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L=GJA9 <G $&" %&" <=>=F<= IM= G AJ=ALG <G /J9:9D@G =F?DG:9 J=D9Z`=K
HJAN9<9K = J=D9Z`=K Ha:DA;9K
)9 J=9DA<9<= 9 HJ=K=FZ9 <= FGJE9K <= AJ=ALG
+JAN9<G = GMLJ9K <= ;9JVL=J Ha:DA;G L9E:[E K= N=JA>A;9 =E GMLJGK J9EGK <G AJ=ALG
+JAN9<G;GEGGAJ=ALGANAD<GIM9D>9RH9JL=GAJ=ALG<=!9E]DA9
= 9;GJ<G ;GE 9 L=GJA9 <G $&" !&)$" G AJ=ALG <G /J9:9D@G [ G J=K
MDL9<G <9 >MKYG <G AJ=ALG +a:DA;G = +JAN9<G <=KL9;9F<G K= 9 KM9 MFA<9<=
F
LJ=L9FLG 9 KAEHD=K HJ=K=FZ9 <= ;=JL9K FGJE9K <= GJ<=E Ha:DA;9 FYG 9;9JJ=L9 9
F9LMJ=R9 <= AJ=ALG +a:DA;G F=E >9R ;GE IM= KMJB9 ME L=J;=AJG ?\F=JG F9 ;D9KKA
>A;9ZYG<A<VLA;9KM?=JA<9
! &%!$&!!&$!
* =FL=F<AE=FLG E9BGJALVJAG [ FG K=FLA<G <= K=J G AJ=ALG <G /J9:9D@G J9EG <G
$&"
$(" L=F<G ;GEG AFKLALMLG ;=FLJ9D G HJ^HJAG ;GFLJ9LG <= LJ9:9D@G J=?M
D9F<G <= >GJE9 HJ=HGF<=J9FL= GK AFL=J=KK=K <GK H9JLA;MD9J=K =FNGDNA<GK F9K <AN=J
K9K J=D9Z`=K BMJ]<A;9K H=JLAF=FL=K W E9L[JA9 =KLM<9<9
)G XE:ALG ;GD=LANG G HJAF;]
HAG <9 DA:=J<9<= KAF<A;9D 9JL
f $ <9 !
N=<9F<G 9 AFL=J>=J\F;A9 <G
KL9<G F9 GJ?9FAR9ZYG KAF<A;9D ;GF>AJE9 9 F9LMJ=R9 HJAN9<9 <G AJ=ALG <G
/J9:9D@G
K -54:,9+508,0:5 HG<=EK=J9KKAE;D9KKA>A;9<9K
i 2;:@1? 9-@1>5-5? J=>=J=E K= 9GK >9LGJ=K KG;A9AK =;GF_EA;GK HGD]LA;GK
>ADGK^>A;GK = @AKL^JA;GK IM= <=J9E GJA?=E 9G AJ=ALG AF>DM=F;A9F<G F9 ;JA9ZYG
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IM9D=E9F9ELG<9K9KFGJE9KBMJ]<A;9K
@1;>5- <8A>-85?@- <= >GJE9 E9AK 9;=JL9<9 J=;GF@=;= 9 HDMJ9DA<9<= <= ;=FLJGK
<= HG<=J GM K=B9 Fa;D=GK <= HJG<MZYG <GK IM9AK K= GJA?AF9E 9K <AN=JK9K FGJE9K
BMJ]<A;9K
KL9<G
2;:@1? -A@Q:;9-? HJG<MZYG <= FGJE9K HGJ ;=JLGK ?JMHGK KG;A9AK GJ?9FAR9<GK
;GEG GK MKGK = ;GKLME=K = GK AFKLJME=FLGK FGJE9LANGK <=;GJJ=FL=K <9 F=?G
;A9ZYG ;GD=LAN9 9;GJ<GK ;GD=LANGK = ;GFN=FZ`=K ;GD=LAN9K
* HG<=J ;GF>=JA<G
9GK E=F;AGF9<GK 9LGJ=K KG;A9AK H9J9 J=?MD9J FG ;9KG <AN=JKGK 9KH=;LGK <9K
J=D9Z`=K<=LJ9:9D@G[;@9E9<G -A@;:;95-/;81@5B-0;?<->@5/A8->1?
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87<=3=>3HG8
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*<AJ=ALG<=?J=N=[9KK=?MJ9<GFG9JL
f
* 9JL
HJ=N\ G <AJ=ALG <= H9JLA;AH9ZYG <GK LJ9:9D@9<GJ=K = =EHJ=?9<GJ=K FGK
;GD=?A9<GK <GK ^J?YGK Ha:DA;GK =E IM= K=MK AFL=J=KK=K HJG>AKKAGF9AK GM HJ=NA<=F
;AVJAGKK=B9EG:B=LG<=<AK;MKKYG=<=DA:=J9ZYG
* 9JL
N=JK9 KG:J= 9 =D=AZYG <= J=HJ=K=FL9FL= <= =EHJ=?9<GK F9K =EHJ=K9K
<=E9AK<=<MR=FLGK=EHJ=?9<GK
/3<
*:K=JN9E K=NVJA9KD=AKJ=?MD9F<G<AN=JKGK9KH=;LGK<GAJ=ALG<G/J9:9D@G
D[E <9 '/ @V NVJA9K D=AK =KH9JK9K N=JK9F<G KG:J= L=E9K =KH=;]>A;GK <G
AJ=ALG<G/J9:9D@G
f AF;AKG $ <9 GFKLALMAZYG HJ=N\ D=A ;GEHD=E=FL9J J=?MD9F<G 9 HJGL=ZYG <9 J=
D9ZYG <= =EHJ=?G ;GFLJ9 <=KH=<A<9 9J:ALJVJA9 GM K=E BMKL9 ;9MK9 9 IM9D 9AF<9 FYG
>GA HJGEMD?9<9 <AK;AHDAF9F<G 9 E9L[JA9 =E K=M LG<G K=F<G 9HDA;VN=D 9L[ IM= AKKG
G;GJJ9G9JL
<G/
'=A GEHD=E=FL9J
<= <= BMF@G <=
HGJ =P=EHDG <=L=JEAF9
IM= G <AJ=ALG HJ=NAKLG FG 9JL
AF;AKG $$ 9D]F=9 . <G LG <9K AKHGKAZ`=K GF
KLALM;AGF9AK /J9FKAL^JA9K <=N= K=J 9KK=?MJ9<G FGK ;9KGK =E IM= G;GJJ=J G >9D=;A
E=FLG<9?=FALGJ99IM=E<=LAN=J9?M9J<9<GK=M>AD@G
(=KEG K=F<G <9 0FAYG 9 ;GEH=L\F;A9 D=?AKD9LAN9 KG:J= AJ=ALG <G /J9:9D@G G
H9JV?J9>G aFA;G <G 9JL
<9 GFKLALMAZYG =KL9:=D=;= IM= D=A ;GEHD=E=FL9J HG<=JV
9MLGJAR9J GK KL9<GK 9 D=?AKD9J KG:J= IM=KL`=K =KH=;]>A;9K <9K E9L[JA9K J=D9;AGF9<9K
F=KL= 9JLA?G G IM= 9:J9F?= G AJ=ALG <G /J9:9D@G AF;AKG $
)=KK= K=FLA<G 9 '=A
GEHD=E=FL9J
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<= BMD@G <= 9MLGJAR9 GK KL9<GK = G AKLJALG !=<=J
9D 9 AFKLALMAJ G HAKG K9D9JA9D 9 IM= K= J=>=J= G AF;AKG 1 <G 9JL
f <9 GFKLALMAZYG
!=<=J9D
* 9JL
;GE J=<9ZYG <=L=JEAF9<9 H=D9 E=F<9 GFKLALM;AGF9D
HGK
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?J=KKG )9;AGF9D
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IM=KL`=K<=AJ=ALG<G/J9:9D@G
=8<.8"8./;@/->=3?8
%/7=/7H+78;6+=3?+
* =;J=LG
HGJ K=M LMJFG <AKH`= KG:J= 9 +GD]LA;9 )9;AGF9D <= .=
?MJ9FZ9=.9a<=FG/J9:9D@Gi+)../
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=
K=FL=FZ9 FGJE9LAN9 NA?GJ9 <=K<= K=M L=JEG AFA;A9D 9L[ IM=
K=FL=FZ9 FGJE9LAN9 ;GFN=FZYG ;GD=LAN9 <= LJ9:9D@G GM 9;GJ<G ;GD=LANG <= LJ9:9D@G
KMH=JN=FA=FL= HJG<MR9 KM9 J=NG?9ZYG =PHJ=KK9 GM LV;AL9 J=KH=AL9<G HGJ[E G
HJ9RGEVPAEGD=?9D<=IM9LJG9FGK<=NA?\F;A9k
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N=JL=FL= E9AK EG<=JF9 J=;GF@=;= 9 BMJAKHJM<\F;A9 ;GEG >GFL= >GJE9D <G AJ=ALG
* BMAR FYG [ E=JG 9HDA;9<GJ <= J=?J9K HGKL9K FYG K= HG<=F<G F=?9J G K=M H9H=D
;JA9<GJ
K=FL=FZ9 9DAVK HG<= K=J NAKL9 ;GEG 9 FGJE9 IM= J=?MD9 G ;9KG =E
;GF;J=LG
%/7=/7H++;,3=;+5
E=KEG H9J9 9 N=JL=FL= E9AK LJ9<A;AGF9D HGJ K=J=E <AKHGKAZ`=K ?=F[JA;9K 9:KLJ9L9K
=<=;9JVL=JG:JA?9L^JAG
(8)0:8(.,3 [ >GJE9 <= KGDMZYG <= ;GF>DALGK FG ;9KG @=L=J_FGE9 HGAK ME
L=J;=AJG VJ:ALJG [ IM=E <=;A<AJV G DAL]?AG HGJ E=AG <9 K=FL=FZ9 9J:ALJ9D
T =K
L9:=D=;A<9 HGJ E=AG <9 ;GFN=FZYG <= 9J:ALJ9?=E IM= =F?DG:9 9 ;DVMKMD9 ;GE
HJGEAKK^JA9=G;GEHJGEAKKG9J:ALJ9D9JL
f<9'=A
GEG GK ;GF>DALGK ;GD=LANGK <= LJ9:9D@G HG<=E K=J KGDM;AGF9<GK HGJ E=AG <9
9J:ALJ9?=E 9JL
dd
f =
f <9 GFKLALMAZYG !=<=J9D 9 K=FL=FZ9 9J:ALJ9D =K
L9:=D=;=F<G ;GF<AZ`=K <= LJ9:9D@G L9E:[E HG<= K=J ;GFKA<=J9<9 >GFL= >GJE9D <G
AJ=ALG <G /J9:9D@G
#V HJ=NAKYG <9 9J:ALJ9?=E F9 =K>=J9 <9K J=D9Z`=K ;GD=LAN9K <=
LJ9:9D@G ;GF>GJE= '=A
9JL
f /-<A@ KG:J= <AJ=ALG <= ?J=N= = '=A
9JL
fAF;AKG$$KG:J=H9JLA;AH9ZYGFGKDM;JGKGMJ=KMDL9<GK
* d
f <G 9JL
<9 '/ 9G E=F;AGF9J G L=JEG jBM]RG 9J:ALJ9Dk MLADARGM G
;GE G =NA<=FL= K=FLA<G <= BMJAK<AZYG =KL9L9D HGAK FYG @9N=F<G 9;GJ<G =E BM]RG [
HJG>=JA<99<=;AKYGH=DGBMAR<GLJ9:9D@G
j;GJ<G H=J9FL= G /JA:MF9D <= J:ALJ9?=E FYG ;GFKLALMA ^:A;= H9J9 G =P9E= <9
LML=D9 BMJAK<A;AGF9D HGKLMD9<9 H=DG 9MLGJ KGDMZYG <= ;GF>DALGK 9LJ9N[K <= 9J:AL
J9?=E F=KL9 %MKLAZ9 KH=;A9DAR9<9 [ DAEAL9<9 WK <=E9F<9K ;GD=LAN9K FGK L=JEGK
<G d
f <G 9JL
<9 GFKLALMAZYG !=<=J9D FYG @9N=F<G HJ=NAKYG FG IM= ;GF;=JF=
W KGDMZYG <= <AKK]<AGK AF<ANA<M9AK
$KLG HGJIM= 9 '=A (9AGJ <AKH`= =PHJ=KK9E=FL=
IM= l>JMKLJ9<9 9 F=?G;A9ZYG ;GD=LAN9 9K H9JL=K HG<=JYG =D=?=J VJ:ALJGm ?5/
.= 9
HJ=NAKYG AF;DM]KK= L9E:[E GK ;GF>DALGK AF<ANA<M9AK FYG @9N=JA9 F=;=KKA<9<= <= =K
H=;A>A;9ZYG
KKAE G J=>=JA<G 9;GJ<G FYG ;GFKLALMA ;9MK9 H9J9 9 =PLAFZYG <G HJG
;=KKGk ;
MF
<9
e /
<G /-/ <9
e -
-* -=D
%M]R9
1ADE99H9LGB
&#
H=K9J <AKKG @V <=;AKYG <G /./ =E <AKK]<AG AF<ANA<M9D IM= ;GFKA<=JGM NVD
A<999J:ALJ9?=E;GF>GJE=9=E=FL99K=?MAJ
<G ^<A?G ANAD = <9 '/ GM <= IM= G L=JEG <= 9J:ALJ9?=E FYG [ NVDA<G
HGJ >9DL9 <= BMFL9<9 <= <G;ME=FLGK @9B9 NAKL9 IM= J=;GF@=;A<G H=DG /JA:MF9D -=
?AGF9D IM= 9 K=FL=FZ9 9J:ALJ9D G:K=JNGM GK L=JEGK <9 '=A
i 9 IM9D FYG
=PA?= 9 G:K=JN9ZYG <9IM=D=K <AKHGKALANGK D=?9AK = FYG LJ9LGM <9 F=;=KKA<9<= <= 9H
J=K=FL9ZYG <= <G;ME=FLGK 9HDA;9ZYG <9K .aEMD9K
= <G /./
*K 9J=KLGK
9HJ=K=FL9<GK H9J9 ;GF>JGFLG <= L=K=K KYG AFK=JN]N=AK 9 L=GJ <9 9D]F=9 - <G 9JLA?G
<9 '/ = <9 .aEMD9 <=KL9 GJL=
?J9NG <= AFKLJME=FLG 9 IM= K= F=?9
HJGNAE=FLGk /./
e /
$--
-=D
(AF
+=<JG +9MDG
(9FMK
(9AK J=;=FL=E=FL= 9 .$ $ <G /./ HJG>=JAM <=;AKYG FG K=FLA<G 9IMA <=>=F
<A<G GM K=B9 IM9FLG W AF;GEH9LA:ADA<9<= <9 9J:ALJ9?=E H9J9 9 KGDMZYG <= ;GF>DALGK
5:05B50A-5? LJ9:9D@AKL9K
jJ:ALJ9?=E
HDA;9:ADA<9<= 9G AJ=ALG $F<ANA<M9D <= /J9:9D@G
,MAL9ZYG <G
GFLJ9LG <= /J9:9D@G
'=A
9G >AP9J G BM]RG 9J:ALJ9D ;GEG E=<A<9
=PLJ9BM<A;A9D <= KGDMZYG <= ;GF>DALGK J=KLJAF?AM FG 9JL
f G ;9EHG <= 9LM9ZYG <G
AFKLALMLG 9H=F9K H9J9 GK DAL]?AGK J=D9LANGK 9 <AJ=ALGK H9LJAEGFA9AK <AKHGF]N=AK
*;GJJ=
IM= =E J9RYG <G HJAF;]HAG HJGL=LANG IM= AF>GJE9 G <AJ=ALG AF<ANA<M9D <G LJ9:9D@G
:=E ;GEG =E J9RYG <9 9MK\F;A9 <= =IMAD]:JAG =FLJ= 9K H9JL=K KYG GK <AJ=ALGK LJ9:9D
@AKL9K AF<AKHGF]N=AK = AJJ=FMF;AVN=AK
+GJ GMLJG D9<G IMAK G D=?AKD9<GJ ;GFKLALMAFL=
HGKKA:ADAL9J 9 9<GZYG <9 9J:ALJ9?=E 9H=F9K H9J9 GK ;GF>DALGK ;GD=LANGK ;GFKG9FL= K=
G:K=JN9 <G 9JL
dd
f =
f <9 GFKLALMAZYG <9 -=Ha:DA;9
+GJL9FLG FYG K=
;GEH9LA:ADAR9 ;GE G <AJ=ALG AF<ANA<M9D <G LJ9:9D@G 9 9J:ALJ9?=E
#V IM= K= J=K
K9DL9J FG ;9KG IM= 9 9J:ALJ9?=E [ IM=KLAGF9<9 ;GEG E=AG <= IMAL9ZYG ?=J9D <G
;GFLJ9LG <= LJ9:9D@G
)=KK= 9KH=;LG 9 BMJAKHJM<\F;A9 <=KL9 GJL= 9KK=FL9 K=J AFNVD
A<9 9 MLADAR9ZYG <G AFKLALMLG <9 9J:ALJ9?=E ;GEG KMH=<XF=G <9 @GEGDG?9ZYG <9 J=K
;AKYG <G ;GFLJ9LG <= LJ9:9D@G
GE =>=ALG 9 @GEGDG?9ZYG <9 J=K;AKYG <G ;GFLJ9LG
<= LJ9:9D@G KGE=FL= HG<= K=J >=AL9 H=DG KAF<A;9LG <9 ;9L=?GJA9 GM H=DG ^J?YG <G
(AFAKL[JAG <G /J9:9D@G FYG @9N=F<G HJ=NAKYG D=?9D <= IM= K=B9 >=ALG HGJ D9M<G 9J
:ALJ9D
-=;MJKG <= E:9J?GK <= IM= K= ;GF@=;= = 9 IM= K= F=?9 HJGNAE=FLGk /./
87?/7HM/</+-8;.8<-85/=3?8<
.$ $ --
-=D
(AF
%GYG 9LAKL9 JALG +=J=AJ9
'
9LM9DJ=<9ZYG<9.aEMD9<G/./9KKAEHJ=N\
'<8</-8<=>6/<
MDLJ9H9KK9<G G K=M HJ9RG <= NA?\F;A9 ?=J9F<G ;=JL9 A8@>-@5B50-01 <9K ;DVMKMD9K
FGJE9LAN9K<GK9;GJ<GK;GD=LANGKGM;GFN=FZ`=K;GD=LAN9K
*K MKGK = ;GKLME=K KYG ;GFKA<=J9<GK >GFL=K >GJE9AK L9E:[E FG AJ=ALG <G
/J9:9D@G =FNGDN=F<G ;GF<ML9K J=AL=J9<9E=FL= HJ9LA;9<9K = G:K=JN9<9K H=DG ?JMHG
KG;A9DGM;GEMFA<9<=IM=9K;GFKA<=J9EBMJA<A;9E=FL=G:JA?9L^JA9K
* ;GKLME= HG<= K=J =F>G;9<G ;GEG ;GF<ML9 IM= 9:J9F?= ?JMHG <= E9AGJ 9D
;9F;==FIM9FLGGMKG[E9AKJ=KLJALG
1=B9EGK9KEG<9DA<9<=K<=;GKLME=K
i ;GKLME= /;:@>- 81319 [ 9IM=D= IM= NAGD9 9 FGJE9 D=?9D FYG K=F<G HGJ AKKG
NVDA<G
i ;GKLME= ?1/A:0A9 81319 J=>=J= K= W ;GF<ML9 IM= BV =KLV HJ=NAKL9 F9 HJ^HJA9
D=A
i ;GKLME= <>-1@1> 81319 KA?FA>A;9 9IM=D= IM= =E:GJ9 FYG HJ=NAKLG =E D=A FYG
99>JGFL9K=F<G9;=ALGH=DGKAKL=E9BMJ]<A;G
$/1>5+6/7=8.//69;/<+
* 9JL
f /-<A@ <9 '/ =PHDA;AL9 IM= GK MKGK = ;GKLME=K L9E:[E HG<=E K=J
MLADAR9<GK F9 >9DL9 <= <AKHGKAZ`=K D=?9AK = ;GFLJ9LM9AK GM K=B9 ;GEG >GJE9 <= AF
L=?J9ZYG<GGJ<=F9E=FLGBMJ]<A;GFGAJ=ALG<G/J9:9D@G
A:58-@1>-8IM9F<G=KL9:=D=;A<G9H=F9KH=DG=EHJ=?9<GJ
.58-@1>-8IM9F<G=D9:GJ9<G=E;GFBMFLG;GEGK=EHJ=?9<GK
*J=?MD9E=FLG<==EHJ=K9HG<=K=J
)GK L=JEGK <9 .aEMD9
$ <G /./ jK ;DVMKMD9K J=?MD9E=FL9J=K IM= J=
NG?M=E GM 9DL=J=E N9FL9?=FK <=>=JA<9K 9FL=JAGJE=FL= K^ 9LAF?AJYG GK LJ9:9D
@9<GJ=K 9<EALA<GK 9H^K 9 J=NG?9ZYG GM 9DL=J9ZYG <G J=?MD9E=FLGk
/J9L9 K= <= =F
L=F<AE=FLG =E ;GF>GJEA<9<= ;GE G 9JL
/-<A@ <9 '/ ;GFK9?J9F<G G
6804*H605+(*54+0ED53(09-(<58A<,2
87=;+=8./=;+,+528
";37-K938<4>;K.3-8<
-=;GF@=;= K= F9 9LM9DA<9<= IM= GK 6804*H6059 +, 08,0:5 9HJ=K=FL9E F9LMJ=R9
FGJE9LAN9<=N=F<GK=JAF;DM]<GK=FLJ=9K>GFL=K>GJE9AK<GAJ=ALG<G/J9:9D@G
&$"$&BR!!$&!!&$!
04:,868,:(ED5 <9 FGJE9 BMJ]<A;9 KA?FA>A;9 9 G:L=FZYG <= K=M N=J<9<=AJG K=F
LA<G = 9D;9F;=
,83,4G;:0*( [ 9 ;A\F;A9 <G AJ=ALG IM= N=JK9 KG:J= G ;GFBMFLG <=
L=GJA9KHJAF;]HAGK=E=AGK<=AFL=JHJ=L9ZYG<9KFGJE9KBMJ]<A;9K
5:@1><>1@-LK; ?5?@19G@5/- 9FVDAK= <9 FGJE9 BMJ]<A;9 <= 9;GJ<G ;GE G KAKL=E9
=E IM= K= =F;GFLJ9 AFK=JA<9 GM K=B9 <= >GJE9 @9JE_FA;9 ;GE 9K <AN=JK9K GML
J9K<AKHGKAZ`=K=FYG<=>GJE9AKGD9<9
5:@1><>1@-LK; 8P35/- 9FVDAK= <9 FGJE9 BMJ]<A;9 <= 9;GJ<G ;GE J9RG9:ADA<9<= =
:GE K=FKG K=?MAF<G 9K J=?J9K <= D^?A;9 <= EG<G 9 G:K=JN9J 9 ;G=J\F;A9 F9
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