: ;3AA/53
) 6 3 /AA3@B7=< B6/B A=17/: @3/1B7=< B= / :/03: ; / G 3<1=C@/53 / > 3 @ A = < A
1@7;7</: 1/@33@ 7A D3@G 274471C:B B= B3AB < 2 3 3 2 B63 > @ = > = < 3 @ = = B 3 2> @ = 0 : 3 ; 034=@3 >3=>:3
/@3 =44717/::G :/03::32 # = < 3 B63 :3AA / B B 3 ; > B A /B B3AB7<5 6/D3 033< ; / 2 3 ) 6 3
@3AC:BA /@3 /;075C=CA A = ; 3 C>6=:2 =@ 5= A = ; 3 E/G B= C > 6 = : 2 7 < 5 B63 B63=@G
A33 4=@ 3F/;>:3 C B 6 0 3 @ B A = < / < 2 3 < A = < =B63@A :3<2 7B
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7<7BH /<2 '319:3AA
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4/@ 3 < = C 5 6 ) 6 3 G A/G B6/B 7B 75<=@3A B63 4/1B B6/B B63 1@7;7</:7BG /<2 B63 CA3
=4 :/03:A /@3 @==B32 7< B63 C<4/7@ AGAB3; =4 1/>7B/:7A; ) 6 C A /:B6=C56 B63
:/03::3@A /@5C3 B6/B B6=A3 7< >=E3@ E7:: B3<2 B= 1 = < A B @ C 1 B / < 2 />>:G B63 @C:3A
B63G 75<=@3 B63 4C:: 7;>/1B /<2 >=:7B71/: 7 ; > = @ B / < 1 3 =4B67A CA3 =4>=E3@ ) 6 7 A
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6 / > B 3 @ 74B33<
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6/2 / < C ; 0 3 @ =4 >=A7B7D3 34431BA B 6/A A 6 = E < B6/B B63 >3@A>31B7D3 =4 B63
D/@7=CA /1B=@A 7A 3AA3<B7/: B= C<23@AB/<27<5 1@7;7</:7BG / < 2 B6/B B63 1@7;7</:
:/E 7A < = B / 57D3< /<2 C<16/::3<53/0:3 A3B =4@C:3A ) 6 3 A 3 7<A756BA < 3 3 2 B= 03
7<1:C232 7< 27A1CAA7=<A =41/CA3A =423D7/<13 ) 6 3 AB@3AA =< B63 ;CB/07:7BG =4
B63 1@7;7</: :/E 6/A 57D3< ; = @ 3 4=@13 B= / @ 5 C ; 3 < B A 4=@ 16/<53 ) 6 C A A7<13
B63 0357<<7<5 =4 B63 A7FB73A B63@3 6/A 033< 27A1CAA7=< / 0 = C B E 6 / B A=;3 E@7B3@A
A33 /A C<<313AA/@G 1@7;7</: :/EA =4B3< 1/::32 A=;3 E = C : 2 A/G ;7A1/::32
D71B7;:3AA 1@7;3A < / 43E 1/A3A B63A3 =443<13A 6/D3 0 3 3 < 231@7;7</:7A32 4=@
3F/;>:3 /0=@B7=< E7B67< 13@B/7< 0=C<2A / < 2 6=;=A3FC/:7BG 03BE33< 1=<
A3<B7<5 ; 3 < =D3@ B63 AB/BCB=@G :35/: /53 /<2 7< >@7D/B3 $ B 6 3 @ A 6/D3 0 3 3 <
A3@7=CA:G 1=<A723@32 4=@ 231@7;7</:7A/B7=< A C 1 6 /A B63 CA3 =413@B/7< A=1/::32
A=4B 2@C5A 4=@ 4C@B63@ 1=<A723@/B7=< =4 B67A /@3/ A33 6 / > B 3 @ ) E =
(7;7:/@:G B63 7<27D72C/: /A>31B =4 :/03::7<5 B63=@G 6/A 0 3 3 < =<3 =4 B63
3:3;3<BA E6716 6/A :32 B= / 5@3/B3@ CA3 =4 ; 3 / A C @ 3 A B= 27D3@B >3=>:3 4 @ = ;
1@7;7</: /1B7=<A ) 6 7 A 6/A 6/2 / > @ = 4 = C < 2 34431B B 6 @ = C 5 6 = C B B63 1@7;7</:
8CAB713 AGAB3; E63@3 27D3@A7=< />>3/@A /B ; / < G :3D3:A ,3 6/D3 /:@3/2G
6 / > B 3 @ A :3D3< /<2 )67@B33< 27A1CAA32 A = ; 3 53<3@/: >@3D3<B/B7D3
;3/AC@3A 0 C B :/03::7<5 27@31BA /BB3<B7=< B= ; = @ 3 7<27D72C/:7A32 ; 3 B 6 = 2 A =4
27D3@A7=< AC16 /A 1/CB7=<7<5 /<2 27D3@A7=< 4 @ = ; 1CAB=2G / 1 6 =4 B63A3 7A
/BB@/1B7D3 B= B63 /CB6=@7B73A 031/CA3 7B @32C13A :/03::7<5 0 C B /:A= 031/CA3 7B 7A
163/>3@ B= 23/: E7B6 >3=>:3 7< :3AA 4=@;/: E/GA /<2 B= > C < 7 A 6 B 6 3 ; 7< B63
1 = ; ; C < 7 B G @/B63@ B6/< 7<1/@13@/B3 B63; / C B 7 = < 7 < 5 7A / :=571/: 3FB3<A7=< =4
259
254
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B63 :/03::7<5 B63=@G B63 7<27D72C/: <= :=<53@ 0 3 1 = ; 3 A 63/D7:G 7<D=:D32 7< B63
1@7;7</: 8CAB713 AGAB3; /<2 7A <= :=<53@ :/03::32 0G =B63@A /A /< =443<23@
$44717/: 1/CB7=<7<5 2 3 ; = < A B @ / B 3 A B6/B =443<27<5 E7:: <=B 3A1/>3 =44717/: 1=<B@=:
E67:AB /::=E7<5 B63 7<27D72C/: / A 3 1 = < 2 1 6 / < 1 3 =4 /D3@B7<5 / >C0:71 /<2
AB75;/B7A7<5 :/03:
3 A > 7 B 3 7BA >=A7B7D3 7 <B3<B7=< =4 27D3@B7<5 =443<23@A >/@B71C:/@:G G = C < 5 / < 2
< 3 E =443<23@A /E/G 4 @ = ; B63 AGAB3; 27D3@A7=< =4 B67A A=@B 6/A ; / 8 = @
> @ = 0 : 3 ; A 4=@ /<G 1@7;7</: 8CAB713 AGAB3; 7@AB 7B 7A A31@3B / < 2 A= 7B 7A D3@G
274471C:B B= 03 AC@3 B6/B < = < 2 7 A 1 @ 7 ; 7 @ = 2 C 1 3 2 0G B63 = ; ; 7 A A 7 = < 4=@ '/17/: ?C/:7BG
0 B63@3 7A D3@G AB@=<5 3D723<13 B= AC553AB B6/B @/17/: > @ 3 8 C 2 7 1 3 7A
/::=E32 B= /4431B 1/CB7=<7<5 @ 3 > @ 7 ; / < 2 A / < 2 E/@<7<5 2317A7=<A E67:AB B63
" / 1 > 6 3 @ A = < @3>=@B AC553AB32 B 6 / B AC16 >@38C2713 ;756B 0 3 3 < 2 3 ; 7 1
7< B63 2317A7=<;/97<5 >@=13AA3A =4 =44717/: /53<173A (31@31G /:A= @/7A3A
C < 1 3 @ B / 7 < B G B6/B B63 7<27D72C/: E 6 = ; C A B / 2 ; 7 B B63 =443<13 034=@3 / 1/CB7=<
1/< 03 CA32 6/A 2 = < 3 A= 4@33:G %@3AAC@3 ; / G 03 0 @ = C 5 6 B 3D3< 74 =<:G B6/B
E7B6 B63 /2;7AA7=< B63 7<27D72C/: E7:: 03 @3:3/A32 /<2 D3@G :7BB:3 3:A3 E7:: 03
2 = < 3 "=@3=D3@ 7B 7A <=B /:E/GA 1:3/@ E6G =<3 =443<13 7A 27D3@B32 / < 2 / < = B 6 3 @
7A < = B E6716 B=53B63@ E7B6 E723 27443@3<13A 7< 27D3@A7=< @/B3A 4 @ = ; = < 3 4=@13
B= / < = B 6 3 @ ;/93A 4=@ C < / 1 1 3 > B / 0 : 3 7<1=<A7AB3<1G ) 6 3 47</: > @ = 0 : 3 ; 7A B6/B
27D3@A7=< 4/@ 4 @ = ; >@3D3<B7<5 7<27D72C/:A 4 @ = ; 037<5 =44717/::G B@3/B32 6/A
/1BC/::G E723<32 B63 <3B =4 B63 1@7;7</: 8CAB713 AGAB3; ; / < G E 6 = E = C : 2
>@3D7=CA:G 6/D3 033< 23/:B E7B6 =< B63 AB@33B /@3 <=E 0 @ = C 5 6 B 7<B= B63 AB/B7=<
4=@ =44717/: @31=5<7B7=< 4=@ / 4C:: 1=<A723@/B7=< A33 / < 2 = 6 3 <
$< B67A /</:GA7A / >@=13AA E 6 7 1 6 E/A 7 3=>:3 037<5 7<D=:D32 / < 2
:/03::32
(7;7:/@:G B63 7<B3<B7=< =4 27D3@A7=< 4 @ = ; 1CAB=2G E/A B= /D=72 B63 63/DG
AB75;/B7A7<5 34431B =4 7<1/@13@/B7=< /<2 /:A= >3@6/>A B= A/D3 ; = < 3 G 0 3 1 / C A 3
> C < 7 A 6 ; 3 3 @ /:B3@</B7D3 +/@7=CA /:B3@</B7D3
> C < 7 A 6 ; 3 C < 7 A 6 ; 3 @=0/B7=< <=E 1 = ; ; C < 7 B G
@36/07:7B/B7=< 4=@ B6=A3 E 6 = /@3 / < 2 =D3@ <=E / A3<B3<13 =4 B63 1 = C @ B
< /227B7=< B63@3 7A B63 / B B 3 < 2 / < 1 3 13<B@3 = @ 2 3 @ 4=@ B6=A3 0 3 B E 3 3 < / < 2
AC>3@D7A7=< =@23@A 4=@ B6=A3 0 3 B E 3 3 < / < 2 2 @ C 5 /0AB7<3<13 =@23@A
/ < 2 2 @ C 5 B@3/B;3<B /<2 B3AB7<5 1C@43E =@23@A E7B6 =@ E 7 B 6 = C B 3:31B@=<71
; = < 7 B = @ 7 < 5 @/557<5 / 1 6 =4 B63A3 /::=EA B63 =443<23@ B= 03 27D3@B32 /E/G
4 @ = ; 7<1/@13@/B7=< E6716 7< B63=@G E = C : 2 @ 3 2 C 1 3 B63 AB75;/ / < 2 :/03::7<5
* < 4 = @ B C > = A 7 B 3
34431B ) 6 3 @3/A=< 7A /5/7< < 3 B E 7 2 3 < 7 < 5 A33 / < 2 = 6 3 <
: B 6 = C 5 6 B63A3 ;3/AC@3A ; / G 27D3@B B 6 3 7<27D72C/: 4 @ = ; B63 ; = A B 1=<B@=::7<5
/A>31BA =4 B63 1@7;7</: 8CAB713 AGAB3; B63G 6/D3 :32 B= 2 3 3 > 3 @ 7<B@CA7=< =D3@
; C 1 6 5@3/B3@ >3@7=2A @3AC:B7<5 7< ; = @ 3 >3=>:3 037<5 1=<B@=::32 /B / < G = < 3
B7;3 B B63 A/;3 B7;3 B63@3 6/A 0 3 3 < /:;=AB <= @32C1B7=< 7< B63 7<1/@
13@/B32 >=>C:/B7=< AC553AB7<5 B6/B B6=A3 E 6 = /@3 037<5 > C < 7 A 6 3 2 7< B63
1 = ; ; C < 7 B G ;/G 03 B6=A3 E 6 = E = C : 2 >@3D7=CA:G A7;>:G 6/D3 0 3 3 < 47<32
5/7< B63 34431BA /@3 < = B >@=;7A7<5
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;<A @6:=9F <3 A52 05.?.0A2?6@A60@ <3 <332;12?@ /BA <3 @<062AF :<?2 42;2?.99F
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.; .9A2?.A6<; 6; A52 D.F 6; D5605 =2<=92 .?2 0<;16A6<;21 A< A56;8 ./<BA F<B;4S
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3<=:=5G B63@34=@3 /@5C3A B6/B B63@3 7A / <332 4=@ / <3E 0357<<7<5 :==97<5 /B
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7B 3>7B=;7A3A B67A 3<2 7< B63 > 6 @ / A 3 B= B63 B67<5A B63;A3:D3A ) 6 3 ;3@3 4/1B
B6/B A = ; 3 B 6 7 < 5 7A @3/A=</0:3 >:/CA70:3 / < 2 A33;7<5:G 1=@@31B 2=3A <=B ;3/<
7B E7:: 03 /113>B32 % 6 3 < = ; 3 < = : = 5 G /7;A =<:G B= /113>B E6/B 7B ; C A B /113>B
E6/B 7B 7A 7;>=AA70:3 B= @3831B B ;/G 03 B6/B B63 @3/A=</0:3 >:/CA70:3 /<2
A33;7<5:G 1=@@31B D73E E/A = 0 B / 7 < 3 2 0G /113>B7<5 13@B/7< 0/A71 /AAC;>B7=<A
=@ 2347<7B7=<A E6716 1=C:2 03 E@=<5 /<2 B637@ 4/:A36==2 ; / G B63@34=@3
16/<53 B63 >3/@A B= 03 B63 1/A3 % 6 3 < = ; 3 < /
/@3 B63 3F>3@73<13A E6716 /@3 /D/7:/0:3 B= >3=>:3 /A B63G 3F>:=@3 B63
E=@:2 / @ = C < 2 B 6 3 ; E7B6 B637@ A3<A3A / < 2 B637@ 7;/57</B7=3@/B7D3A ) 6 3 47@AB 7A
23A1@7>B7D3 73 / 23A1@7>B7=< =4B6/B E6716 />>3/@A B= 03 B63 1/A3 B6/B E6716
7A 57D3< 7< >3@13>B7=< =@ 7< 1=<A17=CA<3AA /<2 B63 A31=<2 7A 1=<AB7BCB7D3 73
6 = E B63 > 6 3 < = ; 3 < = < 7A 1=<AB7BCB32 =@ 0C7:B C> % 6 3 < = ; 3 < = : = 5 G B63@34=@3
ABC273A B63 E/G 7< E6716 B67<5A /@3 5@/A>32 0G /< 7<27D72C/:A 1=<A17=CA<3AA
B 2=3A <=B ?C3AB7=< E63B63@ B63 9<=E:3253 7A 1=@@31B 0CB ;3@3:G ABC273A 6=E
7B 1 / ; 3 7<B= 037<5 % 6 3 < = ; 3 < = : = 5 G A33A /:: /1B7=< /A 7<B3<232 B6/B 7A B= A/G
B6/B >3=>:3 16==A3 B637@ 036/D7=C@ 7< B3@;A =4 5=/:A >@=831BA @3/A=<A
;=B7D3A >C@>=A3A 3B1 E6716 B63G 6/D3 7< B637@ ;7<2A )67A ; 3 / < A B6/B /
> 3 @ A = < A ; 7 < 2 =@ 1=<A17=CA<3AA 7A 7 :3AB 4 = @ ; B63< E3 1/< /:E/GA A/G E6/B 7B 7A
E3 /@3 1=<A17=CA =4 E3 1/< > C B / < / ; 3 B= 7B D3< 74 E3 =<:G A/G 7B 7A
C < 1 3 @ B / 7 < =@ ; C 2 2 : 3 2 E3 6/D3 < / ; 3 2 7B /<2 7< B67A A3<A3 1/< /:E/GA < / ; 3
B63 =0831B =4= C @ 1=<A17=CA<3AA =@ =4= C @ 7<B3<B7=< ) 6 3 7<B3<B7=< =4B63 ;7<2
=@ 1=<A17=CA<3AA 7A <313AA/@7:G D3@G 1:=A3:G @3:/B32 B= B63 /1B7=<A E6716 7B
AC0AB/<B7/::G 1=<B@=:A % 3 = > : 3 A /1B7=<A /@3 1=<B@=::32 0G E6/B B637@ ;7<2A
7<B3<B7=</::G A33 E7A6 03:73D3 =@ 6 = > 3 B= 03 B@C3 B63 ;7<2 1=<B@=:A /1B7=<A
) 6 3 E/G 7< E6716 B63 7 
2 3 > 3 < 2 A C > = < B63 A=173BG 7< E 6 7 1 6 B6/B >3@A=< 7A 0/A32 ) 6 3 @ 3 4 = @ 3 B63
7<B3<B7=<A =4B63 ;7<2 /@3 < = B E6=::G =4B63 7<27D72C/:A ;/97<5 B63 7<B3<B7=<A
6=:2 ; 3 / < 7 < 5 4=@ 67; 0 C B B63G /@3 1@3/B32 4@=; B63 A=17/: 4/1B=@A E6716 63
3F>3@73<13A / 1 6 >3@A=< :7D3A 7< / A=173BG /<2 B637@ 7<B3<B7=<A /@3 ;=274732
3 < 2 = @ A 3 2 =@ 2343/B32 0G =B63@A 7< B6/B A=173BG E7B6 E 6 = ; B63G 6/D3 1=<B/1B
% 6 3 < = ; 3 < = : = 5 G B/93A B63A3 7<B3<B7=</: =0831BA / < 2 47@AB:G B@73A B= 2347<3
B63 7<B3<B7=<A =@ ;3/<7<5A 3F>3@73<132 0G 7<27D72C/:A /<2 B= @3:/B3 B 6 3 ; B=
B63 =0831BA E6716 5/D3 @7A3 B= B 6 3 ; = @ 3F/;>:3 74B63 7<B3<B7=< =@ ; 3 / < 7 < 5
7A 43/@ B 6 3 < B63 7<B3<B7=</: = 0 8 3 1 B 7A B 6 / B E6716 7A 43/@32 (31=<2:G > 6 3 < = ;
3<=:=5G CA3A B67A 23A1@7>B7=< B= 1 = < A B @ C 1 B =@ 1=<AB7BCB3 B63 >@=13AA 0G E6716
B63 A>317471 ;3/<7<5A /@7A3 7< B63 > 3 @ A = < A ;7<2 =@ 1=<A17=CA<3AA 4 /<
7<27D72C/: > 3 @ 4 = @ ; A /<G /1B7=< B634B 4=@ 3F/;>:3 B63< B63 >63<=;3<=:=57AB
@3:/B3A B6/B /1B7=< =@ B634B 0 / 1 9 B= B63 D73EA /<2 ;3/<7<5A 63:2 0G B6/B >3@A=@=13AA E6716 :3/2A C> B= B63 B634B
262
257
!/03::7<5 %63<=;3<=:=5G /<2 B6<=;3B6=2=:=5G
@ = ; B67A 7B 1/< 03 A33< B6/B B63 > 6 3 < = ; 3 < = : = 5 7 A B 7A B@G7<5 B= 2= A = ; 3 B 6 7 < 5
D3@G 27443@3@=13AA =4 A=17=:=571/: B63=@7A7<5 3 B@73A B= 1 = ; > @ 3 6 3 < 2 6 = E
>3=>:3 1 = ; 3 B= 6/D3 B63 3F>3@73<13A B63G 2= 6/D3 ) 6 3 > 6 3 < = ; 3 < = : = 5 7 A B
7<B3<2A B= > C B 7<B= :/<5C/53 B63 BG>71/: 3F>3@73<13A =4 B63 3D3@G2/G E=@:2
3F>3@73<132 0G BG>71/: >3=>:3 4=@ BG>71/: @3/A=<A
B 6 < = ; 3 B 6 = 2 = : = 5 G
B 6 < = ; 3 B 6 = 2 = : = 5 G 2@/EA C > = < B63A3 > 6 3 < = ; 3 < = : = 5 7 1 / : 1 = < 1 3 > B A / < 2
; 3 B 6 = 2 A 7< =@23@ B= 23A1@703 A=17/: = 1 1 C @ @ 3 < 1 3 A ' / B 6 3 @ B 6 / < / B63=@G 7B 7A /
53<3@/: ; 3 B 6 = 2 =4 A=17=:=571/: ABC2G CA32 7< 1@7;7<=:=5G /<2 /:: = B 6 3 @ /@3/A
=4 A=17=:=571/: ABC2G B 2=3A <=B > C @ > = @ B B= 57D3 3F>:/</B7=<A =4 1@7;7</:7BG
/:B6=C56 />>:71/B7=< =4 7BA ;3B6=2A ;/G :3/2 B= 5@3/B3@ C < 2 3 @ A B / < 2 7 < 5 =4 B63
/@3/ B A339A B= 57D3 /< /11C@/B3 /11=C@=D723 / A3<A3 =4 AB@C1BC@3 4=@ B63
7<B3@/1B7=< 7BA3:4 AA3<B7/::G 7B 7A 1 = < 1 3 @ < 3 2 E7B6 B63 A=17=:=571/: ABC2G =4
3D3@G2/G /1B7D7B73A 0G 1=<13<B@/B7<5 =< B63 ; 3 B 6 = 2 A CA32 0G 7<27D72C/:A B=
@3>=@B B637@ 1 = ; ; = < A 3 < A 3 >@/1B71/: /1B7=<A B= =B63@A BA 7<B3@3AB 7A 13<B@32
=< 6=E B63 7<27D72C/: 3F>3@73<13A /<2 ;/93A A3<A3 =4 A=17/: 7<B3@/1B7=<
< ;/<G B@/27B7=</: A=17=:=571/: / > > @ = / 1 6 3 A B63@3 7A / 0/A71 723/ B6/B B63
A=173BG 7A C < 2 3 @ > 7 < < 3 2 0G / A6/@32 A3B =4 @C:3A ( = ; 3 @3A3/@163@A A 3 3 ; B=
1=<B3<2 B6/B B63A3 @C:3A /@3 7<D7A70:3 7< B63 A3<A3 B6/B B63G /@3 A= 0/A71 /A B=
03 53<3@/::G C < 2 3 @ A B = = 2 /<2 /113>B32 E7B6=CB @3/:7A/B7=< =@ B63G /@3 /A
AC;32 B= 03 A= =0D7=CA /<2 3D723:/7< B63A3 0@3/163A ) 6 3 A B @ C 1 B C @ 3 =4 A=173BG E = C : 2 03
B6@3/B3<32 C<:3AA AC16 0@3/163A /@3 @3:/B7D3:G 7 < 4 @ 3 ? C 3 @ 3 A C ; 3 A
B6/B B63@3 7A / 1 = ; ; = < 1C:BC@3 E7B67< 3D3@G A=173BG E6716 7A A= 0/A71 /A B= 03
/1B32 C > = < E7B6=CB ?C3AB7=< /<2 B6/B B63 A=173BG E=C:2 B3<2 B= 27A7<B35@/B3
74 7BA @C:3A E3@3 0@=93< A= 4@3?C3<B:G B6/B B63G :=AB B637@ 1 = ; ; = < /113>B/<13
/@47<93: =<3 =4 B63 ;/7< E@7B3@A 7< 3 B 6 < = ; 3 B 6 = 2 = : = 5 G 67A E=@9 7A D3@G
1=;>:3F A33 3@7B/53 1/@@732 = C B 13@B/7< 3F>3@7;3<BA 23A75<32 B=
C < 2 3 @ ; 7 < 3 B63A3 1 = ; ; = < @C:3A B= A33 E 6 3 B 6 3 @ B63 @3AC:B E=C:2 03 /
0@3/92=E< 7< =@27</@G A=17/: :743 ) 6 3 A 3 /@3 1/::32 67A 27A@C>B7=< 3F>3@7
;3<BA /16 B==9 / A=17/: A3BB7<5 /<2 7 = 9 3 < @C:3A 3 4 = C < 2 B6/B B63
A=17/: A3BB7<5 272 <=B 27A7<B35@/B3 3 2 3 2 C 1 3 2 4 @ = ; B67A B6/B B63 723/ =4
A=17=:=571/: 3F>:/</B7=<A 0/A32 >C@3:G C > = < B63 > @ 3 A C ; > B 7 = < =4 / 1 = ; ; = <
1C:BC@3 E/A 7<AC447173 = < B63 CA3 =4 > 6 3 < = ; 3 < = : = 5 G E6716
;=D32 B63 13<B@3 =4 B63 27A1CAA7=< B= B63 7<27D72C/: = @ 3 B 6 < = ; 3 B 6 = 2 = : = 5 G
B63 3F>3@73<13 =4 B63 >3@A=< /1BC/::G 7<D=:D32 7< B63 /1B7D7BG 7A 3AA3<B7/: ;G
E=@:2 /A A33 7B 7A B63 =<3 E6716 E7:: /::=E /< C < 2 3 @ A B / < 2 7 < 5 =4E6/B 2=
*<:793 > 6 3 < = ; 3 < = : = 5 G E63@3 3D3@GB67<5 6/A B= 03 ?C3AB7=<32 @/B63@ B 6 / <
/113>B32 3 B 6 < = ; 3 B 6 = 2 = : = 5 G AB/@BA 4 @ = ; 6 = E B67<5A /@3 D73E32 0G B63
=@27</@G >3@A=< E6=A3 >3@13>B7=<A /@3 B6CA /113>B32 /A B63G />>3/@ / < 2 < = B
?C3AB7=<32 ) 6 3 @ 3 7A /< /AAC;>B7=< B6/B 74 / < = B 6 3 @ >3@A=< 1=C:2 AE/> >:/13A
263
258
!/03::7<5%63<=;3<=:=5G/<2B6<=;3B6=2=:=5G
E7B6 ;3 / < 2 6/D3 3F/1B:G B63 9<=E:3253 6/D3 B 6 3 < B63G E = C : 2 A33 B63
E=@:2 /A A33 7B A6/@3 ;G 7<B3@3ABA /<2 C < 2 3 @ A B / < 2 7 < 5 A / < 2 ; = @ 3 7 ; > = @ B
/<B:G /1B /A 2= / < 2 D713 D3@A/ ) 6 7 A 7A <=B B= /@5C3 B6/B B63@3 7A <= AB@C1BC@3
B= :743 0 C B @/B63@ B 6 / B B 6 3 A B @ C 1 B C @ 3 1/< =<:G 03 C < 2 3 @ A B = = 2 7< 7BA 1 = /@B717>/<BA
) 6 3 3 B 6 < = ; 3 B 6 = 2 = : = 5 7 A B A C<:793 =B63@ 3/@:73@ 1@7;7<=:=57ABA D73E B63
A=17/: AB@C1BC@3 /A > / @ B =4 B63 C < 2 3 @ A B / < 2 7 < 5 =4 B63 /1B7D7BG ) 6 3 G 53<3@/::G
/113>B B6/B B63@3 7A / 0/A71 AB@C1BC@3 B= 3D3@G2/G :743 / < 2 B 6 / B ; = A B > 3 = > : 3 A
/1B7D7B73A 7< /<G 2 / G /@3 :/@53:G >@3271B/0:3 =@ B/93< 4=@ 5 @ / < B 3 2 # = < 3 B 6 3 : 3 A A
B63G /@5C3 B6/B A7<13 B63 A=17/: AB@C1BC@3 7A C < 2 3 @ A B = = 2 A:756B:G 27443@3<B:G 0G
3/16 7<27D72C/: <= @3/: C < 2 3 @ A B / < 2 7 < 5 1/< 1 = ; 3 =4 E 6 / B 6/A = 1 1 C @ @ 3 2 C<B7:
B63 A=17/: A B @ C 1 B C @ 3 E 6 7 1 6 3F7ABA 4=@ B6/B > 3 @ A = < 6 = E B63G D73E B63 E=@:2 7A
/:A= C < 2 3 @ A B = = 2 ) 6 3 A 3 ; 3 / < 7 < 5 A B63G A33 /A 037<5 3AA3<B7/: B= /< C < 2 3 @
AB/<27<5 =4 6 C ; / < 0 3 6 / D 7 = C @ = @ 3F/;>:3 ; C @ 2 3 @ 7A /:E/GA B63 A/;3
/1B7=< 0 C B @/@3:G 2= B E = ; C @ 2 3 @ A 6/D3 B63 A / ; 3 ; 3 / < 7 < 5 4 = 6 < 97::A " / @ G
63 ;/G 2= 7B 7< = @ 2 3 @ B= 3A1/>3 4 @ = ; B63 A13<3 =4 / 1@7;3 63 ; / G 2= 7B B=
>@3D33 4 @ = ; / 1@7;3 / >=:713 =44713@ 63 ; / G 2= 7B /A /< /1B =4
>/AA7=< 63 ; / G 2= 7B /A / 2 @ C < 9 3 < 2@7D3@ 63 ; / G 2= 7B /A / 4 @ 3 3 2 = ; 4756B3@
=@ / B3@@=@7AB 63 ; / G 2= 7B /A / A=:273@ < /:: B63A3 7<AB/<13A 63 ; / G >3@137D3
67A /1B 7< =<3 E/G B63 1=<B@=: /CB6=@7B73A ; / G >3@137D3 7B 7< / < = B 6 3 @ / < 2
27443@33@137D3 B63 /1B 7< AB7:: 27443@3 3 @ 1 3 > B 7 = < A >/@B71C:/@:G B6/B =4B63 /1B=@ 7A B= @ = 0 B63 /1B =4
7BA ; 3 / < 7 < 5 / < 2 >=AA70:G B= ; 7 A C < 2 3 @ A B / < 2 =@ 4/7: B= C < 2 3 @ A B / < 2 B 6 3 1@7;3
)/93 / A33;7<5:GE / /@B73A /@3 C < 9 < = E < B= = < 3 / < = B 6 3 @
B ;/G 03 B6/B 74E3 /A9 B63 > 3 @ > 3 B @ / B = @63 =@ A63 E7:: 3F>:/7< B6/B B63 1@7;3 E/A
1 = ; ; 7 B B 3 2 4=@ >=:7B71/: @3/A=<A / < 2 E/A 8CAB:G 2 = < 3 B= C < 2 3 @ ; 7 < 3 /< C < 8 C A B
AGAB3; ) 6 3 2 3 / 2 > 3 @ A = < 7A B 6 3 < / 1/AC/:BG 7< B63 E/@ / <313AA/@G :=AA B=
=0B/7< / 5@3/B3@ 5==2 ) 6 3 1=<B@=: /53<173A 7< B63 (B/B3 7< E6716 B63 1@7;3 E/A
1 = ; ; 7 B B 3 2 =@ /5/7<AB E6716 B63 1@7;3 E/A 1 = ; ; 7 B B 3 2 ; / G B 3 @ ; 7B /< /1B =4
B3@@=@7A; /< /AA/AA7</B7=< =@ B@3/A=< ) 6 3 GE7:: > @ = 0 / 0 : G /:A= 1:/7; B6/B B63@3
7A <= @3/A=< 4=@ B63 D7=:3<13 / < 2 B6/B 7BA > 3 @ > 3 B @ / B = @ 7A / 1 = ; ; = < 1@7;7</: < = B
/ >=:7B71/: >@7A=<3@ =@ / >@7A=<3@ =4 E/@ B67A 7A B63 A7BC/B7=< 7< # = @ B 6 3 @ <
@3:/<2 G AC16 23<7/:A B63 ; 3 / < 7 < 5 =4 B63 /1B 4=@ B63 > 3 @ > 3 B @ / B = @ 7A /:A=
23<732 / < 2 B63 1@7;7</: 7A > = @ B @ / G 3 2 /A / D717=CA / < 2 2 / < 5 3 @ = C A > 3 @ A = < E 6 =
97::A 4=@ <= @/B7=</: @3/A=< $ B 6 3 @ A 37B63@ 7<27D72C/:A =@ (B/B3A ; / G E6=::G
A C > > = @ B = < 3 =4 B63A3 ; 3 / < 7 < 5 A =@ /113>B >/@B7/: 3F>:/</B7=<A 4 @ = ; 3/16 = @
3F/;>:3 B63G ; / G C < 2 3 @ A B / < 2 / < 2 /113>B B63 ; 3 / < 7 < 5 57D3< 0G B63 1@7;7</:
73 B63 >=:7B71/: > = @ B 7B ::
B67A 57D3A / 1@C23 723/ =4B63 7<B3<B7=<A =4B63 3 B 6 < = ; 3 B 6 = 2 = : = 5 7 A B A 3A>317/::G
7< B63 3F/;>:3 B63 27443@3=A7B7=<A /@3 3/A7:G 2 3 4 7 < 3 2 < = @ ; / : : G B63G E=C:2
< = B 03 A= =0D7=CA )= 1@7;7<=:=5G B63 ; = A B 7 ; > = @ B / @/1B71/: /<2 7<D=:D3A 1:3/@ 7<B3@>@3B/B7=<A =4B63
>=A7B7=<A /1B7=<A / < 2 B 6 = C 5 6 B A =4 B63 /1B=@A 7< B63 1@7;3
) 6 3 /0=D3 23A1@7>B7=< =<:G 1=D3@A B63 >/@B =4 B63 ; 3 B 6 = 2 =4 B63 3B6
< = ; 3 B 6 = 2 = : = 5 7 A B 9 < = E < /A 7<23F71/:7BG I /<G 6 C ; / < /1B7D7BG 7A 7<B3@>@3B32
27443@3<B:G 2 3 > 3 < 2 7 < 5 C > = < B63 1=<B3FB 7< E6716 7B 7A A33< =@ B63 >=A7B7=< =4
B63 D73E3@ A>317471 7::CAB@/B7=< =4 B63 CA3 / < 2 7;>:71/B7=< =4 B63 / > > @ = / 1 6
264
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?2@=20A A52 @ < 0 6 < 9 < 4 6 @ A 6@ ;< 16332?2;A 3?<: .;F <A52?@062;A6@A >B<A21 6;
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5.:/96@@ $;9F D 5 2 ; @B05 : < 1 2 9 @ .?2 :.12 2E=9606A 0.; A52
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.@@B:=A6<;@ A52F 0<;A.6; /2 2E.:6;21 )52 @64;6360.;02 <3 2:=6?60.9
: 2 . ; 6 ; 4 @ .;1 6A< 3 A 2 ; ?2:.6;@B;1236;21 ! . D 6@<3A2; @22; .@ =?<:<A6;4
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/<1F <3 @=20B9.A6C2 A52<?F 3?<: A52 @2C2;A22;A502;AB?F D?6A6;4@ <3 A52
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=569<@<=52?) 5 < : . @ < / / 2 @A<A52=?2@2;A 9.D .==2.?@ .@A522:/<16:2;A
A52 @ < 0 6 2 A F 6; D 5 6 0 5 6A 2E6@A@ !.D =?<:<A2@7B@A602 BA7B@A602 5.@ :.;F
.;1 4B.?.;A22 <3 . @<06.9 0<;A?.0AH. ;<A6<;.9 .4?22:2;A <3 :2:/2?@
: 2 . ; 6 ; 4 @ .;1 6A< 3 A 2 ; ?2:.6;@B;1236;21 ! . D 6@<3A2; @22; .@ =?<:<A6;4
<3 . @<062AF 96C6;4 A<42A52? B;12? D 5 6 0 5 2 9 2 : 2 ; A @ <3 6;16C61B.9 3?221<:
@<06.9 D 2 9 3 . ? 2 H . 4 . 6 ; 6; :.;F 1 2 3 6 ; 6 A 6 < ; @ H < ? 6; BA696A.?6.; A2?:@ .@
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/.9.;06;4 0 < ; 3 9 6 0 A 6 ; 4 6;16C61B.9 0 9 . 6 : @ .;1 6;A2?2@A@ ; .; 6:=<?A.;A
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/<1F <3 @=20B9.A6C2 A52<?F 3?<: A52 @2C2;A22;A502;AB?F D?6A6;4@ <3 A52
0 < ; 1 6 A 6 < ; @ B;12?D 5 6 0 5 6;16C61B.9@ .?2 =?2=.?21 A< .002=A 0<;@A?.6;A@ <;
=569<@<=52?) 5 < : . @ < / / 2 @A<A52=?2@2;A 9.D .==2.?@ .@A522:/<16:2;A
A526? 3 ? 2 2 1 < : 6; <?12? A< 96C2 .@ : 2 : / 2 ? @ <3 . 0 < 5 2 @ 6 C 2 @ < 0 6 2 A F H 6 @
.;1 4B.?.;A22 <3 . @<06.9 0<;A?.0AH. ;<A6<;.9 .4?22:2;A <3 :2:/2?@
3B;1.:2;A.9 A< A52 0 < ; 0 2 ? ; @ <3A56@ 05.=A2? ) 5 2 =?</92: <3<?12? 6@ A52
<3 . @<062AF 96C6;4 A<42A52? B;12? D 5 6 0 5 2 9 2 : 2 ; A @ <3 6;16C61B.9 3?221<:
=?</92: <32 E = 9 . 6 ; 6 ; 4 D5.A 4 6 C 2 @ =<96A60.99F <?4.;6@21 @ < 0 6 2 A 6 2 @ @B05 .@
.?2 :BAB.99F ?296;>B6@521 6; A52 6;A2?2@A@ <3 0<9920A6C2 =2.02 .;1 4<<1
A5<@2 <3 :<12?; ;.A6<; @A.A2@H<? 3<? A5.A :.AA2? @ F @ A 2 : @ <3 @<06.9
<?12? ; 3.0A < / / 2 @ =?</92: <3< ? 1 2 ? H A 5 2 =?</92: <32E=9.6;6;4 A52
?29.A6<;@D6A56; <?2EA2;16;4 /2F<;1 @B05 @ < 0 6 2 A 6 2 @ H @ B 3 3 6 0 6 2 ; A 0<52@6<;
0 < ; 1 6 A 6 < ; @ B;12?D 5 6 0 5 6;16C61B.9@ .?2 =?2=.?21 A< .002=A 0<;@A?.6;A@ <;
A< :.82 6A =<@@6/92 A< A56;8 <3 A52: .@ 2;A6A62@ $;9F 63 A56@ 0.; /2 1<;2
A526? 3 ? 2 2 1 < : 6; <?12? A< 96C2 .@ : 2 : / 2 ? @ <3 . 0 < 5 2 @ 6 C 2 @ < 0 6 2 A F H 6 @
.?2 A52 0 < ; 0 2 = A @ <3 @<06.9 <?12? .;1 @<06.9 05.;42 :2.;6;43B9 6;
3B;1.:2;A.9 A< A52 0 < ; 0 2 ? ; @ <3A56@ 05.=A2? ) 5 2 =?</92: <3<?12? 6@ A52
@ < 0 6 < 9 < 4 6 0 . 9 . ;.9F@6@ <3 9.D
=?</92: <32 E = 9 . 6 ; 6 ; 4 D5.A 4 6 C 2 @ =<96A60.99F <?4.;6@21 @ < 0 6 2 A 6 2 @ @B05 .@
)52 0<;02?; <3 A56@ 05.=A2? 6@ D6A5 D . F @ 6; D5605 : < 1 2 : ,2@A2?;
A5<@2 <3 :<12?; ;.A6<; @A.A2@H<? 3<? A5.A :.AA2? @ F @ A 2 : @ <3 @<06.9
@ < 0 6 2 A 6 2 @ 5.C2 /22; A52<?2A60.99F =<?A?.F21 .@ 0<52@6C2 2;A6A62@ .;1
?29.A6<;@D6A56; <?2EA2;16;4 /2F<;1 @B05 @ < 0 6 2 A 6 2 @ H @ B 3 3 6 0 6 2 ; A 0<52@6<;
A< :.82 6A =<@@6/92 A< A56;8 <3 A52: .@ 2;A6A62@ $;9F 63 A56@ 0.; /2 1<;2
.?2 A52 0 < ; 0 2 = A @ <3 @<06.9 <?12? .;1 @<06.9 05.;42 :2.;6;43B9 6;
294
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@ < 0 6 2 A 6 2 @ 5.C2 /22; A52<?2A60.99F =<?A?.F21 .@ 0<52@6C2 2;A6A62@ .;1
40+ +1#%/1'3##!&+'0*
C@5396931< G 8 9 3 8 < 1G 81C 255> C55> 9> D89C D85?BI 1C
5H@B5CC9>7D89C3?85C9?> 1>4 @ < 1 I 9 > 71 C97>96931>D @1BD 9> 7E1B1>D559>7 9D
<5+;165)5,#<976:-15)>
> = 1 > I : EB9 C@BE45>D 9 1< G B 9 D 9 > 7 C D85 C?391< ?2:53D9F5C D? G 8 9 3 8 <1G 9C
C55> D? 25 49B53D54 1B5 ?6D5> 5H@B5CC54 #5!1&#"/ 1C = ? B 1 < 535CC1BI
@EB@?C5C *85C5 GB 9 D 9 > 7 C D5>4 D? 3 ? > 6 E C 5 G81D <1G 4?5C G 9 D 8 G81D 9D 9C
D8?E78D 9D ?E78D D? 4? *85I D5>4 D? 3 ? > 6 E C 5 D85 3?>35@DC ?6$2+!1',+1>4
-2/-,0# )? 3B9D93C 3 ? = @ < 1 9 > ?6 1 > 1 9 F 5 9 > C D B E = 5 > D 1 < 9 C = ) E = = 5 B C
?6= E 3 8 GB 9 D 9 > 7 ?> < 1 G G 8 9 3 8 9D 9C 3 < 1 9 = 5 4 1CCE=5C D81D 1<< <1GC
81F5C@539693@EB@?C5C1719>CDG 8 9 3 8 D859B56653D9F5>5CC31>25 =51CEB54
> 613D D859B@EB@?C5C = 1 I 25C55> 49665B5>DD D 9 =5C 1>4 D85I
= 1 I 5H9CD 6?B B51C?>C AE9D5 49665B5>D 6 B ?= D8?C5 3?>D 19 >54 9> 5H@<939D
<579C<1D9F5 ?B : E 4 9 3 9 1 < : ECD 9 6 9 31D 9 ?>C EBD85B = 1 > I <1GC = 1 I 81F5 >?
49C35B>92<5 @EB@?C5 * 9 = 1 C 8 5 6 6 5H9CD9>7 @5B81@C ? > < 5 7 9 C < 1 D 9 F 5 9>5BD91 ?B D85 >554 D?
3 ? = @ B ? = 9 C 5 B14931<D @EB@?C5C ?69>D5B5CD 7B?E@C *8 5 @EB@?C5
?6 D85 )D1DED5 ?6 B1E4C 9C 89CD?B931< D85 = ? D 9 F 1 D 9 ? > C ?6 D85
> 7 < 9 C 8 <579C<1D?BC G 8 ? 5>13D54 9D 9> *85$2+!1',+ ?6 D85 )D1DED5
9> C?39 ?< ?79 31< D5B=C 9C 8 ? G 5 F 5 B 1F5BI 49665B5>D =1DD5B >?D 45@5>45>D
?> D85G 9 < <?69DC3B51D?BC2ED?> 9DC@B5C5>D3?>DB92ED9?> D?D85 =19 >D 5>1>35
?6 5H9CD9>7 C?391< 1>4 5 3 ? > ? = 9 3 9>CD9DED9?>C )? D85 6E>3D 9 ?> ?6 D85 <1G
= 1 I 8 1 F 5 >? B5<1D9?> 1D 1<< D? D85 ? B 9 7 9 > 1 < @EB@?C5 6?B G 8 9 3 8 D85)D1DED5
G1C @1CC54 )?391< ?B <571< 9>CD9DED9?>C = 1 I D85B56?B5 81F5 C97>96931>D
6 E > 3 D 9 ? > C K @ 5 B 8 1 @ C AE9D5 49665B5>D 6 B ? = D8?C5 75>5B1<9C54 5F5>
2I @5?@< 5 49B53D35B >54 G 9 D 8 D859B = 1 9 > D 5 > 1 > 3 5 K G 8 9 3 8 45B9F5
6 B ?= D859B @?C9D9?> 1C 5 < 5=5> D C ?6 1 G 9 4 5 B C?391< CICD5= CE38 1C 1
3?85C9F5C?395DI *859B6 E > 3 D 9 ? > C31>25 E>45BCD??4 1CD859B3?>D B 9 2ED 9 ?>
D?CD129<9DI ?B381>75 9> D89C G 9 4 5 BCICD 5= *85 3?>35@D?6 C I C D 5 = 9DC5<6
@B5CE@@?C5C 1 457B55 ?6 9>D57B1D9?> ?6 5<5=5>DC G9 D 8 9 > 1 <1B75B G8?< 5
E > 3 D 9 ? > 1 < 1>1<IC9C 9> D89C C5>C5 9C >?D 49B53D35B>54 G9 D 8 D85
89CD?B931< 31EC5C?B?B9 79 >C?6C?391< @ 8 5 > ? = 5 > 1 *89C 9C 9 = @ < 9 3 9 D 9> G81D
81C1<B514I255> C19412?ED D85 49 CD 9 >3D 9 ?>25DG55> @EB@?C5 1>4 6E>3D 9 ?>
*8 5 89CD?B931< ?B979>C ?6 D85 > 7 < 9 C 8 4?3DB9>5 ?6 5CD1D5C ?B ?6 D85 :EBI
CICD5= 1B5 D?D1<D ?2:53DC ?6 9 > AE 9 B I 6B?= D859B @B5C5>D C?391<
5 3 ? > ? = 9 3 ?B @?<9D931< 6 E>3D 9 ?>C &> D85 ?D85B 81>4 6 E > 3 D 9 ? > C D85=C5<F5C
31> 25 C55> D? 3 8 1 > 7 5 ?F5B D9=5 = ? > 1 B 3 8 I G 8 9 3 8 ?> 3 5 @B?F9 454
- 9 - ;0- ; - 9 4 : @ : ; - 4 1: ; ) 2 - 5 15 ) * 9 6 ) , : - 5 : - 1 4 7 3 @ 1 5 / 7 ) ; ; - 9 5 - , 1 5 ; - 9 ) + ; 1 6 5 : ) 5 ,

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) , 6 7 ; - , 1 5 ) < ; 6 7 6 1 - : 1 : ; 0 - 6 9 @ > 0 - 9 - ) : 5 6 ; - , ) ; ;0- - 5 , 6 . ;0- 7 9 - = 1 6 < : + 0 ) 7 ; - 9 1 ;
9-.-9: ; 6 ;0- 0 1 / 0 3 @ )*:;9)+; 5 6 ; 1 6 5 6 . ) : @ : ; - 4 6 . + 6 4 4 < 5 1 + ) ; 1 6 5
295
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@?<9D931< 1>4 =9 < 9 D1BI <5145BC89@ = 1 I 3?=5 D? 6E<69< @EB5 3 D 9 ? > C < 5 = 5 > D C ? > 3 5 6 E > 3 D 9 ? > 1 < = 1 I 2 5 3 ? = 5
4 I C 6 E > 3 D 9 ? > 1 < K 4 5 D B 9 = 5 > D 1 < D? D85 3?85C9F5 6 E > 3 D 9 ? > 9 > 7 ?6 1 C?391<
C I C D 5 = K 1 > 4F9 35 F5BC1 )ICD5=C 381>75 D859B 381B13D5B 89CD?B931< 25 1 > 1 D5B=C ?6 D85
6 E > 3 D 9 ? > 1 < B5<1D9?>C89@C?6D859B3 ? = @ ? > 5 > D 5<5=5>DC 1D 1 @1BD93E<1B D9=5
> 1 C9?>C 9> 6E>3D9?>1< B5<1D9?>C89@C 31> @B?F945 1 21C9C 6?B
5H@< 1>1D 9 ?>C ?6 C?391< 381>75
- 8 5 > 1> 1DD5=@D 9C =1 4 5 D? 1>1<IC5 D85 B5<1D9?>C ?6 D85 @1BD 6?B
5 H 1 = @ < 5 1 <571< CICD5= D? D85 G 8 ? < 5 6?B 5 H 1 =@ < 5 D85 C?395DI 9>
G 8 9 3 8 9D 5H9CDC D85 1>1<IC9C 31> @B?3554 9> ?>5 ?6D G? 49B53D9?>C D 31>
4 5 F 5 < ? @1D85?B5D931< 1>1<IC9C?61 @1BD93E<1B @?<9D931<9C54C?395DI
CE38 1C D81D ?6 B9D19> ?B D85 +> 9 D 5 4 )D1D5C ?B @5B81@C ?6 C?395D95C 9>
7 5 > 5 B 1 < K 5 < 1 2 ? B 1 D 9 > 7 D85 3 ? > 4 9 D 9 ? > C D81D =1;5 9D @?CC92<5 6?B 1 C?395DI D?
5H9CD 1C 1 3?85C9 F5 5>D9DI 1>4 6 9 > 1 < 7 <1G D? D85C5 C@5396954
6 E > 3 D 9 ? > 1 < B5AE9B5=5>DC & D 8 5 B G9 C 5 9D 31>CD1BD 2I < ? ? ; 9 > 7 1D D85 45D19< ?6
< 1 G 9DC5<69> @1BD93E<1B <571< CICD5=C ?B @81C5C?6<571< 89CD?BI 1>4 DBI9>7
D? 5HDB1@?<1D5 6 B ?= 1 CDE4I ?6 <571< 4?3DB9>5 1>4 <571< 9>CD9DED9?>C
9>C978DC 9 >D ? < 1 G C 6E>3D9?>C 9> C?395DI 1>4 9>D? D85 >1DEB5 ?6D81D C?395DI
9DC5<6 1 3 8 ;9 >4 ?6 9>AE9BI >554C D85 ?D85B *85 =5 D 8 ? 4 ?6 6E>3D9?>1<
1>1<IC9C 9 = @ < 9 5 C D85 >554 6?B13 ? > D 9 > E 1 < C8EDD<9>725DG55> 45D19<54 CDE4I
?6 B5<1D9?>C89@C 25DG55> @1BD93E<1B >1BB?G54 C?391< @ 8 5 > ? = 5 > 1
1>4 D85 2B?145CD ?F5B1<< F 9 5 G ?6 D85 =1>>5B 9> G 8 9 3 8 1>4 D85 5HD5>D D?
G 8 9 3 8 <1B75C31<5 @1DD5B>C?6C?391< 1BB1>75=5>DC 1B5 9>D57B1D54 9>D? D85
3 ? = @ < 5 H E>9DI ?6 1 C?395DI
*85 45C3B9@D9?> ?6C?395DI 1C 1 3 ? = @ < 5 H E>9 D I 1>4 ?6D85 9>D57B1D9?>
?6 5< 5=5>D C G 9 D 8 9 > 9D CE775CDC D81D 6E>3D9?>1< 1>1<IC9C 9C =?B5 D81> 1
C?39 ?< ?79 31< = 5 D 8 ? 4 D 81C ?6D5> 255> 3< 19 =54 D? 9 = @ D19< 1<C? 1
@1BD93E<1B ? E D < ? ? ; ?> C?395DI D85 9451 D81D 3?>D5=@?B1BI -5CD5B>
C?395D95C 1C 5 H 1 = @ < 5 C ?6 3 ? = @ 1 B 1 D 9 F 5 45BCD??4 1C B5<1D9F5D57B1D54 CICD5=C ?B CDBE3DEB5C D81D
45C@9D5 6B93D9?> D5>C9?>C 619<EB5C?63??B49>1D9?> ?B3??@5B1D9?>G9 D 89 >
D85= G 8 9 3 8 = 1 I ?6D5> @?C5 C5B9?EC @B?2<5=C D85I 1B5 9> 5CC5>35
6 ? E > 4 5 4 ?> 3?>C5>CEC >?D 3?>6 < 9 3D 1>4 B5@B5CC9?> 1C 6?B 5H1=@< 5 D85
$1BH9 CD 1>1<ICDC D? 25 3?>C945B54 9> D85 >5HD 381@D5B 3 < 1 9 = *8EC 9> D85
@175C D81D 6 ? < < ? G 6?EB 1 E D 8 ? B C K ' ? E > 4 E B ; 8 5 9 = # < 5 G 5 < 1>4
' 1 B C ? > C K1 B 5 D1;5> 1C 9<<ECDB1D9F5 ?6F1B9?EC ;9>4C?6 6E>3D9?>1< 1>1<IC9C
?6< 1G D D85 C1=5 D9=545C@9D5 9=@?BD1>D49665B5>35C 9> 1@@B?1385138
?6D85= ?665BC 13?>35@D 9 ?> ?6< 1G 1C 1> 9>D57B1D9F5 = 5 3 8 1 > 9 C = 1 =51>C
?6 4 5 1 < 9 > 7 G 9 D 8 D85 D5>C9?>C 1>4 6B93D9?>C D81D D8B51D5> D85 21C931<1DEB5 ?6 C?395DI @B9 =1BI 3?>35B> ?6 D85 49C3ECC9?> D81D
6 ? < < ? G CG 9 < < 25 D?5<12?B1D5 = 1 : ? B 9 =@< 9 3 1 D 9 ?> C?6D89C F9 5G ?6<1G 1>4 D?
5 H 1 = 9 > 5 8 ? G 61B 9D 9C 493D1D54 2I D85 21C93 @B5=9C5C ?6 6E>3D9?>1<
1>1<IC9C
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45F5<?@54 D8B?E78?ED D85 69BCD 81<6 ?6 D85 DG5>D95D8 35>DEBI @B?F945 1
3?>F5>95>D CD1BD9>7 @<135 > D85= D85 6E>3D9?>C ?6< 1 G K 1 > 4 D85 =?45
?6D859B 6E<69<=5>DK1B5 454E354 @B9=1B91<9C1D9?>?6<571<
BE<5C 1>4 @B9>39@<5C 5C@5391<7<?=5B931> 3 ? = = ? > <1G
'?E>4 DB954 CICD5=1D931<D5B@B5D <571< 4?3DB9>5 1>4 9>CD9DED9?>C 9>
6E>3D9?>1< D5B=C D? B5@<135 D85 <1GI5BC 3?>35@D9?> ?6D85 <?7931< E>9DI
?6 85 <1G G9D8 1 3?>35@D9?> ?6 9DC 6E>3D9?>1< E>9DI
> '?E>4C 1>1<IC9C D85 =?45B> <1GI5BC 1>4 <579C<1D?BC 3?>35B> 9C
C?391< 5>79>55B9>7 #1G C53EB5C C?391< 3?85C9?> 1>4 ?B45B752I21<1>39>73?>6<93D9>79>D5B5CDCK9>49F94E1<D85@B9F1D59>D5B5CDC
?6 9>49F94E1< 39D9J5>C C?391< 1B9C9>7 6B?= D85 3 ? = = ? > 3?>49D9?>C ?6
C?391< <965 1>4 @E2<93 C@5396931<D5B5CDC ?6 D85 CD1D5 *85C5
9>D5B5CDC 1B5 =145 F9C92<5 D? <1G=1;5BC 9> D85 3<19=C 2B?E78D 256?B5
3?EBDC 1>4 <?22954 G9D89> <579C<1DEB5C 9> 89C 51B7C '?E>4
14F?31D54C?391<C395>D9693B5C51B38D?945>D96I 9>D5B5CDC2ED<1D5BB5:53D54
D89C 1C 9=@B13D9312<5 %5G 3<19=C 1>4 >5G C9DE1D9?>C ?6 3?>6<93D ?6
9>D5B5CDC@1BD93E<1B<I?6C?391< 9>D5B5CDC1B5 D85 B1G=1D5B91<CD81D3?EBDC
1>4 <579C<1DEB5C =ECD G?B; ?> D? DB1>C6?B= D85 DEB=?9< ?6C?391< 381>75
9>D? D85 ?B45B ?6 C?391< 5>79>55B9>7 D8B?E78 <571< B57E<1D9?> #571<
4?3DB9>5K5CD12<9C854 BE<5C@B9>39@<5C @B53545>DCKB53?B4CD85 9>D5B5CDC
D81D 81F5 255> CE335CC6E< D85 <1G 6?B B53?7>9D9?> 1>4
@B?D53D9?> 1CG5<< 1C D8?C5 D81D 81F5 255> B5:53D54 D B53?B4CD85 5HD5>D
?6 B53?7>9D9?> 1>4 D85 G1IC 9> G8938 @1BD93E<1B ;9>4C ?6 9>D5B5CD 81F5
255> 21<1>354 G85> D85I 3?=5 9>D? 3?>6<93D > 1 =1CC9F5 CEBF5I 1>4
49CD9<<1D9?>?6>7<?=5B931> <571<4?3DB9>5 '?E>4@B?F945C1>9>F5>D?BI
?69>D5B5CDC 1 ;9>4 ?681>42??; ?6D85 < 1G C5CD12<9C854 @?<93I 3?>35B>C
1>4 @B53545>DC 6?B 3?>6<93D B5C?<ED9?>
&B45B79>55B9>7 D8B?E78 <1G B5AE9B5C D81D 9>D5B5CDC 25
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45@5>4C ?> D85 1@@<931D9?> ?6 ;>?G> F1<E5C ED D85 F1<E5C <1G 1@@<95C
9> 9DC 9>D57B1D9?>?63?>6<93D9>73<19=C1B5C@5396931<35 ?6 D85 <571< CICD5= 1>4 C?395DI 9> G8938 D85I
1B9C5 *85I 31>>?D 25 E>9F5BC1< ?B D9=5<5CC *85I 1B5 C@539693 D? 1
@1BD93E<1BC?395DI 1>4 9DC <1G1D1@1BD93E<1B=? =5 > D 9> 9DC89CD?BI '?E>4
31<<C D85C5 <571< F1<E5C D85 :EB1< @?CDE<1D5C ?6D85 D9=5 1>4 @<135 !ECD
1C D85C385=5?65CD12<9C854 9>D5B5CDC9C4B1G> 6B?= <571<4?3DB9>5C?D85
:EB1< @?CDE<1D5C 1B5 49CD9<<54 6B?= D85 F1<E5 9=@<931D9?>C ?6 D85 ?F5B1<<
C385=5 ?6 9>D5B5CDC 1<B514I B53?7>9C54 2I D85 <1G
> '?E>4C G?B; D85 1CCE=@D9?> D81D D85 21C93 3?>49D9?> ?6 >7<?
=5B931> C?395DI 9C?>5 ?681B=?>I 1>4 6E>41=5>D1< 3?>C5>CEC 9C3<51B
5>?E78 ED D89C B5=19>C 1> E>5H@<19>54 1CCE=@D9?> C9>35 D85B5 9C 6?B
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)33 '?E>4 C ?6D5> @B?3<19=54 C?39?<?7931< CI=@1D895C >? CICD5=1D93

C?39?<?7I 9>89C <571< D85?BI *859>G1B4<??;9>7381B13D5B?6D85D85?BI
9C 1@@1B5>D < < 9DC 3?=@?>5>DC E<D9=1D55
%5G 5<5=5>DC 1B5 C55> 1C 5>D5B9>7 D85 <571< CICD5= G9D8 D85 4?3DB9>1<
B53?7>9D9?> ?6 >5G 9>D5B5CDC &D85BG9C5 381>75C 9> D85 C9DE1D9?>C 9>
G89 38 9>D5B5CD 3<19=C 1B5 =145 @B?=?D5 381>75C 9> D85 5HD5>D D? G8 9 3 8
9>D5B5CDC1B5@B?D53D54 2I<1G?B9> D85=1>>5B9>G8 9 3 8D85I 1B521<1>354
1719>CD ?D85BC *85 D85?BI ?665BC >?5H@<1>1D9?>?6CE38 381>75C>?B1>I
7E941>35 9> 9>D5B@B5D9>7 D85= #571< F1<E5C 381>75 2ED ?>5G 4?3DB9>5 7B14E1<D5B5CDC 1>4 85>35 5F5>
=?B5 7B14E1< 25 454E354 6B?= 9D *85
<571< C I C D 5 =K1 > 4 9> @1BD93E<1B D85 2?4I ?6<571< 4?3DB9>5KD8EC 1@@51BC
1C 1 7B51D 9>5BD91 CICD5= 3?>D9>E1< 7 1>4 C96D9>7 @B5CCEB5C 1>4
4 5 = 1 > 4 C 6 ?B 3 8 1 > 7 5 1 > 4 9 D C 5 < 6 D E B > 9 > 7 7 B 1 4 E 1 < 
'?E>4 C D85?BI D85 B5<1D9?>C89@ 25DG55> <571< F1<E5C 1>4 C?391< F1<E5C
9C >?D =145 3<51B D 31> 25 1CCE=54 D81D C?391< F1<E5C 9>6<E5>35 1>4 1B5
9>6<E5>354 2I D85 ;9>4C ?6 3<19=C 259>7 @B5CC54 E@?> D85 <1G ED 9D
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@B?65CC9?>1<1754 381>75 9> D85 <571< @B?35CC5C D85I <1B75DB?< >?D 6B?= 1>ID89>7 81@@5>9>7 9> D85 G945B C?395DI # 1 G 1C 1
6E>3D9?>1< CICD5= 9C 9=2E54G9D8C@5396931<1<F1<E5C .5D 9D
?6D5> 1@@51BCD81D 6?B' ? E > 4 K 1 < D 8 ? E 7 885 9C>5F5B5H@<939D9> = 1 ; 9 > 7D85
3<19=KD85C5 @B?65CC9?>1<F1<E5C?6D85 <1G 1B5 D85F1<E5C?6C?395DI D85
F1<E5C ?> G 8 9 3 8 C?391< 3?85C9?> 9C 2E9<D
'?E>4C D85?BI 9C 1<C? @B55=9>5>D <1G
?DD5BB5<< 38 *85:EB1< @?CDE<1D5C1B5 D85 F1<E5C?6:E475=145
<1G -8 1 D 3?>C945B1D9?>C 3?>DB?< <579C<1D9F5 9>>?F1D9?> '?E>4 ?665BC
>? 1>CG5B ED <1G 9C C55> 1C 1 >5EDB1< =5381>9 C= 8?< 49 >7 D85 21<1>35
25DG55> 1<< 9 >49 F9 4E1< C?391< 1>4 @ E 2 < 9 3 3<19=C D =ECD B5@B5C5>D 1
75>5B1< 3?>C5>CEC 4 1 @ D 9 > 7' ? E > 4 CD5B=9>?<?7I9D=ECD3?BB5C@?>4D?
)79--415-5; /-5-9)3C?391< 9>D5B5CD9> ;0-?B45B?63?>6<93DC
1>4 1> 9>49F94E1< 9>D5B5CD?65138 39D9J5> 9> 81F9 >71335CC D?1 6?BE= 6?B
1CC5BD9?> 1>4 14:E4931D9?> ?6 89C 3<19=C *85 D85?BI @B5CE@@?C5C 1
=?45B> B5@B5C5>D1D9F5 45=?3B13I ' ? E > 4 C 49C3ECC9?> ?6D85 6E>3D9?> ?6
<1G 9> F1B9?EC 89CD?B931< @81C5C 1>4 49665B5>D ;9>4C ?6C?395D95C =1;5C
3<51BD81DG81D85C55C1CD85EC5?6<1GD?5H@B5CC1C?391<3?>C5>CEC=1 I
25 1 F5BI B535>D @85>?=5>?> > 51B<95B @81C5C ?6 <571< 89CD?BI 85
3<19=C <1G 4?5C >?D 5H9CD D? 21<1>35 9>D5B5CDC 2ED =5B5 CD1DEC A E ??BD? @B?F945 = 1 H 9 = E = 6B554?=
6?B 5>D5B@B9C5 6?B D8?C5 6?BDE>1D5 5>?E78 D?25 12<5 D? D1;5 14F1>D175 ?6
9D '?E>4 '?E>4 3<51B9C5C D81D C?391< ?B45B 1>4
D85 EC5?6<1G D?7E1B1>D55 9D31>25 <5CC1 =1DD5B?6F1<E53?>C5>CEC1>4
21<1>39>7 D81> ?6 B5@B5CC9?> 1>4 3?5B39?> ED D85C5 9D 1@@51BC 1B5
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=1DD5BC ?6 89CD?BI 1>4 3 ? > 4 9 D 9 ? > C ? > 1D5 C?395D95C
EBD85B=?B5 ' ? E > 4 C 619<EB5 D? 49 CD 9 >7E9 C8 @EB@?C5 1>4 6 E > 3 D 9 ? > 9> 89C
49C3ECC9?>C 9C CE38 D81D 9D 9C >5F5B F5BI 3<51B G85D85B 89C 45C3B9@D9?> ?6
D85 2 1 < 1 > 3 9 > 7 @B?35CC5C ?6 = ? 4 5 B > -5CD 5B> <1G 9> D85 3?EBDC 9> D85
<579C<1DEB5 9C 1 B 5 @ B 5 C 5 > D 1 D 9 ? > K8 1 B 4 D? B53?>39<5 G9D8 5 H @ 5 B 9 5 > 3 5 K ? 6
G 8 1 D 13DE1< ?B 1 @B5C3B9@D9?> ?6 D85 G1 I D85 <571< CICD5=
0&,2)" 6 E > 3 D 9 ? > 96 9D 9C D? 3?>DB92ED5 @B?@5B ?6 C?395DI
' ? E > 4 CG ? B ;@ B ? F 9 4 5 C 1 G 1 B > 9 > 71719>CD 1D D 5=@D 9 >7D? D85?B9C5 12?ED
< 1 G C C?391< 56653DC 1 > 4 6 E > 3 D 9 ? > C G 9 D 8 ? E D C5B9?EC C?39 ?< ?79 31< 1>1<IC9C
6?B 89C3 ? > 3 < E C 9 ? > C 12?ED < 1 G C 6 E > 3 D 9 ? > C 9> C?395DI 1B5 45B9F54 >?D 6B?=
1> 5 H 1 =9 > 1 D 9 ? > ?6 C?391< 3 ? > 4 9 D 9 ? > C 1>4 D85 = 1 > > 5 B 9> G 8 9 3 8 D85I = 1 I
25 16653D54 2I < 1 G 2ED 6 B ? = D85 ? 6 6 9 3 9 1 < @ B ? > ? E > 3 5 = 5 > D C ?63?EBDC 1>4
<579C<1D?BC *8EC D85I 4? >?D@5>5DB1D5 D85 B85D?B93?6D85 <1G D? 5 H 1 = 9 > 5
5F945>35?6G8 1 D < 1 G 31> 1>4 4?5C 13895F5 . 5 D 89C D85?BI 4?5C 8 9 7 8 < 9 7 8 D
C5F5B1< 35>DB1< 3?>35B>C ?6 = 1 : ? B C ? 3 9 ? < ? 7 9 3 1 < D85?B95C ?6 < 1G 1C 1
= 5 3 8 1 > 9 C = ?6 C?391< 3 ? 8 5 C 9 ? > D85 B5<1D9?> ?6 <1G D? E< D 9 =1D 5 C?391<
F1<E5C D85 3 ?> 3 5@D 9 ?> ?6< 1 G 1C 1 >5EDB1< 175>D ?63?>6<93D = 1 > 1 7 5 = 5 > D
1>4 9> D85 E>51CI 1>4 F 1 7 E 5 B5<1D9?>C ?6' ? E > 4 C 9 > 4 9 F 9 4 E 1 < 1>4 C?391<
9>D5B5CDC D85 @ B ? 2 < 5 = ?6 D85 B5<1D9?>C89@ 25DG55> 9 > 4 9 F 9 4 E 1 < 1 E D ? > ? = I
1>4 C?391< 3?85C9?> EBD85B 9D CE775CDC D81D 1>1<IC9C ?6 D85C5 =1DD5BC
= 1 I 9>4931D5 9 =@?B D 1>D 381B13D5B9CD93C 4 9 C D 9 > 7 E 9 C 8 9 > 7 = ? 4 5 B > -5 C D 5 B >
9>4ECDB91<9C54 C?395D95C 6 B ? = C ? = 5 ?D85B @1BD93E<1B)5,%631,)91;@15 6,-4%6+1-;@ <920-14
6 < 1 G 9C D? 25 @?BDB1I54 1C 1 = 5 3 8 1 > 9 C = ?6 C?391< 9>D57B1D9?> 1 D85?BI
D81D 5H@<19>C 2?D8 D85 >1DEB5 ?6D89C 9>D57B1D9?> 1>4 D85 3 ? > 4 9 D 9 ? > C E>45B
G 8 9 3 8 9D 31> 5H9CD C55=C 5CC5>D91< > D89C B5C@53D D85 9451C ?> < 1 G 1>4
C?395DI?6D85B5>38C?39?<?79CD = 9 < 5 E B ; 8 5 9 = K G 8 ? C 5 <1D5 >9>5D55>D8
1>4 51BD95D835>DEBI GB 9 D 9 >7C 6 ? B = ? > 5 ?6 D85 =1: ?B 6 ? E > 4 1 D 9 ? > C
?6@B5C5>D 41I C ? 3 9 ? < ? 7 I K @ B ? F 9 4 5 1 = 5 1 > C?67 B ? E > 4 9 > 7 9> C?391< D85?BI
D85 1CCE=@D 9 ?>C 12?ED C?391< 3?85C9 ?> 9 = @ < 9 3 9 D 9> ' ? E > 4 C G ? B ;
?B E B ; 8 5 9 = 1C 6?B ' ? E > 4 1>1<IC9C ?6 <571< 4?3DB9>5 @B?F945C 1
B?ED5 D?G1B4C 1> E > 4 5 B C D 1 > 4 9 > 7 ?6 C?391< 3?85C9?> )?395DI 9C 6?B
E B ; 8 5 9 = 1 =?B1< @ 8 5 > ? = 5 > ? > D 9C > ? D 8 9 > 7 =?B5 D81> D85 =? B 1 <
= 9 < 9 5 E D81D CEBB?E>4C D85 9 > 4 9 F 9 4 E 1 < E B ; 8 5 9 = )?3 9 1 <
3?85C9 ?> 45@5>4C ?> = ? B 1 < 3 ? = = 9 D = 5 > D D? D85 3?<<53D9F5 G5<61B5 # 1 G
9C D85 F9C92<5 9 > 4 5 H ?6D89C 9>F9C92<5 = ? B 1 < = 9 < 9 5 E D85 49665B5>D 6 ? B = C?6
< 1 G 5H@B5CC9>7 49665B5>D ; 9 > 4 C ?63?85C9 ?> * 8 E C -#+),/ /#-/#00'3# <1G
G 8 9 3 8 E B ; 8 5 9 = 945>D9695C 1C 1 9 = 5 4 1D @ E > 9 C 8 = 5 > D ?6 D85 G B ? > 7 4 ? 5 B
299
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21C54 ?> C81B54 F1<E5C 1>4 ? E D < ? ? ; 1 = ? > 7 1F5B175 = 5 = 2 5 B C?6D85 C1=5
C?395DI > C?395D95C 9> G 8 9 3 8 =5 3 8 1 > 9 3 1 < C?<941B9DI @B54?=9>1D5C <1G
1>4 B5<979?> G ? B ; C945 2I C945 1>4 1B5 ?6D5> E>49665B5>D91D54 @B?D53D9>7
1>4 5H@B5CC9>7 D85 C81B54 25<956C 1>4 G 1 I C ?6 D8?E78D !,+0!'#+!#
!,))#!1'3#D81D E>9D5 C?395DI 1>4 CE@@B5CC9>7 45F91>35 6B?= D85 3 ? = = ? >
F1<E5C 61 @EB5 9 3 1 < ? @<135 9> 9D 6?B 9 > 4 9 F 9 4 E 1 < 9 D I 6?B @B9F1D5 B978DC ?B 9 >49 F9 4E1< :ECD935
?6 $ 9 < < 5 B *85 9 > 4 9 F 9 4 E 1 < G ? E < 4 25 G 8 ? < 
C?395DI - 8 1 D E B ; 8 5 9 = 31<<C /#01'121'3# ?B !,,-#/1'3# <1G DI@96954 2I
3?>DB13D < 1 G 9> 9DC =?45B> -5CD5B> 6?B=C 9C 3?>35B>54 >?D @B9=1B9 9 C 8 = 5 > D 2ED G9D8 3 ? =@ 5 > C 1 D 9 ? > ?B D85 B5CD?B1D9?> ?6 D85 CD1DEC
A E ?25DG55> @1BD95C9>3?>6<93D D B56<53DC1>47E1B1>D55C1 49665B5>D ;9>4
?6 C?391< 3?85C9 ?> G8 9 3 8 E B ; 8 5 9 = D5B=C ?B71>93 C?<941B9DI *89C
C?<941B9DI 9C >?D 21C54 ?> E > 9 6 ? B = 9 D I ?6 F1<E5C 1>4 ?ED < ??; 1 = ? > 7
=5 =2 5 B C?61 C?395DI2ED?> 6 E>3D 9 ?>1< 9>D5B45@5>45>35?649665B5>D91D54
7B?E@C9>C?395DI 1>4 C@5391<9C54 ?33E@1D9?>1< ?BC?391< B?<5C?69 >49 F9 4E1<
=5 =2 5 B C E B ; 8 5 9 =
$ 1 > I C?391< D85?B9CDC?6D85 >9>5D55>D8 35>DEBI C?E78D D? 381B13D5B9C5
D85 651DEB5C ?6 G81D D85I D5B=54 = ? 4 5 B > C?395DI 1>4 G 8 9 3 8 G1C
5@9D?=9C54 2I D85 -5CD5B> 9>4ECDB91<9C54 C?395D95C ?6 D859B D9=5 ?B
E B ; 8 5 9 =D85C5 C?395D95C1B5381B13D5B9C542I 1 @B5@?>45B1>35?6?B71>9 3
B1D85B D81> = 5 3 8 1 > 9 3 1 < C?<941B9DI D8?E78 1<< C?395D95C 3 ? = 2 9 > 5 2?D8
DI@5C 9> C ? =5 =51CEB5 > D85C5 = ? 4 5 B > C?395D95C D85 49F9C9?> ?6
< 1 2 ? E B K D 8 5 49665B5>D91D9?> ?6 ?33E@1D 9 ?>1< B?<5C 1>4 6E>3D9?>C 1 = ? > 7
=5 =2 5 B C ?61 C?395DI G 8 9 3 8 @B?7B5CC5C 1C 1 B5CE<D ?6@?@E< 1D 9 ?> 7B?GD8
1>4 9>3B51C5 9> C?391< 9>D5B13D9?> D8B?E78 DB1F5< 1>4 D B 145K9 C@1BD93E<1BC5AE5>D<I3?85C9?>31> >? <?>75B2521C54@B9=1B9 945>D9DI 1>4 E > 9 6 ? B =9 D I 9665B5>D ?33E@1D9?>1< 7B?E@C C?391< 3<1CC5C
@B?65CC9?>C1>4 C??> 14?@D 49665B5>D ?ED<??;C 9665B5>D 5H@5B95>35 1>4
49665B5>D B?<5C 1>4 C?391< @?C9D9?>C 6?CD5B 49665B5>D 1DD9DE45C C?391<
F 1 < E 5 C 1 > 4 6 ? B = C ? 6 ; > ? G < 5 4 7 5 ' B 5 C E = 1 2 E B ; 8 5 9 = C
E>45B CD 1>49 >7 D85 @B?35CC 9C ?>5 G 1 I *85 49F9C9?> ?6 <12?EB 31> ?>D5>C5 =?B5 C@5391<9C54 D 6 ? < < ? GC D81D
D85 B?<5?6E > 9 6 ? B = C?391<F1<E5C 9> C53EB9>7C?391< 3?85C9?> D8B?E78 D859B
49B53D 5H@B5CC9?> 1>4 5<12?B1D9?> 9> <1G 1>4 =?B1<9DI 31> ?> @<135 ?6?>5 =?B1<9DI 1>4 ?>5 C?391< ?ED < ??; D85B5
1B5= 1 > I $ ? 4 5 B >C?395D95C1B5@<EB1<9CD93 . 5 DD85I 1B51<C?381B13D5B9C54
2I 35>DB1<9C54 @?<9D931< @?G5B D85 =?45B> CD1D5 1>4 2I <571< CICD5=C
< 1 I 9 > 7 4 ? G > 1 C?395DIG945 3?45 ?6 2581F9?EB
E B ; 8 5 9 = C@B9=1BI3?>DB92ED9?> D?D85 1>1<IC9C?6<1G1C1> 9>D57B1D9F5
= 5 3 8 1 > 9 C = 9>C?395DI<95C9> 89C1DD5=@DD?B53?>39<5D851@@1B5>D 12C5>35
?6 E>9F5BC1< C81B54 F1<E5C 1C D85 21C9C ?6 3?85C9?> 9> =?45B> C?395D95C
G 9 D 8 D85 2 5 < 9 5 6D81D C?395DI 9C 1 3?85C9F5 CICD5= ?6=?B1< B57E<1D9?> )5,
D81D <1G9C 9>3?>D5=@?B1BI C53E<1BC?395D95CD85@B9=1BI 5H@B5CC9?> )5,
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-?)473- 6. 6 4 ; - )5, ) 9 ? ;0); ;0- 3?>C5AE5>35 ?69>D5>C96931D9?> ?6
;0- ,1 =1:165 6. 3)*6<9 4<:; *- 9>3B51C54 6B17=5>D 1D 9 ?> ?6C?395D95C 1>4
:6+1)3 +65.31+; 6. < 9 2 0 - 1 4 ED >59D85B 1B5 D85C5 C?395D95C
5);<9)33@ *)3)5+-, )5, 15;-/9);-, *@ ;0- E>65DD5B54 9>D5B@<1I ?6 C5<6
15;-9-:;-, 1 5 , 1 = 1,<)3 >133: < 9 2 0 - 1 4 GB9D5C D81D 1 3?>DB13D 9C >?D
:<..1+1-5; *@ 1;:-3. *<; 1: 653@ 76::1*3- 2531EC5 ?6 D85 B57E<1D9?> ?6
+65;9)+;: > 0 1 + 0 1: 6. :6+1)3 6 9 1 / 1 5 * ? 4 1 I C5<69>D5B5CD
4)2-: 4- @6<9 .91-5, ; 6 4 6 9 9 6 > 1; = 1 I = 1 ; 5 =5 I?EB 5 > 5 = I *85
. < 3 . 1 3 4 - 5 ; 6. 1 5 , 1 = 1 , < ) 3 :-3.15;-9-:; D 8B?E78 3?>DB13DE1< 17B55=5>DC
,-7-5,: 65 ;0- -?1:;-5+- 6.:;)*3- 3-/)3 1>4 =?B1< @B9>39@<5C 7 ? F 5 B > 9 > 7
;0- +65,1;165: <5,-9 > 0 1 + 0 *)9/)15: + ) 5 25 =1 4 5 1>4 5>6?B354
( 1 ; 0 6 < ; ) 79--?1:;15/ 469)3 = 9 < 9 5 E 5H@B5CC54 9> D85 < 1 G
< 9 2 0 - 1 4 + 3 ) 1 4 : :6+1)3 9-3);165: + 6 < 3 , 81F5 > ? @ 5 B = 1 > 5 > 3 5 ?B
79-,1+;)*131;@ %6+1)3 :631,)91;@ > 6 < 3 , 25 9 =@?CC9 2< 5
&0- 1 4 ) / - 6 . 4 6 , - 9 5 :6+1-;1-: G 8 9 3 8 G5 31> 3?>CDBE3D 6 B ? =
< 9 2 0 - 1 4 :>91;15/:1:65-15>01+0:6+1)33?85C9?>9C1<G1IC@B?2<5=1D93
@-; 76::1*3- &0- )33-4*9)+15/ :0)9-, :6+1)3 F1<E5C ?651B<95B C?395D95C
56 365/-9 -?1:; 9 1 4 1 5 ) 3 3 ) > A ; 0 - *):1+ D 8?E78 >?D 5H3<EC9F5 6 ?B = ?6
7-5)3 3 ) > A : ; 1 3 3 -?79-::-: )5, 796;-+;: D85 B5C94E5 ?6 D85 !,+0!'#+!#
!,))#!1'3# <; ;01: 1: 9-,<+-, 469- 1>4 =?B 5 D? 1 C9>7<5 @B9>39@<5
9-:7-+; .69 ;0- 0 < 4 ) 5 ,1/51;@ 6. ;0- 9 > 4 9 F 9 4 E 1 < * 8 E C @ E > 9 C 8 = 5 > D ?6
+914-9-4)15:):15-)931-9;14-:696;0-9C?395D95C1@ E 2 < 9 33 ? > 4 5 = > 1 D 9 ? >
6. ;0- > 9 6 5 / , 6 - 9 .69 *9-)215/ ;0- + 6 4 4 6 5 :6+1)3 3?45 > = ? 4 5 B >
+ 6 5 , 1 ; 1 6 5 : 06>-=-9 ;01: + 6 5 , - 4 5 ) ; 1 6 5 9C 9 > 6 ? B =5 4 2I 1 CDB?>7 0 1 + 0 1: ;0- ? > 5B1<4 9D= 9 7 8 D25C194
;0); 1 5 , 1 = 1 , < ) 3 1 : 4 ): :<+0 -470):1:-: D85 C5@1B1D5>5CC ?6 C?395DIC
4 - 4 * - 9 : 9);0-9 ;0)5 ;0-19 4 69)3 +60-:165 < 9 2 0 - 1 4 1B7E5C D81D D85
9-/<3);69@ 7 9 6 * 3 - 4 : 6 .4 6 , - 9 5 :6+1-;1-: B5AE9B5 6?B=C ?6< 1 G 7 9 1 4 ) 9 1 3 @
9-:;1;<;1=- ;0); +)5 796=1,- ) :<1;)*3- 6 B 1 = 5 G ? B ; 6?B D85 >1DEB1<
, - = - 3 6 7 4 - 5 ; 6 . ;0- ,1=1:165 6. 3)*6<9 > 89C ? G > D9=5 14=9 >9 CD B1D 9 F5
9-/<3);165 > ) : * - / 1 5 5 1 5 / ;6 )::<4- D85 + 6 4 7 3 - ? 6 ? B =C 6 1 =9 < 9 1 B 9>
(-:;-95:6+1-;1-:15 ;0-3);-;>-5;1-;035>DEBI EDD854 5 = 1 > 4 C@EDE @ ? >
:<+0 9-/<3);165 )9- /9-); 6 4 4 - 9 + 1 ) 3 619<EB5C 1>4 9>4ECDB91< B5<1D9?>C
3 ; 0 6 < / 0 < 9 2 0 - 1 4 5-=-9 4 ) 2 - : ;0- 7 6 1 5 ; 0 1 : ) 5 ) 3 @ : 1 : 6 .+ 9 1 4 1 5 ) 3 3 ) > + ) 5 * - < : - ,

; 6 / 9 6 < 5 , ) 5 - ? 7 3 ) 5 ) ; 1 6 5 6 . ;0- , 1 : ; 1 5 + ; 1 6 5 1 5 7 6 7 < 3 ) 9 + 6 5 : + 1 6 < : 5 - : : * - ; > - - 5 9 - ) 3
+ 9 1 4 - 7 9 6 ; - + ; 1 5 / 1 5 , 1 = 1 , < ) 3 : ) : : < + 0 ) 5 , 9 - / < 3 ) ; 6 9 @ 6 . . - 5 + - : + 6 5 + - 9 5 - , .69
- ? ) 4 7 3 - > 1 ; 0 ;0- 7 9 6 ; - + ; 1 6 5 6 .7 < * 3 1 + 0-)3;0 6 9 7 < * 3 1 + 9-:6<9+-: 6 . % - ) / 3 - + 0
) 5 , :-- 0 ) 7 ; - 9
301
296
4+",)'"/'16 '+ ,"#/+,!'#16 2/(&#'*
2 B 5 1 ; 4 ? G > C 1B5 381B13D5B9CD93?6G8 1 D E B ; 8 5 9 = 31<<C1> 1 > ? = 9 349 F9 C9 ?>

?6 <12?EB E B ; 8 5 9 = 6 6 *85C5 2 B 5 1 ; 4 ? G > C B5F51< +,*'# 1
<13; ?6 D85 > ? B =1 D 9 F 5 B57E<1D9?> >535CC1BI D? 5>CEB5 C?391< 9>D57B1D9?>
*85I 1B5 ?6D5> 31EC54 E B ; 8 5 9 = 5H@<19>C2I 619<EB5C?63 ? = = E > 9 3 1 D 9 ? >
<13; ?6 1@@B5391D9?> 2I D8?C5 9 > F ? < F 5 4 ?6 D85 3 ? > 4 9 D 9 ? > C ?6 6E>3D9?>1<
9>D5B45@5>45>35 3<1CC @B5: E49 35 9>C5>C9D9F5 ?B 9>1@@B?@B91D5 < 1G 1>4
9BB1D9?>1<9DI 1B9C9>7 6 B ?= 6BECDB1D9?> ? > F 5 B C 5 ?6
14F1>D175C 1>4 49C14F1>D175C 5C@5391<85B9D54 G51< D 8 1>4
B5C5BF1D9?> ?6 ?3 3 E @1 D 9 ?> C 6?B D8?C5 ?6 @1BD93E<1B 3<1CC5C ?B B135C 9C
381B13D5B9CD93 ?6 G81D E B ; 8 5 9 = 31<<C 1 6?B354 49 F9 C9 ?> ?6 <12?EB 1
C9DE1D9?> ?6 ?F5BB57E<1D9?> G 8 9 3 8 CD96<5C C@?>D 1>5?EC 4 5 F 5 < ? @ =5 > D
66
?B E B ; 8 5 9 = <1G 1>4 =? B 1 < 9 D I 1B5 9>C5@1B12<5 - 9 D 8 ? E D =? B 1 <
3 ? = = 9 D = 5 > D D? CE@@?BD 9D < 1 G 9C >?D @1BD ?6 C?395DI 2ED =5B5 G? B 4C
GB9DD5> ?> ? 6 6 9 3 9 1 < @ 1 @ 5 B K 2 1 B B 5 > 1>4 C?391<D E B ; 8 5 9 =
> =?45B>C?395DID85CD1D5 9CD??49CD1>D 6 B ?=D859 > > E =5 B 1 2 < 5
3 ? > D 9 > E ? E C 7 9 > 7 B 5 < 1 D 9 ? > C 8 9 @ C 9 D C55;C D ? B 57E< 1D 5 $ ? B 1 <
3 ? = = 9 D = 5 > D 1>4 1DD9DE45C 4 5 F 5 < ? @ 6 B ? = D85C5 B5<1D9?>C89@C . 5 D < 1G 9C
3B51D54 9> D85 ?6D5> 97>?B1>D 9C?<1D9?> ?6 8978<5F5< 4539 C9 ?>=1;9 >7 ?6
D85 CD1D5 *85 5 > 4 E B 9 > 7 @ B ? 2 < 5 = ?6B57E<1D9?> 9> D85 = ? 4 5 B > CD1D5K<5CC
1 # 5 F 9 1 D 8 1 > D81> 1> ?6D5> 85<@<5CC 3 < E = C I 1 > 4 9 >145AE1D 5 B 5 7 E < 1 D ? B K9 C
D?2B 9 475 D89C7 1 @25DG55> D85 <?31< = ? B 1 <3 ? > 4 9 D 9 ? > C?6?B 7 1 > 9 3C?<941B9DI
1>4 D85 E > 9 6 ? B = C?395DIG945 CICD5= ?6CD1D53B51D54 < 1G *85 @B ?2< 5=
9C ?6 3?EBC5 ?>5 D81D G1C C55> 9> 81@D 5B D? 25 35>DB1< D? 8 B < 9 3 8 C
C?39 ?< ?7I ?6< 1 G . 5 D 9> E B ; 8 5 9 = CG ? B ; D85 B5<1D9?>C89@25DG55>CD1D5
<1G 1>4 < 9 F 9 > 7 < 1G 9C @B5C5>D54 9> D85 3?>D5HD ?61 3 ? = @ B 5 8 5 > C 9 F 5 D85?BI
?6 C?391< ?B45B 1>4 3?85C9?>
*85@ B ? 2 < 5 = ?6D85 7 1 @ 25DG55>CD1D51>439D9J5> 25DG55> 35>DB1<9C54
C?391< 3??B49>1D9?> 1>4 C @ ? > D 1 > 5 ? E C 3??@5B1D9?> 25DG55> @?<9D931<
4 ? = 9 > 1 D 9 ? > 1>4 3 ? = = E > 9 D I C?<941B9DI25DG55> D538>931< <571< B57E<1D9?>
1>4 = ? B 1 < 3 ? = = 9 D = 5 > D B 5=1 9 > C E > C ? < F 5 4 9 > E B ; 8 5 9 = CGB9 D 9 >7 > 4554
9D B 5 =1 9 > C 1 35>DB1< @B ?2< 5= ?6D85 C ? 3 9 ? < ? 7 I ?6< 1G D?41I D 9C >? C =1 < <
DB92ED5D? E B ; 8 5 9 = C@5B35@D9F5>5CCD81D89CG B 9 D 9 > 7 C85B5 1C5<C5G85B5
144B5CC 9CCE5C?63?>D 9 >E9 >735>DB1<B5<5F1>35 549C3ECC5C D859=@?BD1>35
?69 >D 5B =549 1D 5 7B ?E@CC D 1 > 4 9 > 72 5 D G5 5 > D85 9 > 4 9 F 9 4 E 1 < 1>4 D85 CD1D5 D85
45<571D9?> ?6 < 1 G =1 ; 9 > 7 6 E > 3 D 9 ? > C D ? @B?65CC9?>1< ?B ?3 3 E @1 D 9 ?> 1 <
7B?E@C ?B ?D85B 6 E>3D 9 ?>1< D 9 6 9 1 2 < 5 5< 5=5>D C ?6C?395DI D85 >554 D?
B5=?F5 9 = @ 5 4 9 = 5 > D C D? ? 3 3 E @ 1 D 9 ? > 1 < = ? 2 9 < 9 D I 1>4 D? B5@<135 D85 <?CD
12C?<ED5C ?6 B5<979?> G 8 9 3 8 9> @1CD D9=5C = 1 4 5 C?391< C?<941B9DI <5CC
@ B ? 2 < 5 =1 D 9 3 - 8 1 D9C=9 C C 9 > 71 2 ? F 51<<8 ? G5 F 5 B 9C1>145AE1D51>1<IC9C
?6 @ ? G 5 B B5<1D9?>C 9> C?395DI 1 @ B ? 2 < 5 = G 8 9 3 8 4 ? 7 C C?391< 9>D57B1D9?>
D85?BI 1 > 4 1C G 9 < < 25 C55> 9> D85 >5HD 381@D5B 81C 7 9 F 5 > B9C5 D?49665B5>D
D85?B5D931< 1@@B?1385C
302
297
40++1#%/1'3##!&+'0*
'51=-9:)3<5+;165:6.)> 3->-33@5
D 1@@51BC D81D D? 1>1<IC5 D85 6 E > 3 D 9 ? > C ?6< 1G 9> 3 ?> D 5=@?B 1 B I C?395D95C
9D 9C >535CC1BI D? 4 5 F 5 < ? @ 1 6E< 1DEB5 ?6CE38
C?395D95C ?B 1D <51CD 1CCE=5 ?>5 ED 3 ? E < 4 D89C @ B ? 2 < 5 = 25 1 F ? 9 4 5 4 2I
4 5 = ? > C D B 1 D 9 > 7 D81D <1G 81C35BD19> E>9F5BC1< 6 E > 3 D 9 ? > C D? @5B6?B= 9> 1>I
C?395DI 1>395>D ?B = ? 4 5 B > C 9 = @ < 5 ?B 3 ? = @ < 5 H D81D 9D 81C 1 6 E > 3 D 9 ? > 1 <
5 C C 5 > 3 5 > ? D 4 5 @ 5 > 4 5 > D ? > @ 1 B D 9 3 E < 1 B @ 5 B 8 1 @ C 3 ? > D B ? F 5 B C 9 1 <
381B13D5B9C1D9?>C ?6 @1BD93E<1B DI@5C ?6 C?395DI
) ? = 5 ?6 D85 3?>C5AE5>35C ?6 CE38 1> 9 >AE9 BI 1B5 9<<ECDB1D54 9> D85
< 1G: ?2C 3 ? > 3 5 @ D 9 ? > ?6D85 = 5 B 9 3 1 > <571< C38?<1B "1B< # < 5 G 5 < 6
1<< AE5CD9?>C ?6D85 B5<5F1>35 6?B < 1 G ?6@1BD93E<1B CD1D5 6?B=C @?<9D931<
CICD5=C1>43E< DEB1<3?>49 D 9 ?>C 1B5 D?25 C5D 1C945 ?> D85 1 C C E =@ D 9 ? > D81D
< 1 G = 1 I 81F5 6 E > 3 D 9 ? > C D81D5H9CD 9 > 4 5 @ 5 > 4 5 > D < I?6D85C5 3?>49 D 9 ?>C D85>
D85 @ E B 5 B57E<1D?BI >554C ?6 1 C?395DI = 1 I >?D 25 6 E > 4 1 = 5 > D 1 < D 6 B ?= D8?C5?61>I CD12<57 B ? E @5H9 CD 9 >7G 9 D 8 9 > D85 C?395DI > 1>
9>C978D 3<51B 3 5 @ D 9 ? > ?6> E = 5 B ? E C 1CC?391D9?>C
G 9 D 8 9 > 1C?395DI5138 8 1 F 9 > 79DC? G > CICD5=?6<571< B57E<1D9?> # < 5 G 5 < 
CE775CDC D81D D85 < 1 G K D 8 5 6 B 1 = 5 G ? B ; ? 6> ? B =1 D 9 F 5 B 5 7 E < 1 D 9 ? > K ? 61>I
7 B ? E @>?D=5B55BC89@5F5> 17 B ? E @
?6 389 < 4B5> 1D @ < 1 I 81C 3?>CD1>D 21C9 3 6 E > 3 D 9 ? > C # < 5 G 5 < 
# < 5 G 5 < C 1 9 = 9 > 49C31B49>7 D 5 = @ ? B 1 B 9 35@D ?6< 1G
1C CD1D5 < 1 G 9C >?D 1C G9D8 8 B < 9 3 8 =5 B 5 5 9 C 9451 9C
D81D 2I 2 B ? 1 4 5 > 9 > 7D85 3?>35@D ?6< 1 G 9> D89C G 1 I 6?B 1 C@539693 1>1<ID931<
@EB@?C5 G5 = 1 I 25 12<5 D?E>45BCD 1>4 25DD5B D85 6 E>3D 9 ?>C ?6< 1 G K 9 > D85
ECE1< C5>C5?6CD1D5 < 1 G K 1 > 4 D?3 ? = @ 1 B 5 B14931<<I49665B5>D 6 ? B =C ?6< 1G
9> 6 E > 3 D 9 ? > 1 < D5B=C
&>D89C21C9C6?EB<1G:?2C?B21C9 36 E > 3 D 9 ? > C?6< 1 G 31> 25 945>D96954
# < 5 G 5 < 3?>C945BCD8549C@?C9D9?>?6DB?E2<531C5CK?B45B
?649C@ED5C 1C D85I 1 B 9 C 5 KD ? 25 @B55=9>5>D *8 5 C53?>4 6 E>3D 9 ?> ?6<1G
9C G 8 1 D 85 31<<C @B5F5>D9F5 3 8 1 > > 5 < < 9 > 7 1>4 B5?B95>D1D9?> ?63 ? > 4 E 3 D 1>4
5H@53D1D9?>C D? 1 F ? 9 4 3?>6<93D @ @ B ? @ B 9 1 D 5 6 ? B =C ?6C?391< B5<1D9?>C 6?B
5H1=@< 5@B?@5BDIB5<1D9?>C>554 C@5396931D9?>1>4@B?D53D9?>D?= 9 > 9 = 9 C 5
6EDEB5 6B93D9?> *8 5 D89B4 <1G:?2 9C D85 1< < ?31D9?> ?6 1ED8?B9DI 9> D85
7 B ? E @ 1>4 6?EBD8 9C G81D # < 5 G 5 < 31<<C >5D 4 B 9 F 5 K D 8 5 ?B71>9C1D9?>
1 > 4 8 1 B = ? > 9 C 1 D 9 ? > ?613D9F9DI G 9 D 8 9 > D85 7 B ? E @ D? @B?F9 45 49B53D9?> 1>4
9>35>D9F5D?9DC=5 =2 5 B C *85<1G:?2C 1B53 < 1 9 = 5 4D?25 454E3D 9 ?>C6 B ?=
1>4 B1D9?>1<9C1D9?>C ?6?2C5BF12<5 @1DD5B>C ?62 5 8 1 F 9 ? E B 9> CD12<5 7B ?E@C
? 6 1>I ; 9 > 4
# < 5 G 5 < 4?5C >?D 5H@<19> D85 B5<1D9?> 25DG55> D85 <1G:?2C ?D85B
D81> D? @ ? 9 > D ?ED D81D D85 6 9 B C D K 4 9 C @ E D 5 B 5 C ? < E D 9 ? > K 3 ? > D 9 > E 1 < D ?6D85 ?D85BC C D85 @B55=9>5>35 ?6 DB?E2<5
31C5 49 C@?C9 D 9 ?> D85?B5D931<535CC1BI ?B=5B5< I1>5 =@ 9 B 9 3 1 < 9>65B5>35
9 > 6 < E 5 > 3 5 4 2I D85 35>DB1<9DI ?6D85: E 4 7 5 9 > D85 3 ? = = ? > < 1G CICD5= C
G 9 D 8 ' ? E > 4 3 ? = = ? > <1G 291C = 1 I G 5 < < 5>D5B D85 @93DEB5
303
298
,!')601#* +",!')1/2!12/# /0,+0
# 1 G C B5<1D9?> G 9 D 8 C?391< CD129<9DI 1>4 381>75 1>4 C?391< F1<E5C 9C

1<C? C ? = 5 G 8 1 D 1 = 2 9 7 E ? E C *85 <1G:?2C 1B5 C194 D? 81F5 21B5 2?>5C
1>4 A E 5 C D 9 > 7 1C@53DC G 8 9 3 8 C 9 =@ C D81D D85I =1I 25 6E<69<<54 D?
1= 9 > 9 = E =6?B7 B ? E @CEBF9F1<?B5<5F1D54D?1@B?E43B16D >D89C :EB9CD93
= 5 D 8 ? 4 K D 8 1 D 9C D85 D538>9AE5C 45F5<?@54 9> 1 @1BD93E<1B 7B?E@ ?B
C?395DI D? 6E<69< D85 < 1 G : ? 2 C K9 C 35>DB1< *85 6?EBD8 <1G:?2 8?G5F5B
1@@51BCD?B5<1D5 < 1G D?4 5 F 5 < ? @ =5 > D ?B6 E < 6 9 < =5 > D?6C@5396937B?E@ 7?1<C
?B = 1 9 > D 5 > 1 > 3 5 ?6 F1<E5C )9 7 > 9 6 9 3 1 > D 5 3 ? = = 5 > D 1 D ? B 9>D5B@B5DC
# < 5 G 5 < C >5D 4 B 9 F 5 1C 7?1< 1 D D 1 9 > =5> D 1 7 B ? E @ 259 >7 D G? ?B =?B5
@5BC?>C 1CC?391D54 6?B 1389 5F5=5>D ?6 3 ? = = ? > 7?1<C 1BDJ<5B
> ? D 8 5 B 8?G5F5B C55C D89C 6 E>3D 9 ?> =5B5554 D? 141@D
7 B ? E @ <965 D? 9DC 5 > F 9 B ? > = 5 > D 1>4 3?>C945BC D81D ? > ?DC ?3 9 ?< ?79 3 1 < 535CC1BI AE5CD 9 >7 1C@53D 14454D?D85
<1G:?2C 1B5 D85I 13D9F535B>54 G9D8 @ B ? = ? D 9 > 7 21C93 F1<E5C ?6
C?395DI D 8B?E78 < 1G ? 5 2 5 < ? > C 5 A E 5 > D C@5B81@C45<925B1D5 1 = 2 9 7 E 9 D I < 1G C B5<1D9?> D?C?391< F1<E5C
9C @ B ? 2 < 5 =1 D 9 3 :ECD 1C 9D 9C 3?>C39?EC4 5H@<939D D? 25 9>
E B ; 8 5 9 = C 1>1<IC9C ?6 C?391< C?<941B9DI
# 1 G 1@@51BC >59D85B 3?>C5BF1D9F5 >?B @B?7B5CC9F5 9> # < 5 G 5 < C
6 E > 3 D 9 ? > 1 < 3?>35@D 9 ?> D 9C C 9 = @ 1 = ? ?6<571< <965 9C D85 7B?E@ 2ED >? @1BD93E<1B 1C@53D ?67B?E@
< 9 6 5 K ? B ?6 C ? 3 9 5 D I K 8 1 C @B53545>35 ?F5B 1>I ?D85B 9> 45D 5B=9 >9 >7
3 8 1 > 7 5 ?B CD129<9DI # 1 G =5B5554C *85 F5BI 8978
<5F5< ?6 12CDB13D9?> ?6 D85 <1G:?2C 3?>35@D9?> 9C D85 @B935 @194 6?B 9DC
E>9F5BC1<9DI 9DC 1@@< 9 3129 < 9 D I 1C 1 75>5B1< 6 B 1 =5 G? B ; 6?B 6E>3D9?>1<
1>1<IC9C ?6< 1 G 9> 1<< D9=5C 1>4 @<135C ? G D85 : ? 2 C 1B5 6E<69<<54 9C >?D
D85?B5D931< 9 C C E 5 KD 8 9 C 9C 1 =1DD5B 6?B 5=@9B931< CDE4I 1>4 1C G9D8
' ? E > 4 @B?65CC9 ?>1< 9 C= 9C 1CCE=54 D? 81F5 1 ;5I B ? < 5 K 2 E D #< 5G5< 
= 1 ; 5 C 3<51B D81D 9> 1>I 7 B ? E @ ?B C?395DI D85 <1G:?2C =ECD 25 6E<69<<54
# 1 G D85B56?B581C16E>3D9?>1<<I4569>54@<135 9>#3#/6C?395DI -81D5F5B
D85 @?< 9 D9 31< ?B 5 3 ? > ? = 9 3 3 ? > 4 9 D 9 ? > C 9D 3?>CD9DED5C 1 3 3 ?B 49 > 7 D? D89C
F 9 5 G 1> 9BB54E392<5 = 9 > 9 = E = ?6 B57E<1D9?> # 1 G C 6E>3D9?>C 31> 25
C@5396954D85?B5D931<<I256?B53?>C945B9>7D85G1ID85I1B5 6E<69<<54 9>D85
@?< 9 D 9 3 1 < 5 3 ? > ? = 9 3 1>4 C?391< 3?>49 D 9 ?>C ?6 @1BD93E<1B C?395D95C
%6+1)3%@:;-4)5,%6+1)3%;9<+;<9-#)9:65:
# < 5 G 5 < C 1>1<IC9C 9C G 8 ? < DE>5 G9D8 D85 =1 : ? B DB149D9?> ?6
6E>3D9?>1< 1>1<IC9C9>C?39?<?7IG9D8 9DCD5>45>3ID?12CDB13D 3<1CC96931D9?>
1>4 9DC 3?>C9CD5>D C51B38 6?B 9BB54E392<5 6E>3D9?>1< B5<1D9?>C ED 9D 9C 9>
D85 = ? > E = 5 > D 1 <G ? B ;?6D85 = 5 B 9 3 1 >*1<3?DD '1BC?>C D81D D89C1@@B?138
9CD1;5>D?9DC=?CD1 = 2 9 D 9 ? E C <5F5< 9> 1 CICD5=C1>1<IC9C?6C?395D95CD81D
B5@B5C5>DC ?>5 ?6 D85 =?CD 9 =@?B D 1>D DG5>D95D835>DEBI 3?>DB92ED9?>C D?
C ? 3 9 ? < ? 7 9 3 1 < D85?BI DC 9 =@?B D 1 > 3 5 6?B D85 C?39?<?7931< CDE4I ?6 <1G 9C
304
299
40 + +1#%/1'3##!&+'0*
D81D '1BC?>C 1>1<IC9C =1 ; 5 C @?CC92<5 1 3<51B C@5396931D9?> ?6 < 1 G C

<?31D9?> G9 D89 > D89C 3?=@B 585>C9 F5 @93DEB5 ?6 B5<1D9?>C89@C 25DG55>
6E>3D9?>1< 5<5=5>DC 9> C?391< CICD5=C
2+!1',+) #.2'0'1#0 ,$ ,!') 601#*0
?B '1BC?>C 1 C?395DI 9C ?>5 ;9>4 ?6 C?391< CICD5= 7 B ? E @ 9>
# < 5 G 5 < CC5>C5 &D85BC =1I 25G9 4 5 B9> D5BB9D?B91< C3?@56?B5 H 1 = @ < 5
D85 ( ? = 1 > 1 D 8 ? < 9 3 8 E B 3 8 ?B =?B5 B5CDB93D54 6?B 5 H 1 = @ < 5 1 <?31< ?B
2EC9>5CC 3 ? = = E > 9 D I < < C?391< CICD5=C 81F5 C9 =9 < 1B CICD5= >554C ?B
6E>3D9?>1< B5AE9C9D5C G 8 9 3 8 =ECD 25 =5D 96 D85I 1B5 D? CEBF9F5 ED
# < 5 G 5 < C E>9F5BC1< <1G:?2C 1@1BD @5B81@C 6B?= D85 1 = 2 9 7 E ? E C >5D
4 B 9 F 5 3?BB5C@?>4 D? ?>3D9?>1< B5AE9C9D5C ?6C?391<
CICD5=C D81D '1BC?>C 945>D9695C *89 C @1BD93E<1B 6E>3D9?>1< B5AE9C9D5 9C
9>D5B>1< '+1#%/1',+ ?6 D85 C I C D 5 = K = 1 9 > D 1 9 > 9 > 7 1@@B?@B91D5 C?391< 1>4
5=?D 9 ?>1< B5<1D9?>C 25DG55> =5=25BC ?6 D85 CICD5= 9> E B ; 8 5 9 = C
C5>C53B51D9>71>4 = 1 9 > D 1 9 > 9 > 7C?<941B9DI #9;5 E B ; 8 5 9 = 1>4 # < 5 G 5 < 
'1BC?>C B53?7>9C5C D89C CICD5= >554 1C D85 ?>5 D81D <1G =?CD 49B53D 1 C?395DI .5D D85B5 1B5 D8B55 ?D85B 5AE1<D @ B ? 2 < 5 = C
D? 25 C?<F54 9> 1<< ;9 >4C ?6 C?391< CICD5= *85I 1B5 %,) 11'+*#+18
;55@9 >7 D85 CICD5= = ? F 9 > 7 CD51493I 1C '1BC?>C C ? = 5 D 9 = 5 C 31<<C 9 D K
3B51D9>7 = 1 9 > D 1 9 > 9 > 7 1>4 B5CD?B9>7 D85 5>5B795C =?D 9 F5C 1>4 F1<E5C ?6
CICD5= =5=25B C C? D81D D85 ?F5B1<< @1DD5B> ?613D9F9DI 1>4 5>5B7I 9> D85
CICD5= 9C 3?>D 9 >E1< 4 "-11',+ ?6 D85 CICD5= D? D85
2B?14 3?>49 D9 ?>C ?6 9DC 5>F9B?>=5>D 9 > 3 < E 4 9 > 7 9DC @8IC931< 5 > F 9 B ? > = 5 > D
C G9D8 # < 5 G 5 < C <1G:?2C 3 ? > 3 5 @ D 9 ? > '1BC?>C 6?EB 6 E > 3 D 9 ? > 1 <
B5AE9C9D5C ?6C?391< CICD5=C @B?F945 ?> 12CDB13D 1>1<ID931< C 3 85=5
> 9DC5<6D85 6?EBG1I 1>1<ID931< 49F9C9?> ?66 E>3D 9 ?>C C1IC > ? D 8 9 > 7 12?ED
D85 G1 I @1BD93E<1B C?395D95C 1B5 ?B71>9C54 *85B5 9C >? D85?B5D931<
>535CC9DI 6?B @1BD93E<1B C@5391<9C54 175>395C 9>CD9DED9?>C ?B CE2CICD5=C
D? 5H9CD D? 6E<69< 5138 ?6 D85 6E>3D9?>1< B5AE9C9D5C %5F5BD85<5CC '1BC?>C
3< 19 =C D81D 3?>D5=@?B1BI -5CD5B> 9>4ECDB91<9C54C?395D95C1B56?BB51C?>C
G5C81<<5H1=9>5381B13D5B9C542I1@1BD93E<1B
?6D85C5 6?EB 6E>3D9?>C G 9 D 8 9 > 1>1<ID931<3D 02 0601#*0 ,$C?395DI
*8EC D 8 5 @?< 9 D I ?B@?<9D931< CICD5= 3?BB5C@?>4CG9 D 8 D857?1<1D D 19 >=5>D
6E>3D9?> D85 5 3 ? > ? = I 1C 1 CE2CICD5= ?6C?395DI 3?BB5C@?>4CG 9 D 8 D85
6E>3D9?> ?6 141@D1D9?> *85 ?D85B CE2CICD5=C 1B5 <5CC 3<51B54
'1BC?>C31<<C D85 9>D57B1D9F5 CE2CICD5=3?>35B >54G9 D 8 39D9J5>C89@ 1>4
C?391< C?<941B9DI 1>4 G9D8 G8938 < 1G 81C 1 C@5391< 3?>>53D 9 ?> D85
C?395D1< 3 ? = = E > 9 D I EBD85B D85 6 1 = 9 CD9DED9?> @ < 1 I C 1
=1: ?B @1BD 9> @1DD5B> =19>D5>1>35 6?B 5 H 1 = @ < 5 D8B?E78 D85 9 > 3 E < 3 1 D 9 ? >
?6 C?391< F1<E5C 9> D85 I ? E > 7 > 75>5B1< @1DD5B> =1 9 > D 5> 1 > 3 5 9C D85
C@5391< D1C; ?6 D85 > E = 5 B ? E C @B?35CC5C ?6 9 > 6 < E 5 > 3 5 1>4 5 4 E 3 1 D 9 ? >
305
300
,!')601#* +",!')1/2!12/# /0,+0
ECE1< @B?35CC5C 9> D85 <9D5B1DEB5 ?6 6 E > 3 D 9 ? > 1 <
1>1<IC9C 2I G 8 9 3 8 D85 1DD9DE45C 1 > 4 ? E D < ? ? ; ?69 > 4 9 F 9 4 E 1 < C 1B5 C81@54 D?
3 ? > 6 ? B = D? 5CD12<9C854 C?391< F 1 < E 5 C 1>4 5H@53D1D9?>C
,/*1'3# 1/2!12/#
)?395D95C 31> D8EC 25 1>1<IC54 9> D5B=C ?6 D85 G1I D85 6 E > 3 D 9 ? > 1 <
B5AE9C9D5C 1B5 =5D ED D85I 31> 1<C? 25 1>1<IC54 9> D5B=C ?6 D859B
+,/*1'3# 01/2!12/# > '1BC?>C 1>1<IC9C D89C CDBE3DEB5 3?>C9CDC ?6 6?EB
895B1B38931<DC F1<E5C > ? B = C 3?<<53D9F9D95C 1 > 4 B?<5C
C?395DI C 3)2#0 1B5 3 ? > 3 5 @ D 9 ? > C ?6 D85 45C9B12<5 C?395DI 85<4 9>
3 ? = = ? > 2I 9DC = 5 = 2 5 B C '1BC?>C 2 >C?61B1C D85I 1B5 C55> D?
25 5 = 2 ? 4 9 5 4 9> C?391< 9>CD9DED9?>C D85I 2 5 3 ? = 5 @1BD ?6 D85 B57E<1D?BI
CDBE3DEB5 ?6D85 C?395DI 1C 1C?391<CICD5= $ ? B 5 75>5B1< 6?B 9D 9> D85 5I5C
?6 = 5 = 2 5 B C ?6D85 C?395DI *8 5 5H9CD5>35 ?6C81B54 F1<E5C 1C D85 21C9C ?6
C?391< 3?85C9 ?> 9> =? 4 5 B > -5 C D 5 B > C ? 3 9 5 D 9 5 C KD 8 5 35>DB1< @ B ? 2 < 5 = G9 D 8
G 8 9 3 8 E B ; 8 5 9 = G B 5 C D < 5 4 K9 CC 9 = @ '1BC?>C
D85?BI )?395D1< +,/*0 ? 6G 8 9 3 8 < 1 G 9> D85 < 1 G I 5 B C C5>C5 3?>CD9DED5C D85
=?CD 9 =@?B D 1>D 31D57?BI 1B5 D85 1 @ @ < 9 3 1 D 9 ? > ?6D85C5 6 E > 4 1 = 5 > D 1 < F1< E5C
D? D85 C@5391< 3 ? > 4 9 D 9 ? > C ?6 6 E > 3 D 9 ? > 1 < D91D54 7B ?E@C ?B CE2
CICD5=C G 9 D 8 9 > D85 C?395DI )? D85I 1B5 C @ 5 3 9 6 9 3 G 9 D 8 B571B4 D? D85 ; 9 > 4 C
?6 C9DE1D9?>C D85I B57E<1D5 G85B51C F 1 < E 5 C = 1 ; 5 >? CE38 C9DE1D9?>
B565B5>35 D 1 CD9<< = ? B 5 3?>3B5D5 <5F5< @1BD93E< 1B !,))#!1'3'1'#0 4 5 6 9 > 5
@1DD5B>C ?6B5AE9B54 13D9?> 9> 1 0-#!'$'! C9 D E1D 9 ?> 6?B 5H1=@< 5 G 9 D 8 9 > D85
CD1D5 2EB51E3B13I ?B 1 @1BD93E<1B 2EC9>5CC 6 9 B = C38??< 8?C@9D1< ?B
6 1 = 9 4 9 > 4 9 F 9 4 E 1 < /,)#0 1B5 D85 > ? B = 1 D 9 F 5 5H@53D1D9?>C 1D D 1389 >7 D?
13D9?>C ?6 @1BD93E<1B 9 > 4 9 F 9 4 E 1 < C 1C = 5 = 2 5 B C ?6 3?<<53D9F9D95C
< D 8 ? E 7 8 D85C5 1@@51B G 8 ? < D C ?6 CDBE3DEB5 D85I 1B5
5CC5>D91< D? '1BC?>C 5H@< 1>1D 9 ?>C ?6C?391< 3 8 1 > 7 5 ,1 < E 5 C5H5BD 3?>DB?<
?F5B D85 3?>D5>D ?6 >?B=C > ? B = C 3?>DB?< 3?<<53D9F9D95C 3?<<53D9F9D95C
4 5 D 5 B = 9 > 5 B?<5C ? > D B ? < 6 < ? G C 4 ? G > D85 895B1B38I ? 6 > ? B = 1 D 9 F 5
CDBE3DEB5 6 B ? = F1< E5CD 8B?E78 > ? B = C D 8 B ? E 7 8 3?<<53D9F9D95C D? B?<5C 1>4
D85 4 ? G > G 1 B 4 6 < ? G ?6 > ? B =1 D 9 F 5 3?>D5>D C5BF5C D? CD129<9J5 D85 CICD5=
1 > 4 D ? < 9 =9 D D85 6 ? B =C 1>4 @B?35CC5C ?6 3 8 1 > 7 5 G 9 D 8 9 > 2B?14 < 9 = 9 D C
$ 1 I 8 5 G EDD85 < ?G5B<5F5<C?6D85 895B1B38I81F5D?B56<53D
3 8 1 > 7 9 > 7 C?391< 5H@5B95>35 = ? B 5 49B53D D85 89785B <5F5<C D D85
21C5?6D85 CDBE3DEB1< 895B1B38I B?<5C= E C D133EB1D5 D85 3 ? = = E > 9 D I 1D 8 ? = 5 1D G ? B ; *8EC 9 > 4 9 F 9 4 E 1 <
B?<5C 6?B 5 H 1 = @ < 5 @1BD93E<1B: ? 2 C 1 > 4 D859B 3 ? > 4 9 D 9 ? > C 3 8 1 > 7 5 B 1 @ 9 4 5CC 6 9 B = ?B
9 >4ECD BI <5CCC? > ? B = C6?B5 H 1 = @ < 5 9 >4ECD B 9 1< B5<1D9?>C < 1 GC 5F5> <5CC
1 > 4 F1<E5C 6?B 5 H 1 = @ < 5 6 E > 4 1 = 5 > D 1 < 3 ? > 3 5 @ D 9 ? > C?6C?391<: E C D 9 3 5 <51CD
?6 1<< *8EC 9> '1BC?>C 3 ? > 3 5 @ D 9 ? > !,+"'1',+'+% = ? F 9 > 7 E @ G 1 B 4 C
306
301
40+ +1#%/1'3##!&+'0*
D 8B?E78D85 895B1B38I3B51D5C@B5CCEB5C6?B381>75D?B5C@?>4D?4 5 = 1 > 4 C

1>4 D5>C9?>C G 8 9 < 5 !,+1/,) = ? F 9 > 7 4 ? G > 9D @B?=?D5C CD129<9DI )?3 9 1 <
?B45B 1 > 4 3 8 1 > 7 5 1B5 D85 B5CE<D ? 6 3 ? > D 9 > E ? E C > 5 7 ? D 9 1 D 9 ? > 1>4
>5EDB1<9C1D9?> ?6D85C5 ? @ @ ? C 9 D 5 @B5CCEB5C D8B?E78 3?>CD1>D 1 4 : E C D =5 > D C
?6 > ? B = 1 D 9 F 5 3?>D5>D ? 3 3 E B B 9 > 7 1D F 1 B 9 ? E C <5F5<C 9> D85 895B1B38I ?6
F1<E5C > ? B = C 3?<<53D9F9D95C 1>4 B?<5C
&0-<;6564@6.)>15(-:;-95%6+1-;@
*?E>45BCD 1>4D85@<135?6< 1 G9> '1BC?>C D85?BI 9D9C>535CC1BI D?B51<9C5

D85 <9>; 25D G55> D85 > ? B = 1 D 9 F 5 CDBE3DEB5 ?6F1<E5C > ? B = C 3?<<53D9F9D95C
1>4 B?<5C 1>4 D85 6 E > 3 D 9 ? > 1 < B5AE9C9D5C ?6 141@D1D9?> 9 >D57B1D9 ?> 7?1<
1D D 19 >=5>D 1>4 @1DD5B> = 1 9 > D 5 > 1 > 3 5 > = ? 4 5 B > -5CD5B> C?395D95C E > < 9 ; 5
= 1 > I ?D85B 1>4 51B<95B C?395D95C >?D ? > 3 D 9 ? > 1 < CE2CICD5=C
5 3 ? > ? = I @ ? < 9 D I 5D3 8 9 7 8 D91D54 2ED C? 1<C? 1B5 D85 5< 5=5>D C
?6> ? B = 1 D 9 F 5CDBE3DEB5 # 1 G 1C9 >49 31D 54 12?F5 9C@1BD93E<1BD57B1D9F5 6 E > 3 D 9 ? > 1>4 G 9 D 8 1 C@539693 <5F5< ?6 > ? B = 1 D 9 F 5
CD BE3D EB5KD 81D ?6 C?395D1< > ? B =C *? D85 5HD5>D D81D D85 C5@1B1D9?> ?6
6 E > 3 D 9 ? > 1 < D1C;C 1>4 5 < 5=5> D C ?6 > ? B = 1 D 9 F 5 CDBE3DEB5 D1;5C @<135 9>
35BD19>C?395D95CC? < 1 G2 5 3 ? = 5 C C5@1B1D54 6 B ?= ?D85B1C@53DC?6C?395DI
* 8 E C D85 1 E D ? > ? = ? E C <571< CICD5= 381B13D5B9CD93 ?6-5CD5B> C?395D95C 9C
D85 B5CE<D ?6 6 E>3D 9 ?>1< C@5391<9C1D9?> D?75D85B G9D8 D85 5 =5 B 7 5 > 3 5 ?6
C?395D1< > ? B = C 1C 1 "'01'+!1 5< 5=5>D ?6 > ? B = 1 D 9 F 5 CDBE3DEB5
< C ? D89C @B?35CC ?6 6 E > 3 D 9 ? > 1 < 1>4 >?B=1D 9 F5 49 665B5>D 9 1D 9 ?> 9>
= ? 4 5 B > -5 C D 5 B > C?395D95C 9C CE38 D81D D85 6?EB <5F5<C ?6 > ? B =1 D 9 F 5
CDBE3DEB5 3<?C54 G 9 D 8 D85 6?EB 6E>3D9?>1< CE2CICD5=C )?
> ? B = C 1B5 9 45>D 9 6 9 54 1C D85 CDBE3DEB1< 3 ? = @ ? > 5 > D ?6 D85 C?395D1<
3 ? = = E > 9 D I B?<5C 1B5 D85 3 ? B B 5 C @ ? > 4 9 > 7 5<5=5>D 9> D85 5 3 ? > ? = I
3?<<53D9F9D95C 9> D85 @ ? < 9 D I 1>4 F 1 < E 5 C 9> D85 @1DD5B> = 1 9 > D 5 > 1 > 3 5 CE2
CICD5= D 6 ? < < ? G C D81D 9> D85 895B1B38I ?6 3?>DB?< 1>4 3 ? > 4 9 D 9 ? > 9 > 7
45D 5B=9 >542ID85 > ? B =1 D 9 F 5CDBE3DEB53 ? > 4 9 D 9 ? > 9 > 7@B5CCEB5C6?B3 8 1 > 7 5
1B5 65<D = ? C D CDB?>7 D85 5 3 ? > ? = I 1B5 >5HD B56<53D54 9> D85 @?<9DI 9>
14=9>9CDB1D9F5@ < 1 > > 9 > 71>4?B71>9C1D9?> <5CCC?9>D85C?395D1<3 ? = = E > 9 D I
1D D85 <5F5< ?6 <571< > ? B = C 1>4 <51CD ?6 1<< 9> D85 @1DD5B> = 1 9 > D 5 > 1 > 3 5
CICD5= 1D D85 <5F5< ?6C?395D1< F1<E5C * 8 E C B?<5C =1I 3 8 1 > 7 5 B1@9 4 4
45@5>4C ?> D85 C?395DIC C81B54 F 1 < E 5 C 2ED 1D D85 C1=5 D 9 = 5 9> -5CD5B>
C?395D95C 9D > ? B = 1 D 9 F 5 DB?<C D85$,/*0 ?62?D8 5 3 ? > ? = 9 3 1>4 @?< 9 D9 31<
13D9?> * 8 5 BE<5 ? 6 < 1 G @B5F19<C
9 > 1 < ?6 5 < 5 =5 > D C ?6 > ? B =1 D 9 F 5 CDBE3DEB5 9>
D85C5 C?395D95C 5H@<19>C D85 381B13D5B9CD93 6 ?B = ?6 -5 C D 5 B > < 1 G D 9C
DI@931< 1@@< 9 31D 9 ?> B1D85B D81> @1BD93E<1B9CD93 > ? B = C 1>4
3?<<53D9F9D95C 1B5 49CD9>3D I 3?>DB1CD 9> CICD5=C ?6B57E<1D9?> 9> C ? =5
307
302
&#21,+,*6,$4'+#01#/+,!'#16
?D85B;9>4C?6C?395DI <1G9CB5<1D9F5<IE>49665B5>D91D54 6B?=14=9>9CDB1D9?>

1>4 49B53D @?<9D931< @<1>>9>7 1>4 3?>DB?< -5CD5B> <1G 9C 0#!2)/ 1>4
CDB?>7<IC81@542I$,/*)B5AE9B5=5>DC1CG5<< 1C2I@1BD93E<1BCE2CD1>D9F5
19=C D8?E78 <1G 45B9F5C 6B?= F1<E5C 9D 5H9CDC 1D 1 49CD9>3D <5F5< 1@1BD
6B?= D85= 9DC 6E>3D9?> 9C >?D D? 5>6?B35 1 C81B54 =?B1<9DI 2ED D? 6?CD5B
?B71>93 C?<941B9DI 9> E B ; 8 5 9 = C C5>C5 I 3?>DB1CD 9> B5<979?EC <571<
CICD5=C <1G 9C?6D5> =5B754 G9D8 C?395D1< F1<E5C 45B9F54 6B?= B5<979?EC
4?3DB9>5 EBD85BC9>35 -5CD5B> <1G 9C <?31D541>1<ID931< 149665B5>D
CE2CICD5= 6B?= D85 @?<9DI 9D 9C C55> 1C 1>1<ID931<4 6E>3D9?>1<D5BB5<1D54 G9D8K@?<9D93C *85B5 9C 9>
-5CD5B> C?395D95C 1 B5<1D9F5 9>45@5>45>35 ?6 D85 :E49391BI 6B?= 2?D8
5H53ED9F5 1>4 <579C<1D9F5 ?B71>C ?6 D85 CD1D5 '1BC?>C 1
- 8 I 81C D89C 49665B5>D91D9?> ?6 C?391< 5<5=5>DC ?33EBB54 D? CE38 1>
5HD5>D 9> D85C5 C?395D95C '1BC?>C 1B7E=5>D C55=C =5B51DD85 =?CD75>5B1< 1>4 12CDB13D<5F5<?6 E B ; 8 5 9 = C 9451C?>
D85 3?>C5AE5>35C ?6 9>D5>C96931D9?> ?6 D85 49F9C9?> ?6 <12?EB D81D 9C
6E>3D9?>1<C@5391<9C1D9?>9>=?45B>C?395DI >3?=@<5H-5CD5B>C?395D95C
6E>3D9?>1<C@5391<9C1D9?>81C255>2?D81@B5B5AE9C9D5?61>413?>C5AE5>35
?68978 <5F5<C?63?>?=93 C?391< 1>4 @?<9D931< 45F5<?@=5>D ?<<?G9>7
E B ; 8 5 9 = C 3 ? > 3 5 @ D 9 ? > ?6 ? B 7 1 > 9 3 C?<941B9DI 7B51D5B 6E>3D9?>1<
49665B5>D91D9?> 81C D? 25 133?=@1>954 2I 7B51D5B'+1#/"#-#+"#+!# 25DG55>
D85 F1B9?EC C53D?BC ?6 D85 C?391< CICD5= 6E<69<<9>7 D85C5 6E>3D9?>C ?B
5H1=@<5 1<D8?E78 381B13D5B9CD931< -5CD5B> C?395D95C D85 53?>?=I
1>4 D85 @?<9D931< CICD5= 1B5 C55> 1C C5@1B1D5 6E>3D9?>1< C@85B5C D859B
B5<1D9?>C89@ 9C >535CC1B95 ?63<?C5 6E>3D9?>1< 9>D5B45@5>45>35 #1G
9C C55> 1C 81F9>7 @<1I54 1>4 1C CD9<< @<1I9>7 1 F9D1< @1BD 9> C53EB9>7 D89C
CE2CICD5= 49665B5>D91D9?> 3 ? > ? =I 1>4 @?<9DI 1B5 ;5@D 6E>3D9?>1<41DD85C1=5D9=5 9>D9=1D5D5B45@5>45>D@B9=1B9<ID8B?E78
D85 5H9CD5>35 ?6 D85 B5<1D9F53D C?395D1< 3 ? = = E > 9 D I K D 8 5 CICD5=
?6C?391< C?<941B9DI 21C54 ?> D85 2?>4 ?65AE1< 39D9J5>C89@?6=5=25BC ?6
D85 3 ? = = E > 9 D I ?>C5AE5>D41D9?> ?6 D89C C?395D1<
3 ? = = E > 9 D I G81D '1BC?>C31<<C 1 75>5B1< <571< CICD5=K3EDD9>713B?CC
1<< DB149D9?>1< C@5391< CD1DEC5C 1>4 @B?F949>7 1 E>9F5BC1< CICD5= ?6B978DC
1>4 ?2<971D9?>C 9>45@5>45>D ?6;9> ?B <?31<9DI 1<<5791>35CK9C D85 =?CD
9=@?BD1>D C9>7<5 81<<=1B; ?6 =?45B> C?395DI '1BC?>C
*85 CDB5>7D8 ?6 '1BC?>C 1>1<IC9C 9C 9> C8?G9>7 D81D G81D 1@@51BC 9>
-5CD5B> C?395D95C1C D85 CE2CD1>D91< 21,+,*6?6<1G 1>4 D85 <571< CICD5=
9C169>5<I21<1>3541>49>5F9D12<I@B531B9?EC3?>49D9?>B??D54 9>3?=@<5H
C?39?<?7931< 613D?BC D?E389>7 =?CD 9=@?BD1>D 1C@53DC ?6C?391< <965 #1G
D?? 3<?C539@<5C ?B
B54E354 D? @1BD93E<1B9CD93 @?<9D931< 14=9>9CDB1D9?> 1>4 49B53D9?> 31>>?D
=19>D19>D85CE2CD1>D91<<I1ED?>?=?ECC?395D1<3?==E>9DI 85>3531>>?D
=19>D19> < 1G C ?G> 1ED?>?=I G9D89> D85 C?391< CDBE3DEB5 1>4 D85 69>5
21<1>35 ?6 @?<9D931< 1>4 53?>?=93 <965 # 1 G C 6E>3D9?> 9C >?D C? =E38
308
303
40++1#%/1'3##!&+'0*
C?391< 9>D57B1D9?> 1C 0601#* 9>D57B1D9?> D85 8 ? < 4 9 > 7 D?75D85B ?6 1>
9>3B51C9>7 D95C ?6 9>D5B45@5>45>35
25DG55> 5<5=5>DC 9> D81D C?395DI 5 > 3 5 9> B53?7>9 C9 >7 D85 3 ? = @ < 5 H
49665B5>D91D9?>CK6E>3D9?>1< 1>4 CD BE3D EB1< K9 > =?45B> C?395D95C '1BC?>C
7?5C G5<< 25I?>4 E B ; 8 5 9 = %5F5BD85<5CC C ? =5 B535>D CICD5=C D85?BI
2 E 9 < 4 9 > 7 D? 1> 5HD5>D ?> '1BC?>C 9>C978DC # E 8 = 1 > > 38 81C C?
CDB?>7D91D9?> 1C 1 B5C@?>C5 D? 3 ? = @ < 5 H 9 D I
D81D 9D 81C5F5>49C31B454 1<D?75D85BD85 9451?69>D57B1D9?> 25DG55>?B2I
=51>C ?6 CE2CICD5=C G9D89> C?395DI >CD514 1C >?D54 9> 81@D5B
1ED?@?95C9C D85?BI 81C 14?@D54 D85 B14931< @?C9D9?> D81D 49665B5>D91D54
CICD5=C CE38 1C D8?C5?6<1G 5 3 ? > ? = I ?BC395>353?>C945B54 1CCICD5=C
?63 ? = = E > 9 3 1 D 9 ? > =5B5 ? = ? E C C@85B5C
?6 9>D5B@B5D1D9?> 5F1<E1D9?> 1>4 4539 C9 ?> D85 C?391< 5 > F 9 B ? > = 5 > D 9>
G89 38 D85I 5H9CD 5 7 *5E2>5B 54
*85 =?CD @B ?2< 5=1D 9 35<5=5>D 9> '1BC?>C D85?BI 9C D85 3 ?> 3 5@D 9 ?> ?6
C?395D1< F1<E5C ? G 61B C81B54 F1<E5C C53EB5 C?391< 3 ? 8 5 C 9 ? > 9> =? 4 5 B >
-5CD5B> C?395D95C G1C D85 @B?2<5= E B ; 8 5 9 = 3?E<4 >?D C?<F5 1>4 9>C?61B
1CD85@B?2< 5=4?7C89CGB9D9>7C9D@B?F945CD859B3B9D931<D8BECD1>4;55@C
3?=@< 135>3I1D21I '1BC?>C <1D5BGB 9 D 9 >7C31>25 9>D5B@B5D541CC9=9<1B9C9>7 D81D F1<E5 3?>C5>CEC <9;5 1<< ?D85B 5<5=5>DC ?6C?391< ?B45B
9C1@B?2< 5= D?25C?<F54 B1D85B D81>1 613DD?251CCE=54 $ 1 I 8 5 G
D 9C 1B7E12<5 8?G5F5B D81D 89C D85?B5D931< 1@@B?138 <13;C D85 B5C?EB35C
D? 5H@<19> 145AE1D51DEB5 ?6 C81B54 25<956C 1C 1 21C9C ?6
C?391< ?B45B ?B D85 =1>>5B 9> G 8 9 3 8 D85I 1B3 6 ?B=54 # 1 G 6<?EB9C85C
'1BC?>C =5B5 C?395D95C G85B5 6 E > 4 1 =5 > D 1 < C?395D1< F1<E5C
1B3 >?D 9> 9CCE5 1>4 @B5CE=126?B35=5>D @ B ? 2 < 5 = C
1B5 >?D D??13ED5'1BC?>C *85 5H9CD5>35?6C81B54 F1<E5CD5>4C
D? 25 ?665B54 9> 89CGB9D9>7C1C1> 145AE1D55H@<1>1D9?>?63 ? = @ < 5 H C?391<
3 ? > 4 9 D 9 ? > C * 8 5 C 5 F 1 < E 5 C @ B ? F 9 4 5 4 D85 3?B5 ? 6 = ? D 9 F 1 D 9 ? > 6?B
9>4ECDB91<9C1D9?> 9> D85 -5CD D?41I D85I E>45B@9> C?391< ?B45B *89 C 9C
B5=9>9C35>D ?6 ) 1 F 9 7 > I C B5<91>35 ?> 3E<DEB5 1C 1> 5 H @ < 1 > 1 D 9 ? > ?6 < 1G
B1D85B D81> 1C C ? = 5 D 8 9 > 7 D? 25 5 H @ < 1 9 > 5 4 +> 4 5 B C D 1 > 4 9 > 7 D85 >1DEB5 1>4
?B979> ?6 D85 F1<E5C D81D E>45B<95 < 1 G CEB5DB1< @ B ? 2 < 5 = 6?B
C?39?<?7931< 1>1<IC9C ?6 <1G I 3?>DB1CD D85 C?6D 3?B5 ?6 3 ? = @ < 1 3 5 > 3 I
9> '1BC?>C D85?BI 9C D81D D85 3B51D9?> 1>4 =19 >D 5>1>35 ?63?>C5>CEC 9>
3?>D5=@?B1BI -5CD5B> C?395D95C D5>4C D?1@@51B1C 1 = 5 3 8 1 > 9 3 1 < @B?35CC
?6 CICD5= 14:ECD=5>D 1>4 C? 81B47 @ B ? 2 < 5 = 6?B
1>1<IC9C
* 8 5 # 5 7 1 < ' B ? 6 5 C C 9 ? > 1 > 4 9DC E > 3 D 9 ? > C
*85 GB9D9>7C 3?>C945B54 C? 61B 9> D89C 381@D5B 45F5< ?@ 9> F5BI 12CDB13D
6?B= 1> 9 =1 75 ?6 =?45B> -5CD5B> C?395D95C 1C B5<1D9F5 3 D 9 ? > 1 < 4 9>D57B1D54 ?G5F5B G5 31> 2579> D? @5>5DB1D5 2589>4
D85C5 12CDB13D9?>C 2I <??;9>7 1D C@539693 1C@53DC ?6C?391< ?B71>9C1D9?>
EC9>7D85 3?>35@DC1>41@@B?138?66E>3D9?>1<D85?BI >?>5<9=9D541B51
?6 C?391< ?B71>9C1D9?>KD81D ?6 D85 @B?65CC9?>CKD859B 9=@<931D9?>C 1B5
@1BD93E<1BC 9 >3< E49 >7 D85 <571< @B?65CC9?> ?33E@I 1 C@5391<D @<135 9> D85 @93DEB5 ?6 =?45B> C?395DI DI@931<D54 2I
D85 D85?B95C?6C?391<9>D57B1D9?>3?>C945B549>D89C381@D5B ?B E B ; 8 5 9 =
@B?65CC9?>C1B531BB95BC?6?33E@1D9?>1<= ? B 1 < 9 D I K1 >5CC5>D91< B57E<1D?BI
CDBE3DEB5 G8 9 3 8 31> 2B9475 D85 7 1 @ 25DG55> CD1D53B51D54 <1GC 1>4 D85
13DE1< 3?>49D9?>C ?6 C?391< <965 *8EC 6?B 8 9 = 1 F912<5 CICD5= ?6
>?B=1D9F5B57E<1D9?>D?7E1B1>D551>45H@B5CC?B71>93C?<941B9DIB5AE9B5C
D85 5HD5>C9?> ?6CICD5=C ?6@B?65CC9?>1< 5D893C D?3?F5B1<< ?D85B C@85B5C
?6 <965 9>3<E49>7 @1BD93E<1B5CC <965 ?B '?E>4 1>4 #< 5G5< 
D?? D85 <571< @B?65CC9?> 81C1C@5391< B?<5 9>C?391< 9>D57B1D9?>6?CD5B9>7
<571< F1<E5C 1>4 :EB9CD93 =5D8?4
> '1BC?>C F9 5G@B?65CC9?>C ?33E@I 1@?C9D9?>?69=@?BD1>359>?EB
C?395DI E>9AE5 9> 89CD?BI '1BC?>C *85 13D9F9D95C ?6 D85
<571< @B?65CC9?> 1B5 ?>5 ?6D85 F5BI 9=@?BD1>D =5381>9C=C 2I G89 38 1
B5<1D9F5 21<1>35 ?6CD129<9DI 9C =19>D19>54 9> 1 4 I > 1 = 9 3 1>4 @B531B9?EC354 C?395DI '1BC?>C 2 - 8 I C8?E<4 @B?65CC9?>1<9C= 25
?6CE3835>DB1<9=@?BD1>359>D85C53?>35@D9?>C?6C?395DI1C16E>3D9?>1<D57B1D54 CICD5= *85 5CC5>D91< B51C?> 9C D81D 1C 1 F 9 4 $9 < < 5B 81C
@?9>D54 ?ED 9> 1>?D85B 3?>D5HD D85 C5<69=175 ?6 @B?65CC9?>CKD859B
@B?3<19=54 9451< ?6 @E2<93 C5BF935 1>4 @B?65CC9?>1< B5C@?>C929<9DIK
=1D385C D85 3?>35@D9?> ?6=?45B> C?395DI ?B71>9C54 9> D5B=C ?6?B71>93
C?< 9 41B9 D I ?B 9> '1BC?>C D5B=C 6 E > 3 D 9 ? > 1 < 4 9 6 6 5 B 5 > D 9 1 D 9 ? > 1>4
B59>D57B1D9?> 'B?6 5CC9 ?>1< 9 C= CDB5CC5C 6 E > 3 D 9 ? > 1 < C@539 1< 9 C1D 9 ?>
5H@5BD9C5 1>4 C5<53D9?> 2I =5B9D $9 < < 5B
> 6E>3D9?>1< 1>1<IC9C D85 @B?65CC9?>1< 9451< ?6@E2<93C5BF935 5F5> 96
9D =1I 253?=5 D1B>9C854 9C >?C81= D 9C D85 @B935 @194 6?B @B?65CC9?>1<
1ED?>?=I 6?B D85 613D D819 D85 @B?65CC9?> 9C 5>DBECD54 G9D8 9>45@5>45>D
7E1B491>C89@ ?6 1> 9=@?BD1>D @1BD ?6D85 C?395DIC 3E<DEB1< DB149D9?> 1>4
1<<?G54 56653D9F5?@?< 9 C5 D89C;>?G< 5475 1C D85 21C9C?6C@5391<
5H@5BD9C5 EBD85B E><9;5 D85 >1BB?G 3?>35@D9?> ?6 9>49F94E1< ?B 7B?E@
9>D5B5CDD81D381B13D5B9C5C=1B;5DB5<1D9?>C1>4C?2EC9>5CC<965D85@E2<93
C5BF935 ?B95>D1D9?> ?6 D85 @B?65CC9?>1< ?ED<??; 9C 9> D85 F95G ?6 2?D8
E B ; 859 = 1>4 '1BC?>C 1@@B?@B91D5 D?1 C?395DI ?69>3B51C9>73D9?>1< 49665B5>D91D9?> 1>4 9>D5B45@5>45>35 *85 ?ED< ??; D81D D85
@B?65CC9?>C 1D <51CD 3<19= D? 8?<4 1@@51BC 1C D85 +#!#00/6 ,21),,( ,$))
!'1'7#+0 9> 1 C?395DI 45@5>45>D 6?B 9DC3?85C9?> 1>4 81B=?>I ?> D85 =?CD
897893 C?<941B9DI > D89C C5>C5 89781<C 9 =2E54 G9D8 C@539693 F1<E5C ?6 @ E 2< 9 3 C5BF935
=19>D19>54 2I D85 ?33E@1D9?>1< =?B1<9DI ?6 D859B ?B71>9C54 @B?65CC9?>
310
305
40++1#%/1'3##!&+'0*
1B5 35>DB1< 697EB5C 9> @ B ? = ? D 9 > 7 1>4 C E @ @ ? B D 9 > 7 D85 3?85C9?> ?6C?395DI
>?D? > 3 D 9 ? > C D85I @5B 6 ?B = 2ED D8B?E78 D85 =? B 1 < 9 D I D81D
D859B ? E D < ? ? ; B5@B5C5>DC *8 5 D85?BI 9 = @ < 9 5 C 1> 1 G 5 C ? = 5 B5C@?>C929<9DI
?6@B?65CC9?>C D? C1I D85 <51CD
> '1BC?>C 1>1<IC9C D85 )#%) @B?65CC9?> 81C D85 D1C; ?6 9>D57B1D9>7
D85 <571< CICD5= D? = 1 9 > D 1 9 > D85 <1DD5BC 1ED8?B9DI 1>4 1 E D ? > ? = I 9>
6 E < 6 9 < < 9 > 7 9DC 6 E>3D 9 ?>C ? E D < 9 > 5 4 9> D85 @B5F9 ?EC C53D9?> = ? > 7 D85
@B ?6 5CC9 ?> C @ B ? 2 < 5 =C 1B5 D8?C5 ?6 = 1 9 > D 1 9 > 9 > 7 D85 9>D5B>1< 3?>C9CD5>3I
?6D85 CICD5= ?6<571< 4 ? 3 D B 9 > 5 B5<1D9>7 D85 < 1 G D8B?E78 9>D5B@B5D1D9?> D?
@1BD93E<1B 3<95>D C9DE1D9?>C 1 > 4 2 1 < 1 > 3 9 > 7 D85 7?1<C ?6 <579C<1D9?> 1C C5D
2I D85 CD1D5 G9D8 @1BD93E<1B 3<95>D @ B ? 2 < 5 = C 1>4 C9DE1D9?>C 1>4 G 9 D 8 D85
>554 6?B 4?3DB9>1< 3?>C9CD5>3I D C55=C B51C?>12<5 D? CE@@?C5 D81D
DB51D9>7 D85 <571< CICD5= 1C 1 C?391< CICD5= 1>4 1BB1>79>7 9DC CICD5=
@ B ? 2 < 5 =C9> D5B=C?6D85141@D1D9?> K 7 ? 1 < 1DD19>=5>D K 9 > D 5 7 B 1 D 9 ? >
K @ 1 D D 5 B > = 1 9 > D 5 > 1 > 3 5 # C 3 85=5 D85I G ? E < 4 1@@51B =?B5 ?B <5CC1C
9> 97EB5 25< ?G
'$ <5+;165)347-9);1=-:6.)-/)3%@:;-4
>D57B1D9?> ?6 <571< 4?3DB9>5 $ 1 9 > D 5 > 1 > 3 5 ? 6 <571<

@B13D935 1>4 @B?354EB5C 9> DB149D9?> 1>4 5CD12<9C854
9>D5B>1<D 4?3DB9>1< F 1 < E 5 C ?6 <571< @B?65CC9?>
1>4 9>CD9DED9?>1< CICD5= 1>4 <571< CICD5=
&B 7 1 > 9 C 1 D 9 ? > ?6 <571< )1D9C613D9?> ?6 3<95>D >554C

4?3DB9>5 @B13D935 1>4
@B?354EB5C D? 6E<69<
<579C<1D9F5 7?1<C
- 9 D 8 9 >D85<571<@B?65CC9?>F 9 5 G5 4 9>D89CG 1 I D85B59CD?41I1C97>96931>D

1>4 @5B81@C 9>3B51C9>749665B5>D91D9?>?6CE2CICD5= 6E>3D9?>C (5< 1D 9 F5 ? = ? E C E>9F5BC9DI <571< 5 4 E 3 1 D 9 ? > D85 4 5 F 5 < ? @ = 5 > D ?6 > E = 5 B ? E C
C@5391< 6 ? B =C ?6 <571< @B13D935 6?B 5 H 1 = @ < 5 9> <1G 35>DB5C 1>4 9>
C@5391<9C54 695<4C?62EC9>5CC1 > 41 4 = 9 > 9 C D B 1 D 9 ? > 1>4 D85 @B?<965B1D9?> ?6
C@5391< DB92E>1<C 1>4 6 ? B = C?614=9 >9 CD B 1D 9 F5 1 4 : E 4 9 3 1 D 9 ? > 1>4 B 57E< 1D 9 ?>
1B54 5 F 5 < ? @ =5 > D C 8 1 F 9 > 7 @1BD93E<1B B5<5F1>35 D? D85 # 1>4 6 E > 3 D 9 ? > C
B5C@53D9F5I C?391< CICD 5=
9C D? = 1 9 > D 1 9 > 9DC 9>D57B1D9?> 9> D85 6135 ?6 D85C5 D5>45>395C D?
49665B5>D91D9?>
*85 1>1<IC9C ?6 @B?65CC9?>C @B?F945C 1 3?>F5>9 5>D 9<<ECDB1D9?> ?6 ?>5
?6D85 =1 : ? B G51;>5CC5C ?66 E > 3 D 9 ? > 1 < 1>1<IC9C > 5CC5>35 9DC = 5 D 8 ? 4 9C
D? B5<1D5 ?>5 C5D ?6 ?2C5BF54 C?391< @ 8 5 > ? = 5 > 1 D? 1>?D85B 1>4 5H@< 19 >
311
306
&##%)601#*02 601#*,$,!'#16
5138 9> D5B=C?6D859B =EDE1< B5<1D9?>C ED D89C 9C1> 1@@B?138 D81D 2I 9DC
>1DEB5 D5>4C D? 3?>35>DB1D5 ?> G81D 1@@51B 1C D85 @?C9D9F5 56D53DC ?6
C?391< @ 8 5 > ? = 5 > 1 KD 8 5 G1I D85I 1@@51B 6B?= D85 ?EDC945 D1;5> 9>
3?>:E>3D9?> G9D8 ?D85B @85>?=5>1KB1D85B D81> ?> D85 3?=@<5H 1>4
?6D5> 3?>DB1493D?BI @B?35CC5C 1D G?B; 4'1&'+ D85C5 ?2C5BF54 C?391<
C9DE1D9?>C *8EC 9> C?39?<?7931< 6E>3D9?>1< 1>1<IC9C D85 <571< @B?65CC9?>
D5>4CD?251>1<IC54 9>D5B=C?6D85G1I9D<9;5?D85B@B?65CC9?>C:ECD9695C
9DC5<6 G9D89> D85 G945B C?395DI >?D 9> D5B=C ?6 D85 3?=@<5H 9>D5B>1<
@B?35CC5C 1>4 89CD?B931< CDBE77<5C D81D 81F5 C81@54 9DC @B5C5>D C?391<
@?C9D9?> 9> F1B9?EC -5CD5B> C?395D95C )9=9<1BC 1>1<IC9C?6D85
6E>3D9?>C ?6<1G D1;5C 1D 6135 F1<E5 @?@E<1B3?>35@D9?>C ?6-5CD5B> <1G
1>4 >5F5B 25DB1IC 1>I B51<9C1D9?> ?6 D85 3?=@<5H 1>4 9=@?BD1>D
DB1>C6?B=1D9?>C 9> D85 381B13D5B ?6 <571< 4?3DB9>5 6?B 5H1=@<5 1C
B571B4CD85 B5<1D9?>?6BE<5C1>4 49C3B5D9?> 1>4 D853?>35@D?6D85 BE<5 ?6
< 1 G D? 25 49C3ECC54 9> 81@D5BD81D 1B5 61=9<91B 96?6D5> @EJJ<9>7 D?
D85 3?>D5=@?B1BI -5CD5B> <1GI5B ?6 '1BC?>C %?>5 ?6D89C
9CD?45>ID85 9>C978DC16E>3D9?>1< 1@@B?13831>?665B2ED =5B5?D5
D81D35BD19> 9=@?BD1>D=1DD5BCD5>4 D?5C31@51DD5>D9?>1<=?CD3?=@<5D5C 2 14=9DCD81D 6E>3D9?>1< 1>1<IC9C?6<1G =1I D5>4 D?G1B4C

:ECD96931D9?> ?6 5CD12<9C854 @B13D935C 1>4 D81D ?D85B =5D8?4C =1I 25
>535CC1BI D?2B9>7 9>D? 35>DB1< 6?3EC D85 <5CC @B19C5G?BD8I 1C@53DC ED
D85 3<19= =145 9C D81D 2I C8?G9>7 G81D 9C >?B=1< ?B @B5493D12<5 9>
D5B=C?6?F5B1<< B5AE9B5=5>DC?6C?395DI 3?>359F541C1 C?391<CICD5=D85
4IC6E>3D9?>1< 253?=5C 945>D96912<5 1>4 31> 25 1>1<IC54 C?39?<?7931<F1<E5>5EDB1<D5B=C1CG5<<1C3B9D939C54?>?D85B5F1<E1D9F521C5C *85
@B?2<5=9C9>259>7CEB5D81DCICD5=>554C1B59>45541CD85D85?BI3<19=C
D85= D? 25
- 8 1 D9C4IC6E>3D9?>1< 9CD?25B5F51<542I1>1<IC9>713DE1<5=@9B931<
3?>49D9?>C 9> D5B=C ?6 D85 D85?B5D931<C89@C 25DG55>
CICD5= 6E>3D9?>C '1BC?>C 494 >?D @B?F945 CE38 1> 1>1<IC9C ?6 <1GC
B5<1D9?>C G9D8 ?D85B @1BDC ?6D85 C?391< CICD5= ?6C?395DI 2ED 1> 1DD5=@D
2I D85 =5B9 31> C?39?<?79CD 1BBI B545=595B D? 4? C? EC9>7 '1BC?>C
1>1<ID931< 6B1=5G?B; B545=595B C8?GC D81D 6E>3D9?>1< 1>1<IC9C
31> 35BD19>D96I D5>C9?> @?9>DC 9> <571< CICD5=C
D =ECD25 >?D54 D81D B545=595B =?49695C '1BC?>C 3?>35@DC 9> D8B55
G1IC 9BCD D85 <571< CICD5= 9C DB51D54 1C D85 9>D57B1D9F5 CE2CICD5= ?6
C?395DI < D 8 ? E 7 8 6?B B545=595BC @EB@?C5C D85 945>D96931D9?> 9C
85EB9CD931< ?F5BC9=@<96931D9?> G8938 DB51DC <1G 1C
945>D931< G9D8 C?395D1< >?B=C 9> 75>5B1< )53?>4 C?395DI 9CDB51D54 1CG945BD81> D8553?>?=I 1>4 B565BC
312
307
40+ +1#%/1'3##!&+'0*
D?1<< @B?2<5=C?6C395>D9693?BD538>?<?7931<141@D1D9?>D?D855>F9B?>=5>D
*89 B4 C F 9 5 G D81D 49C@ED5
B5C?<ED9?> 9C D85 35>DB1< 5<5=5>D 9> < 1 G C 9>D57B1D9F5 6 E > 3 D 9 ? > C? 89C
1>1<IC9C ?6 <1G 6?3EC5C ?> 3?EBDC &> D89C 21C9C D85 9>D5B13D9?> 25DG55>
D85<571<CICD5=1>4D85?D85BCE2CICD5=C?6C?395DI31>253?>35@DE1<9C54
1C 9> 97EB5
+ ( * 8 5 # 5 7 1 < ) I C D 5 = C ( 5 < 1 D 9 ? > C G 9 D 8 & D 8 5 B )E 2

CICD5=C ? 6 )?395DI
*85B5 9C D8EC 1 CICD5= ?6 5 H 3 8 1 > 7 5 C 2I G 8 9 3 8 D85 9>D5B45@5>45>35

?6 D85 6?EB CE2CICD5=C 9C 7E1B1>D554 # 1 G 1>4 D85 -,)'1'!) 02 0601#*
@?< 9 D I 1B5 <9>;54 2I D85 CD1D5C >554 6?B <579D9=13I 21C54 ?> D85 9451<
?6D85 BE<5 ?6<1G 1>4 D85 >554 6?B <571< 5<12?B1D9?>?6@ ? < 9 3 I 7?1<CC?D81D
D85I 31> 25 9>D5B@B5D54 1>4 9 = @ < 5 = 5 > D 5 4 9> C@539693 3?>D5HDC *85I 1B5
1<C? <9>;54 2I D85 <571< CICD 5= C >554 6?B @?<93I 7 E 9 4 1 > 3 5 1>4 1
=1389 >5BI ?6 5>6?B35=5>D # 1 G 3?>DB92ED5C D? 0,!')'01',+ ?6 21C93
C?395D1< F1<E5C 2I 5<12?B1D9>7 1>4 1 @ @ 7 3?>35@D 9 ?>C?6:ECD935 9> D85
4539C9?> ?6 31C5C > DEB> 9D B5<95C ?> 39D9J5>C C?391<9C1D9?> D? 75>5B1<
1335@D1>35 ?6 <1G 1>4 D859B G9 < < 9 > 7 > 5 C C D? 31<< E@?> 9D # 1 G 3?>DB92ED5C
D? 5669395>D C?391< 1>4 5 3 ? > ? = 9 3 ?B71>9C1D9?> # < 5 G 5 < C @B5F5>D9F5
3 8 1 > > 5 < < 9 > 7 9> D85 "-1'3# 02 0601#* 1>4 B5<95C ?> 9 >@EDC ?6 75>5B1<
1>4 C@5391< ; >?G< 5475 ?6 D85 3 ? > 4 9 D 9 ? > C 1>4 5 > F 9 B ? > = 5 > D ?6 C?391< <965
G9 D 8?ED G 8 9 3 8 BE<5C ?B :E49391< 4539 C9 ?>C =1;5 >? C5>C5 1C 7 E 9 4 5 C D?
3?>4E3D 1>4 6 B 1=5G?B ;C 6?B 6EDEB5 C?391< B5<1D9?>C
> 1<< D85C5 5H381>75C 1C B 545=59 5B B53?7>9C5C C5B9?EC @ B ? 2 < 5 = C
31> 1>4 4? 1B9C5 #571< 4539C9?>C 1B5 ?6D5> =1 4 5 G9D8 G 8 ? < 145AE1D5
313
308
4+".2)--,/12+'16 +*-'/'!) #01,$/0,+'+ &#,/6
; > ? G< 5 4 7 5 ?6 213;7B?E>4 C?391< 3?>49D9?>C 1>4 ?6 D85 <9;55G BE<5C ?B @B9>39@<5C > C?=5 3?EBDC @1BD93E<1B D85
+>9D54 )D1D5C C5B9?EC 1DD5=@DC 81F5 255> =1 4 5 D? EC5 C?391< C395>D9693
; > ? G< 5 4 7 5 ?B C?391< 1>4 5 3 ? > ? = 9 3CD1D9CD93C 9> 453949>731C5C 2ED G9D8
3?>DB?F5BC91< B5CE<DC C55 81@D5B > B9D19> B5C9CD1>35 D? 5H@<939D
@?<93I 1>1<IC9C 9> D85 3?EBDC D5>4C D? @B?=?D5 4539C9?>=1;9>7 9> 1
F 1 3 E E = G9D8 <571< BE<5C D1;5> 9> 9C?<1D9?> 6B?= 1>I C5B9?EC 1CC5CC=5>D
?6 D859B C?391< C97>96931>35 > 1449D9?> 6E>3D9?>1< 9=21<1>35 25DG55>
<571< 1>4 @?<9D931< CICD5=C =1 I @B?4E35 5>6?B35=5>D @B?2<5=C 6?B <1G
: E49 39 1< D9=949DI 9> D85 6135 ?6 7?F5B>=5>D @B5CCEB5 ?F5BD @?<9D931<
9>D5B65B5>35 1>4 9>6<E5>35 9> D85 <571< CICD5= ?B:E49391< GB 5 3 ; 9 > 7 ?6
<579C<1D9F5 @?<93I EBD85B@B?2<5=C5H9CD 9> D85 B5<1D9?>C89@25DG55> D85
<571< 1>4 @1DD5B> =19>D5>1>35 C?391<9C1D9?> CICD5=C *85 D5>C9?>
25DG55> 4 ? 9 > 7 :ECD935 1>4 =1 9 > D 1 9 > 9 > 7 CD129<9DI 1>4 @B5493D129<9DI 9>
D85 <1G C55=C 5>45=93 9> D85 :E49391< B?<5 1>4 9C ECE1<
61F?EB?6CD129<9DI 1>4@B5493D129<9DIG85>D8538?935 81CD?25=145 *85
45F5<?@=5>D ?6 3?>35@DC ?6 5AE9DI D85 EC5 ?6 <571< 693D9?>C 1>4 D85
9>F?31D9?> ?6 9451C ?6>1DEB1< <1G 81F5 1D F1B9?EC D9=5C 255> =51>C ?6
B54E39>7 D89C D5>C9?> 2ED 9DC 5H9CD5>35 =1;5C < 1G C 3?>DB92ED9?> D?
C?391<9C1D9?> ?6 21C93 F1<E5C ?6:ECD935 @B?2<5=1D93 '1BD35 ?6 <571< @B?35CC5C 1>4 9>F?<F5=5>D G9D8 D85= 81C
DI@931< B5<E3D1>D
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'1BC?>C G?B; B5@B5C5>DC?>5?6D85 =?CD E>B5<95F54 C?39?<?7I D 81C 8?G5F5B 255> EC54 1C 1 21C9C 6?B 45D19<54
5=@9B931< B5C51B38 ?> <1G & > 5 ?6D85 =?CD 9>CDBE3D9F5 1DD5=@DC D? 1@@C 9451C9>B5C51B38?><571<9>CD9DED9?>C9C1CDE4I31BB954?ED9>D85
51B $ 1 I 8 5 G ?6 D85 G ? B ; 9 > 7 1>4 56653DC ?6 D85
$1CC138EC5DDC ? = = 9 C C 9 ? > 719>CD 9 C 3 B 9 = 9 > 1 D 9 ? > K 1 2?4I 381B754
G9D8 B5C@?>C929<9DI 6?B 9 = @ < 5 = 5 > D 9 > 7 $1CC138EC5DDC <1GC @B?8929D9>7
B1391< 49C3B9=9>1D9?> 9> 8?EC9 >7 @B?F9C9?> 1>4 5=@<?I=5>D $ 1 I 8 5 G
$ 1 I 8 5 G C?E78D D? 1CC5CC 8 ? G 61B D85 F1<E5C B56<53D54 9> D85 <1G
814 @5B=51D54 3 ? ==E > 9 D I <965 G81D 613D?BC ?6 B5C9CD1>35 D? <1G 814
@B?F54 C97>96931>D G81D CDB1D5795C D85 ? = = 9 C C 9 ? > 814 14?@D54 1>4
G81D 613D?BC 45D5B=9>54 9DC C5<53D9?> ?6CDB1D5795C
$ 1 I 8 5 G C CDE4I EC5C '1BC?>C 3?>35@D9?> ?6 D85 =5381>9C=C ?6
C?391<381>75 D?1F?9414?@D 9 >759D85B1>571D9F5F95GCE381C) E = > 5 B C
?6 < 1 G C 31@139DI D? 9>4E35 381>75 ?B 1 F95G D81D 1CCE=5C <1G 31>
13895F5 1>I ;9>4 ?6381>75 D81D =978D 25 C?E78D C 49C3ECC54 12?F5
133?B49>7D? '1BC?>CC?391< 381>75 31> 25 E>45BCD??4 1C D85 3?>D9>E?EC
>57?D91D9?> ?6 ?@@?C9D5 @B5CCEB5C 3?>D B ?< 1>4 3 ? > 4 9 D 9 ? > 9 > 7 6?B
314
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CD129<9DI 1 > 4 3 8 1 > 7 5 B56<53D54 9> 1 C?39 5D I C > ? B =1 D 9 F 5 CDBE3DEB5 ?6

F1<E5C > ? B = C 3?<<53D9F9D95C 1 > 4 B?<5C > 3?>C9 45B9 >7 8 ? G < 1G 31>
9 >6< E5>35B135B5<1D9?>CD85AE5CD 9 ?>D?251C;54 9CE>45BG8 1 D3 ? > 4 9 D 9 ? > C
31> < 1 G 9 > C D 9 D E D 9 ? > 1 < 9 C 5 KD 8 1 D 9C 5 = 2 ? 4 I 9> 5CD12<9C854 C?391< @B13D935C
1>4 5 H @ 5 3 D 1 D 9 ? > C KC ? 3 9 1 < F1< E5C C E @ @ ? B D 9 > 7 B1391< 8 1 B = ? > I - 8 1 D 9C D85
>1DEB5 ?6 D85 @B?35CC ?6 > 5 7 ? D 9 1 D 9 ? > ?6 D5>C9?>C 25DG55> 3 ? > 4 9 D 9 ? > 9 > 7
6?B35C 5H9 CD 9 >7 9> 5F5BI41I < 9 6 5 K 9 > D85 8 ? E C 9 > 7 1>4 : ? 2 =1B;5DC 6?B
5 H 1 = @ < 5 K 1 > 4 3?>DB?< < 9 >7 6?B35C 4 5 B 9 F 9 > 7 6 B ? = 6 E > 4 1 = 5 > D 1 < C?391<
F 1 < E 5 C 9>D5B@B5D54 2I 1 < 5 7 9 C < 1 D 9 > 7 5<9D5 1 > 4 7 9 F 9 > 7 B9C5 D? 1>D9
4 9 C 3 B 9 = 9 > 1 D 9 ? > < 1 G
$ 1 I 8 5 G 6 ? E > 4 D81D D85 < 1 G = 5 D 1 > E = 2 5 B ?6 455@DB5>3854
CDBE3DEB1< ?2CD13<5C 1>4 D85 13D9F9D95C ?6 D85 ? = = 9 C C 9 ? >
3 ? E < 4 25 B571B454 1C 1 3 ? = @ B ? = 9 C 5 B5C@?>C5 D? D85 ?@@?C9D5 @B5CCEB5C
6B?= 14F?31D5C ?6D85 <579C<1D9F5 9451<C 1>4 D8?C5 G 9 D 8 F5CD54 9>D5B5CDC 9>
= 1 9 > D 1 9 > 9 > 7 5H9CD9>7 @1DD5B>C?64 9 C 3 B 9 = 9 > 1 D 9 ? > E B 9 > 7 D85 69BCD I51BC
?6 9DC 5H9CD5>35 D85 ? = = 9 C C 9 ? > @ < 1 I 5 4 1> 9>D57B1D9F5 B?<5 9> D85
3 ? = = E > 9 D I $ 1 I 8 5 G 3 ? > 3 < E 4 5 C 2 I 3B51D9 >7 1 > 5 A E 9 < 9 2 B 9 E = 25DG55>
D85C5 ? @ @ ? C 9 > 7 @B5CCEB5C *8 5 3 ? > 4 9 D 9 ? > C ? @ @ ? C 5 4 D? D85 <579C<1D9F5
9 4 5 1 < C K 8 ? C D 9 < 5 25<956C 1>4 @ B 5 : E 4 9 3 5 C 4 9 6 6 9 3 E < D 9 5 C ? 6 4 9 C 3 ? F 5 B 9 > 7
9 > 6 B 9 > 7 5 = 5 > D C ?6 D85 <1G ? @ @ ? C 5 4 @B9F1D5 1>4 7 B ? E @ 9 > D 5 B 5 C D C K G5 B 5
1DD13;54 G 9 D 8 CE669395>D F 9 7 ? E B D? =55D D85 =?CD @B5CC9>7 4 5 = 1 > 4 C ?6D85
3 ? = = E > 9 D I 2ED>?DC?=9<9D1>D41>75B D85@B531B9?EC6 ? E > 4 1 D 9 ? >
?6 D85 5AE1< DB51D=5>D CD1>41B4
- 8 1 D C55=C D? 25 9 =@< 9 54 9> D89C 9451 ?61 @B531B9?EC 6 ? E > 4 1 D 9 ? > ?6
D85 < 1G 9C D85 7?F5B >=5>D 1< @ B ? 2 < 5 = ?6 = 1 9 > D 1 9 > 9 > 7 D85 E>9F5BC1<
1335@D1>35 ?6 6 E > 4 1 =5 > D 1 < C?395D1< F 1 < E 5 C 1C E>3?>DB?F5BC9 1< 45C@9D5
D85 613D D81D D8?C5 F1<E5C =ECD 25 9>D5B@B5D54 D? 79 F5 B9C5 D? @1BD93E<1B
< 1 GC G 8 9 3 8 G 9 < < 9>5F9D12 7 1 7 5 9 > 3 ? > 6 B ? > D 1 D 9 ? > G9 D 8 3 ? > 4 9 D 9 ? > 9 > 7
6?B35C 1B9 C9 >7 6 B ? = D85 C9DE1D9?>C 9> G 8 9 3 8 9 > 4 9 F 9 4 E 1 < C <9F5 D859B <9F5C
' B 5 C E =1 2 6B?>D 1D 9 ?> 1>4 3?>DB?F5BCI G5B5 D? B5138 D85 89785CD
<5F5< ?6 D85 >?B=1D 9 F5 8 9 5 B 1 B 3 8 I K 6 E > 4 1 = 5 > D 1 < C?395D1< F 1 < E 5 C K D 8 5
G 8 ? < 5 CD129<9DI 1>4 3?85C9?> ?6 D85 C?395DI G ? E < 4 25 D8B51D5>54 *89C
G ? E < 4 25 D85 E< D 9 =1D 5 619<EB5 ?67 ? F 5 B > = 5 > D . 5 D 1 <579C<1DEB5 =E C D 969D
9C D? 3B51D5 < 1 G C D81D 1B5 D? 25 CE335CC6E< 9> 9 = @ < 5 = 5 > D 1 D 9 ? > 1>4 C?391< D 9 > E 1 < 5G <1GC 9> D89C
G 1 I 9D 4 B 1 G C ? > C?395D1< F 1 < E 5 C 1 < = ? C D 1C D 8?E78 D85I G5B5 1 ; 9 > 4 ?6
3B549D 2 1 > ;
$ 1 I 8 5 G >?D5C D81D D85 5 A E 9 < 9 2 B 9 E = D85 $1CC138EC5DDC ? = = 9 C C 9 ? >
G 1 C12<5 D? = 1 9 > D 1 9 > 6?B= 1 > I I51BCG 1 C >?D E<D9=1D5 D E 1 < D G 9 D 8 D85 ? = = 9 C C 9 ? > C =5D 8?4C D
45<925B1D5 7
45D5B=9>54?@@?C9 D 9 ?> @B565BB54 D?451< G9 D 8 ? E D @E2<939DIG9D8 9 >49 F9 4E1<
3 ? = @ < 1 9 > D C ?6 4 9 C 3 B 9 =9 > 1 D 9 ? > B1D85B D81> @?C9D9F5 9 D I D8B?E78 3 1 = @ 1 9 7 > C ?B 9>AE9B95C 1>4 9 > F ? < F 5 4 2EC9>5CC
315
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B5@B5C5>D1D9F5C ?> 9DC 3?==9DD55C 9> 9DC 566?BDC D? =19>D19> 7??4G9<< 1>4
D1;5 133?E>D?62EC9>5CCF95GC DC?E78D3?=@B?=9C5 1>43?>C5>CEC 1>4
1F?9454 3?>6B?>D1D9?> G85B5F5B @?CC92<5
> 1 C5>C5 D85 $1CC138EC5DDC ? ==9 C C 9 ?> 1C $ 1 I 8 5 G 45C3B925C 9D
5=2?49 54 9> 9DC @?<93I D85 @?<9D931< 9=@<931D9?>C 1>4 1CCE=@D9?>C ?6D85
C?391< 9>D57B1D9?>D85?BI3?>C945B549>D89C381@D5B D 9CD5=@D9>7D?@EC8
D85 1>1<?7I 1C 61B 1C C1I9>7 D81D D85 619<EB5 ?6D85 5AE9<92B9E= @?<93I ?6
D85 ? = = 9 C C 9 ? > 1D D85 5>4 ?6D85 C 9C 1 CI=2?< ?6 D85 E>D5>129<9DI
16D5B D81D D9=5 9> D85 F95G ?6 =1>I ?6 D85 1CCE=@D9?> D81D <1G 1>4
C?395DI31>251>1<IC54 9>D5B=C?61 B5<1D9F59?EC21<1>39>71>4
3 ? = @ B ? = 9 C 9 > 7 ?6 9>D5B5CDC G9D89> 1 >5EDB1< C?391< 1>4 <571< CICD5=
$ 1 I 8 5 G C 4 +" .2) --,/12+'16 9C 454931D54 D? '1BC?>C 1>4
@B?3< 19 =C 9DCB5<91>35?> 89C3?>35@DCD8B?E78?ED > 1 <1D5B@1@5B?> <1G
1>4 C?391< 381>75 8?G5F5B $ 1 I 8 5 G 9C =E38 =?B5 3?>35B>54 D? 1C;
G81D 9C =9CC9>7 9> D85 '1BC?>91> C385=5 D? 5H@<19> G8I B135 B5<1D9?>C
<1GC 1C G5<< 1C ?D85B <571< B56?B=C 45C97>54 D? 79F5 >5G B978DC D?
49C14F1>D1754 C?391< 7B?E@C 81F5 >?D 13895F54 G81D B56?B=5BC 8?@54
6?B 1>4 81F5 ?6D5> C55=54 ?>3?EB175 B5C5>D=5>D ?6 D85 <571<
CICD5= 1 = ? > 7D85C57B?E@C $ 1 I 8 5 G $1 I 8 5 G3?>3<E45C D81D D85
<571< CICD5= 9C =E38 =?B5 '0,)1#" 6B?= ?D85B 5<5=5>DC ?6 >?B=1D9F5
CDBE3DEB5 9> C?395DI D81> '1BC?>C 9451C CE775CD 33?B49>7DB?<3?<<53D9F9D95C1>4 B?<5C D81> D85 D85?BICE@@?C5C
- 8 1 D D5>4C D?81@@5> D85> 9CD81D 5H@<939D <571< 3 ?==9 D =5> D C 1B5 =145
D8B?E78 D85 9>3?B@?B1D9?> ?6@1BD93E<1B 9>D5B@B5D1D9?>C ?6C?395D1< F1<E5C
9> >5G <579C<1D9?> - 8 5 > D85C53?==9 D =5>D C1B5 >?D B51<9C54 9> 381>75C
1D D85 <5F5< ?6 3?<<53D9F9D95C 1>4 B?<5C D85 <579D9=13I ?6 D85 <571< ?B45B
9DC5<631> 25 @ED 9> 9CCE5 *8?C5 9=@1D95>D 6?B 25DD5B B135 B5<1D9?>C 6?B
5H1=@<5 =1 I 3?=5 D? C55 D85 @B?65CC54 9451<C ?6 D85 <1G 1C 1 C81=
=5B5<I145F935D?=9C<514D85B5<1D9F5<I@?G5B<5CC9>D?25<95F9>7D81DD85
9>:ECD935C D85I CE665B 1B5 1 =1DD5B ?6 B51< 3?>35B> D? D85 B5<1D9F5 3 D 9 ? > 1 < 9 C =KD 8 5 3?=@<5H ?6 =5D8?4C ?61>1<IC9C 1>4 ?B95>D1D9?>C 9>
C?391< D85?BI D81D 1B5 DI@931<3D9?>1< 1>1<IC9C 9>
C?39 ?< ?7IK@?C9 D C >? C9>7<5 =?D?B?B 175>D?6381>75 9> C?391< CICD5=C
> D85?BI 1<< 5<5=5>DC 9> CE38 1 CICD5= =1I 3?>DB92ED5 D? CD129<9DI ?B
381>75 1>4 D85 B5<1D9F5 C97>96931>35 ?6 49665B5>D 5<5=5>DC 9> 4?9>7 C?
=1I F1BI 9> 49665B5>D CICD5=C 1>4 1D 49665B5>D D9=5C )? 6E>3D9?>1<
1>1<IC9C 81C 255> 3<19=54 1C 1 6E<1<IC9C ?6
C?391< @85>?=5>1 2531EC5 9D 4?5C >?D B54E35 D85= D? 1>I 3?>C9CD5>D
5HD5B>1<D81D9C5HD5B>1<D?D8549C39@<9>1BIC3?@5?613145=93C?39?<?7I
316
311
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5<5=5>D CE38 1C 5 3 ? > ? = 9 3 3?>49D9?>C ?B @ C I 3 8 ? < ? 7 9 3 1 < 613D?BC ED 1
3?>C5AE5>35 ?6 D85 1@@B?138 9C D81D 89CD?B931< 1>1<IC9C ?6 3 ? > 4 9 D 9 ? > C
C 8 1 @ 9 > 7 C?391< @ 8 5 > ? = 5 > 1 K 6 ? B 5H1=@<5 G 8 I @B5CCEB5C 6?B 3 8 1 > 7 5 ?B
@1BD93E<1B C?391< D5>C9?>C 1>4 3?>6<93DC 1B9C5 1D @1BD93E<1B D9=5C 1>4 G 8 I
<571< 4?3DB9>5 1>4 9>CD9DED9?>C 9> @1BD93E<1B C?395D95C 81F5 3 ? = 5 D?
@B5C5>D @1BD93E<1B381B13D5B9CD93CK9C <5CC D81> 35>DB1< D? B5C51B38 *85C5
381B13D5B9CD93CD5>4 D?25 B1D9?>1<9C54 9> 6E>3D9?>1< D5B=CG9D8?ED B565B5>35
D? D85 3 ? =@ < 5 H 89CD?BI ?6 8 E = 1 > 1 3 D 9 ? > C K? 6 D 5 > ?6 3 ? = @ 5 D 9 > 7 9>D5B5CD
7B?E@C ?B 3<1CC5CKD81D 9>6<E5>35 D85 C81@5 ?6 C?391< 9>CD9DED9?>C * 8 5
6E>3D9?>1<9CD <?793 ?6 C I C D 5 = 1>4 CDBE3DEB5 9C C ? = 5 D 9 = 5 C 81B4 D?
B53?>39<5 G9D8 D85 E>D94I 41D1 ?689CD?BI 1>4 D85 3 ? =@ < 5 H 9 D 9 5 C ?68 E = 1 >
=?D9F1D9?>C
*89 C <1CD @?9>D <514C D? D85 6B5AE5>D3D 9 ?>1<
1>1<IC9C D5>4C D? <51F5 8 E = 1 > 259>7C ?ED ?6 D85 C?39 ?< ?79 31< @93DEB5
DB51D9>7CICD5=C1>4 > ? B =1 D 9 F 5CDBE3DEB5C1C 8 1 F 9 > 71; 9 > 4?69>45@5>45>D
5H9CD5>35 G8 5 > 9> 613D C?391< B5<1D9?>C 1>4 D85 > ? B = 1 D 9 F 5CDBE3DEB5C 1>4
= 5 1 > 9 > 7 C D81D 7?F5B> D85= 1B5 3B51D54 2I 9 > 4 9 F 9 4 E 1 < C 9> 1 3 ? > D 9 > E ? E C
@B?35CC ?6 9>D5B13D9?> 1B 6B?= 259 >7 CD12<5 = ? > ? < 9 D 8 9 3 5<5=5>DC ?6
C?395D95C D85I =1I 25 =?B 5 1@@B?@B91D5 1C 9> 1 3 ? > D 9 > E ? E C 6<EH
B 5 6 < 5 3 D 9 > 7 D85 9 > > E = 5 B 1 2 < 5 4 9 6 6 5 B 5 > D 1 > 4 3 8 1 > 7 9 > 7 ? E D < ? ? ; C
5H@53D1D9?>C E>45BCD1>49>7C 1>4 25<956C ?6D85 9 > 4 9 F 9 4 E 1 < CG 8 ? = 1 ; 5 E@
1 C?395DI 9>1<35@D ?6 @?G5B 1C 3?>DB?< G 8 9 3 8 1 @5BC?> 81C
,3#/ +,1&#/?6D5> D5>4C D? 69>4 <9DD<5 @<135 9> C?39 ?< ?79 31< 6 E > 3 D 9 ? > 1 < 9 C =
(5< 1 D 9 ?> C 89 @C 25DG55> CE2CICD5=C 1B5 C55> 1C B5<1D9?>C ?6 5H381>75
'?G5B 963?>C945B541D1<< D5>4CD?25 F 9 5 G5 41C1 B5C?EB35 6?B6 E < 6 9 < = 5 > D
?6 CICD5= 6E>3D9?>C >?D 1C 1 @?D5>D91<D G 8 9 3 8 = 1 I
G ? B ; 1719>CD D85 B51<9C1D9?> ?6 1 75>E9 >5 C?391< C?<941B9DI
*85C5?B95>D1D9?>C1@@51B D?252E9<D 9>D?D85 6E>3D9?>1<9CD@5BC@53D9F5
*85 @B5CE@@?C9D9?> D81D C?395D95C 31> 25 D8?E78D ?61C CICD5=C @B ? =? D 5 C
D85 1CCE=@D9 ?> D81D D859B >1DEB1< 3?>49 D 9 ?> 9C ?>5 ?6 CD129<9DI 1>4 D81D
6B?= D89C5CC5>D91<>1DEB5CICD5=>554C?B9=@5B1D9F5C31>25D85?B5D931< 96D85C51 C C E =@ D 9 ? > C1B51335@D54 D85 6 E>3D 9 ?>1< 1@@B?138
D5>4C D? ?665B <9DD<5 7 E 9 4 1 > 3 5 9> 3?>C945B9>7 G 8 I CICD5= >554C 1B5 =5D
?>5 G1 I B1D85B D81> 1>?D85B 9> @1BD93E<1B C?395D95C
.5D 1C175>5B1< 1@@B?138D?D85CDE4I?6C?391<@ 8 5 > ? = 5 > 1 6 E>3D 9 ?>1<
1 > 1 4 9 C @ 5 > C 1 2 < 5 D??< ?6 C ? 3 9 ? < ? 7 9 3 1 <
9>D5B@B5D1D9?> ?6<1G 531EC5 ?6D89C D85 381B13D5B9CD93C ?66 E > 3 D 9 ? > 1 < 9 C =
49C3ECC54 12?F5 1@@51B 9> C?391< 1>1<IC5C 9>C@9B54 2I F5BI F1B954
@?<9D931< 9451<C >4554 1C G9 < < 25 C55> 9> D85 >5HD 381@D5B D85C5
381B13D5B9CD93C 1B5 @B5C5>D 9> C?=5 6 ? B =C ?6 $1BH9 CD D85?BI D 9C
D85B56?B5 >?D D85 31C5 1C C ? =5 3B9D93C 81F5 381B754 D81D 6 E > 3 D 9 ? > 1 < 9 C =
>535CC1B97 C?391< ?B45B 1 < D 8 ? E 7 8 1C 81C 255>
CE775CD54 9D D5>4C D? 5=@81C9 C5 D85 6?B35C @ B ? = ? D 9 > 7 CD129<9DI EBD85B
D85 1DD5=@D 381B13D5B9CD93 ?6 >?>$1BH9CD C?39 ?< ?79 31< 6 E > 3 D 9 ? > 1 < 9 C =
317
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D? 1>1<IC5 < 1 G 9> D5B=C ?6 D85 9>D57B1D9F5 @ B ? 2 < 5 = C ?6 C?391< CICD5=C
B19C5C = 1 > I AE5CD9?>C G 8 9 3 8 1B5 9 =@ ? B D 1 > D > D89C 2 ? ? ; 1 6 E > 3 D 9 ? > 1 <
1@@B ?138 G9 < < 25 EC54 9> 81@D 5B C@539 69 31< 1<IC535BD19> 1C@53DC
?6 D85 G ? B ; ?63?EBDC ED 6 E > 3 D 9 ? > 1 < 1>1<IC9C = E C D 25 E>45BD1;5> G 9 D 8
1 3<51B 1G1B5>5CC?6 9DC 3?>CDB19>DC < = ? C D 9 > 5 F 9 D 1 2 C 12?ED D85 G 1 I C?391< C I C D 5 = C K 9 > 3 < E 4 9 > 7 <571< CICD5=C ?6
(?DD< 5ED8>5B K 6 E > 3 D 9 ? > 9> D5B=C ?6 @?CDE<1D54 >554C ?B
5CC5>D91< 381B13D5B9CD93C ?B 3 ? > 4 9 D 9 ? > C ?65H9CD5>35 G 8 9 3 8 9 = @ 3 D 9 ?> * 8 5 1>1<IC9C 3 1 > > ? D 25 F1<E5 > 5 E D B 1 < K
D?D1< 9 > 6 < E 5 > 3 5 4 2I D85 1>1< ICD C ? G > F1<E5C
& > 5 1@@B ?138 D? D85C5 496693E<D95C 9> C ? 3 9 ? < ? 7 9 3 1 < 1>1<IC9C ?6 < 1 G 81C
255> D? DBI D? 49 F?B35 6 E > 3 D 9 ? > 1 < 1 > 1 35@DC ?6
C I C D 5 = 1>4 D? 4 5 F 5 < ? @ C?31<<54 = 9 4 4 < 5 B 1 > 7 5 D85?BI G 8 9 3 8 5 C 3 8 5 GC
D85 ; 9 > 4 ?6 9 = = 5 > C 5 1 = 2 9 D 9 ? > C 4 5 =? > C D B 1 D 5 4 2I '1BC?>91> D85?BI 1 > 4
=5B51<IC5 D85 B 5< 1D 9 ?>C89 @ 2 5 D G 5 5 > @1BD93E<1B 3<?C554 C?391< @ 8 5 > ? = 5 > 1 *8541>75B9CD81D ?61C ? = 5 G 8 1 D@ B ? 7 B 1 = = 1 D 9 3
<9CD9>7 ?6<571< 6 E > 3 D 9 ? > C ?6 ' ? 4 7 ? B 5 3 ; 9 > ? D 8 5 B 1 @ @ B ? 1 3 8
9C D? 1335@D D81D C@5396931D9?>C ?6 <571< 6 E > 3 D 9 ? > C = 1 ; 5 C5>C5 ? > 7 F1<E5C 6?B < 1 G 1B5 1335@D54 2I D85 B5C51B385B > D89C
F 9 5 GC ? 3 9 ? < ? 7 9 3 1 < 1>1<IC9C?6< 1 G31>>?D @B5D5>4 D? 25>5EDB1< G9 D 8 B571B4
D? D85C5 F1<E5C *8 5 *,/) @B9>39@<5C ?6 < 1 G 1B5 C55> 1C 5>31@CE<1D54 9>
D85 9451< ? 6 < 5 7 1 < 9 D I G 8 9 3 8 9 = @ < 9 5 C = 9 > 9 = E = @B?354EB1< 3 ? > 4 9 D 9 ? > C 6?B
: ECD 9 35 9 > 3 < E 4 9 > 7 @1BD93E<1B 3 ? = @ 1 C C 5 4 2I D85 3?>35@DC ?6
>1DEB1<: E C D 9 3 5 ? B 4E5 @B?35CC?6< 1 G > D85@5BC@53D9F5?6GB9D5BC CE38
1C ' 8 9 < 9 @ ) 5 < J > 9 3 ; 1>4 ! 5 B ? = 5 ) ; ? < > 9 3 ; C ? 3 9 ? < ? 7 9 3 1 < B5C51B38 ?> < 1 G
=E C D B53?7>9C5 D85 @ B 9 > 3 9 @ < 5 ?6<571<9DI 1C D85 35>DB1< ?B71>9 C9 >73 ? > 3 5 @ D
?6 D89C B5C51B38 1C G5 < < 1C D85 5H@<939D 9451< ?6 <571< @B13D935 ) 5 < J > 9 3 ;
EC54 D85 3?>35@D 9> C D E 4 I 9 > 7 9>4ECDB91< B5<1D9?>C )5< J >9 3; 1 > 4
) ; ? < > 9 3 ; 81C 4 ? > 5 C? 9> 1 > 1 7 @ ? < 9 3 5 G ? B ; ) ; ? < > 9 3 ; > D89C
1 @ @ B ? 1 3 8 D85 4 9 3 8 ? D ? = I ? 6 @ E B @ ? C 5 1 > 4 6 E > 3 D 9 ? > 6B?= G 8 9 3 8 D85
49 C3ECC9 ?> 9> D89C 381@D5B 2 5 7 1 > 1@@51BC D? 8 1 F 5 1< =?CD 49C1@@51B54
* 8 5 ?669391< F1< E5C ? 6-5CD5B> < 1 G2 5 3 ? = 5 1<C? D85 3B9D5B91 ? 66 E > 3 D 9 ? > 1 <
>554
&0-5;-/9);1=-<5+;165:6.)>
* 8 5 <9D5B1DEB549C3ECC54 9>D89C381@D5B4?5CCE775CDC ? = 5C?<ED9?>CD?D85

@ B 9 =1 B I D85?B5D931< AE5CD9?> D81D D85 =1D 5B 9 1< 9> D85 69BCD D G ? 381@D5BC
@?C54 8 ? G 9C 9D @?CC92<5 6?B < 1 G D? 13D 1C 1> 1@@1B5>D ? = ? E C
175>3I 9> C?395DI 1D D85 C1=5 D 9 =5 1C 9D 4 5 @ 5 > 4 C E @ ? > 1>4 B56<53DC
@1BD93E<1B C?391< 1 > 4 3E<DEB1< 3 ? > 4 9 D 9 ? > C * 8 9 C <9D5B1DEB5 C55C < 1 G 1C
8 1 F 9 > 7 D85 C@539693 D1C; ?6 9>D57B1D9>7 D85 49F5BC5 5<5=5>DC ?63?<<53D9F5
318
313
40+ +1#%/1'3##!&+'0*
<965 > -5 C D 5 B > C?395D95C < 1 G C 1 E D ? > ? = I 45B9F5C 6 B ?= D89C C@539693
6 E>3D 9 ?> * 8 E C 6?B '1BC?>C < 1 G 7 B 1 4 E 1 < 3D 5<5=5>D
?6 > ? B =1 D 9 F 5 CDBE3DEB5 1C 1 3 ? > C 5 A E 5 > 3 5 ? 6 1>4 1> 5<5=5>D 9> 1 F1CD
89CD?B931< @B?35CC ?6 CE2CICD5= 49 665B5>D 9 1D 9 ?> 9> -5CD5B> C?395D95C
35>DB54 ?> D85 B5<1D9?>C ?65 3 ? > ? = I 1>4 @?< 9 D I # 1 G C C@5391< 6 E > 3 D 9 ? > C
1B5 1<C? 456 9 > 54 9> D5B=C ?6 D85C5 3 ? > 4 9 D 9 ? > C 1>4 D85 B5AE9B5=5>DC 6?B
D859B = 1 9 > D 5 > 1 > 3 5 1>4 5HD5>C9?> D D85 C 1 = 5 D9=5 < 1G 45@5>4C E @ ? >
C81B54 C?395D1< F1<E5C I 3?>DB1CD E B ; 8 5 9 = 4?5C >?D 4 5 F 5 < ? @ 1
3?>35@D?6< 1 G3<51B7E9C854 6 B ? = =?B1< 9 D I ?BC?395D1< F1<E5C ?B
8 9 = 8?G5F 5B < 1 G C 1 E D ? > ? = I 5 =5 B 7 5 C 9> 1 3?>35@D 9 ?> ?6 ? B 7 1 > 9 3
C?<941B9DI 9> G 8 9 3 8 C81B54 F1<E5C 1B5 9>85B5>D 9 6 ? B = <571<?B45B9C>535CC1B9<I1 C C E = 5 4 B ? = 259 >71 =5B5 B56<53D9?>
1>4 5H@B5CC9?> ?6C81B54 25<956C1>4 F1<E5C < 1 G2 5 3 ? = 5 C 1 =? B 1 < 175>3I
D? CE2CD9DED5 6?B D 85= D 81C D85 C @ 5 3 9 6 9 3 D1C; ?6 3??B49>1D9>7 1>4
CDBE3DEB9>7 49F5BC5 =? B 1 < = 9 < 9 5 E H 9 >D ? 1> ?F5B1<< C?391< E>9DI
B?= 1>?D85B F 9 5 G @ ? 9 > D D85 D85?BI 49C3ECC54 85B5 5<12?B1D5C D85
9 =@ < 9 3 1 D 9 ? > C ?6 8 B < 9 3 8 C 3 ? > 3 5 @ D 9 ? > ?6 < 1 G 1C D85 9>>5B ?B45B9>7 ?6
C?391< 1CC?391D9?>C > C ? = 5 6 E > 3 D 9 ? > 1 < D85?BI 9> ' ? E > 4 C G?B ; 1>4 9>
'1BC?>C = 1 : ? B G B 9 D 9 > 7 C < 1 G 9C D1;5> D? = 5 1 > CD1D5 <1G ?B <1GI5BC < 1 G
2ED ?6 '1BC?>C 5<C5G85B5 35BD19> 2ED
E B ; 8 5 9 = 9C ?6D5> 1 = 2 9 7 E ? E C 1 G 9 4 5 B F 9 5 G ?6 <1G 9C D1;5> * 8 9 C
49CD9>3D9?> 8 ? G5 F 5 B 9C 9 = = 1 D 5 B 9 1 < 6?B @B5C5>D @EB@?C5C 2531EC5 5F5>
G 8 5 > < 1G 9C D1;5> D? = 5 1 > D85 B57E<1D?BI 6 B 1 = 5 G ? B ; ?6 D85 CD1D5 9D 9C
3?>C945B54 D? 25 D85 < 1G ?6 1> 9>D57B1D54 1CC?391D9?> 9> 8 B < 9 3 8 C C5>C5
1 7 B ? E @ 9># < 5 G 5 < CC5>C5?B1 C ? 3 9 1 <C I C D 5 = 9> '1BC?>C1>4 < 1 G C
6 E>3D 9 ?>C 1B5 5<12?B1D54 D8B?E78 1> 5 H 1 = 9 > 1 D 9 ? > ?6 D85 @ B ? 2 < 5 = C ?6
9>D57B1D9?> ?6 CE38 1> 5>D9DI
D 9C D85 G 1 I D85C5 @ B ? 2 < 5 = C 1B5 @5B359F54 9> D89C D85?BI D81D 9C =?CD
? @ 5 > D? AE5CD9?> >D57B1D9?> 9C 3 ? > 3 5 9 F 5 4 85B5 9> D G? G1IC '1BC?>C
1>1<IC5C 1B5 @ B 9 =1 B 9 35B>54 G 9 D 8 G81D 31> 25 31<<54 CICD5=
9 > D 5 7 B 1 D 9 ? > KD 8 5 9>D57B1D9?> ?6CE2CICD5=C G 9 D 8 9 > 1 C?391< CICD5= 5B5
9D 31> 25 1335@D54 D81D < 1G 81C 9 =@ ? B D 1 > D 1>4 3 ? = @ < 5 H 6 E > 3 D 9 ? > C
1< D 8?E78 D859B C@5396931D9?> BE>C 9 >D ? D85 @ B ? 2 < 5 = C ?66E>3D9?>1<9CD < ? 7 9 3
49C3ECC54 9> D85 @B5F9?EC C53D9?> E B ; 8 5 9 = 8?G5F5B E>45BCD1>4C
9>D57B1D9?> @ B 9 = 1 B 9 D 1 > 5 ? E C C?391< 3?85C9?> 1B9C9>7
6 B ?= C81B54 25<956C ?B 1DD9DE45C ?B = E D E 1 < 3??@5B1D9?> ? 5 C D85 < 1 G ?6
D85 CD1D5 3?>DB92ED5 D? C?391< C?< 9 41B 9 D I D C55=C ?6D5> D? 1 C C E =5
9 =@?B D 1 > 3 5 G 8 5 > C?<941B9DI 9C @1D5>DD > D85 =94CD ?6CDB1>75BC
< 1GB51385C9DC89785CD<5F5< < 1 3 ; $ E 3 8 <9D5B1DEB53?>C945B54
C?61B9> D89C2 ? ? ; 81C D5>454 D?CE775CD D81D C?391< B5<1D9?>C5H8929D = ? C D
8 1 B = ? > I G 8 5 > < 1GI5B C < 1 G 9>DBE45C <51CD *8 5 45=?>CDB1D9 ?> ?6 D89C
81C 8 ? G5 F 5 B 75>5B1< 5 F 9 4 5 > 3 5 ?6 B5<1D9F5C 6?B 5 H 1 = @ < 5 1 2EC9>5CC 3 ? = = E > 9 D I ?B <?31<
319
314
&# +1#%/1'3# 2+!1',+0 ,$4
3 ? = = E > 9 D I 9> G 8 9 3 8 CDB?>7 D95C ?63 ? = = ? > 9>D5B5CD ?B C81B54 1DD9DE45
1>4 25< 9 56 5H9CD
D9C4 9 6 6 9 3 E < DD? 4B 1G 3<51B3?>3< EC9 ?>C 6B?= 5=@9B931< 5F945>35 12?ED
D85 B5<1D9?>C89@25DG55> C9J5 8 ? G5 F 5 B =51CEB54?61 C?391< CICD5= 1>4
9DC @?<9D931< ? B 71 > 9 C 1 D 9 ?> ?6 1 8 < 1>4 *E6D 5 D C55=C B51C?>12<5
8?G5F5B D? 8I@?D85C9C5 D81D !#1#/'0 -/' 20 D85 =?B5 5HD5>C9F5 ?B
49C@5BC54 D85 1CC?391D9?> ?B 7B?E@ D85 7B51D5B G9 < < 25 D85 @B?2<5= ?6
3B51D9>7C?391< C?<941B9DI2531EC5?6D85C?391< 1>4 75?7B1@8931< 49CD1>35C
25DG55> = 5 = 2 5 B C 1B9C9>7 6B?= 7 B ? E @ C9J5 1>4 3 ? =@ < 5 H 9 D I C CE38
7B?E@C 9>3B51C5 9> C9J5 1>4 3 ? =@ < 5 H 9 D I ?6 C?391< ?B71>9C1D9?> 9D G ? E < 4
C55= D81D ?B 71>9 C1D 9 ?>1< AE5CD9?>C ?6 <5145BC89@ @?G5B 1>4 1ED8?B9DI 1C
G5< < 1C D85 @ B ? 2 < 5 = ?6 =19 >D 5>1>35 ?6 C81B54 ?ED<??;C 1>4 25<956C ?6
= 5 = 2 5 B C =ECD 2 5 3 ? = 5 @B5CC9>7 *1I<?B *89C 9C >?D 8?G5F5B D?
CE775CD D81D @ B ? 2 < 5 = C ?6 @?G5B 1>4 @?D5>D91< 3?>6<93D 4? >?D 5H9CD 9>
C=1<<5B C?391< E>9DC >4554 C?=5 GB9D5BC 81F5 CE775CD54 D81D 3?>6<93D
= 1 I 25 @?D5>D91<75B?EC 1>4 49CBE@D9F5 9> C=1<<5BC?391<
CICD5=CG85B 51C D85 <1B75B D85 CICD5= D85 =?B5 3?>6<93D 31> 25 1335@D54
G9 D 8 5 A E 1 > 9 = 9 D I 1C 1 > ? B = 1 < 1>4 C ? =5 D 9 =5 C 3?>CDBE3D9F5 5<5=5>D 9>
C?391< 4 5 F 5 < ? @ = 5 > D
> C=1< < CICD5=C 9D =1I G5<< 25 5CC5>D91< D? CE@@B5CC 1<< 3?>6<93D 1>4
1<< 49F5BC9DI 9> D85 CD96<9>7 3 ? > 6 ? B =9 D I ?6 =5381>9 31< C?<941B9DI ?C5B
% 5 G D ? > > <1B75B CICD5=C 9D =1I 25 D81D
@?G5B CDBE77<5C 1>4 3?>6<93D 31>>?D 51C9 25
?B45B54 1>4 D? C ? = 5 5HD5>D 3?>DB?<<54 2I =?B5 3 ? = @ < 5 H 1>4 CE2D<5
=5D8?4C 9 > 3 < E 4 9 > 7 D8?C5 1CC?391D54 9> =?45B> C?395D95C G9D8 <1G
? G 5 F 5 B D85B5 9C>? B51C?> D? 1CCE=5 D81D <1G 9DC5<69C >?D 1 @1BD ?6D85C5
@?G5BCDBE77<5C +> < 5 C C D85 ?2C5BF5B 9C 3 ? > F 9 > 3 5 4 D81D 1<< 1C@53DC ?6<1G
1>49DC9>CD9DED9?>C31>25@B?@5B<IE>45BCD??4 9>D5B=C?6D855< 1 2?B 1 D 9 ?> K
133?B49 >7 D? 6 E > 3 D 9 ? > 1 < 9=@5B1D9F5C ?6 D85 C?395DI 1C 1 C?391< C I C D 5 = K
?6C81B54 21C93 F1<E5C D85> D85 AE5CD9?>C ?6 G 8 ? !,+1/,)0 D85 @B?35CC5C
?6 < 1 G = 1 ; 9 > 7 9>D5B@B5D1D9?> 1>4 5>6?B35=5>D 1>4 9> G8 ? C 5 9>D5B5CDC
D85C5@B?35CC5C1B549B53D54253?=5D85?B5D931<<I9=@?BD1>D $?CD1>1<IC5C
?63 ? > D 5 = @ ? B 1 B I -5CD 5B> <1G D81D 3 < 1 9 = 9DC 21C9C D? 25 9> C81B54 F1<E5C
= 1 ; 5 <9DD<5 1DD5=@D D? 45=?>CDB1D5 5 =@ 9 B 9 3 1 < 35 ?6 CE38 )
3?>C5>CEC 1 = ? > 7 = 5 = 2 5 B C ? 6 C?395DI
>C?61B 1C < 1G B57E<1B9C5C 1>4 6?B=1<9C5C @?G5B B5<1D9?>C 9> F1B9?EC
G1 I C9D3?>DB92ED5CD?C?391< CD129<9DI *89CCD129<9DI =1I 9> DEB>79F5 B9C5
D??B@B?D53D 6 ? B = C?6C?391< C?<941B9DI 5H9CD9>75F5> 9> D85 =?CD 3 ? = @ < 5 H
49F5BC5 1 > 4 4 9 C E > 9 6 9 5 4 3 ?> D 5 =@?B 1 B I C?395D95C EBD85B 9>C?61B 1C
C?<941B9DI 5H9CDC 9> 3 ? = @ < 5 H C?395D95C 9D 81C D? 25 DB1>C<1D54 9>D? 3?
?B49 >1D 9 ?> ) ? 3 9 1 < BE<5C 1C E B ; 8 5 9 = 1B7E54 1B5 >535CC1BI D? @B?F945
D89C3??B49>1D9?> 3 ? = = E > 9 3 1 D 9 > 7 D85 75>5B1< ?B C@5391< B5C@?>C929<9D95C
1DD1389>7 D? 9 > 4 9 F 9 4 E 1 < C 1>4 49F5BC5 7B ?E@C ?B 3?<<53D9F9D95C G9D89> 1
320
315
40++1#%/1'3##!&+'0*
C?<941BI C?395DI ? = = E > 9 3 1 D 9 ? > 1>43??@5B1D9?> 1B55CC5>D91< D?C?391<

3?85C9?> D8B?E78 ?B71>9 3 C?<941B9DI
.5D 3?5B39?> C55=C 1> 9>85B5>D 1>4 35>DB1< 651DEB5 ?6 CD1D5 < 1G >
3?>D5=@?B1BI -5CD5B> C?395D95C D89C <1G 9C B53?7>9C54 1C D85 4 ? = 9 > 1 > D
31D57?BI ?6C?391< BE<5C *85 @?<935 @?G5B 1>4 =9<9D1BI 6?B35 ?6D85 CD1D5
1B5 5H@<939D;54 D? 9D * 8 B ? E 7 8 9D CD1D5 @?G5B @5B=51D5C C?391<
B5<1D9?>C ?G5F5B 96<1G 9C C55> 1C 6 ?B =1 < 9 C 9 > 71>4 6 B 1 = 9 > 7B5<1D9?>C?6
3?5B39?> 1>4 45@5>45>35 9DC 3 ? =@ 1 D 9 2 9 < 9 D I G9D8 C?<941BI B5<1D9?>C ?63?
? @ 5 B 1 D 9 ? > 1 > 4 = E D E 1 < 9 > D 5 B 4 5 @ 5 > 4 5 > 3 5 9 C @ED 9 > 4 ? E 2 D * 8 5 C 5
3?>C945B1D9?>C CE775CD 1 >554 D? 1@@B ?138 D85 AE5CD9?> ?6D85 B5<1D9?> ?6
<1G C81B54 25<956C 1>4 C?391< C?<941B9DI 6B?= 1 49665B5>D @5BC@53D9F5
?>DB1BI D? E B ; 8 5 9 = C 3?>35@D9?> ?6?B71>93 C?<941B9DI C?<941B9DI 4?5C
>?D >535CC1B9D5B45@5>45>35 *? D1;5 1> 5HDB5=5 5 H 1 = @ < 5
9> 1 C<1F5 C?395DI D85B5 =1I 25 3?>C945B12<5 6E>3D9?>1< 9>D5B45@5>45>35
25DG55> C<1F5 1>4 =1CD5B5 7 ? ? @ 5 B I5D <9DD<5 C?<941B9DI
D =1I 25 =E 3 8 =?B5 133EB1D5 D? C1I D81D ?B71>93 C?<941B9DI 1C 1 =?B1<
@ 8 5 > ? = 5 > ? > 1B9C5C 6B?= 1 @?C9D9F5 B53?7>9D9?> 1>4 1335@D1>35 2I
9 >49 F9 4E1< C 1>4 7B?E@C ?6D859B 9>D5B45@5>45>35 1>4 ?69 =@ ? B D 1 > D = E D E 1 <
?2<971D9?>C 21C54 ?> 9D 9> ?D85B G?B 4C 9D 45@5>4C ?> @5B35@D9?>C 1>4
25<956C 12?ED 1 C?391< C9DE1D9?> ?B C?391< ?B45B > D89C G1 I C?<941B9DI
21C54 ?> 9>D5B45@5>45>35 9C3<?C5<I3?>>53D54G9D8 25<956C?69 > 4 9 F 9 4 E 1 < C
12?ED D85 >1DEB5 ?6 D859B C?395DI 25<956C D81D C ? = 5 8 ? G >5EDB1<9C5 D85
1@@1B5>D 9 > 3 ? =@ 1 D 9 2 9 < 9 D I 25DG55> D85 3?5B39F5 381B13D5B ?6 < 1 G 1>4 D85
3??@5B1D9F5 381B13D5B ?6 C?<941BI C?391< B5<1D9?>C - 8 1 D 9C 9 =@ ? B D 1 > D 9C
D? 5H@<19> D85 3?>49 D9 ?>C E>45B G 8 9 3 8 CE38 25<956C = 1 I 5H9CD 1>4 D85
3?>DB92ED9?> D81D <1G 9DC5<6 =1I = 1 ; 5 D? D859B @B?@171D 9 ?>
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Ȉ Social Change in India
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