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MI<L?;GILN?>I,;J;  *I,IMN 0;M;@CLG;KO? L?MJ?CN;H>I NI>;M;ML?FCACb?M?
;J?M;L >;M =L_NC=;M J?M;>;M HIM =IG?HNXLCIM  mH[I NCLI OG; P_LAOF; >I JIMN ;<;CRI
;J?M;L>IMJLIN?MNIM>?;FAOHM=;N`FC=IMKO?M?M?HNCL;GI@?H>C>IMn );CMOG;P?T I
<FIAO?CLI >?M=L?P? I JLI=?MMI ? ;M L;Tb?M KO? I F?P;L;G ; G;HC@?MN;L M? >; @ILG;
=IGI @?T   !F? ?RJFC=CN; ; MO; JL`JLC; L?@F?R[I ;=?L=; >I KO? N?G ?M=LCNI ; @CG >?
>?@?H>?L G;CMOG;P?T ;P;FC>;>?>?M?OJIHNI>?PCMN; );HC@?MN; M? IONL;P?T I
JI>?LKO?N?GIJLIJLC?NXLCIMI<L?;JXACH;;I;@CLG;L >?@ILG;=F;L; KO? ;J?M;L>?
JLIPI=;LJIF^GC=;?M?L>OL;G?HN?=LCNC=;>I I%/2*J?LN?H=?;?F???F??M=L?P?IKO?
KO?L   CH>; ;MMCG  J?>? J?L>[I JIL OG ?LLI >? CH@ILG;\[I >I JIMN ;HN?LCIL ? I
=ILLCA?   IG PCMN;M ; CMMI  H[I J?L>? ; IJILNOHC>;>? >? =LCNC=;L G;CM OG; P?T ;
%AL?D; ;N`FC=;  H; cFNCG; @L;M? >I JIMN m/CH=?L;G?HN?  PIO L?T;L J;L; KO? IM
=;L>?;CMPIN?G=IGM;<?>ILC;HIMO=?MMIL>?&,%% !KO? =IGI?O ;CAL?D;;JL?H>;
;L?=IHB?=?L?L?J;L;LIMM?OM?LLIMn 
W I ,IMN  KO? ;JL?M?HN; I =;MI >? L??M=LCN; G;CM @F;AL;HN? ? G;CM
I<PC;G?HN?L?F;=CIH;>I=IG;;ONI=?HMOL;  ,LI=OL;L?GIMG;CMY @L?HN?>?MN;=;L;
HIMM; ;HXFCM? MI<L? ?MM?M JLI=?MMIM >? L??M=LCN; =IGI =;L;=N?L_MNC=; >;KOCFI KO?
N?GIM>?HIGCH;>IF?NL;G?HNI>CACN;FKO?N?GFOA;LH;F?CNOL;? ?M=LCN;>?%/2*6  +
,IMN KO?ILCACH;FG?HN?NCHB;JILN_NOFIm.;NT?HA?L?HNIIO>IF@In @IC
;FN?L;>I J;L; m.;NT?HA?L ? %N;G;Ln   W CHN?L?MM;HN?  H?MN? JIHNI  J?L=?<?LGIM
;FAOG;ML?;\b?MG;HC@?MN;>;MJ?FIMF?CNIL?M>IFIA>I0;M;?MM;L??M=LCN; 
+M>ICM=;MIM>?L??M=LCN;M[ICH>_=CIM>IJLI=?MMI=IHMN;HN?>?L?@F?R[I
HIKO;FG?LAOFB;I<FIAO?CLIKO;H>IJO<FC=;MO;JXACH;  !MJ?=C;FG?HN?HIKO?M?
L?@?L? ;I ,IMN   ;M GO>;H\;M CH>C=;G KO? ; =;J;=C>;>? L?@F?RCP; >I MOD?CNI I
=IH>OT M?GJL? ; M? G;HN?L >?HNLI >? FCGCN?M ?G N?LGIM >? FCHAO;A?G ? L?AL;M >?
=IH>ON; >I ALOJI l IO M?D;  M?OM ?NHIG]NI>IM  CH>; KO? M? =;L;=N?LCT? JIL MO;M
=L_NC=;M?JIF^GC=;M 0;MJ;L?=??HN?H>?L ;IL?@F?NCLMI<L?MO;MJ;F;PL;M KO?G?MGI
?F;M>?P?GN?LFCGCN?M 


+ F?CNIL .!*0+ (1%6 =LCNC=; 0;M J?F; GO>;H\; >I 3267 ? KO?MNCIH;
IH>? H;M=?O ; =?HMOL; ;I N?RNI ;HN?LCIL  KO? =IGJ;L;P; I HIPI ,;J; ; $CNF?L  ;I
=B;GX FI>?>IF@%
7.!*0+(1%687/j+,1(+8787 !/ 8
W 0/  -1! 0.%/0! $!%* )1 . 1) ,+/0  -1!
*1%0 #!*0! &t (!1  %//+ W ,. 2 ,.!* !. 
.!/,!%0. +/ (!%0+.!/  !) "!%0+ ,. 2  %//+
-1! 2* +1 "6!* + !//! 0!),+ 0+ + "+% 1)
0.!)!*  "(0 ! .!/,+*/%(%  !  2 0!)
/%)+ !2!. !,!*/.*/+%//-1!!/.!2! 
"%+ -1% ,!*/* +  /!.t -1! "+% + 1+( +1
/!.t -1! "+% * *j+ %),+.0  %//+$+
-1! /!.2%1 ,. 2  &t /%*0+ 1) . )!*+/
,+(s)%+!)!*+/.%/0!)/!1/  

FIA>I0;M IG?HNXLCIM>IJIMNm.;NT?HA?L?HNIIO
>IF@In L??M=LCNI=IGIm.;NT?HA?L?%N;G;Ln

,IL=;OM;>;;FN?L;\[I ;FAOHM=IG?HNXLCIM@C=;L;GM?G=IHN?RNI IGI


] I =;MI >I =IG?HNXLCI M?AOCHN?  KO? @;F; H; JIMMC<CFC>;>? >? &?< OMB  CLG[I >I
;NO;FJL?MC>?HN?HILN? ;G?LC=;HI ?GNILH;L M?JL?MC>?HN? *IILCACH;F IN?RNI>?0;M
@;F;P; ;=?L=; >CMMI  ;I >CT?L KO? NO>I m;AIL; J;L?=? JIMM_P?F  -O? &?< OMB M?D; I
JL`RCGI JL?MC>?HN? >IM !1n  @L;M? ? C>]C; ;OM?HN?M HI N?RNI L??M=LCNI   ,IL CMMI 
J;L?=?KO?IF?CNIL ?FMCI?MNX=IG?HN;H>I;FAIKO?I<FIAO?CLIH[I>CMM? H;PCM[I
>;KO?F?MKO?H[IJ?L=?<?L;G;L??M=LCN;
/6=D:@0/'2?E@D0/ 0
/I@L_P?F N?O =IG?HNXLCI 0;M  + =;L; N?G  ;HIM  =IGI PI=^
AIMN;LC; KO? ?F? ?MNCP?MM?  ?MNC=;>I @?CNI ;O<S ,?CRINI !F? ]
OG=;L>?;FKO?;=IGJ;HBIO;%AL?D;JILG;CM>?;HIM /;<?
>I KO? H?=?MMCN;LX J;L; ;P;H\;L ? M? ;>;JN;L ;IM HIPIM N?GJIM 
*[IN?LXOGJ;J;>IFIHAI =?L=;>?;HIM +MO=?MMILM?LXG;CM
FC<?L;F G?MGIJILKO?H[I>XJL;M?LG;CMOFNL; =IHM?LP;>IL>I
.;NTCHA?L  67( &+,67( &20 (% 86+ )2, 3,25 $,1'$  6( )25 2
48( A 48( 7(0 (25*( "86+ 1?2 )2, 7?2 58,0 48$172 3,17$ $
,035(16$081',$/<M

FIA>I0;M IG?HNXLCIM>IJIMNm.;NT?HA?L?HNIIO
>IF@In L??M=LCNI=IGIm.;NT?HA?L?%N;G;LnALC@IG?O


 L??M=LCN;  H?MN? =;MI  H[I M? >?O ?G <OM=; >? =ILL?\b?M ILNIALX@C=;M 
AL;G;NC=;CMIO>?M?GZHNC=; HN?M ?F;CH>C=;JLI=?MMIM>?=?HMOL;?;ONI=?HMOL; ;
J;LNCL>;L?;\[I?RJL?MM;IOJL?MOGC>;>IJc<FC=I F?CNIL;IMN?RNIM;FN?L;>IM 


:?6>2m+=CH?G;;CH>;L?MJCL;nl,IMN
+ ,IMN   KO? N?G N?GXNC=; CMIF;>;  =IG?HN; I @CFG? m$IOM? I@ NB?
@FSCHA ;AA?LMn  0;MCH>C=;I@CFG?;IMF?CNIL?M ;@CLG;H>IMO;?R=?F?HN?KO;FC>;>? 
!F?>CTKO??HKO;HNI
IM N?`LC=IM @C=;G @;F;H>I HI @CG >I =CH?G;  HI >IG_HCI >;M
HIMM;MG?HN?MJ?F;MCG;A?HM P;CFXOG=BCH^M?G;N;;=I<L;?
GIMNL;IJ;O 0O>I;IG?MGIN?GJI WOG;BIL;?G?C;>?JOLI
>?F?CN? 1G;BCMN`LC;MCGJF?M?=IGJF?R;;IG?MGIN?GJI =IGI
M?GJL?@IL;G;M<I;MBCMN`LC;M>?M>?IMAL?AIM 
FIA>I0;M m+=CH?G;;CH>;L?MJCL;n
0;M CHC=C; M?O =IG?HNXLCI L?@?L?H=C;H>I ;MMOHNIM >; ;A?H>; >; G_>C;
H;KO?F?>C;m/?PI=^;H>;=;HM;>I>?MM?J;JI>?J;J; N?F?PCM[I <CA<LINB?L FOF;?
MOJ?L;PCN@CM=;F n !MM?NL?=BIMCNO;IMG?G<LIMlJLI>ONIL>I<FIA?M?OMF?CNIL?Ml
?G OG =IHN?RNI M`=CI =OFNOL;F ? JIF_NC=I G;CM ;GJFI  ;I G?MGI N?GJI ?G KO?
=IHMNCNOC OG =B;G;>I J;L; KO? NI>IM >?CR?G ?MM; L?;FC>;>? Y J;LN? ? JIMM;G
G?LAOFB;L H; @;HN;MC; >I =CH?G; =BCH^M   ,;L; I <FIAO?CLI  ?MM;M HIN_=C;M DX ?MN[I
?RJIMN;M JIL G;CM N?GJI KO? I >?PC>I  =;OM;H>I OG; ?MJ]=C? >? MI<L?=;LA;
CH@ILG;=CIH;FHIJc<FC=I 
F]G >? CH>C=;L I @CFG?  0;M N;G<]G CH>C=; OG; M;F; >? =CH?G;
J;OFCMN;H; ;M;F;>I?HNL;F,F;T; H;2CF;,LO>?HN?;mG;CILN?F;>?/,n 0;HNI
MO;M=L_NC=;MJIMCNCP;M;I@CFG?KO;HNIYM;F;>?=CH?G;@IL;G ;FPI>IM=IG?HNXLCIM
>IMF?CNIL?M>I%/2* FAOHM=IH=IL>;L;G=IG0;M>?KO?I@CFG??;M;F;>?=CH?G;
N^G<I;KO;FC>;>? =IGIIG?G<LIMCFP?L



/D:=G6C0/D2?E@2?5CSDA0/
0/6DEF52?E60
=IGJF?N;G?HN? FCH>I  M?AOC ; >C=; ? ;MMCMNC HI =?HNL;F JF;T; H;
M;F; ?MNIO?MNOJ?@;NI=IG;<?F?T;?I>?M?HLIF;L>;BCMN`LC;
KO?CHC=C;FG?HN?J;L?=?MCGJF?M @CFG?FCH>I?JOLI GOCNI<IG




FIA>I0;M IG?HNXLCIM>I,IMNm+=CH?G;;CH>;L?MJCL;n
*I ?HN;HNI  F?CNIL?M =IGI ?HCM?  >CM=IL>;G >; IJCHC[I ?RJL?MM; HI
%/2*;=?L=;>I@CFG?
7 ?HCM?87/[I,;OFI /,8
?M=OFJ? 0;M );M?MM?@CFG?]BILL_P?F"OC;MMCMNCLH;G;CIL
>;M <I;M CHN?H\b?M ? ;=B?C GOCNI LOCG G?MGI ,;L?=? KO? H[I
N?G LIN?CLIM =?H;M M[I FCH>;M ;KO?F; >IM N;G<IL?M  FIAI HI
CH_=CI >I @CFG?  ] >? NL;T?L XAO; ;IM IFBIM  G;M ] JL?=CMI ;FAI
G;CMKO?CMMI CGJL?MM[IKO?G?>X]KO?I@CFG?]OG;=IF=B;
>?L?N;FBIM>?=?H;M>?FON; 
FIA>I0;M IG?HNXLCIM>I,IMNm+=CH?G;;CH>;L?MJCL;n
,IL M?L OG; N?GXNC=; JIO=I CHN?L?MM;HN? IO JIF^GC=;  ?MN? JIMN ;NL;CO
G?HIM=IG?HNXLCIM?GL?F;\[I;IM>?G;CM "ICOGNIN;F>?=IG?HNXLCIM>OL;HN?I
J?L_I>I>?=IF?N; 

C2F56m+F?[I>ICGJIMNI>?L?H>;N;>?<I<?CL;nl,IMN
IONL;N?GXNC=;CMIF;>;?GOGcHC=IJIMN JL?M?HN?HIFIA>I0;M?G
HIMMI J?L_I>I >? ;HXFCM?  J;L?=? L?JLI>OTCL  ;J?H;M  G;CM OG; >;M CHcG?L;M
CH@ILG;\b?M ;G;CILJ;LN?CHP?L_>C=;M KO?=CL=OF;GH;%HN?LH?NH;@ILG;>?63$06 
0;M>?MN;=;?MM?@;NI;HN?M>?L?JLI>OTCLOG? G;CFKO?@;F;;=?L=;>?OG;JIMM_P?F
@L;O>? =IHNL; I CGJIMNI >? L?H>; >? J?MMI;M @;GIM;M  2;F? F?G<L;L KO? I G^M >?
;<LCF>?@ICIcFNCGIG^MJ;L;;>?=F;L;\[I>?CGJIMNI>?L?H>;?;?RJ?=N;NCP;
?L;>?KO?;G;CILJ;LN?>IM=IHNLC<OCHN?M@CT?MM?OMI>;%HN?LH?NJ;L;?HNL?A;L;MO;
>?=F;L;\[I 
!MM? JIMN N?P?  =IG?HNXLCIM  HI ?HN;HNI  =?L=; >?  >?F?M M?
L?@?LC;G ;IM 32676 >I N?G; .;=CMGI l ;MI #L;@CN?  =ODIM FCGCN?M >? =IG?HNXLCIM
@IL;G;NCHAC>IM @IL\;H>IIMF?CNIL?M;ONCFCT;L?GIONLIM 32676 =IGII,IMN J;L;
J;LNC=CJ;L>;>CM=OMM[I 



3$06 M[I OG; ?MJ]=C? >? G;F; >CL?N; >? ? G;CF  H[I ;ONILCT;>;  A?L;FG?HN? =IG CH@ILG;\b?M H[I
=IH@CLG;>;M +MMJ;GMM[IGOCNIONCFCT;>IMJ;L;>CMM?GCH;\[I>?P_LOMCH@ILGXNC=IM?M?=IHMNCNO?G?GOG
>IM?F?G?HNIMG;CM=IG<;NC>IMJ?F;M?GJL?M;M>?M?AOL;H\;PCLNO;F


&24:D>@`2D@C27:E6m.;=CMGIION?GJ?MN;>??G=IJI>eXAO;nl,IMNm,IL
KO?I#L;@CN?N?G;J?FC>I>?AL;@CN?nl,IMNm+L;=CMGI>?HNLI?@IL;>?H`Mnl
,IMNmHA?FC"IFB; nl,IMN
+ N?G; >I L;=CMGI  MOLAC>I ; J;LNCL >I =;MI >; ;AL?MM[I P?L<;F >I
DIA;>IL >? @ON?<IF ;LA?HNCHI ?MX<;NI =IHNL; I ;N;=;HN? >I /[I ,;OFI  #L;@CN?  @IC 
M?G >cPC>;  I >? G;CIL L?J?L=OMM[I HI FIA >I 0;M >OL;HN? I G^M >? ;<LCF   +
;MMOHNI L?H>?O KO;NLI 32676  M?H>I KO? NL^M >?F?M ;F=;H\;L;G I HcG?LI FCGCN? >?
=IG?HNXLCIMJIMM_P?CM 
*;HICN?>I>C;>?;<LCF>? ?G/[I,;OFI >OL;HN?OGDIAIJ?F;
0;\; (C<?LN;>IL?M >? G]LC=; >? "ON?<IF  ?HNL? /[I ,;OFI ? I NCG? ;LA?HNCHI
-OCFG?M  I DIA;>IL (?;H>LI ?MX<;NI @IC ;=OM;>I J?FI ;N;=;HN? #L;@CN? >? FB? N?L
@?CNI I@?HM;M L;=C;CM   ?MX<;NI @IC JL?MI ;CH>; HI ?MNX>CI ? J;MMIO =?L=;  BIL;M
JL?MI?G/[I,;OFI 
+JLCG?CLI>?MN?MKO;NLI32676?MNX>;N;>I>?>?;<LCF >C;M?AOCHN?>;
I=ILL^H=C;>;;AL?MM[I>? ?MX<;NI=IHNL;#L;@CN? JLCG?CL;=ICM;KO?M?>?MN;=;]
I@;NI>?KO?H?MN;>;N;?RCMN?;JIMN;A?G>?>ICMN?RNIM  m.;=CMGIION?GJ?MN;>?
?G=IJI>eXAO;n I,IMN MOLA??GPCLNO>?>;CG?HM;L?J?L=OMM[IJLIPI=;>;J?FI
=;MI OG;P?TKO?IDIA;>IL;LA?HNCHI@ICJL?MI;CH>;?G=;GJI>?DIAI 
?M>?;?M=IFB;>IN_NOFI 0;MIJN;J?FI=;GCHBI>;JIF^GC=;  -O;H>I
NI>; ; G_>C; N?G L?MM;FN;>I ; KO?MN[I L;=C;F  I <FIAO?CLI ?HN?H>? KO? ?MNX B;P?H>I
OG?R;A?LI>I=;MI
?M=OFJ? #L;@CN?  G;M ?MM; <;LOFB?CL; NI>;  J;MMIO >I <IG
M?HMI 
   NL;HM@ILG;L OG; <LCA; >?HNLI >? =;GJI HOG CGJ;MM?
CHN?LH;=CIH;F ;=OM;LI;LA?HNCHI>?L;=CMGI=IGIM?I=;L;@IMM?
OG$CNF?L JL;GCGJ;MMIO>IJIHNI 
FIA>I0;M m.;=CMGIION?GJ?MN;>??G=IJI>eXAO;n

*IN; M?  J?F; JIF^GC=; J?=OFC;L >I N?G; ? >; JIMNOL; >? 0;M  ;
P?FI=C>;>??GKO?IM=IG?HNXLCIM@IL;GJIMN;>IM?IN?GJI?GKO?@IC;NCHAC>II
FCGCN? >? J;LNC=CJ;\[I >IM F?CNIL?M H?MN? JLI=?MMI I N?RNI @IC JO<FC=;>I YM  B 
GCH I JLCG?CLI =IG?HNXLCI @IC JIMN;>I YM  B  GCH ? I cFNCGI  JIO=I G;CM >?
OG;BIL;?PCHN?>?JICM YMBGCH %MNIMCAHC@C=;KO??GJL;TIL?MNLCNI>?OG;


BIL;?KO;L?HN;?KO;NLIGCHONIM OGCH=L_P?F@FORI>?F?CNIL?M=IG?HNIOIFIA>I
0;M =B?A;H>I;=IG?HNXLCIMHI,IMN 
+ G?MGI LCNGI ? @FORI M? L?J?N?G HIM 32676 M?AOCHN?M   +M NL^M
JL`RCGIM32676JO<FC=;>IMHIFIA>I0;MNL;N;G ;CH>; >;KO?MN[I#L;@CN? +,IMN
  m,IL KO? I #L;@CN? N?G HIG? >? AL;@CN?n  ;J;L?=? =IGI OG; ?MJ]=C? >?
DOMNC@C=;NCP; >; JIMC\[I ;MMOGC>; JIL 0;M HI JIMN ;HN?LCIL  DOFA;>; JIL GOCNIM
=IG?HN;>IL?M=IGIL;=CMN; );CMOG;P?T I<FIAO?CLI>?M=L?P?IJLI=?MMI>?MO;M
L?@F?Rb?MMI<L?I=;MI !GIONL;MJ;F;PL;M 0;MG;HC@?MN;IM$&&28176KO??RJL?MM;G
MO; JL`JLC; L?@F?R[I ;=?L=; >? M?O N?RNI   + JLI=?MMI L?@F?RCPI @IC CHC=C;>I ; J;LNCL
>;MJ;F;PL;M>IM=IG?HNXLCIMKO?CH>C=;L;G;=IGJL??HM[I JILJ;LN?>IMF?CNIL?M >?
KO?0;MM?G;HC@?MNIO>?G;H?CL;JL?=IH=?CNOIM; 
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=IG=IG?HNXLCIM  CT0;M?GMO;>?@?M;
!MNIOJ;MG;>I=IG;L?J?L=OMM[I?IG;F?HN?H>CG?HNI>IJIMN
;<;CRI   + L;=CMGI ?MNX ?HL;CT;>I ?G HIMM; =OFNOL;  N]
G?MGI HI ;J?FC>I >I DIA;>IL H?ALI KO? @IC P_NCG; >I
RCHA;G?HNI  +O PI=^ ;=B; KO? #L;@CN? ] OG ;J?FC>I =;LCHBIMI
KO? ?F? A;HBIO H; CH@ZH=C;    + JL?=IH=?CNI ?MNX >?HNLI >?
H`MNI>IM 2;GIMNI>IMHIM?>O=;L?;JL?H>?L=IG?MM??JCM`>CI 
*[I>?P?GIM=IG<;N?LJL?=IH=?CNI=IGIONLIJL?=IH=?CNI ,;L;
IMKO?G?CHN?LJL?N;L;G=IG;HMC?>;>??=?AO?CL; ?MM?]IG?O
L?=;>IHIJIMN;<;CRI 
FIA>I0;M m,ILKO?I#L;@CN?N?GI;J?FC>I>?AL;@CN?n
+,IMN m+L;=CMGI>?HNLI?@IL;>?H`Mn N?HN;M?L;=IH=FOM[I>I
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;JL?M?HN; N?RNI JO<FC=;>I H; ?>C\[I >; L?PCMN; /OJ?LCHN?L?MM;HN? !>CNIL; <LCF
>;KO?F? G^M  ;MMCH;>I JIL !>O;L>I /TEF;LT  <L;MCF?CLI L;>C=;>I ?G O?HIM CL?M 
+ONL;P?TJ;L?=?KO?I<FIAO?CLI ?GOGJLI=?MMI>?L?@F?R[I N?HN;L?=IHMNLOCLMO;
G;HC@?MN;\[I ,L?MMCIH;>IJ?FIM=IG?HNXLCIM 0;MN?HN;M?GIMNL;L=IGI;FAO]GKO?
H[I ] L;=CMN;   ! OG; >;M C>]C;M KO? >?@?H>? J;L; CMMI ] KO?  H; P?L>;>?  IM
<L;MCF?CLIM ?MN[I NL;HM@ILG;H>I ; KO?MN[I ?G OG =;MI >? LCP;FC>;>? =IG IM
;LA?HNCHIM ,;L;I<FIAO?CLI IM<L;MCF?CLIM?R;A?L;G;LCP;FC>;>?=IGIM;LA?HNCHIM 


=IGI @IC ?R;A?L;>; ; L?;\[I HI ;MI #L;@CN?   !MM? ] I N?IL >I N?RNI >? /TEF;LT 
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