In Clear Words - The Prasannapadā, Chapter One Vol II - Annotated Translation, Tibetan Text

ANNE MACDONALD
IN CLEAR WORDS
THE 35$6$11$3$', CHAPTER ONE
STERREICHISCHE AKADEMIE DER WISSENSCHAFTEN

PHILOSOPHISCH-HISTORISCHE KLASSE
SITZUNGSBERICHTE, 863. BAND
BEITRGE ZUR KULTUR- UND GEISTESGESCHICHTE ASIENS

NR. 86
STERREICHISCHE AKADEMIE DER WISSENSCHAFTEN

PHILOSOPHISCH-HISTORISCHE KLASSE
SITZUNGSBERICHTE, 863. BAND
In Clear Words
The3UDVDQQDSDG, Chapter One
Vol. II
Annotated Translation, Tibetan Text
Anne MacDonald
Vorgelegt von w. M. ERNST STEINKELLNER

in der Sitzung vom 24. Oktober 2014
Diese Publikation wurde einem anonymen, internationalen

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ISBN 978-3-7001-7673-2
Copyright 2015 by
sterreichische Akademie der Wissenschaften, Wien
Druck und Bindung: Ferdinand Berger & Shne Ges.m.b.H., 3580 Horn
Printed and bound in the EU
http://hw.oeaw.ac.at/7673-2
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N@IO@I>@ M@<? RDOC OC@ H<IPN>MDKON K> ><IIJO =@ H<?@ OJ TD@G? < >JIO@SOP<GGT
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A /C@ >JMMPKODJI JA P> OJ K> DN DHH@?D<O@GT @SKG<DI<=G@ BDQ@I OC<O DI Q<MDJPN
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OC@.FCT<OMD@NOJKMJQ@CDNKJNDODJIRDOCM@<NJIN<I?@S<HKG@NOC<O<M@AMJHOC@
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CDN KMJKJNDODJI =T R<T JA CDN H@M@ JQO>
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OC@ NJPI? @G@H@IO DI DO OC<O ><IIJO =@ DIQ<GD?<O@? <N OC@ <MBPH@ION NJGD? NOPM?T
C@<MORJJ? *=QDJPNGT<I?M<FMODDNPNDIBOC@RJM?PO>DMJID><GGT 2DOCJPO<M@<NJI
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KMJKJN@? PI?@M OC@N@ >DM>PHNO@N >QO> RC<O DN OC@ KJDIO JA

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JA OCDN H@OCJ? DIQJGQ@N <I?M<FMOD >MDOD>DUDIB OC@ JKKJI@IO AJM C<QDIB @S<>OGT OC@
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OC<ODOG<>FN<M@<NJI<I?@S<HKG@JIOC@JKKJI@IO.FCT<C@OCPNDI?DM@>OGTOPMIN
DOJICQDQ@F<=TOPMIDIBDOJIOC@.FCT< <I?M<FMODC@M@>C<MB@NOC@JKKJI@IO
<NCQDQ@F<?J@NP??C<KGDO<<I?JOC@MJKKJI@IONDIOC@++RDOC<MBPDIBAJMCDN
KJNDODJIRDOC<H@M@OC@NDNMO>QFGJQO> #@<GNJO<F@NCQDQ@F<N>MDOD>DNHJA
P??C<KGDO<JI@NO@KAPMOC@MOC@.FCT<PIGDF@P??C<KGDO<RCJ<>>JM?DIBOJ
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M@<NJIN<I?@S<HKG@NOC<OA<GG<K<MOPI?@MOC@(?CT<HDF<N>MDOD><G@T@GJBD><GGT
NJPI? M@<NJIN <I? @S<HKG@N BDQ@I OC@ .FCT<N DI?@A@IND=G@ KJNDODJI JA <MDNDIB
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+N+ /D= M@<?N HE>P @EBP M>F OGBP PR ?O>KDP M> >?WEFD NJG@GT AJGGJRDIB OC@
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+<I?<GGJAOC@K<K@MH<IPN>MDKON<OO@NOPS>MO>QFGJQO>PO>Q>V>FS>HBS>I>J(N,
C<N=@@I>JMMPKO@?OJPS>MO>QFGK>D>VBMOMQ>V>FS> MO>QFGKRPO>Q>V>FS>DA
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JA ?@>@KODJI OJ =@ OC@ <MBPH@IO DON@GA RCD>C JA >JPMN@ OC@ H<N>PGDI@ >V>J <N +N+
.FON <B@IO JA OC@ <>ODJI KMJCD=DON FA>J RJPG? =@ M@LPDM@? AJM < M@A@M@I>@ OJ
PAE>K>J .@TAJMO-P@BB ?J@NIJO@SKG<DIRCTC@DIO@MKM@ONPSQJK>J
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PSQJ>K6AMJH8DON@GA

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DIO@I?@? OJ NCJR JM <O G@<NO <GGP?@ OJ OC@ DI<=DGDOT JA OC@ .FCT<N <MBPH@IO OJ
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+-.))+#+/
-*)

=MDIBDIB JPO OC@ NP=G<ODJI 6JA CDN OC@NDN8 =T H@<IN JA @
>KRJK>?AE
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<>FIJRG@?B@?JIGT=TOC@.FCT<8

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K<?8 DN .DI>@ OC@ .FCT< 6RDNC@N OJ8 @NO<=GDNC <MDNDIB AMJH N@GA < M@<NJIDIB AJM
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OC<IFNOJ&@QDI1JN@AJM=MDIBDIBOC@>JHH@IOOJHT<OO@IODJI<I?AJMKMJQD?DIBH@
RDOCOC@O@SOK<NN<B@

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PS>Q>P O>KD DF OGBPPR AM>D M> C<N I@>@NN<MDGT OJ =@ KJDIO@? JPO RA?ES>KV>
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G@NN K@MODI@IO /C@ >JIOM<?D>ODJI OJ =@ =MJPBCO JPO DN JA >JPMN@ IJO RDOCDI OC@
DIA@M@I>@KM@N@IO@?=TOC@(?CT<HDF<=PODIM@B<M?OJ<IJOC@MOC@NDNOC@.FCT<
CJG?ND @ OC@OC@NDNJA<MDNDIBAMJHN@GA

/-).'/$*)
62@M@KGT8/C<O6A<PGOJAOC@.FCT<NOC@NDN=@DIB>JIOM<?D>O@?=T
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?PE>A M> VFKQB @ '< 1<GG@ +JPNNDI +N+' >JIE@>OPM@N H>QE>J FQF @BQ AJMGF
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RQM>AV>KQB ?ESP Q>ARQMA>S>FV>OQEVA FQF S>@>KQ DN <RFR<M? <I? >M@<O@N <
>@MO<DIM@?PI?TDIOC@O@SO$@SK@>ODODNAJMOCDNM@<NJIOC<O?@'<1<GG@+JPNNDI
M@AM<DI@? AMJH M@>JINOMP>ODIB PJA BS> QBKLHQ>J $O DN HJM@
GDF@GTOC<O,NH>QE>HQSV>PJABS>QBKLHQ>M@KM@N@ION<I<>>M@ODJI $IJM?@M
AJMOCDNLP@NODJI<I?<INR@MOJ<KK@<MDIOC@/D=@O<IOM<ING<ODJIDOHPNOC<Q@=@@I
<??@?OJ<H<IPN>MDKODIOC@GDI@KMDJMOJOC@OM<ING<ODJIN@@.O@HH<$KJNDOOC@
NJPM>@ <N HN $ON GJ><ODJI DI ,N H<MBDI RJPG? DI?D><O@ OC<O DO R<N IJO <KKMJ
KMD<O@?=THNRC@INN>MD=@OJJFJQ@MNJH@JANM@<?DIBNNDI>@DADOC<?=@@I
JI@RJPG?@SK@>ODOOJ<KK@<MDI,NH<DIO@SO<I?R<NDINO@<?DI<N@>JI?R<Q@JA
>JIO<HDI<ODJIK<NN@??DM@>OGTOJ,=THN /C@LP@NODJI<I?<INR@MR@M@KMJ=<=GT
JMDBDI<GGT RMDOO@I <N < H<MBDI<G IJO@ <??@? DI OC@ >JPMN@ JA O@<>CDIB JMM@<?DIBOJ
>G<MDAT<I?M<FMODN>JI>DN@GTAJMH@?N@IO@I>@ /CDNH<MBDI<GIJO@RJPG?C<Q@=@@I
=MJPBCO DIOJ OC@ H<DI O@SO JA < G<O@M H<IPN>MDKO <I? HPNO C<Q@ <KK@<M@? DI JI@ JM
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-*)

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OC@N@IO@I>@

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OC@A<PGON<M@>G@<MGTJ=N@MQ@?

++ AFO P?VLO ?>F QPEFD QR DVRO ?> KF ALK A>J M>OK>KD DF PHVB J@EBA OK>JP
?A>DI>PPHVB?>JBAM>OKDBPQBYVLAM>FMEVFOAMBOK>PEBPM>VLAM>KVFA?WEFK
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OM<ING<OJMNJA+N+/D=>DO@?DM@>OGTAMJH++/D= <I?M<FMODH<TC<Q@=@@IRMDODIB
AMJHH@HJMTJMDIO@IODJI<GGTHJM@AM@@GT<I?OCPNOC@?@QD<ODJI
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><PN<GKMJ>@NNDIQJGQDIBMO>HQFJ>>PMN=PODN@QD?@IOJIGTDI?@K@I?@I>@JIMO>HQF
DIOC@R<TOC<OOC@=PMIDIBJAADM@JMOC@>POODIBJA<I<S@DN@QD?@IOJIGTDAOC@M@DN
NJH@OCDIB OJ =@ =PMI@? JM >PO 4 MOD >MF HOV>H>O>>P>J?>KAEQ
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@> >P>QF AEVB @EBAVB @> K> SV>GV>QB N@@ <GNJ @ B C<FM<Q<MOD A
AA !M<PR<GGI@M '<MNJI <I? C<OO<>C<MT< +PM@
>JIN>DJPNI@NN M@KM@N@IO<ODQ@ JA MROR> DN GDF@ MO>HQFIJO <I@QJGPO@ JA NJH@OCDIB
@GN@ >A 4 FE@BQ>K DR FQV BQ>Q MO>QFMA>VFVJ> Y V>@ @>
VBKO>?EV>QB Q>KJ>V> Q>A ?E>S>QF Y V>AF DR>F MRORJ O>J?E> PVQ QBJ
>MV>@BQ>K>QS>PVQY@BQ>KPQRQBYQ>PJKK>DR>FOO>?EV>KQ>FQFPFAAE>JBQ>Q
JIN>DJPNI@NN C<N =@@I <??P>@? <N OC@ @S<HKG@ AJM CQDQ@F<N DI?@K@I?@IO
DIA@M@I>@ =@><PN@ BDQ@I OC<O OC@ (?CT<HDF<N <>>@KO >JIN>DJPNI@NN QDU SFGK>
JIOC@NPMA<>@G@Q@GJAM@<GDOTOCDN@S<HKG@RCD>CDN<>>@KO@?=TOC@.FCT<<I?
OC@(?CT<HDF<DI<B@I@M<GR<TD @ DMM@NK@>ODQ@JAOC@R<TDIRCD>COC@N>CJJGJA
@<>C ?@=<O@M NK@>DAD><GGT DIO@MKM@ON >JIN>DJPNI@NN APGADGGN OC@ M@LPDM@H@IO JA =@DIB
<>FIJRG@?B@?=T=JOCK<MOD@NN@@Q<GJFDO<QM<O<N>JHH@IONJIOCDN@S<HKG@<OI

+-.))+#+/
-*)

AJM RC<O KPMKJN@ DN OC@ LP<GDAD><ODJI SFB>> PGODH<O@GT

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<>>@KO@? AMJHOC@KJDIOJAQD@RJAOC@RJMG?GTNPMA<>@6G@Q@G8DNIJO
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OC@M@ RJPG? M@NPGO 6OC@ GJBD><G A<PGO JA8 NP=G<ODJI 6JA OC@ OC@NDN8 =T

!MJH OCDN KJDIO JI PK OJ +N+( a 6 +N+' 8 <I?M<FMOD >JIND?@MN <I?
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OJDON?JH<DIJA<KKGD><ODJI 4JONPT<N@GP>D?<ODJIJAOC@NOMP>OPM@JAOC@
O@SO DN RJMOCT JA M@DO@M<ODJI C@ KM@N@ION OC@ OCM@@ CTKJOC@OD><G <KKGD><ODJIN JA OC@
LP<GDAD><ODJI OCPN *I OCDN KJDIO OC@M@ <M@ OCM@@ @LK@BFS>?IB <GO@MI<ODQ@N /C@
LP<GDAD><ODJI PGODH<O@GT DN <OO<>C@? OJ OC@ RCJG@ JA OC@ KMJKJNDODJI DHKGTDIB OC<O
@IODOD@NNP>C<NOC@DII@MN@IN@AD@G?N?JIJOJMDBDI<O@AMJHN@GA /C@LP<GDAD><ODJI
PGODH<O@GT DN <OO<>C@? OJ OC@ RCJG@ JA OC@ KMJKJNDODJI @S>@KO OC@ RJM? PS>Q>
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JHDO 4JONPT<N N@>ODJI <I? NP=N@>ODJI IPH@M<GN <I?M<FMOD >JIND?@MN OC@ ADMNO
<GO@MI<ODQ@ AJM OC@ LP<GDAD><ODJI OC<O DN M>O>JOQE>Q> <KKGD@? OJ OC@ @IODM@
KMJKJNDODJI RCD>C >JQ@MN OC@ N@>ODJI +N+( a@I? JA a +N+' AMJH
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OC@ KJDIO JA QD@R JA JM?DI<MT K@MNJIN +N+( a @I? JA a 6+N+' 8 OC@
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.FCT<N +N+( a@I? JA a 6+N+' 8 4JONPT< D=D? NO<O@N <
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K@JKG@ <D CQ<QDQ@F< CDHN@GA <N < P??CDNO @NK@>D<GGT <N < AJGGJR@M JA
)BMEPI<RDGGIJO=@<=G@>JIQ@IODJI<GGTOJH<DIO<DI<IJMDBDI<ODJIAMJHN@GA <DD
CQ<QDQ@F< ><IIJO >JIQ@IODJI<GGT OJG@M<O@ JMDBDI<ODJI AMJH N@GA <N H<DIO<DI@? =T
CDN.FCT<JKKJI@IO /C@N@>JI?<GO@MI<ODQ@AJMOC@?JH<DIJAOC@LP<GDAD><ODJI
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PSQK@>HROAKM>O>JOQE>QLKPQVRQM>QQF=PORJPG?@Q@IDIOCDNAJMH
IJO@N><K@OC@A<PGOJANP=E@>OA<DGPM@DN?DN>PNN@?DI+N+(a+N+'

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.@@+N+(a

/-).'/$*)
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AMJHN@GA

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J=E@>OC@EP?B@NM@KP?D<O@?I?DA?@ID@?OC@<?HDOO@?M@KP?D<ODJI?AE>JAOC@
KC@IJH@I<G=TOC@<=NJGPO@RJPG?IJO=@@IO<DG@?M@<?MO>P>KDQ.O>C@M=<ONFTN
O@SOP<G @H@I?<ODJI <KK@<MN OJ =@ =<N@? JI P>DQ<NDHKGTDIB<I<GKC<KMDQ<ODQ@ 4JONPT<DIO@MKM@ONOC@
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6=TOC@(?CT<HDF<N8RJPG?=@?@ID@? #JKFDIN <OO@HKONOJO<F@OC@
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>JIND?@M<ODJI DI CDN OM<ING<ODJI DO RJPG? AJGGJR OC<O JI@ RJPG? =@ ?<H<B@? =T
6JI@N JRI8 <NN@MODJI 6JA >JIQ@IODJI<GGT @SDNO@IO KMJ?P>ODJI8= PO <I?M<FMOD
DIO@I?NOC@O@>CID><GH@<IDIBJA>?EVRMBQ>?AENK@>DAD><GGTOC<OOC@OC@NDNJAOC@
DIA@M@I>@ RJPG? =@ NP=G<O@? =T RC<O OC@ (?CT<HDF<N JRI NTNO@H <>>@KON OC@
PILP<GDAD@?KMJKJNDODJIOC<OOC@DII@M=<N@NC<Q@IJO<MDN@IAMJHN@GADN>JIOM<?D>O@?
DNNP=G<O@?C<NNJOJNK@<FOC@MPBKPGG@?JPOAMJHPI?@MDO=TOC@A<>OOC<OOC@
(?CT<HDF< ?J@N <>>@KO OC@ <MDNDIB JA OCDIBN JI OC@ NPMA<>@ G@Q@G RDOCJPO OC@
LP<GDAD><ODJI CTKJOC@OD><G CQDQ@F< <MBP@N OC@ JKKJI@IO RJPG? <OO<>F OC@
KMJKJNDODJI<N=@DIBNKPMDJPNM>H?EP> 'DI?OI@MI KJDIONJPOOC<O
CQDQ@F<M@>JBIDU@NGDF@DBIB<DI)(<I?+.ADQ@OTK@NJANP=G<ODJI?AE
RDOC M@B<M? OJ OC@ NP=E@>O M>H> OC@ M>H> DN GD<=G@ OJ >JIOM<?D>ODJI
NP=G<ODJI
SFOLAE> ?AE RDOC
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D>J>RC<ODNB@I@M<GGT<>FIJRG@?B@?MO>PFAAE>?DM@>OK@M>@KODJIMO>QV>H>
<I? DIA@M@I>@ >KRJK> >A /P>>D &<ONPM< 'DI?OI@M APMOC@M
IJO@N OC<O CQDQ@F< ?DNODIBPDNC@N =@OR@@I RC<O DN B@I@M<GGT <>FIJRG@?B@? DI OC@
RJMG? <I? RC<O DN B@I@M<GGT <>FIJRG@?B@? DI JI@N JRI PQO>N N@@ ++ OJ ((&
$$ >? RC@M@ CQDQ@F< M@NKJI?N OJ OC@ JKKJI@IO RCJ <MBP@N OC<O CQDQ@F<N
KJNDODJIM@B<M?DIBOC@IJI@SDNO@I>@JA<BJ@MJMJABJDIBDNPI<>>@KO<=G@=@><PN@DO
DN>JIOM<?D>O@?=TRC<ODN<>FIJRG@?B@?AFODQ>KQPEFDDVFALKD>KDVFKY@FGFDOQBK
I>DO>DPM>PBI?>O?VBAM>FMEVFOO>JYLKQB?PQ>K?@LPI>DO>DPM>PBI?>O?VBA
M>F MEVFO D>I QB O>KD DF ?PQ>K ?@LP I> DO>DP M> ?> PBI ?>O ?VBA M>F MEVFO AB
DO>DPM>FDKLAM>ODVROOL+YYWEBK>KFY+RDOCJPOWHE>P?I>KDPM>I>DKLA
M>ODVROOL +YYWEBP?OGLAM>O?V>?>FOFDP< + =OM<ING<O@?DI
H@N A $ORJPG?<KK@<MOC<O<I?M<FMODC@M@DIOC@+N+DIO@I?NNP=G<ODJI
=TRC<ODNB@I@M<GGT<>>@KO@?DIJI@NJRIPQO>N *IOC@CDNOJMD><G?@Q@GJKH@IOJA
M>H?EP>N@@+M@DN@I?<IUI @NK@>D<GGT

N NP>>DI>OGT @SKG<DI@? =T 4JONPT< <I?M<FMOD M@E@>ON CQDQ@F<N
LP<GDAD><ODJI PGODH<O@GT< N NPK@MAGPJPN =@><PN@ OC@ (?CT<HDF< ?J@N IJO <>>@KO
<MDNDIB AMJH N@GA @Q@I JI OC@ NPMA<>@ G@Q@G NP>C < ?DNODIBPDNCDIB JA JI@ G@Q@G JA
M@<GDOTAMJHOC@JOC@MQD<OC@LP<GDAD><ODJIRJPG?=@I@>@NN<MTJIGTDAIJIPGODH<O@
+-.))+#+/
-*)

bNC<N=@@INO<O@?DIOC@6GDNO<H=<8NOM<
I? OCDN Q@MT NKMJPO OC<O DN <MDNDIB RCD>C C<N < N@@? AJM 6DON8
><PN@ DN IJO KMJ?P>@? AMJH DON@GA IJO KMJ?P>@? AMJH <IJOC@M
IJO KMJ?P>@? AMJH =JOC 6DON@GA <I? <IJOC@M8 IJM C<N DO <MDN@I
RDOCJPO < ><PN@ DO C<N IJO =@@I =MJPBCO <=JPO =T OC@ 'JM?
S>O>ODH@HI><OJHN>RKMDHJM?D<GH<OO@MMO>HQFJM
OC@I<OPM@6JAOCDIBN8PS>?ES>

<MDNDIBAMJHN@GAR<NDI?@@?<>>@KO@?=TOC@(?CT<HDF< /CPNDON@HKGJTH@IO=T
CQDQ@F<DADIO@I?@?<N<KKGTDIBOJOC@RCJG@JAOC@KMJKJNDODJI><MMD@NRDOCDOOC@
DHKGD><ODJIOC<OC@?J@N<>>@KO<MDNDIBAMJHN@GAJIOC@NPMA<>@G@Q@G /C@NP=N@LP@IO
PQO> <I? PQO> LPJO<ODJIN <M@ =MJPBCO AJMR<M? OJ ?@HJINOM<O@ OC@ B@I@M<G IJI
LP<GDAD@?M@E@>ODJIJA<MDNDIBAMJHN@GAAJM<MDNDIBDI?@K@I?@I>@>A #JKFDIN
?@GG< .<IODI< A <I?M<FMOD?J@N IJO T@ONK@<F OJ OC@ A<>O OC<O
CQDQ@F<<>OP<GGT@HKGJTNOC@LP<GDAD><ODJIOJ<QJD?I@B<ODIBOC@?@K@I?@IO<MDNDIB
JANPMA<>@G@Q@GOCDIBNOC<ODN<>>@KO@?=T(?CT<HDF<N>A aa

<I?M<FMODNGDNO<H=<NOM<>DO<ODJI?DAA@MNAMJHOC@.FOAJMOC@GDNO<H=<NOM<
K<NN<B@ AJPI? DI OC@ + <I? OC@ (<?CT<H<F<GDNO<H= @V>J >HROL K>
PS>V>HQL K> M>O>HQL KL?E>V>HQL KBS>O>KFOJFQL K> HI>M>OFJFQL K> MO>HQF
P>?EQL K> @>FH>HO>AEKL KMV >EBQRP>JRQM>KK> M@A@M@I>@N <I? Q<MD<ION DI

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1 QDD.O<G#JGNO@DIEP?B@?OC<OOC@H<IPN>MDKO?<O@NAMJH<MJPI?OC@IDIOC
OJO@IOC>@IOPMD@NN@@&+@?+M@A<>@K 1$$OC@H<IPN>MDKODNF@KODI.O +@O@MN=PMB
<I?C<N=@@I<NNDBI@?OC@><GGIPH=@M.$+
N><I=@IJOD>@?DHH@?D<O@GTPKJI
>JHK<MDIB OC@ .<INFMDO <I? /D=@O><NDJIN <BM@@N <B<DINO &+@? .FO RDOC &+@? /D= OCPN NPBB@NODIB OC<O
<I?M<FMODDN>DODIBAMJH<Q@MNDJIJAOC@&+>GJN@MOJOC@JI@AMJHRCD>COC@&+@?
/D=OM<ING<ODJIR<NH<?@OC<IOJOC<OAJPI?DIHN.$+
.@@HDIBGTDI?D><ODQ@JAOC@
A<>OOC<OOC@H<IPN>MDKOM@GD@?JIAJM&+@?.FO>JIO<DIN<>>M@ODJINDNOC@M@A@M@I>@OJ
IPINM>@K@>?EFHRK>QK<OOC@@I?JA&+@? a.FO<M@A@M@I>@
IJO<KK@<MDIBDI&+@?/D=JMDI+N+.FOJM+N+/D= /C@+N+/D=OM<ING<OJMNC<Q@<N
DN OC@DM KM<>OD>@ DIN@MO@? OC@ KM@H<?@ &+ /D= OM<ING<ODJI JA OC@ >DO<ODJI OCPN +N+
/D=G<MB@GTM@KMJ?P>@N&+@?/D=OC@Q<MD<ION=@OR@@I+N+/D=<I?&+@?/D=DIOC@
K<NN<B@N>DO@?<M@HDIDH<G<I?PNP<GGTDINDBIDAD><IO +N+/D=K@MC<KN=@><PN@OC@
OM<ING<OJMN DIN@MO@? OC@ N@>ODJIN JA OC@ GJIB >DO<ODJI @I =GJ> RDOCJPO H@OD>PGJPNGT
>JGG<ODIBDO<B<DINOOC@+N+.FO>DO<ODJIDI>GP?@N<IPH=@MJAK<NN<B@N<I?N@>ODJIN
AJPI?DI&+@?/D==POIJODI+N+.FO
'<HJOO@ I ?J@N IJO OM<ING<O@ OC@ &+ >DO<ODJI DI CDN +N+ >C<KO@M
OM<ING<ODJI M@A@MMDIB OC@M@ OJ OC@ OM<ING<ODJI JA OC@ N@>ODJI DI .O>C@M=<ONFTN
M@I?@MDIB JA +N+ >C<KO@M >A .O>C@M=<ONFT /C@ N@>ODJIN DI OC@
HJM@@SO@INDQ@+N+>C<KO@M>DO<ODJIRCD>C?JIJO<KK@<MDI.O>C@M=<ONFTN>C<KO@M
OM<ING<ODJI<M@OM<ING<O@?DI<IKK@I?DSDI(<T A /C@@IODM@>C<KO@M
>DO<ODJIC<NHJM@M@>@IOGT=@@IOM<ING<O@?DI<IKK@I?DSDI&M<BC AA
K<MOD<G OM<ING<ODJI JA OC@ >DO<ODJI <N AJPI? DI OC@ ADMNO >C<KO@MJA OC@ +N+ <KK@<MN DI
'<HJOO@I /C@&+N@>ODJIDNOM<ING<O@?DI2@GG@M <I?
DI+N?DF< *A>JHK<M<ODQ@DIO@M@NO<M@2@GG@MNOM<ING<ODJINAMJHOC@#CDIB JA OC@ J>OMDI@ AE>OJ>AB>K IJO A<OCJHDIB
6DO8IJO=@DIB>JIQDI>@?6=TDO8MJN@AMJH6OC@DM8N@<ON<I?R@IO
AJMOC /C@I OC@ S<GO@? *I@ >M@<O@? ORJ 6H<BD><G8 HJIFN JI
OC@K<OCJIRCD>COC@N@HJIFNR@M@BJDIB /CJN@ADQ@CPI?M@?
HJIFN><H@I@<MRC@M@OCJN@ORJHJIFNR@M@ #<QDIB>JH@
I@<M OC@T N<D? OJ OC@ ORJ 6H<BD><G HJIFN8 2C@M@ <M@ OC@

+N+/D=>K +N+(a+N+' <I?OC@N@>JI?>DO<ODJIJAOC@K<NN<B@<O+N+'

<??DODJI<GGT>JIO<DIOC@@KDOC@OAEVK>I?EKF
?P>JDQ>KQEL?M><OO<DI@MN
JA OC@ >JI>@IOM<ODJIN RCD>C DN <GNJ AJPI? DI &+@? .FO <I? &+@? /D= N@@ &+@? a
1 AEVK>I?EDN<GNJAJPI?@<MGD@MDI&+@?.FO<I?&+@?/D=DI<
NDHDG<MGT>JINOMP>O@?N@IO@I>@N@@&+@?a 1 (N+AJM+N+'
<GNJ KM@N@ION AEVK>I?EKF =PO ?J@N IJO <OO@NO DO AJM JPM ADMNO >C<KO@M >DO<ODJI /C@
ADMNO N@IO@I>@ AJM >C<KO@M N >DO<ODJI M@<?N M>@> @> ?EFHR>QKF AEVK>I?EKV
RQQEVP>KB?EV> MO>HOKQKF FJ D>J?EO AE>OJ>AB>KJ >K>S>?RAEV>
JKKV>K>S>Q>O>KQV>K>S>DE>JKKV>K>AEFJR@V>JKKFW>K &+@? a

&+@? a <I?M<FMODNH<IPN>MDKOH<TIJOC<Q@>JIO<DI@?OC@>JHKJPI?JM
C@H<T=@<==M@QD<ODIB

/C@ &+ H<IPN>MDKO N@@ &+@? a .FO 1 AJM OC@ N@IO@I>@ <AO@M
RCD>COCDNADMNON@IO@I>@DIOC@+N+<KK@<MNOJ=@HJ?@GG@?M@<?N>S>Q>O>QLRCD>C
DN >JMM@>O@? =T 2@GG@M I OJ KS>Q>O>QL JI OC@ =<NDN JA &+ /D= JF
GRD C@ >JMM@>ON OJ KS> <I? IJO >K>S> KM@NPH<=GT =@><PN@ OC@ &+ H<IPN>MDKO
KM@N@IONOC@DHH@?D<O@GTAJGGJRDIBI@B<O@?K<MOD>DKG@DIOC@AJMHKS>H<N>PGDI@
KGPM<GAJMHN<KK@<MDI&+.FO=@><PN@OC@HJIFN<M@H@IOC@BM<HH<OD><GGT>JMM@>O
I@PO@M KGPM<G AJMHN DI +N+ .FO N@@H OJ C<Q@ M@NPGO@? AMJH NO<I?<M?DU<ODJI +N+'
AE>OJ>AB>KJ >K>8S>:?RAEV>JKKV >K>S>Q>O>KQV >K>S>DE>JKV
>K>AEFJR@V>JKKF &+ /D= <I? +N+ /D= KG<>@ < PE>A <AO@M JF GRD PQB &+ .FO
KS>Q>O>QL /C@ .<INFMDO JI RCD>C &+ /D= DN =<N@? H<T C<Q@ M@<? KS>Q>O>KQF
RDOC >S>Q>O>KQF =@DIB DIO@MKM@O@? =T OC@ OM<ING<OJMN JA &+ /D= IJO <N < I@PO@M
IJHDI<ODQ@KGPM<GK<MOD>DKG@=PO<N<OCDM?K@MNJIKGPM<GADIDO@Q@M= GO@MI<ODQ@GTOC@
.<INFMDOH<TC<Q@M@<?KS>Q>O>KQL<N&+.FOKMJ=<=GT?D?=POOC@Q@MOD><GNOMJF@
H<FDIBPKK<MOJAOC@LJAKQL
QL>H>O>R<NM@<?<N<A>><I?OC@NPK@MN>MDKO
K<MOJAOC@LDIO@MKM@O@?<N<IF

/C@ &+ >DO<ODJI OC<O >JHH@I>@N <O +N+' IJR DI>GP?@N <AO@M DON Q@MNDJI
NDHDG<MOJ&+@? a .FOJAOCDNADMNON@IO@I>@K<NN<B@NIJOAJPI?C@M@DIOC@
&+ >DO<ODJI JA +N+ >C<KO@M =PO AJPI? DI &+@? .FO N@@ +N+' <I? >K
&+@?a a N@@<GNJ2@GG@M(<T A

+N+/D=ADBPILKDIKD>?ODV>MLABA>DADBPILKDABDKVFPI>JD>KDK>PALKD
?>F I>J ABO ALKD 2@GG@M <I? I OM<ING<O@N OC@ &+@? /D= N@IO@I>@
<II F<H@I ?D@ AIACPI?@MO (I>C@ ?JMOCDI RJ ?D@ UR@D C@MQJMB@U<P=@MO@I
(I>C@<PA?@H2@B@BDIB@IIJODIB<N1@M=NO@CODH/D=@ODN>C@I
+-.))+#+/
-*)

1@I@M<=G@ *I@N <=JPO OJ BJ /C@ 6H<BD><G HJIF8 >M@<ODJIN

N<D?2@<M@<=JPOOJBJOJKG<>@NDIOC@AJM@NO /C@M@R@NC<GG
<=D?@ DI NO<O@N JA >JHAJMO >JINDNODIB DI OC@ C<KKDI@NN JA
H@?DO<ODJI AEVK>PRHE>PM>O>SFEO> !JM R@ ?J IJO
PI?@MNO<I??JIJOA<OCJH<M@IJO>JIQDI>@?JAOC@J>OMDI@OC@
S<GO@? *I@ O@<>C@N R@ <M@ <AM<D? <M@ O@MMDAD@? 6JA DO8 R@ A<GG
DIOJ 6< NO<O@ JA8 ?M@<? /C@I OCJN@ ADQ@ CPI?M@? HJIFN N<D?
OCDN2@OJJ*1@I@M<=G@*I@N?JIJOPI?@MNO<I?OC@ S<GO@?
*I@N O@<>CDIB JA OC@ J>OMDI@ ?J IJO A<OCJH 6DO8 <M@ IJO
>JIQDI>@?6=TDO8<M@<AM<D?<M@O@MMDAD@?6JADO8A<GGDIOJ?M@<?
/C@M@AJM@ R@ NC<GG <O KG<>@N DI OC@ AJM@NO <=D?@ DI NO<O@N JA
>JHAJMO >JINDNODIB DI OC@ C<KKDI@NN JA H@?DO<ODJI /C@
6H<BD><GGT8 >M@<O@? 6HJIFN8 N<D? /C@I 1@I@M<=G@ *I@N R@
NC<GG>JIA@MOJB@OC@MR@NC<GGIJO?DNKPO@AJMOC@?POTJAOC@

2@GG@M I IJO@N OC<O <GOCJPBC &+@? .FO KM@N@ION PRHE>ME>
SFE>OFVJ> R@ NC<GG ?R@GG C<KKDGT >JHAJMO<=GT< O OCDN KJDIO <I? PRHE>
SFE>OFVJ>RC@M@OC@H<BD><GHJIFNM@K@<OOC@DMDIO@IO&+@? a .FO&+@?
/D=<OO@NON?P>JDQ>KDVF?AB?>I>OBDM>ODK>PM>OK>JPHVFPDK>PM>O?V>D @ OC@
OM<ING<ODJIAJMAEVK>PRHE>PM>O>SFEO>FOSFE>OFVJ>AJM=JOCDINO@N +N+.FO
<I? +N+ /D= <OO@NO M@NK@>ODQ@GT AEVK>PRHE>PM>O>SFEO>FO SFE>OFVJ> <I? DON
/D=@O@ +N+ .FO ?J@N IJO DI>GP?@ @AJMOC@JI@>JIO<DIDIBPRHE>SFE>OFVJ>=PO+N+/D=?J@N<I?M@<?N<N
&+@? /D= +N+ .FO APMOC@M <OO@NON AEVK>PRHE>PM>O>SFEO>FO SFE>OFVJ> RC@M@
&+@? a .FO KM@N@ION AEVK>PRHE>SFEO>FO SFE>OFVJ> +N+ /D= =<N@? JI
&+/D=KM@N@ION?P>JDQ>KDVF?AB?>I>OBDM>ODK>PM>OK>JPHVFPDK>PM>O?V>
.@TAJMO-P@BB DIO@MKM@ONPRHE>DIOC@+N+.FO>JHKJPI?<?E@>ODQ<GGTR@
NC<GG<=D?@DIOC@<=J?@JA=GDNNAPG>JIO<>ODIH@?DO<ODJI=PO?J@NIJO@SKG<DIRDOC
RC<O OC@ =GDNNAPG >JIO<>O HDBCO =@ /C@ /D=@OO>SFEO>Q
NK@<F <B<DINO OC@ <?E@>ODQ<G DIO@MKM@O<ODJI *I SFEO> SFEO>QF N@@ (<DOCMDHPMOCD
@NK@>D<GGTII <I?2@UG@MAA A +N+'I

+N+/D=<??NHEL?>@>DADLKM>FDK>POK>JPPR?P>JDQ>KDVF?AB?>I>OBDM>O
DK>P M> OK>JP HVFP DK>P M>O ?V>L /CDN N@IO@I>@ <KK@<MN <N OC@ ADI<G N@IO@I>@ JA
&+@?a/D= &+@?.FOM@<?NQSSJO>VV>Q>KBRPRHE>SFE>OFVJ>

2@GG@M >JIND?@MN &+@? .FON OTKD><GGT #. APOPM@ AJMH P>DVFVJ> +N+ .FO
KM@N@IONOC@>G<NND><GAJMHP>DPVJ><NKMJK@MGTM@AG@>O@?DI&+@? /D=NV>DA>D
M>O?DOL?>O?V>+N+/D=DI<GGAJPM<IJID><G@?DODJIN<I?OC@"JG?@I(<IPN>MDKO
DNKM@N@IO@?<NV>DA>DM>ODOL?>O?V>KMJ=<=GTOC@M@NPGOJA<I<P?DOJMT@MMJM
RCD>CC@OM<ING<O@NDI<IJO@RDMRJGG@I<PAM@>CO@2@DN@@MMO@MI=@OM<>CO@I>A
2@GG@M I >A %N>CF@ N Q ?DOL ?> OJ <MBP@ ?DN>PNN ?@GD=@M<O@
>JIND?@M 2@GG@M OM<ING<O@N P>DVFVJ> DI CDN H<DI O@SO <N 2DM RJGG@I PIN

/-).'/$*)
<N>@OD> O>J>>AE>OJ>>JINDNON KMDI>DK<GGT DI 6=@DIB8 RDOCJPO

NOMDA@ >SFSA>M>O>J> !JM OC@ N<F@ JA <=<I?JIDIB RC<O
C<Q@OC@1@I@M<=G@*I@N@IB<B@?DIKM<>OD>@/C@TN<D?2@
C<Q@ @IB<B@? DI KM<>OD>@ AJM OC@ <=<I?JIDIB JA ?@NDM@ OD>
C<OM@? ASB> <I? ?DNJMD@IO<ODJI JLE> /C@ >M@<O@?
UPN<HH@I=@M<O@I #@IJO@NOC<O ?B@MOJI?DAA@MNDICDNDIO@MKM@O<ODJIJAOC@Q@M=

#.@IOMTAJMP>DV>QFGDO PFKDPFKRKFLKFP@LK@LOA>KQ<QJD?NLP<MM@GDIB
JKK JAQDQ<?<OD? B@MOJINNDIBG@M@A@M@I>@DNOJOCDN&+K<NN<B@ +N?DF<
68 OM<ING<O@NG@OPN=@PIDO@? .@@DINPKKJMOJA2@GG@MNH<DIO@SOOM<ING<ODJI
+2 N Q P>JD B@H@DIN>C<AOGD>C =@NDIB@I RCD>C <KKGD@? OJ OC@ &+ NDOP<ODJI
H<F@NN@IN@<NO<GF
?DN>PNNOJB@OC@M

&+@? a >SFSA> M>O>JL EF O>J>>AE>OJ> AJM >SFSA>M>O>JL EF O>
J>>AE>OJ> =PO >JMM@>OGT KM@N@IO@? DI 1 2@GG@M OM<IN
G<O@N $NO?J>C?D@ .OM@DOGJNDBF@DO ?<NC>CNO@ "@N@OU AM ?D@ -@GDBDJN@I & +@? /D=
M@<?N OQPLAM> JBA M> IERO IBK M>KF ADB P?VLKD DF @ELP <I? +N+ /D= KM@N@IONOC@
NTIJITHJPNOQPLAM>JBAM>IERO?VBAM>KF=JOCIEROIBKM><I?IERO?VBAM>
<M@JAO@IN@@IM@KM@N@IODIBM>O>J><NOC@ADI<GH@H=@MJA<>JHKJPI? $A%N>CF@N
M@I?@MDIBJAIEROIBKM><NOJ<KKGTJI@N@GADN>JMM@>ODOH<T=@OC<OOC@OM<ING<OJMN
DIO@MKM@O@?OC@.<INFMDONGDBCOGT?DAA@M@IOGTD @ <N6OJ=@8JI@RCJ<KKGD@NJI@N@GA
OJ6=@DIB8RDOCJPONOMDA@DNOC@?POTJA<N>@OD>N $IGDI@RDOCOCDN2@GG@M
I OM<ING<O@N&+@?/D=NOQPLAM>JBAM>IEROIBKM>KFADBP?VLKDDF@ELP<N.D>C
?@M .OM@DOGJNDBF@DO UP =@AG@DNNDB@I DNO ?<N "@N@OU ?@M -@GDBDJN@I <' @ 1<GG@
+JPNNDI>JHH@IONJI>SFSA><O+N+'I )JO@RJMOCT<M@1@OO@MN A
<I? I >JHH@ION JI OC@ H@<IDIB JA JI@ ?R@GGDIB RDOCJPO NOMDA@ DI OCDN &+
K<NN<B@>O>>SFEOFKCDNAJ>PNDN'JF<F@H<NCDI@N@OM<ING<ODJI K OC@M@A@M
@I>@OJP>J>>AE>JJ><O)$$$

+N+/D=DI>GP?@NOC@>JIODIPDIBO@SOAJPI?DI&+@? a /D=&+@?.FO>JIO<DIN
NDHDG<M HJM@ @SO@INDQ@ O@SO =PO IJO AJPI? DI +N+ .FO $O <GNJ M@KMJ?P>@N OC@ O@SO
RDOCHDIJMQ<MD<ION<NDODNAJPI?DI&+@?a/D=&+@?.FO?DAA@MNAMJH&+@?/D=

/C@ ORJ N@IO@I>@N H>PVVRJ>KQ> MO>EV> MO>QFM>KK Y QKV >SL@>K

OD>ASB>JLEK MO>EV> S>V> MO>QFM>KK?JIJO <KK@<M DI&+@? .FO &+@?
/D=JM+N+/D= /C@M@<GNJ?J@NIJO<KK@<MOJ=@@IJPBCNK<>@DIOC@>JMM@NKJI?DIB
?<H<B@? K<MO JA OC@ +N+ >C<KO@M >DO<ODJI DI HN + AJM OC@ ORJ N@IO@I>@N /CDN
?<H<B@?K<MODIHN+N>C<KO@MCJR@Q@MKMJQD?@N@S<>OGT@IJPBCNK<>@AJMOC@
&+@?.FOIJOAJPI?DIJPM+N+>C<KO@M.FORCD>CAJGGJRNOC@>JHKJPI?O>J>>
AE>OJ>V>AFE>
J
VRJ>KQ>FQVR@V>QBM>OFKFOS>JFQFYH>Q>J>P>AE>OJLV>
M>OFKFOSPV>QF &+@? a N@@ 1 HN +N >C<KO@M O@SO DI A<>O
=@BDIN <B<DI RDOC KFOSPV>QF +N+ /D= >C<KO@M IJO <OO@NODIB OC@ ORJ N@IO@I>@N
AJPI?DIJPM+N+.FO<>>JM?NRDOC&+@?/D=DIDI>GP?DIBOC@M@NOJA&+@? a /D=
+N+/D=><MMD@NJIRDOC&+@? a/D=RCD>CG<>FN<I@LPDQ<G@IOAJM&+@? a
.FO +N+.FO@I?NAJM&+@? a RDOCO>J>>AE>OJ>&+@? a <I?KD>FNPK
<B<DI<O&+@? a &+@? a .FOHFMRK>PHHVVM>OFKFOSPV>QQFYQB
+-.))+#+/
-*)

6HJIFN8N<D?PO?J?@NDM@C<OM@?<I??DNJMD@IO<ODJI6<>OP<GGT8
@SDNO AJM OC@ 1@I@M<=G@ *I@N NJ OC<O TJP HDBCO ?@NOMJT OC@H
/C@T M@KGD@? @)DOC@M DIO@MI<GGT IJM @SO@MI<GGT IJM 6NJH@
RC@M@8 DI =@OR@@I OC@ ORJ <M@ OC@T K@M>@DQ@? IJM ?J OC@T
PIG@NN JI@ DH<BDI@N OC@H >M>OFH>IMFQ> <MDN@ /C@ 6ORJ8
>M@<O@? 6HJIFN8 N<D? /C@M@AJM@ * 1@I@M<=G@ *I@N ?J IJO
>JINOMP>O ?J IJO >JI>@KOP<GDU@ I? RC@I TJP * 1@I@M<=G@
*I@N ?J IJO >JINOMP>O ?J IJO >JI>@KOP<GDU@ TJP RDGG IJO A@@G
?@NDMJPNTJPRDGGIJO=@>JH@AM@@AMJH?@NDM@ I?DODNN<D?
OC<OC@RCJDNIJO?@NDMJPNDNIJO?@NDM@G@NNDN<OK@<>@KQ>
(JM<GDOTI>*1@I@M<=G@*I@N?J@NIJOR<I?@M6DIP>PO>8
K> P>P>O>QF ?J@N IJO @IO@M APGG KFOS> K> M>OFKFOSQF
>JI>@IOM<ODJI P>JAEF DINDBCO MO>G GD=@M<ODJI SFJRHQF
<I? OC@ FIJRG@?B@ <I? OC@ QDNDJI JA GD=@M<ODJI SFJRHQFGK>
A>O>K> *1@I@M<=G@*I@N?JIJOR<I?@MDIP>PO>?JIJO
ER Y OD>H>VV> ASB>H>VV> JLE>H>VV> VRJ>KQ> M>OFKFOS> N@@ 1

&+@?/D=<I?+N+/D=KM@N@IOD>KDW>AM>PVLKDPPRJV>KD>KI>PA>YAB
A>DDFPPJO>PM>YALA@E>DPW>AWEBPA>KDW>ADQFJRDW>AM>PVLKDPPRJV>KD>K
I>PA>L

K<M<GG@G @SKM@NNDJI J>>PMN DI OC@ +M<OTPOK<II<=P??C<N<HPFCQ<NOCDO<

N<H?CDNOM< N@@ #<MMDNJI <I? DI OC@ 1DH<G<FMODIDM?@<NOM< KM>QQFO
>AEVQJ> K> ?>EFOAE KL?E>V>J >KQ>OBLM>I>?EV>QB N@@ '<HJOO@
&+@?/D=<I?+N+/D=AJGGJRDIBDOOM<ING<O@NKL?E>V>J>KQ>OB><NDKVFD>JBAM>
I> V>KD +N+ /D= M>O AJM M> I> OC<O DN <N <GNJ IJO DI OC@ <=N@I>@ JA OC@ ORJ
#<MMDNJI I >JIND?@MN<?@NDM@AJMDIO@GGDBD=DGDOT<NOC@M@<NJIAJMOCDN
OM<ING<ODJI >CJD>@ NO<ODIB @MO<DIGT I@DOC@M DIND?@ IJM JPOND?@ DN HJM@ M@<?DGT
PI?@MNOJJ? OC @> M>OFAEL KAEVQJ> K>
?>EFOAE KL?E>V>J >KQ>OB> PQEFQ> <N AB V>KD K>KD K> >KD JF DK>P MEVF OLI K>
>KDJFDK>PDKVFD>JBAM>OV>KDJFDK>P

'<HJOO@ I OM<ING<O@N K> O>HV>QE> K> SFO>HV>QE> <N QJPN
IKMJPQ@M@U ID <HJPM ID C<I@= PO $ OCDIF OC<O OC@ <POCJM JA OC@ &+ KMJ=<=GT
RDNC@NOJ>JIQ@TOC@D?@<OC<ORC@I>JI>@KOP<GDUDIBC<N>@<N@?OC@M@DNIJ?@NDM@
<I?RC@IOC@M@DNIJ?@NDM@OC@M@><I=@IJM@GDILPDNCDIBJADO /C@IJI@SDNO@I>@JA
?@NDM@ DHKGD@N OC<O OC@M@ DN IJOCDIB OC@M@ D @ IJ ?@NDMJPN A@@GDIB JM @HJODJI OC<O
>JPG?=@BDQ@IPK A .@TAJMO-P@BB +N?DF<

N?@'<1<GG@+JPNNDIIJO@NHJM<GDOT>JI>@IOM<ODJIDINDBCOGD=@M<ODJI<I?OC@
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@MMJM DI M@B<M? OJ RC<O DN PIM@<G =T 6NKDMDOP<GGT8 DHH<OPM@
JM?DI<MTK@MNJINC<Q@>JH@<=JPOOCMJPBC6OC@N@K@MNJIN8JRI
>JI>@KOP<GDOT SFH>IM> 6(<EPM8 N<D? 2C@M@ * S<GO@?
*I@ <M@ OC@ C@GGN B<OC@M@? OJB@OC@M /C@ S<GO@? *I@ N<D?
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?JTJPOCDIF*(<EPMC<Q@OC@C@GGN>JH@<=JPO=TQDMOP@JA
6OC@N@ K@MNJIN8 JRI>JI>@KOP<GDOT JM C<Q@ OC@T >JH@ <=JPO =T
6OC@DM8 JRI I<OPM@ 6(<EPM8 N<D? *IGT =T QDMOP@ JA 6OC@DM8
JRI>JI>@KOP<GDOT* S<GO@?*I@?J<GG6NKDMDOP<GGT8DHH<OPM@
JM?DI<MTK@MNJINFIJROC@C@GGN<I?OC@<IDH<G6M@<GH8<I?OC@
>JI>PMRDOC'N<POCJMDIO<FDIBK>O>H>JRHE<N<IRM>J?>ERSOEF>JHKJPI?
'N <POCJM CJR@Q@M JAA@MN @ OC<O NGDBCOGT ?DAA@MN
AMJH HT PI?@MO<I?DIB JA DON H@<IDIB #@ =@BDIN CDN >JHH@ION JI OC@ AJMHPG<D>
KCM<N@ AEO> =T BGJNNDIB JRHE> JA K>O>H>JRHE JA OC@ >DO<ODJI RDOC O>V>
@Q@IOCJPBCOC@'H<IPN>MDKO>JPG?=@DIO@MKM@O@?<NM@<?DIBJRHEV>QC@M@<I?
4JI@U<R< 6 8 <>>@KON OCDN M@<?DIB OC@ >JIODIPDIB @SKGD><ODJI H<F@N
>G@<MOC<OJRHE>JDN=@DIBBGJNN@?JI@NCJPG?K@MC<KNM@<?JRHE>JO>V> #@
@SKG<DINOC<ODIOC@KM@N@IO>JIO@SOOC<ORCD>CDNOC@NJPM>@D @ OC@=<NDNDN6@HKOT8
NK<>@ Q>@ @QOH> AO@M ?DNNJGQDIB K>O>H>JRHE JA OC@ PQO> >DO<ODJI <N <N
NO<O@? J ?>ERSOEF K>O>H>JRHE>J FS> JRHE> VB P>OS>AE>OJVJX
'N<POCJM>JI>GP?@NCDN@SKG<I<ODJI=TNO<ODIBOC<OOC@PQO>NN@IO@I>@OCPN
H@<INOC<OEPNO<NOC@C@GGNC<Q@6@HKOT8NK<>@<NOC@DM=<NDNNJ?J<GGKC@IJH@I<
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OC@ @IODM@ O@<>CDIB JA OC@ P??C<N P>OS>?RAAE>AE>OJVJX>AEO>A AEO>
M>A>>A 4JI@U<R< 6AJG = 8

.@TAJMO -P@BB PI?@MNO<I?N OC@ N@IO@I>@ Q>QE K>O>H>JRHE J>GRO
P>OS>AE>OJFA>AEO>M>A>J?DAA@M@IOGT<I?OM<ING<O@NO<FDIBOC@/D=@O<IDIOJ
>JIND?@M<ODJI/CPN(<EPM<GGAE>OJ>N=@DIB@IOMD@NAJMOC@?@IDU@INJAC@GGN
K>O>H>JRHE>PBJP@>KAJV>I?>FPDLOCDNDN<!JMHPG<D>+CM<N@AEO>M>A>
DWRPDFQPEFD $ODNOMP@OC<OPBJP@>KAJV>I?>><IC<Q@OC@H@<IDIBC@GG=@DIB
=POBDQ@IOC@>JIO@SO<I?OC@A<>OOC<OK>O>H>J>>PMN<IPH=@MJAODH@NDIOC@>DO<ODJI
<I?DN>JINDNO@IOGTOM<ING<O@?OCMJPBCJPO<NPBJP@>KAJV>I?>DODN=@OO@MPI?@MNOJJ?
<NM@A@MMDIBOJOC@C@GGN $ODN<GNJ?DAAD>PGOOJFIJRRC<OOC@PQO><POCJMHDBCOC<Q@
DIO@I?@? DA C@ M@<GGT H@<IO OC<O AE>OJ>N <M@ @IOMD@N AJM OC@ ?@IDU@IN JA C@GGN
.O>C@M=<ONFTN AM@@ OM<ING<ODJI /C@ <SDJH JA OCDN CM< DN OC<O <GG
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/-).'/$*)
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DHKJNDODJI JA OC@ PIM@<G A@@G K<DIAPG A@@GDIB <I? @SK@MD@I>@
6DH<BDI@?8K<DIDI<GGOCM@@=<??@NODID@N>MV>
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N@@8C@GGDNCK<DIARHE>6<NPIM@<G8 !JM@S<HKG@* S<GO@?
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=JDGDIBBGJRDIBDMJIKJOJAH<ITA<OCJHN $IND?@DOC@RJPG?
A@@G C<MNC NC<MK <>PO@ <BJIDUDIB K<DI DI DO C@ RJPG? @S
K@MD@I>@H@IO<G<IBPDNCC@RJPG?=@<AM<D?RJPG?=@O@MMDAD@?
RJPG? A<GG DIOJ 6< NO<O@ JA8 ?M@<? /C@I PKJI <R<F@IDIB C@

'N<POCJMBGJNN@NV>J>ILH>RDOCMOBQCPIBMTBCJNON>A 4JI@U<R<

6AJG =8

Q@IOCJPBC+N+/D=<I?1(/D=NPKKJMOHN,NM@<?DIBKE>JHN+N<I?
%<I?'N@E>JDNKM@A@M<=G@JINOTGDNOD>BMJPI?N2@M@OC@I@B<ODJIDON@GAOJ=@
@HKC<NDU@?K>RJPG?NO<I?<OOC@=@BDIIDIBJAOC@N@IO@I>@MDBCO<AO@MV>QE6,8
=PONCJPG?OC@NOM@NN=@JIK>O>HK<I?KO>H>ARHE>JJI@RJPG?@SK@>ODOOJ=@
KG<>@?=@AJM@M>VJF /C@A<>OOC<ODO?J@NIJONO<I?=@AJM@M>VJFDI,G@<?NJI@
OJNPNK@>OOC<O,NK>DN@DOC@M<N>MD=<GHDNO<F@JMOC@M@NPGOJA?@GD=@M<O@>C<IB@ N
NO<O@?@<MGD@M+N+/D=C<N=@@I>JKD@?DIAMJH1(/D=

P>JG >JQ@MN < =MJ<? AD@G?JA >JI>@KON NJH@ JA RCD>C >C<GG@IBDIB OJ
ADI? IBGDNC @LPDQ<G@ION AJM /C@ ORJ <NK@>ON KMJHDI@IO DI OC@ KM@N@IO N@>ODJI <M@
>JIN>DJPN@SK@MD@I>@P>JGDIDONN@IN@JA<KK@M>@KODJI<I?DH<BDIDIB<I?OC@
@HKC<NDN JI JI@ JM OC@ JOC@M Q<MD@N OCMJPBCJPO $ OM<ING<O@ P>GKQB <N @SK@MD
@I>@N=<JQ@=@><PN@OC@<R<M@@SK@MD@I>@JA=@DIBDIC@GGNO<I?NDIOC@AJM@BMJPI?
<OOCDNKJDIO<I?DODN>G@<MOC<OOCDN@SK@MD@I>@J>>PMNDI<?M@<HJI@>JPG?<GO@MI<
ODQ@GT>JIND?@MDH<BDI<MDGT@SK@MD@I>@N

+N+ .FO M@<?N >KBH>M>RORV ILE>HRJ?EV DIOJ < DMJI KJO JA H<IT
A<OCJHN=PO+N+/D=M@<?NI@>DPHVF?RJM>PHVBP?RARJ>A>KDIA>KM>6DIOJ8<
DMJIKJOTFQEJ>KVMBLMIBDIDO 1(/D=C<N=@@I>JMM@>O@?OJM@<?I@>DPHVF
?RJM>ALJARJ>J@EFPM>FK>KDK>RCD>C>JMM@NKJI?NRDOC+N+.FO .@@OC@
AJGGJRDIB IJO@ .@TAJMO -P@BB O<FDIB OC@ /D=@OJIND?@M<ODJI
OM<ING<O@N /C@M@ C@ HDBCO >JI>@DQ@ JA CDHN@GA <N KM@>DKDO<O@? DIOJ < =JDGDIB <I?
AD@MTDMJI><PG?MJIG<MB@@IJPBCAJMH<ITH@I

/C@ 1( >DO<ODJI RCD>C R<N >JKD@? DIOJ +N+ /D= KM@N@ION AB AB K>P P>A M>O
DVROWEFKDOILJM>A>KD?@>PM>PAJMP>Q>QO>MO>QFSF?RAAE>P>JK>RDOCP>JK>
OCPN DIO@MKM@O@? DI OC@ N@IN@ JA KMD?@APG
<MMJB<IO P>JK> DN CJR@Q@M C@M@ IJO
DIO@I?@?DIDON>G<NND><GH@<IDIB $OM<OC@MM@KM@N@ION<(D??G@$I?D<IH@?D<GKM@N@IO
K<MOD>DKG@ AMJH >P @=DIB OC<O NPMQDQ@? DI P??CDNO #T=MD? .<INFMDO DI OC@
KM@N@IO >JIO@SO DO > A
+-.))+#+/
-*)

RJPG?>MTJPORJPG?G<H@IORJPG?R<DG*COC@K<DI*COC@
K<DI #DN AMD@I?N <>LP<DIO@N <I? M@G<ODQ@N RJPG? OC@I
DILPDM@ 2C<O DN OCDN K<DI JA TJPMN AMJH #@ RJPG? NK@<F OJ
OCJN@ AMD@I?N <>LP<DIO@N <I? M@G<ODQ@N OCPN $ C<Q@
@SK@MD@I>@?OC@K<DIJAOC@C@GGN#@RJPG?6OC@I8N>JG?RJPG?
M@=PF@ OC@H 6N<TDIB8 -@<GGT $ @SK@MD@I>@ OC@ K<DI JA OC@
C@GGN <I? TJP 6BJ JI OJ8 <NF H@ 2C<O DN OCDN K<DI JA TJPMN
AMJH /C@I OCJN@ AMD@I?N <>LP<DIO@N <I? M@G<ODQ@N RJPG?
NK@<F OJ OC<O H@<B<DICDN
H@HJMT RJPG? NPMA<>@ 6<I? C@ RJPG? M@<GDU@8 $ R<N <NG@@K
/CDNRCD>C$<NNPH@?6OJ=@C<KK@IDIB8DNA<GN@SFQ>QE>PIM@<G
>?EQ> 6I?8 JI>@ <B<DI C@ M@>JQ@MN 6CDN8 >JIO@IO@?I@NN
P>RJ>K>PV>
%PNO <N * S<GO@?*I@ OC<O HP>Q<NG@@KDI<?M@<HRJPG?@SK@MD@I>@CDHN@GA
<NBJI@OJC@GGDI@S<>OGTOC@N<H@R<T* S<GO@?*I@?J<GG
6NKDMDOP<GGT8 DHH<OPM@ JM?DI<MT K@MNJIN @INI<M@? =T PIM@<G
?@NDM@>JINOMP>OOC@<KK@<M@KFJFQQ>JA<RJHJK> /C@ @MMJI@JPN OILJ M> A>KD ?@>P M> DI OC@ OM<ING<ODJI JA OC@
1( M@GD@? PKJI =T OC@ +N+ /D= OM<ING<OJMN ?J@N IJO <KK@<M DI OC@ Q@MNDJI JA OC@
PQO>AJPI?DIOC@<IJIJMDIOC@N/JB"JI?CG<<I?+CPB=MJGG@>ODJIN /CDN<I?
JOC@M@MMJMN<I?DI>JINDNO@I>D@NC<Q@G@?H@OJCTKJOC@NDU@OC<OOC@+N+OM<ING<OJMN
M@GD@? JI JI<G?

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H@<IDIB

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@IODM@OT <I? IJO <N DO ?J@N DI H<IT JOC@M >JIO@SON OJ < LP<GDOT JM < >C<M<>O@MDNOD>
A@<OPM@ JA C <N OC@ =M@<NON JA < RJHC
HJIFN<M@<?QDN@?IJOOJBM<NKD @ BDQ@<OO@IODJIOJOC@A@H<G@KFJFQQ>6=M@<NON8
=@><PN@DAOC@KFJFQQ><M@IJOBM<NK@?OC@M@RDGG=@IJAJMH<ODJIJAP>GDIM@B<M?
OJOC@H<I?OCPNIJM@NPGODIBPIRCJG@NJH@H@IO<GQ@M=<GJMKCTND><G<>ODJIJIOC@
K<MOJAOC@HJIF +N+/D=NPKKJMONOCDNDIO@MKM@O<ODJIJAKFJFQQ><NOC@@IODM@@IODOT
RDOC ?RA JBA I> JQPE>K J>O OQLD M>O ?DVFA N .>CHDOC<PN@I C<N IJO@? OC@
@SKM@NNDJIKFJFQQ> H@<IN ADMNOJA <GG >C<M<>O@MDNOD>@( MFH<G C@ ><GGN <OO@IODJI
OJ OC@ N@MD@N JA LP<NDNTIJITHN V>FO HO>FO V>FO IFD>FO V>FO KFJFQQ>F M@>JM?@? DI
OC@?<<NC<NMDF+M<EKM<HDO@? JIU@-JH@ =PONDHDG<M

/-).'/$*)
>JINOMP>O@? OC@ <KK@<M@ JA < RJH@

OC@HN@GQ@N KG<TDIB <HJMJPNGT RDOC OCJN@ 6RJH@I8 /C@ 6NKDMDO
P<GGT8 DHH<OPM@ JM?DI<MT K@MNJI >JH@N OJ OCDIF OCPN $ <H <
H<IOCDNDN<RJH<IOCDNRJH<IDNHDI@ #DNHDI?DI<NHP>C
<NOC<OHDI?DNKJNN@NN@?=TT@<MIDIB<I??@NDM@@E>KA>OD>
BJ@N DI N@<M>C JA @IEJTH@IO ?ELD> !JM OC<O M@<NJI C@ KMJ
QJF@N <MBPH@ION LP<MM@GN <I? ?DNKPO@N @><PN@ CDN 6H@IO<G8
A<>PGOTDN>JMMPKO@?@IHDOTS>FO><MDN@NDICDH #@JI<>>JPIO
JAOC<OD?@<ODJI<G@MMJMP>GSFM>OVP>PKJI?TDIBDH<BDI@N
CDHN@GA<NA@@GDIB<BJIDUDIBK<DIDIOC@C@GGNAJMH<ITOCJPN<I?N
JA<@JINH>IM>
OJ OC@ R<T DI RCD>C AE>OJ>N <M@ C@G? OJ =@ DI?@K@I?@IO >C<M<>O@MDNOD>N JM NO<O@N
RDOCJPOOC@M@=@DIB<NP=NO@=@<MDIBOC@HOC@KFJFQQ>NOJJ<M@JAO@I>JIND?@M@?OJ
=@DI?@K@I?@IO<I?IJOH@M@GTOC@<OOMD=PO@NJAOC@DM=<N@NOC@<OOMD=PO@=@<M@MNN@@
CDNAPMOC@M>JHH@IONDI.>CHDOC<PN@I I M=>JHH@ION
KFJFQQ>RDM?<=@MID>COIPMAMM@DIIJHDI@GG@ MN>C@DIPIB@IRD@5<CG@I5@DONOPA@I
J?@M AM DB@IN>C<AO@I RD@ R?E> PQO MROR> PNR Q@MR@I?@O NJI?@MI =@U@D>CI@O
C ?PM>C<PN FJIFM@O@M@ "@B@INOI?@ - 1@MN ((& 331 <=
P>OSLM>I>J?ELM>>J> +<M<KCM<N@ ?<UP DI +M<N . FE> EF P>OSB
MO>M>@K KFJFQQK V> RM>>JL .@@ NDHDG<MGT 41 JI 4 >? POFA M>
VLKDPPRPEBPM>KFYYJV>KD>KA>PPEBP?OGLAM>VFKWWRC@M@DODNNO<O@?DIM@B<M?
OJOC@OCJMJPBCFIJRG@?B@JA@SDNO@I>@D @ OC@FIJRG@?B@OC<O6J>>PMN8DIOC@HJ?@
JA OCJMJPBC IJIFIJRG@?B@ JA @SDNO@I>@N =@DIB RDOCJPO <MDNDIB OC<O AB KVFA
JQPE>KJ>QE>JP@>AO>?QRWEF?>FKDL?LVFKM>PEPNOOC<OC<NOC@I<OPM@JAOC@
><GHDIB JA <GG <KK@<M@N> K .>C@MM@M.>C<P=N OM<ING<ODJI @NO @GG@ LPD
>JINODOP@G<AJMH@KDL?>?@G<K<DN@H@IO?@OJPO@NG@N?O@MHDI<ODJINJQPE>KJ>
KFJFQQ> 6LPD ><M<>OMDN@IO G@N J=E@>ON ?@ G< >JII<DNN@ @HKDMDLP@8 .@@ 41@?
41OM 'N <POCJM DIO@MKM@ON PQOKFJFQQ> OJ H@O JA =@DIB
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A<>@ PQOKFJFQQ>
JRHEAFS>FFV>>A 4JI@U<R< 6AJG =8

@ '< 1<GG@ +JPNNDI O<F@N IJO@ JA < N>CJG<NOD> ?@ADIDODJI JA @E>KA> <I? OD>
M@>JM?@?DIOC@&1T>MOMQBRSF>VBRMOOQE>K@E>KA>MOMQBROD>+N+'
I $=@GD@Q@OC<OOC@PQO>>DO@?<=JQ@DIO@I?NOC@ORJ<NLP<NDNTIJITHN

N@<MGD@MDIOC@N<H@1(>DO<ODJIP>JK>DNOM<ING<O@?<NOILJM>A>KD?@>P
M> .@@I

.@TAJMO-P@BB <KK@<MNOJ<NNPH@OC<OOC@?@NDMJPNH<IEPNO?@N>MD=@?

DN OC@ N<H@ HJI>@KOP<G
HDN<KKM@C@INDJIP>GSFM>OVP>C@>JI>@DQ@NJACDHN@GA<N=@DIB?@<?A@@GDIB<
N@IN<ODJI JA K<DI DI C@GGN AJM H<IT OCJPN<I?N JA <@JIN !JM @S<HKG@ 'JM? CDN
AMD@I?NM@G<ODJIN<I?FDINH@I<??M@NNOCDNH<I<NAJGGJRNJIJOA@<MBJJ?A@GGJR
?JIJOA@<M4JPR@M@<NG@@KTJPC<Q@BJI@IJRC@M@JPOND?@OCDNCJPN@ /C@ORJ
+-.))+#+/
-*)

%PNO<N* S<GO@?*I@OC@AMD@I?N<>LP<DIO@N<I?M@G<ODQ@N
JA OC<O H<I 6RCJ ?M@<H@? C@ R@IO OJ C@GG8 NK@<F OCPN C
6BJJ?8 A@GGJR ?J IJO =@ <AM<D? ?J IJO =@ <AM<D? AJM TJP R@M@
NG@@KDIB TJP ?D? IJO ?@K<MO AMJH OCDN CJPN@ AJM NJH@RC@M@
6@GN@8DIEPNOOC@N<H@R<T* S<GO@?*I@?JOC@P??C<NOC@
S<GO@?*I@NO@<>COC@J>OMDI@OJ=@DIBNRCJ<M@HDNO<F@I?P@
OJ<I@MMJMJAOC@HDI?@FQQ>SFM>OVP>SFM>OV>PQ>OCPN/C@M@DN
IJRJH<IPQOC@M@OC@M@DNIJH<IMROR>IJ=@DIBP>QQS>
IJ GDQDIB =@DIB GS> IJ DI?DQD?P<G MROR> IJ K@MNJI
MRAD>I> GGOC@N@KC@IJH@I<AE>OJ><M@PIOMP@SFQ>QE>
<GG OC@N@ KC@IJH@I< <M@ DI@SDNO@IO >P>Q GG OC@N@ KC@IJH@I<
<M@ A<=MD><O@? SFE>MFQ> GDF@ < H<BD><G DGGPNDJI <M@ <GG OC@N@
KC@IJH@I<GDF@<?M@<H<M@<GGOC@N@KC@IJH@I<GDF@H<BD><GGT
>M@<O@? 6OCDIBN8 <M@ <GG OC@N@ KC@IJH@I< GDF@ OC@ HJJI
6M@AG@>O@?8DIR<O@M<M@<GGOC@N@KC@IJH@I<<I?NJJIDI?@O<DG
/C@TC<QDIBC@<M?OCDNOC@/<OCB<O<NO@<>CDIBJAOC@J>OMDI@
N@@<GGKC@IJH@I<<N6OCDIBN8AJMRCD>C?@NDM@OD>C<NA<?@?
OC@T N@@ <GG KC@IJH@I< <N 6OCDIBN8 DI M@B<M? OJ RCD>C C<OM@?
AL>C<NA<?@?OC@TN@@<GGKC@IJH@I<<N6OCDIBN8RDOCM@B<M?
OJRCD>C?DNJMD@IO<ODJIJLE>C<NA<?@?<NRDOCJPOJRI=@DIB
RDOCJPOJ=NOMP>ODJI>KS>O>> /C@T?D@RDOCOC@HDI?NDOP<O@?
H@I<M@IJOD?@IOD><GOC@ADMNOJIGT?M@<H@?C@R@IOOJC@GG=POOC@N@>JI?<>OP<GGT
?D? @I? PK DI C@GG @><PN@ OC@ G<OO@M =@GD@Q@N DI OC@ M@<GDOT JA OCDIBN C@ ?J@N A@@G
<BJIDUDIBK<DIDIC@GGDODNNO<O@?OC<OC@DH<BDI@NCDHN@GA<NA@@GDIBOC@<BJIDUDIB
K<DIJIGT=@><PN@<GGOCDIBNAMJHC@<Q@I<I?C@<Q@IGTKG@<NPM@OJC@GG<I?C@GGDNC
K<DI<M@DH<BDI@?=TNKDMDOP<GGTDHH<OPM@=@DIBN /C@DIOMJ?P>ODJIOJOC@K<M<BM<KC
H<F@N>G@<MOC<OOC@@SK@MD@I>@JAJM?DI<MTK@MNJINDN=@DIB>JHK<M@?OJ<?M@<H

"DQ@IOC<ODIOC@KM@N@IOK<NN<B@OC@M@A@M@I>@NOJMROR><I?PQONPBB@NOOC<O<
I@B<ODJI JA >JIQ@IODJI<G >JI>@KON DN KMDH<MT $ OM<ING<O@ OC@ N@>JI? J>>PMM@I>@ JA
MROR> DI OC@ N@IO@I>@ <N DI?DQD?P<G< I? IJO <N NJPG< I? <GNJ MRAD>I> <N
K@MNJI IJO <N 6@I?PMDIB CJGDNOD>8 K@MNJI $ <GNJ <NNPH@ OC<O GS> DN H@M@GT
DIO@I?@? <N @LPDQ<G@IO OJ P>QQS> <I? OC@M@AJM@ DI OC@ KM@N@IO >JIO@SO H@<IN GDQDIB
=@DIB< N JKKJN@? OJ GDA@ KMDI>DKG@< I? OCPN NJPG #JR@Q@M OC@ MQ<F<N
GDNO@IDIB OJ JM M@<?DIB OC@ PQO>N NO<O@H@ION RJPG? KMJ=<=GT <GNJ H<F@ D<ODJI RDOC OC@ OM<?DODJI<G I@B<ODJI JA H@O<KCTND><G @IODOD@N GDF@ NJPG< I?
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K@NOG@ DN <>FIJRG@?B@? <N C<QDIB < =J?T N DI?D><O@? =T <I?M<FMOD NDHDG<M OJ
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FMOD C<N H<?@ Q@MT >G@<M OC@ QD@R JA OC@ IJI?DAA@M@I>@ JA @<MOC <I? DON
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KMDI>DKG@ OC<O DN NPKKJN@? OJ <>>JPIO AJM OC@ >JJ>>PMM@I>@ <I? >J<G@N>@I>@ JA
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LP<GDOT DR> @Q@I OCJPBC OC@ ORJ C<Q@ =@@I ><PN@? OJ >J<G@N>@ =T DIC@M@I>@
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PH>KAE>N8<K@NOG@<>OP<GGT@SDNON<NOC@<KKMJKMD<OJMRMAQJA
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JAOC@LP<GDAD><ODJIOJ=@AMJHOC@(<?CT<H<F<ND?@I DODN<E@@M<OOC@A<>O
OC<O OC@ (?CT<HDF< KM@A@MN OC@ M@<GDNOD> GJBD> JA OC@ )<DTTDF<N <I? M@E@>ON OC@
M@AJMHN JA OC@ P??CDNO GJBD>D<IN MIJG? = ?J@N IJO @SKG<DI RCT C@
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#<G=A<NN /C@ (HN<F<N <GNJ H<DIO<DI OC@ @SDNO@I>@ JA NP=NO@
N@K<M<O@ AMJH DON LP<GDOD@N N@@ @ B C<OO G<NND><G .FCT<
<KKMJKMD<O@NOC@1<D@DF<?J>OMDI@JAOC@><O@BJMD><G?DNODI>ODJI=@OR@@INP=NO@
<I?LP<GDOTN@@@ B !M<PR<GGI@M

MIJG? = I >JIND?@MN .@TAJMO -P@BBN >JMM@>O OM<ING<ODJI JA
PS>P>J>VB<NDIOJJI@NJRI?J>OMDI@OJ=@=<N@?JIGTJI+N+/D=-P@BB6
8 M@<?DIB PS>J>Q> K@M OC@ /D=@OKD DF DWERKD IRDP< I? OCPN OM<ING<O@N
PS>P>J>VB<NRDOCM@B<M?OJTJPMJRIJ>><NDJIRCD>C?J@NIJOH<F@HP>CN@IN@
DIOC@KM@N@IO>JIO@SO

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N>CJJGN C@ RJPG? =@ H@O RDOC OC@ >JIN@LP@I>@ OC<O C@ RJPG? <GNJ C<Q@ OJ <?HDO
<GJIB RDOC JOC@M PI<>>@KO<=G@ @IODOD@N <I? ?J>OMDI@N OC@ H@<IN JA Q<GD? >JBIDODJI
MO>J>=TRCD>COC@J=E@>ONKMJKJPI?@?=TOC@M@NK@>ODQ@N>CJJG<M@FIJRI<I?
Q<GD?<O@? !JM @S<HKG@ DI <??DODJI OJ?DM@>O K@M>@KODJI <I? DIA@M@I>@ <POCJMDO<ODQ@
O@NODHJIT >?A> <I? >JHK<MDNJI RM>JK> <M@ <>>@KO@? =T OC@ 1<D@DF<N <I?
)<DTTDF<N DHKGD><ODJI 6>OQEM>QQF8 DN <??DODJI<GGT <>>@KO@? =T OC@ +M<=CF<M<
(HN<F<NI@B<ODJI6>?ES>8=TOC@C<(HN<F<N<I?OC@1@?IODIN<I?
KJNND=DGDOT 6P>J?E>S>8 <I? OM<?DODJI 6>FQFEV>8 =T OC@ +<PMDF<N N@@ @ B #<OOJMD
I -<I?G@ /C@O@I@OAPI?<H@IO<GOJDBIB<NNTNO@HJA
OC@ @SDNO@I>@ JA JIGT ORJ MO>J>N <I? ORJ >JMM@NKJI?DIB MO>JBV>N RJPG?
OC@M@RDOC=@?@HJGDNC@? A <GNJ+N+'I <I?.D?@MDON

K <I?M<FMODN(<MBPH@IO<B<DINOOC@OC@NDNOC<OOC@QJ>KDNOC@N<H@OCDIB
<NOC@PH>KAE>NDIRCD>CC@NO<O@NOC<OOC@<KKMJKMD<OJMHPNO=@NJH@OCDIB?DAA@M@IO
AMJHOC<ORCD>CDN<KKMJKMD<O@?=@><PN@JOC@MRDN@<>O<I?<B@IORJPG?<GNJ=@OC@
N<H@OCDIBIBKMLO>KDKVBOIBKD@FDOFDPAKDLPJFKYABIQ>K>I>P?VBAMLD@FDKVFA
DVROYY(1$ 0GODH<O@GTI@DOC@M<KKMJKMD<OJMIJM<KKMJKMD<O@?@SDNON=POJI

/-).'/$*)
OC<O6RCD>CDN8<KKMJKMD<O@?RMAK>QDU 6DON8JRI=J?T6OC<ODN
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GT GDIBPDNOD> KM<>OD>@ I>RHFH>SV>S>EO> 6DI<NHP>C <N OC<O K@NOG@ DN8
B@I@M<GGT @NO<=GDNC@? RDOCJPO <I<GTNDN <I? -CP <>OP<GGT @SDNON <N
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KFA>O>K>6JAK@NOG@<I?-CP<NNP=NO<IOD<ODJIAJMTJPM>G<DHOC<O
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OC@ NPMA<>@ G@Q@G =JOC <KKMJKMD<OJM <I? <KKMJKMD<O@? <M@ <>>@KO@? <N @SDNODIB OC@T
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IJO @SDNO OC@ JOC@M ><IIJO @SDNO <I?M<FMOD NP=NO<IOD<O@N CDN <MBPH@IO<ODJI AJM C @SDNON <N <>ODQDOT DI (C <? (
1$ RDOC<POCJMDO<ODQ@O@NODHJITD>J>OC<O<NN@MONOC@@SDNO@I>@JAOC@K@MNJI
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<I?GDIBPDNOD>?DN>JPMN@JIOC@IJI<I<GTU@?RJMG?GTG@Q@GDIOC@AJMHJAOC@<KKMJ
KMD<OJMJAOC@PH>KAE>NNJ?JK@NOG@N<I?-CP<>OP<GGT@SDNO<NOC@<KKMJKMD<OJMNJA
M@NK@>ODQ@GT OC@DM =J?D@N <I? C@<? JI OCDN G@Q@G DBIB< C<N CJR@Q@M @SKM@NNGT
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OCPN <IT >JHK<MDNJI JA OCDN IJI@SDNO@IO I>HV>>PHKMJKJN@?LP<GDAD@M RDOC OC@
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M@G<ODJINCDKJALP<GDAD@M<I?LP<GDAD><I?DNIJOKJNND=G@RC@IOC@M@DNIJO<LP<GDAD@M
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6AJG =8 #@@SKG<DINP>SV>S>EO>PFAAE>PV>SFB>>PV>?ESA
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JA QD@R OC@ J=E@>ON <KKMJKMD<O@? LP<GDAD@? @O> <M@ <N IJI@SDNO@IO <N OC@
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/-).'/$*)
b $A OC@M@ R@M@ 6OCDN J=E@>ODJI8 2C<O PN@ DN OCDN OMDAGDIB
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DBIB<M@OJMONOC<OC@?J@NIOI@@?OJ=@OPOJM@?<=JPOOC@PGODH<O@<I?NPMA<>@
G@Q@GNC@GDF@<I?M<FMOD<>>@KONOC<OOCDIBN?JIJO@SDNOPGODH<O@GT<I?@SDNOJIGT
NPK@MAD>D<GGT #@@HKC<NDU@NOC<OCDNAJ>PNDNH@M@GTRC<OOC@RJMG?<>>@KONC@DI
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-*)

DIOMJ?P>@? M@<NJIDIB RM>M>QQF DI >@MO<DI ><N@N HS>@FQDI<NHP>C

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?@NDBI<ODIB8 OC@ M@GD<=G@ R<MM<IO DN KMDH<MT <I? OC@ JOC@MN <M@ N@>JI?<MT KVB ?>O
+-.))+#+/
-*)

6-@KGT8(@O<KCJMD><GPN<B@RM>@O>DIM@B<M?OJNP>C<IJ=E@>O
KJO DN IJO <KKMJKMD<O@ !JM DI OC@ RJMG? =DMOC DN K@M>@DQ@? OJ =@
?DAA@M@IOAMJHC<KKDI@NN<I?=@><PN@6OC@=DMOCJA<APOPM@P??C<8
C<N<NDON><PN@H<ITCPI?M@?NJAC<M?NCDKNNDI>@DOC<N<NDONI<OPM@
?Q>DP .FO >RM>@OFH> $I OCDN M@B<M? O DN 6ADBPM<ODQ@GT8 >C<M<>O@MDU@? <N
MO>QV>H>NDI>@DODN>JBIDU@?=T6OC@M@GD<=G@R<MM<IO><GG@?8MO>QV>H>
JHK<M@OC@NO@JAOC@+N+NCTKJOC@OD><GDBIB<RDOCOC@KJNDODJIJA KDNO@H
JGJBDNO JKKJI@ION D?@IODAD@? <N OQLD DB M> OK>JP DI <I?M<FMODN >JHH@IO<MT JI
3$$$ /@? AFI>OQLDDBM>OK>JPK>OB?RJM>I>JKDLKPRJ
KVFAVLAM>J>VFKM>HELK>PQBYDWRDPI>PLDPM>OK>JPHVFO>KDDFJQPE>KKVFAKF
?PQ>KARJBAM>VFKI>YJKDLKPRJDVFP?PKV>AM>O?V>?>FJFDI>PLDPM>FOK>J
M>O PEBP M>F VRI VFK M>F MEVFO JKDLK PRJ WEBP ?V> ?>O ALDP PL WW /@? M@<?N
OQLDDB?>OK>JP /DGG@H<INOMOM<ING<O@N*IOCDNKJDIOOC@GJBD>D<INOQLD
DBM>QOHFH><MBP@<NAJGGJRN/C@Q<N@DNIJO<O<GGMO>QV>H>OC@K<MOD>PG<M>C<M
<>O@M O>KD DF JQPE>K KVFA PS>I>H>> JA 6QDNP<G8 AJMH <I? OC@ JOC@M 6@DBCO
NP=NO@N8<M@DI@SKM@NND=G@<I?<M@?@NDBI<O@?<NMO>QV>H><>@=PN@OC@T<M@OC@
J=E@>ONJAOC@QDNP<G>JIN>DJPNI@NN@N@O> RCD>CDNRC<ODN6M@<GGT8N<D?OJ=@MO>QV>
H> /CPN OC@ KDNO@HJGJBDNON M@A@MM@? OJ DI =JOC OC@ +N+ <I? OC@ KMDJMDODU@
>JIN>DJPNI@NN<I?JIGTN@>JI?<MDGT?@NDBI<O@N@IN@?<O<<NMO>QV>H> #<QDIB>JH@
PI?@MADM@AJMCDNOJJI<MMJR?@ADIDODJIJAMO>QV>H>OC@+N+NCTKJOC@OD><GDBIB<
BJ@NJI@NO@KAPMOC@M<I?<GNJ<GGJRNAJMOC@H@O<KCJMD><G?@NDBI<ODJIJAOCDIBNGDF@
KJO<NMO>QV>H> JHK<M@OC@@SKG<I<ODJIJAOC@JKKJI@IONRCJKM@N@IOOC@DM
N>CJJGN >PNOJH<MT QD@R JI OC@ H<OO@M /@? ?RJ M> KF ?ILP VLKDP PR
?OQ>DPM>QP>JVFKM>FMEVFOO>KDDFJQPE>KKVFAARVLAM>J>VFKI>YD>KDI>O>KD
DFJQPE>KKVFAVLAM>J>VFKM>ABI>KFAKDLPHVFDK>PM>PJKDLKPRJKVFAJFPOFA
M> >?WEFD QR J> W>A HVF AB I> ?Q>DP M>F JKDLK PRJ KVFA HV>KD JF ORKD KDL WW
/DGG@H<INOMA OM<ING<O@N<>@PN@OC@Q<N@DNH@M@GTNJH@OCDIB>JHKG@O@GT
DH<BDI<MTDO?J@NIJO@SDNO<N<K<MOD>PG<M>C<M<>O@M<I?RC<O@Q@MG<>FN<K<MOD>PG<M
>C<M<>O@M><IIJODIM@<GDOT=@MO>QV>H>IJOJIGTOC<O=PODO><IIJO@Q@I=@H@O<KCJM
D><GGT?@NDBI<O@?<NMO>QV>H> KJO><IIJO=@H@O<KCJMD><GGT?@NDBI<O@?MO>QV>H>
=@><PN@ OC@ D?@< JA < KJO DNIJOCDIB =PO >JI>@KOP<G JQ@MG<T NPK@MDHKJN@? JIOJ OC@
K@M>@DQ@?N@IN@?<O<
K OC@4PFOD?KDFN@SKG<I<ODJI4 <NOJRCTOC@J=E@>OJAK@M>@KODJI
H<T=@O@MH@?MO>QV>H>E>V>AFQ>OEF>AEV>S>PV>MO>J>H>QE>I>RHFH>
MO>VLDL OQE>SK ?E>S>QF MO>QV>H> S>PQS FQF Y R@V>QB V>QE MO>PQE>MO>JFQL
SOEFOF MO>PQE>>?A>S@VL ?E>S>QF W BS> MO>QV>H>MO>JFQL OQE> MO>QV>H>>
?A>S@V>PVQW .>CHDOC<PN@I A OM<ING<O@NAJGGJRDIBC<FM<Q<MODN@?

K AA =*E@>ODJI$AH@<INJAFIJRG@?B@GDO H@<NPM@6<I?OC@M@AJM@<GNJ
MO>QV>H>J8DN6?@ADI@?<N8?@O@MHDI<ODJID @ <>ODQDOTJAOC@?RAAEFCJR6><ITJP
@SKG<DI<N8H<FDIBN@IN@OC@>JHHJIPN<B@OC<O<OCDIBDNMO>QV>H>JINR@M%PNO
<N < C@<K JA MD>@ RCD>C C<N =@@I H@<NPM@? =T < MO>PQE>J < >@MO<DI H@<NPM@ JA
><K<>DOT DN 6DON@GA8 ><GG@? < MO>PQE>J OCPN O >JBIDU@? GDO H@<NPM@? =T
H@<INJAMO>QV>H>J?DM@>OK@M>@KODJIH<T6DON@GA8R@GG=@><GG@?MO>QV>H>J
?DM@>OGTK@M>@DQ@?6OJJ8

/-).'/$*)
OC@H<MFJAOC@>JI?DODJI@?P>PHQ>I>H>>DODNIJOCDIBDAIJO
PIC<KKT>PRHE> 2C@IDODN?@NDBI<O@?<NC<KKTDODN6DIM@<GDOT8
IJO<O<GG>JII@>O@?6RDOCC<KKDI@NN8NJOC<OFQFH@O<KCJMD><GPN<B@
DINP>C<><N@DN<KKMJKMD<O@ #JR@Q@MDIOCDN6><N@JA8OC@KJODN
MO>QV>H>OC@M@DNJA>JPMN@IJOMO>QV>H>D @ DHK@M>@KOD=G@
6OCDIB8 ><GG@? KJO OC<O DN <KKM@C@I?@? N@K<M<O@GT MQE>H 6D @ <K<MO
AMJH DON RMAK>8 RCD>C HDBCO JI <>>JPIO JA H@O<KCJMD><G PN<B@
=@6O@MH@?8MO>QV>H>D @ <?DM@>OK@M>@KOD=G@

+N+/D=M@<?NARP?V>PHVFJQPE>KKVFAHVFO>KD?WEFKVFKM>FMEVFOA>KDYAH>
?> ?ODV> MEO>D AR J>F ODVR @>K VFK M>F MEVFO AJM P>PHQ>I>H>>PS>?ES>QSA
>KBH>ARH>O>>Q>EBQRQSQ $O DN KJNND=G@ OC<O JI@ JA OC@ .<INFMDO H<IPN>MDKON M@GD@?
JI =T +< ONC<= <I? CDN M>FQ> >JGG<=JM<OJMN >JIO<DI@? < @> EBQRQS@ @> JM OC@T
H<TC<Q@<??@?DOOC@HN@GQ@N=@><PN@OC@T?D?IJOOCDIFOC<OOC@H@M@A<>OOC<O=DMOC
C<NOC@I<OPM@JAPHQ>I>H>>R<NNPDO<=G@<N<BMJPI?AJMDO=@DIBJ>><NDJI@?
=TH<ITCPI?M@?NJA?DAAD>PGOD@N $C<Q@IJO@H@I?@?OC@.<INFMDO=@><PN@JI@>@RDOCJPOOC@<??DODJIJA@> $?JCJR@Q@MDI>JIOM<NO
OJ.@TAJMO-P@BB<I?MIJG?<>>@KO+N+/D=NPI?@MNO<I?DIBJA>KBH>ARH>O>>Q>
EBQR<N<?>ERSOEF=@><PN@$<HIJOA<HDGD<MRDOCARH>O>=@DIB>JHHJIGTM@A@MM@?
OJ DI O@SON <N OC@ @LKPBNRBK@B JA H@M@ =DMOC <I? =@><PN@ DO DN JAO@I NO<O@? OC<O <
=J?CDN<OOQ<JIOC@K<OCHPNO><MMTJPOH<IT?DAAD>PGOO<NFNARH>O>@OV>NP>C<N
N@GAN<>MDAD>@ ??DODJI<GGTOC@M@A@M@I>@OJ=DMOC<NOC@@>RPBJAH<ITC<M?NCDKN<N
>JI>@MINOC@=DMOCJA<APOPM@P??C<DNKMJ=G@H<OD> *I@>JPG?JIOC@JOC@MC<I?
AJGGJRDIB .@TAJMO -P@BBN <I? MIJG?N DIO@MKM@O<ODJI KJNND=GT >JIND?@M OC<O RDOC
P>PHQ><I?M<FMODC<?DIHDI?P>PHO>ARHE>Q<I?RDOC>KBH>ARH>O>>Q>R<N
OCDIFDIBJAARHE>ARHE>QJIOC@OCM@@AJG?ARHE>QN@@.>CHDOC<PN@I
MIJG? = PN@N OC@ DIA@GD>DOJPN =PO PIAJMOPI<O@GT P=DLPDOJPN OM<ING<ODJI
>JHKJPI?@? AJMP>PHQ> P>PHQ>I>H>>PS>?ES>QSQ RCD>C DN =@><PN@ JA DON
C<QDIB<NDONI<OPM@OC@>C<M<>O@MDNOD>JA6=@DIB8>JHKJPI?@? P>PHQ>DNKMJK@MGT
OM<ING<O@? <N >JI?DODJI@? IJO G@<NO =@><PN@ <OJHN RCD>C <M@ >@MO<DIGT IJO >JH
KJNDO@N<M@<GNJDI>GP?@?DIOCDN><O@BJMT .@@I

>P>J?>AAE> RCD>C $ M@I?@M <N IJO >JII@>O@? DN OM<ING<O@? =T .@TAJMO -P@BB
<N DI<KKMJKMD<O@@ DIB ?@N>MD=@? <N =GDNN DN DI?@@? DI<KKMJKMD<O@
MIJG? =OM<ING<O@NDO<NDI>JC@M@IO2DOCM@NK@>OOJOC@NJMOJA
J=E@>ORC@M@RC<ODN=@DIBO<PBCODO6D @ =DMOC8DNC<KKDI@NNDNFK@LEBOBKQ
$O DN KJNND=G@ OC<O OC@ .<INFMDO AJMHPG<ODJI DN NJH@RC<O DI@S<>O =PO BM<HH<OD><GGT
>P>J?>AAE>C<NOJM@A@MOJRQMA>IJOOJRC<ORQMA>DN?@N>MD=@?<ND @ PRHE>

<I?M<FMOD <>>@KON DBIB<N @S<HKG@ DGGPNOM<ODIB OC@ H@O<KCJMD><G OM<INA@M JA

OC@?@NDBI<ODJIJA<I@AA@>OOJ<><PN@=POM@E@>ONCDN@SKG<I<ODJIJAOC@OM<INA@MJAOC@
?@NDBI<ODJI MO>QV>H> OJ < KJO $I OC@ ><N@ JA OC@ @S<HKG@ OC@ @AA@>O I<H@GT OC@
C<KKT NO<O@ @SK@MD@I>@? PKJI GD=@M<ODJI AMJH OC@ >T>G@ JA =DMOC <I? ?@<OC DN
<KKGD@?OJOC@><PN@I<H@GTOC@Q@MTPIKG@<N<IONDOP<ODJIJA=DMOCRDOCDIP>PO>
/C@><PN@D @ RQMA>O<F@IDIDONKMDH<MTN@IN@JRHEVOQE>DN@S<>OGTOC@JKKJN
+-.))+#+/
-*)

b $A 6DBIB< <MBP@N8 @><PN@ < KJO ?J@N IJO @SDNO N@K<M<O@GT
AMJH=GP@@O> 6DODN8H@O<KCJMD><GGTMO>QV>H>
6-@KGT8 Q@IDIOCDNR<TH@O<KCJMD><GPN<B@DNNODGGHJM@PRQ>OJ
PIM@<NJI<=G@NDI>@OC@M@DNIJ=<NDNO>V>OJRCD>CDOOC@NO<OPN
JA=@DIBMO>QV>H>>JPG?=@H@O<KCJMD><GGT<KKGD@?AJMNC<MKI@NN
DNIJOH@O<KCJMD><GGT<KKGD@?OJOC@CJMIJA<?JIF@T
b (JM@JQ@M KJO DN K<MO JA RJMG?GT ?DN>JPMN@ ILH>SV>S>EO> $A
6TJP8 >JIND?@MDIB 6< KJO8 IJO OJ @SDNO <N 6NJH@OCDIB8 N@K<M<O@ AMJH
=GP@@O> KJNOPG<O@OC<ODONK@M>@KOD=DGDOTDNH@O<KCJMD><G6OC@I8OCDN
=@DIBOC@><N@NCJPG?6DO8IJO6<??DODJI<GGT8=@NPKKJN@?NDI>@=GP@
DO@>PRHE>JAOC@@AA@>OPRHE><I?OCPNH@O<KCJMD><G<KKGD><ODJINP=G<O@NOC@
KMDH<MT H@<IDIB JA =DMOC DI OCDN DINO@ JA M@A@M@I>@ OJ OC@ =DMOC JA P??C<N *I
DBIB<N @SKG<I<ODJI JA MO>QV>H> OJ <MMDQ@ <O KJO H@O<KCJMD><GGT ?@NDBI<O@? <N
MO>QV>H>OC@M@RJPG?C<Q@OJ=@ORJDINO@NJAH@O<KCJMD><G?@NDBI<ODJI !DMNO<N
C@DI?D><O@NDIOC@ADMNON@IO@I>@JACDNJ=E@>ODJI MO>QV>H>DIDONKMDH<MTH@<IDIB
>JIN>DJPNI@NNDN<KKGD@?OJ>JIN>DJPNI@NNJ=E@>OOC@N@IN@?<O<I<H@GT=GP@@O>
N@@I /C@MO>QV>H>NO<OPNM@>@DQ@?=TOC@N@IN@?<O<RCD>C>JINODOPO@KJON
H<O@MD<G><PN@DNOC@IDI<N@>JI?NO@KOM<INA@MM@?OJOC@DM@AA@>OD @ OC@DM<KKMJKMD
<OJMOC@KJO <I?M<FMOD<NN@MONOC<OOJNK@<FJAOCDNG<OO@MDINO@<NH@O<KCJMD><G
?@NDBI<ODJIDNHDNDIAJMH@?=@><PN@OC@M@DNNDHKGTIJM@>DKD@IOAJMOC@OM<INA@M@I>@
>JIOM<MTOJPIC<KKT=DMOCDIOC@RJMG?RCD>CDN<=G@OJM@>@DQ@OC@LP<GDAD@MC<KKT
@KOD=G@ KJO N@K<M<O@ AMJH =GP@ @O> OC@ DHK@M>@KOD=DGDOT JA
RCD>CRJPG?=@NP=G<O@?=TK@M>@KOD=DGDOTMO>QV>H>QS>?J@NIJO@SDNO .@@<GNJOC@
@SKG<I<ODJIDIMIJG? =I
/C@ADI<G.<INFMDON@IO@I>@DI<I?M<FMODN+N+M@NKJIN@C<N=@@INDHKGDAD@?=T+<
ONC<= 6< OCDIB8 ><GG@? KJO OC<O DN >MO>QV>H> DN <GNJ V>KD IJO <KKM@C@I?@?
N@K<M<O@GT #@ C<N OPMI@? OC@ I@B<ODQ@ @SDNO@I>@ NO<O@H@IO DIOJ < I@B<ODQ@
KM@?D><ODJIDODNPIGDF@GTOC<OC@<I?CDN>JGG<=JM<OJMNC<?<?DAA@M@IO.<INFMDOO@SO
+N+/D=?RJM>JKDLKPRJWEBP?V>?>AFOKFD>KDWEFD?Q>DPK>PJKDLKPRJKVFA
ARDVRO?>?RJM>WEBP?V>?>JKDLKPRJJ>VFKM>ILDPPEFDQRAJFDPM>V>KDJ>
VFKKLYY

.@TAJMO-P@BB OM<ING<O@NOC@M@<NJIRM>@>OV>J>PVO>V>PV?ESQ
<N<>@=PN@OC@M@@SDNONIJ=<N@6NP>C<N>JGJPM8OC<ODNOM<INA@MM@? O>V>PV>M@A@MN
OJ KJO IJO >JGJPM <I? RM>@>OV>J>PV> DN DON <?E@>ODQ<G <OOMD=PO@ O<F@I IJO DI OC@
N@IN@JARCD>CDN=@DIBH@O<KCJMD><GGT<KKGD@?=POM<OC@MOJRCD>CNJH@OCDIBDN
H@O<KCJMD><GGT <KKGD@? MIJG? = OM<ING<O@N DHKM@>DN@GT RDOC NDI>@
OC@M@DNIJ=<NDNRCD>CDN=@DIBADBPM<ODQ@GT?@N>MD=@? .@TAJMO-P@BB<GNJOM<ING<O@N
EF JA OC@ AJGGJRDIB >G<PN@ <N DI?@@?= PO C@M@ DO DN PN@? DI DON >JHHJI N@IN@ JA
DI?D><ODIB<M@<NJI

/-).'/$*)
@O> <NR@GG?JIJO@SDNON@K<M<O@GTAMJH@<MOCMQEFS@O> OC<OOC@

K@M>@KOD=DGDOTJA=GP@@O> DN<GNJH@O<KCJMD><G
NDODNNO<O@?6DIOC@<OP<O<F<8
%PNO<N<KJO?J@NIJO@SDNON@K<M<O@GTAMJHOC@QDND=G@@O>
.J?J@NOC@QDND=G@IJO@SDNON@K<M<O@GTAMJHRDI?@O>

<I?M<FMOD KJDION JPO OC<O RC@I DBIB< DINDNON JI <G <KKMJ<>C OJ
NPMA<>@G@Q@G OCDIBN GDF@ KJON RCD>C O<F@N OC@H <N IJO @SDNODIB <N <ITOCDIB =@TJI?
OC@DM=GP@>JGJPM@O> <I?OCPN?@@HNOC@HK@M>@KOD=G@JIGT=TR<TJAOC@H@O<
KCJMD><GOM<INA@MJAOC@K@M>@KOD=DGDOTJAOC@DM=<NDND @ OC@QDND=G@=GP@>JGJPM@O>
>JINDNO@I>T ?@H<I?N OC<O DBIB< <GNJ M@B<M? OC@ =GP@ >JGJPM @O> <N JIGT H@O<
KCJMD><GGT K@M>@KOD=G@ =@><PN@ OC@ =GP@ >JGJPM @O> GDF@ OC@ KJO ?J IJO @SDNO <N
<ITOCDIB ?DAA@M@IO AMJH OC@DM =<NDN /CDN >C<GG@IB@N DBIB<N NPMA<>@G@Q@G QD@R
OC<ON@IN@?<O<D @ PS>I>H>>NNP>C<N=GP@>JGJPMM@<GGT@SDNO<I?<M@?DM@>OGTK@M
>@KOD=G@ #@ H<DIO<DIN OC<O QDNP<G N@IN@ ?<O< GDF@ =GP@ <M@ IJO >JI>@KOP<G
>JINOMP>ODJIN D @ IJO H@M@ ?@NDBI<ODJIN H<?@ DI ?@K@I?@I>@ JI HJG@>PG@N >JI
NDNODIB JA OC@ @G@H@ION <I? OC@DM ?@MDQ<ODQ@N =PO <M@ QDND=G@ <BBM@B<ODJIN JA <OJHN
D @ <BBM@B<ODJIN JA <OJHN NOMP>OPM@? DIOJ HJG@>PG@N JA OC@ @G@H@ION <I? OC@DM
?@MDQ<ODQ@N .@@ +.1 <? $ >? .O@DIF@GGI@M >KBH>AO>SVLQMAV>QSQ Q>Q
PSV>Q>KB PJKV>SF>V>J RHQ>J K> QR ?EFKKBS >?EBA>H>IM>KQ #TKJOC@OD><G
DBIB<N LPDMFT <KKGD><ODJI JA H@O<KCJMD><G PN<B@ OJ OC@ M@NPGO JA CDN HDNKG<>@?
NPMA<>@G@Q@G<I<GTNDNJAKJONRJPG?OCPNG@<?OJN@MDJPN>JIN@LP@I>@NAJMCDNNTNO@H
>>JM?DIB OJ OC@ & OC@ OCDIBN JA OC@ RJMG? <M@ H<?@ PK JA HJG@>PG@N RCD>C <M@
HDIDH<GGT>JHKJN@?JAJI@<OJHJA@<>CJAOC@AJPM@G@H@IONQDU @<MOCR<O@MADM@
<I?RDI?RCD>CRDOCDIOC@P??CDNON>CJJGN<M@IJGJIB@MQD@R@?<NDI@ B OC@
1<D@DF<N>CJJG<NNP=NO<IOD<G=@<M@MNJAOC@DMLP<GDOD@N=PO<NLP<GDOD@NOC@HN@GQ@N
OCPNNJGD?DOTHJDNOI@NNC@<O<I?HJQ@H@IO<I?JI@<OJHJA@<>CJAOC@AJPMOTK@N
JA ?@MDQ<ODQ@ ?E>RQFH> H<OO@M KM@QDJPNGT OC@ LP<GDOD@N =JMI@= T OC@ KMDH<MT
@G@H@IONQDU JGA<>OJMTBPNO<OJMTQDND=G@<I?O<IBD=G@H<OO@M *IGT<BBM@B<O@NJA
OC@ HJG@>PG@N <M@ K@M>@DQ@? DI?DQD?P<G <OJHN <I? DI?DQD?P<G HJG@>PG@N <M@ IJO
QDND=G@ .@@&$ $$ !M<PR<GGI@MA (<TI I
/DGG@H<IN I I
.D?@MDON AA NPBB@NON OC<O <I?M<FMOD H<T RDOC CDN +N+ M@NKJIN@ =@
KJDIODIB JPO JINDNO@I>T =@OR@@I +. $ >? <I? G<H=<I<K<MF< I?
NCJRDIBOC<OOC@JKKJI@ION<MBPH@IORDGG@IO<DGCDN<?HDOODIBRC<ODNPIDQ@MN<GGT
?@ID@?I<H@GTOC<O<OJHN<M@K@M>@DQ@? $?JIJOOCDIFOC<O<I?M<FMODDIO@I?N<IT
JAOCDNRDOCCDNM@NKJIN@@NK@>D<GGT=@><PN@C@RJPG?=@<R<M@OC<OOC@@SKG<I<ODJI
DIOC@+.M@GD@NJIOC@.<POMIODF<QD@RJA<OJHN<I?OC@DMK@M>@KOD=DGDOTRC@M@<NOC@
G<H=<I<K<MF <MBP@N AMJH < 4JB>M< NO<I?KJDIO AJM OC@ DHKJNND=DGDOT JA OC@
K@M>@KODJIJA@SO@MI<GOCDIBN

<I?M<FMOD DN LPJODIB 3$1 OMAFSV>QFOBHB> V>QE HRJ?EL K> SFAV>QB Y
SVSAFSV>QFOBHB>Q>QEOM>K>SFAV>QBWW A '<IB DO@?DI(C@?
+-.))+#+/
-*)

/C@M@AJM@=@><PN@NP>CRJMG?GTPN<B@D @ DE>Q>MO>QV>H>DNIJO
DI>GP?@? =T 6TJPM8 ?@ADIDODJI I>H>> OC@ ?@ADIDODJI PI@LPDQJ><GGT
C<N DINPAAD>D@IO @SO@INDJI *A >JPMN@ AMJH OC@ KJDIO JA QD@R JA QQS>SFA6DO8DNIJOH<DIO<DI@?
OC<OKJO@O> <I?=GP@@O> <M@MO>QV>H>AMJHOC@KJDIOJAQD@RJA
RJMG?GT >JIQ@IODJI CJR@Q@M 6DO8 ?@ADIDO@GT C<N OJ =@ <>>@KO@? OC<O
KJO@O> <M@MO>QV>H>
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AJM OC@ @SKM@NNDJI R@GGFIJRI C@ ?J@N CJR@Q@M DI < IJO@ D=D? I
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=GJ>F OJ OC@ KJDIO DO DN AJPI? DI OC@ /D=@O<IOM<ING<ODJI =@><PN@OQBK
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>JM?DIB OJ OC@ JM?@M DI RCD>C OC@T <KK@<M DI OC@ +N+ /D= Q@MN@N
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A>J>S>Q>JRC@M@<NCJH<B@Q@MN@$<=DI+N+/D=M@<?ND>KDDFP
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>JMM@NKJI? OJ OC@ NTIO<>OD><G JM?@M V> MO>QQV>P>JRQMA>J >KFOL
AE>J>KRQMA>J /C@OM<ING<OJMNC<Q@ADOO@?OC@@SKG<I<ODJIJAKFOL
AE>@O> LPDO@DI>JINKD>PJPNGT=@OR@@IOC@ORJN@IO@I>@NG<O@MDIOC@
O@SODIRCD>CKFOLAE><I?OC@JOC@M@G@H@IONOJ=@I@B<O@?DIM@B<M?
OJMO>QQV>P>JRQMA><M@<B<DIM@A@MM@?OJ
$OHDBCO=@NPBB@NO@?OC<OJI@JAOC@H<IPN>MDKONPN@?=TOC@OM<IN
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JA OC@ >JHKJPI? MO>QQV>P>JRQMA> =@><PN@ DO DN KJNND=G@ OC<O
<I?M<FMODDNAJGGJRDIBOC@NOMP>OPM@JACQDQ@F<NKM@N@IO<ODJIJA
OC@N@>ODJI<NR@ADI?DODI++/D=DIRCD>COC@RJM?ND>DM>@O>
<M@@SKG<DI@?JIGTNP=N@LP@IOOJOC@?DN>PNNDJIJAOC@>JHKJPI?OQBK
@FKD ?OBI M>O ?VRKD ?> /CDN GJ><ODJI JA OC@ @SKG<I<ODJI JA D>D

++
)$ .
M>@O> DI++/D=CJR@Q@MDN<GHJNO>@MO<DIGT<B<DIOC@M@NPGOJA<
OM<ING<OJM ?@>DNDJI %I<B<M=C< <I? &GPD MBT<G HONC <I? MO>QQV>
P>JRQMA> AJMR<M? DI OC@ O@SO NJ OC<O OC@ Q@MN@ @G@H@ION >JPG? =@
@SKGD><O@?DI<>>JM?RDOCOC@JM?@MOC@T<KK@<MDIOC@/D=@O<ICJH<B@
Q@MN@N $O><I=@J=N@MQ@?OC<OCQDQ@F<PI<H=DBPJPNGT<NN@MONDI
RC<O <KK@<MN OJ C<Q@ JMDBDI<GGT =@@I K<MO JA OJMT NO<O@
H@IOOC<OOC@H@<IDIBNJAOC@RJM?N<M@NO<O@?=TCDHN@GAMDBCO<O
OC@=@BDIIDIBABI>QPEFDDFALK6M>AOQE>8OQLDPM>JBAM>OKD>D
A>KDO>?QR?VBAM>A>KD?PQ>K?@LPHVFALKJFOQLDPM>PABFMEVFO
A>KDMLHELK>OQPEFDDFALK?OGLAM>O?V>L6< += 8
<I? T@O CDN @SKG<I<ODJI JA D>KD DFP V> <I? CDN>JHH@ION JI OQBK
@FKD?OBIM>O?VRKD?>D @ OC@@SKG<I<ODJINJAOC@ADMNOORJ@G@
H@IONJAOC@OM<ING<O@?CJH<B@Q@MN@NMOB@BABOCDNNO<O@H@IO (JM@
JQ@M CQDQ@F<N >JHH@IO OC<O OC@ DI?DQD?P<G RJM?N <M@ @SKG<DI@?
MDBCO<OOC@=@BDIIDIBDNAJGGJR@?=TOC@@SKGD><ODJIJA@<>CJAOC@
Q@MN@NRJM?N@S>@KODIBV><I?MO>QQV>P>JRQMA>RCD>C<M@>JI
NKD>PJPNGT<=N@IOC@M@=@><PN@OC@TC<Q@<GM@<?T=@@I>JHH@IO@?JI
DI ++ /D=DI OC@ JM?@M OC@T J>>PM DI OC@ 1F?BQ>K OM<ING<ODJI
GOCJPBC$C<Q@IJO@S<HDI@?OC@++><M@APGGT@IJPBCOJ=@<=G@OJ
?@O@MHDI@OC@@S<>ON@<HNJAOC@KM@NPH@?>PO<I?K<NO@RJMFJAOC@
OM<ING<OJMN OC@ NOMP>OPM@ JA ++ /D= NOMJIBGT NPBB@NON OC<O DI ++ .FO
OC@ @SKG<I<ODJIN JA V> <I? MO>QQV>P>JRQMA> <KK@<M@? RDOCDI OC@
H<DI RJM?@SKG<I<ODJI =GJ>F >JMM@NKJI?DIB OJ OC@ JM?@M DI RCD>C
OC@T <KK@<M DI OC@ 0>KPHOFQ CJH<B@ Q@MN@N "DQ@I OC<O OC@ ++ OM<IN
G<OJMN<GNJOM<ING<O@?++OC@THPNOC<Q@M@<MM<IB@?++OJJOC@M@
H<T =@ >G@<M@M DI?D><ODJIN JA OC@ N@<HN JA OC@ HJQ@? =GJ>F RDOCDI
++
/C@ H@IODJI JA OC@ RJM?N >S>V>SOQE> <I? SF?E>GV>QB <GNJ ?J IJO
NPKKJMO+N+/D=NKG<>@H@IOJAOC@=GJ>F $OHDBCO=@KMJKJN@?OC<O
>S>V>SOQE> <I? SF?E>GV>QB <M@ DIO@I?@? OJ =@ M@G<O@? IJO OJ OC@
CJH<B@ Q@MN@N =PO OJ MO>QQV>P>JRQMA> OC<O DN OC@ H@<IDIBN JA
OC@N@ ORJ RJM?N RJPG? M@NOMD>O OC@H OJ M@A@MMDIB OJ G JA OC@ H@<IDIB JA OC@ DI?DQD?P<G K<MON >S>V>SOQE> JA OC@
>JHKJPI? MO>QQV>P>JRQMA> *OC@M ?J>PH@IO@? J>>PMM@I>@N JA OC@
>JHKJPI?N >S>V>SOQE> <I? P>JRAV> AJMHDIB < >JHKG@H@IO<MT
K<DM>A OC@ADMNOORJ@S<HKG@NBDQ@IAJMP>JRAV>DI=CT<IF<M<I?
+-.))+#+/
-*)

.CPFG< <I? OC@ A<>O OC<O SF?E>GV>QB C<N DI <??DODJI OJ
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N@@#.O@I?OJPI?@MHDI@NP>C<CTKJOC@NDN GOCJPBCJI@?J@N
@I>JPIO@MDI<I?M<FMODNM@=POO<GJACQDQ@F<NKM@A@MM@?DIO@MKM@
O<ODJIJAOC@>JHKJPI?MO>QQV>P>JRQMA>OC@NO<O@H@IOOC<OOC@>JH
KJPI?MO>QQV>P>JRQMA>DN>S>V>SOQEKRD>J>>A +N+(aD @
JI@ OC<O >JMM@NKJI?N OJ OC@ H@<IDIB JA DON H@H=@MN DO N@@HN >G@<M
OC<OOC@@S<>ON@IN@JA>S>V>SOQE>DN?@K@I?@IOPKJIOC@>JIO@SODI
aDOM@A@MNOJOC@H@<IDIBJAOC@>S>V>S>NJA<>JHKJPI?=PODIOC@
KM@N@IO><N@OJOC@>S>V>S>NJAN@IO@I>@N
Q@MN@N <I?M<FMODNPN@JA
OC@ RJM? QR DI >S>V>SOQE>P QR SF?E>GV>QB AJGGJRDIB OC@ CJH<B@
Q@MN@N DI A<>O DI?D><O@N OC<O <O OCDN KJDIO C@ DIO@I?N >S>V>SOQE> OJ
NO<I?DI>JIOM<?DNODI>ODJIOJP>JRAVOQE>
/C<O OC@ RJM?@SKG<I<ODJI =GJ>F C<N =@@I M@GJ><O@? DI +N+ /D= <I?
++ /D= R<N JQ@MGJJF@? =T +<I?@T< RC@I C@ M@>JINOMP>O@? ++
.<INFMDOC@M@>JINOMP>ONOC@K<NN<B@NPI?@M?DN>PNNDJIAJGGJRDIBOC@
/D=@O<IJM?@MJAOCDIBNN@@+<I?@T< SOM@H@GTNPMKMDNDIB
DN OC@ A<>O OC<O @Q@I OCJPBC +<I?@T< N@ON +N+N .<INFMDO Q@MNDJI JA
OC@CJH<B@Q@MN@N<OOC@=@BDIIDIBJACDNM@>JINOMP>ODJIJAOC@++C@
?J@N IJO O<F@ OCDN Q@MNDJI DIOJ >JIND?@M<ODJI RC@I OC@T M@<KK@<M <
A@R GDI@N G<O@M =PO M@>JINOMP>ON ?DM@>OGT AMJH OC@ /D=@O MO>QQV> P>JRQMA>J
>KFOLAE>J >KRQMA>J @ %JIB C<N >MDOD><GGT M@QD@R@?
+<I?@T<N ORJ QJGPH@N >JI>GP?DIB OC<O OC@ JIGT PN@APGI@NN JA
+<I?@T<NRJMFDNDIH<FDIB>G@<MOC<OOCDNDNIJOOC@R<TOJKMJ>@@?
6D=D? 8=POIJO?J@NH@IODJIOCDNKMJ=G@H

MMBKAFU3OBb K
RM>P>OD>
/C@/<OOQ<=J?CDIRCD>C>G<DHNOC<ORM>P>OD>N<M@H@M@GTDGGPHDI
<OJMNKM@N@IONRDOCJPO<IT>C<IB@OJOC@H@OM@JAOC@ILH>MA>N<=
<N RM>P>ODB> AEQS>OQEL ?>IA >KV> MO>QV>QB IJOC@M H@<IDIB
JA OC@ 6Q@M=<G8 MJJO DN K@MAJM>@ PI?@MNOJJ? =T H@<IN JA OC@ KM@ADS
>A .D&PNN@NOC@OCM@@

++
)$ .
M@<?DIBNAJMMA>N<= #@ADMNOBDQ@N@SKM@NNDJIOJOC@JKDIDJI
OC<OAEQS>OQEL?>IQ<NKM@N@IO@?DIOC@/<OOQ<=J?CDIQ@MNDJIJAOC@
ILH>NCJPG?=@M@<?<N>?>IQAEQS>OQEL>?IQ=@><PN@JOC@MRDN@
OC@ A<>O OC<O RM>P>OD>N <M@ DGGPHDI<OJMN DN >JIOM<?D>O@? OC@T RJPG?
C<Q@OJ=@N@@I<NRJM?NDIOC@HN@GQ@NDAOC@DMNOM@IBOCDNH@IODJI@?
C@M@ #@OC@IIJO@NOC<O>@MO<DIK@MNJINM@E@>OOC@M@<?DIBRM>P>ODB>
AEQS>OQEL ?>IA >KV>QO> KV>QB D @ OC<O AJPI? DI OC@ +N+ AJM OC@
M@<?DIBRM>P>ODB>AEQS>OQEL?>IA>KV>MO>QV>QBD @ OC<OAJPI?
DIOC@/<OOQ<=J?CDIJIOC@BMJPI?OC<ODAOC@RM>P>OD>DN<>>@KO@?<N
OC@<B@IOJAG@<?DIBDONDI?@K@I?@I>@<I?OC@Q@M=<GMJJON?@K@I?
@I>@ RJPG? =@ DHKGD@? I@DOC@M JA RCD>C DN <NN@MO@? DI OC@ QD@R JA
OCJN@RCJCJG?OC<ORM>P>OD>N<M@H@M@GTDGGPHDI<OJMNK>V>K>H>OQ
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A>@>O>J FQF K>V>K>H>OJ>> BSPS>Q>KQO>QS>PV> P>OS>QODHOA
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>JIQ@TDIB<I@RH@<IDIB /C@ADMNOC<GAJAOC@ILH>DN@SKG<DI@?OJ
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RDOC<KM@ADS>?IQ68>?A>>HQFPS>?ESQ<>@=PN@JAOC@I<OPM@JA
OC@KJO@I>TJAOC@RJM?Q@M=<GMJJO>KV>BS>AEQS>OQE>MO>Q
V>QB C<DM<Q<HDM< @I?N OC@ KM@N@IO<ODJI JA QD@RN =T <??DIB OC<O
@Q@IRDOCOC@M@<?DIB>KV>QO>KV>QBOC@RM>P>OD>NCJPG?=@N@@I<N
JIGT DINODB<ODIB OC@ H<FDIB FIJRI JA < ?DAA@M@IO H@<IDIB JA OC@
MJJO OCPN C@M@ OJJOC@ H@<IDIB DN M@>JI>DG@? OJNPKKJMO OC@ QD@R JA
RM>P>OD><NDGGPHDI<OJM

MMBKAFU3&OBb K
BQ>@@VRHQ>J
@ '< 1<GG@ +JPNNDI KM@N@ION OC@ .<INFMDO O@SO AJM CQDQ@F<N
>MDODLP@<N>JHH@I>DIBRDOCBQ>AS6>8VRHQ>HF@>>VRHQ>BQ>Q
<I?KPI>OP<O@NDORDOC<C<GAA>><AO@M6>8VRHQ>J GGJAOC@K<K@M
H<IPN>MDKON<OO@NOQ<MD<IONJABQ>ASVRHQ>WHF@>>VRHQ>BQ>QAJM
BQ>A@VRHQ>OC@>H>O>ASDIBQ>ASJAHN%>GJN@GTM@N@H=G@N
+-.))+#+/
-*)

OC@>H>O>@@ /C@>JMM@>OM@<?DIBBQ>@@VRHQ>DN<OO@NO@?JIGT=T
HN,HN+C<N<G<>PI< KKMJSDH<O@GT >H>O>N<M@HDNNDIB
DIHN+NG<>PI<OC<O=@BDIN<AO@MOC@>H>O>H>RJA>KRSAH>R>I>J
<I?@SO@I?NOJ=PO?J@NIJODI>GP?@OC@>H>O>@>JA@>HROC@M@DN
?@ADIDO@GTIJO@IJPBCNK<>@AJMOC@>H>O>NJI@RJPG?@SK@>O
R@M@HN+OJC<Q@M@<?<NOC@K<K@MH<IPN>MDKON<I??@'<1<GG@
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OC<O +N+ /D= G<>FN BQ>A S 6>8VRHQ> HF @> =PO ?J@N IJO NPBB@NO
APMOC@M@H@I?<ODJIJAOC@.<INFMDOO@SO +N+/D=AJMOC@APGGN@IO@I>@
DILP@NODJIM@<?NABV>KDJFORKDPQBJFDA>KDDWRDPI>?OQBKK>PJFD
DF OK>J M>O PEBP M> ?VRKD WEBP DPRKDP M> AF I> ALK DKVF D> JBA
M>F MEVFO OLWEBP PRK ?VFK PJO>PM> D>KD VFKM> AB V>KDJF QE>A
AL /C@ >DO<ODJI<N KM@N@IO@? DI+N+ /D= RCD>C M@KM@N@ION CQDQ@
F<N>MDODLP@JAOC@ORJ@OTHJGJBD@NAJMMO>QQV>P>JRQMA>C<N=@@I
O<F@I JQ@M I@<MGT Q@M=<ODH AMJH ++ /D= AB V>KD JF ORKD PQBW JFD
A>KDDWRDPOK>JPI>?OQBKK>PJFDDFOK>JM>OPEBPM>?VRKDKDL
WEBPDPRKDPM>AFI>ALKDKVFD>JBAM>FMEVFOOL++=+
=< )JO@ CQDQ@F<N @HKGJTH@IO JA BQ>Q /D=AB RCD>C
M@A@MN =<>F OJ OC@ K<DM JA @OTHJGJBD@N EPNO KM@N@IO@? ++ /D=N AB
V>KDJFORKDPQBDI?D><O@N<IJMDBDI<GM@<?DIBBQ>@@VRHQ>JDI++
.FO .DI>@ <I?M<FMOD DN J=QDJPNGT LPJODIB ++ .FO (N ,N BQ>@
@VRHQ>><I=@<>>@KO@?<N>JMM@>O<>JI>GPNDJI<GNJNPKKJMO@?=T
OC@NDU@JA+NG<>PI<OC@<??DODJI<GRJM?NHF@>>VRHQ>JBQ>QOC<O
AJGGJRDIOC@K<K@MH<IPN>MDKONHPNO=@<I<>>M@ODJI BQ>@@VRHQ>J
DI OC@ +N+ OCPN H<MFN OC@ >JHH@I>@H@IO JA OC@ ++ LPJO<ODJI OC@
K<K@MH<IPN>MDKONM@<?DIBBQ>ASVRHQ>JDNOC@M@NPGOJAOC@>H>O>
@@ M@<? <N AS >MF JA V>A RHQ> A>> Q>A >MF KLM>M>AV>QB
H<F@N>G@<MOC<OR@<M@IJRDIOJ<I?M<FMODNN@>JI?>MDOD>DNH
.O>C@M=<ONFT I @H@I?@??@'<1<GG@+JPNNDINM@<?
DIB BQ>A S 6>8VRHQ> HF @> >VRHQ> BQ>Q OJ BQ>@ @VRHQ>J HF @>
>VRHQ> BQ>Q CDN GDO@M<G OM<ING<ODJI AJM OCDN <I? RC<O AJGGJRN MPIN
I?OCDNDNRMJIBJIOC@K<MOJACQ<QDQ@F< #@N<TN<I?HJM@
JQ@MDODNIJOMDBCOOJH<DIO<DIOC<ODIM@G<ODJIOJDIM@<>CDIBOC@
@T@ <I? OC@ >JGJPMN QDNP<G N@IN<ODJI <MDN@N =@><PN@ ORJ OCDIBN
M@<>CDIB JI@ <IJOC@M <M@ C@M@ DHKJNND=G@ %PNO OC@ DI>MDHDI<O@?
A<PGO DN IJIN@IN@ GOCJPBC .O>C@M=<ONFTN HDNDIO@MKM@O<ODJI JA OC@
H@<IDIBJAOC@N@>ODJIHPNOC<Q@DIAGP@I>@?CDNPI?@MNO<I?DIBJAOC@

++
)$ .
DIO@I?@?M@G<ODJIJAOC@N@H<IOD>>JHKJI@IONDODN>G@<MOC<OC@O<F@N
BQ>@@VRHQ>JOJ=@<I?M<FMODNDIOMJ?P>OJMTNO<O@H@IOOJOC@I@SO
A<PGO JA CQDQ@F<N OJ =@ KJDIO@? JPO <I? HF @> >VRHQ>J BQ>Q OJ
>JINODOPO@ OC@ >JHH@I>@H@IO JA CQDQ@F<N >MDOD>DNH OC<O DN C@
PI?@MNO<I?N HF @> >VRHQ>J BQ>Q OJ =@ OC@ .<INFMDO AJM AB V>KD JF
ORKD
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O@SOK<NN<B@PI?@M?DN>PNNDJI>KAV>?ESFSBHLA>>JE>WBQ>@
@VRHQ>JFQF>A 4JI@U<R< .@@<GNJ&<EDT<H<
<I?H@N =JOCJARCJHC<Q@PI?@MNOJJ?CQDQ@F<N
A>>DIOC@++>JMM@>OGTH@NOM<ING<O@N++/D=NV>KD6NO<I?DIB
AJM.FO@>DIDON<?Q@MN<ODQ@N@IN@8JAABV>KDJFORKD<N<GNJ

MMBKAFU3&&OBb K
M>OLHQ>ALM>OFEO@@>
)JI@ JA OC@ +N+ H<IPN>MDKON <OO@NO < @> <AO@MM>OLHQ>ALM>OFEOQ
=PO+N+/D=++HJM@NJ+++@FDIBOC<I@MB@<I?++<KK@<MOJ
>JIADMHOC<OJI@R<NDI>GP?@?DIOC@JMDBDI<G.FOJA++<I?+N+ $ODN
IJOPI>JHHJIAJMOC@GJR@M@>JAOC@>H>O>@@><N<M@NPGOJAM@
K@<O@?>JKTDIBOJ@I?PK<NH<GG=GPM<I?OCPNOJ=@?MJKK@?JMAJM
OC@ >H>O> OJ =@DIO@MKM@O@? <N Q KGPN SFOJ> DIOC@ AJMH@M ><N@ OC@
PKK@MK<MOJAOC@>H>O>DNJAO@IDIO@MKM@O@?<N<NGDBCOGT?DNOJMO@?Q>
<I? DN G@AO OJ NO<I? <N NP>C JM < SFOJ> DN <??@? OJ DO $O NCJPG? =@
IJO@? OC<O HNN + <I? , G@NN B@I@MJPN RDOC A>>N OCMDKON KG<>@ < A>> <AO@M M>OLHQ>ALM>OFEOQ OC@T <??D
ODJI<GGT KG<>@ < A>> <AO@M EBQRAKQK>?EFAEKQ OC@ K<K@M
H<IPN>MDKON KG<>@ < ?JP=G@ A>> <AO@M DO MO>P>D>SHV>QS@ @>
OCPN>JHH@I>@N<I@RN@IO@I>@
+N+/D=M@<?NDQ>KQPEFDPA>KDAMBJ>?OGLAM>FMEVFOA>KDYDWE>K
DVFP PJO>P M>F KVBP M> J> ?P>I ?>F MEVFO OL YY QE>I ?>O DVRO ?>F
QPEFDVFKM>FMEVFO GOCJPBCOC@+@FDIB<I?@MB@OM<ING<ODJINJA
OCDNN@>ODJIJA++?DQ@MB@=JOC<GNJ<KK@<MOJNPKKJMODI>GPNDJIJA@>
<N RDGG =@ N@@I APMOC@M JI DI OC@ +N+ CJR@Q@M +N+ /D= JAO@I <??N
+-.))+#+/
-*)

A>KDN RC@M@ +N+ .FO>JMM@>OGT?J@N IJO <OO@NO @>N ++ >JPG?

<GNJ=@O<F@I<NM@AG@>ODIB<GDNOJAOCM@@M@<NJIN>JII@>O@?=T<NDIBG@
ADI<G@> /C@>JMM@NKJI?DIBN@>ODJIJA+++M@<?NDQ>KQPEFDPA>KD
AMBJ>?OGLAM>FMEVFOA>KDWDWE>KDVFPPJO>PM>FKVBPM>J>?P>I
?>F MEVFO OL WW +N+ /D= DI>DP VLA M>F QPEFD VFK M>F MEVFO QB
=< ++ M@<?N DQ>K QPEFDP A>KD AMB J> ?OGLA M>F MEVFO
A>KDWDWE>KDVFPPJO>PM>FKVBPM>J>?P>I?>FMEVFOA>KDWDI>DP
VLAM>FQPEFDVFKM>FMEVFOQB< "DQ@IOC<O+@FDIBO@I?NOJ
KM@N@MQ@ JMDBDI<G M@<?DIBN $ >JIND?@M ++ + OJ =@OO@M M@AG@>O CQD
Q@F<NJMDBDI<G.<INFMDO<B<DINO4JONPT< $ODN?JP=OAPGOC<O
++NN@>JI?A>KDM@AG@>ON<>JIN>DJPNGT>CJN@IOM<ING<ODJIJA@>JA
MO>P>D>SHV>QS@@><NAJPI?DIOC@++>DO<ODJIDI+N+.FOAJMNP>C
@>N <M@ IJMH<GGT OM<ING<O@? =T V>KD $ @SK@>O OC<O ++ JMDBDI<GGT
M@<?<N+++<I?OC<OA>KDR<NDIOC@<=N@I>@JA<IPI<H=DBPJPN
@LPDQ<G@IOAJM@>C@M<G?DIBOC@NO<ODIBJA<OCDM?M@<NJI$<?HDOOC<O
QB >JPG? C<Q@ NOJJ? AJM @>< ?@??<N G<MDAD><ODJI
(JNOC@GKAPGDNOC@A<>OOC<OQ<GJFDO<QM<O<>JHH@IONJIOC@RJM?@>
V>KD J>>PMMDIB <AO@M MO>P>D>SHV>QS@ OCDN >JIADMHN OC<O OCDN @>
<NAJPI?DI+N+.FO=POG<>FDIBDI+N+/D=<I?++/D=<GNJNOJJ?DI
++ .FO )JO@ OJJ OC<O ++N LPJO<ODJI JA CQDQ@F<N >MDODLP@ <GNJ
>JIO<DINOCDNV>KD<I?OC<OOC@ADMNOORJ>MDOD>DNHN<NDI+N+/D=<I?
+++@FDIB<M@KM@N@IO@?<N<N@K<M<O@PIDODQ>KQPEFDPA>KDAMBJ>
?OGLA M>F MEVFO A>KD Y DWE>K DVFP PJO>P M>F KVBP M> J> ?P>I ?>F
MEVFOOLYYDI>DPVLAM>FQPEFDVFKM>FV>KDMEVFOQBYPH>?PHVFALKI>P
?WILDM>P 6++=+=<8 Q<GJFDO<QM<O<NO<O@NOC<O
OCDN @> DI?D><O@N OC<O < OCDM? A<PGO DN =@DIB NO<O@? /C<O C@ ?@@HN DO
I@>@NN<MT OJ >JHH@IO JI @> <AO@M MO>P>D>SHV>QS@ <N DI?D><ODIB
T@O<IJOC@M>MDOD>DNHJAP??C<K<GDO<NNO<O@H@IOKMJ=<=GTNCJRNOC<O
C@R<IO@?OJKJDIOJPOOC<OOC@OCM@@<=G<ODQ@NDI?D><O@OCM@@M@<NJIN
JA@LP<GR@DBCO
NO<OPN /CPN@Q@IOCJPBCOCDN@>DN<H@M@N@IO@I>@
>JII@>OJMD @ RDOCDO<I@RN@IO@I>@NO<MONOC<O?J@NIJO>JII@>OOC@
M@<NJIDON@GARDOCOC@ORJKM@QDJPNM@<NJINC@R<IO@?OJDI?D><O@OC<O
OC@ M@<NJI DI OC@ N@IO@I>@ DO DIOMJ?P>@N DN JI < K<M RDOC OC@ ORJ
JOC@MN ++DWE>KV>KDABGFIQ>OOFDPM>J>VFKWEBK>WDI>DPVLA
M>FQPEFDVFKM>FV>KDMEVFOQBYDK>P?OQ>K?RAAE>MIFQ>P?PE>AM>
OK>JM>O?PE>AM>ABKFODLI?>DWE>KDVFHI>KH>FDI>DPVLA

++
)$ .
M>FQPEFDVFKM>FMEVFOV>KDOFDPM>J>VFKKLWWV>KDWEBP?V>?>F
PDO> KF DQ>K QPEFDP A>KD AMB J> ?OGLA M>F MEVFO A>KD DWE>K DVFP
PJO>PM>FKVBPM>J>?P>I?>FMEVFOOFDPM>J>VFKM>OM>>?
WEFDQRJ>W>AHVFYABKFDI>DPVLAM>FQPEFDVFKM>FMEVFOV>KDOFDP
M>J>VFKKLWEBP?V>?>OP?V>OOL< +<=LPJO@?
DI.@TAJMO-P@BBI Q<GJFDO<QM<O<N>JHH@IO<MTDN
OM<ING<O@? DI #JKFDIN #JKFDIN D=D? I
IJO@NOC<O/NJIBFC<K<KJDIONJPOOC<OOC@OM<ING<ODJINJAOC@=@BDI
IDIBJAOC@OCDM?>MDOD>DNHQ<MTDI?D><ODIBOC<OC@A<QJMNDI>DPVLA
M>FQPEFDVFKM>FV>KDMEVFOQB<NDODNDIOC@@?DODJIJACQ<QDQ@F<
C@ C<? =@AJM@ CDH <I? DI Q<GJFDO<QM<O< DI OC@ N@IN@ JA H@<IDIB
6P??C<KGDO<N DIO@MKM@O<ODJI8 DN <GNJ PINPDO<=G@ =@><PN@ JA C<QDIB
RJM?N OC<O <AAJM? JIOM<?D>ODJIRDOCDICDNJRINTNO@H8
/C@@H@I?@?+N+.FORJPG?OCPNDAR@?DNM@B<M?AJMOC@HJH@IOOC@
?DAA@M@I>@=@OR@@IOC@OM<ING<ODJINQE>I?>ODVRO?>FQPEFD<I?DI>DP
VLAM>FQPEFD<KK@<MOJHDMMJMOC@NOMP>OPM@JAOC@JMDBDI<G++.FO
H@N <KK@<MN OJ OM<ING<O@ OCDN K<MO JA OC@ ++ AJGGJRDIB
+@FDIB<I?OC@M@AJM@<??N<GNJDINLP<M@=M<>F@ON/C<ODNIJO6GJ
BD><GGT8 KJNND=G@ =@><PN@ IJ M@<NJI <I? @S<HKG@ <M@ BDQ@I <I? =@
><PN@A<PGONNO<O@?=TOC@JKKJI@IO<M@IJO<INR@M@? 6GNJ8=@><PN@
DODN<MO>P>D><MBPH@IO<6KMJK@MOT8OJ=@KMJQ@?>A <NR@GG
&<EDT<H<N OM<ING<ODJI =<N@? JI 2<GG@N@MN @?DODJI JA OC@ ++ RCD>C
GDF@RDN@ AJGGJRN ++ +@FDIB 6&<EDT<H< 8 4JONPT<
JI OC@ JOC@M C<I? >CJN@ OJ OM<ING<O@ AJGGJRDIB @MB@ /CDN DN
DI>JMM@>O =@><PN@ I@DOC@M < GJBD><G M@<NJI DQ>K QPEFDP EBQR IJM <
GJBD><G@S<HKG@AMBAKQ>C<N=@@IKM@N@IO@? )JMC<NOC@A<PGO
BPM>AL>KJDIO@?JPO=T6TJPM8JKKJI@IOOC@.FCT<=@@I
@GDHDI<O@? !PMOC@MHJM@6DODNPI<>>@KO<=G@8=@><PN@DODN<NO<O@H@IO
RCD>C DN JK@I OJ ODJI .DI>@ =T OC@ M@Q@MN<G JA OC@ H<OO@M
PI?@M?DN>PNNDJI
+-.))+#+/
-*)

MMBKAFU3&&&OBb K
HOVQJ>H><I?HO>QJ>H>
@ '< 1<GG@ +JPNNDI @H@I?@? OC@ H<N>PGDI@ NDIBPG<M IJHDI<ODQ@
AJMHN HOVQJ>H> <I? HO>QJ>H> JA OC@ .FCT< J=E@>ODJI H
OVQJ>H> HO>QJ>H> HOVQJ>H> HO>QJ>H> OC<O C@ AJPI?

DICDNH<IPN>MDKONOJOC@DM>JMM@NKJI?DIB<=G<ODQ@AJMHN=@><PN@+N+
/D=N ?O>P ?RF ?A>D KVFA I>P AJM +N+ .FON HOVQJ>H> <I? H
OVQJ>H><I?ODVRF?A>DKVFAI>PAJM+N+.FONHO>QJ>H><I?
HO>QJ>H> <KK@<M@? OJ =@ M@AG@>ODIB <=G<ODQ@N GOCJPBC OC@
H<N>PGDI@ NDIBPG<M IJHDI<ODQ@ AJMHN <M@ <GNJ <OO@NO@? DI ?@ %JIBN
H<IPN>MDKO HT HN <I? DI OC@ OCM@@ H<IPN>MDKON 4JONPT<
>JINPGO@?I@DOC@M?@%JIBIJM4JONPT<><GG@??@'<1<GG@+JPNNDIN
@H@I?<ODJINDIOJLP@NODJI<GHJNO>@MO<DIGT=@><PN@OC@TOJJR@M@JA
OC@ JKDIDJI OC<O +N+ /D=N KM@N@IO<ODJI JA OM<ING<ODJIN AJM .<INFMDO
<=G<ODQ@N <I? IJO IJHDI<ODQ@N EPNODAD@? OC@ @H@I?<ODJIN )J ?JP=O
APMOC@MEPNODAD><ODJIR<NN@@IDIOC@A<>OOC<OOC@IJI@SO<IO++.FO
AMJHRCD>C<I?M<FMODDN>DODIBOC@J=E@>ODJIR<N<NNPH@?OJC<Q@
<OO@NO@? <=G<ODQ@N NDI>@ ++ /D= GDF@RDN@ >JIO<DIN OM<ING<ODJIN AJM
<=G<ODQ@ AJMHN $O C<N OCPN N@@H@? M@<NJI<=G@ JI OC@ =<NDN JA OC@
@QD?@I>@ KMJQD?@? =T OC@ /D=@OMDKO M@<?DIBN <N >JMMPKO DNOPM=DIB CJR@Q@M DN OC@
<KK@<M@JAOC@IJHDI<ODQ@AJMHN@Q@IDIHN+<I?OC@?DAAD>PGOT
JI@C<NDI@SKG<DIDIBOC@><PN@NJAOC@NPKKJN@?>JMMPKODJI
$ODNDHK@M<ODQ@OJIJO@OC<O<NDIOC@JOC@M><N@NDIRCD>C<I?M<FMOD
DN >DODIB AMJH @SO@MI<G RJMFN OC@ OM<ING<OJMN JA +N+ /D= C<Q@ IJO
OM<ING<O@??DM@>OGTAMJH+N+.FO=POC<Q@>JKD@?OC@>DO<ODJIAMJHOC@
/D=@O<IOM<ING<ODJIJAOC@NJPM>@O@SODIOC@KM@N@IO><N@AMJH++/D=
+N+ /D= OCPN M@AG@>ON ++ /D= =PO DN IJO I@>@NN<MDGT < OMPNORJMOCT
RDOI@NNAJM+N+.FO
$O <KK@<MN OC<O OC@ +N+N >C<IB@ DI G<IBP<B@ D @ AMJH OC@ ++N
<=G<ODQ@NOJ+N+NIJHDI<ODQ@NM@AG@>ON<NCDAODIRC<ODN=@DIBO<F@I
<N OC@ PR?GB@Q OC<O <MDN@N JM M<OC@M OC<O DN I@B<O@? <N <MDNDIB $I OC@
K@MODI@IOO@SONOC@NP=E@>ODN@DOC@MOC@BCCB@QN<D?OJ<MDN@AMJHDON@GA
<NDON><PN@JMOC@@>RPBN<D?OJ<MDN@<B<DI<NDONJRI@AA@>O /C@
<H=DQ<G@I>@H<T<GM@<?T=@KM@N@IODIP??C<KGDO<N<MBPH@IO #DN

++
)$ .
>JIN@LP@I>@K>PS>Q>RQM>AV>KQB?ESPQ>ARQMA>S>FV>OQEVQRJPG?
N@@H OJ O<F@ OCDIBN <N @AA@>ON ?ES>N <N OC@ NP=E@>O <I? OJ I@B<O@
OC@DM<MDNDIBAMJHOC@HN@GQ@N<NOC@DMJRI><PN@=@><PN@OC@DMD @
OC@ ?ES>N OC@ @AA@>ON< MDNDIB RJPG? =@ NPK@MAGPJPN $I CDN @S
KG<I<OJMTNO<O@H@IOK>EFPSQJ>KSFAV>JKKM>AOQEKMR
K>ORQMABMO>VLG>K>J>PQFJIOC@JOC@MC<I?OC@NDOP<ODJI<KK@<MNOJ
=@ M@Q@MN@? P??C<KGDO< NO<O@N OC<O DO DN APODG@ AJM OCDIBN <GM@<?T
@SDNODIB<NNP>CD @ OCDIBN<N@>RPBOJ<MDN@<B<DI I@SKGD>DO?DN
ODI>ODJI =@OR@@I OCDIBN <N @AA@>ON <I? OCDIBN <N ><PN@N DN CJR@Q@M
IJO H<?@ =T P??C<KGDO< C@ H@M@GT M@A@MN OJ OCDIBN DI B@I@M<G
CQDQ@F<<I?<I?M<FMODJIOC@JOC@MC<I?>G@<MGT?DNODIBPDNCOC@
NP=E@>OOC<O<MDN@N<N@DOC@M<I@AA@>OJM<><PN@ CQDQ@F<RCJN@ON
AJMOC OC@ DII@M =<N@N C<Q@ IJO <MDN@I AMJH N@GA< N CDN OC@NDN
KAEVQJFHKV V>Q>KKF PS>Q> RQM>KKKF O<F@N OCDIBN <N @AA@>ON
D @ OC@<MDN@IDII@M=<N@N<NOC@NP=E@>O <I?M<FMOD=T>JIOM<NO
O<F@N OCDIBN <N ><PN@N <N OC@ NP=E@>O /C<O CDN NP=E@>O JA <MDNDIB DN
OCDIBN<N><PN@NDNNPKKJMO@?=TCDN>JHH@IONG<O@MJI<O+N+(a
+N+' N@@ @NK@>D<GGT RDOC CDN H@IODJI JA KJON <I? NJ
AJMOC OC<O <GM@<?T @SDNO FK > I>QBKQ PQ>QB DI < GPHK JA >G<T @O> C@
M@A@MNOJOC@NP=E@>OD @ GJ>PNJAOC@JOC@M<>FIJRG@?B@?DIA@M@I>@
C@?M<RNJPOJAP??C<KGDO<NNO<O@H@IOJAPIR<IO@?>JIN@LP@I>@
DI+N+(a+N+' @NK@>D<GGT C@H<F@N@SKGD>DOOC<O
RC<ODNOJ=@I@B<O@?<N<MDNDIB<M@OCDIBNRDOC<IJIH<IDA@NOAJMH
>K>?EFSV>HQ>OM> <I? DI +N+( a +N+' C@ >G<MDAD@N OC<O
OC@M>H>JAOC@JOC@M<>FIJRG@?B@?DIA@M@I>@>JHKMDN@N<GGOCDIBN
?DNKJN@?OJ<MDN@KFO>S>BLQMFQPRM>AOQE>
/C@ORJ?DAA@M@IONP=E@>ONJA<MDNDIB<M@M@NK@>ODQ@GT<GGP?@?OJRDOC
OC@<=G<ODQ@<I?IJHDI<ODQ@AJMHNJAOC@.FCT<N<GO@MI<ODQ@N @
><PN@ OC@ (<?CT<H<F< <MBPH@IO ?@ITDIB OC@ <MDNDIB JA OCDIBN
AJ>PNN@N JI OC@ .FCT<N< GG@B@? ><PN@ JA OCDIBN PS>Q> OC@
.FCT<N ?@H<I? OC<O OC@ (?CT<HDF< KMJQD?@ < HJM@ KM@>DN@ ?@
N>MDKODJIJAOCDN><PN@I<H@GT<NJI@OC<OC<NOC@I<OPM@JA<I@AA@>O
JM JI@ OC<O C<N OC@ I<OPM@ JA < ><PN@ /CPN RC@I CQDQ@F< AJM
RCJH <MDN@I @AA@>ON <M@ OC@ NP=E@>ODN<??M@NN@? OC@ .FCT<NRDGG
<NF COLJTE>Q QVMB LC @>RPB OC@ @AA@>ON <M@ ?@ID@? <N C<QDIB <MDN@I
.DI>@ <I?M<FMODN NP=E@>O JA <MDNDIB DN <GM@<?T ><PN@N OC@
.FCT<NRDGG<NFTE>QQVMBLC@>RPBDN?@ID@?<NM@KMJ?P>DIBDON@GA
+-.))+#+/
-*)

<I?M<FMOD OC@M@AJM@ HJ?DAD@N ++ .FON HOVQJ>HQ <I? HO>
QJ>HQOJOC@DMIJHDI<ODQ@AJMHN=@><PN@C@C<NNCDAO@?OC@NP=E@>O
OC<O <MDN@N AMJH OCDIBN <N @AA@>ON OJ OCDIBN <N ><PN@N /J NPHH<MDU@
OC@LP@NODJINKJN@?$I<NHP>C<N++.FO++/D=<I?+N+/D=O<F@OC@
@AA@>O <N OC@ NP=E@>O D @ OC@ DII@M =<N@N OC@DM .FCT<N RDGG =@
<NFDIB RC@OC@M CQDQ@F< DIO@I?N OJ ?@IT OC<O O C<N <MDN@I
AMJH DON@GA <N O JM DIO@I?N OJ ?@IT OC<O O C<N <MDN@I
AMJH DON@GA <N < ><PN@ $I +N+ .FO OC@ .FCT<N <M@ <NFDIB RC@OC@M
OC@ DIO@IODJI DN OJ ?@IT OC<O < ><PN@ DI OC@ NO<O@ JA O M@KMJ
?P>@NDON@GAJMDADODNOJ?@ITOC<O<><PN@DIOC@NO<O@JA<><PN@M@KMJ
?P>@NDON@GA
R<M@I@NN JA OC@ ?DAA@M@IO K@MNK@>ODQ@N M@B<M?DIB OC@ NP=E@>O JA
<MDNDIB @SKJN@N < KMJ=G@H DIOMJ?P>@? =T ?@ '< 1<GG@ +JPNNDIN
@H@I?<ODJI JA OC@ IJHDI<ODQ@N OJ <=G<ODQ@N $I OC@ ADI<G N@IO@I>@ JA
OC@.FCT<J=E@>ODJIDI+N+.FODODN<MBP@?OC<ODAOC@(?CT<HDF<
?@ID@NOC<ONJH@OCDIBRDOCOC@I<OPM@JA<><PN@M@KMJ?P>@NDON@GAOC@
(?CT<HDF<N M@<NJI RDGG =@ >JIOM<?D>OJMT SFORAAEOQE>Q D @
RDGGKMJQ@OC@PAEV>NJKKJNDO@JI<>>JPIOJAOC@A<>OOC<O<GGOC<O
<MDN@N <MDN@N JIGT <N NJH@OCDIB @SDNODIB RDOC OC@ I<OPM@ JA < ><PN@
HO>QJ>K SFAV>JK>PV>FS> P>OS>PVLQM>QQFJ>Q> RQMAQ /C@
NP=E@>O JA <MDNDIB DHKGD@? =T OC@ N@IO@I>@ DN >G@<MGT <N <I?M<FMOD
O<F@N DO OJ =@ D @ OCDIBN <N ><PN@N /CDN M@<NJI BDQ@I =T OC@ .
FCT<NOJ?@HJINOM<O@OC<OOC@(?CT<HDF<NM@<NJIDN>JIOM<?D>OJMT
<KK@<MN DI ++ /D= <N PHVB ?> @>K QE>JP @>A KF ODVRF ?A>D KVFA AR
VLAM>HELK>I>PPHVB?>FMEVFO<>@=PN@<GGOC<O<MDN@N<MDN@NJIGT
COLJ NJH@OCDIB OC<O @SDNON RDOC OC@ I<OPM@ JA < ><PN@ ++ .FO H<T
C<Q@ M@<? HO>QJ>K SFAV>JKA BS> /C@ NP=E@>O JA <MDNDIB
OC<ODNDHKGD@?DIOCDN><N@DNCQDQ@F<NQDU OCDIBN<N@AA@>ON /C@
<GGPNDJI OJ @AA@>ON <N OC@ NP=E@>O JA <MDNDIB DN OCPN >JINDNO@IO
OCMJPBCJPOOC@++J=E@>ODJI +N+/D=CJR@Q@MKM@N@IONOC@.FCT<
M@<NJIDI?D><ODIBOC@>JIOM<?D>ODJI<NPHVB?>A>KDIA>KM>QE>JP@>A
KF ODVRF ?A>D KVFA AR VLA M> HEL K> PHVB ?>F MEVFO /C@ M@G@Q<IO
?DAA@M@I>@AMJH++/D=DNOC@G<>FJAP<AO@MODVRF?A>DKVFAAR
VLAM>HELK> /C@KCM<N@RDOCJPOI>P=MDIBN<IPI@SK@>O@?<I?PI
<>>@KO<=G@DI>JINDNO@I>TOJ+N+/D=N.FCT<J=E@>ODJI<N<RCJG@
DI M@KMJ?P>DIB ++ /D=N J=E@>ODJI PK OJ OCDN KJDIO +N+ /D= O<F@N
OCDIBN<N@AA@>ON<NOC@NP=E@>OJA<MDNDIB=PORDOCOC@M@<NJINCJRDIB

++
)$ .
OC@ >JIOM<?D>ODJI DO O<F@N OC@ NP=E@>O JA <MDNDIB <N <I?M<FMOD ?J@N
D @ <N OCDIBN <N @>RPBP /CDN NRDO>C DI +N+ /D= JA OC@ NP=E@>O JA
<MDNDIBAMJH@AA@>ONOJ><PN@NKJDIONOJ<IJQ@MNDBCOJIOC@K<MOJAOC@
OM<ING<OJMN !JGGJRDIB OC@DM M@BPG<M KMJ>@?PM@ AJM >DO<ODJIN OC@T
>JKD@? ++ /D=N J=E@>ODJI DIOJ +N+ /D= <I? H<?@ OC@DM PNP<G HDIJM
HJ?DAD><ODJIN OJ OC@ M@<?TH<?@ OM<ING<ODJI !JM OC@ N<F@ JA C<QDIB
+N+ /D= =@OO@M M@AG@>O+N+ .FON KCM<N@ DI?D><ODIB OC@ M@<NJI AJMOC@
>JIOM<?D>ODJIOC@T?MJKK@?++/D=NI>P=PO?D?IJOIJOD>@OC<OOCDN
=MJPBCO JINDNO@I>T DIOJ OC@ O@SO JA OC@ J=E@>ODJI /C@ N<H@
DI>JINDNO@I>T M@B<M?DIB OC@ NP=E@>O JA <MDNDIB OC<O H<MN +N+ /D= DN
DIOMJ?P>@? DIOJ +N+ .FO RC@I OC@ AJPM IJHDI<ODQ@N <M@ >C<IB@? OJ
<=G<ODQ@N <I?M<FMODN DI>GPNDJI JA <I? HJ?DAD><ODJI JA OC@ ++ .FO
.FCT< J=E@>ODJI R<N J=QDJPNGT HJODQ<O@? =T CDN >JI>@MI RDOC
?@HJINOM<ODIBOC<OOC@JOC@M<>FIJRG@?B@?DIA@M@I>@C@?M<RNJPOJA
P??C<KGDO<NNO<O@H@IO><IIJO=@A<PGO@?=TOC@.FCT<N>A +N+(
a +N+' H@M@ M@>DO<ODJI JA OC@ ++ .FCT< >JHKG<DIO
?D?IJON@MQ@CDNKPMKJN@NC@M@>JINOMP>O@?OC@++J=E@>ODJINJOC<ODO
>JPG?=@N@@I<N<KKGD><=G@OJCDNJRIJOC@M<>FIJRG@?B@?DIA@M@I>@
4JI@U<R< OOC<OHN,?J@N
IJO =@<M OC@ IJHDI<ODQ@ AJMHN HOVQJ>H> <I? HO>QJ>H> =PO
M<OC@M <OO@NON OC@ <=G<ODQ@ AJMHN HOVQJ>K> <I? HO>QJ>K>
"DQ@I OC<O HN ,N .<INFMDO <=G<ODQ@N >JMM@NKJI? OJ +N+ /D=N <=G<
ODQ@N4JI@U<R<@SKM@NN@?OC@JKDIDJIOC<OOC@N@<=G<ODQ@NM@KM@N@IO
>JMM@>OM@<?DIBN<I?OC<OOC@TNCJPG?=@<?JKO@?<NNP>CDIOC@O@SOJA
+N+.FO N<KK@<GDIB<NDOHDBCO=@OJ<>>@KOHN,N<=G<ODQ@N<I?<N
O@HKODIB <N DO HDBCO =@ OJ R<IO OJ @SKG<DI OC@ JOC@M H<IPN>MDKON
M@<?DIBN <N M@NPGODIB AMJH OC@ DIO@MKM@O<ODJI JA K> >H>O>N <N H>
>H>O>N HN ,N M@<?DIBN ><IIJO =@ <>>@KO@? AJM @S<>OGT OC@ N<H@
M@<NJIN OC<O +N+'N <=G<ODQ@N ><IIJO =@ <>>@KO@? !DMNO OC@ ++N
.FCT<<MBPH@IOR<NNDHKGT>JKD@?DIOJ+N+/D=AMJH++/D=<I?
OC@M@AJM@><IIJON@MQ@<N<M@GD<=G@RDOI@NNAJM+N+.FO .@>JI?HN
,N <=G<ODQ@N OJB@OC@M RDOC OC@ +N+N B@IDODQ@ SFAV>JK>PV> HO>
QJ>KSFAV>JK>PV>FS>P>OS>PVLQM>QQFJ>Q>RQMAQMPDIOC@GJBD>
<G>JC@M@I>@JAOC@.FCT<<MBPH@IODIOC@+N+<I?<M@KMJ=G@H<OD>
DI QD@R JA <I?M<FMODN JOC@M<>FIJRG@?B@? DIA@M@I>@ <O +N+( a
<I?a+N+' <I?CDN>G<MDAD><ODJIJAOC@M>H><O+N+(
a+N+' $@SK@>OOC<OHN,N<=G<ODQ@N<M@OC@M@NPGOJA?@
+-.))+#+/
-*)

GD=@M<O@ >C<IB@ JH@AMJHOC@GDI@
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In Clear Words - The Prasannapadā, Chapter One Vol II - Annotated Translation, Tibetan Text

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ANNE MACDONALD

STERREICHISCHE AKADEMIE DER WISSENSCHAFTEN

BEITRGE ZUR KULTUR- UND GEISTESGESCHICHTE ASIENS

STERREICHISCHE AKADEMIE DER WISSENSCHAFTEN

Annotated Translation, Tibetan Text

Vorgelegt von w. M. ERNST STEINKELLNER

Diese Publikation wurde einem anonymen, internationalen

Die verwendete Papiersorte ist aus chlorfrei gebleichtem Zellstoff hergestellt,

Alle Rechte vorbehalten.

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