!5;:>=A:8E 8 A5AB>2KE
A8E>;>38G5A:89 0=0;87 <>65B ?@8=8<0BL @07;8G=K5 =0?@02;5=8O: >4=>3> ?>MB0 70=8<0NB 2A53> 1>;55 >G5@B0=8O E0@0:B5@>2; 4@C3>3> 2;8O=8O >1I5AB25==KE >B=>H5=89 8 68B59A:8E AB>;:=>25=89 =0 E0@0:B5@K; B@5BL53>
A2O7L GC2AB2 A 459AB28O<8; G5B25@B>3> 0=0;87 AB@0AB59; 3@0D0 ">;AB>3> 2A53> 1>;55
A0< ?A8E8G5A:89 ?@>F5AA, 53> D>@ 70:>=K, 480;5:B8:0 4CH8.
. . '5@=KH52A:89
@><0=5 >9=0 8 <8@ . . ">;AB>9 ?>:070; @CAA:>5 >1I5AB2> 2 ?5@8>4 2>5==KE, ?>;8B8G5A:8E 8 =@02AB25==KE 8A?KB0=89. 725AB=>, GB> E0@0:B5@ 2@5<5=8 A:;04K205BAO 87 >1@070 2545=8O =5 B>;L:> 3>AC40@AB25==KE, => 8 >1K:=>25==KE ;N459, ?>@>9 687=L >4=>3> G5;>25:0 8;8 A5?@8:>A=>25=88 A 4@C38<8 <>65B 1KBL ?>:070B5;L=0 4;O M?>E8 2 F5;><.
>4AB25==K5, 4@C65A:85, ;N1>2=K5 >B=>H5=8O A2O7K20NB 35@>52 @><0=0. 5@54:> 8E @0745;O5B 2708<=0O =5?@8O7=L, 2@0640. ;O L20 ">;AB>3> A5 B0 A@540, :>B>@0O 405B G5;>25:C 2A5 =0G0;0 2 687=8, 2>A?8BK205B 53>. >MB> @><0=5 2A5 35@>8 >1J548=5=K ?> @>4>2>-@07=><59AB20 >AB>2KE, >;:>=A:8E, C@038=KE, 57CE>2KE, @C15F:8E. =8 >B;8G0NBAO =5 B>;L:> AB5?5=LN 7=0B=>AB8 8 @>4>28B>AB8, => 8 A>25@H5==> @07;8G=K<8 C:;040<8 687=8 B> 5ABL ?@82KG:0<8, >1KG0O<8, 273;O40<8.
!5AB>2KE 2>?;>B8;0 2 A515 ;CGH85 G5@BK @CAA:>3> 42>@O=AB20; ?0B@8>B87<, 4CE>2=CN 8 4CH52=CN I54@>ABL. 25@8 <>A:>2A:>3> 4><0 3@0D8=8 >AB>2>9 1K;8 2A5340 H8@>:> >B:@KBK 4;O 720=KE 8 =5720=KE. ;LO =4@5528G >AB>2 ;N18; ?>B@0B8BL 45=L38 =0 CAB@>9AB2> ?8@0. 53> A5154K, ?>NB 8 B0=FCNB.
">;AB>9 ?>-@07=>A>15==>ABL >AB>2KE. >B >4=0 87 AF5= @><0=0. <5=8=K 42CE 0B0;89. !J5760NBAO 3>AB8. 0: 8 2 A0;>=5 ==K 02;>2=K (5@5@, < ?@82KG=K5 A25BA:85 A?;5B=8. > 745AL =>2>AB8 :0:-B> 8=0G5 ?5@56820NBAO. >B :0: AB0@8: >AB>2 2>A?@8=8<05B @0AA:07 > ?@>45;:0E 4>;>E>2A:>9 :>0=88: %>
@>H0 D83C@0 :20@B0;L=>3>!, 70:@8G0; 3@0D, ?><8@0O A> A<5EC. !25BA:85 40B25B 2>A:;8F0NB: E, C60A :0:>9! '5<5OBLAO, 3@0D? > C6 B0:>20 A8;0 =5?>A@54AB25==>AB8 >AB>20, GB> 40;L=> A8;L=> A<5O;8AL A0<8.
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
5;8:>;5?=K AF5=K >E>BK. K5E02 2A5< A5<59AB2>< 2 CA04L1C, >AB>2K AB0=>2OBAO B0:8<8 65 =5?>A@54AB25==K<8 8 ?@>AB>4CH=K<8, :0: ?@8@>40. :>340 =0G0;0AL B@02;O 709F0, A?>:>9=K9 ;038=, 8:>;09, 0B0H0 8 4O4NH:0 ;5B0;8, A0<8 =5 7=0O, :0: 8 :C40, 284O B>;L:> A>10: 8 709F0. ">;AB>9 ;N1C5BAO B5<, :0: 2 B@04=>< E@0=OB 25@=>ABL AB0@K< @CAA:8< >1KG0O<. !F5=K >E>BK, AF5=K A @O65=K<8, >?8A0=85 A2OB>G=>3> :0B0=8O <>;>4568, ;C==>9 =>G8, 702>@>682H59 N=CN 0B0HC, ?@840NB @><0=B8G5A:CN ?@82;5:0B5;L=>ABL A5AB>2KE.
">;AB>9 A 4>1@>4CH=>9 8@>=859 ?>:07K205B >B=>H5=8O AB0@8:0 >AB>20 8 :@5?>AB=KE. = =5A:>;L:> 8450;878@C5B >B=>H5=8O <564C 10@8=>< 8 <. >B >E>B=8:-:@5?>AB=>9 >1@C30; 10@8=0, =0 GB> >AB>2 >B@5038@>20; B0:: @0D, :0: =0:070==K9, AB>O;, >3;O4K20OAL 8 AB0@0OAL C;K1:>9 2K720BL 2~ !5<5=5 A>60;5=85 : A2>5;>65=8N. ?>A;5 >E>BK 3@0D @8A:=C; ;8HL ?>?5=OBL 0=8;5, >1@C302H5: 4=0:>, 1@0B, BK A5@48B.
">;AB>9 >B<5G05B 2 A5AB>2KE @02=>4CH85 : 4;8B5;L=K< @0AAC645=8O<, @074C<, 0 =5 C<><. -B> 2K@0605BAO 8 2 2>AB>@65==><, @51OG5A:>< ?>:;>=5=88 8:>;0O 85@0B>
@C ;5:A0=4@C, 8 2 >?@><5BG82>AB8, 8
AB8 =5:>B>@KE ?>ABC?:>2 0B0H8, 8 2 A;8H:>< ;53:>< >B=>H5=88 : 687=8 ?>GB8 @07>@5==>3> AB0@>3> 3@0D0 >AB>20.
>9=0 1812 3>40 2KO28;0 3;C1>:CN ?0B@8>B8G=>ABL 2A59 A5AB>2KE. 8:>;09 2>520; 8 >B;8G8;AO A<5;>ABLN. 3> <;04H89 1@0B 5BO, ?>GB8 <0;LG8:, 1C:20;L=> @20;AO 70I8I0BL B5G5AB2>. !B@0H=K< ?>B@OA5=85< 4;O 2A59 A5 3815;L. @><0=5 ">;AB>9 A> A2>9AB25==K< 5<0AB5@AB2>< 405B >?8A0=85 <0B5@8=A:>3> 3>@O. > A8;5 ?@>872>48<>3> 2?5G0B;5=8O B@C4=> =09B8 GB>-;81> ?>4>1=>5 C 4@C38E ?8A0B5;59. !B0@0O 3@0D8=O 5420 =5 ?>B5@O;0 @0AAC4>: >B 3>@O. 0B0H0, ?5@5682 A<5@BL 1@0B0 8 =4@5O >;:>=A:>3>, @0745;O5B 3>@5 A <0B5@LN, ?><>305B 59 A?@028BLAO A >BG0O=L5<.
N18<8F0 2A59 A5AB>20 B>=:> GC2AB2C5B 4>1@> 8 ?@024C, :@0A>BC G5;>25G5A:>9 4CH8, @CAA:CN ?@8@>4C. 8A0B5;L ?>:07K205B 4CE>2=CN A2O7L A2>59 35@>8=8 A =0@>4=>9 687=LN. A5< A5@4F5< 2>A?@8=8<05B >=0 1>;L 2>9=K, =5 @0AAC640O 8 =5 ?@>87=>AO 3@><:8E D@07.
54K 8 3>@5, 2K?02H85 =0 4>;N >AB>2KE, =5 >7;>18;8 8E. ;87>ABL : =0@>4C 8 4CH52=0O ?>@O4>G=>ABL A>AB02;ONB ACBL MB>9 A5
> 2 @><0=5 >?8A0=0 8 4@C30O A5 4CEC A2>5=0 2> <=>3>< ?@>B82>?>;>6=0O >AB>2K<, => AB>;L 65 ;N18<0O ?8A0B5;5<. A5;:>=A:8E F0@8B 0B<>AD5@0 =0?@O65==>9 2=CB@5==59 687=8, =5A:>;L:> AC@>2>9 8 0A:5B8G=>9.
07<5@5==K9, >A1@07 687=8 2545B AB0@K9 :=O7L >;:>=A:89. = 8=B5@5AC5BAO ?>;8B8:>9, 2> 2A5E ?>4@>1=>ABOE 7=05B 2A5 2>5==K5 8 ?>;8B8G5A:85 >1AB>OB5;LAB20 2@>?K ?>A;54=8E 3>4>2. 8:>;09 =4@5528G >;:>=A:89 1>;57=5==> ?5@568205B =5C40G8 @CAA:>9 0@<88. > =5<=>6:> 8 7;>@04AB2C5B. = ?>4>15= D>=2878=A:>4C@>2 8 @CAA:0O 0@<8O 1K;0 =5?>1548<0. B5?5@5H=85? 'B> >=8 <>3CB?! "0: @0AAC6405B AB0@H89 >;:>=A:89. ! >4=>9 AB>@>=K, >= 25AL 2 ?@>H;><, => A 4@C3>9, 7>@:> A;548B 70 =0AB>OI8<. =O7L =4@59 A;CH0;... =52>;L=> C482;OOAL, :0: <>3 MB>B AB0@K9 G5;>25:, A84O AB>;L:> ;5B >48= 1572K574=> 2 45@52=5, 2 B0:8E ?>4@>1=>ABOE 8 A B0:>9 B>=:>ABLN 7=0BL 8 >1AC640BL 2A5 2>5==K5 8 ?>;8B8G5A:85 >1AB>OB5;LAB20.
>F5=:5 ?>;8B8G5A:>9 A8BC0F88 C15645=8O >BF0 8 AK=0 A>25@H5==> @07;8G=K. ?5@5C1548BL 4@C3 4@C30 >=8 =5 ?KB0;8AL. >=8<0NB ;8 >=8, GC2AB2CNB ;8 4@C3 4@C30? !B0@K9 :=O7L =0A:2>7L 2845; AK=0, 3>2>@8BL =8G53> =5 =C6=> 1K;>. =4@59 <>;G0;: 5 8 =5?@8OB=> 1K;>, GB> >B5F ?>=O; 53>. ! >BF>< :=O7O =4@5O A1;860;> ?@5645 2A53> 8@>=8G=>5 >B=>H5=85 : @5;8388, : A5=B8<5=B0;L=>AB8. B5F AG8B0;, GB> AC525@85 8 ?@074=>ABL 420 8AB>G=8:0 ;N4A:8E ?>@>:>2. !K= =5?>GB8B5;L=> 2KA:07K205BAO >1 >1@07:5, :>B>@K9 :=O6=0 0@LO E>G5B ?>25A8BL 5= =5 2 420 ?C40 8 H58 =5 >BBO=5B. > ?>;=>5 2708<>?>=8<0=85 H;> =5 >B =5:>B>@>3> AE>4AB20 273;O4>2 >=> H;> >B:C40-B> 87=CB@8, 87 >1;0AB8 ?>4A>7=0B5;L=>3>.
1812 3>4C, C7=02 > 27OB88 !<>;5=A:0, 8:>;09 =4@5528G >;:>=A:89, =5A<>B@O =0 A2>9 ?>GB5==K9 2>7@0AB, @5H05B >AB020BLAO 2 KAKE 3>@0E 4> ?>A;54=59 :@09=>AB8 8 70I8I0BLAO. KA;8 > @>48=5, > 55 AC4L15, > ?>@065=88 @CAA:>9 0@<88 =5 ?>:840NB 53> 4065 2 ?@54A<5@B=K5 G0AK.
!B0@K9 :=O7L 1K; @CAA:8< 10@8=><, 2 =5< ?@>O2;O;>AL 8=>340 A0<>4C@AB2> 8 45A?>B87<. >B >= CG8B :=O6=C 0@LN <0B5<0B8:5, GB>1K =5 1K;0 ?>E>60 =0 =0H8E 3;C?KE 10@K=L. 0AAC645=8O > ?@028;0E @0F8>=0;L=>3> 2>A?8B0=8O <5H0NB 5=8:=CBL 2> 2=CB@5==89 <8@ 4>G5@8. >B> 8 BO65;> :=O6=5 0@L5, GB> 4CH0 ?>;=0 @5;838>7=K< 2>AB>@3><, 0 >B5F, :> 2A5G5<5;K9 ?5403>3, 70AB02;O5B 55 70=8<0BLAO =0C:>9, CG8BL 35><5B@8N. #65 A0<> MB> A>?>AB02;5=85 ?@>=8:=CB> B>=:>9 ?8A0B5;LA:>9 8@>=859.
=O7L =4@59 ?@>H5; A;>6=K9 687=5==K9 ?CBL: >B M3>8AB8G5A:8E AB@5<;5=89 : ;8G=>9 A;025 4> ?>=8<0=8O =5>1E>48<>AB8 2A5>1I59 ;N128 8 2A5?@>I5=8O. = >B:07K205BAO >AB0BLAO 2 HB015 CBC7>20: ... O ?@82K: : ?>;:C, ?>;N18; >D8F5@>2, 8 ;N48 <5=O, :065BAO, ?>;N18;8. =5 1K;> 1K 60;:> >AB028BL^?>;:. CBC7>2 ?>=O; 8 >4>1@8; :=O7O =4@5O, AK=0 A2>53> 4@C30. 48 A 1>3>< A2>5N 4>@>3>N, 3>2>@8B CBC7>2. / 7=0N, B2>O 4>@>30 MB> 4>@>30 G5AB8.
B0:, ?5@54 =0<8 420 B8?0 >B=>H5=8O : <8@C, : ;N4O<, 1KBCNI85 2 A5;:>=A:8E 8 A5AB>2KE. ">;AB>9 ?>AB>O==> AB0;:8205B 8E =0 AB@0=8F0E A2>53> @><0=0. ! >A>1>9 A8;>9 ?@>B82>@5G85 MB8E 42CE >1@07>2 687=8 2K@078;>AL 2 >B=>H5=8OE :=O7O =4@5O 8 0B0H8. -B8 35@>8, B0:85 @07=K5, BO=CBAO 4@C3 : 4@C3C 8 G5@57 AB@040=8O, >H81:8 CG0BAO ?>=8<0BL 4@C3 4@C30, :0: @07C< 8 4CH0. > 8E ;N1>2L =5 C25=G0;0AL 75<=K< AG0ABL5<.
">;AB>9 =03@06405B A5<59=K< AG0ABL5< :=O6=C 0@LN 8 8:>;0O: 55 3;C1>:0O 8 15A:>@KAB=0O ;N1>2L A;>2=> 2>72KH05B, >1;03>@068205B ?@>ABK5, A;8H:>< 75<=K5 CAB@5<;5=8O 8 GC2AB20 >AB>20. =O6=0 0@LO =5 >B;8G0;0AL 2=5H=59 :@0A>B>9 8 87OI5AB2><, => >=0 ?>:>@O;0 ;N459 A25B>< ;CG8ABKE 3;07, A2>59 4CE>2=>9 :@0A>B>9, 2KA>:>9 =@02AB25==>ABLN. CH0 3@0D8=8 2A5340 AB@5<8;0AL : 15A:>=5G=>25@H5==>B>340 =5 <>3;0 1KBL ?>:>9=0.
@8>1I0BLAO : =>2>4=>AB020BLAO 2 A>AB>O=88 ?>:>O MB> 8 O2;O5BAO >1O70B5;L=K< :@8B5@85< =@02AB25==>9 >F5=:8 ?5@A>=0659 C ">;AB>3>. ">;AB>9 A?;5B05B AC4L1K >AB>2KE 8 >;:>=A:8E, ?>425@30O 8E 8A?KB0=8O< G5@57 2>9=C, CB@0BC 1;87:8E 8 ;N18 ;N188 4>AB>9=> 2K45@6820NB MB8 8A?KB0=8O.
"0: 2 EC4>65AB25==>9 D>@<5 52 8:>;0528G ">;AB>9 @50;87C5B A2>8 D8;>A>DA:85 8450;K. >, :0: 25;8:89 EC4>6=8:,,>4=>2@5<5==> >B:@K205B =0< GB>-B> >G5=L 206=>5 2 15A:>=5G=>9 AB8 687=8, =5 C:;04K20NI59AO =8 2 :0:CN D8;>A>D8N.
/