Ponizovskiy Obrashchenie-v-sluh.PDF


Чтобы посмотреть этот PDF файл с форматированием и разметкой, скачайте его и откройте на своем компьютере.
SURVHBFRQWHPSRUDU\
$XWKRU,QIR
:glhgeZ^bfbjh\bqIhgbah\kdbc
H[jZs_gb_\kemo
H[jZs_gb_\kemo:glhgZIhgbah\kdh]hjhfZghJhkkbbbjmkkdhc^mr_A\mqbl]jhfdhZih
^jm]hfmg_kdZ`_rvWlhdgb]Zih^ebgguoq_eh\_q_kdbobklhjbciheguoex[\bbl_ji_gby]g_\Z
bg_`ghklbih\_kl\h\Zgb_hgZkkZfbojh^guobqm`bog_ijbfbjbfuobebijhsZxsbo
jZaguoBklhjbbwlbkmlvkZfZ`bagv__g_i_j_q_jdgmlv\g_cgbq_]hg_bkijZ\blvGh_s_wlh
dgb]Zh^\mofm`qbgZob^\mo`_gsbgZodhlhju_kemrZxlqm`b_jZkkdZaubg_aZf_qZxldZd
hkljhmfgZyibdbjh\dZi_j_jZklZ_l\g_gZ\bklvZkhi_jgbq_kl\h\ex[h\v
Ykha^Zgb_IE^hdmf_glZkdjbilukghkdb$9D5XV
:glhgIhgbah\kdbc
H[jZs_gb_\kemo
I_j\uc^_gv
,JZkkdZag_aZdhgghjh`^_gghc
@beZk_fvyfm`k`_ghcMgbo[uehljh_^hq_j_c
�hq_jbihkl_i_gghaZfm`\urebmgboklZebk\hb^_lbgZjh`^Zlvky:wlhihke_\h_ggu_]h^u
Lh]^Z\_^vfZehkb^_ebk^_lvfbg_fgh`dhihkb^ylbkjZamjZ[hlZlvgZ^hb^lbBbofZlvklZeZ
_a^blvbdZ`^hc^hq_jbihfh]ZeZkb^_lvk\gmqZlZfbBlZdhgZ^_lyfk\hbfihfh]ZeZ
:\wlh\j_fyhl_p[ueh^bgb`bekhk\h_cfZl_jvx:ohayckl\h\k_^_j`Zl`_h]hjh^uFZlv
klZjZybhgZdhg_qghg_mijZ\eyeZkvkh\k_fbwlbfb^_eZfb^hfZrgbfbkohayckl\hfh]hjh^ub
lZd^Ze__B\hllZdihemqbehkvqlhfhyfZfZbkh]j_rbeZkwlbffm`qbghclhByjh^beZkv
g_aZdhggZylZdkdZaZlv
HgZihfh]ZeZihohayckl\m"
�Zwlhfmfm`qbg_hgZihfh]ZeZb\blh]_yjh^beZkv
BihemqbehkvlZdqlhmf_jeZ\hlwlZ_]hfZlvbhgkZfihke_wlh]hly`_ehaZ[he_eBijb_a`Z_l_]h
aZdhggZy`_gZG_fgh]hih`bebbhgmfbjZ_lHl_plhfhc:ylh_szg_jh^beZkvy
jh^beZkvdh]^Zhgm`_mf_j
Bdh]^Z`_gZaZdhggZyjZkijh^Z\ZeZlZf^hfohayckl\hhgm`_mf_jZfZfZihdZ[_j_f_ggZy
[ueZbfZfZfg_]h\hjbeZHgZfg_g_^ZeZ^Z`_j\ZguokZih]Gh_c`_lh`_`_g_lh
aZdhgghc[uehfhjZevghb[hevghbh[b^gh
B\hlfZfZf_gy\jh^^hf_jh^beZlj_lv_]hyg\ZjylukyqZ^_\ylvkhliylb^_kylh]h]h^ZZhgZkZfZk
^_\ylvkhl\hkvfh]hagZqbl_c[uehkhjhd^\Z]h^Z\b^bl_m`_\hajZkl:^hfZk\h_]hg_lDm^Z_c
b^lb"BhklZeZkvhgZijbwlhcjZchgghc[hevgbp_IbqZ_\kdhck_ehIbqZ_\hjZcp_gljHgZlZf
kZgblZjhqdhcklZeZjZ[hlZlvblZdg_fgh`dhhgZlZf`beZijb[hevgbp_
:ihlhf_cijbrehkvhllm^ZmclbbhgZklZeZoh^blvihkzeZfih[bjZlvkyLm^Z\k_ehihc^zl\
^jm]h_k_ehihc^zlbyaZg_c\o\hkl_\o\hkl_ihklhygghoh`mih[bjZxkv\f_kl_kg_chlwlh
yihfgxm`_Qlhy\k_]^Zkg_c\o\hkl_oh^beZlhl^hfihreb\^jm]hc^hfihreb
B\hlihfgxk_gly[jvm[bjZxlm`_dZjlhrdmKlhblehrZ^vgZwlhcehrZ^bf_rdbkdZjlhrdhc
ijb\_aebihq_fmlh\hlwlhlfhf_glfg_aZihfgbekyBlZfkhk_^kdZy`_gsbgZ]h\hjbl
uihfgbl_wlhlfhf_gl"
�Z^Zyihfgxhk_gvb\hlf_gyhnhjfeyxl\DZgbs_\kdbc^_lkdbc^hfIbqZ_\kdbcjZchg
LZf[h\kdhch[eZklbBylZfq_luj_]h^ZmqbeZkvLZf[uehhq_gvohjhr__f_klhieh^h\u_
^_j_\vykZ^uk\hya_fey[ueZm^_l^hfZ\ukZ`b\Zebh\hsbnjmdlub\k_fwlbfihlhfgZk
dhjfbebbrgyy[ehdb\kzk\hzmgZk[uehDZimklmjm[bebdhq_ju`dm\uj_aZebb[jhkZeb\
lZdb_dhjulZbijyfhrludh\ufbehiZlZfbjm[bebwlbdhqZgugZrblZfGmgZojZg_gb_qlh[
dhjfblvgZk\^_l^hf_K\hbmevb[uebfz^dZqZebf_^dmgZfg_fgh`dh^Z\ZebFuh[bjZeb
kfhjh^bgm\brgxihlhfhl^Z\ZebgZdmogxlZf\kzwlh]hlh\bebb\Zj_gv_^Z\ZebgZfbagZrbo
njmdlh\
FZfZdhfg_ijb_a`ZeZ\^_l^hfIjb_^_l]hklbgbq_dijb\_azlih[m^_lkhfghcieZlvbp_dZdh_
gb[m^vfg_dmiblBe_lhfljbf_kypZdZgbdmeuhgZ\havfzlf_gyfh`_lgZg_^_evdmm
dh]hhgZ`beZyhdhehg_zih[m^mbhiylvhgZf_gy\^_l^hf
:ihlhfgZ[Za_wlh]h^_lkdh]h^hfZj_rbebhj]Zgbah\Zlvlm[_jdmezaguckZgZlhjbcZgZk
^_l^hfh\p_\jZa[jhkZebih\k_f^_l^hfZfLZf[h\kdhch[eZklbBy\k\hxhq_j_^vihiZeZ\
klZgpbxMfzlMfzlkdbcjZchglh`_LZf[h\kdhch[eZklb
B\hldh]^ZbaDZgbs_\kdh]h^_lkdh]h^hfZgZkhl\_aeb\klZgpbxMfzlfudh]^Zlm^Zijb_oZeb
ZlZfgh\h_a^Zgb_ihkljh_gh\kzgZ\a]ey^lZd^h[jhlgh\kzohjhrhghqlhlhmgZkkemqbehkv\
ikbobd_\hldh]^Zfum_oZebhl^bj_dlhjZhlaZ\mqZhlk\hbo\hkiblZl_e_cdZdhclhi_j_ehfm
gZkijhbahrzedh]^Z\hllZdj_adhgZk\ayebbbah^gh]h]g_a^Zi_j_kZ^beb\^jm]h_]g_a^hgm
dZdlhfug_ihqm\kl\h\Zeb^h[jhlmgh\h]hdhee_dlb\ZBfuhaebebkvfuklZebm[_]Zlvhjh\Zeb
oe_[`]ebwlhloe_[gZdhklj_LZfihkZ^db[uebg_^Ze_dhhl^_l^hfZb\hl\wlboihkZ^dZo
dhklzjjZa\h^bebgZdhklj_oe_[dhilbebb_eb_]h
:mq_[gucijhp_kklhm`_gZqZekym`_k_gly[jvZgZkgbdlhg_kh[_jzlfu\jZa[_`dmklZgpby
jy^hfk_ebih_oZebgZLZfZemLZfZemijh_oZeb^Zevr_ih_oZebGZkgbdZdg_kh[_jmlfu
\h[s_fjZa[helZebkvhdhgqZl_evgh
Lh]^Zijb_oZegZr^bj_dlhjYdh\=Z\jbeh\bqdhlhjuc[uemgZk\i_j\hf^_l^hf_
\DZgbs_\kdhfk_ogZk\hkiblZggbdh\k\hbokh[jZe
DZdk_cqZkihfgx[ueohjhrbckheg_qguclzieuc^_gvhk_ggbcbfui_rdhfihrebd\h^hzfm
lZfj_dZijhl_dZeZb\hlfui_rdhfb^zf_fm\kzjZkkdZau\Z_fgZ\k_o`Zem_fkydZdgZk
h[b^_ebdZdgZkg_\ukemrZebdZdgZfq_]hlhg_ihfh]ebfu_fmdZdhlpm\kzjZkkdZau\Z_f:
imlv^ebgguc^hj_qdb^h\h^hzfZgZ\_jgh_dbehf_ljh\iylvB^zfjZkkdZau\Z_fbijbreb
gZwlhl\h^hzfIhfuebir_ghdZjlhrdbgZqbklbebgZ\ZjbebgZdhklj_dZrbhgZ^ufdhf
ihiZob\Z_lfukb^bfjZa]h\Zjb\Z_f
B\hlhggZkdZdlhh[t_^bgbeGZ\_jgh_hgkZf[ue\hkiblZggbd^_lkdh]h^hfZb\k\hxhq_j_^v
h[eZ^Zewlbf\hli_^Z]h]bq_kdbflZeZglhfDZdlhhlh]j_ehggZf^mrmBfu\_jgmebkvdh]^Z
ihke_wlh]h\gh\uc^_l^hffudZdlhm`_klZebfy]q_klj_fbebkvm`_mqblvkydZdb_lhmgZk
^jm]b_ijh[e_fuklZebihy\eylvky:lhfu\_^v\hh[s_g_mijZ\ey_fu_[ueb
,,Lmg_ja_ckdbcd\Zjl_l
G_keurghgbq_]hkdZaZeZ^_\mrdZklZlmbjh\dhcgZr__
K_cqZkbkijZ\bfk]hlh\ghklvxhldebdgmekyfm`qbgZihklZjr_Nz^hj"Eze_qd_iehoh
Moh`_ggZyl_fgh\hehkZy`_gsbgZ`_gZfm`qbguihklZjr_ihkfhlj_eZgZfm`Zi_j_\_eZ\a]ey^
gZ^_\mrdmijbih^gyeZ[jh\vghkfheqZeZ
Nz^hjfheh^hcq_eh\_dkfy]dhcjmkhc[hjh^dhcqlhlhih^djmqb\Ze\ihjlZlb\ghfdhfivxl_j_
IjhklhjgZydhfgZlZ[ueZgZiheg_gZij_^aZdZlgufk\_lhfHq_gv[hevrh_qbklh\ufulh_hdgh
hldju\Zeh\b^gZdhleh\bgmgZha_jhbgZ]hjgu_p_ibaZha_jhfGZ^]hjZfbklhyebjhah\u_
�h[eZdZufhdih^gbfZekyhldjurbkhk_^g_]h^hfZ\lzfgh]hem[h_kdZahqgh_g_[h
N_^yj_]mebjh\Zea\md\k\hzfklZjhfewilhi_bhl\heg_gbyimlZedeZ\brbM^b\bl_evgu_kh[ulby
aZ\yaZebkv\hdjm]g_]h\ihke_^gb_^gb
;m^mqbklm^_glhfaZl_fZkibjZglhfZ\ihke_^g__\j_fybihfhsgbdhfijhn_kkhjZ\8QLYHUVLWpGH
�)ULERXUJ@N_^ym`_k_^vfhc]h^ihqlb[_a\u_a^gh`be\R\_cpZjbb`behq_gvkdjhfgh^Z`_
ih`Zemckdm^ghbh^bghdh
Keh`behkvlZdqlh\dhgp_^_dZ[jyhghdZaZekya^_kv\:evihl_eHXg]njZm=hklbgbpZg_[ueZ
jhkdhrghc\kmsghklbiZgkbhgqbdgZr_klvghf_jh\gh\kz`_]hklbgbpZbdmjhjlb
ihjZabl_evgu_^Z`_ihf_jdZfR\_cpZjbb\b^uBgbdh]^ZjZgvr_N_^_g_ijboh^behkv
`b\Zlv\]hklbgbp_h^ghfm[_ahlpZ
�:evihl_e_fijbylgu_g_h`b^Zgghklbg_bkq_jiZebkv\ZklZjuo_szfhkdh\kdboijbyl_eyk
dhlhjufbNz^hjiulZekyih^^_j`b\Zlvm]ZkZ\rmxi_j_ibkdm\^jm]\i_j\u_aZr_klve_l
\hkihevah\Zebkv_]hijb]eZr_gb_fHq_\b^ghNz^hjmke_^h\Zeh[eZ]h^Zjblvkg_`gmxlmqm
dhlhjZy\p_ehklbfbgh\ZeZ:\kljbxbBlZebxghh[bevghijhkuiZeZkvgZ^R\_cpZjb_cbkjZam
ihke_Gh\h]h]h^Z\;_Zl_g[_j]gZ]jygmeZdhfiZgbyfhkdh\kdbo^hkd_jh\Nz^hj[ueg_kdZaZggh
jZ^bjZkljh]ZglZdohjhrh_fm[ueh\rmfghcdhfiZgbb[helZ\r_cihjmkkdbGhq_j_a
g_kdhevdh^g_cijbreZg_h[uqgZyhll_i_evfZjrjmlkg_`guolmqihf_gyekybdhfiZgbylZd`_
\g_aZighjZat_oZeZkvihkhk_^gbfZevibckdbf^_j`Z\ZfGZ^_gvihelhjZaZ^_j`ZeZkv
\;_Zl_g[_j]_h^gZkmjh\Zy^_\mrdZEzey_cgm`gh[uehkdhj__\_jgmlvky\Fhkd\mKEze_c
Nz^hjjZgvr_g_[ueagZdhf^Zb\wlb^gbhgbg_kdZaZeb^jm]^jm]m^\mokeh\gh\uihegyy
^he]]hkl_ijbbfkl\ZNz^hjijh\h^be_zgZZ\lh[mkgmxklZgpbxijhke_^beaZihdmidhc[be_lZ\
Zwjhihjlb\^jm]\uykgbehkvqlhbaaZ\medZgZj_ckuih\k_c?\jhi_hlf_g_gu
Ijb\k_ck\h_cg_aZ\bkbfhklbbkmjh\hklbEzey\kzlZdbhklZ\ZeZkv^_\ylgZ^pZlbe_lg_c^_\mrdhc
gZg_ba\_klguckjhdaZkljy\r_c\qm`hckljZg_keh\hfNz^hjkqzek\hbf^he]hf\aylvgZ^g_x
hi_dm:evihl_e_dZdjZahdZaZeZkvk\h[h^gZydhfgZlZN_^y^Z`_\u]h\hjbemohaybgZ
g_[hevrmxkdb^dm
GZr__mEzebihgb`_ijZ\h]hmoZ[ue\ulZlmbjh\Zgrljbodh^Nz^hjmex[hiulgh[uehqlh[u
wlhfh]ehhagZqZlvghijbagZdhfkl\_hgjZamf__lkyg_kijhkbeZ^Zevr_klZeh_szg_m^h[g__
lZdhci_jkhgZevguc\hijhk ihnjZgpmakdbjZafureyeNz^hj\ffh][ulvbklhedh\ZgdZd
nebjlZmg_]hg_[uehgZf_j_gbynebjlh\ZlvkEze_c
IjZ\^Z\j_fyhl\j_f_gbN_^_dZaZehkv[m^lhhlg_zbkoh^blg_dbcg_nbabq_kdbcZdZdhclh
h[sbcgjZ\kl\_ggucqlhebaZiZoqbklhlugZihfbgZxsbcaZiZok\_`_]hkg_]Zbhsms_gb_wlh
_fmgjZ\behkvbm^b\eyeh_]hgh\g_rg_Ezey_]hkh\k_fg_ijb\e_dZeZ\k_]^Z[ueZh^_lZ\h^bgb
lhl`_[_knhjf_gguc[ZeZohgbm]]boh^beZg_fgh]h\jZa\Zedmb]eZ\gh_hggbdZdg_fh]
ihiZklvkg_x\lhgEzey\hh[s_hlebqZeZkvg_fgh]hkeh\ghklvxgh^Z`_dh]^Zqlhgb[m^v
bf__l\\b^mqlhqm\kl\m_lb^Z`_ijhklhci_j\uckfukekdZaZggh]hqZklhg_ihgbfZe
q_jZNz^hjih\ze_zm`bgZlv\^_rz\ucfh`_l[ulvkZfuc^_rz\uc\;_Zl_g[_j]_dZ[Zqhd
%RGH%HL]OLk]jm[ufbeZ\dZfb\f_klhklmev_\b^ebggufb^hsZlufbklheZfb\b^_^_dhjZ
a^_kv[uebjZa\_rZgu^hihlhigu_eu`bZih^lZj_edbih^deZ^u\Zebkvebklhqdbkhko_fZfb
]hjguoljZkkbih^tzfgbdh\dZ[Zqd_[uehrmfghihkhk_^kl\m[jZlZebkvblZevygpubdZ`_lky
Zg]ebqZg_hh[s_Nz^hjmihdZaZehkvqlh\medZgijb\gzk\dmjhjlguc[ulg_dhlhjh_
h`b\e_gb_
Dh]^Z\hq_j_^ghcjZafheqZgb_aZlygmehkvN_^yklZekha^Z\Zlv\b^bfhklvk\_lkdhc[_k_^u
�i_j_kdZau\Zyk\hzihaZijhreh]h^g__khqbg_gb_hhklh_\kdhfEzeykemrZeZbebg_kemrZeZ
N_^yg_ihgbfZe
BlZevygpukrhleZg^pZfbihrZlgm\iZjmjZaly`zeu_eZ\dbdh_dZd\u[jZebkvbNz^hjkEze_c
hklZebkvaZ^ebggufklhehfh^gbLmllhbkhklhyehkv\Z`gh_bg_h`b^Zggh_agZdhfkl\h
dZ[Zqhd\hreZiZjZk_f_cgZyiZjZfm`b`_gZdZdbgh]^Z[u\Z_l\b^ghki_j\h]h\a]ey^Zhg
kj_^g_]hjhklZiehlguchgZfZe_gvdZyhq_gvkh[jZggZybmoh`_ggZyh[Zh^_lu_^hjh]hb
ohjhrh\hrebbgZihjh]_dZdlhaZfyebkvFh`_l[ulvg_h`b^Zeb\klj_lblvgZklhevdh
ijhkl_pdmxh[klZgh\dmaZhldjulhcklhcdhcgZdmog_]jhfdh`ZjbehkvfykhgbadZydhfgZlZ[ueZ
gZ[blZ[bldhfdjhf_[eb`Zcr_]hklheZaZdhlhjufkb^_eblhevdhNz^hjbEzeyIhfy\rbkv
\hr_^rb_\kzlZdb\lbkgmebkvihkhk_^kl\mh[f_gy\rbkvkNz^hjhfhklhjh`gufbihemmeu[dZfb
Nz^hjiehohhij_^_eyeqm`hc\hajZklgZi_j\uc\a]ey^_fmihdZaZehkvqlhwlbex^bjh\_kgbdb
_]hjh^bl_e_cghg_fgh]hfheh`_lh_klvbfe_lihkhjhdbebqmlvf_gvr_
F_gxkhklhy\r__bah^ghceZfbgbjh\ZgghckljZgbpu\hr_^rb_gZqZebh[km`^Zlvihjmkkdb
�;jxg_ldZaZdZaZeZ\h^m[_a]ZaZb6SURVVHQVDODW@_zfm`fykhib\hbdbjr
Nz^hjihh[uqghck\h_caZkl_gqb\hklbg_j_rbeky\klmiblvkkhhl_q_kl\_ggbdZfb\jZa]h\hj
�Ihdhe_[Z\rbkvijh^he`bebaeZ]ZlvEze_l_abkuhhklh_\kdhfbkjZamihqm\kl\h\Zeqlh
khk_^bijbkemrZebkv
Q_j_adhjhldh_\j_fyNz^hjmkeurZeqlhke_\Zdg_fmZ^j_kmxlkyijbqzfdZdbflhm`Zkgh
agZdhfufh[jZahf:iha\hebl_ebgZqZekhk_^bkjZamh^zjgmek_[yg_lg_lZd:
hkf_exkvebfbehklb\uc]hkm^Zjvh[jZlblvkyd\ZfkjZa]h\hjhfijbebqguf"Nz^hjih\_jgmeky
khk_^\_k_ehmeu[Zeky_fm
Hldm^ZpblZlZ"ihfgbl_"
:ohgwdaZf_gm_l\k_]^Zg_\hafh`gh\hkdebdgmeZ_]h`_gZbN_^yih^mfZeqlhex^bhgb
kbfiZlbqgu_
�Fm`Za\Zebfbljbck_\heh^h\bq;_ey\kdbc`_gm:ggZJmdhih`Zlb_m;_ey\kdh]h[ueh
dj_idh_lzieh_
&#xuy;&#xkg;¾&#xhk;&#xv;&#xq;&#xlh;&#x^;&#xZ;&#xgu;;&#x^Z;&#xgh;&#x;&#xi;&#xjb;&#xk;&#xh; _;&#x;�uykgbehkvqlh^Z\guf^Z\ghijbkh\d_fbljbck_\heh^h\bqbkZfibkZedmjkh\mx
�hhklh_\kdhfIhjZ^h\Zebkvkh\iZ^_gbx
ijhq_f^biehfZlbqghh]h\hjbekyN_^y]^_djhf_R\_cpZjbbfh]mlkhclbkvex[bl_eb
�hklh_\kdh]h"
DZdhcm\Zkjmkkdbcyaudg_h[uqgucaZf_lbeZ:ggZ
N_^yihykgbeqlhohly\ihke_^gb_r_klvkiheh\bghce_lhgfgh]hqblZeihjmkkdbhkh[_ggh
Hghfh`_lbdemqr_fm"lml`_\_jgmeZj_iebdm:ggZHgZ\ky[ueZlhgdZyhkljZydZd
kljmgZ\_zijbkmlkl\bbN_^_bkZfhfmaZohl_ehkv\uijyfblvkibgmbijhbag_klbqlhlh
k^_j`Zgghhkljhmfgh_
_jhylghagZdhfkl\hbh]jZgbqbehkv[ufZe_gvdbfjZa]h\hjhfl_f[he__Ezeym`_dZdlh
aZzjaZeZNz^hjklZe\u[bjZlvfhf_glqlh[hldeZgylvkygh\dZ[Zqd_ijhbahrehZg_d^hlbq_kdh_
y\e_gb_k_fijbkmlkl\h\Z\rbfhghihdZaZehkvkf_rgufbg_e_iufghdZd\kihfbgZebih
f_gvr_cf_j_^\h_bahq_\b^p_\[_awlh]hg_agZqbl_evgh]hijhbkr_kl\by\kz^Zevg_cr__hq_gv
\Z`gh_kZfh_\Z`gh_^eygbo^\hbog_kemqbehkv[u
:ggZkijhkbeZNz^hjZqlhbf_gghlhlbamqZ_l\R\_cpZjbbdZdhcij_^f_l
Qlh[uq_klghYg_kdhevdhjZaihf_gyenZdmevl_lui_j_oh^begZqZeN_^yb\wlhl
fhf_glgZihjh]_ \oh^[uegbadbcijboh^behkv^Z`_qmlvqmlvijb]b[Zlvkyih^[Zedhc\fihy\behkv
k_f_ckl\hhl_pfZlvb^he]h\yaucih^jhklhde_lljbgZ^pZlbbebq_lujgZ^pZlbMklZ\rbcihlguc
ohaybgdZ[ZqdZdjZkghebpuck\bkyqbfbihoh`bfbgZmdjZbgkdb_k_^ufbmkZfbijh[_]Zy
fbfhgh\hijb[u\rbokih^ghkhfldgme\klhe[eb`Zcrbcdh\oh^mlhlaZdhlhjufkb^_eb
Nz^hjEzeyb^\h_bogh\uoagZdhfp_\K_f_ckl\hgZqZeh[uehhimkdZlvkygZeZ\dbdh]^ZNz^hj
ijh^he`be;ueZkeZ\bklbdZdhfiZjZlb\gZydmevlmjheh]byl_i_jvwlgheh]byih[hevr_c
qZklb
EbpZgh\hijb[u\rbo\ujZabebf]gh\_ggucm`ZkFZlvkugbhl_p[ukljhi_j_]eygmebkvbm`Zk
kf_gbeky^jm]bf\ujZ`_gb_fmdZ`^h]hbaljhbokh[kl\_ggufIh^jhklhdbah[jZabeg_qlh\jh^_
kbevghcmklZehklbbag_fh`_gbyhg^Z`_ke_]dZaZdZlbe]eZaZdZd[u[_afhe\ghkl_gZyGm\hhl
hiyylvkdhevdhfhh`ghFZlvih^jhkldZ\a]eygmeZgZfm`Zkg_]h^h\Zgb_fdZd[uh[\bgyy_]h
fheDm^Zluijb\ze"Ebphfm`Zlh`_\ujZabeh]g_\ghkhll_gdhfg_^hmf_gbyb^hkZ^u
Hldm^ZyagZe"DZdhriZj_ggh_k_f_ckl\h\kdhqbehkeZ\hdhlijygmehh[jZlghd^\_jbfm`qbgZ
�j_rbl_evghdjbdgmeE_p]hm@bhgb\ureb\hg
�N_^y\ulZjZsbe]eZaZEzeynujdgmeZfbljbck_\heh^h\bq]jhfdhbaZjZabl_evghklj_kdhf
aZohohlZewlhlfhf_glN_^bgZkbfiZlbymdj_ibeZkv?]h\hkobsZeZqm`Zykihkh[ghklv
bkiulu\Zlvb\ujZ`Zlvwfhpbb[mjghbg_ihkj_^kl\_ggh
Qlhwlh[uehjh\ghijh]h\hjbeZ:ggZBogZim]ZeZdhfiZjZlb\gZydmevlmjheh]by"
�G_lbojmkkdZyjmkkdZyj_qvgZim]ZeZdjbdgmefbljbck_\heh^h\bqohohqZu
\b^Zeb"G_lgm\b^Zeb"
Kd\havohohlhgjZkkdZaZeqlhm`_ijbf_qZewlmk_f_cdm\ih_a^_dhlhjuc\habeeu`gbdh\bgZ
ih^tzfgbd_b[uem[_`^zgqlhhgblh`_jmkkdb_lhqgh\ih_a^_f_`^mkh[hcwlbljh_
h[sZebkvihjmkkdb
GmihgylghkdZaZeZ:ggZkmijzdhfLubodZdgb[m^vijbeh`belumf__rv
G_lG_lG_l\hafmlbeky;_ey\kdbcB[ebadhg_ih^oh^beHgbijhklhmkeurZebjmkkdmx
j_qvbf\iZ^emkb^_lvjy^hfkjmkkdbfb_kebjmkkdb_agZqbliehohcj_klhjZg
;_ey\kdbcfZogmeohaybgmaZdZau\Zy\k_fihib\m
�GmqlhaZgZjh^"[mevdZy_szk[b\ZykvgZkf_oijh^he`Zefbljbck_\heh^h\bqqzf
aZ]Z^dZ"Ihq_fmex[u_dZdb_gb[m^vZf_jbdZgpu^ZlqZg_^Zdlhm]h^ghjZ^mxlkydh]^Z
\klj_lylk\hbo"qmlvg_h[gbfZxlky^Zbh[gbfZxlkylh`_Zjmkkdb_^jm]hl^jm]Z
B]jmr_qgZyh[b^Zb\kz`_h[b^ZdhlhjZy[ueZbf\k_f\f_kl_gZg_k_gZblhh`b\e_gb_\
�dhlhjh_fbljbck_\heh^h\bqkjZam`_ij_\jZlbewlmh[b^m\k_wlb[uklju_h[sb_
i_j_`b\Zgbyij_\jZlbebkb^ysboaZ^ebggufklhehfbakemqZcguokhk_^_cihqlb\ijbyl_e_c
Nz^hjmjZkohl_ehkvijhsZlvkyuibebib\Z
AZib\hfaZ]h\hjbebhjmkkdhc^mr_haZ]Z^d_jmkkdhc^mrbblmlNz^hjijhba\ze
\i_qZle_gb_gZgh\uoagZdhfuoM`_fgh]hf_kyp_\dZ`^uc^_gvbk_]h^gybg_^Ze__dZdqZkZ
^\ZgZaZ^hgaZgbfZekyg_q_fbgufdZd[md\ZevghaZ]Z^dhcjmkkdhc^mrbBfh`gh
kdZaZlvbf_ehldjuluc^hklmidwlhcaZ]Z^d_
GZmqgufjmdh\h^bl_e_fNz^hjZ[ueGbdheyOZZkijhn_kkhjdmevlmjghcZgljhiheh]bblh_klv
Zgljhiheh]bbgZpbhgZevghcdmevlmjuNz^hjg_fgh]haZimlZeky\l_jfbgZogZa\Zgb_
^bkpbiebgu\dhlhjhc[ebklZe^hdlhjOZZkg_bf_ehlhqgh]hjmkkdh]hi_j_\h^Z
?kebdhjhldhi_j_kdZaZlvN_^bgmj_qvl_hjby^hdlhjZOZZkZaZdexqZeZkv\ke_^mxs_f
Qlh[uihgylvgZpbhgZevgucoZjZdl_jg_\Z`ghjmkkdbclmj_pdbcbebr\_cpZjkdbcl_
bf_gghqlh[uihgylvgZjh^gmx^mrmaZ]Z^dmgZjh^ghc^mrbgm`gh[ueh ihOZZkm\f
\ukemrZlvOHVUpFLWVOLEUHV k\h[h^gu_ih\_kl\h\Zgby\fih^ebgguoh[eZ^Zl_e_cbebghkbl_e_c
wlhckZfhc^mrbl_ijhkluor\_cpZjp_\bebijhkluoihjlm]Zevp_\bebijhkluodhkh\Zjh\
=eZ\gh_klhqdbaj_gby^jZOZZkZke_^h\Zehhj]Zgbah\Zlvbgl_j\vxlZdbfh[jZahfqlh[u
ih\_kl\h\Zgb_ OHUpFLW\fhlgZqZeZb^hdhgpZhklZ\Zehkvk\h[h^guf OLEUH\fGb\dh_fkemqZ_
bgl_j\vx_jmg_^ha\heyehkv\ebylvgZoh^jZa]h\hjZjZaj_r_gh[uehebrvihhsjylv]h\hjys_]h
^Zevr_^Zevr_ZodZdbgl_j_kgh\fZlZd`_ijbkh[ex^_gbbjy^Zkljh]boh]jZgbq_gbc k
njZgpmakdhc^hlhrghklvxi_j_qbke_gguoOZZkhf\faZ^Z\Zlvmlhqgyxsb_bebijhykgyxsb_
\hijhku/HQDUUDWHXU ih\_kl\h\Zl_ev\f^he`_g[uejZkkdZau\Zlvbkdexqbl_evghlhqlhohl_ekZf
dZdohl_ebkdhevdhohl_e
�jm]bfimgdlbdhf^hdlhjZOZZkZ[ueZg_ex[h\vdjZkkdZaqbdZf]hjh`ZgZfbhkh[_gghd
]hjh`ZgZfk\ukrbfh[jZah\Zgb_fIjhn_kkhjj_rbl_evghij_^ihqblZeex^_cijhkluo
\ujhkrbogZa_fe_`_eZl_evgh\]emohc^_j_\g_
Dh]^Z^hdlhjOZZkgZdhg_pihemqbeijZ\bl_evkl\_gguc]jZglgZk[hjihemlukyqbh[jZaph\
k\h[h^gh]hgZjjZlb\Z\K_j[bb\;hkgbb\Dhkh\h\Lmjpbbb\JhkkbbNz^hjh[jZ^h\Zekyqlh
_]h\hl\hlhlijZ\yl\dhfZg^bjh\dmgZjh^bgmgh\uykgbehkvqlh]hjZa^h^_r_\e_gZgylv
bgl_j\vx_jh\gZf_kl_
hdjm]gh\hc_szg_gZibkZgghcdgb]bGbdheyOZZkZaZ\yaZeZkv^bkdmkkbyhkh[_ggh`b\h
h[km`^Zebkvl_fuk\yaZggu_kbffb]jZpb_cbgl_]jZpb_cbliFgh]hqbke_ggu_ihfhsgbdbb
ZkibjZgluijhn_kkhjZjZkrbnjh\u\Zebbgl_j\vxlh_klvaZibku\Zebkeh\h\keh\h^_kyldb
qZkh\g_ij_ju\gh]h]h\hj_gbyi_j_\h^bebfgh]b_khlgbkljZgbpklmj_pdh]hk_j[kdh]hbl^gZ
njZgpmakdbciulZebkvijhdhff_glbjh\Zlvfgh`_kl\hbghkljZgguoj_Zebc
Nz^hjm^hklZeZkv[hevrZyqZklvjmkkdh]hmjh`ZyQ_l\zjlucf_kyphgjZkrbnjh\u\Zei_j_\h^be
dhff_glbjh\Ze_`_^g_\ghihfgh]mqZkh\^h]heh\ghc[hebbqzjguofmoi_j_^]eZaZfb
IhfbfhjZklms_cmklZehklbNz^hjklhedgmekybk[he__\Z`ghcihf_ohcG_dhlhju_
hl_q_kl\_ggu_j_Zebbhg_kl_kl\_gghihfgbek^_lkdbobrdhevguoe_lHqzflhkihkh[_g[ue
^h]Z^Zlvkybglmblb\ghHq_gvfgh]h_gZoh^be\bgl_jg_l_Gh\kzlZdbN_^y\ujhk\fhkdh\kdhc
\k\h[h^ghfih\_kl\h\Zgbbih`beuojmkkdboex^_cba^_j_\gb[ueb_fmkZfhfmgbqmlvg_
ihgylg__q_f_]hr\_cpZjkdbfijhn_kkhjZf
:\uihegblvwlmjZ[hlmN_^yklj_fbekydZdfh`ghemqr_g_lhevdhbaaZk\h_ch[uqghc
^hlhrghklbbm`lhqghg_baaZ^_g_] ^_gv]bieZlbebkvfba_jgu_\fZihlhfmqlhemqrbo
ihfhsgbdh\ijhn_kkhjihh[_sZe\g_klb\kibkhdfeZ^rbokhZ\lhjh\dgb]bN_^bgh\hh[jZ`_gb_
jbkh\Zeh_]hkh[kl\_ggmxnZfbebxjy^hfk]jhfdhcnZfbeb_c^hdlhjZOZZkZbjZkdju\Zeh\__j
gZmqguo\hafh`ghkl_c
uib\ib\ZbgZ[jZ\rbkvkf_ehklbN_^ykijhkbek\hbogh\uoagZdhfuog_kh]eZkylkyebl_
hdZaZlv_fmihfhsv\f_kl_ihkemrZlvaZibkbfh`_l[ulvih^_eblvkykhh[jZ`_gbyfb"
�fbljbck_\heh^h\bqhkmrb\rbcdwlhfm\j_f_gbihe]jZnbgqbdZdbjrZbiZjm[hevrbodjm`_d
�5XJHQEUlX@[mjghaZ\_jbeN_^xqlhhgbk:gghckgZ[^ylN_^xlZdbfbbkq_jiu\Zxsbfb
dhff_glZjbyfbqlhm`_g_N_^yklZg_lkhZ\lhjhfOZmkZZkZfOZmk[m^_lijhkblvkyqlh[u_]h
�\lbkgmebihke_Nz^hjZf_edbfrjbnlhfQ_f_szaZgbfZlvky\wlhc]emrb"Z\guf^Z\ghihjZ
[ueh\ue_l_lvba@_g_\u\Fhkd\mZl_i_jvaZkljyeblmlg_ba\_klghgZkdhevdhdZlZlvkygZeu`Zo
ih^gZ^h_ehl_f[he__gZqbgZ_lkyhll_i_evdZdg_evaydklZlbijb^mlkyk\h[h^gu_j_pblZeu
�N_^yijb]eZkbe:ggmbfbljby\$OSKRWHObkl_kgyykvlh]hqlhhgklm^_gliha\hey_lk_[_`blv
\dmjhjlghc]hklbgbp_ijbgyekyimlZghh[tykgylvqlh[eZ]h^Zjyg_dhlhjufh[klhyl_evkl\Zf_]h
ihk_ebebihqlb[_kieZlgh=hklbgbpZlhevdhqlhhldjueZk\hci_j\uck_ahghgZgbdhfmg_
ba\_klgZbg_aZiheg_gZohly\kmsghklbhq_gvohjhrZyg_^hjh]Zy
�GZkdhevdhg_^hjh]Zy"[ukljhmlhqgbefbljbck_\heh^h\bqbihdZaZekyN_^_lj_a\__q_f
[md\ZevghfbgmlmlhfmgZaZ^N_^yijbihfgbep_gu
u]h\hjbl_ohjhrZy"Bk\h[h^gu_dhfgZlu_klv"
Ih]h^ZgZmljh\u^ZeZkvkheg_qgZyg_yg\ZjkdZylzieZyWjbdohaybgbmijZ\eyxsbcijh\ze
;_ey\kdbo\^\mok\_lgmxkiylbf_ljh\ufbihlhedZfb]hklbgmx WjbdgZau\ZewlmdhfgZlmVDORQ
�jFKHPLQpH@\q_klvijhdhiqzggh]h^hbklhjbq_kdh]hdZfbgZ\fAZrbjhdbfbhdgZfbi_j_^
�fbljb_fk_\heh^h\bq_fb:gghcjZkdjueky\b^gZljbkZfu_agZf_gblu_r\_cpZjkdb_]hju
Wc]_jFxgobXg]njZmgZha_jhLmg_ja__jZa\_jgmeZkv\kyiZghjZfZ]hjguop_i_caZha_jhf
�WjbdmihfygmeqlhRbevlohjg \b^bl_"ihk_j_^bg_\fkgbfZeky\`_cfk;hg^_bh[jZlbe
\gbfZgb_ihk_lbl_e_cgZb^_ZevgmxibjZfb^Zevgmxnhjfm]hjuGba_g \hgkijZ\ZkijZ\Z\f
/DSOXVEHOOHYXHGHWRXWHOD6XLVVH Emqrbc\b^emqrb_\b^u\R\_cpZjbbi_j_\ze
N_^y\fPRQKXPEOHDYLVkdjhfgh^h[Z\beWjbd IheZ]Zx\f
Ihe_klgbp_klheklufb[mdh\ufbklmi_gvdZfbg_kdjbi_\rbfbZdZd[m^lhiha\Zgb\Z\rbfbijb
oh^v[_ih^gyebkvgZ\lhjhcwlZ`hkfhlj_ebdhfgZlu
FheqZkimklbebkv
I_j_kijhkbebgZa\ZggmxgZdZgmg_Nz^hjhfp_gm
KaZ\ljZdhf"mlhqgbe;_ey\kdbc
�ZghWjbdihk_jvzag_e_klvg_dhlhjZyijh[e_fZ
;_ey\kdb_dZdihdZaZehkvN_^_ihqm\kl\h\Zebh[e_]q_gb_$OSKRWHOhdZaZekyg_klhevim]Zxs_
[_amij_q_g
DZfbgg_evayjZa`b]Zlv]hehkWjbdZ^jh]gmeJ_fhglbjmydjurmjZ[hqb_k^\bgmeb
qlh[md\ZevghgZ^gyoihy\blkyfZkl_johjhrbcfZkl_jdZfbgm^\_klbiylv^_kyle_lwlm
jZ[hlmg_evay^h\_jblvi_j\hfm\klj_qghfmbfh`gh[m^_ljZa`_qvIhdZqlhg_evay
�&#xk_;&#xh;h;&#x^h;&#xbq;&#xj;&#xZa;&#x^_;ë&#xkd;&#xhj;&#x[v;&#xo;&#xha;&#xyb;&#xgZ;&#x;�fbljbck_\heh^h\bqjZa^_ebekdhj[vohaybgZZwlhkms_kl\_ggucg_^hklZlhdfu^he`gu
ohjhr_gvdhih^mfZlvbih^fb]gmeNz^hjm
�LZdbfh[jZahf$OSKRWHO-XQJIUDXhdZaZekyiheghklvxjmkkdbffbljbck_\heh^h\bqb:ggZ
aZgyebkZfuc[hevrhck^\h_ggucghf_jgZ\lhjhfwlZ`_Ezeylh`_`beZgZ\_jomq_j_adhfgZlmhl
;_ey\kdboNz^hj\gbam^\Zghf_jZ\wlb^gbimklh\Zeb
GZbkoh^_^gyihke_lh]hdZd;_ey\kdb_gZdZlZebkvgZeu`ZoEzeygZkghm[hj^_ZmNz^hjZ
]heh\Zijb\uqghjZkimoeZhlfgh]hqZkh\hcjZ[hlu\gZmrgbdZo\k_ihklhyevpuXg]njZm
jZkk_ebkv\hdjm]dZfbggh]hklhebdZ
�fbljbck_\heh^h\bqih`bgZeieh^uk\h_]hZjlbklbafZJZau]jZ\i_j_^Wjbdhffmqbl_evgu_
khfg_gbyhg\kz`_[ueZg_[ueZk^_eZe\u[hj\ihevam:evihl_eyohlybkm\u
g_jZ[hlZxsbfdZfbghfL_i_jvgZklZjbgghfqzjghf[mn_l_hl]hjZ`b\Z\r_fkh[kl\_ggh
dZfbggucm]hehl[hevrhc]hklbghc[ueZ\dZq_kl\_lZdgZau\Z_fh]hdhfiebf_glZ\uklZ\e_gZ
�\gmrbl_evgZykl_deyggZydhe[ZkJULRWWHVDXNLUVFK@Ly`zeZygZ\b^`b^dhklvk\_jdZeZlzfgh
djZkgufbbkdjZfb
�Gmihijh[mcihijh[mcdhfihlbdih^ghkbefbljbck_\heh^h\bq`_g_eh`dmkfhqzgufb
\brgyfb
�LvnmbfZWlh`_\h^dZ
:dZd`_"\_k_ebeky;_ey\kdbcKi_pbZevgucdhfihlbduib\dZbaZdmkdZ\h^ghf
neZdhg_
�ufih^gbfZ\rbcky\g_[hk^_eZekyahehlufgZijhk\_l[_ezgu_kl_gudhfgZluijbh[j_eb
lzieuca_nbjguchll_ghd
Nz^hj^he]h\u[bjZekdZdhcaZibkbgZqZlvbhklZgh\bekygZkZfhck\h_cex[bfhc
;u\ZehqlhjZkrbnjh\db^Z\Zebkvfmqbl_evghghj_qvwlhc`_gsbgujh^hfbaih^LZf[h\Z
hlebqZeZkvlZdhchkh[_gghc\gylghklvxf_jghklvxjZkkm^bl_evghklvxqlhNz^hjdg_cijb[_]Ze
dZdde_dZjkl\mhgjZkrbnjh\u\ZeaZibkbwlhcGbguZkbev_\gudh]^ZgbgZqlh^jm]h_g_
hklZ\ZehkvkbeB\kzlZdb^Z`_gZklhevdh\gylgmxj_qvijboh^behkvijhkemrb\Zlvr_klvk_fv
\hk_fvjZalZdqlhNz^hjihqlbgZbamklvihfgbe\k_ih\hjhlukx`_lZL_i_jvhgke_^beaZ
j_Zdpb_ckemrZl_e_clZddZd[m^lhjZkkdZau\ZekZf
,,,JZkkdZahfZl_jb
BgZoh^ykvlZf\DZgbs_\kdhf^_lkdhf^hf_b\Mfzlkdhfbgl_jgZl_fZlvdhfg_lm^Zijb_a`ZeZ
HgZkhfghck\yavih^^_j`b\ZeZGhy[u\ZeZmg_zhq_gvfZehihlhfmqlh\hi_j\uo_cf_gy
kh^_j`Zlv[uehg_gZqlhZ\h\lhjuob`blvg_]^_hgZlZdboh^beZihkzeZfihkzeZf
:dh]^ZyaZfm`\uoh^beZy_zijb]eZkbeZgZk\Z^v[mHgZgZk\Z^v[_hq_gvi_j_`b\ZeZieZdZeZ
qlhyaZfm`\uoh`mGhfg_m`_[ueh^\Z^pZlviylve_lyjZ[hlZeZfZl_jbZevgh_cihfh]ZeZHgZ
dhfg_ijb_a`ZeZbfuihc^zfkg_cy_cihdmiZeZbh[m\vbh^_`^mFuldZqZfbjZ[hlZeb
ghjfZh[kem`b\ZgbyljbklZgdZZyiylvklZgdh\[jZeZyjZ[hlZeZhq_gvohjhrhhlkx^Z\lh
\j_fyfuohjhrhaZjZ[Zlu\ZebL_f[he__dlhohl_ebmdh]hwlhkihjbehkvIhwlhfmybf_eZ
\hafh`ghklbbk_[ygZdhjfblvbmqblvkyaZwlbkj_^kl\ZbfZlvkh^_j`ZlvGhhgZg_\ms_j[dZd
fZl_jbZevghih^^_j`b\Zlv
:ihke_k\Z^v[uijbrehibkvfhqlhfZlvmf_gyly`_ehaZ[he_eZHgZ`beZ\wlh\j_fymh^ghc
`_gsbguBy\u_oZeZb_zlZfgZreZhgZe_`ZeZiZjZebah\ZggZy
LZf\hldZdihemqbehkvH^gZ`_gsbgZfhgZrdZhgZihl_jyeZkugZhgmg_zmlhgmeBhgZ\ayeZ
k_[_^_\hqdmgmlZdmxg_hq_gva^hjh\mx\mfkl\_gghfjZa\blbbbhgZ_zih^gbfZeZBwlhc
^_\hqd_m`_[uehiylv^_kyle_ldh]^Zyijb_oZeZbmagZeZwlm`_gsbgmlhWlZfhgZrdZ\j_fyhl
\j_f_gbm_a`ZeZ\djmigu_]hjh^ZihdmiZeZk\_qbihdmiZeZeh`dbihlhfijb_a`ZeZlm^Zh[jZlgh
\IbqZ_\kdbcjZchgbwlbeh`dbk\_qbijh^Z\ZeZlZdhcijbjZ[hlhdmg_z[ue:m_a`ZyhgZ
fZfmmk_[yhklZ\eyeZqlh[hgZi_qvijhlhibeZbqlh[uaZg_cijbkfhlj_eZaZwlhc
iylb^_kylbe_lg_c`_gsbghcB\hl\h^gmbaih_a^hdhgZih_oZeZwlZfhgZrdZZwlZ
iylb^_kylbe_lgyy`_gsbgZhklZeZkv\f_kl_kfh_cfZfhc
hlyjZaukdZeZdh]^Z_zk\hxfZfmlhbm\b^_eZwlmdZjlbgmfZfZe_`bl\ky]jyagZygZ
ihkl_ebZwlZg_hq_gva^hjh\Zy\mfkl\_gghfhlghr_gbb`_gsbgZimlzfgbq_]hg_fh`_l
k^_eZlv ly`_eh\a^uoZ_l\fHgZfZfmlhhklZ\eyeZaZg_cijbkfhlj_lvZihemqbehkvgZh[hjhl
qlhwlZ[hevgZykfhljblaZ_sz[hevg_c
YihreZgZreZ\wlhfk_e_n_ev^r_jZkgbfijhdhgkmevlbjh\ZeZkvfh`gheb_zljZgkihjlbjh\Zlv
\jZchggmx[hevgbpmbebg_lIhlhfmqlhy\hegh\ZeZkv\^jm]\imlb_c_szom`_[m^_l"
N_ev^r_jkdZaZeqlh_zljZgkihjlbjh\Zlvfh`ghY\u_oZeZ\jZchgijbreZd]eZ\ghfm\jZqm
jZchgghc[hevgbpuh[tykgbeZ_fmkblmZpbxQlhihfhqvg_dhfmqlhy\hkiblZggbpZ^_lkdh]h
^hfZmf_gyly`_eh[hevgZfZlve_`bl\wlhfk_e_kwlhc\hl]emihc`_gsbghcmoZ`b\ZlvaZg_c
g_dhfm
Hgf_gy\ukemrZe\hrze\fh_iheh`_gb_^Zefg_fZrbgmKdhjmxihfhsvmZabdby\u_oZeZ
\wlhk_ehIjb_oZebgZ]hk^hjh]__klv^hjh]ZZdk_emg_ih^t_^_rvLZf\hllZdb^mlihkZ^db
i_ji_g^bdmeyjghZknZevlh\hc^hjh]_b\kzaZ[blhkg_]hfByi_rdhfgmdbehf_ljZljb
gZ\_jghhl]hk^hjh]b^hreZihijhkbeZlZffm`qbgmmg_]hehrZ^vhgaZijy]kZgbbgZ
kZgyofu_z^h\_aeb^h]hk^hjh]bfZlvIhkZ^beb\wlhlmZabdgmg_ihkZ^bebZgZghkbedZo
GZmZabd_y_zijb\_aeZ\[hevgbpm\IbqZ_\kdmx\jZcp_gljb_ziheh`beZ
IZkihjlgu_^Zggu_yhl^ZeZ]eZ\ghfm\jZqmbkdZaZeZqlhy_zg_[jhkZx\_^v[u\ZxllZdb_
kemqZb[jhkbeb\[hevgbp_b\kzijZ\bevgh"Y_zg_[jhkZeZy^ZeZ\k_k\hbiZkihjlgu_^Zggu_
h[tykgbeZqlhy^he`gZjZ[hlZlvgZnZ[jbd_ZlmllZdZygZdeZ^dZkemqbeZkv
Km[[hlZ\hkdj_k_gv_y_oZeZ\k_]^Z\[hevgbpmaZg_clZfmoZ`b\ZeZbh[sZeZkvkg_cMg_z
h^gZklhjhgZhlgyeZkvghhgZ_szjZa]h\Zjb\ZeZkhfghch[sZeZkvMgbolZf\ZggZygZdZlZed_
_zih^\_amihfhx_zihdmiZxi_j_h^_gm]jyagh_[_evzaZ[_jmbm_a`ZeZh[jZlgh\]hjh^
jZ[hlZlv
B\hl\h^ghij_djZkgh_\j_fykj_^bg_^_ebf_gy\uau\ZxlgZjZ[hl_\hl^_edZ^jh\b]h\hjylqlh
_cklZehom`_?z\lhjbqghiZjZebah\ZehhgZm`_g_fh]eZjZa]h\Zjb\Zlvmg_cyaudhlgyekyb
lmlf_gym`_hdhgqZl_evghhlimklbebkjZ[hlub^Zeb[hevgbqgucihmoh^maZly`_eh[hevghcB
hklZlhd\j_f_gbym`_ijh\_eZkg_cjy^hf\wlhc[hevgbp_\jZchgghcMoZ`b\ZeZaZg_cdZd
fh]eZkg_ch[sZeZkvB\hlh^gZ`^uaZjmdmhgZf_gyh[`ZeZh^ghcjmdhcdhlhjZymg_z
jZ[hlZeZhgZlZdk`ZeZfg_bijyfhgZ]eZaZomf_gybmreZ
LZf`beb^Zevgb_^Zevgb_jh^kl\_ggbdbyihreZh[tykgbeZqlhlZdblZdfZfZfhymf_jeZ
fg_a^_kvh[jZlblvkyg_ddhfmihlhfmqlhy`_lZfg_`beZy\^_l^hf_[ueZf_gylZfgbdlhg_
agZ_lBihijhkbeZihf_j_\hafh`ghklbihfhqvfg_\ihohjhgZoB\hlwlZ`_gsbgZlzlyEb^Zb
^y^yK_fzghgbfg_ihfh]ebIjb]eZkbebfm`qbg]jh[k^_eZebijb[hevgbp_\ujuebfh]bem
lzlyEb^ZjZ[hlZeZ^bj_dlhjhfjugdZ\jZchgghfp_glj_IbqZ_\hY_c^_gv]b^ZeZbhgZdmibeZ
wlhgmgZihfbgdb\kz\h[s_fihq_eh\_q_kdbfu_zihfygmebihohjhgbeb\p_jdh\v_z
aZghkbebihlhfgZdeZ^[bs_ihohjhgbebblZfgZdeZ^[bs_y_ciZfylgbdihklZ\beZbh]jZ^dmb
dZ`^ucjZadh]^Zfulm^Zijb_a`Z_fi_j\uf^_ehfb^mdg_cgZdeZ^[bs_
hldZaZehkv[uhgZf_gyg_\hkiblu\ZeZZ\kzjZ\gh\hldZd\ZfkdZaZlvwlhJh^gZydjh\v
qlheb
B\uagZ_l__szih\_aehfg_gZ\_jgh_kfm`_fHg\k_]^Zfg_\h\kzfihfh]Z_lhlfZlv
dZaZehkv[uhgZg_ihfh]ZeZgZfgbq_fgb\qzf:l_fg_f_g__hg\kzjZ\ghb^zlfg_
gZ\klj_qmfukgbf\f_kl__^_fhglZf\ujm[Z_lkhjgydh]jZ^dmihdjZkbllZd^Ze__
hlmgZk[ue^bj_dlhj\^_l^hf_Ydh\=Z\jbeh\bqHg\k_]^Z]h\hjbegZfj_[ylZ`bagvlhhgZ
\Zkihr\ujy_l ieZq_l\f
B\hldZaZehkv[ukdhevdhe_lijhrehIylgZ^pZlve_lfg_[uehbm`_iylv^_kyl^_\ylv
ieZq_l\fZywlbkeh\Zihfgx
B\uagZ_l_dZdih`bagb[u\Z_llZdl_[ydkl_gd_ijb`fzlgm^mfZ_rvg_lm\uoh^Z:ihlhf
jZajZakfhljbrv\kzijhdjmlbehkvdZdlhijhdjmlbehkvbihrehhiylvk\hbfq_j_^hf
,9Ihreh
WfDZdwlhgZau\Zehkv":ggZqmlvqmlvgZfhjsbeZeh[Dh]^Zj_[zghdjh`^Zekyihke_
�kf_jlbhlpZ"bfZ;uehdZdh_lhki_pbZevgh_keh\h
:imklvkgZfbEzeyih^_eblky\^jm]ih\_jgmeky;_ey\kdbcDlhlmlmgZkq_eh\_d
^\Z^pZlvi_j\h]h\_dZ";ueh\Zfbgl_j_kgh"Kf_rgh"G_ihgylgh"
G_ihgylghihkZ^db@Zjbeboe_[\ihkZ^dZo
hafh`ghjhsZ"ij_^iheh`beNz^hjBkdmkkl\_ggZyjhsbpZ"
G_jhsbpZhlfZogmeZkv:ggZIhkZ^dbwlhdh]^Z\ukZ`b\Zxlihkj_^bihey\
jy^hq_d
�E_khihehkZGmZ\kz`_g_hlklmiZefbljbck_\heh^h\bqi_j_^\ZfbdZd[uehkdZaZgh
Zml_glbqgZyjmkkdZy^mrZhlhgZb\hl\umki_rgZyxgZybaZ[khexlgh^jm]hcj_Zevghklb
qlhlh\ua\Zeh\gmlj_ggbchldebd"QlhlhaZihfgbehkv"
DZdm[_]ZebDZdoe_[`ZjbebgZdhklj_
&#xh;&#xhl;&#x;&#x;&#xih;&#x^o;&#xZ;&#xlb;;hlhhlih^o\Zlbefbljbck_\heh^h\bq=ey^bl_\k_ohjhrb_\hkihfbgZgby
aZydhj_gugZ`jZl\_Oe_[dZrZdZimklZ\dhjul_\kz\`bagbohjhr__k\yaZghkh`jZl\hc
j_fy]heh^gh_db\gmeZ:ggZ
Ijhklu_ihlj_[ghklbijbfblb\gu_IbjZfb^Zihlj_[ghkl_cNz^hjnbdkbjmcl_mjmkkdh]h
q_eh\_dZiheh`bl_evgu_\hkihfbgZgbyh_^_KqblZcl_m`_i_j\h_gZ[ex^_gb_
&#xhh;&#x^m;&#xr_;&#xrb;&#xkv;&#x;�hh^mr_\b\rbkvfbljbck_\heh^h\bqgZijZ\bekyd[mn_lmgZihegbejha_ldm
�]jbchldZfb@b\^jm]\hkdebdgme
IhklmfZ
IhfgbrvIhklmfmgZf_klgbdZk_kljbpZ:Nz^hj"Om^hsZ\Zyghklheklufbgh]Zfb
Jh^b\rbckyihklihke_kf_jlbhlpZFm`qbgZihklmf@_gsbgZihklmfZOwihfgx
_szdh_qlh
B\hlb^_yijh^he`be;_ey\kdbc^\b]Zykvkiheghcjha_ldhch[jZlghddZfbgmFu
kh[bjZ_fkykemrZlvjZaguoex^_cIj_^klZ\vl_qlh\k_jZkkdZauhlebpZaZ]Z^hqghcjmkkdhc
&#xkz;&#xw;&#xlh;&#xg;&#xZf;&#xj;&#xZk;&#xkd;&#xZa;&#xu;&#xZ_;&#xl;&#x;&#xhg;&#xZ;�^mrbkzwlhgZfjZkkdZau\Z_lhgZmrZGZjZagu_]hehkZ:"JZdmjk"JmkkdZy^mrZk_[y
gZau\Z_lg_aZdhgghjh`^zgghcaZ[Z\gh"
hafh`ghdZ`^Zyijh[hjfhlZeNz^hjqmlvkeurghdZ`^Zy^mrZ\g_dhlhjhfkfuke_
g_aZdhgghjh`^_ggZy
aZ[Z\gh"G_lhihgbfZ_l_ebhl\bdbg]h\g_lhhllZlZjhfhg]heGbsZyJh^beZkvgbsZy
^_lkl\_gbsZyjZgg_flbg_c^`_jkl\_aZ[bjZxl\dZazgguc^hfIulZeZkvhllm^Zk[_`Zlv
Oe_[gZkmsguck_[_\hjh\ZeZ?eZwlhl\hjh\Zggucoe_[\ihkZ^dZoKbf\heuH^gb
kbf\heuG_aZdhgghjh`^zggZyg_aZdhggZyg_e_]blbfgZyB\ky`bagv_zgZqbgZyk
jh`^_gbyg_aZdhggZyBgl_j_kgh"Ihfh_fmbgl_j_kgh:gvdZdb_l\hbhsms_gby
WfFhbhsms_gby":ggZaZ\_eZ]eZaZdihlhedmi_j\mxhq_j_^vhsms_gb_
lvfu
LheblvfZijhreh]hlvfZijhbkoh`^_gbybeblvfZaZ[ulh]h^_lkl\Z
k_evkdhc[hevgbqd_\iylb^_kylhf]h^mabfhc\jZqbivygu_kGh\h]h]h^Zihs_eyf^m_l
lhsb_h^_yedZkhrlZfiZfbAZhdgZfblvfZ
:ykeurmih^gye]heh\mNz^hjjZkkdZaijhl_ji_gb_bijhh[sghklvG_lhevdh
`jZl\Zkh\k_fg_lfgh]h[hevr_`jZl\uuaZf_lbebdZrmhgb\Zjyl\f_kl_dZimklm
jm[yly]h^ukh[bjZxloe_[gZdhklj_`Zjyl\f_kl_
:dZd`_ky`bagv\dhee_dlb\_Kh\_lkdb_
a^_kvihqlbij_ehfe_gb_oe_[Z
KdZdhcp_evxjm[bebdZimklm"kljh]hkijhkbeZEzey
D\Zkblv
b^bfhqlh[u\[hqdmih[hevr_mljZf[h\Zlv
Gmj_[ylZihlzjjmdb;_ey\kdbc^_ehihreh"K_cqZkjZa[_jzfkykjmkkdhc^mrhc\kxih
�dhklhqdZfjZa[_jzfZ\ZcNz^hjWlm^Zevr_^jm]mxdZdmx"
Fh`_l[ulvihdZ^jm]mx^eyjZaghh[jZabyZdwlhc\_jgzfkyiha`_"
Hd_chd_caZ\h^bZ]j_]Zl
9JZkkdZahjZa[blhc[mlued_
q_luj_]h^ZylZdZyfZl_jrbggbpZ[ueZhcq_luj_]h^bdZZ]ZF_gy^hyjdbmqbebih^he
dhgn_lgZkuiylfg_kdZ`blZdlhblZdlhB^mjm]Zxkyhgbkf_xlkyLhevdhd^_\ylbgZ\_jgh
]h^ZfgZqZeZihgbfZlvqlhwlhg_ohjhrh
:ybdhjh\\q_luj_]h^Z^hbeZMf_gy^\_ex[bfu_[uebdhjh\uDjZeybEx[ZKb`mgZ
klmevqbd_klmevqbdfZe_gvdbchgZq_j_af_gyi_j_rZ]gzlo\hklhfjjZadhjh\Z:ygZg_z
jm]Zxky:olulZdZylZdZyklhcl\hxfZlvklhylvIh^g_ci_j_e_amhiylv^jbgv^jbgv^jbgv
�iZevqbdbfZe_gvdb_y\u^Zb\ZeZ^hdZi_exr_qdbijhklhJmdZfb^hbebZdZd`_hbevgu_
ZiiZjZlugZflhevdh]h^Zo\\hkvfb^_kyluogZqZebklZ\blv
dhgqbdB\hlagZqblk_gp_kx^ZgZdeZ^u\Z_rvwlhldhg_paZdb^u\Z_rv\wlhlkx^Zijh^_\Z_rv
blZdjZaaZly]b\Z_rvBgZk_[yGmmiZ^mbgh]^Zkwlhc\yaZgdhc kf_zlky\f:k_ghdh]^Z
gZqbgZ_rv^zj]Zlvfurbhllm^ZdZZdih[_]mlBybo\beZfblbgvlbgvbeul_[u\Zxl
ljzojh`dh\u_Z_klvq_lujzojh`dh\u_hgbihf_evq_yrmkljZy[ueZfgh]hgZkZ`b\ZeZwlbo
fur_cHgbbbibsZl[_]Zxlhlf_gybgl_j_kghFZfZhq_gv[hyeZkvhgZb^hkboihj
fur_c[hblkymf_gy
L_eylhddhjfbebihbevgbqdbkkhkdZfb[uebdjm]eu_qzjgu_lZdb_ZlhiZevqbdkm\Zebhg
iZevqbdaZ]ehlbll_[_lZdbgl_j_kgh\udZjfeb\Zebl_eylhq_dIjbjh^Zoihfh]Zeb\uly]b\Zeb
Abfhcoheh^ghZdl_eyldZfijbkehgbkkylZdwlhl_iehfhehqdhfiZog_lgmwlbffhehab\hf
_szdh]^Zlhevdhjh^ylky;Zlhgoe_[Z\havfzrvkbkvdbwlh^jugv^jugv^jugvgZoe_[
lzieh_fhehdhgZ_^bfkyhh[s_\^_j_\g_e_]q_[uehkwlbf\hijhkhf
:\^_kylve_lym`_kZfZgZ]jmii_jZ[hlZeZ]jmiiZagZ_l_qlhlZdh_"ih^\Z^pZlvih^\Z^pZlv
h^ghc^\Z^pZlv^\_dhjh\ugZdZ`^mx^hyjdmih^\Z^pZlvdZd]h\hjblky]heh\A^_kv]jmiiZ
a^_kv]jmiiZ^jm]ijhlb\^jm]ZZf_`^mgbfbijhoh^ugm]^_fudhjfbeboh^bebMgZkg_[ueh
gbljZgkihjlzjZlh]^Zgbq_]hoh^bebkuiZebH]jZ`^_gby[uebg_^_j_\yggu_Z[_lhggu_lZdb_
wlhfijhoh^_fZfm[udmdZlZe;hevrhc[udkdhevphfhq_gvkljZrgh[uehdhg_qghAZ[_`Ze
lm^ZZa^_kvlmibdhg_zbijb^Z\be\lmibd_gZjh]Zijyfjh]Zfb]jm^gmxde_ldmihfye
OhjhrhiZklmobaZdhevphko\Zlbeb_]hhllZkdb\Zeb_e_hllZsbebhlg_z[hevgbp_^Z`_
hle_`ZeZG_m^h[gh^_eZeblmibdbdhg_qghg_lqlh[ukd\hagu_^_eZlv
G_lwlhdhg_qghgZ^h[ueh\b^_lvlm`bagvK_cqZk^Z`_\kh\oha_\wlhfJhkkbygbn_jfu
m`_gbdhjh\gbqq_]hg_hklZehkvY\hl_a`mkfhljxdZd^_j_\gy]b[g_lijhklh^mrZdjh\vx
h[eb\Z_lkyKdhevdhihe_caZjZklZ_l^_j_\vyfb\kzaZjhkeh[_jzaZfbm`_dhg_qghgbh^bg
ljZdlhjg_\havfzl\udhjqz\u\ZlvgZ^h
BmgZk\^_j_\g_hklZehkvq_luj_^hfZijbe_lblZbklgbdh]hg_lBoh^blhgdZdohaybgih
wlhfmihha_jdmih[hehlpmihgZr_fm
:jZgvr_ihfgxgZha_jdhgZj_qdm_a^bebhl^uoZebk_fheh^u_\k_ex[beb
Ex[bebZaZfm`gbdlhg_ij_^eZ]ZehldZdlhkhegurdh\klj_qZebgZI_ljh\^_gvZy]h\hjx
dlhi_j\ucijb_^_laZlh]haZfm`\uc^mK_jvzagh]hlZdh]hgbq_]hdZd[ug_[uehDZdihkf_yeZkv
\jh^_lh]hqlh
Gm_kl_kl\_gghfm`lhgZY\_\i_jz^ijb_oZe:RmjdZgZhkoh^_ih_oZe^Zhkoh^
kehfZekyihdZgZehrZ^bijbkdZdZe
BlZdb_jZa[hjdbkh\k_oklhjhggZqZebkvKjZam\k_fklZeZgm`gZihq_fmg_aZf_gy"ihq_fmg_
ihreZaZfm`aZwlh]haZlh]h":y`]h\hjxgbdlhjmdmbk_j^p_lhg_ij_^eZ]Ze
�Fm`fg_ihlhfm`_ihke_k\Z^v[ujZkkdZau\Ze=h\hjbl_]hklj_eylvohl_ebgZiehlbg_ZZ
AZklj_eblvohl_eb_kebgZg_c`_gbrvky:hg]h\hjblGmklj_eyc:hglZdhckihdhcguc
Gmklj_eyc:dlhlZdbg_jZkkdZaZek_dj_l_Y^hkboihjbg_agZx
O\Zeblvkyg_[m^mZ\hehkumf_gylh]^Z[ueb^ebggu_]mklu_rbdZZjgu_fm`gZY\_ygZ
��k\hzfg_ij_djZkgucg_ijmf_gy[ue_^m\hehkuihklhjhgZfjZkimsm
GZfhlhpbde_y^Z`_g_agZxkdZdh]h\hajZklZGZ\_jghdZdjmevgZqZeZ^_j`ZlvlZdb_a^beZdZd
k_[yihfgxDhg_qghlZffbebpby_a^b_lbghcjZaGhygbq_]hg_[hyeZkvgbdZdhcfbebpbbGm
E_lk^_kylblh`_gZljZdlhjk_eZihlhfgZ[mev^ha_jgZABE;_eZjmkvijZ\^ZgZ
;_eZjmk_lhy[hyeZkvhgbdm\ujdmqb_AZl_fqlh[uehmf_gy"Eb:AZ\lh[mkZF:A
;jZljZ[hlZegZF:A_\hlwlhhq_gv[ueZbgl_j_kgZykblmZpbyohlbl_\ZfjZkkdZ`m"
Jh^bekym[jZlZkugfhcie_fyggbdGmiheh`_ghdZd"h[fulv:mgZk\^_j_\g_g_lmAgZqbl
dm^Z"\jZchgLZf\kz`_dLme_ih[eb`_pb\bevg__fZ]ZabguIh_oZebgZljzoF:AZo[jZlZ
fh_]h^jm]ZblZf_szh^gh]hBaZ_oZebih^hjh]_\dZn_\hae_`_e_agh^hjh`ghcieZlnhjfu
_klvlZdZy\_ldZDZem]ZJy`kd:qlhfuaZ_a`Zeb\dZn_g_ihfgxg_lh\uiblvDhjhq_
i_j\ZyfZrbgZijbreZjZgvr_Zfuk[jZlhfihiha`_ijb_oZebBdh]^Zfuijb_oZebhgblZfm`_
q_]hlhaZkkhjbebkvGmjZgvr_`j_[ylZdZd"H^ghk_eh^jm]h_k_eh\klj_lbebkvdlhlhq_]hlh
g_lZdkdZaZeg_lZdihkfhlj_ebihg_keZkvFu\Zk[m^_f`^ZlvlZflhjZa[hjdb:ylh
g_agZeZfg_lhg_]h\hjylQ_]hfg_lZfq_lujgZ^pZlve_lGmeZ^ghih_oZeb^Zevr_ijb_a`Z_f\
�jZchg_g_]jh\ghgZ^\_[mluedbJ_[ylZfg_]h\hjylgZ^_gv]bb^b\fZ]ZabgbaZh^gh\fZrbg_
\havfbfhglbjh\dm
AZq_f"
G_]h\hjylB^b\hllZd\djm]^hfZh[hc^zrv\havfzrvghqlh[l_[ygbdlhg_\b^_e
:fg_lh]^Zjh^bl_ebiZevlhgh\h_dmibebdjZkb\h_[hj^h\h_lZdh__szfh^gu_\hjhlgbqdblh
[uebdZdhgbf_edbcf_olhghjhqdZghjhqdZRZjnbdlZd\hli_j_ie_lZeky\hehkumf_gy
\k_]^Z^ebggu_fhbdm^jbBagZqbl\hllZd^hjh]Za^_kvfZ]ZabgZa^_kv^Zevr_b^zl^hfBy
g_hlkx^Z\uoh`mZ\hdjm]^hfZ]ey`mhhhcmgbom`_ihlZkh\dZ;jZlZfh_]h^\h_[vxlB
h^bgdZdjZa\ulZkdb\Z_lbakZih]Zlhebhl\zjldmgh`qlhebbebaZlhqdmqlhlZfjZgvr_[ueh
miZpZgh\Lmlm`ydhg_qghdZdaZhjZeZ[mluedb^\_\h^ghcjmd_fhglbjh\dZ\^jm]hcjmd_
:ZdjbqmfZlhfIhm[b\Zx\k_o:[Z[u\ih^t_a^_klhyl]h\hjylLZfdZdZylh
[_r_gZykehfhf[_`blBaZlZsbebh^gh]h\ih^t_a^g_imklbebQhdgmlZy]h\hjyldZdZy
lhkehfhf[_]Z_lhgZm[vzlwlhijhf_gy kf_zlky\f:yo\ZlZxwlm[mluedmbih]heh\__fm
jZadhlhjucohl_eiujgmlv:fg_[jZlihlhfjZkkdZau\Z_lqm\kl\mxaZiZo\h^db
jZaebekyDZdhgaZhjzlgZf_gyLujZa[beZ[mluedmihegmx"Ihgzf`_\kzihl_deh:y
�]hjeurdhhl[mluedb[jhkbeZfhglbjh\dmwlm_fm^ZxZ\Zc]h\hjx
:wlhldhlhjuc\gbam[ueko\Zlbewlh]hjeurdhb[jZlmjmdmihj_aZeFg_[juagmehrZjnbdlh
fhc\djh\b\kzZ[jZldZdfhglbjh\dhcwlhcgZqZe_]hhoZ`b\ZlvYbkim]ZeZkv[_`Zlv
Ijb[_]ZxaZe_aeZ\F:Abih_oZeZGm\hlq_]hlhdZdhclhmf_gybkim]ijhbahrzegmg_agZx
qlh^_eZlvFh`_llZdmf_gyih^khagZgb_kjZ[hlZehfh`_l_kebhgbm\b^ylk_cqZkqlhF:A
ljhgmekyfh`_l[jhkyl^jZlvkym`_ih[_]ml^h]hgylvZlh`ihm[b\Zxl^jm]^jm]ZlZfDhjhq_
\kzgZi_^Zebq_j_ai_j__a^i_j__a`Zxf_ljh\q_j_a^\_klbhklZgZ\eb\Zxkv[jhkZxF:Ab
gZ^_j_\gx[_`Zlv;_]hf\ke_aZo:fZfZ\b^blrZjnlhwlhl\djh\bLu]^_[ueZ"gZ
f_gyOmeb]ZgdZ
hllZdZy[ueZmgZkwihi_yGh[jZlm`bagvfh`_l[ulvbkiZkeZ
�Ydh]^ZaZdh]hlh\kzaZdbiZ_lkjZam_ckl\bl_evgh]h\hjylqlh`_gsbgmemqr_g_ljh`v
kf_zlky\fGmg_\bgh\ZlZyqlh"@bagvlZdZyFZfZ\hgfhylh`_q_]hlhevdhgb^_eZeZ
dbjibqbdeZeZ]ZjZ`b\udeZ^u\ZeZ^hfZkljhbeZLh`_bgZ]jmah\bd__a^beZgZABEmhl_p
gZivzlkyivyguc_c\_albfhehdhgZfhehdhaZ\h^JZgvr_g_[uehfhehdh\hah\\habeb\hney]Zo
[hxky
:ihlhffZfZkiZihckh\k_fjZahrebkvgZkljh_hklZehkvfZfZkgZfbh^gZIZiZlh[uemgZk
hq_gvlZdhc`_klhdbc
iZmaZ\f
@_klhdbcG_ohqm^Z`_\kihfbgZlvg_ijbylghGmbpZjkl\h_fmg_[_kgh_Ziehohg_]h\hjylh
ihdhcgbdZoimklvm`_mkihdhblkygZlhfk\_l_
:kfZfhcmgbokm^v[Zbgl_j_kgZyihemqbeZkvhg\lhjhcjZa`_gbekykd_f\klj_qZeky\
fheh^hklbbfZfZ\lhjhcjZakhreZkvkd_flh`_\fheh^hklb\klj_qZeZkvWlhl^y^yKlziZ
hlqbfaZ[Z\guc[uemf_gy
Ijboh^bl[Z[dZjy^hf`beZ\kh\oha_\wlhfdZdjZa\Jhkkbb
Hc]jblKlzimf_g_mdhjh\ulh[hjh^Z\dbgZkbkvdZoHoy^hxZhgZ`aZjZaZfg_
o\hklhfbgh]hc
�ZeZ^ghl_fZlv^y^yKlziZ]jblkoh^bfsZkyl_[_\k_[hjh^Z\dbmg_caZ]h\hjx
Hc^Zrlhluihc^zrv^Zdm^Zluihc^zrv"
Ihrzeh[gyewlmdhjh\mb^Z\Zc_c\mohr_ilZlv
�LuqzivygucgZibekbrlhevqzludhjh\mlhfhxh[gye"HcluiZjZablZhlklZgvhldhjh\u
lhhlfh_c^Zb^bludebohfZgd_
Ijhoh^bl\j_fy[Z[dZihreZdhjh\m^hblvZ[hjh^Z\hdg_l
IjbreZhiylv]h\hjbl;hjh^Z\dbijhiZeb=ey^bhl\Zebebkv\k_[hjh^Z\dbQzjldhe^mggZ
g_]hGmdZdwlh"
Hahjghclh`_[ueQZklmrdb\k_]^ZkhqbgyegZoh^mKb^blkb^blbqlhgb[m^vlZdh_
hlfhqbl=h\hjbeDZdihfjmgZfhboihohjhgZoqlh[g_ieZdZebZi_kgxfg_bkihegbeb
BgZljZdlhj_i_j_\_jgmekyih]b[=b^jZ\ebdZhldZaZeZFh`_l[ulvhgb`b\[ueZdh]^ZklZeb
djZghfih^gbfZlvmjhgbeb_szjZagZdjurm?]hdbkehlhch[h`]eh\k_]h\uebehkvlZfwlhgZ
g_]hdbkehlZkh`]eh\kzhlgZihohjhgZobijbrehkv_fmi_kgxi_lv
DZdmxlhjmkkdmxi_kgxg_ihfgx^Z`_g_[m^m\jZlv
:\hlk_cqZkmfZfukijhrmKijhrm^Z`_Z]ZdZdjZafg_gZ^h
gZ[bjZ_lghf_j`^zl\f
HgZgZ^Zq_k_cqZkih]h^ZohjhrZyhgZmf_gyp\_lhqgbpZp\_luex[bl
Gm\hll_e_nhggZ\_jgh_g_\ayeZ
SZkk_klj_iha\hgx
gZ[bjZ_lghf_j\f
K\_leZgkeurveZimevZdZdmxgZrhlqbfgZihfgbrvdh]^Z^y^vKlziK\_lluf_gy
keurbrvg_l"Lu\uc^b:eeh"
GmsZkg_^hklmigZy[m^_l\^mrdhf[bgZl_wlhfGmy`]h\hjxg_^hklmi_gZ]Z
Y]h\hjxhggZoh^m^y^yKlziZihxllZfq_]hclhZhgfheqblfheqbloehihiylvq_]hlh
ijb^mfZ_laZihzlYdmibek_[_qZkuZhgbg_lbdZxlBgl_j_kghihkfhlj_lvdm^Z^_\db
kbdZxl kf_zlky\fGZklhevdh[uexfhjghc
a\hgbll_e_nhg\f
Gmq_]hlulZfg_^hklmigZy"Wlhg_mf_gywlhlu i_j_^jZagb\Z_l\fba\bgbl_k\yavij_j\ZeZZkv
ohjhgbeb"Gm^y^xKlzimhlqbfZlhI_j\mobgZG_ihfgbrv"HcZq_]hlug_ihfgbrvlh":Z
�Yohl_eZ\kihfgblvdZdmxi_kgxlhi_ebHg\kz]h\hjbelhi_kgxfg_ki_lvLhebIhhgm
��]mey_lg_lg_Ihhgm]meyDZdmxlhi_kgxi_ebZgZ^Zq_]^_lhdhiZ_lGmeZ^gh
^Z\ZcZ]Z
MfZfdb]h\hjblkijhkb:]Z\hgkijhkbih^b
:dh]^ZohjhgbebkijZrb\Zeb^Z`_Dh]hohjhgyl";uehgZ\_jgh_q_eh\_dklhklheh\mxkgyeb
\:e_dkbg_\kZfhf]hjh^_Dh]hohjhgyl"
LjZdlhjbklZ
M^b\eyebkv^Z`_qlhklhevdhgZjh^mijhklh]hljZdlhjbklZ
hllZdBgl_j_kgh[uehdhg_qgh
9,AZlhqdZbdm\ujdmq_klv
:l_i_jvh[jZlbl_\gbfZgb_]hkih^Zih^gyeeh`dm;_ey\kdbcdZdqzldhmgbojZa\b\Z_lky
l_fZKgZqZeZhgZ[hblky_a^blvgZljZdlhj_;_eZjmkv";_eZjmkv^ZhgbiZ^mqb_
Dm\ujdmqb_
Dm\ujdmqb_AZl_fgZklmiZ_lke_^mxsbcfhf_gl]jmah\bdFZlv[hblky\u_oZlvgZ[m]hjKjZam
ij_^klZ\vl_wlm^hjh]mBlj_lv_ij_^mij_`^_gb_[_amij_qghih\k_f]heeb\m^kdbfdZghgZf
qbgblljZdlhjmjh^m_lk_[_jmdm^_eZ_lkyg_ijZ\bevgZyjmdZQ_eh\_dkqzjghcjmdhc
f_f_glhfhjb
B`bjgucnbgZe\ljZdlhj_ih]b[Z_lEh]bqgh"Eh]bqgh
=ey^bl_dZaZehkv[u[_ah[b^gu_f_oZgbafuljZdlhjdZdhclhlZf]jmah\bdfhehqguck
[b^hgZfbklZgh\ylkykf_jlhghkgufbGm`ghbomdjhsZlvDZddhgyh]gyLh`_dklZlb^ey
Nz^hjZl_fZJmkkdb_bf_oZgbafuIhc^zl"
uagZ_l_kdZaZeNz^hj\h^ghcjmkkdhcdgb]_[ueihjZabl_evgucwibah^jZkkdZau\Zehkv
qlh\k_ih^jhkldb\jmkkdhc^_j_\g_\k_^hh^gh]hjZa[b\ZebkvgZfhlhpbdeZo?^\Z\
^_j_\_gkdhck_fv_ihy\eyxlky^_gv]bi_j\uf^_ehfgZ^hdmiblvfhlhpbdegZfZrbgmg_fh`_l
o\Zlblvgho\ZlZ_lgZfhlhpbdeBgZfhlhpbde_ihyfZf[_ahk\_s_gby[_anhgZj_c
[_amkeh\ghZ\ZjbbY^_j`m\]heh\_hibkZgb_^_\mrdbihke_Z\Zjbb^_\mr_d\haylgZaZ^g_f
kb^_gv_ihwlhfmhgZhklZeZkv`b\ZghkhkehfZggufiha\hghqgbdhfH^gZ\lzfghcdhfgZl_
aZgZ\_kdbaZdjuluihklhygghhgZ\kihfbgZ_lihke_^gbc\_q_ji_j_^Z\Zjb_ckgh\Zkgh\Z\k_
ih^jh[ghklbih\lhjy_l\mf_
��Z\hldklZlbijh^_\mr_ddZdl_[_h[jZlbekyfbljbck_\heh^h\bqd`_g_dZdl_[_
ihgjZ\beZkvwlZijbgp_kkZ"Dlhi_j\ucijbkdZq_laZlh]h\uc^maZfm`B\_^vagZ_lobljZym
dh]hfhsg__^\b`hdIjbl\hjy_lkyqlhkZfhkh[hcihemqbehkvkm^v[Zfhe:_kebihkmlblh
^Zj\bgh\kdbchl[hjG_jh]Zg_dhiulZg_dmeZdbZ^\b`hdmdh]hfhsg__
A\_jvdb\^jm]ijhp_^beZEzey
Qlhqlh"m^b\beky;_ey\kdbc
A\_jmrdbJ_a\ylkyBebkb^ylaZj_rzldhcg_fgh]hsmjykvihykgbeZEzey:\u
q_eh\_qbs_GZlmjZebkl
�J_adh\Zlhmeu[gmekyfbljbck_\heh^h\bqA\_jvdb`b\hlgu_"J_adh\ZlhGh
jZagbpZlh\_^vbijZ\^Zhq_gv[hevrZy
:^Z\Zcl_fuk\ZfbEzeyihrbj_ihklZ\bf\hijhk\qzf\hh[s_jZagbpZf_`^mex^vfb"Y
kqblZx\ihlj_[ghklyoihFZkehmYkqblZxqlh_kebihlj_[ghklbq_eh\_q_kdb_agZqbl
i_j_^hfghcq_eh\_d:_kebihlj_[ghklbkdhlkdb_lh`b\hlgh_Bg_\Z`ghm`_aZj_rzldhcg_
aZj_rzldhc\\hev_j_Emqr_[uaZj_rzldhc
kzijhklh?keb\dZgZ\_\Zey_lkybfuqbl`b\hlgh_?kebeZdZ_l^jygvgxoZ_lg_agZxeb`_l
dhe_l`b\hlgh_
:]ZYkgh:\uq_eh\_d
Yq_eh\_dihdZy\_^mk_[yihq_eh\_q_kdb?keby[m^mdZ`^h_mljh`jZlvoZgdmylh`_
[ukljhklZgm`b\hlgufGhy\_^vg_^_eZxwlhlZd"Yg_ijhib\Zxihke_^gb_^_gv]bYg_
\ZeyxkvivyguckmljZdZdhl_pwlhc[Z[ufhy`_gZ\f_klhf_gyg_b^zlgZjZ[hlmYg_mqm
�ljzoe_lgbo^_\hq_dfZl_jblvkyYg_ghrmaZlhqdbbfhglbjh\dbZdklZlbEze_qdZ\u\hh[s_
agZ_l_qlhlZdh_aZlhqdZ"G_agZ_l_":\uNz^hj"AZlhqdZ"
Hllhq_ggucdZdkdZaZlvijml"
hlbf_gghlZdbkdZaZlvf_lZeebq_kdbcijmlaZhkljzggucijmlBeblheklZyijh\hehdZ
kj_aZxlgZbkdhkvijh\hehdmaZhkljyxl:fhglbjh\dZ"
�Fhglbjh\dZ"jm]hckihkh[kdZaZlvZjfZlmjZ"
G_lZjfZlmjZhgZb_klvZjfZlmjZ:fhglbjh\dZwlhbah]gmlucehf=\ha^h^zj
ij_^klZ\ey_l_"hlgZih^h[b_Hkh[_gghmfbey_ldh]^Zdlhlhdh]hlhklZefhglbjh\dhc
hoZ`b\ZlvGhjfZevgh:gv"HoZ`b\Zxl\[Zg_\_gbdhfljyidhcg_agZxdjZib\hcZ
ij_^klZ\ey_l_k_[_dZdhoZ`b\Zxl`_e_agufehfhf"QlhlZdh_hoZ`b\ZlvwlhagZqbl
gZhlfZrvke_\ZkijZ\Zdm^Zhg[vzlwlbfehfhf"E_`Zq_]hq_eh\_dZIh]heh\_"Ihkibg_^Z"
EhfhfQlhijbwlhf^_eZ_lkykl_fdh]hhoZ`b\Zxl"Kq_j_ihf_kebih]heh\_"Kebp_\ufb
dhklyfb"B]eZ\gh_lZdfy]dhg_`ghhoZ`b\Z_llxlxlxwlhmgZkb]jZ[Zeh\kl\h
ug_ijZ\bevghkeurbl_\hajZabeNz^hjukeurbl_aeh[mgha^_kv[_kihjy^hqghklvZ
g_aeh[ZjZkkdZa_^Z\g__ijhreh_m`_g_lgbdZdhcg_gZ\bklbg_laehiZfylkl\Zwlh\
gZr_fgZpbhgZevghfoZjZdl_j_ivygkl\h^ZjZa]me^Zgh\_^vbhloh^qb\hklvb
ijhs_gb_hgZqbklhk_j^_qghkfy]qZ_lg_ihfgblaeZhgZijhklh
HgZijhklh^Zzl\jmdb`_e_agucehfb^Z\Zc:aeh[ug_laZq_f"M[vzfbkdZe_qbfdhklb
i_j_ehfZ_fZ\^mr_lhfu^h[ju_ijZ\hkeZ\gu_HoZ`b\Z_fihe_]hg_qdmehfbdhfFurZebf
Qlhlh[ueh_szlZdh_AZkkhjbebkvj_[ylbrdbaZkkhjbebkvIZpZguQlhlZfm
iZpZgh\lh[u\Z_l"Gh`bdgh`bq_d^Z"AZlhq_qdZihlZkh\hqdZdZdihfheh^hklblh
h[hclblvky[_aihlZkh\hq_d"LxlxlxWlhfulZd`mjqbfg_aeh[b\_gvdhBqZklmr_qdb
�ijbi_\Z_fh[juclZdhcgZjh^_p\^mr_
kzg_lhkg_^hmf_gb_fkdZaZeZEzeyIjbqzflml\hh[s_wlh^h[jucg_^h[juc
ijhsZ_fHgZ\hh[s_ijh^jm]h_
hlbgl_j_kghEze_qdZijhqlh`_hgZjZkkdZau\Z_lih\Zr_fm"
GmijhnZg
DlhijhnZg"YijhnZg"
�G_lmkf_ogmeZkvEzeyhgZ]h\hjblijhk\hcIXQ@gmijhjZ^hklvijhj_Zevgmx
`bagvWlb\k_fhglbjh\dbijhklhqZklv`bagbwlhmg_z\oh^bl\ghjfZevgmx`bagv
ghjfZevgZy`bagvu]ey^bl_jh^gmxfZlvmg_z[udih^gyegZjh]ZqlhhgZ]h\hjbl"HgZ]h\hjbl
g_m^h[ghijhoh^uk^_eZebgZ^h[uehkd\hagu_^_eZlvWlhfZdkbfmfqlhmg_z\]heh\_
ihlhehd;udghjfZevghijhoh^u\hlg_m^h[gu_
:dZdmxj_Zdpbx\u[u`_eZeb"gZofmjb\rbkvkijhkbeNz^hj
GmohlvdZdhclhfbgbfmfihgbfZgbyyg_agZx]jZ`^Zgkdh]hqlhebohly[uijh[e_kd
dZdhclh
_^vwlh\ajhkeZy`_gsbgZ]h\hjbl_cm`_g_q_luj_]h^ZgZ\_jgh"Fh`_lhgZ\k\h_c]heh\_
ihgbfZlvqlhwlh[_amfb_Z[khexlgh_ljzoe_lgb_^_lb\^\Z^pZlhf\_d_lZkdZxlk_ghdhjh\^hyl
jmdZfbi_s_jgZy`bagvIhgh`h\sbgZ\uijZ\uEze_qdZijhklhghjfZevgh_[ulh\h_
y\e_gb_Fh`_lq_eh\_dihkfhlj_lvbkdZaZlv[h]lufhc\qzf`_fu\k_`b\zf"Ohlvh^bg
q_eh\_d"
Mf_gy_klvlZdhcq_eh\_dkdZaZeN_^yuohlbl_ihkemrZlv"
Y^ZyihkemrZx_keb^ZfuFbeu_^Zfu\u\u^_j`bl__sz"
�9,,JZkkdZah^\mlZ\jh\hc[Zed_beb'LHVLUDH@
GmZqh\ZfjZkkdZau\Zlvlh"AZ`bagvfhx":q_]hkZfbg_\b^bl_`bagvdZdZy"b^bl_"hlb
gZibrbl_Imlbgmbwlhfmf_^\_`hgdm_]h^_lkZ^rlZgugZeyfdZoqzhggZfk^_eZeImlbg
wlhl"Kdhevdhe_lijh[uem\eZklbZq_]hhggZfk^_eZe"Lhevdh[_gabgih^hjh`Ze^Z`bagv
JZ[hlZ_faZdhi_cdbhgljb^pZlvr_klhcdbehf_ljk^ZebfhklaZieZlbeb^\_gZ^pZlvlukyq
j_[ylZfdZd"LukdZ`bfg_dZdwlh"AbfZOheh^bogbckg_]bogbc^h`^vbogbc\kz\_l_j
bogbcoheh^\kzbog__:wlZiZ^eZkb^blbg`_g_jJu[Zdh\]eZ\gucbg`_g_jb_szmg_]h
^\ZaZf_klbl_eyGZoj_gZ":ihemqZxlihklhiylv^_kyllukyqbwlhlhevdhhdeZZ^IexkdZ`^uc
d\ZjlZeijh]j_kkb\dZr_klvkhlk_fvkhllukyqhgihemqbehgihdmiZ_lfZrbgmk_[_Yghkdb
k_[_j_`_f_gyxq_fhgfZrbguf_gy_lY_fm]h\hjxLuihemqbek_fvkhllukyqij_fbx
�hl^Zcj_[ylZfklhlusij_fbx^ZcgZmqZklhdZhgfg__gv]bex^_cihhjlylY\]eZaZ_fm
]h\hjx\hlgZqgzlky[m^_ll_[_[_^Zi_j_rZ]gmjmdbg_ih^ZfG_ih^ZfBeb^h[vx^Z`_
Ihgye"
�hwlhc_gZc_zi_j_kljhcdb\kz[uehihgZmd_\k_ex^bjZ[hlZeb\k_ljm^bebkv
AZlmg_y^gbqZe"jZal_[yfbebpbhg_jhklZgZ\eb\Z_llZZd\Zrb^hdmf_glbdbug_
jZ[hlZ_l_"ijhc^zfl_HiiZ^Z\Zcjh^ghcg_ohq_rvihgZlmj_jZ[hlZlvdZd\k_ex^b"
aZklZ\ylL_[y\ELIbeb_szdm^Zijbgm^beh\dhchlijZ\eyebg_^Z\Zebex^yfkeZ[bgm
:k_cqZkq_]h"H^gZgZjdhlZmgZk\H^bgph\haZc^b\dZ`^ucih^t_a^\_a^_rijbpu
;_ajZ[hlguo\hk_f_kylijhp_glh\ih^t_a^u\k_gZwlZ`Zoklhylbf^_lvkyg_dm^Zmgbo
wg_j]bydbiblHgb`fheh^u_bfihdZqZlvkygZ^hj_[ylZfZdZqdZh^gZkdhevdhklhbl"
�_\qhgdZf]^_lhkh[jZlvky\h[s_kl\_\dem[ijbclbgh[_kieZlgh;_kieZlgha^_kvl_[_
lZgp_\Zevguca^_kvibZgbklua^_kv\kzZ]^_"g_l`_wlh]hgbq_]h
Dm^Z^_\Zlvky"g_dm^Z
IjbrebdgZfgZkljhcdmkgZrbo^hfh\kGh\hkihjlb\gh]h\hgy`b\mdjZkgu_^hfZiylv
�j_[ylfheh^uo\hldZd_gbkdZk\Zjsbdb\k_J_[ylZa^hjh\u_fheh^u_^ZclhevdhjZ[hlmbf
^ZcjZ[hlmIZoZebf_kypZgZqZevgbdmqZkldZbfaZdju\Z_l^\_gZ^pZlvlus
�Hgbijboh^yly^vDhklvlu]ey^bkdhevdhhggZfaZdjueBdZdlu^mfZ_rvfu[m^_fjZ[hlZlv
YgZqZevgbdm]h\hjxIhq_fmlulZdaZdju\Z_rv"Ihq_fmlu_fm^\_gZ^pZlvlus"Lukfhljbhgb
dZdhch[tzfk^_eZeb
:yg_fh]m[hevr_fg_kdZaZe]eZ\gucbg`_g_jgZqZevgbdmijZ\e_gbyaZdjulvbfih
klhevdmkz
GmbqlhhklZzlkygZf"JmdbijyfgmjZkimkdZxlkyjmdbg_^_j`ZldjZ[hl_g_lklj_fe_gby
gmdh\hwlhfu[u^Z\ghm`_Zwjhihjlwlhl^hkljhbeb:bf^\_gZ^pZlvq_lujgZ^pZlvlukyq
j_[ylZf`b\ml\\Z]hgqbdZogbih_klvgbihfulvkygbmfulvky:jfZlmjmwlmlZkdZxl\y`ml
[_lhgijbgbfZxlFm`bdZqmlvg_m[behdjZghf[Zedmih^gbfZebr\_ee_jagZ_rvqlhlZdh_g_
&#x[;&#x_e;&#xhc;
&#xZk;&#xd_;&#xi;&#xjh;&#xjZ;&#x[;&#xih;&#x^[;&#x_];&#xZ_;&#xl;&#x;�agZ_rv"h[ZedZf_lZeebq_kdZy[_ehcdZkd_ijhjZ[ih^[_]Z_lZ\Zc[uklj_c\bjZfg_djZg
gm`_g:hg\lhjhiyobdZdke_^m_lg_aZp_ibe;ZedZiylv^_kyliylZylZ\jmrdZ^\molZ\jh\Zy
&#xbj;&#xZ;�Hg_zgZqZedmlhaZp_ibeiZjgbrdZZijhjZ[:[uklj_c^Z\ZcbjZZ\Zc_zbg_
kfhljblGmlhl_zih^gyegZ\ukhlmih\hjhl^ZzlZhgZbih_oZeZHgZ`dhjhldZy_zg_aZ`ZeZ
�qZedZhgZ\uiZ^u\Z_lbfm`bdmijyfih]heh\_lqihdIjyf\hlgZ]eZaZo\Z^pZlv
f_ljh\ljb^pZlvih]heh\_Bqlhlu^mfZe"^Z`_fZrbgmg_^ZebDh_dh_dZdgZqZevgbd
\u^ZefZrbgmqlh[m\_albfm`bdZ\^_j_\gxaZohjhgblv
:gZnm]Zgd_jZ[hlZeiZj_gv"?fmijhjZ[:qzklhbrv^Z\Zc[uklj_cFg_[jmkhdgZ^h
ibeblv:mgZkibeZbnm]Zghdlml`_IZjgbrdZjZkl_jyekynnmoiZevpussmo
gbh^gh]h:gZqZevgbdm^heh`bebhggZ\_jomklhyekh\k_fb\hlkijhjZ[Zfbwlbfbk
fZkl_jZfbhgagZ_rvqlhbfkdZaZe"HgkdZaZe:eZ^ghfykZ_szgZ[_jzfIh\_jgmeky
ihrzeK_e\fZrbgmkihdhcghm_oZe
BdZdkfhlj_lvgZwlh\kz"
Kijhklh]hgZjh^ZgZjh^mqlhgZ^hgZfagZ_rvg_l"Gm`_gfm`bdgZklhysbcqlh[ih^gye
ih\zeih^gbf_fky\k_\kyJhkkbyfZlmrdZ\k_ofhqblv[m^_fkih^jy^\k_oG_lhqlh\Dbj]babb
ihoe_s_[m^_lIhc^zl[jZlgZ[jZlZhlfZeZ^h\_ebdZih^uf_lky\_kv
DZdgZmebp_gbkh[_jzfkybebgZjZ[hl_h^bgjZa]h\hj]^_[ugbkh[bjZebkvdhfiZgb_clZfih
iylvihr_klvq_eh\_dh^bgblhl`_jZa]h\hj`^zf@^zfG_h^bgy\k_fm`bdb`^mllhevdh
[uqmlvqmlv\kiurg_ldZd\hl\Dbj]babb\kz[m^_f\k_og_jZa[bjZybgZqbgZykwlh]hk
f_^\_`hgdhf_]h?fm\^_lkdbckZ^oh^blv\fZrbgdbb]jZlvgZi_khqd_Zhg[^v\
ijZ\bl_evkl\haZe_aQlhwlhagZqbl"WlhagZqblfZkhguQlhlZdh_fZkhguagZ_rvgm":ZLugZ
�kljhcd_\b^_e_\j_yohlvh^gh]h"IhdZ`bgZfZhggZlj_lbc^_gvgZ\lhjhc^_gvk[_`Ze[u
hllm^h\ZBeb]^_lu^himklbf_\j_y\b^_ejZ[hq_]h"BebdhfZg^m_lbeb]^_gb[m^v
fZkl_jbrdhcYbo\k_oi_j_\_rZe[u^hh^gh]hIhlhfmqlhkZfbg_`b\mlb^jm]bfg_^Zxlhl
qmlvqmlv[u\hllhevdhqmlvqmlv[u\kiurg_l^Zy[uk[hevghcgh]hcihrzeklj_eylvbo\k_o
B`Zehklb[g_[ueh
@Zedhg_lmlZdh]hjmdh\h^bl_eyqlh[aZ\zeg_lmlZdh]hdZdlbiZgZ\_jgh_KlZebgZqlh[aZ
Jhkkbxkfhlj_eaZ\k_fbqlh[g_^Z\Zegbdhfmgbq_]h;ue;ZjdZrh\Ghhgjmdmih^gyedZd
nZrbkl:gZjh^mwlhg_ihgjZ\behkv:[ue[uimlgucg_f_^\_`hghdwlhlkxkxfmkxZ
fm`bdgZklhysbcqlh[aZihdhe_gb_qlh[mqblv[_kieZlghqlh[h^_\ZlvkZ^u\kz\u\f_ljh
_a^bl_`_\we_dljbqdZo"JZgvr_aZiylvdhi__d_^_rv\k_meu[ZxlkyjZkkdZau\Zxlq_]hlh
rmlyl^jm]k^jm]hf\kzdZdlhb^zlk\_k_ev_f:k_cqZk[Z[mrd_g_mklmiylgbdhfmg_
�fZ]ZabgkfhljblkfhljblkfhljblkfhljblLuqzlZdh_\ukfZljb\Z_rv"Z\hlohl_eZ
dhe[Zkdb\aylv^Zmf_gy^_g_]g_lg_o\ZlZ_lWlh`_\hh[s_kjZfhlbsZB\kyJhkkbylZdZy
Ex^bm`^hlh]hf_`kh[hclZdZymkh[bpZb^zlIhihfgbl_fhbkeh\Z]h^^\Zljb\kzjZ\gh
\kiurg_lk_ofhqblv[m^_fg_jZa[bjZyqlhih^jmdmihiZ^zl
:\hl[ue[ul_e_\bahjy[u_fmk_cqZk\]eZaZwlh\kzkdZaZebImlbgmbF_^\_^_\mHgbfg_y
`bagvkqblZcijh`behgbfg_^heZfihqdbybojZgvr_lhg_[hyekybk_cqZkg_[hxkv=hj[Zqz\
ijb_oZelh]^Zihemqbe\K\_j^eh\kd_ihfmkZeZf`Zedhf_^\_^vg_ijb_oZekImlbguflh`_
[uihemqbeohlvbdZjZlbklhgwlhdZd_]h^ax^hbkl
Gmq_]h_sz"
hlZlu]h\hjbrv
9,,,=bigha
�Gmqlh:gvdZ"hfbdgZDbij_"\a^hogme;_ey\kdbcBebd\ZjlbjdZ\Ohj\Zlbb"
:]ZkljZrgh"ktya\beZEzey
�ZdZdkdZaZlvEze_qdZG_lhqlh[ukljZrghZ
N_^ym`_aZf_qZeaZEze_c]jbfZkdmg_l^Z`_keh\h]jbfZkdZ[ueh[ukebrdhfkbevguf^ey
fZe_gvdh]h_e_aZf_lgh]hfbfbq_kdh]h^\b`_gbyFh`gh[uehkdZaZlvij_ajbl_evgh
nujdgmeZghgbdZdbfa\mdhfwlh^\b`_gb_g_khijh\h`^ZehkvhghkdeZ^u\Zehkvbaez]dh]h
jZkrbj_gbygha^j_cbihqlbg_aZf_lgh]hgZdehgZr_bfheZZgmgm]h\hjb]h\hjb
Dhjhq_]h\hjyEzeynujdgmeZ
:\hh[s_kljZrghdhg_qghijbagZeky;_ey\kdbcB]eZ\gh_[_agZ^z`ghGbq_]hlmlg_
k^_eZ_rvGbq_]hLhevdh\ZeblvFhlZlvBq_f^Zevr_l_femqr_
�Ijhklbl_fbljbc\hajZabeN_^yghjZa\_lZdj_rblkyijh[e_fZ"
�DZdZyijh[e_fZ"ijbsmjbekyfbljbck_\heh^h\bq
FukeurZeb\i_j\mx]heh\mijh[e_fZg_kijZ\_^eb\hklbLy`zeucljm^lh`_^Z\
m`Zkguomkeh\byogbs_lZgh[hevg__\k_]hfmqbljmkkdmx^mrmjZat_^Z_l_zhljZ\ey_l
g_jZ\_gkl\hg_kijZ\_^eb\hklv?keb\aylvbklhjbq_kdb
h^dZiehoZy_zhljZ\ey_l^_gZlmjZl?keb\aylvbklhjbq_kdb:fmqbljmkkdmx^mrm
ihof_ev_:gZhklZevgh_ie_\Zlvohl_eZjmkkdZybklhjbq_kdZy^mrZKdhehdhevgb:oZofbjh\Zy
�g_kijZ\_^eb\hklvaZfmq_g\ly`zehcg_\he_y^yKlziZ\Zrwlhldlhihijhn_kkbb"
We_dljhk\Zjsbd?]hah\ml^y^yDhkly
LZdWe_dljhk\Zjsbd:kdhevdhe_lm`_k\Zjsbdhfg_]h\hjbe"
�Z]h\hjbehggZkljhcd_kk_fv^_kyli_j\h]hdZ`_lky]h^Z
Lh_klvkhjhde_lGZkljhcd_k\ZjsbdHd__cL_i_jvdlhmg_]h\uau\Z_lkZfmxkbevgmx
aeh[m"
Imlbg"
�Zo_keb[uImlbgwlhdZdjZa[ueh[ubg_iehohLhevdhwlhhgk\Zfbg_ijbfbjbfucZ
ihdZ`b_fmImlbgZf_ljh\aZiylv^_kylhgh[]Z^blkyey`_lgZ[jxohgZ[jxo_dwlhfmImlbgm
ihiheazlb[m^_l\uebau\ZlvyaudhfihdZg_hl]hgylibgdZfbG_l]eZ\guc\jZ]^y^bKlziu
g_ImlbgZ[_eu_dZkdbIjhjZ[ubfZkl_jZDlhih\ur_ghgZklmi_g_qdmgZklmi_g_qdmHg
bkZf[ubijhk_[yihgbfZ_lZofh][ufh][u\_^vG_fZrbguf_gylvohlvghkdbaZkhjhd
hgkhjhde_ljZ[hlZ_lr_klv^_kyl"Ih^r_klv^_kyl"Zhg^Z`_\ijhjZ[ug_\u[bekyqlhfZkhgu
g_^Zeb"
:yh[tykgxIhfgbl_hgbah[jZ`Z_laZlmg_y^gbqZe\ELI"ELIEze_qdZ"AgZ_l_"Gm
dhg_qghg_agZ_l_Ijbkh\d_ojhgbq_kdboZedh]hebdh\hlijZ\eyeb\lZdgZau\Z_fuce_q_[gh
ljm^h\hcijhnbeZdlhjbcbolZfe_qbebgmihgylghdZdlZfe_qbebbaZklZ\eyebjZ[hlZlvIh
kmlbahgZeZclKlZ\ex[Zgdmqlh^y^yKlziZhlf_lbeky
Ihq_fm"\hafmlbekyN_^yIhq_fm\uklZdhcm\_j_gghklvx
:\ug_keurbl_wlb[eZlgu_ijbkZ^db"gZlmj_keurviZ^eZgh]eZ\gh_kZfZfZg_jZ
gZ_a^gZ\ZeZZZ\bjZfZcgZ^Z\Zc]j_[bqlhgb[m^v^ZkjZ[hlZ_l\kz[eZlgZyfZg_jZ
Ohjhrh\hafh`ghhgkb^_e\wlhfwevlwiwghqlhbaf_gy_lkyihkms_kl\m"Hg]h\hjblijh
m`Zkgu_kemqZbgZijhba\h^kl\_
SsmoiZevpugbh^gh]h"E_\Zygh]Zojmklv[ZedZqihd]heh\ZdZdhj_o"Hcy\Zkmfheyx
N_^y
G_lg_fh`_l[ulvHgijZ\^m]h\hjbluiulZ_l_kvk^_eZlv\b^qlhg_keurbl_wlhc
ijZ\^uG_lg_lih`ZemcklZ^Zcl_kdZaZlv?keb^Z`_\uijZ\u_kebg_dhlhju_^_lZebhg
ijbmdjZkbegh\]em[bg_\_^vhgijZ\"]em[bg_\_^v\kzijhklh\kzhq_gvijhklh
Bfiehoh`b\zlkyZgZfohjhrhHgbgbsb_fu[h]Zlu_HgbieZqmsb_Zfukf_xsb_ky
ijbqzfbahsjzgghkf_xsb_kyba^_\Zl_evkdbgZ^gbfb`_bkf_xsb_kyih^h`^bl_iha\hevl_
^h]h\hjblvFua^_kvk\Zfb\R\_cpZjbbbebgZDbij_bebgZ:^jbZlbd_beb^Z`_\Jhkkbb
gh\kzjZ\gh\[eZ]hmkljh_gghf^hf_\ohjhr_fZ\lhfh[be_fukulu_fu^h\hevgu_Zhgb
gZoheh^_\kzdZdhg]h\hjblgZkg_]mgZ\_ljmWlhlZdijhklhbfiehohZgZfohjhrh
�Fug_fh`_fhlwlh]hm[_`Zlvfug_fh`_fhlwlh]hhlrmlblvkyihlhfmqlhDXIRQG@GDQVOH
IRQG\]em[bg_\_\Zg]_evkdhc]em[bg_wlhdjZcg_g_kijZ\_^eb\hg_ijZ\_^gh
�fbljbck_\heh^h\bqZddmjZlgh\u^_j`ZeiZmam
uaZdhgqbeb"
N_^yi_j_\ze^mo
YaZdhgqbe
&#xk;&#xZf;&#xhf;&#x^;&#x_e;&#x_";&#x;&#xk;&#xjh;&#xgb;&#x_c;&#xi;&#x_j;&#x_k;&#xij;&#xhk;¾�kZfhf^_e_"kbjhgb_ci_j_kijhkbefbljbck_\heh^h\bqYfh]m]h\hjblv"F_jkb
H^gZdhkjZamg_klZegbq_]h]h\hjblvZihfyeiZevpZfbih^[hjh^hdihlhf[ukljhihlzj
ih^ehdhlgbddj_keZdZd[m^lhklbjZyg_\b^bfh_iylgh
�N_^y\gbfZl_evghke_^beaZiZevpZfbfbljbyk_\heh^h\bqZIZevpu[uebdj_idb_
dhjhldh\Zlu_ghohjhr_cnhjfukdjm]eufbZddmjZlghih^kljb`_ggufbgh]lyfb
KZfNz^hjkl_kgyekyk\hbo^ebgguojmdb_keb^_eZe`_klulhg_gZjhqghZlhevdh\
aZ[u\qb\hklbbdh]^Z\^jm]eh\bek_[ygZlhfqlhg_hij_^_ezgghihfZ\Z_l\\ha^mo_lh
kiho\Zlu\ZekybjmdbijylZe
�:fbljbck_\heh^h\bq`_klbdmebjh\Zefgh]hbkm^h\hevkl\b_fih^gbfZeiZe_pludZebf
szedZeihlbjZejmdbb\kzihemqZehkveh\dhb\ujZabl_evgh
�JZam`fukh[jZebkvdjmigu_agZlhdbhklh_\kdh]hmkf_ogmeky;_ey\kdbcLh]^Zy
ihb]jZxg_fgh`dh\Nz^hjFboZeuqZIhfgyl\k_E_]_g^mh[bgd\bablhj_"N_^yihfgbl
dhg_qghhlkljZgghkZfZy\_^v[_kihfhsgZy]eZ\ZK_\bevydZdZylhbgd\bablhjdhrfZj
�BkZfhklh_\kdbckqblZelZd^h[Z\beN_^y
GmkZfZ\lhj\hh[s_gbdh]^Zg_agZ_lqlhgZibkZegZNz^hjFboZeuqZlmldb\Zlvg_q_]hWlZ
K_\bevygm\_^vZ[khexlghdZjlhggZy^_dhjZpbyghqviZog_lebfhghf[e_^gucklZjbdgm
�\_^vhi_jZhi_jgu_aeh^_biZjh^byMImrdbgZaZihe\_dZ^hwlh]h\hg=mZg_m`_i_j_i_\dZ
;ZcjhgZ\lhjZyk\_`_klvZmNz^hjFboZeuqZm`_ihemqZ_lkyg_\lhjZyZlj_lvyk\_`_klv
em[hdiZjh^bygZiZjh^bxaZlhb^__yhh[s_ykqblZxaZdhgbkdmkkl\Zohq_rv
om^h`_kl\_gghijhklbijhsZcex[Zyb^_y:`_eZ_rvb^_xjbkmcem[hdZ_szemqr_
[_jb]hlh\ucddhlhjhfmaZihe\_dZijb\udeb
Gm\hlbyihijbf_jmNz^hjFboZeuqZQlhy\ey_lkykh\j_f_ggufem[dhf"DZd\u^mfZ_l_"
Dbghdhg_qgh
Ij_^klZ\vl_k_[_dbghihem\_dh\hc^Z\ghklbR_klb^_kylu_]h^uG_hj_Zebaf:fh`_l[ulv
^Z`_jZgvr_iylb^_kylu_dbghqzjgh[_eh_ihwdjZgmrljbrdbBeb^Z`_khjhdh\u_Zfh`_l
\hh[s_g_fh_
�_dhjZpbyihjl?\jhiZdZdhcgb[m^vlZfFZjk_evBeb=Zf[mj]FZjk_evJy^hfkihjlhf
^_rz\h_dZ[Zj_G_lljZdlbjghkhklZldZfbdZ[Zj_kZfh_kZfh_qlhgbgZ_klv^_rz\h_dZd
k_cqZk[u\Z_l^_rz\uckljbilbaAZklheZfbfZljhkurexobk_ivygu_^ufdhjhfukehf]Z
]ZGZkp_g_lZgph\sbpulh`_g_lj_a\u_g_djZkb\u_lj_lbckhjlf_klhihjlv_judZdZy
lh]jyagZyljyidZGhf_jdhgqZ_lkyi_j_ju\lZgph\sbpu\i_j_ju\_ivxlib\hkfZljhkZfb
ijyfhlml`_aZklhebdZfbZ\wlh\j_fygZkp_gmihrZlu\ZykvaZ[bjZ_lky]bighlbazjLh`_
h[jxa]rbchimorbcGhdh_qlhihfgblHklZldb[ueh]hbkdmkkl\ZBs_ldh]hgb[m^v\aZe_
`_jl\mk_[_gZoh^bl\a]ey^hfklm^_glZG_agZxijZ\^ZdZdlZfhdZaZekyklm^_gl
:_kebij_^iheh`beNz^hjwlh[uexg]Z"
Klm^_glGmaZoh^ylklm^_glu\ihjlh\mxaZ[_]Zeh\dm^zr_\hqlh[ubfg_aZclb"Klm^_glk
lhgdhcr__ckxghr_kdbfjmfygp_f?]h\lZkdb\Zxl\lZedb\ZxlgZkp_gm=bighlbazj^_eZ_l
iZkkuiZkkub\\h^blklm^_glZ\ljZgk=eZaZaZdju\Zxlkymklm^_glZgZebp_[em`^ZxsZy
meu[dZ
B\hlgZqbgZ_lkykZfh_]eZ\gh_=bighlbazj\uau\Z_lgZkp_gmkZfh]h`mldh]hhl\jZlbl_evgh]h
ijhihcpm\hgxq_]h]jyagh]hkZevgh]h[_aam[h\Zklm^_glih^]bighahfhgkiblHg
m\_j_gqlhi_j_^gbfij_djZkgZy^_\mrdZZg]_ek\_lZ[mlhgXghrZijb`bfZ_ljmdbdk_j^pm
[e_^g__ldjZkg__lkljZ^Z_lihzlk_j_gZ^mbgZdhg_plyg_lkyihp_eh\ZlvZ\hdjm]]Z]Z]Z
=Z]Z]ZKljZrguc]h]hl^hk[ez\Z
YkgZZgZeh]by"KZfbqm\kl\Zij_djZkguQm\kl\Zklm^_glZij_djZkguB\Zrbqm\kl\Z
ij_djZkguLhevdhg_Z^_d\Zlguh[t_dlmIhgylgh"
IhgylghNz^hjihfjZqg_eG_ykghlhevdhdh]hm\Zkij_^klZ\ey_l]bighlbazj
���Zp_eZyk\hjZIh`ZemcklZ\ky\_ebdZyjmkkdZyebl_jZlmjZZ\hgkZfhklh_\kdbc
�djmig_crbc]bighlbazjbiehfbjh\Zgguck__]hmgb`_ggu_hkdhj[ezggu_g_`gu_[e_^gu_
ijhklblmldbm[bcpZdhlhjucp_em_ljh^gmxihq\mbdeZgy_lkygZq_luj_klhjhguwlh`_Zob
g_y]bighabebkZfh]bighakdhj__qm\kl\h\bgu
B\kz`_ohlyy\[j_^mih\Zr_fmkb^bhlkdbfebphf
Ihq_fmkb^bhlkdbf"Kij_djZkgufebphfk`b\ufb]eZaZfbijhajZqgufbugZjh^bg_]^_
\Zrbqm\kl\Zyih\lhjyxfg_kbfiZlbqguy^Z`_aZ\b^mxghh[t_dlh[t_dl\Zrboqm\kl\g_
fh]mg_ohqmm\Z`Zlv
J_[ylhqdbihiulZeZkv\l_kZlvky:ggZ
G_lg_\_jxkljZ^Zy\hkdebdgmeN_^yujbkm_l_jmkkdbcgZjh^dZdivygh_k[hjbs_
]h]hlbijhklblmldbu\b^bl_mgb`_gb_b_szmgb`Z_l_wlhg_ijZ\bevgh
QlhlZdh_g_ijZ\bevgh"mlhfezgghkdZaZe;_ey\kdbc
Fukulu_b[h]Zlu_[m^_f`Z`^ZlvbZedZlvZhgbieZqmsb_bgbsb_\hajZ^mxlkyb
\hkkf_xlky
Hc\hlg_^Zc[h]hgb\hkkf_xlkyHgblZZd\hkkf_xlkyfZeh\Zfg_ihdZ`_lky
J_[yldb[jwd:ggZ\klZeZ
Zfk\Zr_cr\_cpZjkdhc[hjh^dhcgZjh^h\hevq_kdhc
�;jwdykdZaZeZbfZLuqlhaZ\_ekykiheh[hjhlZ"Qlhklh[hc"Lu\hh[s_dZdk_[y\_^zrv"
N_^yN_^ykdZ`bl_fg_\hlqlhyghqvxkeurZeZkZfhezlu
�:gyfug_^h]h\hjbebkg_m^h\hevkl\b_fkdZaZefbljbck_\heh^h\bq
Hlebqgh\u^h]h\hjbebB^Z`_ebrdmDZd`_lZdN_^y"Dlhm\Zklmle_lZ_l_kebZwjhihjlu
aZdjulu"
WwN_^yg_kjZamkh[jZekykfukeyfb_jhylghfbjZ`
G_fbjZ`YkeurZeZkZfhezlu
G_lg_l0LUDJHV\h_ggu_bklj_[bl_ebA^_kvih[ebahklbZ\bZ[ZaZ\FZcjbg]_g_
�DZdb__s_FbjZ`b"fbljbck_\heh^h\bq[uejZa^hkZ^h\Zgl_fqlh_]hi_j_[beb
FbjZ`bmklZj_ebklhe_l
:jZa\_fh`ghe_lZlv_keb\medZgbq_kdbci_i_e":ggZihij_`g_fmZ^j_kh\ZeZkvdN_^_
M\hydk\hbghjfu\hjqeb\hkdZaZe;_ey\kdbcK\hyl_ogbdZ[_ahiZkghklb
�Mnl_i_jv\k_ihgylghbfZfh`ghfume_lbfhlkx^ZgZbklj_[bl_e_"
Me_l_lvme_lbfGh[hxkvgZ^]jZgbp_cgZk\klj_lylB[Z]Z`\[hf[hexd_ih[vzlky
KdZ`bl_N_^y_klvm\Zkqlhlh[he__ihablb\gh_"YmklZeZhlm`Zkh\YohqmkdZadmgZghqv
?klvm\Zk^eyf_gykdZadZgZghqv"Bebijhex[h\v"Bebqlhlhkf_rgh_"
�Z_klvkf_rgh_dhg_qghBkdZadb_klv\k\hzfjh^_Bijhex[h\vA^_kv`_klhqZkh\
aZibk_c
GmZqlh`_fuk\Zfbm`ZkukemrZ_f"Ohqmkf_rgh_
,OJZkkdZah[wdkljZ\Z]Zglghfiju`d_
QZcdmdhn_cdm"
h^db
G_l"Lh]^Zgbq_]hKijZrb\Zcl_kwj
Mf_gyg_l\hijhkh\
Gml_fZdZdmx\uohlbl_mkeurZlv"
Ex[Zy
Hd_c
AgZqbl\Db_\_\\hk_fv^_kyl\hkvfhf]h^myaZ\h_\Zei_j\h_f_klhaZkZfucwdkljZ\Z]Zglguc
iju`hdDh[ueZNZ[meZmf_gy[ueZYaZgbfZekydhggufkihjlhfJZgvr_aZgbfZekyK_cqZkg_l
IhemqbeljZ\fmhj[bluIhl_jye]eZab\kzIhke_wlh]hg_aZgbfZxkvdhggufkihjlhf:\
\hfkv\\hk_fv^_kyl\hkvfhf]h^maZgyei_j\h_f_klhG_fpufg_ih^Zjbeb]mky
=mky"
@b\h]h]mkyAZkZfucwdkljZ\Z]Zglguciju`hd
:\qzfaZdexqZeZkvwdkljZ\Z]Zglghklviju`dZ"
IhlhfmqlhehrZ^viju]gmeZg_q_j_a^\ZlZdlZZlZd\hlkfhljbl_\hl`_j^vb^zlbhgZ
iju]gmeZg_lZdZ\hllZdiju]DZd[m^lh[hdhf
GZbkdhkv"
�Z=jm[h]h\hjygZbkdhkv
u_zlZdgZlj_gbjh\Zeb"
Yg_lj_gbjh\Ze_zWlhijhklhhgZkihlZdgmeZkvblZd\hlDh[ueZNZ[meZLZdhcbgl_j_kguc
&#xh^;Û&#xg;&#x_l;&#x";&#xLh;&#x]^;&#xZ;&#xk;&#xz;&#xk;&#xwj;&#x;&#xH; _; ;�fhf_glhlb\kzh^dbg_l"Lh]^Z\kzkwjHd_chk\b^Zgby
O@_qdbbfmqbdb
�Ljm[uljm[u]hj_ebmiZkkZ`bjZ^bZ]ghklbjh\Zefbljbck_\heh^h\bqN_^yg_ihgye
i_j_kijhkbeuiblvkmljZohl_ehkvIhof_ev_fmqbehLZdqlhg_\urehgZwlhljZa
k\h[h^gh_ih\_kl\h\Zgb_G_aZ^ZekygZjjZlb\
LukqblZ_rvg_\ureh"m^b\beZkv:ggZIhfh_fmijhklh[e_klys__bgl_j\vx
B^_Zevgh_GmdZN_^y^Z\Zcl_bf\k_fihdZ`_fkihfgbfkq_]hgZqbgZ_lky
�K\h^dbkgh\Z\kljyefbljbck_\heh^h\bq
GZqbgZ_lkybgl_j\vxklh]hg_\hafmlbfhijh^he`beZ:ggZklh]hqlhfmqbdaZ^Zzl
l_fm
Fmq_gbd"kgh\Zg_ihgyeN_^y
Fmqbdwlhfm`qbgZi_j_\ze;_ey\kdbcGZ:gbghfyaud_@_qdZ`_gsbgZ
:ggZZ^bfh\gZmgZkdjmigucki_pbZebklih]_g^_jgufhlghr_gbyf
Ijh`_gmijh^_l_cijhjZ[hlmgbkeh\ZEhrZ^vkihldgmeZkv\\hk_fv^_kyl\hkvfhf
]h^mum`_jh^bebkvlh]^ZN_^y"Ba\k_ck\h_c`bagbhg\u[bjZ_lh^bg_^bgkl\_ggucwibah^
Ihq_fm"
Nz^hjaZ^mfZeky
AgZ_l_Dh]^ZjZkrbnjh\u\Z_rv^_eZ_lkyaZf_lghqlh`_gsbgu]h\hjyl^hevr_B[he__
ieZ\gh\hlhgZjh^beZkv^_lkl\hxghklvihke_^h\Zl_evgh:fm`qbguh[uqghhlju\bklh
Hq_gvlhqgh_keh\hhlju\hdHlj_ahdLhqgh_gZ[ex^_gb_iho\ZebeZ:ggZ:ihq_fmlZd
ihemqZ_lkyqlh`_qdbieZ\ghZfmqbdbhlju\bklh"EzeykdZ`_l_gZfqlhgb[m^v"
Ezeyg_r_\_evgmeZkv
YN_^yihlzjeh[yg_^mfZeh[wlhf
Hq_gvijhklhjZagu_nmgdpbbk_]^ZlZgpmcl_hlnmgdpbb@_qdZdlh"OjZgbl_evgbpZhqZ]Z
HqZ]gZ^hojZgblvihklhyggh\kz\j_fyHlkx^Z`_qdZj_Zebam_lky\h\j_f_gghc
g_ij_ju\ghklb\ijhly`zgghklbHgZjZkkdZau\Z_lihihjy^dmaZgm^ghjh^beky\ujhk
�`_gbekyjZa\zekyGh\kmsghklbkZfbkh[ulby\lhjhkl_i_gguey`_qdb]eZ\gh_qlh
l_q_gb_`bagbg_ij_ju\Z_lky:^eyfmqbdZ" DZdZymfgZyih^mfZeN_^yB\_^v
ih`Zemcmfg__fm`Z\fDZdZymfmqbdZnmgdpby"DlhhglZdhc"Hg^h[ulqbdHg\uke_^be
hlju\hdKo\ZldZkzqlhijhbkoh^beh^hko\Zldb\wlhlfhf_glhlf_gy_lkyjh^beky
`_gbeky\Z`ghh^ghdlhdh]h"Dlhdh]hk_cqZk"Z`_gdjZlqZcrbchlju\hdlhqdZ\h\j_f_gb
B^himklbfih[_^Z_jgmekykih[_^hcK^h[uq_cJh]ZdZdb_gb[m^vih\_kbe]hj^blvky
[b\gbQlhlZf_fmih^Zjbeb"Wlhfmiju]mgm"
=mkyhlha\ZekyN_^y[md\Zevghkfhljy:gg_\jhlM:ggu[uebmadb_]m[ubg_[hevrb_
jh\g_gvdb_[_eu_am[dbHkh[_gghoZjZdl_jgufb[uebdeuqdbfh`_l[ulvg_^hjZa\b\rb_kyhq_gv
fZe_gvdb_bhklj_gvdb_lj_m]hevgu_Wlbg_ijZ\bevgu_deuqdbijb^Z\Zeb_chqZjh\Zgb_
Lhqgh]mkyBqlh\wlhf]mk_^Z"?kebkfhlj_lvh[t_dlb\gh"DZ[uhgk]heh^mmfbjZegm
ihgylgh_keb[u]mkv_fm`bagvkiZk\]heh^guc]h^
�Z:a^_kvbkdexqbl_evghkbf\heih^o\ZlbeN_^y
Dhg_qghGh_keb\gbfZl_evghijbkfhlj_lvky:ggZke_]dZkdehgbeZ]heh\mgZ[hdZf
g_dZ`_lkyN_^yqlhwlh_szbkbf\hegbqlh`ghklb"EZ^gh[uhgiju]gme\ur_^Zevr_[uklj__
dm^Zgb[m^v^hkdZdZeG_ldZdhclh`ZedbcwdkljZ\Z]Zglguciju`hdIjhklhehrZ^vgh]hc
aZp_ibeZkvBwlh]eZ\gh_qlhkemqbehkvkgbf\`bagbM\Zkg_\hagbdZ_lwlh]hhsms_gby
f_ehqghklbgbqlh`ghklb"
�Z\uagZ_l_yh[jZlbe\gbfZgb_qlhhq_gvqZklhba\k_ckm^v[uaZihfbgZ_lkyh^gZfZe_gvdZy
�^_lZevkh\_jr_gghkemqZcgZyZ`__kebjZkkdZau\ZxlhkZfuo[ebadbohfZl_jbh[hlp_
[u\Z_lqlh\kihfbgZxlh^gm_^bgkl\_ggmxnjZamkZfmxg_agZqbl_evgmx^_lZevh^_`^u
kzlZdg_l_ji_eb\hdb\gmeZ:ggZghyg_ijhkemqZcghklvk_cqZk]h\hjxZijh
aZdhghf_jghklv
LZgpm_fhlnmgdpbbfmqbd^h[ulqbd[he__jZa\blhfh[s_kl\_iZoZjvjZ[hlgbdNmgdpby
h[_ki_qblvk_fvxhlfhckh[kl\_ggucijZ^_^Hg[ueaZ`blhqgucq_eh\_d^_j`Zer_klv
�dhjh\ehrZ^_cDg_fmijbrebjZkdmeZqb\Zlv\_dhjh\um`_kqblZehkvdmeZdHg[uemfguc
q_eh\_dbqlh[ukiZklbk_fvx\kzhl^ZeIhlhfez]mk_[ygZdjue_qd_g_kdhevdh^g_cihe_`Ze
bmf_j
YjZkrbnjh\u\Ze^\_lZdb_bklhjbbb^_glbqgu_ijb\klZeN_^yJZagbpZlhevdh\lhf
qlhg_gZdjuevp_Z^himklbfgZi_qd_ghlh`_kdhjhihklb`ghmf_ja^hjh\ucfm`qbgZ
�Wlbobklhjbcy^mfZxih\k_ckljZg__ehg_\ehrZ^yog_\dhjh\_Q_eh\_dfmqbd
\kx`bagvjZ[hlZ_l^h[u\Z_l\wlhf_]hnmgdpbykfukeMg_]hhl[bjZxlkfukeagZqbl`blv
[hevr_g_aZq_fhgmfbjZ_l
AZlhkug_]hm`_agZ_ljZ[hlZlvg_gZ^hihlhfmqlh\h^bg^_gv\kzhlgbfmlK_fvxkh^_j`Zlvlu
g_fh`_rvBaZsblblvlug_fh`_rv\h^bg^_gvl_[yfh]mlkhkeZlvihkZ^blvk^_eZlvklh[hcbk
l\h_ck_fvzcqlhm]h^ghbgbq_]hg_^hdZ`_rvFm`kdZynmgdpbyhlfbjZ_l\JhkkbbJhkkby
kljZgZ[_afm`qbgJhkkbykljZgZ`_gsbgZ
h\hkljZrgZylZdZykf_qhfdjbdgme;_ey\kdbc
@_qdbdhjyqZlkyfu`_keurZebdbjibqbdeZ^mlF:Au\h^yl=^_lh]^ZhklZzlkykfuke
`bagb^eyfmqbdZ"JZ^bq_]hhg`b\zl"
�ZaZ^mfqb\hkh]eZkbekyN_^y`_gsbgZhgZj_Zebam_lkfukem`_jh`Zy^_l_c
Dm^Zfmqbdm^_\Zlv]hjfhgu"\_eZk\hxebgbx:ggZ=hjfhgulhmg_]h_szg_hlgyeb
qlh_fmhklZzlky"H^ghlhevdhwdkljZ\Z]Zglguciju`hd
l_gbAgZ_l_wlbfheh]bx"Y[hevrhcex[bl_evwlbfheh]bb
�Zylh`_h[jZ^h\ZekyN_^y
Hg[uelZd^h\he_gqlhgZdhg_pgZrzekh[_k_^gbdh\qlhihjmkkdb\_^zlkymfgucb
kh^_j`Zl_evgucjZa]h\hjqlhhgNz^hj\ukdZau\Z_lk\hbmfgu_keh`gu_fukebZklZjrb__]h
\gbfZl_evghkemrZxlbh^h[jyxl\kzwlhijb\_eh_]h\gZklhevdh\hklhj`_ggh_khklhygb_qlh
hgkh\_jr_gghaZ[uedZdm]g_lZxs_gZg_]hih^_ckl\h\Zebij_^u^msb_j_qb;_ey\kdh]h
Lh]^ZkdZ`bl_xgucagZlhdwlbfheh]bbqlhlZdh_wdkljZ\Z]Zglguc"
WdkljZk\_jo[hevr_\g_aZ]jZgbpZfb9DJXHlmfZgguc"
G_agZxgbq_]hijhlmfZggucZagZx\Z]Zglh\;ueZlZdZyi_kgyLmofZgh\ZBa\Z]Zglh\
g_ihfgbl_"hnjZgpmakdhcklhjhg_gZqm`hcieZg_l_
�HcbfZg_ihc
�ij_^klhblmqblvkyfg_\mgb\_jkbl_l_lhqghijh\ZkN_^yoZoZhq_]hlhkdmxyg_
kdZaZlvkeh\ZfbieZqvl_`fbeu_^jmavyBa\Z]Zglh\:dlhlZdb_\Z]Zglu"
KljZgkl\mxsb_ihwlu[jh^y]bWdkljZ\Z]Zgluwlh\hh[s_kljZgkl\mxsb_jupZjbl_dlh
\uoh^blaZkms_kl\mxsb_]jZgbpu
DZdwlh\Z`ghlhqlh\u]h\hjbl_\hkdebdgmeN_^yB\ub:ggZ\uoh^blqlh
jmkkdhfmq_eh\_dmijboh^blky\uoh^blvaZ]jZgbpu^_ckl\h\ZlvwdkljZ\Z]Zglghgha^_kvg_
�lhevdhkh\_lkdZy\eZklvZaZ^he]haZ^he]hbhklh_\kdbcibkZeh[wlhf[md\ZevghHghibku\Z_l
dZjlbgm^Zqlh^Z\Zcl_y\ZfijhqblZx?klvh^gZaZf_qZl_evgZydZjlbgZih^gZa\Zgb_f
Kha_jpZl_evgZ^hjh]_\h[hj\ZgghfdZnlZgbrd_beZilbrdZoklhblh^bgh^bg_r_g_d
fm`bqhgdh?keb[_]hlhedgmlvhg\a^jh]gme[ubihkfhlj_egZ\Zklhqghijhkgm\rbkvgh
gbq_]hg_ihgbfZyZkijhkbeb[u_]hhq_fhgwlhklhyeb^mfZelhgbq_]hg_ijbihfgbe[u
Fh`_l\^jm][jhkbl\k_bmc^_l\B_jmkZebfkdblZlvkybkiZkZlvky^Z"h]eygmekyN_^y\
ihbkdZoh^h[j_gbyHgmc^zl\uc^_llZdbfh[jZahfaZ]jZgbpuh[uqgh]hwdkljZZ
fh`_lbk_ehjh^gh_\^jm]kiZebllh`_wdkljZwdkljZ\Z]Zglgh_aZij_^_ehf\hafh`gh]h
jZaj_rzggh]hgZa_fe_Zfh`_l[ulvkemqblky\f_kl_blhb^jm]h_
Bm`Zkgh_ij_klmie_gb_biZehfgbq_kl\hdk\yluff_klZfwlhihiuldZjmkkdh]hq_eh\_dZ
�\uj\ZlvkyaZ]jZgbpu\uj\Zlvkyhlhj\Zlvkyhlgbadh]hhlbeexahjgh]hhklh_\kdbc_sz
]h\hjbeqlhjmkkdb_ex^bkdehggudnZglZklbq_kdhfmd[_kihjy^hqghfmhlq_]h`_gZfg_
kdZaZlvqmlvbgZq_dwdkljZ\Z]Zglghfm"WdkljZ\Z]Zglguciju`hdihemqZ_lkyiju`hd\
g_[h\\_jod\ukr_fm\]hjgbcfbj
&#xu;&#x]h;&#xh;&#xjb;&#xl_;&#xh;&#xj;&#xZa;&#xgh;;&#x;&#xi;&#xhd;&#xZq;&#xZe;&#x];&#xhe;&#xhh;�u]h\hjbl_hjZaghfihdZqZe]heh\hcfbljbck_\heh^h\bq
hh[s_hjZaghfg_h`b^Zgghih^l\_j^beZEzey
��Z"IjZ\^ZEze_qdZ"aZfmjeudZefbljbck_\heh^h\bqB\Zflh`_lZddZ`_lky"
Y\hh[s_g_ihgbfZxhqzf\u\k_]h\hjbl_[mjdgmeZEzey
Fu]h\hjbfhlhfijhbag_keZ:ggZg_kdhevdhk\ukhdZqlhjmkkdhfmq_eh\_dmohq_lky
hlhj\Zlvky
Bfg_lh`_ohq_lkybgh]^Zhlhj\ZlvkyLZdqlhN_^yihklZ\vl_m`_ijhex[h\v
O,JZkkdZahex[\b
F_g_\k_ohl_ebaZfm`ghyg_reZ
_jdZfhyfheh^Zy_szfg_\hk_fgZ^pZlbg_[uehhlIZr_gvdmy[hl^ZeZGmhgb
`_gbekygZ_cgZk_klj_HgZbjmdh^_evgZy[ueZbrbeZb\kzb\hh[s_ohjhrZyihoZjZdl_jmY
[ueZiho\hjkbkl_clZdZyO\hjkbkl__ex[beZwlhh^_lvkyihemqr_kj_[ylZfbih]meylvgZ\_q_jZo
Ghyq_klgZy[ueZy`_gboZfb\_jvl_eZghykgbfbg_k\yau\ZeZkvgbdh]^ZfuaZfm`q_klgu_
\uoh^beb
KGbdhevkdh]hlh`_iZj_gvij_^eZ]ZeaZfm`ghdZdlh_szfufZeh^jm`bebbhglZdhc]hj^uc
[uebylh`_]hj^Zy[ueZHgihke_]h\hjbeHgZhq_gv]hj^ZyY]hj^Zy[ueZ^_\qhgdhc
Gm\hl:[hevr_\k_odhg_qghyRmjdmex[beZFmobgZwlhk^_lkl\ZwlZkZfZyex[h\hgZk
^_lkl\ZKZfuci_j\uchgmf_g_[ue`_gboKN_^hkh\dbhlgZkaZj_qdhcGhhglZdhclboh\Zluc
[uedZdih^_j_\_gkdblbohclZdhciZj_gv[ue:b]jZehg]Zjfhgbklohjhrbc[uedZd
aZb]jZ_lvZyex[beZieykZlvylZdieykZeZohjhrhg_o\Zeykv:hgdZdaZb]jZ_lvijyfhcZy
lZdieykZeZa^hjh\h
Dhjh\miZkmZkZfZ\kz\j_fyi_kgbihx\kz^mfZxh[gzfhc]hkih^b
Gh\hl\b^brvdZdg_km^v[ZdZd]h\hjylvg_km^v[Z
?]h\ZjfbxaZ[jZebRmjdmlhhg[ue\Zjfbb
:mf_g_[uekhk_^Z[jZlvyhgbex[beb_]hkhk_^ZLZdhcm`_\]h^Zo[ueihjy^hqguclZdhc
gZr_klve_lf_g_klZjr_;jZlvy\k_aZg_]hGmykgbf]h^ijh^jm`beZlhZhsms_gbyhlg_]h
gbdZdh]hg_hsmsZeZ
JZayih_^m]h\hjx\Fhkd\m y]h\hjx\f
Byklh[hcih_^m khk_^\fYlhdhklh[hc^hFhkd\u\brvdZdhcobljmey"Ylhdh^h
Fhkd\u
:ylZdZy_fm]h\hjxB^blug_[m^m^Zbg_ih_^myklh[hc
Bhgf_g_aZfm`a\ZeZy^\ZjZaZ_fm]h\hjbeZG_ihc^myaZl_[yaZfm`Ml_[_lZfk_fvy
[hevrZy
:gZ^h`[uehkdZaZlvYl_[yg_ex[exb\kzGZ^h[uehijyfh\hlsZk`_ijyfh]h\hjyl\
dbghihdZau\Zxlvb\kzZfuqlh\b^_eb\^_j_\g_lh]hkih^b"hcgZdZdjZaqlhfu\b^_eb"
Gbq_]h:dbghijb\_amlvdZdmxlhdbghlzfgh_aZ]hjh^xlihdZau\ZxlQlhjZgvr_[uehlh"
Gbq_]h
hlml_[_[hevrZyk_fvyg_ihc^maZl_[yaZfm`gmqlhwlhaZhl]h\hjdZlZdZy"
DZd[uehIjb_oZeZygZhdly[jvkdb_\^_j_\gxlmlm`yijbh^_eZky\Fhkd\_lhijb_oZeZ\
^_j_\gxdhnlhqdZmf_g_]hem[_gvdZy[ueZBmagZxqlhhgkZjfbbijb_oZeRmjdZ\hlimkd
qlhebgZijZa^gbdbgZhdly[jvkdb_Hc^mfZxgmdZdfg__]hm\b^_lv"DZdfg__]hohq_lky
m\b^_lv
:[jZlfhc_a^belm^Z\N_^hkh\dmhgjZ[hlZe\dheoha_lZfaZkhehfhcbebaZk_ghfY
]h\hjblRmjm\b^_e
Y]h\hjxQlh`lug_kdZaZeqlhya^_kv"Hg[uijbrze
:fg_ \jh^_\fk\haZ\ukhdhbg_m^h[gh[uehGmg_kdZaZe
:_fmhklZehkvljb^gy\k_]hRmjd_lh\Zjfbxm_a`ZlvGm^mfZxl_i_jvm`hgg_ijb^zl
GZ\_jgh_jZaex[be
BdZdjZaijbrzeaZljb^gy
h[s_`blbb]meyebyijbreZ\b`mbhglmlZYijZ\^ZkjZamdg_fmih^hreZbfukgbf
^h]h\hjbebkvbmreb]meylv:[jZllmlZ`_[uebkhk_^wlhaZdh]h[jZlvylhfhbGmfuk
gbf\kzlZdbkRmjdhcmrebhgbihoh^bebihoh^bebgZkgb]^_g_gZrebhlfuoblju_
[ueb
:gZaZ\ljZmljhffukgbfkRmjdhclhgZagZqbebk\b^Zgb_mfh_ck_klj_
:wlhlkhk_^lhdZdijbrze\\hk_fvmljZy_szkiZeZBg_moh^blkb^blgbdm^Zg_^_lvkyhlg_]h
brvobljmgBg_hlklZehlf_gybyg_fh]eZhldjmlblvkydZdlhgZ^h[uehkijylZlvky^Z
\brvg_dm^Zhlg_]h
hlsZky\]h^Zom`_y[kdZaZeZB^blugZoj_gyl_[_g_ex[ex:lZ^Zg_fh]eZkdZaZlvfg_
dZdlh`Zedhqlheb[uehbebkh\_klghdZdlhkdZaZlvqlhyl_[yg_ex[exY`_kgbf]h^
ijh^jm`beZbbg_fh]eZkdZaZlvqlhyl_[yg_ex[exgmdZd\hlfh`ghlZdq_eh\_dm"GZ^h
[uehkdZaZlvfh`_lv[uhgbhlklZe
:lZd\brvijbklZedhfg_bgbdm^ZBih_oZebkgbfk[jZlvyfbdk\hbf[ebadbfgmd
^_j_\_gkdufgZrbf]meylvBlZf^Z`_aZghq_\Zebfu\k_hl^_evghj_[ylZhl^_evghZfu
hl^_evghbaZghq_\ZeblZf
:hg[_^gucijb_oZedk_klj_`^Ze`^Ze`^Ze`^ZeRmjdZlh@^Ze`^Ze`^Ze`^Zeg_
^h`^Zeky
GZaZ\ljZijb_oZe^gzfK^jm]hfijb_oZebghhgbdmibeb\bghByih^jm`dmijb]eZkbeZGm
k_ebfuB[jZlfhc[ueh^bg
:^jm]lh]h\hjblHc_jhqdZ_jhqdZdZdZylu[ueZohjhrZyZfhe\jh^_dZd[m^lhy\
Fhkd\_ba[Zeh\ZeZkv
:[jZlfhc_]hih^kf_oZ_lv:m\ZklZf\N_^hkh\d_]h\hjbldhehfgbdbh^gbGm
dhehfgbdbwlhdhlhju_iZedZfb^jZebkyLZfmgZk[ueZ^jZdZkn_^hkh\kdbfbgmbiZedZfb
ghwlhg_\k_`h^bgZdh\u_wlhlZf^\Z[jZlZ[uebg_ohjhrb_\h[s_fHgih^kf_oZ_lv[jZllh
hgaZkhk_^ZaZwlh]h:_fmaZ\ljZRmjd_lhmoh^blv
B^hmljZ^hkZfh]hfulZdkgbfbijhkb^_eb
:hgkfbjguclZdhcy`qm\kl\mxhgex[bef_gyqm\kl\m_ffu^jm]^jm]Zlh
Y_fmklZeZ]h\hjblv:yfh`_l[ulv[m^ml_[_`^Zlv_sz
:`^Zlv[uehg_fZehb]h^h\fg_[uehm`_^\Z^pZlv^\Z
Yfh`_lvijh`^my_fm]h\hjx^Zluf_gyg_\havfzrv
:hgfg_gbq_]hg_kdZaZegZwlhIhkl_kgyekygZ\_jghHgohlv[ufg_ihh[_sZe[uq_]h
GmblZdhgm_oZeZy\ayeZ^Zbih^ZeZaZy\dmaZfm`\uoh^blv
Hgibr_lfg_Zy]h\hjxY\uoh`maZfm`[hevr_lufg_g_ibrb
Hgibr_lG_\uoh^byk[Zyghfijb_^m
:yaZy\dmm`_ih^ZeZLZd\hlb\ureZaZk\h\hfm`Z
:hgdfZl_jbdZdijbrzekZjfbbRmjdZlhnhjfZohjhrZymg_]h[ueZdfZl_jbfh_cijbrze
kjZamY]h\hjbl^mjZd[ue]h\hjblgZ^h[uehk_jdhcfg_jZkibkZlvky
�mjZd]h\hjbl[uedZdg_^mjZdlbohc[ue
B\kzBgbjZam_]hg_\b^_eZZohl_ehkvfg_
hl[u\Zeh\klZgm\kzjZ\ghh[gzf^mfZxeh`mkv\kzjZ\gh^mfZxh[gzfBhgh[hfg_
ohl_e\b^_lv
Fhc`_[jZlohjhrh_]hagZejZkkdZau\ZeRmjZ]h\hjblOhlv[uh^gbf]eZadhfgZg_z
ihkfhlj_lv
:lZdhclbobc\aye[u^ZbijbrzeIh^mfZ_rv
Gmfhclh\hlfhc[uaZj_\gh\Ze kf_zlky\f^Zc[h`_HggZ\b^mg_j_\gh\Zeghdm^Zyih_^m
bhgkhfghc_^_lhgf_gyg_hlimkdZe[hyekyqlhdZd[uyg_[jhkbeZ_]h
M`_\hldh]^Zi_j_^kf_jlvxhggZf_gy]h\hjblQlh[lulm^Zq_j_a^hjh]mg_oh^beZZlhyl_[y
m[vx
Y]h\hjx:ihq_fmwlh"
�:hgijbj_\gh\Zedh^ghfmhco_fmiylv^_kylkq_flhimah\hllZdh_Y]h\hjxZaZq_fy
_fmgm`gZ"Bhgfg_g_gm`_gLuqlhkhh[jZ`Z_rv"
Y\b^_edZdhggZl_[_kfhlj_e
GmeZ^ghIhreZaZfhehdhfkfhljxZhglZsblkylm^ZaZfghc_e__e_m`_gh]biehohoh^beb
^mfZeqlhy]^_gb[m^vlZf]meyx
Gm]h\hjxoh^bkZfaZfhehdhfyg_[m^moh^blv
:dZdlhh^bgjZa[uehlZdh_YkfZe_gvdZfj_[zgdhf[ueZZfheh^Zy`_[ueZ_szlh]^Z]h\hjx
Ihc^zf]meylv"Zhg]meylvg_ex[bl_ev[ueg_b^zlIhc^zfihc^zfg_b^zlGmb
\ayeZ^ZihreZh^gZB^he]hlhyg_]meyeZlhevdhb^mbhgm`_\uoh^blbdZd^Zklfg_\hl\
�szdmZm^Zjbekbgydmf_g_[ue^Z`_
GZibkZeZ_fmgZjZa\h^dmg_ihfgxm`_bebgZkm^bebgZjZa\h^dmih_oZeZd[jZlmgZibkZeZ
[jZlmaZibkdmLuf_gyk^Z\ZeaZfm`lub`b\bY`blvkgbfg_[m^mBm_oZeZ_]hg_[ueh
^hfZ:hggZaZ\ljZijb_oZe[jZlbih_oZebaZ]ju[Zfbkgbfkfm`_ffhbfbaZ[ueijhf_g_
?lblvl\hxgZe_\hhl^Zef_gyaZfm`ZkZf\kzjZ\ghkwlbfkfm`_fkfhbf
�Ih_oZeZdlzld_Lzld]h\hjxyg_[m^mkgbf`blvyjZahc^mkvhlg_]hHgZ]jblZdm^Z
lujZahc^zkkbdlhjZahc^zkkb"hglhgZc^zlZlu"hklZg_kkykj_[zgdhfGm\h[s_flzldZg_
�ihkh\_lh\ZeZlZdybijhklbeZ_fmHgihke_ijZ\^Zf_gygbdh]^Zg_m^Zjbejm]hcjZabfh`gh[
[uehgh[hyeky
LZd\hlb`bagvijhreZ
JZahclblvky\b^brvlug_lZdijhklhD\ZjlbjZ[ueZwlhgZ^h^_eblvkyijh[e_fZlh`_:lZd
\jh^_`b\zrvb`b\zrv
Ex[blvdhg_qgh_]hg_ex[beZZlZdfu\^hklZld_`bebkz\jh^_ghjfZevgh[uehZ\hldZd
[u^ey`bagbhgg_lkh\k_fg_ih^oh^beBdZdfm`qbgZ[uekh\k_flhevdh[u\ZehaZe_a_l
fbgmlmb\kzbm`_g_lgbq_]hG_ih^oh^bekh\k_f?keb[ex[beZyfh`_l[ulvdZdlh
[uklj_c[uqlhgb[m^vmki_\ZeZZlhlZddh_dZd
Gmg_ih^oh^behg^eyf_g_Fh`_l[ulvihex[beZ_keb[hgf_g_m^h\e_l\hjye[ubebdZdlh
eZkdhcbevq_fgh\hlg_[uehmg_]hwlh]hOhlvbex[beghg_[uehmg_]hwlh]h
:\hllhlkl_f[uydhg_qghgmdlh_]hagZ_lFh`_l[ulv
�Zg_lkgbf[uyiehohg_`beZGm\uib\Zlv[ufh`_lvb\uib\Ze[u^ZdbfhcklZeddhgpm
\uib\Zlv:lZdohlv[uihfheh^hklby[uihqm\kl\h\ZeZk_[y[u:lhlZdlZddh_dZd
SZkhgbfheh^z`vklZebmfg__SZkdZdhgb"aZjZg__gZqbgZxl`blvgmg_ih^hreb^jm]^jm]m
gZc^mlMgZklhih^jm]hfm`bagv[ueZFuaZfm`q_klgu_\uoh^bebjZa\_fh`gh[uehg_q_klghc
\uclb"
B\hlkdhevdhykih^jm]Zfbgb]h\hjbeZlh`_g_gjZ\blky\jh^yFgh]b_g_ih^oh^bl\hllhh^gh
lh^jm]h_Lhex[\bg_llhlZdg_lgbdZdhceZkdb
hgdZdklZebqblZlvwlbdgb`db\dgb`dZolh`_dhg_qghgZibrmlvlZfgh\kzjZ\gh`__klv
ohjhrh`b\mlfm`k`_ghcex[yl^jm]^jm]Z\kzbomkljZb\Z_l[u\Z_llZdh_ghmf_gylZdh]hg_
[ueh
G_km^v[Z
:lh]h\kx`bagvex[beZ\kx`bagvB\kx`bagvy^mfZeZhgzfkz\j_fy^mfZeZB\kx`bagvy
ohl_eZ_]hm\b^_lv:sZkm`_dm^Zy[_aam[ZyklZjZybhgm`_klZjucsZkg_ohqmG_km^v[Z
O,,Qmlhqdm
Gmwg_j]bqghgZqZe;_ey\kdbcwlZbklhjbyykqblZxijhbg
�bfhleh`bf^haZ\ljZ
MklZeZ"
G_ohq_lkyihjlblv
�Z"ZfihgjZ\behkv"aZ]hj_ekyN_^y
Hq_gvHq_gvkdZaZeZ:ggZagZqbl_evghN_^ykiZkb[h\Zf
:qlh`_kdZadZ"\ug_ihkemrZ_l_"
AZ\ljZ
:aZ]Z^dZjmkkdhc^mrb"kijhkbekhk\h_cklhjhgu;_ey\kdbc:gxl"
kzaZ\ljZ
�GmNz^hj\klZefbljbck_\heh^h\bq^_j`bl_kvAZ\ljZa^_kv`_qZkbdZ\ljb\
q_luj_j_rbl_evguc[hc
Ihoh^mijhsZgby:ggZijb[ebabeZkvdNz^hjmihqlb\iehlgmxbqmlvijb\klZ\gZpuihqdb
dZd[ukZfhkh[hcjZamf_xsbfkyk\_lkdbf`_klhfih^klZ\beZszdm^eyihp_emy
Nz^hjaZf_rdZekyhlg_h`b^Zgghklbbqlh[ukhdjZlblvh[jZah\Z\rmxkyg_eh\dmxiZmam
ihki_rbegZdehgblvkygh[m^mqbgZihelhju]heh\u\ur_:ggug_jZkkqblZejZkklhygb_bk
jZafZomkbevghkbevg__q_fiheZ]Zehkvihk\_lkdbldgmekyebphf\ih^klZ\e_ggmxszdmb
hq_gv]jhfdhqfhdgme\g_zkdhgnmabeky_sz[hevr_b^Z`_ke_]dZihdjZkg_e
:ggZg_\hafmlbfh\ayeZfm`Zih^jmdmb[hevr_g_ihkfhlj_\gZNz^hjZih^gyeZkv\f_kl_
�kfbljb_fk_\heh^h\bq_fgZ\lhjhcwlZ`
k\hz\j_fyhibku\Zyh^gmk\_lkdmxkblmZpbxdeZkkbd\ujZabekylZdGbq_]hg_[uehgb
g_h[udgh\_ggh]hgbkljZggh]h\lhfqlh ijhbahrehlhlhblhlh\fgh\k_fwlhihdZaZehkv
kljZgguf;he__\k_okljZgghbg_ohjhrhwlhihdZaZehkvlZdhfmlh beblZdhclh\f
^ZgghfkemqZ_[ueh[uij_m\_ebq_gb_fml\_j`^Zlvqlhk_dmg^gucwibah^kihp_em_f\k_f
�ihdZaZekykljZggufohly^_ckl\bl_evgh\gbfZgb_fbljbyk_\heh^h\bqZbEzebaZp_ibehkv
�aZwlhlwibah^dZdaZdZdhclhfZe_gvdbcaZmk_g_pfbljbck_\heh^h\bqmeu[gmekyEzeyg_l
H^gZdhb^ey;_ey\kdh]hb^eyEzeb\i_qZle_gb_fh]eh[ulvlhevdhklhjhggbfbajbl_evguf\lh
\j_fydZdNz^hjijh^he`ZehsmsZlvgZ]m[Zo]eZ^dhklvbkeZ^dh\Zlucim^j_gucaZiZoqm`hc
s_db
,Fheh^u_ex^b
G_lk_]h^gy\kz[m^_lbgZq_lhj`_kl\_gghihh[_sZeN_^y
HgbkEze_cklhyebmrbjhdh]hhdgZdZfbgghcL_fg_ehIhke_ihem^gygZ]hjugZqZeb
gZiheaZlvh[eZdZ
Nz^hj\b^_eijb\oh^_eu`bagZqbl;_ey\kdb_m`_\_jgmebkvkdZlZgbygh\gba\gZagZq_gguc
qZkg_kimklbebkv
�K_]h^gyy^Zfhlihjfbljbcohjhrbcq_eh\_dmfgucq_eh\_dghhgZdlzjhgihabjm_l
Kgbfljm^ghkihjblvghyk_]h^gyihkihjxFhyijh[e_fZ\lhfqlhyihqlbjZamqbekyh[sZlvkyk
^jm]bfbex^vfb
N_^yg_agZeqlhhgg_jZamqbekyZgbdh]^Zbg_mf_eh[sZlvkyk^jm]bfbex^vfbemqr_f
kemqZ_hg[uekihkh[_gh[sZlvkykl_fbkeh\Zfbdhlhju_ijhbaghkbeb^jm]b_ex^bKeh\Zb
gZibkZggu_bkdZaZggu_Nz^hjijbgbfZegZ\_jmGZijbf_j_keb[ug_djZkb\Zy`_gsbgZ
kdZaZeZ_fmqlhijhba\h^blgZ\k_og_hljZabfh_\i_qZle_gb_Nz^hjkdhj__\k_]hkjZam\wlh
ih\_jbe[u
Hgex[bejZafureylvij_bfms_kl\_gghgZZ[kljZdlgu_l_fughihqlbkh\k_fg_mf_eihgbfZlv
fhlb\uqm`boihklmidh\_kebh[wlbofhlb\Zog_]h\hjbehkvijyfufbkeh\Zfbb]eZ\gh__keb
qm`b_fhlb\uhlebqZebkvhl_]hkh[kl\_gguo
kmsghklbNz^hjg_hl^Z\Zyk_[_\wlhfhlqzlZ`be\g_hfjZqzgghcm\_j_gghklbqlh^jm]b_
ex^bihdjZcg_cf_j_\k_ghjfZevgu_bjZamfgu_ex^b^mfZxllh`_kZfh_qlhbhg
qm\kl\mxllh`_ohlyllh]h`_Hgfh][u_sz^himklblvqlh^jm]hcq_eh\_dg_kmf_ebebg_mki_e
^h^mfZlvdZdmxgb[m^v\blb_\Zlmxfukev g_^Z\gh\ughr_ggmxkZfbfNz^hjhf\fgh[ue
m\_j_gqlh_kebijyfhk_cqZk\ujZablvwlmfukevkeh\Zfblh\kydbcmfgucq_eh\_dg_f_^eykgbf
kNz^hjhfkh]eZkblky
Hldm^Z\ayeZkvwlZ^mr_\gZyg_jZa\blhklvg_kihkh[ghklvdkhqm\kl\bx"
Jh^bl_ebNz^hjZfheh^u_djZkb\u_bmki_rgu_aZgylu_kh[hcbk\h_cdZjv_jhcdh_dZd
^hlygmeb^hN_^bgh]hhdhgqZgbyrdheubkh[e_]q_gb_fjZa\_ebkvHl_p[bag_kf_gkj_^g_cjmdb
hlijZ\bekugZmqblvky\R\_cpZjbx^Zekdhevdhlh^_g_]bkqzek\hbjh^bl_evkdb_h[yaZgghklb
aZ\_jrzggufbQ_luj_mq_[guo]h^ZdZdlhkZfbkh[hcjZklygmebkvgZiylvr_klv
N_^_ohl_ehkv^hfhcgh\Fhkd\_mg_]h[hevr_g_[ueh^hfZMh[hbojh^bl_e_cihy\bebkv
gh\u_k_fvbbgh\u_^_lbG_[uehgbfZe_cr_]hrZgkZgZclb\JhkkbbjZ[hlmihki_pbZevghklb
^eydhlhjhcihjmkkdbg_[ueh^Z`_gZa\Zgby\lh\j_fydZda^_kv\mgb\_jkbl_lkdhfNjb[mj_
\k_]^Zih^\hjZqb\ZebkvfZe_gvdb_ih^jZ[hldbbfZyqbeblh`_fZe_gvdb_ghij_^kdZam_fu_
i_jki_dlb\uNz^hjk\udkykjZaf_j_gghc`bagvxbm`_gZqbgZeih[Zb\Zlvkyi_j_f_g
Bgh]^ZdkqZklvxj_^dhhgqm\kl\h\ZelZdh_exlh_h^bghq_kl\hqlh]hlh\[ueih[_`Zlvih
mebp_kdjbdhfbebijbqbgblvk_[_dZdmxgb[m^vkbevgmx[hevghkijZ\eyekywlhfkfuke_
ohjhr[uemq_[guc]jZnbd\k_r_klvkiheh\bghce_lg_hklZ\ey\rbcijh^uom
?szNz^hjg_agZehlhfqlhbf_ggh_]hh^bghq_kl\hbg_ijbdZygghklv \khq_lZgbbijZ\^Zk
ohjhrbfjhklhfkijbylgufbohlyg_\iheg_hij_^_ezggufbq_jlZfbebpZb]eZ\gufh[jZahf\
khq_lZgbbk\ujZabl_evgufbaZ^mfqb\ufbk_jh]hem[ufb]eZaZfb\fh[jZsZebgZg_]h\gbfZgb_
`_gsbghkh[_ggh`_gsbgklZjr_g_]h?]hohl_ehkvijb]j_lvih`Ze_lvb\lh`_\j_fy
L_ogbq_kdbhgg_[ue^_\kl\_ggbdhf_szkfhkdh\kdbo\j_fzg^Zba^_kv\R\_cpZjbbmg_]h
[uehg_kdhevdh [ukljhm]Zkrbo\f\ex[ezgghkl_cgh]hjZa^h[hevr_\hafh`ghkl_chgg_m\b^_e
ihlhcijbqbg_qlhh[wlbo\hafh`ghklyo_fmg_kdZaZebkeh\Zfb
B\hlm`q_]hNz^hjg_fh]^Z`_ij_^iheh`blvqlhk\hbfdhjhe_\kdbf`blvzf\:evihl_e_hg
[ueh[yaZg\i_j\mxhq_j_^vg_ijhn_kkhjmOZZkmZ_]h`_g_@xeb
JZgg_chk_gvx\q_klvgZqZeZk_f_kljZijhn_kkhjijb]eZkbe\k_okhljm^gbdh\lZdgZau\Z_fhc
eZ[hjZlhjbbdk_[_\]hklbgZZi_jblb\DSpURD\bee_ijbfudZekZ^JZa^\b`gu_^\_jb\kZ^
[uebijhajZqgufbkiehrvhliheZ^hihlhedZ
Dh]^ZN_^yhqzflhihh[udgh\_gbxaZ^mfZ\rbkvkhklZdZghf\jmd_\uoh^bedih`_el_\rbf
^_j_\vyf\^jm]kh\k_]hjZa]hgm_fm\eh[m^ZjbehZjfbjh\Zggh_kl_deh
G_kdhevdhk_dmg^beb^Z`_fbgml\uiZebmg_]hbaiZfylbke_^mxs__qlhhgihfgbe[ueh
\_^zjdhkdhj__\k_]hk_j_[jygh_kjhah\ufev^hfN_^ykhh[jZabeqlhez^jhah\uchl_]h
kh[kl\_gghcdjh\bijhq_fdjh\b\ul_dehkh\k_fg_fgh]hg_kdhevdhdZi_evaZlhrbrdZgZe[m
gZ^meZkv\gmrbl_evgZy
WlZrbrdZ[ukljhijhreZghqmlv\ur_e[Zih^dhjgyfb\hehkhklZehkvmiehlg_gb_gZih^h[b_
rjZfZbdh]^ZNz^hjnbabq_kdbgZijy]Zekybeb^Z`_^he]hbgZijy`zgghhqzflh^mfZe\wlhf
miehlg_gbbqm\kl\h\ZeZkvimevkZpbydjh\b
Gh]eZ\gh_ hqzfN_^yg_ih^haj_\Ze\f@xebOZZkklh]h^gyj_]meyjghkijZ\eyeZkvmfm`Z
h[_^ghffZevqbd_ha^hjh\v_jmkkdh]hfZevqbdZbh^gZ`^ukijhkbeZmfm`ZHlq_]h[u
�g_hlijZ\blvfZevqbdZih`blvgZn_jf_"hdlhjOZZkih^mfZebkh]eZkbekyNz^hjdhlhjuc
\k_]^Z[ue[_ahldZaghcjZ[hq_cehrZ^dhc\ihke_^g__\j_fy\u]ey^_ekh\_jr_gghaZfmq_gguf
ih`Zemc_fmihe_agh[ueh[ug_hklZ\eyyaZgylbcg_kdhevdhhl^urZlvky\]hjZo
N_jfhc\k_fv_gZau\ZekyklZjbgguc^hf\;_jgkdbo:eviZo^_ckl\bl_evgh[u\rZyn_jfZ
g_kdhevdhe_lgZaZ^mgZke_^h\ZggZyGbdheyOZZkhfb_]hfeZ^rbf[jZlhfWjbdhfIhke_^he]bo
xjb^bq_kdboijh\hehq_d^hf[uei_j_kljh_g\fZe_gvdmx]hklbgbpmWjbdi_j__oZe\;_Zl_g[_j]
bi_j_^kZfufgZqZehfjh`^_kl\_gkdh]hk_ahgZ]hklbgbpZgZdhg_plhhldjueZkv
Ihklhyevp_\\i_j\mxabfm[uehg_fgh]hijhq_f^h]h\hjbebkvqlh_keb]hklbgbpZaZihegy_lky
Nz^hji_j__a`Z_ldWjbdmgZohayckdmxiheh\bgmZ_kebdZdhclhbaghf_jh\imklm_llhNz^hj
`b\zl\wlhcdhfgZl_aZkbf\hebq_kdmxieZlm
Nz^hjih[Zb\Zekyqlh[m^_lWjbdm\ly]hklvghlhlhlgzkkydg_fml_iehbi_j\uf^_ehfmkljhbe
ih^jh[g_crmxwdkdmjkbxih\k_fm^hfm
LuagZ_rvqlhwlh"l_i_jv\k\hxhq_j_^vkijZrb\ZeNz^hjmEzeb^hljZ]b\Zykv^hqzjghc
[Zedb=hjbahglZevgZy[ZedZlygmeZkv\^hevkl_gugZmjh\g_N_^bguo]eZabkhhl\_lkl\_gghqmlv
\ur_Ezebgh]hjhklZ;u\rbcihlhehd\hk_fgZ^pZlhf\_d_dhfgZlukljhbeblZdbfbgbadbfb
^eywdhghfbbwdhghfblvl_iehBdhg_qghhdgZ^_eZebkh\k_ffZexk_gvdbfbA^_kvmdZfbgZ
[ueZ`beZydhfgZlZZlZfoe_\K\_jom[uek_gh\ZeKlZjuc^hfa^_kvaZdZgqb\Zeky\kzqlh
^Zevr_hle_klgbpubaZe_klgbp_c\kzijbkljhbeWjbdL_i_jvhg]h\hjblqlh_keb[uij_`^_
m\b^_ekq_lZaZhlhie_gb_lh^\ZjZaZih^mfZe[ukhhjm`ZlvlZdmx[hevrmx]hklbgmxHg
]h\hjblwlhl^hfmgbdZevguc^ey2EHUODQG^ey:evibckdh]hj_]bhgZ[u\Z_lkljhylfh^_jgu_
\beeuk[hevrbfbhdgZfbb_klvbklhjbq_kdb_^hfZlZfhdgZdjhohlgu_:a^_kvklZjuc^hf
]hj^blky\b^hf
AZhdgZfb[ukljh^\b]Zebkvdehqdh\Zlu_h[eZdZ
Ihrze^h`^vIhl_fg_eihq_jg_e_evgbdgZkdehgZoGZnhg_]hjgZbkdhkhdkgb`ZekyfZe_gvdbc
\bglh\hckZfhezlbdihfb]b\ZedjZkguckb]gZe
Y^mfZx_keb[uWjbd[uef_klgufhgg_aZieZgbjh\Ze[ulZdmxdhehkkZevgmxdhfgZlmGhhg
�IULERXUJHRLV@ZmgZk\kz`_[he__fy]db_debfZlbq_kdb_dhg^bpbbYkeurZe^Z`_Wjbdohl_e
\ueh`blvihebaiebldbgZkbemhl]h\hjbebHgb^h\hevghmijyfu_h[Z[jZlZDlhfm`_Wjbd
dhg_qgh[hevrhciZljbhl\kz\kz^he`gh[ulvbf_gghlZddZdhgijb\ud\hNjb[mj_Oe_[\h
�Njb[mj_emqrbcemqrZydmogy\fbj_IULERXUJHRLVH@Gh\kzlZdba^_rgbcZevibckdbc^hf
n_jfmhghq_gvex[blHq_gv]hj^blkydZfbghfIhkfhljbkx^Zfh`_l\t_oZlvZ\lhfh[bevG_
ebfmabgghkj_^gbojZaf_jh\\iheg_b^brvwlbdjxdb"A^_kvih^\_rb\Zeblmrbdhilbeb
:wlhl[mn_lWjbdgZau\Z_l_]hOHEXIIHWURXJHdjZkguc[mn_lohlykZfZ\b^brvhgqzjguc
AgZ_rvebihq_fmlZdh_g_kh\iZ^_gb_"M]Z^ZcHg[ue\udjZr_gdjh\vxJZgvr_bkihevah\Zeb^ey
ihdjZkdb`b\hlgmxdjh\vdjh\v`b\hlguok\bg_cdhjh\Hq_gvklZjZyf_[_evWjbd
�jZkkdZau\Z_lqlhdjh\vhllbjZebi_kdhfb\kzjZ\ghg_fh]eb^hdhgpZhll_j_lvZ^ZihemqZ_lky
�ih^wlhcdjZkdhcdjh\vm[b_gguo`b\hlguo:\dhe[__szg_fZehdhfihlbdZ^eyfbljby
k_\heh^h\bqZqlhlhhgg_b^zl"
N_^ym`_ijb\uddEzebghfmfheqZgbxghihij_`g_fmg_ihgbfZegjZ\blkyeb_c_]hh[s_kl\h
bebhgZ\ugm`^_ggh_]hl_jibl
Dh]^Zh^bgbafhkdh\kdboijbyl_e_c dZ`_lkyg_jZ\gh^mrgucdEze_\fkemqZcghmihfygme\
jZa]h\hj_qlhEze_ihqlb^\Z^pZlve_lNz^hjke_]dZm^b\bekyIjbi_j\hfagZdhfkl\__fm
ihdZaZehkvqlh_cg_[hevr_r_klgZ^pZlbijhq_fhgiehohhij_^_eyeqm`hc\hajZkl
MEzeb[uehqbklh_djm]eh\Zlh_ihqlb^_lkdh_ebphdjm]eu_szdb^h\hevghimoeu_]m[ul_f
[he__kljZggh\u]ey^_eZlZlmbjh\dZ bkZfZihk_[_^h\hevghaZ]Z^hqgZy\fgZg_`ghcdh`_
IZevqbdbmg_zlh`_[uebihqlbqlh^_lkdb_imoeh\Zlu_Wlu[u\b^_edZdhgZjm[blky
]h\hjbeN_^bgijbyl_evb\]hehk__]ha\mqZehg_rmlhqgh_m\Z`_gb_EzevdZdbee_jj_Zevguc
Dbee_jhfdZdihgyeN_^ygZau\ZekylZdhckghm[hj^bklq_cklbevdZlZgby\u^_eyeky^Z`_gZ
h[s_fnhg_jbkdh\ZgghklvxbZ]j_kkb\ghklvx\fLu[koh^beihkfhlj_lv"
N_^y\hlebqb_hlk\h_]hhlpZdZlZlvkyihqlbg_mf_e;hevrbgkl\hr\_cpZjkdbo_]hkhdmjkgbdh\
bdhee_]iheZ[hjZlhjbb[md\ZevghkfeZ^_gq_kl\Z\klZebgZeu`bdZlZlvky^eygbo[uehgZklhevdh
`__kl_kl\_gghdZdgZijbf_joh^blv\d_^Zobeb\[hlbgdZog_q_]h[uehb^mfZlvkgbfb
jZ\gylvkyhgbg_iulZeky
ihke_^gbc^_gvi_j_^hlt_a^hffhkdh\kdboijbyl_e_ckghm[hj^bklh\N_^y\klj_lbebo\ohee_
]hklbgbpu^hkd_ju\ha\jZsZebkvkdZlZgby\kljziZggu_kdjZkgufbebpZfbk[e_klysbfb
]eZaZfbg_dhlhju_i_j_klmib\ihjh]kjZamk[jhkbebdmjldbbklZebihoh`bgZdZdbolh
iZgpbjguobieZklbgqZluobkdhiZ_fuoEzeydhlhjZy[ueZf_gvr_\k_ojhklhfgZihfgbeZ_fm
q_j_iZrdm\[jhg_
Gm]^_hgbgZdhg_p"\hkdebdgmeN_^yM`_ihqlbiylvqZkh\YlZdb_[h]Zlu_aZibkb
�ih^]hlh\beOhqmqlh[ufbljbchklZ\begZdhg_pk\hxihamHgij_l_g^m_ldZd[m^lhg_ex[bl
gZjh^ddhlhjhfmijbgZ^e_`blwlhg_\_jhylghdhgp_dhgph\hgg_fhgkljhg`b\hc
^mfZxwlhihaZb]jZ
@_gZijh]h\hjbeZEzeykd\havam[u?zb^_y
�Z"Lu^mfZ_rv"g_^h\_jqb\hi_j_kijhkbeN_^y?fmlZdh_\]heh\mg_ijboh^behgh\hl
keh\Z[uebijhbag_k_gubhgkjZamih^mfZeZfh`_l[ulvijZ\^Z"
;_a\ZjbZglh\@_gZdhfZg^m_l
Fg_dZaZehkvgZijhlb\hgZb]em[`_q_fhgblhgvr_bg_h`b^Zgg_c
wlhlkZfucfhf_glaZa\_g_ebklmi_gvdbbgZe_klgbp_ihy\bebkv;_ey\kdb_:ggZjZgvr_
mdeZ^u\Z\rZyijbqzkdmkihfhsvxkeh`ghckbkl_fuaZdhehdk_]h^gyhklZ\beZk\h[h^guco\hkl
hehku_z[ueb\eZ`gufbhgZ\u]ey^_eZfheh`_
:oZoijhs_gvyijhkbfijhkiZeb\hkdebdgmeZhgZ\_k_ehIjbe_]ebgZfbgmldmkfhljx
gZqZkuhczzc
;_ey\kdbcfheqZi_j_\h^be[e_klysb_]eZadbk`_gugZEzexkEzebgZNz^hjZ
G_ihh[_^Zebgbq_]hihk_lh\ZeZ:ggZm`_ih^oh^yddZfbgghfmklhebdm
Lh]^Zfh`_l[ulvhleh`blv"\_`eb\hohlybkjZahqZjh\Zgb_fhl\_lbeNz^hjEmqr_m`
ihh[_^Zcl_
�G_mki__fhldebdgmeZkv:ggZbk_eZbfZaZdZaZem`bggZr_klvLZ[ev^hlHczcfu\Zk
g_ij_^mij_^beb"NmdZdb_fu[_klhedh\u_N_^yEzeyfu\Zkijb]eZrZ_fN_^_qdZ\uh[_sZeb
fg_kdZadm
,,JZkkdZah\klj_qZo
Dh]^Zfg_aZ[he_lvmf_gyih^jm]Z\j_klhjZg_[ueZAbgZFukg_ciylgZ^pZlve_l^jm`bebDZkkZ
mgZk\kz\f_kl_^jm]hl^jm]Zgbdh]^Z\hlgbdhi__qdbg_mdjZebgbq_]hBhq_gvhgZf_gy
ex[beZ gmdZdih^jm]m\fhq_gv
B\hljZafukb^bffuh[_^Zlvkljzo^hq_lujzoaZdju\ZebkyKb^bfZhgZqzlhijb[he_eZ hgZ
ihklZjr_f_gygZ^_kylve_l\fBhgZ]h\hjblJZc]h\hjbl_kebymfjmlhy]jbl[m^m
klmqZlvky gmrmldhc]jbl\fklmqZlvky[m^mdl_[_
�ZZ"Z\hlkemrZc
=h\hjblYlZf[_al_[yg_kfh]m
�Zluqlhmf_gyq_l\_jh^_l_cLukmfZkhreZqlheb
:mg_clh`_ljh_GmhgZihklZjr_mg_c^_lblhm`_\k_[uebhij_^_ezggu_:mf_gy`FZjbgdZ
fZe_gvdZyyjh^beZlh_ziha^ghhl:hgZ]h\hjblYlZf[_al_[yg_kfh]m
Abg^Zluqzhq_jl_g_eZ"ygZg_zijyf\hllZd
Gmb\kz\jh^_rmldZbrmldZ
:ihlhfhgZbmf_jeZSZkm`_\hk_fve_lGmybohjhgbeZb\kzq_klvihq_klb\kzbihfbgZeZb
�lZd`_\hlbihsZkkZ`mky_klvbfZfmkiZihcb\k_olZfdh]hihfbgZlvk\hboZ`_g_
mki__rv\k_o]h\hjxihfygb=hkih^b\k_ofhbokjh^bq_c\k_oihdjh\b:ih^jm`_dgZ^hlZd
ihfbgZlvbf_gZfbby_zAbgdm\k_]^ZihfbgZx:lhaZ[ueZjZaihfygmlvblukemrZc
kemrZc
KgblkyhgZfg_agZqbl\hkg_ZlZdy\kl\_ggh
Yb^m\jh^_[ugZk\_demlyiZlvJZgvr_gZkihkueZebgZk\_demlyiZlvb\hlmf_gylZflyihqdZ
ma_ehdwlhkfhehdhfkycpZfbkkh[hc[jZeb
jZ[hlZlv
:gZlhf[_j_]mkb^blwlZAbgZfhyih^jm]ZZhdhehg_zimklh_f_klhgZljZ\d_:q_j_awlhf_klh
kb^bllZfh^gmmgZkkhk_^dmfm`aZjm[belhihjhf?evdmB\hlhgZ?evdZwlZlZflh`_kg_c
kb^bl_zkhk_^dZBlZf_szh^gZ`_gsbgZmf_jeZwlZdZd_zEx[Za\Zebbfm`_zwlhlW^bd
:AbgdZfg_ijyfhlZdrmfblfg_JZcdyf_klhl_[_[_j_]mluqzlZfoh^brvlh":yg_
ihqm\kl\h\ZeZkjZamqlhhgZfzjl\Zylh
�ZZgh]blhmg_z\\h^_Gh]bmg_z\\h^_gm\hkg_lh
:lZdy\kl\_gghKb^blbfg_ijyfhlZd
Y_cAbg^Zylmlg_ijhc^m]eu[ZdhdZdydl_[_ihc^mlh\h^Zoheh^gZyi_j_ieu\Zlvm
f_gyijh^mdlulmlgZfhqm
:hgZ:\hglZfg_fgh]hfhklhq_dh[hc^zrvbkx^ZkjZamijb^zrv
Yg_fgh]hrZ]gmeZrZ]^\Zb\kihfgbeZHccHgZ`fzjl\ZylhB\k_khk_^bkb^yl
dZdb_m`_f_jl\_pu
BdZdgZqgmkg_cjm]ZlvkyLuq_]h`]h\hjxf_gyah\zrvlhL_[_q_]hfhxFZjbgdmg_
`Zedh"hgZ_szfZe_gvdZy
:hgZk\hzYihl_[_khkdmqbeZkvijboh^b
Lmly[_jmdZdb_lhycpZbakmfdb\g_z\hllZddb^Zxkhaehklbdb^Zxjm]Zxkykg_c\hkg_
:hgZ]h\hjblGmbeZ^ghgmbg_gZ^hlh]^ZY^jm]mxk_[_lmlih^jm]mgZc^m
BhqgmeZkv
:ihke_wlh]hyaZ[he_eZhqkbevgh
YkxkxdZxlhihq_fmK_fvqZkh\hi_jZpby[ueZgZjdhalham[uwlb[uebdjZkb\u_\kz
ih\uiZehlml_szg_fgh]h^_j`ZlkyZlZfahehlu_ih\ukdhqbeblZfdhrfZjEukZy[ueZ\kysZk
hljhkehY]h^g_\klZ\ZeZe_`ZeZe_`ZqZyk_jmdb[ueblmlihlhfbowlhfZje_cwlh\kz
\djh\bmf_gy[uehho
Fg_bdhgdZh^gZihfh]eZDZaZgkdZy[h`gZyfZlvBebLbohgh\kdZyihfh_fmHgZ^Z`_gZ
klhebd_lZfmf_gy[ueZ\[hevgbp_gZlmf[hqd_ihfh]eZfg_bdhgdZ
B\b^bl_dZdkemqbehkvDZddkeh\mhgZ]h\hjblHcdZd`_y[_al_[yg_kfh]mjh^_rmldZ
Zihemqbehkv\hllZd
BihlhfklZeZklmqZlvkyfg_Gm\hdghkiexhgZklmqblky
Ymljhfijhkgmkymf_gyp_jdh\viylvfbgmlhlf_gyoh^v[uYkdhkluezfijyfh\p_jdh\v
Koh`m_szdhgn_llZfgZ^hjZa^Zlvqlh[g_kgbehkvjZa^Zf\kzijbreZkhk_^_cdk_[_ihah\m
_szdhfg_ih^jm]Zijb^zlijh\_^ZlvyqZqmk\hx^hklZgmE_lhf]jmr[uehfgh]h]jmrbkZoZj
khk_^ZjfyggZmqbefhehdh[Zgdm[Zgdm\h^ub\hlwlmb\i_j_]hgd_\lhjmx^_eZ_rvhl
fhehdZhklZzlkyijhklhlZdb_iylgurdb\kzhqbsZ_lkyk\_leh_lhevdhg_fgh]h]jmr_cHh
gbqqzgZk\_l_g_gZ^hhlgbdhgvydl_[_gb^hjh]mx\h^dmaZiylvkhlgbq_]hg_cr_klv^_kyl
ZivzlkygmdZd\ZfkdZaZlv_z`_gsbgZ^Z`_\uiv_liylv^_kyl]jZffkb^brvjZkdjZkg_bkkb
blZdh_\hlhsms_gb_gbdh]^Zgb]heh\Zg_aZ[heblohlvlu_zi_j_i_cohlvlu\^hkdm_z
gZivzkky
�Z
:qlhlhohl_eZ_sz:IjhAbgdmlh
hdgh
:y_cAbgb^bjZ^b[h]Zgmqzludhfg_klmqbkkblh"Lmlmf_gy]h\hjxblZd[_al_[y
ihehg^hfb^bhlkx^Z\hkg_gZqbgZxjm]Zlvkykg_c
GmZihlhffg_fhgZrdZh^gZihfh]eZQzlhlZfihqblZeZh^gZfhgZrdZlZfmgZkHgZqzlhlZf
ihqblZeZk\hzbhgZ[hevr_g_klZeZdhfg_klmqZlvlZdijhklhijbkgblky\hkg_b\kz
���MgZkhq_gvp_jdh\vkbevgZy\m[h\hfK_ehm[h\h_Ebi_pdZyh[eZklvQZieu]bghk_ehm[h\h_
LZfmgZkk\ylhcdheh^_pE_q_[gZc?]h\j_\hexpbxaZdZiu\ZebljZdlhjZfbghhg\kzjZ\gh
ijh[b\ZeSZklZf\kzm`_k^_eZeblZfbbdhgudmiZxlkylZfb\kzBohjhrZywdheh]byFhkd\m
�g_kjZ\gblvFhkd\Z]jyagh\ZlZMgZk\k_kFhkd\uex^b_^mle_qblvkyZ`_a_fexdmiblv
ohl_ebghlZfg_evayk\ylh_g_ijh^ZxlBp_jdh\v;ZlxrdZZe_jvygwlhijhklhHgfg_
kdZaZeI_j\mx\h^mdhfihlhl\ZjbrvG_lhgg_lZd]h\hjbeDh]^Z[ueZ\hcgZ
\:n]ZgbklZg_lh[jZebg_jmkkdmxdjh\vgZrbfkhe^ZlZfZ[jZebmdjZbgkdmxihlhfmqlhhgZ
kbevg_cihlhfmqlhhgbivxlkmohnjmdlu;ZlxrdZZe_jvygI_j\mx\h^mluagZqbl
dhfihlkeb\Z_rv\lhjhcaZeb\Z_rvbdbiylbrvb\hlwlZ\lhjZy\h^Zhq_gvkbevgZy^ey`_em^dZ
hlyijb^_j`b\ZxkvMf_gyy]h^fgh]haZfhjh`_gguo^hfZbyijb^_j`b\Zxkv
hllZdb_^_eZ
Qlhlh_szohl_eZ\ZfjZkkdZaZlvkZfh_]eZ\gh_
:Hl_plhijbkgbekyfg_Hl_pjh^ghcm`_^_kylve_l_]hg_l
HglZdhclbohcmf_gy[ueg_kf_eucdhglm`_guc\_kvk\hcgulhFZlvlhmgZk[h_\ZyHgZ
ex[beZ\]eZaZq_]hgb[m^v\ukdZaZlvmf_gy^jm]hcjZakh\_klbg_o\ZlZ_lHgZlh`_gZnjhgl_
[ueZfZfZfhymg_c[ueezlqbd`_gbojZa[bekyEx[h\v[ueZmgboFZfZdjZkb\Zymf_gygh
fZe_gvdZyjhklhqdhf\g_c\kx`bagvr_klv^_kyldbeh]jZff
Hgbkhlphf\h^bg^_gvih`_gbebkvIhke_\hcgulhfm`qbgdlh[_agh]dlh[_ajmdZlml
p_euclhevdhdhglm`_gucijb\_ebbkjZamkhk\ZlZebq_j_ajh^gxgmdZd\^_j_\gyolh
KZfh]hghqdZoe_[gZi_debb\kyk\Z^v[Z
B\hlihfgxfuijb_a`Z_fdgbfe_lfh`\hk_fgZ^pZlvgZaZ^fh`k_fgZ^pZlv^Z\ghaZoh^bf
]hklbgpuhcFZfZ\k_]^ZHc^_lbrdbke_l_ebkyHc]hkih^bdZdhcijZa^gbdlh^_\dbdZd
ohjhrhlh^_lbrdbfhb\k_ke_l_ebkv
:^_^ hl_pfhc\fkb^blgZkmg^md_lbohlZd:eukuc[uey]ey`mmg_]hlml\hllZdh[h^jZgh
g_fgh`dhY]h\hjxFZfqzwlhhl_plhh[h^jZgguc"Ih^jZekykd_f"
�Zgm_]hlm^Z]emoZylyidZkzgZkljh_gb_fg_bkihjlbe
FZfqzwlhlu"
�:kb^blieZlhdohjhrbcgZg_ckp\_lZfbdhnlZ\]hjhokb^bllZdZyZg_ex[ex\kx`bagv
G_ex[exbg_ihex[\b\ureZYex[beZdh]hhgjZa[bekbkx`bagvg_ex[exLyidZ
]emoZy
FZfZlu\_^vlZdg_]h\hjbLyidZlyidZZr_klvq_eh\_dlhgZkjh^beb"
Hc^_\dbijhklbl_f_gyZaZjl\hc^zrvgbq_]hg_ihfgbrvOZoZoZoZFuihk_cqZk
\kihfbgZ_f\ZaZjl\hc^zrvgbq_]h]jblg_ihfgbrv;h_\ZylZdZy[ueZmihdhcgbpZpZjkl\h
g_[_kgh_iZi_wlhGbdheZyb:e_dkZg^ju
Gm\hlYijb]ey^_eZkymhlpZlhihehkdb^\_hlgh]lb:gbdh]^Zhgbg_^jZebkyG_[uehmgbo
FZf]h\hjx^Zdlh`_]hlZdh[h^jZelh"
:Z_keb[\uagZeblhIh^klZjhklve_lkmfZkhrzegZjdhfZlbdklZe
J_[ylZ_]hgZmqbeb\^_j_\g_kZ`ZebdZd_zgZau\Z_lkygZjdhfZgq_kdZylZdZy^Zdhghiey
dhghieyBhl_pgZkZ`ZebfaZ[Zg_c:hgZjZajhkeZkv\ur_djurbdjZkb\_crZylZdZy
FZfZ]h\hjblQlh`yg_agZx"jZgvr_\^_j_\g_hgZjhkeZfukg_cijyeb^ZldZebiheh\bdb
dhghieygu_ihehl_gpZy^mfZxeZ^ghfh`q_]hd^_emhgZijb]h^blkybebq_]h
:hgh[j_aZeiheh\bgmj_[ylZfhl^ZeZiheh\bgm\ukmrbegZjm[begZq_j^Zd\kzaZgzkb
ihlbohgvdm^h[Z\eylvgZqZe:qz"_fmohjhrhbgh^Z`_g_gZ^hiblv
;Z[dZaZf_lbeZQlh`fZohjdmg_dmjyldZdmxygZkZ`ZeZZdmjyldZdmxlhwlm^ebggmx
KfhljblqlhhgdZdhclhGm^mfZ_lwlhfh`ihlhfmqlhklZjuc^Zbdhglm`_guc\_kvk\hcgu
lh
:dZd^h]Z^ZeZkvHcoLuih]ey^b"Lhfheh^z`vdmjblZwlhlkmfZkhrzegm\hh[s_
GZjdhfZlbdY_fmeukbgmlhh[h^jZeZ[m^_lagZlvBkih`]eZmg_]h\kxwlmkljmdlmjm
Gmb\kzihke_wlh]h^_^g_ijbdhkgmeky
�jm]hcjZaijb_a`Z_f\kzlbohfbjghY^_^m\k_]^Z[jZeZhlpmlh[mluehqdmi_jph\hqdmhg
ex[bebKlj_e_pdZy[ueZjZgvr_lh`_AZdheh^_pihklZ\ex\dj_ib\mqlh[ugbdlhg_eZabe
jmdblhg_dj_ibe
Ih^oh`mfhj]ZxhlpmLZfaZdheh^p_flhdZdh[uqghrgZik
Hgmeu[Z_lkyijyfmeu[Z_lky\_kvkb^blIhdZfZfZgZklhekh[_jzlgZfkZ^blvkyhglbohihc^zl
lm^ZjZab\uiv_l
:fZfZHhhcWcllu]^_wlhfZogmelh"
Kb^blfheqblmeu[Z_lkyHg\hh[s_lZdhckfbjguc[ue
Gmlxe_gvholxee_gvlbohc]eygv]^_lhm`_fZogme_^v\hl^Z`_\gZ\haaZdZiu\ZeZ\
gZ\ha[mluedmBlZf\_^vgZ^h`[uehgZrze
Gmhgg_ZedZrdZdhcgb[m^v[uehgjZ[hlZegZi_qZodeZebdjurbdjueb^hfZbkjm[ujm[be
bdhgxrgblhwlhgmgZ\k_jmdb:\uiblvlh\^_j_\gyo\k_`lZdb_
hlbkgblkyhgfg_l_i_jv\hkg_^_^hl_plhwlhlfhc
uoh^bl\k_gpuf_gy\klj_qZlv\]hem[hcdmjld_wlhmg_]h\ihke_^g__\j_fy[ueZ[hehgv_\Zy
Hldjue^\_jbZkZfhl\hjZqb\Z_lkyhlf_gy
Y]h\hjxIZiZgvluq_]hf_gyg_\klj_qZ_rvlh"
Hgfheqbl
Luf_gyqzg_\klj_qZ_rvlhZ"]h\hjxFheqblGmlmly^h]Z^ZeZkv:ouiblvlhyl_[_
aZ[ueZdmiblv
HgijyfhlZdmeu[gmekyfhe^Zbmrze\lm^\_jvlZf^\hcgZy^\_jv\^_j_\gyolh
Ykdhj_cihdmiZlv^Zkdhj_cihfbgZlvfm`m]h\hjxlZf_szkm^vy\]hklbijbrze]h\hjx
ui_cl_jZ^b[h]Zg_fgh`dhhglZfohq_lgZ\_jgh_\uiblvlh
b^bl_kgulh
:]h\hjylGZk\_l_\jh^_g__lgbq_]hkz_klv
:dZd`_kz_klv
�,,,_]mklZpby
iZfylgbdbgZklhysb_Qlh^y^yKlziZqlhwlZ\lhjhcdhfihlkbevguc[ZlxrdZZe_jvyg
YkemrZekemrZedZdZy`_wlhwihoZih_\jhi_ckdbff_jdZf"Ki_j\Z^mfZxkj_^g_\_dh\v_"G_l
dZd^hreh^hdhfihlZg_l\kzlZdbi_j\h[ulgZyolhgv^mrbij_^dh\Ij_^klZ\vl_jmkkdZy
kl_ivdmj]ZgbgZdmj]Zg_dZf_ggZy[Z[ZHgZb_klvhgZbjZkkdZau\Z_lwlZkZfZydZf_ggZy[Z[
�Z\dmkghih\lhjbefbljbck_\heh^h\bq
Nz^hjgZkmibeky
Ihq_fm\ukqblZ_l_qlhi_j\h[ulgZy"Ykh]eZk_ghgZg_h[jZah\Zggucq_eh\_dghhgZoh^bl\
p_jdh\v
AZq_f"
AZl_f`_aZq_fb\k_aZq_fby
Wiha\hevl_ukh\j_f_ggucfukeysbcq_eh\_d\uqblZebdZdbolhk\yluohlph\
lhedh\ZgbygZk\ys_ggucaZ\_lblZd^Ze__:[Z[Zoh^blk\_qdmihklZ\blvlmlihr_ilZlvlZf
ihdjhiblvihdj_klblvihfZoZlvihfZdZlv
ukebrdhfkbevghb^zl_a^_kv\uk]msZ_l_\hajZabeN_^hjuijZ\uhgZg_lhqgh
ijh\h^bl]jZgbpmf_`^mk\ys_ggufb[ulh\ufgh
DZdZy]jZgbpZ"jZkohohlZeky;_ey\kdbc;h]k\ZfbhlkbevgZyp_jdh\vjZa^Zlvdhgn_l
qlh[g_kgbehkvK\ylhcdheh^_pfZdgmlvkyDhfihli_j\uckeblv\lhjhchl\Zjblvijh\Zjblv
Wlhm\Zk]jZgbpZf_`^mk\ylufbijhnZggufZmg_z\kzp_evgh_p_ebdh\h_dZdeblZy[he\ZgdZ
G_[he\ZgdZkh\k_fZ`b\Zy^mrZghijhklZy^mrZihwlhfmb\_jZlh`_ijhklZy
Gm\hlyb]h\hjxijhklZyLhqg_cijbfblb\gZyI_j\h[ulgZy
?kebdhigmlvkdZaZeZ:ggZg_[j_`gh_kebdhigmlvlhm\k_oi_j\h[ulgZy
�Z_kl_kl\_gghkh]eZkbeky;_ey\kdbc_kv\hijhklhevdh\lhfkdhevdhgZ^hdhiZlv
qzf\hh[s_kfukepb\bebaZpbb"dmevlmjghfkeh_HggZjZklZ_lGhf_^e_gghgZjZklZ_l\_dZfb
whgZfbMNz^hjZh^bgkehcdhfiZjZlb\gZywlbfheh]by:mdZf_gghc[Z[u^jm]hckehc
Lhqg_cg_kehcZiuevpZim^jZnnmobg_lmkehyqbkluciZe_heblu^mfZ_l_h[jZlbeky
hgdNz^hjm\u\h^gha^Zgb_oh^bl_agZqblm\ZkkwlbfgZjh^hfh[sZyp_jdh\v"OZoZM\Zk
k\ylu_hlpubGbd_ckdbc^h]fZl:mgZjh^Zdhgdj_lgh_\m^mOhlbl_dgZjh^mijhsZcl_kv
khlpZfb;_cl_\[m[_gg_agZxkeb\Zcl_dhfihl
�fbljbck_\heh^h\bqkf_gbelZdlbdmNz^hjHg[ukljhih[_]ZeihdeZ\bZlmj_
�fbljbcihfgbl_ijblqmhie_\_eZo"
G_lg_ihfgxhl\_lbe;_ey\kdbckg_dhlhjhcgZ^f_gghklvx
Iha\hebl_yhlgbfm^\_fbgmlu"
K^_eZcl_h^he`_gb_
Nz^hjijb[ebabeebphdwdjZgm
�jm]mxijblqmij_^eh`beHgbf]h\hjyPZjkl\hG_[_kgh_ih^h[ghq_eh\_dmihk_y\r_fm
^h[jh_k_fygZihe_k\h_fDh]^Z`_ex^bkiZebijbr_e\jZ]_]hbihk_yef_`^mir_gbp_x
ie_\_eubmr_eDh]^Z\ahreZa_e_gvbihdZaZekyieh^lh]^Zy\bebkvbie_\_euIjb^y`_jZ[u
^hfh\eZ^udbkdZaZeb_fm]hkih^bgg_^h[jh_ebk_fyk_yelugZihe_l\h_f"hldm^Z`_gZg_f
ie_\_eu"Hg`_kdZaZebf\jZ]q_eh\_dZk^_eZewlh:jZ[ukdZaZeb_fmohq_rvebfuihc^_f
\u[_j_fbo"GhhgkdZaZeg_lqlh[u\u[bjZyie_\_eu\ug_\u^_j]Zeb\f_kl_kgbfb
ij_`^_ie_\_eubk\y`bl_bo\kghiuqlh[uk`_qvboZir_gbpmm[_jbl_\`blgbpmfhx
LZdij_djZkgZyijblqZh^h[jbe;_ey\kdbcBqlh"
_jZlh`_[u\Z_lg_h^ghjh^ghcNz^hjihklZjZekyijb^Zlv]hehkmfZdkbfZevgmx
m[_^bl_evghklv?klvqbklh_a_jghqbklucoe_[keh\Z;h`v_]hGh_klvlZd`_bie_\_eu
km_\_jby?kebkjZambo\uihehlvfh`gh\u^_jgmlv\f_kl_kgbfba_jgh
�Z\_^vlmlg_a_jghaZkf_yeky;_ey\kdbcG_imlZcl_N_^ya_jghhghfh`_lm\Zk
a_jghZmgboijhklhdZdhclhFbqmjbg]b[jb^guckhjl
KemrZcl_fbklbdZi_j_[beZ:ggZAZ]h\hjbebhoe_[_bkjZamoe_[hfaZiZoeh:o\hl
qlhkfhljbl_dZdZyij_e_klvihdZ\u[helZebgZfoe_[ijbg_keb
Gbdlhg_aZf_lbedh]^ZgZ^ebgghfklhe_klhy\r_fihkj_^b]hklbghcihh^ZevhldZfbgZ
ihy\beZkvjZa^_ehqgZy^hkdZoe_[gucgh`bdhjabgZijbdjulZyihehlghfbbklhqZ\rZy
h[hevklbl_evgucaZiZo
Q_j_afbgmlm\kzi_j_f_klbehkvddZfbgmIh^ihehlghfh[gZjm`bebkv[mehqdbq_lujzo\b^h\b
djm]eucijm`bgbklucdZjZ\Zcdhlhjuc[uelml`_\kihjhl;_ey\kdbf
Kfhljbl_\hh[s_g_j_`_lkylZdhcfy]dbc
Ih^hrzeWjbdbihhq_j_^bihdZau\ZygZdZ`^mx[mehqdmk\Z`ghklvxi_j_qbkebekhjlZ/HSDLQ
*URVGH9DXG/HSHWLWSDLQFRPSOHW/DEULRFKH/HSHWLWSDLQDXFDQQHEHUJHV/HSHWLWSDLQDX
ODLW
�He_he_he_he_ih^o\Zlbefbljbck_\heh^h\bq
3DLQDXODLW\k_]hlhevdhfhehqgucoe_[ihykgbeNz^hj
�:gm^ZdZn_he_@agZ_fagZ_fIZghe_"
G_lg_lmeu[gmekyNz^hjiZgwlh\dhfbdkZoklj_eyxlSDQSDQ
GmykghihZg]ebckdb[jmlZevgh[wg][wg]ZihnjZgpmakdbgZpuihqdZo]m[dbih^`Zeb
iZgiZgGmZdZdlh]^Z"I_g"
G_lSHLQH]hj_kljZ^Zgb_ghrZly`zeucljm^3DLQSDLQ
BrvdZdhloe_[ZrZ]\e_\hrZ]\ijZ\hlhklj_eyxlm\ZklhkljZ^ZxlIwgIwg"
�Gmijbf_jghZk^ZekyNz^hj/HSDLQ
�LZdkdhfZg^h\Zefbljbck_\heh^h\bqMkljZb\Z_f^_]mklZpbxiwgk_gZ\hkljbeb
k\hb\dmkh\u_khkhqdbGZqbgZ_fk[hevrh]hDZdhg]h\hjbegZau\Z_lkywlhl[hevrhc"
IjbagZlvkyaZ[ueh]hjqbekyNz^hjWjbdm`_mrze3DLQJURVZ^Zevr_
GhjfZevghiwg]jh:gvkl_[ygZqbgZ_fiwg]jh
Yg__foe_[luagZ_rvrbdgmeZgZfm`Z:ggZ
�Zdjhhr_qdmY`l_[yg_aZklZ\eyxkemiblvp_euc[Zlhgdmkhq_d^ey\dmkZ
:ggZhlsbigmeZgh]lyfb^_ckl\bl_evghdjhr_qgucdmkhdoe_[ZbZddmjZlgh_]hjZa`_\ZeZ
WfDhjhqdZ]hjvdh\ZlZy]jm[Zy\p_ehfijbylghIjhklhcoe_[dj_klvygkdbcIZog_l
ljm^hfFm`kdhcoe_[Q_klguciZj_gvkfhahebklufbjmdZfb
�HlebqghszedgmeiZevpZfbfbljbck_\heh^h\bqIwg]jhq_klgucdj_klvygkdbc
iZj_gvN_^y\u"WlZ[mehqdZdZdgZau\Z_lky"
WlhSHWLWSDLQFRPSOHWhl\_qZeN_^yB]jZ_fmgjZ\beZkvOe_[_pbafmdbFRPSOqWHyg_
agZxdZdijZ\bevghkdZaZlvihjmkkdbbaiheghcfmdb"
�P_evgha_jgh\Zymlhqgbefbljbck_\heh^h\bqG_jZnbgbjh\ZggZyGmgmgm"
uagZ_l_dhjhqdZg_lZdZylheklZydZdmSDLQJURVbdh]^Z_zi_j_`z\u\Z_rvihy\ey_lky
hij_^_ezggZykeZ^dh\ZlhklvGh]eZ\gh_a^_kvfgh]hjZaguok_fygjZaebqguojZaf_jh\
ih[hevr_ihf_gvr_
Ih[hevr_ih^kheg_qgbdhij_^_ebeZ:ggZgZ]eZaIhf_gvr_ezg
KiZkb[hB\hldh]^ZjZa]juaZ_rvkgZqZeZ\dmk[hevrbok_f_q_dihlhffZe_gvdbo
hlebqb_hlijhklh]hSDLQJURVa^_kv\^mfqb\h_kh^_j`Zl_evgh_`_\Zgb_@_\Zgb_dZdijhp_kklu
\g_]hih]jm`Z_rvky
=_gbZevghihklZ\belhqdm;_ey\kdbcIwg]jhijhklhciZj_gviwgkk_f_qdZfb
keh`gucijhp_kk:yk\Zr_]hjZj_r_gbyijh[mxhe_he_
g_rg_djm]eZy[mehqdZk[e_klys_cdhjhqdhcbihoh`ZhgZZihoh`ZhgZgZihimDjm]eZy
ihiZG_fgh`dhfylZyijZ\^ZghZii_lblgZykljZZrghfff\dmkm`ZkghagZdhfucdZd\
^_lkl\_ihke_mjhdh\fhehqguc[ZlhgaZr_klgZ^pZlv"DZ`_lkyaZr_klgZ^pZlvdhi__d
KqZklv_AgZ_rv:gvml_[yiZj_gvZmf_gyimoe_gvdZy[ehg^bgdZgZs_dZoyfhqdbijhklZy
ijhklZyghjZ^hklbfhj_Lml\kzijhs_q_f\ZrdhfiewgbdZdbok_f_q_dgbdZdbo
keh`ghkl_c\kzykghkjZamgh`jZlv_zohq_lky^h[_kdhg_qghklbQbklZyjZ^hklvhllhevdh
am[ug_fgh]h\yagml
DZdh_hdZau\Z_lkywjhlbq_kdh_aZgylb_^_]mklbjh\Zlvoe_[\kdhevavaZf_lbeZ:ggZ
:lu^mfZeZOe_[^_ehlZdh_`b\h_QlhkdZ`_lWgb]fZ"
N_^y\a]eygmeg_ihgbfZxs_
GmdlhlmlmgZkkZfucwgb]fZlbq_kdbc"Ezev^hdeZ^u\Zcl_Qlhm\Zk"
WlhEULRFKHN_^yohl_e[uehijbclbEze_gZihfhsvghlZaZ]h\hjbeZkZfZ
g_rg_ihoh`ZgZ\Zrmfhehqgmx[medmGZ\_jomrbr_qdZBebihfihgqbdgmljblh`_
fy]dZyghijm`bgbklZyFhehqgucoe_[_kebkfylv[hevr_g_jZkijZ\ey_lkywlZijm`bgblB
keZs_M`_g_oe_[Z^jm]ZyweblgZyeb]ZDhg^bl_jkdZyMljh\\_gkdhfdZn_
N_^ydZ`_lky\i_j\ucjZamkeurZehlEzeblZdmx^ebggmxj_qvbkh\_jr_gghg_h`b^Zeqlh
�hgZhdZ`_lkygZklhevdhDUWLFXOpH@ ih^mfZehgihnjZgpmakdb\f
�;jZ\h[jZ\hjZkieuekyfbljbck_\heh^h\bqKfhljbl_Eze_qdZi_j\Zy^h]Z^ZeZkv
hibkZlv\gmlj_gghklvFulhk\Zfb\k_]h\hjbeblhevdhijh\dmkZ\_^v_klv_sz\gmlj_ggyy
kljmdlmjZmi_j\h]h]jhlZfkljmdlmjZ\ha^mrgZydjm`_\gZyM\Zr_]hkk_f_qdZfb
3DLQFRPSOHWih^kdZaZeN_^y
F_jkbiwgdhfie_Hg]ey^bl_hg[he__ihjbklucmg_]hi_j_ihgdbGZqlhlhhg
hq_gv\gmljbihoh`
YagZx:ggZqmlvqmlvmeu[gmeZkv[_eufbam[dZfbGZihjbklmxkljmdlmjm\gmljb
dhklb
Dhklgucfha]
=m[qZlh_\_s_kl\hmlhqgbeZ:ggZGmqlhihdjm]myaZ\_jrZx"N_^ydZdwlZ
ihke_^gyy[mehqdZgZau\Z_lky"
3HWLWSDLQDXFDQQHEHUJHVOe_[_pkdexd\hc
�;mehqdZkdexd\hcijh^_deZfbjh\Zefbljbck_\heh^h\bqgZfZg_jfZ`hj^hfZ
rbiZfbdZdmdZdh]hlh^bghaZ\jZbeb_szihoh`_gZazjgurdb]j_qdbg_dhlhju_
ihq_jg_\rb_Zihk\_le__Km^yihaZiZomwlh^jh[ezguchj_oJZaeZfu\Z_rvZ\gmljbdZd\
dZikme_beb\kdZahqghf]jh[_dZdkiysZydhjhe_\gZe_`blehkgysZyky[e_klysZy
dexd\bgZLZdijb^zlkyihijh[h\Zlv:ggZhlsbigmeZdmkhq_dbaZdZlbeZ]eZaZGm_keb
ml_[yijh]meyggu_mjhdbZ[jbhrv\_gkdh_dZn_lha^_kvdZjgZ\ZeBdbkehbkeZ^dhijyfh
lZdbp_euc\aju\\dmkh\hcn_c_j\_jd
:gZkfhjhqbebqlhkh\_lkdbcoe_[kZfuc\dmkguc^Z"
Bfhjh`_gh_:ggZdb\gmeZfm`mBrhdheZ^
��DZd`_;merbl@L_i_jv^bjb`bjh\Zefbljbck_\heh^h\bq\dexqZ_fk\h[h^gu_
ZkkhpbZpbbdlhbaijbkmlkl\mxsbogZdZdhcoe_[ihoh`"GZqgzfk:gguZ^bfh\gu
Nz^hj[ukljhih^mfZeqlh:ggZihoh`ZgZSDLQDX[FDQQHEHUJHVkhkdjulhc\gmljbdexdh\dhcb
n_c_j\_jdhf:fh`_l[ulvqlhlhkj_^g__f_`^mFDQQHEHUJHVbSDLQFRPSOHWkl\zj^ufb
k_f_qdZfb
Lu[jbhrvaZy\be_zfm`
Of"ih^gyeZ[jh\b:ggZk_]hebrv[jbhrv"
:Nz^hjdhlhjuc\_jbekeh\Zfih^mfZeqlh^Z[jbhrvlh`_ihoh`Z^jm]Zyeb]ZdZd
knhjfmebjh\ZeZEzey\_gkdh_dZn_bijZ\^Zihoh`_gZZjbklhdjZlbqgmx:ggmGh\kz`_
kijhkbe
lZdhfkemqZ_dlhbagZkoe_[_pkdexd\hc"
Eze_qdZ\_jhylghih^^_eZ:ggZ
�ZlhqghhgZ
�G_lWgb]fZ[m^_lmgZkijbsmjbekyfbljbck_\heh^h\bq
�BebSDLQFRPSOHW"ZgZ\_jgh_SDLQFRPSOHWkl\zj^ufbk_f_qdZfb
Wgb]fZ[m^_lmgZkIwg]jh
G_m`_eb"hiylvm^b\beZkv:ggZhlwlhl[hevrhck]hjvdhcdhjdhc"Dj_klvygkdbc
iZj_gvkfhahebklufbjmdZfb"
Bf_ggh\haebdh\Ze;_ey\kdbcDhjdZl\zj^ZyZ\_^v\gmlj_gghklvdjm`_\gZZy
Gbh^bgfmkdmeg_^jh]gmegZEzebghfebp_ghNz^hjmihdZaZehkvqlhoZjZdl_jbklbdZ[ueZ_c
ijbylgZ?]hg_fgh]hdhevgmeh
AgZqbldexdh\dmlu^eyk_[yijb[_jz]"gZkf_reb\hkijhkbeZ:ggZ
Dhg_qghih^mfZeN_^yg_[_a^hkZ^u
�Gmqlhlumkh\_klbe`_gmfbljbck_\heh^h\bqYhe_he_
Lu[ehg^bgdZ"
Ihkmlblhyfy]dhl_euclZdhcg_gZ^z`guc
WfLuf_gym^b\bekdZaZeZ:ggZkbgl_j_khf]ey^ygZk\h_]hfm`Z:dlhmgZkN_^y"
:XODLWfy]dhl_eucG_lDXODLWm`_aZgylQlh`_;_ey\kdbchklZ\be"G_m`lhn_c_j\_jdk
dexdh\dhc"G_fh`_l[ulv
Nz^hjyiheZ]Zxqlhiwgdhfie_Fgh]hjZagh]hkydb_k_f_qdbjZagu__klvih[hevr_
ihf_gvr_
N_^yihqm\kl\h\Ze[eZ]h^ZjghklvIhqm\kl\h\Zeqlh_]hhp_gbeb?szhlqzleb\_cihgyegZkdhevdh
dZd;_ey\kdbcijb\g_rg_c[_kp_j_fhgghklb\k_fmobljbekykdZaZlvqlhlhijbylgh_\
kmsghklbbagbq_]h
AZdhgq_gZ^_]mklZpbyiwgdmkh\u_khkhqdbihijylZebkv\aZszqgu_f_rhqdb
�G_l\kzlZdbkbfiZlbqguchgq_eh\_dkbfiZlbqgucih^mfZeN_^y:fbljbc
k_\heh^h\bq[m^lhmkeurZ\N_^bgufukebi_j_]gmekyq_j_aklhebihlj_iZe_]hihie_qm
Gmqlhiwg"
Iwg
:oe_[gh_ihe_dZd[m^_l"
FfKKDPSGHSDLQ"
�RZf^ziwg:Zdhg_qghRZfawebaw@IheyRZf^ziwg
�Zgh\kzlZdbkKDPSGHSDLQh[uqghg_]h\hjylOe_[gh_ihe_"Kdhj__ir_gbqgh_ihe_OH
kKDPSGHEOp
�fbljbck_\heh^h\bqk^_eZerbjhdbc`_klbah[jZ`Zyijhklhjbebk_yl_ey
RZf^_iwwgg:ihk_j_^bg_m]Z^Zcl_dlh"
Dlh"
Iwwgir_gbbpZie__\_euZihk_j_^bg_dZf_ggZy[Z[Z
,9JZkkdZahxghf\jZq_
Dh]^ZyjZ[hlZef_^[jZlhf\bgklblml_Kdebnhkh\kdh]h wlh_szklZjZyl_jjblhjby]^_
R_j_f_l_\kdbc^\hj_p\fdebgbq_kdb_dhjimkZ[uebgZmebp_Zih^a_fguoi_j_oh^h\g_[ueh
[hevguoq_j_amebpmgZlZdbo`_e_aguodZlZedZo\habeb\hi_jZpbhggmxbh[jZlghYjZ[hlZe\
lhjZdZevghcobjmj]bb
=^_]^_"
Hl^_e_gb_g_hleh`ghc]jm^ghcobjmj]bbLZfdhgp_gljbjh\Zebkv[hevgu_kjZdZfbibs_\h^Zk
i_jnhjZpbyfbibs_\h^Zdlhlhdhklvijh]ehlbemdh]hlhobfbq_kdbch`h]Ly`zeu_[ueb
[hevgu_KjZdZfbibs_\h^ZbfjZaj_rZeb\kzdmrZlvbdjZjZaj_rZeZkvdhgvydAZoh^brv\
iZeZlmhgbe_`Zl\_kzeu_ih^^Zl_gvdb_mgboijyfh\lmf[hqd_\h[s_f\kzjZaj_rZehkv
YjZ[hlZef_^[jZlhffg_gZ^h[ueh^_eZlvmdheuMf_gykibkhd[hevguor_klv^_kylq_eh\_d\
hl^_e_gbbY^he`_gbfr_klvjZa\^_gvihfbeebhgm_^bgbpi_gbpbeebgZR_klvjZa\^_gv
r_klb^_kylb[hevguf
Lh_klvljbklZr_klv^_kylmdheh\
�ZYijboh`mgZ[bjZxrijbpujZgvr_[uebg_h^ghjZah\u_Zfgh]hjZah\u_rijbpuGZ[jZe
r_klv^_kylrijbph\gmg_r_klv^_kylf_gvr_dhg_qghghkdhevdh_klv\hllZdZy[ZlZj_y
rijbph\b]hehd
�_\qhgdbm\b^_ebkijZrb\Zxlmf_gyLudm^Zwlhkh[jZekylZdhcdjZkb\uc"
Y]h\hjxMdheu^_eZlv
&#xhl;&#x;&#xkl;&#xm^;&#x_g;&#xl;�Hgbkf_xlkygZ^hfghchlklm^_glZlu^haZ\ljZrg_]h^gyg_k^_eZ_rvwlbmdheu
Y]h\hjx:dZd`_:dZd`_gZ^h"
Hgbh[tykgyxlfg_Hq_gvijhklhJZa\h^brv^\Z^pZlvfbeebhgh\_^bgbpi_gbpbeebgZ\
^\Z^pZlb]jZffh\uckl_deyggucrijbp;hevguor_klv^_kylAgZqblo\Zlblkl_[yljbrijbpZ
LjbrijbpZlujZa\h^brvb[_jzrvkkh[hc[hevrhcehlhdkb]hedZfbIh^oh^brvh^_\Z_rv
\dZeu\Z_rv^jm]hfmkgh\Zb]hedmk[jZku\Z_rvLh_klvlulj_fyrijbpZfbh[kem`b\Z_rv
r_klv^_kylq_eh\_d
Ghb]hedbohly[uf_gyeb"
B]hedbf_gyebGh\kzjZ\ghihkZgblZjgufaZdhgZflZd^_eZlvaZij_s_gh
Bgn_dpbyfh`_lq_j_ab]hedmijhgbdgmlv\rijbp"
Gm\ijbgpbi_g_lihlhfmqlhihjr_gvdZd[ub^zl\kz\j_fy\gbaGhfZeheb"GZijbf_j
_keb]em[hdh\dZeu\Z_rvq_j_ab]emfh`_l[ulvj_ljh]jZ^gucaZ[jhkdjh\bb\kzlh]^Zfh`gh
aZjZablv^ZGh\hll_fg_f_g__
Hqzfwlh]h\hjbl"hi_j\uo\_a^_[ueZwdhghfbyHq_gvkljh]hkfhlj_ebgZwlbklZ\dbgZ
\ujZ[hldbmj_aZeb\_a^_h[j_aZeb
:k^jm]hcklhjhguwlhk_fv^_kylk_^vfhc]h^=_iZlblZg_[ueh]_iZlblZKg_[ueh;ueZ
\hh[s_lbrv^Z]eZ^v
K\_leuck\_leuclZdhc[uei_jbh^
YkeurZe\ubaR\_cpZjbb^Z"Gm[u\ZeblZf"Gm\hl_keb[m^_l_lZf\jZchg_Fhgljz_klv
aZfhdg_ihfgxgZa\Zgb_blZf\aZfd_djh\Zlbihemkb^yqb_HdZau\Z_lkyex^b\kj_^gb_\_dZ
kiZeb\ihemkb^yq_flZdhfiheh`_gbbQlh[u[ulvgZ]hlh\__kebdZdh_lhgZiZ^_gb_
MgZkk_cqZklhqghlZdZy`_kblmZpby?kebygZ^_`mjkl\hb^mZfhy`_gZhklZzlky^hfZh^gZ
hgZkiZlveh`blkykgh`hf
M\Zkhl^_evguc^hf"
G_ld\ZjlbjZGh\kz\j_fykeurbrvlZfh[hdjZebd\ZjlbjmlZflZfaZe_aebMf_gyhq_gv
ohjhrZygZ[ex^Zl_evghklvbyqzldhaZf_lbemex^_cihy\bekykljZoH[jZlbl_\gbfZgb_\f_ljh
\we_dljbqd_\]eZaZohaeh[e_gghklvEx^bijb\udebdkf_jlyfijbqzfdgZkbevkl\_gguf
B^zrvihmebp_e_`bldlhlhJZgvr_ijbKh\_lkdhfKhxa_Qlh"Dlh"KjZamIhc^zf
ihkfhljbfLZdkdhj_cgZ^hkdhjmx\ua\ZlvGZ^hfbebpbx\ua\Zlv:k_cqZkijhklhfbfh
b^ml
JZgvr_ghqvx]meyebb\_q_jhfbqlh[udlhlhdh]hlhm[be"ijbklZ\Ze"Ohlvl_i_jv]h\hjylqlh
[ueZlZfdZdZylhmjZ\gbeh\dZghex^b[uebhldjulu_ijZa^gbdb\_k_e_cijhoh^beb
h[s_f\kz[uehijhs_]hjZa^hijhs_
kzdhgqbehkv\^_\yghklhi_j\hf]h^m
�YjZ[hlZelh]^Z\Gbdhevkdhc[hevgbp_\mowlZ`gh_a^Zgb_klZju_dhjimkZ^_j_\yggu_;hevgbpZ
k_evkdZy?zihf_sbd^hkljhbedZdjZa\lukyqZ^_\ylvkhlk_fgZ^pZlhf]h^mDklZlbkdZaZlv
hi_jZpbhggZylZf[ueZ[hevrZyrbdZjgZyKlhyeklZjbggucabg]_jh\kdbcklheNZ[jbdZAbg]_j
�_\ylgZ^pZlh]h\_dZ\uimkdZGhb\klZjhfkhklhygbbhq_gvohjhrhjZ[hlZeHgbk_cqZkdklZlb
kdZaZlvlZfklhbl
LZd\hl[uedZdjZaZ\]mkllukyqZ^_\ylvkhl^_\yghklhi_j\h]h]h^Z
K\_q_jZ_szdh]^ZaZklmibegZ^_`mjkl\h^_\qhgdbfg_]h\hjylq_]hlhl\hjbehkv^gzf
g_ihgylgh_ :mgZkjy^hf\h_ggucZwjh^jhf\f=h\hjyldZ`^u_^\_ljbfbgmlugZZwjh^jhf
�kZ^blky]jmah\hcbek_fv^_kylr_klhc\_ljbfbgmluijhoh^yl_szkZ^blky
Ghfg_[uehg_^hlh]hmf_gy^_\hqdmijb\_aebhq_gvly`zeZy[ueZljZ\fZb\h[s_fwlZ
^_\hqdZhdZaZeZkvg_`bag_kihkh[gZLh_klvijhbahrzee_lZevgucbkoh^Fu_zaZdjueb
DZd[uB^bkx^Z
�mfZxGmgbq_]hk_[_B\k_lh`__kl_kl\_gghbkim]Zebkv
:wlhhdZau\Z_lky[u\Zxlm`_lZdb_ihkf_jlgu_khdjZs_gbydh]^Zhl^_evghk]b[ZxlkygZjmdZo
iZevpu=bi_jZdlb\ghklvhl^_evguog_j\guode_lhd\mfbjZxs_fhj]Zgbaf_
B\hlwlhc`_ghqvxfuijhkuiZ_fkyhlkbevgh]h]meZqm\kl\m_lkyqlhfgh]hfgh]hl_ogbdbb^zl
bfgh]hk\_lZ
urebfuZ[hevgbqdZklhyeZdZdjZagZ^hjh]_lZf_klvlZdZy^_j_\gyRZjZih\hb\klhjhgm
lm^Z\h_ggucZwjh^jhfBihwlhc^hjh]_lZgdblZgdb;wlwwju[wlwwjukz^jh`blK\_l
yjdbcghqvx
Y]h\hjx fu\urebkaZ\_^mxsbfgZrbf\fy]h\hjx_fmEzgvqlhwlh"hcgZ"
HgG_agZx
Bijyfhkl_oihjbih_oZehJ_\hexpbbimlqbjZkklj_e;_eh]h^hfZ[_kij_^_e\_kv[Zg^blkdbc
GmlZdhc[_kij_^_eijhklhIjZdlbq_kdbdZ`^uc^_gvijb\habebdh]hih^j_aZebdh]h
jZkklj_eyebbajm`vyba]eZ^dhkl\hevgh]hhjm`byhq_gvfgh]h[uehjZg_gbcGZjdhfZgh\\_aeb
^_`mjbrvijb\hayl_szijb\haylHq_gvfgh]h\_aebih_a^ghcljZ\fu
L_odlhihiZeih^ih_a^"
Gm^ZKFbgkdh]h\_aebrhkk_kFh`Zckdh]hhq_gvfgh]h[uehZ\ZjbcJZg_gby
MgZkkh\f_sZeh^bg\jZqj_ZgbfZlheh]Zg_kl_abheh]H^gZ`^umg_]h[ueh^\Z^pZlv^\_hi_jZpbb
aZghqvGZ^\Z^pZlvlj_lv_chi_jZpbb_fmklZehiehoh
�\Z^pZlv^\_hi_jZpbbaZh^gmghqv"
LhevdhaZh^gmghqv^Z:ii_g^bpblms_fezggZy]ju`Z`_em^hqgh_djh\hl_q_gb_gh`_\u_
jZg_gbyjZaju\k_e_azgdbjZaju\i_q_gb\k_j^p_jZg_gb_[ueh
:_klvdZdZygb[m^vyg_agZxl_ogbdZ[_ahiZkghklb"H]jZgbq_gby"
GmZdZddZdb_h]jZgbq_gby_keb\_amlwlbo[hevguo"
Yihfgxlh`_\kxghqvhi_jbjh\Zehi_jbjh\ZebmljhfgZ^h[uehk^Z\Zlv^_`mjkl\h
oh`mkb^blijhn_kkhjbgZ^h_fm^hdeZ^u\ZlvihklmibelZdhclh[hevghcklZdbflh
^bZ]ghahfk^_eZghlhlhblhlhBlZdijhdZ`^h]h[hevgh]hBgZ\hijhkudhlhju_ijhn_kkhj
aZ^ZzlgZ^hgZ\k_wlb\hijhkuhl\_lblv
IhfgxaZrze\wlmaZemmf_gy\hhllZdb_^\_iZqdbbklhjbcKb^blijhn_kkhjZmf_gy
ijhklhkbeg_lmYoehiwlbiZqdbi_j_^gbf]h\hjxhla^_kvihklmib\rb_Zwlh\hl
gZ[ex^Zxsb_ky\kz
k_ihkfhlj_ebgZf_gyGmeZ^ghb^bl_
�Zeboh_[ueh\j_fyqlh]h\hjblv
IhfgxkemqZcbaDbjh\Zijb_oZebjZ[hly]bijh^Z\Zlve_kIhk_ebebkv\]hklbgbp_gZ
l_jjblhjbblZfmgZk_klvlZdhcKlZjuc=hjh^hd
Ijh^Zebwlhle_kbk^_gv]Zfb\ujmq_ggufb^he`gu[uebgZke_^mxsbc^_gvm_a`ZlvB\b^gh
dlhlhgZ\zegZgbo
:`bebgZi_j\hfwlZ`_Ghqvxq_eh\_diylvbebr_klvlm^ZaZe_aeb\fZkdZokhjm`b_fklZebbo
]jZ[blv
:fm`bdbhdZaZebkva^hjh\u_FZkdbwlb\k_kgboihkju\ZebgmbmgbomkZfbolh`_lZf
Dhjhq_]h\hjy\k_okdhjZyijb\_aeZb]jZ[bl_e_cbihkljZ^Z\rboLjbgZ^pZlvbebiylgZ^pZlv
q_eh\_d\h[s_ckeh`ghklb
hlwlh[uehrhmKb^yl\k_\f_kl_\i_j_\yahqghcbfbebpbylmlbfu\ijbkmlkl\bbfbebpbb
hdZau\Z_fihfhsvhlwlhgZ^h[uehkgbfZlv
hlwlhlh^bgdjbqblihdZau\Z_lgZ^jm]h]hhlwlhl\f_gyklj_eye
�LhlZeZZ^gh
QlheZ^ghl_[_"QlheZ^gh"
�ZeZ^ghkb^b
Lu]h\hjblkZfk_cqZkmf_gyihkb^brv
:a^hjh\u_fm`bdblhbl_bwlb\f
Luk_cqZk]h\hjblihkb^brvmf_gyYl_[_ih^h`^bf_gyi_j_\y`mlfuk_cqZkklh[hc
\uykgbf
Fbebpbybfh[hbfkzo\Zlbluykgbebm`_
Kf_rgh[ueh
Ghdhg_qghlhevdhkhklhjhgu
9GhjfZ`bagb
�Ihfgbrvg_fp_\h[jZlbekyd`_g_fbljbck_\heh^h\bqg_fp_\\LZ_"Fuk:gghc
Z^bfh\ghcihykgbehgEze_bNz^hjmihaZijhrehcabfhc_a^beb\LZceZg^gZhkljh\
KZfmcBkhk_^bmgZk[uebg_fpuMgbo[uehex[bfh_jZa\e_q_gb_HgbkZ^bebkvkmljZ\k_
lheklu_djZkgu_iexkljb^pZlv^\ZgZ^\hj_hldju\Zeb]Za_lmdZdhcgb[m^vpZclmg]\k_]^Z
gZihke_^g_ckljZgbp_bkljZrghj`ZebFu^mfZeblZfZg_d^hludZdb_lhg_f_pdbcxfhj
uykgbehkvhgbqblZebijh]ghaih]h^uNjZgdnmjlfbgmkiylvB\k_=Z]Z]Z:djm]hf
iZevfufhj_dhdhkuiexkljb^pZlv^\Z=Zf[mj]fbgmkh^bggZ^pZlv=Z]Z]ZB\hl
dZ`^h_mljhlZdjZa\e_dZebkv
Dq_fmlu\kihfgbe"kijhkbeZ:ggZ
GmdZd`_ihkemrZ_rvwlbo\Zrbok\h[h^guogZjjZlhjh\bihgylghihq_fm\k_gZqbgZy
k=h]heydZdlh[hevr_\Fhgljzlygmebkvij_^Zlvky^mfZfhjh^bg_Jbf\@_g_\mBfuk
�\Zfblh`_\b^bl_\;_jg_jkdhfX[_jeyg^_@bkke_^m_flZcgmjmkkdhc^mrbBijZ\bevgh
�ykqblZxA^_kvwlh_szfh`ghohlvdZdgb[m^v\ughkblvhfZihkemrZ_rvkjZameh`bkvb
�ihfbjZcZbkemrZlvg_klZg_rv
hljZkkdZau\Z_lq_eh\_d^\Z^pZlv^\_hi_jZpbbaZghqv\_amlb\_amlQlh`_wlhlZdh_
lh\Zjbsb"Wlh\hcgZWlhebgbynjhglZGZkbeb_ih\k_f_klgh_[_ahklZgh\hqgh_bkZfh_
]eZ\gh_Z[khexlghijb\uqgh_KZfh_djZkghj_qb\h_g_dh]^Z\hafmsZxlky wlhl\jZqhgohlv
h[jZsZ_l\gbfZgb_ohlviulZ_lkyhlj_ne_dkbjh\Zlv\fKZfh_djZkghj_qb\h_dh]^ZgZkbeb_
ijhklhklZgh\blkywe_f_glhfi_caZ`Zhgzf]h\hjyl[_awfhpbc\ijh[jhkdZdkZfhkh[hc
jZamf__lkyb\_^v\dZ`^hfjZkkdZa_u\kihfgbl_Ezey\kihfgbl_Nz^hj\kihfgbl_
[md\Zevgh\dZ`^hfwlZ[Z[Zkdhfihlhfb^zl\hgmg_zkhk_^dZkb^bl\hg^jm]Zykhk_^dZ
fm`aZjm[belhihjhfH[uqgh_^_ehih^mfZ_rvlhihjhfNb]gydZdZy;Z[mevdZdhlhjZy\k_f
ihgjZ\beZkvdhlhjZyg_km^v[ZhgZ]h\hjbl\^_j_\g_dheh\bdb
DhehfgbdbihijZ\beN_^y
j_[ylbrdbaZkkhjbebkvbdheZZfb
:y\kihfgbeZqmlvqmlvmeu[gmeZkv:ggZfm`Zohl_ebklj_eylvgZiehlbg_
hllhqghDZdjZaijb\_aeb[uijyfhdeb_glZgZklheAbg]_jh\kdbcIhaZijhreh]h\_dZ
Ij_djZkghjZ[hlZ_l
Gh]eZ\gh_\qzf"Dh]^ZwlhlnhggZkbeby^_eZ_lkyihklhyggufdh]^Z^Z\e_gb_ihklhyggh_lh
Z[khexlghf_gy_lky\hkijbylb_
�Zf_gy_lkykm[_`^_gb_fih^l\_j^beN_^yGh\dZdhfgZijZ\e_gbbhghf_gy_lky"
?\jhi_lukms_kl\m_rv\beexabbqlh`bagv\hlwlZihkxklhjhggyya_fgZy`bagv
kh\_jr_gghdhfnhjlgZb]eZ\gh_kh\_jr_ggh^hklZlhqgZIhwlhfmp_gghklbkdhlhjufblu
khhlghkbrvkybkdexqbl_evgha^_rgb_ij_oh^ysb_p_gghklbl\hckqzl\[Zgd_kljZoh\dZ
dhgljZdlkiehrvbeexaby@bagvmkljh_gZlZdqlh\kyhgZ[_ahklZldZmoh^blgZimklhlmlh
\j_fydZdjmkkdbcq_eh\_dg_mfhajbl_evghZihhiulmihg_ihkj_^kl\_ggufh[klhyl_evkl\Zf
k\h_c`bagbkfhljblg_gZk_cqZkZgZ\_qgh_bf_gghihlhfmqlhlZd[ebahda_fghc]hjbahgl
ihlhfmqlh\g_aZigu_h[klhyl_evkl\Z^Z`_\g_aZigZykf_jlvihp_jdh\ghkeZ\ygkdbgZ]eZy
kf_jlv
�GZ]eZykf_jlvij_djZkgh_\ujZ`_gb_i_j_[befbljbck_\heh^h\bqGZ]eZykf_jlv
ghjfZ`bagbBa\_klgZ\ZfNz^hjlZdZynZfbebyW[_jrlZ^l"GbdheZkW[_jrlZ^l"
QlhlhkeurZe
:gg_Z^bfh\g_ihjZ[hl_ijbkeZebklZlvx:ggZZ^bfh\gZmgZkq_eh\_d]hkm^Zjkl\_gguc
Ylhf_ehqvihf_ehqbihfh]Zx:gg_Z^bfh\g_hl\f_kl_qblZebKlZlvygZau\Z_lky
�jZgdbgg_cr_gKib\rZykygZpby:gv\kihfgbrv"^\moljzokeh\Zo"
�Z`_\h^ghf_^bgkl\_gghfkeh\_kihdhcghkdZaZeZ:ggZW[_jklZ^lki_pbZebklih
^_fh]jZnbbijhn_kkhj=Zj\Zj^ZHgmihlj_[ey_ll_jfbgk\_jokf_jlghklvK\_jokf_jlghklv
[u\Z_l\h\j_fy\hcgwib^_fbc\h\j_fy]heh^Z:\JhkkbbbW[_jklZ^l]h\hjblqlhwlhg_qlh
g_\b^Zggh_\bklhjbbk\_jokf_jlghklvjZklzlihke_^gb_^\Z^pZlve_lFm`kdZykf_jlghklv\
fheh^hfb\aj_ehf\hajZkl_\Jhkkbb\ur_q_f\Wnbhibbb\KhfZeb
=^_j_Zevgh\hxxl\klZ\be;_ey\kdbc
W[_jklZ^l]h\hjblqlhgbh^ghgZmqgh_h[tykg_gb_g_jZ[hlZ_lBqlh\Z`ghg_\_jhylguc
jZaju\f_`^mdeZkkZfbH[jZah\ZggucdeZkkex^bk\ukrbfh[jZah\Zgb_fkf_jlghklvihqlb
lZdZy`_dZd\?\jhi_KjZ\gbl_evghg_[hevrZyIjb_fe_fZy:\hlex^b[_akj_^g_]hh[jZah\Zgby
\ufbjZxldZd\kZfhcgbs_c:njbd_dZd\Abf[Z[\_hgibr_lqlh^Z`_ijb\k_og_^hklZldZo
Jhkkbbijbhlghkbl_evghc[_^ghklbijbiehohcwdheh]bbf_^bpbg_lZdb_fZkrlZ[u
kf_jlghklbg_h[tykgbfu
�MfhfAbf[Z[\_g_ihgylvbajzdfbljbck_\heh^h\bqGmlZd\hlb\hijhkgZfijh
^mrmlh\qzfaZ]Z^dZ"Ihq_fmljZdlhjZdm\ujdmqb_"Ihq_fmr_klv^_kylq_eh\_dh^gbf
rijbp_f"Ihq_fmkf_jlghklvom`_q_f\KhfZeb"
Gmwlh\hijhkulZdh]hjh^Z:ggZk^_eZeZg_hij_^_ezgguc`_klQlh^_eZlvdlh
\bgh\Zl
�:yagZxhl\_laZy\befbljbck_\heh^h\bqBkdZ`maZh[_^hfNz^hjZfohaybgg_
]h\hjbeijhlZ[ev^hl"M`_\j_fy\hh[s_lh
Fg_gjZ\blkydZd\u]h\hjbl_WjbdWjbdvGmohjhrh_klvm\Zkqlhgb[m^vZii_lblgh_
i_j_^h[_^hf"DZdZygb[m^vkdZ`_f^_\mrdZZii_lblgZyihegZy`bagb"
?klvaZibkvqm^_kghc^_\mrdbbaQ_[hdkZj
QmohgdZ
G_ljmkkdZyIjhklhjh^hfbaQ_[hdkZjGhaZibkv^h\hevgh^ebl_evgZyijh^he`bl_evgZy
[hevrhclZcfbg]
:gvlu\u^_j`brvijh^he`bl_evgmxqmohgdm"KlZ\vl_Nz^hjqmohgdmbaQ_[hdkZj
9,IjZ\^b\Zyih\_klvhijbdexq_gbyoLZgbbaQ_[hdkZj
Yihhe]_hq_gvkdmqZxhlEzrdZg_lZdMg_]h^_j_\gy[ueZg_gZhe]_:y\ujhkeZbf_ggh
gZ[_j_]mB\hldh]^Ze_`brvkibrvbkeurghfhlhjgu_eh^dbWlhfh`ghkdZaZlv\djh\bm`_
\kze_lhba\h^ug_\ueZab_rvy]h^uwlb]jb[uju[ZedZ:aZeb\gu_em]ZlZfdZdb_GZijhlb\
gZr_]h]hjh^Zhkljh\Dhabc lZdgZau\Z_lkyDhabc\f\_kghchgaZeb\Z_lkyiheghklvxZdZdez^
mrze\h^ZkiZeZbgZqbgZ_lkyljZ\Z\jhklq_eh\_dZ_zg_jZa^\bg_rvlZdZyhgZ]mklZy\ky
h[Ze^_ggZyGhhgZhlkhegpZkjZamk`b]Z_lkyihlhfmqlhgZhe]mlhkZfu_`Zjdb_emqbB
dem[gbdZa^_kvhgZfZe_gvdZy\h^ygbklZyba_ezgdbhl^bjZxlkyiehohZlZfhgZjZaf_jhf\hl
lZdZyBih\dmkmhgZf_^h\Zy:ju[ZedZ"_kghcb^zlq_ohgvwlhlbiZ^ebgghc\h[eugh\
klhjZa\dmkg__pZjkdZyju[Z_zgZau\ZxlLZdhcdZcn[uewlmj_abgdmkq_ohgbghc\uly]b\Zlv
Lh]^Z\mom_sz\h^m[jZebbahe]b\Zjbeb^h[Z\yllm^Zklhidm\h^db
:k_cqZk\h^mbahe]bg_[_jml"
�Zqlhh\uK_cqZklZf^Z`_dmiZlvkyhiZkghG_kqblZyqlhlZfb`_elmobb^ba_gl_jbbb\kz
�lZdgZ^gZfb_szbObfijhf_j_\gbju[Zpdb_\k_imklmxlihlhfmqlheh\blvg_dh]hBjZdb
\k_mf_jeb\he]_ihlhfmqlhhgblhevdh\qbklhc\h^_`b\ml
A^_kv\Fhkd\_lhe_lhfbkoh^blvg_dm^ZblZdh_qm\kl\hg_\uiheg_ggh]h^he]ZqlhluaZ\kz
e_lhgbq_]hg_kh[jZegbdh]hg_ihcfZeb^Z`_gbjZamghkg_ihfhjhabe\\h^_he]ZlhhgZ^h
^\Z^pZlb]jZ^mkh\gbdh]^Zg_ijh]j_\Z_lkyIhdjZcg_cf_j_\gZrbof_klZoGmbdZdey]mrdb
lZf^hihkbg_gbydmiZ_rvkyb\kze_lhAZdZedZihemqZ_lky
Ohoeyg^bxdh]^Z_a^beZi_j\ucjZalZfj_dZ;m]hgZohlvbihjh`bklZyghijyfhdZdiZjgh_
fhehdhY^mfZxIjyfdZd\\Zgg_:hgb\k_klhylhc^Z`_g_jZa^_\Zxlky=h\hjylfg_Gm
lufhhj`KfhljylgZf_gydZd[m^lhykEmguk\ZebeZkvbygZgbolZd`_I_j\h_[ueh\
fh_c`bagb[hevrh_iml_r_kl\b_Iexk_szyh^gZ\hk_fgZ^pZlve_llZdijbdhevgh\kz
?oZebkh^ghclzldhcbaQ_[hdkZjijh[helZebkg_c\kx^hjh]mZ_cdm^ZlhgZi_j_kZ^dmg_
ihfgxdm^ZhgZ_oZeZBmgZkmh[hbo\j_fyihegh^hih_a^ZGmy\Fhkd\_lh[ueZijh_a^hf\
^_lkl\__a^bebaZlh\Zjb\ZlvkyAgZx]^_DjZkgZyiehsZ^vgZoh^blkygmohly[uijbf_jghZ
hgZ\hh[s_g_[u\ZeZgbjZam
AgZqbl\urebfukih_a^ZgZ^hihdmrZlv:]^_"\hk_fvmljZgbq_]h^Z`_dZn_moZqbdh\g_
hldjuluRebrebg_lmg_lm\hh[s_dmrZlvhohlZm`_BlmllbiZlZdh]hih^\ZeZb\u\_kdZ
DZn_KimkdZ_fkykb^ylq_l\_jhfm`qbgFudZdimlz\u_kg_chldju\Z_ff_gxgZqbgZ_f
kfhlj_lvp_gu\jh^_bp_guih^oh^ysb_k_ebFm`qbgZh^bg]h\hjblGm^Z\Zcl_y\Zk
h[kem`mIjbghkblgZfihdmrZlv\bgZijbghkblFu]h\hjbfFu\bghg_aZdZau\ZebFu
^_\mrdbg_ivxsb_Dhjhq_m]h\hjbebhgbgZkihihe[hdZem\bgZ\uiblvLzldZlhaZfZogmeZ
ohjhr_]hijZa^gbdZkb^yl]heh\me_qZlBlmlaZoh^bffugmdZdgZfhldZaZlvdh]^ZfulZdb_
^_eh\u_qblZ_ff_gx" kf_zlky\fHgbdhjhq_k\hx_^mih]j_eb^eygZk:fm`qbgZdhlhjucgZk
h[kem`behg^bj_dlhjdZn_wlh]hihemqZ_lky
�_\qhgdb]h\hjbl\udm^Z"
GZDjZkgmxiehsZ^vmgZkk_cqZkih_a^[m^_lkdhjh
=^_f_ljhagZ_l_"
G__l
Gm^Z\Zcl_]h\hjbl^hf_ljh\Zkijh\h`m
B^zfZfuihke_\bgZ^ZkmljZ_sz]heh\Zg_khh[jZ`Z_lBlmly\kihfbgZxqlhfuaZ[ueb
aZ_^mlhaZieZlblvkzfg_ihieho_ehyo\ZlZxkv]h\hjxuba\bgbl_ih`ZemcklZijhklh
jZkkeZ[bebkvbaZ[ueb
�Hgkf_zlky]h\hjblZeZ^gh^_\qhgdb\uqz"GZh[jZlghfimlbaZoh^bl_
HcfulZdb_KiZkb[hkiZkb[h
Gmhl^hogmeZf_kypgZMdjZbg__^mh[jZlghKDb_\kdh]hgZDZaZgkdbc\hdaZeki_j_kZ^dhc
Klhx\dZkkmhq_j_^vd[be_lmih^hreZhgZ]h\hjblKlhevdhlh klhjm[e_cqlheblh]^Z
[be_lklhbe\fY\kmfhqdmaZe_aZxZlZfgbjm[ey\hh[s_By[ebg\kzh]jZ[beb
:mf_gylZdZy^mjZpdZykmfhqdZ[ueZijhklhkoeyklbdhffh`gh[uehh^gbfiZevp_fhldjulv
Q_fh^ZglZsmkaZ^bwlZkmfdZ[helZ_lkygm]j_og_\ulZsblvm^mjhqdbfZehe_lg_cih_a^_lh
ykfhlj_eZ\kz[uehghjfZevghih^haj_\ZxqlhgZ\hdaZe_\ulZsbeb
ByqmlvkhagZgb_g_l_jyxhlm`ZkZdZdij_^klZ\exqlhy\Fhkd\_bdm^Zfg_"ygbdh]hg_
agZxureZk\hdaZeZk_eZkb`mj_\mIh^oh^yl]jmaqbdblZflhedZxll_e_`dbQz
ieZq_rv"
hlh]jZ[beb]h\hjx^Z`_gZoe_[g_hklZehkv
Ij_^eZ]Z_lfg_aZjZ[hlZlv
�Y]h\hjxZihrrzeluIkboZgmeZiexgmeZ\_]hklhjhgmbmreZ
Ihlhf^mfZxgmeZ^ghZq_]h^_eZlvlh"
Ihc^mdwlhfm^y^_gvd_\dZn_djhf_g_]hmf_gylml[eb`ZcrboagZdhfuog_lm kf_zlky\fHg`_
ijb]eZrZe"=eZaZ\hllZdb_dhkf_lbdZkfueZkvhimorZy\kyaZjz\ZggZyijbreZ:hgbkgh\Z
^_eZxlrZreudbmgbohiylvdZdhclh^_gvjh`^_gby
H]h\hjblm`_ijb_oZeZkMdjZbgu"
YlZdZyIjb___oZeZfg_`kjZamk_[y`Zedh
:q_]hieZq_rv"
Y]h\hjxlZdblZd
:nb]gy]h\hjblhllhevdhqlh^hl_[y^\_ijboh^bebbolh`_h]jZ[bebFubom`_
ijh\h^beb]h\hjblblyijh\h^bf
LZdhcfm`bd[_kijh[e_fgucihiZekyGZdhjfbebrZreudZfbkt_a^beb\ayeb[be_l\_q_jhf
ihkZ^bebf_gygZih_a^KqZkleb\Zy^h\hevgZy^h^hfm^h_oZeZGZdhjfe_ggZyk
ijbdexq_gbyfb
Fu\hh[s_\kyk_fvy]ZkljhezjuFZfZkiZihc\M^fmjlbb\klj_lbebkv[Z[mrdZk^_^hfgZ
KZoZebg_
�fuebkv_^jZkkdZau\Zehgbg_\[ZgyofhxlkyZ\[hqd_=hjyqbodZfg_cgZdb^Zxlkb^yl
Ibeb\h^dmbogxxkZfh]hgdm
:ihlhfyihgp_\hllm^Zijh]gZebaZkhjhd\hk_fvqZkh\\k_oihkZ`ZebgZiehlu:dlhg_
ihf_sZekyyihgpuk\hbo`zgb^_l_clhibebWlhm`_^_^k[Z[mrdhc\f_kl_jZkkdZau\Zeb
IjyfhaZ]hgyeb\fhj_]h\hjylblhibebDlhk_[_`b\hlu\kdju\ZeoZjZdbjb^_eZebWlh
]h\hjyl[ueh\kzgZgZrbo]eZaZo
�Mf_gy\hh[s_[Z[mrdZhq_gvyjdZyebqghklv_^lhbadj_ihklguomgbo\kyk_fvylZdZy
ex[bl_eb:[Z[mrdZ\hh[s_gbdh]^Zg_mihlj_[eyeZHgZhq_gvbgl_eeb]_glgZyg_jm]ZeZkv
gbdh]^ZfZlhf^Z`_]hehkZgbdh]^Zg_ih\urZeZ
Dh]^Zhgbk^_^hfihagZdhfbebkvj_rbebkh\f_klgh`blv^_^]h\hjbl_cI_j__a`Zcdhfg_
B\hl`^m`^m_z]h\hjblZhgZg_b^zlIjboh`mkb^blgZq_fh^ZgZoHdZau\Z_lky
[Z[mrdZ^ZeZk_[_keh\h?kebhgg_ijb^zlaZfghcydg_fmkZfZg_ihc^m
Hgijboh^blLuqzkb^brvlh"y`_l_[ylZf`^maye_zq_fh^ZgbhgZkqbklhckh\_klvx
qlhhgaZg_ckZfijbrzeihreZdg_fm`blvhllZdhcq_eh\_d
kz^_lkl\hfuijh`bebmg_zklZjrZyk_kljZbyFZlvkhlphfjZa\_ebkvdh]^Zfg_[uehljb]h^Z
bihke_wlh]hhlghr_gbyg_ih^^_j`b\Zebhkiblu\ZeZlhevdh[Z[mrdZgZkbdhkbqdbbaZ\ljZdb
bmjhdb
@beb[_^ghdhg_qghFZfZh^gZbjZa\ZebekyKh\_lkdbcKhxa[_^gh`bebY_kl_kl\_ggh
ihke_rdheukjZam[uklj_cjZ[hlZlv ohlymqbeZkvhq_gvohjhrh\fIhlhfijb_oZeZ\Fhkd\mb
ljb]h^Zi_dZj_fi_dZjvdhg^bl_jhf
GmbdZdlhjZaijb_a`Zx\hlimkd^hfhckFhkd\u
:mgZkbap_gljZ]hjh^Z_kebqmlvhiha^Z_rvZ\lh[mkh\g_lg_m_^_rv:yaZ[helZeZkvk
^_\qhgdZfbbijbiha^gbeZkvKfhljxfZrbgZklhbllZfagZdhfuciZj_gvaZjmezfdZdjZakfh_]h
jZchgZ
Ih^oh`m:g^j_c^h\_azrv"
:kaZ^g_]hkb^_gvyHcLZgvwlhluqlheb" F_gy`_\]hjh^_j_^dh\b^yl\f
Y]h\hjx:lZfdlh"
B\uoh^bllZdhc\ukhhdbciZj_gvY]h\hjxWlhluqlhevEzrd"
:fumqbebkvk_]hklZjr_ck_kljhc\iZjZee_evguodeZkkZo
HglZd^eyf_gy\k_]^Zb[uefeZ^rbc[jZlbdfh_cih^jm]bHg_szlh]^ZfZe_gvdbc[ue
jhklhqdhfZ_szhgmrZklucmf_gydmjghkuckf_rghcBgZljb]h^ZfeZ^r_y_]hgbdh]^Zb
dZdiZjgylhg_\hkijbgbfZeZ:hg\kx`bagv[ue\ex[ezg;_]ZegZ^bkdhl_dmkfhlj_ekd_fy
lZgpmxGmfukf_yebkv_kl_kl\_gghg_lhqlh[uaehkf_yebkvZlZdGmeZZ^gh
ihp_em_rv_]h\szqdmih^hc^zrvaZmohihlj_ie_rvGmqlh[ug_h[b`Zlv
Blmlkfhljx\ujhklZd\hafm`Ze
�h\_aebZyijh[helZeZkvih^hjh]_qlhaZ\ljZ_^md[Z[mrd_\[Zgx
:wlhhiylvq_j_a\_kv]hjh^\^jm]hcjZchgMgZk]hjh^jZklygmlucQ_[hdkZjuZ\lh[mkuoh^yl
j_^dhbgZ\_kv]hjh^h^gZZ\lhklZgpbyLZdhgkkZfh]hmljZ\jm[Zr_qd_\[jxqdZo\_kvlZdhc
gZdjZofZe_gguc:ylhevdhqZkh\\iylv\_q_jZkh[jZeZkv
klj_lbef_gydZdgb\qzfg_[u\ZehIjb\_lijb\_lIh]mey_fgZhe]m"
Z\lhklZgpbxwlm
BdZdjZamg_]h^_gvjh`^_gby^\Z^pZlve_l;ZaZhl^uoZ\kz[Zkk_cghe]ZHcklhevdh[ueh
rZreudh\klhevdh\h^dbIhfgx^\Z^pZlvr_klh]hZij_eyrzekg_]Zfu\k_clheihc
\he]mB^_\qhgdblh`_b\k_H^bglZdhclheklucmgZk\dhfiZgbbkZfucihke_^gbcaZoh^bl
bijhk_[y]h\hjblQzdZd^mjZde_am"
:\k_djbqZlDlhg_dmiZ_lkylhlg_iZpZg
Gmyqzg_iZpZgqlheb"^mfZ_lijhk_[yDhjhq_lh`_kdmigmeky
IhlhfdlhlhgZ^hmfbeky\hjhgklj_eylvIh_oZeb^hfhcaZjm`vzfbolZfivyguofbebpby
kdjmlbeZLh_klvex^blh\ijbgpbi_ijhklh_oZeb\hjhgihklj_eylvghlhqlh\ivyghf
khklhygbbbkhjm`b_fIjb_a`Zxlknbg]ZeZfb[_ajm`_ckgZ[blufbfhj^Zfb
GZlj_lbc^_gvijhkuiZ_fky\k_\h^ghfghf_j_Q_eh\_dgZkkdhevdhiylgZ^pZlvgZ\_jgh_
[uehdZdlZf\k_mf_klbebkv"
IjhkuiZ_fkymljhf]eZaZhldju\Z_fklmqblkydlhlhlhebhojZggbdlhebdlhGm\uqz"
]h\hjblKh[bjZ_l_kvm_a`Zlvlh"GZghqvkgyeb]h\hjblZg_^_exm`_lml]mey_l_
�FulZdb_Zfu[m_oZeb^Zg_fh`_f\klZlvk[m^mgZ
HgGmsZkbijbghkbl\_^jh[_jzah\h]hkhdZe_^ygh]h
Fu\k_Hhhh^Z\Zcq_jiZ_fM`_b\h^dZhiylvihreZbfm`bdZwlh]hlh`_kkh[hc
Hq_gvdjmlhfuih]meyeb
B\hlihemqZ_lky^\Z^pZlviylh]h[ue^_gvjh`^_gbyZ]^_lhk^\Z^pZlvk_^vfh]hihreZmgZk
kh\f_klgZy`bagv
Hgijb\hablf_gy\^_j_\gxdk_[_^hfhchlwlhfhy`_gZ[m^_lYhlklu^Z\h]hjh^kjZam
kHev]hc kk_kljhc_]h\fljZ\dbiheblv\^hflhklu^ghaZclb
�GmdZdwlhg_aZfm`_fg_jZkibkZggu_Zhgf_gy`_ghcijb\ze"Z`_\]eZaZklu^gh[ueh
kfhlj_lvBlmlk\_djh\v]h\hjblGmb^bl_\[ZgxYihfgxihlihkibg_ihebekyDZdlZd"
kjZamb\[Zgxah\mlKlu^gh[uehdhg_qgh
�Ghhglhf_gy`_ghcgZau\ZeZylh_]hfm`_fg_lmfZeZgZ^h_szihkfhlj_lvgZg_]h
Ijh\_jyeZ
Ihe]h^Zfug_jZkklZ\Zebkv\kz\f_kl_^_eZebIhfgx=:AhgubaGb`g_]hi_j_]hgyeb:wlh
`ljykzl[ebg^hg_\hafh`ghklbijb_^_rvihlhf_szkhljyk_gb_fha]h\g_^_exe_qbrv
E_k\Zebey_fmhj_rgbdjm[beZMgZk\Qm\ZrbblZdb_[ueb^m[jZ\uK_cqZklhm`_g_
hklZehkvi_j\ucjy^e_kZaZoh^brvbimklhlZH^bghj_rgbdjZklzlebidbhkbgdbDh]^Z^Zeb
e_kohamk\h[h^m\kzkjZambih\uj_aZeb
Lh]^Z^_eZebdZd"dlhohq_rvb^zrv\e_kohaihdmiZ_rv^_eygdmL_[_e_kgbdihf_qZ_l^_j_\vy
hij_^_ezggh_qbkehd\Z^jZlh\:de_kmwlhfmgb^hjh]bgbqzgZ=:AhgZogZMjZeZokwlbfb
[mdkZfbgm\_qghaZkljyg_lq_]hgb[m^vlh^h`^vlh]jyavIhlhfgZ^hwlm^_eygdm\uqbklblv
hlhj_rgbdZ\udhjq_\Zlv\k_igbBihlhflhevdh^m[ujZkibeb\Zeb\u\habebbijh^Z\Zeb
djm]eyd
Kmqdbbhj_rgbdbrebgZ^jh\Zb^m[udhlhju_kdhevpZfbk_fv^_kyl\hkvfhf]h^mfgh]h
^m[h\aZfzjaeh\Qm\Zrbbbhgbk]gbeufbdhevpZfbLZf[md\Zevghfbeebf_ljh\uckehcgh
dh]^ZijhimkdZ_rvgZibehjZf_gZf_kl_wlbodhe_pijhklhehfZ_lky^hkdZIhwlhfmkdhevpZfb
g_\_klZdZdZymlyih^jm]Z:hgohjhohjbekyWlhfhy`_gZZg_ih^jm]ZGmqlh[g_
aZjbebkv
Hgmf_gyijhklhcjZ[hlulhg_[hblkyGZk\Z^v[mgZ^h[uehaZjZ[hlZlvZlZf\Qm\Zrbb
\hh[s_jZ[hlug_lHgmf_gy\hgbe_kjm[bebgZ\haijh^Z\Zeb`fmjbdh\\habeihohjhgghf
�Z]_glkl\_jZ[hlZeA\hgbrvQz^_eZ_rv"Zkh`fmjbdhf\ebnl__^_fHg`_[hevrhc
lZsblvgZ^_\ylucwlZ`g_[m^_rvIhklZ\brv_]h kf_zlky\fHgblZfbodZdex^_cm`_g_
\hkijbgbfZeb`fmjbdbb`fmjbdb
GZ\halh`_ijh^Z\Zee_lhZmgZk\_a^_h]hjh^uZ`bhlZ`HgblZf\^\hzfkgZiZjgbdhf
ehiZlZfbgZ]j_[mlfZrbgZk_fvlush[s_fhq_gv\u]h^gh_^_ehGZiZjgbdihlhf
k\b^_l_e_f[uegZk\Z^v[_dhklxf_uibeh[gye_]hbgZ\_kvaZeGmmijh^Zebfuklh[hc
]h\gbbssZFhcihdjZkg_e\_kviha_e_g_eLuqlh"LbohLboh
:ihke_k\Z^v[ukb^bfkgbf^mfZ_fdm^Zih_oZlv"
Ih_^_fgZx]\_jgzfky\_^v[_adhi_cdbA^_kv\Qm\ZrbbjZ[hlug_lmihdZ:^mfZ_fZc^ZgZ
k_\_j
ayebihq_fh^Zgmk\_djh\vgZfaZkmgmeZ\Ze_gdbk_ju_k]ZehrZfbk_\_j`__^_fihdhjylv
I_j_kZ^dZ\Lxf_gbZmgZkwlhl[Zmek\Ze_gdZfbehiZ_lkyGZ^\hj_k_gly[jvf_kyp^Z`_Z\]mkl
�_szihfh_fm@_gsbgZjy^hfkb^blZZfheh^z`vk_jvzaghgZkljhbebkvLZdkf_yebkv
Ijb_a`Z_f\Kmj]ml\ueZab_fgZ\hdaZe_qz^_eZlvdm^Zb^lb"Kq_fh^ZgZfbIhrebZlZfb
^hfh\lh`beuog_lmkljhcdblhevdhbimklhlZ
IhrebihhklZgh\dZfh[ty\e_gbybkdZlvKgyebmdZdbolh^h^bdh\dhfgZlmGm^h^bdb
Zedh]hebdb?zKlxZj^_kkZa\Zebk\hbf_klgu_kh[mluevgbdbHgZdh]^Zlh[ueZklxZj^_kkhc
Mg_zlZdhciylucjZaf_j]jm^bbhgZ\kz\j_fyoh^beZ\oZeZl_qlh[[ueh\b^gh[h]Zlkl\h
;helmrdZ[ueZZDh]^ZivygZyhgZaZdhe_[zlIjbklZeZdgZf\i_j\uc^_gvkjZa]h\hjZfb
[helZ_l[helZ_lZfm`bd_cgucih^oh^blkhkihdhcguflZdbf\ujZ`_gb_febpZaZ\hehku_z
�[^use[hfh[kl_gdmhffhcykdZaZeQzfheh^ufgZ^h_^Z_rv"
MgZklZdb_]eZaZ\hh[s_
:dZdlhjZaaZoh`mKlxZj^_kkZfykh\Zjbl:mg_z\`bagbfykZg_[ueh\oheh^bevgbd_
;ebgluqz]h\hjxfhzfykh":ylhevdh\hlgZihke_^gb_^_gv]bdmibeZ
HgZlZdZyWlhfhz
Y]h\hjxDZdh_l\hz"?keblhevdhdjukmihcfZeZ]^_gb[m^v
GmeZZ^ghqzlu\ulZkdb\Z_lwlhfykh\Zjzgh_badZkljxebrfydhl^Zzlfg_IjhklZy
lZdZy\hh[s_Ghk^jm]hcklhjhgug_\j_^gZy
Ijh`bebfumg_zi_j\ucf_kyp
�_g_]lhihgZqZemg_[uehjZ[hlulh`_qlh^_eZlv"^Z\ZcqZciblv
Zj_gv_^h_ebivzfijhklhqZckkZoZjhf
IhlhfkZoZjdhgqbeky[_akZoZjZivzfqZcqZcihiylvjZa\^_gvlhevdhqZc
�B]meylvoh^beb_g_]g_llhevdhijh]medbih\ha^mom
B^zffhc]h\hjblLZdib\Zohq_lky^jm]kfhljbfihelbggbd\Zey_lkyHg]heh\m
ih^gbfZ_ldjbqbl=hkih^bbKiZkb[hl_[__B[_]hf\dbhkdaZib\hfFg_`jZlvohl_ehkv
_fm\uiblv
[ueZihkj_^bg_@_gkdZyiheh\bgZh^gb[Zmeu[Zmeu[Zmeub\ZggZyklmZe_lhf:fbfh
fm`kdhcijhoh^brvlZflZdhcghkdhbgGmfulZdgZau\Zebghkdbgh]b\hlfm`kdbf
aZiZohfdbkehjh^ZlZfg_[uehdhjhq_
G_^_eb^\_ijh`beblZfbgZrebm`_gZih^hevr_mZa_j[Zc^`Zgp_\
WlhohjhrZyk_fvy[ueZ:jbnb:jbnZ
hklhqgu_hgb\hh[s_oblju_Zwlbhq_gvijhklu_HgZihjmkkdbiehohjZa]h\Zjb\ZeZyih
l_e_\bahjmkfhljxh[ty\e_gbyhjZ[hl_ Zy`_dhg^bl_j\ff_gy:jbnZah\zlHdhg^mdlhj
dhg^mdlhj
:dhfgZlmhgbk^Z\ZebbaaZlh]hqlhmg_]h[jZlihiZe\i_j_^jy]mkfbebpb_cIhfh_fm
gZjdhlZ
Mf_gylZdZy`_[ueZbklhjbylmlh^gZih^jm`dZ\Fhkd\_lZdZykdjhfgxoZg_ivzlg_dmjbly
^Z`_g_^mfZeZqlhmg_zdh]^Zgb[m^viZj_gv\hh[s_ihy\blkybhlkb^_eZihe]h^Zih^
ke_^kl\b_fij_^klZ\ey_l_"f_ljhfbebpby^hdmf_gluijh\_jbeZ
Hldjhcl_kmfhqdmbe_`blihjhrhdIjbqzfg_fZehlZdhcohjhrbciZd_lbdBhl[j_oZlvky
g_hl[j_oZ_rvky\hl`_hgml_[y_klv"fbebpbyl_[yihcfZeZ"Ihe]h^Z_ci_j_^ZqdbghkbeZ
IhdZZ^\hdZlg_hk\h[h^beGm\uihgbfZ_l_dZdhk\h[h^be[_a^_g_]_kl_kl\_gghlZf\hijhk
g_j_rZ_lky
BagZqblwlhl:jbnHg\h^bl_e_f\Kmj]mlg_nl_]Za_jZ[hlZebjh\ghk\hxaZjieZlm\kx
ihkueZeqlh[u[jZlZ\ulZsblvbfgZ_^m^Z`_g_o\ZlZeh
Ym`_ihlhfmkljhbeZkvgZjZ[hlmgZnZ[jbdmknZ[jbdbijbghkbeZqzgm`gh[uehfZkehycpZ
fukg_c^_ebebDmrZlvlhgZ^hq_]hlh_cbj_[zgdm"
�Ihe]h^Zmgboijh`bebM`_^Z`_gZrbjh^bl_ebbfa\hgbebkijZrb\Zeb_lbgZrb\ZklZf_sz
g_^hklZebk\hbfbdjbdZfb"Fu`h[Zkgbfl_fi_jZf_glgu_oZc\Zc
�HdZaZekyj_\gb\ucm`Zkghhk\Z^v[uihe]h^Zk^_j`b\ZekyZdZdlhevdhdhevphgZ^_eb\kz
ihemqZcG_^Zc[h]gZdh]hihkfhljbrvijyf^h[he_agbDZ`^mxg_^_ex\h^bef_gy\p_jdh\v
ijbky]m^Z\Zlvi_j_^bdhghcY_kl_kl\_ggh[judZeZkvdZdfh]eZbq_fh^Zg_fmkh[bjZeZb
mlx]h[]heh\mbiZkihjlj\ZeZ]^_rlZfiijbrehkv\hkklZgZ\eb\Zlvihml_j_Ihlhf
�ijblzjebkv_gv^_jzfky^_gv\ex[ey_fky
B\k_]^Z\f_kl_k_]^ZJZkklZ\Zlvkyfug_mf_eb\i_j\u_]h^Zhkh[_ggh
LZdkh\Zeb\f_kl_Hgmf_gyki_j\Zmkljhbeky\fmkhjh\hadm=:Awevljzof_klgZykaZ^b[m^dZ
?^_fh^ghf_klhk\h[h^gh_?keb\b^blqlhdlhlhklhblhklZgZ\eb\Z_lkykjZam\u[_]Z_l
� gbdlh\=:Awev`_g_ky^_ll_f[he__\fmkhjh\hadm\fkZf\u[_]Z_laZibob\Z_l_]hlm^ZZ\
\ZcDm^Zl_[_"=hjh^g_agZ_fihdZau\Zc
DZdlh_^_lkgZfbh^bgfukeurbfqm\ZrkdbcZdp_gl Fulh[_aZdp_glZjZa]h\Zjb\Z_fZ
^_j_\_gkdbokjZamkeurgh\fQ_]h]h\hjbfoZfZevye" OZfZevyewlhkfh_c^_j_\gb
a_feyd\fQ_]h^_eZ_rvlh"
�Zsm^Zsm]h\hjbllmlhojZgyx :kZf[moZjbdlZdhcq_]hhgfh`_lhojZgylv"
g_ihgylgh\f
Fu]h\hjbfHgZfdZdjZarZreudg_]^_^_eZlvk_cqZkijb_^_fdl_[_gZ^ZqmFheh^u_
gZ]eu_
aZf_jaZ_l]^_=WKlmj[bgufhehlyl\kzbkiZjy_lkylmfZgbsZlZdb_qlhijyfhgh`hfj_`v
Bex[Zy\_lhqdZex[hcijh\h^\hllZdhclhesbgubg_cBkiZjy_lkybkjZamgZf_jaZ_l:
ijh\h^Z`__szbijbly]b\ZxllZf`_\kzgZfZ]gbq_ghLZdh]hbg_yygb]^_[hevr_g_\b^_eZ
g_j_ZevghijhklhkdZahqgh_dhjhe_\kl\h
Ghhq_gv\_kguohl_ehkvY\hh[s_h[h`Zx\_kgmdh]^Zdjh\v[mjebldh]^Z`blvhohlZ:lml
g_lbg_lym`_hj]Zgbaf`_qm\kl\m_lqlh^he`ghm`_gZqZlvkyG_bgl_j_kghlZf\wlhfieZg_
Ohlym`_bd\Zjlbjmhl^_evgmxkgyebb^_g_]klZehih[hevr_k\hxfZrbgmdmibeb\hkvfzjdm
Ghijbrehkv\kz`_m_oZlv
Mf_gywjhabygZjmdZogZqZeZkvlZf`_\hh[s_lZflZdb_fZ]gblgu_iheyqlhlhdhf[beh^Z`_
hl^_j_\ZG_lhqlhszedZ_ldZdmgZkZijyfbkdjuF_gygZjZ[hl_We_dljhklZgpby
gZau\Zeb:\_a^_`_i_qb\a[b\Zevgu_fZrbguy[hyeZkvdq_fmeb[hijbdZkZlvkyh^Z
\hh[s_ibi_pdjh\vbahjlZihklhyggh
B]eZ\gh_g_fh]ebj_[zgdZaZ^_eZlv
h[s_fq_j_a^\Z]h^Zm_oZebkk_\_jZ
Ydhg_qghdZdIexrdbg\_sb\k_kh[jZeZ[ulh\mxl_ogbdml_e_\bahj?^_f^\_jv
\hkvfzjdbhldju\Z_lky\u\Zeb\Zxlky\Ze_gdbr\Z[ju\z^jZLZdgZibqdZgh[ueh
ueZab_f\kzh[jZlghaZibob\Z_f
:_szdhrdZmf_gy[ueZLZdZyihoh^gZyhdZaZeZkvdhrdZgbjZam^Z`_g_gZ]Z^beZIh^hc^zl
]m[uiheb`_lagZqbliblvohq_lGZevzrv_c\djur_qdmihivzldblbdwlbajmdbih]juazlb
^Zevr_
G_^_ex_oZeb\Lxf_gvd^jmavyf\K\_j^eh\kd\M^fmjlbxaZ_a`ZebIjblhfwlZ\hkvfzjZ_sz
behfZeZkv[ebgGhaZlh\_k_eh_oZeb
:^hfhcijb_oZeb\i_j\mxghqvk\hb`_khk_^b\_kv[_gabgkebeb
�jm]hckhk_^HhyagZx^\_slblusysijb\_aebHgbkZdp_glhflZfjZa]h\Zjb\Zxl\
�^_j_\g_\_slblusysijb\za^Z\Zc[mluedmihdmiZcM`_^_gv]bgZrbihkqblZebaZghqv
YmkljhbeZkv\j_klhjZgjZ[hlZlvfg_lZfih\ZjboZhhlfukfm`_f\kx`bagvjZ[hlZ_f
^Z`_kl_gdmk_[_dmiblvg_fh`_fKZeZ]bZgZfZrbg__a^yl
Y]h\hjxGmZqzlulh]^Zkb^brva^_kvklhg_rv"?^vaZjZ[Zlu\ZcYkZeZ]Zm`_[_ajmdmki_eZ
hklZlvkyljbam[Z\ue_l_ehj_[zgdZg_fh]mbf_lv
Fh`_l[ulvwlh[_^ghklvlZf\Qm\Zrbb:fh`_l\kzlZdbkdeZ^oZjZdl_jZhq_gvkbevgZy
aZ\bklvIjyfhkibghcqm\kl\h\ZeZkv
B]eZ\gh_fm`gZqZe\uib\ZlvIjbqzflZdqlhyijhklh\rhd_[ueZ
jh^_dh]^ZgZk_\_j_`bebg_jZkklZ\Zebkvgbdh]^Z:lml]ey`mihy\bebkvb\k_`agZdhfu_
\k_`k\hb
Y\iheh`_gbbZfg_jh`ZlvZykj_[zgdhffZe_gvdbfZ_]h^hfhcg_aZ]hgbrvMf_gyex^b
mf_gyex^bY]h\hjxYagZxwlboex^_c
Gmb\k_fbkihkh[Zfb_]h^hfhcblZdbkydbeZkdhcb]jm[hklvxGbdh]h\h^\hjg_imkdZeZ
`_gZkl_j\Zwlh\_^vbebm\_^ml_]hdm^Zgb[m^vihfh]Zlvbebkwlbf^_ehfijb^ml
Fhy[Z[mrdZlh`_hgZ\kx`bagvklZ\beZlZ[mj_ldm\ijboh`d_q_eh\_dmkjZam^Z\ZeZihgylv
qlhhgZ^Z`_\^hfg_ijb]eZrZ_lLh`_kivxsbf\kx`bagvijh`beZ
Y\kzfh]mihgylvdjbabkjZ[hlu\hh[s_g_klZehhgblZdm`_\_a^_]^_fh]Z_szg_\_a^_b
aZiehlylwlhlh`_`_mgb`Z_llhedZ_ld[mlued_Ywlh\kzihgbfZxghl_fg_f_g__\u^_j`Zlv
dh]^Zlukj_[zgdhfbl\hcfm`ivzlwlhlh`_[hevrh]hklhbl
�Ihwlhfm\h[s_fykgbfjZa\_eZkvZHnbpbZevghjZa\_eZkvkdZaZeZkzm_a`Zxhll_[y
Q_eh\_dq_j_a^\_g_^_eb[jhkbeiblvijbrze\k_[y
Ghyg_kh[bjZeZkvlZdhlg_]hkh\k_flhgZ\kx`bagvmoh^blvFu`_kgbfh[\_gqZggu_
:jZa\h^wlh^Z`_g_klhevdh_]hhrZjZrblvkdhevdhlhqlhy\klZ\ZeZ\hq_j_^vgZFheh^mx
k_fvxLZflZdb_mkeh\by_kebk_fvykhklhblbaljzoq_eh\_dfm``_gZbj_[zghdgm`ghg_
f_gvr_^\modhfgZlghcd\Zjlbjuqlh[ihemqblvkm[kb^bx:hldm^ZmgZk^\modhfgZlgZyd\ZjlbjZ"
Ohlv[udZdmxgb[m^vdhfgZlmrdm:gZj_[zgdZbfZfmfh`ghljb^pZlvljbd\Z^jZlZhly
[hevr_lhbawlbop_e_cY`k\hbfmfhfihgbfZeZqlhwlh^eyhq_j_^bZ_]hl_fkZfufijb\_eZ
\qm\kl\h:dZdbgZq_"?keb\kljykdmg_k^_eZ_rvhgbg_ijb^zl\k_[yLZdqlhfuk_cqZk
jZa\_^zggu_hgf_gykgh\ZaZfm`ah\zl
kf_zlky\f
Gh\kzjZ\ghykqblZxqlhfg_ih\_aehKdhevdh[uygbohl_eZk\hcoZjZdl_jihdZau\Zlvgh
dh]^ZkfhljxdZdhgbkj_[zgdhfb]jZxlb]jmrdb^_eylGmkh[bjZxle_]hhg^hfbd^eyg_z
kljhblhgZlZfiZjh\hanbr_dwlbog_o\ZlZ_lgZqbgZ_lmg_]haZ[bjZlvhgmg_zlZd^h
^jZdbIhlhfh[Zmf_gy\m]eZoklhylh^bg\h^ghf^jm]hc\^jm]hfymgbo\hkiblZl_ev
Hgblh\Zjbsbijhlb\f_gyYkiZZihc[m^m
Y]h\hjxSZkbiZi_ihiZ^zlbl_[_
IhemqZ_lkyfm`mf_gydZdj_[zghd@_gsbgZlhhgZd]h^Zf\ajhke__lfm^j__lZ
fm`qbgZFhchg\hh[s_e_l\iylgZ^pZlv]^_lhhklZgh\bekyHglZdhcih`bagby_]h
q_eh\_dZ\ZjbygZau\ZxLhq_]hgb[m^vmg_]hmdjZ^mllh_sz^mfZ_rv=hkih^b\jh^_^hf
jZ[hlZjZ[hlZ^hf\kzgmih\uoh^guf\e_koh^bfgmj_[zgdZgZdZjmk_evGmdm^Z\kz
^_\Z_lky"kx`bagvjZ[hlZ_fbgbq_]hkwdhghfblvg_fh`_fDZdlhevdhhleh`brvq_]h
gb[m^vijhbkoh^blIhlhfmqlhhq_gvm`ijbdexq_gq_kdbcfm`mf_gy
K_cqZkfZrbgmohq_l\dj_^blZgbh^bg[Zgdg_^Zzl[_afhkdh\kdhcijhibkdbjZkkljhbeky
ikbom_lghqbl_i_jvg_kiblY]h\hjxGmq_]hlui_j_`b\Z_rv"kz_jmg^Zebrv[u\k_[ueb
`b\ua^hjh\u
�_eh\lhfqlh_fmqlh[uih^gylvky\^he`ghklbgm`_gljZgkihjl
HgjZ[hlZ_lf_g_^`_jhfihijh^Z`Zffhjh`_gh_nbjfZ:ck[_jjbLZfmdZ`^h]hk\hblhqdb
]^_bogb_oheh^bevgbdbklhylb^jm]b_lm^Z\h^bl_ebg_kmxlkyK\hbfZ]Zabguhg^h]h\Zjb\Z_lky
kgbfbh[kem`b\Z_ljZa\hablJZ[hlZg_j\gZyIhlhfmqlhaZoh^brv\fZ]ZabglZf\k_jZagu_
ijh^Z\sbpu\k_khk\hbfb]hghjZfbFg_gbqqzg_gZ^Z\hl\lZdhcnhjf_fh]mlhl\_qZlv
:hg_kebg_ijh^Zkllh_fmg_[m^_laZjieZluGmg_gZ^hbg_gZ^h^Zcl_ohlvlZ[mj_lhqdm
ihkb^_lvBgZqbgZ_llZfdhfmZg_d^hljZkkdZ`_ldhfmfZkkZ`k^_eZ_lDhfmijhklhfZlhf
qmlvebg_[vzlhgbolZfg_dhlhjuok\hboijh^Z\sbpDZd\ufg_gZ^h_ebbghcjZadjurdm
koheh^bevgbdZfh`_lk[blvikboZgmlv
Y]h\hjxGmwlhlhevdhlulZdfh`_rvY[\hlgZ]jm[hklvgbdh]^Zg_kfh]eZ[ub\`bagb
[uyg_aZreZ[hevr_\wlhlfZ]ZabgZ_fmgZ^hb^lbhgb^zlIhlhfijboh^bl^hfhc
AZlheb^_jijh^Z`\k\h_cnbjf_?]hp_gylm\Z`ZxlM`_f_kyp_\^_\ylvah\mlgZ[hevr_
gZqZevgbdhfk_dlhjZhldju\Zlvgh\u_lhqdb\kzlh`_kZfh_gh[_aijh^Z`Ghh[yaZl_evgh
g_h[oh^bfebqgucljZgkihjlHg_szbihwlhfmi_j_`b\Z_lZy_]hmkihdZb\ZxdZ`^ucjZa
o\Zex
=h\hjx_fmYm`_l\h_cfZfhcklZgh\exkv\blh]_
hllZdb`b\zf
9,,Dexq
KljZggh_hsms_gb_ijh]h\hjbeZ:ggZDZd[m^lh\kzg_gZklhys__
_zjZkkdZa_"jZkkljhbekyNz^hj
WlZdhfgZlZ=hjuDZd[m^lhg_iehlgh_lhebijhk\_qb\Z_llheb
LZdKjhqghh[_^Zlv;_ey\kdbcih^gyekybadj_keZ
lhebieu\zljh^_[ubj_Zevgh_ghg_kh\k_f
:j_ZevghklvgZh[hjhlgZiezgd_"ih^o\ZlbeNz^hjYlh`_wlhqm\kl\h\Zeg_kdhevdh
jZa
�Gm\hl_szhlfZogmekyfbljbck_\heh^h\bq:gyklu^gh\ajhkeu_ex^bIh_rv
kjZami_j_klZg_lieulvbijhk\_qb\Zlv
&#xk_;&#xj;&#xZk;&#xih;&#xeh;&#x`b;ë&#xkv;
&#xZ;&#x[h;&#xev;&#xrb;&#xkl;&#xhe;&#xhf;&#xm;&#xh;&#xdg;&#xZ;�k_jZkiheh`bebkvaZ[hevrbfklhehfmhdgZfbljbck_\heh^h\bqgZijhlb\`_gujy^hf
kEze_cNz^hjkhhl\_lkl\_gghjy^hfk:gghcJZajmfygb\rbckyhldmohggh]h`ZjZWjbdb_]h
ihfhsgbdg_\hafmlbfuck\_leh\hehkucZle_lkk_jv]hcjZkklZ\eyebaZdmkdbjOD
�IULERXUJHRLVH@]mklhcfhehqguckmikdZjlhrdhcribgZlhfb[_ehcdjZib\hckZeZlbalhfezghc
�fhjdh\bibjh]krmdjmlhc@bjZamf__lkykuj]jxc_j\h\k_o\b^ZogZj_aZgguciZehqdZfbb
aZ\zjgmluc\[_dhg\a[bluc\kmne_aZi_qzgguc\UDPHTXLQ d_jZfbq_kdhcqZrd_\fbhg`_\
ibjh]_\kZeZl_\fhehqghfkmi_
��$VVH]DVVH]@bkim]Zggh\kdjbqZeZ:ggZdh]^ZWjbds_^jhhlj_aZe_cibjh]ZbfZ
\havfbmf_gy
Nz^hjkdh\Zgghi_j_dj_klbekybgZqZe_klv
;_ey\kdbc\kljyogmelzfghdjZkgmxldZgmxkZen_ldm
Gmqlhdhee_]b"Fu\uihegbebaZ^Zqm
M`_"
Iml_r_kl\b_dp_gljm^mrbkhklhyehkvAZ]Z^dZjZa]Z^ZgZ
�Z\Zcijhk\_lbij_^eh`beZ:ggZghdZdlhg_kebrdhfhohlgh
Wg__lfg_bgl_j_kghkgZqZeZihkemrZlv\ZZkemdZ\hijhi_e;_ey\kdbcp_ieyygZ\bedm
]jxc_jgucjme_lZrb\_jkbb"
hlgZ^Zggucfhf_glfubf__fk_fvi_jkhgZ`_cHl^Z^bf^he`gh_Nz^hjm_klviZebljZk_
jZagu_gh\k_k_f_jhqzldhih^\h^ylkyih^h^bgagZf_gZl_evhijhkih^dZdhc"?klvhl\_l"
DZdluex[brvwdaZf_gu\a^hogmeZ:ggZ?klvfgh]hhl\_lh\
LZdlZd"
Fu]h\hjbfmlhqgbeZ:ggZijh[ZjurgxbaQ_[hdkZj"
Bijh[Zjurgxbijh\k_oWjbdh[jZlbeky;_ey\kdbcdohaybgmihy\b\r_fmkykgh\uf
��^ufysbfky[ex^hfd_gx]b\i_ciZ"@JZcl"fbljbck_\heh^h\bqi_j_rzegZyaud
Nz^hjijbrze_fmgZihfhsvih\lhjb\ijhkv[mihnjZgpmakdb
��I_gkbe@"g_k^Z\Zekyfbljbck_\heh^h\bqY[m^mnbdkbjh\Zlv
WfQlhij_`^_\k_]hihjZ`Z_lhlkmlkl\b_fmqbdZLu`_agZ_rvh]h\hjbeZkv:ggZ
dZdZymf_gy\k_]^Zl_fZ
Fmqbd\jmkkdhck_fv_ihl_jyggh_a\_gh
HgmrzeijbqzfmrzedZdfh`gh[uklj__ihdZj_[zghdfZe_gvdbcbhlghr_gbyg_
ih^^_j`b\Z_lLh_klv`_qdZ\hkiblu\Z_lj_[zgdZkZfZKZfZdhjfblkZfZh[_ki_qb\Z_lkZfZ
jhklbl
?kebhgg_mrzeagZqblmf_jKZfmf_jdZd\i_j\hcbklhjbbhl[he_agbhlk_j^pZhljZdZ
hllm[_jdmezaZIh]b[\ljZdlhj_i_j_\_jgmeky^jZd_aZj_aZebaZklj_ebebgZkljhcd_miZeZ
[ZedZIh]b[gZ\hcg_
Gh^Z`__kebfmqbdhklZeky\k_fv_\kzjZ\gh_]hg_l@_qdZ\hlhgZjmeblieZlhd\p\_lZo
�dhnlZ\]hjhohgZ\^hf_ohaycdZ:fmqbd]^_"Z]^_lhk[hdmijbizdmgZkmg^mqd_k
h[h^jZgghceukbghc[mluedmkmgmeb_fmhg^h\he_gDZdkhkdm
�fbljbck_\heh^h\bqkb^_\rbc\baZ\bd:gg_bjy^hfkEze_cgZdehgbekydmomk\h_ckhk_^db
dZd[m^lhba\_`eb\hklbqlh[ug_i_j_[b\Zlv`_gm\fblbohqlhlhkdZaZebebkijhkbe
:ggZijbih^gyeZih^[hjh^hdb_z]hehklh`_aZa\mqZeg_kdhevdh\ur_
AZl_f`_qdZ_^_l\Fhkd\mBa^_j_\gbbaEbi_pdZbaLZf[h\ZbaQ_[hdkZjI_j\hijhoh^_p
hgZAZ\h_\Zl_evhgZ
�DZdSqOHULQDJH@N_^ym\ezdkykjZ\g_gb_fDZdkljZgkl\mxsbcjupZjv
KljZgkl\mxsZyjupZjvHgZjupZjvhgZkljZgkl\m_lb\hx_lHg^hfZijy^zllh_klvivzl
lh_klvkhkdmkhkzl
Ghh^gZ`^uhgZ\ha\jZsZ_lky]hem[hcdhnlhqd_hj_he_KFhkd\uHgZ\p_glj_\gbfZgby
gZg_chl[e_kdpb\bebaZpbb
L_iehl_iehih^Ze]hehk;_ey\kdbc
B\_jgm\rbkvqlhhgZihemqZ_ldZdijba"QlhhgZaZ\h_\ZeZ\blh]_kljZgkl\bc"FmqbdZ
H[jZlbeb\gbfZgb_"fmqbdfheh`__zgZljb]h^ZWlhklZlbklbdZqZs_bqZs_fm`vyfeZ^r_
`zgBg_ml\hjq_kdhcbgl_eeb]_gpbbZ\kZfhfqlhgbgZ_klvkmdhgghihkdhgghfgZjh^_DZd
^mfZ_l_ihq_fm"
Ihlhfmqlhfmqbd[ukljhijboh^bl\g_]h^ghklvHgivzlHg[he__l?]hgZ^h[jZlvihdZ_szqlh
lhr_\_eblkylh_klvlzieh]hbaih^fZfdb@_qdZ[hevr_g_\uoh^blaZfm`aZ[hevrh]hb
kbevgh]hfm`ZgZh[hjhlhgZfm`Z[_jzlih^k_[yih^[bjZ_lihkmlbmkugh\ey_lfmqbdZdZd
j_[zgdZ
=hjyqhludgme\bedhc;_ey\kdbcwg_j]bqghjZa^_eu\Z\rbcwkdZehiQlhlh_szml_[y
:gv"kz"Nz^hj
�Nz^hj]eygmegZfbljbyk_\heh^h\bqZbkih^eh[vy
Y[hxkvqlhfukebrdhfaZ]h\hjbehgkg_dhlhjhcaZibgdhc[hxkvqlh\ukfhljbl_gZ
ih\_joghklvh^gmih\_joghklv\lh\j_fydZdkmsghklvdjh_lky\]em[bg_u:ggZ\kz
k\h^bl_dbkdZ`zgguf]_g^_jgufhlghr_gbyfwlh\Z`gucZki_dlghlh`_ebrvi_jbn_jbcguc
&#xu;�Zki_dlufbljbc\ijhreucjZaZdp_glbjh\ZebgZgZkbebb
�jm]bfbkeh\ZfbJhkkbym\Zk\i_j\mxhq_j_^vfgh]hkljZ^ZevgZyA^_kv\uijZ\up_jdh\v
lh`_fheblkyhJhkkbbdZdhfgh]hkljZ^ZevghcGhlZd`_b[h]hojZgbfhc
DZdhcdZdhc"
;h]hojZgbfhcdZdfh`ghl\zj`_ih\lhjbeNz^hjJhkkbykljZgZ[h]hojZgbfZy
�DZdlhihkj_^kl\_gghhgZojZgbfZyofudgmefbljbck_\heh^h\bq
:\qzfwlhijhy\ey_lkyN_^y"\gbfZl_evghmlhqgbeZ:ggZ
IjZ\hkeZ\bb\_j_l_ji_gbbijhklhl_;h`v_cbkdj_
N_^y\u]h\hjbl_\l_ji_gbbfy]dhij_j\ZeZ:ggZGhihhijhkZf[hevr_lj_lb
jhkkbckdbo`bl_e_cwfb]jbjmxl_kebbfij_^hklZ\yllZdmx\hafh`ghklv?keb[jZlv
h[jZah\Zgguo]hjh`Zgljm^hkihkh[gh]h\hajZklZ[hevr_iylb^_kylbijhp_glh\u\b^bl_a^_kv
l_ji_gb_"
&#xh;&#xh;&#x;&#x;&#xih;&#x^d;x;&#xqb;k;&#xy; ;h\hih^dexqbekybfbljbck_\heh^h\bqqlhwlhaZ[h]hojZgbfh_]hkm^Zjkl\h
�hldm^Z\kzgZk_e_gb_ohq_lk\Zeblv"OjZgbf^eydh]h"eydblZcp_\"
;hxkvg_hlklmiZeN_^ym\Zrbo\u\h^h\g_gZ^z`gZy[ZaZij_^klZ\vl_qlhd\Zfk
hijhkgufebkldhfih^oh^ylgZmebp_jZa\_klZg_l_\ubkih\_^h\Zlv]em[bgm"Kh\_jr_ggh
gZijhlb\wlm\gmlj_ggxx]em[bgmdZ`^ucbklbggucjmkkdbcj_\ghklgh[_j_`zlqlh[ug_
aZ]jyagblvlhlbklhqgbd`b\hc\h^udhlhjuc\wlhc]em[bg_bkihdhg\_dh\[vzlbgbdh]^Zg_
bkkydg_l
�fbljbck_\heh^h\bqaZdjyol_e
:ggZ^hkboihj^h\hevghkhqm\kl\_gghkemrZ\rZyNz^hjZlh`_dZdlhijb]hjxgbeZkv
Ezeyg_ih^\b`ghkha_jpZeZh]gbaZ]hj_\rb_kygZ]hjZo
G_e_]dh^bkdmlbjh\ZlvjZa\zejmdZfb;_ey\kdbcihemqZy\hl\_lgZklZlbklbdmijhih\_^v
aZ`b\hghkgucbklhqgbdGmeZ^ghdhgp_dhgph\lh`_ihabpbyhgZihgylgZ
L_i_jvWgb]fZKdZ`bgZfWgb]fZ\qzflZcgZjmkkdhc^mrb"
Ihgylbyg_bf_xnujdgmeZEzey
G_ki_rbmeu[gmeky;_ey\kdbcG_l
luih]h^bg_ki_rb
luih]h^bg_ki_rb
luih]h^bg_ki_rb
^Zlvhl\_l
@ZevqlhgZk\_l_
\k_]hlhevdh^\Zkeh\Z
\k_]hlhevdh^\Zkeh\Z
�\k_]hZbGg_l
Ihfgbl_lZdmxi_kgx"Fbjhgh\i_eHl\_lvWgb]fZ
Fg_kdZaZlvg_q_]hih\lhjbeZEzey
N_^x\^jm]\ayehaehbgZ]emimxi_kgxbgZWgb]fmijbqzfjZahaebekyhgihq_fmlhgZ
EzexZg_gZ;_ey\kdh]h
Ijh\_gkdh_dZn_lumf_eZkdZaZlv"hgih^Zeky\i_jz^LZdkdZ`bbk_cqZkLukh]eZkgZkh
�fghc"Bebkfbljb_f"Bebk:gghc"Qlh]eZ\gh_"Qlh\Z`g__"hijhkuiheZ"Ih\_joghklv"Beb
�Zg_agZxybamfbeZkvEzeyq_]h"Ygbkd_fg_kh]eZkgZhh[s_g_ihgylghdZd\u
jZa^_ey_l_qlh\Z`g__qlh]eZ\gh_qlhg_]eZ\gh_
ulZsbebgZ\hdaZe_^_gv]bIhlhfij_^eh`bebklZlvijhklblmldhcIhlhfgZdhjfbebijb]j_eb
hlijZ\beb^hfhcdeZkkghQlh]eZ\gh_"jh^_\kzp_ebdhfBeb\i_j\hcbklhjbbdZd
ijb\_aeby[ehdbgZl_e_]_
DZjlhrdmihijZ\beN_^yHgkemrZeEzexghdZdbij_`^_[u\Zehg_ihgbfZe
G_kmlvdZjlhrdmIjb\_aebgZl_e_]_dZjlhrdmb\wlhl`_^_gv_zaZ[bjZxl\^_l^hfQlh
lml]eZ\gh_"DZdZylhl\hyj_eb]by"Lmlijhhk_gvqlh[uehl_ieh
Bebrhm\ljZ\fimgdl_K_cqZki_j_\y`mlihc^zfjZa[_jzfkyijhqlhlml"IjhdZdh_lh\Zr_
gZkbeb_"G_lihfh_fmg_lLmlkf_rgh
H[ohohq_rvky\a^hogme;_ey\kdbc
:ihfh_fmhq_gvkf_rghmijyfhih\lhjbeZEzeyKi_j\Zfhqbeb^jm]^jm]ZZihlhf_sz
\f_kl_[moZlvihc^mlA^hjh\u_fm`bdbih^jZebkvihfbjbebkvdZd^_lbfZeu_Ihfh_fm
a^hjh\h
hhhlhhl\kdbgmeiZe_p;_ey\kdbcMfgbqdZY]h\hjbeqlhWgb]fZijh\_s_\Z_l"
DZd^_lbfZeu_hl\ZfbagZf_gZl_evkZfZy]eZ\gZyq_jlZjmkkdhc^mrb\kzh[tykgy_lb\kz
hij_^_ey_lbf_gghbgnZglbevghklv
Hlib\ba[hdZeZ;_ey\kdbcijhfhdgme]m[ukZen_ldhc
k_ihfgylkmi_jk_f_cdm"GmihaZ\q_jZgZqzffu\hh[s_ihagZdhfbebkv"\dZ[Zqd_"Kq_]h
\_kvjZa]h\hjgZqZekyijhjmkkdmx^mrmY\b^_ewlmk_f_cdmjZgvr_b\ih_a^_bgZ
ih^tzfgbd_Wlhl^ebgguciZjgbrdZZdk_e_jZl_fme_l^\_gZ^pZlvgZ\_jgh_y\kx^hjh]m
kfhlj_edZd_]hdhe[ZkbehhodZd`_dhe[Zkbehlh_]hIjyfh\b^gh[uehq_j_a\Z]hgdZd
jh^bl_eb_]h[_kyldZ`^ufkeh\hfdZ`^ufg_agZx\k_fk\hbf\b^hfFZlvqlhlhgZgzf
iulZ_lkyihijZ\eylvhghl^zj]b\Z_lkygmljbgZ^pZlve_l\kzihgylghYih^mfZe_sz^ZZ
iZj_gv\_kzeucm\Zkihemqblkyk_f_cguchl^uo:ihlhf\uihfgbl_dZdhgbhlgZkj\Zgmeb
bawlh]hdZ[ZqdZ
%RGH%HL]OLaZq_flhmlhqgbeN_^y
Q_]hhgbbkim]Zebkv"uagZ_l_"Y\ZfkdZ`mK_[ykZfboIh\_ebk_[y\lhqghklbdZdbokug
WlhliZj_gvijusZ\uc mjmkkdbo\hh[s_oj_gh\Zydh`Z\fm`Zkgh[hblkyqlhjh^bl_ebqlhlh
g_ijZ\bevghk^_eZxlIhq_fmhg[hblky"Ihlhfmqlh\k_[_kZfhfg_m\_j_gk_[ykZfh]h
kl_kgy_lkykljZrghkl_kgy_lkyg_agZ_ldm^Z^_\Zlvk\hb^ebggu_jmdbgh]bZ\^jm]_szb
jh^bl_ebqlhgb[m^vmqm^yl"Wlh[m^_lm`_\hh[s_g_ih^tzfgZyghrZIhwlhfmbah\k_okbe
^_eZ_l\b^qlhhgbdg_fmhlghr_gbyg_bf_xlhgagZlvbog_agZ_l
JmkkdbcgZAZiZ^__klvih^jhklhd\h\ajhkehffbj_FZehqlhkZflhedhfg_agZ_ldZdk_[y\_klb
fZehlh]hqlhk_[ykl_kgy_lkylZdlml_szbluihy\ey_rvkyjy^hflhqghlZdhc`_
jmkkdhyauqgucfZehebqlhlu\udbg_rv"GZ^hkdhj_cijh^_fhgkljbjh\ZlvqlhykZfaZk_[yZhg
kZfihk_[_yg_bf_xdg_fmhlghr_gbyyaZg_]hg_hl\_qZx
Ikboheh]bq_kdbc\hajZkljmkkdbogm\[hevrbgkl\_e_l^\_gZ^pZlvljbgZ^pZlvjh^_m`_g_
j_[zghdjh^_dZdb_lh\ajhkeu_m`_h[yaZgghklbGhdZdkijZ\eylvky"DZd\hh[s_
hjb_glbjh\ZlvkygZf_klghklb"kwlbfiheguclmfZgKljZohlkx^Z:]j_kkbylh`_hlkx^Z
^jm]ZZq_j_aiheqZkZihc^ml\f_kl_[moZlvDlh`b\hklZg_lkyWfhpbbg_eh]bqgu_
ih^jhkldh\u_BlZd\dZ`^hfjZkkdZa_[md\Zevgh\h\k_oihihjy^dmkfhljbl_
�GZijbg_kzgghfWjbdhfebkl_kwf[e_fhc$OSKRWHO-XQJIUDXfbljbck_\heh^h\bqgZq_jlZe
wg_j]bqgmx_^bgbpm
GbsZy\i_j\hfjZkkdZa_Gmgbs_gkl\hwlh\hh[s_ij_^_ebgnZglbevghklbG_^_eZ_rv
gbq_]hlhevdhijhkbrvIhkmlbkljZgZ\kyihklZ\e_gZ\wlhgbs__mgbabl_evgh_iheh`_gb_\wlhc
kljZg_l_[_g_iheh`_ghgbq_]hFh]ml^Zlvfh]mlihkeZlvdZdihemqblkyDZdgZkljh_gb_
[m^_lLufh`_rvlhevdhijhkblvmfheylvIh^ZZcl_^yZ^_gvdZih^ZZZcl_ojbklZjZ^b?c
gZ^hfZlv[hevgmx\_alb\[hevgbpmqlhhgZ^_eZ_l"HgZijhkbl^bj_dlhjZjZc[hevgbpuijbqzf
hgZ`__sz_fm[eZ]h^ZjgZOhlyhg\hh[s_lhh[yaZghgij_^klZ\bl_eve_q_[gh]hmqj_`^_gby
ghhgZ[eZ]h^ZjgZqlhg_ihkeZebJ_ne_dkOhlyg_^bj_dlhjZlhevdhhgZkZfZkiZjhcdZdbolh
kemqZcguoex^_cdhlhjuohgZhiylvh[jZlbl_\gbfZgb_mijhkbeZkZfZ^he`gZ\hehqblvaZljb
dbehf_ljZ[hevgmxfZlvihkg_]m^h]hk^hjh]bGhjfZevgh"
�B\kykljZgZlZdmkljh_gZZlufh`_rvmdjZklvWlh^Z`_\ihjy^d_\_s_c\k_djZ^mllu
djZ^bFh`_rv^Z`_m[blvl_[ylh`_ihcfmlj_[ylbrdbaZkkhjbebkvGhlugbdh]^Zgb]^_
gbq_]hg_ihemqbrvihijZ\m
GZah\zfwlhlimgdlIjZ\h\ZybgnZglbevghklvBebfh`_l[ulvlZdBgnZglbevghklv
kZfhkhagZgby
�Zb`mldb_wlbihohjhguLZfbklu^ghb`Zedhbh[b^ZgZwlmjh^bgmfZlvdhlhjZyg_
aZ[hlbeZkvg_dhjfbeZ[jhkbeZfZe_gvdh]h[_aaZsblgh]h\dZazgghf^hf_BgbihijhsZlvkyk
g_clhedhfgblhedhfihohjhgblvKeh\hfgbsZygbsZyjh^bgZ
Ghf_j^\ZljZdlhj_i_j_\_jgmekyIhfgbl_fu]h\hjbeb"YlZdnhjfmebjmx\hlih^jhklhd
�iulZ_lky\eblvky\h\ajhkemx`bagveywlh]h_fmgm`ghhk\hblv\ajhkeu_gZ\udb\h^blv
fZrbgmfulvjmdbjZ[hlZlvgZljZdlhj_
Ghhg`_j_[zghdg_rg_dZ`_lky_fm^\Z^pZlve_lljb^pZlve_lZihkmlbhggZ^\_gZ^pZlb
hklZgh\bekyI_lvqZklmrdbih`ZemcklZ:a^_kvhgijhklhikboheh]bq_kdbg_kijZ\ey_lkyhg
gZ^he]h\gbfZgb_g_kihkh[_gkhkj_^hlhqblvhgh[yaZl_evghdm^Zlhihe_a_ldm^Zg_gZ^hijhklh
baex[hiulkl\Z_fmkmoh`beb_i_j_[vzldbkehlhch[hevzlhgj_[zghdIhklZ\bfa^_kv
Bgkljmf_glZevgZybebrbj_Ij_^f_lgZybgnZglbevghklv
Lj_lvbfghf_jhfmgZkrze]_]_fhg^y^yKlziZ
DhklyihijZ\beNz^hjgh[_ahkh[_gghcgZ^_`^u
M^y^bDhklb_klviheblbq_kdZyijh[e_fZ_fmg_gjZ\blkyij_ab^_gl?klvlZd`_m^y^bDhklb
ijh[e_fZwdhghfbq_kdZyg_mkljZb\Z_laZjieZlZIjh[e_fZdZd\ukqblZ_l_"
Ihfh_fmjy^h\Zyl_ogbq_kdZyijh[e_fZ;u\ZxllZdb_ijh[e_fu\pb\bebah\Zgghffbj_"
Kdhevdhm]h^gh?klvkihkh[uboj_r_gby"FZkkZih`ZemcklZaZ[Zklh\dbih`ZemcklZ\u[hju
ijhnkhxauih`ZemcklZQlh\u[bjZ_lbawlh]h^y^yKlziZ"B^zlfhqblv\k_okih^jy^Wlh
\ajhkeuchl\_lkl\_ggucq_eh\_d"Gbdh]^ZWlhljbgZ^pZlbe_lgbcZjZ[kdbcih^jhklhddhlhjuc
\IZjb`_b^zl`_qvfZrbguB^y^yKlziZ\k\hbr_klv^_kylZ[khexlgucih^jhklhdkz
ihegZyIheblbq_kdZybgnZglbevghklv
Q_l\zjlucimgdlWdkljZ\Z]Zglguciju`hdGmlml:gym`_ykqblZxjZafyeZl_fm=_g^_jgZy
Qlh^Zevr_[uehmgZk"G_km^v[ZBklhjbyijhklZjmomFu_zmimklbebdklZlbIhZoZebgh
ghjfZevghg_h[km^beb
Ohl_eZaZh^gh]h\ureZaZZ[khexlgh^jm]h]h\kx`bagv`Ze__lHd_chijhkhqzf^mfZeZ
dh]^Z\uoh^beZ"Hl\_lg_fh]eZhldZaZlvihlhfmqlhijbrzebkb^blGmbqlh"GmijbrzeGm
kb^blJ_rZ_lkyl\hykm^v[Zl\hckZfuc\Z`guc\hijhkdZd^ey`_gsbgu\u[hjkmijm]Zihq_fm
lu\wlhf\hijhk_iZkkb\gZ"Hl\_lihlhfmqlhj_[zghdJ_[zgdZ[_jmlb\_^mlhgg_ohq_lb^lb
ghb^zlhgg_qm\kl\m_lk\hzijZ\hblmllhqghlZd`_WlhfugZah\zfBgnZglbevghklv
kdZ`_ffZljbfhgbZevgZy
B^Ze__ih\k_fimgdlZf
KgudZf_gghc[Z[uJ_eb]bhagZybgnZglbevghklv
Objmj]KhpbZevgZybebIjhn_kkbhgZevgZyh^gbfrijbphfr_klv^_kylq_eh\_dohjhrb_
rmldbGmbebijhklhNbabq_kdZy
DZdlhlZd
�fbljbck_\heh^h\bqiheh`bedZjZg^Zrbh]ey^_eijbkmlkl\mxsboih[_^hghkgh
YkqblZxqlhwlhmgb\_jkZevgucdexqBgnZglbevghklvKh]eZkgu"
Bqlh`_^_eZlv"kijhkbeNz^hjhq_gvk_jvzagh
Y^mfZxi_j_dmjblv`bag_jZ^hklghhlha\Zeky;_ey\kdbcWgb]fZIhrebgZl_jjZkdm
ihdmjbf"
Yg_dmjxhl\_lbeZEzey
Gmohlvivzl_"GZibldbkibjlhkh^_j`Zsb_mihlj_[ey_l_"
IjZdlbq_kdbg_l
Ihq_fm"
:blZdohjhrh;_a\_s_kl\
hlgh\h_ihdhe_gb_m\Z`ZxijbagZeky;_ey\kdbc:fum`k\Zr_]hiha\he_gbyDZd
wlhgZau\Z_lkyN_^yf_gymqbeb\k_j_^bg__^u\uiblvqlhgb[m^vdj_idh_"
&RXSGXPLOLHX
Lhqghdm^_fbevzWlhdZdlhihk_j_^bg_m^ZjgZy"Qlhihk_j_^bg_"
��QlhhagZqZ_lXQFRXS"M^Zj\uklj_eVKRW@Ghfbljbcy\kz`_g_ihgbfZx
�himklbf\uijZ\ubjmkkdb_bgnZglbevgulZdZymgZkhkh[_gghklvbeb^Z`_^_n_dlghaZq_f"
=^_ijbqbgZqlh;h]iha\hebegZf[ulvbgnZglbevgufb"qzffbkkbybgnZglbevghklbgZr_c"
qzf_zkfuke"
Hhijhfbkkbx[_af_gyWlh\hijhkudhlhju_g_bf_xlhl\_lZ
Ihq_fm"\^jm]ih^gZqbeZ:ggZ?kebl_[_o\ZlbehihelhjZ^gyqlh[ugZclbdexqbdd
jmkkdhc^mr_keZ[h\uqbkeblvfbkkbx"
�Zihqm\kl\h\Z\g_h`b^Zggmxih^^_j`dmN_^y\hkijyeu]h\hjbl_qlh
�bgnZglbevghklvdexqGhqlhbf_gghwlhldexqhldju\Z_l"himklbffuijbgbfZ_f
�]bihl_amjmkkdb_dZdgZjh^bgnZglbevguhimklbfghqlhkwlbf^_eZlv"
&#xaj;&#xhk;&#xe_;&#xlv;&#x;&#xjZ;&#xam;&#xf_;&#x_l;&#xky;&#x;�ajhke_lvjZamf__lkyhjZklZlv^h[hevrbo[jZlvijbf_jKlhyebgZq_l\_j_gvdZoo\ZlZebba
�fbkdbihjZaZklheihevah\Zlvky\hlfbljbck_\heh^h\bqih^gyebih\_jl_egh`b
\bedm[eZ]Zfbpb\bebaZpbb
�GmqlhaZ]jyagy_l"dZjlbgghaZkdmebefbljbck_\heh^h\bqQlhm\Zkpb\bebaZpby
aZ]jyagy_l"Hkljh\Dhabc";bkdZckdbcaZeb\"
G_lom`_N_^yg_h[jZlbe\gbfZgbygZba^z\dm]hjZa^hom`_aZeb\Z`b\u_^mrbDZd
[ulv\lhfkemqZ__kebpb\bebaZpbyg_kzlaZ]jyag_gb_^ey^mrb"
WlhZ[kljZdpbyWlhyg_ihgbfZx
Gmihq_fm`__klvkh\_jr_gghdhgdj_lgucijbf_jhq_gvyjdbcih`ZemcklZ
lhjhc^_gv ijh^he`_gb_\f
,JZkkdZakljbilba_jZ
KlZjr_dmjkgbdhdZaZekya_feydkDh\jh\ZI_j\uc]h^fug_agZebkvZgZ\lhjhcdmjkyi_j_rze
bhgf_gydk_[_ih^]j_[zghqdmijb`Ze
Hgfg_]h\hjblIh_oZebyl_[yk\h`mohlvjZa\fhkdh\kdbcdem[
�Y]h\hjxZeZ^ghohjhr
G_lih_oZeb
AZieZlbeaZ\oh^\kzByiheghqblZfaZ`b]Ze^hmiZ^mijyf
Y`_\rdhe__szlZgp_\ZeLZgp_\Zevgucdhee_dlb\Meu[dZHg^hkboihjqbkeblky\h
eZ^bfbjkdhch[eZklbi_j\h_f_klh_a^_\heZ^bfbjkdhch[eZklbFulj_gbjh\ZebkvdZd
ke_^m_lbriZ]Zlub\kzFg_\hlklhevdh\hlg_o\ZlZehH[b^gh[ueh\k_kZ^bebkv\riZ]ZlZ
fg_[hevghb\kz
Gmdhjhq_y\dem[_\wlhflZgp_\ZelZdHgbm`_O\Zlbl]h\hjylwg_j^`Zca_jkZ^bkv
:yblZdbkyd
:jl^bj_dlhjf_gyaZf_qZ_lb]h\hjbl:\ug_ohl_eb[ugm\f_kl_kgZfb"
Ykl_kgyxkvqziZj_gvk^_j_\gb
Lh]^Zhgah\zlf_gy\[ZjgZeb\Z_lihfh_fm]jZffiylv^_kyl
Y`_jZgvr_g_ibeg_dmjbeKihjlkf_g[ueIhkhj_\gh\ZgbyfaZgbfZelj_lv_f_klhLhevdh\
\hk_fgZ^pZlve_lgZqZeihijh[h\Zeib\hihijh[h\Zekb]Zj_lu
�Dhjhq_fg_Zjl^bj_dlhjIhrebB\[Zj__\mrdZ^_\mrdZ[m^vl_ex[_agu
Iylv^_kyl]jZffgZeb\Z_lb_szdZdlhkhkijZclhf^_eZ_loehiY\uib\Zx
Gmqlhfh`_l[m^_l_"
Lmlf_gyhaZjbehkbygb_Y]h\hjx:qzfh`gh
BlZdZykbkl_fZhgf_gyi_j_h^_\Z_l\dhklxfk\_lihlmoZ_lkybygZqbgZxlZgp_\ZlvGm\hl
Bex^yfihgjZ\behkv
�DZd[uex^yfihgjZ\behkvMf_gybihdehggbpu[uebb\kz[ueh_gx`db^Z`_aZkh\u\Zeb
gmlh_klvkljbilbahlByagZqbl^\Z]h^Z\kljbilba_
F_gy^Z`_qmlvg_hlqbkebebbamqbebsZAZfih\hkiblZl_evghcjZ[hl_Fhkdh\kdh_\h_ggh
fmaudZevgh_mqbebs_Hgh_^bgkl\_ggh_\fbj_\h\kzfLh_klv\fbj_b\Jhkkbb_^bgkl\_ggh_
Bex^bihklmiZxlihlZeZglm:fhkd\bq_cbdZdbolh^jm]bolZfaZ^_gv]b
KZfu_emqrb_lZfmf_gy[ueb]h^u
Gmi_j\uc]h^dhg_qghB^bklj_evgbkb]Zj_lm
G_^_eb^\_ljby[_]Ze:ihlhfkdZaZeG_lj_[ylZohjhr
Mq_eh\_dZ^he`gh`_[ulvk\hzyg_l"Ohjhry[hevr_[_]Zlvg_[m^m
AgZ_l_qzwlh^Z"DZilzjdZ]^_]eZ^ylrlZgub\kzlZdh_AZoh`mZlZfwlb^hkdb]^_]eZ^yl
hgb`_g_ijbdjmq_ggu_lmlq_luj_jy^Zlmlq_luj_jy^ZGmfg_dZdkmgmeby\hllZd^`miZeb
\k_q_luj_^hkdbiheh`be
BdZ`^uc^_gvB^bkx^ZKb]Zj_lm
YG_lm
GZ
Kdhevdhg_^_eb^\_gZ\_jgh_ye_lZe
IhlhfklZjr_dmjkgbdbagbo`_dhlhju_[beb]h\hjblEZ^ghihc^zfihdmjbfkhfghc
HdZaZekya_feyd
:l_ex^bdhlhju_lZdb[_]Zebhgbyg_agZxfh`_lb^hkboihj[_]Zxl
=h\hjbebykeurZe\Fhkdh\kdhffmaudZevghf^_^h\sbgug_lmWlheh`vb[j_ogykzwlh_klv
\_a^_
GhmgZk[ueaZdhgdZdfufmaudZglu^Z"]m[gham[ghcZiiZjZlg_ljh]Zlvex[h_^jm]h_
f_klhZebphg_ljh]ZlvihlhfmqlhaZ\ljZijb^zrvkdZ`_rvihrzemfu\ZlvkymiZeh[jZdh\bgm
h[\Zggmwlh\kzg_dZgZ_l
Lh_klv[vxlg_ihebpmZijhklhqbklhihl_em;u\Z_l\^mrmijh[vxlbeb^mrm\^mrm
gm\hlkx^Z
KemqZc[ueMgZkne_clbkl[uegZdmjk_kIbl_jZk_mgb`ZebohlyiZpZg[ueohjhrbcgmhg
b_klvk_cqZkfh`_lG_agZx
Dhjhq_q_eh\_dijhklhaZiha^ZegZhl[hc:dhfZg^bjjhlukdZaZeYg_[m^mijh\h^blvijh\_jdm
ihdZebpgZf_kl_g_[m^_lLZfmgZk\lhjhcwlZ`b\k_dmjkuklhyeb`^ZebgZwlZ`_
KlZjr_dmjkgbdb\lZihqdZoFulhi_j\ucdmjk\k_ihnhjf_ZklZjr_dmjkgbdb\lZihqdZo\
rhjlZobflh[uklj_c[uhl[hc
HgaZ[_]Z_lbkeurghm`_Gm\kzoZgZl_[_iZj_gvihke_hl[hy^_j`bkv
Ijhk_[y^mfZxGmljm[Z
Hg\klZegZqbgZ_lkyijh\_jdZhlgh]^h]heh\ulZfKb^hjh\I_ljh\B\Zgh\Yyy
kzj_[yl\k_fhl[hc
BhlklZjr_dmjkgbdh\keur_g]hehkIhke_hl[hyAZkeZ\kdbc\[ulh\dm
:lZfmgZkbjdmlkdb_gma\_jb[uebHgb^Z`_ihbgkljmf_glmihki_pbZevghklbg_
ijhn_kkbhgZeuBo\ayebbaaZlh]hqlhhgbbadZdbolhijbxlh\gm^bdZjbLZfihedmjkZ[ueh
bjdmlkdbo^Z]_klZgpu^Z`_g_k\yau\Zebkvkgbfb
Ihlhfex^bjZkkdZau\ZebhgaZoh^bl\[ulh\dmZlZfboq_eh\_diylvbebr_klvBlZdZykbkl_fZ
qlhwlb[_jpugm[_jpudZdmwlbokdbgo_^h\\hlwlb\ukhdb_h^_ebgZjmdb\hllZd
aZ\yaZebGmb\r_kl_jhfhijboh^h\Zeb_]hDZd[ug_gZkf_jlvijhklhhl[blh\kzb_]hkjZam
dhfbkkh\Zeb
LZdb_\hlibjh]b
Ihdmjblvg_evaym\Zkg_l"
Yohl_ekijhkblvljm^ghebijb\udgmlvlZgp_\Zlvkljbilba"
:qlhagZqbl\ihgylb_kljbilba"Qzkljbilba"Gmkljbilba
Zf[uehklu^gh"
ljbklZq_eh\_dbebklh
G_lgmlu`_b^zrvlu`_agZ_rvaZq_flub^zrvMgZk\uoh^dhjhq_iylgZ^pZlvfbgmlgZ
kp_g_Ljbq_luj_\uoh^Z\ghqvIeZlylk_fvkhljm[e_c\uoh^Iexk\biagZ_l_qlhlZdh_"
bilZg_p"hi_j\uodeb_glg_bf__lijZ\Z^hl_[y^hljZ]b\ZlvkywlhjZaQ_eh\_dkb^bl
h^bglZg_p^eblkyiylvfbgmli_kgy\kzQ_eh\_dieZlblkmfZkrgmg_kmfZkr_^rb_ghih
l_f\j_f_gZf^himklbfklh^heeZjh\FmaudZlu_zfh`_rv\kx^himklbfh[eZiZlvlZf\hl
:hgZg_bf__lijZ\ZiZevp_fiZevp_f^hljZ]b\Z_lky\kzkzlZg_paZdZgqb\Z_lky^h
k\b^Zgvy
Ihlhfq_]hKh\j_f_g_fm`_\b^brv\lhei_hiagZdhfZyIjb\_lIjb\_lB^himklbf
lZfgZjmdZoklhcdmnvxneydgZaZ^dm\ujhq_dgZkp_gmk_e\hdhgph\hqd_gh`dbk\_kbe
^himklbfihszqd_ijh\ze_cLh_klvlZgpm_rvbml_[y_klvih^^_j`dZaZeZ
�Z\hlq_]hKZfh_]eZ\gh_ih^^_j`dZ
Dhjhq_aZfZgb\Z_lkZfh
�Zgmbiexkk`_ghckhk\h_c]^_ihagZdhfbeky"LZf`_YlZgp_\ZekljbilbaZhgZ\hojZg_
jZ[hlZeZ
ZrZ`_gZjZ[hlZeZhojZggbdhf"
�ZHgZmf_gyiylb[hjdZ
:jZgvr_\_^vlZfmgZkdZ`^uc^_gvgmg_lhqlh[dZd]h\hjblky`_gsbgugbadh]hiheZgh
^_\qhgdblZdb_ijhklu_Ij_a_j\Zlb\_klv"?klvIhrebLZf\gbammgZk[uebdZ[bgdb
j_eZdkZpbbgZau\Z_lkydZ[bgd_aZdjhckyb\kzQzohrvlhb^_eZc
GhwlhihdZk`_ghc_szg_agZdhf[ueLh_klvlZdi_j_]ey^u\ZebkvIjb\_lIjb\_lIhdZ
IhdZgmdZd\k_]^ZgZqbgZ_lky
hlijhg_zbklhjbxjZkkdZ`mYlh]^Zhnb]_e
;ueZ\hjh[vz\Zy^bkdhl_dZGm^_lkdZylbiZ\hjh[vz\^_lb[_]ZxlfZeurbLZdgZau\Z_lky
\hjh[vz\ZyGZfkdZaZebk^_eZcl_^_lyfrhmFuk^_eZebrhmgZklmekZ^brvky\fZcd_\h^mgZ
k_[yjZa\kzl_qzlbfgjZ\blkygm^_lbfZe_gvdb_
:iZjdh\Zy`_ahgZ^\_jvhldjulZbohijhl\_ce_jaZ[_`Zeijyfh\dem[:lZf^_lb`_
rmo_j\kz
hl`_gmlhdh]^Zym\b^_e
k_hojZggbdbhgb\]ZeklmqdZo\[_euojm[Zr_qdZoBhgZagZqbl]Zeklmq_dk\hckgbfZ_l
[_jzlgZjhl\_ce_jZrrrbdbgZ]Zeklmd_kihdhcg_gvdh_]h\u\h^bl_kvaZelZdhcMm
m
BylZdhcGbnb]Zk_[_^_\qhgdZ
GmbklZeb\klj_qZlvky
KgZqZeZhgZ[hyeZkvkdZaZlvG_kZfZkdZaZeZZq_j_aih^jm]mHl\_eZf_gy\klhjhgm]h\hjblhl
lZdZykbkl_fZqlhmg_z_klv^hqdZluagZe"
:hldm^ZyG_lgmlu^_\mrdm\b^brvhldm^ZluagZ_rv_klvmg_zj_[zghdg_lijZ\bevgh"
u]ey^_eZmoZ`b\ZeZaZkh[hckljhcg_gvdZyohjhr_gvdZy\kz
Y]h\hjxGmZqz"`bagvlhhgZijh^he`Z_lky=h\hjxFg_^_\mrdZgjZ\blkygmbj_[zgdZ
ijbfm
g_jh^ghchl_pgh\kzjZ\ghHgbkhKlZkbdhffheh^pughohly^\ZjZaguoq_eh\_dZKlZkbd\
f_gy]eZaZfhbl_ehkeh`_gbyfhb]heh\Z\hllZdZyZihoh^dbfZfbgulh_klvfh`_lhgZ
ijbmqZ_l_]hY]h\hjxG_gZ^h\ihimg_^mckfuke_g_gZ^hlZf^urZlvgZ^gbfGZ^h
gZdZaZeb:lhh^bggZdZau\Z_l\lhjhc`Ze__llZdg_evaylh`_
:bdmyq_klgh_keh\h[hevr_ex[exihlhfmqlhdg_c\gbfZgbygbdZdh]hhl\q_jZ^Z`_
ijboh`mkjZ[hluhgZfg_:\hla^_kviZiydZdjZamdjZkbeZ"Y]h\hjxOhjhrhAZebgbb
g_aZe_aZeZ"Y]h\hjxG_l
�hfhclh`__a^bebkgbfbgZabfgb_IhkzehdFZeu]bgheZ^bfbjkdZyh[eZklvDh\jh\kdbc
jZchgKFhkd\u^heZ^bfbjZih_a^ZkeZ^bfbjZ_klvijhoh^ysbcZ\lh[mkijyfq_j_aihkzehd
�hfZyhl^uoZZxY\hl^himklbf`b\m\iylbwlZ`d_lZd"ur_eaZ^hfihreb]ZjZ`b
]ZjZ`_ih]j_[kimklbeky\aye[Zghqdmh]mj_qbdh\dZjlhrdmkih]j_[Zih^gyekfZkebp_f
hl\ZjbeZ"rbdZjgh"
:a^_kv\Fhkd\_[ZgdZh]mjph\kdhdhklhbl":dZjlhrdZkdhdhklhbl"
�hfhcyijb_a`Zxy^_gv]b\hh[s_g_ljZqmGm_keblhevdhkibjlgh_B^Z`_kibjlgh_^_r_\e_
lZfGmk_cqZkg_h[wlhf
:e_lhf\hh[s_AZoh^brv\h]hjh^\hll_[_ih`ZemcklZ]hjhoohq_rv"ihdmrZc]hjhr_d
ohq_rvnZkhevihdmrZcnZkhev
Fhkd\ZlhhgZijh\ZeblkyylZdqm\kl\mx
Ijh\Zeblky"dZdhfkfuke_"
ijyfhfKdhevdhjulvlhfh`gh\Fhkd\_"F_ljhwlh:ihlhfkdhevdhm`_kemqZ_\[ueh^Z"
B\aju\Zxl
�hfZ\kzih^jm]hfmY^Z`_g_ohl_em_a`Zlvq_klgh
:^Zfg__szBjbgZ?\]_gv_\gZiha\hgbeZMgZk[ueZij_ih^Z\Zl_evlZgp_\Zevgucdhee_dlb\
Meu[dZA\hgblKeZ\luagZ_rvmgZkx[be_cGZ^hlZg_pihklZ\blvkfh`_rv"
YG_\hijhk
@_gmh[fZgmeFZf_]h\hjxFZfhgZijhklhlZdg_hl\yg_lijb^mfZcbklhjbxFZfZa\hgbl
_c]h\hjblLZf\]ZjZ`_qzlhihfhqvgZ^hlZfwlhih]j_[ih^gylvkzljb^gyijh^ebe
[be_lugZih_a^ihf_gye\kzIjboh`mklZ\blvlZg_p
AZoh`mgmZlZfdZd\k_]^ZihklZjhcko_f_BbjZabb^\ZLjbijboehiZljbijblhiZ
YKlhhi=h\hjxBjbgZ?\]_gv_\gZlZdm`_g_ijhc^zl
Y^bkdkkh[hcjZaH"fmaudZm`_^jm]Zy
IhdZau\Zx\hllZdb_^\b`_gbyblZdb_LZfkgZqZeZkf_^e_ggufblZgpZfb^_\mrdZkiZjg_f
eZeZihlhf^\Zjwi_jZijboh^yliZjgyhllZedb\Zxl^_\mrdmaZ[bjZxlbgZqbgZxlkg_c
lZgp_\Zlv
Dhjhq_aZ^\Zljb^gyfuihklZ\beblZg_p
Ghj_i_lbpbywlhh^ghZdh]^ZgZkp_gm\uoh^brvkh\k_f^jm]h_ijZ\bevgh"BfZg^jZ`dZdhc
lhb\kz
Y]h\hjxBjbgZ?\]_gv_\gZgZ^h
HgZGh\uklZgpm_l_"
BjbgZ?\]_gv_\gZy]h\hjxGZ^hkjhqgh
GmbfulZfaZ`]ebB\aZeiju]Zeblh`_YkgZqZeZ[hyeky\ijhkluodem[Zojy^uwlbeZ\dbZ
lZfb^_lbklhylbwlhZgZf_sziju]Zlvlm^ZGhghjfZevgh\k_p_euhklZebkv
B]eZ\gh_[ueZdhfbkkbykh[eZklb\kzihgjZ\behkv\u^\bgmebgZh[eZklvYm_oZeaZf_gy
[jZllZgp_\Zegmbi_j\h_f_klh\h\k_ceZ^bfbjkdhch[eZklb
hlfhkdh\kdZylhaZdZehqdZdem[gZy
hllZdb_\hlibjh]b
�,,\Zh^bg
�B\kzlZdbg_ihgbfZxg_\u^_j`Zefbljbck_\heh^h\bqjZa\_yg_aZdjuel_fm"
GmbqlhgZfl_i_jvjZahclbkv"gZkf_reb\hkdZaZeZ:ggZKb^bfh[sZ_fkyDZdZyjZagbpZ
aZdjueg_aZdjue
�Ihfh_fmjZaebqb_\iheg_kms_kl\_ggh_\hajZabeN_^yfbljbc\b^blkiZk_gb_\
pb\bebaZpbb
DZdh__szihdjb\beky;_ey\kdbckiZk_gb_"
Ohjhrhg_kiZk_gb_gZijZ\e_gb__jgh_gZijZ\e_gb_Gh\hlfulhevdhqlhkeurZeb
q_eh\_dFhcjh\_kgbd@be\^_j_\g_FZeu]bgh`beg_lm`beaZgbfZeky\ZgkZf[e_Meu[dZ
h^bgij_djZkguc^_gv_]h\klj_lbeZpb\bebaZpby fulZd_zij_\haghkbf\faZiZ^gZypb\bebaZpby
\klj_lbeZ_]hbjZklebeZ
Ljh_N_^bguokemrZl_e_caZ^\b]ZebkvbdZdihdZaZehkvNz^hjm^Z`_[m^lh[uaZ\hjqZeb
Ihq_fmg_gZa\Zlv\_sbijyfh"Qlhwlh_kebg_ijyfh_jZkle_gb_g_jZa\jZl"hl^himklbf
JZa\jZl"i_j_kijhkbeZ:ggZN_^yZqlhlZdh_jZa\jZl"
:]Z\hlbyg_\t_a`Zxg_h`b^Zgghijbkh_^bgbeZkvEzey
�DhfmjZa\jZl^h[Z\bebfbljbck_\heh^h\bqZdhfmk\h[h^Z
Kgylvljmkui_j_^klZq_eh\_dZfb"ihi_jogmekyN_^yWlh\ugZau\Z_l_k\h[h^hc"
Ihq_fmg_l"ih`Zeie_qZfb;_ey\kdbcBf__lijZ\h
:^himklbf_kebmq_eh\_dZlZdh_ijba\Zgb_"aZ^mfqb\hijh]h\hjbeZ:ggZ?kebhg
ohjhrh^\b]Z_lky"?kebwlhdjZkb\h\dhgp_dhgph\"
BdlhlhieZlblijbkh\hdmibe;_ey\kdbcLh`_g_fZeh\Z`gh
:dlhlh^jm]hcohq_lieZlblvaZm[bckl\Z\hkdebdgmeN_^yKgwlqklblqdZdwlh
gZau\Z_lkym[b\Zxl^_l_ckgbfZxlgZiezgdm
NmN_^yihfhjsbeZkv:ggZWlhm`kh\_jr_gghba^jm]hchi_ju
:ihfh_fmm[_`^_gbxh^ghblh`_G_lgZh[hjhlm[bckl\hl_eZ]hjZa^hf_g__ly`dh_
l_eh\j_f_ggh_ijbklZgbs_beexahjgh_\j_f_ggh_ijbklZgbs_\wlhf\j_f_gghffbj_Qmlv
jZgvr_bebqmlviha^g__beexabyjZkiZ^zlkybl_ehmfjzllh`_bkq_ag_lM[bckl\hl_eZ
\k_]hebrv^hkjhqgh_ijh[m`^_gb_hlbeexabbZ\hlm[bckl\h^mrbemqr__keb[u
ih\_kbeb_fm`_jgh\gZr_xbmlhibeb\imqbg_@Zevfug_kihkh[gu\b^_lv]eZaZfbdZd^mrZ
q_eh\_q_kdZy[he__l_keb[ufufh]eb\b^_lv^mrmdZdhgZ^_eZ_lkyihjbklhc]m[qZlhc
jZkiZ^Z_lkydZdkg_cijhbkoh^blg_qlhm`Zkghg_h[jZlbfh_dZdhgZhlfbjZ_l
u]h\hjbl_ijhwlh]hfZevqbdZ"mlhqgbeZ:ggZMg_]hhlfbjZ_l"
Dhg_qghdhg_qgh
:ihkfhljbl_hgijbgyeqm`mx^hqdmB^Z`_]h\hjbl?zex[ex[hevr_q_fkh[kl\_ggh]h
B_szN_^y\uijhimklbeb\Z`gucfhf_gl;_ey\kdbcijbsmjb\rbkvihkfhlj_egZijhk\_l
jha_ldmk]jbchldZfb\Z`gucfhf_glf_`^m^_j_\g_cFZeu]bghbkljbilbahfHg
]eZ\gh_\ZfjZkkdZaZe\kzih^jh[gh:\uijhimklbeb?]hq_eh\_dba[b\Z_lihlhfah\zlihdmjblv
iZ^zfihdmjbfbhgb^zlwlhqlhg_jZkle_gb_"IjbgzfdZe_qZlg_\bggh]hq_eh\_dZZhgkh
\k_fbfheqblg_jZkle_gb_"
Y\ZfkdZ`mihkjZ\g_gbxkwlbfjZkle_gb_fex[hckljbilbalvnm
:q_j_awlhjZkle_gb_ijhba\hehfijhoh^yl\k__Q_j_agZkbeb_ijhoh^yl\k_q_j_aZjfbx:
ihlhf:ggZZ^bfh\gZm^b\ey_lkyqlhmgZkkfmqbdZfb\kljZg_iehoh
Ohjhrhimklvbwlhghfulhk\Zfb]gmeNz^hjfuk\Zfbg_kzfhl\_lkl\_gghklv
i_j_^gbf"BebgZk_]h`bagvg_dZkZ_lky"FumkljhbebkvgZfl_iehfu\dmrZ_f[eZ]Z
pb\bebaZpbbZ_]hwlZpb\bebaZpbyimklvmgb`Z_lbmgbqlh`Z_l"uihfgbl_kZfuc`Zedbc
fhf_gldZdhgiulZ_lkyohlvaZqlhgb[m^vmp_iblvkyiulZ_lkyhijZ\^ZlvkybkZfg_agZ_laZqlh
mo\Zlblvkyg_lhaZih^^_j`dmaZeZg_lhaZk_fvkhljm[e_cIhfgbl_dZdhghibku\Z_lwlhl
\bZciblZg_pHgZg_bf__lijZ\Z^hljhgmlvkyZy\kxh[eZiZxdZdh_a^_kvqm\kl\m_lky
hl\_lgh_mgb`_gb_dhjqbkgZqZeZ_]h^mrmmgbabebbbagZkbeh\Zebb\hl\_lhgiulZ_lky
Dlhdh]hbagZkbeh\Ze"g_\u^_j`ZeZEzeyqzfijh[e_fZ\hh[s_"Gmkljbilbagmb
qlh":ohoQlhhg
Ex^_cihkfhlj_ek_[yihdZaZe\\_jgme;_ey\kdbc
Qlhhgk]heh^mihfbjZe"G_lihrze^h[jh\hevgh
:^mfZ_l_qmlhqdmmeu[gmeZkv:ggZ\u^mfZ_l_fh`ghjZa^_lvkyi_j_^klZq_eh\_dZfb
^h[jh\hevgh"
:\udZd^mfZ_l_"ijbgyeZ\uah\Ezey
�mfZx\jy^eb
?klvhiul"j_adhkijhkbeZEzey
Fm`qbguijblboeb
Gg_lke_]dZih[e_^g_\f_^e_gghhl\_lbeZ:ggZhiulZlZdh]hmf_gyg_l
Gmbajyhljm[beZEzey
Wf\hldZdg_kjZamgZreZkv:ggZ:qlh\uih^h[guchiulbf__l_"
�Zbf_xqzldhhl\_lbeZEzey
N_^yijbhldjuejhl
�fbljbck_\heh^h\bqgZh[hjhlhq_gvkbevghk`Zeam[ubmeu[Zekyg_jZa`bfZyam[h\
Ezey[ukljhijb[Z\beZ
Ghg_aZ^_gv]b
AZq_f`_lh]^Z"ieZ\ghijh^he`beZ:ggZ
IjhklhnZg
IjhklhIXQhlha\ZeZkv:ggZwohfBqZklh\uwlhlIXQihemqZeb"
G_liZjmjZa
M^b\bl_evghbgl_j_kghWlh[uehihoh`_gZih_^bghd\dhlhjhfEzey^\b]ZeZkvbgZghkbeZ
m^Zju[ukljhZ:ggZaZf_^e_gghdZd[uiulZykvaZ]bighlbabjh\ZlvGmbdZdhsms_gby"
:ihijh[mcl_kZfb;Zj=heh^gZyijZ\^ZkiylgbpugZkm[[hlmklhcdb^ey\k_o`_eZxsbo
[e_kl_eb
Nz^hjqm\kl\h\Zek_[ykh\_jr_gghERXOHYHUVpi_j_\zjgmlufhr_ehfezgguf
Hgg_h`b^Zggh^eyk_[ygZlhedgmekygZh[s__khijhlb\e_gb_b^Z`_g_fh]\aylv\lheddZdbf
h[jZahfwlhfh]ehijhbahclbqlhmfgu_bohjhrb_ex^bh[t_^bgbebkvijhlb\g_]h\lZdhf
ijhklhfhq_\b^ghf\hijhk_Ijbwlhf_]hpZjZigmehaZf_qZgb_:gguhlhfqlhjZkkdZaqbd
ijbgyeqm`mx^hqdmbwlhg_\yaZehkvkN_^bgufjZkkm`^_gb_fhjZajmr_gbbbebkf_jlb
^mrbN_^yqm\kl\h\Zeqlha^_kv_fm\klj_lbehkvg_dh_ijhlb\hj_qb_ghg_fh]lhedhf
khh[jZablv\qzfhghaZdexqZ_lkyB]eZ\gh_hggbdZdg_kihkh[_g[uekh_^bgblvlhevdhqlh
mkeurZggh_hlEzebblhhsms_gb_qbklhludhlhjh_kg_c[uehk\yaZgh
EzeygZlhedgmeZkvgZex[mxsbcky\a]ey^;_ey\kdh]hb\klj_lbeZwlhl\a]ey^k\uah\hf
�fbljbck_\heh^h\bqlh`_g_hl\h^y[e_klysbo]eZaf_^e_gghkm^h\hevkl\b_fh[khkZeiZjm
\brgz\uodhklhq_dbZddmjZlghkeh`be\jha_ldm
Ijhlygmejmdmbklmdgm\ihklZ\beimklmxjha_ldmgZklhe
N_^ykhqm\kl\_ggh\hkdebdgmeZ:ggZb^Z`_msbigmeZNz^hjZaZjmdZ\Gmqlh`_\ulZd
k_jvzaghhlghkbl_kvdh\k_fm"G_evay
Wlhfheh^hklvkeZ^dh\a^hogme;_ey\kdbcGZkklh[hc:gvdZm`_gb\kljbilbag_
\havfmlgb\hgdNz^hjm\fhjZebklu
:oN_^yOhjhrhkijbgpbiZfbdh]^Zij_djZk_gbxg:ij_^klZ\vl_\u`_gsbgZB\Zf
iylv^_kyl\hk_fv"Bebr_klv^_kylr_klv"=^_`_\aylvlhij_djZkguobxguo"Ohjhrh
ihy\beZkv\hafh`ghklvg_fgh`dh^_g_]bohlvh^gbf]eZadhfih]ey^_lvGZihke_^hd\bi
&#xZf;
&#xZd;&#x[;&#x_e;&#x_;&#xjm;lZg_pZfdZd[_eb\_jm@gZ^hgZh[hjhlbf_lvfbehk_j^b_
Imklvb^zldZdb^zlkzijb^zl\k\hzf_klh
kljbilbadem[kdZaZeN_^ym[blh
Dlhlh^Z\kljbilbadem[:^jm]hc\bgklblml[eZ]hjh^guo^_\bpWlhbgZau\Z_lky
k\h[h^Zg_l"
FulmlgZijbf_jk\h[h^ghjZkij_^_ebebkvdjhf_\Zk\k_aZkljbilba
Y\ha^_j`b\Zxkvihki_rghhlf_`_\ZeZkv:ggZ
H^gZ\ha^_j`ZeZkvh^bgijhlb\^\ZaZ
]hyg\Zjy^\_lukyqb]h]h^Z\\hk_fgZ^pZlviylgZ^pZlv\:evihl_e_Xg]njZm
;_Zl_g[_j]ih[_`^Z_lkljjbbilbbbaaa
Nz^hjfhbkh[he_agh\ZgbyDhfihlbdm"
,,,JZkkdZah[_ehcdhjh\_^h[jhf]_g_jZe_baZij_s_gghfh]mjp_
Dh]^Z\hcgZgZqZeZkyhlpZaZ[jZebgZnjhglfuhklZebkykfZl_jvx
FZlvgZiheh\bgmke_iZyhlpZg_l[_^ghklv`mldZyhllZdhc]heuc^hfiheh\bgZnZg_jhc[ueZ
hl]hjh`_gZlZfbdhgu\bk_ebh^gZdjh\Zlvbi_qdZFukk_kljhcgZi_qd_kb^bfZgZihlhed_f_e
gmbgZqbgZ_f[Zeh\ZlvkyFZlv[_jzldhq_j]hcbeb\_gbdhfgZkEbohfZgdb:i_qdZ
h[ehfblky"\qzffuoe_[ulh[m^_fi_qv"
hl]h\hjylfgh]hh\_l_jZgZodlh\h_\Zeybf^Zgvhl^ZxGh\_^v`_gsbgulhdhlhju_h^gb
hklZebkvhgblhqlhi_j_`beb"
Yihfgx\hcgZ[ueZ\uc^_rv\hedboh^bebIjyfh\hl\hedh\\b^_ebGhqvxdhjh\Z\h
gZ\_jgh_\k_oZ\h^\hj\uclb[hblkyl_fgh^Z_szbke_iZy
Mljhf\klZeZ;h]mfheblkyuoh^bfkfhljbf\aZ[hj_\hllZdZyh]jhfgZyyfZhed
ijhdhiZeDhjh\Zklhbl\kyfhdjZy^jh`blh\puih^g_z\k_aZ[bebkyhgb\k_]^Zih^dhjh\m
lm^ZaZ[b\Zxlkyhl\hedh\
YwlhaZihfgbeZgZ\kx`bagvghqvoheh^gZyabfgyy\hcgZhl_pgZnjhgl_h^\hj[hbfky
\uoh^blvl_fghlZ
Bebihfgxl_ezghdgZmebp_i_j_fzjafZlv\^hf_]hijbg_keZZhggZqZehdhe_\Zlv;h`_fhc
DZdhgZmiZeZi_j_^bdhghcdZd;h]mfhebeZky=hkih^bKiZkb?kebhgZl_ezgdZg_k^Zkl
�agZqblk_fvygZ\_kv]h^]heh^gufbhklZzlky_gv]blhg_^Z\Zeb\dheoha_ghoe_[dZdhclh
^Z\Zeba_jgh^Z\Zeb
Fu^_lb[he_ebkl_fi_jZlmjhc\ZeyebkvgZi_qd_gZgZkgbdlh\gbfZgbyg_h[jZsZeZaZ
kdhlbgm\hllZdhgZi_j_`b\ZeZ
K_cqZk]h\hjyl^_l^hfZo^_lyfiehoh:yaZ\b^h\ZeZ^_l^hfh\kdbf^_lyfHgb[ueb
moh`_ggu_^Z`_\h\j_fy\hcgu[uebqbkl_gvdb_hgbbf_ebk\hch]hjh^k\bg_cjZa\h^beb:
fuoh^beb]gbemxdZjlhrdmbkdZebihihexK_kljZkljb^pZlv^_\ylh]h]h^Zykljb^pZlv
k_^vfh]hHgZ\k_]^ZjZ^h\ZeZkvqlhfu[hevr_\k_oihgZ[jZebFZlvbaih^kg_]Zwlm]gbemx
dZjlhrdmlhedeZdZrmdZdmxlhgZf\ZjbeZ
BklZjrZyk_kljZlh`_hgbljbih^jm`dboh^beb\ihe_jZ[hlZlvDhiZebdZjlhrdmdhiZeb
dZimklmIjbghkbebdmkhq_ddZimkluqlh[sbk\Zjblv:kiheyg_evay[ueh[jZlv\uagZ_l_Hgb
ijylZebwlmdZimklm\hla^_kyih^l_eh]j_cdmHk_gv\kze_^ygh_Bh[_wlbklZjrb_^_\hqdb
mf_jebhl\hkiZe_gbyez]dbo
GhkZfuclh]heh^\uagZ_l_dh]^ZgZklmibe"M`_\hcgZdhgqbeZkvwlh[uekhjhd\hkvfhc]h^
HcdZdhcwlh]heh^guc[ue]h^wlhqlhlhg_\_jhylgh_BaKZjZlh\kdhch[eZklbrebdgZfex^b
ey]mr_d_ebb]hem[_c_ebb]jZq_c_ebJ_[ylZimoebKlhevdhoh^beh]heh^guogbsbogZ
]Zjfhrd_b]jZebijhkbeb:[hevguoex^_caZklZ\eyeb[jZlv\^hf?kebgZmebp_q_eh\_d
e_`blgZkbevgh\^hfijb\h^bebbg_bf_eijZ\Z\u]gZlv:dhjfblvlhboq_f"
Yihfgxijbrze[jZlb]h\hjblIZiZgvlZf[Z[mrdZh^gZe_`blmgZk\k_gyoGmhl_p
[jb]Z^bjhf[uehgihrzedij_^k_^Zl_exdheohaZ_zmgZk\ayeb
Hl_ph]hjh^gbd[uekljZrgucGZkZ`Ze]h\hjblJ_[ylZg_[hkvg_ihfjzfK\_dhedZ\ue_aeZ
bh]mjqbdlh`_h^bgihy\bekyGh\uihdZg_ljh]Zcl_gbq_]h
:k_kljZfZe_gvdZy[ueZ GZk\k_]h^_\ylv[ueh^_l_cy\hkvfZy\fK_klj_]h^ZljbhgZdZd
mkeurZeZijhh]mj_pZkhj\Zlvlhhg_cg_\_e_eHgZihreZ\h]hjh^k_eZgZdhe_ghqdbbkt_eZ
iheh\bgmwlh]hh]mjpZijyfgZ]jy^d_Ziheh\bgmhklZ\beZij_^klZ\ey_l_"
Bylh`_g_ihfgxdm^ZfZlvmreZgmdm^ZlhmreZZygZwlbihedb]^_ihkm^Zlhe_`bl
gh]hlhqdbfb\kz\udh\ujb\ZeZ^mfZeZZ\^jm]dmkhq_ddjhr_qdblZfgZc^m"
Wlh\hlk_cqZkfu`b\zf\jh^_\k_g_^h\hevgu_`bagvx
Y^_\qhgdZfk\hbf]h\hjx hgbaZ]jZgbpm_a^bebhl^uoZlv\f]h\hjxg_\u[jZku\Zcl_
wdhghfvl_lZfgZ_^_gZiZd_lZohgb^Z`_keurZlvf_gyg_ohlyl
:gZijhlb\gZk`beZ`_gsbgZmg_zfZevqbda\Zeb?]hjHgZ\ayeZkiheyg_kdhevdhdZjlhn_ebgb
_zihkZ^beb\hkljhoG_\lxjvfm]h\hjbebZih^_j_\_gkdbhkljhoGmm\_aebhklZeZkv
FukfZfhcihrebihkfhlj_lvqlhhgblZf\^hf_lhmk_[y^_eZxl
AZoh^bfmgZklhohlvihedZdhclh^ujy\uc[ueZmgboa_feyb[hevr_gbq_]h:wlhl
fZevqbdhgihklZjr_f_gy[ue\i_j\hfdeZkk_kb^blijb\yaZedZlmrdmlZdmxh[uqgmxk
gbldZfbgZlygmegbldbbdZd[m^lha\hgbll_e_nhgmg_]hlZdhcgZi_qd_=h\hjbl:ez :hg
dZjlZ\uc[ue\f:z;mygdbg" ;meZgdbgwlh[uemgZkmqZkldh\ucjZchgZfbebpbhg_j\f
;mygdbgicb_``yc;Z[dZfg_`tylvg_^ZzlZfg_`tylvohq_lky
LuihgbfZ_rv kf_zlky\f`jZlv_fmohq_lky;meZgdbg
Mf_gyhq_gv`Zehklvdwlbf^_lyfd[_^gufHkh[_gghd^_j_\_gkdbfHgbihk\h_cijbjh^_
mfgu_\kzGh\hlwlhl[ulbogbc_^vwlhgZ^h\b^_lvdZdex^b`b\mllZf
K\_lwe_dljbq_kdbc^ZebgZf\dZdhf]h^m\iylv^_kylk_^vfhfgZ\_jgh_:dhjhlZlv\_q_jZlh
abfgb_gZ^h"GZihekl_ebebkhehfmfZlvgZi_qd_`ZjbeZ]hjhowlhl]hjhofu_ebK\_lmg_[ueh
mgZkd_jhkbgh\ZylZdZydhilxkvdZHl_p\hqdZoaZkZe_ggufiZevp_fqblZedgb`dmYieZdZeZgZ^
wlhcdgb`dhc:dZdgZau\ZeZkvg_agZebdhjhqdbg_[uehHl_p_zh[_jgme]Za_lhcbgZibkZe
@Zghev`Zg
�B_sz[ueZfh_]hhlpZgZklhevgZydgb]ZLbobchgBa^Zgb_\hllZdh_h]jhfgh_Hg
i_j_ebklu\Zedmjbeljm[dmmkudjmlbebqblZehllZdZy[ueZh]jhfgZydgb`dZY_zbamqbeZhl
dhjdb^hdhjdb:dkbgvy^eyf_gywlhqlhlhB\k_]h\hjbeby[ueZhq_gvkoh`Zk;ukljbpdhc
Mf_gy[ueZh]jhfgZydhkZfZe_gvdbceh[Fhkd\_mf_gynhlh]jZnby;ukljbpdhc\bk_eZ
h^ghebph
Y\Fhkd\_`b\mkq_lujgZ^pZlbe_l
K_kljZjZgvr_\hcgm_zaZ[jZebgZljm^h\hcnjhglHdhiujueZblZd\Fhkd\_bhklZeZkv:y
rdhemhdhgqbeZ\hk_fvdeZkkh\ijb_oZeZdg_c
Hck_kljZmf_gy[ueZlZdZykZeluqboZH^bgjZay\ayeZk_f_qdbhgZLuqlhh"k_f
ihdZau\Z_rvqlhlu^mjZ^_j_\_gkdZy"Gbdh]^Zg_]juabk_f_q_d
Gbdh]^Zkl_oihjk_f_q_dg_[_jm
�@bebfukg_chdhehGOhllZddhjb^hjbljb^pZlvr_klvd\Zjlbj\k_^_lb[hkbqdhf[_]Zeb
gmdZdklm^_gq_kdb_lZdb_[ZjZdbdZdh[s_`blb_
K_kljZfg_^Z\ZeZ^_kylvjm[e_cb]h\hjbeZB^bgZuklZ\dmdmibZj[maLhevdh\lZ[hjg_
aZoh^bLZfpu]Zg_[uebdZimklZjhkeZ:kwlhcklhjhgu_\j_ckdb_^hfbdb\k_]^Z\[_euo
wlboiuevgbqdZohgboh^bebyh[h`ZeZFhkd\Z[ueZ\kylZdZykeZ\gZy
Ghlh]^Z[uehq_gv`zkldbcj_`bfijb;_jbbljb^gyijh`be\Fhkd\_gm`gh
aZj_]bkljbjh\ZlvkyBijbrzemqZkldh\uchrljZnh\Zlvfhxk_kljmaZlhqlhyg_aZdhgghkg_c
ijh`b\ZxHgZ]h\hjblZmg_zhl_pmf_jfZlvke_iZykh\_jr_gghbg\Zeb^G_iheh`_ghB\kz
jZ\ghhrljZnh\Zeb
Gmbqlh"H[jZlgh_oZlv\^_j_\gxdhjh\m^hblv"K_kljZ]h\hjblKZ^bkv
K_kljZmf_gyrmkljZy[ueZwlhqlhlh=h\hjblKZ^bkvibrbibkvfhFZe_gdh\mY
ij_^klZ\ey_l_ibrmFZe_gdh\mqlhyijb_oZeZdk_klj_bsm\Fhkd\_jZ[hlmZf_gyg_
j_]bkljbjmxlgbq_]h
ug_ih\_jbl_g_ijhreh^\_g_^_ebijboh^blhl\_lLh_klvfhzwlhfh`ghkdZaZlv^_lkdh_
ibkvfh^hreh^hFZe_gdh\ZQlhijhibkZlvf_gyaZj_]bkljbjh\Zlvmk_klju:e_dk__\kdZy
Mkljhbebf_gyldZqbohc\ljbkf_guNZ[jbdZ[ueZgZ;ZmfZgkdhc]^_:il_dZjkdbci_j_mehd
F_gylm^Z\ayebZ^hklZgdZlhyg_^hklZ\ZeZIhklZ\bebfg_lZdhcih^fhklhdlhjqZeblhevdh
^\Z[ZglbdZbqzjgZykblp_\Zyx[hqdZBijha\bs_mf_gy[ueh;md\ZjvIhq_fmyg_agZx
GZ\_jghkZfZyfZe_gvdZy[ueZ^_\hqdZ
JZ[hlZebfu\ljbkf_guih\hk_fvqZkh\G_^_exmljhfke_^mxsmx\\_q_jgxxkf_gmb
lj_lvyg_^_eyghqgZyBfu^_lbjZ[hlZebih\hk_fvqZkh\ghqvx@_gsbgZlZfih`beZyh^gZ
]h\hjbeZqlh^Z`_ijbpZj_lZdh]hg_[uehqlh[u^_lbgZklZgd_ghqvxjZ[hlZeblhevdhfm`qbgu
jZ[hlZeb
B[ueZy\k_]^ZklZoZgh\dhcaZjZ[Zlu\ZeZihl_f\j_f_gZf^\_klbr_klv^_kyljm[e_cwlhdh]^Z
_sz^_gv]blZdb_[ueba_ezg_gvdb_khe^Zlbdb\dZkdZo[uebgZgbogZjbkh\ZguR_klv^_kyl
jm[e_cyaZd\ZjlbjmieZlbeZbgZ^\_klbjm[e_cfg_hklZ\Zehkvdmiblv\we_dljbqdm[be_lbfu
dmrZeb[mluedmd_nbjZljb^pZlvdhi__dhgZklhbeZ]hjh^kdZy[mehqdZk_fvdhi__db\hllZd
\u`b\Zeb
:dh]^Z;_jbxkgyebba^ZebijbdZaqlh[^_l_chk\h[h^blvhljZ[hlu\ghqgh_\j_fyY^\mfy
jmdZfb\p_ibeZkyf_gyhllZsblvg_fh]ebY^mfZeZdZd`_y[m^mieZlblvaZd\Zjlbjm"
�Yg_klZeZ]hjh^kdhcohlvb\_eZlZdmxohjhrmx`bagvgZdhjfe_ggmxmrhc\k_fhbfukeb
hklZebkv\^_j_\g_ ieZq_l\fYfZf_ibkZeZdh]^ZmkljhbeZkvgZnZ[jbdmFZfZyemqr_[m^m
dhjh\^hblvDZdyg_ex[exFhkd\mhavfbf_gyfZfZ^hfhc
Jh^bgZfhylZfkdhevdh[uye_lgbijh`beZ\Fhkd\_
DZdlh_^m\f_ljhWlhym`_jZ[hlZeZdhgljhezjhfgZkhjhdiylhfaZ\h^_Gmdhgljhezjy
oh^beZ\k_]^ZkfZgbdxjhfke_^beZaZkh[hc\kzB\hl_^m\f_ljhieZlnhjfumf_gylZf
i_^bdxjklhxBh^gZ^_\hqdZ_^_lkfZfhc\b^ghqlhba^_j_\gbkf_rdZfbWlZ^_\hqdZ\
f_ljhdZdf_gym\b^_eZbkfhljbl\hllZdlhgZgh]blhgZf_gyLhgZgh]blhgZf_gyY^mfZx
[_^gZy^_\hqdZ_keb[yba^_j_\gb[ug_m_oZeZbylZdZy[ulh`_[ueZ
Y\Fhkd\mlhijb_oZeZ^_\hqdb\k_mqZlky\^_kylhfdeZkk_Zy\hk_fvdeZkkh\lhevdh
hdhgqbeZk_h^_luijbebqgh
K_kljZ]h\hjbl
LZdKZ^bkvaZfZrbgdmmqbkvGZmqbeZf_gygZfZrbgd_fukg_c\urb\Zeb
?oZc\=MFdmiblhevdhkbg_evdm
Kbg_evdZgZau\ZeZkvlZdZygbldZimrbklZyFmebg_wlh\kydh_lhgdh_
Y_^mlm^ZgZdZdhfljhee_c[mk_iylv^_kyl\lhjhcqlheb"G_ihfgxdZdhclh^h
J_\hexpbblm^Zoh^be:kghqghckf_gugmbmkgmeZgZaZ^g_fkb^_gv_
IjhkuiZxkvhhhcIh^s_dhca\za^uIh]hgulh]_g_jZevkdb_:ykiexmg_]hgZie_q_
:hgfg_]h\hjblKibkibmf_gy`_gZg_j_\gb\Zy
uij_^klZ\ey_l_"ljZf\Z_fh`gh[ueh]_g_jZeZm\b^_lvjy^hfklh[hch[s_kl\_gghf
ljZgkihjl__a^beb
LugZ\_jgh_]h\hjblkghqghckf_gu"
Y:]Z
:mf_gylh`_]h\hjblkug
Lh_klvgZklhevdhex^bijhgbdgh\_ggh^jm]d^jm]m\k_hlghkbebkvWlh\hldlhihiha`_d\eZklb
hlgZkhjhdiylhfaZ\h^_iZj_gvkgZfbjZ[hlZeXjZaZeb\sbdF_lZeeaZeb\ZeZyf_jbeZ
l_fi_jZlmjml_jfhZiiZjZlhf^\_lukyqb]jZ^mkh\Mg_]h^y^vdZ[uefbgbkljly`zehc
f_lZeemj]bbZie_fyggbd_]hjZ[hlZekgZfbhlqlh[uijh[e_fudZdb_lh[uebkgbf"Qlh[uhg
gZgZkgZdjbqZe"
�Ex^b[ueb^jm]b_h[j_crb_[uebex^b
Y\\_q_jgxxkf_gmjZ[hlZeZ\qZk\ha\jZsZeZkvgbdlhgbdh]^Zg_ijbklZ\Zegbq_]hwlh]h[ebadh
g_[ueh
IjbdhffmgbklZo`blv[uehemqr_dhg_qgh:\hllhqlhk_cqZkijhbkoh^blfg_^Z`_\hh[s_
g_ihgylgh
B\uagZ_l_y\ZfkdZ`myk_cqZkh[jZsZx\gbfZgb_dlhgZbghfZjdZoaZjmezf_a^b_l"G_lm
jmkkdboKZfu_[_^gu_ex^bjmkkdb_
IjZ\gmdmf_gyihrze\i_j\ucdeZkkljb^pZlvijhp_glh\fhkd\bq_cjhkkbyghklZevgu_
ijb_a`b_Q_q_gkdbcj_[zghdkb^blki_j_\h^qbdhf:n]Zgkdbcj_[zghdkb^blba]hklbgbpu\hayl
Hgihjmkkdb^Z`_^\mokeh\g_fh`_lk\yaZlvZgZr_fm[uj_[zgdmihjZm`_^Zevr_ih
mfkl\_gghfmjZa\blbxhgbqblZ_lbibr_lb\kzBfu\ugm`^_gul_ji_lvgZf]h\hjyl
;m^vl_l_jibfufbB\kx`bagvlZdBfZfZfhyQm`h]hg_[jZlvDjZib\m_ebZy[ehdbm
khk_^_c\Zeyebkyg_evay[uehih^gylv
Gmg_agZxg_agZx
DZdfhyh^gZagZdhfZy]h\hjbeZG_\_azlgZfgZpZj_c;hevr_ygbq_]hkughdg_fh]mkdZaZlv
g_\_azlgZfgZpZj_c
?kebjZgvr_yk_[ykqblZeZkj_^gbfdeZkkhfl_i_jvihkjZ\g_gbxykqblZxygbsZyYijb
KlZebg_ihreZjZ[hlZlv^\Z^pZlve_lhljZ[hlZeZgZZ\bZpbxbljb^pZlve_l\dhkfbq_kdhfp_om
ybf_xiylvlukyqi_gkbxGm^Z[h]kg_cgh\hlmf_gyk_cqZk^\ZfZevqbdZyihfh]Zx\gmqd_
[_ahlpZjZklblv^\hbo^_l_chlaZsblgbdbjh^bgubdh]hhgbihc^mlaZsbsZlv"Fg_\hl
g_ihgylgh]^_fhyjh^bgZ"
:"Yd\Zfh[jZsZxkv]^_jh^bgZlhfhy"
,9F_lZnbabdZ[mehqdb
&#xhl;&#x;&#xhl;&#x;&#x;&#xih;&#x^o;&#xZl;¾�hl\hlih^o\Zlbefbljbck_\heh^h\bq]^_jh^bgZlhkughd":jh^bgZ\[hevrhc
`
ujZ^m_l_kv"
Qlh\uN_^y[h]k\Zfbq_fm"Lmlm`agZ_l_bebieZdZlvbebkf_ylvkyIj_^klZ\ey_l_
q_eh\_dijh`be`bagvG_j_ZZevghly`zemxB\blh]_"Iylvlukyqjm[e_c"
Ijbqzfa^_kviylvlukyqjm[e_c"
hlyb]h\hjxaZ\k_kljZ^Zgby
�G_lfbljbcijbqzfa^_kv\hh[s_dZdb_[ulhgb[uehjm[eb"?keb[ug_iylvlukyqZ
iylv^_kyliylvbebiylvkhliylv^_kyliylvg_m`_ebwlhqlhlhkms_kl\_gghbaf_gbeh[u"
Hq_gv^Z`_kms_kl\_gghHqq_gvOh^beZ[u\kylZdZygZim^j_ggZyklZjmrdZdZdya^_kv
\klj_qZxkkbj_g_\_gvdbfb[mdhevdZfb?a^beZ[u\djmbagZJb\v_jmdZd\k_wlb
ih\_j`_ggu_\jZ]bg_fpuZ\kljbcpuym`fheqmijhyihgp_\
Lh_klvih\Zr_fm_kebq_eh\_dijh`b\`bagvgZdhibek[_j_`_gbylh]^Zkfuke\`bagb
kfuke"
�_gv]b_klvdZdba\_klghg_kfukeghmgb\_jkZevgucwd\b\Ze_gl
Ijhklbl_q_fmwd\b\Ze_glq_fm"Wlhfm]heh^mkhjhd\hkvfh]h]h^Zdh]^Z^_\hqdZdjhr_qdm
bkdZeZgZihed_"^jm]bf^_\hqdZfmf_jrbfhl\hkiZe_gbyez]dbowd\b\Ze_gl"
Nz^hj\ug_dhjj_dlghklZ\bl_Gm_kl_kl\_ggh_keb^_\hqdbmf_jebQlh`[u\Zxl
g_h[jZlbfu_nZdluGh^Z`_dh]^Zih]b[gmlg_agZxdZdb_gb[m^vrZolzjubok_fvyf
\uieZqb\Zxldhfi_gkZpbx\Zfwlhg_ij_lblygZ^_xkv"
uijZ\uulhqghMf_gywlbdhfi_gkZpbb\k_]^Z\uau\Zebm`Zkgucijhl_kldZdfh`ghaZ
kf_jlvq_eh\_dZ\uieZqb\Zlv^_gv]b"?keb\^mfZlvkylhf_`^mq_fbq_fklZ\blkylh`^_kl\h"
Wllh\ugbdh]^Zg_gm`^Zebkv:ihkfhljbl_dZdhgb[vxlkyaZdhfi_gkZpbbwlbrZolzjuB
ykqblZxqlhZ[khexlghghjfZevghFh`_lm\Zk]^_lZf"\=_c^_ev[_j]kdhf
mgb\_jkbl_l_
Njb[mjkdhf
�gZ[_j_]ZoGznrZl_evkdh]hha_jZfbljbck_\heh^h\bqk^_eZedmjlmZaguc`_kldZd[u
h[\h^y\hh[jZ`Z_fu_[_j_]Zfh`ghk_[_iha\heblvZofg_ijhlb\gh[jZlv^_gv]bG_lN_^y
`bagvwlhg_=_c^_ev[_j]
uagZ_l_N_^yihlzjeh[dhgqbdZfbiZevp_\\uagZ_l_y\kz^mfZehlq_]h^_gv]b
�bf_xllZdmxg_\_jhylgmxkbem"he`gZ[ulvdZdZylha^_kvih^klZ\dZih^\hoBydZ`_lky
ihgye\kz^_eh\bobkqbkebfhklb
dZdhfkfuke_"
�Z^Zk_cqZkh[tykgxh\k_g_h[yaZl_evgh\h\k_g_gm`ghkjZamijbagZlvaZ^_gv]Zfb
\_joh\gmxp_gghklvHl\Zkg_lj_[m_lkyqlh[u\ukjZamkdZaZeb^_gv]b^hjh`_`bagb^hjh`_
�ex[\b^hjh`_;h]Z\dhgp_dhgph\G_lg_lhklZlhqghijbagZlvkZfmxkdjhfgmxp_gghklv
^_g_]hl^himklbfihelhjZ_\jhQlhlZdh_ihelhjZ_\jh"LzieZy[mehqdZmljhf\dZn_;jbhrv
&DIpDXODLWWlhp_gghklv"DZd\ukqblZ_l_:ggZlzieZy[mehqdZbf__ldZdmxlhimklvhq_gv
fZe_gvdmxp_gghklv"
�Z
�ZWlhfZe_gvdZyghp_gghklvWlhdhg_qghg_`bagvbg_ex[h\vwlh\fbeebhgjZa
f_gvr_Bklhihla^_kvfu^_eZ_fklhifbeebhgjZaf_gvr_Ohjhrhimklv[m^_lg_\
fbeebhg\fbeebZj^d\Z^jbevhg
P_gZ[mehqdbgZfba\_klgZihelhjZ_\jhQlhgZff_rZ_lkh\_jrblvijhklh_Zjbnf_lbq_kdh_
^_ckl\b_mfgh`b\ihelhjZ_\jhgZfbeebhgbebgZfbeebZj^"H^gh^\b`_gb_h^gZdghihqdZgZ
dZevdmeylhj_bfbeebZj^lzieuo[mehq_dhdZau\Z_lky\jh\_gvkex[h\vxbk`bagvxBk;h]hf
:_keb_szjZagZ`fzfgZdghihqdm"
Eh]bqghhdZ`_lkyqlh;h]f_gvr_q_fdmqZ[mehq_d
�Gmbqlh\uij_^eZ]Z_l_"g_^hmfzgghkdZaZefbljbck_\heh^h\bqHlf_gblv[mehqdm"
Bebhlf_gblvm^h\hevkl\b_hl[mehqdb"G_ihgbfZx
Yij_^eZ]Zxijbgylvij_^_evgh_jZa]jZgbq_gb_[mehqdZb\f_kl_kg_x\k_i_gkbb
dhfi_gkZpbbfbeebZj^_\jhdjmbaukbj_g_\u_[mdhevdbb\ky\hh[s_a^_rgyyfZl_jbZevgZy
beexahjgZyim^jZihh^gmklhjhgmjZa^_ebl_evghcebgbbkzwlhih]b[Z_l\f_kl_ka_fghx
:k^jm]hcklhjhgujZa^_ebl_evghcebgbb^jm]b_p_gghklbbf_ggh;h]bex[h\vHgbg_
ih]b[Zxlbg_jZajmrZxlkyghhklZxlky\h\_dbBg_bkqbkeyxlkygbdZdbfb^_gv]ZfbGb
fbeebhghfgbd\Z^jbeebhghfGbkhlg_c[mehq_dgbkhlg_cd\Z^jbeebhgh\[mehq_d
Wlh^_ckl\bl_evgh`zkldZyhiihabpbyww`zkldbc\u[hjDZdgbkljZggh^_gv]bgZfihfh]Zxl
_]hhkhagZlv
�Gmlh]^ZyaZ[mehqdmh[Zyl_evghjZkkf_yeky;_ey\kdbc;mehqdZlzieZyhgZiZog_lZ
bex[h\vf_`^mijhqbf;_a[mehqdblhdZdZyex[h\v"Beb\uijhqlhlhwnbjgh_"
ukf_zl_kvhiylvkdZaZeNz^hjk^hkZ^hc
�YkljZrghk_jvza_gjm]fhcN_^yahehlhcG_evaylZdfgh]hlj_[h\Zlvhlex^_c
Ohjhrhdh]^Z\Zf^\Z^pZlvq_luj_]h^ZDh]^Z_klviZiZkfZfhcOhlbl_[_jzl_[mehqdmG_
ohlbl_]hj^hhldZau\Z_l_kvhl[mehqdbghagZ_l_qlhgbdm^Zhl\ZkwlZ[mehqdZih[hevrhfm
kqzlmg_^_g_lky
:l_i_jvij_^klZ\vl_k_[_wlmg_kqZklgmx[Z[dmGmqlh\u[m^_l__ch[tykgylvijhk\_leh_aZ\ljZ
\jZx"?ck_]h^gy^h`blv[uihq_eh\_q_kdbKi_gkb_cKfbgbfZevgufdZdbflhh[_ki_q_gb_f
Qlh[uohlve_dZjkl\Zfh]eZk_[_dmiblvG_ijhkjhq_ggu_g_ba^_jvfZk^_eZggu_KdZdhclh
iexkfbgmkohlvq_eh\_q_kdhcibs_cK[mehqdhc\dhgp_dhgph\QlhhgZ[mehqdmg_aZkem`beZ
k_[_"
Qlh[uiZjblv\knwjZoN_^ygZfgm`_g^hklhcgucijh`blhqgucfbgbfmfM\um\uYg_]h\hjx
k_cqZkyolubebqgu_kZfhezluG_l^hklhcgucfbgbfmfblh]^Zfh`ghm`_jZkkm`^Zlvh
kfuke_kms_]hWlh]jm[hbgbadhyihgbfZxG_ih]_c^_ev[_j]kdbGhwlhijZ\^ZAZf_lvl_yg_
]h\hjxijh\ukhdbcmjh\_gvY]h\hjxfbgbfZevgh^hklhcguc
&#xu;&#xk;&#x_];&#x^Z;&#xi;&#xhl;&#xhj;&#xy_;&#xl_;&#xw;&#xlh;&#xk;&#xeh;&#xh;&#x;&#x^;&#xhk;&#xlh; g;&#xuc;&#x;&#x;&#x^h;&#xkl;&#xhc;&#xgu; ;&#x;u\k_]^Zih\lhjy_l_wlhkeh\h^hklhcguc^hklhcguchklhcgucq_]h"
:gbq_]hIjhklh^hklhcguc
�fbljbclh]^Zh[tykgbl_fg_hlwlhllhevdhqlhijha\mqZ\rbcijbf_jwlZklZjZy`_gsbgZ
HgZkijZrb\Z_l=^_fhyjh^bgZ"FuihgbfZ_fhgZ^jm]h_ohq_lkijhkblvHgZohq_l\ukdZaZlv
k\hzqm\kl\hjZkl_jygghklbihl_jygghklbhgZg_agZ_laZq_fijh`blZ`bagvqzf[uekfuke
i_j_`bluokljZ^Zgbc"
hl\ubkoh^ybak\h_]h^hklhcgh]hmjh\gyfh`_l_h[tykgblv"?cbfg_lh`_bgZf"qzf
[uekfuke"
G_lmkfukeZ@bagvijh^he`Z_lky\hlb\_kvkfuke:[hevr_gbdlh\Zfg_kdZ`_l
:yml\_j`^Zx_klvkfukeB_klvjh^bgZLhevdhjh^bgZwlZg_gZa_fe_ZgZg_[_hl_q_kl\h
gZr_g_[_kgh_k\_leucq_jlh]Fuk\ZfblZdgZau\Z_fu_h[jZah\Zggu_ex^bijhwlhaZ[uebZ
ijhklhcgZjh^ihfgblIjhklhcjmkkdbcgZjh^emqr_gZkrbj_gZkhgklj_fblkydk\ylug_
klj_fblkydijZ\^_GZfgZ^hmqblvky
Ijbf_j
Qlh"
�Z\Zcl_ijh^_fhgkljbjmcl_gZijbf_j_IhdZyqlhlhgbkeh\Zg_keurZeijhk\_leucq_jlh]
�Wg_lG_gZ^hlZdlsZl_evgh\u[bjZlvZ\Zcl_i_j\mxihiZ\rmxkyGZm]Z^IhdZ`bl_fg_
kibkhdhlwlm
9JZkkdZaijhdZ^jbev
�JZagZfyk_jZ[hlZeZih^oh^yldeb_glug_ojkg_ojhfGmg_ojlh_klvbg_ojblhkdZhlh]h
kljZrgucbOm[u\hllZdb_qzjgu_hoGhjZa]h\Zjb\ZxlihjmkkdbqbklhKlm^_glu
�\ZjZaZmf_gy[jZebihgjZ\behkvbffhzfykhb\kzJz[jZhgbex[yloh\y`vbHgb_szkhfghc
ihagZdhfbebkvaZ[ueZdZdboihbog_fmah\mlghhgbihgZr_fmkdZaZebgZih^h[b_
GmyaZ\_kbeZbih^txfhjbeZg_fgh]hHcdZdb_`\udjZkb\u_]h\hjxYlZdmxiZjm
djZkb\mx]h\hjxj_^dh\b`mGmih^txfhjbeZ
:hgZfg_uagZ_l_fuq_j_af_kyp`_gbfkyydh]^Z[m^mgZjy^ghcfu_szdjZkb\__[m^_f
GmylhlZdZyk^_j`ZggZyy_kebih^rmqmykZfZg_kf_xkv:khk_^dblhfhbFbedZbFZrdZ
dZdklhyeblZdbihiZ^Zebih^ijbeZ\hdbfg_m^h[ghi_j_^gbfbkf_ylvkyZmgbo^Z`_kezau
l_debhlkf_om
Y]h\hjxGm\ukhk\Z^v[udmkhq_dlhdZdhcgb[m^vijbg_kbl_qzlZfih\Zr_fm]hlh\yllh
Hgbihlhfijbg_keb[mluedmdhgvydZgZfBqzlhdZdh_lhka_e_gvxkbogbfihbog_fmqzlh
k^_eZghFuki_j\Z\jh^_[j_a]Zeb:ihlhfihdmrZeb\dmkghGm\hldZdb_lhnjmdlulZf\kz
mdjZr_gh
:k\_djh\vfhyg_ojZm\b^_eZ"
Ih_oZeZlhj]h\ZlvdZjlhrdhcjZgvr_kZfb\ujZsb\Zebb_a^bebijh^Z\ZebGZ]gmeZkvdZjlhrdm
gZ[jZlvgZ[bjZ_lgZ[bjZ_l jZgvr_qZgu[ueblZdb_\fgZ\_kZoklZ\blZlZfg_ojklhbl`^zlv
dZjlhrdmlh
HgZ]eygmeZjZab\h[fhjhdmiZeZK\_djh\vGbdh]^Zg_ojZlhg_\b^ZeZGmwlh[uehlhkhjhd
e_lgZaZ^bebljb^pZlviylvkdhevdhlZfh[fhjhdmiZeZ^Zwlh[uev?zhloZ`b\ZeblZf\kz
:lmlgZjugd_ijbdheuwlh\Zs_
hldZdfg_aZ[he_lve_lfh`iylvgZaZ^^hqdZijb_oZeZihfh]Zlvih^Gh\uc]h^HgZ_szg_
aZfm`_f[ueZIh^Gh\uc]h^gZ^hihfh]ZlvlZfbilbqdbijb\_azrvbwlhMklZebkg_c
\uoh^bfkjugdZKlhcklhjhgu\hldZdlm^ZgZZjrZ\dm:fhjhaB\^jm]^\ZlZdb_[hf`bK
ih^\ZeZhldm^Zlh\ukdhqbeb
Y\hh[s_\k_o[hf`_clmlagZxgZjugd_\k_]^Zbfih^Zzrvhgb\hgxqb_\k_hl^Zrvlhevdh
qlh[ug_ih^oh^bebGhwlbo\jh^_g_ihfgx
B^mlgmgbdZdb_h[ZGZgzfrhjlugZg_cdZdZylhx[dZdhjhldZyk_\kbgydZo\k_gh]b\
[heyqdZog_aZklhehfkdZaZlvHgbgZkm\b^_ebbhklZgh\bebkvijyf\hllmlaZm]ehfBfu
hklZgh\bebkvkFZjbgdhc
FugZqbgZ_fb^lbbhgbgZgZkb^ml
:y]h\hjxihc^zfqz[hylvkylh"
�HgbijyfhgZgZk\hllZd]ey^ylqZ\jbfb@]eZaZfbb]h\hjylIh^Zcl_gZfjm[evgmih^Zcl_
jm[ev
:y]h\hjxHc\udZdb_djZkb\u_dZd\u^jm]gZ^jm]Zihoh`b:hgbijZ\^Zihoh`bdZd
[m^lhfm`k`_ghcHcdZdb_y\Zfk_cqZkg_lhevdhqlhjm[evy\Zf^_kyldmlhevdh\ug_
ih^oh^bl__sz[eb`_dgZf
Yg_fgh`dhlZdih^hreZ^_kyldmbfgZkg_]iheh`beZbhgbiZ^ZxlgZdhe_gdbh[hb
Gmh^bgZdh\hij_^klZ\ey_l_"FZjbgdZfhy\klhjhgmhlhreZgmhgZgZkf_yeZkvHgZ]h\hjbl
HcfZfZ
kaZ^b\ureZhgZdZdm\b^_eZwlmdZ^jbevlhHgbgZdhe_gdbbijyfh^\mfyjmdZfb_z
^_kyldmlhwlm\ayebbwlhlihlygmekybwlZFZrZfhyhgZ\h\_kvjughdj`ZeZdZdwlZhgZgZ
dmjZolh]^Zlhj]h\ZeZlZdZyfhj^h\dZHgZ\h\_kvjughdkf_yeZkvmg_ckezaul_debg_
fhj]Zxqb
:wlb\klZebdhcdZdb^hlh]hhkeZ[e_ggu_^jm]^jm]Z^_j`ZldZqZxlkybihreb
Yihlhf]h\hjxgZ^h[uehihkhlg_^Zlv:lhfuohjhrhih^Gh\uc]h^aZjZ[hlZebQ_]hlZf
^_kyldZlh^Z`_gZ[moZgdmoe_[Zg_o\ZlblGm_szdlhlh\klj_lbeky^Zebfiylzjhqdmhgb
gZ[jZebg_fgh]hgZ\_jgh_fh`ohlvih_klvlhHcgmwlh\hh[s_Y]h\hjxijyfhkezaul_deb
g_fhj]ZfrblZdZy[ueZdZ^jbev
�9,jm]h_fg_gb_hke_abgd_j_[_gdZ
�GmN_^y"\hklhj`_kl\h\Zefbljbck_\heh^h\bqMqbfkymgZjh^Z"
Fulml\kzijhfhjZZev\kzdZdb_lhmgZkk\Zfb^be__ffu:gZjh^\hlg_iZjblkyB
ij_djZkghk_[yqm\kl\m_lijZ\^Z"Kbgb_\rhjlZoabfhcgmkf_rgh`_OZohhq_l
M`Zkghh[b^ghaZwlboqzjguoj_[ylgZofmjbeZkv:ggZIj_^klZ\ey_l_N_^yhgb
hldjulhkh\k_c^mrhc
�Ijbqzffbljbck_\heh^h\bqjZa\_jgmekykh^ghcklhjhguwlb`bjgu_[Z[uGmZ
dZdb_hgb"Fykhflhj]mxlgZjugd_?k_kkgh`bjgu_\]jyaguooZeZlZofhj^h\dZwlZ]Z]ZgZ
\_kvjughdZk^jm]hcklhjhguyk_[_ij_^klZ\eyxfheh^u_qzjgu_j_[ylZhgb\ukhdb_
[u\Zxlyjdb_k^ebggufbgh]ZfbjmdZfbj_ZevghdjZkb\u_
HodZdh[b^ghdZdb_`_k\bgvb
�Zg_lhlfZogmeky;_ey\kdbc^Z`_g_k\bgvbZlZdijhklu_dZd^\_dhi_cdb
�Z^Za^_kvykh]eZk_gmg_zg_[uehki_pbZevgh]hmfukeZhkdhj[blva^_kvkdhj_cijhklhlZ
G_rlhk\ylZy"
G_lg_lh[uqgZyijhklhlZg_\hkiblZgghklvukh\_jr_gghijZ\bevgh]h\hjbebNz^hj
j_rbeg_h[jZsZlv\gbfZgbygZ\uiZ^;_ey\kdh]h\u]h\hjbebqlhjmkkdb_\kmsghklb
^_lba^_kv_klvg_\hkiblZgghklvbg_aj_ehklv\uijZ\ubh[b`Zxl^jm]bog_ih^mfZ\dZd
^_lbGh\_^vb\_jyldZd^_lbKljZ^ZxldZd^_lb
uagZ_l_\^jm]ijhk\_le_eN_^yZ\_^va^_kv\Z`gZyfukevY[md\Zevghk_cqZkqlhlh
ihgyekms_kl\_ggh\Z`gh_?kebjmkkdb_^_lblhagZqblkljZ^ZgbyjmkkdbowlhkljZ^Zgby
^_l_c"IhemqZ_lkylZd"
&#xk;&#xh;&#xz;&#xj_;&#xfy;&#x;&#xy;&#xm`;&#x_;&#x]h;&#xh;&#xjb;;&#xy;&#x^;&#x_e;&#xZe;&#xh;&#x^g;&#xm;&#xjZ;&#x[h;&#xlm;&#xh;�k\hz\j_fyym`_]h\hjbey^_eZeh^gmjZ[hlmhhklh_\kdhf
��eyhklh_\kdh]hdexq_\Zyijh[e_fZkljZ^Zgb_ijhq_f\kydZynbehkhnbylhevdhlh]^ZgZ
�fhc\a]ey^aZkem`b\Z_l\gbfZgbydh]^Z]h\hjblhkljZ^Zgbbq_eh\_dZGhhklh_\kdbc
khagZl_evghmkeh`gy_lbh[hkljy_laZ^Zqmb[_jzl\nhdmkkljZ^Zgbybf_ggh^_lkdb_JZamf__lky
�fhgheh]hke_abgd_j_[zgdZaZl_fkhgfbljbyDZjZfZah\Zijh^blzqlh[ug_ieZdZeh
^blz
fh_cjZ[hl_yijh\h^befukevqlh^blzwlh\hh[s_q_eh\_dex[hcq_eh\_dqlh
�hklh_\kdbca^_kv^_eZ_lmgb\_jkZevgh_h[h[s_gb_Ghihkfhljbl_\kz[hevr_\hh^mr_\eyeky
N_^yDlh^_ckl\m_l\kZfhcihke_^g_c]eZ\_DZjZfZah\uo":e_dk_cDZjZfZah\bfZevqbdb
:DZjZfZah\uhdZaZebkvihke_^gbfjhfZghf\_jrbghcagZqbl\kZfhcihke_^g_c]eZ\_
�]hj^uodZd\ufbljbclhevdhqlhbah[jZabeb
��Zevr_qlh\ihgbfZgbbhklh_\kdh]hjmkkdb_fZevqbdb"=eZ\guo]_jh_\B\ZgZb:e_dk_yhg
ijyfhlZdgZau\Z_lB\Zg]h\hjblGhyh^gh]hjmkkdh]hfZevqbdZ:e_rdmm`Zkghex[exB
^Zevr__szjZkrbjy_lB\Zg]h\hjbl\hlih`ZemcklZQlh\?\jhi_]bihl_aZlhmjmkkdh]h
fZevqbdZlhlqZk`_ZdkbhfZBg_lhevdhmfZevqbdh\ghbmijhn_kkhjh\ihlhfmqlhbijhn_kkhjZ
jmkkdb_\_kvfZqZklhmgZkl_`_jmkkdb_fZevqbdbu\b^bl_"Hgk_^uojmkkdbo
ijhn_kkhjh\lh`_ijbqbkey_ldfZevqbdZf\uoh^bla^_kv\hajZklg_\Z`_guoh^blqlh\
\ujZ`_gbbjmkkdb_fZevqbdbfh`ghihklZ\blvlbj_bebjZ\_gkl\hJmkkdb_fZevqbdb
�jmkkdb_kmlv\k_fZevqbdbjmkkdb_jZ\ghfZevqbdbLh_klv\ukhklh_\kdbf\wlhf
kh]eZkgu
�GhkZfh_]eZ\gh_^Zevr_KZfh_]eZ\gh_\lhfqlhhklh_\kdbckfhlj_ehl?\Zg]_ebybg_fh]
kfhlj_lvgbdZdbgZq_
:qlh\?\Zg]_ebbkdZaZghhih^jhkld_h[hljhd_hj_[zgd_"
Bijba\Z\BbkmkhljhqZlh_klvhljhdZfZevqbdZihklZ\be_]hihkj_^bmq_gbdh\H^bg
k_j[ihdZau\Zefg_klZjbggmxnj_kdmbebbdhgmBdhgm=hkih^v^_j`bljmdmmfZevqbdZgZ
]heh\_ijbqzfagZ_l_g_ke_]dZijbdZkZ_lkyZ\k_cjmdhcdj_idh^_j`blIhklZ\beihkj_^_
bobj_q_Zfbgv]eZ]hex\ZfZs_g_h[jZlbl_ky?kebg_h[jZlbl_kvg_i_j_f_gbl_kvbg_
klZg_l_dZd^_lblhg_\hc^zl_\PZjkl\hG_[_kgh_B\^jm]hff_kl_b`_Zs_g_ijbbf_l
PZjkl\by;h`byydhhljhqZlh_klvdlhg_ijbf_lPZjkl\Z;h`bydZd^blyg_\hc^zl\G_]h
AgZqblqlhihemqZ_lky"?kebjmkkdb_Z\ukZfblZd]h\hjbl__kebjmkkdb_^_lb
ih^jhkldbhljhdbjmkkdb_fZevqbdbagZqbljmkkdbcgZjh^bgnZglbevgucdZd\u
]h\hjbl_ijhklhcagZqbl\kzlZdbhgihemqZ_lkyi_j\uc\hq_j_^b"H^bgbai_j\uo"_^v
ihemqZ_lkylZd"
�Hla^hjh\h\uimqbekyfbljbck_\heh^h\bqLh_klvwlZ]jyagZy[Z[Zk]h\y^bghc
dhlhjZyaZ`bfZ_lghkijb\b^_[hf`_cbdhlhjZyj`zldh]^Zwlbex^b\klZxlgZdhe_gb
Wlh_zih^jm]Zkf_yeZkv
\klZxlgZdhe_gbqlh[uih^gylvka_febwlb`Zedb_^_kylvjm[e_cdhlhju_hgZih[j_a]h\ZeZ
^Zlvbf\jmdbbdhlhjZygZkf_oZeZkvgZ^wlhcqzjghc^_\qhgdhchgZi_j\Zy\hq_j_^b"
BklbggZyZjbcdZ"
:qzjgZy^_\mrdZihlhfhdOZfZ_kebg_hrb[ZxkvdhlhjZy_chl^mrbjZkkdZaZeZijh
kh[kl\_ggmxk\Z^v[mih^_ebeZkvkg_cjZ^hklvxijbg_keZ\dmkghc_^ub[mluedmbf_`^m
ijhqbfg_ib\ZZdhgvydmijblhfqlhhgbkfm`_fklm^_glubfh`_l[ulvmg_zg_hq_gvlh
fgh]hebrgbo^_g_]b]eZ\gh_qlhaZ\k_cih^]hlh\dhcaZ\k_fb\heg_gbyfbg_aZ[ueZ
G_\abjZygZk\Z^v[mkh[kl\_ggmxg_aZ[ueZagZqblhgZm\ZkwlZ^_\qhgdZ\pZjkl\h
g_[_kgh_\hq_j_^bih^h`^zl"AZ]jyaghc[Z[hc
Gmihq_fm
]jyaghc[Z[hck]h\y^bghc"OZZjjhrZym\Zk[m^_ldhfiZgby\pZjkl\_g_[_kghf
Gmihq_fmh[yaZl_evgh[Z[Zk]h\y^bghc"bkdj_gg_h]hjqbekyN_^y
�:dlh"M\Zkkhklh_\kdbf\k_]^ZihdZZ[kljZdlghZojmkkdbcgZjh^[h]hghk_pZdZd
dhgdj_lghlZd[Z[Zk]h\y^bghc
lZdZydZd_klvIjhklZyJZ\gZykZfhck_[_Wlh\u\kziulZ_l_kv[ulv^jm]bfbZhgb\k_jZ\gu
k_[_hgbdeZkkgu_hgb`b\u_HgZihk\h_fmdeZkkgZyg_]juihk\h_fmWlh\Zfg_ghjfZevgh
Zbf\kzghjfZevgh
;hf`m\rhjlZoabfhclh`_ghjfZevgh"
;hf`m\hh[s_\i_j\mxhq_j_^vuhlebqgh\u\h\j_fy\kihfgbebijh[hf`Zukfhljbl_gZ
[hf`ZbkjZam^mfZ_l_^bdZykljZgZkjhqgh\Zeblv\R\_cpZjbx:luk\_jdgmeZhgZ]eZaZfb
gZNz^hjZlukjZam^mfZ_rvZog_kqZklgucKljZ^Zgb_g_kljZ^Zgb_hljhdG_agZx
\hh[s_qlhlu^mfZ_rv:lukijhkb_]hfh`_lhgk\hzkljZ^Zgb_g_ihf_gy_lgZl\hz
g_kljZ^Zgb_"u`_h[ZgbjZam_]hg_\b^bl_wlh]h[hf`Z\u\b^bl_\Zrbl_hjbb:[Z[Zk
]h\y^bghc_]h\b^blhlebqgh\hgxqbchgZhlg_]hfhj^m\hjhlbl@ZedhklZehhgZ_fm
ih^ZeZG_`Zedhg_ih^ZeZKf_rghkf_zlky:g_lukhk\hbfdZjlhggufkhqm\kl\b_fIh
q_eh\_q_kdbg_ihl_hjbbq_eh\_q_kdZyj_Zdpby
H^gZdh^h\hevgh`_klhdZyj_Zdpbyg_gZoh^bl_"eZkdh\hkijhkbe;_ey\kdbc
:`bagv\hh[s_`_klhdZykhh[sbeZEzeyB]jyagZyBhiZkgZyZ]ZBgZkbeb_BjZa\jZl
f_`^mijhqbfBqlh"Gm^Zfh`ghaZe_alv\ijh[bjdm\R\_cpZjbxb\ijh[bjd_ijh`blv
Beb\p_jd\b\kx`bagvk\_qdbdZdb_lhi_j_klZ\eylvLhevdhgZnb]"
H]hhllZdWgb]fZjZkohohlZeky;_ey\kdbckljyogmmeZ
N_^ykfhlj_egZdZdhclhi_j_dhkb\rbckybebgZbkdhkhdijbebirbcij_^f_lkg_hkhagZgguf
`_eZgb_fqlhlhbkijZ\blv\_jgmlvgZf_klhbebgZh[hjhlhlhj\ZlvihdZ\^jm]g_ihgyeqlh
kfhljblgZijyfhm]hevgmxEzebgmlZlmbjh\dmHgZ[ueZgZg_k_gZgZbkdhkvbihoh`ZgZ
i_j_\_jgm\rmxkydebikmbebihemklzjrbckyieZklujvbebfh`_l[ulv\u[b\rbckym]he
\hjhlgbdZbebehkdmlh^_`^u
N_^ybkiulu\ZekljZggh_qm\kl\h\jh^_dZdh]hlh\gmlj_gg_]h]heh\hdjm`_gbyHgkfmlgh
qm\kl\h\Zeg_dmxijZ\^m\lhfqlh]h\hjbeZEzeyb^Z`_\lhfqlh]h\hjbe;_ey\kdbcijh
]jyagmx[Z[mbg_]jblygdmgh\lh`_\j_fyqm\kl\h\Zebg_ijZ\^mlh`_g_jZ\gh\_kb_
djb\bagmKlh]hfhf_glZdZdEzeykdZaZeZqlhjZa^_\ZeZkv\dZdhflh[Zj_mg_]h\gmljbqlhlh
[m^lhi_j_dhkbehkvbgbdZdg_\klZ\ZehgZf_klh
�:qlh\uagZ_l_hl^mrbhlkf_y\rbkvfbljbck_\heh^h\bq^Z`_\ul_j]eZaZu
agZ_l_m\Z`Z_fu_dmevlmjheh]b\kzwlhhdZau\Z_lkyaZ[Z\gh
G_agZxdZd\uZy]hlh\ijh^he`ZlvBgl_j_kghdm^Zwlh\kzfh`_l\uieulvijh[bjd_
k\_qdb[jZ\h
Gh\kz`_dR\_cpZjbbgZdehgbekyhgdEze_dR\_cpZjbb\uijbkfhljbl_kv_jrbgZ
?\jhiuOZcl_dQbkluc\ha^moKghm[hj^hiylv`_\ex[mxfbgmlm
�Gm"\b`_fky^Zevr_"
9,,Ih\_klvhlj_ofm`vyobebG_hdhgq_ggZykbfnhgbyI_j\ucfm`
G_g_g_Yg_ivxdhn_gbdh]^ZGbdh]^ZHghfg_g_bgl_j_kghIhlhfmqlhmf_gy^Z\e_gb_
h^bqdbgZevzl_ihlhfmqlhfh]ml[ulv\kydb_g_j\uihljyk_gbyG_fgh`dho\Zlbl
GZk\k_]h[ueh\k_fv_iylvq_eh\_d;jZlv_\k_klzjY[ueZlj_lvbfj_[zgdhfgbkx^Zgblm^Z
F_gyg_ex[beb
G_lG_ex[beb
kfZl_jvxk[Z[mrdhcgZihe_kdeZ^u\Zeb\hlgZlZdb_\ug_agZ_l_qlhwlhlZdh_g_agZxdZd
kdZaZlv^m]blZdb_]gmebkyi_j_ly]u\Zebkv\_jz\dhcbhgb[uebrbjhdb_qlh[uih[hevr_
gZeh`blv\h[s_fdZdghkbedb[hevrb_ghkbeb
�hfbd[uer_klvgZq_luj_dmogybdhfgZlZ:`beb\hlkqblZcl_[Z[mrdZhl_pfZlv
hlph\Zk_kljZ_szk_kljZh[_bok_klzj^\ZkugZagZqblwlh^\hxjh^gu_gZrb[jZlvyl_i_jv`beZ
kgZfb[Z[mrdbgZlzldZZgZfm`dlhhgZ^h\h^beZkvy^Z`_lhedhfg_agZxlZdL_i_jv
�ijb_a`ZelzlbLZgbgfm`bgZkiyl_jhijZ\bevgh"_\ylvbiylvb\hlfu\k_`bebGZdmog_
[ueZdjh\Zlvb\dhfgZl_djh\ZlvZfu^_lbkiZebgZihemFZljZkh\\lh\j_fyg_[uehgh[ueh
�q_]hlhfy]dh_Z\hlq_]hi_jbgZ[ueZ_j`Zebk\hbo]mk_cdmjbgZ[b\Zeb[hevrb_i_jbgu
Kl_ebebgZiheLZd[uehgZfm^h[g__ihlhfmqlhf_klZgZ^h[uehfgh]h
LZdqlh\hlk_fvylh[hevrZyZlhedm
&#xr;&#x_k;&#xlv;&#x^_;&#xky;&#xl;&#xk_;&#x^v;&#xfh;&#x]h;&#x^m;&#xi;&#xjb;&#x_o;&#xZe;&#xZ;&#xhl;&#xph;&#xZ;&#xk;&#x_k;&#xlj;&#xZ; a;&#x];&#xhj;&#xh^;&#xZ; m;&#xib;&#xgk; Z;&#x;&#x]h;&#xhj;&#xbl;&#xZf;&#x_;&#x;�r_klv^_kylk_^vfhf]h^mijb_oZeZhlph\Zk_kljZba]hjh^ZDmibgkdZ]h\hjblfZf_Z\Zcy
dh]hlhba^_\qhghd=ZexbebZexaZ[_jmdk_[_Ihlhfmqlhmg_zjh^bekykug=h\hjbl
;m^_lmf_gyoh^blv\rdhembaZj_[zgdhfY[m^mjZ[hlZlv lZfdZdlhihkf_ggh\fbagZqbl
[m^_lmf_gy\]hjh^_\kzlZdb`blvg_\^_j_\g_b[m^_lemqr_
YihfgxdZdyohl_eZih_oZlvYhq_gvohl_eZGhhgZkdZaZeZG_l=Zebgmyg_\havfmhgZ
kljhilb\Zy:ZeyhgZihkihdhcg_cy_z\havfmkkh[hc
M_oZebGmZihlhf`bagvihreZlZdqlhlzldZ[ueZhq_gvgm\h[s_f`_klhdZy`zkldZy
ex[beZkZfZih]meylvhl^hogmlv^eyk_[y:Zey^_l_c^\hbo_c\hkiblZeZGh^hfhchgZ
ih[hyeZkvkdZaZlvqlh_ciehoh`behkylZfgbdh]^Zg_kdZaZeZ
Bkemqbeky\hllZdhckemqZcGZdjZxmebpu`beZ`_gsbgZi_gkbhggh]h\hajZklZDg_cijb_oZeZ
kghoZkih^Fhkd\uhlkx^ZkMki_gkdh]hIjb_oZeZb]h\hjblhlmf_gyk_kljZ_zkug
jZahrzekyk`_ghcbfuohl_eb[ugZclbohjhrmx^_\hqdm:lhq_]h]h\hjblblvdZlh
gZr[helZ_lkykx^Zlm^Z:hgZ_c]h\hjblwlZih`beZy`_gsbgZLZdmgZka^_kvihmebp_
`b\zlk_fvylZflZdZy^_\hqdZaZf_qZl_evgZyKt_a^beb[uihkfhlj_ebihgjZ\blkylZdb
aZ[jZeb[u
Ghfuwlh]hgbq_]hg_agZebdhg_qgh
Bi_j_^Gh\uf]h^hfwlZZeyk_kljZdZdjZaijb_oZeZdgZfDjh^bl_eyfgZGh\uc]h^
Ljb^pZlvi_j\h]h^_dZ[jyijb[_]ZxldgZfkn_jful_e_nhgh\\^hfZo`_g_[uehiha\hgbebgZ
n_jfmkdZaZebqlh[Zeykjhqgh\_jgmeZky\DmibgkdQ_]hlZdh_g_agZ_fHgZih_oZeZ
ureZkih_a^Z_z\klj_qZxlA^jZkvl_a^jZkvl_:fu\hlijb_oZebihagZdhfblvkyklh[hchl
fheh^hcq_eh\_dagZdhfvl_kvwlhbly
HgZYZey
Ijyf\hae_ih_a^Zijyfmi_jjhgZ
Ijbreb^hfhcklhegZdjulucklhblGmbblvdbgZfZlvbeblzldZ_c]h\hjblGZfkdZaZebqlh
luohjhrZy^_\hqdZbg_ohq_rveblu\uclbaZfm`"
�Z\hllZd\i_j\uc\_q_j
HgZ]h\hjblDZdlZd\uijb_oZebaZfm`ygbq_]hg_agZxbg_bf_xygbdZdh]hihgylby
HgbFuijb_oZebaZlh[hc
HgZ]h\hjblGm\uijb_oZebohjhrhghmf_gy\hi_j\uo_klvjh^bl_ebblzldZ_klvmdhlhjhc
:fulh\^_j_\g_mk_[ykb^bfgbq_]hg_agZ_flhjh]hyg\ZjyyihfgxdZdk_cqZk\ulZsbeb
[Zgdbljzoebljh\u_fulv[Zgdbqlh[ude_lm]hlh\blvkydhgk_j\Zpbx^_eZlvh]mjpu
ihfb^hjuLZdZy]hjZ[Zghd\^jm]^\_jvhldju\Z_lky`_gsbgZ\hhlklZdufb]jm^yfbbk
i_kpZfbgZie_qZoMgZk]eZaZgZeh[B_szlzl_gvdZaZreZ\hhllZdZylh`_
A^jZkvl_a^jZkvl_
udlh"
Fu\hlijb_oZebbZe_glbgmLZjZkh\gmkkh[hcijb\_aeb
ZevdlhwlhlZdb_"
�Z\hlijb_oZebihagZdhfblv
HgZihlhffg_khagZeZkvGbex[\bmgbog_[uehgmdZdh_lZfaZh^bg^_gv"Gbhlghr_gbc
gbdZdbogbq_]hwlh`ijhklh\hlq_eh\_dkih_a^Z\ur_eA^jZkvl_a^jZkvl_^Z\Zcih`_gbfky
L_f[he__hgklZjr_hlg_zgZ\hk_fve_l
HgZfg_]h\hjblYih^mfZeZihkb^_eZih^mfZeZbykdZaZeZ^Z
Y]h\hjxZevaZq_f"
Yih^mfZeZ]h\hjblgm\hly\hkiblu\Zxqm`bo^_l_cQ_fqm`bolh\hkiblu\ZlvlZdm`
emqr_k\hbo
Bhgblh`_aZwlb^gb_zh[jZ[hlZebfheih_^_rv\Fhkd\m:qlhhg`_gZl[ueg_kdZaZebHg
`_[ue`_gZlblylhbjZa\zekyHgb\lbomxhlgZkwlhkdjueb
Hl_phl_p\kzlZdb_zex[behq_gvkbevghHgkdZaZe?kebhgZkh]eZkgZlhyg_ijhlb\Gh\kz
jZ\gh^he`guihkb^_lvjh^gu_b[ebadb_ih]meylvBkdZaZeK\Z^v[mku]jZ_fa^_kvdZdmxfu
fh`_f
G_\_q_jhdZ[ueZk\Z^v[Z^gzfgh[_aieZlvyb[_anZluihlhfmqlhg_[ueh`_gbdZdhc
ih^]hlh\e_gghklbIjb^Zgh_\kzkh[jZebdZdh_q_]h[uehbhgb^_kylh]hyg\Zjym_oZebm`_
\Fhkd\m
Gmb\hllZdhgZklZeZ`blvijb`beZ^\mo^_l_c
K\_djh\vmg_zjZ[hlZeZ\=hjdZo^_kylv^bj_dlhjhffZ]ZabgZ@beZohjhrhaZ`blhqghbf_eZ
^_gv]bgmqdmhq_gvex[beZDZdaZjZ[hlgZyieZlZhgZ_oZeZ\j_klhjZgkj_[zgdhfdhjfbeZ_z
qzjghcbdjhcdjZkghcbdjhc[ml_j[jh^Zfb;Z[mrdZk\gmqdhcDhjfbeZ\k_f\k_fgZk\_l_b
fhjh`_gh_bgZdZjmk_ebbihk\ysZeZ_cp_euc^_gvWlh[ueh^_ckl\bl_evghlZd
Ghfhyk_kljZ[ueZjZ[ugybaZmjZgZklhysZyDq_fm_z^himkdZeb"K\_djh\v\ayeZ\fZ]Zabg
kgZqZeZm[hjsbp_cihfueZiheum[jZeZkyihlhfml_[y^_lb"B^bd^_lyfdZd]h\hjblkyB\hl
hgZm[bjZeZkvklbjZeZjZ[hlZeZZkqZklvybdZdkdZaZlvfm`kdhceZkdbhgZg_\b^_eZ
Jh^beZ\lhjh]hj_[zgdZGh\_^vj_[zgdZjh^blvwlh`_g_]h\hjblhlhfqlhkqZkleb\q_eh\_d
hlybf_xj_[zgdZbyg_agZxqlhlZdh_ex[h\vijh`b\k\hb]h^u
AZfm`y\uoh^beZg_ihex[\bYk\_djh\bihgjZ\beZkvdZdohaycdZdZdmf_eu_jmdbYjZ[hlZeZ\
klheh\hc\^_ihJZ[hlZeZih\Zjhf:hgZm[bjZeZklheuGmdmohgghcjZ[hq_cBdZdy^_eh\Zyb
\kzmf_xhgZf_gyijb]eZkbeZdk_[_^hfhcihfhqvihjm[blv_cdZimklmYijb_oZeZ
ihagZdhfbebkyk_zkughfB\hlkwlh]hfhf_glZaZ\yaZehkymgZkk_zkughfdZd]h\hjblkygm
hlghr_gby
Lh_klv\kzlZdb\u\ex[bebkv"
klZeZ`blvghy[jvb^_dZ[jvGhaZfm`hgfg_g_ij_^eZ]Ze
:k\_djh\v\yg\Zj_\i_j\uoqbkeZo]^_lhm`_]h\hjblG_m^h[ghfhehlkhk_^_c
Koh^bl_ih^Zcl_aZy\e_gb_Gm^eyijbebqbyQlh[ug_[uehwlbo\k_ojZa]h\hjh\
Fuih^ZebaZy\e_gb_
u]h\hjbl_h[uqgZy`bagv^\moex^_cubf__l_\\b^m\ug_[uebjZkibkZgugh`bebdZd
fm`k`_ghc"
�Qlh\uQlh\uZfug_agZebwlh]hgbq_]hY`beZmgbo\^hf_YaZfm`lh\uoh^beZ^mfZeZ
qlhihp_em_rvkyb^_lb[m^ml
u^\Zf_kypZ`bebm[m^ms_]hfm`ZbkqblZebqlhihp_em_l_kv^_lb[m^ml"
�Zwlh[uehlZd
Kdhevdh\Zf[uehe_l"
Fg_[ueh^\Z^pZlv
�\Zf_kypZ`beb\f_kl_g_p_eh\Zebkv"
P_eh\Zebkv
B\kz"
kz kf_zlky\f
�\Zf_kypZ"
�Z^\Zf_kypZWlhm`_ijhbahreh\kzihlhhfMgZkjZa]h\hjh\^Z`_h[wlhfg_[uehFuqlh
\ufuij_^klZ\e_gbyg_bf_ebOh^bebkj_[ylZfb\rdhe__szijboh^bebkZ^bebkygZ
kdZf_cdb]blZjZb]jZeZ^jm`bebGhqlh[dlhgb[m^vdh]^Zgb[m^vih^mfZehlhfqlh[uwlh
[ueh\ihkl_eb"uqlh
GhijZ\^Zf_gyohl_eh^bgfheh^hcq_eh\_dbagZkbeh\ZlvWlh[uehGhy_fmg_ih^^ZeZkyOhly
hg[ueklZjr_hlf_gygZljbbebq_luj_]h^ZhgkhjhddZdh]h`_Khjhdk_^vfh]h"Lh]^ZgZ
iylvGZiylve_l
Fg_[ueh\hk_fgZ^pZlve_lZ_fmihemqZ_lky^\Z^pZlvljb
u\kzwlhihfgbl_"
YdZ`^uc]h^ihfgxDZ`^h_qbkehDZ`^h_\kzIhlhfmqlh`bagv[ueZlZdZyqlhhgZhldeZ^u\ZeZ
k\hbg_ohjhrb_hli_qZldb
Hg[uek^jm]hc^_j_\gbIjb_oZegZ\_ehkbi_^_]h\hjbl=Zevihc^zfk_]h^gy\dbgh:
h[jZlgh\k_]^Zoh^bebj_[ylZk^_\qhgdZfbih^hjh]_:\wlhljZahgkf_gbefZjrjmlblZf
lZdZyihkZ^hqdZg_[hevrZy
Y]h\hjxIhq_fmlZdb^zf"
�:hgfg_ZfhedZdZyjZagbpZ"lZf^hjh`dZgbdlhg_\b^blgmgZrzeij_^eh]
q_eh\_db^Zlvm`_ihijh[h\Ze^_\hq_dbbf_eij_^klZ\e_gb_GmZywlhym`_k_cqZk[blZy
dZd]h\hjblkyZ\lh\j_fyg_khh[jZ`ZeZ
Gmb\jh^_[up_eh\Zlvkyihrzelhiylh_^_kylh_ZihlhfgZqZeaZ`bfZlvbohl_edhg_qgh
bagZkbeh\Zlv
Ghyq_eh\_dkbevgucyaZgbfZeZkykihjlhfaZgbfZeZihrdhe_i_j\h_f_klhY_]hm^ZjbeZih
[Zrd_kbehc\uj\ZeZkvgmboh^m
:\_ehkbi_^lhkgbf[ue\hlq_]hihf_rZeh_ehkbi_^lh_]h`g_evay[ueh[jhkblv
�\Z^pZlh]hn_\jZey[ueZk\Z^v[ZQ_j_a]h^kebrgbfmgZkjh^bekykugB_]h\uau\ZxlgZ
i_j_dhfbkkbxfm`Z
IhlhfmqlhhgjZgvr_jZ[hlZegZobfaZ\h^_bmg_]hh[jZah\Zehkylzfgh_iylghgZez]dbo?]h
dhfbkkh\ZebkaZ\h^Zlh`_aZ[jZebBhgmkljhbeky]^_[_lhggu_ieblu^_eZeb
Blml_]hi_j_h[ke_^mxlaZl_fgzgguoiyl_ggbdZdbog_lgbq_]hbijboh^blih\_kldZB\
^\Z^pZlvq_luj_]h^Z_]haZ[bjZxl\Zjfbx:yhklZxkykj_[zgdhfdhlhjhfm]h^b^\Zf_kypZ
Yhlpmk\h_fm]h\hjxIZi_]h\Zjfbx\ayebykj_[zgdhfihdZ\_jgmky^hfhc"HgkdZaZe
G_lLuijbreZ`blvlm^Zbqlh[g_kdZaZebqlhlu]meyeZlZkdZeZkvhklZ\ZckylZfihdZf_klv
fm`g_\_jgzlky
YhklZeZky\^hf_khk\zdjhfk\_djh\vxkaheh\dhck[Z[mrdhckbog_cbk^_^mrdhcYbf[ueZ
\u]h^gZihlhfmqlhmf_eZ\kzMf_gyj_[zghdfZe_gvdbc]h^^\Zf_kypZydheykhqdm\am[u
fhehqdh\[mluehqdmgZh]hjh^dZjlhrdmihkZ^blvdZimklmihfb^hjqbdbh]mjqbdb\kz
�ihlyiZlvdmjhqdbhfZ\h^\hj_\h^ug_[uehoh^beZdkhk_^yfaZ\h^hcM]hev^jh\Z\kz
jm[beZkZfZ:\k_bogb_dZd]h\hjblkyjh^kl\_ggbqdbjh^gu_dlhhl^uoZedlh]meyeyd
\_q_jm^he`gZ[ueZijb]hlh\blvdmrZlvgZ\k_oHgbijboh^bebdmrZebbmoh^bebyhklZ\ZeZkv
kgh\Zm[hjdZ]hlh\dZklbjdZh]hjh^wlh\kz[uehfhzLZdymgbo`beZ
�Fm`ijbrzekk_fgZ^pZlh]hgZ\hk_fgZ^pZlh_bxgy\Z]h^Zb^\_gZ^pZlv^g_cIjbrzehgghqvx
\hdhrdhihklmqZe
Dhg_qghieZdZeZ ieZq_l\f
Gh^he]hfug_ijh`beb
IjbrzehgkZjfbbb]h\hjblFg_iheh`_ghf_kyphlimkdZ
Gmfm`qbgZhg_klvfm`qbgZGZijhlb\^hfZ\hlq_j_a^hjh]mi_j_rzefZ]Zabgbgh
dZjluib\hbhghl^uoZ_l
Y\r_klvqZkh\mljZ\klZxh^_\ZxkvaZ\ljZd]hlh\exgZfm`Zj_[zgdZgZie_qhgZwe_dljbqdm
ihlhfmqlhmgZklZfj_dZ`_e_agucfhkl_kebi_rdhfqZkb^lbZwe_dljbqdhck_fv^_kylv
fbgmlYj_[zgdZgZjmdb^h[_`Zlv^hkZ^bdZb_szgZjZ[hlmmki_lvGZjZ[hlmZdZd`_"
J_[zgdm[uehk_fvf_kyp_\yihreZgZjZ[hlmfg_`blvg_gZqlh[uehGZqlhfg_`blv"Dlh
f_gy[m^_ldhjfblvh[_ki_qb\Zlv":kjZ[hlugm`gh^h[_`Zlvkgh\Z^hkZ^bdZgZwe_dljbqdmb
h[jZlgh
Y]h\hjxLu`__a^b_rv\p_gljohlvh^bgjZaaZc^b\^_lkdbckZ^aZ[_jb
:fg_g_dh]^Z
Y]h\hjxOhjhrh
Ijhrzebxgvf_kypbxevgZqbgZ_lkyZ\]mklf_kypy\b`mqlh^_ehg_k^\bg_lky\`bagbB\
p_glj_]^_^_lkdbckZ^ygZoh`m`bevzWlhagZ_l_qlh[ueh"M[Z[mevdbkZjZc\dhlhjhfjZgvr_
`beZdhjh\ZHgblZfi_j_h[hjm^h\Zebg_fgh`dhbklZebk^Z\Zlvoh^beZlm^Zdjh\Zlv^_lkdZy
gZrZdjh\Zlv]Zj^_jh[^\mokl\hjqZlucg_[hevrhc\kz
Ykh[bjZx\k_\_sbk\hb]h\hjxagZqbllZdFukj_[zgdhfmoh^bf`blvgZd\ZjlbjmYijbrex
fZrbgmkjZ[hlu?keblub^zrvkhfghc`blvagZqblk\hb\_sbkh[_jb?keblug_b^zrv
ih]jmabih`ZemcklZfhb\_sbb\h^bl_evfg_ijb\_azldm^ZgZ^h
Hgijb_oZek\_sZfb\kzih]jmabebmg_]haZ[he_e`_em^hq_dB_]hiheh`beb\[hevgbpmG_
ijboh^blvGhmf_gyq_eh\_q_kdZy^mrZ\kzgZk\_l_y^_gvg_ihreZ^\Zg_ihreZgZlj_lbc
^_gvkh[jZeZkyj_[zgdZkkZ^bdZaZ[jZeZbdmibeZihfgbl_jZgvr_[ueblZdb_d_nbj
jy`_gdZ[ZghqdblZdb_kl_deyggu_G_l\uwlh]hg_aZklZeb
IjbreZih]h\hjbebbwlh\kzkmohlZdkmohY]h\hjxEZ^gh\hlyl_[_ijbg_keZ\hl
d_nbjlhbkz\ulZkdb\Zxbakmfdbhl^ZxJ_[zghdk^_lkdh]hkZ^ZijhkblIZi^Zcfg_
jy`_ghqdb^Zckf_lZgdb
:hg]h\hjblFZfZfg_ijbg_keZ
?keb[yijbg_keZh^gm[Zgdm?keb[yijbg_keZ^\_[ZgdbY_fmijbg_keZr_klvHgwlb\k_
[Zghqdbiheh`be\dZjfZgbmrze
Fhcj_[zghddjbqZehjZeIZiZ^Zckf_lZgdbHgg_^zjgmekyg_h[_jgmekybg_^Zegb_^bghc
[Zghqdb:"NZdlhlebqguc
�LZdZevr_
Ydg_fm_szijbreZg_kdhevdhjZay_]hg_aZklZeZ\[hevgbp_YihgyeZqlhhg]^_lh]mey_l
Gh\[hevgbp_`_fm`bdbkheb^Zjgug_kdZ`mlGmdZdb`_gsbguGhfm`qbguyihgyeZom`_
`_gsbg\g_dhlhjuokemqZyoGmg_[m^_fk_cqZk
ur_ehgba[hevgbpu?sz`b\zf
:\lh\j_fyhgmf_gyohjhrhb]jZegZ]blZj_uklmiZe\ZgkZf[e_BhgagZqblfg_]h\hjbl
LuagZ_rvylZfgZrzeh^gh]h^jm]Zfg_gZ^hlm^Zkoh^blvgZkljhblv]blZjmlhiylh_^_kylh_
Gmb^b
Ihrze\_jgmekyohjhrbc
Gmohjhrh
Ijhoh^bl_szljbq_luj_^gyYk_]h^gyihc^mkgh\Zfu[m^_faZibku\Zlvqlhlh
B^b
Kgh\ZijbrzelZdhc
Ohjhrh
:ihke_wlh]hhdZaZehkvqlhhg\^jm`bg_MgZkgZjZ[hl_^jm`bgZh[jZah\ZeZkvbfuihc^zf
^_`mjblvih]hjh^m
YHq_gvohjhrh
Gmb\kz\lZdhf^mo_
:_szdh]^Zfumk\_djh\b`bebmf_gy[ueZlZdZy^eyfueZfuevgbpZY\k_^_g_`dbkdeZ^u\ZeZ
lm^Z\fuevgbpmBdh]^ZyaZ^_gx`dZfbihe_aeZqlhlhf_gypZiZgmeh^_g_`_dg_o\ZlZ_lY
\ayeZgZdhjh[hqd_k[hdmdZjZg^ZrhfgZibkZeZdZdZykmffZ
lhjhcjZaihe_aeZlZfg_lklhjm[e_c:\lh\j_fyklhjm[e_cwlh[uehijhklhkmfZkr_^rb_
^_gv]b
�Ihlhfhgfg_]h\hjblZcfg_^_gv]b
Y_fm]h\hjxLufg_kdZ`bih`ZemcklZ\hllZf\dhjh[hqd_lu^_g_]kdhevdh\aye"
Ygbq_]hg_[jZe
Y]h\hjxDZdwlhlZdg_[jZe"LZfklhjm[e_cg_lm
�Zwlhluh[kqblZeZky
Y]h\hjxIhc^zfY_]hih^\h`m\ulZkdb\Zxdhjh[hqdmZlZfk[hdmgZibkZghqbkehb
Gmyg_agZxdm^Z^_\Zebky
Y=^_^_gv]b"
HgYg_ihfgx
Y]h\hjxOhjhrh;h]l_[_km^vy
L_i_jvjZkkdZau\Zlv[m^mm`Zkgmx\_sv
AgZqblhgklZe^_eZlvlZdIjboh^bliylgbpZhgfg_]h\hjblYj_[zgdZaZ[_jmkkh[hcFu
m_^_fd[Z[mrd_qlh[l_[_g_f_rZlvIhlhfmqlhl_[_ihklbjZlvijb]hlh\blvm[jZlvky^jh\
gZjm[blvi_qdmgZlhiblvHgf_gyhk\h[h`^Z_lhlj_[zgdZihgbfZ_l_"qlh[u\jh^_fg_e_]q_
[ueh:yijb_^m\km[[hlm
Gmi_j\h_\j_fyijb_oZe\km[[hlm^_ckl\bl_evgh
:\h^bgij_djZkguc^_gvm_oZe\iylgbpmb\km[[hlmg_lb\\hkdj_k_gv_g_l:qlh[uj_[zgdZ\
^_lkdbckZ^_fm`_gZ^hh^_`^m"YihklbjZeZ\kzijb]hlh\beZIh_a^hllm^Zijboh^bl\k_fv
\_q_jZZh[jZlghrze\ihe^_\ylh]hK_fvk_fviylgZ^pZlvk_fvljb^pZlv\hk_fvbog_lY
^mfZxgmk_cqZkyijh\_jxq_fhgaZgbfZ_lkyb]^_j_[zghdY\ihe^_\ylh]hkZ`mky\i_j\uc
\Z]hgZlZf\k_]hh^gmhklZgh\dmIjhklhj_qdmi_j__a`Z_rvbhklZgh\dZ
Y\uoh`mbai_j\h]h\Z]hgZ:\Z]hgu\hllZdihemdjm]hfbmf_gy]heh\Zih\hjZqb\Z_lkyby
\b`mhg\uoh^blkihke_^g_]h\Z]hgZ
F_gyg_\b^bl
B^m[_]hfMk\_djh\bk\_lg_]hjblYk\_djh\b\^\_jvlmdlmdlmdHgZkibl
Y]h\hjx:]^_=_gdZ"
HgZHc^Zyg_agZx
Y]h\hjxDZdwlhlZd"\ufZlvhgaZ[jZed\Zfj_[zgdZg_agZ_l_":j_[zghd]^_KeZ\Z"
�HgZZhgkHev]hc wlhagZqblkaheh\dhck_]hk_kljhc\f
Aheh\dZjy^hf`beZAZoh`mdg_cj_[zghdfhciheaZ_lGm\ghjfZevghfkhklhygbbgZdhjfe_g
\kzY]h\hjx=_gdZ]^_"
HgZFfffff
Y]h\hjxDZdwlhlZd=^_=_gdZ_klv"HgaZ[jZej_[zgdZqlhyl_[yhk\h[h`^Zxhl\k_oaZ[hl
qlh[ufg_[uehe_]q_J_[zgdZg_ijb\zakZf]^_gZoh^blky"j_fy^_\ylvqZkh\\_q_jZ
ghy[jvf_kyp
Gmyg_agZx
Y]h\hjxOhjhrhKh[bjZcj_[zgdZ
:qlh[uhllm^h\Zfg_mclbm`_ih_a^ZgbdZdh]hg_lmfg_gm`ghb^lbi_rdhfqZkGhy[jv
f_kypYj_[zgdZih[uklj_ch^_\ZxdZdkfh]eZh^gbrlZgbrdbg_mki_eZh^_lvy]h\hjx
gbq_]hgZoh^mBhl^hfZ]^_lhijhreZkihedbehf_ljZReZdZd";uklj_c[uklj_c
:qlh[ui_j_clbj_qdmh[yaZl_evghq_j_afhkl:dh]^Zih_a^b^zllhgm`ghklhylv`^ZlvihdZ
ih_a^ijhc^zlZihlhfm`_b^lbBi_j_^l_fqlh[ufg_aZoh^blvgZfhklb^zlih_a^Yklhx
bbaaZm]eZbae_kZhg\ukdZdb\Z_lHg^hfhcijbrzef_gyg_lm?fmkdZaZebqlhy\ayeZ
agZqblyihreZi_rdhfbhgf_gy^h]gZe
Hgmf_gyj_[zgdZ\uo\Zlu\Z_lb[_jzlf_gyijbdeZ^u\Z_lgZ`_e_agmx^hjh]m ieZq_l\fGZ
j_evkudeZ^zldih_a^mj_[zghdJ_[zghdihfgbl\kz^hkboihjGZeb\Zcl_\h^bqdb^Z
Gmqlh"y`_gsbgZdZd]h\hjblkyQlhyfh]eZijhlb\fm`bdZmklhylvbebm^_j`ZlvDhg_qgh
hgmf_gyj_[zgdZhlhjhlh[jZeBmrzeDZd]h\hjblky`bagv^hjh`_J_[zghdlh`_Gha^_kv
[ueh\u[bjZlvbeb`bagvbebdZdohq_rvDhg_qghhgaZ[jZej_[zgdZh[jZlghZyk\h_c
^hjh]hcIhreZkdjhdh^bevbfbke_aZfb
hlg_agZxykdhevdhjZa]h\hjx_keb[ue[udZdhcgb[m^v`mjgZebklbhibkZlvhfh_c`bagb
fh_ckm^v[_wlhijhklhfjZdYlZdbgZau\Zxg_`bagvZfjZdGbdlhg_ih\_jblqlhfh`_l
[ulvlZdh_Qlhq_eh\_d\u^_j`b\Z_llZdb_bkiulZgby
AgZqblwlh\kz[ueh\ghy[j_f_kyp_
Ihlhffukgh\Zjm]ZebkybgbdZdh]hhgdZd]h\hjblkyhlghr_gbyg_ih^^_j`b\Ze
�\Z^pZlv\lhjh]h^_dZ[jydZdhc^_gvg_^_eb[ueyg_ihfgxk_cqZkgh^\Z^pZlv\lhjh_^_dZ[jy
wlhlhqghHgijbrzekjZ[hluaZoh^bl\wlhlkZjZc]^_fu`bebb]h\hjblKh[_jbfhb
\_sb
Y]h\hjxL_[_gZ^hlubkh[bjZcIh`ZemcklZihedbk\h[h^gu\k_l\hb\_sbe_`Zl
YihreZiha\ZeZohaycdmqlh[u[ueh\kzijbk\b^_l_eyo
HgZijbreZ]h\hjbl=_ggmdZd`_l_[_g_klu^ghLuihkfhljbdZdZyhgZml_[yohaycdZqlh
ih_klvijb]hlh\blvqlhihklbjZlvqlhm[jZlvkyM]hevkZfZ\uibku\ZeZijb\_aeZ^jh\ZkZfZ
\uibkZeZijb\_aeZLu^jh\Zg_lZkdZehgZkZfZ\kzgZk\_l_i_j_lZkdZeZJZa\_l_[_g_
klu^gh"LulZdmxohaycdmg_gZc^zrvIh^mfZcih^mfZc
Gmhgkh[jZe\_sbhgZ^mfZeZqlh\kzZhg`^Zedh]^ZhgZmc^zlqlh[aZ[jZlv^_gv]b
�_gx`dblh\dhjh[hqd_e_`Zl`_LZf[uehq_luj_klZ^_kylvjm[e_cWlh[hevrb_^_gv]b
OhaycdZmreZhg:^_gv]b"
�Y]h\hjx_ebihiheZf
:hg]h\hjblfg_?szzg_o\ZlZZeh
�hklZzlwlmdhjh[hqdmq_luj_klZjm[e_caZ[bjZ_l^_kylvjm[e_cfg_hklZ\ey_lY]h\hjxLu
qlhkmfZkhrze"Fg_gm`gh`blvkj_[zgdhffg_^\Z^pZlvjm[e_clhevdhgm`guaZieZlblvaZ
`bevz
:hg]h\hjblYagZxlu`_gsbgZdj_idZykbevgZy\udjmlbrvky
:"Ohjhrh"
Ohjhrh
Gh\hllZdihy\bekykugmf_gy
Ihke_wlh]hgZGh\uc]h^y[_jmhlimkdbijb_a`Zxkx^Z\Mki_gkdh_Ijb_a`Zxk_klj_\kz
�jZkkdZau\ZxZhgZ]h\hjblGmbq_]hlu"@b\zrvlu\kZjZ_gb^hfZml_[ygbq_]hZ\Zc
]h\hjblmgZkkZgZlhjbcQ_l\zjlh]hmijZ\e_gbykt_a^b_flm^Z\hl^_edZ^jh\fh`_ll_[y
\havfmlih\Zjhf"
Bfu_^_fq_l\zjlh]hyg\Zjy\hl^_edZ^jh\Fhb^Zggu_\k_aZibku\Zxlby_^m^hfhc
Bk_fgZ^pZlh]hfZjlZijboh^blfg_\uah\hlkx^h\ZbaQ_l\zjlh]hmijZ\e_gby
Wlh[uek_fv^_kyljh\gh\hkvfhc]h^K_fv^_kyl\hkvfhc]h^Fg_ijboh^bl\uah\qlhfu
ijb]eZrZ_f\ZkgZjZ[hlmqlh\Zf\l_q_gb_ljzoe_lh[_ki_q_gh`bevzfd\ZjlbjhcZj_[zgdm
ij_^hklZ\e_ghf_klh\^_lkdhfkZ^m
Y^\Z^gyoh`mZ\^mr_\hlb]jZ_llZdZy`bag_ggZyQlh^_eZlv"?oZlv"G__oZlv"DZd"
B^_\ylgZ^pZlh]hfZjlZmf_gy^_gvjh`^_gvyLZf\klheh\hcgZdjuebklheihkb^_eb\kzhl
^mrb\kzgZk\_l_
Bmf_gy[ueZOZjq_gdhlZdZy^Zc[h]_ca^hjh\vyGZ^yGZ^_`^Z:hlq_kl\haZ[ueZ
HgZ]h\hjbl=Zevyg_ihcfmml_[yq_]hlhg_lh
Y]h\hjxGZ^vyg_agZxdZd[ulvqlhfg_^_eZlvbkd_fihkh\_lh\Zlvky
�HgZZ\Zc\udeZ^u\Zcqlhkemqbehkv
Y]h\hjxGZ^vkeZ\Z[h]mgbq_]hg_kemqbehkvghluagZ_rvf_gyijb]eZrZxlgZjZ[hlm
\Fhkd\m
HgZBqlhlu"
Y]h\hjxYg_agZxdZd[ulv
HgZfg_]h\hjblLukmfZkhreZ";jhkv\kzkh[bjZcfZgZldbbih_a`Zc?keb\^jm]lZfg_
ihemqblkyml_[yy\k_]^Zl_[ygZjZ[hlmh[jZlgh\havfmB\hlwlb_zkeh\Z
Y]h\hjxGZ^vkiZkb[hl_[_
B\hlyijb_oZeZkx^ZbhljZ[hlZeZa^_kv^\Z^pZlvljb]h^Zih\Zjhf
DmogyfugZoh^bebkv\ih^\Ze_hdhr_qdh\hllZdh]hjZaf_jZgh\ukhdhlhevdhk\_l
ijh[b\ZekyFujZ[hlZebkq_lujzomljZb^h^_\ylb\_q_jZGZqZevkl\hijboh^behlj_[h\ZehkgZk
GZk]hgyebaZ\kz
Hgbijb_a`Zeblm^Zhl^uoZlvex[h\Zebkvijbjh^hcdZddjZkb\hdZdohjhrhHl^uoZebmgbo
[uebkihjlb\gu_k_dpbbjZa\e_q_gby\kzgZk\_l_
Zf[uehh[b^gh"
Gmwlh`_aZdhghf_jghklvjZ[hqZyIhlhfmqlhhgb`_qbgh\gbdbZfujZ[uH[uqgucq_eh\_d
g_fh]ijb_oZlvlm^Zhl^uoZlvk_wlhij_djZkghihgbfZeba^_kvh[b^ug_fh]eh[ulvFu`g_
ijb_oZeb\_k_eblvkyb]meylv
Gh[ueZ`bagvhq_gvly`zeZyGbdZdboijZa^gbdh\g_[uehgbdh]^ZGbi_j\h]hfZygb\hkvfh]h
fZjlZgb^\Z^pZlvlj_lv_]hn_\jZeygbwlhk_^vfh_ghy[jygbkm[[hlugb\hkdj_k_gvygb
Gh\h]h]h^Zfug_\b^_ebKlheh\Zy[ueZ[hevrZygZihelhjulukyqbq_eh\_dFuaZklmiZebgZ
jZ[hlmk^\Z^pZlv\hkvfh]h^_dZ[jybaZdZgqb\ZebkyjZ[hqb_^gbmgZkiylgZ^pZlh]hyg\Zjy
Ljb^pZlvi_j\h_i_j\h_fug_kiZebih^\h_kmlhdMgZkgZjZ[hl_[uehg_kdhevdhdjh\Zl_cgZ
dhlhjuofufh]ebihkiZlvkhjhdfbgmlljb^pZlvfbgmlihlhfluih^ufZ_rvkybb^zrvb
^Zevr_jZ[hlZ_rv
GZf\k_]^Z]h\hjbebuijb_oZeb\uagZebdZdZymgZkki_pbnbdZIhwlhfm[m^_fjZ[hlZlv
lZdGbk_fvygbfm`gb`_gZgbj_[zghdYmoh^beZ\q_luj_mljZDZdyfh]mj_[zgdZ
rZihqdm_fmh^_lvih]heh\d_ih]eZ^blvKughdb^b\rdhemfheh^_pmfgbpZBeb^Z\Zcy
l_[yijh\_^m"Wlh]hg_[uehygZjZ[hl_\q_luj_mljZ
Kug[ue[jhr_gucdbgmlucHgmf_gylhgme\Fhkd\Zj_d_ihlhfmqlhygZjZ[hl_Z\_kgZ
�jZaeb\hgbbihrebZc[h]a^hjh\vylzl_Ex^u?jfZdh\hcdhlhjZydZd]h\hjblky\ueh\beZ
_]hhllm^h\ZijbxlbeZi_j_h^_eZyijbreZkjZ[hluZhgkb^bl\qm`hch^_`^_Qlh^_eZlv"
Gbqzg_k^_eZ_rv
GZdhgvdZodZlZebkyk]hjdblZfbebdZd_]hk[bebmiZe]heh\hckZ^ZgmekyYijbreZhg
e_`bl[_akhagZgbyua\ZeZkdhjmxihfhsvLjh_kmlhdkb^_eZ\hae_djh\ZlbihdZijbrze\
kb^_lv_a`Zcl_^hfhcMg_]hihy\beZkvhaeh[e_gghklvihlhfmqlhhlpZlhg_ldZd]h\hjblky
b_]hrimgyeb\rdhe_Hg]h\hjblFu\deZkk_fklbeb\k_fmqbl_eyf\k_f=h\hjbl?kebgZf
^_eZebaZf_qZgbyoZfkdbdgZfhlghkbebkvbfudgbflZd`_lhqghoZfkdbDh^ghfmlhevdh
mqbl_exhlex[behq_gv=hrmwlhij_ih^Z\Zl_evbklhjbbLZdhgb_]ha\Zeb\k_=hrZGm
mg_]hgZq_l\zjdbmqbeky
BlZd`bagvijh^he`ZeZky
:ihlhfdHebfibZ^_kljhylmgZk[hevrhc^hfBgZrihkzehdaZk_eyxldw]w[wk_fheh^u_
;uebg_dhlhju_ihklZjr_ghl_m`_[uebkk_fvyfb:lZdgZ[bjZebkfhkdh\kdh]hDj_feykihedZ
kDm[bgdbkQ_oh\Zk\hbgkdboqZkl_cdhlhju_[uebk\yaZgu
ihkzed_fuagZeb\k_oihbfzgghaZ\k_k_fvbagZebmdh]hkdhevdh^_l_c\kzgZk\_l_
BagZqblkh\iZehlZdqlhj_[zgdmbkihegbehkv^_kylve_lZy\lhl^_gvg_jZ[hlZeZDZdlhlZd
ihemqbehkvBy`fZlvlh`_ohq_lky`_j_[zgdmY]h\hjxKughdijb]eZkbk\hbo^jma_c
[m^_l^_gvjh`^_gbyK^_eZeZklhebdlxjyr_qdmkZeZlbd\h^bqdbIjbrehr_klvq_eh\_d
j_[ylhgbihkb^_eb^h\hevgu_gmZfugZdmog_\ajhkeu_Y`beZkkhk_^dhckEx^hc
ijbreZ_zlzldZ^y^vdZijbrzefhyih^jm]ZijbreZLZfZjZ=Z\jbeh\gZFu^_l_cijh\h^beb\
\hk_fvqZkh\ZkZfb^Zevr_kb^bfhl^uoZ_f
Ihkb^_eb^hh^bggZ^pZlbqZkh\y\ureZkfh_ckhk_^dhclzldmijh\h^blv\f_kl_kwlbfkfm`_f
k_zuoh^bfkih^t_a^ZLzlyAhy=Zev^hk\b^Zgby^Zc[h]l_[_a^hjh\vy
BbaaZm]eZ\uoh^blfheh^hcq_eh\_dDhlhjucjZ[hlZ_l\dw]w[w
Y_]hagZxdZdh[emie_ggh]hYagZxqlhhg`_gZlYagZxqlhmg_]h_klvj_[zghdYagZx\kz
Ihlhfmqlh\hlfujZ[hlZeb\hlmgZkklhyedhjimkhla^_kv[ueZijhoh^gZy:bogbch[t_dl
gZoh^beky\hllmlKi_ph[t_dlHgjZ[hlZelZfk\yaZg[uekwe_dljbq_kl\hfkdZ`_fdmevlmjghB
hgbkhki_ph[t_dlZ\k_]^Za\hgbebmgZkaZdZau\ZebBijboh^bebdmrZlvLZdqlhfuagZebijh
\k_ohlb^h
Hg\uoh^blb]h\hjblH=ZebgZLZjZkgZijb\_lQlhmlyaZ]meygdZ"
�Y]h\hjxZgbq_]h\hlkugmk_]h^gy^_kylve_l
Hgd\Zfh[jZsZ_lkyihbf_gbhlq_kl\m"
Gmhgfheh`_hlf_gy\hi_j\uogZ\hk_fve_l
HdZdohjhrhlhiylh_^_kylh_
Y]h\hjxhl\ureZijh\h`Zlv
Gm^hk\b^Zgvy^hk\b^Zgvyk_ihrebk\h_cklhjhghcyihreZdk_[_^hfhcIjbreZ
ihkm^ZgZ^hihfulvGZqZeZfulvihkm^ma\hghd\^\_jv
Lj_lbc^_gv
,Ih\_klvhlj_ofm`vyobebG_hdhgq_ggZykbfnhgby ijh^he`_gb_\flhjhcfm`
Hldju\Zxklhblfheh^hcq_eh\_d
Y]h\hjxLuq_]hkx^Zijbrze"
:^hfZ^_eZlvg_q_]hMl_[y]hklb[uebagZqblgZ^hihkm^mihfulv"
=_g]h\hjxmf_gyfulvihkm^mg_gZ^hB^b^hfhc
G_lg_lyl_[_ihfh]myijhklhm\Z`Zxl_[ydZdq_eh\_dZ
Y]h\hjxB^bd`_g_
:]^_hgZml_[y"
HgZmf_gym_oZeZ\OZjvdh\
Y]h\hjx:qlhlZdh_kemqbehkv"
h[s_fhdZau\Z_lkyjh^beZkvmg_]h^hqdZb^hqdZjh^beZkvk\b\bohf[z^_jB[ueb
gZeh`_gujZkihjdb:lZf]^__z[Z[mrdZ`beZlZf[ueZdebgbdZki_pbZevgZyB`_gZqlh[u
_c[uehe_]q_bm^h[g_chgZfheh^h]hfm`Z[jhkbeZblm^Zih_oZeZ
Y]h\hjxGmg_agZxAZq_flulm^Z_zhlijZ\be"Lua^_kvh^bgivzrvhl^uoZ_rv]mey_rv
Hg]h\hjbl:qzfg_^_eZlv"
GmZ^_ckl\bl_evghfheh^hcq_eh\_dqlh_fm^_eZlv"
Ihfueihkm^my]h\hjxMgZkg_fh`_l[ulvgbdZdbohlghr_gbcml_[yj_[zghd[hevghc
AZ[_jb]h\hjxk\hx`_gmkOZjvdh\Z
G_lhgZkx^Zg_ijb_^_l
�Y]h\hjxGmwlh^_ehl\hzhk\b^Zgvy
Mrze
GhyagZeZdhg_qghqlhhgijb^zl_szGmq_]h\kZfhf^_e_hga^_kvhgZlZf
BgZ\hkvfh_fZjlZ\ysbd_gZoh`m=ZebgZLZjZkh\gZ\klj_lbfkyq_j_aqZkZL\hcm\Z`Z_fuc
�=:
Mf_gy^hkboihje_`blhldjulhqdZ
IhlhfmagZehgZqZevkl\h_]hDhfZjh\kdbcuau\Zxlf_gygZi_j_]h\hjuuoh`mkb^ylgZ
eZ\hqd_jZa^\ZljbljbgZqZevgbdZ
Hgb\Zkiha\ZebgZmebpm"
Gmg_\klheh\hc`_jZa]h\Zjb\Zlv
Hgbkb^ylZ\ui_j_^gbfbklhbl_"
G_lhgbhq_gvm\Z`Z_fu_F_gyihkZ^bebBgZqbgZ_ldmevlmjgh\_`eb\h
Gm=ZebgZLZjZkh\gZdZdih`b\Z_rv"
Y]h\hjxOhjhrh
DZdml_[y^_eZ"
Ohjhrh
=ZevyagZxqlhluwwagZqblkh`bl_evkl\m_rvk=_ggZ^b_f
Y]h\hjxGmbqlh"
�Zckeh\hqlhlu_]h[hevr_dk_[_g_imklbrv
Y]h\hjxZe_glbgK_j]__\bqykZfZohaycdZk\h_fmkeh\mblZdbokeh\y\Zfh[_sZgbcg_
^Zf:`bagvfhy]h\hjxyg_agZxdZdih\_jgzlky
uihgbfZ_l_fujZ[hlZ_f\lZdhckljmdlmj_?kebfm`[jhkZ_l`_gmlhfh]ml_]hkjZ[hlu
m[jZlvb\kz
Y]h\hjxGmykgbf\hh[s_lhg_\[jZd_:dlhdhfg_ijboh^blwlhfhzebqgh_^_ehudZd
gZqZevgbdkhfghcijh\_eb[_k_^my\kzmqlmGhy\Zfgbq_]hg_h[_sZxbkeh\hy\Zfg_^Zx
GZwlhffujZahrebkv
GZjZ[hl_dhg_qgh_]hih`mjbeb[uehkh[jZgb_GmZdZd`_\uqlhlZdhckydhc[jhkbe
[hevgh]hj_[zgdZ
ih^gZ`bfhfgh`ZIhgbfZ_l_lZdh_keh\h"
AgZqbli_j\ucjZahgij_^eZ]Z_l^Z\ZcjZkibr_fky
�YgZoh`mijbqbgmZfu_szfZehijh`beb
&#xlh;&#xjh;&#xjZ;
&#x;�lhjhcjZaZmgZkg_lm`bevy
Bl_i_jvhg]h\hjbl?keb
m^Zjy_lihklhem\f
lu
m^Zj\f
lj_lbcjZa
m^Zjihklhem\f
kdZ`_rvqlhlZfq_]hlhaZj_`mlZdh_lh\j_fyfu_^_fklh[hc\k_evkh\_lih^Zzf
aZy\e_gb_
Mf_gy\wlhl^_gvl_fi_jZlmjZljb^pZlv\hk_fvbiylvY]h\hjxLu\b^brv\dZdhfy
khklhygbb"Y[he_x
HggZdmogxkoh^beijboh^blgh`fhcijbghkblih\Zjkdhc\hhllZdhc=h\hjbl?keb
aZ\ljZg_[m^_rvklhylvgZZ\lh[mkghchklZgh\d_\lZdh_lh\j_fyy]h\hjbll_[yaZj_`m
B\kl_gmdZZd^Zklgh`hf
�Gmy`_gsbgZkljZrghmfZxmfZmlZdh]hq_eh\_dZo\Zlbl
Bihke_wlh]h\u\urebaZfm`"AZlZdh]hhiZkgh]hq_eh\_dZ"
GmdZdkdZaZlvq_eh\_dlhijboh^blh^bgZmoh^bl^jm]bfDh]^ZgZqbgZebh[sZlvky\jh^_
[uelhghjfZevguc\zek_[yohjhrhkh\_lkdh_\j_fygbf_[_ebg_[uehgbq_]h:hgfm`bd
�[ue^h^_evguch^_evgucHgfh]ex[hcklhebd\uj_adb\kydb_gZ^\_jbYdZd]h\hjbeZ
em^blviZylvblZdklhylvIhlhfmqlhhgem^behgiZyebibebeBihdZi_j\uc]h^dZd
d\Zjlbjmlhihemqbeblh\k_dgZfoh^bebkfhlj_lvlhevdhhoZodZdohjhrhB_fmg_dh]^Z
[uehiblv
:dh]^ZaZdhgqbeZkv^hfZrgyyjZ[hlZlh]^Z\k_klZeb_]ha\Zlvdk_[_ijboh^bk^_eZcl_e_\bahj
ihqbgblZfijbzfgbq_d:jZkieZlZdZdZy"KlZdZg
:q_eh\_ddh]^Zivyguchgaehcbg_gZ\bkleb\uc
Hgex[bea\Zlv]hkl_ck_ok\hboa\ZekjZ[hluk_hq_gvex[bebihlhfmqlhmf_gy[ueh\k_]^Z
�ijb]hlh\e_ghhl^mrbMf_gy[uek\hch]hjh^k\hydem[gbdZkfhjh^bgZZ`_aZdZau\Zeb_]h
^jmavyqlh[gZklhe_[uedhfihlg_bakeb\g_bay[ehdZh[yaZl_evghbadem[gbdb
Ghdh]^Z^jmavymoh^beblh^mrZfhy^jh`ZeZdZdyg_agZxqlh
hl\k_mreblu^he`gZjmdb\hllZdiheh`blvb\dZdhfkhklhygbbgb[ueZlu^he`gZ_]h
\ukemrZlvBhgfh]kb^_lvfhjZebqblZlv^h^\moqZkh\ghqbaZklhehfg_lZdgZlh]hihkfhlj_eZ
dlhfmg_lZdh[jZlbeZkybeb]eZadbg_lZdih\_jgmeZ
Y]h\hjx=_ggmihrebkiZlvo\Zlblm`_wlhkZfh_
:hgKy^vYkdZaZekkky^v
M]jh`ZeBqlh\jmdZoihiZ^zlkyfh]\klhe\e_iblvlZdqlhkl_guljykebkyBy[hyeZkvqlh
fh`_llmlqlhm]h^ghijhbahclbhlk_]hklhjhgu`_klhdhklb
Byl_jvi_eZl_jvi_eZghijbreh\j_fyb\^_\yghklh\hkvfhf]h^my\ua\ZeZm`_fbebpbxH^bg
hlkx^h\ZaZklhi_j\ucdbehf_lj
lh\j_fyfum`_`bebhl^_evghFudZdfZlvkkughf\h^ghcdhfgZl_hgh^bg\^jm]hc
dhfgZl_
GhaZlhqlhy_]h[jhkbeZhgoh^be\^\_jvklmqZefg_[beDmibedhehgdbljbklZr_klv^_kyl
dZdhgb^_pb[wegZau\Z_lky"dexqZegZ\kxihegmxwlbdhehgdbKl_gu\hllZdoh^mghfoh^beb
h[s_flZf[ueijhklh^mj^hf
Kugfg_]h\hjbeFZfg_ljh]ZcHgl_[y^h\h^bl^h[_r_gkl\Zg_h[jZsZc\gbfZgbygZg_]h
Y]h\hjxKughddZd"Yihd\Zjlbj_oh`mhg]h\hjblfg_\kydb_]Z^hklb\ke_^byg_h[jZsZc
\gbfZgby"WlhgZ^h[ulv`_e_agufq_eh\_dhf
HgmdjZemf_gydhr_ezdk^_gv]ZfbblZf[uebkugh\u^hdmf_gluu[jhkbe^hdmf_glu\
�ihqlh\ucysbd\khk_^kdbc^hfFubkdZeb[_]Zebhdmf_glugZreb:dhr_ezdklusZklh
iylv^_kyljm[e_chgaZ[jZe
GhylZdhcq_eh\_dyfh]mm\b^_lv\hkg_
Bijhoh^blgZ\_jgh_f_kypZihelhjZbeb^\Zfg_khgkgblkyqlhhgdh`Zgucdhr_ezd^hklZzl
baaZiZamobbhl^Zzlk\h_fm[jZlmDhr_ezdbadjhdh^bev_crdmju
Ymljhf\klZxb]h\hjxIjb\_lkhk_^DZd^_eZ"
GhjfZevgh
Y_fmGmjZkkdZau\Zcfg_dZd[jZllh^h\he_gdhr_evdhffhbf"hllZdkjZam
HgWiwiMg_]hhlh[jZehj_qb
Y]h\hjxQz`fheqbrvlh"Dhr_ezdlh]h\hjxohjhrbcdh`ZgucMfh_]hkugZ
]h\hjxluaZ[jZeZ[jZlmk\h_fmhl^Ze"
�BhgihlhfkdZaZeZwlhk\hjh\ZeyYl_[_k^_eZeiZdhklbaZlhqlhlug_klZeZkhfghc`blv
WlhijZ\^Z
Ihlhf[ue_szfhf_gl
Fuihkljhbeb\f_kl_]ZjZ`:fg_g_]^_[uehojZgblv^hkdbY_fmijb\_aeZ\]ZjZ`^hkdb:
�ihlhfygZreZex^_cdhlhju_k^_eZxlfg_aZ[hj\hdjm]h]hjh^ZB]h\hjxhkdblhfhbhl^Zc
fg_
DZdb_^hkdb"YgbdZdbo^hkhdg_[jZekzqlh\]ZjZ`_\kzfhz
:fg_i_j_^wlbfkgblkykhg[uelZdhc;m[_gph\ Zhg_klvbk_cqZklhevdhkibekykh\k_f\fBhg
_fmij_^eZ]Z_l^hkdb]h\hjblLml\hl=Zebgu^hkdbe_`Zl\havfbk_[_
Y_fmb]h\hjx=_gluihq_fm;m[_gph\m^Zzrvfhb^hkdb"DZdh_luijZ\hbf__rvWlh^hkdb
fhb
:hg]h\hjblG_lwlhg_l\hb^hkdbhgb\fhzf]ZjZ`_kzBkhgihemqZ_lkyhgfg_\hl
ijhklh\jmdmLZdqlh\hlwlh\h
Wlhijhklhoh^yqZywgpbdehi_^by
Dlh"
Y
Ghihkm^mlhfulvihfh]Ze"
Ihkm^m\k_]^ZfueY_]haZwlh\j_fygZmqbeZdmrZlv]hlh\blvklbjZlvm[bjZlvky\kz\kzmf_e
^_eZlv\kz
`bevzQlh[ulhevdhjZat_oZlvky
G_l
Y_fm]h\hjxGmlh]^Zfuijb\Zlbabjm_fgZrmdhfgZlm\uklZ\bfgZijh^Z`mlu_zg_\
kbeZo[m^_rvdmiblvihlhfmqlhml_[y^_g_]g_lluivzrvagZqblfuijh^Zzf_zZa_jZfbhgb
klh[hck^_eZxllhqlhhgbaZohlyl
Wlh[ueh\Zij_e_
:\Z\]mkl_f_kyp_hg]h\hjbl=ZebgZLZjZkh\gZyl_[_ohqmkhh[sblvohjhrmx\_klv
Y_fm]h\hjxLufg_gbdh]^ZaZ^\Z^pZlve_lg_khh[sbeohjhr_c\_klb
Hg]h\hjblG_lwlhohjhrZy\_klvbl_[_hgZbgl_j_kgZ
Y]h\hjxLZdgmyl_[ykemrZx
Yijh^ZxdhfgZlmLu[_jzrv"
�YkdZaZeZZFu[_jzf
Ghmg_]h`_dhfgZlZ[ueZg_ijb\Zlbabjh\ZggZy"GZ^h[ueh_szijb\Zlbabjh\ZlvaZk\hb^_gv]b
Zhgq_eh\_dkdhevadbcIjbrehkvjbkdgmlvIjbrehkvaZk\hb^_gv]b\YjhkeZ\e__fmdmiblv
^hf\dhlhjhfhg[m^_l`blvGmkeZ\Z;h]m\kzihemqbehkyohjhrhHgk_cqZk`b\zl
\YjhkeZ\e_HgkibekyIhiZe\ikbomrdm
GhdZd]h\hjblky\u[jZekZfk\hxkm^v[mHgm_oZefuhklZebkvjZahrebkvdZd\fhj_
dhjZ[eb
:m\Zkb\lhjhcfm`[ue=_ggZ^bc
Mf_gyfm`vyblhl=_ggZ^bcblhl=_ggZ^bcI_j\uc=_ggZ^bcbwlhl=_ggZ^bc
:m`lj_lbclhl[ue=_hj]bc
,,Ih\_klvhlj_ofm`vyobebG_hdhgq_ggZykbfnhgby hdhgqZgb_\fLj_lbcfm`b^jm]b_
Y\k_]^Z]h\hjxLj_lv_]hygZreZih^aZ[hjhf
Hgbijb\habebiZeZldmklZ\beb\hae_aZ[hjZblhj]h\ZebycpZfbdhe[ZkhckhkbkvdZfbb\k_fgZ
k\_l_:hg[uegZwlhcfZrbg_\h^bl_e_f
:ydZdjZaihemqbeZd\ZjlbjmbaZdZaZeZgZeZkbo_m]hehdBih^jm]ZfhyaZdZaZeZlZfY]h\hjx
Ex^Zdlh`ih\_azl"
�HgZ]h\hjblZFboZeuqZihijhkbHgfm`bd^_eh\hchgl_[_q_]hohq_rvk^_eZ_l Gmwlh
ihlhfymagZeZqlhhg[ue_zohjhrbfagZdhfuf\f
Y_fm]h\hjxFboZeuq\hllZdblZd;m^_rvfbfh_oZlvaZ\_ab"
HgGmeZ^gh^Z\Zc
Y_fm^ZeZgZdeZ^gu_^ZeZdexqbhld\Zjlbju lZf_szgbdlhg_`be\f_q_jhfihke_jZ[hlu
ijboh`mm]hehd^hfZ
IhlhfgZ^h[uehih^l_e_\bahjlmf[hqdmijb\zaY^hfZ[ueZm`_q_]hlhfulZf^_eZeb
j_fhgldZdhclh
HgaZrzeIjb\_lijb\_ldZd^_eZ"Y\hllmf[hqdmijb\za
OhjhrhkiZkb[h
Mrze
�ZZdexqhld\Zjlbjuhgfg_g_hl^Ze
BgZoh^beijbqbguaZ_oZlvaZclbih]h\hjblvGmblZdihlbohgvdmgZqZebhlghr_gby
:`bebhgb\kihjlaZe_\IheygZo\k_wlb]ZklZj[Zcl_juIjhklugyfbhl]hjZ`b\Zebkv^jm]hl
^jm]Zb\kzGZfZlZokiZeb
B^\Z^pZlvk_^vfh]h^_dZ[jyhg`_gmhlijZ\ey_l^hfhc\Fhe^Z\bxMgbo[uehlZdhgbgZ^\Z
f_kypZijb_a`ZxljZ[hlZxlb^hfhcm_a`Zxl
Ihlhf`_gZa\hgbl_fmhg]h\hjblIhdZk_cqZkjZ[hlug_lm
�Ihlhfkgh\ZZihdZg_lm
Gm^mrZ`_gkdZyqm\kl\m_l`_b\fZ_f_kyp_hgZ\ayeZ[be_lbijb_oZeZ
Hg_z\klj_lbeh[tykgbekblmZpbxbkdZaZe?a`Zc^hfhchl^uoZclZfZy^hfhcg_ijb_^m
Gh^_gv]bhghlijZ\eye\k_k\h_ck_fv_Ijbgzk\lmf[hqdmiheh`behlijZ\beLZdwlb
^_g_`dbdZd]h\hjblkybreb
:y[ueZkdZ`_flZd^h\hevgZl_fqlhijhklh[uejy^hffm`qbgZ
Gh@_gsbgu]emiu_AgZ_l_dZd_klvoblju__klvmfgu_Z_klv]emiu_ kf_zlky\fGm
\_^vijZ\^m`_]h\hjx
hllh`_\jh^_[ueq_eh\_dghjfZevgucfh]ijb\_albk^_eZlv\kz
Ghex[be\uib\ZlvKgZqZeZihh[klhyl_evkl\Zflh^_gvjh`^_gvylhmdh]hlhlZf^Zqmk^_eZeb
kh[jZebky_sz
Ihlhf^Zevr_[hevr_QlhgZau\Z_lkyijhibe]hjehIbeoheh^gh_ib\hibeoheh^gmx\h^m
ibeoheh^gmx\h^dmmg_]hk_eh]hjehGZqZerbi_lvY_]h\habeZkx^Z\[hevgbpmDZdlh
i_j\h_\j_fy\jh^_g_fgh`dhijhj_aZeky]hehkZihlhflZdbhkbi
B\kz\j_fyih^^Zfrbih^^Zfrb
Wlh^ebehkv\l_q_gb_k_fbe_l
Yg_ohqmkdZaZlvqlhhgiehohcq_eh\_dihgbfZ_l_"Gh_kebluk_]h^gyivygaZ\ljZivyg:y
�`b\my`b\m^eyq_]h"Kugmf_gy`_gbekyk\hyk_fvyFg_mk_[y^hfZohq_lkyl_ieZh[jZ
aZbfhihgbfZgby:hgijbrzeez]gZih^mr_qdmivyg_gvdbcb\hllZddZqZ_lkyBl_e_\bahj
jZ[hlZ_lYaZreZkjZ[hlujZa]h\Zjb\Zlvg_kd_fQ_eh\_ddZ`^uc[h`bc^_gv\hl\lZdhf
khklhygbbAZq_ffg_gm`_glZdhcfm`qbgZ"AZq_f"
Y_fm]h\hjxKdZ`bih`ZemcklZaZq_flufg_a^_kv`b\zrv"Ml_[y_klvk\hyk_fvy`_gZ^_lb
Yl_[yg_^_j`mkh[bjZcdZd]h\hjblkyfZgZlhqdbb_a`Zclm^Zd^_lyf
Hg]h\hjblY^hfhcg_ih_^m
Ihke_wlh]hmgZkhlghr_gbyklZebom`_gZeZ`b\Zlvky
Y_]h\u]hgyeZba^hfZ
M_oZe\=hebpughlZfmgbo[ZaZ`b\mllZ^`bdbBhgklZ^`bdZfbljbbebq_luj_^gy`beBlZf
lZdihkZ^hqdZhgihrzeijh\Zebekybqmlvg_mlhiLZ^`bdb\ulZsbeblZ^`bdZfkiZkb[h
Hgmf_gylhgmeHgmf_gyaZf_jaZeHgmf_gyihfbjZe
GZ^\Z^pZlvlj_lv_n_\jZeygZjZ[hl_gZibebkvlZdqlhHg^h_oZeZ\lh[mkhf^hhklZgh\db\ur_e
gh\dZdhfkhklhygbbyg_agZxb]^_hgiZ^ZebdZdyg_agZx?]hijbg_keb[_akhagZgbym
g_]h[uebjZa[blufha]bb^ZlvgZ\agbqviZ^ZejZa[blufha]bH^bgfheh^hcq_eh\_dagZeqlh
hga^_kv`b\zlfm`bdZfkdZaZehgbihfh]eb^hg_klb=hehez^lZdhc[ueBfhjhau^\Z^pZlv
ljb]jZ^mkZijhklhYh[fueZ_]hkibjlhfhllzjeZ\k_kemqZbagZxqlhijbdZdbo^_eZlv
Jm]Zxkv=h\hjxqlhg_evaylZdk_[y\_klb\kzgZk\_l_
ijboh^blkygmy`_lh`_g_dZf_gvgZqgzrvjZa]h\Zjb\ZlvijhklhlZd
K_]h^gygZqZeZjZa]h\Zjb\ZlvaZ\ljZhgkgh\Zivyg
IvygucrzekIbhg_jkdhci_rdhf^hMki_gkdh]h:\lh\j_fym`_gbZ\lh[mkugbq_]hg_oh^beh
MkugZfh_]h[ueZ\hkvfzjdZhgbk^jm]hf_oZeb]^_lh\^_kylv\h^bggZ^pZlv\_q_jZ
\ha\jZsZebkvh[jZlgh?oZeb_oZebijblhjfhabebgmfh`_l[ulvaZih^hajbebqlhlh?]h
^jm]]h\hjblKeZ\lZf\jh^_dlhlh\hae_klhe[Zr_\_eblkyG_l\hcFboZeuq"
Hgbk^ZebgZaZ^lZf_szfbebpbygZihklmklhyeZbohrljZnh\ZebaZlhqlhgZaZ^k^Z\Zlv
g_evay
Lh_klvklhe[[ueg_^Ze_dhhlfbebp_ckdh]hihklZghFboZeuqZfbebpbyg_aZf_qZeZ"
:aZq_fhgbf"Dh\ujy_lky^Zohlvih^hog_lbfihnb]m`_fhjha
Hgbih^t_oZebZhgm`_jmqdbgh`db\hllZdHgb_]h[ukljh\fZrbgmIjb\_aeb^hfhcy
_]hkgh\Z\uoh^beZhlihbeZhllzjeZkibjlhfkh]j_eZWlh[ueh\h^bggZ^pZlv\_q_jZ:\
ihei_j\h]h[jhkbeZkv^hdmf_glu:lZfmg_]h\k_^hdmf_glufhe^Z\kdb_b\k_jhkkbckdb_ih
dhlhjufhgbf_eijZ\hjZ[hlZlvbdexqbbk\b^_l_evkl\hbiZkihjlZ\kzYkugma\hgx]h\hjx
Kughdj_fyihei_j\h]h]h\hjx^hdmf_glh\gbdZdbog_lmu]^__]h\ayeb"
Hgfg_]h\hjblIh^klhe[hf
Y]h\hjx?a`Zcl_lm^Zbsbl_
Ih_oZebJZkdh\ujyeb\k_^hdmf_glue_`Zl
BlZdwlhgZdZieb\ZehkvgZdZieb\Zehkv
Mf_gyijb_oZeZie_fyggbpZbhgZ\_eZ`mjgZevqbdlZdhcdhgki_dlbdAZljbf_kypZhg[uelj_a\
h^bggZ^pZlv^g_cHklZevgh_\j_fyhgg_[uelj_a\
Y\Zfm`_]h\hjx\u]hgyeZ
GmZ_fmlhq_]h"Kh[_jzlkymoh^blDexqb\ayehl]ZjZ`ZklZeghq_\Zlv\]ZjZ`_
hdly[j_\h^bggZ^pZlvqZkh\\_q_jZkugfg_a\hgblb]h\hjblFZf[uklj_c[_]bd]ZjZ`mKdh
j_cFboZeuqihfbjZ_l
Y]h\hjxLuqlhIjb[_]ZxZhghl\h^dbh[ibekybm`_jmqdbgh`db\ulygmlu[uebFu
_]hih^jmdb^hfhc\hehdhfijblZsbeb^Z\ZchloZ`b\Zlv
?klvlZdh_e_dZjkl\h\Zil_d_lbiZdhn_ijh^ZzlkyLhevdhqmlvqmlvihl_fg_cYg_ihfgxdZd
gZau\Z_lkyDZdqZcjZa\h^brvhliZb\Z_rvb\uoh^bl\kzkhj]ZgbafZgmm[b\Z_l\hlwlb
\h^hqgu_yg_agZxgmhljZ\e_gb_hljZ\e_gb_\h^hqgh_
uoh^bebKgh\Zdlh"Kgh\Zy
Qlh"DjZkb\Zy`bagv"
Y_fm]h\hjxFg_lZdZy`bagvgZ^h_eZBaZq_fyl_[ya^_kv\b`m"hlijhklh
Bhgkugmfh_fmkdZaZeGZ\_jghKeZ\ym_^m^hfhcfZlvg_ohq_lf_gy\b^_lvY]h\hjbl
gZ\_jgh_\yg\Zj_m_^miylh]hyg\Zjy
Bykhdly[jyf_kypZaZfheqZeZbgbkeh\Z_fmg_kdZaZeZBg_jm]ZeZkygbq_]h
Gmqlh[q_eh\_dZajyg_h[b`ZlvjZakdZaZekh[bjZckybm_a`Zc
IjhklhkdZaZeZYq_lujgZ^pZlve_ll_jvi_eZZ^\Zf_kypZym`dZdgb[m^vihl_jiexBl_jvi_eZ
IjbrzeGh\uc]h^ygZdjueZklhe
Hgmf_gylhevdhkijhkbeQlhgb[m^vdmiblv"
KlhegZdjueZk_ebaZklheMf_gyie_fyggbpZk_cqZk`b\zlFu\uibebfheqZFuk
ie_fyggbp_cklZebh^_\ZlvkygZmebpmb^lb]meylvBhgfheqZkgZfbh^_ekyIhrze\hae_zehqdbk
gZfbihoh^beFu\_jgmebkvbhgijbrze^hfhcfheqZ
I_j\h_fheqZ\lhjh_lZd`_fheqZlj_lv_
Q_l\zjlh]hqbkeZyijboh`mkjZ[hluZhg\^m]mivygA^_kvmf_gyg_j\ug_\u^_j`Zebb
_keb[y\kzlhkdZaZeZqlhykdZaZeZlh]^ZLZf[uebkeh\Z\k_dZdb_ohlbl_Mf_gy[ueij_^_e
\k_fmgZk\_l_
Y]h\hjxLukdZaZeqlhluiylh]hqbkeZm_^_rvLuk_]h^gydZdk\hehqvgZ`jZekymibekyblu
[be_lug_ihdmiZeBaZq_flufg_kgh\Za^_kvgm`_g"Kh[jZefZgZldbbZeymexih^Zevr_
Gmg_agZxqlhgZg_]hih^_ckl\h\ZehbebkhagZl_evghklvbebg_agZx
Hgfg_r_klh]hqbkeZmljhf\klZeb]h\hjbl=Zev^Zckmfdm
Y_fmijbghrm[Zme[hevrhcihlhfmqlh\_s_cfgh]hY]h\hjxIh`ZemcklZ
Yk_^vfh]hqbkeZm_a`Zx
Y]h\hjxKqZkleb\h
Hg]h\hjblG_lwlZkmfdZfg_g_gm`gZy\havfmFh`ghy\havfmlZfgZ[Zedhg_qzjgZy
^jm]Zy"
Y]h\hjxIh`ZemcklZ
Y\havfmlhevdhlhqlhg_h[oh^bfh_
Qlhhg\ayeyg_agZxBkq_fhgm_oZeg_agZxKug_]hk_^vfh]hqbkeZhl\za
Ghmljhfhg\klZebkdZaZeKiZkb[hqlhym\Zka^_kvih`be
�hk\b^Zgby[uefhchl\_l_fm
Gmb\hldZdy"aZq_fyijhfmqbeZkvwlbq_lujgZ^pZlve_l"AZqlh"
Hgk_^vfh]hm_oZeb\hlk_cqZkyh^gZ
?kebyijZ\bevghihgyeZk\ZfbhklZekykugKgbfm\Zkohjhrb_hlghr_gby"
Mf_gykgbfohjhrb_Ghhgboheh^gu_ ieZq_l\fYihgbfZxqlhhgboheh^gu_
IhgbfZ_l_lZkblmZpby\dhlhjhcy`beZqlh[hevr_yhl^Z\ZeZjZ[hl_BdZd]h\hjblkyy
g_^h^ZeZj_[zgdm\hl[_^Z\qzfHg\ajhkeuc\ujhkbhgkdZaZeY\hkiblZgmebp_c
IhgbfZ_l_"Wlhohjhrh^eyfZl_jb"
Dh]^ZyjZ[hlZeZmgZk\hlk[m]jZlZdkimkdZ_rvkybgZdhkmxf_`^m^hfh\y\b^_eZk\hbhdgZ
?keblzfghagZqbly[ukljh^hfhcijboh`mkmfdb[jhkZxbkjZamb^mgZlZgpu
Hg[ue\k_]^ZgZlZgpZo
FZfaZq_fluijbreZFZf
KeZ\bdkughdyijbreZyijbreZkjZ[hluyohqm\b^_lvl_[y^hfZ
Fg_lZf^_eZlvg_q_]hgmblhfmih^h[gh_
QZrmex[\by\uibeZbhlkugZhq_gv[hevrmx ieZq_l\fly`zemx
Ghy_]hgbdh]^Zg_[jhkbeZ
AgZeZ\k_o_]h^jma_cAgZeZ]^_hgfh]gZoh^blvky
H^bgjZa\^\ZqZkZghqbijhkgmeZky_]hg_lmY\klZxbb^m\^\ZqZkZghqbIjboh`mdZd
]h\hjblkyd_]hh^ghdeZkkgbdmA\hgx\^\_jvmagZeZ]^_`b\mlih^ufZxkvgZwlZ`a\hgx\
^\_jv
:hgZaZkiZggZylZdZyOfluqlh"
Y]h\hjx:ihq_fmlukibrvlh^_l_c^hfZg_lmgbl\h_]hgbfh_]h=^_^_lb"
:yhldm^h\ZagZx"ZhgZex[beZ\uiblv
Y]h\hjx=^_l\hc]ZjZ`"
Kj_^bghqbihreZ\]ZjZ`H[hreZ\k_]ZjZ`bghqvxgh_keb^\_jvijbdjulZ]^_yfh]mgZclb"
kz_jgmeZkvIjbrze\iylvmljZ
;uehlZdh_qlh\iylvmljZ\klZ\ZeZ[_`ZeZ^hkZfh]hMki_gkdh]hHgk^\hxjh^guf[jZlhf
kb^_ebgZeZ\hqd_\iylvmljZkib\hfhl^uoZeb:yk\Ze_jvygdhckh\k_fgZk\_l_F_gyljykeh
db^ZehHg]h\hjblFZfluaZq_fijbreZqlhl_[_gZ^h"
ByjZa\_jgmeZkybihreZdZd]h\hjblky
:^_ckl\bl_evghq_]h\uohl_ebdh]^Zijboh^bebaZkughfgZlZgpubeb
Qlh[uijbrze^hfhc
JZgvr_g_[uehgZjdhlbdh\ghjZgvr_ibebBkugfhcibeIhlhfmqlh[uekZfk_[_
ij_^hklZ\e_g
&#xu;&#x]h;&#xh;&#xjb;&#xl_;&#x;&#xhg; ;&#xib;b;&#xi; h;&#xk;&#x^;&#xh;&#xxj;&#xh^;&#xgu;;&#x[j;&#xZl;&#xhf;&#x;u]h\hjbl_hgbibebib\hk^\hxjh^guf[jZlhf\hxjh^guc[jZlwlhkug\Zr_ck_klju"
�ZblyFm`blybkuglh`_bly
WlhlZ\ZrZk_kljZdhlhjmxlzldZaZ[jZeZgygqblv^_l_cZihlhf_zgZ\hdaZe_iha\ZebaZfm`"
�ZwlhhgZ
Fh`_l_jZkkdZaZlvdZdb_m\Zkk_cqZkhlghr_gby"
Yk_cqZkkwlhck_kljhcg_h[sZxkvm`_k_fve_l
BaaZfZfu
k\hz\j_fyfZfZdZdfZlv]_jhbgyiyl_juo^_l_c_cgm`gh[uehkh[jZlvk\b^_l_evkl\Zh
jh`^_gbbih^l\_j^blvqlhfu^_lb_z
Yk_kljmijhrmf_kyp^\ZljbqlhZe_qdZ\hlgm`ghfZfd_k\b^_l_evkl\hhjh`^_gbbMg_z
gZoh^beZkvh^gZijbqbgZ\lhjZylZiylZy^_kylZy
Ihlhfyih_oZeZdg_ciha^jZ\blvkDj_s_gb_fgZklmiZxsbf\hk_fgZ^pZlh]hyg\ZjyIjb_oZeZk
ih^ZjdZfbk[mluehqdhc\bgpZfuhl^hogmeb\kz[uehohjhrhY_c]h\hjx :hgblh]^Z
�kljhbeb^Zqm\fY]h\hjxhdmf_glulhml_[y]^_e_`Zl"Qlh[fg_fZfd_lh\aylvk\b^_l_evkl\hh
jh`^_gbb_chlijZ\blv"
HgZijhfheqZeZ
Ihlhffm`qbguihreblm^Z\^hfihkfhlj_lvdZdhgbkljhyl^ZqmgmZyq_]h[m^mkb^_lv"Y
ihreZlh`_kgbfbIhrebih^gyebkvgZ\lhjhcwlZ`ZlZfe_`Zlkmfhqdbk^hdmf_glZfb
YbdlhjI_ljh\bqm_zfm`m]h\hjxblvdihkfhljblZfZebghk\b^_l_evkl\hhjh`^_gbb^Zc
fg_
Hgh^bgq_fh^Zgqbd^hklZeg_lmh\lhjhfmg_z\k_^hdmf_glue_`ZlHg^Zzl
:yg\ZjvrzelZdhckg_`hdez]dbclZdZyih]h^ZdjZkb\ZyHg]h\hjblGZhldjulhqdmiheh`b\
hldjulhqdmqlh[uk\b^_l_evkl\hlhg_fhdeh
YaZoh`mdg_cZ`bebhgb\\Z]hgqbd_ihlhfmqlhlZflhevdh^_eZeky^hfBy_c]h\hjxZev
gm\hl]h\hjxlufg_gbdZdg_fh]eZgZclbZ\hl`_k\b^_l_evkl\hlhl\hz
Gmba^_kv[uerd\Zeg_]h^h\Zgbch[b^\kzgZk\_l_HgZ]h\hjblB\kzlZdblugZreZB\kz
Y]h\hjxYml_[ybog_aZ[bjZxyk^_eZxdk_jhdhibxbhlijZ\exfZl_jbZ^hdmf_glyl_[_
hl^Zf
HgZmf_gy\uj\ZeZkjmdbiheh`beZ\k_j\Zgl
YkdZaZeZZevlug_ijZ\ZLulZdZy`_fZlvml_[y^\h_^_l_c
HgZkdZaZeZlhevdhkeh\ZImklvhgZmagZ_lDZdfg_[uehiehohimklvb_clZd[m^_liehoh
hl\^mr_mq_eh\_dZmdZ`^h]hk\hbh[b^u
?c[uehlhevdh\hk_fve_ldh]^Z\ayeb_zgZjZ[hlmbeb\gygvdblZdijZ\bevg_ckdZaZlvGmdlh
^mfZeqlh_clZf[m^_liehoh
BgZihohjhguhgZdfZf_g__a^beZ
Bklh]h\j_f_gb\hlk\hk_fgZ^pZlh]hyg\Zjym`_ihrze\hkvfhc]h^fukg_cg_h[sZ_fkybaaZ
wlh]hkemqZy
:lZdhlghr_gby[uebohjhrb_
HgZ`_gsbgZhq_gvihk\h_fmbgl_j_kgZy@bagvmg__k\hyhq_gvljm^gZyYfh]mjZkkdZaZlv
HgZ\ureZaZfm`aZblvdmaZbdlhjI_ljh\bqZ\uwlhm`_agZ_l_Jh^beZ^hqvjh^beZkugZhg
bdlhjlh`_BhgZijh`beZkgbf^h^_\yghklh^_\ylh]h]h^Z;ueb\kydb_i_j_^jy]bIbelh`_
kbevghgh^jZlvkyg_^jZeky
�hibeky^hlh]hihreZ[_ehqdZ;_eZy]hjyqdZHgjZaj_aieih^mrdb\uoh^be\hdgZBdZd
]h\hjblky\kz[uehgZg_j\Zo\kzgZl_jvi_gbb
Dh]^Zkugih^jhkaZgyeky[bag_khf\wlb]h^um`_[bag_kihrze
GmdZd]h\hjblky`bagvreZex^bklZj_eb
L_i_jvkugihdmiZ_l\hIkdh\_a_fexBlZf\hIkdh\_dh]^Zdmibek_[_wlhm]h^v_hl_pkgbf
ih_oZelm^Z?fmihgjZ\behkvf_klhlZfiey`gh_f_klh^eyhl^uoZ^eyhohlu@b`bpZ
[hevrh_ha_jh
Hgblm^Z\^\hzfm_oZebZZe_glbgZLZjZkh\gZhklZeZkva^_kv\Fheh^_gh\h
Gmqlh^\Zfm`bdZuibebhgblZfyg_agZxnZdllhlqlhblvdZhggZ^hlphfihkf_yeky
Hg]h\hjbl_fmOhq_rvyl_[_ijb\_amfheh^mx[w"
�Hl_p]h\hjblZgmQlhykg_c[m^m^_eZlv"
:kug]h\hjblGbq_]hyl_[ygZmqmq_]hgZ^h^_eZlvYl_[_dmiex\bZ]jub`bagvihc^zlgZ
eZ^
Lhevdhhgg_\bZ]judmibeZdZdbolhlZ[e_lhd
B`bagvih\_jgmeZkvlZdqlhhgZaZ[_j_f_g_eZ?c\k_]hgZ\k_]h\hk_fgZ^pZlve_l:_fm
r_klv^_kyl
GhmblvdblhdZdhcmkugZ[uerhd
Hg]h\hjbl,edbiZedb \kie_kdb\Z_ljmdZfb\fY]h\hjblk\h_fmhlpmijb\za^_\dm
aZq_f"Y`_^mfZeqlhwlhf]gh\_gb_ijhklhdZd]h\hjblkyfm`qbg_^eyjZa\e_q_gby
:ihemqbehkvlZdqlhhg\g_z\ex[beky
Hg]h\hjbl_fmHl_plukmfZkhrzeqlheb"Fhc[jZl[m^_lfeZ^r_fh_]hkugZLu
khh[jZ`Z_rv"
Gmbdhg_qghk^_eZeb_cZ[hjl
Gh\hlk_cqZk_fmagZqbl_fmk_cqZkr_klv^_kyl\hk_fvhg`b\zllZf\hIkdh\_bkg_c`b\zlB
:Ze_glbg_LZjZkh\g_dZdh\h"hlhgijb_oZekfheh^hc`_ghcdd\Zjlbj_kb]gZeblfhe
\uoh^b
HgZ]h\hjblIjh`beZkgbf\kx`bagvDZdh\h_c"
�Zu]h\hjbebm\Zk\k_fv_[uehiyl_jh^_l_cQlhk_cqZkkhklZevgufb\Zrbfb[jZlvyfb
kzkljZfb"
Ljbk_kljuh^gZ`b\zl\OZjvdh\kdhch[eZklbLhfZLZfZjZLZjZkh\gZbfu^\_
\Fhkdh\kdhch[eZklb
B[uemf_gy[jZl_szeZ^bdB[ue[jZlXjZBh[Zmf_jeb
KlZjrbc[jZlg_agZebg_]Z^Zeblm[_jdmezaez]dbo:\lhjhc
Fh]mjZkkdZaZlvghghfh`_lbg_kfh]mihlhfmqlh[m^mieZdZlv
Hghq_gvohjhrbc[ueq_eh\_dfZkl_jEx[mxfZrbgm_fmdZdmx^Z\Zebiehomxhgkg_z^_eZe
dhgn_ldm
�HgrdhemaZdhgqbeb\Zjfbx\ayeb_]h\`_adZa]ZgWlh[ueZhq_gvk_dj_lgZyqZklvIhlhfm
qlh[ue;Zcdhgmjjy^hfb\kzgZk\_l_Wlhm`_fumagZebihlhfq_j_a^\Z^pZlve_lHghlkem`be
�\`_adZa]Zg_^\Z]h^ZbihiZ^Z_lkx^Z\Fhkd\m\Kdebnhkh\kdh]hHgihl_jyej_qbIhl_jye
^\b`_gb_Hgg_jZa]h\Zjb\Zemg_]hj_qbhlh[jZehFuijboh^bebdg_fmMg_]h\[hevgbp_[ueZ
kZen_ldZHggZwlhckZen_ld_gZfjbkh\Ze]jh[qlhymc^m?fm[ueh^\Z^pZlve_l\k_]hgZ\k_]h
?kebohly[uhgfh]kdZaZlvkq_fwlhk\yaZgh
JZ^bZpby"
�ZIheb]hgbhq_gv[hevrZy[ueZjZ^bZpby
Wlhihlhfhgm`_jZkkdZaZeq_j_a^\Z^pZlve_l:gZlhlfhf_gl[ueZkg_]h\aylZih^ibkdZh
g_jZa]eZr_gbb
IhelhjZf_kypZhgijhe_`Ze\Kdebnhkh\kdh]hlZf_]hijhe_qbebbhghllm^Zmrzem`_[he__
f_g__kdZ`_fihemoh^yqbf
Ghmg_]h[jZebimgdpbxBfukqblZ_fqlhwlZimgdpby^ZeZk\hxgm\hl\kzlZdbqlhlh
gZjmrbebg_j\gu_wlh`_g_j\u\kzk\yaZgh
HgjZ[hlZe\k_]^Z[uerhnzj^Zevgh[hcsbdMg_]h[uehr_klvlukyqjm[e_cgZdgb`d_gZeh`_gh
Gh\hlfurpuie_qfurpujmdmg_]hZljhnbjh\Zebkvihkl_i_gghHgbmg_]h[he_ebgueb
lygmebA^_kv\Fhkd\_fuihdmiZeb_fmij_iZjZlulm^ZhlkueZebGhgm`gh[ueh^_eZlvfZkkZ`
_`_^g_\ghZlZf\]hjh^_lZdh]hg_[uehKZfb^_eZeb\hlwlbfb\kydbfbij_iZjZlZfbIhlhf
\jZqbgZmqbebgm`ghoh^blvihkibg_IjyfhgZkibgm_fmklZgh\bebkviyldZfbboh^beb
jZklbjZeb_fm\k_furpu\kxg_j\gmxwlmkbkl_fm
Gmb\kzwlhihkl_i_ggh^Z\Zehk\hzagZlvgZ]heh\mYlZdkqblZxYdh]^Zijb_a`ZeZfg_
gZqZehdZaZlvkyqlhhgg_fgh`_qdhww\fukeyok\hboklZe^jm]bfihgbfZ_l_"Ihy\beZkv
dZdZylhg_Z^_d\Zlghklv
B^hreh^hlh]hqlhhgklZekbevghiblvWlhklZeh_szhljZ`Zlvky
K`_ghchgb`bebg_ohjhrhHgZmg_]hagZ_l_dZd^_eZeZlZdg_^_eZxl
?keby\hl`beZkq_eh\_dhf^Z"HgihemqZeaZjieZlmygbdh]^Zg_e_aeZ
:hgfh]ijbclbk^_gv]ZfbkaZjieZlhchgZ\ulZsbl^_gv]bbkdZ`_lqlhhgZg_\b^_eZbg_
agZ_lBdm^Zlu^_\ZelulZdhck\hehqvlhiylh_b^_kylh_BaaZwlh]hhgbjm]Zebkv\imoijZo
bkiulZgbcBgZeh`bek_[_jmdbB\kzR_klh]hghevr_klh]hghevr_klh]h ieZq_l\f
Ihwlhfmbog_lmk_cqZk ieZq_l\fBlh]hb^jm]h]h
KgZqZeZmg_]hmf_j[jZl\iylv^_kyle_lihlhfmf_jeZfZfZihke_fZfumf_jeZ^bd
ihke_eZ^bdZmf_jhl_p
Hl_pex[beeZ^bdZfZlvex[beZXjdmXjdZkugaZ[jZefZfmeZ^bdaZ[jZehlpZHklZebkv
fuljbk_klju
LZdqlhwlhkljZrgZy`bagvKljZrgZyKljZrgZy
LZdjZkkdZau\Zlv\hlykdZaZeZ\ZfwlhgZ^hgZibkZlvijhklhWlh\kz[uehebqghkhfghc
gbdlhwlhg_\u^mfZeg_i_j_^_eZe
GmeZ^gh\kzyihreZ
,,,Bkih\_^viuedh]hjZamfZ
&#xkx;&#xg;&#xhq;&#xv;&#xrz;&#x^h;&#x`^;&#xv;&#xK;&#xg_;&#x];&#xjZ;&#xkl;&#xZy;&#xkl;&#xZe;&#x[;&#x_a;&#xh[;&#xjZ;&#xag;&#xuf;&#x;�kxghqvrze^h`^vKg_]jZklZyebklZe[_ah[jZagufZ`_gZ\ukhl_dZlZgbyg_[uehbaaZ
]mkluoh[eZdh\
Nz^hj\kihfgbeh^gmbak\hboihke_^gbofhkdh\kdboabflh`_[ueZg_h[uqgZyhll_i_evgZGh\uc
]h^kg_[Zebehblj_lv_]hbebq_l\zjlh]hyg\ZjygZklmibehlZdh_`_fmlgh_gZkljh_gb_
mlhfe_gb_hl[_a^_evy[_ezkZyofZjvaZhdghf
�Z\guf^Z\ghjZkk\_ehghf_`^mdZfbggufijhzfhfbqzjgufk_j\ZglhfdZd[m^lh\kz_sz
f_^ebeZg_`_eZeZjZkk_b\Zlvkyijhr_^rZyghqv
dhfgZl_djhf_Nz^hjZgZoh^beZkvk_cqZkh^gZ:ggZ
GZg_c[uehq_gvez]dbcr_jklyghck\bl_jk9h[jZaguf\uj_ahfbijyfZyk_jZyx[dZqmlv
\ur_dhe_gHgZmkljhbeZkv\dj_ke_kgh]ZfbaZdmlZeZkv\ie_^
gbdlhwlhg_\u^mfZeg_i_j_^_eZeGmeZ^gh\kzyihreZ
Ij_^klZ\ey_l_N_^y`blvklZdhc`_gsbghc"ijhbag_keZ:ggZihke_^h\hevgh^ebl_evgh]h
fheqZgbyGbq_]hq_eh\_dg_aZ[u\Z_l_^zlj__klj
�ZhldebdgmekyNz^hjQ_eh\_dkZfk_[_l\hjblZ^
Kdhevdhhgbijh`bebk[u\rbffm`_f\khk_^gbodhfgZlZo"
K\hk_fv^_kylr_klh]h^h^_\yghklhr_klh]h^_kylvbebh^bggZ^pZlve_l
KmfZkhclbIjZ\bevghg_`bagvZfjZd
�ZAgZ_l_:ggZhl\ukdZaZebijhdhfgZlmbgZihfgbebh^gmhq_gvfhxex[bfmx
fukev?keb\Zfbgl_j_kghlhyjZkkdZ`m
R_klvkiheh\bghce_llhfmgZaZ^hl_pijb\zaf_gy\hNjb[mjIh^hjh]_fuaZ_a`Zeb\IZjb`m
g_]h[uebdZdb_lh^_eh\u_i_j_]h\hju
Fuijbe_l_eb\IZjb`iha^gh\_q_jhfy[uedjZcg_mklZ\rbci_j_^hlt_a^hfkh\k_fbgm`gh
[ueh\klj_qZlvkyijhsZlvkyk[hjuy^\h_kmlhdihqlbg_kiZeb\]hklbgbp_kjZam`_hldexqbeky
Hl_pmrzejZghmljhfb\ghf_j_yijhkgmekyh^bg;uehiha^ghihe^_gvgZqZehi_j\h]hY\
]hklbgbp_hdjm]IZjb`Bg_agZxdZdwlhh[tykgblvf_gyho\ZlbehkljZggh_hsms_gb_
jZamfhfyihgbfZxqlhy\IZjb`_GhgZkZfhflh^_e__keb\_jblvfhbfg_ihkj_^kl\_gguf
��hsms_gbyfyijhklh\dhfgZl_\d\Z^jZlghcdhfgZl_\_djh\Zlb\_lmf[hqdbKlmeH[hb\
ebebyoY^mfZxg_lg_^mfZxZg_ihkj_^kl\_gghqm\kl\mxa^_kvdZdhclhh[fZgBebaZ]h\hj
ijhlb\f_gyFg_h[_sZgIZjb`ZgZ^_e_d\Z^jZlgZydhfgZlZ
Ohjhrh
Y\ur_egZmebpmihrzedj_d_]hklbgbpZ[ueZihqlb\p_glj_gZmebp_Fhg`Z\k_\b^u
IZjb`Zyk^_lkl\ZagZeihdZjlbgdZf\mq_[gbdZoy`_kk_fbe_lbamqZxnjZgpmakdbc\hlklj_edZ
KblwIeykZg^hfIZe_JmZcyevgZ\a]ey^\kzkh\iZ^Zeh
Ghihfgbl_\ukdZaZeb\q_jZdZd[m^lhg_gZklhys__"DZd[m^lhijhk\_qb\Z_l\uihfgbl_"M
f_gy[uehlhqghlZdh_`_hsms_gb_;m^lhy\g_dh_fWULGLPHQVLRQQHOljbljzof_jghfdbgh
dZd[m^lhfg_^_fhgkljbjmxlgZwdjZg_bah[jZ`_gb_
GZaZ\ljZfuijbe_l_eb\@_g_\mLh`_djZkb\h_keh\hijZ\^Z"*HQqYHYex[exkeh\Z\kz`_y
bnbeheh]
Gm^Z*HQqYHghdhfgZldZhdZaZeZkvlZ`_JZa\_lhevdhh[hbqmlvqmlvbaf_gbebkvG_ebebb
Zg_ihfgxP\_lhqdbIhehkhqdb
AZlhlmf[hqdb\lhqghklbl_`_djh\Zlbl_`_
BagZ_l_qlhyihgyelh]^Z"
Y\^jm]ihgyeqlh\kxk\hx`bagvfuijh\h^bf\h^ghc_^bgkl\_gghcd\Z^jZlghcdhfgZl_HgZ
[u\Z_lqmlvihjhkdhrg_ch[klZ\e_gZbebqmlvih[_^g__Qmlvl_kg__bebqmlvijhklhjg__Fh`_l
f_gylvkyi_caZ`aZhdghfGhl_fg_f_g__wlh\k_]^Zh^gZblZ`_d\Z^jZlgZydhfgZlZ
N_^_qdZgZ^h[hevr_dZlZlvky
Qlhqlh"
DZlZcl_kvgZeu`ZodZ`^u_\uoh^gu_Dh]^Z_^_rvk]hju\b^brvg_[hjZa\_wlhihoh`_gZ
dhfgZlm"
�&#xl;&#xhf;&#xl;&#xh;&#x^_;&#xeh;&#x;&#xql;&#xh;&#x^Z;&#x;�ZDhg_qghlhflhb^_ehqlh^ZZ`_g_[hbfgh]hg_[Zbdmiheg_[Z\kzjZ\ghl_kgZy
lmkdeZydhfgZlZlhf\kz^_ehimklv[m^mlij_jbbZck[_j]bhd_Zgwlhg_[he__q_f^jm]b_
h[hbdZdwlhgZau\Z_lkynhlhh[hb
�ZfZgyl^Zezdb_kljZguFZgyliZevfub[_euci_khdFZgyl]hjuG_dhlhjuog_[hkdjz[u
fZgylGhwlh\k_]hebrv^jm]hcjbkmghdgZnhlhh[hyo
YlZdmkljh_gqlhf_gyfZgylkeh\ZZlheeJZjhlhg]ZLZblbFmjpbyFZqmIbdqm
Gmohjhrh\hlym\b^_eg_qlhlZdh_qlhbf_gm_lkydjZkb\ufkeh\hfimklvg_JZjhlhg]mihdZ
ghm\b^_e^himklbfFhg[eZg
Bi_j\h_hsms_gb_k_y\b`mFhg[eZgY^h\he_gGhwlhqm\kl\h[ukljhlmkdg__lb
hklZzlkykmsghklbgbq_]hbg_hklZzlkyFh`_l[ulvnhlh]jZnbb_kebdlhlhex[blfmfbb
hsms_gbcYg_lg_ex[ex
HklZzlkyij_`gyyg_jZaj_rbfZyly]Zkhkzlbagmljblyg_llyg_ldm^Z"G_m`_ebgZJZjhlhg]m"
Y^mfZxg_l
JZjhlhg]ZbFZqmIbdqmIZjb`bFhg[eZgwlhlhevdhih^klZ\dZih^f_gdZGZklygmlg_
^Zevgb_kljZguZp_euc^ZezdbcfbjLygmlg_]hjuZ]hjg__gZr_hl_q_kl\hLygmlg_kljZggu_
bag_h[uqguoa\mdh\khklZ\e_ggu_keh\ZZg_baj_q_ggu_]eZ]heug_[_kgu_Zg_a_fgu_
GZa_fe_fu\k_]^ZhklZzfky\fZe_gvdhcdhfgZl_DZ`^ucdZdq_j_iZoZghkblgZk_[_
kh[kl\_ggmxaZdhkl_g_\rmxdhfgZlm
fhf_glkf_jlbbadhfgZluhldju\Z_lky^\_jvKlhbl\uclbgZjm`mby\ylkygZflZdb_
khdjh\bsZblZdb_i_caZ`bqlhihkjZ\g_gbxkgbfb\k_FZqmIbdqmbLZ^`FZoZeulZdZy
BihgbfZ_l_kh\_jr_gghmoh^bl`_eZgb_km_lblvkyImklvgZa_fe_yg_ih^gbfmkvdFZqmIbdqm
�dZdZyjZagbpZ"Hqzf`Ze_lv"BFZqmIbdqmbfukh[jhcGZ^_`^ubFmjpbxb:ev[ZjZpbg
\kzihdZ`mlkzqlhyaZkem`mfg_ihdZ`mlb^Z`_\h^gmk_dmg^mIhlhfmqlhb\j_fy[m^_l
^jm]h_
DZdb_fukebml_[yN_^_qdZ
A^_kvg_fukeb\h\kydhfkemqZ_g_mfhajbl_evgu_jZkkm`^_gbyZ\gmlj_ggyym\_j_gghklv
G_fukevZqm\kl\h
�Yi_j_qblu\Zxhklh_\kdh]hmg_]hihklhyggh]_jhbfmqZxlky\hijhkhf[_kkf_jlby_klv
[_kkf_jlb_"Bebg_lm[_kkf_jlby"Beb\kzlZdb_klv"B\hldZqZxlkygZdZq_eyo^h
�[_kdhg_qghklbHoa^_kvykZfuciehohcqblZl_ev^eyhklh_\kdh]hYkh\_jr_gghg_\kbeZo
wlbl_jaZgbyjZa^_eblvMfhajbl_evghihgbfZxghhklZxkvjZ\gh^mr_g
DZdfg_^himklblvqlh\wlhciehkdhckdh\Zgghc`bagb\kzaZ\_jrZ_lky"IjhklhZ[kmj^kz
qlha^_kvwlhlhevdhbeexaby[e_^guch[jZaf_evdgm\rbckd\havfmlgh_bdjb\h_kl_dehGbgZ
f]gh\_gb_gbgZchlmg_khfg_\Zxkvdhg_qgh_klvke_^mxsZy`bagvWlhgZklhevdhl\zj^h_
\gmlj_gg__hsms_gb_y^Z`_g_agZxdZdbfih^_eblvky
Lu^_ebrvky
:ggZkfhlj_eZgZNz^hjZrbjhdhjZkdju\Zy]eZaZb]heh\mgZdehgyeZlhlZdlhw^ZddZd[u
klZjZykvihemqr__]hjZkkfhlj_lv
N_^xwlhg_fgh]hkfmsZehghb\^hogh\eyehhgqm\kl\h\Zeqlhj_qv_]hevzlkyqlhfukeyf
l_kgh
Ij_^klZ\vl_\^jm]aZ`b]Z_lkyyjdbck\_lJZgvr_[ueh^bglmkdeucnhgZjbddhlhjuffu
hk\_sZeb^hjh`dmijyfhi_j_^gh]Zfbbwlh[uehgZr_ebg_cgh_\j_fyDZdma_gvdZyljhibgdZ
dZdgbldZbfugZg_clhiq_fky^urbf^jm]^jm]m\kibgmFu\b^bflhevdhk_cqZkIjhreh_
m`_bkq_aeh\hlvf_mgZkkhojZgbebkvkfmlgu_jZaghj_qb\u_\hkihfbgZgbyi_j_^bfjZd
djhf_rguc
B\^jm]kh\k_oklhjhg\kiuob\Z_lk\_lbklZgh\blky\b^gh\kzbkaZ^bb\i_j_^bB^Z`_g_
lZd[hevr_g_lmgbkaZ^bgbki_j_^bihlhfmqlh\f_klhh^ghclhgdhcgbldbfu\b^bf
h]jhfgucbiheghp\_lgucdh\zjWlh\j_fyG_gZr_ebg_cgh_beexahjgh_\j_fyZ\_qghklv
_qghklvyihgbfZxg_dZd[_kdhg_qgh_[m^ms__ZdZdkhklhygb_\dhlhjhfg_lgb[m^ms_]hgb
ijhreh]hgbgZklhys_]hZ\kzdZdgbldbkie_lzggu_\h^bgmahjDh]^Z]h\hjyli_j_^kf_jlvx
\ky`bagvijhreZi_j_^]eZaZfbg_fh`_l[ulvqlh[u\k_kh[ulby`bagb_szjZa
ihke_^h\Zl_evghijhrebg_lky`bagv\kz\j_fy`bagb[m^_lm\b^_ghdZddh\zjdZd
i_j_ie_l_gb_gblhddZdk\yabdhlhju_lygmlkyba^_lkl\Z\klZjhklvbdZ`^ucihklmihddZd
dZieydhlhjZydZiZ_lgZdh\zjh^gZdZieyqbklhc\h^u\ukuoZ_lg_hklZ\eyyke_^h\ZdZiey
\h^dbfh`_l[ulvjZat_^Z_lgbldbih^lZqb\Z_lZdZieydjh\bdZd\kdZad_ijhKbgxx[hjh^m
g_kfu\Z_lkybjZkiheaZ_lky\[m^ms__b\ijhreh_b^Z`_\dZdbolhg_\_^hfuogZijZ\e_gbyo
HoN_^_qdZIh`Ze_cfhxkeZ[_gvdmx]heh\dm
Ijhklbl_:ggZfg_lZdfgh]hkjZamohq_lky\ZfkdZaZlvFg_ihq_fmlhk\Zfbhq_gve_]dh
AgZ_l_qlhy\ZfihdZ`m"Y\ZfihdZ`mh^bgm^b\bl_evgucl_dklA^_kvmf_gyk_cqZk\
dhfivxl_j_g_lg_khojZgbehkvghygZc^mij_^klZ\vl_k_[_[md\Zevgh_hibkZgb_nhlh]jZnbb
Hm^b\bl_evgh
H[yaZl_evgh\ZfihdZ`m=eZ\gh_ki_rbeN_^y]eZ\gh_qlhf_gy\^hogh\ey_lhlf_gZ
beexabcHlf_gZeh`guoijhlb\hj_qbcY^mfZx\[m^ms_c`bagb\ih^ebgghc`bagbhlf_gblky
ijhlb\hj_qb_f_`^mlZdgZau\Z_fuffghckm[t_dlhfbbfh[t_dlhfAgZ_l_dZdy
ijbrzedwlhcfukeb"Y\ZfjZkkdZ`m
Ij_^klZ\vl_qlh\uihiZ^Z_l_\jZc
Ylhqghg_ihiZ^Zx
Ij_^klZ\vl_:dlhlhba\Zrbo[ebadbohlijZ\bekyfmqblvky\Z^DZd\ufh`_l_gZkeZ`^Zlvky\
jZxagZyqlhdlhlhb^Z`_ex[hcba\_klguc\Zfq_eh\_d\wlh\j_fykljZ^Z_l"Kh]eZkgu"
�B\k_kh]eZkgu:y\hl^mfZxwlhkm]m[ha_fgZybebdZdibkZehklh_\kdbcw\deb^h\Z
fukevy^mfZxihke_kf_jlb^he`ghbkq_agmlvijhlb\hj_qb_f_`^mkm[t_dlb\guf
bh[t_dlb\gufbgZq_kdZaZlvf_`^mybg_y?kebyagZxdh]hlhlhhgm`_qZklv
�f_gyZ`__kebohly[uykeurZehgzfkeurZebfyqblZe\]Za_l_agZqblm`_\wlhc
fZe_gvdhcf_j_hgqZklvf_gyqZklvfh_ckm[t_dlb\ghklbebqghklbgZijbf_j\um`_
qZklvf_gy
:ggZkdehgbeZ]heh\mgZ[hdbNz^hjmihdZaZehkvqlhhgZkfhljblgZ_]h]m[u
AgZqbl_kebyb^m\jZclh\k_ex^bdhlhjuoyagZxlh`_\f_kl_khfghcb^ml\jZcY
\f_sZx\k_[yp_eucfbjb\_kvfbjijb\_^mlm^Z\f_kl_kkh[hcbebg_ijb\_^mIhwlhfm
bf_gghkZfhm[bckl\hkljZrg_crbc]j_owlhm[bckl\hg_h^gh]hq_eh\_dZZ\k_odh]hagZ_rv
m[bckl\hp_ehc\k_e_gghcBwlhg_ihwlbq_kdbch[jZag_bghkdZaZgb_\hl\qzf^_eh
Ih^h`^bih^h`^bLh_klvykms_kl\mxlhevdh\l\h_c]heh\_"
u\fh_cZy\\Zr_c
:dlh`_bagZkgZklhysbc"
Fuh[Z:oagZxm`Zkghljm^ghihgylvFuijb\udebqlh_klvlZdgZau\Z_fh_j_Zevgh_
h[t_dlb\gh_kms_kl\mxs__^ey\k_oh^bgZdh\hbeb^jm]h_ij_ajbl_evghgZau\Z_fh_
km[t_dlb\gufbeb[hlZdeb[hw^Zdbfug_fh`_fhlwlhcijb\uqdbhk\h[h^blvkydZdfu
g_fh`_fhk\h[h^blvkyhlhsms_gby\j_f_gbhlijhkljZgkl\Z^_ckl\bl_evghklbh[fZgm`_
\kZfhfjZaebq_gbbb[h\kzgZklhys__b\lh`_\j_fy\kzkm[t_dlb\ghH[Zfukmlv
gZklhysb_\ugZklhysZybylh`_Gh_keby\klj_lbe\Zk\k\h_c`bagblhagZqbl\um`_
kms_kl\m_l_\hfg_\gmljbf_gyBy\\Zk
Y\hegmxkv
j_Zevghklb
G_lg_lN_^_qdZih^h`^bih^h`^bLZdhcjZa]h\hjgZ^hi_j_dmjblv
Kwlbfbkeh\Zfb:ggZkdhevagmeZddZfbgmbba\e_deZhldm^Zlhba]em[bgie_^Zlhgdmxkb]Zj_lm
Nz^hjhi_rbeaZr_klve_lhghl\udhllh]hqlhfh`ghaZijhklhaZdmjblv\h[s_kl\_gghff_kl_
uqlha^_kvdmjbl_"
�;ZemxkvdZdgb\qzfg_[u\Zehhl\_lbeZ:ggZbszedgmeZaZ`b]ZedhcZg_[hckylZd
N_^_qdZjZkkf_yeZkvhgZKfhljbdZ\ebp_baf_gbekykz\ulyg_lWlh`_ijhklhljm[Z
\hgljm[ZZ
Ky^vkx^Z
,9JZkkdZad][rgbdZbebHlfurbb\ur_
Gmdhjhq_jZ[hlZey\NK;
Kem`be\=_jfZgbb^_f[_evgmekyKhk_^kfhljxkfZl_jvxhgbkfh_c]h\hjbebIhlhff_gy
iha\ZekijZrb\Z_l?klv]h\hjblml_[y`_eZgb_\D=;ihjZ[hlZlv"
hh[s_lh_klv]h\hjxgmZdlhf_gylm^Z\havfzl"
Y]h\hjblaZc^m\dZ^juih]h\hjxkjmdh\h^kl\hf
Bq_j_ag_^_ex^Zzll_e_nhgqbdYiha\hgbefg_kdZaZebdm^Zih^t_a`ZlvIjhimkd\uibkZebY
kb^_ejZa]h\Zjb\Zek]_g_jZehfGmeZ^ghfg_]_g_jZe]h\hjblKhh[sbf\Zf
Ijhrehf_kyp_\k_fvHgbf_gyijh\_jyeb:fg_]^_lhjZ[hlZlvgZ^h"Ihrzehnk_lqbdhf\
lbih]jZnbxJZa\iylgbpmfg_ijboh^bl[mfZ]Zqlhkihg_^_evgbdZym`_^he`_gijb[ulvd
^_\ylbqZkZfihlZdhfmlhZ^j_km
YgZqZevgbdm]h\hjxkzkihg_^_evgbdZm\hevgycf_gyHgDZdhckihg_^_evgbdZ"Dlh
jZ[hlZlv[m^_l"Y]h\hjbllZdmxl_[_oZjZdl_jbklbdmgZibrml_[y^Z`_\lxjvfmg_
\havfmlY_fmihdZau\Zx[mfZ`dmb^brv"]h\hjxD=;
Dhjhq_fg_aZh^bg^_gv\kzhnhjfbeb\[mo]Zel_jbbaZjieZlm\u^ZebwlbdZdgZau\Z_lky
hloh^gu_b\ihg_^_evgbdymljhfih_oZeLZfihlhf_szih^t_oZeh^bgkhljm^gbdbf_gykgbf
hlijZ\bebm`_ihf_klmjZ[hlu
:\hlwlhk_dj_lYih^ibkdm^Z\Zehg_jZa]eZr_gbbHgZgZfg_\bkblohrvg_ohrvMf_gyb
^_^gbq_]hg_jZkkdZau\Ze
��_^lhfhc]^_jZ[hlZe"Lh`_\GD:ZdjbqZe\kzjZ]bgZjhh^Zgmrmldhc
rmly:lZdgbq_]hg_jZkkdZau\ZeLZfaZljzikjZamwlhlugv^ugvlZf^bkpbiebgZkljh]Zy
hq_gv
?^bgkl\_gghfg_gZ\hcg_g_ihgjZ\behkv
:\BjZg_hk_fv^_kylk_^vfhc]h^bkeZfkdZyj_\hexpbyGZkgZihfhsvaZdbgmebg_kdhevdh
�]jmiiKi_p]jmiiuZxlaZ^Zgb_gZ^haZgylvlZdhclhmqZklhd
Dhg_qgh]hlh\bebdZd`_AZfmqbeblj_gbjh\dZfblZf`_rdheZ^ey^mjZdh\\h
�ijb^mjdbhfklhbl^_j_\yggucbdZd[ulZf^b\_jkZgluaZk_ebbogZ^h\aylvHdjm`beb
e_]eb:lZfh^bglZdhcfZeucg_fgh`dhkhk^\b]hfE_`bfm`_\k_gZba]hlh\dmZhg
ih^oh^blkaZ^bfg_;jjhkvZ\lhfZl:mf_gy`_j_ZdpbyygZkibgmi_j_dbgmekyrezib
_fmdZdjZawlhihgb`_ihykZ@Zedhq_eh\_dZZfimlbjh\Zeb
DZdhc[ZcdZ"LZfkbeZm^ZjZlh\h[m^va^hjh\Zlml\hh[s_gmkdhevdh^\Zf_ljZkqblZc\
mihjH[uqguciZljhgijhklhimebj_abgh\u_
Dhjhq_gZk[uehlZfq_l\_jhfu^jm`bebKh^gbf\hh[s_dhj_rZua\Zebijh\_ebkgZfb
[_k_^mk_oih^jy^lhg_[jZebIhiZeb\BjZg
�h[jh\hevgh\kz^h[jh\hevgh
Y`l_[_]h\hjxbkeZfkdZyj_\hexpby
:qzjl_]hagZ_ldhfmfulZfihfh]Zebyg_\^Z\ZekyHgb^eyf_gywlbqmj_dbZ[j_db\k_gZ
h^ghebphih^bjZa[_jbLZf_^bgkl\_gghq_]h[ueh_kebgZl_[y[_`blagZqblg_l\hc
klj_eyc?kebkaZ^bhll_[y[_`bl\i_jz^agZqbll\hcklj_eylvg_gZ^hkzLZfkZfh_]eZ\gh_
agZ_rvqlh"KZfh_]eZ\gh_qlh[uih`jZlv\h\j_fyijb\_aeb
:lZd]hju]heu_h^gbdZfgbJ_qdZ:jZdkijhl_dZ_lKlhcklhjhgu:jf_gbyGbjZklbl_evghklb
gbq_]hGbdmklbdZ
H^gZ`^ub^zf\gbam:jZdkljhibgdZlZdZy]hjghfmdhaemlhevdhijhclbGZ\_jom]hju
�hl\_kgu_g_ih^gbf_rvky_kylvq_eh\_dkaZ^bgZkq_l\_jhb_szlZfijbdhfZg^bjh\Zeb
GmbihiZeb\aZkZ^mIyl_juogZrbokjZamrezigmebdlhi_j\ucrze:yohjhrhjy^hf\Zemg
a^hjh\uc[ueyaZg_]haZdZlbekyGmbhlklj_eb\ZekyihfZe_gvdmI_j_dZlbrvkyfZ]Zabg
kgbf_rv_fmq_]h"m[blucm`_fZ]ZabgumgboihkgbfZ_rvbhiylvaZszedb\Z_rvb
ihrze
OhjhrhgZ[Za_gZ\j_fykfhlj_ebFu`_^he`gu[uebijbclb\h\j_fyhij_^_ezggh_ZgZkg_l
bg_lGmbiZjm\_jlmr_q_d\ukeZebhgbboihlj_[beblZfohjhrh
Ljbq_eh\_dZ`b\uogZkhklZehkv
Ijboh^bldgZfdhfZg^bj]h\hjblJ_[ylZuk^_eZeb\kzhlebqghZf]h\hjbl[m^_lih
hj^_gmDjZkghcA\_a^u
Ohjhrh
=^_lh^gy^\Zljbijhrehijboh^blG_lagZ_l_kdZaZebhj^_gh\\Zfg_^Z^mlghdjmigmx
kmffm\uieZlyl
Gmfu^mfZ_feZ^ghhj^_gq_]h"lZdghkblv:^_gv]bhgb\^_eh\k_]^Zijb]h^ylky
Ihlhfhiylvijboh^blJ_[ylZgboj_gZ\Zf\hh[s_gbq_]hg_[m^_l
hlb\kzlZdfubhklZebkvAZlh`b\u_
Gh\kzjZ\ghh^bgihivygd_ih^we_dljbqdmihiZe?szh^bg\h^\hj_mk_[yIh^^Ze
dhjhq_gZeZ\hqd_ijbd_fZjbeb_fmih]heh\_fhehldhfihaZluedm=h\hjbebqlh\jh^_`_gZ
aZdZaZeZZlZfg_agZxyg_\^Z\Zeky
Mf_gy"Ljb;ueh^\_`_guk_cqZklj_lvyI_j\ZylZ`Z^gZ^h^_g_][ueZkbeg_lYm`blZd
_caZjieZlm\kxhl^Z\Ze^hdhi_cdbgZfZrbg_[hf[belh`__chl^Z\ZefZehfZeh\kz:ihlhf
wlhl^_nhelbmf_gyfZrbgZdZdjZaihe_l_eZhklZeZkvh^gZaZjieZlZhgZhjZlvGZjZa\h^
ih^ZfY]h\hjxGmohq_rvih^Z\Zc
IhagZdhfbekyihlhfkohoemrdhcGhmlhck\hbp_eb[ueb_kl_kl\_gghMg_z^hf_gym`_
[uebGhhgZdZdgZqgzlaZbdZlvkyfhe]jZ`^Zgkl\hgZ^h_zkjZamnvxlvih^aZ^dhe_ghf
:ykh]eZkbeky
Qlhihq_fmihq_fmFg_lhhgZgjZ\beZkvIhreb\A:=KHnhjfbeijhibkdm\d\Zjlbj_
a^_kv
Fg_d\Zjlbjm`_^Zeb\:ij_e_\d_
IhdZkem`be\klZegZhq_j_^vgZd\ZjlbjmKlhye^\Z^pZlve_lB\hl^Z\ZebykjZamj_[yl]h\hjx
ym`[hevgh^he]hklhx"IhjZ[uHgbfg_\hllhevdh\:ij_e_\d_KgZqZeZ^mfZe\jh^_
^Ze_dh\ZlhZihlhfgbq_]hfg_ihgjZ\behkvIjm^bdjy^hfih^^hfhfdZjZkbdh\fh`gheh\blv
BgZfZrbg_[ukljhH^gZ`^ughqvxijZ\^Z_a^beijb^Z\beohjhrhbaZiheqZkZ^h
�Fhkd\u^hkdZdZeZ`_kZfm^b\beky
�Dhjhq_hnhjfbe_ca^_kvijhibkdmhf\^_j_\g_dmibe^\mowlZ`gucdbjibqgucohjhrbc
^\_klblusaZg_]hhl^ZeIjbrehkvdj_^bl[jZlv_sz=h\hjx_cGZl_[_^hdmf_glu\k_
iZkihjlhnhjfbrvlh]^Z\kzwlh"
:fg_dZdjZagZjZ[hlmgZ^h[uehgZkmldbIjb_a`ZxGhjfZevgh"
GhjfZevgh
Gmb\kzk\ZjbelZfaZ[hj\hjhlZ
Ihlhfijb_a`Zx]ey`m^hfaZdjulk\_lZg_lgbq_]hhjhlZlh`_aZdjuluFZrbgmihklZ\be
i_j_^\hjhlZfbaZrzedkhk_^d_kijZrb\Zx=^_fhylhlZf"
:g_agZxAZ]jb[Zfbfh`_lihreZ"
BjZafbebpbyih^t_a`Z_lulZdhclhlZdhc"
Y
:]^_\ZrZ`_gZ"
�Y]h\hjxZg_agZxgZ\_jgh_aZ]jb[ZfbmreZdm^Zgb[m^v
Gmihc^zfl_ihkfhljbf
Fud^hfmhgZhldju\Z_l^\_jv
HgZhdZau\Z_lkywlhk\_l\udexqbeZ^\_jbaZdjueZe_]eZgZihea\hgbl\fbebpbx
Ijb_a`Zcl_kiZkbl_f_gyfm`m[b\Zlvijb_oZeGm^h^mjhklbgZ^h^h`blv^hlZdhc"
Fm`bdbkf_glh\dbkf_yebkvJZa\_ebl_[y]h\hjylfm`bdHgZhdZaZehkv^hflh
hnhjfbeZ\ua\ZeZk\hbo^hq_dbhnhjfbeZ^hfgZgboL_i_jvihemqZ_lky\jh^_dZdb^hfg_
fhcb\uibku\Zlvkybad\ZjlbjuhgZg_ohq_lDbgmeZf_gyeboh^Zhlk_cqZkmf_gykg_c
�ijhp_kkuhdmf_gluyih^]hlh\begZ^hl_i_jv[m^_lkoh^blv\km^hl^ZfihnZdlm
fhr_ggbq_kl\ZaZcfmkvwlbf^_ehf
&#xj_;&#xfy;&#x_;&#xkl;&#xv;&#xQ;&#x_l;&#xuj;&#x_;&#x]h;&#x^Z;&#xm;&#x`_;&#xg;&#xZ;&#xi_;&#xgk;»&#x;�:q_]h"j_fy_klvQ_luj_]h^Zm`_gZi_gkbbhf\^_j_\g_dmibeKfhe_gkdhc]m[_jgbb
Ih_oZekj_[ylZfbgZhohlmfg_f_klhihgjZ\behkvj_qdZe_kfm`bdijh^Z\Ze^hfy\aye
LjbklZf_ljh\j_dZDZkgy\Zamam\iZ^Z_lf_ljh\]^_lh\hk_fv^_kylrbjbghc]em[hdZylZdZy
ohjhrZyqbklZyju[ufgh]h;h[j_klvebkZghjdZGZ[h[jZlh`_dZidZguklZ\ex
&#xk_;&#xr;&#xdm;&#xjd;&#xi;&#xjZ;&#x^;&#xZ;&#xj;&#xZa;&#x^Z;;&#xG;&#xm;&#xl;&#xZd;&#x; f;&#xim;v;&#xkg;&#xh;
&#xh_; ;&#xih;&#x^j;&#xm]; ;&#xij; r;b;&#x;&#xgm;&#x;&#xy;&#xui;&#xrb;&#x;�k_rdmjdbijZ\^ZjZa^ZeGmlZdbfimevkghDfh_cih^jm]bijbrebgmy\uib\rbZ
�aZ[bjZZZc\_ebkuhl^Zebfljbghjdb[h[jZhl^Zedmgbpmhl^Ze_szwlmdZd_zgm
a^hjh\ZylhlZdZy\h^ygZydjukydZ[hevrZygm\hlq_]hlhba]heh\u\ukdhqbehaZ[ue
h[s_fgZ^h_oZlv\^_j_\gx
@_gZg_ohq_l
Wlhlj_lvymf_gy`_gZY_zgZjugd_dmibe
Y`h^bgd\ZjlbjZmf_gy[hevrZyH^ghfmkdmqgh^_eZlvg_q_]h^Zc^mfZxdhfgZlmk^Zf
IhrzegZjughdKfhljxklhbllzly\_ehkbi_^uijh^Zzlh[ty\e_gb_BsmdhfgZlm
Y_c]h\hjx;m^_rvkgbfZlv"
HgZ;m^m
Y]h\hjxGm_kebh^gZlZdZykmffZ?keb\^\hzfm`_ih[hevr_
HgZ\wlhl`_^_gvi_j__oZeZ
GmlZdZyohayckl\_ggZydhg_qgh`_gsbgZkzijb[_jzlqbkl_gvdh
BykfhljxgZqZeZihlbohgvdmH^bgjZayijboh`mZmf_gy\dhfgZl_m`_\kzm[jZgh
ijb[jZgh\kz
YgZqbgZxk_[_]hlh\blvhgZYm`_ijb]hlh\beZKZ^bkvdmrZc
Ylhevdhih_ehgZkjZamlZj_edmjZaihreZfulvGmb\h[s_fgZqZeZdebgvyih^[b\Zlv
ijbgpbi_hgZlhf_gyex[blGmZmf_gydg_chlghr_gb_dZd"m\Z`ZxdZd]h\hjblkyg_
h[b`Zxex[blvlhg_l:eZ^gh^mfZxqzjlkgbfh^ghfm\kzjZ\ghkdmqgh^_eZlvg_q_]h
Gm\hllZdb`_gbeky
�?klvHli_j\hc`_gu\Z[Ze[_kZ
�\Z^pZlvk_fvb\lhjhfm^\Z^pZlvq_luj_A^hjh\u_dZ[Zgu
�:qlh"_kylve_lgbiha\hgblvgbijb_oZlvlZfgbmagZlvIZilu`b\hca^hjh\ucbeb
�dZdlZfklh[hcq_]h^he]hqlhevl_e_nhggZ[jZlv"_kylve_lgba\hgdZgbq_]hWlh^_lbjZa\_"
LZdg_^h^_eZggu_dZdb_lh
Gmylh`_bfg_a\hgxg_h[sZxkv
hgfZlvijb_a`ZeZfhy]h^Z^\ZbebljbgZaZ^mfh_]hklZjr_]h^_gvjh`^_gvy[ueLZdhgfg_
lhg_iha\hgbeZfZl_jbfh_ckdZaZeLukijhkbhlpZfh`_lhgfg_gZx[be_cfZrbgmih^Zjbl"
Y]h\hjxSZkfZrbgmhgimkdZcb^zljZ[hlZ_lbihdmiZ_lk_[_
BebfZlvlh`_ijb_oZeZKt_a^bcdhlpm]h\hjbl_fmhl_p\[hevgbp_]h\hjbl
kt_a^bcdg_fmGmhg_cbkdZaZe:gZdhcqzjlhgfg_gm`_g"
:eZ^ghDZdb__sz\hijhku"
`bagbkZfh_emqr__"
Dh]^ZfZrbgmi_j\mxdmibeDhi_cdm
G_ihfgxlhqgh\hk_fv^_kyliylhfihfh_fmL_klvijh^Z\Ze?c\k_]h]h^[ue
ijZdlbq_kdbgh\Zy
;_`_\ZyY\hh[s_lhlZdb_p\_lZg_ex[exfZjdb_Ohjhrhkbj_g_\uclZfa_ezgucMf_gy
iylzjdZa_ezgZy[ueZihlhfgmlZdb_lzfgu_p\_lZ;_eucwlh\hh[s_fmlv
Y\hh[s_[_afZrbgug_fh]mdZdlhGmjZgvr_ihdZ\hlk]eZadZfbg_gZqZehkv
G_lhkh[h[ukljhyg_eboZqbeYfh]mkdhevdhgZ^hGhyq_eh\_dkmfhfhi_j\uowlhg_ih
gZrbf^hjh]Zf[ukljhY\havfmijZ\mxihehkmbb^mGZ^hyh[hrzebhiylv\_jgmekygZ
ijZ\mxYb^bklZgpbx^_j`mm`_bglmbpby_klv
FZdkbfZevghklhkhjhd:lZd^_\yghklhihemqr_^hjh]ZklhDm^Z[hevr_"?a^beihdZ
\hl]eZadbg_ihl_jyeAZjmevkZ`mkv\hleh[h\h_kl_deh\b`mZqlhaZgbfgbq_]hg_\b`mGb
hqdbg_ihfh]ZxlD\jZqmihrze]h\hjblG_Zg_\hkklZgh\blkyA^_kvkoh^bedhdmebklmhgZ
]h\hjblMl_[y_szom`_klZehIjbrehkvbfZrbgmijh^Zlv
Gm_szqlh\Zkbgl_j_km_l"
K_cqZklZdbg_mihfgbrvym`_^Z\guf^Z\ghh^bgGmhklZekyh^bg^jm]\Q_jlZgh\hby
hklZekyhly`_]h\hjxgZwlhc`_gsbg_`_gbekybq_]hlh\hlba^jma_cgbdlhGmqlhlh
lZdh_khfghckemqbehkvg_agZxdZdZylhg_ijbylghklvqlhebb\kzb\k_dZdijhiZebkjZam
gbkemomgb^mom^Z`_wlhl^jm]fhckgbf\f_kl_^\Z^pZlve_ldhjhq_kem`bebblhlq_]hlhg_
a\hgblgbq_]hZmf_gylZdhkh[hfgh]h^jma_clhg_[uehDlhih]b[dlhkZfmf_j:ihlhf
\hg]eZadb_szlh`_k_ebIhwlhfm^mfZxgZ^h\^_j_\gxkt_a^blv^hfbdijh\_^ZlvdZdlZf
q_]hKj_[ylZfbgZju[ZehqdmYb^m[_jmkibggbg]gZm^hqdmlZfiehoh\Zlhh[uqghk_lb
klZ\bfb\kzZgZkibggbg]smqdmfh`ghihcfZlvGmbjm`vbrdhih\_rmihdZihdb^ZelZf
kibggbg]kfhljxZ]Z\hghgbe_lylijyfgZf_gyIZljhgqbdbaZ]gZeijb]hlh\bekyb]eZ\gh_
g_r_ehogmeky\klZekihdhcghIh^e_l_ebrezirezi\kzzijboh^brvm`_\dhlze_klv
�qZklhZ^ba_evlhohjhrhghwlh`klZ\blvgZ^hZdhfmlZf"k_ivxlm`_g_agZx
ihe^_j_\gb\uf_jehhl\h^dbKhk_^\hljy^urdhf^hfh^bgjZaijyfmf_gyih^hdgZfb
^hihealbg_fh]Y_]h^h^hfZ^h\zedhcdZdk^ZeIhlhfiZj_gvijb_a`Zejy^hf`belZdhc
\jh^_a^hjh\uclh\Zjbs[uelhekl_gvdbclh`_hlwlh]h^_eZjZab]hlh\Y]h\hjxfm`bdh\
lhijZdlbq_kdbg_l\kz`_gsbgZ^_eZ_lbkhkdhlbghcb\h]hjh^_dhiZ_l:f_klhohjhr__Y
]h\hjxih_oZebhgZg_ohq_l:yohqmGmwlhmf_gylj_lvy`_gZihjZagZqblf_gylvgZ
q_l\zjlmxGZ^hkt_a^blvIjbjh^mex[exE_kj_qdZlZd\kzohjhrhur_ekmlj_qdZih
j_qd_ijhrzekyjm`vbrdh\ayekkh[hcmlhq_dihklj_eye_q_jhfdZjZ[bgqbd\ayeihrzegZ
ihe_dZ[ZgqbdZlZfebkbqdmhlfurbb\ur_hlg_agZxlhevdhl_i_jvdZdk]eZaZfb
Ijbrze^hfhc^jh\br_dihdheheghqvxi_qdmjZklhibeMf_gyi_qdZjmkkdZyjZklhibegZ
e_`Zghqdmez]
&#xkz;&#x;&#xdh;&#xjh;&#xq_;&#x;�kzdhjhq_Z\Zcijh\h^bf_gydZdfg_\uclbhlkx^Z
9MdZfbgZ
Nz^hj_e_^h`^Zekyihke_^gbokeh\aZibkblZd_]hjZkibjZeh
IhgbfZ_l_q_eh\_djZkkdZau\Z_lijh\hcgmZyjZkrbnjh\u\ZxkemrZx_]hk_fvjZa\hk_fv
^_kylvbfg_dZ`_lkyqlhym`_kfmlghihfgxdZdwlhe_`Zlvbhlklj_eb\ZlvkybaaZdZfgy
Fh`_lyqlhlhih^h[gh_\b^_e\dbgh"Bebihke_^_kylh]hjZaZfg_wlhijbkgbehkvih
ijh[m`^_gbbyaZ[ueghdZjlbgdZhklZeZkv\gmljb"
:k^jm]hcklhjhgudh]^Zhg\kihfbgZ_lkh[ulbyijhbahr_^rb_q_l\_jlv\_dZgZaZ^gZkdhevdh
ykguwlb\hkihfbgZgby"GZkdhevdhyjdb"kihfbgZ_lebhgkh[ulbydZdlZdh\u_beb
\hkklZgZ\eb\Z_lk\hcjZkkdZa\kihfbgZ_lkeh\Zdhlhju_hgm`_g_jZa]h\hjbe"GZkdhevdh_]h
\hkihfbgZgbyhkh[ulbyoijhbkr_^rboq_l\_jlv\_dZgZaZ^yjq_\hkihfbgZgbyhg_^Z\g_fkg_
\q_jZrg_fbeb^himklbfihaZ\q_jZrg_f"GZkdhevdhhgbj_Zevg__"B_keb^\b]Zlvky^Zevr_
gZkdhevdhijbgpbibZevghjZaebqb_f_`^m_]hg_ihkj_^kl\_ggufhiulhfbfhbf"dZdhc
kl_i_gb_]hhiulklZgh\blkyqZklvxfh_]hhiulZ"dZdhckl_i_gbhgjZkkdZaqbdklZgh\blky
qZklvxf_gy"
BkZfh_]eZ\gh_aZq_f;h]k^_eZelZdqlh[uymkeurZebf_gghwlhljZkkdZa"
:oN_^_qdZlulZdhcmfguc:]^_`_^_\mrdZl\hy"g_h`b^ZgghkijhkbeZ:ggZ
Dlh"Ezey"k[b\rbkvi_j_kijhkbeNz^hjkg_^hmf_gb_fEzeyg_fhy^_\mrdZGbdh]^Z
g_[ueZ_c
�ZZ"IjZ\^Z"
�LhlhykfhljxbfdZ\_jgmekyih^mljhqlhlh\iheiylh]hm`_ivyguc\oeZfIZevlhg_
[jZeG_oheh^gucAgZqblba^hfmg_\uoh^be=^_fh][ulv"Mg_z
Ghg_rb[dh^h\hevgucIvyguc\i_gvMdeZ^u\Zeky\kzq_]hlhdjyol_eG_ihoh`_qlh[u
�^h[beky[hevrbomki_oh\Ohlynb]_]hagZ_lHgh[Zyl_evgucdh]^Zohq_lbfhglh
Bqlh\u^mfZ_l_"_^\Z\u^Z\beNz^hj
�mfZxkdZaZeZ:ggZke_gphc^mfZxljZogmeZ[uhgZ_]hqlheb
N_^yijbhldjuejhl
k_[ubmkihdhbebkv?fmq_]hgZ^hlh"GZ^h\k_f^hdZaZlvqlhhg_szh]h]hGmbimklv
gZihke_^hqdbihj_a\blky
lmrZkb]Zj_lm\djmqb\Zy_z\bkih^qm]mgguodZfbgguosbiph\aZl_fkhkdj_[Zyi_i_evgucke_^b
aZ\hjZqb\Zyhdmjhd\nhev]m:gZkZfhflh^_e_ex^blZdb_ijhklu_`b\hlgu_
Bhqmlb\rbkvjy^hfkdj_kehf\dhlhjhfkb^_ekh\_jr_gghhrZe_eucN_^yi_j_]gmeZkvq_j_a
ih^ehdhlgbdbihp_eh\ZeZ_]h\mohke_]dZijbo\Zlb\aZfhqdmhkljufbam[dZfbbijb`Z\rbkv
]m[Zfbd_]h]m[ZfaZimklbeZp_idb_iZevqbdbNz^hjm\\hehkubijbgyeZkvwlb\hehku_jhrblv
gZfZlu\Zlvbdm^Zlhlygmlv
Nz^hjohl_e[ueh\klZlv_cgZ\klj_qmghh]jZgbqbekyl_fqlhdh_dZdh[o\Zlbe_zkibgmdh]^Z
hgZgZdehgbeZkvdhjhl_gvdbcfy]dbck\bl_jaZ^jZekyihqlb^hehiZlhdbih^_]heZ^hgyfb
hdZaZeZkvh[gZ`zggZydh`Z
kz[_kihjy^hqgh\a[ZeZfmlbehkvmNz^hjZ\]heh\_
Ih^h[gh_kgbfbgh]^ZkemqZehkvbjZgvr_Nz^hjg_ihgbfZe[_kkeh\_kguokb]gZeh\dhlhju_
`_gsbgu_fmihkueZebbqZs_\k_]hg_ihemqb\gbdZdh]hhl\_lZ`_gsbguhklZ\eyebihiuldb
k[eb`_gbyghbgh]^Zreb^Zevr_gZkh[kl\_ggucjbkdb\wlbokemqZyoNz^hji_j_`b\Ze
ih^h[gh_\gmlj_gg__khljyk_gb_qm\kl\hqlhkgbfijhbkoh^blqlhlhg_\_jhylgh_
kz^Zevg_cr__\^ZgghfkemqZ_dhihr_gb_p_idbob]jm[h\ZluoeZihd[uehf_g__\Z`guf
]eZ\gufhklZ\Zehkvi_j\h_]jhfh\h_wohdZdwohm^ZjZ
Ke_^mxsbff_g__kbevgufqm\kl\hf[ueZ[eZ]h^ZjghklvNz^hj[ue[eZ]h^Zj_g\k_f
g_fgh]bf\f`_gsbgZfdhlhju_mg_]h[uebb\k_]^Zqm\kl\h\Zek_[yh[yaZggufbfohlyg_
\iheg_ihgbfZeaZqlhbf_gghbm`l_f[he__g_ijZ\bevghihgbfZebhgb
:ggZ^h\hevghqm\kl\bl_evghmdmkbeZ_]haZ]m[m
Djhf_]jhfh\h]hwoZb[eZ]h^Zjghklb\djmlys_fkydZd\klbjZevghcfZrbg_kmf[mj_f_evdZeZ
]hj^hklv?]h_]h\u[jZeZ\ajhkeZybdjZkb\Zy`_gsbgZ
Gh[uekdh\ZgguckljZohllh]hqlh\hc^mlbm\b^ylg_ijZ\bevgh_g_ohjhr__ihlhfmqlh
ijhbkoh^ys__ijb\k_cjZ^hklbg_h`b^Zgghklb[eZ]h^Zjghklbe_klghklbih[_^bl_evghklb
\kzlZdbhsmsZehkvdZdg_ohjhr__I_j\ucfhf_gl[ueij_djZk_gZ\hlhl\k_]hihke_^mxs_]h
emqr_[ueh[udZdgb[m^vhk\h[h^blvky=m[up_emxsb__]h[uebeh\dbfbbmf_eufbghbah
jlZm:ggu^h\hevghkbevghiZoehlZ[ZdhfDh`_c]heh\uN_^yqm\kl\h\Zehklju_gh]lbdh]^Z_]h
\hehkukh[bjZeb\]hjklvblygmebwlh[uehke_]dZg_ijbylghEZ^hgyfbhghsmsZeijhoeZ^gmx
\eZ`ghklvdh`bih^dh`_cdZdb_lhl\zj^u_dhklbjz[jZ"Ba9h[jZagh]h\uj_aZ _z]jm^v
hdZaZeZkvkh\k_f\iehlgmxd_]hebpmg_aZsbszggZygbq_fdjhf_lhgdh]hk\bl_jZ\fbaih^
k\bl_jZkeZ^dhiZoeh^moZfbblzieufl_ehfghdwlhfmaZiZomijbf_rb\ZekyaZiZo`_gsbgu
gZfgh]hgZfgh]hklZjr_g_]h^jm]hg\kihfgbefhjhagucbkg_`gucaZiZodZdbfiZoeZEzey
ke_^mxs__`_f]gh\_gb_qm`b_]m[uhlde_bebkvhl_]h]m[b:ggZkh\a^hohf\uijyfbeZkv
;_kihe_aghP_emxij_djZkgh]hfZevqbdZZ^mfZx\wlh\j_fyhklZjhfdhae_:odZdlu
ohjhrN_^_qdZ\hkdebdgmeZhgZk\_jdZy]eZaZfb_kvqbkl_gvdbcLZd[uijyfhbkt_eZ
Nz^hjihqm\kl\h\Zehq_gvkbevgh_h[e_]q_gb_kzkZfh_emqr__ijhbahrehb^Z`_ih\h^^ey
]hj^hklbihy\bekyZgbq_]hg_ijbylgh]hg_mki_ehkemqblvky
:ggZ\ugmeZbakmfhqdblx[bdbihfZaZeZ]m[uijhajZqgufdj_fhf
�mjZl\hywlZEyevdZEzevdZ_c\l_[y[u\p_iblvky
��Zg_i_j_`b\ZZcmjZ^mjZdhg_qghghgZnb]Z`__cklZjucdhaze"
9,JZkkdZahlj_ojZg_gbyo
gZr_f]hjh^__klvlZdZyijhfahgZB\jZchg_ijhfahgudZn_ba\_klgh_f_klh
Lm^ZijbrebgZah\zflZdkheb^gu_ex^bK_ebih]h\hjblvDZn_gZwlh\j_fyaZdjueb
AZoh^bllm^Zfheh^hcq_eh\_dHgb_fm]h\hjylih]meycG_\b^brvex^bkb^yl"Ihlhfijb^zrv
ih_rv
HgmrzeZfbgmlq_j_a^\Z^pZlvljb^pZlv\_jgmekyb\k_ojZkklj_eye
HdZaZehkvqlhhg\h_\Ze\:n]ZgbklZg_Dhee_dpbhgbjh\Zeh]g_klj_evgh_hjm`b_BkZf^hfZ
fZkl_jbe
�\mofm`qbgijb\_aebkx^ZdgZfH^gh]hfukjZam\ayebgZhi_jZpbx
Hkh[_gghklv[ueZ\lhfqlhj_\hev\_jwlhlgZ]Zgmg_]himey[ueZg_h[uqgZyk_fvr_klv^_kyl
^\_ZfZehdZeb[_jgZy:dh]^ZjZgysbckgZjy^h[eZ^Z_l\ukhdhcwg_j]b_cdbg_lbq_kdhcghfZehc
fZkkhclhihiZ^Zy\iehlgu_ldZgbbm^ZjyykvlZfhdhklgu_kljmdlmjuhgk\hzgZijZ\e_gb_
baf_gy_lIhemqZ_lkyjZg_\hcdZgZekg_ijZ\bevgufgZijZ\e_gb_fBh[jZamxlky[hevrb_
imevkbjmxsb_ihehklbjZg_\u_
^ZgghfkemqZ_wlZimeykgZqZeZihiZeZ\]jm^gmxde_ldmihlhfm^ZjbeZkv\j_[jhijh[beZ
^bZnjZ]fm\hreZ\[jxrgmxihehklvijh[beZi_q_gv\g_kdhevdbof_klZoihlhf_szhgZ
ijh[beZlheklmxdbrdmihqdmbmreZ\blh]_lZd]em[hdhdiha\hghqgbdmqlhfug_
\ulZsbeb_zQZkh\k_fv\hk_fvhi_jbjh\Zebghg_\ulZsbebIjbrehkvwlhfmfm`qbg_m^Zeylv
ihqdm
Hg\blh]_ihijZ\beky\kzohjhrh\kzghjfZevghLZdhc^_ckl\bl_evghk_jvzagucq_eh\_d
ke_^blaZk\hbfa^hjh\v_faZ[hlblky
G_\k_]^ZmgZkwlh\klj_qZ_lkyq_klgh]h\hjyGZrbex^bh[uqghiehohhlghkylkydk\h_fm
a^hjh\vx
hllZdhcyfh]mijb\_klbijbf_j
Ijb\_aebfm`qbgm\khklhygbbkbevgh]hZedh]hevgh]hhivyg_gbykgh`_\ufjZg_gb_f\h[eZklv
k_j^pZ
Hq_\b^ghdZdb_lhlZf\f_kl_kgbf\uib\ZebbgZg_keb_fmwlhjZg_gb_ihk_ed_
JZ^bhp_gljZlmljy^hfih=hjvdh\kdhfmrhkk_Ijb\_aeb_]hdgZfgZ\_jghfbgmlq_j_akhjhd
Fu_]hkjZamdhg_qgh\ayeb\hi_jZpbhggmx
;uehhq_gvly`zeh_ijhgbdZxs__jZg_gb_\k_j^p_hq_gv[hevrbojZaf_jh\Ih\j_`^zg[uee_\uc
`_em^hq_d
GhkZfh_bgl_j_kgh_dh]^ZfugZqZebaZrb\Zlvlh_klvdh]^Zk_j^_qgmxldZgvklZeb
kly]b\ZlvhgZgZqZeZjZkiheaZlvkybh[jZah\Zeky[hevrhc^_n_dlBaaZlh]hqlhmg_]hfbhdZj^
kh\_jr_ggh[ue[m^_flZd]h\hjblvg_a^hjh\ucbaaZh[jZaZ`bagblZd^Ze__k_j^_qgZy
ldZgvmg_]hgbdm^Zg_]h^beZkvFukly]b\Z_fZhgZjZkiheaZ_lkybfugbq_]hijZdlbq_kdb
k^_eZlvg_fh`_fH[jZam_lkyhq_gv[hevrhc^_n_dl]^_lhhdhehiylbkiheh\bghcr_klb
kZglbf_ljh\
;hevghc_kl_kl\_ggh[ukljhl_jy_ldjh\vWlmdjh\vfug_mki_\Z_f_fmi_j_eblvihlhfmqlhjmd
g_o\ZlZ_l
:g_kl_abheh]bgZrbdhg_qgh[hjhebkvklZjZebkvqlh[u^Z\e_gb_mg_]hg_kgb`ZehkvGhfu
Bm`_dZdihke_^gyyf_jZy\udjhbe[hevrhcehkdmlbai_jbdZj^Zbih^rbedkl_gd_k_j^pZ
BkZfh_bgl_j_kgh_djh\hl_q_gb_hklZgh\behkvK_j^p_ijh^he`ZehkhdjZsZlvkyOhlyhgihl_jye
[hevr_q_lujzoebljh\djh\bFu^hghjkdhcdjh\b_fmi_j_ebebdZdZy[ueZghg_[hevrh_
dhebq_kl\h
B\uagZ_l_dZdgbkljZgghghwlhl[hevghcihijZ\beky
�Fu_]hihdZau\Zeb\habeb\Ibjh]h\dm\gZmqgucp_gljobjmj]bbLZf_]hhkfZljb\ZebZ`_
_klvmgZk\b^_hKgyebk_j^p_kwlhcaZieZlhc
B^Zevr_fuijh^he`Zebke_^blvaZkm^v[hcwlh]h[hevgh]hqlh[uhp_gblvkhklhygb_jZ[hlm
k_j^pZ
GmqlhkdZaZlv"
Hg`b\\h[s_flhghijh^he`Z_l\_klbkdZ`_flZdg_a^hjh\uch[jZa`bagbIjh^he`Z_l
iblv;ueZbgnhjfZpbyqlhhg\ihebdebgbdmh[jZsZeky_]hkgh\Zba[bebhgihemqbekhljyk_gb_
fha]Z
IhgbfZ_l_`Zedh\deZ^u\Z_rv\deZ^u\Z_rv\wlbo[hevguob^mrmlZfb\kzqlhm]h^gh:
ihlhfhgb\uoh^ylb\kzkgZqZeZ
hllh`_[ueZdjbfbgZevgZykblmZpby
DgZfijb\haylfm`qbgmHgkZfagZqbllZ^`bdHgdh]hlhlZfkhk\hbfb^jmavyfbgZkbeh\ZeGZ
d\Zjlbj_a^_kv]^_lh\Gh]bgkd_
GhwlZ`_gsbgZdZdlhmgbomobljbeZkv\uj\Zlvkyko\ZlbeZgh`bgh`hfgZg_keZjZg_gby_fm\
]ehldmb\ihehklvjlZ;ueyaudih\j_`^zgdhj_gvyaudZih\j_`^zgLZfgZoh^ylkydjmigu_
khkm^uyauqgZyZjl_jbyIhwlhfm[ueZlh`_[hevrZydjh\hihl_jybhiylvijboh^behkv[hevghfm
\h[s_flhkiZkZlv`bagv
AZrbeb_fmyaudih^tyauqgmxh[eZklvlZdbokemqZyofubkihevam_fd_l]mld_l]mlh\u_gbldb
Wlhg_kbgl_lbq_kdbcfZl_jbZeZgbldbdhlhju_^_eZxlkybak_jhaghfur_qgh]hkehydjmigh]h
jh]Zlh]hkdhlZLZdZyf_lh^bdZijb]hlh\e_gbywlh]hrh\gh]hfZl_jbZeZR\uihlhfihkl_i_ggh
jZkkZku\Zxlky
kzkiZkeb_fm`bagv\uibkZebba[hevgbpub]^_lhq_j_ag_^_exhiylvhgdgZfihklmiZ_l
b^bfhwlZ`_gsbgZkhh[sbeZdhfmlh^jmavyfk\hbfbebdhfmjh^gufq_fhglZf
aZgbfZekygZkbeh\Ze_zBl_kh[jZebkv_]hgZdZaZlvM`_baf_klguo`bl_e_cdlhlh_fmaZohl_e
hlhfklblv
Hgbkim]ZekyJ_rbehiylvhle_`Zlvky\[hevgbp_BkZfk_[_wlbgbldbd_l]mlh\u_jZkdmkbe
Kgh\Z\kzlh`_kZfh_djh\hihl_jyebljZihelhjZbeb^\Zdjh\bhgihl_jyekgh\ZdgZf
ihklmibefuaZrbeb
GhgZwlhljZam`_ijb_oZeb_]hagZdhfu_baLZ^`bdbklZgZaZ[jZeb_]hm\_aeb
hllZdb_\_sb[u\Zxl
By\Zf\hlqlhohqmkdZaZlvDh]^ZjZ[hlZ_rvlh_kl_kl\_gghijhklhklj_fbrvky[uklj_ckiZkZlv
�q_eh\_dZ_eZ_rvk\hz^_ehdZdfh`ghemqr_hl
:gZkZfhf^_e_dhg_qgh^bdhklv
9,,;hev
GZklhebd_i_j_^;_ey\kdbfklhyeZqZrdZdhn_b^\_kl_deyggu_[mluedb\h^uDjbklZevi
Zhgb\uoh^ylb\kzkgZqZZeZ
;_ey\kdbcijbsmjb\rbkvijhlb\k\_lZ\a]eygmegZ`_gmEbphmg_]h[uehk_jh_ih^]eZaZfb
f_rdb
FulmlkN_^_qdhcfghh]hmki_ebihdZ\uhlpmpl\h\Zeb
:odZdZy[ueZbklhjbyijhlZ[e_lhqdmIhmqbl_evgZyhll_[_[uihgjZ\beZkvFmqbdfmqbdmaZ
r_klv^_kylih_oZekh\ajhkeufkughf\e_k]mklhcha_jh@m`bpZ@b`bpZHl_pkkughf
Khkdmqbebkv\e_km\ua\Zeb^_\hdHl_pki_j\Zg_ohl_eQlhykgbfb]h\hjbl[m^m
^_eZlv"J_ahggh\h[s_fKugihdmiZ_lhlpmlZ[e_lhqdmqlhlh\jh^_\bZ]juIjh]j_kk\eby_llu
�qm\kl\m_rv"_\dZ^_eZ_l\b^qlhaZezlb]hlh\hfm`bd\r_klv^_kyliylvqlhebe_l
[jhkZ_lk_fvxb`_gblkygZ[s_:\kz[eZ]h^ZjyfZebimk_gvdhclZ[e_lhqd_AgZ_rvqlhf_gy
ihljykZ_l[hevr_\k_]h"H^ghde_lhqghklveZ^ghFha]h\g_lmeZ^ghF_gyihljykZ_lqlh
ihke_\k_]h_szhklZxlkyij_l_gabbgZm\Z`_gb_:of_gyg_kemrZxlZofhzfg_gb_
gbq_]hg_agZqblLZd_keblu\_^zrvk_[ydZdkh[ZqdZk\bklgmebih[_`ZeZ\kzjueh\
kexgyodZdh_ihlhfl\hzfg_gb_"KgZqZeZkexgb\uljb
Nz^hjk^_eZe[ueh^\b`_gb_\klZlvdZd\^jm]:ggZaZebeZkva\hgdbfkf_ohfNz^hj^Z`_qmlv
qmlvbkim]Zeky
Y\kihfgbeZZg_d^hlijh^bghaZ\jbdZkf_yeZkv:ggZAgZ_rvN_^_qdZZg_d^hlijh
^bghaZ\jbdZ"
B^zl^bghaZ\jbdfZe_gvdbcieZq_l
�Hcgmqlh`_luieZq_rv"Z\Zcfuihah\zfl\hxfZfm
G_lmf_gyfZfu
:o[_^g_gvdbcqlhkemqbehkv]^_l\hyfZfZ"
Y_zkt__e
:cyycDZdhc[_ah[jZagbdIhc^zflh]^ZdiZi_
BiZimkt__e
D[Z[mrd_ihc^zfd^_^mrd_d^y^_dlzl_dk_kljbqd_
k_o\k_okt___e
Dlh`_luihke_wlh]h"
KbjhlZZZZ
hllhqgh:ggZkljyogmeZke_abgdm^ebggufgh]hldhfZddmjZlghqlh[ug_ih\j_^blv
fZdby`G_\bggu_`_jl\uwfZgkbiZpbb
:oeZ^ghQ_]hfuim]Z_ffZevqbdZMg_]h_sz\kz\i_j_^b
N_^_qdZml_[y[ueb\hijhku
Yemqr_ihc^m"
Kb^bk\_jdgmeZ]eZaZfb:ggZG_kf_cmoh^blvG_[jhkZcf_gyLu^_eZ_rv\Z`gh_^_eh
L_[_gm`gudhff_glZjbbhgkb^bldhff_glZlhjkzagZ_lkzihgbfZ_lKijhkb_]h
KijZrb\ZcQlhluohl_ekijhkblv"
�Yohl_ekijhkblvKlZjZykvg_kfhlj_lvgZfbljbyk_\heh^h\bqZN_^yih[_]Zeih
deZ\brZfHijhfahgZoy\jh^_[u\kzgZrzehlohl_emlhqgblvqlhlZdh_kheb^gu_
ex^bHgbf__l\\b^mf_klguoqbgh\gbdh\"BebdjbfbgZevguoij_klmigbdh\"
KiZkb[h
LZdN_^_qdZkijZrb\Zc^Zevr_gZklZb\ZeZ:ggZ
jh^_[uhklZevgh_ykghFh`_l[ulvijhklhh[sb_fukeb"H[s__hsms_gb_"
Ex[bfuch[jZlbeZkv:ggZdfm`mbNz^hj^Z`_ke_]dZihz`bekylZdhkdhj[bl_evgh
ijha\mqZehwlhex[bfucdZdh_ml_[yh[s__hsms_gb_"
Hf_ja_gby
FZehebijhkbyeZ:ggZfZehebqlhmdh]h\uau\Z_lhf_ja_gb_GZ^hl_ji__lv
Hf_ja_gb_[_amkeh\ghaZ]h\hjbeN_^yqlh[ulhevdhij_j\Zlv_zbdZd_]hgZmqbeb\
mgb\_jkbl_l_ihijh[h\Ze\uo\Zlblvg_qlh[_kkihjgh_\ml\_j`^_gbbhiihg_glZkq_f\k_[ueb[u
bagZqZevghkh]eZkgubgZqzffh`gh[ueh[ujZa\b\Zlv^bZeh]hf_ja_gb_jZamf__lkyhq_gv
kbevgh_qm\kl\hijh^he`behggZm]Z^ihgbfZylhevdhqlhihdZhgijhbaghkbldZdb_gb[m^v
keh\Z:ggZfheqblb[_ah[jZagZykp_gZg_\hah[gh\ey_lkykbevgh_qm\kl\hh[uqgh
k\b^_l_evkl\m_lqlhaZljhgmlhg_qlh\Z`gh_
AZljhgmlh"g_ohjhrhmkf_ogmeky;_ey\kdbcYihfgxlheklZydbrdZaZljhgmlZDZe
aZljhgmlfhqZaZljhgmlZdjh\vaZljhgmlZK_jhaghfur_qgh_qlhlhlZdh_aZljhgmlhQlhfh`_l
aZljh]ZlvZgZlhfbq_kdbckijZ\hqgbd"QlhfukemrZ_f"hh[s_hqzfwlh\kz"AZq_f"
Nz^hjg_fgh]hh[b^_ekyHgijhy\befbehk_j^b_dih\_j`_gghfmijhlb\gbdmZijhlb\gbd\f_klh
[eZ]h^Zjghklbh]juaZeky
Y^mfZxjh\ghhl\_lbeN_^yqlh\kzwlhjZkkdZah[hebDjbd[hebKljZ^ZgbyYm`_
]h\hjbeqlhgZfhc\a]ey^kljZ^Zgb_dexq_\hcimgdl^eyq_eh\_q_kdhcnbehkhnbb
k_fk\hbf\b^hf:ggZ\ujZabeZh^h[j_gb_b\gbfZgb_N_^yg_\hevghaZ]h\hjbem\_j_gg__bqmlv
]jhfq_
kmsghklbl_fZ[hevrbgkl\ZaZibk_cbf_ggh[hev^mr_\gZyeb[hnbabq_kdZyh[sZybeb
ebqgZyhkljZybeblmiZy
�ZlhqghkwglmabZafhfijh^he`beZ:ggZb^Z`_\klZeZbadj_keZY\ijhrehf]h^m
�miZeZ\K_glFhjbp_gZvy\he_pp_ijb_oZeZ\]hkiblZevKb`m\hq_j_^bZi_j_^hfghc
ijhimkdZxlbijhimkdZxl;_ahq_j_^bb^mlbb^mlYkijZrb\Zx\jZqZqlhlZdh_"YjZgvr_
ijb_oZeZHg]h\hjblfg_mgboZdml_jrf_jpDZdwlhi_j_\h^blkylhqgh"KbevgZy"
HkljZyHkljZy[hevKhkljhc[hevx
hl\hl
Nz^hjm[uehg_fgh]h^hkZ^ghqlh:ggZ_]hi_j_[beZdZdhclhg_hlghkys_ckyd^_em]emihklvx
gh\lh`_\j_fyhg[ue[eZ]h^Zj_g_caZih^^_j`dm
Y]h\hjxmf_gylh`_hq_gvZdml_j:hgfg_kmqhdmeu[Z_lkyb_ob^ghG_lnjZm;_evynkdb
m\Zkg_Zdml_jm\ZkghjfZe_jrf_jpY_fm]h\hjxhldm^Z\uagZ_l_dZdZymf_gyrf_jp
ghjfZe_jbebg_ghjfZe_j"DZdbff_klhf\u\hh[s_fh`_l_wlhagZlv"
DZd\_jghaZ`z]kyN_^y^_lkl\_y[uem[_`^zgqlhhkpbeeh]jZnwlhijb[hj^ey
baf_j_gbykbeu[hebQ_f\ur_iju]Z_lwlZa_ezgZy\kiurdZl_fagZqbl[hevg__Fh`_l
[ulvlZdjh^bl_ebihrmlbeb"BebdZdhcgb[m^v\jZq\ihebdebgbd_"Y\wlh\_jbe^he]hij_^he]h
e_lfh`_l[ulv^h^\_gZ^pZlbb[uekljZrghjZahqZjh\Zgg_fh]ih\_jblvqlhbaf_jbl_ey[heb
g_kms_kl\m_lKlhevdhkeh`guomkljhckl\\hlZ^jhggucdheeZc^_jkh\k_fjy^hfkgZfb\klZ
&#xhh;&#x[j;&#xZa;&#xbl;&#x_;
&#xZd;&#xgl;&#x_j;&#x_k;&#xgh;&#x[;&#xue;&#xh;&#x[u;&#xi;&#xhk;&#xfh;&#xlj;&#x_l;&#xv;&#xj_;&#xam;&#xev;&#xlZ;&#xlu;&#x;�hh[jZabl_dZdbgl_j_kgh[ueh[uihkfhlj_lvj_amevlZluhimklbfam[gZy[hevklh_^bgbp:
jh^ulukyqZ_^bgbpBebk_fvkhliylv^_kyl"BebljbklZ"Kdhevdh^g_cam[ghc[hebjZ\gy_lky
h^gbfjh^Zf"
:kdhevdh[hebh^bgq_eh\_dbkiulu\Z_lgZijhly`_gbb`bagb"dhgp_wlhdZdlhmjZ\gb\Z_lkym
\k_o"Bebg_l"
:dh]^Zijh[b\Zxljmdb]\ha^yfbdZdhcwlhbg^_dk[hebdZdZy\_ebqbgZ"
:dZdZykbevg__^mr_\gZy[hev"Nbabq_kdZy"
Nbabq_kdZy[mjdgme;_ey\kdbckzlZdb_fmljm^gh[uehfheqZlv
hafh`ghk]hlh\ghklvxih\_jgmekyNz^hjhafh`gh
OhlyE_\bgZk\u_]hagZ_l_lhlnbehkhndhlhjuciylve_l[ue\dhgpeZ]_j_WffZgmwev
E_\bgZkkqblZeqlhkbevgZynbabq_kdZy[hevaZo\Zlu\Z_lb^mrmijbqzfaZo\Zlu\Z_l]hjZa^h
kbevg__q_flZdgZau\Z_fZyqbklh^mr_\gZy[hevg_k\yaZggZykg_ihkj_^kl\_ggufb
nbabq_kdbfbkljZ^ZgbyfbIhlhfmqlh^mr_\gZy[heviha\hey_lgZfih^gbfZlvkygZ^a^_kvb
k_cqZk^Z`_gZh[hjhl^mr_\gZy[hevdZdijZ\behhlkueZ_lgZk\ijhreh_beb\[m^ms__Z
[hevnbabq_kdZygZf_jl\hijb\yau\Z_ldk_cqZkbE_\bgZkkqblZeqlhg_\hafh`ghklv\uj\Zlvky
bak_cqZkwlhb_klvgZb[he__kbevgh_gjZ\kl\_ggh_fmq_gb_
Gm^ZdZd[ulhgb[uehl_i_jvykqblZxg_^Zjhfmex^_cg_llZdh]hmkljhckl\Zdhlhjh_
h[_ki_qbeh[uh[t_dlb\gh_baf_j_gb_qm`hc[hebA^_kv^he`gZdjulvkyg_dZynmg^Zf_glZevgZy
lZcgZq_eh\_dmbg_iheh`_gh^hklh\_jghmagZlvdZd[heblm^jm]h]hdhfm[hevg__^jm]hfmbeb
fg_kZfhfm
DZ`^uc^mfZ_lfg_[hevg__db\gmeZ:ggZm`Zeb\fm`Z\a]ey^hf
h\kydhfkemqZ_ex^bo\Zeylky[hevxwlhba\_klghEx[yl\kihfgblvk\hbi_j_`b\ZgbyGZ
i_j\uc\a]ey^wlh^Z`_aZ]Z^hqghihq_fm"Ihfukeblvoheh^ghihq_fmh^gZ`_gsbgZ
jZkkdZau\Z_ldZdhgZohjhgbeZfZlv":^jm]ZydZdieZdZeZbaaZkugZ":lj_lvydZd]heh^ZeZ"
Ihq_fmhgbg_jZkkdZau\ZxlhlhfdZdbf[uehijbylghbohjhrh"
�Wlh\ZrfZahobafojbklbZgkdbc[j_a]eb\hkdZaZefbljbck_\heh^h\bqIhkljZ^Ze
ihemqbhlims_gb_]j_oh\
�DZdgbiulZekyNz^hjijbgylv\b^gZmqghcg_mya\bfhklb_]hh]hjqZehbjZgbehqlhfbljbc
k_\heh^h\bq[md\Zevgh\q_jZlZdhcdhfiZg_ckdbcgZoh^qb\uckbfiZlbqgucl_i_jv]h\hjbek
gbf\jZ`^_[gh
�Z"ukqblZ_l_fZahobafGmZdZd`_lh]^Z[ulvkfZe_gvdbfb^_lvfb"
Y^Z`_ihfgx\^_lkdhfkZ^m:kfhljbdZdhcmf_gyrjZf:mf_gy_sz[hevr_jZgZGZrb
jh^bl_ebg_[uebojbklbZgZfb^_l_cljm^gh[ueh[uaZih^hajblv\dZdhflhb^_heh]bq_kdhf
fZahobaf_
�&#xk_;&#xh;h;&#x^h;&#xbq;&#x;&#x;&#xIj;¿&#xbl;&#xgh;&#x_;&#xh[;&#xs_;&#xkl;&#xh;�AgZqblbgbpbZpbyijhp_^befbljbck_\heh^h\bqIjbfblb\gh_h[s_kl\hbdZjb
FZevqbdZihk\ysZxl\fm`qbguHg^he`_g\ul_ji_lv[hevHlkx^Z\k_\ZrbjZgurjZfu
LZlmbjhh\db\\_jgmeZ:ggZ
HgZieZ\ghi_j_^\b]ZeZkvihdhfgZl_\uibku\Zydjm]bb\hq_j_^ghcjZahqmlb\rbkvmNz^hjZaZ
kibghchklZgh\beZkvbiheh`beZjmdm_fmgZie_qhN_^ybkim]Zggh]eygmegZg_zkgbam\\_johgZ
ijh^he`Zy^_j`Zlvjmdmmg_]hgZie_q_kykghcmeu[dhckfhlj_eZgZfm`Z
Ohq_rvqlhlhkijhkblv"Gmihijh[mcihijh[mckijhkbIhijh[mclhevdh
N_^yihqm\kl\h\Zeqlh_]hbkihevamxl?fmaZohl_ehkvk[jhkblvkhk\h_]hie_qZfZe_gvdmxjmdm
Hg^Z`_ih\zeie_qhfgh:ggZ^_j`ZeZkvp_idh
Fffhg\kz`_ihl_jyefukevKlZeh[ulvfuh[km`^Zeb\hijhkhlq_]hex^b
o\ZklZxlky[hevx"u]h\hjbl_bgbpbZpbyGh\_^vg_lhevdhfZevqbdbo\ZklZxlky^_\hqdb
lh`_
Dhg_qgh:ggZih`ZeZ_]hie_qh
B]eZ\gh_bgbpbZpbyij_^iheZ]Z_lqlhq_eh\_dohjhrhi_j_gzk[hevgbq_fg_\udZaZe:
\_^vo\ZklZxlkykh\k_f^jm]bfHq_gvqZklhi_j_gzkiehohieZdZeb^Z`_ieZqmk_cqZk^hkbo
ihjlh_klviheh]bd_bgbpbZpbbihl_ji_eihjZ`_gb_g_k^ZewdaZf_g
�mfZxqlh]hj^ylkykZfbfnZdlhf[hebL_fqlh^Zgh[ueh_zihqm\kl\h\Zlvqzfkfukewlhc
]hj^hklb"Dh]^ZZihklheIZ\_e]h\hjblIho\Zexkvlhevdhg_fhsZfbfhbfblh_klv
kljZ^Zgbyfb\qzfa^_kvkfuke"Qlhhgbf__l\\b^m"
�KemrZcl_fbljbck_\heh^h\bqih^gye]heh\mb]eZaZ_]h[uebg_ohjhrbKZfhfmlh
�[u\Zeh[hevgh"he]h"bkbevgh"
�he]h"K_cqZkg_ijbihfbgZx
G_ijbihfbgZ_l_agZqblg_[ueh:dh]^Ze_qbl_am[u\ZfdhexlZg_kl_abx"
Yj_^dh[u\ZxmklhfZlheh]Z
u\hh[s_`b\zl_g_iehohkm^yih\Zrbf\hijhkZfB\kzlZdbdh]^Zk\_jeylam[g_j\
\u^zj]b\Zxl\ZfkgZqZeZdhexlmdhe"
�Zgh
B\kzgZwlhfBg_fhjhqvl_]heh\m;hev\pb\bebah\Zgghffbj_dmibjmxlG_cljZebamxl
KbevgZy[hevij_\jZsZ_l\`b\hlgh_q_eh\_dZ[hevq_eh\_dZ^_]mfZgbabjm_lJZajmrZ_l[heb
g_lgbq_]hohjhr_]haZihfgbl_gbq_]hk_wlb^hkm`b_jZa]h\hjuihdZmkZfh]hdZdke_^m_l
g_aZ[heblLh]^Zm\b^bl_dm^Zihc^zl\ky\ZrZnbehkhnbyM[heb_klvh^gZnbehkhnby
Zg_kl_aby_ebdh_^hklb`_gb_q_eh\_q_kl\ZAgZ_l_qlhijZdlbq_kdZyZg_kl_abykms_kl\m_lg_
[hevr_klZe_l"k_]hKlhe_lAgZ_l_qlh[hevrbgkl\hobjmj]bq_kdboiZpb_glh\klhe_lgZaZ^
mfbjZehhl[he_\h]hrhdZ"Ehg^hg_^hkboihj\bkbldhehdhewdkihgZl\[hevgbp_k\ylh]h
=_hj]ZagZ_l_aZq_f\_rZebdhehdhe"AZ]emrZlvdjbdbl_odh]hj_aZeb[_aaZfhjhadb
IZkl_jgZdm\^\Z^pZlhf\_d_qbklbebq_exklvdbklm[ZgZevgmxqbklbeb[_aaZfhjhadbwlh[ueh
kZfh_kljZrgh_\hkihfbgZgb__]h`bagbH[h`_fhchqzffuk_cqZk]h\hjbf"
;_ey\kdbchldbgmekygZkibgdmdj_keZb^mg_]h[uebafmq_gguc
N_^yihljh]Zeyaudhfgb`gxx]m[mhgZke_]dZ\kimoeZ
uagZ_l_aZ^mfqb\hkdZaZeN_^yG_^Z\ghdgZf\eZ[hjZlhjbxijb_a`Zeh^bghq_gv
djmigucebg]\bklbaKhj[hggu
qZklghklbhgjZkkdZau\ZehijZkbghgbfZoWlhihgylbydhlhju_\^j_\ghklb[ueb
kbghgbfZfbZihf_j_jZa\blbypb\bebaZpbbjZa^_ebebkvKZfh_m^b\bl_evgh_qlhyaudb
kh\_jr_gghjZaebqgu_^Z`_bajZaguok_f_ckl\Zkbghgbful_`_
H^bgbaijbf_jh\dhlhju_hgijb\h^be[uehbf_gghkeh\hkljZ^Zgb_IhnjZgpmakdbSHLQHhgh
mgZk\q_jZnb]mjbjh\ZehHleZlbgkdh]hSRHQDIh]j_q_kdbSQRMihghkm^Zj_gb_gZi_j\hf
B\^j_\g_keZ\ygkdhfyaud_keh\hljm^hagZqZ_lkljZ^Zgb_b^brvljm^fhc_ebdagZqbl
\b^brvdZdykljZ^Zx"Kh[kl\_gghbgZh[hjhlihe_\ZykljZ^Z
�GZf_gywlZfukevijhba\_eZhq_gvkbevgh_\i_qZle_gb_[hev_klvljm^eykh\j_f_ggh]h
pb\bebah\Zggh]hq_eh\_dZkljZggh\_^vmljm^Z^he`_g[ulvj_amevlZl"DZdZygb[m^v
ijb[Z\e_ggZyklhbfhklv"A^_kvgZi_j\uc\a]ey^g_lj_amevlZlZ
Ghy^mfZxZ\^jm]^_ckl\bl_evghg_i_j_`blZy[hevdZdg_\uiheg_ggZyg_^h\uiheg_ggZy
jZ[hlZ\bkblly]hlblDZd[m^lhoh^brvih`bagbghm^h\hevkl\byg_ihemqZ_rvl\hyjZ[hlZ
g_k^_eZgZ`^zlb\kzjZ\ghg_hl\_jlbrvkyl\hxjZ[hlmgbdlhg_k^_eZ_laZl_[y
BgZh[hjhlg_]hj^ylkyebex^bkljZ^Zgb_fi_j_`blufdZd\uiheg_gghcjZ[hlhc"DZd
ijhc^_gghc^hdhgpZkljZ^hcdZdoe_[hfgZkmsguf^h[uluf\ihl_ebpZ"
�Nz^hjFboZceh\bqhklh_\kdbclh`_hlf_lbewlmlZbgkl\_ggmx]hj^hklvj_^dhq_eh\_d
kh]eZkblkyijbagZlv^jm]h]haZkljZ^ZevpZlhqgh[m^lhwlhqbg
��LZdHiylvhklh_\kdbchkdZebekyfbljbck_\heh^h\bqb`mihjZh[tykgblv\Zfijh
�hklh_\kdh]hJZabgZ\k_]^Z?keb\Zk\=_c^_ev[_j]_g_gZmqbeb
A^_kv_klvbgl_jg_l"
?kebh^gh\j_f_gghbkdZlv\ukfh`_l_\wlh\j_fykemrZlvk\hz"Lh]^ZaZ\h^bl_qlhlZfm\Zkih
ijh]jZff_:yihjhxkv
9,,,Dm^Z\_^_lljhibgdZfbeZybebIjZ\^b\ucjZkkdZahlhfdZdFboZbeOh^hjdh\kdbc
h[fZgu\Ze]hkm^Zjkl\h
Gm\hlyjZ[hlZeZmOh^hjdh\kdh]h
DZd_]haZf_ebbgZk\ayeb\k_oijyfh\wlhl`_^_gvk_o kf_zlky\fihkl_gd_ihklZ\bebD_f
�jZ[hlZ_l_"D_fjZ[hlZ_l_"Y]h\hjxZf_gyihijhkbebijbclbm[jZlvkyYhldm^ZagZxd_f"y
gbd_fg_jZ[hlZxa^_kv
GmluIZ\ebdFhjhah\hgfg_]h\hjbl:y:hldm^Zfg_qlhfg_ke_^blvqlhevaZgbfb"
FZrbgu_a^xly]h\hjxex^bjZ[hlZxl\hg^hjh`dbf_lmlp\_lhqdbkZ`ZxlZdlha^_kv
qlhdh]hhojZgyxldZdh_fg_^_eh"Yqlh^hgbo^hiulu\Zlvky[m^mqlhwlh^Zolhwlh"
HghgZ^hfg_"MIZ\ebdb]h\hjblFhjjhah\ukh[jZebkv
GZfg_evay[uehgbq_]h]h\hjblvluqlh
YjZ[hlZeZ]hjgbqghcgZDIIGhf_gybgZl_jjblhjbx\uimkdZeb^hf_dh]^Zj_fhglbebq_]h
lhijboh^behkvfulvlh`_\k_wlblZfklZlmwlhqdbijhlbjZlvhdhr_qdbGhfhxsb_dhg_qgh
lZf[uebhhBrmfZgblukbeblubk_wlbi_fhexdkwlhg_q_lZ\hh[s_lZfbdZd
hgbqbklblvq_fwlb[e_kl_ebqlh[udjZgu[Z]bdebghcB^Z`_lZdboyb\fZ]Zabg_lhg_
\klj_qZeZdZdh_lh_szdmfdmfblhcg_agZxq_]hlZfg_[uehFuehdZf_cij_^klZ\ey_l_
\kzwlh^hjh]h_bi_jqZldbbljyihqdbbh^gmaZh^ghckdhevdhohl_eZklhevdh[jZeZ\hlwlb
`zelu_ih^\Z^pZlviylvjm[e_clh]^Z[uebfy]_gvdb_y_ck_]h^gyihfueZb\u[jhkbeZhl
g_kqblZebkv^_ckl\bl_evghex^b
Ghg_^Zc[h]ijhrzedlhke_^ugZ^hijhl_j_lvkjZamlhkiue_khkbdhflhaZiju]gmhdhrdb
ihfulv obobdZ_l\fKh\k_oklhjhgbabfhcbe_lhf\kzijhlbjZebqlh[u\hh[s_g_[uehgbdZdbo
gbiuebghqdbgbkmebpugbkwlhcklhjhgu
Ohl_ebklZjr_cihklZ\blv]hjgbqghcY]h\hjxWg__l
ijygbdh\[uklj_gvdhgZi_dmih^dZjfeb\ZeZj_[ylhd:qzfg_"DZdhclhklbfme\`bagb`_
^he`_g[ulv"Ijbohjhrbrvkyihfheh^__rv
B^mmf_gyrm[ZlhgZjZkiZrdm\hehkuwlb^ebggu_jZa\_\ZxlkyZj_[ylZ rzihlhf\f=eygv
]eygvJblmkvdZihreZGZ[ex^Zxlf_gy
Gm_kl_kl\_gghx[hqdZa^_kvjZaj_abddhe]hlhqdb\k_lZfwlbkp\_lhqdZfb[hkhgh`_qdb
x[hqdZFh_rve_klgbpmkhr\Z[jhc\wlhcx[hqd_\habkkyZhgbkkmfdZfbijmlJ_[ylZ
hojZgZlhFZj]ZjblZB\ZggZ^hjjjh]m
IhgyeZIh^gbfZxkvZlmljZaj_abdmf_gyhcdhrfZj kf_zlky\f:g^jxrdZihlhf
]h\hjblKeurvJblmkvgmluqlh`wlhkhk\hbfl_ehf^_eZ_rv"G_lgmqzlu^_eZ_rvlhk
gbf"
YlZdQzyk^_eZeZlh"Kbgydbqlheb]^_"
Lukfhljb]h\hjbl\_^vj_[ylZ[_kylkyoh^ylG_^Zc[h]qzkemqblky
Y]h\hjx:qz[_kylkylh" kf_zlky\f
:l_f[he__\khjhde_lgZqbgZ_rv_szba^_\ZlvkylhgZ^j_[ylZfbfheh^ufbDZ`^uc^_gv
ihf_gylvk_[_qlhlhdZdhclhbfb^`]^_lhihdjZkblvkyih^jm]hfmh^_lvkyijbqzkhqdm:wlh
boaZ\h^beh
JblmkbdIZ^zfi_j_dmjbfHgbf_gym\Z`Zebf_gyfheh^u_j_[ylZ\_a^_m\Z`Zxl
Gh]hgyebaZwlh\hh[s_
GZqZevkl\hf_gy\uau\Z_lug_^he`gu\u]ey^_lvemqr_ohay_\Ahehlhg_ghkblvg_
djZkblvky
Y]h\hjxFh`_lfg__szwlhkZfh_ieZlhq_dqzjguch^_lv"
hl\u\b^bl_dZdmgZkHdkZgZjZ[hlZ_l]hjgbqgZy";jxqdb[hlbghqdb
:[hlbghqdbdZd\lxjvf_lheklu_khrgmjdZfbb[jxdblZdb_kl_deyggu_kbgb_Y_c
]h\hjxQzluoh^brv[hbkky"HdkZgHcqlhluqlhlufug_^he`gu
uau\Z_lf_gylh`_FZj]ZjblZB\Zgh\gZkfhljbl_qlh[\ug_ieZdZeb]hjvdbfbke_aZfbNZnZ
oh^blmqblf_gy`bagb
�Y]h\hjxhqvLuf_g_`bagblhg_mqbL_[_^\Z^pZlviylve_l:fg_m`_]h\hjxkhjhd
iylvGm\hllZdhcjZa]h\hjqbklhwlhkZfh_YlhieZdZlvg_[m^my_c]h\hjxmf_gy
fm`^\h_^_l_c:\hlml_[_^_l_cg_l^Zfm`Z\hlluieZdZlv[m^_rv
GhihemqZebdhg_qghfuihl_f\j_f_gZfljbklZ^heeZjh\Ih[x^`_lZfihbogbf[uehmgZk
^himklbfr_klvkhllusbeblZf\hk_fvkhlgmqlh[gZeh]bfZe_gvdb_ieZlblv:lh]^ZljbklZ
^heeZjh\ba\bgbl_^ey]hjgbqghchq_gv^Z`_ohjhrhihemqZehkv
Ghihlhf\kz_]h`ihkZ^bebG_^Zc[h]^mfZxaZf_lml_szZcgmgZnb]MreZ
Ghhgajydhg_qghKZf\bgh\ZlQzihe_adm^Zg_gZ^h"
a\hgbll_e_nhg\f
:\hlbfZfZ
FZfmebdIjb\_l]^_lulZf"
FZfkemrZc\hi_j\uofg_lmlgZ^hdZgbkljml_[_:]Z:]Z
B\hijhkl_[_gZaZkuidmkdZ`bm^_^ZmhlqbfZm^y^bKlziudZdmxi_kgxlhi_ebgZ
ihohjhgZo"GmdZdmxhg\k_]^Zex[bei_kgx"
bklhjbxQlhdjbqZegZfhboihohjhgZoqlh[ui_kgxbkihegbebGm^Z^ZGmeZ^ghfZfmkvd
p_emxex[ex\kz^Z\Zc
Dm^Z\_^zlljhibgdZfbeZyGm\hl\b^brv"G_kh\jZeZ
Dm^Z\_^zlljhibgdZfbeZyI_eb_fm
Hg\hh[s_bgl_j_kguc[ue^_^
Y`l_[_g_jZkkdZau\ZeZy_fmlh`_[mluedhclhkt_a^beZih[Zrd_brv[mluedblhmf_gy
e_lZebih]heh\Zf
�_gvfheh^z`b]meyebmgZkgZl_jjZkd_
:k\_llhjZgvr_\^_j_\g_\k_]^Z\hjh\ZebB^hkboihj\k_\hjmxlKqzlqbdblZfgZ\_jomgm
]^_wlhijh\h^lZdhc^_eZebh]hezggucbkh[hboklhjhgaZdb^u\ZebdZ[ZgqbdblZdb_p_ieyeb
b\kz
Gmb^_^gZqZeqzlhdfZfd_ihwlhfm^_emlZdZykydZyBjZa_z^mrblvbdwlhfm
kqzlqbdmZlZf^\Zijh\h^ZwlblhjqZlYo\ZlZx[mluedmimklmxImklmx[mluedmfh`gh
^Z`_h[\_^jhg_jZa[blvyh[]heh\m_fmjZa[beZ
LZdhgbg_agZe^hkboihjpZjkl\hg_[_kgh_qlhwlhyAZ]heh\mlZdko\ZlbekyHo^hqdZ
^hqdZfg_wlhlZf\]heh\_hkdhedb\ulZsb
:y^mfZxSZkyl_[_klZjuc_szboih]em[`_lm^ZaZkmgm:]Z kf_zlky\f:qlhlu^mfZe
hlfZfd_lhfh_cij_^klZ\ey_rv \a^uoZ_l\fI_j\ucfm`j_aZeklj_eye
�Zhl_pfhcGZkkk_kljhcohl_eaZklj_eblv^_j_\_gkdhf^hf_ihklZ\bedkl_gd_jm`vz
aZjy^beFZfZlhevdh\hllZdjm`vzmki_eZ\\_jo
:dh]^ZfZfmiujgme^\Zfbeebf_ljZ^hk_j^pZg_^hklZeGh`hfgh`hfYfZe_gvdZy[ueZ
ihfgxK\_leZgZgZjmdbiju]gmeZk_kljZijyf\jmdb_fmbfZfZlZd\hliZ^Z_l \a^uoZ_l\f
IZiZ[ue`_klhdbcmgZk
LZdqlhyaZfZfdmfh]eZIjyfh\kzaZdbiZeh\gmljb
;h_\ZyZqz kf_zlky\fFm`Zlh`_\hgh^bgjZadZZdlhedgmeZ\ijm^\qzf\Fhkd\m_oZlv
kh[jZeky
AZlh\h[b^m_]hg_^ZeZlh`_fm`Zlh
Ibedhg_qghBa]ZjZ`_cbawlbo\ueZ\eb\ZeZgZoh^beZdh^bjh\ZeZ\[hevgbpmdeZeZLjbjZaZ
dh^bjh\ZeZ^_\yghklhiylhf]h^m^mfZeZ\kzm`__fmg_`blv
j_ZgbfZpbxiheh`beZkx^ZZhgbg_kijZ\eyebkv
Y\ha\jZsZxkvkjZ[hlu[_]mZhg:ZZh^_yehaZimlZ_l;_`Zlvhlkx^Z\kzj\zl\kz
fZr_l
Y]h\hjxGm^Z\Zcyl_[_mdhevqbdk^_eZxk_cqZkihkb^bfklh[hcb^hfhcihc^zfGmdZd[u
ghjfZevghlZfgbkdZg^Zeh\_fmgbghlZpbcJ_eZgbmfmdhevgm]h\hjxGm^Z\Zck_cqZk
ihkb^bfih]h\hjbfklh[hclufg_jZkkdZ`_rv
Hgmkihdhblkybm`_lZdfg_GmeZ^ghB^bYlmlkZf[_al_[yGxjhdb^bkx^Zfuklh[hc
y[ehqdhkt_^bf K_klj_\fGxjhd]h\hjblb^by[ehqdh_klv
Hc^Zdh]hlZf[uehj_\gh\ZlvlZ
�mfZeZ\kzg_\u`b\_lGh\jh^__fmijhdZiZebijhe_qbeb^hfhc_]hi_j_\_aeZgZjdheh]Z
�ikbobZlhjZ\ua\ZeZaZieZlbeZ_clh`_^_g_]_g_]g_[ueh\^hf_dhg_qgh^\h_^_l_c
:hghiylv]^_gb[m^vkijyq_lkyhlf_gyyhiylveZaxbsm_]h
DZdkh[Zqhgdm\e_k\u\h^beZIhc^zf]h\hjxijh]mey_fkygmihc^zfYl_[_fZrbgm
dmiex^_g_]]h\hjx^ZfgZc^mlhevdhg_i_cQ_flhevdhgbm]h\Zjb\ZeZGhg_djbqZeZ
gbdh]^Zg_hjZeZ
Bhg^_j`Zekyi_j\ucjZar_klve_lmgZkijh^_j`Zeky
lhjhcjZaljb]h^Z
Gmk_cqZk\hlm`_^Z\ghg_ivzl
Hgm`_fh`_l^jma_clhfgh]hb\iZjd_Z\lh[mkghfhgm`_:qzwlh\ug_ivzl_qzwlh
\u":jZgvr__kebm\b^blqlhy\udbgmeZ[mluedmib\Zfh]\hdgh\uiju]gmlvaZ[mluedhc
;uehhqly`_ehYm`_kZfZbmdheu^_eZeZh[mqbeZkviheghklvx\f_^mqbebs_bjZ[hlZeZlmlgZ
kdhjhcmgZk_a^beZgZ\uau\Zhlg_kwlhcklhjhguZ]^_fhj]l_i_jvlZfmgZkjZgvr_[ueZ
kdhjZyYk_kljhcohaycdhcjZ[hlZeZlh`_gmbkZgblZjbeZgZ\uau\ZokmldZfb
Gb\h^ghckblmZpbbg_jZkl_jyeZkvkf_ehf_gyhlimkdZeb\_a^_
Hc\dZdb_lhevdhgbihiZ^ZeZH^gZ`^u_^_f
H^gZ`^u_^_fagZqblgZi_j_\hadm\hllmlgZFh`Zcd_klh^_\ylgZ^pZlvwlhlm]heZ\lh[mkgZy
hklZgh\dZlhj]h\ucp_glj=ey`mqzlhfm`bdgZ^hjh]_kb^blKZ^blkyiZ^Z_lKZ^blky
iZ^Z_l
Gmqzivygucbivyguc^Z"Ghq_]hlhy]h\hjxheh^vkeurv^Z\ZchklZgh\bfkyk^hjh]bohlv
hllZsbf_]hhlqzlhf_gydhevgmeh
:oheh^gh
ukdhqbeZih^oh`mdg_fmQzkb^brv"
:hgfg_lhevdh]h\hjbl:\lh[mki_j__oZegh]b
HgkaZ^g_cklZekimkdZlvkyklmi_gvdbbih^kdhevagmekymiZebgh]bmg_]hlm^Z:\lh[mkih_oZe
bi_j__oZe_fmBm_oZe:mg_]hhl[hebgm[he_\hckbg^jhfrhd[he_\hchgkb^blaZ
kmfdm^_j`blkygb\klZlvg_fh`_lgbqzih^uf_lky_fm[hevghhgiZ^Z_l
Y[_aq_fh^ZgZgbh[_a[heb\Zxsbogbq_]h[_jmrbgmih^gh]b_fmih^hldgmeboZeZlihj\ZeZ
ljyidZfbwlbfbijb\yaZeZDjbqmheh^vhgfZrbgmlm^Zih^]hgy_lfu_]h\fZrbgmd
k_[_\dexqbeb\kz\k_fb]ZedbhjzfGZ\klj_qdm\ujmeb\Z_fih\klj_qd_kfb]Zedbfbkh\k_fb
kwlbfb\kze_lbf
:jZgvr_`[jZeblhevdhihihexkZfY_fm]h\hjx=^_jZ[hlZ_l_"Hg]h\hjbldZdZylh
hj]ZgbaZpbyaZfm^jzggZyij_^ijbgbfZl_evkdb_dZdb_lhY]h\hjxG_\^_kyld_"HgG_l:
&#xhe;&#xh^;&#xvd;&#x_;&#x;�&#xhe;&#xh^;&#xvd;&#x_;&#x;�fulhevdh^_kyldmh[kem`b\ZebYheh^vd_Z\Zc\PJ;@
Ijb\h`m\PJ;lZf\ijbzfghfkb^bl\jZqg_\jZqbebdlhlZfg_agZxn_ev^r_jlZdhcm`_\
]h^Zoibr_lGgmqqzkemqbehkkv"
Y]h\hjxYkZgblZjhqdZkhklh^\Z^pZlvlj_lv_cIZjgyih^h[jZeZgZ^hjh]__fmZ\lh[mkgh]b
i_j__oZe
:hgfg_Ggm^Z\Zcl_ihkkfhljbfihexkkdZdhcmg_]h]^_jZ[hhlZ_lFh`_l[ulvhgg_
gZZr
DZdya^_kvaZ\_eZkvDjbqmGZrg_gZrg_dmkhddhe[Zku^_eblvg_[m^_f
Bdfm`bdmlhdwlhfmfh_fmZhg\kzhldexqbeky=heh\Zm`_gZ]jm^vjZadhdgmekz
DZdylZfaZhjZeZgZ\kzijbzfgh_Hgmf_gymf_j
Lml\k_dZZdih^o\Zlbebkv kf_zlky\fLml`__fmgZjdhlbdbh[_a[heb\Zxs__dZlZedmkjZam\kz
gZrehkvk_ijb[_`ZebkjZam
:qz^_ckl\bl_evghy`ijb\_aeZlh_]h\ghjfZevghfkhklhygbbhghldexqbekylhmf_gym`_\
ijbzfghfDZdfh`ghmq_eh\_dZZ_kebdbjibqgZ]heh\mmiZ^zl[_akhagZgby]^_jZ[hlZ_rv
[m^mlkijZrb\Zlvqlheb"
Gmlml`__]hhlj_Zgbfbjh\Zeb`b\hklZeky
HcgZkdhjhclZfq_]hlhevdhgbijhreZijhklhk_cqZkg_dh]^Zm`_
�GZ^hjh]_yihfgxlh`_\hgmm[jZ\ufm`bdZk[behiZjgy:fu_oZebgZi_j_\hadmlheb
kaZijZ\dbfu\ha\jZsZebkvY_]haZ[bjZx\fZrbgmh[jZ[Zlu\Zxmg_]h\kzebph[ueh\hl
hgdZddZlbeky\b^gh\s_[zgd_:^biehfZlg_\uimkdZ_lbajmdWlhdh]^ZgZqZebkvwlb
ij_^ijbgbfZl_evkdb_hgk^_gv]Zfbhldm^Zlhrzep_ibeky\wlhlk\hc^biehfZlg_
hlimkdZ_lY]h\hjx
a\hgbll_e_nhg\fK_cqZk
����ZLhg_qdZLZdZ^Z^ZZGmijZ\bevghLZdZkdjulb_[m^_l"M]mGhhgb`_
^he`guaZdexq_gb_^Zlv"Www:dlh\Zf^Zklk\b^_l_evkl\hlhhkf_jlb":fhj]^Zkl
Ohjhrh:aZ[bjZlvlh_]hbafhj]Z[m^_l_":Km^_[dZkm^_[dZGhqlh[aZdexq_gb_
k^_eZebQlh[[_kieZlghk^_eZebkeurbrv":lhlh`_^_gv]bk^_jmlBaZojZg_gb_baZlhqlh
h^_\Zlv[m^ml:lukdZ`bfukhk_^bijhklhKhk_^bfuHggZfdZd[ugbdlhHg[hf`kz
khk_^bZ]Zkhk_^bIZkihjllhgZrebmg_]h":mg_]h[ue\hh[s_iZkihjllh"GmbimklvkZfb
lh]^Zijh[b\Zxl^_ckl\bl_evghqlh[hf`b[hf`uihq_fm^he`guaZg_]hhl\_qZlv"?keb
fbebpbyg_kijZ\eyeZkvFuijbg_keb_]hqlhkdZ`bfuieZlblv_sz[m^_faZwlhqlheb"Gm
^Zijbgpbi_mg_]h_klvk_kljZimklvk_kljZgZk_[yb[_jzl_kebqlh:ohgZg_ohq_l:o
\hllZd
Gmb]gbl_gZlhqlhhgdZd[hf`ihklmibehggbdlhhggbq_cguchlluijhahg^bjmcihq\m
kdZ`bfukhk_^bqz^Zevr_"MgZkkdZ`bb^_g_]lhg_lmhlIh]h\hjbkDhgh\Zeh\uf\uah\b
�Dhgh\Zeh\ZZ\ZcLhg_qdZ^Z\Zc
��Mfh_cih^jm]baylvmf_jhibeky\kzhe]bgZ\_rZegZgbod\ZjieZlm\uieZqb\ZlvaZ
�g_ba\_klghkdhevdhbsZkl_i_jv_szohjhgblvhqd_hklZeky^he`_gklhiylv^_kyllush^gbo
Zebf_glh\
:jZgvr_[uedw]w[_rgbdhfhl^hq_]h^hdZlbeky
HgibeHgZjZa\_eZkvkgbfSZk\k_`b\mlkfZl_jvx\h^ghdhfgZlghcE_gZ\klj_qZ_lkysZkk
fheh^ufq_eh\_dhf_kebijb^zl^hqdZE_gugZ[Z[dZbLhgy\hliylvq_eh\_d\wlhcdhfgZl_\
h^ghcxlylkylZfg_ba\_klgh]^_ \a^uoZ_l\fHc]hkih^b[_^Zijyf
:hgh^bg\^\modhfgZlghcOhjhrhohlvh^gmdhfgZlmhgbaZ[beb`_e_agmx^\_jvihklZ\beb:lh
hg`_\k_^\_jb\hh[s_ihkgbfZe\kzihijh^Zewlhm`mfm^jblvkygZ^hqlh[uijh^Zlv^\_jb
�f_`lmZe_lgu_Fh`gZ^Zqmdhfmhq_]hhimklbekyLmZe_lk\Zgghc\kzjZdh\bgulZdmx
jZdh\bgmmfm^jblvkydjZguihkgbfZe kf_zlky\fhh[s_dhrfZjGm\hlmf_jgZdhg_ppZjkl\h
g_[_kgh_
lxjvf_kb^_elh`_^\ZjZaZIhe_a\hjh\Zlv_klvgZ^h[uehq_]hlhhgq_j_a[Zedhgdkhk_^yf
ijZ\^Zhk\h[h^bekyihfh_fmhodjZkb\hlZfkhqbgyycxxl:[hevr_lhaZgbfZlvkyq_f"
Gmb\kz;hf`[hf`hf[ueh^be\k_oZedZr_chljZ\mwlm\kz\rbwlh`ijhlb\gh[ueh
kfhlj_lvWlb\hlgZjdhfZgu\k_ZedZrbklhylmihfhcdbbgbdZdhcmijZ\ugZgbogb
\Fhkd\_gbgb]^_Bo]h\hjyl_szbdhjfxl:qlhkgbfb^_eZlv_kebbo^Z`_aZklZ\vjZ[hlZlv
hgbg_[m^mljZ[hlZlvHgbijb\udebdlZdhc`bagb\kzGm\hl\b^Zlvbebm[beb_]h
aZ^mrbebih^mrdhcfh`^mfZebhgh^bgfh`d\Zjlbjmohl_edlh
KmljZ[ueZwihi_yFZrbgZaZfZrbghcfbebpbyaZfbebpb_cwdki_jlukdhjZywlZ\kydZgbl_ev
p_eh_mljhhllhevdhhl\_aeb\fhj]
:ygZmqbeZLubf]h\hjbqlhhg[hf`\ukhk_^b
:qz`_gZlh"Hg[hf`_\ZeK_kljZlh`_\b^brvhldZau\Z_lkyohjhgblv:hgZbg_[m^_l?keb
ijb`bagblhhg_cg_gm`_g[ueLh`__keblZdjZah[jZlvkylh
HogmohlvkeZ\Z[h]mhgjmdbbfjZa\yaZeD\ZjlbjZijb\Zlbabjh\ZggZygZ^hqdmgZE_gugmbgZ
g_]hl_i_jv\kzgZ^hqdmhklZg_lkyHgdZdaZ^he`gbdklhiylv^_kylluslhevdhaZZebf_glu
YgZmqbeZ_]hhl\_aeb[_kieZlghm`_ kf_zlky\f
hl\wlhfieZg_
b^brvdZdihemqZ_lky\`bagbKdZadZ
�,OujZ
DZ`_lkywlhm\ZkgZau\Z_lky[h]hojZgbfZy"hk\_^hfbeky;_ey\kdbcG_imlZx"
Hgm`_hkmrbe^\_[mluedbDjbklZeviZblhevdhqlh\_jgmekyddZfbgmkhq_j_^ghcqZrdhcdhn_
bklj_lv_c[mluedhc
IhkemrZcl_Nz^hju\jh^_agZ_l_lZfdm^Zh[jZlblvkyfh`_l_ijheh[[bjh\Zlvqlh[
ihf_gvr_ojZgbeb"
MN_^b[uehly`_ehgZ^mr_
�:o^Zg_mgbfZekyfbljbck_\heh^h\bqM\Zk`_ivyguo[h][_j_`zl"?klvlZdZy
ihkeh\bpZivyguo[h][_j_`zl"Lh]^Zlhqgh[h]hojZgbfZy
OhfhkZib_gkgZ\hk_fv^_kylijhp_glh\khklhblba\h^uohfhjmkkmkgZkhjhdKhjhd\h^u
khjhdkibjlZIexkojysb
=ey^bl_fukemrZ_flj_lbc^_gvGbh^ghcgb_^bghcaZibkbqlh[wlbex^bg_ibebJ_[zghd
jh^bekyqlhi_j\h_"WlhH[fulvQ_eh\_dijbrze\fbjKiZkb[hhlpZ\i_j\uc^_gvg_
�aZj_aZebLbiZ\kz\i_j_^b_lkdbcmlj_ggbdgZ^hwlhBjbgZK_j]__\gZgZ^hwlhGZreb
^_gv]bgZmebp_gZ^hwlh?klvg_q_]h\^hf_rZjhfihdZlbfykhlhevdh_kebdjukm
ihcfZebghivygu__`_^g_\ghDZdrludJZd`_em^dZe_`Zlih^^Zl_gvdb_^h\hhevgu_
�h\hevgu_ijZ\^ZZqh"Mf_jeZihfygmebdZdke_^m_lKlh]hk\_lZijboh^ylaZq_f
ijboh^yl"G_ijZ\^Zeb]emiuc\hijhk"
G_lg_]emiucklhcdh\hajZabeN_^yGZh[hjhlhq_gv\Z`guc\hijhkaZq_fjmkkdb_
ivxl
:qlhhgb_szfh]ml"IjmklZqblZlv"
GZ^h^mfZlvqlhjmkkdb_ivxlaZl_f`_aZq_fb\k_ex^b
:\hlgbnb]Zkgh\Zi_j_[be;_ey\kdbcGhjfZevgu_ex^b\ghjfZevguokljZgZoivxl
qlh[uih\_k_eblvkyjZkkeZ[blvkygZkeZ^blvky;Zjv_jukgylvaZ^_\mrdZfbihmoZ`b\Zlv
:mgZk"
Qlh[uk^hogmlvkdhj__
N_^yg_klZeg_f_^e_gghkihjblvf_klhwlh]hhgj_rbeih^_eblvkyk\hbfgZ[ex^_gb_f
H^gZ`^uykhihklZ\be^\Zf_klZ\Gh\hfAZ\_l_IhkeZgbbdwn_kygZfZihklheibr_lG_
�mib\Zcl_kv\bghfZbkihegycl_kvlh_klvgZihegycl_kvmohfG_ijZ\^ZebkljZggh
�ZihklheIZ\_e[md\Zevghq_j_aaZiylmx]h\hjblijhmoK\ylhcb\bgh"
�Bwlhlfhf_glg__^bgkl\_ggucDh]^ZmoK\ylhc\i_j\u_khrzegZZihklheh\g_db_ex^b
jm]Zxs_ky]eZ]heZomlh_klv]h\hjbebgZkf_oZykvydh\bghfbkiheg_gukmlvlh_klv
qlhZihklheugZibebkvkeZ^dh]h\bgZ[md\Zevghih]j_q_kdbgZihegbebkvkeZ^dbf\bghf
��gZihegbebkvkeZ^hklvx\ZjZaZmihfbgZ_lkykoh^kl\hf_`^m^_ckl\b_fK\ylh]hmoZb
^_ckl\b_fZedh]hey
u]h\hjbl_ih\_k_eblvky\_k_ev_jZ^hklvJZkkeZ[blvkykgylv[Zjv_juk\h[h^Z
BgZkeZ^blvkybf_gghgZkeZ^blvkygZihegblvkykeZ^hklvxdZd[m^lhkeZ^dbf\bghf
Bf_ggh
�B^Z`_dh]^Z\u]h\hjbl_k^hogmlv\dZdhflhkfuke_lhldlhbkiheg_gmoZgZiheg_g
�mohffzjl\^eya^_rg_]hbeexahjgh]hfbjZ
JZamf__lkyjZagbpZijbgpbibZevgZyZedh]hev^Zzl\j_f_ggmxbeexahjgmxjZ^hklv\j_f_ggmx
&#xl;&#xh;&#xj;&#x_f;&#xy; Z; ;]hjvdh\ZlmxkeZ^hklvb\j_f_ggmxh[fZgqb\mxk\h[h^mlh\j_fydZdmolh_klvkh[kl\_ggh
;h]ij_ih^ghkblk\h[h^mbjZ^hklvbkeZ^hklvih^ebggmxb\_qgmxGhijb\k_oh]h\hjdZo
�\bghdhlhjh_gZihegy_lkhkm^ij_^klZ\ey_lkydZdg_dbch[jZaK\ylh]hmoZ
��G_agZymoZq_eh\_dh[jZsZ_lkydwlhfmh[jZamdwlhcih^f_g_^Z]jm[hcZkh\_jr_gghg_
g_m^h\e_l\hjbl_evghcGh\kz`_dh]^Zq_eh\_diulZ_lkyk_[ygZihegblvaZihegblvqlh
djh_lky\wlhf`_eZgbb"G_hagZqZ_lebm`_kZfhwlh`_eZgb_qlhq_eh\_dhsmsZ_l\gmlj_ggxx
imklhlmqlhhgZihdhy_fmg_^Zzl"?keb[uimklhlZ_]hg_lj_\h`beZhgbg_ibe[u
?kebp_eucgZjh^\u]h\hjbl_ihqzjghfmivzlfh`_l[ulvbf_gghwlhlgZjh^kbevg__^jm]bo
hsmsZ_l\gmlj_ggxximklhlm"Hkljmxg_o\Zldm;h]Z"
PbgdZ
Qlh"
=h\hjxfh`_lijhklhpbgdZg_o\ZldZ"hgmnbggh\mr\_^h\k_\_jgZyijh[e_fZFh`_l
^hklZlhqgh[bh^h[Z\hd"B[h]]ey^brvg_ihgZ^h[blky
OZoZoZqzjl\havfbijbylgh\ZkhaZ^Zqblv
uNz^hj\kzlZdbhq_gvfheh^hcq_eh\_dG_\h[b^m[m^vkdZaZghYwlmi_kgxkeurZem`_
agZ_l_kdhevdh"Ivygu_gu_aZlh^moh\gu_Wlhhq_gv\j_^gZyi_kgyih\_jvl_E`b\Zyb
]gbeZyGZebphm`Zkgu_^h[ju_\gmljbSZa
Qlhlhm\Zk[ueh_sz\wlhfjh^_:^Z[hevdZdnZ[jbdZ
NZ[jbdZ"
Gm^Z[hevdhlhjZyqlhlhlZfijhba\h^blQlhlhlZdh_ohjhr__Lh_klvq_f[hevr_gZjh^
kljZ^Z_ll_f[hevr_hgwlhckm[klZgpbbijhba\h^blFukevhkljhmfgZyGhm\ug_\u^_j`b\Z_l
ijh\_jdb
Dlhm\ZklZfjZkkdZau\Zeijhkhjhd\hkvfhc]h^";Z[dZe_]eZgZihjh]_ohjhrh[uehl_p
]heh^YihgbfZx
:k_cqZk"gZr_\j_fy"Q_eh\_dmf_johjhrbciehohcq_eh\_d@_gZg_ohq_l_]hohjhgblv
G_ohq_lljZlblvky;u\rZy`_gZhd_cghmgboh[sbcj_[zghdhgZghkbeZhlg_]hj_[zgdZJh^gZy
k_kljZg_ohq_lihohjhgblvQlhwlh\hh[s_lZdh_"
Q_eh\_dZZ\lh[mkhfi_j__oZebbm_oZebWlhqlh"Wlh]^_ijhbkoh^bl"kl_ib"GZK_\_jghf
ihexk_"G_lhgZ]h\hjbli_j_^lhj]h\ufp_gljhfm]he[hevrh]hrhkk_
�ZgbdZdhfmAZiZ^m\kljZrghfkg_g_ijbkgblkylZdh_ihegh_hlqm`^_gb_f_`^mex^vfbLZdh_
hlkmlkl\b_ebqghklbYbf_x\\b^ml\h_cebqghklb^ey^jm]h]hL_[yijhklhg_lLug_\b^bf
LughevF_`^mlh[hcb^jm]bfq_eh\_dhfg_lhqlhl_ieZg_lghevdhkfhkdhkfbq_kdZy
imklhlZ
:\u]h\hjbl_[hevijhba\h^blHgZgbq_]hg_ijhba\h^blGbh^ghcnZdbgfhe_dmeu
Lh]^ZaZq_fex^bkljZ^Zxl"
:dlhboagZ_l
AZq_f;h]iha\hey_lex^yfkljZ^Zlv"
;h]Zg_l
?keb\u]h\hjbl_qlhjmkkdb_wlh^_lb
Aeu_^_lb
lhagZqblkljZ^Zgbyjmkkdbowlhihkmlbb_klvke_abgdZj_[zgdZbg_ke_abgdZZ
p_eh_fhj_ihlhdAZq_fih\Zr_fm"
G_dhjj_dlguc\hijhkaZq_fGbaZq_f
Dhjj_dlg_cihklZ\blv\hijhkihq_fm"IhdZdhcbklhjbq_kdbnbehkhnkdhcijbqbg_"Blmly
hl\_qmJmkkdb_lmibdh\Zy\_l\vJmkkdb_ijh\Zebebkvf_`^m^\mfyh]jhfgufb
pb\bebaZpbyfb
F_`^m?\jhihcb:ab_c"
Rbj_F_`^mpb\bebaZpb_c[m^ms_]hbpb\bebaZpb_cijhreh]hGblm^Zgbkx^Z
Pb\bebaZpbyijhreh]hg_\ojhgheh]bq_kdhfhlghr_gbbZ\]eh[Zevghfdhgp_ilmZevghf
Fh`_l_gZau\ZlvljZ^bpbhggh_h[s_kl\h\:abb\:njbd_\X`ghc:f_jbd_gZDZ\dZa_^Z`_
hlqZklb\X`ghc?\jhi_q_eh\_dZih^^_j`b\Z_lk_fvyQ_eh\_dijbgZ^e_`bljh^mQ_eh\_dih^
aZsblhck\h_]hJh^ZFh`ghg_agZlvlZ[ebpmmfgh`_gbyghjh^guogZ^hagZlv^hk_^vfh]h
dhe_gZLzldZkhlph\kdhcklhjhgubkfZl_jbgkdhcklhjhguwlh^\ZjZaguokeh\ZagZ_l_mZjfyg
^hkboihj"Ihlhfmqlhl\hcjh^l\hyaZsblZhihjZLjZ^bpbhggh_h[s_kl\hPb\bebaZpby
ijhreh]h
B_klvgh\Zypb\bebaZpby_\jhi_ckdZyZf_jbdZgkdZyq_eh\_dfh`_l`blv\h^bghqdmB
\u`b\ZlvIhlhfmqlhhgaZsbszg]hkm^Zjkl\hfKh\k_oklhjhg_]he_qZl?]hhojZgyxl?fm
]ZjZglbjmxlk[_j_`_gby\klZjhklb?]hohjhgyl?]hg_i_j__a`ZxlZ\lh[mkhf
;m^ms__bebijhreh_Jh^beb]hkm^Zjkl\hM\k_oh\kzffbj_:jmkkdb_ijh\Zebebkv
ijhf_`K_fvbg_ljh^jZajmr_gIjh]hkm^Zjkl\h\hh[s_kf_rgh]h\hjblvHlklZjhc
pb\bebaZpbbjmkkdb_hlhj\ZebkvbolZfm`_g_lZ^hgh\hciheadhfihealbe_lq_luj_klZ
ihemqZ_lkybog_lgb]^_Hgb\qzjghc^uj_G_laZsblu\hh[s_gbdZdhc
ukijZrb\Z_l_ihq_fm[h]"AZq_f"DZdhgkfhljblgZwlh"Y^mfZx_kebhg\hh[s_
EZ^gh\kz;hevr_g_hl\e_dZcl_f_gydexqZcl_^Zevr_k\hxrZjfZgdm
:km^v[Zfhyhq_gvljZ]bqgZy
�HfZc]Zl@kgh\ZaZju[m^_gv]b
OJZkkdZahljZ]bqghckm^v[_
Km^v[Zfhyhq_gvljZ]bqgZy
Mf_gygbdlhk\h_ckf_jlvx\k_fv_g_mf_jGbdlhGbdlhk_mfbjZebk_^vfh]hghy[jyb\k_hl
\h^dbBk_kljZbhl_pfhcb[jZlfhc
Ihke_\hcgu`blvklZeh\jh^_ihemqr_g_fgh]hYm`_m_oZeZ\Fhkd\m
HklZeZkvkfZl_jvxkhlphflhevdhh^gZ^hqdZ^\_gZ^pZlbe_lgyyHl_pkdZaZefZf_h[Z[dZ
dh]^Zfuklh[hcih`b\zfDhgn_lmf_gyih_rv Dhgn_luwlh[ueZjhkdhrv\f
Hg\k_]^Zrmlgbd[uehl_pDh]^Z_oZegZehrZ^bgm[jb]Z^bjhf\habeqlhgb[m^v[jZe
f_rhdbdjbqZe ihivygd_hkh[_ggh\fKh[bjZxdmjpuieylbfZe_gvdboj_[yl
Khk_^dZ_fm]h\hjbeZZkbebqgmohlvlugZim]Zcfh_]hfZeh]hDZdhclh[_kgbdh]hg_
ijbagZzlh^gh]hl_[y[hblkym\b^blkjZamgZi_qdmaZ[b\Z_lky
Hl_p[ue[jb]Z^bjmg_]h[ueZ[_eZyehrZ^vh]jhfgZyB\hlh^gZ`^uwlh[ueiylv^_kyllj_lbc
]h^kFhkd\u_oZeh^bgfm`qbgZfbebpbhg_jBhgihijhkbefh_]hhlpZhl\_alb_]h_szaZ\hk_fv
dbehf_ljh\HgdZdhclhkibjldZiZe^j_\_kgucb\za_]hgZijh^Z`m\^_j_\gx
Hl_p_fm]h\hjblG_lf_gyjm]Zlv[m^mlEhrZ^vdheohagmx[jZlvg_evay[uehAZwlh
gZdZau\Zeb
�Lh]^Zwlhloeuklj_rbegZihblvfh_]hhlpZivygh]hHgkdZaZe_^gmyl_[ym]hsm:hl_p
ex[be\uiblv
B\uagZ_l_\wlh\j_fy[ue^hfZfhc[jZlHl_p_fm]h\hjblGmkughdlu_oZckZf^hFhkd\u
Zyk_[_ihimlqbdZgZrze
Wlh\kzfuihlhfmagZeb
Hgb_^mlhl_p]h\hjbl_fmGZeb\Zc
�:wlhlfbebpbhg_j]h\hjbl_^Zkibjllhg_jZa\_^zgguc
Hc^ZeZ^ghg_jZa\_^zggucygZnjhgl_ibeb^_gZlmjZlb\kz
Hl_p\uibeklZdZgqbdbmf_j
:wlhlfbebpbhg_j[uek`_ghcbkj_[zgdhfHgbkim]ZekyHg\ayehlpm\h``bijb\yaZedjmd_b
�ehrZ^vimklbeEhrZ^vmfgZyhgZijb\_aeZk\h_]hohaybgZd^hfmFZlvih^hreZdg_fm_^
^_^Zhgm`_
?fm[uehlhevdhiylv^_kyl\hk_fve_l;ue_sz\iheg_lZdhcdjZkZ\_p
Hg\Fhkd\_KlZebgZohjhgbeb\wlhf`_iylv^_kyllj_lv_f]h^mbmf_j
GZk\uau\Zebihlhf\jZchl^_eFu\k_agZebijhwlh]hfbebpbhg_jZqlhhgwlhk^_eZeGhfZfZ
kdZaZeZgb\dh_fjZa_g_aZy\eylvHghljZ\beg_mfure_ggh;h]jZkkm^blHgZ[ueZ\_jmxsZy
B\uagZ_l_dZjZdwlhfmfbebpbhg_jmijbreZkZfZ
KgZqZeZ_]h\u]gZebbafbebpbbbbaFhkd\uG_aZhlpZAZhlpZ^Z`_m]heh\gh_^_ehg_
\ha[m`^Zeb?]h\ukeZebaZdZdb_lhfZobgZpbbqlhhgkibjlwlhldZiZebijh^Z\Ze
?]h^hf[ue\khk_^g_c^_j_\g_Mg_]h[uehfgh]h^_l_c
Y\kzagZeZghfg_g_m^h[gh[uehkijhkblvDZdlufh_]hhlpZgZlhlk\_llhhlijZ\be"
lZf`_\wlhc^_j_\g_:aZ^_lvfbijb_oZebaZ[bjZlv\^_lkdbc^hfHgbihijylZebkv\ih]j_[
lZdg_ohl_ebhgbhlju\Zlvkyhlwlh]h^hfZGhhgb[uebfZe_gvdb_boaZ[jZeb
hllZdZykm^v[ZhdZaZeZky
FhyfZfZ[ueZhq_gv\_jmxsZyHgZ]h\hjbeZFhebl_kv\ZfKh\_lkdZy\eZklv^ZeZk\h[h^m\Zk
aZklZ\ey_lmqblvkyIjbpZj_]h\hjblfuiehoh`beb
OhlykZfZ[ueZba[h]Zlhck_fvbMg_zjh^kl\_ggbdb`beb[h]Zlh`zguoh^beb\reyiZoHgb
k\hbo`zgfZfZjZkkdZau\ZeZihbf_gbhlq_kl\mgZau\Zeb:ihlhfj_\hexpbyrm[ukgbo
f_oh\u_lhihkju\ZebbkfZe_gvdbfb^_lvfbm]gZebbo\Kheh\dbBibkvfZ^Z`_hgbg_ijbkeZeb
b\k_ih]b[eb
Y]h\hjxFZfaZqlh[jZlv_\k_klzjm]gZeb"
HgZ]h\hjblHgbhq_gvohayckl\_ggu_[uebk_lhevdhh^gmdhjh\mbf_ebhgbljzodhjh\
bf_ebih^\Ze_klhyebdjugdblZdb_[hevrb_kf_lZgufZkeZ
HgZ]h\hjblY[ueZ^_\hqdhcf_gyhl_paZklZ\eyerdmju\k_wlbgZqbsZlvKljh]bc[ue
g_\hafh`gh;h`_]h\hjblmiZkbhkemrZlvky_]hLh_klv`_gsbgZ[ueZaZdj_ihszggZy
BhgZ]h\hjbeZ:k_cqZk`_gsbgugZjZ\g_kfm`qbgZfb?cwlhhq_gvgjZ\behkv
GhhgZiehoh\b^_eZmg_zg_[uehaj_gbyIhwlhfm\p_jdh\vlm^Z^hk_eZiylvdbehf_ljh\hgZg_
oh^beZ
&#xw;&#xlh;&#xp_;&#xjd;&#x[;&#xue;&#xi;&#xhi;&#x;&#xhl;&#x_p;&#x=;&#x_h;&#xj]; c;&#x;&#xM;&#xg_;&#x]h;&#x[;&#xue;&#xh;&#xlj;&#xh_;&#x^;&#x_l;&#x_c;&#x;wlhcp_jd\b[ueihihl_p=_hj]bcMg_]h[uehljh_^_l_c\ZkugZklZjrbcK_j]_cb
feZ^rbcdZdlh_]ha\Zebg_ihfgxb^hqvK_jZnbfZhgZfh_]h[jZlZmqbeZ
B\hlyihfgxkZfZy[ueZ\hcgZ:[uehiheh`_gh\k_foh^blvih^_j_\g_gZIZkom_q_jhf
\k_;h]mfhebebkvOjbklhk\hkdj_k_b^_lbi_ebb\k_h[oh^beb\hdjm]^_j_\gbMljhfwlhl
ihioh^beih^hfZf[eZ]hkeh\eyeKlh^hfh\[uehFh`_l\hk_fv^_kylGmqlh^Z\Zeb_fm^\Z
ycpZbebjm[ev^_g_]Ghihl_f\j_f_gZfgZjm[evfh`gh[uehdmiblvlhevdhklZdZgk_f_q_d
Klhe\k_]^Z[_ehckdZl_jlvxgZdju\ZebMfZfuhgZ[ueZi_j_rlhiZggZyh^gb^ujhqdbkl_ebeb
_zgZklhelhevdhih\_ebdbfijZa^gbdZf
Ihlhfwlhl[ZlxrdZlZflZdZy]hjdZ[ueZi_j_^gZrbf^hfhfkZ^bekyb^_lyf\kzjZa^Z\Ze
hl:`_gsbgulh\k_[ueb\^h\ub[_^ghklv`mldZyYihfgxkhk_^dZijbreZb]h\hjblfh_c
fZf_GZ^_`^ZB\Zgh\gZfg_[Zlxrd_gZklheg_q_]hiheh`blv
FZfZ_c]h\hjblYlh`_g_fh]ml_[_gbq_]h^Zlvmf_gygbq_]hg_l
Bihlhf[ZlxrdZdg_caZoh^bldwlhckhk_^d_b\b^bl[_^ghklv_zhgZ\^h\ZgZi_qd_ljh_
^_l_cGhhgZ\kzlZdb]^_lhaZgyeZwlhljm[eviheh`beZgZklhe
Bdh]^Zihimrzelhkhk_^dZjZkkdZau\ZeZih^kdZl_jlvxhgZgZreZklhjm[e_c
hlgZklhevdhex^bijhgbdgh\_ggh^jm]d^jm]mhlghkbebkvK_cqZkyqlhlhlZdhc^h[jhlug_
qm\kl\mx
�Z:ihke_\hcguwlhlihiijbrzedgZfb]h\hjblfZf_FZlmrdZ\hlp_jdh\vmgZkhldju\Z_lky
ihke_\hcgu\ug_fh]eb[uqlhlh^eyp_jd\bih`_jl\h\Zlv"
FZfZ]h\hjblMf_gygbq_]hg_l
:gZfhklZeZkvhl[Z[mrdbk_j_[jygZyeZfiZ^ZlZdb_szqdbgZg_c[uebHg]h\hjblFZlmrdZ
\ug_fh]eb[uwlmeZfiZ^mih^Zjblvp_jd\b"
FZlvfhykgyeZwlmeZfiZ^mbhl^ZeZ[Zlxrd_
KiZkbl_ev\jhkl\_kvlZdhcgZdj_kl_jZkiylucbjy^hf;h`byFZl_jvBi_j_^wlhc;h`v_c
FZl_jvx\bk_eZwlZ\hleZfiZ^Zfh_c[Z[mrdb
P_jdh\vhldjuebdh]^Z\hcgZlhevdhdhgqbeZkvFgh]b_`_gsbgurebbkih\_^h\Zlvky
jZkkdZau\Zebhk\hbo]j_oZoGhij_^k_^Zl_evdheohaZhggZibkZeaZy\e_gb_\jZchl^_eqlh
jZ[hlZlvgZ^h\dheoha_ \uoh^guolh]^Zg_[uehgbdZdbo\fZ\\hkdj_k_gv_ex^b\f_klhlh]h
qlh[jZ[hlZlvb^mldihimbkih\_^mxlkyl_jyxl\j_fyb\kzlZdh_Bwlmp_jdh\vkgh\ZaZdjuebZ
wlhl=_hj]bc[ZlxrdZkb^_e\lxjvf_
BfeZ^rbckugmg_]hyaZihfgbeZwlh]hkugZgZ\kx`bagvP_jdh\vm`_g_^_ckl\h\ZeZZhg
klZgh\bekyi_j_^wlhcp_jdh\vxgZdhe_gbfhebekyFhjha[ueg_agZx^\Z^pZlv]jZ^mkh\[ue
fhjhaZmg_]h[ueZdhigZ\hehkdm^jy\uoqzjguob\hlihdZkg_]\kx_]h]heh\mg_ihdju\Ze
GhkZfh_\hlfg_\]heh\mqlhaZiZehgm^_lb`_^_j_\_gkdb_g_\hkiblZggu_fZl_jbgZkg_
\hkiblu\Zeb^mjZdb^mjZdZfb\g_]hbdZfgyfbdb^Zebb\kzZhgfhebekyBihlhflZd
kemqbehkyqlhhgihiZe\kmfZkr_^rbc^hf
YfZfmkijZrb\ZeZFZfZZihq_fmhgkhrzekmfZlh"
FZfZfg_]h\hjblIhlhfmqlhhghq_gvfgh]hqblZe
:m[Zlxrdbwlh]hijZ\^Zp_eu_kmg^mdb[uebdgb]BdZdfZfZ\hl]h\hjbeZhggZwlhcihq\_
khrzekmfZHq_gvfgh]hhg]h\hjbldgb`_di_j_qblZe
Dh]^Z[uebm`_\hlwlbiylb^_kylu_iylv^_kyl\lhjhclj_lbc;_jbxjZah[eZqbebg_fgh`dh
ex^bihemqr_m`_klZeb`blv
FZfZfmqbeZkv\kzdm^Z`_\_sblhkfhkd\bq_c^_\Zlv"JZgvr_gbsb_[ueb:l_i_jvgbsbog_l
ohlvhl^Zlv[udhfmlZdgbdlhg_[_jzl
=h^uklZebg_fgh]hihemqr_Fhkd\ZklZeZkljhblvkyKlZebgba^ZeijbdZa ^Z`_wlhg_fgh]h
ihjZgvr_[ueh\fqlhgm`gukljhbl_ebb\_j[h\ZebfZevqbdh\;jZlm[uehq_lujgZ^pZlve_l_]h
\ayebhgkljhbe\ukhldba^Zgb_F=MHgijboh^be\hlimkdbfZf_jZkkdZau\ZedZdwlbexevdb
kju\Zebkvkdhevdh]b[ehex^_c
�Hgdhibewlbkujhqdbjm`[Zbijb\habegZflm^ZNhlh]jZnbbhlg_]hhklZebkv_szNwAw
�H@lZdhcohjhr_gvdbc[_^gucfZevqbdhla^_kv\hl^_e_gbb\ljb^pZlvq_l\zjlhf_]h
m[beb
Hgih_oZedkljhbl_ex^jm]mih^rblv_fmkZih]bK_^vfh]hghy[jylh`_K_^vfh]hghy[jy\kz
Wlhl^jm]_]hgZihbe:`_gZgZqZeZjm]ZlvkyAZq_fwlhZedh]hebdlmlgZghqvHlijZ\v_]h
^hfhcBhg_]hijb\zedf_ljhLZ]ZgkdZyblZf[jhkbe?]hih^h[jZebfbebpbhg_jubihf_klm
`bl_evkl\Z^hklZ\beb\hlkx^Z\ljb^pZlvq_l\zjlh_hl^_e_gb_
GmblZfdhlhjucihdZf_j_kgbfkb^_e]h\hjbl?]h[bebHggZgboh[au\ZekylZf]h\hjbe
iehohDh]^ZgZf\_sb_]hhl^Zebhgb[ueb\djh\b\k_gm\h[s_f
@_gZ_]hiehoh`beZkgbfhgZ_]hg_bkdZeZBhg^_\ylv^g_c\Zeyekya^_kv\fhj]_dZd
g_ba\_klguc
FhyfZfZ\k_]^Z]hj^beZkyqlh\k_fv_[ueh^_\ylv^_l_c
KlZjrZy[ueZk_kljZFZjby
AZFZjb_cfeZ^_g_pfZe_gvdbcGmihgbfZ_l_dh]^Z\udb^urihemqZ_lky
Ke_^hfrze[jZlGbdheZc
IhlhfZe_glbgdhlhjuck^\Z^pZlv\hkvfh]h]h^Zhgmf_jg_^Z\gh
Ihlhfk_kljZKZrZfu_zRmjhqdhca\Zebljb^pZlv\lhjhc]h^jh`^_gby
Ihke_rze[jZlBevydhlhjh]hKlZebgijba\ZegZkljhcdmFhkd\u
B\ljb^pZlvk_^vfhf]h^mm`_yjh^beZky\hkvfufj_[zgdhf\k_fv_Hl_pf_gy\q_klvk\h_c
ex[bfhck_kljugZa\Ze?\^hdb_c
Ghyk\hzbfyagZeZg_dZd?\^hdbyF_gya\ZebLukyqgbp_cIhlhfmqlh\l_]h^u^Z\Zeb
q_luj_lukyqbgZjh`^_gb_\hkvfh]hj_[zgdZ
Dh]^Zyjh^beZkyhl_pfhcih_oZe\LmemGmqlhfh`gh[uehdmiblvgZq_luj_lukyqb\Lme_"
DmibekZfh\Zjbk_klj_hnbp_jkdb_`zelu_[hlbgdbHgih^mfZeqlhwlh`_gkdb_lmnebB
]h\hjbl_chlDeZ\dZl_[_slu[e_lukZfu_gZklhysb_
KZfh\Zjwlhl\_kv\f_^Zeyoh]jhfguchg^he]h^he]hklhyemgZkgZq_j^Zd_
Ihlhfym`_\ajhkeZy[ueZfuijb_oZeby]h\hjxfZf_FZf^Z\ZckZfh\ZjlhihklZ\bf"Y
ex[beZdijZa^gbdmdh]^Z]hklb
�HgZ]h\hjblZluqlhmf_gy_]hg_lmYpu]ZgZf_]hhl^ZeZaZfhlhq_dj_abgdbHgbkdZaZeb
?klvml_[yq_]h"Yihf_gyeZky
Mg_zaj_gbyg_[uehIhke_mrb[Z
rzihlhf\fWlhhl_p[be_zHl_pibeihke_njhglZ\k_ibebIjb^zljZa[mygblkyfu\dZjlhrd_
kijyq_fkyhlg_]h
FZfZfg_]h\hjbeZLugbdhfmg_jZkkdZau\Zcqlhfuklh[hc\dmklZoghqvdhjhlZebihdZhl_p
g_mkgmeG_ijbebqghL_[yaZfm`gbdlhbalZdhck_fvbg_\havfzl
hllZdb_l\zj^u_[uebmklhb
Dh]^Z_ci_gkbxij_^eh`bebhgZ]h\hjbeZHcdZdh_`_]hkm^Zjkl\h]emih_yg_jZ[hlZxZfg_
_sz^_gv]bij_^eZ]Zxl
Y_zhi_jbjh\ZeZ\Fhkd\_
Fg_^hdlhjkdZaZegZmebp_=hjvdh]hHgZ\b^_lvg_[m^_l
�Y]h\hjxhdlhjygbq_]hg_ohqmlhevdhqlh[uhgZohlveh`dm[u\b^_eZ\hlb\kz
Bdh]^ZkgyebfZje_\mxih\yadmi_j\h_qlhhgZkdZaZeZDZdb_a^_kvqbklu_ihlhedb
Ihlhfk_kljbqdmm\b^_eZlh`_DZdhcgZl_[_[_e_gvdbcoZeZlbd
:fg_ylh]^Z[ueZihfheh`_HcdZdZylumf_gydjZkb\Zy ieZq_l\f
:dh]^ZmfbjZeZaZE_gbgZfhebeZkyij_^klZ\ey_l_" ieZq_l\fWlhijhklhk\ylhc[ueq_eh\_d
O,Obfby
Ihk_j_^bg_jZkkdZaZk\_jomkimklbeZkvEzeybfheqZaZgyeZk\hzf_klh
Dh]^Z:ggZkdZaZeZqlhghqvx_zfm`gZ\_^u\Zeky\khk_^gbcghf_jNz^hjZwlhij_^iheh`_gb_
m^b\behijbq_fm^b\behkbevghbg_ijbylghohlykh\k_fb^Zevg_crbfbkh[ulbyfbdZdlh
\ukdhqbehbamfZbaZihke_^gb_^\ZqZkZgbjZamg_\kihfgbehkv
�Ghklhbeh_fmm\b^_lvEzexjy^hfkfbljb_fk_\heh^h\bq_fdZdN_^_c\^jm]aZ\eZ^_eb
kbevg_crb_g_gjZ\kl\_ggu_Zkm]m[hnbabq_kdb_hsms_gby?fmg_\ughkbfhaZohl_ehkv
k_cqZk`_\klZlvb[uklj__dm^Zlhb^lbbebemqr_[_`Zlv\hh[s_dZdfh`ghZdlb\g__^\b]Zlvky
ijbqzfnbabq_kdh_`_eZgb_[uehgZklhevdhkbevgufqlh_]hljm^gh[uehm^_j`b\ZlvNz^hj
\ayek_[y\jmdb[md\Zevghbah\k_okbek`Z\dmeZdbbkjZam`_aZ[he_ehbaZimevkbjh\Zeh
Lhb^_ehNz^hjmdjZ^dhc\a]ey^u\ZegZEzexiulZykvgZclbdZdh_gb[m^vih^l\_j`^_gb_beb
hijh\_j`_gb_ghEzey\u]ey^_eZkh\_jr_gghh[uqgh
;_ey\kdbcijZ\^Z[ueahebm]jxfbg_kfhlj_egZEzexghhg[uem]jxfbij_`^_q_fhgZ
ihy\beZkv
Dh]^ZaZibkvdhgqbeZkvkeh\Zfbwlhk\ylhc[ueq_eh\_d:ggZih\_jgmeZkvdEze_bkykghc
meu[dhckijhkbeZ
Eze_qdZ\ug_fzjaebk_]h^gyghqvx"
Nz^hjaZf_jb^Z`_rbrdZgZ]heh\_i_j_klZeZimevkbjh\Zlv
�Z\jh^_g_lih`ZeZie_qZfbEzey
MgZk\dhfgZl_[uem`Zkguc^m[gydhaZ[hq_gghkhh[sbeZ:ggZBk_cqZkay[dh
qm\kl\m_l_"DZdb_lhg_eZ^umWjbdZkhlhie_gb_f
G_fh`_l[ulv\uiZebeNz^hj
k_ihkfhlj_ebgZg_]hkm^b\e_gb_fHgk_[yg_ihgbfZebfh\eZ^_ehdZdh_lhkljZggh_
khklhygb_Am[u^jh`Zeb
Wlhg_fh`_l[ulvijZ\^hc
u]h\hjbl_ijhwdki_jbf_glN_^yih^Zeky\i_jz^h[jZsZykvd;_ey\kdhfmYg_\_jx
G_\_jxdjbqZeN_^yg_ihgbfZyqlhkgbfijhbkoh^bl;h];h]g_mkljZb\Z_lgZ^k\hbfb
ex^vfbwdki_jbf_glh\kzqlhHg^_eZ_lijhbkl_dZ_lbakh\_jr_gghcex[\b
�Gm\hlij_^eh`befbljbck_\heh^h\bqihc^bl_dlhc[Z[d_bh[tykgbl__c[jZlZ
aZ[bebhlpZgZihbebb\kzwlhbakh\_jr_gghcex[\b
G_lG_\Z`ghky`bagvbeexahjgZkydjZldZyihkxklhjhggyy`bagvbeexahjgZ
aZ^uoZykv\udjbdb\ZeN_^y@bagvkhgbeb^Z`_dhrfZjDbghl_Zljm`Zkgh]hnbevfZ
Ex[h_k_cqZkbeexahjghGZ^h\uj\Zlvkybak_cqZkqlh[uyk_gklZe;h`bcaZfuk_e
N_^yqlhk\Zfb"uihdjZkg_ebkdZaZeZ:ggZhlh^\b]Zykv
Gh\uj\Zlvkybak_cqZkfh`ghlhevdhq_j_aex[h\v@_jl\_ggmxex[h\vDZ`^ucex[ysbc
`_jl\_gghq_jiZ_l\;h]_Blhevdhex[ysbc`_jl\_gghfh`_lijhaj_\ZlvlZcguaZfukeh\
hdZd\hdZdihphdZe;_ey\kdbcBqlh_klvkqZkleb\pudhlhju_ijhabjZxl"Ohlv
h^gh]hagZ_l_ihnZfbebb"
��hklh_\kdbcg_^mfZydjbdgmeN_^yhklh_\kdbchldju\Ze;h`bcaZfuk_ehgZjh^_h
jmkkdhfgZjh^_b[hkZfex[bejmkkdbcgZjh^
��&#xk_;&#xh;h;&#x^h;&#xbq;&#x;&#xkf;&#xZd;&#xmy;&#x;&#x;�hklh_\kdbcex[bejmkkdbcgZjh^ih\lhjbefbljbck_\heh^h\bqkfZdmyhklh_\kdbc
ex[bejmkkdbcgZjh^
Yg_ihgbfZxqlhbf_ggh\ZkjZa\e_dZ_l^jh`ZeN_^ylhevdh\uhlijZ\ey_l_jmkkdbc
�gZjh^\^ujmZhklh_\kdbc_]hih^gbfZegZg_[_kgmx\ukhlmuohlbl_aZsblmk_cqZkbeb
klZjmxbebgh\mxbebjh^bebpb\bebaZpbxg_laZsbluk_cqZkkzbeexabbKZfhk_cqZk
kiehrvbeexabybeexahjghklvK_cqZk\kzjZ\gh?]hg_l\kzjZ\gh
N_^ykimlZekyihl_fg_gb_jZamfZdZ`_lkyijhoh^behbhgbkim]Zekyih^mfZ\qlh[hevr_g_\
khklhygbb\ujZ`Zlvk\hbfukebH^gZdhgbdlhdZ`_lkyq_j_kqmjg_m^b\eyeky
BjmkkdbcgZjh^ijh^he`Zehgihlbr_ljh]Zyk_[yaZ]heh\mjmkkdbcgZjh^ihlhfmk_cqZk
[_aaZsbl_gqlh;h`vyijZ\^Z\ur_k_cqZk
ih`blva^_kvbk_cqZk";md\Zevgh^eyjZaghh[jZaby
Ihlhfmqlhk_cqZkwlhfZeh^eyjmkkdh]hq_eh\_dZIhahjghfZehImklvaZiZ^guc
h[u\Zl_ev`b\zl^eyk_cqZk_fmfh`_l[ulvb^hklZlhqghZ_kebjmkkdbciulZ_lky`blv
^eyk_cqZklhevdhwlhijb\h^bldm`Zkghfmhkdm^_gbxbaf_evq_gbxbaf_evqZgbxmf_gy
_klvijbf_jyk_cqZk^ZfihkemrZlvJmkkdbcq_eh\_d]jZ`^Zgbg\_qghklbijba\Zgguc
ihdZaZlvfbjm\ukrmxijZ\^m
Ibyf_lZgheZddmjZlgh^h[Z\be;_ey\kdbc
Ibyqlh"
F_lZgheFu`_lhevdhqlhkeurZebu\hh[s_ihgyebqlhkemqbehkvk_zhlphf"
uibekibjlZbmf_j
DZdh]hkibjlZ"
KibjlZG_jZa\_^zggh]hkibjlZ
:ZlZd\ug_ihgyebgbq_]hukijZrb\Zcl__kebg_ihgbfZ_l_HgZ]h\hjbl\za^j_\_kguc
kibjlijh^Z\ZlvH[uqguciblv_\hckibjlwlbeh\ucwlZghe:^j_\_kguckibjlf_lZghe
Y^h\blh_\_s_kl\hHlg_]hke_igmlbmfbjZxlBl_fg_f_g__ivxl
AZq_f"
Hq_\b^ghk\ylh]h^moZohlylaZkf_yeky;_ey\kdbcaukdmxlk\ylh]h^moZZ`ljm[u
]hjyl
Ivxlihlhfmqlhkibjl
Gh_]hg_evayiblv"
G_evayDZl_]hjbq_kdb
Hgbijhklhg_agZxlqlhwlhhiZkgh"
k_agZxl_kk_kgh
B\kzlZdbivxl"DZdlZdg_ihgbfZx
Mfhf;mjmg^bg_ihgylvWlhij_djZkghqlh\ug_ihgbfZ_l_N_^yG_gZ^h\ZfihgbfZlvu
�emqr_ex[bl_jmkkdbcgZjh^ba^Ze_dZKhklh_\kdbfgZiZjmDZd\ZrZnZfbebydklZlb"
kijhkbe\^jm];_ey\kdbc
Drh\m^b\bekyN_^yIjbqzfa^_kvfhynZfbeby"
Drh\Ihjh^bklZynZfbebyA\mqbldZd^\hjygkdZyDrh\KlhiNz^hjDrh\]^_lh
[md\Zevghlhevdhqlhy\klj_qZe\dZdhclhklZlv_Drh\wlh[uelZdhckdmevilhj"
:jobl_dlhj
LhqghklZlv_ijhklZebgkdb_\ukhldbIhkhobgJm^g_\Q_qmebgbDrh\Hg\Zf
jh^kl\_ggbd"
�_^mrdZg_hohlghhl\_lbeN_^y
�Gm\hhl\hkdebdgmefbljbck_\heh^h\bqQlhblj_[h\Zehkv^hdZaZlvukhldbkljhbe"
G_[hkvij_fbxKlZebgkdmxihemqbe"
�\_hl\_lbeN_^yhl\h^y\a]ey^
Gm"\kzkoh^blky
Qlhbf_gghkoh^blky"kijhkbeN_^yklhkdhcHgijbrze\k_[ybgZg_]hgZ\ZebeZkv
mklZehklvOhl_ehkve_qvbaZdjulv]eZaZ
ieZ\e_gu_kujdbfg_dZ`_lky\kzlZdbihy\bebkvihiha`_Exevdbkju\Zebkv\kzijZ\^Z
kju\ZebkvDlhkljhbe\ukhldb"Dlhkljhbea^Zgb_F=M"AwdbkljhbebBdh]h\hegh\Zehqlh
exevdbkju\Zxlky"
�_^mrdZkljhbeg_F=M
G_kmlvjZagbpZ
Hgkljhbe^hfgZDhl_evgbq_kdhcgZ[_j_`ghc
�:o^hfgZDhl_evgbq_kdhc"Ih^g_ihkj_^kl\_ggufijbkfhljhf;_jbb"?szemqr_Zg_\Z`gh
jZagbpugbdZdhcg_lijhklhh^gbfKlZebgkdb_ij_fbbZ^jm]bfieZ\e_gu_kujdb
�_^mrdZhq_gvaZ[hlbekyhjZ[hqbo
Ykihql_gb_fhlghrmkvd\Zr_fm^_^mrd_K]hjZa^h[hevrbfdklZlbq_fdl_fjZ[hqbfh
dhlhjuohggbf]gh\_gbyg_khfg_\ZxkvaZ[hlbekyYijhklh\ZfjZkkdZ`mk_cqZkhldm^Zm\Zk
\ha\ur_ggZyex[h\vdgZjh^mHldm^Z\_kvwlhl[h`_kl\_ggucaZfuk_e\ukrZyijZ\^ZM\Zk
�&#xkz;&#xk;&#x_c;&#xqZ;&#xk;&#xjZ;&#xkk;&#xdZ;&#x`m;&#x;�hldm^ZMhklh_\kdh]hlh`_hldm^ZM\k_ohldm^Zkzk_cqZkjZkkdZ`mZcl_fg__sz^\Z^pZlv
fbgml\bgl_jg_l_
;,,JZkkdZakgZ[`_gpZ
Kf_rghkdZaZlvydh]^ZiZpZghf[ueiylgZ^pZlve_lyf_qlZe\kzwlhkZfh_madhghku_
�ihem[hlbgdbAgZ_l_kdhevdh"_\ylvjm[e_cWlh[hevrb_^_gv]bihl_f\j_f_gZf?keb[mluedZ
\h^dbklhbeZ^\Zjm[ey\hk_fv^_kylk_fvdhi__duj_adZgZklhysZy\uj_adZljbjm[eyJu[hc
\kzaZ\Ze_gh[uehaZoh^brv\fZ]Zabgbah[beb_Dhgvyd[ueq_luj_^\_gZ^pZlvlh`_\Zeyeky
aZiuezggucgbdlhb[jZlvlh_]hg_[jZe
:aZjieZlZ[ueZmhlpZkdZ`m^Z`_kdhevdhiylv^_kylk_fvjm[e_chdZdb_aZjieZlu[ueb
@beboj_gh\hfy]dhkdZaZghhfgh]hfgm`^ZebkvgmZqlh^_eZlv"LZdh\Z`bklv
B\kzldb[uehbgl_j_kghIjboh^behkv\udjmqb\ZlvkydZdlheb[himlbbkdZlv^hklZ\Zlv
ijbkihkZ[eb\Zlvky
Ym`_k^_lkl\Z[ueq_eh\_dij_^ijbbfqb\uc\hl\dZdhfhlghr_gbbyklZedhiblvJZgvr_m\k_o
mj_[yl[ueZfh^Zohl_ehkvdmiblvh[yaZl_evghfhlhpbdeE_]dh\mxlZf^Z`_j_qbg_fh`_l
b^lbh[wlhfdmiblvWlhih`beh]h\hajZklZ_a^bebgZfZrbg_:fheh^z`v_a^bebgZfhlhpbdeZo
?kebfhlhpbdedmibelhwlhlum`_\hi_j\hdeZkkguciZj_gvGmydhibedhibedhibeb
gZdhibeOhly\hh[s_lhdl_ogbd_jZ\gh^mr_g
FZlvfg_]h\hjblKughdZdZd`_"_^v^_g_]g_l
�Y]h\hjx_gv]b_klv
HgZ]h\hjblG_fh`_l[ulv
Y]h\hjxhl^_gv]b
Hldm^Zlu\aye"
Y]h\hjxGZdhibegZijhly`_gbblZdh]hlhlZdh]h\j_f_gb
hlk_cqZkm\Zr_]hihdhe_gbylZdh]hg_lqlh[u^_ckl\bl_evghdq_fmlhklj_fblvky^h[blvkyM
\ZklZdboklj_fe_gbcg_lmk_cqZk
:mf_gyij_`^_\k_]hy^h[b\Zekyiheh`_gby\h[s_kl\_H[yaZl_evgh^h[b\ZekyYjZ[hlZe\
kljhbl_evghflj_kl_F_gyh^bgq_eh\_dm\b^_elZdhc\]h^Zom`_b]h\hjblfg_Lu
]h\hjblijbjh`^zgguckgZ[`_g_p
B^bjZ[hlZc\kgZ[`_gb_Ihc^zlghjfZevghgZmqbrvkyBqlhlu^mfZ_rv"gZmqbeky
MgZklZdZy[ueZDZgZlqbdh\Z[ZaZgZwlhc[Za_\kz[uehibehfZl_jbZee_kba^_ebybag_]h
iZjd_l[ueLh]^ZkeZ\beky^m[h\uciZjd_lWlhkZfucgZbemqrbciZjd_l[ueB\hlf_gy
�ihkeZebfheh^h]hkgZ[`_gpZZ\Zc_oZcijb\_ab^m[h\uciZjd_l
Yijb_a`Zxlm^ZGmij_^klZ\ey_l_e_l^\Z^pZlvhlkbeugm^\Z^pZlvljbIjboh`mZlZf
`_gsbgukb^yla^hjhh\u_
Q_]hijbrze"
Y]h\hjxhlmf_gygZjy^gZihemq_gb_^m[h\h]hiZjd_lZ
:mgZk_]hg_lm
Y]h\hjxDZdwlhg_lm"Hgm\Zk_klv
:fukdZaZebqlhg_lm
Y\ur_e^mfZxdZdwlhg_lmg_ihgbfZxgbq_]hjh^_[u_klvbg_lm"gbq_]hg_ihgylgh
:lZffm`bd[uelh`_kgZ[`_g_pgmijZ\^ZihklZjr_fh_]hHgfg_]h\hjblLuq_]hijb_oZe
kx^Z"
�ZaZ^m[h\ufiZjd_lhf
Gmbq_]h"
G_^Zxlfg_
:dZdluijbrze"
YDZddZdijbrze"hlmf_gyjZagZjy^dZ
H^jm`hdlZdg_ijboh^ylGZ^h[uehkkh[hclhjl\aylvohly[uB^b\fZ]Zabg[_jblhjl
ijboh^b
YlZdbk^_eZeBkjZam^Zebqlhgm`ghiZjd_l
Lh]^Z`_gbq_]hg_[uehgbdZdboebd[_ah\KZfbmqbebkv\k_fm
Q_eh\_ddl_[_h[jZlbekyihfhqvihfh]ZcIhlhfl_[_hdZaZeZkvihfhsvgm`gZluijboh^brv
dhfg_Ba\bgb\hllZdh_kemqbehkvfg_gm`gZl\hyihfhsvY]h\hjxhijhkh\g_l
ih`ZemcklZH^bgh^gh^_eZ_l^jm]hc^jm]h_^_eZ_lhlij_^iheh`bf\jZqk^_eZehi_jZpbx
\kzz[eZ]h^Zjghklvmf_gy_klv:dZd"bgZq_g_evay
K_cqZkdhg_qgh\j_fyg_lhm`_K_cqZk[mluedmdhgvydZq_]hlhlZfrhdheZ^ijbg_klbwlh
�gbdhfmg_gm`ghLhevdhgZ^h^_gv]Zfb_gv]b^Zrvlh]^Z^_eZxlE_]dhbijhklhKiehrvwlZ
\hlf_edZydhjjmipby\ihebdebgbd_\_a^_B^_nbpblmg_lgbq_]h
�B\kyfheh^z`v\hl\kzwlhkihdhhckl\b_jZ\gh^mrb_gZie_\Zl_evkdh_wlhZgmm]heh\m
ehfZlvk_[_
LuihkfhljbgZijhoh^guoklhyldlh"Fheh^z`vLufheh^hc"B^bjZ[hlZc?kebml_[y]heh\ZgZ
ie_qZojZ[hlZc
hlysZke_`Zekfm`bdhfLujZ[hlZlvjZ[hlZ_rv"
G_l
GmZ]^_`_`b\zrvkd_f`b\zrv"
@b\mkfZfhc
uoh^blfZfZi_gkbxihemqZ_lluwlmkZfmxi_gkbx[_jzrvZ[_^gZyl\hyfZfZaZgbfZ_lqlh[u
q_]hlhihdmrZlv"
JZa\_`fh`gh"FZlvhl_paZjZ[hlZebk\hxi_gkbxg_^eylh]hqlh[_szdhjfblvwlh]h[Ze[_kZ
YjZ[hlZelZdjZkkdZaZlvlZdgbdlhg_ih\_jblYk_[_g_iha\heyeqlh[\h[_^_gguci_j_ju\
ih_klvghjfZevghdZdq_eh\_dFh]ih`jZlvgZoh^mb\i_jz^B\i_jz^B\i_jz^B\i_jz^Ghy
^h[bekylZdh]hiheh`_gbyYbkihegyeh[yaZgghklbgZqZevgbdZhl^_eZkgZ[`_gbylj_klZ
Dhgdmj_glh\ymkljZgye
H^bgijboh^blGmqlhlmlm\Zkhl^_ekgZ[`_gby"Y[m^mm\ZkgZqZevgbdhl^_eZ
Y]h\hjxIjbylgh
:ihg_fm\b^gh\b^gh`_ihg_fmqlhhgZedZr:_]hklZ\ylfhbfgZqZevgbdhf
Ykdhevdhe_l\kzbhbhbhbhIhlhfmqlhmklZ\[uelZdhcgZqZevgbdhl^_eZ
^he`_g[ulvqe_ghfiZjlbbH[yaZl_evghBbf_lv\ukr__h[jZah\Zgb_GmeZ^ghm`imklvy[m^m
bhghg_lZdh]h^mjZdZ\kzlZdbgZ^hfghcklZ\blvdhlhjuc\hh[s_[_aihgylby
Gmy_]hbm[jZe
=h\hjx_fmKemrZcwlh`lZdh_^_ehfhel_[ygZagZqbebIhc^zfwlh
Hg]h\hjblLuqlhg_evay
�Y]h\hjxZihjxfhqd_bdlhagZlvlh[m^_l"K_cqZkg_fgh]hhlhc^zf]h\hjxhl
a^Zgby\fZ`_f
Gmhg[Zpwlh\fZaZeihlhf_sz\ffZaZebg_kdhevdh^g_cibe[_kijh[m^gh
R_n:]^_hg"
:y]h\hjxHldm^ZyagZx"Gmfh`_l]^_lh\dhfiZgbb[ueb\uibebaZgZagZq_gb_
Q_j_ag_^_exijboh^bl\\b^_\lZdhhfGmlmihcq_eh\_djZa\_fh`gh"Ohlv[u\[Zgx
ihrzehlfulvkyL_f[he__hg\lZdhf]hkm^Zjkl\_gghflj_kl_
R_nM\\heblvG_f_^e_ggh
:yr_nmfheIZj_gvlhfheh^hc\kydh\`bagb[u\Z_l
Ohl_eb_]hihklZlv_yhl]h\hjbehlimklbebihkh[kl\_gghfm`_eZgbx
:q_]h"`bagblZdbgZ^hex^_cm[bjZlvg_gm`gucoeZf\hh[s_
Yk\hx`bagvg_ijhklh\imklmx]gZedZdk_cqZkfheh^z`vY^_ckl\bl_evgh^h[b\Zeky;ue
^_nbpbly_]hij_h^he_\Ze^hklZ\Zefg_m^h\hevkl\b_^hklZ\eyehMf_gybk_cqZk\kz_klv
Ohlym`_\hajZklklZeij_dehgguc
Gh\hlkugmf_gyhghkh[hg_ohq_lfg_ihfh]Zlv=h\hjblIbrb^Zjkl\_ggmxgZ^Zqmlh]^Zy
[m^mihfh]ZlvKgZqZeZ^_gv]b_fmG_agZxhldm^Zmg_]hoZjZdl_jlZdhcG_agZxHgiZj_gv
kihdhhcgucHgjhh\gucgbdh]^Z]hehkg_ih\urZ_lhgemqr_ijhklhmc^zlb\kz
hl^_\qhgdZhgZdhibyfhyqbklh^hqv?cgZ^h[ufm`bdhfjh^blvkyZwlhfmgZh[hjhl
�hqvijboh^blIZik^_eZcfg_[xee_l_gv"
Y]h\hjxB^bdfZf_HgZjZ[hlZ_l\ihebdebgbd_l_[_kijZ\dmex[mxk^_eZ_lfhf_glZevgh
:lZdZdG_g_FZfZ]h\hjblG_lb\kz
Gmqlh^_eZlv"IhrzeaZieZlbek^_eZe_c[xee_l_gvgZljb^gy
Lh_klvg_[uehmf_gyqlh[`_gZqlhlhk^_eZeZY\kz^_eZe
�hq_jb[uehgm`ghdlh\bgklblmlmkljhbe_z"LhevdhyEZ[hjZgldhc
@_gZgbq_]hg_mf_eZhijhkuhgZg_j_rZeZg_bgl_j_kh\ZeZkvgbq_fLhevdhyaZgbfZekyk\hbfb
jmdZfb@_gZaZfh_ckibghc\kz\j_fy[ueZ
GmdZd[u\Z_lmq_eh\_dZf_qlZ
F_qlZ\qzf"lhfqlhhgZjZ[hlZeZk\h_ggufbHgbihemqZebd\Zjlbju\i_j\mxhq_j_^v
D\Zjlbjuohjhrb_\ex[hff_kl_\Fhgbg_gZEhkbghI_ljh\kdhfH[klZgh\dZ\d\Zjlbj_[ueZ
[he__emqrZyH^_\Zebkvihemqr_:mg_zg_[uehgbq_]hB\kzwlh]h^Zfb]h^Zfbhk_^Zeh
hk_^Zehhk_^ZehhgZ`^ZeZfhf_gldh]^ZdZdh]hlheb[hihedh\gbdZih^p_iblv
Ihedh\gbdZg_gZreZghgZreZih^ihedh\gbdZ
YkdZaZe_c:kfh`_rvijh`blvlh"
Kfh]mGZdhcoj_glufg_gm`_glZdhcgbohjhrbcbgbiehohcgbdZdhc
Ylh]^Zibedhg_qghdhg_qghibe=h^[helZeky\hh[s_F_gy\u[behbadhe_b
:ihlhfj_rbeo\Zlbl\kzKZfj_rbe;jhkbe\h^dmK_cqZk\hh[s_gb\h^dmgb\bgZgbib\Z
gbq_]hFm`bdbf_gykijZrb\ZxlLuq_]haZdh^bjh\Zeky"
G_dh^bjh\Zekygbq_]h
:dZdlZd"
=h\hjx:\hllZdkbeZ\heb
Gmwlh]hg_fh`_l[ulv
�Y^_lZevghjZkkdZau\ZxZ[uely`_eh\Zlucfhf_glGhykZfk_[yi_j_kbebej_amevlZl_\hl
r_klhc]h^M`_iylve_lbljbf_kypZG_lyg_lgbq_]h:wlbdZdijh^he`ZebhgblZdbivxl
B`_gZlh`_i_j\h_\j_fyDhg_qghluaZdh^bjh\Zeky
�mfZeZ\kz ijhf_gy\ffheihc^zlih\k_fwlbfaeZqguff_klZf[m^_liblvlZf\ZeylvkyGmZ
bkoh^ba\_klghdZdhce_lZevgucbkoh^
:yijbrzedg_c\dhklxfqbd_gh\hfjm[Zr_qdZk]ZeklmqdhfHgZHczDZdhcml_[y
dhklxxf"
Y:qlhyg_q_eh\_d"
J_qvg_lhqlhdhklxfhgZg_ij_^iheZ]ZeZqlhygZgh]b\klZgm
:y\klZegZgh]b
:hgZ\j_amevlZl_qlh"ih^ihedh\gbdkhk\h_ck_fvzc`bebijh^he`Z_l`b\zl
Blhedm"L_i_jvohq_l\_jgmlvkyZy\kzym`_g_ohqmMf_gym`_hl]hj_eh\kz
Fg_ihk\ylbeZ^jm]Zy`_gsbgZ`bagvHgZ\khlgbjZa_zemqr_bg_ohqmyf_gylvLZk\hxkm^v[m
kZfZaZohl_eZZwlZ^eyf_gy]hlh\ZgZ\kzqlhm]h^ghK_cqZkkdZaZeih_^m\RZlmjmhgZ[jhkbl
\kzbih_^_lkhfghc`blv\RZlmjmIhlhfmqlhlZdhcq_eh\_dGbq_]h_cg_gZ^hGb^_g_]g_
gZ^hGb^ZqZ_cg_gm`gZgbd\ZjlbjZ_cg_gm`gZlufg_gm`_gkZfq_eh\_db\kzhl[u\Zxl
lZdb_ex^bkdZ`bl_fg_"G_[u\ZxlWlhj_^dhklv[u\ZxllZdb_ex^b
:wlZm`_imklhcghf_jY\k_]^Z]h\hjx_kebq_eh\_djZabaf_gbehg_szjZabaf_gblOhlv
ludhjfbohlvlug_dhjfbohlvfykhfdhjfbm`_g_kde_brv
hllZd\j_amevlZl_dmdm_ldmdmr_qdZlhh^gZZZBgZklZjhklbe_lijbldgmlvkylhgZ^hgmZd
dhfmijbldgmlvkylh"G_ddhfm
Dlh\h^bqdbih^Zkl"Blh]hg_lhdZau\Z_lky
hllZZd
�O,,,JZah[eZq_gb_hklh_\kdh]hbeb&RXSGXPLOLHX
=_jhc]_jhcaZkf_yeZkv:ggZghdZdlhg_\_k_ehq_j_akbemIh[_^be`_gm
[_kq_eh\_qgucJZa\_ebrvih^dhg_pijhf_evdgmeZohly[uh[b^Zohly[udZdh_lh`b\h_
qm\kl\h:^hwlh]hijhklhdZdZylh\u``_ggZya_feyKh\_jr_gghg_jmkkdbcih^oh^Wlh
f_edh_gZdhibl_evkl\hm[bjZlvdhgdmj_glh\kh\_jr_gghdZdhclh;ZevaZdJZklbgvyd
F_edbcf_jl\_ggucbg_jmkkdbcoZjZdl_jkh\k_f^Z`_gZm^b\e_gb_
hlldgmeiZevp_f;_ey\kdbckfhljbl_dh]^Zex^_cm[b\Zxlex^bkib\Zxlkyex^b
dZe_qZl^jm]^jm]Zwlhg_kZfh_kljZrgh_Kfhljbl_\k_kljZrgh^jm]h_KljZrgh
dhiblvgZ[hlbgdbWlhg_jmkkdbcoZjZdl_jG_jmkkdbchgi_j_ebklu\Zeqlhlh\
dhfivxl_j_\hlpblbjmxG_fp_\gZ^h^mrblvImklvhgblZfkbevgu\gZmdZoZbo\k_lZdb
gZ^h^mrblvk_gZklhysb_jmkkdb_ex^bnbehkhnuZluohlvbmqbekyZg_nbehkhnlu
kf_j^G_fpujZa
�?klv_szijhiheydh\Zbdm^Z_fmm[_`Zlvlho_o_AZ]jZgbpmqlhev"AZ]jZgbpmiheyddZdhc
gb[m^vm[_`blZg_hgIheydb^\Z
:f_jbdZYwlm:f_jbdmq_jl__ih^_jbg_gZ\b`mYjZa\_\ug_kmlZfhrgbokf_j^h\"
Kf_j^h\kfZqghih\lhjbe;_ey\kdbcYjZa\_\ug_kmlZfhrgbokf_j^h\ohlvhgbfh`_l
\k_^hh^gh]hemqr_f_gyG_gZ\b`mywlm:f_jbdmm`l_i_jvBohlv[m^vhgblZf\k_fZrbgbklu
g_h[tylgu_dZdb_Zevqlhbq_jlkgbfbg_fhbhgbex^bg_fh_c^mrbJhkkbxex[ex
�:e_dk_cjmkkdh]h;h]Zex[exohlvykZfbih^e_pZ\_^vylZfba^hogm
Kfhljbl_a^_kvg_lZj]mf_glh\^eyjmkkdh]hij_\hkoh^kl\ZG_fpumqzgu_:f_jbdZgpu\k_
fZrbgbklumgbofZrbguklZgdbhgbemqr_b[hevr_lh]h\k_^hh^gh]hemqr_
Ghwlhg_\Z`ghImklvhgblZf\k_fZrbgbklubqzjlkgbfbkhkf_j^Zfb=eZ\gh_keh\h
^Z`_g_kf_j^uZg_aZf_lgh_lZfHgblZfWlhdZdijh`_gsbgmkdZaZlvwlZlZfdZd
_zOm`_g_l
hlqlhfg_wlhgZihfbgZ_lex[ezggucm_^bgbekykkh[t_dlhfkljZklbb\^jm]dlhlh
lZfihklhjhggbc[_aklmdZaZ]ey^u\Z_ldgbf\^\_jv:gm\ur_eG_\Z`ghdlhlulZf
dZdhclulZfohjhrbciehohcg_mqzgucmqzguclulZfZfulmlur_ehlkx^Z[ukljh
:ggZofudgmeZ
@bag_ggh
�hklh_\kdbcex[bljmkkdbcgZjh^?kk_kghex[bl:yd`_?klvkfuke]h\hjblv
\ex[ezgghfmijh^jm]bo`_gsbglZmfgZyZlZ^h[jZyZlZdjZkb\Zy"
�ZqzjlkgbfbYwlmohqm
Ihq_fmwlm"
Gm]emiuc`_\hijhkIhq_fm"Ihlhfm
:qlh[g_[ulv]hehkeh\gufpblZldbpblZldb
hkkby_lfbjmgZjh^gZr
Imklvm^jm]bogZjh^h\[md\ZbdZjZmgZk^mobkfukekiZk_gb_b\hajh`^_gb_
HlgZjh^ZkiZk_gb_
Hl\hklhdZa\_a^Zkby\hkkby_l
IhjZ`Z_lf_gy\\_ebdhfgZjh^_gZr_f_]h^hklhbgkl\hbklbggh_[eZ]he_igh_b`mgZr_
]jy^ms__[m^_llZdqlh^Z`_kZfucjZa\jZs_gguc[h]Zqmklu^blky[h]Zlkl\Zk\h_]hij_^[_^guf
Z[_^guc\b^ykfbj_gb_kb_mklmibl_fmkjZ^hklvxbeZkdhchl\_lblgZ[eZ]he_igucklu^_]h
ojZgbfb\hkkby_ldZd^jZ]hp_ggucZefZa\k_fmfbjm
GmkdZ`bl_fg_wlhfh`gh\k_jvzah[km`^Zlv"
Lmllhevdh\uclbb^\_jhqdmaZkh[hcijbl\hjblv
Ihq_fma^_kvg_q_]hh[km`^Zlv"kijhkbeNz^hjfjZqg_y
Ihq_fm"Ihq_fm\uk_jvzaghfg_]h\hjbl_"Ihkfhljbl_dZdebrvmgZk[h]Zlu_
mklu^bebkvZ[_^gu_[eZ]he_igheZkdZxlWlh[j_^gZklhysbc
Ex[h\guc[j_^u`_kZfbkdZaZebNz^hjFboZeuqex[bljmkkdbcgZjh^
ZfdklZlbwlhkZfhihk_[_g_dZ`_lkyba\jZs_gb_f"
�Fh`ghex[blvq_eh\_dZJmkkdh]hq_eh\_dZ\Zcghl@Jmkkdmx`_gsbgmBebfm`qbgmJmkkdmx
fmaudmfh`ghex[blvDlhlhfh`_lgZ\_jghex[blvdZdhcgb[m^vjmkkdbci_caZ`g_
hdhgqZl_evghbkihoZ[e_gguciZrgxlZfem`mg_agZx\a]hjhdijb]hjhdgmfh`_lgjZ\blky
fZeheb
Ghex[blvp_eucgZjh^"gZjhh^"
;_ey\kdbc^\mfyjmdZfbdZd[m^lhh]eZ^be\\ha^mo_qlhlhdjm]eh_jZaf_jhfk[Zkd_l[hevgucfyq
&#xhl;&#x;
&#xij;¿&#x_j;&#xm;&#x;&#xQ_;&#x[_;&#x^g;&#x__;&#xg;&#xb`;&#x_;&#xq_;&#xeh;&#x_; ;&#xgZ;&#xr;&#xjm;&#xkk; b; ;&#x;&#x;&#x 00;hldijbf_jmQ_f[_^g__bgb`_q_eh\_dgZrjmkkdbc fbljbck_\heh^h\bq
ijhbagzkl_ZljZevghjmkkduc\fl_fb[he__\gzfk_c[eZ]he_ighcijZ\^uaZf_lgh
�Beb\hleykfbj_gghc^mrbjmkkdh]hijhklhex^bgZg_lkbevg__ihlj_[ghklbdZdh[j_klb
k\ylugx
Hdhfwlh"Dlhwlhl[eZ]he_igucijhklhex^bg"Wlhf_edbcqbgh\gbddZdhcgb[m^v
FZjf_eZ^h\"G_lFZjf_eZ^h\gbjZamg_[eZ]he_iguc:fh`_l\h_gguc\hlklZ\d_dZdhcgb[m^v
rlZ[kdZiblZgKg_]bjz\"Klm^_glJZkdhevgbdh\"DlhlhbaDZjZfZah\uo"K_fbgZjbkl`mjgZebkl"
G_ldhg_qghIjhklhex^bgwlhdj_klvygbgba_fe_iZr_pfm`bdFmsbdvIjhqbgh\gbdZb
��`mjgZebklZlZdg_gZibr_rvkfbj_gguc[eZ[eZ[eZ]he_igucZ`_^eyhklh_\kdh]h[ueh
[ukebrdhfkf_rghLmldhg_qghdj_klvygbg\eZilyo
GhihkdhevdmNz^hjFboZeuqibkZl_evZg_nbehkhnagZqbl_]hbgkljmf_glhf^he`gug_
�l_hjbb[ulvg_Z[kljZdlgu_nhjfmeuZdhgdj_lgu_h[jZauebpZZ\Zcl_gZc^zf\_]hl\hjq_kl\_
h[jZakfbj_ggh]hb[eZ]he_igh]hijhklhex^bgZ=^_wlhl[eZ]he_igucijhklhex^bg"
?]hg_l
�Mhklh_\kdh]hg_lgb_^bgh]hfZehfZevkdbaZf_lgh]hi_jkhgZ`Zijhklhex^bgZ
hl\_kvfZihdZaZl_evgucwibah^KhgFblbDZjZfZah\ZAZqblu\Zx
Ijbkgbeky_fmkljZgguckhghlhg[m^lh[u_^_l\kl_ibgZl_e_]_Oheh^ghghy[jvbkg_]
\ZebldjmigufbfhdjufboehivyfbB\hlk_e_gb_\b^g_xlkyba[uqzjgu_ij_qzjgu_:ijb
\t_a^_\ukljhbebkvgZ^hjh]_[Z[ufgh]h[Z[p_eucjy^\k_om^u_dZdb_lhdhjbqg_\u_mgbo
ebpZhlh^gZkdjZx\ukhdh]hjhklZZgZjmdZomg_zieZq_l^bly
QlhhgbieZqml"kijZrb\Z_lebohijhe_lZyfbfhgboFbly
:[_^gu_ih]hj_eu_
H[jZlbl_\gbfZgb_Ebohijhe_lZyfbfhOhly_^_lhggZl_e_]_EZ^ghgZljhcd_[u
ijhe_lZeZl_e_]ZlhljZgkihjl\iheg_lbohoh^gucDhg_qgh\hkg_bih\ha^momfh`gh
e_l_lvgZl_e_]_Z\kzlZdbhsms_gb_dZd[m^lhhgg_gZl_e_]_ZgZdZdhfgb[m^vkdhjhklghf
&#xw0;ih_a^_Lw@ww@
k\hboghjfZevguo]_jh_\:q_]hhge_lbllhNz^hjFboZeuq"AZq_fijhe_lZ_lkfbj_ggh]h
ijhklhex^bgZ"
Fh`_lhgijhklh\]eZaZg_\b^Ze`b\h]hgZjh^Z"dZdfgh`_kl\hjmkkdboibkZl_e_cb\hh[s_
lZdgZau\Z_fuobgl_eeb]_glh\"Ihwlhfmbe_lbl"
GbdZdg_lQ_luj_]h^Z\hkljh]_ihlhf]h^\dZaZjf_kz\b^_ekzagZ_lB^Z`_]h\hjbl
�ex[blGh`b\hibkZlvg_`_eZ_lQlhlhlmlg_dhgg_dlblky@\Zfg_dZ`_lky"Ihq_fmg_
`_eZ_lijb]ey^u\Zlvky_kebex[bl"
�:fh`_l\hijhk\lhfdZdex[bl"eyjZaguoex^_cwlhjZagh_ex[blQlhwlhlZdh_^ey
Nz^hjFboZeuqZex[bl"Ex[blv"
&#xhl;&#x;&#xZf;&#xZe;&#x_g;&#xvd; c;&#x;&#x^; e;&#x_l;&#xZg;&#xlk; b; ;&#x[;&#x_a;&#xk;&#xyd;&#xbo;&#xi;&#xj_;&#xl_;&#xga;¼&#x;&#xZ;&#xgZ;ë

&#xZd;&#x;&#xdl;&#xh;&#xdh;&#x]h;&#xm;�hl\ZffZe_gvdbc^be_lZglkdbc[_a\kydboij_l_gabcZgZebadZddlhbdh]hmhklh_\kdh]h
ex[bl"
Qlh[ug_aZdhiZlvky[_jzf^\_]eZ\gu_dgb]bKZfu_agZdh\u_DZjZfZah\uobIj_klmie_gb_
bgZdZaZgb_
���ZdklZlbihdZg_aZ[ueIh]ey^bl_\Z]eZ\guoibkZl_eyhklh_\kdbcLheklhc
MdZ`^h]h^\_]eZ\guodgb]bhcgZbfbj:ggZDZj_gbgZIj_klmie_gb_bgZdZaZgb_
DZjZfZah\uJZab^\Z
�GZa\Zgb_dZ`^hcdgb]b[bgZjgh_\_dgb]bkZ[kljZdlgufgZa\Zgb_fhcgZbfbj
Ij_klmie_gb_bgZdZaZgb_
B^\_dgb]bihbf_gZfi_jkhgZ`_c:ggZDZjj_gbgZ;jZlvyDZjjZfZah\u:"
H^gZdhg_[_am\Z`_gbykdZaZeN_^ydZd\u]em[hdhih]jmabebkv
Ihevamcl_kv
&#xha;&#xj;&#xZs;&#xZ_;k;&#xy; ;&#xl_;_;&#x;x;&#x[h;&#xv;�&#xha;&#xj;&#xZs;&#xZ_;k;&#xy; ;&#xl_;_;&#x;x;&#x[h;&#xv;�ha\jZsZ_fkydl_f_Ex[h\vhklh_\kdh]hBebemqr_ex[h\vmhklh_\kdh]h;_jzf^\_]eZ\gu_
dgb]b]m]ebfQlhgZf\u^ZzlihbkdgZex[blex[exex[be"
Ex[bl_\umebqgh_i_gb_"
Yex[exdh]^Z\jml
Yex[exj_Zebaf
Iblv\bghbjZa\jZlgbqZlvhgg_ex[bl
Hgex[bewlmp_jdh\vklZjbggu_\g_ch[jZaZ
DmqZfmkhjZgbq_]hg_ihgylgh
Ihijh[m_flh]^Zihclbihdhk\_ggufijbagZdZfQlhh[uqgh[u\Z_lk\yaZghkex[h\vx"WjhlbdZ
�?klvwjhlbdZmhklh_\kdh]h"?klvebmg_]hgZijbf_jihp_emc"
Yg_ihe_gbekyijh\_jbe\k_ihp_emb^\mo]eZ\guojhfZgZo
�P_emxlkymhklh_\kdh]hkjZamkdZ`mZdlb\ghkzkljuk[jZlvyfb[jZlvykkzkljZfb[jZlvyk
[jZlvyfb\lhfqbke_\]m[u lZd[uehijbgylhmfm`qbg\Jhkkbb\fp_emxljmdbgh]bh^ZZ
�bdhex[ylp_eh\Zlvgh]bg_\wjhlbq_kdhfkfuke_Z\kfuke_mgbablvkygh]bke_^uwlbo
gh]kZih]bp_emxlg_h^ghdjZlgh=eZ\gu_i_jkhgZ`bp_emxljh^gmxa_fexohlyZ\lhj
\ugm`^_gghijbagZzlqlhjh^gZya_fey]jyagh\ZlZDZdklhyelZdbmiZehggZa_fexKlZegZ
dhe_gbkj_^biehsZ^bihdehgbeky^ha_febbihp_eh\Zewlm]jyagmxa_fexkgZkeZ`^_gb_fb
kqZklb_fP_emxlibkvfZihjlj_lufh]bedbfzjl\mxehrZ^vG_ihfgbl_"Ihhfgbl_K
djbdhfhgijh[b\Z_lkykd\havlheimdkZ\jZkd_h[o\Zlu\Z_l_zfzjl\mxhdjh\Z\e_ggmxfhj^mb
LvnmkdZaZeZ:ggZ
�Zjebg]wlh^_lb\rdhe_ijhoh^yl^_\ylhfdeZkk__kebg_imlZx
Gh_keb\kzwlhim]Zxs__jZaghh[jZab_himklblvbh]jZgbqblvkyihp_emyfbf_`^mex^vfb
Z\fjZaghiheufb[\fg_khklhysbfb\jh^kl\_gguohlghr_gbyolhhklZg_lky\^\molhekluo
jhfZgZor_klvwibah^h\k_]hh
R_klvfZe_gvdbowibah^h\kzkljh]hihjh\gm\Ij_klmie_gbbbgZdZaZgbbljbihp_emyb\
DZjZfZah\uoljbihp_emy
Fzjl\u_ehrZ^bg_kqblZxlky;jZlbk_kljZfm`b`_gZg_kqblZxlkyLhevdhfm`qbgZb
ihklhjhggyy`_gsbgZ
uij_^klZ\ey_l_"GZ^\Za^hjh\_gguojhfZgZh^bg\hh[s_wihi_yq_luj_lhfZihljb
ihp_emyf_`^mfm`qbghcb`_gsbghcIjhklhj_dhj^
qbke_r_klbwibah^h\h^bghkh[_gguchlhg
�fbljbcNz^hjh\bqDZjZfZah\Fbly^\Z^pZlvk_fve_l\_azl=jmr_gvdm^\Z^pZlv^\Z]h^Zk
[m[_gpZfbgZljhcdZodmlblvgmbp_em_l\ijhp_kk_=jmr_gvdZijb]h\Zjb\Z_l\i_j_ju\Zo
P_emcf_gyp_emcdj_iq_\hllZdEx[blvlZdm`ex[blv Klj_eylvlZdklj_eylvohq_lky
^h[Z\blv\fJZ[Zl\hyl_i_jv[m^mjZ[ZgZ\kx`bagvP_emcKlhcIh^h`^bihlhfg_ohqm
lZdhllhedgmeZhgZ_]h\^jm]KlmiZcijhqvFblvdZihc^ml_i_jv\bgZgZivxkvivygZy
ieykZlvihc^mblZd^Ze__
G_agZxdZd\ZfZfg_dZdlhg_hkh[_gghwjhlbqghjh^_b^mlihijh]jZff_gZljhcdZoijb_oZeb
gmrZfiZgkdh_ieykdbwlhpu]Zg_gmbihp_emblh`_\gZ[hj_Zkkhjlbf_gl_Iheh`_gh
\jh^_gZljhcdZoijb_oZebGhp_emxlkyZkZfb^mfZxlhk\hzf
B\kz`_ijb\k_oh]h\hjdZokp_gZkFbl_cb=jmr_gvdhcwlhqlhlhhkh[_ggh]hWlhqlhlhy
[ukdZaZebajy^Z\hg\uoh^ys_]h
AgZ_l_qlha^_kvhkh[_ggh_"hajZkl`_gsbgu
�\Z^pZlv^\Z]h^Zg_lhqlh[ukbevghfgh]hgh\kzlZdbiheh\haj_eZy
DZdg_ijbylghlu\ujZ`Z_rvkykfhjsbeZkv:ggZ
��Zfbljbck_\heh^h\bqg_lhkh]eZkbekyk`_ghcg_lhaZdexqbek\hxij_^u^msmx
njZamlh\j_fydZdhklZevgu_iylvbar_klbwibah^h\Yih\lhjyxwlhr_klvwibah^h\gZ
^\Zh]jhfguojhfZgZ]eZ\guo\l\hjq_kl\_Z\lhjZbbawlbor_klbwibah^h\\iylbfm`qbgZ
�p_em_l^_\hqdmG_\ajhkemx`_gsbgmZhklh_\kdbcih^qzjdb\Z_lwlh^_\hqdm
BiylvjZabaiylbgZnhg_kljZ^Zgbykhijhlb\e_gbymgb`_gbyijbgm`^_gby
Ghf_jjZaLhl`_Fbl_gvdZDZjZfZah\
\l_fghl_abfhc\kZgyoklZey`Zlvh^gmkhk_^kdmx^_\bqvxjmqdmbijbgm^bedihp_emyfwlm
^_\hqdm^hqdmqbgh\gbdZ[_^gmxfbemxdjhldmx[_ahl\_lgmxIha\hebeZfgh]h_iha\hebeZ\
l_fghl_
WlhjZaG_]h\hjblkykdhevdhe_l[ueh^_\hqd_]h\hjblkylhevdhqlh^_\hqdZ;_^gZy
[_ahl\_lgZy
Ghf_j^\ZWlhm`_Ij_klmie_gb_bgZdZaZgb_JZkdhevgbdh\Zp_em_lKhgyXjb^bq_kdb]h\hjy
Khgy\ajhkeZyohlyihkZfhcgb`g_c]jZgbp__c\hk_fgZ^pZlvgh\hibkZgbbZ\lhj\kz\j_fy
mihjghih^qzjdb\Z_l^_\mrdZhq_gv_szfheh^_gvdZyihqlbihoh`ZygZ^_\hqdm^hfZrg__
ebqbdhhlebp__z^Zb\h\k_c_znb]mj_[ueZh^gZhkh[_ggZyoZjZdl_jgZyq_jlZg_kfhljy
gZk\hb\hk_fgZ^pZlve_lhgZdZaZeZkv^_\hqdhc]hjZa^hfheh`_k\hboe_lkh\k_fihqlb
j_[_gdhf=eZ\gZyhkh[_ggZyoZjZdl_jgZyq_jlZ^_\hqdZfZe_gvdbcj_[zghdWlhhkh[_ggh\Z`gh
Z\lhjm\i_j\mxhq_j_^v
LjbK\b^jb]Zceh\p_em_lkyk^_\hqdhc_ciylgZ^pZlvFh`_l_k_[_ij_^klZ\blv_sz\
dhjhl_gvdhfieZlvbp_g_jZa\_jgm\rbcky[mlhgqbddjZkg__l\kiuob\Z_l^_lkdb__sz]eZadb
jh[hklvke_abgdbklu^eb\hklbK\_le_gvdb_\hehkbdb]m[dbimoe_gvdb_LZd
Ghf_jq_l\zjluc:ezrZDZjZfZah\p_em_lkykEbahcq_lujgZ^pZlbe_lEbaZ_kebihfgbl_
bg\Zeb^hgZg_oh^bl
BgZdhg_pghf_jiylucd\hijhkmhimoe_gvdbo]m[dZo^_kylbe_lgyy^_\hqdZIhe_qdZ
JZkdhevgbdh\jZa]ey^_eom^_gvdh_ghfbeh_ebqbdh^_\hqdbmeu[Z\r__ky_fmb\_k_ehih
^_lkdbgZg_]hkfhlj_\r__iheh`be_ch[_jmdbgZie_qbbkdZdbflhkqZklv_f]ey^_egZg_z
�?fmlZdijbylgh[uehgZg_zkfhlj_lvhgkZfg_agZeihq_fmijhqblZefbljbc
k_\heh^h\bqkhkh[_gguf\ujZ`_gb_f
:dlh\ZkijbkeZe";eZ[eZ[eZhl
:f_gyex[blv[m^_l_"
f_klhhl\_lZhgm\b^_eijb[eb`Zxs__kydg_fmebqbdh^_\hqdbbimoe_gvdb_]m[dbgZb\gh
ijhlygm\rb_kyihp_eh\Zlv_]hLhg_gvdb_dZdkibqdbjmdb_zh[o\Zlbeb_]hdj_idhdj_idh
]heh\ZkdehgbeZkvd_]hie_qmIjb`bfZykvebphfdg_fm\k_dj_iq_bdj_iq_AZieZdZggh_
ebqbdh
kxfhx[m^msmx`bagv[m^mh[\Zkfheblvky]hjyqhijh]h\hjbeZ^_\hqdZb\^jm]hiylv
aZkf_yeZkv[jhkbeZkvdg_fmbdj_idhhiylvh[gyeZ_]hJZkdhevgbdh\kdZaZe_ck\h_bfy^Ze
Z^j_kb^_\hqdZmreZ\kh\_jr_gghfhlg_]h\hklhj]_
Wlhlghf_jk^_\hqdhcIhe_qdhcbimoe_gvdbfb]m[dZfbhkh[_gghdjml_kebmqblu\Zlvqlh^\_
fbgmlugZaZ^m^_\hqdbIhe_qdbihf_jiZihqdZ
�\_fbgmlu[md\ZevghGmiylvGZ]eZaZomj_[zgdZmf_jhl_pjZa^Z\e_ggucdZd\k_ihfgyl
l_e_]hcJZkdhevgbdh\ijhbaghkblg_[hevrhcZ[aZpl_dklZmoh^bl_]hgZe_klgbp_^h]hgy_l
^hqdZjZa^Z\e_ggh]hhlpZbZiih^_lkdb\_k_ehaZkf_yeZkvlyg_lkylzieufb]m[dZfb
bmreZ\kh\_jr_gghf\hklhj]_
DZd\uwlh]h\hjbebN_^y"Q_jiZ_l"Hldm^ZNz^hjFboZeuqq_jiZ_l"
hly\ZfihdZau\Zxhldm^Zq_jiZ_lijyfhy[kdZaZedhjhfukehfbg_ijhklhfZe_gvdb_g_
ijhklhkeZ[_gvdb__sz`_eZl_evghqlh[u[ueZbg\Zeb^Z_szemqr_qlh[uhlpZaZ^Z\beh
qlh[u[uehdZdh_gb[m^vmgb`_gb_qlh[uke_abgdbih[ezkdb\Zeb\hllh]^Zijyfhkh\k_f
ohjhrh
�fbljbck_\heh^h\bq\uibe\h^uMNz^hjZgZ^mr_[uehly`dhghkemrZehgkh\gbfZgb_f
�GZ^hijbagZlvijh^he`Zefbljbck_\heh^h\bqqlh\k_wlbwibah^bdbk^_lkdbfb
ebqbdZfbb[_ahl\_lgufb]m[dZfbwibah^udhjhldb_g_p_gljZevgu_Hsms_gb_qlh\k_hgb
]^_lhk[hdmgZkdhjyd\dZdhclhlzfghcih^\hjhlg_lhgZe_klgbp_lzfghcmadhcdjb\hclh\
kZgyoih^iheh]hf\l_fghl_dZdlhdjb\h\kzgZkdhjhg_m^h[ghg_]^_Z\lhjmhl^mrb
jZa\_jgmlvky
gZdZaZgby"Blh[uekljZrgucf_`^mgZjh^guckdZg^ZeLZdqlhNz^hjFboZeuqm\lukyqZ
\hk_fvkhldZdhflhlZfr_klv^_kyliylhf]h^ml_fmimoe_gvdbo^_lkdbo]m[hdg_klhbehkebrdhf
m`jZa\b\ZlvDhkl_cg_kh[jZe[uLZdqlhihdjZ_rdmdjb\_gvdhfZj]bgZevg_gvdh
AZlh_klvhibkZgby]^_Nz^hjFboZeuq^Ze`Zjmm`_dZeZf[mjg_ih^_lkdb?klvhibkZgby
]^_m`_g_gZfzdbihlbimfgh]hiha\hebeZ\l_fghl_Z\kzkfZqghijhibkZghbqlhiha\hebeZ
bdhfmbdm^Zbg_ihgylghqlhwlh\hh[s_lheb_szom^h`_kl\_ggZyebl_jZlmjZlhebm`_qlhlh
aZ]jZgvx^h[jZbaeZ
Qlh[ug_\u]ey^_ehdZdij_^\aylhklvykgh\Z`zkldhijb\yau\Zxkvde_dkbd_
^_\ylgZ^pZlhf\_d_\dZdbogb[m^vr_klb^_kyluok_fb^_kyluo]h^Zog_\oh^m[uehkeh\h
wjhlbdZwjhlbqghklvG_]h\hjym`_k_dkmZevghklvBkihevah\Zebkv^jm]b_keh\Z
gZkeZ`^_gb_b[md\Zevg__keZ^hkljZklb_
YgZqgmk[he__keZ[h]hkgZkeZ`^_gby
AgZckm^Zjvqlhfg_lZdh\u_ih[hbg_lhdfhg_\[hevghb\gZkeZ`^_gb_[u\Zxl]h\hjbl
JZkdhevgbdh\mFZjf_eZ^h\B[h[_ak_]hybkZfg_fh]mh[hclbkvHghemqr_
Fg_wlhgjZ\blkyHghemqr_
@_gZko\ZlbeZ_]haZ\hehkubihlZsbeZ\dhfgZlmFZjf_eZ^h\kZfh[e_]qZe_zmkbebyiheayaZ
g_cgZdhe_gdZo
Bwlhfg_\gZkeZ`^_gb_Bwlhfg_g_\[hevZ\gZkeZ`^_gb_fbehklb\uc]hkm^ZjvgZ
�keZ`^_gb_hklh_\kdbckZfgZibkZeihkeh]ZfHgih^qzjdb\Z_lgZkeZ`^_gb_k\yaZghkqm\kl\hf
\bgu:edh]hebdZZFZjf_eZ^h\debgbq_kdbcZedh]hebdgZdZau\Zxlb\fhf_glgZdZaZgbyhg
\f_kl_k[hevxbkiulu\Z_lgZkeZ`^_gb_
Fuwlmk\yav^eyk_[yihf_qZ_fij_klmie_gb_gZdZaZgb_gZkeZ`^_gb_A^_kv`_\kdh[dZo
aZihcgucZedh]hebafBg_aZ^_j`b\ZykvihdZgZwlhf^\b`_fky^Zevr_
lhf`_jhfZg_kp_gZim[ebqgh]hihdZygbyh[s_flhikboheh]bq_kdZyjZa\yadZHgklZegZ
dhe_gbihkj_^biehsZ^bihdehgbekybihp_eh\Zewlm]jyagmxa_fexkgZkeZ`^_gb_fbkqZklb_f
H[jZlbl_\gbfZgb_kqZklv_bgZkeZ`^_gb_a^_kvbkiulu\Z_ldlh"
M[bcpZ
hh[s__keb\^mfZlvkydlh]eZ\guc]_jhc^\mokZfuo]eZ\guojhfZgh\Nz^hjFboZeuqZ
�hklh_\kdh]h"
Dhfmfukhqm\kl\m_fqlhgb[m^vkljZgbpiylvkhlIj_klmie_gbybgZdZaZgbyblukyqblZd
ihelhjukljZgbpDZjZfZah\uo"
Wlhm[bcpu
i_j\hfkemqZ_g_ihkj_^kl\_ggucbj_Zevgucm[bcpZJZkdhevgbdh\\h\lhjhfkemqZ_
m[bcpZy[ukdZaZefbklbq_kdbdhee_dlb\guc\uihfgbl_dhlp_m[bckl\mijbqZklguihdjZcg_c
�f_j_ljb[jZlZfbljbcB\ZgbIZ\_eKf_j^ydh\dhlhjuclh`_bo_^bghdjh\guc[jZl
�IZjZ^hdkZevghqlhfbljbcm^Zjbeb\ijbgpbi_nbabq_kdbfh]m[blvIZ\_ej_Zevghm[beGh
ijbwlhffbklbq_kdbkZfuc\bgh\gucB\Zgdhlhjuc\fhf_glm[bckl\ZgZoh^blky\hh[s_\
^jm]hc]_h]jZnbq_kdhclhqd_\^_j_\g_Q_jfZrg_Q_jfZrgxlh`_aZihfgbf
�hklh_\kdbclZdkljhbleh]bdmih\_kl\h\Zgbyqlh\bgh\Zl\i_j\mxhq_j_^vB\Zgihkdhevdmhg
g_gZ\b^_ehlpZ[hevr_\k_o:qlhm[beqm`bfbjmdZfbg_\Z`ghg_kmlv
@_jl\u\h[hbokemqZyohl\jZlbl_evgu_Lhrghl\hjgu_uh[jZsZeb\gbfZgb_gZkdhevdh
ihoh`bNz^hjIZ\eh\bqDZjZfZah\bklZjmoZijhp_glsbpZ"HgbkljZrghihoh`b
KlZjmoZ[ueZih^hajbl_evgZ@b^_gvdb_\hehku`bjghkfZaZggu_fZkehf[uebaZie_l_gu\
djukbgmxdhkbqdmDjhr_qgZykmoZyklZjmrhgdZk\hkljufbbaeufb]eZadZfbkfZe_gvdbf
\hkljufghkhfGZ_zlhgdhcb^ebgghcr__ihoh`_cgZdmjbgmxgh]m;jjBdklZlb\hl_sz
\Z`ghijyfhi_j_^m[bckl\hfJZkdhevgbdh\mihdZaZehkv\_z]eZaZoqlhlh\jh^_gZkf_rdb
:\hlNz^hjIZ\eh\bqDZjZfZah\dhlhjhfmf_`^mijhqbfZ\lhj^Zek\hzbfy
Djhf_^ebgguof_rhqdh\ih^fZe_gvdbfb_]h]eZadZfbih^hajbl_evgufbbgZkf_reb\ufb
djhf_fhjsbghdgZ_]hfZe_gvdhfgh`bjg_gvdhfebqbd_dhkljhfmih^[hjh^dm_]hih^\_rb\Zeky
_sz[hevrhcdZ^udfykbklucbijh^he]h\ZlucdZddhr_ezdqlhijb^Z\Zeh_fmhl\jZlbl_evgh
keZ^hkljZklguc\b^H[ehfdbqzjguoihqlbbkle_\rboam[h\;jua]ZekykexghcdZ`^ucjZa
dh]^ZgZqbgZe]h\hjblvGmihgylghIj_^_enbabq_kdh]hhl\jZs_gby:edh]hebdqlh\Z`gh
K\ze\]jh[fZlvB\ZgZb:e_dk_yAZ\ze\^hf_p_euc]Zj_fbkZfh_aZ[m[zggh_ivygkl\h
BlZdH[Zaexsb_`bjgh\hklj_gvdb_fha]ey\_gvdb_ih^hajbl_evgu_bgZkf_reb\u_k
fhjsbgbklhcr__cGbjZamg_`Zedh
�BdklZlbagZ_l_ihq_fmba\hkvfbjhfZgh\Nz^hjFboZeuqZhklh_\kdh]hkZfufb]eZ\gufb
hdZaZebkv\blh]_^\Z"DZdkZfb^mfZ_l_"Y^mfZxihlhfmqlhqblZl_evqm\kl\m_ldh]^ZZ\lhj
ibr_lihkms_kl\m
:ihkms_kl\m^\ZjhfZgZgZibkZguijhh^ghohjhrbcfbeucdjZkb\ucblhgdhqm\kl\mxsbc
fheh^hcq_eh\_d^Z\blklZjmx]gb^mIhlhf\_kvjhfZgfmqZ_lkybkljZ^Z_lqblZl_evkhqm\kl\m_l
;eb`_ddhgpmkhkljZ^Zxsbffheh^ufq_eh\_dhfkemqZ_lkyqlh"
:kemqZ_lkykgbflZbgkl\_ggZybklhjby
lhlfhf_gldh]^Zm[bckl\hjZkdjulhFbl_gvdmDZjZfZah\ZaZf_ebJh^yJZkdhevgbdh\kZf
ijbagZeky\wlhlfhf_glm[bcpZbkiulu\Z_lm^b\bl_evgmxjZkkeZ[e_gghklvHg[md\Zevgh
iZ^Z_lijbiZ^Z_ldjh^ghca_fe_bdZd\kdZad_m^Zjbekyha_fvbh[_jgmeky\ae_l_eykguf
khdhehf
kzjZahf\g_fjZafy]qbehkvboeugmebkezauDZdklhyelZdbmiZehggZa_fexbihp_eh\Ze
wlm]jyagmxa_fexkgZkeZ`^_gb_fbkqZklb_fWlhJZkdhevgbdh\fuqblZeb
�BijhfbljbyDZjZfZah\ZqblZeblh`__fmkgblkykhgijh^blzbf_gghdh]^Z_]hih\yaZebb\hl
k_cqZkhlijZ\yl\lxjvfmdZdh_lhkljZggh_nbabq_kdh_[_kkbeb_h^he_eh_]hijbez]gZ
[hevrhcohayckdbckmg^mdbfb]hfaZkgmeNZdlbq_kdbmiZemiZe\khgijh\Zebeky
?fmkgblkykhgijh^blzdhjbqg_\u_ih]hj_evpu[eZ[eZaZ]hj_ehkv\kzk_j^p__]hb
mklj_fbehkvddZdhfmlhk\_lmBijhkuiZ_lkyk\_lehmeu[ZykvkdZdbflh\hklhj`_gguf
qm\kl\hfbkgh\ufjZ^hklvxhaZj_ggufebphf
MiZehg[hevgh\klZea^hjh\hMiZe\bgh\Zluc\ae_l_eZ[khexlghkqZkleb\uc
L_i_jv_szjZaqlh[ug_aZ[ulv\_kvfZjrjml\kyihke_^h\Zl_evghklv
@_jl\ZIj_^_evghf_jadZyhl\jZlbl_evgZyG_gZ\bklvdg_cM[bckl\hlZcgh_Qm\kl\h\bgu
Ba\_klb_hgZdZaZgbbKljZggZykeZ[hklv[_kkbeb_jZafy]q_gb_iZ^Z_lgZa_fvbkqZklv_
Qlh\kzwlhhagZqZ_l"
Ih[ebahklbijh^he`ZxlfZyqblvmgb`_ggu_fZehe_lgb_^_\hqdbZedh]hebafbdj_klvygkdZy
ml\_j`^_gbxdlhlhex[bl
DZdhckljZggucdhdl_cevL_fg_f_g__dZ`^ucbg]j_^b_glkljh]hgZk\hzff_kl_Dhdl_cev
�hklhc_\kdbFbgmlml_ji_gbybfubf__fj_p_il
Nz^hjkgh\Z\a]eygmegZEzexbgZ;_ey\kdh]h
EzeykemrZeZhq_gv\gbfZl_evgh
�fbljbck_\heh^h\bqdZdihdZaZehkvN_^_g_kfhljygZlhjqZsb_\hehkugZ]em[hdb_
fhjsbguihklhjhgZfjlZdhlhjuoN_^yjZgvr_g_aZf_qZeg_kfhljygZbafylhklvg_k\_`_klv
\u]ey^_eae__bijbly]Zl_evg__q_fdh]^Zeb[hjZgvr_b^Z`_q_fdZdbogb[m^vljb^pZlvkhjhd
fbgmlgZaZ^
Nz^hjihcfZek_[ygZlhfqlh;_ey\kdbc_fm^Z`_gjZ\blky\wlhfjZkojbklZgghf\b^_bkjZam
bkiulZe^Z\e_gb_j_\ghklb?keb;_ey\kdbcfh`_lgjZ\blvkyfg_agZqblhgfh`_lgjZ\blvky
bEze_lh`_"
�O,9JZah[eZq_gb_hklh_\kdh]hbeb&RXSGXPLOLHX ijh^he`_gb_\f
�HlgZkeZ`^_gbydkeZ^hkljZklbxh[ty\befbljbck_\heh^h\bqIh\hkoh^ys_c
Kfhljbl_^\Zm^ZjguojhfZgZ^\mom^ZjguojhfZgZo^\_m^Zjgu_kp_guM^Zjgu_
Z[khexlgh[md\Zevgh\h[_bokp_gZok_dmlIexk\h[_bokp_gZoijbkmlkl\mxl^_lb
Ij_klmie_gbbbgZdZaZgbbdZd\k_ihfgyl[vxlehrZ^vFbdhedZ\yjhklbk_qzlmqZszggufb
m^ZjZfbdh[uezgdmFg_gjZ\blky\hlmqZszggufbm^ZjZfbihlhf\_jgzfkyImklbb
f_gydjbqblh^bgjZaeZdhfb\rbckyiZj_gvbalheiuAZk_dmBoe_s_loe_s_lbm`_g_
agZ_lq_fb[blvhlhkl_j\_g_gbyK_db^hkf_jlbAZk_dm
kzwlh\j_fyfZe_gvdbcfZevqbdkh[kkgh]eZ\guc]_jhcihju\Z_lkyhdZaZlvkygZf_kl_
ehrZ^baZf_gblvkh[hcehrZ^v_fmihiZ^Z_ldgmlhfq_j_aq_luj_kljZgbpuih^jh[gh]h
bklyaZgbyehrZ^vgZdhg_p^hog_lfZe_gvdbcfZevqbddg_cijbiZ^Z_lp_em_lfhj^mdhjhq_
iulZ_lkykg_cfZdkbfZevghb^_glbnbpbjh\Zlvky
Gh^Z`_lZdh_i_^hahhg_djh_szp\_lhqdb:gZklhysb_y]h^db\br_gdbwlhdhg_qghlZd
gZau\Z_fuc;mglB\ZgZ
]eZ\_;mglB\ZgZB\ZgDZjZfZah\pblbjm_lydh[upblbjm_lydh[uba]Za_lydh[u
km^_[gmxojhgbdmLh_klvNz^hjFboZeuq]jZfhlghh[klZ\ey_lky;Zjv_jZ`ljhcghc\hi_j\uo
wlhg_Z\lhjkdbcl_dklDZd[uZ\lhjbgbijbqzf]h\hjbli_jkhgZ`h\lhjuo]h\hjbli_jkhgZ`
gZ]jZgb[_amfbyZfh`_lm`_aZ]jZgvx[_amfbyLh_klvbi_jkhgZ`g_hkh[hijbqzfB\
lj_lvbo^Z`_wlhl[_amfgucB\Zg\jh^_[ug_kZf\u^mfZeZ\uqblZeba]Za_lLZdbfh[jZahf
aZsblb\rbkvljhcguf[Zjv_jhfh[klZ\b\rbkvNz^hjFboZeuqibr_lqlhih`_eZ_l
Q_]h`hg`_eZ_lgZrex[bl_evgZjh^Zbgl_eeb]_glgucgZr]hkih^bg"Bgl_eeb]_glguc
]hkih^bgk_qzlkh[kl\_ggmx^hqdmfeZ^_gpZk_fbe_ljha]ZfbIZi_gvdZjZ^qlhijmlvyk
kmqdZfbkZ^q_[m^_l]h\hjblhgb\hlgZqbgZ_lkZ`ZlvYagZxgZ\_jghqlh_klvlZdb_
k_dmsb_dhlhju_jZa]hjyqZxlkykdZ`^ufm^Zjhf^hkeZ^hkljZklby^h[md\Zevgh]h
keZ^hkljZklbyOhly\hlijhdhevqbdhldm^ZagZ_lgZ\_jgh__kebwlh\gmlj_ggb_hsms_gby
q_eh\_dZijhdhlhjh]hhgijhqblZe\]Za_l_"Hldm^ZlZdZy^_lZevgZynbabheh]by"^_\ylgZ^pZlhf
\_d_g_[ueh]Za_lu@bagvlh]^Zg_ibkZeblZdkdZ`^ufm^Zjhf^hkeZ^hkljZklby^h
[md\Zevgh]hkeZ^hkljZklbykdZ`^ufihke_^mxsbfm^Zjhf\kz[hevr_b[hevr_K_dmlfbgmlm
j_[zghdg_fh`_ldjbqZlvaZ^uoZ_lkyIZiZiZiZiZihqdZiZihqdZhlwlhfg_lh`_
gjZ\blky^Zevr_[hevr_qZs_kZ^q_iZiZiZiZfg_gjZ\blkywlhljblfLZd`_[uehk
dh[uehcmqZszggufbm^ZjZfbIj_klmie_gbbbgZdZaZgbbehrZ^vk_debljbq_luj_
kljZgbpuijbkj_^g_ckdhjhklbql_gby^\_fbgmlukljZgbpZagZqbl\kmff_ijbf_jghr_klv
\hk_fvfbgmlDZjZfZah\uo^Zzlkylhqgh_\j_fyiylv^_kylvfbgmlDm^ZijhajZqg__":
\hh[s_bq_]hlml^h]Z^u\Zlvkyhqzf":\lhjkZf]h\hjblh^ghagZqgh^hkeZ^hkljZklby^h
[md\Zevgh]hkeZ^hkljZklbyKh\j_f_ggufyaudhfwlhgZau\Z_lkyk_dkmZevgh_gZkeZ`^_gb_
QZs_kZ^q_
F_`^m[jZlvyfbDZjZfZah\ufbijhbkoh^blijbwlhfqm^guc^bZeh]FmqZxyl_[y
�:ezrdZfbljbck_\heh^h\bqijhqblZemk_qzggh:ezrdFmqZxyl_[y:ezrdludZd
[m^lh[ug_\k_[_Yi_j_klZgm_kebohq_rv
Gbq_]hylh`_ohqmfmqblvkyijh[hjfhlZe:ezrZ
G_\hijhk=eZ\gh_Z\lhjlh`_ohq_l_szB_szM`mg_]hbfeZ^_gqbdh\j_`mlb^_\hqdm
k_fbe_lgxxk_dmlbfZevqbdZ\hkvfbe_lg_]h]heh]hqlhoZjZdl_jghaZljZ\eb\Zxlkh[ZdZfb
b_szh^gmiylbe_lgxx^_\hqdmlh`_k_dmlaZibjZxl\hloh`_ff_kl_y^Z`_^_lZeblml
himsmWlhm`_KhjhdbgnZdlbq_kdbFZehqlhZ\lhj^Ze_dhihlmklhjhgmq_eh\_q_kdhcf_ju
_kebm]h^ghgjZ\kl\_gghcf_juMf_gyhsms_gb_qlhhgf_jmom^h`_kl\_ggmx qlh\Z`g_c^ey
ibkZl_ey\fgZijhqvm`_l_jy_l\k_wlbfZevqbdb^_\hqdbiylb\hkvfbk_fbe_l^Z\yl^jm]^jm]Z
f_rZxl^jm]^jm]mZNz^hjFboZeuq\kzgZ\hjZqb\Z_lgZ\hjZqb\Z_lhklZgh\blvkyg_fh`_l
\kz]jhfha^bl]jhfha^bl
Yg_ihgbfZxih\ukbeZ]hehk:ggZdq_fmwlh"
K_cqZkfheh^u_ex^bih^mfZxlqlhfuklh[hcj_i_lbjh\ZebG_lfug_j_i_lbjh\ZebOhly\
lhqghklblm`_j_iebdmih^Zzl:e_dk_cDZjZfZah\[jZlmB\ZgmihdZh[Zg_\oh^yl\h\dmkbeb
dZd\ujZ`Z_lkyZ\lhjjZaeZdhfbjZaeZdhfeb\Zxlkydq_fmwlh\kz"
�Wlh\kz\hldlhfmkZfhfmfbljbck_\heh^h\bqdb\gme\klhjhgmNz^hjZhldm^Zq_jiZ_l
Nz^hjFboZeuqQlhex[blNz^hjFboZeuqQlhlZdh_\hh[s_\_]hihgylbbex[blex[h\v
Bkhhl\_pgh\dZdhcbgl_j_kghcdhfiZgbbhdZau\ZxlkyjmkkdbcgZjh^bj_eb]by
�H[jZlbl_\gbfZgb_yg_ml\_j`^Zxqlhhklh_\kdbcg_ex[bljmkkdbcgZjh^BebdklZlbqlhhg
�g_bkdj_gg_j_eb]bha_gGb\dh_fjZa_BjmkkdbcgZjh^bj_eb]by^eyhklh_\kdh]h_szdjmq_
q_ffmqblvfZe_gvdbo^_\hq_d_kebdjmq_[u\Z_l
hl\udZdkZfbkqblZ_l_djmq_[u\Z_l"Fh`_leb[ulv\ijbjh^_qlhgb[m^vdjmq_q_f
k_dkmZevgh_gZkeZ`^_gb_hlijh^he`bl_evguokbevguofmq_gbcfZe_gvdh]hj_[zgdZ"
DZdgbkljZggh\kemqZ_kNz^hjFboZeuq_f^ZJ_[zghqdZdZdfu\uykgbebbf_ebiylv^_kylv
fbgmlZa^_kvj_qvb^zlhiylbk_dmg^Zo^Z`_g_^_kylbZbf_gghhiylbwlbiylvk_dmg^y
ijh`b\Zx`bagvbaZgbohl^Zf\kxfhx`bagvihlhfmqlhklhyl?keb[he__iylbk_dmg^
lh^mrZg_\u^_j`blb^he`gZbkq_agmlvQlh[u\u^_j`Zlv^_kylvk_dmg^gZ^hi_j_f_gblvky
nbabq_kdbWlhg_a_fgh_q_eh\_d\a_fghffbj_g_fh`_li_j_g_klbGZ^hi_j_f_gblvky
nbabq_kdbbebmf_j_lv
Nz^hjy\b`magZ_lhqzflmlj_qv:^_\mr_dy_szihlhfex
hldmkhq_dba\hkihfbgZgbcNz^hjFboZeuqgZihk_e_gbb\K_fbiZeZlbgkd_Dg_fmijb_a`Z_l
gZijhezlg_aZf_qZygb\j_f_gbgbmklZehklb]h\hjbebb]h\hjbebDhkgmebkvj_eb]bb?klv
�;h]_klvaZdjbqZehklh_\kdbc\g_k_[yhl\ha[m`^_gbywlmkZfmxfbgmlmm^Zjbeb
dhehdheZkhk_^g_cp_jd\b\ha^mo\_kvaZ]m^_eByihqm\kl\h\ZejZkkdZau\ZeN_^hj
FboZceh\bqqlhg_[hkhrehgZa_fexbih]ehlbehf_gyYj_Zevghihklb];h]Zijhgbdgmekybf
�Z_klv;h]aZdjbqZeyb[hevr_ygbq_]hg_ihfgxu\k_a^hjh\u_ex^bg_
ih^haj_\Z_l_qlhlZdh_kqZklv_KqZklv_bkiulu\Z_flhevdhfuwibe_ilbdbaZk_dmg^mi_j_^
ijbiZ^dhfFZ]hf_lm\_jy_l\k\h_fDhjZg_qlh\b^_ejZcb[ue\gzfHgg_e`zlHg
^_ckl\bl_evgh[ue\jZx\ijbiZ^d_iZ^mq_cdhlhjhckljZ^ZedZdbyG_agZx^eblkyebwlh
[eZ`_gkl\hk_dmg^ubebqZkubebf_kypugh\_jvl_keh\m\k_jZ^hklbdhlhju_fh`_l^Zlv
`bagvg_\aye[uyaZg_]h
J_qvb^zlhlZdgZau\Z_fhcZmj_G_ihkj_^kl\_gghi_j_^ijbiZ^dhfjZklzlZdlb\ghklv
kbgojhgbabjh\Zgguog_cjhgh\g_kmlvgZqbgZxlky]ZeexpbgZpbbAjbl_evgu_\dmkh\u_
[u\Zxlfmqbl_evgu_[u\Z_lgZh[hjhlwcnhjbyFboZeuqmih\_aehwcnhjbyDZdgZklhysbc
gZjdhlbdFboZeuqih^k_ebq_klghgZfijbagZzlky\k_jZ^hklbdhlhju_fh`_l^Zlv`bagvg_
\aye[uyaZg_]hD\bglwkk_gpby`bagbijbiZ^hd
��Q_eh\_dhklh_\kdbc]h\hjbl`bagvhl^ZfaZijbiZ^hdhklh_\kdbcibkZl_ev^Z`_kZfhwlhkeh\h
�ijbiZ^hd^jh`ZsbfbiZevqbdZfb\klZ\ey_ldZd^jZ]hp_gghklvdZd^`x\_e@Wlh\Zfg_
dZdZygb[m^vex[h\vdhlhjmxfh`ghljZg`bjblvgZijZ\hgZe_\hj_Zebafex[bl\jZlv
ex[blkmiex[bl[eZ[eZg_lijbiZ^hdhgk[Zjkdh]hie_qZ^Zjbllhevdh]eZ\guf]_jhyf
&#xhl;
&#xZj;&#xZf;&#xZa;&#xh;&#xu;�hlDZjZfZah\ufbljbcB\Zg:e_dk_cbq_l\zjluc[jZlKf_j^ydh\
B\Zgb^blqzjlZ\ijbiZ^d_]hjyqdb
:e_dk_ci_j\hflhf_kgbfijhbkoh^blijbiZ^hddhlhjufhghq_gvgZihfbgZ_lhlpmk\hxfZlv
LZ\hh[s_gZau\ZeZkvdebdmrZbaaZijbiZ^dh\dhlhju_kg_cihklhygghkemqZebkvhlgbo
kh[kghhgZmf_jeZ
���Z`_fbljbcdhlhjuc\jh^_[uih]jm[__Ijhfbljbyih^gbfZ_lkyba]jm^b_]hklhevdh
ex[\b^hfhe_gby^hbkq_agh\_gbyBbkq_agmijh]h\hjbehg\ijbiZ^d_dZdh]hlh
bkl_jbq_kdh]h\hklhj]Z
GmKf_j^ydh\ijhklhdebgbq_kdbcwibe_ilbdihgylghbkZfuckbevgucijbiZ^hdkemqZ_lky
ihke_hlp_m[bckl\Z\hdjm]q_]hkh[kl\_gghdjmlblky\_kvkx`_l
IjbiZ^hdfu[_j_`zf^eyk\hbo^eylhj`_kl\_gguokemqZ_\
Dh]^ZKhg_qdZmagZzlqlhJZkdhevgbdh\m[beklZjmomhgZm[bcpmp_em_l qlhkZfhihk_[_lh`_
\Z`gh\kemqZ_k^_\hqdhcIhe_qdhclh`_lzieu_]m[dbkh\k_fjy^hfkhkf_jlvx\fp_em_lZ
m[bcp_\k\hxhq_j_^vihjmqZ_lihp_eh\Zlvjh^gmxa_fexIhc^zrv"Ihc^zrv"kijZrb\ZeZ
hgZ_]h\ky^jh`Zlhqgh\ijbiZ^d_JZkdhevgbdh\hlg_zaZjZ`Z_lkyGh\h_hsms_gb_dZdbf
lhijbiZ^dhfdg_fmih^klmibehb\^jm]dZdh]hgvho\Zlbeh\k_]hkz\gzfjZafy]qbehkv
ihke_q_]hijbiZ^hqguciZ^Z_lbgZlmjZevghp_em_l]jyagmxa_fex
Kfhljbl_dZd\kzkeb\Z_lky\f_kl_a_feyjh^gZya_feyj_eb]bhaguc\hklhj]bijbiZ^hdB
mfbe_gb_jZkl\hj_gb_bkq_agh\_gb_\kz\gzfjZafy]qbehkvg_`gh]h^hfhe_gby
bkq_agh\_gbybbkq_agm
LhqghlZdh_`_qm\kl\hmFZjf_eZ^h\Zdh]^Zhghibku\Z_ldZdOjbklhkah\zlivyg_gvdboB
miZ^zf
�MfbljbyDZjZfZah\Zdh]^Zlhle_lbl\\_jolhjfZrdZfbiZ^Z_lImklvygbahdbih^eghy\kz
lZdbbl\hckug=hkih^bbex[exl_[y
BlhqghlZdh_`_qm\kl\hNz^hjFboZeuqijbibku\Z_lgZjh^mG_mklZggh\_jm_lgZjh^gZr\
ijZ\^m;h]ZijbagZzlmfbebl_evghieZq_l
Kfhljbl_g_q_fbgufdZdwlbfijbiZ^hqgufjZafy]q_gb_fmiZ^Zgb_fijbiZ^Zgb_f
�hklh_\kdbchijZ\^u\Z_lp_eucjmkkdbcgZjh^
G_fukevg_b^_yg_agZgbyg_kihkh[ghklbwlhimklvZf_jbdZgpulZf\k_fZrbgbklufug_
fZrbgbklufueZil_foe_[Z_fg_gjZ\kl\_ggh_^hklhbgkl\hZf_jbdZgpuimklv[m^mllZf
emqr_\k_^hh^gh]hgbqlhhkyaZ_fh_Zbkdexqbl_evghwlhijbiZ^hqgh_mfbe_gb_jZafy]q_gb_
dhlhjh_ydh[uijbkms_jmkkdbfbydh[uhlebqZ_ljmkkdh]hhliheydZhlg_fpZ
Zf_jbdZgpZbijhq_]hkf_j^ZYih^ebgbahdghaZlhijbiZ^ZxbmiZ^ZxY\_kv\^_jvf_
aZlhiZ^ZxieZqmb\kzBhijZ\^ZgB\hkkbyxBjmkkdbcgZjh^
Mfbe_gb_jZafy]q_gb_yl\hckugieZqijbiZ^hdiZ^_gb_jmkkdbcgZjh^AZnbdkbjmcl_
wlmp_ihqdmAZihfgbl_wlh
Ihlhfmqlh_keb_sz\gbfZl_evg_cihkfhlj_lvdZd[uamfhfgZ_oZlvijhy\ylkyg_h`b^Zggu_
^_lZeb?klvk_dmg^u\k_]hiylvbebr_klv\u\^jm]qm\kl\m_l_ijbkmlkl\b_\_qghc]Zjfhgbb
kh\_jr_ggh^hklb]gmlhcWlhqm\kl\hykgh_bg_hkihjbfh_DZd[m^lh\^jm]]h\hjbl_^Zwlh
ijZ\^ZA^_kvlhevdhjZ^hklvug_ijhsZ_l_gbq_]hihlhfmqlhijhsZlvm`_g_q_]hk_]h
kljZrg__qlhlZdm`ZkghykghblZdZyjZ^hklv
Hldm^ZwlZpblZlZ"kijhkbeihlbjZy]heh\mNz^hjMg_]hkgh\Zimevkbjh\ZerjZfgZ^h
e[hf
Ba;_kh\L_ji_gb_kzIhke_^gb_^\ZljbrljboZbi_j_oh^bfdihklZgh\eyxs_cqZklb
GZi_j\uc\a]ey^lh`_kZfh_Fum`_keurZebijh]ZjfhgbxjZ^hklv[eZ[eZ[eZ]h]h\_gb_Gh
_keb\gbfZl_evg__ihkfhljbflZbgkl\_ggucl_dklug_ijhsZ_l_gbq_]hQlhijhsZ_l_"
AZqlhijhsZ_l_"Dh]hijhsZ_l_"Ijbqzfa^_kv\hh[s_ijbiZ^hdbijhsZ_l_"
B^Zevr_k_]hkljZrg__qlhykghblZdZyjZ^hklvLh`_kljZggh_kebykghbjZ^hklvlh
ihq_fmkljZrg__"QlhkljZrgh]h\ykghklb"
B\\hk_fgZ^pZlucjZadZaZehkv[uijbqzfa^_kvjmkkdbcgZjh^"
Fmlgh[_eu_fZkkulmfZgZaZlZieb\Zebdhleh\bgmHljh]b]hjklZebihoh`bgZfukueh`[bgu
&#xb^;&#xg_;ë&#xkv;&#xi;&#xhe;&#xma;&#xZl;&#xhi;&#xe_;&#xgg;&#xu_;&#x^;&#xhf;&#xZ;&#x^;&#x_j;&#x_;&#xvy;&#x;gZ[molub^g_ebkvihemaZlhie_ggu_^hfZ^_j_\vyhjh]ZkdjueZkvlhevdh`zelu_nZju\j_fy
hl\j_f_gblmkdehijhk\_qb\Zebkd\havlmfZg
kdhj_lmfZgih^gyeky^h:evihl_eyb\kzdjhf_[eb`Zcrbo^hfh\b_e_cbkq_aeh
&#xi;&#xh];&#xh`;¼&#x_l;&#xgb;&#x^_;&#xgz;
&#x;&#x;&#x];&#xhe;&#xhk;&#x_;ih]h`bce_lgbc^_gzd\]hehk_fbljbyk_\heh^h\bqZ[ueZ\djZ^qb\hklvZfh`_l
[ulv^_gzd[ueiZkfmjguc\hkvfh]hbxgylukyqZ\hk_fvkhlljb^pZlv^_\ylh]h]h^ZFboZe
��:g^j__\bqhklh_\kdbc[ZlxrdZNz^hjFboZeuqZhklh_\kdh]hk_eb\dheykdmb\u_oZeb
bgki_dlbjh\Zlvihe_\u_jZ[hlu\Q_j_fZrgxBeb\^jm]hfgZibkZgbb\Q_jfZrgxJh^h\h_
�bf_gb_hklh_\kdbouihfgbl_lZdgZau\ZeZkv^_j_\gykdhlhjhcB\ZgDZjZfZah\b_]h
_^bghdjh\guc[jZlKf_j^ydh\k\yau\Zxlm[bckl\hhlpZ
LZdaZq_f`_lukijZrb\Z_lB\ZgKf_j^ydh\Z\Q_jfZrgxfg_kh\_lm_rv_oZlv"Y
Kh\_jr_ggh\_jghkhl\_qZ_l_fmKf_j^ydh\
wlh\j_fy\^_j_\g_Q_j_fZrg_wlhm`_ypblbjmx^jm]hcbklhqgbdjh^gh]h[jZlpZ
�Nz^hjFboZeuqZ:g^j_cFboZeuqZhklh_\kdh]hwlh\j_fy\^_j_\g_Q_j_fZrg_gZiheyoih^
�himrdhxe_kZjZ[hlZeZZjl_evfm`bdh\_eh[ueh\^Zebhl`bevyu\_^_ggucbak_[ydZdbflh
g_mki_rguf^_ckl\b_fdj_klvyghl_p\kiuebebgZqZehq_gvdjbqZlvgZdj_klvygH^bgbagbo
[he__^_jadbcdjbdgmeJ_[ylZdZjZqmg_fmBkwlbf\ha]eZkhf\k_dj_klvyg_\qbke_^h
iylgZ^pZlbq_eh\_ddbgmebkvgZhlpZb\h^ghf]gh\_gv_dhg_qghihdhgqbebkgbf
LhqlhihdhgqbebijZ\^ZHl_pNz^hjZqmlvg_kdZaZeDZjZfZah\Zhl_pNz^hjZ
�hklh_\kdh]h[uem[blk\hbfbdj_klvygZfbb^\h_kmlhd\Zeyeky\ihe_ihdZg_o\Zlbebkv
GhkZfhhibkZgb_fZehijZ\^hih^h[gh_Hldm^Zwlb^_lZeb"DZjZqmgaZdjbqZedZjZqmg
DlhwlhjZkkdZaZe"KemqZcguck\b^_l_ev"K\b^_l_e_cg_[ueh[uebh^gbmqZklgbdbhg`_kZf
gZibkZe\k_dj_klvyg_gZ[jhkbebkvDmq_j"Dmq_jk[_`Zeijbo\Zlb\dheykdmbehrZ^_cB
]eZ\gh_lukyqZ\hk_fvkhlljb^pZlv^_\yluc]h^wlh\kz`_g_lukyqZ^_\ylvkhl\hk_fgZ^pZluc
DZdlhg_ijbgylh[uehdhgqZlvihf_sbdZ_kebihf_sbdgZdj_ihklguogZdjbqZe
E_lq_j_a\hk_fv^_kyldh]^Zm[bckl\hihf_sbdZklZehkqblZlvky^_ehf[h]hm]h^guf\f_klghc
]Za_ld_DjZkgZygb\Z[uegZi_qZlZgjZkkdZaJZkkdZau\Zebm`_ihlhfdbl_ofm`bdh\;blv
dhg_qghg_[bebagZdh\[hyebkvIjb]hlh\beb[mluedmkibjlm[Zjbgmkibjl\]ehldm\_kv\uebeb
bieZldhfaZldgmebHlwlh]h[ZjbgbaZ^hogmeky
Ihoh`Zy\_jkbybm^hq_jbNz^hjFboZeuqZkhhl\_lkl\_ggh\gmqdbFboZe:g^j_bqZ?]h
gZrebiha`_gZiheimlbaZ^mr_ggufih^mrdhcbawdbiZ`ZDmq_jbkq_a\f_kl_kehrZ^vfb
h^gh\j_f_gghbkq_aeb_szg_dhlhju_dj_klvyg_ba^_j_\gb
Hd_cm[bebLZdw^ZdaZ[bebfhlu]Zfbijb^mrbebih^mrdhc\ebeb[mluedmkibjlZm[beb
IhgylghGh\kz`_aZqlh"DZd\ex[hf^_l_dlb\_lj_[m_lkyfhlb\GZdjbqZe"Beb\kzlZdb
[uehqlhgb[m^vihm[_^bl_evg_cihkms_kl\_gg_c"
�Ie_fyggbpZhklh_\kdh]hmihfbgZ_l\qbke_m[bcpg_dh]hdj_ihklgh]h?nbfh\Zbg_dh]h
dj_ihklgh]hBkZ_\Z
Mg_dh]hdj_ihklgh]h?nbfh\Z[ueZie_fyggbpZDZly\hajZkl_g_iheguoq_lujgZ^pZlbe_l_z
�\ayeb\^hfhklh_\kdbo\]hjgbqgu_Ihke_lh]hdZdmf_jeZ`_gZFboZbeZ:g^j_bqZlh_klvfZlv
Nz^hjFboZeuqZ]hjgbqgZyDZlyhl[ZjbgZjh^beZZ
�jm]hcdj_ihklghcBkZ_\bf_e^hqv:dmebgm:dmebgZ[ueZohjhrZkh[hc?z\ayeb\[Zjkdbc
^hfdh]^Z_c[uehh^bggZ^pZlve_l
MihfbgZeZkvlZd`_g_dZy]hjgbqgZy_jZbaaZdhlhjhcFboZe:g^j_bqih^jZekykfeZ^rbf
[jZlhfk\h_c`_guBlZd^Ze__
hl\ZffZe_gvdb_[_aaZsblgu_^_\hqdbmgb`_ggu_h[b`_ggu_ke_abgdb
hlbihgylghihq_fmkugm[blh]hij_^ihqze\_]_lZjbZgkdmx\_jkbxijhgZdjbqZe
��Zevr_Bkq_aeb_szg_dhlhju_dj_klvyg_ba^_j_\gbjm]b_dj_ihklgu_fh_]h^_^ZihdZaZeb
qlhwlh[ueZdlf_klbkdj_ihklgufbklZjbdh[jZsZeky\k_]^Zhq_gvkljh]hQ_f[hevr_hgibe
�l_fk\bj_i__klZgh\bekyWlh\kzibr_lEx[h\vNz^hjh\gZhklh_\kdZyGZ^dj_ihklgufb
k\hbfb]emfbekykbkl_fZlbq_kdbEx[beg_aZf_lghkhkibguih^djZklvkydjZ[hlZxs_fm
dj_klvygbgmi_j\ufgbadhihdehgblvky_fmZaZlhqlh[Zjbgihdehgbeky_fmi_j\ufhlijZ\blv
�_\hqdbfZe_gvdb_khke_abgdZfb^\Z
:edh]hebafljbG_ivygkl\hihkemqZxZgZklhysbcaZihcgucdebgbq_kdbcZedh]hebaflml\k_
k\b^_l_evkl\Zkoh^ylkyFboZbe:g^j__\bqhlebqZekydjZcg_ckdmihklvxih^hajbl_evghklvx
ihfgbl_ih^hajbl_evghklvmklZjmobijhp_glsbpubmNz^hjZDZjZfZah\Z"
ih^hajbl_evghklvxb`_klhdhklvxIjbwlhfkljZ^ZeZedh]hebafhfb[uehkh[_gghaheb
�g_^h\_jqb\\ivyghf\b^_;ebadb_`_klhdhkljZ^ZebHl_phklh_\kdh]hfmqbebmgb`Zek\hx
`_gmlh_klvfZlvNz^hjFboZeuqZb\ljb^pZlvk_fve_lk\ze_z\]jh[lhqghlZd`_dZd
Nz^hjIZ\eh\bqDZjZfZah\k\ze\]jh[fZlv]eZ\guo]_jh_\B\ZgZb:e_dk_yHl_pNz^hj
�FboZeuqZhklh_\kdh]hfmqbe^_l_cfhjZevghZdj_ihklguolh_klvlhlkZfucbkdhfucgZr
jmkkdbcgZjh^fmqbebmgb`Zenbabq_kdbkbj_qvkzd
��?szpblbjmxEx[h\vNz^hjh\gmhklh_\kdmxKha^Z\ZylbiN_^hjZDZjZfZah\Zhklh_\kdbc
\kihfbgZebhkdmihklbk\h_]hhlpZbh[_]hivygkl\_dZdbhnbabq_kdhfhl\jZs_gbbdhlhjh_hgh
\gmrZeh_]h^_lyf
b^bl_\hlbnbabq_kdh_hl\jZs_gb_ih^hki_eh
�fbljbck_\heh^h\bq\a^hogmehlibeDjbklZeviZb\ul_jjhl[mfZ`ghckZen_ldhc
�E_lhflukyqZ\hk_fvkhlljb^pZlv^_\ylh]h]h^ZNz^hjFboZeuqmhklh_\kdhfm[ueh
k_fgZ^pZlve_lDh]^Z^hg_]h^hrehba\_klb_hgZkbevkl\_gghckf_jlbhlpZkgbf\i_j\u_
\i_j\u_kemqbekyijbklmikdhg\mevkbyfbbihl_j_ckhagZgbyiha`_hij_^_ezgguc\jZqZfbdZd
wibe_ikby
B\hla^_kvy_szjZakqm\kl\hfbkjZkklZgh\dhc^jm]\uqm\kl\m_l_ijbkmlkl\b_\_qghc
]Zjfhgbbkh\_jr_ggh^hklb]gmlhcWlhqm\kl\hykgh_bg_hkihjbfh_DZd[m^lh\^jm]]h\hjbl_
^ZwlhijZ\^Zwlhohjhrhug_ijhsZ_l_gbq_]hihlhfmqlhijhsZlvm`_g_q_]hk_]h
kljZrg__qlhlZdm`ZkghykghblZdZyjZ^hklv
�Ghwlh`_Nj_c^g_\u^_j`ZegZdhg_pN_^yKlZjZyklZlvyNj_c^Zijhhklh_\kdh]h
�Gmbqlh"g_kfmlb\rbkviZjbjh\Zefbljbck_\heh^h\bqNj_c^g_Nj_c^ghm
dZ`^h]hq_eh\_dZdZd]h\hjblky_klvbeb[uebjh^bl_ebHlkx^Z\hh[s_\ky^bgZfbdZ
q_eh\_q_kdhc`bagb[hjv[Zp_gljhklj_fbl_evghckbeubp_gljh[_`ghc
P_gljh[_`gZykbeZklj_fe_gb_hlhj\Zlvkykfhf_glZjh`^_gbyki_j_j_aZgbyimih\bgub
^Zevr_\kx`bagv
:k^jm]hcklhjhguijbly`_gb_k\yavdZ`^ucbagZk^Z`_qbklh[bheh]bq_kdbijh^he`Z_l
\k_[_jh^bl_e_cdZ`^hcde_ld_\dZ`^hcfhe_dme_uNz^hj\k_[_ijh^he`Z_l_\Zr_]h
^_^mrdmdhlhjuckljhbeklZebgkdb_\ukhldb:Nz^hjFboZeuq\k_[_ijh^he`Zek\hboij_^dh\
GZde_lhqghfmjh\g_AgZ_l_ebhldm^Z\hh[s_\ayeZkvwibe_ikby"IZiZNz^hjFboZeuqZFboZe
:g^j_bqkljZ^Zedebgbq_kdbfZedh]hebafhf:edh]hebaf\uau\Z_lg_o\ZldmpbgdZbmkZfh]h
Zedh]hebdZbm_]hihlhfkl\Z;jZlvyNz^hjFboZeuqZFboZeFboZeuqbGbdheZcFboZeuq
\ke_^aZiZiZr_cklZebaZihcgufbZedh]hebdZfb:Nz^hjFboZeuqmijbjh^Z\u^ZeZ
g_kbff_ljbqguchl\_lm^ZjbeZihZedh]hebafmwibe_ikb_c
�AgZqblg_[m^vmFboZe:g^j_bqZZedh]hebafZg_[ueh[uibkZl_eyhklh_\kdh]hbgbdZdbo
DZjZfZah\uoGhwibe_ikbywlhlh`_^_nbpblpbgdZ
GZke_^kl\_ggu_[he_agb\g_rg__koh^kl\hkihkh[ghklbm[_`^_gbyex[h\vdfZe_gvdbf
ZlhfZode_ldZofurpZodZd]_ji_kGm":\u]h\hjbl_nj_c^baf
DZ`^ucijb\yaZgdZgZlhfk\h_cimih\bghc
B\lh`_\j_fydZ`^ucohq_l_zi_j_j\Zlv?keb_zg_ihj\Zlvlhg_kfh`_rvbf_lvk\hbo
^_l_cjh^q_eh\_q_kdbcij_djZlblky
DZdihj\ZlvdZdhlhj\Zlvkybawlh]hijbly`_gby\uj\Zlvkyba]jZ\blZpbb"GZ^hmkdhjblvkydZd
�dhkfbq_kdZyjZd_lZeymkdhj_gbygm`ghlhieb\hWlhfh]ml[ulvjZagu_g_]Zlb\gu_qm\kl\Z
\iehlv^hnbabq_kdh]hhl\jZs_gby^h`_eZgbykf_jlbjh^bl_eyfWlhqm\kl\Z_kl_kl\_ggu_
hlhj\Zlvky`_gZ^h"ghq_eh\_dbo[hblkykqblZ_lk_[y\bgh\ZlufaZwlbqm\kl\Ziehobf
:\dZdhclhfhf_gljh^bl_ebmfbjZxlBkh^ghcklhjhgu\hagbdZ_l`]mq__qm\kl\h
f]gh\_ggh]hhk\h[h`^_gbygbdlhg_f_rZ_l]Zjfhgbykh\_jr_ggh^hklb]gmlZ
Bf]gh\_ggh`_kljZrgh_qm\kl\h\bguyhgzfiehoh^mfZehg\uau\Zemf_gy
nbabq_kdh_hl\jZs_gb_y`_eZe_fmkf_jlbbym[bcpZ
Wlhm`_g_jZd_lZwlh^\_iheh\bguZlhfghc[hf[uby^_jguc\aju\Ihwlhfm[hevr_iylb
k_dmg^g_evay\u^_j`ZlvZlhfguc\aju\bl_jy_lkhagZgb_
Ghijbwlhf\kZfhfqlhgbgZ_klvwibp_glj_\kZfhc]em[bg_k_j^pZbjZ^hklbbk\h[h^ub
kljZrghc\bguhgg_h^bgKgbf_klvdlhlh_szDlhlhdhfmhgh[yaZgbl_fb^jm]bfb
wcnhjb_cbkqZklv_fbmfbe_gb_fbaZij_^_evgufqm\kl\hf\bgu
uihfgbl_qlhm[bcp[uehg_kdhevdhFh`_liylvFh`_l^_kylvIh\_jkbb:g^j_y
�FboZceh\bqZiylgZ^pZlvGbdlhg_agZ_lBog_gZrebG_km^bebeyNz^hjFboZeuqZhgb
hklZebkv[_aebdbfb[_aufyggufbWlh[uebdZdb_lhfm`bdbIjhklhex^bguDj_klvyg_
Wlh[uejmkkdbcgZjh^
uihgbfZ_l_qlh\wlhclhqd_\kzkoh^blky"ihgbfZ_l_ihq_fmhg]hgblbawlhc\gmlj_gg_c
ih^khagZl_evghcdhfgZlug_fpZiheydZbZf_jbdZgpZ"?fmkgbfbg_hq_f]h\hjblvHgbg_
\bgh\Zlu
Bhgi_j_^gbfbg_\bgh\ZlG_bog_iheydh\g_g_fp_\g_Zf_jbdZgp_\_]hhl_pihivygb
ihjhebg_bo^hq_dljZoZebNz^hjFboZeuqg_i_j_^g_fpZfb\bgmgZke_^m_lbg_kg_fpZfb
hgkhh[sgbd\m[bckl\_\uihgbfZ_l_kdhevdh\k_]hlmlgZf_rZgh"
HooNz^hj^Z`_\kljyogmekydZd[m^lhiulZykv\u[jZlvkybaih^]jmaZuk\h^bl_d
iZlheh]bb
�Ihq_fmiZlheh]by"Y`_\Zf]h\hjxwlZZf[b\Ze_glghklvm\k_oMhklh_\kdh]h
ijhklhkbevg__?sziexklZeZgl
L_fg_f_g__\_jm\;h]Z\uih^qbgy_l_wibe_ikbbihq_fm
Ihlhfmqlh
ihq_fmg_gZh[hjhl"
Hq_gvijhklhK_cqZkh[tykgx
hh[s_dZdyijbrzedwlhcl_f_"
�GZqZehkvZ[khexlghg_khklh_\kdh]h
H^gZ`^uy[uefheh`_q_fN_^yk_cqZk_sz\h\kx[ueZkh\_lkdZy\eZklvfg_\jmdb
ihiZekyk[hjgbq_dijbdexq_gq_kdboih\_kl_ckh\_lkdbclZdhcij_kh\_lkdbck[hjgbq_d
lhg_gvdbcijhdZdbolhjZa\_^qbdh\gZau\ZekyQ_dbklu
�K[hjgbq_dijh^he`Zefbljbck_\heh^h\bqgZau\ZekyQ_dbkluFZl_jqZlZyh[eh`dZ
gZh[eh`d_lbkg_gb_f]_j[D=;ahehlhf\u^Z\e_gsblbf_qYijhebklZeqlhlhlZdh_
\ha\ur_ggh_jhfZglbq_kdh_ih\_klbijhjZa\_^qbdh\^jm]\b`mnZfbeby\jh^_agZdhfZy"
uykgbehkvqlhh^gh]hbaZ\lhjh\yhlebqghagZxgm[hevr_g_kZfh]hZ^hqdmk_fvxgh
fg_lhqghba\_klghqlhmg_]h\ljb^pZlvk_^vfhf]h^mfZlvjZkklj_eyebhl_p\eZ]_j_[uelheb
^\Z^pZlve_l^he]hZhgim[ebdm_lky\k[hjgbd_ijhq_dbklh\Y[uelh]^Z^bkkb^_glkdb
gZkljh_ggucxghrZyijhklhmrb[e_g[uedZddZdbfh[jZahf\kzwlhkhq_lZ_lky\]heh\_"
b^bfhjZkkm^beNz^hjkljZo"
k_fb^_kylu_]h^u"DZdhclZfkljZom`_LZfg_kljZoBg_eh`vkZfh_]eZ\gh_G_dhjuklv
hlqlhkZfh_bgl_j_kgh_=h\hjxyagZewlmk_fvxohjhrhbhlpZagZeibkZl_eyk\_leuc[ue
q_eh\_dj_^dbodZq_kl\lhqgh]h\hjxg_kljZog_jZkqzlZbkdj_ggyyjhfZglbdZ
KljZo:qlh\ukdZ`_l_mNz^hjFboZeuqZlh`_kljZo"I_j_^d_f"Lmlg_kljZolml
gZklhysbc^mr_\gucih^tzfiZnhk]bfg
Bkh\_lkdZybgl_eeb]_gpbyg_eh\qbeuZemqrZyqZklvaZf_r_gZgZlhf`_ih^tzf_biZnhk_
\hlkjZ\gbl_
hkkby_ldZd^jZ]hp_ggucZefZa\k_fmfbjmWlhfuk\Zfbm`_mqbebNz^hjFboZeuqijh
jmkkdbcgZjh^hkkby_l
K\_lbbaDj_feygZfkbycieZf_g_ck_okhegp\h\k_e_gghcgZrKlZebgykg_cWlhIZ\eh
LuqbgZubbf_gblZdh]hg_keurZeb
�:eufba\za^Zfb[Zr_gdj_fez\kdbolh`_g_agZ_l_Wlh?\]_gbc:jhgh\bqhefZlh\kdbc
hlpZmg_]hjZkklj_eyeb\ljb^pZlv^_\ylhf]h^mJh^bgZkeurbljh^bgZagZ_l
�qlhhl\hklhdZa\_a^Z\hkkby_l:wlhdlh"hefZlh\kdbclh`_"A\_a^Zmdh]h\hkkby_l"G_l
�wlhhiylvhklh_\kdbcmdhlhjh]hlh`_hlpZ\ljb^pZlv^_\ylhflhevdhgZklhe_ljZgvr_B
h[Zohjhf\hkkby_lbijhkby_la\za^Zfbhl\hklhdZKby_lgZ^fbjhf
�Kby_lgZ^fbjhfdlhwlh"hklh_\kdbc"HiZgvdbE_[_^_\DmfZqKby_lgZ^fbjhfgZr]_j[
\_ebqZ\ucih[_^gh]hjbl[h_\Zya\_a^Z
hkklZgmlihc^mlgZ\_ebdh_^_ehZwlh"Lh`_E_[_^_\DmfZq"klZ\ZckljZgZh]jhfgZy"
�:gg_lhklh_\kdbcHlgZkba^j_\e_^_yl_ebgZjh^gu_\uoh^bebL_`_kfbj_ggu_ihklgbdbb
fheqZevgbdb\hkklZgmlihc^mlgZ\_ebdh_^_ehGhfuih^gbf_f]hj^hbkf_ehagZfy
[hjv[uuaZjZ[hq__^_ehfZjrfZjr\i_jzh^jZ[hqbcgZjh^
B\hkkby_lfbjmgZjh^gZrNz^hjFboZeuq
MNz^hjZ]heh\ZihreZdjm]hf
GZfaZkby_l\hf]e_DlhhiylvaZkby_l"
E_gbgkdhcijZ\^hcaZjydhffmgbafZgZfaZkby_l\hf]e_FboZedh\K_j]_ceZ^bfbjh\bq
���JZaebqblvg_\hafh`gh]^_hklhlh\kdbc"=^_hefZ_\kdbc"=^_dZdhcgb[m^v_fvyg;_^guc"
Fbo_c=heh^guc"B\Zg;_a^hfguc"KiehrghcaZkby_l^Z\hkkby_l\a\_ckyjZa\_cky
�Dlhh[jZsZe\gbfZgb_qlhhklh_\kdbca\mqbldZdqbkluckhpj_Zebaf"aZihe\_dZ^hkhpj_ZebafZ
kfhljbl_dZdhg\_kv\uimqb\Z_lkyg_kqZklgucNz^hjFboZeuq\_kvdZdimaujvgZ^m\Z_lky
agZ_l_ihq_fmlZd[_kihfhsgh"AgZ_l_ihq_fmlZdhcg__kl_kl\_gguciZnhk"IhlhfmqlhaZ^ZqZ
klZ\blkyg_ihkbevgZyIh^gylvk_[yaZ\hehkubg_lhevdhk_[yZp_eh_fbjha^Zgb_ih^gylvaZ
;_ey\kdbc\u[jhkbekdhfdZggmxkZen_ldm
Kfhljbl_kx^ZQ_eh\_dmj_[zgdm\i_j\mxhq_j_^vghb\ajhkehfmlh`_gm`_g
hij_^_ezggucihjy^hdWlh[Zah\Zyg_h[oh^bfhklvwlh^Z`_g_\fha]h\hcdhj_g_\ba\bebgZoZ
\dZdhfgb[m^v]bihlZeZfmk_\fha`_qd_DZ`^mxfbgmlmq_eh\_d^he`_glhqghagZlv]^_
gZoh^blky\_jo]^_gZoh^blkygba
uagZ_l_qlh\h\j_fya_fe_ljyk_gbyex^bfZkkh\hkoh^ylkmfZ"G_hlkljZoZ:hllh]hqlh
kl_gudhe_[exlkyba_feyieZ\Z_lQ_eh\_dlhqghagZ_la_feyl\zj^Zyg_ih^\b`gZyb\^jm]hgZ
ieZ\Z_ldZd\h^ZQ_eh\_dl\zj^hagZ_lkfeZ^_gq_kl\ZdZdhg\exevd_e_`Zebkfhlj_ekl_gu
^he`guklhylv\_jlbdZevghih^^_\yghklh]jZ^mkh\ZhgbgZdehgyxlkykz]hlh\hq_eh\_d
koh^blkmfZQ_eh\_dg_fh`_l`blv[_aihjy^dZEmqr_ex[hcihjy^hdiehohc`_klhdbcex[hc
�q_f\hh[s_[_aihjy^dZLZdh_mkljhckl\hmq_eh\_dZbaZcgikbobdb
�Zevr_\hijhkgZqzfkljhblkyfbjhihjy^hdj_[zgdZ"Qlh\hkgh\_fbjhihjy^dZj_[zgdZ"
?kk_kghjh^bl_ebWlhhkvhkva_febFbj\jZsZ_lky\hdjm]wlhchkbB\^jm]ij_^klZ\ey_l_
wlmhkvj_adh\u^zj]b\Zxlh^ghfhf_glghgZkbevkl\_ggh\lukyqZ^_\ylvkhlljb^pZlvk_^vfhf\
lukyqZ^_\ylvkhlljb^pZlv^_\ylhf\lukyqZ\hk_fvkhlljb^pZlv^_\ylhfg_\Z`gh\u^_jgmeb
hkvQlhwlhlZdh_kemqbehkv"Wlhg_ijhklhikboheh]bq_kdZyljZ\fZZwlhjmrblkyfbj
Gm`ghg_f_^e_gghyg_]h\hjxkhagZl_evghygZh[hjhl]h\hjx\fha`_qd_\]bihlZeZfmk_
gm`ghg_f_^e_gghfbji_j_kljhblv_kvh[jZafbjZdZjlbgmfbjZgm`ghg_f_^e_ggh
i_j_kljhblvdZjlbgmB\i_j\mxhq_j_^vgm`ghihgylvqlhkemqbehkvkjh^bl_eyfb"Qlh
kemqbehkvkhlphf"=^_hgl_i_jvgZoh^blky\wlhcgh\hcdZjlbg_"
&#xki;&#xhf;&#xgb;&#xl_;&#x;&#xdZ;
�kihfgbl_dZdhklh_\kdbcex[blijhkdjulh_lZcgh_\m_^bg_gbb\g_^jZo^Z`_
kZfhkeh\hg_^jZ
g_^j_hlq_fihqlbijhlb\\hebh[jhgbeNz^hj
Hkv\hkdebdgme;_ey\kdbcHkv\hdjm]dhlhjhc\jZsZekyfbjg_bkq_aeZ?z\hldgmebdZd
kibpm\h]gZeb\p_gljfbjZ\kxp_ebdhfhgZl_i_jv\kZfhfp_glj_a_feb\hkgh\Zgbb
\g_^jZo_kv\b^bfucfbjgh\ucfbjgh\ucihjy^hdhidZeZf[mjgh\ucihjy^hd
gvxhj^_jl_i_jvkljhblkygZ^hlphfgZhlp_gZhkgh\_hlpZNz^hjmdZdj_eb]bhagbdmwlh^he`gh
[ulvihgylghhl_pg_ijhklhlmihm[blhgaZdeZgijbg_kzg\`_jl\m
Q_fm"dZd\u^mfZ_l_"Q_fm`_jl\Z"
Hl\_lijhkl`_jl\ZkZfhfm\_ebqZcr_fmqlhlhevdhfh`ghk_[_ij_^klZ\blvGZqlho\Zlbl
nZglZabbhgkiZk_gbxfbjZk_fbjghfmlhj`_kl\mkijZ\_^eb\hklb
lukyqZ\hk_fvkhlljb^pZlv^_\ylhfkwlbfihgylgh^\mofg_gbcg_l[h]KZfh_[hevrh_gZk\_l_
[h]
BagZqbldlhihemqZ_lkyjmkkdbcgZjh^";h]hghk_puihgbfZ_l_"IhlhfmqlhgZjh^hg
l_ogbq_kdbwlm`_jl\mhkms_kl\ey_lijbghkbl\`_jl\mhlpZghhgg_ijhklhm[bcpZhg
[h]hghk_phg`j_pIhgbfZ_l_"
Bq_j_aklhe_l`_jl\Zjh\ghlZdZy`_blhl`_`j_plhevdh[h]ihf_gyekyl_i_jvhg
gZau\Z_lkyih^jm]hfm\k_okhegp\h\k_e_gghcgZrKlZebgk\_le_cKlZebgE_gbgaZjy
dhffmgbafZg_\Z`gh]eZ\gh_[ue[udZgZedm^Zoeugml^mr_\gu_kbeugm`_gijhlb\h\_k
qlh[uihjy^hd\hkklZgh\bekyqlh[ua_fey[hevr_g_ieZ\ZeZqlh[ukl_guklhyeb
jZa]jhfq_\k_o\hki_\ZebaZjydhffmgbafZbijhkbyc\hkkbycbgZjh^[h]hghk_pdZd`j_p
dZdhjm^b_gh\h]h[h]Zgh\h]hfbjhihjy^dZijbqzfg_^ey^_g_]bg_hlkljZoZb^Z`_g_`bagv
kiZkZebg_gZ^hboh[b`ZlvhgbkiZkZeblhqlh^Z`_\Z`g__`bagbhgbkiZkZebfbjhihjy^hdb
kfuke
�hklh_\kdbc[uebagboi_j\ucqzf_]hmgbdZevghklv"Ihq_fmhg\hklj_[h\Zgb\^\Z^pZlhf
\_d_bihk_c^_gvihdZihefbjZJhkkbyDblZcihe:njbdbihe:f_jbdb`b\zlijb
lhlZeblZjguoj_`bfZo"Ihlhfmqlh\_kvm`Zk^\Z^pZlh]h\_dZbqm\kl\h\bguaZm`Zk\kz
�[uehij_^\Zj_gh\ebqghfm`Zk_hklh_\kdh]hKm^v[Zh[jZah\ZgguodeZkkh\m[bluogZjh^hf
km^v[Z\k_clZdkdZ`_fbgl_eeb]_gpbbb^_lbwlbo`_h[jZah\ZgguodeZkkh\dhlhju_\_jhcb
�ijZ\^hciulZebkvkem`blvwlhfm`_gZjh^m\kzih`ZemcklZ\ebqghckm^v[_hklh_\kdh]h
HlpuljZoZebbk_debwlhlgZjh^HlpuihemqZebKlZebgkdb_ij_fbbdh]^ZgZjh^kju\Zeky\
�exevdZobfzjh[ib\rbkv^j_\_kgufkibjlhf_lbg_kmlbo\bgmb_szkljZrg__\bgmi_j_^
hlpZfbm[blufbwlbfbgZjh^hfGZwlhfqm\kl\_\bgu\kzaZf_r_ghblhj`_kl\hdhffmgbafZb
j_eb]bhagucwdklZa
Ih^h`^bl_\afhebekyNz^hjgh\u`_\kz\j_fyg_klh]hgZqbgZ_l_u]h\hjbl_ijh
fZl_jbZevgh_ijh]bihlZeZfmkijhpbgdijhgZke_^kl\_gghklvijhwibe_ikbxijhg_cjhgu
Y]h\hjxijh[Zah\u_\_sb
hlbf_ggh\uml\_j`^Z_l_wlb\_sbdZd[Zah\u_ghwlh\Zr\u[hju]h\hjbl_ex[\bg_l
Z_klvk_dkmZevgZyly]ZkZ^bafbi_^hnbebyu]h\hjbl_j_eb]bhagh]hqm\kl\Zg_lZ_klvZmjZ
i_j_^ijbiZ^dhfbqm\kl\h\bguu]h\hjbl_qlh;h]bex[h\vnZglZabyZ
kbgojhgbabjh\Zggu_g_cjhgu_^bgkl\_ggZyj_ZevghklvGhwlh\Zr\u[hj
Fg_ihklhyggh\ihke_^g__\j_fy\klj_qZxlkywlbklZlvb]^_ibrml[jblZgkdb_mqzgu_
hij_^_ebebqlhex[h\vjZagh\b^ghklvikbohaZihlhfmqlh\fha]m\ujZ[Zlu\ZxlkylZdb_lhb
lZdb_lh\_s_kl\ZHgbkZfbg_\b^ylZ\lhjuwlboklZl_cqlh\wlhfml\_j`^_gbbkdjulZy
ZdkbhfZfZl_jbyi_j\bqgZZ^mo\lhjbq_gijhklhcfZjdkbaf
Ihq_fm\ug_^mfZ_l_qlh\kzmkljh_ghkh\_jr_gghgZh[hjhl";h]i_j\bq_gEx[h\vi_j\bqgZ
;h]kha^Zeg_cjhgub]bihlZeZfmk;h]kbgojhgbabjh\Zewlbg_cjhgubk_dkmZevghklvkha^Ze^ey
lh]hqlh[uq_eh\_d\k\hzf]jm[hf`b\hlghfh[ebd_\k\hbo]jm[uodh`ZguojbaZokfh]
mkeurZlvohly[ukeZ[uchla\mdex[\b
&#xu;&#xkf;&#xZd;&#xm_;&#xl_;&#xbq;&#xgu;&#xZ^;�ukfZdm_l_ebqgucZ^hklh_\kdh]h_]h[he_agvk_dkmZevghklv\jZ`^_[ghklvdhlpmh
i_j\uoyg_m\_j_g\nZdlbq_kdhcih^hiezd_gh]eZ\gh_wlh_]hkh[kl\_ggucebqgucZ^_]h
ebqgh_^_ehFh`_l[ulvhgb^he`_g[ueijhclbZ^qlh[ukh\_jrblvk\hcibkZl_evkdbcih^\b]
\lZdbo`_dZdkZfhgkljZ^Zxsbobhaeh[e_gguom\b^_lv[h`_kl\_gguch[jZa[h`_kl\_ggmx
ex[h\vqlh[u\_kv;h`bcgZjh^kljZ^Zxsbcbhaeh[e_gguckmf_lvm\b^_lv\j_ZevghklbdZd
gZjh^[h]hghk_p
�Dhgdj_lg__i_j_[befbljbck_\heh^h\bqDlhdhgdj_lghm\Zk[h]hghk_p"Wlhl
dhlhjucdhiblgZihem[hlbgdbhg[h]hghk_p"
Gmg_lhglhdZdjZa
G_l"Hlebqgh:lzldZkoh\y^bghc[h]hghk_p":lhldhlhjh]hldgmebgh`hfkh[mluevgbdb"
;h]hghk_p":^y^yKlziZ"
lhevdhijhkZfh]hOjbklZgbdlh\hl^_evghklbgh\k_\f_kl_
u\kzkdZaZebjZa\zejmdZfb;_ey\kdbcFg_g_q_]h^Z`_^h[Z\blvGbdlhdhgdj_lgh
hh[s_lhbkzb[h`_kl\_ggZyex[h\vb[eZ[eZghgbdlhdhgdj_lghuk_[ykeurbl_"
�Bhklh_\kdh]haZh^gh";h]hghk_pb^jZ]hp_ggucZefZaijhkby_lb\hkkby_lZdhgdj_lgh
kbxfbgmlmk_cqZkgbdh]hIhwlhfmbe_lbl_\ugZl_e_]_qlh[u\k_ebpZkeb\Zebkv\
g_jZaebqbfu_iylgZIhlhfmqlhklhbl\h^gh_^bgkl\_ggh_ebph\]ey^_lvkykjZame_aml[hlbgdb
aZ^_\ylvjm[e_c
:y\Zkkijhrmqlhm`Zkgh]h\madhghkuoihem[hlbgdZo"AgZ_l_"YkdZ`mKZfh_^ey\Zk
�khklh_\kdbfm`Zkgh_wlhj_Zevgu_ex^b
?kebh[ibeky^j_\_kgh]hkibjlZ_keb\dZgZ\_\Zey_lkybfuqbl\ZfghjfZevghLhevdhfuqbl
imklvdZdfh`ghg_qe_ghjZa^_evg__lh]^Z\ukfh`_l_gZg_]hijh_pbjh\Zlvk\hbb^_bfhe
fuqZlvlhfuqblaZlhk_j^p_agZ_l_mg_]hdZdh_"HhAhehlh_GZjh^gh_AgZ_l_qlh\^mr_lhm
g_]h"=em[bgZZukZfbk_[_\ujZklbebnZglhfbp_em_l_kvkgbf:j_Zevgh]hq_eh\_dZ\u
\b^_lvg_fh`_l_\udhjz`bl_kvb^ufbl_kv\u]hgbl__]hWlhg_jmkkdbcG_jmkkdbcgZjh^
�Zgm":dZdhc"
�G_lNz^hjlZdbojmkkdbodZdmhklh_\kdh]hbm\Zkg_l\ijbjh^_Gbdlhgbq_]h\]em[bg_g_
ojZgblbZefZaZfbg_kby_l\kz[j_^kh[ZqbcFZdkbfmfkmfZkr_^rZyke_iZy[Z[dZgZ
kf_jlghfh^j_aZE_gbgZfheblkywlhfZdkbfmf:^ey\k_ohklZevguo\kywlZ\ZrZjblhjbdZ
[h]fbkkbybkdmie_gb_\hkkby_l^hiheghcn_gb
&#xu;&#xag;&#xZ_;&#xl_;&#x;&#xql;&#xh;&#xhk;&#xe_;&#xie;&#xy_;&#xl;&#xZ;&#xk;&#xk;uagZ_l_qlhhke_iey_l\Zkkhklh_\kdbf"Qm\kl\hbgl_eeb]_glkdhc\bgubbgl_eeb]_glkdh]h
�m`ZkZi_j_^gZkbeb_fQ_fhklj__\bgZbm`Zkl_f[hevr_imaujvhklh_\kdbcgZ^mebak_[y
imaujvgZjh^[h]hghk_pKh\_lkdZybgl_eeb]_gpbygZ^meZimaujv\_ebdbcfh]mqbckh\_lkdbc
gZjh^kljhbl_evq_]hlhlZfG_llZdh]hgZjh^Zbg_[uehG_l[h]hghkpZbg_[ueh
gbdh]^Z;uehqm\kl\h\bguaZhlpZ[hevbm`ZkbjZ^hklvhk\h[h`^_gbyZgZjh^[h]hghk_p
nZglhfKdhevdhfh`ghnZglhfh\"
G_lKdhevdhFh`ghKeh\ijhbag_keZ:ggZ
N_^yih\_jgmekydg_ck\g_aZighcgZ^_`^hcqlh\hlk_cqZkhgZdZdgb[m^vkfh`_ljZah]gZlv
\_kvwlhlm`ZkguclmfZg
qzf\ZrZhrb[dZ\eZklghijh^he`beZ:ggZ
;9,A\hghd
�ZLhg_qdZ"GmqlhlZfml_[y"
KmljZ^ZG_lk_]h^gym`_g_l\kdju\Zlvg_[m^ml\j_fym`_ohjhr__\k_^hfhc:q_]h"d
�^_\ylbfukihdhcghZ\^_\ylv\^_kylvbyih^hc^mlh`_bDhgh\ZQlh"G_\kdjulb_lh
qZkh\gZ\_jgh\h^bggZ^pZlv^_kylv\h^bggZ^pZlvijbgpbi_lhhgbgZqbgZxlkmljZ
ihlhfmqlhbfaZdexq_gb_k^Z\Zlv\fbebpbx
�Zh^_`^m\havfbhavfbdZdmxglvklZjmxijhklugvfuehdZdh_glvgZc^blh`_gm`:lh`_
gm`gh[m^_ldh]^Zhgb[m^mlfulv_]hh[fu\ZlvdZd[u]h\hjblkyh[lbjZlv\kzwlhZ]Zfueh
dmkhdjZkqzkdmlZfiheh`bl_[jbl\mklZghdmg_]h_keb_klv\kzlm^Zih[jhkZcl_bijbg_kbl_
LjmkughkdblZihqdbex[u_
Q_]h"kiyldZfb"Hc^ZdZdZyjZagbpZlh_fm?szkiZkb[hkdZ`_lqlhlZihqdbiheh`beb
qlhlZihqdb_sziheh`mlZg_]heh]h\p_eehnZgh\hfiZd_l_\hlq_]h
kzjZ\ghwlhbeb\[jZlkdmxfh]bemihc^zlGm^Z^Z\k_o\hlwlbo[hf`_chgb[_aufyggu_
fh]beugZau\Z_lky:dhg_qghdhg_qghLZdijyf[jhkbeb\p_eehnZgh\hfiZd_l_dj_klihklZ\beb
aZdhiZebb\kzDm^Zdj_fbjh\Zlvlh_sz"Dj_fbjh\ZlvwlhagZ_rvlh`_^_gv]bohjhrb_
�Z"kfhljbgmkfhljbgmdZdohq_rv
=jh[u^_rz\u__klvQlhlh^Z`_\ij_^_eZo^\molusfh`ghgZclb^h]h\hjblvkyYiha\hgx
ihijhrmqlh[^_rz\uck^_eZeba^_kv\e_km
����ZZZ_j_\ygguc]jh[ijhklhlZf[_ah[b\db[_agbq_]hBeba^_kvk^_\hqdZfbbebgZ
eZkbo_^h]h\hjbfkyk^_eZxlih^_r_\e_kh[vxllubflhevdhkdZ`bjhkljZaf_jlZf?keb
k`b]Zlvl_f[he__\kzjZ\ghBhgqz\Zf"^_g_]qlhevkhklhygb_qlhebhklZ\befev"Gm"
:]Z
��Z\ZcLhg_qdZZ^Z\ZcohjhrhYkZfZ\hijhkuj_rmihih\h^mfhj]Z
�ZZaZ\ljZfukDhgh\Zeh\ufih]h\hjbfkz^Z\Zc
kz^haZ\ljZZ]Z
;9,,LvfZbFhdhrv
qzfmfmqbdh\hkgh\gZyhrb[dZ\u^mfZ_l_keh\Zfb\u]h\hjbl_keh\Zfb\upbdebl_kvgZ
keh\Zo
ufh`_l_ij_^eh`blv\ZjbZglu"ihrmlbeN_^y
:`_qdbkeurZlf_`^mkeh\Zfb
FmqbdbmibjZxlky\a]ey^hf\h[t_dlu@_qdb\b^ylijhkljZgkl\hf_`^mh[t_dlZfb@_qdb
qm\kl\mxlimklhlm
Dlhe_lZeghqvxgZkZfhezl_ghg_gZaZiZ^ZgZ\hklhd"GZk_\_j"Dm^Zgb[m^vgZ^lZc]hcgZ^
e_kZfb"Abfhc":ggZih^gyeZ]eZaZdihlhedm?e__e_lmkdeu_h]hgvdbimklhlZ
L_fghlZL_fgh^_kylvfbgml^\Z^pZlvkhjhd
kihfgbl_dZdhgZ]h\hjbeZbfwe_dljbq_kl\h^Zeb\iylb^_kyluo]h^Zo:^hwlh]h"lukyqme_l\
l_fghl_
Dhjhl_gvdbci_j_ju\qbdbxgvbxevlZfbghqblhg_lmlZdkmf_jdbkhegurdhgZI_ljh\
^_gv\klj_qZebk\b^ZgdbE_lgyyghqvimklyqdb
OhlywlZa_feyiheghklvx^Z`_gZe_lhg_hlf_jaZ_loheh^gZyfhdjZya_feyghqvxlmfZgu
:\hlkhk_gbkhdly[jym`_jZgvr_l_fg__lijb_oZeZaZj_[zgdhfZg_lgbj_[zgdZgbfm`Z
_e__e_gZreZdZdlhgZki_oh^_eZko\ZlbeZ[_`blihj_evkZffhjhkvhk_ggyybfm`]hgblky
�ih_a^]j_fblZevr_k_^vfh_ghy[jyg_ajyghy[jvihqlbiheyjgZyghqv[jZlZaZ[jZeb
\_q_jhf\keydhlv]jyagh]hfhdjh]hbaZ[beb\f_glZo
ghy[j_kiZlveh`Zlkykgh`hfghy[j_ghqvxivxl\]ZjZ`Zo
Gh^Z`_hk_gvijbkdZadZGZklhysZyghqvgZklmiZ_labfhcGZklhysZylvfZDh]^Zdjm]eu_kmldb
g_f_`^mkh[Zdhcb\hedhfZf_`^m\hedhfb\hedhfhlwlhJhkkby:ihgZklhys_fm
^Z`_bg_JhkkbyZQm^vbFhdhrv
E_lhfe_kkujZya_feyf_kypZ^\Zljbljbkiheh\bghc:\kzhklZevgh_abfZghqvoheh^
bez^f_`^m\hedhfb\hedhf
GZ^dZdhclZfbfi_jb_ckhegp_g_aZoh^beh"
jmeylFhkd\ZbIbl_jZhklZevgh_lZdk_[_ijbeh`_gb_"QzjlZk^\Z
JmeblQm^vL_jjblhjbylvfu
u\kzieZq_l_kvqlhex^yfiehoh`b\zlky:dZdbf`blvky_kebwlZkljZgZg_ex^kdZyhgZ
mkljh_gZg_^eyex^_cWlhkljZgZ^eyimklhlu^eyf_l_eb
kzijb]gZghiehohh^ghd^jm]hfm\_a^_^m_l\kz^j_[_a`blihq_fm"Ihq_fm\_a^_s_eb"\kz
lhgdhbj\zlky"
�Z`_\]hjh^_ihq_fmgZdZ`^hfm]emih^\hjhlgbblzfgu_aZdhmedb"kzdjb\h\kzq_j_aaZ^
\k_\hjmxlbivxl\]ZjZ`ZoB\hh[s_ivxlihq_fm"
Wlhl\ZrpbgdjZ^hklvkfukewlh\kz_jmg^Z
G_lgbjZ^hklbbg_lkfukeZIvxlqlh[ugZlj_a\mxg_oh^blvq_j_aghqvEmqr_kjZam\
[_kiZfylkl\hEmqr_imklvijbg_kmlkjZa[blhc[ZrdhcIjh\Zeblvkyih^ez^
]ZjZ`Zowlhqlh[uaZdjulvkyijbgbdgmlvih[eb`_dlvf_bda_fe_Lmlg_jZ^hklvOZ
jZ^hklv
DZdZyjZ^hklv^eyrZfZgZ_klv]jb[u"?]hj\zlkgboBkfukeZrZfZgg_bs_lIhdjZcg_cf_j_
hgagZ_lqlhg_lkeh\_kgh]hkfukeZ?klvlvfZbrZfZg\g_zoh^bl
Dh]^Zjmkkdb_ivxlhgb\k_rZfZguWlh^j_\g__^j_\g__\lukyqmjZa^j_\g__\Zr_]h
ojbklbZgkl\Z
�Z`__keb`b\mll_i_jvg_\^_j_\g_Z\;b[bj_\_\iZg_evghcfgh]hwlZ`d_hc^bl_\ex[mx
d\Zjlbjmg_\p_glj_^baZcg_jkdmxkbkdmkkl\_ggufbex^vfbZ\ex[hfFhgq_]hjkd_^Z
beb^Z`_\Fhkd\_lhevdhih^Zevr_\I_qZlgbdZo\FZjvbg_gZDZihlg_hldjhcl_
ihemimklhcrdZnkljyivzfgZdmogxijhc^bl_qlh[ude_zghqdZebidZyqlh[u\ebghe_mf_^ujZ
baZ^\_jvx[Zqhdl_qzlj`Z\hckljmcdhcqlh\u^mfZ_l_wlh"[_^ghklv"
G_lWlhdZeblhqdbwlhljhibghqdbbaZdhmehqdb\ghqvghqvdjb\Zy^hjh`dZdhjhldZyZ
m^h[gucijheZawlhs_evFufhj^\ZFu\k_]^Z\ha\jZsZ_fky\ghqvGhqve_^ygZybqzjgZygh
aZlhg_lgZ^_`^uGhqv\k_]^ZlZ`_kZfZyh^gZblZ`_Zk\_lg_gZ^z`_gbkeZ[?kebl_ieblky
h]hgzq_dagZqblqm`b_ex^bijb^ml[m^mlkb^_lvaZklhehf]h\hjblvLuohjhrZy^_\hqdZfu
ijb_oZebaZlh[hc:lu^he`gZjmdb\hllZdiheh`blvbkb^_lvBdjbqbg_djbqbdjm]hf
ghqv
IhhibkZgbxojbieh\Zlhkmkbeb_faZkf_yekyN_^yihhibkZgbxdZdhclhZ^"
G_lZ^m`Zjdhdmqgh:a^_kvlhqlh[uehjZgvr_q_fZ^A^_kvlZghqvdhlhjZy[ueZ
kgZqZeZ
KgZqZeZ\_`eb\hihijZ\beNz^hj[uehdZdba\_klghKeh\h
KgZqZeZ[ueZghqvih\lhjbeZ:ggZkgZ`bfhfB\_jhylghijbgy\N_^bghfheqZgb_aZ
�kh]eZkb_db\gmeZkZfZk_[_bih\lhjbeZagZqbl_evghZKgZqZeZ[ueZghqv
;9,,,JZkkdZah[jZlvyobk_kljZo
Ghqvxdlhlhklmqblky\hdhrdh
FZlvijhkuiZ_lkyWlhdlh"
�FZf]h\hjblZwlh`_yl\hckugGbdheZc
�HgZ]h\hjblZluqlhhgmf_gyljb]h^Zm`dZdih]b[B^\_jvg_hldju\Z_l\hldZdk_cqZk
ihfgx
^\_jvxlZfZ
HldjuebZwlh[jZlIj_^klZ\ey_l_ljb]h^ZgbibkvfZgbq_]hfZlvljb]h^Z_]haZmihdhc
ihfbgZeZ
:hghdZau\Z_lky\Ihevr_[ueihiZe\ie_gdZdlhlZf\kzwlh[uehkeh`gh rzihlhf\fHg\h
\eZkh\kdbo\hckdZo[ueihfh_fm
Hggbdh]^Zhk_[_g_jZkkdZau\Ze
:agZ_l_aZqlh_]hihkZ^beblh"
hcgZdhgqbeZkybijb]gZebdgZf^ba_eygmwlbkZfu_ljZdlhjZljZdlhjZ:hg\ijbkmlkl\bb
k\h_]hjh^kl\_ggbdZkdZaZe:gZ^ba_eyolhkZf_jbdZgkdbolZgdh\]mk_gbpukh^jZggu_hl
aZwlbkeh\Z_]h\ayeb
Yihfgxihrebfu\JyaZgvkhkghohcFZlv^ZeZgZf[mluedmfhehdZ[moZgdmqzjgh]hoe_[Zb
kdhevdhlhybpY[hkydhf\k_gh]bihlzjeZqlhfg_lZf"^_kylve_l
Ijboh^bfZgZfhl\_qZxl\hdhrdhjZ]ZfgZjh^Zi_j_^Zqmg_i_j_^Zxl
Bdh]^Zke_^kl\b_reh_]hkijZrb\Zxl:ihq_fmluk^ZekyZimexk_[_g_imklbe"
:hg]h\hjbl:fg_`blvohl_ehkvfg_[uehiylgZ^pZlve_l
?fm]h\hjylLu\jzrvDZdlufh]\iylgZ^pZlve_l\h_\Zlv"B^Zeb_fmiylgZ^pZlve_l
ljb[mgZe
Mg_]h`_gZfheh^ZydjZkZ\bpZfZevqbdkugGm`_gZ_]hg_^h`^ZeZkviylgZ^pZlve_lhgZ_]h
g_kh[bjZeZkvlZf^h`b^ZlvkyhgZ\ureZaZfm`kzijh^Zebihke_g_]h
B\hlhgljb]h^Zm`_hlkb^_eibr_lfZf_ibkvfhFZflug_i_j_`b\Zcy[hevr_Zjfbba^_kv
g_ijh[m^m
Bqlh\u^mfZ_l_"
Kgbfkb^_edZdhclhlZf]_g_jZeGm\k_kb^yldlhaZqlhB]_g_jZe_]hkijZrb\Z_l:l_[ylh
aZqlh"
;jZlkdZaZe_fm
:\^_j_\g_lud_fjZ[hlZelh"
IZklmohf
:gm]_g_jZewlhl_fm]h\hjblkZ^bkv^Z\ZcibrbibkvfhgZbfy@mdh\Z
Bhgibr_lgZbfy@mdh\Zibkvfh
:hl_p]h\hjblFZlvq_]hlhgZrbfDhevdhcbgl_j_kmxlky"
BajZchgZaZijhkijbrzeZhlpmr_igmebhg[ue[jb]Z^bjhf
GZqZebijh\_jylv
FhyfZfZkqblZeZkvfZlv]_jhbgyhgZbf_eZagZqhdkfeZ^_gp_fgZ]jm^b
?c]h\hjylDZd`_wlhml_[yfh]eb^\Zj_[zgdZq_j_aq_luj_f_kypZjh^blvky"
Bih^l\_j^behkv
Hg]h\hjblYk_[_]h^ZlhijbibkZeFg_[uehlhevdhiylgZ^pZlvZJh^bgmaZsbsZlv
gZibkZe\hk_fgZ^pZlv
HcwlhlZdZybklhjbyqlhlhg_\_jhylgh_
@mdh\jZkkfZljb\Z_l_]haZy\e_gb_b\^\Z^pZlvq_luj_qZkZgZ\hex_fm
B]h\hjbl\hlghqvihe_\uoh^bb\kzDm^Zohq_rvlm^Zbb^b
By\ZfkdZ`m\hh[s_lhqlh\uiZehgZ^hexJhkkbbhlygZrZJyaZgkdZyh[eZklv\u
ij_^klZ\ey_l_i_j_`blv
Ihke_\hcguyihfgxhl_pe_`ZekfZfhcgZi_qd_Zfu^_lbgZdm^gbd_WlhijbkljhcdZ
lZdZyba^hkhdbk_ghlZfgbh^_yeZgbq_]hg_[uehgZau\Zehkydm^gbdBhl_pkfZl_jvx
gZqZebi_j_qbkeylvkdhevdhmgZkg_\_jgmebkvknjhglZdZ`^hf^hf_ihqlbihljbq_luj_
q_eh\_dZ
Ihfgx[jZlZ\Zjfbxijh\h`ZebHg[uefg_^\hxjh^guc[jZl
Ydh]^Z\khjhd\hkvfhflh]h^mijb_a`ZeZ\Fhkd\m^y^vdZfhchg\Dj_fe_jZ[hlZehg`be
\]hklbgbp_Fhkd\ZhdgZ\uoh^bebgZfma_ceZ^bfbjZBevbqZE_gbgZ
�Y_fm]h\hjxy^y@hjZZy\_^vihfgxdZd\Zr_]hIZ\ebdZ\Zjfbxijh\h`Zeb
HggZf_gykfhljbl:kdhevdh`_l_[_e_l"DZdluihfgbrv"
Y]h\hjxYgbq_]hg_ihfgxylhevdhihfgxfZfdZkdZaZeZihc^zfdjzklgZIZ\ebdZ\Zjfbx
Y_]hebphg_aZihfgbeZ]h\hjxgh[ueZdm^jy\ZydhigZ\hehkju`bo
B^y^vdZaZieZdZe
ieZq_l\f
�=h\hjblZhg[ueju`bcdm^jy\ucwlhfhckug[ue
:_sz\hl\ZfjZkkdZ`mijhk_kljmk\hxklZjrmx
Dh]^Z\hcgZgZqZeZkyhgZm`_[ueZaZfm`_fFm`mg_z[uelZgdbklhfgZnjhgl_ih]b[HgZ`beZ
hlgZk\hk_fvdbehf_ljh\lZf^_j_\gy[ueZih[h]Zq_f_evgbpZ[ueZblZfqZklbklhyebmgbo
:g_fpurebgZKlZebgh]hjkdqlh[urZolum]hevgu_aZo\Zlblv]hjh^FboZceh\bLmemb
hlj_aZlvJyaZgkdmxh[eZklvhllhieb\Zhlm]eybhloe_[Z
:fhyk_kljZgm_ce_l^\Z^pZlvgZ\_jgh_[uehhgZkh[bjZeZjZg_guo
YihfgxhgZhlpmjZkkdZau\Z_lIZiZgvhgjZg_gguc\gm`gh_f_klhi_j_\yadm^_eZlvg_^Zzl
kl_kgy_lkyfheh^hc
BhgZ]h\hjbeZboaZ\habeb\rdhemjZg_guowlbokdeZ^u\ZebrlZ[_eyfbgbdZdhcihfhsbg_
hdZau\ZehkvbfbhgbbmfbjZeblZfrlZ[_eyfb
B[ueb\uagZ_l_ex^b[hyebkygZnjhglb^lb
HgZjZkkdZau\ZeZhlpmfh_fmgm`gh[uehb^lb\jZa\_^dmZfZevqbdh^bgbkim]ZekybgZibeky
ivygucZivygh]h\jZa\_^dmg_ihkueZeb
BhgZkdZaZeZ\u\_eb_]h\^\Z^pZlvq_luj_qZkZdy[ehgvd_bjZkklj_eyeb
BhgZihlbohgvdm_]hhlg_keZ\[jZlkdmxfh]bem;jZlkdZyfh]beZ_klvlZfZYijb_a`ZeZ\hlimkd
[ueZihklZjr_fu\k_]^Zp\_lughkbeblm^Z
:fhc[jZlhgk^\Z^pZlv\hkvfh]h]h^Z\hlmf_jg_^Z\gh_fm[uehiylgZ^pZlve_lbbo
dhfkhfhevp_\[jZeb\lZdhcbklj_[bl_evguc[ZlZevhggZau\ZekyHgbihghqZf\ueZ\eb\Zeb
^_a_jlbjh\
Fgh]b_`_]h^Zfb\ih^\ZeZoijhkb`b\Zebqlh[u\Zjfbxg_b^lb\e_kmlh`_kdju\Zebky
Ijb^zlghqvx\_kvfhdjuc\hllZd\hdhrdhihklmqblfh`_ldlhklZdZgfhehdZ^Zklbebdmkhq_d
qzjgh]hoe_[Z
Yihfgx[ueZ\hcgZdhg_p\hcguqlhebDZdhclh^_^ghq_\ZemgZkHgfh_cfZl_jb]h\hjbl
Fuihc^zfkg_c]jb[hqdh\ihkh[bjZ_fIhrebE_k^Zezdhdbehf_ljh\\hk_fvB\hlwlhygZ
[hjh^ZqzjgZyaZjhkrbc\_kv
;uebkemqZbgZiZ^_gbcgZ`_gsbg
:[ueh_szdh]^Zbakhk_^g_]hk_eZkFZebgh\dbwlhjh^kl\_ggbdfh_cfZl_jblheb
^\hxjh^guc[jZldZdhclhlhebg_agZxdlhhggZnjhglg_ihrzeZkdju\Zeky\kdbj^Zo
ghq_\ZeBdh]^Zkdhlgbdihrze[jZlvk_ghhg\beZfbldgmebmkeurZedjbd?]hihcfZeb
Bqlh\u^mfZ_l_"?]hijb\_ebgZd\ZjlbjmijhklblvkykfZl_jvxGhjZkklj_eihq_fmlhg_^Zeb
hghlkb^_eb\_jgmeky@_gbekygZf_^bpbgkdhck_klj_b\_gqZekyb\p_jdh\voh^be
:\hlwlbfZevqbdbdhfkhfhevpuhgbihgZ\h^d_eh\bebwlboih^_j_\gyfGm\hcgZ_klv
\hcgZ
BihemqZ_lky[jZl_fm[uehlh]^ZiylgZ^pZlve_lihlhfr_klgZ^pZlvbkihegbehkvhg[ue\
Zjfbb\wlhf\hl[ZlZevhg_:dh]^Z\hcgZdhgqbeZkv_]h]h^lhevdhgZqZebijbau\Zlv
Bihemqbehkvqlhhgijh[ue\Zjfbb\hk_fve_lfu_]hbg_\b^_ebHgaZdhgqbem`_]^_lh
\Qbl_qlhev_]haZg_keh
Bdh]^Zy[ueZ\wlhfk_e_\bgl_jgZl_fg_]h\hjylAZlh[hc[jZlijb_oZe:y_]hb\]eZaZg_
\b^ZeZlhevdhqlhnhlh]jZnby^_lkdZyagZeZqlhmf_gy_klv[jZlZe_glbggh\ebph\hk_fv
e_lHgaZ_oZeaZfghc\bgl_jgZl\ayef_gyijb_a`Z_f\^_j_\gx
YihfgxhglZd\hlf_gylhedZ_l\[hdb]h\hjblIhdZ`b]^_hl_plh"
Hg^Z`_hlpZk\h_]hg_ijbagZeij_^klZ\ey_l_"
hllZdZykm^v[Z
:^jm]Zyk_kljZ\h\j_fy\hcguaZ[he_eZHgZ\ufueZ]heh\mbihreZgZihe_jZ[hlZlv?c[ueh
r_klgZ^pZlve_l
Y_zebphg_ihfgxgh]h\hjylhgZ[ueZhq_gvdjZkb\hck^ebgghcdhkhckjh^bgdhcBfZfZ
\k_]^Z]h\hjbeZhgZg_kqZkleb\Zyihlhfmqlhjh^bgdZmg_zgZe_\hcs_d_
&#xha;&#xg_;&#xk_;&#xgb;&#x_;&#xgZ;&#xL;&#xjh;&#xbp;&#xm;�MgZk[uehiheh`_ghkh[bjZlvkygZhag_k_gb_bgZLjhbpm_\hqdboh^beb\e_kWlh[uedZd
lZdhce_lgbchl^uop\_luj\Zeb\_ghqdbie_eb
Bk_kljZklZjrZyFZrZ_cbakhk_^g_c^_j_\gbijbg_keZieZlvbp_krbeZdZdh_lhB]h\hjbl
RmjZ\hll_[_ieZlv_HgZ]h\hjblG_lfg_m`_gbq_]hg_gZ^h
HgZ[he_eZm`_hkiZe_gb_fha]h\hch[hehqdbwlhagZqblf_gbg]blmg_z[ue
jZqbfZf_kdZaZeb;Z[mrdZ^_\hqdmgm`gh\_alb\JyaZgvhi_jZpbx^_eZlv?cgZ^hq_j_i
\kdju\ZlvbebhgZm\Zkmfjzlbeb\ua^hjh\__l:fZfZ\_jmxsZy[ueZHcdZdq_j_i
kgbfZlv"G_^ZeZ
Ijb\_aeb_z^hfhc@ZjZkljZrgZy:mg_z\b^bfhl_fi_jZlmjZ\ukhdZyhgZf_lZ_lky
B\hlfZfZf_gyKdhevdh`_e_lfg_[ueh"Fh`_liylvfh`_lr_klvFZlvihkZ^blf_gy
]h\hjblQ_rbkibgm_cYq_rmhgZfheqblLhevdhyhlhreZm[_`ZeZhgZkdjh\ZlbiZ^ZeZ
jZa[b\ZeZkyieZdZeZ]juaeZk\hbk_jv]b[mkuihfhsvfZfhqdbijhkbeZ:fZl_jbg_lyh^gZ
M`_bhlpZaZ[jZebgZnjhglb^\Z[jZlZgZnjhgl_bwlZk_kljZaZ[he_eZbdmjgZ^hdhjfblv
B\hlwlZk_kljZfhymfbjZ_lwlhyohjhrhaZihfgbeZh^gZdjh\Zlvlhevdh[ueZfZlvihklZ\beZ
ih^bdhgmgmdZddeZ^ml\^_j_\g_lhih^bdhgZfbih^h[jZaZfbb\k_\k_`_gsbgu
kh[jZebkvhdhehg_zm\k_ofm`vygZnjhgl_Zdlhm`_\^h\ubwlZ^_\hqdZhgZij_^kdZau\ZeZ
HgZ]h\hjblhlfhcdjzklguce_`bl\_kv\djh\bjZg_gguc\`b\hlB_szdh]hlhhgZgZa\ZeZ
Dh]^Z\hcgZdhgqbeZkyfm`qbgZhldm^Zlhbakhk_^g_c^_j_\gbijbrzedfh_clzld_b]h\hjbl
Zrfm`mf_jmf_gygZ]eZaZohg[uejZg_g\`b\hly_]hi_j_\yau\Ze
LhqlhmfbjZxsZywlZ^_\hqdZij_^kdZaZeZ\kzwlhk[uehky
B\uij_^klZ\ey_l_\hlhgZmfbjZ_lb]h\hjblFZfZ\_^vkf_jlvdhfg_b^zlKiZkbf_gyB
\hllZdaZdju\Z_lky\h^_yeh
Ihlhfdh]^ZhgZmf_jeZfZlvkk_kljhcg_fh]ebgbdZdjmdbjZa`Zlvqlh[uh[fulv_z
Mf_jeZgmZ]jh[lh^_eZlvdhfm"LhevdhfZevqbdbihiylgZ^pZlve_ldlh_sz\Zjfbxg_ihreb
Hlhj\ZebwlmnZg_jmdhlhjZydZdlh\ijboh`_c[ueZhl]hjh`_gZk[beb]jh[:\_albgZih^\h^_
gZ^h[uehq_luj_dbehf_ljZB\hldeyqZdZdZylh_oZeb_oZebgZk\kzrZlZehrZlZehb]jh[
wlhlih^hjh]_mgZkjZa\Zebeky
FZlvg_ihfgbeZdZdohjhgbeb
Hokdhevdhe_lhgZihg_cieZdZeZy^hfhcg_ohl_eZb^lbHgZkZfZy[ueZex[bfZywlZ
RmjhqdZ_zRmjhqdhca\ZebfZlvfhyg_fh]eZi_j_`blv
HgZgbsbodhjfbeZ\kzfZfZ[ueZhq_gvkbevgh\_jmxsZy
Dh]^Zfhb^_\hqdbijZa^gbddZdhcgb[m^v\_k_eylkyybfgZqbgZxjZkkdZau\Zlvmf_gy^hqdZ
lZd]h\hjblGZqZehhkyHgbg_ohlylwlhkeurZlv
:yjZkkdZ`mGbdh]^Zg_aZ[m^m
Yihfgx\\hcgmh^ghe_lhdZjlhrdZ[ueZmjh`ZcgZydjmigZyFu^_lbgZdZiu\ZebblZkdZeb\kz
wlhgZk_[_\z^jZfb
BfhyfZfZgZ\ZjblwlhcdZjlhrdblhp_eu_qm]mgubkhe^Zlub^mlrebrebreb:fZfZ
[ueZ\hafms_gZihq_fmhnbp_jugZrbbfg_^Z\Zeb[jZlvgbq_]h
BfZfZ\hllZd\z^jZfb\z^jZfbhgZgZkg_]db^ZeZwlmdZjlhrdm]hjyqmxhgbo\ZlZeb_zih
dZjfZgZf
IjbreZh^gZ`_gsbgZhgZfZf_fh_c]h\hjbl;Z[mrdZyihjlgboZbaE_gbg]jZ^ZuaZ\_^jh
dZjlhrdbdmibl_mf_gy^_lkdh_h^_yehjhah\h_ihkfhljbl_djZkb\h_dZdh_ZleZkgh_
:fZfZ]h\hjblHcmf_gyklhevdh^_l_cG_l\_^jhdZjlhrdbwlh`Zedh\^jm]kZfbf_klv
g_q_]h[m^_l
HgZ_zihdhjfbeZfu\k_odhjfbeb
Blh]^ZwlZ`_gsbgZ_c]h\hjbl;Z[mrdZy\b`m\u\_jmxsbcq_eh\_d
ieZq_l\f
Fhebl_kvaZf_gyykt_eZk\h_]hj_[zgdZ
]jhfdhieZq_l\f
Ih\_jvl_fg_ywlhaZihfgbeZgZ\kx\kx`bagvk\hxj_[zgdZ
;,;;u^eh
�LZdO\Zlbl\aj_\_efbljbck_\heh^h\bqkz
KdZ`bl_fg_dZdfh`gh`blv\wlhf"Dlhfh`_l`blv\wlhf"DZdwlh\kzfh`ghl_ji_lv"
G_\_jhylgh
�fbljbcijhklbl_gh]^_`_Zevl_jgZlb\Zg_`blv"
kzyihgye\qzffbkkbykzukijZrb\Zeb\qzffbkkby"Hl\_qZx\Zfim]Zeh
Ykgh\Zf"Wlhim]Zeh^ey\k_]hfbjZkljZgZim]ZehbgZjh^im]Zeh[m^_l_k_[y
;m^_l_k_[yiehoh\_klb[m^_l_\hllZdb_Ihgylgh"
Ghwlh`_b\ZrgZjh^lh`_ulh`_
�Fhhc"aZohohlZefbljbck_\heh^h\bqwg__wl
DZd`_wlhlZdg_\Zr"
Q_fhgfhc"=^_hgfhc"Bg_fhcbg_\ZrwlhlgZjh^g_gZ^_cl_kvKfhljbl_\kzjZagh_ebpZ
jZagu_dh`ZjZagZy]eZaZjZagu_m\Zkhkfuke_ggu_]eZaZmEzeb\hghkfuke_ggu_]eZaZZg_
k\bgu_jh\ghgbq_]hh[s_]hf_`^mgZfb
:dZd`_yaud"?kebfu]h\hjbfgZh^ghfyaud_
:cdhg_qghfug_]h\hjbfgZh^ghfyaud_ELI\uykgyeb\\Zr_fyaud_g_lELI\bo
�yaud_g_lqlhlZf[ueh"dhfiZjZlb\ghcwlbfheh]bbBhklh_\kdh]hgbdZdh]hg_lm\bo
yaud_Bp_jdh\guowlboLjbfZl_jguokeh\Z\boyaud_\kzFujZagu_
LbiZgbarZyjZkZkdjb\hcmkf_rdhci_j_kijhkbeZEzeyb\ukrZyjZkZ"
Bf_gghBf_gghJZkZ^ZdZklZ^ZDZklZjZkZdhg_qgh
:]Zu_szbnZrbkl"
HldZdyh[h`ZxwlbgZa\ZgbynZrbklnj_c^bklyjeudijbe_ibebbjZ^m_fkyb
^h\hevguB^bl_kdZ`bl_:f_jbd_imklvg_[m^mlnZrbklZfbimklvhldjhxl]jZgbpmimklyld
k_[_KhfZebfbeebhgZq_luj_Km^Zgbihkfhljbfqlh[m^_lk:f_jbdhc\hghgZm`_\ky
lj_sblhgb^bl_kdZ`bl_R\_cpZjbbimklvhldjh_l]jZgbpmimklvkx^Zijb_^mlLm\ZbDhfb
ihkfhljbl_qlhhklZg_lkyhlR\_cpZjbbihdZlZ_l_kvgZkd_cl[hj^_^Z^Z
Jbfb\Zj\ZjuIhdZ^_j`Zeb]jZgbpm[ueJbfZijhj\Zeb]jZgbpm\kzg_lmJbfZ
We_f_glZjghdZdjZagu_mjh\gbrexaugbdh]^Zgb`gbcmjh\_gvg_ih^ufZ_lkyd\_jog_fm
\k_]^ZiZ^Z_l\_jogbcG_lg__llhevdhrexalhevdhkl_gm[_lhggmxbdhexqmxijh\hehdmih^
lhdhfbZ\lhfZlqbdh\blh]^Z_szdh_dZddh_dZdfh`ghgZ^_ylvky
Bdhfnhjlgh\ZfaZ[_lhgghckl_ghc"Ih\k_c\b^bfhklbEzeyj_rbeZgZwlhljZaijhykgblv
ihabpbb^hdhgpZ
�Zfg_hq_gvdhfnhjlgh
:gZlhcklhjhg_imklvaZ]gmlkyg_`Zedh
hlwlhihjZabl_evgh;_ey\kdbcjZa\zejmdZfbb^Z`_klZehabjZlvkydZd[m^lhbsZ
ih^^_j`dbmfgh]hqbke_gghcZm^blhjbbu`_xgu_ex^bhldm^Z\\ZkwlZaZjZaZ"ug_
�\b^bl_qlhhgbgZwlhfbgZkhkZebkv\kzwlhkh\dh\h_[u^ehZ[u^ehdjbdgme;_ey\kdbc
Ihq_fmg_gZa\Zlv[u^eh[u^ehf_kebhghkmlv_klv[u^ehB\u_]hkZfbdhjfbl_wlbfk\hbf
[_amfb_fbgl_eeb]_glkdbfhghbkhkzl\Zkm`_ihqlbqlhklhe_lbjZ^hgZ^\Zfb`_ba^_\Z_lky
:_kebkh[kl\_ggmxbklhjbxagZlvg_ohlbl_]^_gZb[hevrZykf_jlghklvhlij_klmie_gbc"
dZdhckljZg_"fbjgh_\j_fy]^_[hevr_\k_]hbagZkbeh\Zgbcm[bckl\jZa[hcguom\_qbcgZ
_^bgbpmgZklhq_eh\_dgZk_e_gby"agZ_l_"
Lh`_\Jhkkbb"ijh]h\hjbeNz^hjm]jxfh
G_lij_^klZ\vl_k_[_ih^dZqZeb\lhjh_f_klh\k_]hmJhkkbbm\ugZkxZjh\puh[h]gZebX:J
ihijh[mcl_m]Z^ZlvkdZdh]h]h^Z"KlukyqZ^_\ylvkhl^_\yghklhq_l\zjlh]h]h^ZQlhijhbahreh
\^_\yghklhq_l\zjlhf]h^m"G_^h]Z^u\Z_l_kv"Hlf_gZZiZjl_b^ZLh`_lZdb_`_[_eu_xghrbk
�\jh`^zggufqm\kl\hf\bgubkh\ahjhf]hjysbf^hehcnZrbafhehcZiZjl_b^ZaZ^mfZeky
^\Z^pZlvi_j\hf\_d_Zwlb[vxl\[m[_gh[fZaZgguck\bghcdjh\vxqlhbf\f_kl_lh^_eZlv"M
h^gbodhfiZjZlb\gZywlbfheh]bym^jm]boELIgZdZdhfyaud_]h\hjblv"?keblml\hg
\R\_cpZjbb^_fhdjZlbyklukyqZklh^_\yghklh]h]h^ZZmgZkijb`b\hfihdhe_gbbgZdhjh\Zo
iZoZeb]^_fu]^_hgb"Dm^Ze_a_f"GZ^hfbgbfmfljbklZe_lkb^_lvlbohg_juiZlvky
fbgbfmf
Ghg_ldZd`_MgZk[eZ]hjh^gh_g_]h^h\Zgb_Zo\k_ex^bjZ\gu:onZrbafGm^h[bebkv
kehfZebkehfZebZiZjl_b^j_amevlZl"J_amevlZlqlh\X:JgZkbemxl\hkvfbf_kyqguog_
\hkvfbe_lgboih^qzjdb\ZxZ\hkvfbf_kyqguo^_\hq_dr_klbf_kyqguobwlhg_qlhlhba
jy^Z\hg\uoh^ys__wlhjZkijhkljZgzggh_ij_klmie_gb_badheykdbdjZ^ml[_euofeZ^_gp_\
�aZq_fagZ_l_"AgZ_l_"?keblubagZkbeh\Ze[_emx^_\kl\_ggbpmlhlu\ua^hjh\__rvhlKIBZ
�:KIBhf[hevgZ_k_kghlj_lvqzjgh]hgZk_e_gbyIhwlhfmlZfqlhbagZkbeh\Zgb_qlh
m[bckl\hihhdhgph\d_h^ghblh`_FZrbgug_hklZgZ\eb\ZxlkygZdjZkguck\_lihlhfmqlh
_kebluhklZgh\brvkyl_[ye_]q_m[blvB[hevr_\k_ojZamf__lkym[b\Zxlg_[_euoZj_`ml
g_]ju^jm]^jm]Zlh_klvk_[_lhhgb\j_^ylom`_:dlh\bgh\Zl"Xghrbbgl_eeb]_glgu_
JZ\_gkl\ZaZohl_eb"Ijh]gmebkv"GZl_
Ihcfbl_g_evaybf^Z\Zlvgbq_]hWlhjueZlmiu_wlh`b\hlgu_bfg_kljhblvbflhevdh
ehfZlvjZafgh`Zlvkyb]Z^blvb]Z^blv
Ihih\h^mjZafgh`ZlvkykdZaZeN_^ylboh\ukZfbpblbjh\ZebklZlbklbdmqlhjmkkdbc
gZjh^gZh[hjhl\ufbjZ_l
BohjhrhBij_djZkghQ_ff_gvr_jmkkdbol_ff_gvr_ijh[e_f
Nz^hj\ua^_kvbkb^bl_\ua^_kvb\p_ibl_kva^_kvbah\k_okbe^_j`bl_kvgZc^bl_k_[_
�jZ[hlmghjfZevgmxhklh_\kdh]h\udbgvl_\fmkhjgh_\_^jh\Jhkkbb[hevr_g_lgbq_]h\kz
k]gbeh\kzmf_jehJmkkdmx^mrm"Imklv\Zrbijhn_kkhjZbsmljmkkdmx^mrm\jmkkdhc
�ebl_jZlmj_\Jhkkbbg_ljmkkdhc^mrbBgbdZdhc^mrbg_lmrZa^_kv]^_ghjfZevgu_ex^b
\uh[_jgbl_kv\hdjm]ihkfhljbl_\ugZghjfZevguoex^_cdZd`b\mlghjfZevgu_ex^b
Wlh\g_rg__kdZaZeN_^yWlha_fgh_pZjkl\h
G_llhqghikbohabamfbeky;_ey\kdbcGZ^h`_lZdba\jZlblv\kzDlhkdZaZe\Zfqlh\
a_fghfpZjkl\_g_evayihq_eh\_q_kdb`blv"DlhkdZaZeqlhgZ^h`blv\a_fghfpZjkl\_ih
kdhlkdb"Qlh`_qbklu_\_`eb\u_bihjy^hqgu_bhl\_lkl\_ggu_wlhagZqbla_fgh_
pZjkl\hZivygvbkjZgvg_[_kgh_qlheblZd"Lh]^Zg_gZ^hg_[_kgh]hgbdZdh]hY\Zf
]h\hjxfh`_l_khh[sblvihbgklZgpbbpZjkl\Zg_[_kgh]hfg_g_gZ^hBgbdZdh]hg_gZ^h
:qlhdhfm`Zedhg_`Zedhldgme;_ey\kdbc\EzexaZihfgbl_dh]^Z`Zedhlh
hq_gvfgh]h[u\Z_ldjh\b:qlh[ug_[uehdjh\bgZ^hg_`ZedhZkl_gm[_lhggmxdhexqmx
ijh\hehdmblhdbh\qZjhdb`^ZlvljbklZe_l
�eyf_gyaZdhgq_gwlhljZa]h\hj\kz
Kwlbfbkeh\Zfb;_ey\kdbc\klZek]jz[imklu_[mluedbbaih^DjbklZeviZb\ur\ujgmek
]jhohlhf\f_lZeebq_kdh_\_^jh
;;JZkkdZaieh\pZih^\h^gbdZ
]h\hjbl]jhfdhkih^tzfhf\fDZdkiZkZl_evieh\_pih^\h^gbdyagZxr_klvk_fvfbgmlb
jZaeZ]Zxlkyde_lhqdb]heh\gh]hfha]ZAgZqblh[yaZl_evghgZ^h^Zlv\hlmf_gy\k_]^Z_klvy
J_deZfbjmxl\kzqlhm]h^ghZ\lZ[e_ldZogbq_]hg_lKZfZy^_ckl\_ggZyrlmdZ\uagZ_l_qlh
wlh"Wlhlh`_iq_ehijh^mdluM^b\bl_evgh_kha^Zgb_hllZdh]hjZaf_jZZe_qblg_lhqlh
hl^_evgu_maeup_eu_Z]j_]ZluYbf_x\\b^mhj]Zgubhj]Zgbaf\p_ehf
jZ^hklgh\fb^bl_ylml\kz\kz\kzgZibkZeGZoh`mkv\]bih]ebd_fbb\jZqwg^hdjbgheh]dlh
f_gy\_^zlwlhfhy^hqdZ_zjZ[hqbcl_e_nhgkhlh\ucB^ey\k_oyih^qzjdb\Zx]bih]ebd_fby
wlhdh]^Zgb`_g_ljbbljbiylvbiylvdZdma^hjh\h]hq_eh\_dZZ^\Zbk_fv^\Zb^\ZY
h[sZxkvk\jZqZfblhevdhijbihfhsbbaf_j_gbc\u\b^bl_dq_fmwlhijb\_eh"Ijb\_ehd
^bkpbiebg_bdkZfhdhgljhexYihom^_egZ^\Z^pZlvq_luj_y_fmlZfgZibkZedbeh]jZffZy
oh^be\gbab\a\_rb\ZekyF_klgu_Z[hjb]_gu[uebihjZ`_guihq_fm"Mf_gygZdjh\Zld_e_`bl
\hllZdhcdmkhdp_ibFZkkZ`zjgZgblhqdZoj\zlkyHgj\zlky:p_ivwlhagZ_l_ebih
fm`kdbHgbk\b^_l_ebKwlhcp_ibfh`ghgZqZlv^jm]mxebqgmx`bagvyh[jZagh]h\hjx
klhj`_kl\hf\fMf_gyg_lZedh]hevghcaZ\bkbfhklbF_klguoZ[hjb]_gh\yihjZabel_fqlh[jhkbe
dmjblvY`b\mihfhjZebihq_klbihkh\_klbihaZih\_^yf=hkih^Z;h]Zih^_ldZfIhjnbjby
B\Zgh\ZukeurZebijhlZdh]h"Wlhfm`qbgZk_^hcdhlhjucoh^be\ljmkZoYdh]^ZijhqblZe
�wgpbdehi_^bx_]h_ldby[ueihjZ`zgIhq_fm"Ihlhfmqlh\hi_j\uog_iexckyg_
kd\_jghkeh\vjh^bl_e_cihqblZcdZdiheh`_ghabfhcg_[hcky\uclbgZfbgmldmgZkg_`hd
[hkufbgh`dZfbfZlvkujZa_feyl_[_[he_agbg_^ZklHgZmdj_ibll\hc^mobmdj_ibl
nbabq_kdh_l_ehIhklbkvg_dZ`^uc^_gvdmrZchl]heh^Zlug_mfjzrvghlu[m^_rvkqZkleb\
qlhlu[ebahd^mohfd=hkih^m;h]m
�Y\Zkg_fgh`_qdhhl\e_dZxbkihevamy\Zrm[m^_flZd]h\hjblv^h[jh`_eZl_evghklvZ^Z^Z
\b^bl_"wlhfhcfZraZ\h^]hjh^ZWe_dljhklZev^_\yghklhe_lkeZ\guoljZ^bpbcneZ]fZgZlhfghc
ijhfure_gghklbJhkkbbb^bl_yibrmYmf_xex[blvbijhsZlvAZ\h^wlhijhfiehsZ^dZ
a^_kvg_h[oh^bfhkljh`Zcr__kh[ex^_gb_ijhba\h^kl\_gguohlghr_gbckm[hj^bgZpby:lhfguc
neZ]fZglZd^Ze__lhfmih^h[gh_\uijhklbl_f_gy kf_zlkyhljZ^hklb\fyiju]ZxdZdaZypm
f_gyklhevdh\i_qZle_gbc
Yohl_e[ulv\jZqhfZklZeke_kZj_fK^_lkl\Z\=hjvdhfohl_e[ulv\jZqhfYaZdhgqbe
ih^]hlh\bl_evgu_dmjkuihke_kf_jlbiZiu\iylv^_kyliylve_lmoh^blvba`bagbjZgh
Iylv^_kylr_klvwlhfhc^_^wlhjZgh
�jm]hcih]b[gZnjhgl_\khjhdljbwlhm`Zkgh
YagZxqlhK_q_gh\IZ\eh\gZrbk\_lbeZkdZaZebq_eh\_q_kdbchj]ZgbafjZkkqblZggZ`bagv
[he__klZiylb^_kylbe_lB_kebq_eh\_dmoh^blbkihegbehkv_fmiylv^_kyle_l^himklbf
iylv^_kyliylvZ_]hg_kmlgZih]hklwlhg_ijZ\bevgZy`bagv@b\bihaZih\_^yf=hkih^Z;h]Z
g_i_cg_dmjbg_oh^bgZihfhcdmdmiZlvkywlhygZau\ZxlZd\h^hzfIhlhfmqlhijboh^yl\u
agZ_l_lZfbdmjylbivxlb[jhkZxl]jyavhlygZau\ZxwlhihfhcdmHdmjdb[mfZ`db
gZivxlky^jygb\Zeyxlkyihlhfijboh^blky\uau\Zlvfbebpbxqlh[u_]hhlijZ\blvlm^Z\
\ulj_a\bl_evF_gydZd^bZ[_lbdZih\_aeb\\ulj_a\bl_evHrb[dZGZ^hkfhlj_lvih]eZaZfY
kfhljxih]eZaZffh`gh\_jgmlvq_eh\_dZd`bagbbebg_evayhly\b`mfm`qbgZijbebqgh
h^_luc_]hg_kimlZ_rvdZd]h\hjylkkbgydhfg_Zedh]hebdg_ivygbpZg_[_a^hfguc
e_`blYgZ]gmekykfhljxmoh^bl`bagvbag_]h=eZaZlmkdg_xlaZdZlu\Zxlky[e_^ghklvgm
hkgh\gu_ijbagZdbY]h\hjx_kebml_[y^bZ[_lfhj]gbHg]eZadZfbjZaDZdkiZkZl_ev
ihlZ[ebpZfy\ZfihdZau\Zxwlhhq_gvhiZkghWlhlj_[m_lagZgbydZd[hjhlvkyl_ji_gby
hiulZ\_ju\mki_o
Ih^h`^bl_y\ZfihdZ`mhlygZibkZegZqZevgbdmp_oZh[tykgbl_evgZyhlr_klh]hq_l\zjlh]h
^_\yghklhq_l\zjlh]h]h^ZEbohf_gyijb^Z\behih`bagbl_jiexg_dZ`^hfmlZdh_ih^kbem
JZ[hlZygZk^_evghij_fbZevghchieZl_ljm^Zyfh]k\h[h^ghmi_j_\rbkvaZdhehlblvih
gZjy^ZflZdmx\hlkmffmIhqlbiylvkhliylv^_kylq_luj_lukyqbwlhlh]^Z[uebhq_gv
[hevrb_^_gv]bGhihke_mgbabl_evgh]hi_j_oh^ZgZih\j_f_ggmxhieZlmljm^Z\wlhff_kyp_y
g_aZjZ[hlZe^_\ylvkiheh\bghclukyqJZagbpZ[hevrZy^Z"FhxaZjieZlmihemqZ_l^hqv
ih]ZrZykkm^m]jZ[bl_ex[Zgdm^_\ylgZ^pZlvijhp_glh\]h^h\uoFg_ih^kdZaZebmfgu_ex^b
fZdkbfmfk_fv\hk_fvijhp_glh\dh]^Zb\hedbp_eubh\pukuluYh[yaZgkh[ex^Zlv
kljh`Zcrmx^bkpbiebgm^b_lm^bZ[_lg_ijbylgZyrlmdZY^he`_gghkblvk\_leu_ghkdb
�ihq_fm"eyk[_j_`_gbya^hjh\vygh]qzjguoghkdZofh`gh]h^oh^blvbg_\b^_lvdZdk]gbeb
l\hbgh]bGZrb\jZqbybf_x\\b^mk\hbg_fh]eb\ue_qblv]Zg]j_gmljhnbq_kdmxya\m
Ykfh]y^hdZaZe\wlhcdebgbd_K_cqZkhljZajZ[hldZfhjyqdh\dhlhju_ih^\h^hcljm^ylky
gZau\Z_lky[bhklbfmeylhjKfhljbl_\hllZdhgjZ[hlZ_lb^bl_dZdyoh`m"Y^he`_g[ulv[_a
gh][_ah[_bo:fimlZpby[ueZi_j\h]hZij_ey^\_lukyqb\hkvfh]h]h^ZZlj_lv_]hmf_gy^_gv
&#xhl;&#xhy;&#x[;&#xeZ;&#x]h;&#x^Z;&#xjg;&#xhk;&#xlv;&#x;&#xqb;&#xlZ;&#xcl;&#x_;&#xQ;&#xbl;&#xZc;&#xl_;&#x;
&#xhe;&#xe_;&#xdl;&#xm;&#xH=;&#xO00;jh`^_gbyWlmgh]mkiZkebfg_hlfhy[eZ]h^ZjghklvqblZcl_QblZcl_Dhee_dlb\mH=O@
�cD;@ih^jmdh\h^kl\hfdfgRiheygkdh]hFboZbeZAbgh\v_\bqZgbadbcihdehg\ZfaZ
ijhn_kkbhgZebafq_eh\_q_kdh_hlghr_gb_kqZklvy\Zf[eZ]hihemqbyb\k_o[eZ]Km\Z`_gb_f
Imaujz\We_dljhklZevFhy[eZ]h^Zjghklv:wlhih^Zjhdfhcdhee_dlb\mklhbl\dZ[bg_l_
FboZbeZAbgh\vbqZJu[Z\jZq]ZjZjmnnZJu[Zobjmj]BadZrlZgZ\kzk^_eZghbadZrlZgZ
Oh[[bMf_gy_klv\k_ju[udhlhju__klvgZa_fe_:dmeZgygvdZZdmeZfZdhZdmeZiq_eZ
\h[[_]hg]]b]_glmjZMqzgu_ijboh^bebdhfg_qlh[uk^_eZlvdhee_dpbxgZ^h\uj_aZlvlh`_
dhlhju_`bebiylvkhlfbeebhgh\e_lljbeh[bluIhlhfgZ^h\uj_aZlvohj^h\u_ljbklZ
fbeebhgh\gZaZ^Ihlhfhd_Zgkdb_fhjkdb_j_qgu_ih]em[bg_bijhfukeh\u_gZrbMf_gy
dgb]bY\uj_aZek_fvljbeh[blh\H^bgk_cqZkqzjguchklZekyIhq_fm"Ihlhfmqlhygbdhfmg_
hldZau\Zxgbdh]^ZklZjZxkvk^_eZlv[ukljhdjZkb\hb^zr_\h[_jmlhevdhlhqlhihljZlbekZfAZ
jZ[hlm[_jmkmsbcfba_jFh]meby\aylv^_gv]bk`_gsbgudhlhjZyh^gZ[_afm`Z\hkiblu\Z_l
ljzo^hq_j_cfeZ^rZydghidZk_fve_l\lhjhcdeZkk"G_ldhg_qgh kf_zlky\f
kz\kz^he]h\j_f_gbg_lWlhebqgucj_dhj^q_lujgZ^pZlvkiheh\bghcfbgmlJu[Zgh`
ju[hgh`dZDmag_puj_[ylZjZ[hlZxlkjZkdZezgguff_lZeehfwlhhq_gvbhq_gv\Z`gh^ey
Zlhfghcijhfure_gghklbDmagyijhkihjbeZfg_\_^jhdhgvydZyg_\ayeGhklhedgmlvky
ijbrehkvk[xjhdjZlb_cFg_kdZaZebuibr_l_aZy\e_gb_baZ\ljZ\ZkgZjZ[hq_ff_kl_g_
[m^_l
hlfhchl\_lK\hbfoh[[byaZgbfZxkv\ebqgh_\j_fyH[_^j_]eZf_glbjh\Zggu_i_j_ju\ug_
\dexqZyh[hjm^h\Zgb_bkihevamyfhehlhdbhklj_crb_keh\gh[jbl\Zgh`bKf_dZedZb
hljZ[hlZggZyl_ogheh]bydhlhjmxgbdh]^Zg_evaygZjmrZlvGbq_]hihklu^gh]hyg_^_eZx\kz
ihdmiZyaZebqguckqzl\fZ]ZabgZobkihevamxlZd`_hloh^uhlijhba\h^kl\Zdhlhju_b^mlgZ
\u[jhkZe_jbc;h]^Zgh\bq\Zr_ijZ\hdZdihklmiblv\^ZgghfkemqZ_Y\kzihgbfZxdZd
^he`gh[ulvKm\Z`_gb_fImaujz\Zij_ey]h^WlhylZdh[sZekykgZqZevgbdhfp_oZ
ih^gyebfg_^Z\e_gb_^h^\_klb^_kylvgZklhiylgZ^pZlv\hla^_kv\kzaZibkZghFg_[uehiehoh
k_j^_qdhjZ[hlZehq_j_ajZablh]_\j_f_gghhk\h[h^bebL_i_jv\gbfZgb_yaZgbfZxkv
k_dj_lgufbjZajZ[hldZfbuaZibku\Z_l_ghmqlbl_qlhwlhkhljzlky;ZjhdZf_jZi_j\uc\b^
ha^hjh\e_gbyq_eh\_q_kdh]hhj]ZgbafZlhjhcf_^bpbgkdZyiby\dZFbgmlm
k]hjyqghklvx\fKeurZeblZdhc]hjh^;ZeZrboZ"u_a`Z_rvba]hjh^Z@_e_agh^hjh`gh]h
Z\lh[mk^\Z^pZlv^_\ylucljbklZljb^pZlvq_l\zjlucihfh_fm^hk_cqZkkdZ`m^hq_j_a
ljm[mLZfhklZgh\dZwlZImqbghfugZau\ZebImqbgZih^ihehlghfljm[Zboh^ylZ\lh[mku
ijh_a`Z_rvb_^_rv^hhklZgh\dbHgdheh]bq_kdZy[hevgbpZFhkdh\kdZyh[eZklgZy
debgbq_kdZyhgdheh]bq_kdZy[hevgbpZIhlhfmqlh^bZ]ghajZdfhehqghc`_e_auwlhfhy`_gZ
Ex[hqdZIj_^klZ\ey_l_k_[_dZdZyljZ\fZHklZ\rbkv^hfZk^\mfy^_lvfbKugb^hqvHl
ex[bfhc`_gsbgulhevdhex[bfu_^_lbKm[[hlm\hkdj_k_gv_gZdjmqb\Zxkmfdm[_jmj_[ylbr_d
&#xu;&#xag;&#xZ_;&#xl_;&#x;&#xwl;&#xh;&#xjZ;&#x^h;&#xkl;&#xv;&#xw;&#xlh;&#xi;&#xh^;&#x^_;&#xj`;&#xdZ;&#xh;&#x]j;&#xhf;&#xgZ;&#xy;�b_^m \hklhj`_ggh\fuagZ_l_wlhjZ^hklvwlhih^^_j`dZh]jhfgZy_lbqbkl_gvdb_
gZdhjfe_ggu_fZfmm\b^_ebFZfhqdZgmlukdhjhijb_^_rv"GZfkdmqghh^gbf[_al_[yDZd
KZrZlumqbrvkyDkxrdZ"Bfm`lj_a\ucg_aZ]meyeWlhh]jhfgZyfhjZevgZyih^^_j`dZ
YijhklhihdZau\Zxb\ukjZamb^zl_Kfhljbl_kugIh]jZ`^Zgkdhcki_pbZevghklbih\ZjIh
�\h_gghcf_oZgbd\h^bl_ev;FI@i_j\ZyQ_qgy^_\yghklhiyluc^_\yghklhr_klhc]h^gb
h^ghcpZjZibguIh]b[\fbjgh_\j_fyAZ\bklgbdbhljZ\bebIhwlhfmy\dhgnebdl_kfbebpb_c
HklZeZkvmf_gyhlk_fvbh^gZDkxr_gvdZIjbhlp_ivygbp_aZdhgqbeZihebl_ogbdmf[momqzl
Zm^blkdjZkguf^biehfhfJZ[hlZ_lgZr_klhfwlZ`_hkgh\gu_nhg^uhl_c^_\ylve_lhgZ
�jh^beZkv\_gvih]jZgpZI_j\ucjZadh]^Zg_hlf_lbeb_c^_gvjh`^_gbyIjhklh\hllZd
ih^hrebbk^_eZeb qfhdZ_l\fDkxrdZK_cqZk_c^\Z^pZlvk_fv[m^_lhlm`_kdhevdhhgZ[_a
fZfuEx[hqdZjZdfhehqghc`_e_auhgZijh`beZg_fgh`dhWlh[uehr_klh]hZij_ey
^_\yghklh]h]h^ZZ\lhjh]hbxey^_\yghklh\lhjh]h]h^ZmreZba`bagbY[ueg_kh]eZk_gk
\jZqZfbyklZehkiZjb\Zlvboe_q_gb_yg_hq_gvkeZ^dhkdZaZee_qZs_fm\jZqmEx^fbeZ
He_]h\gZJu[bgZ[ueZ:ihlhfhgZbaf_gbeZnZfbebxklZeZHdmeh\Z
hq_gv]jhfdhihqlbdjbqbl\fIh^h`^bl_\uagZ_l_a^_kv_klvojZfh\ZydhfgZlZgZ\lhjhfwlZ`_
k_]h^gyy[uelZfyihemqbeohjhrmxbgnhjfZpbxY\k_oijhklbewlhh]jhfg_crZyih[_^ZgZ^
ebqghklvxYhq_gvijhrmijhs_gbyhlhc^bl_g_fgh`dhFu^_eZ_flZdhlFh`ghgb`_
Y\ZfihdehgbekyIjhklbl_aZlhqlhy\ZkaZ]h\hjbeibrbl_\kzqlhm]h^ghy[m^mjZ^
Lhevdh\hlihkfhljbl_ ebdmy\fY\Zfg_ihdZau\ZemgbdZevgu_i_i_evgZyZdmeZZdmeZkehghl
ZdmeZ[ZgdbjhgZk\_lblkyKfhljbl_lhevdhDmjv_j]Za_lZ\b^bl_gZibkZebk_cqZk
&#xhl;&#x;�&#xhl;&#x;�gZ^_\yghklhckljZgbp_hlZevr_\b^bl_" \mih_gbb\f_j_\yggZykdZadZ\kzijhf_gy
Ju[ZklheWlh\u\b^_ebWlh^_j_\hfg_ih^ZjbebkDZ\dZaZlZdh_\_kze_gvdh_K_cqZk
k_cqZkY\uah\m\Zkhl\_amlFbgmlmH^gmfbgmlmy\Zfg_kdZaZekdZdhcp_evxkx^Z
ihklmibeukeurZeblZdh_keh\hj_]_g_jZpby"Wlh\hkklZgh\e_gb_fur_qguoldZg_cb
dhklguoldZg_cgZfbdjhde_lhqghfmjh\g_?keb\gZkaZeh`_gh\hllZdmxeZidmbf_lvhgZ
�[m^_l?kebmf_gyg_lgh]bagZqbla^_kv\ihemrZjbbdZdhclhhj]ZggZmjh\g_GD
aZ[ehdbjh\Zg?]hjZa[ehdbjh\Zlvblh]^Z\ujZkl_lDZdmys_jdbo\hklbdYgZ^wlbfjZ[hlZx
dZ`^uc^_gvYjZ^dZ`^hfm^gxdZ`^hcfmo_dZ`^hfmemqbdmkhegpZ:Dhjhez\wlh\hh[s_
m^b\bl_evguc]hjh^ZfgZ^hih]h\hjblva^_kvkex^vfbWlhagZ_l_ijhklh^jm]ZyJhkkby
Lj_lbc^_gv hdhgqZgb_\f
,Ebrgbc
kiehrghflmfZg_kfmlghfZyqbeZfZqlZkh[\bkrbfr\_cpZjkdbfneZ]hfAZg_c_e__e_
m]Z^u\Zekydhglmj[eb`Zcr_]h^hfZ
WjbdkZfhebqgh\gzk[ex^hk^ufys_cky[ZjZgv_cey`dhc:ggZ\lygmeZghkhfbgZm^b\e_gb_
ijb\_leb\hkijhkbeZ
JhafZjbg"
�5RPDULQVDQVDXFXQGRXWH@iuedhih^l\_j^beWjbd
RZen_c"ijh^he`beZ:ggZbq_]hNz^hjjZgvr_aZg_xg_aZf_qZeihfh]eZWjbdm
i_j_klZ\blvlZj_edbhk\h[h`^Zyf_klh^ey[ex^Zk[ZjZgbghc
�fbljbck_\heh^h\bqkhl\jZs_gb_fihkfhlj_egZ]hjm[e_klys_]hbrd\hjqZs_]hfykZ
�JZkk_ebkv^Zfuebphfdhdgmfbljbck_\heh^h\bqbNz^hjkibghc:ggZgZijhlb\fm`Z
EzeygZijhlb\Nz^hjZF_`^m;_ey\kdbfbNz^hjhfbkhhl\_lkl\_gghf_`^m:gghcbEze_c
hdZaZehkvihh^ghfmk\h[h^ghfmklmem
:ggZeh\dhhjm^h\ZeZgh`hfgZj_aZyk_[_ihqlbijhajZqgu_ehflbdbNz^hj\gh\vih^b\bekydZd
x\_ebjghhgZkihfhsvxf_edbogZi_j\uc\a]ey^qbklh\g_rgbo^_ckl\bcmf_eZf_gylv
kblmZpbxlZdkdjbiZq\bjlmhabkihegy_lkeh`g_crmxiZjlbxihqlbg_i_j_^\b]ZyiZevpuih
]jbnmbeb[hj_p\aZo\Zl_^_eZ_lfZe_gvdh_^\b`_gb_Zkhi_jgbdm`_klmqblihihemeZ^hgvx
Hlky^v:ggZ^Zevr_q_j_a^\ZklmeZwlh\u]ey^_eh[u\uau\Zxs_^_fhgkljZlb\gh:k_cqZk
\k_hklZ\ZebkvdZd[m^lh\_^bghfijhkljZgkl\_ghqlh[uh[jZlblvkydkhk_^mbebdkhk_^d_ih
^bZ]hgZeblj_[h\Zehkvij_h^he_lv^hihegbl_evgh_jZkklhygb_qmlvqmlvih\ukblv]hehkDZdh_
[ulhgb[uehijb\Zlgh_h[s_gb_djhf_dZdk\baZ\bhdZau\Zehkvbkdexq_gh
;_ey\kdbcgZebek_[_ba]jZnbgqbdZ jmdb_]hijbwlhfih^jZ]b\Zeb\f\uibegZebe_szrezigme
gZlZj_edmrfZl[ZjZgbguklZem]jxfh`_\Zlv
Nz^hj\b^_ek[hdmdZd^\b]Z_lky_]hmoh\h\j_fy`_\ZgbydZdehkgblkyebph
�Bevya\hgbe[mjdgmek_[_ih^ghkfbljbck_\heh^h\bqgbgZdh]hg_]ey^y`my
EZa_[guc"aZbgl_j_kh\ZeZkv:ggZ
M]fbaDhjlbgu
N_^yih^mfZeqlh_kebk_cqZkhgih^gbf_lkybmc^zllhhgbgZg_]hbg_\a]eygml
�WjbdOhaybgmaZ]eygm\r_fmihkfhlj_lv\kzeb\ihjy^d_fbljbck_\heh^h\bqmdZaZegZ
�imklhc]jZnbgqbdJ_ibl@
GZklZju_^jh``b"fy]dhmdhjbeZ:ggZ
GhjfZevghjfZevhlfZogmeky;_ey\kdbcgZdeZ^u\Zyk_[__szfykZkdZjlhrdhc
Ih^h`^b[ue`_ijyfhcih_a^baGbppu"
AZ[m^vKdmibebaZ^\_fbgmluEx^bj_Zevgu_^_gv]b^_eZxl
Kmijm]b;_ey\kdb_]h\hjbebh^gh\j_f_gghh^\mo\_sZoHlhfdZdbfljZgkihjlhfhgbfh]eb[u
\_jgmlvky\Jhkkbx \k_Zwjhihjluihij_`g_fm[uebaZdjulubaaZ\medZgZ\fbhg_dh_fh[s_f
agZdhfhfb`_gsbg_kdhlhjhclhl\klj_lbe\BlZebbgh\uc]h^
��ZihfgbrvluwlmHev]mm[_`^Zefbljbck_\heh^h\bqZgZs_dZomg_]hjZkp\_lZeb
lzfghdjZkgu_iylgZF_qlZxghklb
Ih_oZeZkgbf\Dhjlbgm^Z\beky;_ey\kdbc\hl\_lg_^_exaZdZlu\ZeZljZ]_^bbhg
iexgme\u]gZegZnb]_zH[jZlghdfm`m
wlhlfhf_glmg_]haZa\hgbekhlh\ucl_e_nhgAZ]h\hjb\;_ey\kdbc\Z`ghgZofmjbekydZd[u
\_kvih]jmabeky\a\mqZs__\ljm[d_bih^gyeiZe_pihdZau\Zyg_f_rZlv
Nz^hjf_evdhf\a]eygmegZ:ggmbhklZgh\beky_]hihjZabeh_zebphHgZkfhlj_eZgZfm`Zk
lj_\h]hcg_`ghklvxbkhkljZ^Zgb_fF_`^m[jh\yfbijhe_]eZ]em[hdZykdeZ^dZN_^yg_\_jy
k\hbf]eZaZfihkfhlj_egZ;_ey\kdh]hgZ_]hehkgysbckyeh[lheklucghkkdjmigufbihjZfb
bh[jZlghgZ:ggm
�AZdhgqb\jZa]h\hjfbljbck_\heh^h\bqs_eqdhfkeh`bel_e_nhgb\lh`_f]gh\_gb_kdeZ^dZ
f_`^m[jh\yfbjZa]eZ^beZkvbebph:gguijbgyehij_`g__ez]dh_bijhoeZ^gh_\ujZ`_gb_
HldjuebKhnbxkdZaZe;_ey\kdbcagZqbl_evghkzgZ^ha\hgblvQ_jghk\blh\mHg
^h`_\Zehl\ZebekygZkibgdmklmeZ^urZK_cqZkK_cqZkihc^m
?keb[m^_lebrgbc[be_lbd\Zf\aylv"\^jm]h[jZlbeZkv:ggZdEze_meu[gm\rbkvdZd
ihdZaZehkvNz^hjmba^_\Zl_evkdb
Hlq_]hg_\aylvhl\_lbeZEzey\lhg_kebebrgbc
I_j\Zy`_gsbgZagZ_lqlhgbdh]^Zg_iha\heblkhi_jgbp_k_klvk_zfm`_f\h^bgkZfhezl
�ih^mfZeN_^yjm]Zy`_gsbgZemqr_mfjzlq_f\hkihevam_lkyij_^eh`_gb_fi_j\hcBh[_
^_eZxl\b^
�?fm[uehi_qZevghbh^bghdhZ`_;_ey\kdh]hdlhlhex[be:_]hNz^hjZa^_kvgbdlhg_ex[be
&#xui;&#x_;&#xsz;&#xh;&#x^g;&#xm;&#xjx;h;&#xqd;&#xm;�uib\_szh^gmjxfhqdmfbljbck_\heh^h\bqaZfmjeudZe
Luih]h^bg_ki_rb^Zlvhl\_l@ZevqlhgZk\_l_\k_]hebrv^\Zkeh\Z=eZaZmg_]hijb
wlhf[uebimklu_\k_]hlhevdh^\Zkeh\Z\k_]h^Zbgg_lGmeZ^ghIhdZg_
ijhgxoZebgZ^hkdhj_cKe_]dZihrZlgm\rbkv;_ey\kdbcih^gyekybaaZklheZa\hgblv
GZklhe_hklZeZkvg_jyreb\ZylZj_edZfylu_kdhfdZggu_kZen_ldb
kzijhreh^mfZeN_^ykzdhgqbehkvkz[uehajy
�,,JZkkdZa_e_keurguf]hehkhfbeb7DEXOD5DVD@
;hevr_\k_]hZjfbyfg_aZihfgbeZkv
�Z`_gZkZfhezl_m^Zehkvihe_lZlv
hlkem`be\fhjkdhcZ\bZpbbZfhjyg_\b^_e
Y\ihedmkem`be\rlZ[_Ghq_\Zlvoh^be\[Zah\kdmxdZaZjfm
GZ[Za_gZk^_f[_eyg_gZ\b^_ebihedh\uoba[b\Zeb
Ihlhf[ueh^bglZdhc^_gviylb^_klviylb^_kylb^g_\dZ
Y\i_j\ucjZalhg_ihgyeb^m\klheh\mx\i_j_^b^_f[_eykfhljxhgbdm^Zlh\dmklu
m[_`Zeb
_q_jhfijboh`m\dZaZjfmhgb\dmjbed_kb^ylYaZrzehgbjZa[_`Zebkvf_klhfg_
mklmibeb
Yg_ihcfmq_]hwlhhgbrZjZoZxlky\k_ihdmklZfihm]eZf":fg_]h\hjyllZdk_]h^gy`_
iylb^_kylb^g_\dZWlhijZa^gbdlZdhcmfheh^uodh]^Zfheh^u_klZgh\ylkygZkmldb^_f[_eyfbZ
^_f[_eygZkmldbklZgh\ylky^moZfbLh_klvfheh^u_]hgyxlklZjbdh\aZklZ\eyxlboiheufulv
kdZadbjZkkdZau\ZlvgZghqv
lZdhch^bg^_gvh^gbkmldb
Ihke_wlh]hdhg_qghfheh^u_ijyqmlkym`_^_f[_eylhaeylky
Gmyk_e\dmjbedm]hgylvbogZqZekb]Zj_luqlh[fg_ijbg_klbihkl_evaZijZ\blvhldb^hqdm
qlh[ijbrzem`_djh\ZlvjZkkl_e_gZez]b\kz
Yh^gh]hlZfaZljhgmeZhggbdh]^Zfheh^uog_]hgyeY_]hih^gye]h\hjxB^bfg_djh\Zlv
i_j_kl_ebmf_gyijhklugvihj\ZggZy
Ihke_wlh]hhggZqZe]hgylvfheh^uoF_gy]h\hjblihedh\hcih^gyeghqvxl_i_jvby\Zk
[m^mghqvxih^gbfZlvGmgbq_]hhlkem`bebj_[ylZghjfZevgh
&#xgZ;&#xqZ;&#xe_;&#x`;&#xZe;&#x_e;&#x;&#xql;&#xh;&#xih;&#xiZ;&#xI;&#x_j;&#xu;&#x_;&#xih;];&#xh^;&#xZ;&#x[u;h;&#x;&#xg_;&#xh;&#xq_;&#xgv;&#x;&#xIh;&#xlh;;&#xkf; j; e;&#xky;&#x;gZqZe_`Ze_eqlhihiZeI_j\u_ihe]h^Z[uehg_hq_gvIhlhfkfbjbekyZ`_bgl_j_kghklZeh
Ihke_^\mof_kyp_\ijZ\^ZgZrzekyh^bg]h^hdhgaZf_gyaZklmibekyWlhk\hciZj_gv]h\hjbl
_]hg_ljh]ZlvIhke_wlh]hf_gym`_g_klZebljh]Zlv
GZfwlhl]h^hd]h\hjblQ_]hohlbl_gZkZfhezl_ihe_lZlv"
:yg_e_lZegbjZamfg_bgl_j_kgh
HggZkmqbeK_cqZke_lZlv[m^_l_\ZklhrgblvgZqgzlIhlhfmqlh_]hlhrgbehhg^mfZeqlh
bgZf[m^_liehoh
�he]hq_]hlhgZkg_\uimkdZebihlhf\ae_l_eb
Y\hdhr_qdhlh\beexfbgZlhjwlhlkfhljxGZ\ukhl_iylvlukyqf_ljh\g_[uehh[eZdh\
\gZqZe_Zdh]^Zih\hjZqb\ZlvgZqZeblhihrebh[eZdZbgZ^h[eZdZfbkhegp_hlwlh
djZkb\hIhgjZ\behkv
GZf\klheh\mxijb\habebdjZkgmxju[m=hjyq_]hoheh^gh]hdhiq_gbyhlygbdh]^Zg_ih\_jbe
[uqlh[ufZljhkh\dhjfbeblZd
HgblZfgZeh\yl_zgZdhilylihlhfkk_\_jZijbe_lblkZfhezlih^rZkkbwlmju[m
jZa\_rb\Zxlijh^Zxl
Lhqlhg_ijh^Zebdm^Z^_\Zlv"G_\udb^u\Zlv`_\klheh\mx:klheh\ZymgZkh[sZy
:lZdih^rZkkbjZa\_rb\ZebhllZdZyju[dZkhjhdjm[e_cGmbgh]^ZfZljhkdZdhcgb[m^v
ijhc^zl[_kieZlgh^Z^mlju[dmp_emxGhjfZevghlZd
��hfh_]hdhf_g^ZglZ[ueih^ihedh\gbdh^bgDZdjZaihe]h^ZijhrehdZdhgmf_j_f[_ey_]h
ihfgbebHga^hjh\uc[ue]h\hjyl\k_[_]Zebhlg_]hijylZebkv
=Zjgbahg`_aZdjuluc?^_lfZrbgZBqlh[aZ_oZlvlm^Zlhj]h\Zlvf_rhddZjlhrdb_fm
jZa]jm`ZxlLh]^ZkzaZ_a`ZcGbdh]hijhklhlZdg_ijhimklbl
BnZfbebymg_]h[ueZG_i_cib\hBib\hg_ibehgAZlh\h^dmfgh]hibe:ib\hg_lg_ibe
gbdh]^Z
DhfZg^bj[ue^h[jucmgZkdjbqZlvlh`_ex[beDlhglvh^bggZl\hjblZdjbqblgZ\k_o
k_ogZGh\mxA_fexkhrex
:Gh\ZyA_feyfg_jZkkdZau\Zebfbrdboh^yl;_eu_B\hdjm]fhj_Bgbdm^Zg_^_g_rvky
Fbrdb[_]ZxlfZe_gvdb_ghboljh]Zlvg_evay?kebfZfZmqm_laZiZol\hcijb^zl\k_ehgm
lm^Z]^_kem`ZlgZc^zlIhaZiZomihqm_lG_evayljh]Zlvf_^\_`Zlwlbogb\dh_fkemqZ_
JZkkdZau\ZeijZihjsbd
Hgb[uebgZGh\hcA_fe__oZebgZmZabd_Kgbfbysbdk]mszgdbBlmlfbrdZ[_`blLZf`_
kg_]wlhGZ^hhlg_]hdZdlhm_oZlvhgbk]mszgdhc\g_]hdb^ZlvkyHgkfhljbl[ZgdZ:
[_`ZeIhdZhgb\kxk]mszgdmlhg_ih\udb^u\Zeb
P_eZydhjh[dZ[ueZk]mszgdbijbrehkvhl^Zlv\kzf_^\_^x
;uelh`_kemqZc^_f[_eym\hebebkvm`_^\Zf_kypZkb^yl^hfhcohlylKZfhezlZg_lmbg_lmB
hgbj_rbebihclbgZiZjhfMrebBg_^hreb^hiZjhfZaZfzjaeb\k_
Gmg_evaylZfoh^blvLZfdh]^Zkg_]ihc^zl\hh[s_g_\b^ghlmZe_lihdZgZlmoh^yl
^_j`brvkybihrzeHlimklbe\kzkZf\bgh\ZlLZfeb[hgZl_ogbd_gZdZdhcgb[m^v]mk_gbqghc
ki_pbZevghceb[hgZkZfhezl_lhevdh\u[_j_rvkyhllm^Z
hl_szfg_\ZjfbbqlhaZihfgbehkv
MljhjZgg__[ueh
Lh]^Z_sze_lh[ueh`Zjdh_Y_szfheh^hc[h_p[ueJZghmljhffuijboh^beb\rlZ[m[bjZlvky
Ih^f_klbieZplZf\kzqlh[qbklhlZ[ueZ
B\uoh^bffugZdjuevphihdmjblvklZjrbgZ hgghqv\rlZ[_^_`mjbe\fyb\lhjhcfZljhkkh
fghcLhevdhkhegurdh\klZehgbdh]hg_lm
^jm]]jhohly\hh[s_g_ihgyekgZqZeZq_]haZ]jhohllZdhc:wlh\hllZdhcaZypijyfhk
Zwjh^jhfZ[_`blgZgZkHglZdlhiZ_lkbevghgmihZk\ZevlmbfbfhgZkqmlvk\_jgmebd
]hklbgbp_ih[_`ZeDhnbp_jkdhc]hklbgbp_lZf[ueZBgbdlh^Z`_g_kj_Z]bjh\ZeIhkfhlj_eb
dZdhgih[_`Zeb\kz
YkZjfbb\ur_eih[hevr_[ueq_fk_cqZkK_cqZkym`_dZdlhmf_gvrbeky\kzh[\bkeh
:lZflhygZdZqZeky^hfhcijb_oZe\[_ehciZjZ^ghcnhjf_djZkb\hcF_gykhk_^dZm\b^_eZ
aZohl_eZkhfghcknhlh]jZnbjh\Zlvky
Mf_gy[ueZ^_\mrdZykg_c`be
Mg_zj_[zghdjh^bekyghg_hlf_gyY_]h^\Z]h^Z\hkiblu\Ze
Hgijb[_]ZeiZiZiZiZihlbohgvdmmqbekym`_]h\hjblvFZlv_]h\hh[s_h[h`ZeZ
GhhgZ[ueZwibe_ilbdIhiZeZ\[hevgbpm
J_[zgdZmf_gyaZ[jZeb[Z[mrdZaZ[jZeZlZ[Z[mrdZK^_lkdhcdhfgZlufg_]h\hjylLu_]hg_
mkugh\belu_fmgbdlh
:hgZf_kyp\dhf_ijhe_`ZeZbmf_jeZ
Y^Z`_g_fh]^hfhcijboh^blvy^mfZeijb^myg_\u^_j`mkezauihc^ml
Dh]^ZhgZmf_jeZym_oZehllm^Z
Ijb_oZed^y^vd_\Dhkljhfkdmxh[eZklv:^y^vdZlh`_kugZg_^Z\ghihohjhgbeGmfukgbfb
ihfygmebLZdihfygmebqlh
H[jZlgh^_g_]o\Zlbehlhevdh^hYjhkeZ\ey:kYjhkeZ\eyihrze^hFhkd\ui_rdhf
Gh^hfhcg_^hrzeF_gyfbebpbyaZ]j_[eZaZ]j_f_e\[hevgbpm
GmlZdZy[hevgbpZdlhkZedh]he_flZfmdh]hihke_^kl\by[_ehc]hjyqdbLZfhq_gvfgh]h
LZfihqlb\_kvYjhkeZ\evi_j_e_`Ze
F_gy\u\_ebbakhklhygbyy]h\hjx^Z\Zcl_ykZgblZjhfm\ZkhklZgmkvOhlvaZjZ[hlZlv
g_fgh`dhQlh[^Zevr__oZlvlh
IhjZ[hlZe^\Zf_kypZgZkfhlj_eky
IhgZqZemdh]^Zbolhevdhijb\hayl\hllZdb_[u\ZxlfZe_gvdb_om^_gvdb_ZkbeG_agZx
hldm^Zkbeu[_jmlkyLhebZ^j_gZebgZmgbo\djh\bfgh]hDjmlbf\_jlbfgZ\yadb
j_eZgbmfhfkghl\hjgh_qlh[aZkuiZeb
?kebg_aZkuiZxlhgbkZfbk_[_om`_^_eZxlG_mke_^beqmlvqmlv^zjgmekybgZqbgZ_l\_gZ
\a^m\ZlvkyY[ukljhdZi_evgbpmi_j_dju\Zx\uau\Zxm`_f_^k_kljm
Dlhgb[m^v\uklmiZlvgZqbgZ_l_szijb\yaZggucYk_cqZkhle_`mkvyl_[y]h\hjbl
m[vx
Y]h\hjxGmgbq_]hihkibrvaZ\ljZijb^zrvf_gym[b\ZlvIjb\y`_f_]hihkbevg__qlh[u
g_hl\yaZekyMljhfijboh^bfkfhljbf\jh^_ijbrze\k_[yZ^_d\Zl_gHl\yau\Z_fqlh[uhg\
lmZe_lfh]koh^blvM`_g_ihfgblqlhhg]h\hjbe\q_jZ:^Z`_b_kebihfgblhgg_
ijbagZ_lky
IhlhfmqlhlZdh_gZ]h\hjyllZdh_gZkemrZ_rvkyhlgbo
H^bgkilbqdZfbjZa]h\Zjb\Z_lIlbpu]h\hjblijbe_lZxlbjZa]h\Zjb\Zxlkhfghc
�jm]hc\\_glbeypbxkfhljblbjZa]h\Zjb\Z_llZfkd_flh
Dlh]h\hjblHlj_aZcl_fg_jmdb
AZq_f"
Hg]h\hjblMf_gyqlhlhkjmdZfbiehoh_hlj_`vl_fg_jmdb
DlhlhijhklhhjzlDlhq_]hBgl_j_kghjZ[hlZlv
H^bgiZj_gve_`Ze\hh[s_fheh^hck_fgZ^pZlve_lB\hllh`_lm^ZaZ]j_f_e
Fg_lh[uehm`_^\Z^pZlv^\ZyZjfbxijhrzeZhg_sz^Z`_g_agZeqlhlZdh_Zjfby?sz
g_kh\_jr_gghe_lgbchlwlhf_gym^b\behdhg_qgh
IhemqZ_lkyi_j\ZyiZeZlZh[sZydlhgZ\yadZoIhlhf^\h_ljh_kmlhdhgbgbq_]hg_ihgbfZxldZd
ahf[boh^yl
Ihlhfijboh^yl\k_[ybboi_j_\h^yl\^jm]mxiZeZlm;hevrb_lZdb_iZeZlu
GZ\lhjhfwlZ`_^mjZdbe_`Zeb\hlwlhdhrfZjDgbf\hh[s_ihk_s_gb_^Z`_[uehaZij_s_gh
Wlhfu\urebihrebih]meyebgZfe_]q_
GZijhlb\mgZk[ueh`_gkdh_hl^_e_gb_a^Zgb_^\mowlZ`gh_
Fulm^Z`_gsbgmaZg_kebgZghkbedZoGmlm^ZlhfughjfZevghaZreb
:h[jZlghihrebdZdhgb\k_kiZeZlijb[_`ZebIZj_gvkhfghckZgblZjhg\i_jz^mki_ed
^\_jbZf_gydghkbedZfijb`Zebb\kzBfg_g_\uclbHgbe_`Zlihljbihq_luj_f_kypZ
fm`qbgg_\b^ylGZmebpmg_\uoh^ylgbdlhbog_\uimkdZ_lhgbh^bqZeblZfDZ`^Zymo\Zlblv
ihihljh]Zlvohq_lfm`qbgmdhrfZj
OhjhrhkgZfbklZjZykZgblZjdZ[ueZhgZ^zjgmeZaZghkbedbbf_gygZmebpmaZghkbedbaZwlb
\ulZsbeb:lh\kzaZlhilZeb[u
Y^mfZe[hevr_lm^Zgbdh]^Zg_ihc^m
�F_gymljhf[m^ylZ\Zch^_\Zci_jqZldbihreb
Gmi_jqZldbh^_\Zlvwlhym`_ihgyeqlhlhg_lhAZoh`m\iZeZlmZhglZfm`_gZdjulb
ghkbedbih^dZlZgu
Iheh`beb_]hhlg_keb
_q_jhf_sz\b^_e_]hq_eh\_djZa]h\Zjb\Zedmjblvoh^be\kzi_j_h^_\ZekyEz]bghqvx
mf_j
�GhgZkghqvxg_klZebm`_ih^gbfZlv_]hijhklhgZdjueb\ZqZkZhg^he`_gdZdlhlZf
Yg_agZegZmqbeb
�\Zf_kypZlZfihjZ[hlZe\_jgmekykgh\Z^hfhc
Hl_p[ueijZihjsbdihemqbed\Zjlbjmlml\]hjh^d_MgZkijyfhkdmogbqZklv\b^gh
H^gZ`^uy\hdgh\u]eygmebkeurm\uklj_e
:\_q_jhffg_jZkkdZau\ZxlLZfh^bghlgyemqZkh\h]hZ\lhfZlgZp_ebeky\g_]hSZk
]h\hjblaZklj_ex
�Hg]h\hjblZaZklj_eb
:qZkh\hci_j_^zjgmeaZl\hjbaZ[ue
GmhggZ`ZegZdmjhdbie_qh_fmijhklj_ebeKemqZcghijhklh
Ghgbq_]hiZj_gv\u`be
Km^Zg_[uehgbq_]hg_[ueh
Fu\d\Zjlbj_khlphfZfZlvk_cqZkg_`b\zlkgZfbHgZk^jm]bfq_eh\_dhf`b\zlgZijhlb\
Ijb[_]Z_lgZ\_klblvgZk
=hjh^hdg_[hevrhciylviylbwlZ`guo^hfh\biylv^\mowlZ`guoHklZevgu_\h[s_f[ZjZdb
h^ghwlZ`gu_gZq_luj_d\ZjlbjuB\kzKdmqgh`blvDZd[m^lh\[hehlhihiZebb[hevr_g_
\u[_j_rvkyhllm^ZL_dlhlm^ZihiZ^Z_lemqr_]h\hjylfu[ukx^Zg_ijb_a`Zeb
,,,AZyp
:odZdhgb\wlhf`b\mlg_\_jhylghijh]h\hjbeZ:ggZhaZ[hq_ggh\kfZljb\Zykv\gh]hlv
k\h_]h[_aufyggh]hiZevpZfh`_l[ulvbamqZypZjZibgmbeb^_n_dlhdjZkdb
N_^yihiulZeky^\bgmlvkybihqm\kl\h\Ze lhqg__hkhagZelhqlhqm\kl\h\Zem`_dZdh_lh
\j_fy\fhl^he]h]hg_ih^\b`gh]hkb^_gbygh]ZaZl_deZlZdkbevghqlhhgg_fh]_zi_j_klZ\blvb
^Z`_r_\_evgmlv_xg_fh]
KZfufijZ\bevgufk_cqZk[ueh[ukbevghh[_bfbjmdZfbjZkl_j_lvwlmaZlzdrmxgh]mhl
dhe_gZ^hy]h^bpughhgihkl_kgyekyf_klhwlh]hN_^yiulZykv\u]ey^_lvg_ijbgm`^zggh
dh_dZdi_j_\ZebekygZijZ\mxklhjhgmdj_keZbhi_jrbkvijZ\ufehdl_fgZih^ehdhlgbdgZijy]
e_\mxgh]mqlh[umkbeblvdjh\hh[jZs_gb_IhiulZekygZijyqv;_amki_rgh
HldZfbgZkhehgh\ZlhiZoehoheh^ghckZ`_c
ImklhcdZfbg[uegZklhevdhh]jhf_gqlhljm^gh[uehij_^klZ\blv]hjmihe_gv_\bebkdhj__
[jz\_gkihkh[gmxgZihegblv_]hh]gzf
Dhehkgbdh\Zyj_rzldZbsblmaZ^g_ckl_gdb[uebihoh`_jh\_kgbdZfbkZfh]hdZfbgZdh\Zgu_
bebeblu_ N_^y\wlhfg_jZa[bjZeky\fgZ\_jghqm]mggu_fhsgu_ijhdhiqzggu_AZ^gbcsbl[ue
mdjZr_gdZdbflhmahjhfbeb[Zj_ev_nhf^_lZebl_jyebkvg_jZaebqbfu_\q_jghl_
QzjgufbbfZkkb\gufb[uebsbipudhq_j]Zb\_^jh^eyihe_gv_\
N_^yqm\kl\h\Zek_[ylZdbf`_qzjgufqm]mggufly`zeuf
�Qm\kl\Z\k_]^Z^hoh^bebdg_fmkhiha^Zgb_ffbljbyk_\heh^h\bqZ^Z\ghg_[ueh\dhfgZl_
gh_]hg_ijbyagv_]h[j_a]eb\h_ij_g_[j_`_gb_\kzlZdb^hdZlbebkv^hNz^hjZ
:odZd\\Zr_c]hklbgbp_oheh^gh:ggZihlzjeZjmdbbih^urZeZgZgboJZgvr_\jh^_
g_[uehlZdoheh^gh"N_^y"
G_agZxijh]h\hjbeNz^hj
hh[s_h[_sZebihoheh^Zgb_K_]h^gyghqvxLhevdhfukh[jZebkvm_a`ZlvGZ^_kylv
GZkdhevdh"h`beZEzey
Qmlvg_gZ^_kylv]jZ^mkh\kzijbjh^ZkhreZkmfZhdhgqZl_evgh=h\hjylgZljzolukyqZom`_
gZkuiZebbghjfZevghdZlZxlky
:N_^ykeurZe^jm]h_M_^_fb[hevr_hl_[_g_\kihfgbfFuk_cqZk]h\hjbfhk\hzfZlugZf
[_ajZaebq_gLugbdhfma^_kvg_gm`_gGbdlha^_kvg_ex[bll_[y
N_^yg_nhjfmebjh\Zewlhkeh\Zfbhgih]jm`Zeky\hp_i_g_gb_\[m^ms__h^bghq_kl\h
LhqghlZdh_`_qm\kl\hhgbkiulu\Zedh]^Z_]h[h^jucih^lygmlucohjhrhh^_luchl_p\
Zwjhihjlm]h\hjbehqzflhkdeb_glZfbbebiZjlgzjZfb"hgijb_a`ZeihdZlZlvkygZeu`Zo
h[km^blvbh[^_eZlvdZdb_lhk\hb\Z`gu_^_eZbaZh^ghih\b^Zlvkykh\ajhkeufkughfaZh^gh
ijh^_fhgkljbjh\Zlvk\hbfiZjlgzjZfqlh_]hkugmqblky\r\_cpZjkdhfmgb\_jkbl_l_bdh]^Z
dhjhlZyfbgmlui_j_^h[ty\e_gb_fgZihkZ^dmhl_phqzflhkf_yekykqm`bfbex^vfbNz^hj
^mfZeqlh_kebhgk_cqZkmc^zllhhl_pg_aZf_lbl
WfN_^y"Kh[jZgb_ijh^he`Z_lky"DZdZyl_fZ"
G_agZxih\lhjbeN_^y
Kbeg_[uehR_\_eblvyaudhfg_ohl_ehkvkz[uehajy
kzjZ\ghdZ`^uc]h\hjbeijhk\hzGbdlhg_kemrZe^jm]h]hGbq_]hg_evay[ueh^hdZaZlv
DZ`^uchklZ\Zekykl_fkq_fb[uebagZqZevghkz[uehg_lh
Qlhlhlukdbkkh\k_fN_^_qdZkdZaZeZ:ggZkgZkf_rdhcbdZdihdZaZehkvNz^hjmk
`_gkdhcg_ijbyagvxd_]hkeZ[hklbHg\gh\vh[jZlbe\gbfZgb_gZlhdZdb_mg_zmadb_]m[u
M_a`Zcl_kdhj__ih^mfZeN_^y\hl\_lM_a`Zcl_ZyhklZgmkvh^bgdZdjZgvr_
Gmlh]^ZkdZ`myieZ\ghgZqZeZ:ggZFhzi_j\h_gZ[ex^_gb_@_qdZmreZhlfm`Z
`b\zlk^jm]bfq_eh\_dhfgZijhlb\G_[hkv[_evz\u\_rb\Z_lgZ[ZedhgBaZ[_]Z_li_j\h]h
fmqbdZgZ\_klblvDhle_lgZdjmlblvihklZjhciZfylb
:odZdZy`_\kzlZdbwlZkljZgZg_]b]b_gbqgZyjh^_[hevrZyZ\k_^jm]m^jm]ZgZ]heh\_
Fh`_loheh^gh"@fmlky^jm]d^jm]m"
lhjh_@b\mlfmqbdk`_qdhcBf_xlkugZFZlvmf_jeZfmqbdmj_[zgdZg_hl^Zxl=h\hjylLu
gbdlh
Yk_[_ij_^klZ\eyxih^h[gmxkp_gm\:jf_gbb
H^gZagZdhfZyihke_Zjfygkdh]ha_fe_ljyk_gby\\hk_fv^_kyl\hkvfhf]h^m\ug_fh`_l_
ihfgblvEzey_szg_jh^beZkvZluN_^_qdZ"
Yjh^bekyG_^Z\ghLh_klvg_aZ^he]h
AgZdhfZy_a^beZlm^Z\:jf_gbxki_pbZevghm^hq_jblvj_[zgdZA_fe_ljyk_gb_\KiblZd_
ljb^pZlvlukyqih]b[rboFgh]h^_l_c[_ajh^bl_e_clukyqb^_l_cHgZ_sz^mfZeZk_[_\u[jZlv
�ihkbfiZlbqg___\hqdmIjboh^blZ_ch[tykgyxl gZ^hijbagZlv^h\hevgh\_`eb\h\fqlhfu
\hh[s_lhZjfyg_Fuk\hbo^_l_cqm`bfex^yfg_hl^Zzf
?klve_]_g^ZdZd[m^lh\:jf_gbbg_lgbh^gh]h^_lkdh]h^hfZG_ijZ\^Z_klvG_lhk_fvg_lh
\hk_fvh\k_c:jf_gbbLZf`b\zlh^gZlukyqZq_eh\_dhkgh\ghfkikbobq_kdbfb
aZ[he_\ZgbyfbJhkkbb^\_klblukyq\^_lkdbo^hfZoiexkihefbeebhgZgZmebp_
Ihijh[h\Zeb[u\:jf_gbbg_hl^ZlvkugZFZeqbdZBkdZaZlvfmqbdmLugbdlhHg[ubf
ihdZaZedlhgbdlhZdlhdlh
�^hghkb\rbfkyk\_jomGZ\_jgh_fbljbck_\heh^h\bq]jhfdhjZa]h\Zjb\Zeihl_e_nhgm
@_dbFmqbdbJhkkbyjmkkdbcgZjh^dhgp_dhgph\dZdh_\kzwlhbf__ldhfg_
hlghr_gb_"^mfZeN_^y:fh`_laZ^ZqZ\ijbgpbi_g_\uihegbfZbg_lgbdZdh]hkfukeZ"B
g_q_]hh[km`^ZlvIjhklhjZkkdZau\Zxlex^bhlhfhkzfGZ^hbojZkrbnjh\u\Zlvbg_
fmqblvkyBolZdfgh]hbdZ`^uchqzflhk\hzfG_lgZjh^Z_klvijhklhjZagu_ex^bhl
wlhlgZijbf_jih^mfZeN_^yijhkZfh]hihke_^g_]hjZkkdZaqbdZWlh[uefheh^hcq_eh\_dk
lbobflbobfbkq_aZxs_lbobf]hehkhfdZd[m^lh\Zlgufhlwlhl\Zlgucqlhmg_]hlZf[ueh"
�AZypijh[_`ZeG_i_cib\h_\mrdZaZ[he_eZbmf_jeZM\k_odlhlhaZ[he_em\k_odlhlh
mf_jAZ[he_emf_jAZ[he_emf_j;he_ebmf_jAZq_fwlhgm`gh"QlhwlhagZqbl"
N_^y[ue[_kkbe_g^Z`_ihr_\_eblvgh]hcGZf]gh\_gb__fmihdZaZehkvqlhg_lhevdhgh]Zghb
\_kvhgbh[_kb^ysb_aZklhehf^_\mrdZ`_gsbgZb\kykmfjZqgZy[hevrZydhfgZlZ\kz
hg_f_eh
IhfgbrvN_^_qdZihke_g_ijh^he`bl_evgh]hfheqZgbykdZaZeZ:ggZfu]h\hjbebijh
hlhj\Zlvky"
@_qdZ`b\zlgZa_fe_ijb\yaZggZyda_fe_DhjyqblkyZ^_\Zlvky_cg_dm^Z
:qlhfmqbdb"Qlhhgb\kihfbgZxl\i_j\mxhq_j_^v"Hgb\kihfbgZxlwdkljZ\Z]Zglguc
iju`hdjZaguo\b^ZoIju]gmlv\aZedZdlhlkljbilbazjbaI_j^ygkdZIju]gmlvgZehrZ^b
[md\Zevgh\iZfylbaZi_qZle_gZwlZlhqdZhlju\ZBolyg_liju]gmlv\ae_l_lvHla_febhl
jh^ghcGZfhlhpbde_dZdgb[m^v]ZaZgmlvohlvgZiblvkyMclb\hlju\=eZ\gZy`bag_ggZy
kljZl_]byBwlhlqlh\kihfbgZ_l"Iylvlukyqf_ljh\Emqrbcfhf_gl\`bagbfmqbdZQ_f
^Zevr_hljh^ghcihq\ul_femqr_
:aZyp"\g_aZighkijhkbeZEzey
DZdhcaZyp"mklZ\beZkvgZg_z:ggZIjbqzflmlaZyp"
hlby]h\hjxaZyplmlgbijbqzf
Y\Zkg_ihgbfZxihfhjsbeZkv:ggZZNz^hjbkiulZe^_`Z\x_fmihdZaZehkvqlhwlhl
jZa]h\hjkeh\h\keh\hhgm`_keurZejZgvr_
G_gZ\b`ml_hjbbkdZaZeZEzey?fmihgjZ\behkvgZiylblukyqZoqlhhgkhegp_m\b^_e
HgkdZaZe[uehdjZkb\hBaZyp_fmihgjZ\beky
Lh`_djZkb\uc"kijhkbeZ:ggZya\bl_evgh
G_lIjhklhjZgg__mljhhkh[_gghe_lg__]heh\ZimklZyimklZyb\kzdZd_klv
;_al_hjbcihdb\ZeZ:ggZ
:]ZEzey[m^lhg_h[jZlbeZ\gbfZgbygZkZjdZaf:\kzijhklh\hlyb\hlaZypB\kz
p_ebdhfG_lg_agZxdZdh[tykgblv
Nz^hjmkeurZe[Zkh\uca\mde_lys_]hkZfhezlZg_klhevdhmkeurZekdhevdhihqm\kl\h\ZedZd
wlhlgbadbca\mdgZ^Z\begZhdhggu_klzdeZ
B\lhl`_fhf_glihqm\kl\h\Zeqlh\hf_jl\_\rmxgh]mjZahf\hgabeZkvlukyqZf_edbob]hehq_d
[hevgh^Z`__^\Z\ughkbfh
GmeZ^gh]hem[b:ggZ\klZeZ\uijyfbeZkibgmjZa\_eZie_qbhllZdhlju\Z_rvky
hlju\Z_rvkyZdZd[ugbhlju\Zeky\kzjZ\ghijboh^blky\ha\jZsZlvkyGZlh`_kZfh_
f_klhkdhlhjh]hhlju\Zeky
:ijhnhlh]jZnbx`^mm
B^_j`Zkibgmhq_gvijyfhg_ki_rZgZqZeZih^gbfZlvkyihlheklufiha\Zgb\Zxsbfklmi_gvdZf
,9JZkkdZaijh^_l_c
&#x_k;&#xm;&#x`b;&#xz;;&#xk;&#x_;&#xgZ;&#xk;&#x[j;&#xhk;¾�Qlhe_km`b\zf\k_gZk[jhkbebZ`_dhglhjZm`_\Fhkd\mi_j__oZeZ:dhfmfugm`gulh"
GZkr_klv^hfh\\k_]h
Kdhjh_sz]h\hjylDIIm[_jmlwlh[m^_lm`_\hh[s_yg_agZxoh^bdlhohqrv^_eZcqlh
ohqrvDZd]h\hjblky`bebijbdhffmgbaf_bg_aZf_lbeb
�_lkdbof_gyebrbebdh]^Zhgb_sz\rdhe_mqbebkvGZljbklZjm[e_cmgZkaZjZ[hlhdi_j_\ukbe
wlmdhjabgmlhbebrbeb
B\^_\yghkk_^vfhfdh]^Zfgh]h^_lguf^Z\ZebmqZkldbg_^Zeb:\Zkgbdlhg_ijhkbebo
gZ[bjZlv\kzB\kz
OhlynZdlbq_kdbljh_ijbzfguo^_l_ckZfufbi_j\ufb^he`gu[ueb^ZlvgZ\uk_e_gb_
Ye_qbeZkyyohl_eZ^_l_cZmf_gy[_kieh^b_Ghy\kze_qbeZkyihdZ\BgklblmlfZl_jbbj_[zgdZ
iheh`bebfg_ljb^pZlvk_fv[uehlZfm`_Zljhnbjh\ZebaZe_qbeb
GhohlvmgZk]h\hjylimklurdZZyg_imklurdZQm`bo^Zih^gyeZBbg\Zeb^Zj_[zgdZy
ih^gyeZ
�\hbol_f[he__ijyfhkjh^^hfZ
E_gdmyk_fbf_kyqgmx\ayeZ
Mg_cfZlvfheh^_gvdZyk_fgZ^pZlve_lIjb_oZeZ\Q_oh\dlzld_klm^_gldZ?cbkdmkkl\_ggu_
jh^uk^_eZebqlh[gbdlhg_agZegbq_]hG_^hghr_ggZyjh^beZkv
Hq_j_^gbdbhldZaZebkv\k_GmZydZdm\b^_eZkzfhz
h[_^k[_]ZeZihkfhlj_eZijboh`mgZjZ[hlmb]h\hjxYkaZ\ljZrg_]h^gy\^_dj_lghf
hlimkd_ kf_zlky\f
�_kylv^g_c\jh^^hf_kg_chle_`ZeZhgZgZihedbehihijZ\beZkvmf_gybgZk\uibkZeb
Bgl_j_kgh^Z":Z
FeZ^rmxEZjdmlmfu]h^h\Zemx[jZeb[jhr_gdZhljh^bl_e_cZedZr_cFu\iZeZlmaZreb
hgZkiZeZ=eZaZhldjueZZmg_z\_kvwlhlh[h^hddjjjZkgucKljZrgZcyJmqdZfbaZwlb
i_jbevpZjZajZajZaihlygmeZkv
J_[zgdm]h^hgZg_mf_eZ^Z`_kb^_lvHgZjh`^zggZygZ^hfmgmZedZrbaZ]h^_cgbh^ghc
ijb\b\dbg_k^_eZebqlhlZdh_h^_`^ZhgZg_agZeZbaZ]h^j_[zghdgbjZamg_[uegZmebp_
�Z`_gb`g_c]m[ug_[uehmg_zHgZdmeZdkhkZeZijyfp_ebdhfdmeZdaZiboZ\ZeZb]m[mlm^Z
ijh^Z\beZMjh^[ue
Gmq_]hygZke_^msbc^_gv_zaZ[jZeZihlhfq_j_ag_^_ex]^_lhhnhjfbeZ
hlhgZmgZkbg\Zeb^hfgm]emi_gvdZyhk_fgZ^pZlve_lkdhjhZgbqblZlvgbibkZlvG_
fh`_l^Z`_kdZaZlvkljzojm[e_ckdhevdhfhg_l^\Zbjm[evf_kl_ljbjm[eyhgZagZ_lGh
kdhevdhfhg_lg_fh`_lkhh[jZablv\klmihjb\kz
DjZkb\Zy^_\dZklhk_fv^_kylljbjhklohjhrbcnb]mjZ\kz]hkih^bklZjrZy\hlk_cqZkaZg_c
dhgljhebjm_l
KlZjr_c^\Z^pZlvbkihegbehkv\yg\Zj_j_klhjZgdm^ZlhyihgkdbcmkljhbeZkvijZ\^Z_szg_
ihemqZeZHgZklZjZl_evgZymgZk^_gvbghqv
^Z`__cE_gdhlklZgvij_ju\ZxAgZxqlhgZ^hj_[zgdZ\ukemrZlvkbeg_o\ZlZ_l
�Hgbf_gy\u\_ebh^bgjZaydZdklZeZ]hgylvboZkdhevdhfh`ghm`_ba^_\Zlvky"M\Zkk\hb
jh^bl_eb_klvqzdhfg_ijbe_ibebkv"B^bl_dgbf
�E_gdZfg_Zyemqr_aZ^Z\exkv
Y_cB^b^Z\bkvGZibeZkvjZkr\ujyeZbo
HcfZfdZdZy`lukbevgZy
Hlpm^ZxlhlihjZfg_g_l
F_gyg_[uehIZrdZa\hgblHl_pkE_gdhcjZah^jZeky
HgZdZd_]hrb[ZgmeZZhga^hjh\ucgZ^\_]heh\u\ur_f_gyBkdZaZeZ?keb_szjmdmgZ
f_gy_keblhevdhiZevp_f^hljhg_rvkyyl_[ylmlmjhx
HgZ\hevghc[hjv[hcaZgbfZeZkvIZjgbqlh[u_zmsbigmlvbebqlhm`_agZebg_kwlhcemqr_g_
�k\yau\Zlvkyhihke_^g_]hl_jiblblml`_ijbzf\kzoZgZ
Hoohjhrb_\ujhkeb^_ldbdjZkb\u_ijyfh\k_\uijZ\bebkviZj_gvdjZkb\ucghivzl
FZevqbrdZivzl
hjh\ZlvgZqZeE_gdZ]h\hjblMf_gy\ulZsbemhlpZ\ulZsbeiylvkhljm[e_cMqbebs_
[jhkbe
�B]eZ\gh_hj]Zgbafmg_]hg_ijbgbfZ_ljm]b_lhfh]mliblvb^Z`_ohlv[uqlh:fhcwlhl
hgg_mf__liblvHgkfZehc^hau^Z`_hlib\Zivyg__ldZdgbdZdhc=b[g_liZj_gvlhZ
djZkb\uchcYdZd_]hm\b^_eZ\i_j\ucjZadmdeZGm\hldZdihdZau\Zxlj_deZfmj_[zghd
dmdeZayeZ
BolZf^\h_e_`Zehhlbg\Zeb^hdhgmf_gyjh`^zgguchlbg\Zeb^dbgm\hlp_j_[ujgm
[_agh`gu_gZdheykdZoHgZ\hgbdZdZylZf^Z`_jhkibkvlhaZdhjxqbdb\hldZdEZjZfhy
ibkZlvg_mf__l \a^uoZ_l\fb^ghohjhrbcmgbo[uekZgblZj\k_o[_agh`guo[Z[
hijboh^h\Ze
Gha^hjh\uchh[s_hga^hjh\ucIhlhfmqlhmfZl_jbmg_zjh^h\ZyljZ\fZ[ueZg_
gZke_^kl\_ggZy_zihdZe_qbeblZfijbjh^ZoFg_]eZ\gh_qlh"qlh[j_[zghda^hjh\uc[ue\kz
ljbgZ^pZlve_lq_fibhgh[eZklbih[hjv[_:dZdk_dpbydhgqbeZkv\kzihaZdjuebmgZkb
\kz^_lbaZ[jhr_guklZebihrebihmebp_IhdZ\kZ^lhoh^bebghjfZevgh:ihlhf\rdhem
ihreb\k_h[au\ZlvkyklZeb^_lblhgmZdZd"HijbzfurbijbrebHllhhgb
gZl_ji_ebky
E_gdZdZdlhmE_gdboZjZdl_jihemqr__keb_cqlhlhkdZ`mlhgZkZfZyaudZklZy:\hl
iZj_gvaZfdgmeky\k_[_Hg\Zjfbxohl_ehq_gvohl_eqlh[ohlv\uj\Zlvkykwlh]h
]hjh^dZhgmf_gylj_lbcjZajy^ihiZjZrxlghfmkihjlmZgZdhfbkkbbh[gZjm`bebiehkdhklhib_
Kbevgh_iehkdhklhib_:gbdlh`_gZf\k\hz\j_fyg_ih^kdZaZeqlhfh`gh[ueh_fmbebh[m\v
dZdmxlhihdmiZlvhjlhi_^bq_kdmxFugbq_fg_kfh]eb_fmk^_eZlvB\Zjfbx_]haZjm[bebB
\kziZj_gvaZiberdhem[jhkbe^_\ylucdeZkkmqbebs_[jhkbe\^_dZ[j_f_kyp_g_ihrzeb\kz
�_g_]_fmyfh]mlhevdhgZ^hjh]mZklhiylv^_kyljm[e_clhevdhgZ^hjh]mdZ`^uc^_gvYg_
jZ[hlZxhl_pgZi_gkbbL_e_nhgu_fmdZdb_lhevdhgbihdmiZeZbaZh^bggZ^pZlvlukyqb\kydb_
mg_]hhlkbeuf_kypb\kzFg_lZf^Z`_klZeba\hgblv]h\hjylufheIZrm\lZdhfkhklhygbb
g_hlimkdZcl_:y`\b`mhg\uibelh\hl\k_]hgbq_]hHj]ZgbafagZqblg_ijbgbfZ_lBeb
\u[jZlvkykwlh]he_kZg_dm^Zg_j_ZevghG_agZxqlh^_eZlv
9JZ^m`gZyh[hehqdZ
AZyp
M\b^_ekhegp_djZkb\h
kzp_ebdhf
Qlhlh\wlhfkeurZehkvN_^_qlhlhgZsmiu\ZehkvghfukevmkdhevaZeZ
P_evghklvp_ebdhfFh`_l[ulv^_ehbf_ggh\p_evghklb"?kebdZ`^ucjZkkdZa
p_evguch[jZadZdijblqZfh`_l_]hbg_gZ^hiulZlvkyihgylvZgZ^h\hkijbgbfZlv\_kv
p_ebdhf"
Wlhh[jZauijhklhh[jZau\gmlj_gg_[hjfhlZeN_^yg_^mfZyijbwlhfqlhbf_ggha^_kv
ijhklh]hbqlh\hh[s_agZqblijhklh
Ijhklhbeexabbh[jZau\dZ`^hfk\hydjZkhlZdZ`^hc`bagbk\hykh[kl\_ggZydjZkhlZ\
lhfqbke_ljZ]bq_kdZydjZkhlZ^mfZeN_^ym`_ihm\_j_gg__Zlhqg___fmkZfh^mfZehkv
fh`_l[ulvijboh^behgZmfqlhlhkeurZggh_bebqblZggh_:kljZ^Zgb_"
Hgg_fgh]haZigmeky
DZd`_[ulvkhkljZ^Zgb_f"K[hevx"hh[s_ihq_fmklhevdh[heb"
Qlhlh\uiylbehkvdZd[ug_aZklz]b\Zehkvg_koh^behkv\ihiZob\Zxs_fkZ`_ckmfjZd_
:kljZ^Zgb_ijhklhdjZkdZ\h[s_cdZjlbg_\hah[gh\behkvmkihdhbl_evgh_[hjfhlZgb_
;hevghlZ\kbfnhgbb;hevkZfZihk_[_g_j_ZevgZ
kzg_h[oh^bfh^eyp_evghklbh[jZaZ=eZ\gh_g_ZgZebabg_ihiuldbihgylvZp_evghklvb
djZkhlZh[jZaZ
WlZihke_^gyyfukevhq_gv\hh^mr_\beZN_^xdZd[m^lh\uoh^[uegZc^_g
G_mki_\^h^mfZlvfukev^hdhgpZhg]em[hdhfuke_gghijhbagzk
IhkfhljbdZdhch[jZa
Dh]^Zlhklhe_lgZaZ^[ueb^_j_\gbex^bk_ebebkvihdjZcg_cf_j_\hdjm]q_]hlh
_kl_kl\_ggh]hohayckl\hkdhlmjh`Zc
IhlhfgZqZeZkv]hgdZ\hhjm`_gbc\h_ggu_]hjh^dbm`_bagZqZevgh[uehaZeh`_ghg_qlhDUWLIL
bkdmkkl\_ggh_gh\kzjZ\gh\wlhfqm\kl\h\ZeZkvg_dhlhjZymdjhfghklvij_^klZ\vlZcgh_
�ihk_e_gb_]^_lh\e_km:k^jm]hcklhjhgu^Z`_jhfZglbdZdZdnZdlhjbbgZbdhfAZiZ^_
h^ghfbgl_j\vxhq_gvyjdhhibku\ZeblZdhc]hjh^hd_kebaZe_a_rvgZdjurmgZkZfuc\ukhdbc
^hf\h\k_klhjhgulhevdhlZc]Zbebrv]^_lhgZ]hjbahgl_]hjh^FZ]gblh]hjkd
Ghdh]^ZKKKJjZa\Zebekybo[jhkbeb]^_lhlZgdbj`Z\_xl\e_km_^\Zebg_p_euclZgdh\uc
ihed]^_lhrZolukjZd_lZfbdlhlhba`bl_e_cmki_em_oZlvZhklZevgu_lZdbaZkljyeb
ihkj_^be_kZ
DZdhcyjdbcdjZkb\uch[jZa^ey\k_ckljZgu
M\ezdrbkvN_^yg_h[jZlbe\gbfZgbygZlhqlh\dhfgZl_ihk\_le_eh
^jm]Ezey\klZeZbh[h]gm\e_klgbpmbh[_^_ggucklhe\ureZdhdgm
LmfZgdh_]^_himklbekyhieuegZ^g_jh\ghcfmlvx\uklmibebhklju_ihdjulu_r_jrZ\uf
_evgbdhfkdehgukdZeukaZfzjarbfb\h^hiZ^ZfbZ_sz\ur_gZ^j_^dbfbijbihjhrzggufb
zedZfbgZ^h[ju\ZfbihdZaZebkvlhj`_kl\_ggu_\_jrbgu
dZaZehkvqlhgZkg_]mfh`ghjZaebqblvke_^ueu`
LZfba^_kv]hjuaZ\heZdb\Zebkvdem[ysbfky^ufhfi_caZ`dZaZekyg_^hjbkh\Zggufh^gb
njZ]f_glu[ueb]hlh\u\f_evqZcrbo^_lZeyo^jm]b_jZafulug_[j_`gufbiylgZfb
kzf_gyehkvbkq_aeblhevdhqlhykgh\b^gu_FxgobXg]njZmaZlhjZa\_jgmekygZnhg_
]em[hdh]hij_^aZdZlgh]hg_[Z\dhkhiZ^ZxsboemqZog_[_kguc]hjh^H[g_kzggZykl_ghc
dj_ihklv;Zrgbk[hcgbpZfbKg_`gucih^\_kghcfhkl
KdZahqguc]hjh^dZaZekyh^mr_\ezggufihqlbg_\hafh`gh[uehih\_jblv\_]hg_jmdhl\hjghklv
MN_^bkl_kgbeh^uoZgb_
DZdh_lhqm\kl\hhgb\uau\Zxlg_wkl_lbq_kdh_ZijyfhgjZ\kl\_ggh_ijhfhe\behg
G_ihgylghqlhwlh\hh[s_lZdh__sza_fey"bebm`_]hjgbcfbj
a]eygmegZEzexbk[hdm\lziehf\uimdehfk\_l_\i_j\u_m\b^_e_zebph\f_edbof_edbo
ih^jh[ghklyo
GZ]m[Zo\i_j\u_m\b^_efhjsbgdbbkdeZ^dbihk_j_^bg_ih]em[`_bihijyf__Z[eb`_d
gb`g_fmke_]dZh[\_lj_gghfmdjZxm]eh\Zlh_keh`gh_i_j_k_q_gb_
GZh[jZszgghcdg_fmijZ\hcs_d_\i_j\u_m\b^_eg_`gucijhk\_q_gguckhegp_fimo
IjZ\uc]eZahdZaZekyb\h\k_g_h[uqZcgufGbdh]^ZjZgvr_N_^yg_^mfZeqlhq_eh\_q_kdbc]eZa
h[eZ^Z_lgZklhevdhkeh`ghcg_jh\ghcg_h^ghjh^ghckljmdlmjhcqlhjZ^m`gZyh[hehqdZ\ky
khklhblbam^b\bl_evguodjbklZeebq_kdboi_j_]hjh^hdk\djZie_gbyfbkjZaghp\_lgufb\klZ\dZfb
k_jufb]hem[ufbb[bjxah\ufbbahehlbklufbN_^y^Z`_ih^mfZeqlhk\_lihiZ^Zy
\h\gmljvlZdboojbahijZah\uo]eZa^he`_g[ue[ulZffgh]hjZaij_ehfeylvkybaZ^_j`b\Zlvky
khojZgylvkygZ^he]hbaemqZykvgZjm`mebrvihkl_i_ggh
Hg\^jm]ihqm\kl\h\Zeqlhlhlm]h_b[m^lh[um]eh\Zlh_f_`^mez]dbfbb`b\hlhf\kj_^hkl_gbb
wlhqlhlhaZgyehihqlb\kzf_klhlZdqlhklZehljm^gh]ehlZlvb^urZlvijboh^behkvhq_gv
f_edbfb\^hoZfbihlhfmqlhf_klZ^ey\ha^moZ\gmljbhklZehkvkh\k_fqmlvqmlv
9,JZkkdZa`_gsbguk`b\hlhf
YkZfZZjfygdZihgZpbbmgZklZdijbgylhqlhhkh[_ggh\k_ohlylfZevqbdZHkh[_gghhlpu
`_eZxlfZevqbdZ[hevr_
Y\ureZaZfm`dZdiheZ]Z_lky\k_kg_l_ji_gb_f`^Zebi_j\_gpZJh^beZkv^_\hqdZGmqlh
^_\hqdZlh`_jZ^uKZfh_]eZ\gh_qlh[a^hjh\ufa^hjh\Zyjh^beZkv:lZdlh`_\k_jZ^u
hq_gvj_[zghd`_eZgguc
GZ\lhjh]hfug_jZkkqblu\ZebIhlhfmqlhmkeh\by`bagbgmg_lm
KZfZyg_f_klgZyyk:gZiuKZfbihgbfZ_l_dmjhjlgZyahgZDmiblvqlhlhohjhr__g_j_Zevgh
Dmibeb^hfbd\^hfbd_gb\h^ugbk\_lZL_f[he__j_[zghdfZe_gvdbc_szg_lm]h^bdZ:
\i_j_^babfZIhklhygghcjZ[hlumfm`Zg_llh`_Lh_klvmkeh\by`bagbg_iha\heyeb
B\hlyiehohk_[yihqm\kl\h\ZeZGmbijbagZdb\k_Ghg_\_jbeZG_fh]eZijhklhih\_jblvY
^Z`_[hyeZkvdmiblvl_klgZ[_j_f_gghklv^mfZeZ_kebihdZ`_lqlhiheh`bl_evgucqlhfg_
^_eZlv"
Ihlhf^mfZxg_lgZ^h\kzlZdbm[_^blvky^jm]fZeheb"Fh`_lijhklhaZ^_j`dZ"
L_klihdZaZeiheh`bl_evgucj_amevlZl
I_j\uf^_ehf_kl_kl\_gghkdZaZeZfm`mHg]h\hjblGmdm^ZgZf_sz"Fug_agZ_fqlhgZk
�Ybly`_klb^Z`_lZkdZeZmfZeZ]h\hjyl`_g_evayfh`_lmf_gy[m^_lwlhghg_l
Be_dZjkl\ZibeZlh`_g_ihfh]eh
GhZ[hjlZ[hyeZkv;hevr_[hyeZkvbaaZlh]hqlh]j_oLZdlh\_jxy\;h]Zwlhhq_gv[hevrhc
]j_okdhevdhjZabl_e_nhgu^Z\Zebfg_bm[_`^Zebg_[hckylZfwlhg_[hevgh\kzih^
gZjdhahfIulZeZkvg_kdhevdhjZa^Z`_\hll_e_nhg[uejmdZg_e_`ZeZqlh[iha\hgblvb
^h]h\hjblvkyk^hdlhjhf\hl=hkih^vg_^Z\Ze
Ghm`_[eb`_dljzff_kypZfhiylvqlhlhgZrehgZf_gyyij_^klZ\beZqlhf_gyh`b^Z_l\hl\
wlhf^hfbd_]^_gbdZdbomkeh\bc^ey`bagb_szjh^blkyyg_kfh]mijhklhnbabq_kdb
�mfZxg_lihc^mgZMABqlh[ulhqghmagZlvdZdhckjhdbihc^m^_eZlvZ[hjl
:qlh^_eZlv"
Ijboh`mgZMAB]h\hjxohqmijhklhhij_^_eblvkjhd[_j_f_gghklbYg_kdZaZeZqlhZ[hjlohqm
:hgZkZfZf_gykijZrb\Z_l\jZqOhlbl_fu\ZfihdZ`_f"Hgbih\_jgmebwdjZgiheghklvx
knhjfbjh\Zggucj_[zghdi_j_^]eZaZfbKdZaZeb^\_gZ^pZlvljbgZ^pZlvg_^_evB_szYgbq_]h
^Z`_g_kijZrb\ZeZmgbohgbfg_kZfbkdZaZebIhoh`_gZfZevqbdZGZklhijhp_glh\g_fh`_f
imih\bgZaZdju\Z_lMf_gykezauihl_debjZqkZfZihgyeZ]h\hjbl:luqlhj_rbeZ
�^_eZlvZ[hjl"YZHgZ]h\hjblGm\hh[s_kjhdlhm`_[hevrhcBknhjfbjh\Zggucb
g_dZ`^uc\jZq\havfzlkyaZwlh^_eh
Ghdhg_qghm\b^_\wlh]hj_[zgdZbl_f[he__fh`_l[ulvfZevqbdm`_h[Z[hjl_j_qbb^lb
g_fh]eh
Lh_klvy\ke_aZo\m`Zk_yg_agZxqlh^_eZlvkdZaZeZfm`mHg]h\hjblMkihdhckyaZ[m^vijh
Z[hjl
Hgb^hwlh]hg_ohl_eOhlvhgkZfi_j\ucbij_^eh`begh\^mr_g_ohly:ihlhf]h\hjblGm
Z\^jm]ihlhfg_[m^_l^_l_c"kzlZdbwlhhiZkghHklZ\bfj_[_gdZ"
Gmb\kzykfbjbeZkvagZqblm`_ijb^zlkyjh`ZlvbkfbjbeZkvJZalZd;h]^ZeagZqblhgq_f
lhihfh`_lM^ZqZdZdZylhfg_ijb^zl
Ghi_j_ghkbeZyly`_ehKlZehk_j^p_[he_lvblhrghlZhq_gvkbevgh
Ghqm\kl\h\ZeZbg_lhevdhbaaZlh]hqlhihMABlZdkdZaZebZybkZfZqm\kl\h\ZeZqlh
&#x_s;&#xij;&#xb];&#xey;&#x^u;&#xZ;Z;&#x^;y;&#xZe;&#xvq; d;&#xZ;&#x^;&#xmf;&#xZe;&#xZ;&#x;&#xhl;&#xj;&#xh^;&#xbl;&#xky;&#x;&#xm`;&#x_;&#xij;&#x_^;&#xkl;&#xZ;y;Z;&#x;fZevqbd_sbijb]ey^u\ZeZ^eyfZevqbdZ^mfZeZ\hljh^blkym`_ij_^klZ\eyeZZ`_dZd
[m^lhg_\lhjhcmf_gyj_[zghdZi_j\ucHsms_gbyihq_fmlhlZdb_[ueb
B`b\hlmf_gyklZe[ukljhjZklbDiylbf_kypZfmf_gy[uelZdhc`b\hldhlhjucmf_gyki_j\hc
[ue\^_\ylvf_kyp_\Br_\_e_gb_[ueh
BygZqZeZm`_kgbfjZa]h\Zjb\Zlv
L_i_jvm[jZlZ[ueZihfhe\dZ\DZebgbg]jZ^_
Qlh[uylZfg_ihijbkmlkl\h\ZeZg_\hafh`ghBfm`bk\_djh\vfg_g_fh]ebaZij_lblvLZdZy
jZ^hklv\kzlZdblhj`_kl\hGh]h\hjyldZd`_luih_^_rv\lZdhfkhklhygbb"
J_rbebdmiblvgZkZfhezlqlh[u[ukljhl_f[he__bj_[zgdm^hqd_\k_]h]h^b^\Zf_kypZ
qlh[ih_a^hfg_fhlZlvky
KZfhezlly`_ehyi_j_g_keZ
Ijb_oZeZ\Fhkd\mdfZf_G_^_exk_[yiehohqm\kl\mx
DZebgbg]jZ^baFhkd\u^he`gu[uebfuihe_l_lv\hlk_fgZ^pZlh]hqbkeZ
ko\Zlu\Z_l[jhkZ_l
Iha\hgbeZ^\hxjh^ghck_klj_fh_cHgZkZfZ\jZq]bg_dheh]HgZ]h\hjblDZdlufh`_rvk
lZdbfb[heyfb"Ljb^gyihq_fmfheqbrv"KjhqghgZ^hd\jZqm
�Y]h\hjxZeZ^ghijhc^zl
G_l
Q_j_aqZka\hgblKh[bjZckyYm`_iha\hgbeZ^h]h\hjbeZkv
Ijb_oZebgZhkfhlj
Ihkfhlj_ef_gy\jZqfm`qbgZg_agZxdZd_]hah\mlkdZaZeqlhwjhabyK^_eZebhiylvMAB
hij_^_ebebiylvf_kyp_\Lh_klv^\Z^pZlvg_^_evFg_[uehbgl_j_kghm`_lZdhckjhd[hevrhcy
]h\hjxufg_kdZ`_l_ihe"
Hg]h\hjblYg_h[jZlbe\gbfZgbyIjbihklmie_gbb_sz[m^ml^_eZlvMABlh]^Zkijhkbrv
:ykgZqZeZg_ihgyeZqlhhgbohlyl\[hevgbpmf_gyiheh`blv
Y]h\hjxG_l\uagZ_l_yk_cqZkg_fh]mMf_gym`_dmie_g[be_lgZkZfhezl
Hg]h\hjblKZfhezlhfe_l_lvydZl_]hjbq_kdbijhlb\ex[hcfhf_glfh]mlhlhclb\h^uwlh
hiZkgh^ey`bagb
Y]h\hjxKhfghcj_[zghdfZe_gvdbchgZg_ijb\udrZydwlbfdwlhc[Z[mrd_HgZ[_af_gy
g_kfh`_l
Gmibrbl_hldZaZr_ijZ\hGhy\Zkij_^mij_^beqlhwlh[hevrZym]jhaZ
YgZibkZeZhldZaZihlhf^mfZx^mfZxZ\hlfZeheb"Qlhlh_kebkemqblkyqlhfm`mkdZ`m"
Hgb`_gZqgmlg_f_gy^Z`_\bgblvZfhbojh^bl_e_chl_zih\_aebblZdh_kemqbehkv
Gm^mfZxeZ^ghkzlZdb_szg_k\Z^v[ZDZd]h\hjblkyihjZgvr_ey]mihjZgvr_\uc^m
Ijb^zlkyeh`blvky
�hfhcijb_oZeZkh[jZeZkvih^]hlh\beZkvmeh`beZj_[zgdZkiZlvb]^_lh\^\_gZ^pZlvqZkh\ghqb
kx^Z\wlm[hevgbpmijb_oZeZWlh[uehljb^gygZaZ^
F_gyijbgyebm`_^jm]Zy\jZqihkfhlj_eZG_l]h\hjblwjhabbml_[yg_lMl_[yqlhlh
k_jvzagh_
K^_eZebl_klb^bfhl_klihdZaZehq_gviehoh
�Z\e_gb_]h\hjblgbadh_ml_[yfZ]g_abxihdZg_[m^_fklZ\blvIhklZ\bfghrim
K^_eZebfg_mdheghrim_szdZdhgbfg_kdZaZebfZ]gbc[wr_klvy\uibeZbe_]eZF_klZ
ijZ\^Z\iZeZlZog_[ueh\dhjb^hj
Y]h\hjxKh]eZkgZ;_ajZagbpudm^Zeh`blvkyE_]eZk_f_^kzkljumrebIhgylgh_^_ehqZk
ghqbdlhlZf[m^_lkgZfbkb^_lv"
Ghmdhelhk^_eZebhgbqlh[uh[e_]qblv[hevZmf_gygZh[hjhlj_adhgZqZebkv[hebBq_j_a
�dZ`^u_ljbfbgmluko\Zlu\Z_lYl_jiexmfZxijhc^zlijhc^zl
DZdlhb^lb[m^blvfg_g_m^h[gh[uehHgblZfmk_[ydZdybojZa[m`m"
Bl_jiexYlZdZy\hh[s_l_ji_eb\Zyd[heb
�KfhljxgZ\j_fyq_luj_qZkZ[_a^\Z^pZlbiylvqZkh\iylvqZkh\m`_\j_fymfZxgm\hlqZk
_szihl_ji_lvb\r_klvqZkh\ijhp_^mjuhgbkZfb\klZgml
Ihlhfkfhljx[hevlZdZyko\ZlbeZqlhijhklhm`_gbk_dmg^ug_hlimkdZ_l
E_`mb^mfZx=hkih^bdZd`_y[m^mjh`Zlv_kebm`_k_cqZklZdb_[heb"
IhreZdf_^k_klj_jZa[m^beZ_z]h\hjxKh\k_fiehoh
�Z"]h\hjblgmih^h`^by\jZqZihah\m
jZqijbreZihkfhlj_eZ`b\hlkzghjfZevgh
Y]h\hjxuagZ_l_mf_gy^Z`_ijbi_j\uojh^ZolZdhc[hebg_[ueh
IhklZ\bebdZi_evgbpmfZ]g_abxb\jZqwlZmreZ
Yf_^k_klj_]h\hjxFh`_l\ufg_k^_eZ_l_h[_a[heb\Zxs__"Ihlhfmqlhyg_fh]ml_ji_lvwlh
[hevijhklhg_\ughkbfZy
HgZ]h\hjblG_ll_[_gbq_]hg_ihfh`_lhldZi_evgbpZ
Gmohlvq_j_akdhevdhmf_gyijhc^zlwlZ[hev"
ImklvihdZiZ_lfbgmliylv
Y]h\hjxuagZ_l_yohqm\lmZe_lihfZe_gvdhfmYqm\kl\mxfg_qlhlh^Z\blgZfhq_\hc
imaujv
G_ll_[_wlhdZ`_lky
uagZ_l_y\hlqm\kl\mxyk_cqZkihfhqmkvbfg_ihe_]qZ_l
GmqlhkgbfZlvl_[_dZi_evgbpm"
Yg_agZx
Fh`_lwlh^Z\Zcl_[_dZdwlhgZau\Z_lkykm^gh"
�Z\Zcl_ihijh[m_f
Ih^eh`beZfg_km^ghbihreZkZfZ\khk_^gxxiZeZlm
Ywlm[hevl_jiexklZjZxkv^mfZx\hlk_cqZkihe_]qZ_lihlhfmqlhlZdZy[hev^Z\blgZ
fhq_\hcimaujvdZd[m^lhhgk_cqZkehig_l
Yihlm`beZkv\kihfgbeZdZdijbi_j\uojh^Zofg_]h\hjbeblm`vky\hllhqghlZdh_
khklhygb_mf_gy[uehihlm`beZkv\lhjhcjZabmf_gyqlhlh\ue_aeh
Yjmdhc^hljhgmeZkv^h`b\hlZbihqm\kl\h\ZeZlZflZdhcimaujzdbkim]ZeZkvdjbqmah\mhiylv
wlmk_kljm]h\hjx_cKfhljbl_mf_gyfhq_\hcimaujv\ue_aYg_agZx\hh[s_qlhwlh
Ihkfhljbl_hgk_cqZkehig_l
HgZihkfhlj_eZGbq_]hkljZrgh]h]h\hjblwlhml_[y\udb^urIhc^m\jZqZihah\m
KlZdhcez]dhklvxlbiZgbq_]hkljZrgh]hgm\udb^urb\udb^ur
Lh]^Zym`_ihgyeZqlhwlh[ueg_imaujvZ]heh\Zj_[zgdZY\kihfgbeZqlhijbi_j\uojh^Zo
ko\Zldb[uebdZ`^u_ljbfbgmluBk_cqZk^Z`_ih\j_f_gbmf_gyq_j_adZ`^u_ljbfbgmlu
ko\Zldbjh^uhldZdklhe_lgZaZ^ex^bjh`Zeb\hldZd\e_kmhdZaZlvkyjh^blvlZd`_y[_a
mdheh\[_a\kydhcihfhsbkZfZmk_[yijbgbfZxjh^u
Dh]^Z]heh\Z\ue_aeZkZfh_hkgh\gh_m`_[hebmf_gyijhrebihe_]qZehihlhfy
ihqm\kl\h\ZeZjmqdbgh`dbb\kzmiZehlm^Z\km^ghwlhHgh`_lZf]em[hdhBdZ`_lkyyg_
agZxlhebwlhmf_gyrhd[ue^Z`_ihqm\kl\h\ZeZk_j^p_[b_gb_mj_[zgdZIZjmjZaklmdgmeh
hklZgh\behkvb\kz
Ihke_wlh]hm`_g_lZ\jZqijbreZdhlhjZyghqvxkfhlj_eZijbrzelhli_j\ucfm`qbgZ
Ymg_]hkijZrb\ZxQlhmf_gy"
Hggbq_]hg_kdZaZe^ZzlkjZamebklhdfg_ih^ibku\ZcYg_qblZeZkjZam\kzih^ibkZeZb\kz
Gm\lZdhckblmZpbbqlhluk^_eZ_rv"g_hldZ`_rvBkjZamf_gyih\_aeb\j_ZgbfZpbx
B\i_j\mxhq_j_^vy\khagZgb_^Z`_lhedhf_szg_ijbreZ\i_j\mxhq_j_^va\hgxfm`mHg
^Z`_g_agZeqlhy\[hevgbp_Ya\hgx]h\hjxY\[hevgbp_
HgQlhkemqbehkv"fg_Qlhkemqbehkv"
:y_szhlgZjdhaZg_hlhreZY]h\hjxG_lmgZr_]hj_[zgdZ
GZim]ZeZ_]hhgih^mfZeqlhyijhi_j\h]h
Hgfg_MkihdhckylZdkydHgbkZflhg_fh`_l_szjZa]h\Zjb\Zlvg_lhqlhf_gy
mkihdhblv_fmkZfhfmly`_eh
Y_fmg_kdZaZeZdhg_qghqlhfZevqbdHgf_gykijZrb\ZeghykdZaZeZg_agZxKdZ`mqlh
^_\hqdZIhlhfmqlhbgZq_lZdhc[m^_lrhd;m^ml^mfZlvqlh\kzbaaZwlhcih_a^db
hlyk_cqZk\ZfjZkkdZau\Zxbg_\_jxqlhwlhkemqbehkvDZd[m^lhwlh\hkg_[uehkhfghcbeb
\dgb]_yijhqblZeZ
Ijhklhhq_gvfZeh\j_f_gbijhrehfh`_lyihdZ_sz\rhdh\hf\rhd_fh`ghkdZaZlvIjhreh
\k_]hebrvljb^gyWlhk_cqZky_szk\ZfbkihdhcghZ\hldh]^Zb^m\lmZe_l\b`mdhcdmlZf
wlZdhcdZdZdjZafg_gZklhevdh[hevghkfhlj_lv
Fg_\k_]h\hjylLuaZ[m^_rv
�Z[hevlhaZ[m^_lky[hev_jmg^Zm`_aZ[ueZkvihqlbgh\hlwlhlfhf_gldh]^ZyhsmlbeZwlh
k_j^p_[b_gb_dh]^Zfh`ghkdZaZlvijbl_[_ih]b[Z_l
Qlh[uy\jZq_chkh[h\bgbeZg_lGZh[hjhlmgZk\:gZi_f_^bpbgZgZfgh]hhlklZzlFh`_l
[ulv^Z`_;h]k^_eZegZh[hjhlqlh[uyihiZeZkx^Z\Fhkd\mKemqbkv[uwlhkhfghc^hfZy
^Z`_g_agZxy\u`beZ[ubebg_lLZdqlhg_lyg_^mfZxqlh[u;h]k^_eZeom`_
Yg_]h\hjxqlhyijyfhlZdhc\_jmxsbcq_eh\_dgh_kebhghkm`^_ghlhgZ\_jghdZd
]h\hjblky\kzqlhkemqZ_lkydemqr_fm
Dlh`_agZ_ldZd[uy_]hjh^beZkhkeh`g_gbyfbkdZdbfb[uLZdqlhgm`ghkmf_lvi_j_`blv
:ihlhfi_j_`b\zrvbkZfkdZ`_rv^Z`_ih[eZ]h^ZjbrvKeZ\Z;h]mqlhlZdihemqbehkv
Ghk_cqZkihdZly`_eh
YjZkkdZau\Zx\iZeZl_jZkkdZau\ZxbdZd[m^lhfg_e_]q_klZgh\blky
YagZx^mfZxl:ex^bi_j_`b\Zxlbg_lZdh_^Z`_^h^_\ylbf_kyp_\b^hgZrb\Zxlb
�jh`ZxlbhdZau\Z_lkyfzjl\ucZ_klvdhfm_szom`_q_ffg_ghGhfg_\kzjZ\ghdZdlh
fg_lhevdh[u\ukdZaZlvky
MkihdZb\Zxl_szGmq_]hgm[u\Z_lgm\udb^urGhgZkZfhf^_e_wlhg_\udb^ur[ueZ
wlhjh^u[uebijbqzfly`zeu_Fg_[u^_kylvjZaemqr_jh^blvdZdyi_j\ucjZajh^beZq_f\hl
wlh
G_lhly`_ehqlhyklhevdh\ul_ji_eZi_j_`beZBiylvf_kyp_\wlh_jmg^Zlh`_ghkZfwlhl
ijhp_kklhqlhyhsmlbeZwlhk_j^p_[b_gb_dZdhgihr_\_ebekybkjZamhklZgh\beky\hlwlh
g_agZxfg_dZ`_lkygbdh]^Zg_aZ[m^_lky
Bl_f[he__qlh[uefZevqbdYihlhfm`_\bklhjbbijhqblZeZljbklZiylv^_kyl]jZff
r_klgZ^pZlvkZglbf_ljh\Lh_klv^eylZdh]hkjhdZ^hklZlhqghdjmigucj_[zghd[ueFg_^Z`_
bgh]^ZdZ`_lkyqlhhg_sz\`b\hl_Y[hxkvgZ`b\hle_qvihlhf\kihfbgZx\_^vm`_fh`gh
Lh_klv\b^bfhmf_gy_szrhd
B_szfmlghihfgxdh]^Zf_^kzkljuf_gy\j_ZgbfZpbxijb\_aebyi_eZi_kgxdZd[m^lhG_
g_lhqlhi_kgxZbf_ggh\hllZdmxihxdheu[_evgxBf_^k_kljZ]h\hjblfg_Gmihcihc
9,,AZiZo
^jm]Nz^hjm\b^_eqlhEzeydZdlhkljZgghhl\_jgmeZkvdkibgd_dj_keZb_fmihdZaZehkv
gxoZ_lkibgdmdj_keZkbevgh\ly]b\Zy\k_[y\ha^mo
:ee_j]bq_kdZyj_Zdpby"]jygmeZihq_fmlhi_j\ZyfukevIjbklmi"G_fh`_l\^hogmlv
H^gbfiju`dhfN_^y\kdhqbekdj_keZ[jhkbekydEze_r_ys_dZihdjZkg_ebs_dZ[e_kl_eZb
lhevdhlmlN_^ykhh[jZabeqlhEzeyijhklhieZq_l
;hjfhqZdZdb_lhkeh\Z\jh^_g_gZ^hg_gZ^hqlhlubliN_^y^hljhgmeky^h_zie_qZ
ie_qhEzebghih^[_knhjf_gguf[ZeZohghfhdZaZehkvkh\k_fkh\k_flhgdbf
Hg[uebamfezgl_fqlhEzey^hkboihjdZaZ\rZyky_fmkh\_jr_gghg_ijh[b\Z_fhcieZdZeZHl
g_`ghklbhg[ueihqlb]hlh\bkZf\f_kl_kg_xaZieZdZlvb\lh`_\j_fyihqm\kl\h\Zek_[y
kbevgufohl_ehkv_zaZsblblv
G_f\g_\gylghijh[hjfhlZeZEzeyih_^_\
Qlh"g_ihgyeN_^yg_fh`_rv"qlh"
Ih_^_f\ahj\zf\kzG_fh]m[hevr_keurZlv
�Z^Z\kz\kz\kz
HgihiulZekyfy]dh_zhldehgblvhlkibgdbdj_keZ\dhlhjmxhgZmludZeZkvijb\e_qvdk_[_ih^
aZsblmghihqm\kl\h\Z\g_ih^Zleb\hklvg_j_rbekygZklZb\ZlvZh[gye_z\f_kl_kdj_kehf
\^uoZyaZiZodhlhjufiZoeb_z\hehkuhq_gvk\_`bcihoh`bcgZaZiZokg_]Zbebfh`_l[ulv
aZiZolZehckg_`ghc\h^u
GmdZd`_ihfhqv"Bf`_gZ^hdZdlhihfhqv
�Z\kz\kzAZ\ljZyh[_sZxqlh\k_bklhjbbowiibwg^Lhevdhowiibwg^^Z"lu
kh]eZkgZ"
YagZeZqlhiehoh\kz\koebigmeZEzeyGhqlhgZklhevdh
Iheguckf_rZggh]h]hjyq_]hqm\kl\Z\dhlhjhf[ueZbg_`ghklvb]hj^hklvbjZ^hklvb
bamfe_gb_Nz^hjhklhjh`ghh[gbfZedj_kehblhgdh_ie_qh\^uoZeaZiZo]hjyq_cdh`bkezab
kg_`ghc\h^u
AZ\ljZlhevdhohjhr__ih\lhjyehgAZ\ljZ\_kv^_gvowiibwg^P_euc^_gv[m^_l
\kzlhevdhohjhr__owiibwg^
Q_l\_jluc^_gv
,JZcjZc
_kv^_gvgZ^ha_jhf\bk_ehkhggh_ahehlbklh_fZj_\h
Khegp_ijhk\_qb\Zehkd\hav\_k_ggxx^ufdmkh\_jr_ggh\_k_ggxxg_kfhljygZyg\Zjv
;e_kl_ebba\b\u^hjh]bgZlhf[_j_]mi_j_k\_jdb\ZeZhazjgZyjy[v
Fh`_l[ulvfu\jZx"nZglZabjh\ZeNz^hj]ey^ygZk\_leu_h[eZdZFu\jZxfu
kb^bfgZdjZkb\hc]hj_Zi_j_^gZfbijhoh^yljZagu_^mrbjZkkdZau\Zxlk\hx`bagvfu
\gbfZ_fIulZ_fkyboihagZlvdZd:^Zf
Ba\_klghl_[_qlh^_eZe:^Zf\jZx"Hg\ha^_eu\ZekZ^_ebkiZeghkZfh_g_ihklb`bfh_hg
^Z\Zebf_gZ
;h]ijb\h^bed:^Zfm`b\hlguog_lgZibkZghlZdijb\h^be\kydmx^mrm`b\mxbdZ`^mx
A^_kvhq_\b^gh[ueg_dbclZbgkl\_ggucb\her_[gucijhp_kkIj_^klZ\v;h]ijb\h^bld:^Zfm
g_qlhfZe_gvdh_bk_j_gvdh_bg_qlhh]jhhfgh_k_jh_:^ZflhevdhkfhljblgZfZe_gvdh_b
]h\hjblLufZe_gvdZyk_j_gvdZygZau\Z_rvkyfurdZHieybgZ\_db\_qgu_hgZfurdZ
Bp\_lmg_zfurbgucfurZklucbrdmjdZmg_zfurvybrmjrblhgZfurdhcbxjdZ_l
furdhcbam[dZfb]juazldZdfurdZ:luh]jhfgucbk_jucgmdZih\hjhlbkv
EzeyaZkf_yeZkv
lu`_lbibqguckehgLZdaZibku\Z_fKehhhgkzk\h[h^_g
B\b^brvhgg_gZau\Z_lkehgZfurdZbfurdmg_gZau\Z_lkehga^_kv\u[hjg_
Zdpb^_glZevguc
DZdhc"
G_kemqZcguc\u[hjg_ijhba\hevguchgdZ`^hfmkms_kl\mdZ`^hc`b\hc^mr_\u[bjZ_l
_^bgkl\_gghlhqgh_bfy
:qlhlZdh_\hh[s_gZa\Zlv"gZa\Zlvbfy"Y^mfZxwlhagZqblihqm\kl\h\Zlv\
gZau\Z_fhfdZdmxlh]eZ\gmxkmlvBg_lhevdhihqm\kl\h\ZlvghbgZclb_ch[hagZq_gb_
\ujZ`_gb_kbf\he\kzkjZam
Fh`ghhlqZklbkjZ\gblvkl_ffhf_glhfdh]^Zjh^bl_ebgZau\Zxlj_[zgdZ;u\ZxlljZ^bpbhggu_
k_fvbdh]^ZgZau\Zxl_sz^hjh`^_gby\q_klv^_^mrdbbeb[Z[mrdbGh\kh\j_f_gguo
k_fvyo[u\Z_lj_[zghdjh^bekybhklZzlkydZdh_lh\j_fy[_abf_gbIhdZ[ue\mljh[_
ieZgbjh\Zebij_^iheh`bfblZebdgh\hl\ukdhqbegZih\_joghklvjh^bl_ebkfhljylZg
g_lg_ihoh`gZblZebdZg_blZebd
G_ebqbl
Qlh"
�Mf_gylZfh^gZ]h\hjblL_[_om^b@g_ebqZl
�Z^Zg_debpmg_ih^oh^blDhg_qgh
:^Zevr_jh^bl_ebkfhljyl^Z\_^vlug_blZebddZdhclublZebd"LubklbggucIzlj
IhgbfZ_rvdZdhca^_kvfhf_gl"Lj_[m_lkyqlh[ujh^bl_eb[uebk\h[h^guhl\kydbo\aZbfguo
h[b^hlZf[bpbcfZehebfZfZohq_lgZa\Zlv\q_klvdh]hgb[m^vbak\hboij_^dh\hl_p
gZh[hjhldZd\_]hjh^mijbgylhbijbgbfZxlkyi_j_ly]b\ZlvwlhldZgZl
�G_ljh^bl_eb^he`guqbklufk_j^p_fmkeurZlvk\h_]hj_[zgdZGhwlhkeh`ghey
kh\j_f_ggh]hq_eh\_dZhkh[_gghkeh`gh\hdjm]g_kdhgqZ_fucrmfFh`ghij_^klZ\blvdZd
\gmlj_gg__kms_kl\hgh\hjh`^_ggh]hj_[zgdZqlhlhkZfh_]eZ\gh_bmgbdZevgh_\_]hebqghklb
kZfZykhdjh\_ggZy_]hkmsghklvbfihkueZ_lk\hcihau\ghcghg_]jhfdhdZd[m^lhba^Ze_dZ
IzljyIzljIzljdZdkeurbl_f_gyijbzf"Izljf_gyah\mlIzljdZdkeurbl_f_gyijbzf"
Zl_e_\bahjhjzlib\hdZdh_gb[m^v\]heh\_rmfbl\h^dZk_f_cgZy]hj^hklvklmqbl\k_j^p_
dZdi_i_eDeZZkZ^_gv]brmjrZl]jhfdh]jhfdh]j_fylgbdlhg_keurbl
�Z`_jh^bl_ebjh^gu_g_keurZlOhlydZaZehkv[udh]hm`_bmkeurZlvlh_kebg_
kh[kl\_ggh]hj_[zgdZk\hziehlvhliehlb"Jh^bl_ebk\h_]hj_[zgdZghkbeb\ugZrb\Zeb
jh`ZebNz^hjmihdZaZehkvqlhEzeyke_]dZihl_fg_eZebphfghhgg_ihgyeijbqbgm
jh`Zeb^he`gu[ulvgZkljh_gugZ_]hqZklhlmghg_keurZlgbdZd
::^ZfkehgZ\klj_lbe\i_j\u_bkeurbl
f_kyp
YagZxh^gboihe]h^Z^hqdZe_`ZeZ[_abf_gbA\ZebfZexkd
hl\hl\hlLhqgZykblmZpby
:i_j\hfmq_eh\_dmbfyy\eyehkvf]gh\_gghYg_fh]ma^_kvij_^klZ\blvl\hjq_kdbofmd:^Zf
oh^blihjZx\a\_rb\Z_l\ZjbZgluG_la^_kv[uehijhaj_gb_fhf_glZevgh_ihiZ^Zgb_dZd\
^awg[m^^baf_g_p_eykv
B\lj_lvbojh^bl_eb\u[bjZxlbah]jZgbq_ggh]hgZ[hjZbfzgFZdkbfmffZdkbfhjmfbaklZ:
h[uqgh_kebmqblu\Zlvhij_^_ezggmxkljZlmh[uqZbljb^pZlvkhjhdbfzgg_[hevr_
B\k_wlbbf_gZ]hlh\ugZ\u[hjboa\mdh\hcjbkmghdba\_kl_gbajbl_evgh_gZibkZgb_\k_f
ba\_klghjh^bl_ebg_jbkdmxlg_hldju\Zxlgh\h_bfyg_khl\hjyxlgh\h_bfyZebrv\u[bjZxl
bahq_gvmadh]hh]jZgbq_ggh]hZkkhjlbf_glZb\kzjZ\ghdZd\b^bflZdZy[hevrZyijh[e_fZ
Fh`_lihwlhfmbijh[e_fZ"
�Zgh:^Zflhl\hjbedZ`^h_bfykgmeyG_[uehmg_]hysbdh\kdZjlhl_dhcoh[hlgu_
eOpSKDQWHOHSKDQWXVYXOJDULV
We_nZgih\lhjbeZEzeybNz^hj_xg_\hevghaZex[h\Zeky
K_]h^gyhgZbgZq_k_[y\_eZb^Z`_\u]ey^_eZbgZq_dZd[m^lh\^jm]klZeZfeZ^r_gZg_kdhevdh
e_l
JZgvr_Nz^hjihqlbgbdh]^Zg_\klj_qZekykEze_c]eZaZfbjZa]h\Zjb\ZyhgqZs_kfhlj_egZg_zZ
hgZdm^Zgb[m^v\klhjhgmZk_]h^gyhglhb^_eheh\begZk_[_\_kzeucb\lh`_\j_fy
�lj_[h\Zl_evguc\a]ey^Z`_]eZaZmg_zdZaZehkvNz^hjmklZebdjm]e__Dm^Zlh^_\ZeZkv
h[uqgZydjb\Zymkf_rdZ
N_^yqm\kl\h\Zeqlhlh\jh^_^Z\e_gbyqm\kl\h\ZegZk_[_^Z\e_gb_h`b^ZgbyGhihkdhevdm_fm
ijyfhg_]h\hjbebq_]hbf_ggh`^mlhgbg_lhjhibeky\^mfu\ZlvkyZijhklhdmiZeky\wlhf
bgl_j_k_dk_[_Blj_[h\Zl_evghklblh`_jZ^h\Zekyihke_klhevdboe_ldh]^Zgbdlhgbq_]hhl
g_]hg_lj_[h\Zebg_`^Ze
We_nZgihnjZgpmakdb"
��Z^ZIheZlugb\hh[s_lhZwe_nZgwe_nZgl_ebq_kl\_ggh
IhnjZgpmakdb\k_]^Z\dhgp_m^Zj_gb_"
JZamf__lkyLu[ueZ[uEzeybebemqr_EyeynjZgpmauih\lhjyxlkeh]0LPL7DWD
/DOD
Ihfh_fmbagZk^\hboEyeywlhluEzeyqmlvqmlvmkf_ogmeZkvgZij_`gbcfZg_jgh
g_h[b^gh:furvihnjZgpmakdb"
6RXULV
Kmjb"
�ZDZdb_lh\wlhfkeh\__klvam[dbhklj_gvdb_]juamlqlhlh\mdjhfg_gvdhff_kl_B\lh
`_\j_fymeu[dZVRXULUHXQVRXULUHihnjZgpmakdbmeu[dZQmlvqmlvhkdZe_ggZymeu[hqdZ
am[dbgh\kz`_meu[dZ
Hgg_gZau\Z_l_zURQJHXUw]juamg?keb[um:^ZfZ[uebdZdb_gb[m^vijh^h\hevkl\_ggu_
aZiZkubkdeZ^ubhgbkim]Zeky[uqlhfurvbkihjlblwlbaZiZkuhg[u_zgZa\ZeXQURQJHXU
Beb^Z`_QXLVLEOHXQDQLPDOQXLVLEOH\j_^bl_ev
��Z\bZ\bBebLmrZG_Kehg
:_keb[u:^ZfhaZ[hlbekydZd[ukehgZih^jy^blvw\hkihevah\Zlvkykehghf\k\hbop_eyohg
[ugZa\Ze_]hkdZ`_fGhkbGhkbLZkdZc[jz\gZ
GhluihgbfZ_rvq_fmwlh[ueh[ubfy"Wlh[ueh[ubfy_]hkh[kl\_gghchaZ[hq_gghklbbeb
`Z^ghklbbebkljZom\dhg_qghfblh]_kljZomghgbdZdg_`b\hc^mr_furdbbebkehgZ
wlhfbf_gbg_[ueh[umgbdZevghklbihlhfmqlh]juamgwlhb[_edZlh`_\j_^bl_evb
kZjZgqZlh`_ghkbghkbehrZ^vbeb\_j[ex^
A^_kvaZdhg_kebyih`_eZxihxaZlv^jm]bobkihevah\Zlvbo\k\hbobgl_j_kZobebgZh[hjhl
[hxkvdZd[uhgbf_gyg_ihxaZebg_jZa^Z\bebg_kt_eb\k_wlb^jm]b_^_eZxlky^eyf_gy
h^bgZdh\ufbk_klZgh\ylkygZh^ghebphI_j_klZxl[ulv^mrZfb`b\ufb
BkZfh_]eZ\gh_fhykh[kl\_ggZy^mrZi_j_klZzl[ulv^mrhx`b\hcLhevdh`b\Zy^mrZfh`_l
m\b^_lv^jm]mx`b\mx^mrmmkeurZlv^jm]mx^mrmgZa\Zlvihbf_gb
DZdlhevdhyhlgbfZxmqm`hc^mrbmgbdZevgh_bfydZdlhevdhygZau\Zx_zh[sbfkeh\hf
\j_^bl_ebbebobsgbdbbeb\vxqguckdhldZdlhevdhyij_\jZsZx_z\h[t_dlym[b\Zx_z
^eyk_[ybl_fkZfufym[b\Zxk_[yqZklvk_[yYiheghklvx`b\lhevdhihdZhlghrmkvdh
\k_fdZddkm[t_dlZfdZdd^mrZf`b\uf?^\Zy\ghrmjZa^_e_gb_f_`^mkm[t_dlhfkh[hcb
h[t_dlZfbhklZevgufbfhykh[kl\_ggZy^mrZi_j_klZzl[ulv`b\hc
Luihfgbrv_szihke_kZfhckZfhci_j\hcbklhjbb"l_[_ihgjZ\behkvdZd[_kijbahjgbdb
`Zjbeboe_[m[_]Zebba^_lkdh]h^hfZb\wlbo\ihkZ^dZo`Zjbeboe_[AgZ_rvihq_fml_[_
lZdihgjZ\behkv"
WlhjZcH[jZajZy\k_\f_kl_\k_ij_ehfeyxloe_[\k_`b\u_
GZqbgZyk:^ZfZ\gmlj_ggyydhgkljmdpbyq_eh\_dZ^baZcgq_eh\_dZij_^iheZ]Z_lh[sghklv
hlkmlkl\b_jZa^_e_gbygZkm[t_dlbh[t_dlWlh_kl_kl\_ggh_khklhygb_q_eh\_dZ
G_aZf_qZeZ
:ihlhfmqlhfukljhbfi_j_]hjh^db
Fukljhbfi_j_]hjh^dbhlkh[kl\_ggh]hbeexahjgh]hkljZoZi_j_^kljZ^Zgb_fi_j_^[hevxgh\
kmsghklbfu[hbfkybeexabbkzkljZ^Zgb_\dhg_qghfkqzl_hlkljZoZZkljZo
G_\k_]^Z
LhqghlhqghFukljhbf\hlebqb_hl:^ZfZdhlhjuc[uekh\_jr_gghk\h[h^_ghl\kydbo
i_j_]hjh^hdhgiheghklvx[uehldjul\_kvhldjulbfurd_bq_[mjZrd_bev\mbkehgm
bfbdjh[mbihwlhfmdZ`^hfmgZoh^bemgbdZevgh_bfyf]gh\_gghHgg_hl^_eyehlmgbdZevghc
`b\hc^mrbfurdbk\hxkh[kl\_ggmx`b\mx^mrmbjh\ghihwlhfm_]h^mrZb[ueZ
Z[khexlgh`b\hcwlhfkh[kl\_gghbaZdexqZekyjZc
:luagZ_rvqlhluikbogZklhysbc"km\Z`_gb_fkdZaZeZEzey
,,JZkkdZahijhrehf
Ylmlijb_oZeZdih^jm`d_Zmgbo^hfZklhylijhklhihkj_^biheyHcfg_lZdg_o\ZlZehaZ[h
hjZ kf_zlky\f
MgZk\hdjm]\h_ggh]h]hjh^dZ[_lhggucaZ[hjB\kx`bagvk^_lkl\ZgZklhevdhlu
qm\kl\m_rv[_ahiZkghklvwlh]h\hlaZ[hjZ\Fhkd\_jZa\_j_[zgdZ\uimklbrvh^gh]h":mgZk^h
kboihjih`ZemcklZ\hliehsZ^dZi_khqgbpZ]hjdZYkqblZxqlh^_lb\h_gguo]hjh^dh\fu
Dhg_qghk\hyki_pbnbdZKlj_ev[ulZgdb_a^yl;FI;LJu^_lbdhg_qghhlebqgh\h\kzfwlhf
jZa[bjZxlky_keb]bevaZagZxl\k_]^ZhldZdh]hhjm`byhl\ukfhljbl_gZf_gyfhe^_lb
bhjm`b_\jh^_dZdlhg_ohjhrhGh\ulh`_ihcfbl_dh]^Z^_lbfZe_gvdb_hgb`_g_
qm\kl\mxlwlmb^_heh]bx^eygZkwlh\kzdZdb]jmrdb;LJaZ\_ebbih_oZeb\e_kaZ]jb[Zfb
MgZke_k\h^hzfijbjh^ZohjhrZyE_lhfibhg_jeZ]_jvAZjyiZiZmf_gy[ue^\Z]h^Z
gZqZevgbdhfeZ]_jyIZim^_lb\k_]^Zh[h`ZebHgkgbfblh\u`b]Zgb_flhdZdhcgb[m^v
dhjh[hdihklZ\blrbrdZfbk[b\Zlvihklhygghqlhlhijb^mfu\ZeB^zliheZ]_jxaZgbf
�lZ[mgK_cK_bqK_cK_bq_lb_]hijhklh[h]hl\hjbeb
�_^Fhjhalh`_\k_]^ZiZiZ[ue
H^gZ`^uKg_]mjhqdZaZ[he_eZfg_fZfZaZghqvh[rbeZ\kzfbrmjhcrm[mrZidmfg_[ueh
gZ\_jgh_e_lljbgZ^pZlvq_lujgZ^pZlvBgZkZgyoGZklhysb_kZgbkehrZ^vxkb^_ekhe^Zlbd
gZdhaeZofukiZihc\kZgyo_a^bebih]hjh^dmgmihkibkdZfdZ`^hf^hf__kl_kl\_ggh
�_^Fhjhamklh]jZffKg_]mjhqd_y[ehdbfZg^ZjbguY[ehdbyehrZ^d_kZfZfZg^Zjbgu
GmiZimd\_q_jmfulh]^Zihl_jyebHgmf_gyhq_gvlZdhcdhffmgbdZ[_evguc_k_evqZd
[ZeZ]mjm\e_dZxsbckyq_eh\_d
�Hgbklhjb_cm\e_dZekyJZkdhidZfb?klvmgZkg_^Ze_dhih^FZehyjhkeZ\p_fhebgZkf_jlb
g_keurZeb"LZfhq_gvly`zeu_reb[hbbhklZehkvfgh]h[h_ijbiZkh\K_cqZklm^Zm`_g_
ijhj\zrvky\kxl_jjblhjbxih^_ebebqzjgu_dhiZl_ebHkh[_ggh_kebdZdhcgb[m^vlZgd
gZc^mlkZfhezlwlhlukyqb^heeZjh\:\kh\_lkdb_\j_f_gZ\kz[uehgZqbklhfwglmabZaf_
IhklhygghiZiZijb\habedZdb_lhj`Z\u_ney`dbeh`dblZdb_dZikmedb]^_[mfZ`dZb
^Zggu_Ghh[uqghg_aZihegyebkqblZeZkviehoZyijbf_lZ_kebaZihegbrvlhagZqbll_[y
m[vxl
:h^gZ`^ugm\hlg_agZxfh`ghlZdh_jZkkdZau\Zlvbebg_lH^gZ`^uiZiZijbizjkwlh]he_kZ
fbgmG_jZahj\Z\rmxkyIhdZau\Ze_zgZfk[jZlhfkfhljbl_^_lbijhlb\hi_ohlgZyfbgZ
BhklZ\be_z\bgkljmf_glZomk_[ygZ[Zedhg_HgZlZf\ZeyeZkv:fu`_k[jZlhfex[beb\_a^_
dh\ujylvkyHldju\Z_fHfbgZe_`blIhdjmlbeb_z^Z`_iulZebkvgZ`Zlvohjhrhg_
gZ`ZebihlhfmqlhhgZ[ueZ[h_\Zy
��Dh]^ZfZfZmagZeZhgZ_]hqmlvg_m[beZ\hh[s_hf`behc;Zedhg_lbLu[ebg^Z
dZdmfZlho\Zlbeh"
�:hgZeZ^gh^Zqzlu]hkkih^b
HohghlfZfue_l_edZdhriZj_gguckwlhcfbghc kf_zlky\f
Gmki_pbnbq_kdbcmgZkiZiZqlh]h\hjblv
Yg_agZx\Fhkd\_gZ\_jghg_ijZdlbdm_lkyZmgZkihhk_gbaZlZjb\ZxlkydZjlhrdhc
dZimklhcgZaZkhedmZ^_g_]g_lAZjieZlmihg_kdhevdmf_kyp_\g_ieZlbeb:dZjlhrdmgZ^h
aZdmiblvgZ\_kv]h^IZiZ:qlh"GmZ]^_y\havfm"B\kzbkZfhmkljZgbekyFZf_h^ghc
ijboh^behkvoh^blvaZgbfZlv
Ih^jZ[Zlu\Zlvlh`_hldZau\Zekyih^jZ[Zlu\ZlvGZf\h_ggufg_evayOhlydhg_qghfgh]b_
fm`qbgu\qZklbdZdlhklZjZebkv
h[s_ffZf_kgbf[uehly`_eh\ZlhIhg_kdhevdmf_kyp_\`bebgZdZjlhrd_h^ghck
dZ[ZqdZfbKhk_^b^_ebebkv
HcdZdfuk[jZlhf^jZebkvHg\u\_^_lf_gyyaZgbfBadhfgZlu\\Zggmx\lmZe_lhg^\_jv
^_j`blykbehc^Z\ex\ueZfu\Zx_fmk^Zqb^Zxghfg_`Zedh_]h[blvkh\k_ckbeuhg
fZe_gvdbcgZ^\Z]h^ZihfeZ^r_f_gyZhgg_`Ze_ef_gykh\k_okbef_gy[be
BlZdfuqZkZfbfh]eblm^Zkx^Zihd\Zjlbj_]hgylvkyIhlhffZfZijboh^blhgdg_cFZZf
BfZfZaZg_]h\_qghYj_\gh\ZeZdhg_qgh
YkqblZeZkviZibghc^hqdhcZhgkqblZekyfZf_gvdbgufkughqdhchl
:k_cqZk\kihfbgZ_rv \a^uoZ_l\f
I_j_^Gh\uf]h^hf^\Z^pZlvq_l\zjlh]h^_dZ[jyfZfZreZgZjZ[hlmy_zijh\h`ZeZBqlhlh
mljhf\^hf_oe_[Zg_hdZaZehkv
HgZmoh^blZy]h\hjxWolufZfqlh`lZdh_^Z`_oe_[Z^_lyfg_fh`_rvdmiblvjh^_\
�rmldm:hgZihdZqZeZlZd]heh\hchdZlbebkv^Z
:\_q_jhfiha\hgbebqlhhgZ\ureZbafZjrjmldbq_j_a^hjh]mi_j_oh^beZb_zk[beZGb\Z
j_ZgbfZpbbfuijb_oZeb\jZq]h\hjblGbq_]hohjhr_]h\ZfkdZaZlv