5(&200(1'(' )25 )8//7(;7 38%/,&$7,213XUVXDQW WR 6L[WK &LUFXLW 5XOH (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU)LOH 1DPH DS	

			



<1(77(+$30$1	

+(,*%((203$1<,//$5'(3$570(17725(61&	

 !"#$%&'!
()&!	&&!*)*&$)+&,$&#$&'!$&'!$()*&$)+&#')&"!-!"(./012&$)+)!%((34)*&$&!5,4!$4,!63$+'000!+)!()"!6!$,$708!#$!63
')!#)$+,)&5,4!98::	

8
:;3;(:
3)$+,)&5,4!*  -)  :$(& 	3
 < 
"!-!"(')#$ !""(&5'(8!=)*8><	"!-!"(')#$ !""!!
0


-):$(&	3
<
"!-!"(')#$ !""(&  5'( 8 !=)* '%* 5 2)&? 8> <	 "!-!"( ') #$  !""!!  :)( 5+$*!"")"!-!"(')3)+'!"@("*('%*3 $ 7 A;	 	 	;3
 < 2	",%,*')#$%)+),$)!3
  5 !")-!$! &'!  )()( # &'! +,$& )(=')+' 
:; 3  ; (:
3 55 B)(!  	


 5 C  D0E!")-!$!*! $&!)**!(&)(4 )()()(=')+'8::	(855B)(!8;3
5')!#)$+,)&5,4!7(!&&!' %($,4'&*,)&4)(*&&'!)4!!% (7)(4,*)(!** * )""$F* ! $&%!(& 	&$! #&!$  )""$F**!+,$)&7##)+!$*& !(*!$+'!'!$' %(""!4!*&'&&'!*& (*!$+'=!$!$+)""7%&)-&!(-)"&!'!$$)4'&&&'!G#,""(!H,"!(!#)&#&'!"=I,(!$/0	J. ('!$ $)4'&&! #$!! #$%,($!*("!*!$+'(*!)K,$!,(!$&'!,$&'%!(%!(&!$+")%$)*!*&=)**,!*( !"6CE='!&'!$*!+&)(. $-)!*+,*!#+&)(4)(*& $)-&! $&7,(!$)&*!H,"!(!#)&+",*! ( C0E ='!&'!$&'! )""$F* *!+,$)&7 ##)+!$ +&!G,(!$+"$#"=I'!+,$&!"= #,(&'& *!+&)(.!*(& $&!+&4)(*& $)-&!)% )$%!(&#)&*!H,"!(!#)&+",*!(&'&&'!*!+,$)&7##)+!$)(&+&G,(!$+"$#"=I)-)! (!"#&')*+,$&##)$%!#&!$$!'!$)(4=!A	( !$,$70' %( ( #$)+(%!$)+(=* *' )(4 & )""$F* ! $&%!(& 	&$!)("!-!"(')  #&!$ +'*)(4 *%! +"&')(4 ' %( !(&!$! #)&&)(4$%#$%=')+',+*)(=%('B,*&!L)&!


@'!(' %(!(&!$!&'!#)&&)(4$%*'!(&)+!*!(*$&4 +""!  G?(4I ( &'! #"$  #&!$ &$7)(4 ( &'!+"&')(4' %(!+)!(&& ,$+'*!(7&')(4("!#&&'!#)&&)(4$%&$!&,$(&'!+"&')(4&&'!$+?*)""$F**"!***)*&(&(&)+!&'!*!(*$(&'!#"$#' %(F* #)&&)(4 $% ( *,* !+&)(4 ' %( #*' ")#&)(4(&)#)!)""$F**!+,$)&7##)+!$'!##)+!$(##,&7*'!$)##F*! ,&7=*=!$)(4')*##)+)"*'!$)##M*! $&%!(&,()#$%4!(*)!$%*(!% "7!!#)""$F*&'!*!+,$)&7##)+!$=*")4&!&!7)""$F*,"!*(2$+!,$!*#$	!+,$)&72!$*((!"=')+' $-)!&'! #""=)(4 )(*&$,+&)(* =)&' $!* !+& & *&$)  *!$+')(4+,*&%!$* *,* !+&! # *' ")#&)(46 G	&$)  *!$+'!* $!$'))&!
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
	 J . #$)% )$%!(&#'!$ $)4'&*,(!$&'& *&&,&!F* !H,"!(!#)&+",*!(C0E,(!$/0
	J.#$-)"&)(*#'!$$)4'&&!#$!!#$%,($!*("!*!$+'(*!)K,$!,(!$&'!,$&'%!(%!(&('!$$)4'&&,! $+!**,(!$&'!)#&'%!(%!(&%4)*&$&!B,4!*)&&)(47&'! $&)!*F+(*!(& 4$(&! *,%%$7 B,4%!(& )( #-$ # )""$F*#)()(4CE' %(+,"(&*&&!+4()K"!+")%,(!$*!+&)( . !+,*! &'! *&&,&! !* (& $&!+& 4)(*&$)-&! )% )$%!(& # )&* !H," !(!#)& +",*! (C0E' %(+,"(&*&&!+4()K"!+")%,(!$*!+&)(/


.!+,*!&'!*!+,$)&7##)+!$=*(&+&)(4G,(!$+"$# *&&!"=I  #&!$&'! %4)*&$&! !()! '!$ %&)( #$$!+(*)!$&)(' %( !"!)-)! (!"#&')*+,$&##)$%!(=!4$(&!$!-)!=@! $!-)!= 
 )*&$)+& +,$&F* 4$(& # *,%%$7B,4%!(&-)!=)(4&'!!-)!(+!)(&'!")4'&%*&#-$"!&&'!((%-)(4 $&7
 
!"..//P CD&')$E	,%%$7B,4%!(&)* $ $)&!("7 ='!(&'!$!)*(4!(,)(!)**,! *& (7%&!$)"#+&(&'!%-)(4 $&7)*!(&)&"!&B,4%!(&*%&&!$#"=(' ,9 2PDC+E9	

#"$%./..CD&')$DECG@)&',&=!)4')(4&'!!-)!(+!$B,4)(4&'!+$!))")&7#=)&(!**!* ($=)(4 "")(#!$!(+!*)( #-$#&'!((%-)(4 $&7)*&$)+&+,$&,*,""7,(!$&?!*&!&!$%)(!='!&'!$ &'!$! )* *,##)+)!(& !-)!(+! & !$%)& $!*("!B,$$*&#)(#$&'!((%-)(4 $&7IE'!-))")&7#' %(F* *!+&)(.+")%&,$(*(='!&'!$*!+&)(. $&!+&*4)(*& $)-&!)% )$%!(&#)&*!H,"!(!#)&+",*!
($!"!-(& $&*!+&)(.$!**#""=*6CE	&&!%!(&#!H,"$)4'&*
&'()*

*&%?! ( !(#$+! +(&$+&* & *,! ! $&)!* 4)-!!-)!(+!((+(&(


'&,(*'""!*,B!+&&")?!,()*'%!(& )(* !("&)!* &L!* ")+!(*!* (!L+&)(*#!-!$7?)((&(&'!$QQQQC+E2$&!+&)(4)(*&)% )$%!(&


0(& #!!$")K&)(#&$&"= 
(&?(=='&)***
 .  	,  &  CG!)(4 &'! +",*! &!(+% **&')*?)(# +(,+&'=!-!$ $)*?* +$!&)(4 *!+&)(.+&)(='!(!-!$=')&!%( *&$)?!*"+?%()($$%$="L&!()(4&'!R!H,"!(!#)&F+",*!& $)-&!+(,+&=,"'-!&'!!##!+&##!!$")K)(4"" $+)""7%&)-&! *&&!"= &$&* &'& )% ")+&! R&'!*!+,$)&7# !$*(*( $ !$&7FIE *&'!	, $!%!,$&*&&! )( GNO"&',4' =! %,*&  * ='!((4$!** ")("7)$!+&**$,"!=!*',"!R$!",+&(&&#!!$")K!F%&&!$*&$)&)(""7+-!$!7*&&!+%%("=I/
	&.CH,&)(4*- ( 
  / 
	 /D0 / CEE  * !L ")(!-!(4$!**)(& ")("7)$!+&&'&J. "7&*&&!&$&"=C")?!)&)#$+(&$+&*E
()&*K!"&!L (&'!*+ !##!!$""=&'!%B$)&7'*)4($!.+,&)($7=$*(*,%
=,"'"&'&((4-!$(%!(&"+&$*%7(&! *,! ,(!$ &'! !H," !(!#)& +",*! #  /0 
	J.CE =')+'  ")!*("7& *&&! +&)('!$!#$!=,"'"&'&' %(#)"!&*&&!+4()K"!J.+")%!+,*!&'!""!4! $)-&!)*+$)%)(&)(*'!*,##!$!)*(&=)&')(&'! ,$-)!=#&'!!H,"!(!#)&+",*!
+(+,$)( &'! %B$)&7F* ("7*)* # ' %(F* +")% ,(!$ /0	J.!+,*!
!")!-!&'!$!)*H,!*&)(##+&*&='!&'!$)""$F*%7!+(*)!$!*&&!+&$,(!$&'!(!L,*&!*& $&')*$!*(
$!* !+&#,""7*&&'!J.+")%0.


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
#&')*)*


P,Q &RQJUHVV DPHQGHG  86&   E\ WKH DGGLWLRQLQWHUDOLD RI VXEVHFWLRQ F 3WR VWUHQJWKHQH[LVWLQJ SURWHFWLRQV DQG UHPHGLHVDYDLODEOH XQGHU IHGHUDO FLYLO ULJKWV ODZV WRSURYLGHPRUH HIIHFWLYHGHWHUUHQFH DQG DGHTXDWH FRPSHQVDWLRQ IRU YLFWLPV RI GLVFULPLQDWLRQ ́+55HS 1R ,, DW UHSULQWHG LQ 86&&$1 DW '!$)4'&* $&!+&!7&')**!+&)($! $&!+&!4)(*&)% )$%!(& 7 ((4-!$(%!(&" )*+$)%)(&)( ()% )$%!(&,(!$+"$#	&&!"=/0
	J.CEC+EC.EC!% '*)*!EG
(""+*!*#*&&,&$7+(*&$,+&)(&'!*&$&)(4 )(&)*&'!"(4,4!!% "7!7(4$!**I
-#./"0D0.CD&')$PE3$!-!$='!$!G&'!*&&,&!F*"(4,4!)* ")(&'!*"!#,(+&)(#&'!+,$&*)*&!(#$+!)&++$)(4&)&*&!$%*I)*1 /.
	0P0/	&0D  0 0 C.E C+)&&)( ( )(&!$(",(+&,&)(%)&&!E!+&)(.)*,(%)4,,*++$)(4&*,*!+&)(C+E&'! $)4'&* $&!+&!7 *!+&)(.$!G $&!+&!4)(*&)% )$%!(& 7 ((4-!$(%!(&" )*+$)%)(&)(I  	!+&)(.!L ")+)&"7 $&!+&*&'!$)4'&G&&'!#,""(!H,"!(!#)&#"""=*( $+!!)(4*#$&'!*!+,$)&7# !$*(*($ !$&7*)*!(B7!7=')&!+)&)K!(*9I&'!$!#$!&'&$)4'&)* G $&!+&! 4)(*& )% )$%!(& 7 ((4-!$(%!(&")*+$)%)(&)(I)""$F* $4,!* &'& *,*!+&)( C+EF* $&!+&)( 4)(*&((4-!$(%!(&")*+$)%)(&)()*")%)&!&*,*!+&)(CEF*%?!(!(#$+!+(&$+&* $-)*)(8!+,*!*,*!+&)(C+E"$!7!L $!**"7")%)&*)&*$!+'&&'*! $)4'&* G $&!+&! 7 &')* *!+&)(I &'! $)(+) "! #2
((2((=,"*!!%& $!+",!&')*+,$&#$%4$#&)(4)&)("")%)&&)(*)(&&'!*&&,&!D


@!%7'=!-!$"? *&&'! ")("(4,4!#*&&,&!='!$!6CE&'! ")("(4,4!+$!&!*)(+(*)*&!(+)!*=)&')(&'!*&&,&!)&*!"#C0E ")+&)(#&'! ")("(4,4!$,(*+(&$$7 & +"!$"7 !L $!**! "!4)*"&)-! )(&!(& $CE ")+&)(#&'! ")("(4,4!=,""!&*,$$!*,"&*3
.1
 P.CD&')$.EC+)&)(4)*
("/P0
	PDP.	&0P0/D00/DC.EE9	" 
/D
	DD/.&0PPD0PCDPECG')*,$&)()(&!$ $!&)(4&'! =$* #  *&&,&! '* *%! *+ ! #$  &)(4 $!*&$)+&!$&'!$&'(")&!$"$,*,"%!()(4#)&*=$*='!$! ++! &(+! # &'& %!()(4 =," "! & *,$$!*,"&*$=,"&'=$&&'!-),* ,$ *!#&'!*&&,&!,&)&)*&'!$=)*!='!$!(*,+'+(*!H,!(+!*=,"#""=(='!$! N")&!$" $!)(4O  !$*&! +(*((& =)&'&'!,$ *!*#&'!+&IECH,&)(4
/&.	PDP.P	&D0/0PCDPEC)(&!$("+)&&)(( ,(+&,&)(%)&&!EE9"
0.0	PPPDP	&/PPDCE0!"7)(4 (  ')$ )$+,)& !+)*)( ,&'$! !#$!(4$!**!&'!"(4,4!)( *,*!+&)( C+E4
%PD/0.C)$E)""$F**,44!*&*&'& ")( $!)(4 # *,*!+&)( C+E +$!&!* )(&!$(")(+(*)*&!(+)!*
(4&'!+,$&'!"&'&+% ")(&4)(*&+)&74-!$(%!(&#$-)"&)(#*!+&)(.M*!H,"!(!#)& +",*! *&&!  +4()K"! +,*! # +&)(!* ()(4)()+&&&'!+)&7F*+(&!(&)(&'&&'!+,$&F*$ +(*&$,+&)( # *!+&)( . =," 4)-! $)*! & #!!$"+,*!#+&)(#$!-!$7$+)""7%&)-&! $)-&!&$& &'!4 +,$& *,44!*&! &'& *,+'  $!*,"& =*,(")?!"7!+,*!G&'!+(+! &#*&&!+&)()*)% ")+)&)(&'!!H,"!(!#)&+",*!I&0 &)(4&'!4+,$&F* )+& )""$F* $4,!* &'&  ")( $!)(4 #*,*!+&)(C+E)*)(+(*)*&!(&=)&'*!+&)(.M*!H,"!(!#)&


0 E :HVW (4$!**F*)(&!(&)(!(+&)(4*,*!+&)(C+E+,"(&'-!!!((7+"!$!$
&)(&!(!& $'))&$+)")*+$)%)(&)(G)( "" +(&$+&*I !+,*! &'& )* ='& )* *) ( ("7+(&$+&*(     &   '!&)&"! # &'!%!(%!(&)* "*&!"")(4*#* 
#. . P0
	..CEC*&&)(4 &'& G&'! &)&"! #  *&&,&! $ *!+&)( +( ) )($!*"-)(4(%)4,)&7)(&'!"!4)*"&)(F*&!L&IE'!)-)")4'&* +& #  )* !(&)&"! * #""=*6 G!*&$)(42$'))&)(4)(*&""+)")*+$)%)(&)(4"1I! 0/C

E&PC!% '*)*!E(*'$&=!+(!&!$%)(!='&(4$!**)(&!(!#$%='&)&&",*( #$%='&)&)(&&!"",* 
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
&'&)*&'!%B$)&7!")!-!*&'&&'!$)4'&)**,##)+)!(&"7")%)&!!+,*!&'!"(4,4!G(


*)*!(B7!7=')&!+)&)K!(*I")%)&*&'! &!(&)"+"**#+*!*&'&%7!$,4'&,(!$&'!!H,"!(!#)& $-)*)((!(!!"?(#,$&'!$&'(&'! !()(4 4!*#35266(5 210D


FRQIHUV D ULJKW XSRQ 3>D@OO SHUVRQV ́ DQG GRHV QRW VSHDN LQ WHUPV RISURKLELWLQJ SULYDWH LQGLYLGXDOV IURP FHUWDLQ FRQGXFW$V VWDWHG WKH DPHQGPHQW ZDV LQ GLUHFW UHVSRQVH WR WKH 6XSUHPH&RXUW¶V RSLQLRQ LQ3DWWHUVRQ Y 0F/HDQ &UHGLW 8QLRQ  86 3DWWHUVRQKHOG WKDW   SURKLELWHG GLVFULPLQDWLRQ RQO\ LQ WKHPDNLQJ DQG HQIRUFHPHQW RI FRQWUDFWV DQG GLG QRW H[WHQG WR SUREOHPVDULVLQJIURP FRQGLWLRQV RI FRQWLQXLQJ HPSOR\PHQW ,Q WKH &LYLO 5LJKWV$FW RI  &RQJUHVV H[SOLFLWO\ UHYHUVHG WKLV DVSHFW RI3DWWHUVRQE\DGGLQJVXEVHFWLRQ E WR   ZKLFK VWDWHV WKDW 3WKH WHUP μPDNH DQGHQIRUFH FRQWUDFWV¶LQFOXGHV WKH PDNLQJ SHUIRUPDQFH PRGLILFDWLRQ DQGWHUPLQDWLRQ RI FRQWUDFWV DQG WKHHQMR\PHQW RI DOOEHQHILWV SULYLOHJHVWHUPV DQG FRQGLWLRQV RI WKH FRQWUDFWXDO UHODWLRQVKLS ́ 86&$("7&)+"#$%!=$?("47&)$!+&*&'& $)-&!+&)(=,"(&!$!)(&J.'! %B$)&7 "* +")%* &'& (&')(4 )( &'! "!4)*"&)-!')*&$7 #&'!  %!(%!(&* $!-!(&*&')*,$& #$% "7)(4*,*!+&)(C+EF* ")("(4,4!:$(&!(4$!**)(&*7&'&G7)(4&')**,*!+&)(=!%!(&'&&'!!H," !(!#)& +",*!  ")!* ("7 & *&&! ( (& $)-&!+&)(I=!-!$=!+(4"!(='&&'!"!4)*"&,$!)(&!(!#$%='&)&+&,""7*)6')* *!+&)( %!(* /0 
	 J . C+%%("7$!#!$$!&*G	!+&)(.TE&-!$&,$(
4!)(&+)#7(
4/0
	DD	&0P.D,*!+&)( C+E 2$'))&)(4 )*+$)%)(&)( )( $)-&!+(&$+&)(4S')* *,*!+&)( )* )(&!(! & +)#7( 
 4 (( &'! ,$& '!" &'&!+&)(. $'))&!)(&!(&)("$+)")*+$)%)(&)()( $)-&!*=!""* ,")++(&$+&)(4
&' ,")+( $)-&!! 0/C

E&P CE

	P/C!% '*)*!E


3KUDVHG GLIIHUHQWO\ 'LOODUG¶VDUJXHV WKDW D SODLQ UHDGLQJ RIVXEVHFWLRQ F UHQGHUV WKH VWDWXWH LQWHUQDOO\ LQFRQVLVWHQW E\ SURWHFWLQJDJDLQVW SULYDWH LPSDLUPHQW ULJKWV WKDW SULYDWH DFWRUV FDQQRW LPSDLU$OWKRXJKQRW JHUPDQH WR&KDSPDQ¶VFODLP XQGHU VHFWLRQ 
V HTXDOEHQHILW FODXVH RQHFRXOGPDNH D VLPLODU DUJXPHQW RQ WKH EDVLV RIVXEVHFWLRQD¶V OLNH SXQLVKPHQW FODXVH6HH 86&  D 3$OOSHUVRQV ZLWKLQ WKH MXULVGLFWLRQ RI WKH 8QLWHG 6WDWHVVKDOO EH VXEMHFW WROLNH SXQLVKPHQW SDLQV SHQDOWLHV WD[HV OLFHQVHV DQG H[DFWLRQV RI HYHU\NLQG DQG WR QR RWKHU ́7KHUH LV QRWKLQJ XQZRUNDEOH KRZHYHU DERXW WKH SURSRVLWLRQ WKDW DJLYHQVWDWXWH PD\SURVFULEH FRQGXFW EH\RQG WKDW ZKLFK DOO RI WKRVHSHUVRQV WKH VWDWXWH UHJXODWHV DUH DFWXDOO\ FDSDEOH RI HQJDJLQJ LQ 7KDW WKHGULYHU RI DQ LQGXVWULDO GXPSWUXFN PD\ EH LQFDSDEOH RI YLRODWLQJ DVHYHQW\ILYH PLOHVSHUKRXU VSHHG OLPLW GRHV QRW SUHFOXGH XQLIRUPDSSOLFDWLRQ RI WKDW OLPLW,QGHHG LI DQHFHVVDU\ FRPSRQHQW RI VWDWXWRU\FRQVLVWHQF\ ZDV D UHJXODWHG JURXSFDSDEOH RIYLRODWLQJ DOO RI D VWDWXWH¶VSURVFULSWLRQV VHFWLRQ  FRXOG QRW EH FRQVLVWHQWO\ UHDG WR DSSO\ WR VWDWHDFWRUV WKHYDVW PDMRULW\ RI ZKRP DUH LQ QR SRVLWLRQ WR SXQLVKWD[ RUGHQ\ OLFHQVHV WR DQ\ SHUVRQ SURWHFWHG E\ VHFWLRQ +",*! =')+' )% ")+)&"7 )(+$ $&!* &'! +(+! & # *&&!+&)('!	, $!%!,$&F*!+)*)()(
/"/
	..	&00.CE'=!-!$$!+",!* &')* +,$& #$% #)()(4 *,*!+&)( C+EF* ")("(4,4! )(+(*)*&!(& =)&' &'! *&&,&!F* !H," !(!#)&$-)*)(
(&'!,$&#,(/0
	J.PCEF*("4,*!H," $&!+&)( $-)*)( ")+"!& $)-&!*=!"" * ##)+)" +&)( & D09  /0 
	J.PCEC $-))(4+,*!#+&)(='!$!G&=$%$!!$*(*)((7	&&!$!$$)&$7+(* )$!$4)()*4,)*!(&'!')4'=7$(&'! $!%)*!*#(&'!$#$&'! ,$ *!#! $)-)(4!)&'!$)$!+&"7$)()$!+&"7(7 !$*($+"**#!$*(* # &'! !H," $&!+&)( # &'! "=* $ # !H,"$)-)"!4!*()%%,()&)!*,(!$&'!"=*IE(*#)()(4&'!,$&!L $!**"7$!B!+&!&'!(&)(&'&&'!+(+! &#*&&!+&)()*)% ")+)&)((!H," $&!+&)( $-)*)(6G+!(&,$7#,$&!!(&'%!(%!(&B,)+&)('*%!)& ,(!$*&("7 )##)+,"& & +(+!)-! # ='& %)4'&+(*&)&,&!! $)-&)(#&'!!H," $&!+&)(#&'!"=*7$)-&! !$*(*;!&
.


7KH GLIIHUHQFHV LQ JURXSV UHJXODWHG E\ VHFWLRQ  ± JURXSV RIWZR RU PRUH SHUVRQV ± DQG VHFWLRQ  ± HLWKHU LQGLYLGXDOV RU JURXSV ±LQ QR ZD\ DIIHFWVZKHWKHU WKH FRQFHSW RI VWDWH DFWLRQ LV LPSOLFLW LQ WKHVWDWXWHV¶ DQDORJRXV HTXDO SURWHFWLRQ SURYLVLRQV6HH *ULIILQ  86 DW UHMHFWLQJ WKH DUJXPHQW WKDWVHFWLRQ FRQWHPSODWHG 3DSULYDWHFRQVSLUDF\ VR PDVVLYH DQG HIIHFWLYH WKDW LW VXSSODQWV WKRVH >VWDWH@DXWKRULWLHV DQG WKXV VDWLVILHV WKH VWDWH DFWLRQ UHTXLUHPHQW ́+(&"

*I&C!% '*)*!E(!!F*)(&!$ $!&&)(#*!+&)(.PCEF*!H,"$&!+&)( $-)*)(*,44!*&*&'&*!+&)(.M*("4,*+",*!=," $&!+&4)(*& $)-&!)% )$%!(&!-!(*!(&*,*!+&)(C+EF*!L ")+)&)(*&$,+&)(6GNO'!#)",$!&%!(&)((7 *,+' N*&&! +&)(O $!H,)*)&! +( ! -)!=! * ()% $&(& )()+&)( # +(4$!**)(" )(&!(& & * !? )(*!+&)(.PCE#""! $)-&)(*#R!H," $&!+&)(#&'!"=*F(R!H," $)-)"!4!*()%%,()&)!*,(!$&'!"=*F&
(I/
	& C!% '*)*!E9)*
%/
	D 	& P. P  P. CPE C ",$")&7  )()( #$(?#,$&!$ 5E C#)()(4 ( *&&! +&)( $!H,)$!%!(& )(("4,* !H," $&!+&)( $-)*)( # +$)%)(" *&&,&!E9)*
D
	D0D	&D00C..EC*%!E.:)-!(&'!	, $!%!,$&F*$!B!+&)(#&'!(&)(&'&*&&!+&)( )* )% ")+)& )( &'! +(+! & # !H," $&!+&)( =!+((&#)(&'! ")("(4,4!#*,*!+&)(C+E)(+(*)*&!(&=)&'&'!*&&,&!F*!H,"!(!#)&+",*!'!$! )* (&')(4 )( &'! "!4)*"&)-! ')*&$7 # &'! %!(%!(&*& *!+&)(.&'& $!-!(&*&')* +,$& #$% "7)(4*,*!+&)(C+EF* ")("(4,4!#&'!&=,*!%%)&&!!! $&*(&'!)-)")4'&*+&#("7(!!-!(%!(&)(* *,*!+&)( C+E (&'&)*+,**)()*&!$*!'!,*!5,)+)$7%%)&&!!,&'$!! $&


0P,Q RWKHU ZRUGV UDWKHU WKDQ EHLQJ SURVFULSWLYH OLNH  SURYLGLQJ D FDXVH RI DFWLRQ 3>L@I WZR RU PRUH SHUVRQVFRQVSLUH RU JRLQ GLVJXLVH RQ WKH KLJKZD\ RU RQ WKH SUHPLVHV RI DQRWKHU IRU WKH SXUSRVHRI GHSULYLQJ    DQ\SHUVRQ RU FODVV RI SHUVRQV RI WKH HTXDO SURWHFWLRQ RIWKH ODZV RU RI HTXDO SULYLOHJHV DQG LPPXQLWLHV XQGHU WKH ODZV ́  )(&!$ $!&&)( H,)&! )(+(*)*&!(& =)&' &'& 4)-!( &J.PCE)(
(+(*&$,)(4&'!!L+&+$)%)("+,(&!$ $&#J.PCE&'!,$&)()*
(
*!$-!&'&&'!*&&,&!=*G(&")%)&!&&?!!##!+&("7)(+*!N#*&&!+&)(OID,&G=*#$%!& $&!+&#$%)(-*)(7 $)-&!!$*(*&'!!H," $)-)"!4!*()%%,()&)!*,(!$&'!"=* # "" !$*(* ( +"**!* # !$*(*I &D
()*
%/
	P&'!,$&+(*)!$!&'!+"*!*&$!%)()(4+$)%)("("4,!& J .PCE. 
	J0/3$ 5,*&)+!$(?#,$&!$F* ",$")&7  )()( =)&',& +(&$-!(&)(#$% &'! +(+,$$!(+! $ )**!(& +(+",! &'& G)#"(4,4!)*&+$$7(7%!()(4&"")&%,*&!+"!$&'&&'! $)(+) " ,$ *!#NJ0/O,(")?!N.
	J0/0O=*&$!+' $)-&!+&)($&'!$&'(##)+!$*# 	&&! +&)(4 ,(!$ )&* ,&'$)&7 4 & 5 ((

(&(

 .   "     
I/
	&DG&')(4)(N&'!O&!$%*N#J0/O)()+&!*&'& +"$# 	&&!"==*&!$!"!-(&& $*!+,&)(,(!$)&I&. / 
	 & D. C#&(&!* %)&&!9 !% '*!*!E C-!$$,")(4 =')+' +(*&$,! J .PCE *$!H,)$)(4 $!*!(+!#*&&!+&)(E@'!($!)(#,""+(&!L&$&'!$&'(&'!*!"!+&)-!!L+!$ &$-)!7&'!%B$)&7)&)*+"!$&'&&'!2
%!(&)(# $)-&! !$*(*(&'!#+!#&'!*&&,&!=*+$)&)+"&&'! +,$&F* '")(4 &'& J .PCE  ")!* & $)-&!+&)('&)*,(")?!J.J.PCE!L $!**"7 ")!*&$)-&!+&)(7!L ")+)&"7$!#!$$)(4&G&=$%$! !$*(*I='+(* )$!'!$!#$!)#(!'!$!*& ")(%!()(40/


(
(2
&  &

((( 
  

 (  
(6789)*:;9<9=;9>?@(A
((
       &  

''(
(+(

'! $-)*)( +(&)(,!* * !+)#7)(4 &'! %&)-&)($!H,)$!G#$&'! ,$ *!#! $)-)(4!)&'!$)$!+&"7$)()$!+&"7(7 !$*($+"**# !$*(*#&'!!H,"$&!+&)( # &'! "=* $ # !H," $)-)"!4!* ()%%,()&)!*,(!$&'!"=*I')*"(4,4!)*#+,$*!*)%)"$ & &'& # J  # &'! ,$&!!(&' %!(%!(&=')+')(&!$%* * !?*("7&&'! 	&&!* (B,)+)"&')(?)(4,&='&+(+(*&)&,&!(!H," $&!+&)(! $)-&)('*!+,*!#&'!%!(%!(&F*=$)(4#+,*! "%*& !(&)$!"7 , ( )!(&)#7)(4 &'! $!H,)*)&!G*&&!+&)(I(!#)()(4&'!##!()(4#$%*#*&&!"= ( ##)+)" +(,+&   +!(&,$7 # ,$&!!(&'%!(%!(&B,)+&)('*)(&'!$=$*%!)&,(!$*&("7 )##)+,"& & +(+!)-! # ='& %)4'&+(*&)&,&!! $)-&)(#&'!!H," $&!+&)(#&'!"=*7 $)-&! !$*(*;!&&'!$!)*(&')(4)('!$!(&)(&'! '$*! &'& $!H,)$!* &'! +&)( =$?)(4 &'!! $)-&)(& +%! #$%&'! 	&&!*)*
D
	D0D/N..O
(!!&'!#)",$!&%!(&)((7*,+'$!H,)*)&!+(!-)!=!* ( )% $&(& )()+&)( # +(4$!**)(" )(&!(& &* !?)(J.PCE#! $)-&)(#G!H," $&!+&)(#&'!"=*I(G!H," $)-)"!4!*()%%,()&)!*,(!$&'!"=*I='&!-!$&'!)$*,$+!'!  $+' #&')*,$&& &'!$!+(*&$,+&)(+)-)"$)4'&**&&,&!*)(&'!7!$**)(+!'*!!(&G++$ N&'!%O  *=!!  * $ * N&'!)$O"(4,4!I     3$!-!$ -!$7 *)%)"$ "(4,4! )(+"*!"7 $!"&!*&&,&!* '* !$"7 ( "&! $!+!)-! (


2I FRXUVH 3ZH VKRXOG EH DQG DUH μUHOXFWDQW WR IHGHUDOL]H¶ PDWWHUVWUDGLWLRQDOO\ FRYHUHG E\ VWDWH FRPPRQ ODZ ́3DWWHUVRQ Y 0F/HDQ &UHGLW8QLRQ  86   6&W   /(GG  LQWHUQDO TXRWDWLRQ RPLWWHG 7KLV UHOXFWDQFH KRZHYHU GRHV QRW JLYH WKLVFRXUW OHHZD\ WR LJQRUH &RQJUHVV¶V SODLQ LQVWUXFWLRQV0 /C

E =')+' *&&!* ("7 &'& (4$!** )(&!(! &+)#7(4/0
	DD	&0P.D/0/PCDE()(&!(!*,*!+&)(C+EG& $'))&$+)")*+$)%)(&)()(""+(&$+&*&' ,")+( $)-&!I!   0/C

E &  CE
  	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
	 & PDCGNO B,*&)#7 ! $&,$!#$%&'!"!&&!$#&'!"=&'!*,$)&7%,*&!*4$***&*'+?&'!4!(!$"%$"$+%%(*!(*!(


6HYHUDO FDVHV WKDW KDYH DOORZHG 3IXOO DQG HTXDO EHQHILW ́ FODLPV WRJR IRUZDUG ZLWKRXW VWDWH DFWLRQ KDYH LQYROYHG VHULRXV WKUHDWV WR D SHUVRQ¶VVHFXULW\ LQ WKH IRUP RI SK\VLFDO YLROHQFH6HH HJ &DUH\ Y5XGHVHDO ) 6XSS   Q 1' *D  QRWLQJ WKDW FRXUW KDG DOORZHG3IXOO DQG HTXDO EHQHILW ́ FODLP DJDLQVW SULYDWH DFWRU LQYROYHG LQ .X .OX[.ODQ LQFLGHQW EHFDXVH VHFWLRQ  3SURYLGHV D FDXVH RIDFWLRQDJDLQVWSULYDWH LQGLYLGXDOV IRU UDFLDOO\PRWLYDWHG LQWHQWLRQDOO\LQIOLFWHG LQMXU\DQG GRHV QRW UHTXLUH VWDWH DFWLRQ LQ WKH GHSULYDWLRQ RI ULJKWV ́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


*)*!(B7!7=')&!+)&)K!(*I/0
	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


0)()$!+&"7 (7 !$*( $ +"** # !$*(* # &'! !H,"$&!+&)(#&'!"=*$#!H," $)-)"!4!*()%%,()&)!*,(!$&'!"=*I/0
	J.PCEC@!*&/E'!%B$)&7(&!*&'&&'!,$&!L $!**"7$!B!+&!&'!(&)(&'&&'!+(+! &#*&&!+&)()*)% ")+)&)((!H,"$&!+&)( $-)*)($!"7)(4(&'!#""=)(4!L+!$ &6G+!(&,$7#,$&!!(&'%!(%!(&B,)+&)('*%!)& ,(!$*&("7 )##)+,"& & +(+!)-! # ='& %)4'&+(*&)&,&!! $)-&)(#&'!!H," $&!+&)(#&'!"=*7$)-&! !$*(*;!&&'!$!)*(&')(4)('!$!(&)(&'! '$*!&'&$!H,)$!*&'!+&)(=$?)(4&'!! $)-&)(&+%!#$%&'!	&&!I/
	& !4)( &'! "(4,4! # &'! &= $-)*)(* $! (&)!(&)+"	)4()#)+(&"7J.PCE!L $!**"7$!#!$!(+!*G&=$ %$! !$*(*I  	!+&)( J .CE !* (& +(&)( *)%)"$$!#!$!(+!,&*)% "7*&&!*&'&G"" !$*(**'""'-!&'!*%!$)4'&&&'!#,""(!H,"!(!#)&#"""=*($+!!)(4* #$ &'! *!+,$)&7 # !$*(* ( $ !$&7 * )*!(B7!7=')&!+)&)K!(*I**
.	, &0 ( CG
(")?! J . '=!-!$ J .PCE +(&)(*!L $!**"(4,4!!(+% **)(4R&=$%$! !$*(*F='R4(&'!')4'=7F&! $)-!&'!$*#!H," $&!+&)(IE9*

.PP0//C&')$..EC*!$-)(4&'&GN&O')**&&,&!$!**!* $)-&!+&*S4)(4R)()*4,)*!(&'!')4'=7F)*$!#!$!(+!&&'!3#&'!>,>",L>"(S7!&+(!%(*("7!!*&'&R! $)-!F&'!-)+&)%#&'!R!H," $&!+&)(#&'!"=*$#!H," $)-)"!4!*()%%,()&)!*,(!$&'!"=*F*%!&')(4=)&')(&'!%)(#4-!$(%!(&!L+",*)-!"7')*%)L&,$!# $)-&!( ,")++&)('*!#,"!+,$&*!-!$*)(+!IE')*)*&)(+&)()*)% $&(& ( ?!7 & &'! ("7*)* '!$! * &'! #""=)(4**4!#$%$!-!"*6@!&,$(&'!(&(!L%)(&)(#&'!%!()(4#J.PCE(&'!)$#+!&'!=$*#&'!*&&,&!#,""7!(+% **&'!+(,+&# $)-&! !$*(*'! $-)*)(* !?**)% "7#G&=$%$! !$*(*)((7	&&!$!$$)&$7I =' G+(* )$! $ 4 )( )*4,)*! ( &'!')4'=7 $ ( &'! $!%)*!* # (&'!$I  00


DQG DUH HTXDOO\ LQFDSDEOH±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¶W VR &RQJUHVV DOVR GLG QRW VWDWHWKDW   GRHV QRW DSSO\ WR DQLPDOV EXW , GR QRW WKLQN DQ\RQH ZRXOG±RUKDV DW OHDVW DV RI \HW±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
/"/
	.. CE $!+",!*  #)()(4 &'& *,*!+&)( C+EF* ")("(4,4! )* )(+(*)*&!(& =)&' &'! *&&,&!F* !H," !(!#)&$-)*)(
(&'!	, $!%!,$&'!"&'&/0
	J.PCE!*(& $!H,)$!*&&!+&)(,& $!+'!* $)-&!+(* )$+)!*  	!+&)( .PCE $-)!*  +,*! # +&)(='!$! G&= $ %$! !$*(* )( (7 	&&! $ !$$)&$7+(* )$!$4)()*4,)*!(&'!')4'=7$(&'! $!%)*!*# (&'!$ #$&'! ,$ *!#! $)-)(4 !)&'!$)$!+&"7$


,Q VR GHFLGLQJ WRGD\ ZH DJUHH ZLWK WKH 6HFRQG &LUFXLW¶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́ 86&  !+,*!&'!$!)*($!*(&"?!7(*!+&)(.M* ")("(4,4!=!#)(&'&' %(*&&!*+4()K"!*!+&)(.+")%8()&)(&'!$*!+&)(.+")%' %(*!!?*$!")!#,(!$/0
	J.#$-)"&)(*#'!$$)4'&&!#$!!#$%,($!*("! *!$+'!* ( *!)K,$!*,(!$&'! ,$&'%!(%!(& ( '!$ ,! $+!** $)4'&* ,(!$ &'! )#&'%!(%!(&*&&!+")%,(!$*!+&)(.' %(%,*&*'=&'&)""$F*&'$,4')&**!+,$)&7##)+!$! $)-!'!$ #  $)4'& *!+,$! 7 &'! (*&)&,&)( $ "=* # &'!()&!	&&!*=')"!+&)(4G,(!$+"$#*&&!"=I*%"
(D0PCD&')$0E $)-&! $&7F* +&)(* +(*&)&,&! *&&! +&)( ,(!$*!+&)(.='!$!&'*!+&)(*%7!G#)$"7&&$),&"!&&'!*&&!I!(
10/P
	00/0	&0//0/.0C.0E'!	, $!%!,$&'* !-!" !&'$!!&!*&* #$ !&!$%)()(4&'! !L)*&!(+! #*&&!+&)()( $&)+,"$+*!6CE&'! ,")+#,(+&)(&!*&C0E &'! *&&! +% ,"*)( &!*& ( CE &'! *7%)&)+0


&LWLQJ:HVW Y $WNLQV  86    6&W /(GG   SXEOLF IXQFWLRQ WHVW)ODJJ %URV Y %URRNV  86   6&W   /(GG   VDPH$GLFNHV Y 6+.UHVV 	 &R  86    6&W   /(G G  VWDWH FRPSXOVLRQ WHVW%XUWRQ Y :LOPLQJWRQ 3DUNLQJ $XWK  86   6&W   /(GG  V\PELRWLF UHODWLRQVKLSWHVW$!"&)(*') $(!L,*&!*&*%"D0&P( !"' %($4,!*&'&*,%%$7B,4%!(&*',"'-! !!( !()! !+,*! &'!$! =*  4!(,)(! )**,! #%&!$)" #+& $!4$)(4 &'! !L)*&!(+! # *&&! +&)( ,(!$!)&'!$&'! ,")+#,(+&)(&!*&$&'!(!L,*&!*&(!$&'! ,")+#,(+&)(&!*& $)-&! $&7)*!!%!*&&!+&$)#'!$*'!!L!$+)*! =!$*&$)&)(""7$!*!$-!!L+",*)-!"7&&'!*&&!'! ,")+ #,(+&)(&!*&'*!!()(&!$ $!&!($$="7("7#,(+&)(*")?!'")(4!"!+&)(*-/
/"/D
	/PP..	&0PD0.PC.E!L!$+)*)(4!%)(!(&%)(B"
4
1/
	/PP0PP 	& // /0 0 / C/E (  !$&)(4 +% (7=(!&=(4
	0D
	PPPDD	&0D0DP C/DE #"",(!$&')*+&!4$7#*&&!+&)(,$*)*&!$+)$+,)&*'-!+(*)*&!(&"7'!"&'&&'!%!$!#+&&'&&'! !$#$%(+!# $)-&!*!+,$)&7#,(+&)(*%7 !(&)"&'!)(-!*&)4&)(#  +$)%!!*(&&$(*#$%&'!+&)(*# $)-&!*!+,$)&7##)+!$)(&*&&!+&)(*%
/.0PC&')$DE9
#C(-///0/PC&')$PE9%
*

P/0//0/CP&')$E(% #$ !L% "!&'! )#&' )$+,)& '!" &'& &'!!&!(&)(#*,* !+&!*' ")#&!$)*(&(!L+",*)-!*&&!#,(+&)(


0,URQLFDOO\ WKH PDMRULW\ DFWXDOO\ PDNHV DQ DWWHPSW6HH 0DM 2SDWQ 3$OWKRXJK QRW JHUPDQH WR &KDSPDQ¶V FODLP XQGHU VHFWLRQ 
VHTXDO EHQHILW FODXVH RQH FRXOG PDNH D VLPLODU DUJXPHQW RQ WKH EDVLV RIVXEVHFWLRQ D¶V OLNH SXQLVKPHQW FODXVH ́ 7KH PDMRULW\ WKHQ SRVLWV WKDW3>W@KHUH LV QRWKLQJ XQZRUNDEOH KRZHYHU DERXW WKH SURSRVLWLRQ WKDW DJLYHQ VWDWXWH PD\ SURVFULEH FRQGXFWEH\RQGWKDW ZKLFK DOO RI WKRVHSHUVRQV WKH VWDWXWHUHJXODWHV DUH DFWXDOO\ FDSDEOH RI HQJDJLQJ LQ ́ DQGSURYLGHV WKHH[DPSOH RI DQ LQGXVWULDO GXPSWUXFN GULYHU ZKRPD\EHLQFDSDEOH RI YLRODWLQJ DKLJKVSHHG OLPLW 7KH PDMRULW\¶V DUJXPHQW LVIDOODFLRXV +HUH XQOLNH WKH LQGLYLGXDO LQGXVWULDO GXPSWUXFN GULYHU ZKRVHWUXFN PLJKW QRW EH DEOH WR H[FHHG  PLOHV SHU KRXU SULYDWH LQGLYLGXDOVDUH FRQFHSWXDOO\ LQFDSDEOH RI LPSRVLQJ WD[HV OLFHQVHV DQG SXQLVKPHQWV#$ !()" # ++%%&)( *! ( $+!E9 
(   	,  0  ( C : ..EC !$%)&&)(4+,*!#+&)(,(!$&'!!H,"!(!#)&+",*!4)(*&%!%!$*#&'!>,>",L>"(#$**,"&E9&"
D/0	, .0C
"".PEC""=)(4+,*!#+&)(,(!$&'!!H,"!(!#)&+",*!4)(*& ")+!##)+!$*='!&%)($)&7-)+&)%*E * &'!4 +,$&F* +%%!(&* %?! +"!$  ")($!)(4#*,*!+&)(C+E)*)(+(*)*&!(&=)&'J.M*!H,"!(!#)&+",*!=')+')% ")+)&"7)(+$ $&!*&'!+(+! &#*&&!+&)(("7&'!*&&!+( $!*+$)!"=*(("7&'!*&&!+(! $)-!()()-),"#&'!!(!#)&#&'*!"=*(+&7 $)-&!)()-),"=')+'-)"&!*&'!"!4"$)4'&*#(&'!$)*(&&'!!H,)-"!(&#! $)-&)(#&'!#,""(!H," !(!#)& # &'! "= -)"&!  	&&! )##!$!(&"7 ()()-),")*("7! $)-!#&'!#,""(!H,"!(!#)&#"""=*( $+!!)(4*)#'!$*'!)*)% )$!$ $!-!(&!#$%!(#$+)(4&'$,4'"!4" $+!**')*$'!$!*&")*'!$)4'&*$!&'!*&&,&!(7)##!$!(&"7)**)% "7)""4)+"#&'!%B$)&7F*-)!=)*+$$!+&'=!-!$(!%,*&"*$! *,*!+&)( C+E *  "7)(4 & &'! &')$ +",*! #*,*!+&)(CE&'!")?! ,()*'%!(&+",*!
& $-)!*&'&GNO"" !$*(**'""!*,B!+&&")?! ,()*'%!(& )(*!("&)!*&L!*")+!(*!(!L+&)(*I(!+($4,!*!$),*"7&'&()()-),"+(*,B!+&(&'!$)()-),"&,(!H," ,()*'%!(& $ &L!*  * &'!4 +,$&0


)(&!$("H,&&)(%)&&!+)&)(44E00	&DDC00E9	2
/*(	"&(0D C.&')$0EC*%!+)&)(4C((4E9/&

4 0P.C)$0EC)+&EC*&&)(4&'&G!-!()#=!$!&+(*)!$&'!%*,+'R#,""(!H,"!(!#)&F+")%*=,"#)")(")4'&#*,*&(&)"")(!#,&'$)&7'")(4&'&("7*&&!+&$*+(!*,!,(!$&'!R#,""(!H,"!(!#)&F+",*!#	!+&)(.T9+)&)(44E9*
.P0P0P0P0DC/&')$.DEC'")(4&'&)&4$!!G=)&'&'!')$)$+,)&F*)(&!$ $!&&)(#&'!R#,""(!H,"!(!#)&F+",*!(+(+",!&'&*&&!+&)()*$!H,)$!)($!$&**!$&+")%,(!$&'&*&&,&!I9+)&)(44E
.
(/.
	DPC.E	)%)"$"7(,%!$#&'!$+,$&*&'&'-!+(*)!$!&'!)**,!&'!#$!(#&!$&'!%!(%!(&'-! #""=!&'!$!*()(4#4*4("
%"6A30@DP&/C!L5,"70/0ECG*!(&*&&!+&)(2")(&)##F*	!+&)(.+")%N,(!$&'!#,""(!H," !(!#)& +",*!O )* ,(&!("! ( *  $!*,"& )& )*#$)-",*IE9*
D,,".	, .D0C
""E9!&
B/.	, DC!"DE9*


.	, /.C	;ECG3*&#&'!!+)*)(*'-!'!"&'&*&&!+&)()*$!H,)$!&*&&!+")%,(!$&'!R!H,"!(!#)&F(R")?! ,()*'%!(&F+",*!*#J.IE9/"
/ 	, ///C')E 
   ( 0 0 /P CD&' )$ E9
	, D0C
"".E9
 
%  
   	,  ./ .PC@ A .E. .D 0 P/ C/&' )$ E9

.
(#&	"
	/D	, /C.PE91
1&3((*+( PD	, //PCA.E./00//.C/&')$./E9% 
 # 4(  * P/  	, 0 C3**.E/(-

.0	, 00/C20EC""=)(4+,*!#+&)(,(!$&'!!H,"!(!#)&+",*!4)(*& $)-&!'&!"


%!$+'(&F*!&!(&)(# !$*(**,* !+&!#*&!")(4*&$! $ !$&7 *)% "7 )* (& ( +&)( !L+",*)-!"7**+)&!=)&'&'! *&&!L !$)!(+!&!+'!*&'&&'!$)%!$!* (*))")&7#$ $&!+&)(# !$*(" $ !$&7$!%)(* =)&' &'! )()-),"   *&$!?!! !$F* +!(&$"%&)-&)()(!&)()(4 !$*(='%'!!")!-!*&!)(&'!+&#*&!")(4')* $ !$&7)**!"# $&!+&)((&"&$,)*%	,+'+&)(+((&"4)+""7!&&$),&!&&'!*&&!P/0&/0C+)&&)(%)&&!E "7)(4&'!*! $)(+) "!*& ' %(F* +")% =! $! *&)*#)! &'& &'! )""$F**!+,$)&7##)+!$ =*(& !$#$%)(4  #,(+&)( !L+",*)-!"7$!*!$-!&&'!	&&!='!('!*& !(*!$+'!' %((!$&'! ,")+#,(+&)(&!*&&'!$!=*(*&&!+&)(0(!$&'!*7%)&)+$(!L,*&!*&*!+&)(.+")%(&%,*& !%(*&$&! &'& &'!$! )*  *,##)+)!(&"7 +"*! (!L,*!&=!!(&'!4-!$(%!(&(&'! $)-&! $&7F*+(,+&*&'&&'!+(,+&%7!#)$"7&&$),&!&&'!*&&!)&*!"#*%" D 0 & P9  /& 	 
**		.P
	0..0P0 	& 0/ /. 0 . C0E C(&)(4 &'& +'""!(4!+&)-)&7%7!*&&!+&)(G='!()&)*!(&=)(!=)&'4-!$(%!(&" ")+)!*$='!(4-!$(%!(&)*!(&=)(!)(N)&*O%(4!%!(&$+(&$"IEC)(&!$("H,&&)(%)&&!E9!
*
D000CD&')$.EC'")(4&'&##)+!$='*'& ")(&)##=')"!##)+!$=*##,&7+&!,(!$+"$#*&&!"=!+,*!##)+!$F*,&'$)&7&+$$7=! ( !$)-! #$% ')* *&&,* * ")+! ##)+!$ +(#")+&!&=!!(##)+!$ ( ")(&)## $*!,&###)+!$F*##)+)",&)!* ( ")(&)## &'$!&!(! ##)+!$ )( ##)+!$F* ##)+)"+ +)&7E9* 
 / P00 0 /. // CD&')$PEC+(+",)(4&'&##,&7 ")+!##)+!$='*'&(?)""!&=%!(( $"7K!&')$)($$%$="+&!,(!$+"$#"=!+,*!%+!* $7,*!7##)+!$=*)**,!7 ")+!! $&%!(&(##)+!$+$$)!')* )*&"()(&!$-!(!)()* ,&! ,$*,(&&! $&%!(&$!4,"&)(*E/


'LOODUG¶VSROLF\ GRHV QRW GHILQH VWULS VHDUFKLQJ %HFDXVH &KDSPDQZDV IRUFHG WR UHPRYH KHU FORWKLQJ LH VKH ZDV IRUFHG WR UHPRYH KHU FRDWDQG VXLW MDFNHW DQG OLIW XS KHU VKLUW DMXU\FRXOG UHDVRQDEO\ GHWHUPLQHWKDW VKH ZDV VWULS VHDUFKHG XQGHU WKH 'LOODUG¶V SROLF\'!)(H,)$7)*#+&* !+)#)+(&'! $!*!(+!#*&&!+&)()* !&!$%)(! (  +*!7+*! *)* * /( 
% " 	( DP 
	 P . 	& .PD D0/PCDE"&',4'G)&)* **)"!&!&!$%)(!='!&'!$ !$*(+&!,(!$+"$#*&&!"=*%&&!$#"= &'!$! %7 $!%)( )( *%! )(*&(+!* ,((*=!$!H,!*&)(*##+&$!4$)(4&'! $ !$+'$+&!$)K&)(#&'!+&)(* #$ &'! B,$7 & !+)!I ! D0 0 & C)(&!$("+)&&)(*(H,&&)(*%)&&!E!$! &'! )""$F* *!+,$)&7 ##)+!$ =' *& ! (*!$+'!' %(=*(##,&7*'!$)##M*! ,&7=!$)(4')*##)+)"*'!$)##F*! $&%!(&,()#$%4!(*)!$%3$!-!$&'!)""$F**!+,$)&7##)+!$=*")4&!&!7)""$F* ")+)!*($!4,"&)(*=')"!(,&7&&'!*&$!"&',4'&'!*&&! "7!( $&)(&'! $%,"4&)(#&'!*!")+)!*&'!)$*&$) *!$+')(4 $-)*)()$!+&"7)% ")+&!*&'!*&&!6G	&$) *!$+'!*$! $'))&!
#7,*,* !+&&'&*&"!(B!+&*$!')!((N&'!*' !$F*O !$*(+""&'! ")+!I,$)(4&'!)(+)!(&&)**,!&'!)""$F**!+,$)&7##)+!$)(&$! $!*!(&')%*!"#* ")+!##)+!$&'$!&!(&$$!*&' %(=-!')*4!$=! ($!*&")*'(7+(&+&=)&'&'!*'!$)##M*! $&%!(&!)'=!-!$)()&)&!*&$)*!$+'7$!H,)$)(4' %(&!(&!$#)&&)(4$%=)&'&'!*"!*%(4!$&)(* !+&'!$ +"&')(48!+,*! )""$F*")+7 ")+!)(&!$-!(&)()(*&$) *!$+'*)&,&)(*$!*("!B,$7+,"-!$7=!""#)(&'&&'!)()&)&)(#*&$)  *!$+' 7 ( $%! ,()#$%! *'!$)##F* ! ,&7+(*&)&,&!(+&&'&%7#)$"7!&&$),&!&&'!*&&!)&)(""7)#' %()(&#!!"#$!!&"!-!*$!*,"&#&'!*!+,$)&7##)+!$F**'!$)##F*,()#$%')*4!$')**)!$%$!*("!B,$7+,"#)(&'!!&!(&)(=*&+)&$$!*&(#)$"7&&$),&"!&&'!*&&!


+$)(&)(4 &'!% =)&' &'! #+&* #  $&)+,"$ +*! %7%?!&'!%,(+"!$IE'! $)4'&* )( *,*!+&)( CE $! (& "" #&'! *%!)"?'=!-!$9 *%! $&!+& 4)(*& )(#$+&)(* &'& %7 !+%%)&&!7&' ,")+( $)-&!+&$*(*%! $&!+&4)(*&+(,+&&'&(!+!**$)"7)(-?!*(7*&&!+&)($!L% "! &' $)-&! ( ,")+ !)(4* %7 !(&!$ )(&+(&$+&*
(#+&GN)O&)*,*,""7=)&'(&'!$)()-),"(&&'!*&&!&'&"+? !$*(=,"*!!?&%?!+(&$+&9)&)*&'&&'!$)()-),"F*$+)""7%&)-&!$!#,*"&%?! +(&$+& =')+' +( +,*! '$% & &'! "+? !$*(I4 
 %PD/ 0 . 0 C )$ EC)+&E  ',* *,*!+&)( C+E %7 "4)+""7  "7 & &'!+(&$+&+",*!#CE;!&)&+((&*!*)"7!*)&'&*,*!+&)(C+E ")!*&&'!!H,"!(!#)&+",*!#CE* &"7*&&!7&'!')$)$+,)&6'! =$* G#,"" ( !H," !(!#)& # ""& ( #$&'! *!+,$)&7 # !$*(* ( $ !$&7IC!% '*)**, ")!E(&'!&'!$'(*,44!*&+(+!$(=)&'$!"&)(*!&=!!(&'!)()-),"(&'!*&&!(&!&=!!(&=)()-),"*'!*&&!(&&'!)()-),")*&'!*"!*,$+!#"=()&)*("7&'!*&&!+&)(4&'$,4')&*4!(&*(&&'! $)-&!)()-),"=')+')*+ "!#!(7)(4&"+?*&'!#,""(!H,"!(!#)&#&'! "=  ',* =')"! $)-&! )*+$)%)(&)( %7 !)% ")+&!7&'! +(&$+& +",*!# *!+&)(.&'!+(+! &# *&&! +&)()*)% ")+)&)(&'! !H,"!(!#)&+",*!&0C)+&E-!$7+,$&# !"*&'&'*+(*)!$!&')*)**,!&'$)$(*,*!H,!(&&&'!%!(%!(&'**'$!&'!4 +,$&F* -)!= *C( 
 3 -* 0DD.P.PPC.&')$0EC*&&)(4&'&GNO!+,*!&'!*&&!)*&'!*"!*,$+!#&'!"=)&)*("7&'!*&&!&'& +( !(7&'! #,"" ( !H," !(!#)& #&'!"=I9.


 !"#$%&'("" !$*(*=)&')(&'!B,$)*)+&)(#&'!
()&!	&&!**'""'-!&'!*%!$)4'&)(!-!$7	&&!(!$$)&$7&%?! ( !(#$+! +(&$+&* & *,! ! $&)!* 4)-!!-)!(+!((+(&(


'&,(*'""!*,B!+&&")?!,()*'%!(& )(* !("&)!* &L!* ")+!(*!* (!L+&)(*#!-!$7?)((&(&'!$)*+,- $..$.(/- %-$ ,$ *!* # &')* *!+&)( &'! &!$% G%?! (!(#$+! +(&$+&*I )(+",!* &'! %?)(4 !$#$%(+!%)#)+&)( ( &!$%)(&)( # +(&$+&* ( &'!!(B7%!(& # "" !(!#)&* $)-)"!4!* &!$%* (+()&)(*#&'!+(&$+&,"$!"&)(*') .$.%&%(%0%$'! $)4'&* $&!+&! 7 &')* *!+&)( $! $&!+&!4)(*&)% )$%!(&7((4-!$(%!(&")*+$)%)(&)(()% )$%!(&,(!$+"$#	&&!"=/0 
	 J C.E C@!*& /E C!% '*)* !E(4$!** %!(! J . )(  7 )(4 *,*!+&)(*CE(C+E(!*)4(&)(4&'!$)4)("*!+&)(**,*!+&)(CE2,0DDJP	&&CE1' %(F*$4,%!(&')(4!*(*,*!+&)(C+E
(&)*4$!! &'& *,*!+&)( C+E *&()(4 "(! ")("7 *&&!*GN&O'! $&!+&!7&')**!+&)($! $&!+&!4)(*&)% )$%!(&7((4-!$(%!(&")*+$)%)(&)(I!)()*"&)(*,*!+&)(C+E)*,(%)4,,*8,&*,*!+&)(C+E$!H,)$!*(!&"?!"*!='!$!S $!*,%"7*,*!+&)(CES&!&!$%)(!&G$)4'&*I$! $&!+&!#$%((4-!$(%!(&")*+$)%)(&)(,()$57(5< +20$6 885.(5($621 ,1 /$:/PC(4%(D&'!00ECG-!(='!(=$* )( )*"&)(  *!!% ,(%)4,,* &'! $+!** #


P'!$!#$!=!#)(&'&&'!$!)*4!(,)(!)**,!#%&!$)"#+&*&='!&'!$&'!*!+,$)&7##)+!$+&!,(!$G+"$#*&&!"=I='!('!*?!' %(&!(&!$&'!#)&&)(4$%=)&'&'!*"!*%(4!$*&'&' %(F*+"&'!*( !$*(+,"!*!$+'!$&'!#$!4)(4$!*(*=!A	(3#$#,$&'!$ $+!!)(4*+(*)*&!(&=)&'&')* )()(D




)$+,)&5,4!)**!(&)(4# &'!$! )*  #)$*& $)(+) "! %(4 +((* # *&&,&$7)(&!$ $!&&)()&)*&'&*&&,&!)*&!!(#$+!++$)(4&&'! ")(%!()(4#)&*&!$%**)*
1 /.
	0P0/C.E93
.1 P. CD&')$.E *%!!L&!(&&',4'&'! ")(%!()(4$,"!)*&,&"476G@$**'," ! $! * *7)(4 ='& &'!7 *7I  *((',&.(56217+( ,17(535(7$7,21 $1' $33/,&$7,21 2)67$787(600C)&&"!8$=(<PE
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


!"(

	DD0DC..E
(&'!$=$* &'! ")( %!()(4 +%%( # ")&!$"(!** )*((!&'!"!** *,B!+& & &' )(&!$(" ( !L&!$(" +(&!L&,&.(5621(
&0C*&&)(4&'&&'! ")(%!()(4$,"!!* GN(O& H,)&!I !%( ")&!$"(!** G!+,*! )(&!$("+(&!L&)*(&!L+",!(!L&!$("+(&!L&%7!&?!()(& ++,(& & &'! !L&!(& # =!)4')(4 &'! +'(+!* #*,$)&7IE'!%B$)&7+?(="!4!*&'&&'!G ")("(4,4!I$,"!)**,B!+&&!L+! &)(**4'0
&P
&*!!*((!!&$!*$& & &'*! !L+! &)(* '=!-!$ !+,*! )& #)(* &'&J.)*,(%)4,,*)(&'&*,*!+&)(C+E*&&!*&'&G&'!$)4'&* $&!+&! 7 &')* *!+&)( $! G $&!+&! 4)(*&)% )$%!(&7((4-!$(%!(&")*+$)%)(&)(I((!#&'!$)4'&*!(,%!$&!)(*,*!+&)(CEG!L ")+)&"7 $&!+&*&'!$)4'&R&&'!#,""(!H,"!(!#)&#"""=*( $+!!)(4*#$&'!*!+,$)&7# !$*(*( $ !$&7*)*!(B7!7=')&!+)&)K!(*FI $%&')*&'!%B$)&7)(#!$*&'&&')* $)4'&)*GR $&!+&! 4)(*& )% )$%!(& 7 ((4-!$(%!(&")*+$)%)(&)(FI8!+,*! 
!")!-!&'& *,+'")&!$")(&!$ $!&&)(#&'!*&&,&!+$!&!*)(&!$(")(+(*)*&!(+)!*)*)(+(*)*&!(&=)&'&'!"!4)*"&)-!')*&$7("!*&*,$$!*,"&*3P&C")*&)(4*)&,&)(*='!(+,$&*%7"?!7("(4,4!#&'!*&&,&!EG
(""+*!*#*&&,&$7+(*&$,+&)(&'!*&$&)(4 )(&)*&'!"(4,4!!% "7!7(4$!**I3P. CD&' )$ .E C)(&!$(" H,&&)(* %$?* %)&&!E!+&)(.*%!(!)($!**#""=*6