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' ./**(0)'* ./* '+* -+*+0'-

%# &I
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Q =F ?=F=J9D D9 HJ==EAF=F;A9 <= DGK <=J=;@GK @ME9FGK D9
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;9J^;L=J n=D=;LANG <=K;=FLJ9DAR9<G 9DL=JF9LANG J=KHGFK9:D=
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'')- - 2 -
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L=F;A9K 9 DGK fJ?9FGK <=D KL9<G D9 -=Hg:DA;9 DGK KL9<GK

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Q K=;J=LG KAF IM= K= 9K=?MJ= KM 9MLGFGE`9 HGD`LA;9 HJGHA9
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<=DHM=:DGGJ?9FAR9<G=FD9K>MF;AGF=K<=?G:A=JFGQ=FD99<EAFAK
LJ9;AfF <=DGK>9;LGJ=KQE=<AGK<=HJG<M;;AfF<=:A=F=KQK=JNA;AGK
<=HJGHA=<9<KG;A9D ;GEG?9J9FL`9<=D=B=J;A;AGHD=FG<=D9KG:=J9F`9
HGHMD9J >J=FL=9;M9DIMA=JAFL=FLG<=D9KGDA?9JIM`9KF9;AGF9D=KQJ=
?AGF9D=K<=;GF;=FLJ9J ;=FLJ9DAR9JQEGFGHGDAR9J=DHG<=JHGD`LA;GQ
=;GFfEA;G <= D9 )9;AfF Q <= D9K J=?AGF=Ko9JL 1_9K= =F /13B/
#4717/: )X<=D<=E9JRG<=
1_9K= DD9F - J=O=J
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17/:7AB/3<B@/:7H/2=$=:717/:G!7:7B/@7AB/=;3<B/@7=AA=0@33:A3<B72=G
/:1/<1323:/A>@=>C3AB/A23@34=@;/1=<AB7BC17=</: GD=;;AfF/=PLGK
'=?AKD9LANGK )X <ALGJA9D%MJ`<A;91=F=RGD9F9 9J9;9K
1_9K= DD9F - J=O=J
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<ALGJA9D%MJ`<A;91=F=RGD9F9 9J9;9K

' ./**(0)'* ./* '+* -+*+0'-

;GFKMDL9HGHMD9J >M=J=;@9R9<9HGJ=DHM=:DG=F=DJ=>=J=F<G
<=<=<A;A=E:J=<=
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9D9GFKLALM;AfF <=K<=9FL=K<=IM=K==>=;LM9J9<A;@GJ=>=
J=F<G D9K9E:D=9)9;AGF9D 9HJGHM=KL9<=D=FLGF;=K+J=KA
<=FL=#M?G@^N=R!J`9K;GF>A9<G=FIM=KMHJGQ=;LG<=J=
>GJE9 ;GFKLALM;AGF9D <=D 9bG KA?MA=FL= K=J`9 9HJG:9<G =F

9:A=JL9NAGD9;AfF9D9GFKLALM;AfF;GE=FRf9<=KE9FL=D9J=D
KL9<GGFKLALM;AGF9DH9J9KMKLALMAJDGHGJMF KL9<G.G;A9DAK
L9 AEHGFA=F<G9D9>M=JR9;GEGA<=GDG?`9gFA;9D9KG;A9DAKL9
E=<A9FL= D9 =KLJM;LMJ9;AfF H9J9D=D9 <= MF KL9<G <=D +G<=J
+GHMD9J G KL9<G GEMF9D 9 LJ9N_K <= D9 K9F;AfF <=D9'=Q
<= DGK GFK=BGK GEMF9D=K <= J=>GJE9<9 HGKL=JAGJ
E=FL=Q=D=N9<99DJ9F?G<=D=QGJ?^FA;9=F
+GKL=JAGJE=FL= =D=EH=bGHGJAEHD9FL9J=F1=F=RM=D9
=K= KL9<G.G;A9DAKL9Q:GJJ9F<GLG<GN=KLA?AG<=HDMJ9DAKEG
>M= AF<AJ=;L9E=FL= J=;@9R9<G <= FM=NG ;GF G;9KAfF <= D9K
=D=;;AGF=KD=?AKD9LAN9K=>=;LM9<9K=D<=K=HLA=E:J=<=
D9K;M9D=K>M=JGFHD9FL=9<9KHGJ=D+J=KA<=FL=<=D9-=Hg:DA;9
QD9E9QGJ`9G>A;A9DAKL9<=D9 HJGHA9K9E:D=9)9;AGF9D;GEG
MF nHD=:AK;ALGo J=KH=;LG 9D HJGHAG+J=KA<=FL= Q<=KM9;LM9
;AfFQKMKHGD`LA;9KKG;A9DAKL9KQ9HJ=NA9E=FL=J=;@9R9<9KHGJ
=D HM=:DG =F IMA=F=K @A;A=JGF MF9 E9KAN9 ;9EH9b9 9
>9NGJ <= KMK ;9F<A<9LGK nHD=:AK;ALGo IM= =D +J=KA<=FL=<=D9
-=Hg:DA;9 Q KM H9JLA<G H=J<A=JGF 9:JME9<GJ9E=FL= HM=K D9
E9QGJ`9<=DH9`KNGLf=F;GFLJ9<=D9KEAKE9K
.AF=E:9J?G 9D@9:=JH=J<A<G=F<A;@9K=D=;;AGF=KH9J
D9E=FL9JA9K =D+J=KA<=FL=QKMH9JLA<G L=FA=F<G9gF=D;GF
LJGD9:KGDMLGKG:J= D9K9E:D=9)9;AGF9DQK9:A=F<GIM=DM=
?G <= D9K =D=;;AGF=K D=?AKD9LAN9K <= <A;A=E:J= <= Q9 FG
1_9K=DD9F-J=O=J
9J`9K n'9HJGQ=;L9<9J=>GJE9;GFKLALM;AGF9D
<= J=;@9R9<9HGJ=DHG<=J;GFKLALMQ=FL=GJA?AF9JAGo 3<<C/@7=
233@316=$U0:71= bG $FKLALMLG<= KLM<AGK<==J=;@G+g
:DA;G<=D90FAN=JKA<9< (GFL=^NAD9 9J9;9K HH

1_9K==F /13B/#4717/: )V PLJ9<=

1_9K==F /13B/#4717/: )V<=

1_9K=D9K=FL=F;A9)X
<=

<= D9 .9D9 GFKLALM;AGF9D <=D /JA:MF9D .MHJ=EG
<= %MKLA;A9 KG:J= D9 ;GFKLALM;AGF9DA<9< <=D ;9J^;L=J GJ?^FA;G <= =KL9
'=Q *J?^FA;9 <= DGK GFK=BGK GEMF9D=K 1_9K= =F
@LLHOOOLKB?GNN=<=;AKAGF=KK;GF<A;A=E:J=

@LED

'')- - 2 -
-\.
HG<J`9FAEHGF=J9KM9FLGBGD9D=?AKD9;AfFIM=IMAKA=J9F 9F
L=K<=IM=DGKFM=NGK<AHML9<GK=D=;LGK9D9K9E:D=9HM<A=
J9F LGE9J HGK=KAfF <= KMK ;9J?GK =F =F=JG <= =F <A
;A=E:J=<= 9LJGH=DD9<9E=FL=Q<=FM=NG=F>J9M<=9D9
NGDMFL9< HGHMD9J Q 9 D9GFKLALM;AfF MLADAR9JGFD9<=KD=?ALA
E9<9K9E:D=9)9;AGF9DHJ=;=<=FL=H9J9HJG;=<=J9D9K9F
;AfF <= MF ;GFBMFLG<='=Q=K*J?^FA;9KE=<A9FL=D9K;M9D=K

:MK;f <=>AFAJ 9DE9J?=F<=D9GFKLALM;AfFQ=FNAGD9;AfF9D9
EAKE9 =D E9J;G FGJE9LANG <= MF FM=NG KL9<G .G;A9DAKL9
H9J9D=DG 9D KL9<G GFKLALM;AGF9D IM= K= <=FGEAFf n KL9<G
GEMF9DoQIM=KAFGK9L=F=EGK9D9K=PH=JA=F;A9K@AKLfJA;9K
HJ=;=<=FL=K LG<9K>J9;9K9<9K MF9K<=K9H9J=;A<9K;GEG=D<=
D9 0FAfF .GNA_LA;9 Q GLJGK =F N`9K <= =PLAF;AfF ;GEG =D <=
M:9 FG=KGLJ9;GK9IM=MF KL9<GGEMFAKL9 H9J9=D;M9D
K=9<GHL99D.G;A9DAKEG;GEG<G;LJAF9G>A;A9DHg:DA;9AEHM=K
L9 9 DGK ;AM<9<9FGK H9J9 HG<=J H9JLA;AH9J EGFL9<G =F MF

KAKL=E9 =FLJ9DAR9<G (ADAL9JAKL9 Q +GDA;A9D H9J9 =D =B=J;A;AG
<=D HG<=J Q K= 9<GHL9F =PHJ=K9 Q L=PLM9DE=FL= DGK HGKLMD9
<GK E9JPAKL9K E^K LJ9<A;AGF9D=K KG:J= =D ;GEMFAKEG ;GEG

KGF D9 HJGHA=<9< KG;A9D <= DGK E=<AGK <= HJG<M;;AfF =DAEA
F9;AfF <= D9 <ANAKAfF KG;A9D <=D LJ9:9BG Q J=AFN=JKAfF KG;A9D

<=D=P;=<=FL=HJG<M;LANGL9D;GEGIM=<f HD9KE9<G=FD9'=Q
*J?^FA;9 <=D .AKL=E9 ;GFfEA;G GEMF9D <= 9JLK
Q
K9K '=Q=K*J?^FA;9K<A;L9<9K=F<A;A=E:J=<= =F
=>=;LG >M=JGF D9K KA?MA=FL=K '=Q *J?^FA;9 <=D +G<=J +GHM
D9J <=D9KGEMF9K '=Q*J?^FA;9 <=D.AKL=E9 ;GFfEA;G
1_9K= =D =KLM<AG <= %GK_ $?F9;AG #=JF^F<=R %=KgK (9J`9 DN9J9<G
F<J9<=Q'MAK#=JJ=J9*J=DD9F9 n.G:J=DGKNA;AGK<=AF;GFKLALM
;AGF9DA<9< <= D9 '=Q *J?^FA;9 <=D +G<=J +GHMD9J o =F DD9F - J=
O=J
9J`9KGGJ<AF9<GJ D9M<A9)ACC=F 'MAK#=JJ=J9*J=DD9F9
%=KgK (9J`9 DN9J9<G F<J9<= %GK_ $?F9;AG #=JF^F<=R Q <JA9F9
1A?AD9FR9 3G3A #@5L<71/A A=0@3 3: $=23@ $=>C:/@ G 3: AB/2= =;C</:
=A=<A38=A=;C</:3A:/A=;C</A:/'=1732/2'=17/:7AB/G3:'7AB3;/
1=<T;71==;C</: HH KK
1_9K==F /13B/#4717/: )X PLJ9<=

'9.9D9GFKLA
LM;AGF9DE=<A9FL=K=FL=F;A9)X<=

<=;D9JfD9;GFKLA
LM;AGF9DA<9< <=D ;9J^;L=J GJ?^FA;G <= =KL9 '=Q 1_9K= =F

@LLHOOOLKB?GNN=<=;AKAGF=KK;GFA;A=E:J=

@LED
1_9K==F /13B/#4717/: )X PLJ9<=

'9.9D9GFKLA

<=;D9JfD9;GFKLA

' ./**(0)'* ./* '+* -+*+0'-

GEMF9D '=Q *J?^FA;9 <= +D9FA>A;9;AfF +g:DA;9 Q GEM
F9D Q '=Q*J?^FA;9 <=GFLJ9DGJ`9.G;A9D

<=E^K =F=DEAKEGE9J;G<==KLJM;LMJ9;AfF<=D KL9
<G GEMF9D EGFL9<G KG:J= =D +G<=J +GHMD9J K= <=KL9;f D9

K9F;AfF <= D9 '=Q *J?^FA;9 <=D GFK=BG !=<=J9D <= "G
:A=JFG Q D9 J=>GJE9 <= D9 '=Q *J?^FA;9 <=D +G<=J +g:DA;G
(MFA;AH9D Q<=D9K'=Q=K<=DGKGFK=BGK KL9<9D=K<= +D9FA
>A;9;AfFQGGJ<AF9;AfF<=+GD`LA;9K+g:DA;9K Q<=DGKGF
K=BGK'G;9D=K<=+D9FA>A;9;AfF+g:DA;9
'9 <=KD=?ALAE9<9 K9E:D=9 )9;AGF9D =F 9<=E^K
K9F;AGFfMF9'=Q@9:ADAL9FL=9MLGJAR9F<G9D+J=KA<=FL=<=D9
-=Hg:DA;9 H9J9 HGJ N`9 <= D=?AKD9;AfF <=D=?9<9 <A;L9J D=Q=K
=FLG<9KD9KE9L=JA9KAE9?AF9:D=K AF;DMKG<=;9J^;L=JGJ?^FA
;G N9;A9F<G9K`HGJMFH=J`G<G<=E=K=K @9KL9 9D9

FM=N9K9E:D=9)9;AGF9D<=E9L=JA9KKG:J=D9K;M9D=KHG<=J
D=?AKD9J Q D9 HJGHA9 K9E:D=9 )9;AGF9D =F <A;A=E:J= <=
LM;AGF9DA<9<<=D;9J^;L=JGJ?^FA;G<==KL9'=Q
1_9K==F /13B/#4717/: )X PLJ9<=

'9.9D9GFKLA
LM;AGF9DE=<A9FL=K=FL=F;A9)X <=

<=;D9JfD9;GFKLA


@LED
1_9K==F /13B/#4717/: )X PLJ9<=

'9.9D9GFKLA
LM;AGF9DE=<A9FL= K=FL=F;A9)X<=

<=;D9JfD9;GFKLA


@LED
1_9K==F /13B/#4717/: )X PLJ9<=

'9.9D9GFKLA

<=;D9JfD9;GFKLA
LM;AGF9DA<9<<=D;9J^;L=JGJ?^FA;G<==KL9'=Q
1_9K==F /13B/#4717/: )X PLJ9 <=

'9.9D9GFKLA

<=;D9JfD9;GFKLA


@LED
1_9K==F /13B/#4717/: )X PLJ9<=

1_9K==F /13B/#4717/: )X PLJ9<=

1_9K==F /13B/#4717/: )X PLJ9<=

1_9K==F /13B/#4717/: )X PLJ9<=

1_9K= =F /13B/ #4717/: )X PLJ9 <= >=;@9 <= <A;A=E:J= <=

'')- - 2 -
-\.
=F D9 N`KH=J9 <= ;=K9J KM E9F<9LG J=>GJEf =D -=?D9
E=FLG $FL=JAGJ Q <= =:9L=K H9J9 E9L=JA9DE=FL= AEH=<AJ

IM=D9FM=N9K9E:D=9)9;AGF9DIM=LGEfHGK=KAfF=F=F=JG
<= HM=<9>MF;AGF9J
@GJ9 :A=F =D E9J;G <=>AFALGJAG ?=F=J9D <=D KL9<G
GEMFAKL9;GFMF9A<=GDG?`9gFA;9.G;A9DAKL9IM=K= @9 IM=
JA<G AEHGF=J9DGKN=F=RGD9FGK QHGJ=D;M9DF9<A=@9NGL9
<GEGFL9<GKG:J==DKMHM=KLG=B=J;A;AG<=D9KG:=J9F`9HGJ=D
HM=:DG=P;DMKAN9E=FL==F>GJE9<AJ=;L99LJ9N_K<=D=B=J;A;AG
<=D n+G<=J +GHMD9Jo Q =D =KL9:D=;AEA=FLG <= MFn KL9<GG
EMF9D o K= DG ;GF;A:Af :^KA;9E=FL= =F D9 '=Q *J?^FA;9 <=D
+G<=J +GHMD9J '*++ =F D9 '=Q *J?^FA;9 <= DGK GFK=BGK
GEMF9D=K =F D9 '=Q *J?^FA;9 <= D9K GEMF9K Q =F D9 '=Q
*J?^FA;9 <= GFLJ9DGJ`9 .G;A9D ;MQ9K <AKHGKA;AGF=K ;GF>GJ
E=9D9JL`;MDG<=D9'*++
nKGF9HDA;9:D=K9LG<9KD9KGJ?9FAR9;AGF=K =PHJ=KAGF=KQÊ
:ALGK <=D +G<=J +GHMD9J =B=J;A<9K <AJ=;L9 G AF<AJ=;L9E=FL=

HGJ D9K H=JKGF9K D9K ;GEMFA<9<=K DGK K=;LGJ=K KG;A9D=K D9
KG;A=<9< =F ?=F=J9D Q D9K KALM9;AGF=K IM= 9>=;L=F =D AFL=J_K
;GD=;LANG 9;9L9F<G=DHJAF;AHAG<=D=?9DA<9<=FD9>GJE9;AfF
=B=;M;AfFQ;GFLJGD<=D9?=KLAfFHg:DA;9o
K<=;AJ D9K<AKHGKA;AGF=K<=D9'*++Q<=D9KGLJ9KD=
Q=K KGF GEFA;GEHJ=FKAN9K 9HDA;^F<GK= 9 LG<GK Q 9 LG<G

;GEGHA=R9K=K=F;A9D=K<=MFFM=NGQH9J9D=DG KL9<GJ=?A<G
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' ./**(0)'* ./* '+* -+*+0'-

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' ./**(0)'* ./* '+* -+*+0'-

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HGHMD9J=K
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' ./**(0)'* ./* '+* -+*+0'-

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' ./**(0)'* ./* '+* -+*+0'-

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357A:/B7D=A
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' ./**(0)'* ./* '+* -+*+0'-

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9D9D=QGD9KD=Q=K
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' ./**(0)'* ./* '+* -+*+0'-

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' ./**(0)'* ./* '+* -+*+0'-

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9 MF9 <AKLJA:M;AfF <= ;GEH=L=F;A9K =FLJ= DGK <AKLAFLGK fJ?9
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'')- - 2 -
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L9DD= <= =K9K 9LJA:M;AGF=K 9D GFK=BG '=?AKD9LANG D= 9KA?F9 D9

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' ./**(0)'* ./* '+* -+*+0'-

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'9K E9L=JA9K <= D9 ;GEH=L=F;A9 =P;DMKAN9 ;GEG KM
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' ./**(0)'* ./* '+* -+*+0'-

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n '9;J=9;AfF GJ?9FAR9;AfF J=;9M<9;AfF 9<EAFAKLJ9;AfF

Q ;GFLJGD <= DGK AEHM=KLGK KG:J= D9 J=FL9 KG:J= KM;=
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n '9 D=?AKD9;AfF H9J9 ?9J9FLAR9J D9 ;GGJ<AF9;AfFQ9JEG
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' ./**(0)'* ./* '+* -+*+0'-

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# <=D KL9<GJ9?M9<=

' ./**(0)'* ./* '+* -+*+0'-

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9 KALM9;AGF=K IM= ;GFKLALMQ=F 9E=F9R9 NMDF=J9:ADA<9< G
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nHGDA;`9F9;AGF9Do9JL ;GJJ=KHGF<A=F<G9D B=;MLANG
)9;AGF9D GJ?9FAR9J <= ;GF>GJEA<9< ;GF D9 D=Q MF ;M=JHG
MFA>GJE9<G <= HGDA;`9 F9;AGF9D 9JL D +G<=J KL9<9D
LA=F=;GEH=L=F;A9=P;DMKAN9H9J9nD9GJ?9FAR9;AfF<=D9HG
DA;`9 Q D9 <=L=JEAF9;AfF <= D9K J9E9K <= =KL= K=JNA;AG 9LJA
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' ./**(0)'* ./* '+* -+*+0'-

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K=?MJA<9<;AM<9<9F9'9EAKE9FGJE9;GFKA<=J9;GEGMF9
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9IM=DDGK ;GF>GJE= ;GF =D 9JL`;MDG Q Q <=
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'9 D=?AKD9;AfF :^KA;9 =F E9L=JA9 <= =;GFGE`9 ;GEG K=
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9JL Q.AF=E:9J?G =DJ_?AE=F<=GJ<=F9
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9 #@23</17T< G>@=;=17T<23:23A/@@=::=31=
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=D <=K9JJGDDG AFL=?J9D <=D H9`K HJGEGN=J =D <=K9JJGDDG 9JEf
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LJA9K HGHMD9J=K N=D9J HGJ D9 ;J=9;AfF Q >GJL9D=;AEA=FLG <=D

K=;LGJLMJ`KLA;GF9;AGF9DQHJGL=?=JQHJGEGN=JD9H=IM=b9Q
E=<A9F9AF<MKLJA9

'')- - 2 -
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=FM=NG D99LJA:M;AfF9Dn KL9<Go<==KL9K;GEH=L=F
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<=D HD9F <= <=K9JJGDDG =;GFfEA;G Q KG;A9D 9JL Q 9LJA
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H9J9>GJEMD9J=D+D9F "/17=</: <==K9JJGDDGQ<AJA?AJKM=B=
;M;AfF HJ=NA9 9HJG:9;AfF <= D9 K9E:D=9 )9;AGF9D 9JL

DDG AEHDA;9 HGJ KMHM=KLG IM= HM=<= Q <=:= @9:=J
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: (C@7A;=
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Dn KL9<Go =F=K9FGJE9 A?M9DE=FL= =KL9FLG=D KL9
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(MFA;AHAGK ;GF>A?MJ^F<GK=D9E9L=JA9;GEG<=D9;GEH=L=F
;A9;GF;MJJ=FL==FLJ=DGKLJ=KFAN=D=KL=JJALGJA9D=K

' ./**(0)'* ./* '+* -+*+0'-

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LMJ`KLA;9=D+G<=J)9;AGF9DLA=F=9KA?F9<9;GEH=L=F;A9=P;DM
KAN9 H9J9 D9 HGD`LA;9 </17=</: Q D=?AKD9;AfF =F E9L=JA9 <= LM
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JA9<=nLMJAKEGDG;9Do9JL
; $@=;=17T< 23: 23A/@@=::= @C@/: G A35C@72/2

/:7;3<B/@7/
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<= 9MLG9:9KL=;AEA=FLG HJGL=?=J D9K ;GEMFA<9<=K Q 9K=FL9
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>GJE9K9KG;A9LAN9KQH9JLA;MD9J=K<=HJGHA=<9< QN=D9JHGJD9
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KL9K G:DA?9;AGF=K <=D n KL9<Go <= FM=NG ;GJJ=KHGF<=F =F
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;AfF9?J9JA9o9JL Q<=>AFAJD9HGD`LA;9 </17=</: =FE9
L=JA9 L9FLG <= K=?MJA<9< 9DAE=FL9JA9 9JL ;GEG <=
HJG<M;;AfF9?J`;GD9 ?9F9<=J9 >GJ=KL9DQH=KIM=J99JL
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;GD9 ?9F9<=J9 H=KIM=J9Q>GJ=KL9D
< 73<17/GB31<=:=5P/
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n KL9<Go <AN=JK9K G:DA?9;AGF=K Q EAKAGF=K =F E9L=JA9 <=
;A=F;A9 L=;FGDG?`9 ;GFG;AEA=FLG AFFGN9;AfFQKMK9HDA;9;AG
F=K Q DGK K=JNA;AGK <= AF>GJE9;AfF F=;=K9JAGK HGJ K=J AFKLJM
E=FLGK>MF<9E=FL9D=KH9J9=D<=K9JJGDDG=;GFfEA;G KG;A9DQ

'')- - 2 -
-\.
HGD`LA;G<=DH9`K ;GFG:DA?9;AGF=K<=>GE=FLGQ<=K9JJGDDG<=
=K9K9;LANA<9<=K
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HGJL9FLG LA=F=F;GEH=L=F;A9;GF;MJJ=FL==FD9E9L=JA9
= <4=@;/17T<31=<T;71=A=17/:
D9JL`;MDG GJ<AF9D<=D9GFKLALM;AfF ;GEGK=@9
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F ;GFK=;M=F;A9 DGK KL9<GK Q (MFA;AHAGK L=F<J`9F
;GEH=L=F;A9 ;GF;MJJ=FL= =F E9L=JA9 <= ;=FKGK Q =KL9<`KLA;9K
3AB/2/:3A Q ;C<717>/:3A J=KH=;LAN9E=FL=
> $C0:7172/21=;3@17/:
F;M9FLG9D9HM:DA;A<9<;GE=J;A9D =D9JL`;MDG GJ
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DGK(MFA;AHAGK;GEH=L=F;A9=P;DMKAN9=FD9E9L=JA9n=F;M9F
LG;GF;A=JF=9DGKAFL=J=K=KQ>AF=K=KH=;`>A;GK ;C<717>/:3Ao
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KAGF=K;GFKLALM;AGF9D=K HM=<=<=;AJK=IM=LG<9KD9KE9L=JA9K
J=D9LAN9K 9D EAKEG KGF <= D9 ;GEH=L=F;A9 ;GF;MJJ=FL= <=
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DGK KL9<GKQ<=DGK(MFA;AHAGK
9 A7AB3<17/G>@=B3117T<A=17/:
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n KL9<GoLA=F=MF;GFBMFLG<=G:DA?9;AGF=KL=F<A=FL=K99K=
?MJ9JD9HJGL=;;AfF<=D9K>9EADA9KQ<=IMA=F=K=B=JR9FD9B=>9
LMJ9<=D9>9EADA99?9J9FLAR9J9KAKL=F;A9QHJGL=;;AfFAFL=?J9D
9 D9 E9L=JFA<9< 9 HJGL=?=J =D E9LJAEGFAG =FLJ= @GE:J= Q
EMB=J 99K=?MJ9JHJGL=;;AfFAFL=?J9D9DGKFAbGKQ9<GD=K;=F
L=K Q 9 HJGEGN=J KM AFL=?J9;AfF HJG?J=KAN9 9 D9 ;AM<9<9F`9

9;LAN9 9 ;J=9J GHGJLMFA<9<=K H9J9 =KLAEMD9J =D LJ^FKALG HJG

' ./**(0)'* ./* '+* -+*+0'-

<M;LANG<=DGKBfN=F=K9D9NA<99<MDL9 KM;9H9;AL9;AfFQ9;
;=KG 9D HJAE=J =EHD=G 9 ?9J9FLAR9J 9 DGK 9F;A9FGK =D HD=FG

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?J9DJ=KH=;LG<=DGK<AK;9H9;AL9<GK 9?9J9FLAR9J=DJ=KH=LG9
KM<A?FA<9<@ME9F9 D9=IMAH9J9;AfF<=GHGJLMFA<9<=K ;GF
<A;AGF=K D9:GJ9D=K K9LAK>9;LGJA9K Q HJGEGN=J KM >GJE9;AfF

;9H9;AL9;AfFQ9;;=KG9D=EHD=G9;GJ<=;GFKMK;GF<A;AGF=K
/G<9K =KL9K J=KHGFK9:ADA<9<=K KAF <M<9 ;GJJ=KHGF<=F
=F>GJE9;GF;MJJ=FL=L9FLG9D9-=Hg:DA;9;GEG9DGK KL9<GK
Q(MFA;AHAGK
'9 nD=?AKD9;AfF F9;AGF9Do =F D9 E9L=JA9 ;GJJ=KHGF<= =F
>GJE9 =P;DMKAN9 9D +G<=J )9;AGF9D H=JG HGJ =B=EHDG D9
GFKLALM;AfF 9LJA:MQ= =F >GJE9 =PHJ=K9 9 DGK (MFA;AHAGK
E9L=JA9 <= K=JNA;AGK <= HJGL=;;AfF 9 D9 HJAE=J9 Q K=?MF<9
AF>9F;A9 9 D9 9<GD=K;=F;A9 Q 9 D9 L=J;=J9 =<9< 9K` ;GEG =F
E9L=JA9<=K=JNA;AGK<=AFL=?J9;AfF>9EADA9J<=D<AK;9H9;AL9<G
9D<=K9JJGDDG;GEMFAL9JAG9JL
KLGKK=JNA;AGKHg:DA;GK<=9KAKL=F;A9QHJGL=;;AfF <9<G
=D ;9J^;L=J <= E9L=JA9 <= ;GEH=L=F;A9 ;GF;MJJ=FL= L9E:A_F
K=J`9F =F DGK L_JEAFGK <=D 9JL`;MDG <= D9 GFKLALM;AfF
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: '/:C2GA/<72/2
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=KL9<9D=KQEMFA;AH9D=K<==<M;9;AfF

' ./**(0)'* ./* '+* -+*+0'-

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'9 ;GEH=L=F;A9 =KL9<9D Q EMFA;AH9D =F nK=JNA;AGK <=
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LM;AfF
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'GK9JL`;MDGK9<=D9GFKLALM;AfF=KL9:D=;=FL9E
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LfFA;GDGIM=D9K;GF>A?MJ9;GEGMF9<=D9KE9L=JA9K<=;GEH=
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;GEH=L=F;A9<=DGK KL9<GKQ(MFA;AHAGK=FE9L=JA9<=nK=J
NA;AGK<=<=HGJL=o

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MF9 K=JA= <= G:DA?9;AGF=K <= HJGL=;;AfF Q 9L=F;AfF IM= ;G
JJ=KHGF<=F9Dn KL9<Go =K<=;AJ 9D9?DG:9DA<9<<=D9K=FLA
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9 #@23</17T<23:B3@@7B=@7=
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Hg:DA;9 DGK KL9<GKQDGK(MFA;AHAGK

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JA9 <= GJ<=F9;AfF <= L=JJALGJAG HGJ DG IM= 9 DGK KL9<GK Q
(MFA;AHAGK D=K ;GJJ=KHGF<= D9 HGD`LA;9 =KL9<9D Q EMFA;AH9D

' ./**(0)'* ./* '+* -+*+0'-

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LAN9K=FLA<9<=K
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: ;073<B3
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IM= D9 ;GF>A?MJ9 ;GEG MF9 <= D9K E9L=JA9K <= ;GEH=L=F;A9
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9<=E^K 9LJA:MQ=9D+G<=J)9;AGF9D;GEH=L=F;A9=P;DMKAN9=F
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<= 9E:A=FL= Q 9?M9K HGJ DG IM= DGK KL9<GK Q (MFA;AHAGK
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D9E9L=JA9
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L=F;A9K=FE9L=JA9<=nHJGL=;;AfF<=D9E:A=FL=Q;GGH=J9;AfF
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AF?=FA=J`9 <= 9JIMAL=;LMJ9 Q <= MJ:9FAKEG Q D9 D=?AKD9;AfF

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KALAGK<=J=;J=9;AfF 9JIMAL=;LMJ9;ANAD FGE=F;D9LMJ9QGJF9LG
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KMDL9J 9gF E^K =PA?MG Q <=H=F<A=FL= <=D +G<=J )9;AGF9D

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2 6804*0605 +,9*,4:8(20@(+58 ,4 2(9 *536,:,4*0(9

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' ./**(0)'* ./* '+* -+*+0'-

;GEG n!=<=J9D =K;=FLJ9DAR9<Go =D 9JL`;MDG HJ=;AK9 IM= =D

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9<EAFAK
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.AF =E:9J?G ;GF MF =KIM=E9 <= <AKLJA:M;AfF <= ;GE
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E9FGK<=DGKfJ?9FGK<=D+G<=J)9;AGF9D+9J9=B=;ML9JD9 KAF
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Ê:ALGDG;9DQ@9;A9D9K;GEMFA<9<=K
F =>=;LG =D 9JL`;MDG <= D9 GFKLALM;AfF =KL9:D=;=
IM= D9 K9E:D=9 )9;AGF9D HGJ E9QGJ`9 <= KMKAFL=?J9FL=K
HM=<= 9LJA:MAJ 9 DGK (MFA;AHAGK G 9 DGK KL9<GK <=L=JEAF9
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' ./**(0)'* ./* '+* -+*+0'-

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' ./**(0)'* ./* '+* -+*+0'-

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' ./**(0)'* ./* '+* -+*+0'-

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' ./**(0)'* ./* '+* -+*+0'-

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' ./**(0)'* ./* '+* -+*+0'-

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' ./**(0)'* ./* '+* -+*+0'-

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;AfFHGHMD9J
F=>=;LG ;GF=DHJGQ=;LG<=J=>GJE9;GFKLALM;AGF9DJ=K
H=;LG<=D9JL`;MDG K= /5AEAFf D9=PAKL=F;A9<=DAKLJALG9
HAL9DQD9GJ?9FAR9;AfFEMFA;AH9D<=DEAKEG QK=DGKMKLALMQf
HGJMFAKLJALG!=<=J9D IM=K= :MK;fJ=NANAJ H=JGKAF?9J9F
L`9 ;GFKLALM;AGF9D =PHJ=K9 9D?MF9 <= 9MLGFGE`9 EMFA;AH9D G

L=JJALGJA9D FA;GFD9=PA?=F;A9<=Dn;9J^;L=J<=EG;J^LA;GQH9J
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<= ;GF DG ;M9D DG IM= K= IMAKG @9;=J >M= J=KL9:D=;=J =D
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MF L=JJALGJAG 1=<B@=:/2=>=@3:$=23@"/17=</:G3<>/@B71C:/@>=@
3: 831CB7D= "/17=</: H9J9 IM= =F D9 ;9HAL9D <= D9 -=Hg:DA;9
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:MQf 9D+J=KA<=FL=D9>9;MDL9<<=<=KA?F9JQJ=EGN=JD9K 9M
LGJA<9<=K<=DAKLJALG!=<=J9D
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<= DGIM=K=AF;GJHGJf =FD9GFKLALM;AfF;GFD9J=>GJE9
>M= MF9FGJE9IM=KfDG=KL9:D=;`9 D9 ;AM<9<<=9J9;9K;GEG
D9;9HAL9D<=D9-=Hg:DA;9Q=D9KA=FLG <=DGKfJ?9FGK<=D+G<=J
)9;AGF9D J=EALA=F<G9MF9 D=Q=KH=;A9D=D=KL9:D=;AEA=FLGn<=
D9 MFA<9< HGD`LA;G L=JJALGJA9D <= D9 ;AM<9< <= 9J9;9K D9 ;M9D
K=J^<AKLAF?MA<9;GEG MF9<=.AEfFGD`N9J D'A:=JL9<GJQ
-=AF9 <=D +C/@/7@/@3>/<=Z A;@9 GJ?9FAR9;AfF <=H=F<A=FL=
<=D +G<=J =FLJ9D K= ;GF;A:Af KAF 9MLGFGE`9 DG;9D 9D?MF9
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<AG <=D +G<=J B=;MLANG Q ;GF D9 ;GD9:GJ9;AfF Q H9JLA;AH9;AfF

<=LG<GKDGK=FL=K<=D+G<=J+g:DA;G)9;AGF9D KL9<9DQ(MFA
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<G DG F=;=K9JAG H9J9 =D J=GJ<=F9EA=FLG MJ:9FG J==KLJM;LMJ9
;AfFNA9D J=;MH=J9;AfF9E:A=FL9D DG?JGK<=FAN=D=KfHLAEGK<=

K=?MJA<9< H=JKGF9D Q Hg:DA;9 >GJL9D=;AEA=FLG AFL=?J9D <= D9
AF>J9=KLJM;LMJ9 <=D @^:AL9L <= D9K ;GEMFA<9<=K KAKL=E9K <=
K9DM< =<M;9;AfF ;MDLMJ9 <=HGJL= Q J=;J=9;AfF J=;MH=J9;AfF
LGL9D<=KM;9K;GQKALAGK@AKLfJA;GK ;GFKLJM;;AfF<=MFKAKL=E9
<=H=IM=b9KQE=<A9F9K;AM<9<=K9DGD9J?G<=KMK=B=KL=JJALG
JA9D=K <= =PH9FKAfF Q =F ?=F=J9D DG?J9J D9 E9QGJ KME9 <=
@ME9FAR9;AfF HGKA:D= =F D9 MF9 <= .AEfF GD`N9J D 'A:=J
L9<GJ Q-=AF9<=D +/@/7@/@3>/<=Z

GF=KL=HJGQ=;LG<=J=>GJE9;GFKLALM;AGF9D HGJL9FLG

'')- - 2 -
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<=K9H9J=;`9 <=D Ê:ALG L=JJALGJA9D <=D AKLJALG !=<=J9D LG<9

>GJE9 <= GJ?9FAR9;AfF EMFA;AH9D <= /CB=<=;P/ ;C<717>/: =
B3@@7B=@7/: G <= ?G:A=JFG <=EG;J^LA;G H9K9F<G KMK 9MLGJA<9
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:A7AB3;/</17=</:2317C2/23AG3:23@316=/:/17C2/2
@BP1C:=

+GJ GLJ9 H9JL= =F D9 EAKE9 FGJE9 <=D 9JL`;MDG <= D9
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;AGF9<G=FFGNA=E:J=<= Q KAFIM==DDGLMNA=J9 J=D9;AfF

<AJ=;L9 9D?MF9 ;GF =D AKLJALG !=<=J9D Q D9 ;AM<9< ;9HAL9D K=
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;GEG KG:J= D9K ;GF<A;AGF=K <= 9;;=KA:ADA<9< >`KA;9K Q =;GFf
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;GF>GJE=9DJGD =KLJ9L_?A;GIM=D9;AM<9<9JLA;MD9 L9FLG=F=D
;GFL=PLG MJ:9FG J=?AGF9D ;GEG =F =D .AKL=E9 )9;AGF9D <=
AM<9<=Ko

' ./**(0)'* ./* '+* -+*+0'-

2 ()(4+545 +,2 6804*0605 +, 2( +09:80);*0G4 <,8:0

*(2+,2 5+,8 H)20*5,4(*054(29:(+(2?;40
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:E*;25

F D9K GFKLALM;AGF=K N=F=RGD9F9K D9 >GJE9 >=<=J9D <=D
KL9<G;GF;J=LAR9<9=FD9<AKLJA:M;AfFN=JLA;9D<=D+G<=J+g
:DA;G ;GE=FRf 9 =PHJ=K9JK= >GJE9DE=FL= =F D9 GFKLALM;AfF

<= IM= =KL9:D=;Af IM= n D +G<=J +g:DA;G K= <ANA<= =F
)9;AGF9D Q (MFA;AH9Do 9JL DM=?G =F D9 GFKLALM;AfF <=
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9JL9DGKIM=HGKL=JAGJE=FL= 9H9JLAJ<=D9GFKLALM;AfF
<= K=9?J=?f=D+G<=J(MFA;AH9D+GJ=DDG =D9JL`;MDG
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+G<=J +g:DA;G K= <AKLJA:MQ= =FLJ= =D +G<=J (MFA;AH9D =D +G
<=J KL9<9DQ=D+G<=J)9;AGF9Do
KL9<AKLJA:M;AfFLJ9<A;AGF9D<=D+G<=JHg:DA;GK=;9E:Af
J9<A;9DE=FL= ;GF =D HJGQ=;LG <= J=>GJE9 ;GFKLALM;AGF9D K9F
;AGF9<G=FFGNA=E:J=<= 9D9?J=?9JK==F=D9JL`;MDG
MF FM=NG FAN=D L=JJALGJA9D <= <AKLJA:M;AfF <=D +G<=J +g:DA;G
9<=E^K <=D HG<=J EMFA;AH9D <=D HG<=J =KL9L9D Q <=D HG<=J
F9;AGF9D IM==J9 =D $=23@$=>C:/@
FJ=D9;AfF;GF=KL=gDLAEG =FD9FGJE9;GFKLALM;AGF9DK=
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<A;AfF <= DGK ?JMHGK @ME9FGK GJ?9FAR9<GK ;GEG :9K= <= D9

HG:D9;AfF o =D ;M9D nK= =PHJ=K9 ;GFKLALMQ=F<G D9K ;GEMFA<9
<=K D9K;GEMF9KQ=D9MLG?G:A=JFG<=D9K;AM<9<=K 9LJ9N_K

<= DGK ;GFK=BGK ;GEMF9D=K ;GFK=BGK <= LJ9:9B9<GJ=K Q LJ9:9
B9<GJ9K ;GFK=BGK=KLM<A9FLAD=K ;GFK=BGK;9EH=KAFGK ;GFK=BGK

9JL=K9F9D=K ;GFK=BGK<=H=K;9<GJ=K ;GFK=BGK<=HGJLANGK ;GF
K=BGK <= D9 BMN=FLM< ;GFK=BGK <= 9<MDLGK Q 9<MDL9K E9QGJ=K

;GFK=BGK <= EMB=J=K ;GFK=BGK <= H=JKGF9K ;GF <AK;9H9;A<9<
QGLJGK=FL=KIM=K=b9D=D9D=Qo
D;GF;=HLG<=D+G<=J+GHMD9J HGJGLJ9H9JL= K=AF;GJ
HGJf =FD9 J=>GJE9<=DGK9JL`;MDGK Q<=D9GFKLA
LM;AfF=FD9;M9D ;GEGK=@9<A;@G K= :MK;f ;9E:A9J D9;GF
>A?MJ9;AfF <= DGK GEAL_K <= +GKLMD9;AGF=K Q N9DM9;AGF=K

H9J9 D9=K;G?=F;A9<=DGKE9?AKLJ9<GK<=D/JA:MF9D .MHJ=EG
<=%MKLA;A9 DGKLALMD9J=K<=D+G<=JAM<9<9FGQDGKEA=E:JGK
<=D GFK=BG F9;AGF9D D=;LGJ9D H9J9 =F DM?9J <= =KL9J AFL=

'')- - 2 -
-\.
?J9<GK HGJ J=HJ=K=FL9FL=K <= DGK <AN=JKGK K=;LGJ=K <= D9 KG
;A=<9< H9K9JGF 9 =KL9J AFL=?J9<GK nHGJ AHML9<GK <= D9

K9E:D=9F9;AGF9DQGLJGKNG;=JGK<=DGK 2743@3<B3AA31B=@3A23:
$=23@$=>C:/@o

( I4(*054(20@(*0G4J+,*536,:,4*0(97;,2(549
:0:;*0G4 +, (:80);?, ( 259 9:(+59 8:E*;259

'9 GFKLALM;AfF =F KM 9JL`;MDG 9D GJ?9FAR9J 9D K
L9<Gn!=<=J9Do ;GF>GJE=9DHJAF;AHAG<=D9<AKLJA:M;AfFN=J
LA;9D<=D+G<=J+g:DA;G <AKLJA:MQ=Q9KA?F9<AN=JK9K;GEH=
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KA?MA=F<G D9 L=F<=F;A9 ;=FLJ9DAKL9 <= DGK gDLAEGK ;A=F 9bGK
;=FLJ9DARf ;9KA LG<9K D9K ;GEH=L=F;A9K Hg:DA;9K =F =D FAN=D
KL9K J=>GJE9KJ=D9LAN9K9D+G<=J+GHMD9JIM=K=@9FAF;GJHGJ9<G=FD9

GFKLALM;AfF <= ;GF D9K J=>GJE9K K9F;AGF9<9K =F FGNA=E:J= <=
;GF9FL=JAGJA<9<Q9K=@9:`9F9FMF;A9<G=FD9K+JGHM=KL9K<=-=
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LG <= +G<=J +GHMD9J DDG K= <=KL9;9 HGJ =B=EHDG =F D9K HJGHM=KL9K
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9FM9D Q Hg:DA;9E=FL= E=<A9FL= MF AF>GJE= IM= HJ=K=FL9J^ 9FL= =D
GFK=BG(MFA;AH9D<=D+G<=J+GHMD9JQ9FL=D9!=<=J9;AfF<=DGKGF
K=BGKGEMF9D=K=PAKL=FL=K=F=D(MFA;AHAGoJ=KH=;LG<=D9JL`;MDG
=FD9;M9DK=:MK;9:9AF<A;9JIM=nD9>MF;AfFD=?AKD9LAN9<=D(MFA;AHAG
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:D=9)9;AGF9D<=D+G<=J+GHMD9JoJ=KH=;LG<=D9JL`;MDG KG:J=AF
;GEH9LA:ADA<9<=K<==D=;;AfF <GF<=K=@9:D9:9<=>MF;AGF9JAGK;GEM
F9D=KJ=KH=;LG<=D9JL`;MDG =FD9;M9DK=9LJA:M`99D1A;=HJ=KA<=FL=
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L9:99DGFK=BG)9;AGF9D D=;LGJ9DH9J9n;GGH=J9J=FDGKHJG;=KGK=D=;
LGJ9D=K <= GLJ9K GJ?9FAR9;AGF=K <=D +G<=J +GHMD9Jo Q J=KH=;LG <=D 9J
L`;MDG =FD9;M9DK=@9;=J=>=J=F;A99DnHM=:DG<=1=F=RM=D9=F=B=J
;A;AG<=D+G<=J+GHMD9Jo

' ./**(0)'* ./* '+* -+*+0'-

F9;AGF9D ;GF EMQ HG;9K ;GEH=L=F;A9K =F =D FAN=D =KL9<9D

AFL=JE=<AG Q ;GF ;GEH=L=F;A9K =F E9L=JA9 <= D9 NA<9 DG;9D
9LJA:MA<99DGK(MFA;AHAGK
F LG<G ;9KG D9K;GEH=L=F;A9K<=;9<9FAN=DL=JJALGJA9D
<=:=F =B=J;=JK= ;GF 9MLGFGE`9 =F =D K=FLA<G <= IM= _KL9FG
HG<J`9K=JDAEAL9<9HGJD=QF9;AGF9DHGKL=JAGJ HM=K<==DDGK=
LJ9L9 D9 9MLGFGE`9 L=JJALGJA9D HJG<M;LG <= D9 <=K;=FLJ9DAR9
;AfF 9D=KL9:D=;=JK=MF9<AKLJA:M;AfF;GFKLALM;AGF9D<=D+G<=J
+g:DA;G =F =D L=JJALGJAG F D9 GFKLALM;AfF <= KAF =E
:9J?G D9J=?MD9;AfF<=D>MF;AGF9EA=FLGQD9GJ?9FAR9;AfF<=
DGKGFK=BGK'=?AKD9LANGK KL9<9D=KK=J=EAL=9D9D=QF9;AGF9D
9JL DG;M9D 9<=E^K<=;GFLJ9<A;LGJAG;GFD99LJA:M;AfF
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HG<=J=KHg:DA;GK9JL GJ< =KMF9AFLJGEAKAfFAF9;=H
L9:D=<=D+G<=J)9;AGF9D=F=DJ_?AE=F<=DGK KL9<GK
F;M9FLG9DGK(MFA;AHAGK D99MLGFGE`9EMFA;AH9DLJ9
<A;AGF9DE=FL=?9J9FLAR9<9=FD9HJGHA9GFKLALM;AfF L9E:A_F
>M=AFL=J>=JA<9=FD9GFKLALM;AfF<= 9DK=b9D9JK=IM=DGK
(MFA;AHAGK ?GR9F <= D9 EAKE9 FG KfDG n<=FLJG <= DGK DÈA
L=Ko =KL9:D=;A<GK =F D9 GFKLALM;AfF KAFG =F D9 D=Q F9;AGF9D
9JL ;GFDG ;M9D=DHJAF;AHAG<=K;=FLJ9DAR9<GJ:^KA;G IM=
=KD99MLGFGE`9 IM=<fEAFAEAR9<G
+GJGLJ9H9JL= =F;M9FLG9D9<AKLJA:M;AfF<=;GEH=L=F
;A9K =FLJ= DGK =FL=K L=JJALGJA9D=K =D HJG;=KG <= <=K;=FLJ9DAR9
;AfF=PA?`9=F 9FL=LG<G D99KA?F9;AfF=>=;LAN9 <=;GE
H=L=F;A9K LJA:ML9JA9K 9 DGK KL9<GK KG:J= LG<G =F E9L=JA9<=

AEHM=KLGK 9D ;GFKMEG ;GEG KM;=<= =F LG<9K D9K !=<=J9;AG
F=K DGIM=FGK=K9LAK>ARG <=E9F=J9IM=DGK KL9<GK@9FK=
?MA<G<=H=F<A=FL=K<=D.ALM9<GGFKLALM;AGF9D
@GJ9 ;GF =D HJGQ=;LG <= J=>GJE9 ;GFKLALM;AGF9D K9F
;AGF9<G=FFGNA=E:J=<= =FJ=D9;AfF;GFD9<AKLJA:M;AfF
<=;GEH=L=F;A9KHg:DA;9K=FLJ=DGKLJ=KFAN=D=KL=JJALGJA9D=K<=
?G:A=JFG HGJMF9H9JL= K= :MK;f B3@;7</@ 2313<B@/:7H/@;/B3
@7/:;3<B3 B=2/A:/A1=;>3B3<17/A23:$=23@$U0:71=3<3:<7D3: </
17=</: E=<A9FL=D99KA?F9;AfF<=FM=N9K;GEH=L=F;A9K9D+G
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KL9<GK=FD9GFKLALM;AfF<= IM=K= :MK;9:9 =DAEAF9J
Q HGJ D9 GLJ9 K= :MK;9:9 L=JEAF9J <= N9;A9J 9 DGK KL9<GK Q
(MFA;AHAGK <= D9K ;GEH=L=F;A9K IM= D= IM=<9F =F D9 GFKLA
LM;AfF J=>GJE9<9 E=<A9FL= D9 G:DA?9;AfF IM= K= D=K AEHMKG

<=LJ9FK>=JAJKMK;GEH=L=F;A9K9DGKGFK=BGKGEMF9D=K ;GF
DGIM==F<=>AFALAN9K=IM=<9:9F;GEG=FL=D=IMA9KN9;`9K

'')- - 2 -
-\.
FLJ= D9K FM=N9K ;GEH=L=F;A9K IM= K= 9KA?F9JGF 9D +G
<=J )9;AGF9D =KL:9 HGJ =B=EHDG D9 J=D9LAN9 9D -=?AKLJG ANAD

<=A=F=K -=?AKLJGANAD (=J;9FLADQ!AK;9D<=+=JKGF9K 9JL
9DGK L=D=>_JA;GK 9JL Q9DGKK=JNA;AGK<= L=
D=>GF`9:^KA;99JL <=E^K K=9KA?F9JGF9D+G<=J

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;AfFQHJGL=;;AfFN=;AF9D ;GFKLJM;;AfF<=G:J9KQHJ=KL9;AfF
<= K=JNA;AGK Hg:DA;GK D9 H9JLA;AH9;AfF <= D9K ;GEMFA<9<=K Q
<=;AM<9<9FGK 9LJ9N_K<=D9K9KG;A9;AGF=KN=;AF9D=KQGJ?9
FAR9;AGF=K FG ?M:=JF9E=FL9D=K =F D9 >GJEMD9;AfF <= HJG
HM=KL9K<=AFN=JKAfF9FL=D9K9MLGJA<9<=K=KL9<9D=KQEMFA;A
H9D=K =F;9J?9<9K <= D9 =D9:GJ9;AfF <= DGK J=KH=;LANGK HD9F=K

<= AFN=JKAfF 9K` ;GEG =F D9 =B=;M;AfF =N9DM9;AfF Q ;GFLJGD
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<A;;AfFQ D9;J=9;AfF<=FM=NGKKMB=LGK<=<=K;=FLJ9DAR9;AfF9
FAN=D <= D9K H9JJGIMA9K D9K ;GEMFA<9<=K DGK :9JJAGK Q D9K
N=;AF<9<=K9DGK>AF=K<=?9J9FLAR9J=DHJAF;AHAG<=D9;GJJ=K
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=KL9<9D=K Q <=K9JJGDD9J HJG;=KGK 9MLG?=KLAGF9JAGK Q ;G?=KLAG
F9JAGK=FD99<EAFAKLJ9;AfFQ;GFLJGD<=DGKK=JNA;AGKHg:DA;GK
=KL9<9D=KQEMFA;AH9D=K
F =KL9 E9L=JA9 =D HJGQ=;LG <= J=>GJE9 ;GFKLALM;AGF9D
K9F;AGF9<G =F FGNA=E:J= <= :MK;f J=<=>AFAJ E9L=JA9D
E=FL= =D KL9<G <=EG;J^LA;G >=<=J9D <=K;=FLJ9DAR9<G Q ;GF
N=JLAJDG=FMF KL9<GGEMF9D;=FLJ9DAR9<GFG<=EG;J^LA;G
F=>=;LG =D9FL=KE=F;AGF9<G9JL`;MDG<=D9GFKLALM;AfF
<= K= EG<A>A;f KMKL9F;A9DE=FL= -87 =D HJGQ=;LG <= J=
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:D=;A=F<G IM= =K9 n<=K;=FLJ9DAR9;AfF Q LJ9FK>=J=F;A9o IM=

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=KL9<9D=K Q EMFA;AH9D=K ;GF >MF<9E=FLG =F =D HJAF;AHAG <=
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FGNA=E:J= <= 9<=E^K ;GEG K= @9 NAKLG K= <=>AFAf D9

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;GFK=BGK <= D9 BMN=FLM< ;GFK=BGK <= 9<MDLGK Q 9<MDL9K E9QGJ=K
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GLJGK=FL=KIM=K=b9D=D9D=Qo
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' ./**(0)'* ./* '+* -+*+0'-

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GHGJLMF9 ;GF>GJE= 9D9D=Q o;GFDGIM=K=<=B9F9:A=JL9KD9K
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LG <= J=>GJE9 ;GFKLALM;AGF9D K9F;AGF9<G =F FGNA=E:J= <=

9D<AKHGF=JIM=n FKMK9;LM9;AGF=K 3:;C<717>7=3AB/@L
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D9;M9D<=B9<=K=JDA:J=
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' ./**(0)'* ./* '+* -+*+0'-

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Q;GF
;9E:AGK =F =D J_?AE=F <= DGK <=J=;@GK @ME9FGK ;GEHD=L9
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9FL=K<=IM=>M=J9J=;@9R9<9HGJ=DHM=:DG=F=DJ=
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' ./**(0)'* ./* '+* -+*+0'-

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' ./**(0)'* ./* '+* -+*+0'-

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' ./**(0)'* ./* '+* -+*+0'-

H9J9 D9 <=>=FK9 <= <A;@9 =K>=J9 BMJ`<A;9 Q L`LMDG BMJ`<A;G KM>A
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KMHM=KLG<=D9KGDA;ALM<<=FMDA<9<GAF=PAKL=F;A9AFL=FL9<9
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<= D=Q <A;L9<G HGJ =D B=;MLANG )9;AGF9D KMHM=KLG _KL= IM=
;GFL=EHD9 =D FME=J9D <= <A;@G 9JL`;MDG FA =K HGJ gDLAEG
MF9;LG<A;L9<G=F=B=;M;AfF<AJ=;L9=AFE=<A9L9<=D9GFKLA
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K= DD=?f 9FL=JAGJE=FL= <=:=F K=J 9;LGK <=>AFALANGK Q FG <=
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$:A<=E
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' ./**(0)'* ./* '+* -+*+0'-

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=KL9 .9D9 GFKLALM;AGF9Do $?M9D <=;AKAfF K= 9<GHLf =F D9
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D9.9D9KA?MAf=DKA?MA=FL=J9RGF9EA=FLG
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@LE
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@LE

' ./**(0)'* ./* '+* -+*+0'-

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NGIM=
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'')- - 2 -
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L=KL9< ;GF :9K= =F =DD9 1A< +GJ LG<9K .=FL )V
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9JL`;MDGo

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$:A<=E
$:A<=E

' ./**(0)'* ./* '+* -+*+0'-

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' ./**(0)'* ./* '+* -+*+0'-

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<= MF FM=NG EG<=DG HGD`LA;G KG;A9D ;MDLMJ9D Q =;GFfEA;Go

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EMF9D=K <= Q D9 HJG?J=KAN9 ;J=9;AfF <= DGK EAKEGK =D

J_?AE=F;GE=FRf9LJ9L9J<= J=?MD9JQ;GF>AF9J D9H9JLA;AH9
;AfF;AM<9<9F9;GF =D <G:D=HJGHfKALG <= HGJMF9H9JL= H9J9

=DAEAF9J D9 <=EG;J9;A9 J=HJ=K=FL9LAN9 Q HGJ D9 GLJ9 H9J9
1_9K==F"9;=L9*>A;A9D=PLJ9)G <=

1_9K=<=

' ./**(0)'* ./* '+* -+*+0'-

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GEGK=@9<A;@G ;GF>GJE=9D9GFKLALM;AfF =D(MFA
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Hg:DA;9F9;AGF9D9JLIM= ;GEGH9JL=<=DKAKL=E9;GFKLA
LM;AGF9D <= <AKLJA:M;AfF N=JLA;9D<=D+G<=J+g:DA;G9JL

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QGHGJLMF9 =FD9<=>AFA;AfFQ=B=;M;AfF<=D9?=KLAfFHg:DA;9
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=J9 9;=J;9J =D HG<=J EMFA;AH9D 9D ;AM<9<9FG EMFA;AH9DAR^F
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GEMF9D=K<= >M= MFKAKL=E9AFKLALM;AGF9D;=FLJ9DAR9<G
H9J9D9KMHM=KL9H9JLA;AH9;AfFHGHMD9J <=FGEAF9<Gn<=D+G
<=J+GHMD9Jo =FH9J9D=DG=A?FGJ9F<GD9HJGHA9=PAKL=F;A9<=D
J_?AE=F EMFA;AH9D ;GF;A:A_F<GK= 9 D9 n;GEMFA<9<o >M=J9
<=D EAKEG (MFA;AHAG GJ?9FAR9<9 =F GFK=BGK GEMF9D=K
Q=F =D E9J;G ;GFKLALM;AGF9D <= D9 <=EG;J9;A9 H9JLA;AH9LAN9 Q
HJGL9?fFA;9o ;GEGnAFKL9F;A9K<=H9JLA;AH9;AfF 9JLA;MD9;AfF
=AFL=?J9;AfF=FLJ=D9K<AN=JK9KGJ?9FAR9;AGF=K;GEMFAL9JA9K
?JMHGK KG;A9D=K Q DGK ;AM<9<9FGKo !M= =F =KLGK GFK=BGK
1_9K=DGIM=@=EGK=PHM=KLG=FDD9F-J=O=J

9J`9K n DAFA;AG<=D9
<=KEMFA;AH9DAR9;AfF=F1=F=RM=D9'9GJ?9FAR9;AfF<=D+G<=J+GHMD9J
H9J9 =DAEAF9J D9 <=K;=FLJ9DAR9;AfF D9 <=EG;J9;A9 J=HJ=K=FL9LAN9 Q D9
H9JLA;AH9;AfF9FAN=DDG;9Do =F #>3@/ $@7;/233@316=2;7<7A
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0FAN=JKA<9<)9;AGF9DMLfFGE9<=(_PA;G !9;MDL9<<= KLM<AGK.M
H=JAGJ=K<=;9LD^F GGJ<AF9;AfF<=+GKL?J9<G $FKLALMLG$FL=JF9;AGF9D

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' ./**(0)'* ./* '+* -+*+0'-

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' ./**(0)'* ./* '+* -+*+0'-

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LGK<=?=KLAfFIM=K=;GFKLALMQ=F=FJ=D9;AfF;GFD9KH9JLA;MD9JA<9<=K
HGL=F;A9DA<9<=KQDGKHJG:D=E9KE^KJ=D=N9FL=K<=D9;GEMFA<9< D
FgE=JGQ;GFL=FA<G<=D9K^J=9K<=LJ9:9BG<=H=F<=J^<=D9J=9DA<9<
D9KHJ^;LA;9KLJ9<A;AGF9D=K D9KF=;=KA<9<=K;GD=;LAN9KQD9K;GKLME:J=K
<=;9<9;GEMFA<9<'9K^J=9K<=LJ9:9BG9?JMH9J^FN9JAGK;GEAL_K<=
LJ9:9BGo

' ./**(0)'* ./* '+* -+*+0'-

KGKGEAL_KHM=<=FJ=>=JAJK=9D9KKA?MA=FL=K^J=9K<=
9;LANA<9< =FME=J9<9K =F =D 9JL`;MDG <= D9 '=Q *J?^FA;9
K9DM< LA=JJ9 0J:9F9 NANA=F<9 Q @^:AL9L =;GFGE`9 ;GEM
F9D K=?MJA<9< Q <=>=FK9 AFL=?J9D E=<AGK 9DL=JF9LANGK ;G
EMFAL9JAGKJ=;J=9;AfFQ<=HGJL=K9DAE=FL9;AfFQ<=>=FK9<=D
;GFKMEA<GJE=K9L_;FA;9<=9?M9E=K9L_;FA;9<==F=J?`9Q
?9KHJGL=;;AfFKG;A9D<=FAbGK FAb9KQ9<GD=K;=FL=KH=JKGF9K
;GF<AK;9H9;A<9<=<M;9;AfF ;MDLMJ9Q>GJE9;AfF;AM<9<9F9
>9EADA9 = A?M9D<9< <= ?_F=JG F DGK ;9KGK =F IM= @M:A=J=
GLJ9K>GJE9KGJ?9FAR9LAN9K=KL9:D=;A<9K=FD9;GEMFA<9< <A
>=J=FL=K9D9K9FL=KK=b9D9<9K <=:=J^FAF;GJHGJ9JK=9D9;GFK
LALM;AfF >MF;AGF9EA=FLGQ9LJA:M;AGF=K<=DGK;GEAL_K<=LJ9
:9BG<=D90FA<9< B=;MLAN9 <=;GF>GJEA<9<;GFD9FGJE9LA
N9IM=DGKJ=?MD9
F;M9FLG9DGKHM=:DGKQ;GEMFA<9<=KAF<`?=F9K 9L=F
<A=F<G 9 KMK ;MDLMJ9K HJ^;LA;9K LJ9<A;AGF9D=K Q F=;=KA<9<=K

;GD=;LAN9K HM=<=F ;GFKLALMAJ ;GEAL_K <= LJ9:9BG 9<=E^K <=
DGK 9FL=K AF<A;9<GK =F D9K KA?MA=FL=K ^J=9K 9E:A=FL= Q <=
E9J;9;AfF<=LA=JJ9=FDGK@^:AL9LKAF<`?=F9KE=<A;AF9LJ9<A
;AGF9D AF<`?=F9 Q =<M;9;AfF HJGHA9 =<M;9;AfF AFL=J;MDLMJ9D

:ADAF?h==A<AGE9KAF<`?=F9K
'9 0FA<9< B=;MLAN9 <=D GFK=BG GEMF9D LA=F= D9K KA
?MA=FL=K>MF;AGF=K=B=;ML9JD9K<=;AKAGF=K<=D9K9E:D=9<=
AM<9<9FGKQAM<9<9F9K=F=D^J=9<=KM;GEH=L=F;A99JL
;J=9JQGJ?9FAR9J=DKAKL=E9<=AF>GJE9;AfF;GEMFAL9JAG
AFL=JFG 9JL ;GGJ<AF9J Q 9JLA;MD9J LG<G DG J=>=JA<G 9 D9
GJ?9FAR9;AfF >MF;AGF9EA=FLG Q =B=;M;AfF <= DGK HD9F=K <=
LJ9:9BG<=DGK;GEAL_KQKMJ=D9;AfF;GFD90FA<9<<=GFLJ9
DGJ`9 .G;A9D D90FA<9<<EAFAKLJ9LAN9Q!AF9F;A=J9GEMFA
L9JA9 Q D9K <=E^K GJ?9FAR9;AGF=K KG;A9D=K <= D9 ;GEMFA<9<

9JL HJGEGN=J D9 ;J=9;AfF <= FM=N9K GJ?9FAR9;AGF=K
;GFD99HJG:9;AfF<=D9K9E:D=9<=AM<9<9FGKQAM<9<9
F9K=F<=>=FK9<=DAFL=J_K;GD=;LANGQ=D<=K9JJGDDGAFL=?J9D<=
D9;GEMFA<9<9JL GJ?9FAR9J=DNGDMFL9JA9<GKG;A9D;G
D9JL`;MDG <=D9D=Q*J?^FA;9<=>AF=D9=;GFGE`9;GEMF9D;GEG

n=D;GFBMFLG<=J=D9;AGF=KKG;A9D=K<=HJG<M;;AfF <AKLJA:M;AfF AFL=J
;9E:AG Q ;GFKMEG <= :A=F=K K=JNA;AGK Q K9:=J=K <=K9JJGDD9<9K HGJ

D9K ;GEMFA<9<=K :9BG >GJE9K <= HJGHA=<9< KG;A9D 9D K=JNA;AG <= KMK
F=;=KA<9<=K<=E9F=J9KMKL=FL9:D=QKGKL=FA:D= <=9;M=J<G;GFDG=K
L9:D=;A<G=F=D.AKL=E9=FLJ9DAR9<G<=+D9FA>A;9;AfFQ=F=D+D9F<=
=K9JJGDDG ;GFfEA;GQ.G;A9D<=D9 )9;AfFo

'')- - 2 -
-\.
EG =K;M=D9 ?=F=J9<GJ9 <= ;GF;A=F;A9 Q9;LAN9<GJ9<=D<=:=J

KG;A9D =F ;9<9 ;GEAL_ <= LJ9:9BG 9JL HJGEGN=J D9
H9JLA;AH9;AfF<=DGK;GEAL_K<=LJ9:9BGMGLJ9K>GJE9K<=GJ
?9FAR9;AfF;GEMFAL9JA9=FD9=D9:GJ9;AfFQ=B=;M;AfF<=HGD`
LA;9K Hg:DA;9K E=<A9FL= D9 HJ=K=FL9;AfF <= HJGHM=KL9K 9 DGK

fJ?9FGKQ=FL=K<=D+G<=J+g:DA;G9JL HJGEGN=J H9JLA
;AH9J Q ;GFLJA:MAJ ;GFBMFL9E=FL= ;GF D9 (ADA;A9 GDAN9JA9F9

=F D9 K=?MJA<9< Q <=>=FK9 AFL=?J9D <= D9 )9;AfF 9JL
;G9<QMN9J ;GF DGK fJ?9FGK Q =FL=K <=D +G<=J +g:DA;G =F =D
D=N9FL9EA=FLG<=AF>GJE9;AfFJ=D9;AGF9<9;GFD9;GEMFA<9<
;GF>GJE=9DGJ<=F9EA=FLGBMJ`<A;GNA?=FL=9JL AEHMD
K9J Q HJGEGN=J D9 >GJEMD9;AfF <= HJGQ=;LGK ;GEMFAL9JAGK

IM=:MKIM=FK9LAK>9;=JD9KF=;=KA<9<=K 9KHAJ9;AGF=KQHGL=F
;A9DA<9<=K<=D9;GEMFA<9<9JL Q;GFG;=JD9KKGDA;ALM
<=KQ=EALAJD9K;GFKL9F;A9K<=J=KA<=F;A9<=DGK@9:AL9FL=K<=
D9;GEMFA<9< 9DGK=>=;LGK<=D9K9;LANA<9<=KAF@=J=FL=K<=D
GFK=BG GEMF9D KAF E=FGK;9:G <=D GJ<=F9EA=FLG BMJ`<A;G
NA?=FL=9JL
/)<72/22;7<7AB@/B7D/G7</<173@/=;C<7B/@7/
'90FA<9<<EAFAKLJ9LAN9Q!AF9F;A=J9GEMFAL9JA9=K
D9AFKL9F;A9<=DGFK=BGGEMF9DIM=>MF;AGF9;GEGMF=FL=
<= 9<EAFAKLJ9;AfF =B=;M;AfF AFN=JKAfF ;J_<ALG 9@GJJG = AF
L=JE=<A9;AfF>AF9F;A=J9<=DGKJ=;MJKGKQ>GF<GK<=DGK;GFK=
BGK;GEMF9D=K <=9;M=J<G9D9K<=;AKAGF=KQ9HJG:9;AGF=K<=
D9 K9E:D=9 <= AM<9<9FGK nHJANAD=?A9F<G =D AFL=J_K KG;A9D
KG:J=D99;MEMD9;AfF<=;9HAL9Do KL90FA<9<=KLÂFL=?J9<9
HGJ @9:AL9FL=K <= D9 ;GEMFA<9< =D=;LGK 9 LJ9N_K <= MF
nHJG;=KG <= =D=;;AfF HGHMD9Jo HGJ D9 K9E:D=9 <= ;AM<9<9
FGK9JL
'9 0FA<9< <EAFAKLJ9LAN9 Q !AF9F;A=J9 GEMFAL9JA9
LA=F= D9K KA?MA=FL=K >MF;AGF=K =B=;ML9J D9K <=;AKAGF=K <= D9
K9E:D=9 <= AM<9<9FGK Q AM<9<9F9K =F =D ^J=9 <= KM
;GEH=L=F;A9 9JL =D9:GJ9J DGK J=?AKLJGK ;GFL9:D=K ;GF
DGK KGHGJL=K IM= <=EM=KLJ=F DGK AF?J=KGK Q =?J=KGK =>=;LM9
<GK 9JL HJ=K=FL9J LJAE=KLJ9DE=FL= =D AF>GJE= <= ?=K
D9JL`;MDG <=D9D=Q*J?^FA;9<=>AF==DGEAL_<=/J9:9BG;GEGn=D

;GD=;LANGG?JMHG<=H=JKGF9KGJ?9FAR9<9KH9J9=B=J;=J>MF;AGF=K=K
H=;`>A;9K 9L=F<=JF=;=KA<9<=K=F<AKLAFL9K^J=9K<=LJ9:9BGQ<=K9JJG
DD9JD9K9KHAJ9;AGF=KQHGL=F;A9DA<9<=K<=KM;GEMFA<9<o

' ./**(0)'* ./* '+* -+*+0'-

LAfFQD9J=F<A;AfF<=;M=FL9Hg:DA;9;M9F<G D=K=9J=IM=JA<G
HGJ D9 K9E:D=9 <= AM<9<9FGK HGJ =D ;GD=;LANG <= ;GGJ<A
F9;AfF ;GEMFAL9JA9 G HGJ ;M9DIMA=J GLJG fJ?9FG G =FL= <=D

+G<=J+g:DA;GIM=D=@9Q9GLGJ?9<GJ=;MJKGK9JL HJ=K
L9J K=JNA;AGK >AF9F;A=JGK Q FG >AF9F;A=JGK =F =D ^J=9 <= KM

;GEH=L=F;A9 9JL J=9DAR9J D9 AFL=JE=<A9;AfF >AF9F;A=J9
;GEMFAL9JA9 HJANAD=?A9F<G=DAFL=J_KKG;A9DKG:J=D99;MEMD9
;AfF <= ;9HAL9D 9JL 9HGQ9J D9K HGD`LA;9K <= >GE=FLG
<=K9JJGDDGQ>GJL9D=;AEA=FLG<=D9=;GFGE`9KG;A9D HGHMD9JQ
9DL=JF9LAN9 9JL HJGHGF=J >GJE9K 9DL=JF9LAN9K <= AFL=J
;9E:AG<=:A=F=KQK=JNA;AGKH9J9DG?J9JD9K9LAK>9;;AfF<=D9K
F=;=KA<9<=KQ>GJL9D=;AEA=FLG<=D9=;GFGE`9DG;9D9JL
HJGEGN=J=D9@GJJG>9EADA9J9JL >9;ADAL9J@=JJ9EA=FL9K
IM=H=JEAL9F =DHJG;=KG<==N9DM9;AfFQ9F^DAKAK<=DGK;J_<A
LGK<=D9KGJ?9FAR9;AGF=KKG;AGHJG<M;LAN9KHJ=NAKL9K=FD9'=Q
H9J9=D!GE=FLGQ=K9JJGDDG<=D9 ;GFGE`9+GHMD9J=;J=
LG)X9JL ;GFKA?F9J9FL=D90FA<9<<=GFLJ9DG
J`9 .G;A9D <=D GFK=BGGEMF9D =D;GEHJG:9FL=<=D9<=;D9
J9;AfF BMJ9<9 <= H9LJAEGFAG <= DGK NG;=JGK Q NG;=J9K <= D9

0FA<9< <EAFAKLJ9LAN9 Q !AF9F;A=J9 GEMFAL9JA9 9D AFA;AG Q
;=K= <= KMK >MF;AGF=K 9JL 9<EAFAKLJ9J DGK >GF<GK <=D
GFK=BG ;GEMF9D ;GF D9 ;GFKA<=J9;AfF <=D;GD=;LANG<=;GGJ
<AF9;AfF;GEMFAL9JA9QD99HJG:9;AfF<=D9K9E:D=9<=AM
<9<9FGK9JL =D9:GJ9JQHJ=K=FL9J=DHJGQ=;LG9FM9D<=

?9KLGK<=DGK>GF<GK<=DGFK=BGGEMF9D9JL QHJ=
K=FL9J Q ?=KLAGF9J 9FL= =D ;GD=;LANG <=;GGJ<AF9;AfF;GEMFA
L9JA9 =D >AF9F;A9EA=FLG <= DGK HJGQ=;LGK 9HJG:9<GK HGJ D9

K9E:D=9<=AM<9<9FGK9JL
KL9 0FA<9< <EAFAKLJ9LAN9 Q !AF9F;A=J9 GEMFAL9JA9
;GF>GJE=9D9'=Q*J?^FA;9<= KMKLALMQ=9D9K9KG;A9;AG
F=K ;GGH=J9LAN9K :9F;G ;GEMF9D ;GFKLALMA<9K ;GF>GJE= 9 D9

'=Q <= D9K ;M9D=K IM=<9F <AKM=DL9K 9 H9JLAJ <= D9 9<=
;M9;AfF <=D GFK=BG GEMF9D 9 D9 FM=N9 '=Q =F KM ;9J^;L=J
<= MFA<9< <= ?=KLAfF >AF9F;A=J9 <= DGK ;GFK=BGK ;GEMF9D=K
+GJ;GFKA?MA=FL= ;GF>GJE=9=K99<=;M9;AfF <=:=FLJ9FK>=JAJ
9DGFK=BGGEMF9D =FMFD9HKGFGE9QGJ9 <`9K DGKJ=
;MJKGK >AF9F;A=JGK Q FG >AF9F;A=JGK DGK HJGN=FA=FL=K <= D9

AFL=JE=<A9;AfF >AF9F;A=J9 ;GF DGK >GF<GK ?=F=J9<GK 9KA?F9
<GK G ;9HL9<GK :A=F=K G:DA?9;AGF=K <=M<9K ;GEHJGEAKGK

HD9F=K HJG?J9E9K HJGQ=;LGKQ;M9DIMA=JGLJG9<IMAJA<G=F=D
=B=J;A;AG <= KMK >MF;AGF=K AKHGKA;AfF /J9FKALGJA9 /=J;=J9
0F9N=R=>=;LM9<9D9LJ9FK>=J=F;A9HGJH9JL=<=D99KG;A9;AfF
;GGH=J9LAN9:9F;G;GEMF9D =DGFK=BGGEMF9D9KMEAJ^DGK

'')- - 2 -
-\.
;GEHJGEAKGK =;GFfEA;GK D9 =B=;M;AfF Q LJ9EAL9;AfF <= DGK

HJGQ=;LGKQDGKHJG;=KGK9<EAFAKLJ9LANGKQBM<A;A9D=K=F;MJKG
;9MK9<GK<MJ9FL=D9?=KLAfF<=D99KG;A9;AfF;GGH=J9LAN9:9F
;G ;GEMF9D AKHGKA;AfF /J9FKALGJA9 M9JL9 F LG<G ;9KG

;GF>GJE=9D9FM=N9'=Q*J?^FA;9 DGKAFL=?J9FL=K<=D9KAFK
L9F;A9K <= ?=KLAfF >AF9F;A=J9 <= D9 9KG;A9;AfF ;GGH=J9LAN9

:9F;G;GEMF9D<=:=FE9FL=F=JKM;GF<A;AfF<=NG;=JGK=FD9
FM=N90FA<9<<EAFAKLJ9LAN9Q!AF9F;A=J9GEMFAL9JA99DGK
=>=;LGK<=D;MEHDAEA=FLG<=D9;GFLAFMA<9<<=DH=J`G<GH9J9
DGK;M9D=K>M=JGF=D=;LGKAKHGKA;AfF/J9FKALGJA9.=PL9
F LG<G ;9KG DGK NG;=JGK <= D9K 9FLA?M9K AFKL9F;A9K <=
?=KLAfF >AF9F;A=J9 <= D9 9KG;A9;AfF ;GGH=J9LAN9 :9F;G ;GEM
F9D KGFJ=KHGFK9:D=K;ANAD H=F9DQ9<EAFAKLJ9LAN9E=FL=;GF
>GJE=9D9D=Q HGJD9GEAKAfF J=L9J<G=AF;MEHDAEA=FLG<=D9

LJ9FK>=J=F;A9 AF<A;9<9 =F D9 <AKHGKA;AfF LJ9FKALGJA9 L=J;=J9
AKHGKA;AfF /J9FKALGJA9 ,MAFL9 QDGKNG;=JGK<=D90FA<9<
<EAFAKLJ9LAN9Q!AF9F;A=J9GEMFAL9JA9AF;MJJ=F=FJ=KHGF
K9:ADA<9<;ANAD H=F9DQ9<EAFAKLJ9LAN9 K=?gFK=9=D;9KG HGJ

DGK 9;LGK @=;@GK M GEAKAGF=K IM= 9DL=J=F =D <=KLAFG <= DGK
J=;MJKGK<=DGFK=BGGEMF9D HGJDG;M9D<=:=FK=JK9F;AG
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'90FA<9<<=GFLJ9DGJ`9 .G;A9D=KD9AFKL9F;A9<=DGF
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FAL9JA9QD9NA?AD9F;A9<=D9K9;LANA<9<=K J=;MJKGKQ9<EAFAK
LJ9;AfF <= DGK >GF<GK <=D GFK=BG GEMF9D KL9 AFL=?J9<9

HGJ @9:AL9FL=K <= D9 ;GEMFA<9< =D=;LGK 9 LJ9N_K <= MF
nHJG;=KG<==D=;;AfFHGHMD9Jo9JL KL9MFA<9<<=:=J=9
DAR9JKMK>MF;AGF=KKAFE=FGK;9:G<=D;GFLJGDKG;A9DIM==B=J
R9D9K9E:D=9<=AM<9<9FGKQGLJ9KGJ?9FAR9;AGF=K;GEM
FAL9JA9K <=;GF>GJEA<9<;GF=DGJ<=F9EA=FLGBMJ`<A;G
.GF>MF;AGF=K <=D90FA<9<<=GFLJ9DGJ`9.G;A9D =B=;M
L9JD9K<=;AKAGF=K<=D9K9E:D=9<=AM<9<9FGKIM=;GJJ=K
HGF<9F9KMK>MF;AGF=K =B=J;=JK=?MAEA=FLG NA?AD9F;A9

KMH=JNAKAfFQ;GFLJGD<=D9=B=;M;AfF<=DGKHD9F=K HJGQ=;LGK
;GEMFAL9JAGK Q KG;AGHJG<M;LANGK GJ?9FAR9;AGF=K KG;AGHJG
<M;LAN9K >9K=K<=D;A;DG;GEMF9DQ?9KLG9FM9D?=F=J9<G;GF
DGK>GF<GKQDGKJ=;MJKGK>AF9F;A=JGKQFG>AF9F;A=JGK9KA?F9
<GK HGJ fJ?9FGK Q =FL=K <=D +G<=J +g:DA;G G AFKLALM;AGF=K

HJAN9<9K9DGFK=BGGEMF9D J=F<AJ9FM9DE=FL=;M=F

' ./**(0)'* ./* '+* -+*+0'-

L9Hg:DA;9<=KMK9;LM9;AGF=K HJ=K=FL9JAF>GJE=K<=KMK
9;LM9;AGF=K ;M9F<G D=K K=9F KGDA;AL9<GK HGJ D9 K9E:D=9 <=
AM<9<9FGK HGJ =D ;GD=;LANG <= ;GGJ<AF9;AfF ;GEMFAL9JA9 G
;M9F<GDG;GFKA<=J=H=JLAF=FL= ;GGH=J9J;GFDGKfJ?9
FGK Q =FL=K <=D +G<=J +g:DA;G =F D9 >MF;AfF <= ;GFLJGD ;GF
>GJE= 9 D9 D=?AKD9;AfF Q <=E^K AFKLJME=FLGK FGJE9LANGK NA
?=FL=K ;GFG;=J Q HJG;=K9J DGK HD9FL=9EA=FLGK HJ=K=F
L9<GKHGJDGK;AM<9<9FGKQ;AM<9<9F9K;GFJ=D9;AfF9D9?=K
LAfF<=D9KMFA<9<=K<=DGFK=BGGEMF9D=AF>GJE9J<=E9
F=J9GHGJLMF99D9K9E:D=9<=AM<9<9FGK QJ=EALAJ
9FL= =D (AFAKL=JAG <=D +G<=J +GHMD9J H9J9 D9K GEMF9K ;GF
;GEH=L=F;A9 =F E9L=JA9 <= H9JLA;AH9;AfF ;AM<9<9F9 D9K <=
;D9J9;AGF=K BMJ9<9K <= H9LJAEGFAG <= DGK NG;=JGK <= D9 0FA
<9< <EAFAKLJ9LAN9 Q !AF9F;A=J9 GEMFAL9JA9 <=D GFK=BG

GEMF9D
'9 0FA<9< <= GFLJ9DGJ`9 .G;A9D <=D GFK=BG GEMF9D
<=:=;GGJ<AF9J =F=D=B=J;A;AG<=KMK>MF;AGF=K ;GFDGKfJ?9
FGK<=D+G<=JAM<9<9FG9JL
/ 1==@27</17T< 23 :/A )<72/23A 23 :=A =<A38=A

=;C</:3A
D 9JL`;MDG <= D9 '=Q *J?^FA;9 <AKHMKG D9 ;GF>GJE9
;AfF <= MF nGD=;LANG <= GGJ<AF9;AfF GEMFAL9JA9o AFL=
?J9<GHGJDGKNG;=JGK<=D9K0FA<9<=K B=;MLAN9 <EAFAKLJ9
LAN9 Q !AF9F;A=J9 GEMFAL9JA9 Q <= GFLJ9DGJ`9 .G;A9D <=D

GFK=BG GEMF9D H9J9 K=JNAJ <= AFKL9F;A9 <= 9JLA;MD9;AfF
LJ9:9BG;GFBMFLGQ>MF;AGF9EA=FLG ;GFD9KKA?MA=FL=K>MF;AG
F=K J=9DAR9J K=?MAEA=FLG <= D9K <=;AKAGF=K 9HJG:9<9K =F D9

K9E:D=9<=AM<9<9FGKQAM<9<9F9K9JL ;GGJ<AF9J
D9 =D9:GJ9;AfF =B=;M;AfF Q =N9DM9;AfF <=D +D9F GEMFAL9JAG
<==K9JJGDDG$FL=?J9D9JLA;MD9<G;GFDGKHD9F=K<=<=K9JJGDDG
EMFA;AH9D Q =KL9<9D <= ;GF>GJEA<9< ;GF D9KD`F=9K?=F=J9D=K
<=D+JGQ=;LG)9;AGF9D.AEfFGD`N9J9JL ;GFG;=J HJ=
NA9 =B=;M;AfF D9 ?=KLAfF <= D9 0FA<9< <EAFAKLJ9LAN9 Q !A
F9F;A=J9 GEMFAL9JA9 <=D GFK=BG GEMF9D 9JL HJ=
K=FL9J HJGHM=KL9K 9HJG:9<9K HGJ D9 K9E:D=9 <= AM<9<9
FGK H9J9 D9 >GJEMD9;AfF <= HGD`LA;9K Hg:DA;9K 9JL ?9
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' ./**(0)'* ./* '+* -+*+0'-

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' ./**(0)'* ./* '+* -+*+0'-

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' ./**(0)'* ./* '+* -+*+0'-

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' ./**(0)'* ./* '+* -+*+0'-

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fJ?9FGK Q =FL=K <=D +G<=J +g:DA;G =F LG<G DG J=D9;AGF9<G
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AK=b9JQ;GGJ<AF9J=DKAKL=E9<=AF>GJE9;AfF;GEMFAL9JAG
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AK=b9JQ<AJA?AJD9=B=;M;AfF<=DGKHJG?J9E9K<=;9H9;AL9
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' ./**(0)'* ./* '+* -+*+0'-

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' ./**(0)'* ./* '+* -+*+0'-

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(953;4(9
'9K GEMF9K HGJ KM H9JL= IM= =KL^F;GF;=:A<9K=FD9
'*++;GEGD9n;_DMD9>MF<9E=FL9Do<=D KL9<GGEMF9D K=
D9K <=>AF= =F =D 9JL`;MDG ;GEG =D n=KH9;AG KG;A9DAKL9 IM=
;GEG=FLA<9<DG;9D=K<=>AFA<9HGJD9AFL=?J9;AfF<=;GEMFA
<9<=KN=;AF9K;GFMF9E=EGJA9@AKLfJA;9;GEH9JLA<9 J9K?GK
;MDLMJ9D=K MKGKQ;GKLME:J=KIM=K=J=;GFG;=F=F=DL=JJALGJAG
IM=G;MH9FQ=FD9K9;LANA<9<=KHJG<M;LAN9KIM=D=KAJN=F<=
KMKL=FLGQKG:J==D;M9D=B=J;=FDGKHJAF;AHAGK<=KG:=J9F`9Q
H9JLA;AH9;AfFHJGL9?fFA;9;GEG=PHJ=KAfF<=D+G<=J+GHMD9J
=F ;GF;GJ<9F;A9 ;GF MF J_?AE=F <= HJG<M;;AfF KG;A9D Q =D
EG<=DG <= <=K9JJGDDG =F<f?=FG Q KMKL=FL9:D= ;GFL=EHD9<G
=F=D+D9F<==K9JJGDDG ;GFfEA;GQ.G;A9D<=D9)9;AfFo
KL9EAKE9<=>AFA;AfF<=D9GEMF9;GEG=KH9;AGKG;A9DAKL9
=KL^=F=D9JL`;MDG<=D9'=Q*J?^FA;9<=D9KGEMF9KFG
;AfFIM=AEHDA;9IM=D9EAKE9=KL^N=<9<99LG<G9IM_DIM=
FG K=9 KG;A9DAKL9 GIM=FG;J=9=F=DKG;A9DAKEGGIM=FG;G
EMD?M= ;GF=DKG;A9DAKEG;GEG<G;LJAF9HGD`LA;9'9;GF;=H
;AfFD=?9D<=D9GEMF9 HGJL9FLG =K;GFLJ9JA99DHDMJ9DAKEG

<=EG;J^LA;G IM= ?9J9FLAR9 D9 GFKLALM;AfF KA=F<G 9:A=JL9
E=FL= <AK;JAEAF9LGJA9Q;GFLJ9JA99D9A?M9D<9<IM=L9E:A_F
?9J9FLAR9=D9JL`;MDG<=D9GFKLALM;AfF
+GJGLJ9H9JL= =FD9FGJE9E=F;AGF9<9<=D9'*++K=
<=>AF= 9 D9 GEMF9 ;GEG MF9 n=FLA<9< DG;9D o Q D9 EAKE9
;9DA>A;9;AfFK==F;M=FLJ9=F=D9JL`;MDG<=D9'=Q*J?^FA;9
<= D9K GEMF9K IM= D9K <=>AF= n;GEG =FLA<9< DG;9D <GF<=
DGK;AM<9<9FGKQ;AM<9<9F9K=F=D=B=J;A;AG<=D+G<=J+GHM
D9J =B=J;=F=DHD=FG<=J=;@G<=D9KG:=J9F`9Q<=K9JJGDD9FD9
H9JLA;AH9;AfFHJGL9?fFA;9E=<A9FL=>GJE9K<=9MLG?G:A=JFG
$?M9D<=>AFA;AfFK==KL9:D=;==F=D9JL`;MDG<=D9'=Q*J?^FA;9<=D9K
GEMF9K F=DJ=?D9E=FLG<=D9D=Q*J?^FA;9<=DGFK=BG!=<=J9D<=
"G:A=JFGL9E:A_FK=<=>AF=D9GEMF9;GEGn KMF=KH9;AGKG;A9DAK
L9 <=>AFA<G HGJ D9 AFL=?J9;AfF <= ;GEMFA<9<=K N=;AF9K ;GF MF9 E=
EGJA9 @AKLfJA;9 ;GEH9JLA<9 J9K?GK ;MDLMJ9D=K MKGK Q ;GKLME:J=K

IM=K=J=;GFG;=F=F=DL=JJALGJAGIM=G;MH9FQ=FD9K 9;LANA<9<=KHJG
<M;LAN9KIM=D=KKAJN=F<=KMKL=FLGQKG:J==D;M9D=B=J;=FDGKHJAF;A
HAGK <= KG:=J9F`9 Q H9JLA;AH9;AfF HJGL9?fFA;9 ;GEG =PHJ=KAfF <=D

HG<=JHGHMD9J =F;GF;GJ<9F;A9;GFMFJ_?AE=F<=HJG<M;;AfFKG;A9D
Q=DEG<=DG<=<=K9JJGDDG=F<f?=FG KMKL=FL9:D=QKG;A9DAKL9;GFL=E
HD9<G =F =D +D9F )9;AGF9D <= =K9JJGDDGo 9JL 1_9K= =F "9;=L9
*>A;A9D)X<=D<=E9JRG<=

'')- - 2 -
-\.
H9J9 D9 =<A>A;9;AfF <=D =KL9<G ;GEMF9D =F =D E9J;G <=D K
L9<G <=EG;J^LA;G Q KG;A9D <= <=J=;@G Q <= BMKLA;A9o 9JL

/9E:A_F=FD9J=>GJE9<=D9D=Q*J?^FA;9<=D+G<=J+g:DA;G
(MFA;AH9D <= <A;A=E:J= <= K= AF;DMQf 9 D9K ;GEMF9K
=F =D DAKL9<G <= D9K n=FLA<9<=K DG;9D=K L=JJALGJA9D=K o <AKHG
FA_F<GK=IM=D9KEAKE9K 9D=KL9JJ=?MD9<9KHGJMF9D=?AKD9
;AfF<A>=J=FL=;GEG=KD9J=D9LAN99D+G<=J+GHMD9J Q9D<=
:=J ;GFKLALMAJK= n=FLJ= N9JAGK EMFA;AHAGK o IM=<9F =P;=H
LM9<9K <= D9K <AKHGKA;AGF=K <= D9 '=Q *J?^FA;9 <=D +G<=J
+g:DA;G(MFA;AH9D
@GJ9 :A=F =F ;M9FLG 9 ;9DA>A;9J 9 D9K GEMF9K ;GEG
n=FLA<9<=KDG;9D=K o=D'=?AKD9<GJ<=KD=?ALAE9<G<=<A;A=E:J=
<= GDNA<fIM=;GF>GJE=9D9GFKLALM;AfF9JLK
=KL9=PHJ=KAfF<==FLA<9<DG;9DKfDGK=HM=<=9HDA;9J9D9K=F
LA<9<=KHGD`LA;9K<=D KL9<G=FD9K ;M9D=KF=;=K9JA9E=FL=LA=F=

IM= @9:=Jn?G:A=JFGKoAFL=?J9<GKHGJJ=HJ=K=FL9FL=K=D=;LGK
E=<A9FL= KM>J9?AG MFAN=JK9D <AJ=;LG Q K=;J=LG 9JLK
;=bA<GK 9 DGK HJAF;AHAGK =KL9:D=;A<GK =F =D 9JL`;MDG <= D9
GFKLALM;AfF =K <=;AJ LA=F= IM= K=J nKA=EHJ= <=EG;J^LA;G
H9JLA;AH9LANG =D=;LANG <=K;=FLJ9DAR9<G 9DL=JF9LANG J=KHGF
K9:D= HDMJ9DAKL9 Q <= E9F<9LGK J=NG;9:D=Ko GF>GJE= 9 D9

GFKLALM;AfF HGJ L9FLG FG HM=<= @9:=J n=FLA<9<=K DG;9D=Ko
;GF ?G:A=JFGK IM= FG K=9F <=EG;J^LA;GK =F DGK L_JEAFGK
E=F;AGF9<GK Q E=FGK HGJ nJ=HJ=K=FL9FL=Ko <=KA?F9<GK HGJ
GLJGKfJ?9FGKHg:DA;GK
4 =KLG =K HJ=;AK9E=FL= DG IM= G;MJJ= ;GF DGK DD9E9<GK
n?G:A=JFGK<=D9K;GEMF9K oIM=;GF>GJE=9=KL9D=?AKD9;AfF
KG:J==D+G<=J+GHMD9JQKMKGJ?9FAR9;AGF=K FGK=?9J9FLAR9
KM GJA?=F<=EG;J^LA;GE=<A9FL==D=;;AfFHGJKM>J9?AGMFAN=J
K9D <AJ=;LGQK=;J=LG KA=F<G=F;GFK=;M=F;A9AF;GFKLALM;AGF9D

KM;GF;=H;AfF
=:= <=KL9;9JK= 9<=E^K IM==FJ=D9;AfF9=D?G:A=JFG
<=D9K;GEMF9K IM=;GEGK==KL9:D=;==F=D9JL`;MDG<=D9
'*++ HM=<=F LJ9FK>=JAJ D9 ?=KLAfF D9 9<EAFAKLJ9;AfF Q D9
HJ=KL9;AfF <= K=JNA;AGK 9 D9K <A>=J=FL=K GJ?9FAR9;AGF=K <=D
+G<=J +GHMD9J L9D =>=;LG D9K GJ?9FAR9;AGF=K <= :9K= <=D
+G<=J+GHMD9J<=:=F@9;=JD9KJ=KH=;LAN9KKGDA;ALM<=K>GJE9
D=K ;MEHDA=F<G;GFD9K;GF<A;AGF=KHJ=NA9KQJ=IMAKALGK=KL9
:D=;A<GK=FD9KD=Q=KIM=J=?MD=FD9E9L=JA9
KL9 AFKL9F;A9 <=D +G<=J +GHMD9J ;GFKLALMA<9 HGJ D9K

' ./**(0)'* ./* '+* -+*+0'-

GEMF9K@9KA<GJ=?MD9<9=FD9'=Q*J?^FA;9<=D9KGEM
F9K 9;MQG=KLM<AGK=<=<A;9D9H9JL=1<==KL9n$FLJG<M;
;AfF"=F=J9Do
(90;+(+,953;4(2,9
'9K;AM<9<=K;GEMF9D=K ;GF>GJE=9D9'=Q nKGF9IM=
DD9K ;GFKLALMA<9K HGJ AFA;A9LAN9 HGHMD9J E=<A9FL= D9 9?J=?9
;AfF <= N9JA9K ;GEMF9K =F MF Ê:ALG L=JJALGJA9D <=L=JEAF9
<Go 9JL .A=F<G D9K GEMF9K ;GF>GJE= 9 D9 '=Q =D

n=KH9;AG KG;A9DAKL9o Q n;_DMD9 >MF<9E=FL9Do <=D KL9<G G
EMF9D D9K AM<9<=K GEMF9D=K ;GEG 9?J=?9;AfF <= N9JA9K

;GEMF9K G K=9 <=N9JAGK=KH9;AGKKG;A9DAKL9K KGF;GF;=:A<9K
L9E:A_F ;GF>GJE= 9 D9 '=Q ;GEG AM<9<=K nKG;A9DAKL9Ko IM=
;GEGL9D=K =KL^FN=<9<9K<=@=;@G9LG<G9IM=D;AM<9<9FGG
N=;AFGIM=FGK=9KG;A9DAKL9
' $ #* $ ) (!#$ $

#*%'$! #! !&#
<=E^K<=D9KAFKL9F;A9K<=D+G<=J+GHMD9J =FD9'*++
K==KL9:D=;=FHJ=NAKAGF=KL=F<A=FL=K9J=?MD9J<GK>GJE9KGJ
?9FAR9LAN9K=KH=;`>A;9K<=D+G<=J+GHMD9JD9KGJ?9FAR9;AGF=K
QD9K=PHJ=KAGF=KGJ?9FAR9LAN9K<=D+G<=J+GHMD9J
583(958.(40@(:0<(9+,2 5+,8 56;2(8

GF>GJE= 9D 9JL`;MDG<=D9'*++ D9KGJ?9FAR9;AGF=K
<=D +G<=J +GHMD9J nKGF D9K <AN=JK9K >GJE9K <=D HM=:DG GJ
?9FAR9<G ;GFKLALMA<9K<=K<=D9DG;9DA<9<G<=KMKJ=>=J=FL=K
;GLA<A9FGKHGJAFA;A9LAN9HGHMD9J IM=AFL=?J9F9;AM<9<9FGK
Q;AM<9<9F9K;GFG:B=LANGK=AFL=J=K=K;GEMF=K =F>MF;AfF
<= KMH=J9J <A>A;MDL9<=K Q HJGEGN=J =D :A=F=KL9J ;GD=;LANG
H9J9 IM= D9K H=JKGF9K AFNGDM;J9<9K 9KME9F KMK <=J=;@GK
<=:=J=KQ<=K9JJGDD=FFAN=D=KKMH=JAGJ=K<=;GF;A=F;A9HGD`
LA;9 '9K GJ?9FAR9;AGF=K <=D +G<=J +GHMD9J 9;LM9J^F <=EG
;J^LA;9E=FL= Q HJG;MJ9J^F =D ;GFK=FKG HGHMD9J =FLJ= KMK

AFL=?J9FL=Ko
KL9K GJ?9FAR9;AGF=K <=D +G<=J +GHMD9J K= ;GFKLALMQ=F
HGJ AFA;A9LAN9 <= DGK ;AM<9<9FGK Q ;AM<9<9F9K <= 9;M=J<G
1_9K==F"9;=L9*>A;A9D)X PLJ9<=

'')- - 2 -
-\.
;GF KM F9LMJ9D=R9 HGJ AFL=J=K=K ;GEMF=K F=;=KA<9<=K HG
L=F;A9DA<9<=K Q ;M9DIMA=J GLJG J=>=J=FL= ;GEgF K=?gF DG =K
L9:D=;A<G=FD9D=QIM=JAB9=D^J=9<=KM9;LANA<9<9JL
KL9KGJ?9FAR9;AGF=K<=D+G<=J+GHMD9J 9DA?M9DIM=D9K
AFKL9F;A9K <=D +G<=J +GHMD9J ;GF>GJE= 9D 9JL`;MDG <= D9
'*++ 9<IMA=J=FKMH=JKGF9DA<9<BMJ`<A;9E=<A9FL==DJ=?AK
LJG9FL==D(AFAKL=JAG<=D+G<=J+GHMD9J;GF;GEH=L=F;A9=F
E9L=JA9 <= H9JLA;AH9;AfF ;AM<9<9F9 9L=F<A=F<G 9 DGK HJG;=
<AEA=FLGKIM=K==KL9:D=R;9F=F=D-=?D9E=FLG<=D9HJ=K=FL=
'=Q ,M=<9 =F E9FGK <=D B=;MLANG )9;AGF9D HGJ L9FLG =D
J=;GFG;AEA=FLG >GJE9D <= =KL9K GJ?9FAR9;AGF=K <= E9FL=J9
IM=LG<9K9IM=DD9KIM= FGK=9FKG;A9DAKL9KHGJK=J;GFLJ9JA9K9
DGK>AF=KHJ=K;JALGK=FD9'=Q9JL K=J`9FJ=;@9R9<9K FD9K
J=?AKLJ9<9K HGJDG<=E^K FGL=F<J`9F;9:A<9DGK;AM<9<9FGK
IM=FG;GEH9JL9FD9A<=GDG?`9KG;A9DAKL9
F ;M9FLG 9 D9K n=PHJ=KAGF=K GJ?9FAR9LAN9K <=D +G<=J
+GHMD9J o;GF>GJE=K=<AKHGF==F=D9JL`;MDG <=D9'*++
D9K EAKE9K KGF nAFL=?J9;AGF=K <= ;AM<9<9FGK Q ;AM<9<9F9K
;GFG:B=LANGK=AFL=J=K=K;GEMF=K ;GFKLALMA<9K<=K<=D9DG;9
DA<9< <= KMK J=>=J=FL=K ;GLA<A9FGK <= M:A;9;AfF G =KH9;AGK

KG;A9D=K <=<=K=FNGDNAEA=FLG IM=<=E9F=J9LJ9FKALGJA9Q=F
:9K=9DGKHJAF;AHAGK<=KGDA<9JA<9<Q;GGH=J9;AfF HJG;MJ9F
=DAFL=J_K;GD=;LANGo
KL9K=PHJ=KAGF=K<=D+G<=J+GHMD9JK=;GFKLALMQ=F HGJ
AFA;A9LAN9 HGHMD9J Q ;GEG J=KHM=KL9 9 D9K F=;=KA<9<=K Q HG
L=F;A9DA<9<=K <= D9K ;GEMFA<9<=K <= ;GF>GJEA<9< ;GF D9

GFKLALM;AfF<=D9-=Hg:DA;9QD9D=Q9JL
GF>GJE=9D9AKHGKA;AfF>AF9D/=J;=J9 =D=B=J;A;AG<=D9
H9JLA;AH9;AfF<=DHM=:DGQ=D=KLÈMDG9D9AFA;A9LAN9QGJ?9FA
R9;AfF <=D +G<=J +GHMD9J =KL9:D=;A<GK =F D9 '=Q K= <=:=F
9HDA;9J=FDGKHM=:DGKQ;GEMFA<9<=KAF<`?=F9K <=9;M=J<G9
KMKMKGK ;GKLME:J=KQLJ9<A;AGF=K
59-04,9+,2(958.(40@(*054,9?,>68,9054,958.(
40@(:0<(9+,2 5+,8 56;2(8
KL9K GJ?9FAR9;AGF=K Q =PHJ=KAGF=K GJ?9FAR9LAN9K <=D
+G<=J +GHMD9J ;GF>GJE= 9D 9JL`;MDG <= D9 '*++ LA=F=F
;GEG>AF=KDGKKA?MA=FL=K
GFKGDA<9J D9 <=EG;J9;A9 H9JLA;AH9LAN9 Q HJGL9?fFA
;9 =F>MF;AfF<=D9AFKMJ?=F;A9<=D+G<=J+GHMD9J;GEG@=
;@G @AKLfJA;G H9J9 D9 ;GFKLJM;;AfF <= D9 KG;A=<9< KG;A9DAKL9

' ./**(0)'* ./* '+* -+*+0'-

<=EG;J^LA;9 <=<=J=;@GQ<=BMKLA;A9
GEG9FL=KK=<ABG ;GF=D9?J=?9<G<=nKG;A9DAKL9oIM=
=KL9HJ=NAKAfFAEHGF=9D9KG;A=<9< K=JGEH==DHJAF;AHAG<=D
HDMJ9DAKEGIM=?9J9FLAR9D9HJGHA9GFKLALM;AfF 9:JA=F<GD9
N`9 H9J9 D9 <AK;JAEAF9;AfF HGD`LA;9 <= LG<G 9IM_D ;AM<9<9FG
IM=FGK=9KG;A9DAKL9 9IMA=FK=D=FA=?9=D<=J=;@GHGD`LA;G9
H9JLA;AH9J
$EHMDK9J =D <=K9JJGDDG Q ;GFKGDA<9;AfF <=D KAKL=E9
=;GFfEA;G ;GEMF9D E=<A9FL= D9 ;GFKLALM;AfF <= GJ?9FAR9
;AGF=KKG;AG
HJG<M;LAN9K H9J9D9HJG<M;;AfF <=:A=F=KQK=J
NA;AGK<=KLAF9<GK9D9K9LAK>9;;AfF<=F=;=KA<9<=KKG;A9D=K =D
AFL=J;9E:AG<=K9:=J=KQ;GFG;AEA=FLGK 9K`;GEGD9J=AFN=J
KAfFKG;A9D<=D=P;=<=FL=
'9 '*++ 9 =KLGK =>=;LGK <=>AF= ;GEG nKAKL=E9 =;GFf
EA;G;GEMF9Do=D;GFBMFLG<=J=D9;AGF=KKG;A9D=K<=HJG<M;
;AfF <AKLJA:M;AfF AFL=J;9E:AG Q ;GFKMEG <= :A=F=KQK=JNA
;AGK 9K` ;GEG <= K9:=J=K Q ;GFG;AEA=FLG <=K9JJGDD9<9K HGJ

D9K AFKL9F;A9K <=D +G<=J +GHMD9J =D +G<=J +g:DA;G G HGJ
9;M=J<G =FLJ= 9E:GK 9 LJ9N_K <= GJ?9FAR9;AGF=K KG;AG
HJG<M;LAN9K :9BG >GJE9K <= HJGHA=<9< KG;A9D ;GEMF9Do9JL

+JGEGN=JD9MFA<9< D9KGDA<9JA<9< D9KMHJ=E9;`9<=
DGK AFL=J=K=K ;GD=;LANGK KG:J= DGK AFL=J=K=K AF<ANA<M9D=K Q =D
;GFK=FKG=FKMK^J=9K<=AF>DM=F;A9
!GE=FL9J D9 AFN=KLA?9;AfF Q <A>MKAfF <= DGK N9DGJ=K
LJ9<A;AGF=K@AKLfJA;9KQ;MDLMJ9D=K<=D9K;GEMFA<9<=K
B=J;=JD9;GFLJ9DGJ`9KG;A9D
' C% $! #! !&#

'9 '*++ <AKLAF?M= DGK KA?MA=FL=K nÊ:ALGK <=D +G<=J
+GHMD9JoK=<=>AF=F=FD9'=Q*J?^FA;9QIM==FD9L=JEAFG
DG?`9LJ9<A;AGF9D<=<=J=;@GHg:DA;GFG=KGLJ9;GK9IM=;GE
H=L=F;A9KIM=K=9KA?F9F9D+G<=J+GHMD9JD9+D9FA>A;9;AfF<=
+GD`LA;9K+g:DA;9K D9 ;GFGE`9;GEMF9D D9GFLJ9DGJ`9KG;A9D
D9*J<=F9;AfFQ?=KLAfF<=DL=JJALGJAGQD9%MKLA;A9;GEMF9D
2(40-0*(*0G4 +,652E:0*(96H)20*(9
'9HD9FA>A;9;AfF<=HGD`LA;9KHg:DA;9K=FDGKL_JEAFGK=K
L9:D=;A<GK =F D9 '=Q *J?^FA;9 <= +D9FA>A;9;AfF +g:DA;9 Q +G

'')- - 2 -
-\.
HMD9J K=<=>AF==F=D9JL`;MDG<=D9'*++;GEGnMFÊ
:ALG<=9;LM9;AfF<=D+G<=J+GHMD9JIM=9K=?MJ9 E=<A9FL=D9
9;;AfF<=?G:A=JFG;GEH9JLA<9=FLJ=D9AFKLALM;AGF9DA<9<Hg
:DA;9 Q D9K AFKL9F;A9K <=D +G<=J +GHMD9J =D ;MEHDAEA=FLG <=

DGKDAF=9EA=FLGK=KLJ9L_?A;GK<=D+D9F<==K9JJGDDG ;GFfEA
;GQ.G;A9D<=D9)9;AfF H9J9=D=EHD=G<=DGKJ=;MJKGKHg:DA
;GK =F D9 ;GFK=;M;AfF ;GGJ<AF9;AfF Q 9JEGFAR9;AfF <= DGK

HD9F=K HJG?J9E9KQHJGQ=;LGK9LJ9N_K<=DGK;M9D=KK=DG?J=
D9LJ9FK>GJE9;AfF<=DH9`K =D<=K9JJGDDGL=JJALGJA9D=IMADA:J9<G
QD9BMKL9<AKLJA:M;AfF<=D9JAIM=R9o
= =KL9 HJ=NAKAfF DD9E9 D9 9L=F;AfF D9 <AKLAF;AfF =FLJ=
DGKfJ?9FGK<=D KL9<GGFKLALM;AGF9DIM=K=<=FGEAF9F;G
EGnAFKLALM;AGF9DA<9<Hg:DA;9oQD9KAFKL9F;A9K<=D+G<=J+G
HMD9J DGIM=;GF>AJE9D9AFL=F;AfF<=D9D=Q<==KL9:D=;=JMF
KL9<GH9J9D=DG =D KL9<GGEMF9D H9J9N9;A9J<=;GFL=FA<G
Q9@G?9J=F<=>AFALAN99D KL9<GGFKLALM;AGF9D
+GJ GLJ9H9JL= NAF;MD9<99=KL9;GEH=L=F;A9<=HD9FA
>A;9;AfF =F ;M9FLG 9 D9 nHD9FA>A;9;AfF H9JLA;AH9LAN9 o =F D9

'*++ K= D9 <=>AF= ;GEG D9 n>GJE9 <= H9JLA;AH9;AfF <= DGK
;AM<9<9FGK Q ;AM<9<9F9K =F =D <AK=bG >GJEMD9;AfF =B=;M
;AfF =N9DM9;AfF Q ;GFLJGD <= D9K HGD`LA;9K Hg:DA;9Ko 9JL

Q=F;M9FLG9Dn+J=KMHM=KLGH9JLA;AH9LANG oK=DG<=>A
F= n;GEG =D E=;9FAKEG E=<A9FL= =D ;M9D DGK ;AM<9<9FGK Q

;AM<9<9F9KHJGHGF=F <=DA:=J9FQ<=;A<=FKG:J=D9>GJEMD9
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' ./**(0)'* ./* '+* -+*+0'-

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' ./**(0)'* ./* '+* -+*+0'-

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;9<=D9KGEMF9K

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J=?MD9;AfF <= D9 BMJAK<A;;AfF =KH=;A9D ;GEMF9D D9 ;M9D <=:=

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PLJ9<=

' ./**(0)'* ./* '+* -+*+0'-

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0F9 FGJE9 KAEAD9J =KL^ =F =D 9JL`;MDG <= D9 '=Q *J?^FA;9 <= D9K
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LG KAFG <=KA?F9<GKHGJ9K9E:D=9K<=;AM<9<9FGK;GFLJGD9<9K
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' ./**(0)'* ./* '+* -+*+0'-

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K= J=9DAR9J^ <= 9;M=J<G 9 DG =KL9:D=;A<G =F D9 '=Q *J?^FA;9
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' ./**(0)'* ./* '+* -+*+0'-

' #*I &!

#I $ #* $
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<=

'')- - 2 -
-\.
L=JA9 oIM=;GEGK=K9:==KMF9HD9FA>A;9;AfF;=FLJ9DAR9<9
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' ./**(0)'* ./* '+* -+*+0'-

;M9F<G<=n;9J^;L=J=KH=;A9DoIM=;GF>GJE=9D9JL`;MDG nK=
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' ./**(0)'* ./* '+* -+*+0'-

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' ./**(0)'* ./* '+* -+*+0'-

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=FKMJ=KH=;LANGÊ:ALG?=G?J^>A;G ;GFL=FLAN9<=D9<=;D9J9
;AfF <= HJAF;AHAGK ;=FKG HG:D9;AGF9D <A9?FfKLA;G KG:J= DGK

HJAF;AH9D=KHJG:D=E9KQF=;=KA<9<=K<=KMHG:D9;AfF AFN=F
L9JAG <= D9K HGL=F;A9DA<9<=K =;GFfEA;9K KG;A9D=K ;MDLMJ9D=K

9E:A=FL9D=K QGH;AGF=K<=<=K9JJGDDGo9JL
KL=J=>=J=F<G9HJG:9LGJAG<=:=L=F=JDM?9J=FMFD9HKG
H=J=FLGJAG<= <`9KKA?MA=FL=K9D9FGLA>A;9;AfFIM=K=@9?9
9D (AFAKL=JAG <= D9K GEMF9K KG:J= D9 ;GF>GJE9;AfF <= D9
;GEAKAfFHJGEGLGJ9<=;GFKLALM;AfF<=D9;GEMF9J=KH=;LAN9
9JL
'9 nAFA;A9LAN9 HGHMD9Jo H9J9 D9 ;GFKLALM;AfF <= D9 G
EMF9 =FLGF;=K ;GF>GJE=9D9'* n;GJJ=KHGF<=9DGK;GF
K=BGK ;GEMF9D=K Q 9 D9K GJ?9FAR9;AGF=K KG;A9D=K IM= @9?9F

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NA<99;LAN9=FD9K;GEMFA<9<=KGJ?9FAR9<9K IMA=F=K<=:=J^F
HJ=NA9E=FL=;GF>GJE9JK==F;GEAKAfFHJGEGLGJ9o9JL
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0F9 N=R ;GFKLALMA<9 =KL9 ;GEAKAfF HJGEGLGJ9 D9 EAKE9
<=:= FGLA>A;9J <A;@G 9;LG 9D nfJ?9FG >9;ADAL9<GJo 9JL IM=
FG=KGLJGIM=n=D(AFAKL=JAG<=D+G<=J+GHMD9J;GF;GEH=L=F
;A9 =F E9L=JA9 <= H9JLA;AH9;AfF ;AM<9<9F9 o =K <=;AJ 9;LM9D
E=FL= =D n(AFAKL=JAG <=D +G<=J +GHMD9J H9J9 D9K GEMF9K Q

+JGL=;;AfF .G;A9Do =F DG 9<=D9FL= (AFAKL=JAG H9J9 D9K GEM
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;GEH=L=F;A9 H9J9 <A;L9J nDGK DAF=9EA=FLGK =KLJ9L_?A;GK Q FGJ
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9K=KGJ9EA=FLG Q 9;GEH9b9EA=FLG <= D9K ;GEMFA<9<=K H9J9
KM ;GFKLALM;AfF =F ;GEMF9K D9 ;GF>GJE9;AfF <= KMK ?G:A=J
FGKQD9KJ=D9;AGF=K<=D9KEAKE9K=FLJ=K`H9J9KM9?J=?9;AfF
=F E9F;GEMFA<9<=K ;AM<9<=K ;GEMF9D=K Q ;M9DIMA=J GLJ9
>GJE9 <= 9JLA;MD9;AfF IM= ;GFLJA:MQ9 9 D9 ;GFKLJM;;AfF <=D
=KL9<G;GEMF9Do

(*53090G468535:58(
GEG K= <ABG D9 ;GEAKAfF HJGEGLGJ9 H9J9 D9 ;GFKLALM
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D9K GJ?9FAR9;AGF=K KG;A9D=K IM= @9?9F NA<9 9;LAN9 =F D9K ;G
EMFA<9<=KGJ?9FAR9<9KIM=LGE=FD9AFA;A9LAN9 D9;M9D=FMF
D9HKG<= <`9K;GFLAFMGK;GFL9<GK9H9JLAJ<=D9FGLA>A;9;AfF
<=KM;GFKLALM;AfF9D(AFAKL=JAGH9J9D9KGEMF9K Q;GF>GJ
E= K= AF<A;9 =F =D 9JL`;MDG <= D9 '* <=:=F J=9DAR9J D9K
KA?MA=FL=K9;LANA<9<=K
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GEMF9
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' ./**(0)'* ./* '+* -+*+0'-

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HJGHM=KLG KG:J==D9D;9F;= G:B=LGQ>AF9DA<9<=K<=D9;GEM
F9
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<=D9GEMF99K=JKGE=LA<99J=>=J=F<G9HJG:9LGJAG;GFD9
H9JLA;AH9;AfF<=DGK=D=;LGJ=KQ=D=;LGJ9K<=DÊ:ALG?=G?J^>A
;GHJGHM=KLG
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K=BGK;GEMF9D=K<=D=KH9;AGL=JJALGJA9DHJGHM=KLG D9;GFNG;9
LGJA9 9D J=>=J=F<G 9HJG:9LGJAG <= D9 ;9JL9 >MF<9;AGF9D <= D9

GEMF9
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LM;AfF<=D9GEMF9
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L=F=JDM?9J=FMFD9HKGH=J=FLGJAG<= <`9KKA?MA=FL=K9D9
FGLA>A;9;AfF IM= K= @9?9 9D (AFAKL=JAG <= D9KGEMF9KKG:J=
D9;GF>GJE9;AfF<=D9;GEAKAfFHJGEGLGJ9<=;GFKLALM;AfF<=
D9;GEMF9J=KH=;LAN99JL
!,+(**0G4?+0-;90G4+,2685?,*:5+,(8:(;4+(
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D9 EAKE9 LA=F= MF D9HKG <= <`9K ;GFLAFMGK H9J9 D9 J=<9;
;AfF<=DHJGQ=;LG<=D9;9JL9>MF<9;AGF9D<=D9GEMF99JL
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0:A;9;AfF
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;AfF
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<9<=K<=KMHG:D9;AfF
$FN=FL9JAG<=D9KHGL=F;A9DA<9<=K=;GFfEA;9K KG;A9D=K
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D9K D`F=9K ?=F=J9D=K <= 9;;AfF 9 ;GJLG E=<A9FG Q D9J?G HD9RG

H9J9 D9 KMH=J9;AfF <= DGK HJG:D=E9K Q F=;=KA<9<=K <= D9 ;G
EMF9
0F9 N=R ;MDEAF9<9 D9 J=<9;;AfF <=D HJGQ=;LG <= 9JL9
!MF<9;AGF9D D9 EAKE9 <=:= K=J <A>MF<A<9 HGJ D9 ;GEAKAfF
HJGEGLGJ9QDGKNG;=JGKQNG;=J9K<=DGKJ=KH=;LANGK;GFK=BGK
;GEMF9D=K=FLJ=DGK@9:AL9FL=K<=DÊ:ALGL=JJALGJA9DHJGHM=K
LG 9JL =F MF D9HKG <= <`9K ;GFLAFMGK %GJF9<9 <=
<A>MKAfF9JL
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'9 9HJG:9;AfF <= D9 9JL9 !MF<9;AGF9D <=:= J=9DAR9JK=
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D9HKG FG E9QGJ 9 DGK <`9K KA?MA=FL=K 9 D9 FGLA>A;9;AfF 9D
(AFAKL=JAG<=D9KGEMF9K<=D9;GF>GJE9;AfF<=D9;GEAKAfF
HJGEGLGJ99JL
KL= J=>J=F<G 9HJG:9LGJAG KAF =E:9J?G Q =F ;GFLJ9 <=
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<=Ko .G:J==D+G<=J D=;LGJ9D DGIM=K==KL9:D=;==FD9'*

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n=D=;LGJ=K ;GF <=J=;@G 9D NGLGo K=J^F DGK IM= H9J9 =D EG
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(MFA;AH9D=K ;GEG 9FL=K K= @9 <A;@G =D nJ=?AKLJG =D=;LGJ9D
<= D9 ;GEMFA<9<o =F ;9<9 GFK=BG GEMF9D =KL^ ;GF>GJ
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IMAF;= 9bGK 9JL DG IM= KA?FA>A;9 IM= =K MF J=?AKLJG
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D=;LGJ9D =F=D;M9D=KL^FAF;GJHGJ9<GKH=JKGF9KIM=FGKGF

' ./**(0)'* ./* '+* -+*+0'-

;AM<9<9FGK =PLJ9FB=JGKQN=F=RGD9FGKE=FGJ=K<=9bGK
.AF =E:9J?G <= 9;M=J<G ;GF D9 GFKLALM;AfF D9 H9JLA;AH9
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IM= =F =D J=>=J=F<G H9J9 9HJG:9J D9 ;GFKLALM;AfF <= D9K ;G
EMF9K FG KfDG DG L=F<J`9 IM= GJ?9FAR9J=D+G<=J D=;LGJ9D

KAFG IM= =F =D EAKEG KfDG HG<J`9F H9JLA;AH9J DGK ;AM<9<9
FGK KA=F<G AF;GFKLALM;AGF9D IM= K= HM<A=J9 GJ?9FAR9J 9D

E9J?=F <=D GFK=BG )9;AGF9D D=;LGJ9D Q ;GF D9 H9JLA;AH9
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9bGKG<==PLJ9FB=JGK@9:AL9FL=K<=D9;GEMFA<9<
@GJ9:A=F ;GF>GJE=9D9JL`;MDG<=D9'* K=;GFKA
<=J9 9HJG:9<9 D9 ;9JL9 >MF<9;AGF9D Q =F ;GFK=;M=F;A9 D9

;GFKLALM;AfF <= D9 GEMF9 ;M9F<G D9 E9QGJ`9 <= DGK NGLGK
K=9F 9>AJE9LANGK KA=EHJ= Q ;M9F<G @9Q9 ;GF;MJJA<G 9D J=>=
J=F<GMFFgE=JG<==D=;LGJ=KA?M9DGKMH=JAGJ9DIMAF;=HGJ
;A=FLG<=DGK=D=;LGJ=K<=DÊ:ALGL=JJALGJA9DHJGHM=KLG
!,.09:85+,2(53;4(
F=DD9HKG<=DGK<`9KKA?MA=FL=K9D99HJG:9;AfF<=
D9 ;9JL9 >MF<9;AGF9D D9 ;GEAKAfF HJGEGLGJ9 HJG;=<=J^ 9 KM
J=?AKLJG 9FL= =D (AFAKL=JAG <= D9K GEMF9K 9;GEH9b9F<G
<A;@G <G;ME=FLG <= D9K 9;L9K <= NGL9;AfF KMK;JAL9K HGJ DGK
AFL=?J9FL=K <= D9K J=KH=;LAN9K ;GEAKAGF=K =D=;LGJ9D=K H=JE9
F=FL=K GF =KL= 9;LG D9 GEMF9 9<IMA=J= KM H=JKGF9DA<9<

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((*,:(53;4(2
'9 '* ;J=f MF9 "9;=L9GEMF9D ;GEGfJ?9FGAF>GJ
E9LANG G>A;A9D <= D9 GEMF9 =F =D ;M9D K= <=:=F HM:DA;9J
9<=E^K <= D9 9JL9 GEMF9D D9K <=;AKAGF=K <=D +9JD9E=FLG
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IM= J=IMA=J9F H9J9 KM N9DA<=R D9 HM:DA;9;AfF =F <A;@G AFK
LJME=FLG9JL
' $#%$ &$

9<9GEMF9 MF9N=R;GFKLALMA<9 <=:=;GFL9J;GFMF9

'')- - 2 -
-\.
9JL9 GEMF9D ;GF;=:A<9 ;GEG =D AFKLJME=FLG HJGHM=KLG

HGJDGK@9:AL9FL=K<=D9GEMF9Q9HJG:9<GHGJ=D+9JD9E=F
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;G9<QMN9J ;GF =D GJ<=F Hg:DA;G D9 ;GFNAN=F;A9 D9 HJAE9;`9
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DGK<=J=;@GK@ME9FGK <= ;GF>GJEA<9<;GFD9GFKLALM;AfFQ
D9KD=Q=K<=D9-=Hg:DA;99JL
D 9JL`;MDG <= D9 '* HGJ KM H9JL= 9D >GJEMD9J D9K
<=>AFA;AGF=K <=>AF=D9K9JL9K;GEMF9D=K ;GEGDGK
$FKLJME=FLGK <GF<= K= =KL9:D=;=F D9K FGJE9K =D9:GJ9
<9K Q 9HJG:9<9K HGJ DGK @9:AL9FL=K <= D9 GEMF9=F=D+9J
D9E=FLG GEMF9D ;GF =D HJGHfKALG <= ;GFLJA:MAJ;GJJ=KHGF
K9:D=E=FL==FD9?9J9FL`9<=DGJ<=FHg:DA;G D9;GFNAN=F;A9Q
D9HJAE9;`9<=DAFL=J_K;GD=;LANGKG:J==DAFL=J_KH9JLA;MD9J <=
;GF>GJEA<9<;GFD9GFKLALM;AfFQD9K D=Q=K<=D9-=Hg:DA;9
'9 '=Q KAF =E:9J?G J=EAL= 9D -=?D9E=FLG D9 <=L=JEA
F9;AfF<=D9K;GF<A;AGF=KH9J9D9=D9:GJ9;AfF ;GFKMDL9QHJ=
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LGGEMF9D
54:,40+5
KL9K ;9JL9K ;GEMF9D=K <=:=J^F J=?MD9;AGF=K KG:J= DGK
KA?MA=FL=K9KH=;LGKIM==FME=J9=D9JL`;MDG<=D9'*
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L=F<A=FL= n9 J=?MD9J D9 NA<9KG;A9DQ;GEMFAL9JA9 ;G9<QMN9J
;GF =D GJ<=F Hg:DA;G D9 ;GFNAN=F;A9 D9 HJAE9;`9 <=D AFL=J_K
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;@GK@ME9FGKo
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D9KD=Q=K<=D9-=Hg:DA;9 oD9K;M9D=KFG<=B9F;9EHGJ=?MD9

' ./**(0)'* ./* '+* -+*+0'-

LGJAG9D?MFG=F=KGKfJ<=F=KIM=HM<A=J9J=?MD9JK=HGJ;M=J
HGK IM= FG KGF J=HJ=K=FL9LANGK =F =D K=FLA<G <= IM= FG KGF
AFL=?J9<GKHGJJ=HJ=K=FL9FL=K=D=;LGKE=<A9FL=KM>J9?AGMFA
N=JK9D <AJ=;LGQK=;J=LG K<=;AJ <=9;M=J<G;GFD9GFKLALM
;AfFKfDGD9K9E:D=9)9;AGF9D9JL<=D9GFKLALM;AfF

DGKGFK=BGK'=?AKD9LANGK<=DGK KL9<GK9JL<=D9GFK
LALM;AfF Q DGK GF;=BGK (MFA;AH9D=K <= DGK (MFA;AHAGK 9JL

<= D9 GFKLALM;AfF LA=F=F =F 1=F=RM=D9 D9 HGL=KL9< <=
D=?AKD9J HGJDGIM=LG<9GLJ9nD=?AKD9;AfFoIM=K=9<GHL=HGJ
;M=JHGK FG <=EG;J^LA;9E=FL= J=HJ=K=FL9LANGK ;GEG =KLGK
+9JD9E=FLGK GEMF9D=K J=?MD9<GK =F D9 '* FG K=J`9 GLJ9
;GK9 IM= >JMLG <= MF9 MKMJH9;AfF <= 9MLGJA<9< Q HGJ L9FLG
FMDGK <= FMDA<9< 9:KGDML9 =F DGK L_JEAFGK AF<A;9<GK =F =D
9JL`;MDG<=D9GFKLALM;AfF
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LM;AfF =F=KH=;A9D D9KJ=?MD9;AGF=K J=KLJA;;AGF=KQDAEAL9;AG
F=K 9 DGK <=J=;@GK Q ?9J9FL`9K ;GFKLALM;AGF9D=K KfDG HM=<=F

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DGFK=BG B=;MLANGK=<=:=J=MFAJGJ<AF9JA9E=FL=MF9
N=R9D9K=E9F9Q=PLJ9GJ<AF9JA9E=FL= ;M9F<G9K`DG<=;A<9
D9 E9QGJ`9 <=KMKAFL=?J9FL=K GK=9;GFNG;9<G<=9;M=J<G9
DG;GFL=EHD9<G=F=D-=?D9E=FLG<=D9'=Q9JL

59530:D9+,.,9:0G4
D GFK=BG B=;MLANG <=:= L=F=J MFGK GEAL_K <= ?=K
LAfF IM=KGFDGK=F;9J?9<GK<=9JLA;MD9J;GFD9K GJ?9FAR9;AG
F=K KG;A9D=K <= D9 GEMF9 <= KM J=KH=;LAN9 ^J=9 <= LJ9:9BG
DGK HJGQ=;LGK Q HJGHM=KL9K 9 K=J HJ=K=FL9<GK 9 LJ9N_K <=D
GFK=BG B=;MLANG 9FL= =D +9JD9E=FLG GEMF9D 'GK ;GEAL_K
<= ?=KLAfF K= <=:=F ;GF>GJE9J H9J9 9L=F<=J D9K KA?MA=FL=K

'')- - 2 -
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^J=9K
=J=;@GK@ME9FGK.9DM</A=JJ9MJ:9F9 NANA=F
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K=JNA;AGK ;GFGE`9 Q HJG<M;;AfF ;GEMF9D (MB=J =
A?M9D<9<<=?_F=JG=>=FK9QK=?MJA<9<AFL=?J9D!9EA
DA9QHJGL=;;AfF<=FAbGK FAb9KQ9<GD=K;=FL=K-=;J=9;AfF

Q<=HGJL=KQ <M;9;AfF ;MDLMJ9Q>GJE9;AfFKG;A9DAKL9
F;M9FLG9D9K;GEMF9KIM=K=;GF>GJE=F=FDGKHM=
:DGK Q ;GEMFA<9<=K AF<`?=F9K 9L=F<A=F<G 9 KMK ;MDLMJ9K

HJ^;LA;9K LJ9<A;AGF9D=K Q F=;=KA<9<=K ;GD=;LAN9K KM HM=<=F
;J=9J 9<=E^K <= DGK 9FL=JAGJ=K ;GEAL_K <= ?=KLAfF DGK KA
?MA=FL=K9GEAL_K<=9E:A=FL=QGJ<=F9;AfF<=D9LA=JJ9:
GEAL_<=E=<A;AF9AF<`?=F9Q;GEAL_<==<M;9;AfFHJG
HA9 =<M;9;AfFAFL=J;MDLMJ9D:ADAF?h==A<AGE9KAF<`?=F9K
' !I &
2(453;4(2+,,9(885225
GF>GJE=9D9JL`;MDG<=D9'* =F;9<9GEMF9K=
<=:==D9:GJ9JMF+D9FGEMF9D<==K9JJGDDG :9BGD9;GGJ<A
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9JLK Q =F=D;M9DK=<=:=F=KL9:D=;=JDGKHJGQ=;LGK
G:B=LANGK E=L9K 9;;AGF=KQJ=;MJKGK<AJA?A<GK9<9JD=;GF;J=
;AfF 9 DGK DAF=9EA=FLGK HD9KE9<GK =F =D +D9F <= =K9JJGDDG

;GFfEA;G Q .G;A9D <= D9 )9;AfF =D +D9F -=?AGF9D <= =K9
JJGDDG Q DGK DAF=9EA=FLGK <=D GFK=BG !=<=J9D <= "G:A=JFG

LGE9F<G =F ;M=FL9 DGK H9LJGF=K <= G;MH9;AfF <=D L=JJALGJAG
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A;@G HD9F K= <=:= >GJEMD9J Q =B=;ML9J 9 H9JLAJ <= DGK
J=KMDL9<GK<=D99HDA;9;AfF<=D<A9?FfKLA;GH9JLA;AH9LANG Q<=
DG 9;GJ<9<G =F =D E=;9FAKEG <=D HJ=KMHM=KLG H9JLA;AH9LANG
;GFL9F<G H9J9 =DDG ;GF D9 AFL=JN=F;AfF HD9FA>A;9<9 Q ;GGJ<A
F9<9<=D9K;GEMFA<9<=KIM=;GF>GJE9FD9GEMF99JL
KL=+D9FGEMF9D<==K9JJGDDGL9D;GEGK=<=>AF==F
=D 9JL`;MDG <= D9 '=Q *J?^FA;9 <= +D9FA>A;9;AfF +g:DA;9 Q
+GHMD9Jn=K=DAFKLJME=FLG<=?G:A=JFGIM=H=JEAL=9D9K;G
EMF9K =KL9:D=;=J DGK HJGQ=;LGK G:B=LANGK E=L9K 9;;AGF=K Q

J=;MJKGK<AJA?A<GK9<9JD=;GF;J=;AfF9DGK DAF=9EA=FLGKHD9K
E9<GK=F=D+D9F<==K9JJGDDG ;GFfEA;GQ.G;A9D<=D9)9
;AfF 9LJ9N_K<=D9AFL=JN=F;AfFHD9FA>A;9<9Q;GGJ<AF9<9<=

' ./**(0)'* ./* '+* -+*+0'-

D9K ;GEMFA<9<=K Q KMK GJ?9FAR9;AGF=K HJGEGNA=F<G =D =B=J
;A;AG <AJ=;LG <=D HG<=J <= ;GF>GJEA<9< ;GF D9 D=Q H9J9 D9
;GFKLJM;;AfF<=D=KL9<G;GEMF9Do'GKJ=KMDL9<GKQE=L9K<=
=KL=+D9FGEMF9D<==K9JJGDDG <=9;M=J<G9D9EAKE9'=Q
*J?^FA;9<=+D9FA>A;9;AfF+g:DA;9Q+GHMD9J <=:=;GF;J=L9JK=
=F MF +D9F *H=J9LANG GEMF9DIM==K9IM=DIM=AFL=?J9DGK
G:B=LANGK E=L9K HJGQ=;LGK Q 9;;AGF=K 9FM9D=K >GJEMD9<9K
HGJ;9<9?G:A=JFG;GEMF9D9JL
2549,15+, 2(40-0*(*0G453;4(2
D GFK=BG <= +D9FA>A;9;AfF GEMF9D ;GF>GJE= K= HJ=
;AK9 =F =D 9JL`;MDG <= D9 '* =K =D fJ?9FG =F;9J?9<G <=
;GGJ<AF9J D9K 9;LANA<9<=K H9J9 D9 >GJEMD9;AfF <=D +D9F <=
=K9JJGDDGGEMF9D =F;GF;GJ<9F;A9;GFDGKHD9F=K<=<=K9
JJGDDG;GEMFAL9JAGHJGHM=KLGKHGJDGKGFK=BGKGEMF9D=KQ
DGK <=E^K HD9F=K <= AFL=J_K ;GD=;LANG 9JLA;MD9<GK ;GF =D KAK
L=E9 F9;AGF9D <= HD9FA>A;9;AfF <= ;GF>GJEA<9< ;GF DG =KL9
:D=;A<G=FD9D=Q9JL
+GJKMH9JL= =D9JL`;MDG<=D9'=Q*J?^FA;9<=+D9FA
>A;9;AfF+g:DA;9Q+GHMD9J <=>AF=9DGFK=BG<=+D9FA>A;9;AfF
GEMF9D;GEGn=DfJ?9FG=F;9J?9<G<=D9HD9FA>A;9;AfFAFL=
?J9DIM=;GEHJ=F<= 9D^J=9?=G?J^>A;9 QHG:D9;AGF9D<=MF9

;GEMF9 9K`;GEG<=<AK=b9J=D+D9F<==K9JJGDDGGEMF9D
=F ;GF;GJ<9F;A9 ;GF DGK HD9F=K <= <=K9JJGDDG ;GEMFAL9JAG
HJGHM=KLGKHGJDGK;GFK=BGK;GEMF9D=KQDGK<=E^KHD9F=K<=
AFL=J_K;GD=;LANG 9JLA;MD9<GK;GF=D.AKL=E9)9;AGF9D<=+D9
FA>A;9;AfF <=;GF>GJEA<9<;GFDG=KL9:D=;A<G=FD9'=Q<=D9K
GEMF9KQD9HJ=K=FL='=Q;GFL9F<GH9J9=DDG;GF=D9HGQG
<=DGKfJ?9FGKQ=FL=K<=D9<EAFAKLJ9;AfF+g:DA;9o
' GFK=BG <= +D9FA>A;9;AfF GEMF9D =KL^ ;GF>GJE9<G
HGJD9KKA?MA=FL=KKA=L=H=JKGF9KLJ=KNG;=JGK=D=;LGKHGJDGK
;GFK=BGK;GEMF9D=K<=D9GEMF9<GKNG;=JGK=FJ=HJ=K=F
L9;AfF<=D+9JD9E=FLGGEMF9DMFNG;=JG<=KA?F9<GHGJD9K
HJG<M;LAN9K ;GEMFAL9JA9K Q MF NG;=JG
<=;9<9;GFK=BG;GEMF9D AFL=?J9FL=<=D;GEAL_<=LJ9:9BG=F
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F =D ;9KG <= DGK HM=:DGK Q ;GEMFA<9<=K AF<`?=F9K =D
GFK=BG <= +D9FA>A;9;AfF GEMF9D K= <=:= ;GF>GJE9J <=
9;M=J<G ;GF D9 FGJE9LAN9 =KL9:D=;A<9 =F D9 D=Q J=KH=;LAN9
LGE9F<G=F;M=FL9KMKMKGK ;GKLME:J=KQLJ9<A;AGF=K
DGFK=BG<=+D9FA>A;9;AfFGEMF9D 9DEGE=FLG<=KM

'')- - 2 -
-\.
AFKL9D9;AfF <=KA?F9J^ <= KM K=FG Q HGJ NGL9;AfF <= E9QGJ`9

KAEHD=9D;GGJ<AF9<GJ<=DEAKEG

04(20+(+
KL= GFK=BG <= +D9FA>A;9;AfF GEMF9D LA=F= 9<=E^K
;GEG >AF9DA<9< ;GF>GJE= K= AF<A;9 =F =D 9JL`;MDG DG KA
?MA=FL=
.=JNAJ <= AFKL9F;A9 <= <=DA:=J9;AfF <AK;MKAfF Q ;GGJ
<AF9;AfF =FLJ= D9K AFKL9F;A9K <= H9JLA;AH9;AfF HGHMD9J Q D9K

;GEMFA<9<=KGJ?9FAR9<9K ;GFEAJ9K99JEGFAR9JD9>GJEMD9
;AfF 9HJG:9;AfF =B=;M;AfF Q ;GFLJGD <= DGK <AN=JKGKHD9F=KQ

HJGQ=;LGK
<=;M9J =D +D9F <= =K9JJGDDG GEMF9D 9D +D9F <=
=K9JJGDDG ;GFfEA;GQ.G;A9D<=D9)9;AfFQ<=E^KHD9F=K=K
LJ9L_?A;GKF9;AGF9D=K9D+D9F<==K9JJGDDG-=?AGF9DQ9DGKDA
F=9EA=FLGK=KL9:D=;A<GK=F=D<=;J=LG<=;J=9;AfF<=DAKLJALG
(GLGJ<==K9JJGDDG9DIM=H=JL=F=R;9D9GEMF9
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536,:,4*0(9+,2549,15
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'*
$EHMDK9JD9;GGJ<AF9;AfFQH9JLA;AH9;AfF;AM<9<9F9Q
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GLJGK HD9F=K HJG?J9E9K Q 9;;AGF=K IM= K= =B=;ML=F G K= HJG
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F=9EA=FLGK=KL9:D=;A<GK=F=D<=;J=LG<=;J=9;AfF<=DAKLJALG
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$EHMDK9JD9;GGJ<AF9;AfF;GFGLJGK;GFK=BGK<=HD9FA>A
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' ./**(0)'* ./* '+* -+*+0'-

;AfFQ=N9DM9;AfF<=HD9F=KH9J9=D<=K9JJGDDG<=E9F;GEMFA
<9<=K >GJEMD9F<G HJGHM=KL9K 9D J=KH=;LG 9FL= =D +9JD9E=FLG

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L=F<=J ;M9DIMA=J AF>GJE9;AfF 9LAF=FL= 9 KMK;GEH=
L=F;A9KIM=D=KGDA;AL==D+9JD9E=FLGGEMF9DQKMKAFKL9F;A9K
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:DA;G KG:J=D9KALM9;AfFKG;AG
=;GFfEA;9<=D9GEMF9
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=PAKL=FL=K=FD9GEMF9
KLM<A9J Q HJGHGF=J 9D +9JD9E=FLG GEMF9D D9 9HJG
:9;AfF <= DGK HJGQ=;LGK HJ=K=FL9<GK HGJ D9K ;GEMFA<9<=K Q

GJ?9FAR9;AGF=K KG;A9D=K 9 K=J >AF9F;A9<GK ;GF J=;MJKGK HJGN=
FA=FL=K <=D !GF<G <=GEH=FK9;AfF$FL=JL=JJALGJA9DJ=?MD9<G

=F D9 '=Q *J?^FA;9 <=D GFK=BG !=<=J9D <= "G:A=JFG Q GLJGK
IM=K=D=K@9Q99;GJ<9<G
+JGEGN=J =F=D<=K9JJGDDG=F<f?=FGQKMKL=FL9:D=<=
D9GEMF9=DKAKL=E9<=HJGHA=<9<KG;A9D
' $ F &

(8C*:,8?*536590*0G4
/9D;GEGK=<=>AF==F=D9JL`;MDG<=D9'* =DGF
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HD9FA>A;9;AfFQ;GGJ<AF9;AfF<=D99;LANA<9<=;GFfEA;9<=D9
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L9F;A9 =F;9J?9<9 <= D9 HJGEG;AfF <=D <=K9JJGDDG =;GFfEA;G

<=D9GEMF9o
KL= GFK=BG <= ;GFGE`9 GEMF9D =KL^ ;GF>GJE9<G
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MFH=J`G<G<=<GK9bGK HM<A=F<GK=JJ==D=;LGK
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;GF IMA=F=K J=HJ=K=FL=F DGK =FL=K HGD`LA;G
L=JJALGJA9D=K =KL9
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'')- - 2 -
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K=J@9:AL9FL=<=DZE:ALGL=JJALGJA9D<=D9GEMF9 ;GF9DE=
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9AFL=J<A;;AfF;ANADGAF@9:ADAL9;AfFHGD`LA;9
;4*054,9+,2549,15+,*5453E(53;4(2
D9JL`;MDG<=D9'* 9KA?F99DGFK=BG<= ;GFGE`9
GEMF9DD9KKA?MA=FL=K>MF;AGF=K
+JGEGN=J D9 ;GF>GJE9;AfF <= GJ?9FAR9;AGF=K KG;AG
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=;GFfEA;G;GEMF9D
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;AfFGEMF9D
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KG;AG
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?J9FL=KG9KHAJ9FL=K<=D9KGJ?9FAR9;AGF=KKG;AG
HJG<M;LAN9K
+J=K=FL9J K=E=KLJ9DE=FL= 9FL= =D +9JD9E=FLG GEM
F9D AF>GJE=K KG:J= DGK FAN=D=K <= ;MEHDAEA=FLG <= DGKHD9F=K

<=?=KLAfF<=D9KGJ?9FAR9;AGF=KKG;AG
HJG<M;LAN9K
+J=K=FL9J 9FL= =D +9JD9E=FLG GEMF9D =D AF>GJE=
9FM9DKG:J=D9?=KLAfF<=D9KGJ?9FAR9;AGF=KKG;AG
HJG<M;LAN9K
QDGK;GJJ=KHGF<A=FL=KHD9F=KH9J9=D9bGKA?MA=FL=
+JGHGF=J>GJE9K9DL=JF9LAN9K<=AFL=J;9E:AG<=:A=F=K
QK=JNA;AGK GJA=FL9<9K9D<=K9JJGDDGKG;AG
HJG<M;LANG<=D9;G
EMFA<9<QD9K9LAK>9;;AfF<=D9KF=;=KA<9<=K;GD=;LAN9K
*J?9FAR9J =F J=<=K <= HJG<M;LGJ=K Q HJG<M;LGJ9K 9
D9K GJ?9FAR9;AGF=K KG;AG
HJG<M;LAN9K Q 9 D9K ;GEMFA<9<=K GJ
?9FAR9<9K IM= =B=;ML=F HJGQ=;LGK KG;AG

HJG<M;LANGK M:A;9<GK
=F=DÊ:ALG?=G?J^>A;G<=D9GEMF9

' ./**(0)'* ./* '+* -+*+0'-

( &

)1,:5
/9D;GEGDG<=>AF==D9JL`;MDG<=D9'* =D9F;G<=
D9 GEMF9 =K nD9 GJ?9FAR9;AfF =;GFfEA;G
>AF9F;A=J9 <= ;9
J^;L=J KG;A9D IM= ?=KLAGF9 9<EAFAKLJ9 LJ9FK>A=J= >AF9F;A9

>9;ADAL9 ;9HL9Q;GFLJGD9 <=9;M=J<G;GFDGKDAF=9EA=FLGK=K
L9:D=;A<GK=F=D+D9F<==K9JJGDDGGEMF9D DGKJ=;MJKGK>A
F9F;A=JGKQFG>AF9F;A=JGK<=Ê:ALG;GEMF9D J=LGJF9:D=KQ
FG J=LGJF9:D=K AEHMDK9F<G D9K HGD`LA;9K =;GFfEA;9K ;GF D9
H9JLA;AH9;AfF <=EG;J^LA;9 Q HJGL9?fFA;9 <=D HM=:DG :9BG MF
=F>GIM= KG;A9D HGD`LA;G =;GFfEA;G Q ;MDLMJ9D H9J9 D9 ;GFK
LJM;;AfF<=DEG<=DGHJG<M;LANGKG;A9DAKL9o KL9<=>AFA;AfF

K=;GEHD=E=FL9=F=D9JL`;MDGX<=D9'* =FD9;M9DK=HJ=
;AK9IM==D9F;G<=D9GEMF9nLA=F= ;GEGG:B=LG?9J9FLAR9J
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>MF;AGF9EA=FLG K= JA?= nHGJ DGK HJAF;AHAGK <= @GF=KLA<9<
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' ./**(0)'* ./* '+* -+*+0'-

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8.(40@(*0G4
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D GEAL_ <= K=?MAEA=FLG Q ;GFLJGD LA=F= D9>MF;AfF<=
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D9F;A9 KMH=JNAKAfF =N9DM9;AfF Q ;GFLJ9DGJ`9KG;A9D KG:J=DGK

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HJG<M;LAN9KQ

' ./**(0)'* ./* '+* -+*+0'-

D9J=AFN=JKAfFKG;A9D<=DGK=P;=<=FL=KJ=KMDL9FL=K<=KMK9;LA
NA<9<=K
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LAFL9KAFKL9F;A9K<=D9GEMF9 ;GF:9K=9D9KAFN=KLA?9;AGF=K
KG:J= <=FMF;A9K IM= K= D= >GJEMD=F G ;GEG J=KMDL9<G <= KMK
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F =D =B=J;A;AG <= D9 ;GJJ=KHGFK9:ADA<9< ;GGH=J9J ;GF
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( #E $ ' # $ $ I# $

&
GEGK=@9K=b9D9<G DGKLALMD9J=K<=DGK<AN=JKGKfJ?9
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9F;G<=D9GEMF9 KGFJ=KHGFK9:D=K;ANAD H=F9DQ9<EAFAK
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'')- - 2 -
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' ./**(0)'* ./* '+* -+*+0'-

=KHJGL=?=J <9b9J 9DL=J9JG<=KLJMAJ=DE9L=JA9D=D=;
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' ./**(0)'* ./* '+* -+*+0'-

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' ./**(0)'* ./* '+* -+*+0'-

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K9:=J=KQ;GFG;AEA=FLGK

' ./**(0)'* ./* '+* -+*+0'-

'GK <G;ME=FLGK <= D9K =EHJ=K9K <= HJGHA=<9< KG;A9D

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F9<GJ o=K<=;AJ 9FL==D(AFAKL=JAG<=D9KGEMF9K

L9D =>=;LG <A;@G (AFAKL=JAG <=:= =KL9:D=;=J MF9 <=
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;GF=D>AF<=E9FL=F=J =DK=?MAEA=FLGQ;GFLJGD<=D9KGJ?9FA
R9;AGF=K KG;AG
HJG<M;LAN9K Q <= DGK =KH9;AGK <= AFL=J;9E:AG
KGDA<9JAG<=DH9`K9JL
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HJG<M;LAN9K
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F DGK ;9KGK <= GJ?9FAR9;AGF=K KG;AG
HJG<M;LAN9K <=
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9;GEH9b9<9<=D9;L9;GFKLALMLAN9<=D9GJ?9FAR9;AfF 9;L9<=
D9 9K9E:D=9 <= HJG<M;LGJ=K 9K` ;GEG =D HJGQ=;LG KG;AG
HJG<M;LANGM9F<GK=LJ9L=<= =EHJ=K9K<=HJGHA=<9<KG;A9D

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J9;AfFQD9KGDA<9JA<9<o

' ./**(0)'* ./* '+* -+*+0'-

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K9E=FL= 9 ;9J?G :^KA;9E=FL= <= D9 %MJAK<A;;AfF GFKLALM;AG
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J=F<G J=NG;9LGJAG ;GEG AFA;A9LAN9 HGHMD9J KAF IM= D9 .9D9
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' ./**(0)'* ./* '+* -+*+0'-

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' $ $ $%%& $

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23;H

' ./**(0)'* ./* '+* -+*+0'-

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#/('

' ./**(0)'* ./* '+* -+*+0'-

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;GFKLALM;AGF9D FG D9 9HJG:f =D HM=:DG ;GEG +G<=J GFKLALM
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23;H

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9 FM=KLJ9K ;GKL9K Q 9D ;GFLJ9JAG <=K<= =D AFA;AG <=D .A?DG 3$3 =D
EMFA;AHAG KA:A=FK=9JJ9A?f=FD9K;AM<9<=K;9HAL9D=K K=AEHD9FLf
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$$ <ALGJA9D%MJ`<A;91=F=RGD9F9 9J9;9K HH KK

' ./**(0)'* ./* '+* -+*+0'-

R9F DGK GFK=BGK GEMF9D=K ;GEG AFKL9F;A9K n<= H9JLA;AH9
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DG<=D9GFKLALM;AfF9D;M9DL9FL9AEHGJL9F;A9D=<9+9D9
;AGK =F KM 9JL`;MDG ;M9F<G @9:D9 <= n<=K;=FLJ9DAR9;AfFo =K

=F KM K=FLA<G HJGHAG H9J9 D9 LJ9FK>=J=F;A9 <= ;GEH=L=F;A9K
EMFA;AH9D=K @9;A9 FAN=D=K L=JJALGJA9D=K AF>=JAGJ=K <= ?G:A=JFG
DG;9DIM=LA=F=FIM=L=F=JKM:9K=<=EG;J^LA;9J=HJ=K=FL9LAN9
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N=JKGKGFK=BGKDGIM=K=J=?MD9=KMF9n=D=;;AfFo<=K=?MF
<G ?J9<G HGJ H=JKGF9K IM=9KMN=RFG@9FKA<G=D=;L9KHGJ

KM>J9?AGMFAN=JK9D <AJ=;LGQK=;J=LG DGIM=D=IMAL9=D;9J^;L=J
<=J=HJ=K=FL9;AfF<=EG;J^LA;9 F=>=;LG HGJDGIM=9L9b=9
DGK nNG;=JGK Q NG;=J9Ko <=D GFK=BG <= +D9FA>A;9;AfF <= D9
AM<9< GEMF9D K= AF<A;9 IM= KGF n=D=;LGK G =D=;L9K =FLJ=
DGKAFL=?J9FL=K<=DGKGFK=BGK<=+D9FA>A;9;AfF<=D9KGEM
F9K<=D9AM<9<GEMF9D oHGJMFH=J`G<G<=n;M9LJG9bGK
HM<A=F<G K=J J==D=;LGK G J==D=;L9Ko 9JL F ;M9FLG 9 DGK
nNG;=JGK G NG;=J9Ko <=D GFK=BG <= ;GFGE`9 <= D9 AM<9<
GEMF9D =D +JGQ=;LG AF<A;9 IM=KGFn=D=;LGKG=D=;L9K=FLJ=

' ./**(0)'* ./* '+* -+*+0'-

DGK AFL=?J9FL=K <= DGK ;GFK=BGK <= =;GFGE`9 ;GEMF9D <= D9K
GEMF9K<=D9AM<9<GEMF9DoHGJMFH=J`G<G<=n;M9LJG
9bGK HM<A=F<GK=JJ==D=;LGKGJ==D=;L9Ko9JL4=F;M9FLG
9 DGK nNG;=JGK Q NG;=J9Ko <=D GFK=BG <= GFLJ9DGJ`9 <= D9
AM<9<GEMF9D=DHJGQ=;LGAF<A;9IM=KGFn=D=;LGK G=D=;L9K
=FLJ= DGK AFL=?J9FL=K <= ;GFK=BGK <= ;GFLJ9DGJ`9 ;GEMF9D <=
D9K GEMF9K <= D9 AM<9< GEMF9Do HGJ MF H=J`G<G <=
n;M9LJG9bGK HM<A=F<GK=JJ==D=;LGKGJ==D=;L9Ko9JL
D +JGQ=;LG <= '=Q =F =KL9 >GJE9 K= =FE9J;9 =F LG<9 D9
=KLJM;LMJ99FLA<=EG;J^LA;9<=D AB/2=23:$=23@$=>C:/@ IM==F
=KL=;9KG<=D9K;AM<9<=K;GEMF9D=K:MK;9 =DAEAF9J9D(MFA
;AHAG ;GEG =FLA<9< HGD`LA;9 <=K;=FLJ9DAR9<9 J=?A<9 HGJ ?G
:=JF9FL=K=D=;LGKE=<A9FL=KM>J9?AGMFAN=JK9D<AJ=;LGQK=;J=
LG HGJ FM=N9K =FLA<9<=K ;GFLJGD9<9K HGJ =D +G<=J ;=FLJ9D

n?G:=JF9<9Ko HGJ H=JKGF9K IM= FG KGF =D=;L9K E=<A9FL= KM
>J9?AGKAFG<=KA?F9<GKHGJK9E:D=9K<=;AM<9<9FGK;GFLJG
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<=DGKGFK=BGKGEMF9D=K Q<=DGKfJ?9FGK<=D9KGEMF9K
IM=KGF<=KA?F9<GK<=A?M9D>GJE9 .=LJ9L9 =F<=>AFALAN9 <=
D9;GF;=KAfF<=DGIM=K=HJ=L=F<`9;GFD9J=;@9R9<9J=>GJE9
;GFKLALM;AGF9D <= =F D9 ;M9D K= :MK;9:9 KMKLALMAJ 9 DGK
(MFA;AHAGK HGJ DG IM= 9@GJ9 K= ;9DA>A;9 ;GEG ;AM<9<=K ;G
EMF9D=K;GEG9?JMH9;AGF=K<=;GEMF9KKG;A9DAKL9K
F D9 J=>GJE9 J=;@9R9<9 HGJ =D HM=:DG 9 =K9K ;AM<9<=K
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;AfF<=D(MFA;AHAG+GJ=DDG =FD9J=;@9R9<9J=>GJE9;GFKLA
LM;AGF9D ;GEG9@GJ9=F=KL=+JGQ=;LG<='=Q K=:MK;9:9=K
L9:D=;=J=F>GJE9 =PHJ=K9IM=DGKAFL=?J9FL=K<=DGK<AN=JKGK
fJ?9FGK <=D +G<=J +GHMD9J FG F9;A=J9F n<=D KM>J9?AG FA <=
=D=;;AfF9D?MF9 KAFGIM=F9;=<=D9;GF<A;AfF<=DGK?JMHGK
@ME9FGKGJ?9FAR9<GK;GEG:9K=<=D9HG:D9;AfFo'99MK=F
;A9=F=D+JGQ=;LG<='=Q<=E=;9FAKEGK<==D=;;AfFE=<A9F
F D9 F>=A717T< 23 !=B7D=A <=D +JGQ=;LG <= -=>GJE9 GFKLALM;AGF9D

HJ=K=FL9<G HGJ =D +J=KA<=FL= <= D9 -=Hg:DA;9 =F 9?GKLG 9 D9K
;GEMF9KK=D9K;9DA>A;9;GEGn;GEMF9KKG;A9DAKL9Ko QK=D9<=>AF=;G
EGn KMF;GF?DGE=J9<GKG;A9D<=N9JA9K;GEMFA<9<=KIM=HGK==F
MF9 E=EGJA9 @AKLfJA;9 ;GEH9JLA<9 MKGK ;GKLME:J=K Q J9K?GK ;MD
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K` ;GF >AF=K HGD`LA;G
9<EAFAKLJ9LANGK IM= H=JKA?M=F MF EG<=DG <=
KG;A=<9<;GD=;LAN9<==IMA<9<Q<=BMKLA;A9o 17B H

'')- - 2 -
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L=KM>J9?AGMFAN=JK9D <AJ=;LGQK=;J=LG<=DGKnNG;=JGKGNG;=
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J9RfF :MK;^F<GK==F<=>AFALAN9 =FFGE:J=<=MF9KMHM=KL9
n<=EG;J9;A9H9JLA;AH9LAN9QHJGL9?fFA;9 oHGF=J>AF=F1=F=
RM=D9 9D9 <=EG;J9;A9J=HJ=K=FL9LAN99FAN=DDG;9D Q;GF=DDG 9

LG<GN=KLA?AG<=9MLGFGE`9HGD`LA;9L=JJALGJA9DIM==KD9=K=F
;A9<=D9<=K;=FLJ9DAR9;AfFHGD`LA;9Q<=D9H9JLA;AH9;AfF

' $%%& $I $

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DHJGQ=;LG<='=Q<=D9KAM<9<=KGEMF9D=K =FLJ=KMK
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<T;71==;C</: 9J9;9K HHKK

' ./**(0)'* ./* '+* -+*+0'-

nGFK=BG B=;MLANG <= "G:A=JFG <= D9 AM<9< GEMF9Do

9JLKKK Q<=FLJG<=DEAKEG D9K9LJA:M;AGF=K9KA?F9<9K9
DGK <A>=J=FL=K nGEAL_K <= ?=KLAfFo <= D9 AM<9< GEMF9D
IM=<=:=F;GFKLALMAJK=H9J99L=F<=JD9KKA?MA=FL=K^J=9K9JL
n9/A=JJ9MJ:9F9 NANA=F<9Q@^:AL9L:9DA<9<Q;G:=J
LMJ9 <= DGK .=JNA;AGK Hg:DA;GK ; .9DM< < ;GFGE`9 Q HJG
<M;;AfF ;GEMF9D = ;GKG;A9DAKEG > (MB=J=K A?M9D<9< Q

=IMA<9<<=?_F=JG?=>=FK9QK=?MJA<9<AFL=?J9D@!9EA
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Q <=HGJL=K B <M;9;AfF ;MDLMJ9 Q >GJE9;AfF KG;A9DAKL9 C
IMAH9EA=FLG=AF>J9=KLJM;LMJ9MJ:9F9o
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GFKLALM;AfF Q <= D9 D=Qo 9JL Q KGF D9K IM= E=<A9FL=
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:M`JK=D9K9MF9=FLA<9<IM=K=DD9E9;AM<9<;GEMF99D9;M9D
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n9MLGFGE`9 J=D9LAN9o ;GEG DG AF<A;9 D9 PHGKA;AfF <= (GLA
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;9DoGIM=
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;AfF <= DGK K=JNA;AGK Hg:DA;GK <GEA;ADA9JAGK D9 9HDA;9;AfF <= D9

HGD`LA;9J=>=J=FL=9D9E9L=JA9 AFIMADAF9JA9 ;GF;JAL=JAGK<==IMA
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D9H9JLA;AH9;AfF Q=DE=BGJ9EA=FLG =F?=F=J9D <=D9K;GF<A;AG
F=K<=NA<9<=D9;GEMFA<9< =FD9KKA?MA=FL=K^J=9K *J<=F9
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J9 QGJF9LGHg:DA;G1A9DA<9<MJ:9F9;AJ;MD9;AfFQGJ<=F9
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<= DAEHA=R9 <=J=;GD=;;AfFQLJ9L9EA=FLG<=J=KA<MGKQHJGL=;;AfF

'')- - 2 -
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;ANAD .9DM:JA<9< Q 9L=F;AfF HJAE9JA9 =F K9DM< K=JNA;AGK <=

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9 D9 L=J;=J9 =<9< =<M;9;AfF HJ==K;GD9J K=JNA;AGK <= AFL=?J9
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EMFAL9JAG 9;LANA<9<=K=AFKL9D9;AGF=K;MDLMJ9D=KQ<=HGJLAN9K
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DGK:A=F=KQD9K9;LANA<9<=KJ=D9LAN9K9D9KE9L=JA9K<=D9;GE
H=L=F;A9 EMFA;AH9D .=JNA;AG <= 9?M9 HGL9:D= =D=;LJA;A<9< Q

?9K <GE_KLA;G 9D;9FL9JADD9<G ;9F9DAR9;AfF Q <AKHGKA;AfF <=
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J=HJ=K=FL9FL=K <=D HM=:DG =D=;LGK E=<A9FL= KM>J9?AG MFAN=J
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' '% !%$ $

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K=HJGHGF==F=D+JGQ=;LG<='=Q IM=9K=?MJ=IM==D(MFA;A
HAG ;GFKLALM;AGF9D K=9 KMHD9FL9<G HGJ MF9 AF;GFKLALM;AGF9D

;AM<9<;GEMF9D =F=DEAKEGK=;GFL=EHD9=DE9J;GH9J9IM=
K= nLJ9K>A=J9Fo 9 D9K ;AM<9<=K ;GEMF9D=K D9K ;GEH=L=F;A9K
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<= D9 AM<9< GEMF9D o Q <= nKMK;JA:AJ DGK ;GFN=FAGK <=
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' ./**(0)'* ./* '+* -+*+0'-

L9D=>=;LG =D+JGQ=;LG =FHJAE=JDM?9J AEHGF=G:DA?9
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D9K AFA;A9LAN9K HGHMD9J=K H9J9 D9 ;GFKLALM;AfF <=K9JJGDDG Q
;GFKGDA<9;AfF <= D9K AM<9<=K GEMF9D=K L=JJALGJA9DAR9F<G
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9JL
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nKMK9;LM9;AGF=KHGJ=DHJAF;AHAG<=?G:A=JFGG:=<=F;A9DQ
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EMF9D=K <=9;M=J<G;GFDG=KL9:D=;A<G =FD9GFKLALM;AfFQD=
Q=K<=D9-=Hg:DA;9o9JL
.= J=HAL= 9K` D9 HJ=NAKAfF <= D9 '=Q *J?^FA;9 <=D +G<=J
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<A;@9'=Q<AKHMKGIM=
n/G<GK DGK fJ?9FGK =FL=K = AFKL9F;A9K <=D +G<=J +g:DA;G
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Q=Ko
4 9K` ;GEG D9K GJ?9FAR9;AGF=K <=D +G<=J +GHMD9J AF;DM
Q=F<G D9K ;AM<9<=K ;GEMF9D=K FG LA=F=F 9MLGFGE`9 HGD`LA;9

HM=KKMKnNG;=JGKoFGKGF=D=;LGK<=EG;J^LA;9E=FL=E=<A9F
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' ./**(0)'* ./* '+* -+*+0'-

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HJ=K=FL9LAN9 HGJ MF9 KMHM=KL9 n<=EG;J9;A9 H9JLA;AH9LAN9 o

L9F=PLJ9b9K9D9LJ9<A;AfFHGD`LA;9Q;GFKLALM;AGF9D<=1=F=
RM=D9 KA=EHJ=LMN=D9EAJ9<=LJ9L9J<=A<=FLA>A;9JD9>M=FL=
Q=DGJA?=F<=D9KEAKE9KH9J9IM=#M?G@^N=RD9K;GE=F
R9J9EGLGJAR9J=F HM<A=F<GKALM9JK==DGJA?=F<=K<==D
HMFLG <= NAKL9 ;GFKLALM;AGF9D =F D9K HJGHM=KL9K IM= D= >GJ
EMD9JGFMF?JMHG<=HJG>=KGJ=K=KH9bGD=K9H9JLAJ<=
D9E9QGJ`99?JMH9<GK=FLGJFG9D9!MF<9;AfF +. =FLJG
<= KLM<AGK +GD`LA;GK Q .G;A9D=K <= D9 0FAN=JKA<9< <= 19
D=F;A9 KH9b9 Q =FLJ= DGK ;M9D=K <=KL9;9F DGK HJG>=KGJ=K

-G:=JLG 1A;A9FG +9KLGJ -M:_F (9JL`F=R 9DE9M Q !J9F
.G:J= D9 !MF<9;AfF =FLJG <= KLM<AGK +GD`LA;GK Q.G;A9D=K ;GEGDG=P
HDA;f=FMFJ=HGJL9B==F=D;M9DK==FLJ=NAKLf9DHJG>=KGJ!J9F;AK;G+9D9;AGK
-GE=G K=?gF_KL=AF<A;f=F n=KL9:9;GEHM=KL9HGJMFFMLJA<G?JMHG
<=HJG>=KGJ=K=KH9bGD=K<=ARIMA=J<9K
=FLJ==DDGKDGKHJGHAGK(GF=<=JGQ
+9D9;AGK
9 DGK IM= ?G:A=JFGK D9LAFG9E=JA;9FGK ;GFLJ9L9:9F H9J9 IM= D=K
9K=KGJ9J9F KG:J= LG<G =F HJG;=KGK ;GFKLALMQ=FL=K 6p7o 1_9K= =F 9JDGK
'9JJGQ Q +9:DG 'fH=R #MJL9<G n D :J9RG BM<A;A9D <= (9<MJG K= <G;LGJf
=F LJ=K NAKAL9K 9 59J9?GR9p o =F : A>/R=: <= E9QG <= =F
1_9K=MFJ=KME=F<=KMKHD9FL=9EA=FLGK=F-G:=JLG1A;A9FG+9KLGJQ-M
:_F(9JL`F=R9DE9M n'GKHJG;=KGK;GFKLALMQ=FL=KD9LAFG9E=JA;9FGKQ=D
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J9D=K <=D FM=NG ;GFKLALM;AGF9DAKEG D9LAFG9E=JA;9FG o =FD9HM:DA;9;AfF<=

D9GJL=GFKLALM;AGF9D<= ;M9<GJH9J9=D+=J`G<G<=/J9FKA;AfF :"C3D=

'')- - 2 -
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;AK;G +9D9;AGK -GE=G LG<9K =FE9J;9<9K =F DG IM= <=K<=
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F9Do
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>A;9JD=D9>GJR9<9;GFNG;9LGJA9<=MF9K9E:D=9GFKLALMQ=F
L=nHGHMD9Jo=F IM=FG=KL9:9J=?MD9<9=FD9GFKLALM
;AfF Q=F;GFLJ9<=D9EAKE9 IM=HGJDG<=E^K@9:`9KA<GKM

gFA;9HJGHM=KL9>GJEMD9<9HGJ@^N=R<MJ9FL=KM;9EH9b9
=D=;LGJ9D<=K` HM=<=<=;AJK=IM==KGKHJG>=KGJ=K=F
K9Q9JGF=FFM=KLJGH9`K IM=K=;GFNAJLAf=Fn;GF=BADDG<=AF
<A9Ko <= D9 E9FG <= @^N=R MF HJG;=KG ;GFKLALMQ=FL=
=<AB7BC17=</:7A;=3<;O@71/ /B7</ (=EGJA9K<=D=F;M=FLJGAFL=JF9;AGF9D

DFM=NG;GFKLALM;AGF9DAKEG<=K9>`GKQJ=LGKH9J9=DKA?DG33$ ,MALG
HH
Q!J9F;AK;G+9D9;AGK "C3D=1=<AB7BC17=</:7A;=>/@B717>/B7D=3< /
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-=ML=JK
J9FR9<A )9N9JJ9 HHHH-G:=JLG1A;A9FG+9KLGJ=KLM
NG =F 1=F=RM=D9 =F Q >M= 9K=KGJ nK=;J=LGo <= D9K9E:D=9GFKLALM
Q=FL==F 9J=IM=JAEA=FLG<=D9;M9D K=?gFAF>GJEf <AJA?Af9D9EAK
E9MFnA;L9E=F KG:J==DFL=HJGQ=;LG<=GFKLALM;AfFo<=D;M9DIM=EM
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1_9K= !J9F;AK;G +9D9;AGK -GE=G "C3D= 1=<AB7BC17=</:7A;= >/@B717>/B7D= 3<
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-=ML=JK
J9FR9<A )9N9JJ9 HH Q KMK =KLM<AGK n'9 DM;@9 HGJ D9
GFKLALM;AfFMF9 <A9D_;LA;9=FLJ=?GJ9Q!fJME;GF=H`LGE=KG:J=FM=NG
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n'9J=ANAF<A;9;AfF<=D9HGDAK;JAKAK<=D9J=HJ=K=FL9;AfFQFM=N9K
=KLJM;LMJ9K ;GFKLALM;AGF9D=K <= <=DA:=J9;AfF Q H9JLA;AH9;AfF=F'9LAFG9E_JA
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N9JJ9 HH

n,MA=:J9<=D KL9<GKG;A9D
9D=9LGJAG ;GFKLALM;AGF9DA
R9;AfFE9L=JA9D<=D KL9<GKG;A9DQ9H=JLMJ9<=MFFM=NGKAKL=E9;GEMFAL9
JAG o=F ABC27=AA=0@3:/=<AB7BC17T<23:/&3>U0:71/=:7D/@7/</23*3<3HC3:/,

<7D3@A/@7= !+9D9;AGKQ1=D^RIM=R ;GGJ<AF9<GJ=K +JG;MJ9<MJ`9"=F=J9D
<= D9 -=Hg:DA;9 9J9;9K HH
Q n'9 JMHLMJ9 GFKLALM;AGF9D <=D
KL9<G HJ=;9JAG DGK <=J=;@GK KG;A9D=K =F =D FM=NG ;GFKLALM;AGF9DAKEG A:=
JG9E=JA;9FG '9 =KH=;A>A;A<9< <=D EG<=DG N=F=RGD9FG o =F 5=@/ &3D7AB/ 23

73<17/A'=17/:3A NGDEGFG?J^>A;G !MF<9;AfF +. HH

1_9FK=DGKJ=HGJL9B=K <=(9Q=+JAE=J9 nK=KGJ=K;GFKLALMQ=FL=K%MJAKL9KQ
HGDALfDG?GK =KH9bGD=K ;GD9:GJ9JGF ;GF =D B=;MLANG :GDAN9JA9FG <= 1=F=RM=
D9 o =F : $/PA (9<JA< <= BMFAG <= =F

@LLHK=DH9AK;GEHGDALA;9 9;LM9DA<9< 8@L
EDJ=DE9KQ<= KL=JD9F;G n'9 @M=DD9 <= +G<=EGK =F 1=F=RM=D9 '9J=D9

' ./**(0)'* ./* '+* -+*+0'-

>J9M<MD=FLG IM= HG;G LA=EHG <=KHM_K <= HJGH9?f @9;A9

;M9<GJQGDANA9
GEG DG J=KMEAf D9 H=JAG<AKL9 (9Q= +JAE=J9 =F KM J=
HGJL9B= KG:J= nK=KGJ=K ;GFKLALMQ=FL=K %MJAKL9K Q HGDALfDG
?GK =KH9bGD=K ;GD9:GJ9JGF ;GF =D B=;MLANG :GDAN9JA9FG <=

1=F=RM=D9 o HM:DA;9<G =F : $/PA <= (9<JA< =D <= BMFAG
<=
n'GKBMJAKL9KQHGDALfDG?GK=KH9bGD=KIM=<=K<=@9;=
;9KA LJ=K DMKLJGK @9F 9K=KGJ9<G 9 D9K K9E:D=9K GFKLA
LMQ=FL=KQ9DGK"G:A=JFGK<=1=F=RM=D9 ;M9<GJQG
DANA9 A=< /6=@/ 3: ;UA1C:= 7<B3:31BC/: 23 $=23;=A 6p7 n3<

*3<3HC3:/ :/ 723/ =@757</: 23 ::/;/@ / C</ 1=<AB7BCG3<B3 >/@/
@34C<2/@ 3: AB/2= 3A 23 6LD3H 41A;A9FG6+9KLGJ7Q(9J
L`F=R 9DE9M <A=JGF ;A=JLG 9HGQG Q EM;@9 9K=KGJ`9

'D=?9JGF 9 9J9;9K =F =F HD=FG <=:9L= ;GFKLALM
Q=FL= Q FG >M=JGF DGK A<=fDG?GK <=D HJG;=KG H=JG K`

9HGJL9JGFEM;@9KA<=9KIM=>M=JGFAF;DMA<9K=FD9GFK
LALM;AfF o 9>AJE9 9 : $/PA MF 9:G?9<G N=F=RGD9FG IM=

LJ9:9Bf;GF9E:GK<MJ9FL=D9K9E:D=9)9;AGF9DGFKLA
LMQ=FL=o
KGK EAKEGK A<=fDG?GK =KH9bGD=K >M=JGF 9<=E^K DGK
IM=MFGK9bGK<=KHM_K =F=DEAKEGE9J;G<=DnFM=NG;GFK
LALM;AGF9DAKEGo L9E:A_F D= N=F<A=JGF 9 @^N=R D9 9FL=K
;AfF<=D9>GJE9;AfFEGJ9<9=F=D?G:A=JFG;@9NAKL9AF;DMQ=;G:JGK<=<AF=JG
Hg:DA;G = AF>DM=F;A9 HGD`LA;9 o =F A>/R/ <= >=:J=JG <= =F
@LLHKOOO9:;=K=KH9F99:;A
@M=DD9
HG<=EGK
N=F=RM=D9
8FGLA;A9@LED
1_9K= HGJ=B=EHDG DGIM==PHJ=K9EGK;M9F<GK=HJ=L=F<Af9HDA;9J=DEAKEG
=KIM=E9=F#GF<MJ9KDD9F-J=O=J
9J`9K &34=@;/=<AB7BC17=</:A/;
0:3/=<AB7BCG3<B3G1=<B@=:8C2717/: =<2C@/A 1C/2=@ G*3<3HC3:/

.=JA= =J=;@G <EAFAKLJ9LANG )X 0FAN=JKA<9< PL=JF9<G <= G
DGE:A9 G?GL^ HH

1_9K= =F : $/PA =D <= BMFAG <= =F
ED 1_9K=9<=E^K =DJ=HGJL9B=n+JG>=KGJ=K=KH9bGD=K <AK=b9F=FD9KGE:J9D9
1=F=RM=D9 <= @^N=R o =F $3@7=27AB/ /B7<= <= FGNA=E:J= <= =F
@LLH:DG?KH=JAG<AKL9<A?AL9D;GEH=JAG<AKL9D9LAFGH@H HJG>=K
GJ=K
=KH9FGD=K
<AK=F9F
=F
D9
KGE:J Q =D J=HGJL9B= <= %9NA=J @A;GL= n@^
N=R H9?9:9 =MJGK 9D E=K HGJ ;9<9 9K=KGJ <= D9 >MF<9;AfF +. '9
*)"<=$?D=KA9K JJ=BfF (GF=<=JG =K;9FK9QD=?J=?9KL9:9=F9J9;9K=D
HGJ ;A=FLG <= DGK >GF<GK o =F A>/R/ 9;LM9DAR9<G <= >=:J=JG <=
<AKHGFA:D= =F @LLHKOOO9:;=K=KH9F9 9:;A
;@9N=R
<AF=JG
9K=KGJ
HG<=EGK
@LED

'')- - 2 -
-\.
E=F;AGF9<9 A<=9 <= =KLJM;LMJ9J =F 1=F=RM=D9 MF KL9<G

GEMF9D =F KMKLALM;AfF <=D KL9<G GFKLALM;AGF9D ;GEG
=DDGKEAKEGK<=B9JGFL=KLAEGFAG=FKMK=K;JALGK=FDGK;M9D=K
=PHMKA=JGFKMKA<=9KQHJGHM=KL9K 9J?ME=FL9F<GQLJ9L9F
<G<=BMKLA>A;9JD9K 9K`;GEG=FKMKJ=KH=;LAN9K#GB9K<=1A
<9HM:DA;9<9K=F$FL=JF=L K9 H9JLA;AH9;AfF<=DGKHJG>=KG
J=K =KH9bGD=K =F =D HJG;=KG <= =D9:GJ9;AfF <=D HJGQ=;LG <=
J=>GJE9 ;GFKLALM;AGF9D <= Q <= KMK K=;M=D9K D9K D=Q=K
KG:J= =D +G<=J +GHMD9J AF;DMKG K= =PHDA;f =F =D EAKEG J=
HGJL9B=9FL=K;AL9<G<=D9H=JAG<AKL9(9Q=+JAE=J9HM:DA;9
<G=F :$/PA =D<=BMFAG<= =PHJ=K9F<G=FLJ=GLJ9K

;GK9KIM=
n0F9N=RN=F;A<G=DE9F<9LG;GFKLALMQ=FL= DGK;9L=
<J^LA;GK<=D90FAN=JKA<9<<=19D=F;A9K=;GFNAJLA=JGF=F
9K=KGJ=K <= D9 :9F;9<9 16/D7AB/ IM= 9gF <GEAF9 =D HG<=J
D=?AKD9LANG N=F=RGD9FG Q =F 9;GFK=B9JGF 9 #M?G
@^N=R;M9F<GAFL=FLfDD=N9J9<=D9FL=MFHJAE=JAFL=FLG
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D99L=F;AfFIM==F=K=LJ9:9BG H9JLA;MD9JE=FL=<=J=<9;;AfF
<= DGK HJGQ=;LGK <= DGK L=PLGK D=?9D=K FG 9H9J=;`9 KAIMA=J9
;GD9:GJ9<G9:G?9<GKN=F=RGD9FGK QKADG@A;A=JGFFMF;9K=
A<=FLA>A;9JGFFAJ=;D9E9JGFnH9L=JFA<9<o9D?MF9J=KH=;LG<=
<A;@9KA<=9KQHJGHM=KL9K'G;A=JLG=KIM=FGK==F;M=FLJ9
=F D9 DAL=J9LMJ9 BMJ`<A;9DG;9DLJ9:9BGKK=JAGKIM=BMKLA>A;9J9F
Q J9RGF9J9F =D ;GFL=FA<G Q 9D;9F;= <= D9 HJGHM=KL9 <= J=
>GJE9;GFKLALM;AGF9D<= Q=DL=PLG<=D9K'=Q=K<=D+G
<=J+GHMD9J<= .AF=E:9J?G =FEAAFN=KLA?9;AfF HM
<=<=L=;L9JMF9n=P;=H;AfF o<=MF=KLM<AG<=MF99:G?9<9
N=F=RGD9F9IM=9F9DAR9:9=DL=E9 H=JGIM=D9E=FL9:D=E=F
1_9K= =F : $/PA =D <= BMFAG <= =F

ED 1_9K=9<=E^K =DJ=HGJL9B=n+JG>=KGJ=K=KH9bGD=K<AK=b9F=FD9KGE:J9D9
1=F=RM=D9 <= @^N=R o =F $3@7=27AB/ /B7<= <= FGNA=E:J= <= =F
@LLH:DG?KH=JAG<AKL9<A?AL9D;GEH=JAG<AKL9D9LAFGH@H HJG>=K
GJ=K
=KH9FGD=K
<AK=F9F
=F
D9
KGE:J Q =D J=HGJL9B= <= %9NA=J @A;GL= n@^
N=R H9?9:9 =MJGK 9D E=K HGJ ;9<9 9K=KGJ <= D9 >MF<9;AfF +. '9
*)"<=$?D=KA9K JJ=BfF (GF=<=JG =K;9FK9QD=?J=?9KL9:9=F9J9;9K=D
HGJ ;A=FLG <= DGK >GF<GK o =F A>/R/ 9;LM9DAR9<G <= >=:J=JG <=
<AKHGFA:D= =F @LLHKOOO9:;=K=KH9F9 9:;A
;@9N=R
<AF=JG
9K=KGJ
HG<=EGK
@LED

' ./**(0)'* ./* '+* -+*+0'-

L==KL9:9;GFL=FA<9=FMFL=PLGnK=;J=LGoHM=K=DEAKEGFG
K=HG<`9;GFKMDL9J
.= LJ9L9:9 <= MF9 /=KAK <G;LGJ9D nK=;J=L9o IM= >M= <=
>=F<A<9=F =FD90FAN=JKA<9<<=59J9?GR9 HGJD9.J9

"D9<QK "MLA_JJ=R DN9J9<G IMA=F @9:`9 KA<G >MF;AGF9JA9
<=D ?G:A=JFG <= @^N=R <=K<= ;GEA=FRGK <=D EAKEG Q IM=
=FLJ= DGK EgDLAHD=K ;9J?GK @9:`9 KA<G +JG;MJ9<GJ9 "=F=J9D
<=D9-=Hg:DA;9HJ=;AK9E=FL=;M9F<GK==D9:GJf=DHJGQ=;LG
<= J=>GJE9 ;GFKLALM;AGF9D <= QDGKHJGQ=;LGK<='=Q=K
*J?^FA;9K <=D +G<=J +GHMD9J IM= >M=JGF K9F;AGF9<GK =F
'9 /=KAK K= <=FGEAFf n: <C3D= >/@/275;/ 1=<AB7BC17=
</::/B7<=/;3@71/<==5;LB71/A=17/:3FB3<A/G<C3D/53=;3B@P/
23: >=23@ A>317/: ;3<17T< / :/ =<AB7BC17T< 23 *3<3HC3:/

Z @9:A=F<G KA<G =D9:GJ9<9 :9BG D9 <AJ=;;AfF HJ=;AK9
E=FL= <=D HJG>=KGJ !J9F;AK;G +9D9;AGK -GE=JG MFG <= DGK

HJG>=KGJ=K =KH9bGD=K 9FL=K E=F;AGF9<GK IMA=F 9FL=K <=
<AJA?AJ D9 /=KAK <= D9 E9?AKLJ9<9 "MLA=JJ=R DN9J9<G @9:`9
LJ9:9B9<G=F1=F=RM=D9;GEG;GFLJ9L9<GHGJ=D?G:A=JFG<=
1=F=RM=D9 9K=KGJ9<G=FLJ= Q L9FLG9D9+J=KA<=F
;A9<=D9-=Hg:DA;9;GEG9D9>MLMJ9<G;LGJ9F<9IM==J9HJ=
;AK9E=FL= D9 +JG;MJ9<GJ9 "=F=J9D <= D9 -=Hg:DA;9 <=K<=

@9KL9 =KHM_K <= =D9:GJ9<9 KM /=KAK D9 .J9
"MLA=JJ=R ;GEG E9?AKLJ9<9 <= D9 .9D9 GFKLALM;AGF9D <=D
/JA:MF9D .MHJ=EG <= %MKLA;A9 >M= +J=KA<=FL9 <=D /JA:MF9D
=FLJ= Q Q;GEGL9D >M=MF9<=D9KE^K;GFKHA;M9K
;GJJ=KHGFK9:D= <=D 9>A9FR9EA=FLG <=D 9MLGJAL9JAKEG =F =D
H9`K ;GEG G:J9 <= MF %M=R GFKLALM;AGF9D ;GFLJGD9<G Q KG
E=LA<G
1_9K= D9AF>GJE9;AfF=FD9n@GB9<=NA<9o<=DHJG>=KGJ!J9F;AK;G+9D9;AGK

-GE=G HM:DA;9<9 =F
@LLHKJ=<=KLM<AGK;GEH9J9<GK<>K@@>AD=KOGJ<HJ=KK;GE ;N
>J9F;AK;G
H9D9;AGK
JGE=GH<> =D J=HGJL9B= n D l:J9RG BM<A;A9Dm<=(9<MJG
K=<G;LGJf=FLJ=KNAKAL9K959J9?GR9 o=F :A>/R=: <=E9QG<=
=F @LLHKOOO=D=KH9FGD;GEJ=HGJL9B=K
8 @LEDF
Q =D J=HGJL9B= n(A=E:JGK <=D H9JLA<G =KH9bGD +G<=EGK <G;LGJ9JGF 9 D9
HJ=KA<=FL9 <=D /.% <= 1=F=RM=D9 "D9<QK "MLA_JJ=R HJ=KA<=FL9 <=D.MHJ=
EG <= 1=F=RM=D9 @9 =KL9<G NAF;MD9<9 9D ;@9NAKEG <=K<= KMK AFA;AGK .M
?=KLAfF;GEGBM=RKA=EHJ=@9=KL9<GJG<=9<9<=HGD_EA;9 9DK=J;GFKA<=
J9<9HGJD9GHGKA;AfF;GEGMF9H=JKGF9HG;GG:B=LAN9 o=F 7/@7= /A ;O

@71/K <= E9QG <= =F
<=D
H9JLA<G
=KH9FGD
HG<=EGK
<G;LGJ9JGF
D9
HJ=KA<=FL9
<=D
LKB
N=F=RM=D9
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BREWER CARIAS. Estudios Sobre Estado Comunal 2021

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BREWER CARIAS. Estudios Sobre Estado Comunal 2021

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