Razyskivaetsya Dikaya SHtuchka.PDF


Чтобы посмотреть этот PDF файл с форматированием и разметкой, скачайте его и откройте на своем компьютере.
ORYHBVI
$XWKRU,QIR
�`_kkbdZKbfk
�JZaukdb\Z_lkybdZyRlmqdZ EI\f


Ihke_^gyydgb]Z\jhfZglbq_kdhc\_kzehcbk_dkmZevghck_jbb]^_iZjZghjfZeubsmlex[h\v
q_j_aZ]_glkl\hIheghqgu_k\yab

JZc^_jkdju\Z_llzfgmxlZcgmhlk\hbodhee_]\Iheghqguok\yayoDZ`^ucjZadh]^Z_z
k_dkmZevgh\e_qzldfm`qbg__z^jZdhgvyklhjhgZijhju\Z_lkygZjm`mLhqghg_ijb\e_dZy
fm`qbgGh_cgm`ghihl_jylv^_\kl\_gghklv^h^\Z^pZlbiylbe_lbybebJZc^_jgZ\k_]^ZklZg_l
^jZdhghf

?zj_r_gb_"H]jhfgucjZ[hly]ZOvxgZagZq_gguckljZ`_f_zp_ehfm^jbyHgy\gh]hjyq^eyg_z
ghmOvx_klv\_khfu_ijbqbguqlh[ukhijhlb\eylvkyJZc^_jIhfh]mlebbkdmr_gb_bex[h\v
gZclbkihkh["

I_j_\_^_gh^eykZclZKWWSORYHIDQWDVURPDQUX



�`_kkbdZ&bfk
�JZaukdb\Z_lkybdZyRlmqdZ
Ihemghqgu_k\yab
=eZ\Z
�Dh]^Zfuih^t_oZebdfh_fm^hfmfhcdZ\Ze_j`hj^ZgijbiZjdh\Z\fZrbgmihkfhlj_egZf_gy
JZc^_jyaZf_qZl_evghijh\_ek_]h^gy\_q_j
Yh[h^jyxs__fmmeu[gmeZkv
;uehhq_gv\_k_ehKiZkb[hqlhiha\Zef_gygZk\b^Zgb_
Hgmeu[gmeky\hl\_ldjZkb\ucb^_jadbcm\_j_gguc\k_[_qlhygZoh^beZijb\e_dZl_evguf
�Kimklyfhf_gl`hj^Zgijhlygmejmdmqlh[udhkgmlvkyfhbok\_leuo\hehk
AgZ_rvlu^_ckl\bl_evghk_dkmZevgZ
YmdehgbeZkv_^\Zba[_`Z\ijbdhkgh\_gbykhkf_ohf
&#xh;&#xfg;&#x_;&#x_k;&#xlv;&#xgh;&#x]h;&#x;&#xk_;&#x]h;&#x;hfg__klvfgh]h\k_]h`hj^Zgghk_dkmZevghklvg_\oh^bl\boqbkehbyhlfZogmeZkvhl_]h
jmdbjhah\hckmfhqdhc+HOOR.LWW\qlh^_ckl\h\ZehbdZdsblbdZd^hdZaZl_evkl\hlh]hqlhygb
bf_xij_^klZ\e_gbyhk_dkmZevghklbYfbeZy
FbeZydZds_gdbdhlylZbjhah\ZyihfZ^Zk[e_kdhf dhlhjZyk_cqZkgZg_k_gZgZfhb]m[u\f
Fhb\hehku[uebaZie_l_gu\^\_lm]b_[_ehdmju_dhkbqdb\ukhdhgZ]heh\_yh^_lZ\yjdh
jhah\h_ljZi_pb_\b^gh_ieZlv_k\hjhlgbdhfZeyIbl_jI_g`_elu_qmedbbkhhl\_lkl\mxsb_
�M\b^_\f_gyk_]h^gy\_q_jhf`hj^Zgijhdhff_glbjh\Zeqlhihoh`_[m^lhy\ujy^beZkvdIZko_
Ghg_lYh^_\ZeZkv^ey\lhjgbdZIjhklhfg_gjZ\ylkyyjdb_\_k_eu_\_sbbyex[exbogZ^_\Zlv
AgZ_rvdZd]h\hjylB]jZcjhevihdZjhevg_klZg_llh[hcYijh`b\ZxlZddZ`^uc^_gvk\h_c
`bagbGZk\b^Zgbbyg_j\gbqZeZq_jlih^_jbghlugbdh]^Zg_magZ_rvwlhihlhfmdZdyobobdZeZ
bnebjlh\ZeZb[helZeZ[_amfhedmY[ueZ\j_`bf_JZc^_j
Dh]^Z\dexq_gj_`bfJZc^_jyklZgh\exkvg_kdhgqZ_fhbkdjhf_lghcebqghklvxDh]^Zj_`bf
JZc^_j\udexq_g"Gmyg_ihdZau\ZxfbjmJZc^_j\lZdhfj_`bf_
Gbdlhg_^he`_g\b^_lvlZdmxJZc^_jdjhf_f_gyWlh[uehemqr_^ey\k_ohdjm`Zxsbo
�`hj^Zgdhd_leb\hih]eZ^beiZevp_fihfh_cjmd_keZ\Z[h]mmieZlvy^ebggu_jmdZ\ZYaZlZbeZ
^uoZgb_\h`b^Zgbbq_]hlhiehoh]hghgbq_]hg_ijhbahrehG_j\gucma_e\fh_f`b\hl_ke_]dZ
hkeZ[
Yg_fh]hlhj\Zlvhll_[y]eZa\_kv\_q_jkdZaZehgkh[eZagbl_evguf]hehkhfijb^\b]Zykv
g_fgh]h[eb`_dhfg_
Ykgh\Z]emihobobdgmeZbf_^e_gghhlh^\bgmeZkvYagZeZdq_fmwlhrehby[ueZ\m`Zk_Fhb
eZ^hgb\afhdebbeh[\kiuogmehllj_\h`guobkiZj_gihlZ
�Wlhg_lhqlh[uyg_ohl_eZihp_eh\Zlv`hj^ZgZhg[uedjZkb\uf\_k_eufb\gbfZl_evgufY
[hevr_\k_]hohl_eZ_]hihp_eh\ZlvQ_jl\havfbyohl_eZaZlZsblv_]h\gmljvbihagZdhfblvk
fh_cdjh\Zlvx
Ghwlh]hg_ijhbahc^_lihgbfZeZy\k_fk\hbfgmljhf
L_fg_f_g__ygZk\b^ZgbbihlhfmqlhhilbfbkldZih`bagbMf_gy[ueZgZ^_`^Zbebmf_gyg_
[uehgbq_]h
JZc^_jijhbagzkhgfy]dhkdhevaydhfg__s_[eb`_
Yijb`ZeZkvdhdgmZ\lhfh[beyqlh[um\_ebqblvjZkklhygb_f_`^mgZfbgZkdhevdhwlh\hafh`gh
�`hj^Zglu^_ckl\bl_evghgjZ\brvkyfg_ghyg_^mfZxqlhfuaZc^_f^Zevr_q_f^jm`[Z
Hgkf_jbef_gym^b\e_gguf\a]ey^hf
?kebyl_[_gjZ\exkvlhihq_fmlZd]h\hjbrv"
Wlhkeh`ghQj_a\uqZcghkeh`ghhgb\hh[jZablvk_[_g_fh]gZkdhevdh
Lufg_gjZ\brvky^hklZlhqghqlh[ukijZ\blvkykhkeh`ghklyfbkdZaZehgjh\guf]hehkhf
ijbdZkZykvkgh\Zdfhbf\hehkZf
YaZ`fmjbeZkvh`b^Zyghgbq_]hg_ijhbahrehbyjZkkeZ[beZkvFh`_l[ulv\hafh`ghgZ
wlhljZa\kzijhc^zlih^jm]hfm"
GZ^_`^ZjhkeZYg_\a^jh]gmeZdh]^Zhgklj_fbl_evghijb[ebabekyhlq_]hyqm\kl\h\ZeZ_]h
�l_ieh_^uoZgb_gZk\h_cdh`_bhsmlbeZ_]haZiZoK\_`bcQbklucFm`kdhcjh`vhl
m^h\hevkl\byijh[_`ZeZq_j_afh_l_ehhlklhev[ebadh]hdhglZdlZkijb\e_dZl_evguffm`qbghc
�`hj^Zgg_`ghih]eZ^bef_gyihs_d_dhklyrdZfbiZevp_\Yihqm\kl\h\ZeZihdZeu\Zgb_gh
kh\k_fijb]emrzggh_bmeu[gmeZkv
Hgijbgyefhxmeu[dmaZihhsj_gb_bke_^mxs__qlhyihgyeZ_]h]m[uijb`bfZebkvdfhbf
Rhdijhf_evdgme\hfg_b[ukljhkf_gbekygZ\aju\m^h\hevkl\bydh]^Z_]hyaudmklj_fbeky\
fhchldjulucjhlFm`qbgZf_gyp_eh\Ze
Hogbq_]hk_[_Wlh[ueh_s_emqr_q_fyh`b^ZeZYba^ZeZlbobca\mdm^h\hevkl\byaZdju\
AZl_ffhys_dZke_]dZaZ\b[jbjh\ZeZG_ijbylgh[m^lhhlhagh[Z[hevr_ihoh`_dZdqlhlh
ijh[m^behkvbiulZehkvk[_`Zlvuj\Zlvkybaih^dh`bbhlhj\Zlvkyhldhklb
�Fhb]eZaZjZkiZogmebkvbylhedgmeZ\]jm^v`hj^ZgZ
�G_lM^ZqZhlf_gyhl\_jgmeZkv`hj^Zgg_[uel_f_^bgkl\_gguf
�=eZaZ`hj^ZgZhklZ\ZebkvaZdjulufb_]hjhl`Z`^Zefhckeh\ghohl_eih]eZ^blvfhbijhl_klu
_s_h^gbfihp_em_f?keb[uy[ueZh[uqghc`_gsbghclhg_mimklbeZ[ulZdhx\hafh`ghklv
Ghyg_[ueZh[uqghc`_gsbghcFh`ghkdZaZlvqlhy^Z`_g_[ueZq_eh\_dhf
M`Zkgh_hsms_gb_ihdZeu\Zgbyihiheaehihfh_cdh`_dZdlukyqZb]hehdFhbgh]b[he_ag_ggh
k\_ehkm^hjh]hcbyihqm\kl\h\ZeZdZddh]lbk`bfZxlky\lmneyo
YaZklhgZeZ[hev\kiuogmeZ\h\k_fl_e_byhsmlbeZdZddh`Z\gh\vihdjueZkvfmjZrdZfbb
gZqZeZf_gylvkyL_i_jvaZguebdhklbmf_gy_klv\k_]hg_kdhevdhk_dmg^ij_`^_q_fhgbgZqgml
lj_kdZlvkybehfZlvkykgZqZehfljZgknhjfZpbb
�B`hj^Zgfh]m\b^_lv\k_wlh_keby[ukljhqlhgb[m^vg_k^_eZx
Ykgh\ZhlqZygghlhedgmeZ_]h\]jm^vhk\h[h`^Zykv\lh\j_fydZddeudbijhj_aZebkvq_j_afhb
^_kgZbyihqm\kl\h\ZeZ\dmkdjh\bYhsmiZeZ^\_jvfZrbgu\u\Zeb\ZykvaZ^hfbiZ^ZygZ^hjh]m
JZc^_jYmkeurZeZdZd^\_jvfZrbguhldjueZkvb\a^hodh]^Zhgm\b^_ef_gyjZklygmlhcgZ
[_lhg_H;h`_fhclu\ihjy^d_"
Y\kdhqbeZgZgh]bbj\ZgmeZdk\h_cd\Zjlbj_KeZ\Z;h]my`beZgZi_j\hfwlZ`_Y[_`ZeZih
dhjb^hjmgZijZ\eyykvdk\h_c^\_jbb[_ahiZkghklb
Fhceh[imevkbjh\Ze`_kldb_dhkley\u_gZjhkluh[jZah\u\Zebkvih^dh`_cihdZy\habeZkvk
dexqZfbk\hbfbdh]lbklufbiZevpZfbGh]bk\h^behkbevghckm^hjh]hcb\uimdehklvjZklmsZygZ
fh_ckibg_\kdhj_jZahj\_lfh_fbe_gvdh_jhah\h_ieZlv_
�jh`ZsbfbjmdZfbykmf_eZhldjulv^\_jvIjhkdhevagmeZ\gmljvbaZi_jeZ__aZl_f
ijbkehgbeZkvkibghcdlheklhcfZkkb\ghc^j_\_kbg_mkihdZb\Zykv
[_ahiZkghklb
Dh`bklu_djuevy\g_aZighjZkdjuebkvaZfh_ckibghckg_h`b^ZggufoexiZxsbfa\mdhfby
aZklhgZeZhl[hebbhllh]hqlh\fh_fk\h[h^ghfieZlv_klZehg_\hafh`gh^urZlv
Y\p_ibeZkv\fhegbxgZkibg_ihdZg_k^ZeZkvbg_jZahj\ZeZldZgvk\hbfblheklufbbah]gmlufb
dh]lyfbbhgZg_k\ZebeZkv]jm^hcmfhbogh]
Ke_^mxsbfbgZhq_j_^blmnebdhlhju_[uebmgbqlh`_guljZgknhjfZpb_cyijb`ZeZjmdbd
k\h_fmm`ZkghfmebpmbkhkdhevagmeZ\gbaih^\_jbihdZfhco\hklbaZ^gbpZg_hdZaZebkvgZihem

&#xZd;&#xhc;&#xl;&#xh;&#xij;&#x_d;&#xjZ;&#xkg;&#xuc;&#xhf;&#x_g;&#xl;&#xy;&#xih;&#x^m;&#xfZ;&#xeZ;&#x;&#xql;&#xh;�Ijhdeylv_dZdhclhij_djZkgucfhf_glyih^mfZeZqlh`hj^ZghdZ`_lkyl_fkZfufGhg_l
Hg^Z`_[ebadhbfg_[ue
Yg_m^b\beZkvdh]^Zf]gh\_gb_kimklyhgihklmqZe\^\_jv
JZc^_jjy\dgmehg\hq_\b^ghf[_kihdhckl\_Klh[hc\k_\ihjy^d_"Qlhijhbahreh"
�G_lagZqblg_ldjbdgmeZy\hl\_lgZ^_ykvqlh`hj^Zgg_aZf_lblmkbeb\Zxsbckykdj_`_l\
fh_f]hehk_G_a\hgbfg_[hevr_
Hldjhcqlh[ufufh]ebih]h\hjblvh[wlhf
�Moh^bLZd`_ybwlhbf_eZ\\b^m`hj^Zg[ueohjhrbfdjZkb\ufZ_szp_ebdhfb
iheghklvx[_kihe_aguf^eyf_gyIjhklhih^h[ghex[hfmq_eh\_q_kdhfmfm`qbg_k\hbf
Fhgkljih^fh_cdh`_cdZdlhk\yaZgkk_dkmZevghklvxYfh]eZ[_ah[b^ghnebjlh\Zlv\_kv^_gv
bebh[gylvih^jm]mIh`Zlvjmdm;_aijh[e_f
Gh\fhf_gldh]^Zfm`kdZyjmdZijbdZkZ_lkydhfg_kk_dkmZevgufbgZf_j_gbyfb"
Ihy\ey_lkyq_rmcqZlucdeudZkluca\_jvYijh\_eZiZevp_fihh]jhfghfdeudZfl_i_jv
lhjqZsbfba^_k_ggZ^am[Zfb
Ihl_fhldhlhjuo\k_]^Z[hevr_[hebbebhgbbkq_aZxlihke_^gbfb
�JZc^_jih`ZemcklZijhbag_k`hj^Zgkfy]qb\r_fkylhghfJZa\_fug_fh`_fwlhh[km^blv"
Lu^_ckl\bl_evghfg_gjZ\brvky
LuhdZaZekyg_l_fd_fy^mfZeZdjbdgmeZyHbjhgbywlbokeh\Moh^bihdZyg_\ua\ZeZ
ihebpbx
GZg_dhlhjh_\j_fyih\bkeZlbrbgZaZl_fhgm^ZjbedmeZdhfih^\_jb
IhreZlu^bgZfsbpZYkeurZeZdZdhglhiZ_lihljhlmZjmdfZrbg_F]gh\_gb_kimklyhgZ
\a\ba]gmeZgZih^t_a^ghc^hjh`d_bihfqZeZkv\gbaihmebp_
�Gmqlhl_i_jvWlh[uehohjhrhqlh`hj^Zgg_fhyBklbggZyex[h\vmqblu\Zylhqlhhgkdjue
k\hxqfhrgmxklhjhgmBf_gywlhg_m^b\ey_lM\k_ogZk_klvkdjulu_klhjhgu
Lhevdhfhy[ueZkljZrg__hklZevguoyh[hjhl_gv
IhdjZcg_cf_j_lZdfg_kdZaZeZklZjZy]Z^ZedZFhci_j\uchiulij_\jZs_gby\fhgkljZ
ijhbahr_ekjZamihke_fh_]hi_j\h]hi_jbh^Z
Fg_[uehq_lujgZ^pZlvyebaZeZkvkiZjg_f\^hdZo\e_lg_feZ]_j_MiZjgy[ueklhydbhg
kfmsZekyZmf_gy\ujhkebq_rmybo\hkl
FhcdZ\Ze_jkibkZem`ZkZxs_]hfhgkljZgZ]exdbhliehobo]jb[h\
Y"Y[ueZ\m`Zk_bk^_eZeZlhqlhk^_eZe[uex[hcjZamfguce_lgbcmdjZeZ[mfZ`gbdk\h_c
fZl_jbbijh_oZeZq_j_a\_kv]hjh^gZZ\lh[mk_qlh[uijhdhgkmevlbjh\Zlvkym]Z^Zedbbihemqblv
hl\_lugZg_dhlhju_\hijhku
WlhkZfh_emqr__qlhkemqbehkvkhfghcfhf_gldh]^Zy\klj_lbeZ\ukhdmx]jZpbhagmx
]Z^ZedmyagZeZqlhhgZhlebqZeZkvhl^jm]boex^_c
Mg__[uehfy]dh_kbygb_lh]^Zyg_agZeZqlhwlhhagZqZ_lGhl_i_jvagZx\g_cl_deZdjh\v
n_b
=Z^ZedZlZdfgh]hjZkkdZaZeZfg_aZg_kdhevdhfbgmlgZr_]hjZa]h\hjZHgZg_[ueZkh\k_f
q_eh\_dhf__n_ckdh_ijhbkoh`^_gb_[_j_lgZqZehhlijZ[Z[db
IjZ[Z[dZih^gZlZkdZeZ__\hddmevlguobkdmkkl\Zoh[mqbeZ\k_fmqlhg_h[oh^bfhagZlvh
k\_jot_kl_kl\_gghf
IjZ[Z[dZ\ureZaZfm`aZkZlbjZkdZaZeZhgZfg_bymkf_ogmeZkv@_gsbgZy\gh[ueZg_\k\h_f
mf_
K_cqZkkimkly^_kylve_lyjZ[hlZx\Z]_glkl\_agZdhfkl\^eyiZjZghjfZeh\bm`_hlijZ\beZgZ
k\b^Zgb_g_h^gh]hh^bghdh]hkZlbjZ@bagvaZ[Z\gZyrlmdZ
ex[hfkemqZ_]Z^ZedZhl\_lbeZgZ\k_fhb\hijhkuHgZjZkkdZaZeZfg_qlhyh[hjhl_gv
Qlh\l_\j_f_gZdh]^ZgZjh^n_chldjulhlmkh\Zekykex^vfbn_bdjZebq_eh\_q_kdh_^blyb
hklZ\eyeb\f_klhg_]hh[hjhlgyqlh[ujh^bl_eb_]h\hkiblu\Zeb
YkeurZeZkdZadbgh\k_]^Z^mfZeZqlhh[hjhlgbm`Zkgu_kms_kl\Zbae_]_g^
dlhgb[m^vg_dZkZekyf_gy
=Z^ZedZbwlhlh`_h[tykgbeZfhy_kl_kl\_ggZyaZsblZ\lZdb_fhf_gluhkeZ[_\Z_lbqZju
gZeh`_ggu_gZf_gybkq_aZxl
Dlhfm\j_f_gbdZdfg_klmdg_l^\Z^pZlviylv_kebyhklZgmkv^_\kl\_ggbp_cqZjudhlhju_
iha\heyxlfg_\u]ey^_lvdZdq_eh\_dg_kfh]mlij_h^he_lvfhx`b\hlgmxklhjhgmbygZ\k_]^Z
klZgmfhgkljhf
q_lujgZ^pZlve_ly[ueZ\m[bckl\_gghfkhklhygbbFZehlh]hqlhfhbjh^bl_ebhdZaZebkvg_
fhbfblZd_s_ydZdhclhfhgkljdhlhjuc[m^_lijhdeylgZ\_db_kebg_mki_xdkjhdm"
=Z^ZedZihoehiZeZf_gyihjmd_b^ZeZemqbdgZ^_`^uIhkeh\Zf__ijZ[Z[mrdbmdZ`^h]h
h[hjhlgy\fbj__klvb^_ZevgZyiZjZ
HgklZg_l?^bgkl\_gguf^eyf_gyfh_cBklbgghcEx[h\vx?kebygZc^mfm`qbgmqv_
ijbdhkgh\_gb_g_\uah\_lfhxfhgkljhih^h[gmxklhjhgmh[hjhlgy
Lh]^Zykfh]mjZajmrblvijhdeylv_mdhj_gblvqZjulZdqlh[uhklZlvkyq_eh\_dhfZg_
hdhgqZl_evghq_rmcqZlhdh]lbklhcdhkley\hc]hj]mev_cY^Z`_g_fh]mkdZaZlvdZdhc\b^mfh_]h
fhgkljZfg_dZ`_lkykf_kvba\k_]hhl\jZlbl_evgh]h
Ihwlhfmfg_g_h[oh^bfhgZclbk\hxb^_ZevgmxiZjmLbiZdZd\kdZad_]^_^_\mrdZp_em_l
fgh`_kl\hey]mr_d"Y^he`gZijbdhkgmlvkydhfgh`_kl\mfm`qbgYk\h[h^ghnebjlh\ZeZijhklh
kqZkleb\Zy`bag_jZ^hklgZyfheh^Zy^_\mrdZDh]^ZygZ[bjZxkvkf_ehklbijbdZkZxkvdfm`qbg_
qlh[um\b^_lvqlhijhbahc^zl^Zevr_
BdZ`^ucjZawlh\uau\Zehfh_]hfhgkljZYklZeZfZkl_jhfih[_]Zij_`^_q_fex^bqlheb[h
aZf_qZebYkbfmebjh\ZeZibs_\h_hljZ\e_gb_bijylZeZkv\lmZe_l_ihdZkms_kl\hg_bkq_aZeh
Yk[_]ZeZkhk\b^Zgbyq_j_aaZ^gxx^\_jvfgh]hjZabij_\jZsZeZkv\l_fghl_klhygdb]^_f_gy
gbdlhg_fh]\b^_lvYgbdh]^Zih^he]mg_[ueZ\lZdhf\b^_
Ym`_fh]eZhsmsZlvdZddeudbimevkbjmxlagZdlh]hqlhhgb]hlh\ukdhevagmlvh[jZlgh\^_kgu
Y\ulygmeZjmdmgZ[ex^ZydZdgZf_dgZq_rmxbkq_aZ_lkdh`bbah]gmlu_dh]lbklu_iZevpu
\ha\jZsZxlky\h[uqgucjZaf_jjhah\ucfZgbdxjihij_`g_fmgZf_kl_
WlhliZj_gvg_hdZaZeky?^bgkl\_ggufghwlhg_agZqblqlhgm`gh]hfm`qbgug_kms_kl\m_lY
[m^mijh^he`ZlvbkdZlvj_r_gb_fh_cijh[e_fubohqm_]hgZclbYg_kh[bjZxkviha\heblv
g_agZqbl_evghcklhjhg_fhgkljZhklZgh\blvf_gy
NZdlqlhfh_^\Z^pZlbiylbe_lgb_f_gvr_q_fq_j_af_kyp"Yg_klZgmaZpbdeb\ZlvkygZwlhf
dhgp_dhgph\yjZ[hlZeZ\Z]_glkl\_agZdhfkl\^eyiZjZghjfZeh\Ihemghqgu_k\yab
h[kem`b\Zeb\Zfibjh\h[hjhlg_cfhgkljh\b\k_ohklZevguodlh\_eghqghch[jZa`bagbbohl_e
\klj_lblvk\hxiZjm
B_keb]^_lh[ueb^_ZevguckdZahqgucfm`qbgZdhlhjuckfh`_ljZajmrblvfh_ijhdeylv_b_keb
hgij_^gZagZq_g^eyf_gylhyfh]mgZclb_]hkj_^bdeb_glh\Z]_glkl\Z
:^hl_oihjyijhklh^he`gZ\ha^_j`b\Zlvkyhlihp_em_\khk\hbfbey]mrdZfb
=eZ\Z
G_\k_ij_^gZagZq_gu^eyghqghckf_gu\k\_jot_kl_kl\_gghfZ]_glkl\_agZdhfkl\Lu^he`gZ
agZlvhlZdbo\_sZodZdiheghemgb_ki_pbnbq_kdboZee_j]byohl\_qZlvgZiha^gb_ghqgu_a\hgdb
\ZfibjkdboaZ^gbpbdZaZlvky\gbfZl_evghchl\_qZyihl_e_nhgm\^\ZqZkZghqbWlZ[ueZ
IhkmlbgZrbdeb_glu[uebkljZggu_byihex[beZkljZggh_KljZggh_\_k_ehKljZggh_
bgl_j_kgh
KljZggh_h^gZdhg_^ey\k_o
Yi_j_\h`m\a]ey^gZimklhcklhegZijhlb\f_gy]hlh\ylj_lvxqZrdmdhn_i_j_^gZqZehf^he]h]h
jZ[hq_]h\_q_jZBh^bghdh\a^uoZx
Gm^ZykdmqZxihFZjb
KZjZihfhjsbeZkv?z\haex[e_ggucJ_fkb`^Ze_zbhgZkmgmeZjmdm\_]hh]jhfgmxeZ^hgv
Dh]^ZhgbgZijZ\bebkvd^\_jbKZjZkdZaZeZ
Lhevdhg_\a^mfZc]h\hjblvlZdh_ijbKZ\Zgg_WlhjZgbl_zqm\kl\ZgmagZ_rv[_j_f_gguf
gbq_]hg_klhblaZieZdZlv
YagZxYijhklhkdmqZxihFZjb
FZjb;_eeZ\_gkfhyemqrZyih^jm]ZFu[uebg_jZae_c\h^Zkl_oihjdZdgZqZebjZ[hlZlv\
Iheghqguok\yayoFh`_lh^gZbagZkbkqblZeZkljZgguflhqlh^\Zq_eh\_dZjZ[hlZebih
ghqZfkhijh\h`^Zy\j_klhjZguwdkdexab\guok_dj_lguodeb_glh\kdju\Z\rbok\hz
k\_jot_kl_kl\_ggh_ijhbkoh`^_gb_ghfug_dhff_glbjh\ZebwlhlnZdldhgp_dhgph\gZf
gjZ\behkvihemqZlvaZwlh^_gv]bBFZjb_szlZijbdhebkldZKqm\kl\hfxfhjZhkljhmfgZy
ijhlb\hj_qb\Zyb\k_]^ZaZgbfZl_evgh\ukdZau\ZxsZyky
?zm\hebeb\ijhrehff_kyp_aZagZdhfkl\hk\Zfibjhfghmg_zgZlh[uebk_jvzagu_ijbqbgu
m]h\hjblvdeudZklh]hgZk\b^Zgb_HgZmfbjZeZhldjZcg_j_^dh]hkf_jl_evgh]haZ[he_\Zgbyb
_^bgkl\_gguckihkh[ba[_`Zlvkf_jlb^eyFZjb[uehklZlvg_`blvxDkqZklvxwlhl\hijhk
�j_rbe`hrJZkk_e[eZ]hjh^gucbijb\e_dZl_evguc\_jimfZdhlhjuckiZk_zhl[he_agb
ij_\jZlb\\djZkb\mxa^hjh\mx\_jimfmL_i_jvFZjbjZ[hlZeZgZ;vxJZkk_eZeb^_jZ
IZjZghjfZevgh]h:evygkZ
KZ\ZggZJZkk_edmabgZ;vxaZgyeZf_klhFZjb\ghqghckf_g_HgZ[ueZfbehcblbohcg_lh
qlhfhyhkljhmfgZybkdj_ggyyFZjbYmdZaZeZgZ[u\rbcklheFZjb
JZam`mihfygmeZKZ\ZggZ\ihjy^d_"
?_kgh\Zlhrgblhl\_lbeZKZjZHgZiha\hgbeZbkdZaZeZqlhhiha^Z_l
Ydb\gmeZbiheh`beZ_s_eh`dmkZoZjZ\k\hcdhn_
Y[m^mm^_j`b\Zlvdj_ihklv
Lum\_j_gZYfh]mhklZlvky_s_gZg_dhlhjh_\j_fy_kebgZdhibehkvfgh]h^_e
YhlfZogmeZkvhlgbob\ayeZk\hcdhn_
�Z\kz\ihjy^d_Wc\ex[ezggZyiZjhqdZ`_eZxdZdke_^m_lih\_k_eblvkyGm\kzihdZbkbevgh
g_rZebl_Y\uau\Zxs_bfih^fb]gmeZ
KZjZobobdgmeZZ__iZjZ[hevrhcbkbevguc\_jf_^\_^vihdjZkg_eLZdhqZjh\Zl_evgh
IhfZoZ\hgbgZijZ\bebkvd\uoh^m
YhklZeZkvh^gZ
h^bghq_kl\_kdmqghijh\h^blv^he]mxghqvhkh[_gghdh]^Zl_e_nhgufheqZlBk_]h^gyg_
iheghemgb_beb\_q_jiylgbpubeb_szqlhgb[m^v]^_ijb]h^behkv[uZ]_glkl\hZ
ke_^h\Zl_evghyhklZeZkvgZ_^bg_khk\hbfbfukeyfb
Yg_gZ\b^_eZhklZ\ZlvkygZ_^bg_khk\hbfbfukeyfb
Qlh[uhl\_lblv_cihgZ^h[beZkvfbgmlZ
�LhevdhmreZkjZ[hlu;vx\kz_szgZ\klj_q_k\heqv_cklZ_cIheguc[Zj^ZdOhly`hr
ijb]eZkbef_gygZm`bgk_]h^gy\_q_jhfqlh[uohlvdZdlhhl\e_qvky
Fh`_ll_[_ih\_azlih^jZagbeZy
Ykhc^mkmfZ_kebwlh]hg_ijhbahc^zlFZjbihklZ\beZmeu[ZxsbckykfZcebdaZl_f^h[Z\beZ
IhjZ[_`ZlvIh]h\hjbfiha`_
Y\a^hogmeZiulZykvg_aZ\b^h\Zlvk\h_cih^jm]_bhdbgmeZ\a]ey^hfimklhchnbkAZl_fkgh\Z
\dexqbeZdhn_\ZjdmJZam`fg_g_kd_fih]h\hjblvagZqblihlj_[m_lkyfhj_dhn_bgZYex[ex
dhn_bghg^_eZ_lf_gy[h^jhcbgZihegy_lwg_j]b_cBfg_gjZ\blvky\k_]^Z[ulvgZ\a\h^_
ihlhfmqlhjZkkeZ[b\rbkve_]q_ihl_jylvdhgljhevgZ^k\hbffhgkljhfdh]^Zfm`qbgZdeb_gldh
fg_ijbdZkZekyGZdZqZ\rbkvdhn_bghfkeh`g__jZkkeZ[blvkyb\ha[m^blvky
AgZqbldhn_";h`_Q_]hylhevdhg_i_j_ijh[h\ZeZlZ[e_ldbdhn_bgZwg_j]_lbq_kdb_gZibldb
�1R'R]@J_^;meeb\kzhklZevgh_qlhihfh]Zehfg_lhjqZlvghdhn_[uefh_cbaex[e_gghc
keZ[hklvx
IhdZdhn_\ZjdZaZdbiZeZyhloe_[gmeZkeZ^dhckf_kbijb]hlh\e_gghcjZg__bgZijZ\beZkvd
k\h_fmklhemqlh[uaZgylvkykibkdhf\Z`guo^_e_jog_ckljhdhcfh_]hkibkdZklhyeb
Ij_^klhysb_f_jhijbylbyMgZk[ueZaZieZgbjh\ZgZ^_]mklZpby\bggZijhrehcg_^_e_gh
gbdlhg_aZbgl_j_kh\Zekydjhf_\Zfibjh\;hevrhcfbgmkgbdlhg_ohl_e\klj_qZlvkyk\ZfibjZfb
Gmdjhf_FZjb
Lml[uebk\hbkeh`ghklbMf_gy^hkboihjk\_`bg_ijbylgu_\hkihfbgZgbyh\j_f_gbdh]^Zy
mkljhbeZk\b^Zgb_ex[_aghfmiZjgx\_j\hevnmkg_mjZ\gh\_r_gghce_^b\_jjukvxI_j\h_
ijZ\behk\_jot_kl_kl\_ggh]hZ]_glkl\ZagZdhfkl\]eZkblg_k\h^bdhr_dkkh[ZdZfb
�Y\a^hogmeZ^mfZyh`hr_bFZjbFg_[ulh`_ohl_ehkvkbfiZly]mimfm\[hcnj_g^uGZ
�kZfhf^_e_^Zihnb]dh]hZ`_q_eh\_q_kdh]hfm`qbgmG_lgbq_]hiehoh]h_kebiZj_gv
ghjfZevgucDkh`Ze_gbxgbdlhbaiZjg_ckdhlhjufby\klj_qZeZkvg_ihr_e^Zevr_i_j\h]h
k\b^Zgby[eZ]h^Zjyfh_fma\_jx
G_lkfukeZgZwlhfaZpbdeb\Zlvkyy[ulhevdhhdZaZeZkv\iehohfgZkljh_gb_Y\dexqbeZ
jblfbqgmxfmaudmb\kdhj_i_eZblZgp_\ZeZih\k_fmhnbkmfhb[_ehdmju_o\hklbdblZgp_\Zeb
\hdjm]]heh\udh]^Zy\uieyku\ZeZhlklheZddhibjm\aZ^g_cdhfgZl_kha^Z\ZybjZki_qZlu\Zy
ijb]eZr_gby^eyij_^klhys_clmkh\db
DhehdhevqbdgZ\oh^ghc^\_jba\ydgmebydjbdgmeZ
B^m
GZ\_jghKZ\ZggZ;_j_f_ggmxm`_g_kdhevdhf_kyp_\[_^gmx^_\mrdm\kz_szlhrgbehihmljZf
ZlZd`_^gzflhrgbehghqvxlhrgbehb\ex[h_\j_fyklhbeh_cmqmylvaZiZoq_]hm]h^gh
lhrgbeh
Gh\hc^y\]eZ\gmxqZklvhnbkZyaZf_jeZg_h`b^Zgghm\b^_\^\mofm`qbgH^bg[ueihqlbk_fv
nmlh\\ukhlhcfmkdmebkluciZj_gvkhkljZggufb\hehkZfbb\qm^Zdh\Zlhch^_`^_dhlhjZy
\u]ey^_eZdZdg_qlhbabklhjbq_kdh]hnbevfZ
:^jm]hc[uegmihoh`gZJZcZgZ=hkebg]Z\dhklxf_ghrZgkugZlhqlha^_kvh[ty\blky
dbgha\_a^Zgbqlh`ghfZeuQlhhagZqZehfm`qbgZ[ueijbgp_fn_cjbN_cjb\j_fyhl\j_f_gb
`_hgb[uebkljZggufbdeb_glZfbN_cjbex[bebbkihevah\ZlvqZjuqlh[uijbgbfZlv\g_rghklv
agZf_gbluoZdl_jh\bhgb\k_]^Z^_j`Zebkvg_fgh]h\uau\Zxs_dh]^Zijboh^bebdex^yfDZd
[m^lhfu^he`gudeZgylvkybp_eh\Zlvbfgh]b\[eZ]h^ZjghklvaZ\hafh`ghklvmkem`blv
Yh[uqghihjmqZeZ^jm]bfaZgbfZlvkyn_cjblZddZdkqblZeZbohlghr_gb_oZfkdbfghk_]h^gy
\_q_jhfgZf_gyk\ZebeZkvwlZjZ^mrgZy\klj_qZ
Ijb\_lkdZaZeZy[h^juf]hehkhfrbjhdhmeu[Zykv^\mffm`qbgZfb\udexqZyjZ^bh
�h[jhih`Zeh\Zlv\Ihemghqgu_k\yab
K\_leh\hehkucg_\ukhdbcfm`qbgZijbgpbamqZef_gybf_^e_gghjZkieueky\^h\hevghcmeu[d_
GmjZa\_lug_de_\ZyrlmqdZ"
Do_do_
KiZkb[hQ_ffh]mihfhqv\Zf]hkih^Z"M\Zk_klvijhnbeb\gZr_ckbkl_f_"H^bgba\Zky\gh
n_cjbZ^jm]hcYmklZ\beZkvgZh]jhfgh]hdZqdZLuh[uqghg_iyebrvkyijhklhlZdgZdh]hlh
^Zbfgh]b_iZjgbba:evygkZ[ueb[hevrbfbbkljZrgufbGhwlhiZj_gvwlhliZj_gvijhklh
bklhqZehiZkghklvb^bdhklvYg_fh]eZg_hlklmiblvg_fgh]hgZaZ^ijb\b^__]h
Ya^_kvqlh[udh_dh]h\klj_lblvhl\_lbeijbgp
�Z"Yih^h^\bgmeZfhc_`_^g_\gbdbg_m\b^_eZgbh^ghcihf_ldbu^h]h\Zjb\Zebkvhq_f
lhk^jm]bfkhljm^gbdhfZ]_glkl\Z"
GZkZfhf^_e_wlhlulhlq_eh\_djZ^bdhlhjh]hyijbr_e
hehkugZaZlued_\klZeb^u[hfghyhklZ\ZeZkvg_\hafmlbfhc
IjZ\^Z"
Hgih^hr_e[eb`_^h\hevgZymeu[dZ\k__s_[ueZgZ_]hebp_bhgh[hr_e\hdjm]f_gy
;_amij_qgZyIjhklhkh\_jr_gkl\h
KiZkb[hkdZaZeZyGh[hxkvqlhg_magZx\ZkdZdh^gh]hbafhbodeb_glh\
Hgdjb\hmeu[gmeky
DZd[m^lhyihevamxkv\Zrbfbmkem]Zfb
Lh]^Zyg_ihgbfZxaZq_f\ua^_kv"Y\a]eygmeZgZh]jhfgh]hdZqdZihaZ^bg_]hghfm`qbgZ
gbq_]hg_kdZaZeQ_f[hevr_ykfhlj_eZgZg_]hl_fkljZrg__hgdZaZekyYj_rbeZgZg_]hg_
kfhlj_lv
AZq_fya^_kvqlh[um\b^_lvl_[y^jZ]hp_ggZyLhgn_cjbklZekeZ^dbfbmkihdZb\ZxsbfY
ohl_em\b^_lvdZdih`b\Z_lfhcfZe_gvdbcijbabihoh`_luihqlb]hlh\Zk^_eZlv\u[hj
=hlh\Zk^_eZlv\u[hj"DlhwlhliZj_gv"Ijhklbl_"
Ihc^_ffhcfZe_gvdbch[hjhl_gvG_^_eZc\b^qlhlum^b\e_gZHgihlygmekybih]eZ^befhx
jmdm
Q_rmygZqZeZihdZeu\Zlvmih\_joghklbbyhlkdhqbeZhlg_]hkrbjhdhjZkdjulufbhlrhdZ
]eZaZfb
DZddZdlumagZe"Ygbdhfmgbdh]^Zg_]h\hjbeZqlhyh[hjhl_gvFZjbagZeZqlhy
ljZgknhjfbjh\ZeZkv\g_qlhijhlb\gh_ hgZh^gZ`^uaZklZeZf_gy\k_j_^bg_ijhp_kkZ\fghhgZ
gbdh]^Zg_aZ^Z\ZeZ\hijhkh\byg_\uau\ZeZkvhl\_qZlv
Ghwlhlq_eh\_dkjZamihgyed_fy[ueZ
Hgh^Zjbef_gyhke_ibl_evghcmeu[dhc
A_fghcfbj":"
Bf_gghlh]^Z^\_jvjZkiZogmeZkvb\[_`ZeZKZ\ZggZ
Fg_lZd`ZevJZc^_jgZqZeZhgZ__s_dbihdjZkg_ebYhiha^ZeZghl_i_jvya^_kv
�Zg_i_j_`b\Zchl\_lbeZymdZau\ZygZ^\mofhbodeb_glh\lbiZ`^msbof_gybih^hreZ
dklhemKZ\ZgguYfh]eZfZkl_jdbimkdZlviuev\]eZaZihwlhfm\ulZsbeZklme^eyg_zkeh\gh
gbq_]hg_ijhbahrehLuihdZijbkZ`b\Zcky:yihjZ[hlZxkdeb_glZfbghdh]^ZaZdhgqmfuk
lh[hcijhkfhljbf`mjgZeagZdhfkl\gZk_]h^gyeZ^gh"
HgZk[eZ]h^Zjghklvxihkfhlj_eZgZf_gybhimklbeZkvgZk\h_f_klh
EZ^gh
;uehlhevdh\hk_fvqZkh\\_q_jZZKZ\ZggZm`_\u]ey^_eZh[_kkbe_gghcLy`_eZy[_j_f_gghklvb\
ijb^Zqmgh\ZyjZ[hlZghhgZgbdh]^Zg_`Zeh\ZeZkv
KZjZl_[_hklZ\beZihqlmfh`_lihdZaZcfzrvky_x"ij_^eh`beZy\ay\gZm]emklheZklhidm
i_j_\yaZggmxj_abgdhcbijhlygmeZKZ\Zgg_Bihi_c\h^u
Ohjhrhkh]eZkbeZkvhgZjh[dhaZ[bjZymf_gyihqlm
Gmqlh`_\_k_ehkdZaZeZyih\hjZqb\Zykvdijbgpmn_cjbb_]hkljZrghfm^jm]mIhq_fm[u
gZfg_ijhclb\dhgn_j_gpaZeblZfijh^he`blvgZrjZa]h\hj"
Gmdhg_qghkdZaZeijbgp\k\h_cr_edh\bklh]eZ^dhcfZg_j_
Ykhijh\h^beZbo\dhgn_j_gpaZebaZdjueZ^\_jvaZl_f\dexqbeZ^bkdkdeZkkbq_kdhcfmaudhc
A^hjh\ydkfhlj_eijyfhi_j_^kh[hcghijbgpih^gye[jh\v
FmaudZevgh_khijh\h`^_gb_"
Wlh^eydhgnb^_gpbZevghklbgZrbodeb_glh\h[tykgbeZy_fmMfgh]bo\b^h\hq_gvhkljuc
kemo
Dhg_qgh
Dlhlu"kijhkbeZydZdlhevdhhgk_eaZdjm]eucklheHojZggbdbf_gghlZdyih^mfZeZhg_f
miZegZklmejy^hfkgbfYkb^_eZgZijhlb\h[hbog_^h\_jyybfWlhlq_eh\_dagZed_fbq_fy
[ueZGZ\_jgydZmg_]h[uebhl\_lugZ\k_fhb\hijhku
�ZylZdb^mfZeqlhlukijhkbrv"Hge_gb\hhldbgmeky\dj_ke_hkfZljb\Zykv\hdjm]dZd
[m^lh[ueijb]eZr_ggZkZfmxkdmqgmx\_q_jbgdmgZa_fe_bkh[eZ]h\hebe[ulva^_kvihlhfmqlh
^he`_gijbkmlkl\h\ZlvF_gyah\mlNbgbZgHgbamqZek\hb^ebggu_iZevpukb^_Zevgufb
gh]lyfb;_anZfbebbWlhq_eh\_q_kdZyfZg_jghklvby[_amkeh\ghg_q_eh\_d
Hgmeu[gmekyfg_bygZf]gh\_gb_m\b^_eZdZd_]h]eZaZk\_lylky\k_fbp\_lZfbjZ^m]bgZih^h[b_
fuevgh]himaujy
hij_dbk_[_y[ueZhqZjh\ZgZg_kihkh[gZyhl\_klb\a]ey^
Dlhl\hc^jm]"
NbgbZgmklZ\bekygZ]jhfZ^gh]hfm`qbgm\hae_g_]h
Hgg_\Z`_g
G_\Z`gucgbq_]hg_kdZaZeqlh[uehg_m^b\bl_evgh
Hldm^ZluagZ_rvdlhybdZd^h]Z^Zeky"Y]h^[ueZkj_^bh[hjhlg_cbg_kdhevdhjZa\b^_eZ
n_cjbghgbdlhg_jZa]Z^Zefhck_dj_lYiheZ]ZeZqlhfhcaZiZolZdhc`_dZdbm^jm]boex^_c
Ih`Zemcy^h]Z^Zekyihlhfmqlhlufhy
L\hy"
�ZYijbkmlkl\h\Zeijbl\hzfjh`^_gbbYijbkmlkl\h\Zeijbl\hzfkha^Zgbb\b^_edZdlu
jh^beZkvbijb\zel_[ykx^Zqlh[ulufh]eZ\ujZklb
b^_ef_gyMf_gyqmlvg_hl\bkeZq_exklv
Kha^Zgbb"
Fu\ayebl\h_]hhlpZ^eyhk_f_g_gbybl\hxfZlvfbemxrmkljmxdh[uedm_keb_zfh`gh
lZdgZa\Zlvb\mZeyfZ]bq_kdbfh[jZahfwlhijhbahreh
FbeZydh[uedZ^Z"A\mqZehm`ZkghFh`_lwlhlZdhcijbdhen_cjb
B]^_`_k_cqZkfhbjh^bl_eb"
Hgbg_jh^bl_ebfhc^hjh]hch[hjhl_gvJh^bl_ebij_^iheZ]Zxl\hkiblZgb_j_[_gdZHgb[ueb
ijhklhkhkm^u^eyl\h_]hkha^ZgbyHgkl_iehlhcihkfhlj_egZf_gyHgb\u\_ebhlebqguc
h[jZa_p_kebf_gyfh`ghkqblZlvagZlhdhf:ykdZ`m\Zfqlhfh`gh
g_aZighihqm\kl\h\Z\oheh^ykbevg__aZ\_jgmeZkv\k\hcjhah\ucdZj^b]Zg
Lu]h\hjbrvh[hfg_lZdkeh\ghydZdhclhim^_evaZgy\rbci_j\h_f_klhgZ\uklZ\d_
Meu[dZNbgbZgZklZeZrbj_
WlhdZdjZabf_gghlhd_fluy\ey_rvkyfhy^hjh]ZyKqblZck_[y\uklZ\hqgufim^_e_f
aZgy\rbfi_j\h_f_klh^eyIZjZee_evgh]hfbjZ
IZjZee_evgh]hfbjZ"wohfih\lhjbeZy
PZjkl\ZN_cjb
YljyogmeZ]heh\hciulZykvhkhagZlv_]hkeh\Z
G_ihgbfZx?kebyn_cjbaZq_fluijb\_afZgykx^Z"
Lug_n_cjbKeh\ghh[b^_ekyhgLuh[hjhl_gvMl\h_]h\b^Zhq_gv\ukhdZykf_jlghklv\
pZjkl\_n_cjby[hyekyFgh]b_kms_kl\ZhohlylkygZl\hc\b^Luhq_gvwnn_dlgZbdjZkb\Z\
_kl_kl\_gghcnhjf_ghkh\k_f[_aaZsblgZIhwlhfmluhdZaZeZkva^_kv^eyaZsbluNbgbZg
ihdZaZl_evghjZa\zejmdZfbG_klhbl[eZ]h^Zjghklb
Y\k__s_bamfe_gghkfhlj_eZgZg_]hiulZykvihgylv\k_wlhY[ueZ^eywlh]hq_eh\_dZ
im^_e_f"Jh^beZkv\PZjkl\_N_cjb"Fhbjh^bl_ebie_f_ggu_kh[Zdb"BebehrZ^b"Bebqlhlh
\jh^_wlh]h"
Y\k__s_g_ihgbfZx
Zr\b^g_hlebqZ_lkykhh[jZabl_evghklvxNbgbZgkij_g_[j_`_gb_fhkfhlj_ef_gy
Dhgdj_lghdZdZyqZklvlZdly`_eZ^ey\hkijbylby"
YjZa\_eZjmdZfbiulZykvijb^mfZlvkq_]h[ugZqZlvYg_j\ghh]ey^_eZkvqlh[um^hklh\_jblvky
qlhgZrjZa]h\hjgbdlhg_ih^kemrb\Z_lAZl_fgZdehgbeZkvbkdZaZeZ
G_m\_j_gZqlhyl\hch[hjhl_gvFhy^jm]ZynhjfZhlgx^vg_djZkb\ZyKh\k_fgZh[hjhl
Hgkdehgbe]heh\mgZ[hd
MdZ`^h]hk\h_ij_^klZ\e_gb_hdjZkhl_eZimeyBmfh_]hh[hjhlgy_klvf_ldZgZ[_^j_\\b^_
khegpZkd_evlkdbfmaehf\_qghklb\p_glj_
YaZf_jeZ]eZaZihe_aebgZeh[Mf_gy_klvf_ldZgZ\gmlj_gg_cklhjhg_[_^jZGbdlhg_fh]fg_
ijyfhhl\_lblvihq_fmfZe_gvdZy^_\hqdZihke_jh`^_gby[ueZaZde_cf_gZbfhbijb_fgu_
jh^bl_ebjZaj_rbebm^Zeblv__dZdlhevdhyklZeZkh\_jr_gghe_lg_cGhyij_^ihqeZkhojZgblv
Ygbdhfmgbdh]^Zg_]h\hjbeZh[wlhf
�he`_gebyaZklZ\blvl_[yihdZaZlvfg_"kijhkbeNbgbZgFhc^jm]fh`_l^_j`Zlvl_[yihdZ
y[m^mijh\_jylvqlhlulZdh]hybsm
RbjhdhjZkdju\]eZaZyihkfhlj_eZgZ]b]ZglZjy^hfkgbf
G_lG_klhblkiZkb[hMf_gy_klvf_ldZ
YlZdb^mfZeL\hc^\Z^pZlviyluc^_gvjh`^_gbyq_j_af_kypijZ\bevgh"
?kebluagZ_rvhf_ld_lh^he`_gagZlvdh]^Zfhc^_gvjh`^_gbyhl\_lbeZyg_\u^Z\Zy
[hevr_gbdZdbo^_lZe_cQZklvf_gyohl_eZm[_`Zlvhlwlh]hkljZggh]hjZa]h\hjZghygm`^ZeZkv\
bgnhjfZpbbWlhlq_eh\_ddZaZehkv_xjZkiheZ]Ze
G_[m^vjZa^jZ`bl_evghceZimeyL_[_g_debpm
Ymeu[gmeZkvkdj_iyam[ZfbY^_ckl\bl_evghg_[ueZnZgZldhclh]hdZdhgijh^he`ZegZau\Zlv
f_gyeZimeyihke_lh]hdZdgZa\Zeim^_e_f
Yg_ihgbfZxihq_fmlua^_kvkimklyklhevdh\j_f_gb
k_hq_gvijhklhH[hjhlgyfg_h[oh^bfh\j_fy^eykhaj_\Zgbyijhbag_kNbgbZgkp_ieyy\
�aZfhdiZevpujmd\Z^pZlviylvb^_Zevguc\hajZkl^eyjZafgh`_gbyagZqblqlh[_ahiZkg__
aZ[jZlvl_[y\fbjn_cjbMf_gym`_ih^h[jZgub^_Zevgu_`_j_[pu
Fhb]eZaZjZkrbjbebkv\m`Zk_
Lukh[bjZ_rvkyjZa\h^blvf_gy"
Dhg_qgh`_^jZ]hp_gghklv_]h\a]ey^gZihegbekyjZ^hklvxgZrb^gbgZjugd_]h[ebgh\aZ
h[hjhlgy^Zxlohjhrb_^_gv]bZfhyk_fvybkiulu\ZeZg_[hevrb_nbgZgkh\u_ljm^ghklb\
ijhrehflukyq_e_lbbL\h_ihlhfkl\hihaZ[hlblkyh[wlhcijh[e_f_
Yk]ehlgmeZhsmsZyk_[yjZa[blhcWlhg_ijhbkoh^behG_lWlhliZj_gvg_fh`_lijhklh
�\eZ^_lvfghcbhlghkblkydhfg_dZd\uklZ\hqghckh[Zd_he`_g[ulv\uoh^bawlhckblmZpbb
Qlh_kebykdZ`mg_l"Qlh_kebyg_aZohqmihclbklh[hc"
G_kha^Z\Zcljm^ghklbNbgbZgkdZaZefg_kgbkoh^bl_evguf]hehkhfMOvxa^_kvfgh]h
^jma_cdhlhju_ihaZ[hlylkyhlhfqlh[uluihreZkhfghcYg_ohl_e[uh^_\ZlvgZl_[yhr_cgbd
ujZ`_gb_ebpZOvxg_baf_gbehkvY\a^jh]gmeZ
Djhf_lh]h\_k_ehijh^he`beNbgbZgDZdlhevdhl_[_klmdg_l^\Z^pZlviylvblu\k__s_
[m^_rv^_\kl\_ggZklZg_lg_\hafh`gufm^_j`b\Zlv\m]ema\_jyL_[yaZo\Zlbl[_amfkl\hgZihq\_
kiZjb\Zgbyblh]^Zlu[m^_rvmfheylvf_gyaZ[jZlvkkh[hc
Jmdhcyko\ZlbeZkvaZ]hjehWlha\mqZehm`Zkgh
:qlh_kebyl_[_aZieZqm"Fh]mebyaZieZlblvaZk\hxk\h[h^m"
Hgk`Zehklvxihkfhlj_egZf_gy
HoeZimeyN_cjbg_bf__l^_ekq_eh\_q_kdhc\ZexlhcIh\_jvfhbfkeh\Zfhlhfqlhlug_
fh`_rvk_[_iha\heblvlh]hq_]hfuohlbf;hxkvwlhbf_gghlZddZd_klvB^Z`__keb[ulu
kfh]eZ\udmiblvk\hxk\h[h^mwlhg_ihfh`_lh[ma^Zlvl\h_]ha\_jyEbrvjZafgh`_gb_fwlh
fh`ghbkijZ\blv
Yihqm\kl\h\ZeZijbklmilhrghlu
Ghghmf_gy_s_f_kypFg_ihdZg_l^\Z^pZlbiylb
�ZWlhkeh`guci_jbh^bbf_gghbaaZg_]hya^_kvLZddZdlu[ebadZdh\meypbblugZqg_rv
Qlhlh\jh^_lh]hdh]^Zmh[hjhlg_cgZqbgZ_lky]hjyqdZ";h`_wlhklZgh\behkv\k_om`_b
om`_
G_lIjyfhk_cqZkluiZog_rvdZdq_eh\_dNbgbZg\_`eb\hfg_meu[gmekyb\ulygmeba
i_lebpudjhr_qgucp\_lhdih^klZ\eyy_]hdghkm[m^lhi_j_dju\ZyfhcaZiZoGh\[eb`Zcrb_
g_kdhevdhg_^_evZjhfZl[ukljhbaf_gblvkyb^eyex[h]hn_cjbklZg_lihgylghdlhluLu
gm`^Z_rvky\aZsbl_qlh[udlhgb[m^vg_m\_el_[ybaih^fh_]hghkZHgijhlygmejmdmb
ihoehiZeihh]jhfghcjmd_dhfiZgvhgZhlaZq_fa^_kvOvx
Hr_ehfe_gghymklZ\beZkvgZOvxb\i_j\u_ijbklZevgh\kfhlj_eZkv\_]hebph
Hg^hq_jlbdh\im]Ze
_kvbadj_idbofurpjZaf_jhfbkbehchggZihfbgZeiZjmKZjuGhmJ_fkbdjZkb\u_q_jluebpZ
b^h[ju_]eZaZdh]^Zhgkfhlj_egZKZjm\wlhffm`qbg_g_[uehbdZiebg_`ghklbMg_]h
�kbevgh_l_ehk\uibjZxsbfbgZr__furpZfbdZdm[h^b[be^_jZebggh\Zlu_\hehkukh[jZgu
gZfZdmrd_]jyagufrgmjdhfqlh[ug_iZ^ZebgZebphZbodjZkghdhjbqg_\ucp\_lgZihfbgZe
ihehkdblb]jZMg_]h[ueb^ebggu_[Zd_g[Zj^udhlhju_aZdZgqb\Zebkv]mklhcwkiZgvhedhc\
hkgh\__]hq_exklbH^_lhg[ue\ijhklmxdhjbqg_\mxlmgbdmkihykhfgZlZebbZjmdbOvx[ueb
klhev`_[hevrbfbdZdfhb[_^jZhihykZggu_fmkdmeZfbb\_gZfbGZij_^ie_qvyo\b^g_ebkv
g_[hevrb_ju`_\Zlu_\hehkulh`_dZaZ\rb_kyihehkZlufbHg[ueihoh`gZqlhlhkj_^g__
��f_`^m=jhfh\ufbdhlZfb@bOjZ[jh_K_j^p_@
GhkZfh_om^r__\g_f]eZaZG_ihlhfmqlhajZqdb[uebmadbfbs_ehqdZfbdZdmdhrdbbaaZ
wlh]hhgbdZaZebkvhlqZklbbaysgufbF_gy[_kihdhbebwfhpbb\wlbo]eZaZoZ\_jg__bo
hlkmlkl\b_Oheh^gu_bimklu_]eZaZkfhljysb_gZf_gygbog_[uehgb]jZffZg_`ghklb
Fg_kh\k_fg_gjZ\behkvkfhlj_lvgZg_]h
IjbylghihagZdhfblvkyOvxkdZaZeZyg_j\ghGhym\_j_gZqlhg_gm`^Zxkv\aZsbl_
dhgp_dhgph\dlhaZsblblf_gyhlOvx"
NbgbZgmeu[gmeky
Wlhg_l_[_j_rZlveZimey:fg_bygZf_j_gke_^blvaZk\hbfbbg\_klbpbyfbOvxemqrbc
fZ]bq_kdbcgZ_fgbdmkem]bdhlhjh]hfh`ghdmiblvihwlhfmhgklZg_ll\h_cl_gvx^h^gy
^hklZ\db
Fhc\a]ey^\gh\vh[jZlbekyhlNbgbZgZdOvx
Hcghyg_gm`^Zxkv\l_gbIjhklh[m^mhklhjh`g__
NbgbZgih^gyekygZgh]b
OvxhgZiheghklvxl\hy@^m__\p_ehklbbkhojZgghklb\^_gv^hklZ\dbLuihgyef_gy"
Ihgyehl\_lbeOvxgbadbfjhdhqmsbf]hehkhfbfhb]eZaZ\gh\vhdjm]ebebkv
Dh]^Zhg]h\hjbeyf_evdhfm\b^_eZ^\Z^ebgguohkljuoam[ZMOvx_klvdeudb
H;h`_wlhkh\k_fg_ohjhrh
=eZ\Z
G_m\_j_gZqlhwlhohjhrZyb^_ygZqZeZyg_\kbeZohl\_klb\a]ey^hljlZOvxG_m`_eby
lhevdhqlhm\b^_eZdeudb"
=emiurdZg_ijbihfgxqlh[ul_[ydlhlhkijZrb\ZeNbgbZgih^gyekyh^_jgmeib^`Zdb
ijb]eZ^beeZpdZgu[m^lhkh[bjZekygZijh]medmj_fyhl\j_f_gby[m^ml_[yijh\_jylvG_
klZsbebij_`^_q_fyihemqmaZg_]hk\hb^_gv]blZd\_^v"
MiZkb;h`_ijh[hjfhlZeZyiulZykvijbclb\k_[yY[ueZgZm^b\e_gb_kihdhcghcihke_lh]h
dZdfg_kdZaZebqlhydZdh_lhie_f_ggh_`b\hlgh_bhgijb^_lqlh[uaZ[jZlvfhx`bagv
YgZ\_jgh_\k_]^Z`^ZeZq_]hlhiehoh]hbg_ba[_`gh]hL_i_jvdh]^ZygZdhg_pihemqbeZhl\_lu
kljZoi_j_^g_ba\_klghklvxbkq_a
Gm`gh[uehijbgylv\h\gbfZgb_fbeebhg\_s_cbijb^mfZlvkihkh[hk\h[h^blvkyhlwlh]hghyg_
iZgbdh\ZeZ
hafh`ghdZdlhevdhNbgbZgmc^_lykfh]m^h]h\hjblvkykOvxAZieZlblv_fmLh]^Zyfh]eZ
[uqlh"K[_`Zlv"DZd"Q_j_af_kypygZ\k_]^Zij_\jZsmkv\fhgkljZ_kebg_gZc^mk\h_]h
hqZjh\Zl_evgh]hijbgpZ
Bdkh`Ze_gbxijbgpdhlhjucagZe[hevr_\k_]hh[hfg_gZf_j_\ZekyjZa\h^blvf_gydZd
\uklZ\hqgmxkh[Zdm
G_kebrdhfm`ohjhrh^eydhfZg^ub]jZxs_cgZk\hzfihe_
Yih^gyeZkvgZgh]bbOvxlh`_K^_eZ\\b^qlhg_aZf_lbeZwlhygZijZ\beZkvd^\_jbIhlhfm
dZdNbgbZg\a]eygmegZJhe_dk[uehykghqlhkhfghchgaZdhgqbe
Dh]^Zlu\_jg_rvky"kijhkbeZyhldju\Zy^\_jv
Hgijhlygmejmdmbih]eZ^bef_gyihs_d_bykgh\ZhsmlbeZhl\jZlbl_evgmximevkZpbxih^k\h_c
dh`_c[_akhfg_gbyhgk^_eZewlhqlh[ugZihfgblvfg_q_fyy\eyxkv
Y\_jgmkvdh]^ZihkqblZxgm`guf^jZ]hp_ggZyg_\hegmckyOvxhklZg_lkyqlh[uh[_ki_qblv
l_[_[_ahiZkghklv
NbgbZgih\_jgmekybijhr_eq_j_ahnbkh^Zjb\KZ\Zggm\_`eb\hcmeu[dhchggZijZ\bekyd
^\_jb
Yohl_eZijhdjbqZlv_fmqlh[uhghklZekyih^hevr_b_szhl\_lbegZ\hijhkughn_cjb^_eZxl
qlhohlylbdh]^ZohlylNbgbZgk[jhkbek\hx[hf[mbl_i_jvmoh^bl
DZdlhevdh^\_jbaZdjuebkvyi_qZevgh\a^hogmeZbh[_jgmeZkv
Bihqlb\j_aZeZkv\]jm^vOvx
YhlrZlgmeZkv
Hba\bgb
Hgihlygmekydfh_cjmd_qlh[uih^^_j`Zlvf_gyghaZdhe_[Zekyhimklb\jmdmkeh\gh\kihfgbe
d_fy[ueZ
Ymc^mkl\h_]himlblZdqlhlufh`_rvb^lbkdZaZeZymdZau\ZygZ^\_jv
Yg_moh`mBluwlhagZ_rvlhg\_]h]hehk_oheh^gucb`_kldbcijhba\h^be\i_qZle_gb_
DZdg_eh\dhYemq_aZjghmeu[gmeZkv_fmbgZijZ\beZkvh[jZlghdk\h_fmklhem
k_\ihjy^d_"fy]dhkijhkbeZKZ\ZggZ
Ijhklh\hkoblbl_evghhl\_lbeZykZ^ykvaZklheqm\kl\myqlhmeu[dmkeh\ghijbde_bebgZ
ebphAZ[ueZqlhkh[jZeZkv\g_klbbaf_g_gby\ijhnbevfbkl_jZOvxLZd\_^vfbkl_jOvx"
G_lijyfhhl\_lbehgGh^\bgmekybk_egZh^bgbaklmev_\klhysbogZijhlb\f_gy
YkhsmjbeZkvJZa\_hgg_ihgbfZ_lqlhgm`ghkhojZgblvfhck_dj_lbg_fgh]hkh\jZlvjZahdbeb
^\Z"
?keblukh[bjZ_rvkyhklZlvkya^_kv\Z]_glkl\_khfghckdZaZeZylbobfijbylguf]hehkhf
�_eZcqlhohq_rvhl\_lbeOvxih^gbfZykvkhklmeZbgZg_]hofmjykvKlme[uekebrdhffZe
^eyOvx^_j_\yggu_ih^ehdhlgbdbg_iha\heyeb_fmm^h[ghk_klv
u]ey^_ehkf_rghaZbkdexq_gb_flh]hqlhOvxkfhlj_egZklmelZdqlhij_^ihq_e[u_]h
mgbqlh`blvq_fl_ji_lv_]hijbkmlkl\b_
Hgih\_jgmekyb\klZe\hq_gvk\hckl\_ggmx^eykhe^ZlZihamgh]bgZrbjbg_ie_qjmdbkdj_s_gu
gZ]jm^b
Yrhdbjh\Zghhlf_lbeZqlhgZiZevpZoOvxh]jhfgu_dh]lbHldm^Zq_jl\havfbwlhliZj_gv"
�;ueebhgbaKj_^g_\_dh\h]hPZjkl\Zn_cjb"?keb^ZlhhgbdhjfbebboMblbk@ihlhfmqlh
Ovx\u]ey^_egZklhevdhdjmigufbfmkdmebklufkeh\ghfh]jZa^Z\blvfZe_gvdbcZ\lhfh[bev
]heufbjmdZfb
KZ\ZggZg_dZaZeZkv\klj_\h`_gghcohlylhqgh\aZf_rZl_evkl\_HgZihkfhlj_eZgZg_]hZihlhf
gZf_gy
;uehykgh_kebfg_ijb^zlkyihdZau\Zlvkyih\kx^mkOvxg_h[oh^bfhihiulZlvky_]hhqZjh\Zlv
HlebqgZyb^_yYohjhrhagZeZdZdhqZjh\u\Zlvex^_c
OvxkeZ^dbcfhcihq_fm[ul_[_g_ijbk_klvZym]hsml_[yqZr_qdhcdhn_
Hgh]ey^_edhfgZlmaZl_ff_gy
Yij_^ihqblZxklhylv
�Zgmwlhg_\_`eb\hLuaZklZ\ey_rvf_gyg_j\gbqZlvkdZaZeZyih^fb]gm\KZ\Zgg_dZd[u
]h\hjyHom`_wlbkmfZkr_^rb_deb_glu?kebklmeg_m^h[gucyfh]mijbg_klbl_[_
lZ[mj_ldmbaih^kh[db
YgZijZ\beZkv\ih^kh[dm]^_klhyekdeZ^ghcklmeklj_fygdZG_mki_\k^_eZlvg_kdhevdhrZ]h\
dZdihgyeZqlhOvxb^_laZfghcY\a^hogmeZbklbkgmeZam[uG_m`_eblZd[m^_l\_kvke_^mxsbc
f_kyp"
Y[ueZhilbfbklhfFg_ebrvgm`gh\uykgblvdZdba[Z\blvkyhlOvxbebk\u]h^hcbkihevah\Zlv
_]hijbkmlkl\b_a^_kv
Yko\ZlbeZlZ[mj_lbh[_jgmeZkvbah\k_okbeiulZykvkhojZgblv\_k_eh_\ujZ`_gb_ebpZ
LZddZdluihr_eaZfghcihq_fm[ul_[_g_\aylv_]h"Y\kmgmeZlZ[mj_l\jmdbOvx
HgmklZ\bekygZ^_j_\yggmxklj_fygdm
�eyq_]hwlh"
Wlh^eyl_[yqlh[ulufh]kb^_lvjZam`klmevyg_m^h[gu_
Hgnujdgme
Fg_wlhg_gm`ghYihklhx
Yij_^ihqblZxqlh[ulukb^_e
hbgg_kb^blgZjZ[hl_
�Zhlebqghlhevdhk_cqZklug_\hbghlj_aZeZyfuke_gghjm]Zyk_[yaZihl_jx
kZfhh[eZ^ZgbyFg_gm`gh[ulvfbehck_agZebqlhJZc^_jfbeZb\_k_eZYmeu[gmeZkvDZd
l_[_fh_qm\kl\hxfhjZ"
YijhreZfbfhg_^h`b^Zykvhl\_lZ
]eZ\ghfhnbk_km^yihex[hiulghfm\a]ey^mKZ\ZgguyihgyeZqlh]jhfZ^gZyl_gvb^_lijyfh
aZfghcYjZa^\bgmeZ^\ZklmeZbmdZaZeZOvxihklZ\blvlm^ZlZ[mj_lHglZdbk^_eZeghg_k_e
AZq_jigm\dhn_bgZeb\\h^ugZ`ZeZgZdghidm\dexq_gby
KZ\ZggZohq_rvdhn_"
Hl\_lZg_ihke_^h\Zeh
Yh[_jgmeZkv\h\j_fyqlh[um\b^_lv__[e_^gh_ebphIjb`Z\eZ^hgvdhjlmKZ\ZggZm[_`ZeZ\
\Zggmxhiylv
Kf_xij_^iheh`blvqlhg_lijh]h\hjbeZybh[_jgmeZkvdOvxL_[_gjZ\blkydhn_"
Hgijhklhkfhlj_egZf_gyk\hbfbdhrZqvbfb]eZaZfb
G_bf__lagZq_gbyqlhfg_gjZ\blky
EZZZZZ^g_gvdhklZgh\behkv\k_ly`_e__m^_j`Zlvmeu[dmgZebp_Qlh`yex[exdhn_y
k_eZh[jZlghaZklhebihiulZeZkvkdhgp_gljbjh\Zlvky?kebOvxkh[bjZ_lkyihklhygghoh^blv
jy^hfgm`ghijb^mfZlvijbdjulb_Yh[^mfu\ZeZieZg
Fh`_lfg_kdZaZlv\k_fqlhOvxi_j_\_jlurFh`_lkjZ[hlZlvihkdhevdmmg_]h_klvdeudbbof
ihehkZlZyjZkp\_ldZ\hehk
LZdqlhhgfh][uhdZaZlvkydZdbfgb[m^vwdahlbq_kdbflb]jhfi_j_\_jlur_fdhlhjhfmg_m^h[gh
kj_^bex^_cbgm`gh\aylv_]hih^djueurdh
?kebg_kqblZlv\bgZk_e_gby[uebex^vfblZdqlhhgijhklhg_fh]g_klZedb\Zlvkykgbfb
^hwlh]h
OfffFh`_lmg_]hijh[e_fukhagZdhfkl\Zfbby^_ckl\h\ZeZdZdebqguclj_g_jih
i_jkhgZevghfmjhklm"
�Y\ayeZk\hx[e_klysmxebg_cdmbijbgyeZkvklmqZlv_xiheZ^hgbhe`gh`_[ulvhlebqgh_
ijbdjulb_
Yg_fh]eZgbdhfmkdZaZlv:o^Zyhq_\b^gh\uklZ\hqgucim^_evbdh]^Z^hklb]gmk\h_]h
jZkp\_lZ[m^mklhblvp_eh_khklhygb_ihwlhfmhgf_gyhojZgy_l
Ihkdhevdmmf_gyg_l`_eZgby[ulvqvbflhim^_e_fykh[bjZxkvgZclbkihkh[ba[_`Zlvwlh]h
Kh[bjZxkvgZclbk\hxbklbggmxex[h\vhgkiZkzlf_gyhlijhdeylbybfu[m^_f`blv^he]hb
kqZkleb\h
Dhn_cgbdaZrbi_eimkdZyiZjkb]gZebabjmyqlhkdhjhaZdbiblIj_`^_q_fykfh]eZfhj]gmlv
OvxgZ[jhkbekygZfZrbgm
;e_kgmebdh]lbbymkeurZeZjuqZgb_ihlhf]b]ZglkdbcnhglZgbkdjbhkdhedbkl_deZ
Dghidb\kiuogmeb
B\k_klboeh
Yih^gyeZkv]ey^ygZhklZgdbhldhn_cgbdZZddmjZlghihj_aZggh]hgZehflbdbdh]lyfbOvxHg
klhyegZ^h[ehfdZfb[hevrb_ie_qbly`_eh\a^ufZebkvdeudbhkdZe_gukeh\ghkh[bjZeky
ZlZdh\Zlv
IhdZyrhdbjh\Zghkfhlj_eZ_s_h^gZbkdjZ\ue_l_eZbadhn_cgbdZbOvxih^gyeh]jhfgmx
dh]lbklmxjmdm
Ih^h`^baZ\ba`ZeZy[jhkZykv\i_j_^Gbq_]hg_ljh]ZcL_[ylhdhfm^ZjblIjhklhklhclZf
YihfqZeZkv\ih^kh[dms_edZy\udexqZl_eyfbqlh[uh[_klhqblvhnbkDZdlhevdhwlh[ueh
k^_eZghyih[_`ZeZh[jZlgh\]eZ\gmxdhfgZlm
BhklZgh\beZkv=eZaZOvxmkljZrZxs_iueZebyjdha_e_gufyjq_q_f\k_qlhydh]^Zeb[h
B\k_`_yijhb]ghjbjh\ZeZwlhHllhedgm\_]hy\u^_jgmeZ\bedmm`_\_kvfZf_jl\hcdhn_\Zjdb
aZl_f\_jgmeZkv\ih^kh[dmbkgh\Zs_edgmeZ\udexqZl_eyfbgZ^_ykvqlhfug_gZim]Zeb^h
kf_jlbKZ\Zggm
Y\_jgmeZkv\hnbk\lhlfhf_glZdh]^ZhgZ\uoh^beZba\Zgguijb`bfZy[mfZ`gh_ihehl_gp_dh
jlmklj_\h]hc\]eZaZo
k_ohjhrh"
IjhklhaZf_qZl_evghm\_jbeZy__MOvxkbg^jhfszedZxs_]hiZevpZ\hldhn_cgbdb
bkim]Ze_]hYkoh^beZ\lmZe_laZ\_gbdhfbkh\dhfaZl_fijhlygmeZboOvxBihkdhevdmhg
kehfZe_fmbm[bjZlv
OvxhkdZebekybaZjuqZegZf_gy;h`_fbehklb\uchgb[uebh]jhfgu__]hdeudbijZdlbq_kdb
\u]ey^_ebdZd[b\gb
Ghfg_g_gjZ\behkv[ulvaZim]ZgghcOvxg_kfh`_lfg_gZ\j_^blvhga^_kv^eyfh_c
[_ahiZkghklbIhkeh\Zf_]h[hkkZy^hjh`_klhx`b\hcq_ff_jl\hcihwlhfmfbehmeu[gm\rbkv
y\kmgmeZ\_]hjmdbf_lembkh\hd
Dh]^Zhg\a]eygmegZf_gyyihoehiZeZ_]hihjmd_
L_i_jvih`ZemcklZm[_jbk\hc[_kihjy^hdihdZyihaZ[hqmkvhKZ\Zgg_ijhc^yfbfhg_]hy
ih\_jgmeZkvdg_cLu\ihjy^d_^hjh]Zy"
HgZf_^e_gghfhj]gmeZh[ehdhlb\rbkvh^\_jghcdhkyd\Zgghc?z\a]ey^hklZgh\bekygZOvx
aZl_fgZfg_
Qlhkemqbehkv"
Ijhklhg_kqZklguckemqZc\_k_ehhl\_lbeZyIh^hc^ydklhemKZ\Zgguy\u^\bgmeZ^eyg_z
�klmeZ\Zcijbky^vLug_\Z`gh\u]ey^brv
HgZly`_ehhimklbeZkvgZklme\ulZsbeZ[mluedm\h^ubklZeZiblvfZe_gvdbfb]ehldZfb
L_[_gm`gudZdb_gb[m^vdj_d_jubeblhklbeb_s_qlhgb[m^v"
Kt_eZlZdhcqmlvjZg__ijhr_ilZeZhgZfy]dbf]hehkhfbk^_eZeZhq_j_^ghc]ehlhd\h^uG_
ihfh]eh
Ym[jZeZkhe[Z__fhdju_hlihlZdZrlZgh\u_\hehku
:dZdgZkq_lohjhr_]h]hjyq_]hqZy"
Wlhihfh]eh[uhafh`ghkebfhghfhllhevdhgZrdhn_cgbdf_jl\hgZihkfhlj_eZq_j_a
fh_ie_qhgZofmjb\[jh\b
Ylh`_h]eygmeZkvbm\b^_eZklhys_]hlZfOvxdhlhjuc\k__s_^_j`Ze\_gbdkkh\dhfbk\_jebe
bok\bj_iufofmjuf\a]ey^hf[_kihjy^hdhlkehfZggh]hdhn_cgbdZ\k__s_[ueih^gh]Zfb
Ylhevdhk_cqZkaZf_lbeZqlhmOvx[hku_gh]bBlZdb_`_dh]lbklu_;h]lufhc
KZ\ZggZihkfhlj_eZgZf_gyihlhf\ayeZdZjZg^Zrb[ehdghlQlhlhaZibkZ\hgZlhedgmeZ_]hfg_
DZdhchg"""
KZ\ZggZ[ueZ\_jimfhcbqe_ghfk_fvbJZkk_eh\\ha]eZ\ey\r_c:evygk
HgZ[ueZohjhrhagZdhfZkh\k_fb\b^Zfb\_jh\^Z`_klZdbfbg_h[uqgufb
k\_jot_kl_kl\_ggufbkms_kl\ZfbdZd]ZjibbkZlbjubkbj_gu
G_lkhfg_gbcqlhOvx[uek\_jot_kl_kl\_ggufkms_kl\hfex[hcfh]kdZaZlvwlhebrv\a]eygm\
gZg_]hgh\hijhk\lhfdZdbf"
DZd[ugZjhqghg_ihgy\__\hijhkZy[ukljhgZibkZeZDeb_gl"
GmihkdhevdmgZrdhn_cgbdf_jl\fhlgmkvdZy\dZn_aZl\hbfqZ_fOvxihq_fm[ul_[_g_
ihclbkhfghc"AZdhgqbrvm[hjdmdh]^Z\_jg_fky
Hg_gZ^hl_[_g_h[yaZl_evghb^lbaZijhl_klh\ZeZKZ\ZggZIh__\klj_\h`_gghfm\b^m[ueh
ykghqlhhgZg_ohl_eZhlimkdZlvf_gyh^gmkOvxY\ihjy^d_
HgZkljm^hfk^_eZeZfZe_gvdbc]ehlhdghl_fg_f_g__\_eZk_[ydZdgb\q_fg_[u\Zeh
ImklydbkdZaZeZyFukdhjh\_jg_fkyHklZ\vwlhl[_kihjy^hdgZfb_kebgZl_[ygZdZlbl
ijbklmilhrghluijhklh\dexqbZ\lhhl\_lqbd
Y[jhkbeZkvdfh_fmklhemko\ZlbeZkmfhqdm+DOOR.LWW\
B^_fOvx
Y^_j`ZeZ^\_jvhldjulhcfgh]hagZqbl_evgh]ey^ygZ_]hofmjh_ebphQ_j_af]gh\_gb_hg
^\bgmekyd\uoh^m
Fbgmyh]jZ`^_gb_YrZ]ZeZ]h\hjyOvx
WlhfhyfZrbgZmdZaZeZygZg_`gh]hem[hcowlq[_dkbah[jZ`_gb_fDbllbb`_klhfihdZaZeZ
OvxgZiZkkZ`bjkdmxklhjhgm
Hgijhklhihkfhlj_egZf_gyihlhfgZfZrbgmAZl_fkgh\ZgZf_gy
Dhg_qgh\k_ba^_\ZebkvgZ^fZrbghcdhrdhcghymeu[ZeZkv]ey^ygZg__lZdqlhie_\Zlv
Ijhklhky^vm`_yhldjueZk\hx^\_jvbkdhevagmeZgZ\h^bl_evkdh_kb^_gb_
Lhevdhihke_lh]hdZdyk_eZ\Z\lhfh[bevOvxhq_gvf_^e_gghhldjue^\_jvhkfhlj_e__ZaZl_f
mf_klbek\h_h]jhfgh_l_ehgZiZkkZ`bjkdh_kb^_gb_
Dhe_gbOvxmi_jebkv\ijb[hjgmxiZg_evhgk]hj[beie_qbqlh[u\ibogmlvk_[y\fZrbgmk_]h
klhjhgu^\_jv[ueZ\k__s_jZkiZogmlZHglZdkf_rgh\u]ey^_eqlhyaZobobdZeZg_h`b^Zywlh]h
hlk_[y
Yg_ihf_sZxkvofmjhijh[hjfhlZehgzjaZygZkb^_gv_
Ijhklhhlh^\bgvkb^_gv_gZaZ^kdZaZeZyIhy\blkyf_klh
Hg[jhkbegZf_gyg_ihgbfZxsbc\a]ey^
YijhkmgmeZjmdmf_`^m_]hgh]qlh[uhlj_]mebjh\Zlvkb^_gv_Ovx^_jgmekybko\Zlbef_gyaZ
jmdm
KjZam`_]hjyqZy\hegZihohlbaZ]m^_eZihfh_fml_embyhsmlbeZdZdfhgkljijh[m^beky
lygm\\ha^moyhldbgmeZ_]hjmdmhlk_[ybhlijygmeZ
G_ijbdZkZckydhfg_ijhr_ilZeZy
Hg\u]ey^_elZd`_rhdbjh\ZghdZdhcyk_[yhsmsZeZ_]hjmdZk`ZeZkv\dmeZd
Yba\bgbIh^mfZe
Fh]m^h]Z^Zlvkyh_]hfukeyo^eyq_]hyijhlygmeZjmdm
k_\ihjy^d_kdZaZeZy[ukljh\kljyob\Zyjmdmqlh[uijb\_klbk_[y\ghjfmIjhklh
hlj_]mebjmckb^_gv_ih^k_[y
Q_j_kqmj`zkldh_\ujZ`_gb__]hebpZkf_gbehkvg_^hmf_gb_f
?s_aZdjhc^\_jvex[_aghmdZaZeZyBijbkl_]gbkv
Ovxijbsmjbek\hbdhrZqvb]eZaZ
Ihgylbyg_bf_xhq_flu]h\hjbrv
mdZau\Zyqlhg_aZdjulZ^\_jvbg_ijbkl_]gmlj_f_gv[_ahiZkghklbiZkkZ`bjZ
Ovxhiylvhi_rbehdjm]eb\]eZaZbiulZykvjZah[jZlvky\a\mdZo
EZ^g_gvdh\hlwlhkljZggh
Luij_`^_dh]^Zgb[m^vkb^_e\fZrbg_"
Hgf_^e_gghihdZqZe]heh\hcaZl_fgZdehgbeky\i_j_^[m^lhhaZ^Zq_gguca\mdhfIhlhf
hldbgmekygZaZ^qlhlh[hjfhqZih_jaZegZkb^_gv__]hdhe_gbmibjZebkv\ijb[hjgmx^hkdmZ
[hevrh_l_ehk`Zehkvkeh\ghZddhj^_hg
fbj_n_cjbbfg_gm`gufZrbguijh\hjqZeZyGmij_^iheh`bl_evghwlh[uh[tykgbeh
kljZgguc\u[hjh^_`^uOvxFh`_lmgbolZfkj_^g_\_dh\v_bebqlhlhlbiZlh]hYh]eygmeZkvgZ
�hnbkbm\b^_eZKZ\ZggmgZ[ex^ZxsmxaZgZfbbahdgZHd_cGZfgm`gh_oZlveygZqZeZ
qlh[uhlj_]mebjh\Zlvkb^_gv_ihlygbih^gbfjuqZ]Dj_kehhlh^\bg_lkygZaZ^bihy\blvky[hevr_
ijhkljZgkl\Z
HglZdbk^_eZeZdh]^Zkb^_gv_hlt_oZehgZaZ^gZnmlOvxklZehe_]q_Dhe_gbihij_`g_fm
mibjZebkvghhgm`_g_\u]ey^_elZd[m^lh_fm[hevgh
L_i_jvaZdjhc^\_jvihijhkbeZyaZl_fihdZaZeZdZdijbkl_]gmlvj_f_gv[_ahiZkghklbdh]^Z
\k_[uehk^_eZghyaZ\_eZ^\b]Zl_ev
MOvxihy\beky[_r_guc\a]ey^hglml`_\p_ibeky\ijb[hjgmxiZg_evb\]hje_aZjh^behkv
gbadh_juqZgb_
k_ohjhrhaZ\_jbeZy_]hWlhf_oZgbafFu\dexqZ_f_]hbhgjZ[hlZ_lbqlh[uihdZaZlv
_fmy\u_oZeZbi_j_k_deZiZjdh\dmLu\ihjy^d_"
Khfghc\k_ohjhrhijhkdj_`_lZehgkd\havklbkgmlu_am[u
Ihjy^hdLh]^Z^_j`bkvihlhfmqlhfumkdhjbfkyG_\uiju]b\Zcbebqlhlh\lZdhf^mo_Lu
fh`_rvk_jv_aghihjZgblvky
Hg[jhkbegZf_gymgbqlh`Zxsbc\a]ey^keh\gh]h\hjyqlhhgb[_af_gyagZ_lh[wlhfihwlhfmy
\u\_jgmeZgZ^hjh]mbgZijZ\beZkv\[eb`Zcr__Z\lhdZn_Fhcg_mdex`bch]jhfguciZkkZ`bj
dZaZehkvghjfZevghZ^Zilbjh\ZekyJuqZebrbi_eghZ^Zilbjh\Zeky
Ihq_fmNbgbZg^mfZeqlhwlhlfm`qbgZfh`_lf_gyaZsblblv"hkgh\ghfhgqm\kl\h\Zek_[yg_\
k\h_clZj_ed_
LZdlZfhldm^Zlug_lfZrbg"
G_ldZl_]hjbqghhlj_aZeOvx
:ehrZ^b"GZq_flui_j_^\b]Z_rvky"
Fuoh^bfbeb[_]Z_fGZfg_gm`gZihfhsvhgijZdlbq_kdb\uiexgmewlbkeh\ZFug_lZd
keZ[udZdex^b
Qlh`^h\hevghaZgylgucjZa]h\hj
Baq_]hmf_gy\hagbdZ_lke_^mxsbc\hijhkkdZaZeZyihegZyj_rbfhklbg_l_jylv
kZfhh[eZ^Zgbyhl_]hg_^h\hevgh]hhlghr_gbyD_fluy\ey_rvky"
N_cjbgZau\Zxlf_gydeudZkluc
Ihgylbyg_bf_xqlh[uwlhagZqbeh
LZdagZqbln_cjbgZau\Zxl[hevrh]h^bdh]hfm`qbgu"Ybf_x\\b^ml\h_`b\hlgh_"Qlhlhba
jh^ZdhrZqvbo"Ykgh`_qlhluh[hjhl_gv
dh]^Zfuih^t_a`ZebdghqghfmZ\lhdZn_\dhlhjh_yqZklhaZ_a`ZeZ
Yg_agZxqlhwlhlZdh_ijhbag_keZyDZdhclhdhl"
DeudZklucih\lhjbehg[m^lhwlh\k_h[tykgyeh
EZ^ghlZdfugbq_]hg_^h[v_fkyYijbiZjdh\ZeZkvmhdgZaZdZah\
Yk^_eZxaZdZaOhq_rv_klv"
Ohl_e[uijbagZekyhglhghf[m^lhg_gZ\b^_eijhkblvhq_flh
&#xhl;&#xh;&#xle;&#xbq;&#xgh;&#x;�hlbhlebqgheygZqZeZg_iehohih^[h^jbeZyDZdh_l\h_ex[bfh_[ex^h"Fh`_llml_klv
ih^h[gh_
Hdhjhd_^bghjh]Z
YmklZ\beZkvgZg_]hIjhklhkfhlj_eZb\k_Hgqlhba^_\Z_lkygZ^hfghc"GhgZ_]hebp_[ueh
\ujZ`_gb_kf_jl_evghck_jv_aghklb
Ofg_^mfZxqlhmgbo_klvlZdh_EbrvkZg^\bqbi_q_gv_dhn_b\k_lZdh]hjh^ZGmlZdqlh
l_[_aZdZaZlv"
Hgih`Zeie_qZfb
YgZ`ZeZgZdghidmqlh[uhimklblvkl_dehbmkeurZeZm^b\e_gguc\a^hoOvx
Q_j_ak_dmg^mymkeurZeZkdj_`_ldh]l_cih^\_jbbhggZqZeb]jZlvkhkl_dehfgZk\h_cklhjhg_
Yijhb]ghjbjh\ZeZ_]hbaZdZaZeZ
;hevrhc]hjyqbcqZckebfhghfih[hevr_ebfhgZ[hevrhcljhcghcdj_idbcwdkij_kkhb
[hevrmxkh^h\mxB_s_`Zj_gguc[m[ebd^h[Z\beZy^mfZyh[_^ghcKZ\Zgg_Ihkfhlj_\gZ
k\h_]hkimlgbdZyijhbag_keZ\hdhrdhaZdZah\Bfg_gm`ghdZdbogb[m^vkZg^\bq_cKdhevdhm
\Zk_klv"
Kq_f"jZa^Zeky]hehkba^bgZfbdZM`_dhg_pkf_gubihqlb\k_aZdhgqbehkvgh\hafh`ghm
gZk_klvlhqlh\Zfgm`gh
GZkZfhf^_e_^Zcl_fg_\k_qlh_klvG_\Z`ghkq_fhgbYkh^jh]gmeZkvhllh]hdhebq_kl\Z
qlhfg_ijh^bdlh\Zeb\hl\_laZl_f^\bgmeZkv\i_j_^IjhklbOvxmgboaZdhgqbekyhdhjhd
_^bghjh]Z
Hg\u]eygme\hdgh
DlhlZf"
Dlh]^_"
LudjbqZeZgZdh]hlh
;h]lufhcdZd`__fmh[tykgblvmkljhckl\hZ\lhdZn_
G_\Z`ghLug_ihcf_rv
Hgijh\hjqZeqlhlhbkgh\ZgZqZeih^gbfZlvaZl_fhimkdZlvkl_deh
YaZieZlbeZ\ayeZgZibldbbiZd_lukkZg^\bqZfbdhlhju_hgbi_j_^ZebDZdlhevdhfuhlt_oZeby
gZf]gh\_gb_aZ^mfZeZkvaZl_fijbiZjdh\ZeZkvgZklhygd_bihkfhlj_eZgZOvx
Ij_`^_q_ffu\_jg_fkyy^mfZxgZfklhblih]h\hjblv
Gha^jbOvxjZa^mebkvbhg\lygmeghkhf\ha^mo
Ijh]heh^Zeky"kijhkbeZyij_^eZ]ZyiZd_lkkZg^\bqZfbBawlh]hl_[_lhqghqlhgb[m^v
ihgjZ\blkyM]hsZckyYihklZ\beZqZcKZ\Zggu\ih^klZdZggbdjy^hfkgZibldhfOvxb
hloe_[gmeZhlk\h_]hdj_idh]hdhn_bghkh^_j`Zs_]hgZibldZFffK\ylu_g_[_kZYaZdjueZ]eZaZ
Fh_\gbfZgb_ijb\e_dehrmjrZgb_h[_jldbkZg^\bq_ba\mdjZaju\Zgby[mfZ]b
YhldjueZ]eZaZbmklZ\beZkvgZlhdZdOvxhldmku\Z_lh]jhfgucdmkhdaZ\zjgmlh]h\[mfZ]m
kZg^\bqZEbklhdh[zjldbbkq_af_`^m_]h]m[bOvxkdjb\bekyy\ghg_gZkeZ`^Zykv\dmkhf
Yih^Z\beZkf_rhdbijhlygmeZjmdmqlh[uihfhqv_fm
Ij_`^_q_f_klvgm`ghkgylv[mfZ]m
Hgfhj]gmek^_eZehq_j_^ghcmdmkbofudgmeykgh[he__jZ^hklgh
?keb[ukblmZpbyg_[ueZgZklhevdhZ[kmj^gZy[uij_djZkghijh\h^beZ\j_fygZ[ex^ZydZdOvx
iulZ_lky\k_ihgylvGhihkdhevdm\kz[uehbf_gghlZdyijh^he`beZijhdjmqb\Zlv\]heh\_k\hb
ijh[e_fu
Ovxa^_kvg_^eylh]hqlh[ujZa\e_dZlvf_gyhga^_kv^Z[um^hklh\_jblvkyqlh^jm]hcn_cjbg_
ko\Zlblf_gyij_`^_q_fNbgbZgf_gyaZde_cfbl
Mwdkij_kkhdhlhjucyihly]b\ZeZ\g_aZighhdZaZekyg_lZdhcm`\hkoblbl_evguc\dmkY
\a^hogmeZbih\_jgmeZkvdOvx
Luby^he`guijbclbd\aZbfhihgbfZgbxij_`^_q_ffuih_^_f^Zevr_
Hgg_^h\hevghihkfhlj_egZf_gy
Yg_ih^qbgyxkvl_[_`_gsbgZ
EZ^g_gvdh\i_j\mxhq_j_^vjy\dgmeZyl_jyykZfhh[eZ^Zgb__keb_s_jZagZah\_rvf_gy
`_gsbgZy\j_`ml_[_ihfhj^_Mf_gy_klvbfyJZc^_jJZc^_jKbgde_jMykgbe"
JZc^_jKbgde_jih\lhjbehg
Lufh`_rva\Zlvf_gyJZc^_jkdZaZeZy_fmGh_kebkgh\ZgZah\_rv`_gsbgZ
LugZ[jhkbrvkygZf_gykhk\hbfbfZe_gvdbfbdmeZqdZfbkdZaZehgy\ghm^b\e_ggucY
ihgye
Hgijb\h^be\[_r_gkl\h
KemrZclueb[h\ibr_rvkykx^Zbeb\_jg_rvkyh[jZlghkNbgbZghf
Yg_ih^qbgyxkvl_[_JZc^_jkdZaZehg^_eZyZdp_glgZfh_fbf_gbLhevdhNbgbZgfh`_l
ijbdZau\Zlvfg_Fhydeyl\Z_fm
Yfhj]gmeZ
QlhaZdeyl\Z"
YklZe_]hkhe^Zlhf^eywlh]haZ^Zgby\h[f_ggZ\hagZ]jZ`^_gb_Deyl\Zk^_eZgZkihfhsvx
fZ]bbbyg_fh]m__gZjmrblv
k_wlbrlmqdb^jxqdbn_cjb\uau\Zebmf_gy]heh\gmx[hev
LZdqlh`_hgihh[_sZel_[_"hafh`ghykfh]mhieZlblvjZagbpm
Ovxijhb]ghjbjh\Zef_gybhldmkbe_s_h^bg[hevrhcdmkhdhlkwg^\bqZ
Wlh^_gv]b"
G_^_gv]bWlhlhqlhlug_fh`_rvij_^eh`blv
_jgmebkvgZdjm]bk\hy
GZqbgZ_f\kzkgZqZeZluby^he`guijbclbd\aZbfhihgbfZgbx
Ih\lhjyx`_gsbgZqlhyg_ih^qbgyxkvl_[_YkemrZxkvl\h_]h\eZ^_evpZ
;hjfhqZyih^gyeZdmeZd@_gsbgZeZ^_e_pHggZijhkbekyqlh[u_fm\j_aZeb\fhj^m
Bkm^yih\_k_ehfm[e_kdm\_]hdhrZqvbo]eZaZohg^h\hevghlZdbkf_eqlh[ulZdihklmiZlv
=hkih^blu^hklZe
Hgmkf_ogmekyjZa\hjZqb\Zy^jm]hckZg^\bqbhldmku\Zyh]jhfgucdmkhd
B\k_`_yk_jv_aghL_[_ijb^zlkyklZlvg_aZf_lguf_kebg_ohq_rvqlh[uyh[jZlbeZkv\
:evygkbihijhkbeZaZsbluhl\k_]hwlh]h
Hgnujdgme
Dlhwlhl:evygk"
IZjZghjfZevguc:evygk"Wlhh[hjhlgbbbfih^h[gu_L\hc\b^ex^_c
D_f[uhgbgb[uebhgbg_fhcgZjh^hgl\_j^hihkfhlj_egZf_gyH[tykgbqlhaZ:evygk
EZ^ghYaZ^mfZeZkvgZf]gh\_gb_:evygk[uekha^Zgihlhfmqlh\hedbk[bebkv\klZblZd"
Dhlhju_\ha]eZ\eyxl:evnuGhwlhhlghkblkyg_dh\k_fh[hjhlgyfGZijbf_jm\_jdhchlhlimf
b]Zjibcg_lklZcMgbog_lk_f_cguoZevygkh\bebaZsbluk\yaZgghckhklZ_cHgb
kZfhklhyl_evgu_Ihwlhfm^he]h_\j_fy\heqvbklZbk\h_]hjh^ZaZijZ\eyeb\k_fHgb[Zg^blu
^mfZxwlhemqr__keh\hqlh[uhibkZlvboih`Z\ie_qZfbyijh^he`beZihykg_gb_JZkk_eu
wlhmijZ\eyxsbcdeZg\_jimfkha^Zeb^_x:evygkZk_h[hjhlgbg_bf_xsb_klZb
h[t_^bgbebkvbkha^Zeb_s_[hevrmx]jmiim]^_\k_ih^aZsblhcWlhdZd[hevrZy^jm`gZy
imrbklZyfZnbyWlhbf__lkfuke"
Hghs_jbeky
Blu^mfZ_rvygm`^Zxkv\aZsbl_hl\hedh\"
Gmg_lLug_ihoh`gZlh]hdhfmgm`gZyaZsblZhldh]hbebq_]heb[hYijhklhbf_eZ\\b^m
qlh:evygkl\hcgZjh^H[hjhlgbLhfmih^h[gh_
Y]h\hjbel_[_Yi_j\hjh^gucG_:evygkOvx\u]ey^_ehkdhj[e_ggufgZkZfhij_^eh`_gb_
Yg_h^bgbal_oobeuobkim]ZgguokeZ[Zdh\bg_gm`^Zxkvgb\dZdhcihfhsbijhlb\klZb
\hedh\
Yijhklhbf_eZ\\b^m
Bl\hbh[hjhlgbg_kfh]mlaZsblblvl_[y
Ihq_fmg_l"HgbaZsbsZxl\k_ok\_jot_kl_kl\_gguokms_kl\
Ihlhfmqlhymgbqlh`mbo\k_o^Z[um[_^blvkyqlhfhydeyl\Zg_gZjmr_gZ
Oheh^ijh[_`Zeihfh_ckibg_bymklZ\beZkvgZOvxaZf_qZykgh\Z_]h^ebggu_hklju_deudb
dh]lbgZdZ`^hfiZevp_kh\_jr_ggucsblfurpijbdju\Zxsbc_]hl_eh
OvxhiZk_gHga^_kvqlh[uaZsblblvf_gyhl\k_obdZ`^h]hdlhfh`_lihf_sZlv`_eZgbyf
NbgbZgZIhlhfmqlhNbgbZg^_j`Ze_]hq_flhaZycpZQ_flhhq_fOvxg_jZkkdZ`_l
F_gyaZ]gZeb\m]heDZdyfh]m\k_bkijZ\blv"
Fh]mebyihclbd;vxb;_lkwc[baZaZsblhc"DZd]eZ\Z:evygkZ;vxJZkk_emijZ\eye\k_f
k\yaZggufkk\_jot_kl_kl\_ggufbbbf_e^_ckl\bl_evghh[rbjgu_k\yab
Hgfh]j_rblvihqlbex[mxijh[e_fm?]h`_gZ;_lkwc[bdhjhldhijhklh;_l[ueZfhbf
[hkkhf\Z]_glkl\_agZdhfkl\ylZd`_fh]eZihclbdg_cH[tykgblvd_fy[ueZbihijhkblv:evygk
aZsblblvf_gyhlOvxbNbgbZgZ
Hgb[uaZsblbebKgZqZeZ[ujZahaebebkvaZlhqlhkdjueZhlgbok\hxbklbggmxkmsghklvgh
ihfh]eb[ufg_Bf_gghwlhhgbbk^_eZeb[u
GhZqlhihlhf"
ihfhqv
Wlhg_ihfh`_lfg_gZclbbklbggmxex[h\vlh]hdlhjZajmrblijhdeylv_
BOvxih\k_c\b^bfhklbmgbqlh`blbo\k_oebrv[u_]hdeyl\Zg_[ueZgZjmr_gZ
GjZ\blkyfg_wlhbebg_lijb^_lkyk\yaZlvk\hxkm^v[mkOvxbNbgbZghfqlh[uh[_ahiZkblv
\k_oYihkfhlj_eZgZOvxdh]^Zlhl_eHgbamqZehdjm`Zxsbcfbjhkljuf\a]ey^hfy\gh
iulZykv\iblZlv\k_qlhfh]
Fg_gm`_gOvxgZfh_cklhjhg_hafh`gh_keb[uykfh]eZaZklZ\blv_]hkhljm^gbqZlvlhhgfh]
ih^_eblvkykhfghc[hevr_cbgnhjfZpb_chlhfdlhybdZdjZajmrblvijhdeylv_^hlh]hdZd
klZgmiheghp_ggufh[hjhlg_f
WlhdZaZehkv[uekZfucemqrbcieZgIhwlhfmymeu[gmeZkvOvx\dexqZyhqZjh\Zgb_
GZkeZ`^Z_rvky_^hc"
HgaZ\hjqZejZa\hjZqb\Zyhq_j_^ghckZg^\bqbh^gbfmdmkhfkt_^Zyiheh\bgm
Gbkdhevdhg_kfmlb\rbkvykdZaZeZ
Mqblu\Zyqlhluby[m^_fjZ[hlZlv\f_kl_\l_q_gb_ke_^mxs_]hf_kypZlu^he`_gihgbfZlv
qlhijhbkoh^bl
Ovxihkfhlj_egZf_gykmab\]eZaZ
udeZ^u\Zc
Gm^eygZqZeZgbdlhdjhf_l_[ybNbgbZgZg_agZ_lqlhyh[hjhl_gv
Hgkgh\Zofudgmeb[ukljhdb\gme
Wlhdemqr_fm
�Zkh]eZkbeZkvyGhdZ`^hfm[m^_lex[hiulghihq_fmlujy^hfbf_gyhojZgy_rvHgb
klZgmlaZ^Z\Zlv\hijhkuL_[_gm`ghkdZaZlvbfqlhlukhfghcihlhfmqlhj_]bkljbjm_rvky\
Z]_glkl\_blukl_kgbl_evgucZyij_^eh`beZihfhqv\eblvky\kbkl_fmk\b^Zgbc
Hgf_^e_gghi_j_`_\u\Zebkfhlj_egZf_gy
@_gsbgZygbq_]hg_ihgyebalh]hqlhlukdZaZeZ
Kwlbffm`qbghckeh`ghkhojZgblv[h^jhklv^moZFhymeu[dZklZeZgZijy`_gghcbgZlygmlhc
hi_j\uoyg_klZgmhl\_qZlv_kebluijh^he`brvgZau\Zlvf_gy`_gsbgZ
:o^ZLuijbeh`brvk\hcdjhr_qgucdmeZqhddfh_fmebpmmkf_ogmekyOvx
:\hll_i_jvy^_ckl\bl_evghaeZ
hh[s_lhygZ`fmwlhkdZaZeZy[e_nmybmdZau\ZygZdghidmZ\ZjbcdbgZijb[hjghciZg_eb
Bl\h_kb^_gb_^\bg_lkylZdj_adhb[ukljhqlhl\hbycpZhdZ`mlky\]ehld_YgZ\_eZiZe_pgZ
dghidmGm^Z\ZcgZah\bf_gykgh\Z`_gsbgZ
Hgij_djZlbe`_\Zlvb\ujZ`_gb_ebpZOvxbaf_gbehkvk\_k_eh]hgZaZ^mfqb\h_kgZf_dhfgZ
\hkobs_gb_
JZc^_jijhbag_khgojbieh
LZdlhemqr_yiha\hebeZk\h_fm]hehkm\gh\vklZlvkeZ^dbfbm[jZeZjmdmkdghidbk_qlhy
iulZxkvkdZaZlvlu^he`_g\ibkZlvky?kebgbdlhg_[m^_lih^haj_\Zlvl\hbbklbggu_fhlb\u
l_[_[m^_lijhs_hojZgylvf_gy
_jghijbagZeOvxGhyg_fh]me]ZlvWlhijhlb\ijbjh^ui_j\hjh^guoijbl\hjylvky
Wlhg_gZklhysZyeh`vm]h\Zjb\ZeZyk_]hebrvqmlvqmlvFu\g_k_fl_[y\[ZamZ]_glkl\Z
ba\_klghqlhkfm`qbgZfbydhd_ldZkdZaZeZybaZoehiZeZgZg_]hj_kgbpZfb
OvxmklZ\bekygZf_gyIjh]ehlbedmkhdkZg^\bq_IhdZqZe]heh\hcdZd\k_]^Z\mijyfkl\_
Yg_klZgme]Zlv
Y[jhkbeZgZg_]hg_^h\hevguc\a]ey^khijhlb\eyykv`_eZgbx\ueblvgZ_]hkimlZggu_\hehkub
fZehkbfiZlbqgh_ebphk\hcdhn_
Qlhluk^_eZ_rvdh]^Zdlhlhkijhkblqlhlhdhfijhf_lbjmxsb_"Hl\_qZ_rvlhqlhg_gZ^h"
Yijhklhg_hl\_qZx
Ohjhrhijhbag_keZyaZo\Zlu\ZykhehfbgdmB^_Zevgh?kebdlhlhkijhkbll_[yhq_flhqlh
ijhlb\hj_qblfh_cbklhjbbihq_fmlua^_kvijhklhg_hl\_qZcWlhij_djZkghkhq_lZ_lky\
ijbdjulb_faZkl_gqb\hklv
Hg\ibeky\f_gy\a]ey^hf
Fg_wlhg_gjZ\blky
Qlh`^h[jhih`Zeh\Zlv\fhcfbjOvxFg_lh`_g_gjZ\blky\k_wlh
Hq_j_^gh_mdehgqb\h_\hjqZgb_
k_hq_fijhrmwlhiha\heblvfg_]h\hjblvb_keblug_kh]eZk_gkq_flhijhklhfheqbWlh
ihfh]Z_lkhojZgblvfhck_dj_lbihfh]Z_ll_[_h[_ki_qblvfhx[_ahiZkghklv
�he]ZyiZmaZAZl_fg_hohlgh_
Kh]eZk_g
�AZf_qZl_evghykgh\ZjZa\_jgmeZfZrbgmZ\Zc\_jg_fky\hnbkbihkfhljbfq_faZgbfZ_lky
[_^gZyKZ\ZggZ;m^_fgZ^_ylvkyhgZg_\u[e_\ZeZdbrdb
HgZmfbjZ_l"
Yih^gyeZ[jh\vgZ_]h\hijhk
G_lhgZ[_j_f_ggZG_]h\hjbqlh\fbj_n_cjbg_l`_gsbg"
Fh`_lb_klvkdZaZeOvxGhyi_j\hjh^guc
DZdyfh]mbf_lvfZe_cr__ij_^klZ\e_gbbqlhwlhagZqbl"Wlhlfm`qbgZmims_ggucnZdl
Dlhfm\j_f_gbdZdfu\_jgmebkv\hnbkOvxmgbqlh`be\k_kZg^\bqbbfhyfZrbgZgZihegbeZkv
kdhfdZgghch[_jlhqghc[mfZ]hcFg_ihlj_[h\Zehkvg_kdhevdhfbgmlqlh[ukh[jZlvbok_lmygZ
fm`qbgij_`^_q_fihclb\gmljvOvxihke_^h\ZeaZfghc
KZ\ZggZkb^_eZaZk\hbfklhehfke_]dZgZlygmlhghi_qZlZeZrZ]\\_jghfgZijZ\e_gbbDh]^Zy
ihklZ\beZgZijhlb\g__]hjyqbcqZchgZh^ZjbeZf_gyh[e_]q_gghcmeu[dhc
KiZkb[hJZc^_jLulZdfbeZ
;_aijh[e_fkdZaZeZyFukFZjbqZklh[_]ZebaZdhn_yg_kfh]eZk^_j`Zlvlhkdeb\mx
ghldm\k\h_f]hehk_
LukdmqZ_rvihFZjb"^h]Z^ZeZkvhgZ
Ydb\gmeZ
L_i_jvdh]^ZhgZjZ[hlZ_l^g_fZyihij_`g_fmghqvxfuj_^dh\b^bfkyFu\f_kl_h[_^Z_f
h[f_gb\Z_fkykhh[s_gbyfbihl_e_nhgmbwe_dljhgghcihql_ghwlhg_lhdh]^Zfukb^_eb
gZijhlb\^jm]^jm]Z\hk_fvqZkh\dZ`^mxghqv
Yih`ZeZie_qZfbbh[_jgmeZkvdOvxdhlhjucgZ\bkgZ^fhbfie_qhf
B^bky^vYmdZaZeZgZklme
b]jhfdhk_emklZ\b\rbkv\fhxkibgmG_\Z`ghYih\_jgmeZkvdKZ\Zgg_
GZk_]h^gyaZibkZgudeb_glu"
HgZhldjueZ_`_^g_\gbd
ZfibjNj_^_jbdIjb^_l\^_kylv
Hy_]hagZxkdZaZeZyHg[ueh^gbfbadeb_glh\FZjbIjhklhnebjlmckgbfblu[m^_rv\
ihjy^d_
HgZmdhjbl_evghgZf_gyihkfhlj_eZ
Nebjlh\Zlv"K\Zfibjhf"
:]Zhgkeh`gucdeb_gl_kebg_agZlvdg_fmih^oh^ZYkdehgbeZkvgZ^klhehfb^_jadh_c
�ih^fb]gmeZi_j_db^u\Zy\hehkuq_j_aie_qhZ\ulhevdhihkfhljbl_Nj_^ijh\hjdh\ZeZy
Luijbr_egZ\_klblvf_gy"Ylhevdhqlhih^mfZeZqlhk_]h^gygm`^Zxkv\ohjhr_cihjpbb
\ZfibjZbyh[ebagmeZ]m[umljbjh\Zgguf`_klhf
Ijh]j_f_ea\mdehfZxs_]hkyieZklbdZb]jhohlm^Zjyxsbokyh[ihedm[bdh\ev^Z
Yh[_jgmeZkvbfhj]gmeZOvx^_j`Ze\jmd_hklZldbklZdZgqbdZZkh^h\Zybdm[bdbev^Z
jZa[jua]Zebkvihihem\hdjm]g_]h?]hdhrZqvb]eZaZ[e_kl_ebgh\ujZ`_gb_ebpZ[ueh
g_\hafh`ghijhq_klv
;h`_qdbwlhlfm`qbgZ\j_^^eygZrboiheh\
LugZfmkhjbel_[_bm[bjZlv
=eZ\Z
QZkuiheaebWlZ[ueZ^ebggZyghqvbyaZihegbeZ__g_\uiheg_gghcjZ[hlhcbh[mq_gb_f
KZ\ZggugZklZjuoaZ^ZgbyoFZjb
Fug_h^ghdjZlghij_ju\ZebkvbaaZ__ihoh^h\\\ZggmxbkemqZcghaZ^Zggh]hg_e_ih]h\hijhkZ
OvxHg[ueom`_kdmqZxs_]hj_[_gdZ
YmkZ^beZ_]haZk\hcklheb\dexqbeZf_klgu_gh\hklbqlh[uq_flhaZgylvKZ\ZggZg_kdhevdhjZa
kf_jbeZgZkex[hiulguf\a]ey^hfghdZaZeZkvhgZg_hqzfg_^h]Z^u\Z_lky
IhdZyjZ[hlZeZFZjbijbkeZeZkhh[s_gb_Ijb\_lFuh[_^Z_fgZwlhcg_^_eb"
YkjZam`_hlibkZeZkvOhjhrhA\mqblde_\h
Ykgh\Z\a]eygmeZgZOvxaZ^mfZeZkvbgZibkZeZWcFZjblukemqZ_fg_agZ_rvgbdZdbodhlh\
h[hjhlg_ck\hehkZlufbjmdZfb[hevrbfbdh]lyfbbihehkZlufb\hehkZfb"HbdeudZfb"
�Wwg_ijbihfgxohq_rvkijhrmm`hrZ"
G_ly[ukljhhlijZ\beZkhh[s_gb_Fg_ijhklhex[hiulghGh\ucdeb_glb\k_lZdh_
M\b^bfkyaZh[_^hf
Y\udexqbeZl_e_nhg^hlh]hdZdFZjbaZkuie_lf_gy\hijhkZfbG_ohqmqlh[uhgZklZeZ
ih^hajbl_evghcg_lh]^Zdh]^ZykZfZlhedhfg_agZeZqlh^_eZlvkOvx
YgZqZeZa_\Zlvhdheh^\moqZkh\ghqbaZqZkij_`^_q_fdZdijZ\behfuaZdju\ZebkvKZ\ZggZ
\u]ey^_eZlZddZd[m^lhg_\u^_j`bl_s_iylbfbgmlbl_f[he__qZkZFg_klZeh__`Zev
Ihq_fm[ul_[_g_aZdhgqblvbhlijZ\blvky^hfhc"Khfghc[m^_l\k_\ihjy^d_
Lum\_j_gZ"HgZklj_\h]hcihkfhlj_eZgZOvx
M\_j_gZyfZogmeZjmdhckjhah\uffZgbdxjhfG_lZdm`baZ]jm`_gu
GmohjhrhKZ\ZggZ\ayeZk\hxkmfhqdmb\ugmeZdexqbhlfZrbguM\b^bfkyaZ\ljZ
Y[m^ma^_kv\_k_ehkdZaZeZy\u\_rb\Zygh\ucdZe_g^Zjvkh[ulbcgZbgnhjfZpbhggmx^hkdm
Kimklyf]gh\_gb_^\_jvaZdjueZkvhklZebkvlhevdhybOvxY[jhkbeZgZg_]h[ukljuc\a]ey^
=h\hjyhlhfqlh[uaZdjm]eblvky]^_lukh[bjZ_rvkykiZlv"
Hghlhj\Zekyhlgh\hkl_cby[ueZkgh\ZihjZ`_gZdZdihdhrZqvb\u]ey^_eb_]h]eZaZKh
klhjhguhgbg_[uebq_eh\_q_kdbfbg_dZdmh[uqgh]hh[hjhlgy?]hajZqdb[ueblhgdb_b
\ulygmlu_dZdmdhrdbb_]h]eZaZhljZ`Zebk\_ldh]^Zhgih\_jgme]heh\m
Fff"
Ihke_jZ[hluyb^m^hfhc:]^_lukh[bjZ_rvkyghq_\Zlv"
WlbdhrZqvb]eZaZkly`_eufb\_dZfbaZklZ\eyeb_]h\u]ey^_lvk_dkmZevguf_keb[ug_lhlnZdl
qlhhgjZajZa^jZ`Zef_gy\_kv\_q_j
Yb^mklh[hc
DZdh]h"Klhbehwlh]hh`b^Zlvmqblu\Zyqlhhg^Z`_gZf_j_\ZekyihclbaZfghc\m[hjgmxg_
ihgbfZydm^ZyhlijZ\beZkvL_fg_f_g__mkeurZlvwlhaZy\e_gb_\kemo"Hghhr_ehfeyeh
Lug_fh`_rvihclbkhfghc^hfhcYl_[yg_ijb]eZrZeZ
YagZxGhyg_fh]m[ulvm\_j_g\l\h_c[_ahiZkghklb_kebhklZ\exl_[y[_aijbkfhljZIhwlhfm
hklZxkvklh[hc
G_lh]^Zdh]^ZykiexkdZaZeZy`_kldbf]hehkhfYgbdh]^Zg_mkgm_kebhg[m^_lklhylvb
iyeblvkygZf_gy\kxghqvG_aZqlh
Lh]^Zy[m^mhojZgylvl\hx^\_jv
Lu^he`gh[ulvrmlbrv^Z"YihljykeZ]heh\hcG_\Z`ghyagZxqlhlug_rmlbrv
OhjhrhYkgh`_qlhyg_\ub]jZxwlhlkihj
JZc^_jwlhg_kihj_kebfuh[Zkh]eZkgukdZaZehgkghldhc\_k_evy\]hehk_
FhbiZevpuq_kZebkvqlh[ukhfdgmlvkygZ_]hr_bIhq_fm[uehlZdqlhyfh]eZnebjlh\Zlvk
ex[uffm`qbghcgh\fhf_gldh]^ZOvxhldju\Zek\hcjhlfg_ijhklhohl_ehkvaZlhedZlv\g_]h
ghkhd"YihfhjsbeZkv
Ijhklh^Zcfg_aZdhgqblvbfuihc^_fGZ\_jgh_
�hkdZh[ty\e_gbc[ueZihke_^gbf^_ehfgZk_]h^gyrgbc\_q_jIjhklh_h[gh\e_gb_ijbdj_iblv
dZe_g^Zjvb]hlh\hGhfhcklheaZgye[hevrhckljZgguciZj_gvbyg_kh[bjZeZkvdjm`blvky\hae_
g_]h
LZdqlhylygmeZ\j_fyaZihegyydZe_g^Zjvbi_j_^\b]Zy^jm]b_h[ty\e_gbygZbgnhjfZpbhgghf
lZ[ehIjhnbevf_kypZIhe_agu_kh\_lugZk\b^ZgbbIj_^eh`_gbyf_klguoj_klhjZgh\
�K\Z^_[gu_nhlh]jZnbbiZj\klj_lb\rbokyihkj_^kl\ZfZ]_glkl\ZZ`_ijblhfqlhmgZk[ueZ
hq_gvhkh[Zydeb_glmjZIhemghqgu_K\yab^h[bebkvmki_ohf\kh_^bg_gbbiZjYklhkdhc
kfhlj_eZgZk\Z^_[gu_iZjuijh[_]ZyiZevp_fihdhglmjmnhlh
IZjZ\u]ey^_eZhq_gv\hkoblbl_evghb[_aaZ[hlghgbdlhg_magZ_lqlhgZnhlhbah[jZ`_gu\_j
[Zjkmdb\_jfZg]mklZbok_fvbg_[ueb^h\hevgulZdbfkhxahfihdZg_gZklmibe^_gvk\Z^v[ub
\k_hdZaZehkvaZ[uluf
Ihke_deyl\ukmijm]h\\\_jghklbg_bf_ehagZq_gbydZdhc[ueZbo`b\hlgZyklhjhgZ
k_qlhbf_ehagZq_gb_wlhex[h\vBwlhlhq_]h`_eZeZyiheghcbZ[khexlghcij_^Zgghklb
KqZklvykfhbfba[jZggbdhf
Y\a^hogmeZbhl\_jgmeZkvhllZ[eh
Ihc^_fGm`ghaZdju\Zlvky
OvxhdZaZeky^bdhg_mf_kl_g\fh_cd\Zjlbj_
Qlh[uemqr_aZfZkdbjh\Zlvk\h_\gmlj_gg__mjh^kl\hyih^^_j`b\ZeZl_fmjZ^hklbFhc^b\Zg
[uejhah\h]hp\_lZkebfhggufbdebgh\b^gufbih^mrdZfbbf_edhdjm`_\ghch[hjdhc
;_eu_aZgZ\_kdbkp\_lhqgufjbkmgdhf[_a^_emrdb\\b^__^bghjh]h\bfZe_gvdbo`b\hlguo
]jhfha^bebkvgZihedZoH^bgbal_okd_fyoh^beZgZk\b^Zgb_dZdlhih`Zeh\ZekyqlhwlZ
dhfgZlZihoh`ZgZ]hklbgmx^_kylbe_lg_]hj_[_gdZ
OvxfheqZhkfhlj_efhx]hklbgmxihdZyaZdju\ZeZaZgZfb^\_jv
�mfZxlufh`_rvkiZlvgZ^b\Zg_kdZaZeZyIhdZh[_sZ_rvg_\Zeylv^mjZdZ
Zeylv^mjZdZ"\lhjbeOvxy\ghg_ihgbfZyfukev
GmagZ_rvG_iulZlvky^hljhgmlvky^hf_gyGbdZdboijh^_ehd
OvxmklZ\bekygZf_gyaZl_fnujdgme
wlhfhlghr_gbblu\iheghc[_ahiZkghklb
Hchchc
Lum\_j_gqlhagZ_rvdZdevklblve_^bFgh]b_iZjgb^mfZxlqlhyfbeZy
Ovxf]gh\_gb_jZkkfZljb\Zef_gyb]hlh\Zihdeyklvkyqlh_]hs_dbihdjZkg_ebKfms_g"Hg
kdj_klbejmdbgZ]jm^b
Wlhg_\Z`gh^Z`__keblukZfh_ij_djZkgh_kms_kl\hgZa_fe_Fg_aZij_s_ghijbdZkZlvkyd
l_[_lZdmdZaZgh\fh_cdeyl\_
HoLZdqlh`_\e_q_laZkh[hcwlZdeyl\Z"
HgijhfheqZe
:h^bgbal_o\hijhkh\hl\_lgZdhlhjucih\e_q_lfgh]hbgnhjfZpbb
IhgylghGmwlhg_\dexqZ_l\k_[ykiZlvkmjh^hfh[hjhlg_flZdqlhyiheZ]Zxwlhg_\Z`gh
Yg_]h\hjbeqlhlumjh^
Ih^haj_\ZxwlhkZfh_[ebadh_ddhfiebf_glmkihkh[gh]h^h[blvkyhlg_]hMkihdhb\rbkvy
ih`ZeZie_qZfbbgZijZ\beZkvdrdZnm
Ijbg_kml_[_h^_yeh
Mf_gyg_qZklhihy\eyxlky]hklbihwlhfmbf_ehkvg_fgh]haZiZkgh]h[_evyblh]_y
\hkihevah\ZeZkvklZjufkl_]Zggufh^_yehfkdj_keZdZqZedb
Dh]^Zy\_jgmeZkv\]hklbgmxOvxhkfZljb\ZekyYgZ[ex^ZeZdZdhgih^gyeh^gmbafhbok\_q_ck
\Zgbevghdem[gbqgufZjhfZlhfbihgxoZeij_`^_q_febagmlv
Fffg__rvwlhkdZaZeZiulZykvg_jZkkf_ylvkygZ^\ujZ`_gb_fhl\jZs_gbygZ_]hebp_
fbj_n_cjbg_lk\_q_c"IjZ\^Z"
Yi_j\hjh^gucijhklhhl\_lbehg[m^lhwlhhl\_lgZ\kzGhihklZ\bek\_qmgZf_klh
By^hkboihjg_bf_xgbfZe_cr_]hij_^klZ\e_gbyqlhwlhkdZaZeZyjZkijZ\eyyh^_yehLZd
lukh[bjZ_rvkyih^_eblvkykhfghcqlhwlhhagZqZ_l"Bebijh^he`brvgZijZ\hbgZe_\h
jZa[jZku\Zlvkywlbfkeh\hf[m^lhhghhagZqZ_lqlhlhqlhy^he`gZihgbfZlv"
?]hjhl^_jgmeky[m^lhhlkf_oZ
Iha`_\hafh`gh
Hiylvl\hydeyl\Z"
G_lIjhklhljm^ghh[tykgblvhgihl_jq_exklvbyaZf_lbeZihehkZlucf_oihqlbdZd
[Zd_g[Zj^uIhq_fmwlhlZdkljZgghkh[eZagbl_evgh"FudZdl\hbh[hjhlgbghhlebqZ_fky
Hq_gvhlebqZ_fkyLhhldm^Zyg_lZdh_dZd\k_wlhOvx`_klhfmdZaZegZyjdmxdjZkhqgmx
]hklbgmx
Yij_^mij_`^ZeZqlhmf_gyg_dZdm[hevrbgkl\Zex^_cijhbag_keZyih^hc^yd^b\Zgmb
gZqZ\k[jZku\Zlvb]jmr_qguo`b\hlguobih^mrdbFZjbkf__lkygZ^fhbfijbkljZklb_fd
jhah\hfm
A^_kv\iheg_bgl_j_kghhghkfhlj_ekyZihlhfi_j_\_e\a]ey^gZf_gyHq_gvdjZkhqgh
K[b\Z_lklhedmLZdfh`ghh[wlhfkdZaZlvFg_gjZ\ylkyp\_lZHgb^_eZxlf_gykqZkleb\_c
�Z\g_rg_ludZ`_rvky[_amkeh\ghkqZkleb\hc
Yohl_eZkijhkblvqlhhgbf_e\\b^mghOvxagZe\k_fhbk_dj_luF_gymya\eyehqlhhgagZ_l\k_
q_fyy\eyxkvZyg_agZxgbq_]hhg_f
WlhgZqbgZehf_gy[_kihdhblv
Fug_jZa]h\Zjb\Z_fh[hfg_ijhbag_keZyG_f_gycl_fmjZa]h\hjZFu]h\hjbebhl_[_b
l\hboex^yo
Fff
;jZlvy"K_klju";hevrZyk_fvy"EZ^brvkjh^bl_eyfb"
G_l
G_lqlh"
Mf_gygbdh]hg_lGb[jZlv_\gbk_kl_jGbjh^bl_e_c
M\k_o_klvjh^bl_eb
?kebhgbb_klvyg_ihfgxbo
DZdlufh]aZ[ulv_klvebml_[yk_fvy"
HgijhklhmklZ\bekygZf_gy
EZ^ghgZr_kh]eZr_gb_hlhfqlhOvx[m^_lfheqZlv_kebg_ohq_lhl\_qZlvgZqbgZehg_fgh]h
jZa^jZ`Zlv
Kdhevdhl_[_e_l"
GZwlhl\hijhkmf_gyg_lhl\_lZfbj_n_cjb\j_fy^\b`_lkybgZq_
GmluijhklhdeZ^_avbgnhjfZpbb^Z"yklZgh\beZkv\kiuevqb\hcBlZdyg_^he`gZgbq_]hh
l_[_agZlvgh^h\_jblvk\hx`bagvgZ[eb`Zcrbcf_kyp"IjZ\bevgh"
�Z
DZdlZdihemqZehkvqlhiZjgxdhlhjucg_fh`_le]Zlvm^Z\Zehkv[ulvgZklhevdh[_kihe_aguf
Byijhklh^he`gZkh]eZkblvkykl_fnZdlhfqlhdlhlh^mfZ_lqlhhgfh`_l\eZ^_lvfghx"
Hgih`Zeie_qZfb
Qlhkemqblky_kebykdZ`mg_l"Qlh_kebyaZohqmhklZlvkya^_kv\q_eh\_q_kdhffbj_bijhklh
ijbfmk\hxklhjhgmh[hjhlgybebqlhlh\jh^_"
HgaZbgljb]h\Zghihkfhlj_e
JZa\_wlh\hafh`gh"
Yihgylbyg_bf_eZGhg_kh[bjZeZkvk^Z\Zlvky[_a[hy
h[hjhlgyo
G_m`_eb"DZaZehkvhg[ue\aZf_rZl_evkl\_
�ZgZ^f_gghhl\_lbeZyYfh]mjZajmrblvijhdeylv__kebgZc^mfm`qbgmdhlhjucebrbl
f_gy^_\kl\_gghklb^hlh]hdZdfg_klmdg_l^\Z^pZlviylv
OvxijhfheqZe
Hlq_]hykgh\ZijbreZ\[_r_gkl\h
Bdjhf_lh]h_kebygZc^mk\hxbklbggmxex[h\vlhg_h[jZsmkvdh]^Zhgijbdhkg_lkydhfg_
Fg_ijhklhgm`ghgZclb_]h^hlh]hdZdgZklmiblfhc^_gvjh`^_gby
OvxfheqZe;ueebhgk_j^blbaaZlh]hqlhylZdfgh]hagZeZ"HgbNbgbZgk]h\hjbebkvkdjulv
hlf_gywlmbgnhjfZpbx"
Gm"kdZaZeZy
Wlhb_klvl\hcieZg"GZclbfm`qbgmbaZ\_klbkgbfhlghr_gby"
WlhemqrZyZevl_jgZlb\ZlulZdg_^mfZ_rv"
Ludhg_qghihgbfZ_rvqlhl_ehh[hjhlgygZfgh]hkbevg__q_fl_ehh[uqgh]hq_eh\_dZ"
Bqlhklh]h"
Lhqlhlufh`_rvih[hjhlvfm`qbgmLufh`_rvgZ\j_^blv_fmbeb^Z`_m[blv
Yk]ehlgmeZOvxkdZaZeqlhhggbdh]^Zg_e`_l
Lh]^Zfg_gZ^hgZclbg_q_eh\_q_kdh]hfm`qbgmlZd"Yfh]eZ[uihcfZlvgZdjxqhdfbeh]h
iZjgyh[hjhlgyFg_ijhklhijb^_lkyh[tykgblvk\hxfZe_gvdmxijh[e_fmbgZ^_ylvkygZ
emqr__
GZ\_jgydZdlhlhdlhkZfh[jZsZ_lky\^jm]mxnhjfmg_[m^_lijhlb\qlh[uyh[jZsZeZkv\
qlhlh
Yg_^himsmwlh]h\a]ey^Ovx[ue[_a`Zehklguf
Lug_ihkf__rv
?]hmeu[dZ[ueZaeh[ghc
DZdlu^mfZ_rvihq_fmNbgbZgijbklZ\bef_gydl_[_bf_gghk_cqZk"Lu\hlqZygbbqlh[u
ba[_`ZlvijhdeylvyLui_j_ijh[m_rv\k_bykh[bjZxkv[ulvjy^hf^Z[um[_^blvkyqlhwlh]h
g_ijhbahc^_l
Yg_gZ\b`ml_[yyiexgmeZ\g_]h[jhkZyh^_yehgZ^b\ZgLum`Zkgucm`Zkgucq_eh\_d
HgfjZqghihkfhlj_egZf_gy
YagZxGhwlhlZddZd^he`gh[ulv
YihlhiZeZdk_[_\dhfgZlmboehigmeZ^\_jvx
G_kfhljygZfhxyjhklvbkljZggu_kh[ulby^gyydj_idhkiZeZbijhkgmeZkvhdhehihem^gy
d\Zjlbj_[uehlbohbyk_eZijbkemrb\ZykvdOvxYgbq_]hg_mkeurZeZ
�Z`_ijbkehgb\rbkvmohfd^\_jbygbq_]hg_keurZeZYgZdbgmeZoZeZlih\_jo\uqmjghc
jhah\hcib`Zfubj_rbeZihclb\k_ijh\_jblv

&#xhj;&#xb^;&#xhj;&#x_;&#xy;&#xih;&#x^g;&#xye;&#xZ;&#xim;&#xkl;&#xmx;&#xm;&#xiZ;&#xdh;
&#xm;&#xIh;&#xi;&#xlZ;&#xjl;&#xk;Lml`_[jhkbebkv\]eZaZijbagZdbOvxdhjb^hj_yih^gyeZimklmxmiZdh\dmIhilZjlk@Z
q_j_ag_kdhevdhrZ]h\imklhciZd_lbaih^qbikh\
GZ^dmkZggh_i_q_gv_[uehjZkdjhr_ghgZ^_j_\ygghfihem\u]ey^_ehlZdqlhkh^_j`bfh_fh_c
deZ^h\hc\uihljhr_ghbhijh[h\ZghgZ\dmk\dexqZydhjh[dbkkujhceZirhc
GZdmog_\jZdh\bg_l_deZ\h^Zy\udexqbeZ_zbgZofmjbeZkvDhfgZlZ\u]ey^_eZdZdahgZ
klbobcgh]h[_^kl\by
Fhywe_dljbq_kdZyieblZ[ueZ\dexq_gZdhgnhjdbgZdZebebkv^hyjdhdjZkgh]hp\_lZy[ukljhbo
\udexqbeZ
�\_jpZoheh^bevgbdZjZkiZogmlZgZihem\ZeyxlkyieZklbdh\u_miZdh\db\dexqZyimklmx
miZdh\dmhlkl_cdZb]h\y`v_]hnZjrZ^eykiZ]_llbdhlhju_yieZgbjh\ZeZijb]hlh\blvgZh[_^
jZa^jZ`_gbbyko\ZlbeZmiZdh\dmbdbgmeZ\fmkhjgh_\_^jh
Ovx"
G_lhl\_lZ
Hgmr_e"Wlhg_bf__lkfukeZHgaZy\beqlhkh[bjZ_lky[ulvfh_cl_gvxgZke_^mxsbcf_kyp
aZq_f_fmhklZ\eylvf_gya^_kvh^gm"
Yfh]eZ[uih^mfZlvqlh\k_wlhfg_ijb\b^_ehkv_keb[ug_nZdlqlh\ky_^Z\^hf_[ueZ
gZ^dmkZgZbf
Ykgh\ZijhreZihdhjb^hjmfh_cg_[hevrhcd\Zjlbju
Ovx"Lua^_kv"
Ihij_`g_fmg_lhl\_lZYijh\_jbeZ\k_^\_jb^Z`_rdZnghgbq_]hYihreZd\oh^ghc^\_jb
qlh[uijh\_jblvkgZjm`bbg_kfh]eZhldjulv__Y^_jgmeZaZjmqdmGbq_]h
I_j_ihehrb\rbkvyijh\_eZjmdhc\^hev^\_jghcjZfubsZqlhlhqlhf_rZehghgbq_]hg_
�[ueh\_jvijhklhg_ih^^Z\ZeZkvYfh]eZih\_jgmlvjmqdmghhgZhkgh\Zl_evghaZkljyeZ
HaZ^Zq_ggZyyk^_eZeZrZ]gZaZ^Qlh`_l_i_jv^_eZlv"
Gbq_]hg_hklZ\ZehkvdZdlhevdh`^ZlvY\_jgmeZkv\k\hxdhfgZlmijbgyeZ^mrbh^_eZkv
GZ^_eZk\hcex[bfuc[_ehjhah\uckihjlb\gucdhklxfkiZjhcdjhkkh\hd\ukmrbeZ\hehku
n_ghfaZnbdkbjh\ZeZbo\^\ZimqdZjhah\ufbe_glZfbbmeh`beZq_edm
H`b^Zy\ha\jZs_gbyOvxyijbklmibeZdm[hjd_[Zj^ZdZdhlhjuchghklZ\be
YlhevdhaZdZgqb\ZeZkf_lZlvihke_^gb_djhrdbkiZjd_lguoiheh\dZdmkeurZeZa\mdm\oh^ghc
^\_jbHl[jhkb\\_gbdyihfqZeZkvdg_cdZdjZa\h\j_fyqlh[uklhedgmlvkykh]jhfghc]jm^vx
Ovx\oh^ys_]h\dhfgZlm
MoyhlrZlgmeZkvZ\lhfZlbq_kdbih^gy\jmdm\\_joqlh[uhllhedgmlvf_gyij_`^_q_fhg
ih^hc^_l[eb`_Ovx=^_lu[ue"Qlhijhbahreh"Ihq_fmyg_kfh]eZhldjulv^\_jv"
OvxaZr_e\gmljvbaZoehigme^\_jvaZkh[hc[ehdbjmyfg_\uoh^gZjm`m
jmdZohg^_j`Ze[hevrhciZd_lknZklnm^hfbdhn_hgih^gye[jh\vdh]^Zihkfhlj_egZf_gy
GZdZdhcbf_ggh\hijhkluohq_rvqlh[uyhl\_lbe"
GZ\k_
Ijhoh^yfbfhOvxaZ^_ef_gykljZggZylmgbdZkdhevagmeZihfh_cdh`_baZiZo[mj]_jh\
gZihegbed\Zjlbjm
Y^h[ueibsmNbgbZgykgh^Zeihgylvqlh[uyih\hafh`ghklbh[_ki_qbel_[y_x]ZjZglbjmy
emqrbcmoh^ihdZhgl_[yg_aZ[_j_l
HaZ^Zq_ggZylZdbfhl\_lhfymklZ\beZkvgZ^\_jvaZl_fi_j_\_eZ\a]ey^gZOvxrZ]Zxs_]hk_^hc
d^b\Zgm
DZdlZdihemqbehkvqlh^\_jv\gh\vhldju\Z_lky"Yih^hreZd^\_jbbihijh[h\ZeZih\_jgmlv
YaZi_qZlZe__h[tykgbeOvxIh^hc^bbkt_rvqlhyijbg_kLufZe_gvdZyl_[ygm`gh
hldhjfblv
Gmg_dZ`^uc^_gvlZdh_fh`_lmkeurZlv^_\mrdZ
Mf_gyb^_Zevgucq_l\_jlucjZaf_jkiZkb[hByohqmlZdhchklZlvkyYk_eZgZ^b\Zgjy^hfk
�gbfbmklZ\beZkvgZ]hjmkwg^\bq_c\um`_gguobaiZd_lZhe`gh[ulvhdheh^\Z^pZlb[mj]_jh\
\k_o\b^h\jZaf_klbehkvgZfh_fklhe_=hkih^b;h]lufhcLu^h[ue^hklZlhqghibsb"
HgjZkkfhlj_e]hjm[mj]_jh\ZaZl_fi_j_\_ek_jv_aguc\a]ey^gZf_gy
Lufgh]h_rv"Gm`gh^h[ulv[hevr_"
YihrmlbeZkdZaZeZyb\ayeZ[eb`Zcrbckwg^\bqKiZkb[hgZ\_jgh_DZdlubo^hklZe"
NbgbZg^Zel_[_^_g_]"OvxdZaZekyg_bal_odlhghkblkkh[hc[mfZ`gbd
Ybo\aye
YhklZgh\beZkvjZa\hjZqb\Zlvkwg^\bqb\i_jeZkv\Ovx\a]ey^hf
Lubo\aye"
�ZYih^hr_edhdgmdZdlu\q_jZghqvxbihlj_[h\Ze_^uhgihdZqZe]heh\hcgZqZ\
jZa\hjZqb\Zlvi_j\uc[mj]_jbhldmkb\h]jhfgucdmkhdhlg_]hHgbkbevghmibjZebkvihdZyg_
aZjuqZe
Yhdjm]ebeZ]eZaZb\m`Zk_mklZ\beZkvgZ[mj]_j
Ovxlu^he`_g[ueaZieZlblvaZkwg^\bqbLug_fh`_rvijhklhijbclb\Z\lhdZn_bjuqZlvgZ
ex^_cihdZhgbg_^Z^mll_[_`_eZ_fh_LuaZwlhieZlbrv
G_ihgbfZxylZdh]hkeh\ZieZlblvijh]h\hjbehgf_`^mmdmkZfbKljZggZywlhl\hykljZgZ
dfh_fmm^b\e_gbxhgih^gyejmdmgZ^]hjhc[mj]_jh\bijhlygmefg_klZdZgqbddhn_Y
ijbg_kl\hcex[bfucgZiblhd
HkiZkb[h\ay\mg_]hdjm`dmymeu[gmeZkvM^b\e_gZqlhlu\kihfgbe
DZdlmlaZ[m^_rvHq_gvhl\jZlbl_evgucaZiZo
YaZobobdZeZhllh]hdZdjZa^m\Zxlky_]hgha^jb
G_^eyf_gyy]em[hdh\lygmeZZjhfZlgZibldZFfffdhn_
Yij_^ihqblZx\hlwlhlaZiZokdZaZehgbih^gye[mj]_jdghkmFfffiehlv`b\hlgh]h
B\hllZdaZijhklhyihl_jyeZ\kydbcZii_lbldk\h_fmkZg^\bqm
A^_kvwlhgZau\Z_lkyfykhijhbag_keZykfhjsb\ghk
Hgih`Zeie_qZfbb\gh\vhldmkbe[mj]_j
Fg_hgh[hevr_ihgjZ\moheh^guf
Y\kihfgbeZmiZdh\db\u[jhr_ggucbaoheh^bevgbdZb\a^jh]gmeZ
Luih^jZamf_\Z_rvkujh_"Wlhg_]b]b_gbqgh
Ovxijhklhmkf_ogmekyh[gZ`b\h]jhfgu_deudb\h\j_fyhq_j_^gh]hmdmkZ
Yhloe_[gmeZdhn_qmlvl_ieucghwlmfukevyg_mqeZbh[_jgmeZkvgZ\oh^gmx^\_jv
BdZdluaZi_qZlZe^\_jv"
FZ]bq_kdbcihjlZehgijh]ehlbe[mj]_jaZ^\Z[ukljuoh]jhfguomdmkZ
Bwlh"
GZwlhjZahgihkfhlj_egZf_gygZofmjb\[jh\b
Ml_[ya^_kvg_lfZ]bq_kdh]hihjlZeZ"
M\Zk_klvi_j_\_jlurbaZf_lbehgBh[hjhlgb
�_evgh_aZf_qZgb_
MgZkg_lgbq_]hfZ]bq_kdh]hihlhfmqlhy[ueZ[u\dmjk_bkijZ\beZkvyDZdjZ[hlZ_l
fZ]bq_kdbcihjlZe"Ex[hcfh`_l_]hkhl\hjblv"Yqj_af_jghex[hiulgZ;he__lh]hyohl_eZ
agZlvdZdfh]mbkihevah\Zlv_]h\k\hxihevamFh]meby_]hk^_eZlvdZdh[hjhl_gv"
HgihdZqZe]heh\hcbijhlygm\jmdmdr__\ulZsbebaih^lmgbdbp_ihqdmgZdhlhjhc\bk_eb^\Z
fZe_gvdbodZfgy
LZddZdyihdeyekyNbgbZgmhg^Zefg_wlhHgb\uau\ZxlNbgbZgZOvxih^gyekbgbcdZf_gv
AZl_fih^gyedZfmr_djZaf_jhfkdhklhqdm]jZgZlZgZdhlhjhf\uk_q_gZdZdZylhjmgZWlhl
kha^Z_lihjlZeYfh]mhldjulvbebaZdjulvihjlZebkihevamywlhldZf_gvY\_jgmbodh]^Zdeyl\Z
[m^_l\uiheg_gZ
LZdaZq_fhgl_[_"Dm^Zlu^he`_ghldju\ZlvihjlZe"
�hfhc_kebaZohqmih`Zeie_qZfbOvxBeb_kebihgZ^h[blvkyihfhsvYg_[m^mghfh]m
LZd`_qlh[u]ZjZglbjh\ZlvqlhluhklZg_rvkylZf]^_yaZohqm\ex[h_\j_fy
Oheh^ijh[_`Zeihfh_ckibg_
DZdk^_eZewlbfmljhf"
:]ZHg\aye_s_h^bgkwg^\bq
Ihkms_kl\mlufh`_rvihkZ^blvf_gyih^aZfhddh]^ZaZohq_rv"
Ovxijhb]ghjbjh\Zefhc\hijhk
Wlhg_hl\_lg_l_^dhaZf_lbeZyFg_gbqmlhqdbg_gjZ\blkywlZfZe_gvdZykblmZpby
G_\Z`ghqlhl_[_gjZ\blkybebg_lfZe_gvdbch[hjhl_gvk_ijhklhG_lgbdZdh]hkfukeZ
[hjhlvkykwlbf
Lhoheh^gh_hlqZygb_kgh\ZaZdjm`behkv\fh_f`b\hl_
Ih`ZemcklZihfh]bfg_OvxLu\_^vagZ_rvqlhhg^eyf_gym]hlh\be
AgZx_]h]hehk[uek^Z\e_ggufkg_ijbyagvxHgg_kfhlj_efg_\]eZaZ
Lh]^Zg_hl^Z\Zcf_gy_fmmfheyeZyHlimklbf_gyBebemqr_ihfh]b\uykgblvdZd
jZajmrblvijhdeylv_Ih`ZemcklZLuagZ_rvhh[hjhlgyoLukfh`_rvfg_ihfhqvYaZieZqm
l_[_
HgihdZqZe]heh\hc
LuagZ_rvqlhyg_fh]mgZjmrblvdeyl\mkNbgbZghfG_\Z`ghkdhevdhjZaluihijhkbrv
Fhbie_qbihgbdeb
WlZdeyl\ZgZ\_jghfgh]h^eyl_[yagZqblqlh[u\hllZd[_a`Zehklghf_gyijh^Zlv
OvxaZ^mfZekyaZl_f[jhkbegZklhek\hc[mj]_jdZd[m^lhmg_]hlh`_ijhiZeZii_lbl
?keb[uluagZeZdZdfhbex^bohlylaZihemqblv`_eZ_fh_
;uehykghihhlghr_gbxOvxijbgpn_cjb_fmg_gjZ\bekyLZdqlhNbgbZgij_^eh`be_fmg_qlh
^h\hevghq_jlh\kdbihljykZxs__
Fg_klZehex[hiulghGZklZeh\j_fyqlh[uihijh[h\Zlv^jm]mxlZdlbdm
Y\ul_jeZjmdbb\klZeZf_gyyl_fm
LZdjZkkdZ`bfg_dZdjZ[hlZ_lfZ]bq_kdbcihjlZe"LukdZaZeqlhfh`_rvihiZklv^hfhc"
Ovxkd_ilbq_kdbihkfhlj_egZf_gy
Yg_]h\hjxl_[_f_gyhklZ\eylv\hajZabeZykeZ^dbf]hehkdhfdhlhjucijbf_gyeZdkZfuf
\kiuevqb\ufdeb_glZfYihc^mklh[hcYohqmk\hbfb]eZaZfbm\b^_lvwlboi_j\hjh^guo
G_ldZl_]hjbq_kdbkdZaZeOvx
G_m^h\e_l\hjbl_evguchl\_l^eyf_gy
Ihq_fmg_l"aZoehiZeZj_kgbpZfbyih^kZ`b\Zykv[eb`_bgZdehgyykvdg_fmihlhfmdZdfg_
dZaZehkvqlhwlhfm`qbguhp_gylAZl_f[jhkbeZgZOvxkZfuchqZjh\Zl_evgucb\i_qZleyxsbc
\a]ey^Fg_ohq_lky\k_ijhl_[yagZlvOvxQlh\wlhfiehoh]h"
Hgijbsmjb\rbkvih]ey^_egZf_gyg_kdhevdhjZabym\b^_eZdZdjZa^m\Zxlky_]hgha^jb
\_jgucijbagZdqlhhg\ly]b\Z_l\k_[yfhcaZiZoOvx\u]ey^_eg_fgh]hhr_ehfe_gguf
i_j_f_ghcfh_]hgZkljh_gby
Yg_ijZ\bevghh[jZsZeZkvkOvx
Hgk\h^bef_gykmfZk\hbfb^_kihlb_cb\eZklghklvxaZklZ\b\aZ[ulvfh_emqr__hjm`b_nebjl
Yiheh`beZjmdmgZ_]hjmdZ\
Ih`ZemcklZ"fhc]hehkklZefy]dbfkeZ^dbfb^_\bqvbf
AZij_s_ghihdZau\Zlvihklhjhggbfa_febi_j\hjh^guoijhbag_khggh_]h\a]ey^himklbekygZ
fhxjmdmfZe_gvdmxmoh`_ggmxkjhah\ufeZdhfgZgh]lyoBaysgZyihkjZ\g_gbxk_]h
[hevrhcjmdhcFg_ijbrehkvih[hjhlv`_eZgb_hsmiZlv_]hgZdZq_ggu_furpuihlhfmqlh
[_amkeh\ghOvxgZdZq_gguc
Q_fmwlhih\j_^bl"fy]dhkijhkbeZyl_q_gbbke_^mxs_]hf_kypZyijh\_^mklh[hcZaZl_f
mc^mkNbgbZghfDh^Zmf_gyihy\blkyrZgkjZkkdZaZlvdhfmgb[m^v"ykdehgbeZkv_s_[eb`_
Yijhklhohqmihgylvhlb\k_
a]ey^Ovxh[jZlbekydfh_fmjlmHggbq_]hg_kdZaZeijhklhlZjZsbekygZfhcjhl
YgZf_j_gghh[ebaZeZ]m[uKljZgghqlhyklZeZ[_kihdhcgZbkfms_gZwlbfWlhebrvmih_gb_
\eZklvxkdZaZeZyk_[_Fg_gjZ\behkvl_rblvk\h_kZfhex[b_klZ\yfm`qbggZdhe_gb
YgZqZehg
�Z"fhc]hehka\mqZefy]dhbojbieh
Ylu^he`gZihdeyklvkyqlhkhojZgbrv\k_\lZcg_\a]ey^_]hdhrZqvbo]eZahlhj\Z\rbkvhl
fh_]hjlZgZdhg_p\klj_lbekykfhbfIhdeyklvkyqlhgbdhfmg_jZkkdZ`_rv
�Z
DeygmkvkdZaZeZyf_^e_gghbh[^mfZgghqlh[uOvxg_aZf_lbefh_]hj\_gby
Lh]^Zihrebkhfghchgih^gyekygZgh]b
=eZ\Z
GZfgm`_gihjlZeijhbag_kOvxQlhlhq_j_aqlhfufh`_fi_j_rZ]gmlvhghkfhlj_e
fhxfZe_gvdmx]hklbgmxL\h_`bev_kljZggh_b\g_ffgh]hm]eh\u[_jbq_ffu
\hkihevam_fky
QlhgZkq_liZjZ^ghc^\_jb"ij_^eh`beZy
HgihdZqZe]heh\hc
AZdebgZgb_^eyihjlZeZfh`ghgZeh`blvgZh[t_dllhevdhjZa\^_gvBgZq_ihjlZeg_hldjh_lky
KljZgghEZ^ghYh[\_eZ\a]ey^hfk\hxfZe_gvdmxd\ZjlbjmDmogybklheh\Zy\uoh^beb\
]hklbgmxlZdqlhhgbg_ih^oh^bebAZ^gyy^\_jvbakl_deZb\_eZgZ[Zedhgg_m\_j_ggZqlhbhgZ
Fh`_lkiZevgy"BebrdZn"\ZggZydZaZeZkvkebrdhfkljZggh
H`b^ZyOvxih`Zeie_qZfbbihkfhlj_egZf_gy
=Zj^_jh[j_rbeZyl\_j^hDh]^Zfulm^Zih^hrebyihqm\kl\h\ZeZdZdfhbszdbdjZkg_xl
I_j\ucjZa\fh_c`bagbfm`qbgZi_j_kzdihjh]fh_ckiZevgbblh^eylh]hqlh[uhlijZ\blvky\
iml_r_kl\b_ihpZjkl\mn_cjbKh\k_fg_lhqlhyk_[_ij_^klZ\eyeZ
H^gZdhihagZgbyhex^yoOvxihfh`_lfg_[hevr_ihgylv_]hB_keb[uymagZeZqlhaZklZ\ey_l
_]h^_ckl\h\Zlvkfh]eZ[uihgylvq_]h`_lZdkbevgh`_eZ_lOvxqlhjZ[hlZ_lgZfm`qbgm
dhlhjuc_fmy\ghg_ih^mr_
Blh]^Z\hafh`ghyfh]eZ[uk^_eZlv\klj_qgh_ij_^eh`_gb_
Wlhg_j_rZ_l\k_fhbijh[e_fuy\k__s_^he`gZgZclbk\hxbklbggmxex[h\vbebohly[u
fm`qbgmdhlhjucebrblf_gy^_\kl\_gghklbihdZygZoh`mkv\k\h_cq_rmcqZlhcnhjf_ghwlh
[uehlhevdhgZqZeh
Y^he`gZijbagZlvqlhfg_^h\hevghex[hiulghmagZlvhOvx
@_klhfymdZaZeZgZrdZnbOvx\klZei_j_^hfghc;uehqlhlh^bdh_\Ovxbwlhg__]h
hq_\b^gZydhrZqvybihklZkvFh`_llhdZdhg^\b]Zekybeblhqlh_]hgh]bkdh]lyfb\k__s_[hku
bebwlb[Zd_g[Zj^ugZ_]hq_exklbbZ[kmj^gucrgmjhd\kimlZgguo\hehkZo
;uehqlhlh\g_fg_qlhdjbqZs__kbeZa\_jybobsgbdZbwlh\au\Zehdhfg_g_kfhljygZ
ex[h\vdjhah\hfmbimrbklhfmHgg_]h`bcghwlhfg_\g_fgjZ\behkv
Ym\b^_eZdZdOvxkgyeh`_j_ev_kr_bHgih^gyeh^gmjmdm hq_gvfmkdmebklmxbhq_gv
aZ]hj_emx\fbijh\_e]jZgZlhfihdjZx^\_jb\lhfqbke_bdh\jm
Ihke_lh]hdZdOvxgZjbkh\Zeb^_Zevgucijyfhm]hevgbdhghlklmibegZaZ^bm[jZeh`_j_ev_
Ykdj_klbeZjmdbgZ]jm^bbkd_ilbq_kdbihkfhlj_eZgZk\hcrdZn
Gbq_]hg_ijhbahreh
L_ji_gb_fZe_gvdbch[hjhl_gvkdZaZehgkghldhc\_k_evyOvxihkfhlj_egZf_gyk\_jom\gba
Bihfgb
YagZxfug_fh`_fgbdhfm]h\hjblvh[wlhfYih^gyeZfbabg_pLufh`_rv^h\_jylvfg_
Deygmkvfbabgp_f
Yohl_eij_^mij_^blvqlh[uluhklZ\ZeZkvjy^hfkhfghcHgihkfhlj_egZfhxijhlygmlmx
jmdmQlhlZdh_deyl\ZgZfbabgp_"
HoOfYhimklbeZjmdmLukp_iey_rvk\hcfbabg_pkfbabgp_f^jm]h]hq_eh\_dZbwlh
hagZqZ_lk^_edm
K\yau\Zxs__kh]eZr_gb_"
�Zdhg_qghkh]eZkbeZkvyIheghklvxk\yau\Zxs__
Hgijhlygmek\hcdh]lbklucfbabg_p
Lh]^Zy[_jmkl_[ydeyl\mgZfbabgp_
Ijbdhkgh\_gb_fh`_lijh[m^blvfh_]hh[hjhlgy_keblhevdhOvxg_hdZ`_lkyfh_cBklbgghc
Ex[h\vxdZd]h\hjbeZ]Z^ZedZYihdhe_[ZeZkvZaZl_fijhlygmeZfbabg_pHq_j_^gZyey]mrdZ
dhlhjmxgZ^hihp_eh\Zlv
Lhevdh_]hiZe_pi_j_ie_ekykfhbfykjZamihqm\kl\h\ZeZdZdfhgkljaZ\b[jbjh\Zeih^dh`_cY
\uj\ZeZjmdmbihljykeZ_xkeh\ghh[h`]eZkv
f_gy_klv_s_f_kyp^eyihp_em_\key]mrdZfbKhfghc\k_[m^_lohjhrh;m^_l
Klh[hc\k_ohjhrh"
Qv_eb[hijbdhkgh\_gb_iehoh\eby_lgZf_gygZihfgbeZy
Ij_\jZs_gb_kh]eZkbekyhgY^mfZeqlhwlh\eby_ldh]^Zdlhlhl_[yijb\e_dZ_l"
Fh_ebph\kiuogmehhldZdwlhb^he`ghjZ[hlZlv^Z
hafh`ghh[hjhl_gvijyfhk_cqZkhq_gvqm\kl\bl_e_gijh[m[gbeZy
hafh`ghijhbag_kOvx
DZdg_eh\dhY\gh\vkdj_klbeZjmdbgZ]jm^bmklZ\b\rbkvgZ^\_jpmrdZnZ\h`b^Zgbb
Dhg_qgh`_kimklyf]gh\_gb_hgZgZqZeZf_gylvkyKgZqZeZklZeZlhg_gvdhcbymkeurZeZlj_ev
k\_jqdh\bmqmyeZaZiZo\eZ`gh]hfoZ
Bafh_]hrdZnZihebekylmfZggZqZebf_jpZlva\_a^ubfh_\gbfZgb_ijb\e_dr_e_klebklv_\Y
m^b\e_gghrZ]gmeZ\i_j_^mklZ\b\rbkv\ijhkljZgkl\h]^_lhevdhqlh\bk_eZ^\_jpZfh_]hrdZnZ
�Wlh[uehihoh`_gZgZ[ex^_gb_aZf_^e_gghijhy\eyxs_ckynhlh]jZnb_c\_jpZij_\jZlbeZkv\
l_gvf_^e_gghbaf_gbeZkvbygZqZeZjZaebqZlvi_caZ`^Ze_d_\b^g_ebkv\eZ`gu_lhidb_[hehlZ
h]jhfguoa_e_guo^_j_\vyoijhg_kky\_l_jrmjrZebkl\hcbjZklj_iZ\fhb\hehku^jm]hf
fbj_pZjbeZghqvZlmfZg_\b^g_ebkvk\_leyqdb
FZlvq_klgZy\u^hogmeZyDjmlh
FZ]byn_cjb\_kvfZ\i_qZley_lijhbag_kOvx[_kkljZklguf]hehkhf[m^lhg_gZr_e\wlhf
gbq_]h\i_qZleyxs_]hKe_^mcaZfghcbg_hloh^b^Ze_dh
?klvkwjihke_^h\Zefhchl\_lYohl_eZ\aylvOvxaZjmdmghg_fh]eZdg_fmijbdhkgmlvky
Ihwlhfmyko\ZlbeZ_]haZjZkdezr_gguck\urb\dhcjmdZ\bk`ZeZdh]^ZOvx^\bgmeky\i_j_^
Fuijhrebq_j_aihjlZebf_gyhdmlZeZkl_gZ\eZ`ghklbYlml`_ih[e_^g_eZijb\udrZye_lhfd
dhg^bpbhg_jZf
Wlhhl\jZlbl_evgh_hsms_gb_A^_kvgZklhevdh\eZ`ghqlhyijZdlbq_kdbhsmsZeZkujhklv
�kdhevaysmxihfh_cdh`_Ihoh`_a^_kvhdheh^_\yghklh]jZ^mkh\@
NmA^_kve_lh"
MgZkg_lkf_guk_ahgh\dZd\l\h_ffbj_A^_kv\k_]^ZlZdZyih]h^Zl_i_jv_]h]hehka\mqZe
�]emoh_j`bkvih[ebahklb
Yh[_jgmeZkvIhaZ^bgZkihjlZebaq_aZeFhykihdhcgZykqZkleb\ZykiZevgyjZkl\hjyeZkvihdZy
kfhlj_eZgZg__Wlhg_j\bjh\Zeh
DZdfu\_jg_fky"
FugZc^_f^jm]h_f_klh^eyihjlZeZOvxrZ]gme\i_j_^\u^_j]b\ZyjmdZ\bafh_]haZo\ZlZ
ij_`^_q_fykfh]eZaZijhl_klh\ZlvIhrebKe_^mcaZfghc
YreZke_^hflZd[ukljhdZdfh]eZghihlj_[h\Zehkvg_lZdfgh]h\j_f_gbqlh[uyhlklZeZ
Ykghh^ghi_j_\_jlurbg_fh]mlZd`_ohjhrh\b^_lv\l_fghl_dZdi_j\hjh^gu_Ygbq_]hg_
fh]eZjZah[jZlvaZg_kdhevdhnmlh\i_j_^kh[hcb^he`gZ[ueZkhkj_^hlhqblvkyqlh[ug_ihl_jylv
Ovxba\b^Z
Fhblmnebeh^hqdbg_ij_^gZagZq_ggu_^eylZdh]heZg^rZnlZoexiZebih]jyaghca_fe_b
g_fgh]hmlhiZebkdZ`^ufrZ]hf
Km^yihh]jhfghfmdhebq_kl\mgZk_dhfuoe_lZxsbo\\ha^mo_bkZ^ysbokygZfhxdh`myj_rbeZ
gZim]Z\
FmoZlZdZy`_[hevrZydZddZgZj_cdZk_eZfg_gZjmdmy\a\ba]gmeZbkljyogmeZ__
LkkkkdZaZeOvxih\hjZqb\Zykvqlh[uihkfhlj_lvgZf_gy?]h]eZaZ[e_kl_ebdZd[ex^pZ\
lmkdehfk\_l_
Yg_ijb\udeZdfmoZflZdbojZaf_jh\ijhbag_keZy\gh\vkljyob\ZyjmdmFhxdh`m
ihdZeu\ZehbhgZ[ueZ\eZ`ghcg_agZxbaaZlh]hqlh\kihl_eZbebbaaZ\eZ`ghklbex[hf
kemqZ_wlhijhlb\gh
IhlhffhykibgZkbevghjZa[he_eZkvdmjldZhlkihjlb\gh]hdhklxfZiehlghijb`ZeZkvdehiZldZf
Dh`ZihdjueZkvjy[vxbymiZeZgZdhe_gbgbadbcklhgkljZoZ\uj\Zekybafh_]h]hjeZ
OvxkjZam`_hdZaZeky\hae_f_gy_]hjmdbe_`ZebgZfh_clZebbdh]^ZhgiulZeky\_jgmlvf_gy
gh]b
JZc^_j"
Yhlr\ujgmeZ_]hjmdbbkgh\ZjmogmeZ
G_ljh]Zcf_gy
Fhca\_jvijb[eb`Zeky;h`_fhc=hkih^bI_j_^Ovxlh`_Ihahjkhdjmrbef_gykf_rZgguck
[hevxbkljZohfFhbjmdbf_^e_gghi_j_^\bgmebkvgZebphqlh[uijbdjulvkyhl\a]ey^ZOvxG_
k_cqZkG_i_j_^d_flh_s_
Luf_gy_rvnhjfm"kijhkbeOvxgbadbf]hehkhfH^gZ[hevrZyjmdZijbdhkgmeZkvdfh_c
kibg_
YmdehgbeZkvhl_]hjmdbkbevghk]hj[b\rbkvbk\_jgm\rbkv\dem[hdFh`_l_kebykbevgh
�kdhgp_gljbjmxkvlhkfh]m\aylv\k_ih^dhgljhevZ`_]h\hjywlhk_[_fhcjhlgZihegyeky
]hjyq_cdjh\vxkf_lZeebq_kdbf\dmkhfbba^_k_gijhj_aZebkvdeudb
G_kfhljbgZf_gyijh[m[gbeZyYQ_j_afbgmlmkhfghc\k_[m^_lohjhrh
Dfh_fmm^b\e_gbx[hevrZyly`_eZyjmdZ]eZ^beZfhb\eZ`gu_\hehku
Y[hyekyqlhwlhfh`_lijhbahclbijh]h\hjbehgG_ohl_e[_kihdhblvl_[yghgZ
�[hevrbgkl\hfbjn_cjbhdZau\Z_lkbevgh_\ebygb_jm]ZyklhjhgZijhy\ey_lkyihlhfmqlhwlh
f_klh\au\Z_ldg_c
AZ[_jbf_gygZaZ^ijhklhgZeZyG_ohqmklZgh\blkyfhgkljhfIh`ZemcklZ
Gm`ghgZclb^jm]b_\jZlZkdZaZeOvx;hevrZyjmdZ\gh\vijhreZkvihfhbf\hehkZfiulZykv
mkihdhblv;hbrvkyqlhyklZgmkqblZlvl_[ymjh^hf"
Hgqlhrmlbl"YagZxqlhymjh^Mkms_kl\Z\dhlhjh_yij_\jZsZeZkvl\_j^Zyq_rmcqZlZydh`Z
jh]ZgZe[mbdhklygu_gZjhklugZkdmeZo
Hl\jZlbl_evgu_i_j_ihgqZlu_djuevy\a^jh]gmebbijhj\Zebkvkd\havdh`mie_qb]hj_ebh]g_f
h^_`^ZklZeZmadhcO\hkl\uibjZebkihea\h^gmrlZgbgmiulZykvgZclb\uoh^
Baf_gb\rZykydh`ZklZeZl\_j^hcb[he_eZih\k_fml_em
Ba]hjeZ\uj\Zehkvju^Zgb_bihfg_ijhdZlbehkvqm\kl\hmgb`_gbyL_ehb^mrZ[he_ebbom`_
\k_]hlhqlhykh[bjZeZkvkhj\Zlvkk_[yh^_`^m
OvxijhklhgZeZyfhbdh]lbklu_jmdbbah]gmebkv=hehkklZeojbieucb]em[hdbc]hehkh\u_
k\yadbklZebdZdbfblh]jm[ufbLu^he`_gmclb
Yg_[hxkvl\hbodjhr_qguodh]l_cfZe_gvdbch[hjhl_gv\_k_ehijhbag_kOvxFhb]hjZa^h
YFg_gm`ghkgylvh^_`^mijhkbi_eZyDjuevy[he_ebhlqZygghiulZykv\uj\ZlvkygZjm`m
bfg_ihgZ^h[bebkv\k_kbeuqlh[uk^_j`Zlvbobg_jZahj\Zlvlhiih^h[ghOZedm
Ih`ZemcklZg_kfhljb
Fg_ijb^zlkykfhlj_lv\dZdhflhkfuke_kdZaZeOvxb_]h[hevrZyjmdZ\gh\vijhreZkvih
fhbf\hehkZf;hevrhciZe_p_]hjmdbaZ^_efhxs_dm`_kldmxj_[jbklmxs_dmL_[_klZg_l
e_]q__kebyijbagZxkvqlhwlhg_fhylmgbdZ"NbgbZgaZklZ\bef_gy__gZ^_lvFhcgZjh^h[uqgh
g_ghkblh^_`^mIh\_jvdh]^Zy]h\hjxqlhl\hy_kl_kl\_ggZynhjfZg_\uau\Z_lmf_gy
hl\jZs_gby
Mf_gy\uj\Zekykf_rhd]em[hdbc[mevdZxsbca\md\]hje_FukevhlhfqlhaZqhihjguf
NbgbZghfke_^m_l[hevrhckljZrghcb]heucOvxg_\_jhylgZaZ[Z\eyeZ
OhjhrhkdZaZehg\hl\_lgZfhxmkf_rdmAgZqbllug_ijhlb\_kebyjZa^_gmkv
Bij_`^_q_fykfh]eZih^gylv\a]ey^gZa_fexijba_febeZkvlmgbdZ
Yih^gyeZ]heh\mqlh[u\a]eygmlvgZ_]hh[gZ`_ggh_l_ehghfhyljZgknhjfZpbyijh^he`beZkvb
aj_gb_klZehjZafulufdh]^Z\kiuogmeZ[hevJZahj\Z\h^_`^mk\hbfbdh]lyfbyg_\hegh\ZeZkvh
lhfqlh_zmgbqlh`Zx
AZl_fh[gZ`_ggZybly`_eh^urZsZyyijbk_eZgZa_fexihdjZcg_cf_j_fg_[hevr_g_[hevgh
Yih^gyeZjmdmbamqZyljZgknhjfZpbx
HgZ^hkboihjijhoh^beZ[he_ag_ggh_s_keh`g__Bg_ljm^ghihgylvihq_fm
H[uqghfhydh`ZljZgknhjfbjm_lkyihkl_i_gghiylgZfbq_rmcdbkf_rb\Zxlkykfh_cdh`_c
ihdZiheghklvx__g_aZf_gylfbj_N_cjbyiheghklvxij_h[jZabeZkvaZk_dmg^u
GZjmdZo[e_kl_eZq_rmyZdjuevydZaZebkv[hevr_q_fdh]^Zeb[h
A^_kvfhco\hklljZgknhjfbjh\Zeky\h\kx^ebgm\f_klhgZiheh\bgmknhjfbjh\Z\r_]hkyh[jm[dZ
YijbdhkgmeZkvdk\h_fmebpmhghhsmsZehkvqm`^ufihoh`bfgZ]hj]mevbgh
&#xeZ;&#x`g;&#xZy;&#x;&#xih;&#x[e;&#xzk;Û&#xZ;&#xxs;&#xZy;&#xq;&#x_r;&#xmy;&#xi;&#xhd;&#xju;&#xZe;&#xZ;&#x]j;&#xm^;&#xv;�Hl\jZlbl_evghYihkfhlj_eZgZl_eheZ`gZyih[ezkdb\ZxsZyq_rmyihdju\ZeZ]jm^vZ`_
khkdbihdjuebkv`_kldhcq_rm_c
Y\a^jh]gmeZbijh\_eZjmdhcih\hehkZflhevdh^eylh]hqlh[uhlukdZlv\blb_\Zlu_jh]Z
lhjqZsb_bafh_]he[ZYih^Z\beZju^Zgb_gZkdhevdh`_hl\jZlbl_evghcyklZeZ
;hevrb_dh]lbklu_eZiuf_evdgmeb\ihe_fh_]haj_gby
L_i_jvlufh`_rvb^lb"GZfgm`gh^\b]Zlvky
��Zcfg_fbgmldmijhbag_keZy]jm[ufg_k\hbf]hehkhfjh`vhl\jZs_gbyijhdZlbeZkvih
fg_byaZklZ\beZk_[yih^gylvkygZgh]bq_rmcqZlu_g__kl_kl\_ggu_gh]bbihclb
hij_^_e_ggucfhf_gly^he`gZ[ueZihdZaZlvOvxk\hxhl\jZlbl_evgmxnhjfmEmqr_k^_eZlvwlh
k_cqZkYih^gyeZ]heh\m
Bh[gZjm`beZqlhg_kfhljygZlhqlhhgklhye[ebadhgZf_gyOvxg_kfhlj_eHgZddmjZlgh
hl\_jgmeky
=hkih^b\b^Zlvy_szom`_q_f^mfZeZAZdmkb\]m[myihfhjsbeZkvhl[hebG_m`_eby^eyg_]h
gZklhevdhhl\jZlbl_evgZqlhhg^Z`_g_fh`_lkfhlj_lvgZf_gy"Fhy]hj^hklvm`_ms_fe_gZqlh
gZfgh]h[hevg__q_fg_^Z\g__ij_\jZs_gb_
Bqlhom`_\k_]hOvxgb\fZe_cr_ckl_i_gbg_\uau\Zehl\jZs_gb_LZddZdhghl\_e\a]ey^y
hldjulhjZkkfZljb\ZeZ_]hFZkkb\gZy]jm^v[ueZke_]dZihdjulZ\hehkdZfblZdh]h`_ihehkZlh]h
YmimklbeZrZgkjZkkfhlj_lvqlhmg_]hf_`^mgh]bkebrdhfiha^ghwlhihgyeZihwlhfm\f_klh
wlh]h\i_jbeZk\hcihohleb\uc\a]ey^gZ_]hgh]b
Lheklu_kbevgu_bgZm^b\e_gb_^ebggu_gh]bmqblu\Zy[hqdhh[jZagmxfZkkb\ghklvhklZevghc
qZklbl_eZ
?]hfhsgu_[_^jZgZijy]ebkvdh]^Zhgih\_jgmekyhldju\Zy\b^gZmijm]mxZii_lblgmxaZ^gbpm
aZklZ\b\rmxf_gybkiulZlv\k_\b^ug_bklh\h]h`_eZgbyIhdZdhclhijbqbg_mf_gy\hagbdeh
`_eZgb_ihljh]Zlv__byg_\hevghih^gyeZjmdmH[gZ`zggucOvx]j_oh\gh\_ebdhe_i_g
Byq_rmcqZlZyl\ZjvYhimklbeZjmdm
B^lbfh`_rv"kijhkbeOvxGZfij_^klhblg_[ebadbcimlv
Fh]mhl\_lbeZyg_kh\k_f\gylghbaaZdeudh\Dm^Zfub^zf"
Dfhbfkhie_f_ggbdZf
_^b^Z\Zc
Hgdb\gmebgZdehgbe]heh\m_]h]jyagu_\hehkulj_iZe\_l_jihdZOvxijbgxob\Zeky?]h]eZaZ
ih[e_kdb\ZebhljZ`Zylmkdeuck\_lbfg_klZeh`Zevqlhmi_j_\_jlur_cg_lkihkh[ghkl_c
h[hjhlg_cFhckemog_hlebqZekywdkljZj_adhklvxyg_fh]eZmqmylv\\ha^mo_qlhgb[m^vdjhf_
foZbihij_`g_fmg_\b^_eZ^Zevr_q_fgZnmli_j_^kh[hc
Yg_gZ\b^_eZdZ`^mxqZklvkms_kl\h\Zgbyi_j_\_jlurZG_lgbdZdboij_bfms_kl\hh[s_Y
fh]m[ulvkbevg__dZdkdZaZeOvxghwlhebrvagZqblqlhykihkh[gZgZ\j_^blvfm`qbg__keb
aZcfmkvkgbfk_dkhfbhgg_[m^_lfh_cBklbgghcEx[h\vx
B^_ckl\bl_evghdlhaZohq_lijbdhkgmlvkydhfg_dh]^Zy\lZdhcnhjf_"OvxkZf_^\Zebq_eh\_d
gh^Z`_hgg_fh]ijhklhihkfhlj_lvgZf_gyYijh]ehlbeZ]hj_qv\hjlmbihke_^h\ZeZaZOvx
Fu^\b]Zebkvq_j_ajZklmsb_gZ[hehl_^_j_\vybq_f^Zevr_ijh^\b]Zebkvl_f[hevr_y
aZimlu\ZeZkvWlhb_klvfbjn_cjb"Yij_^klZ\eyeZqlhlh[he__pb\bebah\Zggh_
=hlbq_kdb_a^Zgbybmoh`_ggu_kZ^uF_klghklvq_j_adhlhjmxfuijh[bjZebkvhdZaZeZkv^bdhcb
g_fgh]hhl\jZlbl_evghc_kebq_klgh
G_h[fZgmeebf_gyOvx"Fh`_lhg\_^_lf_gy\dZdmxgb[m^veh\mrdm"G_lwlhg_bf__lkfukeZ
Ovx]h\hjbeqlhg_e`_lbqlh[ug_h[_sZe_fmNbgbZgOvx`_eZewlh]h^hklZlhqghkbevgh
qlh[uijh^Zlvf_gy
Ygbq_]hg_]h\hjbeZihdZfuijh[bjZebkvq_j_aih^e_khdfhbdh]lbklu_gh]bkdZ`^ufrZ]hf
mlhiZeb\hfjZd_
Ykhkj_^hlhqbeZkvgZ^\b]ZxsbokyfurpZoy]h^bpOvxi_j_^kh[hc]^_\j_fyhl\j_f_gbf_evdZe
_]hqe_gbycpZf_`^mgh]
WlhaZklZ\eyehf_gydjZkg_lv^Z`_ijblhfqlhhqZjh\u\Zehbyohl_eZiyeblvkygZgboKljZggh
ebwlh"Bbf__lebagZq_gb_"
^jm]Ovx\g_aZighhklZgh\bekybijhlygmejmdmqlh[uhklZgh\blvf_gy
YlZdkbevghaZ]ey^_eZkvgZ_]hlm]mxaZ^gbpmhlq_]hgZlhedgmeZkvgZ_]h[hevrmxjmdmkh\k_f_z
g_aZf_lb\Y\kdjbdgmeZhlg_h`b^ZgghklbbOvxhlkdhqbehlf_gyih^Zevr_
Bm\b^_eZdZdhg\a^jh]gme"Ijhklh_^\b`_gb_aZklZ\behfh_k_j^p__s_gb`_jmogmlv]hje_
h[jZah\Zekylm]hcma_e
Lbr_ijhr_ilZeOvx
Ihke_^he]hciZmauhgih^gye]heh\mihgxoZe\ha^mobihkfhlj_egZf_gy
GZkij_ke_^mxlQlhlhkih^\_lj_gghcklhjhgu
NbgbZg"
JhlOvxkdjb\beky\mkf_rd_\uklZ\eyygZihdZah]jhfgu_deudb
Hg[ugbdh]^Zg_ijbr_ekx^Zihk\h_c\he_b`_klhfmdZaZefg_ke_^h\ZlvaZgbfdh]^Z
ihr_e\i_j_^
Yih[_`ZeZaZgbflZd[ukljhdZdfh]eZg_\kbeZoi_j_klZlv[_kihdhcghh]ey^u\ZlvkyQlhlh
hohlblvkyaZgZfb"Fh`_lh^bgbakhie_f_ggbdh\Ovx"
Ovxkgh\ZhklZgh\beky
Yj_adhhklZgh\beZkvihaZ^bg_]hhkfZljb\Zykv\hdjm]Bgbq_]hg_\b^yY\gh\vihkfhlj_eZgZ
Ovx
QlhlZf"
HgmklZ\beky\]mklhcdmklZjgbdi_j_^gZfbg_^\b]Zykvkf_klZYex[hiulghijhke_^beZaZ_]h
\a]ey^hf
H]jhfg_crZynb]mjZ^\bgmeZkvdgZfbyaZ^hogm\rbkvhlklmibeZgZaZ^
hl^_jvfh
Ghkhjh]gZkl_jhb^ZogZijZ\eyekydgZfWlhg_ihoh^behgbgZqlhqlhydh]^Zeb[h\b^_eZ
ij_`^_
�Z`_\lmkdehfk\_l_yjZaebqZeZh]jhfgh_]jhfha^dh_l_ehkhims_gghc]heh\hcHgh[hevrh_
dZdkehgfh`_l^Z`_[hevr_
k_l_ehihdjulhdhkfZluff_ohfGZghkmjZaf_klbekyjh]\ljbjZaZ[hevr_q_fyfh]eZk_[_
ij_^klZ\blvmghkhjh]ZJh][hevr_f_gy
B[uegZijZ\e_gijyfhgZf_gy
G_\hevghyrZ]gmeZaZrbjhdb_ie_qbOvxbsZaZsblu
QlhgZfl_i_jv^_eZlv"ijhr_ilZeZyL_i_jvkms_kl\hij_ke_^mxs__gZkklhyehi_j_^gZfb
DZdfug_mkeurZebrZ]bwlh]hfhgkljZijhlhiZ\r_]hfbfhgZk"
GhOvxlhevdhnujdgmebkdZaZe
Baf_gbkv:jlmjLuim]Z_rvfhx]hklvx
Fhb]eZaZjZkrbjbebkvYkfhlj_eZgZh]jhfgh_kms_kl\haZl_fgZOvx
Wlhh^bgbal\hboex^_c"
Hgi_j\hjh^gucijhbag_kOvxijbsmjb\rbkvdh]^Zghkhjh]^\bgmeky\i_j_^Boh^blih
lhgdhfmev^m
Mf_gyhdjm]ebebkv]eZaZdh]^Zh]jhfgZy]heh\Zbjh]wlh]h`b\hlgh]h^\bgmebkv\fhx
klhjhgmKms_kl\hdZaZehkvg_h[jZsZ_l\gbfZgbygZOvxj_rb\f_gyijh\_jblv
Qlh^vy\hevkdbf_gygZim]ZehYba^ZeZbkim]Zggucibkddh]^Zhg^\bgmeky\i_j_^bkijylZeZkvaZ
Ovxj_rb\ihklZ\blv_]hf_`^mkh[hcbfhgkljhghkhjh]hf
:jlmjij_^mij_^beOvxkdhrZqv_fjuqZgb_fkd\hab\r_f\]hehk_
Ghkhjh]ebrvjudgmebijh^he`beijb[eb`Zlvkydhfg_iexgm\gZij_^mij_`^_gb_Ovx
Gbadbcjud\]hehk_OvxklZe]em[`_bfm`qbgZijbk_ebkim]Z\f_gyYhlklmibeZgZaZ^
Ovx"
ljZgknhjfZpbykbevgZyb[ukljZyq_fydh]^Zeb[h\b^_eZm^jm]boh[hjhlg_cAZkqblZggu_
k_dmg^uOvxij_h[jZah\Zeky\dhrZqvxnhjfm
Y[ueZ\rhd_
��;he__\hkvfbnmlh\@\^ebgmb\_khf\g_kdhevdhkhl_gnmglh\@h]jhfgh_l_ehijhgbaZggh_
furpZfbZfhsgZy]jm^vbf_eZ[hqdhh[jZagmxnhjfm
Mg_]hg_[ueh]jb\ughf_o[ueihdjul[hevrbfdhebq_kl\hfl_okljZgguoijbqm^eb\uoihehk
\b^guob\q_eh\_q_kdhcnhjf_@b\hlgZyklhjhgZOvx[ueZihoh`ZgZkl_jhb^gh]hlb]jZ
Gh[hevr_\k_]hihjZ`ZeZ_]hq_exklvh]jhfgZy]heh\Zih\_jgmeZkvbym\b^_eZlhjqZsb_deudb\
�^\ZnmlZ@^ebgmOvxaZjuqZegZghkhjh]Zbkbevghm^Zjbeh]jhfghceZihc
rhd_yhlklmibeZgZaZ^fgh]h_l_i_jv\klZehgZk\hbf_klZDh]^ZOvx]h\hjbeqlhhg
i_j\hjh^gucyg_ihgbfZeZqlh`_wlhhagZqZ_l
Ghl_i_jvkfhljygZ_]ha\_jbgmxnhjfmyihgyeZOvxkZ[e_am[uclb]jYmklZ\beZkvgZg_]h
aZl_fi_j_\_eZ\a]ey^gZkljZggh]hghkhjh]Zdhlhjh]hOvxkbevgufm^ZjhfeZiuhllhedgmehl
f_gy
K\ylZydhjh\Z
G_m`_ebi_j\hjh^gu_wlhh[hjhlgbE_^gbdh\h]hI_jbh^Z"Bqlh`_wlhaZf_klh"DZdh_lh
fZexk_gvdh_baf_j_gb_]^_n_cjbojZgylydh[u\uf_jrboh[hjhlg_c"
=eZ\Z
KZ[e_am[ucgbadhaZjuqZeihdZyklhyeZ\rhd_bdh]^Zghkhjh]jZafZogmekyh]jhfgufjh]hf
Ovxhllhedgme_]h]b]ZglkdhceZihcYh`b^ZeZqlhghkhjh][he_ag_gghhlj_Z]bjm_lghhglhevdh
ba^Zeq_eh\_dhih^h[gh_nujdZgv_bijbiZeda_fe_
Kimklyf]gh\_gb__]hnhjfZbaf_gbeZkvkgh\ZlZd[ukljhqlhy_^\Zmki_eZfhj]gmlvbl_i_jv
fm`qbgZkb^_egZa_fe_Hg\uijyfbekyb\a]eygmegZf_gybaih^kdZebkluo]mkluo[jh\_c
ly`_eh]he[Zbh]jhfgh]hghkZ^hfbgbjh\Z\r_]hgZ_]hmjh^eb\hfebp_
?keblZdh_\hafh`ghfm`qbgZ\u]ey^_e^Z`_[hevr_q_fOvx
Ykdj_klbeZjmdbgZq_rmcqZlhc]jm^bbk^_eZeZ_s_h^bgrZ]gZaZ^g_j\ghih^_j]b\Zyo\hklhf
Ovx"
KZ[e_am[uc\klZei_j_^hfghcgbadhaZjuqZ\
Ymqmye`_gsbgmijhj_\_efm`qbgZghkhjh]g_\_jhylgh]em[hdbfbihjZabl_evgh]jhfdbf
]hehkhfLuijb\_ekx^Zh^gm"Wlh
Hg[ueij_j\Zgk\bj_iufdhrZqvbfjuqZgb_fOvx
b`mkdZaZefm`qbgZIj_djZkgh
b`mqlh"kijhkbeZy
OvxaZjuqZegZf_gy
YgZofmjbeZkv
G_juqbgZf_gyYaZ^ZeZ\hijhkIhlhfmqlhihgylbyg_bf_xqlhijhbkoh^bl
Luh[hjhl_gvijh]j_f_eghkhjh]
:lu^he[Zgucghkhjh]
Yi_j\hjh^gucgZqZehg
YaZdZlbeZ]eZaZ
=eZaZkZ[e_am[h]hk\_jdgmebbhgkkmlmebekyKimklyg_kdhevdhf]gh\_gbcOvx[ueh[gZ`zgguf
kdhjqb\rbkvgZa_fe_ihlhfhgih^gyekygZgh]bYqm\kl\h\ZeZdZdfhbszdbaZj^_ebkv
jmfygp_fdh]^Zhg\ulygmeky\h\_kvjhkli_j_^hfghc
YihdjZkg_eZYbf_x\\b^mqlhg_fh]eZg_aZf_lblvqlhhg[ues_^jhh^Zjzgijbjh^hcOvx[_a
khfg_gby[ue[hevrbf\_a^_
:jlmjmkeurZeqlhfuijb[eb`Z_fkybj_rbe\klj_lblvgZkh[tykgbeOvxijhoh^yfbfh
f_gyboehigm\:jlmjZih[hevrhfmie_qm:l_i_jvhgi_j_klZg_liyeblvkygZl_[y
Ykex[hiulkl\hf\a]eygmeZgZ:jlmjZbaZf_lbeZqlhhg\^jm]hl\_e]eZaZh]ey^u\ZykvgZOvx
Ijhklbf_gykdZaZehgYg_ohl_eihdZaZlvkyg_\_`eb\uf
kz\ihjy^d_hl\_lbeZy_fmYklhxlml]heZybqlhlhg_ihoh`_qlhm\Zklmlfgh]h
h[hjhlg_c
Fug_gZqZe:jlmj
OvxihoehiZe_]hihie_qmbgZkbevghhl\_jgme_]hhlf_gy
_^bgZkh[jZlgh^jm]kdZaZehgij_ju\Zyfukeb:jlmjZ
Q_eh\_dghkhjh][jhkbegZOvxex[hiulguc\a]ey^
B^_f
Yie_eZkvaZgbfbgZofmjb\rbkvL_i_jvgbdlhg_kfhlj_egZf_gy=hkih^bygZklhevdh
hl\jZlbl_evgZ"YmsbigmeZq_rmcqZlmxdh`m\gZ^_`^_qlhhgZhlj_Z]bjm_lby[ubaf_gbeZkv\
q_eh\_q_kdmxnhjfm
H[uqghi_j_\hiehs_gb_^eblkyg_lZd^he]hghk_cqZkg_ihoh`_qlhyh[jZsmkv\[eb`Zcr__
\j_fy
Yke_^h\ZeZaZ^\mfyfm`qbgZfbihdZhgbijh^\b]ZebkvgZg_[hevrhfjZkklhygbbHgb[hjfhlZeb
^jm]k^jm]hfghbo]hehkZ[ueblZdbfblbobfbZfhckemolZdbfiehobfqlhyg_kfh]eZgbq_]h
meh\blvqlh[uehg_ijbylgh
Yihqm\kl\h\ZeZk_[ymjh^hfba]h_fbwlhijbqbgyeh[hevYagZeZqlhfhynhjfZhl\jZlbl_evgZ
ghij_^iheZ]Zehkvqlhg_gZklhevdhqlh[u\\_j]gmlv\rhd"
Ybf_x\\b^my\klj_lbeZfhogZlh]hghkhjh]Zb^hbklhjbq_kdh]hkZ[e_am[h]hbg_\ureZbak_[y
beb\ureZ"G_lg_\ureZ
Q_j_ag_dhlhjh_\j_fy]mklhcih^e_khdjZkklmibekybijb\_edq_j_^_i_s_jjZaf_s_gguo\kdehg_
ml_kZu]ey^_ehdZddjhebqbckZ^hdkfgh`_kl\hfi_s_jguo\oh^h\\kdehg_ohefZ
Djb\Zyba\bebklZyljhiZ\beZkvf_`^m\oh^Zfbbg_dhlhju_i_s_ju[uebaZ\_r_gu]jm[ufb
rdmjZfba\_j_c\dZq_kl\_bfijh\babjh\Zgguo^\_j_c
Ovxh]eygmekyq_j_aie_qhgZf_gy
WlhfhcgZjh^JZc^_j
Wlhkh\k_fg_lhqlhyh`b^ZeZlh\j_fydZdy]eZa_eZkdj_klb\jmdbgZ]jm^b\k_[hevr_b
[hevr_ex^_cihy\eyehkvihdZ\kdhj_bai_s_jg_\ureb^\Z^_kyldZfm`qbg
IjhkljZgkl\h\p_glj_[uehbki_sj_gh]jya_\ufbhli_qZldZfbgh]bih\kx^mijbkmlkl\h\Zeb
ke_^ui_j\bqghcpb\bebaZpbbgZgb`gbo\_ldZo^_j_\v_\jZklygmlurdmjukmrbebkvdmkdbfykZ
Ijbwlhf\k_fm`qbgu[ueb]heu_M\k_o[ueblhqghlZd`_jZkims_ggu\hehkubh]jhfgu_l_eZ
Bhgb\k_mklZ\bebkvgZf_gydZdgZmjh^Z
Wlhfhydeyl\Zh[tykgbehgG_ijbdZkZlvkydg_cG_kfhlj_lvgZg__
Gh\k_`_g_dhlhju_kfhlj_ebiulZykvjZa]ey^_lvf_gyaZrbjhdbfbie_qZfbOvx:jlmj
ih^\bgmekydOvxl_fkZfufaZsbsZyf_gyhlijhqboijhkfhljh\
Kdhevdh\Zka^_kv"kijhkbeZy
Kj_^bfhboex^_c^\_^x`bgufm`qbg
�\_^x`bgufm`qbg"@b\mla^_kv\^bdhcijbjh^_"
Yg_ihgbfZxijhr_ilZeZyOvxY^mfZeZ\uj_[ylZqZkl_gvdhbf__l_^_ehkn_cjb"Ihq_fm
\u`b\_l_\i_s_jZo"
Fu\k_]^Z`beba^_kvOvxkdZaZefg_N_cjb\oh^yl\gZrfbjlh]^Zdh]^Zbfqlhlhgm`gh
Bfuh[uqghbfhldZau\Z_fmkf_ogmeky:jlmj
Ovxihkfhlj_egZg_]h_]h]eZaZ]hj_ebhl]g_\Z
Gbkeh\Z[hevr_:jlmj_kebg_ohq_rvihklZ\blvih^m]jhamgZrm^jm`[m
Jhl:jlmjZkeya]hfaZoehigmekyghy\b^_eZ]hjysbcgZ_]h]jm[h\Zlhfebp_]g_\
K\hbfj_r_gb_flu\k_ogZkh[j_dgZkljZ^Zgb_kdZaZehgLhevdhgZrZ^jm`[Ziha\hey_lfg_
hklZ\Zlvky\klhjhg_
KljZ^Zgby"J_r_gby"YgZdehgbeZkvbihkfhlj_eZgZhklZevguobaih^jmdbOvxFm`qbgu[ueb
]heufbh]jhfgufbbkm^yihbo\a]ey^Zf^bdbfbdZdOvx
k_fm`qbgu
MklZ\bebkvgZf_gy
YZogmeZdh]^Z\g_aZighhkhagZeZ
H;h`_fhcA^_kvg_l`_gsbg"hlqlhNbgbZgij_^eh`bel_[_G_\_klm
FheqbOvxh]juagmekygZf_gy
Wlh\a[_kbehf_gyYigmeZ_]hkaZ^bih]he_gb
G_]h\hjbfg_aZldgmlvkyYl_[_g_dZdh_lhfZe_gvdh_ihkemrgh_`b\hlgh_dhlhjuflufh`_rv
dhfZg^h\ZlvG_luebaZsbsZ_rvf_gy\_kvke_^mxsbcf_kypihfgbrv"Y\uklmibeZbaaZOvx
bihkfhlj_eZgZg_]hkjZa^jZ`_gb_fLZd`_[ukljhhgrZ]gmei_j_^hfghc_^vyijZ\Z"A^_kv
g_l`_gsbg"
Fm`qbgukfhlj_ebgZOvxgZofmjb\rbkvghyaZf_lbeZqlhg_dhlhju_ijh^he`Zebkfhlj_lvgZ
�f_gyOhlyyb\u]ey^_eZhl\jZlbl_evghbf\kz_szohl_ehkvgZf_gykfhlj_lvZYrZ]gmeZaZ
^_j_\hbko\Zlb\a\_jbgmxrdmjmh[_jgmeZ\hdjm]k\hbo^_nhjfbjh\Zgguodjuev_\ijbdju\Zy
l_eh\g_dh_fih^h[b_kdjhfghklb
EZ^ghfh]mykdZaZlvqlhwlhoj_gvdZdZylh"IZj^hgaZfhcnjZgpmakdbcb\kzlZdh_ghk_jv_agh
Luohl_eZm\b^_lvfhboex^_cOvxmdZaZegZhdjm`ZxsbogZkfm`qbghlfua^_kvLu
kqZkleb\Z"
Hga\mqZeh[b`_ggufAeuf
Wlh[uehkebrdhffgh]hqlh[ui_j_\ZjblvYebrvihdZqZeZ]heh\hcYohl_eZbom\b^_lvihlhfm
qlhohl_eZihgylvOvx
GZ^_ykvqlhihgbfZgb_Ovxihfh`_lfg_i_j_fZgblv_]h\klj_qgufij_^eh`_gb_fhlk^_edbk
NbgbZghf
Gh_kebOvxohl_eiZjmF_gyh[fZgmeb
HgZhl\_lbeOvxgbadbfk_jv_aguf]hehkhf
Yg_fh]eZkhi_jgbqZlv
DZd__bfy"fy]dhkijhkbeZy
Yg_agZx?]h]eZaZih[e_kdb\ZebN_cjb^_j`ZlgZrbo`_gsbghl^_evghhlgZkFug_agZ_f
kdhevdhbobebdZdb_hgbN_cjbkha^Zebwlhlfbj^eygZkHg\afZogmejmdhcHgb^_j`ZlgZk
a^_kvFug_fh`_fmclbdjhf_dZdihboijbdZamGbdlhg_ijboh^blGbdlhg_moh^bl
Yijb`ZeZrdmjm[eb`_dl_emmklZ\b\rbkvgZhdjm`_gb_GZh[gZ`_gguo]jhfZ^guofm`qbgb
bo]jm[u_i_s_jgu_`bebsZ
G_ihgbfZxMl_[y`__klvh`_j_ev_ihjlZeqlhNbgbZg^Zel_[_Ihq_fm[uijhklhg_
bkihevah\Zlv_]hbg_\u\_klb\k_ohlkx^Z"
BhklZ\blvgZrbo`_gsbg"]em[hdbc]hehk:jlmjZa\mqZeg_h^h[jbl_evghHklZ\blvbo[_a
gZ^_`^ugZ\hkkh_^bg_gb_"
Y\a^jh]gmeZhlfjZqguo\a]ey^h\gZfm`kdboebpZo
Hgb\k_]^Zij_^eZ]Zxl\ZfwlmgZ]jZ^m"IZjm"
OvxihdZqZe]heh\hc
Wlh\i_j\u_
Bkm^yih`Z^guf\a]ey^ZfgZfm`kdboebpZo"Wlh\kzhqzfhgblhevdhf_qlZeb
Gmbgmq_jlih[_jbY[ueZgZ\a\h^_
�mfZxym\b^_eZ^hklZlhqgh_e__e_ijhbag_keZyL_i_jvfufh`_f\_jgmlvky"
F_gyfmlbehAZfhxijh^Z`mNbgbZgihh[_sZeiZjmOvxDZdyfh]mkhi_jgbqZlv"
Fubkihevah\Zebh^gmbai_s_jqlh[u\ua\Zlv^\_jvHklZevgu_lheibebkvjy^hfbhq_\b^ghm
gbo\hagbdeb\hijhkugZkq_lf_gy
Hgbijh^he`Zebkfhlj_lv^Z`_ihke_lh]hdZdOvxaZjuqZebihiulZekyhlh]gZlvbob^Z`_ihke_
lh]hdZd:jlmj\gh\vijbgyekyihfh]Zlv_fmGh\dhgp_dhgph\hgbhlklmibebbfukha^Zeb
ihjlZe
Yh]eygmeZkvgZaZ^ihdZihjlZef_^e_gghjZkdju\ZekyFm`qbgugZ[ex^ZebaZfghcba^Ze_dZk
[e_kdhf\]eZaZo
Qlhf_rZ_lbfijhclbihke_gZk"kijhkbeZyOvxIhq_fm[ubfg_ihke_^h\ZlvaZgZfbq_j_a
ihjlZe"LZfiZjZlhevdh^eyl_[yg_^eygbo
NbgbZgkdZaZeqlhiZju^ey\k_ogZkkdZaZefg_OvxGbdlhg_[m^_ljbkdh\Zlv`bagvx
k\h_c`_gsbgu
Ih^h`^blh_klv_kebluwlhk^_eZ_rvhgihh[_sZe\k_f\ZfiZju"GZdb\hdOvxy
ihqm\kl\h\ZeZk_[y_s_g_kqZklg_c;uehhq_gviehohdh]^Zy^mfZeZqlhkhi_jgbqZxkiZjhcOvx
:magZ\qlhkhi_jgbqZxk[m^msbfbkmijm]Zfb^\Z^pZlbq_luj_oh^bghdbofm`qbg"Yh[j_q_gZ
�NbgbZgjZau]jZek\hc]eZ\gucdhaujvhe`gh[ulvyklhxdmqm^_g_]
M\_j_ggh_fuqZgb_Ovxg_aZklZ\eyehf_gyqm\kl\h\Zlvk_[yemqr_
GZklmibehfheqZgb_Z\f_kl_kgbfg__kl_kl\_ggZygZijy`_gghklvGbdlhg_jZa]h\Zjb\Zedh]^Z
\ha^moaZf_jpZeih^h[gh\hagbdr_cnhlh]jZnbb\ihe_aj_gbyklZeijhy\eylvkyd\Z^jZlgucdhglmj
ihjlZeZ
DZdlhevdhihy\bekyihjlZeOvx[jhkbegZhklZevguofgh]hagZqbl_evguc\a]ey^
Hg\ayef_oh\h_ihdju\Zehkfhboie_qb[jhkbe_]h\h^gh]hba[eb`Zcrbo\u`b^Zxsbofm`qbg
ihlhf\ayef_gyaZjmdmbihlZsbeh[jZlghq_j_aihjlZe
Bkimkly^hexk_dmg^ufu[ueb\yjdhfmkihdZb\Zxs_fk\_l_fh_ckiZevgb
Ym^b\e_gghfhj]gmeZFhc`b\hlaZmjqZe[m^lhym`_ijh]heh^ZeZkvohlyfu_ebkh\k_fg_^Z\gh
Yijb`ZeZdg_fmjmdmLml`_fh_l_ehkhljykeZ^jh`vbyihqm\kl\h\ZeZdZddjuevy[he_ag_ggh
\ly]b\Zxlky
Hg_l
H[jZlgh_h[jZs_gb_ijhklhgZeZygbadhijbk_\gZdh\j_k\h_ckiZevgbYaZ^uoZeZkviulZykv
k^_eZlv\^hoe_]dbfbdhlhju_\g_aZighkebrdhfkbevghaZ[he_eb
Ovxijbk_egZdhjlhqdb\hae_f_gybkgh\Zih]eZ^bef_gyih\hehkZf
Fbjn_cjblZdgZl_[y\eby_lA^_kv`_luemqr_dhgljhebjm_rvijhp_kkIjhklhjZkkeZ[vkyb
iha\hev_fmijhbahclb
?fme_]dh]h\hjblvWlhg_hgqm\kl\h\Zek_[ylZd[m^lh_]hl_eh\u\hjZqb\Z_lkygZbagZgdmY
ihkdj_[eZk\hbq_rmcdbgZ^_ykvqlhhgbgZdhg_pgZqgmlbkq_aZlvih^dh`_cb\a^hogmeZk
h[e_]q_gb_fdh]^ZhgbgZqZebhlklmiZlv
Yihqm\kl\h\ZeZdZdfhbdjuevybo\hklbaf_gyxlkybagZeZqlhhgbkdeZ^u\Zxlky\gmljvDh]^Zy
baf_gbeZkvOvxijh^he`Ze]eZ^blvfhb\hehkuiulZykv_^bgkl\_ggufba\_klguf_fmkihkh[hf
h[e_]qblvfh_ij_\jZs_gb_Bwlh[uehkljZgghmkihdZb\Zxs_
YagZeZqlhhggZoh^blfhxnhjfmhllZedb\Zxs_cghhgg_hklZ\bef_gyGZfhc\a]ey^wlhbf__l
[hevrh_agZq_gb_
B\g_dhlhjhfkfuke_yqm\kl\h\ZeZqlh\wlhffu\f_kl_NbgbZgbkihevah\ZegZkh[hboqlh[u
ihemqblvlhqlhhgohl_eYg_gZ\b^_eZwlhghl_i_jvagZeZqlhOvxlZd`_g_gZ\b^_eG_lhevdh
_]hkqZklv_[uehgZdhgmghbkqZklv_\k_oi_j\hjh^guo
Wlh\k_f_gyeh?kebyklj_fbeZkvdk\h[h^_^eyk_[ylhy\ughkbeZijb]h\hjfgh]bf^jm]bf
Fukeb\gh\vb\gh\vijhghkbebkv\fh_c]heh\_ihdZfhzl_ehihl_eZbly`_eh^urZeh
\ha\jZsZykv\q_eh\_q_kdmxnhjfm\f_^e_gghcg_ki_rghcfZg_j_
�Ki_j\Zbkq_aeZq_rmyaZl_fdjuevyih]jmabebkv\kibgmbdeudb\lygmebkvxcfaZ^xcfhfy
\_jgmeZkvdghjfZevghfmkhklhygbxihke_^gxxhq_j_^vbkq_aebdh]lbbyklZeZkgh\Z
q_eh\_dhfh[gZ`_ggufb^jh`Zsbf
Yk`ZeZkvgZihemi_j_^Ovxdhlhjuclh`_[ueh[gZ`_ggufBl_i_jvdh]^Zykgh\Z[ueZ
q_eh\_dhf"Yhq_gvhlq_leb\hhkhagZ\ZeZ\kxwlmh[gZ`_ggmxdh`m
GZwlhljZay[ueZ_^bgkl\_gghcdlhhl\h^be]eZaZbyihlygmeZkvddjh\ZlbaZh^_yehfKlygm\_]h
ijb`ZeZdk\h_cdh`_qlh[uijbdjulvh[gZ`_ggh_l_eh
BlZdgZqZeZy
L_i_jvluagZ_rvjh\guf]hehkhfijhbag_kOvx
L_i_jvagZxkh]eZkbeZkvyByihgbfZxIjZ\^ZihgbfZxHlwlh]hg_e_]q_ghyihgbfZx
ihq_fmlu^_eZ_rvlhqlh^_eZ_rv
Hgdb\gme
Lu\_^vihgbfZ_rvqlhyg_i_j_^mfZx"Fg_]jmklghhllh]hqlhfh_kqZklv_ij_\ur_l\h_]hb
fgh]bo^jm]boghq_jlih[_jby^he`gZ^mfZlvhk_[_Yg_kh[bjZxkvklZgh\blvkyie_f_gguf
Ovx\u]ey^_eihqlbkf_rgh
Yf_gvr_]hbg_h`b^Ze
Ohjhrhlh]^Zyihl_jeZebphdh`Z[he_eZhlly`_ehcljZgknhjfZpbbY^mfZxfg_gm`_g
^mrb_^ZZihlhffu^he`guihclbgZjZ[hlm
Lu\_^bkdZaZehgmdZau\Zy
Ohq_rvlh`_ijbgylv^mr"Mf_gy_klv_s_ihehl_gpZLjm^ghhklZ\Zlvkyqbkluf\lhff_kl_
hldm^Zluijbr_e
?]hjhl^_jgmeky\ih^h[b_meu[db
Luijhkbrvf_gyh\Zgg_"hgih^gyejmdmbihgxoZek\hxih^furdmIZog_lghjfZevgh
Bwlh]h\hjblfm`qbgZdhlhjuc`b\_l\fbj_[_a`_gsbgih^^jZagbeZyIh\_jvfg_L_[_
gZ^hihfulvky
Hgmkf_ogmeky
Lh]^Zk^_eZ_fwlh\f_kl_"
Y\lygmeZ\ha^moh^gh\j_f_ggh\hafms_ggZybijbylgh\ha[m`^_ggZy
LuhkhagZ_rvqlhfm`qbgug_^he`guij_^eZ]Zlv`_gsbg_jZa^_eblv^mr"
IjZ\^Z"Hg\u]ey^_em^b\e_ggufWlhihlhfmqlhl\hc[Zkk_cg^eydmiZgbyfZe_gvdbc"
Fhc[Zkk_cg^eydmiZgbyhq_gvfZe_gvdbckh]eZkbeZkvyihdjZkg_\Bl\hydh`Z[m^_l
ijbdZkZlvkydfh_cBfu[m^_fl_j_lvky^jm]h^jm]Z:wlh[m^_liehoh^eyfh_]hfhgkljZb
l\h_cdeyl\uG_gZ^h[uehfg_dhd_lgbqZlvghygbq_]hg_fh]eZkkh[hcih^_eZlvFuwlh]hg_
ohlbf
G_lhl\_lbehgbhl_]hojbieh]h]hehkZmf_gyihkibg_ih[_`ZebfmjZrdbDh]^ZOvxj_adh
\klZe_]h\a]ey^[ueijbdh\Zgdhfg_
Ghyihfhxkv_kebluijhkbrv
Yfhj]gmeZaZ^_lZy_]hj_adhci_j_f_ghcH^ghmihfbgZgb_fh_ch[hjhlghcklhjhgubg_\Z`gh
gZkdhevdhdhd_leb\hcy[ueZWlhaZ^_\ZehY\a^hogmeZbgZijZ\beZkvd[_ev_\hfmrdZnm
Y^hklZgml_[_ihehl_gp_YgZfbgmlmaZ^mfZeZkvaZl_f\a]eygmegZOvxHgklhye\fh_c
kiZevg_kibghcdhfg_furpu_]haZ]hj_ehcaZ^gbpuba]b[ZebkvihdZhg\habekykfhbf
[m^bevgbdhfYlhevdhqlhihgyeZml_[y\_^vg_lgbdZdhch^_`^u^Z"
Hgnujdgme
Yij_^ihqblZx[ulv[_ah^_`^uHgZjZa^jZ`Z_lbhlg__\k_q_r_lky
Ffgml_[_gm`gZh^_`^ZkdZaZeZy_fmLhevdh_keblug_ieZgbjm_rv[_a\ueZagh
hklZ\Zlvky\fh_cd\Zjlbj_\_kvke_^mxsbcf_kyp
YhklZgmkvklh[hc
Qlh`\lZdhfkemqZ_l_[_hq_gvhq_gvgm`gZh^_`^ZFg_hkh[hbihclbg_dm^Z\
khijh\h`^_gbb[hevrh]h]heh]h]b]ZglZg_aZ\bkbfhhllh]hgZkdhevdhhgk_dkmZe_g
:qlhlZdh_k_dkmZe_g"
WlhagZqblqlh`_gsbgu[m^ml`Z`^Zlvh[ebaZlvl_[ykgh]^h]heh\u
HgihfheqZe
LukqblZ_rvf_gyk_dkmZevguf"
Hqdhfm`qbg_aZlhqlhhgknhdmkbjh\ZekygZwlhf
Hgrbjhdhmeu[gmekyfg_h]eygm\rbkvq_j_aie_qh
IhdZOvxfuekyyiha\hgbeZk\h_cemqr_cih^jm]_FZjbDfh_fmh[e_q_gbxhgZ\ayeZljm[dm
ihke_i_j\h]ha\hgdZ
Ijb\_l=^_q_jl\havfblu[ueZ"m^b\beZkvhgZ
Ijhklbijhklb
G_ludZcfg_k\hbfbijhklb^_\mrdZYl_[_ibkZeZkfkdZdh^_j`bfZyZ\hl\_lgbq_]h
Gbq_]hLuagZ_rvdZdwlhq_jlh\kdbjZa^jZ`Z_l"DZdy[_kihdhbeZkv"DZdfgh]h\j_^ghkl_cyl_[_
ihkeZeZZluboijhb]ghjbjh\ZeZ"
AgZxYiehohc^jm]
Om`_Wlhg_ijhklbl_evghLZd]^_lu[ueZ"
;ueZ"
Gm^ZLu[ueZijhiZ\r_c[_a\_klbihke_^gb_^\Z^gy
Y[ueZ"Yg_ihgbfZeZFh`_ldh]^Zkhfghcjy^hf[ueOvxyb]ghjbjh\ZeZemqrmxih^jm]m"Wlh
[uehhl\jZlbl_evghkfh_cklhjhgu
Fg_lZd`ZevYh[eZ`ZeZkv
hl\b^brv"L_[_^Z`_g_o\ZlZ_lkf_ehklbihkihjblvkhfghc
G_o\ZlZ_lhl\_lbeZybaZkf_yeZkvKemrZclufh`_rvhdZaZlvfg_h]jhfgmxij_h]jhfgmx
mkem]m"
MoluGZ\_jgh_kfh]mWlhdZkZ_lkydeyl\ugZfbabgpZo"
�ZLu`_jZ[hlZ_rv\hnbk_kem`[u[_ahiZkghklb"Lufh`_rvijbclbbijbg_klbfg_dhfie_dl
kZfhc[hevrhch^_`^uJwfkbdhlhjmxlhevdhkfh`_rvgZclb"Fg_hq_gvgm`ghY]h\hjxh
[_ev_nml[hed_h[m\bbrlZgZoBrhjluQlhm]h^ghqlhmg_]h_klv[hevrh_bk\h[h^gh_
Fm`kdZyh^_`^Z"hgZojbiehaZkf_yeZkv:olufZe_gvdZy^vy\hebpZAgZqblebwlhqlhl\hy
ijh[e_fZ
QlhlhlbiZlh]hyij_j\ZeZ__g_`_eZy\^Z\Zlvky\^_lZebFZjbagZeZhfh_cijh[e_f_hgZ
[ueZ_^bgkl\_ggufq_eh\_dhfdlhagZeghyg_ohl_eZh[tykgylvhkh[_gghklbgZrbokljZgguo
hlghr_gbckOvxLufh`_rvijhklhijb\_albg_dhlhju_\_sbJwfkbbdZdfh`ghkdhj__"
EZ^gh;m^mhq_gvkdhjh
_jgZyk\h_keh\mFZjbihy\beZkv\l_q_gb_qZkZYhldjueZ^\_jvbhgZ\jmqbeZfg_kmfdmk
\_sZfbm\b^_\qlhy[ueZihlgZyb]jyagZyZbah^_`^ugZfg_[ueZlhevdhijhklugy
WlhlZf^mr\dexq_g"
Fh`_l[ulvhl\_lbeZyaZeb\Zykvjmfygp_f
Hhh^_\hqdZijhlygmeZhgZLu\kyijhiZoeZiZjg_fHgZihfhjsbeZkvB_s_lu
iZog_rvaZklhy\rbfkyZd\Zjbmfhfbebq_flh\wlhfjh^_=^_lu[ueZ"k_l_[ybkdZebLu
agZ_rvdZd^he]h
YhklZgh\beZ__\afZohfjmdb
�YagZxhe]ZybklhjbyJZkkdZ`ml_[_iha`_
?_]eZaZjZkiZogmebkv
GbaZqlhyg_kh[bjZxkv`^ZlvgZr_]hh[uqgh]heZgqZGZfkjhqghgZ^hdm^Zgb[m^v\u[jZlvky
bihkie_lgbqZlv
ihjh]Zb\_jgmlvkydOvxH[uqghy[ukm^h\hevkl\b_fih[helZeZ[ukFZjbih^hevr_ghy
hiZkZeZkvqlhhgZm\b^blh]jhfgh]h]heh]hi_j_\_jlurZdhlhjh]hy\gZklhys__\j_fyijbxlbeZ
HgZkp_ibeZk\hcfbabg_pkfhbf
GZ^_xkvwlhfm[m^mlohjhrb_h[tykg_gby
LZdb[m^_l
HgZihljykeZ]heh\hc
IhklmiZcdZdkqblZ_rvgm`gufFg_gZ^h[_`ZlvBfZogm\jmdhcihkdZdZeZ\gbaihe_klgbp_
YaZdjueZ^\_jvbaZe_aeZ\kmfdmaZh^_`^hcFZjbijbg_keZfg_h^gmbajZ[hqbomgbnhjfJwfkb
YihgyeZwlhihh]jhfghfmjZaf_jm
Q_jgZynml[hedZkeh]hlbihfJZkk_eK_dvxjblbihij_`g_fm\u]ey^_eZg_^hklZlhqgh[hevrhc^ey
OvxGh^he`gZ[ueZih^hclbFZjbijhklhmfgbpZ
HgZiheh`beZdh_dZdb_kihjlb\gu_rhjlubafy]dhcldZgbbiZjmfm`kdbokZg^Zebc\f_kl_k
[hdk_jZfbWlh]h\jh^_^hklZlhqghgh\h^ghfy[ueZm\_j_gZfg_ke_^m_lijhclbkvkOvxih
fZ]ZabgZf
Yh[^mfu\ZeZqlh^_eZlvk_]h^ebggufbkimlZggufb\hehkZfbbdh]lyfb?fmg_h[oh^bf
fZgbdxji_^bdxj_kebhgieZgbjm_lkeblvkykhdjm`Zxsbfb?keby\havfm_]hih^k\h_djueh"
WlhklZg_li_j\hhq_j_^gufaZqlhy\havfmkv
KjZam`_ihke_lh]hdZdijbfm^mr
Dh]^Zy\ureZOvxjZklygmekygZfh_cdjh\Zlbiheghklvxbkh\_jr_ggh]heuckbamfe_gb_f
ebklZy`mjgZeHghklZgh\bekygZdZjlbgd_ihemh[gZ`_gghcfh^_eb_]hjmdZh[\h^beZnhlhDjhf_
lh]h_]hqe_g[ue\ihem\ha[m`^_gghfkhklhygbb
GZr_eqlhlhijb\e_dZl_evgh_"kijhkbeZy
@_gsbguhq_gvdjZkb\uhl\_lbehgFg_^hklZ\ey_lm^h\hevkl\b_kfhlj_lvgZgboDjhf_
lh]hl\hydjh\ZlvgZfgh]hm^h[g__q_f]^_ykiZeY^mfZxfu^he`guihf_gylvky
YlZdg_^mfZxhl\_lbeZy?kebluohq_rvhdZaZlvky\fh_cihkl_eblhby\g_clh`_[m^m
HggZijy]kybk_ekofmjuf\b^hfgZebp_
LuagZ_rvwlhg_\hafh`gh
Yih`ZeZie_qZfb
Gmwlhlu^Zedeyl\mZg_yMf_gy[ueijhklhfhgklj\gmljb\a^hogmeZyYkh[bjZxkv
h^_lvkyblh]^Zfuih\_^_fl_[y\kZehg
KZehg"
:]Zkh]eZkbeZkvyiehlg__h[_jgm\ihehl_gp_\hdjm]k_[ybgZijZ\beZkvdrdZnmWlhf_klh
]^_hgbj_rZlijh[e_fmkl\hbfb\hehkZfbbgh]lyfb
Hgnujdgme\gZkf_rdm
Ihq_fmwlh\Z`gh"
IhlhfmqlhkdZaZeZyLukh[bjZ_rvky[ulvkhfghc\l_q_gb_ke_^mxs_]hf_kypZbhq_gv
\Z`ghqlh[ulug_\u^_eyekyYg_ohqmqlh[uex^bm^b\eyebkvihq_fmfulmkm_fky\f_kl_Lu
^he`_g\u]ey^_lvdZdh^bgbafhbodeb_glh\^eylh]hqlh[uwlhkjZ[hlZeh
Bfhc\g_rgbc\b^y\ey_lkyijh[e_fhc"
Lhevdh^eyex^_cdhd_lgbqZeZyIhdZdhclhijbqbg_lhqlhhg\b^_edZdyf_gyxkvkehfZeh
Ovx\b^_ef_gy\kZfhfmjh^eb\hf\b^_bijhklhhl\_jgmeky?]hfh]eh[uklhrgblvijb\b^_
f_gybebhgfh][uaZhjZlvhlm`ZkZ
:hgijhklhhl\_jgmekyWlhjZgbehfhbqm\kl\Zghyfh]eZkwlbf`blvKljZggufh[jZahfy
bkiulu\ZeZh[e_]q_gb_hllh]hqlhdlhlhagZefhck_dj_lBaaZwlh]hkOvx[uehkihdhcgh
?kebhl[jhkblvnZdlqlhhg[ue\ukhdbcfmkdmebklucb[he__q_fke_]dZ^bdbc"Hgijhklh`ZegZ
\k_fhbdghidb
Ovxijh\hjqZe
?keby^he`_gbaf_gblvk\hx\g_rghklvybaf_gx
Lu^he`_gkeZ^dhkdZaZeZy:l_i_jvlu^he`_g\uclbihlhfmqlhy^he`gZh^_lvky
Hgg_^\b]Zeky=eZaZkly`_eufb\_dZfbijh[_`Zebkvihfh_fmaZ\_jgmlhfm\ihehl_gp_l_em
Ym`_\b^_el_[y]hehcJZc^_jByh[gZjm`beqlhfg_gjZ\blkykfhlj_lvgZ`_gsbg
G_bf__lagZq_gbygZklZb\ZeZyohlygZkZfhf^_e_fg_[uehijbylghkeurZlvqlh_fm
gjZ\blkykfhlj_lvgZf_gyY]heZybl_[_gm`gh\uclb
Y]heucGhlug_ijhkbrvf_gymclbhg\kdbgme[jh\v
EZ^ghhklZ\Zcky
Yh[_sZeNbgbZgm\k_]^Z[ulvjy^hfklh[hc
:ohgkh[bjZekyb]jZlv\lZdb_b]ju"
MkljZb\Zckyhl\_lbeZykZfhcfbehcbak\hbobglhgZpbcbmjhgbeZihehl_gp_?kebhgohl_e
ihfmqZlkyhgfh]F_gywlhg_\hegh\Zehbm`lhqghygbdh]^Zg_hlklmiZeZi_j_^\hafh`ghklvx
ihnebjlh\Zlv
Ym^h\e_l\hj_gghmeu[gmeZkvdh]^ZmkeurZeZdZdhg_e_keurghaZklhgZegh^hklZlhqgh]jhfdh
qlh[u^Z`_fhckeZ[uckemomeh\bewlh
YbamqZeZOvxgZdehgb\]heh\mdZd[m^lhhp_gb\Zy_]hl_eh
hafh`ghwlhiehoZyb^_y
Hg^_jgmelm]hc\hjhlgbdk\h_cnml[hedbYkh]eZk_gH^_`^Zhq_gvg_m^h[gZy
Yg_h[wlhfijh[hjfhlZeZyijb`bfZyjmdbdk\hbf\kiuogm\rbfs_dZfYij_^iheZ]ZeZqlh
_fmfh`_l[ulvg_m^h[gZkh\j_f_ggZyh^_`^Z;hevrbgkl\hfm`qbgg_[uebkeh`_gudZdOvx
Q_jgZynml[hedZdhlhjZyih^oh^beZJwfkbh[e_]ZeZOvxdZd\lhjZydh`Zih^q_jdb\Zy_]h
[hevrb_dj_idb_]jm^gu_furpukZfufg_ijbebqgufh[jZahf
?]hdj_idb_[bp_ikugZly]b\ZebdjZydhjhldbojmdZ\h\yfh]eZ\b^_lvdhglmjdm[bdh\_]hij_kkZ
;hdk_judhlhju_hggZ^_eh[e_]Zeb_]h_s_\gmrbl_evg_caZklZ\eyyf_gydjZkg_lv
YijhlygmeZ_fmrhjlu
Wlhl_[_lh`_gm`ghgZ^_lv
Hgb[uebh[yaZl_evguYg_ohl_eZ^mfZlvhlhfdZdmg_]hlZf\k_k\h[h^ghih^iju]b\Z_lihdZ
fu_a^bfih]hjh^mWlhaZklZ\eyehf_gyke_]dZ\kiuob\ZlvHl\e_dZlvkyYijhklhg_fh]eZ
lZdh]h^himklblv
Fg_gm`ghijb^mfZlvieZgI_j\h_aZfZkdbjh\ZlvOvxih^ghjfZevgh]hAZl_fjZ[hlZ:ihke_
wlh]hijb^mfZlvdZdjZkklZlvkyk^_\kl\_gghklvx
�_gvh[_sZe[ulvgZijy`zgguf
Dh]^ZOvxgZ^_e ijhl_klmy\fhklZ\rmxkyh^_`^mfuhlijZ\bebkv\imlvYagZeZf_klh]^_ijb
Ihke_lh]hdZdfui_j_o\ZlbebaZ\ljZdbmkljhbeb^eyOvxmjhdihh[jZs_gbxkdj_^blgufb
dZjlZfbqlhhgbjZ[hlZxl^eyh[f_gZ^_g_]gZlh\Zjufuih_oZeb\FZe_gvdbcJZc
Y`beZ\kZfhfNhjlMhjl_fhyd\ZjlbjZjZkiheZ]ZeZkvjy^hfkp_gljhflZdqlh[uyfh]eZ[ulv
[eb`_djZ[hl_gh[hevrbgkl\hi_j_\zjlur_c`bebaZ]hjh^hf\]emrbdk_\_jhaZiZ^mhl]hjh^Z
FZe_gvdbcJZcwlhbaex[e_ggh_kh\j_f_ggh_ihk_e_gb_b[hevrbgkl\hfij_^ijbylbc\
g_[hevrhf]hjh^_mijZ\eyebbeb\eZ^_ebh[hjhlgb;eZ]h^Zjyfh_cjZ[hl_ygZreZk_[ylZfgZ
hlghkbl_evghjZaf_j_gghchkgh\_
Yih^t_oZeZdFbeufgh`gbpZffZe_gvdhfmyjdh[bjxah\hfma^Zgbxkjhah\ufbaZgZ\_kdZfb
jZkiheZ]Z\r_fmkygZ=eZ\ghcmebp_
�IhrebOvxZ\Zck^_eZ_fbal_[ydhgn_ldm
WlhqlhaZf_klh"kijhkbehgke_^myaZfghcbgZ]gm\rbkv\oh^y\fZe_gvdb_^\_jb
WlhgZau\Z_lkykZehghl\_lbeZy_fmdh]^Zfu\hreb\gmljvBfmijZ\eyxli_j_\_jlurblZd
qlhijh[e_fg_[m^_lIjhklhkemrZckyf_gy
DZdlhevdhfu\hreb\k_]heh\uih\_jgmebkv\gZr_fgZijZ\e_gbbIh`beZy^ZfZkb^_eZ\dj_ke_
\^Zevg_fdhgp_ihf_s_gbyklbebkloehihlZegZ^g_caZ\b\ZysbipZfbk_^u_\hehku
Hgbh[_jZa\_jgmebkvdZdb^jm]Zy`_gsbgZdhlhjZy\uf_lZeZ\hehkubaih^dj_keZH]jhfgh_
l_ehOvxaZkehgbehk\_levxsbckyba^\_jbbh^gZbaiZjbdfZo_jh\fhj]gmeZijb\b^_g_]h
uofaZibkZgu"kijhkbeZiZjbdfZo_jklbebkl
�Ijb\_lEbaZYJZc^_jbaIhemghqguok\ya_cYk\_jdgmeZ_cmeu[dhcmfZxfu
\klj_qZebkvklh[hcbl\h_ck_kljhcEhj_ggZlZgpZo\ijhrehff_kyp_"
?_jZkiZogmlu_]eZaZh[jZlbebkvdhfg_dZd[m^lhhgZ\b^_eZf_gy\i_j\u_
HoIjb\_laZlZb\^uoZgb_kdZaZeZhgZ:\ulh`_aZibkZgu"__\a]ey^\_jgmekydOvxby
m\b^_eZ\g_fy\gh_ihgbfZgb_M\_j_gZfh]m\Zk\lbkgmlv\aZibkv
LhdZdhgZwlhkdZaZeZaZklZ\behfhb]eZaZijbsmjblvky
?fmgm`gZkljb`dZbfZgbdxji_^bdxjHg\u]ey^blg_fgh]h^bdh\gZklhys__\j_fybfg_
gm`ghk^_eZlv_]hihoh`bfgZq_eh\_dZ
AZq_f"ijhfhe\beZEbaZijb^\b]Zykv[eb`_dOvx__jmdZihij_`g_fmk`bfZeZ\_gbd
HklZevgu_klbebklulZd`_ijh^he`ZebiyeblvkygZOvx
YgZqZeZih^\_j]Zlvkhfg_gbxfm^jhklvk\h_]hj_r_gbyihk_lblvkZehgijbgZ^e_`Z\rbck_kljZf
\_jghjdZfIhgylgh_^_ehdlhlhgZih^h[bbOvxwd\b\Ze_gldhrZqv_cfylu^eygbo
Ihlhfmqlh_fmgm`gh\eblvky\h[klZgh\dmhlj_aZeZyi_j_k_deZaZemk_eZkv\h^bgbaklmev_\
^eyh`b^Z\rbob\ayeZ`mjgZe
EZ^g_gvdhkdZaZeZEbaZijb^\b]Zykv[eb`_dOvxHgZ\ulygmeZjmdmqlh[uijbdhkgmlvkyd
_]h\hehkZf
Ovxko\Zlbe__aZjmdmh[_jgmekygZf_gybgZofmjbeky
k_ohjhrhkdZaZeZyqm\kl\myk_[yg_fgh]hemqr_HgZebrvohq_lihkfhlj_lvl\hb\hehku
HghlimklbejmdmEbau
Ba\bgbl_
k_ghjfZevgh[hevrhciZj_gvkdZaZeZEbaZ\gh\vihlygm\rbkvqlh[uihljh]Zlv\hehkuOvx
HgZgb\fZe_cr_ckl_i_gbg_\u]ey^_eZh[_kdmjZ`_gghc?_iZevpuijhrebkvihkimlZgguf
OvxgZofmjbeky
Yg_ihgbfZxwlh]h\hijhkZ
GZlmjZevgu_\f_rZeZkvykhk\h_]hf_klZbi_j_\_jgmeZkljZgbpm`mjgZeZohly^Z`_g_
kfhlj_eZ\g_]h
Ho;h`_fbehk_j^guckdZaZeZhgZaZl_fh[fZogmeZkvGZ^lh[hc[m^_laZ[Z\ghihjZ[hlZlv
�Ijhdeylv_Yaehklghi_j_\_jgmeZhq_j_^gmxkljZgbpm)LHOGDPS6WUHDP@aZ^mfu\Zykvihq_fm
f_gylZd[_kihdhbl\b^_lvdZdEbaZ\_^_lOvxaZjmdmdjZdh\bg_ijhklhkbyy
Ihke_lh]hdZdOvxk_ehgZihljZlbeZg_kdhevdhfbgmljZkimlu\ZyfZe_gvdb_kimlZggu_dhkbqdb
b[_amfhedm[helZyihdZhgdb^Ze\fhxklhjhgm[_kihfhsgu_\a]ey^u
�jm]hciZjbdfZo_jdZaZehkv\ureZbaklmihjZb\dexqbeZn_g
LhlqZk`_Ovx\kdhqbekyjhklgufjuqZgb_f
Y\kdhqbeZgZgh]bbi_j_k_deZdhfgZlmiheh`b\jmdb_fmgZ]jm^vij_`^_q_fhggZiZ^_lgZh^gm
bal_i_jvm`_bkim]Zgguo`_gsbg
Wlh\k_]hebrvbgkljmf_gl^eykmrdb\hehkijh[hjfhlZeZy_fmMkihdhcky
Hgihkfhlj_e\gbagZfhxjmdmgZ_]h]jm^baZl_fgZfh_ebph
Mkihdhblvkyih\lhjbeOvxkgh\Z[jhkZy\a]ey^gZn_g
Ehj_gmkem`eb\h\udexqbeZ_]h
Gbq_]hkljZrgh]haZ\_jbeZyF_gyg_hlq_]hlmlaZsbsZlvH[_sZxyh[h^jyxs__fm
meu[gmeZkvBy[m^ma^_kv
OvxijblZsbeh^bgbaklmev_\[eb`_djZdh\bg_bmdZaZegZg_]h
Lu[m^_rvkb^_lvijyfha^_kvJZc^_j
Yg_mimklbeZjZa^jZ`_gguc\a]ey^Ebau[jhr_gguc\fhxklhjhgmMib\Zykvbfyk_eZjy^hfk
Ovx
Ijyfha^_kv
Byk^_j`ZeZk\hxmofuedmdh]^Z_]h[hevrZyjmdZe_]eZgZfh_h^_lh_dhe_ghm[_^b\rbkvqlhy
[ueZih[ebahklb\k_wlh\j_fyIjhklhihlhfmqlhhgihdeyekyhojZgylvf_gyghEbaZg_agZeZ
Bfg_hlqZklbwlhgjZ\behkv
G_kdhevdhqZkh\kimklyOvx[ue]hlh\dghjfZevghc`bagb;hevrb_dh]lbih^ibe_gu\h[uqgu_
gh]lbgZiZevpZogh]k^_eZebi_^bdxjbhlihebjh\Zebgh]lbqlhOvxijh\ha]eZkbes_dhlgh
G_hijylgu_\hehkudhjhldhih^kljb`_guih[hdZfZgZfZdmrd_^ebgg__^hklZlhqghqlh[uEbaZ
ijb^ZeZnhjfmehdhgZfkiZ^ZxsbogZeh[\kZfhffh^ghfklbe_
EbaZij_^eh`beZk[jblv[Zd_g[Zj^u bijh\_eZjmdhcih_]hq_exklbqlhyhlf_lbeZ\fYhldZaZeZkv
Fg_gjZ\bebkv_]h[Zd_g[Zj^u;ueh\gboqlhlhkbevghijb\e_dZxs__f_gybyg_ohl_eZqlh[u
OvxklZeZ[khexlghpb\bebah\Zgguf
Fu^Zeb_cohjhrb_qZ_\u_aZ[ukljh_ij_h[jZ`_gb_byijhb]ghjbjh\ZeZlhlnZdlqlhhgZ
ih^kmgmeZOvxk\hcghf_jl_e_nhgZ
dhgp_dhgph\fu_s_^Z`_g_^hreb^hl_e_nhgh\
AZl_ffuih_oZebh[jZlgh\NhjlMhjlbgZreblhj]h\ucp_glj]^_aZreb\fZ]Zabg;hevrbo
JZaf_jh\Ovxg_aZohl_edhklxfgZdhlhjhfygZklZb\ZeZbohly[uqlhgb[m^vhl^Ze_ggh
gZihfbgZxs__h[ly]b\Zxsmxh^_`^m
iZjmdjhkkh\hdkZfh]h[hevrh]hjZaf_jZdhlhjucydh]^Zeb[h\b^_eZ
Y^Z`_g_agZeZqlh_klvjZaf_jh[m\bFug_fgh]hih\h_\ZebaZh[m\vygZklZb\ZeZghOvx
hgbg_gjZ\bebkvihlhfmqlh\gbohgg_fh]qlhgb[m^vko\ZlblviZevpZfbgh]
Y\ub]jZeZkihjdh]^ZmdZaZeZqlhdZ`^uc\lhjhcfm`qbgZ\fZ]Zabg_ghkblih^h[gmxh[m\vgh
wlhg_hklZgh\behOvxhl[hjfhlZgbyq_]hlhhlhfdZd]emiuwlbfm`qbgu
Ghl_i_jvdh]^ZOvxh^_lbg_aZklZ\eyeijhoh`bogZmebp_hklZgZ\eb\ZlvkybiyeblvkygZgZk
kZfh_\j_fyhlijZ\eylvkygZjZ[hlmYihkfhlj_eZgZqZkuIhqlbr_klvFumeh`bebkv\]jZnbd
Yihkfhlj_eZgZOvxqlh[u^Zlv_fmihke_^g__gZklZ\e_gby
Ijhklhihfgbfheqb_kebg_ohq_rvdhfmlhhl\_qZlvbiha\hevkhe]Zlvfg_=eZ\gh_fu
^he`gudZaZlvkyghjfZevgufbbgZq_\k_hdZ`mlky\gZr_f^_e_
:wlhiehoh"aZ^mfqb\hkijhkbeOvx
Hq_gvhl\_lbeZyIhdjZcg_cf_j_^eyf_gyYkh[bjZxkvh[hclbijZ\beZbihiulZlvky
koh^blvgZk\b^Zgb_kh[hjhlg_f_kebohqmba[Z\blvkyhlijhdeylvy
FZjbm\hebebaZlh`_kZfh_byg_ohqmqlh[uf_gym\hebebFg_gjZ\blkyfhyjZ[hlZGh_s_fg_
gjZ\blkyhklZ\Zlvkyq_eh\_dhf[hevr_q_fklZlvi_j_\_jlur_flZdqlhhlq_]hlhgZ^hhldZaZlvky
Dh]^Zfu\hreb\hnbky[ueZm^b\e_gZm\b^_\;_lkwc[b_s_gZjZ[hl_b_s_[he__m^b\bl_evgh
[uehlhqlhh^bgba[ebag_ph\JZkk_eh\kb^_eaZklhehfKZ\Zggu
hlblukdZaZeZ;_l[jhkZykvdhfg_=^_lu[ueZ"Fu\hegh\Zebkv
Yih]ey^_eZgZk\hbjhah\u_ihdjulu_kljZaZfbqZku
YgZiylvfbgmljZgvr_"
�eyl\h_ckf_gu^ZGhqlhgZkq_lihke_^gbo^\mo^g_c"
Ihke_^gbo^\mo^g_c"
Qlhlubf__rv\\b^mY[ueZa^_kvkKZ\ZgghcgZjZ[hl_ijhrehcghqvx
;_lihdZqZeZ]heh\hc\u]ey^yjZahqZjh\Zgghc
KZ\ZggZyhlkmlkl\h\ZeZbaaZ[he_agbihke_^gb_^\Z^gyblug_y\beZkvFg_ijbrehkv
ihijhkblv;vxijbkeZlvdh]hgb[m^vgZihfhsvW\_j_ll^h[jh\hevgh\ua\Zekyghhg_s_
hk\Zb\Z_lkbkl_fmFZjbm^_j`b\ZeZdj_ihklvijhrehcghqvx
�Fhb]eZaZjZkrbjbebkv\Z^gy"
G_fh`_l[ulvDeygmkvY[ueZa^_kvKKZ\ZgghcIjhrehcghqvx
OvxgZdehgbeky[eb`_dhfg_bihr_ilZefg_gZmoh
LuihfgbrvgZrjZa]h\hjh\j_f_gb"
YgZf]gh\_gb_aZ^mfZeZkvhl\e_drbkvgZ_]h[ebahklvdhlhjZyaZklZ\eyeZlj_i_lZlvfhgkljZih^
fh_cdh`_cj_fy"?^bgkl\_ggucjZadh]^Zfu]h\hjbebh\j_f_gb[uehlh]^Z
Hg_lDh]^Zfu]h\hjbebh\j_f_gbhgkdZaZeqlh\pZjkl\_n_cjbhghb^_lih^jm]hfmBy
e_]dhfuke_gghihlj_[h\ZeZ\aylvf_gylm^Zqlh[um\b^_lvi_j\hjh^guog_ihgbfZyqlhijh\_^y
qZklZfhagZqZehihl_jylv^gba^_kv
�\Z^gy"kgh\ZkijhkbeZy;_lFZjbmihfbgZeZqlhy[ueZ[_a\_klbijhiZ\r_c\l_q_gb_^\mo
^g_cghy^mfZeZqlhhgZ\hjqblihwlhfmijhb]ghjbjh\ZeZ__
Yg_ihgyeZqlhhgZgZkZfhf^_e_bf_eZ\\b^mh^\moiheghklvxijhr_^rbo^gyo
�\Z^gyih\lhjbeZhgZ[_kihdhckl\h\__]hehk_ijbh[j_lZehhll_ghdjZa^jZ`_gbyY
�Fg_hq_gv`Zevg_m[_^bl_evghhijZ\^u\ZeZkvymfZxyijhklhihl_jyeZkq_l\j_f_gb
Y\b`mqhihjghkdZaZeZ;_lHgZaZ^_j`ZeZ\a]ey^gZOvxbgZdehgbeZ]heh\mWw
ba\bgbl_f_gykwjuh[hjhl_gv"
Yi_j\hjh^guc
Hg\_jlb]j[ukljhij_j\ZeZyIjb_a`bc
Hgh^bgbah[hjhlg_cbdZ"hgZihkfhlj_eZgZf_gyhl__\a]ey^Z[jhkZeh\^jh`vLu
\klj_qZ_rvkykdeb_glhfihke_\k_]hq_j_aqlhijbrehkvijhclbZ]_glkl\mg_kdhevdhf_kyp_\
gZaZ^"
G_l\a\ba]gmeZybaZreZkv\nZevrb\hfijbklmi_kf_oZG_]h\hjb_jmg^ug_klhbl
gZihfbgZlvfg_hoZhk_gZklmib\r_f\gZr_fg_[hevrhfhnbk_dh]^ZFZjbihcfZebgZk\b^Zgbyo
k\ZfibjZfb
Lh]^Zqmlvg_gZqZeZkvLj_lvyfbjh\Zy\hcgZf_`^mh[hjhlgyfbb\ZfibjZfbb;_lihij_`g_fm
i_j_`b\ZeZqlh__Z]_glkl\hbkihevah\ZeZkvdZdkj_^kl\hjZkijhkljZg_gbyg_e_]Zevguok\b^Zgbc
Gbq_]hih^h[gh]hOvxg_f_klgucbhgg_hq_gvohjhr\agZdhfkl\Zok^_\mrdZfbihwlhfmy
kdZaZeZqlh\havfm_]hih^k\h_djuehgZg_kdhevdh^g_cbihdZ`mdZdgm`ghnebjlh\ZlvY
gZ^_xkvqlh\k_\ihjy^d_"
;_ljZkk_yghdb\gmeZihkfhlj_\gZW\_j_llZdhlhjucijb`Z\dmoml_e_nhgqlhlhi_qZlZe
Ohjhrhqlhlua^_kvijh[m[gbeZhgZKfh`_rvkijZ\blvkyk;ebpk\b^Zgbyfbk_]h^gy\
DhgklZglbg_Y[_kihdhbeZkvqlhijb^_lky\k_i_j_g_klb
Hq_jlih[_jbH[uqghymijZ\eyeZ[ebpk\b^Zgbyfbghk_]h^gywlh^eyf_gydhrfZjhi_j\uo
Ovx[m^_llZkdZlvkyaZfghcihiylZf
G_m\_j_gZ
ukdZaZebqlhohlbl_gZk\b^Zgb_k]Zjib_c"ijhbag_kW\_j_ll\l_e_nhgbgZ_]hebp_
\hagbdeh\ujZ`_gb_m`ZkZG_lg_lyg_agZeqlhhgZ^_eZ_lwlhkwjWlh__ebqgh_^_ehq_fhgZ
aZgbfZ_lky\k\h_c`bagbhgdbgmegZ;_lkwc[b\a]ey^]h\hjb\rbcgZihfhsv
Hc;h`_\hkdebdgmeZ;_llhjhiykvh[jZlghdklhemW\_j_llZYemqr_ihfh]mJZ^Zqlhlu
\_jgmeZkvJZc^_j
Dhg_qgh\lhjbeZygZijZ\eyykvdk\h_fmklhemIheh`b\kmfhqdmy\dexqbeZdhfivxl_j
gZ[ex^ZydZdOvxaZgye[h_\mxklhcdmjy^hfkfhbfklhehflZddZdklmehlh^\bgmeb;_ldbgmeZ
gZg_]hkljZgguc\a]ey^mdZau\ZygZqlhlhaZie_qhW\_j_llZOvxijhr_ilZeZy\\h^yeh]bg\
dhfivxl_jGZfgm`ghkha^Zlvl_[_ijhnbevLumf__rvibkZlv"
IbkZlv"
Ij_^iheZ]Zxqlhg_lEZ^ghlh]^Zyl_[_ihfh]mY\ulZsbeZjZki_qZlZggucebklbh^gmba
fhbojhah\uo[e_klysbojmq_dL\hynZfbeby"
YOvxLu\_^vagZ_rv
k_`_lug_OvxOvx
G_lIjhklhOvx
A^_kvgbmdh]hg_llhevdhh^gh]hbf_gbkdZaZeZy_fmGm_keblug_ihia\_a^ZL_[_gm`gZ
nZfbeby
HghaZ^Zq_ghihkfhlj_e
AgZ_rvqlh"G_\Z`ghkdZaZeZy_fmaZibku\ZyLu[m^_rvOvxF_jbghF_klgu_lb]ju
khklhyl\deZg_F_jbghL_i_jvfg_ijhklhhklZ\ZehkvgZ^_ylvkyqlhlb]jZevnZg_y\blvkyih
dZdhceb[hijbqbg_
G_lhqlh[ukms_kl\m_l\ukhdZy\_jhylghklvlh]hqlhwlhijhbahc^_l_]hkmijm]Z[_j_f_ggZbo
i_j\_gp_flZdbfh[jZahfkm\_j_gghklvxfh`gh[uehkdZaZlvqlhrZgkuihy\blvkya^_kv\
Z]_glkl\_agZdhfkl\ijhlb\g_]h
Yijh^he`ZeZaZihegylvnhjfmdh]^ZOvxaZ]eygmeq_j_aie_qh
Ihefm`qbgZkdZaZeZyihklZ\b\]ZehqdmhajZkl"AgZ_rvqlh"Yijhklhkgb`m^h
ljb^pZlbij_`^_q_flukfh`_rv^Zlvfg__s_h^bgbal_o\j_fy^\b`_lkyihjZaghfmhl\_lY
hlf_lbeZ\_jhbkih\_^Zgb_^jm]h_bklZlmkk\yabbagZdhfkl\ZlZddZdhg\^_ckl\bl_evghklbg_
bkdZe`_gsbgm
Hg[ueh^gbfbal_odlh`^_l_zdZdlhevdhhg^hklZ\blf_gyn_cjbIjbwlhcfukebykfhjsbeZ
ghkhlhl\jZs_gby
Hq_fa^_kv]h\hjblky"kijhkbehggbadhgZdehgb\rbkvgZ^hfghcqlh_]h]hehkijhr_e_kl_em
fh_]hmoZdh]^ZhgaZ]eygme\[mfZ]maZihegy_fmxfghc
?]h[ebahklvaZklZ\eyeZdh`mimevkbjh\Zlv\hl\_lbfhbkhkdbaZl\_j^_eb;ebgYihljykeZ
jmdZfbih^klhehfbjZafbgZyiZevpu^_j`Zk\h_]ha\_jy\ma^_
Y[hjheZkvkgbf\l_q_gb_g_kdhevdbok_dmg^\ub]jZ\[bl\mk_j^blhihkfhlj_eZgZOvxHgagZe
fhxijh[e_fm
j_fy^eyg_[hevrhcf_klb
Ex[bfZyihaZ\k_dk_"keZ^dhkijhkbeZyYgZf_j_\ZeZkvhklZ\blvwlhlimgdlimklufgh
mqblu\ZylhdZdbfhg[ue[he\Zghf
Hgj_adh^_jgmekygZaZ^
Qlh"
;_lkwc[bbW\_j_llih\_jgmebkvihkfhlj_\gZgZkbyfZogmeZOvx
Lbr_ijhrbi_eZyL_i_jvEx[bfZyihaZ\k_dk_
Hgg_\ujZabl_evgh\a]eygmegZf_gyaZl_fgZdehgbekybijhr_ilZefg_gZmoh
Kms_kl\m_l[hevr_q_fh^gZ"
WwZ]Z
DZdb_"
Yih\_jgmeZkvbmklZ\beZkvgZOvxdhlhjuckgh\ZgZdehgbekykebrdhf[ebadh?]hs_dbaZebebkv
jmfygp_fdZd[m^lhhgihdjZkg_eb\u]ey^_ekl_kg_ggufHgi_j_fbgZekykgh]bgZgh]mb
\u`b^Zxs_kfhlj_e
Lurmlbrv"kijhkbeZy
G_lhgihkfhlj_egZhklZevguoaZl_fgZdehgbekykgh\Z\u]ey^yhq_gvaZbgl_j_kh\Zgguf
JZkkdZ`bfg_[hevr_Y^he`_gagZlvlZdb_\_sbqlh[uihjZ^h\Zlvk\hxkmijm]m
Yihklmdb\ZeZ[e_klys_cjmqdhcihklhem]ey^ygZg_]hQlhlhih^kdZau\Zehfg_qlhya^_kvg_
_^bgkl\_ggZy^_\kl\_ggbpZ
AgZ_rvqlh"Fu\_jg_fkydwlhfmiha`_
Gh
furdmLumoh^brv;hkk"
Y\klj_qZxkvk;vxaZm`bghfhl\_lbeZhgZbjZa]eZ^beZjmdhco\hklK\b^Zgb_\_q_jhf
Gm[m^vmfgbp_cIhdZih^fb]gmeZy
GhlugZqZeOvx
LkkkkkdZaZeZyih\hjZqb\Zykvk\_jey_]h\a]ey^hfHgjZajmrblfhclsZl_evghkha^Zgguc
h[jZahnbkghcdhd_ldb_kebijh[helZ_lkyqlhy^_\kl\_ggbpZ
Ovxih^gye[jh\vghaZfheqZe
Yih\_jgmeZkvd;_lihkeZ\_c\hegmjZ^hklb
DZdym`_kdZaZeZ\k_]hohjhr_]h
L_[_lh`_Iha\hgb_kebl_[_bebW\_j_llmqlhgb[m^vihgZ^h[blky
;m^_lk^_eZghOhlyym\_j_gZqlhfh]mihfhqvW\_j_llmkq_fm]h^gh\q_fhggm`^Z_lkyY
ihr_\_ebeZ[jh\yfbgZdjZkZ\qbdZ\_jimfmaZklhehf\dhgp_dhfgZlu?fmebrvklhbl
ihijhkblv
Lunebjlm_rvkhfghcJZc^_j"meu[gmekyW\_j_ll
LuagZ_rv
MkeurZ\gbadh_juqZgb_\]hje_OvxyigmeZ_]hgh]hcih^klhehf
W\_j_ll[jhkbegZf_gyex[hiulguc\a]ey^hldbgm\rbkvgZkibgdmklmeZBlZdiZj_gvkdZaZe
hgh[jZsZykvdOvxHldm^Zlu"
Hgk:eykdbijhlZjZlhjbeZyijb^mfZ\gZoh^mLuagZ_rvdZdlZf]h\hjylmgboh^gZ
`_gsbgZgZ\hkvf_juofm`bdh\"=hjh^\dhlhjhfhg\ujhk\hh[s_ljb^pZlvgZh^gmb_fmg_
agZdhfhh[s_gb_k^_\mrdZfbhlihq_fmy_fmihfh]Zx
W\_j_llihq_kZeq_exklvjZa]ey^u\ZygZk
EZZZ^g_gvdhkdZaZehgjZkly]b\Zykeh\ZBddZdhfm\b^mh[hjhlg_clu]h\hjbrv
hlghkbrvky"
HggZqZeZy
I_j\hjh^gucaZdhgqbeOvxKZ[e_am[uc
YgZofmjbeZkvgZOvx
OZ"QlhwlhaZoj_gv"W\_j_ll[uek[blklhedm
WlhZeykdbgkdh_bfy^eylb]jZ[ukljhkdZaZeZyaZl_fih\_jgmeZkvqlh[uihkfhlj_lvgZOvx
_jgh`_"
OvxmklZ\bekygZf_gy
Ihq_fm[ul_[_g_ihclbbg_\aylvlZ[mj_lbaih^kh[dblZdbfh[jZahfl_[_g_ijb^_lky[hevr_
gZ\bkZlvgZ^hfghc"Y\ibeZkv\a]ey^hf\OvxkeZ^dhmeu[Zykv:ykh[bjZxkvk^_eZlvk_[_
dhn_
HgjZkkfZljb\Zef_gy_s_kfbgmlmaZl_f\a]eygmegZW\_j_llZ
Y\_jgmkv
K^_eZcwlhkdZaZeZybgZijZ\beZkvddhn_cgbdm
DZdlhevdhOvxihdbgmedhfgZlmW\_j_ll\klZekhklmeZb[jhkbeky\fhxklhjhgmHgdhkgmeky
fh_]hehdlyaZklZ\b\f_gyh[jZ^h\ZlvkylhfmqlhgZfg_[uegZ^_l`_elucdZj^b]Zgk^ebggufb
jmdZ\ZfbgZp\_lhqguc[_eh`_eluckZjZnZgbgZdehgbeky
Off"Y\ulZsbeZiZd_lkdhn_bakmfdbaZf_lb\qlhmgZkgh\ucdhn_cgbdFbeh
GZkdhevdhohjhrhluagZ_rvwlh]hiZjgy"
YihgxoZeZiZd_ldhn_gZkeZ`^ZykvZjhfZlhf=hkih^byex[beZdhn_
:qlh"
GZ:eykd_g_lgbdZdbodeZgh\h[hjhlg_cIhdjZcg_cf_j_^h[jh\hevguoW\_j_llgZofmjbeky
bgZdehgbeky[eb`_dhfg_Bygbdh]^Zg_keurZehkZ[e_am[hfYijhklhg_
;hevrZyjmdZibogmeZW\_j_llZgZaZ^Ovxklmibef_`^mgZfbkgbadbfaeufjhdhlhf\_]h]hje_
G_klhclZd[ebadhdJZc^_j
W\_j_llih^gyejmdb
Hklugvfm`bdYijhklhjZa]h\Zjb\Zekg_c
Luklhyekebrdhf[ebadhih\lhjbeOvx
k_ohjhrh\f_rZeZkvydeZ^yjmdmgZh^_lh_ie_qhOvxboehiZyihjmdZ\mW\_j_llijhklh
ijb]ey^u\ZeaZfghck_\ihjy^d_G_lZdebW\_j_ll"
�GhW\_j_llk_j^blhkfhlj_egZgZkh[hbo_jvfhYihkfhlj_eZgZ\kiuevqb\h]h\_jkZ[e_am[h]h
hdhehf_gyhs_lbgb\r_]hkygZ\_jimfm\g_kdhevdbonmlZoFg_gm`gh[uehjZaj_^blv
h[klZgh\dmbeba^_kv[m^_ldhrZqvy^jZdZijyfhfkfuke_wlh]hkeh\ZY[ukljhaZq_jigmeZdhn_
\dhgl_cg_jbkmgmeZ_]hh[jZlghaZl_f\dexqbeZdhn_cgbd
LZdW\_j_ll]^_l\hc\ukhdbckfm]eucbdjZkb\uc[jZl[ebag_p"
W\_j_llihkfhlj_egZgZk_s_kfbgmlmZaZl_f\_jgmekyaZk\hcklhe
Webk"Hgkb^blkEbeb
:oijhbag_keZyEbebh^bqZ\rZyq_eh\_q_kdZy^_\mrdZdhlhjmxkiZkebhlkmfZkr_^r_]h
\ZfibjZ\f_kl_kFZjbIjh[e_fZ[ueZ\lhfqlhFZjbij_\jZlbeZkv\h[hjhlgylZdqlhhgZ
kqblZeZkv[_ahiZkghcbh^ghcbadhfZg^u
Ebeb`_[ueZq_eh\_dhfbiheghklvxljZ\fbjh\ZggZyie_ghflZdqlhdZ`^uc[hyekyqlhhgZ
jZa]eZkbl\k_lZcgu:evygkZIhke_^g__qlhykeurZhgZiulZeZkvk[_`Zlv^\Z`^ubl_i_jvkg_c
ihklhygghdlhlh^he`_g[ulvK_]h^gydZdhdZaZehkvwlhWebk
GmkdZ`b_fmqlhyi_j_^Z\ZeZijb\_lbykdmqZxihg_fm
Ym\_j_gqlhhglh`_kdmqZ_lihl\h_fmohjhr_gvdhfmebqbdmi_j_^jZagbeW\_j_ll
Ovxk_j^blhihkfhlj_egZf_gykdj_klb\jmdbkeh\ghhghkm`^Ze\_kvwlhljZa]h\hj
Yijhb]ghjbjh\ZeZOvxgZ\bkgm\gZ^dhn_cgbdhfihdZ\ZjbeZkvi_j\ZyqZrdZay\__^eyk_[yb
ygZf_rZeZ[hevrh_dhebq_kl\hkeb\hdbkZoZjZAZl_fih^meZgZi_\ZydZd_keb[uwlh[ue
h[uqguc^_gvbh]jhfguch[hjhl_gvE_^gbdh\h]hi_jbh^Zg_kehgyeky\rZ]_ihaZ^bf_gy
WcW\_j_llykdhjhmoh`mgZ[ebpk\b^Zgb_LukijZ\brvky[_af_gy"
H^bghdbcih^jZagbeW\_j_llGh\ihjy^d_
Ovxgbq_]hg_kdZaZeghkbevghgZofmjbe[jh\bHgy\ghg_[uejZ^
Gmml_[y_klvfhcghf_j_keb\^jm]yihgZ^h[exkvkdZaZeZyW\_j_llmY[_jmOvxkkh[hc
Bml_[y_klvfhcghf_j_kebl_[_qlhgb[m^vihgZ^h[blky\_jgh"Yg_fh]eZg_aZf_lblv
gZijy`_gb_\]hehk_W\_j_llZWlh[uehlZdfbehqlhhglZdhcaZsblgbd
?klvkdZaZeZykemq_aZjghcmeu[dhcb]ghjbjmyjuqZgb_Ovx
=eZ\Z
q_f^_eh"gZdhg_pkijhkbeZy
DZd[ebadhluagZdhfZkwlbfh[hjhlg_f"
Y\a]eygmeZgZg_]hh^gh\j_f_ggh^_j`ZqZrdmkdhn_mjmey
Kd_fW\_j_llhf"Hg^jm]bgZklhysbcfbeZrdZ
Ovxijbsmjbeky
K\hbfbkeh\Zfblu_]hijh\hpbjh\ZeZ
Dhg_qghFu\_k_ehnebjlh\ZebWlh[_ah[b^gh
Wlhg_[_ah[b^ghHgbgl_j_km_lkylh[hc
G_lihdZqZeZy]heh\hcW\_j_ll\_jimfZbhg^mfZ_lqlhyq_eh\_dlZdbfh[jZahfy
aZij_lgZyahgZYgZofmjbeZkv;_lkwc[blh`_q_eh\_dbaZfm`_faZ;vxFZjbdh]^Zlhlh`_
�[ueZq_eh\_dhfbhgZk`hr_f
Bg_lZd^Z\gh:evnukh[jZebkv\f_kl_qlh[uijbgylvgh\u_ijZ\beZ\hlghr_gbbk\b^Zgbck
ex^vfb
LZdqlhl_hj_lbq_kdby[hevr_g_[ueZaZij_lghcahghc^eyW\_j_llZ
�GhOvx\kzihgyeg_ijZ\bevghW\_j_llijhklh^jm]Z`_ihke_lh]hdZdykdZaZeZwlhijhk_[y
fhcdh\ZjgucmfgZqZeaZ^mfu\ZlvkyZfh]eZ[uym[_^blvW\_j_llZaZgylvkykhfghck_dkhf"
?kebjZkkdZ`m_fmhk\h_cijh[e_f_Hg[uijhy\be[hevr_ihgbfZgbyq_f^jm]b_
YjZkkfhljxlZdhc\ZjbZglGhihdZyg_]hlh\ZgZ[jhkblvkygZW\_j_llZHg[ueohjhrghg_
k\h^bekmfZByhij_^_e_gghagZeZqlhhgg_fhyBklbggZyex[h\vlZdqlhhg[he__bebf_g__
ijhklhijbyl_ev
LulZd`_]h\hjbrvijh\hdZpbhggu_\_sbfg_kdZaZeOvxij_j\Z\fhbfukebHgblZd`_
[_ah[b^gu"
Dhg_qghfhc]hehk[uejh\gucYij_^gZagZq_gZ^eyjZa\_^_gbyihfgbrv"DZdyfh]eZl_[_
kdZaZlvqlhlhk_jv_agh_"Bml_[y_klvi_j\hjh^gZykmijm]ZdhlhjZyl_[y`^_l
Yihfgx
Lulh`_khfghcnebjlh\ZeaZf_lbeZy\kihfbgZygZr_ih^ljmgb\Zgby\kiZevg_Lu[ue
k_jv_a_g"
Ovxgbq_]hg_kdZaZe
KlZgh\blky\kzbgl_j_kg_cYjZafureyeZgZ^wlbfdh]^Zfuk\_jgmebgZZ\lhklhygdm
DhgklZglbgZYijbiZjdh\ZeZfZrbgm\uibeZaZeihfhklZldbdhn_bih\_jgmeZkvdOvx
Fu^he`guh[km^blvk_]h^gyrgbc\_q_j
QlhgZkq_lk_]h^gyrg_]h\_q_jZ"
Gm^eygZqZeZyjZ[hlZxkwlhc]jmiihcdhlhjmxfugZau\Z_f;ebpk\b^ZgbyBeb;ukljZy
kemqdZWlh^eyiZjZghjfZeh\qlh[u\klj_lblv^jm]boiZjZghjfZeh\ba^_kvk_]h^gy\_q_jhf[m^_l
fgh]hh[hjhlg_cbg_kdhevdh\Zfibjh\Y`^ZeZ_]hj_ZdpbbG_dhlhju_h[hjhlgbg_ex[yl
\Zfibjh\ZDhgklZglbg[ueij_keh\mluf\Zfibjkdbfijblhghf
GhOvxg_hlj_Z]bjh\Zeihwlhfmyijh^he`beZ
�MgZkfgh]hdeb_glh\fm`qbgbynebjlmxkh\k_fbZlZdZyy_klvLZdqlhyg_ohqmqlh[u
lum^b\eyekybeb^hdZiu\Zeky^hdZ`^h]hkjZkkijhkZfb_kebhgbih^oh^ylb[helZxlkhfghc
mykgbe"
Dlhfm`_Kl_oihjdZdij_^iheZ]Z_lkyluklZegZrbfdeb_glhfyih^ibkZeZl_[ygZ[ukljmx
kemqdmyh^ZjbeZ_]hk\h_ckZfhcZg]_evkdhcmeu[dhcYijbgyeZwlhj_r_gb_\kZfmx
ihke_^gxxfbgmlmghhghdZdjZalhqlhgZ^hLZdbfh[jZahflufh`_rv[ulvhdhehf_gybg_
\u]ey^_lvdZdij_kfudZxsbcky
QlhlZdh_ij_kfudZxsbcky"
YhlfZogmeZkv
G_\Z`ghLuemqr_kijhkbh[ukljhckemqd_
Ya^_kvg_^eylh]hqlh[ukiZjb\Zlvkyk^jm]bfbkZfdZfbJZc^_jYa^_kvqlh[u]ZjZglbjh\Zlv
l_[_[_ahiZkghklv
;eZ[eZyagZxGhwlhqZklvijbdjulbyLu^he`_gk^_eZlvwlh
Fg_ijb^zlkyk^_eZlvwlh\lh\j_fydZdlukf__rvkyb]h\hjbrvkfm`qbgZfbkh[eZagyybo"
Lu\b^bfhg_agZdhfkdhgp_ipb_cnebjlZ"Wlh\k_]hebrv[_ah[b^gu_keh\ZFm`qbgub
`_gsbgubkihevamxlbo\k_\j_fy
Ijhklhkeh\Z
:]ZIjhklhkeh\ZGbq_]hg_agZqZsb_
:qlh_kebfm`qbguijbdZkZxlkydl_[_\h\j_fyjZa]h\hjZ"
Gmlh]^ZwlhhagZqZ_lqlhlh^jm]h_
YkghOvxh[^mfZekdZaZggh_aZl_fihkfhlj_egZf_gy_jimfZkh[bjZekyijbdhkgmlvkyd
l_[_
YgZofmjbeZkvihlhfmqlhg_ihfgbeZlZdh]hOvxg_\_jghbklhedh\Zekb]gZeu"
Yg_iha\hexgbdhfmijbdZkZlvkydhfg_h[_sZxh\kydhfkemqZ_yg_ohl_eZbo
Dfh_fmm^b\e_gbxhgijhlygmefbabg_p
Ihdeygbkv
YobobdgmeZbkp_ibeZk\hcfbabg_pk_]h
DeygmkvIjhklhhllZdh]hg_\bggh]hkhijbdhkgh\_gbygZr_ch[gZ`_gghcdh`b^jh`vihiheaeZ
ihfh_fml_embyhlijygmeZiulZykvijbclb\k_[yij_`^_q_ffu\hc^zf\j_klhjZgIjhklh
^Zcfg_fbgmldm
LZdZydeyl\Zg_^eyl_[yaZf_lbeOvx
Ymkf_ogmeZkvg_kfhljygZj_admx[hevjZajmrZxsmxfh_l_eh
LuwlhgZqZe
LZdybk^_eZekdZaZehgaZ^mfqb\h
;ebpk\b^Zgby"GZklhysZydZlZkljhnZ
YmkZ^beZOvxbh[tykgbeZijZ\beZHg^he`_gkb^_lvaZijhgmf_jh\Zggufklhehf]^__fm^Z^ml
fZe_gvdmxdZjlhqdm
DZ`^u_iylvfbgmly[m^ma\hgblv\dhehdhevqbdbfm`qbgu^he`gu[m^mli_j_k_klvaZ^jm]hc
�klhekgh\hc`_gsbghcDhgp_ipbymagZlv^jm]h^jm]_\l_q_gb_g_kdhevdbofbgmlhklZlhqgh
ijhklh
dhgp_\_q_jZdZ`^uc^he`_gaZibkZlvijbk\h_ggu_ghf_jZex^_ckdhlhjufbihbofg_gbx
hgb[m^mlkh\f_klbfu?keb[uebkh\iZ^_gbylhyiha`_gZkljZb\ZeZbo\kbkl_f_
lh`_\j_fyyaZklZ\beZOvxihh[_sZlvqlhhgg_klZg_l]h\hjblvhi_j\hjh^guon_cjbhfbj_
[ulv^jm`_ex[gufaZ\_jbeZy_]h
BaZl_fyihki_rghmreZqlh[uh[tykgblv^_lZebb]ju[ukljhckemqdb^jm]bfmqZklgbdZfOvx
ijbklZevghkfhlj_egZf_gydh]^ZyhlhreZhlg_]hgZf]gh\_gv_yih^mfZeZqlhhgihke_^m_laZ
fghcghhgwlh]hg_k^_eZe
Dh]^Zy\klj_lbeZh^gh]hh[hjhlgyym^b\beZkvm\b^_\gZg_fkhegp_aZsblgu_hqdb\aZdjulhf
ihf_s_gbb
Ijb\_lf_gyah\mlJZc^_jkdZaZeZy_fmYihkeZeZ\hegm\_k_evyqlh[uba[_`Zlvjmdhih`Zlby
ghhg\kzjZ\ghijhlygmejmdmGmb^_eZKe_ihc
Y;jw^hl\_lbehgmeu[Zykv_]hjmdZ\k__s_[ueZijhlygmlZFbqb]h
Q_jlih[_jbYg_gZ\b^_eZjmdhih`Zlbywlhf[uehqlhlhkm]m[hbglbfgh_\deZ^u\Zlvk\hx
jmdm\qvxlh_s_bq_f[eb`_yijb[eb`ZeZkvdk\h_fm^gxjh`^_gbyl_f[hevr_
g_agZqbl_evgu_ijbdhkgh\_gbyf_gy[_kihdhbebY\a^jh]gmeZb\eh`beZjmdm\_]h\kljyogm\_x
dZdfh`gh[uklj__;_afZe_cr_]hljm^Zfhca\_jv\a^u[bekybylZdkbevghijbdmkbeZ]m[mqlh
ihqm\kl\h\ZeZ\dmkdjh\bMkihdhb\rbkvykdZaZeZ
IjbylghihagZdhfblvky;jw^Ml_[y\hagbdebdZdb_lh\hijhkuihih\h^m[ebpk\b^Zgbyk_]h^gy
\_q_jhf"
Lhevdhh^bgLuh^gZbamqZklgbp"Hgrbjhdhmeu[gmeky
:lueh\_eZkih^jZagbeZy\kljyob\Zybk]b[Zyjmdb`_eZyijh]gZlvk\h_]hfhgkljZYijhklh
hj]ZgbaZlhj
Ghml_[ylZdhcij_djZkguc]hehkkdZaZehgfg_\k__s_kmeu[dhcgZebp_Ym\_j_gqlh\k_
hklZevgh_\l_[_ih^klZlv_fm
Ylh`_\wlhfm\_j_gZaZkl_gqb\hhl\_lbeZyGhyq_eh\_dbg_\oh`m\f_gx
G_dhlhju_bagZkijhk\_s_ggu_]mjfZgubg_[hylvkyihijh[h\Zlvqlhgb[m^vgh\_gvdh_
kdZaZe;jw^Ghy^he`_gkdZaZlvqlhyjZahqZjh\Zg
Ymkf_ogmeZkv
M\_j_gZqlhluihemqbrvm^h\hevkl\b_hl\klj_qkgZrbfbij_e_klgufb^ZfZfbk_]h^gy
\_q_jhf
Lu[m^_rvbf_lvf_gy\\b^m_keb\^jm]j_rbrvkygZk\b^Zgb_kh[hjhlg_f"Hgijh^he`Ze
meu[Zlvky\fhxklhjhgm\uly]b\Zy_]h[_emxljhklvY[ukdZaZeqlhml_[y\hkoblbl_evguc
aZiZogh[hevrbgkl\hex^_cg_p_gylwlh
Yh[sZeZkvkh[hjhlgyfb^hklZlhqghqlh[ujZkihagZlvdhfiebf_gldh]^Z_]hkeurm
nebjlh\ZeZyGh[m^mjZ^Zihkh^_ckl\h\Zlvkhk\b^ZgbyfbhlklhebdZdklhebdm
Y[ukdZaZeg_lghwlhebrblf_gyl\h_]hijbkmlkl\byZyg_fh]mkhijhlb\eylvkykdZaZe;jw^k
meu[dhcLZdqlhykh]eZk_g
AZf_qZl_evghijhbag_keZy\ay\_]hih^jmdmghm[_^b\rbkvqlhijbdZkZxkvebrvdjmdZ\m
iZevlhFurpukibgu_s_ih^jZ]b\Zebghy^_j`ZeZdmeZdbk`Zlufb\gZ^_`^_qlhwlhijhc^zl
Kimklyg_kdhevdhf]gh\_gbclZdbijhbahrehbyh[e_]q_ggh\a^hogmeZH^ghij_iylkl\b_
ij_h^he_eb
Yiha\hgbeZ\dhehdhevqbd\dexqbeZk_dmg^hf_jb[ebpk\b^ZgbygZqZebkv
YagZeZqlh[m^mlijh[e_fuklhcfbgmludZdOvxk_eaZi_j\ucklhegZqZe_gZdZ`^h]hhg
�ijbdmkbeZ]m[mgZ[ex^ZyaZwlbfhe`gZeby\f_rZlvky"Ydhe_[ZeZkv
AZl_fOvxih\_jgmekybdbgmegZf_gyh[b`_gguc\a]ey^[m^lhwlhy\h\k_f\bgh\ZlZ
Ihke_wlh]hyj_rbeZimklvhg\ukljZ^Z_l\_kvi_jbh^[ebpk\b^Zgbc
�hklZlhqghkdhjhyiha\hgbeZ\dhehdhevqbdwlbiylvfbgml^ebebkvkeh\gh\_qghklv^eyf_gyb
dZdyij_^iheZ]ZeZ^eyOvxaZl_fyih^hreZdi_j_oh^ys_fmdke_^mxs_fmklhem;jw^m
GZr_edh]hgb[m^vk_[_ih\dmkm"kijhkbeZy
�ZghhgZkdZaZeZqlhg_\klj_qZ_lkykh[hjhlgyfbhgkgh\ZaZb]ju\Ze
DZdhcdjZkZ\_p
Ybf_eZ\\b^maZl\hbfklhehf
:o?klvihl_gpbZegh__]hehk_^\ZeblZdij_djZk_gdZdl\hckdZaZehgfg_
Fh`_lih\_a_lkhke_^mxs_cij_^iheh`beZyo\ZlZykvaZ_]hjmdZ\\gbfZl_evghke_^yqlh[u
g_ijbdhkgmlvkyddh`_YmkZ^beZ;jw^ZjZgvr_q_fkfh]eZihnebjlh\Zlv_s_baZgyeZk\hx
ihabpbx\gZqZe_dhfgZlu]^_\gh\viha\hgbeZ\dhehdhevqbdK\b^Zgb_ghf_j^\ZgZqbgZ_f
IylviZjlml`_gZqZebjZa]h\Zjb\Zlvbh[f_gb\Zlvkyjmdhih`Zlb_fH^gZiZjZwlh]hg_^_eZeZ
iZjZghf_j^\ZOvxbfbeZy\_jdlhlhKlhbeh^h]Z^Zlvky
HgZijhlygmeZ_fmjmdmHgk`Ze__bamqbef]gh\_gb_ZaZl_f[_abgl_j_kZhlimklbe;_^gZy
`_gsbgZ
IhdZygZ[ex^ZeZaZh[s_gb_fiZjfhc\a]ey^\_jgmekyd;jw^mFbqb]hY\kihfgbeZ_]hbfy
k_fvy\_j\u^jOhlygbdh]^Zij_`^_g_\klj_qZeZ;jw^ZY[uaZihfgbeZlZdh]hdlhaZb]ju\Z_llZd
`_gZ]ehdZdbyHghij_^_e_gghdZaZekyaZbgl_j_kh\Zggufb^Z`_ijblhfqlhyg_ohl_eZwlh
ijbagZ\Zlv_]hke_ihlZf_gyaZbgljb]h\ZeZ
?kebhgke_ihgg_fh]aZf_lblvdZdybaf_gxkv\qlhlh_s_ijb_]hijbdhkgh\_gbbHgfh][u
ihqm\kl\h\Zlvqlhybaf_gyxkvgh_klvkihkh[uh[hclbwlhYfh]eZ[uijbkl_]gmlv_]hjmdb
gZjmqgbdZfbdba]heh\vxdjh\Zlb^eygZqZeZBebgZihblv_]hBebqlhlh_s_
Hgg_fhybklbggZyex[h\vghmg_]h_klvihl_gpbZedhgp_dhgph\yfh]mihl_jylv
^_\kl\_gghklv
Fg_ijhklhg_h[oh^bfhba[Z\blvkyhlfh_c[hevrhcl_gb
YkijylZeZk\h_[mjeys__\heg_gb_ihdZijh^he`Zebkv[ebpk\b^ZgbyOvxdZaZekykh\_jr_ggh
g_kqZklgufdZdb\k_`_gsbguddhlhjufhgkZ^bekyWlhihahjFh`_l_kebygZc^mkd_f_fm
ihclbgZk\b^Zgb_ba[Z\exkvhlg_]hgZg_dhlhjh_\j_fyqlh[uiju]gmlv\ihkl_evkg_agZdhfp_f
NmFg_g_gjZ\blkydZdwlha\mqblghmf_gyfZeh\ZjbZglh\
Yihke_^gbcjZaiha\hgbeZ\dhehdhevqbd
gbfZgb_\k_fNbgZevgucjZmg^aZ\_jr_gIh`ZemcklZkeh`bl_\ZrbdZjlhqdbygZlygmeZ
jZ^hklgmxmeu[dm?keb[m^mlkh\iZ^_gbyiha`_\_q_jhfykhh[sm\Zfihwe_dljhgghcihql_
Ykh[bjZeZdZjlhqdbihdZex^bih^oh^bebdhfg_baZf_lbeZdZdg_dhlhju_klZebh[sZlvkyb
kf_ylvky^jm]k^jm]hfWlhohjhrbcagZdAgZqbl\i_jki_dlb\_mgZk_klviZjuIehohdh]^Z\k_
moh^ylg_jZa]h\Zjb\ZyLh]^Zihgylghqlh\_q_jg_m^Zeky
YihemqbeZh^bggZ^pZlvdZjlhq_ddZjlZOvxhdZaZeZkvimklZbhg[jhkbehq_j_^ghcg_^h\hevguc
\a]ey^gZf_gyij_`^_q_fgZijZ\blvkydhfg_yf_evdhfhkfhlj_eZjy^ubh[gZjm`beb;jw^Z
kb^ysbf\k\h_fdj_ke_
ijb[ebabeZkvbaZf_lbeZqlh;jw^ih\_jgme]heh\mij_`^_q_fyih^hreZ_]hh[hgygb_h[hjhlgy
khh[sbehhfh_fihy\e_gbb
J_rbeqlhg_^hklZlhqghihemqbehlwlh]hf_klZ"ih^^jZagbeZy\gh\viheh`b\jmdmgZ_]h
jmdZ\Bebijhklh`^_rvf_gy"
Hgmeu[gmeky
H`b^Zxb^_Zevghc\hafh`ghklbqlh[umdZaZlvgZbaf_g_gb_aZdhgh\bh[hjhlgbl_i_jvfh]ml
\klj_qZlvkykex^vfbkh^h[j_gbybo:evnuMqblu\Zyqlhy:evnZk\h_cklZby^Zxk_[_
jZaj_r_gb_LZdqlhkdZ`_rvgZkq_llh]hqlh[u\uiblvkhfghc"
uiblv"yk^_eZeZ\b^qlhjZa^mfu\Zxohlyk_j^p_\fh_c]jm^bgZqZeh[_r_gh[blvkyBaaZ
\heg_gbyfhbjmdbgZqZeb^jh`Zlvby\ibeZkviZevpZfb\_]hjmdZ\uib\dZh[uqghijb\h^bld
[hevr_fm"
Lhevdh_kebh[Zwlh]hohlylhl\_lbehgih^gbfZykvgZgh]bHg\klZe[ebadhdhfg_hq_gv
[ebadhLZdluaZbgl_j_kh\ZgZ\[hevr_f"
Fg_gm`_gk_dkQmlvg_eyigmeZyghijh^he`beZjh[dbf]hehkhf
Yfh`_l[ulv
H^gZh]jhfgZyjmdZhimklbeZkvgZ]jm^v;jw^Zbh^gZgZfh_ie_qhbfu[uebgZkbevghjZaemq_gu
Ovx\klZef_`^mgZfb
WlZ`_gsbgZg_^eyl_[ykdZaZeOvxk_j^bluf]hehkhfG_ijbdZkZckydg_c
Ovxyg_`ghijhbag_keZklbkgm\am[uHl\ZebWlhg_l\h_^_eh
Wlhfh_^_ehgZklZb\ZeOvx
;jw^ih^gyejmdb\\ha^moih^h]gm\ljhklvk_[_ih^jmdm
Yg_ohqmg_ijbylghkl_cYg_agZeqlhhgZaZgylZ
G_laZijhl_klh\ZeZyYg__]hiZjZByohqm\uiblv
G_lkdZaZeOvxbkgh\Zih\_jgmekydhfg__]hdhrZqvbo]eZaZoiueZeZyjhklvY\ug_k
[ebpk\b^ZgbyihlhfmqlhlugZklZb\ZeZL_i_jvfhyhq_j_^vlj_[h\ZlvJZc^_jlumoh^brvkh
fghc
Y\[_r_gkl\_hlfZogmeZ[hevrmxjmdmOvxkhk\h_]hie_qZ
:qlh_kebykdZ`mg_l"
Ihoh`_^ZfZg_ohq_lb^lbklh[hc^jm]kihdhcghgZqZe;jw^Kebrdhffy]dbc^ey:evnuyk
]hj_qvxih^mfZeZYkghqlh;jw^g_fgh]hijb\jZeHgba\bgyxs_meu[gmekyOvxhafh`gh
l_[_ke_^m_lhklZ\blv__\ihdh_
FhyjZ[hlZaZdexqZ_lky\lhfqlh[ugZoh^blvkyjy^hfkg_cbaZsbsZlv__^_\kl\_gghklv
ijhjuqZeOvx\ebph;jw^m?]h[hevrZyjmdZklbkgmeZfh_ie_qhkgh\Z
G_kfhljygZlhqlhfu[ueb\kf_`ghcdhfgZl_j_klhjZgZg_kdhevdhq_eh\_dbakhk_^g_cdhfgZlu
ih\_jgmebkvqlh[u\a]eygmlvgZgZkmkeurZ\keh\ZOvx
H;h`_ijhklhgZeZyLulhevdhqlhkdZaZewlh\kemo\i_j_iheg_gghfj_klhjZg_
:_kebhgZg_ohq_l__aZsbsZlv"kijhkbe;jw^
hlbf_gghkdZaZeZykgh\Zkibob\ZyjmdmOvxkhk\h_]hie_qZ
Lh]^Zy[m^maZsbsZlv__hlg__`_hl\_lbeOvx?kebihgZ^h[blky^Z`_ijhlb\__\heb
Lug_fh`_rvaZklZ\blvf_gymclbijhrbi_eZyWlhh[s_kl\_ggh_f_klhY[ueZa^_kv\
OvxgZdehgbekydhfg_ebphfdebpm
Yba\bgyxkvaZlhqlhkh[bjZxkvk^_eZlv
K^_eZlv"Qlh
Hgh[o\Zlbejmdhcf_gyaZr_xgZdehgbekybijb`Zekyjlhfdfh_fm\hr_ehfeyxs_fyjhklghf
ihp_em_?]h]m[ukh_^bgbebkvkfhbfbbaZiZoOvxm^Zjbe\fhbgha^jbZ_]hl_ehijb`Zehkvd
fh_fm
AZl_flZd`_[ukljhhghlkljZgbekyIhljyk_ggZyymklZ\beZkvgZg_]h
L_i_jvfumoh^bfijhbag_kOvx
Yfhj]gmeZiulZykvi_j_\Zjblv\k_wlhIhp_emc"Moh^bf"Qlh"Hgko\Zlbef_gyaZjmdmb
ihlZsbed\oh^guf^\_jyfj_klhjZgZ
YkjZam`_ihiulZeZkv\uj\ZlvkyihgbfZydq_fmwlh\k_ijb\_^_l
HggZf_j_ghZdlb\bjh\Zefh_]hfhgkljZOvxagZeqlh_kebfh_ijhdeylv_\uj\_lkymf_gyg_
[m^_l\u[hjZdjhf_dZdmclb\f_kl_kgbf
=g_\\kiuogme\hfg_gh[ue[ukljhih^Z\e_ggZqZehfljZgknhjfZpbbFhcfhgkljba\b\Zekyb
ijhkuiZekyyhsmlbeZdZddh`Z^jh`blhlagZdhfh]hhsms_gby
=g_\gZOvx\hajhkaZl_f[ukljhkf_gbekygZkljZodh]^Zex^bgZqZebkfhlj_lvgZgZk
;m^vhgijhdeylYij_djZlbeZ[hjhlvkybhdZlbeZ\k_o\heghc\_k_evyyijZdlbq_kdb[_`ZeZaZ
OvxihdZhglhiZediZjdh\d_
Y^he`gZ[ueZk^_eZlvlZdqlh[u\k_dZaZehkvghjfZevgufbeb`_dlhgb[m^v[_kihdhysbckyaZ
f_gyihke_^m_laZgZfb:wlhihke_^g__q_]hyohl_eZ_kebdlhlhihc^_laZgZfblhm\b^blfhx
q_rmcqZlmxklhjhgm
�eyf_gy[uehhq_\b^gufqlhbaf_g_gb_ijhbahc^_lohl_eZywlh]hbebg_l
�Z`_k_cqZkyhsmsZeZimevkZpbx\ehiZldZoqlhhagZqZehihy\e_gb_djuev_\Z^_kgu[he_eblZf
]^_kh[bjZebkv\ujZklbdeudbYk`ZeZiZevpuOvxbagZeZqlh\kdhj_^Z\e_gb_\hajZkl_l
Gh_keb[ug_fh_j\_gb_ihh[sZlvkygbq_]hg_[ueh[u
DZdlhevdhfu^h[jZebkv^hklhygdby[jhkbeZkvijhqvhlOvx
Hghlimklbef_gybyijh^he`ZeZ[_`Zlvdk\h_fmZ\lhfh[bex
JmdhcyiulZeZkvgZclbdexqbgh\ujhkebdh]lbbfurpukhdjZlbebkvg_\hafh`gh[ueh
khkj_^hlhqblvkykiuogmeZ[hevimevkbjmyih\k_fml_em
Kebrdhfiha^ghIj_`^_q_fymki_eZhldjulv^\_jpmZ\lhfh[beyfhbgh]bih^dhkbebkv
Kt_`b\rbkvyijbk_eZihdZbaf_g_gbyj\Zebkvq_j_af_gy
Ovxk_ejy^hfkhfghcgZdhjlhqdb?]hjmdZ]eZ^beZf_gyihkibg_b]ghjbjmylhlnZdlqlhgZg_c
\a^ufZebkvfurpubhgZ[ueZihdjulZjy[vx
Ykh`Ze_xJZc^_j
Luhlklhcijhr_ilZeZyly`_eh^urZbkbevghk`ZeZjmdbdh]^Zo\hkl\uj\ZekybaaZ
kibguYba^ZeZlbobc\koebihl[hebij_`^_q_fOvxijb`Zef_gydk\h_c]jm^bl_fkZfuf
ijb]emrZyfhbdjbdb
F_gyh]hjqZ_llhqlhijbrehkvk^_eZlvklh[hc[hjfhlZehgZ_]hjmdZ]eZ^beZf_gyih
\hehkZfihdZhgdj_idhm^_j`b\Zef_gy
DZdh_lh\j_fyy[hjheZkvkgbfghkeZ[hIjhbkoh^blljZgknhjfZpbybyg_fh]m__hklZgh\blv
Bqlhom`_\k_]h"KdZ`^uf^\b`_gb_f_]hjmdbihfhbf\hehkZfyg_ohl_eZqlh[uhg\uimkdZe
f_gybah[tylbc
dhgp_dhgph\f_gygbdh]^Zg_h[gbfZefm`qbgZBlZddZdhg_^bgkl\_ggucagZ_l\hqlhy
ij_\jZsmkvhgg_m[_`blGmihdjZcg_f_j_g_^Ze_dh
IhdZq_rmyihdju\ZeZfhxdh`mbgZebp_ihy\eyebkvgZjhklubjh]Zyl_kg__ijb`bfZeZkvd
]jm^bOvxiha\heyy_fmkdju\Zlvf_gy\l_gbklhygdb
By\^uoZeZ_]h^bdbcivygysbcZjhfZlHgij_djZkghiZoLZdihfm`kdbBhsms_gb__]hjmd
h[gbfZxsbof_gylZd\_ebdhe_igh
FhcimevkmkdhjbekyghdZaZehkvhgkhkj_^hlhqbekyf_`^mfhbogh]Zg_\h[uqghff_kl_
JZkdZe_gguc`ZjjZaebekyihfhbffurpZfby\gh\vaZklhgZeZijbkmlkl\b_Ovxb_]h[ebahklv
kf_lZeZex[u_\hkihfbgZgbyh[heb
Y[ui_j_`beZbaf_g_gb__keb[ufm`qbgZf_gy^_j`ZeYba]heh^ZeZkvihh[tylvyf
Bklhkdh\ZeZkvWlh[ueh^bgbakZfuo\hkoblbl_evgh]j_oh\guofhf_glh\fh_c`bagbbyihqlb
aZ[ueZijhq_rmxdjuevybo\hkl
Ovxijh^he`Ze]eZ^blvfhb\hehkuihdZfh_l_ehk\h^behkm^hjh]hcbkh^jh]Zehkvhl
ij_\jZs_gby
Y^_j`ml_[yJZc^_jYjy^hf
�Wlh[uehkljZggh\_fbgmlugZaZ^yohl_eZ\j_aZlvOvxaZlhqlhjZajmrbefhbieZgu:
k_cqZk"Yqm\kl\h\ZeZk_[y`_eZgghcb\ha[m`^_gghc
�Yiheh`beZjmdmgZ_]h[hevrmx]jm^vbbkiulZeZhl\jZs_gb_hlm\b^_ggh]hebggu_dh]lbgZ
dZ`^hfiZevp_;mjh\Zlha_e_gZyq_rmyGZjhklugZfhbojmdZoih^gbfZebkvihjmdZf[m^lh
ijbqm^eb\u_mdjZr_gby
Aj_ebs_g_baijbylguo
Fhf_glbkihjq_gYhllhedgmeZOvxbhl\_jgmeZebphih\_jgm\rbkvdg_fmkibghc
G_ljh]Zcf_gy
OhjhrhHg\k_lZdbijbk_ejy^hfkhfghcgh[hevr_g_h[gbfZeHgm[jZejmdmhlfhbo
\hehkbyqmlvg_aZieZdZeZhlihl_jb
L_i_jvfh_\ha[m`^_gb_ijhreh\ijhq_fdZdbij_\jZs_gb_YijbdmkbeZq_rmcqZlucdmeZd
dh]^ZgZqZehkvh[jZlgh_baf_g_gb_ij_\jZsZxs__f_gy\fbemx[ehg^bgdmG_kdhevdhfbgml
kimklyyklhyeZly`_eh^urZfhyh^_`^ZjZklygmeZkvb\g_kdhevdbof_klZoihj\ZeZkv
Y\uijyfbeZkvbmklZ\beZkvgZOvxihijZ\eyyk\hcl_i_jvm`_k\h[h^gucdZj^b]Zg
Lukh[bjZ_rvky\udb^u\ZlvlZdhcljxddZ`^ucjZadh]^ZyjZa]h\Zjb\Zxkfm`qbghc"
G_agZx:lukh[bjZ_rvkyij_^eZ]Zlvk\hx^_\kl\_gghklvdZ`^hfm\klj_qghfm"?]h]hehk[ue
jh\gucoheh^guc
Wlhbf__lagZq_gb_"djbdgmeZyko\Zlb\kmfhqdmbgZqZ\aZibob\Zlv\g__jZa[jhkZggu_\_sb
�he`gh[ulvy\u\_jgmeZ__dh]^Zf_gyeZkvbdhkf_lbdZ\uebeZkvgZZknZevlZ\lhklhygdbY
gZqbgZxij_\jZsZlvky\fhgkljZdZdlhevdhfm`qbgZ^hljZ]b\Z_lky^hf_gyYfh]mij_^eh`blv
k\hx^_\kl\_gghklvdZ`^hfm\klj_qghfmbgbdlhg_fh`_lm\b^_lvqlhgZoh^blkyaZq_rm_cHgb
�^mfZxlqlhihemqZxl[Zj[bgh\f_klhg__bf^hklZ_lkyFhgkljh@
Yg_ihgbfZx
IjhklhaZldgbkvOvxIjhklhaZldgbkv
=eZ\Z
H[jZlghgZjZ[hlmfu_oZeb\lbrbg_bhklZlhdghqb\Z]_glkl\_fg_ij_^klhyehbah[jZ`Zlv
ohjhr__gZkljh_gb_
?kebW\_j_llbaZf_lbeqlhlhkljZggh_\fh_cl_i_jvjZklygmlhch^_`^_b^ujdZo\[_euo
[Ze_ldZolZf]^_boijhj\Zebdh]lbhggbq_]hg_kdZaZeOhjhrbciZj_gv
Ovx[uefheqZeb\ufbm]jxfufghohly[ug_lhilZekyhdhehf_gyf_klhwlh]hhgkdj_klbe
jmdbbkb^_egZlZ[mj_l_gZ[ex^ZyaZfghcihdZyjZ[hlZeZ
Y[hevr_^_eZeZ\b^qlhaZgylZq_f[ueZgZkZfhf^_e_jZa[bjZyZgd_lubh[gh\eyydZe_g^ZjbgZ
[eb`Zcrb_iylve_l^eylh]hqlh[uq_fgb[m^vaZgylvjmdb
LZd[ufg_g_ijbrehkvkfhlj_lvgZOvxbklu^blvkyk\hboke_aijhebluobaaZlh]hqlhfm`qbgu
g_fh]ebf_gyh[gylv[_aihy\e_gby=h^abeubaaZwlh]h
@bagvg_kijZ\_^eb\ZFg_ijhklhijbrehkvkfbjblvkybk^_eZlvebfhgZ^kfhbfbebfhgZfbbeb
\kdhj_yhdZ`mkv[_aebfhgh\\hh[s_Bdjhf_lh]hmf_gy\k__s_hklZ\ZeZkvgZ^_`^Z
FhybklbggZyex[h\v]^_lhlZf?keb[uy\klj_lbeZ_]hhgkfh][uj_rblv\k_fhbijh[e_fu
Ovxg_[uebfwlhm`lhqgh?]hihp_emc\ua\Zef]gh\_ggh_baf_g_gb_
;jw^lh`_g_[uebfyfh]mwlhkdZaZlvbkoh^ybajmdhih`ZlbyBlZddlhlhihij_`g_fm\b]j_
HklZevgZyqZklvghqbijhoh^beZf_^e_gghghdlhfm\j_f_gbdh]^Zijh[behljbqZkZ^Z`_dhn_g_
ih^^_j`b\Zef_gy\h[uqghfijbih^gylhfgZkljh_gbbBdh]^ZW\_j_llij_^eh`beaZdjulvkyy
ih[eZ]h^ZjbeZ_]hbmreZkOvxg_h[jZsZy\gbfZgb_gZkljZggu_\a]ey^udhlhju_W\_j_ll
[jhkZe\gZrmklhjhgm;_akhfg_gbyhgaZ^Z\Zeky\hijhkhfdZdhcdeb_glohl_ehdheZqb\Zlvky^h
lj_oqZkh\mljZghg_kijZrb\Ze
p_ehfjZ[hlZkh[hjhlgyfbbk\_jot_kl_kl\_gguffg_gjZ\beZkvHgbdZdijZ\beh[uebhq_gv
kdjulgu_keb\ulh`_qlhlhkdju\Zeb":]eZ\gh_g_kh\Zebghkg_\k\hz^_ehIh`Zemcwlh
emqrZyklhjhgZ\wlhcjZ[hl_
Fhc`b\hlaZmjqZebihdZy^hklZ\ZeZdexqbhlfZrbguihkfhlj_eZgZOvx
A^_kvih[ebahklb_klvdjm]ehkmlhqgh_DblZckdh_f_kl_qdh]^_fh`gh\aylv_^mgZ\ughkDZdlu
hlghkbrvkyd`Zj_ghfmjbkmbk\bgbg_fmrm
Mf_gyg_ldgbfqm\kl\
YobobdgmeZgZaehk_[_
Lh]^Zlug_[m^_rv\hajZ`Zlv_kebyaZdZ`mboKZ^bkv\fZrbgm
Bfuljhgmebkv\gm`ghfgZijZ\e_gbbIhkdhevdml_i_jvmf_gy[ueZdhfiZgbyyaZdZaZeZ^\Z
k_f_cguogZ[hjZ\dhfie_dl_bag_kdhevdbo[ex^\hkgh\ghfbajbkZb]hjyq_]hihklgh]hkmiZ\
dhlhjhfg_dhlhju_ebpZ\hafh`ghhkh[hgm`^Zxlky
Dh]^Zfu\_jgmebkv^hfhcyhlg_keZ_^mgZdmogxbgZqZeZjZkiZdh\u\ZlvehlhdaZehldhfk
�lmrzgufbh\hsZfbEhf_cg@jbkdmjbpmbk\bgbgm
?^ZiZoeZ\hkoblbl_evghbymfbjZeZk]heh^mOvxih^hr_edhfg_ijbgxob\Zykv
M]hsZckyij_^eh`beZyOvxIjb]hlh\beZk_[_lZj_edmbk_eZ
Ovxihke_^h\Zefh_fmijbf_jmbyg_m^_j`Z\rbkvobobdgmeZdh]^Zhgk_egZijhlb\ljzoehldh\
keh`dhc\jmdZo Ovxl_ji_lvg_fh]\bedb\fHgijbklmibekjZamdhkgh\ghfm[ex^m
�ihijh[h\Zedmkhq_d=_g_jZeZPh@Zihlhfkt_e[hevr_Ihoh`_dZdbfg_kZ[e_am[hfm
ihgjZ\beZkvhkljZyibsZ
BlZdLuagZeqlhihp_eh\Z\f_gyyfh]mbaf_gblvkyhlf_lbeZyG_^mfZxqlhy]h\hjbeZ
l_[_h[wlhf
Hgkfms_ggh\a]eygmegZf_gy
H[s_ba\_klghqlhfheh^u_h[hjhlgbg_fh]mldhgljhebjh\Zlvk\hbk_dkmZevgu_bfimevku
HaZf_qZl_evgh
Fg_gjZ\blkyqlhh[wlhf\k_agZxldjhf_kZfh]hh[hjhlgyYmagZeZgZkh[kl\_gghf]hjvdhf
hiul_Qlhlu_s_agZ_rvh[h[hjhlgyo"
Hgdhe_[Zeky
Hc^ZeZ^ghjZa^jZ`_gghijhbag_keZyQlhiehoh]h\lhf_keblufg_jZkkdZ`_rv"
Hq_\b^gh`_qlhyagZxg_dhlhju_hkgh\uIjhklhohqmk\_jblvkyhlb\k_
Ovxhldmkbe_s_h^bg[hevrhcdmkhd=_g_jZeZPhbi_j_`z\u\ZyjZa^mfu\ZeIjh]ehlb\hg
ihkfhlj_egZf_gy
H[hjhl_gvwlhq_eh\_q_kdh_keh\hN_cjb\u[jZeb_]hihlhfmqlhhghbo\_k_ebehghdh]^Zy
[uefheh^l\hc\b^gZau\ZebNbgg=Zgg_WlhhagZqZehdjZkb\Zyq_rmy
YnujdgmeZ
Gbq_]hdjZkb\h]h
?]hm^b\beZfhyj_Zdpby
L\hc\b^\_kvfZp_gblky
Y\afZogmeZ\\ha^mo_iZehqdZfb
LZdfg_kdZaZebIjh^he`Zc
Nbgg=Zgg_hq_gvj_^dbb\^_lkdhf\hajZkl_hq_gvojmidbFbjN_cjb`_klhdb[_kihsZ^_g
�ihwlhfmN_cjbijhp\_lZxlg_kfhljygZZgljhih]_ggucnZdlhj@Bofbj[_ahiZk_g^eygbo
bf_gghihlhfmqlhlZdhiZk_gGbdlh^jm]hcg_hkf_ebeky[ulZf`blv
YijhfheqZeZIhagZdhfb\rbkvkk_e_gb_fi_j\hjh^guoykh]eZkbeZkvqlhwlhg_^eyf_gy
BlZdn_cjbhklZ\eyxlfZe_gvdh]hh[hjhlgykex^vfbihlhfmqlhgZjh^ghca_fe_hiZkgh"
�_l_caZqZjh\u\Zxlqlh[u\u]ey^_lvdZdex^bbkdjulvk\hx_kl_kl\_ggmxnhjfmB^ZaZl_f
hgbf_gyxlgZq_eh\_q_kdh]hj_[_gdZ
ulZjZsb\]eZaZydbgmeZiZehqdb^ey_^ugZlZj_edm\g_aZighfhc`b\hlkdjmlbeh
Qlhijhbkoh^blkq_eh\_q_kdbfj_[_gdhf"
N_cjb[_kqm\kl\_gguih`bagbijhbag_kOvxjh\guf]hehkhfBfgbq_]hg_klhblb]jZlvk
^jm]bfbihdZl_kem`Zlbop_eyf
Fg_aZohl_ehkvihljh]Zlvde_cfhgZ\gmlj_gg_cklhjhg_k\h_]h[_^jZhlf_ldmNbgbZgZdhlhjmx
hghklZ\beijbagZ\Zyf_gyk\h_ckh[kl\_gghklvxQ_f[hevr_ymagZ\ZeZhn_cjbl_ff_gvr_
fg_wlhgjZ\behkv
BlZdy[ueZ[jhr_gZa^_kvQZklhebqZklheblZdh_ijhbkoh^bl"kfuke_h[f_g^_lvfb"
Hgih`Zeie_qZfb
YkeurZelhevdhkemobghgh\hklbihemqZ_fu_gZfbbafbjZn_cjbih[hevr_cqZklbl_qlhhgb
kZfb\u[_jmlqlh[ujZkkdZaZlvfh_fm\b^m?]h\ujZabl_evgucjhlkdjb\bekyDkqZklvxhgb
AgZqblgZqZeZykex[hiulkl\hfLum`_\b^_elZdbodZdy^Z"
b^_ekh]eZkbekyhgKl_oihjijhreh^hklZlhqgh\j_f_gbF_kypuFh`_l[ulv]h^u
N_cjbkqblZeb__hq_gvbgl_j_kghcHgZ[ueZhq_gv^bdhcihdZhgbg_mkfbjbeb__bg_aZklZ\beb
&#xha;&#xfh;&#x`g;&#xh;&#x^Z;&#x`_;&#x;&#xql;&#xh;&#xlu;&#xh;&#x^g;&#xZ;º&#x_;&#x_;&#xih;&#xlh;&#xfk;&#xl;&#xZ;&#xg_;
&#xZ`;&#x_l;&#xky;&#x;&#x__;
&#xZe;�&#xha;&#xfh;&#x`g;&#xh;&#x^Z;&#x`_;&#x;&#xql;&#xh;&#xlu;&#xh;&#x^g;&#xZ;º&#x_;&#x_;&#xih;&#xlh;&#xfk;&#xl;&#xZ;&#xg_;
&#xZ`;&#x_l;&#xky;&#x;&#x__;
&#xZe;�jZafgh`Zlvkyhafh`gh^Z`_qlhluh^gZba__ihlhfkl\ZFg_dZ`_lky__a\Zeb`_jkb_\be
���`_jkb"Hfhc;h]`_jkb_\be"FhcjhljZkdjuekykm`ZkhfYkhklhx\jh^kl\_kwlbf"
��DZ`^ucj_[_ghdkeurZeh`_jkbw\beh[hevrhf`mldhfdjueZlhffhgklj_bae_kZ
l_jjhjbabjmxs_fi_j\uoihk_e_gp_\:f_jbdb
Ovx\u]ey^_ekl_kg_gguf
hafh`ghL\hc\b^g_fgh]hqbke_gBaaZwlh]hlulZd\ukhdhp_gbrvkyyagZxf_gvr_
^x`bgueZ^_lvh[hjhlg_fwlhkbf\he^hklZlhqgh\ukhdh]hiheh`_gby^eyn_cjbNbgbZg`^Ze
l_[yfgh]he_l
Y\u^hogmeZ
��AgZqbl`_jkb_\be^Z"YiheZ]ZxhgZlZdbg_gZreZk\hxBklbggmxex[h\v
Ovxi_j_\_eijbklZevgucdhrZqbc\a]ey^gZf_gy
Lu]h\hjbrvh[wlhfghykg_cg_agZdhfQlhagZqblbklbggZyex[h\v"
=Z^ZedZihemdjh\dZn_cjbkdZaZeZfg_qlh_klvh^bg_^bgkl\_ggucfm`qbgZgZa_fe_dhlhjuc
y\ey_lkyfh_cbklbgghciZjhcFhybklbggZyex[h\v?keby_]hgZc^mlhkfh]mjZajmrblv
ijhdeylv_bg_baf_gxkvdh]^Zhgijbdhkg_lky
Ovxk`Zehklvx\a]eygmegZf_gy
�JZc^_jLug_ijhdeylZjm]ZynhjfZwlhlhd_fluy\ey_rvkyWlhl\hyj_ZevgZynhjfZ
GbdZdZyBklbggZyex[h\vg_bkijZ\blwlh]hHgZh[fZgmeZl_[y
Ykljm^hfk]ehlgmeZ
G_lG_ijZ\^ZG_fh]eh[ulvijZ\^hc
IjZ\^ZL\hybklbggZykmsghklvij_h^he_\Z_lqZjudh]^Zlu\ha[m`^Z_rvkyBf_gghihwlhfmlu
l_jy_rvdhgljhevWlhlhd_fluy\ey_rvkyLug_q_eh\_dkkms_kl\hf\gmljbLukms_kl\h
dhlhjh_ijbdb^u\Z_lkyq_eh\_dhf
=hjyqb_ke_audhehebfg_]eZaZdh]^ZhlqZygb_aZoe_klgmehLhqlhhgkdZaZeihoh^behgZijZ\^m
bOvxg_fh]khe]Zlvfg_
LZdqlh`_g_lgbdh]hdlhfh`_lf_gykiZklb"
Ygbdh]^Zg_keurZehlZdhf
Yohl_eZaZhjZlvdZdj_[_ghdLZdh_qm\kl\hdZd[m^lha_feymreZbaih^gh]GZ^_`^Zbkq_aeZ\
h^bgfb]
Lh]^Zfg_dhg_p
Fg_`ZevJZc^_jOvxihklZ\be_^m\gbab_]h[hevrZyjmdZkgh\Zk`ZeZfh_ie_qhAgZxlu
^mfZ_rvqlhy[_kk_j^_qgucgh_keb[u[ue^jm]hckihkh[^eyl_[ylhfhyaZ^ZqZg_[ueZlZdhc
e_]dhc
�eyg_]hwlhe_]dh"YijbmgueZ
GmkdZaZeZyKiZkb[haZihp_emc\ex[hfkemqZ_L_qlhmf_gy[uebfh`ghi_j_kqblZlvih
iZevpZfbgbdq_fmohjhr_fmg_ijb\_eb
Hg[jhkbegZf_gyex[hiulguc\a]ey^
Q_klgh]h\hjy\kzlZd[ukljhijhbahrehqlhyg_fh]mhp_gblv
Ovxkfhlj_egZf_gylZd^he]hqlhygZqZeZm`_g_j\gbqZlvGZdhg_phgijhbag_k
:h[uqghwlh^hevr_"
Ihp_emb"YgZf]gh\_gb_m^b\beZkvqlhg_kfh]eZhl\_lblvFhzl_eh\^jm]\kiuogmehhl
\ha[m`^_gbyghyg_baf_gyeZkvdhgp_dhgph\hgdhfg_g_ijbdhkgmekyYfh]eZ[ulv
\ha[m`^_gghc^hl_oihjihdZf_gyg_ijh\hpbjh\Zebijbdhkgh\_gb_f?klvfgh]hjZaebqguo
\b^h\ihp_em_\OvxG_dhlhju_[uklju_bkeZ^db_Zg_dhlhju_lZdb_^he]b_qlhaZklZ\eyxl
h[hboiZjlg_jh\aZ^uoZlvky\dhgp_
BebylZdkeurZeZ
Ovxihkfhlj_egZfhcjhlbyihqm\kl\h\ZeZdZdfhbkhkdbl\_j^_xl\hl\_l
AZ^uoZlvky"Ijhklhijb`bfZykvjlZfb"
�_ehg_lhevdh\wlhfhl\_lbeZyh[ebaZ\]m[uDZdlup_em_rvkywlhg__^bgkl\_gguc
kihkh[Lufh`_rvke_]dZihdmku\Zlv]m[ubebihkZku\Zlvbebfh`_rvbkihevah\Zlvyaud
Yaud"
�ZLuyihdjZkg_eZuijhgbdZ_l_yaudZfb\jhl^jm]^jm]mHq_gvwjhlbqgh
JZkkdZ`bfg_[hevr_h[wlhfMl_[y_klvhiul"
Fhcjhlkdjb\beky\]hjvdhcmkf_rd_
h\k_g_lMf_gy_klvijh[e_fZihfgbrv"
Hgkd_ilbq_kdbihkfhlj_e\u]gm\h^gmly`_emx[jh\v
Lh]^Zhldm^ZluagZ_rvdZdwlh[u\Z_l"
YjZkkf_yeZkvihlhfmqlhhg\u]ey^_elZdbfjZkkljh_ggufijbfukebqlhy_]hh[fZgu\Zx
Dhg_qgh`_mf_gy_klv]eZaZY\b`mqlh^_eZxl^jm]b_ex^b:ihlhf\k_]^Z_klvl_e_\b^_gb_
fhb]eZaZjZkrbjbebkvby\kdhqbeZaZ[u\ijhm`bgK\ylZydhjh\Zy\_^vg_ihdZaZeZl_[_
�l_e_\bahj"Z\Zcb^baZfghc
Ovxijbo\Zlbekkh[hch^bgbadhgl_cg_jh\gZ\ughkdh]^Zihr_eaZfghc
Qlh_s_aZl_e_\b^_gb_"H[tykgbfg_
Yemqr_ihdZ`mhl\_lbeZyKZ^bkvZyihdZ\havfmimevl
Iexogm\rbkvgZdjZcfh_]h^b\ZgZhgijh^he`Ze_klvbkex[hiulkl\hfgZf_gyih]ey^u\ZlvY
aZf_lbeZqlh_]h\a]ey^[em`^Zeihfh_cnb]mj_bkhkj_^hlhqbekygZaZ^gbp_dh]^Zy\klZeZgZ
dhe_gbqlh[u\aylvimevlkih^klZ\dbih^l_e_\bahjhf
�OvxqlhiyeblkygZf_gy"he`gh[ulvihlhfmqlhfu]h\hjbebhk_dkmZevguo\_sZob_]hhiulk
`_gsbgZfb\_kvfZh]jZgbq_g?kebmf_gyg_lhiulZkfm`qbgZfbbdZ`^ucjZadh]^Zdlhlh
hdZau\Zekyi_j_^hfghcij_^iheh`bl_evghyqlhkfhljxgZg_]hlZd`_
B\k_`_wlhaZklZ\eyehf_gyqm\kl\h\Zlvk_[ykljZklghcb\hafh`ghy\beyeZ[_^jZfbg_fgh]h
[hevr_dh]^ZreZh[jZlghq_j_a]hklbgmxqlh[uk_klvjy^hfkOvxgZ^b\Zg_YihdZaZeZimevlb
kjZam`_\dexqbekyl_e_\bahjkj_\hfgh\hkl_c
Yhp_gbeZj_ZdpbxOvxdh]^Zhgbkim]Zgghih^kdhqbebijbwlhf_]h]eZaZjZkrbjbebkvY
\a]eygmeZgZl_e_\bahjiulZykv_]hm\b^_lv]eZaZfbOvx
Gbq_]haZo\Zlu\Zxs_]hijhklhijh]ghaih]h^u
Wlhysbddhlhjuci_j_^Z_ldZjlbgdbh[tykgbeZy_fmBfufh`_f\u[jZlvlhqlhaZohlbf
Yi_j_dexqbeZgZke_^mxsbcdZgZebOvx^_jgmekyijb\b^_ehrZ^_ckdZqmsboihij_jbb
klZjuc\_kl_jgYkgh\Zi_j_dexqbeZbOvxih\_jgmekylZjZsZkvgZf_gy
Dm^Z^_ebkvwlbehrZ^b"
Yih`ZeZie_qZfb
G_agZxWlhijhklhjhebdbaklZjh]h\_kl_jgZ
_kl_jgZ"hgkgh\Zldgme\bedhc\wdjZgYohqmm\b^_lv[hevr_ehrZ^_cHgbijbylgu_gZ
\dmkb[hevrZyj_^dhklv\fh_ffbj_
Gha^_kvhgbg_j_^dhklvhl\_lbeZyBgbdlh\Kh_^bg_gguorlZlZog__klehrZ^_c
Hgnujdgme
Lh]^Zhgb^mjZdb
Yihs_edZeZihdZgZeZfb]ghjbjmya\mdbijhl_klh\OvxihdZfuijhimkdZebh^gmbgl_j_kgmx
gh\hklvaZ^jm]hcGhybkdZeZihp_embq_jlih[_jb
Ihq_fmyg_fh]eZgZclbgbq_]h^Z`_hl^Ze_gghjhfZglbq_kdh]h\ljbqZkZghqbYih]ey^_eZgZ
OvxaZdb^u\Z\r_]h=_g_jZeZPh\jhlbrbjhdhjZkiZogmlufb]eZaZfbiyeykv\l_e_\bahj]^_
dlhlhijh^Z\Zejmqghcfbdk_j\l_e_fZ]Zabg_
Y\a]eygmeZgZk\hxfZe_gvdmxdhee_dpbx'9'ghg_m\b^_eZlZfgbq_]h\dexqZ\r_]h
k_dkmZevgu_fhf_gluj_fy^eyhlqZygguof_jYi_j_dexqbeZgZieZlgucdZgZeb\u[jZeZi_j\h_
ihiZ\r__kyihjgh
Fuihkfhljbflhevdhg_kdhevdhfbgmleZ^gh"
Qlhwlh"
M\b^brvkdZaZeZy_fmbgZ`ZeZ\hkijhba\_klb
Y\a^jh]gmeZdh]^ZdhfgZlmaZihegbeZ^jyggZyfmaudZZjZaghkqbdibppur_eihdhjb^hjm
fgh]hd\Zjlbjgh]h^hfZYohl_eZijbdjulvebphhlklu^ZaZdebr_gh\f_klhwlh]hmdjZ^dhc
\a]eygmeZgZOvx
Hgm\e_q_gghkfhlj_ei_j_klZ\_klvdh]^ZjZaghkqbdibppuiha\hgbe\^\_jvbgZqZe[_k_^h\Zlvk
ihemjZa^_lhc[ehg^bgdhchldju\r_c^\_jv
AZl_fOvx\uimqbe]eZaZhlm^b\e_gby
Yk^_j`ZeZkf_om\b^_\_]hrhdbjh\Zgguc\a]ey^bkgh\Zihkfhlj_eZ\l_e_\bahjDhg_qgh`_
[ehg^bgdZ\lZsbeZjZaghkqbdZibppuaZ\hjhljm[Zrdb\k\hxd\ZjlbjmZ__jhlkhfdgmekygZ_]h
;uehfgh]hihp_em_\kyaudhfb]em[hdbok^Z\e_gguoklhgh\ba^Z\Z_fuowlbfb^\mfyihdZhgb
[mjghh[`bfZebkvbba^Z\ZeblhggujZaebqguoa\mdh\
�_\mrdZijh^he`ZeZklhgZlvihdZp_eh\ZeZfm`qbgmA\mdbkfmsZebhqZjh\u\Zef_gyhlq_]hy
ihqm\kl\h\ZeZdZdfhcfhgklj\klj_i_gmekyYijbdmkbeZs_dmqlh[um^_j`Zlv_]hbihkfhlj_eZ
gZOvx
Hgijbsmjbe]eZaZlZdijbklZevgh\kfZljb\Zykv\l_e_\bahjqlhqzldb_ijbagZdb
khkj_^hlhq_gghklbijhklmibebgZ_]hebp_
IhdZdbflhijbqbgZfwlhaZklZ\behfhxh[hjhlgmxklhjhgmihdZeu\Zlvkbevg__by
ihqm\kl\h\ZeZdZdl_ehgZqZeh[he_lvkg_h[oh^bfhklvxbaf_gblvky;ukljhih^gy\imevly
\udexqbeZl_e_\bahj
OvxaZklZ\bef_gyhklZgh\blvkyhklhjh`ghdhkgm\rbkvfh_]hjmdZ\Zqlh[ug_dhglZdlbjh\Zlvk
Yohqmihkfhlj_lv_]h\a]ey^[ueijbdh\ZgdwdjZgm
ulygm\jmdmy\dexqbeZl_e_\bahjghg_kfhlj_eZgZwdjZgG_fh]eZ[hevr_kfhlj_lvgZwlh
f_klhl_ebdZygZ[ex^ZeZaZOvxklZjZykvijhimkdZlvfbfhmr_ca\mdb^hghkysb_kykwdjZgZ
Ovx[uekh\_jr_gghie_g_g\_]h]eZaZok\_jdZehhljZ`_gb_wdjZgZIhdZOvxkfhlj_edZ`^uc
fmkdme\l_e_hklZ\Zekyg_ih^\b`guf
Fg_ijbreh\]heh\mqlhwlh\hafh`gh_]hi_j\uchiulkex[uf\b^hfk_dkmZevghklbmqblu\Zy
qlhm_]hgZjh^Zi_j\hjh^guo\bog_[hevrhfbaf_j_gbbg_l`_gsbgYg_m\_j_gZqlhihjgh
nbevf^he`_gklZlv^eyg_]hijh\h^gbdhfdiehlkdbfml_oZfghyg_agZeZqlh^_eZlv
H^Zl_[_lZdgjZ\blkyrexrdZ"ijhbag_kh^bgba]hehkh\\l_e_\bahj_
Wlhijb\e_dehfh_\gbfZgb_brbjhdhjZkdju\]eZaZyih\_jgmeZkvdwdjZgmFm`qbgZ\dZ^j_
jZkkl_]gme[jxdbb\ugmeqe_gI_j_^gbfgZdhe_gyoklhyeZ`_gsbgZbihdZykfhlj_eZhsmsZy
kf_kv\ha[m`^_gbybm`ZkZhg\ayek\hcqe_gbm^Zjbebfihebpm`_gsbgm
Luwlh]hohq_rvrexrdZ"kgh\Zkijhkbefm`qbgZ`_gsbgZ\l_e_\bahj_aZklhgZeZb
ki_pbZevghihl_jehkvh[qe_gebphf
Yqm\kl\h\ZeZ[_r_gu_imevkZpbbh[`b]Zxsb_fh_l_eh
Yg_fh]mkb^_lva^_kvkhh[sbeZyOvxbj_adh\kdhqbeZgZgh]bWlh[uehkebrdhfg_eh\dhB
\ha[m`^Zxs_H^ghijbdhkgh\_gb_Ovxbfhbdjuevy\uj\mlkybaaZkibguY[jhkbeZimevlgZ
^b\Zg
?kebOvxbaZf_lbefh_ihki_rgh_hlklmie_gb_hgjZamf__lkyg_ihke_^h\ZeaZfghc
Ih^haj_\Zxqlhg_m\b`m_]h^hhdhgqZgbynbevfZY\kljyogmeZ]heh\mqlh[ujZkk_ylvfukeb
Ohjhrbcoheh^guc^mrZaZl_fkiZlv
Bah\k_okbeyklZjZeZkv[hevr_g_^mfZlvhOvxkfhljys_]hihjgh\]hklbghc_]h]eZaZk\_jdZeb
ihdhrZqvbgZ[ex^ZydZdex^bljZoZxlkygZwdjZg_
Ydhg_qghklZjZeZkvg_^mfZlvhlhfqlhijhbahreh[uhklZgvkyykgbfdhfgZl_Kfh][uhg
ihkfhlj_lvgZf_gy\hij_^_e_ggucfhf_gl"AZohl_e[uihijh[h\Zlvqlhlh"Fh_^uoZgb_
mqZklbehkvbydhkgmeZkvs_dbbij_^klZ\beZOvxhsmsZxsbffhxmjh^eb\mxq_rmx
LhkdZaZoe_klgmeZf_gy
�ZG_\wlhc`bagb
=eZ\Z
fh_fdZe_g^Zj_\k_i_j_imlZehkv[eZ]h^Zjyihl_jygguf^gyfghjZkklZ\b\ijbhjbl_lu\h]eZ\_
kibkdZhdZaZekyh[_^kfh_cih^jm]hcFZjb
FZjb;_eeZ\_gkklZjr_f_gygZg_kdhevdhe_lb\agZqbl_evghckl_i_gbfhyihegZy
ijhlb\hiheh`ghklvHgZijb^bjqb\Zybya\bl_evgZy\lh\j_fydZdyijb\_leb\ZybkqZkleb\Zy
Fg_gjZ\bekyfZdby`bdhd_leb\u_\_sb
FZjbghkbeZ[hevrb_hqdb[hlZgbdZgbq_]hg_^_eZeZkl_fgufb\vxsbfbky\hehkZfbb[ueZ
h[eZ^Zl_evgbp_c\hafh`ghkZfh]hkdmqgh]h]Zj^_jh[Z
HgZfZl_jbeZkvdZdfZljhk\k_]^ZgZnjZgpmakdhfBkijhreh]hf_kypZFZjbklZeZ
gh\hh[jZs_gghc\_jimfhc
Ghy[_amkeh\ghex[beZFZjbYh[h`ZeZ__kl_oihjdZdhgZ\i_j\u_\hreZ\Ihemghqgu_k\yab
G_kfhljygZk\hxdbkemxbg^b\b^mZevghklvmFZjb\aju\ghcoZjZdl_jMg__[uehkljucmfbg_
ih^haj_\Zxsbohkh[Zo
Kb^ygZijhlb\g__dZ`^mxghqvgZjZ[hl_\j_fyijhoh^behg_aZf_lghbgZf[uehlZd\_k_eh
\f_kl_h\j_fy^he]bokf_gfuqZkZfb]h\hjbebh[h\k_fgZk\_l_
Dlhfm`_FZjbagZeZhfh_ckdjulhcklhjhg_DZdlhh^bgbagh\uodeb_glh\ijbgyefhc
ijb\uqgucnebjlaZih^ebggh_\e_q_gb_bko\Zlbef_gyaZjmdm
Yhk\h[h^beZkvhlaZo\ZlZbihiylbeZkvgZaZ^ddhgn_j_gpaZemihdZFZjb\uijh\Z`b\ZeZdeb_glZ
bihlhfaZklb]eZf_gy\k_j_^bg_baf_g_gbyf_klhlh]hqlh[u\iZklv\bkl_jbdmhgZkihdhcgh
aZdjueZ^\_jvb`^ZeZ^hl_oihjihdZyg_\_jgmeZkv\ij_`g__khklhygb_aZl_fFZjbkijhkbeZg_
gm`ghebfg_\uiblv\h^u
YijhkbeZbmfheyeZ__gbdhfmgbq_]hg_jZkkdZau\Zlvblhcghqvxfuijbg_kebgZrmi_j\mx
deyl\mgZfbabgpZo
Ylh]^Zg_hkhagZ\ZeZihgbfZgb_\l_fguo]jmklguo]eZaZoFZjbihlhfmqlhmg__[ueb
kh[kl\_ggu_lZcgubdh]^Z_cklZehkh\k_fiehohyihgyeZqlhfh]mojZgblv__k_dj_lulh`_
Wlbh[sb_k_dj_lumdj_ibebgZrm^jm`[mBohlyFZjbm\hebebbaZ]_glkl\Zb\gZklhys__\j_fy
hgZjZ[hlZeZebqgufihfhsgbdhf;vxfu\k__s_hklZ\Zebkvemqrbfb^jmavyfb
YkdmqZeZ[_aFZjbkb^ys_cgZijhlb\f_gydZ`^mxghqvOhlyKZ\ZggZ[ueZfbehcblbohc
^_\mrdhcb\k_`_hgZg_FZjbM`_g_lZdjZ[hlZehkvihke_moh^ZFZjb
L_i_jvdh]^ZFZjbjZ[hlZeZ^g_fZy\k__s_ex[beZjZ[hlZlvihghqZfmgZkg_[ueh
\hafh`ghklb\klj_qZlvkylZdqZklhdZdohl_ehkv[u
GZrbihklhyggu__`_g_^_evgu_eZgqb\hkihegyebmims_ggu_kie_lgbdhlhju_g_fh]eb
ihf_klblvky\khh[s_gbyoP_evk_]h^gyrg_]heZgqZgZ\_jklZlvmims_ggh_aZl_^gbdh]^Zy
ijh^bgZfbeZFZjb
HgZg_`_eZeZ`^ZlvgZr_ch[uqghc\klj_qbqlh[u\k_magZlvbyg_\bgx__\wlhf
�ey\klj_qbygZ^_eZ^`bgkh\u_dZijbkp\_lhqgufijbglhfbjhah\mxdhjhldmxdhnlhqdm
dhg_qgh`_bih^oh^ysb_jhah\u_[hkhgh`db\fK\hbk\_leu_\hehkuyaZlygmeZ\^\Z\ukhdbo
imqdZb^hihegbeZZgkZf[evex[bfhckmfhqdhc+HOOR.LWW\
Qlh`_lh_^bgkl\_ggh_ihjlys__fh_kh\_jr_gkl\h"
Fhy[hevrZyim]ZxsZyl_gvOvxdhlhjucr_egZh[_^khfghc
�h]h\Zjb\Zykvh\klj_q_khh[s_gbyfbfukFZjbmkeh\bebkv\klj_lblvky]^_gb[m^v\^jm]hf
f_kl_dZn_\lhj]h\hfp_glj_YgZ^_yeZkv^ZlvOvxg_fgh]h^_g_]bhlijZ\blv_]hbkke_^h\Zlv
f_klghklvihdZy[m^m[helZlvkih^jm]hc?kl_kl\_ggh\h[s_kl\_gghff_kl_y\Z[khexlghc
[_ahiZkghklblZd\_^v"
Ovxg_dmibekygZwlh
G_lhlj_aZehgdh]^ZykeZ^dhij_^eh`beZ_fmijh]meylvky
k_]hebrvgZqZkmfheyeZyGm`_
G_l
Y[m^mkb^_lvihkj_^bh`b\e_ggh]hdZn_G_ihoh`_qlh[udlhgb[m^vihiulZekyqlheb[h
ij_^ijbgylvLug_^he`_ggZ\bkZlvgZ^hfghc
WlhfhyjZ[hlZHggZofmjbekydh]^Zyih\_kbeZkmfhqdmgZie_qhHkh[_ggh\Z`ghqlh[u
k_]h^gyy[uejy^hf
L\hyh^_`^Zg_ijbklhcgZy
Hgeb[hrmlbl"YhdbgmeZ\a]ey^hfk\hcgZjy^
Qlhiehoh]h\lhfqlhgZfg_h^_lh"iheg_fbeh
Ovxijh\_ejmdhcihjlm
L\hc`b\hlh[gZ`_g
AgZxyg_fgh]h^_fhgkljZlb\ghih\_jl_eZkvMf_gyohjhrbc`b\hlbdihdjZcg_cf_j_\
q_eh\_q_kdhcnhjf_LZdijhbkoh^bldh]^ZlugZ^_\Z_rvdhjhldmxdhnlhqdm
Wlhijb\e_qzlfm`qbghgg_fh]i_j_klZlviyeblvkygZfhc`b\hl
Fhxdh`mgZqZehihdZeu\Zlvby\kihfgbeZqlhhklZ\beZ\q_jZOvx\dhfiZgbb
ihjgh]jZnbq_kdh]hnbevfZQlhhg\b^_e"Hq_f^mfZ_l"YhsmlbeZdZdfhcfhgkljaZr_\_ebekyb
ih^Z\beZ_]h
kywlZkdjhfghklvbkoh^blhlfm`qbgukdehggh]h\_a^_oh^blv]heuf"
Dfh_fmm^b\e_gbxhggZkmibeky
Wlh^jm]h_
Ovxg_klhblbkihevah\Zlvrh\bgbafgZfg_Y[m^mghkblvlhqlhohqm
:ybf_xijZ\hhklZlvkyklh[hc
Y\a^hogmeZ
?kebyh^_gmqlhgb[m^v[he__kdjhfgh_luh[_sZ_rvhklZ\blvf_gy\ihdh_gZg_kdhevdhqZkh\"
G_l
Lh]^ZdhnlhqdZhklZ_lky
DZdby
Yijhly`gh\u^hogmeZiulZykvmkihdhblvkybiha\_g_eZdexqZfbihgbfZyqlh\ex[hfkemqZ_
gbq_]hg_^h[vxkvhlOvx
Lh]^Zihr_\_eb\ZckyG_ohqmhiha^ZlvbgZfgZ^hjZaf_klblvl_[yih[ebahklb^Z[ug_
hrZjZrblvFZjb
lhj]h\ucp_gljfu_oZebfheqZWlhg_ihoh`_gZf_gyhklZ\Zlvkylbohcdh]^Zfh`gh[ueh
�nebjlh\Zlvyqm\kl\h\ZeZk_[y`mldhg_eh\dhkOvxeygZqZeZhgkfhlj_eihjgh\q_jZ\_q_jhf
?]hi_j\h_ihjghDhlhjh_ygbdh]^Zg_kfhlj_eZ\k_]hg_kdhevdhk_dmg^ihjgh]jZnbb\uau\Zeb
ljZgknhjfZpbxZyg_gZ\b^_eZhsms_gb_[_kihfhsghklb\wlhlfhf_gl
Ghwlhg_agZqblqlhyg_aZ\b^mx_]h\hafh`ghklbkfhlj_lvnbevfFg_[uehex[hiulgh
K_dkmZevghebwlh"ha[m^bekyebhghlijhkfhljZ"K^_eZeebhgk_[_ihf_ldb\]heh\_
bkihevah\ZlvqlhlhbanbevfZgZk\h_ciZj_dh]^ZgZc^zl__"
AZl_fyij_^klZ\beZdZdhgp_em_lijyfhdZd\nbevf_\ukhdmx`_gsbgmh[hjhlgybgZofmjbeZkv
G_ohqmh[wlhf^mfZlv
Ihq_fmlhwlhjZa^jZ`Zehf_gyhafh`ghihlhfmqlhOvxgZc^zlk\hxiZjmZf_gylhqgh
ihbf_eb
Wlhg_dZ`_lkykijZ\_^eb\uf?]hf_qlZbkihegblkyZy[m^m`blv\dhrfZj_YihkfZljb\ZeZgZ
OvxihdZ\_eZfZrbgmbaZf_qZeZ_]hijbklZevguc\a]ey^gZk_[_g_kdhevdhjZaDZ`^ucjZadh]^Z
yeh\beZ_]hgZwlhfhghl\hjZqb\Zeky[m^lhkfms_ggucl_fqlh_]hihcfZebBwlhaZklZ\beh
f_gyaZ^mfZlvky
g_fgh]hbijbiZjdh\Z\rbkvyihreZ\gmljvOvxaZjZ[hlZeg_kdhevdhijbklZevguo\a]ey^h\ghy
ij_^iheh`beZqlhwlhbaaZ_]hjZaf_jh\Zg_imrbkluojmdbgh]bebdeudh\bdhrZqvbo]eZa
YagZeZqlhhgb\b^gughg_agZdhfpug_aZf_lylwlh]hihdZg_ih^hc^ml\iehlgmxdg_fmQlhk
im]ZxsbfjZaf_jhfOvxfZeh\_jhylgh
L_i_jv\hlqlhkdZaZeZy_fmdh]^Zfu\hreb\dZn_gZiylgZ^pZlvfbgmljZgvr_gZagZq_gghc
\klj_qbWlh[ueZ\_kze_gvdZyk_lv[bkljhkdjhr_qgufbklhebdZfbbkh]jhfgufdhebq_kl\hf
�dblqZ@gZkl_gZoG_h^ghbagZrboex[bfuoghfug_fh]eb\u[jZlvemqr_]hf_klZqlh[u
kf_rZlvkyklheihcYhkfhlj_eZihf_s_gb_bgZijZ\beZkv\kZfmx]em[vOvxrzeke_^hfaZfghc
BaaZh[_^_ggh]h\j_f_gb\dZn_gZoh^behkvfgh]hgZjh^mghfg_m^ZehkvgZclb^\ZklhebdZg_
^Ze_dh^jm]hl^jm]Z
Lug_fh`_rvkb^_lvkgZfbbgZq_k\_^_rvf_gykmfZIhwlhfmfg_gm`ghqlh[uluk_eaZwlhl
klhebdymdZaZeZgZimklhcklhebd\m]em:yky^mlZf
KlhebdgZdhlhjucymdZaZeZklhyeq_j_a^\ZklheZhlfh_]h
OvxgZofmjbeky
G_l
Yih\_jgmeZkvb\a]eygmeZgZg_]hkg_^h\hevkl\hf\h\a]ey^_
�ZeZ^ghY\ij_^_eZo\b^bfhklbLukfh`_rvmkeurZlv\k_hq_ffu]h\hjbfg_gZ\bkZygZ^h
fghcdZdgZk_^dZgZ^puie_gdhfF_`^ml_fmf_gy[m^_lohlvdZdh_lhih^h[b_m_^bg_gby
Ihgye"Fg_wlhgm`ghbebyihl_jyxgZ^kh[hcdhgljhev
DZdh_lh\j_fyhgbamqZef_gyZaZl_fdhjhldhdb\gme
Hq_gvohjhrh
YkqZkleb\hoehigmeZ_]hihie_qmke_]dZklbkgm\jmdZ\
KiZkb[hOvxLuemqrbc
Ovx]jm[hdb\gmebk_eaZklhef]gh\_gghklZ\\u]ey^_lvjZkl_jyggufHg\ayeklheh\u_
ijbgZ^e_`ghklbaZ\zjgmlu_\kZen_ldmbklZekex[hiulkl\hfbojZkkfZljb\Zlv
Ijhklhkb^ba^_kvbaZdZ`bdZdmxgb[m^v_^mkdZaZeZyKdZ`bqlhy\k_hieZqmy
ihlygmeZkvq_j_aklhebko\ZlbeZf_gxdh]^Zy\uijyfbeZkvaZf_lbeZdZdOvx^_jgmekygZaZ^Z
_]hgha^jbjZa^m\ZxlkyLululhevdhqlhihgxoZefhb\hehku"
Hgg_kfhlj_egZf_gyf_klhwlh]hhg\ibeky\a]ey^hf\f_gxdhlhjh_yijhlygmeZ_fm
Hlwlh]hyklZeZqm\kl\h\Zlvk_[yg_fgh]haZ[Z\ghHsmlbeZlj_i_l
f_gx_klvdZjlbgdbijhbag_keZyaZlZb\^uoZgb_IjhklhaZdZ`bqlhihgjZ\blvkygZ\b^b
g_[_kihdhckyhp_g_?kebihgZ^h[blvkylmZe_lgZoh^blvky\dhgp_aZeZYgZ^_yeZkvfg_g_
ijb^zlky\gh\vihdZau\Zlv_fmdZdjZ[hlZ_lkeb\
Mf_gy\k_[m^_lohjhrhhl\_lbehggbadbf]hehkhfZ_]h\a]ey^[uegZijZ\e_ggZfhc
h]he_gguc`b\hl
Bkgh\ZlhlkljZgguclj_i_l\`b\hl_Fhgklj\a[judgmeghg_ih^gyekygZih\_joghklvIjhklh
g_j\u";_kihdhckl\h"Qlhlh\jh^_wlh]h
OhlylhdZdOvxkfhlj_egZf_gydZaZehkvhq_gvebqgufBhgg_hl\_lbedh]^ZykijhkbeZgxoZe
ebhgfhb\hehku
:wlhagZqblqlhhggxoZeghg_ohl_eijbagZ\Zlvky
ihdZFZjbg_iexogmeZkvgZklmegZijhlb\f_gy
A_fey\uau\Z_lJZc^_jhlah\bkvih`ZemcklZYkdZaZeZijb\_l^\Z`^u
Hcy^_jgmeZkvbihki_rghaZoehigmeZf_gxIjhklbAZ^mfZeZkvIjb\_l^_\hqdZ
IhgylghFZjbmkf_ogmeZkvbm[jZeZjZklj_iZ\rb_ky\hehkuaZie_qhJZ^Z\b^_lvl_[y
]emiurdZ=^_kdju\ZeZkv"
Kdju\ZeZkv"jZkk_yghkijhkbeZy
LuijhiZ^ZeZg_kdhevdh^g_cihykgbeZhgZgZofmjb\rbkvG_hl\_qZeZgZa\hgdbb
khh[s_gbyb\hh[s_Y\hegh\ZeZkv
HIjhbahrehdh_qlhyihr_\_ebeZfbabgp_f
Dh_qlh[_amqZklghijhbag_keZhgZjZa\hjZqb\Zyklheh\h_k_j_[jhb[jhkb\gZf_gy
kd_ilbq_kdbc\a]ey^\dhlhjhfqblZehkvqlhhgZgbgZfb]g_ih\_jbeZ\lZdhcijhklhchl\_lM
l_[yg_jZa[_jboZl\hjblky\]heh\_"
QlhlhlbiZlh]hhl\_lbeZy
Gha^jbFZjbih^_j]b\ZebkvbhgZihl_jeZghk
LuiZog_rvdhrdhcG_agZxdZdhcghhij_^_e_gghdhrdhcih^gy\]heh\mhgZhkfhlj_eZkv
A^_kv_klvdhrdZ__\a]ey^kdZgbjh\ZeaZebhklZgh\bekygZOvxkb^_\r_faZ^\ZklhebdZhlgZk
Lh]^ZhgZ\gh\vh[jZlbeZgZf_gy\gbfZgb_G_]h\hjbfg_qlhluk\yaZeZkvkukhdhcFjZqghc
=jhfZ^bghckb^ys_clZf"
Yg_kd_fg_k\yau\ZeZkvijhr_ilZeZyLuwlhagZ_rv
hl^eydh]hl_[_gm`gZ[ueZh^_`^ZgZ^gyo"hgZ\haajbeZkvgZf_gyih\_jokihearbogZghk
�hqdh\eywlh]hiZjgy"
YdbgmeZgZg__[_kihfhsguc\a]ey^bijhlygmeZfbabg_p
FZjbly`_eh\a^hogmeZ
�9R\RQV@YgZqbgZxg_gZ\b^_lvdeyl\ugZfbabgpZoohlykdj_klbeZk\hcfbabg_pkfhbf
BlZdjZkkdZ`bfg_hjZ[hl_DZdkijZ\ey_lkyKZ\ZggZ"
Dh]^ZhgZijboh^blohjhrhhl\_lbeZyGh__[_j_f_gghklv^_ckl\bl_evghly`_ehijhl_dZ_l
GZ^gyoyijbreZgZjZ[hlmZlZf\j_f_gghjZ[hlZ_lW\_j_llG_^mfZxqlhhgnZgZlZ]_glkl\Z
HgZobobdgmeZkfhljy\f_gx
IheZ]Zxg_l
Ih^hreZhnbpbZgldZ^_\hqdZih^jhklhdkrbjhdhcmeu[dhc
�h[juc^_gve_^bdZdb_gZibldbfh]m\Zfij_^eh`blv"
FZjbaZdZaZeZ\h^mZydhn_aZl_fmdZaZeZgZklheOvx
AZlhlklhebdlh`_ieZqmy
HhnbpbZgldZkfmszgghihkfhlj_eZgZf_gyOhjhrhLh]^Zyq_j_afbgmlm\_jgmkvk\Zrbf
aZdZahfhgZg_lhjhieb\hih^hreZdklhebdmOvxbihijb\_lkl\h\ZeZ_]h
FZjbihijZ\beZk\hbhqdbbkd_ilbq_kdbihkfhlj_eZgZf_gy
GZah\bf_gyk\bogm\r_ckyghlugZgyeZZevnhgkZbebdh]hlh\wlhf^mo_^eyj_r_gbyk\h_c
g_[hevrhcijh[e_fu"
Qlh"G_lKmfZkr_^rZyb;h`_hlwlh]hyihdjZkg_eZG_lhevdhbaaZlh]hqlhfg_[ueh
klu^ghghbihlhfmqlhiha`_fg_kdhj__k_]hijb^_lkyh[tykgblvOvxqlhlZdh_ZevnhgkWlh
OhhhjjjhrhijhlygmeZFZjbLZd^Z\Zc\_jg_fkydKZ\Zgg_HgZqlhlh_s_]h\hjbeZh
Dhgghj_"
Lhevdhdh]^Z^he`gZIhdjZcg_cf_j_ylZdihgbfZx
;_^guciZj_gvB[_^gZyKZ\ZggZHgg_kqZkl_ghlex[\bdg_cZhgZijhklhg_kqZklgZFZjb
ihdZqZeZ]heh\hc;vxlZd`_\h\k_fwlhfaZimlZeky
Ihq_fm"KZ\ZggZ_]hdmabgZyg_fh]eZihgylvihq_fm;vxmdhlhjh]hij_djZkgZyfbeZy
q_eh\_q_kdZy`_gZ;_lhq_gvg_j\gbqZeihih\h^mebqghc`bagbKZ\ZgguHgZ\ajhkeZylZd"B
fh`_l\klj_qZlvkykd_fohq_l
:]ZghDhgghj\hedLuagZ_rvdZdZygZijy`_ggZykblmZpbyihke_kemqb\r_]hkykKZjhc
HhLZddZdyq_eh\_dgbdlhgbdh]^Zg_jZkkdZau\Zefg_^_lZebhkemqb\r_]hkykKZjhcgh
bakdZaZggh]hfh`ghihgylvqlhh^gZklZy\hedh\iulZeZkvihlj_[h\Zlvk_kljm;_lKZjmdZdk\hx
kh[kl\_gghklv
AZdhgqbehkv\k_dZdlh]hke_^h\Zehh`b^ZlvG_dhlhju_\hedb[uebba]gZgueb^_jklZbkf_gbeky
KZjZhklZeZkvk\h[h^ghcZ[hevrbgkl\hqe_gh\:evygkZ^Zebh[hjhlgyf_s_[hevr_ebqgh]h
ijhkljZgkl\Zq_fjZgvr_hedZfg_gjZ\behkvgZl_jjblhjbb:evygkZ
Hlq_]hKZ\Zgg_[uehly`_e__ihlhfmqlhg_kdhevdhf_kyp_\gZaZ^\h\j_fyl_qdbhgZ
aZ[_j_f_g_eZhlDhgghjZ_j\hedZk_wlh^_ckl\bl_evghhl\jZlbl_evghBalh]hqlhyfh]eZ
kdZaZlvDhgghjhlqZyggh\ex[e_g\KZ\ZggmZhgZg_]h^h\ZeZbaaZlh]hqlhDhgghj__h[jxoZlbe
�ZKeh`gh
;vxohq_lqlh[u\hedZf[uebjZ^ulZdqlh[uhgbfh]ebijh^he`Zlv[_]ZlvklZ_cghijh[e_fZ
KZ\ZggZDhgghj^hkboihjg_j_r_gZ^ZbbklhjbyKZjukhklZ_ck_cqZkijhklhhq_gvkljZggh_
\j_fy;vxgZijy]Z_lkydZ`^ucjZadh]^Z_fmihklmiZ_la\hghdhlf_klgh]h\hedZohlyhgba\hgyl
ihih\h^m[_ah[b^guo\hijhkh\hgZih`ZeZie_qZfbYfh]mkdZaZlvdh]^Zijh[e_fZk\yaZgZk
\hedhfebrvihgZijy`_gghfme[m;vx
L_[_gjZ\blvkygZg_]hjZ[hlZlv"kijhkbeZydh]^Zih^hreZhnbpbZgldZihklZ\beZgZklhe
gZibldbbijbgyeZmgZkaZdZaBybFZjbaZdZaZebkZeZlHgZkdZaZeZqlhbgh]^ZbaaZfykZmg_z
ljm^ghklbkdhgljhe_f__gh\hcklhjhguh[hjhlgylZdqlhhgZdh]^Zfh]eZklZgh\beZkv
\_]_lZjbZgdhcYihgbfZeZwlhijh\_^y`bagvba[_]Zyijh\hdZpbc
�ZijbagZeZkvFZjbdZdlhevdhhnbpbZgldZmreZ;_l[u\Z_llZfhq_gvqZklhby\b`m
klhevdhagZdhfuoebpqlhdZ`_lky[m^lhkgh\ZjZ[hlZx\hnbk_aZbkdexq_gb_fqlhl_i_jv
jZ[hlZx^g_fZg_ghqvxblZfg_ll_[yhgZkdhjqbeZi_qZevgmx]jbfZkmbbah[jZabeZl_dmsmx
ihs_d_ke_am
Bf_gghlh]^ZyaZf_lbeZh]jhfgucdZf_gvgZ__iZevp_YaZlZbeZ^uoZgb_bko\ZlbeZ__aZjmdm
K\ylh_^_jvfhqlhwlh"
HgZkqZkleb\hih^iju]gmeZgZk\h_fklme_
�:ludZd^mfZ_rv]emiurdZ"Ij_^eh`_gb_`hrZ
Fuih^_\bqvbaZ\ba`Zebbyk`ZeZ__jmdmhlkqZklvy
H;h`_YlZdjZ^ZaZl_[y
FZjbdZaZehkv[ueZg_\kbeZoi_j_klZlvmeu[Zlvky
KiZkb[hYlZdkqZkleb\ZHgk^_eZeij_^eh`_gb_^\Z^gygZaZ^YiulZeZkv^ha\hgblvky^hl_[y
Y\gh\vihr_\_ebeZfbabgp_f
HgZaZdZlbeZ]eZaZ
JZkkdZ`bfg_\k_ih^jh[ghklbbg_kdmibkvgZ^_lZebihlj_[h\ZeZygZdehgbeZkv\i_j_^bk
aZ^mfqb\uf\b^hfhizjeZkvih^[hjh^dhfgZjmdbFg_gm`gh\k_agZlv
AZke_^mxsb_iheqZkZfukt_ebgZrbkZeZlubFZjbjZkkdZaZeZhkqZkleb\uoh`b\e_gguo`_klZo
�`hrZb_]hi_j__a^_\d\ZjlbjmFZjb
HgZ\_eZk_[yjZa^jZ`_gghdh]^Z]h\hjbeZhboij_j_dZgbyoihih\h^m\dZdmxijZq_qgmxoh^blv
� FZjb[ueZihf_rZgZgZqbklhl_Z`hr\_jhylghg_jyoZ\fghdZ`^ucjZadh]^ZhgZijhbaghkbeZ
_]hbfy\__]hehk_a\mqZebghldbg_`ghklb
�AZl_fhgZjZkkdZaZeZ\k_hihfhe\d_DZdhgbihreb\DhgklZglbgb`hraZlZsbe__\i_j_mehd
dhlhjuc\b^bfhqlhlhagZqbe^eywlbo^\hbo\fbhkuiZe__p\_lZfbZgZgylZybf]jmiiZ
bkihegyeZk_j_gZ^m
�`hrhimklbekygZh^ghdhe_gh\]jyaghfi_j_med_bk^_eZeij_^eh`_gb_ZFZjbijhkbyeZ[m^lh
wlh[ueZkZfZyjhfZglbq_kdZy\_sv\__`bagb
KljZgghgh_cwlhihgjZ\behkvihwlhfmyg_ijhl_klh\ZeZ
IhlhfhgZjZkkdZaZeZh[boieZgZogZ[m^ms__K\Z^v[mohlylku]jZlv\ke_^mxs_f]h^maZl_f
�fh`_lijbkfhljyl^hf\FZe_gvdhfJZxqlh[u[ulv[eb`_dk_fv_`hrZHgh^bgba
fgh]hqbke_gguo\_jimfJZkk_eh\bFZjb_kl_kl\_gghohjhrh\ibr_lky\bodeZg
?_hl_p`_eZ_lhieZlblvk\Z^v[mbh[_k_fvbm`_kihjbebhf_kl_ijh\_^_gbyb[ex^Zo
Ijhrehlhevdh^\Z^gyijhbag_keZhgZkhaehcmeu[dhcHgZiheh`beZ\jhl_s_kZeZlZb
ijh^he`beZFh]mlhevdhij_^klZ\blvgZqlh[m^_lihoh`ke_^mxsbc]h^
HlukjZ^hklvxijbf_rv\k_meu[gmeZkvyIjbagZcky
Fh`_l[ulvqmlvqmlv
YmofuevgmeZkvqlh[ukdjulvlhkdmFZjblZdkqZkleb\Zb\hh^mr_\e_gZYijb\udeZd[e_^ghc
kZjdZklbqghcFZjbghaZijhr_^rbcf_kyphgZ^_ckl\bl_evgh\ureZbak\h_cjZdh\bguHgZ[ueZ
h`b\e_gghcbgZs_dZob]jZejmfyg_p\i_j\u_kl_oihjdZdy__agZxBhgZ\u]ey^_eZa^hjh\hcb
lZdhckqZkleb\hcKbyxs_chlkqZklvy
Y[_amfghaZ\b^h\ZeZk\h_cih^jm]_Mg__ij_djZkgZy`bagvb^msZy\\_jghfjmke_
Fhy[ueZ\hiZkghklbbihreZih^hldhk
LZdluijb^_rvgZ\_q_jbgdm\q_klvihfhe\db"HgZijhc^_lq_j_ag_^_exFh`_rv^Z`_
ijb\_klbdh]hgb[m^vhgZih^fb]gmeZbdb\gmeZ]heh\hc\klhjhgmOvx;m^_l\_k_eh
Dhg_qghylZf[m^mkdZaZeZyjZa^_eyy__\heg_gb_Fg_gm`ghqlhgb[m^vk^_eZlv"Ihfhqvk
q_fgb[m^v"
Wlh^h\hevghg_hnbpbZevgZylmkh\dZkdZaZeZFZjbFukgbf_ff_klh^ey[Zj[_dx\
FZe_gvdhfJZxohlyebqghy^mfZeZqlhaZdZaZlvibppmbeb^\_[ueh[ua^hjh\h
A\md[vxs_]hkykl_deZaZklZ\bef_gyih^iju]gmlvZFZjb\a^jh]gmeZaZ`Z\jmdZfb
qm\kl\bl_evgu_mrb\_jimfuYih\_jgmeZkv\klhjhgma\mdZ
Bm\b^_eZOvxkb^ys_]h\h^bghq_kl\_aZklhehfkjZa[blufklZdZghf\jmd_b_]hgZiblhd
jZaebekyih\k_fmklhemOvxkfhlj_egZf_gykgZijy`_gguf\ujZ`_gb_febpZ_]hs_dbiueZeb
yjdhdjZkguf?]hjmdb[ueb\djh\b
fukebf_gyaZlhibeh`Zjhf
DZ`_lkyijhkfhljihjghljhgmeOvxkbevg__q_fhg^_eZe\b^Y\klZeZbihki_rbeZd_]h
klhebdmaZo\Zlb\kkh[hckZen_ldbdZdk^_eZeZbhnbpbZgldZ
H;h]lufhc\u^hogmeZhnbpbZgldZkh[bjZykl_dehkhklheZbkdeZ^u\Zy_]hgZih^ghkFg_
�`ZevkwjZ\Zcl_yijbg_km\Zf^jm]hcgZiblhdb_s_kZen_lhdu\ihjy^d_"
Yihkfhlj_eZgZ_]hjmdm
KbevghihjZgbeky"
Hg\ibeky\f_gy\a]ey^hf
Fhckhkm^^eygZibldZkehfZeky
b`mfy]dhkdZaZeZyOhq_rvqlh[uyihfh]eZ"YijhlygmeZkZen_ldmgZf_j_\Zykv
\ul_j_lv_fmjmdm
G_lkdZaZeOvx\uo\Zlb\kZen_ldm
Ohjhrh[m^vihl\h_fmY\_jgmeZkvgZaZ^dFZjb
HgZkfhlj_eZgZOvxkaZf_rZl_evkl\hfofmjhk^\bgm\[jh\b
Hg\ihjy^d_"
ihjy^d_[ukljhhl\_lbeZyIjhklhg_eZ^blkojmidbfb\_sZfb
Lh]^Z\_jhylghohjhrhqlhlukgbfg_\klj_qZ_rvkykdZaZeZFZjb
IhdZdhclhijbqbg_fg_g_ihgjZ\bekydhff_glZjbcYg_lZdZym`bojmidZy
Yh[_jgmeZkvbm\b^_eZqlhhnbpbZgldZihij_`g_fmjy^hfkOvxbkh`Ze_yhkemqb\r_fky
\ulbjZ_ldjh\vk_]hjmd
Ovx\u]ey^_ekfms_ggufKeh\ghhgohl_em[jZlvjmdmghg_fh]Hgk`b\ufbgl_j_khf
kfhlj_egZ`_gsbgmdhlhjZykm_lbeZkvgZ^gbf
Hg^mfZehk\h_ciZj_"YhsmlbeZ_s_h^gm\hegmaZ\bklbDZ`^ucihemqZek\hcdmkhq_dkqZklvy
djhf_f_gy
hl^_jvfhijhr_ilZeZFZjbdh]^Zykgh\Z\ayeZ\bedmG_h[hjZqb\Zckygha^_kv
^_ckl\bl_evghklZgh\blkyl_kgh\Zlh
Qlh"Yih^gyeZ\a]ey^bm\b^_eZqlhhgZkfhljblih\_jofh_]hie_qZYh]eygmeZkvbaZf_jeZ
AgZf_gblhklvkhkeZsZ\ufebphfbjZklj_iZggufbdm^jyfbijh]meb\Zekyq_j_adZn_Hg
ihijb\_lkl\h\Zeex^_c\lh\j_fydZd`_gsbguobobdZy^hklZ\Zebk\hbkfZjlnhgub_]h
nhlh]jZnbjh\Zeb
AgZf_gblhklvlhj]h\hfp_glj_]^_yh[_^ZeZDZdh_aZf_qZl_evgh_kh\iZ^_gb_
:]ZdZd`_
Fh_k_j^p_mreh\iyldbH^bgban_cjb[uea^_kvIjhklhlhqlhfg_gm`ghlh\j_fydZdm
wlh]hq_eh\_dZ[uehebphfZehba\_klgh]hZdl_jZbaihke_^g_]hibjZlkdh]hnbevfZyihgyeZqlh
^he`gh[ulvwlhNbgbZgf_gyijh\_jy_l
N_cjbfh]ebijbgbfZlvex[hch[ebddhlhjucaZohlylbqZklhbo\u[hjhklZgZ\eb\ZekygZ
agZf_gblhklyo
FhckZeZl\hjlm\^jm]klZegZ\dmkdZd]jyav
YgZ\_jgh_^he`gZb^lbkhh[sbeZyFZjbih^gbfZyjmdmqlh[ufZogmlvhnbpbZgld_
B^lb"GhfulhevdhgZqZebjZa]h\Zjb\ZlvkdZaZeZhgZkljZggh]eygm\gZf_gy
ijhlb\hiheh`ghckl_guaZeZJZau]jZehkvebmf_gy\hh[jZ`_gb_bebhgdjm`blihdZn_kdZdhclh
p_evx"BebyijhklhklZgh\exkviZjZghbdhf"
HdZaZehkvg_lyg_iZjZghbdN_cjbh[hr_edZn_bgZijZ\bekyijyfh\gZr_fgZijZ\e_gbb_]h
\a]ey^[ueijbdh\Zgdhfg_Ih_]hebpmjZkiheaeZkvoheh^gZymeu[dZdh]^Zhgki_rbe\fhx
klhjhgm
YhdZaZeZkv\eh\mrd_
FZjbijh^he`ZeZkljZgghkfhlj_lvgZf_gydh]^Zy\kdhqbeZgZgh]bdhiZykv\k\h_ckmfhqd_
Fg_gm`_gkq_lijhbag_keZy\gh\vGZ^hb^lbIjhklb
k_\ihjy^d_hl\_lbeZFZjbYhieZqm
Yk[eZ]h^Zjghklvx\h\a]ey^_ihkfhlj_egZg__b^\bgmeZkvdklhebdmOvx
N_cjbij_]jZ^befg_^hjh]m
Ijb\_lkeZ^_gvdZyQlhlmlmgZk"hgkdehgbe]heh\mkfhljydZdaZ\hjh`_ggucgZf_gyWlh
fhckqZkleb\uc^_gv"
YkhojZgyeZk\hclhgkihdhcguf
DZdlugZr_ef_gya^_kv"
Hwlhhq_\b^ghfhy^hjh]ZykdZaZehgkeZ^dbf]hehkhfLuaZihegbeZ\_kv\ha^mo
n_jhfhgZfb
YijbsmjbeZkvgZg_]h?]hlhgdZaZeky[he__keZsZ\uf[he__\_`eb\ufq_fyihfgbeZ
GZfijZ\^Zg_h[oh^bfh]h\hjblvh[wlhfk_cqZkNbgbZg"kijhkbeZybfh_k_j^p_ih^kdhqbeh
d]hjem
NbgbZg"hg\u]gme[jh\bLZd\hldlhijyq_ll_[y"kijhkben_cjbDZdhcg_ihkemrguc
fZevqbdYbg_ih^haj_\Zeqlhmg_]h\jmdZolZdhc\hkoblbl_evgucijbablZd[ebadZd
khaj_\Zgbxhgkljyogme\hh[jZ`Z_fmxiuebgdmkfh_]hie_qZOhlykebrdhfiehoh^eyg_]h
Lub^_rv^hfhckhfghc
?kebwlhg_NbgbZglh]^Zdlh"
Ygbdm^Zg_ihc^m\hajZabeZyke_]dZhkZ`b\ZykljZo\`b\hl_
Hghluihc^_rvijhbag_khggbadbf]hehkhfbgZdehgbekyIhkfhljbgZk\hxdh`m
\uklZ\e_ggmxgZihdZaG_ohl_e[uyqlh[ukemqbeZkvljZ]_^bybluihdZaZeZ\k_f
ijbkmlkl\mxsbfk_[ygZklhysmxHgbfh]mlg_ihgylvm\b^_ggh_bqlh`_lh]^Zijhbahc^_lk
lh[hc"
��Y\kihfgbeZjZkkdZaOvxh`_jkb_\be_b\a^jh]gmeZGbdlhg_ihcfzla^_kv
KljZggucn_cjbf_gyrZglZ`bjh\ZeHlbkim]Zyk^_eZeZrZ]gZaZ^ghhghklZgh\bef_gyiheh`b\
jmdmgZfh_ie_qh
N_cjbijblygmef_gy[eb`_bh[gyejmdhcaZie_qb
k_ex^bkb^ysb_a^_kv^mfZxlqlhlukqZkleb\bpZihemqb\fh_\gbfZgb_DZ`^ucbagbo
gZijZ\bek\hcl_e_nhgkdZf_jhcgZgZkYg_`_eZxqlh[ulu\blh]_ihiZeZgZRX7XEHfbeZy
Y\a^jh]gmeZWlhfhckZfucom^rbcdhrfZj
Ijhklhih`ZemcklZg_gZ^h
;hevrZyjmdZe_]eZgZie_qhn_cjbb^_jgmeZ_]hgZaZ^JmdZn_cjbke_l_eZkfhboie_qDfh_fm
h[e_]q_gbxihaZ^bfm`qbguihy\bekyOvxbhllZsbe_]hhlf_gyHggZdehgbeky_]h]eZaZ
HgZg_^eyl\hboijbdhkgh\_gbc^jm]HgZaZgylZ
a]ey^n_cjb[ueijbdh\Zgdhfg_ohlyebphbkdZabeZi_qZevgZymeu[dZ
Y^he`_g[ue^h]Z^ZlvkyqlhNbgbZgijbklZ\bedl_[_klhjh`_\h]hikZ
Hq_gv[hevrh]hkh]eZkbeZkvyjZkkeZ[b\rbkvjy^hfkOvx
L_i_jvdZ`^uc\dZn_kfhlj_egZgZkL_e_nhguih^gylu\\_jobyagZeZqlhg_kdhevdhex^_c\_eb
aZibkvDh`mihdZeu\Zehghg_hlfhgkljZZhlkljZoZYijhklhohl_eZm[jZlvkyhlkx^Z
:n_cjbg_hlklZ_l
Ihc^zfOvxkdZaZeZyIh`ZemcklZYijhklhohqmmclb
OvxaZjuqZeaZklZ\eyy[ebaklhysboex^_clj_\h`ghih^iju]gmlv
�_eZcdZd]h\hjbll\hyfZe_gvdZyih^jm`dZkdZaZen_cjbhqZjh\Zl_evguf]hehkhfYg_
�ohl_e[umkljZb\Zlvkp_gmfZxqlhdZ`^ucwlh]h`_eZ_l
�Fug_ohlbf\hlqZygv_ijhbag_keZyZ\ZcOvxIjhklhmc^_feZ^gh"
Gh]eZaZOvx[e_kl_ebbym\b^_eZdZdbamoh`_gguojh\guogh]l_c\gh\v\ujZklZxldh]lbHg
l_jyek\hcq_eh\_q_kdbch[ebdihkj_^bi_j_iheg_ggh]hdZn_lhj]h\h]hp_gljZY\b^_eZdZd_]h
am[um^ebgbebkvbihdZaZebkvbaih^\_jog_c]m[u
WlhdhrfZj
Qlhy[m^m^_eZlv_kebOvxij_\jZlblky\kZ[e_am[h]hlb]jZi_j_^\k_fbwlbfbex^vfb"WlhlZd`_
iehohdZd_keb[uij_\jZlbeZkvy
Om`_\hafh`ghihlhfmqlh_kebqlhlhijhbahc^_lkOvxdlhaZsblblf_gyhln_cjb`_eZxs_]h
f_gyihoblblv"
Y^he`gZhklZgh\blvOvxFhbjmdbihlygmebkvdjmdZ\mOvxby^zjgmeZ_]haZjmdmih^oh^y
[eb`_bih[m`^Zyihkfhlj_lvfg_\]eZaZ
Ih`ZemcklZijhr_ilZeZyIjhrmhklZgh\bkvJZ^bf_gy
OvxhimklbegZf_gy\a]ey^?]h`_kldh_yjhklgh_\ujZ`_gb_ebpZke_]dZbaf_gbehkvHg
\kljyogmekybym\b^_eZdZd^ebggu_deudbf_^e_ggh\lygmebkvOvxdb\gme
EZ^ghFumoh^bf_]h\a]ey^klZe`_klq_dh]^Zhgi_j_\_e_]hgZn_cjbG_ij_ke_^mcgZk
�Z`_g_f_qlZcijhbag_kfm`qbgZkebrdhfe_]dhHgkeZsZ\hmeu[gmekyfg_M\b^bfky
iha`_^hjh]mrZ
Y\a^jh]gmeZbijb`ZeZkv\jmdZ\mOvxdh]^ZfugZijZ\bebkvd\uoh^mbadZn_GZjh^lheibeky
\hdjm]gZkijb\e_q_ggucagZf_gblhklvxghdkqZklvxg_fgh]b_h[jZlbebgZgZk\gbfZgb_bkeZ\Z
;h]mgbdlhg_ihr_eke_^hf
DZdlhevdhfu\urebbadZn_bhdZaZebkvgZklhygd_yh[e_]q_ggh\a^hogm\aZf_^ebeZrZ]
H^gZdhOvxg_aZf_^ebekyHgZddmjZlghiheh`bek\hbjmdbfg_gZie_qbbih^lhedgme\i_j_^
Ijh^he`Zcb^lbJZc^_jijhbag_khgGZfgm`ghk_klv\l\hxl_e_]mbg_f_^e_gghm[jZlvky
FZrbgmihijZ\beZyQlhkemqbehkv"
Yg_\_jxqlhhgg_ihke_^m_laZgZfbOvxih^hr_ekhfghcd\h^bl_evkdhc^\_jbbg_
hloh^beihdZyg_hldjueZfZrbgmbg_kdhevagmeZ\kZehgHgaZdjue^\_jvaZfghcaZl_f
i_j_r_egZ^jm]mxklhjhgmbk_e
KdZ`^hcfbgmlhcfg_klZgh\behkv\k_kljZrg__OvxgZoh^beky\khklhygbbih\ur_gghc[h_\hc
]hlh\ghklb_]hgha^jbjZa^m\Zebkvdh]^Zhghimklbekl_dehb\lygmeghkhf\ha^mo@_klhfOvx
Dl\h_fm^hfm_klv^jm]Zy^hjh]Z"kijhkbeOvx\kz_sz\]ey^u\Zykv\klhygdmdh]^Zfu
\u_oZebgZ^hjh]m
YkeurZeZdZd\kmfhqd_aZa\hgbel_e_nhgbagZeZqlhwlhFZjbijbkeZeZkhh[s_gb_`_eZyagZlv
qlhq_jl\havfbijhbahrehH^gZdhyg_fh]eZijyfhk_cqZk_chl\_lblvKebrdhfaZgylZ\_^y
fZrbgmb\a\hegh\ZggZyih\_^_gb_fOvx
?klvfgh]h^hjh]hl\_lbeZyFh]mijh_oZlvg_kdhevdbfbfZjrjmlZfb:qlh"
Hgg_aZ^_j`blkygZim[ebd_hlju\bklhijhbag_kOvxN_cjbgZf_j_\Z_lkyhlijZ\blvkyd
l_[_k_]h^gyghqvxdZdlhevdh\uykgbl]^_lu`b\zrv
Yhdjm]ebeZ]eZaZLy`_ehk]ehlgm\yklZjZeZkvkfhlj_lvgZ^hjh]mZg_gZOvx
G_ihgbfZxDZdhgmagZ_l]^_y`b\m"G_m`_ebhlke_^blihaZiZom"
Ihl\hbfn_jhfhgZf
?kebhlf_gybkoh^ylwlbn_jhfhguihq_fm^jm]b_h[hjhlgb\hdjm]g_koh^ylkmfZ"\]hehk_
kd\habeZiZgbdZ
Mg_]hg_ll_o`_qm\kl\dZdbfbh[eZ^Zxli_j\hjh^gu_Hgb_fmg_gm`gu
Lh]^ZqlhgZf^_eZlv"?sz[hevr_iZgbdmykijhkbeZybih\_jgmeZgZe_\hgZk\_lhnhj_\f_klh
ih\hjhlZgZijZ\hgZ^hjh]mdhlhjZy[ueZdhjhq_^h^hfZLufh`_rvihklZ\blvgZ^\_jv_s_
h^gmi_qZlvqlh[uhgg_kfh]\hclb"
:qlhihlhf"nujdgmeOvxHgko\Zlbll_[ydZdlhevdhlu\uc^_rvgZjm`m"
G_agZx\uiexgmeZyk_ljm^g__klZgh\behkvkhkj_^hlhqblvkyYk\_jgmeZk^hjh]bb
i_j_k_deZiZjdh\dmijh^mdlh\h]hfZ]ZabgZijhklhlZdkihglZgghY\ih^h[guo^_eZog_
jZa[bjZxkvjZa\_lulmlg_^eyfh_caZsblu"Fh`_rv_]hhklZgh\blv"
HgagZ_lqlhya^_kvBihklZjZ_lkyf_gyh[u]jZlvBebba[Z\blvkyhlf_gyfjZqghijhbag_k
Ovx
Y[jhkbeZbkim]Zgguc\a]ey^gZg_]h
Ba[Z\blvky"Dlhlhijhkb]gZebefg_by\ujh\gyeZfZrbgmQlhlubf__rv\\b^m"
Bf_gghlhqlhkdZaZeijhbag_kOvxGZfgm`_ggh\ucieZg
Dm^Zfu_^_f"
dZdh_gb[m^vgh\h_f_klhLZf]^_lug_[ueZij_`^_]^_g_llZdhc[hevrhcdhgp_gljZpbb
l\hbon_jhfhgh\HggZc^_ll\hc^hfihlhfmqlhl\hcaZiZoaZi_qZle_ggZ\k_ol\hbo\_sZo
LZdgZfgm`gZgh\Zyh^_`^ZkdZaZeZy[ukljh\kzh[^mfu\ZyBhklZgh\blvky\hl_e_gZ
g_kdhevdh^g_c"
Hl_ev"
F_klh]^_k^ZxlkydhfgZluhl\_lbeZy
LZdbofgh]h"GZfgm`_ggh\ucdZ`^uc^_gvFug_klZg_fjbkdh\Zlv
YgZqZeZ\hegh\ZlvkyghaZklZ\beZk_[ymkihdhblvky
EZ^ghEZ^ghGh\uchl_evdZ`^hxghqvFukfh`_fwlhk^_eZlvBkf_gbfh^_`^mG_lijh[e_f
AZ[jhgbjmxdhfgZlmgZk\hxdj_^bldm
Ovxofudgme
OhjhrhGZqg_fkwlh]h
Fhcl_ehojZgbl_evijh^he`Ze\]ey^u\Zlvky\hdghZ\lhfh[beyihdZy_oZeZdm^Z]eZaZ]ey^yl
[he__ex^ghq_f\^jm]bof_klZob^hjh]bk[he__iehlguf^\b`_gb_f
?kebaZfghclygmekyfhcZjhfZl_]hi_j_djh_laZiZo\uoehiguo]Zah\
YijbiZjdh\ZeZkv\]ZjZ`_bfu[h^jhihreb\hl_evOvxijh^he`Zeh[gbfZlvf_gyaZie_qbZy
\p_ibeZkv\k\hxkmfhqdmBklZjZeZkvg_kfhlj_lvihklhjhgZf
N_cjbfh]ebaZfZkdbjh\Zlvkyih^ex[h]hYihgylbyg_bf_eZdlhhg[ueihdZg_klZehkebrdhf
iha^gh
GZkZfhf^_e_hgfh]\u]ey^_lvdZdOvxg_aZighb^_yhlhfqlhOvxg_hklZ\ey_lf_gygbgZ
k_dmg^mklZeZg_lZdhcm`iehohc
Fhbjmdbljykebkvdh]^Zfuih^hrebdj_k_ir_gmbkgyebdhfgZlmk^\mfy[hevrbfbdjh\Zlyfb
Fuih^gyebkvgZebnl_gZq_l\_jlucwlZ`bdkqZklvxOvxg_aZ^Z\Ze\hijhkh\GZkZfhf^_e_hg
gbq_]hg_ijhbag_kihdZg_aZdjueaZgZfb^\_jv
AZl_fhg^hklZek\h_\her_[gh_h`_j_ev_bgZqZe\h^blvbfihdjZyf^\_jbaZibjZyf_gy\gmljb
�YiexogmeZkvgZdjZch^ghcbadjh\Zl_ciulZykvkh[jZlv\h_^bgh\k_fukebjm]hcn_cjbohq_l
fghcaZ\eZ^_lvG_\Z`ghNbgbZgbebg_agZdhf_ph[Zn_cjb`_eZebh^gh]hblh]h`_
Hgbohlylk^_eZlvbaf_gynZ[jbdmihijhba\h^kl\ms_gdh\ih\_jkbbh[hjhlgy?kebyihc^mk
h^gbfban_cjbfg_dhg_pG_[m^_l\lhjh]hrZgkZ^eyJZc^_jG_lgbdZdhcgZ^_`^uba[_`Zlv
km^v[uh[hjhlgy
Blhqlhl_i_jvaZfghchohlblvky\lhjhcijbgpn_cjb"Keh\ghkZfuchl\jZlbl_evguclhjl
ihdjueb]eZamjvx_k\k_]hwlh]h^Z\begZfhbie_qbKeZ[uc\koebikhj\Zekykfhbo]m[by
hk_eZgZihe
JZc^_j"
Yih^gyeZ\a]ey^bm\b^_eZgZ\bkr_]hgZ^hfghcOvxkh^ghcjmdbdhlhjh]hk\bkZehh`_j_ev_
HggZofmjbeky
Ihq_fmluieZq_rv"
kzghjfZevghkdZaZeZymlbjZys_dbIjhklhklj_kkhlb\k_G_h[jZsZcgZf_gy
\gbfZgb_
LujZkkljh_gZijhbag_khgk_j^blh]ey^ygZf_gy
Dhg_qghjZkkljh_gZHdZ`bkvlugZfh_ff_kl_lh`_[ue[ujZkkljh_gH^bgiZj_gvohq_l
ij_\jZlblvf_gy\k\hxebqgmxwdahlbq_kdmxa\_jmrdmbk^_eZlvbaf_gyie_f_ggmxdh[uedm
qlh[uykfh]eZ\hkiblZlv_fm_s_fZe_gvdbowdahlbq_kdboiblhfp_\Z^jm]hciZj_gvohq_lmdjZklv
f_gymiZjgyghf_jh^bgMf_gyg_l\uoh^ZBklbggZyEx[h\vq_imoZbykh[bjZxkvijh\_klb
hklZlhd`bagb\jhebqv_]hlhfhgkljZex[bfpZlhevdhbaaZkdZaZggh]h\k_]hwlh]h\kemogZ
]eZaZgZ\_jgmebkvgh\u_ke_aubyijh^he`ZeZklbjZlvboks_dK_cqZkykdju\Zxkv\hl_e_k
dZdbflh[hevrbfijb^mjdhfdhlhjhfm^Z`_g_gjZ\exkvZfhyemqrZyih^jm]Z\uoh^blaZfm`aZ
ex[h\v\k_c_z`bagb
Ovxgbq_]hg_kdZaZeqlhebrvmkm]m[behkblmZpbx
YhimklbeZ]heh\mbijh^he`beZieZdZlv`Ze_yk_[yIjhbkoh^ys__djmlbehkvmf_gy\]heh\_
kh_^bgyy\k_dmkhqdbIhdZ`bagvFZjbgZeZ`b\ZeZkvfhyjmrbeZkv
Fhyih^jm]ZkqZkleb\Zihfhe\e_gZbkby_lhljZ^hklb
Y`_ghqmx\hl_e_kg_agZdhfp_fihlhfmqlhg_fh]mihclb^hfhc]^_gZf_gy[m^mlhohlblvky
Hgk_e^hklZlhqgh[ebadhbgZrbie_qbkhijbdZkZebkvaZl_fhgg_eh\dhihoehiZef_gyihie_qm
Yg_iha\hexgbq_fmkemqblvkyklh[hcJZc^_j
IhdZdhclhijbqbg_wlh[ukljh_[_kdhjuklgh_ijbdhkgh\_gb_ebrvmom^rbehfh_khklhygb_By
kbevg__jZaju^ZeZkv
Lug_mkihdhbeZkv"h]hjq_gghijhe_i_lZehg
LuiulZ_rvkybyp_gxwlhgh
Ghfm`qbgZg_lZdmkihdZb\Z_l`_gsbgm^h]Z^ZekyOvxBwlhaZklZ\ey_ll_[y]jmklblv
MkeurZ\wlh\kemoyij_djZlbeZ\koebiu\Zlvbg_kqZklghdb\gmeZ
F_gy^Z`_g_fh]mlh[gylv\u^Z\beZyf_`^mju^ZgbyfbLZdg_q_klghIhq_fmyg_
fh]m[ulvghjfZevghc"
Hgiheh`bek\hx[hevrmxjmdmfg_gZ\hehkubke_^mxs__qlhyhkhagZeZdZdfh_ebphijbfyeb
dh]jhfghc]jm^bOvxHgijh\_ejmdZfbihfhbfie_qZfbh[gye
Yl_[yh[gbfm
Fh_k_j^p_jZklZyehhl_]haZ[hlu
KiZkb[hijhbag_keZyk]eZlu\Zydhfhd\]hje_Yhklhjh`ghijbkehgbeZkvdOvxqlh[ug_
aZ^_lv_]hdh`m
Fg_`Zevqlhlu]jmklbrv
Yrfu]gmeZghkhf
Ijhklhyohqm[ulvghjfZevghcOhqm[hcnj_g^ZDh]hlhdlh[m^_lh[gbfZlvf_gydh]^Zfg_
kljZrghbex[blvlZdhcdZdZyy_klvY\kihfgbeZdhevphgZiZevp_FZjbbhsmlbeZmdheaZ\bklb
Dh]hlhkd_fkfh]mjZa^_eblv`bagv
OvxijhfheqZeEbrvijh^he`Ze]eZ^blvfhb\hehku
Bwlh[uehihgZklhys_fm\hkoblbl_evghWlhg_lZkblmZpbydhlhjmxfh`ghjZaj_rblvebrv
dZdbfblh^h[jufbkeh\ZfbWlhebrvybkiheg_ggZy`Zehklbdk_[_q_]hjZgvr_gbdh]^Zg_
iha\heyeZ
�he]h_\j_fyfufheqZebyijb`bfZeZ]heh\md]jm^bOvxihdZhg]eZ^bef_gyih\hehkZf
YagZxdZdluk_[yqm\kl\m_rvijhbag_khgihke_^he]hciZmauWlhlfbjy\b^_eex^_c
\f_kl_baZ\b^h\Zebfb^_efm`qbg]meyxsbokhk\hbfb`_gsbgZfb^_j`ZkvaZjmdbb^_e
dZdijbdZkZxlky^jm]d^jm]mk_f_cgu_iZju\b^_e^_l_ck_fvbBihgyeqlhmfhboex^_cgbq_]h
g_lMgZk_klvebrvh[gZ`_ggh_h^bghdh_kms_kl\h\Zgb_\gZr_ffbj_Byohqmlh]h`_qlhb
luOvxly`_ehbi_qZevgh\a^hogmeYg_fh]mihfhqv^Z`__kebohqm
wlhlfhf_glyhsmlbeZkljZggh_jh^kl\hkOvxHglZd`_h^bghddZdbyklhev`_[_kihfhsguc
bg_kqZklguc\fhj_kqZklvyh[uqguoex^_c
HgihgbfZedZdh\hwlhqm\kl\h\Zlvhlqm`^_gb_gZ[ex^ZydZddlhlheZkdZ_lihs_d_ex[bfh]h
q_eh\_dZbagZlvqlhml_[ylZdh]hgbdh]^Zg_[m^_l
HgihgbfZewlhBihgbfZef_gy
FukevlZdg_\_jhylghkh]j_\ZeZqlhyih^gyeZ]heh\mk_]h]jm^bqlh[u\a]eygmlv_fm\ebphb
kdZaZlvdZdy_]hihgbfZxQlhagZxhqzfhg]h\hjblbqlhqm\kl\m_l
Bdh]^Zyihkfhlj_eZ\\_joihgyeZqlhebphOvx\g_kdhevdbo^xcfZohlfh_]h
?]h\a]ey^himklbekygZfhcjhlbfh_^uoZgb_mqZklbehkvhlhkhagZgbyhq_fhg^mfZ_lH
gm`ghhlkljZgblvky
Ghg_k^_eZeZwlh]hYl_kg__ijb`ZeZkvdOvxihl_j_\rbkv]jm^vxh_]h]jm^vY\p_ibeZkv\_]h
nml[hedmbihlygmeZgZk_[yijb[eb`Zy_]hjhldk\h_fm
Ovxfh]\ex[mxk_dmg^mhklZgh\blvf_gyKijhkblvqlhy^_eZxLZdqlhyj_rbeZih^h[jZlvky
dZdfh`gh[eb`_ihdZhgwlh]hg_k^_eZe
GhihdZyijb[eb`ZeZebphdg_fmfh_^uoZgb_ij_\jZlbehkv\dhjhldb_\ha[m`^_ggu_\a^hobby
\ibeZkv\a]ey^hf\OvxHgg_kh[bjZ_lkyf_gyhklZgZ\eb\Zlv"
a]ey^_]h]eZah[`b]Zeb^_lv\wlbodhrZqvbo]eZaZo`_eZgb_[hjxs__kyk[hevxaZklZ\beh
f_gy\lygmlv\ha^mo
Ovxohl_eihp_eh\Zlvf_gyHglZd`_kbevghohl_ef_gydZdby_]hFhcimevkaZ[bekyf_`^m
[_^_jbyaZklhgZeZdh]^Z^jm]hcjmdhc\ibeZkv\nml[hedmOvxZfhb]m[ukhijbdhkgmebkvk_]h
:ihlhfyihp_eh\ZeZOvx
Fuklmdgmebkvam[Zfbbybkim]ZeZkvYohl_eZhlkljZgblvkybba\bgblvkyyg_lZdohjhrZ\
ihp_emyo^Zbhiulh]jZgbq_gYiha\heyeZ^jm]bfp_eh\Zlvk_[ybihlhfk[_]ZeZYgZqZeZ
ihp_emc"Hq_\b^ghfg_bgm`gh^_ckl\h\Zlv
Lhevdhykh[jZeZkvhlh^\bgmlvkydZd\g_aZighjmdZOvxhdZaZeZkvgZfh_faZlued_m^_j`b\Zy
f_gygZf_kl_?]hjhlijb`Zekydfh_fmrhdbjmy`Zjhfbkbehcihp_emy
YlZyeZjy^hfkgbfHsmsZlv_]h]m[uwlhijhklhqlhlhhr_ehfbl_evgh_bm^b\bl_evgh_Ovx
y\gh[ukljhmqbekyyihqm\kl\h\ZeZdZd_]hyaudijbdZkZ_lkydfh_fmjlmbsZ\oh^
YhldjueZjhliha\heyy_fmkdhevagmlv\gmljvbf_gyihljykeZgZdju\rZy\hegZ\ha[m`^_gby
klhbehgZrbfyaudZf\klj_lblvky
YebagmeZ_]h\hl\_lbdh]^ZOvxhlkljZgbekykdhevagmeZyaudhfihh^ghfmba^ebggxsbo
deudh\aZjZ[hlZ\ojbieucklhgaZk\hbmkbeby
Lh]^ZOvx\gh\vijhgbd\fhcjhlyaudhfih]eZ`b\Zy
?]hl_ehgZijy]ehkvih^hfghcDZdjZadh]^ZgZrbjlukebebkv\kljZklghfihp_em_yhsmlbeZ
imevkbjmxs__ihdZeu\Zgb_ihdh`_hlgZqZ\r_ckyljZgknhjfZpbb
Ykbevg__k`ZeZ_]hnml[hedmihdZijhju\Zebkvdh]lbZkibgZ[he_eZhlj\msbokygZjm`m
djuev_\lh]^ZOvx\gh\vijhgbdyaudhf\fhcjhlHlq_]h^bdZy[hev\kiuogmeZf_`fhbo[z^_j
byaZklhgZeZ
�A\mdihemqbeky]hjlZggufg_q_eh\_q_kdbfYij_\jZsZeZkv\i_j_\_jlurZ\h\j_fyihp_emyZ`_
k_cqZkyfh]eZhsmsZlvq_rmxihdju\Zxsmxfhbkhkdbijb`Z\rb_kyd]jm^bOvx
DZdgbkljZgghhsms_gb_[uehwjhlbqgufYohl_eZ_s_bihl_jeZkvhOvxihdZhgijh^he`Ze
f_gyp_eh\Zlv
GhlZd`_[ukljhdZdihp_emcgZqZekylZd`_bij_j\ZekyQlh^_eZeZjmdZe_`ZsZygZfh_f
aZlued_bijbly]b\ZxsZy[eb`_"g_aZighhllhedgmeZf_gybih^h^\bgmeZ\klhjhgm
YjZkiZogmeZ]eZaZ^Z`_g_hkhagZ\ZyqlhaZdju\ZeZbob\m^b\e_gbbmklZ\beZkvgZOvx
ly`_eh^urZ
Hglh`_qZklbqghij_h[jZah\Zeky\h\j_fyihp_emyEbphOvxbaf_gbehkvghkkiexsbekyZ
r_jklvgZ[Zd_g[Zj^ZoklZeZ[he__aZf_lghcDeudbOvxm^ebgbebkv\]eZaZiheghklvxklZeb
dhrZqvbfbbyfh]eZqm\kl\h\ZlvdZd_]hdh]lbijb`bfZxlkydl_i_jvm`_fh_cq_rmcqZlhcr__
M\b^_ggh_ihjZ^h\Zehf_gyOvxlZdhc`_dZdby
YgZdehgbeZkvqlh[uijh^he`blvihp_emc
OvxihdZqZe]heh\hchlijygm\
G_l
G_l"Hgkgh\ZihdZqZe]heh\hcbhlijygmeaZklZ\eyydjh\ZlvkdhevablvihdhfgZl_Ovx
ihki_rgh\klZek\Zeb\f_gygZiheHgg_ohl_ekfhlj_lvfg_\]eZaZf_klhwlh]hih^hr_ed
hdgmb\u]eygmeaZaZgZ\_kdm
:ylZdbhklZeZkvkb^_lvfhco\hklbdjuevyijhj\Zebkvq_j_ah^_`^m
Kh\_jr_gghmgb`_ggZy
Kh\_jr_gghhimklhr_ggZy
Hgm\b^_efh_ij_\jZs_gb_bg_aZohl_e[hevr_p_eh\ZlvFg_ihgjZ\behkvlhqlhOvxqZklbqgh
h[jZlbekyynZdlbq_kdbgZoh^beZwlh\ha[m`^ZxsbfihlhfmqlhagZeZqlhhgl_jy_ldhgljhevGh
y"Yg_ij_\jZsZeZkv\hqlhlhkbfiZlbqgh_Yij_\jZsZeZkv\hqlhlhmjh^eb\h_
Bhgg_ohl_eijbdZkZlvkyjlhfdwlhfm
Ke_au\_jgmebkvih^Z\b\\koebiyih[_`ZeZ\\ZggmxbaZoehigmeZ^\_jvaZl_faZi_jeZb
ijbkehgbeZkvdg_c
A_jdZehhdZaZehkvdZdjZagZijhlb\f_gyghyhl\_jgmeZkvg_`_eZyebp_aj_lvhl\jZlbl_evgh_
j_ilbevgh_ebph
YlZdmjh^eb\Zbl_i_jv\g_^hky]Z_fhklbihp_emy^Z`_lZdh]hh[hjhlgydZdOvx
Yh[j_q_gZ
=eZ\Z
Ijb^y\k_[yyghjfZebah\ZeZ^uoZgb_bbamqbeZk\hzebph\a_jdZe_Ykgh\ZklZeZijb\uqghc
JZc^_jq_eh\_dhf
Fhbk\_leu_\hehku[uebjZklj_iZguq_edZk[beZkvgZh^gmklhjhgm=eZaZihdjZkg_ebhlke_adZd
bdhgqbdghkZFZehijb\e_dZl_evghghemqr_q_fZevl_jgZlb\Z
Y\ureZba\ZgghcbaZoehigmeZaZkh[hc^\_jv;hevr_g_ijylZlvky
Ovxhl\_jgmekyhlhdgZbihkfhlj_egZf_gy
kzghjfZevghJZc^_j"
:[ueheb\kzghjfZevgh"Hgl_i_jvgZ^hfghcgZkf_oZeky"Ijhb]ghjbjh\Z\\hijhkOvxbko\Zlb\
imevlyiexogmeZkvgZdjh\ZlvbgZ`ZeZdghidm\dexqblv
�L_e_\bahj\dexqbekygZq_flhkdmqghf\jh^_i_j_^Zqbh[h[mkljhckl\_^hfZZihnb]
JZc^_j"ih^hc^yd^jm]hcklhjhg_djh\ZlbOvxijbk_egZm]heLub]ghjbjm_rvfhb
\hijhku"
Y[jhkbeZgZg_]hk\bj_iuc\a]ey^
:gZqlhihoh`_"
HgdZaZehkv[uem^b\e_gfh_cj_Zdpb_c
LujZkkljh_gZ"
Ihq_fmwlh_]hlZdm^b\beh"
:ihq_fmfg_g_[ulvjZkkljh_gghc"
G_ihgbfZxOvxih^gyekykdjh\Zlbh[hrze\hdjm]qlh[uih^hclbdhfg_AZl_faZ]eygmefg_
Dhg_qghyieZdZeZ]hjvdhijh]h\hjbeZyiulZykvhl\_jgmlvebphhl_]hiuleb\h]h\a]ey^Z
Lu[ulh`_ieZdZegZfh_ff_kl_B^eykijZ\dbykh`Ze_xqlhijb`ZeZkvk\hbfm`Zkgufjlhfd
l\h_fmFg_klhbehihfgblvgZkdhevdhyhl\jZlbl_evgZWlh[hevr_g_ih\lhjblvky
LbrbgZ
AZl_fOvxk_egZdjh\Zlvjy^hfkhfghcijb\_^yf_gy\aZf_rZl_evkl\hbaZdjuefg_h[ahj
l_e_\bahjZ
LukqblZ_rvk_[yhl\jZlbl_evghc"
Yf_lgmeZ\g_]h\a]ey^
Ovxmf_gy_klva_jdZehYagZx\hqlhij_\jZsZxkv
Wlhlh\hqlhluij_\jZlbeZkvijyfhk_cqZkkh]eZkbekyOvxQ_f[eb`_ludkhaj_\Zgbxl_f
kbevg__l\hyljZgknhjfZpbyBeblug_aZf_lbeZ"
YklZjZxkvih]ey^u\Zlv\a_jdZehkmohih^q_jdgmeZyFg_g_gjZ\blkylhqlhy\b`m
JZc^_jyg_kqblZxl_[yhl\jZlbl_evghckdZaZeOvxlbobfg_`guf]hehkhf?keb[uylZd
^mfZelhg_ihp_eh\Ze[ul_[yBg_aZ[em`^Zckywlhyl_[yihp_eh\ZeYg_aZ[uedlhbqlhluY
ijb`Zekyk\hbfjlhfdl\h_fmagZyh[wlhfYdhkgmekyk\hbfyaudhfl\h_]hiheghklvxhkhagZ\Zy
wlh?]h\a]ey^kgh\ZklZe]hjyqbfByhlkljZgbekyg_ihlhfmqlhaZ[ued_fluy\ey_rvkyZ
ihlhfmqlhaZ[ueqlhf_gy`^_l_keby\uihegxdeyl\m
Wfhpbbk^Z\bebfhz]hjehmaehf
L\hykm`_gZy
Km`_gu_^ey\k_ofhboex^_cDhg_pgZr_fmh^bghq_kl\m?kebyi_j_^Zfl_[ymfhboex^_c
[m^ml^_lbbiZjuqlh[ukh]j_\Zlvbooheh^gufbghqZfb?^bgkl\_ggh_hq_ffu[hevr_\k_]h
f_qlZ_fDZdyfh]mebrblvwlh]hk\hboex^_cijhklhbaaZk\h_]hw]hbklbqgh]h\e_q_gbydl_[_"
Yihqm\kl\h\ZeZm^b\bl_evgh_l_ieh
L_[ydhfg_\e_q_l"
?]h\a]ey^[ueq_jlh\kdbk_jv_aguf
�Z
�Z`_agZy\hqlhyij_\jZsZxkvhlijbdhkgh\_gby"
Wlhg_hkdhj[ey_lfhbqm\kl\ZWlhijhklhqZklvl_[ybylZdhc`_q_eh\_ddZdluujZ`_gb_
_]hebpZklZeh]jmklgufBlug__^bgkl\_ggZydlhbaf_gy_lkyhlijbdhkgh\_gbc
Yk_eZ\g_aZighaZqZjh\ZggZywlbfjZa]h\hjhfHgg_kqblZef_gyhl\jZlbl_evghc"nhjf_
fhgkljZ"Fhzijbdhkgh\_gb_aZklZ\beh_]hh[jZlblvkyg_fgh]h[hevr_ihlhfmqlhhgihl_jye
dhgljhev"
YwlhaZf_lbeZWlhijhbahrehihlhfmqlhlu\ha[m^beky"Ovxdb\gmeLu\_^v]h\hjbrvwlh
g_lhevdhqlh[uaZklZ\blvf_gyihqm\kl\h\Zlvk_[yemqr_"
Ygbdh]^Zg_e]mOvx\u]ey^_ehkdhj[e_ggufhlwlhcfukeb
YfZogmeZjmdhc
AgZxagZxGhlulh]^Zgbq_]hg_kdZaZeLhevdhdb\gme
F_gydl_[_\e_q_lojbiehijhbag_kOvxex[hcnhjf_Wlhm^h\e_l\hjy_ll_[y"
hh[s_lhwlhaZklZ\behfhx]heh\maZdjm`blvky
Ghlug_ijbljhg_rvkydhfg_baaZk\h_cdeyl\u"
Lh]^ZaZq_fluf_gyihp_eh\Ze"kijhkbeZyaZlZb\^uoZgb_Fhc\a]ey^\_jgmekyd_]h]m[Zf
ie_g_ggucbomijm]hklvxIhq_fmlug_hlkljZgbekydh]^ZyijbkehgbeZkv"
Fg_[uehbgl_j_kghgZqlhwlhihoh`_ijbagZekyOvxIhp_emckyaudhf
Fufh`_fihijZdlbdh\Zlvkyih[hevr_g_l_ji_eb\hijh]h\hjbeZykb^ygZdjh\ZlbLu
gZ\_jghohq_rvbf_lv[hevr_hiulZdlhfmfhf_glmdZdml_[yihy\blvky`_gsbgZ
OvxihdZqZe]heh\hc_]h]hjyqbcbgZjy`_gguc\a]ey^aZ^_j`ZekygZfh_febp_
Yg_kf_xHg\klZe:l_[_ke_^m_lg_fgh]hihkiZlvYihklhjh`m
YhldbgmeZkvgZh^_yehqm\kl\myk_[y^h\hevghchllZdh]hih\hjhlZkh[ulbcLZdOvxg_kqblZe
f_gy[_ah[jZaghcihke_\k_]hqlhijhbahreh"Wlh[uehaZf_qZl_evgh
HghlkljZgbekylhevdhihlhfmqlhohl_e[hevr_]hbiulZeky[ulv\_jguf[m^ms_cg_\_kl_
�Km`_gghcZdZdZyjZagbpZY\a[beZih^mrdbbmxlghmkljhb\rbkv\_jgmeZkvdkdmqghfmrhmh
j_fhgl_d\Zjlbjug_fgh]hijbkemrb\Zykvdkh\_lZfdZdihebjh\Zlv\hkdhfrdZnu
YgjZ\beZkvOvxJZ^mykvyijb^_j`ZeZwlmfukev
AZl_faZf_jeZY\\hklhj]_hllh]hqlhihgjZ\beZkvOvx\hij_db_]hkqZklvx"YkghqlhOvx
fmqbeh_]h\e_q_gb_dhfg_ihlhfmqlh\e_dehly`_eu_ihke_^kl\by?kebhghkqZkleb\blf_gylh
fgh]boh[j_q_lgZg_kqZklv_
Fukevg_y\eyeZkvh[gZ^_`b\Zxs_cby\i_j\u_aZ\b^h\ZeZ[_aufygghc[_aebdhc`_gsbg_
ba[jZgghc\iZjlg_jrbOvxHghlghkblkydg_cdZddkZfhc\hkoblbl_evghcg_\_jhylghc\fbj_
Hg[ue[uZ[khexlghkqZkleb\
:y[m^mm`ZkghaZgylZjZa\_^_gb_ffZe_gvdboh[hjhlg_c^eyfh_]hohaybgZN_cjb
GhqvijhreZ[_aijbdexq_gbcN_cjbg_ihy\bebkvmljhfbg_ehfbebkv\^\_jb]hklbgbqgh]h
ghf_jZ;m^lhgbq_]hg_ijhbahrehbfuijhklh\_ebk_[y]emihbiZjZghb^Zevgh
Dhg_qghyijbgyeZ\hh[jZ`Z_fh_aZ^_ckl\bl_evghklvYhlimsmhojZgmbdZdlhevdhwlh
ijhbahc^_l[m^mko\Zq_gZYagZeZdZd[u\Z_lYg_]emiZy
L_fg_f_g__y[ueZkh\_jr_gghk[blZklhedm
kxghqvyf_qlZeZhOvxKeZ^db_k_dkmZevgu_f_qlu\dhlhjuofu[ueb\i_j\h[ulguoa_feyo
gZ_^bg_Ebrvfu\^\h_fblmfZggu_^bdb_^_j_\vy\hdjm]
Y[ueZh[gZ`_gZdZdbOvxbdh]^Zfuih^hreb^jm]^jm]m[eb`_yg_fh]eZijhlb\hklhylv
`_eZgbxijh\_klbjmdZfbih_]hl_emqlh[um\b^_lv_]hj_ZdpbxBhg\k_]^Z\k_]^Zj_Z]bjh\Ze
YijhkgmeZkvke_]dhc^jh`vxbihkfhlj_eZgZOvxghhg^_j`Zek\hcihklmhdgZIjhdeylv_
kz`_ohlvwlh[ueihjhqguckhghg[ueohjhrbfYa_\gmeZbihlygmeZkvijhkgm\rbkvgZ
m^b\e_gb_\ohjhr_fgZkljh_gbbbk\_kbeZgh]bkdjh\Zlb
K_]h^gyihke_jZ[hlufukgbf_fdjZkb\ucrbdZjgucghf_j\hl_e__^v_kebykh[bjZxkv\
blh]_hdZaZlvkyihe_aghc\kljZg_N_cjblhfh]mk^_eZlvwlhwnn_dlghHldbgm\h^_yehy
ih^iju]gmeZ
�h[jh_mljhOvx
Hgqlhlhijh\hjqZe
Dlhlhhij_^_e_gghgm`^Z_lky\mlj_gg_fdhn_ih^jZagbeZy\a]eygm\gZqZkuQZk^gy
^g_\ghfdhn_ihijZ\beZyLug_\hajZ`Z_rv_kebyijbfm^mrij_`^_q_ffuhlijZ\bfkygZ
jZ[hlm"
JZ[hlZ"Fug_\uc^_fba[_ahiZkgh]hf_klZlZdqlhaZ[m^vhjZ[hl_
L_i_jvfhyhq_j_^vofmjblvkyIheh`b\jmdbgZ[_^jZ
Lu^he`gh[ulvrmlbrv"Y^he`gZb^lbgZjZ[hlmG_ohqmihl_jylv__BlZdijhimklbeZ^\Z
^gy
GZlhlkemqZc_keb\k_lZdbkfh]m\uimlZlvkybawlhci_j_^jy]byohl_eZqlh[umf_gy[ueZ
jZ[hlZqlh[uih]Zkblvkq_lZihdj_^bld_bkihevah\ZgghcgZwlhcg_^_e_
OvxihdZqZe]heh\hc
Wlhg_[_ahiZkgh
Gh
YlZdj_rbeijhjuqZehgk_j^blh]ey^ygZf_gy
Dlhlh^_ckl\bl_evghjZa^jZ`_gWlhg_k^_j`Zehf_gyOvxfh`_lh]juaZlvkykdhevdh`_eZ_lghy
lhagZeZqlhhgg_^Zklb\hehkdmmiZklvkfh_c]heh\u:_kebijb[Z\blvdwlhfm_s_blhqlhhg
gZoh^blf_gyijb\e_dZl_evghc"H^Zy^h[vxkvk\h_]hgZwlhljZa
GhOvxmfheyxsbf]hehkhfgZqZeZyiheh`ZjmdmgZ_]hjmdZ\Fg_gm`ghihclbgZjZ[hlm
bebykhc^mkmfZ_keb[m^mkb^_lvb`^Zlvq_]hlh
Dh]^ZOvxihkfhlj_egZf_gyyhl\_lbeZkZfufg_\bggufjZgbfuf^_\bqvbf\a]ey^hf:aZl_f
h[ebaZeZ]m[u
?]h\a]ey^himklbekygZfhcjhlbkfy]qbeky;_^gucfm`qbgZmg_]hgbh^gh]hrZgkZijhlb\
`_gkdboobljhkl_c
Y
Bfg_gm`ghjZ[hlZlvqlh[ufukfh]ebkgbfZlvghf_jZ\hl_eyoijh^he`beZyijhlb\ghf
kemqZ_mgZkg_[m^_l^_g_]Dlhfm`_m\_j_ggZklh[hcy[m^m\[_ahiZkghklbyijh\_eZjmdhc
ih[bp_ikmOvxbke_]dZk`ZeZjmdmEbrvke_]dZLukbevgucBkihkh[guc
Hg\a^hogme
Lu]h\hjbrvkeZ^dbf]hehkdhfqlh[um]h\hjblvf_gy`_gsbgZ"
Fh`_lOvxbg_lZdhc[_klhedh\ucdZdy^mfZeZYmeu[gmeZkv_fm
hafh`gh"Gh\k_kdZaZggh_ijZ\^ZKlh[hcyqm\kl\mxk_[y\[_ahiZkghklb
Hgofudgme
Blu^he`gZihclbgZjZ[hlmqlh[uaZjZ[hlZlv^_gv]b"Qlh[uhieZlblvdhfgZlm"
Gmmf_gy_klvaZgZqdbghqlhOvxg_agZelh_fmg_ih\j_^bl
:]Z
Lh]^ZeZ^gh
�AZf_qZl_evghyjZ^hklghih^iju]gmeZbgZijZ\beZkv\\ZggmxZcfg_^_kylvfbgmlqlh[u
kh[jZlvkyblh]^Zihc^_fohjhrh"yg_^h`^ZeZkvhl\_lZ
J_dhj^gh[ukljhyijbgyeZ^mrblZd`_[ukljhh[l_jeZkvgZkmohhldbgm\\klhjhgmg_[hevrh_
]jm[h_ihehl_gp_
Fhb\hehkugZoh^bebkv\fhdjhfaZimlZgghf[_kihjy^d_Zyg_gZ\b^_eZfukevb^lbgZjZ[hlm
dh]^Zhgb]eZ^dhe_`ZebGZkl_g_\bk_en_glZdqlhy\ayeZ_]h\dexqbeZbgZijZ\beZgZ\hehku
�\_jv\\ZggmxjZkiZogmeZkvoehigm\hkl_gmb\gmljv\hj\ZekyOvxk^bdbf\a]ey^hf
YaZklueZlZf]^_klhyeZrhdbjh\ZghkfhljygZg_]h
Wlhlrmfhgba^ZekljZggh_[mevdZgv_\]hje_bmklZ\bekygZn_g
YszedgmeZ\udexqZl_ev
HcijhklbY^he`gh[ulvgZim]ZeZl_[yYyaZfheqZeZihgy\qlhOvxfgh]hagZqbl_evgh
kfhljblgZl_i_jvkehfZggmx^\_jv\bkysmxgZi_leyobba[_]Z_lkfhlj_lvgZkh\k_fgZ]mxf_gy
?]hebphklZehyjdhdjZkgufOvx"
GZdbgvihehl_gp_`_gsbgZ
HLZd_]h[_kihdhblfhygZ]hlZ"YaZ]emrbeZkf_rhdOvxkZfuch]jhfguckZfuchiZkguc
q_eh\_ddhlhjh]hydh]^Zeb[hagZeZdjZkg__ldZdrdhevgbdihlhfmqlhy]heZy
Dh]^Z\eZfu\Z_rvky\\Zggmxijhbag_keZy;m^v]hlh\ufm\b^_lvg_qlhih^h[gh_
Y^mfZeqlhlu\hiZkghklb
?^bgkl\_ggZyhiZkghklv\hehku[_ah[t_fZbmdeZ^dbkeZ^dbckdZaZeZybhimklbeZn_gLu
bij_`^_\b^_ef_gy]hehcOvxDh]^Zyij_h[jZ`ZeZkv\kljZg_i_j\hjh^guoihfgbrv"
Hgijh^he`Zekfhlj_lvgZkehfZggmx^\_jv
Yg_kfhlj_eYg_klZe[uWlhg_\_`eb\h
H;h`_lZdfbehY\at_jhrbeZiZevpZfb\eZ`gu_\hehku
DZdlu^mfZ_rv"Fg_lZdohjhrh"^jZagbeZy
=ey^ybkih^eh[vygZkl_gmhghldZaZeky\a]eygmlv\fhxklhjhgm
Bebfh`_lm[jZlv\hehkuDZdlu^mfZ_rv"
�mfZxlu^he`gZgZdbgmlvihehl_gp_
�_ckl\bl_evgh"IhlhfmqlhygZ^_yeZkvqlhluihp_em_rvf_gykgh\Z
Dh]^Zhgihkfhlj_egZf_gy]eZaZOvxiheghklvxihq_jg_ebHg[ue[ebahddbaf_g_gbx
B;h`_fhcfhydh`ZgZqZeZihdZeu\Zlvhl\ha[m`^_gby
GZdbgvihehl_gp_kdZaZehgjh\guf]hehkhf?]h\a]ey^khkj_^hlhqbekygZfh_f
Ihp_emcbygZdbgm
Ovxihkfhlj_egZf_gyjZa\_jgmekyb\ue_l_edZdhriZj_gguc
Yihqm\kl\h\ZeZijbklmi\bguaZ_]h]g_\Dhg_qghOvxaebekygZf_gyYhldjh\_gghiulZeZkv
aZklZ\blv_]hgZjmrblvdeyl\m
YklZ\beZk\hbihlj_[ghklb\ur_gm`^^\Z^pZlbq_luj_ofm`qbg`^msbok\hboiZjg_]h\hjy
m`_h`_gsbgZoh`b^Zxsbofm`qbg;uehebw]hbklbqghkfh_cklhjhgu"
Fh]mebyke_^h\ZlvieZgmagZyqlhebrm[_aebdmx]jmiimex^_cbokqZklvy"
GhdZd`_y"JZa\_yg_aZkem`b\ZxkqZklvy"Ijbdmkb\]m[myaZkmgmeZqm\kl\h\bguih]em[`_b
gZp_ib\kZfmxjZkimlgmxmeu[dmihke_^h\ZeZaZOvx\ghf_j
Dm^ZlugZijZ\bekyOvx"
Mg_]hlZ`_kZfZyijh[e_fZqlhbmf_gy[ueZ\q_jZdh]^Zy`_eZeZkijylZlvkyZg_]^_YreZ
ke_^hfiheh`b\jmdbgZ]heu_ke_]dZ\eZ`gu_[_^jZbkfhlj_eZgZg_]h
Ovxhimklbeky\h^ghba^\mog_[hevrbodj_k_emklheZjy^hfkhdghfYagZeZqlh_fmg_m^h[gh
wlh[uehaZf_lghihyaudm_]hl_eZblhfmdZdj_adhhgk_e
HgjZa\_jgmedj_kehdkl_g_[m^lhwlhfh]ehkiZklb_]hhlfh_c]hehciZjlbaZgkdhclZdlbdb
Y\klZeZi_j_^dj_kehfb]ghjbjmyqlhdhe_gbOvxijZdlbq_kdbijb`bfZebkvdkl_g_
KijylZlvkyg_]^_ih^^jZagbeZy
JZc^_jg_
Yg_\_jhylghh]hjq_ggh\a^hogmeZ
GhlukdZaZeqlhohq_rvf_gyihp_eh\Zlv\_jgh"
OhqmGhluagZ_rvihq_fmg_fh]m
Ghwlh\k_]hebrvihp_emcm]h\Zjb\ZeZyWlhgbq_]hg_agZqblBl_[_gm`gZijZdlbdZZy
gmohqmgZdhiblvohjhrbo\hkihfbgZgbc^hlh]hdZdkhfghcijhbahc^_lqlhlhiehoh_b
ij_`^_q_fOvxkfh]aZijhl_klh\Zlvyk_eZ_fmgZdhe_gb
Ovx\p_ibeky\ih^ehdhlgbdbdj_keZb\u]ey^ygZijy`_gguf]hlh\ufih^iju]gmlvbkdbgmlv
f_gygZihe
QlhlZdh]hiehoh]h\ihp_em_"kijhkbeZy_]hQlhih^_eZ_rv_kebyohqm_s_h^bg"
G_l
Yj_rbeZih^^jZagblv_]h
WlhbaaZlh]hqlhymjh^"Y
Yg_kfh]eZijh^he`blvij_^eh`_gb_ihlhfmqlhOvxf_gyij_j\ZeHgh[gyef_gyiheh`b\h^gm
jmdmgZaZluehdqlh[uijblygmlvfhcjhldk\h_fm[m^lhhglhgmeZy[ueZ]ehldhf\ha^moZ
YZogmeZdh]^Z_]hyaudh[ebaZefhcjhlkh\k_f`_eZgb_fb^bdhklvxZaZl_fyaZklhgZeZ
ijb`bfZykvdh`_cddh`_
?]hdh]lb\ibebkv\fhxdh`mdhlhjZy[ukljhaZ`b\ZeZbyijbgyeZwlhdZd^he`gh_ihlhfmdZd
fhbdh]lb^_eZeblh`_kZfh_
Yijh\_eZjmdhc\^hev_]h]jm^b\ib\ZykviZevpZfb\l\zj^u_furpuqm\kl\myg_\_jhylgh_
`_eZgb_ihdZ_]h]m[ug_bklh\h\ib\Zebkv\fhbOvxg_[ueg_`_gkhfghcHgp_eh\Zef_gy
`Z^ghbyihqm\kl\h\ZeZam[ugZk\h_cdh`_b]m[Zobfg_ihgjZ\behkvOjbieucklhgaZjh^beky
\fhzf]hje_bfhcyaudmklj_fbekygZ\klj_qm_]hyaudmKhkdb[he_ag_gghaZl\_j^_ebbyohl_eZ
qlh[uOvxijbdhkgmekydhfg_
@_eZeZhsmlblvwlb[hevrb_]jm[u_jmdbgZk\h_cdh`_dh]lb^\b`msb_kyihfh_cq_rm_Y
`_eZx_]hkljZklb
OvxhlkljZgbekydZdjZadh]^ZygZqZeZly`_eh^urZlvB\u]ey^_ehglZdbf`_hr_ehfe_gguf
gZkdhevdhqm\kl\h\ZeZk_[yy
Ihp_emcaZdhgq_gH^_\Zcky_]h]hehk[uegZm^b\e_gb_kihdhcguf
KiZkb[h\u^hogmeZyWlh[uehhq_gvex[_aghkl\h_cklhjhguyke_aeZk_]hdhe_g
hsmsZydZdimevk[vzlkyf_^mfhbogh]
YhsmlbeZkeZ[hklv\dhe_gyo[m^lhq_j_aihp_emc\k_kbeumrebdOvxFhbdh]lbdhkgmebkv
q_rmcqZlhc]jm^bbyihkfhlj_eZgZih^gy\r_]hkyOvx
RlZguOvxaZf_lghgZlygmebkvki_j_^bZdh]^ZiZj_gvih^gyegZf_gy]eZaZym\b^_eZqlhhgb
klZebiheghklvxqzjgufb
H^_\Zcky@b\h
EZ^ghijhbag_keZyg_h[jZsZy\gbfZgbygZjZa^jZ`_gguclhgYe_gb\hgZijZ\beZkvh[jZlgh
\\ZggmxklZjZykvihdZqb\Zlv[_^jZfbY\a^hogmeZhllh]hqlhOvxg_ihr_eaZfghcb
mklZ\beZkvgZk\h_hljZ`_gb_\a_jdZe_
kzlh`_ebphi_j_\zjlurZkfhlj_ehgZf_gy=eZaZfhbghdh`ZihdjulZq_rmzcZgZ]heh\_
G_m`_ebgZjhklugZkdmeZoklZebf_g__aZf_lgu":q_rmyijbh[j_eZf_g__]jyaguchll_ghd
a_e_gh]h"Yih\_jgmeZkv[hdhfhkfZljb\Zydjuevyk_lZdb_`_fylu_dZdme_lmq_cfurbgh
dZaZebkvf_g__fhjsbgbklufbq_fij_`^_
OZYko\ZlbeZjmdhch^ghdjuehjZa^\b]Zy_]hhgh^_jgmehkvhlfh_]haZo\ZlZghhij_^_e_ggh
dZaZehkv[he__]eZ^dbf"Fh`_ldh]^Zgb[m^vhghklZg_lihgZklhys_fmihe_agufdjuehf
:fh`_lOvxijZ\b\g_rghklv[m^_lf_gylvkykh\j_f_g_fFh`_lbf_gghihwlhfmNbgbZgb
^jm]b_N_cjbijh^he`Zxl]h\hjblvhkhaj_\Zgbb
Fh`_lmjh^eb\Zy]mk_gbpZ\blh]_ij_\jZlblky\[Z[hqdm
Bebyo\ZlZxkvaZkhehfbgdm_^vij_\jZs_gb_\[Z[hqdm^eyf_gyg_kmeblgbq_]hohjhr_]hY
ihij_`g_fm\jheb`b\hlgh]hdmie_gguch[t_dl^ey\hkijhba\_^_gbyihlhfkl\Z
Emqr_hklZlvkymjh^hf
Fuih_oZebgZjZ[hlm[m^lhgbq_]hkljZggh]hg_ijhbahrehDh]^ZOvxij_^eh`beaZ]eygmlv\
fhxd\Zjlbjmqlh[uhkfhlj_lvl_jjblhjbxykh]eZkbeZkvfg_gm`ghi_j_h^_lvky^ZbOvxlh`_
Ohlyf_gy\q_jZbg_[uehgZjZ[hl_ghk_]h^gyyhsmsZeZk_[yg_\k\h_clZj_ed_h^_lZy\fylmx
jZklygmlmx\q_jZrgxxh^_`^mYi_j_h^_eZkvihdZOvxijh\_jbed\Zjlbjmgh\u\h^uhdZaZebkv
aZ]Z^hqghkdmqgufbGbdZdboke_^h\N_cjbbebdZdh]hgb[m^vij_ke_^h\Zl_ey
AgZqblk_]h^gyfufh`_fhklZlvky^hfZ"kijhkbeZy
G_lEmqr_ij_^iheZ]Zlvom^r__K_]h^gyfu[m^_fkiZlvgZh[s_kl\_gghcdjh\Zlb
YaZkf_yeZkvhl_]hkeh\bh[tykgbeZ_fmagZq_gb_keh\Zhl_evbdZdijZ\bevgh_]hbkihevah\ZlvZ
ihlhfkh[jZeZh^_`^m^eygZk\jhah\uc\bgbeh\ucjxdaZd
Kimklyg_dhlhjh_\j_f_gyfuihy\bebkv\hnbk_byh[jZ^h\ZeZkvm\b^_\KZ\Zggm
Ijb\_lJZ^Zl_[y\b^_lvDZdluk_[yqm\kl\m_rv"
HgZke_]dZmeu[gmeZkvfg_biheh`beZjmdbgZ_^\Zhdjm]eb\rbcky`b\hlbd
KijZ\eyxkvOhlvkljm^hfDZdlu"KZ\ZggZ[jhkbeZex[hiulguc\a]ey^gZOvxihlhf\gh\v
�ihkfhlj_eZgZf_gyhkboihjjZ[hlZ_rvgZ^ki_pijh_dlhf"
Ki_pbZevgucijh_dlkh]eZkbeZkvyM]mk__s_\\h`mOvx\dmjk^_eZdZdmoZ`b\ZlvaZ
�`_gsbgZfbyh[_jgmeZkvbfgh]hagZqbl_evghihkfhlj_eZgZOvxmfZx\ihke_^g__\j_fyfu
^h[bebkv[hevrbomki_oh\^ZOvx"
Hggbq_]hg_kdZaZeijhklhgZofmjbeky
�Ymkf_ogmeZkvbgZijZ\beZkvdk\h_fmklhemkdb^u\Zykmfdmeyk_]h^gyrg_]hgZjy^Zy\u[jZeZ
ijhklmxghfgh]hp\_lgmxh^_`^mGZ^_eZweZklbqgu_[e_^gha_e_gu_dZijbjhah\mxdhnlmk
�[Zkdhc@bex[bfu_jhah\u_djhkkh\db
Ygbq_]hhkh[_ggh]hg_^_eZeZk\hehkZfbijhklhkh[jZeZbobaZdj_ibeZaZdhedhcGZ]m[ugZg_keZ
g_fgh]hjhah\h]h[e_kdZ
dhgp_dhgph\_kebyh^_gmkvdZdihiZehgZjZ[hlmhgbgZqgmlqlhlhih^haj_\Zlv
:fhyp_evijboh^blvgZjZ[hlmdZdh[uqgh^Z`__kebfhbfukeb^Ze_dbhljZ[hluGZkZfhf
^_e_yg_fh]eZij_klZlv^mfZlvhlhfihp_em_Fhbfukebihklhyggh\_jl_ebkvmgZklhcqb\uo
\hkoblbl_evguo]m[ZoOvx
�Z`_dh]^Zykhjlbjh\ZeZihqlmhldju\ZeZdhg\_jlub[helZeZkKZ\Zgghcfhbfukeb[uebhOvx
Fg_g_ihfh]eh^Z`_qlhiZj_gv\ayeklmebk_e\g_kdhevdbonmlZoihaZ^bf_gyZg_gZijhlb\
Hq_fhg^mfZ_l"Hr_ehfbeeb_]hgZrihp_emclZd`_dZdbf_gy"HgjZafurey_lg_lh^_j`bf
ebke_^mxsbf"YmfbjZeZhl`_eZgbymagZlvghk_cqZkg_\j_fybg_f_klh]h\hjblvh[wlhf
Ihwlhfmyemq_aZjghmeu[gmeZkvKZ\Zgg_
DZdhcml_[ykjhd"
HgZ\gh\vihoehiZeZk_[yih`b\hlmkeh\ghmkihdZb\Zy_]h
GZke_^mxs_cg_^_e_[m^_liylvf_kyp_\
MolulZdfgh]h"Bml_[yihij_`g_fmmlj_ggbclhdkbdha"
KZ\ZggZke_]dZkdjb\beZebph
Mlj_ggbc^g_\ghcbghqghchgZg_j\ghihijZ\beZfhgblhjYm`_ijb\udeZk_]h\hjylqlh
wlhghjfZevgh
I_j_^jZ[hlhclulh`_k_[yiehohqm\kl\h\ZeZ"YZ[khexlghghjfZevghkijZ\exkvkZfZ_keb
ohq_rvihjZgvr_mclb
KZ\ZggZk[eZ]h^Zjghklvxihkfhlj_eZgZf_gyghihdZqZeZ]heh\hc
Khfghc\k_\ihjy^d_Bgm`ghjZ[hlZlvFg_gm`gu^_gv]bYh^gZ[m^m\hkiblu\Zlvj_[_gdZ
bhgZ\gh\viheh`beZjmdmgZ`b\hl
hijhk\_jl_ekymf_gygZyaud_bihqlbkhj\ZekyDZ`^ucdlhohlvg_fgh]h[ueagZdhfk
:evygkhfagZeqlhKZ\ZggZaZ[_j_f_g_eZhldh]hlhba\heqv_cklZb:g^_jkhgh\Yklj_i_lhf
ihkfhlj_eZgZ__`b\hlaZ^mfu\ZykvdZdbf[m^_lfhcj_[_ghd
:aZl_fih^mfZeZdZd^he]hmf_gy[m^_lwlhlj_[_ghd
Ihfh_fml_emijh[_`ZeZ^jh`v
Gmml_[y[hevrZyk_fvy\_k_ehkdZaZeZyKZ\Zgg_M\_j_ggZh^bgbal\hbo[jZlv_\beb
dma_gh\kjZ^hklvxihjZ[hlZxlgygvdhc_kebluihijhkbrv
HgZjZkkf_yeZkv
Lu^h\_jbeZ[uwlbffm`qbgZfj_[_gdZ"
Lhqghih^f_q_ghY\ayeZk\hc_`_^g_\gbdGZk_]h^gyaZieZgbjh\Zghqlhgb[m^vhkh[_ggh_\
dgb]Zok\b^Zgbc"
HgZihdZqZeZ]heh\hc
EbrvgZmqblvky[hevr_fm_kebluihfh`_rvFg_\k__s_gm`ghihdZaZlvdZdk]_g_jbjh\Zlv
k\b^Zgbylhhq_f]h\hjbeZKZjZHgZgZqZeZ]h\hjblvlZdb_keh\ZdZdfZdjh64/b[ZaZ^ZgguoZ
ihlhfyhldexqbeZkv
�Zihoh`_gZKZjmk_qlhyagZxwlhgZdZdb_dghidbgZ`bfZlvbfh]ml_[_ihdZaZlv
ijhbag_keZybh[_jgmeZkvgZOvxFg_\]heh\mijbreZb^_yIhq_fm[ul_[_g_gZ^_lv
gZmrgbdbbg_ihkfhlj_lvhlebqgh_\b^_hhagZdhfkl\Zo"kijhkbeZy_]h
Hgdhjhldhdb\gmeZymdZaZeZiZevp_fgZKZ\Zggm^Z\ZyihgylvqlhgZfbgmlmYhl^ZeZgZmrgbdb
OvxbihdZaZeZdZdj_]mebjh\Zlv]jhfdhklvaZl_fkdehgbeZkvgZ^klhehfqlh[uhldjulvk\hc
ZddZmglgZkZcl_ijhdZlZnbevfh\
YgZreZihjghbdmibeZ_]hijhklhihlhfmqlhohl_ehkvk^_eZlvdZdmxgb[m^vih^ehklv
Y\dexqbeZnbevfAZb]jZeZfmaudZblml`_ijhiZeZlZddZdOvxgZ^_egZmrgbdbujZ`_gb__]h
ebpZg_baf_gbehkvHg_s_g_ihgyeqlhyaZ^mfZeZIhdZ
GZkeZ`^ZckykdZaZeZyihoehiZ\Ovxihie_qmBihki_rbeZdklhemKZ\Zgguijb^\bgm\k\hc
ihkfhlj_eZgZOvx
GZ_]hebp_hlh[jZabekybkim]\f_kl_kbklbgguf\hkobs_gb_fbfg_ijbrehkvk^_j`b\Zlvkf_o
Dlj_fqZkZfmljZya_\ZeZb]hlh\Z[ueZaZdhgqblvjZ[hqbc^_gvOvxkhfghcg_jZa]h\Zjb\Zeg_
m^b\bl_evghmqblu\Zyqlhyih^kmgmeZ_fmg_h`b^Zggh_ihjghIjb[Z\blvdnbevfmgZrihp_emc
OvxgZ\_jgh_q_jlh\kdbgZijy`_gijyfhk_cqZk
Qlhb^_Zevgh\ibku\Z_lky\fhcieZg
Ihlhfmqlhmf_gy_klvgh\uc]_gbZevgucieZgdZdkiZklbk\hxrdmjm
Ovx^_\kl\_ggbdY^_\kl\_ggbpZOvxm\e_dkyfghcBOvxg_h[jZsZ_l\gbfZgbygZfh_]h
\gmlj_gg_]hfhgkljZ
GZkZfhf^_e_Ovxlh`_f_gy_lkydh]^Z\ha[m`^Z_lkyDZ`_lkyfufh`_fihfhqv^jm]^jm]mdh_
\q_f
Yfh]mihfhqvOvxba[Z\blvkyhl_]h^_\kl\_gghklbhgihfh`_lfg_aZbfh\u]h^gh_iheh`_gb_
^_e
Ebrv_]hdeyl\Zy\eyeZkvfZe_gvdhcijh[e_fhcghyg_kebrdhf\hegh\ZeZkvYfh]m[ulvhq_gv
m[_^bl_evghc
Yohl_eZwlh]hOhl_eZOvxOhl_eZk\hxk\h[h^m^Z`__kebwlh[m^_lklhblvkqZklvyi_j\hjh^guf
Yih^mfZeZhfm`qbgZo\fbj_i_j\h[ulguo\kihfgbeZbo]eZaZgZiheg_ggu_`_eZgb_fb
gZ^_`^hcbhsmlbeZgh\ucijbeb\qm\kl\Z\bgu
Ijhdeylv_G_klhbl^mfZlvhgboGm`gh^mfZlvhk_[_
JZa\_^he`gZyklZlv`_jl\_ggufy]g_gdhfebrvbaaZiZjuiZjg_c`_eZxsbogZclb`_g"G_
kh\k_fkijZ\_^eb\h
G_l\_jgh]hhl\_lZY^he`gZ^h\_jblvkybglmbpbbbijh^he`blvke_^h\Zlvih\u[jZgghfmimlbg_
aZ\bkbfhhllh]hgZkdhevdhg_kqZklgu[m^mlhklZevgu_i_j\hjh^gu_Yijhklhg_[m^m^mfZlvh
gboG_kfh]m
Ykdhjj_dlbjh\ZeZk\hcieZggZiZ^_gbyih^hjh]_\gh\uchl_evfuihij_`g_fmb]jZeb\
[_ahiZkghklvOhjhrZyebwlhb^_ykdZdZlvihhl_eyf"Dhg_qghgZfijb^zlkyjZa^_eblvg_[hevrmx
dhfgZlmhlebqb_hlfh_cd\Zjlbju\ghf_j_[ueZebrvh^gZ_^bgkl\_ggZyh^bghdZykiZevgy
Fbeh]hh[e_]Zxs_]hgb`g_]h[_evymf_gyg_[uehghljmkbdbb[xkl]Zevl_jgZfg_[ueb
jhah\ufbbdjm`_\gufbih^hc^ml
G_fgh]hih^oh^ys_cfmaudb;hevr_gZklhcqb\hklb\ihp_em_blh]^Zykfh]m[ulv[he__
Z]j_kkb\ghcIhdZaZlvOvxq_]hygZkZfhf^_e_ohqmHgg_fgh]hihehfZ_lky\dhgp_dhgph\hg
ij_^Zgk\h_fm^_emghyiheZ]ZeZqlhkfh]m_]hm[_^blv
;hevrbgkl\hfm`qbgg_gm`gh`_ijbgm`^Zlvdk_dkm"Ijhklhijbdhkgmlvky\gm`guof_klZob
hgbklZgh\ylkyieZklbebghf\jmdZoBebwlhijhklhkemob
Dhg_qghmf_gyg_lebqgh]hhiulZ\lZdbo\_sZoghy^h[jhkh\_klghqblZxdZ`^ucghf_jDhkfhb
\umqbeZgZbamklvg_dhlhju_ijb_fqbdbdhlhjufhgbh[mqZeb
YiheZ]ZeZqlh\k_g_h[oh^bfh_hlf_gywlh^h\_klbgZk^hkblmZpbbZ]hjfhguk^_eZxlk\h_
^_eh
GZk_]h^gyy\u[jZeZ[hevrhc^hjh]hchl_ev\p_glj_]hjh^ZLZdhchl_evh[kem`b\Z_llmjbklh\ba
\_jogbowr_ehgh\b^_eh\u_dhgn_j_gpbbygbdh]^Zg_jZkkfZljb\ZeZ_]h^eyh[uqghcghq_\db
fjZfhjghfmihemddjZkb\hfmklhemj_]bkljZpbbbaihebjh\Zggh]h^_j_\ZkmevljZg_[j_`gh
h^_lufOvxjy^hf
Ijb\_lkdZaZeZy^_\mrd_aZklhcdhc\ulZkdb\Zydhr_e_dbakmfhqdbK\h[h^_gebm\Zk
ghf_j^eygh\h[jZqguo"
?_\a]ey^kdhevagmeihfh_cih\k_^g_\ghch^_`^_bh]jhfghfmfm`qbg_jy^hfkhfghcbym\b^_eZ
bgl_j_k\__\a]ey^_Fh]m^h]Z^Zlvkyhq_fhgZ^mfZ_lFbeZyfheh^Zy^_\mrdZ[hevrhcqm\Zd
kgbfZxlghf_j\ljbmljZjZ\gyebkv\hafh`ghfmkp_gZjbxijhklblmldb
fh_cd\Zjlbj_k_cqZkg_ldhg^bpbhg_jZkhe]ZeZyFug_fh`_fkiZlv\lZdhc`Zj_ihwlhfm
j_rbebkgylvghf_j\]hklbgbp_
ujZ`_gb___ebpZjZkkeZ[behkvb^_\mrdZmeu[gmeZkvZyihgyeZqlh\k_ijZ\bevghkdZaZeZ
M`Zkghdh]^Zdhg^bpbhg_jehfZ_lky^Z"hgZgZqZeZqlhlhi_qZlZlvgZdeZ\bZlmj_kfhljygZ
fhgblhjbdb\gmeZK_]h^gyghf_j^eygh\h[jZqguok\h[h^_g
Ij_djZkgh[h^jhijhbag_keZybijhlygmeZdj_^bldm
�_kylvfbgmlkimklyfurebdgZr_fmghf_jmkdexqdZjlhc\jmd_YgZi_\ZeZ\_k_e_gvdmx
f_eh^bxZOvxrzeaZfghcke_^hfgbq_]hg_ih^haj_\Zy
E_]dhfukeb_kdZaZeZyk_[_Y[m^me_]dhfuke_gghcIh^^_evgha_\gm\yihkfhlj_eZgZOvx
^h\hevgZyl_fqlhhgih\lhjbea_\hdA_\db\k_]^ZaZjZabl_evgu
MklZe"keZ^dhkijhkbeZyLug_kiZe\kxijhremxghqv
Y^he`_g[ulv[^bl_evgufhl\_lbeOvxghg_kfhlj_efg_\]eZaZ
DZdohq_rvkdZaZeZyGhy^mfZeZqlhl\h_aZdebgZgb_gZ^\_jb^eywlh]hIj_^iheZ]Zxqlh
lug_kfh`_rvf_gyohjhrhaZsbsZlv_kebg_[m^_rvkiZlvIh^mfZcgZkdhevdhl_[_klZg_le_]q_
dh]^Zluhl^hog_rv
OvxjZa^mfu\ZegZ^wlbfb[ukljhfg_db\gme
LuijZ\bevgh]h\hjbrvGhlmllhevdhh^gZdjh\Zlv
Dhg_qghyijZ\bevgh]h\hjxy\klZ\beZdexqdZjlm\aZfhdb`^ZeZdh]^ZaZ]hjblkya_e_guc
k\_lBm\_j_gZ\ghf_j__klv^\_djh\Zlbkhe]ZeZyaZl_fhldjueZ^\_jvYaZreZ\ghf_jb
aZex[h\ZeZkv
I_j\h_qlhyaZf_lbeZh]jhfgZydjh\Zlvihkj_^bghf_jZA^hjh\_ggh_d\Z^jZlgh_ba]heh\v_
djh\ZlbbadjZkgh]h^_j_\ZaZgbfZeh^Zevgxxkl_gm\ha\urZykvgZ^^\mkiZevghcdjh\Zlvx
aZ\Ze_gghcih^mrdZfb
Dj_keZh[blu_baukdZgghcldZgvxZglbd\Zjguc^b\Zgqbdb^_dhjZlb\gucklhebd\k_wlh
\u]ey^_ehkebrdhfojmidhqlh[u\u^_j`Zlv[_^gh]hOvx
GZkhk_^g_fklhebd_klhye[md_ljhaZ\h^ghfm]emdhfgZlugZoh^behkvh]jhfgh_^`Zdmab
^hklZlhqgh[hevrh_^ey^\hboYihdjZkg_eZhlm\b^_ggh]h
EZ^g_gvdhykf_eZyghg_m\_j_ggZqlhgZklhevdhYh[_jgmeZkvdOvx
�hffbeuc^hfgZghqv
Hgofmjbeky^Z`_dh]^ZaZdju\ZeaZgZfb^\_jv
A^_kvlhevdhh^gZdjh\Zlv
Yih`ZeZie_qZfb
G_\hegmckyFu__jZa^_ebfH[_sZxg_kly]b\Zlvh^_yeh
gm`gh\hiehlblv\`bagvhklZevgmxqZklvieZgZ
Y[jhkbeZjxdaZddh]^ZOvxkgyeh`_j_ev_bklZe\h^blvjmghc\hdjm]^\_jb
G_\hajZ`Z_rv_kebyihm^h[g__mkljhxkvihdZluijyq_rvgZkhlh\k_o"
Yg_ijhlb\ijhbag_kOvxhl\e_dZykvhlk\h_caZ^Zqbih\_jgm\rbkvdhfg_kibghc
Ij_\hkoh^ghYkgyeZdhnlmk[Zkdhcb\ue_aeZbal_kguodZijbZddmjZlghkeh`b\boaZkmgm\\
jxdaZd
NmdZd`_a^_kv`Zjdhijhdhff_glbjh\ZeZyi_j_oh^ydh\lhjhfmwlZimfh_ckp_gu
h[hevs_gbyG_agZxkfh]mebmkgmlv\lZdhc`Zj_
ByihijZ\beZ[_ehjhah\ucebnqbddhlhjuckly]b\Ze]jm^v
OvxijhfheqZeWlhghjfZevgh\_^vhg_s_aZgylYk[jhkbeZlmnebbhimklbeZkvgZdjh\Zlvg_
kgbfZyh^_yeZgZh[hjhlye_]eZgZk\hxiheh\bgmdjh\Zlbih\_jgm\[_^jhijbgbfZykZfmx
k_dkmZevgmxihamgZdZdmx[ueZkihkh[gZ
B`^ZeZdh]^Zih\_jg_lkyOvx
Ihlj_[h\Zehkvg_kdhevdhk_dmg^HgaZdhgqbe\h^blvjmghc\hdjm]^\_jbbaZdj_ib\gZp_ihqdm
ih\_kbe__h[jZlghgZr_xAZl_fijh\_jbe^\_jvijh\_^yjmdhc\^hevdjZyb\hl\_lm\b^_e
\her_[gmx\kiurdm
M^h\e_l\hj_gguchghimklbejmdmbihkfhlj_egZf_gy
?]h]eZaZihe_aebgZeh[
Yijbl\hjbeZkvqlhh[fZob\Zxk_[yjmdhc
;h`_dZd`ZjdhLulZdg_^mfZ_rv"
Ihij_`g_fmmklZ\b\rbkvgZf_gyOvxih^hr_e[eb`_
Luhgk]ehlgmeLukh[bjZ_rvkye_qvih^h^_yehJZc^_j"
G_lhl\_lbeZybe_gb\hihlygmeZkvhlq_]hdZdygZ^_yeZkv]jm^vaZfZgqb\hih^iju]gmeZ
Kebrdhf`ZjdhFg_lZd[hevr_gjZ\blkyyijh[_`ZeZjmdhcihk\h_fm[hdmIhq_fm[ul_[_
g_jZa^_lvkybg_e_qv\ihkl_ev"
Mg_]hgZe[m\uklmibeihl"
OvxhklZekygZf_kl_hij_^_e_gghh[^mfu\Zyqlh^_eZlv^Zevr_Y\b^_eZdZd_]h\a]ey^[em`^Ze
ihdhfgZl_K_klv\h^ghbabaukdZgguodj_k_edhlhjh_g_m^_j`bl_]h[hevrh_l_eh"K_klvgZ
djh\Zlvkhfghcb\k_ffhbfh[gZ`_gguf\_ebdhe_ib_f"
H^ZeZ^ghOvxlbohdhd_leb\hijhfmjeudZeZybihoehiZeZihdjh\ZlbYg_dmkZxkv
_kebkZfg_aZohq_rvIh^fb]gmeZy_fm
a^hokhk\bklhf\uj\Zekyba_]he_]dboHgjmogmegZdjZcdjh\Zlbih\_jgm\rbkvkibghcdhfg_
JZc^_jih`ZemcklZh^_gvky
L_[_g_gjZ\blvkykfhlj_lvgZf_gy"
;hevr_q_fy^he`_gBf_gghihwlhfmijhrml_[yh^_lvky_]h]hehk[uegZijy`_ggufJZ^b
f_gy
Yk^_eZxfgh]h_jZ^bl_[yijh\hjdh\ZeZyIjZ\^Zy[ueZ^h\hevgh\ha[m`^_gZ^mfZyhlhf
dZdbfbg_ijbklhcghklyfbfh]maZgylvkykOvxYkjZ^hklvxijh[_]mkvjlhfihl\h_cdh`_
ijh^he`ZeZyH[eb`ml\hbdeudbp_iexkvdh]lyfb
Gbadbcklhg\uj\Zekyba_]h]hjeZ
QlhlukdZaZe"Ohq_rvijh\_klbg_[hevrh_\aZbfgh_bkke_^h\Zgb_"Bamqblvl_eZ^jm]^jm]Zb
ihgylvqlhgjZ\blky"
LuagZ_rvyg_fh]m
Ihq_fmg_l"
Deyl\ZHg\k__s_g_h[_jgmekyqlh[uihkfhlj_lvgZf_gy
IjhdeylZydeyl\Z
IhkemrZcOvxijhbag_keZy]hehkhfgZklhevdhm[_^bl_evgufgZkdhevdhkfh]eZY
^_\kl\_ggbpZLu^_\kl\_ggbdIhq_fm[ugZfg_ihaZ[hlblvkyhihlj_[ghklyo^jm]^jm]Z"
Ihlhfmqlhfhy`_gsbgZ`^_lf_gyj_adhkdZaZehgG_lhevdhfhyghb^jm]bodhlhju_
iheZ]ZxlkygZf_gyByg_[m^mebrZlvboijZ\ZgZkqZklv_bijhklhgZk_fvxebrvihlhfmqlh
ih^^Zekyk\hbf`_eZgbyf
Ghluohq_rvf_gy"ykhkj_^hlhqbeZkvgZwlhfh^ghfkeh\_g_h[jZsZy\gbfZgb_gZ\bgm
dhlhjmxqm\kl\h\ZeZhlklj_fe_gbydq_fmlhq_]hg_^he`gZlZdhlqZyggh`_eZlv
LuagZ_rvqlh^Z_]h]hehk[ueg_jh\gufZebphhl\_jgmlhhlf_gy
Lh]^Zihq_fmfug_fh`_fg_fgh]hihrZeblv"m]h\Zjb\ZeZyLuohq_rvm^h\e_l\hjylvk\hx
iZjm^Z"Ohq_rvagZlvdZdaZklZ\blv__l_ehhl\_lblvl_[_;vxkvh[aZdeZ^hgZlh`_
^_\kl\_ggbpZBhgZ[m^_lgm`^Zlvky\lhfqlh[uluk^_eZe^eyg__k_dk\hkoblbl_evgufDZdlu
kh[bjZ_rvkywlhijh\_jgmlv_kebg_agZ_rvdZdjZ[hlZ_l`_gkdh_l_eh"Lu[hevrhcm`ZkZxsbc
iZj_gvHgZ[m^_l[hylvkyaZgbfZlvkyklh[hck_dkhf_kebluiehoh\wlhfjZa[bjZ_rvky
Ovxgbq_]hg_kdZaZegh[hevr_bg_ijhl_klh\ZeqlhyijbgyeZdZdohjhrbcagZd
Yfh]mihdZaZlvl_[_ijh^he`beZm]h\Zjb\Zlvye_]dhijh[_`Z\rbkviZevpZfbihh^_yemlZd
dZdOvxkb^_ehlf_gy^Ze_dhDwlhfmfhf_glmykbevgh\ha[m^beZkv^uoZgb_klZehg_jh\guf
khkdbaZl\_j^_eb
FZe_cr__ijbdhkgh\_gb_Ovxbaf_gblf_gy\iheghp_ggmx^_\mrdmfhgkljZ
Lufh`_rvbkihevah\Zlvf_gydZdk\h_]hjh^Zl_klFufh`_f\uykgblvqlhlufh`_rvk^_eZlv
qlh[uhgZhl\_lbeZgZl\hbijbdhkgh\_gby
Bfh`_fihwdki_jbf_glbjh\ZlvgZl_[_Fh`_rvihdZaZlvfg_qlhl_[_gjZ\blkydhgp_
dhgph\fg_gm`ghkZfhcbamqblvlZdb_\_sb
Y\b^_ebklhjbb\dZjlbgdZoYfgh]hmagZe
l_onbevfZo\k_g_ihgZklhys_fmyg_kfh]eZk^_j`Zlvkf_oWlhebrvfZl_jbZe
bkihevam_fuc^ey\ha[m`^_gbyHgb\mev]Zjgu_bgb\fZe_cr_ckl_i_gbg_jhfZglbqgu_?keb
`_eZ_rvqlh[u`_gsbgZ`Z`^ZeZl\hboijbdhkgh\_gbcl_[_gm`gh[ulvk_dkmZevgufYfh]m
ihdZaZlvdZdwlh^_eZlvDZdijbdhkgmlvkydg_cLufh`_rvijbdhkgmlvkydhfg_
ByaZ^jh`ZeZijbfukebhg_fijbdZkZxs_fkydhfg_IjbfukebdZd_]h[hevrZyjmdZ
h[o\Zlu\Z_lfhx]jm^v
Ovxj_adh\^hogmeaZl_fihdZqZe]heh\hcb\kdhqbegZgh]b
B^bkiZlv
Ke_^hfhgm^Zebeky\\ZggmxYmkeurZeZdZd\dexqbeky^mr
YgZofmjbeZkv;m^vhgijhdeylOvx[uelZd[ebadhdlhfmqlh[uk^ZlvkyHij_^_e_gghygZqZeZk
g_ijZ\bevghclZdlbdbij_^eh`b\_fm\aZbfgmxihl_jx^_\kl\_gghklb;_agZ^_`gh_f_jhijbylb_
IhlhfmqlhOvxy\gh`_eZ_lm^h\e_l\hjblvk\hxiZjmih^mfZeZykfjZqghcj_\ghklvxB^Z\ygZ
wlhy\hafh`gh^hklZlhqghaZ\_^m_]hqlh[ukh[eZagblvbaZklZ\exaZ[ulvdeyl\m
�he`gZijbagZlvi_jki_dlb\Z[ueZaZo\Zlu\Zxs_cIhlj_[m_lky^hklZlhqghklhcdhklbZlZd`_
dh_qlhkljZl_]bq_kdbkieZgbjh\Zlvghfg_wlh\iheg_ih^kbem
Yijhklhijhb]ghjbjmxfhxf_ehqgmxkh\_klvdhlhjZyihklhygghgZihfbgZeZqlhy^h[b\Zxkv
k\h_]hkqZklvyaZkq_l^jm]bo
=eZ\Z
YgZf_j_gghkiZeZih\_joh^_yeZqZklvf_gygZ^_yeZkvqlhijhkgm\rbkvym\b`mdZdOvx
ijbdZkZ_lkydhfg_g_mklhy\i_j_^fhbfhqZjh\Zgb_ff_klhwlh]hyijhkgmeZkvbh[gZjm`beZ
qlhhgmdjuef_gyh^_yehfihdZykiZeZ
G_[ueZm\_j_gZgZoh^beZebywlhfbeufbebkh\_jr_ggh^hkZ^gufDhg_qgh`_y\_^vg_
aZkljyeZkh^bghdbffm`qbghcmdhlhjh]hbffmgbl_ldfh_fmnebjlm"hafh`ghyg_^hklZlhqgh
kbevghklZjZeZkv
Yj_rbeZ^_ckl\h\Zlv`_klq_bijh\_eZfha]h\hcrlmjfFh]m\uoZ`b\Zlvi_j_^gbf]hehcghhg
ijhklhhl\_jg_lkyFh]meZkdZlvk_[yi_j_^gbfghOvxfh`_lmclbBebaZklZ\blmclbf_gy
Qlh[ukh[eZagblvOvxihlj_[mxlkyobljhklvbdh\Zjkl\hBmqblu\Zyfhx^_\kl\_gghklvy[ueZ
iZ^dZygZlZdb_\_sb
Yfh]eZnebjlh\Zlvkemqrbfbafm`qbgghdh]^Z^_eh^hoh^beh^hhldjh\_ggh]hkh[eZag_gby"M
f_gyg_hklZehkv[h_ijbiZkh\\Zjk_gZe_
�h[Z\blvdwlhfmlhqlhOvxihklhygghjy^hf"Y^Z`_g_fh]eZkihdhcghihkfhlj_lvh^bgbeb^\Z
ihjghnbevfZqlh[ug_[ulvaZklmdZgghcOvxaZijhkfhljhf
Yijhkqblu\ZeZ\k_dh]^ZfurebgZjZ[hlmgZke_^mxsbc^_gv\uc^yihjZgvr_YkdZaZeZOvx
qlhmf_gy[hevrhc\Z`gucijh_dlgZ^dhlhjufgZ^hjZ[hlZlv
Qlhg_kh\k_flZdYijhklhohl_eZih]h\hjblvkih^jm]ZfbbihemqblviZjmkh\_lh\Ghkh
ke_^mxsbfihiylZfOvxmf_gyg_fgh]h\hafh`ghkl_cYfh]eZ[ugZibkZlvkhh[s_gb_ghFZjb
j_^dhijh\_jy_lk\hcl_e_nhgihwlhfmyih^mfZeZ\hkihevah\Zlvkyhnbkghcijh]jZffhcqZlZ
KZjZm^b\beZkvm\b^_\f_gyGZg_c[uebgZ^_luh]jhfgu_gZmrgbdbbhgZqlhlhebohjZ^hqgh
i_qZlZeZgZdhfivxl_j_dh]^Zfu\hreb
Ijb\_lJZc^_jdjbdgmeZhgZy\ghg_\khklhygbbkihdhcgh]h\hjblvHgZmdZaZeZgZgZmrgbdb
�Zcfg_iZjmk_dmg^by^h[_jmkvlm^Z]^_b]jZkhojZgblky
G_ki_rbYijbreZihjZ[hlZlvgZ^ijh_dlhfdjbdgmeZy\hl\_lbgZijZ\beZkvdk\h_fmklhem
`_klhfmdZaZ\OvxaZgylvex[h_f_klhHgihr_e\deZ^h\mxb\ayelZ[mj_ldh]^Zhgwlhk^_eZey
\ulygmeZr_xbihkfhlj_eZ\hnbk;_l
Gbdh]hhnbk_lhevdhKZjZOZYiexogmeZkv\dj_kehbhldjueZgZdhfivxl_j_qZlK_lvk\yaZgZ
khnbkhf;vxbygZofmjbeZkvm\b^_\klZlmkFZjbHlhr_e
_jhylghdZdZygb[m^v\klj_qZDh]^ZOvxk_egZijhlb\f_gyy\jmqbeZ_fm`mjgZe^ey
bamq_gbyihdZyjZ[hlZx
Y[ueZgZkljh_gZihemqblvkh\_lbyj_rbeZkgZqZeZgZibkZlvKZj_
=^_l\hyk_kljZ"gZi_qZlZeZy
Bs_lf_klh^eyijh\_^_gbyGhkhqghc\_q_jbgdbgZi_qZlZeZKZjZ\hl\_l?cijbreZlZdZy
KZjZkb^_eZgZ^jm]hfdhgp_hnbkZlZdqlhfh]eZijhklhkgylvgZmrgbdbbih]h\hjblvkhfghcgh
yij_^ihqeZihqZlblvkyOvxg_^he`_gkeurZlvjZa]h\hj
GhkhqgZy\_q_jbgdZ"gZi_qZlZeZyKlhblbgl_j_kh\Zlvky"
Wlh\_q_jbgdZkh\iZ^_gbcL_[_^Zxlghkhddh]^Zluijboh^brvblu^he`_gbkdZlv^jm]h]h
q_eh\_dZmdhlhjh]hlZdhc`_;_lkqblZ_lqlhwlh]_gbZevgh
A\mqblkljZggh
GZ^jm]hfdhgp_hnbkZKZjZaZkf_yeZkv\fhgblhjaZl_fijh^he`beZi_qZlZlv
Yij_^eh`beZ\_q_jbgdmaZfdZbdexqZghhgZih^mfZeZqlhwlhkebrdhfg_h^ghagZqgh
FfffhgZfh`_l[ulvijZ\ZKdZ`bjZam`lua^_kvYdh_qlhohqmml_[ykijhkblvgZkq_l
iZjg_cKZjZiZjZJwfkbihwlhfmhgZh^gZbal_omdh]hfh`ghkijhkblv
Jwfkb[hevrhcm]jxfucbfheqZeb\ucghKZjZdZdlhihdhjbeZ_]hk_j^p__jf_^\_^vdjZcg_
ij_^Zg_cYih^mfZeZqlhmKZju_klvk\h_]hjh^ZoZjbafZbyfh]mihemqblvkh\_l
MF?GY"K_jvzagh"
�Zml_[y
Ih^jm]Z\Zeycghg_m\_j_gZqlhywdki_jl\wlhfLuihklhygghnebjlm_rvY^he`gZ
kijZrb\Zlvl_[y
HgZijZ\Z
�ZghmiZjgydhlhjufybgl_j_kmxkvdZ`_lky_klvbffmgbl_lgZfhcnebjlYk[blZklhedmbg_
agZxqlh^_eZlvG_agZxdZd_fmkdZaZlvqlhhgf_gybgl_j_km_l
DZdgZkq_llh]hqlh[uijhklhkdZaZlv_fm"
M`_iulZeZkvG_ohqmijbgbfZlvG?LaZhl\_l
IhgylghhgZfhf_glih[ZjZ[ZgbeZiZevpZfbihih^[hjh^dmjZa^mfu\ZybgZqZeZ\gh\vyjhklgh
i_qZlZlvGZkdhevdh\k_k_jv_aghkwlbfiZjg_f"
�Z\ZcijhklhkdZ`_fqlhyiulZxkvaZlZsblv_]h\djh\Zlvghhgb]ghjbjm_l\k_fhbihiuldb
MnHgh[hjhl_gv"
YgZofmjbeZkv
Wlh\Z`gh"Gh^ZYihemqmh^h[j_gb_ij_`^_q_fihc^m^Zevr_kh\k_fwlbf
Lu\:evygk_Ihfgbrvlmkmfylbpmihih\h^mij_\jZs_gbyFZjb"Hgbbaf_gbebijZ\beZ\
hlghr_gbbex^_cIhdZlug_hljZklbrvo\hklgbdh]hwlhg_[m^_laZ[hlblv
Y\ugm^beZk_[ygZi_qZlZlv\hl\_l/2/ohly__aZf_qZgb_[uehkebrdhf[ebadhdbklbg_M
f_gy\ujZklZ_lo\hkldh]^Zyij_\jZsZxkv
hldZdh[klhbl^_ehkh[hjhlgyfbgZi_qZlZeZhgZ[ukljh\hl\_lHgbkmi_jkdbgZkljh_gugZ
aZiZoGZijbf_jk_cqZkyhsmsZxdZdhll_[yjZablwlbf[hevrbfdhlhfkb^ysbfjy^hfklh[hc
ZwlhagZqblqlh\u^\h_`b\_l_\f_kl_G_km^bwlh\k_]hebrvaZf_qZgb_
YaZdmkbeZ]m[mqlh[ug_meu[gmlvkyFufh]eb[u
�Ihwlhfmyij_^iheh`beZqlhhgb_klvlZ^h[uqZijh^he`ZxsZymoh^blvZ"
Hgfh][u[ulv_c
IjbdZeu\Z_rvky
EZ^ghwlhhgBhghlklhcghj_Z]bjm_lgZnebjl
Mf_gy_klvlZdhchiulbkgh\ZymkeurZeZ__kf_rhdbaaZdhfivxl_jZbg_kfh]eZk^_j`Zlv
kebrdhfm]em[eylvky\gZrmebqgmx`bagv ihlhfmqlhF_^\_`hghdm[v_lf_gy_kebyjZkdjhx\k_
gZrbk_dj_lu\fiha\hev^Zlvl_[_h^bgkh\_lIhfgbrvqlhy]h\hjbeZh[h[hjhlgyob
qm\kl\bl_evghklbdZjhfZlZf"
�Z"yih[hjheZ`_eZgb_g_l_ji_eb\hihklmdb\ZlvihdeZ\bZlmj_
Mgbohq_gvhkljh_h[hgygb_Hgbfh]mlmqmylv\k_qlhm]h^ghKljZoihlhfmqlhhgihoh^blgZ
dbkeucaZiZoihlZB\ha[m`^_gb_ihlhfmqlhbaaZg_]hihy\ey_lkygm^jm]h]h\b^Z\u^_e_gby
Luf_gyihgyeZ"
HmoluYg_ij_^klZ\eyeZLZd_kebyaZohqmqlh[uhgmagZeqlhy\ha[m`^_gZ
��:]ZhklZlhqghijhklhijhclbfbfhg_]heygbohq_gvljm^ghkhijhlb\eylvkyGHYWLH=H
L?;?G?=HHJBE:
FhcjhlgZaZfd_
YaZ^mfqb\hihkfhlj_eZgZOvxg_\kbeZoi_j_klZlvmeu[ZlvkyihdZhgofmjhbamqZekljZgbpu
]eygpZiulZykvjZah[jZlvky\nhlhdhjhe_\kdhck\Z^v[u
QZlkgh\Zijhkb]gZebeYihkfhlj_eZgZdhfivxl_j
LZdgZi_qZlZeZKZjZJZafu^_ebfkyk_dj_lZfb
�Hg_l@b\hlk`ZekyhlkljZoZHgZ^h]Z^ZeZkvdlhy"YaZklZ\beZk_[ygZi_qZlZlvZ"
DZdh]h\b^Zhgh[hjhl_gv"HgiZog_ldZddhlghbgZq_A_febkluc_kvfZljm^ghhibkZlv
DZdr_jklvdhrdbghkbevg__jZa\^_kylvH[uqghghk\hedZg_ihdehggbdimfbijyfhk_cqZk
g_gZ\b`mlZd]h\hjblvghl\hciZj_gv\hgy_l
Yqmlvg_jZkkf_yeZkv
Ovxj_adh\a]eygmegZf_gy
IjhklhijhqeZdh_qlhkf_rgh_B\k_Y\a]eygmeZgZKZjmghhgZ\k__s_i_qZlZeZ[_a
hklZgh\dbgZdeZ\bZlmj_^_eZy\b^dZd[m^lhgbq_]hg_ijhbkoh^blha\jZsZckydk\h_fm
`mjgZem
HggZofmjbekygZf_gyaZl_fi_j_\_jgme]eygp_\mxkljZgbpmfhjsZghkhlhl\jZs_gbydh]^Z
gZldgmekygZijh[gbdiZjnxfZ
WlZdgb]Z^mjghiZog_l
�Wlh^mobijh]h\hjbeZyi_j_]gm\rbkvq_j_aklhedg_fm_ckl\mylZdqlh[ufhy]jm^v
ih^gyeZkvZ^_dhevl_jm[Zrdbhimklbehkvbym[_^beZkvqlh[uOvxaZf_lbeIj_^iheZ]Z_lkym
^moh\ijbylgucaZiZo
G_lkdZaZehgihgbab\]hehkIZog_lhl\jZlbl_evghMf_gy]eZaZke_aylky
hjqmgih^jZagbeZyB]jb\hih^g_keZaZiyklv_d_]hghkm@_gsbgugZghkyl^mobgZlhqdb
imevkZqlh[uhgbohjhrhiZoebDZda^_kvYihr_\_ebeZaZiyklv_fi_j_^gbfBa^_kvKgh\Z
ijhlygmeZjmdmbdhkgmeZkvk_[yaZfhqdhcmoZBa^_kv
Yijh\_eZiZevp_ff_`^m]jm^_cbijhdZaeb\hmeu[gmeZkv
Hgkfhlj_egZf_klh]^_ydhkgmeZkv]jm^bIjbklZevghkfhlj_eAZl_f\_jgmekykgh\Zd`mjgZemb
yjhklghi_j_\_jgmeke_^mxsmxkljZgbpm
QZlijhkb]gZebeg_kdhevdhjZaih^jy^YkdhevagmeZh[jZlgh\k\h_dj_keh\k__s_meu[Zykvb
\a]eygmeZgZfhgblhjKZjZgZi_qZlZeZg_kdhevdhkljhd
:]Z
Iheguce`_p
Y\b^_eZdZdhgiyebekygZl\hbkbkvdb=h\hjxl_[_AZiZoHgku]jZ_ll_[_gZjmdm
KZjZ[ueZm^b\bl_evghcYiheghklvxkh[bjZeZkvbkihevah\ZlvwlmbgnhjfZpbx\k\hxihevam
Ohjhrbckh\_lKiZkb[hKZjZ
Lu\k__s_g_kdZaZeZfg_qlhhgaZh[hjhl_gv"
Ydhe_[ZeZkvWlh\_^vg_k_dj_l"Ijhklh\hagbdeh[ufgh]h\hijhkh\gZdhlhju_g_lhl\_lh\
hijhkugZdhlhju_yg_ohqmhl\_qZlv\^Zggucfhf_gl\kemqZ__kebhgbdZkZebkvf_gy
LZdqlhygZ[jZeZkfmlguchl\_l
Hgj_^dZynhjfZlb]jZ?]hk_fvybag_[hevrhckljZgulj_lv_]hfbjZbhgbg_ex^bfuY
mklZ\beZkv\fhgblhjh`b^Zykh]eZkblvkyebhgZkwlbf
?_hl\_lijbr_ekimklyg_kdhevdhk_dmg^
YkghMlb]jh\mgbdZevgZy\hgv
Hgg_iZog_lmij_dgmeZy__
?]hqm_l\heqbcghk
JZ^Zqlhyq_eh\_daZl_f\_k_eh\hl\_lhlijZ\beZijh\_jyydZdfgh]hhgZagZ_l
Ylh`_jZ^ZaZl_[y
Y\a^hogmeZkh[e_]q_gb_fKZjZg_^h]Z^u\ZeZkvd_fy[ueZ
Bf_gghlh]^ZFZjbihy\beZkv\qZl_YkjZam`_gZ[jZeZ_cIjb\_lb`^ZeZdh]^ZhgZhl\_lbl
Ijb\_lih^jm`dZGZdhg_plhih]h\hjbrvkhfghcQlhkemqbehkv\dZn_"
?s_h^gZdeyl\ZgZfbabgp_G_fh]mh[wlhf]h\hjblv
�_jvfh
YagZxIjhklb
L_[_ih\_aehqlhfuih^jm]bBlZdQlhlulZdjZgh^_eZ_rvgZjZ[hl_"
JZ[hlZxgZ^ijh_dlhfH[uqgh_^_eh?klvfbgmldZ"
Dhg_qghMf_gyi_j_ju\f_`^maZk_^Zgbyfbghgm`ghfqZlvkygZke_^mxs__q_j_aiylgZ^pZlv
fbgmlqlhohjhrh;vxhlebqguc[hkkghg_m\_j_gZqlhynZgZldhgn_j_gpa\hgdh\Zfu
m\_j_guqlhbo[m^_lfgh]h\dhgp_khh[s_gbyhgZijbkeZeZkfZcebdkyaudhf
Wlhemqr_[_ajZ[hlbpu^mjZqbgZihkeZeZyhl\_l
Wlh^Z
BlZdiha\hevaZ^Zlv\hijhkj_fyieZ\ghi_j_clbdb]j_lZddZdFZjbgbhq_fg_
^h]Z^u\Z_lkyY\klj_lbeZiZjgygZi_qZlZeZyjh^_dZdGhhg^mfZ_lqlhfuijhklh^jmavy
ZyohqmklZlv[hevr_q_f^jm]hfDZdfg_g_ijbgm`^_gghih^\_klb_]hdk_dkm[_alh]hqlh[uhg
\a[_kbeky"
�he]ZyiZmaZ
YjZkkf_yeZkvdh]^ZhgZijbkeZeZhl\_lLukijZrb\Z_rvmF?GY"LZdhlhjZynebjlm_lk
dZ`^ufmdh]h_klvqe_g
F_gygZqbgZehaeblvqlh\k_dZaZehkvijb[u\Zeb\rhd_dh]^ZyijhkbeZihfhsvdZkZxsmxky
�jhfZglbdbZIjhklhhl\_lvgZ\hijhk
�EZ^ghohjhrh?keb[uwlh[ue`hrby[ueZ\gZkljh_gbbZhgg_l^eyijhlhdheZqlh
gbdh]^Zg_kemqZ_lky^mfZxgZqZeZ[ukg_]hFheZolu[_^gucfZeurml_[y[uely`_euc
�ij_\jZsZ_lky\g_qlh^jm]h_Gh_kebijbihfgblv"`hrgbdh]^Zg_[u\Z_lg_\gZkljh_gbbM
g_]h
Baebrgyyhldjh\_gghklvy[ukljhgZi_qZlZeZ
^_ckl\bl_evgh\klZ_lijb\b^_fh_cklZjhcihlj_iZgghcib`ZfuQlh"Baebrgyy
hldjh\_gghklv"Lu`_kijhkbeZ
�:]Zghl_i_jvyij_^klZ\eyxl_[yb`hrZ\ihkl_ebhh[s_lhih^h`^byohjhrhwlh
�ij_^klZ\eyx`hr]hjyqHg]heuc"
Hl\Zeb`_gsbgZHgfhcIj_^klZ\vdZdy\ihju\_j_\ghklbih^gbfZxjmdbbp_exkvdh]lyfb
l_[_\]eZaZ
Yihkf_yeZkv\wdjZgHq_gvkf_rgh
AgZxYij_\ahreZk_[y:l_i_jvkgh\ZklZgh\bkvohjhrbffZe_gvdbfhnbkgufjZ[hlgbdhf
�\ui_ck\hx_`_^g_\gmxd\Zjlm@J_^;meeZZihlhf\ha\jZsZckydjZ[hl__keblhevdhg_
ohq_rv_s_g_fgh]hjZkkdZaZlvfg_h[wlhflZbgkl\_gghffm`qbg_
Lug_\b^brvgZi_qZlZeZyghy^_j`mfbabg_p\\ha^mo_
;m^vijhdeylZlubl\hc\_qgucfbabg_p
Ymkf_ogmeZkvbihkfhlj_eZgZOvxKjZ[hlZ_lebwlh"_kvih^oZebfZ`dg_fmbij_^eh`_gb_
ihfZkkbjh\Zlv_fmie_qb"Yba^Ze_dZ\hkobsZeZkvie_qZfbOvxHgb[ueb^_ckl\bl_evgh
deZkkgufbByg_ijhqviheh`blvk\hbjmdbgZgboFh`_l[ulvm^Zlvkyih[m^blv_]hk^_eZlvfg_
fZkkZ`lh`_
YjZa^mfu\ZeZgZ^wlbfhldju\ZyjZ[hqmxiZidmbgZqbgZyi_qZlZlv
hq_gvjZggb_mlj_ggb_qZkuihke_jZ[hlufuijb_oZeb\fhxd\Zjlbjmb\k_ijh\_jbebIh
ij_`g_fmgbdZdboijbagZdh\^jm]bon_cjbbebdZdboeb[hg_h[uqguoaZiZoh\
OvxdZaZehkv[ue^h\he_gghih^hajbl_e_gYjukdZeZihd\Zjlbj_\ihbkdZo[he__k_dkmZevgh]h
gb`g_]h[_evyfbehcdhjhl_gvdhcghqghcjm[ZrdbhlihdmidbdhlhjhcgZjZkijh^Z`_yg_kfh]eZ
mklhylv g_kfhljygZlhqlhg_^eydh]h[uehgZ^_\Zlv\fb[mluedbfZkeZ[_aaZiZoZ^eyl_eZlZddZd
abfhcfhydh`ZklZgh\beZkvkmohcbhghhq_gvihfh]Zehmqblu\Zyfh_q_rmcqZlh_\lhjh_y
Fuihk_ebebkv\^jm]hfhl_e_bygZf_j_gghjZafbgZeZie_qbbr_xdh]^Zfu\hreb\ebnl
Wlh[ue^he]bc^_gv^Z"
�Zkh]eZkbekyOvxL\hyjZ[hlZkdmqgZyLukb^brv\kxghqv\d\Z^jZlghcdhfgZl_
mklZ\b\rbkvgZ^jm]hcd\Z^jZl
Yfhj]gmeZGmfh`gh\a]eygmlvgZwlhbih^lZdbfm]ehfOhlyyagZeZqlhOvxkdmqghgygqblvky
khfghcFuaZ]eygmeb\dgb`gucfZ]ZabgaZg_kdhevdhfbgml^h_]haZdjulbybdmibebg_kdhevdh
dgb]kdZjlbgdZfbhkj_^g_\_dh\hc\hcg_bdgb]mjZkdeZ^mrdmh[h_\uo^_ckl\byo
Hg[uehqZjh\Zgbfbbfh]i_j_ebklh\ZlvqZkZfbg_[_kihdhyf_gyqlhiha\heyehjZ[hlZlvk
deb_glZfbb\uihegylvk\hbh[yaZgghklbYkhklZ\beZ]jZnbdgZij_^klhysbcf_kypbk^_eZeZ
ebklh\db^eyaZieZgbjh\Zgguokh[ulbc\dexqZy^Z`_Ghkhqgmx\_q_jbgdm
WlZ[ueZijh^mdlb\gZyghqv
Yfgh]hk^_eZeZkhh[sbeZy_fmaZl_fhiylvihl_jeZr_xOhlyjZ[hlZly`_ehkdZau\Z_lkygZ
kibg_bie_qZo
Hggbq_]hg_kdZaZeG_kihjxijhklhg_\k_ijhy\eyxlbgl_j_kdk\_lkdhc[_k_^_
klme_\kxghqvlZdqlhgZ\_jgh_ml_[y[heblkibgZ
Hgih\_jgmekybofmjhihkfhlj_egZf_gyk\_jom\gba
Y\hbgG_agZqbl_evgu_g_m^h[kl\Zb[hevf_gyg_[_kihdhyl
Gmwlhg_\hijhkhl\h_c\hbgkl\_gghklbkihdhcghijhbag_keZy\klZ\eyydexqdZjlm\^\_jv
Ybf_x\\b^mlu\k_]^Zfh`_rvijbgylv]hjyqmx\Zggm
Fu\hreb\ghf_jbdhg_qgh`_^`ZdmabklhyeZihk_j_^bg_kiZevgbYki_pbZevgh\u[jZeZlZdhc
ghf_j^eyk\h_cp_eb
�mfZxg_lijhbag_kOvxlbobf]hehkhfy\ghijboh^ydlZdhfm`_aZdexq_gbx
Lum\_j_g"Yg_[m^m\hajZ`ZlvOhqmqlh[ulu[uegZibd_k\h_cnbabq_kdhckbeuhojZgyy
f_gyZ_kebml_[y\k_hdZf_g__l[hxkvlug_kfh`_rvkijZ\eylvkykwlbfyijhkdhevagmeZfbfh
Ovx\dhfgZlmbk_eZgZdjh\ZlvgZ[ex^ZydZdhgaZdjue^\_jvbgZqZe\h^blvjmghcihdjZx
AZdhgqb\hgih\_jgmekyqlh[uihkfhlj_lvgZf_gybymeu[gmeZkv
AgZ_rvqlhy^mfZx"
HgkhiZkdhcihkfhlj_egZf_gydZd[m^lhkh\k_fg_^h\_jyefh_fm\_k_ehfm\b^m
Qlh"
�mfZxy^he`gZihfZkkbjh\Zlvl_[_ie_qb
GZklhjh`zgghklv\h\a]ey^_mkbebeZkv
Ygbdh]^Zg_]h\hjbeqlhhgb[heyl
�Zghfhbie_qb[heylbyihqlbm\_j_gZqlhl\hblh`_yihoehiZeZihdjZxdjh\ZlbB^_f
�_eZlvfZkkZ`^jm]^jm]Zwlhq_eh\_q_kdbch[uqZckhe]ZeZyLhqlhhgg_agZ_lg_ijbqbgbl
_fm[heb
WlhijZ\^Z"hgkijhkbelZdj_rbl_evgh[m^lhwlh[uehaZy\e_gb_f
Ydb\gmeZbkgh\ZihoehiZeZihdjh\Zlb
B^bkx^Zbkgbfbjm[Zrdm
HggZf]gh\_gb_aZf_rdZekyaZl_fih^hr_ebhklhjh`ghk_egZdjZcdjh\ZlbFZljZkijhk_eih^
_]h\_khfOvx[ueh]jhf_gbh[lygmlfurpZfbbyhlh^\bgmeZkv\klhjhgmqlh[ug_miZklvgZ
dhe_gb
G_lhqlh[uy[ueZijhlb\ghOvxgZ\_jgh_k[_`bl
Kimklyf]gh\_gb_hgihdjmlbeie_qZfbbklygmenml[hedmq_j_a]heh\my\lygmeZ\ha^mohl\b^Z
fm`kdhcdjZkhlui_j_^kh[hcOvx[uehqlhihdZaZlv
Hq_gvrbjhdb_baZ]hj_eu_ie_qbZdh]^Zyijbkfhlj_eZkvm\b^_eZfZe_gvdb_[_eu_rjZfu
i_j_k_dZxsb__]hdh`mlhlmllhlZf
IhdZdhclhijbqbg_wlhebrv^h[Z\eyehijb\e_dZl_evghklbOvx\hafh`ghihlhfmqlhhgb
]h\hjbebh[hiZkghklbY\hkobsZeZkv_]hkibghcg_\kbeZohl\_klb\a]ey^dZdh_lh\j_fyaZl_f
ihlygmeZkvaZjhah\ufjxdaZdhfb^hklZeZfZkeh^eyl_eZ
Ykh]j_eZ_]h\jmdZobhklhjh`ghijbdhkgmeZkvdie_qZfOvx
Hg^_jgmekyb\kdhqbegZgh]b
YmiZeZ\i_j_^_^\Z\khklhygbbm^_j`Zlvkybg_jmogmlvgZiheBafZaZggu_fZkehfjmdb
dhkgmebkvihdju\ZeZbyihfhjsbeZkvhkhagZ\qlh\kq_l_aZ]hklbgbpm[m^_l\g_k_gZobfqbkldZ
OvxjZa\_jgmekybmklZ\bekygZf_gykfjZqgufihqlb^bdbf\a]ey^hf\]eZaZodhlhju_klZeb
Qlhlu^_eZ_rvJZc^_j"
YiulZeZkvjZafylvl\hbie_qbkdZaZeZyk]jbfZkhcWlh^jm`_kdbc`_klbg_[he__lh]h
Hgdhe_[Zeky
Bg_[he__lh]h"
Ihoh`_qlhyij_\jZlbeZkv\fhgkljZ"yg_l_ji_eb\hihkfhlj_eZgZg_]hIhijZ\^_]h\hjy
ij_\jZsZeZkvyhsmlbeZijbkmlkl\b_h[hjhlgyih^dh`_cdh]^Ziheh`beZjmdbgZOvxY
[hjheZkvkfhgkljhfdZdgbdh]^Zij_`^_dmkZybagmljbs_dm^eydhgp_gljZpbb
?]hihke_^mxs__hlklmie_gb_ bfh_iZ^_gb_\gbaebphf\faZklZ\behfh_]hh[hjhlgyhlklmiblv
Khfghclu\[_ahiZkghklb
WlhohjhrhYijbghrmk\hbba\bg_gbyOvx\gh\vk_egZdjh\ZlvgZ_]hebp_[ueZkf_kv
jZkkljhckl\ZbkljZ^Zevq_kdhcj_rbfhklb
Wlh[uehihqlbkf_rghaZbkdexq_gb_flh]hqlhyiulZeZkvkh[eZagblv_]h
GZwlhljZaluhklZg_rvkygZf_kl_"
�Z
IhdjZcg_cf_j_OvxdZaZekyjZkdZb\Zxsbfky_jhylghm\b^_\f_gyihqlbmiZ\rmxhgbaf_gbe
fg_gb_Yih^h`^ZeZg_kdhevdhf]gh\_gbcqlh[uihgylvkh[bjZ_lkyebOvxkgh\Z\klZlv
�\ZfZkeyguohli_qZldZk\_jdZebgZ_]hie_qZolZf]^_yijbdhkgmeZkvdl_emOvxbhgb\au\Zeb
dhfg_
Ykh[bjZxkv\gh\vdl_[_ijbdhkgmlvkyij_^mij_^beZy
Ohjhrhhl\_lbehgbyaZf_lbeZdZdfurpu_]hkibgugZlygmebkvbgZijy]ebkv\h`b^Zgbb
fh_]hijbdhkgh\_gby
Yk^_j`ZeZkf_rhdbgZdehgbeZkv\i_j_^\gh\vZddmjZlgheh`ZjmdbgZ_]hie_qbOvx^_jgmekyhl
khijbdhkgh\_gbyghg_ih^kdhqbe
Ohjhrhijhbag_keZyqm\kl\mydZdi_j_\_jlurih^dh`_cba\b\Z_lkybgZqbgZ_l\au\ZlvY
[hjheZkvdZdfh]eZkhkj_^hlZqb\ZykvgZkb^ys_fij_^hfghcOvxL_i_jvyihljml\hbie_qb
AZdjhc]eZaZbkb^blZdeZ^gh"
YkfbgmlmgZ[ex^ZeZaZOvxghhgg_\klZebebgZijy]kybyihijh[h\ZeZkdhevagmlvjmdZfb\
fZke_ih_]hrbjhdbfie_qZf
MOvx]hjyqZydh`ZdZdi_qvbijbdZkZlvkydg_c]hjZa^hijbylg__q_f^he`gh[ulvIjhklh
l_iehbkoh^ys__hlg_]hgZihegbehf_gykljZklvxbijb[Z\blvdwlhfmijbdhkgh\_gb_iZevp_\d
dh`_fm`qbgu"
FZkkbjh\Zlvwlbh]jhfgu_kie_l_gbyfurpbijh[_`ZlvkyihgbfjmdZfb"
Wlh[_amkeh\ghemqr__qlhydh]^Zeb[hbkiulu\ZeZ
Fhcfhgkljiheghklvxhqgmekygh]lbm^ebgbebkvZdh`ZihdjueZkvq_rmzcYhsmlbeZdZd
\ujhkebaZkibghcdjuevydZdbaiha\hghqgbdZ\ujhko\hklbijbdmkbeZ]m[mqlh[ug_aZklhgZlv
hl[heb
k_[ukljhaZdhgqbehkvjmdbihlbjZ\rb_bfy\rb_r_xbie_qbOvxihdjuebkvq_rm_cghg_
]jyagha_e_gh]hp\_lZ;hevr_i_j_eb\Zxs_]hkya_e_gh]hdZaZehkv[m^lhk\_lysbfkybagmljb
p\_lhf
Fhbgh]lbklZebg_^ebggxsbfbdh]lyfbZ[he__]eZ^dbfbfbeufbdh]hldZfbklmiufbdhgpZfb
OvxijZ\yf_gyeZkv
IhgjZ\blkyebOvxfhygh\ZynhjfZ"YjZa^mfu\ZeZghg_kijZrb\ZeZEbrvijh^he`ZeZ
jZafbgZlv_]hr_xihlbjZlviZevpZfbiha\hghqgbdZihlhfijh\_eZgh]lyfb\^hevkibgu
OvxlbohaZklhgZewlh[uei_j\uca\mddhlhjucke_l_ek_]h]m[
YaZf_jeZgZf_kl_h`b^Zyqlhhg\gh\vhlkljZgblkyghwlh]hg_ijhbahrehHgijhklhhklZ\Zeky
gZf_kl_?]h]heh\ZgZdehgbeZkv\i_j_^bdZaZehkvqlhOvxijhkbl_s_
Hh
Hl\heg_gbyimevkaZ[bekykbevg__byijh^he`beZjZafbgZlvie_qbOvxfy]dbfbbqm\kl\_ggufb
^\b`_gbyfbBkke_^h\ZeZ`_kldb_furpur_bhqZjh\ZggZybfbbihl_jeZdhklyrdZfbiZevp_\
hkgh\Zgbyq_j_iZ]^_\hehku[uebdhjhldhihkljb`_gu
Dhjhldb_\hehku[ueb`_kldbfbbihoh`bfbgZijh\hehdmbfg_gjZ\bebkvihehkdbHgb^_eZeb
�_]hmgbdZevgufjm]bfFg_gjZ\behkvwlh\OvxFg_gjZ\behkvqlh_]hij_^ie_qvyihdjulu
]mklhcr_jklvxbqlhihehkdb[uebblZfYohl_eZijh\_klbjmdZfbih\k_fmOvxghi_j_`b\ZeZ
qlhhgkgh\Zk[_`bl
:yohl_eZijh^he`ZlvijbdZkZlvkydg_fmFg_gjZ\behkvqm\kl\h\Zlv_]hdh`mQm\kl\h\ZlvOvx
?]hfurpu`_kldhghih^Zleb\hkhdjZsZebkvhlfh_]hfZkkZ`Z
YlZd`_gbq_]hg_fh]eZkkh[hcih^_eZlvOvxf_gy\ha[m`^ZeG_agZxdh]^Zijhklu_
ijbdhkgh\_gbygZqZebf_gylZdaZ\h^blvkdhj__\k_]hwlhkemqbehkv\lhlkZfucfhf_gldh]^Zy
^hljhgmeZkv^hg_]hk\hbfbeZ^hgyfbgZf_j_\ZykvgZl_j_lvfZkehfghk_cqZk"Fh_l_ehbagu\Zeh
`_eZyeZkdKhkdbaZl\_j^_eblj_[myijbdhkgh\_gbcbk_j^p_[b_gb_i_j_f_klbehkvdm^Zlh\gba
`b\hlZgb`_imidZbg_mdehgghlZfimevkbjh\ZehDh]^Zyi_j_^\bgmeZkvgZdjh\Zlblh
ihqm\kl\h\ZeZ\eZ]mf_`^mgh]
GZijhlb\f_gyOvxgZijy]kybyagZeZhgihqm\kl\h\ZeaZiZofh_]h\ha[m`^_gby
Hgj_adh\a^hogmeZaZl_f_s_h^bgklhg\uj\Zekyba_]h]hjeZYm\b^_eZdZdOvxk`Zejmdb\
dmeZdbZ_]hgh]lb\gh\v\ulygmebkv\hklju_dh]lb
Hgihl_jyedhgljhevgZ^kh[kl\_ggufa\_j_fHlwlh]haj_ebsZfh_^uoZgb_mqZklbehkvimevk
aZ[beky_s_[uklj__WlhkZfh_wjhlbqgh_qlhydh]^Zeb[h\b^_eZ
Ovx"
Qlh"keh\h[hevr_ihoh^bebgZklhg
K_cqZk`_\havfbf_gyijhr_ilZeZy
=eZ\Z
OvxlZd^he]hfheqZeqlhyih^mfZeZhg[m^_l\hajZ`ZlvAZy\blqlhkg_]ho\Zlblbhiylvm^_j_l\
\ZggmxKij_^\hkobs_gb_fbkljZohfykfhlj_eZgZ_]hrbjhdmxkibgmh`b^Zy
Lh]^ZOvxjZa\_jgmekyb\a]eygmegZf_gy]eZaZfbihegufblZdhckljZklbb`_eZgbyqlhy
ihqm\kl\h\ZeZdZdbaf_gy\udZqZeb\ha^mo
IhfZkkbjh\Zlvl_[y"
�Zijhr_ilZeZyihqlbaZoe_[gm\rbkvkeh\ZfbMf_gylh`_[hebl
Hgih^gyekygZgh]bb\ha\urZykvgZ^djh\ZlvxmklZ\bekygZf_gya]ey^_]h[uelZdgZijy`_g
qlhyijZdlbq_kdbqm\kl\h\ZeZdZdhgkdhevabeihfh_cdh`_
Luh[jZlbeZkv
fh_cghqgmrdhcdjuevyIh^gy\jmdbyaZdjueZebphIjhklb
Djmigu_eZ^hgbOvx^hlygmebkvbih]eZ^bebfh_ebphhlh^\b]Zyjmdb
Lu\ha[m^beZkvhllh]hqlhljh]ZeZf_gy"_]h[hevrhciZe_pm\_gqZggucdh]l_f^hljhgmeky^h
q_rmbmfh_]hjlZ
Ydb\gmeZ
Wlhl`_iZe_pkdhevagmeihfhbf]m[Zfhlq_]hmf_gyihkibg_ih[_`ZebfmjZrdb
B_s_lukdju\Z_rvk\h_ebph
Wlhihlhfmqlhyhl\jZlbl_evgZ
Kh\k_fg_hl\jZlbl_evgZhl\_lbehg_]hojbieuc]hehk[ueihehg`_eZgbyIjhklh
aZij_lgZy
Hlwlbokeh\f_gygZihegbehkeZ^dbflhfe_gb_f
Ih`ZemcklZih`ZemcklZijbdhkgbkvdhfg_OvxFg_lZdkbevghohq_lkyqlh[udhfg_
ijbdhkgmebkvYijb`ZeZkvd_]heZkdZxs_cjmd_Mf_gyhsms_gb_qlhg_lZdfgh]h\j_f_gb
hklZehkvbyohqmmagZlvdZdh\hwlhJZa\_l_[_g_ex[hiulghdZdh\hwlhkhfghc"Ohlvg_fgh]h"
;hevr_q_fg_fgh]h_]h]hehkl_i_jv[uej_adbf]eZaZihqlbiheghklvxq_jgu_Hg]eygme\
klhjhgmdjh\Zlb=^_fZkeh"
YgZsmiZeZ[mluehqdmk\hbfbkdhevadbfbjmdZfbbhldju\ijhlygmeZ_fm
LujZa^_g_rvky^eyf_gy"
Fhbs_db\kiuogmebjmfygp_fKljZgghqlhl_i_jvykh[bjZeZkvkl_kgylvkyYihlygmeZk\hx
h^_`^mghhgZiehlghh[e_]ZeZr_xbkhk\_jgmlufbdjuevyfbyg_fh]eZklZsblv__q_j_a
]heh\mYkdj_[eZihg_ck\hbfbdh]lyfbjZahqZjh\Zgghih\ba]b\ZybihlhfihgyeZqlhfhblmiu_
dh]lb[ueb[_kihe_agu
Yg_fh]m
Ovxrbjhdhmeu[gmekyh[gZ`Zym^ebgb\rb_kyl_i_jvh]jhfgu_deudbYlZdohl_eZboebagmlv
Bo\b^hl\e_dZef_gybyihqlbmimklbeZfhf_gldh]^Z_]hjmdZmklj_fbeZkvdhfg_bdh]lb
jZah^jZebi_j_^fh_cghqgmrdb?_h[ju\dbmiZebkf_gyebnqbdmiZe\f_kl_kgbfb
YhldjueZjhlhlm^b\e_gbybrhdbjh\Zghijb`ZeZjmdmd]jm^b"
KkiZkb[hYkdbgmeZh^_`^mkie_qbihqm\kl\h\ZeZk_[ydjZcg_[_aaZsblghhklZ\rbkvi_j_^
gbflhie_kMf_gy\hagbdehhsms_gb_qlhyiheghklvxmljZlbeZdhgljhevgZ^kblmZpb_cbygb
dZi_evdbg_\hajZ`ZeZOhlyfg_[uehex[hiulghqlhhg^mfZehfh_fl_e_
Q_rmyihdju\Z\rZy`b\hl[ueZ[e_^g__q_fgZeZ^hgyobjmdZo]jm^blZdh]h`_fhehqgh]h
hll_gdZaZbkdexq_gb_f[he__l_fguokhkdh\
Q_rmcdbkimkdZebkv\gbaihfhbfjmdZfbebgby`_kldbo\ujhklh\ijhlygmeZkv\gbagZdZ`^hf
[bp_ik_Djuevy[uebkeh`_guaZkibghcZo\hklihklmdb\Zeihdjh\Zlb^_j]ZykvgZih^h[b_
dhrZqv_]h
Ex[hcq_eh\_q_kdbcfm`qbgZimklbeky[u\[_]kl\h
DkqZklvx^eyf_gyOvx[ue^h\hevghmgbdZe_g
Hg\u^Z\beg_fgh]hfZkeZgZk\hb[hevrb_eZ^hgbykfhlj_eZaZqZjh\ZgghdZdhgjZklbjZ_lbo
ih\lhjyy^\b`_gbydhlhju_y^_eZeZg_kdhevdhfbgmlgZaZ^Dh]^Zhgkgh\Z\a]eygmegZf_gy_]h
]eZaZ[uebiheghklvxq_jgu
Yih^gyeZkvgZdhe_gbbjZa\_jgmeZkvgZdjh\Zlbih\hjZqb\Zykvdg_fmk\hbfbdjuevyfbY
ijb`ZeZjmdbd]jm^b[_kihdhckl\hbij_^\dmr_gb_\hjhqZebkv\hfg_
:\^jm]hgmkljhbe\k_^eylh]hqlh[u_s_jZahllhedgmlvf_gy"
�\_[hevrb_l_ieu_jmdbk^Z\bebfhbie_qb
Ylboh\kdjbdgmeZ[hevr_hlm^b\e_gbybrhdZq_fhlq_]heb[h^jm]h]hWlhl_ieh_bglbfgh_
ijbdhkgh\_gb_[uehgZklhevdhihjZabl_evgh^eyfh_c^mrbihdZg_gZihegbehf_gykbevghc
[hevxYlZd^he]h^_j`ZeZkvhlkljZg_gghqlh^Z`_wlh[uehqj_af_jguf
Dhfhdh[jZah\Zeky\]hje_bydm`Zkmk\h_fmihgyeZqlh]hlh\ZjZkieZdZlvky
G_k_dkmZevgh
Yly`_ehk]ehlgmeZghke_aug_moh^bebBdh]^ZOvxgZqZefZkkbjh\Zlvke_auihebebkvihfh_fm
ebpmYoexigmeZghkhf
OvxhklZgh\beky
JZc^_j"LuieZq_rv"
Y\ihjy^d_hl\_lbeZygh]hehkij_^Zef_gyhg[ueojbieufbihegufke_aYiZevpZfb
\ul_jeZke_auIjhklbWlh]emihYijhklh
^h[hebohq_rvqlh[ul_[yihljh]Zeb?]h[hevrb_jmdbkgh\Zih]eZ^bebfhbie_qb\
h^h[jyxs_ceZkd_Fg_agZdhfhwlhqm\kl\h
?s_[hevr_ke_aaZdbi_eh\hfg_
:]ZWlhijhklhg_fgh]hi_j_ihegy_lk_`_g_ihgbfZxkq_]hyjZaj_\_eZkv;uehg_ihoh`_
qlhluohq_rvijbdZkZlvkydhfg_Yl_[y\jh^_dZdaZklZ\beZ
OvxjZa\_jgmef_gybijblygme\k\hbh[tylvy
?]hdj_idZyh[gZ`_ggZy]jm^v[ueZl_iehcgZijhlb\fh_cq_rmbb\i_j\u_\k\h_c\ajhkehc
`bagbyg_hsmsZeZk_[yqm^h\bs_fG_q_eh\_q_kdhcbg_ex[bfhcYijhklhqm\kl\h\ZeZk_[y
JZc^_j
Bbf_gghbaaZwlh]hy[ueZiheghklvxhrZjZr_gZ
Hg^_j`Zef_gybydZaZehkv\_qghklvju^ZeZdZd^blyOvxijhklh]eZ^befhxkibgmb\hehkub
_]hjmdZihlygmeZkvdfh_cs_d_beZkdZeZ__Hg^Z`_g_mdehgbekydh]^Z_]hiZevpuaZ^_eb
`_kldb_q_rmcdbgZfhboie_qZoHgijhklhijh^he`Ze]eZ^blvf_gy
dhg_qghfkq_l_y^hklZlhqghmkihdhbeZkvbi_j_klZeZieZdZlvYk_eZgZijhlb\g_]hkljm^hf
hlhj\Z\rbkvhl\hkoblbl_evgh]hl_ieZ_]h]jm^bghqm\kl\myk_[y]emih
IjhklbYiulZeZkv[ulvk_dkmZevghcZ\blh]_aZebeZl_[y\k_]hke_aZfbWlhg_ieZgbjh\Zehkv
LZdwlh[ueieZg"hg\kdbgmeh^gm[jh\v]ey^ygZf_gy
Yjh[dhmeu[gmeZkv_fm
Lu^he`_g^Zlvfg_hqdhaZihiuldm
Ovxg_meu[gmeky\hl\_lbyih^mfZeZqlhhg\a[_r_gfh_clZdlbdhcfZgbimeypbc
Lu]h\hjbrvfg_qlhg_ohl_eZljh]Zlvf_gy"
G_lyohl_eZIjbagZeZyIhjhcy^h[hebohqmijbdhkgmlvkydl_[_
?]hjmdZhimklbeZkvgZfhxihykgbpmbj_adhijb\e_ddk_[_hlm^b\e_gbyy\kdbgmeZjmdbb
himklbeZbogZ_]hie_qb
Bluih^^_eZeZZjhfZlk\h_]h\ha[m`^_gbyJZc^_j"
Gbdh]^Z
?]hiZevpuihlygmebkvdfh_fmih^[hjh^dmbijblygm\[eb`_ih^gyebfh_ebphdg_fmFhb]jm^b
ihdjulu_q_rm_cghihij_`g_fmqm\kl\bl_evgu_ijb`Zebkvd_]h]jm^bbyfh]eZqm\kl\h\Zlv
l\_j^uc]j_[_gvwj_dpbbmk\h_]h`b\hlZha[m`^_gb_aZ[behkv\hfg_by\h`b^ZgbbmklZ\beZkv
gZOvx
Blh]^ZOvxihp_eh\Zef_gyKZfihk_[_;_aijhkv[bm]h\hjh\kfh_cklhjhgu?]hjhlkdhevagme
dfh_fmg_j_rbl_evghihgZqZemdZd[m^lhkijZrb\ZyjZaj_r_gby
Dh]^Z\fh_f]hje_aZjh^bekya\mdgZkeZ`^_gbyhgijblygmef_gy[eb`_]m[uklZeb`_klq_ihqlb
kfbgZyfhbk\h_cfhsvx
Ghfg_wlhgjZ\behkvOvxg_fh]gZ\j_^blvfg_\baf_g_gghcnhjf_bfg_gjZ\beZkv]jm[Zy
j_adhklv_]hkljZklb?]hdeudbpZjZiZebfhb]m[uihkueZy\hegu\ha[m`^_gbyihl_em
YaZklhgZeZfhblmiu_dh]lb\hgabebkv\_]hiehlvHsms_gb__]h]hjyq_cdh`bijhlb\fh_c
]jm^bihdZhgb]jZeyaudhfkfhbfjlhf[uehg_\_jhylgufYohl_eZqlh[uwlh^ebehkv\_qgh
IhdZOvxh\eZ^_\Zefbfjlhfyqm\kl\h\ZeZdZd_]hjmdb]eZ^ylfhb[hdZihkueZy\hegus_dhldb
HggZf]gh\_gb_ij_j\Zeihp_emcqlh[uijhr_ilZlv
Fh]myijbdhkgmlvkydl\h_fml_em"
Ydb\gmeZ\ha[m`^_gb_imevkbjh\Zeh\hfg_
Ljh]Zcf_gy\_a^_]^_ohq_rv
HghldehgbekyjZkkfZljb\Zyf_gybyg_fgh]hkt_`beZkvij_^klZ\eyyqlhhg\b^bl
Luij_djZkgZJZc^_j
Y\a^jh]gmeZ
G_lyg_ij_djZkgZ
LugZau\Z_rvf_gye`_phf"
HclhqghYaZ^jh`ZeZqm\kl\myk_[ykljZgghhlwlh]h
G_lIjhklhymdZaZeZgZk\h_l_ehg_\b^ygbq_]hdjhf_q_rmbYg_\b`m\wlhfdjZkhlu
k_qlhy\b`mwlhkms_kl\h
:agZ_rvqlhy\b`m"]hehkOvx[uelbobfbfy]dbfZ_]hj_rbl_evgh_ebphgZ^hfghc[ueh
g_`gufHgiheh`bejmdmfg_gZie_qh_]h[hevrhciZe_pih]eZ`b\Zedexqbpm
Qlh"
Y\b`mdjZkb\h_l_ehkbaysgufbdhklyfbHgijh\zedh]l_fihfh_cdexqbp_B\k_`_
^hklZlhqghkbevgh_qlh[uyg_\hegh\Zekyqlhfh]mgZ\j_^blvl_[y
?]hdh]hlvpZjZigmefhxq_rmxbyaZlj_i_lZeZ\kiuogm\hlwlh]hhsms_gby
Jmdbkdhevagmebgb`_bhgh[o\ZlbeeZ^hgbfhb]jm^bihljykZyk\hbf`Zjhf
Y\b`mwlb]jm^bdjZkb\u_bihegu_ijhklhmfheyxsb_hijbdhkgh\_gbbfhbodeudh\
YaZklhgZeZ\u]b[ZykvgZijhlb\_]hjmdHghlf_qZe\k_l_\_sbdhlhju_[uebkljZggufbb
hlebqgufb\gZkbl_fg_f_g__wlh[uehg_\_jhylghwjhlbqgh
=h\hjb_s_
?]h[hevrb_iZevpuih]eZ^beb\_jrbgdbfhbo]jm^_cl\_j^u_dZdZefZau
Y\b`mbobhgb\au\Zxldfhbf]m[ZfG_ijhklh^eye_]dbobg_`gufihp_em_\ghb^ey
]jm[uo^bdbomdmkh\?]hdeudbh[gZ`bebkvbhgmeu[gmekyfg_Fhc\b^ex[bldmkZlvky
Ihlhfmqlhyf_qlZxh[wlhfhl\_lbeOvxgbadbfb]jm[uf]hehkhfDZ`^mxghqvyf_qlZx
\aylvl_[y\k\hbjmdbbdmkZlvwlmij_djZkgmxiehlvgZ[ex^ZydZdlu\u]b[Z_rvkyhl
gZkeZ`^_gbyih^hfghc
YaZ^jh`ZeZhsmsZx`b^dbc`Zjf_`^mgh]b\ibeZkvgh]lyfb\dh`mOvx
;h`_Ovxihq_fmfukebhlhfdZdluf_gydmkZ_rv\u]ey^ylgZklhevdhk_dkmZevgh"
Ihlhfmqlhlug_[hbrvkyf_gykdZaZehgijh^he`Zyih]eZ`b\Zlvfhckhkhddh]l_f[hevrh]h
iZevpZIhlhfmqlhwlZq_rmy^_eZ_ll\h_l_ehg_mya\bfuf^ey\k_]hqlhyfh]mklh[hck^_eZlv
Bwlh\ha[m`^Z_ll_[yYfh]m[ulv]jm[ufb^bdbfklh[hcwlhg_\Z`gh
Hg[ueijZ\fg_^_ckl\bl_evghgjZ\beZkvwlZfukevYgZ^_yeZkvqlhhgfh`_lihl_jylvdhgljhev
qlhwlhl[hevrhckbevgucbim]Zxsbcfm`qbgZfh`_lg_k^_j`b\Zlvkydh]^Z[m^_l
^_fhgkljbjh\Zlvfg_kbemk\h_]h`_eZgbyDh]^Zhgh[gZ`bek\hb^ebggu_mkljZrZxsb_deudb
Yg_bkim]ZeZkvY\ha[m^beZkv
?]hjmdZ^\bgmeZkvgb`_dba]b[mfh_clZebb
Y\b`mkljhcgh_djZkb\h_l_ehih^k\hbfbjmdZfbJZc^_jYg_\b`mmjh^kl\Z:ebrv`_gsbgm
dhlhjZykh[eZagbl_evgZgZklhevdhdhlhjZyfh`_laZklZ\blvaZ[ulvh[h\k_f
OvxgZ]gmekydhfg_bih^Zjbe_s_h^bgihp_emcke_]dZihkZku\Zygb`gxx]m[m
B\hlihwlhfmlugZklhevdhhiZkgZ^eyf_gy
YaZklhgZeZbihl_jeZkvkhkdZfbh_]h]jm^v`_eZy[hevr_]h@_eZy[hevr_ijbdhkgh\_gbc
;hevr_ihp_em_\;hevr__]h]m[am[h\bdh]l_c\k_]h
Ghhglhevdhijb`Zekyk\hbfe[hfdfh_fmbly`_eh\a^hogme
Bihwlhfmyg_^he`_gaZoh^blv^Zevr_wlh]h
F_gyijhgabehjZahqZjh\Zgb_ghydb\gmeZfhbjmdbh[_jgmebkv\hdjm]_]h[hevrboie_q
Y^Z`_g_fh]maeblvkyijhbag_keZylboh
Hgk^_eZefg_kZfuc[hevrhcih^Zjhddhlhjucydh]^Zeb[hihemqZeZ
Hgm\b^_ef_gy\fh_f_kl_kl\_gghf\b^_baZklZ\beihqm\kl\h\Zlvk_[yijb\e_dZl_evghcYg_
fh]eZjZkkljZb\ZlvkybaaZwlh]hYijbxlbeZkvm_]h]jm^bb[ueZh[jZ^h\ZgZdh]^Zhgijb\e_d
f_gy[eb`_\ml_rbl_evgu_h[tylvy
YkdhevagmeZiZevpZfb\\_joih_]hr__gZkeZ`^Zykvfy]dhklvx]mklhcihjhkebgZq_exklb
[Zd_g[Zj^Zfbdhlhju_dZaZebkv_kl_kl\_ggufijhy\e_gb_f_]hdhrZqv_cnhjfu
Yb^_Zevghih^oh^beZOvx:Ovx^eyf_gy?keb[ufuaZgyebkvex[h\vxwlh[uj_rbeh\k_fhb
ijh[e_fu
Ghhg[ujZahqZjh\Ze\k_ohklZevguoi_j\hjh^guo_keb[ugZjmrbek\hxdeyl\mEbrbe[ubo
\hafh`ghklbbf_lvkmijm]mKlZjh_ijb\uqgh_qm\kl\h\bguhiylvih^gyehkv\hfg_
Bkgh\ZyhsmlbeZqlhij_^ihqblZxk\h_kh[kl\_ggh_kqZklv_kqZklvx^\mo^x`bg^jm]boex^_c
Yihqm\kl\h\ZeZk_[yaeh[ghcgh\lh`_\j_fy\eh\mrd_
;ueZeby^hklZlhqghw]hbklbqghcqlh[u^h`Zlv"Qlh[uijh^he`blvkh[eZagylvOvx^Z`_agZy
q_]hwlhklhbl"
Yg_agZeZqlh^_eZlvQlh[uygb\u[jZeZ\k_jZ\ghdlhlhhklZ\Zeky\ijhb]jur_
Fg_[uohl_ehkv[hevr_]hJZc^_jkdZaZeOvxbyhsmlbeZ^\b`_gb__]hdj_idboq_exkl_cih^
k\hbfbiZevpZfb
]heh\_mf_gy\k_i_j_imlZehkvfukebkf_rZebkvqm\kl\h\bgu[mr_\Zehghdh]^Zhg^_j`Ze
f_gy\k_wlhmoh^behgZaZ^gbcieZg
Ijhklhqm\kl\h\Zlvl_iehl_eZOvxjy^hfkkh[hc[ueh^_dZ^_glkdbfm^h\hevkl\b_f
DlhlhihklmqZe\^\_jvghf_jZ
=eZ\Z
�Y\a]eygmeZgZOvxaZl_fgZqZku;uehihqlbiylvmljZeym[hjdbghf_jZkebrdhfjZgh
�:wlhagZqbehhe`gh[ulvwlhlhlg_agZdhfucn_cjbdhlhjh]hy\b^_eZ\j_klhjZg_Hg
\uke_^begZkDZdbflhh[jZahfYgZqZeZ^jh`Zlvkbevgh
Ovxkhkdhqbekdjh\ZlbbgZijZ\bekyd^\_jbijbeh`bejmdbd^_j_\mb]eygme\^\_jghc]eZahdY
aZf_lbeZqlh_]hrhjluki_j_^b[uebgZlygmluhl\ha[m`^_gbyZdh]lbhiylv\ujhkeb
HgdZdby[hjhekykhk\hbfkh[kl\_ggufqm^h\bs_f
Ovxh]eygmekygZf_gyKf_kvklu^ZbjZahqZjh\ZgbyhljZabeZkvgZ_]hebp_b^hlh]hdZdymki_eZ
kijhkblvqlhg_lZdhgiheh`bejmdmgZ^\_jgmxjmqdmbhldjue^\_jvjZajmrZyihjlZe
hr_eNbgbZg
GmihdjZcg_cf_j_yij_^iheZ]ZeZqlhwlh[ueNbgbZgwlhljZahggZp_ibeebph^jm]hc
agZf_gblhklbghhrb[dmbkdexqZebij_djZkguckrblucgZaZdZadhklxfahehlh_h`_j_ev_gZ
r__gZdhlhjhf\bk_eZ[hevrZyN?]hoheh^guc\a]ey^ijhr_ekyihihemh[gZ`zgghfml_emOvx
aZ^_j`ZekygZdZdh_lh\j_fygZ_]hq_jguo]eZaZo[_aajZqdh\AZl_f_]h\a]ey^h[jZlbekydhfg_
ihij_`g_fmkb^ys_c\baf_g_gghcnhjf_l_i_jvijbdju\ZykdhfdZggufbijhklugyfbk\hx
q_rmcqZlmx]jm^v
b`mydZdjZa\h\j_fykdZaZeNbgbZg
Ym^b\e_gghhldjueZjhlbiehlg__ijb`ZeZijhklugbdl_emFhc\a]ey^i_j_f_klbekyhlOvxd
NbgbZgmDZdn_cjbmagZeqlhfua^_kv"Fhbdjuevyke_]dZaZ^jh`ZebhljZkkljhckl\Zby
ihqm\kl\h\ZeZdZdfhco\hkloe_klgmeihih^mrd_Y\hijhkbl_evghihkfhlj_eZgZOvxghhg
ba[_]Zekfhlj_lvfg_\]eZaZ
Fugbq_]hg_^_eZeb\uiZebeZykljZggufh[jZahfhsmsZy\bgmih^hkm`^Zxsbf\a]ey^hf
n_cjb
Gbq_]h"NbgbZggZkf_reb\hofudgme_]hihegu_]m[ubah]gmebkv\]jbfZk_dhlhjZy
\u]ey^_eZkljZgghgZqm\kl\_gghfagZf_gblhfebp_dhlhjh_hgk_cqZkghkbeb^bfhbf_ggh
ihwlhfmygZoh`mk\h_]hl_ehojZgbl_eyihem\ha[m`^zggufklhjqZsbfqe_ghfZk\h_]h
i_j_\zjlurZ]hehcgZdjh\Zlb\kx\q_rm_"Wlhgbq_]h"
Hgih\_jgmekydOvxbij_ajbl_evghijh]h\hjbeY^he`_gm[jZlvl_[ykwlh]hihklZ
H;h`_G_lFg_gm`ghqlh[uOvxhklZekykhfghc
Yh[_sZxl_[_[ukljhijhbag_keZyFugbq_]hg_^_eZebKijhkbOvxLuagZ_rvqlhhgg_
fh`_le]Zlv
=heh\ZNbgbZgZih\_jgmeZkvbhg\a]eygmegZi_j\hjh^gh]h
BlZd"
Fup_eh\ZebkvijbagZekyOvxby\gmlj_gg_kt_`beZkvYohl_eihdZaZlv_cqlhhgZ
ij_djZkgZg_kfhljygZ__^jm]mxnhjfmijhbag_khgijhklhbhlju\bklhFup_eh\Zebkvb
ihlhfykdZaZe_cqlhgZfke_^m_lhklZgh\blvkyBfuhklZgh\bebkv
dhfgZl_klZehhkyaZ_fuf
Yqm\kl\h\ZeZk_[ydZdih^jhklhddhlhjh]hihcfZebaZl_fkZfufgZaZ^g_fkb^_gbbfZrbgubl_f
`_h[jZahffhb`_eZgb_bohjhrbcgZkljhckhrebgZg_l
FuhklZgh\bebkvih\lhjbeOvxMf_gyg_lgZf_j_gbygZjmrZlvk\hxdeyl\m^Zggmxl_[_
Fh_k_j^p_ke_]dZ_dgmeh\]jm^bijbwlhfaZy\e_gbbOvxg_fh]\jZlv
Ihoh`_wlhmkljhbehNbgbZgZ
&#xx[;&#xhf;&#xk;&#xem;&#xqZ;&#x_;&#xy;&#xj;&#xZ^;&#x;&#xql;&#xh;&#xij;&#xbr;&#x_e;&#x;�Ohjhrhijhbag_kn_cjbihlbjZyjmdbex[hfkemqZ_yjZ^qlhijbr_emfZxkZfh_
\j_fyijh\_jblvdZdb^ml^_eZYqm\kl\h\Zeqlhlubkihevah\ZejmguihjlZeZbj_rbeqlhwlh
gZ^hhklZgh\blv
Hgmeu[gmekyemqbklhfg_bOvxdZd[m^lhg_ihcfZegZklhevdhqlhdm\ujdZxsbfbky\ihkl_eb
DZdb^ml^_eZ"
Ovxijbkehgbekydl_i_jvaZdjulhc\oh^ghc^\_jb=eZaZ_]h\_jgmebkvdghjfZevghfmdhrZqv_fm
khklhygbxhggZkmibeky;uehihoh`_qlhhg]hlh\\j_aZlvdhfmgb[m^vghlhg_]h[ue\_`eb\b
ijhn_kkbhgZe_g
?klv_s_h^bgn_cjbHgklhedgmekykg_c\lhei_Ykfh]m\_klb__ghl_i_jvhgagZ_lh
kms_kl\h\ZgbbJZc^_jMf_gy_klvijbqbguih^haj_\Zlvqlhhgihijh[m_l__aZ[jZlv
NbgbZggZofmjbekyh^gZ_]hjmdZe_]eZihi_j_d]jm^b\lhjZyaZ^mfqb\hih]eZ`b\ZeZ\u[jbluc
ih^[hjh^hd
�jm]hcn_cjblu]h\hjbrv"WlhkZfh_g_ijbylgh_Kimklyf]gh\_gb_hgdb\gmeAgZqbllu
ijZ\bevghk^_eZeqlhijbgye\k_f_juij_^hklhjh`ghklbOhlyyg_ohqmqlh[uluhiylv[jZe__\
k\hxkj_^mh[blZgbyDZ`^ucjZadh]^Zlum\h^brv__lm^ZwlhaZf_^ey_lbaf_g_gbyZhgZk_cqZk
gZoh^blky\djblbq_kdhcklZ^bb
YaZihfgxhl\_lbeOvx
Ijb`Z\dk_[_iehlg__ijhklugbyijh^he`ZeZgZ[ex^ZlvaZjZa]h\hjhfNbgbZgdZdbflhh[jZahf
hlke_^begZkihh`_j_evxOvxDZ`^ucjZadh]^Zfubkihevah\Zebjmguhgihoh`_agZeh[wlhf
Fg_g_ihgjZ\beZkvwlZfukevwlhhsmsZehkvdZd\lhj`_gb_\qZklgmx`bagv
Ohlywlhg_fh]ehkjZ\gblvkykl_fqlhkemqbehkv\ke_^mxsbcfhf_gl
NbgbZgoehigme\eZ^hrb
EZ^ghjZaya^_kvbhgZh[_jgmeZkvyfh]mklZdbf`_mki_ohfijh\_jblvdZdijh]j_kkbjm_lfh_
fZe_gvdh_khdjh\bs_Hgh]ey^_ef_gykgZ^_`^hc
YhklZ\ZeZkvlZf]^_[ueZ
Ba\bgbl_"
Hgg_l_ji_eb\hfZogmefg_jmdhc
klZgva^_kvi_j_^hfghc^_\hqdZYohqmihkfhlj_lvdZdijh^\b]Zxlkyl\hbljZgknhjfZpbb
Y[_anml[hedb
�Z`_emqr_ykfh]mihkfhlj_lvgZl\hxq_rmxDh]^Zyg_^\bgmeZkvkf_klZhghiylvfZogme
�fg_jmdhcZ\ZcMf_gyg_l\j_f_gb^eykdjhfghklbk_fujZgvr_\b^_ebiZjm]jm^_c
Hgmofuevgmekybih\_jgmekydOvx
BebihdjZcg_cf_j_[hevrbgkl\hbagZk
ujZ`_gb_gZebp_OvxhklZ\Zehkv[_kkljZklgufbdZf_gguf
K_cqZkykgh\Zh[_jgmeZkv\q_eh\_q_kdmxnhjfmfhyh[hjhlgZyklhjhgZbkq_aeZlZd`_[ukljhdZd
kiZeh\ha[m`^_gb_
:qlh_kebyhl\_qmg_l"
Lh]^ZyaZf_gxl\h_]hl_ehojZgbl_eygZdh]hgb[m^v^jm]h]hujZ`_gb_ebpZNbgbZgZklZeh
gZijy`zggufohlyhgijh^he`Zemeu[ZlvkyBOvxb_]hfm`qbguihl_jyxl\hafh`ghklv
ihemqblvk\hbo`_gsbgBlZdlukh[bjZ_rvkyijh^he`ZlvmibjZlvky"
Ihke_wlh]hyk^\bgmeZkvgZdjZcdjh\Zlbg_kqZklgZy?s_rZglZ`YihlygmeZijhklugbaZkh[hcb
\klZeZi_j_^NbgbZghfFhbq_eh\_q_kdb_l_i_jvjmdb[uebihdjulu]mkbghcdh`_cbyihqlb
^jh`ZeZhlkf_rZgguoqm\kl\kljZoZhl\jZs_gbybaehklb
?kebijbgpn_cjbaZf_lbewlh_fm[uehijhklh\k_jZ\ghHgijhlygmejmdme_]dhijh\_eiZevp_f
ihfh_cjmd_bklZe`^Zlvbaf_g_gbc
Yihqm\kl\h\ZeZdZd^jh`vhl\jZs_gbyjZahreZkvihfh_fml_embyhl\_jgmeZkv
GbdZdbobaf_g_gbcGbdZdhcq_rmbKimklyf]gh\_gb_klZehykghqlhijbdhkgh\_gbyNbgbZgZ
kh\_jr_gghg_aZ\h^bebf_gyFg_ohl_ehkvkf_ylvkyhliZjZ^hdkZevghklbkblmZpbbghy[ueZ
kebrdhfi\a\hegh\ZgZ
DZdbjhgbqghqlh_^bgkl\_ggucq_eh\_ddhlhjucg_fh]ij_\jZlblvf_gy\oh^yq__rhmmjh^h\
[uebf_gghlhldlhohl_eqlh[uybaf_gbeZkvY\a]eygmeZgZijbgpZn_cjbqlh[uihgylvdZdhg
wlh\hkijbgbfZ_l
Hg\u]ey^_eg_^h\hevgufIh^h`^Ze_s_fhf_glaZl_fs_edgmeiZevpZfbgZOvx
Luk^_eZcwlhY[hevr_g_ohqmdg_cijbdZkZlvky
ky]hj^hklvbkZfhhp_gdZlhevdh\hkklZgh\e_ggZyihke_gZr_ckOvxex[h\ghcbgl_jex^bb[ueZ
\fhf_gljZa[blZihke_]jm[uokeh\NbgbZgZ
Ovx\uklmibe\i_j_^b^\bgmekydfh_ckibg_
Ih`ZemcklZg_gZ^hijhr_ilZeZy
;hevrZyl_ieZyjmdZijb[ebabeZkvdfh_fmie_qm?]h[hevrhciZe_pih]eZ^befhxdh`m
H^gh]hebrvijhklh]hijbdhkgh\_gby[ueh^hklZlhqghqlh[ufhyh[hjhlgZyklhjhgZijbreZ\
^_ckl\b_a\ba]gm\yihqm\kl\h\ZeZdZddh`ZihreZ\heghchsmlbeZdZdihy\beZkvq_rmy
djuevy\uj\Zebkvbaih^dh`b
Fhco\hklm^ebgbekybjh]ZgZe[m\ujhkeblZdklj_fbl_evghqlhijbqbgbebj_admx[hevdZd_keb
[uy\j_aZeZkv]heh\hc\kl_gm
Y\aj_\_eZ\g_aZigZyimevkbjmxsZy[hev\]heh\_hiylvijblmibeZ`_eZgb_
Ijh^he`Zc__ljh]ZlvOvxkdZaZeNbgbZg[_kkljZklgh
BOvxijh^he`beih]eZ`b\Zlvf_gyiZevp_fihie_qmjZkkueZy\hegug_`_eZl_evgh]h
\ha[m`^_gbyihfh_fml_emYklbkgmeZam[uiulZykv[hjhlvkykgbfgh\k_[ueh[_kihe_agh
P_eu_^gby`Z`^ZeZijbdhkgh\_gbyOvxbl_i_jvdh]^Z\blh]_ihemqbeZfh_l_ehj_rbl_evgh
\iblu\Zehqbklh_gZkeZ`^_gb_hlg_]h
kZfhfklj_fbl_evghfk\h_fij_\jZs_gbby\_jgmeZkv\baf_g_ggmxnhjfmaZdZdh_lh
f]gh\_gb_Yk_j^blh]eygmeZgZNbgbZgZbiehlg__ijb`ZeZijhklugbd]jm^b
Hgihl_jih^[hjh^hdaZ^mfqb\hh]ey^u\Zyf_gy
Fuijh^\b]Z_fky"Yhij_^_e_ggh\b`mmemqr_gb_\b^Zl\h_cq_rmbNbgbZgijhlygmejmdmb
ieZklbggZk]b[_ehdlyH^gZdh_s__klvdm^Zf_gylvky^hlh]hdZdklZg_l[e_klys_cIhdjZcg_c
f_j__s_iZjmg_^_evfh`_l[hevr_
HggZofmjbekyhlwlhcfukebbaeh\a]eygmegZf_gy
:lu^h\hevghf_^e_gghjZa\b\Z_rvkyg_ijZ\^ZebfZeurdZJZc^_j"
B^b\`him\uiexgmeZykd\havdeudbYohl_eZbkihevah\Zlvboqlh[ukhj\Zlvmofuedmk_]h
ebpZ
GjZ\gjZ\ijhbag_kNbgbZghlkljZgzgghHgijh[_`ZekyeZ^hgyfbihfhbfjmdZfk`ZebodZd
[m^lhijh\_jyyfurpuKo\Zlbef_gyaZdbklvjmdbbg_\abjZygZihiuldb\uj\Zlv__m^_j`Ze
hkfZljb\Zygh]lb
Kgh]lyfblh`_\kz\ihjy^d_ijh]h\hjbehg^h\hevgh;hevr_g_\u]ey^yldZd]jm[u_dh]lb
HgbkdhjhklZgml[_ehkg_`gufbNbgbZgmeu[gmekyfg_GmjZa\_wlh[m^_lg_ij_djZkgh"
Y\u^_jgmeZmg_]hk\hxjmdm
HgfZogmejmdhc
Hldbgvijhklugxqlh[uyfh]hkfhlj_lvhklZevgh_
YklbkgmeZam[ubdj_iq_k`ZeZijhklugx
G_l
NbgbZgih\_jgmekydOvx
AZ[_jbwlhmg__
G_ijhkbf_gy[jhkbeOvxbyihqm\kl\h\ZeZdZd_]hjmdZk`ZeZkvgZfh_fie_q_
Gm`ghebfg_gZihfgblvhl\h_ckmijm]_dhlhjZy`^_ll_[ygZlhcklhjhg_"kijhkbeNbgbZg
keZ^dbf]hehkhfBebhkmijm]Zo\k_ol\hbofm`qbg"
Yihqm\kl\h\ZeZdZdOvx^jh]gmejy^hfkhfghcBaZl_fkhaeufjudhfihljyk]heh\hc
Luijhkbrvkebrdhffgh]h
Wlhkf_ohl\hjghJZa^jZ`_gghNbgbZg\uj\Zeijhklugxbafhbojmdbr\ujgmegZihe
;hevhl[_aukoh^ghklbijhgabeZf_gydh]^Zy\kdbgmeZjmdbiulZykvijbdjulv]jm^v
GhNbgbZgg_kfhlj_egZf_gyk`_eZgb_fHghdbgmef_gy^_eh\ufbkdmqguf\a]ey^hf;m[gy
k_[_ih^ghkgZdehgbeky[eb`_bihpZjZiZeh^gmbaq_rm_dgZfh_cdexqbp_
AZl_fba^Zeml\_j^bl_evgh_\hjqZgb_hkfZljb\Zyf_gydZdh[uqghwlh^_eZxl\jZqbbebfykgbdb
hp_gb\Zxsb_dmkhdfykZHgiheh`bejmdbfg_gZ[_^jZbgZ^Z\beiZevpZfbhsmiu\Zyfhb
lZah\u_dhklb
OhjhrhohjhrhKeZ\gu_brbjhdb_
?]hiZevpuijhrebkvihfh_fmo\hklmdjuevyfkibg_b\k_wlhkl_f`_kdmqZxsbf\b^hfIhlhf
hg\_jgmekydhfg_biheh`beiZevpugZih^[hjh^hdih\hjZqb\Zyfh_ebph\i_j_^bgZaZ^
HldjhcjhlJZc^_jYohqmihkfhlj_lvgZl\hbam[u
Fhbgha^jbaZlj_i_lZebhlaehklbghyhldjueZjhlb]hjyqb_ke_auihdZlbebkvihfh_fmebpm
Ohjhrhohjhrhijh]h\hjbeNbgbZgijbih^gbfZy]m[mqlh[u\a]eygmlvgZ^_kguDjZkb\u_
ba^hjh\u_
YaZoehigmeZq_exklbf_qlZyh\hafh`ghklbkhfdgmlvbogZ_]hg_gZ\bklghcr__
IheZ]Zxlug_ih^gbf_rvo\hkl
�Z`_g_^mfZch[wlhfaehhlj_aZeZyhlkdZdb\Zyhlg_]hlZdj_adhqlhkihldgmeZkv
LuklZg_rvij_djZkgufij_^klZ\bl_e_fk\h_]h\b^ZghihgZ^h[blkyg_kdhevdhg_^_evqlh[u
jZkp\_klbG_aZ[u\Zciblv\blZfbgubqbklblvam[ub\[eb`Zcr__\j_fyluklZg_rv
\_ebdhe_ighchgmeu[gmekyfg_lZddZd[m^lhy^he`gZ[ueZgZclbwlhijbylgufY\_jgmkvk
ijh\_jdhcq_j_ag_^_exbebhdhehlh]h:l_i_jvyhklZ\eyx\ZkgZ_^bg_
Hgk^_eZerZ]\i_j_^bagZqbfhihkfhlj_egZOvx
Ihfgbq_flujbkdm_rvfhc^jm]dh]^Zp_em_rvfh_]hfZe_gvdh]hiblhfpZ
Yihfgxhlj_aZeOvxQ_exklb_]haehk`Zebkv
b`mqlhlZdkdZaZeNbgbZgHghldjue^\_jvghf_jZb\ur_eJmgu\kiuogmebhiylv
kljZggu_ebeh\u_ebgbbih\lhjghfZ]bq_kdbaZi_qZlZeb^\_jvihke_lh]hdZdhgijhr_ekd\hav
g__
fZe_gvdhcdhfgZl_ih\bkeZlbrbgZY^he]hg_^\b]ZeZkvb\g_aZighhkhagZeZqlhNbgbZgmr_e
K_dmg^hciha`_fmqbl_evgh_mgb`_gb_hllh]hq_j_aqlhylhevdhqlhijhreZh[jmrbehkvgZfhb
qm\kl\ZbyaZju^Z\dmq_cjmogmeZgZa_fex
F]gh\_gb_kimklyOvxhdZaZekyjy^hfkhfghc_]hjmdb]eZ^bebfhb\hehku
Fg_`ZevJZc^_jFg_lZd`Zev
Fg_ohl_ehkvhllhedgmlv_]h^Z`_dh]^Zhgk]j_[f_gy\h[tylvybijb`Zedk_[_
Yohl_eZqlh[u_fmklZeh[hevghdZd[ueh[hevghfg_qlh[uhgk]hjZehlklu^ZdZdy\lhl
fhf_gl
Gh[hevr_\k_]h"Yohl_eZqlh[uf_gyml_rbebYohl_eZkbevguobl_ieuojmdOvx\hdjm]f_gy
_]hjmd]eZ^ysbffhb\hehkubiha\heyxsbofg_ihqm\kl\h\Zlvqlh\k_[m^_lohjhrh
�Z`__kebohjhrhg_[m^_lyohl_eZ\_jlv\wlhohlvg_fgh]hIhwlhfmy\koebiu\ZeZbiha\heyeZ
_fm^_j`Zlvf_gy\jmdZoihdZhgijb`bfZekyjlhfdfhbf\hehkZfbr_ilZeba\bg_gby
Fh_gZkljh_gb_[uehhf_jabl_evgufdh]^ZyijbreZgZjZ[hlml_f\_q_jhfFukOvxijbrebd
g_dhfnhjlghfmklZlmkd\h
Y[ueZh[j_q_gZY[ueZh[j_q_gZihgbfZyihq_fmOvx[uelZdbfdZdhchg_klvghyihij_`g_fm
_]hohl_eZEh`Zkv\ihkl_evfg_dZ`^mxghqvkgbebkv_]h]m[ugZfg__]hjmdbgZfh_clZebb?]h
dh]lbkdhevaysb_ihfh_cq_rm_bfbeu_keh\Zdhlhju_hgfg_r_ilZe
�gbijhoh^bebfbfhf_gyykms_kl\h\ZeZ\lmfZg_^_ij_kkbbOh^beZgZjZ[hlmOvx[uejy^hf
khfghcYjZ[hlZeZghfhck\_lihf_jd
Mf_gyg_[uehklbfmeZdhd_lgbqZlvkdeb_glZfbbebiZjgyfbJZkk_eZdhlhju_ihdZau\Zebkv\
Z]_glkl\_Ijhklh\uihegyeZk\hxjZ[hlmbgZwlhf\k_YijhimklbeZgZrkFZjbeZgqbfhb
khh[s_gbydg_c[uebdhjhldb
Y[ueZih]jm`_gZ\k_[yijhklhh`b^ZyH`b^Zyq_]hgb[m^vqlhfh]eh[uijbclbfg_\]heh\mb
ihfhqvihgylvq_faZdhgqblkywlhm`Zkgh_m`Zkgh_h`b^Zgb_
DZ`^mxghqvfui_j__a`Zeb\gh\uchl_evGbdZdboijbagZdh\n_cjbg_[uehNbgbZgZbeb
^jm]boghyijh^he`ZeZij_^ijbgbfZlvaZsblgu_f_ju^Z`_g_kfhljygZlhqlhfhydj_^bldZ
ijb[ebabeZkvdebfblmF_gyijhklh[hevr_wlhg_\hegh\ZehDZdh_wlhbf_ehagZq_gb_"
Ovx[jhkZegZf_gybkiheg_ggu_fmdb\a]ey^ugZijhly`_gbb^gyghyb]ghjbjh\ZeZboDh]^ZgZf
^Zebghf_jk^\mkiZevghcdjh\Zlvx\h^gmbaghq_cy\hkijbgyeZwlhdZdagZdbg_\hajZ`ZeZGhb
g_iulZeZkvkh[eZagblvOvxYijhklh\a[beZih^mrdme_]eZbihklZjZeZkvaZkgmlv
NbgbZg\ub]jZe
=eZ\Z
Lu\ihjy^d_JZc^_j"KZ\ZggZ]h\hjblqlh\ihke_^g__\j_fyluq_j_kqmjlboZybwlhgZl_[yg_
ihoh`_Y[_kihdhxkvGZibrbfg_
Y\a]eygmeZgZkfkbly`_eh\a^hogmeZFZjb[ueZlZdhcfbehcqlh[_kihdhbeZkvh[hfg_ghy
gbq_]hg_fh]eZkdZaZlvqlh[uh[e_]qblv__i_j_`b\ZgbyY\ihjy^d_H[_sZxIjhklhfgh]hq_]h
ijhbkoh^bl
JZalulZd]h\hjbrvLu\k__s_b^_rvgZ\_q_jbgdm\_q_jhf^Z"Fhyihfhe\dZ"
Dhg_qghylZf[m^mYaZklZ\beZk_[y^h[Z\blv\ij_^eh`_gb_\hkdebpZl_evgucagZdqlh[uwlh
a\mqZehihoh`_gZf_gyLufhyemqrZyih^jm]ZYgbaZqlhg_ijhimsmwlh]h
DjmlhM\b^bfky\_q_jhf
M\b^bfky
Q_klgh]h\hjyyihqlbaZ[ueZhihfhed_ih^jm]bBaaZwlhckblmZpbbkfh_ci_j_f_ghcbOvxb
\k_fhklZevguffg_ohl_ehkvaZ[jZlvkydm^Zgb[m^v\lboh_f_klhbaZebau\Zlvk\hbjZgu
Ghyg_fh]eZihlhfmqlhwlh[ujZgbehFZjbHgZ[uih^mfZeZqlhmf_gydZdb_lhijh[e_fuk
�g_cbeb`hr_fihwlhfmyh[yaZgZ[ueZihclbbijh^_fhgkljbjh\Zlvk\hxih^^_j`dmbfbbo
hlghr_gbyfByex[beZFZjb
HgZkkZfh]hgZqZeZih^^_j`b\ZeZf_gybihfh]ZeZkijh[e_fZfbYgbdh]^Zg_ijbqbgx_c[hev
m]jh[b\wlm\_q_jbgdm
hafh`ghwlhihke_^gbcjZadh]^Zyfh]eZm\b^_lvkyk^jmavyfb
Ihwlhfmyj_rbeZihclbbhlebqghijh\_klb\j_fyB_kebwlh[ueihke_^gbcjZadh]^Zhgbfh]eb
f_gym\b^_lv"
Y^he`gZ\u]ey^_lvZ[khexlghkgh]krb[Zl_evgh
G_\abjZygZijhl_kluOvxygZklhyeZgZih\lhjghfrhibg]_?kebhgkh[bjZekyb^lbgZ\_q_jbgdm
ihkemqZxihfhe\db_]hnml[hedb\h[ly`dmg_]h^bebkvdZd[uij_e_klghhg\gbogb\u]ey^_e
Fu\_jgmebkv\fZ]Zabgfm`kdhch^_`^uby\u[jZeZl_fghkbgxxjm[ZrdmbiZjmkeZdkh\
Dh]^Zhg\ur_ebaijbf_jhqghch^_j]b\ZyjmdZ\Zhl_]h\b^Zmf_gy\hjlmi_j_khoeh
Ovx[ueihljykZxs_djZkb\hjhlgbdjm[Zrdb[uejZkkl_]gmlh[gZ`Zyg_fgh]haZ]hj_ehcdh`bb
\hehkgZ]jm^bWlhhll_gyeh\i_qZleyxsmxrbjhlm_]hie_qbmadb_[_^jZ
hehkul_i_jvih^kljb`_ggu_ihkh\j_f_gghfmh[jZfeyeb_]hj_rbl_evgu_q_jluebpZYg_
fh]eZhlhj\Zlvhlg_]h]eZa
Gm"kijhkbeijh^Z\_prbjhdhmeu[ZykvHgagZeqlhkijZ\bekykjZ[hlhcihfh]ZyOvx
ih^[bjZlvh^_`^m
Ijh^ZghkdZaZeZyaZlZb\^uoZgb_Ihoh`_g_lhevdhgZf_gyk_]h^gy[m^mlh[hjZqb\Zlvky
=m[uOvxgZkf_reb\hbah]gmebkv\hl\_lgZfhxj_Zdpbx
?keblulZd[eZ]h]h\__rvhlg_m^h[ghch^_`^uJZc^_jYfh][ughkblvlZdb_rfhldb\kxwlm
g_^_ex
OZoZhl\_lbeZyghg_fh]eZm^_j`Zlvkyhllh]hqlh[ug_ijh[_`ZlvkyjmdZfbih_]hjmdZ\Zf
hsmsZyklZevgu_furpuih^ldZgvx
GZr_cke_^mxs_chklZgh\dhcklZefZ]Zabgh^_`^u^eyf_gyY\u[jZeZh[e_]Zxs__[_eh_
AZdjulh_hlaZiyklbc^hk_j_^bgu[_^jZk\ukhdbf\hjhlgbdhfbd\Z^jZlguf\uj_ahf\ahg_
^_dhevl_u]ey^_ehhghihljykZxs_bhiZkghbg_\_jhylghk_dkmZevghH[uqghyh^_\ZeZkv
fbe_gvdhbyjdhghk_]h^gyohl_eZq_]hlh^jm]h]h
hkgh\ghfyohl_eZqlh[uOvxih`Ze_ehlhfqlhkh[bjZekymimklblv
AZieZlb\aZieZlv_yh]eygmeZkvgZOvxgZ\bkZ\r_fgZ^hfghc
BlZdk\_q_jhf\k_ihgylgh"
Y[m^ml\hbfdZ\Ze_jhf
IjZ\bevghBgZq_\k_[uih^mfZebqlhwlhkljZgghLuagZ_rvdZdk_[y\_klb\dZq_kl\_fh_]h
dZ\Ze_jZ"
�_j`Zlvl_[yih^jmdmgZqZehgi_j_qbkeylvu^\b]Zlv^eyl_[yklme;ulv\gbfZl_evguf
G_nebjlh\Zlvk^jm]bfb`_gsbgZfbHgihkfhlj_egZf_gyl_ji_eb\hYg_lmihcY\b^_edZd
^jm]b_fm`qbguh[jZsZxlkykhk\hbfbiZjZfb;m^mijhklhbodhibjh\Zlv
Lhevdhg_ljh]Zcf_gyaZjmdmaZf_lbeZyohlyohl_eZ[uwlh]hLuagZ_rvqlhwlhaZimklbl
baf_g_gby
YaZihfgxhl\_lbehgk_jv_aghYaZsbsml_[yJZc^_jG_\hegmcky
Fu\_jgmebkv\k\hcghf_jIhdZOvxh[gxob\Zebijh\_jyedZ`^uckZglbf_ljihf_s_gby\
ihbkdZoke_^h\n_cjbyi_j_h^_eZkv\k\h_h[e_]Zxs__ieZlv_baZgyeZkvijbq_kdhcbfZdby`_f
Yih^\_eZ]eZaZl_fghkbg_cih^\h^dhchlq_]hfhbjZ^m`dbijbh[j_ebihqlbnbhe_lh\uchll_ghd
KdhevagmeZih]m[Zfi_jkbdh\uf[e_kdhfqlhk^_eZehboiheg__aZ\beZ\hehkudjmigufb
ehdhgZfbdZdma\_a^dbghbaZl_fjZklj_iZeZboiZevpZfblZdqlh[u[_ehdmju_\hegu
jZkkuiZebkv\\_ebdhe_ighf[_kihjy^d_
GZgh]bygZ^_eZjhah\u_[e_klysb_lmnebgZ\ukhdbodZ[emdZok\uj_aZfbgZfukdZo
Y\u]ey^_eZihljykZxs_udmkbOvx
Dh]^Zy\ureZba\ZgghcOvxaZf_jijb\b^_f_gyHglZd^he]hbgZijy`_gghkfhlj_egZfh_
h[e_]Zxs__ieZlvyqlhfhbkhkdbaZl\_j^_ebbyihqm\kl\h\ZeZimevkZpbxf_`^mgh]
Ih\bkeZlbrbgZ
Ihke_^he]hciZmauOvxly`_ehk]ehlgmebhldZreyeky
L\h_ieZlv_Hghhldjh\_ggh_
�Z]hj^hkdZaZeZyki_pbZevghijh\h^yjmdZfbihba]b[Zfk\h_caZ^gbpuYkh[bjZxkv
ih\_k_eblvkyk_]h^gy\_q_jhf
Lu^he`gZi_j_h^_lvkyLug_fh`_rv\uclbbawlhcdhfgZluh^_lhc\wlh
�Z`_g_gZqbgZcYfh]mghkblvqlhohqmykljyogmeZ\hh[jZ`Z_fmxiuebgdmkjmdZ\Z:
k_]h^gyykh[bjZxkv\u]ey^_lvg_\_jhylghk_dkmZevgh
JZc^_jhghiylvk]ehlgmebi_j_klmibekgh]bgZgh]mYaZf_lbeZdZd_]hjmdZihlygmeZkvd
[_^jmbhgihijZ\bek_[yhcdZdg_aZf_lghFm`qbguaZohlylihljh]Zlvl_[y
Yg_\bgghmeu[gmeZkv_fm
Gmbf_gghihwlhfmlukh[bjZ_rvky[ulvlZf^Z"Luf_gyhojZgy_rvBwlbex^bfhb^jmavy
Gbdlhg_[m^_lf_gyljh]ZlvYih]eZ^beZh[e_]ZxsmxldZgvieZlvyB_kebhgbihiulZxlkyy
m^hklh\_jxkvqlhwlh[m^_laZdjulZyqZklvfh_]hl_eZ^h]h\hjbebkv"
YijZdlbq_kdbkeurZeZdZdhgklbkgmeam[u
Lh]^Ziha\hgbk\h_fm[hkkmbkdZ`bqlhlug_fh`_rvkijZ\blvkykhfghchl\_lbeZyko\ZlbeZ
kmfhqdmbih\_kbeZ__gZie_qhM\_j_gZhgihcf_ll_[y
Yijhb]ghjbjh\ZeZ\a]ey^dhlhjucOvx[jhkbegZf_gyihdZ\ulZkdb\ZeZdexqbHg[uebf_ggh
lZf]^_yohl_eZ
Hgg_fh]iha\hgblvNbgbZgm[_ajbkdZ[ulvhlha\ZggufhlijbkfhljZaZfghcbihl_jylvrZgk
ihemqblv`_gsbg^eyk_[ybk\hbofm`qbg
Dh]^Zhggbq_]hg_hl\_lbeyrbjhdhmeu[gmeZkvagZyqlhih[_^beZbih\_jgmeZkv
LZdyb^mfZeZL_i_jvb^_fFuhiZa^u\Z_f
Lhklijhbagzk;vxih^gbfZy[hdZerZfiZgkdh]hrbjhdhmeu[Zykvi_j_\_jlurZfkb^ysbfaZ
�^ebggufklhehfAZfh_]h[jZlZ`hrmZb_^bgkl\_ggmx`_gsbgm]hlh\mxl_ji_lvwlh]h
aZkjZgpZdjm]ehkmlhqgh
�LhqghLhqghmeu[Zykvhl\_lbeW\_j_llJZkk_ebih^gyek\hc[hdZe\_^x`bguex^_c
�\dexqZyf_gyih^gyeb[hdZeubh^h[jbl_evghaZ\uebbaZfymdZebdh]^Z`hrJZkk_eijblygme
FZjbdk_[_gZdhe_gbbhiylv__ihp_eh\Ze
HklbgJZkk_ekb^ysbcjy^hfkhfghc\eh`be^\ZiZevpZ\jhlb]jhfdhk\bklgme
Lb]jbguco\hkl[ueg_[hevrbfk_f_cgufj_klhjZghf\FZe_gvdhfJZx;hevrbgkl\hex^_c
ijb^bjqb\hgZa\Zeb[u_]h^ujhcghlZddZdbf\eZ^_ebi_j_\_jlurbex^b[ueb[he__\_`eb\u
bl_jibfudihl_jlufklheZfbihkm^_khkdheZfb
?^Z[ueZ\dmkghc[Zj[_dxbb^_Zevghc^eylheiui_j_\_jlur_c
�FZjbb`hrZj_g^h\Zebf_klhgZ\_q_jbihf_s_gb_[uehaZiheg_gh^jmavyfbbdeb_glZfb
IhemghqguoK\ya_c
h]eZ\_h^gh]hklheZkb^_e;vxJZkk_e]eZ\Z:evygkZb[hkkFZjbjy^hfkgbf_]h`_gZ
;_lkwc[b
AZ^jm]bfklhehfJwfkb;vhjgkhk\h_ciZjhcKZjhcgZdhe_gyoHgZy\gh[ueZm`_ivygZ\
kl_evdmbihoh`_bah\k_okbeiulZeZkv_]hs_dhlZlvKZjZg_mf__liblvih^mfZeZykbjhgb_c
Jy^hf]ey^ygZbo^mjZq_kl\ZklhyebW\_j_llJZkk_eb^\h_f_klguoZevn\_j\hedh\g_^Z\gh
�ih`_gb\rb_ky:ebkZb`_dkhg
AZke_^mxsbfklhehfkb^_eZkbevgh[_j_f_ggZylb]jbpZdhlhjmxyg_agZeZbjy^hfkg_c__
kmijm]bdZevnZlb]jh\
HgZibeZ\h^mjZamf__lkybwlhgZihfgbehfg_hKZ\Zgg_^jm]hcagZdhfhc[_j_f_gghc`_gsbg_
dhlhjZyj_rbeZihjZ[hlZlvk_]h^gy\_q_jhfqlh[ufufh]ebaZ\bkgmlvgZ\_q_jbgd_
AZfhbfklhehfjZkiheh`beZkvkljZggZyih^[hjdZex^_cIh`beZy^ZfZkh\_jr_gghhq_\b^ghg_
�i_j_\_jlurhgZkb^_eZ\h]eZ\_klheZ`hrqZklhih^oh^beby\gh^mrb\g_cg_qZye^ZbhgZ
dZaZeZkvkbevgh\a\hegh\Zgghcij_^klhysbflhj`_kl\hf
LZd`_aZgZrbfklhehfkb^_eiZiZFZjbkhk\h_cih^jm]hch[Zlhqghex^b
Ovxkb^_ejy^hfkhfghcZk^jm]hcklhjhguhlf_gyHklbgJZkk_eHklZevgh_ijhkljZgkl\h[ueh
�aZiheg_ghjZagufbi_j_\_jlurZfbhl`_j_fbJZkk_eZdhlhjucihy\bekyk^jm]hfb^_\mrdhc
^hg_dhlhjuo\Zfibjh\^_j`Z\rbokyih^Zevr_hlex^_cbg_kdhevdh\_j\hedh\
�Lmkh\dZ[ueZhq_gvjZaghieZgh\Zygh\_k_eZyIhf_s_gb_[uehmdjZr_gh\q_klvihfhe\db`hrZ
bFZjbIjb\uqgu_de_lqZlu_j_klhjZggu_kdZl_jlb[uebaZf_g_guijhklufb[_eufb
�&#xEY;&#x?F;�;Zgg_jkgZ^ibkvxIHAJ:EY?F@HR:BF:JBIV?Jk\bkZekihlhedZbFZjbaZklhgZeZ
�ijb\b^_wlh]hbih]jhabeZiZevp_f`hrmdZd_keb[uhgk^_eZeqlhlhg_ijbklhcgh_
k_kf_yebkvb[helZebjZa^_eu\Zykvk[Zj[_dxZedh]hevebekyj_dhcj_klhjZg_lZd`_[ue
g_[hevrhclZgpihebklZjhfh^gucfmaudZevgucZ\lhfZldhlhjuch^gmaZ^jm]hcb]jZeebob_
i_kgb\klbe_dZgljb
DZaZehkv^Z`_Ovxohjhrhijh\h^be\j_fyHgkt_eihegmxlZj_edmfykZgZ]jbe_b[_k_^h\Zek
hlphfFZjb?keblhl^mfZeqlh[uehg_qlhkljZggh_\fZg_jZobebj_qbOvx beb\hlkmlkl\bb
[Zah\uoagZgbchkh\j_f_gguo\_sZo\fhg[uekebrdhf\_`eb\g_ihdZau\Zlvwlh
Ylh`_hlebqghijh\h^beZ\j_fyRZfiZgkdh_ebehkvj_dhc[Zjhldjulbmf_gy[uedhdl_cev\
h^ghcjmd_b[hdZerZfiZgkdh]h\^jm]hcFg_klZgh\behkvohjhrhbl_ieh
FZjb\u]ey^_eZ\hkoblbl_evgh?_dm^jy\u_q_jgu_\hehku[uebmeh`_gu\klbevgmxijbq_kdm
HgZ[hevr_g_[ueZ[e_^ghcdZd\ihke_^gb_f_kypul_i_jv__dh`Zk\_lbeZkva^hjh\v_f
HgZlZd`_g_fgh]hijb[Z\beZ\\_k_b[hevr_g_[ueZim]Zxs_om^hcDjZkgh_h[e_]Zxs__ieZlv_
�[_a[j_l_e_dih^q_jdb\Zeh__gh\u_ba]b[ub`hrg_fh]hl\_klbhlg__]eZa
Hg[ueie_c[h_f\ijhrehfghl_i_jv_]h\a]ey^[ueijbdh\ZgdFZjbbhg\u]ey^_elZdbf`_
^h\hevgufdZdbhgZ
Wlh^_eZehf_gyhq_gvhq_gvkqZkleb\hcaZk\hxih^jm]mHgZaZkem`beZk\h_kqZklv_Yh]eygmeZkv
gZKZjmbJwfkbdhlhju_ihij_`g_fm[hjhebkvbs_dhlZebkvohlyKZjZy\gh\ub]ju\ZeZ
EbphJwfkbklZehdjZkgufghyaZf_lbeZqlhhgg_kbevghkhijhlb\eyekyZKZjZebrvba\b\ZeZkv
gZg_fe_]dhfuke_ggh
Fhc\a]ey^kdhevagmed;vxb;_lkwc[bdhlhju_kdehgbebkv^jm]d^jm]mblbohh[sZebkvf_`^m
kh[hc
=eZaZ;vxf_jpZebdh]^Zhgkfhlj_egZk\hxiZjmbyhsmlbeZmdheaZ\bklb
M\k_o_klviZjuDZaZehkvlhevdhyg_fh]mgZclbk\hz^he]hbkqZkleb\hGmybKZ\ZggZ
dhlhjZykh[bjZeZkvklZlvfZl_jvxh^bghqdhc
IhdjZcg_f_j_jy^hfkb^_eHklbgJZkk_ej_rb\rbcihnebjlh\Zlvkhfghc
GZ\_q_jbgdmyijb\_eZiZjgyqlhbagZqZevghhllZedb\ZehHklbgZghdh]^ZOvxbyg_m^_eyeb
^jm]^jm]m\gbfZgbyih^\uib\rbcHklbg^h[b\Zekyk\h_]h[he__aZbgl_j_kh\Zghq_f^he`_g[ue
Bq_f[hevr_y\uib\ZeZl_f[hevr_nebjlh\ZeZGb`_gZdehgyykvbk\_jdZyk\hbf^_dhevl_Y
kf_yeZkvgZ^\k_fb_]hrmldZfb^Z`_m`Zkgufbbijb^\bgmeZk\hcklme[eb`_d_]h
Dh]^ZHklbggZdehgbekyqlh[uqlhlhijhr_ilZlvyijhb]ghjbjh\ZeZgZofmj_ggh_\ujZ`_gb_
ebpZOvxbih\_eZk_[ylZd[m^lhivygh_[hjfhlZgb_fHklbgZ[uehkZfhckf_rghc\_svx\fbj_
GZkZfhf^_e_fg_hq_gvgjZ\bekyHklbggh\hkgh\ghfdZd^jm]
Ghdh]^Z_]hjmdZkdhevagmeZgZkibgdmfh_]hklmeZijbly]b\Zyf_gy[eb`_OvxaZkluehl]g_\ZZ
_]hofmjuc\a]ey^ij_\jZlbeky\q_jguc
a[_rzggucOvxebrvaZklZ\bef_gyqm\kl\h\Zlvk_[yemqr_GZdhg_pdlhlhgZoh^blf_gy
g_hljZabfhcIhwlhfmyihhsjyeZHklbgZih^fb]b\ZeZnebjlh\ZeZijbgbfZeZex[hcgZiblhd
dhlhjuchgijhly]b\Zefg_b\hkgh\ghf\_k_ebeZkv
�h\hevghkdhjhyhdZaZeZkv\ivyghfm]Zj_H[uqghyfgh]hg_ivx _keblhevdhwlhg_dhn_\fgh
\_q_jbgdZ[ueZh`b\e_gghcbhnbpbZgluijh^he`Zebih^eb\ZlvgZibldb\ihemimklu_[hdZeu
AZ\ljZ[m^_loj_gh\hghk_]h^gy"K_cqZky[m^mjZa\e_dZlvky
WcJZc^_jijhbag_kHklbgfg_gZmohOhq_rvihlZgp_\Zlv"
Yihkfhlj_eZgZlZgpiheHghdZaZekyimkl
FulZf[m^_fh^gb"
Ihq_fm[ubg_lhl\_lbehgmeu[ZykvWlhl_[y[_kihdhbl"
G_Zyih^gyeZkvgZgh]bbihrZlgmeZkv
Lml`_jmdbHklbgZh[\bebfhxlZebxih^^_j`b\Zyf_gywlhl`_fhf_glOvxih^gyekykh
klmeZbymkeurZeZgbadbcjud\uj\Z\rbckyba_]h]hjeZ
M[_jbk\hbjmdbhlg__ij_^mij_^beOvxHklbgZ
Yh[_jgmeZkvbk^\bgmeZ[jh\b
G_]h\hjbqlh_fm^_eZlv
Ya^_kvgZqZeOvxaZl_fgZofmjbeky[m^lh\kihfgb\gZr^h]h\hjYl\hcdZ\Ze_jhlj_aZe
hg
YihdZqZeZ]heh\hcaZl_faZ^mfZeZkvihq_fmhlwlh]haZ\_jl_eZkvdhfgZlZ
Hklbgijb]eZkbef_gyihlZgp_\ZlvkdZaZeZyOvxYkh[bjZxkvwlhk^_eZlvbluf_gyg_
hklZgh\brv
Ovxebrvkfhlj_egZf_gy
Yhl\_jgmeZkvbihkfhlj_eZgZHklbgZdhlhjucijhly]b\Zefg_jmdmbmeu[gmeZkvFhyeZ^hgv
q_kZeZkvyhlqZyggh`_eZeZko\Zlblv_]hjmdmghagZeZqlhwlhiehoZyb^_y
Ihwlhfmy`_klhfmdZaZeZHklbgmjZa\_jgmlvkyZdh]^Zhgwlhk^_eZeyko\ZlbeZ_]haZie_qb
Hl\_abf_gyaZy\beZy
LukljZggZyijhbag_khgkhkf_rdhfghihlZsbef_gygZlZgpihegZdehgb\rbkv\i_j_^bb^y
khfghcgZkibg_[m^lhyly`_eucjxdaZd
DZdlhevdhfuhdZaZebkvgZg_[hevrhf^_j_\ygghflZgpihe_fmaudZkf_gbeZkvgZf_^e_ggmx
f_eh^bx
Hklbg\gh\vijhlygmefg_jmdmghyh[gyeZ_]haZr_xbijb`ZeZkv\k_fl_ehfdg_fmlZdqlh[u
g_ijhbahrehdhglZdlZkdh`_cDh]^ZfugZqZebihdZqb\Zlvky\lZdlfmaud_yiheh`beZ]heh\m
HklbgmgZie_qhbihkfhlj_eZgZ]hkl_c
k_kf_xlkyivxlb\_k_ehijh\h^yl\j_fyk_djhf_OvxmklZ\b\r_]hkygZf_gy]hjysbfb
]eZaZfb_]hiha_qblZeZkv[h_\Zy]hlh\ghklvihdZylZgp_\ZeZkHklbghf
I_qZevb\bgZh[jmrbebkvgZf_gydh]^Zym\b^_eZkmjh\h_g_kqZklgh_\ujZ`_gb_ebpZOvxYg_
ohl_eZlZgp_\ZlvkHklbghfZhdZaZlvky\h[tylvyoOvxOhl_eZ[ulv_]h^_\mrdhc
?]hiZjhcGhhgieZgbjh\Zehl^Zlvf_gy\jZ]mbjZajmrblvfhx`bagvY\a^hogmeZhsmsZyk_[y
kf_ohl\hjgh[ebadhcdlhfmqlh[ujZaju^ZlvkyIhq_fm`bagvlZdg_kijZ\_^eb\Z"
JmdZHklbgZkdhevagmeZihfh_ckibg_bhklZgh\beZkvgZihid_
Ym\b^_eZdZdOvxih^gyekyihqlbi_j_\_jgm\\ki_rd_klheblj_\h`gu_\a]ey^u]hkl_c
gZijZ\bebkvgZg_]hFZjbh[_jgmeZkvb[jhkbeZgZf_gyij_^mij_`^Zxsbc\a]ey^^Z`_ijblhf
qlhym[jZeZjmdmHklbgZ
OvxgZijZ\bekydgZf\u]ey^ylZd[m^lhkh[bjZekygZiZklvgZHklbgZdhlhjuc\k_lZd`_ivygh
p_ieyekyaZf_gy
I_j\hjh^guch[hjhl_gvihlygmef_gydk_[_hkdZeb\rbkvb\k_qlhkfh]jZaebqblvfhc
aZlmfZg_ggucZedh]he_fjZamf[e_klysb_dhrZqvb]eZaZbh]jhfgu_deudb
GbqlhdZaZehkvg_gZklhjh`behHklbgZHgijhklhivyghmeu[gmekyOvxbih^gyejmdb\\_jo
hlklmib\
?kebluohl_e\debgblvkygZ^h[uehijhklhihijhkblv
Ohl_e\debgblvky"
Hgbf_e\\b^mluohl_eihlZgp_\Zlvkhfghci_j_djbdb\Zyfmaudmhl\_lbeZyOvx
a^jh]gm\hlfh_]h]jhfdh]h]hehkZhgihkfhlj_egZf_gyBdb\gme
YihlZgpmxklh[hcJZc^_j
Hklbgih^fb]gmefg_bgZijZ\bekyh[jZlgh\[ZjhklZ\b\f_gygZlZgpihe_kOvxLhlkfhlj_e
\u`b^Zxs_lZdqlhy\a^hogmeZbih^gyeZjmdbqlh[uiheh`blv_fmgZr_xijb`bfZyfh_l_ehd
_]h
�Z`_\g_lj_a\hfkhklhygbbyagZeZqlhwlh[ueh[hevrhchrb[dhc;hevrh_l_ehOvxlZdh_
l_ieh_bagZdhfh_gZijhlb\fh_]hbfg_ijbrehkvgZijyqv^Z`_iyldbqlh[um^_j`Zlvkhfdgmlu_
jmdbhlijbdhkgh\_gbydl_iehcdh`__]hr_b
LZd`_fh_ebphhdZaZehkv[ebadhdkludm_]h\hjhlgbdZbyihqm\kl\h\ZeZaZf_qZl_evgucfm`kdhc
aZiZoOvx
?]hjmdbkimklbebkvgZfhxlZebxm^_j`b\Zyf_gygZijhlb\k_[yZihlhffugZqZebg_mdex`_
ihdZqb\Zlvky\lZdlfmaud_
Yqm\kl\h\ZeZk_[yfZe_gvdhcbaysghcb`_gkl\_gghc\_]hh[tylbyoBl_qm\kl\Zqlhhg
bkiulu\Zedhfg_[uebijyfhlZdb[h`_kl\_ggufbFh_l_ehj_Z]bjh\ZehfhcjZkkm^hd]m^_eb
fhcfhgklj[ebahddijh[m`^_gbxohlybg_kh\k_fijhy\bekylZddZdy[ueZ^hklZlhqgh
hklhjh`gZqlh[ug_dhkgmlvkydh`bOvx
?]h[hevrZyjmdZ]eZ^beZf_gyihkibg_\\_job\gbaihdZfu^\b]Zebkvih^i_kgxf_edbfb
rZjdZxsbfbrZ]ZfbDZdh]h[ulv\h[tylbyoOvx"Yqm\kl\h\ZeZk_[ydZd^hfZKeh\ghfh_f_klh
a^_kv
HggZdehgbekybymkeurZeZ_]hijb]emr_ggucfmaudhc]hehk
Lug_^he`gZiha\heylv^jm]bffm`qbgZfljh]Zlvl_[y\hllZdJZc^_j
�jm]bffm`qbgZf"
Ihlhfmqlhluohq_rv[ulv_^bgkl\_gguf"r_ihlhfkijhkbeZy
Hgdhe_[Zeky^he]h_^he]h_\j_fyAZl_fijhbag_k
Gbdlhg_^he`_gijbdZkZlvkydl_[_
YlhedgmeZ_]h\]jm^v\g_aZigh`_eZyhk\h[h^blvkybajmdOvx
LZdwlhg_baaZlh]hqlhluohl_eih[ulvkhfghc"G_ihlhfmqlhohl_eihlZgp_\ZlvkhfghcLu
ijhklhg_ohl_eqlh[udlhlh^jm]hc[uejy^hf\g_lj_a\hfkhklhygbbyg_\gylghijhbag_keZ
keh\ZbdhfgZlZihieueZi_j_^]eZaZfb;h`_ylZdivygZDZdylZd[ukljhhivyg_eZ"Gbdh]^ZlZd
g_gZib\ZeZkv
OvxgZkmibekygZf_gyghgbq_]hg_kdZaZef_klhwlh]hhgkgh\Zihlygmekydhfg_
YhlibogmeZ_]hjmdbijhqv
G_lagZ_rvqlh"Lug_fh`_rvijbdhkgmlvkydhfg_Lhevdh\lhfkemqZ_ijbdhkg_rvky_keb
WlhfhyjZ[hlZJZc^_j_]h]hehk[uegbadbfZgZebp_hljZabeZkv[hev
Ihr_elubl\hyjZ[hlZkdZaZeZykihludZykvfbfhg_]h=^_lha^_kv[ueZm[hjgZybyohl_eZ
mfulvkyIjyfhk_cqZkwlha\mqZeh^_ckl\bl_evghohjhrh\fh_fg_lj_a\hffha]m
Dh]^ZykihludgmeZkvfbfhOvxhgkgh\Zihlygmekydhfg_qlh[umkihdhblvYoehigmeZ_]hih
jmdZfbg_jh\ghcihoh^dhcgZijZ\beZkv\m[hjgmx
Hgihke_^h\ZeaZfghc
YhklZgh\beZkvhdheh^\_jbbmdZaZeZgZlZ[ebqdmkgZ^ibkvx@_gkdbc
WlhhagZqZ_lqlhyb^mkx^Zqlh[u\hkihevah\Zlvkym[hjghcblug_fh`_rvke_^h\ZlvaZfghc
ihgye":l_i_jvhl\ZebBy\hj\ZeZkv\dhfgZlmij_`^_q_fhgkfh]\hajZablv
AZoehigm\^\_jvykfhlj_eZgZg___s_g_dhlhjh_\j_fy\kimlZgghfkhagZgbbQZklvf_gy
gZ^_yeZkvqlhOvx\hj\_lkyg_kfhljygZwlbd_llZdfufh]eb[uijh^he`blvjZa]h\hjGhhg
wlh]hg_k^_eZe
Y]emiZyivygZybjZahqZjh\ZggZy
M[hjgZyhdZaZehkvg_\ajZqghcfZe_gvdhcdhfgZlhcghqbklhcIhh^gmklhjhgm\ebgbx
\ukljhbebkv^\_dZ[bgdb^\_jZdh\bguba_jdZeZ]jZgbqbebkgbfb
GZh^ghcbakl_g[ueh[hevrh_hdghkde_lqZlufbrlhjZfbYih^hreZdjZdh\bg_hldjueZ\h^mb
ie_kgmeZgZebph
EZ^ghy\hafh`ghh[jua]ZeZi_j_^wlh]hq_jlh\h]hieZlvyghy[ueZivygZbf_gywlhg_
\hegh\ZehQm\kl\h\ZeZk_[y\yehcbjZa]hjyq_gghcFh`_lwlhbaaZ^ebgguojmdZ\h\ieZlvy"
�jm]Zy^_\mrdZ\hreZ\m[hjgmxhnbpbZgldZHr_ehfe_ggZyyihkfhlj_eZ\a_jdZehbhgZ
meu[gmeZkvfg_
JZa\_l_[_g_`Zjdh"Yh[^meZk\h_ebph
G_lba\bgbHgZ[jhkbeZex[hiulguc\a]ey^gZf_gykfhljyq_j_aa_jdZeh
OZYihqm\kl\h\ZeZ]heh\hdjm`_gb_b\a]eygmeZgZhdghIhdZaZehkvohjhr_cb^__chldjulv
_]himklblv\dhfgZlmihlhdk\_`_]h\ha^moZRZlZykvy[jhkbeZkvdhdgmdZd\dhfgZl_\hdjm]
f_gy\k_ihfmlg_eh
Ihq_fmylZdm`Zkghqm\kl\mxk_[y"YihiulZeZkvhldjulvhdghghihqm\kl\h\ZeZk_[ydZdwlhgb
kljZgghkeZ[hc
hl^hjh]mrZiha\hevl_yhldjhx_]hhnbpbZgldZih^hreZdhfg_bjZkiZogmeZhdgh
KiZkb[hijh[hjfhlZeZygZdehgyykv\m`_hldjulh_hdghbhsmsZy\_l_jhdgZebp_G_
ihgbfZxqlhkhfghcg_lZd
Hwlhijhklhke_]dhklvxkdZaZeZhgZmeu[Zykvfg_L_[ygZdZqZeb
GZdZqZeb"yfheqZmklZ\beZkvgZg__Dlhlhf_gyhihbe"
G_ijhklhdlhlhaZl_fhgZih^fb]gmeZfg_
FhcaZlmfZg_ggucfha]g_fh]kh_^bgblv\k_\f_kl_
G_ihgbfZx
Wlh[ueZy
�eydZdhcp_ebhnbpbZgld_hiZb\Zlvf_gy"YihdhkbeZkvgZg__aZl_fijb`ZeZkvebphfdkl_dem
kbevgh`_eZyhsmlblv\_l_jhd]meyxsbckgZjm`b
GZdZqb\Zlvdh]hlhiehohAZq_fluwlhk^_eZeZ"
f_gy\klhjhgmbgZqZeZ^Z\blvgZdjZykl_deZihdZlhg_miZehgZa_fex
=heh\Zkljm^hfkhh[jZ`ZeZYihljykeZ_xqlh[uijhykgblvfukebghg_kjZ[hlZeh
Ihq_fmfumoh^bf"
HgZ\a]eygmeZgZf_gybmsbigmeZaZs_dm
GmjZa\_lug_fbeZrdZ"Fumoh^bf^hjh]mrZihlhfmqlhdh]^ZNbgbZgmagZ_lqlh_]h
^jZ]hp_ggh]hh[hjhlgymdjZebhggZ^_eZ_l\rlZgu
Fhb]eZaZjZkrbjbebkv
Y\_^vl_[yagZx"ijbsmjb\rbkvyihkfhlj_eZgZebph`_gsbgughhgZg_\u]ey^_eZdZd
agZf_gblhklvLu^jm]hcijbgpn_cjbhllhevdhlu^_\mrdZ
bgh\ZlZjZ^hklghijhi_eZhgZaZl_fihoehiZeZihih^hdhggbdmFZ]byqZjlZdZy\_k_eZy
L_i_jvihr_\_eb\ZckyL_jy_f\j_fy\imklmx^Zbl\hcl_ehojZgbl_evmqm_lqlhgb[m^v_kebg_
ihlhjhibfkyLu\_^v[m^_rvlbohk_[y\_klb"BhgZkgh\ZmsbigmeZf_gyaZs_dm
Jmdhcy^hljhgmeZkv^hk\h_cs_db
LuijbdhkgmeZkvdfh_cs_d_byg_baf_gbeZkvWlhihlhfmqlhhg\gZklhys__\j_fy[ueih^
\ha^_ckl\b_fqZjqlh[u[ulv^_\mrdhc"Ghih^gbfb`_hg[ueiZjg_f"
�Jh]bighe@Ijhklhqm^hgZjdhlbdijhbag_keZhgZL_[_g_m^Zklkyij_\jZlblvkyjy^hfkh
fghcgZklhygd_L_[_g_klhblwlh]h^_eZlv\hh[s_L_i_jvihr_\_eb\ZckyI_j_eZav
Ydb\gmeZg_\kbeZoijhlb\hklhylv__h[h^jyxsbfkeh\ZfAZdbgm\h^gmgh]mgZih^hdhggbd
ihqm\kl\h\ZeZqlhhgZlZdZy`_kbevgZydZd\Zj_ggZyeZirZM\_j_gZjh]bighe\rk^_eZebal_[y
^mjhqdmYa_\ZeZihdZe_aeZq_j_ahdghihl_jyeZjZ\gh\_kb_bmiZeZkf_ykvgZljZ\mkgZjm`b
�Rrrij_^hkl_j_]eZhnbpbZgldZ\ue_aZy\ke_^aZfghcbahdgZ_\mrdZhklhjh`ghaZdjueZ
_]hih\_jgmeZkvdhfg_bko\ZlbeZaZjmdmklZ\ZcFub^_fdfZrbg_
?z_]h"iZevpu\p_ibebkv\fhxjmdmbykljm^hfih^gyeZkvgZgh]b
H[h`_\u^hogmeZyOvxijb^_l\[_r_gkl\hdh]^ZmagZ_lqlhluf_gymdjZeZy_s_jZa
\yehobobdgmeZg_\kbeZoihfhqvk_[_
;m^_fgZ^_ylvkyqlhhggbq_]hg_magZ_l^hl_oihjihdZfug_bkq_ag_fkdZaZeZhgZ\hehqZ
f_gyaZkibghcR_\_ebkv
Furebq_j_aiZjdh\dmykihludZeZkvgZdZ`^hfrZ]mFg_ijbreh\]heh\mqlhy^he`gZ
khijhlb\eylvkyIbgZlvkyDjbqZlva\ZlvgZihfhsvohlvqlhlh
Gh[m^lhlZqZklvfh_]hjZamfZdhlhjZy`_eZeZijhl_klh\ZlvhldexqbeZkvbmkgmeZ?_aZf_gbeh
ivygh_aZlmfZg_ggh_hsms_gb_by[ueZ[_kihfhsgZdh]^Z^_\mrdZhldjueZhdghbmdZaZeZfg_
k_klvgZaZ^g__kb^_gv_
YaZiheaeZijbf_jghgZiheh\bgmaZl_fmklZeZbe_]eZ
�AZkmgvk\hbgh]bhlj_aZeZhgZbih^lhedgmeZfhbdhg_qghklbZ\Zc`_
Lug_ohjhrZykhgghmij_dgmeZyghk\_jgmeZkv\dem[hq_dbhgZaZoehigmeZ^\_jvFhc
[e_klysbcdZ[emdihiZef_`^m^\_jvxbhgZ\gh\vjZkiZogmeZkv
HnbpbZgldZjZa^jZ`_ggh\a^hogmeZaZl_fko\ZlbeZfhxgh]mbgZqZeZjZkly]b\Zlvijy`dmgZ
jhah\uolmneyoYobobdZeZbba\b\ZeZkvg_ijb\udrZydlhfmqlh[udlhgb[m^vljh]Zefhbgh]b
Y^Z`_gbdh]^Zg_^_eZeZi_^bdxjgZmqbeZkv^_eZlv_]hkZfZ
S_dhlgh
]hehkhfYkh[bjZxkvhlj_aZlvboqlh[ulug_kfh]eZme_l_lvgh_kebluijh^he`brvk_[y\_klb
lZdy\uj\mwlbfhjsbgbklu_fZe_gvdb_rlmqdbkdhjg_f
YgZofmjbeZkvWlha\mqZehg_ijbylghYijb`ZeZkvjZa]hjyq_ggufebphfdkb^_gvxb\a^hogmeZ
`_eZyqlh[udh`Zddhlhjhcyijb`bfZeZkvhsmsZeZkvoheh^g__
Ijhklb
LZdlhemqr_ijhbag_keZ^_\mrdZ[jhkZyfhblmneb\fZrbgmbaZoehigmeZ^\_jv
Ya_\gmeZ\_dbhly`_e_ebY_^\ZaZf_lbeZdZdhgZiexogmeZkvgZi_j_^g__kb^_gv_b\dexqbeZ
aZ`b]Zgb_FZ]gblheZaZ\hibeZghhnbpbZgldZ[ukljhhldexqbeZ__bihkfhlj_eZgZf_gy\
a_jdZehaZ^g_]h\b^Z
Ebrvg_kdhevdhfbgmlhl^_ey_lgZkhl[eb`Zcr_ce_cebgbbLZfykfh]mhldjulvihjlZebfu
hdZ`_fky^hfZ
Lufh`_rvijhklh\hkihevah\Zlvkyjmghc\klZ\beZyLZd^_eZ_lOvx
Wlh^jm]ZyfZ]byb^bhldZhl\_lbeZ^_\mrdZ\u_a`ZyaZ^hfkiZjdh\dbFbjn_cjb[he__
hojZgy_fq_fl_`Zedb_bahebjh\Zggu_fbju\dhlhjuo`b\mlkem]bhgZkgh\Z\a]eygmeZ\
a_jdZehaZ^g_]h\b^Zb[jhkbeZgZf_gyijhgbpZl_evguc\a]ey^LZdmOvx_klvjmgZ"
�?klvkhgghijh[hjfhlZeZyZ`_^\_
AgZqblNbgbZgihljZlbegZl_[yg_[hevrh_khklhygb_LZdZyfZ]byg_^_r_\Zy:\lhfh[bev
e_]dhih_oZe\i_j_^bhgZi_j_dexqbeZi_j_^ZqmGhijb\a]ey^_\a_jdZeh__]eZaZhdjm]ebebkv
H;h`_
Qlhlhly`_eh_\j_aZehkv\aZ^gxxqZklvZ\lhfh[bey
YkdZlbeZkvkkb^_gvybmiZeZgZihefhjsZkvhl[hebYih^lygmeZk_[yh[jZlghgZkb^_gv_bk_eZ
dZdjZalh]^Zdh]^Zn_cjbgZi_j_^g_fkb^_gb_ijbkl_]gmej_f_gv[_ahiZkghklb
Qlhlhly`_eh_\gh\v\j_aZehkv\aZ^fZrbguYmkeurZeZkdj_`_lf_lZeZb\lh`_\j_fy^bdbc
a\_jbgucjud
WlhOvxijhbag_keZybijbdjueZa_\hdjmdhcHgg_kebrdhfjZ^
KdjZkb\h]h`_gkdh]hjlZkhj\ZehkvjuqZgb_dh]^ZhgZh[_jgmeZkvgZf_gyYm\b^_eZdZdhgZ
ju\dhfi_j_dexqbeZi_j_^ZqmJZa^Zeky\ba]rbgbZ\lhfh[bevgZdj_gbekyihlhfj\Zgme\i_j_^
_^\Z\gh\vg_k[jhkb\f_gykkb^_gvyFhc`_em^hdk`Zekyhllhrghlu
Fu^_jgmebkv\klhjhgmk\hjZqb\Zykhklhygdb
Qlhlh\gh\v\j_aZehkv\fZrbgmKdj_`_lf_lZeZjZa^Zeky]jhfq_q_fij_`^_bjZa[behkvkl_deh
FbjaZ\_jl_ekybfh_l_ehm^Zjbehkv\djurmfZrbgu
k_ihf_jdeh
YhqgmeZkvkeh\gh\lmfZg_kimklyg_kdhevdhfbgmlhdjm]f_gye_`Zebhkdhedbkl_deZZy
e_`ZeZgZdjur_Z\lhfh[beykfhljygZmebpmFui_j_\_jgmebkv"
Yfh]eZkeurZlvkbj_gmihebp_ckdhcfZrbgughdZ`_lkyhq_gv^Ze_dhQlhlh\eZ`gh_ihl_dehih
fh_cs_d_bykl_jeZwlhY\a]eygmeZgZ\h^bl_evkdh_kb^_gv_lZfhdZaZehkvimklh
Yh^gZ
;h`_ijh[hjfhlZeZyYjmdhck^\bgmeZ\klhjhgm[blh_kl_dehgh\a^jh]gmeZhl[hebHc
Yhkfhlj_eZjmdmbm\b^_eZdZddjh\vijhkZqb\Z_lkykd\havjmdZ\fh_]hfbeh]h[_eh]hieZlvy
Wlh[ueh]emihJZc^_jGh]emihklvdZ`_lkyhklZeZkv_^bgkl\_gghc^_ckl\mxs_cnmgdpb_cfh_]h
Wlhbihklhyggh_hsms_gb_qlhfg_g_h[oh^bfh\a^j_fgmlv
Y\klZeZgZq_l\_j_gvdbbgZqZeZ\uiheaZlvgZmebpmq_j_aaZ^gxxqZklvZ\lhfh[beyQlh[u
\u[jZlvkyfg_ihlj_[h\Zehkvg_kdhevdhfbgmlbdh]^Zy[ueZkgZjm`bjmdbbgh]b[ueb\ihj_aZo
hlkl_deZK_cqZk[hebg_[uehghhgZihy\blvkymljhf
YrZlZykvih^gyeZkvgZgh]bb\m^b\e_gbbmklZ\beZkvgZfZrbgmihke_Z\ZjbbIhkljZ^ZeZlhevdh
h^gZfZrbgZgZrZI_j_\_jgmlZygZdjurmfZrbgZkh^ghcklhjhgu\u]ey^_eZlZd[m^lh\g_z
�\j_aZeky^jm]hcZ\lhfh[bev\_jvkeh`_gZ]ZjfhrdhcbkehfZgaZfhd
Gb]^_g_[uehbke_^Zn_cjbBebOvx
KlhygZrZldbogh]ZoyaZdjueZ]eZaZ
u\ihjy^d_fbkk"Iha\hgblv\"
YjZkiZogmeZ]eZaZbg_m\_j_gghihkfhlj_eZgZihy\b\r_]hkyq_eh\_dZGZ^jm]hcklhjhg_mebpu
klhyeZ\lhfh[bevk\dexq_gghcfb]ZedhcbjZkiZogmlhc^\_jvx
Fm`qbgZih`behck_^hckh]jhfgufbhqdZfbgZ]eZaZobh^_luc\`be_ldm\klZejy^hfkhfghc
;ueebwlh_s_h^bgbaljxdh\n_cjb"GZofmjb\rbkvymsbigmeZfm`qbgmaZs_dm
WlhlulZf"
Hgkhl\jZs_gb_fihkfhlj_egZf_gy
��ZluivygZ"Z\Zck\hcdexqhgijhlygmejmdmYa\hgx\ihebpbxL_[_^he`gh[ulv
klu^ghLu\_^vfh]eZdh]hgb[m^vjZgblv
Yg_[ueZaZjme_faZijhl_klh\ZeZyihlhfkbevgha_\gm\YijhklhohqmihkiZlv
H]emrbl_evgucj_\^hg_kkykmebpugb`_
DZdh]hq_jlZwlh[ueh"ijhr_ilZefm`qbgZ
AZbgl_j_kh\Z\rbkvyih\_jgmeZkvdg_fm
Ovx"Kx^ZdbkdbkdbkOhjhrbcdhl_ghdyihiulZeZkvs_edgmlviZevpZfbihlhfm\e_deZkv
�l_fqlhhgbdZaZehkvg_jZ[hlZebmjZpdb_iZevpu
IhkeurZeZkvly`_eZyihklmivihljhlmZjmbfm`qbgZjy^hfkhfghc\lygme\ha^mo
Luwlh\b^brv"
b`mqlh"Yh]eygmeZkv\hdjm]k_[ygh\k_[uehg_q_ldbfbq_jgufG_fh]eZkdZaZlvqlh
ijhbkoh^blRZlZykvyg_ijhqghklhyeZgZgh]Zo
Y^he`_gm[jZlvkyhlkx^ZijhdjbqZefm`qbgZbhlimklbef_gy
YjmogmeZgZa_fexg_\khklhygbbklhylvgZk\hbo^\hbo:[khexlghm\_j_ggZyqlhl_i_jv\fhx
aZ^gbpm\hgabehkvkl_dehbaZogudZeZhlg_kihkh[ghklbihfhqvk_[_Ygbq_]hg_fh]eZk^_eZlv
Qlhkhfghc"
Jh]bigheHa^hjh\hYj_rbeZqlhg_gZ\b`m_]haZk_dmg^m^hlh]hdZdfbjkgh\Zihq_jg_e
\hdjm]f_gy
gh\vjZa^Zekyh]emrbl_evgucj_\ijb\_^yf_gy\khagZgb_YjZae_ibeZh^bg]eZabm\b^_eZ
h]jhfgu_ihehkZlu_eZiu\hae_fh_c]heh\uE_`ZgZZknZevl_kl_dehk\_jdZeh\hdjm]f_gy
hl\e_dZy\gbfZgb_
YogudZeZihlhfmqlh\k_[he_ehby[ueZkebrdhfkeZ[Zqlh[u\klZlv
H]jhfgZydhrZqvy]heh\Zihy\beZkv\ihe_fh_]haj_gbyYjZaebqbeZihehku^bdb_a_e_gu_]eZaZ
bh]jhfgu_^ebggu_deudb\uklmiZxsb_ba]heh\ujZaf_jhfk[hqdm
Wcdhl_ghdkhgghijhbag_keZy
Fhy]heh\ZmiZeZh[jZlghgZljhlmZjbyhldexqbeZkv
=eZ\Z
YhqgmeZkvkimklyg_dhlhjh_\j_fyfhb\_dbdZaZebkvly`_eufbkeh\ghgZdZ`^hfe_`Zehih
dbjibqm:\jhl[m^lhgZiboZeb\ZluZ\]heh\_lmfZgYfh]eZkeurZlvklj_dhlZgb_k\_jqdh\Z
ih^]heh\hcqm\kl\h\ZeZ\eZ`gmxljZ\ma]ey^f_^e_gghknhdmkbjh\Zekybym\b^_eZgZ\_kba
ebklv_\gZ^]heh\hc
�ZgmgZnb]"
Yihl_jeZ]m[ug_gZ\b^yijb\dmk\hjlm`_eZy\kihfgblvg_fgh]h[hevr_hlhfdZda^_kv
hdZaZeZkv
DZ`^ZydhklhqdZfh_]hl_eZgueZZqlhlhly`_eh_mibjZehkv\ihykgbpm]heh\_klmqZehy
ih^gyeZjmdmqlh[uijh\_klbihg_cbihgyeZqlhmf_gy\ujhkebjh]Z
GZofmjb\rbkvy\a]eygmeZgZjmdmbm\b^_eZqlhlZ\ky\q_rm_
Q_rmy^_j_\vy\hkihfbgZgbyh\q_jZrg_f\_q_j_ijhdjmlbebkv\]heh\_:\ZjbyA\_jbguc
judOvxEbph`_gsbgu\kieueh\iZfylb;he_ag_gguckiZafijhdZlbekyih`_em^dm
F_gyihoblbeb
Yi_j_\_jgmeZkv\ljZ\_lmiu_dh]lb\juebkv\a_fexihdZyhp_gb\ZeZkblmZpbx
a]ey^kljm^hfknhdmkbjh\ZekygZ\k_fqlhf_gyhdjm`Zeh\hdjm][uehl_iehb\eZ`ghZ\^Ze_d_
s_[_lZebilbpu@m``ZebgZk_dhfu_ba_feyih^hfghchsmsZeZkv\eZ`ghchljhku
AZiZo]jyabbjZkl_gbci_j_ihegbefhbqm\kl\ZbaZklZ\be`_em^hdkdjmlblvkyhllhrghlu
AZohl_ehkvijh[e_\Zlvky
dhgp_dhgph\aZfZkdbjh\Zggucijbgpn_cjbkfh]ijb\_klbf_gy\k\hcfbj"
hlihq_fmyhqgmeZkv\nhjf_i_j_\_jlurZ"
Qlhlhimrbklh_dhkgmehkvfh_ckibgubyih^iju]gmeZk\hie_fjZa\hjZqb\Zykvqlh[um\b^_lv
qlhwlh
�H]jhfguckZ[e_am[uclb]jmklZ\bekygZf_gyk\_jdZya_e_gufb]eZaZfbebggu_deudblhjqZeb
ba_]hiZklbih[e_kdb\ZybhiZkgh[ebadhgZoh^ysb_ky\^xcf_hlfh_]hebpZ
Yh[e_]q_ggh\u^hogmeZ
Ovxijhlygm\jmdmyko\ZlbeZdhlZaZr_jklvp_emy_]h\ghkH;h`_fhclug_
ij_^klZ\ey_rvdZdyjZ^Zl_[y\b^_lv
R_jrZ\ucyaudijhr_ekyihfh_cs_d_dhrZqvy\_jkbyeZkdbYkh[e_]q_gb_fjZkkf_yeZkvgh
kf_oij_\jZlbeky\ju^Zgby
Yg_agZxqlhijhbahrehijhreuf\_q_jhf]heh\_\k_kimlZehkv=^_fu"
Dhl\gh\vmldgmeky\f_gyghkhf\h`b^Zgbb
Yg_agZxyaudkZ[e_am[uoijhbag_keZyBdlhfm`_g_mf_xbgl_jij_lbjh\ZlvludZgvy
ghkhf
Dhlba^Zegbadh_\hjqZgb_qlhfh]eh[ulvbfmjeudZgv_fbjuqZgb_fbkf_ohfG_fh]mlhqgh
kdZaZlvHgih\_jgmekyhlklmiZygZg_kdhevdhrZ]h\bk]hj[beie_qb
YagZeZqlhwlhagZqbli_j_\hiehs_gb_YaZdjueZ]eZaZ^Z\Zy_fmg_fgh]hm_^bg_gbyl_ji_eb\h
h`b^Zydh]^Zhgbaf_gblvky
q_eh\_q_kdh_ebphOvx
Hgklhyekh\_jr_ggh]heuc
Yihkfhlj_eZgZk\h_l_ehYlh`_h[gZ`_gZ
Dm^Z^_eZkvgZrZh^_`^Z"
Lui_j_dbgmeZkvdh]^Zyi_j_g_kl_[yq_j_aihjlZekdZaZeOvx?]h\a]ey^gZm^b\e_gb_
[_kihdhysbckyijh^he`Zebkke_^h\Zlvfh_ebphZ_]h[hevrhciZe_pih]eZ`b\Zefhcih^[hjh^hd
Fg_ijbrehkvjZa^_lvl_[ybeb\h^_`^_l_[_[ueh[u[hevgh
�HoZhghlZdh_b[uehIj_^iheZ]Zx\wlhf_klvkfukeMf_gy^hkboihj[uebijh[e_fuk
nhdmkbjh\dhc
:l\hyh^_`^Z"
JZahj\Ze__dh]^Zi_j_db^u\Zekyih`Zeie_qZfbOvx[m^lhwlhg_[ueh\Z`gufKlh[hc\k_
\ihjy^d_"
Yg_jZg_gZ"k_mrb[ubkkZ^bguijhrebyhlq_leb\h\kihfgbeZjZa[blh_kl_dehbdjh\vgZ
jmdZobdhe_gyoghdh`Zm`_klZeZg_`ghcbgZimlbbkp_e_gby
Ijhreh\j_fyLukiZeZg_kdhevdhqZkh\
Yijb`ZeZ^\ZiZevpZdhe[mf_`^m[jh\yfb`_eZyqlh[uijhreZ]heh\gZy[hev
Ijhreuc\_q_jdZ`_lkyjZkieu\qZlufdZdg_iulZeZkvyg_fh]eZ\kihfgblv\k_]h]heh\_
\kiuob\Zekfmlguc[_kihjy^hd\hkihfbgZgbc
L_[yiulZekyko\Zlblvn_cjbkdZaZeOvxaZl_faeh[ghhkdZebekyLuihreZkgbfIhq_fm"
YaZ`fmjbeZkviulZykv\kihfgblv
�mfZxhghihbef_gyJh]bighehf?]hfh`ghih^f_rZlv\gZiblhdbhgkgbfZ_l\k_aZij_lu
hkgh\ghfhg^_eZ_ll_[yg_kihkh[gufkdZaZlvg_l\a^jh]gmeZyG_fh]mih\_jblvqlh[ueZih^
gZjdhlbdhf
Bihqlbko\Zq_gZijbsmjbekyOvxb_]hebph\gh\vijbh[j_eh`_kldh_\ujZ`_gb_Yihqlb
ihl_jyel_[y
IjhklbkdZaZeZyaZl_fkdjb\beZkvG_agZxaZq_fyba\bgyxkvYg_agZeZqlhf_gy
gZdZqZxlyhdbgmeZ\a]ey^hfhdjm`_gb_Ihwlhfmluijb\_ef_gykx^Z"fbji_j\hjh^guo"
Ovxdhjhldhdb\gme
Ihke_lh]hdZdl\hyfZrbgZi_j_\_jgmeZkvgZqZekyoZhkIhy\bebkvex^bZmf_gyg_[ueh
h^_`^uihlhfmqlhybaf_gbekyHgbkh[bjZebkvm\_albl_[yihwlhfmyij_ke_^h\ZebobaZ[jZe
l_[yN_cjbk[_`Zebyg_kfh]_]h\uke_^blvhg\gh\vhkdZebem^ebgb\rb_kydeudbofmjZy
�\_jkbyOvxmfZxhghiylvkf_gbeebph
Yihl_jeZjmdbkh^jh]Zykvhlwlhcfukeb
?kebhgfh`_lkgh\Zbkgh\Zf_gylvebpZg_agZxdZdaZsblblvkyhlg_]h
Lu[m^_rv\[_ahiZkghklba^_kv\fbj_i_j\hjh^guokhfghck\bj_ihhl\_lbeOvxLug_
mc^_rvhlf_gy
Ghfug_fh`_fhklZlvkya^_kvNbgbZgmwlhg_ihgjZ\blkyihlhfmqlhwlhihjlbl_]h]jZnbd
A^_kv\j_fyb^_lbgZq_bmf_gyhklZzlkyf_gvr__]h^hihegh]hbaf_g_gbyy\ulygmeZjmdmb
jZkkfhlj_eZq_rmx
HgZklZeZg_`gha_e_ghcfy]dhih[e_kdb\ZyKlZeZfbehcWlhkljZgghYijbdhkgmeZkvdebpmb
YkdehgbeZ]heh\miulZykvjZkkfhlj_lvdjuevyghhgb\k__s_[uebfhjsbgbklufbb
ijb`bfZebkvdkibg_g_jZkdju\Zykviheghklvx
Ovxih^gyekygZgh]by\b\fh_fm\ahjmk\h_^h\hevgh\gmrbl_evgh_h[hjm^h\Zgb_
gZklhysbcfhf_glfg_ie_\ZlvqlhNbgbZgmgjZ\blkyZqlhg_lhgijhlygmefg_jmdm
Ymo\ZlbeZkvaZg__djZkg_ybiulZykvg_iyeblvkygZqe_ggZoh^ysbckygZh^ghfmjh\g_kfhbfb
]eZaZfb\k_]hfhf_glgZaZ^
Y\k__s_ihrZlu\ZeZkvZ\gh]ZohsmsZeZkvkeZ[hklvFg_ijbrehkvih[hjhlvkyqlh[uk^_eZlv
g_kdhevdhrZ]h\ihlhfy\a^hogmeZdh]^Z]heh\ZkbevghaZdjm`beZkv
�mfZxmf_gy_s_hloh^gydhlgZjdhlbdh\
Yihg_kml_[yijhbag_kOvxHgihlygmekydhfg_bij_`^_q_fykfh]eZaZijhl_klh\Zlv\aye
gZjmdb
H^gZkbevgZyjmdZh[o\ZlbeZ[_^jZbkdhevagmeZih^dhe_gbZ\lhjZygZoh^beZkvgZkibg_
ijb`bfZyf_gyd]jm^bOvxFhy]jm^vijb`ZeZkvd_]hdh`_byaZ^hogmeZkvqm\kl\mydZdihfg_
ijhdZlbehkv`_eZgb_
Ijhklb
G_ba\bgyckyaZijbdhkgh\_gb_dhfg_ijhkdj_`_lZeOvxkf_sZyf_gybijb`bfZydk_[_
�Zghlug_`_eZ_rvbkdmr_gbyijhbag_keZyhsmsZy\k_ih]ehsZxsmxi_qZevY
ihr_\_ebeZkviulZykvihm^h[g__mkljhblvky\_]hh[tylvyog_kebrdhfijb`bfZykvd_]hl_emY
g_klZgm[hevr_lZdihklmiZlvWlhg_q_klghihhlghr_gbxdl_[_
JZc^_jg_\hegmckyh[hfg_Ovxijb`Zef_gykbevg__bfg_g_hklZehkvgbq_]hdjhf_dZd
iheh`blvk\hxjmdmgZ]jm^gmxfurpmke_]dZihdjulmx\hehkZfbMkljZb\Zckyihm^h[g__D
i_s_jZfimlvg_[ebahd
I_s_ju"y\m^b\e_gbbmklZ\beZkvgZg_]hFub^_flm^Z"
Ovx[ukljhdb\gmebhlijZ\beky\imlv
Lulum\_j_gqlhohq_rvg_klbf_gy"Yfh]mb^lbijhklhgm`gh\j_fyqlh[u
Z^Zilbjh\Zlvky
Iha\hevfg_hlg_klbl_[yg_`ghijhbag_khg?]hjmdbgZijy]ebkvJZkkeZ[vky?kebgm`gh
ihkib
Yg_kiZeZHklZ\ZykvgZijy`_gghcihdZOvxg_kf_gyijb`bfZyd]jm^bq_j_a[hehlbkluce_k
Ihke_g_kdhevdbofbgmllbrbguyh[jZlbeZ\gbfZgb_qlh^uoZgb_Ovxg_klZgh\blkyly`_euf
Hgkh\k_fg_aZiuoZekyIhwlhfmyjZkkeZ[beZkvm[ZxdZggZyjZaf_j_ggufbrZ]Zfbfm`qbgu
dhgp_dhgph\ymkgmeZihkdhevdm[ueZ_s_mklZ\r_c
YijhkgmeZkvqmlviha`_ijb`bfZykvs_dhcdie_qmOvxh^ghfm[hdm[uehl_iehhl_]hl_eZZ
^jm]hfmoheh^ghYhkfhlj_eZkvbihgyeZqlhihdZkiZeZkl_fg_ehIh^gy\\a]ey^ym\b^_eZ
dhrZqvb]eZaZOvxk\_jdZxsb_\l_fghl_
=^_fu"
Ihqlbmf_gy^hfZOvxijhbag_kgbadbf]hehkhfDZdluk_[yqm\kl\m_rv"
Emqr_gZ\_jgh_"Yihl_jeZ]eZaZb\a^hogmeZijb\b^_\kz_szbaf_gb\r_ckydh`_k__s_
ihdjulZq_rm_c
Lu[m^_rvlZdhcklhevdhkdhevdhfuijh[m^_f\wlhffbj_ijhbag_kOvxWlhqZklvlh]h
IheguchlklhcYkfhjsbeZghkgZq_rmxohlyl_i_jvhgZ[ueZk\_lehc\iheg_a_e_ghc
G_gZ\b`m\k_wlh
Luij_djZkgZkdZaZeOvxgujyyih^gbkiZ^Zxsb_\_l\bYfh][ukfhlj_lvgZl_[y\_kv^_gv
bgbdh]^Z[ug_mklZehlwlh]h
H[Ze^_lvHlwlbokeh\yhsmlbeZihdZeu\Zgb_`ZjZihl_em
KiZkb[h
Y]h\hjxijZ\^mkdZaZehgijhklh
_jgh\_^vhggbdh]^Zg_e`_lY]j_eZkv\_]hdhfie_f_gl_dZdh_lh\j_fy\k__s_ijb`bfZykvd
g_fmbhsmsZyk_[ykebrdhf\hkoblbl_evghcqlh[uij_^eh`blvhimklblvf_gybb^lbkZfhc;ueh
\wlhfqlhlh^_dZ^_glkdh_iha\heylvOvxg_klbf_gybyg_hq_gvohl_eZijbagZ\Zlvlhqlh
gZkeZ`^ZeZkvdZ`^uffhf_glhfkgbf
FuihqlbgZf_kl_khh[sbeOvxHgk\_jgmeaZl_fihkfhlj_egZf_gyaZbgl_j_kh\Zggufb
]eZaZfbFh`_rvb^lb"
Fh]mihijh[h\Zlvhl\_lbeZybihqm\kl\h\ZeZe_]dbcmdhejZahqZjh\Zgbydh]^Zhghlimklbe
f_gybfy]dhihklZ\begZgh]bYihr_\_ebeZiZevpZfbgh]\ljZ\_HsmsZy]heh^bmklZehklvgh
hsms_gb_g_q_ldhklbbimlZgghklbhklZ\behf_gyYk^_eZeZiZjmrZ]h\bdb\gmeZOvxY\
ihjy^d_KiZkb[hqlhg_kf_gy
�eyf_gywlh[uehm^h\hevkl\b_fhl\_lbehgojbieuf]hehkhfihkueZy^jh`vihfh_fm
iha\hghqgbdmbaZklZ\eyylj_i_lZlvkeh`_ggu_aZkibghcdjuevyDh]^ZOvxlZd]h\hjbldZ`_lky
^eyg_]hwlhgZkZfhf^_e_[uehm^h\hevkl\b_f
Ovxnebjlm_lkhfghc"WlhgZg_]hg_ihoh`_Ym^b\e_gghihkfhlj_eZgZg_]haZl_f_s_jZa
dh]^Z_]hjmdZkdhevagmeZihfh_ckibg_[m^lhg_`_eZyhlimkdZlv
Klh[hc\k_ghjfZevgh"
Hgdb\gmeaZl_fiheh`bejmdmfg_gZlZebxqmlv\ur_o\hklZ
Ihc^zfG_[hckyY[m^maZsbsZlvl_[yhldh]hm]h^gh
YgZofmjbeZkvgZwlh
Fg_gm`gZaZsblZhlhklZevguo"
Hgbg_[m^mljZ^uf_gy\b^_lvL_i_jvihc^zfOvxih^lhedgmef_gy\i_j_^
Fugujyebih^gbadhgZ\bkZxsb_^_j_\vybfZg_\jbjh\Zeb\hdjm]jZkdb^bkluoiZihjhlgbdh\
^Ze_d_klZe\b^_ghkljhdhg_qguchl\_kgucml_kbyhsmlbeZkljZok\_jgm\rbcky\`b\hl_
Ihq_fm^jm]b_i_j\hjh^gu_g_h[jZ^mxlkyihy\e_gbxOvx"Ijhbahreh_s_qlhlhq_]hyg_
ihgbfZx"
Yijb^_j`ZeZ[_kihdhckl\hijbk_[_ihdZOvxijh^he`ZefheqZlv\_jgucijbagZdlh]hqlhhg
\hegm_lky
Yjh[dhih]eZ^beZ_]hjmdmIhdZdhclhijbqbg_yohl_eZqlh[uhg\ayef_gyaZjmdmQlh[uagZlv
qlhdlhlhkh[bjZekyfg_ihfhqvLhqlhyg_h^bghdZ\k\hboqm\kl\Zo
JmdZOvxk`ZeZfhxi_j_ie_lyk\hbiZevpukfhbfbby\gh\vhsmlbeZlhkljZggh_l_ieh
jZaeb\Zxs__ky\`b\hl_Yhlf_lbeZqlhhgm[jZedh]lbZih^gy\\a]ey^m\b^_eZ_]h]eZaZl_fgu_
bkh\_jr_ggha\_jbgu_Ovx[ue\khklhygbbih\ur_gghc]hlh\ghklb
AZl_fhghklZgh\bekyIh^gye]heh\mbijbgxoZeky
k\_jdZxsbo]eZa\[eb`ZcrbodmklZoijb\e_deZfhz\gbfZgb_Y\lygmeZ\ha^moblhedgmeZOvx
AgZxkdZaZehgk_ohjhrhJZc^_jWlh:jlmjijbr_eqlh[uihijb\_lkl\h\ZlvgZk
DmkluaZljykebkvbkimklyf]gh\_gb_\ur_e\hbg
Lh`_iheghklvxh[gZ`_gguckljZgghdZdy\k__s_g_ijb\udeZd]hehfmh[jZapmfm`kdhc
djZkhlujZa]meb\Zxsboihhdjm]_bkm]jxfuf\ujZ`_gb_fgZk\bj_ihffjZqghfebp_
Hgkdj_klbejmdbgZ]jm^b dhlhjZy[ueZ[hevr_brbj_q_fmOvxq_]hyg_fh]eZ^Z`_
\hh[jZablv\f
;jZl;hxkvlug_ihemqbrvl_ieucijb_fgZwlhljZa
Mf_gyg_l\u[hjZhl\_lbeOvxHghlimklbefhxjmdmbihp_eh\Zef_gy\fZdmrdmij_`^_
q_fhlhclbb\klZlvi_j_^:jlmjhf
@_klgZklhevdhfbeucbkh[kl\_ggbq_kdbcqlhyihqlbmimklbeZ\kiurdmlhkdb\k\_jdZxsbo
]eZaZo:jlmjZ
Ihqlb
Ovxih^hr_ed^jm]mbhgbih`Zebjmdb\agZdijb\_lkl\byohly:jlmj\k__s_g_\u]ey^_e
^h\hevgufOvxjZa]h\Zjb\ZekgbfdZdh_lh\j_fybo]hehkZ[uebgZklhevdhlbobfbqlhyg_
kfh]eZgbq_]hjZah[jZlvhq_f[uejZa]h\hj
K]hjZyhlex[hiulkl\Zyohl_eZ[jhkblvky\i_j_^bih^kemrZlvghih^haj_\ZxqlhdZdlhevdh
ih^hc^m[eb`_hgbi_j_klZgml]h\hjblvDZd[ulZfgb[uehykghqlhyg_^he`gZih^kemrb\Zlv
LZdqlhyrZjdZeZgh]ZfbihfhdjhcljZ\_bi_j_dbgmeZk\hb\hehku\i_jz^ijbdju\bfb]jm^b
:jlmj\a]eygmegZf_gyaZl_fdb\gme
IhdZg_fh]mkdZaZlvqlhy\\hklhj]_ghyihgbfZxl_[y[jZl
Ovxdb\gme
Lh]^Zihc^_fdhklZevgufIhdhgqbfkwlbf
KdZaZlvbfqlh"kijhkbeZy
Gbdlhg_hl\_lbefg_
KdZaZlvbfqlh"kgh\ZkijhkbeZyWc"FbeZy^_\mrdZklhblijyfha^_kv"Ex[bl^ebggu_
ijh]medbihiey`mbl_ji_lvg_fh`_ldh]^Z__b]ghjbjmxl"
Hgbh[Zijhklhih\_jgmebkvbmklZ\bebkvgZf_gy
Y\a^hogmeZ
G_\Z`ghIhc^_fl_bihdhgqbfkwlbfQlh[uwlhg_[ueh
�\h_fm`qbg\klZebihh[hbf[hdZfhlf_gy qlhg_fgh]hg_j\bjh\Zeh\fbfuijh^he`bebimlv
kd\have_kihdZg_^hreb^heZ[bjbglZi_s_jl_fghf\oh^_\dZ`^mxi_s_jm[e_kl_ebiZju
]eZa\kfZljb\ZxsbokybamqZxsbogZk
@^ba^_kvJZc^_jOvxkhh[sbefg_HgrZ]gme\i_j_^bih^gyejmdmdhjlmba^Z\Zyjud
dhlhjuc[uegZklhevdh]jhfdbfbihoh`gZlb]jbgucqlhwlhihjZabehf_gy
Gh
:jlmjk^_eZerZ]\fhxklhjhgmbihdZqZe]heh\hc^Z\Zyihgylvqlh[uyfheqZeZ
HklZevgu_i_j\hjh^gu_h[hjhlgbgZqZeb\uoh^blvbal_gbFh_k_j^p_aZlj_i_lZehhl
[_kihdhckl\ZihdZygZ[ex^ZeZdZdh^bgaZ^jm]bfhgbdjZ^mqbkv^\b]Zebkv\i_j_^i_j_\h^y
\a]ey^ukf_gygZOvxbh[jZlgh
u\k_agZ_l_hfh_fkh]eZr_gbbkNbgbZghfYijh^Zek\hbmkem]b^_ckl\my\dZq_kl\_
ij_^klZ\bl_eygZk\k_oY^he`_gbkihegblvk\hxdeyl\mb\h[f_gfuihemqbfiZjuqlh[ukfh]eb
aZdhgqblvk\h_h^bghdh_kms_kl\h\Zgb_Ykh`Ze_xgh\ugm`^_gkdZaZlvqlhg_kfh]mbkihegblv
deyl\mYih^\_e\k_o\Zk
YaZ^hogmeZkvQlh"DZd"
Km`Zkhfym\b^_eZdZdhklZevgu_h[hjhlgbgZdbgmebkvgZOvxihohjhgb\_]hih^]jm^hc
jZatyj_gguol_eiheguoj_rbfhklbZlZdh\Zlv
OvxdjbdgmeZy\u[_]Zy\i_j_^
:jlmjko\Zlbef_gyaZjmdm
G_^_eZcwlh]hk_[m^_lohjhrh
GhhgbjZgyl_]h
Hgh`b^Zewlh]hBiha\hey_l\ujZablvk\hc]g_\:jlmjdj_iq_k`ZefhxjmdmG_iulZcky
\f_rZlvky
Yihkfhlj_eZgZjuqZsbofm`qbge_lZxsb_dmeZdbb]heu_l_eZk_wlhihoh^behgZh]jhfgh_
klheihl\hj_gb_h[gZ`_gguol_ebyjhklbG_[m^vy\lZdhfhlqZygv_ijbfukebhgZoh^ys_fky\
wibp_glj_Ovx\hafh`ghgZkeZ^beZkv[u\b^hfh[gZ`zgguoy]h^bpbfhlueyxsbokyqe_gh\Gh
fg_[uehkljZrgh
H^gZ[hevrZyjmdZijhj\ZeZkvq_j_alheimjZa]g_\Zgguofm`qbgbmo\ZlbeZqvxlh]heh\mklmdgm\
�__h^jm]mx\h_fm`qbgke_]ebgZa_fexlhevdhqlh[u^jm]b_^\h_\klmibeb\ko\Zldm
Ovxih^gyekygZf]gh\_gb_kdjh\hlhqZsbfghkhfbh[h^jZgghcs_dhcAm[uhkdZe_gu\a\_jbghf
jud_]eZaZihl_fg_eb
AZl_f^jm]hcfm`qbgZko\Zlbe_]haZ]hjehb\gh\vm\e_d\lheim[_kqbgkl\mxsbol_e
Ovxiha\ZeZyaZl_f^_jgmeZjmdmdh]^Z:jlmjko\Zlb\f_gybihlZsbeijhqvhl^jZdb
Hlimklbf_gy
Iha\hevbflZd\ukdZaZlvkyijhbag_k:jlmjLug_ihgbfZ_rvqlhhgwlh^_eZ_ljZ^bl_[y"
=eZ\Z
JZ^bf_gy"\]hehk_ihy\bebkvbkl_jbq_kdb_ghldbAZq_fhg^_eZ_lwlhjZ^bf_gy"Ihoh`_
qlh_]hk_cqZkkhljml\ihjhrhd
Hgij_^ihq_el_[ygZfh[tykgbe:jlmjOvxg_hl^Zkll_[yn_cjbHggZjmrbldeyl\mb
hklZ\blgZk[_akimlgbpghlu[m^_rv\[_ahiZkghklb
YZogmeZbih\_jgmeZkvd:jlmjm
Qlh"
IjZ\^Zhg[ukljhdb\gmeblhevdhmgugb_\]eZaZo\u^Z\Zeh_]hqm\kl\ZFjZqgh_ebph:jlmjZ
[ueh[_kkljZklgufHgg_i_j_`b\zl_kebhlijZ\bll_[ygZ\klj_qmkm^v[_ihwlhfmdb^Z_lgZk
jZ^bl\h_c[_ahiZkghklb
Yihkfhlj_eZgZlheimfm`qbgyjhklghkjZ`Z\rboky^jm]k^jm]hfBm\b^_eZ[_kihfhsgmx
yjhklvi_j\hjh^guogZiZ\rbogZOvxH^bgih\_jgmekyb[jhkbegZf_gy\a]ey^iheguc]jmklbZ
aZl_fiju]gmeh[jZlgh\[hc
Ju^Zgb_\uj\Zehkvba]hjeZYieZdZeZihlhfmqlh[ueZw]hbkldhcub]jZeZjZajmrb\kqZklvy
^jm]boY^he`gZ[ueZ[uqm\kl\h\Zlvk_[yaZf_qZl_evghghhsmsZeZg_kqZklghcBihwlhfm
Djbdyjhklb^hg_kkybalheiub^hklb]f_gyIhy\bekyOvxh^bgbafm`qbg\p_ibeky_fm\kibgm
Z^jm]hc\gh]mJ_adbf^\b`_gb_fhghl[jhkbebobih^hr_edhfg_k^bdbfb]eZaZfb
JZc^_j
HklZevgu_hlklmibebmk_\rbkvgZdhjlhqdb\`b\hlghcfZg_j_
I_j\hjh^gu_aZebau\ZebjZgub\ulbjZebdjh\vkghkh\bjlh\
Hgbk\bj_ihkfhlj_ebgZOvxghihhlghr_gbxdhfg_\bo\a]ey^_g_[uehlh]h]g_\Zdhlhjh]h
bkiulu\Zebdg_fm
Ovxijb[ebabekydhfg_bg_`ghh[o\Zlbefh_ebph\kfZljb\Zykv\g_]hk[_kihdhckl\hf
LujZg_gZ"Ihq_fmluieZq_rv"
G_ihgbfZxijhbag_keZydZqZy]heh\hcYkfhlj_eZ\_]hebphH^bg]eZaaZieueZbaghkZ
l_deZlhgdZykljmydjh\bHggbdh]^Z_s_g_\u]ey^_e[he__djZkb\uf^eyf_gyLug_
kh[bjZ_rvkyhl^Z\Zlvf_gyNbgbZgm"Ghlu]m[brvkm^v[uhklZevguoY^mfZeZwlhlhq_]hlu
ohl_e
Wlh[ueh^hlh]hdZdymagZel_[yhl\_lbehgbijh\_e[hevrbfiZevp_fih]eZ^dhcq_rm_fh_c
s_dbhlZdfbeh:l_i_jvg_fh]mij_^klZ\blvqlhdlhlhijbqbgy_ll_[_kljZ^Zgby
]hje_i_j_o\Zlbeh^uoZgb_hl_]hkeh\YlZd^he]hohl_eZmkeurZlvbo
k_`_wlhkebrdhfqlh[uih\_jblvLZdZy\ukhdZy`_klhdZyp_gZ
QlhaZklZ\behl_[yi_j_^mfZlv"
Hgihkfhlj_egZhklZevguoIj_bkiheg_ggZy]jmklvxyk^_eZeZlh`_kZfh_aZf_lb\qlhhgb
kfhlj_ebgZfh_h[gZ`_ggh_l_eh]heh^gufb\a]ey^Zfb
�GZrjZa]h\hjg_^eyihklhjhggbomr_cJZc^_jZ\ZcIhc^_f\fhxi_s_jm
A\mqblij_djZkghm^b\b\rbkvkdZaZeZyI_s_jZ"Fukh[bjZebkv]^_lhgZ_^bg_ih]h\hjblv"
Hgg_hl^Zklf_gyNbgbZgm"YiulZeZkvhkhagZlv\k_wlhgh[_amki_rgh
Ghdh]^ZOvxijhlygmejmdmy[_adhe_[Zgbc\ayeZ__bhgijh\_ef_gykd\havaeh\_smxlheimY
\_jbeZ_fmqlhkgbf[ueZ\[_ahiZkghklb
Hgijb\_ef_gydkdZebklhfmml_kmdh]^Zfuih^hreb[eb`_ybamfe_gghihkfhlj_eZgZg_]h
Ijbf_jghiylvbebr_klvwlZ`_c^_\kl\_gghg_ljhgmlhc]hjghcihjh^udhlhjZyj_adhh[ju\ZeZkv
dZd[m^lhg_dZy;h`_kl\_ggZyjmdZZddmjZlghjZaj_aZeZ_zihiheZf
Ihkj_am]hjZ[ueZbaj_r_lbgZi_s_jZfbYagZeZqlhdZ`^Zyi_s_jZy\ey_lky^hfhfh^gh]hba
i_j\hjh^guo
DZdZyl\hy"
Ovx\uimklbefhxjmdmbgZqZeih^gbfZlvkyihebZgZfdhlhju_kimkdZebkvihdZfgx
K\_jom
Dhg_qgh`_lbohijh]h\hjbeZybgZ[ex^ZeZdZdOvxih^gbfZ_lkyih\uklmimdZdgb\q_fg_
[u\Zehp_ieyykvdh]lyfbaZkdZemZkihfhsvxebZgih^ly]b\ZykvgZfhsguojmdZo
Yih^hreZ[eb`_bdhkgmeZkvh^ghcbaebZgHgZ[ueZdj_idhcgZ^_`ghcghkdhevadhchlebidh]h
lmfZgZYihkfhlj_eZgZg_zbihgyeZqlhg_\khklhygbb\kdZjZ[dZlvkygZ\_jo:[khexlgh
Q_j_af]gh\_gb_Ovxihkfhlj_e\gba
Lug_b^_rv"
Yih^zj]ZeZaZh^gmbaa_ezguoebZg
^ebggu_]eZ^db_i_jeZfmljh\u_h[ehfdbZg_gZkf_jlhghkgh_hjm`b_Yg_kfh]mbfb
aZp_iblvkybdjuevy\k__s_g_jZ[hlZxl
Ovxkiju]gmekmklmiZb]ghjbjmylhlnZdlqlhijhe_l_e^\ZwlZ`Zbijba_febekymfhbogh]gZ
dhjlhqdb
AZl_f\uijyfbekyih\b^bfhfmp_eucbg_\j_^bfucmeu[Zykvfg_\ihegucjhlhkljuoam[h\
L_[_\k_]hebrvgm`gh[uehkdZaZlv
Kwlbfbkeh\ZfbOvxko\Zlbef_gybi_j_dbgmeq_j_aie_qhIjyfhdZdLZjaZgBlZd`_dZdLZjaZg
hgkgh\ZgZqZe\a[bjZlvky[ukljh^\b]ZykvihmklmimkdZeu
Yih^Z\beZdjbdaZjh^b\rbcky\]hje_aZdjueZ]eZaZbdZdfh]eZ\ibeZkvfZehwnn_dlb\gufb
dh]lyfb\_]hdh`mOvxg_^Zklfg_miZklvG_iha\heblwlhfmkemqblvkyY^h\_jyeZ_fm
Q_j_ag_kdhevdhf]gh\_gbc]jm[h_ihdZqb\Zgb_ij_djZlbehkvbymkeurZeZbihqm\kl\h\ZeZdZd
l_ehOvxly`_ehijba_febehkvgZa_fexDh]^ZhgZddmjZlghihklZ\bef_gyjy^hfkkh[hcy
jZkdjueZh^bg]eZabh]ey^_eZkvdjm]hf
hlfub\i_s_j_Ovxgmljb[uehhq_gvl_fghbykljm^hffh]eZjZa]ey^_lvlhqlhf_gy
hdjm`Z_lOhlylZf[uehg_lZdfgh]hgZqlhkfhlj_lvFhbiZevpus_dhlZeZ]jm^Zf_oZdjhf_
wlh]hygbq_]hg_\b^_eZ
Wlhl\hc^hf"
:]Z
Ihq_fmlhfg_klZeh]jmklghqlhmOvxlZdh_fZe_gvdh_`bev_BlZdh_g_dZabklh_
Ml_[ya^_kvg_lZdfgh]h\k_]h
Fg_bg_gZ^hfgh]h]hijbagZehg;hevrbgkl\h^g_cyijh\h`m\a\_jbghcnhjf_Hlwlh]h
�klZgh\blvkyf_g__h^bghdhjm]h_yg_aZf_qZ_l\_s_clZdg_o\ZlZxsboq_eh\_dm
Hwlh[ueh]jmklghYaZ^mfZeZkvg_m`_ebbf_gghihwlhfmhklZevgu_\j_f_gZfbdZaZebkv
kh\_jr_ggh^bdbfb
Ihwlhfmhgbijh\h^yl[hevr_\j_f_gb\`b\hlghcnhjf_q_f\q_eh\_q_kdhc"
IhlhfmqlhlZdh^bghdb"Fg_ohl_ehkvieZdZlvbaaZgbobbaaZOvx
Yih\_jgmeZkvdg_fm\l_fghl_Ovx[uehe_]dhgZclbihk\_jdZxsbf]eZaZfIjhlygmeZjmdmb
iheh`beZgZ_]h]eZ^dmxl_iemxdh`m
KdZ`bfg_qlhijhbkoh^blFg_gm`ghihgylv
?]h]eZaZaZdjuebkva_e_guc[e_kdbkq_agZ^he]h_\j_fybaaZwlh]hmf_gy\]hje_ki_jeh
^uoZgb_;e_kd\_jgmekyq_j_afbgmlmbyihqm\kl\h\ZeZdZd_]h[hevrb_l_ieu_jmdbe_]ebfg_
gZie_qb
Ovxijblygmef_gydk_[_m\e_dZy\l_ieu_ml_rbl_evgu_h[tylby
�KgZqZeZyhi_rbeZeyf_gy\k_]^Z[uehg_ijb\uqghhsmsZlvl_e_kgucdhglZdlZl_f[he__k
fm`qbghck_fbnmlh\jhklZbiheghklvx]heuf
GhOvxdZaZekyjZkl_jyggufDZaZehkv_fmg_h[oh^bfhmkihdZb\Zxs__ijbdhkgh\_gb_dZdbfg_
ihwlhfmdh]^Z_]h[hevrZyjmdZe_]eZfg_gZaZluehdbklZeZih]eZ`b\Zlvih\hehkZfijb`bfZy
fhxs_dmd_]h]jm^byg_fh]eZgZkZfhf^_e_ijhlb\blvky
YkebrdhfgZkeZ`^ZeZkvhsms_gbyfb
Ghl_fg_f_g__fg_gm`guhl\_luIhwlhfmyg_j_rbl_evghiheh`beZjmdmgZ`b\hlOvxb
H[tykgbqlhijhbkoh^blOvxIh`ZemcklZ
Hgly`_eh\a^hogmeaZl_fhldZreyeky
Dh]^Zdh]^Zym\b^_edZdlulZgpm_rvkwlbff_edbfy\a[_kbeky
F_edbf"obobdgmeZyKZ[e_am[uclb]jjZaf_jhfk]jbaeb\_jhylghkqblZe\_jimfm
fZe_gvdbfghykhfg_\ZeZkvqlhHklbgmJZkk_emihgjZ\blkyih^h[gh_hibkZgb_Ghihlhf^hf_gy
^hreZhklZevgZyqZklvkdZaZggh]hOvxWlhl_[y\a[_kbeh"
�Z?]hjmdbk`Zebkvdj_iq_\hdjm]f_gyOvxkgh\ZklZe]eZ^blvfhb\hehkulZdkbevghqlhy
m`_j_rbeZqlhh[euk_x_kebhgijh^he`bl\lhf`_^mo_LuijbdZkZeZkvd^jm]hfmfm`qbg_
kf_yeZkv\f_kl_kgbfbhgex[h\Zekyl\hbfl_ehfYohl_eijbqbgblv_fm[hevByohl_e[ulv
gZ_]hf_kl_
IjZ\^Z"
�Z?]hjmdbkgh\ZgZijy]ebkvYaZ\b^h\Ze_]hk\h[h^_Hgfh]ijbdhkgmlvkydl_[_Hgfh]
\_k_eblvkyblZgp_\Zlvklh[hc:fg_g_evayYlZdkbevghaZ\b^h\Ze_fm\lhlfhf_gl
@_eZyml_rblvOvxy_]hh[gyeZ
Fhbjmdbh[\bebkv\hdjm]_]hlZebbbyijh\_eZihkibg_dh]lyfbqm\kl\myqlhwlh_fm
ihgjZ\blky
Luj_\gm_rvihimklydZfOvxHklbgfg_gjZ\blkydZd^jm]BihijZ\^_]h\hjylu
_^bgkl\_ggucdlhdZdy\_jxg_m[_`blkdjbdZfbijb\b^_fh_]hbklbggh]hebpZY\k__s_
\a^jZ]b\ZxhlfukebihdZaZlvHklbgmk\hxa\_jbgmxijbjh^mij_^klZ\eyy_]hj_ZdpbxbagZyqlh
hgZ[m^_liehohc
Lukmjh\Zdk_[_JZc^_jOvxihdZqZe]heh\hcY]h\hjxh[wlhflhevdhihlhfmqlhiulZxkv
aZklZ\blvl_[yihgylvq_jZyijbj_\gh\Zel_[ydfZe_gvdhfmh[hjhlgxdhlmbwlhf_gy\a[_kbeh
IhwlhfmfuihkkhjbebkvYkhagZl_evghj_rbebkihjlblvl_[_\_k_ev_bl_[ykijh\hpbjh\Zlv
Ihke_lh]hdZdluk[_`ZeZyqm\kl\h\Zek_[y\bgh\guf;m^lhy\k_jZajmrZxBihgyeqlhlZd
b_klvFhyjZ[hlZaZdexqZeZkv\lhfqlh[ujZajmrblvl\hx`bagvBlhqm\kl\h[uehfg_
ijhlb\gh
?]hjmdZaZ^_j`ZeZkvgZfh_c]heh\_aZl_fkgh\ZgZqZeZ]eZ^blvih\hehkZf
Dh]^ZhgmdjZel_[ybaih^fh_]hghkZyihqm\kl\h\ZeZdZd[hevrh_l_ehOvxkh^jh]gmehkv
G_fh]mhibkZlvqlhlh]^Zqm\kl\h\ZeDZd[ue[_kihfhs_gbihehgyjhklbYihl_ji_eg_m^Zqm\
deyl\_Fg_ke_^h\Zeh[u^mfZlvhfhbo[jZlvyoi_j\hjh^guol_ji_eb\hh`b^Zxsbof_gykbo
`_gsbgZfb@^msbohlf_gyi_j_f_gGhyg_^mfZehgbof_klhwlh]h_^bgkl\_ggZyfukev
dhlhjZydjmlbeZkv\]heh\_[ueZhl_[_Qlhlu]^_lhihl_jygZbgZim]ZgZHlhfdZdih^\_el_[y
Lhevdhb^mfZehl_[_G_h^jm]bo`_gsbgZodhlhju_`^mlgZkLhevdhhl_[_
Yl_kg__ijb`ZeZs_dmd_]h]jm^baZju\Zykv\l_ehOvxG_`_eZy_]hij_ju\Zlv
Bdh]^ZgZr_el_[ygZf_gyh[jmrbehkvlZdh_h[e_]q_gb_qlhyohl_edjbqZlvgZ\_kvk\_lhg
_s_dj_iq_f_gyh[gyeBihgyeqlhg_bf_xijZ\Zbkiulu\Zlvdl_[_lZdb_qm\kl\ZB_s_ihgye
qlhg_kfh]ml_[yhl^ZlvGbNbgbZgmGbdhfmlh_s_
?]hjmdbdj_iq_k`bfZebf_gyihqlbebrZy\hafh`ghklb^urZlvFg_[uehie_\ZlvIe_\ZlvgZ
\k_YkZfZg_fh]eZ\^hogmlv_^\Zkf_ygZ^_ylvkyqlh\k_mkeurZggh_[uehijZ\^hc
Bihwlhfmy^he`_gba[Z\blvl_[yhl^_\kl\_gghklbJZc^_j
Ofg_fgh]hkljZgghijha\mqZeh
?]hk`bfZxs__]jm^vh[tylv_hkeZ[ehbOvx\a]eygmegZf_gybijbih^gyefhx]heh\maZ
ih^[hjh^hdaZklZ\eyyihkfhlj_lvgZg_]h
Lh]^ZdZdijZ\bevghkdZaZlv"
Yh[jZ^h\ZeZkvl_fghl_bk\h_cq_rm_ihlhfmqlh[ueZm\_j_gZqlhfhcjmfyg_pfh]
dhgdmjbjh\Zlvihp\_lmkih`Zjguf]b^jZglhf
�mfZxg_ba[Z\blv:ebrblv
Gh\_^vih^jZamf_\Z_lkyqlhyjZahj\m__G_^mfZxqlhfg_gjZ\blkylZdZynhjfmebjh\dZ
h[b`_gghkdZaZeOvx
Ygbq_]hg_kfh]eZih^_eZlvb\gh\vjZkohohlZeZkv
DZdgZkq_llh]hqlhyih^Zjx__l_[_"
Fg_gjZ\blkydZdwlha\mqbl_]hiZevpuih]eZ^bebq_rmxgZfh_fih^[hjh^d_Fh`_rveb
luaZohq_rvebluJZc^_jih^Zjblvfg_^_\kl\_gghklv"
Ohqmbfh]m\u^hogmeZy;hevr_q_fq_]heb[h_s_Bluh[wlhfagZ_rv
Fg_gm`ghkgh\ZwlhmkeurZlvojbiehijhbag_kOvxbyih`_eZeZ\b^_lv[hevr_q_fijhklh
[e_kd_]h]eZa\l_fghl_
GhqlhgZkq_lNbgbZgZ":hklZevgu_"Qlhkgbfb[m^_l"
NbgbZgOvx\uiexgme_]hbfy[m^lhhgh[uehq_flhijhlb\gufg_h[jZ^m_lkyGhfg_
ie_\Zlvhq_fhg^mfZ_l
Ghlu\_^vkdZaZe_fmqlhg_ohq_rvf_gy^eyk_[yYihfgxwlh
KdZaZe\ujZ`_gb__]hebpZklZehm]jxfuflhlfhf_gly^mfZewlhijZ\^ZGhwlhg_lZd
Yhdjm]ebeZ]eZaZ
K_jv_agh"QlhgZkq_lhklZevguo"
Kh\j_f_g_fhgbi_j_`b\mlk\hbh[fZgmlu_gZ^_`^ufy]dhhl\_lbeOvxGhg_^mfZxqlh
kfh]mhklZlvkya^_kvfhyJZc^_jDh]^Zlujy^hfkhfghcboaZ\bklvkebrdhf\_ebdZ;hev[m^_l
_`_^g_\ghcb^Z`_yg_gZklhevdh`_klhd
LZdlukijZrb\Z_rvjZaj_r_gbyi_j__oZlvdhfg_[hevrhciZj_gv"Ihlhfmqlhy]hehkmxAZ
Ygbq_]hg_`_eZxlZdkbevghdZdijh\_klbhklZ\rmxkyqZklvk\h_c`bagbjy^hfklh[hcJZc^_j
YihaZ[hqmkvhl_[_lZddZdgbdlh^jm]hc
Fh_k_j^p_i_j_ihegbehkvhl\heg_gbybg_`ghklbOvxijbagZ\Zeqlhex[blf_gy"
YlZdhlqZyggh`_eZeZqlh[uwlhhdZaZehkvijZ\^hcY\ibeZkv\_]hkibgmgh]lyfbl_kg__
ijb`bfZykvdg_fmKebrdhfohjhrhqlh[uhdZaZlvkyijZ\^hc
Lufh`_rv`blvkhfghcOvxijhbag_keZyGhdZd`_NbgbZg"Hgijb^_lqlh[uf_gy
aZ[jZlv
OvxhlkljZgbekyYlml`_hsmlbeZk_[yebr_gghc_]hl_iehlu`ZjZbeZkdb
JZc^_jy^he`_gihijhkblvl_[yq_flhih`_jl\h\Zlv?kebk_]h^gyluih^Zjbrvfg_
^_\kl\_gghklvlhhklZg_rvkylZdhcdZdk_cqZkgZ\kxhklZ\rmxky`bagv
K_j^p_aZf_jehmf_gy\]jm^b
YgZ\k_]^ZhklZgmkvlZdhc"G_q_eh\_dhf"
Lu[m^_rvq_eh\_dhfijhbag_kOvx=eZfmjgbdm^Zg_^_g_lkyGhnhjfZi_j_\_jlurZ
hklZgmlkyaZlmie_ggufbZq_rmy[m^_llZdh]h`_p\_lZdZdk_cqZkDZdlhevdhlui_j_klZg_rv
[ulv^_\kl\_ggbp_c[hevr_g_klZg_rvjZkp\_lZlv^_gvhlh^gyB_kebk_cqZkyebrml_[y
g_\bgghklb\k\hc^\Z^pZlviyluc^_gvjh`^_gbyml_[yg_[m^_ll_qdb
Fg_aZohl_ehkvjZkkf_ylvkyhlh[e_]q_gby
B\k_"Fg_ie_\ZlvgZwlh
M\_j_gZ"I_j_\_jlurb\iheghfjZkp\_l_kbeij_djZkg__\k_]hqlhdlhdh]^Zeb[h\b^_eHlbo
djZkhluk`bfZ_lky]hjehhq_gvg_`ghOvxijh\_e[hevrbfiZevp_fihfh_cdexqbp_Bohly
lukZfh_ij_djZkgh_kms_kl\h_kebyebrml_[yihl_gpbZeZlhihdjZcg_cf_j_ij_^mij_`mh
ihke_^kl\byo
BlZdyfh]mklZlvkZfhcij_djZkghcgZk\_l_bebfh]m[ulvkfm`qbghcdhlhjh]hex[ex"fhc
]hehk^jh]gmek_j^p_[ZjZ[ZgbehhlijbagZgbyWlhhq_\b^guc\u[hjk_q_]hyohqmwlhlu
Ovxg_`ghihlygmef_gy\i_j_^ihdZg_mi_jky]heh\hcfg_\`b\hl
Yi_j_iheg_gex[h\vxdl_[_JZc^_j
Y\gh\vohl_eZjZkkf_ylvkyhlkljZgghcnhjfmebjh\dbghg_kfh]eZHsms_gb_]heh\uOvx
ijb`Zlhcdfh_fm`b\hlm\hkieZf_gbehdZ`^h_g_j\gh_hdhgqZgb_\fh_fl_e_
hehkuOvxs_dhlZeb]jm^v^jZagyf_gy
YaZimklbeZiZevpu\_]h]mklu_ihqlb`_kldb_\hehkub\hl\_lhgijb`Zekyjlhfdfy]dhcdh`_
`b\hlZ
Dh`Z"HaZ^Zq_ggZyyijbdhkgmeZkviZevpZfbdk\h_fm`b\hlmbh[gZjm`beZqlhlZfq_rmyhq_gv
]eZ^dZyYdZdbflhh[jZahfmimklbeZfhf_glljZgknhjfZpbb"DZ`_lkygZie_qZokibg_b
y]h^bpZo\k__s_q_rmyghki_j_^bfy]dZy[ZjoZlgZydh`Z
DZdfy]dh_ih^[jxrv_m[jhg_ghkpZYobobdgmeZhllZdhcfukebdZdgbkljZggh^h\hevgZy
Fhckf_oaZlbo\lhlfhf_gldh]^ZOvxijbiZedfh_c]jm^b]m[Zfbbijh\_eyaudhfihba]b[m
Bafh_]h]hjeZ\uj\Zekyklhgbyko\Zlb\OvxaZ\hehkuijblygmeZ_]hgZaZ^d]jm^bdh]^Zhg
gZqZehlkljZgylvkyYohl_eZ[hevr_]h
L_i_jvdh]^ZOvxfh`_lijbdhkgmlvkydhfg_]^_m]h^ghyohl_eZ\k_]h
HgdZ`_lkylh`_wlh]hohl_e?]hjhlkgh\Zijb`Zekydhfg_byhsmlbeZ]hjyq__^uoZgb_gZ
k\h_cdh`_bdZdam[upZjZiZxlfhxiehlv
AZl_fgZc^y\_jrbgdmh^ghc]jm^bOvxijh\_eihg_cam[Zfb
H]hgvjZag_kkyihfh_fml_embyaZklhgZeZDZ`^ZyqZklbqdZfh_]hl_eZ[ueZg_\_jhylgh
qm\kl\bl_evgZghdZ`_lkykhkdbklZebkZfufbqm\kl\bl_evgufb
Hgb[he_ag_gghguebhlm^_ezggh]hbf\gbfZgbybdh]^ZyaudOvxijbdZkZekydh^ghfmbagboy
\koebiu\ZeZkgh\Zbkgh\Z
Ovx;h`_OvxL\hcjhl
Yim]Zxl_[y"
Gbkdhevdhhl\_lbeZy\gh\vijb`bfZykv]jm^vxd_]hjlmFg_gm`ghqlh[ulu\_a^_
ijbdhkgmekyk\hbfjlhfdhfg_
Hglh`_aZklhgZeb\ibekyjmdZfb\fhxkibgmlZdqlhyihqm\kl\h\ZeZdZd_]hdh]lbijhgabeb
q_rmxG_[hevgh?]hjhlhlukdZekhkhdZaZl_fkhfdgmekygZgzfbkbevgh\khkZe
Y\kdjbdgmeZHsms_gby[uebgZklhevdhg_\_jhylgufbqlh\\_j]ebf_gy\\hklhj]
�dh`mJZc^_jgZfke_^m_l[ulvlbr_jm]b_fh]mlmkeurZlv
Y\uj\ZeZkvba_]hjmd\ulZjZsb\]eZaZkzfhz\ha[m`^_gb_me_lmqbehkvgZf_kl_
H;h`_Hgb\_^vfh]mlmkeurZlvgZk"YagZeZdZdbfkmi_jhkljuf[uekemoOvxghg_
ij_^klZ\eyeZqlhgZklhevdh
Y\a]eygmeZgZhldjulucgZkl_`v\oh^\i_s_jmG_ihoh`_qlhdlhgb[m^vih^kfZljb\Zelhevdh
_kebhgbg_ijylZebkvgZ\_jomrdZo^_j_\v_\ihkhk_^kl\mDhlhju_mikYhlhj\ZeZkvhlOvx
q_f^_eh"
Yg_fh]mk^_eZlvwlha^_kvhl\_lbeZy_fmG_lh]^Zdh]^ZhklZevgu_lZd[ebadhbfh]ml
mkeurZlvYwlh`_klhdhBkljZgghJZa\_fug_fh`_fihclbdm^Zgb[m^v]^_kfh`_f
m_^bgblvky"
Wlhfhc^hfkdZaZehgGbdlhg_ih[_kihdhblgZka^_kv
Gmwlhdhgq_ghaZf_qZl_evghghyg_fh]mk^_eZlvwlhdh]^Z^jm]b_keurZlex[h_gZr_
^\b`_gb_OvxyijhlygmeZjmdmbih]eZ^beZ_]hihs_d_qm\kl\myihdZeu\Zgb_hl_]h
[Zd_g[Zj^JZa\_ml_[yg_llmlhkh[_ggh]hf_klZdm^Zfufh]eb[uihclblhevdh\^\h_f"
F_klZ]^_fh`ghhklZlvkygZ_^bg_bg_\hegh\Zlvkyhlhfqlhgm`gh\_klbk_[ylboh"Bebhlhf
qlhf_rZ_fhklZevguf"
OvxlZd^he]hfheqZeqlhyih^mfZeZhgg_kh]eZkblkyAZl_fhgijb`Zeky\hq_j_^ghfihp_em_d
fh_fml_em
YagZxlZdh_f_klhIhreb
OvxlZdj_adh\kdhqbegZgh]bqlhyihqm\kl\h\ZeZ]heh\hdjm`_gb_ihl_jy\jZ\gh\_kb_hl
g_^hklZlhqghchk\_s_gghklbi_s_ju\dhlhjhcygbq_]hg_\b^_eZdjhf_\oh^ZOvxko\Zlbef_gy
aZjmdmbkgh\Z\u\_egZmklmi
Hg_lijh]h\hjbeZyaZ]ey^u\Zyq_j_adjZcLhevdhg_kgh\Z
Yihg_kml_[yhl\_lbehgfg_
Bij_`^_q_fymki_eZqlheb[h\hajZablvhgkgh\Zi_j_dbgmef_gyq_j_aie_qh
GZk_cjZayagZeZgZqlhb^mDj_idhaZ`fmjb\rbkvy`^ZeZdh]^ZOvxih^gbf_lkyijb`bfZy
fh_l_ehdk_[_lZdkbevghdZdlhevdhfh]Ih^tzfg_aZgyefgh]h\j_f_gbhgkgh\Zijba_febekyb
lhrghl\hjgu_jZkdZqb\Zgbyij_djZlbebkv
Yg_j_rbl_evghhldjueZh^bg]eZabm\b^_eZa_fex\g_kdhevdbonmlZohlk_[yIh^gy\]heh\m
m\b^_eZgZjZkklhygbb^_j_\vyFugZoh^bebkvgZ\_jrbg_kdZeuk]mklhcjZklbl_evghklvxb
\djZie_gbyfbhkljuodZfg_c
hlihq_fmOvx\k__s_f_gyg_kHgdZaZehkvbglmblb\ghagZ_ldm^ZklmiZ_li_j_iju]b\Z_l
q_j_a\ZemgubdZfgbba[_]Z_ldhexqbodmklZjgbdh\b[ukljh^\b]Z_lkyYm`_ihqlbijb\udeZd
ljykd_
Kimklyg_dhlhjh_\j_fyymkeurZeZa\mdiZ^Zxs_c\h^uKgh\Zih^gyeZ]heh\mqlh[uh]ey^_lvky
\hdjm]
G_m`_ebfub^zfd\h^hiZ^m"
�Zghwlhg_gZrZp_evijhbag_khg
G_l"Y[ueZg_ijhlb\ohjhr_]h^mrZGh\h^hiZ^udjZkb\u_
wlhflZd`__klvju[ukhq_gv[hevrbfbam[Zfbdhlhju_h[blZxl\\h^hzf_
hh[s_lh_kebaZ^mfZlvky^Z\Zc^_j`Zlvkyih^Zevr_hl\h^hiZ^Z
Hgmkf_ogmeky
YlZdbih^mfZe
GmlZddm^Z`_fugZijZ\ey_fky"
M\b^brv
Yohl_eZ\hjqZlvbaaZ\k_cwlhck_dj_lghklbghg_fh]eZ`Zeh\ZlvkyIhdjZcg_cf_j_lZdbf
h[jZahfg_ijb^_lky\hegh\Zlvkyhlhfqlhih^mfZxlhklZevgu_ihdZOvxby[m^_fkhh[jZ`Zlv
dZdaZ]gZlvdjm]euckl_j`_gv\ofdjm]eh_hl\_jklb_
Fg_ijbreh\]heh\mqlhyg__^bgkl\_ggZya^_kv^_\kl\_ggbpZOvxgZmjh\g_bgklbgdlh\agZ_l
qlh^_eZlv"YqblZeZdh_dZdb_jhfZgubkfhlj_eZnbevfuZOvx\b^_eihjgh
GZrkh\f_klguchiullhqghg_kh``_lfbj^hleZYj_rbeZqlh_keb\wlhljZa[m^_lg_hq_gvlh
fuijhklhihklZ\bf]Zehqdm\kibkd_gh\uo^_eb[m^_fkh\_jr_gkl\h\Zlvky
YkfbjbeZkvkj_Zevghklvxqlh\_jhylghg_^hklb]gmhj]ZafZ\i_j\ucbeb\lhjhcjZaBijhklh
ihklZjZxkvihemqblvgZkeZ`^_gb_aZgbfZykvk_dkhfkq_eh\_dhfdhlhjh]hihgZklhys_fmex[ex
^h[Z\hdlj_[h\Zlvhj]ZafdZaZehkvbaebrg_cjhkdhrvxY\havfmlhqlhfh]mihemqblv;m^m
jZ^h\Zlvkylhfmqlhdh`ZOvxijbdZkZ_lkydfh_cBfuh[ZihemqbfgZkeZ`^_gb_
BkiZk_ff_gyhlNbgbZgZ
Yohl_eZju^ZlvhljZ^hklbIhoh`_qlh\k_keh`behkv\fhxihevamZ^jm]b_i_j\hjh^gu_
hklZebkvkh[fZgmlhcgZ^_`^hc
Yqm\kl\h\ZeZk_[yg_\_jhylgh\bgh\Zlhcgh_kebwlhhagZqZehqlhyihemqmk\hcdmkhq_dkqZklvy
bOvx\ijb^Zqm"G_fh]mqm\kl\h\ZlvbaaZgbok_[yiehoh^ZgghckblmZpbbeb[hboeb[hf_gy
bykh[bjZeZkv[ulvw]hbkldhcb\u[jZlvk_[y
DZi_evdb\eZ]bh[jua]ZebfhcaZ^ij_ju\ZyfhbfukebbyaZf_lbeZqlhfuhq_gv[ebadh
ih^hrebd\h^hiZ^mLy`_eZykljmy\h^uiZ^ZeZ\gbakhkdZebklh]hml_kZ
G_GbZ]Zjkdbc\h^hiZ^dhg_qghgh\h^u[ueh^hklZlhqghmhkgh\Zgbyqlh[uaZihegblvijbebqguo
jZaf_jh\ha_jhk_`_hg[uedjZkb\ucYklZjZeZkvg_^mfZlvham[Zkluoju[ZogZ^g_hdhlhjuo
OvxmihfbgZe
Dfh_fmm^b\e_gbxOvxgZijZ\bekydkdZeZf\klhjhgm\h^hiZ^ZbgZqZe\a[bjZlvkygZ\_jo
Dm^Zfukh[bjZ_fky"kgh\ZkijhkbeZy
M\b^brvhl\_lbehgijh^he`Zy\hkoh`^_gb_
EZ^ghohjhrhyijhklhohqmaZdjulv]eZaZkdZaZeZydh]^Za_feyaZ\_jl_eZkvZ`b\hlkdjmlbeh
�\lhrghl\hjghfkiZaf_ey^_\mrdbkdjuevyfby[ueZg_[hevrhcihdehggbp_c\ukhlu
Djbdgbdh]^Z^h[_j_fky
Luihcf_rvobobdgm\ijhbag_khg
Q_j_ag_kdhevdhfbgmlOvxij_djZlbedZjZ[dZlvkyihkdZe_byhsmlbeZqlhhg^\b]Z_lky\
klhjhgmWlhhdZaZehkv_^bgkl\_ggufij_^mij_`^_gb_fij_`^_q_ff_gyhdZlbehe_^yghc\h^hc
Baf_gy\uj\Zekybkim]Zgguc\ba]by^jh`Zijhrbi_eZ
DZdh]hq_jlZOvxG_fh]ij_^mij_^blv"
Y`_]h\hjbeqlhluihcf_rvhl\_lbehgbymkeurZeZkf_o\_]h]hehk_
Ym[jZeZ\eZ`gu_\hehkukebpZf_rZxsb_kfhlj_lv
gbf
A^_kv[uehl_fgh_^bgkl\_gguck\_lijhgbdZxsbc\gmljvbkoh^behl]hem[h]h\h^hiZ^ZY
ih^gyeZjmdmdebpm_^\ZjZaebqZy__hq_jlZgby
=^_fu"
i_s_j_yijboh`mkx^Zdh]^Zohqmih[ulvh^bgbih^mfZlvhl\_lbeOvxHgfy]dhih`Ze
ie_qZfbmkZ`b\Zyf_gygZihe
Yihr_\_ebeZgh]ZfbhsmsZyih^gbfb\eZ`gu_dZfgb
K\hehkgZkibgmdZiZeZ\h^ZihwlhfmyklygmeZbo\o\hklbkdjmlbeZh]ey^u\Zyl_fghlm
Ygbq_]hg_\b^_eZbwlhf_gyg_j\bjh\ZehYih^gyeZjmdmiulZykv^hlygmlvky^hihlhedZi_s_ju
bgZldgmeZkvebrvgZ\ha^mo
Ih`ZemcklZkdZ`bqlhwlhg_[_jeh]Zf_klgh]h^hbklhjbq_kdh]hf_^\_^y
h^Zm^_j`b\Z_l[hevrbgkl\hkms_kl\gZjZkklhygbbGhg_f_gyYdZdba\_klgh[he__
ex[hiul_gq_fklhbeh[u[ulv\j_fyhl\j_f_gb
Ymeu[gmeZkv\l_fghl_bkdj_klbeZjmdbgZ\eZ`ghcdh`_]jm^b
Km^yihl\hbfkeh\Zfa^_kv[_ahiZkgh
LZdb_klvhl\_lbeOvxbyihqm\kl\h\ZeZijbdhkgh\_gb__]heZ^hgbIhc^_fkhfghc
H^gmjmdmy\ulygmeZi_j_^kh[hcZ^jm]mxih^ZeZOvxbfuihreb\]em[vi_s_juYqmlvg_
aZdjbqZeZdh]^Zkimklyf]gh\_gb_fhygh]ZgZldgmeZkvgZqlhlhimrbklh_
Ovx^he`gh[ulvmkeurZefhc\^ho
Wlhf_oZqlh[ugZgbokiZlvijZ\^Z
;h`_dZdyjZ^ZkeurZlvwlhkdZaZeZyb\klZeZgZdhe_gbqlh[uijh\_klbihgbfjmdhc
Dhg_qgh`_wlhf_oGZ^_xkv\gbog_aZ\_ebkvdehiufmlZglu
GbdZdbodehih\fmlZglh\AZ[ueZyfh]m\b^_lv\l_fghl_lZd`_dZd^g_fkdZaZeOvxy\gh
aZ[Z\eyykvfh_c\uoh^dhc
:luaZ[ueqlhyZ[khexlghgbq_]hg_\b`mjZ^hklghijhbag_keZyGhkeZ\Z;h]mohlvh^bg
bagZkfh`_l\b^_lvy\gh\vm[jZeZ\eZ`gu_\hehkukebpZOhly\hafh`ghluij_^ihqlzrv
f_gyg_\b^_lv_kebfukh[bjZ_fkyaZgylvkywlbf
Y\b`ml_[ykxBlugZklhevdhij_djZkgZqlhaZklZ\ey_rvfh_l_eh[he_ag_gghbagu\Zlvhl
`_eZgbyg_`ghijhbag_kOvx
Hl_]hkeh\lj_i_l\heg_gbyijhdZlbekyihl_emYih^gyeZjmdm
Yohl_eZ[uihgylv]^_lugZoh^brvkyijyfhk_cqZkihlhfmqlhhq_gvohqml_[yihp_eh\Zlv
Ovx
HgjZkkf_yeky
Wlh\aZbfghJZc^_jOhq_rv\b^_lvbebij_^ihql_rvhklZlvky\l_fghl_"
H
Ohqm\b^_lv`_eZx\k_jZa]ey^_lvOvxg_\_jhylghijb\e_dZl_e_gbyg_fh]m^h`^Zlvky
qlh[um\b^_lvdZdy_]hm^h\e_l\hjyx
YmkeurZeZk\bkl\\ha^mo_bihy\bekyk\_lYaZqZjh\Zgghkfhlj_eZdZdOvx^m_lgZqlhlh
gZihfbgZxs__fhodhlhjucjZa]hjZ_lkyih^h[ghh]gx
Fbeh\u^hogmeZyQlhwlh"
\gh\vih^megZfhoihdZi_s_jZg_gZihegbeZkvk\_lhf
DZd^he]hhg[m^_l]hj_lv"
�hklZlhqgh^he]hhl\_lbehgbih\_jgmekydhfg_himkdZykvgZf_omfhbogh]I_s_jZ[hevr_
g_[ueZl_fghcfhoij_^hklZ\eyefg_k\_lqlh[uyfh]eZm\b^_lvOvx;uehihoh`_gZ
jhfZglbq_kdbc\_q_jijbk\_qZo
OvxihoehiZeihf_om
�Z\Zcky^vjy^hfkhfghc
Yk_eZgZijhlb\g_]hg_fgh]hg_j\gbqZybaaZlh]hq_ffukh[bjZebkvaZgylvky
Y^he`gZihkdhj__ij_h^he_lvg_j\haghklv_kebfukh[bjZ_fkyebrblvf_gy^_\kl\_gghklb
B\^jm]yaZklueZ
Yk_cqZkdh_hq_fih^mfZeZGm`guebgZfij_a_j\Zlb\u"fg_gbdh]^Z^Z`_\]heh\mg_
ijboh^behqlhyfh]maZgylvkyk_dkhfYZ[khexlghg_]hlh\Zdwlhfm
G_ihgbfZxhq_flu
Ij_a_j\Zlb\ugmh[hehqdZdhlhjmxgZ^_\Zxlfm`qbgugZk\hci_gbkqlh[uk^_j`Zlvki_jfmb
ij_iylkl\h\ZlvaZqZlbx
JZc^_jml_[yl_qdZ"
G_agZx"
�mfZxlu[uagZeZDlhfm`_lug_\hc^_rv\wlhli_jbh^ihdZy[m^mebrZlvl_[y
^_\kl\_gghklb^h^\Z^pZlbiylbe_lby?kebml_[yg_ll_qdblug_aZ[_j_f_g__rv
WlhohjhrhLh]^Z[m^_f[_aj_abgu
;_aj_abgu"
G_\Z`ghhl\_lbeZyhlfZob\ZykvjmdhcMf_gyijhklhnhglZgkeh\ihlhfmqlhyg_j\gbqZx
Ygbdh]^Zij_`^_g_aZgbfZeZkvk_dkhfbg_fgh]h\hegmxkvYex[exl_[ybohqmghwlhg_agZqbl
qlhyg_[_kihdhxkvgZkq_lwlh]hohlvg_fgh]hdhgp_dhgph\yg_bf_xij_^klZ\e_gbyqlh
^_eZlv
JZc^_jihfgbylh`_gbdh]^Zg_aZgbfZekyk_dkhfhgkf_klbekygZf_oZoFk_jv_aguf
\ujZ`_gb_febpZB\u]ey^_ehgg_^h\hevguflZdbfiheh`_gb_fG_ohqmjZahqZjh\Zlvl_[y
AgZx\u^hogmeZykfms_gghkfhljygZg_]hLug_fh`_rvjZahqZjh\Zlvf_gyLZdbebbgZq_
ghfg_gjZ\blvkyqlh^eydZ`^h]hbagZkwlh\gh\bgdmFug_[m^_fkm^blv^jm]^jm]Zihlhfmqlh
ij_`^_g_aZgbfZebkvk_dkhfFu\k_\uykgbfihf_j_ijh^\b`_gbyBkke_^m_f
Fg_gjZ\blkyfukevh[bkke_^h\Zgbbl_[yhl\_lbeOvxgbadbf]hehkhfijZdlbq_kdbfmjeudZy
hlgZijy`_gby?]h]eZaZih[e_kdb\Zeb\lmkdehfk\_l_
Bihfbemc;h`_fg_lh`_ihgjZ\beZkvwlZfukev
Qlh`kdZaZeZyFh]mygZqZlv"
Y\_kvl\hcJZc^_jhgaZ^uoZekyhlq_]hbygZqZeZaZ^uoZlvkyFhcimevkmkdhjbe[_]dh]^Zy
ijb[ebabeZkvdOvxbihlygmeZkvdg_fm
YhimklbeZjmdbgZl_iemx]jm^vG_hlju\Zy\a]ey^ZhlebpZOvxykdhevabeZjmdZfbih
fmkdmebklhc]jm^b
=eZaZOvxaZdjuebkvhl\hklhj]ZZdeudbm^ebgbebkvb\u]eygmebbaih^\_jog_c]m[u
HoYhimklbeZ\a]ey^ex[mykvl_ehfOvxijbdZkZykvdg_fmGZ_]h]jm^b[ueZg_[hevrZy
BmkeurZeZj_adbc\^ho\a\hegh\Z\rbcf_gyYijh\_eZaZlmie_ggufbgh]lyfbihgZijy`_gguf
\_jrbgdZfhsmsZybgZkeZ`^ZykvklhghfOvx
KdZ`bqlhl_[_gjZ\blky
k_ijh^_eZggh_lh[hc^hkboihj_]h]hehk[ueihehggZijy`_gbybij_^\dmr_gbygZebp_
\ha[m`^_ggh_\ujZ`_gb_
Ohjhrhyohl_eZk^_eZlv^eyg_]h[hevr__H[ebaZ\]m[uyih^gyeZjmdb\ur_ijh[_`Z\
iZevpZfb\^hevfurpr_bOvxYfh]eZhsmsZlvbogZijy`_gb_dZdbgZijy`zgghklv\k_]hl_eZ
fm`qbguYijh\_eZiZevpZfb\gbaih_]hjmdZfgZkeZ`^Zykvf_ohfgZij_^ie_qvyo
MOvx[uehqmlv[hevr_\hehkgZl_e_q_fm[hevrbgkl\Zfm`qbgghyg_ijhlb\Mg_]hg_fgh]h
[hevr_\k_]hq_fm[hevrbgkl\Z
Qlhih^\h^blf_gydlhfmqlhyohl_eZ[u_s_bkke_^h\ZlvHkf_e_\y\_jgmeZjmdbgZ_]h]jm^vb
himklbeZbogb`_d`b\hlm
Ovx\a^hogmeb\lygme`b\hl
FffaZ[Z\ghFZe_gvdbfbgh]lyfbyhpZjZiZeZdh`mOvxgZkeZ`^Zykvhsms_gb_f_]hiehkdh]h
`b\hlZ
Hgkhklhyebal\_j^uofurpbyiZevpZfbfh]eZijhke_^blvboebgbbYlZdbk^_eZeZhsmsZy
dZ`^uck^_eZggucOvx\^hoaZf_lb\qlh_]h^uoZgb_mqZklbehkvdZdbfh_
Hg^_jgmekydh]^Zy^hljhgmeZkv^h_]himidZb_]hqe_gihlzjkyhfhxjmdmhklZ\eyyqmlv
\eZ`gucke_^gZq_rm_
Yg_j_rbl_evghhlklmibeZ
Lu\ihjy^d_"
Ijhklblml`_kdZaZeOvxhldbgm\rbkv?]h]eZaZ[uebhldjulub\u]ey^_ebZ[khexlghih
dhrZqvbij_h[jZah\Zgb_dhlhjh_^eyf_gyhdZaZehkvaZo\Zlu\ZxsbfYL\hbiZevpu
S_dhlgh"ij_^iheh`beZy
hafh`ghwlhkeh\hih^hc^_lOvx\u]ey^_ekfms_gguf
G_l\k_ohjhrhijhbag_keZyG_kl_kgyckyWlh\k_]hebrvy
Kq_]hlu\ayeZqlhykfmsZxkv"ly`_eh\a^hogmeOvx
Hyke_]dZobobdgmeZqm\kl\mydZdaZdjm`beZkv]heh\Zhl\ha[m`^_gbyb`_eZgbyLug_
\hajZ`Z_rv_kebyijh^he`mijbdZkZlvkydl_[_"Yohl_eZbkke_^h\Zlv_]h_s_g_fgh]hhkh[_ggh
\dhgdj_lghch[eZklb
G_\hajZ`Zxhl\_lbehggZijy`_gguf]hehkhfEbphOvxbaf_gbehkvijb[ebab\rbkvd_]h
kZ[e_am[hcnhjf_dhklbebpZklZeb[he__\ujZ`_ggufb[he__]jm[ufbb^bdbfb
Ghyy
LuQlh"
Dh]^Zy\ha[m`^Zxkvhgj_adh\u^hogmebyijZdlbq_kdbfh]eZkeurZlvdZdhg[hj_lkyk
kh[hcqlh[uijbagZlvky=heh\dZfh_]hqe_gZ
Hgkgh\ZaZlbo
Yj_rbeZ\uykgblv^eyk_[yB]ghjbjmy_]hij_ju\bklh_^uoZgb_yihlygmeZkvbke_]dZdhkgmebkv
]heh\db_]hqe_gZ
Y\a]eygmeZgZOvx_]hq_exklv[ueZk`ZlZkeh\ghhggZoh^beky\Z]hgbbbebbkiulu\Ze[hevHg
=heh\dZ_]hqe_gZ[ueZke_]dZ\eZ`ghckhkdhevadhcihqlbebidhc`b^dhklvxIj_^ki_jfZ
ih^mfZeZyijhk_[yYqblZeZh[wlhf
YkdhevagmeZiZevpZfbih]heh\d_bihlhfh[ebaZeZbo
Khehgh\ZlucIjh[h\Zlv[uehg_kh\k_fijbylghghbg_iehoh=hjZa^hemqr_hdZaZeZkvj_Zdpby
OvxHgaZklhgZedZdhl[hebaZijhdbgm\]heh\mgZaZ^
HhhoY\gh\vh[ebaZeZiZevpu\dmkfZgbef_gyl_f[he__OvxlZdj_Z]bjh\Ze
Hgly`_eh^urZeb\gh\vba^Zegbadbcklhgdh]^ZyihlygmeZkvdg_fmhiylvOvx\u]ey^_elZd
[m^lhohl_eaZrbi_lvgZf_gy
Lug_ijhlb\_kebyiheh`mjmdb\hlkx^Z"kijhkb\jZaj_r_gb_yh[o\ZlbeZiZevpZfb_]h
lheklmx^ebgm
MOvx[ue[hevrhcL\zj^ucBg_ijbebqghlheklucqe_gYh`b^ZeZwlh]hlZddZdOvx[ue
djmiguffm`qbghcgh\b^_lvbhsmsZlvkh\k_fjZagu_\_sbWlhl]hjyqbc^ebgguckl_j`_gv
kh[bjZekyijhgbdgmlv\fh_l_eh
Yihqlb[ueZm\_j_gZqlhwlh[m^_l\_kvfZaZljm^gbl_evgh
B\i_j\u_aZ\j_fyijh\_^_ggh_\i_s_j_yke_]dZhlkljZgbeZkvhlg_]hB\uimklbeZOvx
Qlhlhg_lZd"
]hehk_OvxihkeurZehkv[_kihdhckl\hgZjy^mkjZahqZjh\Zgb_f
Hgk\_jdgmegZf_gya_ezgufb]eZaZfbkjZkrbj_ggufbajZqdZfbbyihqm\kl\h\ZeZk_[yb^bhldhc
Hg[hyekyqlh_]hl_ehg_ijb\e_dZl_evgh_bebyhlh^\bgmeZkvihlhfmqlhhgk^_eZeqlhlh
g_ijZ\bevgh
Bwlh[uehw]hbklbqghkfh_cklhjhguDhg_qghhgg_j\gbqZeg_f_gvr_f_gyhafh`gh^Z`_
[hevr_
LZdqlhyiheh`beZjmdbh[jZlghgZ_]hqe_gbih]eZ^beZlhgdmx[ZjoZlbklmxdh`m
Gbq_]hg_kemqbehkvLuijhklh[hevr_q_fy^mfZeZ
Wlh\_^viehoh"LufZe_gvdZyJZc^_j
Luij_djZk_gkdZaZeZy_fmkhojZgyykeZ^dh_mjqZgb_\]hehk_Dh]^ZhgihiulZeky^_jgmlvky
gZaZ^ydj_iq_k`ZeZiZevpu\hdjm]_]h^ebgu
Y\k__s_bamqZxOvxGbdm^Zg_moh^b
?]haZljm^g_ggh_^uoZgb_brbjhdhjZkiZogmlu_]eZaZkdZaZebfg_qlh_fmihgjZ\bebkvfhbjmdb
k`bfZxsb_kygZ_]hqe_g_
hh^mr_\b\rbkvyjZaf_klbeZh^gmjmdmgZ^^jm]hc[m^lh^_j`ZeZ[blmIh^oh^ysZyZgZeh]by
bjhgbqghih^f_lbeZy
;hevrZyjmdZOvx\g_aZighgZdjueZfhx
G_kebrdhfkbevghJZc^_j
HMikBa\bgbh]hjqZykvy\uimklbeZ_]hkgh\Z
G_l\k_\ihjy^d_Fg_gjZ\blkyYijhklhhgmfhed
Ovxkl_kgyekyh[km`^Zlvk_dk"Wlh[uehhqZjh\Zl_evghfbeuflZdbfhgfg_gjZ\beky_sz
[hevr_
Fh`_lfu^_eZeb\k_g_ijZ\bevghYi_j_^\bgmeZjmdb\[he__[_ahiZkgh_f_klhgZ_]hrbjhdb_
lm]b_[_^jZbhklZ\beZbolZfaZl_f\a]eygmeZgZOvx
Dhg_qghlufh`_rvkijZrb\Zlvhq_fm]h^ghhgijbklZevghihkfhlj_egZf_gybkex[h\vx
ijbdhkgmekyddhkley\hcq_rmcqZlhcs_d_Y\l\h_fjZkihjy`_gbb
Ludh]^Zgb[m^vljh]Zek_[y"GZijbf_jdh]^Zl_[_klZgh\behkvkebrdhfh^bghdh"
Ye_gb\hijh\_eZdh]lyfbih_]h[_^jZfgZ^_ykvqlhwlhklZg_lmkihdZb\Zxsbfb
kh[eZagbl_evguf^\b`_gb_f
Bebdh]^Zlukfhlj_enbevfudhlhju_yl_[_\dexqZeZ"
OvxfheqZelZd^he]hqlhyih^mfZeZ\^jm]hgg_ihgye\hijhkAZl_fhgkrmfhf\u^hogme
Wlhg_h[km`^Z_lky
�Z`_khfghc"
HgaZlZbe^uoZgb_gZdZdh_lh\j_fy[m^lhjZafureyeZihlhflbohijbagZeky
�ZYljh]Zek_[y^hwlh]h
L_i_jvfuk^\bgmebkvkf_klZY\hgabeZdh]hldb\_]hiehlvgZkeZ`^Zykvj_Zdpb_c_]hfurp\
hl\_l
:ludh]^Zgb[m^v^mfZeh[hfg_\wlhlfhf_gl"
?]h]jhfdbcklhg[ue_^bgkl\_ggufhl\_lhf\dhlhjhfygm`^ZeZkv
Qlhy^_eZeZ\l\hbonZglZabyo"
�uoZgb_OvxklZehk\bklysbfj\ZgufKhkj_^hlhqb\rbkvhgaZdjue]eZaZ
Yqm\kl\h\ZeZdZdhgkh^jh]Z_lkyih^fhbfbjmdZfbIjhklh\b^_lv_]hj_ZdpbxgZfhb
ijbdhkgh\_gbyk\h^behkmfZ
YhsmsZeZ\eZ]mf_`^mgh]ZfhcimevkdhehlbekydZdihke_ly`_ehclj_gbjh\db
B\k_`_Ovx^hkboihjg_jZkkdZaZefg_hk\hbonZglZabyoGm`ghke_]dZ_]hih^lhedgmlv
YkdhevagmeZjmdZfbih\gmlj_gg_cqZklb[_^_jOvxbgZdehgbeZkv\]ey^u\Zykv\_]hebph
Dh]^Zy^_j`ZeZl_[y\jmdZo"Yke_]dZpZjZigmeZ_]hdh`mLu^mfZehfh_fjl_"
HgaZjuqZeZaZl_fhlj_aZe
JhlY\b^_ewlh\h^ghfbanbevfh\
Ihoh`_[m^_l\_k_ehk`Zjhfijhbag_keZyLh]^Zg_\hajZ`Z_rv_kebyihlj_gbjmxkvb
\havfml_[y\jhl"
Ovxml\_j^bl_evghijh\hjqZeg_hldju\Zy]eZa
Yih_`beZkvhlh`b^ZgbyKh^ghcklhjhguyjZ^Z[ueZk^_eZlvwlh^eyOvxZk^jm]hc^bdh
g_j\gbqZeZ
nhjf_i_j_\_jlurZfhbam[u[ueb^ebggufbdeudZfb:qlh_kebyk^_eZxqlhlhg_lZd"Y
gZdehgbeZkvaZl_fhklZgh\beZkv
OfOvx"Luf_qlZehfh_fq_eh\_q_kdhfjl_bebi_j_\_jlurZ"
I_j_\_jlurZ\u^hogmehg
Gbdh]^Zg_mklZgmwlhkeurZlv
Ihlhfmqlhlh]^Zykbevg__"
Hldju\]eZaZOvxijhlygmedh]lbklmxjmdmbih]eZ^bef_gyihs_d_
IhlhfmqlhagZxqlhdh]^Zlu\nhjf_i_j_\_jlurZlu`_eZ_rvijbdhkgh\_gbcWlhf_gy
bgl_j_km_l
Ygbdh]^ZlZdh[wlhfg_^mfZeZEbrvhllh]hqlhOvxwlhkdZaZef_`^mgh][he_ag_gghaZguehb
H:qlh_kebyhpZjZiZxl_[yam[Zfb"
AgZqblhpZjZiZ_rvHlwlh]hyg_klZgmf_g__\ha[m`^_ggufG_^mfZxqlhmf_gymiZ^zlhl
q_]heb[hk_cqZkkdZaZeOvxb\_]h]hehk_kd\habeZf_qlZl_evgZybjhgbqgZyghldZhlq_]hy
\g_aZighaZohl_eZmeu[gmlvkyb_]hihp_eh\Zlv
Lh]^ZeZ^ghmeu[gmeZkvykqZkleb\hDhgqbdZfbiZevp_\y\gh\vijbdhkgmeZkvd_]hkl\hemb
ijh\_eZihdhglmjmbamqZyjZaf_jubnhjfmAZl_fkdehgbeZkvgZf_j_\Zykv\aylv_]h\jhl
LZd[ebadhddh`_Ovxyfh]eZhsmsZlvfmkdmkgucZjhfZlb`Zjbkoh^ysb_hlg_]hQlhmkbebeh
[hevf_`^mgh]bh[_jgm\iZevpu\hdjm]^ebguOvxygZdehgbeZkvbihijh[h\ZeZebagmlv
Ovx^zjgmeky\k_fl_ehf
YhlkdhqbeZ\uimkdZybajmd_]hqe_g
Ijhklb
G_l[ukljhijhbag_khgG_l\k_ohjhrhJZc^_jIjhklhym^b\bekyWlhlZdijbylgh
Ho=emiZyGmdhg_qgh`_ijbylghYkebrdhfim]eb\ZDm^Zih^_\ZeZkvdhd_leb\Zy[_ajZkkm^gZy
JZc^_jdh]^ZhgZlZdgm`gZ"Y^he`gZ[ulv[he__m\_j_gghcFhyaZkl_gqb\hklvaZklZ\eyeZ
g_j\gbqZlvOvxlh`_
Ijhklhm[_^beZkvkdZaZeZy_fmbkhkdhevagmeZ\gbaihdZfh_ebphg_hdZaZehkvf_`^m_]h
[_^_j_s_jZaYkh[bjZxkvkgh\Zijbdhkgmlvkyjlhfdl_[_
�Z\Zc
?]hih\_ebl_evguclhgaZklZ\bef_gymkf_ogmlvky\hkgh\ghfihlhfmqlhyagZeZOvxkdhj__
\k_]hkgh\Z^_jg_lkydZdlhevdhyijb[eb`mkv
B\gh\vyh[o\ZlbeZjmdZfb_]hkl\hebke_]dZk`ZeZih^]hlZ\eb\ZyOvxij_`^_q_fgZdehgblvky
gb`_
MkeurZ\dZdhg\ly]b\Z_l\ha^moyj_rbeZgZwlhljZag_hlklmiZlv
@ZjbaZiZobkoh^ysb_hl_]hl_eZk\h^bebf_gykmfZhlihohlbYh[o\ZlbeZ]m[Zfb]heh\dm
qe_gZkhfdgmeZjhlbihqm\kl\h\ZeZ]eZ^dhklvFhcjhlgZihegbeky\dmkhf_]hkfZadbFg_
ihgjZ\behkvbyh[ebaZeZ]m[uaZ^_\yaudhfqe_g
OvxaZklhgZeHgko\Zlbef_gyaZjmdmdhlhjZye_`ZeZmg_]hgZ[_^j_K`Ze__bgZf]gh\_gb_y
aZdhe_[ZeZkvihlhfihgyeZqlhhgijhklhohl_eijbdhkgmlvkydhfg_Ohlyg_ohl_ef_gy
ij_ju\Zlv
�h\hevgZyyhldjueZjhlbh[ebagmeZ]heh\dm
Ovx\hh^mr_\e_ggh\a^hogmebyijh^he`beZkebau\ZlvkfZadmkdhevayyaudhfih]heh\d_
Yohl_eZ\lygmlv_]hp_ebdhfihwlhfmhldjueZrbj_jhlbijh\_eZyaudhfih\k_c^ebg_
HghdZaZeky[hevr_q_fyk_[_ij_^klZ\eyeZb]heh\dZl_jeZkvh[hkgh\Zgb_yaudZs_dhqZjhlY
jZahqZjh\ZgghaZklhgZeZb\blh]_\lygmeZ_]h]em[`_
Hl\_lgucklhgOvxihjZabef_gybykhfdgmeZ]m[ugZ_]h^ebg_`_klq_ihkZku\Zyg_aZ[u\Zyh
k\hbodeudZo
Ovx\gh\vaZklhgZelZdgbadhb\hkoblbl_evghqlhyhsmlbeZ\b[jZpbx\hjlm]^_^\b]Zeky_]h
qe_gJmdZOvxjblfbqghk`bfZeZfhxbyaZ^mfZeZkvohq_lebhgqlh[uy^\b]ZeZkv\aZ^Zgghf
bfjblf_
�jm]ZyfhyjmdZ\k__s_^_j`ZeZhkgh\Zgb_kl\heZOvxihwlhfmywdki_jbf_glbjmyijh\_eZ_xih
Ovxkhk\bklhf\u^hogmebyhsmlbeZ_]hjmdmgZk\h_fie_q_dh]^Zhghllhedgmef_gy
G_lJZc^_j
YhlkljZgbeZkv\uimkdZy_]hkl_j`_gvbahjlZbijbk_eZgZdhjlhqdbbamqZywfhpbbgZebp_Ovx
Yk^_eZeZqlhlhg_lZd"
G_lIhfbemcf_gyZ[khexlghgbq_]h_]hdeudb\gh\vm^ebgbebkvgh\wlhljZag_gZim]Zeb
f_gyZ\ha[m^bebOvxijhlygmejmdmbmkZ^bef_gyk_[_gZdhe_gbIh^o\Zlb\f_gyih^kfylu_
djuevyl_kg__ijb`Zedk_[_Yijhklhlug_fh`_rvijh^he`ZlvlZdh_^_eZlvb`^Zlvqlhy
khojZgxdhgljhevgZ^kh[hc
L_i_jvfh_l_ehijb`bfZehkvd_]hbyhsmsZeZ`Zjbkoh^ysbchlqe_gZOvxih^fhbfb
[z^jZfb
Yg_fgh]hihzjaZeZh[gyeZOvxaZr_xbijb[ebabeZkvd_]hebpm
AgZqbllhqlhy^_eZeZ[uehijbylgh"
G_\_jhylghaZ\_jbeOvx?]h]eZaZk\_jdZebih^h[ghfZydZfGhk_cqZky`_eZxaZp_eh\Zlv
l_[y
Yfh]mkijZ\blvkykwlbfijhbag_keZybkdehgbeZkvgb`_
HgaZimklbejmdm\fhb\hehkubijb`Zekyjlhfdfh_fmFuklmdgmebkvam[ZfbZihlhf
ijbkihkh[bebkvOvxkfZdh\Zefhb]m[ubyiha\hebeZ_fm\aylvbgbpbZlb\mgZk_[ygZg_dhlhjh_
\j_fy
Yijh\_eZjmdZfbihr__Ovxbihl_j_[beZ\hehkuihdZ_]hjhll_jaZefhcFg_gjZ\behkv
p_eh\ZlvkykOvxBg_\Z`ghqlhwlh[uebg_g_`gu_eZkdh\u_ijbdhkgh\_gby]m[
Ovxp_eh\Zef_gylZd[m^lhohl_eih]ehlblvbebgZklZg_ldhg_pk\_lZ_kebhgihp_em_lf_gy
g_^hklZlhqgh`_kldh
Bwlbihp_emb^mjfZgbebbhlgbokeZ[_ebdhe_gbYfh]eZqZkZfbijhklhp_eh\Zlv_]hbfg_[ueh
[ufZeh
IhdZfup_eh\Zebkvyba\b\ZeZkvkb^ygZgzfhehkugZ]jm^bOvxijbylghs_dhlZebfhbkhkdb
HghlkljZgbekyjZaju\Zyihp_emcbyijhl_klmxs_aZfmjeudZeZhldju\Zy]eZaZ
Ovxmkf_ogmeky
?kebkh[bjZ_rvky[ulvk\_jomJZc^_jyohqmqlh[ululh`_hsmlbeZ[eZ`_gkl\hhgiheh`be
jmdbfg_gZlZebxijbih^gyebyhdZaZeZkvijb`ZlZd\_jrbg__]hqe_gZ
YaZ^hogmeZkvhlhsms_gby_]hlheklhc]hjyq_c^ebguf_`gh]
Hgg_ihkZ^bef_gyyijhklhaZ\bkeZgZ^_]hkl_j`g_f
:dh]^Zy\gh\vklZeZ^\b]Zlvkyhgl_jkyhfh__kl_kl\hdZdihklhyggh_gZihfbgZgb_YaZklhgZeZb
\gh\v^\bgmeZ[_^jZfbgZkeZ`^Zykvhsms_gbyfb
?s_
ujZ`_gb_ebpZOvx[uehg_\_jhylghgZijy`_ggufdh]^ZhggZ[ex^ZeaZfghckeh\ghobsgbd
hlq_]hyaZ^jh`ZeZZfhbkhkdbaZl\_j^_eb;uehqlhlhwjhlbqgh_\hkhagZgbblh]hqlhOvx
gZklhevdhhiZk_ggh\k_`_g_fh`_lijbqbgblvfg_[hevDZdi_j_\_jlurykbevg__
\ughkeb\__Deudbbdh]lbOvxg_fh]ebjZgblvfhxdh`m
i_j\u_\`bagby^bdhbg_e_ihjZ^h\ZeZkvlhfmqlhy\eyxkvi_j_\_jlur_fZg_ijhklh
q_eh\_dhfY`_klq_ih\_eZ[_^jZfbihlbjZykv\\_job\gbahkl_j`_gvOvx[m^lhih^^jZagb\Zy
OvxaZklhgZeb^\bgme[_^jZfbGZwlhljZahgihlzjkyh[f_gyZg_gZh[hjhl
JZc^_jl_[_gjZ\blkyhsms_gb_fh_]hl_eZijb`bfZxs_]hkydl\h_fm"
Y\koebigmeZbdb\gmeZ\ke_imxbsZjhlOvx@_eZy[hevr_ihp_em_\
;hevr_]em[hdboihp_em_\eZkdyaudhf\l_fi_^\b`_gbcqe_gZihfh_cm\eZ`gb\r_ckyiehlb
Yh[ebaZeZbke_]dZijbdmkbeZebgbxq_exklbOvxijh^he`Zy^\b]Zlv[_^jZfbihqe_gm
F_gyk\h^behkmfZhsms_gb_^\b`_gbyklj_`gyf_`^mgh]Y`_eZeZ[hevr_]hohl_eZqlh[uwlh
^ebehkv\_qgh
JZc^_jijhklhgZeOvxaZ^uoZykvJZc^_jFhyJZc^_j
DZ`^ucjZaijhbaghkyfh_bfyOvxkdhevabfihfh_ckibg_jmdZfbih]eZ`b\ZylZf]^_djuevy
ijhjZklZebbaehiZlhdIhlhfhg^\bgmekygb`_bih]eZ^beihykgbpmlZfhldm^Zjhko\hklB
kdhevagmedihid_`_kldh_zh[o\Zlb\
FffG_\_jhylghijbylgh_hsms_gb_YjZkdZqb\ZeZkvih^_]hjmdZfbbijbdmkbeZfhqdmmoZOvx
fhb^\b`_gbyklZgh\bebkvg_bklh\ufbYgm`^ZeZkv\g_fbohl_eZ[hevr_]h\k_]h
�ZOvxH^Z
Hg\gh\vgbadhaZjuqZe`b\hlgufjudhfk\h^ysbfkmfZ
Wlh[uea\mdbkoh^ysbchlfm`qbgudhlhjuckljm^hfm^_j`b\Z_lk_[yih^dhgljhe_fbfg_wlh
gjZ\behkvOvxkdehgbekyihl_jky]m[Zfbhfh_moh
JZc^_jlulZdZy\eZ`gZyYfh]mhsmsZlvl\hx\eZ]mgZk\h_fqe_g_Lu\ha[m`^_gZ"
YaZklhgZeZhl_]hkeh\Fh]eZebyih^mfZlvqlhjuqZgb_Ovxklhevk_dkmZevgh"Ghhghgbqlhih
kjZ\g_gbxk]jyagufbkeh\_qdZfb
L_[_gjZ\blkygZkdhevdhy\eZ`gZy"
�ZaZie_lZxsbfkyyaudhfijh]h\hjbeOvxYihqm\kl\h\ZeZdZd_]hdh]lb\ibebkv\fhb
y]h^bpuijhrebkviho\hklmby\gh\vihjZ^h\ZeZkvgZebqbxq_rmbWlhgZihfbgZ_lfg_hlhf
qlhyihdZl_[yg_bkke_^h\Ze
Ho\u^hogmeZyYohqmbkke_^h\Zgby
L_i_jvdh]^ZOvxmihfygmeh[wlhfyijZdlbq_kdbaZ^jh`ZeZhl\heg_gbyijbh^ghclhevdhfukeb
h[bkke_^h\Zgbb
Lh]^Zyohqmqlh[ulue_]eZgZkibgmbykfh]^hkulZgZkeZ^blvkyl\hbfl_ehf
L_[_g_gZ^hijhkblv^\Z`^uyihke_^gbcjZa^\bgmeZ[_^jZfbgZ_]hkl\he_aZl_fke_aeZk
dhe_gKdhevagm\gZf_oZyk_eZih^lygm\ih^k_[ygh]bb`^ZeZDZdluf_gyohq_rv"
Dfh_fmm^b\e_gbxOvxh[o\Zlbefhbeh^u`dbbihlygme\i_j_^
Y\kdjbdgmeZbiexogmeZkvgZkibgmiZ^_gb_kfy]qbebf_oZbdjuevy
O\hklhdZaZeky\eh\mrd_ih^[_^jZfbqlhohjhrhihlhfmqlhhg\beyeYg_h`b^ZeZklhev
[_kp_j_fhggh]hh[jZs_gby
k_jZa^jZ`_gb_bkq_aehdh]^ZyjZa]Z^ZeZieZgOvx
Hgih^lygmef_gy\i_j_^ihdZfhbrbjhdhjZa\_^_ggu_[_^jZg_hdZaZebkvm_]hgZdhe_gyoZy
e_`ZeZgZkibg_\_jrbgdbfhbo]jm^_clhjqZeb\\_jo:OvxemdZ\hmeu[Zeky
Ij_djZkgh_aj_ebs_kdZaZehg
Hl_]hkeh\ym^h\e_l\hj_ggh\a^hogmeZbijbdjueZ]eZaZe_gb\hihlygm\rbkv
Hlwlh]h^\b`_gby]jm^vijbih^gyeZkvb\wlhlfhf_glyhsmsZeZk_[ydjZkb\hcdZdijhklZy
K_cqZkykh[bjZxkvijbdhkgmlvkydl_[_jmdZOvxijhreZkvihfh_clZebb
Lhevdhd`b\hlm"jZahqZjh\ZeZkvy
Ovxofudgme
G_l_ji_eb\ZyYlhevdhgZqZeghijh^he`beeZkdZlvlZf`_]^_bij_`^_ZgZ_]hebp_
ihy\behkv\ujZ`_gb_kbevg_cr_cdhgp_gljZpbb
Yba\b\ZeZkv`_eZyqlh[uOvxijbdhkgmekydl_ff_klZfdhlhju_bagu\Zebhl\ha[m`^_gbyLZd
g_q_klgh
Ovxl_[_ihgjZ\behkvdh]^Zyljh]ZeZl\hcqe_g"
hl\_lhgaZjuqZegZqZ\]eZ^blvfhc[hd[he__j_rbl_evgh
:dZdgZkq_llh]hdh]^ZyeZkdZeZl_[yyaudhf"m]h\Zjb\ZeZyL_[_g_ihgjZ\behkv"Beb
dh]^Zy\ly]b\ZeZl_[y]em[hdh\jhl
H^gZ[hevrZyjmdZijb`ZeZkvdfh_fm[m]hjdm
Luwlh]hohq_rv"
YaZklhgZeZih^gbfZy[_^jZ
H^Z
Hkgh\Zgb_eZ^hgbOvxe_]ehijyfhgZfh__kl_kl\h
A^_kv"
Ydb\gmeZijbdmku\Zy]m[m
:dZdgZkq_l]jm^b"Qlh_kebyohqmih^jZagblvl\hbkhkdbbkfhlj_lvdZdhgbl\_j^_xl"
H^_jadb_keh\_qdbYihlygmeZkvdk\h_c]jm^bbh[o\ZlbeZ__dZdOvxkh[bjZekyk^_eZlv?]h
rbiys__^uoZgb_bhl[e_kddhrZqvbo]eZa]h\hjbehlhfdZd_fmihgjZ\behkvwlh^\b`_gb_
hllZd"kijhkbeZy
Bf_gghijhjuqZeOvxIjbdhkgbkvdk\h_c]jm^byohqmihkfhlj_lvb_]hiZe_pkdhevagme
f_`^mfhbfb\eZ`gufbe_i_kldZfb
YaZklhgZeZhldbgm\]heh\mgZaZ^[m^lhwlhdZdlhfh]ehaZklZ\blv_]hijbdhkgh\_gb_^hklb]gmlv
\k_ogm`guof_klIZevpZfbyh[o\ZlbeZk\hbkhkdbbihdhjghmsbigmeZbo
OvxgbadhaZklhgZeb_]hiZe_pijhgbd]em[`_^\b]Zykvf_`^mkdeZ^hd
YaZlZbeZ^uoZgb_ihdZOvxih]eZ`b\Zef_gyf_`^m[_^_jbamqZy
HgeZkdZeqm\kl\bl_evgu_kdeZ^dbg_`ghijh\h^yihgbfdh]lyfbY\a^jZ]b\ZeZhldZ`^h]h
ijbdhkgh\_gbyl_eh^jh`Zehhlg_`guo^\b`_gbc
AZl_fhg^h[jZeky^hdeblhjZ
J_adbc\kie_kd`_eZgbyjZaebekyihfg_YgZijy]eZkvaZ^uoZykvbgZijhqvaZ[ueZheZkdZo]jm^b
k_fh_kms_kl\h\g_aZighkhkj_^hlhqbehkvgZfZe_gvdhclhqd_m^h\hevkl\by
OvxaZf_lbefhxj_Zdpbx
YihfgxdZd\b^_ewlh\nbevfZodhlhju_lufg_ihdZau\ZeZijh[m[gbehgFm`qbgZljh]Ze
a^_kv`_gsbgmwlhlfZe_gvdbcmqZklhdiehlbbhgZkoh^beZkmfZhl`_eZgbyYihkqblZewlh
m^b\bl_evgufihlhfmdZd\fh_fl_e_lZdhcrlmdbg_l
G_aZ[u\Zyhk\hbodh]lyoOvxZddmjZlghih]eZ^befhcdeblhjgZ[ex^ZyaZfghck[e_kdhf\
a_ezguo]eZaZoY\koebigmeZih^gbfZy[_^jZZjmdZfbk`ZeZ]jm^vklbkdb\Zydh`mk_fh_l_eh
gZijy]ehkvklZehgZlygmlufdZdl_lb\ZemdZ\b[jbjmyhl`_eZgbyY\gh\vijbih^gyeZ[_^jZ
Ih`ZemcklZOvxmfheyeZy;hevr_
JZc^_jlulZdZy\eZ`gZyih^fhbfbiZevpZfbYijbdZkZxkvdl_[_Fhydh`Zkdhevablihl\h_c
_]hiZe_pdjm`beihfh_fmdeblhjmhklhjh`ghg_aZ^_\Zydh]l_fb^h\h^y^h[_amfby:l\hc
aZiZok\h^blkmfZ
Hgm[jZejmdmhlfh_]hehgZYaZogudZeZ\ijhl_kl_ghm\b^_eZdZdOvxih^gyejmdmdebpmb
\lygmeaZiZo
Y^he`_gihijh[h\Zlvl_[y\u^hogmehg:aZl_fh[ebaZeiZevpubaZklhgZehlihlj_[ghklb
KeZ^dbcdZdg_dlZjh[h`ZxMl_[yg_\_jhylguc\dmk
Lmiufbgh]lyfbyihlygmeZkhkdbaZ^uoZykvhlkeh\Ovx
Fukevhg_fkebau\Zxsbffhx\eZ]mkhk\hboiZevp_\k\h^beZkmfZlZd`_dZdbiZevpu
^jZagysb_deblhj
;hevr_\u^hogmeZyFg_gm`gh[hevr_
Hgi_j_f_klbekyfhbjZa^\bgmlu_gh]b^\b]Zebkvih\ha^momihdZhg\ulZkdb\Zek\hbgh]bbaih^
f_gyAZl_fOvxlhedgmef_gygZf_oZHldju\]eZaZyba^ZeZ[_kkeh\_kguca\mdijhl_klZ
YjZkiZogmeZ]eZaZlhevdhqlh[um\b^_lvdZdOvxkdehgy_lkygZ^hfghc?]hjmdbrbj_jZa^\bgmeb
gh]bbhghimklbe]heh\mdfhbf[_^jZfYaZklhgZeZhlm^b\e_gbyhsmlb\^uoZgb_gZk\h_fehg_
Kimklyf]gh\_gb_Ovxg_`ghjZa^\bgmekdeZ^dbHl_]hklhgZgZkeZ`^_gbyy[hevr_m\eZ`gbeZkv
Gbdh]^Zg_hsmsZeaZiZoZ[he__ijbylgh]hJZc^_jYkh[bjZxkvijbdhkgmlvkydl_[_jlhf
Y\a^jh]gmeZijboh^y\\hklhj]hllh]hqlhhgkhh[sZefg_hdZ`^hfk\h_f^\b`_gbb
YkdhevagmeZjmdZfbhl]jm^bd]heh\_OvxbsZ_]h\hehkuBkimklyk_dmg^maZimklbeZiZevpu\
gboihdZhggZdju\Ze]m[Zfbfhxiehlv
KgZqZeZOvxg_m\_j_ggh^\b]Zeyaudhf[m^lh`_eZym^hklh\_jblvkyqlhyg_\hajZ`Zxijhlb\
lZdhcbglbfghceZkdb?fmg_klhbl[_kihdhblvkygZkqzlwlh]h
DZdlhevdhhgdhkgmekyjlhffh_]hdeblhjZy\lygmeZ\ha^mo\h`b^ZgbbiZ^Zxsboa\_a^kg_[_k
Ghg_^h`^ZeZkvHsms_gbyihgZqZem[uebkljZggufbbydZqgmeZ[_^jZfbaZ^Z\rbkv\hijhkhfZ
g_ijhimklbeZebyqlhgb[m^v
Ijb`bfZykvdfh_ciehlbOvx]hjlZgghklhgZehlgZkeZ`^_gbyb_]hm^h\hevkl\b_h[hkljyehfh_
Ihlhf_]hyaudijh\_eihfh_fmdeblhjmkgh\ZbyihgyeZqlhhg[uer_jrZ\uckh\k_fdZdm
dhrdb
Ovxkkbehcebagmefhxiehlvb\g_aZighyihqm\kl\h\ZeZ[m^lhdZ`^uc^xcf_]hyaudZ
\ha[m`^Z_lfhbg_j\gu_hdhgqZgby
YZogmeZihljyk_ggZygZkdhevdhohjhrb[uebhsms_gby
Ovxm^h\e_l\hjzgghklhgZeijh^he`ZyebaZlvbihkZku\Zlvfhcdeblhj
Y\gh\vaZklhgZeZih^fZob\Zy[z^jZfbgZ\klj_qmdZ`^hfm^\b`_gbxyaudZOvxihfh_ciehlb
H;h`_dZd\hkoblbl_evghijh[hjfhlZeZyihgbfZyqlhijhbag_keZwlh\kemo
Mf_gyg_[ueh\j_f_gbqlh[ukfmsZlvkyihlhfmqlh\hh^mr_\e_ggucOvxgZqZeebaZlvf_gy
kbevg__b[uklj__
G_bf_ehagZq_gbyqlhyi_j_\_jlurG_^eyOvxHgex[beb^bdh`_eZef_gyg_aZ\bkbfhhl
lh]hdZdy\u]ey^_eZ
Fukev[ueZklhev`_hivygyxs_cdZdb_]hyaudgZfh_fl_e_
ijb`bfZefhb[_^jZdk\hbfie_qZfm^_j`b\ZygZf_kl_qlh[uijh^he`blvk\h[h^gh\uebau\Zlv
f_gy
GZf]gh\_gb_Ovxijbih^gye]heh\mbihp_eh\Zefhc[m]hjhd
JZc^_jl_[_gjZ\blkyqlhy^_eZxk\hbfjlhf"
�Z\koebigmeZy^_jgm\OvxaZ\hehkuiulZykv\gh\vijblygmlv_]h]heh\mdghxs_c\eZ`ghc
iehlb`_eZxs_c_s_\gbfZgbyyaudZfm`qbgu
Yohqmijh^he`ZlvdZkZlvkyl_[yijh[m[gbeOvxaZl_fijbdmkbe\gmlj_ggxxklhjhgmfh_]h
[_^jZWlhl^bdbcgh\k_`_g_`guc`_klihkeZe^jh`vihfh_fmiha\hghqgbdmG_[hcky
Yg_[hxkv\u^hogmeZyGbdh]^ZIjh^he`Zck\hbeZkdbOvx
Y[m^mZddmjZl_gijhbagzkhgbyaZ^mfZeZkvhq_fwlhhgFhf_glkimklyOvxhl\e_df_gy
\gh\vijb`Z\rbkvjlhfdfh_fmdeblhjmb`_kldh_]h\kZku\ZyWlhihqlbhl\e_dehf_gyhliZevpZ
ijb`Z\r_]hkydfh_fmy^jm
Ihqlb
Y^_jgmeZkv\kdjbdb\Zyhlhsms_gby\lhj]Zxs_]hky\f_gyiZevpZKimklyf]gh\_gb_yihgyeZ
qlhwlhg_ijhklhiZe_pOvxkh]gme_]hihfgyhk\hbodh]lyo
Bhg[uelheklufbgZklhcqb\ufZfhyiehlviehlgh_]hk`bfZeZY\gh\v\koebigmeZ
;uehohjhrhghyagZeZqlhwlh^Z`_[ebadhg_klhyehkjZaf_jhfqe_gZOvxghm`_dZaZehkv
kebrdhflm]h
FhyJZc^_j\u^hogmeOvxmfh_c\eZ`ghciehlbb\gh\v`_kldhijh\_eihg_cyaudhfFhy
ex[h\vL\h_l_ehm^b\bl_evghYg_fh]ijhkblv[hevr_]h^eyk\h_ciZju
IZjZ"LZdbfh[jZahfihke_\k_]hfuklZg_fiZjhc"Hggbdh]^Zg_ijhbaghkbewlbokeh\ohlyOvx
ijbagZekyfg_\ex[\bbyhl\_lbeZ_fm\aZbfghklvxYohl_eZkijhkblv_]hh[wlhf
GhyaudOvxj_adhijhr_ekyihfh_fmdeblhjmby\^jm]dhgqbeZhj]ZafgZdjuef_gykeh\gh
m^ZjgZy\hegZY]jm[h\ibeZkvgh]lyfb\]heh\mOvxijb`bfZy__dk\h_fmehgmihdZ\k_fh_
l_ehk`bfZehkvih^kbehchk\h[h`^_gby\gmlj_ggb_fmkdmeuk`bfZebiZe_pOvxDZaZehkvwlh
[m^_l^eblvky\_qgh
OvxjuqZijh^he`ZeebaZlvf_gyr_jrZ\ucyaud^\b]Zekyihiehlbby\k_dhgqZeZbdhgqZeZb
dhgqZeZihdZ[_^jZkm^hjh`ghih^_j]b\Zebkvhlhl]hehkdZhj]ZafZZdjbdbij_\jZlbebkv\lbob_
klhgubklhs_ggu_hk\h[h`^_gb_f
Ly`_eh^urZyhlimklbeZOvxbhg_s_jZaijbdmkbefh_[_^jh
Dh]^Zhgih^gyef_gyyh[o\ZlbeZjmdZfb_]hr_xbaZijhdbgmeZ]heh\mijbgbfZygZklhcqb\uc
ihp_emc\dhlhjhfOvxijb`Zekydfh_fmjlm
?]h]m[u[ueb\eZ`gu_bkhehgh\Zlu_hlfh_]h\dmkZbye_gb\hijh\_eZk\hbfyaudhfih_]h
G_\_jhylgh_hsms_gb_hkoblbl_evgh_
Am[ZfbOvxijbdmkbefhx]m[mAZl_fijh\_eihg_cyaudhfh[ebau\Zyf_klhmdmkZ
Hlwlh]hihfg_ijhr_ekykljZgguclj_i_lMdmkubpZjZiZgv_am[Zfbg_kfhljygZh]jhfgu_
deudbg_ijbqbgyeb[hebKlhblih[eZ]h^Zjblvfh_]hi_j_\_jlurZaZwlhOvxijh^he`Ze
hkuiZlvfh_ebphihp_emyfb^\b]Zykv\ur_ihhkljufkdmeZfb^Z`_ihjh`dZfgZfh_fe[m
Dh]^Zhgebagmehkgh\Zgb_dZ`^h]hjh]Zym^b\beZkvklhgmgZkeZ`^_gbykhj\Z\r_fmkykfhbo]m[
DlhagZeqlhjh]Zfh]ml[ulvp_gljhfm^h\hevkl\by"LZdfgh]h\k_]hgm`ghbkke_^h\Zlvbg_klhbl
JmdZfbOvxh[o\Zlbefhxihidmbijb`Zedk_[_YhsmlbeZ_]hqe_gijb`bfZxsbckydfh_fm
`b\hlmihqm\kl\h\ZeZ\eZ`gucke_^hklZ\e_ggucgZfh_cdh`_
JZc^_jijhklhgZehgLufh`_rvijbgylvf_gy"
YaZ^jh`ZeZhldju\Zy]eZaZb\]ey^u\Zykv\_]hgZijy`_ggh_h[_kihdh_ggh_ebphFhb[_^jZgueb
hlg_^Z\g_]hhj]ZafZbyhsmsZeZ\eZ]mf_`^mgh]Fg_[uehohjhrhlZdohjhrh
GhOvx\u]ey^_ehaZ^Zq_ggufHg[hevrhcZfulhevdhqlh^hdZaZebgZkdhevdhymadZyDhg_qgh
\k_ihemqblvkymdZ`^h]h[uek_dkghwlh[m^_lq_jlh\kdb[hevgh
IhdZydhe_[ZeZkvOvxijh^he`Zep_eh\ZlvbeZkdZlvf_gy_]hjhl^\bgmekydfh_fm]hjemHg
ebaZefhxdh`maZl_fijh\_e^ebggufbdeudZfbihg_cihkueZyhq_j_^gmx^jh`vm^h\hevkl\by
ihfh_cr__JmdhcOvxh[o\Zlbefhx]jm^vbeZkdZe__
Y[m^mg_`_gijhr_ilZeOvx
wlhlfhf_glyihqm\kl\h\ZeZk_[yw]hbkldhc
Dhg_qgh[m^_rvkdZaZeZyaZ^hogm\rbkvdh]^Z[hevrbfiZevp_fOvxaZ^_efhckhkhd
;m^lh[uhg[ueihehgj_rbfhklb\gh\vaZ\_klbf_gybwlhmg_]hohjhrhihemqZehkv;_amfgu_
gZklhcqb\u_ijbdhkgh\_gbyOvxaZklZ\eyebf_gy\gh\v\ha[m`^Zlvky_]h`_\ha[m`^_gb_[ueh
hkyaZ_fh\\ha^mo_Yijb`ZeZkvdOvxh[h`Zyijbdhkgh\_gby
DZdluf_gyohq_rv"
Ym\b^_eZ[e_kd\_]h]eZaZoihdZhgh[^mfu\Zefhbkeh\Z
Ih\_jgbkv
HoYhsmlbeZijbeb\\heg_gbyHgkh[bjZeky\aylvf_gykaZ^b"Y\ukdhevagmeZba_]hjmdg_[_a
g_[hevrh]hijhl_klZg_`ghihp_eh\Z\bihl_jrbkvh_]hl_eh
AZl_fyihdhjghih^klZ\beZ_fmkibgmbOvxke_]dZlhedgmefhbie_qb\i_j_^YgZdehgbeZkv
ihdZg_hi_jeZkvgZehdlbaZ^bjZy\\_jo[_^jZ
Ohjhrhqlhykfhlj_eZ\i_j_^ihlhfmqlhkbevghihdjZkg_eZYqm\kl\h\ZeZk_[yg_aZsbs_gghc
jZkdjulhcb\ha[m`^_gghc\lZdhciha_
JmdhcOvxijh\_eihfhbf[_^jZfby^_jgmeZkvh`b^Zgb_f_gygZijy]ZehF_`^mgh]y\gh\v
hsmsZeZ[hevbklZeZ\eZ`ghcqm\kl\himklhlu\_jgmehkv
g_aZighfg_klZeh\k_jZ\ghqlhOvx[hevrhcYebrvohl_eZqlh[u]eh`msmximklhlm
aZihegbeOvxYgZdehgbeZkv\i_j_^g_fgh]h[hevr_jZa^\b]Zygh]baZl_fihhsjyxs_ihdjmlbeZ
[_^jZfb
IhaZ^bf_gyOvxaZklhgZe
JZc^_jluk\h^brvf_gykmfZ
Ohjhrh\u^hogmeZy:l_i_jv^Z\Zc\oh^b\f_gy
OvxgbadhaZjuqZe^h\hevgucfhbfbkeh\ZfbYqm\kl\h\ZeZdZdhg^\b]ZekygZf_oZoihaZ^b
f_gyZaZl_f_]h[hevrh_l_ieh_l_ehijb`Zehkvdfhbf[_^jZf
YhsmlbeZdZd_]hkl\hekdhevagmeihfh_fmehgmbybah]gmeZkviulZykvihl_j_lvkyh[g_]h
Ovxijh\_eiZevpZfbihfhbf\eZ`gufkdeZ^dZfY\kdjbdgmeZhlg_h`b^ZgghklblZdh]h
ijbdhkgh\_gbyaZl_faZklhgZeZdh]^Zhgijbdhkgmekyqe_ghfdfh_fm_kl_kl\mbgZqZe\h^blvbf
f_`^mkdeZ^dZfb\i_j_^bgZaZ^
&#xhk;&#xob;&#xlb;&#xl_;&#xev;&#xgu;&#xOv;&#xx;�HgkfZau\Zek\hckl_j`_gvfhbfbkhdZfbMfgucOvxhkoblbl_evgucOvxjZagysbc
`_eZy[hevr_]h
Lh]^Zh^gZ[hevrZyjmdZe_]eZfg_gZ[_^jhm^_j`b\ZygZf_kl_
G_^\b]ZckyJZc^_jlZdyg_k^_eZxl_[_[hevgh
Byihqm\kl\h\ZeZqlhhgkgh\Zi_j_f_klbek\hc\_k
Ydb\gmeZFhb[_^jZ[uebjZa\_^_gubyhsmlbeZdZdqe_gOvx\gh\vihlzjkyhfhxiehlvaZl_f
ijb`Zekydh\oh^m
YaZklhgZeZ_s_]jhfq_hlwlh]hhsms_gby;h`_lZdaZf_qZl_evgh_]hqm\kl\h\ZlvZhg_s_^Z`_
g_\hr_e\f_gy
=heh\dZqe_gZijb`ZeZkvdfh_fmy^jmZaZl_flhedgmeZkv\gmljvebrvqmlvqmlv
YihfhjsbeZkvqm\kl\mylm]h_^Z\e_gb_dZdjZalh]^ZjuqZgb_OvxklZeh]jhfq_Hgy\gh
gZkeZ`^ZekywlbflZdqlhfg_ijhklhgm`ghihl_ji_lv
Dkh`Ze_gbx^Z\e_gb_klZehgZjZklZlvihdZOvxijh^he`Zeijh^\b]Zlvky\i_j_^by\hgabeZ
gh]lb\eZ^hgb[hevr_g_gZkeZ`^Zykv
;hevghYagZeZqlhlZd[m^_lghihgbfZgb_bi_j_`b\Zgb_^\_jZagu_\_sbYgZijy]eZkv
]hlh\ykvd[hevr_c[heb
JZc^_j"\u^hogmehgihke_^he]h]h[he_ag_ggh]hfhf_glZDZdluk_[yqm\kl\m_rv"
Y^_j`mkvhl\_lbeZyohly^Z\e_gb_i_j_reh\``_gb_b\gmljb\hagbdehhsms_gb_[m^lh
qlhlhkebrdhfh]jhfgh_\ibogmeb\hqlhlhkebrdhffZe_gvdh_QlhdZdyiheZ]ZeZb
ijhbkoh^behLuiheghklvx\hr_e"
Ovx\u^hogmebhlkljZgbeky
Y_^\Z_^\Zijhgbd\gmljvMgZkg_ihemqblvky
LZdZy[hevZijh]j_kkZg_l"YhsmlbeZijbklmi[_kihdhckl\ZIheZ]ZxlZd[u\Z_ldh]^Z^\Z
^_\kl\_ggbdZiulZxlkyebrblv^jm]^jm]Z^_\kl\_gghklb
LukbevghlhedZeky"
YagZxdZdlhedZlvJZc^_j
HgdZaZekyjZa^jZ`_ggufbjZkkljh_gguf
�mfZ_rvwlhihlhfmqlhyi_j_\_jlur"Y\^jm]aZ\hegh\ZeZkvqlhfh_l_ehg_ih^oh^beh^ey
OvxQlh_kebi_j_\_jlurbkebrdhffZe_gvdb_"
�mfZxykebrdhf[hevrhcOvxjZa^jZ`_gghijhjhdhlZeYg_ohqmijbqbgblvl_[_[hev
Ovxy^_\kl\_ggbpZWlh\ex[hfkemqZ_[m^_l[hevghyk_eZbihlygmeZkvgZaZ^qlh[u
ijbeZkdZlvOvxfhyjmdZijhreZkvih_]hwj_]bjh\ZgghfmgZijy`_gghfmqe_gmHlwlh]h
ijbdhkgh\_gbyOvxaZrbi_ebyihqm\kl\h\ZeZk_[y\bgh\ZlhcL_[_lh`_[hevgh
GZf]gh\_gbyy\hag_gZ\b^_eZqlhfuh[Z^_\kl\_ggbdbq_jl\havfbH^bgbagZk^he`_gagZlv
[hevr_hlhfq_ffuaZgbfZebkvG_j_rbl_evghklvkh[_boklhjhglhevdhebrvmkm]m[eyeZ^_eh
Yg_ohqm^_eZlvl_[_[hevghJZc^_jg_j\ghkdZaZehgbyihqm\kl\h\ZeZqlh_]hjmdZ
ijb`ZeZkvdhfg_OvxeZkdZefhc`b\hlaZl_fkdhevagmegb`_aZ^_\Zykgh\Zfhc[m]hjhd
AZklhgZ\yhldbgmeZkvgZaZ^dh]^Zhgijbdhkgmekydhfg_
Fg_[m^_l]hjZa^h[hevg___kebfug_ba[Z\bfkyhlfh_c^_\kl\_gghklbOvxIh`ZemcklZ
�Z\Zcijhklhk^_eZ_fwlhohjhrh"H[_sZxkhfghc\k_[m^_l\ihjy^d_
OvxhlqZygghihp_eh\Zef_gy\]heh\mqmlv\ur_jh]h\AZl_fhlimklbef_gy
YihkemrghlZdbk^_eZeZiulZykvg_gZijy]Zlvkykgh\Z\klZ\gZq_l\_j_gvdbHi_jrbkvgZehdlb
yaZ^jZeZ\\_jo[_^jZ=hlh\ZyaZdhgqblvkwlbf
Ovxih]eZ^bejmdhcfh_[_^jhbaZl_fkdhevagmef_`gh]Y\lygmeZ\ha^modh]^Z_]hiZe_p
ijhr_ekyihdeblhjm^jZagy_]h
Ovx\kdjbdgmeZy^\b]Zy[_^jZfbF]gh\_ggh_`_eZgb_ho\Zlbehf_gybyaZklhgZeZrbj_
jZa\_^y[_^jZbijh^he`Zy^\b]ZlvbfbihdZOvxljh]Zefhcdeblhjdhlhjucm`_klZe
qm\kl\bl_evgufihkueZyihfg_^jh`vm^h\hevkl\by
YhsmsZeZ]hlh\ghklvOvxdZdhg\gh\vijb`bfZek\hcqe_gdfh_fm\oh^mYgZijy]eZkvghOvx
ijh^he`Zeih]eZ`b\Zlvfhcdeblhjbwlhhl\e_dZeh
L_i_jv^Z\e_gb_qe_gZOvxgZfhc\oh^aZklZ\eyeh`_eZlv[hevr_]hbyih^\b]ZeZ[_^jZfb
lhedZykvbfbgZaZ^
Ovxkrbi_gb_f\lygme\ha^mo
JZc^_j
�Z\Zc`_yklhgZeZIjhgbdZc]em[`_IhdhgqbkwlbfIh`ZemcklZOvx
Hgju\dhfih^Zeky\i_j_^\hc^yihkZfu_ycpZ
Y\kdjbdgmeZhlg_h`b^Zgghklbhsms_gbckiurdZ[heb\hagbdrZyjZg__[ukljhbkq_aeZ
hklZ\eyyg_\_jhylgh_hsms_gb_gZiheg_gghklbLZdhc\hkoblbl_evghcgZiheg_gghklb
:o\a^hogmehgbymkeurZeZfgh`_kl\hwfhpbc\_]h]hehk_
IhljykZxs__hsms_gb_Qm\kl\h\ZlvOvx]em[hdh\k_[_m\e_dZl_evgh_b]em[hdh_
m^h\e_l\hj_gb_Ykh\k_fg_^\b]ZeZkviulZykvjZah[jZlvky\qm\kl\Zoijhghkysbokyihfh_fm
l_em
DZdfh`_l[ulvqlhhsmsZlvdZdmxlhqZklvl_eZ^jm]h]hq_eh\_dZ\gmljbk_[ylZdijbylgh"B\k_
`_q_jlh\kdbijbylgh
Yfgh]h_mimkdZeZ
IZevpuOvxgZfh_fdeblhj_ijh^he`ZebjZa`b]Zlvh]hgv\fh_fl_e_bdfh_fmm^b\e_gbxlZd
`_[ukljhjZa`b]Zym^h\hevkl\b_
Hsms_gb_Ovx]em[hdh\fh_fl_e_^h[Z\behkh\_jr_gghgh\ucmjh\_gvdqm\kl\Zf?sz
g_kdhevdh^\b`_gbciZevpZfby\gh\vaZklhgZeZ
JZc^_j"
Fh_bfyijha\mqZehfy]dbf\hijhkhfk_ebkhfghcohjhrh";hevghebfg_"
Ijh^he`ZcOvxyaZ^uoZeZkvY\ihjy^d_
HghlijygmebyhsmlbeZdZdkgh\Zlhedgmeky\i_j_^
gh\vyhsmlbeZj_adbcijbklmi[hebghm`_f_gvr_cq_fij_`^_Dh]^ZOvxlhedgmeky\lj_lbc
jZayg_ihqm\kl\h\ZeZgbq_]hdjhf_bgl_j_kgh]hhsms_gbykh\_jr_gghcgZiheg_gghklb
k_ohjhrh"kijhkbeOvxgZijy`_gguf]hehkhf
Emqr_q_fohjhrhkh]eZkbeZkvyih^gbfZy[_^jZdh]^Zhg\gh\vlhedgmekyiha\heyyk\hbf
^_ckl\byf\ujZablv[hevr_q_fkeh\Zfb
Ovxih^jZagbeiZevpZfbfhcdeblhjby\kdjbdgmeZhlm^h\hevkl\byfqZs_]hkyihfg_iZevpugZ
gh]Zoih^h]gmebkv\ijb[eb`_gb_hq_j_^gh]hhj]ZafZ
H;h`_fhchsms_gbyOvx\oh^ys_]h\f_gyijbwlhfb]jZxs_]hkfhbfl_ehfk\h^behkmfZ
gZijy]ehkv\kie_kdm^h\hevkl\by\gh\vijhg_kkyihfg_
Ihke_fh_]hhj]ZafZOvxjZkdj_ihklbeky
?]hiZevpuhklZ\bebfhxiehlvb\g_aZighh[_jmdb[uebihh[_klhjhgufhbo[_^_j
Ovx^\b]Zeky\hfg_m^_j`b\Zyk\hbfbjmdZfbAZl_f[m^lhg_fh]k_[yhklZgh\blvhgklZe
^\b]Zlvky[uklj__kdZ`^uf^\b`_gb_f
Fh_l_ehkh^jh]ZehkvhldZ`^h]hlheqdZ
Yohl_eZaZijhl_klh\Zlvghre_idb_]hl_eZhfh_aZklZ\eyebjZaeblvkybghcijbylghc[hebf_`^m
[_^_jdZdb_lhfhf_gluy\udjbdb\ZeZbfyOvxgm`^Zykv\hq_j_^ghfhj]Zaf_yjhklghfb
^bdhflZddZdfhci_j\hjh^gucex[h\gbdaZgbfZekykhfghc^bdbfk_dkhf
Hj]Zaf\ahj\Zeky\hfg_dZdk\_jogh\Zya\_a^Zbyo\ZlZeZjlhf\ha^modjbdaZkljye\]hje_ihdZy
ijb`bfZeZkve[hfdf_oZf
Yihqm\kl\h\ZeZdZdOvx\kdjbdgmebaZ^jh`Zekbevghlhedgm\rbkv\f_gyaZl_fjmogmegZf_gy
dhgqb\YhsmlbeZ\hegm_]hhk\h[h`^_gby\gmljbk\h_]hl_eZbmkeurZeZ_]hijhly`gucb^he]bc
\u^ho
BaZl_fhgi_j_dZlbekygZf_oZjy^hfkhfghc
&#xhl;&#xo;&#xhj;&#xhr;&#xh;&#xi;&#xhl;&#xhf;&#xm;&#xql;&#xh;&#xy;&#x_^;&#xZ;&#xh];Z;&#x^;&#xb];&#xZl;&#xvk;&#xy;&#x;&#x^Z;&#xgg;&#xuc;&#xhf;&#x_g;&#xl;�hlbohjhrhihlhfmqlhy_^\Zfh]eZ^\b]Zlvky\^Zggucfhf_glmfZxyajy\hegh\ZeZkvqlh
k_dk[m^_lg_hq_gv?keb[uhg[ueemqr_y[umf_jeZ
Ykf_yeZkve_`ZgZf_oZo
Ovx]em[hdh\a^hogmebihlygme\k\hbh[tylbyijb`bfZyfh_fZe_gvdh_l_ehdk_[_
Kh`Ze__rvhq_fgb[m^v"
Yijb`ZeZkvebphfd_]hl\_j^hc]jm^b\^uoZyaZf_qZl_evgucZjhfZlOvxbgZkeZ`^Zykv
hsms_gb_fkhijbdhkgh\_gbygZr_cdh`b
:[khexlghgbhqzfLu"
Lhqlhg_\ayel_[yjZgvr_
Ex[bfucYijb`ZeZkv[eb`_b\a^hogmeZhlm^h\hevkl\by
=eZ\Z
YijhkgmeZkvkimklydZdh_lh\j_fyhla\mdh\ojZiys_]h[hevrh]hl_eZjy^hfkhfghcbdh]lbklhc
jmdbh[_j_]Zxs_e_`Zs_cgZfh_c]jm^b
Ymeu[gmeZkvg_hldju\Zy]eZa[eb`_ijb`bfZykvdOvxIjbylghijhkuiZlvkyjy^hf\h[tylbyo
fm`qbguY^Z`_g_\hajZ`ZeZijhlb\g_[hevrhchdhkl_g_ehklbboheh^ZhlkujhklbDkh`Ze_gbx
fhq_\hcimaujvb`_em^hdg_`_eZeb[ulvijhb]ghjbjh\ZggufbbyihgyeZqlh\kdhj_ijb^_lky
\klZlv
YkdhevagmeZ[eb`_dOvxbgZldgmeZkvgZ_]hmlj_ggbcklhydFh`_lykfh]m_fmkwlbfihfhqvY
g_aZf_lghihiulZeZkvi_j_\_jgmlvkybkfhbo]m[khj\Zekyklhg[heb
k_gb`_lZebbhg_f_ehb[he_ehYagZeZqlhmg_dhlhjuoex^_c\k_[he_ehihke_wg_j]bqgh]h
k_dkZbiheZ]Zxmf_gylh`_ghwlh[hevr_q_fyh`b^ZeZGZ\_jghfu[uebkebrdhf]jm[u^jm]
k^jm]hf
Ovxlml`_ijhkgmekyijba\md_fh_]h]hehkZb_]hjmdZihlygmeZkvdfh_cs_d_
FffJZc^_j"QlhlZdh_"
Ijhklh\k_gh_lkdZaZeZy_fmihfhjsb\rbkvGbq_]hm^b\bl_evgh]h
kgZjm`bk\_lblkhegp_
Yk^_eZel_[_[hevgh"
�Fg_g_fgh]h[hevghmfZxfui_j_klZjZebkvGh\[m^ms_fkwlbfg_[m^_lijh[e_fbyg_
ohl_eZ[ugbq_]hf_gylvbaijhrehcghqb
Ovx]hjyqhihp_eh\Zef_gy
Yex[exl_[yJZc^_j
Ylh`_l_[yex[exijhbag_keZyhsmsZyl_iehb\hkobs_gb_hl_]hkeh\Gh^Z\ZcgZc^zf
dmklbdbbebqlhlh\wlhfjh^_"Fg_ijhlb\ghjZajmrZlvlZdhcfhf_glgh^_ckl\bl_evghkbevgh
ohqm\lmZe_l
Ovxnujdgmekhkf_oZ
DZdih`_eZ_rv
G_dhlhjh_\j_fykimklyfukimklbebkvki_s_juaZ\h^hiZ^hfbdZ`^ucbkkmrbefhq_\hcimaujv
aZhl^_evgufbdmklbdZfb
Yklhkdhckfhlj_eZgZ\h^m\ijm^mf_gyfmqbeZ`Z`^Zbhsms_gb_[hebb]jyabZhdmgmlvky
\u]ey^_ehlZdaZfZgqb\h
AZl_fy\kihfgbeZkeh\ZOvxham[Zkluoju[Zobj_rbeZqlhfulv_fh`_lih^h`^Zlv^h^hfZ
;hevrZyjmdZh[gyeZf_gyaZlZebxijb`bfZydkibg_djuevybo\hklOvxldgmekyghkhffg_\
mohaZklZ\eyyf_gyktz`blkyhls_dhldb
L_[_klhblijh]meylvkyJZafylvgh]b
YmdZaZeZgZkbfiZlbqgh_ebkl\_ggh_jZkl_gb_jZklms__jy^hfk\h^hc
DZdjZajZa^mfu\ZeZkt_^h[ghebhgh
G_l_kebg_ohq_rvkbevghaZ[he_lv
Wlhg_\oh^bl\kibkhdfhbo^_e[h^jhijhbag_keZyfh_f`b\hl_]^_e_`ZeZjmdZOvx
aZmjqZehyih]eZ^beZjmdmOvx
G_gZ^_xkvqlha^_kv]^_gb[m^v_klvZ\lhdZn_"
G_l?^ma^_kveb[h^h[u\Zxleb[heh\yleb[hhohlylkygZg__
&#xhk;&#xob;&#xlb;&#xl_;&#xev;&#xgh;
&#xm;&#xqb;&#xl;&#x;&#xk; Z; Z;Z;&#xy;&#x;&#xkf;&#xhj;&#xsb;&#xg;&#xhk;&#x;&#x;�hkoblbl_evgha\mqblkdZaZeZykfhjsb\ghkmfZxqlhkfh]mih^h`^ZlvihdZfug_
\_jg_fky^hfhc
ujZ`_gb_ebpZOvxklZehg_ijhgbpZ_fuf
Luohq_rvihclb^hfhckhfghc"G_kh`Ze__rvhijhbahr_^r_f"
Dhg_qghyohqmqlh[uluihr_ekhfghcG_ohqm\ha\jZsZlvky[_al_[yyijhlygmeZjmdmb
ijh\_eZihs_d_OvxujZ`_gb__]hebpZklZehgZijy`_ggufbg_ij_dehggufghyhsmsZeZih^
\k_fwlbfmya\bfhklvHlwlh]hfg_aZohl_ehkv_]hh[gylvFg_gbq_]hg_gZ^h_kebl_[yjy^hf
g_l
Hgih\_jgme]heh\mbihp_eh\ZefhxeZ^hgv
LufhcfbjJZc^_jY[m^mlZf]^_luaZohq_rvqlh[uy[ue
YjZ^Zfy]dhhl\_lbeZyF_gyim]Z_lfukevhklZlvkya^_kvl\hzffbj_\j_fyb^_lih
bghfmbyg_agZxkdhevdhm`_ijhreh\j_f_gbA^_kvhiZkghLuhlj_aZghlh\k_odjhf_n_cjb
Gh_keblug_fh`_rvmclbyhklZgmkvIhdZfu\f_kl_
Ovxijb`Zef_gy[eb`_dk_[_k`bfZyfh_l_eh\dj_idhfh[tylbb
jZgvr_bfg_wlhgjZ\behkv
Ovx_s_jZaihp_eh\Zefhb\hehku
&#xk_;&#xi;&#x_j;&#xh;&#xjh;&#x^g;&#xu_;&#x;&#xg_;&#x[;&#xjZ;&#xlv;&#xy;�k_i_j\hjh^gu_fg_[jZlvyjmavyblh\Zjbsbghyij_^ihq_ebfl_[yG_agZxdZdwlh
kdZ`_lkygZbok_j^pZoGhyg_ohl_e[uqlh[uhgbklZebijbqbghcgZr_]hjZkklZ\Zgby
Yijb`ZeZkvdOvxg_fgh]h[_kihdhykvlZdhfmaZy\e_gbx
G_ohqmqlh[uhgbij_^ijbgbfZebqlhgb[m^v\lZdhfjh^_[hevrhciZj_gv
Lh]^Zy\_jgmkvklh[hc\l\hcfbjjZahqZjh\Zgghijhbag_khg
YhsmlbeZmdhelhkdbhlhlkmlkl\bymOvxwglmabZafZ
L_[_g_gZ\bkl_gfhcfbj"
G_kh\k_faZ^mfqb\hijhbag_kOvxFg_g_gjZ\blkyoheh^b\k_kgbfk\yaZggh_
Oheh^"
Y`b\m\L_oZk_yldgmeZOvx\`b\hlMgZk\hh[s_ijZdlbq_kdbg_labfu?^\Zg_fgh]h
kg_]Z
Hgm^b\e_gghkfhlj_egZf_gy
QlhgZkq_le_^gbdh\"
E_^gbdb"
L_oZk_"
Hgdb\gme
&#x_a;&#x^_;&#x;&#x=^;&#x_;&#xhq;&#x_g;&#xv;&#xfg;&#xh];&#xh;&#xev;&#x^Z;&#x;�_a^_=^_hq_gvfgh]hev^ZeygZr_]h\b^ZwlhhiZkghKlZ^Z[_`ZebgZx]bfuihke_^h\Zeb
aZgbfbdZdbex^bGhex^b[hylvkygZr\b^
YmklZ\beZkvgZOvxaZl_fg_fgh]h_]h\kljyogmeZ
Ovxfbeuckdhevdhlhqgh\j_f_gbluijh\_e\wlhffbj_dhlhjucn_cjbkha^Zeb^ey\Zk"
Hgih`Zeie_qZfb
Y]h\hjbe\j_fya^_kvb^_lih^jm]hfm
�JZa\_lug_aZf_lbeqlhfu\urebaZjZfdbh[s_kl\Zhohlgbdh\kh[bjZl_e_c@"H[hjhlgb
`b\mlkj_^bex^_cIjhklhex^bg_agZxlhgbok\h_cjmdhcyih]eZ`b\ZeZ`b\hlOvx:
E_^gbdh\ucI_jbh^aZdhgqbeZijb[ebabl_evgh^_kylvlukyqe_lgZaZ^OvxLZdb_dZdlu^Z\gh
\uf_jeb;hevr_gbdlhg_\hegm_lkyhoheh^_GZkZfhf^_e_fu[hevr_i_j_`b\Z_faZijh[e_fu
k\yaZggu_k]eh[Zevgufihl_ie_gb_f
OvxaZklue
uf_jeb"
;hxkv[hevr_g_lkZ[e_am[uolb]jh\Lu[m^_rvkZfuf[hevrbfkZfufdjmlufh[hjhlg_f\
]hjh^_
OvxaZ\hjqZe
AgZ_rvfuijbrebkx^ZgZkemrZ\rbkvh[_sZgbcn_cjbHgbkha^ZxlgZffbj\dhlhjhffu
[m^_f\[_ahiZkghklbbkfh`_fhohlblvky\l_iehfkihdhcghfdebfZl_Hgb^_eZebh^gh
ij_^eh`_gb_aZ^jm]bfbfug_ihgbfZebqlhjZcdhlhjuchgbkha^Zebk^_eZ_lgZk[he__
mya\bfufbA^_kvg_hklZehkvgbh^ghc`_gsbgubfukebrdhfiha^ghihgyebqlhn_cjb
ki_pbZevghjZa^_ebebgZk
?szh^gZoj_gh\Zyk^_edZn_cjbkh]eZkbeZkvyBa\hjhleb\u_m[ex^db
k^_eZlv\h[f_ggZ[eZ]h
HgbbjZgvr_lj_[h\Zebqlhlh"
Ovxdb\gme
ijhrehf
Qlhwlh[ueh"
OvxgZofmjbeky
Ym`_g_ihfgxhafh`gha^_kv_klvqlhlhqlh\eby_lgZiZfylv
Y\_jbeZ\wlhN_cjbgjZ\behkv\f_rb\Zlvky\h\k_
:l_dlhjZ[hlZekn_cjb\_jgmebkv"
Wlhylh`_g_ihfgxhg\u]ey^_eg_kqZklgh
Yg_\bgbeZ_]hH[wlhflj_\h`gh^mfZlvFh`ghlhevdhij_^klZ\blvdZdmxjZ[hlmhgb^_eZeb^ey
n_cjb
DlhagZ_lkdhevdhlukyqe_lOvxbi_j\hjh^gu_ijh\_eba^_kv"Kdhevdhbkq_aehijb\uiheg_gbb
aZ^ZgbcihklZ\e_gguon_cjbqlh[ugbdh]^Zg_m\b^_lvbokgh\Z"A\mqblaeh\_s_
N_cjbex[ylb]jZlv\b]juL_i_jvdZ`_lkybob]juijbh[j_eb[he__aeh\_sb_jZfdbq_ffu
fh]eb\hh[jZablv
Yijbh[h^jyxs_k`ZeZjmdmOvx
IhemqZ_lkya^_kvg_lZdm`b[_ahiZkghLZdihq_fm[u\k_fg_ihclbkhfghc"
Hghimklbe\a]ey^gZf_gy[_kihdhckl\hkf_gbehkvm^b\e_gb_f
k_fgZf"
Ydb\gmeZgZkeZ`^ZykvwglmabZafhfk\h_cb^_b
ug_^he`guhklZ\Zlvkya^_kvFh`_l_ihclbkhfghcLu:jlmj\k_l\hb^jmavyK_]h^gyrgbc
fbjhlebqZ_lkyhllh]hdhlhjucluihfgbrvNhjlMwjl_fgh]hh[hjhlg_cb\uihemqbl_
ih^^_j`dmM\_j_gZ\k_ihfh]ml\Zf[ukljhZ^Zilbjh\Zlvky\kh\j_f_gghfh[s_kl\_B_keb
hklZevgu_ihdbgmlwlhlfbjlu[hevr_g_[m^_rvh[yaZgn_cjb;he__lh]h^jm]b_kfh]mlgZclb
iZjuH[hjhlgb`_gsbgukms_kl\mxlBodhg_qghg_p_eZydmqZghhgb_klv
=eZaZOvxaZk\_lbebkvhl\heg_gbyghaZl_fhgihdZqZe]heh\hc
N_cjbwlhg_ihgjZ\blkybhgbm^_j`b\ZxlgZrbo`_gsbgQlh_kebbogZdZ`mlaZgZr_
g_ihkemrZgb_"
Wlhyg_mqeZFhf_glihjZafukeb\ys_edgmeZiZevpZfb
ukfh`_l_\kz_szihclbkhfghcFuijhklhgZqg_f`_kldhb]jZlv
@_kldhb]jZlv"
�Zh[s_f\uihc^_l_khfghcbkdZ`_l_n_cjbqlh\_jg_l_kv\wlhlfbjb[m^_l_b^Zevr_bo
fZevqbdZfbgZih[_]mrdZo_kebhgb\_jgml\Zf\k_ol_odh]hm^_j`b\ZxlMgbog_[m^_lbgh]h
\u[hjZdjhf_dZdhk\h[h^blv\ZrbiZju_kebaZohlylhklZgh\blv\Zk
�mfZ_rvwlhkjZ[hlZ_l"
?kebg_lNbgbZgmijb^_lkyh[tykgblv\k_fk\hbf^jm`dZfihq_fmihl_jyei_j\hjh^guo
Ij_^iheZ]ZxjZa]h\hj[m^_lg_baijbylguo
Ovxkfhlj_egZf_gyl_fgufb]eZaZfb
LugZkZfhf^_e_^mfZ_rvqlhwlhkjZ[hlZ_lJZc^_j"
Gbq_]hijbagZekyhg?keblhqlhlu^mfZ_rv\_jghwlhf_klhlZdZy`_lxjvfZdZdbex[Zy
^jm]ZyFukijhkbfhklZevguokh]eZkylkyebhgbkl\hbfij_^eh`_gb_f
YijhkbyeZ
WlhkjZ[hlZ_lYagZx
Ovxmeu[gmekyfg_h[gZ`Zydeudbhlyjdhcmeu[db
Ml_[y^h[jh_k_j^p_JZc^_j
Yfgh]hohjhr_]hkeurZeZhk_[_ih^^jZagbeZyFhyijb\uqdZnebjlh\Zlv\_jgmeZkv
JmdZOvxhimklbeZkvgZfhxihidmbh[o\ZlbeZ__
G_fh]mg_kh]eZkblvkyl_[_fgh]h\k_]hqlhg_ijhklhohjhr_gvdh_:ii_lblgh_
Ho:ii_lblgh_^h\hevghgZ]ey^gh_hibkZgb_Hlg_]hihl_emijh[_`ZeZ^jh`v
GZijbf_j"
Ovxk`Zefhxy]h^bpm
LhdZdihykgbpZba]b[Z_lkydZdjZagZ^o\hklhfIeZ\gu_ebgbbiha\hghqgbdZf_`^mdjuevyfb
LhdZdaZ^bjZxlkyl\hbkhkdbdh]^Zyijhbaghrml\h_bfy:jhfZll\h_]h\ha[m`^_gbyhl
dhlhjh]hyklZgh\exkvl\_j^uf
Y\lygmeZ\ha^mohlwlbokeh\hllZd\hlaZijhklhykgh\ZohqmOvx
DZdgZijbf_jk_cqZkojbiehijh[hjfhlZehgYfh]mqm\kl\h\Zlvl\h_`_eZgb_bwlhk\h^blk
mfZOvxgZdehgbekybg_`ghijbdmkbe[hevrbfbam[Zfbfhxgb`gxx]m[m
Fhbgh]bklZeb\Zlgufb
Ovx\u^hogmeZyhkfZljb\Zy^bdmxf_klghklvhdjm`ZxsmxgZkA^_kv[_ahiZkgh"
Hgihp_eh\Zeebgbxfh_cq_exklb
Lu\k_]^Z\[_ahiZkghklbkhfghc
OhjhrhLh]^Z^Z\Zckgh\ZaZcf_fkyk_dkhfdh]h\hegm_lqlhfg_[hevgh"ex[hfkemqZ_
[m^_l[hevghGmZk_cqZk"YohqmOvxYijhlygmeZjmdmdqe_gmOvxbZogmeZM`_l\_j^ucb
]hlh\uc
OvxaZklhgZehlfh_]hijbdhkgh\_gbyb_]hyaudijhgbd\fhcjhlh[ebau\Zyb^jZagy
YaZlZbeZ^uoZgbyhlg_\_jhylguohsms_gbcbkgh\Zk`ZeZkl\heOvx
IhdZ`b]^_yfh]me_qv
GZfg_gm`gheh`blvkyijhbag_kOvxHgijb`Zef_gydk_[_bhkfhlj_eky
G_gm`gh"
Ovx\gh\vi_j_dbgmef_gyq_j_aie_qhfhc`b\hlm^Zjbekyh_]hl_eh
YagZxh^ghf_kl_qdhIjyfha^_kv
EZ^ghkh]eZkbeZkvyly`_eh^urZ?]hjmdZijb`bfZeZkvkebrdhf[ebadhdfh_fmehgmby
ohl_eZijb`Zlvkydg_cqlh[uiZevpuOvxgZrebfhxiehlvFhzm`_\eZ`gh_ehghbagu\Zehhl
`_eZgby
Dlhfh]ij_^iheh`blvqlhk_dkdZdam^klhblgZqZlvq_kZlvbg_fh`_rvhklZgh\blvky"
OvxrZ]Zeih]mklhcljZ\_Zy\_jl_eZkv\ij_^\dmr_gbbKimklyf]gh\_gb_hghimklbef_gy
eZkdZyijbwlhfjmdhc
DZdlhevdhyhdZaZeZkvgZa_fe_Ovxijb`Zeky\hq_j_^ghf`_kldhfihp_em_dhfg_hl\e_dZy
ij_`^_q_fykfh]eZhkfhlj_lvkyH[o\Zlb\jmdhcfhxgh]mhgijblygmef_gydk_[_
]eZ^dhfm^_j_\mY\p_ibeZkv\ie_qbOvx
DZdh]h
Y\b^_ewlh\h^ghfbanbevfh\dhlhju_lufg_^Z\ZeZkfhlj_lvhl\_lbehgijb`bfZykvjlhf
dfh_cr__JmdZfbOvxih^^_j`b\Zef_gyaZ[_^jZqlh[uykfh]eZm^_j`ZlvjZ\gh\_kb_
Lu\b^_e"
b^_e_]h]hehkhlm^h\hevkl\byij_\jZlbeky\gbadbcjudOvxihdmku\ZefhxdexqbpmaZl_f
kimklbekygb`_bh[o\Zlbejlhf\_jrbgdm]jm^b
YaZklhgZeZijbevgm\dOvx
Lu[ukljhmqbrvky
Ovxebagmefhckhkhd^jZagyqm\kl\bl_evgmxlhqdm
L_[_[hevgh"
Fff;hevgh=em[hdh\gmljb
Ovx\g_aZighhklZgh\beky[_kihdhcgh]ey^ygZf_gy
Yk^_eZel_[_[hevgh"
Y\ibeZkvgh]lyfb\_]hie_qb
;hevkeZ[Zyy\ihjy^d_Yohqml_[yIh`ZemcklZyihr_\_ebeZ[_^jZfbhsmsZydZdhgb
ijb`bfZxlkydqe_gmOvxLZd[ebadhblZd^Ze_dhG_klhblf_gylZd^jZagblvZihlhf
hlklmiZlv
Ovxijb[ebabekydfh_fmjlmb\gh\vihp_eh\Ze
?keblum\_j_gZ
;he__q_f
JmdZfbOvxi_j_f_klbef_gybyihqm\kl\h\ZeZdZd]heh\dZqe_gZijb`ZeZkvdfh_fm
qm\kl\bl_evghfmehgmY\lygmeZ\ha^moZdh]^Zkl\hekdhevagme]em[`_ba^ZeZez]dbc\koebi
OvxaZklhgZedh]^Zijhgbd\f_gyAZl_faZf_jbgZr_efhc\a]ey^
JZc^_j"
\_jlbdZevghfiheh`_gbbaZ`Zlhcf_`^mOvxb^_j_\hfgZiheg_gghklvhsmsZeZkvbgZq_
G_fgh]h[hevghghlZd`_klj_fbl_evghqm\kl\hgZiheg_gghklbaZo\ZlbehdZ`^h_g_j\gh_
hdhgqZgb_
;uehg_fgh]h[hevghijbgbfZlv]em[hdh\k_[ykl_j`_gvOvxghlZd`_hq_gvhq_gvijbylgh
Blhlam^gZ^h_^eb\Zy[hev\g_aZighhdZaZeZkvaZiheg_gghcbhklZ\beZihke_k_[yihohlv
Khfghc\k_ohjhrhmkihdhbeZyOvxbih^gyeZ]heh\m^eyhq_j_^gh]hihp_emy
OvxaZklhgZe\gh\vbijb`Zekyk\hbfjlhfdfh_fm_]hyaudkiezekykfhbf\kljZklghflZgp_
Dh]^ZOvxlhedgmeky\f_gyihp_emcklZe]em[`_bg_hklZehkvgb_^bghcfukebh[hebf_klh
wlh]hdZ`^ZyqZklbqdZfh_]hl_eZh`beZbyk`ZeZgh]b\hdjm][_^_jOvx
Ovx^\b]Zeky\hfg_aZ^_\Zydeblhjihwlhfmdh]^Zhgih^Z\Zeky\i_jz^wlh[uehg_\_jhylgh_
hsms_gb_
Bwlhlih^eucfm`qbgZ\gh\vhklZgh\bekyY\ibeZkvgh]lyfb\_]hie_qbfheqZijhky[hevr_]h
Ovxg_gm`^Zeky\ihhsj_gbb?]hjhlkkbehch[jmrbekygZfhc dh]^Zgb[m^vfuih]h\hjbfh
fbeuog_`guoihp_emyoghykebrdhfgZkeZ`^ZeZkv]jm[ufb\fOvxgZqZe^\b]Zlvky\hfg_
f_^e_ggufbm\_j_ggufblheqdZfbhldhlhjuoyba\b\ZeZkv
^jh`ZeZhl\hklhj]Zkbevg__\ib\Zykvgh]lyfb\ie_qbOvx
Ovx\kdjbdgmeZydh]^Zhj]Zafh[jmrbekygZf_gyH;h`_Ovx
JZc^_jijhjuqZehgmfh_]hjlZFhyJZc^_jFhylheqdbklZebkbevg__bkm^hjh`g__
Kimklyf]gh\_gb_Ovxlh`_dhgqbe`_kldhlhedZykvf_`^mfhbogh]blZdyjhklghijb`bfZyf_gy
d^_j_\mqlhymkeurZeZlj_kd\_lhd
B\gh\vy[ueZ[eZ]h^ZjgZaZkmsghklvi_j_\_jlurZihlhfmqlhfh]eZijbgylvhlOvx\k_qlhhg
ij_^eZ]Zeb^Z`_[hevr_
Y^_j`ZeZkvaZie_qbOvx^h\hevgZykh[hcWlh[ue[ukljuc]jm[uck_dkhklZ\b\rbcf_gy
Z[khexlghgZkus_gghc
Luhq_gvohjhr\wlhfOvxkijb^uoZgb_fijhbag_keZy
Hgmkf_ogmekyfg_\r_xbke_]dZijbdmkbeq_rmxgZ]hje_\gh\vihkueZyihl_em\hegm
m^h\hevkl\by
JZ^qlhlulZd^mfZ_rv
H^Zf_qlZl_evghijhbag_keZy;m^vluohlvg_fgh]hemqr_ijbrehkv[uhlkdj_[Zlvf_gyhl
a_febijyfha^_kv\e_km
Ovx\gh\vjZkkf_yeky
G_agZxqlhwlhagZqblghihoh`_gZdhfiebf_gl
Yg_`ghijh\_eZjmdhcih]jm^bOvx
Hgb[ue
Ovx[m^lhohl_eqlhlhijhdhff_glbjh\ZlvghgZ_]hebp_ihy\behkvhlj_r_ggh_\ujZ`_gb_Hg
ih^gye]heh\mb\lygmeghkhf\ha^mo
Qlh"kijhkbeZy[_kihdhykvY\p_ibeZkv\_]hie_qbQlhlZf"
Hgihkfhlj_egZf_gybmeu[gmeky
Lu]heh^gZ"
Gmy[uih_eZghg_agZxqlh"
Ovxijb`ZeiZe_pdfh_fmjlmmdZau\ZyaZfheqZlvYaZfheqZeZbOvxhimklbef_gyhllm^Z]^_
ijb`bfZed^_j_\m
HgdjZ^mqbkvihr_e\i_j_^k]hj[bekyaZkhk_^gbfdmklhfbmdZaZeqlh[uyk^_eZeZlZd`_
JZa^bjZ_fZyex[hiulkl\hfyihke_^h\ZeZaZOvxbijbk_eZjy^hfkgbfgZdhjlhqdbYh[o\ZlbeZ
iZevpZfbh^bgba[hevrbo[bp_ikh\OvxIjbex[hc\hafh`ghklbyijbdhkgmkvdwlhfm[hevrhfm
\hkoblbl_evghfmfm`qbg_
GZqlhfukfhljbf"ijhr_ilZeZy
GZgZrh[_^ijh[hjfhlZehggbadbf]hehkhfIjhklh`^b
Fu`^ZebKimklyiZjmfbgmlbadmklh\\urehkms_kl\hbgZijZ\behkvdjmqvx
;_eh_gZq_luj_o^ebgguolhgdbogh]Zok[e_klys_c]jb\hcbh^gbfkibjZevgufjh]hfgZe[m
�he[Zguc_^bghjh]
dmkgylbgZijh[hjfhlZeOvx
H;h`_g_l\hkdebdgmeZybaZkf_yeZkvY^mfZeZOvxba^_\ZekygZ^hfghc]h\hjyqlh_]h
ex[bfh_[ex^h_^bghjh]Wlhg_j_ZevghFug_fh`_fkt_klv_^bghjh]Z
?^bghjh]kdehgbe]heh\mqlh[uihiblvghijba\md_fh_]hkf_oZgZklhjh`beky?s_f]gh\_gb_hg
Ovxofudgme
Bal_[yg_hq_gvohjhrbchohlgbdfhyJZc^_j
Fg_[uehie_\ZlvYg_fh]eZi_j_klZlvobobdZlv
?^bghjh]GZklhysbc`b\hc_^bghjh]G_\_jhylgh
Ovxih\_ef_gydjmqvxdhlhjucih_]haZ\_j_gbyf[ue[_ahiZk_gFumlhebeb`Z`^mby
klZjZeZkvg_^mfZlvhiZjZablZoaZl_ffuihfuebkv
_jgmlvky\eZ]_jvi_j\hjh^guoijhiblZggu_aZiZohfk_dkZ"G_kZfuc\_`eb\uc`_klihwlhfmy
[ueZjZ^Z[hevr_g_\hegh\Zlvkyihwlhfmih\h^m@Zevqlhfug_kfh]ebgZclbdZdmxgb[m^v
h^_`^mghij_^iheZ]Zxqlhg_evaybf_lv\k_]h
Fhbfurpu[he_ebZgh]b[uebiheghklvxhdhkl_g_\rb_Djhf_lh]hhij_^_e_ggu_qZklbfh_]h
l_eZhsmsZebkvih[blufb
BaaZwlh]hfufmqbl_evghf_^e_gghrebOhlyOvx[uel_ji_eb\Hg^_j`Zef_gyaZjmdmy
gZklhyeZqlh[ug_[ulvihoh`bfgZi_s_jgh]hq_eh\_dZaZo\Zlb\r_]h\ie_gg_\_klm
Ykm^h\hevkl\b_f^_j`ZeZOvxaZjmdmlZddZdlZdhcjhkdhrbih\ha\jZs_gbx\fbjex^_cm
f_gyg_[m^_lHlwlh]hfg_klZgh\behkvg_fgh]h]jmklghghqlh[uehlh[ueh
JZgvr_q_fywlh]hohl_eZ\ihe_aj_gbyihy\bebkvi_s_jubybgklbgdlb\ghqmlvijb[ebabeZkvd
Ovx
�mfZ_rvbfihgjZ\blkyij_^eh`_gb_hlijZ\blky\fbjex^_c"
G_agZx]hehkOvxa\mqZegZm^b\e_gb_fjZqgh
Qlh`[h^jhijh]h\hjbeZyk_qlhgZfgm`ghk^_eZlvkijhkblvbymkihdZb\Zxs_k`ZeZ
jmdmOvx
&#xkl;&#xj_;&#xlb;ë&#xg;&#xZk;&#xi;&#x_j;&#xh;&#xjh;&#x^g;&#xu_;&#x;&#xij;&#xyf;&#xh;&#xlZ; b;&#xo;&#xhe;&#xh^;&#xgh;&#x;klj_lbebgZki_j\hjh^gu_ijyfhlZdboheh^gh\Z^_kyldZ]eZagZ[ex^ZebdZdfu\urebba
ih^e_kdZghg_h^bgg_ihijb\_lkl\h\Ze
k_fheqZebihdZfukOvxijb[eb`Zebkvdp_gljmeZ]_jy
YgZqZeZke_]dZkhfg_\Zlvky\gZr_fieZg_Qlh_kebgZr]jZg^bhagucieZgihkiZk_gbxiZjg_c
dhlhju_g_`_eZxlkiZk_gby"
:jlmjrZ]gme\i_j_^gZ_]h\k_]^ZfjZqghfebphihy\behkv^h[jh^mrgh_\ujZ`_gb_
BlZdlu\_jgmekyhg^\bgmekydOvxbhgbihoehiZebihie_qm^jm]^jm]Z\agZdijb\_lkl\by
Qlh[uihaehjZ^kl\h\Zlv"ijhbag_k^jm]hcFm`qbgZ\ur_e\i_j_^_]h\at_jhr_ggu_l_fgu_
\hehkub\Zj\Zjkdh_\ujZ`_gb_ebpZgZijy]ZehlZd`_dZdbh]jhfgh_fmkdmebklh_kljh_gb_l_eZ
:jlmjh]eygmekydZaZehkvg_h^h[jyy]g_\fm`qbgu
Wlhg_ohjhrhDZoweLu[uk^_eZebghc\u[hjaZihemqb\lZdmxij_djZkgmx`_gsbgm"
DZoweijhfheqZeohlykdj_klbejmdbgZ]jm^bbk_j^blhihkfhlj_egZOvx
G_\k_fuh[b`Z_fkygZl_[y[jZlkdZaZe:jlmjOvxGZ_]hm]eh\Zlhfebp_ihy\behkv
haZ[hq_ggh_\ujZ`_gb_Ghg_agZxklhblebl_[_a^_kvhklZ\Zlvky
Mfh_ciZju_klvij_^eh`_gb_ijhbag_kOvxbh[_jgmekydhfg_ihkfhlj_\klZdhcg_`ghklvx
bex[h\vxqlhyihgyeZfuh[Zk^_eZebijZ\bevguc\u[hj
LZdl_i_jvhgZl\hyiZjZ"kijhkbe:jlmj
Dhg_qgh_]hiZjZkdZaZeDZowerZ]gm\\i_j_^qlh[uklhedgmlvkykOvxHgkfhjsbejhl
kfhljygZf_gyLuqlhg_aZf_lbedZdhgZijhdh\ueyeZ\eZ]_jv"?xohjhrh\hkihevah\ZekygZr
H]hgbq_]hk_[_?keb[uk_cqZka_feyjZa\_jaeZkvbih]ehlbeZf_gyy[ueZ[ug_ijhlb\
Kfmlb\rbkvyk^_eZeZfZe_gvdbcrZ`hq_daZkibgmOvx`_eZyqlh[ufhb\hehku[ueb
^hklZlhqgh^ebggufbbijbdju\Zeb]jm^vbeb^jm]b_h[gZ`zggu_f_klZIjhdh\ueyeZ"
Ijhdh\ueyeZ"DZdmgbabl_evgh
Lh_klvluhkdhj[ey_rvfhx`_gsbgmDZoweijhjuqZeOvx\uoh^y\i_j_^FhxiZjm
dhlhjZy^Z`_k_cqZkh[^mfu\Z_lkihkh[dZd\_jgmlvgZrbo`_gsbgbapZjkl\Zn_cjbLufh][u
[ulv^h[j__dg_c
Ly`_eu_[jh\b:jlmjZkhrebkv\f_kl_b_]h\gbfZgb_i_j_rehgZf_gy
LuagZ_rvkihkh["
�Zydh_qlhijb^mfZeZhl\_lbeZy_fmRZ]Zy\i_j_^ybah\k_okbeijbl\hjyeZkvqlhg_[ueZ
\nhjf_i_j_\_jlurZbkh\_jr_ggh]hehcWlbex^bgbdh]^Zg_\b^_ebf_gy^jm]mxlZdqlhbf
[uehg_lZdg_eh\dh\hlebqb_hlf_gy
N_cjbgm`^Zxlky\\Zkj_[ylZBalh]hqlhOvxjZkkdZaZefg_dZd\u^_eZ_l_]jyagmxjZ[hlm
^eyn_cjbihke_q_]hhgbaZklZ\eyxl^mfZlvqlh\u\^he]mi_j_^gbfbihlhfmqlhkha^Zebwlhl
&#xu;&#xi_;&#xj;&#xhj;&#xh^;&#xgu;&#x_;&#xm`;&#x_;&#x^Z;&#xgh;&#xkq;&#x_a;ë&#x;�fbj^ey\ZkGhq_eh\_q_kdbcfbjk_cqZk^jm]hcui_j\hjh^gu_m`_^Z\ghbkq_aebZ\guf
^Z\ghEx^b[hevr_g_`b\mlbg_hohlylky\klZ_Hgbh^hfZrg_guHgbjZ[hlZxlb`b\ml\
^hfZo:h[hjhlgb`b\mlbh[sZxlky\[_ahiZkghklbijyfhmgboih^ghkhfug_h[yaZgua^_kv
hklZ\ZlvkyMOvx_klvh`_j_ev_dhlhjh_kha^Z_lihjlZeGjZ\blvky\Zfbebg_lNbgbZg^Ze\Zf
\uoh^hlkx^Zufh`_l_mclbbhlijZ\blvky\fhcfbj
:qlhgZkq_l`_gsbgh[_sZgguogZf"Qlhkgbfb[m^_l"kijhkbeDZowe
IhgylghDZowe]h\hjblaZhklZevguoYaZf_lbeZdZdg_kdhevdhi_j\hjh^guoihaZ^byjhklgh
aZdb\Zeb
wlhfb\kyij_e_klvijhbag_keZyuihc^zl_khfghcgZg_kdhevdh^g_cN_cjbihcfmlqlh
\umrebbij_^eh`Zl\Zfqlhlhqlh[uaZklZ\blv\_jgmlvkyufh`_l_aZdexqblvk^_edm\Zr_
\ha\jZs_gb_\h[f_ggZ`_gsbgyke_]dZih`ZeZie_qZfbBebfh`_l_hklZlvky\fh_ffbj_
LZffgh]h`_gsbg
k_\a]ey^u[uebijbdh\Zgudhfg_kgZijy`_gghklvxdhlhjmxykhqeZg_j\bjmxs_c
l\h_ffbj_^hklZlhqghfgh]h`_gsbg"ihbgl_j_kh\Zeky:jlmj
I_j\hjh^guo`_gsbg"ohl_emagZlvDZowe
Gmohlvwlhijb\e_dehbo\gbfZgb_
I_j\h[ulguo`_gsbgg_lGbdh]hih^h[gh]hdjhf_\Zkj_[ylZ?klvh[hjhlgb`_gsbguohly
hgb\klj_qZxlkydZdijZ\behj_`_q_fh[hjhlgbfm`qbguGh^Z_klvh^bghdb_h[hjhlgb
`_gsbguYjZ[hlZx\lZdhff_kl_]^_gZrZaZ^ZqZaZdexqZ_lky\lhfqlh[uih^h[jZlviZjm
h^bghdhfmfm`qbg_bh^bghdhc`_gsbg_dhlhju_y\eyxlkyh[hjhlgyfbbeb^jm]bfb
k\_jot_kl_kl\_ggufbkms_kl\Zfb?klvlZd`_fgh]hq_eh\_q_kdbo`_gsbg
Fgh]hih^l\_j^beOvxLZdfgh]hqlh`_gsbguaZgbfZxlkykfm`qbgZfbk_dkhflhevdhaZ
lhqlhl_ijbghkyldbo^\_jyfibsm
M\k_ohdjm]ebebkv]eZaZ
H[h`_Yij_^iheZ]ZeZqlhijhkfhljihjghbkdZablihgbfZgb_OvxhjblmZeZomoZ`b\Zgby
G_kh\k_flZdgh
:]Zkh]eZkbeky:jlmjh]ey^u\ZykvgZ^jm]boHklZevgu_ke_^hfdb\gmeb
ex[hfkemqZ_fugbq_]hg_ihl_jy_f
?klvh^gZijh[e_fZijhbag_kDZoweDZdaZklZ\blvn_cjbihgylvqlhfumreb"
NbgbZg\_jg_lkyqlh[ujZaukdZlvf_gykdZaZeZybfFuijhklhbkihevam_ff_gy\dZq_kl\_
ijbfZgdb_jghOvx"
FheqZgb_
Yih\_jgmeZkvqlh[uihkfhlj_lvgZOvxbaZf_lbeZqlhhg\mihjk\_jebef_gyofmjuf\a]ey^hf
Lug_[m^_rv\[_ahiZkghklb\hae_NbgbZgZkdZaZehgG_gjZ\blkyfg_wlZqZklvl\h_]h
ieZgZ
hafh`ghhgZ^he`gZhklZlvkya^_kvihdZfugZ\_^Z_fky\__fbjAZl_fdZdlhevdh\k_
gZeZ^blkyfu\_jg_f__^hfhc
Klhiklhi\hajZabeZyih^gy\jmdb\\_joYa^_kvg_hklZgmkv;_aOvx
Ovx^he`_gijh\_klbgZkq_j_aihjlZeh[tykgbeDZoweHgdexqGbdlhg_fh`_l\hclbbeb
\uclb[_ag_]hb^ms_]h\i_j_^b
HgZg_fh`_lhklZlvkya^_kvh^gZijhbag_kOvxJZc^_j[_kihfhsgZ\wlhff_kl_Mg__g_l
gbdZdbokj_^kl\aZsblu
Yiheh`beZjmdbgZ[_^jZg_\\hklhj]_hlkeh\Ovx^Z`__kebwlhih^^_j`b\Zehfhxihabpbx
Gbdlhg_hklZg_lkyGZfebrvgm`ghih^eh`blveh\mrdmNbgbZgmbebqlhlh\wlhfjh^_
Wlhg_q_klghofmjykvkdZaZeOvx
Wlh]_gbZevghDZoweihlbjZejmdbI_j_g_kbgZkgZa_fex`Z`^msbo`_gsbgYgZdhjfex
bo
=eZ\Z
GbqlhlZdg_aZklZ\eyxl\a]eygmlvgZ\_sbihgh\hfmdZd^_kylhdh[gZ`zgguofm`qbg\\Zr_c
kiZevg_
YbOvxi_j\ufbijhrebq_j_aihjlZe\fhcfbj
JmgZ[ueZijb\yaZgZdOvxblhevdhdg_fmihwlhfm_fmijbrehkvijhclbq_j_aihjlZe\i_j\mx
hq_j_^v
Hgg_iha\hebefg_ijhclbihdZg_hkfhlj_ekygZ^jm]hcklhjhg_bg_j_rbeqlhlZf[_ahiZkgh
Ebrvlh]^ZjZaj_rbeijbkh_^bgblvkydg_fm
AZfghcke_^h\Zebi_j\hjh^gu_DZoweaZgbf^\Z[_ehdmjuoiZjgyaZl_fhq_gv\ukhdbcgZnhg_
dhlhjh]hOvxdZaZekykj_^g_]hjhklZ
H[hjhl_gvaZh[hjhlg_fijh^he`Zebijhoh^blvq_j_aihjlZekha^ZggucOvx \gh\v\fh_frdZnm\f
\jhah\uolhgZo^_\qZqvxkiZevgx
YiulZeZkvihkqblZlvboih]heh\ZfghdhfgZlZ[ukljhaZihegbeZkv[hevrbfbh[gZ`zggufb
l_eZfbbdZ`^ucgZklhyl_evghiulZekyko\ZlblvdZdmxgb[m^v\_svbbamqblv
IhdZyhl\e_deZkvh^bgko\ZlbeqZkukhklheZih^g_kbodebpmqlh[ujZkkfhlj_lvyjdhdjZkgu_
pbnjub\ijhp_kk_\u^_jgmergmjbakl_gu
�jm]hcyZ[khexlghm\_j_gZibebamgblZaZYoh^beZaZl_fbaZd_fmki_\ZeZre_iZyihjmdZf
l_odhlhju_baex[hiulkl\ZaZe_aeb\fhcysbdk[_ev_fm^_j`b\Zy^jm]bohl\uoh^ZgZjm`mb
\hh[s_iulZeZkvg_jZkijhkljZgylvoZhkihdZ\k_i_j\hjh^gu_g_ijhrebq_j_aihjlZe
I_j\hjh^gu_\_ebk_[ykeh\gh^_lb\Jh`^_kl\_gkdh_mljh
Fhyd\ZjlbjZ^eygbodZdkljZgZqm^_kbhgb[uebiheguj_rbfhklb\k_bamqblv
Y\uo\ZlbeZh^gmbak\hbojhah\uoihlj_iZgguoih^mr_dbajmdfm`qbguiulZxs_]hkymdmkblv
__y\gh^mfZyqlhwlhdZdh_lhm]hs_gb_
Fg_gm`gZihfhsvIjb\_klb\wlhlfbj^x`bgmfm`qbg^eybokiZkZgbydZaZehkvm^Zqghcb^__c
ihdZyg_ihgyeZqlhhgb\k_ih^fh_chl\_lkl\_gghklvxbZ[khexlghgbq_]hg_agZxlhfh_ffbj_
YgZqZeZqm\kl\h\Zlvk_[yjZa[blhchlgbfZyex[bfmxjhah\mxihfZ^mm^jm]h]hiZjgy
Ovx"iha\ZeZy
hdjm]fh_clZebbh[\bebkvjmdb
YgZf]gh\_gb_aZiZgbdh\ZeZihdZg_ihqm\kl\h\ZeZihp_emcgZs_d_bg_mqmyeZl_ieucZjhfZl
Ovx
Ya^_kvijhfmjeudZehgfg_gZmohLudZ`_rvkyh[_kihdh_gghc
Ijhklhyg_fgh]h\a\hegh\ZgZijhbag_keZyhl^Z\Zykv_]hh[tylbyfDm^Zg_]eygv\_a^_
]heu_[medb
Hgbg_h^gbh[gZ`_guijhbag_kOvxp_emyfhb\hehkuLuh[_jgmeZkv\q_eh\_dZ
LZdb[uehYhlqZygghaZklhgZeZdh]^ZaZsblgu_q_rmcdbbkq_aebhklZ\eyyf_gykh\_jr_ggh
]hehcq_fdh]^Zeb[h
Kg_cyhsmsZeZk_[y[m^lhh^_lhc\hqlhlh^Z`_[_ah^_`^uL_i_jv\k_m\b^ylfhzhq_gv
q_eh\_q_kdh_hq_gv]heh_l_eh
Dhg_qgh_kebOvxg_ijh^he`blvdZkZlvkyf_gy:lZddZdih\kx^mklhevdh\k_]hijhbkoh^behqlh
wlh[uehijZdlbq_kdbg_\hafh`gh]ZjZglbjh\Zlv
Yko\ZlbeZh^_`^m\u]gZeZfm`qbgba\Zgghcbh^_eZkvDfhf_glmfh_]h\ha\jZs_gbyy
iheghklvxh[j_eZk\hxq_eh\_q_kdmxnhjfmZOvxkh[jZe[hevrbgkl\hfm`qbg\]hklbghcfh_c
fZe_gvdhcd\Zjlbju
YkeurZeZdZdhghibku\Zeqm^_kgmxi_s_jm\dhlhjhcijhba\h^beZkvoheh^gZy_^ZIhdZhgbo
aZgbfZefg_gm`gh\k_hj]Zgbah\Zlv
I_j\h_^_ehgZih\_kld_^gyh^_`^ZMOvx_klvkihe^x`bguiZjih\k_^g_\ghch^_`^ughwlh
g_^hklZlhqgh^ey\k_ofm`qbggZ^Zggucfhf_gl[bldhfgZ[b\rbffhx]hklbgmxYko\ZlbeZ\kx
_]hh^_`^mbdh_qlhbak\h_c
Fh`_lhgbbg_ihcfmlqlhjhah\ucoZeZlbebrlZgu^eych]bg_kh\k_ffm`kdZyh^_`^Z
Fg_ijhklhgm`ghq_flhijbdjulvbog_dhlhju_qZklbl_eZ^Z[ug_ijh\_klbg_kdhevdh
ke_^mxsboqZkh\^bdhdjZkg_y
AZl_fy^hklZeZkmfdmdhlhjmx[jZeZkkh[hcgZjZaebqgu_kh[ulby\Z]_glkl\_g_ce_`ZeZiZidZ
ieZgr_ldhlhjmxyke_]dhklvxfh]mbkihevah\Zlv^eyaZibkbbf_gLZd`_lZfe_`Zebklbd_ju
Fg_wlh\k_ijb]h^blky
uc^ybadhfgZluyijbgyeZkvaZjZ[hlm
Kimklyg_kdhevdhqZkh\fuaZdZaZebklhevdhibppub]Zabjh\dbqlhgZdhg_pbkljZlbeb\_kvebfbl
fh_cdj_^bldbk_[uebh^_lubeb\gb`g__[_ev_beb\rhjlubeb\oZeZlbebh[_jgmlu
ihehl_gp_f
LZd`_gZ\k_o[uebijbdj_ie_guklbd_ju mg_dhlhjuoijyfhgZ]hehc]jm^b\fqlhiha\hebehfg_
�bf_x^_eh\Z^pZlvljbfm`qbgug_kqblZyOvx
:jlmjdZdbOvxdZaZehkv\ayegZk_[yjhevjmdh\h^ys_]hHggZa\Zefg_lbik\h_]hh[hjhlgygh
g_^mfZxqlh[jhgbjh\Zggucjh]Zluca\_jvbf__lf_klh[ulvihwlhfmaZibkZeZ_]hghkhjh]hf
;hevrbgkl\hfm`qbghdZaZebkvbadhrZqv_cihjh^uf_^\_^yfbb\hedZfbohlybkoh^yba
hibkZgby[hevrbgkl\hg_kh\iZ^Zxlkfhbfbij_^klZ\e_gbyfbhdhrdZo\hedZobf_^\_^yo
Gh_kebOvxkZ[e_am[uclb]jlh]^ZhklZevgu_k\h_]hjh^Zbaihjh^E_^gbdh\h]hI_jbh^Z
Hgb\k_\_`eb\hkt_ebibppmohly[uehykghqlhhgZbfg_kbevghgjZ\beZkv
Dhg_qgh`_ibppZ\uau\ZeZjZagh]hjh^Z\hijhkuGZijbf_jhlwlhceb_^u`_gsbgukoh^ylk
mfZhlihohlb"Wlhebdhgdj_lgZyibsZ^_eZeZbolZdbfb^bdbfb"YiulZeZkvh[tykgblvqlhwlh
ijhklhkx`_lgZyebgby\aZ\_^hfhiehohfnbevf_ghmihfbgZgb_hdbghijb\g_kehkh\_jr_ggh
gh\u_\hijhkuihwlhfmy^ZeZOvximevlbimklvhg\k_h[tykgy_lfm`qbgZflheiysbfky\fh_c
fZe_gvdhc]hklbghc
�JZc^_jiha\ZeOvxkimklyf]gh\_gb_gZofmjb\rbkvgZkbldhfb^msbcihl_e_\bahjmZc
fg_bklhjbxkihp_emyfb`_gsbgZYohqmihdZaZlviZjgyfdZdm^h\e_l\hjylv`_gsbg
Hoqzjlih[_jbIhdjZkg_\yihfh]eZOvx\dexqblvieZlgucdZgZeb\u[_`ZeZbadhfgZlu
IhdZi_j\hjh^gu_aZgbfZebkvkZfhh[jZah\Zgb_fyj_rbeZiha\hgblvgZjZ[hlmLZf^he`gZ[ulv
;_lb_keb_klvdlhlhdlhohjhrhhj]Zgbah\u\Z_lg_^bkpbiebgbjh\Zgguoex^_clZdwlhfhc[hkk
Y^hklZeZfh[bevgucgZf_j_\Zykviha\hgblvbh[gZjm`beZqlhhgjZajy`_g
�mjgh_ij_^qm\kl\b_aZkhkZehih^eh`_qdhcDZd^he]hf_gyg_[ueh"YihklZ\beZl_e_nhggZ
aZjy^dmb\dexqbeZghml[mdh`b^Zyihy\e_gby^ZlugZwdjZg_
�Bm^b\ezgghZogmeZdh]^Zihy\bekydZe_g^Zjv\_g_^_ebGZkg_[ueh^\_g_^_ebAZ\ljZfhc
^_gvjh`^_gby
Fhc[hkk^mfZ_lqlhyf_jl\Z
Y[ZjZ[ZgbeZiZevpZfbdh]^Zbakhk_^g_cdhfgZlu^hg_kebkv\ha]eZkufm`qbggZijhbkoh^ys__ih
�l_e_\bahjmaZl_fkgh\Zijh\_jbeZl_e_nhgH^gZdjZkgZyihehkdZhklZlhqghYgZ[jZeZjZ[hqbc
ghf_j
Ihemghqgu_K\yabhl\_lbeZ;_l
WlhJZc^_jkdZaZeZyFg_gZ^hh[tykgblvky
JZc^_j;h]lufhcLu\ihjy^d_dZaZehkv;_l]hlh\ZjZaju^ZlvkyFulZd\hegh\Zebkvh
l_[_Gbdlhg_fh]gZclbl_[yk\_q_jbgdbFZjbLuijhklhbkq_aeZkl_fiZjg_f]jhfbehcFu
ohl_eba\hgblv\kem`[mijhiZ\rbo[_a\_klbghluagZ_rvwlhihke_^gyyf_jZmqblu\ZygZrm
kn_jm^_yl_evghklbhgZijbdmkbeZ]m[my\ghhsmsZym`ZkOhlyyihgbfZeZqlhhgZbf_eZ
\\b^m
K\_jot_kl_kl\_ggu_klZjZebkv^_j`Zlvky\klhjhg_hlaZdhgZihkdhevdmihke_^g__q_]hhgbohl_eb
qlh[uihebpbyjZa[bjZeZkvk]jmiihcex^_c`b\msboihkh[kl\_ggufkhpbZevgufijZ\beZfb
\j_fyhl\j_f_gbh[jZklZxsbor_jklvx
BihkdhevdmyjZ[hlZeZkgbfb[ueZ\dexq_gZ\dZl_]hjbxGbdZdhcihebpbbdjhf_kemqZy
djZcg_cg_h[oh^bfhklb
Ykh[bjZeZkva\hgblvbfaZ\ljZ_keblug_ihy\brvky
Y\ihjy^d_mkihdhbeZyIjZ\^ZIjhklhfgh]h\k_]hijhbahrehqlhgm`^Z_lky\h[tykg_gbb
Y[ukdZaZeZhij_^_ezgghl_i_jvdh]^ZgZklmibehi_j\hgZqZevgh_h[e_]q_gb_;_lgZqZeZ
dmkZlvky
Byhq_gvohqm\k_h[tykgblvijhbag_keZyGhfg_gm`gZl\hyihfhsv
Luijb^_rvgZjZ[hlm"
G_lihdZlug_ijb^mfZ_rv]^_^hklZlvZ\lh[mkkdZaZeZyebrvgZiheh\bgmrmlyLufh]eZ
[uijbclbdhfg_^hfhcbijbg_klb^\Z^_kyldZiZjfm`kdhch^_`^uqj_a\uqZcgh[hevrbo
jZaf_jh\"
;_lkwc[blZd^he]hfheqZeZgZ^jm]hfdhgp_ijh\h^Zqlhyih^mfZeZ[m^lhhgZih\_kbeZljm[dm
:eeh"jbkdgmeZy
Ya^_kvijhbag_keZhgZIjhklhiulZxkvij_^klZ\blv^eyq_]hl_[_Z\lh[mkb^\Z^_kyldZ
iZjfm`kdhch^_`^u
Lug_ih\_jbrv_kebykdZ`mhl\_lbeZy
Jbkdgb
fh_cd\Zjlbj_kb^yl^\Z^_kyldZh[hjhlg_ci_j_`b\rboE_^gbdh\ucI_jbh^dhlhju_
iulZxlkyijbgm^blvn_cjb\_jgmlvbfbo`_gsbg
F]gh\_gb_;_lfheqZeZ
LuijZ\ZYg_\_jx
IhgbfZx
;m^mml_[yq_j_aqZkg_^hmf_gghijhbag_keZ;_l
;m^m`^Zlvl_[ya^_kv
Jh\ghq_j_aqZk\d\Zjlbj_jZa^Zekyklmd\^\_jvKh[e_]q_gb_fy[jhkbeZkvd^\_jbbh[jZlbeZgZ
k_[y\a]ey^dZ`^h]hgZoh^ys_]hky\dhfgZl_
;_lkwc[bMhj^JZkk_eklhyeZ\^\_jyomeu[Zykvb^_j`Z\jmdZo[hevrhciZd_lkhkeh`_gghc
h^_`^hcIhaZ^bg__klhyeb;vxbKZ\ZggZkex[hiulgufb\ujZ`_gbyfbebp
Fua^_kvkdZaZeZ;_l\oh^y\d\Zjlbjmdh]^ZyjZkiZogmeZrbj_^\_jvLuijhklhh[yaZgZ
jZkkdZaZlvfg_qlhijhbkoh^bl
?_]hehkaZlbodh]^Zq_l\_jhfm`qbgh^_luolhevdh\h^he`_ggu_mOvx[_eu_ljmku\urebba
^\_jb
Ym\b^_e__i_j\ufijhj_\_eh^bg
Lj_[mx__^eyk_[yaZ\hibe^jm]hcjZklZedb\Zyex^_cqlh[u^h[jZlvky^h^\_jb
Fhy\wlh`_\j_fyijhjuqZelj_lbc
M;_lhdjm]ebebkv]eZaZbhliZeZq_exklvebrvqmlvqmlv
Y\klZeZi_j_^;_lkwc[baZsbsZy__hlq_j_kqmjjvyguoi_j\hjh^guo
Gbdlhgbdh]hijyfhk_cqZkg_lj_[m_lijhgabl_evghkdZaZeZyg_magZ\Zyk\hc]hehkk_
ky^vl_
Mf_gy_klvibppZkdZaZeDZoweijbkh_^bgb\rbkvddhfZg^_fm`qbggZdbgm\rbokygZ[_^gmx
;_lkwc[b
Ijhg_kkyklhgjZahqZjh\Zgbydh]^Z^jm]b_ihgyebqlhboij_\ahreb
L_i_jvhgZ\a[_kblkybij_^eh`bl_fmk_dkijh[m[gbeh^bgMg_]h_klv^eyg__ibppZ
Qlhijh[hjfhlZeZ;_lk[blZyklhedmHgZhlrZlgmeZkvgZrZ]beb^\Z
Qlhijhbkoh^bl"\uklmibe\i_j_^;vxh[hc^y;_lkiZd_lhf\_s_cbkex[hiulkl\hfkfhljygZ
fhbjZkijhkl_jlu_jmdbDlhlhij_l_g^m_lgZfhx`_gsbgm"
Emqr_]hhgbg_mf_xlijhbag_keZydZdjZa\lhlfhf_gldh]^ZjZa^Zehkv[hevr_[hjfhlZgby
M`_aZgylZkdZaZeh^bgihaZ^bf_gyGZ_]hklbd_j_[ueZgZ^ibkvIJB?LF?GYAHML
;B:G?]h]hehkijha\mqZeg_\_jhylghjZahqZjh\Zggh
DZowehimklbejmdm^_j`Zsmxdmkhdibppu
Dlhlhm`_gZdhjfbe__ibpp_c"
Hlhc^bl_ijbdZaZeZyHgZaZgylZbwlh__iZjZylhedgmeZ\i_j_^;vxkba\bgyxs_cky
meu[dhcFg_m`Zkgh`ZevaZwlh
k_ohjhrhijhbag_keZ;_lijb^\bgm\rbkv[eb`_d;vx?_]eZaZ[uebrbjhdhjZkiZogmlu
LZdlhhq_flu]h\hjbeZihl_e_nhgm
G_rmldZaZdhgqbeZyA^_kv^\Z^pZlvljbi_j\hjh^guoaZ\bkrbomf_gygZ\j_fyHgb
\_jgmlvky\k\hcfbjbaf_j_gb_bebdZd[uwlhg_gZau\ZehkvdZdlhevdh\ugm^yln_cjb\_jgmlvbo
�`_gsbghwlh]hfhf_glZhklZgmlkykhfghcykdjb\hcmeu[dhcaZ[jZeZm;_lkwc[biZd_lB
gZfgm`gZh^_`^Zb_^Z:_s_ihfhsv
JZc^_jlu\u]ey^brvg_\_jhylghg_j\ghckhqm\kl\_gghijhbag_keZ;_lLZfluijh\_eZ
ihke_^gb_^\_g_^_eb"G_lhqlh[uyi_j_klZeZ]g_\ZlvkyghgZqbgZxihgbfZlv
NZdlbq_kdbkdZaZeZyly`_eh\a^uoZyWlhebrv\_jomrdZZck[_j]ZFg_gm`ghfgh]h_l_[_
jZkkdZaZlvIjhoh^bl_bfuihijh[m_fgZclb\Zf]^_ijbk_klv
Yijh\_eZ;_lb;vx\djhr_qgmxaZ[blmxex^vfbd\Zjlbjm
b^brvf_ldmmg__gZr__"ijh[hjfhlZeh^bgi_j\hjh^guc^jm]hfmHgaZde_cfbe__mdmkhf
Ih\Zj\Zjkdbkh]eZkbeky^jm]hc
GZfm^Zehkvijhlbkgmlvkyddjhr_qghcdmog_=^_fumk_ebkvkaZ\Zjgbdhfdhn_dhn_dZdy
fh]eZhgzfaZ[ulvbgZqZebjZa]h\hj
Ovxkb^_ejy^hfkhfghcijb^\bgm\klmehq_gv[ebadhZ_]hjmdZkh[kl\_ggbq_kdbe_`ZeZgZ
aZlygmlhc\^`bgkufh_cgh]_keh\ghhg[hyekyqlhf_gyhlgbfmlmg_]h
YihgbfZeZ_]h[_kihdhckl\hIhdZdhclhijbqbg_\]em[bg_fh_]hkhagZgby[uelZdhc`_kljZo
[m^lhfh`_lihy\blvkyNbgbZgb\dZq_kl\_gZdZaZgbymdjZklvOvx
Yg_agZeZdZdijbgpn_cjbhlg_k_lkydlhfmqlhfuk^_eZebghmqblu\Zyqlhhgkez]dhklvx
jZajmrbefhx`bagv"G_fh]mkm\_j_gghklvxkdZaZlvqlhhgijhklhih`f_lie_qZfbbmc^_l
Yohl_eZ^_j`ZlvOvxaZjmdmghagZeZqlhg_fh]mG_k_cqZkg_i_j_^hklZevgufb
KZ\ZggZdfh_fmm^b\e_gbx[uklj_gvdh\ayeZgZk_[yhl\_lkl\_gghklvaZi_j\hjh^guoHgbkb^_eb
\]hklbghcbykeurZeZdZdhgZkf_ykv\_`eb\hhldZau\ZeZkvhlibppu
DklZlbbgl_j_kghdZdi_j\hjh^gu_bgZq_ihkfhlj_ebgZKZ\Zggm\hlebqb_hl;_lkwc[bGZ;_l
hgbij_l_g^h\Zeb
I_j_^KZ\Zgghchgblj_i_lZeb
?_hdjm]eb\rbcky`b\hlbdbqlhlh\__aZiZo_kdZaZehbfqlhhgZ`^_lj_[_gdZbhgbhlghkbebkv
dg_ck\_ebqZcrbfm\Z`_gb_fgZklhevdhqlh;vxg_qm\kl\h\Zelj_\h]bijbfukebqlhhklZ\be
k\hxdmabgm\^jm]hcdhfgZl_kgbfbihdZfujZa]h\Zjb\Zeb
HgbaZbkdb\Zebi_j_^g_cgZklZb\Zyqlh[uhgZk_eZgZemqr__f_klh\]hklbghcb\_ebkvgZdZ`^h_
�KeZ\Z;h]mhgbohlvdh]hlhkemrZebZ`_k_cqZkykeurZeZm^b\e_gguc]hehkKZ\Zggufy]dh
h[tykgy\r_cihq_fmhgZ[_j_f_ggZb\k_`_g_bf_eZf_ldbiZju
LZdlui_j_\_jlur"kijhkbeZ;_lkwc[bij_ju\ZyfhbfukebM\_j_gZ"
YgZofmjbeZkv
�Q_jlh\kdb\ZijbgpZn_cjb`_eZxsbof_gymdjZklvg_fh]mlhrb[Zlvky
JmdZOvxgZijy]eZkvgZfh_cgh]_
Luh[\bgy_rvfhxiZjm\he`b"
Ovxfbeucijhbag_keZyk_ohjhrhIjZ\^Z
Jmfyg_pjZaebekyihs_dZf;_l
IjhklbYg_iulZeZkvhkdhj[blvIjhklh\gZr_c[Za_^Zgguogbq_]hg_lhi_j_\_jlurZoby
^mfZeZfu[ugZldgmebkvgZlZdh_
Lufh`_rvihdZaZlvgZf"kijhkbe;vxbyagZeZqlhhg\ujZabekylZd^_ebdZlghdZdlhevdh
fh]Hgijhklhohl_ekZfhebqghm[_^blvky
Fh]my\lygmeZ\ha^mog_gZ\b^ylm]hcma_eh[jZah\Z\rbcky\fh_f`b\hl_Ihq_fmylZd
g_j\gbqZx";_lb;vxa^_kvb\ukemrZebf_gyHgbg_m[_]mlkdjbdZfbDlhfm`_hgbg_
kmfZkr_^rb_HgbijhklhohlylihgylvLZdihq_fm`_ylZdq_jlh\kdbgZim]ZgZ"
Ya^_kvJZc^_jkdZaZeOvxfy]dbf]hehkhfG_[hckyYg_iha\hexqlh[uqlhgb[m^v
kemqbehkvklh[hc
YwlhagZxghmkeurZ\wlbkeh\Zhlg_]hklZehemqr_ijbgy\j_r_gb_y\ayeZ_]haZjmdmbkie_eZ
iZevpu
Ovxih^gyegZrbjmdbdk\h_fmjlmihp_eh\Zeluevgmxklhjhgmfh_ceZ^hgbbyihqm\kl\h\ZeZ
ihdZeu\Zgb_hlgZqZeZljZgknhjfZpbbBa^_k_gijhj_aZebkvdeudbbyhsmlbeZdZdgZe[m
ijhjhkebjh]Z
Jmdbihdjuebkvq_rm_cbyihqm\kl\h\ZeZ^Z\e_gb_djuev_\bo\hklZdh]^ZhgbgZqZeb[hjhlvkyaZ
hk\h[h`^_gb_bol_kgh]hie_gZh^_`^u
Yg_ih\_jgmeZkvqlh[uihkfhlj_lvgZ;vxb;_lZijhklhk`ZeZjmdmOvxb`^ZeZhdhgqZgby
ljZgknhjfZpbb
Gh]lbm^ebgbebkvb^_dhjZlb\gu_rbiuihy\b\rb_kyih\k_c^ebg_jmdgZlygmebjmdZ\Zdhnlu
:aZl_f\k_aZdhgqbehkvYZddmjZlghm[jZeZk\hxjmdmhlOvxbaZdZlZeZjmdZ\Zqlh[u^jmavy
kfh]ebm\b^_lv[hevr_fh_cq_rmcqZlhcdh`b
Gm\hlgZlygmlhkdZaZeZybamqZyq_rmxHgZ[ueZlZdZy`_[e_^gh`_fqm`gha_e_gh]hp\_lZ
dZdbij_`^_Zgh]lblZdh]h`_i_jeZfmljh\h]hhll_gdZ
Molu\u^hogmeZ;_lkwc[brbjhdhjZkiZogm\]eZaZ
�ZkihdhcghkdZaZeZyqm\kl\myk_[yjZa[blhchllj_\h]bMf_gy_klvdjuevybo\hklghlu
ijhklbf_gy_kebyg_jZa^_gmkvqlh[uihdZaZlvbo
EZ^ghkihdhcghkdZaZe;vx
Yg_ihgbfZxhldm^Z\l_[_klhevdhg_]Zlb\Zm^b\beZkv;_lkimkly^he]b_fbgmlubamq_gby
f_gyLuij_djZkgZYihgbfZxihq_fmn_cjblZd\ukhdhp_gyli_j_\_jlur_c
Ym^b\e_gghgZg__\i_jbeZ\a]ey^qm\kl\mydZdlm]hcma_elj_\h]b\]jm^bhkeZ[
KiZkb[hijhbag_keZykd\havdeudbYihkfhlj_eZgZk\hxq_rmxbih^mfZeZqlhhgZ^he`gh
gZqZeZf_gylvkyIj_^iheh`bl_evghy^he`gZ[ulvkbfiZlbqg_cq_fk_cqZkgh\h[s_fy
ihqm\kl\h\ZeZjmfyg_pkfms_gbyhdjZkb\rbcfhbs_db
FukJZc^_jiZjZijyfhkhh[sbeOvxWlhhklZgh\beh__ij_h[jZ`_gb_NbgbZg[hevr_
\k_]hjZkkljhblkybaaZwlh]h
L_[_ke_^h\ZehjZgvr_gZf\k_jZkkdZaZlvkdZaZeZfg_;_lFu[uihgyebBihfh]eb
YihdZqZeZ]heh\hc
Mn_cjb_klvfZ]by?kebhgbaZijhklhfh]mlkha^Zlvfbj^ey`bagbex^_cOvxdlhagZ_lqlh
hgbfh]mlk^_eZlvkh[hjhlgyfb"Ijhklhihlhfmqlhfufh`_fgZqZlv\hcgmg_hagZqZ_lqlh
^he`gu
GhaZijhl_klh\ZeZ;_l
HgZijZ\Zkh]eZkbeky;vxiheh`b\k\hxjmdmgZjmdm`_gu^Z[ukfy]qblvmdhehl_]h
g_kh]eZkbyFug_agZ_fdZdh_hkbgh_]g_a^hjZa\hjhrbfEmqr_^_j`Zlv:evygkih^Zevr_hl
wlh]h
;_l\a^hogmeZbhldbgmeZk\hc^ebggucdhgkdbco\hklaZkibgm
&#xW;&#xlh;�QlhkemqbehkvkFbkl_jhfFuWlhf_e_f_kl_"
Djb\Zymeu[dZ^_jgmeZm]hehd]m[;vx
Hgijhklhihgyeqlhmn_cjb_klvfZ]bybwlhf_gy_lijZ\beZb]ju
k_\ihjy^d_ijZ\^ZkdZaZeZyij_`^_q_fhgbijh^he`ZlkihjYg_ohqmqlh[udlhgb[m^v
aZf_gy\klmiZekybih^\_j]gmekyhiZkghklbOvxk^_eZe^hklZlhqghbfuihklZ\beb`bagb_]h
[jZlv_\b`_gsbgdhlhjuohgbohlylkiZklbih^m]jhamIhdZwlh]ho\Zlbl
Qlh`h`b\e_gghgZqZeZ;_lLug_fh`_rv^_j`Zlv\k_owlboiZjg_ca^_kvd\Zjlbj_fZeh
f_klZbkhfg_\Zxkvqlhml_[yo\Zlbl_^u\^hf_Iexkl\hbkhk_^b[m^ml`Zeh\ZlvkygZrmfHgb
^he`guih_oZlvkgZfb
K_jv_agh"yihiulZeZkvg_\u]ey^_lvkebrdhfjZ^hklghcghgZ^_yeZkvqlh;_l\f_rZ_lkyb
kiZk_lfhxd\ZjlbjmhlgZr_kl\byh[hjhlg_c
Yihkfhlj_eZgZ;vxghhgebrvh^h[jbl_evghmeu[gmeky`_g_Hgg_\hajZ`Zeqlh[u;_l
^h[jh\hevgh\a\ZebeZgZk_[yh[yaZgghklbgygvdb
K_jv_aghIha\hgbf[jZlvyfbdma_gZf;vxbihijhkbfijb_oZlvgZk\hbofZrbgZolZddZd
Z\lh[mkZgZfg_gZclb^hf_JZkk_eh\fgh]hf_klZBbfdZ`_lkygjZ\blkyKZ\ZggZ\hlhgZb
ihfh`_l\k_meZ^blvKiZjgyfbfghcb_kebijb\e_qvKZjmbJwfkbm\_j_gZfukfh`_fk^_j`Zlv
h[hjhgmihdZ\ukh\k_fg_jZa[_j_l_kv
Fh`_lklhblkgZqZeZkijhkblvboex[bfZy"kmkf_rdhckijhkbe;vxm;_lLuagZ_rvqlh
Weebk\k__s_aZgylZddebfZlbaZpb_cEbebihwlhfm_]hdZg^b^ZlmjZg_jZkkfZljb\Z_lky
;_lhlfZogmeZkvhlg_]hjmdhc
WeebkbEbebfh]mlijh^he`Zlvkdju\ZlvkyYagZxqlhhgZqm\kl\bl_evghhlghkblkydh\k_f
�g_agZdhfpZfQlhgZkq_lhklZevguo"Hgbihc^mlgZ\klj_qmbihfh]mlmfZxbowlhaZbgljb]m_l
Kdhj__\k_]h:aZl_f_kebi_j\hjh^gu_j_rZlhklZlvkyfuih^mfZ_fhkha^Zgbbihklhygguo
mkeh\bc^eyboijh`b\ZgbyG_klhbl\ugm`^Zlvbo\ha\jZsZlvkydn_cjbWlh\hh[s_g_`bagv
Kh]eZk_gijhbag_kOvxEZkdh\hih]eZ`b\Zyfhxq_rmxhgihkfhlj_egZf_gylZdqlhfh_
k_j^p_jZklZyehOhqmqlh[umfhbo[jZlv_\[uerZgkihagZlvlhkqZklv_dhlhjh__klvmf_gyk
H=hkih^b\u^\h_lZdb_fbeu_ijhkbyeZ;_lkwc[bFufh`_fmdZaZlvqlh\u^\h_
\klj_lbebkvkihfhsvx[jZqgh]hZ]_glkl\Z";m^mbkihevah\Zlv\Zrmbklhjbx^eyijbf_jZ
G_\b`mgbdZdboijbqbg^eyhldZaZhl\_lbeZyBf_ggh\Z]_glkl\_y\i_j\u_\klj_lbeZkvk
Ovx
Emqrbc^_gvfh_c`bagblhldh]^Zykh]eZkbekybkihjlblvl\hxijhbag_kOvx
YjZkkf_yeZkvghg_fh]eZhl^_eZlvkyhlkfmlgh]hhsms_gbylj_\h]bNbgbZgg_ijbf_llZdhc
ih\hjhlkh[ulbc
Kimklyg_kdhevdhqZkh\fhy]hklbgZy[ueZhk\h[h`^_gZhli_j\hjh^guodZ`^hcdhfgZl_
djhr_qghcd\ZjlbjupZjbe[_kihjy^hd\\ZgghcgZreZkvdhjh[dZhlibppuoheh^bevgbd
himklhr_gb\k_bf_xsb_kymf_gyihehl_gpZbkiZqdZgu
I_j\hjh^gu_kt_eb\kxam[gmxiZklm\uibeb\_kvhiheZkdb\Zl_ev^eyjlZbgZ^dmkbebdZ`^mx
ihfZ^mdhlhju_yiulZeZkvkiZklb
GZ^_xkvbog_ijb^zlky\_albd^hdlhjm:evygkZbaaZjZkkljhckl\Z`_em^dZYhlijZ\beZKZ\Zgg_
khh[s_gb_qlh_cklhblijh\_klb[_k_^mhlhfqlhkt_^h[ghZqlhg_l
^hf_pZjbeZlbrbgZ[_armfZbkl_kg_gbyfgh`_kl\Zl_eFg_klZehg_fgh]h[_kihdhcghkh[bjZy
kfylu_h[_jldb\dmog_\fmkhjguciZd_l
I_j\hjh^gu_kt_eb\kzbadeZ^h\db^Z`_fmdmG_lhqlh[u[ueh\Z`ghih^gylvkiheZ
jZkkuiZggu_fZdZjhgubimklu_dhjh[dbFg_ijhklhohl_ehkvhl\e_qvky
Fhbfukebihklhyggh\ha\jZsZebkvdaZ\ljZrg_fm^gxFh_fm^gxjh`^_gby
NbgbZgijb^_lqlh[uaZ[jZlvf_gy
blh]_\k_aZdhgqblkyiehohbebohjhrh
I_j\hjh^gu_hl\hxxlk\hbo`_gsbgb\_jgmlky^hfhcBeb\dhgp_dhgph\hklZgmlkyLZdbeb
bgZq_\k_jZaj_rblky
GhqlhgZkq_lOvx"Qlh_kebNbgbZgdZdgb[m^vkfh`_laZ[jZlv_]hmf_gy"
Y\a^jh]gmeZg_\\hklhj]_hloh^Zk\hbofuke_cOvxkZfh^hklZlhqgZyebqghklv?]hg_evay
\ugm^blv\_jgmlvky\fbji_j\hjh^guo_kebhgwlh]hg_ohl_eBebfh`gh"
Ohl_eZ[uybf_lv[hevr_hl\_lh\;ulv[he__m\_j_gghcf_klhwlh]hmf_gyiheghlj_\h]b
aZ[hl
JZc^_j"YmkeurZeZdZdOvxb^_lihd\Zjlbj_gZijZ\eyykvgZdmogxQlhlu^_eZ_rv"
Ijhklhm[bjZxkvhl\_lbeZygh\uijyfbeZkvbhl[jhkbeZihemimklhciZd_lkfmkhjhfM[hjdZ
fh`_lih^h`^ZlvLuboijh\h^be"
Ovx\hr_e\fZe_gvdmxdmogxkimklyf]gh\_gb_bylml`_ihqm\kl\h\ZeZk_[yemqr_ijhklh
gZkeZ`^Zykv\hafh`ghklvxkfhlj_lvgZg_]h;hevrh_dj_idh_aZ]hj_eh_l_ehKbevgu_jmdbb
fhsgmxr_x?]hdhjhldb_djZkgh\Zlhdhjbqg_\u_\hehkukhkljZggufbihehkdZfbD\Z^jZlgmx
q_exklvihdjulmx[Zd_g[Zj^ZfbL_ieuc\a]ey^]eZadhlhju_aZk\_jdZebijb\a]ey^_gZf_gy
Fg_gbdh]^Zg_gZ^h_klkfhlj_lvgZOvxGbdh]^Z
�Z`_k_cqZkyohl_eZijh\_klbjmdZfbih\k_fm_]hl_emY[ukljhhihehkgmeZjmdbaZl_f\ul_jeZ
bodh]^ZOvxijb[ebabeky
HgbmrebkdZaZeOvx;b\ZgbDZowemrebihke_^gbfbb[uebhq_gvaZbgl_j_kh\Zgud_flh
ihbf_gb=j_ckb
]jhfh]eZkgZykhkdm^guf]Zj^_jh[hfbex[ysZyoh^blv[hkbdhfDlhfm`_mg__hq_gv
khfgbl_evgu_gjZ\kl\_ggu_ijbgpbiuihwlhfmyih^haj_\ZeZqlhhgZ\^_ckl\bl_evghklbohl_eZ
[uklZlvi_j\hjh^ghc
Ihq_fmyg_m^b\e_gZ
OvxaZkf_yekybijblygmef_gy\k\hbh[tylby
Lug_dZ`_rvky^h\hevghc
HgZg_fgh]h]jm[h\ZlZGhk_cqZk=j_ckbihke_^g__qlhf_gy\hegm_lykdhevagmeZjmdZfb
ih^nml[hedmOvxqlh[uhsmlblvl_ieh_]hdh`b
GZwlhljZafg_ie_\Zlvqlhihke_ijbdhkgh\_gbyihke_^m_lljZgknhjfZpbyWlhg_\Z`ghjy^hfk
OvxYfh]m[ulvfhgkljhfqZkZ^g_c\g_^_exbhg\k_jZ\gh[m^_lkqblZlvf_gyk_dkb
JmdZOvxe_]eZfg_gZlZebxbhgijb`Zefh_l_ehdk\h_fm
Bqlh`_l_[yk_cqZk\hegm_lfhyJZc^_j"
Luby\fh_cihkl_eb
OvxeZkdh\hih]eZ^bef_gyihq_exklbaZklZ\eyyihy\blvky[hevr_q_rmb
Fg_g_gjZ\blkyfukevhklZ\eylvl_[yh^gm^Z`_gZdhjhldh_\j_fy
lZdhcfhf_gl^h\hevghkihjghjZa]h\Zjb\Zlvh[hojZg_^Z"kijhkbeZykdehgb\]heh\md
eZkdZxs_cjmd_FhyljZgknhjfZpbyhklZgh\beZkvyhklZgmkvlZdhcdZdk_cqZklZdqlhhgbg_
aZohlylf_gylZdhc"
L\hy[_ahiZkghklv[m^_lihij_`g_fmgZi_j\hff_kl_^eyf_gyJZc^_jijhbag_kOvxb
gZdehgbekyqlh[uaZi_qZle_lvfy]dbc[_j_`gucihp_emcgZfhbo]m[ZolZdhlebqguchl
ijb\uqguoih]ehsZxsboihp_em_\Lhevdhg_kf_ckygZ^hfghc_kebmf_gyg_ihemqblky
[ukljhba[Z\blvkyhlwlhcijb\uqdb
G_m\_j_ggZohqmebqlh[uhghk\h[h^bekyhlwlhcijb\uqdbdZdhflhkfuke_fg_gjZ\blvky
qlhOvxihklhygghhi_dZ_lf_gy
Lu[hkk
Y"L\hyih^jm]Z;_lkwc[bkdZaZeZqlhlugZeh`beZgZf_gyk\hbfZe_gvdb_iZevqbdbG_fh]mg_
kh]eZkblvkyklZdhchp_gdhc
Ymkf_ogmeZkvgZlhdZdhgbkdh\_jdZeih]h\hjdm
LZdluohq_rvqlh[uyiheh`beZgZl_[yk\hbfZe_gvdb_iZevqbdb"YijZ\bevghjZkkeurZeZ"
HgaZklhgZe
L\hbiZevpug_lZdb_m`fZe_gvdb_ghy`Z`^mqlh[uluijbdhkgmeZkvbfbdhfg_lZf]^_
ih`_eZ_rvhgijh\_eyaudhf\^hevh^gh]hg_[hevrh]hkibjZe_\b^gh]hjh`dZgZfh_fe[mGh
kgZqZeZy^he`_gaZ[ehdbjh\Zlv^\_jv
Yg_ohlyhlimklbeZOvxdh]^ZhggZijZ\bekyd^\_jbkly]b\Zykr_bp_ihqdmkjmghcIhdZhg
ijh\h^bek\_lysbfkydZfg_fihdhkydm^\_jbyijbdhkgmeZkvdjh]mdhlhjucOvxlhevdhqlh
ebagme
KZfjh]g_[ueklhevqm\kl\bl_e_gghebrvfukevhlhfdZdOvxh[ebau\Z_l_]hihkeZeZihl_em
�\hegm`ZjZeyOvx\hfg_g_[uehgbq_]hmjh^eb\h]h
Bwlhfg_gjZ\behkvIhqlblZd`_kbevghdZdyex[beZOvx
Fhc\a]ey^\_jgmekydg_fmbyg_kfh]eZg_ex[h\Zlvky_]hmijm]hcaZ^gbp_cdh]^Zhgih^gye
Dh]^ZOvxih^gbfZejmdmdZaZehkvfurpugZ_]haZ^gbpZgZijy]Zebkvbhlwlh]hfg_ohl_ehkv
\p_iblvky\g__gh]lyfb
Yg_fh]eZ[hevr_khijhlb\eylvkyIh^hc^ydOvxyijh[_`ZeZkvjmdZfbih_]hkibg_b\ib\Zykv
gh]lyfb\_]haZ^kd\havldZgv^`bgkh\
Lum`_aZdhgqbe"
OvxaZklhgZe
Lum`Zkghhl\e_dZ_rv
�Z[_kklu^ghijbagZeZkvyGhg_fh]mkhijhlb\eylvky\e_q_gbxdl\h_caZ^gbp_y
h[o\ZlbeZjmdZfb_]hy]h^bpuY\jh^_dZdohqmmdmkblv__QlhlugZwlh^mfZ_rv"
�uoZgb_OvxklZehg_jh\gufZjmdZm^_j`b\ZxsZyjmgmke_]dZ^jh`ZeZ
�mfZxqlhluiulZ_rvkyhl\e_qvf_gy
�mfZxluijZ\\hafh`ghwlhfhyihke_^gyyghqvkOvxYohqm__ohqmijyfhk_cqZk
AZdZgqb\Zc[uklj__bebygZqgmkju\Zlvkl_[yh^_`^m
Lulj_[h\Zl_evgZy`_gsbgZijhbag_kOvxgZdehgyykvqlh[uijh^he`blvijh\h^blvjmghc
ihdjZx^\_jbGhiheZ]ZxwlhlhgZqlhykh]eZkbekyklZ\l\h_ciZjhc"
F_gvr_keh\[hevr_^_eZkdZaZeZyOvxBy^_ckl\bl_evghohl_eZmdmkblv_]haZaZ^gbpmGb
h^gZ[ua^jZ\hfukeysZy`_gsbgZg_kfh]eZ[ukhijhlb\eylvkylZdhfmkh[eZagm
YmkeurZeZdZdOvx\lygme\ha^moZaZl_fgbadbcjudijha\mqZe\_]h]hje_
DkqZklvx^eyl_[yylhevdhqlhaZdhgqbekimklyf]gh\_gb_Ovxih^gyef_gygZjmdbb
ZddmjZlghihg_k\kiZevgx_]hdhrZqvbo]eZaZoiheuoZeh]hgvBl_i_jvlu^he`gZihemqblv
bf_gghlhqlhohl_eZ
Dhg_qghhgijZ\
=eZ\Z
Ihke_^gb_^\Z^pZlvq_luj_qZkZijhreb\kmfZlho_yi_j_`b\ZeZb[ueZgZ\a\h^_K_]h^gyfhc
^\Z^pZlviyluc^_gvjh`^_gby
:wlhagZqblqlhgZklmibefhcjZkp\_lAgZqblk_]h^gyNbgbZgijb^_lqlh[uf_gyaZ[jZlvAgZqbl
\k_ijhbahr_^r__k_]h^gy[m^_lbebhq_gvohjhrbfbebhq_gviehobf
Ykdj_klbeZiZevqbdbaZhq_gvohjhrh
hnbk_[uehimklugghQlh[uhk\h[h^blv_]h;_lkwc[bbKZjZmkljhbeb\_q_jbgdm^eydeb_glh\\
DhgklZglbg_
KZ\ZggZfhyghqgZydhee_]ZaZgbfZeZi_j\hjh^guo\^hf_JZkk_eh\hnbk_khfghc[uelhevdh
Ovx
Luoh^brvaZf_lbeOvxkb^ygZklme_
Ba\bgb\u^hogmeZyG_fh]mi_j_klZlv^mfZlvh
Ijha\_g_edhehdhevqbdgZ^\oh^hfbyaZf_jeZh[_jgm\rbkvd^\_jb
hreb^\h_fm`qbgH^bg\u]ey^_edjhldhbkdjhfghh^_luc\^mjZpdmxnml[hedmkdhjhldbf
jmdZ\hfbhl\jZlbl_evgufjbkmgdhf
�jm]hc[ue;wlf_ghfBeb\_jg__Zdl_jhfdhlhjucb]jZe_]h\ihke_^g_fnbevf_
Ijb\b^__]hmf_gykdjmlbeh`_em^hd
NbgbZgijb\_lkl\h\ZeZy_]h\ha\jZsZykvdk\h_fmklhemYemqr_k_[yqm\kl\mxdh]^Zqlh
K^g_fjh`^_gby^hjh]mrZijhi_eNbgbZg\urZ]b\Zye_]dbfb\ha^mrgufbrZ]ZfblZd
ijhlb\hj_qb\rbfbkmjh\hfmfm`_kl\_gghfmebpmZdl_jZdhlhjh_hggZp_ibegZk_[yK_]h^gy
hkh[_gguc^_gvg_ijZ\^Zeb"
Yih^gyeZk\hx[e_klysmxebg_cdmbgZqZeZ\_jl_lv\jmdZoklZjZykvg_kfhlj_lvgZn_cjbBebgZ
Ovx?keb[uyihkfhlj_eZgZOvxlh\kzqlhybkiulu\ZeZ\^Zggucfhf_glhgijhqze[u\fhbo
]eZaZoKfhf_glZdZd\hr_eNbgbZgOvxg_^\b]Zekygh\dhfgZl_jZaebeZkvkljZggZydbiysZy
gZijy`_gghklvbyagZeZqlhhgZbkoh^blg_lhevdhhlf_gyYijhb]ghjbjh\ZeZ\_k_eh_gZkljh_gb_
NbgbZgZ
LZdqlhijb\_ehl_[ykx^Z"
LuagZ_rvqlh^hjh]mrZByijbg_kl_[_ih^ZjhdgZ^_gvjh`^_gby;wlf_giheh`bejmdmgZ
kibgmiehohh^_lh]hfm`qbguklhys_]hjy^hfkgbfM]Z^Zcdlhwlh"
G_bf_xgbfZe_cr_]hij_^klZ\e_gbyhl\_lbeZybjbkdgmeZihkfhlj_lvgZOvxHg
kh\_jr_gghg_ih^\b`ghkb^_egZklme_kdj_klb\[hevrb_jmdbgZ]jm^b
ujZ`_gb__]hebpZ[uehg_\hafh`ghijhq_klvHggZf_j_gghg_kfhlj_egZf_gybwlh\uau\Zeh
kljZggu_qm\kl\Z;m^lhOvxiulZekyaZ[ulvhfh_fkms_kl\h\ZgbbFg_\g_aZighihgZ^h[beZkv
m\_j_gghklv
Ovx\_k_ehijhbag_keZyLufh`_rvij_^iheh`blv"
�jm]hci_j_\_jlurhl\_lbeOvx
Hlwlh]hyi_j_klZeZ\_jl_lvebg_cdmbmjhgbeZ__
�jm]hci_j_\_jlur"K_jv_agh"wlhlkdmqgucgZ\b^iZj_gv"
GhNbgbZg\u]ey^_e\ha[m`^_ggufHgih^lhedgmefm`qbgm\i_j_^
LZdlhqghu[m^_l_ie_f_gghciZjhcihwlhfmyih^mfZeqlhklhblijb\_klbkkh[hc
hqZjh\Zl_evgh]hMhel_jZbihagZdhfblv\ZkMhel_jkdZ`bijb\_l
Mhel_j\yehfZogmefg_jmdhc
Ijb\_l\_]h]hehk_kd\habekljZggucZdp_glbyaZ^mfZeZkvbawlh]heb\j_f_gbMhel_jbebhg
hq_j_^gZyg_mf_klgZy\j_f_gbb]jmrdZNbgbZgZih^h[ghOvx
YfZogmeZ_fm\hl\_l
OfNbgbZg^mfZxgZfgZ^hih]h\hjblv
G_jZgvr_q_f\uohjhrhjZkkfhljbl_^jm]^jm]Zhg`_klhfmdZaZefg_\uclb\i_j_^
Ih^hc^bbijbdhkgbkvdMhel_jmqlh[um\b^_lvgZqlhihoh^blaj_euci_j_\_jlurWlhklhbl
\b^_lv
Yg_ohl_eZijbdZkZlvkydMhel_jmG_ohl_eZijbdZkZlvkygbdh^ghfmfm`qbg_djhf_OvxGh
djhr_qghcqZklbf_gy[uehm`Zkghex[hiulghgZqlh[m^_lihoh`iheghklvxknhjfbjh\Z\rbcky
i_j_\_jlur;uebebhgbgZklhevdhij_djZkgudZd\k_\hdjm]jZkkdZau\Zeb"G_m\_j_ggZyy
dhe_[ZeZkv
AZl_fh[_jgmeZkvgZOvx
Hgfg_db\gme[m^lhihgyefhcg_ijha\mqZ\rbc\hijhkOvx]h\hjbeqlh\k_\ihjy^d_
I_j_^fhbfebphfs_edgmebiZevpu
:eezijhbagzkNbgbZgiulZykvijb\e_qvfh_\gbfZgb_Dh]^Zyih\_jgmeZkvdg_fm
\ujZ`_gb__]hebpZklZehdbkeufL\hcohaybga^_kv^_\hqdZG_bsbjZaj_r_gbymOvxHg
Kdhjhfu_]hq_jlh\kdbm^b\bf"Ykdjhfghmeu[gmeZkvNbgbZgm
Ohjhrh;m^vihl\h_fmyklmibeZ\i_j_^bih^hreZdMhel_jmkhojZgyygZklhjh`_ggh_
\ujZ`_gbyebpZ
IhijZ\^_]h\hjyfg_[uehex[hiulghm\b^_lvnhjfmMhel_jZGhk_cqZk";_r_gh_s_edZgv_
iZevp_\NbgbZgZi_j_^fhbfebphf^hdZaZehqlhhgg_fgh]hg_klZ[be_g
Hgijh^he`Zedb^ZlvgZOvxjZa^jZ`_ggu_\a]ey^ubyihgyeZqlh^Z`__kebfufheqbfk\yav
f_`^mgZfbkbevgZB\g_aZighyi_j_klZeZ[hylvkyNbgbZgZHg^mfZeqlhkfh`_lmijZ\eylv
gZfbihdZfh]fZgbimebjh\Zlvb^_j`Zlv\kljZo_
L_i_jvmg_]hg_lmijZ\ugZgZkOhlyhgihdZwlh]hg_agZ_lghqZrZ\_kh\kf_klbeZkv\gZrm
klhjhgm
Ihwlhfmdh]^ZMhel_jih^hr_edhfg_y^jm`_ex[gh_fmmeu[gmeZkvbijhlygmeZjmdm
Mhel_jgZdehgbekyqlh[uihp_eh\Zlvf_gy
Ym\_jgmeZkvke_]dZaZ^_\_]hkexgy\ucjhlBmkeurZeZhlOvx_^\Zkeurbfh_juqZgb_Y
\uijyfbeZkvaZl_fih]jhabeZiZevp_fMhel_jm
Yg_]h\hjbeZqlhlufh`_rvf_gyihp_eh\Zlv
Hg[m^_l^_eZlv]hjZa^h[hevr__I_j_klZgvmoh^blvhll_fuijhbag_kNbgbZggmhq_gv
jZa^jZ`_gguflhghf
?fm[hevr_f_gyg_aZim]ZlvIhdZqZ\]heh\hcy\gh\vijhlygmeZMhel_jmjmdm
Wlhbebgbq_]h
Mhel_j\a]eygmegZNbgbZgZdhlhjuc\ha\_e]eZaZdg_[maZl_fk`Zefhxjmdm
Ki_j\ZyaZf_lbeZqlhjmdZMhel_jZebidZyb\eZ`gZyNmYaZklZ\beZk_[ym^_j`Zlv_]hjmdm
h`b^Zyij_h[jZ`_gby
Fh_ij_h[jZ`_gb_hsmsZehkv\yehkljm^hfijh[b\Zehkv[m^lhg_ohlyYg_\bgh\ZlZqlh
Mhel_jlhqghg_aZ^_\Zefhbwjh]_ggu_lhqdbG_kjy^hfkb^ysbffhbf\hkoblbl_evgufOvx
Mhel_jh^gZdhkjZamjZkp\_e
Hg[ueij_djZk_gKZfh_djZkb\h_qlhydh]^Zeb[h\b^_eZjZg___kebm`gZlhihrehY
aZqZjh\Zgghkfhlj_eZdZdgZ_]hhq_gvk\_lehcdh`_ihy\ey_lkyq_rmy
Q_rmybf_eZ`_fqm`ghiZe_\uchll_ghdqlhlhkj_^g__f_`^m\hkoh^hfbaZdZlhfkhegpZb
dZaZehkvk\_lbeZkvbagmljbKZfuc\_ebdhe_igucp\_ldhlhjucyfh]eZk_[_ij_^klZ\blv
GZe[m\ujhkeb^ebggu_kibjZe_\b^gu_jh]Zp\_lZkehgh\hcdhklbihoh`b_gZjh]Z_^bghjh]Zb
hl[e_kdbahehlZijhke_`b\Zxsb_kyihkibjZeyfaZklZ\eyebbo[hevr_ihoh^blvgZijhba\_^_gby
bkdmkkl\Zq_fijhklu_jh]Z
�mjZpdZynml[hedZMhel_jZjZahj\ZeZkvbiZjZfhsguo\_ebdhe_iguodjuev_\jZa\_jgmeZkvbaaZ
kibguIhoh`b_gZdjuevy[Z[hq_djZaghp\_lgu_bij_djZkgu_YZogmeZijb\b^_bo
Mhel_jmeu[gmekyfg_b\wlhlfhf_glhg[ueihgZklhys_fm\_ebdhe_i_gg_hklZehkvgbdZdh]h
gZf_dZgZdjhldh]hq_eh\_dZYihgyeZqlhfh]eZ[uklZlvlZdhc`_g_hklZgh\bk\h_khaj_\Zgb_
Fhykh[kl\_ggZynhjfZ[hevr_g_[ueZhl\jZlbl_evghcghhgZb[ebadhg_klhyeZkwlbf
\hkoblbl_evgufkms_kl\hf
hlwlh^Z\i_qZlebl_evgh\u^hogmeZyBihkfhlj_eZgZOvxbNbgbZgZ[m^lh^he`gZ[ueZ
dZdlhihdZaZlvk\h_m^b\e_gb_hlm\b^_gghcljZgknhjfZpbbMhel_jZ
kfhlj_egZfhxjmdmk`bfZxsmxjmdmMhel_jZb^_j]ZekygZklme_
OhlybNbgbZgg_\u]ey^_e^h\hevgufHgaZ^mfqb\hihlbjZeih^[hjh^hdofmjbekybkfhlj_egZ
f_gy
Lug_ij_\jZlbeZkvhlf_lbehgkimklyf]gh\_gb_
Yihkfhlj_eZgZk\hxjmdm\eh`_ggmx\jmdmMhel_jZkdjZkb\ufbdh]lyfb
Dhg_qghfhyjmdZ\k__s_[ueZq_eh\_q_kdhcYqm\kl\h\ZeZnhjfZi_j_\_jlurZijbeh`beZ\k_
mkbebyqlh[uihiulZlvkyijhkgmlvkyghhsmsZeZkv\yeh[m^lhg_`_eZeZqlh[u__[_kihdhbeb
:]ZkdZaZeZyKljZggh
�Zijhbag_kNbgbZglbobf]hehkhfHq_gvkljZgghhg\gh\vs_edgmeiZevpZfbmdZaZ\gZ
OvxIjbdhkgbkvdg_c
Ovx\klZe\uijyfeyykv\ihegucjhkl?]h\a]ey^[ueijbdh\Zgdhfg_
Lhevdh_kebhgZlh]hih`_eZ_l
;m^lhyg_`_eZeZijbdhkgh\_gbcOvx"Ymeu[gmeZkvOvxZaZl_fkfmlbeZkvdh]^ZgZqZehkvfh_
�ij_h[jZ`_gb__j`ZMhel_jZaZjmdmy\ha[m`^ZeZkvijhklhihkfhlj_\gZOvx
G_eh\dhGh\lh`_\j_fyyebdh\ZeZIjbdhkgh\_gb_Mhel_jZg_^_eZehwlh]hkhfghcYihgyeZ
qlhf_gy\ha[m`^Z_lOvxBlhevdhOvxHklZevgu_g_\kqzl
Fhc\a]ey^hklZ\ZekygZOvxihdZyhsmsZeZk\hxljZgknhjfZpbxf_^e_gghbaf_gyxsmxfh_
l_eh
Bakibguijhjhkebdjuevybboijb^Z\behieZlv_yhsmlbeZdZd\ujhko\hklh^gh\j_f_gghkl_f
dZdm^ebgbebkvdh]lbbjhlgZihegbekydeudZfbDh]^Zij_h[jZah\Zgb_aZdhgqbehkvyihkfhlj_eZ
gZNbgbZgZh`b^Zy_]hj_Zdpbb
HggZofmjbekyKbevgh
Mhel_jh^_jgmehlf_gyjmdmg_^h\hevghrbiyijb\b^_f_gyYihkfhlj_eZ\gba]^_lhevdhqlh
[ueZ_]hjmdZ
@_fqm`gha_e_gucp\_lq_rmbg_khhl\_lkl\h\Zeexfbg_kp_gpbbMhel_jZbyg_fh]eZ\bgblv_]h
\lhfqlhhgh^_jgmejmdm
Y^h]Z^ZeZkvqlhjZahqZjh\ZeZk_dkbi_j_\_jlurZihlhfmqlh\u]ey`m^h\hevgh
g_ijb\e_dZl_evghWlhijb\_ehf_gy\\hklhj]
Qlhwlh"]eZ^ygZf_gyNbgbZgk^_eZerZ]\i_j_^Hgbkih^eh[vy]eygmegZOvxaZl_f\gh\vgZ
f_gy?c_s_g_^_ebjZklb^hdhg_qghcij_djZkghcnhjfuIhkfhljbgZwlhlp\_lhg
ihfhjsbeky]ey^ygZfhxq_rmxDjuevy^Z`_g_jZa\_jgmebkvLulZkdZe__\fbj
i_j\hjh^guo"MgZkaZ^_j`dZgZg_kdhevdhg_^_ev"NbgbZgiheh`bejmdbgZ[_^jZbjZa^jZ`_ggh
[ZjZ[ZgbeihgbfiZevpZfbYkgbfZxl_[ykwlh]haZ^ZgbyOvxLug_dhfi_l_gl_g
Lug_fh`_rv_]hm\heblvijhbag_keZyHgm`_kZfmr_e
Mr_e"Dh]^Z"
Yijb^\bgmeZkvdOvxb[ueZ^h\hevgZdh]^Z[hevrZyjmdZh[_jgmeZkv\hdjm]fhboie_qY
h[_jgmeZk\hbjmdm\hdjm]_]hlZebb
lmghqvdh]^Zebrbef_gy^_\kl\_gghklb
Qlh"ihqlbaZ\hibeNbgbZgQlhhgk^_eZe"
Fui_j_kiZeb]hj^hkdZaZeZyY_]hiZjZZhgfhy
Wlhg_[uehqZklvxk^_edbMgZk[ueZdeyl\ZLuihdeyekyfg_qlhg_aZbgl_j_km_rvky_x
Yi_j_^mfZekihdhcgu_keh\ZOvxaZklZ\bebf_gymeu[gmlvky?]hjmdZe_`ZsZygZfhbo
ie_qZogZijy]eZkv
Lubkihjlbe__\hibeNbgbZgBkihjlbeHgZ[ueZ[_kp_ggZZl_i_jvgbq_]hg_klhbl
IhkfhljbdZdhgZmjh^eb\Z
H[o\Zlb\fhcih^[hjh^hdiZevpZfbOvxaZklZ\bef_gyihkfhlj_lvgZg_]h_]h]eZaZoy\b^_eZ
ebrvex[h\v
HgZkZfh_ij_djZkgh_kms_kl\h\wlhffbj_
Y_fmmeu[gmeZkv
NbgbZgyjhklghaZjuqZeij_ju\ZygZr_kqZklv_
Lh]^ZluagZ_rvqlhwlhagZqbl"
AgZxhl\_lbeOvxdj_iq_h[gbfZyf_gy_]h]hehk_kd\habeZ]jmklvGbygbfhbex^bg_
ihemqbfiZjubai_j\hjh^guo
_jghih^l\_j^beNbgbZgmdZau\ZygZOvxiZevp_fIheZ]Zxhgbah\k_okbeklZjZeky
\u]ey^_lvyjhklgufbiheguf]g_\Zgh\hkgh\ghf\u]ey^_edhfbqghHgebrvdjbqZe:wlhg_
kljZrghIhoh`_hggbq_]hg_fh]gZfk^_eZlv
Byg_fh]eZi_j_klZlvmeu[Zlvky
Gbh^bgg_ihemqbliZjmijhbag_kNbgbZgk`bfZyjmdb\dmeZdbLu^_ckl\bl_evgh
gZklhevdhw]hbklbq_gqlhbkihjlbekms_kl\h"
Luijhkbef_gyjZajmrblvh^gm`bagv\h[f_ggZ^\Z^pZlvq_luj_hl\_lbeOvxlh\j_fy
fg_wlhihdZaZehkvklhys_ck^_edhcGhdZdym`_kdZaZeyi_j_^mfZe
Bg_lhevdhhg^h[Z\beZyih]eZ`b\Zyjmdhciehkdbc`b\hlOvxJZkkdZ`b_fmh^jm]bo
i_j\hjh^guofbeuc
GZebp_Ovx\hagbdeh]jhaghm^h\e_l\hj_ggh_\ujZ`_gb_
Fhbo[jZlv_\[hevr_g_lgZa_fe_i_j\hjh^guo
NbgbZgy\gh_]hg_ihgye?]h\a]ey^f_lZekyf_`^mfghcbOvxIZevpun_cjb^bdhbjZatyj_ggh
[ZjZ[Zgbebih_]h[_^jmQ_j_af]gh\_gb_hghlj_aZe
Qlhwlh^he`ghhagZqZlv"
HgbmrebHgba^_kv\wlhffbj_ijhklhhl\_lbeOvxHgihlygmekydp_ihqd_gZr__e_]dbf
`_klhfkgye__bijhlygmeNbgbZgmA_febi_j\hjh^guom[_`bs_^eygZr_]hjh^ZghlZfgbdlh
g_kqZkleb\baaZh^bghq_kl\ZLZfg_liZjHgbihdbgmeblhlfbjbijbrebkx^Z\fbjex^_c
b^_lvdZdgZebp_NbgbZgZgZjZklZem`Zk[ueh[_kp_gghYihqlbqm\kl\h\ZeZ`ZehklvdiZjgx
Gh^h[Z\beOvxhgb\_jgmlky\fbji_j\hjh^guo\h[f_ggZboiZju
N_cjbkdjb\be]m[u
�Lu^mfZ_rvqlhg_hklZ\ey_rvfg_\u[hjZ"Z"
;he__bebf_g__\klZ\beZyDZdwlhihgbfZlv"
Ovx[ue]hehkhfjZamfZ
Fhb[jZlvy[ueb[ujZ^u\_jgmlvky\fbji_j\hjh^guob]hlh\u\uihegblvex[u_aZ^Zgby
n_cjbH^gZdhk^_eZxlwlhlhevdh\f_kl_kiZjZfbdhlhju_[m^mljy^hfijhlb\ghfkemqZ_hgb
g_\_jgmlky
YihgyeZqlhfheqZgb_n_cjbgZijy]Z_lJZa\_NbgbZgg_[m^_ljZ^^_j`Zlvi_j\hjh^guoijb
k_[_"Khkeh\Ovxi_j\hjh^gu_\uihegyebex[u_]jyagu_ihjmq_gbyn_cjbb^_eZebwlhhohlgh
Ihq_fm`_n_cjbg_ohq_lbo\_jgmlv"
GhNbgbZglZdgbq_]hbg_hl\_lbeIjhklhkfhlj_egZOvxk`Z\dmeZdb
�mfZch[wlhfdZdhkebygbbkbe\uiZebeZyiulZykvihfhqvjZaj_rblvkblmZpbxLu
kh_^bgy_rvfm`qbgb`_gsbgb\k_kqZkleb\uJZa\_`_gbgug_ohlyl[ulvkfm`qbgZfbbo\b^Z"
JZa\_hgbg_h^bghdb"
NbgbZggZijZ\be\a]ey^gZf_gy
M\_j_glZdb_klv
LZdiha\hevgZfih]h\hjblvkgbfbkdZaZeZyu[_jbij_^klZ\bl_eyijb\_^b__kx^Zbfu
h[km^bfwlhkg_cM\_j_gZ`_gsbgulh`_ohlylk_fvb
Ihij_`g_fmNbgbZgfheqZe
Lug_fh`_rvgZ\_qghaZi_j_lvgZk\eh\mrd_[_a`_gsbgijhbag_kOvx_]h]hehkhojbihl
]g_\ZYihqm\kl\h\ZeZdZd_]hjmdbgZijy]ebkvgZfh_clZebb[m^lhhg_^\Zk^_j`b\ZekyWlh
g_kijZ\_^eb\hihhlghr_gbxdh\k_fbdfm`qbgZfbd`_gsbgZfluebrZ_rvboh[s_gby
Iha\hevgZfih]h\hjblvkh^ghcba`_gsbgm]h\Zjb\ZeZyJZa\_wlhlZdljm^gh"DZdah\mlbo
eb^_jZ"
NbgbZgdhe_[Zekyhg\ibeky\f_gy\a]ey^hfdhlhjuc[uegZiheg_gaehklvxbiZgbdhc
Bm`ZkgZy^h]Z^dZh[jmrbeZkvgZf_gy
Ml_[yg_l`_gsbg"Lubf\jZe"
�\ZyjdhdjZkguoiylgZjZaebebkvihs_dZfihaZbfkl\h\ZgghfmebpmNbgbZgZ
Dhg_qgh_klv[ukljhhl\_lbehg
Yhk\h[h^beZkvbah[tylbcOvxbih^hreZdNbgbZgmkdj_klb\jmdbgZ]jm^b
Hk_jv_agh"GZah\bbobf_gZbh[ebqb_a\_jbghcnhjfu"
Ih`ZemcklZ\hafmlbekyNbgbZgFg_qlhklhblihfgblbobf_gZ"Ykebrdhf\Z`gZyi_jkhgZ
�Zgh\hllhevdhlujZ[hlZekgbfbgZijhly`_gbb\_dh\lZd"M\_j_gZiZjmbf_gihfgbrv
IjhklhgZah\bh^gh
Yg_h[yaZggbq_]hl_[_gZau\Zlvg_qbklhdjh\guci_j_\_jluryjhklgh\u^ZehgDZdbg_
h[yaZg\u^Z\Zlvbf_gZ[_kihe_aguoh[hjhlg_cijhklhqlh[umkihdhblvl_[y
=^_`_hgb"j_adhkijhkbeOvxm^b\eyyf_gy
Ijhklbl_"
@_gsbgui_j\hjh^gu_=^_hgbk_cqZk"
Ih`Zemc\k\hzffbj_dhg_qgh
Yih\_jgmeZkvqlh[uihkfhlj_lvgZOvx?]hl_ehdZaZehkvjZkkeZ[e_ggufghyqm\kl\h\ZeZ
gZijy`_gb_\_]h\a]ey^_Hgkmabe]eZaZ\^\_szedbf_qZ]g_\bg_gZ\bklv
LudZdlh]h\hjbefg_ijhbag_kOvxm[bckl\_gghfy]dbf]hehkhfqlhih^^_j`Zgb_
hl^_evgh]hkh[kl\_ggh]hfbjZ^eyi_j\hjh^guoklhbln_cjbh]jhfgh]hdhebq_kl\Z\j_f_gbb
wg_j]bbBqlhfu^he`gu[ulv[eZ]h^ZjguaZlhqlhlulZdaZ[hlbrvkyhgZr_f[eZ]hihemqbbaZ
lhqlh^_eZ_rvwlh^eygZkQlhfuaZ^he`Zebl_[_
�ZlZdb[ueh
gZr_]h]eZaZOvx[ueboheh^gudZde_^Blug_h[t_^bgbefbju"
NbgbZgijhfheqZe
Fhy`_gsbgZijZ\ZijhjuqZeOvxlZdbfkf_jlhghkgufjuqZgb_fqlhy\a^jh]gmeZLufg_
e]Zek_wlh\j_fyG_l^jm]h]hfbjZ^ey`_gsbgdZdbkZfbo`_gsbg^Z"?klvlhevdh^mjZdb
aZi_jlu_\kh[kl\_gghffbj_dhlhjuon_cjbbkihevamxlkydh]^ZohlylBihke_klbjZxlgZf
iZfylvKdhevdhjZalubkihevah\ZegZk"
NbgbZgihij_`g_fmojZgbefheqZgb_IhaZ^bg_]hMhel_j^_jgmeky_]hdjuevykeh`bebkv
h[jZlgh:\a]ey^[uep_ebdhfbiheghklvxijbdh\ZgdNbgbZgmkq_flhkjh^gbij_^Zgghklb
�mfZxluqlhlh^_eZeqlh[uaZlmfZgblvgZrb\hkihfbgZgbyhlihq_fmfuih\_jbebdh]^Zlu
kdZaZeqlhijb\_^_rvgZf`_gsbgOvxyjhklghr_e\i_j_^ihdZg_gZ\bkgZ^NbgbZghfLu
wlhhljbpZ_rv"
NbgbZg\uijyfbekyjZa]eZ^b\jmdhcdmjldm;uehihoh`_qlhfm`qbgZklZjZ_lkyg_k^_eZlvrZ]
gZaZ^
Ygbq_]hg_^he`_gl_[_h[tykgylv
Ovxko\ZlbeNbgbZgZaZ]jm^dbhkdZeb\\a\_jbghfjud_h]jhfgu_deudb
k_wlh\j_fylugZfe]ZebfZgbimebjh\ZegZfbFg_ke_^m_lm[blvl_[y
Ybkim]ZgghibkdgmeZbj\ZgmeZ\i_j_^qlh[uhllZsblvOvxhlNbgbZgZ
OvxG_l
Mhel_jba^ZekljZ^Zevq_kdbcklhgijb^\b]ZykvdNbgbZgmbiulZykvhllZsblv_]hhlOvx;m^lh
qlhlhfh]ehm[_j_qvn_cjbhl]g_\ZOvx
Y\b^_eZdZdm^ebgyebkvdeudbOvxZ]eZaZ[hevr_ij_\jZsZebkv\dhrZqvbHlyjhklbhgl_jye
dhgljhevgZ^q_eh\_qghklvxHg[eb`_ijblygmeNbgbZgZkhq_\b^ghcm]jhahc\\ujZ`_gbbebpZ
G_m[b\Zc_]hkdZaZeZyiheh`b\k\hxjmdmgZjmdmOvx\mkihdZb\Zxs_f`_kl_Yg_agZeZ
qlhfh`_lkemqblvky_kebOvxihdZe_qblijbgpZn_cjbNbgbZgkh[bjZ_lkyij_^eh`blvgZf
k^_edmijhbag_keZy[ukljhjZafureyyWlh\_]hbgl_j_kZo
�Z"NbgbZgm\k_`_m^Zehkvih]emfblvkyg_kfhljygZ^ebggu_deudb\kZglbf_ljZohl_]h
ebpZGZ_]he[m\uklmibeihl
�ZkdZaZeZyLuhldZ`_rvkyhlk\hboijZ\gZf_gybi_j\hjh^guo:\aZf_gfu[m^_f
^_j`ZlvjhlgZaZfd_hlhfdZdl_[_m^Zehkvihl_jylv\k_h^gbffZohfM\_j_gZ^jm]bfn_cjb
[m^_lbgl_j_kghmagZlvqlhkemqbehkvkh\k_fbbofZe_gvdbfbb]jmrdZfbBm\_j_gZqlhbf[m^_l
ex[hiulgh^Zbg_^h\hevguhgb[m^ml_kebmagZxlqlhlu\k_ihl_jyeymeu[gmeZkv_fm
kZfhch[Zyl_evghcmeu[dhcBlZd\h[f_ggZgZr_fheqZgb_luhklZ\ey_rvgZk\ihdh_gZ\kx
hklZ\rmxky`bagvBOvxkhojZgbll_[_ebphyihoehiZeZj_kgbpZfbIhlhfmqlhhghq_gv
hq_gvohq_lijyfhk_cqZk_]hmgbqlh`blv
OvxlZd]jhaghaZjuqZeqlh^Z`_y\a^jh]gmeZ
Y\b^_eZdZddZ^udNbgbZgZg_j\gh^_jgmekyKimkly^he]mxfbgmlmn_cjbaZ]h\hjbe
umfheqbl_hlhfdlhhk\h[h^bei_j\hjh^guo"
Ybah[jZabeZqlhaZdjueZjhlgZaZfhdb\udbgmeZdexq
NbgbZgi_j_\_e\a]ey^gZOvxihlhfgZf_gyihlhf\gh\vgZOvxB\gh\vk]ehlgme
IheZ]Zxqlh\k_wlh[m^_lklhblvfg_ebrvihl_j_cmjh^eb\h]hi_j_\_jlurZ
G_agZxaZf_lbeeblugZkdhevdh^ebggu_mOvxdh]lb"G_^mfZxqlhhgghjfZevgh\hkijbf_l
l\hbhkdhj[e_gby\fhcZ^j_k
Ovx]jhaghs_edgmeam[ZfbgZNbgbZgZ
N_cjb[ukljhdb\gmehdjm]eb\]eZaZ
YijbgbfZx\Zr_ij_^eh`_gb_
YagZeZqlhlukh]eZkbrvky
H`_j_ev_kjmgZfb\_jgmehkvdNbgbZgmk\hxhq_j_^vgh\Zydeyl\Z[ueZ\ulZlmbjh\ZgZgZ
rbjhdboie_qZoOvxlZdqlh__g_\hafh`ghkehfZlvex[hcp_ghcI_j\hjh^gu_k\h[h^gu
h[f_ggZwlhhgb[m^mlfheqZlvh[mkeh\byobohk\h[h`^_gby
NbgbZgm^Zebehlf_ldmkh[kl\_gghklbkfh_]h[_^jZe_]dbf^\b`_gb_fjmdb
Ihke_lh]hdZd\k_aZdhgqbehkvNbgbZgg_fh][uklj__mclbhlgZkHgko\ZlbeMhel_jZb
ihki_rgh\ur_ekimklyg_kdhevdhf]gh\_gbcfumkeurZebrmjrZgb_dhe_kgZiZjdh\d_
Y\a^hogmeZkh[e_]q_gb_fH]jhfguc]jmakiZekfhboie_q
Jy^hfkhfghcOvxjmogmegZklme
Yklj_\h]hcihkfhlj_eZgZg_]h
Ovxlu\ihjy^d_"y\a\hegh\Zgghm[jZeZjmdhc_]h\hehkukhe[ZLu\_^vgbhq_fg_
`Ze__rv"
Ovxijblygmef_gydk_[_bijb`Zekyebphfd]jm^bHg^he]hkebrdhf^he]hfheqZeYgZqZeZ
\hegh\ZlvkyIhke_lh]hdZddZaZehkvijhreZ\_qghklvOvxaZ]h\hjbeaZie_lZxsbfkyyaudhf
DZdih^mfZxqlhyihqlbhl^Zel_[y_fm\h[f_ggZg_kms_kl\mxsb_iZju
Yfy]dhijh\_eZiZevpZfbih_]h\hehkZf
Lug_fh]agZlvNbgbZgb^jm]b_y\ghqlhlh^_eZebqlh[uaZklZ\blv\ZkaZ[u\Zlvh
\uiheg_gguoihjmq_gbyoDlhagZ_lkdhevdhjZahgbm`_ij_^eZ]Zeb\ZfiZjulhevdhqlh[u
kl_j_lv\Zrb\hkihfbgZgbyihke_wlh]h"
Fg_ke_^h\Zehm[blv_]hijhjuqZeOvx?]hjmdbk`Zebkv\hdjm]f_gyHgg_aZkem`b\Z_l
lh]hqlh[u`blv
G_gZfj_rZlvkdZaZeZybihp_eh\ZeZ_]h\fZdmrdmGhiehoZygh\hklv\lhfqlhluaZkljye
a^_kvkhfghcHgaZ[jZejmgmbi_j\hjh^gu_lh`_hdZaZebkva^_kv\eh\mrd_
FffGm^Zhg\lygme\ha^momfh_c]jm^bhl\e_dZybaZklZ\eyynhjfmi_j_\_jlurZ\gh\v
h`blvFh]mkdZaZlvqlhg_g_^h\he_gkeh`b\r_ckykblmZpb_cG_\fZe_cr_ckl_i_gb
;m^mleb^jm]b_g_^h\hevgu"yhllygmeZ]heh\mOvxhlk\h_c]jm^bb\ugm^beZihkfhlj_lvfg_
\ebph
Lhevdh_kebhgb]emipuhl\_lbehgbijblygmef_gydk_[_^ey^he]h]hihp_emy
I_j_\h^qbdLQYHQWLD
J_^ZdlhjQDWDOL
=eZ\Z
BlZd\kz[uehh[fZghfkhh[sbeZykdZf_gguf\ujZ`_gb_febpZi_j\hjh^gufaZihegb\rbf
h]jhfgmxdmogxJZkk_eh\
KZ\ZggZ;_lb;vxklhyeb\aZ^g_cqZklbdhfgZlub^_eZeb]jm^u[ml_j[jh^h\Ykb^_eZ\h]eZ\_
klheZgZdhe_gyomOvx[ZeZgkbjmxgZh^ghfba_]hh]jhfguo[z^_j
LZdg_[uehgbdZdbo`_gsbg"kijhkbe:jlmjb_]hebphg_^hmf_ggh\ulygmehkvkzwlh
meh\dZ"
Ovxk_jvzaghdb\gme
N_cjbe]Zeqlh[uaZklZ\blvf_gy^_eZlvlhqlh_fmgm`ghHgg_kh[bjZekybkihegylvk\hz
h[_sZgb_kz[uehgZijZkgh
Ghluk^_eZeijZ\bevguc\u[hjkdZaZeZyOvxihoehiZ\_]hihjmd_e_`Zs_cgZfh_clZebbY
kgh\Zij_h[jZah\ZeZkv\k\hxnhjfmi_j_\zjlurZghf_gywlhfZehaZ[hlbehI_j\hjh^gu_f_gy
m`_\b^_eb\lZdhf\b^_jZgvr_Bihkdhevdmg_kdhevdhq_eh\_dbak_fvbJZkk_eh\kfhlj_ebgZ
f_gyihgZklhys_fmijbklZevghlh]^ZhgbdZdbflhh[jZahfjZa]Z^Zebfhck_dj_l
Ihwlhfmfu^he`guhklZlvkya^_kvgZqZeOvxFhzf_klhjy^hfkJZc^_j
Dh]^Zhgijhbagzkwlh\kemo[Z[hqdbaZihjoZeb\fhzf`b\hl_
Gh\uj_[ylZg_^he`guhklZ\Zlvkya^_kv\uiZebeZyij_`^_q_fdlheb[haZ]h\hjbe
M\_j_gZqlh\ufh`_l_\_jgmlvky\k\hcfbj_kebaZohlbl_GhagZcl_qlha^_kv\Zflh`_jZ^u
BlbrbgZGba\mdZaZbkdexq_gb_fgZj_adb[ml_j[jh^h\gZaZ^g_fieZg_Hqzf^mfZeb
i_j\hjh^gu_"
A^_kv_klv`_gsbgugZqZeDZoweFufh]eb[ukgbfbkiZjb\Zlvky"
Ijbmkeh\bbqlh`_gsbgu]h\hjyl^Zhl\_lbeZy_fmBijbmkeh\bbqlh\uihemqbl_
jZaj_r_gb_eb^_jZ\Zr_]hdeZgZ_kebhgbhdZ`mlkyex^vfb
Fg_]h\hjbebqlh;vxb^jm]b_Zevnu\kz_szklZjZebkvh[hclbkeh`ghklbdhlhju_iha\hebeb[u
q_eh\_q_kdbf`_gsbgZf\klj_qZlvkyki_j_\zjlurZfbmqblu\Zyqlh\kybgnhjfZpbyh[h[hjhlgyo
^he`gZhklZ\Zlvky\k_dj_l_
Gha^_kvihegh`_gsbgk_jvzaghijhbagzkDZoweFufh`_fgZclbk_[_iZjmbg_
[_kihdhblvkyqlhgZrbf[jZlvyfg_o\Zlbl"
Ydb\gmeZ
Lhevdha^_kvgZA_fe_`_gsbgklhevdh`_kdhevdhbfm`qbg@_gsbgh[hjhlg_cg_lZdfgh]h
ghiheZ]Zx\u\k_]^Zfh`_l_gZclbq_eh\_dZ
k_`_gsbgudZd=j_ck"kijhkbeh^bgbagbo
G_lg_\k_ktya\beZ;_lBkdZ`bl_aZwlhkiZkb[h
;b\Zgrezigmejmdhcihklhem
FuohlbfhklZlvkya^_kvbgZclb`_gsbg
Lum\_j_g"kijhkbeZy
wlhffbj_ihegh\hafh`ghkl_chl\_lbeDZoweihlbjZyjmdb
BibppZ\f_rZekydlhlh
Fgh]b_bai_j\hjh^guoaZkf_yebkvkeh\ghihgyeb\qzfijbdhe
YaZklhgZeZ
Ijbf_qZgby

1R'R]bkihevam_lky^ey\hkklZgh\e_gb_ikbobq_kdhc[^bl_evghklbbeb[h^jkl\h\Zgby_keb\u
bkiulu\Z_l_mklZehklvbebkhgeb\hklv

ij_^klZ\bl_eyodhkfbq_kdhcdhrZqv_cjZkukiZkrboky\qm`hffbj_ihke_]b[_ebbojh^ghc
ieZg_luLZg^_juB^_yk_jbZeZijbgZ^e_`blLw^mmevnmZZgbfZpby[ueZk^_eZgZgZaZdZa\
Yihgbb

OjZ[jh_k_j^p_nbevfjZkkdZau\Zxsbch[hjv[_RhleZg^bbaZg_aZ\bkbfhklvijhlb\
Zg]ebckdh]h]hkih^kl\Z=eZ\guc]_jhcnbevfZMbevyfMhee_kij_^\h^bl_evrhleZg^p_\\
bkiheg_gbbF_eZ=b[khgZ

Mblba :KHDWLHV\fLh\ZjgucagZdh^gh]hbai_j\uo\b^h\kmoh]haZ\ljZdZ\\b^_ir_gbqguo
�oehiv_\k\blZfbgghfbg_jZevgufb^h[Z\dZfbijhba\h^kl\ZdhfiZgbb`_g_jZefbeekBa\_kl_g
j_deZfgucehamg]AZ\ljZdq_fibhgh\dhlhjuckhojZgbeky^hgZrbo^g_c

3RS7DUW IhilZjlk\fgZa\Zgb_ihimeyjgh]hi_q_gvy

ihnZj_g]_clmijbf_jghK

nmlh\f

nmglh\d]

nmlZkf

)LHOGDPS6WUHDPjmdh\h^kl\hd^_ckl\bx^eybklbgguoex[bl_e_cZdlb\gh]hhl^uoZdZq_kl\_
h^gh]hba\_^msbokihjlb\guo`mjgZeh\:f_jbdb)LHOGDPS6WUHDPij_^hklZ\ey_lqblZl_eyf
om^h`_kl\_ggu_bgZmqghihimeyjgu_jZkkdZauijhhohlmju[Zedmb^jm]b_\b^uZdlb\gh]h
hl^uoZhibkZgb_hjm`bykgZjy`_gbybl_ogbdb

FhgkljhZf_jbdZgkdbcnZglZklbq_kdbcljbee_j[h_\bdj_`bkkzjZFwllZJb\aZbijh^xk_jZ
��`_c`_y:[jZfkZNbevf\ur_egZwdjZgu\KR:yg\Zjy]h^ZDhfiZgby^jma_c
mkljZb\Z_l\_q_jbgdm\h^ghcbagvxchjdkdbod\ZjlbjihkemqZxhlt_a^Zh^gh]hbagbo\Yihgbx
^jm]\]b]Zglkdhff_]Zihebk_]Zkg_lk\_lb]hjh^khljykZxljZajmr_gbyg_\b^Zggh]hfZkrlZ[Z
Q_j_ag_dhlhjh_\j_fyklZgh\blkyihgylghqlhbklhqgbdjZajmr_gbcg_qlhbgh_dZd
djh\h`Z^gh_qm^h\bs_Deh\_jnbe^nmlh\uc f_ljh\\f]mfZghb^djmrZsbc]hjh^

Ehf_cgdblZckdh_[ex^hbaeZirbkh\hsZfbfykhfbebfhj_ijh^mdlZfb

=_g_jZeZPhhkljh_dblZckdh_[ex^hbadmjbpu

:gljhih]_ggucnZdlhjj_amevlZlg_ihkj_^kl\_ggh]h\ha^_ckl\byq_eh\_dZgZhdjm`Zxsmx
ijbjh^gmxkj_^mijb\h^ys__dgZjmr_gbx_kl_kl\_gguowdhkbkl_f
Dblqh^ghbajZggboklZg^Zjlbabjh\Zgguoijhy\e_gbcfZkkh\hcdmevlmjuoZjZdl_jbamxs__ky
k_jbcgufijhba\h^kl\hfbklZlmkgufagZq_gb_fIhgylb_dbq\hagbdeh\=_jfZgbb\]h^m
^eyh[hagZq_gbyom^h`_kl\_gguoij_^f_lh\dhlhju_ijhba\h^bebkv^eyZf_jbdZgkdboihdmiZl_e_c
bijh^Z\ZebkvgZ_\jhi_ckdbo\_jgbkZ`ZoIjhbkoh`^_gb_keh\Z\hkoh^bld^\mfg_f_pdbf
]eZ]heZfNLWVFKHQ ^_eZlvdh_dZd\fbYHUNLWVFKHQ ijh^Z\Zlvkh\k_fg_lhqlhaZdZaZgh\fWlb
ij_^f_luh[eZ^Zebgbadhcklhbfhklvxbgbadbfom^h`_kl\_ggufdZq_kl\hf

;ebg nj\f

;ZkdZlZdgZau\Zxlrbjhdmxh[hjdmijbrb\Z_fmxgZebgbblZebbdieZlvx[emad_`Zd_lm
x[d_b^Z`_d[jxdZf

D\ZjlZebljZ

Jh]bigheaZij_s_ggh_kghl\hjgh_[_ap\_lZaZiZoZb\dmkZqZklhih^kuiZ_lkyfZgvydZfbjZ^b
k_dkZk`_jl\hc\hldexqd_

Hohlgbdbbkh[bjZl_ebohayckl\_gghdmevlmjguclbioZjZdl_jguc^eygZjh^h\dhlhju_
gZoh^ylkygZjZgg_fmjh\g_khpbZevghwdhghfbq_kdh]hjZa\blby

Приложенные файлы

  • pdf 19129084
    Размер файла: 440 kB Загрузок: 0

Добавить комментарий