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9AB7C:B=DK =< ABO8> <CBA?>8 => J89C:=78AA?AC> 7C>7BD=FC"
5?>>8D: :J8>C9L MB:J !QBD:8><8>=D BK ;B>87:8; C: OB>CA
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EVWXVY =< 9C:B8D:K MB:J=?: 7B>>J=KBK- CD; A8KK :JCD
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>8K9=D; := CD:BQOB>CA :J8>C9L BK JBNJAL ;8KB>C@A8"
\D $C9CD NAL7L>>JBUBD JCK @88D ?K8; <=> F=>8 :JCD
EV L8C>K CK :>8C:F8D: <=> 7J>=DB7 J89C:B:BK" \D >CDQ

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7B>>J=KBK CD; 7C>>B8K CD BD7>8CK8; >BKP =< J89C:=78AA?AC>
7C>7BD=FC"G- E *9=D:CD8=?K >8FBKKB=D =< OB>CA >89AB7CQ
:B=D BK >C>8R :J8>8<=>8- 8<<87:BO8 :>8C:F8D: BK JBNJAL
;8KB>C@A8" !>8C:F8D: MB:J !QBD:8><8>=D A8C;K := K8>?F
CACDBD8 CFBD=:>CDK<8>CK8 S&.!T D=>FCABUC:B=D CD;
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:>8C:F8D: K:>C:8NB8K JCO8 := @8 K=?NJ: <=> :J=K8 MJ= ;=
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C7:BOB:L >8;?7BDN => J89C:=9>=:87:BO8 F8;B7C:B=D"

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! GHHf 2AC7PM8AA *7B8D78 .:;

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BF9>=O8F8D: BD ABO8> JBK:=A=NL 7=F9C>8; := 9AC78@="
(878D:AL- :J8K8 KJ=>:Q:8>F 8<<87:K JCO8 @88D CF9ABQ
b8; @L C M8AAQ7=D;?7:8; >8:>=K987:BO8 K:?;L K?NN8K:BDN
:JC: A=DNQ:8>F ?KCN8 =< NAL7L>>JBUBD 9>8O8D:K ;8O8AQ
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:B:BK 5"
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9C:=9>=:87:BO8 8<<87:K =< NAL7L>>JBUBD C>8 ;BK7?KK8;"

\D $C9CD NAL7L>>JBUBD- C DC:?>CA 7=F9=?D; 8]:>C7:8;

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F=>8 :JCD EV L8C>K CK C :>8C:F8D: <=> 7J>=DB7 J89C:B:BK"X
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;8>FC:=A=NB7CA b8A;" \D CD C::8F9: := ?K8 NAL7L>>JBUBD
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:J8 :>CDKCFBDCK8K" \D GHII *?U?PB "( &*" 98><=>F8; C
;=?@A8Q@ABD; >CD;=FBU8; 7=D:>=AA8; :>BCA BD G[[ 7CK8K
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KBNDBb7CD:AL BD :J8 N>=?9 :>8C:8; MB:J NAL7L>>JBUBD
GHH

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7J>=DB7 C7:BO8 J89C:B:BK MB:J NAL7L>>JBUBD"f !J8 F87JCQ
DBKF @L MJB7J NAL7L>>JBUBD BF9>=O8K :J8 @B=7J8FBK:>L
CD; JBK:=A=NL BK ?DPD=MD" !JBK >8OB8M MBAA ;8CA MB:J :J8
F8:C@=ABKF CD; 9JC>FC7=PBD8:B7K- :J8 KB;8Q8<<87:K- CD;
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\: MBAA CAK= ;BK7?KK :J8 A=DNQ:8>F 8<<87:K =< NAL7L>>JBUBD BD
:J8 :>8C:F8D: =< 7J>=DB7 OB>CA J89C:B:BK 5"
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EVV

,8;ABD8 SGHaaW,CL GHHIT MCK ?K8; CK C >8<8>8D78

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>8K987:BO8 >8<8>8D78 ABK:K"
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NAL7L>>J8:BDB7 C7B; @L BD:8K:BDCA @C7:8>BC MJB7J 7=D:CBD
"Q0QNA?7?>=DB;CK8 S_BN?>8 GT"H &<:8> BD:>CO8D=?K C;Q
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C;FBDBK:8>8; NAL7L>>JBUBD BK F8:C@=ABU8; BD :J8 ABO8> @L
ALK=K=FCA "Q0QNA?7?>=DB;CK8 := [QF=D=QNA?7?>=DB;8W
NAL7L>>J8:BDB7 C7B;" !J8 J?FCD ABO8> BK D=: C@A8 :=
F8:C@=ABU8 [QF=D=QNA?7?>=DB;8WNAL7L>>J8:BDB7 C7B; :=
NAL7L>>J8:BDB7 C7B;R [QF=D=QNA?7?>=DB;8WNAL7L>>J8:BDB7
C7B; BK 8]7>8:8; MB:J @BA8 BD:= :J8 BD:8K:BD8 MJ8>8
@C7:8>BC F8:C@=ABU8 B: := NAL7L>>J8:BDB7 C7B;- MJB7J BK >8Q
C@K=>@8;"GV
&<:8> BD:>CO8D=?K BD^87:B=D =< NAL7L>>JBUBD BD J8CA:JL
O=A?D:88>K :J8 :8>FBDCA JCA<QAB<8 S(GhE T CD; :J8 :=:CA @=;L
7A8C>CD78 S6*:=:T M8>8 E"IWX"f J CD; GaWE` F."JhPN>8K987:BO8AL" &<:8> C fV FN ;=K8 :J8 FC]BF?F NAL7L>Q
>JBUBD 9ACKFC 7=D78D:>C:B=D MCK EH"[ #NhF.R BD :JBK
K:?;L NAL7L>>J8:BDB7 C7B; MCK D=: ;8:87:8; BD :J8 9ACKFC9>=@C@AL @87C?K8 :J8 ;8:87:B=D ABFB: =< :J8 CKKCL
SV"V`V #NhF.T MCK :== JBNJ" &<:8> =>CA C;FBDBK:>C:B=D
=< GVV FN NAL7L>>JBUBD BD :J8 KCF8 J8CA:JL O=A?D:88>K D=
NAL7L>>JBUBD MCK <=?D; BD :J8 9ACKFCR NAL7L>>J8:BDB7 C7B;
MCK <=?D; C: i EVV DNhF." \D :J8 EXQJ 98>B=; C<:8> =>CA
C;FBDBK:>C:B=D- NAL7L>>JBUBD MCK 8]7>8:8; BD ?>BD8K?NN8K:BDN :JC: NAL7L>>JBUBD BK 9C>:AL C@K=>@8; CK CD
BD:C7: ;>?N- 9>=@C@AL :J8 ;8:87:B=D ABFB: =< :J8 CKKCL
SV"` #NhF.T MCK :== JBNJ := ;8:8>FBD8 :J8 O8>L KFCAA
CF=?D:K =< 9ACKFC NAL7L>>JBUBD"GG
! GHHf 2AC7PM8AA *7B8D78 .:;- S*$4"0( ;.&'4&)3* T."' !"# GHHWEV`

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8BNJ: 7J>=DB7 J89C:B:BK 9C:B8D:K M8>8 a"V J S>CDN8 X"[W
GV"I JT CD; I"H F."JhPN S>CDN8 X"`WGE"I F."JhPNT>8K987:BO8AL" 5=F9C>8; := J8CA:JL K?@^87:K- :J8 (GhE CD;
:J8 6*:=: M8>8 E CD; V"I :BF8K N>8C:8>- >8K987:BO8AL" !J8
:=:CA @=;L 7A8C>CD78 MCK BDO8>K8AL 7=>>8AC:8; MB:J
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<>=F I"a := ["X J CD; :J8 6*:=: BD7>8CK8; <>=F E"f :=
GG"X F."JhPN" !J?K- 9JC>FC7=PBD8:B7 9>=bA8K C<:8>
BD:>CO8D=?K C;FBDBK:>C:B=D =< NAL7L>>JBUBD C>8 7=>>8AC:Q
8; MB:J :J8 <?D7:B=DCA 7C9C7B:L =< :J8 ABO8>"GE- G[
)!&-3-44-(#)

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PCAC8FBC CD; JL98>:8DKB=D- BK C M8AAQPD=MD KB;8Q8<<87:
=< NAL7L>>JBUBD"GX *:8MC>: "( &*" 7=D7A?;8; :JC: NAL7L>Q
>JBUBDdK F8:C@=AB:8 NAL7L>>J8:BDB7 C7B; 7C?K8K :JBK
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8]BK:K =< :M= BK=<=>FK" !J8 >8DCA BK=<=>F GG "Q;8Q
JL;>=N8DCK8 7=DO8>:K 7=>:BK=A := 7=>:BK=D8 CD; :J8
ABO8> BK=<=>F GG "Q=]=Q>8;?7:CK8 7C:CALK8K :J8 >8O8>K8
>8C7:B=D"Ga #AL7L>>J8:BDB7 C7B; ;=8K D=: BDJB@B: :J8
GG "Q=]=Q>8;?7:CK8- @?: ;=8K BDJB@B: :J8 >8DCA GGQ"
;8JL;>=N8DCK8"GI !JBK A8C;K := BD7>8CK8; 7=>:BK=A A8O8AK
BD :J8 PB;D8L" 287C?K8 7=>:BK=A CD; CA;=K:8>=D8 @BD;
MB:J :J8 KCF8 C<bDB:L := :J8 FBD8>CA=7=>:B7=B; >8789:=>CD BD7>8CK8 BD >8DCA 7=>:BK=A MBAA >8K?A: BD C JL98>Q
FBD8>CA=7=>:B7=B; 8<<87:"G` *:BF?AC:B=D =< :J8 FBD8>CAQ

_BN?>8 E" ,87JCDBKF =< KB;8Q8<<87:K" #AL7L>>J8:BDB7 C7B; BDJB@B:K

7=DO8>KB=D =< 7=>:BK=A := 7=>:BK=D8" !J8 K?>9A?K =< 7=>:BK=A
K:BF?AC:8K :J8 FBD8>CA=7=>:B7=B;Q>8789:=> BD :J8 PB;D8L- MJB7J
7C?K8K K?99>8KKB=D =< :J8 >8DBDWCDNB=:8DKBDWCA;=K:8>=D8 KLK:8F
S(&&*T- K=;B?F >8:8D:B=D CD; PCAB?>8KBK"
! GHHf 2AC7PM8AA *7B8D78 .:;- S*$4"0( ;.&'4&)3* T."' !"# GHHWEV`

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5=F9=?D;

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=7=>:B7=B; >8789:=> A8C;K := K?99>8KKB=D =< >8DBD 9>=Q

;?7:B=D- CD; K?@K8Z?8D:AL := ;BFBDBKJ8; <=>FC:B=D =<
CDNB=:8DKBD \ CD; CA;=K:8>=D8 S_BN?>8 ET"G`
!C@A8 G KJ=MK :J8 7JCDN8K =< 9ACKFC >8DBD C7:BOB:LCA;=K:8>=D8- K=;B?F- 9=:CKKB?F- 7=>:BK=A CD; 7=>:BK=D8 BD
9ACKFC CD; ?>BD8 ;?>BDN NAL7L>>JBUBD C;FBDBK:>C:B=D
SEE` FNh;CL <=> I ;CLKT BD Gf O=A?D:88>K"Gf eACKFC
>8DBD C7:BOB:L CD; CA;=K:8>=D8 M8>8 K?99>8KK8; ;?>BDN
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:J=?NJ :J8 ?>BDC>L 8]7>8:B=D =< 7=>:BK=A BD7>8CK8;- 9ACKFC
7=>:BK=A A8O8AK >8FCBD8; D=>FCA" 2=:J 9ACKFC CD; ?>BDC>L
7=D78D:>C:B=D =< 7=>:BK=D8 ;87>8CK8;" \D :JBK K:?;L D=
CA:8>C:B=D =< @=;L M8BNJ: CD; F8CD @A==; 9>8KK?>8 M8>8
=@K8>O8;- CA:J=?NJ NCBD BD @=;L M8BNJ: CD; JL98>:8DKB=D
C>8 7=FF=D KB;8Q8<<87:K =< NAL7L>>JBUBD"GX &<:8> NAL7L>Q
>JBUBD MB:J;>CMCA :J8 8<<87:K =D 8A87:>=AL:8 F8:C@=ABKF
>87=O8>8; C<:8> G M88P- 9ACKFC >8DBD C7:BOB:L CD; CA;=Q
K:8>=D8 >8FCBD8; A=M <=> EWX F=D:JK"GH- EV
!J8 BD7B;8D78 BK ;=K8Q;898D;8D: CD; ;B<<8>K CF=DN
K?@^87:Kg KB;8Q8<<87:K =77?> F=>8 =<:8D BD 7=D;B:B=DK
<CO=?>BDN K=;B?F >8:8D:B=D- K?7J CK 9>8QF8DK:>?CA
98>B=; => =>CA 7=D:>C789:BO8 ?K8- CD; C>8 <C7BAB:C:8; @L
K?@7ABDB7CA ;BK8CK8K CK @=>;8>ABD8 JL98>:8DKB=D CD; JBNJ
9ACKFC >8DBD C7:BOB:L"EV- EG
!J>88 7CK8 >89=>:K C>8 F8D:B=D8; BD MJB7J K8O8>8
JL9=PCAC8FBC Si E FF=Ah.T 7C?K8; @L 8]78KK AB7=>B78
7=DK?F9:B=D BD;?78; 7C>;BC7 C>>JL:JFBCR BD =D8 7CK8 B:
A8; := 7C>;BC7 C>>8K:"EE- E[ 6L9=PCAC8FBC 7CD CAK=
BD;?78 C7?:8 >JC@;=FL=ALKBK MB:J C 7ABDB7CA 9>8K8D:CQ
:B=D =< F?K7A8 M8CPD8KK- 9C>C9C>8KBK => Z?C;>B9A8NBC"
!J8K8 KLF9:=FK :=:CAAL ;BKC998C>8; C<:8> 78KKC:B=D =<

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AB7=>B78 7=DK?F9:B=D CD; D=>FCABUC:B=D =< :J8 9=:CKKBQ

?F 7=D78D:>C:B=D"EXWEa eC:B8D:K ?KBDN :JBCUB;8 ;B?>8:Q
B7K- MJB7J 8DJCD78 9=:CKKB?F A=KK- C>8 C: >BKP =<
;8O8A=9BDN K8O8>8 JL9=PCAC8FBC CD; KJ=?A; @8 F=DBQ
:=>8; 7C>8<?AAL ;?>BDN NAL7L>>JBUBD :>8C:F8D:"

1.+$*+(%0%5!(+0 -44-( #)

S0($F#$'&* "55")(
\D GHII e=F98B "( &*" <=?D; :JC: NAL7L>>JBUBD BDJB@B:8;
N>=M:J CD; 7L:=9C:J=A=NL =< J8>98K KBF9A8] OB>?K :L98 G
BD J?FCD CD8?9A=B; 619E 78AAK" !JBK CD:BQOB>CA 8<<87: MCK
D=: F8;BC:8; @L ;CFCNBDN :J8 78AAK" #AL7L>>JBUBD CAK=
BD;?78; B>>8O8>KB@A8 A=KK =< BD<87:BOB:L =< J8>98K KBF9A8]
OB>?K :L98 G"EI \D GHHV 5>CD78 "( &*" BDO8K:BNC:8; XV CD:BQ
OB>CA 7=F9=?D;K <=> :J8B> 8<<87: =D J?FCD J89C:=FC 78AA
ABD8 e.5he(_h` BD<87:8; MB:J J89C:B:BK & OB>?K" !J8L
<=?D; C ;=K8Q;898D;8D: BDJB@B:B=D =< J89C:B:BK & OB>?K &N
8]9>8KKB=D CD; C >8;?7:B=D =< BD<87:BOB:L @L NAL7L>>JBUBD"
&: :J8 D=DQ:=]B7 7=D78D:>C:B=DK =< GVVV CD; EVVV #Nh
F.- NAL7L>>JBUBD 7=F9A8:8AL K?99>8KK8; OB>CA CD:BN8D
8]9>8KKB=D"Ef _?>:J8> BDO8K:BNC:B=D KJ=M8; :JC: NAL7L>Q
>JBUBD ;B; D=: BDC7:BOC:8 :J8 OB>?K => BDm?8D78 OB>?K
C;K=>9:B=D- @?: B: BDJB@B:8; :J8 98D8:>C:B=D =< J89C:B:BK &
OB>?K" 689C:B:BK & OB>?K 8D:8>K 78AAK @L >8789:=>QF8;BC:8;
8D;=7L:=KBK" !JBK 9>=78KK BK 9=KKB@AL BDJB@B:8; @L
NAL7L>>JBUBD @L 7C?KBDN C ;87>8CK8 BD :J8 D8NC:BO8 7JC>N8
=D :J8 78AA K?><C78 CD;h=> @L ;87>8CKBDN :J8 F8F@>CD8
m?B;B:L" !J8K8 7JCDN8K := :J8 78AA 7=?A; 9>8O8D: 98D8Q
:>C:B=D =< :J8 OB>?K S_BN?>8 [T"EH

6-(32'3(")($#" "55")(
*JBPB "( &*" <=?D; :JC: BK=AC:8; >C: J89C:=7L:8K BD7?@C:8;
MB:J CD:BQABO8> 78AA F8F@>CD8 CD:B@=;L 9A?K 7=F9A8F8D:

>8A8CK8 CK9C>:C:8 CFBD=:>CDK<8>CK8" !JBK CK9C>:C:8

CFBD=:>CDK<8>CK8 >8A8CK8 MCK ABP8AL := @8 7C?K8; @L ALKBK
=< :J8 78AA SF8F@>CD8T C<:8> C7:BOC:B=D =< :J8 F8F@>CD8
9J=K9J=AB9CK8 &E @L :J8 CD:BN8DWCD:B@=;L >8C7:B=D"
&<:8> C;;BDN NAL7L>>JBUBD := :JBK KLK:8F :J8 CK9C>:C:8
CFBD=:>CDK<8>CK8 >8A8CK8 @L :J8 J89C:=7L:8K ;87>8CK8;
KBNDBb7CD:AL" _?>:J8> BDO8K:BNC:B=D K?NN8K:8; :JC: NALQ
7L>>JBUBD BDJB@B:8; :J8 C7:BOC:B=D =< 9J=K9J=AB9CK8 &E"[V
'CPCF?>C "( &*" BD;?78; A8CPCN8 =< AC7:B7 ;8JL;>=N8Q
DCK8 CD; NA?:CFB7 =]CA=C78:B7 :>CDKCFBDCK8 BD C
F=D=ACL8> 7?A:?>8 =< >C: J89C:=7L:8K @L 8]9=KBDN :J8K8
78AAK := 7C>@=D :8:>C7JA=>B;8 S55AXT" !JBK 8DULF8 A8CPCN8
MCK 7C?K8; @L C 7JCDN8 BD F8F@>CD8 98>F8C@BAB:L" !J8
C;;B:B=D =< NAL7L>>JBUBD 7C?K8; C ;=K8Q;898D;8D: >8;?7Q
:B=D =< 8DULF8 >8A8CK8R B: MCK KABNJ:AL 8<<87:BO8 C: E` #Nh
F. CD; FC]BFCAAL 8<<87:BO8 C: EVV #NhF." #AL7L>>JBUBD
9>=@C@AL C7:8; @L C ;B>87: 9>=:87:BO8 8<<87: =D :J8
J89C:=7L:8 F8F@>CD8K @L 9>8O8D:BDN C 7JCDN8 BD 78AA
98>F8C@BAB:L S_BN?>8 [T"[G
\D C 7=F9C>C@A8 $0 #$('3 K:?;L '=K8 "( &*" 7=F9C>8; :J8
J89C:=9>=:87:BO8 C7:B=D =< NAL7L>>JBUBD CD; NAL7L>>J8Q
:BDB7 C7B;" !J8L <=?D; :JC: NAL7L>>J8:BDB7 C7B; MCK
8<<87:BO8 BD ;87>8CKBDN :J8 :>CDKCFBDCK8K BD C 7=D78DQ
:>C:B=D =< ` #NhF. CD; NAL7L>>JBUBD MCK =DAL 8<<87:BO8
C: C ;=KCN8 =< GVVV #NhF." !JBK K:?;L K?NN8K:K :JC:
NAL7L>>J8:BDB7 C7B; BK C @8::8> J89C:=9>=:87:BO8 ;>?N
:JCD NAL7L>>JBUBD"[E
&<:8> BK7JC8FBCQ>898><?KB=D ;CFCN8 =< :J8 ABO8> BD >C:
F=;8AK :J8 K8>?F A8O8AK =< CK9C>:C:8 CFBD=:>CDK<8>CK8CACDBD8 CFBD=:>CDK<8>CK8- AC7:B7 ;8JL;>=N8DCK8 CD;
AB9B; 98>=]B;8K BD ABO8> :BKK?8 BD7>8CK8;- MJBA8 :J8 ABO8>
NA?:JC:B=D8 7=D78D:>C:B=D ;87>8CK8; KBNDBb7CD:AL" e>8Q
:>8C:F8D: =< :J8 >C:K MB:J K?@7?:CD8=?K NAL7L>>JBUBD <=>
GV ;CLK K?99>8KK8; :J8 8A8OC:B=D =< AB9B; 98>=]B;8K CD;
K8>?F CK9C>:C:8 CFBD=:>CDK<8>CK8- CACDBD8 CFBD=:>CDKQ
<8>CK8 CD; AC7:B7 ;8JL;>=N8DCK8- MJBA8 :J8 NA?:C:JB=D8
7=D78D:>C:B=D BD ABO8> :BKK?8 >8FCBD8; C: 7=D:>=A A8O8A"
#AL7L>>JBUBD K?99>8KK8; ABO8> ;CFCN8 @L C7:BDN CK C
JL;>=]LAQ>C;B7CA" e>8Q:>8C:F8D: MB:J NAL7L>>JBUBD CAK=
>8;?78; :J8 F=>9J=A=NB7CA ;CFCN8 CK CKK8KK8; @L
8A87:>=D FB7>=K7=9L"[[- [X
H44>03439>*&($30

_BN?>8 [" e=KKB@A8 F87JCDBKF =< C7:B=D =< NAL7L>>JBUBD BD :J8

J89C:=7L:8"

!CPCJC>C "( &*" <=?D; :JC: NAL7L>>JBUBD K?99>8KK8; :J8

K87>8:B=D =< 62K&N CD; 8DJCD78; B:K C77?F?AC:B=D
;=K8Q;898D;8D:AL BD :J8 62K&NQ8]9>8KKBDN J?FCD J89CQ
:=78AA?AC> 7C>7BD=FC 78AA ABD8 e.5he(_h`- MB:J=?: 7L:=Q
:=]B7B:L"[` !J8 F87JCDBKF =< C7:B=D MCK BDO8K:BNC:8; BD
! GHHf 2AC7PM8AA *7B8D78 .:;- S*$4"0( ;.&'4&)3* T."' !"# GHHWEV`

(1%\13g #.k5k((6\l\' _)( 61e&!\!\* 5

78AAK BD<87:8; MB:J >87=F@BDCD: OC>B78AAC OB>?K 8]9>8KKQ

BDN 62K&N" \: MCK <=?D; :JC: NAL7L>>JBUBD BDJB@B:8; :J8
KBCALC:B=D =< 62K&N" &K ;8KBCALAC:8; 62K&N JCK CD
BF9>=O8; BFF?D=N8DB7B:L BD J?F=>CA CD:B@=;L CD;
78AAQF8;BC:8; >8K9=DK8- NAL7L>>JBUBD FCL BF9>=O8 :J8
BFF?D=A=NB7CA K:C:?K =< 9C:B8D:K MB:J J89C:B:BK 2 OB>?K
@L 8DJCD7BDN :J8 BFF?D=N8DB7B:L =< 62K&N"[`
&@8 "( &*" <=?D; :JC: BD:>CO8D=?K BD^87:B=D =< NAL7L>Q
>JBUBD BD FB78 BD;?78; :M= 98CPK =< $QBD:8><8>=D" _=> :JBK
BD:8><8>=D BD;?7:B=D !Q78AAK CD; FC7>=9JCN8K M8>8
>8Z?B>8;" \D:>CO8D=?K BD^87:B=D =< NAL7L>>J8:BDB7 C7B;
BD;?78; =D8 BD:8><8>=D 98CP- K= BD :JBK F=;8A NAL7L>>JBUBD
BK K?98>B=> := NAL7L>>J8:BDB7 C7B; BD BD;?7BDN BD:8><8>=D"[a
\D FB78- K?@7?:CD8=?KAL C;FBDBK:8>8; NAL7L>>JBUBD
K8A87:BO8AL C7:BOC:8; 8]:>C:JLFB7 ! 78AAK BD :J8 ABO8>
MB:J=?: C<<87:BDN !Q78AAK BD :J8 :JLF?K" !J8K8 C7:BOC:8;
!Q78AAK M8>8 !Q78AAK MB:J BD:8>F8;BC:8 !Q78AA >8789:=>K:J?K ;=?@A8QD8NC:BO8 50X!50f! CK M8AA CK KBDNA8Q
9=KB:BO8 50Xn => 50fn- CD; FCL JCO8 7L:=:=]B7 C7:BOB:L
CNCBDK: OB>CA BD<87:8; 78AAK"[I
(0!"!(+0 !"6-)#!5+#!%")

!J8 b>K: ;=?@A8Q@ABD; 9AC78@=Q7=D:>=AA8; >CD;=FBU8;

K:?;L BD 7J>=DB7 J89C:B:BK 9C:B8D:K MCK 9?@ABKJ8; BD
GHII @L *?U?PB "( &*" BD $C9CD8K8-I CD; BD GHf[ BD
1DNABKJ"[f \D :JBK K:?;L NAL7L>>JBUBD MCK NBO8D CK
*:>=DN8> '8= ,BD=9JCN8D 5 S*',5T" !JBK BK C K=A?:B=D
<=> BD:>CO8D=?K ?K8 7=DKBK:BDN =< E FN NAL7L>>JBUBD- G FN
7LK:8BD8 CD; EV FN NAL7BD8 98> F. BD 9JLKB=A=NB7CA KCABD8
K=A?:B=D" #AL7BD8 MCK C;;8; @87C?K8 B: BK K?99=K8; :=
9>8O8D: 9K8?;=CA;=K:8>=DBKF- CD; 7LK:8BD8 KJ=?A; @8
;8:=]Bb7C:BO8 :J>=?NJ 7LK:BD8Q7=D^?NC:B=D BD :J8 ABO8>"
)O8> C 98>B=; =< X M88PK XV F. *',5 S ! fV FN
NAL7L>>JBUBDT MCK NBO8D ;CBAL := aI 9C:B8D:K MB:J
JBK:=A=NB7CAAL ;=7?F8D:8; 7J>=DB7 J89C:B:BKR aa 7=F9CQ
>C@A8 9C:B8D:K >878BO8; C 9AC78@= *',5 7=D:CBDBDN
V"G FNhF. NAL7L>>JBUBD S ! X FN NAL7L>>JBUBD ;CBALT"
0?>BDN :>8C:F8D: C KBNDBb7CD: BF9>=O8F8D: BD K8>?F
:>CDKCFBDCK8K =77?>>8; BD :J8 *',5Q:>8C:8; 9C:B8D:K
7=F9C>8; := :J8 9AC78@= N>=?9" '= FC>P8; KB;8Q8<<87:K
M8>8 =@K8>O8;R C<:8> ;BK7=D:BD?C:B=D =< :J8 *',5- :J8
:>CDKCFBDCK8 >8@=?D78;" *:89QMBK8 MB:J;>CMCA :J8>C9L
C<:8> f M88PK =< :>8C:F8D: MB:J C ;CBAL ;=K8 =< GVV F.
*',5 >8K?A:8; BD A8KK >8@=?D; =< :>CDKCFBDCK8K"[H
6BD= "( &*" <=?D; :JC: GVV F. *',5 ;CBAL <=> f M88PK
D=: =DAL BF9>=O8; :J8 K8>?F :>CDKCFBDCK8K @?: CAK= :J8
9C:J=A=NB7CA <8C:?>8K =< C ABO8> @B=9KL 7=F9C>8; := :J8
@B=9KL @8<=>8 :>8C:F8D:" !JB>:LQDBD8 9C:B8D:K MB:J
! GHHf 2AC7PM8AA *7B8D78 .:;- S*$4"0( ;.&'4&)3* T."' !"# GHHWEV`

EV[

7J>=DB7 J89C:B:BK M8>8 :>8C:8; MB:J *',5- :J8 7=D:>=A

N>=?9 7=DKBK:8; =< `X 7=F9C>C@A8 9C:B8D:K" 0?>BDN CD;
?D:BA f M88PK C<:8> *',5 :>8C:F8D: :J8 :>CDKCFBDCK8K
;87>8CK8; KBNDBb7CD:ALR BD :J8 7=D:>=A N>=?9 D= 7JCDN8
=77?>>8;" !J8 9C:J=A=NB7CA ;BCND=KBK BD :J8 *',5Q
:>8C:8; N>=?9 BF9>=O8; BD XXY- >8FCBD8; ?D7JCDN8;
BD `[Y CD; M=>K8D8; BD [Y" '= BD<=>FC:B=D BK NBO8D
C@=?: :J8 JBK:=A=NB7CA 7JCDN8K BD :J8 7=D:>=A N>=?9"f
oBCDKJB "( &*" KJ=M8; :JC: =>CA C;FBDBK:>C:B=D =<
NAL7L>>JBUBD 7CD KBNDBb7CD:AL BF9>=O8 ABO8> <?D7:B=D" \D
:J8B> K:?;L I"` FN NAL7L>>JBUBD BD C 7C9K?A8 JC; @88D
NBO8D =>CAAL :MB78 C ;CL <=> [V ;CLK <=> C7?:8 J89C:B:BK
CD; <=> HV ;CLK <=> 7J>=DB7 J89C:B:BK" *8>=7=DO8>KB=D
<>=F 628&NQ9=KB:BO8 := 628&NQD8NC:BO8 =77?>>8; BD
G`Y CD; <>=F 62K&NQ9=KB:BO8 := 62K&NQD8NC:BO8 BD
E`Y =< :J8 NAL7L>>JBUBDQ:>8C:8; 9C:B8D:K- MJBA8 D=
K8>=7=DO8>KB=D =77?>>8; BD :J8 7=D:>=A N>=?9" '= KB;8Q
8<<87:K C>8 F8D:B=D8;"XV
\D 1?>=98- 8]98>B8D78 MB:J *',5 <=> :J8 :>8C:F8D: =<
7J>=DB7 J89C:B:BK JCK @88D >8K:>B7:8; := #8>FCDL" &<:8>
GE L8C>K =< 8]98>B8D78 3BA;JB>: 7=D7A?;8; :JC: :J8
@B=7J8FB7CA CD; JBK:=A=NB7CA BF9>=O8F8D:K C<:8> *',5
M8>8 @8::8> :JCD :J=K8 =@:CBD8; C<:8> BD:8><8>=D- MJB7J
BK F=>8 8]98DKBO8 CD; JCK F=>8 KB;8Q8<<87:K" !J8 CD:BQ
OB>CA 8<<87: =< *',5 MCK 7=F9C>C@A8 := :JC: =<
BD:8><8>=D" !J8K8 7=D7A?KB=DK 7CF8 <>=F =98D ?D7=DQ
:>=AA8; K:?;B8K MB:J 9C:B8D:K :JC: ;B; D=: >8K9=D; :=
9>8OB=?K F8;B7C:B=D"XG
& >8:>=K987:BO8 K:?;L- 98><=>F8; @L &>CK8 "( &*"K?NN8K:K :JC: A=DNQ:8>F ?KCN8 =< *',5 BK 8<<87:BO8 BD
9>8O8D:BDN J89C:=78AA?AC> 7C>7BD=FC ;8O8A=9F8D: BD
9C:B8D:K MB:J 7J>=DB7 J89C:B:BK 5" 1BNJ:LQ<=?> 9C:B8D:K
MB:J=?: 7B>>J=KBK :>8C:8; MB:J GVV F. *',5 ;CBAL <=>
f M88PK CD; EWI :BF8K C M88P <=> EWGa L8C>K F8;BCD
SGV"G L8C>KT M8>8 7=F9C>8; := GVH 9C:B8D:K D=: :>8C:8;
MB:J *',5 @87C?K8 :J8>8 MCK D= J=F8 J8CA:JQ7C>8
9>=<8KKB=DCA COCBAC@A8 := NBO8 :J8 BD:>CO8D=?K BD^87:B=DK"
689C:B:BK 5 OB>?K MCK ;BCND=K8; BD K:=>8; K8>?F @L
K87=D; N8D8>C:B=D CD:BQJ89C:B:BK 5 OB>?K :8K:K" !J8
;BCND=KBK =< J89C:=78AA?AC> 7C>7BD=FC MCK FC;8 @L
:J8 :L9B7CA JL98>OCK7?AC> 7JC>C7:8>BK:B7K =@K8>O8; =D
CDNB=N>C9JL" !J8 7?F?AC:BO8 J89C:=78AA?AC> 7C>7BD=FC
C998C>CD78 >C:8 BD :J8 *',5 CD; 7=D:>=A N>=?9 M8>8 I
CD; GEY- >8K987:BO8AL- C<:8> GV L8C>K- CD; GE CD; E`Y>8K987:BO8AL- C<:8> G` L8C>K" \D :J8 *',5 N>=?9 CACDBD8
CFBD=:>CDK<8>CK8 A8O8AK @87CF8 D=>FCA BD [V =< fX
9C:B8D:K S[`"IYT 7=F9C>8; := K8O8D =< GVH 9C:B8D:K
Sa"XYT BD :J8 7=D:>=A N>=?9" \D 9C:B8D:K MB:J CACDBD8
CFBD=:>CDK<8>CK8 D=>FCABUC:B=D :J8 C998C>CD78 =<

EVX

!" #" $" %&' ()**+, "( &*"

J89C:=78AA?AC> 7C>7BD=FC MCK >C>8" 0BK7=D:BD?C:B=D

@87C?K8 =< KB;8Q8<<87:K ;B; D=: =77?>"XE
&!)('))!%"

\D $C9CD NAL7L>>JBUBD JCK @88D C7789:8; CK C :>8C:F8D:

<=> 7J>=DB7 J89C:B:BK <=> F=>8 :JCD EV L8C>K" '=MC;CLK
GI FBAAB=D CF9=?A8K 7=D:CBDBDN XV FN =< NAL7L>>JBUBD
98> L8C> C>8 ?K8; BD $C9CD <=> :J8 :>8C:F8D: =< 7J>=DB7
J89C:B:BK"
*?U?PB "( &*" KJ=M8; BD C ;=?@A8Q@ABD; >CD;=FBU8;
7=D:>=AA8; :>BCA :JC: BD 9C:B8D:K MB:J 7J>=DB7 J89C:B:BK
SD=: K987Bb8;T :J8 K8>?F :>CDKCFBDCK8K ;87>8CK8;
;?>BDN :J8 :>8C:F8D: MB:J BD:>CO8D=?K NAL7L>>JBUBD
NBO8D CK *',5"I &<:8> ;BK7=D:BD?C:B=D =< :J8 F8;B7C:B=D
:J8 K8>?F :>CDKCFBDCK8K >8@=?D78;- @?: :JBK 7=?A; @8
9>8O8D:8; @L A=MQ;=K8 FCBD:8DCD78 :J8>C9L" \D :JBK
>8K987: NAL7L>>JBUBD >8K8F@A8K >B@COB>BD"X[ &K <=?D; @L
&>CK8 "( &*"- A=DNQ:8>F ?KCN8 =< BD:>CO8D=?K NAL7L>>JBUBD=> := @8 9>87BK8 *',5- C998C>K 8<<87:BO8 BD >8;?7BDN :J8
7=F9AB7C:B=DK SJ89C:=78AA?AC> 7C>7BD=FCT =< 7J>=DB7
J89C:B:BK 5"XE 5=D:>C>L := BD:8><8>=D :J8>C9L- *',5
:>8C:F8D: KJ=M8; JC>;AL CDL KB;8Q8<<87:K" !J8K8 :M=
K:?;B8K K?NN8K: :JC: :J8 A=DNQ:8>F ?K8 =< *',5 BK KC<8
CD; 8<<87:BO8- <=> D=DQ>8K9=D;8>K C<:8> BD:8><8>=D :J8>CQ
9L- BD >8;?7BDN :J8 >C:8 =< J89C:B:BK 5 OB>?K 9>=N>8KKB=D"
!J8>8 C>8 FCDL NC9K BD =?> PD=MA8;N8 MB:J >8NC>; :=
NAL7L>>JBUBD CK C :>8C:F8D: <=> 7J>=DB7 OB>CA J89C:B:BK 5"
H0 #$('3 NAL7L>>JBUBD JCK CD:BQOB>CA C7:BOB:L CNCBDK:
J8>98K KBF9A8] OB>?K CD; J89C:B:BK & OB>?K" 2?: B: BK
?DABP8AL :JC: NAL7L>>JBUBD BD;?78K OB>CA 7A8C>CD78 BD
7J>=DB7 J89C:B:BK 5 @87C?K8 :>CDKCFBDCK8K >BK8 ;B>87:AL
C<:8> 78KKC:B=D =< :J8 :>8C:F8D:R :JBK BD;B7C:8K :JC: :J8
7C?K8 =< :J8 BDmCFFC:B=D SJ89C:B:BK 5 OB>?KT BK K:BAA
9>8K8D:" H0 #$('3 NAL7L>>JBUBD BK J89C:=9>=:87:BO8- 9>=@Q
C@AL @L 9>8O8D:BDN 7JCDN8K BD 78AA F8F@>CD8 98>F8Q
C@BAB:L" !J8 =@K8>OC:B=D :JC: A=DNQ:8>F NAL7L>>JBUBD
:>8C:F8D: >8;?78K J89C:B:BK 5 OB>?K 7=F9AB7C:B=DK BD
9C:B8D:K K?NN8K:K :JC: NAL7L>>JBUBD CAK= @8JCO8K BD C
J89C:=9>=:87:BO8 FCDD8> BD J?FCDK- CA:J=?NJ :J8
9>87BK8 F87JCDBKF BK D=: PD=MD"
!J8 =9:BFCA :>8C:F8D: K7J8;?A8 BK D=: PD=MD" \D $C9CD
*',5 BK NBO8D C77=>;BDN := :J8 A8O8A =< :>CDKCFBDCK8KR B<
:J8 :>CDKCFBDCK8K >BK8- :J8 ;=KCN8 CD; <>8Z?8D7L =<
*',5 :>8C:F8D: MBAA @8 BD7>8CK8;"
!J8 K:?;B8K =< *?U?PB "( &*" CD; &>CK8 "( &*" C>8
98><=>F8; MB:J BD:>CO8D=?K NAL7L>>JBUBD NBO8D CK
*',5"I- XE \K :J8 8<<87: 7C?K8; @L NAL7L>>JBUBD => BK B:
:J8 7=F@BDC:B=D =< NAL7L>>JBUBD MB:J NAL7BD8 CD;

7LK:8BD8 :JC: 7C?K8K :J8 8<<87:p &D;- BK :J8 BD:>CO8D=?K

MCL =< C;FBDBK:>C:B=D 8KK8D:BCA := >8C7J 8<<87:BOB:L => BK
B: 9=KKB@A8 := NBO8 CD =>CA NAL7L>>JBUBD 9>89C>C:B=Dp )>CA
C;FBDBK:8>8; NAL7L>>JBUBD MBAA KJ=M ?9 CK NAL7L>>J8:BDB7
C7B; C<:8> C@K=>9:B=D" !J8>8<=>8- B: BK BF9=>:CD: := bD;
=?: MJ8:J8> :J8 J89C:=9>=:87:BO8 8<<87: BK 7C?K8; @L
NAL7L>>JBUBD => NAL7L>>J8:BDB7 C7B;- => @=:J"
!= bAA BD :J8 NC9K B: K88FK A=NB7CAq=D :J8 @CKBK =< :J8
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