internet-razvedka rukovodstvo k deystviyu.PDF


Чтобы посмотреть этот PDF файл с форматированием и разметкой, скачайте его и откройте на своем компьютере.
FRPSBZZZ
$XWKRU,QIR
?\]_gbcE_hgb^h\bqXsmd
Bgl_jg_ljZa\_^dZJmdh\h^kl\hd^_ckl\bx
Kh]eZkghjZkoh`_fmfg_gbxq_eh\_d\eZ^_xsbcbgnhjfZpb_c\eZ^__lfbjhfBgl_jg_l
]b]ZglkdZybgnhjfZpbhggZy[ZaZkh\j_f_gghklbbg_h[oh^bfhklvhk\h_gbylhgdhkl_cjZ[hlu\k_lb
kdhjhklZg_lgZkmsghc^ey\k_ohlki_pbZebklh\ihdhgdmj_glghcjZa\_^d_fZjd_lbg]mb35\
`bagbdhlhjuoBgl_jg_lm`_b]jZ_lg_ihke_^gxxjhev^hjy^h\uokem`Zsbo
DZdgZclb\Bgl_jg_l_bgnhjfZpbxhdhgdj_lguoex^yodhfiZgbyoblh\ZjZo"DZdhj]Zgbah\Zlv
ijh^\b`_gb_kh[kl\_ggh]hij_^ijbylby\K_lb"DZdm[_j_qvkyhloZd_jh\bkijylZlvbgnhjfZpbx
gZk\h_fdhfivxl_j_hlihklhjhggbo"DZd[hjhlvkyk\bjmkZfbb\j_^hghkgufbijh]jZffZfb"
Hl\_lugZwlbbfgh]b_^jm]b_\hijhku\ugZc^_l_\gZr_cdgb]_ih^jh[ghfiml_\h^bl_e_ih
fbjmBgl_jg_lZIj_^klZ\e_ggu_a^_kvijZdlbq_kdb_kh\_luihfh]ml\Zfg_ijhklh\uklhylv\
dhgdmj_glghcbebbgnhjfZpbhgghc[hjv[_ghbih[_^blv\g_cbamqb\g_ba\_klgu_jy^h\hfm
ihevah\Zl_ex\hafh`ghklbk_fbjghciZmlbgu
Ba^Zgb_ij_^klZ\ey_lijZdlbq_kdbcbgl_j_k^eyki_pbZebklh\ih[bag_kjZa\_^d_fZjd_lbg]m
j_deZf_b35ZlZd`_^ey^bj_dlhjh\bf_g_^`_jh\`_eZxsbownn_dlb\ghijh^\b]Zlvk\h_
ij_^ijbylb_gZkh\j_f_gghfjugd_
?\]_gbcXsmd
Bgl_jg_ljZa\_^dZJmdh\h^kl\hd^_ckl\bx
\_^_gb_
WlZdgb]Zij_^gZagZq_gZg_lhevdh^eyki_pbZebklh\ihdhgdmj_glghcjZa\_^d_ghb^ey\k_o
ki_pbZebklh\dhlhju_bkihevamxlBgl_jg_l\k\h_cih\k_^g_\ghcjZ[hl_dZdkh\j_f_gguc
wnn_dlb\guc[ukljucbg_^hjh]hcbgkljmf_glLh_klvijZdlbq_kdb^ey\k_odlhbf__lhlghr_gb_
d[bag_km[m^vlhijhba\h^kl\_ggh_ij_^ijbylb_lhj]h\ZynbjfZnbgZgkh\h_mqj_`^_gb_eb[h
dhgkZelbg]h\ZydhfiZgby
Ij_^klZ\e_ggu_a^_kvijZdlbq_kdb_kh\_luihfh]ml\Zfg_ijhklh\uklhylv\dhgdmj_glghcbeb
bgnhjfZpbhgghc[hjv[_ghbih[_^blv\g_chibjZykv\lhfqbke_bgZkdjulu_hlh[uqgh]h
ihevah\Zl_ey\hafh`ghklbBgl_jg_lZbi_jkhgZevgh]hdhfivxl_jZ
F_lh^ujZ[hlubaeh`_ggu_\dgb]_ijhrebh[dZldm\hl_q_kl\_gghcbaZjm[_`ghc
dhgdmj_glghcjZa\_^d_b^hdZaZebk\hxwnn_dlb\ghklv:\lhjebqghm[_^beky\j_Zevghciheva_
ijZdlbq_kdh]hijbf_g_gbydZ`^h]h^Zggh]hbfkh\_lZIj_^eZ]Z_fu_\Zr_fm\gbfZgbx
j_dhf_g^Zpbbihfh]ebih\ukblvdhgdmj_glhkihkh[ghklvbwnn_dlb\ghklvjZ[hlukZfuojZaguo
hj]ZgbaZpbchldjmiguoijhba\h^kl\_gguob^bkljb[vxlhjkdbodhfiZgbcn_^_jZevgh]hb
j_]bhgZevgh]hmjh\gy]hkm^Zjkl\_gguomqj_`^_gbcbkbeh\uokljmdlmj^hjhagbqguolhj]h\uo
k_l_cbij_^ijbylbckn_jumkem]g_[hevrbodZn_bj_klhjZgh\
Kn_jZdhgdmj_glghcjZa\_^db\kbemk\h_cki_pbnbdbi_j\hcgZoh^blgh\_crb_i_j_^h\u_
kihkh[ujZ[hlukbgnhjfZpb_c^_eZy\u\h^uh\hafh`guoij_bfms_kl\Zobg_^hklZldZolh]hbeb
bgh]hj_r_gby
Kh\j_f_ggZydhgdmj_glgZyjZa\_^dZdhlhjZy_s_g_^Z\gh\hkijbgbfZeZkv\gZr_ckljZg_dZdqZklv
bgkljmf_glhfki_pbZebklh\hl^_eh\fZjd_lbg]Zk[ulZkljZl_]bq_kdh]hieZgbjh\ZgbyjZ\ghdZdb
bgkljmf_glhflhif_g_^`_jZhlj_r_gbydhlhjh]haZ\bkblmki_obebijh\Zeij_^ijbylbygZjugd_
b^Z`_kZfh_]h\u`b\Zgb_
Bgkljmf_gludhgdmj_glghcjZa\_^dbhibjZykvgZhllhq_ggu_jZa\_^dhch[sb_ijbgpbiujZ[hluk
bgnhjfZpb_cwnn_dlb\ghbkihevamxlki_pbZebkluihbgnhjfZpbhgguf\hcgZf
hlihq_fmwlZdgb]Z[m^_lihe_agZjmdh\h^bl_exbf_g_^`_jmex[hcdhfiZgbb\lhc`_f_j_qlh
bki_pbZebklmihdhgdmj_glghcjZa\_^d_:dh]hlh\hafh`ghhgZih^lhedg_ldlhfmqlh[u
k^_eZlvdhgdmj_glgmxjZa\_^dmk\h_c\lhjhcki_pbZevghklvx
Dhgdmj_glgZyjZa\_^dZdZdZ^Zilbjh\ZggZyd[bag_km\_jkby]hkm^Zjkl\_gghcjZa\_^dbg_bf__l
gbq_]hh[s_]hk^_l_dlb\ZfbBhgZgZkZfhf^_e_]hjZa^h[eb`_dfZjd_lbg]mbbgnhjfZpbhggh
ZgZeblbq_kdhcjZ[hl_g_`_ebdKem`[_[_ahiZkghklbdhfiZgbbIjbq_fh^bgZdh\haZ[em`^Zxlky
dZdl_dlhijbkeh\_jZa\_^dZij_^klZ\ey_lk_[_ih]hgbi_j_klj_edbblZcgh_ijhgbdgh\_gb_\h
\jZ`_kdbck_cnijbg_ihkj_^kl\_gghfmqZklbb^ebgghgh]hc[ehg^bgdblZdbl_dlhkqblZ_lqlh
jZa\_^dZaZdexqZ_lky\k[hj_bgnhjfZpbb
Hrb[hqghklvlZdboih^oh^h\ohjhrhbeexkljbjmxlkeh\ZBkkmjZOZj_ey ,VVXU+DUHO\fi_j\h]h
]eZ\ubajZbevkdhcjZa\_^dbFhkkZ^i_j_kdZaZggu_gZf:jlmjhf_ckhf $UWKXU:HLVV\f\dmemZjZo
dhgn_j_gpbb6&,3\Ehg^hg_\]
FujZ[hlZ_fg_kg_khfg_ggufbnZdlZfbFbjjZa\_^dbwlhfbj\_jhylghkl_cK[hjbgnhjfZpbb
dZdijZ\behg_kZfZykeh`gZyaZ^ZqZQlh^_ckl\bl_evghkeh`ghlZdwlh__ijZ\bevgZy
�bgl_jij_lZpby:gZebabgnhjfZpbbkZfZy]eZ\gZyqZklvjZ[hlujZa\_^db:`_cfkm;hg^m\
�j_Zevghc`bagbf_klZg_l@
�eylh]hqlh[uemqr_ihgylvqlhbkdZdhcp_evxfu[m^_fjZkkfZljb\Zlv^Ze__gZihfgbf
g_kdhevdhhkgh\guol_jfbgh\dhlhju_bkihevam_ldhgdmj_glgZyjZa\_^dZ
Ki_pbZebkludhgdmj_glghcjZa\_^dbhi_jbjmxlijbr_^rbfbba]hkm^Zjkl\_gghcjZa\_^db
dexq_\ufbihgylbyfbh[t_dlu 7DUJHWV\fbbklhqgbdb 6RXUFHV\f
H[t_dluwlhex^bbeb^hdmf_gludhlhju_fh]mlhl\_lblvgZbgl_j_kmxsb_\Zk\hijhkuDZd
ijZ\behwlhi_j\bqgu_ghkbl_ebgm`guok\_^_gbc
Bklhqgbdbwlhex^bbebkj_^kl\Zdhlhju_fh]mlihfhqvihemqblv^hklmidgm`ghfmq_eh\_dmb
bgnhjfZpbbgZijyfmxbebhihkj_^h\ZgghwlhfkemqZ_bobgh]^ZgZau\Zxlih^uklhqgbdZfb
Bklhqgbdb_keb]h\hjblvhq_eh\_q_kdboj_kmjkZo[u\Zxl\g_rgbfbb\gmlj_ggbfb
gmlj_ggb_bklhqgbdbjZ[hlZxlgZ\Zr_fkh[kl\_gghfij_^ijbylbb
g_rgb_bklhqgbdbjZ[hlZxlgZ\Zr_ij_^ijbylb_ghg_y\eyxlky_]hkhljm^gbdZfbDwlhc
dZl_]hjbbh[uqghhlghkyldhgkmevlZglh\bdeb_glh\DlhlhbagbojZ[hlZ_laZ^_gv]bdlhlh
[_kieZlgh eb[h[_kdhjuklgheb[hj_rZyk\Zr_cihfhsvxdZdb_lhk\hbaZ^Zqb\fD\g_rgbf
bklhqgbdZffh]mlhlghkblvkybZgZeblbdbki_pbZebabjmxsb_kygZbkke_^m_fhc\ZfbhljZkebb
`mjgZebkluibrmsb_gZbgl_j_kmxsb_\Zkl_fuG_j_^dhlZdb_ex^bohjhrhbgnhjfbjh\Zggu_
\hij_^_e_gguoki_pbnbq_kdboh[eZklyohnbpbZevghijh^Zxlbf_xsb_kymgbok\_^_gby\
nhjf_dhgkZelbg]h\hcmkem]bbebZgZeblbq_kdh]hhlq_lZ
Hq_gvqZklh[u\Z_lqlh\Zrb\gmlj_ggb_bklhqgbdbfh]ml\u\_klbgZbklhqgbdb\g_rgb_
Djhf_lh]hbklhqgbdbih^jZa^_eyxlgZi_j\bqgu_b\lhjbqgu_
__\ZfIhemq_gghcbai_j\bqguobklhqgbdh\fh`ghkqblZlvlZd`_bgnhjfZpbxdhlhjmx\u
^h[uebkZfhklhyl_evgh gZijbf_jebqghihkqblZebdhebq_kl\h]jmah\bdh\gZiZjdh\d_i_j_^
kdeZ^hf\Zr_]hdhgdmj_glZ\f
lhjbqgu_bklhqgbdb bebih^uklhqgbdb\fihemqbebbgnhjfZpbxba\lhjuojmd
Djhf_lh]hkqblZ_fgm`gufgZihfgblvqlhgbdZdZyjZa\_^dZg_\hafh`gZ[_aq_ldh]h
p_e_mdZaZgbyKi_pbZebkldhgdmj_glghcjZa\_^dbg_fh`_lgZqbgZlvjZ[hlmg_bf_yykgh]h
ij_^klZ\e_gbyhlhfgZdZdhc\hijhkhgbs_lhl\_l:\b^_Ze_hg^he`_g_s_bij_^klZ\eylvk_[_
qlhjmdh\h^bl_evgZf_j_g^_eZlvkihemq_ggufb^Zggufbihkdhevdm\lZdhfkemqZ_ki_pbZebkl
djgdmj_glghcjZa\_^dbkfh`_ljZ[hlZlvfZdkbfZevghwnn_dlb\gh
GZ^__fkyqlhwlhldjZldbcih\lhjhkgh\guol_jfbgh\hlghkysbokydjZ[hl_kbgnhjfZpb_c
gZihfgbl\Zfqlhki_pbZebklex[hcjZa\_^dbg_bf__lijZ\Zmdehgylvky\klhjhgmjZaebqguo
bgl_j_kguonZdlh\dhlhju_\klj_lylky_fm\oh^_jZ[hluZ^he`_gjZ[hlZlvp_e_gZijZ\e_ggh^ey
lh]hqlh[ugZclbhl\_lgZ\hijhkjZ^bdhlhjh]h\kyjZ[hlZbijh\h^blkyFum`_hq_jlbebdjm]
ex^_cdhlhjufwlZdgb]ZgZgZr\a]ey^fh`_l[ulvihe_agZihwlhfm^eydjZldhklb\^Zevg_cr_f
[m^_f]h\hjblvlhevdhhki_pbZebklZodhgdmj_glghcjZa\_^dbbf_y\\b^mijbwlhf\kxp_e_\mx
Zm^blhjbxdgb]b
GZrZdgb]ZijZdlbq_kdbiheghklvxihk\ys_gZBgl_jg_lmdZdbgkljmf_glmdhgdmj_glghcjZa\_^db
Mq_eh\_dZg_ih^]hlh\e_ggh]hwlhfh`_lkha^ZlvbeexabxqlhjZ[hlZk]eh[Zevghc
bgnhjfZpbhgghck_lvxb_klvdhgdmj_glgZyjZa\_^dZ
GZkZfhf^_e_wlhg_lZd
Bgl_jg_l__bgkljmf_glHgbf__lk\hbiexkubfbgmkuKemqZ_lkyqlhhg^_ckl\bl_evgh
ihfh]Z_lj_rblv]eZ\gmxaZ^ZqmihklZ\e_ggmxi_j_^ki_pbZebklhfdhgdmj_glghcjZa\_^db
jmdh\h^bl_e_fdhfiZgbbh^gZdhwlhkdhj__bkdexq_gb_bah[s_ckblmZpbbp_ehfBgl_jg_l
\Z`gucghh]jZgbq_gguc\k\hbo\hafh`ghklyobgkljmf_glb]jZxsbc\dhgdmj_glghcjZa\_^d_
aZf_lgmxjhevAZf_lgmxgh\k_`_g_\_^msmx:ihlhfm_]hg_evayi_j_hp_gb\Zlvohlyb
g_^hhp_gb\Zlvlh`_g_ke_^m_l
Bgl_jg_lqZklhg_aZf_gbf\gZqZe_hi_jZpbbdhgdmj_glghcjZa\_^dbihlhfmqlhhgh[uqgh
iha\hey_l[ukljhbg_^hjh]hijbp_eblvkylh_klvkhjb_glbjh\Zlvky\kblmZpbb\p_ehfgZf_lblv
h[t_dlujZkiheZ]Zxsb_gm`ghcbgnhjfZpb_cZlZd`_bklhqgbdbdhlhju_iha\heylwlm
bgnhjfZpbxihemqblv
Djhf_lh]hBgl_jg_lm^h[_g^eyihemq_gbykijZ\hqghcbgnhjfZpbbZlZd`_bgh]^Ziha\hey_l
hlke_`b\Zlv^bgZfbdmnZdlh\bebfg_gbcihl_fbebbguf\hijhkZf
�_ckl\bl_evgh[u\Z_lblZdqlhBgl_jg_liha\hey_lihemqblvhl\_lugZ\k_\hijhkudhlhju_
klhyli_j_^ki_pbZebklhfjZa\_^dbBgh]^ZkdeZ^u\Z_lkykblmZpbydh]^ZBgl_jg_l\hh[s_
iha\hey_lihemqblvbgnhjfZpbxhli_j\bqgh]hbklhqgbdZ gZijbf_jdh]^Z\uihemqZ_l_gZ
Bgl_jg_lnhjmf_hl\_lgZijyfhaZ^Zgguc\hijhkhlq_eh\_dZebqghklvdhlhjh]h\Zf^hklh\_jgh
ba\_klgZbdhlhjucy\ey_lkyh[t_dlhfijbf_gbl_evghd\Zr_chi_jZpbb\fH^gZdhagZqbl_evghqZs_
^ey\uiheg_gbyihklZ\e_gghcaZ^Zqbki_pbZebklmdhgdmj_glghcjZa\_^dbijboh^blky\uoh^blv\
ihe_bjZ[hlZlvkex^vfbeb[hk^hdmf_glZfb\g_Bgl_jg_lZ
JZ[hlZ\ihe_gZb[he__agZqbfZyihj_amevlZlZfqZklvdhgdmj_glghcjZa\_^dbghhgZhklZg_lky
Bgl_jg_lhfbihdZ`_fdZd\uihegblv__fZdkbfZevghwnn_dlb\gh
Ih^h[gh[h_\hcZ\bZpbbdhlhjZyh[_ki_qb\Z_l\uykg_gb_h[klZgh\dblZfdm^Zg_\hafh`ghijhklh
ijbclbbiha\hey_l\ha^_ckl\h\ZlvgZijhlb\gbdZhklZ\Zykvg_\b^bfhcaZh[eZdZfbBgl_jg_l
iha\hey_lm^Ze_ggh_[_kdhglZdlgh_Zihjhcbg_aZf_lgh_^eyh[t_dlZgZ[ex^_gb_aZgbfbebihbkd
_]hke_^h\gZ^jm]hfdhgp_A_fgh]hrZjZ
DZdbZjfby[_aZ\bZpbbdhgdmj_glgZyjZa\_^dZ[_aBgl_jg_lZjZ[hlZlvg_fh`_l
:\bZpbydhj_ggufh[jZahfbaf_gbeZoZjZdl_j\hcgukbkl_fmh[hjhgubkZfmhj]ZgbaZpbxZjfbb
Bgl_jg_l`_[md\Zevgh\^hogmegh\mx`bagv\dhgdmj_glgmxjZa\_^dm
JhevBgl_jg_lZ\dhgdmj_glghcjZa\_^d_]hjZa^hkms_kl\_gg__g_`_eb\jZa\_^d_]hkm^Zjkl\_gghc
OhlygZ^hhlf_lblvqlhihke_^gyy\kbem\k_fbjghcdhfivxl_jbaZpbbj_rZ_lk_]hihfhsvx
\k_[he__b[he__rbjhdbcdjm]\hijhkh\
h[s_ffukqblZ_fqlhg_gZ^hjZkkfZljb\ZlvBgl_jg_ldZdiZgZp_xke_^m_lgZmqblvky
ijZ\bevghihevah\Zlvkybf\p_eyodhgdmj_glghcjZa\_^dbblh]^Zm`_^_eZlv\u\h^hlhf
gZkdhevdhwnn_dlb\guffh`_l[ulv_]hijbf_g_gb_\dhgdj_lghf\b^_[bag_kZ
:jZagu_\b^u[bag_kZ^_ckl\bl_evghg_h^bgZdh\haZ\bkylhlBgl_jg_lZ_^v^Z`_gZmjh\g_
[ulh\hceh]bdbihgylghqlhhi_jZlhjukhlh\hck\yabbijhba\h^bl_ebZ]mklbl_e_c^eych]mjlh\
bkihevamxl\k\h_f[bag_k_]eh[Zevgmxk_lv\jZaebqghckl_i_gb
QblZl_evwlhcdgb]bihagZdhfblkykjZagufbZki_dlZfbjZ[hlukBgl_jg_lhfA^_kv_klvdZd
jZa\_jgmlh_h[tykg_gb_ijbgpbih\jZ[hluihbkdh\uofZrbgbhibkZgb_yaudh\aZijhkh\kZfuo
ihimeyjguobagbobgnhjfZpbyhdhgdj_lguoj_kmjkZoBgl_jg_lZihe_aguo\jZ[hl_ki_pbZebklZ
dhgdmj_glghcjZa\_^dblZdblhgdhklbijb_fh\jZ[hlubihlZcgu_oh^udhlhju_iha\heyxl\
jZfdZoaZdhgZbwlbdbj_rZlvihklZ\e_ggu_aZ^Zqb
Bgl_jg_ldZdmgbdZevgucbgkljmf_glfZjd_lbg]Z
Kj_^bfgh`_kl\Zij_bfms_kl\Bgl_jg_lZdZdbgkljmf_glZfZjd_lbg]Zfh`gh\u^_eblv^\Z
hkgh\guo
hi_j\uoBgl_jg_lij_^eZ]Z_l^eybkke_^h\ZgbyijZdlbq_kdbex[uoijhp_kkh\lZdb_
\hafh`ghklbdZdb_g_ij_^hklZ\ey_lgbdZdhc^jm]hcbklhqgbdbgnhjfZpbbWlhhlghkblkylZd`_b
d\hafh`ghklyfijh^\b`_gbydhfiZgbbbeb__ijh^mdpbb
h\lhjuoBgl_jg_liha\hey_lke_^blvaZl_g^_gpbyfbjZa\blbyihlj_[bl_evkdboij_^ihql_gbc
;he__lh]hhgkihkh[_gbonhjfbjh\Zlv:ijbgbfZy\h\gbfZgb_ijZdlbq_kdbjZ\gu_\hafh`ghklb
ihevah\Zl_e_ck_lb\^hg_k_gbb^hex^_ck\h_clhqdbaj_gbyBgl_jg_lmih^kbem\h\j_fy
bkijZ\eylvkblmZpbxijb__g_[eZ]hijbylghfjZa\blbb
Bgl_jg_ldZdbgkljmf_gl35
k_fbjgZyIZmlbgZ^eyki_pbZebklh\ih35klZeZbgkljmf_glhffhgblhjbg]Zbnhjfbjh\Zgby
h[s_kl\_ggh]hfg_gbyG_fZeh\Z`ghqlhBgl_jg_liha\hey_lijh\h^blvfhgblhjbg]g_
h[gZjm`b\Zyi_j_^hdjm`Zxsbfbk\h_]hbgl_j_kZdlhfmbebbghfmkh[ulbxbeby\e_gbx
�_r_\bagZhi_jZlb\ghklvbhlghkbl_evgZy ZihjhcbihegZy\fZghgbfghklv\[jhkZbgnhjfZpbb
hldju\Zxli_j_^ki_pbZebklZfb35gh\u_\hafh`ghklbohlybklZ\ylboi_j_^ebphfgh\uom]jha
LZdkh^ghcklhjhgum^h[ghdh]^Zfh`ghjZa\blvp_emx^bkdmkkbxbm\_klbaZkh[hcex^_c
bgl_j_kmxsbokylhcbebbghcl_fhcghk^jm]hcklhjhgumqZklbebkvbkemqZbdh]^Z\Bgl_jg_l_
�ZggZydgb]ZihdZ`_ldZdki_pbZebkl35fh`_lbkihevah\Zlv\k\hbobgl_j_kZohkh[_gghklb
Bgl_jg_lZbh^gh\j_f_gghgZmqbl\uy\eylvbg_cljZebah\ZlvZdlb\ghklvijhlb\gbdZ
Ijbgpbiuhj]ZgbaZpbbbihbkdZbgnhjfZpbb\Bgl_jg_l_
IhbkdbgnhjfZpbb\Bgl_jg_l_ijh\h^blky^\mfyhkgh\gufbkihkh[ZfbkihfhsvxdZlZeh]h\ bo
_s_gZau\Zxl^bj_dlhjbyfb\fbkihfhsvxihbkdh\uofZrbg
�bj_dlhjbbh[_ki_qb\Zxldhgl_dklgucihbkd^eykljmdlmjbjh\Zggh]hijhkfhljZlh]^ZdZd
ihbkdh\u_fZrbgudZdke_^m_lbabogZa\Zgbydhgl_dklZg_h[_ki_qb\Zxlh^gZdhiha\heyxl
gZoh^blvdhgdj_lgu_keh\ZbebnjZau
�bj_dlhjbbfh`ghmih^h[blvh]eZ\e_gbxdgb]bZihbkdh\u_fZrbguij_^f_lghfmmdZaZl_ex
QZklhihbkdh\u_kbkl_fuh[t_^bgyxl\k_[_dZdihbkdh\mxfZrbgmlZdb^bj_dlhjbb
Wlhohjhrh\b^ghgZijbf_j_i_j\hckljZgbpuYg^_dkZ]^_ih^ihbkdh\hckljhdhcjZaf_sZ_lky
kibkhd^bj_dlhjbcdhlhju_iha\heyxlihevah\Zl_exmlhqgylvaZijhkihf_j_ijh^\b`_gby\]em[v
dZ`^hcbagbo
\b^mlh]hqlhijbgpbihj]ZgbaZpbb^bj_dlhjbcihgyl_gdZ`^hfmdlhihevah\Zeky[b[ebhl_qguf
dZlZeh]hfZkj_^bqblZl_e_clZdbokf__fiheZ]Zlvih^Z\eyxs__[hevrbgkl\hfug_[m^_f
ih^jh[ghhklZgZ\eb\ZlvkygZl_ogbd_jZ[hluk^bj_dlhjbyfbbm^_ebf[hevr_\gbfZgbyjZ[hl_k
ihbkdh\ufbfZrbgZfbaZ\_jr_gb_`_jZa]h\hjZhdZlZeh]Zoijb\_^_fijbf_jp_ihqdbih
dhlhjhchkms_kl\ey_lkyihbkd\dZlZeh]_Yg^_dkZ;bag_k!J_deZfZ!J_deZfZ\Bgl_jg_l_
k_ihbkdh\u_fZrbgujZ[hlZxlihh^ghfmblhfm`_Ze]hjblfmbhkgh\ZgugZh^gbobl_o`_
ijbgpbiZoJZaebqbyf_`^mgbfb\hagbdZxlebrvgZmjh\g_l_ogbq_kdhcj_ZebaZpbbwlbo
ijbgpbih\\jZ[hl_
Qlh[uihgylvijbgpbijZ[hluihbkdh\hcfZrbguihijh[m_fjZa^_eblv\hijhkgZ^\_qZklbgZq_f
hkgh\ZgihbkdbdZdhgj_Zebah\Zg
GZq_fhkgh\Zgihbkd
k_ihbkdh\u_fZrbgu[ZabjmxlkygZlj_ohkgh\guohi_jZlhjZoe_`Zsbo\hkgh\_;me_\hc
Ze]_[ju __lZd`_gZau\Zxl;me_\hceh]bdhcbeb%RROHDQ\f
Wlheh]bq_kdb_hi_jZlhjuBBEBbG?JZ[hlZxlhgbke_^mxsbfh[jZahf
Eh]bq_kdh_B?kebf_`^m^\mfykeh\Zfb\aZijhk_klhblhi_jZlhjBlh\j_amevlZl_ihbkdZ
[m^mlgZc^_guebrvl_^hdmf_glu\dhlhjuokh^_j`Zlkyh[Zkeh\ZLZdgZijbf_jihaZijhkm
kh[ZdZBdhrdZ[m^_lgZc^_g^hdmf_glkh^_j`Zsbcij_^eh`_gb_kh[ZdZ]gZeZkvaZdhrdhc
^hdmf_glh\`_khklhysbobal_dklZdhrdZhl^uoZeZbebdhjf^eykh[Zdfug_m\b^bf
Eh]bq_kdh_BEB?kebf_`^mkeh\Zfbklhblhi_jZlhjBEBlhj_amevlZlhfihbkdZklZgml
^hdmf_glu\dhlhjuokh^_j`blkyohly[uh^ghbawlbokeh\
?kebfug_k^_eZ_fki_pbZevguoh]jZgbqbl_evguoh]h\hjhdlhfZl_jbZeu\dhlhjuoh[Zwlbkeh\Z
ijbkmlkl\mxllZd`_[m^mlgZc^_gu
IhaZijhkmkh[ZdZBEBdhrdZfuihemqbf^hdmf_glubkdexq_ggu_\ijhrehfaZijhk_b
kh^_j`Zsb_l_dkldhrdZhl^uoZeZbebdhjf^eykh[ZdZlZd`_fZl_jbZekij_^eh`_gb_f
kh[ZdZ]gZeZkvaZdhrdhc
Eh]bq_kdh_G??keb^\Zij_^u^msbohi_jZlhjZhibku\Zebl_keh\Zdhlhju_\uohlbl_
\dexqblv\aZijhklhhi_jZlhjG?keh\ZbaaZijhkZbkdexqZ_lIhevah\Zl_eb\i_j\u_
g_\dexqZlvg_gm`gh_keh\h\aZijhk"AZq_f\\h^blv^hihegbl_evguchi_jZlhj"M\ug_lG_
ijhs_
GZkZfhf^_e_qlh[uihgylv\Z`ghklveh]bq_kdh]hhi_jZlhjZG?bf__lkfuke\kihfgblvqlh
gZraZijhkg_kha^Z_l\Bgl_jg_l_gbq_]hgh\h]hFuebrv\um`b\Z_flhqlhgZfgm`ghba
bf_xs_]hkyh]jhfgh]hgh\k_`_dhg_qgh]hfZkkb\ZIjbwlhfg_h[oh^bfhhlk_qv
bgnhjfZpbhggucfmkhj?]hlhfubhlk_dZ_fkihfhsvxhi_jZlhjZG?Dkh`Ze_gbxg_gZf
j_rZlvm\b^bfebfuwlhlfmkhj\\u^Zq_LZdgZijbf_jihaZijhkmk\_^_gbchdhgvd_djurb
g_baf_gghihy\ey_lkybgnhjfZpbhggucfmkhj\\b^_^hdmf_glh\hDhgvd_=hj[mgd_nb]mjghf
dZlZgbbohdd__ehrZ^yobli;_aeh]bq_kdh]hG?lmlgbdZdg_h[hclbkv
�Z\Zcl_jZkkfhljbfijbf_jujZ[hlueh]bq_kdh]hhi_jZlhjZG?
IhaZijhkmkh[ZdZG?dhrdZ[m^_lgZc^_g^hdmf_glkh^_j`Zsbcl_dkldhjf^eykh[ZdZ\hl
^hdmf_glukhkeh\ZfbdhrdZhl^uoZeZbebkh[ZdZ]gZeZkvaZdhrdhcb^Z`_dhjfZ^eykh[Zd
bdhr_dba\u^Zqb[m^mlbkdexq_gu
QZklh\klj_qZ_lkyqmlv[he__keh`guc\ZjbZglgZibkZgbyaZijhkZdhlhjuckh^_j`bl\k_bebihqlb
\k_\ur_i_j_qbke_ggu_hi_jZlhjuwlhfkemqZ_emqr_ihevah\ZlvkylZdbfwe_f_glhfdZd
djm]eu_kdh[bKdh[dbiha\heyxlhl^_eylvh^ghlbigu_keh\ZaZijhkZhlhklZevguoDjhf_lh]h
kZfhfmkhklZ\bl_exijbwlhf\bamZevgh]hjZa^hm^h[g__jZaebqZlvhl^_evgu_njZ]f_gluaZijhkZ
Fug_[m^_fq_j_kqmjl_hj_lbabjh\Zlvhkdh[dZoZijhklhijh^_fhgkljbjm_fjZ[hlmmdZaZggh]h
we_f_glZgZdhgdj_lguoijbf_jZoGZgZr\a]ey^lZd[m^_lihgylg__dZdb^eyq_]hbkihevamxlky
kdh[db
LZdaZijhkimrbklu_B kh[ZdbBEBdhrdb\f
iha\heblihemqblv^hdmf_gluhlghkysb_kydZddimrbklufkh[ZdZflZdbdimrbklufdhrdZf
ihhl^_evghklbbeb\f_kl_Kdh[dbijbwlhfjZkdju\Zxlkyihh[uqgufZjbnf_lbq_kdbf
ijZ\beZf\ug_k_gbyaZkdh[dmh[s_]hfgh`bl_ey ^eyl_odlhg_ex[blfZl_fZlbdmihki_rbf
kdZaZlvqlh[he_r_m]em[eylvky\g__fug_[m^_f\f:\hlaZijhkimrbklu_B kh[ZdbBEBdhrdb\f
G? kh[ZdbBdhrdb\f
\u^Zkl^hdmf_glu\dhlhjuogZibkZghijhimrbkluokh[Zdbebimrbkluodhr_dghg_[m^_l
kh^_j`Zlvl_dklh\]^_h^gh\j_f_ggh[m^mlmihfygmlubdhrdbbkh[Zdb
?s_jZaih\lhjbfky\k_ihbkdh\u_fZrbguk_]h^gyjZ[hlZxlgZhkgh\_ZgZebaZwlbolj_o
hi_jZlhjh\ohlygxZgkubogZibkZgby\jZaguoihbkdh\uofZrbgZofh]mlhlebqZlvky
DZdihbkdj_Zebah\Zg
DZ`^Zyiheghp_ggZyihbkdh\ZyfZrbgZjZkiheZ]Z_lkh[kl\_ggufrlZlhfjh[hlh\bebiZmdh\Bo
_s_gZau\ZxldjZme_jZfb FUDZOHUV\fbkiZc^_jZfb VSLGHUV\fWlhijh]jZffudhlhju_i_j_kdZdb\Zxl
khkljZgbpugZkljZgbpmbkdZgbjmxlgZoh^ysb_kygZgbol_dklug_\gbdZyijbwlhf\bo
kh^_j`Zgb_Ihke_q_]hk[jZku\Zxl^hdmf_glugZk_j\_juk\hboohay_\bb^mldke_^mxsbf
kljZgbpZfDZdiZmdhij_^_ey_ldm^Z_fmihclb"HggZoh^bllZdgZau\Z_fmx]bi_jkkuedm lm
kZfmxijbgZ\_^_gbbgZdhlhjmxdmjkhjijbh[j_lZ_l\b^jZkdjulhceZ^hgbbijbdebd_ih
dhlhjhcijhbkoh^bli_j_oh^gZ^jm]mxkljZgbpm\fbb^_lihg_chlihq_fm_kebgZkljZgbpmg_
\_^_lgbh^gZkkuedZiZmdgZg__lh`_g_ijb^_lBkdexq_gb_khklZ\ey_lkblmZpbydh]^Z\eZ^_e_p
kljZgbpu\jmqgmxkhh[sblhg_cihbkdh\hcfZrbg_aZihegb\ki_pbZevgmxnhjfmgZkZcl_
GZk_j\_j_ihbkdh\hcfZrbgul_dkljZa[b\Z_lkygZhl^_evgu_keh\ZdZ`^hfmbadhlhjuo
ijbk\Zb\Zxlkydhhj^bgZluihke_q_]hhgbaZghkylky\lZ[ebpmk_j\_jZ\f_kl_khkkuedhcgZlhl
Z^j_k\Bgl_jg_l_ihdhlhjhfml_dkljZaf_sZeky\fhf_glihk_s_gby_]hiZmdhf
KZfihk_[_ihbkdh\bdij_^klZ\ey_lkh[hc[hevrmxehdZevgmxk_lvkhklhysmxbafhsguo
dhfivxl_jh\kh]jhfgufh[t_fhf^bkdh\hciZfylbWlbfZrbgujZa^_e_gugZih^]jmiiu lZd
gZau\Z_fu_deZkl_ju\ff_`^mdhlhjufbjZkij_^_ey_lkybgnhjfZpbykh[jZggZyiZmdZfb
Dh]^Zihbkdh\Zykbkl_fZihemqZ_laZijhkhgZbs_lhl\_lbf_ggh\k\h_clZ[ebp_Zg_\Bgl_jg_l_
Ijbwlhf\Z`ghihgylvdZdiZmdj_rZ_lkdZdhcqZklhlhc_fmke_^m_lihk_sZlvlmbebbgmx
kljZgbpmu]ey^blwlhlZe]hjblfijb[ebabl_evghke_^mxsbfh[jZahfIhjZ[hlZ\khkljZgbp_c
iZmd\ha\jZsZ_lkygZg__gmgZijbf_jq_j_a^\_g_^_ebB_keb\b^blqlhgbdZdbobaf_g_gbcg_
ijhbahrehhgieZgbjm_lke_^mxs__ihk_s_gb_q_j_a[he__^ebl_evguci_jbh^kdZ`_fq_j_a
f_kyp:_kebblh]^Zg_h[gZjm`blgbq_]hgh\h]hlhgZ\_^Z_lkyykx^Z_s_iha`_f_kypZq_j_a
ihelhjZ^\Z
hlihq_fmg_j_^dh[u\Z_llZdqlhihbkdh\ZyfZrbgZihaZijhkmj_amevlZl\u^Z_lZihiuldZ
i_j_clbgZkljZgbpmihihemq_gghckkued_[_aj_amevlZlgZ\_jhylg__\k_]hgbdZdhckljZgbpum`_
ijhklhg_kms_kl\m_lgZij_`g_ff_kl_ghiZmdgZg__^Z\ghg_aZoh^bebkhhl\_lkl\_ggh
ihbkdh\Zykbkl_fZh__m^Ze_gbbg_agZ_l
_kvdhfie_dkijhp_kkh\hibkZgguo\ur_gZau\Z_lkybg^_dkZpb_c
BklhjbyjZa\blbyihbkdh\uofZrbg
Bklhjbyw\hexpbbihbkdh\uofZrbggZb[he__iheghgZgZr\a]ey^ij_^klZ\e_gZ\dgb]_
ijbagZgguowdki_jlh\\h[eZklbg_\b^bfh]hbgl_jg_lZDjbkZR_jfZgZb=ZjjbIjZckZ
�G_\b^bfucBgl_jg_l@
�hk_j_^bguo]h^h\dhfivxl_jh\[uehg_fgh]hBahebjh\Zggu_^jm]hl^jm]Zhgbg_fh]eb
h[f_gb\ZlvkybgnhjfZpb_c
]ijhn_kkhjEbdeZc^_j /LFNOLGHU\fba\_^ms_]hl_ogbq_kdh]h\maZKR:FZkkZqmk_lkdh]h
L_ogheh]bq_kdh]hbgklblmlZknhjfmebjh\Zedhgp_ipbx]eh[Zevghcdhfivxl_jghck_lb*DODFWLF
1HWZRUNB^_ygZqZeZ\hiehsZlvky\`bagvkhljm^gbdhfZf_jbdZgkdh]hfbgbkl_jkl\Zh[hjhgu
EZjjbJh[_jlkhf /DUU\5REEHUWV\fdhlhjucq_j_aq_luj_]h^Zihke_im[ebdZpbbklZlvbijhn_kkhjZ
ij_^eh`beh[t_^bgblvhl^_evgu_dhfivxl_jufbgbkl_jkl\Z\k_lvhibkZggmxEbdeZc^_jhf
LZdh\uij_^ihkuedb\hagbdgh\_gbyk_lb$53$1(7dhlhjZyaZl_fij_\jZlbeZkv\lhqlhk_]h^gy
\_ebqZxlBgl_jg_lhfI_j\ucma_e$53$1(7ihy\beky\]bke_^mxsb_g_kdhevdhe_ld
g_fmih^dexqZebkvmgb\_jkbl_lubjZaebqgu_dhgljZ]_glujZ[hlZ\rb_ihaZdZaZf\h_ggh]h
\_^hfkl\ZKR:
]Zf_jbdZgkdh_fbgbkl_jkl\hh[hjhgubgbpbbjh\Zehgh\mxijh]jZffmij_^iheZ]Z\rmx
h[_ki_qb\ZlvgZ^_`gmxk\yavdhfivxl_jh\f_`^mkh[hckihfhsvxhq_gv[hevrh]hqbkeZ
jZaebqguokh_^bg_gbcP_evxlZdh]hj_r_gby[uehih\ur_gb_mklhcqb\hklbkbkl_fudihiuldZf
fZkkbjh\ZgghgZjmrblvwe_dljhggu_kj_^kl\ZdhffmgbdZpbbIhkdhevdm\k_wlhijhbkoh^beh\h
\j_f_gZoheh^ghc\hcguj_qvreZh[mklhcqb\hklbdmkljZrZxsbfihke_^kl\byfdhlhjufb
]jhabehkljZl_]bq_kdh_y^_jgh_ijhlb\hklhygb_Ihkdhevdm$53$1(7ij_^klZ\eyekh[hch^gm
_^bgkl\_ggmxk_lvqlhgZkbkl_fghfmjh\g_ihgb`Zeh_]hkihkh[ghklvkhijhlb\eylvky
[_kdhg_qgh[hevrhcWlhlijh_dlbgZa\Zeb,QWHUQHWWLQJZkZfmk_lv,QWHUQHW
Ihf_j_lh]hdZddhebq_kl\hijbkh_^bg_gguodBgl_jg_lmfZrbgm\_ebqb\Zehkvh[t_dlb\gh
gZaj_e\hijhkhg_h[oh^bfhklbbgkljmf_glh\iha\heyxsboe_]dhgZoh^blvl_dklb^jm]b_nZceu
gZm^Ze_gghfdhfivxl_j_\b^_Ze_gZex[hf]^_[uhggbjZkiheZ]Zeky\K_lb
�hklmidnZceZfgZkZfuojZggbowlZiZojZa\blbyBgl_jg_lZhkms_kl\eyeky\^\ZwlZiZdZ`^ucba
dhlhjuo\uihegyeky\jmqgmxki_pbZevgu_dhfZg^u\\h^bebkvkdeZ\bZlmjuDklZlblh]^Z
dhfivxl_jufh]ebmijZ\eylvkyebrvki_pbZebklZfbkihkh[gufb\\h^blvdhfZg^u\
khhl\_lkl\mxsmxkljhdm=jZnbq_kdh]hbgl_jn_ckZiha\heyxs_]hdhfnhjlghjZ[hlZlvkfZrbghc
g_ih^]hlh\e_gghfmq_eh\_dm_s_g_bah[j_ebLZd\hli_j\uf^_ehfkihfhsvxijh]jZffu7HOQHW
mklZgZ\eb\Zehkvijyfh_kh_^bg_gb_kdhfivxl_jhfgZdhlhjhfgZoh^blkygm`gucnZceGZ^Zgghf
wlZi_ebrvgZeZ`b\ZeZkvk\yavgbq_]hbgbdm^Z\wlhlfhf_gl_s_g_i_j_^Z\ZehkvBlhevdhaZl_f
kihfhsvxki_pbZevghcijh]jZffu)73fh`gh[uehwlhldhgdj_lgucnZce\aylv
Hq_\b^ghqlhgZihbkdbgm`gh]h^hdmf_glZmoh^beZfZkkZ\j_f_gblj_[h\ZehkvagZlvlhqguc
Z^j_kdhfivxl_jZgZdhlhjhfhggZoh^blky
F_`^ml_fnZceh\klZgh\behkv\k_[hevr_bgl_j_kdgbfihklhygghjhkb^eylh]hqlh[ugZclb
Z^j_kh^gh]hbagboh[uqghijboh^behkvh[jZsZlvky\^bkdmkkbhggu_]jmiiukijhkv[hchihfhsb
b\gZ^_`^_gZlhqlhdlhgb[m^vbakh[_k_^gbdh\ih^kdZ`_laZ\_lgucZ^j_kihdhlhjhfmojZgblky
gm`gZybgnhjfZpby
j_amevlZl_klZebihy\eylvkyki_pbZevgu_)73k_j\_judhlhju_ij_^klZ\eyebkh[hcojZgbebs_
nZceh\hj]Zgbah\Zgguo\^bj_dlhjbbihijbgpbimojZg_gbybgnhjfZpbbgZi_jkhgZevghf
dhfivxl_j_LZdb_k_j\_jukms_kl\mxlbihk_c^_gv
I_j\ucjZ[hlhkihkh[guch[s_^hklmigucbgkljmf_glihbkdZnZceh\ojZgysbokygZ)73k_j\_jZo
gZau\Zeky:jqb $UFKLH\fb[uekha^Zg\]]jmiihckbkl_fguoZ^fbgbkljZlhjh\bklm^_glh\
�klZjrbodmjkh\Mgb\_jkbl_lZFZd`be 0F*LOO\f\Fhgj_Ze_:jqb[ueijhlhlbihf
k_]h^gyrgboihbkdh\uofZrbgghagZqbl_evgh[he__ijbfblb\gufbh]jZgbq_gguf\k\hbo
\hafh`ghklyoHg[jh^beihBgl_jg_lmjZaukdb\ZenZceugZjZaguo)73k_j\_jZobaZ]jm`Ze
kibkhd^bj_dlhjbcdZ`^h]hgZc^_ggh]hk_j\_jZgZkh[kl\_ggucnhjfbjmyh[sbcdZlZeh]
WlhldZlZeh]aZl_fh[jZ[Zlu\ZekybojZgbeky\p_gljZevghc[Za_^Zgguo\gmljbdhlhjhcfh`gh
[uehhj]Zgbah\ZlvihbkdIhbkdgZkh[kl\_gghfdhfivxl_j_dlhfmfhf_glmkms_kl\h\Zem`_
ba^Z\gZbg_kfhljygZlhqlhlh`_lj_[h\Ze\\h^ZdhfZg^ljm^ghkl_c\jZ[hl_g_kha^Z\ZeH^gZdh
[_aki_pbZevghcih^]hlh\dbbkihevah\Zlvdhfivxl_jiheghp_gghq_eh\_dg_fh];ZaZ^Zgguo
�gZoh^beZkv\mgb\_jkbl_l_FZd`beebh[gh\eyeZkv_`_f_kyqgh
]dhfZg^ZFZjdZFZdDZobeeZ 0DUN0F&DKLOO\fbaMgb\_jkbl_lZFbgg_khlukha^ZeZ
ijh]jZffm=he^_g=hn_j *ROGHQ*RSKHU\i_j_\h^_kZg]ebckdh]hahehlhbkdZl_evbeb
klZjZl_ev\fdhlhjZykh\f_sZeZ\k_[_h[ZijhlhdheZ7HOQHWb)73k_qlhgm`gh[uehk^_eZlv
ihevah\Zl_ex^eyihemq_gby^hklmiZdgm`ghcbgnhjfZpbbs_edgmlvih]bi_jkkued_
ijb\_^_gghc\f_gxLZdbfh[jZahf\i_j\u_\bklhjbb\\h^blvdZdb_eb[hdhfZg^um`_g_
lj_[h\ZehkvlZdqlhhlgug_ihj_kmjkZfBgl_jg_lZex^bfh]eb[jh^blvb[_aki_pbZevghc
ih^]hlh\db
Ijh]jZffZihdZau\ZeZihevah\Zl_exihke_^h\Zl_evgh\hagbdZxsb_ihrZ]h\u_f_gxqlh
^hdmf_glZfdhlhju_bkhklZ\eyebp_evihbkdZWlhlZe]hjblfihkmlbkhojZg_gbk_]h^gy\
DZlZeh]ZojZkiheh`_gguo\Bgl_jg_l_
KlZeh\hafh`ghihemqZlvdZdl_dklh\u_^hdmf_glulZdb]jZnbq_kdb_bfmaudZevgu_[_a
ijb\yadbddZdhfmlhhij_^_e_gghfmnhjfZlm:kZfh_]eZ\gh_klZeh\ijbgpbi_\hafh`ghe_]dh
gZclbbihemqblv\Bgl_jg_l_gm`gmxbgnhjfZpbx
H^gZdhijh[e_fu\k_`_hklZ\ZebkvH^gZbagbob^h\hevghk_jv_agZy[ueZk\yaZgZkl_fqlh
dhfivxl_ju[uebihkljh_gugZjZaguoieZlnhjfZodhlhju_ihjhcg_ihgbfZeb^jm]^jm]ZLml
fh`ghijh\_klbZgZeh]bxkex^vfbdhlhju_]h\hjylgZkh\_jr_gghjZaguoyaudZobihlhfmg_
fh]mlihkljhblv[he__bebf_g__hkfuke_ggmx[_k_^ml_\j_f_gZf_`^mkh[hcdhgdmjbjh\Zebg_
hi_jZpbhggu_kbkl_fudZdk_cqZkZijhba\h^bl_ebdhfivxl_jgh]h`_e_aZK_]h^gy\f_gvr_c
kl_i_gb\Z`ghdlhijhba\_edhfivxl_j=hjZa^hkms_kl\_gg__qlhgZg_fmklZgh\e_gh:LQGRZV
/LQX[0DF26bebdZdZylh^jm]Zykbkl_fZ:lh]^Zbf_gghijhba\h^bl_eb`_e_aZhij_^_eyeb
ebphBgl_jg_lZ
H[t_dlb\ghgZaj_\ZeZb^_ykh]eZkghdhlhjhcdhfivxl_jujZaguoieZlnhjf^he`gubf_lv
\hafh`ghklvjZ[hlZlv\h^ghfijhlhdhe_iha\heyxs_fijhkfZljb\ZlvkljZgbpu\g_aZ\bkbfhklb
hllh]hgZdZdhcdhgdj_lghfZrbg_wlbkljZgbpukha^ZguLj_[h\Zehkvijb^mfZlvlZdhc
mgb\_jkZevgucijhlhdhebk^_eZlv_]hm^h[guf^eyihevah\Zl_e_cI_j\ufdlh^h]Z^Zeky
h[t_^bgblvba\_klgmxdlhfm\j_f_gbijhklmxnhjfm]bi_jl_dklZkmgb\_jkZevgufb
dhffmgbdZpbhggufbijhlhdheZfb[ueLbf;_jg_jkEb 7LP%HUQHUV/HH\f
Qlh[uihevah\Zl_evihemqbe\jmdbg_aZ\bkbfuchlieZlnhjfubijbwlhfijhklhcbgkljmf_gl
;_jg_jkEbkha^Ze+70/ +\SHU7H[W0DUNXS/DQJXDJHlh_klvYaud]bi_jl_dklh\hcjZaf_ldb\fk_
:HE^hdmf_gluhlnhjfZlbjh\Zggu_kihfhsvxl_]h\+70/\b^gukh\_jr_gghh^bgZdh\h\h
\k_ffbj_\g_aZ\bkbfhklbhllbiZdhfivxl_jZgZdhlhjhfq_eh\_dhldjuekljZgbpmkZclZ
Ihwlhfmbk_]h^gyijbi_j_\h^_nZceZ\nhjfZl+70/gZijbf_jgZfZrbg_jZ[hlZxs_cih^
mijZ\e_gb_fhi_jZpbhgghckbkl_fu0DF26fh`gh[ulvm\_j_gguf\lhfqlhwlhlnZce[m^_l
\u]ey^_lvlhqghlZd`_bgZdhfivxl_j_jZ[hlZxs_fih^mijZ\e_gb_f:LQGRZV
AZl_f;_jg_jkEbijb^mfZe8QLYHUVDO5HVRXUFH,GHQWLILHUf_lh^klZg^ZjlbaZpbbZ^j_kh\ijb
dhlhjhfdhfivxl_jZf\Bgl_jg_l_ijbk\Zb\ZxlkymgbdZevgu_Z^j_kZ k_]h^gyfubogZau\Z_f
85/wlhlhqlh\ijb\uqghf^eyihevah\Zl_ey\b^_h[uqghgZqbgZ_lkykZZZ\fGZdhg_p
bah[j_lZl_evkh[jZe\f_kl_\k_wlbwe_f_glukha^Z\kbkl_fm\nhjf_:HEk_j\_jh\dhlhju_ojZgyl
+70/^hdmf_glubij_^hklZ\eyxlbo^jm]bfdhfivxl_jZfkha^Z\Zy+70/aZijhkuh^hdmf_glZo
ihhij_^_e_gguf85/
Gh;_jg_jkEbohl_e\b^_lvBgl_jg_ldZdbgnhjfZpbhggh_ijhkljZgkl\h\dhlhjhffh`gh
ihemqblvk\h[h^guc^hklmid^Zggufex[uolbih\GZjZggbowlZiZojZa\blby]eh[ZevghcK_lb
ij_h[eZ^Zebijhklu_l_dklh\u_^hdmf_glu+70/Dlhfm\j_f_gbkms_kl\h\Zebkbkl_fuihbkdZ
bgnhjfZpbbgZehdZevguofZrbgZoihwlhfmihy\behkvg_kdhevdhk_j\_jh\dhlhju_iulZebkv
ijhbg^_dkbjh\ZlvdZdmxlhqZklvkljZgbp:HEbij_`^_q_fhlijZ\eylvkyaZq_flh\Bgl_jg_l
ij_^eZ]ZebihbkdZlvg_h[oh^bfu_k\_^_gbygZwlbok_j\_jZo
Ijbwlhfhkgh\gZyijh[e_fZaZdexqZeZkv\lhfqlh[uhlukdZlvkljZgbpudhlhju_\ijbgpbi_
fh`gh[u[uehbg^_dkbjh\ZlvIhkdhevdmBgl_jg_lebr_gp_gljZebah\Zgghckljmdlmjubh[s_]h
kljZgbpmbi_j_oh^_ihwlhckkued_kihke_^mxsbf^h[Z\e_gb_fgZc^_ggh]hj_kmjkZdbg^_dkm
H^gZdh\kdhj_\hagbdeZ_s_h^gZijh[e_fZGZb[he__ihimeyjgu_kljZgbpuihk_sZebkviZmdZfb
qZs_hklZevguolZddZdgZgbomdZau\ZehfZdkbfZevgh_dhebq_kl\hkkuehdIZmdbdhebq_kl\hb
\hafh`ghklbdhlhjuo[uebh]jZgbq_guaZ\bkZebgZlZdbokljZgbpZob\imklmxjZkoh^h\Zeb
�j_kmjkuhklZ\eyyg_ihk_s_gguffgh`_kl\h^jm]boZ^j_kh\ihdZ_s_f_g__ihimeyjguoey
j_r_gbywlhcijh[e_fulj_[h\Zehkvkha^Zlvijh]jZffmdhlhjZyiha\hebeZ[ub]ghjbjh\Zlvm`_
ijhbg^_dkbjh\Zggu_kljZgbpubkhkj_^hlhqblvkygZihbkd_gh\uoBgZq_wlh]jhabehijh[e_fhck
j_kmjkZfb
]klm^_glnbabdFZkkZqmk_lkdh]hl_ogheh]bq_kdh]hbgklblmlZFwlvx=j_c 0DWKHZ*UD\\f
kha^Zei_j\ucrbjhdhba\_klguc:HEjh[hlgZa\Zgguc:RUOG:LGH:HE:DQGHUHUbebijhklh
&#xZg;&#x^_;&#xj_;&#xj;&#x;&#xql;&#xh;&#x;&#xi_;&#xj_;&#xh^;&#x_;&#xk;&#xZg;&#x]e;¼&#xkd;&#xh];&#xh;&#xha;&#xgZ;&#xqZ;&#x_l;&#x;&#xkd;&#xbl;&#xZe;&#x_p;&#x;¾&#xk;&#xlj;&#xZg;&#xgb;
&#x;�Zg^_j_jqlh\i_j_\h^_kZg]ebckdh]hhagZqZ_lkdblZe_pbebkljZggbd_eh\lhfqlh=j_c
aZbgl_j_kh\ZekyklZlbklbdhcJ_amevlZlhflZdh]hm\e_q_gbyklZehihy\e_gb_kljZggbdZ
bah[j_l_gb_[uehijba\Zghihfhqvklm^_glmijhZgZebabjh\ZlvjZaf_juBgl_jg_lZbkdhjhklv_]h
jhklZZg^_j_jijhklhijboh^begZkljZgbpmbhij_^_eyekZfnZdl__kms_kl\h\Zgbyg_aZghky\
[Zamkh^_j`bfh]hgZc^_ggh]hZ^j_kZG_kfhljygZlhqlhkha^Zl_evjh[hlZg_ij_ke_^h\ZegbdZdbo
^jm]bop_e_c_]h^_lbs_nZdlbq_kdb^_[xlbjh\Z\r__\aZ[_]_ijh]j_kkb\guobgl_jg_lgZoh^hd
e_]eh\hkgh\m[he__keh`guoijh]jZffdhlhju_dmf_gbxkdblZevpZi_j_f_sZlvkyihK_lb
^h[Z\bebkihkh[ghklvkhojZgylvkh^_j`bfh_kljZgbp\[Za_^Zgguoihke_boihk_s_gby
KemqbehkvlZdqlh]klZei_j_ehfguf\bklhjbbkha^Zgbyihbkdh\uofZrbgKlm^_gl
\uimkdgh]hdmjkZZrbg]lhgkdh]hmgb\_jkbl_lZ;jZcZgIbgd_jlhg %ULDQ3LQNHUWRQ\fmklZehl
[_kdhg_qghcq_j_^uwe_dljhgguoibk_fdhlhju_ihkueZeb_fm^jmavykbgnhjfZpb_chohjhrbo
kZclZogZc^_gguobfb\Bgl_jg_l_;_amkeh\ghkZclu_fm[uebgm`guh^gZdhrd\ZeihkeZgbck
boZ^j_kZfbjZa^jZ`ZeZihk_s_gb_\k_okljZgbphlgbfZehmcfm\j_f_gbH^gZdhIbgd_jlhg
gZr_ej_r_gb_ijh[e_fuhgkha^Zejh[hlZdhlhjh]hgZa\Ze:HE&UDZOHU qlhlh\jh^_\_a^_oh^
^eyBgl_jg_lZ\f_[DjZme_jdZdbZg^_j_jiheaZekhkljZgbpugZkljZgbpmaZihfbgZyijb
wlhf\_kvl_dkl:HE^hdmf_glZbkhojZgyy_]h\[Za_^ZgguodhlhjZy[ueZ^hklmigZihbkdh\uf
keh\ZfBah[j_lZl_evij_^klZ\bek\h_^_lbs_im[ebd_\Zij_e_]ijbq_fk^_eZewlh
\bjlmZevghq_j_a:HEbgl_jn_ck;ZaZ^Zgguo\lhlfhf_glkh^_j`ZeZbgnhjfZpbxkkZfuo
jZaguok_j\_jh\M`_q_j_ag_^_exhgZgZqZeZjZkrbjylvkyijbq_f_`_^g_\gucijbjhklkhklZ\eye
[he__gh\uok_j\_jh\LZdjh^beZkvi_j\Zyihbkdh\ZyfZrbgZ
Lh]^Z`_[ue\\_^_g\h[boh^bgl_jg_lqbdh\l_jfbgdjZme_jbebiZmddhlhjucijbf_gy_lky
dZdfum`_]h\hjbebbihk_c^_gv
GmZ^Ze__kblmZpbyjZa\b\ZeZkv_s_[he__klj_fbl_evghDjbkR_jfZgb=ZjbIjZckijb\h^yl
lZdmxojhgheh]bx\hagbdgh\_gbybjZa\blbykh\j_f_gguoihbkdh\uofZrbg
]:HE&UDZOHU/\FRVDKRR
],QIRVHHN6DYY\6HDUFK$OWD9LVWD0HW&UDZOHU([FLWHIhy\e_gb_f_lZihbkdh\uofZrbg
]+RW%RW/RRN6PDUW
]1RUWKHUQ/LJKW
]*RRJOH,QYLVLEOH:HEFRP
])$67
Jmkkdhyauqgu_ihbkdh\u_fZrbguihy\eyebkv\lZdhcihke_^h\Zl_evghklb
]5DPEOHU ZZZUDPEOHUUX\f
]DQGH[ ZZZ\DQGH[UX\f
]jmkkdhyauqgZy\_jkby*RRJOH ZZZJRRJOHUX\fbjmkkdhyauqgZy\_jkbyDKRR
KWWSUX\DKRRFRP\f
Baq_]hkhklhblkZcl
Ij_`^_q_fi_j_clbdhibkZgbxyaudZaZijhkh\ihbkdh\uofZrbgjZkkfhljbfbadZdbo
we_f_glh\kdhlhjufbij_^klhbljZ[hlZlviZmdmkhklhblh[uqghkZcl
GZ^hkdZaZlvqlhyaud+70/^hklZlhqghijhklbeh]bq_gHgij_^klZ\ey_lkh[hckihkh[jZa[b\db
l_dklZkihfhsvxki_pbZevguowe_f_glh\l_]h\dhlhju_hij_^_eyxlkljmdlmjmb\g_rgbc\b^
l_dklZijbijhkfhlj__]h\[jZma_j_Hl_]Zoke_^m_lagZlvqlhhgb\k_]^ZiZjgu_bqlhhgb[u\Zxl
hldju\Zxsbfb h[hagZqZxlgZqZehhij_^_e_ggh]hnhjfZlbjh\Zgby\fbaZdju\Zxsbfb h[hagZqZxl
_]hhdhgqZgb_\fAZdju\Zxsbcl_]lZdhc`_ihgZibkZgbxdZdhldju\Zxsbcghi_j_^gbfklhbl
dhkZyq_jlZ
Ijb\_^_fijbf_jhq_gvijhklh]hkZclZ jbk\f
JbkIjbf_jkZclZdZd_]h\b^gh\[jZma_j_FhabeeZNZcjnhdk
GZ\_jomkljZgbpubah[jZ`_gghcgZjbkmgd_lh_klvg_\l_dkl_kZclZZgZ\_jog_fihe_jZfdb
kljZgbpujy^hfkdjm]eufagZqdhf[jZma_jZjZkiheh`_gZgZ^ibkvIhdZau\Z_fmkljhckl\h
kZclZHgZgZoh^blky\lZdgZau\Z_fhfaZ]heh\d_kljZgbpu dhlhjucaZdexq_gf_`^m
hldju\Zxsbfl_]hf7,7/(!baZdju\Zxsbfl_]hf7,7/(!\fH[jZsZ_f\Zr_\gbfZgb_gZlh
qlhwlhaZ]heh\hdbf_ggh\k_ckljZgbpuZg_l_dklZ
�Ihk_j_^bg_ij_^klZ\e_ggh]hjbkmgdZ`bjgufdmjkb\hf\u\_^_ghWlhijhklhckZclZggZy
gZ^ibkvb_klvaZ]heh\hdl_dklZRjbnlnjZauWlhijhklhckZclihjZaf_jmij_\hkoh^blrjbnl
l_dklZgZkZcl_hgki_pbZevgh\u^_e_gdZdaZ]heh\hdl_dklZIjbjZaf_ld_kihfhsvx+70/wlhl
l_dkljZkiheh`_ggb`_l_]Z7,7/(!ghijbwlhf\f_kl_kl_]hf7,7/(!gZoh^blky\gmljbl_]Z
+HDG!Lh_klvkh^_j`bfh_aZdexq_ggh_\7,7/(!wlhqZklvlh]hqlhgZoh^blky\+HDG!
LZdh_jZkiheh`_gb_^Z_l^hihegbl_evgmx\hafh`ghklviZmdmemqr_hij_^_eylvdexq_\u_keh\ZgZ
kZcl__^v_kebkeh\Z\ug_k_gu\aZ]heh\hdl_dklZbebl_f[he__\k_ckljZgbpu\_jhylghklvlh]h
qlhkljZgbpZbl_dklihk\ys_gul_f_nhjfmebjm_fhcwlbfbkeh\Zfbih\urZ_lky
Gb`_njZauWlhijhklhckZclijb\_^_guq_luj_\ZjbZglZgZibkZgbyhkgh\gh]hl_dklZkZclZ
h[uqguc
`bjguc ibr_lkyih^l_]hf%!\f
dmjkb\ ibr_lkyih^l_]hfL!\f
l_dklh\Zy]bi_jkkuedZ ibr_lkyih^l_]hf$+5() KWWSZZZXUOUX!L_dkl
]bi_jkkuedb$!\f
Hkgh\ghcl_dklkZclZ\g_aZ\bkbfhklbhllh]hdZdbf\ZjbZglhfrjbnlZhggZibkZgjZkiheZ]Z_lky
\gmljbl_]Z%2'!Bf_gghkh^_j`bfh_l_]Z%2'!ij_^klZ\ey_lkh[hchkgh\ghch[t_dl^ey
iZmdZbjZkkfZljb\Z_lkybfdZdl_dklkljZgbpu kh[kl\_gghwlh^_ckl\bl_evghl_dklkljZgbpu\f
Qlh[um\b^_lv\gmlj_ggxxjZaf_ldmkZclZgZ^h\[jZma_j_FhabeeZNZcjnhdkgZ\_klbdmjkhjgZ
ex[hcg_aZgylucl_dklhfmqZklhdiheybgZ`ZlvijZ\mxdghidmfurb\kieu\Zxs_ff_gx
Ijbf_gbl_evghdkZclmdhlhjucfujZkkfZljb\ZebgZjbkwlhlbkoh^gucdh^[m^_l\u]ey^_lv
ke_^mxsbfh[jZahf
+70/!
+($'!
7,7/(!
IhdZau\Z_fmkljhckl\hkZclZ
7,7/(!
&(17(5!
%!,!
63$167/( IRQWVL]HODUJH!WlhijhklhckZcl63$1!
&(17(5!
%!,!
+($'!
%2'!
3!
Wlhl_dklgZkZcl_H[uqgucrjbnl
3!
3!
%!
@bjgucrjbnl
%!
3!
3!
,!
Dmjkb\,!
3!
$+5() KWWSZZZXUOUX!:wlh]bi_jkkuedZ$!
%2'!
+70/!
A^_kvfh`ghm\b^_lv\k_we_f_gluhibkZggu_gZfb\ur_Djhf_lh]h\bkoh^ghfdh^_\b^gul_]b
3!dhlhju_h[_ki_qb\ZxljZkiheh`_gb_l_dklZ\gh\hckljhd_bkijhf_`mldhfihhlghr_gbxd
l_dklmjZkiheh`_gghfm\ij_^u^ms_ckljhd_
JZaf_ldZ+70/ihmfheqZgbxg_ij_^iheZ]Z_li_j_ghkZl_dklZb_]hnhjfZlbjh\ZgbyIhwlhfm
l_dklg_kh^_j`ZsbcgbdZdbol_]h\\hkijhba\h^blkyih^jy^ghkkh[ex^_gb_fijh[_eh\f_`^m
�keh\Zfbeylh]hqlh[ul_dklhdZaZekygZibkZgg_ijhklh\gh\hckljhd_Zkijhf_`mldhf
hlghkbl_evghgZoh^ys_cky\ur_kljhdbbkihevam_lkydZdfum`_ihdZaZebl_]3!Z^eylh]h
qlh[ul_dkl[uegZibkZg\gh\hckljhd_gh[_aijhf_`mldZf_`^m\ur_bgb`_jZkiheh`_gghc
kljhdZfbijbf_gy_lkyl_]%5!
GZqZehkZclZkha^Zggh]hkihfhsvxjZaf_ldb+70/hlf_q_ghl_]hf+70/!Z_]hhdhgqZgb_
l_]hf+70/!
YaudaZijhkh\ihbkdh\hcfZrbguYg^_dk
EmqrZygZgZr\a]ey^jZ[hlZihbamq_gbxhi_jZlhjh\ihbkdh\hcfZrbguYg^_dk\uiheg_gZ
��ki_pbZebklhfbaKZgdlI_l_j[mj]Z_gbkhfNmjkh\ufGZ_]hj_kmjk_@ihklhygghijh\h^ylky
^hihegbl_evgu_bkke_^h\Zgbyhlke_`b\Zxlkybhp_gb\Zxlkybaf_g_gby\jZ[hl_hi_jZlhjh\
mdZaZgghcihbkdh\hcfZrbgu
Gb`_j_qvihc^_lhlhfdZdkihfhsvxki_pbZevguonbevljh\hkgh\ZgguogZ;me_\hcZe]_[j_
kha^Z\ZlvaZijhkufZdkbfZevghkhhl\_lkl\mxsb_ihlj_[ghklyfki_pbZebklZdhlhjucbs_l
bgnhjfZpbx\Bgl_jg_l_
Ijbbamq_gbbwlh]h\hijhkZg_ke_^m_laZ[u\Zlvqlhdhfivxl_jhq_gvbkihegbl_e_gghebr_g
kihkh[ghklb^mfZlvihwlhfmke_^m_lkhklZ\eylvaZijhkbkoh^ybalh]hqlhhg[m^_lh[jZ[hlZg
dhfivxl_jhf[md\ZevghZg_kmq_lhflh]hqlh`_gZkZfhf^_e_bf_e\\b^mihevah\Zl_ev
kha^Z\Zyk\h_h[jZs_gb_
Emqr_\k_owlmfukevijhbeexkljbjh\Zee_lhf]:e_dk_c:fbexs_gdh]eZ\gucZgZeblbd
hl^_eZfZjd_lbg]ZYg^_dkZgZke_^mxs_fijbf_j_
hl_s_h^gZbklhjbykk_fbgZjh\gh__ijboh^blkyjZkkdZau\Zlvg_hq_gvqZklhBgh]^ZkemqZ_lky
qlhaZoh^bljZa]h\hjhlhfqlhohjhrh[uihbkdh\ufkbkl_fZfmqblu\Zlvg_lhevdhkeh\Zdhlhju_
_klv\bg^_dkbjm_fuo^hdmf_glZoghbkfukegZibkZggh]hhl\_l]h\hjxqlhagZxnjZamijh
dhlhjmxbq_eh\_dlhg_kdZ`_lhq_fwlhhlhgZ
WlblbiuklZeb_klv\ijhdZlghfp_o_
BqlhlmlgZibkZgh"YagZxfbgbfmfljbjZaguokfukeZG_ih^]ey^u\Zcl_\hl\_l
kjZam hggb`_\fIhijh[mcl_kgZqZeZkZfhklhyl_evgh
H[uqghdh]^Zwlhij_^eh`_gb_\b^blaZekgZqZeZklZgh\blkylboh \b^ghqlh^mfZxl\f
ihlhfgZqbgZxlkykf_rdb ^hdh]hlh^hreh\fihlhfobobdZxlm`_\k_
Ghd^_emqlh`_a^_kv\k_lZdbgZibkZgh"
KdmqguclZdhc\ZjbZgl
WlblbiuklZeb \ZjbZgluf_lZeehijhdZlZ\f_klv bf_xlky\gZebqbb\f\ijhdZlghfp_o_
;he__l\hjq_kdbckwe_f_glZfbfbaZgljhibb
Wlblbiu g_ijbylgu_Z\lhjmebqghklb\fklZeb gZqZeb\f_klv ijbgbfZlvibsm\f\ijhdZlghfp_o_
G_kdhevdhgZ^mfZggucdhg_qghgh
WlblbiuklZeb \ZjbZgluf_lZeehijhdZlZ\f_klv gZ^e_`blijbgbfZlv\ibsm\f\ijhdZlghfp_o_
hl\b^bl_^Z`_ijhl_bgh\u_fha]bg_kijZ\eyxlkyZ\uohlbl_qlh[umkbebdhgh\uowlh
ihemqZehkv
�L_dklaZijhkZfu[m^_fihf_sZlv\d\Z^jZlgu_kdh[db@^eylh]hqlh[u\bamZevgh\u^_eblv_]hba
l_dklZdgb]b?kebm\Z`Z_fucqblZl_evj_rbl\\_klbijb\_^_ggu_gb`_aZijhku\ihbkdh\mx
kljhdmihbkdh\hcfZrbguqlh[uijh\_jblvbojZ[hlhkihkh[ghklvgZijZdlbd_lhwlbd\Z^jZlgu_
kdh[db\\h^blvg_gZ^h
BlZdi_j_c^_fg_ihkj_^kl\_gghdhi_jZlhjZfaZijhkh\Yg^_dkZ
Eh]bq_kdh_B
Yg^_dkih^^_j`b\Z_lljbjZaguohi_jZlhjZhlghkysbokydeh]bq_kdhfmBqlh^_eZ_l_]hkZfuf
]b[dbfba\k_oihbkdh\bdh\jZ[hlZxsbokjmkkdbfyaudhfKlhevjZa\blZyijZdlbq_kdb
aZijhkbknhjfbjh\ZlvlZdhcnbevlj^ey^Zgguo\Bgl_jg_l_dhlhjucfZdkbfZevghdZq_kl\_ggh
\u[bjZ_lgm`gmxbgnhjfZpbxbhlk_dZ_lg_gm`gmx
Ijh[_e
Keh\ZjZa^_e_ggu_ijh[_ehf^he`gujZkiheZ]Zlvkyg_^Ze_dh^jm]hl^jm]ZKi_pbZebklu
ihykgyxlqlhl_jfbgg_^Ze_dhhlgx^vg_nbdkbjh\ZggZy\_ebqbgZbf_gy_lky\aZ\bkbfhklbhl
lh]hkdZdbfbkeh\ZfbmdZaZgguchi_jZlhj\dZ`^hfdhgdj_lghfkemqZ_bkihevam_lky?kebhgb
qZklhmihlj_[eyxlkylhg_^Ze_dhagZqblgZjZkklhygbbg_kdhevdbokeh\^jm]hl^jm]Z?keb`_
hgbj_^dh\klj_qZxlky\h[boh^_lh^Z`_bogZoh`^_gb_\jZaguodhgpZo^hdmf_glZ[m^_l
\hkijbgbfZlvkydZdg_^Ze_dh
Ijbwlhfg_kfhljygZlhqlheh]bq_kdh_B\h[s_f\b^_;me_\hcZe]_[juih^jZamf_\Z_l
ijbkmlkl\b_\k_omihfygmluokeh\Yg^_dkl_fg_f_g__^_ckl\bl_evgh\u^Z_lkgZqZeZl_
^hdmf_glu\dhlhjuo_klv\k_dexq_\u_keh\Zij_^klZ\e_ggu_\aZijhk_Ihke_q_]hgZqbgZ_l
\u^Z\Zlv^hdmf_glu\dhlhjuogZh^ghdexq_\h_keh\hf_gvr_q_f\aZijhk_aZl_fgZ^\Zkeh\Z
f_gvr_blZd^Ze__
�AZijhkfZjd_lbg]f_g_^`f_gl@
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
\u^Zq_FZjd_lbg]NbgZgkuJ_deZfZF_g_^`f_gl
:fi_jkZg^ \t\f
Keh\ZjZa^_e_ggu_Zfi_jkZg^hfgZoh^ylky\h^ghfij_^eh`_gbbZ`ghZfi_jkZg^^he`_g[ulv
hl^_e_gijh[_eZfbk^\moklhjhghlex[uo^jm]bokeh\
�AZijhkfZjd_lbg]\tf_g_^`f_gl@
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
\u^Zq_NbebiDhle_j\djZldhcnhjf_ij_^klZ\ey_l\k_gZb[he__agZqbl_evgu_bbgl_j_kgu_
iheh`_gbykZfhcba\_klghck\h_cjZ[hluFZjd_lbg]f_g_^`f_gl
�\hcghcZfi_jkZg^ \t\t\f
Keh\ZjZa^_e_ggu_^\hcgufZfi_jkZg^hfgZoh^ylky\ex[hff_kl_h^gh]hblh]h`_^hdmf_glZ
Z`ghf_`^mZfi_jkZg^Zfbg_^he`gh[ulvijh[_eh\ghkZfhi_jZlhj^he`_g[ulvhl^_e_g
ijh[_eZfbk^\moklhjhghlex[uo^jm]bokeh\
�AZijhkfZjd_lbg]\t\tf_g_^`f_gl@
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
\u^Zq_dijbf_jm[m^mlijbkmlkl\h\Zlvmq_[gu_ieZgu\mah\\dhlhjuokeh\ZfZjd_lbg]b
f_g_^`f_glgZoh^ylky\jZaguoqZklyol_dklZ\lhfqbke_gZjZaguokljZgbpZo
him[ebdh\Zggh]h\Bgl_jg_l_fgh]hkljZgbqgh]hieZgZaZgylbc
Qlh[um\b^_lvwlhgZ]ey^ghqblZl_ebfh]mlgZ`Zlv\j_amevlZlZo\u^Zqb]bi_jkkuedmGZc^_ggu_
keh\ZdhlhjZyijb\h^blky\h\k_oblh]ZoihbkdZBlh]^Zkeh\Zdhlhju__klv\aZijhk_[m^ml
ih^k\_q_gubg_ijb^_lkyljZlblv\j_fygZbohleZ\eb\Zgb_\l_dkl_
Eh]bq_kdh_G?
Eh]bq_kdh_G?ij_^klZ\e_gh^\mfyhi_jZlhjZfb
Ij_`^_q_fjZkkdZaZlvhgbohl\_qmgZ\hijhkdhlhjucqZklh\hagbdZ_lmex^_c\i_j\u_
ijbklmib\rbodbamq_gbxhi_jZlhjh\ihbkdZAZq_fgm`gheh]bq_kdh_G?"?]h\_^vfh`ghb
\\h^blvZqlhg_llhwlhml\_j`^_gb_kijZ\_^eb\hGhijh[e_fZ\lhfqlhqZklh\\u^Zq_
ijbgm^bl_evghhdZau\Z_lkyfmkhjb^jm]h]hkihkh[Zba[Z\blvkyhlg_]hdjhf_dZdm[jZlvwlb
keh\Zijbihfhsbeh]bq_kdh]hG?mgZkg_lLZdgZijbf_j_keb\Zkbgl_j_km_ldhg_ddjurblh
ihkeh\mdhg_d\\u^Zq_hdZ`_lkybgnhjfZpbybhjhebdh\uobhnb]mjguodhgvdZob^Z`_h
�Dhgvd_=hj[mgd_eylZdbolhkemqZ_\eh]bq_kdh_G?bijb^mfZgh
BlZd\_jg_fkydgZrbfhi_jZlhjZf
Lbev^Z a\f
AgZdlbev^uwlh\_jogyye_\ZydeZ\brZgZ[md\_gghpbnjh\hcdeZ\bZlmj_Kbf\he\\h^blkygZ
Zg]ebckdhfj_]bklj_kgZ`ZlhcdeZ\br_c6+,)7DZdbZfi_jkZg^lbev^Z^he`gZ[ulvhl^_e_gZ
ijh[_eZfbkh[_boklhjhgQZklh^himkdZxlhrb[dmijbde_b\Zylbev^mdke_^mxs_fmaZg_c
keh\mBgh]^Zhlkmlkl\b_ijh[_eZf_`^mlbev^hcbihke_^mxsbfkeh\hfg_\eby_lgZj_amevlZlgh
[u\Z_lbgZh[hjhlihwlhfmemqr_\gbfZl_evghijhke_^blvaZijh[_eZfb\hdjm]wlh]hagZdZ
Lbev^ZhagZqZ_lihZgZeh]bbk^bZf_ljZevghijhlb\hiheh`gufkbf\hehfZfi_jkZg^hfqlhkeh\Z
g_^he`gh[ulv\ij_^eh`_gbb
�AZijhkfZjd_lbg]af_g_^`f_gl@
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
\u^Zq_dhfie_dkgucih^oh^dmkem]_bgl_jg_lfZjd_lbg]Zho\Zlu\Zxsbc\k_\hafh`ghklb
^eyijh^\b`_gbybgl_jg_lij_^klZ\bl_evkl\dhfiZgbc\k_lbBgl_jg_l
�\hcgZylbev^Z aa\f
IhZgZeh]bbk^\hcgufZfi_jkZg^hf^\hcgZylbev^Zibr_lkykeblgh\gmljbkZfh]hwlh]h
hi_jZlhjZghhl^_ey_lkyhlhklZevguokeh\ijh[_eZfbkh[_boklhjhg
HgZhagZqZ_lqlhkeh\Zdhlhjh_aZg_cjZkiheh`_ghg_^he`gh[ulv\^hdmf_gl_kh\k_f
�AZijhkfZjd_lbg]aaf_g_^`f_gl@
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
\u^Zq_NhjmfihfZjd_lbg]mbj_deZf_FZjd_lbg]bJ_deZfZfZjd_lbg]h\u_dhffmgbdZpbb
\b^uj_deZfuj_deZfZ\KFB i_qZlgZyj_deZfZl_e_j_deZfZjZ^bhj_deZfZ\fgZjm`gZyj_deZfZ
%7/326fZl_jbZeuM\Zk_klv\hijhkihfZjd_lbg]mbj_deZf_"
H[jZlbl_\gbfZgb_\j_amevlZlZo\u^Zqbkeh\ZfZjd_lbg]bfZjd_lbg]m\u^_e_gudZd
j_e_\Zglgu_fZjd_lbg]h\u_`_g_lWlhijhbkoh^blihlhfmqlhl_jfbgfZjd_lbg]
kms_kl\bl_evgh_ZfZjd_lbg]m_]hkeh\hnhjfZlh]^ZdZdfZjd_lbg]h\u_kh\k_f^jm]Zy
qZklvj_qbZhlgx^vg_ijhba\h^gh_hlkeh\ZfZjd_lbg]Ih^h[gh_y\e_gb_gZ^hmqblu\Zlv_keb
\ujZkkqblu\Z_l_gZkihkh[ghklvYg^_dkZkZfhklhyl_evghi_j_[bjZlvkeh\hnhjfuB]ghjbjh\Zgb_
wlh]hnZdlZg_j_^dhijb\h^bldbkdZ`_gbxj_amevlZlh\\u^ZqbblZd`_y\ey_lkyqZklhchrb[dhc
gZqbgZxsboki_pbZebklh\ihihbkdm\Bgl_jg_l_
GZkZfhf^_e_\Yg^_dk__klv_s_h^bghi_jZlhjeh]bq_kdh]hG?dhlhjuch[hagZqZ_lkyagZdhf
�fbgmkIhfg_gbx_gbkZNmjkh\ZkdhlhjufZ\lhjiheghklvxkh]eZk_gBfbgmkwlhg_
\k_]^Zdhjj_dlghjZ[hlZxsZy^\hcgZylbev^Zihwlhfmihevah\ZlvkybfkfukeZg_lFug_agZ_f
gZ\_jgydZghij_^iheZ]Z_fqlhagZdfbgmk\dZq_kl\_eh]bq_kdh]hG?wlhkihkh[
mgbnbpbjh\ZlvYg^_dkk^jm]bfbihbkdh\ufbfZrbgZfbihkdhevdm\[hevrbgkl\_k\h_fhgb
h[hagZqZxleh]bq_kdh_G?bf_gghwlbfagZdhfFug_ihevam_fkyhi_jZlhjhffbgmkijb
Eh]bq_kdh_BEB hi_jZlhj_\f
Eh]bq_kdh_BEBij_^klZ\e_ghhi_jZlhjhfbf_xsbf\b^\_jlbdZevghcq_jlu_
GZdeZ\bZlmj_wlhlhi_jZlhjgZoh^blkyh[uqgh\ur_ j_`_hgjZkiheh`_ggb`_\fdeZ\brb(QWHUb
\\h^blky\Zg]ebckdhfj_]bklj_ijbgZ`ZlhcdeZ\br_6+,)7
ih^Z\eyxs_f[hevrbgkl\_kemqZ_\hi_jZlhj_bkeh\Zkdhlhjufbhgbkihevam_lkyaZdexqZxlky
\kdh[dblZddZdqZs_\k_]hwlhlhi_jZlhjhlghkblkykjZamd^\mfb[he__keh\Zf
?kebfuohlbfk^_eZlvaZijhkdhlhjuc^he`_gihdZaZlvqlhgZkbgl_j_km_l^hdmf_glkh^_j`Zsbc
\h^ghfij_^eh`_gbbkeh\ZfZjd_lbg]bf_g_^`f_glghijbwlhfgb]^_ihl_dklmg_^he`gh
[ulvkeh\dmjkjZ[hlZdhgn_j_gpbyl_hjbydgb]Zk_fbgZj[bag_kijb[uev
deb_gllhknhjfmebjh\Zlv_]hg_h[oh^bfhke_^mxsbfh[jZahf
�fZjd_lbg]\tf_g_^`f_glaa dmjk_jZ[hlZ_dhgn_j_gpby_l_hjby_dgb]Z_k_fbgZj_[bag_k_
ijb[uev_deb_gl\f@
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
&#x;&#xu^;&#xZq;&#x_;&#xN;&#xhj;&#xmf;&#xu;&#xgZ;&#xRV;&#xWD;&#xY;&#xUX;&#x;�\u^Zq_NhjmfugZ6RVWDYUXhkdZh[ty\e_gbcIjh^ZfFZjd_lbg]F_g_^`f_glDhle_jZ
Beb
Hl\_lud]hkZfih^bkpbiebg_FZjd_lbg]F_g_^`f_gl ihdhgki_dlZfij_ih^Z\Zl_e_cKI[=M\f
H[jZlbl_\gbfZgb_qlhkdh[dbdZd\Zjbnf_lbd_ijb\ug_k_gbbaZkdh[dmh[s_]hfgh`bl_ey
iha\heyxljZkijhkljZgblv^_ckl\b_hi_jZlhjZ^\hcgZylbev^ZgZ\k_keh\ZjZkiheh`_ggu_
\gmljbgbo
DklZlb^eym^h[kl\Z\hkijbylbywlhlaZijhkemqr_hnhjfblvlZdqlh[ukeh\ZfZjd_lbg]b
f_g_^`f_gl[uebk]jmiibjh\ZguKfukeh\hcgZ]jmadbwlhg_g_k_lZihlhfmbgZ\u^Zqmg_
\eby_lh^gZdhkgb`Z_l\_jhylghklvlh]hqlh\ukZfbaZimlZ_l_kv\k\h_faZijhk__kebhg[m^_l
^hklZlhqgh^ebggufKhhl\_lkl\_gghfu[ukh\_lh\Zebh[jZlblvkydihbkdh\bdmlZd
� fZjd_lbg]\tf_g_^`f_gl\faa dmjk_jZ[hlZ_dhgn_j_gpby_l_hjby_dgb]Z_k_fbgZj_[bag_k_
ijb[uev_deb_gl\f@
Yg^_dkmqblu\Z_lfhjnheh]bxkeh\
WlhhagZqZ_lqlhYg^_dkihaZijhkmMq_l\u^Zklj_amevlZlukh^_j`Zsb_keh\ZMq_lm
Mq_lhfMq_lh\blidhlhju_hg\u^_ey_ldZdj_e_\Zglgu_l_f_ihbkdZ
�AZijhkMq_l@
\u^Zq_Ihke_^gbc^_gvk^Zqbbg^b\b^mZevguok\_^_gbci_jkhgbnbpbjh\Zggh]hmq_lZbkl_dZ_l
fZjlZ]h^Z
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
�AZijhkMq_lhf@
\_^_gb_[mo]Zel_jkdh]hmq_lZihklZ\sbdZij_`^_\k_]hmq_lZj_ZebaZpbb
\u^Zq_Mq_ljmkkdhcfhjnheh]bbIh^k\_ldZgZc^_gguoDQGH[ihbkdh\Zykbkl_fZkmq_lhf
fhjnheh]bbjmkkdh]hyaudZJhkkby
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
Fh`ghhldexqblvih^^_j`Zgb_fhjnheh]bbkeh\
?kebkeh\Zkbaf_gyxsbfbkyhdhgqZgbyfbaZfmkhjb\Zxlj_amevlZlulhfh`ghijbgm^bl_evgh
aZklZ\blvYg^_dkbkdZlvlhevdhkeh\Z\gm`ghckeh\hnhjf_Wlh[u\Z_lihe_aghgZijbf_jijb
nbjfZJ_dZmihfbgZeZkv\im[ebdZpbyokhkeh\ZfbJ_d_bebJ_dm
�eylh]hqlh[uijbgm^bl_evghbkdZlvlhevdhgm`gmxkeh\hnhjfm\Yg^_dk_bkihevamxlhi_jZlhj
\hkdebpZl_evgucagZdHgibr_lkykeblghkhkeh\hfdhlhjh_aZgbfke_^m_ldZd_keb[uwlhl
kbf\he[uei_j\hc_]h[md\hc
�AZijhkJ_dZ@
\u^Zq_J_deZfgh_Z]_glkl\hJ_dZjZaf_s_gb_j_deZfu
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
:_kebaZijhkk^_eZlv[_a\hkdebpZl_evgh]hagZdZJ_dZ
\u^Zq_J_qgu_djmbauihj_dZfJhkkbbb?\jhiu
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
b^ghqlhdhebq_kl\hkljZgbpbkZclh\\kemqZ_aZijhkZkhi_jZlhjhf\hkdebpZl_evgucagZd
mf_gvrZ_lkyihqlb\iylvjZaaZkq_lbkdexq_gbynhjfkeh\Zj_dZlZdbodZdj_dbj_dhc
j_dZfbij
AZ]eZ\gu_bkljhqgu_[md\u
Yg^_dki_jbh^bq_kdbf_gy_lg_dhlhju_gxZgku\wlhf\hijhk_klZjZykvh^gZdhijb^_j`b\Zlvky
]eZ\gh]hijZ\beZkeh\ZgZibkZggu_kfZe_gvdhc[md\u[m^ml\u^Z\ZlvkybkfZe_gvdhcbk
aZ]eZ\ghcZkeh\ZgZibkZggu_kaZ]eZ\ghc[md\u[m^ml\u^Z\ZlvkylhevdhkaZ]eZ\ghcBaf_g_gby
dhlhju_i_jbh^bq_kdbijhbkoh^yl\ih^oh^ZoYg^_dkZdwlhcijh[e_f_h[uqghdZkZxlkyihiulhd
bkijZ\blvgZb[he__jZkijhkljZg_ggu_hrb[dbihevah\Zl_e_cHagZdhfblvkykl_dmsbfkhklhygb_f
�^_efh`ghdZdgZkljZgbp_ihfhsbkZfh]hihbkdh\bdZlZdb\jZ[hl__gbkZNmjkh\ZH^gZdh^ey
wnn_dlb\ghcjZ[hlu^hklZlhqghijhklhke_^h\Zlvijb\_^_gghfm\wlhfjZa^_e_ijZ\bem
?keb`_keh\hgZibkZghp_ebdhfaZ]eZ\gufb[md\ZfbYg^_dk[m^_ljZkkfZljb\Zlv_]hdZd
ij_^klZ\e_ggh_ijhibkgufbLh_klvj_amevlZlu\\h^Z\ihbkdh\mxkljhdmihgylbyJBL?CE?J
[m^mllZdbfb`_dZdb\lhfkemqZ__kebfuhnhjfbfaZijhkbgZq_jbl_ce_j
�AZijhk[mo]Zel_jkdbcMq_l@
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
\u^Zq_Iheh`_gb_ih[mo]Zel_jkdhfmmq_lmMq_lhkgh\guokj_^kl\I;M
�AZijhk[mo]Zel_jkdbcmq_l@
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
\u^Zq_ihklZgh\dZ\hkklZgh\e_gb_b\_^_gb_[mo]Zel_jkdh]hmq_lZ
H[yaZl_evgh_\dexq_gb_keh\aZijhkZ\\u^Zqm
Qlh[ubkdhfu_keh\Zg_ij_f_gghijbkmlkl\h\Zeb\^hdmf_glZod\u^Zq_bkihevam_lkyhi_jZlhj
iexk \f
�eylh]hqlh[ugZ]ey^ghihdZaZlvjZ[hlmwlh]hhi_jZlhjZk^_eZ_faZijhkkhkeh\Zfbdhlhju_j_^dh
hdZau\Zxlky\h^ghf^hdmf_gl_IjbwlhfjZa^_ebfboijh[_ehf
:aZl_fk^_eZ_flhqghlZdhc`_aZijhkghihklZ\bfagZdiexki_j_^dZ`^ufkeh\hfaZij_lb\
l_fkZfufYg^_dkm\u^Z\Zlv^hdmf_glu\dhlhjuogZ[hjbkdhfuol_jfbgh\g_iheguc
J_amevlZluhlebqZxlkyjZabl_evgh\f_klhljb^pZlblj_olukyqkljZgbp\i_j\hfkemqZ_\h
\lhjhffubf__f\k_]h\hk_fv
�AZijhkebl_csbdijh\bahjklhfZlheh]fZjdr_c^_j@
�AZijhkebl_csbdijh\bahjklhfZlheh]fZjdr_c^_j@
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__\u^Zq_
HDH[s_jhkkbckdbcdeZkkbnbdZlhjaZgylbc HDA\f
Ki_pbZebklu\a^jZ\hhojZg_gbb djhf_f_^bpbgkdbok_kl_j\fjZqb
KlhfZlheh]b_l_jbgZjuNZjfZp_\luKi_pbZebklu
H[jZah\Zgb_\Dma[Zkk_
Ebl_csbdieZklfZkkEbl_csbdp\_lguof_lZeeh\
�\^IhdZ`qbdDeZkbndZlhj_j`klZg^ZjlMdjZgb^ey^_lkdh]hbih^jhkldh\h]h
\hajZklZGZmqguckhljm^gbd klhfZlheh]by\fjZqklhfZlheh]
jZqklhfZlheh]Ebklh[hcsbdEbl_csbd\Zdmmfgh]h
p_gljh[_`gh\Zdmmfgh]hbp_gljh[_`gh]heblvyEbl_csbdba^_ebcba
Hi_jZlhjiexk[u\Z_lg_aZf_gbfb\l_okemqZyodh]^Z_klvg_h[oh^bfhklvh[yaZl_evgh
\dexqblv\\u^Zqmklhikeh\Z
�Hq_gvohjhrhwlhhibkZgh\jZ[hl__gbkZNmjkh\Z
?kebdZdb_lhkeh\Z^he`gu[ulv\j_amevlZlZoihklZ\vl_i_j_^gbfb\nIhfh]Z_lkhklhikeh\Zfb
K_cqZkYg^_dkdZ`_lkymqblu\Z_lklhikeh\Zlhevdh\aZijhk_balj_obf_g__keh\ ^Z`_g_
hi_jZg^h\\fg_ihdmiZc VDPVXQJ_OJ\fiha\heblgZclbg_]Zlb\gu_hlau\uhijh^mdpbbwlbonbjf
kjZ\gbl_kijhkluf\ng_ihdmiZc VDPVXQJ_OJ\f\f
�AZijhkg_ihdmiZc VDPVXQJ_OJ\f@
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
\u^Zq_
�SKRUXPHkgh\ghcnhjmf5HEXBg_ihdmiZcl_6DPVXQJ');\:HOOFRPH
�EXBg_ihdmiZcl_6DPVXQJ');\:HOOFRPHgh\h_
�AZijhkg_ihdmiZc VDPVXQJ_OJ\f@
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
\u^Zq_Dmieyijh^Z`Zfh[bevguol_e_nhgh\gZ%X\0RELOHUXFh[bevguc^jm]`^_l
l_dklkkuehddmiblvOJ[m^_r_\hdmiblvOJbebVRQ\
IjZ\^ZYg^_dkb]ghjbjm_lklhikeh\ZdZdlh[_kkbkl_fghLZdaZijhku
�g_ihdmiZc ljhee_c[mk_Z\lh[mk\f@
b
�g_ihdmiZc ljhee_c[mk_Z\lh[mk\f@
^Zxlh^bgZdh\h_dhebq_kl\hj_amevlZlh\\dhlhjuokeh\hg_mqblu\Z_lkydZdj_e_\Zglgh_L_fg_
f_g__ihkdhevdmg_l\hafh`ghklbijh\_jblvdZdYg^_dkhlj_Z]bjh\ZegZaZijhk\dZ`^hf
�dhgdj_lghfkemqZ_fuj_dhf_g^m_f\hkihevah\Zlvkykh\_lhf_gbkZbklZ\blviexki_j_^klhi
keh\ZfbdZd\ijhq_fbi_j_^l_fbkeh\Zfbdhlhju_\uh[yaZl_evghohl_eb[u\b^_lv\\u^Zq_
IhbkdlhqghcnjZau
G_bkdexq_ghqlh\ZfihgZ^h[blkygZclbhij_^_e_ggmxpblZlmeb[hj_deZfguckeh]ZgdZdhceb[h
dhfiZgbb
�eywlh]hbkihevam_lkyhi_jZlhj^\hcgu_dZ\uqdbZgZeh]bqgu_l_fqlhijbf_gyxlky\ijyfhc
j_qb
njZau\lhc`_nhjf_bihke_^h\Zl_evghklbqlhb\hjb]bgZevghc__\_jkbb
Z`ghihfgblvqlhlhqghcpblZlZ[m^_lebrv\lhfkemqZ__kebdjhf_njZaumdZaZgghc\
dZ\uqdZo\aZijhk_g_[m^_lgbdZdboebrgbokeh\?kebihfbfhnjZau\dZ\uqdZoihy\blky_s_
ohly[uh^ghkeh\hYg^_dk[m^_l\u^Z\Zlv^hdmf_gludhlhju_kh^_j`Zl\k_keh\ZpblZlu
khojZgblboihke_^h\Zl_evghklv\ZjvbjmyijbwlhfbonhjfuDZdke_^kl\b_dhebq_kl\h
^hdmf_glh\\\u^Zq_aZf_lgh\hajZkl_lYg^_dkgZau\Z_lwlhkeh\Zb^mlih^jy^
�AZijhklu\k_]^Z^mfZ_rvhgZk@
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
\u^Zq_
7HIDOlu\k_]^Z^mfZ_rvhgZkHgeb
7HIDOlu\k_]^Z^mfZ_rvhgZk
;nZceuL_nZevlu\k_]^Z^mfZ_rvhgZk
L_nZevlu\k_]^Z^mfZ_rvhgZk Zglbj_deZfZ\f GbdheZcYdbfqmd\f_IjhaZjm
We_dljhgguc`mjgZekhk\h[h^ghcim[ebdZpb_cijhba\_^_gbc?`_^g_\gu_j_^Zdlhjkdb_h[ahju
emqrboijhba\_^_gbc
Bgl_j_kghihgZ[ex^ZlvijblZdhckeZ`_gghklbj_amevlZlh\aZl_fdZdjZ[hlZ_lhi_jZlhj
bkdexq_gbykeh\Zbaij_^eh`_gby
�AZijhklu\k_]^Z^mfZ_rvhgZka WHIDO_l_nZev\f@
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
\u^Zq_
Dhgn_j_gpbb:\lhDZaZgv:\lhDZaZgv5X
Zy\hl\k_]^Z^mfZe \f!!2OG'DGG\
&KHOUXGh\hklb[bag_kZKijZ\hqgbdijhfure_gguolhj]h\uoh[s_kl\_gguob
Ihq_fmlhy\k_]^Z^mfZeZqlhijZdlbq_kdb_klZlvb^[gZibkZguIHGYLGUFyaudhf
Hldjuldbk_]^Z^mfZxhl_[_
!DjZkb\u_nhlh]jZnbbhldjuldb!Hldjuldb!k_]^Z^mfZxhl_[_Yk_]^Z^mfZxhl_[_
Keh\ZgZoh^ylkygZhij_^_e_gghfjZkklhygbb
Wlhlhi_jZlhjhq_gvqZklhbkihevam_lkygZijZdlbd_lZddZdiha\hey_l^hklZlhqghq_ldhh]jZgbqblv
ihbkdb^hgbf__lke_^mxsbcQ]^_Qihhij_^_e_gbxkZfh]hYg^_dkZwlhfZdkbfZevgh
^himklbfh_jZkklhygb_f_`^m^\mfyex[ufbkeh\ZfbaZijhkZ
�_gbkNmjkh\^Z_llZdh_hij_^_e_gb_hi_jZlhjmJZkklhygb_f_`^mkeh\Zfb
Fuij_^eZ]Z_fke_^mxsbfh[jZahfaZihfgblvagZq_gb_pbnju\hi_jZlhj_wlZpbnjZ Q\f
ihdZau\Z_ldZdbfihkq_lm[m^_l\lhjh_keh\hihke_i_j\h]h
GZijbf_j_keb\aZijhk_gZibkZgh
�]h^h\hchlq_l@
lh\\u^Zq_[m^_lijbkmlkl\h\ZlvnjZaZ]h^h\hchlq_lIhlhfmqlhkeh\hhlq_l[m^_li_j\uf
ihke_keh\Z]h^h\hc?keb\aZijhk_gZibkZgh
�]h^h\hchlq_l@
lh\\u^Zq_fh`_lihy\blvky]h^h\hcnbgZgkh\uchlq_lihlhfmqlhkeh\hhlq_lfh`_l[ulv
\lhjufihke_keh\Z]h^h\hcZi_j\uffh`_l[ulvex[h_^jm]h_keh\h
jZkklhygbyf_`^mkeh\Zfb
GZkZfhf^_e_ihaZijhkm
�]h^h\hchlq_l@
^hdmf_glukh^_j`Zsb_\ujZ`_gb_]h^h\hchlq_llZd`_[m^ml\u^Zguihlhfmqlhf_gvr__
agZq_gb_jZkklhygby\hafh`ghZ[hevr__g_lFZehlh]h\\u^ZqmihiZ^_lg_lhevdhkhq_lZgb_
]h^h\hchlq_lghbhlq_l]h^h\hcJZkklhygb_f_`^mkeh\ZfbjZkijhkljZgy_lkygZh[Zkeh\Z
?keb`__klvg_h[oh^bfhklvh]jZgbqblv\u^ZqmnjZahc]h^h\hchlq_lbkdexqb\bag__
\ujZ`_gb_hlq_l]h^h\hclhhi_jZlhjfh`ghgZibkZlv\hllZd
�]h^h\hchlq_l@
�WlhijZdlbq_kdbwd\b\Ze_glghaZijhkm]h^h\hchlq_lahlq_l]h^h\hc@
Dhebq_kl\h^hdmf_glh\\\u^Zq_kh\iZ^Z_lb\i_j\uojy^Zo\fhf_glkhklZ\e_gbyaZijhkZ[ue
^hdmf_gl
=h^h\hchlq_lHdgb]_
Lhevdhk=h^h\ufhlq_lhfhl`mjgZeZ=eZ\[mo\uihemqbl_m^h[gucfbgbkijZ\hqgbd
ih]h^h\hfmhlq_lm
Fug_[m^_fqj_af_jghaZ]jm`ZlvqblZl_eyhibkZgb_fhi_jZlhjZjZkklhygbyf_`^mkeh\ZfblZd
dZdkdZaZggh]h\iheg_^hklZlhqgh^eyjZ[hluZbamq_gb_\k_ogxZgkh\nmgdpbhgbjh\Zgby
ihbkdh\h]h^\b`dZYg^_dkZg_\oh^bl\djm]hkgh\guogZrboaZ^Zq
Qlh[um\b^_lvjZagbpmf_`^mgZebqb_fbhlkmlkl\b_fagZdZiexk\hi_jZlhj_jZkklhygbyf_`^m
keh\Zfbijh\_^_fgZihke_^hdlZdhcwdki_jbf_glkgZqZeZk^_eZ_faZijhkdhlhjuciha\hey_l
ihy\blvky\\u^Zq_^hdmf_glZfkh^_j`Zsbfkh]eZkghhi_jZlhjmjZkklhygbydZdnjZa_]h^h\hc
hlq_llZdbhlq_l]h^h\hcijbwlhfbkdexqb\baj_amevlZlh\]h^h\hchlq_lZaZl_fkha^Z^bf
aZijhklj_[mxsbcaZkq_lgZibkZgbyhi_jZlhjZjZkklhygbyf_`^mkeh\Zfb\u^Zqblhevdh
]h^h\h]hhlq_lZbm[_^bfkyqlhijbihiuld_bkdexq_gbydhgdj_lghcnjZau]h^h\hchlq_l
j_amevlZlihemqblvg_m^Zklky
�AZijhk]h^h\hchlq_la]h^h\hchlq_l@
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
\u^Zq_
Wgpbdehi_^bbbkeh\Zjb
Wgpbdehi_^bbbkeh\Zjb
�HLQ?L=HHHC
�AZijhk]h^h\hchlq_la]h^h\hchlq_l@
J_amevlZlihbkdZkljZgbp
�Qbkehnhjfu l_jfbg\\_^_gguc_gbkhfNmjkh\uf\f
�eylh]hqlh[uijbaZijhk_dZdh]heb[hgm`gh]hghf_jZ gZijbf_jghf_jZijbdZaZbebl_e_nhgZ\f\
\u^Zq_\Zfg_ihiZ^Zebkvihklhjhggb_BGGfZjdbjh\dbjZ^bheZfibfbdjhko_fZlZd`_ijhqb_
ebrgb_j_amevlZluj_dhf_g^m_lkyi_j_^ghf_jhfdhlhjuc\ubs_l_ihklZ\blv\hkdebpZl_evguc
agZdbeb\aylv_]h\dZ\uqdb
KZfbghf_jZgZ^hgZibkZlv\h\k_o\hafh`guo\ZjbZglZojZa^_eb\bohi_jZlhjhfBEBb
h[t_^bgb\\djm]emxkdh[dm
� l_e_l_e_nhg\f _\f@
b
� l_e_l_e_nhg\f _\f@
^Z^mlh^bgZdh\u_j_amevlZlu\\u^Zq_fum\b^bfke_^mxs__
k_mkem]bq_j_al_e_nhgu^hklmiZMkem]b=eZ\gZykljZgbpZ__Bgnhk\yavGZijbf_jqlh[u
iha\hgblvbaFhkd\u\Fhkd\mgZghf_j^hklZlhqgh\\_klbl_e_nhgqlh[m^_l
ZgZeh]bqgh\\_^_gbxghf_jZZ[hg_glZ \wlhfkemqZ_gZ^bkie__\Zr_]h
fh[bevgh]hl_e_nhgZ[m^_lhlh[jZ`Zlvkyke_^mxsZyaZibkvgZijbf_j^eyl_e_nhgZ\
KZgdlI_l_j[mj]_
IhbkdgZhij_^_e_gghfkZcl_
Hi_jZlhjbf__l\b^XUO ZZZXUOUXFDW\rOhlbfh[jZlblv\gbfZgb_qblZl_eygZlhqlhgZkZcl_
Yg^_dkZwlhlhi_jZlhjbf__l\b^XUO ZZZXUOUXFDW\rkdhkhcq_jlhc\dhgp_GZrhiulihdZau\Z_l
qlhwlZdhkZyq_jlZmom^rZ_lj_amevlZlu\u^Zqbihwlhfmfuj_dhf_g^m_faZibku\Zlvhi_jZlhj[_a
g__dZd[uehihdZaZgh\gZqZe_wlh]hih^jZa^_eZ
QlhdZkZ_lkyagZdZa\_a^hqdZ\dhgp_Z^j_kZlhwlhkbf\hefZkdbdhlhjuchagZqZ_lqlhgZk
mkljZb\Z_lex[ZykljZgbpZkZclZZ^j_kdhlhjhcgZqbgZ_lkylZddZdgZibkZghke_\ZhlmdZaZggh]h
kbf\heZ
Qlh[u\hkihevah\Zlvkyhi_jZlhjhfiha\heyxsbfijh\h^blvihbkdgZhij_^_e_gghfkZcl_emqr_
kdhibjh\Zlvwlhlhi_jZlhjp_ebdhfbalZ[ebpugZkZcl_Yg^_dkZg_`_eb\\h^blv\jmqgmxZaZl_f
aZf_gblv\g_fZ^j_kgZgm`gucihevah\Zl_exLZdfh`ghk\_klbdfbgbfmfmjbkd
hjnh]jZnbq_kdhchrb[db
Hi_jZlhjuihbkdZgZhij_^_e_gghfkZcl_fh`ghk]jmiibjh\ZlvlZdqlh[uihbkdijh\h^bekygZ
�]jmii_kZclh\_gbkNmjkh\ijb\h^bllZdhcijbf_jihbkdZkeh\ZjZ[hlZgZkZclZoZZZNRE\b
ZZZVXSHUMREUXdhlhjucgZoh^bl\h[s_ckeh`ghklbihjy^dZkljZgbp
�AZijhkjZ[hlZ\t\t XUO ZZZNRE\\r_XUO ZZZVXSHUMREUX\r\f@
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
\u^Zq_
JZ[hlZ\ZdZgkbbih^[hji_jkhgZeZj_axf_ihbkdjZ[hlu6XSHU-REUX
JZ[hlZ[ukljucihbkdjZ[hlu
?s_jZ[hlZ
ZZZVXSHUMREUX D;\f
b
DZ^jh\h_Z]_glkl\hDhee_dpbyHldjulbcdZ^jujZ[hlZ\Fbgkd_jZ[hlZ\DZ^jh\h_
Z]_glkl\hDhee_dpbyHldjulbcjZ[hlZih^[hji_jkhgZeZdZ^jh\u_Z]_glkl\Zljm^hmkljhckl\h
i_jkhgZedZ^jh\ucdZ^ju]eZ\gZy_hgZk_ih^[hji_jkhgZeZ_ihbkdjZ[hlu_dhglZdlu_dZjlZ
ZZZNRE\ D;\f
Hi_jZlhjkkuedb OLQN\f
Wlhlhi_jZlhjihdZau\Z_ldZdb_\g_rgb_kZclukh^_j`ZlkkuedmgZkZclmdZaZgguc\aZijhk_Wlh
h^bgbakZfuo\Z`guo^eydhgdmj_glghcjZa\_^dbhi_jZlhjh\ihkdhevdmiha\hey_lgZclb^jma_c
bebkhxagbdh\dhgdmj_glZqZklh\_^_lgZebqgu_kljZgbqdb[u\rboeb[hgug_rgbokhljm^gbdh\
gZijbf_j\uy\blvZnnbebjh\Zggu_kljmdlmju
AZibku\Z_lkyhi_jZlhjke_^mxsbfh[jZahf
OLQN ZZZXUOUXFDW\r
DZdb\ij_^u^ms_fkemqZ_fuj_dhf_g^m_fm[bjZlvihke_^gxxdhkmxq_jlmihke_dhlhjhc
ke_^m_lkbf\hea\_a^hqdZ?kebgZ^hgZclbdexq_\h_keh\h\kkueZxsbokygZkZclkljZgbpZolh
hi_jZlhjOLQNkhq_lZ_lkykh[uqgufbdexq_\ufbkeh\Zfbhl^_eyykvhlgbo^\hcgufZfi_jkZg^hf
GZijbf_jaZ^Z^bfihbkdihgylbydj_Zlb\\kZclZokkueZxsbokygZZ^j_kba^Zl_evkl\Z
_jrbgZZZZYHUVKLQDERRNVUX
�AZijhkdj_Zlb\\t\tOLQN ZZZYHUVKLQDERRNVUX\r@
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
\u^Zq_
DhgkZelbg]blj_gbg]bFhkd\u_Gh\hklb_ureZdgb]Z;e_klysb_hl\_lugZljm^gu_
LJBAbl_ogheh]bbdj_Zlb\Z
KWWSZZZYHUVKLQDERRNVUX
PVNWUHNRUXVKRZBQHZVB D;\f
Ijbwlhffh`gh_s_jZaijhbeexkljbjh\Zlv\ebygb_agZdZiexkgZj_amevlZl\u^Zqb\Yg^_dk_
IjbaZijhk_
�dj_Zlb\\t\tOLQN ZZZYHUVKLQDERRNVUX\r@
J_amevlZlihbkdZkljZgbp
HklZevgu_kljZgbpuihdZaZggu_\ij_^u^ms_faZijhk_kkueZebkvgZkZclba^Zl_evkl\Z
_jrbgZghkeh\Zdj_Zlb\g_kh^_j`Zeb
Hi_jZlhjihbkdZ\aZ]heh\d_kljZgbpu
�eyl_odlhg_aZgbfZ_lkykZclZfbijhn_kkbhgZevghgZihfgbfqlhaZ]heh\hdkljZgbpuwlhlh
qlhgZibkZghgZkbg_f ^ey:LQGRZV;3\fihe_\kZfhf\_jomwdjZgZdZd[um`_aZij_^_eZfb
kljZgbpugZ__jZfd_:klhqdbaj_gbyjZaf_ldb+70/wlZqZklvkZclZaZdexq_gZ\gmljbl_]Z
7,7/(!
Yg^_dkkijZ\_^eb\hkqblZ_lqlh_kebdexq_\h_keh\hkh^_j`blky\kZfhfaZ]heh\d_kljZgbpu
agZqblhgZh^ghagZqghbf__lg_ihkj_^kl\_ggh_hlghr_gb_daZijhkm
KbglZdkbkhi_jZlhjZ\u]ey^bllZdbfh[jZahf gZijbf_j_ihbkdZkeh\ZjZa\_^dZgZkljZgbpZo
kh^_j`Zsbo\aZ]heh\d_keh\hkhq_lZgb_BIDM=LM\f
�AZijhkjZa\_^dZ\t\tWLWOH BIDM=LM\f@
J_amevlZlihbkdZkljZgbp
\u^Zq_
Bgklblmli_j_ih^]hlh\dbdZ^jh\M=LM BIDM=LM\f?dZl_jbg[mj]K\_j^eh\kdZy
ijhn[mo]Zel_jh\k_fbgZjublj_gbg]bihmijZ\e_gbxg_^\b`bfhklvxbaf_g_gbyfb[bag_k
jZa\_^d_l_ogheh]byfijh^Z`lj_gbg]bebqghklgh]hjhklZZZZXUDOILUPUXFDWDORJFDUG
D;\f
HklZevgu_hi_jZlhjuyaudZaZijhkh\Yg^_dkZij_^klZ\eyxlf_gvrbcijZdlbq_kdbcbgl_j_kohlyb
agZqbl_evghjZkrbjyxl\hafh`ghklbihbkdZHagZdhfblvkykgbfbfh`ghgZkljZgbp_ihfhsb\
�Yg^_dk_@ijhc^yihkkuedZfIhfhsv!KbglZdkbkaZijhkh\
=m]e JRRJOHUX\fklZgh\blky\k_[he__ihimeyjgufAZgbfklhbldhehkkZevgucnbgZgkh\ucj_kmjk
dhlhjuf]jZfhlghjZkihjy`ZxlkyLZdihbgnhjfZpbbbabgl_j\vxbg`_g_jZihijh]jZffghfm
h[_ki_q_gbx*RRJOHFwlZDZlkZm`_\]dZ`^u_^g_c*RRJOHbg^_dkbjh\Zefej^\_[
^hdmf_glh\\lhfqbke_[he__lj_ofeggh\uokljZgbpdZ`^uc^_gv
�Wlhlihbkdh\bd\q_flhijhb]ju\Z_lYg^_dkmZ\q_flh\ub]ju\Z_lmg_]hIhkdhevdmey
m^h[kl\ZqblZl_eyijbjZkkdZa_h[hi_jZlhjZo=m]eZ[m^_f\jy^_kemqZ_\ijh\h^blvbokjZ\g_gb_k
ZgZeh]bqgufbhi_jZlhjZfbYg^_dkZ
Hkgh\uihbkdZ
Qlh[u\\_klbaZijhkgZi_qZlZcl_dexq_\u_keh\ZbgZ`fbl_(17(5eb[hs_edgbl_dghidmIhbkd
\*RRJOH
=m]ebkihevam_lbgl_ee_dlmZevgmxl_ogbdmZgZebaZl_dklh\dhlhjZyiha\hey_lbkdZlv\Z`gu_b
�\f_kl_kl_fj_e_\Zglgu_kljZgbpuih\Zr_fmaZijhkmeywlh]hkbkl_fZZgZebabjm_lg_lhevdh
kZfmkljZgbpmdhlhjZykhhl\_lkl\m_laZijhkmghbl_dhlhju_gZg__kkueZxlkyqlh[uhij_^_eblv
p_gghklvwlhckljZgbpu^eyp_e_c\Zr_]hihbkdZDjhf_lh]h=m]eij_^ihqblZ_lkljZgbpugZ
dhlhjuodexq_\u_keh\Z\\_^_ggu_\ZfbjZkiheh`_gug_^Ze_dh^jm]hl^jm]Z
IhdZadexq_\uokeh\\j_amevlZlZo
DZ`^ucjZa\kibkd_gZc^_gguokljZgbp=m]eihdZau\Z_lhlju\hdbal_dklZgZkljZgbp_\u^_eyy\
g_fdexq_\u_keh\ZL_fkZfufh[e_]qZ_lkyboh[gZjm`_gb_ih\k_fml_dklm
lhjhckihkh[m\b^_lvdexq_\u_keh\ZaZ]jmablvkljZgbpmihkkued_KhojZg_gh\dwr_
G_^hklZlhd^Zggh]hkihkh[Z ohlydhgdmj_glghcjZa\_^dhcwlhg_j_^dhjZkkfZljb\Z_lkydZd
ij_bfms_kl\h\f\lhfqlh\u\b^bl_g_lmkljZgbpmdhlhjZy_klvk_]h^gyZlmdhlhjZykhojZg_gZ
\[Za_=m]eZBagZqZevghwlZhipby[ueZijb^mfZgZ^eylh]hqlh[ukhojZgblv\hafh`ghklv
ijhkfhljZkljZgbpu^Z`_\l_okemqZyodh]^Zk_j\_jgZdhlhjhfhgZjZkiheh`_gZg_^hklmi_g
Lj_lbckihkh[ljZ^bpbhgguc^eyijhkfhljZl_dklZ\[jZma_j_aZdexqZ_lky\bkihevah\Zgbb
khq_lZgbydeZ\br&75/)j_amevlZl_^he`ghihy\blvkyhdghgZclb\dhlhjh_g_h[oh^bfh
\\_klbbkdhfu_keh\ZJZkdeZ^dZdeZ\bZlmjumklZgh\e_ggZy\wlhlfhf_glgZdhfivxl_j_agZq_gby
g_bf__l
Eh]bq_kdh_B
hlebqb_hlYg^_dkZ\=m]e_\k_]hh^gheh]bq_kdh_BhghgZb[he__[ebadhdjZkkfhlj_gghfm
jZg__ihbkdh\hfmf_oZgbafm\t\t\khq_lZgbbkhi_jZlhjhfiexkihklZ\e_ggufi_j_^dZ`^uf
keh\hfaZijhkZ
Wlheh]bq_kdh_Biha\hey_l\u^Z\Zlv^hdmf_gludhlhju_ijbgm^bl_evghkh^_j`Zldexq_\u_
keh\Z\ex[hff_kl_l_dklZIhmfheqZgbxijbgZibkZgbbkeh\aZijhkZq_j_aijh[_e=m]ebs_l
^hdmf_glukh^_j`Zsb_\k_keh\ZaZijhkZ
�AZijhkebl_csbdijh\bahjklhfZlheh]fZjdr_c^_j@
J_amevlZlubaijbf_jgh^eyebl_csbdijh\bahjklhfZlheh]fZjdr_c^_j
\u^Zq_
H[s_jhkkbckdbcdeZkkbnbdZlhjaZgylbcHD HDA\f ml\
H[s_jhkkbckdbcdeZkkbnbdZlhjaZgylbcHD HDA\f ml\ihklZgh\e_gb_f=hkklZg^ZjlZ
JNhl^_dZ[jy]1\f5XVVLDQ&ODVVLILFDWLRQRI2FFXSDWLRQV
F_^k_kljZ klhfZlheh]bq_kdbcdZ[bg_l?LK\fL_e:^j_kmeijh\bahj Zil_dZ\h
gZebqb_k_jlbnbdZlZhiuljZ[hlu\ijhba\h^kl\_gghcZil_d_
Bgl_j_kghqlh=m]efh`_lihdZaZlvbl_bklhqgbdbdRlRSu_dexq_\uokeh\g_kh^_j`Zlh^gZdh
hgbijbkmlkl\mxl\kkuedZogZihdZaZggmxkljZgbpmlZdhfkemqZ_ijbijhkfhlj_bgnhjfZpbbk
ihfhsvxkkuedbKhojZg_gh\dwr_[m^_l\b^gZgZ^ibkvWlbkeh\Zijbkmlkl\mxllhevdh\
kkuedZogZwlmkljZgbpm
HibkZggucf_oZgbafjZ[hlu=m]eZohjhrh\b^_g_kebihkfhlj_lvdexq_\u_keh\ZgZkljZgbp_
kZclZhjZ[hl_\KZfZj_khojZg_gghc\dwr_
Wlbkeh\Z\u^_e_gu
ebl_csbdijh\bahjfZjdr_c^_j
:wlhkeh\Zijbkmlkl\_xllhevdh\kkuedZogZkljZgbpm
klhfZlheh]
Eh]bq_kdh_BEB
Hghibr_lkykihfhsvxhi_jZlhjZ25H[jZlbl_\gbfZgb_hi_jZlhjwlhl^he`_g[ulvgZibkZg
aZ]eZ\gufb[md\Zfbbhl^_e_gijh[_eZfbkh[_boklhjhghlkeh\jZkiheh`_gguoi_j_^gbfbihke_
g_]h
Z`ghagZlvqlh\hlebqb_hlYg^_dkZ=m]eg_ih^^_j`b\Z_llZdhchi_jZlhjdZdkdh[db
�AZijhkebl_csbd25ijh\bahj25klhfZlheh]25fZjdr_c^_j@
J_amevlZlubaijbf_jgh^eyebl_csbd25ijh\bahj25klhfZlheh]25fZjdr_c^_j
AZ]eZ\gu_[md\ubebkljhqgu_"
hlebqb_hlYg^_dkZ=m]eg_jZaebqZ_lj_]bklj[md\k_[md\u\hkijbgbfZxlkydZdkljhqgu_\g_
aZ\bkbfhklbhllh]hdZdbo\\h^beb\ihbkdh\mxkljhdmAZijhku
���Wcn_e_\Z;Zrgy@Wcn_e_\Z[Zrgy@bwcn_e_\Z[Zrgy@
^Z^mlh^bgZdh\u_j_amevlZlu
J_amevlZlihbkdZgZfhf_glgZibkZgbydgb]b
J_amevlZlubaijbf_jgh^eyWcn_e_\Z;Zrgy
J_amevlZlubaijbf_jgh^eywcn_e_\Z[Zrgy
Klhikeh\Z
h\kihfh]Zl_evguobgkljmdpbyo oweiZo\fgZibkZghqlh=m]eih^h[gh[hevrbgkl\mihbkdh\uo
kbkl_fb]ghjbjm_lklhikeh\ZDjhf_lh]howeiuml\_j`^Zxl[m^lhdZdbfgh]b_^jm]b_
ihbkdh\bdb=m]ebf__lf_oZgbafijbgm^bl_evgh]h\dexq_gbyklhikeh\\j_amevlZluihbkdZD
lZdbfwe_f_glZfhlghkblky[hevrbgkl\hZjlbde_cZg]ebckdh]hyaudZkhxah\bij_^eh]h\jmkkdh]h
yaudZ
j_ZevghklbkblmZpbyihoh`_kdeZ^u\Z_lkybgZq_
�L_kl\\h^bfihjmkkdb[md\m\@
J_amevlZl
J_amevlZlubaijbf_jgh^ey\
&#xh;&#x^b;;&#xih;&#xZ;&#xg];b; k; b;&#xZ;&#xjl; d;v;�\h^bfihZg]ebckdbZjlbdevWKH@
J_amevlZl
J_amevlZlubaijbf_jgh^eyWKH
L_fg_f_g__[u\ZxlkblmZpbbdh]^ZgZ^hijbgm^bl_evgh\dexqblv\l_dkldZdh_eb[hkeh\h
dhlhjh_fh`_lbf_lv\ZjbZglugZibkZgbyowei_=m]eZijb\h^blkyijbf_jkaZijhkhf6WDU:DUV
(SLVRGH,]^_jbfkdZy_^bgbpZij_^klZ\ey_lkh[hceZlbgkdmx[md\m, Zc\f?kebk^_eZlvaZijhk
ijhklhdZd
�6WDU:DUV(SLVRGH,@
lhj_amevlZl[m^_lke_^mxsbc
J_amevlZlubaijbf_jgh^ey6WDU:DUV(SLVRGH,
lhfqbke_\\u^Zq_ihy\ylkykeh\Z
(SLVRGH,,(SLVRGH,9bli
?kebk^_eZlvaZijhk
�6WDU:DUV(SLVRGH,@
lhj_amevlZl[m^_llZdhc
J_amevlZlubaijbf_jgh^ey6WDU:DUV(SLVRGH,
B\g_]h\hc^mllhevdhl_dklukh^_j`Zsb_keh\h(SLVRGH,
Fhjnheh]bykeh\
=m]eg_ih^^_j`b\Z_lfhjnheh]bxkeh\BobagZqZevghke_^m_l\\h^blv\gm`guonhjfZoIjZ\^Z
hlqZklbwlhdhfi_gkbjm_lkybgl_ee_dlmZevghckbkl_fhcihbkdZdhlhjZyfh`_lgZclbgm`gmx
keh\hnhjfm\kkuedZogZkljZgbpmQlh[uijh\_jblvml\_j`^_gb_h[hlkmlkl\bbih^^_j`db
fhjnheh]bb\havf_flZdh_yaudh\h_khq_lZgb_ihdhlhjhfmfh`ghm\b^_lv\k_[_abkdexq_gby
j_amevlZlu:khq_lZgb_ke_^mxs__=ehdeZydma^jZ
L_kl
AZijhk
�]ehdeZydma^jZ@
J_amevlZlubaijbf_jgh^ey]ehdeZydma^jZ
\u^Zq_ljbZ^j_kZ
ZZZIODPHZVW[WLQGH[SKSWKWPO
ZZZGRPQRPRGXOHVSKS"QDPH )RUXPV\tILOH YLHZWRSLF\tS \tKLJKOLJKW
ZZZJEDQHNGRWUXYPKWPO"ILOH YP\tGDWH 
AZijhk
�]ehdemxdma^jm@
J_amevlZluba^ey]ehdemxdma^jm
\u^Zq_h^bgZ^j_k
JEDQHNGRWUXYPKWPO"ILOH YP\tGDWH 
AZijhk
�]ehdehcdma^j_@
J_amevlZlG_gZc^_ghgbh^gh]h^hdmf_glZkhhl\_lkl\mxs_]haZijhkm]ehdehcdma^j_
IjZ\^Zwlhg_f_rZ_l=m]embgh]^Z\u^_eylvihaZijhkmiehsZ^vkeh\hiehsZ^bdZd
j_e_\Zglgh_H^gZdhih^h[gh_\klj_qZ_lkygZkljZgbp_\u^Zqbghg_\dwr_
Ijhklh^eykjZ\g_gbyijb\_^_fj_amevlZlYg^_dkZIh\k_flj_faZijhkZfh]ehdehcdma^j_
kbkl_fZ^ZeZgZfhf_glgZibkZgbydgb]bh^bgZdh\ucj_amevlZl
Memqr_gb_aZijhkZ\h\j_fyihbkdZ
Ihkdhevdm=m]e\u^Z_l\k_keh\Zdhlhju_\u\\h^bl_\aZijhk_bf__lkfukekhklZ\eylvgh\u_
aZijhkukh^_j`Zsb_l_keh\Zdhlhju_\uaZ[ueb\\_klb\gZqZe_ihbkdZghh[gZjm`beb\oh^__]h
\uiheg_gby\gZc^_gguol_dklZojy^_kemqZ_\wlhihfh]Z_lmemqrblvj_amevlZlIh^q_jdg_f
�hkh[hwlh^he`gu[ulvbf_gghhl^_evgu_aZijhkuh[Z\e_gb_`_gh\uokeh\dm`_bf_xs_fmky
kibkdmihjhcijb\h^bldbaebrg_fmkm`_gbx^bZiZahgZj_amevlZlh\\_^v=m]e[m^_liulZlvky
\u^Zlv^hdmf_gl\dhlhjhfkh^_j`Zlky\k_bkdhfu_keh\Z
Bkdexq_gb_keh\baaZijhkZEh]bq_kdh_G?
DZdba\_klghqZklhijbkhklZ\e_gbbaZijhkZ\klj_qZ_lkybgnhjfZpbhggucfmkhjQlh[u_]h
m^ZeblvklZg^Zjlghbkihevam_lkyhi_jZlhjbkdexq_gbyeh]bq_kdh_G?=m]e_lZdhchi_jZlhj
ij_^klZ\e_gagZdhffbgmkA^_kvhgb^_glbq_gihbkdh\hfmf_oZgbafmYg^_dkZ^\hcgZylbev^Z
aa\fbkdexqZxs_fmkeh\hba\k_]h^hdmf_glZBkihevamy_]hfh`ghbkdexqZlvbaj_amevlZlh\
ihbkdZl_kljZgbpudhlhju_kh^_j`Zl\l_dkl_hij_^_e_ggu_keh\Z
L_kl
AZijhk
�@mjZ\evdheh^_p@
J_amevlZlubaijbf_jgh^ey@mjZ\evdheh^_p
AZijhk
�@mjZ\evdheh^_pilbpZ@
J_amevlZlubaijbf_jgh^ey@mjZ\evdheh^_pilbpZ
AZijhk
�@mjZ\evdheh^_pilbpZ@
J_amevlZlubaijbf_jgh^ey@mjZ\evdheh^_pilbpZ
AZijhk
�@mjZ\evdheh^_pilbpZilbp@
J_amevlZlubaijbf_jgh^ey@mjZ\evdheh^_pilbpZilbp
AZijhk
�@mjZ\evdheh^_pilbpZilbp`mjZ\eb@
J_amevlZlubaijbf_jgh^ey@mjZ\evdheh^_pilbpZilbp`mjZ\eb
IhbkdlhqghcnjZau
GZclblhqgmxnjZamdZdfum`_]h\hjbeblj_[m_lkyeb[h^eyihbkdZl_dklZhij_^_e_ggh]h
ijhba\_^_gbyeb[h^eyihbkdZhij_^_e_gguoijh^mdlh\bebdhfiZgbc\dhlhjuogZa\Zgb_beb
qZklvhibkZgbyij_^klZ\ey_lkh[hcklZ[bevghih\lhjyxs__kykeh\hkhq_lZgb_hlebqb_hl
Yg^_dkZdhlhjucfh`_lf_gylvnhjfukeh\\oh^ysbo\l_dklaZdexq_gguc\dZ\uqdb=m]elZdhc
kihkh[ghklvxg_h[eZ^Z_lFuhlf_qZebqlhwlZkbkl_fZkeh\hnhjfu\hh[s_g_ih^^_j`b\Z_l
Qlh[ukijZ\blvkykihbkdhflhqghcnjZauijbihfhsb=m]eZlj_[m_lkyaZdexqblvaZijhk\
dZ\uqdb bf_xlky\\b^m^\hcgu_dZ\uqdbdhlhju_ijbf_gyxlkygZijbf_j^ey\u^_e_gbyijyfhc
j_qb\f
AZ[Z\gufghihdZaZl_evgufijbf_jhffh`_l[ulvaZ^Zgb_bamq_[gbdZjmkkdh]hyaudZ^eydeZkkZ
ih^j_^GFRZgkdh]h]^_gZkljij_^eZ]Z_lkyjZa^_eblvl_dklgZZ[aZpu:\lhjF
��AZhghf\e_kmijb`beZkvlboZyeZkdh\Zyhk_gvKr_e_klhfiZ^Zebklhihe_ckmob_ebklvy
Dmklurbih\gbdZklhyeb[m^lhh[tylu_ieZf_g_fbdjZkgu_y]h^u\j_^dhcebkl\_boiueZebdZd
h]g_ggu_yauqdb@
\_^_fwlhll_dkl\dZ\uqdZo\=m]ebihemqbfke_^mxsbcj_amevlZl
�J_amevlZlubaijbf_jgh^eyAZhghf\e_kmijb`beZkvlboZyeZkdh\Zyhk_gvK
r_e_klhfiZ^Zebklhihe_ckmob_ebklvyDmklurbih\gbdZklhyeb[m^lhh[tylu_ieZf_g_fb
djZkgu_y]h^u\j_^dhcebkl\_boiueZebdZdh]g_ggu_yauqdb
DZd\uykgbehkvwlhlnjZ]f_glhlghkblkydijhba\_^_gbxLbobc^hg dgb]Zq_l\_jlZy\fDmjv_a`_
khklhbl\lhfqlhmFRhehoh\Zwlhll_dklhdZaZeky\hh[s_g_jZa[blufgZZ[aZpu
=m]e\hkijbgbfZ_l\dZq_kl\_agZdh\k\yau\Zxsbokeh\Z\_^bgmxnjZamg_lhevdhdZ\uqdbghb
lZdb_kbf\heudZd^_nbkkewr dhkZyq_jlZ\flhqdZagZdjZ\_gkl\ZZihkljhn
J_amevlZlubaijbf_jgh^eyfZlvbfZq_oZ
J_amevlZlubaijbf_jgh^eyfZlvbfZq_oZ
J_amevlZlubaijbf_jgh^eyfZlv b fZq_oZ
J_amevlZlubaijbf_jgh^eyfZlvbfZq_oZ
J_amevlZlubaijbf_jgh^eyfZlv\nb\nfZq_oZ
h\k_o\ur_ijb\_^_gguokemqZyoi_j\uf\\u^Zq_klhbll_dklnjZ]f_gldhlhjh]hijb\_^_ggb`_
FZlvbfZq_oZ 7XVVLODJRIDUIDUD\fh^ghbakZfuojZghp\_lmsbojZkl_gbcaZp\_lZ_l\DZd
e_dZjkl\_ggh_jZkl_gb_fZlvbfZq_oZijbf_gy_lkyij_`^_\k_]h
Ijbwlhf\k_ljbkeh\Z
fZlvbfZq_oZ
jZkkfZljb\ZxlkydZdhl^_evgu_ghklhysb_jy^hfb\wlhc`_kZfhcihke_^h\Zl_evghklb
Bgl_j_kghqlhihaZijhkm
�fZlvbfZq_oZ@
hdZaZehkvgZ^hdmf_glh\[hevr_q_fihhklZevgufgh_keb\aylvwlhkeh\h\dZ\uqdblh
j_amevlZlmjZ\gb\Z_lky
J_amevlZlubaijbf_jgh^eyfZlvbfZq_oZ
Qlh[uijhykgblvwlhldZamk\\_^_fke_^mxsbcaZijhk
�fZlvbfZq_oZfZlvbfZq_oZ@
blh]_ihemqbf
J_amevlZlubaijbf_jgh^eyfZlvbfZq_oZfZlvbfZq_oZ
\u^Zq_ihy\ylkyl_dklulZdh]hkh^_j`Zgby
KZgdlI_l_j[mj]kdZyN_^_jZpbyGZklhevgh]hNml[heZFZlvbfZq_oZDhjhe_\I_ljLjmrdh\
DbjbeeWdkijhfl=jbg_\bqZkbebcFZlvbfZq_oZb]jhdbihemqZxlihj_clbg]h\uo
hqdh\Wdkijhflb]jhdbZZZNLFNHUFOXEVSEUXWRXUQDPHQWVKWPON
Dhebq_kl\hkeh\\kljhd_ihbkdZ
hfgh]bobklhqgbdZo\klj_qZ_lkybgnhjfZpbykh]eZkghdhlhjhcihbkdh\ZykljhdZ=m]eZ\f_sZ_l
keh\bebqlh=m]eijh\h^blihbkdebrvihkeh\ZfIjh\_^_ggucgZfbwdki_jbf_glwlb
^Zggu_g_ih^l\_j^beLZd\\_^_faZijhkbakeh\
�djmiZfmdZycpZfZkehkhevi_j_pemdfZdZjhgufhehdhoe_[kf_lZgZkZoZjihfb^hjujm[e_gh_
J_amevlZl
J_amevlZlubaijbf_jgh^eydjmiZfmdZycpZfZkehkhevi_j_pemdfZdZjhgufhehdhoe_[
kf_lZgZkZoZjihfb^hjujm[e_gh_fykhnZjr]h\y^bgZfZchg_akZeZlh]mjpu]Zf[mj]_ju[mehqdb
kuj
J_klhjZg5X_DmebgZjby_DmebgZjgu_j_p_ilu_lhju_[ex^Z_K
kZeZlihfb^hjuh]mjpu]Zf[mj]_ju[mehqdbkujfZchg_a\f fZdZjhguemdi_j_pihfb^hju
fmdZfZkehjm[e_gh_fykhfykghc[mevhgkuj\f
ZZZUHVWRUDQUXLQGH[SKWPO"W \tSLG 
DWR_ih^q_jdgmlu\k_keh\Zb\l_dkl_hgblZd`_ijbkmlkl\mxl?kebbaf_gblvaZijhk
bkihevamyeh]bq_kdh_BEB\f_klheh]bq_kdh]hBlhj_amevlZlijh]ghabjm_fhf_gy_lkygh\k_
keh\Z\\u^Zq_ihij_`g_fm\u^_e_gu=m]ehf
�djmiZ25fmdZ25ycpZ25fZkeh25khev25i_j_p25emd25fZdZjhgu25fhehdh25oe_[25
kf_lZgZ25kZoZj25ihfb^hju25jm[e_gh_25fykh25nZjr25]h\y^bgZ25fZchg_a25kZeZl
25h]mjpu25]Zf[mj]_ju25[mehqdb25kuj@
J_amevlZl
J_amevlZlubaijbf_jgh^eydjmiZ25fmdZ25ycpZ25fZkeh25khev25i_j_p
25emd25fZdZjhgu25fhehdh25oe_[25kf_lZgZ25kZoZj25ihfb^hju25jm[e_gh_25fykh
25nZjr25]h\y^bgZ25fZchg_a25kZeZl25h]mjpu25]Zf[mj]_ju25[mehqdb25kuj
Kl_ffbg] ZlZd`_ZLOGFDUG\f
Kl_ffbg]\hafh`ghklvmk_q_gbykeh\Z^h_]hdhjgyIhke_mk_q_gbykeh\Z^h_]hdhjgy
�ijhba\h^blkyihbkdj_e_\Zglguo\ZjbZglh\keh\ijhba\h^guohlwlh]hdhjgyjm]bfbkeh\Zfb
kl_ffbg]iha\hey_lbkdZlv\k_h^ghdhj_ggu_keh\Z
L_ogbdZihbkdZihfZkd_ ZLOGFDUG\fij_^kl\Z\ey_lkh[hcgZibkZgb_[Zah\h]hkeh\Z bebqZklbkeh\Z\f
ihke_dhlhjuob^_lkbf\hefZkdba\_a^hqdZ \r\faZf_gyxsZykh[hcex[h_\hafh`gh_
ijh^he`_gb_keh\ZLZdbfh[jZahf_kebihbkdh\ZyfZrbgZih^^_j`b\Z_lihbkdihfZkd_lh
bsmlky\k_keh\Zdhlhju_h^bgZdh\hgZqbgZxlkyWlZl_ogbdZhkh[_gghm^h[gZdh]^Z\Zf
g_ba\_klghlhqgh_gZibkZgb_dhgdj_lgh]hkeh\Zeb[hdh]^Z\uohlbl_\dexqblv\k_\hafh`gu_
\ZjbZglukeh\Z\k\hcihbkdGZijbf_jdh]^ZihaZijhkm
�lZjl\r@
ihemqZxldZdlZjlZe_ldmlZdblZjlZj
LZd\hl=m]ewlbl_ogheh]bbg_ih^^_j`b\Z_l dZd\ijhq_fbYg^_dk\fAZlhhgih^^_j`b\Z_l
\ZjbZgldh]^Z\f_klhp_eh]hkeh\Z\\h^blkya\_a^hqdZ
GZijbf_jihaZijhkm
�djZkgZy\riehsZ^v@
[m^_l\u^Zgh
DjZkgZybFZg_`gZyiehsZ^b
kih^q_jdb\Zgb_f\k_owlbokeh\\lhfqbke_[md\ubdZdhclhkl_i_gbwlhihoh`_gZihbkdk
jZkklhygb_ff_`^mkeh\Zfbijbf_gy_fuc\Yg^_dk_IhaZijhkm
�djZkgZy\riehsZ^vdjZkgZyiehsZ^v@
[m^mlihemq_guj_amevlZlu
]^_keh\hK_f_gh\kdZyg_kqblZ_lkyj_e_\Zglgufbg_ih^q_jdb\Z_lky=m]ehf
�hihegbl_evgu_hi_jZlhju
Hi_jZlhjFDFKH
Ihbkdh\ZyfZrbgZojZgbl\_jkbxl_dklZdhlhjZyijhbg^_dkbjh\ZgZihbkdh\ufiZmdhf\
ki_pbZevghfojZgbebs_\nhjfZl_gZau\Z_fhfdwr_fDwrbjh\Zggmx\_jkbxkljZgbpufh`gh
ba\e_qv_kebhjb]bgZevgZykljZgbpZg_^hklmigZ gZijbf_jg_jZ[hlZ_lk_j\_jgZdhlhjhfhgZ
ojZgblky\fDwrbjh\ZggZykljZgbpZihdZau\Z_lky\lhf\b^_\dhlhjhfhgZojZgblky\[Za_^Zgguo
ihbkdh\hcfZrbgubijbihdZa_ihevah\Zl_exkhijh\h`^Z_lkygZ^ibkvxgZ\_jomkljZgbpuhlhf
qlhwlhkljZgbpZbadwrZLZf`_kh^_j`blkybgnhjfZpbyh\j_f_gbkha^Zgbydwrbjh\Zgghc
\_jkbbGZkljZgbp_badwrZdexq_\u_keh\ZaZijhkZih^k\_q_guijbq_fdZ`^h_keh\h^ey
m^h[kl\Zihevah\Zl_eyih^k\_q_ghk\hbfp\_lhfGZijbf_j
WlhkhojZg_ggZy\dwr_*RRJOHdhibykljZgbpuKWWSZZZNLFNHUFOXEVSEUXWRXUQDPHQWV
KWPOaZibkZggZyyg\*07
Fh`ghkha^ZlvaZijhkdhlhjuckjZam[m^_l\u^Z\Zlvdwrbjh\Zggmx\_jkbxkljZgbpuk
hij_^_e_ggufZ^j_khfLZdaZijhk
�FDFKHZZZEVWPUX@
[m^_lkjZam\u^Z\Zlv\_jkbxkljZgbpuZZZEVWPUXbadwrZZg_ijh\_jylv__gug_rg__khklhygb_
gbfZgb_ijh[_eZf_`^mhi_jZlhjhfFDVKHb85/hfaZijZrb\Z_fhckljZgbpu[ulvg_^he`gh
?keb\uohlbl_qlh[udexq_\u_keh\ZgZdwrbjh\Zgghc\_jkbbkljZgbpu[uebih^q_jdgmlubo
gZ^hq_j_aijh[_emdZaZlvihke_hi_jZlhjZFDVKHbZ^j_kZkljZgbpu
GZijbf_j
�FDFKHZZZEVWPUX[b[ebhl_dZ@
Hi_jZlhjLQIR
Hi_jZlhjLQIRiha\hey_lm\b^_lvbgnhjfZpbxdhlhjZyba\_klgZ=m]emh[wlhckljZgbp_
GZijbf_jaZijhk
�LQIRZZZEVWPUX@
^Z_lke_^mxsbcj_amevlZl
%670;bag_krdheZl_ogheh]bcf_g_^`f_glZ_?dZl_jbg[mj]Gh\hklbSKSVPSKSVLWHPDQDJHU
Ij_ab^_glkdZyijh]jZffZHijh]jZff_KljZl_]bq_kdbcf_g_^`f_glF_g_^`f_gldZq_kl\Z
FZjd_lbg]gZij_^ijbylbbZZZEVWPUX*RRJOHfh`_lihdZaZlvke_^mxsmxbgnhjfZpbxh[wlhf
Z^j_k_
IhdZaZlvkhojZg_ggmx\*RRJOH\_jkbxZZZEVWPUX
GZclbkljZgbpuihoh`b_gZZZZEVWPUX
GZclbkljZgbpukkueZxsb_kygZZZZEVWPUX
GZclbkljZgbpugZkZcl_ZZZEVWPUX
GZclbkljZgbpumihfbgZxsb_kkuedmZZZEVWPUX
gbfZgb_ijh[_eZf_`^mhi_jZlhjhfLQIRb85/hfaZijZrb\Z_fhckljZgbpu[ulvg_^he`gh
Hi_jZlhjVLWH
Wlhlhi_jZlhjh]jZgbqb\Z_lihbkddhgdj_lguf^hf_ghfLh_klv_kebk^_eZlvaZijhk
�fZjd_lbg]jZa\_^dZVLWHZZZDFIRUWFUX@
^hf_g_DFIRUWFUXZg_\^jm]boqZklyoBgl_jg_lZ?kebk^_eZlvaZijhk
�VFLSVLWHUX@
lh[m^mlihemq_gu^hdmf_glukh^_j`Zsb_keh\hVFLSbjZkiheh`_ggu_\^hf_gghcahg_UX
gbfZgb_ijh[_eZf_`^mhi_jZlhjhfVLWHb85/hfaZijZrb\Z_fhckljZgbpu[ulvg_^he`gh
Hi_jZlhjOLQN
Wlhlhi_jZlhjiha\hey_lm\b^_lv\k_kljZgbpudhlhju_kkueZxlkygZkljZgbpmihdhlhjhck^_eZg
aZijhkGZijbf_jihaZijhkm
�OLQNZZZOLYHMRXUQDOFRPFRPPXQLW\NXERNKWPO@
[m^mlihemq_guba\_klgu_=m]emkkuedbgZklZlvxhihbkd_q_j_aYg^_dkgZibkZggmxOLYHXVHU
gbfZgb_ijh[_eZf_`^mhi_jZlhjhfOLQNb85/hfaZijZrb\Z_fhckljZgbpu[ulvg_^he`gh
Hi_jZlhjDOOLQWLWOH
?kebaZijhkgZqZlvkhi_jZlhjZDOOLQWLWOHqlhi_j_\h^blkydZd\k_\aZ]heh\d_lh=m]e\u^Zkl
l_dklu\dhlhjuo\k_keh\ZaZijhkZkh^_j`Zlky\aZ]heh\dZo \gmljbl_]Z7LWOH\+70/\f
GZijbf_jaZijhk
�DOOLQWLWOH\bdbi_^byyg^_dk@
^Zklj_amevlZlu]^_keh\Z\bdbi_^bybyg^_dkkh^_j`Zlky\gmljbl_]Z7LWOHgZijhkfhlj_gguo
ihbkdh\hcfZrbghckljZgbpZoGZfhf_glgZibkZgbyklZlvbj_amevlZl[uelZdbf
J_amevlZlubaijbf_jgh^eyDOOLQWLWOH\bdbi_^byyg^_dk
Hi_jZlhjLQWLWOH
IhdZau\Z_lkljZgbpu\aZ]heh\d_dhlhjuokh^_j`blkykeh\hjZkiheh`_ggh_g_ihkj_^kl\_ggh
ihke_hij_lhjZLQWLWOH\k_hklZevgu_keh\ZaZijhkZfh]mlgZoh^blvky\ex[hff_kl_l_dklZ?keb
ihklZ\blvhi_jZlhjLQWLWOHi_j_^dZ`^ufkeh\hfaZijhkZwlh[m^_lwd\b\Ze_glghbkihevah\Zgbx
hi_jZlhjZDOOLQWLWOH
�LQWLWOH\bdbi_^byyg^_dk@
GZfhf_glgZibkZgbyklZlvbj_amevlZl[uelZdbf
J_amevlZlubaijbf_jgh^eyLQWLWOH\bdbi_^byyg^_dk
gbfZgb_ijh[_eZf_`^mhi_jZlhjhfLQWLWOHbihke_^mxsbfkeh\hf[ulvg_^he`gh
Hi_jZlhjDOOLQXUO
?kebaZijhkgZqbgZ_lkykhi_jZlhjZDOOLQXUOlhihbkdh]jZgbqb\Z_lkyl_fb^hdmf_glZfb\dhlhjuo
\k_keh\ZaZijhkZkh^_j`Zlkybkdexqbl_evgh\Z^j_k_kljZgbpulh_klv\85/
LZdgZfhf_glgZibkZgbyklZlvb^eyaZijhkZ
�DOOLQXUOQDURGUD]YHGND@
j_amevlZl[uelZdbf
J_amevlZlubaijbf_jgh^eyDOOLQXUOQDURGUD]YHGND
gbfZgb_hi_jZlhjDOOLQXUOjZ[hlZ_lebrvkhkeh\ZfbZgbdZdg_khkem`_[gufbnjZ]f_glZfb
85/LZdb_ki_pbZevgu_kbf\heudZdkewrbeblhqdZg_hdZ`mliheh`bl_evgh]h\ebygbygZ
j_amevlZlGZijhlb\\ebygb_[m^_lhljbpZl_evgufihkdhevdmhgbfh]ml[ulv\hkijbgylu=m]ehf
dZdihiuldZ\\_klb\aZijhklhqgmxnjZam
GZijbf_jaZijhk
�DOOLQXUOQDURGUD]YHGND@
�DOOLQXUOQDURGUD]YHGND@
j_amevlZlZg_^Ze\hh[s_
Hi_jZlhjLQXUO
Keh\hgZibkZggh_keblghkhi_jZlhjhfLQXUO[m^_lgZc^_ghebrv\Z^j_k_kljZgbpuBgl_jg_lZZ
hklZevgu_keh\Z\ex[hff_kl_lZdhckljZgbpu
GZijbf_j^eylh]hqlh[ugZclbkeh\hjZa\_^dZgZkZclZokh^_j`Zsbo\Z^j_k_khq_lZgb_[md\
WFfh`ghk^_eZlvlZdhcaZijhk
�LQXUOWFUD]YHGND@
J_amevlZlgZfhf_glgZibkZgbyklZlvb
J_amevlZluba^eyLQXUOWFUD]YHGND
;ueij_^klZ\e_gke_^mxsbfl_dklhf
2WU\DG\
5D]YHGNDRND]DODV\nQHVNRO\nNRXWRPLWHO\nQRL REUDWQRVKOL9ODYLURYNX\f3RHWRPXNSLUVXP\SRGRVKOL
VRYHUVKHQQRL]PXFKHQQ\HQRQHVWRO\nNRVDPRLUD]YHGNRLZZZODWUXVIUXWFWFRWUKWP
?kebhi_jZlhjLQXUOihklZ\blvi_j_^dZ`^ufkeh\hfaZijhkZwlh[m^_lwd\b\Ze_glgh
bkihevah\Zgbxhi_jZlhjZDOOLQXUO
gbfZgb_ijh[_eZf_`^mhi_jZlhjhfLQXUObihke_^mxsbfkeh\hf[ulvg_^he`ghgbfZgb_
hi_jZlhjLQXUOjZ[hlZ_llhevdhkhkeh\Zfbbg_jZ[hlZ_lkhkem`_[gufbnjZ]f_glZfb85/LZdb_
ki_pbZevgu_kbf\heudZdkewrbeblhqdZg_hdZ`mliheh`bl_evgh]h\ebygbygZj_amevlZl
ebygb_[m^_lhljbpZl_evguflZddZdhgbfh]ml[ulv\hkijbgylu=m]ehfdZdihiuldZ\\_klb\
aZijhklhqgmxnjZam
GZijbf_jaZijhk
�LQXUOWFUD]YHGND@
jZ\ghdZdb
�LQXUOWFUD]YHGND@
j_amevlZlZg_^Ze\hh[s_J_amevlZlfh][u[ulv_keb[u\Z^j_k_dZdhclhkljZgbpukh^_j`ZeZkv
lhqgZynjZaZWFUD]YHGNDbebWFUD]YHGND
wlhffh`ghm[_^blvky\\_^yaZijhk
�LQXUONXERN@
J_amevlZlubaijbf_jgh^eyLQXUONXERN
Bwlhlj_amevlZlgZqbgZ_lkykl_dklZ
Dm[hdYg^_dkZDZdbkdZlvwnn_dlb\gh
hijhkubhl\_lu
Ij_^eh`_gb_hj]ZgbaZlhjZfkhj_\gh\Zgbc
Nhjmf
Dm[hd\/LYH-RXUQDONXERNNXERN\DQGH[UX
IhaZijhkm
�LQXUONXERN@
J_amevlZlubaijbf_jgh^eyLQXUONXERN
Bwlhlj_amevlZlgZqbgZ_lkykl_dklZ
agZxs_]hqlhlZdh_klhikeh\Zbhi_jZg^uq_faahlebqZ_lkyhl\t\tbaZq_fboZZZ
OLYHMRXUQDOFRPFRPPXQLW\NXERNKWPO
Hi_jZlhjUHODWHG
Wlhlhi_jZlhjhibku\Z_lkljZgbpudhlhju_ihoh`bgZdZdmxlhdhgdj_lgmxkljZgbpmLZd
aZijhk
�UHODWHGLWEUX@
^Z_lj_amevlZl
J_amevlZlubaijb[ebabl_evghih^h[guoLWEUX
Fug_kqblZ_fqlh\k_kljZgbpu^_ckl\bl_evghih^h[gukljZgbp_kZclZLWEUXklhqdbaj_gby
q_eh\_dZZg_jh[hlZOhlyg_dhlhju_bagbo^_ckl\bl_evghihk\ys_gukoh`_cl_fZlbd_
GZkZfhf^_e_i_j\uf\\u^Zq_klhblkZclLWEUXdhlhjucki_pbZebabjm_lkygZ\hijhkZo
bkihevah\Zgbyl_ogheh]bcjZa\_^db^ey[bag_kZ:\hl\lhjufkZcldhfiZgbb6:7UDQV
ij_^eZ]Zxs_cmkem]bihi_j_\had_]jmah\
Fh`_fij_^iheh`blvqlhhkgh\Zgb_f^eykjZ\g_gby^\mokZclh\ihkem`behmihfbgZgb_gZj_kmjk_
]jmah\hcdhfiZgbbmkem]ihhojZg_fZjrjmlh\bokhijh\h`^_gbxfZrbgZfbkhki_pkb]gZeZfbh
ij_^mkfhlj_gguo\lZdbokemqZyoijhimkdZobhj_r_gbb\k_o\hafh`guo^hihegbl_evguo
ijh[e_f\hagbdZxsboijbljZgkihjlbjh\d_GZjy^mkljZgkihjlghcdhfiZgb_c=m]e\dexqbe\
ih^h[gu_kljZgbpublZdb_bklhqgbdbdZd`mjgZe6DOHV%XVLQHVV Ijh^Z`b\f\dhlhjhf
\klj_qZ_lkyg_fZehim[ebdZpbchij_^ijbgbfZl_evkdbojbkdZobhdhgdmj_glghcjZa\_^d_ZlZd`_
dhfiZgbxBgnhjfaZsblZjZ[hlZxsmx\h[eZklbh[_ki_q_gbybgnhjfZpbhgghc[_ahiZkghklb
gbfZgb_ijh[_eZf_`^mhi_jZlhjhfUHODWHGbihke_^mxsbfkeh\hf[ulvg_^he`gh
Hi_jZlhjGHILQH
Wlhlhi_jZlhj\uihegy_ljhevk\h_]hjh^Zlhedh\h]hkeh\Zjyiha\heyxs_]h[ukljhihemqblv
hij_^_e_gb_lh]hkeh\Zdhlhjh_\\_^_ghihke_hi_jZlhjZ
GZijbf_j
�GHILQHjZa\_^dZ@
J_amevlZl
Hij_^_e_gbyjZa\_^dZ\bgl_jg_l_
kh\hdmighklvf_j^eyk[hjZ^Zgguoh^_ckl\bl_evghfbeb\hafh`ghfijhlb\gbd_
ZZZH[DPHQUXGE([DPLQHFDWGRFBLG())%%$')%&$$''URRWLG)%$
')&$&('GHIDFWRKWPO
Bgl_j_kgZyhkh[_gghklvhi_jZlhjZGHILQHkhklhbl\_]hkihkh[ghklbbkdZlvlhedh\Zgbydhgdj_lguo
\ujZ`_gbcdZq_kl\_njZauhgihgbfZ_l\k_keh\ZgZibkZggu_ihke_hi_jZlhjZ\lhfqbke_b[_a
dZ\uq_dijhklhq_j_aijh[_eGZijbf_j
�GHILQH[hevrhc\aju\@
J_amevlZl
Hij_^_e_gby[hevrhc\aju\\bgl_jg_l_
;hevrhcaju\\aju\ghcijhp_kk\dhlhjhfih^Zggufkh\j_f_gghcgZmdbgZrZk_e_ggZy
jh^beZkvbalZdgZau\Z_fhcdhkfheh]bq_kdhckbg]meyjghklb
UXZLNLSHGLDRUJZLNL;hevrhcBaju\
jZa[_j_lkyGZijbf_jihaZijhkm
�GHILQHeh`dZ@
j_amevlZl[m^_lke_^mxsbf
Hij_^_e_gbyeh`dZ\bgl_jg_l_
\r[e_kgZhkgh\ZggZygZih^jZ`ZgbbjZg_ghcju[d_
ILVKHUPDQFRPXDILOHVILVKVD\SKS
:ihaZijhkm
�GHILQHhk_e@
j_amevlZllZdhc
Ihoh`b_njZau[mjb^Zgh\hk_e
Hij_^_e_gbyhk_e\bgl_jg_l_
\rkljh]bckh[jZgguc\dmqmfZl_jbZe
DVWURULQUXKWPOVQRVWUDGDPXVDVWURKWPO
GBF:GB?gZebqb_bebhlkmlkl\b_ijh[_eZf_`^mhi_jZlhjhfGHILQHbihke_^mxsbfkeh\hfgZ
j_amevlZl_g_kdZau\Z_lky
Ihbkdkbghgbfh\
owei_=m]eZkdZaZghqlh_keb\uohlbl_gZclbl_dklukh^_j`Zsb_g_lhevdh\Zrbdexq_\u_
keh\Zghbbokbghgbfulhfh`gh\hkihevah\Zlvkyhi_jZlhjhfa
GZfg_m^ZehkvgZclbih^l\_j`^_gbywlhfmaZy\e_gbx
LZdfukjZ\gbeb^\ZaZijhkZbg_gZrebjZagbpu
�ahi_j_`ZxsbcajZa\_^dZ@
J_amevlZlubaijbf_jgh^eyahi_j_`ZxsbcajZa\_^dZ
�hi_j_`ZxsbcjZa\_^dZ@
J_amevlZlubaijbf_jgh^eyhi_j_`ZxsbcjZa\_^dZ
Ihbkdqbkeh\uoagZq_gbc
�eyl_odhfmijboh^blkyjZ[hlZlvkpbnjZfb=m]e^Ze\hafh`ghklvbkdZlv^bZiZahguf_`^m
�qbkeZfbeylh]hqlh[ugZclb\k_kljZgbpukh^_j`Zsb_qbkeZ\g_dhf^bZiZahg_hl^hgZ^h
f_`^mwlbfbdjZcgbfbagZq_gbyfbihklZ\blv^\_lhqdb
GZijbf_jihaZijhkm
�qbke_gghklvgZk_e_gby@
[m^ml\u^ZgukljZgbpu
GZjh^gZywgpbdehi_^by]hjh^h\bj_]bhgh\Jhkkbb=hjh^ZKZgdlIh^qbg_ggu_ihk_edb
]hjh^kdh]hlbiZqbke_gghklvgZk_e_gbygZkdhj_ihke_gZqZeZI_j\hcfbjh\hc\hcgu
Zdlhfhl \fZ\]mklZ]UIGDWDDOUXDXWRFLW\+70
k\u^_e_ggufqbkehfZlZd`_
Ba\_klbyMjZevkdh]h]hkm^Zjkl\_ggh]hmgb\_jkbl_lZ 
AZ]h^Zk\h_]hkms_kl\h\Zgbykih]]qbke_gghklvgZk_e_gby]hjh^Zm\_ebqbeZkv\
jZa^hklb]gm\lukq_eKe_^m_lhlf_lblvqlh]hjh^SURFHHGLQJVXVXUX B
\f\t[VOQ VKRZ$UWLFOH[VOW\tLG D\tGRF FRQWHQWMVS
k\u^_e_ggufqbkehfIh^h[gucijbf_jijb\_^_g\owei_=m]eZgZijbf_j_p_gu'9'
DghidZFg_ih\_a_l \Zg]ebckdhf\ZjbZgl_,\nP)HHOLQJ/XFN\\f
DghidZFg_ih\_a_ljZkiheh`_gZgZ]eZ\ghckljZgbp_=m]eZGZgZr\a]ey^wlhaZf_qZl_evgZy
b^_yIhwlhcdghid_kbkl_fZ\u^Z_lgZb[he__j_e_\Zglguck__lhqdbaj_gbyj_amevlZlH[uqgh
wlhihfh]Z_lijb[ukljhfihbkd_dZdhclhnZdlbq_kdhcbgnhjfZpbbdh]^Zg_lj_[m_lkyih^jh[gh]h
bamq_gby\hijhkZIhke_gZ`ZlbydghidbFg_ih\_a_l\uihiZ^Z_l_g_ihkj_^kl\_gghgZkZcl
dhlhjuc=m]eij_^eZ]Z_l\dZq_kl\_bkdhfh]hGZijbf_jaZijhkihmdZaZgghcdghid_
�Zdlb\gu_nhjfu@
hldju\Z_lg_ihkj_^kl\_gghkZclh^ghbf_gghcdhgkZelbg]h\hcdhfiZgbb
KWWSZZZDFIRUUX
Ihbkd\JZf[e_j_
Hi_jZlhjuJZf[e_jZ\^ZgghfjZa^_e_jZkkfZljb\Zxlky\kjZ\g_gbbkhi_jZlhjZfbYg^_dkZb=m]eZ
Bkhhl\_lkl\_gghl_bagbodhlhju_bf_xlZgZeh]b\^\mo^jm]boihbkdh\uokbkl_fZoa^_kv[m^ml
�hibkZgug_kebrdhfih^jh[gh_lZevgmxoZjZdl_jbklbdmfukhqebg_h[oh^bfuf^Zlvhlebqbyf
JZf[e_jZhlYg^_dkZb=m]eZ
JZf[e_jgZgZr\a]ey^lj_lvyihagZqbfhklbihbkdh\ZyfZrbgZ^eyjZ[hlukjmkkdhyauqgufb
l_dklZfbIjbq_fwlhlj_lv_f_klhgZoh^blkygZhq_gvagZqbl_evghfjZkklhygbbhli_j\uo^\mo
Fug_qZklhh[jZsZ_fkydJZf[e_jmihkdhevdm\aZ\bkbfhklbhlaZ^Zqbh[uqghgZqbgZ_fihbkdk
Yg^_dkZihke_q_]hi_j_oh^bf\=m]ebebgZh[hjhlgZqbgZ_fk=m]eZZaZl_fmlhqgy_fj_amevlZl
\Yg^_dk_[hevrbgkl\_kemqZ_\wlh]h[u\Z_l^hklZlhqghijbjZ[hl_kdZdbflhnZdlbq_kdbf
fZl_jbZehf]eZ\gufdjbl_jb_fdhlhjhc\uklmiZ_lg_iheghlZhl\_lZZ_]hijZ\bevghklv
f_kl_kl_fbki_pbZebkludhgdmj_glghcjZa\_^dbbij_^klZ\bl_eb^jm]boki_pbZevghkl_c
dhlhjufqZklhijboh^blkyaZgbfZlvkyijhn_kkbhgZevgufihbkdhf\Bgl_jg_l_koh^ylky\h
fg_gbbqlhebrvbkihevah\Zgb_g_kdhevdboihbkdh\uofZrbgfh`_l^Zlvj_amevlZl
ij_l_g^mxsbcgZiheghlmhl\_lZgZ\hijhkH^gZihbkdh\Zykbkl_fZg_kihkh[gZkijZ\blvkyk
ih^h[ghcaZ^Zq_cK\yaZghlZdh_iheh`_gb_\_s_ckl_fqlh\hi_j\uoihbkdh\u_jh[hlu
nbabq_kdbg_mki_\Zxlm]gZlvkyaZklj_fbl_evghjZklmsbfBgl_jg_lhfZ\h\lhjuokl_fqlhm
jZaguoihbkdh\uofZrbgjZagu_Ze]hjblfuh[jZ[hldbkh[jZgghcbgnhjfZpbbZagZqblbjZagu_
j_amevlZluwlhch[jZ[hldb
DZdke_^kl\b_g_lbg_fh`_l[ulvihegh]hkh\iZ^_gbyj_amevlZlh\ihbkdZhkh[_gghdh]^Zj_qv
b^_lhj_^dhfaZijhk_
GZijbf_jihbkd\h\k_olj_okbkl_fZolhqghcnjZau njZ]f_glZi_kgb\f^uf^uf\l\hbo]eZaZo
^ZegZfhf_glgZibkZgbyklZlvblZdb_j_amevlZlu
AZijhk
�^uf^uf\l\hbo]eZaZo@
J_amevlZl
Yg^_dkJ_amevlZlihbkdZkljZgbp
=m]eG_gZc^_ghgbh^gh]h^hdmf_glZkhhl\_lkl\mxs_]haZijhkm^uf^uf\l\hbo]eZaZo
JZf[e_jubkdZeb^uf^uf\l\hbo]eZaZogZc^_ghkZclh\^hdmf_glh\
J_amevlZlwlh]hihbkdZfh`ghm\b^_lva^_kv
KWWSFLUD]YHGNDQDURGUX5DPEOHUB&DVKB([DPSOHVB)ROGHU'\PB'\PBYB*OD]DNKKWPO
m^ZklkygZclbg_\hafh`ghwlhfkfuke_ihdZaZl_e_gijbf_jkihbkdhfnjZaunjZ]f_glZj_^dhc
i_kgbZwjhihjlZwjhihjlghqgh_aZj_\hh]g_c
AZijhk
�ZwjhihjlZwjhihjlghqgh_aZj_\hh]g_c@
J_amevlZl
Yg^_dkJ_amevlZlihbkdZkljZgbpkZclh\g_f_g__
KWWSFLUD]YHGNDQDURGUX5DPEOHUB&DVKB([DPSOHVB)ROGHU$HURSRUWBDQGH[KWPO=m]eJ_amevlZlu
baijbf_jgh^eyZwjhihjlZwjhihjlghqgh_aZj_\hh]g_c
KWWSFLUD]YHGNDQDURGUX5DPEOHUB&DVKB([DPSOHVB)ROGHU$HURSRUWB*RRJOHKWPO
JZf[e_jG_gZc^_ghgbh^gh]h^hdmf_glZiheghklvxkhhl\_lkl\mxs_]haZijhkmZwjhihjl
Zwjhihjlghqgh_aZj_\hh]g_cKWWSFL
UD]YHGNDQDURGUX5DPEOHUB&DVKB([DPSOHVB)ROGHU$HURSRUWB5DPEOHUKWPO
BlZdi_j_c^_fdjZkkfhlj_gbxjZ[hlukJZf[e_jhfHkgh\mwlhcjZ[hlukhklZ\ey_ljZa^_e
IhfhsvjZkiheh`_ggucihZ^j_kmKWWSZZZUDPEOHUUXGRFKHOSVKWPObnhjfZjZkrbj_ggh]h
ihbkdZgZoh^ysZykyihZ^j_kmKWWSZZZUDPEOHUUXFJLELQDGYDQFHGFJL"VHW ZZZ
DZdb_j_kmjkuJZf[e_jbg^_dkbjm_l
Ihml\_j`^_gbxkha^Zl_e_ckbkl_fuJZf[e_jbg^_dkbjm_lkZclujZaf_s_ggu_\ke_^mxsbo
^hf_gZoi_j\h]hmjh\gy
JhkkbckdZyN_^_jZpbyUXVX
MdjZbgZXD
;_ehjmkkbyE\
DZaZoklZgN]
Dbj]babyNJ
Ma[_dbklZgX]
=jmabyJH
KZclugZoh^ysb_ky\^jm]bo^hf_gZoihbkdh\bdb]ghjbjm_l
�eyl_odlhohq_lqlh[ubokZcljZkiheh`_gguc\^jm]hc^hf_gghcahg_[ueijhbg^_dkbjh\Zg
JZf[e_jhfwlZihbkdh\ZyfZrbgZhklZ\ey_lg_[hevrmxgZ^_`^mgZmki_o
?kebZrkZclgZoh^blky\g_gZa\Zgguo^hf_gh\ gZijbf_j\ahgZoFRPRUJQHW\fghkms_kl\_ggZy
qZklvkZclZkh^_j`bljmkkdhyauqgu_fZl_jbZeubebihZr_fmfg_gbxhgfh`_lij_^klZ\eylv
bgl_j_k^eyjmkkdhyauqghcZm^blhjbbJZf[e_jZufh`_l_hlhkeZlvibkvfhgZZ^j_k
VHDUFKVXSSRUW#UDPEOHUFRUXkijhkv[hc\dexqblvZrkZcl\qbkehkdZgbjm_fuoeb[haZihegblv
nhjfmh[jZlghck\yabGZrbkhljm^gbdbjZkkfhljylwlmijhkv[mbijbfmlj_r_gb_h
p_e_khh[jZaghklblZdh]h\dexq_gby
Djhf_lh]hJZf[e_jml\_j`^Z_lqlhmf__lba\e_dZlv]bi_jkkuedbbah[t_dlh\0DFURPHGLD)ODVK
�ghg_bg^_dkbjm_lg_ihkj_^kl\_gghkZfbl_dkluIODVKh[t_dlh\eylZdbol_ogbq_kdbijh^\bgmluo
kZclh\ki_pbZebkluihbkdh\hckbkl_fukh\_lmxlkha^Z\Zlv+70/dhibx
Ih^^_j`dZfhjnheh]bbkeh\
IhmfheqZgbxJZf[e_jih^^_j`b\Z_lfhjnheh]bxkeh\Hldexq_gb_ih^^_j`dbfhjnheh]bb
ij_^mkfhlj_ghghlj_[m_lbkihevah\Zgbyki_pbZevgh]hhi_jZlhjZkeh\h^he`gh[ulv\aylh\
GZrwdki_jbf_glih^l\_j^beqlhkbkl_fZfhjnheh]bxkeh\^_ckl\bl_evghih^^_j`b\Z_l
Kdh[db
JZf[e_jiha\hey_lbkihevah\Zlvkdh[db^ey]jmiibjh\dbkeh\bijbf_g_gbydh\k_fkeh\Zf
jZkiheh`_gguf\kdh[dZoh^gh]hhi_jZlhjZdhlhjucibr_lkyi_j_^kdh[dhcwlhfhibku\Z_fZy
\^ZgghfjZa^_e_kbkl_fZgbq_fg_hlebqZ_lkyhlYg^_dkZihwlhfmih^jh[g__ijbf_g_gb_kdh[hd
fujZkkfZljb\Zlvg_klZg_f
LjZgkebl_jZpby
Ex^b^h\hevghqZklh^_eZxlhrb[dbijb\\h^_l_dklZb\f_klhjmkkdbo[md\i_qZlZxlbo
Zg]ebckdbo[ebag_ph\GZijbf_j[md\mkJZf[e_j]h\hjblqlhklZjZ_lkybkijZ\eylvlZdb_
h]j_obh^gZdhg_]ZjZglbjm_lj_amevlZlZ
Wdki_jbf_glihdZaZeqlhkbkl_fZ^_ckl\bl_evghkijZ\ey_lkykhi_qZldZfbljZgkebl_jZpbb_keb
dhebq_kl\hlZdbohrb[hd\keh\_g_\_ebdhM[_^bl_kvkZfb
AZijhk \k_[md\ujmkkdb_\f
�]eHDe:ydMa^J:@
J_amevlZlubkdZeb]eHDe:ydMa^J:gZc^_ghkZclh\^hdmf_glh\
AZijhk aZ]eZ\gu_[md\ueZlbgkdb_\f
�]e2.e$yda^3$@
J_amevlZlG_gZc^_ghgbh^gh]h^hdmf_glZiheghklvxkhhl\_lkl\mxs_]haZijhkm]e2.e$y
da^3$
AZijhk aZ]eZ\gu_[md\ueZlbgkdb_\f
]e2deZydma^3Z
J_amevlZlubkdZeb]e2deZydma^3ZgZc^_ghkZclh\^hdmf_glh\
Qlh[ug_aZ]jm`ZlvqblZl_eyebrgbfbijbf_jZfbkdZ`_febrvqlhijblj_ohi_qZldZo
ijZ\bevgucihbkd_s_ijh\h^bekyghihke_ihy\e_gbyq_l\_jlhcg_ijZ\bevghgZibkZgghc[md\u
j_amevlZlihbkdZklZegme_\ufJZf[e_j\dhff_glZjbyodj_amevlZlmihbkdZ\wlhfkemqZ_ijhklh
ihj_dhf_g^h\Zeihevah\Zl_eyf[ulv\gbfZl_evg__ijb\\h^_l_dklZ
J_]bklj[md\
DZdijZ\behJZf[e_jg_mqblu\Z_lj_]bklj[md\ijbq_fhgjZkijhkljZgy_lwlhijZ\behg_lhevdh
gZkeh\ZaZijhkZghbgZhi_jZlhju
�_ckl\bl_evghaZijhku]ehdeZydma^jZb=ehDEZYDMa^JZ^Zebh^bgZdh\u_j_amevlZlu
AZijhk
�]ehdeZydma^jZ@
J_amevlZlubkdZeb]ehdeZydma^jZgZc^_ghkZclh\^hdmf_glh\
AZijhk
�=ehDEZYDMa^JZ@
J_amevlZlubkdZeb=ehDEZYDMa^JZgZc^_ghkZclh\^hdmf_glh\
H^gZdhJZf[e_jkhh[sZ_lqlhhg^_eZ_lbkdexq_gb_bawlh]hijZ\beZ_keb\aZijhk_dZdfbgbfmf
^\Zkeh\Zb^msboih^jy^gZibkZgukaZ]eZ\ghc[md\ukbkl_fZdZdml\_j`^Zxl__kha^Zl_eb
klZjZ_lkybkdZlvwlbkeh\ZlZd`_kaZ]eZ\ghc[md\uLh_klvJZf[e_jiulZ_lkyihfhqvl_fdlhbs_l
bf_gZkh[kl\_ggu_beb]_h]jZnbq_kdb_gZa\Zgby
AZijhku
��keZ\ZaZcqbdh\@bKeZ\ZAZcqbdh\@
\u^Zeb\JZf[e_j_h^bgZdh\h_dhebq_kl\hkljZgbp\\u^Zq_
ubkdZebkeZ\ZaZcqbdh\gZc^_ghkZclh\^hdmf_glh\
ubkdZebKeZ\ZAZcqbdh\gZc^_ghkZclh\^hdmf_glh\
Wlhihoh`_gZj_amevlZlu=m]eZdhlhjucg_jZaebqZ_laZ]eZ\gu_bijhibkgu_[md\u
J_amevlZlubaijbf_jgh^eykeZ\ZaZcqbdh\
J_amevlZlubaijbf_jgh^eyKeZ\ZAZcqbdh\
Lh]^ZdZd\Yg^_dk_dhlhjucjZaebqZ_laZ]eZ\gu_bijhibkgu_[md\uj_amevlZl[uebguf
�AZijhkkeZ\ZaZcqbdh\@
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
�AZijhkKeZ\ZAZcqbdh\@
J_amevlZlihbkdZkljZgbpkZclh\g_f_g__
Kh\_jr_gghb^_glbqgu_ij_^u^msbfj_amevlZlu[uebihemq_gubgZaZijhkZobalj_okeh\
��h^gZ[Z[ZkdZaZeZ@bH^gZ;Z[ZKdZaZeZ@
J_amevlZlubkdZebh^gZ[Z[ZkdZaZeZgZc^_ghkZclh\^hdmf_glh\
J_amevlZlubkdZebH^gZ;Z[ZKdZaZeZgZc^_ghkZclh\^hdmf_glh\
Klhikeh\Zbhi_jZlhjdZ\uqdb
Ih^h[ghYg^_dkmJZf[e_jijbh[jZ[hld_aZijhkZfh`_lijhb]ghjbjh\Zlvklhikeh\Z:\lhju
kbkl_fuml\_j`^Zxlqlh^eyijbgm^bl_evgh]h\dexq_gbymdZaZgguowe_f_glh\ bebdZdboeb[h
^jm]boih^h[guobf\f\\u^Zqmgm`gh_keh\hke_^m_laZdexqblv\dZ\uqdb
Wdki_jbf_gljZkklZ\beZdp_glubgZq_Klhikeh\Zg_aZ\bkbfhhllh]haZdZ\uq_guhgbbebg_l
h^bgZdh\hihiZ^Zxl\\u^Zqm
:\hlhklZevgufkeh\Zf g_\oh^ysbf\kibkhdklhikeh\\fdhlhju_g_h[oh^bfh\h[yaZl_evghf
ihjy^d_\dexqblv\\u^ZqmdZ\uqdb^_ckl\bl_evghh[_ki_qb\Zxlh[yaZl_evgh_\dexq_gb_\
j_amevlZlWlhwd\b\Ze_glghhi_jZlhjmiexk\Yg^_dk_b=m]e_
ubkdZebkibg]\bghfgZc^_ghkZclh\^hdmf_glh\
ubkdZebkibg]\bghfgZc^_ghkZclh\^hdmf_glh\
ubkdZebWKHDSSOHSOHDVHgZc^_ghkZclh\^hdmf_glh\
ubkdZebWKHDSSOHSOHDVHgZc^_ghkZclh\^hdmf_glh\
Ijbf_jjZ[hludZ\uq_d\bguokemqZyoZg_lhevdhkhklhikeh\Zfbijb\_^_g\ke_^mxs_f
jZa^_e_Eh]bq_kdh_B
Djhf_lh]hdZdfum`_]h\hjbebdZ\uqdbfh]ml\uklmiZlvZgZeh]bqghhi_jZlhjm
\hkdebpZl_evgucagZd\Yg^_dk_Keh\hmdZaZggh_\aZijhk_\dZ\uqdZo[m^_lijbkmlkl\h\Zlv\
j_amevlZlZoihbkdZebrv\lhcnhjf_\dhlhjhc\u_]haZ^Z^bl_
Eh]bq_kdh_B
DZdb\Yg^_dk_k=m]ehfjheveh]bq_kdh]hB\JZf[e_j_\uihegy_lijh[_eijbgpbi_fh`gh
\\_klb\f_klhijh[_eZkeh\h$1'ghgZijZdlbd_ih\iheg_ihgylgufijbqbgZflZdh[uqghg_
^_eZ_lky
Ih^h[ghYg^_dkmJZf[e_j^hklZlhqgh\hevghh[jZsZ_lkykhkeh\Zfbdhlhju_kh_^bg_guijh[_ehf
gZh^gh^\Zkeh\Zf_gvr_
wlhffh`ghm[_^blvkykjZ\gb\^\ZaZijhkZ
�dhrdbkh[Zdb\_j[ex^ua_[jughkhjh]b@
ubkdZebdhrdbkh[Zdb\_j[ex^ua_[jughkhjh]bgZc^_ghkZclh\^hdmf_glh\
KWWSFLUD]YHGNDQDURGUX5DPEOHUB&DVKB([DPSOHVB)ROGHU5DPEOHUBEH]B1RVRURJRYKWPO
b
�dhrdbkh[Zdb\_j[ex^ua_[jughkhjh]b@
ubkdZebdhrdbkh[Zdb\_j[ex^ugZc^_ghkZclh\^hdmf_glh\
KWWSFLUD]YHGNDQDURGUX5DPEOHUB&DVKB([DPSOHVB)ROGHU5DPEOHUBVB1RVRURJDPLKWPO
h\lhjhfkemqZ_\k_[_abkdexq_gbywe_f_gluaZijhkZijbgm^bl_evgh\dexq_gu\\u^ZqmaZkq_l
dZ\uq_dihwlhfm^hdmf_glh\\\u^Zq_agZqbl_evghf_gvr_
Eh]bq_kdh_BEB
GZibkZgb_wlh]hhi_jZlhjZijbkihkh[e_ghdZd^eyex[bl_e_cYg^_dkZlZdb^eyl_odlh
ij_^ihqblZ_ljZ[hlZlvk=m]ehf
DZdb\Yg^_dk_\JZf[e_j_eh]bq_kdh_BEBfh`_l[ulvij_^klZ\e_gh\_jlbdZevghcq_jlhc_
�eyl_odlhijb\uddeh]bq_kdhfmBEB=m]eZ^ZggZykbkl_fZij_^hklZ\ey_l\hafh`ghklv
ihevah\ZlvkylZd`_hi_jZlhjhf25
Ijbhjbl_lZg_lgbmh^gh]hbawlbo^\momdZaZgguo\ZjbZglh\
GZjbf_j
ubkdZeb
^mh^_gh]Zkljwdlhfby25pbdehi_glZgi_j]b^jhn_gZglj_g
gZc^_ghkZclh\^hdmf_glh\
ubkdZeb
^mh^_gh]Zkljwdlhfby_pbdehi_glZgi_j]b^jhn_gZglj_g
gZc^_ghkZclh\^hdmf_glh\
Eh]bq_kdh_G?
Eh]bq_kdh_G?\JZf[e_j_ihoh`_gZlZdh\h_\=m]e_bjZkijhkljZgy_lkygZ\_kv^hdmf_gl
KmablvaZijhkih^h[ghYg^_dkm^hij_^eh`_gbywlZkbkl_fZg_iha\hey_lAZibku\Z_lky
eh]bq_kdh_G?dZd127
�AZijhk`mjZ\ev@
ubkdZeb`mjZ\evgZc^_ghkZclh\^hdmf_glh\
�AZijhk`mjZ\ev127dheh^_p@
ubkdZeb`mjZ\ev127dheh^_pgZc^_ghkZclh\^hdmf_glh\
�AZijhk`mjZ\ev127 dheh^_p_ilbpZ\f@
ubkdZeb`mjZ\ev127 dheh^_p_ilbpZ\fgZc^_ghkZclh\^hdmf_glh\
�AZijhk`mjZ\ev127 dheh^_p_ilbpZ_`mjZ\ev\f@
ubkdZeb`mjZ\ev127 dheh^_p_ilbpZ_`mjZ\ev\fgZc^_ghkZclh\^hdmf_glh\
�AZijhk`mjZ\ev127 dheh^_p_ilbpZ_`mjZ\ev_`mjZ\e_c\f@
ubkdZeb`mjZ\ev127 dheh^_p_ilbpZ_`mjZ\ev_`mjZ\e_c\fgZc^_ghkZclh\
^hdmf_glh\
JZf[e_jG?ih^^_j`b\Z_lgbkl_ffbg]gb\be^dZj^
IhbkdkaZ^ZggufjZkklhygb_f
JZf[e_jg_hq_gvdZq_kl\_gghih^^_j`b\Z_lihbkdkjZkklhygb_fg_kfhljygZlhqlh_]hIhfhsv
ml\_j`^Z_lh[jZlgh_
JZf[e_j]h\hjblhlhfqlhdh]^Zhgbs_lkeh\Z\^hdmf_gl_lhhgj_Zevghbs_lbogZjZkklhygbb
g_[he__keh\^jm]hl^jm]ZWlhdhg_qghg_ihbkdkjZkklhygb_fZkdhj__h]jZgbq_gb_
jZkklhygbyghihdjZcg_cf_j_wlhijyfhaZy\e_ggh_h]jZgbq_gb_
H^gZdhijbwlhfJZf[e_jml\_j`^Z_lqlhmf_gvrblvjZkklhygb_\keh\fh`ghAZijhkijb
dhlhjhfkeh\Z^he`gugZoh^blvkyjy^hf\Ihfhsb\u]ey^bllZd
�djZkgZyZjfby@
Bgl_j_kghqlhijbijh\_jd_wlh]hml\_j`^_gbyfuh[gZjm`bebqlhihbkdh\bdihoh`_
j_dhj^kf_gihqbkemkZclh\dhlhju_fh`ghj_Zevghhldjulv\j_amevlZlZoaZijhkZLZd\kemqZ_k
aZijhkhfijhdjZkgmxZjfbxJZf[e_jihdZaZe[he__^\mokiheh\bghclukyqkZclh\b[ue]hlh\
^_fhgkljbjh\Zlvbob^Zevr__keb[ufug_ij_djZlbebk\hcwdki_jbf_gl
J_amevlZlfh`ghm\b^_lvihZ^j_km
KWWSFLUD]YHGNDQDURGUX5DPEOHUB&DVKB([DPSOHVB)ROGHU7KUHHB7KRXVDQGVB6LWHVKWPO
?s_gZfihdZaZekyg_h[uqguf bg_m^h[guf\fkihkh[i_j_oh^Zdke_^mxs_c]jmii_kZclh\\
j_amevlZlZo\u^ZqbLZd_keb\Yg^_dk_fh`ghmclbgZijbf_jgZxkljZgbpm\u^Zqbihke_
q_]h\gbamkljZgbpukj_amevlZlZfbihke_^g_c^hklmighc^eyijhkfhljZ\]jmii_kljZgbpklZg_l
ylh\JZf[e_j_^eylh]hqlh[uwlZykljZgbpZklZeZ\b^gZlj_[m_lkykgZqZeZ\u[jZlv
i_j_oh^dke_^mxs_c]jmii_kZclh\\\_jomkljZgbpuih^kljhdhckaZijhkhfblhevdhihke_wlh]h
fh`gh\u[jZlvihke_^gxxkljZgbpmke_^mxs_c]jmiiukZclh\bi_j_clbgZg__Ih^h[gZy
hj]ZgbaZpbyi_j_oh^Z\^\Zijb_fZkh\_jr_gghg_ihgylgZH^gZdh\_jg_fkydg_ihkj_^kl\_gguf
j_amevlZlZfaZijhkZ
�djZkgZyZjfby@
dhlhjuckh]eZkghoweimJZf[e_jZ^he`_gjZkkfZljb\ZlvpbnjmdZdkem`_[gmxbgnhjfZpbxh
jZkklhygbbf_`^mkeh\Zfbb\u^Z\Zlvj_amevlZlu]^_keh\ZdjZkgZybZjfbygZoh^ylkyjy^hf
GZr_\gbfZgb_ijb\e_dehlhqlhpbnjZdhlhjZy\ihbkd_^he`gZ[ueZb]jZlvjhevwe_f_glZ
hi_jZlhjZaZijhkh\\\u^Zq_h[hagZqZeZkvdZdkeh\hj_e_\Zglgh_bkdhfhfm
Qlh[ug_ijhebklu\Zlvj_amevlZluihdjZkghcZjfbb^hlukyqgh]hkZclZfuihijh[h\Zeb
bkiulZlvihbkdkjZkklhygb_fdZdhghibkZg\jZa^_e_IhfhsvgZ^jm]hfaZijhk_bg_iheqbeb
�iheh`bl_evgh]hj_amevlZlZeylh]hqlh[uijh\_klblZdmxjZ[hlmfu\ayebaZhkgh\mnjZamba
i_kgbFZckdbfbdhjhldbfbghqZfbhl]j_f_\aZdhgqbebkv[hb
�AZijhkfZckdbfbghqZfbhl]j_f_\@
ubkdZebfZckdbfbghqZfbhl]j_f_\gZc^_ghkZclh\^hdmf_glh\
\u^ZqmihiZeb^hdmf_glug_kh^_j`Zsb_keh\ZaZijhkZg_ihkj_^kl\_gghjy^hf^jm]k^jm]hf
[he__lh]hpbnjZhiylvhdZaZeZkvjZkkfhlj_gZ\dZq_kl\_qZklb\\_^_ggh]h\ihbkdh\mxkljhdm
\ujZ`_gby
Nhlh]jZnbbj_dhf_g^h\Zggu_Z\lhjhf5RPDQ0H]HQLQ=Ze_j_yDem[)RWRUX
Ihjlj_lDhffJ_dFZckdbfbdhjhldbfbghqZfbhl]j_f_\aZdhgqbebkv[hb
GZclbihoh`b_Jm[jbdZNhlh
Fhjkdhcbgl_jg_ldem[
FZckdbfbdhjhldbfbghqZfbHl]j_f_\aZdhgqbebkv[hb=^_`_\ul_i_jv^jmavyh^ghiheqZg_
;h_\u_kimlgbdbfhb"KljZgbpu
.EKWWSUDQGHZ\UXSHVVWROKWPOhkklZgh\blvl_dklGZclbihoh`b_
HklZevgu_hi_jZlhjuJZf[e_jZ\ug_k_gu\NhjfmjZkrbj_ggh]hihbkdZjZkiheh`_ggmxih
Z^j_kmKWWSZZZUDPEOHUUXFJLELQDGYDQFHGFJL"VHW ZZZ
Ihbkd\aZ]heh\dZokljZgbp WLWOH!\f
Wlhlhi_jZlhjkms_kl\mxsbc\Yg^_dk_b=m]e_dZdkZfhklhyl_evguc\JZf[e_j_lh`__klvgh\
Ihfhsbkbkl_fuhgg_mdZaZgbgZclb_]hgZfm^Zehkvebrv\Nhjf_jZkrbj_ggh]hihbkdZ
KkuedZgZnhjfmjZkrbj_ggh]hihbkdZgZoh^blkyg_ihkj_^kl\_gghkijZ\Zhlihbkdh\hckljhdb
JZf[e_jZ
IhbkdkkueZxsbokykljZgbp OLQN\f
Wlhlhi_jZlhjlZd`_\klj_lbekygZflhevdh\Nhjf_jZkrbj_ggh]hihbkdZ
hafh`ghklvbkihevah\Zgby_]hgZijZdlbd_ijh\_j_gZJZ[hlZ_l
Yaud^hdmf_glZ
Ijbgm^bl_evgh_gZagZq_gb_dhgdj_lgh]hyaudZ^hdmf_glZ\hafh`gh\Nhjf_jZkrbj_ggh]h
ihbkdZIjbwlhfJZf[e_jij_^eZ]Z_lgZ\u[hjh^bgbalj_oyaudh\jmkkdbcmdjZbgkdbcbeb
Zg]ebckdbc
IhmfheqZgbx\ihe_\u[hjZyaudZhlf_q_g\ZjbZglex[hc
NhjfZl^hdmf_glZ
u[hjnhjfZlh\dZdbyaudh\ihkh\j_f_gguff_jdZfg_\i_qZley_lIj_^eZ]Zxlky+70/:RUG
GRF\fb$GREH$FUREDW SGI\f
�ZlZ^hdmf_glZ
JZf[e_jih^h[ghYg^_dkmij_^eZ]Z_lbgl_j_kgmx\hafh`ghklv\u[hjZ^Zlu\Nhjf_
jZkrbj_ggh]hihbkdZgh_kebYg^_dkihfbfhdhgdj_lgh]h^bZiZahgZk^ZlZfbiha\hey_l\u[jZlv
kdZ`_fihke_^gb_g_^_ebbebihke_^gbc]h^lh\JZf[e_j_fh`ghijh\_klb\u[hjdmebrv\
dhgdj_lghf\j_f_gghf^bZiZahg_
IhbkdgZhij_^_e_gghfkZcl_
Ij_^klZ\e_gkljhdhc\Nhjf_jZkrbj_ggh]hihbkdZkgZa\Zgb_fBkdZlv^hdmf_glulhevdhgZ
ke_^mxsbokZclZo
LZdbfh[jZahfgZgZr\a]ey^JZf[e_jij_^klZ\ey_lhij_^_e_ggucbgl_j_k^eyihbkdZkljZgbp
dh]^Zlj_[m_lkyiheghlZ\u[hjdbghqZs_wlZihbkdh\Zykbkl_fZ\uihegy_ljhevaZiZkgh]h
b]jhdZgZlhlkemqZc_kebaZijhku\\_^_ggu_\Yg^_dkb=m]eg_^Z^ml`_eZ_fuoj_amevlZlh\
KZfJZf[e_jihoh`_kwlbfkfbjbekybg_klj_fblkydZdbfeb[hh[jZahff_gylvkblmZpbxhq_f
dhk\_gghk\b^_l_evkl\m_l^h\hevgh[_^gucgZ[hj\hafh`ghkl_cgZkljhcdbaZijhkZ
H^gZdhihjhckbkl_fZfh`_l[ulv\_kvfZihe_agZqlh\gh\vb\gh\vih^l\_j`^Z_lkyijZdlbdhc
bamZevgucihbkdh\bd4XLQWXUD6HDUFK
GZjy^mkjZkkfhlj_ggufb\ur_ihbkdh\ufbfZrbgZfbkms_kl\m_l^h\hevghg_h[uqgucijh^mdl
\bamZevgucihbkdh\bdIjbf_jhflZdhckbkl_fukem`bl[_kieZlgZyijh]jZffZ4XLQWXUD6HDUFKu
gZibkZgbydgb]b\^bkljb[mlb\ihmfheqZgbx\oh^bebYg^_dk*RRJOHbJZf[e_jghgZkZcl_
ijh]jZffufh`gh[ueh^h[Z\blvieZ]bguiha\heyxsb_ihevah\ZlvkyijZdlbq_kdbex[uf
ba\_klgufihbkdh\bdhf\fAZl_f\uihemqZ_l_j_amevlZlu\\b^_keh\jZkiheh`_gguo\hdjm]
dexq_\h]hihgylbyKijZ\Zhlwlh]hdjm]ZjZkiheh`_gug_ihkj_^kl\_gghj_amevlZluihbkdh\uo
aZijhkh\ihwlbfkeh\ZfIjbgZ\_^_gbbdmjkhjZgZdZdh_lhh^ghbagboj_amevlZl\ijZ\hfhdg_
f_gy_lkyhgkh^_j`bll_dexq_\u_keh\ZgZdhlhju_gZ\_^_gdmjkhj
LZdgZijbf_j_keb\\_klbkeh\hwe_dljh\halh\ijZ\hfhdg_ihy\ylkykZcludhlhju_Yg^_dk
\u^Z_l\hl\_lgZwlhlaZijhkhdjm]g_]hjZaf_s_gukeh\Zdhlhju_\klj_qZxlkyjy^hfkgbf\
kbkl_f_lZdb_dZd]jmah\hcihklhyggucdhglZdlgucdmiblvb^jm]b_Wlh\b^ghgZjbk

IjbgZ\_^_gbbdmjkhjZgZex[h_bawlbokeh\kijZ\Zihy\eyxlky^hihegbl_evgu_keh\Zb\e_\hc
qZklbhdgZijh]jZffuaZijhkZgZ[hjbolZd`_f_gy_lky jbk\f
hldZdoZjZdl_jbamxlijh]jZffm4XLQWXUD6HDUFKki_pbZebkludhlhju___kha^Zeb
4XLQWXUD6HDUFKbs_llZddZdbsmlex^bL_i_jvihbkd\bgl_jg_l_wlhm`_g_ijhklhihbkdkeh\
aZijhkZwlh\bamZebabjh\Zggucihbkdkmq_lhfdhgl_dklZaZijhkZZlZd`_]jmiibjh\dZj_amevlZlh\
\bamZebaZpbybmijZ\e_gb_dhgl_dklhf
4XLQWXUD6HDUFKij_^eZ]Z_l^eymlhqg_gbykfukeZaZijhkZbkihevah\Zlvl_jfbgu ih^kdZadb\f
dhlhju_ihkfukemk\yaZgukhkeh\ZfbaZijhkZ
G_\b^bfucBgl_jg_l
N_ghf_gg_\b^bfh]hBgl_jg_lZbijbgpbiujZ[hlukgbf^_lZevghhibkZgu\emqr_cgZgZr
\a]ey^dgb]_ihwlhfm\hijhkmDjbkZR_jfZgZb=wjbIjZckZG_\b^bfucBgl_jg_l
b^bfucBgl_jg_lwlhlZqZklvj_kmjkh\kh^_j`bfh_dhlhjhcfh`_l[ulvh[gZjm`_ghk
ihfhsvxihbkdh\uofZrbgDG_\b^bfhfmBgl_jg_lmhlghkylkyj_kmjkudhlhju_kms_kl\mxl\
=eh[ZevghcK_lbbddhlhjuffh`ghihemqblv^hklmi_kebagZlv]^_wlbj_kmjkugZoh^ylky
H^gZdhkihfhsvxihbkdh\uofZrbggZclbkh^_j`bfh_j_kmjkh\G_\b^bfh]hBgl_jg_lZg_evay
Ihfg_gbxjZaguoZ\lhjh\d\b^bfhfmBgl_jg_lmhlghkblkyihjy^dZ\bkh^_j`bfh]hK_lb
KZfu_kf_eu_bklhqgbdbmdZau\Zxl^jm]mxpbnjmg_[he__\bLZdbfh[jZahffh`gh
ml\_j`^Zlvqlhg_\b^bfucBgl_jg_lwlhhkgh\gZyqZklvj_kmjkh\^hklmiguohgeZcg
Ijbqbgukms_kl\h\Zgbyg_\b^bfh]hBgl_jg_lZ
G_\b^bfucBgl_jg_lkms_kl\m_l\kbemp_eh]hjy^ZijbqbgdZdl_ogbq_kdh]hlZdb
hj]ZgbaZpbhggh]hoZjZdl_jZ
G_dhlhju_j_kmjkufh]ml[ulvbg^_dkbjh\Zguihbkdh\ufbfZrbgZfbkl_ogbq_kdhclhqdbaj_gby
]eZ\gh_h[gZjm`blvkh^_j`bfh_kljZgbpuG_dhlhju_\b^udhgl_glZg_bg^_dkbjmxlky
bgnhjfZpbhggufbkbkl_fZfbihlhfmqlhiZmdbkhagZl_evghgZkljh_gulZdqlh[ub]ghjbjh\Zlv
l_bebbgu_Z^j_kZ
DdZdbflhj_kmjkZf^hklmih]jZgbqbebkZfb\eZ^_evpukljZgbp
:g_dhlhju_kljZgbpubf_xllZdhcnhjfZldhlhjucihdZ_s_g_ih^^_j`b\Z_lkyihbkdh\ufb
fZrbgZfb
hlqlh]h\hjylhg_\b^bfhfBgl_jg_l_bijbqbgZo_]hkms_kl\h\ZgbyDjbkR_jfZgb=wjbIjZck
IZjZ^hdkg_\b^bfh]hBgl_jg_lZ\lhfqlhe_]dhihgylvihq_fmhgkms_kl\m_lghljm^ghlhqgh_]h
G_\b^bfucBgl_jg_lljm^ghlhqghhij_^_eblvbdeZkkbnbpbjh\Zlvihg_kdhevdbfijbqbgZf
;hevrbgkl\hkljZgbpg_\b^bfh]hBgl_jg_lZfh]ml[ulvijhbg^_dkbjh\Zgul_ogbq_kdbghg_
bg^_dkbjmxlkyihlhfmqlhihbkdh\u_kbkl_fuj_rbebbog_bg^_dkbjh\ZlvWlhhq_gv\Z`guc
fhf_gl^eyg_\b^bfh]hBgl_jg_lZqlhihbkdh\bdbijhklhj_rbebbkdexqblvbabg^_dkZpbb
kljZgbpuhij_^_e_ggh]hkh^_j`ZgbyFug_]h\hjbfhkljZgbpZokh\ajhkeufkh^_j`Zgb_fbeb
kiZf_jkdbokZclZo\h\k_gZh[hjhl;hevrbgkl\hg_\b^bfuokZclh\bf_xl\ukhdhdZq_kl\_gguc
dhgl_glIjhklhwlbj_kmjkug_fh]ml[ulvgZc^_gukihfhsvxihbkdh\uofZrbgh[s_]h
gZagZq_gbyldhgb[uebaZ[ehdbjh\Zgu
?klvfgh]hijbqbgihq_fmlZdijhbkoh^bl?kebihbkdh\bdbaf_gblk\hxiheblbdmihhlghr_gbx
dkljZgbpZfih^h[gh]hjh^ZlhwlbkljZgbpuklZgmlqZklvx\b^bfh]hBgl_jg_lZ
�h\hevghe_]dhdeZkkbnbpbjh\ZlvkZcludZdqZklv\b^bfh]hbebg_\b^bfh]hBgl_jg_lZ_keb
ihkfhlj_lvgZlhdZdbfh[jZahfhgbjZ[hlZxlG_dhlhju_kZclubkihevamxll_ogheh]bx[Za
^Zgguoqlh^_ckl\bl_evghkeh`ghk^_eZlvihbkdh\hcfZrbg_Wlh^_ckl\bl_evghg_\b^bfuc
�Bgl_jg_ljm]b_kZcluh^gZdhbkihevamxlkhq_lZgb_nZceh\dhlhju_kh^_j`Zll_dklbdhlhju_
kh^_j`Zlfmevlbf_^bZZihwlhfmqZklvbagbofh`_l[ulvijhbg^_dkbjh\ZgZZqZklvg_lLZdb_
kZclug_evayhlg_klbq_ldhd\b^bfhcbebdg_\b^bfhcqZklbBgl_jg_lZ
G_dhlhju_kZclufh]ml[ulvijhbg^_dkbjh\Zguihbkdh\ufbfZrbgZfbghwlhg_^_eZ_lkyihlhfm
qlhihbkdh\u_fZrbgukqblZxlwlhg_ijZdlbqgufgZijbf_jihijbqbg_klhbfhklbbebihlhfm
qlh^Zggu_gZklhevdhdhjhldh`b\msb_qlhbg^_dkbjh\Zlvboijhklh[_kkfuke_gghgZijbf_j
ijh]ghaih]h^ulhqgh_\j_fyijb[ulbydhgdj_lgh]hkZfhe_lZkh\_jrb\r_]hihkZ^dm\Zwjhihjlmb
li
FujZkkfhljbfdZ`^mxbahkgh\guoijbqbgkms_kl\h\Zgbyg_\b^bfh]hBgl_jg_lZ[he__ih^jh[gh
H]jZgbq_gby\hafh`ghkl_cihbkdh\uofZrbg
Nbabq_kdb_h]jZgbq_gbykdhjhklbBgnhjfZpbhggu_kbkl_fubf_xlnbabq_kdb_h]jZgbq_gbyih
kdhjhklbihbkdZgh\uokljZgbpKdZ`_flZdkdhjhklvkdhlhjhck_]h^gyiZmdiulZ_lkygZclbgh\u_
kljZgbpuhdZau\Z_lkygb`_q_fkdhjhklvihy\e_gbygh\uokljZgbp?`_k_dmg^ghb^_lg_]eZkgh_
khj_\gh\Zgb_
\Bgl_jg_l_ihy\eyxlkygh\u_kljZgbpuZihbkdh\u_fZrbgugZjZsb\Zxlk\hxfhsvDjhf_
^h[Z\e_gbygh\uokljZgbp\Bgl_jg_l_ijhbkoh^yl_s_bbkq_agh\_gb_klZjuoZlZd`_\g_k_gb_
baf_g_gbc\kh^_j`bfh_kms_kl\mxsboqlhlZd`_hlly]b\Z_lgZk_[yqZklvj_kmjkh\ihbkdh\uo
fZrbgwlhcihklhygghc]hgd_Bgl_jg_l\ub]ju\Z_lmihbkdh\uofZrbgk[hevrbfi_j_\_khf
IhbkdbgnhjfZpbbf_jhijbylb_^h\hevgh^hjh]hklhys__Kh^_j`Zgb_k_j\_jh\h[_ki_q_gb_
ih^dexq_gbcihevah\Zl_e_cjZkkuedZiZmdh\ihBgl_jg_lmbg^_dkZpbybkdexq_gb_k^\h_gghc
bgnhjfZpbb\k_wlhlj_[m_lg_fZeuoaZljZl
IhgbfZyqlhijhbg^_dkbjh\Zlv\k_^hdmf_glu\K_lbg_j_ZevghZjZkoh^ugZ^hijb\h^blv\
khhl\_lkl\b_k^hoh^Zfb\eZ^_evpuihbkdh\uofZrbg\\h^ylkh[kl\_ggu_h]jZgbq_gby\jZ[hl_
k\hbokbkl_fGZijbf_jebfblbjmxl]em[bgmijhgbdgh\_gbyiZmdZgZkZcl_h[s__dhebq_kl\h
kljZgbp\bg^_dk_ijhimkdZxlklZju_j_kmjkugZdhlhju_gbdlhgbdh]^Zg_oh^bleb[h
j_]eZf_glbjmxlqZklhlmboih\lhjguoihk_s_gbciZmdhf\j_amevlZl_q_]hqZklvkljZgbp
mklZj_\Z_l
Z\lhfZlbq_kdbhagZqZ_lqlhkms_kl\mxlkljZgbpudhlhju_fh]eb[u[ulvijhbg^_dkbjh\Zgu
q_]hh^gZdhk^_eZghg_[ueh
LZdh_iheh`_gb_\_s_cbf__lg_h[uqgucih[hqgucwnn_dl[hevrb_kZclufh]mlihjhc
ijhb]ju\Zlvg_[hevrbfihiheghl_ho\ZlZbgnhjfZpbhggufbkbkl_fZfb
IjbgpbiihiZ^ZgbykljZgbp\bg^_dkijbihfhsbiZmdh\
IZmdihiZ^Z_llhevdhgZl_kljZgbpugZdhlhju__klvkkuedbk^jm]bokljZgbpeb[hihdhlhjuf
^_eZebkvaZijhku\ihbkdh\u_kbkl_fukp_evxmlhqg_gbyj_clbg]ZkljZgbpu\ihbkdh\hckbkl_f_
�eb[hdhlhju_\g_k_gu\hq_j_^vgZbg^_dkbjh\Zgb_\jmqgmximl_faZiheg_gbynhjfuh[Z\blv
kljZgbpm $GG85/\fKhhl\_lkl\_ggh_kebgZkljZgbpmgbdlhg_kkueZekybgbdlhhg_cg_
khh[sZeihbkdh\hckbkl_f_\jmqgmxlhlZdZykljZgbpZg_[m^_lijhbg^_dkbjh\ZgZ
Djhf_lh]h_keb^Z`_iZmdj_]meyjghihk_sZ_lkljZgbpmlhhg^_eZ_lwlhkhij_^_e_gghc
i_jbh^bqghklvx?keb\ijhf_`mld_f_`^m^\mfyihk_s_gbyfbj_kmjkbaf_gblkylhwlhbaf_g_gb_
g_dhlhjh_\j_fy[m^_lg_ba\_klghihbkdh\hckbkl_f_b__ihevah\Zl_eyf
LZdbfh[jZahfkms_kl\mxl^\_aZ^_j`dbih\j_f_gb\bg^_dkbjh\ZgbbkljZgbpdh]^ZkZclkha^Zg
gh_s_g_ba\_kl_gihbkdh\bdmbdh]^ZiZmdijhbg^_dkbjh\ZekljZgbpmghg_ihk_lbe__ih\lhjgh
G_h[uqgu_keh\ZgZkljZgbp_bgl_j_kmxs_cihevah\Zl_ey
KljZgbpZdhlhjZygm`gZihevah\Zl_exfh`_lkh^_j`Zlvkeh\Zhlebqgu_hll_odhlhju_hg
\_jhylg__\k_]h\\_^_l\ihbkdh\mxkljhdmj_amevlZl_q_eh\_dg_h[eZ^Zxsbc[hevrbfhiulhf
ihbkdZbgnhjfZpbb\Bgl_jg_l_g_kfh`_lgZclbgm`gmxkljZgbpmkihfhsvxihbkdh\hcfZrbgu
Ij_^ihql_gb_ihbkdh\hcfZrbghc[ukljhluihbkdZZg__]h]em[bgu
u[hjf_`^mfZdkbfZevgh[ukljhbfZdkbfZevghiheghkms_kl\m_l\ex[hchljZkeb
k\yaZgghckihemq_gb_fbh[jZ[hldhcbgnhjfZpbbIhbkdh\u_kbkl_fuh[uqghkhjb_glbjh\Zgubo
\eZ^_evpZfbgZgZb[he__[ukljh_ihemq_gb_j_amevlZlh\imklv^Z`_\ms_j[iheghl_Ihwlhfm
g_dhlhju_kljZgbpubg^_dkbjh\Zgb_dhlhjuoljm^h_fdhhklZxlkyaZij_^_eZfb[Zau^Zgguo
ihiZ^Zxs_cgZk_j\_jihbkdh\hcfZrbgu
Ohly[u\Zxlbkdexq_gbybawlh]hijZ\beZKms_kl\mxlki_pbZebabjh\Zggu_ihbkdh\bdbdhlhju_
^h[u\ZxlbgnhjfZpbxdhiZy\]em[vbgZijhqvhlf_lZydjbl_jbckdhjhklb__gZoh`^_gbyGhhgb
ijbwlhfoh^ylebrvgZl_fZlbq_kdb_kZcluIjbf_jhflZdhcki_pbZebabjh\Zgghckbkl_fu
fh`_lkem`blvihbgnhjfZpbb=wjbIjZckZ/DZ&UDZOHU KWWSODZFUDZOHUOSILQGODZFRP\fbeb
3ROLWLFDOLQIRUPDWLRQFRP KWWSZZZSROLWLFDOLQIRUPDWLRQFRP\f
Hjb_glZpbyihbkdh\uofZrbggZihbkdl_dklh\\jZaguo\ZjbZglZo
Ihbkdh\u_fZrbgubagZqZevghkhjb_glbjh\ZgugZihbkdl_dklh\GZjZgg_fwlZi_jZa\blby
Bgl_jg_lZij_^klZ\e_gguo\nhjfZl_+70/ihke_q_]hklZeb^h[Z\eylvkyb^jm]b_bo
jZagh\b^ghklb:RUG GRF\f$GREH$FUREDW SGI\f)ODVKH^gZdhbwlbnhjfZlu\k_jZ\ghkh^_j`Zl
l_dkluBg^_dkbjh\Zlvbah[jZ`_gbybebgZijbf_ja\mdh\u_nZceu g_gZa\Zgbya\mdh\uonZceh\
Zbf_gghkZfa\md\fihbkdh\u_fZrbguihdZg_gZmqbebkv
Lbiudhgl_glZ\g_\b^bfhfBgl_jg_l_
JZagu_lbiudhgl_glZihjZagufijbqbgZffh]mlklZlvqZklvxg_\b^bfh]hBgl_jg_lZ
;ukljh_mklZj_\Zgb_bebbaf_g_gb_bgnhjfZpbb
G_dhlhju_\b^ubgnhjfZpbbmklZj_\Zxlbebf_gyxlkyklhevklj_fbl_evghqlhiZmdbijhklhg_\
g_imkdZxlkiZc^_jh\gZlZdb_kljZgbpu^Z[ug_ljZlblvj_kmjkugZ[_kihe_agh_aZgylb_
Ijbf_jhflZdh]hdhgl_glZfh`_lkem`blvkZclhih]h^_\j_ZevghffZkrlZ[_\j_f_gb
J_kmjkukhklhylij_bfms_kl\_gghba^hdmf_glh\\lZdbonhjfZlZodhlhju_g_ih^^_j`b\Zxlky
ihbkdh\ufbfZrbgZfb
DZdkdZ`_fkljZgbpZkh^_j`Zgb_dhlhjhch]jZgbqb\Z_lkyh^gbfebrvbah[jZ`_gb_f
Kh^_j`bfh_kljZgbpu]_g_jbjm_lkyihaZijhkmbnhjfbjm_lkyihrZ]h\h
Ijbf_jhf\^ZgghfkemqZ_fh`_lkem`blvj_kmjkgZdhlhjhfhkms_kl\ey_lkyjZkq_lp_gu
�Z\lhfh[bey\aZ\bkbfhklbhldhfie_dlZpbbbfZl_jbZeZhl^_edbkZehgZeyihemq_gbylZdhc
kljZgbpuihevah\Zl_evihrZ]h\haZihegy_lnhjfugZkZcl_bdhg_qgucj_amevlZldZ`^ucjZa
nhjfbjm_lkyaZgh\hKh^_j`bfh_lZdhckljZgbpug_fh`_l[ulvijhbg^_dkbjh\Zghihlhcijhklhc
ijbqbg_qlh[_aaZijhkZkljZgbpug_kms_kl\m_lZaZihegylvnhjfuiZmdg_mf__l
Kh^_j`bfh_[Za^Zgguo
J_amevlZlba[Zau^ZgguolZd`_ihy\ey_lkyebrvihke_\\h^Zhij_^_e_ggh]haZijhkZ\nhjfm
h[jZs_gbydg_cIZmddZdb\ij_^u^ms_fkemqZ_g_fh`_lgbaZihegblvnhjfmaZijhkZgb
ijhbg^_dkbjh\Zlvkh^_j`bfh_kZfhc[Zau
KljZgbpZg_\\h^beZkv\nhjfm^h[Z\e_gbykZclZg_\\h^beZkvgb\dZdb_nhjfuijh\_jdb
j_clbg]ZgZihbkdh\uokbkl_fZobijbwlhfgZg__g_\_^mlgbdZdb_kkuedb
IZmdgbdhbfh[jZahfg_fh`_lmagZlvhkms_kl\h\Zgbbih^h[ghckljZgbpuZihlhfmgbdh]^Z__g_
ihk_lbl
WlbkljZgbpudklZlbfh]mlij_^klZ\eylv[hevrhcbgl_j_k^eydhgdmj_glghcjZa\_^dbihkdhevdm
gZijZdlbd_ba\_klgukemqZbdh]^ZgZgbokh^_j`Zebkvwdkdexab\gu_ij_^eh`_gby^eyg_dhlhjuo
deb_glh\BgnhjfZpbylZdh]hjh^Zhjb_glbjh\ZgZgZp_e_\u_]jmiiub\udeZ^u\Z_lkygZkZcl_
deb_glZf`_ijbkueZxlkykkuedbgZgm`gu_kljZgbpuIhke_^gb_ij_^klZ\eyxl[_kp_ggmx
gZoh^dm^eydhfiZgbcjZ[hlZxsbogZjugdZok\ukhdhcdhgdmj_gpb_cihkdhevdmkh^_j`Zlhl\_l
gZ\hijhkhlhfihdZdbfp_gZfkhi_jgbdj_Zevghijh^Z_lk\hxijh^mdpbx
FuklZedb\ZebkvkkblmZpb_cdh]^ZdhfiZgbykfh]eZ\uqbkeblvZe]hjblfkhklZ\e_gbyZ^j_kh\
lZdbokljZgbpdhgdmj_glhfihke_q_]h[ueZ^he]h_\j_fy\dmjk_\k_o_]hki_pbZevguo
ij_^eh`_gbc^hfhf_glZkf_gukbkl_fgh]hZ^fbgbkljZlhjZdhgdmj_glZ
Ijbf_juih\_^_gbyihbkdh\hcfZrbguijbihk_s_gbbkljZgbpu\Bgl_jg_l_
Ijb^ygZkljZgbpmiZmdi_j\uf^_ehfhij_^_ey_l_klvebgZkZcl_qlheb[hqlh_]h\eZ^_e_p
aZij_sZ_lbg^_dkbjh\Zlv
Ih^h[gucaZij_lfh`_l[ulvj_Zebah\Zg^\mfykihkh[ZfbI_j\ucaZdexqZ_lky\lhfqlhgZkZcl_
kha^Z_lkyki_pbZevgucnZceURERWVW[Web[hbkihevam_lkyhkh[ucl_]lZdgZau\Z_fucf_lZl_]
QRLQGH[!wlhlnZcebebih^f_lZl_]ijyqmlkh^_j`bfh_kljZgbpudhlhjh_ihfg_gbx
\eZ^_evpZdhgl_glZg_^he`ghbg^_dkbjh\Zlvkyihbkdh\ufbfZrbgZfb
?^bgkl\_ggh_hlebqb_f_`^mgbfbkhklhbl\lhfqlhQRLQGH[!jZ[hlZ_lgZlhckljZgbp_gZ
dhlhjhchgjZkiheh`_glh]^ZdZdURERWVW[Wfh`_l[ulvbkihevah\Zgkp_evxij_^hl\jZs_gby
bg^_dkZpbbex[uohl^_evguokljZgbp]jmiinZceh\beb^Z`_\k_]h\_[kZclZ
Ihk\h_ckmlbgbdZdbol_ogbq_kdboij_iylkl\bc^eybg^_dkbjh\Zgbykh^_j`bfh]hj_kmjkZwlhl
kihkh[g_kha^Z_lH^gZdh[hevrbgkl\hihbkdh\uofZrbgkm\Z`_gb_fhlghkblkydih^h[ghfm
[ebadbfZgZeh]hfklhev^_ckl\_ggh]hh]jZgbq_gby^hklmiZ\j_Zevghffbj_fh`ghkqblZlv
lZ[ebqdbfb`gZ^\_jyoh[s_kl\_gguom[hjguo
GZgZr\a]ey^f_lh^h]jZgbq_gbybg^_dkbjh\ZgbykihfhsvxnZceZURERWVW[Wbebf_lZl_]Z
QRLQGH[!ihlhfmihemqbeklhev[hevrh_jZkijhkljZg_gb_qlhhgij_iylkl\m_ljZ[hl_iZmdh\gh
g_f_rZ_lex^yfijhkfZljb\Zlvkh^_j`bfh_kljZgbp[_adZdboeb[hh]jZgbq_gbc
lhjhckihkh[hojZgudhgl_glZagZqbl_evghgZ^_`g__i_j\h]hbaZdexqZ_lky\lhfqlhkljZgbpZ
aZsbsZ_lkyiZjhe_fIZmdl_ogbq_kdbg_kihkh[_g\\h^blviZjhevH^gZdhbq_eh\_dij_`^_\k_]h
^he`_gwlhliZjhevagZlvZdjhf_lh]h_fmg_h[oh^bfhihljZlblv\j_fybijbeh`blvmkbeby^ey
lh]hqlh[u_]h\\_klbIjblZdhcaZsbl_j_kmjkZjZ[hlZ_lm`_g_wlbq_kdbcZl_ogbq_kdbckihkh[
h]jZgbq_gbybg^_dkbjh\Zgby
Ihke_lh]hdZdiZmdihiZegZkljZgbpmdhlhjZyg_aZsbs_gZiZjhe_fbg_\g_k_gZ\kibkhd
aZij_s_gguokh[ulbyjZa\b\ZxlkyihjZaghfm\aZ\bkbfhklbhllh]hqlhgZwlhckljZgbp_
gZoh^blkyJZkkfhljbf\hafh`gu_bo\ZjbZgluZlZd`_ihiulZ_fkyihgylvd\b^bfhfmbebd
g_\b^bfhfmBgl_jg_lmwlb\ZjbZgluhlghkylky ihDjbkmR_jfZgmb=wjbIjZckm\f
ZjbZglIZmdh[gZjm`b\Z_lkljZgbpmgZibkZggmx\+70/bkh^_j`Zsmx]jZnbq_kdb_
we_f_glu
lZdhfkemqZ_iZmdfh`_lijhbg^_dkbjh\ZlvebrvgZa\Zgb_]jZnbq_kdh]hnZceZblh]^ZlZdhc
^hdmf_gl[m^_lgZc^_gijbihbkd_dZjlbghdihdexq_\hfmkeh\mkh\iZ^Zxs_fmkl_fdhlhjh__klv
\gZa\Zgbb?kebbfynZceZg_bf__lgbq_]hh[s_]hk_]hgZiheg_gb_fhgg_kfh`_l[ulvgZc^_g
ihbkdh\hcfZrbghc^Z`__keb[m^_lkh^_j`Zlvnhlh]jZnbxkbah[jZ`_gb_fdexq_\h]hkeh\Z
ZjbZglIZmd\gmljbkZclZklhedgmekykhkljZgbp_cdhlhjZygZibkZgZgZ+70/ghkh^_j`bl
iheylj_[mxsb_aZiheg_gbyihevah\Zl_e_fgZijbf_j\\h^Zeh]bgZbiZjhey
wlhfkemqZ__klvl_ogbq_kdZy\hafh`ghklvbg^_dkbjh\Zgbykh^_j`bfh]hghlhevdhlh]hd
dhlhjhfmbf__lky^hklmiKijylZggZyih^iZjhevqZklvkljZgbpug_fh`_l[ulvijhkfhlj_gZbdZd
ke_^kl\b_g_fh`_l[ulvijhbg^_dkbjh\ZgZkiZc^_jhf
A^_kvgZb[he__qZklh\klj_qZxlky^\Z\ZjbZglZI_j\uc^himklbfgZkZcl_e_`Zl]hlh\u_d
ijhkfhljmkljZgbpugZdhlhju_kms_kl\mxlkkuedb\Bgl_jg_l_ gZijbf_jnjZaZYg_^Z\gh
bgl_j_kgmxklZlvxijhqblZehgZgZoh^blkya^_kvb^Ze__ke_^m_lijyfhcZ^j_kklZlvb\fwlhf
kemqZ_kljZgbpZknhjfhclj_[mxs_caZiheg_gbykha^ZgZebrv^eylh]hqlh[uihevah\Zl_evfh]
\u[jZlvgm`gucj_kmjkbabf_xsbokyL_dklgZkljZgbp_knhjfhc[m^_l\b^_giZmdmb
ijhbg^_dkbjm_lkyZkZfbkljZgbpugZdhlhju_\_^_lnhjfZbg^_dkbjmxlky\h[oh^ijhp_^mju
__aZiheg_gby\^jm]h_\j_fyb\hafh`gh^jm]bfiZmdhfaZkq_lkkuehdgZ\gmlj_ggb_kljZgbpu
kZclZba^jm]bobklhqgbdh\lZdhfkemqZ_bkljZgbpZknhjfhcb\gmlj_ggb_kljZgbpu[m^ml
hlghkblvkyd\b^bfhfmBgl_jg_lm
h\lhjhf\ZjbZgl_nhjfZkh[bjZ_lbgnhjfZpbxgZhkgh\Zgbbdhlhjhc\ihke_^kl\bbkha^Z_lky
g_h[oh^bfZyihevah\Zl_exkljZgbpZLh_klvgbdZdhc\gmlj_gg_ckljZgbpuijhklhg_kms_kl\m_l
�^hl_oihjihdZnhjfZg_[m^_laZiheg_gZIZmdwlh]hk^_eZlvg_fh`_lZggu_dhlhju_gZoh^ylky
\gmljblZdh]hkZclZg_fh]ml[ulvihemq_gugbdZdbfbgufiml_fdjhf_dZdihkj_^kl\hf
aZiheg_gbynhjfuZihlhfm\k_]^Zhlghkylkydg_\b^bfhfmBgl_jg_lm
ZjbZglIZmdijboh^blgZkZclkh^_j`Zsbc^bgZfbq_kdb_^Zggu_f_gyxsb_ky\j_Zevghf
DlZdbfkZclZfhlghkblky[bj`_\ZybgnhjfZpbybebkdZ`_fk\_^_gbyhijb[ulbbZ\bZj_ckh\ jbk
\fWlbj_kmjkuh[uqghijbqbkeyxldg_\b^bfhfmBgl_jg_lmghg_ihlhfmqlhbol_ogbq_kdb
g_evayijhbg^_dkbjh\ZlvZihlhfmqlhbobg^_dkZpbyg_bf__lijZdlbq_kdh]hkfukeZ
JbkIjbf_jfhgblhjbg]Z^\b`_gbyj_ckh\gZkZcl_ZZZDLUDJHQF\UX
ZjbZglIZmdihiZ^Z_lgZkljZgbpmdhlhjZykh^_j`bll_dkl\nhjfZl_g_ih^^_j`b\Z_fhf
^Zgghcihbkdh\hcfZrbghc
GZijbf_jJZf[e_jdZdfum`_]h\hjbebg_ih^^_j`b\Z_l^hdmf_glu3RZHU3RLQW SSW\fJy^
ihbkdh\uofZrbgg_bg^_dkbjmxl^hdmf_glu\3RVWVFULSWnZceZo wlhnhjfZl\dhlhjhffh]ml
�khojZgylvky^eyi_j_^Zqb\lbih]jZnbxnZceukha^Zggu_\ijh]jZff_0LFURVRIW3XEOLVKHU\fh
g_^Z\g_]h\j_f_gbdlZdbfnhjfZlZfhlghkbekyb3')h^gZdhkgZqZeZ=m]eZaZgbfbhklZevgu_
ihbkdh\u_fZrbguklZebbg^_dkbjh\Zlvih^h[gu_^hdmf_gluI_j\hgZqZevghh]jZgbq_gb_\jZ[hl_
k3')nZceZfb[uehh[mkeh\e_ghl_fqlhgZdZ`^ucgh\ucnhjfZlijboh^behkvjZkoh^h\Zlv
^hihegbl_evgu_kj_^kl\ZjZkijhkljZg_gghklv`_3')nZceh\\gZqZe_[ueZg_\_ebdZH^gZdhih
f_j_lh]hdZdijZ\bl_evkl\_ggu_hj]ZgbaZpbbfgh]bokljZgklZeb\udeZ^u\Zlv\Bgl_jg_l
^hdmf_glubf_ggh\wlhfnhjfZl_ihbkdh\u_fZrbgugZqZebkgbfjZ[hlZlv
ZjbZglIZmdgZoh^bl[Zam^ZgguoaZijhk\dhlhjmx\uihegy_lkyq_j_a\_[bgl_jn_ck
IjbqbguihdhlhjuflZdZy[ZaZg_fh`_l[ulvijhbg^_dkbjh\ZgZkiZc^_jhfke_^mxsb_
kljZgbpu]_g_jbjmxlky^bgZfbq_kdb\hl\_lgZaZijhk
ijhlhdhe[Zau^Zgguofh`_lg_kludh\Zlvkykijhlhdhehfihbkdh\hcfZrbgu
^hklmid[Za_lj_[m_l\\_^_gbyeh]bgZbiZjhey hkh[_ggh_keb^_ehdZkZ_lkyieZlguoj_kmjkh\\f
Q_luj_lbiZg_\b^bfhklb\Bgl_jg_l_
LjZ^bpbhggh\u^_eyxlq_luj_lbiZg_\b^bfhklbkh^_j`bfh]hk_fbjghcIZmlbgu
knhjfmebj\Zggu_DjbkhfR_jfZghfb=wjbIjZckhf
G_\b^bfhklvh[mkeh\e_ggZygZkljhcdZfbiZmdh\bbo_kl_kl\_ggufbhkh[_gghklyfb lZd
gZau\Z_fuck_jucBgl_jg_l\fK_jucBgl_jg_lbf__lg_kdhevdh\hafh`guo\ZjbZglh\
H]jZgbq_gb_]em[bguijhgbdgh\_gbyiZmdZgZkZclgZkljh_ggh_\eZ^_evpZfbihbkdh\hcfZrbgu
Baf_g_gbykljZgbpijhbkoh^ysb_m`_ihke_ihk_s_gbykljZgbpuiZmdhf
H]jZgbq_gb_fZdkbfZevgh]hdhebq_kl\ZihdZaZgguo\\u^Zq_kljZgbp
?kebgZijbf_jYg^_dk\\u^Zq_ij_^klZ\beiylvlukyqkljZgbplhihkfhlj_lv[he__h^ghclukyqb
g_m^Zklkyhgboijhklhg_ihdZ`_lh\kydhfkemqZ_lZdh[klhyeh^_ehgZfhf_glgZibkZgby
dgb]bBkijZ\blvkblmZpbxfh`ghaZkq_lbkihevah\Zgbyhi_jZlhjh\aZijhkh\j_amevlZl_
dhebq_kl\hkljZgbp\\u^Zq_mf_gvrblkykh^gh\j_f_ggufm\_ebq_gb_fj_e_\Zglghklb
�KljZgbpug_ijhibkZggu_\nhjf_h[Z\blvkljZgbpmbg_bf_xsb_kkuehdk^jm]bo
Z^j_kh\
fZ_],%0ijh\_eZbkke_^h\ZgbyihdZaZ\rb_qlhdhebq_kl\hlZdbokljZgbpg_ba\_klguo
ihbkdh\ufkbkl_fZf^hklb]Z_l\bhlh[s_]hqbkeZZ^j_kh\dhlhju_fh]eb[u[ulv
�ijhbg^_dkbjh\Zgukl_ogbq_kdhclhqdbaj_gby@
KljZgbpugZf_j_gghbkdexq_ggu_\_[fZkl_jhfbabg^_dkZpbb
DgbfdZdjZabhlghkylkyj_kmjkuaZsbs_ggu_iZjhe_fbeb\dexq_ggu_\nZceURERWVW[Web[h
m[jZggu_ih^l_]QRLQGH[!
Bgl_jg_l__klvj_kmjku^hklmigu_[_kieZlghex[hfmq_eh\_dmdhlhjuc^ey\oh^ZgZkljZgbpm
^he`_ggZ`ZlvdghidmYkh]eZk_gwlhk\b^_l_evkl\m_lh_]hkh]eZkbbkmkeh\byfbihk_s_gby
kZclZBgh]^Z\f_klhlZdh]h\ujZ`_gbykh]eZkbylj_[m_lkyaZihegblvdZdb_lhj_]bkljZpbhggu_
nhjfuIZmdg_mf__l\uihegylvih^h[gu_^_ckl\bybihlhfmg_ihiZ^Z_lgZkZcl
�_ckl\bl_evghg_\b^bfucBgl_jg_l
KljZgbpZkh^_j`bl^Zggu_\nhjfZl_g_^hklmighfihbkdh\uffZrbgZf
KljZgbpugZf_j_gghg_h[kem`b\Zxlkyihbkdh\ufbfZrbgZfbihl_fbebbgufijbqbgZf
BgnhjfZpbyojZgblky\[Za_^Zgguob^hklmidg_c\hafh`_gebrvijbmkeh\bbaZiheg_gby
hij_^_e_gghcnhjfu
Hkh[_gghklbihkljh_gbyZ^j_kh\g_dhlhjuokljZgbpBgl_jg_lZ
Kh\_lm_fjZah[jZlvky\^Zgghf\hijhk_ihkdhevdmwlhiha\heblemqr_hjb_glbjh\Zlvky\
Bgl_jg_l_ZlZd`_wnn_dlb\ghh[oh^blvijh[e_fudhlhju_g_j_^dh\hagbdZxlijbihiuld_
ihklZ\blvg_dhlhju_kljZgbpugZfhgblhjbg]kp_evxZ\lhfZlbq_kdh]hh[gZjm`_gbybaf_g_gbcbo
kh^_j`Zgby
G_j_^dhj_kmjkfh`_l\dexqZlvh^gh\j_f_gghbwe_f_glu\b^bfh]hbg_\b^bfh]hBgl_jg_lZ
Bgh]^Z\_[fZkl_jZijbgbfZxlf_judlhfmqlh[uaZ\_^hfhbkdexqblvihiZ^Zgb_k\h_]hkZclZ\
jZajy^g_\b^bfuoklhqdbaj_gbyg_dhlhjuoihbkdh\uofZrbgkhojZgb\ijbwlhfj_kmjkm^h[guf
�\bkihevah\Zgbbb\g_rg_ijb\e_dZl_evguf^eyihevah\Zl_e_ceywlh]h\jy^_kemqZ_\kZclu
gZibkZggu_gZijbf_jgZ)ODVKbf_xl+70/dhibbLZdb_dhibbgZau\Zxla_jdZeZfbkljZgbpu
hgbiha\heyxlm\b^_lv__kh^_j`bfh_kihfhsvxl_obgnhjfZpbhgguokbkl_fdhlhju_bf_xl
dZdb_lhaZljm^g_gby\jZ[hl_knhjfZlhfhkgh\gh]h\ZjbZglZkZclZ
�Ijyfhcbg_ijyfhc85/bgZfbq_kdb_kljZgbpu?s_g_^Z\gh\ki_pbZevghcebl_jZlmj_ba^Zgghc
aZjm[_`hf]h\hjbehkvhlhfqlhkljZgbpubf_xsb_g_ijyfhc85/dZdijZ\behhlghkylkyd
g_\b^bfhfmBgl_jg_lm
K_]h^gyj_kmjkukg_ijyfufZ^j_khffh]mlghjfZevghbg^_dkbjh\Zlvkyihbkdh\ufbfZrbgZfb
H^gZdhihiuldbki_pbZebklh\dhgdmj_glghcjZa\_^dbihklZ\blvbogZfhgblhjbg]fh]ml
gZlhedgmlvkygZg_h`b^Zggmxijh[e_fmdhlhjZyl_fg_f_g__fh`_l[ulvij_h^he_gZ
?kebZ^j_kkljZgbpukhklhbllhevdhba[md\pbnjbdhkuoq_jlhq_dlhwlhijyfhcXUOkljZgbpu
dhlhjZyhlghkblkydZdijZ\behd\b^bfhfmBgl_jg_lm
Ijbf_juijyfh]h85/KWWSZZZ\DQGH[UXKWWS\XVKFKXNOLYHMRXUQDOFRPKWPO
Keh`g__h[klhbl^_ehkhkljZgbpZfb]^_\Z^j_k_\klj_qZ_lky\hijhkbl_evgucagZdihke_dhlhjh]h
ke_^m_lfgh`_kl\hg_ihgylguog_ih^]hlh\e_gghfmq_eh\_dmkbf\heh\H[uqgh\k_qlh
jZkiheh`_ghe_\__\hijhkbl_evgh]hagZdZijb\_^_l\ZkgZkljZgbpmknhjfhclj_[mxs_c
aZiheg_gbybebijhklhgZh^gmbai_j\uokljZgbpkZclZZ\hlijZ\__\hijhkbl_evgh]hagZdZqZklh
aZibkZgZbgnhjfZpbyhibku\ZxsZyaZijhk
dZq_kl\_ijbf_jZijb\_^_fZ^j_kkljZgbpudhlhjZyihdZau\Z_lj_amevlZluihaZijhkm
fZjd_lbg]\Yg^_dk_
KWWSZZZ\DQGH[UX\DQGVHDUFK"WH[W \b(&\b(\b)\b($\b(\b)\b(\b('\b(\tVW\SH ZZZ
DwlhfmZ^j_kmfuh[jZlbebkv^eylh]hqlh[uk_]hihfhsvxjZah[jZlvky\kihkh[Zoj_r_gby
lbibqghcijh[e_fuIhwlhfmqmlviha`_fudg_fm\_jg_fky
aZijhkZblh]^Z\uihiZ^_l_gZkljZgbpm_s_jZa\\_^ywlhlZ^j_k\Z^j_kgmxkljhdm[jZma_jZ:
fh`_laZijhklZfbg_kh^_j`Zlvkyblh]^Z\Zfg_m^Zklkyih\lhjblvi_j_oh^gZgm`gmxkljZgbpm
\\_^yZ^j_klZdhckljZgbpu\Z^j_kgmxkljhdm[jZma_jZwlhf\lhjhfkemqZ_ihiuldZi_j_clbih
Z^j_kmkljZgbpuijb\h^bldaZ]jmad_g_aZiheg_ggh]hrZ[ehgZ
JZkkfhljbf^\Zijbf_jZdh]^ZaZijhkuh^bgZdh\ughkZclumkljh_guihjZaghfmqlhijb\h^bld
jZagufj_amevlZlZf
BlZd^eygZ]ey^ghklbihbs_fex^_cdhlhju_jZaf_klbebk\hbj_axf_\j_]bhg_?dZl_jbg[mj]
gZkZclZo6XSHUMREUXbHUXijbq_fZgd_lubo^he`gukh^_j`Zlvkeh\hih\ZjIjbwlhf
aZihegyynhjfuaZijhkZfugZf_j_gghg_[m^_fmdZau\ZlvgbdZdboh]jZgbq_gbcihihem\hajZklm
h[jZah\ZgbxbijhqbfiZjZf_ljZf^Z[uwlhg_ijb\_ehd\hagbdgh\_gbx^hihegbl_evguo
i_j_f_gguo\_ebqbgihbkdZ
hlZ^j_kkljZgbpu\u^Z\Z_fhc\hl\_lgZaZijhkgZkZcl_6XSHUMREUX
KWWSH
EXUJVXSHUMREUXUHVXPHVHDUFKBUHVXPHKWPO"VXEPLW \tSHULRG \tWRZQ \tSD\PHQWIURP \tSD\PHQWWR
\tW\SH \tROG \tROG \tSRO \tPDULWDOVWDWXV \tFKLOGUHQ \tHGXFDWLRQ \tODQJXDJH \tODQJBOHYHO \t
VWD]K\HDU \tNH\ZRUGV \b()\b((\b(\b(\b)\tNZF RU\tUDWLQJ \tWUHHBNH\ZRUG \tVDYHSDUDP  L?D
&#xH;�KLHGMKLJHDMKLJHDMJ:A;BLVIHRBJBG?IHEHKU\f
ijb\_^_gghc\ur_kljhd_Z^j_kZhibkZgu]hjh^ hgbf__lghf_jihdeZkkbnbdZlhjmkZclZb
hljZ`_g\kbf\heZoWRZQ ZlZd`_keh\hih\ZjgZdh^bjh\d_dhlhjh]hfuihdZg_[m^_f
hklZgZ\eb\Zlvkyih^jh[gh\f?kebkdhibjh\ZlvwlhlZ^j_k\ihbkdh\mxkljhdm[jZma_jZlhfh`gh
\gh\vihemqblvkljZgbpmkbgnhjfZpb_chex^yoklj_[m_fufbiZjZf_ljZfbdZd_keb[ufu\\_eb
__kdeZ\bZlmjuaZgh\h
b^kljZgbpuihwlhfmaZijhkmijb\_^_ggZjbk
JbkJ_amevlZlaZijhkZgZkZcl6XSHUMREUX\ihbkdZoih\ZjZ\?dZl_jbg[mj]_
hlhl\_lgZlZdhc`_aZijhkkkZclZHUXijbl_o`_djbl_jbyoihbkdZ[ueihemq_gj_amevlZl
hlh[jZ`_ggucgZjbk
JbkJ_amevlZlaZijhkZgZkZclHUX\ihbkdZoih\ZjZ\?dZl_jbg[mj]_
:^j_kkljZgbpuihdZaZgghcgZjbk\u]ey^blke_^mxsbfh[jZahfKWWS
ZZZHUXEXVLQHVVMREUHVXPHVHDUFKSKS
G_gm`gh[ulv\\ukr_ckl_i_gbk\_^msbfhlghkbl_evgh\k_oij_fm^jhkl_cBgl_jg_lZqlh[u
aZf_lblvZ^j_kwlhl\u]ey^bl]hjZa^hdhjhq_ij_^u^ms_]hDjhf_lh]h\g_fhlkmlkl\m_lhibkZgb_
aZijhkZIhiuldZi_j_clbih\lhjghgZgm`gmxkljZgbpmijhklh\\_^y\ihbkdh\mxkljhdm[jZma_jZ
\ur_mdZaZggu_dhhj^bgZludZdjZabijb\h^bldg_aZiheg_gghcnhjf_
K\yaZghlZdh_iheh`_gb_\_s_ckl_fqlh\ijbgpbi_kms_kl\m_l^\ZlbiZaZijhkh\lZd
gZau\Z_fu_*(7b3267
IjbaZijhk_lbiZ*(7iZjZf_ljuihbkdZmdZaZgu\Z^j_kghckljhd_ihwlhfmi_j_oh^ihlZdhfm
Z^j_kmijb\h^blgZgm`gmxkljZgbpm wlhlaZijhk\u]ey^bldZd^hklZlhqgh^ebggZykljhdZk
fgh`_kl\hfkbf\heh\\lhfqbke_agZdhf\bbebk[hevrbfdhebq_kl\hfZg]ehyauqguokeh\\f
�F_lh^3267g_ih^jZamf_\Z_li_j_^ZqmiZjZf_ljh\ihbkdZq_j_aZ^j_kgmxkljhdmZggu_h
aZijhk_i_j_^Zxlkyhl^_evghihkem`_[gufdZgZeZfbg_fh]ml[ulvijhkfhlj_guh[uqguf
L_fg_f_g__qZklhb\lZdhckblmZpbbfh`ghgZclbj_r_gb_?kebgZkljZgbp_dhlhjZy
bah[jZ`_gZgZjbki_j_clbihkkued_gZ\lhjmxkljZgbpmj_amevlZlh\aZijhkZ debdgm\furdhc
ihpbnj_\i_j_qg_kljZgbp\flhZ^j_kwlhc\lhjhckljZgbpu[m^_lkh^_j`ZlviZjZf_ljuihbkdZ
KWWSZZZHUXEXVLQHVVMREUHVXPHVHDUFKSKS"VH[ O\tNH\ZRUGV \b()\b((\b(\b(\b)\b((\b)\b(
\b)\b(\b(\b('\b)\tVHDUFKBE\ \tVKRZBIRU \tRUGHUBE\ \tVHDUFK \HV\tSDJH 
b^ghqlhZ^j_kklZe^ebggufb\g_fihy\behkvfgh`_kl\hkbf\heh\dhlhjuog_[ueh\gZqZe_
Bgl_j_kghqlh_kebihke_wlh]hdebdgmlvihkkued_i_j\hckljZgbpubbf_gghlZdbfiml_f
\_jgmlvkygZi_j\mxkljZgbpmlhmg__lZd`_ihy\blkyZ^j_kkh^_j`ZsbchibkZgb_kZfh]haZijhkZ
biha\heyxsbcijb\\h^__]h\Z^j_kgmxkljhdm[jZma_jZihiZ^Zlvg_ihkj_^kl\_gghgZwlmi_j\mx
kljZgbpm
KWWSZZZHUXEXVLQHVVMREUHVXPHVHDUFKSKS"VH[ O\tNH\ZRUGV \b()\b((\b(\b(\b)\b((\b)\b(
\b)\b(\b(\b('\b)\tVHDUFKBE\ \tVKRZBIRU \tRUGHUBE\ \tVHDUFK \HV\tSDJH 
Fuijb\h^bfwlbgZi_j\uc\a]ey^Z[kljZdlgu_^ey]mfZgblZjb_\aZdhjxqdbg_baex[\bd
l_hjbbIjZdlbq_kdh_agZq_gb_ih^h[gh]hy\e_gbyklZgh\blkyihgylghdh]^Z\hagbdZ_l
g_h[oh^bfhklvihklZ\blvgZfhgblhjbg]kljZgbpukZclZbf_xs_]hih^h[gu_Ze]hjblfujZ[hlu
_^vwlhl^ebggucZ^j_ki_j\hckljZgbpuihemq_gguciml_fi_j_oh^ZgZ\lhjmxkljZgbpmb
\ha\jZlZkg__h[jZlghgZi_j\mxfh`ghihklZ\blvgZfhgblhjbg]
DZaZehkv[uijh[e_fZj_r_gZGhblmlg_bkdexq_gukeh`ghklbOhjhrhdh]^Zfh`ghi_j_clbk
i_j\hckljZgbpugZ\lhjmxZaZl_f\_jgmlvkyH^gZdhihg_dhlhjufaZijhkZfkljZgbpZ[u\Z_l
\k_]hh^gZihwlhfmi_j_clbkg__ijhklhg_dm^Zuoh^b\lZdhfkemqZ__klvIjZ\^Zhgg_kdhevdh
keh`g__l_oj_r_gbchdhlhjuoj_qvreZ\ur_Ij_^eZ]Z_fjZkkfhlj_lv^Zgguc\hijhk[he__
ih^jh[ghihkdhevdmkhhl\_lkl\mxs_cebl_jZlmjhcdZdgZfdZ`_lkyhgihdZ_s_ki_pbZevghg_
hk\_sZeky:djhf_lh]hgZmqblvkyklZ\blvih^h[gu_keh`gu_kljZgbpugZfhgblhjbg]hlgx^vg_
ihf_rZ_lwlhhq_gvwdhghfbl\j_fyIj_^eZ]Z_fh_j_r_gb_jZajZ[hlZghgZfbkh\f_klghk
mqZklgbdZfbnhjmfZgZkZcl_HUX\?dZl_jbg[mj]_bkhkemrZl_eyfbgZr_]hdmjkZFZjd_lbg]
jbkdh\b\hafh`ghkl_cdhgdmj_glgZyjZa\_^dZBlZdihklZjZ_fkyfZdkbfZevgh^hklmigh
baeh`blv\_kvZe]hjblf^_ckl\bcqlh[uhg[ueihgyl_gdZdfh`gh[he__rbjhdhfmdjm]m
ihevah\Zl_e_c
�eylh]hqlh[uj_rblvijh[e_fmihklZgh\dbgZZ\lhfZlbq_kdbcfhgblhjbg]kljZgbpdhlhju_
\u^Zxlky\hl\_lgZaZijhk\_^bgkl\_gghfwda_fieyj_ke_^m_lh[jZlblvkyd[Za_^ZgguolZdbf
h[jZahfqlh[ufh`gh[uehaZ\_^hfhjZkkqblu\ZlvgZj_amevlZlkhklhysbcba[he__q_fh^gh]h
j_kmjkZIjbf_gbl_evghdkZclZf\ZdZgkbcbj_axf_wlh^he`gu[ulvfZkkh\u_ki_pbZevghklb
AZ^Z^bfihbkdihijbagZdm ihdexq_\hfmkeh\m\fF_g_^`_jgZkljZgbp_ihbkdZj_axf_gZkZcl_
HUX jbk\f
Jbk\_^_gaZijhkihkeh\mF_g_^`_j\nhjf_ihbkdZj_axf_g_kZcl_HWLI
Ihemqb\j_amevlZli_j\mxkljZgbpmfulhqghlZd`_dZd\ij_^u^ms_fkemqZ_i_j_c^_fgZ
\lhjmxdebdgm\ihkkued_kghf_jhfkljZgbpu?_Z^j_k 85/\f\u]ey^bllZd
KWWSZZZHUXEXVLQHVVMREUHVXPHVHDUFKSKS"VH[ O\tNH\BZRUGV \b(&\b(\b('\b(\b(\b(\b(\b)
\tVHDUFKBE\ \tVKRZBIRU \tRUGHUBE\ \tVHDUFK \HV\tSDJH 
AZl_f\gh\v\_jg_fkygZi_j\mxkljZgbpmlhqghlZd`_debdgm\ihkkued_kljZgbpuIhke_
\lhjhc?_85/\u]ey^blke_^mxsbfh[jZahf wlhj_ZevgucZ^j_k\f
KWWSZZZHUXEXVLQHVVMREUHVXPHVHDUFKSKS"VH[ O\tNH\ZRUGV \b(&\b(\b('\b(\b(\b(\b(\b)
\tVHDUFKBE\ \tVKRZBIRU \tRUGHUBE\ \tVHDUFK \HV\tSDJH 
KjZ\gbl_Z^j_kZi_j\hcb\lhjhckljZgbpb^ghqlhhgbihqlbb^_glbqguaZbkdexq_gb_f
ihke_^g_]hagZdZ\lhjZykljZgbpZ\dhgp_Z^j_kZkh^_j`blpbnjmZi_j\ZypbnjmDklZlb
aZf_lbfqlhlj_lvykljZgbpZ[m^_lhdZgqb\ZlvkygZwlhih^l\_j`^_ghwdki_jbf_glZevgh
L_i_jvh[jZlbl_ih`ZemcklZ\gbfZgb_gZkZfgZ[hjkbf\heh\
\b(&\b(\b('\b(\b(\b(\b(\b)
HggZqbgZ_lkyihke_agZdZ baZdZgqb\Z_lkyi_j_^agZdhf\tWlhli_j_q_gvbij_^klZ\ey_l
kh[hckeh\hF_g_^`_jgZibkZggh_\hij_^_e_gghcdh^bjh\d_^ZgghfkemqZ_gZfg_\Z`ghdZd
hgZgZau\Z_lky]hjZa^hkms_kl\_gg__lhqlhwlhklZg^ZjlgZydh^bjh\dZdhlhjZyijbf_gy_lky\h
\k_okbkl_fZo?keb`_dhfmlhbaqblZl_e_cwlh\k_lZdbbgl_j_kghlhkhh[sZ_fqlhbf_gm_lky
hgZg_bgZq_dZd8UO(QFRGHZlhqlhklhblihke_agZdZijhp_glZdh^kbf\heZ\87)
GZmqb\rbkvjZa[bjZlvky\h\k_oijb\_^_gguogxZgkZo\ukfh`_l_Z\lhfZlbabjh\Zlvijhp_kk
kha^ZgbygZ[hjZkbf\heh\^eyih^h[guokeh`guokljZgbpIjbq_fbamqZlvdh^bjh\db^eywlh]h
kh\_jr_gghg_lj_[m_lky
Ijh\_^_fijhkl_crbcwdki_jbf_glgZ[_j_f\ihbkdh\hckljhd_Yg^_dkZkeh\h0DQDJHUZ\
hl^_evghfaZijhk_keh\hF_g_^`_jbkjZ\gbf85/ukljZgbpdhlhju_[m^mlihemq_gu\hl\_l
BlZdZ^j_kkljZgbpuihZg]ehyauqghfmaZijhkm0DQDJHU\u]ey^blke_^mxsbfh[jZahf
KWWSZZZ\DQGH[UX\DQGVHDUFK"VW\SH ZZZ\tQO \tWH[W 0DQDJHU
:\hllZd\u]ey^bl85/j_kmjkZihjmkkdhyauqghfmaZijhkmF_g_^`_j
KWWSZZZ\DQGH[UX\DQGVHDUFK"WH[W \b(&\b(\b('\b(\b(\b(\b(\b)\tVW\SH ZZZ
Hq_\b^ghqlhdh^bjh\Zggu_l_dklu\aZijhk_j_axf_gZkZcl_HbgZYg^_dk_ihkeh\mf_g_^`_j
b^_glbqgubbf_xl\b^
\b(&\b(\b('\b(\b(\b(\b(\b)
Fum`_jZkiheZ]Z_fijbf_jhfkbglZdkbkZkljhdbkljZgbpughf_jh^bgkkZclZHihaZijhkm
f_g_^`_j
KWWSZZZHUXEXVLQHVVMREUHVXPHVHDUFKSKS"VH[ O\tNH\ZRUGV \b(&\b(\b('\b(\b(\b(\b(\b)
\tVHDUFKBE\ \tVKRZBIRU \tRUGHUBE\ \tVHDUFK \HV\tSDJH 
Fh`ghijhba\hevghih^klZ\eylvex[h_gm`gh_keh\hij_^\Zjbl_evghihemqZy_]haZdh^bjh\Zggh_
gZibkZgb_\Yg^_dk_blZdbfh[jZahfijbgm^bl_evgh]_g_jbjh\ZlvgZkZcl_Hb_fmih^h[guo
j_kmjkZogm`gu_kljZgbpukgm`gufnhjfZlhfZ^j_kZdhlhjuc\ihke_^kl\bbl_ogbq_kdbfh`gh
klZ\blvgZZ\lhfZlbq_kdbcfhgblhjbg]
Ijh\_jbfwlhml\_j`^_gb_gZijbf_j_aZijhkZihdexq_\hfmkeh\m:\lhe_g^
GZibkZgb_keh\Z:\lhe_g^\85/_ihemq_ggh_kihfhsvxaZijhkZ\Yg^_dk_\u]ey^bllZd
\b&\b(\b)\b((\b(%\b(\b('\b(
?kebf_oZgbq_kdbih^klZ\blvwlhagZq_gb_\kljhdmaZijhkZihihbkdm\ZdZgkbcgZkZcl_H^ey
i_j\hckljZgbpu\u^ZqblhZ^j_k[m^_l\u]ey^_lvke_^mxsbfh[jZahf
KWWSZZZHUXEXVLQHVVMREUHVXPHVHDUFKSKS"VH[ O\tNH\ZRUGV \b&\b(\b)\b((\b(%\b(\b('\b(
\tVHDUFKBE\ \tVKRZBIRU \tRUGHUBE\ \tVHDUFK \HV\tSDJH 
dhlhjhckh^_j`Zehkvj_axf_dhgdj_lgh]hki_pbZebklZl_dkl_wlh]h^hdmf_glZ[ueZbgnhjfZpby
hlhfqlhq_eh\_d^_ckl\bl_evghjZ[hlZedh]^Zlh\dhfiZgbb:\lhe_g^
H^gZdhihfbfh\k_]hhibkZggh]h\ur_^he]h_\j_fykms_kl\h\ZeZ_s_ijh[e_fZbg^_dkZpbb
^bgZfbq_kdb]_g_jbjm_fuokljZgbpdhlhjZyhlghkbeZbodg_\b^bfhfmBgl_jg_lm
�bgZfbq_kdb_kljZgbpuwlhj_kmjkukha^Z\Z_fu_g_[hevrhcijh]jZffhckdjbilhf\fhf_gl
aZijhkZ[jZma_jZdk_j\_jmLZdZykljZgbpZqZklhbf__l\b^
DDDD"E [\tF \
]^_DDDDgZa\Zgb_kdjbilZZihke_"b^mliZjZf_lju\dexq_ggu_\aZijhkH[uqgh
^bgZfbq_kdb_kljZgbpuhij_^_eyxlkyiZmdhfgZlhfhkgh\Zgbbqlhhgbkh^_j`Zlkbf\heu
"\tb \85/
;hevrbgkl\hihbkdh\uokbkl_f^hg_^Z\g_]h\j_f_gbklZjZebkvh[oh^blvlZdb_kljZgbpuklhjhghc
ldiZmd\iheg_fh]gZgboaZ\bkgmlvgZ\k_]^Z\kbeml_ogbq_kdboijbqbgihlhfmqlhhg
g_ij_ju\ghiulZekyihk_lblvg_kms_kl\mxsb_kljZgbpuZ^j_kZdhlhjuoijZdlbq_kdb^h
[_kdhg_qghklbfh`_l]_g_jbjh\Zlvkdjbil
�bgZfbq_kdb_kljZgbpuhq_gvm^h[gu^eyijhba\h^kl\ZkZclh\bb]ghjbjh\Zlvbo[ueh[u
g_^Zevgh\b^ghIhwlhfm\ihke_^g__\j_fydjmig_crb_ihbkdh\u_kbkl_fuklZebh^gZaZ^jm]hc
h[ty\eylvhlhfqlhhgbgZqbgZxlbg^_dkbjh\ZlvlZdb_j_kmjkulZdqlhkZclh\dhlhju_
hlghkbebkvij_`^_dg_\b^bfhfmBgl_jg_lm\kbemlh]hqlhkh^_j`Zeb^bgZfbq_kdb_kljZgbpu
klZehf_gvr_
Ij_bfms_kl\Zg_\b^bfh]hBgl_jg_lZ
Ihbkdh\u_kbkl_fum^h[guihkdhevdmiha\heyxlijh\h^blvihbkdihdexq_\ufkeh\ZfH^gZdh
\k_ihimeyjgu_ihbkdh\bdblZdh]hieZgZ\jh^_Yg^_dkZ=m]eZbJZf[e_jZjZkkqblZgugZ
rbjhdmxZg_p_e_\mxZm^blhjbx
lh\j_fydZdg_\b^bfucBgl_jg_lbah[bem_lbklhqgbdZfbihk\ys_ggufbhij_^_e_gghcl_f_
hgbih^h[jZgubijh\_j_guki_pbZebklZfb\jmqgmxbihlhfm\[hevrbgkl\_kemqZ_\kh^_j`Zl
gZb[he__ihegmxbih^jh[gmxbgnhjfZpbxihdhgdj_lghfm\hijhkm
LZdgZkZcl_ijh_dlZJbniZjdjZkiheh`_gghfihZ^j_kmKWWSULISDUNUX\ufh`_l_hagZdhfblvky
kfZl_jbZeZfbihZd\Zjbmfbklbd_fgh]b_badhlhjuo\ayluba\b^bfh]hBgl_jg_lZbkh[jZgu
\f_kl_gZ^Zgghfj_kmjk_hp_g_guki_pbZebklZfbgZij_^f_ldhfi_l_glgh]hih^oh^Zdijh[e_f_b
ij_^klZ\e_gu\\b^_l_fZlbq_kdbodZlZeh]h\IjbwlhfqZklvfZl_jbZeh\badZlZeh]ZkZclZ
JbniZjdgZfhf_glgZibkZgbydgb]b[ueZg_ijhbg^_dkbjh\ZgZihbkdh\ufbfZrbgZfbg_kfhljy
gZlhqlh]eZ\gZykljZgbpZj_kmjkZijhbg^_dkbjh\ZgZ[ueZ
GZijbf_jnjZaZh^hjhkebh[uqghijb^ZxlZd\Zjbmfmg_wkl_lbqguc\b^ ohly\ijbjh^_hgb
\klj_qZxlkyih\k_f_klgh\fbebkem`Zlbg^bdZlhjhfiehoh]hdZq_kl\Z\h^u\aylZykwlh]hkZclZ
ijbihbkd_ihg_cbgnhjfZpbb\Yg^_dk_g_\u\_eZgZkgZkkuedmdhlhjZymdZau\ZeZ[ugZj_kmjk
ijh_dlZJbniZjd;uebgZc^_gu^jm]b_kZcluklZdbf`_l_dklhfWlh\b^ghgZjbk
JbkYg^_dkg_\b^blkZclZJbniZjdijbaZijhk_njZaukwlh]hkZclZ
DZdmdZau\Zxlwdki_jluihihbkdm\Bgl_jg_l_ihbkdh\u_fZrbguh[s_]hgZagZq_gbyihklhyggh
\u[bjZxlf_`^ml_fdZdhchl\_lij_^hklZ\blvkZfucijhklhckZfuciheguckZfuc
bgl_j_kguc i_j_q_gvdjbl_jb_\fh`ghijh^he`blv\iehlv^hgZbemqr_]h\fDZdfum`_
ihevah\Zl_eylZddZdbojZ[hlZbf__lhij_^_e_ggmxk_[_klhbfhklvIhbkdh\bddhff_jq_kdh_
ij_^ijbylb_gbq_]hm`lmlg_ih^_eZ_rv
K^jm]hcklhjhguijZ\bl_evkl\Zmq_[gu_aZ\_^_gbyb^jm]b_hj]ZgbaZpbbg_ij_ke_^mxsb_p_e_c
ihemq_gbyijb[uebhq_gvZdlb\ghbkihevamxlj_kmjkug_\b^bfh]hBgl_jg_lZLZdb_kZclug_
klZjZxlkym]Z^Zlvbgl_j_kudZ`^h]haZlhq_guih^ihlj_[ghklbij_^klZ\bl_e_chij_^_e_gghc
hljZkebbhq_gvqZklh^Zxliheguchl\_lgZ\hijhkgZdhlhjhfkh[kl\_gghbki_pbZebabjmxlky
Hl\_lwlhldZdijZ\behiha\hey_lijh\_klbbkq_jiu\Zxsbcihbkd\dhgdj_lghcij_^f_lghc
h[eZklbbhi_jZlb\ghh[gh\eylvj_amevlZlu
LZdbfh[jZahfg_j_^dhg_\b^bfucBgl_jg_lbf__lij_bfms_kl\Zi_j_^\b^bfuf
nhdmkbjm_lkygZmadhki_pbZevghfdhgl_gl_qlhiha\hey_l_fmh[_ki_qb\Zlv[he__ihegu_
j_amevlZlu
qZklhbf__lkhhl\_lkl\mxsbck\h_cl_f_ihbkdh\ucbgl_jn_ckhlq_]haZijhkufh]ml
gZkljZb\Zlvky[he__lhqghg_`_eb\ihbkdh\hcfZrbg_h[s_]hgZagZq_gbyZagZqblbhl\_lu
ihemqZxlky[he__j_e_\Zglgufb
wdhghfbl\j_fyZdjhf_lh]hfh`_lkh^_j`ZlvbgnhjfZpbxdhlhjZygb]^_[he__g_^hklmigZ
Wlhijhbkoh^bl\qZklghklbhllh]hqlh\dZlZeh]g_\b^bfh]hBgl_jg_lZ_]hwglmabZklug_j_^dh
\dexqZxlbgnhjfZpbx\aylmxba[Zau^ZgguodhlhjZyg_bg^_dkbjm_lkyihbkdh\ufbfZrbgZfb
eb[hihf_sZxlnhlh]jZnbx^hdmf_glZk^_eZggmxlZdbfbihevah\Zl_eyfbebqghDjhf_lh]h_keb
gZdZdhflhnhjmf_ihy\eyxlkybgl_j_kgu_k\_^_gbylhhgb\jy^_kemqZ_\ijhklhklbjZxlky
fh^_jZlhjhfbebkZfbfZ\lhjhfGh^hlh]hdZdbgnhjfZpbxmki_xlm[jZlvhgZaZnbdkbjm_lky
h^gbfbawglmabZklh\b[m^_lojZgblvkyaZl_fgZ_]hl_fZlbq_kdhfkZcl_
Dh]^Zbkihevah\Zlvg_\b^bfucBgl_jg_l
BlZdfufh`_fdhgklZlbjh\Zlvqlhijbihbkd_madhki_pbZevghcbgnhjfZpbbihke_ijhkfhljZ
lh]hqlh[m^_lij_^eh`_ghihbkdh\bdZfbke_^m_lg_ij_f_gghh[jZlblvkydki_pbZebabjh\Zgguf
j_kmjkZfHkh[_gghdh]^ZaZ^ZqZaZdexqZ_lkyg_\h^ghfebrvgZoh`^_gbbhl\_lZgZ\hijhk\jh^_
dZdhf]h^m[uehldjulDmlZbkkdbcZ\lhfh[bevgucaZ\h^" wlhdklZlbj_Zevguc\hijhkk
�NhjmfZYg^_dkZ@\fZih^jZamf_\Z_lk[hjfZdkbfZevghiheghcbgnhjfZpbbihlhcbebbghc
ijh[e_f_DZdm`_[uehkdZaZghqZklvk\_^_gbcgZlZdbokZclZofh`_lhlghkblvkyd\b^bfhfm
Bgl_jg_lmZqZklvdg_\b^bfhfm
?klvkfukeihiulZlvkyg_h]jZgbqb\Zlvkyihbkdh\ufbfZrbgZfbZhlijZ\blvkygZl_fZlbq_kdb_
kZclubihbkdZlvlZfbgnhjfZpbxdhlhjZyfh`_lhlghkblvkydG_\b^bfhfmBgl_jg_lm\
ke_^mxsbokblmZpbyo
Dh]^Z\uohjhrhhjb_glbjm_l_kv\ij_^f_l_
Ki_pbZebklu\k\h_f^_e_h[uqghagZxlh^bgbeb[he__j_kmjkh\dhlhju_jZkiheZ]Zxl
g_h[oh^bfhcbfbgnhjfZpb_cQZklvlZdboZ^j_kh\hlghkblkydg_\b^bfhfmBgl_jg_lm
Dhfi_l_glghklvq_eh\_dZ\bamqZ_fhfij_^f_l_h[_ki_qb\Z_l_s_h^ghij_bfms_kl\hgZklhysbc
ijhn_kkbhgZe[ukljhijboh^bldihgbfZgbxlh]hdZdb_dexq_\u_keh\Z^ZxlgZbemqrbcj_amevlZl
ijbihbkd_gm`guok\_^_gbcb\^jm]bo[ZaZo^Zgguo
Dh]^Z\uohjhrhagZdhfukhki_pbnbq_kdbfihbkdh\ufbgkljmf_glhf
G_dhlhju_j_kmjkug_\b^bfh]hBgl_jg_lZho\Zlu\ZxljZaebqgu_h[eZklbagZgbcghbf_xlijb
^hklbqvj_amevlZlh\emqrbog_`_ebl_dhlhju_[m^mlij_^klZ\e_guihbkdh\ufbfZrbgZfb
h[s_]hgZagZq_gbyhafh`ghklvlhqgh]hkhklZ\e_gbyaZijhkZiha\hey_lemqr_bkdZlvb]hedm\
klh]_k_gZWlhkijZ\_^eb\hb^eyjy^Zj_kmjkh\\b^bfh]hBgl_jg_lZQlh[um[_^blvky\wlhf
^hklZlhqghkjZ\gblvhl\_lgZaZijhkkfgh`_kl\hfiZjZf_ljh\dhlhjucfh`gh\\_klbgZijbf_j
ijbihbkd_gm`gh]hj_axf_gZkZcl_ihk\ys_gghfihbkdmjZ[hlubhl\_lugZlZdhc`_aZijhkd
ihbkdh\hcfZrbg_gZijbf_jdYg^_dkm
Dh]^Z\Zflj_[m_lkybkq_jiu\Zxsbcj_amevlZldhlhjucaZ\_^hfhijh\_j_gex^vfb
hjb_glbjmxsbfbky\bamqZ_fhch[eZklb
Ihbkdh\u_fZrbgug_kihkh[gukjZ\gblvkyihwlbfiZjZf_ljZfkj_kmjkZfbg_\b^bfh]hBgl_jg_lZ
=em[bgZbg^_dkbjh\Zgbyg_k\h_\j_f_gghklvnbevljZpbyj_amevlZlh\ijb\h^yldlhfmqlh
ihy\ey_lkyfgh]hrmfZIjh[e_fmmkm]m[ey_lhlkmlkl\b_m[hevrbgkl\Zihbkdh\uokbkl_f
bgkljmf_glh\lhgdhcgZkljhcdbaZijhkZBf_gghwlhldjbl_jbch^bgbahkgh\guogZgZr\a]ey^
ihdhlhjhfm=m]ebf_xsbch^gheh]bq_kdh_Bijhb]ju\Z_lYg^_dkmjZkiheZ]Zxs_fmZ`lj_fy
eh]bq_kdbfbB
Dh]^ZklhblaZ^ZqZihemqblvebrvk\h_\j_f_ggucdhgl_gl
KljZgbpug_\b^bfh]hBgl_jg_lZbl_fZlbq_kdb_j_kmjku\jy^_kemqZ_\h[gh\eyxlkyqZs_q_f
kljZgbpub^bj_dlhjbbbg^_dkbjm_fu_ihbkdh\ufbfZrbgZfbWlhk\yaZghkl_fqlh
^h[jh\hevpuwglmabZkluk[hevrbfj\_gb_fhlke_`b\Zxlbaf_g_gbygZl_fZlbq_kdbokZclZo\
hlebqb_hl[_kijbkljZklguobgbq_fg_bgl_j_kmxsbokyiZmdh\ihbkdh\uofZrbg
Iexkubfbgmku^bj_dlhjbcdZdkihkh[ZihbkdZbgnhjfZpbb\Bgl_jg_l_
G_aZ\bkbfhhllh]hd\b^bfhfmbebdg_\b^bfhfmBgl_jg_lmhlghkylky^bj_dlhjbbmgbo_klvjy^
h[sboiheh`bl_evguobhljbpZl_evguok\hckl\
�bj_dlhjbb\k_]^Zhlghkbl_evghg_\_ebdbihjZaf_jm\kjZ\g_gbbkh[sbfdhebq_kl\hf
bgnhjfZpbb^hklmighcq_j_aihbkdh\u_fZrbgu
Ihkdhevdm^bj_dlhjbbhl[bjZxlky\jmqgmxhgbihhij_^_e_gbxkh^_j`ZlbgnhjfZpbbf_gvr_
q_fex[Zyihbkdh\ZyfZrbgZH^gZdhlZdh_h]jZgbq_gb_bf__ldZdiexkulZdbfbgmku
Dij_bfms_kl\Zf^bj_dlhjbchlghkblkyboijyfZygZp_e_gghklvgZaZ^Zggmxijh[e_fmJ_^Zdlhj
dhlhjucijbgbfZ_lj_r_gb_h\dexq_gbbdZdbolh^Zgguo\l_fZlbq_kdmx^bj_dlhjbx^he`_g
hp_gblvkhhl\_lkl\b_wlhcbgnhjfZpbbl_f_bihwlhfm^eydZlZeh]Zhl[bjZxlkyebrv
\ukhdhdZq_kl\_ggu_kkuedbDjhf_lh]hddZ`^hcklZlv_\^bj_dlhjbbijbeZ]Z_lkyZgghlZpbyba
dhlhjhckjZamklZgh\blkyihgylghbf__lebkfukeihevah\Zl_exb^lbihdhgdj_lghckkued_\
ihbkdZohij_^_e_gghcbgnhjfZpbb
DfbgmkZfk\yaZggufkg_[hevrbfbjZaf_jZfb^bj_dlhjbcbh]jZgbq_gghcqbke_gghklvx
i_jkhgZeZdhlhjucboh[kem`b\Z_lhlghkblkyg_kihkh[ghklvj_^ZdlhjZihgylvgxZgkulhcbeb
bghcmadhcijh[e_fubdZdj_amevlZlbkdexq_gb_g_dhlhjuoih]jZgbqguo\hijhkh\bai_j_qgy
l_fGZ^hkdZaZlvqlhg_dhlhju_dZlZeh]bihrebihimlbhj]ZgbaZpbbhgeZcgh\hcwgpbdehi_^bb
bdbi_^bbdh]^ZkZfbihevah\Zl_ebj_rZxlqlhkhhl\_lkl\m_lZqlhg_khhl\_lkl\m_lbol_f_
LZdb_[Zau^ZgguoihemqZxlij_bfms_kl\hi_j_^ljZ^bpbhggufbdhlhju_dhgljhebjmxlky
ebfblbjh\ZggufrlZlhfj_^Zdlhjh\Qlhbgl_j_kghi_j\hgZqZevghkms_kl\h\ZebhiZk_gbyqlh
ih^h[gu_\hafh`ghklbijZ\hdijb\_^mldihy\e_gbxlhlZevghcZgZjobbDZdb\kblmZpbbk
J_^ZdlhjkdZyiheblbdZ[u\Z_lhq_gvkm[t_dlb\ghc
Ohlyj_^Zdlhjkdb_klZg^Zjlubdjbl_jbbhl[hjZbgnhjfZpbbaZy\e_gum`_gZ\oh^_\dZ`^mx
^bj_dlhjbx^jm]b_nZdlhjulZd`_fh]ml\ebylvgZdZq_kl\h__kh^_j`bfh]hLZdmj_^ZdlhjZ
fh]ml[ulvex[bfu_bg_ex[bfu_l_fuhldjuluodZlZeh]Zofh`_l[ulvkh[jZghfgh]h
bgnhjfZpbbghlZdhcki_pbZebklbf__l\hafh`ghklvgZijbf_jm[jZlv^Zggu_hdhgdmj_gl_
OhjhrZy^bj_dlhjbyklZjZ_lkykhojZgblvh[t_dlb\ghklvbij_^hklZ\blvjZagu_lhqdbaj_gby
h^gZdh^Ze_dhg_\k_]^Zwlhm^Z_lkyk^_eZlvgZijZdlbd_
G_k\h_\j_f_gghklv
Fum`_]h\hjbebqlhgZki_pbZebabjh\ZgguokZclZo[eZ]h^ZjyjZ[hl_wglmabZklh\^hklZlhqgh
hi_jZlb\ghhlke_`b\Zxlkybaf_g_gbyihl_fZlbq_kdbf\hijhkZfH^gZdhwlhijhbkoh^blg_\k_]^Z
Dkh`Ze_gbxg_j_^dhZ^j_kZbkh^_j`bfh_kljZgbpfh]mlf_gylvkykh\j_f_g_fgh^Ze_dhg_
\k_]^ZwlhgZoh^blhi_jZlb\gh_hljZ`_gb_\kh^_j`Zgbb^bj_dlhjbbL_hj_lbq_kdbaZwlbf^he`_g
ke_^blvj_^Zdlhjh^gZdhgZijZdlbd_\k_ih^qZkkdeZ^u\Z_lkybgZq_ohly[u\kbem[ZgZevghc
g_o\Zldb\j_f_gbk\yabkwlbffgh]b_bagboijhkylkhh[sZlvhlZdgZau\Z_fuo[bluob
m^Ze_gguokkuedZoghl_Z^j_kZdhlhju_ihk_sZxlkyfZehfh]ml[ulvijhims_gubg_
hlke_`_gukihfhsvxwlh]hnbevljZ
Djhf_lh]hg_j_^dhdZjlbgm\dZlZeh]ZoihjlbllZdlbdZg_dbo^hj\__\HgZgZp_e_gZgZlhqlh[u
aZfZgblvgZk\hckZclihevah\Zl_eydhlhjuc[jh^blihBgl_jg_lm\ihbkdZohij_^_e_ggh]h
dhgl_glZZaZl_fi_j_[jhkblv_]hgZ^jm]hckZcljZ^bijbgm^bl_evgh]hihk_s_gbydhlhjh]h
i_j\uckZclkh[kl\_gghbkha^Z\ZekyZihke_q_]hjZkdjmqb\ZekyG_^h[jhkh\_klguc
Z^fbgbkljZlhjlZdh]hkZclZfh`_l^h`^Zlvkydh]^Z_]hkZclkhhl\_lkl\mxsbcl_f_dZlZeh]Z
hdZ`_lky\dexq_g\l_fZlbq_kdbcdZlZeh]ZaZl_fklZ\bllZdgZau\Z_fucj_^bj_dl
i_j_gZijZ\e_gb_\fgZkZclgZijbf_jihjgh]jZnbq_kdh]hkh^_j`ZgbyBf_gghbaaZwlhc
l_ogheh]bbex^bdhlhju_bsmlgZijbf_jijh]jZffgh_h[_ki_q_gb_^eyfh[bevguol_e_nhgh\
qZklhijbi_j_oh^_ihkkued_hdZau\ZxlkygZkZcl_we_dljhggh]hdZabghbebgZj_kmjk__
ij_^eZ]Zxs_fbglbfgu_mkem]b
I_j_dhkbgnhjfZpbb\h^gmklhjhgm
�bj_dlhjbbfh]mlg_hljZ`Zlvj_Zevgh]h[ZeZgkZbgnhjfZpbbkh^_j`Zs_cky\Bgl_jg_l_
�ihkdhevdmbgnhjfZpbyhlnbevljh\u\Z_lkyaZ\_^hfhij_^\aylhey^bj_dlhjbcbf_xsbomadmx
gZijZ\e_gghklvwlhg_y\ey_lkyg_^hklZldhfkdhj__gZh[hjhl:\hl^ey^bj_dlhjbch[s_]h
gZagZq_gbywlhdjblbqghKblmZpbxmkm]m[ey_llhh[klhyl_evkl\hqlhg_dhlhju_jZkdjmq_ggu_
j_kmjku[_jmlieZlmaZ\dexq_gb_gh\uokZclh\\k\hbdZlZeh]bqlhfh`_lijb\h^blvd
bkq_agh\_gbx^_ckl\bl_evghgm`gh]hdhgl_glZbaZf_g__]hgZ[_kihe_agucghijhieZq_gguc\
j_deZfguop_eyo
K^jm]hcklhjhgudZdg_^hklZlhdlZdbba[ulhdbgnhjfZpbbfh]mlkha^Z\Zlvijh[e_fulZddZd
i_j_gZkus_gb_K_lbfZl_jbZeZfbaZf_lghmkeh`gy_lijhp_^mjmihbkdZgm`gh]hj_kmjkZ
Ijbf_jhfi_j_]jm`_gguo^bj_dlhjbckh^_j`Zsbolukyqb^hdmf_glh\fh`_lkem`blvdZl_]hjby
Ijhba\h^kl\hbihklZ\db\Yg^_dk_dhlhjZygZfhf_glgZibkZgbydgb]b\dexqZeZkkuehd
HlqZklbmdZaZggZyijh[e_fZj_rZ_lkyaZkq_lohjhr_]hkljmdlmjbjh\ZgbyfZl_jbZeZh^gZdhwlhg_
ba[Z\ey_lihevah\Zl_eyhlg_h[oh^bfhklbaZljZqb\ZlvgZihbkdg_fZeu_mkbeby
DjbkR_jfZgb=wjbIjZck_s_\]\u^_ebebhkgh\gu_dZl_]hjbbhgeZcgh\hcbgnhjfZpbb
dhlhjZyqZs_\k_ohklZevguok\_^_gbchlghkblkydg_\b^bfhfmBgl_jg_lm\lhcbebbghc
kl_i_gb
Fu[uj_dhf_g^h\ZebfZl_jbZeuih^h[gu_ijb\_^_ggufgb`_bkdZlvg_lhevdhbg_klhevdhq_j_a
bgnhjfZpbhggu_kbkl_fukdhevdhq_j_aki_pbZebabjh\Zggu_kZcluIjbwlhfkZfblZdb_
madhgZijZ\e_ggu_j_kmjku bo]eZ\gu_kljZgbpuZg_kh^_j`bfh_\ffh`ghmki_rghhlukdZlvijb
ihfhsbl_o`_bgnhjfZpbhgguokbkl_f
FuihiulZebkvijhZgZebabjh\ZlvgZkdhevdhbaf_gbeZkvkblmZpbyihkjZ\g_gbxklhcqlh[ueZ
hibkZgZR_jfZghfbIjZckhfZlZd`_ijh\_jblvdZdh[klhyl^_eZkih^h[gufblbiZfbj_kmjkh\\
jmkkdhyauqghcqZklbBgl_jg_lZ
BgnhjfZpbyhdhfiZgbyoh[yaZl_evgZy^eyjZkdjulby
hfgh]bokljZgZodhfiZgbbZdpbbdhlhjuoim[ebqghijh^Zxlkyh[yaZguij_^hklZ\eylv
hij_^_e_ggmxbgnhjfZpbxhk_[_gZijZ\bl_evkl\_ggu_kZclubebkZcluh[s_kl\_gguo
hj]ZgbaZpbcLZdb_j_kmjkug_j_^dhiha\heyxlhj]Zgbah\Zlvbgnhjfbjh\Zgb_ihwe_dljhgghc
ihql_h[baf_g_gbyobgnhjfZpbbhdZdhceb[hdhfiZgbbJhkkbbdlZdbfkZclZfhlghkblkykZcl
ijh_dlZKDJBGKWWSZZZVNULQUXLVVXHUV
Ghf_jZl_e_nhgh\
Dg_\b^bfhfmBgl_jg_lmqZklhhlghkyllZdgZau\Z_fu_;_eu_kljZgbpubeb:KLWH3DJHV
kijZ\hqgbdbkh^_j`Zsb_bgnhjfZpbxhl_e_nhgZohl^_evguoex^_c\fgZijbf_jkijZ\hqgbd
jZkiheh`_ggucihZ^j_kmKWWSLQWHUZHEVSEUXSKRQH
KhklZ\e_gb_dZjl^ey\h^bl_e_c
Dhgdj_lgZydZjlZkhklZ\ey_lkyihaZijhkm
Ijbf_ju
KWWSZZZZD\LQQHWFRPUVHUYLFHPKWP
KWWSWUXFNPDUNHWUXWFSKS
KWWSZZZOLFDUGUXZZZLQWUDOLFDUGBUXBURXWHQVI5RXWH3ODQQLQJ"2SHQ)RUP\tODQJ 58
IZl_glu
Ihbkdih[ZaZf^ZgguoiZl_glh\\Jhkkbbij_^hklZ\ey_lky\qZklghklbgZkZcl_JhkiZl_glZ
KWWSZZZILSVUXUXVVLWH
Dgb]bdhlhju_[hevr_g_i_qZlZxlky
Dgb]bdhlhju_[hevr_g_i_qZlZxlkyghij_^klZ\eyxlbgl_j_k^eyqblZl_e_c_klv\k_]^ZBwlhg_
h[yaZl_evghZglbd\ZjbZlG_j_^dhex^bbsmllZdmxebl_jZlmjmijhklhba`_eZgbykwdhghfblv
�hkh[_ggh_kebj_qvb^_lh[bghkljZgghci_qZlghcijh^mdpbbeym^h\e_l\hj_gbylZdh]hkijhkZ
kha^Zguki_pbZebabjh\Zggu_kZclu
GZijf_jZf_jbdZgkdbcj_kmjkKWWSZZZDOLEULVFRPbebjhkkbckdbcKWWSZZZDOLEUX
;b[ebhl_qgu_dZlZeh]b
KWWSZZZEHQUDQUX/LEBNDWKWP
DZlZeh]b[b[ebhl_dJhkkbbdZlZeh]bJhkkbckdhc]hkm^Zjkl\_gghc[b[ebhl_db
dZlZeh]bJhkkbckdhcgZpbhgZevghc[b[ebhl_db KZgdlI_l_j[mj]\f
dZlZeh]b=IGL;JN \dexqZyJhkkbckdbcK\h^gucDZlZeh]ihgZmqghl_ogbq_kdhcebl_jZlmj_\f
dZlZeh]bP_gljZevghcgZmqghck_evkdhohayckl\_gghc[b[ebhl_db
dZlZeh][b[ebhl_dbF=M
DZlZeh]baZjm[_`guo[b[ebhl_d
;b[ebhl_dZDhg]j_kkZKR:
;jblZgkdZy[b[ebhl_dZ
KibkdbBgl_jg_ldZlZeh]h\[b[ebhl_dfbjZ
dZlZeh]bgZpbhgZevguo[b[ebhl_dfbjZ JhkkbckdZygZpbhgZevgZy[b[ebhl_dZ\f
/LE'H[7KH/LEUDU\,QGH[/LE:HE&DWV$GLUHFWRU\RIOLEUDULHVWKURXJKRXWWKHZRUOG
Lhedh\u_keh\Zjbbebkeh\ZjbbghkljZgguokeh\ba\_klguoZ\lhjh\jZaf_s_ggu_gZdjmiguo
ihbkdh\uoj_kmjkZo\dZq_kl\_^hihegbl_evghcmkem]b^eyihevah\Zl_e_c
�&#x;�_ckl\bl_evghihiuldbgZclbagZq_gb_keh\ZdZlZeh]\keh\Zj_Zeyq_j_aYg^_dkKeh\Zjb
�m\_gqZebkvmki_ohf;ueihemq_gl_dklbak^h\ZjyZey
D:L:EH=fjhkibkv\_^hfhklvbebi_j_ibkvhkh[_gghdgb]Zf
DZlheh`gucddZlZeh]mhlghkys
IhiuldZgZclbwlh`_hij_^_e_gb_kbkihevah\Zgb_fqZklbl_dklZ kihfhsvxhi_jZlhjZ^\hcgu_
dZ\uqdb\flZd`_^ZeZiheh`bl_evgucj_amevlZlghgZ^jm]bokZclZog_bf_xsbohlghr_gbyd
Yg^_dkm jbk\f
JbkKeh\hDZlZeh]gZc^_ghgZ^jm]bokZclZoijbihbkd_q_j_aYg^_dk
IhiuldZijbgm^bl_evghbkdZlvwlm`_qZklvl_dklZbf_gghgZkZcl_Yg^_dkZkihfhsvxhi_jZlhjZ
UKRVWg_^ZeZj_amevlZlZ
Bklhjby[bj`_\uodhlbjh\hd
Fgh]b_ex^bkqblZxlqlh[bj`_\u_^Zggu_wlhg_^he]h\_qgZybgnhjfZpbydhlhjZy[ukljh
l_jy_lk\hxp_gghklvH^gZdh^eyZgZeblbdh\khklZ\eyxsbolj_g^uwlbk\_^_gbyg_h[oh^bfu
dZq_kl\_ijbf_jZijb\_^_fhibkZggucR_jfZghfbIjZckhfkZcl%LJ&KDUWVij_^klZ\e_ggucgZ
jbkbjZkiheh`_ggucihZ^j_kmKWWSZZZELJFKDUWVFRPKLVWRULFDO
JbkBklhjby[bj`_\uodhlbjh\hdgZkZcl_%LJ&KDUWV
�jm]bfijbf_jhfkem`blZjob\dhlbjh\hd)RUH[gZj_kmjk_dhfiZgbb80,6gZoh^ys_fkyih
Z^j_kmKWWSZZZXPLVUXTXRWHVBDUFK
Bklhjbq_kdb_^hdmf_glubjbkmgdb
Fgh]b_bklhjbq_kdb_^hdmf_gluijbkmlkl\mxl\Bgl_jg_l_ebrvdZdbah[jZ`_gby
hlkdZgbjh\Zggu_khjb]bgZeZGhjbkmgdbiehohjZkihagZxlkyihbkdh\ufbfZrbgZfbDZd
gZijbf_jFZgbn_klh[hkgh\ZgbbJmkkdh]hbklhjbq_kdh]hH[s_kl\ZfZy]\KZgdl
I_l_j[mj]_kkZclZKWWSZZZUXVVN\PLUUXRXWSKS"FDW 
�bj_dlhjbbhl^_evguodhfiZgbc
Ijbf_jhffh`_lkem`blvkZclJ:H?WKKWWSZZZUDRHHVUXUX]^__klvkkuedZgZkljZgbpm
KZclu^hq_jgbobaZ\bkbfuoh[s_kl\
Wdhghfbq_kdZybgnhjfZpby
IjZ\bl_evkl\Zb]hkm^Zjkl\_ggu_mqj_`^_gbykh^_j`Zlp_emxZjfbxklZlbklbdh\dhlhju_
ijh\h^ylfhgblhjbg]wdhghfbq_kdhckblmZpbbWlhfm\hijhkmihk\ys_gkZclJhkklZlZgZdhlhjhf
kh[jZgu^Zggu_ihl_fZfKWWSZZZJNVUXZSVSRUWDO
�eyihbkdZkhljm^gbdZbebjZ[hluihbkdh\u_kbkl_fug_hkh[_gghih^oh^ylj_amevlZludhlhju_
hgbijbwlhf^_fhgkljbjmxlg_kZfu_\i_qZleyxsb_dZdihj_e_\ZglghklblZdbklhqdbaj_gby
ljm^h_fdhklbih^h[guokemqZyodijbf_jmg_ebrg_[ueh[uh[jZlblvkydh^ghcba
fgh]hqbke_gguo[Za^ZgguodhlhjZygZoh^blkygZki_pbZevghfj_kmjk_ihk\ys_gghfihbkdm
jZ[hluWlhfh]ml[ulvKWWSZZZVXSHUMREUXKWWSPHJDMREUXbebex[hc^jm]hcih^h[gucbf
j_]bhgZevgufcj_kmjkLZdb_kZcluh[uqghfh`ghgZclbgZkZclZo]hjh^h\bebh[eZkl_c
GZijbf_jihbkdmjZ[hlubeb\ZdZgkbcihk\ys_gkZclKZfZjuKWWSZZZUXMRELQGH[SKS
Bgkljmf_gluihi_j_\h^m
HgeZcgh\u_i_j_\h^qbdbh[_ki_qb\Zxlp_gguck_j\bkdh]^Zi_j_\h^yll_dklp_euo\_[kljZgbpk
yaudZdhlhjuc\Zfg_agZdhfLZdhci_j_\h^qbdihke_\\h^Z\ki_pbZevgh_ihe_85/kljZgbpu
b^_lihmdZaZgghfmZ^j_kmi_j_\h^bl\_kvl_dklgZ`_eZ_fucyaudbihdZau\Z_l\[jZma_j_dZd
^bgZfbq_kdbk]_g_jbjh\Zgguc^hdmf_glLZdhck_j\bkij_^hklZ\ey_lkyfgh]bfbhgeZcgh\ufb
i_j_\h^qbdZfbijbf_jhffh`_lkem`blvi_j_\h^qbd%DEHO)LVK7UDQVODWLRQhlihbkdh\hcfZrbgu
$OWD9LVWDKWWSZRUOGDOWDYLVWDFRP
�Zggu_hih]h^_
Kms_kl\m_lfgh`_kl\hkZclh\ki_pbZebabjmxsbokygZbgnhjfZpbbhih]h^_h^gZbalZdbokem`[
bgl_]jbjh\ZgZ\Yg^_dkbjZkiheh`_gZihZ^j_kmKWWSZHDWKHU\DQGH[UX
=Ze_j_bbkdmkkl\
JbkIjhkfhljdZjlbggZkZcl_WjfblZ`Z
Fgh]b_]Ze_j_bgZqbgZykdjmig_crbobaZdZgqb\Zydjhr_qgufb\k_qZs_biheg__
hpbnjh\u\Zxlk\h_kh[jZgb_ijhba\_^_gbcb^_eZxl_]h^hklmigufhgeZcgEmqrbckihkh[
m\b^_lvwdkihgZlulZdh]hjh^Zwlhihk_lblvj_kmjkugZih^h[b_ij_^klZ\bl_evkl\ZWjfblZ`Z\
Bgl_jg_l_ jbk\fdhlhjh_ih^^_j`b\Z_lkyijbmqZklbbdhfiZgbb,%0KWWSKHUPLWDJHPXVHXPUX
Bgl_j_kgucbi_jki_dlb\gucgZgZr\a]ey^wdki_jbf_glijh\h^blgZkZcl_WjfblZ`Z,%0LZf
ij_^klZ\e_gZkbkl_fZihbkdZbah[jZ`_gbcihp\_lh\ufnjZ]f_glZfjZkiheh`_gguf\
hij_^_e_gghff_kl_ihehlgZKWWSKHUPLWDJHPXVHXPUXIFJL
ELQGEZZZTELF6HDUFKPDFTELF"VHO/DQJ 5XVVLDQ
�_lZevgh_hibkZgb_wlh]hbgkljmf_glZijb\_^_ghgZkZcl_bfug_[m^_fgZg_fhklZgZ\eb\Zlvky
hlf_lbfebrvqlhihevah\Zgb_wlbfihbkdh\ufbgkljmf_glhf,%0lj_[m_lhlq_eh\_dZbajy^guo
om^h`_kl\_gguogZ\udh\
Q_]h\hh[s_h[uqghg_[u\Z_l\Bgl_jg_l_
Bgl_jg_lihy\bekyhlghkbl_evghg_^Z\ghH^gZdhg_kfhljygZklj_fbl_evgh__]hjZa\blb_^Ze_dh
g_\k_^hdmf_glukha^Zggu_ex^vfbmki_ebh[j_klbhpbnjh\Zggh_h[ebqb_bihiZklv\K_lv
DZ`^uc^_gvwlZkblmZpbymemqrZ_lkyohlygZgZr\a]ey^^hj_r_gbyijh[e_fu_s_^Ze_dh
Hkgh\gu_\b^ubgnhjfZpbbdhlhjmx\Bgl_jg_l_g_evaygZclb\ijbgpbi_ij_^klZ\e_gugb`_\
khhl\_lkl\bbkdeZkkbnbdZpb_cR_jfZgZbIjZckZ
G_dhlhju_[Zau^ZgguobbgnhjfZpbhggu_k_j\bkudhlhju_^hklmigugZieZlghchkgh\_bg_
\udeZ^u\Zxlky\eZ^_evpZfb\Bgl_jg_l
H]jZgbq_gb_^hklmiZdwlhcdZl_]hjbbk\_^_gbcgZb[he__ihgylghAZdhghf_jghqlh[Zam^Zgguo
J_]bkljZpbhgghciZeZlu\K_lbg_gZc^_rvHgZgZoh^blkyeb[h\kZfhcJ_]bkljZpbhgghciZeZl_
[ulvg_^he`gh
Fgh]b_]hkm^Zjkl\_ggu_bh[s_kl\_ggu_^hdmf_glu
Dhgp_ipbypbnjh\h]hijZ\bl_evkl\Zijh\ha]eZr_gZh^gZdhhgh^hkboihjg_ihy\behkvFgh]b_
^hdmf_gludhlhju_\hagbdebaZ^he]h^hbah[j_l_gbyBgl_jg_lZgbdlhbg_^mfZei_j_\h^blv\
pbnjh\hcnhjfZlbkhhl\_lkl\_gghim[ebdh\Zlv\Bgl_jg_l_GZb[he__keh`ghchklZ_lkykblmZpby
kj_]bhgZevgufbijbdZaZfbg_dhlhjuo\_^hfkl\LZdijbdZaJhkihlj_[gZ^ahjZK\_j^eh\kdhc
h[eZklbihh^ghfmba\Z`g_crbo^eyex[h]h[bag_kZ\hijhkh\[uegZfhf_glgZibkZgbydgb]b
g_^hklmi_g\K_lb\ijbgpbi_ZjZa^_ekZclZJhkihlj_[gZ^ahjZ\dhlhjhfhgihb^__^he`_g[ue
ojZgblvky\hldjulhf^hklmi_gZoh^beky\klZ^bbjZajZ[hldb
:gZeblbq_kdZybgnhjfZpbydhlhjZyijh^Z_lkyaZ^_gv]b
Fgh]b_hlq_luhfZjd_lbg]h\uobkke_^h\Zgbyobebihegu_l_dklulj_gbg]h\ijh\h^bfuo
ba\_klgufbki_pbZebklZfbg_ihiZ^Zxl\Bgl_jg_lihlhfmqlhZ\lhjuijh^Zxlbo
g_ihkj_^kl\_gghk\hbfdeb_glZfbkhagZl_evghij_iylkl\mxlihy\e_gbxwlbofZl_jbZeh\hgeZcg
Ihegu_l_dklufgh]bo`mjgZeh\b]Za_l
G_\k_fZl_jbZeui_j_\_^_gu\pbnjmQZklvfZl_jbZeh\hklZ_lkyg_i_j_\_^_gghcbaaZlh]hqlh
�ijhklh^hgbog_^hrebjmdbjm]ZyqZklvhkh[_gghaZjm[_`hfihlhfmqlhg_\k_]^Zm^Z_lky
mj_]mebjh\ZlvZ\lhjkdb_ijZ\ZihklZjuffZl_jbZeZf?klv_s_l_ogbq_kdZyijh[e_fZg_dhlhju_
fZl_jbZeugZ[mfZ`guoghkbl_eyolj_[mxlmkbebcbfZl_jbZevguoaZljZlih\hkklZgh\e_gbx
l_dklZihkdhevdm^hdmf_glunbabq_kdbbaghr_gubljm^ghqblZ_fuDjhf_lh]hg_dhlhju_Zjob\u
ijhklhg_khojZgbebkv\kbemjy^ZijbqbgdZdgZijbf_jqZklvZjob\ZDhfkhfhevkdhcijZ\^u
mgbqlh`_ggZy\h\j_fyih`ZjZ
I_qZlgucfZl_jbZeg_ihiZ^Ze\Bgl_jg_lihlhfmqlhgbdlhbaex^_c\eZ^_xsbof_lh^Zfb_]h
i_j_\h^Z\pbnjh\hcnhjfZlbihke_^mxs_]hjZaf_s_gby\K_lbihdZqlhwlbfbl_dklZfbg_
aZbgl_j_kh\Zeky
DZd]h\hjblkyjmdbg_^hrebGbmdh]hBihlj_[ghklbg_\hagbdehhpbnjh\u\Zlvlhlbebbghc
^hdmf_glDZdke_^kl\b_gZclb_]hfh`ghebrv\[b[ebhl_d_kihfhsvx[b[ebhl_qguodZlZeh]h\
Hp_gdZ^hklh\_jghklbbdZq_kl\ZhgeZcgh\hcbgnhjfZpbb
Bgl_jg_l^hklmi_gex[hfmq_eh\_dmg_aZ\bkbfhhllh]hjZa[bjZ_lkyebhg\ij_^f_l_ihih\h^m
dhlhjh]h\ukdZau\Z_lkybebg_lIhfbfhhldjh\_gghaZ[em`^Zxsbokyex^_ckj_^bihevah\Zl_e_c
K_lb\klj_qZxlkyblZdb_dlhgZf_j_gghjZkijhkljZgy_leh`gmxbebbkdZ`_ggmxbgnhjfZpbx
?s_h^gZijh[e_fZ\Bgl_jg_l_g_\k_]^Zfh`ghmklZgh\blv^Zlmim[ebdZpbbfZl_jbZeZbaaZq_]h
k\_^_gbyfh]mlhdZaZlvkymklZj_\rbfbbku]jZlvkdhj__^_abgnhjfbjmxsmxjhev
Ihkdhevdmwlbijh[e_fuoZjZdl_jgu\lhcbebbghckl_i_gbdZd^ey\b^bfh]hlZdb^ey
g_\b^bfh]hBgl_jg_lZlj_[m_lkydjblbqghih^oh^blvdgZc^_gghc\Bgl_jg_l_bgnhjfZpbb\h\k_o
kemqZyo[_abkdexq_gby
�eylh]hqlh[ug_hdZaZlvky\\_^_gguf\aZ[em`^_gb_ke_^m_l\kydbcjZah[jZsZlv\gbfZgb_gZ
jy^ijbgpbibZevguofhf_glh\
DhfmijbgZ^e_`blj_kmjkgZdhlhjhfjZkiheh`_gZbgnhjfZpby
DlhbkdZdhcp_evxihf_sZ_lfZl_jbZeugZkZcl"?kebwlhdhjihjZlb\guckZcllhhgh[uqgh^Z_l
^h\hevghijZ\^b\mxbgnhjfZpbxh[Z^j_kZobl_e_nhgZoZlZd`_hghf_gdeZlmj_\uimkdZ_fhc
aZfZeqb\Zlvbebij_mf_gvrZlv
?kebkZclih^^_j`b\Z_lky]hkm^Zjkl\_gghckljmdlmjhcbebmq_[gufaZ\_^_gb_fb\hijhku
dhlhjufhgihk\ys_gg_fh]mlijbqbgblv\j_^ZbebgZijhlb\ijbg_klbijyfhc\u]h^uwlbf
hj]ZgbaZpbyflhkl_i_gv^hklh\_jghklbij_^hklZ\ey_fhcbfbbgnhjfZpbbh[uqgh^hklZlhqgh
\ukhdZ
?keb`_j_kmjkijbgZ^e_`blhl^_evghfmq_eh\_dmlh\Z`ghihklZjZlvkymagZlvdlhwlhlq_eh\_d
GZijbf_jjZagmxkl_i_gv^h\_jbybf__lbgnhjfZpbyhg_dhlhjuoZki_dlZojZ[hluYg^_dkZ
dhlhjZyfh`_l[ulvhim[ebdh\ZgZgZebqghf[eh]_BevbK_]Zeh\bqZ^bj_dlhjZihl_ogheh]byfb
jZajZ[hld_Yg^_dkZjZkiheh`_gghfihZ^j_kmKWWSLVHJOLYHMRXUQDOFRPbbgnhjfZpbygZ[eh]_
gbdhfmg_ba\_klgh]hihevah\Zl_eymdhlhjh]hkeh\hYg^_dkklhbljy^hfkhkeh\hf:plhcb
jZkiheh`_ghkjZamihke_njZauQhlZYZlq_lZijZwlmlmkmijZqblZeZdZ[mlZlmku[ueZ_
klbebklbdZbhjnh]jZnbykhojZg_guih^ebggu_\f
Dkh`Ze_gbx^h\hevghqZklhg_ly\guoijbagZdh\iha\heyxsbok^_eZlv\u\h^hdhfi_l_glghklbb
[_kijbkljZklghklbZ\lhjZebqghckljZgbqdbihwlhfmki_pbZebkluj_dhf_g^mxlijbkfZljb\Zlvkyd
g_dhlhjufkms_kl\_gguf\^ZgghfkemqZ_oZjZdl_jbklbdZf
DlhZ\lhjkljZgbqdbihijhn_kkbbkdhevdh_fme_l]^_hg`b\_l"
DZdh\Z_]h[bh]jZnby"
Baq_]hke_^m_lqlhwlhlq_eh\_djZa[bjZ_lky\\hijhkZohdhlhjuo]h\hjbl"
?klvebmg_]h^hklb`_gby\lhch[eZklbdhlhjhchgdZkZ_lky"
?klvebdhglZdlgZybgnhjfZpbydhlhjZyiha\hey_lk\yaZlvkykZ\lhjhf"
Ih^l\_j`^Z_lkyebbgnhjfZpbygZwlhfj_kmjk_fZl_jbZeZfb^jm]bobklhqgbdh\"
GZ^hkdZaZlvqlhwlbdjbl_jbbke_^m_ljZkkfZljb\Zlv\dhfie_dk_hafh`ghklhblihiulZlvky
k\yaZlvkykZ\lhjhf\kljh_ggufbkj_^kl\Zfblh]hj_kmjkZgZdhlhjhf\u\b^bl__]hbgnhjfZpbx
gZijbf_jgZibkZlv\dhff_glZjbyod[eh]m\f
DZ`^ucbai_j_qbke_gguofhf_glh\ihhl^_evghklbg_evaygZa\Zlvhij_^_eyxsbfihkdhevdm
�gZijbf_j_gbk OLYHXVHU\fgZibkZ\rbcbih^^_j`b\Zxsbc\ZdlmZevghfkhklhygbbemqrmxgZ
gZr\a]ey^klZlvxhyaud_ihbkdh\uoaZijhkh\Yg^_dkZhldZau\Z_lkyjZaf_sZlvgZkh[kl\_gghf
[eh]_^Z`_Z^j_kk\h_cwe_dljhgghcihqlug_]h\hjym`_hghf_j_l_e_nhgZ
H^gZdhm\_j_gghfh`ghkdZaZlvqlh_kebZ\lhjbl_lghklvZ\lhjZijh\_jblvg_m^Z_lkylhbklhqgbd
g_evaykqblZlv^hklh\_jguf^Z`__kebdZ`_lkyqlhhg\gmrZ_l^h\_jb_
DlhkkueZ_lkygZwlhlbklhqgbd"
Kkuedbba\g_gZbamqZ_fucj_kmjkfh]mlfgh]h_hg_fjZkkdZaZlvDh]haZbgl_j_kh\Zehkh^_j`bfh_
kZclZdhlhjucijb\e_db\Zr_\gbfZgb_"Ihq_fmhgbbfbgl_j_kmxlky"IjZ\^Zkkuedbijb\k_c
bo\Z`ghklbg__^bgkl\_ggucdjbl_jbcFgh]b_Z\lhjuijhklhg_mki_ebklZlvba\_klgufbeb[h
jZ[hlZxl\klhevmadhch[eZklbqlhh[rbjghcZm^blhjbbhgZbagZqZevghg_ij_^iheZ]Z_lIhwlhfm
fu[ukdZaZebqlh[hevrh_dhebq_kl\hkkuehdgZj_kmjkkl_fZlbq_kdbokZclh\h[uqgh]h\hjblh
_]hihe_aghklbghhlkmlkl\b_lZdh\uo\h\k_g_k\b^_l_evkl\m_lhiehohfdZq_kl\_j_kmjkZ
;_kijbkljZkl_gebih^oh^dh[km`^Z_fufgZkZcl_\hijhkZf"
WlZijh[e_fZfh`_l[ulvbg_hq_\b^gZDh]^Z\hijhkjZkkfZljb\Z_lkyebrvkh^ghcklhjhgu
l_g^_gpbhaghklv\uy\blv^h\hevghe_]dhH^gZdhqZs_\k_]hijbkljZklghklvaZfZkdbjh\ZgZih^
\u[bjZxlkybkdexqbl_evghkeZ[u_Zj]mf_gluZ\aZsblm^jm]hclhevdhkbevgu_?klv
jZaghh[jZagu_l_ogheh]bbdZfmnebjh\Zgbyg_h[t_dlb\ghklbfug_[m^_fboa^_kvh[km`^ZlvZ
hlijZ\bfqblZl_eydkhhl\_lkl\mxs_cebl_jZlmj_hlf_lb\ebrvg_h[oh^bfhklvhp_gdb
bgnhjfZpbbih^wlbm]ehfaj_gby
Ki_pbZebklu\u^_eyxl\hl^_evgmx]jmiimblZdhc\b^ijbkljZklghcih^ZqbbgnhjfZpbbdZd
kihgkbjh\Zgb_bklhqgbdZdZdhclh]jmiihcbf_xs_ck\hbkh[kl\_ggu_bgl_j_kubijh^\b]Zxs_c
__ih^\b^hfgh\hkl_cbebZgZeblbdb
G_fZeh\Z`ghihfgblvbhlhfqlhBgl_jg_lb]jZ_lg_ihke_^gxxjhev\ijhlb\hklhygbb
dhgdj_lguoij_^ijbylbcb^Z`_p_euohlZke_cijhfure_gghklbKi_pbZebkluih
bgnhjfZpbhgguf\hcgZfhlf_qZxlqlhdjZcg_m^h[ghaZimklblvdZdb_lhk\_^_gby\Bgl_jg_lZ
aZl_fkhkkuedhcgZgboih^]hlh\blvk_jbxklZl_c^eyi_qZlguoKFBjZ^bhbebl_e_\b^_gby
&#xhl;&#xq;&#xlh;&#xi;&#xh;&#xwl;&#xhf;&#xm;&#xih;&#xh;&#x^m;&#x];&#xhh;&#xjb;&#x=e;&#x_[;&#xI;&#xZ;h;&#xkd;¼�hlqlhihwlhfmih\h^m]h\hjbe=e_[IZ\eh\kdbc@
Bgl_jg_lb^_Zevgucbgkljmf_gl^eyaZimkdZ\fZkkh\h_khagZgb_g_h[oh^bfuokx`_lh\Djhf_
lh]hljZ^bpbhggu_kj_^kl\ZfZkkh\hcbgnhjfZpbbg_kmlhl\_lkl\_gghklvaZjZkijhkljZgy_fu_bfb
k\_^_gbyKemob`_i_j_^Zxsb_kyq_j_aBgl_jg_lZghgbfguAZlh]Za_lubl_e_\b^_gb_ihemqZxl
\hafh`ghklvkkueZlvkygZBgl_jg_lLh_klvijhbkoh^blkZfh_gZklhys__hlfu\Zgb_lZd
gZau\Z_fhcq_jghcbgnhjfZpbb
Bkke_^mcl_85/\_[kljZgbpu
Ihkfhljbl_khhl\_lkl\m_lebZ^j_kkljZgbpu__dhgl_glm"QZklh^hf_ggh_bfyj_kmjkZkh]eZkm_lky
kgZa\Zgb_fdhfiZgbbdZdgZijbf_jZ^j_kkljZgbpuYg^_dkZdhlhjuc\u]ey^blke_^mxsbf
h[jZahf\DQGH[UXIjh\_jvl_gZdZdhfohklbg]_jZkiheh`_gkZclieZlghfbeb[_kieZlghf
DklZlb\hlghr_gbbohklbg]Z\dhgdmj_glghcjZa\_^d_g_l^h]fZlbq_kdh]hih^oh^Z?keb\u
h[gZjm`b\Z_l_g_dhff_jq_kdbcijh_dlhg\iheg_fh`_l[ulv[_kieZlgufGZijbf_jgZGZjh^_
QDURGUX
DlZdhfmjh^mbklhqgbdh\hlghkblkybj_kmjkZ\lhjZwlhcdgb]bjZkiheh`_ggucihZ^j_kmKWWSFL
UD]YHGNDQDURGUX
QZklhgZ[_kieZlghfohklbg]_gZoh^ylkyebqgu_kljZgbqdbbeb[eh]bex^_cdhlhju_bgl_j_kmxl
dhgdmj_glgmxjZa\_^dmH[uqghlZdhcbgl_j_k\hagbdZ_lg_ihlhfmqlhwlbex^brbjhdhba\_klgu
ZihlhfmqlhhgbjZ[hlZxl\dhfiZgbby\eyxs_ckyh[t_dlhfbamq_gbydhgdmj_glghcjZa\_^db
H^gZdh^eydhfiZgbckqblZ_lky\g_dhlhjhfjh^_g_ijbebqguf^_j`ZlvdhjihjZlb\gu_kZclugZ
[_kieZlguoj_kmjkZoihkdhevdmklhbfhklvieZlgh]hohklbg]Zhlghkbl_evghg_\ukhdZbijbwlhf
kms_kl\mxl^hihegbl_evgu_iexkuij_^eZ]Z_fu_ijbieZlghfjZaf_s_gbbkZclh\DlZdbf
iexkZfhlghkylky\qZklghklb[he__\ukhdZyehyevghklvihbkdh\uofZrbgdieZlgufkZclZf
[he__\ukhdZykdhjhklv^hklmiZdj_kmjkm\hafh`ghklv[he__]b[dhmijZ\eylvnZceZfbbk\h[h^gh
kha^Z\Zlv^bgZfbq_kdb_kljZgbpu
h\kydhfkemqZ_ki_pbZebkldhgdmj_glghcjZa\_^dbm\b^_\qlhdhjihjZlb\guckZcl bf_ggh
dhjihjZlb\gucZg_ebqgZykljZgbpZbebg_dhff_jq_kdbcijh_dl\fjZaf_s_ggZ[_kieZlghf
ohklbg]_agZqbl_evghihgb`Z_l\k\h_f\hkijbylbb^h\_jb_dnbgZgkh\hfmkhklhygbxdhfiZgbb
Ihkfhljbl_dm^Z\_^mlkkuedbjZaf_s_ggu_gZkljZgbpZokZclZ
=bi_jkkuedbfh]ml\_klbeb[hgZ\g_rgb_j_kmjkueb[h\]em[vlh]hkZclZgZdhlhjhf
khhl\_lkl\mxll_f_kZclZj_kmjkugZdhlhju_\_^ml]bi_jkkuedb"GZkdhevdhwlbj_kmjku
Z\lhjbl_lgu"
�eylh]hqlh[u[uklj__bkdZlv]bi_jkkuedb\lhfqbke_kijylZggu_emqr_\k_]h\ua\Zlv
gZ`Zlb_fijZ\hcdghidbfurbbkoh^gucdh^kljZgbpuaZl_fgZ`Zlvh^gh\j_f_gghdeZ\brb&75/
b)b\hldju\r_fkyhdg_ihbkdZgZkljZgbp_bkdZlvl_dklKUHIdhlhjucihdZau\Z_lgZqZeh
dZ`^hc]bi_jkkuedb
Ihkfhljbl_aZgbfZ_lkyeb\eZ^_e_pkZclZh[gh\e_gb_fbgnhjfZpbb
G_j_^dh\klj_qZxlkykZclugZdhlhjuobgnhjfZpbxgbdlhg_h[gh\ey_lWlhfh`_l[ulv\b^gh
gZijbf_jih^Zl_ihke_^gbogh\hkl_chim[ebdh\ZgguogZkZcl_?kebkZfu_k\_`b_gh\hklb
dhfiZgbbjZaf_s_gu]h^gZaZ^lhh[uqghg_lkfukeZ`^Zlvgh\bghdb\^jm]bojZa^_eZokZclZ
hkihevamcl_kvkh\_lhfR_jfZgZbIjZckZ
:kh\_llZdhc
Ijbf_gbl_l_`_kZfu_nbevljuijbhp_gd_bgnhjfZpbbdhlhju_\uijbf_gy_l_ijbql_gbb
bgnhjfZpbb\hnneZcg_Kijhkbl_k_[yDZd[uyhlj_Z]bjh\Ze_keb[uijhqblZeh[wlhf\]Za_l_
beb\ibkvf_ijbr_^r_fihihql_"LhlnZdlqlhbgnhjfZpbykh^_j`blky\Bgl_jg_l__s_g_
kem`bl^hdZaZl_evkl\hf__ijZ\^b\hklbjZ\ghdZdbgZh[hjhl
L_fg_f_g__qZklhex^bih^khagZl_evghkqblZxlqlhijhqblZggh_\Bgl_jg_l_i_qZlgh_keh\h
ijZ\^b\h
HgeZcgh\u_kem`[uij_^hklZ\ey_fu_ihbkdh\ufbkbkl_fZfb
Ihbkdh\u_kbkl_fu^Z\gh\urebaZij_^_euijhklhihbkdh\uobgkljmf_glh\bklZeb\hjhlZfb\
Bgl_jg_liha\heyxsbfbmagZ\Zlv\k_\hafh`gu_gh\hklbih]h^mdmjku\Zexlblhfmih^h[gh_
ZlZd`_j_rZlvfgh`_kl\h^jm]boijh[e_f
�JZkkfhljbfih^jh[g__hgeZcgh\u_kem`[uij_^hklZ\ey_fu_Yg^_dkhfeylh]hqlh[uhldjueky
ihegucboi_j_q_gv^hklZlhqghi_j_clbih]bi_jkkued_k_kem`[ujZkiheh`_gghckijZ\Zih^
ihbkdh\hckljhdhcGb`_fulZd`_ijb\_^_fkkuedbgZZ^j_fZkem`[Yg^_dkZdhlhjudgZb[he__
\hklj_[h\Zgu\dhgdmj_glghcjZa\_^d_
Ihbkd
Kh[kl\_gghwlhb_klvlh]eZ\gh_qlh^_eZ_lYg^_dkihbkdh\hcfZrbghcA^_kvh[_ki_qb\Z_lky
^hklmidkljhd_aZijhkZdhlhjucij_^\Zjy_lijhp_kkihbkdZ\Bgl_jg_l_I_j_oh^bakibkdZk_
kem`[uihkkued_Ihbkdijb\h^blgZijb\uqgmx\k_f]eZ\gmxkljZgbpm
kZclZKWWSZZZ\DQGH[UX
DZlZeh]
HgjZkiheh`_gihZ^j_kmKWWS\DFD\DQGH[UXA^_kvkZcluhlh[jZggu_\jmqgmxj_^ZdlhjZfb
dZlZeh]Zk]jmiibjh\Zgu\l_fZlbq_kdb_^bj_dlhjbb
Gh\hklb KWWSQHZV\DQGH[UX\f
J_qvb^_lhgh\hklyoij_^klZ\e_gguowe_dljhggufbKFBdhlhju_\Yg^_dk_k]jmiibjh\Zguih
l_fZfGZi_j\mxkljZgbpm\ug_k_gu]eZ\gu_gh\hklbDjhf_lh]hbgnhjfZpbxhlh[jZ`Z_fmx
hi_jZlb\ghihf_j_ihy\e_gbyk\_`bo^Zgguohghkbl_evghl_obebbguokh[ulbcijhbkoh^ysbo\
h[s_l\_fh`ghihkfhlj_lv\khhl\_lkl\mxsbojZa^_eZolZdbodZdiheblbdZwdhghfbdZgZmdZb
ijIjbwlhfkijZ\ZgZkljZgbp_ijb\_^_gunZfbebbex^_cdhlhju_mihfbgZxlky\gh\hklyoGZ
ihkkued_IjZ\^Zki_pbZebklu^h\hevghkd_ilbq_kdbhlghkylkydlZdbfihjlj_lZfihkdhevdm
^_ckl\bl_evghgh\mxbihe_agmxbgnhjfZpbxhgbkh^_j`Zlg_hq_gvqZklh
IhklZ\sbdZfbgh\hkl_c^eyYg^_dkZ\we_dljhgghf\b^_\uklmiZxllZdb_Z]_glkl\ZdZdJB:
Gh\hklb5(*180Ljm^1HZVLQIRIhebljmJhk[Zel:FBL:KKJZ^bhFZyd=Za_lZ
*]W5X=jZgbjm/HQWDUXMljhUXFhkdh\kdb_gh\hklbBgl_jnZdkBa\_klby=jZgbjmGL
K_]h^gyjmBL:JL:KK1(:6UXFRPa]ey^.RPPHUVDQWUXbfgh]b_^jm]b_Kibkhd\k_o
bklhqgbdh\kZclZdZdp_gljZevguolZdbj_]bhgZevguohlh[jZ`_gguogZjbkfh`ghm\b^_lv
ihZ^j_kmKWWSQHZV\DQGH[UXVPLUHJLRQDOblZf`_gZclbkkuedm^eyi_j_oh^Zg_ihkj_^kl\_gghgZ
wlbj_kmjku
Ihbkdih[eh]ZfbnhjmfZf KWWSEORJV\DQGH[UX\f
hi_j\uo^ZggZykem`[Zh[_ki_qb\Z_lihbkd\[eh]ZobnhjmfZoaZg_k_gguo\kibkhdYg^_dkZih
dexq_\ufkeh\Zf:ihfbfhwlh]hmdZaZggucjZa^_eiha\hey_lm\b^_lvdZdb_l_fugZb[he__
ihimeyjgu\l_dmsbcfhf_gl
Djhf_lh]hijb`_eZgbbg_ihkj_^kl\_gghgZwlhckljZgbp_fh`gh\g_klb\i_jkhgZevgmxe_glm
gm`gu_[eh]bbihemqblv\hafh`ghklv\h^ghfblhf`_f_kl_qblZlvbaf_g_gbygZex[hfbagbo
?keb[eh]bebnhjmfg_\g_k_gu\kibkhdYg^_dkZbofh`ghlm^Z^h[Z\blvg_ihkj_^kl\_gghgZ
kljZgbp_Ihbkdih[eh]ZfbnhjmfZf
FZjd_l KWWSPDUNHW\DQGH[UX\f
Kem`[Ziha\hey_lgZclbgm`guclh\Zjb_]hijh^Z\ph\\bgl_j_kmxs_f\Zkj_]bhg_k^_eZlv\u[hj
kmq_lhf\k_onZdlhjh\bkh\_jrblvihdmidmLh\Zju^eym^h[kl\ZihbkdZk]jmiibjh\Zgu\
dZlZeh]_
Keh\Zjb KWWSVORYDUL\DQGH[UX\f
WlhljZa^_ejZkiheZ]Z_ljZaghh[jZagufbkeh\Zjyfb
Wgpbdehi_^bb ;KW\f
;jhd]Zmab?njhg
&#xeZ;&#x^b;û&#xjZ;�Keh\Zjbjmkkdh]hyaudZ Lhedh\uckeh\Zjv`b\h]h\_ebdhjmkkdh]hyaudZeZ^bfbjZZey
Keh\Zjvjmkkdbokbghgbfh\bkoh^guoihkfukem\ujZ`_gbc:\lhjG:[jZfh\DjZldbc
keh\Zjvkbghgbfh\\f
Wgpbdehi_^bbbkeh\Zjbih]mfZgblZjgufgZmdZf Ebl_jZlmjgZywgpbdehi_^by\lhfZo

Wgpbdehi_^bq_kdbckeh\ZjvBklhjbyHl_q_kl\Zk^j_\g_crbo\j_f_g^hgZrbo^g_c
Wgpbdehi_^bq_kdbckeh\ZjvIheblbq_kdb_^_yl_ebJhkkbb\f
Wgpbdehi_^bbbkeh\Zjbih=hkm^Zjkl\mbijZ\m Keh\Zjvhkgh\guom]heh\ghijhp_kkmZevguo
ihgylbcbl_jfbgh\
Keh\Zjvhkgh\guom]heh\ghijZ\h\uoihgylbcbl_jfbgh\
Wgpbdehi_^bq_kdbckeh\ZjvDhgklblmpbyJhkkbckdhcN_^_jZpbb\f
Keh\ZjbihWdhghfbd_bnbgZgkZf Wdhghfbq_kdb_bnbgZgkh\u_keh\Zjbhl=ehkkZjbcjm
Keh\Zjv;mo]Zel_jkdbcmq_lgZeh]bohayckl\_ggh_ijZ\h\f
KijZ\hqgbdb J_]bklje_dZjkl\_gguokj_^kl\Jhkkbb\f
Bgl_jg_lkdhjmkkdbcjZa]h\hjgbd
=ehkkZjbcjmkeh\Zjbihh[s_kl\_ggufgZmdZf
=ehkkZjbcjmkeh\Zjbih_kl_kl\_ggufgZmdZf
&#xhc;&#xgZ;&#xbj;&#x;&#xl;&#x_j;b;&#xgZ;&#xo; ;&#xhi;&#xj_;&#x^_;_;&#xgb;&#xyo;&#x;&#xih;&#x^;&#xj_;&#x^;�Keh\ZjvhcgZbfbj\l_jfbgZobhij_^_e_gbyoih^j_^Jh]habgZ\f
Djhf_lh]h^Zggucj_kmjkiha\hey_lk^_eZlvijyfhcbh[jZlguci_j_\h^keh\gZZg]ebckdhf
g_f_pdhfnjZgpmakdhfblZevygkdhfbbkiZgkdhfyaudZo
DZjlbgdb
KWWSLPDJHV\DQGH[UX
Kem`[Zhkms_kl\ey_lihbkdnZceh\kbah[jZ`_gbyfbihgZa\Zgbyfdhgdj_lguo^hdmf_glh\
G_j_^dhhgZihfh]Z_lgZclbnhlh]jZnbbex^_cbeblh\Zjh\bgl_j_kmxsbokem`[mdhgdmj_glghc
jZa\_^dbZlZd`_eh]hlbiudhfiZgbcGZihfgbfqlhihbkdijh\h^blkyihgZa\ZgbxnZceZbebih
ih^ibkbdg_fm\]bi_jkkued_ihwlhfmwlhgZa\Zgb_emqr_ibkZlvdZd\jmkkdhflZdb\
Zg]ebckdhf\ZjbZgl_iexk\ljZgkebl_
Ijbf_jihbkdZ\DZjlbgdZoYg^_dkZihgZa\Zgbxh^gh]hbadjmig_crbo\Jhkkbb
nZjfZp_\lbq_kdbo^bkljb[vxlhjh\PIjhl_dihdZaZggZjbk
JbkJ_amevlZlihaZijhkmPIjhl_d\DZjlbgdZoYg^_dkZ
DZjlu
KWWSPDSV\DQGH[UX
wlhfjZa^_e_fh`ghgZclbdZjlug_dhlhjuo]hjh^h\bkljZg\lhfqbke_bhl^_evgu_Z^j_kZjy^Z
gZk_e_gguoimgdlh\GZfhf_glgZibkZgbydgb]b^ZggZykem`[ZjZkiheZ]ZeZhlghkbl_evgh
g_[hevrbfgZ[hjhfkhhl\_lkl\mxsbobklhqgbdh\ghgZgZr\a]ey^kmq_lhfl_g^_gpbcjZa\blby
Yg^_dkZb_]hdhgdmj_glh\kblmZpbyg_baf_gghbaf_gblkydemqr_fm
:^j_kZ
KWWSDGUHVD\DQGH[UX
WlZkem`[Zhj]Zgbah\ZggZyYg^_dkhfkh\f_klghkHOORZ3DJHVUXiha\hey_lbkdZlvbgnhjfZpbx
h[hbfbljZ^bpbhggufb^eyBgl_jg_lZkihkh[ZfbdZdihkj_^kl\hfihbkdh\hckljhdblZdbk
bkihevah\Zgb_fl_fZlbq_kdh]hdZlZeh]ZIhbkdijhba\h^blky\hij_^_e_gghfj_]bhg_dhlhjuc
fh`gh\u[jZlv\jmqgmxbdhlhjucihmfheqZgbxkhhl\_lkl\m_lLSZ^j_kmkdhlhjh]hijbr_e
ihk_lbl_ev
:nbrZ
Ij_^klZ\ey_lj_i_jlmZjl_Zljh\dbghZnbrmjZkkdZau\Z_lhlhf]^_bdZdb_ijhoh^yl\uklZ\dbb
ijhqb_dmevlmjgu_f_jhijbylbyIj_^mkfhlj_g\u[hjj_]bhgZb^ZlZf_jhijbylby
Ih]h^Z
KWWSZHDWKHU\DQGH[UX
Ij_^hklZ\ey_lkyijh]ghaih]h^uijZdlbq_kdb\ex[hclhqd_fbjZ
L_e_ijh]jZffZ
Kem`[Ziha\hey_lhagZdhfblvkykk_ldhc\_sZgbygZp_gljZevguoj_]bhgZevguoZlZd`_gZ
kimlgbdh\uodZgZeZo
IhqlZ
KWWSPDLO\DQGH[UX
J_qvb^_lh[we_dljhgghcihql_hlYg^_dkZIha\hey_lihevah\Zlvky\bjlmZevgufysbdhfdZd
KiZfhh[hjhgZ
KWWSVR\DQGH[UX
Wlhkbkl_fZaZsbluhlkiZfZij_^eh`_ggZyYg^_dkhfHgZiha\hey_lbkihevah\ZlvZglbkiZfh\uc
nbevlj^ey\oh^ys_cdhjj_kihg^_gpbbIj_^eZ]Z_lkyg_lhevdhi_jkhgZevgZyghbdhjihjZlb\gZy
\_jkbyih^h[gh]hnbevljZ
GZjh^
KWWSQDURG\DQGH[UX
Yg^_dkij_^eZ]Z_l[_kieZlgucohklbg]ex[hc`_eZxsbcfh`_lkha^ZlvjZaf_klblvb
ih^^_j`b\Zlvkh[kl\_gguckZcleb[hbkihevamyrZ[ehgu dhgkljmdlhju\fj_kmjkZeb[h\u\_rb\Zy
\K_lbkZfhklhyl_evghijb]hlh\e_ggu_kljZgbpu
D^hklhbgkl\ZflZdbokZclh\hlghkblkybo[_kieZlghklvZlZd`_g_h]jZgbq_ggh_^bkdh\h_
ijhkljZgkl\hG_^hklZldh\lZd`_o\ZlZ_lhl^h\hevghf_^e_gghcaZ]jmadbkljZgbp^hgbadbo
ihabpbc\j_clbg]Zodhlhju_bfhl\h^ylijZdlbq_kdb\k_ihbkdh\u_fZrbguaZbkdexq_gb_f
Yg^_dkZOhlykijZ\_^eb\hklbjZ^bke_^m_lhlf_lblvqlhijb]jZfhlghcjZkdjmld_bijZ\bevgh
\u[jZgghcgbr_lZdhckZclfh`_lg_iehoh\uihegylvnmgdpbbij_^klZ\bl_evkl\Zhl^_evgh]h
q_eh\_dZ\Bgl_jg_l_ g_^ZjhfhgghkblgZau\Zgb_ebqgZykljZgbqdZ\f
Djhf_lh]hgZGZjh^_jZkiheZ]Z_lkynhjmf]^_h[km`^Zxlky\hijhkukha^Zgbybih^^_j`db
[_kieZlguokZclh\
�_gv]b
KWWSPRQH\\DQGH[UX
�Yg^_dk_gv]bwlhieZl_`gZykbkl_fZdhlhjZyihk\hbfnmgdpbyf[ebadZdbgl_jg_l[Zgdm
Ihke_lh]hdZdhldju\Z_lkylZdgZau\Z_fucwe_dljhggucdhr_e_d ihkmlbkq_ldeb_glZ\f
ihevah\Zl_evi_j_\h^blgZg_]h^_g_`gu_kj_^kl\ZK^_eZlvwlhfh`ghZdlb\bjh\Z\
ij_^hieZq_ggmxdZjlmeb[hhkms_kl\b\we_dljhgguci_j_\h^kj_^kl\ba[ZgdZeb[hkihfhsvx
ihqlh\h]hi_j_\h^Z
Ihke_lh]hdZd^_gv]b[m^mlaZqbke_gugZkq_lbfbfh`ghjZkieZqb\ZlvkyaZlh\Zjubebmkem]b
kemqZ_aZdjulbywe_dljhggh]hdhr_evdZhklZlhdkj_^kl\kg_]hi_j_\h^blky\[Zgd]^__]hfh`gh
kgylvgZebqgufb
AZdeZ^db
KWWS]DNODGNL\DQGH[UX
Wlhlk_j\bkiha\hey_lojZgblvk\hbaZdeZ^dbgZ\_[kljZgbpug_ihkj_^kl\_ggh\Bgl_jg_l_LZdbf
h[jZahfaZdeZ^dbklZgh\ylky^hklmiguihevah\Zl_ex\ex[hff_kl_]^_[ulhlgbgZoh^beky;he__
lh]hYg^_dkijh\_jy_lg_m^Ze_gZebkljZgbpZbg_lebgZg_cbaf_g_gbcbkhh[sZ_l_keblZdb_
y\e_gbybf_xlf_klh
Dg_^hklZldZf^Zgghckem`[ufh`ghhlg_klb[he__gbadbcmjh\_gvdhgnb^_gpbZevghklbq_fijb
ihevah\ZgbbaZdeZ^dZfbgZkh[kl\_gghfdhfivxl_j_ihkdhevdmkblmZpbykdhgnb^_gpbZevghklvx
gZoh^blkyih^dhgljhe_fki_pbZebklh\Yg^_dkZghg_kZfh]hihevah\Zl_ey
AZdeZ^dZkha^Z_lkyhq_gvijhklhihke_gZ`ZlbygZkkuedm^h[Z\blvaZdeZ^dmhldju\Z_lkygh\h_
hdgh\dhlhjhflj_[m_lkymdZaZlvZ^j_kkljZgbpu\dexqZ_fhc\aZdeZ^dbb__gZa\Zgb_ ^ey
m^h[kl\Zihevah\Zl_ey\f;he__gZ]ey^gh^Zggucijhp_kkij_^klZ\e_ggZjbk
Ih^ibkdb
KWWSQHZV\DQGH[UXSRGSLVND
Hgbh[_ki_qb\Zxlih^ibkdmgZlZdgZau\Z_fu_Gh\hklbYg^_dkZihihbkdh\hfmaZijhkm jbk\f
HlgZklhysbogh\hkl_c\boh[s_ijbgylhfihgbfZgbb^ZggZybgnhjfZpbyhlebqZ_lkyl_fqlhhgZ
q_jiZ_lkybal_oj_kmjkh\dhlhju_[uebg_^Z\ghijhbg^_dkbjh\ZguYg^_dkhfJ_Zevguckjhd
im[ebdZpbblZdbo^hdmf_glh\\Bgl_jg_l_fh`_l[ulv^hklZlhqgh^Z\gbfh^gZdh^eyYg^_dkZhgb
kqblZxlkygh\bgdZfbhlq_]hbihiZ^Zxl\khhl\_lkl\mxsbc_]hjZa^_e
HlYg^_dkE_gluwlZmkem]ZhlebqZ_lkyl_fqlhgh\hklbijboh^ylihwe_dljhgghcihql_\\b^_
]bi_jkkuedbgZ^hdmf_glbg_[hevrh]h_]hnjZ]f_glZlh]^ZdZdE_glmihevah\Zl_ev^he`_g
aZ]jm`ZlvkZfhklhyl_evgh
JbkIh^ibkdZgZGh\hklbYg^_dkZihaZijhkm
E_glZ
KWWSOHQWD\DQGH[UX
Yg^_dkE_glZiha\hey_lhlke_`b\Zlvbaf_g_gbygZgh\hklguoj_kmjkZob[eh]Zodhlhju_
�hlh[jZ`ZxlkygZh^ghckljZgbp_eylh]hqlh[u\hkihevah\Zlvky^Zgghcmkem]hc^hklZlhqgh
\g_klbZ^j_kgm`gh]hj_kmjkZ\ki_pbZevgmxnhjfmih^ibkdbWlhm^h[gucbgkljmf_gl^ey
dhgdmj_glghcjZa\_^dbihkdhevdmh[e_]qZ_lijhp_kkfhgblhjbg]Zbaf_g_gbcgZkZclZo\oh^ysbo\
kn_jm__bgl_j_kh\
�bj_dl
Ij_^klZ\ey_lkh[hcbgkljmf_glih^ibkdbgZdhgl_dklgmxj_deZfmBkihevamy__j_deZfh^Zl_ev
ieZlbl^_gv]bg_ih\j_f_gghZaZj_Zevguoihk_lbl_e_ci_j_r_^rboihkkued_gZ_]hkZclk
ihbkdh\hcfZrbguujZ`Zykvyaudhfihevah\Zl_e_cBgl_jg_lZj_deZfh^Zl_evhieZqb\Z_l
�hij_^_e_ggmxg_[hevrmxkmffmaZdZ`^ucdebdih]bi_jkkued_jZaf_s_gghc\bj_dl_
Dm[hd
Khj_\gh\Zgbyihijhn_kkbhgZevghfmihbkdm\Bgl_jg_l_G_dhlhju_baihklhygguomqZklgbdh\
Dm[dZYg^_dkZijb\ghkylagZqbl_evguc\deZ^\jZa\blb_wlhcihbkdh\hckbkl_fudZdgZijbf_j
�_gbk OLYHXVHU\fgZibkZ\rbcjZ[hlmihihbkdmq_j_aYg^_dk
=hjh^Z
Ijb\_^_fpblZlmkkZclZYg^_dkZh[wlhckem`[_
�eydZ`^h]h]hjh^ZYg^_dkihijh[h\Ze\uqbkeblvk\hcbgl_jg_lbg^_dkqbke_ggucihdZaZl_ev\
dhlhjhfmqblu\Z_lky^heyihevah\Zl_e_cYg^_dkZ\]hjh^_ ijbwlhfgZk_e_gb_]hjh^Z[_j_lkyba
^Zgguoihke_^g_ci_j_ibkb\fdhebq_kl\hbZ\lhjbl_lghklv]hjh^kdbokZclh\ihimeyjghklv]hjh^Z\
ihbkdh\uoaZijhkZo
�Zggucbg^_dkij_^klZ\e_g\\b^_kibkdZ
Kwlh]hj_kmjkZfh`ghi_j_clbbdihbkdm\dhgdj_lguoj_]bhgZoZ^j_kkhhl\_lkl\mxs_c
kljZgbpu
:L)L
Kem`[Zkh^_j`blkibkhdlhq_d^hklmiZ\Bgl_jg_lkihfhsvx:L)LGZwlhc`_kljZgbp__klvb
i_j_oh^gZj_kmjkudhlhju_ijh^Zxlh[hjm^h\Zgb_ijbkihkh[e_ggh_^eyjZ[hluih^Zgghc
l_ogheh]bb
Kibkhdijh\Zc^_jh\\jZaebqguo]hjh^Zodhlhju_h[_ki_qb\Zxl[_aebfblgucBgl_jg_lihp_g_g_
[he__^heeKR:\f_kypLZdbfh[jZahfYg^_dkklbfmebjm_lihimeyjbabjm_lbkihevah\Zgb_
K_lb\kljZg_
JZa\e_q_gby
Hldjuldb
Ih^[hjdZpbnjh\uohldjulhd\i_qZley_lA^_kvfh`ghgZclbdZjlbgdmgZex[hckemqZcHkh[_ggh
ihe_agZwlZdZaZehkv[uqbklhjZa\e_dZl_evgZynmgdpbyYg^_dkZdh]^ZgZ^hkha^Zlvmex^_c
gZijbf_jmdeb_glh\\fohjhr__gZkljh_gb_hjb]bgZevgufbbaZihfbgZxsbfbky^_ckl\byfb;he__
lh]hgZYg^_dkHldjuldZo_klvgZihfbgZedZdhlhjZyg_^ZklaZ[ulvhg_h[oh^bfhklb
iha^jZ\blvdhgdj_lguoex^_ckiZfylghc^Zlhc
B]jmrdb
�:\hlwlZnmgdpby\jy^ebfh`_lijb]h^blvky\dhgdmj_glghcjZa\_^d_mfZ_fg_gZ^hh[tykgylv
ihq_fm
Kn_jZ
Wlhfgh]hihevah\Zl_evkdZyhgeZcgh\Zyb]jZhiylv`_g_ij_^klZ\eyxsZyhkh[h]hbgl_j_kZ^ey
dhgdmj_glghcjZa\_^db
=hklbgZy
Nhjmfu]^_fh`ghihh[sZlvkykhki_pbZevghijb]eZr_ggufb^eyh[s_gbybgl_j_kgufbex^vfb
J_n_jZlu
KWWSUHIHUDWV\DQGH[UX
WlhlkljZggucgZi_j\uc\a]ey^k_j\bkfh`_l[ulvbgh]^Zihe_a_g\dhgdmj_glghcjZa\_^d_
Kfuke_]hkhklhbl\lhfqlha^_kv]_g_jbjmxlkyik_\^hhkfuke_ggu_bik_\^hgZmqgu_l_dklu
Ijbf_g_gb_^eyp_e_cdhgdmj_glghcjZa\_^dbdhlhjh_gZfm^Zehkv\b^_lvaZdexqZehkv\m\h^_
h[s_gbygZh^ghfbanhjmfh\ijbgZ^e_`Z\r_fdhfiZgbbdhlhjhcfuihfh]Zeb\klhjhgmhl
i_j\hgZqZevghcl_fumihfygmlhfgZfbkemqZ_g_^h[jh`_eZl_ebhj]ZgbaZpbbaZljhgmeb
g_ijbylguc^eyh[km`^_gby\hijhkI_jkhgZ`nhjmfZbkihevah\Z\rbcnjZ]f_glul_dklh\ba
j_n_jZlh\Yg^_dkZ\dZq_kl\_dhff_glZjb_\\u]ey^_egZklhevdhg_e_ihqlhhl_f_\k_
[eZ]hihemqghaZ[uebi_j_dexqb\rbkvgZh[km`^_gb_]emihklbwlh]hq_eh\_dZj_amevlZl_
[_k_^Z[ueZij_j\ZgZfh^_jZlhjhfdZdy\ghg_khhl\_lkl\mxsZynhjfZlm^bkdmkkbhgghciehsZ^db
hlnjZ]f_glj_n_jZlZdhlhjucYg^_dkk]_g_jbjh\Zeihl_f_Ihq_fmihklhyggh
kZfhgZ[ex^_gb_" l_fm\u[bjZ_lYg^_dk\ij_^_eZoaZ^Zgghcijh[e_fu\f
NjmkljZpbybgl_]jbjm_lZkkhpbZgbafwlhh[hagZq_ghEbJhkkhfdZdnmg^Zf_glZevgZyhrb[dZ
Zljb[mpbbdhlhjZyijhke_`b\Z_lky\hfgh]bowdki_jbf_glZoKhpbZebaZpbyhldjh\_ggZDZd
hlf_qZ_l@ZgIbZ`_qm\kl\hg_^hklmighZggb]bebjm_lkm[ebfbjh\Zggucbgl_ee_dldZdb
ij_^kdZau\Z_ll_hjbyh[_kihe_aghfagZgbbDhee_dlb\gh_[_kkhagZl_evgh_kh]eZkgh
ljZ^bpbhggufij_^klZ\e_gbyfkemqZcghZ`ghklvwlhcnmgdpbbih^q_jdb\Z_lkyl_fnZdlhfqlh
eb^_jkl\h^Z_lZmlhlj_gbg]a^_kvhibku\Z_lkyp_gljZebamxsbcijhp_kkbebkha^Zgb_gh\h]h
p_gljZebqghklb
G_lgbq_]hm^b\bl_evgh]h\lhfqlhklhedgm\rbkvkih^h[gufbr_^_\jZfbZ^Zilbjh\Zggufbd
l_f_^bkdmkkbbmqZklgbdbh[km`^_gby[ukljhaZ[u\ZxlhaZy\e_gguo\gZqZe_jZa]h\hjZ
Ki_pbZevgu_\b^uihbkdZ
K_f_cguc hgbkdexqZ_lj_kmjkukh^_j`Zsb_g_p_gamjgu_\ujZ`_gbybihjgh]jZnbx\f
�eykeZ[h\b^ysbo kh^_j`blkkuedbgZijh]jZffu^eyex^_ckhkeZ[e_ggufaj_gb_fb\uklZ\ey_l
djmigucjZaf_jrjbnlZ\f
�a_g wlhrmldZYg^_dkZijbdhlhjhcaZijhk]_g_jbjm_lkyZ\lhfZlbq_kdbgZhkgh\ZgbbklZlbklbdb
aZijhkh\ihevah\Zl_e_caZhij_^_e_gguci_jbh^\f
:kd_lbqguc DUX\f kljZgbpZg_kh^_j`bl\hh[s_gbq_]hdjhf_ihbkdh\hckljhdbb\oh^Z\ihqlm
Yg^_dkZ\f
JZkrbj_gguc nhjfZjZkrbj_ggh]hihbkdZhdhlhjhcfuih^jh[ghih]h\hjbfqmlviha`_\f
_[fZkl_jmKem`[Zj_ZebamxsZyih`_eZgbyihevah\Zl_e_chlghkbl_evghgxZgkh\jZ[hluk
kZclhf
��h[Z\blvkZclIha\hey_l\jmqgmxaZibkZlvgh\uckZcl\hq_j_^vgZbg^_dkZpbxZggZynmgdpby
_^bgkl\_ggZy\hafh`ghklvkhh[sblvihbkdh\hcfZrbg_hk\h_fkZcl__kebgZwlhlkZclg_lgb
h^ghc\g_rg_ckkuedb
M^ZeblvkljZgbpmM^Zey_lkljZgbpubabg^_dkZghlhevdh\lhfkemqZ__kebhgb[hevr_g_
kms_kl\mxl\K_lb@b\u_kljZgbpug_fh]ml[ulvmgbqlh`_guIj_^\hkobsZyb^_bdhlhju_
fh]mlijbclb\]heh\mg_dhlhjufqblZl_eyf\hlghr_gbbkZclh\bodhgdmj_glh\khh[sZ_fqm`b_
kljZgbpukhhl\_lkl\_gghlZd`_m^Zeblvg_ihemqblky
IhbkdgZ\Zr_fkZcl_Iha\hey_ljZaf_klblvgZk\h_fj_kmjk_ihbkdh\mxkljhdmYg^_dkZdhlhjZy
kfh`_lZ^j_kh\ZlvaZijhkudZd^ZgghfmkZclmlZdbBgl_jg_lm\p_ehf
IZjlg_jkdb_ijh]jZffudexqZxl\k_[yij_^eh`_gbyhkhljm^gbq_kl\_^eyKFBbgl_jg_l
fZ]Zabgh\dZn_j_]bhgZevguodhfiZgbcbjZajZ[hlqbdhf\_[kZclh\
KlZlbklbdZihbkdh\uoaZijhkh\ihjZaebqgufkeh\Zfbkeh\hkhq_lZgbyf
Jbkmghdbeexkljbjm_lklZlbklbdmihaZijhkmdhgdmj_glgZyjZa\_^dZ
JbkKlZlbklbdZihaZijhkmDhgdmj_glgZyjZa\_^dZ
Bgkljmf_glu
�Ihbkddghidhch[Z\ey_ldghidmkhkkuedhcgZgm`guckZcl\iZg_ev[jZma_jZ,QWHUQHW([SORUHU
[jZma_j_0R]LOOD)LUHIR[wlZhipbybf__lrlZlgucoZjZdl_jbij_^mkfhlj_gZ\kZfhf[jZma_j_\\b^_
iZg_ebaZdeZ^hd
JmkkdZydeZ\bZlmjZKha^Z_lwdjZggmxdeZ\bZlmjmWlZhipbyfh`_lijb]h^blvky\lhfkemqZ__keb
jZ[hlZhkms_kl\ey_lkykg_jmkbnbpbjh\Zggh]hdhfivxl_jZgZijbf_jaZjm[_`hfIjbq_f
bkihevah\Zgb___g_h]jZgbqb\Z_lkyjZfdZfbYg^_dkZihkdhevdmkha^ZgguckihfhsvxlZdhc
deZ\bZlmjul_dklfh`ghkdhibjh\Zlvb\klZ\blv\ex[mx^jm]mxijh]jZffmj_rb\l_fkZfuf
ijh[e_fmhlkmlkl\byjmkkdhyauqghcrjbnlh\hcjZkdeZ^db^eyex[h]hijbeh`_gby
GZ^hkdZaZlvqlhfgh]b_ihbkdh\bdbklZjZxlkyij_^hklZ\blvihevah\Zl_ex^hihegbl_evguck_j\bk
Ihkdhevdmhgbi_j_gbfZxl^jm]m^jm]Zemqr__bomkem]bqZklh[u\Zxlihoh`bohlydZ`^Zy
kbkl_fZbf__lk\hxbaxfbgdmFug_[m^_fih^jh[ghhklZgZ\eb\ZlvkygZkem`[ZohklZevguo
ihbkdh\uokZclh\lZddZdkqblZ_fqlhqblZl_ev\khklhygbbjZah[jZlvky\^Zgghf\hijhk_
kZfhklhyl_evghKdZ`_febrvqlhgZijbf_jmkem]Zf=m]eZihk\ys_gp_euckZclkha^Zgguc
wglmabZklhf^Zggh]hkZclZGbdheZ_fI_ljh\ufbjZkiheh`_ggucihZ^j_kmKWWSZZZPLU
g_rgbc\b^]eZ\ghckljZgbpuj_kmjkZkdhlhjhcfh`ghi_j_clbgZkhhl\_lkl\mxsb_kljZgbpu
=m]eZijb\_^_ggZjbk
Jbk=eZ\gZykljZgbpZkZclZFbj*RRJOH
:l_fqblZl_eyfdhlhju_bgl_j_kmxlkyihy\e_gb_fgh\uok_j\bkh\ bebbaf_g_gbyfbklZjuo\f\
Yg^_dk_fuj_dhf_g^m_f\dexqblv\k\hxE_glm;eh]Yg^_dkZKWWSFRPSDQ\\DQGH[UXEORJ
A^_kvj_]meyjghihy\ey_lkyhnbpbZevgZybgnhjfZpbyihk\ys_ggZy\hijhkZfjZ[hluwlh]hkZclZ
qlhiha\hebl\Zfk\h_\j_f_gghmagZ\Zlvh[h\k_ogh\bgdZo
NhjfujZkrbj_ggh]hihbkdZ\ihbkdh\uokbkl_fZo
Kha^Zl_ebihbkdh\uofZrbgihgbfZxlqlhg_\k_boihevah\Zl_ebohlylbamqZlvyaudihbkdh\hc
fZrbguL_f[he__qlhijb\k_cijbgpbibZevghckoh`_klbkbglZdkbkaZijhkh\dhgdj_lguo
ihbkdh\uofZrbgki_pbnbq_gZdg_dhlhjuffZrbgZfh[jZsZxlkyb\h\k_g_qZklhBgufb
keh\Zfb\k_mdZau\Z_lgZlhqlhhkh[h]hkfukeZ\]em[hdhfbamq_gbbwlh]hyaudZ^eydZ`^h]h
ihbkdh\bdZg_l
F_`^ml_ffZrbglZdbo^_ckl\bl_evghg_fZeh
JbkIhbkdh\u_kljhdbihbkdh\uokbkl_fkh[jZggu_gZh^ghckljZgbp_gZkZcl_P_gljZgh\uo
l_ogheh]bcH:HXLD
Bgl_j_k_gj_kmjkj_dhf_g^h\Zggucki_pbZebklhfdhgdmj_glghcjZa\_^dbJh]Zq_\hc?e_ghc
Xjv_\ghc hgZmqZkl\m_l\nhjmf_ijh_dlZLWEih^ik_\^hgbfhf\fGZkZcl_nbebZeZH:HX`gZy
l_e_dhffmgbdZpbhggZydhfiZgbyP_gljgh\uol_ogheh]bcihZ^j_km
KWWSZZZNXEDQUXVHDUFKVHDUFKVKWPOgZh^ghckljZgbp_kh[jZguihbkdh\u_kljhdbkjZam^_kylb
fZrbgZlZd`_iylbkbkl_fihbkdZih)73k_j\_jZfdZdihdZaZghgZjbkIjbgZ`ZlbbgZwlhf
j_kmjk_dghidbBkdZlv\ZraZijhk[m^_lZ^j_kh\Zgdhgdj_lghfm\u[jZgghfm\Zfbihbkdh\bdm
ijbq_fkbglZdkbkaZijhkZ[m^_lkhojZg_gKwlh]h`_j_kmjkZfh`ghihiZklvbgZkljZgbpm
�jZkrbj_ggh]hihbkdZdZ`^hcbaij_^klZ\e_gguo\kibkd_fZrbg_kebgZ`Zlvdghidm_lZevguc
ihbkd
Mkeh\byjZkrbj_ggh]hihbkdZij_^hklZ\eyxl\hafh`ghklv^_lZebabjh\ZlvaZijhkIhke_
aZiheg_gbyij_^mkfhlj_gghc^eywlh]hnhjfuihbkdh\Zykbkl_fZZ\lhfZlbq_kdbjZkklZ\ey_l
hi_jZlhjuaZijhkZb\u^Z_lkhhl\_lkl\mxsbcj_amevlZlLZdZyijhklhlZ\h[jZs_gbbiha\hey_l
^hklb]Zlvwnn_dlb\ghklbijbfbgbfmf_aZljZqb\Z_fuomkbebc
H^gZdhkms_kl\m_lbh[hjhlgZyklhjhgZbkihevah\ZgbylZdhcnhjfuihbkdZZbf_ggh
g_\hafh`ghklvlhgdhcgZkljhcdbaZijhkZDZdihdZau\Z_lijZdlbdZaZijhkZ^j_kh\Zgguc
bgnhjfZpbhgghckbkl_f_q_eh\_dhfagZdhfufkh\k_fbgxZgkZfb__jZ[hluagZqbl_evgh[he__
lhq_gg_`_ebZe]hjblfaZibkZgguc\nhjf_jZkrbj_ggh]hihbkdZ
Bf_gghihwlhfmfuij_^eZ]Z_fbkihevah\Zlv__ebrvgZl_ofZrbgZoddhlhjuf\uh[jZsZ_l_kv
g_qZklhblhevdh\lhfkemqZ_dh]^Z\ZkmkljZb\Z_lihemq_gb_g_bkq_jiu\Zxs_]hj_amevlZlZ
g_rgbc\b^nhjfujZkrbj_ggh]hihbkdZYg^_dkZijb\_^_ggZjbk
JbkNhjfZjZkrbj_ggh]hihbkdZYg^_dkZ
GZjbkmgd_\b^ghqlhihevah\Zl_evbf__l\hafh`ghklvaZ^ZlvjZkiheh`_gb_keh\aZijhkZgZ
kljZgbp_\aZ]heh\d_kljZgbpu\l_dkl_beb\kkued_gZkljZgbpmDjhf_lh]hfh`ghaZ^Zlv
jZkiheh`_gb_keh\^jm]hlghkbl_evgh^jm]Zkh]eZkghhi_jZlhjmEh]bq_kdh_B\Yg^_dk_
Ihfbfhlh]h\ufh`_l_ijhba\_klbihbkd\hij_^_e_gghfj_]bhg_bebgZhl^_evgh\aylhfkZcl_
GmbgZdhg_paZlj_[h\Zlv\u^Zqm^hdmf_glh\mdZaZggh]h\ZfbnhjfZlZbebgZ\u[jZgghf\Zfb
yaud_
IjbwlhfZ\lhjuYg^_dkZihq_fmlhg_klZeb\\h^blvkljhdm^eybkdexq_gbykeh\baaZijhkZZ
h]jZgbqbebkvl_dklhfih^ihbkdh\hckljhdhcdhlhjucj_dhf_g^m_lklZ\blvagZdfbgmki_j_^
keh\Zfbdhlhju_\uohl_eb[ubkdexqblv
GZgZr\a]ey^wlhg_kZfh_m^Zqgh_j_r_gb_ihkdhevdmhghfh`_l[ulvg_\iheg_ihgylgh
g_ih^]hlh\e_gghfmq_eh\_dmwlhfkfuke_gZfij_^klZ\ey_lky[he__m^h[guff_oZgbaf
^_ckl\mxsbc\[hevrbgkl\_bgnhjfZpbhgguokbkl_fkljhdZ^eybkdexq_gbykeh\baaZijhkZ
ij_^klZ\e_gZ\\b^_iheghijZ\gh]hbgkljmf_glZ^hklmigh]h\nhjf_jZkrbj_ggh]hihbkdZgZjZ\g_
khklZevgufbwe_f_glZfb
Keh`gu_aZijhku\nhjf_jZkrbj_ggh]hihbkdZkha^Zlvg_evay
Ohjhrh\b^ghqlhgZijbf_jj_r_gb_lZdhchlghkbl_evghkeh`ghcaZ^ZqbdZd
�gZeh]\tg_^\b`bfhklvaaih^hoh^guc@
ijhklhg_ij_^mkfhlj_ghkljmdlmjhcnhjfujZkrbj_ggh]hihbkdZYg^_dkZihkdhevdmjZagu_keh\Z
\ijb\_^_gghfaZijhk_bf_xljZagu_Zljb[mlu
JbkNhjfZjZkrbj_ggh]hihbkdZ=m]eZ
Ih^h[gZykblmZpby\lhcbebbghckl_i_gboZjZdl_jgZb^eyhklZevguoihbkdh\uokbkl_fIh`Zemc
lhevdhnhjfZjZkrbj_ggh]hihbkdZ=m]eZkljZ^Z_lwlbf\f_gvr_ckl_i_gbqlh^hklb]Z_lkyaZkq_l
khq_lZgby^\mogZijZ\e_gguogZ\klj_qm^jm]^jm]mnZdlhjh\kh^ghcklhjhgukZfihk_[_yaud
aZijhkh\=m]eZijhs_ \kfuke_g_kdhevdhijbfblb\g__\fq_f\Yg^_dk_Zk^jm]hcklhjhgunhjfZ
jZkrbj_ggh]hihbkdZwlhcijh]jZffuij_^hklZ\ey_l[hevr_\hafh`ghkl_c\hlebqb_hllZdh\hc\
Yg^_dk_qZklghklbdZdbeexkljbjm_ljbkhgZiha\hey_lk^_eZlvlZdhcaZijhk\dhlhjhf
eh]bq_kdb_Bkhq_lZxlkykeh]bq_kdbfbBEB
F_lZihbkdh\u_fZrbguBgl_jg_lZkijbf_jZfbihbkdZjZaebqguolbih\bgnhjfZpbb
DZ`^ucbam\e_q_gguoihevah\Zl_e_cK_lb\^mr_f_qlZ_lhkms_kl\h\Zgbbh^ghc_^bgkl\_gghc
bgnhjfZpbhgghckbkl_fudhlhjZykhq_lZeZ[u\k_[_^hklhbgkl\Z\k_oihbkdh\bdh\h^gh\j_f_ggh
DZaZehkv[u^hklZlhqghZ\lhfZlbabjh\Zlvijhp_kkjZaf_s_gbyaZijhkZ\dZ`^mxbaihbkdh\uo
fZrbgdZdbkke_^h\Zl_exhklZg_lkyebrvkh[bjZlv[h]Zlucmjh`ZcB^_ckl\bl_evghgZrebkv
ex^bdhlhju_lZdbihklmibebH^gZdhihemq_ggucj_amevlZlohjhrbfg_gZah\_rvklhqdbaj_gby
ki_pbZebklZdhgdmj_glghcjZa\_^db
IhkdhevdmdZdba\_klgh[hevrbgkl\hihbkdh\uofZrbgihmfheqZgbx\hkijbgbfZxlagZdijh[_eZ
dZdeh]bq_kdh_Blh^eykeh\\\_^_gguo\ihbkdh\mxkljhdmdZ`^hcfZrbguZ\lhfZlbq_kdbc
\[jhkaZijhkZjZ[hlZ_lg_iehohLh_klvkZfhihk_[_jZaf_s_gb_kh^_j`bfh]hihbkdh\hckljhdb
\jZagu_ihbkdh\u_fZrbgul_ogbq_kdboljm^ghkl_cg_ij_^klZ\ey_lLhevdh^_eh\lhfqlh\\h^
keh\q_j_aijh[_edjZcg_j_^dhiha\hey_lki_pbZebklmdhgdmj_glghcjZa\_^dbihemqblvgm`guc
j_amevlZl:\hlZ\lhfZlbabjh\ZlvkhklZ\e_gb_ihbkdh\h]haZijhkZ^eydZ`^hcihbkdh\hcfZrbgu
gZh^ghfrZ[ehg_qlh[uihlhfwlhlaZijhkZ\lhfZlbq_kdbi_j_dhg\_jlbjh\Zekykmq_lhf
kbglZdkbkZyaudZaZijhkh\dhgdj_lghcfZrbgubaZ[jZku\Zekylm^ZihdZqlhgbdlh\rbjhdh
�^hklmiguoijh^mdlZog_klZeZbkZfZihk_[_lZdZy\hafh`ghklvi_j_dhg\_jlZpbb\uau\Z_lgZ
ij_^eh`_gby
j_amevlZl_p_eucdeZkkih^h[guobgkljmf_glh\gZa\Zggucf_lZihbkdh\ufbfZrbgZfb
ijZdlbq_kdbg_ijbf_gy_lky^eygm`^dhgdmj_glghcjZa\_^db
F_lZihbkdh\ZyfZrbgZg_bf__lkh[kl\_gguoiZmdh\bkh[kl\_gghc[Zau^ZgguoHgZ\g_baf_gghf
\b^_jZaf_sZ_laZijhk\l_oihbkdh\uofZrbgZodhlhju_hlf_lbeihevah\Zl_evZaZl_f^h`b^Z_lky
�hl\_lZhlgbob\u^Z_lj_amevlZlkh\k_ofZrbggZh^ghckljZgbp_eym^h[kl\Zihevah\Zl_eywlb
j_amevlZlukh^_j`Zlihf_ldmhlhfkdZdhcihbkdh\hcfZrbgu[ueihemq_glhlbebbghchl\_l
j_amevlZl_\f_klh\k_oiexkh\dZ`^hcihbkdh\hcfZrbgudhlhju_^hklZlhqghbg^b\b^mZevgu
ihevah\Zl_evfh`_lhsmlblvh[sb_^eygbo\k_ofbgmkuihkdhevdmg_lhqgucihbkdkujhc
bgnhjfZpbbk[hevrbfkh^_j`Zgb_fbgnhjfZpbhggh]hrmfZg_ijb]h^_g^eyp_e_c
dhgdmj_glghcjZa\_^dbGZfgjZ\blky\ukdZau\Zgb_ki_pbZebklZ`mjgZeZB]jhfZgby:e_dk_y
;mljbgZhijbgpbi_jZ[hluf_lZihbkdh\uofZrbgbbog_^hklZldZoihkjZ\g_gbxkgZklhysbfb
ihbkdh\ufbfZrbgZfb
=hjZa^hwnn_dlb\g__\e_alvgZy[ehgxbkhj\Zlvbf_gghlhy[ehdhdhlhjh_\Zfgm`ghZg_ljyklb
�[_^gh_^_j_\h kdhj__\k_]h\ZkijhklhaZ\Zebly[ehdZfbihkZfu_mrb\f@
Ijbf_juf_lZihbkdh\uofZrbgBgl_jg_lZ
Ijbf_jZfbf_lZihbkdh\uofZrbgjZ[hlZxsbo\Bgl_jg_l_fh]mlkem`blv1LJPD KWWSQLJPDUX\f
[5DPEOHU KWWS[UDPEOHUUX\fb0HWDERW KWWSZZZPHWDERWUX\f
Hgbbf_xlkoh`b_bgl_jn_ckubij_^klZ\eyxlkh[hcihbkdh\mxkljhdmih^dhlhjhcfh`gh
hlf_lblvl_ihbkdh\u_kbkl_fu\dhlhju_[m^_lhlijZ\eylvkyaZijhkJ_amevlZluaZijhkZ\dexqZxl
lZd`_\hlebqb_hllZdh\uoijbjZ[hl_kh[uqgufbihbkdh\bdZfbbgnhjfZpbxhlhfbadZdhc
dhgdj_lghfZrbguhgbihemq_gu
Ijh]jZffu^eyjZ[hlukbgnhjfZpb_c
F_lZihbkdh\u_fZrbgumklZgZ\eb\Z_fu_gZkh[kl\_gghfdhfivxl_j_
Yjdbcij_^klZ\bl_evijh]jZfflZdh]hjh^ZDhi_jgbdF_lZ &RSHUQLF0HWD\fWlh[_kieZlgh_
ijh]jZffgh_h[_ki_q_gb_dhlhjh_fh`ghkdZqZlvihZ^j_km
KWWSZZZFRSHUQLFFRPHQSURGXFWVPHWDLQGH[KWPO
�ey^hklmiZdf_lZihbkdh\hcfZrbg_&RSHUQLF0HWDihevah\Zl_evmklZgZ\eb\Z_lgZk\h_f
dhfivxl_j_ieZ]bgdBgl_jg_lWdkiehj_jmihke_q_]h\[jZma_j_ihy\ey_lky^hihegbl_evgZy
iZg_ev
Kha^Zl_eb&RSHUQLF0HWD]h\hjylhlhfqlhbofZrbgZbf__lke_^mxsb_ij_bfms_kl\Z
iha\hey_lijh\_klbf_lZihbkd\Bgl_jg_l_kp_evxkjZ\g_gbyp_g\k_l_\uofZ]ZabgZoho\Zlb\
ijbwlhf[hevrh_dhebq_kl\hlZdbolhj]h\uoiehsZ^hd
ijhba\h^blihbkddZjlbghdZm^bhnZceh\gh\hkl_cij_^f_lh\ijh^ZxsbokygZZmdpbhgZo
ij_^hklZ\ey_lihevah\Zl_ex\hafh`ghklv^h[Z\eylvk\hbex[bfu_ihbkdh\u_fZrbgub
bgnhjfZpbhggu_j_kmjku
h[_ki_qb\Z_l^hklmidihbkdmbaex[h]hijbeh`_gbyijhklufgZ`Zlb_fdeZ\br:LQGRZV.H\
6
h[e_]qZ_lihbkddexq_\uokeh\gZgZc^_gguokljZgbpZo
^hklZlhqghs_edgmlvihex[hfmkeh\mgZkljZgbp_m^_j`b\ZydeZ\brm$OWqlh[ugZqZlvihbkd
bf__liZg_evkyjeudZfb^eyaZijhkZ\hij_^_e_ggmxihbkdh\mxfZrbgm
:\lhjuijh]jZffguoijh^mdlh\Dhi_jgbdg_h]jZgbqbebkvkha^Zgb_ff_lZihbkdh\hcfZrbghcAZ
^hihegbl_evgmxieZlm hdheh^heeKR:\fhgbij_^eZ]ZxllZdb_ijh^mdludZd&RSHUQLF7UDFNHU
ZlZd`_&RSHUQLF6XPPDUL]HU
&RSHUQLF7UDFNHUkihkh[_ghlke_`b\Zlvihy\e_gb_gh\uokeh\beb]jZnbq_kdbowe_f_glh\gZ\_[
kljZgbpZoDjhf_lh]hhgbf__ljy^^hihegbl_evguo\hafh`ghkl_c
fh`_lhlijZ\eylvhih\_s_gb_h[baf_g_gbbgZkljZgbp_gZwe_dljhggucihqlh\ucysbdeb[hgZ
fh[bevgucl_e_nhg
ih^q_jdb\Z_lbaf_g_gbygZkljZgbp_h[e_]qZyl_fkZfufboh[gZjm`_gb_ihevah\Zl_e_f
fh`_lijh\h^blvdhgljhevbaf_g_gbcZ\lhfZlbq_kdbihaZ^ZgghfmjZkibkZgbxdZ`^uc^_gv
dZ`^mxg_^_exbeb^Z`_dZ`^mxfbgmlm
kihkh[_gijh\_jylvgZebqb_hij_^_e_gguodexq_\uokeh\gZkljZgbp_
khojZgy_l\Zjob\_jZagu_\_jkbbijh\_j_gguokljZgbp
h[_ki_qb\Z_l\hafh`ghklvijh\_jdbkljZgbpug_ihkj_^kl\_ggh\lhlfhf_gldh]^Zihevah\Zl_ev
__ijhkfZljb\Z_l
&RSHUQLF6XPPDUL]HUdhlhjuchp_gb\Z_lkym`_\^heeKR:kihkh[_gZgZebabjh\Zlvl_dkl
ex[hc^ebgugZibkZggucgZh^ghfbaq_luj_oyaudh\baZl_f\u^Z\ZlvdjZldh_kh^_j`Zgb_
fZl_jbZeZ\lhfjZaf_j_dhlhjuc_fmaZ^ZebIjbwlhfijh]jZffZjZ[hlZ_lk^hdmf_glZfb
ij_^klZ\e_ggufb\lZdbonhjfZlZodZd^hdmf_glu:RUG\_[kljZgbpu3')nZceukhh[s_gby
we_dljhgghcihqlub^Z`_l_dkl\[mn_j_h[f_gZ
AZimkdijh]jZffu&RSHUQLF6XPPDUL]HUfh`_l[ulvijhba\_^_ggZ`Zlb_fh^ghcdghidb\lZdbo
ijbeh`_gbyodZd[jZma_jBgl_jg_lWdkiehj_jZlZd`_ijh]jZffZo$GREH$FUREDW$FUREDW5HDGHU
2XWORRN([SUHVV(XGRUD0LFURVRIW:RUGDQG2XWORRN
�hdmf_glihemq_gguc\j_amevlZl_jZ[hluijh]jZffufh`ghjZki_qZlZlvgZijbgl_j_eb[h
khojZgblv\h^ghfbag_kdhevdbo^himklbfuonhjfZlh\dZdijhklhcl_dkl^hdmf_gl0LFURVRIW
:RUGnZce+70/beb;0/IRUPDWVDjhf_lh]hwlhlfZl_jbZefh`_l[ulvg_f_^e_ggh
ij_h[jZah\Zg\khh[s_gb_we_dljhgghcihqlubhlijZ\e_gihex[hfmZ^j_km\u[jZgghfm
ihevah\Zl_e_f
BgZdhg_pijhba\h^bl_evijh^mdlh\Dhi_jgbdij_^eZ]Z_lijh]jZffm&RSHUQLF$JHQW3URIHVVLRQDO
dhlhjZyh[t_^bgy_l\k_\ur_hibkZggu_ijh^mdluih^h^ghch[hehqdhcIjbwlhfklhbfhklv__
hlghkbl_evghg_\_ebdZ^eybah[j_l_gbylZdh]hmjh\gybkhklZ\ey_lhdheh^heeKR:
Dkh`Ze_gbxgZwlhfg_khfg_ggu_iexkuijh]jZffDhi_jgbdaZdZgqb\ZxlkyFbgmkmgbo
kh[kl\_gghh^bgGh^hklZlhqgh[hevrhcDhi_jgbdg_jZ[hlZ_lkjmkkdhyauqgufbihbkdh\ufb
kbkl_fZfbjmkkdbcyaud\ijbgpbi_g_\oh^bl\qbkehq_luj_oyaudh\kdhlhjufbjZ[hlZ_l
kbkl_fZ
MZ\lhjZwlhcdgb]b_klvhiulijbh[j_l_gbyijh]jZffu&RSHUQLF$JHQWLZd\hlgZwlZi___
wdkiemZlZpbb\uykgbehkvqlh\^ZgghfkemqZ_g_\hafh`_gg_lhevdhZgZebajmkkdhyauqguo
l_dklh\ghb^h[Z\e_gb_jmkkdhyauqguoihbkdh\uofZrbg\[Zam&RSHUQLF0HWDohlye_]dhklv
\dexq_gbybgnhjfZpbhgguokbkl_f\[Zam^Zgguohl^_evghaZy\e_gZkj_^bij_bfms_kl\ijh^mdlZ
Kem`[Zl_ogbq_kdhcih^^_j`dbkhh[sbeZqlhdbo[hevrhfmkh`Ze_gbxjmkkdbcyaudg_
jZ[hlZlvg_ieZgbjmxl
H^gZdhkijZ\_^eb\hklbjZ^bhlf_lbfqlhh[ty\e_ggucbfbijbgpbiFu]ZjZglbjm_f\ha\jZl
^_g_]\l_q_gb_^g_cihke_ihdmidb_keb\Zfg_ihgjZ\blkygZrijh^mdl^_ckl\bl_evgh
kh[ex^Z_lkyIhke_lh]hdZdfu\ukdZaZebihwe_dljhgghcihql_ijhkv[mdhfi_gkbjh\ZlvgZf
klhbfhklvijh]jZffu\k\yabkmdZaZggufb\ur_h[klhyl_evkl\Zfb^_gv]b^_ckl\bl_evgh[ueb
aZqbke_gugZlhlkq_lkdhlhjh]hjZg__ijhba\h^beZkvhieZlZ
H^gZdh^eyl_odlhjZ[hlZ_lkBgl_jg_lhfgZhkgh\guo_\jhi_ckdboyaudZoijh]jZffgu_
ijh^mdluDhi_jgbdfh]ml^_ckl\bl_evghihfhqvkwdhghfblv\j_fyijbiZjZee_evghfih\ur_gbb
dZq_kl\ZjZ[hluGZgZr\a]ey^&RSHUQLF$JHQWh^ghbakZfuo^hklmiguoihp_g_j_r_gbc^ey
fZeh]hbkj_^g_]h[bag_kZdh]^ZklhblaZ^ZqZfhgblhjbg]ZK_lbbij_^\Zjbl_evgh]hZgZebaZ
ihemq_gguo^hdmf_glh\
IhbkdbgnhjfZpbbgZkh[kl\_gghfdhfivxl_j_
K_]h^gym[hevrbgkl\Zihevah\Zl_e_cgZi_jkhgZevghfdhfivxl_j_ojZgblky^hklZlhqghfgh]h
bgnhjfZpbbb__dhebq_kl\hklj_fbl_evghjZkl_lWlhfh]ml[ulvklZlvbibkvfZ^h]h\hjudZdb_
lh^jm]b_^hdmf_glujZaebqguonhjfZlh\?keb\eZ^_e_pdhfivxl_jZj_]meyjghkh[bjZ_ldZdb_lh
k\_^_gbylhboh[t_fufh]mlkhklZ\eylvkhlgb]b]Z[Zclqlhh[uqghbijhbkoh^blmijhn_kkbhgZeZ
dhgdmj_glghcjZa\_^dblZdhckblmZpbb^hklZlhqghkdhjh\hagbdZ_l\hijhkdZdgZclbgm`gu_
l_dklu\lhfqbke_l_hdhlhjuoihevah\Zl_evm`_aZ[ueEmqr__j_r_gb_wlhcaZ^Zqb
ij_^eZ]Z_lkydhfiZgb_c$SSOHijhba\h^ys_cdhfivxl_jugZ[Za_hi_jZpbhgghckbkl_fu0DF26
GZrhiulihdZaZeqlhaZy\e_ggZy_x\hafh`ghklvf]gh\_ggh]hihbkdZnZceh\ihnjZ]f_glmkeh\Z
kh^_j`Zs_]hky\l_dkl_^_ckl\bl_evghjZ[hlZ_lWlh[ueh^hklb]gmlh[eZ]h^Zjylhfmqlh
ijbgpbibZevgZyhj]ZgbaZpby0DF26h[_ki_qb\Z_lbg^_dkZpbxkh^_j`bfh]hnZceh\_s_gZwlZi_
aZibkb^hdmf_glZgZ`_kldbc^bkdH^gZdh[hevrbgkl\hgZrboqblZl_e_cihevam_lkyhi_jZpbhgghc
kbkl_fhc:LQGRZVihwlhfmfuih^jh[g__hklZgh\bfkygZij_^eZ]Z_fuo^eyg__j_r_gbyo
kljh_ggu_\:LQGRZV;3kj_^kl\ZihbkdZdhlhju_\uau\ZxlkygZ`Zlb_f\bjlmZevguodghihd
�Imkd!GZclb!NZceubiZidbbf_xlh^bgkms_kl\_ggucg_^hklZlhd_eh\lhfqlhwlhl
Ze]hjblfdZ`^ucjZahldju\Z_lbijhkfZljb\Z_l\k_[_abkdexq_gbynZceuojZgysb_kygZ
dhfivxl_j_\h[eZklbaZ^Zgghc^eyihbkdZLZdhckihkh[jZ[hlukbgnhjfZpb_ch[_ki_qb\Z_l
\ukhdmxlhqghklvj_amevlZlh\ghdkh`Ze_gbxlj_[m_lfgh]h\j_f_gbbq_f[hevr_klZgh\blky
dhebq_kl\hnZceh\gZi_jkhgZevghfdhfivxl_j_l_f[hevr_\j_f_gbjZkoh^m_lky\imklmx\
h`b^Zgbblh]hdh]^Zgm`gucnZce[m^_lgZc^_gBf_gghihwlhfmgZjugd_ihy\bebkvijh]jZffu
dhlhju_ih^h[ghihbkdh\uffZrbgZfBgl_jg_lZbg^_dkbjmxlbgnhjfZpbxgZi_jkhgZevghf
dhfivxl_j_b^_eZxl__^hklmighcihevah\Zl_exijZdlbq_kdbf]gh\_gghIjbq_fwlbijh]jZffu
dZdijZ\behij_^hklZ\eyxlky[_kieZlgh
�GZb[he__ba\_klgu_bagboYg^_dk_kdlhi DQGH['HVNWRSKWWSGHVNWRS\DQGH[UX\f=m]e
��_kdlhi *RRJOH'HVNWRSKWWSGHVNWRSJRRJOHFRPUXLQGH[KWPO\fbDhi_jgbd_kdlhi &RSHUQLF
'HVNWRS6HDUFKKWWSZZZFRSHUQLFFRPHQSURGXFWVGHVNWRSVHDUFKLQGH[KWPO\fI_j\u_^\_
ih^^_j`b\Zxlkyihbkdh\ufbkbkl_fZfbYg^_dkb=m]eZlj_lvyZ\lhjZfbf_lZihbkdh\hcfZrbgu
b^jm]boijh^mdlh\ih^fZjdhcDhi_jgbd
DZ`^ucbagZa\Zgguoijh^mdlh\jZ[hlZ_l\nhgh\hfj_`bf_bihmfheqZgbxijh\h^blbg^_dkZpbx
�eylh]hqlh[uqblZl_ex[uehijhs_k^_eZlvk\hc\u[hjf_`^mwlbfblj_fyijh]jZffZfbfu
ih^_ebfkyj_amevlZlZfbijh\_^_gguogZfb\k\h_\j_fywdki_jbf_glh\Fubkke_^h\ZebgZkdhevdh
[_ahiZkguihbkdh\u_ijh]jZffu^eyi_jkhgZevguodhfivxl_jh\klhqdbaj_gbyml_qdb
bgnhjfZpbbkdhfivxl_jZ[_a\_^hfZihevah\Zl_ey
I_jkhgZevgu_ihbkdh\bdb=m]ebYg^_dk\uims_gubih^^_j`b\Zxlkyh^ghbf_ggufbihbkdh\ufb
fZrbgZfbBgl_jg_lZGZgZr\a]ey^hkgh\gZyijbqbgZihy\e_gbywlboijh]jZff^eygZklhevgh]h
dhfivxl_jZbf_ggh\[_kieZlghf\ZjbZgl_wlhijb\e_q_gb_ex^_cdk\hbfbgnhjfZpbhgguf
kbkl_fZfdZddhkgh\gufkj_^kl\ZfjZ[hlu\K_lbG_^Zjhf\h[Zijh^mdlZ\kljh_gZnmgdpby
BkdZlv\Bgl_jg_l_ijb\h^ysZydfZrbg_ihh[jZ[hld_aZijhkh\dhlhjZykha^ZeZgZklhevguc
ihbkdh\bdLZdh_ijb\e_q_gb_ihevah\Zl_e_cfZl_jbZevgh\u]h^gh^eybgnhjfZpbhgguokbkl_f\
kbemjy^Zijbqbg
wlhiha\hey_lwnn_dlb\ghijh^Z\Zlvdhgl_dklgmxj_deZfmlZddZddhebq_kl\hihk_lbl_e_c
ihbkdh\hcfZrbgu\hajZklZ_l
^Z_l^hihegbl_evgucljZnbdihbkdh\bdZf
iha\hey_lkh[bjZlvklZlbklbdmihdexq_\ufkeh\Zfbkihevam_fufihevah\Zl_eyfb
ihfh]Z_lhlke_`b\Zlvi_j_f_s_gbyex^_chlh^ghcfZrbgud^jm]hcbl_fkZfufmagZ\Zlvh[bo
ij_^ihql_gbyo
G_^ZjhfijbmklZgh\d_gh\h]hiZd_lZijh]jZff=m]eZ\dhlhjhfi_jkhgZevgucihbkdh\bd^ey
gZklhevgh]hdhfivxl_jZij_^klZ\ey_lkh[hcebrvh^bgba_]hdhfihg_glh\ihmfheqZgbxklZ\blky
]ZehqdZ\]jZn_hih^l\_j`^_gbbkh]eZkbyihevah\Zl_eygZk[hjg_ebqghcbgnhjfZpbbk_]h
dhfivxl_jZ
hll_dklwlh]h^bkde_cf_jZdhlhjucihy\ey_lkyijbmklZgh\d_*RRJOH'HVNWRS
Ijbbkihevah\ZgbbjZkrbj_gguonmgdpbcufh`_l_i_j_^Z\ZlvbgnhjfZpbxhijhkfhlj_gguo
kZclZobg_ebqgmxbgnhjfZpbxh[bkihevah\Zgbb\*RRJOHGZijbf_j^eyi_jkhgZebaZpbb
gh\hkl_chlh[jZ`Z_fuogZ[hdh\hciZg_eb*RRJOH'HVNWRShlijZ\ey_l\*RRJOHbgnhjfZpbxh
ihk_sZ_fuoZfbkljZgbpZogh\hkl_cFubkihevam_fg_ebqgu_^Zggu_h[bkihevah\Zgbb
\dexqZykhh[s_gbyhk[hyo\p_eyomkh\_jr_gkl\h\Zgby*RRJOH'HVNWRSMqlbl_qlhwlb^Zggu_gZ
kZfhf^_e_g_kh^_j`Zlk\_^_gbciha\heyxsbogZfmagZlvdlhulZdhcFubkihevam_fbolhevdh
^eyjZkrbj_gby\hafh`ghkl_c*RRJOH'HVNWRSihij_^hklZ\e_gbxZfgZb[he__j_e_\Zglghc
bgnhjfZpbb
Kms_kl\m_l^\Z\ZjbZglZmklZgh\dbihbkdh\bdZ=m]eZhl^_evghhliZd_lZ h]Zehqd_\wlhfkemqZ_
fh`ghaZ[ulv\fkjZkrbj_ggufbnmgdpbyfbb[_alZdh\uo?keb\u[jZlv\ZjbZgldh]^Z
jZkrbj_ggu_nmgdpbb\dexq_gulhijh]jZffZgZqg_lkh_^bgylvkykBgl_jg_lhfkjZamih
fgh`_kl\mdZgZeh\i_j_[bjZyaZdeZ^dbgZkZcluk^_eZggu_\[jZma_j_dhfivxl_jZj_amevlZl_
hldjh_lky[hdh\ZyiZg_evkdhlhjhcfh`gh[m^mlhkms_kl\eylv[uklju_i_j_oh^udj_kmjkZf
dhlhjufb\ubgl_j_km_l_kvKh_^bg_gb_ijbwlhf[m^_lmklZgh\e_ghkZ^j_khfNKJRRJOHFRPb
PWJRRJOHFRP
Dhi_jgbddZdba\_klgh\uims_gdhfiZgb_cdhlhjZyg_bf__lkh[kl\_gghcihbkdh\hcfZrbguZ
\eZ^__lf_lZihbkdh\bdhfjZkij_^_eyxsbfaZijhkuf_`^mihbkdh\ufbkbkl_fZfb^jm]bo
\eZ^_evp_\baZl_fZgZebabjmxsbfihemq_ggu_j_amevlZlu_jhylghihwlhfmklhev\ujZ`_ggh]h
Dhi_jgbdZg_l
Ijh\h^ybkke_^h\Zgb_i_j_^Zqb^Zgguo\Bgl_jg_lgZklhevgufbihbkdh\ufbkbkl_fZfbfu
h[jZlbebkvaZihfhsvxdq_eh\_dmdhlhjucijhn_kkbhgZevghaZgbfZ_lky\hijhkZfb
dhgnb^_gpbZevghklbk\_^_gbcij_^klZ\e_gguo\K_lbjZ[hl_[uebbkihevah\Zguki_pbZevgu_
ijh]jZffu^eyih^jh[gh]hZgZebaZbgl_jg_lZdlb\ghklbijbeh`_gbc6P6QLIIb(WKHUHDO
eZ^bfbjDZa_ggh\lZdah\mlgZr_]hwdki_jlZg_lhevdhihfh]gZfkh\_lZfbghbg_ihkj_^kl\_ggh
ijh^_eZehkgh\gmxqZklvwdki_jbf_glZevghcjZ[hlu?kebqblZl_eyfihlj_[m_lkyk\yaZlvkykgbf
^eyijhykg_gbyg_ihgylguofhf_glh\wlhfh`ghk^_eZlvihwe_dljhgghcihql_
NHQWDYU#\DQGH[UX
��Ijh\_^_ggh_gZfbbkke_^h\Zgb_ih^l\_j^behqlhDhi_jgbd_kdlhibYg^_dk_kdlhi^hklZlhqgh
��[_a\j_^guLZdDhi_jgbd_kdlhi\hh[s_gbq_]hg_i_j_^Z\Ze\Bgl_jg_lZYg^_dk_kdlhi
i_j_^Z\ZeebrvbgnhjfZpbxhaZijhk_k^_eZgghfihevah\Zl_e_f ^ZblhdZd\gZqZe_ij_^iheh`be
eZ^bfbjDZa_ggh\Z\ihke_^kl\bbih^l\_j^bebkhljm^gbdbYg^_dkZwlhg_ij_^gZf_j_gguc
ihklmihdZg_djblbqgZyhrb[dZ\gZibkZgbbijh]jZffu\f
�H^gZdhk=m]e_kdlhikblmZpbyhdZaZeZkv[he__m]jh`Zxs_cklhqdbaj_gbydhgnb^_gpbZevghklb
bgnhjfZpbbgZi_jkhgZevghfdhfivxl_j_Fu\uy\bebqlhhgi_j_^Z_lgZk\hck_j\_jg_db_
g_mklZgh\e_ggu_^Zggu_ihaZrbnjh\ZgghfmdZgZem bf_gghihlhfmqlhhgbaZrbnjh\Zgubobg_
m^ZehkvmklZgh\blv\fDjhf_lh]hgZfb[ueh^hdZaZghqlh=m]eij_^hklZ\ey_lk\hbfohay_\Zf
h[rbjgmxklZlbklbq_kdmxbgnhjfZpbxhiZjZf_ljZofZrbgudhlhjZybkihevam_l^Zggmx
ijh]jZffmbhjZ[hl_kbkl_fuihbkdZ
f_kl_kl_fbkke_^h\Zgb_[hevr_cqZklbihemq_gguo^ZgguoihdZaZehqlhhkgh\gZyk_l_\Zy
�Zdlb\ghklv=m]eZ_kdlhihkms_kl\ey_lky\g_aZrbnjh\Zgghf\b^_b\[hevrbgkl\_k\h_fg_hiZkgZ
klhqdbaj_gbym]jhaudhgnb^_gpbZevgufk\_^_gbyf
:djhf_lh]h[uehmklZgh\e_ghqlhqZklvijh]jZffgh]hdh^Zijbf_gy_fh]h=m]ehf\qZklghklb
MDYDkdjbilfh`_lijbhij_^_e_gguomkeh\byo[ulv\j_^hghkghclZddZdbkihevam_ll_ogheh]bx
kdjulh]hk[hjZbgnhjfZpbbbg_lj_[m_lihemq_gbyjZaj_r_gbyhlihevah\Zl_eygZ__hlijZ\dm
ihbkdh\bdmh\kydhfkemqZ_lZdb_MDYDkdjbiluh[uqghaZij_sZxlky\aZsbs_gguokbkl_fZo
LZdh[klhyeh^_ehgZfhf_glgZibkZgbydgb]bFug_\khklhygbbkijh]ghabjh\ZlvdZdbf[m^_l
ih\_^_gb_ihbkdh\uofZrbgwlboijhba\h^bl_e_caZ\ljZ
Ihegh_hibkZgb_wdki_jbf_glZk^_lZebaZpb_cihemq_gguogZdZ`^hfwlZi_^ZgguoqblZl_evfh`_l
gZclbihZ^j_kmKWWS\XVKFKXNOLYHMRXUQDOFRPKWPO
LZdbfh[jZahf_keb\h]eZ\_m]eZdhgnb^_gpbZevghklvbgnhjfZpbbgZi_jkhgZevghfdhfivxl_j_
��fh`gh[ueh[uj_dhf_g^h\Zlv\i_j\mxhq_j_^vDhi_jgbd_kdlhibih`ZemcYg^_dk_kdlhi
=m]ei_j_^Zxsbc\Bgl_jg_lg_mklZgh\e_ggu_aZrbnjh\Zggu_^Zggu_ki_jkhgZevgh]h
dhfivxl_jZgZgZr\a]ey^g_fh`_lkqblZlvkyiheghklvx[_ahiZkguf
H^gZdh_klv_s_h^bgiZjZf_ljihdhlhjhfmfulZd`_ijh\h^bebwdki_jbf_glkjZ\gb\Zy^\Z
��ihbkdh\bdeb^_jZJ_qvb^_lhlhfqlhemqr_Yg^_dk_kdlhibebDhi_jgbd_kdlhiklhqdb
aj_gbyyaudZaZijhkh\dhlhjucbkihevam_lky\wlboijh]jZffZoBgl_jn_ckDhi_jgbdZ
Zg]ehyauqgucYg^_dkZjmkkdhyauqguc
�eylh]hqlh[ujZah[jZlvky\wlhf\hijhk_gZ`_kldbc^bkdi_jkhgZevgh]hdhfivxl_jZ[ueb
l_dklu\dexqZxsb_\k_[yg_klZg^Zjlgu_j_^dh\klj_qZxsb_kykeh\ZZlZd`_ihgylbygZf_j_ggh
gZibkZggu_khjnh]jZnbq_kdbfbhrb[dZfbWlhiha\hebehjZ[hlZlv[_abgnhjfZpbhggh]h
fmkhjZdhlhjucfh][ulvkha^Zg^jm]bfb^hdmf_glZfbojZgysbfbkygZlhf`_dhfivxl_j_
Ihegh_hibkZgb_wdki_jbf_glZfh`ghm\b^_lvihZ^j_kmKWWS\XVKFKXNOLYHMRXUQDOFRPKWPO
j_amevlZl_gZfb[uebk^_eZguijb\_^_ggu_gb`_\u\h^u
GZgZr\a]ey^ijh]jZffZ&RSHUQLF'HVNWRS6HDUFKh[_ki_qb\Z_l[hevr_\hafh`ghkl_c^eylhqgh]h
�ihbkdZgZi_jkhgZevghfdhfivxl_j_g_`_ebYg^_dk_kdlhi
�Dhi_jgbd_kdlhi[hevr_ih^oh^bl^eyq_eh\_dZdhlhjucagZ_lqlhlZdh_;me_\ZZe]_[jZb
dhlhjh]hg_kfmsZ_lZg]ehyauqgucbgl_jn_ck
Yg^_dkgZgZr\a]ey^aZkq_lmijhs_gbyyaudZaZijhkh\gZklhevghcihbkdh\hcijh]jZffumljZlbe
k\h_]eZ\gh_ij_bfms_kl\hkihkh[ghklvkhklZ\blvlhqgucihbkdh\ucaZijhk
?keb`_ihevah\Zl_evg_bkiulu\Z_lg_h[oh^bfhklb\khklZ\e_gbblhqgh]haZijhkZlhYg^_dk
�_kdlhiemqr__j_r_gb_g_`_ebijh^mdlDhi_jgbdZihkdhevdmhgijhsZ_l[hevr__dhebq_kl\h
hrb[hdbg_lhqghkl_c
�Hkh[_gghklbnZdlbq_kdh]hyaudZaZijhkh\h[_bobkiulZgguoijh]jZffYg^_dk_kdlhi
\hkijbgbfZ_lkeh\Z\ex[hcbonhjf_b\hafh`ghklbhlf_gblvijhp_kkh[jZah\Zgby
ijhba\h^guohlbkoh^gh]hkeh\Zg_lIjbq_fg_jZ[hlZxlgbklZg^Zjlguc^eyihbkdh\hcfZrbgu
Yg^_dkhi_jZlhjgZoh^ysbckyi_j_^keh\hfgbaZdexq_gb_aZijhkZ\^\hcgu_dZ\uqdb
g_ijh\h^bljZaebqbcf_`^maZ]eZ\ghcbijhibkghc[md\Zfb\l_dkl_
bs_lihp_ehfmkeh\mbaf_gyy_]hihnjZ]f_glmkeh\Zihbkdg_\uihegy_lky
g_ih^^_j`b\Z_lnmgdpbxijbgm^bl_evgh]h\dexq_gbykeh\Z\j_amevlZlihbkdZ?kebba^\mo
keh\kh_^bg_gguoeh]bq_kdbfB\ij_^_eZol_dklZ_klvlhevdhh^ghwlhl^hdmf_gl\k_jZ\gh
ihiZ^_l\\u^Zqm^Z`__kebi_j_^h[hbfbkeh\ZfbklhblagZdiexk
hi_jZlhjeh]bq_kdh_B\gmljbh^gh]hij_^eh`_gby \t\fijbwlhf^_ckl\m_l
hi_jZlhjjZkklhygbyf_`^mkeh\Zfbg_^_ckl\m_l
eh]bq_kdh_G?kms_kl\m_lgh\k_]^Zhlghkblkydh\k_fml_dklm qlhkhhl\_lkl\m_l^\hcghc
lbev^_aa\f
lhqgZynjZaZ hi_jZlhjdZ\uqdb\f^_ckl\m_l
eh]bq_kdh_BEBlZd`_^_ckl\m_l
�Dhi_jgbd_kdlhi
\u^Z_lj_amevlZl\aZ\bkbfhklbhllh]hkaZ]eZ\ghcbebijhibkghc[md\ugZibkZghkeh\hWlZ
aZ\bkbfhklvbkq_aZ_l_kebi_j_^keh\hfihklZ\blveh]bq_kdh_BEB hi_jZlhj25aZ]eZ\gufb
[md\Zfb\f
bs_lbgnhjfZpbxihnjZ]f_glmkeh\Z
keh\hnhjfug_ih^^_j`b\Z_l?kebgm`ghex[h_ijhba\h^gh_hlbkdhfh]hihgylbygZ^hgZibkZlv
_]hg_^hdhgpZqlh[u\k_\ZjbZgluhdhgqZgbcfh]eb[ulv^h[Z\e_gudwlhfmnjZ]f_glm
_keb\aZijhk_^\Zkeh\Zk\yaZgueh]lq_kdbfBij_^klZ\ey_l\\u^Zq_lhevdhl_l_dklu\
dhlhjuoh[yaZl_evgh_klvh[Zkeh\Z gZihfbgZ_fqlhemqr_ibkZlvkeh\h[_ahdhgqZgby_kebg_l
m\_j_gghklb\lhf\dZdhcnhjf_hghijbkmlkl\m_l\l_dkl_\f
eh]bq_kdh_G?ij_^klZ\ey_lagZdhffbgmk^_ckl\b_dhlhjh]hjZkijhkljZgy_lkygZex[hc
Fhgblhjbg]baf_g_gbcgZkZclZo\Bgl_jg_l_
Gbki_pbZebklmdhgdmj_glghcjZa\_^dbgbkhljm^gbdmhl^_eZfZjd_lbg]Zbebk[ulZg_^hklZlhqgh
ijhklhagZlvgZdZdhckljZgbqd_Bgl_jg_lZkh^_j`blkygm`gZybgnhjfZpbyGZ^hbf_lv
\hafh`ghklvk\h_\j_f_gghblhqghhlke_`b\Zlvbaf_g_gbygZwlhckljZgbqd_DZ`^ucfh`_lk_[_
ij_^klZ\blvgZkdhevdhkeh`gZZqZs_\k_]hb\h\k_g_hkms_kl\bfZwlZaZ^ZqZjy^eb^Z`_kZfuc
\gbfZl_evgucbkdjmime_agucq_eh\_d\khklhygbb[ukljhblhqghhp_gblvbaf_g_gby\l_dkl_
kdZ`_f\ijZckebkl_aZgbfZxs_fiylvkljZgbp
�eyj_r_gbyih^h[ghcijh[e_fug_kdhevdbfbdhfiZgbyfbjZajZ[hlZghki_pbZevgh_ijh]jZffgh_
h[_ki_q_gb_lZdgZau\Z_fu_klhjh`_\u_jh[hluhagZdhfb\rbkvkhkljZgbp_chgbkhojZgyxl
__h[jZa\k\h_c[Za_^ZgguoZijbih\lhjghfihk_s_gbbkjZ\gb\ZxlZdlmZevgh_khklhygb_j_kmjkZ
kwlbfh[jZahfIjh]jZffZhlf_qZ_lbaf_gb\rb_kyf_klZdhlhju_klZgh\ylkyihoh`bgZ
\u^_e_ggu_fZjd_jhfnjZ]f_glul_dklZgZ[mfZ`ghfghkbl_e_;he__lh]hm^Ze_ggb_dmkdh\
fZl_jbZeZlZd`_nbdkbjm_lkyfgh]bfbijh]jZffZfb^ZgghcdZl_]hjbbdZdijZ\beh\gbam
kljZgbpu^Z[ug_f_rZlv\hkijbylbxq_eh\_dhfbgnhjfZpbbKlhjh`_\u_jh[hlufh]ml
aZimkdZlvkyihevah\Zl_e_f\jmqgmxZfh]mlbjZ[hlZlvZ\lhfZlbq_kdbihjZkibkZgbx
Ij_^eZ]Z_fjZkkfhlj_lvwlbijh]jZffu[he__ih^jh[gh
Klhjh`_\hcjh[hl:HE6LWH:DWFKHU
Ijh]jZffZ\uims_gZ\=_jfZgbb__hnbpbZevguckZclKWWSZZZDLJQHVFRPKlhbfhklv
ijh^mdlZkhklZ\ey_lhdheh^heeKR:aZbg^b\b^mZevgmxebp_gabxDjhf_lh]hihevah\Zl_ex
^Z_lky^g_\gZyiheghnmgdpbhgZevgZy\_jkby^Z[uhgmki_em^hklh\_jblvky\g_h[oh^bfhklb_fm
wlh]hijh^mdlZAZieZlblvaZ:HE6LWH:DWFKHUlj_[m_lkyebrvh^bgjZaihke_q_]h\k_h[gh\e_gby
klZgh\ylky^hklmigu[_kieZlghbgZg_h]jZgbq_gguckjhd
Bgl_jn_ckijh]jZffuih^^_j`b\Z_ljmkkdbcbmdjZbgkdbcyaudbh^gZdhjZa^_eIhfhsv^h
\uoh^Z\k\_l\_jkbb[uegZibkZggZZg]ebckdhfIhke_ihy\e_gby\_jkbbgZkZcl_
ijh]jZffuihZ^j_kmKWWSZZZDLJQHVFRPZVZWUDQVKWPklZe^hklmi_gH[HnZce
ZVZKHOSBUXVVLDQH[H\fdhlhjucijbkh_^bgy_ld:HE6LWH:DWFKHUkijZ\hqgmxbgnhjfZpbxgZ
jmkkdhfyaud_JZ[hlZkjmkkdbfyaudhfg_\uau\Z_lmijh]jZffugbdZdboijh[e_fIjh^mdl
^h\hevghqZklhh[gh\ey_lkyLZdgZfhf_glgZibkZgbydgb]b[ueZ^hklmigZ\_jkby
:HE6LWH:DWFKHUjZ[hlZ_ldZddeb_glgZdhfivxl_j_ihevah\Zl_eyWlhagZqblqlh\k_aZdeZ^dbb
dhgnb]mjZpbbojZgylkyehdZevghgZ`_kldhf^bkd_dhfivxl_jZbk_j\_johaybgZg_mqZkl\m_l\
ijhp_kk_ihbkdZIjhba\h^bl_evml\_j`^Z_lqlh\uoh^\Bgl_jg_llj_[m_lkyijh^mdlmebrv^ey
ihk_s_gbykljZgbpijh\_jy_fuoihevah\Zl_e_f
Qlh`_fh`_lijh\_jylvijh]jZffZ"
Ex[u_ZHEkljZgbpukl_dklh\ufkh^_j`Zgb_fg_aZ\bkbfhhljZkrbj_gbynZceZLh_klv
klZlbqgu_kljZgbpu kjZkrbj_gb_fnZceZKWPbebKWPO\fb^bgZfbqgu_kljZgbpu kjZkrbj_gb_f
DVSSKSblZd^Ze__\f:HE6LWH:DWFKHUlZd`_\u^_eblp\_lhf\k_baf_g_gby\l_dkl_
566$WRPIHHGVKljZgbpu566$WRPij_h[jZah\u\Zxlky\qblZ_fucKWPOnhjfZlbfh]ml
h[jZ[Zlu\ZlvkydZdh[uqgu_ZHEkljZgbpu
�KljZgbpuaZsbs_ggu_iZjhe_feylZdbokljZgbp\ufh`_l_aZibkZlvfZdjhdhfZg^mihke_
Z\lhfZlbq_kdh]h\uiheg_gbydhlhjhcj_kmjk[m^_lijh\_j_ggZh[gh\e_gb_
ki_pbZevghcl_ogheh]b_cih^k\_ldbbaf_g_gbc
�KljZgbpuk-DYDVFULSWeylZdbokljZgbp:HE6LWH:DWFKHUih^^_j`b\Z_lhl^_evgmxb[he__
keh`gmxl_ogheh]bxij_h[jZah\Zgby^bgZfbq_kdbk]_g_jbjh\Zggh]hkh^_j`Zgbyj_kmjkZ\
klZlbqgh_kh^_j`Zgb_
Bah[jZ`_gby?kebuhlke_`b\Z_l_bah[jZ`_gb_:HE6LWH:DWFKHUkihkh[_gh[gZjm`blv_]h
h[gh\e_gb_Baf_g_gby\bah[jZ`_gbbg_ih^k\_qb\Zxlky
�\hbqgu_ [bgZjgu_\fnZceu:HE6LWH:DWFKHUfh`_lh[gZjm`b\Zlvh[gh\e_gb_^\hbqguonZceh\
gZijbf_jnZceu]LSbebH[H\fkjZ\g_gb_f^Zlu^hdmf_glZ_]hjZaf_jZbbebqZklb_]hkh^_j`Zgby
^\hbqgu_nZceug_[m^mliheghklvxaZ]jm`Zlvkyijbijh\_jd_gZh[gh\e_gb_\f
NZceu3')b)ODVKHgbh[jZ[Zlu\ZxlkydZd^\hbqgu_nZceu:HE6LWH:DWFKHUg_ih^k\_qb\Z_l
baf_g_gby\bokh^_j`Zgbb
)73nZceubdZlZeh]b:HE6LWH:DWFKHUih^^_j`b\Z_lhlke_`b\Zgb_lZdbo^hdmf_glh\bdZlZeh]h\
)73nZceufh]mlijh\_jylvkyihbo^Zl_jZaf_jmbebkh^_j`Zgbx
BgljZg_lk_kljZgbpu\k_lbBgljZg_lfh]ml[ulvijh\_j_guih^h[ghh[uqgufZHEkljZgbpZf
EhdZevghojZgysb_kynZceu:HE6LWH:DWFKHUfh`_lhlke_`b\Zlvex[hcnZcegZ\Zr_f`_kldhf
^bkd_
IhdjZcg_cf_j_lZdb_^Zggu_ijb\h^blkZfijhba\h^bl_ev
Ihke_lh]hdZd:HE6LWH:DWFKHUmklZgh\e_gbaZims_ggZdhfivxl_j_\ijZ\hf\_jog_fm]em\k_o
gZb[he__jZkijhkljZg_gguo[jZma_jh\ \qZklghklb,QWHUQHW([SORUHU0R]LOOD)LUHIR[2SHUD\f
ihy\ey_lkyagZqhdijh]jZffuij_^klZ\eyxsbckh[hcklbebah\Zgguc]eZa
�h[Z\e_gb_aZdeZ^db\i_j_q_gvaZdeZ^hdfh`_lijhba\h^blvky^\mfykihkh[Zfb
G_ihkj_^kl\_gghba[jZma_jZ
LZdbfh[jZahffh`gh^h[Z\blvdaZdeZ^dZflmkljZgbpmdhlhjZy\gZklhysbcfhf_glaZ]jm`_gZ\
[jZma_j_Ijbs_eqd_ex[hcdghidhcfurbihagZqdm:HE6LWH:DWFKHU\ijZ\hf\_jog_fm]em
�[jZma_jZihy\ey_lky\kieu\Zxs__f_gxi_j\ucimgdldhlhjh]hh[Z\blv\aZdeZ^dbIhke_lh]h
dZd\u[bjZ_lkywlhlimgdlihy\ey_lkyke_^mxs__hdgh\dhlhjhf85/kljZgbpum`_
Z\lhfZlbq_kdb\g_k_g\khhl\_lkl\mxs__ihe_ZfhklZ_lkyebrv\\_klb__bfy\jmqgmx ijbq_f
hghg_bf__lgbdZdh]hagZq_gby^eydhfivxl_jZbkem`bllhevdh^eylh]hqlh[ufh`gh[ueh
hij_^_eblv^eyq_]hlZbebbgZyaZdeZ^dZgm`gZihlhfmbgZagZqZ_lkyihevah\Zl_e_fijhba\hevgh\f
_jkbyiha\hey_lh[hclbkv^Z`_[_ajmqgh]h\\h^ZgZa\ZgbykljZgbpuihkdhevdmijh]jZffZ
fh`_lZ\lhfZlbq_kdb[jZlvwlhgZa\Zgb_gZkZfhfj_kmjk_
gbfZgb_ihke_lh]hdZd85/kljZgbpubbfyaZdeZ^db\g_k_gu\wlhhdghlj_[m_lkygZ`Zlv
deZ\brmIJH?JBLVZG?dghidmHDwlhfkemqZ_:HE6LWH:DWFKHUhlijZ\blkygZ
kljZgbpmbkhojZgbl\k\h_fZjob\___h[jZakdhlhjufb[m^_lijbke_^mxs_fihk_s_gbbj_kmjkZ
ijh\h^blvkjZ\g_gb_]eZ\ghfhdg_ijh]jZffu:HE6LWH:DWFKHUihke_wlh]hgZijhlb\bf_gb
aZdeZ^dbihy\blkygZ^ibkvHDbgbpbZebabjh\Zgh
?keb`_ihevah\Zl_ev\u[_j_ldghidmHD\f_klhdghidbIjh\_jblvlhijh]jZffZkhojZgbl
aZdeZ^dm\f_gxh^gZdhihk_sZlvkljZgbpmg_[m^_lbkhhl\_lkl\_gghg_[m^_lbkhojZgylv\
Zjob\___dhibx
Ba]eZ\gh]hf_gxijh]jZffu:HE6LWH:DWFKHU
\_jog_ciZg_ebijh]jZffu hgZgZau\Z_lkyFZkl_jb\u]ey^_ldZd`_aekbdjysbfky
gZdhg_qgbdhf\feb[hihlj_lv_cke_\Zdghid_\lhc`_iZg_eb hgZgZau\Z_lkyGh\ZyaZdeZ^dZb
\u]ey^bldZdebkl[mfZ]bkjZaf_s_ggufgZg_fagZdhfiexk\fGZ`Zlb_dghidbFZkl_j
ij_^ihqlbl_evghdh]^Zijh\_jy_fZykljZgbpZaZsbs_gZiZjhe_fihkdhevdmlZfij_^mkfhlj_g
fZdjhkiha\heyxsbc\\h^blvwlhliZjhevZ\lhfZlbq_kdbhklZevguokemqZyoemqr_
�\hkihevah\ZlvkydhfZg^hch[Z\blvaZdeZ^dm
Ijh]jZffZ:HE6LWH:DWFKHUiha\hey_lijh\_jylvbaf_g_gbygZkljZgbp_dZd\jmqgmxlZdb
Z\lhfZlbq_kdb
Hj]Zgbamxlkygh\u_iZidbbih^iZidb^eykbkl_fZlbaZpbbaZdeZ^hdlZd`_hq_gve_]dhZ
i_j_f_sZxlky\gh\u_f_klZijhklufi_j_lZkdb\Zgb_fbobofurvx
Djhf_lh]h\ijh]jZff_ij_^mkfhlj_gunbevljudhlhju_iha\heyxlbkdexqZlvbaijh\_jdb
hij_^_e_ggu_kljhdb gZijbf_jihklhygghf_gyxsb_ky\j_fybeb^Zlm\m]emkljZgbpueb[h
Znhjbafdhlhjucg_dhlhju_hilbfbaZlhjukZclh\ex[ylihklhygghf_gylvgZk\h_fj_kmjk_\f
Bkihevah\Zgb_nbevljh\ihfh]Z_lbkdexqZlvg_bgnhjfZlb\gu_khh[s_gbyhgZebqbbbaf_g_gbcgZ
kljZgbp_
:job\bjh\Zgb_kljZgbpug_ihkj_^kl\_ggh\ijh]jZff_:HE6LWH:DWFKHUg_ij_^mkfhlj_ghh^gZdh
ijhba\h^bl_ev\f_kl_kijh]jZffhc:HE6LWH:DWFKHUihklZ\ey_l[_kieZlgmxijh]jZffm/RFDO
:HE6LWH$UFKLYHdhlhjZydZdjZabkha^Z_lZjob\gmxdhibxkljZgbqdbBgl_jg_lZIjbwlhf/RFDO
:HE6LWH$UFKLYHfh`_laZimkdZlvkybalh]h`_f_gx\kljh_ggh]h\[jZma_jqlhb:HE6LWH:DWFKHU
Ih^jh[gh_hibkZgb_wlbob^jm]bo\hafh`ghkl_c:HE6LWH:DWFKHUijb\_^_gh\jZa^_e_Ihfhsv
wlhcijh]jZffuihwlhfm^_lZevghhklZgZ\eb\ZlvkygZgbofug_[m^_f
BgZihke_^hdgZfohl_ehkv[uhlf_lblvqlhkms_kl\m_lnhjmf KWWSZZZDLJQHVFRPIRUXP\f]^_
h[km`^Zxlkyijh[e_fuijh]jZffu:HE6LWH:DWFKHUbkihkh[uboij_h^he_gbyNhjmfd
kh`Ze_gbxZg]ehyauqgucghhgijbghkblj_Zevgmxihevamdh]^Zg_ihgylghdZdihklmiblv\lhf
bebbghfkemqZ_eb[hdh]^Zlj_[m_lkyhlukdZlvgm`gmxnmgdpbxg_\ug_k_ggmx\]eZ\gh_f_gx
ijh]jZffuOhlbfih[eZ]h^Zjblv_]hmqZklgbdh\kh\_ludhlhjuog_h^ghdjZlghihfh]ZebgZf\
jZ[hl_
Ijh]jZffZ&RSHUQLF7UDFNHU
WlZijh]jZffZfh`_l[ulvkdZqZgZbaBgl_jg_lZihZ^j_km
KWWSZZZFRSHUQLFFRPHQSURGXFWVWUDFNHULQGH[KWPO
Dkh`Ze_gbx&RSHUQLF7UDFNHUdZdb^jm]b_ijh^mdludhfiZgbbihdZqlhiehohjZ[hlZ_lk
jmkkdbfbrjbnlZfbihwlhfmbgl_j_k_g]eZ\gufh[jZahf^eyl_odlhijh\h^blfhgblhjbg]
_\jhi_ckdbobZf_jbdZgkdbokZclh\L_fdlhbgl_j_km_lkyjmkkdhyauqgufbkljZgbpZfbemqr_
kjZami_j_clbdhibkZgbxke_^mxs_cijh]jZffu
H^gZdhfug_khqeb\hafh`gufh[hclb_]h\gbfZgb_fihkdhevdmijh^mdluDhi_jgbdgZb[he__
^hklmigh_ijh]jZffgh_h[_ki_q_gb_iha\heyxs__Z\lhfZlbabjh\ZlvjZ[hlmkkZclZfbdhlhju_
gZibkZgugZyaudZohkgh\ZgguogZeZlbgkdhfZenZ\bl_
Ijhba\h^bl_eb&RSHUQLF7UDFNHUhlf_qZxlke_^mxsb__]h\hafh`ghklb
fhgblhjbg]kZclh\kp_evxihbkdZbaf_g_gbc\l_dkl_bhlke_`b\Zgbygh\uobah[jZ`_gbc
ij_^hklZ\e_gb_m\_^hfe_gbch[baf_g_gbyogZbgl_j_kmxsboihevah\Zl_eykZclZog_lhevdhgZ
\u^_e_gb_p\_lhfbaf_g_gbcgZkljZgbp_
hkms_kl\e_gb_Z\lhfZlbq_kdhcijh\_jdbkljZgbpihjZkibkZgbx_`_^g_\gh_`_g_^_evghb^Z`_
_`_fbgmlgh
ijhkfhljdhgdj_lguodexq_\uokeh\gZkljZgbp_
Zjob\bjh\Zgb_jZaguo\_jkbcijhkfhlj_gguokljZgbp
ijhkfhljh^gbfs_eqdhffurbbaf_g_gbckljZgbpudhlhjZyaZ]jm`_gZ\^Zggucfhf_gl\
[jZma_j
GZgZr\a]ey^ijZdlbq_kdbcbgl_j_kij_^klZ\ey_lkihkh[ghklvhlijZ\eylvhih\_s_gb_h[
baf_g_gbyogZkljZgbpZo\Bgl_jg_l_gZZ^j_kwe_dljhgghcihqlubebfh[bevgucl_e_nhgWlZ
nmgdpbyfh`_l[ulvihe_agZ\k_fihevah\Zl_eyf:\hljZaj_deZfbjh\Zggu_\hafh`ghklb
ijh]jZffuhlke_`b\Zlvgh\u_jbkmgdbfu\oh^_l_klbjh\Zgbyh[gZjm`blvlZdbg_kfh]ebGZfb
\qZklghklb[ueihklZ\e_ggZfhgblhjbg]kZclgh\hkl_chl%%&DZjlbgdbgZj_kmjk_f_gyebkv
j_]meyjghjZkiheZ]Zykvijbwlhf\h^gbobl_o`_f_klZob&RSHUQLF7UDFNHUbkijZ\gh
khh[sZxsbch[baf_g_gbyo\l_dkl_gbdhbfh[jZahfgZfZgbimeypbbkbah[jZ`_gbyfbg_
j_Z]bjh\Ze:`Zevihkdhevdmkihkh[ghklvhlke_`b\Zlvbaf_g_gby[Zgg_jh\gZijbf_jhq_gv
\hklj_[h\ZgZj_deZfgufbdhfiZgbyfb
hklZevghfijh]jZffZhq_gvihoh`ZgZ\ur_hibkZggmx
GZfhf_glgZibkZgbydgb]bihevah\Zl_eyf[ue^hklmi_glhevdhZg]ehyauqgucbgl_jn_ck\
hlebqb_hljmkkdhyauqgh]h:HE6LWH:DWFKHUNmgdpbyaZimkdZ&RSHUQLF7UDFNHUg_ihkj_^kl\_gghba
[jZma_jZjZ[hlZ_lg_baex[h]hjZkijhkljZg_ggh]h[jZma_jZdZdwlh[ueh\hafh`gh\kemqZ_k
ijh]jZffhc:HE6LWH:DWFKHUZebrvba,QWHUQHW([SORUHU
Klhbfhklv&RSHUQLF7UDFNHUijbf_jgh^heeKR:GZkZcl_ijhba\h^bl_ey\hafh`ghkdZqZlv
^_fhgkljZpbhggmx^g_\gmx\_jkbxb_s_^g_c^ZxlkyihdmiZl_exgZijbgylb_
hdhgqZl_evgh]hj_r_gbyhp_e_khh[jZaghklbijbh[j_l_gbyihkdhevdmgZ&RSHUQLF7UDFNHU
jZkijhkljZgy_lkyh[uqgZy^eyijh]jZffgh]hh[_ki_q_gby&RSHUQLFijZdlbdZ]ZjZglbb\ha\jZlZ
^_g_]\l_q_gb_mdZaZggh]hkjhdZ_kebihevah\Zl_eyihdZdbflhijbqbgZfijh^mdlg_mkljhbl
Ijh]jZffZ&KHFN\t*HW
Wlhhl_q_kl\_ggucijh^mdlIj_bfms_kl\hlZdhcijh]jZffuaZdexqZ_lkyg_lhevdh\dhjj_dlghc
ih^^_j`d_jmkkdh]hyaudZghb\\hafh`ghklb__ijbh[j_l_gbyaZjhkkbckdb_jm[eb qlh\uklmiZ_l
j_rZxsbfZj]mf_glhf^eydjmiguoij_^ijbylbc\hkh[_gghklb]hkm^Zjkl\_gguo]^_
bkihevah\Zgb_bghkljZgghc\Zexlu^eyhieZlulh\Zjh\bebmkem]aZljm^gbl_evgh\fZlZd`_\
^hklmighklbkha^Zl_eyijh^mdlZ_kebm\Zkihy\eyxlkydg_fm\hijhkuIjbq_fl_ogbq_kdZy
ih^^_j`dZijbwlhflZd`_jmkkdhyauqgZy\hlebqb_hlijh]jZffdhgdmj_glh\
�Fuih^l\_j`^Z_fqlhfbljbcKdhjgydh\ SUHVV#DFWLYHXUOVFRP\fq_eh\_ddhlhjuckha^Zeb
ih^^_j`b\Z_lijh]jZffm&KHFN\t*HW^_ckl\bl_evgh\k_]^Z]hlh\ihfhqvjZah[jZlvkykijh[e_fhc
_keblZdh\Zy\hagbdZ_lLZdZ\lhjwlhcdgb]bklZedb\ZekykkblmZpb_cdh]^Zgbh^gZba
ijb\_^_gguoa^_kvijh]jZffg_fh]eZhlke_`b\Zlvbaf_g_gbygZkZcl_h^gh]hbajhkkbckdbo
mgb\_jkbl_lh\IhiulZ\rbkvihgylvijbqbguwlhcijh[e_fu\[_kkbebbjZkibkZebkvdZdkha^Zl_eb
bZ^fbgbkljZlhjuijh[e_fgh]hkZclZlZdbkem`[Zl_ogbq_kdhcih^^_j`db:HE6LWH:DWFKHUB
�lhevdhfbljbcKdhjgydh\\gbfZl_evghbamqbelhlijh[e_fguckZcljZah[jZeky\ijbqbgZo
wlhg_fZeh\Z`gh_h[klhyl_evkl\h]h\hjys__\ihevamijh]jZffu&KHFN\t*HW
KdZqZlv__fh`ghihZ^j_kmKWWSDFWLYHXUOVFRPUXGRZQORDGSKS
&#xhl;&#xq;&#xlh;&#x];&#xh;&#xhj; l;&#xh;&#xh;¯&#xh`;&#xgh;&#xkl;&#xyo;&#xi;&#xjh;&#x^m;&#xdl;&#xZ;&#x_];&#xh;&#xkh;&#xa^;&#xZl;&#x_e;&#xv;�hlqlh]h\hjblh\hafh`ghklyoijh^mdlZ_]hkha^Zl_ev@
Ijbh[gZjm`_gbbgZ\_[kljZgbp_gh\hcbgnhjfZpbb&KHFN\t*HWZ\lhfZlbq_kdbkhojZgy_l
kgbfhdwlhckljZgbpu\ehdZevgmx[Zam^Zgguobbgnhjfbjm_lZkmdZaZggufZfbkihkh[hf
&KHFN\t*HWfh`_lihkeZlv\Zfkhh[s_gb_we_dljhgghcihqlukkh^_j`Zgb_fbaf_g_gghc\_[
kljZgbpuijbwlhfbaf_g_gbygZkljZgbp_[m^mlih^k\_q_gu^eyboe_]dhcb^_glbnbdZpbb
LZd`_ijh]jZffZfh`_l\u\_klbkhh[s_gb_gZwdjZgbebijhb]jZlva\mdh\hcnZcebgnhjfbjmy
Zkh[baf_g_gbyo
&KHFN\t*HWZ\lhfZlbq_kdbba\e_dZ_lgZa\ZgbybhibkZgby\_[kljZgbpijbkha^ZgbbAZdeZ^db
ijh\_jy_l\Zrmdhee_dpbxgZgZebqb_f_jl\uokkuehdgZoh^bl^m[ebjmxsb_kykkuedb\\Zr_c
dhee_dpbbaZdeZ^hd&KHFN\t*HWjZ[hlZ_lk,QWHUQHW([SORUHU1HWVFDSH0R]LOOD2SHUDiha\heyy\Zf
bfihjlbjh\Zlvwdkihjlbjh\Zlvbkbgojhgbah\ZlvaZdeZ^db;eZ]h^Zjywlhfm\u\k_]^Zbf__l_\
\u[jZgghf[jZma_j_ZdlmZevgmxbhj]Zgbah\Zggmxdhee_dpbxkkuehd
KibkhdkkuehdlZd`_fh`_l[ulvbfihjlbjh\Zgb^h[Z\e_gd\ZrbfAZdeZ^dZfba[mn_jZh[f_gZ
:LQGRZVhdgZ[jZma_jZ+70/nZceZbebhnbkgh]h^hdmf_glZ^hiheg_gb_dh\k_fm&KHFN\t*HW
iha\hey_ldhg\_jlbjh\Zlv\Zrmdhee_dpbxAZdeZ^hd\nZce+70/ke_]dhcbm^h[ghcgZ\b]Zpb_c
Wlh^Z_l\Zf\hafh`ghklvhim[ebdh\Zlvk\hbAZdeZ^dbgZ\_[kZcl_bebkha^Zlv\Bgl_jg_lk\hc
fbgbihjlZe[md\ZevghaZiZjmfbgml
�Ijb\_^_fi_j_q_gvnmgdpbcijh]jZffulZd`_\aylucgZ__hnbpbZevghfkZcl_ jbk\f@
Bglmblb\gucbijhklhc\bkihevah\Zgbbbgl_jn_ckgZjmkkdhfyaud_kih^^_j`dhcnmgdpbc'UDJ
\t'URS
Ih^^_j`dZ\bamZevguoko_f
hafh`ghklvijh\_jdb\_[kljZgbp\jmqghfbebZ\lhfZlbq_kdhfj_`bf_gZgZebqb_baf_g_gbc
Ih^^_j`dZijhlhdheZ66/
H^gh\j_f_ggZyijh\_jdZ\_[kljZgbp
JZkrbj_ggu_nmgdpbbihbkdZaZdeZ^hdb\_[kljZgbpihh[sbfiheyf bfyhibkZgb_dexq_\u_
keh\Z\fLZd`_\hafh`_gihbkdihkhojZg_gghfmkh^_j`Zgbx\_[kljZgbp
kljh_gguc[jZma_jkih^^_j`dhchgeZcgh\h]hbZ\lhghfgh]h RIIOLQH\fj_`bfZ
Ih^k\_ldZbaf_g_gbcgZ\_[kljZgbpZoqlhiha\hey_le_]dhb^_glbnbpbjh\Zlvgh\h_kh^_j`Zgb_
u[hjihevah\Zl_e_fj_`bfZhih\_s_gbyh[baf_g_gbyo\_[kljZgbpihwe_dljhgghcihql_
\dexqZykh^_j`Zgb_kljZgbpukih^k\_q_ggufbbaf_g_gbyfb\fhih\_s_gb_fgZwdjZg_
ihevah\Zl_eyijhb]ju\Zgb_fa\mdh\h]hnZceZ
:\lhfZlbq_kdh_khojZg_gb_kgbfdh\\_[kljZgbpk\hafh`ghklvxboijhkfhljZ\Z\lhghfghf
j_`bf_Iha\hey_lbamqblvbaf_g_gb_j_kmjkZaZmdZaZggucijhf_`mlhd\j_f_gb
hafh`ghklvhldjulbyaZdeZ^hd\ex[hf\g_rg_f[jZma_j_ Z\lhfZlbq_kdbhij_^_ey_fu_
[jZma_ju,QWHUQHW([SORUHU1HWVFDSH0R]LOOD2SHUD0\,($YDQW%URZVHUHWF\f
BfihjlaZdeZ^hdba,QWHUQHW([SORUHU2SHUD1HWVFDSH0R]LOOD
WdkihjlaZdeZ^hd\,QWHUQHW([SORUHU2SHUD1HWVFDSH0R]LOOD
KbgojhgbaZpbyaZdeZ^hdk,QWHUQHW([SORUHU2SHUD1HWVFDSH0R]LOOD
JZkrbj_ggu_\hafh`ghklbbfihjlZkkuehdba[mn_jZh[f_gZhdgZ[jZma_jZl_dklh\uobeb+70/
nZceh\hnbkguo^hdmf_glh\bebex[uo^jm]bofZl_jbZeh\^Z`__kebhgbbf_xlg_ba\_klguc
nhjfZl
�FZkl_jhqbkldbm[ebjmxsbokyKkuehddhlhjuciha\hey_lh[gZjm`blvb\uqbklblv^m[ebdZlu
\dhee_dpbbaZdeZ^hd
H[gZjm`_gb_f_jl\uokkuehd
Ih^^_j`dZihklhyggh]h ehdZevgZyk_lv\u^_e_ggZyebgby\fbebk_Zgkh\h]h dhffmlbjm_fucfh^_f\f
kh_^bg_gbckBgl_jg_lnmgdpbbZ\lh^ha\hgZZ\lhhlkh_^bg_gbyhlBgl_jg_l
:\lhfZlbq_kdZyaZ]jmadZijh]jZffuijbklZjl_:LQGRZVjZ[hlZ\kbkl_fghfehld_
Bkihevah\Zgb_\dhff_jq_kdbop_eyobeb\gmljbdhfiZgbb
Jbk&KHFN\t*HW]eZ\gh_hdghbhih\_s_gb_h[baf_g_gbbgZkljZgbp_
GZgZr\a]ey^kihkh[ghklvijh]jZffubfihjlbjh\Zlv\k_aZdeZ^dbbebboqZklv\+70/nZce
bgl_j_kgZygZoh^dZZ\lhjZjy^_kemqZ_\wlZnmgdpbyhldju\Z_lhq_gvihe_agu_\hafh`ghklb
LZdhcnZcefh`_l[ulvbkihevah\ZggZkZcl_dZdkljZgbpZkjZ[hlZxsbfb]bi_jkkuedZfbIjbq_f
_keb_]hh[jZ[hlZlv\ex[hfj_^Zdlhj_+70/nZceh\gZijbf_j\)URQWSDJHbeb\'UHDPZHDYHUlh
fh`ghkgZ[^blvi_j\hgZqZevguc^hdmf_glg_h[oh^bfufbl_dklh\ufbihykg_gbyfbbeb
beexkljZpbyfb
Djhf_lh]h&KHFN\t*HWiha\hey_lh^gbfdebdhffurbba\e_qv\k_]bi_jkkuedbdhlhju__klvgZ
kljZgbp_
Ihe_agZbnmgdpbym^Ze_gbyf_jl\uob^m[ebjmxsbokykkuehd
:\hl\hafh`ghklvihZ\lhfZlbq_kdhfmaZg_k_gbx\aZdeZ^dbkljZgbpukdhlhjhcihevah\Zl_ev
iulZ_lkydhibjh\Zlvl_dklaZeh`_ggmx\ijh]jZffmihmfheqZgbxgZgZr\a]ey^g_evay
h^ghagZqghhlg_klbd^hklhbgkl\Zfijh^mdlZIhdjZcg_cf_j_gZqbgZxsbfihevah\Zl_eyfwlZ
nmgdpbykdhj__^hkZ`^Z_lg_`_ebh[e_]qZ_lbojZ[hlmgZijZdlbd_wlZl_hj_lbq_kdbihe_agZy
kihkh[ghklvijh]jZffuijhy\ey_lky\\hagbdgh\_gbb\kieu\Zxs_]hhdgZ\kydbcjZadh]^Z\u
\k_]hebrvdhibjm_l_njZ]f_gll_dklZkhkljZgbpu\[mn_jh[f_gZ ^Z`__keb\u\hh[s_g_
ieZgbjm_l_gbq_]hklZ\blvgZfhgblhjbg]Zkh[bjZ_l_kvdijbf_jmijhklhkdhibjh\ZlvqZklv
^hdmf_glZqlh[ukhojZgblv_]h\l_dklh\hfnZce_\fWlh\kieu\Zxs__hdghij_^eZ]Z_l\g_klb\
aZdeZ^dbZ^j_kkljZgbpub_]hdZ`^ucjZaijboh^blkyaZdju\Zlv\jmqgmxijbgpbi_&KHFN\t*HW
ij_^mkfhlj_gZ\hafh`ghklvaZclb\f_gxbhldexqblvwlmhipbxh^gZdh^eygZqbgZxs_]h
ihevah\Zl_eyh[uqghbklhevdZaZehkv[uijbfblb\gZyhi_jZpbyij_^klZ\ey_lg_fZemxkeh`ghklv
Kms_kl\m_l^g_\gZyhagZdhfbl_evgZy\_jkbyijh]jZffu
Klhbfhklvi_jkhgZevghcebp_gabbijh^mdlZijbjZkq_l_gZebqgufbkhklZ\ey_lhdhehjm[e_c
BghkljZggu_ihdmiZl_ebieZlylp_gmijbf_jgh\^\h_[hevrmxkhihklZ\bfmxkhklhbfhklvx
aZjm[_`guoijh]jZffdhgdmj_glh\
HgeZcgh\uck_j\bk,QIRPLQGHU
Fh`ghkqblZlvg_baf_gghcl_g^_gpbxdjZa\blbxhgeZcgh\uok_j\bkh\dhlhju__kebg_
iheghklvx\ul_kgyxllhihdjZcg_cf_j_^m[ebjmxlijh]jZffgh_h[_ki_q_gb_mklZgZ\eb\Z_fh_
g_ihkj_^kl\_gghgZdhfivxl_j_:ihlhfmihy\e_gb_lZdbobgl_jg_lmkem]dhlhju_h[_ki_qb\Zeb
�[udhgljhevkh^_j`bfh]hkljZgbp[ueh\iheg_eh]bqguf$UWKXU:HLVV@j_dhf_g^m_l
KWWSZZZLQIRPLQGHUFRPZHEPLQGHU
^g_\gZy[_kieZlgZy\_jkbyk_j\bkZiha\hey_lijh\h^blvfhgblhjbg]baf_g_gbcgZ\_[j_kmjk_
h^bgjZa\^_gvh]jZgbqb\Zyijbwlhfdhebq_kl\hijhkfZljb\Z_fuokljZgbp^_kylvxIeZlguc
k_j\bkh[_ki_qblijh\_jdmbaf_g_gbc^hq_luj_ojZa\^_gvKlhbfhklvmkem]baZ\bkblhl
dhebq_kl\ZihklZ\e_gguogZfhgblhjbg]kljZgbpGZfhf_glgZibkZgbydgb]b]h^h\hcieZl_`aZ
kljZgbpkhklZ\eye^heeKR:aZkljZgbphdheh^heeaZkljZgbphdheh^heeaZ
kljZgbpihjy^dZ^heebaZkljZgbp^hee
G_aZ\bkbfhhllh]hdZdhc\_jkb_cihevam_lkydeb_glhgfh`_lihemqZlvm\_^hfe_gbyh[
baf_gb\rbokykljZgbpZo^\mfykihkh[Zfbebqghihk_lb\k\hxkljZgbpmgZkZcl_,QIRPLQGHUb
\\_^yijbwlhfeh]bgbiZjheveb[haZijhkb\hlijZ\dmkhhl\_kl\mxsbokhh[s_gbcihwe_dljhgghc
ihql_Ihke_^g__lj_[m_laZiheg_gbyjZkrbj_gghc $GYDQFHG\fnhjfuijb^h[Z\e_gbbgh\hc
aZdeZ^dbijb\_^_gghcgZjbk
HgeZcgh\uck_j\bk&KDQJH1RWHV
K_j\bkjZkiheh`_gihZ^j_kmKWWSZZZFKDQJHQRWHVFRP
ijbgpbi_kms_kl\m_l\hafh`ghklv[_kieZlghcihklZgh\dbgZfhgblhjbg]baf_g_gbcgZkZclZo
h[sbfqbkehf^hdhgljhebjm_fuokljZgbpZijblhfqlhmq_l\_^_lkyihZ^j_kmwe_dljhgghc
ihqluih^ibkqbdZfu[ukdZaZebqlhkdhj__djZlghklZkljZgbpZfHih\_s_gb_ihevah\Zl_ey
ijhba\h^blkyh^bgjZa\^_gv
H^gZdhdZdihdZau\Z_lijZdlbdZg_j_^dhihklZ\sbdb[_kieZlguomkem]g_g_kmlgbdZdhc
hl\_lkl\_gghklb\kemqZ_k[h_\\jZ[hl_Djhf_lh]hhgbg_hl\_qZxlbaZdZq_kl\h
ij_^hklZ\e_ggh]hk_j\bkZOhlbfh]h\hjblvkyd&KDQJH1RWHV jbk\fwlhhiZk_gb_\iheg_
\hafh`ghbg_bf__lgbdZdh]hhlghr_gbyIhlhfmfubh[jZsZ_fkydhibkZgbxwlh]hk_j\bkZb\
lh`_\j_fykqblZ_fk\hbf^he]hfgZihfgblvqblZl_exh\hafh`guoih^\h^guodZfgyodh]^Z^_eh
dZkZ_lkymklZgh\db[_kieZlguoijh]jZffLZdqlh^_eZcl_\u\h^u
JbkJZkrbj_ggh_f_gx^h[Z\e_gbykljZgbpu\,QIRPLQGHU
JbkHgeZcgh\uck_j\bk&KDQJH1RWHV
:job\kZclh\,QWHUQHW$UFKLYH:D\EDFN0DFKLQH
We_dljhggucZ^j_kKWWSZHEDUFKLYHRUJ
DZ`^ucdlhkh[bjZebgnhjfZpbxihbgl_j_kmxs_c_]hijh[e_f_aZ^hklZlhqgh^ebl_evguc
i_jbh^agZ_ldZdihjhc[u\Z_l\Z`ghgZclbk\_^_gbyhim[ebdh\Zggu_gZkZcl_g_kdhevdhe_l
gZaZ^Bgh]^Zwlhijhklhg_h[oh^bfh\qZklghklb\kemqZ_h[gZjm`_gbygh\uol_g^_gpbc\
jZa\blbbh[t_dlZdhlhjh_lj_[m_lj_ljhki_dlb\ghchp_gdb\j_f_gbboihy\e_gbyEb[h
\hagbdgh\_gbygh\hcl_fu^eybamq_gbykh[ulbcgZjugd_bdZdke_^kl\b_kjZ\g_gbyj_ZdpbbgZ
gbokl_fdZd\_ebk_[y\ih^h[ghckblmZpbbmqZklgbdbjugdZ\ijhrehfDhg_qghki_pbZebkl
dhgdmj_glghcjZa\_^db\k_]^ZklZjZ_lkyZjob\bjh\Zlvbgl_j_kmxsmx_]hbgnhjfZpbxH^gZdh\
j_Zevghc`bagb[u\Z_llZdqlhijh[e_fZijhklhg_\oh^beZ\kn_jm_]hbgl_j_kh\^hhij_^_e_ggh]h
fhf_glZeb[hgZij_^ijbylbbwlZkem`[Zihy\beZkviha`_l_okh[ulbcdhlhju_bklZebij_^f_lhf
__ijbklZevgh]h\gbfZgby
lZdhfkemqZ_gZihfhsvg_j_^dhfh`_lijbclbk_j\bkdhlhjucgZflZd`_j_dhf_g^h\Ze$UWKXU
:HLVVWlhl,QWHUQHW$UFKLYH:D\EDFN0DFKLQH_]hbah[jZ`_gb_ij_^klZ\e_ghgZjbkK_j\bk
0DFKLQHihk_sZxl\_[kZclubkhojZgyxlZjob\gmxdhibxgZk_j\_j_[b[ebhl_dbDZdgZibkZgh
gZkljZgbp_wlh]hj_kmjkZbgl_j_kmxs_]hgZkkZclZfh`_lbg_hdZaZlvky\Zjob\_GZijbf_j\
kemqZ__kebiZmdg_fh`_l_]hijhqblZlvihkdhevdmlhlaZsbs_gh^gbfbakihkh[h\hibkZgguo
gZfb\khhl\_lkl\mxs_fjZa^_e_^Zgghcdgb]b
K_j\bk,QWHUQHW$UFKLYH:D\EDFN0DFKLQHg_dhff_jq_kdbcHgjZ[hlZ_lk]bdZdml\_j`^Zxl
_]h\eZ^_evpukms_kl\m_lgZih`_jl\h\Zgbyf_p_gZlh\b[eZ]h^Zjyl_ogbq_kdhcih^^_j`d_
djmiguobgl_jg_ldhfiZgbclZdbodZd$OH[D?`_f_kyqghZjob\m\_ebqb\Z_lky\h[t_f_gZ
l_jZ[ZclP_ggufgZf\b^blkylhh[klhyl_evkl\hqlh,QWHUQHW$UFKLYH:D\EDFN0DFKLQHhlke_`b\Z_l
dhibb^Z`_l_okZclh\dhlhjuo[hevr_g_kms_kl\m_l\K_lb
�eylh]hqlh[um\b^_lvkhojZg_ggmx\_jkbxgm`gh]hkZclZ^hklZlhqgh\\_klb\hdgh
jZkiheh`_ggh_\\_jog_cqZklb]eZ\ghckljZgbpuZ^j_kj_kmjkZbgZ`ZlvdeZ\brm7DNHPH%DFN
Ihke_wlh]hihevah\Zl_ex[m^_lij_^eh`_gZjob\ihaZijhr_gghfmj_kmjkmij_^_eZowlh]h
Zjob\Zfh`ghhagZdhfblvkykdhib_ckZclZaZbkdhfmx^ZlmGZjbkihdZaZgkibkhddhibc
j_kmjkZJhk[bag_kdhgkZelbg]
Jbk=eZ\gZykljZgbpZ,QWHUQHW$UFKLYH:D\EDFN0DFKLQH
Jbk:job\ihkZclmJ;DKWWSUEFUX
:job\jZkiheh`_ggucgZk_j\_j_\KZgNjZgpbkdhihjZ`Z_lk\hbfb\hafh`ghklyfbhldZd
\u]ey^_eZkljZgbpZwlh]hba\_klg_cr_]hbgl_jg_lj_kmjkZ^_dZ[jy] jbk\f
JbkKljZgbpZj_kmjkZJ;Dhl^_dZ[jy]
GZ^hkdZaZlvqlhihfbfhnmgdpbch[_ki_q_gbygm`^g_ihkj_^kl\_gghdhgdmj_glghcjZa\_^db
gZrbbklhqgbdbjZkkdZau\ZebhkemqZyodh]^Zwlhlj_kmjkihfh]ZedhfiZgbyf\k[hj_
^hdZaZl_evkl\ihnZdlZfbgnhjfZpbhgghc\hcguijhlb\gboDZdijZ\beh\lZdbokblmZpbyodh]^Z
gZiZ^ZxsZyklhjhgZaZlbjZeZk\_^_gbygZkZcl_,QWHUQHW$UFKLYH:D\EDFN0DFKLQHiha\heye
^hdZaZlvnZdljZkijhkljZg_gbyihjhqZsbohj]ZgbaZpbx^Zgguo
H^bgbabklhqgbdh\Z\lhjZkhh[sbehnZdl_dh]^ZgZebqb_dhibbkZclZ\Zjob\_,QWHUQHW$UFKLYH
:D\EDFN0DFKLQHiha\hebeh^hdZaZlv\kihj_kdhgljhebjmxsbfbhj]ZgZfbqlhkZcl
kms_kl\h\Zgb_dhlhjh]h\uau\Zehkhfg_gbymdhgljhe_jh\^_ckl\bl_evghkms_kl\h\Ze\lhl
i_jbh^dh]^ZdhfiZgbyihemqbeZ^_gv]baZ_]hjZajZ[hldmbjZkdjmldm
Fhgblhjbg]ihy\e_gbygh\uokhh[s_gbcgZkZcl_
Ijh]jZffudhlhju_mklZgZ\eb\ZxlkygZi_jkhgZevghfdhfivxl_j_biha\heyxl\b^_lv\k_qlh
ijhbkoh^blkj_kmjkhfg__^bgkl\_ggucbgkljmf_glfhgblhjbg]Z_]hfh^bnbdZpbc
Ij_bfms_kl\hlZdboijh]jZff\lhfqlhhgbnbdkbjmxlbaf_g_gbydhlhju_dZkZxlky^Z`_
h^gh]h_^bgkl\_ggh]hkeh\Z
Dg_^hklZldZfklhjh`_\uojh[hlh\fu[uhlg_keblhh[klhyl_evkl\hqlhjZ[hlZxlhgbebrvgZ
lhfdhfivxl_j_gZdhlhjhfg_ihkj_^kl\_gghmklZgh\e_guL_ogbq_kdb\hafh`ghi_j_g_klb[Zam
^ZgguokfZrbgugZfZrbgmh^gZdhijh]jZffmijb^_lky\gh\vbgklZeebjh\ZlvgZlhldhfivxl_jk
dhlhjh]hieZgbjm_lkyhkms_kl\eylvdhgljhevbaf_g_gbc\Bgl_jg_l_Djhf_lh]hklhjh`_\u_
jh[hlug_[_kieZlgu
k\yabkwlbfij_^klZ\eyxlijZdlbq_kdbcbgl_j_k^\Z[_kieZlguok_j\bkZ^hklmiguoex[hfm
ihevah\Zl_exkex[hcfZrbgudhlhjZyih^dexq_gZdk_lbJ_qvb^_lh[Z]j_]ZlhjZogh\hkl_cbh
Gh\hklbihaZijhkmihevah\Zl_ey
Yg^_dk_=m]e_bg_dhlhjuo^jm]bobgnhjfZpbhgguokbkl_fZowlhlk_j\bkjZ[hlZ_l^hklZlhqgh
^Z\gh
�JZkkfhljbf_]h[he__ih^jh[ghgZijbf_j_Yg^_dkZ jbk\feylh]hqlh[ubf\hkihevah\Zlvky
g_h[oh^bfh\\_klbaZijhk\kljhdmihbkdZ\_^_fke_^mxs__dmjk^heeZjZj_adh\hajhkZ
aZl_f^h`^_fkyaZ]jmadbj_amevlZlh\
?kebihke_ihy\e_gbyj_amevlZlh\debdgmlvih]bi_jkkued_Gh\hklbih^ihbkdh\hckljhdhclh
hldjh_lkykljZgbpZgZdhlhjhckijZ\Zkh^_j`blky]bi_jkkuedZkl_dklhf
Ih^ibkdZgZgh\hklbihaZijhkmdmjk^heeZjZj_adh
JbkIh^ibkdZgZGh\hklbYg^_dkZihaZijhkm
I_j_oh^ihwlhc]bi_jkkued_ijb\_^_lihevah\Zl_ey_s_gZh^gmkljZgbpmgZdhlhjhc_fm[m^_l
ij_^eh`_ghZ\lhjbah\ZlvkyDZdh[uqghijbgylhgZYg^_dk_^eyZ\lhjbaZpbbbkihevamxlkyl_`_
eh]bgbiZjhevdhlhju_ihevah\Zl_evaZ^_ckl\m_l^ey^hklmiZdk\h_fmihqlh\hfmysbdmgZ
Yg^_dk_Ihke_Z\lhjbaZpbb\ihqlh\ucysbdih^ibkqbdZ[m^mlijboh^blv\k_gh\hklb
h[gZjm`_ggu_Yg^_dkhfihwlhfmaZijhkmIhevah\Zl_evfh`_l^h[Z\eylvih^ibkdbgZgh\hklbih
^jm]bfaZijhkZfZfh`_lm^Zeylvl_bagbodhlhju_i_j_klZeb[ulv_fmgm`gu
Ihf_j_ihy\e_gbygh\hcbgnhjfZpbb\Yg^_dk_ihdhgdj_lghfmaZijhkm\ihqlh\ucysbd
ih^ibkqbdZ[m^mlijboh^blvkkuedbbkgbii_lu njZ]f_glul_dklZ\fijbi_j_oh^_ihdhlhjuf
ihevah\Zl_evihemqbl\hafh`ghklvhagZdhfblvkykkh^_j`bfufkljZgbpu\ih^ebggbd_
IjZ\^ZohlbfgZihfgblvqlhgh\hklyfbYg^_dkkqblZ_ll_j_kmjkudhlhju_[ueb
ijhbg^_dkbjh\Zgubfg_^Z\ghBklbgguc\hajZklbgnhjfZpbbgZwlbokljZgbpZofh`_l[ulvkdhev
m]h^gh[hevrbfghihbkdh\bdhfhgb[m^ml\hkijbgbfZlvkydZdgh\u_gZlhfhkgh\Zgbbqlhhgh
gbomagZekhiha^Zgb_f
LZdhck_j\bkkms_kl\m_lb\=m]e_hggZau\Z_lky*RRJOH$OHUW qlhfh`ghi_j_\_klbdZdQZkh\hchl
=m]eZbebKlhjh`hl=m]eZ\fbjZkiheh`_gihZ^j_kmKWWSZZZJRRJOHDOHUWFRP
Ihke_lh]hdZdihevah\Zl_evZ\lhjbam_lkyZlZd`_mdZ`_lZ^j_kk\h_cwe_dljhgghcihqlu_fm
[m^_lij_^eh`_gh\\_klb\ihbkdh\mxkljhdmnjZamihdhlhjhchggZf_j_gihemqZlvgh\hklb
Dh]^Z\=m]e_ihy\blkyk\_`ZybgnhjfZpbyihaZijhkmihklZ\e_gghfmgZfhgblhjbg]Z^j_kZl
ihemqbl\bjlmZevgh_ibkvfhkh^_j`Zs__kkuedbgZkljZgbpuhl\_qZxsb_aZ^Zggufdjbl_jbyf
p_ehfohq_lkyhlf_lblvqlhk_j\bku=m]eZjZa\b\ZxlkygZklhevdhklj_fbl_evghqlhfu
m\_j_gudfhf_glmim[ebdZpbbwlhcdgb]bihy\ylkygh\u_ijh]jZffuqZklvbadhlhjuo_s_
gZoh^blky\khklhygbb[_lZl_klbjh\ZgbyZqZklvihdZlhevdhij_l_g^m_lgZa\Zgb_i_jki_dlb\guo
ieZgh\dhfiZgbb
GZihfgbfhkms_kl\h\Zgbbmgb\_jkZevgh]hkihkh[Z[ulvihklhyggh\dmjk_\k_ogh\bghd=m]eZ
�_eh\lhfqlh\hdjm]wlhcihbkdh\hc bijhklhk_j\bkghc\fkbkl_fum`_keh`behkvkhh[s_kl\h
wglmabZklh\dhlhju_ex[ylj_kmjkbihklhygghhlke_`b\ZxlZlZd`_l_klbjmxl_]hgh\bgdb
QblZl_ex^hklZlhqgh\u[jZlvgm`gu_]jmiiuihevah\Zl_e_cbihklZ\blvbogZfhgblhjbg]ex[uf
m^h[gufkihkh[hfeb[hijhklhi_jbh^bq_kdbqblZlvboi_j_ibkdmgZnhjmfZoQlh[uihiZklvgZ
kljZgbqdmk=jmiiZfb=m]eZ\Zfgm`ghi_j_clbihkkued_=jmiiugZi_j\hckljZgbp_
:fh`gh\hkihevah\Zlvky^jm]bf\ZjbZglhfm`_mihfygmlufjZg__kZclhfFbj*RRJOH
Wlhliheghklvxjmkkdhyauqgucj_kmjkih^^_j`b\Z_lkywglmabZklZfb\h]eZ\_kGbdheZ_f
I_ljh\ufbaIkdh\ZLZf\k_]^Zfh`ghm\b^_lvhibkZgb_bdhff_glZjbbdgh\ufk_j\bkZf=m]eZ\
lhfqbke_bdl_fdhlhju_gZoh^ylky\l_klh\hcwdkiemZlZpbbbihemqblvijb]eZr_gb_^ey
ihevah\Zgbybfb
Bkke_^h\Zgb_kZclZdhgdmj_glZklhqdbaj_gbyihemq_gbydhff_jq_kdhcbgnhjfZpbbgZijbf_j_
dhgdj_lguokZclh\
KZcldhgdmjbjmxs_cdhfiZgbbfh`_l[ulvbklhqgbdhfhq_gvp_gghcbgnhjfZpbb_kebmf_lv
ijZ\bevgh_]hbkke_^h\ZlvH^bgbakZfuofhsguoj_kmjkh\^eybamq_gbyex[h]hkZclZ)DJDQ
)LQGHU\nV85/LQIR ZZZIDJDQILQGHUFRPXUOLQIR\f
hlqlhibkZeZihwlhfmih\h^m=jmiiZDhfiZgbc5DGLXV\jZa^_e_Gh\hklbbg^mkljbb,7_s_\
�]@
Bgl_j_kguckZcl)DJDQ)LQGHU\nV85/LQIRkihkh[_gij_^hklZ\blv^eyhij_^_e_gghc\_[kljZgbpu
ijZdlbq_kdbbkq_jiu\ZxsmxbgnhjfZpbxihkdhevdmh[jZsZ_lkydjZaebqgufkbkl_fZf
b^_glbnbdZpbbZgZebaZi_j_\h^Zbl^$UWKXU:HLVVlZd`_j_dhf_g^m_lihevah\Zlvkywlbf
bgkljmf_glhf
:^j_kijh\_jy_fh]hkZclZ\\h^blky\kljhdm\\_jog_cqZklbkljZgbpuaZl_f\u[bjZ_lkygm`guc
k_j\bkgZ\deZ^d_ihke_q_]hhldju\Z_lky^hklmidklZlbklbd_dZdihdZaZghgZjbk lhevdhg_
gZ^hgZ`bfZlv^eywlh]hdghidm9LHZ3DJHihlhfmqlhhgZhldju\Z_lg_klZlbklbdmZ
g_ihkj_^kl\_gghkljZgbpmkZclZ\f
Jbk=eZ\gZykljZgbpZj_kmjkZ)DJDQ)LQGHU\nV85/LQIR
Bamq_gb_ex[hcdhfiZgbbkihfhsvxbgl_jg_lj_kmjkh\ki_pbZebkluj_dhf_g^mxlgZqbgZlv
g_ihkj_^kl\_gghk__dhjihjZlb\gh]hkZclZwlhfbkke_^h\Zgb_ij_^ijbylby\K_lb^bZf_ljZevgh
ijhlb\hiheh`ghlZdlbd_\u\_^u\ZgbydhlhjZyijbf_gy_lkyijbihemq_gbbbgnhjfZpbbhlex^_c
dhlhju_g_ihkj_^kl\_ggh_xjZkiheZ]Zxl
^ZgghfjZa^_e_fu[m^_fijb\h^blvijbf_juj_Zevghkms_kl\mxsbodhfiZgbc
Bamq_gb_dhjihjZlb\gh]hkZclZ[m^_lijh\_^_ghgZijbf_j_j_kmjkZ_dZl_jbg[mj]kdh]h
ij_^ijbylby:\lhe_g^h^gh]hbaeb^_jh\kj_^bhnbpbZevguo^be_jh\Z\lhfh[be_cba\_klguo
fZjhdZijbhlkmlkl\bbdZdhceb[hbgnhjfZpbbgZkZcl_wlhchj]ZgbaZpbbh[jZlbfkydj_kmjkZf
^jm]bodhfiZgbcKZcl:\lhe_g^Zb^jm]boij_^ijbylbcbkihevah\ZgguogZfbijbgZibkZgbb
dgb]biha\heylm\b^_lvdZdh]hjh^Zk\_^_gbyhdhfiZgbbgZoh^ylky\hldjulhf^hklmi_bfh]ml
[ulvihemq_guijbbkke_^h\Zgbbih^h[guobklhqgbdh\
?keb`_gZf^h\_^_lkydhkgmlvky\hijhkh\dhlhju_fh]ml[ulvg_h^ghagZqgh\hkijbgyluklhqdb
aj_gbybfb^`Zij_^ijbylbyeb[h\kdjulvj_Zevghkms_kl\mxsb_[j_rb\kbkl_f__]h
bgnhjfZpbhgghc[_ahiZkghklbfu[m^_f\ghkblvbaf_g_gby\h\g_rgbc\b^kZclZdhfiZgbbbeb
ebqguokljZgbq_d__khljm^gbdh\kl_fqlh[uk^_eZlvg_\hafh`ghcbob^_glbnbdZpbxBaf_g_gby
aZljhgmlbl_dklh\mxbgnhjfZpbx\dexqZybf_gZex^_cZ^j_kZghf_jZl_e_nhgh\Gmb
jZamf__lky[m^mlm[jZgueh]hlbiub^jm]b_\bamZevgu_we_f_gluiha\heyxsb_mklZgh\blv
ijbgZ^e_`ghklvkZclZlhfmbebbghfmj_Zevghkms_kl\mxs_fmij_^ijbylbx
Ihwlhfm\jZa^_e_ijb\_^_gghfgb`_gZjy^mk:\lhe_g^hf[m^mlijb\h^blvkyb^jm]b_j_kmjku
ijhklhihlhfmqlhkZclbkke_^m_fhcdhfiZgbbg_\k_]^Zkh^_j`blg_h[oh^bfu_ijbf_ju
Ij_`^_q_fi_j_clbg_ihkj_^kl\_gghdbamq_gbxkh^_j`bfh]hkZclZl_dklZfbbeexkljZpbyf
j_dhf_g^m_fh[jZlblv\gbfZgb_gZjy^hkh[_gghkl_cdhlhju_ihfh]Zxlemqr_\hkijbgbfZlv
dhgl_glj_kmjkZ
DZdh]hmjh\gy^hf_ggh_bfydhfiZgbb
DZdm`_hlf_qZehkvgZwlhke_^m_lh[jZlblv\gbfZgb_\i_j\mxhq_j_^v?keb^hf_g\lhjh]h
mjh\gygZijbf_jUEFUXlhhgieZlgucGZihfgbfqlhd^hf_gmi_j\h]hmjh\gyhlghkblky
UXihwlhfmfu_]hg_jZkkfZljb\Z_f?kebwlh^hf_glj_lv_]hmjh\gygZijbf_jFL
�UD]YHGNDQDURGUXlhhgdZdijZ\beh[_kieZlguceydhfiZgbbwlhqZs_\k_]hfbgmkM
:\lhe_g^Z^hf_g\lhjh]hmjh\gyDXWRODQGUXKhhl\_lkl\_gghhgieZlguc
G_lebhjnh]jZnbq_kdbohrb[hd\gZibkZgbb^hf_ggh]hbf_gb
G_j_^dhdhfiZgbbaZgbfZxsb_kyij_^hklZ\e_gb_fl_obebbguomkem]gZf_j_gghj_]bkljbjmxl
^hf_ggu_bf_gZkoh^gu_ihgZibkZgbxkihimeyjgufbj_kmjkZfbJZkq_l^_eZ_lkygZlhqlhijb
hi_qZld_\bf_gbba\_klgh]hkZclZihevah\Zl_evhdZ`_lkygZboj_kmjk_b\hkihevam_lky_]h
k_j\bkZfb
G_dhlhju_gZqbgZxsb_bkke_^h\Zl_ebihiZ^Zxl\lZdmxeh\mrdm?keb\f_klhkZclZgm`ghc
hj]ZgbaZpbbaZ]jm`Z_lkyihjghkZcllhhrb[dZhq_\b^gZH^gZdh_kebj_kmjkbf__l[he__
g_cljZevgh_kh^_j`Zgb_lhki_pbZebklfh`_lbg_aZih^hajblvgbq_]hiehoh]h
BgZh[hjhl_kebhdZ`_lkyqlhdhfiZgbykhagZl_evghihevam_lkybf_g_fdhlhjh_\hafh`gh
bfblbjm_lqm`b_iZjZf_ljuke_^m_laZ^mfZlvkyhijbqbgZolZdh]hiheh`_gby\_s_cG_
bkdexq_ghqlhwlhebrveh\dbcfZjd_lbg]h\ucoh^H^gZdh^_ehlmlfh`_l[ulvb\^jm]hf
ijbgpbi_dZ`^ucdhgdj_lguckemqZcih^jZamf_\Z_lk\hb\u\h^udhlhju_ihevah\Zl_ev^he`_g
k^_eZlvkZfhklhyl_evghkmq_lhf\k_cbf_xs_cky\_]hjZkihjy`_gbbbgnhjfZpbb
Ijbf_jukZclh\bf_gZdhlhjuohlebqZxlkyhlrbjhdhba\_klguogZh^gm_^bgkl\_ggmx[md\m
ijb\_^_gugZjbk
JbkKZclJRRJOUX hlebqZ_lkygZh^gm[md\mhlJRRJOHUX\f
Ijh[e_fZkha^ZgbykZclh\k^hf_ggufbbf_gZfbbkihevamxsbfbkoh^kl\h\gZibkZgbbk
ihimeyjgufbj_kmjkZfbihjhcijb\h^bldg_h`b^Zggufb^h\hevgh^hjh]hklhysbfijh[e_fZfhl
dhlhjuog_aZkljZoh\Zgu^Z`_kZfu_m\Z`Z_fu_dhfiZgbbhlgZijbf_jkhh[s_gb_h[
bgpb^_gl_k\yaZgghfkbkihevah\Zgb_fhrb[hqghgZibkZgguo^hf_gguobf_gm\Z`Z_fhc
�ihbkdh\hckbkl_fhc\j_deZf_@
J_deZfh^Zl_ebih^Zebijhlb\DKRRdhee_dlb\gucbkd
�fZy]h^ZL_dklGZlZevy_f[bgkdZy
J_deZfh^Zl_ebDKRRih^Zebijhlb\bgl_jg_l]b]ZglZdhee_dlb\gucbkdkh[\bg_gb_f\
jZaf_s_gbbj_deZfugZkZclZodbrZsboribhgkdbfbijh]jZffZfbbgZkZclZokhi_qZldZfb\
^hf_gguobf_gZoqZklghklbj_deZfZjZaf_sZeZkvgZkZclZodhfiZgbc,QWHUPL[0HGLDb'LUHFW
5HYHQXHdhlhju_\Zij_e_[uebijbagZgukm^hfjZkijhkljZgbl_eyfbribhgkdh]hIHb
g_`_eZl_evguo[Zgg_jh\
F_`l_fdZdaZij_fbmfjZaf_s_gb_j_deZfu[uehaZieZq_ghDKRRb__^hq_jg_cdhfiZgbb
2YHUWXUH6HUYLFHVbkd_]h\hjblkyqlhDKRRh[_sZeZh[_ki_qblvj_deZf_\ukhdbclZj]_lbg]b
jZaf_klblv__gZlZdbodjmiguokZclZodZd0LFURVRIWFRPb&11FRPkhh[sZ_l,QIRZRUOG
hij_^_ebebjZaf_jgZg_k_ggh]hms_j[Zij_^iheh`bl_evghwlZkmffZfh`_lkhklZ\blvkhlgb
fbeebhgh\^heeZjh\
Ijh\_jdZkZclZkihfhsvxk_j\bkh\)DJDQ)LQGHU
KWWSZZZIDJDQILQGHUFRPXUOLQIR\f
JZa^_eIh^jh[ghklbhljZnbd_ *HQHUDO!$OH[D!7UDIILF'HWDLOV\f
JbkIh^jh[ghklbljZnbdZgZkZcl_dhfiZgbb:\lhe_g^]?dZl_jbg[mj]
KlZlbklbdZhkgh\u\Z_lkygZj_amevlZlZoh[jZ[hldbaZijhkh\ihevah\Zl_e_cgZdhfivxl_jZo
dhlhjuomklZgh\e_glme[Zj$OH[DWlh^hklZlhqghj_ij_a_glZlb\gZy\u[hjdZohlybg_\iheg_
h[t_dlb\gZy^eyjmkkdhyauqgh]hBgl_jg_lZihkdhevdmhlghkbl_evghg_[hevrhcijhp_gl
ihevah\Zl_e_cjmg_lZ\hh[s_keurZehkms_kl\h\Zgbb$OH[D_s_f_gvr__qbkehex^_cmklZgh\beb
k_[_wlhllme[ZjqZklghklbklZlbklbdZihdZau\Z_ldZdb_kljZgbpukZclZgZb[he__qZklh
ihk_sZxlky wlhhljZ`_gh\jZa^_e_:KHUHGRSHRSOHJRRQDXWRODQGUX"\g_rgbc\b^dhlhjh]h
ijb\_^_ggZjbk\f
wlhf`_jZa^_e_fh`ghijh\_klbkjZ\g_gb_ihk_sZ_fhklbj_kmjkZkdZdbfeb[h^jm]bfkZclhfb
ihemqblvj_amevlZlu\\b^_]jZnbdZ
DhfmijbgZ^e_`bl^hf_ggh_bfy \deZ^db*HQHUDO!*OREDO:KRLV\f
ijbgpbi_wlmbgnhjfZpbxfh`ghihemqblvgZfgh]bokZclZodhlhju_aZgbfZxlkyj_]bkljZpb_c
^hf_gguobf_gBebdZd\ZjbZglgZj_kmjkZoh[jZsZxsbokydlZdgZau\Z_fhckem`[_:+2,6
GZijbf_jihZ^j_kmKWWSZZZYOLQHUX
H^gZdh_kebaZ]jm`_g)DJDQ)LQGHUbijh\_jdZkZclZm`_b^_leh]bqghijh\_klb__kihfhsvx
wlh]hk_j\bkZ
DXWRODQGUX:KRLV)RUP
GRPDLQ$872/$1'58
W\SH&25325$7(
QVHUYHUSLRFRQYH[UX
QVHUYHUXELNFRQYH[UX
QVHUYHUYDOLVFRQYH[UX
VWDWH5(*,67(5(''(/(*$7('
RUJ-6&R$XWRODQG
SKRQH
ID[QR
HPDLOYPR#DXWRODQGUX
HPDLOYROFKNRY#IRUDWHFUX
HPDLOURRW#DXWRODQGUX
UHJLVWUDU58&(17(55(*5,31
FUHDWHG
SDLGWLOO
VRXUFH7&5,31
/DVWXSGDWHGRQ06.06'
5HJLVWUDWLRQLQIRUPDWLRQKWWSZZZULSQQHWQLFGQVHQLQGH[KWPO
�&#xDK;&#xRR;&#x;&#x j;&#xbk;&#x;&#x;&#x;�eyDKRRlj_[m_lkyijhclbih\deZ^dZf/LQNV!DKRR jbk\feyhklZevguoj_kmjkh\ih
khhl\_lkl\mxsbfkkuedZfgZwlbj_kmjkuijb\_^_ggufihke_kkuedb/LQNV
gbfZgb_)DJDQ)LQGHUg_ih^^_j`b\Z_lkkuedbkbagZqZevghjmkkdhyauqguoihbkdh\uokbkl_f
gZijbf_jkYg^_dkZbebJZf[e_jZihwlhfmkkuedbgZkZclkwlboj_kmjkh\lj_[m_lkybkdZlv
\jmqgmx\\h^yaZijhkg_ihkj_^kl\_gghbajmkkdhyauqguobgnhjfZpbhgguokbkl_f:\hlkkuedbk
jmkkdhyauqguokljZgbpijhbg^_dkbjh\Zgguo=m]ehfbeb061ihdZaZguohjhrh
KkuedbgZkZcluhl_q_kl\_gguodhfiZgbcgZc^_ggu_kihfhsvxhi_jZlhjZ/LQN\jmkkdhyauqguo
ihbkdh\uokbkl_fZog_j_^dhiha\heyxlgZclbebqgu_kljZgbqdb[u\rbobgZklhysbokhljm^gbdh\
dhfiZgbcZlZd`_qZklgu_h[ty\e_gbyki_pbZebklh\dhlhju_ihjhciha\heyxl\uclbgZdhglZdlk
wlbfbex^vfbkp_evxihemq_gbyhlgbobgnhjfZpbbhij_^ijbylbb
JbkKkuedbgZkZcl:\lhe_g^Z\DKRRihemq_ggu_q_j_aiZg_evmijZ\e_gbygZj_kmjk_
)DJDQ)LQGHU
Jbk:job\kZclh\dhfiZgbb:\lhe_g^ihemq_ggucq_j_aiZg_evmijZ\e_gbygZj_kmjk_)DJDQ
)LQGHU
IjhkfhljZjob\ZkZclh\ &DFKH!,QWHUQHW$UFKLYH\f
J_kmjkwlhlfum`_jZkkfZljb\ZebZihlhfmg_lkfukeZih\lhjylvkyHlf_lbfebrvqlhZjob\
kZclh\\oh^bl\iZd_lbgkljmf_glh\^hklmiguoq_j_a)DJDQ)LQGHUqlhhlh[jZ`_ghgZjbk
AZijhkkljZgbpukZclZkhojZg_gghc\dwr_jZaebqguoihbkdh\uokbkl_f
JbkAZijhkkljZgbpukZclZdhfiZgbb:\lhe_g^badwrZ*RRJOHihemq_ggucq_j_aiZg_ev
mijZ\e_gbygZj_kmjk_)DJDQ)LQGHU
Ihbkdih[eh]Zf
Wlhlk_j\bkbgl_]jbjh\Zgguc\)DJDQ)LQGHUhjb_glbjh\ZggZaZiZ^gu_[eh]bIhwlhfm
ijbf_gbl_evghd_dZl_jbg[mj]kdhfm:\lhe_g^mhgj_amevlZlh\g_^Zeq_]hbke_^h\Zehh`b^Zlv
I_j_\h^\_[kljZgbpkbghkljZggh]hyaudZ \deZ^dZ7UDQVODWH\f
IhkdhevdmkZcldhfiZgbb:\lhe_g^jZkiheh`_gghc\?dZl_jbg[mj]_jhkkbckdbcg_lgbdZdh]h
kfukeZi_j_\h^blv_]hgZjmkkdbcyaudIhwlhfm^eyl_klbjh\Zgbynmgdpbbi_j_\h^Z\)DJDQ)LQGHU
fuh[jZlbebkvdijb\_^_gghfmgZjbklZc\Zgvkdhfmj_kmjkm0D]GDgZdblZckdhfyaud_
KWWSZZZPD]GDFRPWZ\fGZ^hkdZaZlvqlh)DJDQ)LQGHUgZfg_ihdZaZekym^Zqgufj_r_gb_f^ey
ih^h[gh]hjh^Zhi_jZpbcBkihevah\Zgb_iZg_ebk_j\bkZ^eyi_j_\h^Z\u]ey^blke_^mxsbf
h[jZahf
JbkLZc\ZgvkdbckZcl0D]GDgZdblZckdhfyaud_
J_kmjkjZkiheZ]Z_lg_kdhevdbfbhgeZcgh\ufbbgl_jij_lZlhjZfbb^eyijh^\bgmlh]hihevah\Zl_ey
wlhih`Zemcg_iehoh?klv^Z`_\hafh`ghklvZ\lhfZlbq_kdh]hhij_^_e_gbyyaudZgZkemqZc_keb
dhfmlhg_ba\_klghgZ\_jgydZgZdZdhfyaud_gZibkZgijhkfZljb\Z_fucbf^hdmf_gl ijZ\^Z
jZ[hlZ_lwlhlbgkljmf_glg_\k_]^Zdhjj_dlghlhqg__g_\k_]^ZjZ[hlZ_l\fGh^eylh]hqlh[u
^h[jZlvky\)DJDQ)LQGHU^hgm`gh]hwe_dljhggh]hi_j_\h^qbdZlj_[m_lkyijh^_eZlvg_fZeh
^hihegbl_evguo^_ckl\bci_j_oh^yihZg]ehyauqgufkkuedZfkhkljZgbpugZkljZgbpmK^jm]hc
klhjhguk_j\bkij_^hklZ\ey_l\hafh`ghklvihevah\ZlvkyblZdbfbi_j_\h^qbdZfbdhlhju_\
hlebqb_kdZ`_fhlba\_klgh]hhgeZcgh\h]hj_kmjkZ6\VWUDQVRIW KWWSZZZV\VWUDQVRIWFRP\f
i_j_\h^ylg_ihkj_^kl\_gghgZjmkkdbcfZl_jbZeukkZfuojZaguoyaudh\ gZijbf_jkdblZckdh]h\f
JZam`j_qvaZreZh[hgeZcgh\uoi_j_\h^qbdZohl\e_q_fkyg_gZ^he]hhlbgkljmf_glh\
ij_^eZ]Z_fuo)DIJDQ)LQGHUbhlf_lbfqlhebqghgZf[he__\k_ohklZevguoihk\h_c
nmgdpbhgZevghklbgjZ\blkyhgeZcgh\uci_j_\h^qbd6\VWUDQVRIWhdhlhjhffum`_mihfbgZebb
dhlhjucj_dhf_g^mxlfgh]b_ki_pbZebkludhgdmj_glghcjZa\_^dbkhklhysb_\6&,3Hgiha\hey_l
i_j_\h^blvdZdhl^_evgu_keh\ZbnjZ]f_glul_dklZlZdbp_eu_\_[kljZgbpu:ihfbfhwlh]h^Z_l
\hafh`ghklvklZ\blvwlbkljZgbpugZfhgblhjbg]qlh[u\Z_l\Z`gh^eyki_pbZebklZdhgdmj_glghc
jZa\_^dbGZijbf_jihklZgh\dZgZfhgblhjbg]keh\Z\uklZ\dZgZZjZ[kdhfyaud_ijbihfhsb
hgeZcgh\h]hi_j_\h^qbdZfh`_lkhklhylvbalZdbowlZih\
JbkI_j_\h^lZc\Zgvkdh]hkZclZ0D]GDgZjmkkdbcyaudihemq_ggucq_j_aiZg_evmijZ\e_gbygZ
j_kmjk_)DJDQ)LQGHU
\i_j_\h^qbd_6\VWUDQVRIWbebex[hf^jm]hfkeh\h\uklZ\dZi_j_\h^blkygZZg]ebckdbcyaud
H[KLELWLRQ
\i_j_\h^qbd_6\VWUDQVRIWkeh\hH[KLELWLRQi_j_\h^blkygZZjZ[kdbcyaud
\=m]e_keh\h\\h^blky\ihbkdh\mxkljhdmbj_amevlZlklZ\blkygZfhgblhjbg]gZijbf_jk
ihfhsvxk_j\bkZ*RRJOH$OHUW
Ijhp_kkihbkdZmdZaZggh]hihgylby\K_lbijhbeexkljbjh\ZggZjbk
g_rgbc\b^h^ghcbakljZgbpijb\_^_ggh]h\ur_kibkdZj_amevlZlh\dhlhjZyijbgZ^e_`bl
\uklZ\hqghfmp_gljm\Dm\_cl_ KWWSNLIQHWDUDELF\fhlh[jZ`_ggZjbk
?s_jZagZihfbgZ_fqlhhgeZcgh\u_i_j_\h^qbdb\ijbgpbi_g_^Zxldhfi_l_guoj_amevlZlh\
ohly[uihlhfmqlhg_bf_xl\hafh`ghklbmqblu\Zlvihebk_fbx fgh]hagZqghklv\fbb^bhfu
GZijbf_j\dZjfZgghfkeh\Zj_7KH2[IRUG5XVVLDQ0LQLGLFWLRQDU\ba^Zgghf\KR:\]
keh\h5XQdhlhjh_hgeZcgh\u_i_j_\h^qbdbh[uqghbgl_jij_lbjmxldZd[_`Zlvbf__l^_\ylv
agZq_gbcHkh[_gghk_jv_aghcwlZijh[e_fZklZgh\blkyijbdjhkki_j_\h^_q_j_alj_lbcyaud
Ohjhrhbeexkljbjm_lih^h[gmxkblmZpbxijbf_jijb\_^_ggucgZfki_pbZebklhfih
dhgdmj_glghcjZa\_^d_?\]_gb_f=jbrbgufHgi_j_\_ekihfhsvxhgeZcgh\h]hbgl_jij_lZlhjZ
6\VWUDQVRIWba\_klgmxih]h\hjdmkjmkkdh]hyaudZgZZg]ebckdbcZaZl_fh[jZlghbihemqbelZdb_
j_amevlZlu
JbkJ_amevlZlihbkdZ\=m]e_keh\Z\uklZ\dZgZZjZ[kdhfyaud_
JbkKljZgbpZ\j_amevlZlZoihbkdZihkeh\m\uklZ\dZgZZjZ[kdhfyaud_
I_j\hgZqZevguc\ZjbZgl
[Z[Zk\hamdh[ue_e_]q_
:g]ehyauqguc\ZjbZglih\_jkbb6\VWUDQVRIW
UDPWRFDUWWRPDUHPRUHHDVLO\
HdhgqZl_evgucjmkkdhyauqguc\ZjbZglih\_jkbb6\VWUDQVRIW
rlhkk_evdl_e_`d_ddhg_fZld_e_]dh
L_fg_f_g__^eylh]hqlh[uihgylvkfukekh^_j`bfh]hkljZgbpug_ijb[_]Zydihfhsb
`b\h]hki_pbZebklZ\hafh`ghkl_chgeZcgh\uoi_j_\h^qbdh\h[uqghhdZau\Z_lky^hklZlhqgh
Ijhkfhljbaf_g_gbcgZkljZgbp_ \deZ^db7UDFN!:DWFK7KDW3DJH\f
)DJDQ)LQGHUij_^eZ]Z_lmkem]bq_luj_oijZdlbq_kdbjZ\ghp_gguokbkl_ffhgblhjbg]Zbaf_g_gbc
gZkljZgbp_kZclZWlbkbkl_fuiha\heyxlihemqZlvihwe_dljhgghcihql_h^bgjZa\^_gvbebj_`_
m^h[gubhi_jZlb\gug_`_ebijh]jZffumklZgZ\eb\Z_fu_gZi_jkhgZevghfdhfivxl_j_ jbk\f
JbkIhklZgh\dZkljZgbpugZfhgblhjbg]q_j_aiZg_evmijZ\e_gbygZj_kmjk_)DJDQ)LQGHU
Ijbihy\e_gbbbaf_g_gbcgZkljZgbp_kem`[Z:DWFK7KDW3DJHbgnhjfbjm_lhgboihwe_dljhgghc
ihql_
GZgZr\a]ey^ijh]jZffZ:HE6LWH:DWFKHUbgnhjfZlb\g__q_fhgeZcgh\u_kem`[uh^gZdh
ihke_^gb_\ub]ju\ZxlaZkq_llh]hqlhiha\heyxlm\b^_lvbaf_g_gbybaex[hclhqdbfbjZbk
ex[h]hdhfivxl_jZ
I_j_oh^\[eh]bhgeZcgh\u_ojZgbebsZaZdeZ^hdbZjob\ukljZgbp \deZ^db3RVW!/LYHMRXUQDO\f
Q_j_aiZg_evmijZ\e_gbygZj_kmjk_)DJDQ)LQGHUfh`ghi_j_clbg_ihkj_^kl\_ggh\i_jkhgZevguc
[eh]IjbwlhfkkuedZgZbamqZ_fuckZclihy\blkyZ\lhfZlbq_kdbdZdgh\h_khh[s_gb_\[eh]_
dhlhjh_lml`_fh`gh^hihegblv
LZd`_hkms_kl\ey_lkyi_j_oh^gZbgl_jg_lk_j\bkudhlhju_kihkh[gukhojZgylvaZdeZ^db
ihevah\Zl_e_cb^Z`_Zjob\gu_dhibbkljZgbpIjbf_jhflZdh]hk_j\bkZkem`bl)XUO Z[[j_\bZlmjZ
�hl)LOH85/\fZggucj_kmjk\hfgh]hfihoh`gZ[eh]ghg_^Z_lim[ebqgh]h^hklmiZdk\h_fm
kh^_j`bfhfmwlh\Zr_ebqgh_ojZgbebs_klZl_ckljZgbpbaZdeZ^hdIjbwlhf)XUOojZgbldZd
aZdeZ^dmgZkljZgbpmlZdbbah[jZ`_gb_kZfhckljZgbpugZaZ^Zggmx^ZlmIhevah\Zl_evfh`_l
\_klbkh[kl\_ggucZjob\kljZgbp jbk\f
JbkAZg_k_gb_kljZgbpu\)XUOq_j_aiZg_evmijZ\e_gbygZj_kmjk_)DJDQ)LQGHU
Bgkljmf_gluhilbfbaZpbbkZclZ i_j_oh^q_j_a\deZ^dm'HYHORS\f
Ijyfh]hhlghr_gbydaZ^ZqZfdhgdmj_glghcjZa\_^dbgZgZr\a]ey^wlbk_j\bkug_bf_xlgh^ey
dhfie_dkghchp_gdbijh^\bgmlhklbkZclZfh]mlijb]h^blvkyKi_pbZebkluihhilbfbaZpbb
gZ\_jgydZgZc^mla^_kvg_fZehihe_aguobgkljmf_glh\iha\heyxsboihgylvhj]ZgbaZpbxj_kmjkZk
l_ogbq_kdhclhqdbaj_gby
�Ijhkfhljkem`_[ghcbgnhjfZpbbhkZcl_kihfhsvxj_kmjkZ1(7&5$)7@
Wlhlj_kmjkiha\hey_lhij_^_eblvdZdb_k_j\_jubkihevamxlky\h[kem`b\ZgbbkZclZdhfmhgb
ijbgZ^e_`ZldZdb_bf_xlLSZ^j_kZbdZdb_gZgbomklZgh\e_guhi_jZpbhggu_kbkl_fuIjbq_f
^eyp_e_cdhgdmj_glghcjZa\_^dbfh`_l[ulvihe_aguflhqlha^_kvhlh[jZ`Z_lky\kybklhjby
baf_g_gbcdZdZiiZjZlghcbijh]jZffghcqZklbk_j\_jh\dhfiZgbblZdbijh\Zc^_jh\dhlhju_
h[_ki_qb\Zxlohklbg]Wlhihfh]Z_l\qZklghklbhp_gblvl_ogbq_kdmxih^dh\Zgghklv
hj]ZgbaZpbbbdhk\_gghq_j_ah[gh\e_gb_l_ogbdb__nbgZgkh\h_[eZ]hihemqb_GZjbk
ijb\_^_gZbgnhjfZpbyh[bklhjbbjZa\blbyk_j\_jh\dhfiZgbb:\lhe_g^kh\j_f_gbbo
\hagbdgh\_gby^hgZrbo^g_c
JbkBgnhjfZpbyh[bklhjbbbaf_g_gbyZiiZjZlghcijh]jZffghcqZklbk_j\_jh\
h[kem`b\ZxsbokZclihZ^j_kmKWWSZZZDXWRODQGUXbhijh\Zc^_j_ihemq_ggZygZj_kmjk_
1(7&5$)7
Ijhkfhljkh^_j`bfh]hnZceZURERWVW[W
�eyijhkfhljZkh^_j`bfh]hwlh]hnZceZfuj_dhf_g^m_f\hkihevah\Zlvkykdjbilhfkha^Zgguf
K_j]__fFZl\__gdhki_pbZebklhfih,7baKZgdlI_l_j[mj]Z
Kdjbil^hklmi_gihZ^j_kmKWWSVHUJHPDWYHHQNRUXURERWVW[W
hlqlhibr_lhg_fkZfZ\lhj
ufh`_l_^h[Z\blvgZiZg_evkkuehd\Zr_]h[jZma_jZdghidmIhkfhlj_lvURERWVW[WQlh[u
mklZgh\blvdghidmijhklhi_j_lZsbl_wlmkkuedmgZiZg_evkkuehd\Zr_]h[jZma_jZIhkfhlj_lv
URERWVW[W
L_i_jv_kebuaZohlbl_m\b^_lvnZceURERWVW[WkZclZdhlhjuc\^Zggucfhf_glhldjul\[jZma_j_
ijhklhs_edgbl_ihdghid_Ihkfhlj_lvURERWVW[W\iZg_ebkkuehdHldjh_lkykljZgbpZ
kh^_j`ZsZyl_dklnZceZ
DghidZjZ[hlZ_l\h\k_o[jZma_jZoijb\dexq_gghf-DYD6FULSW
Ijbijhkfhlj_kZclZdhfiZgbb:\lhe_g^\uykgbehkvqlhnZceURERWVW[WgZj_kmjk_hlkmlkl\m_l
LZdbfh[jZahf^Zgguckihkh[h]jZgbq_gbybg^_dkZpbbihbkdh\ufbjh[hlZfb\mdZaZgghfkemqZ_
�g_ijbf_gy_lkyeyihemq_gby^hdZaZl_evkl\lh]hqlhkdjbil\k_lZdbjZ[hlZ_lfuh[jZlbebkvd
^jm]hfmkZclmZbf_gghnhjmfmgZ_dZl_jbg[mj]kdhfihjlZe_HihZ^j_kmZZZHUXWDONIRUXP
J_amevlZlijh\_jdbkh^_j`bfh]hnZceZURERWVW[WgZkZcl_nhjmfZijb\_^_ggb`_
8VHU$JHQW\r
'LVDOORZP\H
'LVDOORZDGSKS
'LVDOORZFJLJR
'LVDOORZWDONIRUXPJRSKS
'LVDOORZIXQSKRWRJHWBFRGHSKS
'LVDOORZDXWRVDOHSULQW
'LVDOORZWDONIRUXPIRUXPBQHZVSKS
jy^_kemqZ_\ki_pbZebklZdhgdmj_glghcjZa\_^dbfh`_l`^Zlvm^ZqZdh]^Zi_j_oh^ih
]bi_jkkued_mdZaZgghc\hdg_kj_amevlZlZfbijh\_jdbkh^_j`bfh]hnZceZURERWVW[Whldju\Z_l
^hklmi\l_ahgukZclZdhlhju_\ijbgpbi_ij_^gZagZq_guebrv^eykem`_[gh]hihevah\Zgbygh
ijbwlhfg_aZij_s_gudihk_s_gbxex^vfb lh_klvh]jZgbq_gbygZihk_s_gb_\\_^_gu
bkdexqbl_evgh^eyihbkdh\uoiZmdh\\fKhhl\_lkl\_gghgZgZr\a]ey^gbq_]hijhlb\haZdhggh]h
bebg_wlbqgh]h\ihiuld_ij_^klZ\bl_eydhgdmj_glghcjZa\_^db\a]eygmlvgZkljZgbpuj_kmjkZd
dhlhjuf\_^ml]bi_jkkuedb\nZce_URERWVW[Wg_l
bamZevguchkfhljhnbkZbamqZ_fh]hij_^ijbylbygZkimlgbdh\hcnhlh]jZnbbkbkihevah\Zgb_f
*RRJOH0DS
Wlhlf_lh^ohjhrijbjZ[hl_kbghkljZggufbiZjlg_jZfbbajZa\bluokljZgihkdhevdm\=m]e_
k^_eZgZijb\yadZdZjlddZlZeh]ZfkgZa\ZgbyfbdhfiZgbcHl_q_kl\_ggu_ij_^ijbylbyihdZqlhg_
hq_gvrbjhdhij_^klZ\e_gu\wlhfkibkd_Zjmkkdbcyaudk_j\bkhf*RRJOH0DS\hh[s_gZfhf_gl
�gZibkZgbydgb]bg_ih^^_j`b\ZekyZbijZ\beZihevah\Zgbyih^h[gufbk_j\bkZfbg_\k_]^Z
iheghklvxkhhl\_lkl\mxllj_[h\Zgbyfij_^ty\ey_fufdfZdkbfZevghjZaj_r_gghc\Jhkkbb
lhqghklbdZjlGZfhf_glgZibkZgbydgb]bg_[uebaZ\_jr_gu^_[Zluhlhfqlhh]jZgbq_gbygZ
lhqghklvdZjl\Jhkkbb\hafh`ghmklZj_ebblj_[mxl\g_k_gbybaf_g_gbcFuj_dhf_g^m_f
bamqblvaZdhgh^Zl_evkl\hgZl_dmsbcfhf_glij_`^_q_fihevah\Zlvkyj_kmjkZfb*RRJOH0DSih
hlghr_gbxdh[t_dlZfgZl_jjblhjbbgZr_ckljZgu\hba[_`Zgb_dhgnebdlh\kAZdhghf
JbkHnbkdhfiZgbb,%0\GvxChjd_ihdZaZgguckihfhsvxj_kmjkZ*RRJOH0DS
AZjm[_`hfaZdhgh^Zl_evgu_ijh[e_fulhqghklbdZjlm`_j_r_guIjbihbkd_bghkljZgguo
bah[jZ`_gbyZlZd`_\ZjbZgl_]h^_fhgkljZpbbdZjlZ PDS\fdZdwlhij_^klZ\e_ghgZjbk
kimlgbdh\h_bah[jZ`_gb_ VDWHOOLWH\fbebblhb^jm]h_ K\EULG\fIjbwlhfihevah\Zl_ex[m^_l
ihdZaZgZbdhglZdlgZybgnhjfZpbybgl_j_kmxs_c_]hhj]ZgbaZpbb
=jZffZlbq_kdb_hrb[db\l_dkl_jZaf_s_gghfgZkZcl_
Ihke_lh]hdZdaZ\_jr_ghagZdhfkl\hkkZclhfkl_ogbq_kdhclhqdbaj_gbykh\_lm_fijbklmiblvd
bkke_^h\Zgbx_]hdhg_glZl_dklh\hcb]jZnbq_kdhcbgnhjfZpbb
h\j_fylZdh]hbamq_gbyfh]ml[ulvh[gZjm`_guhjnh]jZnbq_kdb_bebimgdlmZpbhggu_hrb[db
kemqZ_bo\uy\e_gby^eylh]hqlh[uk^_eZlvijZ\bevgu_\u\h^ubalZdhcgZoh^dbgZ^h
ihklZjZlvkyihgylvihq_fmwlbh]j_obijbkmlkl\mxlgZkZcl_
hlgZb[he__qZklu_ijbqbguihy\e_gbyhjnh]jZnbq_kdbob]jZffZlbq_kdbohrb[hd\k_l_\uo
^hdmf_glZo
KemqZcgu_hi_qZldb]jZfhlgh]hq_eh\_dZijb\\h^_bgnhjfZpbbijbhlkmlkl\bbdhgljheydZq_kl\Z
]hlh\h]hfZl_jbZeZ
;_a]jZfhlghklvq_eh\_dZkhklZ\ey\r_]hl_dkl
IjbgZ^e_`ghklv\eZ^_evp_\bebp_e_\hcZm^blhjbbkZclZdkm[dmevlmj_dhlhjZybkihevam_l
gZf_j_gghbkdZ`_ggucyaud
K_l_\u_ljZ^bpbbgZibkZgbyg_dhlhjuokeh\
GZf_j_ggu_hrb[db\\_^_ggu_\l_dklijba\Zggu_ihfhqvkZclmh[gZjm`b\Zlvkyihdexq_\uf
keh\Zfdhlhju_ihevah\Zl_ebqZklh\\h^yl\ihbkdh\mxkljhdmkgZjmr_gb_fijZ\be]jZffZlbdb
;_amkeh\ghgZebqb_hrb[hdbebhi_qZlhdg_j_^dhfh`_lih^hj\Zlv^h\_jb_dj_kmjkm^Z`__keb
_]hdhgl_gl[_amij_q_gihkh^_j`ZgbxGZjbkbijb\_^_guijbf_ju^\mojZaf_s_gguo\
Bgl_jg_l_l_dklh\dhlhju_kh^_j`ZllZdb_h]j_obIjbqbguboihy\e_gbygZfg_ba\_klgu
ij_^hklZ\bfqblZl_exkZfhklhyl_evghhp_gblvkl_i_gv^h\_jbydfZl_jbZembaeh`_gghfmlZdbf
h[jZahf
H[uqghihgylvijbqbguihy\e_gbyhrb[hdbebhi_qZlhdfh`ghbglmblb\ghH^gZdhbgh]^Z
�mklZgh\blvq_fh[mkeh\e_ghbo\hagbdgh\_gb_[u\Z_lg_ijhklheylh]hqlh[uhlebqblv
[_a]jZfhlghklvhlkemqZcguoh]j_oh\dZdijZ\beh^hklZlhqghijh[_`Zlvg_kdhevdhl_dklh\
jZaf_s_gguogZkZcl_?kebdZdh_lhkeh\hgZj_kmjk_ibr_lky\hkgh\ghfijZ\bevghbebrv
baj_^dZkhrb[dhclhwlh\_jhylghk\yaZghkg_\gbfZl_evghklvxijb\\h^_lh_klvwlhhi_qZldZ
?keb`_keh\h\_a^_bebihij_bfms_kl\mgZibkZghg_ijZ\bevghlhijbqbgZwlh]h\
[_a]jZfhlghklbb\^ZgghfkemqZ_j_qvb^_lm`_h]jZffZlbq_kdhchrb[d_
JbkJ_deZfZIj_^klZ\bl_evkl\h\Hj[bljZ`ghfkm^_
JbkKhh[s_gb_gZh^ghfbabgl_jg_lnhjmfh\
Ijbf_jhfkm[dmevlmjubf_xs_ck\hckh[kl\_ggucyaudfh]mlkem`blvlZdgZau\Z_fu_
IZ^hgdb hgbbf_gmxlk_[ybf_gghlZdbfh[jZahfq_j_aZ\fIj_^klZ\bl_ebwlhckm[dmevlmju
bkihevamxlyaud\dhlhjhfkeh\ZgZf_j_gghibrmlkylZddZda\mqZlbebih^\_j]Zxlky^jm]bf
bkdZ`_gbyfGZijbf_jkeh\h_`ibr_lkydZdchr`b\hlgh_`u\hlgh_Ke_g]
IZ^hgdh\ bebdZdhgbk_[y_s_gZau\ZxlIZ^hgdZnn\f\ur_e^Ze_dhaZij_^_eubo
khh[s_kl\Zg_kdhevdhZ^Zilbjh\ZekydghjfZfebl_jZlmjgh]hyaudZb_]hwe_f_glug_j_^dh
\klj_qZxlky\kZfuojZaguol_dklZokdhlhjufbfh`_lklhedgmlvkyki_pbZebkldhgdmj_glghc
keh\fh`_l[ulv\hklj_[h\ZggufijbihklZgh\d_g_dhlhjuoj_kmjkh\gZfhgblhjbg]ihihbkdh\hfm
½&#xbi;&#x_^;»&#x ;&#xjb;&#xk;&#x;&#x;�aZijhkmIh^jh[gh_hibkZgb_ke_g]ZIZ^hgdh\fh`ghgZclb\bdbi_^bb jbk\f@
JbkKlZlvy@Zj]hgIZ^hgdh\\bdbi_^bb
K_l_\u_ljZ^bpbb\hagbdeb\k\yabkl_fqlhg_dhlhju_qZklhmihlj_[ey_fu_keh\Z^hklZlhqgh
^ebgghibrmlkybijb[hevrhfh[t_f_i_j_ibkdbihwe_dljhgghcihql_bebih,&4wlhkha^Z_l
g_m^h[kl\ZIhwlhfmihy\bebkv^hklZlhqghjZkijhkljZg_ggu_keh\ZrlZfiuiha\heyxsb_
khdjZlblvgZibkZgb_Ijbf_jhffh]mlkem`blvlZdb_ljZgknhjfZpbbkeh\dZdbgnhjfZpby
bgnZq_eh\_dq_edhfivxl_jdhfiqlhgb[m^vqlhgblvDhg_qghgZ
dhjihjZlbqghfkZcl_\jZa^_e_Gh\hklbdhfiZgbblZdhcke_g]\jy^ebmf_kl_gghgZfgh]bo
nhjmfZo^Z`_hq_gvdhfi_l_glgu_b]jZfhlgu_ex^bfh]mlijbf_gylv_]h^hklZlhqghZdlb\gh
GZf_j_ggh_gZibkZgb_keh\khrb[dZfbijZdlbdm_lkyihlhfmqlhkh]eZkghklZlbklbd_\b
aZijhkh\bf_ggh\lZdhf\b^_\\h^blky\ihbkdh\mxkljhdmBgh]^Zhrb[hqgh_gZibkZgb_keh\ijb
ihbkd_wlhlZd`_ke_^kl\b_[_a]jZfhlghklbeb[hhi_qZldb gZk_cjZaihevah\Zl_ey\fZbgh]^Z
hghk\yaZghkl_fqlhex^bijhklhg_\dmjk_ijZ\bevgh]hbogZibkZgbyqZklghklbwlhdZkZ_lky
bf_gkh[kl\_gguo lZdgZa\Zgb_dhfiZgbb:\lhe_g^fh`gh\klj_lblv\K_lbb\lZdhc_]h
ij_^klZ\e_gbbdZd:\lhewg^\f
_[Z^fbgbkljZlhju\ugm`^_gu\dexqZlvgZibkZggu_khrb[dZfbkeh\Z\l_dklgZkZclZowlh^Z_l
\hafh`ghklvgZclb_]h^Z`_[_a]jZfhlghfmbebg_\gbfZl_evghfmihl_gpbZevghfmdeb_glm
Ijh[e_fZgZklhevdhfZkrlZ[gZqlhkms_kl\mxlki_pbZevgu_bgkljmf_gluiha\heyxsb_
Z\lhfZlbabjh\Zlvkha^Zgb_dexq_\uokeh\khi_qZldZfbH^gbfbalZdbobgkljmf_glh\
ijb\_^_ggufgZjbkih^gZa\Zgb_f7\SR*HQHUDWRUfh`gh\hkihevah\ZlvkyihZ^j_kmKWWS
WRROVVHRERRNFRPVSHOOLQJNH\ZRUGVW\SRVFJL
Jbk7\SR*HQHUDWRUj_kmjk^eykha^Zgbykeh\khi_qZldZfb
Bamq_gb_dhgl_glZkZclZ
Jbk=eZ\gZykljZgbpZkZclZdhfiZgbb:\lhe_g^
GZqZlvbamq_gb_dhgl_glZemqr_kiZjZ^gh]h\oh^Zk]eZ\ghckljZgbpuj_kmjkZ jbk\f
AgZqbl_evghh[e_]qZ_lgZ\b]ZpbxgZj_kmjk_jZa^_eDZjlZkZclZdhlhjuc\klj_qZ_lkygZ
[hevrbgkl\_k_jv_aguodhjihjZlb\guoj_kmjkh\
BgnhjfZpbyhijh^mdl_ij_^ijbylby
GZdhjihjZlb\ghfkZcl_\[hevrbgkl\_kemqZ_\ih^jh[ghbkfZdkbfZevgh\ub]jurghc^ey
ij_^ijbylbyklhjhgu]h\hjblkyhlhfdZdb_lh\Zjubebmkem]bhghij_^hklZ\ey_l
LZdkZcl_dZl_jbg[mj]kdh]h:\lhe_g^Zkhklhblbajy^Zkhhl\_lkl\mxsbojZa^_eh\
Ewg^Jh\_j
hev\h
Y]mZj
FZa^Z
Nhj^
Fbpm[brb
O_g^w
Dhfbkkbhggu_Z\lhfh[beb
Zm^bhkbkl_fu
fZkeZ
lxgbg]
rbgu
Z\lhghfgu_ih^h]j_\u
bgkljmf_gl
exdb:HEDVWR
ijhlb\hm]hggu_mkljhckl\Z
Ijbq_fdZ`^ZybamdZaZgguo]jmii^_lZebabjm_lkyihf_j_ijh^\b`_gby\]em[vkZclZqZklghklb
fumagZ_fhlhfqlh:\lhe_g^ijh^Z_lfZkeZijhba\h^kl\Z(662b0RELO
(662\k\hxhq_j_^vih^jZa^_ey_lkygZlZdb_]jmiiu
(662fZkeh^eyZ\lhfZlbq_kdhcljZgkfbkkbb
(662fZkeh^eyf_oZgbq_kdhcljZgkfbkkbb
(662ijhqb_fZkeZbkfZadb
(662fhlhjgh_fbg_jZevgh_
(662fhlhjgh_ihemkbgl_lbq_kdh_
(662fhlhjgh_kbgl_lbq_kdh_
Ex[hcjZa^_efh`_lkhklhylvbaih^jZa^_eh\Zl_g_j_^dh^jh[ylky^Zevr_GZijbf_j(662
fZkeh^eyZ\lhfZlbq_kdhcljZgkfbkkbbgZkZcl_:\lhe_g^Z\dexqZ_l^\ZgZbf_gh\Zgby(VVR
$7)/7fZkehZ\lhfZlljZgkfbkikbgl e\fNbgeyg^byihp_g_jm[b(VVR$7)'
fZkehZ\lhfZlljZgkfbkfbg_j e\fNbgeyg^byihp_g_jm[
;_amkeh\ghZgZebabjh\Zlv\_kvg_fZeucZkkhjlbf_glZdk_kkmZjh\baZiqZkl_cdhlhju_ij_^eZ]Z_l
ihdmiZl_eyf:\lhe_g^k_cqZkg_lh^gZdhbagZr_]hijbf_jZ\b^ghqlhijbkdjmime_aghcjZ[hl_
kkZclhffh`ghihemqblv^hklZlhqghihegh_ij_^klZ\e_gb_hijh^mdpbbbhij_^_eblvdjm]
ihklZ\sbdh\kdhlhjufbjZ[hlZ_ldhfiZgby
jZa^_e_Mkem]bdhlhjucij_^klZ\e_ghl^_evghihdZ`^hcfZjd_ijh^Z\Z_fuoij_^ijbylb_f
Z\lhfh[be_ch[hagZq_gdjm]jZ[hlhkms_kl\ey_fuobf\jZfdZoZ\lhk_j\bkZkljZoh\Zgbyb
dj_^blh\Zgby
GZkljZgbp_HdhfiZgbbdjhf_lh]hfh`ghgZclbih^[hjdmkhklZ\e_ggmxki_pbZebklZfb
:\lhe_g^Zbihk\ys_ggmxl_fmkem]Zfdhlhju_dhfiZgbykqblZ_lk\hbfdhgdmj_glguf
ij_bfms_kl\hf
Mkem]bij_^eZ]Z_fu_Z\lhkZehgZfbbk_j\bkgufbp_gljZfb:\lhe_g^
ijh^Z`ZZ\lhfh[be_cfh^_evgucjy^\gZebqbbbih^aZdZa
h[f_gZ\lhfh[beygZgh\uck^hieZlhc 7UDGHLQ\f
ijh^Z`ZZ\lhfh[be_c\dj_^blebabg]
j_]bkljZpby\=:B
ev]hlgh_kljZoh\Zgb_
K_j\bk
]ZjZglbcgh_h[kem`b\Zgb_
\k_\b^uj_fhglZkbkihevah\Zgb_fkh\j_f_ggh]hl_ogheh]bq_kdh]hh[hjm^h\Zgby
ijh\_^_gb_bgkljmf_glZevgh]hdhgljheyl_ogbq_kdh]hkhklhygbygZdhfivxl_jguo
^bZ]ghklbq_kdboebgbyo
dhfivxl_jgu_kl_g^u\hkklZgh\e_gby]_hf_ljbbdmah\Z
[hevrhckdeZ^aZiqZkl_c
]ZjZglbygZj_fhglbaZiqZklb
ihdjZkhqgu_jZ[hlu
35fZl_jbZeu
�eyki_pbZebklZdhgdmj_glghcjZa\_^dbbgl_j_kguex[u_fZl_jbZeudhlhju_mdeZ^u\Zxlky\
jZkrbj_ggh_b\f_kl_kl_fmijhs_ggh_ihgbfZgb_35dZd^_ckl\bcgZijZ\e_gguogZ
nhjfbjh\Zgb_iheh`bl_evgh]hbfb^`ZdhfiZgbb\]eZaZoij_^klZ\bl_e_ch[s_kl\Z[m^vlh
ihl_gpbZevgu_deb_gluij_^klZ\bl_eb\eZklbbebgZijbf_jjmdh\h^bl_ebdj_^blguo
mqj_`^_gbcQZs_\k_]hih^h[gu_^hdmf_gluij_^klZ\e_gugZdhjihjZlb\guokZclZo\\b^_
gh\hkl_cbgl_j\vxklZl_c
dZq_kl\_ijbf_jZ35fZl_jbZeZfh`ghjZkkfhlj_lvbgnhjfZpbxGh\uc+\XQGDL6DQWD)H\
Gh\hkb[bjkd_Zghgkbjh\ZggmxgZkZcl_dhfiZgbb:\lhe_g^\jZa^_e_Gh\hklbIjb
i_j_oh^_ihkkued_gZwlhl^hdmf_glihy\eyxlkyl_dklbnhlh]jZnbbdhlhju_g_ijhklh
bgnhjfbjmxlf_klgh_gZk_e_gb_h\uimkd_hij_^_e_gghcfh^_ebZ\lhfh[bey qlhbkhklZ\ey_lih
kmlbkZfmgh\hklv\fZijb\e_dZxl\gbfZgb_dlhfmqlhdhfiZgbykjZ[hlZeZhq_gvhi_jZlb\ghb
�bah[j_l_gb_kh\k_fg_^Z\ghihdZaZggh_\Z\lhkZehg__ljhclZm`_ijh^Z_lky\Kb[bjb[eZ]h^Zjy
jZklhjhighklb^be_jZIjbq_f\k_wlhk\h_]hjh^Z^hiheg_gb_dh\iheg_eh]bqghfmgZi_j\uc
\a]ey^\^Zgghfdhgl_dkl_hibkZgbxhkh[_gghkl_cfZrbgugZjy^mkmdZaZgb_f__p_gu
Ki_pbZebkldhgdmj_glghcjZa\_^dbk^_eZ_lke_^mxsbc\u\h^bawlhcklZlvb:\lhe_g^khklhbl\
ohjhrbohlghr_gbyok`mjgZebklZfbbar_klgZ^pZlbgh\hkb[bjkdboba^Zgbcihkdhevdm\
fZl_jbZe_kdZaZghqlhbf_gghlZdh_dhebq_kl\hij_^klZ\bl_e_cKFBijbkmlkl\h\ZehgZ
ij_a_glZpbbbl_kl_+\XQGDL6DQWD)HIjbg_h[oh^bfhklbfh`ghk\yaZlvkyk35f_g_^`_jhf
dhfiZgbbbmlhqgblvqe_gudZdbobf_gghj_^Zdpbcihk_lbebf_jhijbylb_bkhhl\_lkl\_ggh\
dZdboba^Zgbyo:\lhe_g^k\ukhdhckl_i_gvx\_jhylghklbjZkiheZ]Z_l\hafh`ghklyfb\ebygby
MdZaZl_ebihi_jkhgZemghf_jZl_e_nhgh\bZ^j_kZwe_dljhgghcihqlu
DhjihjZlb\guckZclih^qZkiha\hey_lg_lhevdhgZclbghf_jZl_e_nhgh\Z^j_kZwe_dljhgghcihqlu
bnZfbebbg_dhlhjuokhljm^gbdh\ghbkhklZ\blvij_^klZ\e_gb_h[hj]ZgbaZpbhgghckljmdlmj_
dhfiZgbb
Klhblhlf_lblvqlhwlhijZ\beh\hlghr_gbbkZclZ:\lhe_g^Z\aylh]hgZfb\dZq_kl\_ijbf_jZ
ijZdlbq_kdbg_jZ[hlZ_lihkdhevdmj_kmjkim[ebdm_lihh^ghfmghf_jml_e_nhgZh^ghfmghf_jm
nZdkZbh^ghfmZ^j_kmwe_dljhgghcihqlu^eydZ`^h]hnbebZeZ[_amdZaZgbydhglZdlguoebp
GZ^hkdZaZlvqlh\jy^_kemqZ_\ZgZeba\bjlmZevgh]hihqlh\h]hZ^j_kZ[u\Z_lihe_a_gIjbwlhffu
j_dhf_g^m_fhp_gb\Zlv^\Zh[klhyl_evkl\Z
dZdh\h^hf_ggh_bfy\Z^j_kZowe_dljhgghcihqlu
dZd\u]ey^ylbf_gZdhlhju_gZibkZgui_j_^agZdhf# kh[ZdZ\f
kemqZ_k_dZl_jbg[mj]kdbf:\lhe_g^hf^hf_ggu_bf_gZkZclZdhfiZgbbbwe_dljhgghcihqlu
kh\iZ^ZxlbwlhgZb[he__qZklZykblmZpbyh[hbokemqZyoZ^j_k\u]ey^bldZdDXWRODQGUX:
bfyj_kmjkZPHJDIRQXUDOUXZ\bjlmZevgh]hysbdZ8UDOVN\*60FRP
�Ze__fuih^jh[g__jZkkdZ`_fhlhfdZdbfh[jZahf^hf_ggu_bf_gZbbf_gZihevah\Zl_e_cfh]ml
ihfhqv\jZ[hl_ki_pbZebklZdhgdmj_glghcjZa\_^db
Ghf_jZl_e_nhgh\lZd`_^he`gu[ulvaZibkZgugZijbf_j\nZce:RUGihlhfmqlhhgbdZdb
Z^j_kZwe_dljhgghcihqluihgZ^h[ylky^ey^Zevg_cr_]hihbkdZ^hihegbl_evghcbgnhjfZpbbh
dhfiZgbb
FbkkbydhfiZgbb
G_dZ`^ZydhfiZgbybf__lhnbpbZevghijh\ha]eZr_ggmxbebohly[uhkhagZggmxfbkkbxH^gZdh
_keblZdh\Zymij_^ijbylby\k_`_kms_kl\m_lwlhg_j_^dhiha\hey_lkijh]ghabjh\ZlvkljZl_]bx
^Zevg_cr_c_]h^_yl_evghklbBaf_g_gb_fbkkbbdZdijZ\behkem`blkb]gZehfdlhfmqlh\
dhfiZgbbijhbkoh^bl Zkdhj__\k_]hm`_ijhbahreh\fk_jv_agh_i_j_hkfuke_gb_iml_cjZa\blby
KieZgbjh\ZggZyfbkkbyhj]ZgbaZpbbg_dhlhjufbbkke_^h\Zl_eyfbhlghkblkyd\gmljbnbjf_gghfm
�35gZjy^mkdhjihjZlb\gufbklZg^ZjlZfbbf_jhijbylbyfbh\hevghqZklhhgZ\hkijbgbfZ_lky
kZfbfbdhfiZgbyfbdZd\g_rgbcZljb[mlbijhklhfh^gZy^_lZevh^gZdh_klvblZdb_ij_^ijbylby
dhlhju_\k_jv_akqblZxlfbkkbxmijZ\e_gq_kdbfj_kmjkhfb^_ckl\bl_evgh_cke_^mxlNbjfu
fbkkbxdhlhjuobf__lkfukeijbgbfZlv\k_jv_afh`ghhlebqblvihkms_kl\_gghfmijbagZdmimlv
jZa\blbylZdbodhfiZgbcgbdh]^Zg_hldehgyekyhldhgdj_lghknhjfmebjh\Zgguo__iheh`_gbc
Ijbwlhffbkkbyg_^he`gZk\h^blvkyddhjhldhfm^_\bambak_jbbFuk^_eZ_fkqZkleb\ufb\k_o
deb_glh\ihke_lh]hdZdhgbihfh]mlgZf^hklbqvkhklhygbykqZklvyZ^he`gZkh^_j`Zlv
hibkZgb_dhgdj_lguob^_cj_ZebaZpbydhlhjuoiha\heblbf^hklbqvijh^_deZjbjh\Zgguop_e_c
GZAZiZ^_djmigu_hj]ZgbaZpbbqZs_q_f\gZr_ckljZg_fh]mlaZy\blvhgZebqbbmgbofbkkbb
?kebhgZb\ijyfv\hkijbgbfZ_lkydhfiZgb_cdZdjmdh\h^kl\hd^_ckl\bxki_pbZebklm
dhgdmj_glghcjZa\_^db[_amkeh\ghke_^m_lijbgbfZlv__\h\gbfZgb_
Ijbf_jhfdhfiZgbbfbkkbydhlhjhckms_kl\m_lg_lhevdhgZ[mfZ]_bdhlhjZygZgZr\a]ey^
ihfh]Z_lhp_gblvgZijZ\e_gb_jZa\blbyij_^ijbylbykem`blF:DKFBJ jbk\f
JbkFbkkbydhfiZgbbF:DKFBJ
Bs_lebdhfiZgbybg\_klhjh\b_keb^Zlhih^dZdb_ijh_dlu
DZdijZ\beh\jZa^_e_BgnhjfZpby^eybg\_klhjh\jhkkbckdb_ij_^ijbylbyim[ebdmxl
bgnhjfZpbxih^e_`Zsmxh[yaZl_evghfmjZkdjulbxihaZdhgmH^gZdhgZbokZclZo\klj_qZxlkyb
h[jZs_gbydbg\_klhjZf
GZfhf_glgZibkZgbydgb]bkj_^bhl_q_kl\_gguodhfiZgbcijb]eZrZxsbobg\_klhjh\ih^
dhgdj_lgu_ijh_dluij_h[eZ^Zebwg_j]_lbq_kdb_nbjfub[ZgdbaZdhlhjufbke_^h\Zeb
kljhbl_evgu_hj]ZgbaZpbbbij_^klZ\bl_evkl\ZbghkljZgguoij_^ijbylbc\JhkkbbIjbf_ju^\mo
lZdbodhfiZgbcijb\_^_gugb`_
BFIWDK;:GD KWWSZZZLPSH[EDQNUXUXVVHUYLFHVLQYHVWLQYHVWLQIRLQGH[ZES\f
BgnhjfZpby^eybg\_klhjh\
gZklhys__\j_fyBFIWDK;:GDhkms_kl\ey_lke_^mxsb_ijh_dlu\h[eZklbijb\e_q_gby
^he]h\h]hnbgZgkbjh\Zgby
H[eb]ZpbhggucaZ_fA:HBGDHFNbgZgk
H[eb]ZpbhggucaZ_fHHH:]jhijhfure_ggZydhfiZgby:jdZ^Z
J_Zebah\Zggu_ijh_dluBFIWDK;:GD:
H[eb]ZpbhggucaZ_f:IDH=H
H[eb]ZpbhggucaZ_fA:HLjZgkfZrohe^bg]
_dk_evgZyijh]jZffZDhjihjZpbbBGDHFG_^\b`bfhklv
DZ`^Zybaijb\_^_gguo\ur_kljhdgZkZcl_BFIWDK;:GDZy\ey_lky]bi_jkkuedhcbhldju\Z_lky
\gh\hfhdg_
DhfiZgbyDbg^_jewg^ KWWSZZZNLQGHUODQGUX"GLG B\f
BgnhjfZpby^eybg\_klhjh\
Dbg^_jewg^\Q_obbbJhkkbbjZ[hlZ_lkqZklgufbbg\_klhjZfbnbgZgkh\ufbhj]ZgbaZpbyfbb
[ZgdZfbijb\e_dZy\g_rg__nbgZgkbjh\Zgb_^eyj_ZebaZpbbk\hbo[bag_kijh_dlh\Fu
aZbgl_j_kh\Zgu\^he]hkjhqghfkhljm^gbq_kl\_kj_^g_kjhqghfb^he]hkjhqghfdj_^blh\Zgbb
Zrbij_^eh`_gby\ufh`_l_gZijZ\eylvg_ihkj_^kl\_ggh=eZ\_jhkkbckdh]hij_^klZ\bl_evkl\Z]
gmZkbev_\m:GihZ^j_kmYDVD#NLQGHUODQGUXHkh[ucbgl_j_kij_^klZ\eyxlj_\hev\_jgu_
\hah[gh\ey_fu_dj_^blgu_ebgbbk[Zah\ufkjhdhfih]Zr_gbyg_f_g__oe_lIhke_h[km`^_gby
bnhjfZebaZpbbij_^eh`_gbyhghijhoh^blh[yaZl_evgh_kh]eZkh\Zgb_knbgZgkh\uf
^_iZjlZf_glhf]heh\ghchj]ZgbaZpbbb\kemqZ__]hml\_j`^_gbyp_gljZevgufhnbkhf\Q_obb
ijbgbfZ_lkydj_ZebaZpbb\JhkkbbIjhkbf\Zk\k_\hagbdZxsb_\hijhkuaZ^Z\Zlvihwe_dljhgghc
ihql_
G_dhlhju_hj]ZgbaZpbbihfbfhlj_[m_fhcihaZdhgmhlq_lghklb\udeZ^u\Zxl\k\h[h^ghf
^hklmi_\jZa^_e_^eybg\_klhjh\b^jm]b_^hdmf_glulZdb_dZdMklZ\k\b^_l_evkl\Zh
j_]bkljZpbbebp_gabbbijGb`_ijb\_^_g^Ze_dhg_iheguci_j_q_gvijZ\hmklZgZ\eb\Zxsbo
^hdmf_glh\jZaf_s_gguogZdhjihjZlb\ghfkZcl_h^gbfbadjmig_crbo\kljZg_
nZjfZp_\lbq_kdbo^bkljb[vxlhjh\A:HDZlj_g KWWSZZZNDWUHQUXFRPSDQ\$ERXWGRFVDVS\f
IjZ\hmklZgZ\eb\Zxsb_^hdmf_glu
A:HGIDDZlj_g ]Gh\hkb[bjkd\fhkms_kl\ey_lhilh\mxlhj]h\exe_dZjkl\_ggufbkj_^kl\Zfb
bij_^f_lZfbf_^bpbgkdh]hgZagZq_gbygZl_jjblhjbbJhkkbckdhcN_^_jZpbb
Mqj_^bl_evgu_^hdmf_glu
MklZ\ .E\f
Baf_g_gb_dMklZ\mhl .E\f
Baf_g_gb_dMklZ\mhl DE\f
Baf_gb_dMklZ\mhl .E\f
DZdh\ZfZjd_lbg]h\ZykljZl_]byij_^ijbylby
Ij_`^_\k_]hki_pbZebkldhgdmj_glghcjZa\_^dbiulZ_lkyihemqblvhl\_lgZ^\Z\hijhkZ
gZdZdb_p_e_\u_]jmiiuhjb_glbjm_lkyij_^ijbylb_
dZdh\ZkljZl_]byp_ghh[jZah\Zgbyijbf_gy_fZy\dhfiZgbb
Hl\_lugZwlb\hijhkuiha\heyxlemqr_ihabpbhgbjh\Zlvkh[kl\_ggmxhj]ZgbaZpbxgZjugd_ih
\hafh`ghklbba[_]Zyeh[h\h]hklhedgh\_gbykkbevgufdhgdmj_glhfeb[hgZh[hjhlgZ\yau\Zy
keZ[hfmdhgdmj_glmeh[h\h_klhedgh\_gb_
jy^_kemqZ_\ihgbfZgb_ijbgpbih\fZjd_lbg]h\h]hfure_gbydhfiZgbbiha\hey_l
kijh]ghabjh\Zlv__ihklmidbgZijbf_j\ij_^^\_jbbijZa^gbdZlZdhckblmZpbbki_pbZebkl
ijb[_]gmldg_dbffZjd_lbg]h\ufijb_fZf\k\yabkijb[eb`_gb_fhij_^_e_gghc^ZluaZjZg__
fh`_lijbklmiblvd\uykg_gbx_]h[m^msborZ]h\ihevamykvk\hbfbbklhqgbdZfbbgnhjfZpbb
Hq_gvdjZldhgZihfgbfhkgh\gu_\hafh`gu_\ZjbZgluih^oh^h\dp_ghh[jZah\Zgbx
\ij_^_eZoh^ghclh\Zjghcghf_gdeZlmjumklZgZ\eb\ZxlkyjZagu_p_gu\aZ\bkbfhklbhl
k_[_klhbfhklbb\hkijbylbydZ`^h]hdhgdj_lgh]hijh^mdlZihlj_[bl_e_f
p_gugZhkgh\ghcb^hihegyxsb__]hijh^mdlumklZgZ\eb\Zxlky\h^ghffZkrlZ[_ih
hlghr_gbxd^jm]bflh\ZjZfdhlhju_fh]mlaZf_gblv^Zggucijh^mdlghhlghkylkydbghc
p_gh\hcdZl_]hjbb
p_gZgZhkgh\ghcijh^mdlmklZgZ\eb\Z_lkygbadZyh^gZdhgZlh\Zjudhlhju_g_h[oh^bfu^ey
ihevah\Zgbywlbfijh^mdlhf\ukhdZy
p_gZgZhkgh\ghcijh^mdl\ukhdZyZgZlh\Zjudhlhju_g_h[oh^bfu^eyihevah\Zgbybf
gbadZy
p_gZmklZgZ\eb\Z_lky\iZd_l_dh]^Zijh^Z\_ph[t_^bgy_lg_kdhevdhijh^mdlh\gZagZqZy
kmffZjgmxklhbfhklvgb`_lhcihdhlhjhclh\Zjuijbh[j_lZxlkyihhl^_evghklb
;Zah\u_p_gumklZgh\e_ggu_kmq_lhf\ur_hibkZgguoijbgpbih\h[uqghZ^Zilbjmxld
dhgdj_lghck^_ed_kmq_lhfjZaebqbcf_`^mdeb_glZfbbjZaebqbc\mkeh\byoijh^Z`b
GZb[he__qZklhbkihevamxlkyke_^mxsb_kljZl_]bbZ^ZilZpbbp_g
p_gh\u_kdb^db aZdhebq_kl\hlh\ZjZgZdhibl_evgZyk_ahggZydijZa^gbdmbij\f
^bkdjbfbgZpbhggh_p_ghh[jZah\Zgb_ kdZ`_fjZagu_p_gu^eyl_obebbguo]jmiiihdmiZl_e_c
jZagh]h\j_f_gbkmlhdeb[h\jZagu_^gbg_^_eb\f
p_ghh[jZah\Zgb_ihikboheh]bq_kdhfmijbgpbim kmq_lhflh]hqlhg_dhlhju_ijh^mdlu
g_aZ\bkbfhhlbok_[_klhbfhklb[_ahiZkghklbbgZ^_`ghklb\hkijbgbfZxlkyihdmiZl_eyfbdZd
[he__dZq_kl\_ggu_\f
klbfmebjmxs__p_ghh[jZah\Zgb_ djZldh\j_f_ggh_kgb`_gb_klhbfhklbgZijbf_jijb
g_h[oh^bfhklbba[Z\blvkyhlaZe_`Z\rbokylh\ZjguohklZldh\eb[h\h\j_fyijh\_^_gbyijhfh
Zdpbc\f
p_ghh[jZah\Zgb_ih]_h]jZnbq_kdhfmijbgpbim ijh^Z`Zh^gh]hblh]h`_ijh^mdlZgZjZaguo
l_jjblhjbyoihjZaghcp_g_\f
GZijZdlbd_\hafh`gulZd`_khq_lZgbyi_j_qbke_gguokljZl_]bc
Ihfbfhp_ghh[jZah\ZgbydfZjd_lbg]h\ufrZ]ZfhlghkylkybjZaebqgu_^hihegbl_evgu_mkem]b
hdZau\Z_fu_deb_glZf
GZijbf_jjZkkfZljb\Z_fucgZfbhnbpbZevguc^be_jZ\lhfh[be_c:\lhe_g^ij_^hklZ\ey_l
\hafh`ghklvijhclbl_kl^jZc\gZihgjZ\b\r_ckyfZrbg_hnhjfblvdj_^blgZ__ijbh[j_l_gb_gZ
ev]hlguomkeh\byomklZgh\blv^hihegbl_evgh_h[hjm^h\Zgb_
Djhf_lh]hgZkZcl_dhfiZgbbkms_kl\mxlbgl_jg_lfZ]ZabghgeZcgh\ZydhgkmevlZpbyih
\hijhkZfk\yaZggufkhij_^_e_ggufbfh^_eyfbZ\lhfh[be_cnhjmf
�Ijh\h^ylkyjZaebqgu_dhgdmjkuebl_jZlmjgucnhlhdhgdmjkEx^bbZ\lhfh[bebb^jm]b_Z`_
lZdb_^_lZebfh]mlgZlhedgmlvki_pbZebklZdhgdmj_glghcjZa\_^dbgZgh\u_b^_b^eyjZa\blby
kh[kl\_gghcdhfiZgbbHkh[_ggh_kebijh\h^blv[_gqfZjdbg]bZgZebabjh\Zlvg_lhevdh
kh[kl\_gguo[bag_kijhlb\gbdh\ghbhj]Zgbapbbdhlhju_aZgbfZxlkyihoh`_c^_yl_evghklvx\
B\^hiheg_gb_dkdZaZgghfmfh`ghhlf_lblvlZdb_^hihegbl_evgu_kj_^kl\Zijb\e_q_gbyb
��m^_j`Zgby\gbfZgbyihl_gpbZevguodeb_glh\dZdgZebqb_jZa^_eZk[be_lZfbdwdaZf_gm\=B;
lZ[ebpmrljZnh\bkkuedbgZl_fZlbq_kdb_Z\lhfh[bevgu_j_kmjku
L_dkluijb\_^_ggu_\dZ`^hfjZa^_e_^he`gulsZl_evghijhqblu\ZlvkybZgZebabjmxlkyih^
m]ehfaj_gbyki_pbZebklZdhgdmj_glghcjZa\_^db
Ijb\_^_ffZl_jbZejZa^_eZ^eydhjihjZlb\guodeb_glh\jZaf_s_ggucgZkZcl_dhfiZgbb
:\lhe_g^
DhjihjZlb\gu_ijh]jZffu
DhjihjZlb\gufdeb_glZf
?kebi_j_^Zr_cdhfiZgb_cklhbl\hijhknhjfbjh\Zgbybebh[kem`b\ZgbydhjihjZlb\gh]h
Z\lhiZjdZlhfu]hlh\uihfhqvZf\j_r_gbbwlh]h\Z`gh]h\hijhkZDhjihjZlb\gu_deb_glu
\k_]^Z[ueb\p_glj_\gbfZgbydhfiZgbb:\lhe_g^
GZr_cdhfiZgb_c[uejZajZ[hlZgdhfie_dkij_^eh`_gbciha\heyxsboiheghklvxj_rblv\k_
ijh[e_fuk\u[hjhfihdmidhcbh[kem`b\Zgb_fZ\lhfh[be_c
Ohe^bg]:\lhe_g^y\eyykvZ[khexlgufeb^_jhfihijh^Z`ZfZ\lhfZrbgbghkljZggh]h
ijhba\h^kl\Z\MjZevkdhfj_]bhg_hnbpbZevghij_^klZ\ey_lZ\lhfh[bebfZjdb9ROYR0D]GD/DQG
5RYHU)RUG-DJXDU0LWVXELVKLDjhf_lh]hm:\lhe_g^Z_klvfmevlb[j_g^h\u_kZehgu\Mn_b
Gh\hkb[bjkd_
Z\]mkl_]h^Z\jZfdZoOhe^bg]Z:\lhe_g^kha^Zghl^_eihjZ[hl_kdhjihjZlb\gufb
deb_glZfb
GZr_chkgh\ghcaZ^Zq_cy\ey_lkygZ\ukhdhfijhn_kkbhgZevghfmjh\g_hdZaZlvZfihfhsv\
\u[hj_hilbfZevgh]hljZgkihjlgh]hkj_^kl\Z\khhl\_lkl\bbkZrbfbihlj_[ghklyfb
JZkiheZ]Zyrbjhdbfb\hafh`ghklyfbhdZaZgbyk_j\bkguomkem]ihklZ\dbaZiqZkl_cbijh\_^_gby
j_fhglguojZ[hlfu]ZjZglbjm_fqlhZrbZ\lhfh[beb[m^mlihklhygghgZoh^blvky\bkijZ\ghf
khklhygbbb[_ahldZaghkem`blvZf
Hkgh\gu_ij_bfms_kl\ZjZ[hlukgZfb
bg^b\b^mZevgh_j_r_gb_^eydZ`^hcdhfiZgbb
i_jkhgZevgucf_g_^`_j
]b[dZykbkl_fZkdb^hdgZZ\lhfh[bebijbh[j_lZ_fu_^eyZ\lhiZjdZdhfiZgbb
jZaghh[jZagu_Fo_fuhieZluebabg]dj_^blbij
mgbdZevgZykbkl_fZfmevlbfZjhqgh]hijbh[j_l_gbyZ\lhfh[be_c
kdb^dbgZk_j\bkgh_h[kem`b\Zgb_ZlZd`_hieZlZk_j\bkguomkem]ihnZdlmeb[hkhlkjhqdhc
aZf_gZZ\lhiZjdZihkbkl_f_75$'(,1
\u_a^ghcL_kl^jZc\\ex[h_m^h[gh_^eyZk\j_fy
[_kieZlguc\u_a^Z\lhw\ZdmZlhjZ -$*8$5/$1'529(592/92\f
ih^f_ggu_Z\lhfh[bebgZi_jbh^j_fhglZ -$*8$5/$1'529(592/92\f
?kebuaZbgl_j_kh\ZebkvbgnhjfZpb_chl^_eZdhjihjZlb\guoijh^Z`dhfiZgbb:\lhe_g^b
ohl_eb[uklZlvgZrbfbdeb_glZfbufh`_l_aZihegblvZgd_lmbhlijZ\blv__gZfihkj_^kl\hf
we_dljhgghcihqluZlZd`_aZiheg_ggmxZgd_lmufh`_l_ijbkeZlvgZfihnZdkm \f
bebgZwe_dljhggu_Z^j_kZf_g_^`_jh\gZijZ\e_gbc
�^jZc\bgl_j_kmxs_]hZ\lhfh[bey\m^h[gh_\j_fyb\m^h[ghff_kl_eywlh]hg_h[yaZl_evgh
ijb_a`Zlv\Z\lhkZehg\ufh`_l_aZdZaZlvijyfhk_cqZk
DhglZdlgu_dhhj^bgZluhl^_eZdhjihjZlb\guoijh^Z`
?dZl_jbg[mj]me;exo_jZL_e \f^h[NZdk \f
Khljm^gbdbhl^_eZdhjihjZlb\guoijh^Z`
Wlhll_dkliha\hey_lba\e_qvbag_]hke_^mxsmxbgnhjfZpbx
:\lhe_g^hl^Z_lijbhjbl_l\jZ[hl_dhjihjZlb\gufdeb_glZf
dhfiZgbykqblZ_lk_[yeb^_jhfihh[t_fZfijh^Z`Z\lhfh[be_c\j_]bhg_bhq_gv^hjh`blwlbf
iheh`_gb_f
nbebZeu\Mn_bGh\hkb[bjkd_ih\b^bfhfmg_klhevijbhjbl_lgu^ey:\lhe_g^ZdZd
_dZl_jbg[mj]kdh_hl^_e_gb_ihkdhevdmmihfygmlu\l_dkl_\kdhevav khkeh\Zfbdjhf_lh]h\f
^eydhjihjZlb\guodeb_glh\ij_^mkfhlj_gZhlkjhqdZieZl_`Z\lhfqbke_baZk_j\bkgh_
h[kem`b\Zgb_
Ijb\gbfZl_evghfjZkkfhlj_gbb\uykgbehkvqlhijb\_^_ggZy\gbamkljZgbpunjZaZKhljm^gbdb
hl^_eZdhjihjZlb\guoijh^Z`nZdlbq_kdbij_^klZ\ey_lkh[hc]bi_jkkuedmdhlhjZy\_^_ld
nZfbebyfbghf_jZffh[bevguol_e_nhgh\f_g_^`_jh\dhfiZgbbIjb[_]ehfijhkfhlj_kZclZwlZ
]bi_jkkuedZh[gZjm`_gZg_[ueZbdZaZeZkvh[uqghckljhdhc\l_dkl_
Ghf_jl_e_nhgh\Z^j_kZwe_dljhgghcihqlubbf_gZkhljm^gbdh\g_[uebgZfbaZf_q_gudh]^Zfu
bkdZebdhglZdlgmxbgnhjfZpbxbh[gZjm`bebkvebrv\fhf_glbkke_^h\Zgby\hijhkh\
fZjd_lbg]h\hciheblbdbdhfiZgbbBgl_j_kghqlh]bi_jkkuedZKhljm^gbdbhl^_eZ
dhjihjZlb\guoijh^Z`dZdfum`_hlf_qZeb\g_rg_\u]ey^_eZdZdh[uqgucl_dklihkdhevdmg_
[ueZ\u^_e_gZp\_lhfZih^q_jdb\Zgb_ih^g_cajbl_evghkeb\Zehkvkgb`gbfdjZ_febklZ
H[gZjm`blv__fukfh]eblhevdhihke_lh]hdZdgZ\_ebdmjkhjgZwlmgZ^ibkvbm\b^_ebqlhhgZ
baf_gbeZnhjfmgZljZ^bpbhggmx^ey]bi_jkkuehd
IhfbfhnZdlbq_kdhcbgnhjfZpbbdhlhjmxkZfbihk_[_g_kmldhhj^bgZlukhljm^gbdh\dhfiZgbb
hgbhljZ`Zxlbh[sb_ijbgpbiudhlhjufbjmdh\h^kl\mxlkygZij_^ijbylbbijbgZagZq_gbb
Z^j_kZwe_dljhgghcihqlulhfmbebbghfmjZ[hlgbdmkemqZ_k:\lhe_g^hf jbk\fihgbfZgb_
ijbgpbih\ihkljh_gbybf_g\Z^j_k_\bjlmZevgh]hysbdZg_^Z_ldZdboeb[hk_jv_aguo
ij_bfms_kl\ki_pbZebklmdhgdmj_glghcjZa\_^dbgh[u\Zxlbkh\_jr_ggh^jm]b_kblmZpbb
JbkDhglZdlgZybgnhjfZpbyf_g_^`_jh\ihdhjihjZlb\gufijh^Z`ZfdhfiZgbb:\lhe_g^
k\yabkwlbfgZ^hhlf_lblvqlhg_aZ\bkbfhhllh]hdZdhcjZa^_ekZclZbkke_^m_lky\dZ`^uc
dhgdj_lgucfhf_gl\j_f_gbbgnhjfZpbykh[bjZ_lkyih\k_fg_h[oh^bfuf\hijhkZf\_^v\
hlebqb_hlex[h]hmq_[gbdZ]^_\k_fZl_jbZeuq_ldhk]jmiibjh\Zguihl_fZlbq_kdhfmijbgpbim\
`bagbg_j_^dh\hagbdZ_lwe_f_glZjgZyimlZgbpZbp_ggu_k\_^_gbyfh]ml[ulvhlg_k_gug_dlhc
dZl_]hjbbddhlhjhciheh]bd_hgbbf_xlg_ihkj_^kl\_ggh_hlghr_gb_
DZdfum`_kdZaZebijbmihfbgZgbbgh\hkb[bjkdh]hbmnbfkdh]hnbebZeh\:\lhe_g^ZgZ
kljZgbp_ihk\ys_gghcdhjihjZlb\gufdeb_glZf\hagbdZ_lfukevh\lhjhkl_i_gghklbwlbo
hl^_e_gbc^eydhfiZgbb\lh\j_fydZd_dZl_jbg[mj]kdh_ihevam_lkyy\gufij_bfms_kl\hfWlb
nbebZeu^Z`_\bamZevghaZgbfZxlgZkZcl_agZqbl_evghf_g__\b^gu_f_klZg_`_ebihke_^gbc
�eyijh\_jdbwlh]hij_^iheh`_gbyfui_j_rebih]bi_jkkuedZfki_j\hckljZgbpukZclZgZ\k_
uykgbehkvqlhgZkljZgbp_ihk\ys_gghcgh\hkb[bjkdhfmnbebZem:\lhe_g^Zg_lZ^j_kZkZclZ
h^gZdh_klvdhhj^bgZluwe_dljhgghcihqluDXWRODQG#DXWRODQGQVNVXIhiuldZijyfhi_j_clbih
Z^j_kmDXWRODQGQVNVXj_amevlZlh\g_^ZeZj_kmjkhdZaZekyg_^hklmi_g;jhkZ_lky\]eZaZqlh
dhfiZgbb\wlhfZ^j_k_ijbgZ^e_`bl^hf_glj_lv_]hmjh\gyqlhqZs_\k_]hoZjZdl_jgh^ey
[_kieZlguokZclh\Fuj_rbebijh\_jblvqlh`_ij_^klZ\ey_lkh[hc^hf_ggh_bfy:\lhe_g^Z\
Gh\hkb[bjkd_DXWRODQGQVNVXgZkZfhf^_e_
IjhklhcaZijhk\Yg^_dkih^hf_gghfmbf_gb\we_dljhgghcihqluQVNVX jbk\fihdZaZeqlh
kha^Zgb_ihqlh\h]hysbdZkhdhgqZgb_fQVNVXb^hf_ggufbf_g_flj_lv_]hmjh\gy
kh\iZ^Zxsbfkbf_g_fdhfiZgbbwlhjZkijhkljZg_ggZy\Gh\hkb[bjkd_nhjfZhj]ZgbaZpbb
ihqlh\uoysbdh\gZ\bjlmZevghfihqlh\hfk_j\_j_g_oZjZdl_jgZybkdexqbl_evgh^eydhfiZgbb
:\lhe_g^AZ\h^blvkh[kl\_ggh_hieZq_ggh_^hf_ggh_bfy^eygh\hkb[bjkdh]hnbebZeZ:\lhe_g^
g_kq_egm`guf
Jbk;hevrh_dhebq_kl\hihqlh\uoysbdh\khdhgqZgb_fQVNVXihaZijhkm\Yg^_dk_
�hf_ggh_bfy\Z^j_k_we_dljhgghcihqlunbebZeZ:\lhe_g^Z\Mn_DXWRODQG#XIDQHWUX\hh[s_
g_kh^_j`blgZa\ZgbydhfiZgbbbijbgZ^e_`bldjmighfmmnbfkdhfmbgl_jg_lijh\Zc^_jmWlh
\uykgbehkvlZd`_ijbaZijhk_\Yg^_dkb\b^ghgZjbk
JbkBgnhjfZpbyh[bkihevah\Zgbbbf_gbXIDQHWUX\Z^j_kZowe_dljhgghcihqlu
=h^h\hchlq_ldhfiZgbb
G_dhlhju_dhfiZgbb\qZklghklbhldjulu_Zdpbhg_jgu_h[s_kl\ZihaZdhgmh[yaZguim[ebdh\Zlv
k\hbhlq_lu\k\h[h^ghf^hklmi_Wlh^_eZ_lky^eylh]hqlh[ukms_kl\mxsb_Zdpbhg_jujZ\gh
dZdbihl_gpbZevgu_bg\_klhjufh]eb[ulv[he__iheghijhbgnhjfbjh\Zguhiheh`_gbb^_e\
hj]ZgbaZpbb\dhlhjmxhgb\eh`bebbebgZf_j_gu\eh`blvkj_^kl\Z
GZfhf_glgZibkZgbydgb]b=m]e\u^Zej_amevlZlh\ihaZijhkm]h^h\hchlq_lH:H
fhkd\Z\\_^_gghfm\ihbkdh\mxkljhdm[_adZ\uq_d
qbke_wlboj_amevlZlh\[ueb]h^h\hchlq_ldhfiZgbbKB;G?NLVaZ]\nhjfZl_3')
Kh^_j`Zgb_^hdmf_glZijb\_^_ghgb`_
Kh^_j`Zgb_
K\_^_gbyhDhfiZgbb
k\_^_gbyhkha^ZgbbDhfiZgbbf_klhgZoh`^_gbyihqlh\ucZ^j_k
k\_^_gbyh[mklZ\ghfdZiblZe_kljmdlmjZZdpbhg_jgh]hdZiblZeZ
bgnhjfZpbyh[Zm^blhj_bgnhjfZpbyhj_]bkljZlhj_DhfiZgbb
Iheh`_gb_DhfiZgbb\hljZkeb
g_nl_^h[uqZg_nl_i_j_jZ[hldZwdkihjlg_nlb^h[uqZ]ZaZ
Ijbhjbl_lgu_gZijZ\e_gby^_yl_evghklbDhfiZgbb
Hlq_lkh\_lZ^bj_dlhjh\hj_amevlZlZojZa\blbyDhfiZgbbihijbhjbl_lgufgZijZ\e_gbyf__
^_yl_evghklb
hkgh\gu_l_ogbdhwdhghfbq_kdb_ihdZaZl_eb^_yl_evghklbDhfiZgbb
jughdZdpbcDhfiZgbb\]
^b\b^_g^u
Hkgh\gu_nZdlhjujbkdZk\yaZggu_k^_yl_evghklvxDhfiZgbb
jZ[hlZhj]Zgh\mijZ\e_gby
khklZ\bkihegbl_evguohj]Zgh\bk\_^_gbyh[bo^_yl_evghklb
Kh[ex^_gb_DhfiZgb_cdh^_dkZdhjihjZlb\gh]hih\_^_gby
I_jki_dlb\ujZa\blbyDhfiZgbb
AZiZ^gu_dhfiZgbblZd`_h[yaZguim[ebdh\Zlvih^h[gu_]h^h\u_hlq_lu\hldjulhf^hklmi_
I_j_q_gvj_]bhgh\ Zbgh]^ZbkljZg\f\dhlhjuojZ[hlZ_ldhfiZgby
GZgZr\a]ey^g_lg_h[oh^bfhklbdhgdj_lbabjh\Zlvbbeexkljbjh\Zlv^hihegbl_evgufb
ijbf_jZfbwlhlimgdl
BklhjbyjZa\blbynbjfu
G_j_^dhbkke_^h\Zl_ebkh\_jrZxlhrb[dmg_`_eZyagZdhfblvkykfZl_jbZeZfbhjZa\blbb
dhfiZgbbgZdhjihjZlb\ghfkZcl_QblZlvhnbpbZevgmx\_jkbxbklhjbbij_^ijbylbygZ^h
h[yaZl_evgh
jy^_kemqZ_\__bamq_gb_iha\hey_lkhklZ\blvij_^klZ\e_gb_hdhjihjZlb\ghcdmevlmj_bh
ijbgyluo\dhfiZgbbkihkh[Zoj_r_gbyijh[e_fIjZ\^Zke_^m_lh]h\hjblvkyqlhex[Zy
bgnhjfZpbygZkZcl_dhlhjZyoZjZdl_jbam_lhj]ZgbaZpbxkiheh`bl_evghcklhjhgu Z^jm]hclZf
h[uqghbg_[u\Z_l\f^he`gZh[yaZl_evghi_j_ijh\_jylvkyih^jm]bfbklhqgbdZfIjhbkoh^blwlh
ih\iheg_ihgylghcijbqbg_gbh^gZdhfiZgbyg_klZg_libkZlvhk_[_g_]Zlb\kdhj__ijbmdjZkbl
^_ckl\bl_evghklvGbq_]hiehoh]h\ih^h[ghcih^Zq_k_[y\fZdkbfZevgh\u]h^ghfk\_l_g_l
ijhklhwlhlnZdlki_pbZebklmdhgdmj_glghcjZa\_^dbg_klhbl\uimkdZlvbaiheyaj_gby
Hkgh\gZy`_ijbqbgZihdhlhjhcgZ^hh[yaZl_evghqblZlvbklhjbxij_^ijbylbyaZdexqZ_lky\lhf
qlhbklhjbywlhgZkZfhf^_e_gZmdZg_hijhrehfZh[m^ms_fihkdhevdmex^b\koh`bo
kblmZpbyoihklmiZxldZdijZ\behijbf_jghh^bgZdh\h
Bklhjbynbjfuh[uqghkh^_j`bljZkkdZahgZb[he__agZqbfuo\_oZogZimlbjZa\blbydhfiZgbbh[
baf_g_gbb__gZa\Zgbchkf_g_jmdh\h^bl_e_cZih^qZkbkh[kl\_ggbdh\DZdijZ\behqblZywlhl
jZa^_efh`ghihemqblv^hihegbl_evgh_ij_^klZ\e_gb_h__nbgZgkh\uo\hafh`ghklyoZbgh]^Zh
i_jbh^Zodh]^ZhgZ\klmiZeZ\l_kgu_hlghr_gbykqbgh\gbdZfbjZaebqgh]hmjh\gyeb[hgZh[hjhl
lZdb_hlghr_gbyij_ju\ZeZ
G_j_^dhbklhjbydhfiZgbbkh^_j`blnZdludhlhju_ihdZau\Zxldlhfh`_ljZkiheZ]Zlv
^hihegbl_evghcbgnhjfZpb_ch__^_yl_evghklbDjhf_lh]h\wlhf`_jZa^_e_fh]ml\klj_qZlvky
nZdluhgug_rg_fkhklhygbbij_^ijbylbyZlZd`_h_]hieZgZo
dZq_kl\_ijbf_jZijb\_^_fl_dklbklhjbb_dZl_jbg[mj]kdhcdhfiZgbb:\lhe_g^\aylucgZ__
hnbpbZevghfkZcl_
?dZl_jbg[mj]
Ohe^bg]:\lhe_g^\_^_lk\hxbklhjbxkbxgy]h^Zwlhl^_gv[ueaZdexq_g^be_jkdbc
dhgljZdlkNhj^FhlhjDhfiZgbwlh\j_fygZg_[hevrboZj_g^h\Zgguo\uklZ\hqguob
j_fhglguoiehsZ^yohldjuekyi_j\uc\]hjh^_Z\lhkZehg\dhlhjhfijh^Z\ZebkvZ\lhfh[beb
bghkljZggh]hijhba\h^kl\ZLh]^ZhggZau\ZekyP_glj?dZl_jbg[mj]Nhj^Bf_gghk)RUG
gZqbgZeZkv\?dZl_jbg[mj]_^be_jkdZylhj]h\eybghfZjdZfb
�\Z]h^Zkimkly?dZl_jbg[mj]Nhj^khhl\_lkl\my\k_f^be_jkdbfklZg^ZjlZfm`_aZgbfZe
iehsZ^vd\f_ljh\b\dexqZe\k_[yijhklhjgucZ\lhkZehgk_j\bkgmxahgmbhnbkgu_
3LRRQHHU*RRGHDUb0RELO2LO
Kfhf_glZhkgh\ZgbyP_gljZ?dZl_jbg[mj]Nhj^\bjmdh\h^ys_]hkhklZ\ZdhfiZgbb[ueb
ij_^klZ\e_gubghkljZggufb]jZ`^ZgZfbIhkl_i_gghijhbkoh^bebbaf_g_gby\\_joZobm`_d
]h^m\_kvjmdh\h^ysbckhklZ\dhfiZgbb[ueij_^klZ\e_gjhkkbckdbfbf_g_^`_jZfb
]h^mddhfiZgbbijbkh_^bgbehkvij_^ijbylb_KblbFhlhjkhnbpbZevguc^be_j0LWVXELVKL
0RWRUV:d]h^mohe^bg]gZa\Zgguc:\lhe_g^m`_ihemqbeklZlmk^be_jZ0D]GD0RWRU(XURSH
b/DQG5RYHUE_lhf]h^Z\:\lhe_g^_[ueijh^Zgi_j\ucZ\lhfh[bevfZjdb-DJXDU-DJXDU6
7\SHKwlh]hfhf_glZOhe^bg]klZe_^bgkl\_ggufgZMjZe_hnbpbZevguf^be_jhfwlhc
ij_klb`ghcfZjdbghy[j_]h^Z:\lhe_g^klZgh\blkyhnbpbZevguf^be_jhf9ROYR&DU
&RUSRUDWLRQblhj`_kl\_gghhldju\Z_lgh\ucZ\lhkZehg9ROYR
]h^mdhfiZgbyKblbFhlhjk[ueZi_j_bf_gh\ZgZ\:\lhe_g^K_\_jke_^hfaZwlbf
kh[ulb_fgZwlhciehsZ^d_hldjueky\lhjhc^be_jkdbcp_glj)RUG:\lhe_g^k_]h^gywlh[hevrb_
kh\j_f_ggu_Z\lhkZehguihkljh_ggu_ihf_`^mgZjh^gufklZg^ZjlZfk_j\bkgu_p_glju
l_ogbq_kdh]hh[kem`b\Zgbybj_fhglZZ\lhfh[be_ckdeZ^uaZiZkguoqZkl_cZ\lhfZjd_lub
Z\lhfZ]ZabguZlZd`_ih^jZa^_e_gb_hilh\hclhj]h\ebI_jkhgZedhfiZgbbkhhl\_lkl\m_l
\ukhdhfmmjh\gxijhn_kkbhgZevghcih^]hlh\dbki_pbZebklh\ihijh^Z`_bihke_ijh^Z`ghfm
h[kem`b\ZgbxDhfiZgby:\lhe_g^Zdlb\ghmqZkl\m_l\dmevlmjghcbkhpbZevghc`bagbMjZeZfu
g_k_fr_nkl\hgZ^rdhehcbgl_jgZlhfihk_edZEhkbgucih^^_j`b\Z_f^baZcg_jZh^_`^u
GZlZebxKhehf_bgmijbgbfZ_fmqZklb_\hj]ZgbaZpbbk\_lkdbof_jhijbylbcijh\h^bf
[eZ]hl\hjbl_evgu_Zdpbb
GZk_]h^gyrgbc^_gvOhe^bg]:\lhe_g^j_Zebam_lZ\lhfh[bebr_klb\_^msbofbjh\uo
ijhba\h^bl_e_ck^\molhj]h\uoiehsZ^hd\?dZl_jbg[mj]_ h[sZyiehsZ^vp_gljZ
:\lhe_g^K_\_jd\fiehsZ^vZ\lhp_gljZihme;exo_jZd\f\f
Djhf_lh]hm:\lhe_g^Z_klv^hq_jgb_dhfiZgbb\Gh\hkb[bjkd_bMn_
[m^ms_fh`b^Z_lkyjZkrbj_gb_ij_^ijbylbydhlhjh_[m^_lh[_ki_qb\Zlvkyg_lhevdh[hevrbf
dhebq_kl\hfij_^eZ]Z_fuogZZ\lhfh[bevghfjugd_fZjhdb[j_g^h\ghbij_^hklZ\e_gb_fgh\uo
mkem]^eyk\hbodeb_glh\
Baijb\_^_ggh]hl_dklZ\b^ghdZd[ukljhbdZdb_bf_gghfZjdbZ\lhfh[be_c^h[Z\eyebkvd
lh\Zjghcebg_cd_dZddhfiZgbyjZkrbjyeZkvl_jjblhjbZevghLZdqlhdfZkkh\uffZjdZf
Z\lhfh[be_c Nhj^\fihl_i_ggh^h[Z\eyebkvfh^_ebij_fbmfdeZkkZijbgZ^e_`Zsb_Nhj^m
lZdb_dZdY]mZjhev\hbE_g^Jh\_jDjhf_lh]hijbgZ^e_`ZsZyNhj^mFZa^ZdhlhjZyhlghkblky
dfZkkh\hfm[j_g^mlh`_ihy\beZkv\lh\Zjghfjy^m:\lhe_g^Z\jZfdZokms_kl\mxs_]h
ij_^ijbylby:\hlihy\e_gb_fZjhddhlhju_Nhj^mg_ijbgZ^e_`Zlijhbkoh^behaZkq_l
ijbkh_^bg_gbym`_bf_xs_]hky^be_jZFh`ghk^_eZlv\u\h^bhlhfqlhkeh\Z]hkm^Zjkl\Zh
khpbZevghchl\_lkl\_gghklb[bag_kZ[uebmkeurZgudhfiZgb_cwlhgZrehhljZ`_gb_\
bgnhjfZpbbhr_nkl\_b[eZ]hl\hjbl_evguoZdpbyo
DZjlbgZklZgh\blky[he__iheghc_kebhagZdhfblvkykbklhjb_cjZa\blby:\lhe_g^Z\
Gh\hkb[bjkd_bMn_ij_^klZ\e_gghc\lhf`_jZa^_e_Ijbwlhfhlq_leb\hijhke_`b\Zxlkyh[sb_
l_g^_gpbbdhjihjZlb\ghcdmevlmjubdhk\_gghih^l\_j`^Zxlky\u\h^uh\lhjhkl_i_gghcjheb
wlbonbebZeh\\`bagbdhfiZgbbihkjZ\g_gbxk_dZl_jbg[mj]kdbfnbebZehfk^_eZggu_ijb
nbebZeh\\b^ghqlhdhjihjZlb\gZydmevlmjZbih^oh^udjZ[hl_kihlj_[bl_eyfbjZ\ghdZdbd
\aZbfh^_ckl\bxk]hkm^Zjkl\hf_^bgu\h\k_cdhfiZgbbg_aZ\bkbfhhl]hjh^Z\dhlhjhf
dhfiZgbyjZ[hlZ_l
Gh\hkb[bjkd
DhfiZgby:\lhe_g^aZgbfZ_lkyijh^Z`ZfbZ\lhfh[be_cgZjugd_Gh\hkb[bjkdZk]h^ZDZdb\
?dZl_jbg[mj]_bklhjbydhfiZgbb:\lhe_g^\Gh\hkb[bjkd_gZqbgZeZkvkZ\lhfh[be_c)RUG_kghc
]h^Z:\lhe_g^Gh\hkb[bjkdklZgh\blkyhnbpbZevguf^be_jhf_s_oba\_klguofZjhd\
n_\jZe_gZqbgZxlkyijh^Z`b9ROYRZ\fZjl_hldju\Z_lkyZ\lhkZehg/DQG5RYHU
FZc]h^ZdhfiZgb_c:\lhe_g^ijh^Zgi_j\uc\Gh\hkb[bjkd_Z\lhfh[bev0D]GD]h^
:\lhe_g^Gh\hkb[bjkdihemqZ_l^be_jkl\h-DJXDU
:\lhkZehgbp_gljl_ogbq_kdh]h:\lhe_g^Gh\hkb[bjkdh[kem`b\ZgbygZoh^blkygZi_j_k_q_gbb
mebp;Of_evgbpdh]hbH[t_^bg_gby
IehsZ^bp_gljZkhklZ\eyxl[he__d\fDhfiZgbybf__l\k\h_fjZkihjy`_gbbkh\j_f_ggh_
bfihjlgh_^bZ]ghklbq_kdh_h[hjm^h\Zgb_ihdjZkhqgmxdZf_jmkdeZ^aZiZkguoqZkl_cihklhyggh
ih^^_j`b\Z_lky\^bZiZahg_hlluk^hfegk_jZ[hluihh[kem`b\Zgbx\_^mlky
ki_pbZebklZfbijhr_^rbfbZll_klZpbxKmq_lhfjZa\blbyl_ogbq_kdh]hijh]j_kkZ
kh\_jr_gkl\h\Zgbyl_ogbdbbmkljhckl\ZZ\lhfZrbgki_pbZebkludhfiZgbbijhoh^yldmjku
ih\ur_gbyd\ZebnbdZpbb\mq_[guop_gljZoba]hlh\bl_e_cZ\lhfh[be_c
Djhf_ijh^Z`Z\lhfh[be_cbk_j\bkgh]hh[kem`b\Zgby:\lhe_g^\_^_lZdlb\gmx
[eZ]hl\hjbl_evgmx^_yl_evghklvijbih^^_j`d_dhfiZgbbihkljh_gZWeblgZyrdheZbkdmkkl\]^_
bf_xl\hafh`ghklvihemqZlv^hihegbl_evgh_h[jZah\Zgb_^_lbp_gljZevgh]hjZchgZlZd`_
��dhfiZgby\ayeZr_nkl\hgZ^_lkdbfhfhf ihmeKlhe_lh\Z\fhdZau\Z_lj_Zevgmxihfhsv
^_lkdhcohdd_cghcdhfZg^_DZebgbgkdh]hjZchgZ
MnZ
DhfiZgby:\lhe_g^MnZihy\beZkvgZj_]bhgZevghfjugd_Z\lhmkem]\]h^mkijbk\h_gby
klZlmkZhnbpbZevgh]h^be_jZ=$2)RUG0RWRU&RPSDQ\]h^mdhfiZgbb[ueijbk\h_gklZlmk
^be_jZ0LWVXELVKL0RWRUV\]h^m:\lhe_g^MnZhnbpbZevguc^be_j0D]GDgZklhys__
\j_fydhfiZgbyjZkiheZ]Z_l^\mfyiehsZ^dZfbgZmebp_Gh\hkb[bjkdhch[s_ciehsZ^vx[he__
�d\fbgZmebp_;ZdZebgkdhc;iehsZ^vxd\fbe_jkdb_p_gljuhnhjfe_gu\
khhl\_lkl\bbkh\k_fbklZg^ZjlZfbijhba\h^bl_eykbkihevah\Zgb_fnbjf_gguoij_^f_lh\
dhjihjZlb\ghcb^_glbnbdZpbb
�_fhgkljZpbhggu_aZeudhfiZgbbaZgbfZxliehsZ^v[he__d\f&lZgpbyl_ogbq_kdh]h
h[kem`b\ZgbyZ\lhfh[be_clZd`_[he__d\f
ghy[j_]h^ZdhfiZgby:\lhe_g^MnZhldjueZk\hckm[^be_jkdbcp_glj\]Kl_jeblZfZd_
ihijh^Z`_Z\lhfh[be_c)RUG
Ij_^ijbylb_y\ey_lkyihklhyggufmqZklgbdhf]hjh^kdbobj_kim[ebdZgkdboijhn_kkbhgZevguo
dhgdmjkh\Z\lhfh[bevguo\uklZ\hd\dhlhjuog_h^ghdjZlghklZgh\behkvih[_^bl_e_fb
eZmj_Zlhf]h^mEmqrbcki_pbZebabjh\ZggucZ\lhk_j\bkNbjf_gguck_j\bkih
l_ogbq_kdhfmh[kem`b\Zgbxbj_fhglmZ\lhfh[be_c^biehfuZ\lhfh[bevguo\uklZ\hdAZ
emqr__dhfie_dkgh_ij_^klZ\e_gb_ij_^ijbylbyAZemqrmxwdkihabpbxb^j]h^m
DhfiZgby:\lhe_g^MnZ\uklmiZ_lihklhyggufkihgkhjhfkhj_\gh\ZgbcihlZckdhfm[hdkmZ
lZd`_dZjlbgghc]Ze_j_bXG?KDHHdZau\Z_lih^^_j`dmKhpbZevghijhnbeZdlbq_kdhfmp_gljm
Kh\_lkdh]hjZchgZ]Mnu^_lkdhfm^hfmJ_kim[ebdZgkdhfmkhpbZevghfmijbxlm^ey
^_l_cbih^jhkldh\AZ]h^ujZ[hludhfiZgb_cgZdhie_g[h]Zl_crbchiuliha\heyxs_cijhqgh
m^_j`b\ZlvieZgdmgZ^_`gh]hiZjlg_jZeb^_jZ\Z\lh[bag_k_Gh\u_l_ogheh]bbkh\j_f_ggh_
h[hjm^h\Zgb_i_j\hdeZkkgu_ki_pbZebkludZq_kl\_gguck_j\bk\hlnmg^Zf_glgZdhlhjhf
[Zabjm_lkymki_ogZr_]hij_^ijbylby
DklZlbijhql_gb_l_dklh\hdhfiZgbbg_j_^dh^Z_l\hafh`ghklvm\b^_lvb_s_h^gmhkh[_gghklv
jZa^_eukZclZh[gh\eyxlkykjZaghckdhjhklvxeb[hgZibkZgug_kh\k_fdhjj_dlgh
LZd\BklhjbbdhfiZgbb:\lhe_g^]h\hjblkyhr_klbfZjdZoZ\lhfh[be_cdhlhju_j_Zebam_l
:\lhe_g^lh]^ZdZdgZi_j\hckljZgbp_ihdZaZguZ\lhfh[bebk_fbijhba\h^bl_e_cf_kl_kl_f
jZa^_eGh\hklbh[gh\ey_lkyj_]meyjghEbrvijbihiuld_kdZqZlvijZckebklgZZ\lhfh[beb
+\XQGDLhdZau\Z_lkyqlhhgb^hklmigulhevdh\Gh\hkb[bjkd_qlhaZl_fih^l\_j`^Z_lkyijb
ijbklZevghfijhkfhlj_jZa^_eZHdhfiZgbbihkdhevdm\jZa^_e_HdhfiZgbbgZibkZghba
dZdboij_^ijbylbckhklhbl:\lhe_g^b^be_jZfbdZdbofZjhdy\ey_lkydZ`^h_bawlboij_^ijbylbc
?dZl_jbg[mj]
:\lhe_g^hnbpbZevguc^be_j)RUG0D]GD/DQG5RYHU9ROYR-DJXDU:\lhe_g^K_\_j
hnbpbZevguc^be_j0LWVXELVKL0RWRUV)RUG
Gh\hkb[bjkd
:\lhe_g^hnbpbZevguc^be_j)RUG0D]GD/DQG5RYHU9ROYR-DJXDU0LWVXELVKL0RWRUV+\XQGDL
MnZ
:\lhe_g^hnbpbZevguc^be_j)RUG0D]GD0LWVXELVKL0RWRUV
Hl^_evghohlbfhlf_lblvqlhbgh]^Zki_pbZebklmdhgdmj_glghcjZa\_^dbm^Z_lkyaZp_iblvkyaZ
h]j_ob\h[gh\e_gbbbgnhjfZpbbgZqm`hfkZcl_bgZclbkboihfhsvxmya\bfh_f_klh
ijhlb\gbdZLZd\gZr_cijZdlbd_[uekemqZcdh]^Zg_^jm`_kl\_ggZydhfiZgbydhgdmj_gl
jZa\yaZeZbgnhjfZpbhggmx\hcgmijhlb\^jm`_kl\_gguogZfkljmdlmjjZkijhkljZgyyijbwlhf
aZ\_^hfheh`gmxbgnhjfZpbxBamq_gb_bgl_jg_lj_kmjkZwlh]hijhlb\gbdZihdZaZehqlh
hj]ZgbaZpbyg_ijbyl_evg_m[jZeZkhk\h_]hdhjihjZlb\gh]hkZclZ Zfh`_l[ulvbki_pbZevgh
jZaf_klbeZ\p_eyohqdh\lbjZl_evkl\Z\febp_gabx^_ckl\b_dhlhjhcij_djZlbehkv[he__iylbe_l
gZaZ^GZkZcl_[ueb^Zguj_d\babluwlhcebp_gabbbjZaf_s_gh__bah[jZ`_gb_Ijbq_ffZkrlZ[
wlh]hbah[jZ`_gby[uelZdbfqlhjZaebqblvgZ^ibkbgZ^hdmf_gl_g_ij_^klZ\eyehkv\hafh`guf
lh]^ZdZdl_ebp_gabbdhlhju_ijh^he`Zeb^_ckl\h\Zlv ih^jm]bfgZijZ\e_gbyfjZ[hlu
ij_^ijbylby\ffh`gh[uehjZkkfhlj_lv\h\k_oih^jh[ghklyoLZdZyjZagbpZ\ih^oh^_d
^_fhgkljZpbbfZl_jbZeh\\ij_^_eZokZclZh^ghcblhc`_nbjfugZklhevdhgZkaZbgl_j_kh\ZeZqlh
fuij_^ijbgyeb^hihegbl_evgu_rZ]bihijh\_jd_wlhcebp_gabbh[jZlb\rbkv\hj]ZgbaZpbx
dhlhjZy__\u^ZeZIjh\_jdZih^l\_j^beZqlhkjhd^_ckl\by^hdmf_glZ\ua\Z\r_]hgZrb
ih^haj_gby^Z\ghbkl_dhq_ffuihemqbebhnbpbZevgh_m^hklh\_j_gb_
LhlnZdlqlhijhkjhq_ggZyebp_gaby[ueZ^hklmigZ^ey\k_h[s_]hh[haj_gby\jZa^_e_GZrb
ebp_gabbg_ihkj_^kl\_gghih^l_dklhfml\_j`^Z\rbfqlhdhfiZgbyijhlb\gbdbf__l\k_
g_h[oh^bfu_^eyjZ[hluebp_gabbbk_jlbnbdZlu[ueiheh`_ggZfb\hkgh\m^hdZaZl_evghc[Zauh
ihl_gpbZevguodeb_glh\\aZ[em`^_gb_j_amevlZl_ij_^ijbgylhcbgnhjfZpbhgghcdhgljZlZdb
[ueZ^hklb]gmlZp_evdhlhjZyklhyeZi_j_^dhgljZlZdmxsbfbkbeZfb\qbkehdhlhjuo\oh^bebb
fuGZrZklhjhgZhnbpbZevghh[jZlbeZkvdwlbfkljmdlmjZfkijhkv[hcjZah[jZlvky\ijbqbgZo
ih^h[gh]hkihkh[Znhjfbjh\Zgbybfb^`Zg_ijbyl_evkdhcdhfiZgbb\]eZaZo__ihlj_[bl_e_c^Zlv
wlbf^_ckl\byfijZ\h\mxhp_gdmbgZdZaZlv\bgh\guok\yabkgZqZehfgZfbhl\_lguo^_ckl\bc
ijhlb\gbddhlhjuc^hdhgljZlZdbkgZr_cklhjhguhldjh\_gghmib\Zeky[_agZdZaZgguf
ijbqbg_gb_f\j_^Zk\h_fmdhgdmj_glmklZeg_klbj_Zevgu_ihl_jbihke_q_]hij_djZlbe
bgnhjfZpbhggmx\hcgmZaZh^ghm[jZekhk\h_]hkZclZ^hdmf_gluklZ\rb_g_^_ckl\bl_evgufbba
aZbkl_q_gbykjhdZbo^_ckl\by
DhjihjZlb\gu_`mjgZeub]Za_lu
Fgh]b_dhfiZgbbdjm]deb_glh\dhlhjuo^hklZlhqghq_ldhh[hagZq_g\uimkdZxldhjihjZlb\gu_
]Za_lubeb`mjgZeuLZdb_ba^Zgbybgl_j_kgu^eyki_pbZebklZdhgdmj_glghcjZa\_^dbl_fqlhhgb
fh]mlkh^_j`Zlvi_j_qgbdeb_glh\bkh^_j`ZlvbgnhjfZpbxh[hkh[_gghklyo\aZbfhhlghr_gbck
gbfbhibku\Zlvgh\u_ijh_dluhj]ZgbaZpbbim[ebdh\Zlvnhlh]jZnbbjZ[hqbof_klb
h[hjm^h\Zgbyijbf_gy_fh]h\bkke_^m_fhcdhfiZgbbjZkkdZau\Zlvhdexq_\uonb]mjZonbjfub
boihabpbbihdZdbfeb[h\hijhkZfIjZdlbdZihdZau\Z_lqlh^Z`_djmigu_bk_jv_agu_
ij_^ijbylbyi_jbh^bq_kdbijhimkdZxl\lZdmxi_qZlvbgnhjfZpbx^_ebdZlgh]hk\hckl\Z:
k\_^_gbyg_dhgnb^_gpbZevgh]hieZgZhl\_qZxsb_l_fg_f_g__gZ\hijhku\Z`gu_^ey
ijZ\bevgh]hijbgylbyj_r_gbcjmdh\h^bl_eyfbdhgdmj_glZkh^_j`blkylZfihhij_^_e_gbx
IjZ\^Zb^_abgnhjfZpbxq_j_alZdb_bklhqgbdbijh\h^blvlh`_\_kvfZm^h[ghZihlhfm^Zggu_ba
dhjihjZlb\guoba^Zgbcke_^m_lih^\_j]Zlvh[yaZl_evghci_j_ijh\_jd_
H^gZdhlZdh]hjh^ZfZl_jbZeu\uimkdZxlky^Ze_dhg_\k_fbdhfiZgbyfb:l_dhlhju_\k_`_
im[ebdmxlbgnhjfZpbxh^_yl_evghklbnbjfu\ih^h[guoba^gbyog_\k_]^Zibrmlh[wlhfgZ
k\h_fkZcl_B\k_`_ijbbkke_^h\Zgbbbgl_jg_lj_kmjkZ_klvkfukeihiulZlvkygZclbk\_^_gbyh
dhjihjZlb\ghf`mjgZe_
LZdgZijbf_jgZkZcl_nZjfZp_\lbq_kdh]h^bkljb[vxlhjZPIjhl_dbaFhkd\u_klvg_lhevdh
ijyfh_mdZaZgb_gZgZebqb_dhjihjZlb\ghc]Za_lu_klbhlIJHL?DZghbkms_kl\m_l
\hafh`ghklvkg_chagZdhfblvkyIjZ\^Z \ha\jZsZykvd\hijhkmhk\h_\j_f_gghklbh[gh\e_gby
bgnhjfZpbb\f\Zij_e_]\jZa^_e_K\_`bcghf_j[ueZjZaf_s_ghba^Zgb_aZfZc]
KWWSZZZSURWHNUXUXDERXWSXEOLFDWLRQQHZQXPEHU\f
:nZjfZp_\lbq_kdbc^bkljb[vxlhjba?dZl_jbg[mj]Z:K;xjhlZd`_\uimkdZxsbc
dhjihjZlb\gmx]Za_lmg_ibr_lh[wlhfgZk\h_fkZcl_L_fg_f_g__gZclbbgnhjfZpbxhg_c
fh`ghihijhkl_cr_fmaZijhkm\ihbkdh\mxkbkl_fmh[s_]hgZagZq_gbygZijbf_j\=m]e
Ihemqblvnbabq_kdb^hklmidba^ZgbxdZdPIjhl_dlZdb:K;xjhfh`ghbmdeb_glh\
mdZaZgguohj]ZgbaZpbc
Gb`_ijb\_^_gug_dhlhju_aZ]heh\dbdhjihjZlb\ghc]Za_ludhfiZgbb:K;xjhk_]^:K
Zfb \fhlyg\Zjy] hjb]bgZevgh_gZibkZgb_[md\:bK\gZa\ZgbbkhojZg_gh\f
Ih^\_^_fblh]b]h^Z klZlvykh^_j`blbgnhjfZpbxhjZ[hl_dhfiZgbb\I_jfkdhch[eZklb\
�Hfkd_gZZevg_fhklhd_ZlZd`_hijh]jZffghfh[_ki_q_gbbdhlhjufhj]ZgbaZpbyiulZ_lky
ijb\yaZlvdk_[_deb_glh\hijbhjbl_lZo\jZa\blbbZkkhjlbf_glZhkha^Zgbbmq_[gh]hp_gljZ
wdkiemZlZpbxa^Zgbykh[kl\_ggh]hnZjfZp_\lbq_kdh]haZ\h^Z\];_j_ah\kdhfbhlhfqlhi_j\u_
^_kylvij_iZjZlh\dhlhju_[m^ml\uimkdZlvkygZwlhfaZ\h^_gZoh^ylkygZj_]bkljZpbb\
Fbga^jZ\_\f
GZ\aZbfghfm\Z`_gbb jZkkdZahdhgdj_lghfdeb_gl_dhfiZgbbk_lbZil_dba]hjh^h\
kimlgbdh\?dZl_jbg[mj]Z\f
;_aijZ\ZgZhldZa fZl_jbZeh[h^ghfbadexq_\uokhljm^gbdh\hj]ZgbaZpbbdhlhjuckgZ[`Z_l
m^Ze_ggu_hldjmiguo]hjh^h\Zil_dbkljhbl_evgufbfZl_jbZeZfbhlijZ\ey_fufb\f_kl_k
lh\Zjhf\f
\uoh^guo^Zgguodjhf_lh]hkhh[sZ_lkyhlhfqlhij_^ijbylb_mqj_^bl_ev]Za_luba^Z_l`_
__dhfiZgby3UHVV&OXEZ^j_kbdhglZdludhlhjh]hmdZau\Zxlky
Ki_pbZebklmdhgdmj_glghcjZa\_^dbih^h[gu_bklhqgbdbfh]ml^Zlvg_fZehij_^\Zjbl_evghc
bgnhjfZpbbdhlhjZyfh`_l[ulvihe_aghcijbijZ\bevghc__bgl_jij_lZpbbjmdh\h^bl_e_f
kljmdlmjujZ[hlZxs_cgZnZjfZp_\lbq_kdhfjugd_kihkh[kl\h\Zlvhj]ZgbaZpbbjZ[hlulZdbf
h[jZahfqlh[uba[_`ZlvdhgnjhglZpbbkdhgdmj_glghfZlZd`_gZ\yaZlvijhlb\gbdmko\ZldmgZ
\u]h^guo^eyk_[ybg_\u]h^guo^eyg_]hmkeh\byo
IjZdlbdZihdZau\Z_lqlh^Z`_aZ\h^kdb_fgh]hlbjZ`dbdhlhju_\ijbgpbi_g_ij_^gZagZq_gu^ey
\ughkZaZij_^_eul_jjblhjbbdZdijZ\behhdZau\Zxlky^hklmiguihklhjhggbflZdqlhm`
]h\hjblvhdhjihjZlb\guoba^Zgbyodhlhju_ijyfhkha^Zgu^eyjZkijhkljZg_gbyaZij_^_eZfb
ij_^ijbylby
DZdhj]Zgbah\ZgZh[jZlgZyk\yavkdeb_glZfb
WlZqZklvkZclZfh`_lihdZaZlv\dZdboh[eZklyodhfiZgbyqm\kl\m_lk_[ygZb[he__m\_j_gghdZd
dhgp_ilmZevghhj]Zgbah\ZgZ__jZ[hlZkdeb_glZfbbgZq_fhkgh\Zgul_bebbgu_Zki_dlubo
\aZbfh^_ckl\by
IhfbfhljZ^bpbhgguojZa^_eh\\jh^_HklZ\vl_k\hchlau\\k_[hevrmxihimeyjghklv
ijbh[j_lZxlhgeZcgh\u_dhgkmevlZpbbdhlhju_[_jmlkygZ\hhjm`_gb_dhfiZgbyfbjZ[hlZxsbfb
\kZfuojZaguohljZkeyo
GZijbf_jgZkZcl_:\lhe_g^Zkms_kl\m_lhgeZcgh\ZydhgkmevlZpby?klvgZkZcl_bnhjfZ
h[jZs_gby\hl^_edhgljheydZq_kl\ZdhfiZgbbdhlhjucihfh]Z_ldeb_glZfg_^h\hevguf
dZq_kl\hfh[kem`b\Zgbyj_rZlv\hagbdZxsb_ijh[e_fu
�hklZlhqghihdZaZl_evgunhjmfujZaf_s_ggu_gZkZclZohj]ZgbaZpbcIhh^ghfmebrvi_j_qgx
boaZ]heh\dh\fh`ghm\b^_lvdZdb_ijh[e_fu\hegmxlihk_lbl_e_c\gZklhys__\j_fyZdZdb_
[uebZdlmZevgu\ijhrehfbgZkdhevdhohjhrhj_rZxlky\hijhkudhlhju_mqZklgbdbklZ\yli_j_^
dhfiZgb_cIjZ\^Zj_ij_a_glZlb\ghcbgnhjfZpbxgZnhjmfZofh`ghkqblZlvlhevdhlh]^Zdh]^Z
gZgbo^hklZlhqghfgh]hihk_lbl_e_cijbq_fk\_^_gby^he`guj_]meyjghh[gh\eylvky
�eyhp_gdbihimeyjghklbnhjmfZj_dhf_g^m_fi_j\uf^_ehfh[jZsZlv\gbfZgb_gZh[s__
dhebq_kl\hkhh[s_gbc\l_fZoZlZd`_kh\hdmigh_qbkehijhkfhljh\wlbokhh[s_gbcb^Zlubo
im[ebdZpbb
LZdgZijbf_jgZkZcl_dhfiZgbb:\lhe_g^ijhke_`b\Z_lkyqlhihk_lbl_ebij_^ihqblZxl
hgeZcgh\mxdhgkmevlZpbxihlhfmqlhk\_`b_h[ty\e_gbygZnhjmf_ihy\eyxlkyj_^dh
khhl\_lkl\_gghbh[km`^Zxlkyhgbg_Zdlb\ghWlhg_m^b\bl_evghihkdhevdmhgeZcgh\Zy
dhgdmjbjm_lknhjmfhfbf_yijbwlhfikboheh]bq_kdh_ij_bfms_kl\h\]eZaZoihlj_[bl_e_cdZd
[he__hnbpbZevgZynhjfZh[s_gby
:\hlkdZ`_fnhjmfZ[hg_glh\dhfiZgbbFLK\?dZl_jbg[mj]_gZijhlb\^hklZlhqghohjhrh
hljZ`Z_lgZkljh_gbybijh[e_fudeb_glh\wlh]hkhlh\h]hhi_jZlhjZ hgeZcgh\u_aZijhku\FLK
\ijbgpbi_lh`_kms_kl\mxlh^gZdhij_^klZ\eyxlkh[hcwe_dljhggmxi_j_ibkdmdhlhjZy
g_^hklmigZgb^eydh]hdjhf_kZfh]hZ[hg_glZaZ^Z\r_]h\hijhkbki_pbZebklZdhfiZgbb
dhlhjucgZwlhl\hijhkhl\_qZ_l\f
�eykjZ\g_gbyihkhklhygbxgZfZdkbfZevgh_dhebq_kl\hkhh[s_gbc\h^ghfjZa^_e_
gZnhjmf_:\lhe_g^ZZgZnhjmf__dZl_jbg[mj]kdh]hnbebZeZFLKIjbwlhf
fZdkbfZevgh_dhebq_kl\hijhkfhljh\h^ghcl_fugZnhjmf_:\lhe_g^ZZgZnhjmf_
jZkkfZljb\Z_fh]hhl^_e_gbyFLK
JZaaZreZj_qvhnhjmfZohl^_evghgZ^hkdZaZlvg_kdhevdhkeh\h\g_rgbonhjmfZodhlhju_
ihimeyjgugZihjlZeZodjmiguo]hjh^h\bgZdhlhjuoqZklhijbkmlkl\mxldeb_gluij_^ijbylbcba
j_]bhgZevguogZk_e_gguoimgdlh\
Bkke_^h\Zgbyijh\_^_ggu_\ihke_^g__\j_fygZjZaebqguonhjmfZojhkkbckdbo]hjh^kdbo
ihjlZeh\ihdZaZebqlhhp_gdb^Z\Z_fu_dhfiZgbyfgZlZdbonhjmfZoki_pbZebklmdhgdmj_glghc
jZa\_^dbke_^m_l\hkijbgbfZlvkhklhjh`ghklvxMlhqgbfqlhj_qvb^_lbf_gghh[hp_gdZo
dhgdj_lguodhfiZgbcZg_hlh\ZjZodhlhju_lZd`_fh]mlh[km`^ZlvkygZnhjmfZo
uykgbehkvqlhlhggZh[s_]hjh^kdbonhjmfZoqZklhaZ^Z_lhq_gvg_[hevrZy]jmiiZebpihjhc
g_[he__q_luj_oiylbq_eh\_ddhlhjZybaebqghcg_ijbyagbbebihdZdbflhbgufijbqbgZf
fh`_l\u^Z\Zlvbkdexqbl_evghg_]Zlb\gmxbeblhevdhihablb\gmxbgnhjfZpbxhlhcbebbghc
dhfiZgbbuklmiZykeZ`_gghcdhfZg^hclZdZy]jmiiZkihkh[gZwnn_dlb\ghih^Z\eylv
bgZdhfukeb_gZnhjmf_j_amevlZl_fh`_lnhjfbjh\Zlvkyfg_gb_h^_yl_evghklbdhgdj_lguo
ij_^ijbylbcbf_xs__fZehh[s_]hkj_Zevghc^_ckl\bl_evghklvxIjbwlhfl_fu
jZkdZqb\Z_fu_lZdhcdhfZg^hcfh]ml^hklb]Zlvihh[t_fmkljZgbpbkh^_j`Zlvg_kdhevdh
khl_gkhh[s_gbc?kebkhh[s_gby\lZdbol_fZoijhZgZebabjh\Zlvklhqdbaj_gbykfukeh\hcb
wfhpbhgZevghcgZ]jmadblhijbf_jgh\bij_^klZ\eyxlkh[hc[_kkfuke_ggucnem^
ijhkhl_h[s_gb_ihk_lbl_e_cf_`^mkh[hcg_bf_xs__hlghr_gbydh[km`^Z_fhcl_f_ h[s_gb_
jZ^bh[s_gby\fIjbwlhfih^h[gu_baj_q_gbyg_j_^dhkhijh\h`^Zxlky[hevrbfdhebq_kl\hf
kfZcebdh\HklZevgu_\ukdZau\ZgbyaZ\bkylhlgZkljhy\_^ms_cdhfZg^uZg_hlj_Zevgh]h
iheh`_gby^_e
Hkgh\ghckihkh[bkdZ`_gby^_ckl\bl_evghklbgZih^h[guoh[s_]hjh^kdbonhjmfZowlh
aZfZeqb\Zgb_nZdlh\dhlhju_g_ih^l\_j`^Zxllhqdmaj_gby\_^ms_cdhfZg^uijb
h^gh\j_f_gghfi_^Zebjh\ZgbbnZdlh\kh\iZ^Zxsbok]_g_jZevghcebgb_cZdlb\ZnhjmfZ
khq_lZgbbkih^Z\e_gb_fl_odlhhkf_eb\Z_lky\ukdZaZlvkyijhlb\imklv^Z`_ijb\h^yijZ\^b\u_
Zj]mf_glulZdZylZdlbdZijbghkblk\hbieh^uHldjh\_ggu_bgkbgmZpbb\klj_qZxlkygZnhjmfZo
hlghkbl_evghg_qZklhohlygZf\klj_qZebkvblZdb_ijbf_ju
?kebnhjmf\k_`_aZbgl_j_kh\Zeki_pbZebklZdhgdmj_glghcjZa\_^dbdZdbklhqgbdbgnhjfZpbbb
g_h[oh^bfhjZah[jZlvky\lhfgZkdhevdhijb\_^_ggu_gZnhjmf_nZdlukhhl\_lkl\mxlj_Zebyffu
j_dhf_g^m_fkihfhsvx\kljh_ggh]h\dZ`^ucnhjmfihbkdZkfhlj_lvbklhjbx\ukdZau\Zgbcl_o
iha\hey_lk^_eZlv^h\hevghlhqguc\u\h^hlhfgZkdhevdhdhfi_l_gl_gbh[t_dlb\_glhlbebbghc
q_eh\_d\dhgdj_lghf\hijhk_
Djhf_nhjmfh\bhgeZcgh\uodhgkmevlZpbcbgnhjfZpbxhdZq_kl\_jZ[hlukdeb_glZfbh[uqgh
fh`ghihq_jigmlvbalZdbojZa^_eh\dZd=hkl_\Zydgb]ZbebDgb]Z`Zeh[bij_^eh`_gbc
ukdZau\Zgbyjmdh\h^bl_e_cbemqrbodeb_glh\
G_j_^dhih^h[gZybgnhjfZpbykh^_j`blkygZkZcl_dhfiZgbbhi_j\uohgZihfh]Z_lhlf_lblv
l_odeb_glh\kdhlhjufbmhj]ZgbaZpbbkeh`bebkvhkh[_gghohjhrb_hlghr_gbyZ\h\lhjuo
\ukdZau\Zgbyjmdh\h^bl_e_cgZfgh]boij_^ijbylbog_jbkdmxlih^\_j]Zlvp_gamj_\lh\j_fydZd
boaZy\e_gbyihjhcfh]mlkh^_j`Zlvk\_^_gbydhlhju_ex[hfm^jm]hfmkhljm^gbdm\jy^eb
jZaj_rbeb[uh[gZjh^h\Zlv
GZijbf_jgZkZcl_PIjhl_d_klvhlq_lh[mqZklbbdhfiZgbb\f_jhijbylbbgZdhlhjhfh^bg
ba__jmdh\h^bl_e_cha\mqbek\h_\b^_gb_i_jki_dlb\jZa\blbyg_lhevdhhljZkeb\p_ehfghb
k\h_cnbjfu
NZjfZp_\lbq_kdbc[bag_k\Jhkkbbj_nhjfubjughd
fhkdh\kdhfhl_e_FZjbhlln_\jZeyijhreZF_`^mgZjh^gZydhgn_j_gpby
NZjfZp_\lbq_kdbc[bag_k\Jhkkbbj_nhjfubjughdP_gljZevgufbl_fZfbnhjmfZklZebblh]b
�j_ZebaZpbbijh]jZffuEH[_ahiZkghklvbdZq_kl\he_dZjkl\hlghr_gby]hkm^Zjkl\Zb[bag_kZb
kljZl_]bbjZa\blbyhl_q_kl\_gguonZjfdhfiZgbcHl^_evghcl_fhcdhgn_j_gpbbklZeZijZdlbdZ
jZa\blby[bag_kZK_dpbxih^lZdbfgZa\Zgb_fhldjue^hdeZ^ij_ab^_glZH:H:djbobg
:e_dkZg^jZEZamlhk_jhkkbckdb_dhfiZgbbijhba\h^bl_eb dhbo\kljZg_hl^h\fhg
jZa^_ebegZ^\_]jmiiuij_^ijbylbyhjb_glbjh\Zggu_gZdZiblZebaZpbxbnbjfugZp_e_ggu_gZ
�l_dmsmx^hoh^ghklvHg\ukdZaZekha\mqgmxaZy\e_gbxfbljbyJ_coZjlZfukevhlhfqlh
dhfiZgbbhjb_glbjh\Zggu_gZih\ur_gb_k\h_cjughqghcklhbfhklbbgl_j_kgu]hkm^Zjkl\m
L_fmijh^he`be]_g_jZevguc^bj_dlhjPIJHL?DblZebcKf_j^h\Ih_]hkeh\Zf
ke_^mxsbcrZ]ijbkh\j_f_gghfjhkl_h[t_fh\nZjfjugdZ_]hdhgp_gljZpbyIjbq_fwlhl
ijhp_kk^he`_gho\Zlblv\k_k_]f_gluhljZkebijhba\h^kl\h^bkljb[mpbxbjhagbqgmxlhj]h\ex
Kdhj__\k_]h\[eb`Zcr_f[m^ms_f^hey[j_g^bjh\ZgguoZil_qguok_l_ckhklZ\bl\bjugdZ
hlf_lbe^hdeZ^qbdG_kfhljygZkjZ\gbl_evgh[hevrh_dhebq_kl\hnbjfijhba\h^bl_e_cljb
djmig_crb_aZgbfZxl\bjugdZijhba\h^kl\Ze_dZjkl\Zi_j\ZyljhcdZ^bkljb[vxlhjh\m`_
ij_\urZ_l\bk_]f_glZnZjf^bkljb[mpbbblZebcKf_j^h\ih^q_jdgmeqlhk_cqZkjughdklhbl
gZihjh]_gh\h]hi_jbh^ZwihobgZpbhgZevguoohe^bg]h\K_]h^gydhfiZgbyIJHL?D
klj_fblkykha^Zlvbgl_]jbjh\Zggmxkljmdlmjmh[t_^bgyxsmxljbhkgh\guoa\_gZ
�nZjfZp_\lbq_kdhcp_ihqdb ijhba\h^kl\h^bkljb[mpbxjhagbqgmxlhj]h\ex\fhdeZ^qbdhlf_lbe
qlhiheh`_gb_eb^_jZhljZkebke_^m_lhij_^_eylvg_ihhl^_evgufihdZaZl_eyf \_ebqbgZijh^Z`
bfihjlZbli\fZdhfie_dkghdZdwlhijhbkoh^blgZAZiZ^_LZdbfdhfie_dkgufihdZaZl_e_f
g_khfg_gghy\ey_lkyklhbfhklvdhfiZgbbgZjugd_wlhfieZg_ohe^bg]bhdZau\Zxlky\
\ub]jurghfiheh`_gbblZddZdbop_gZgZfgh]h\ur_kmffZjghcklhbfhklb\oh^ysbo\bo
khklZ\dhfiZgbcBf_gghihwlhfmhjb_glZpbygZdZiblZebaZpbxm\_ebq_gb_k\h_cjughqghc
klhbfhklbnhjfbjh\Zgb_pb\bebah\Zggh]hbkhpbZevghhl\_lkl\_ggh]hjugdZdexq_\u_p_eb
IJHL?DZ
ihbf_ggh]hi_j_qgyGZfhq_gvijbylghqlhlZdb_ba\_klgu_dhfiZgbbdZd+,/7,MjZehl_ev
ZwjhihjlDhevph\hFLK:ULJOH\1HVWOH3KLOLS0RUULVy\eyxlkygZrbfb9,3deb_glZfbZ^Ze__
kh^_j`blbgnhjfZpbxhdZ`^hfbagbobhlhfdZdbf_gghijhl_dZ_lkhljm^gbq_kl\hhj]ZgbaZpbb
kmdZaZggufbij_^ijbylbyfbGZijbf_j
MjZehl_evba\_kl_gZ?dZl_jbg[mj]_k\hbf]hkl_ijbbfkl\hfbmxlgufjZaf_s_gb_f:ljZgkn_ju
baZwjhihjlZhkms_kl\eyxlkygZdhfnhjlZ[_evguofbdjhZ\lh[mkZo)RUG7UDQVLW:^j_k]hklbgbpu]
?dZl_jbg[mj]meOhfydh\Zl_e \f
GZ]jZ^ubih[_^u\dhgdmjkZo
�DhfiZgbbh[uqghkm^h\hevkl\b_fkhh[sZxlhk\hboih[_^Zo\jZaebqguodhgdmjkZoey
ki_pbZebklZdhgdmj_glghcjZa\_^dblZdZybgnhjfZpbyfh`_l[ulvihe_agZijbhij_^_e_gbb
kbevguoklhjhgbamqZ_fhchj]ZgbaZpbbZlZd`_ijbihbkd_gh\uobklhqgbdh\k\_^_gbchg_c
\_^v\[hevrbgkl\_kemqZ_\qe_gudhgdmjkguodhfbkkbcmagZxlg_fZehbgl_j_kgh]hdZdh
^hklb`_gbyoeZmj_ZlZij_^klZ\eyxs_]hij_^ijbylb_lZdbh_]hieZgZoIhwlhfm_kebihke_
gZ]jZ`^_gbyih^m^Zqgufij_^eh]hfih]h\hjblvkex^vfb\oh^b\rbfb\khklZ\mdZaZgghc
dhfbkkbblh\hfgh]bokemqZyofh`ghihemqblvbgl_j_kgu_^Zggu_h[bamqZ_fhcdhfiZgbb
hldijbf_jml_dklkbgnhjfZpb_chih[_^_\dhgdmjk_jZaf_s_ggucgZkZcl_:\lhe_g^Z
�_dZ[jv:\lhfZjd_ldhfiZgbb:\lhe_g^gZ]jZ`^_g^biehfhf
�Moh^ysbc]h^h^ZjbegZrmdhfiZgbxhq_j_^ghcgZ]jZ^hc^_dZ[jy\_dZl_jbg[mj]kdhfhf_
dbghkhklhyehkvih^\_^_gb_blh]h\?dZl_jbg[mj]kdh]hdhgdmjkZEmqrbcfZ]Zabg:\lhaZiqZklb
gZdhlhjhfZ\lhfZjd_ldhfiZgbb:\lhe_g^[uegZ]jZ`^_g^biehfhfaZ,,,f_klh\
ghfbgZpbbEmqrbcfZ]Zabgihlhj]h\e_Z\lhaZiqZklyfb^eybghfZjhd
wlhf]h^m\nbgZevghcqZklbdhgdmjkZdhlhjZyijhreZ\^_dZ[j_mqZklb_ijbgyehfZ]Zabgh\
Z\lhaZiqZkl_cHj]ZgbaZlhjhff_jhijbylby\uklmibeZZ^fbgbkljZpby?dZl_jbg[mj]Zb
g_dhff_jq_kdh_iZjlg_jkl\hZ\lhk_j\bkh\bfZ]Zabgh\aZiqZkl_cI_jki_dlb\ZJhklZIh^\_^_gb_
blh]h\bgZ]jZ`^_gb_ih[_^bl_e_cijhba\h^behkvihghfbgZpbyfLZd\ghfbgZpbbEmqrbc
fZ]Zabgihlhj]h\e_Z\lhaZiqZklyfb^eybghfZjhdfZ]Zabg:\lhfZjd_ldhfiZgbb:\lhe_g^
aZgyelj_lv_f_klhDjhf_lh]hZ\lhfZjd_ldhfiZgbb:\lhe_g^K_\_jihemqbe[eZ]h^Zjkl\_ggh_
ibkvfhaZmqZklb_\dhgdmjk_
KkuedbgZklZlvbhdhfiZgbb
�hklZlhqghqZklh\klj_qZ_lkyijZdlbdZijb\h^blvgZdhjihjZlb\ghfkZcl_kkuedbgZklZlvbh
dhfiZgbbdhlhju_[uebhim[ebdh\Zgu\l_obebbguoba^ZgbyowlbofZl_jbZeZofh]ml
mihfbgZlvkydhgdj_lgu_khljm^gbdbhj]ZgbaZpbb__iZjlg_jueb[hkh^_j`ZlvkybgnhjfZpby
kihkh[gZyijhykgblvg_dhlhju_^_ckl\bybieZgubamqZ_fh]hij_^ijbylbyLZdb_jZa^_euqZs_
\k_]hgZau\ZxlkyHgZkibrmlKFBhgZkbebbgufih^h[gufh[jZahf
I_j_q_gvZ^j_kh\nbebZeh\bebaZ\h^h\
IhkdhevdmdhjihjZlb\guckZclh[uqghkha^Z_lky^eylh]hqlh[uh[e_]qblvihl_gpbZevghfm
deb_glm\aZbfh^_ckl\b_kdhfiZgb_clhdZdijZ\behgbdlhg_kdju\Z_lZ^j_kh\__nbebZeh\
IjZ\^ZgZhkgh\ZgbbgZr_]hhiulZfh`_f^Zlvkh\_lijbf_gbl_evghdbkke_^h\Zgbxwlh]hjZa^_eZ
j_kmjkZHgdZkZ_lky\k_lhc`_g_h[oh^bfhklbi_j_ijh\_jdbihemq_gghcbgnhjfZpbb;u\Z_lqlh
hj]ZgbaZpbym`_aZdjueZhl^_e_gb_h^gZdhk\_^_gbyhg_fkkZclZg_m[jZeZbhgbijh^he`Zxl
ki_pbZebklZdhgdmj_glghcjZa\_^dbihkdhevdmfgh]b_[u\rb_khljm^gbdbnbebZeZgZ\_jgydZ
ijh^he`Zxl`blv\lhf`_gZk_e_gghfimgdl_aZlZb\ijbwlhfh[b^mgZ[u\rbojZ[hlh^Zl_e_c
qlhkemqZ_lkyg_j_^dh\fIjh\_jblvgZebqb_hl^_e_gby\dZ`^ucdhgdj_lgucfhf_gl\j_f_gb
g_keh`gh^hklZlhqghijhklhiha\hgblvihmdZaZgghfmgZkZcl_l_e_nhgmZ\hkh[hhl\_lkl\_gguo
kemqZyohlijZ\blvkhljm^gbdZihZ^j_kmnbebZeZ:\hl\kemqZ__kebj_kmjkkhh[sZ_lhlhfqlh
hl^_e_gb_kms_kl\m_lgh_]hZ^j_kbl_e_nhgg_mdZaZgulhdZdihdZau\Z_lijZdlbdZwlh]h
nbebZeZfh`_lbg_[ulv\hh[s_ZbgnhjfZpbyhg_fy\gh_ijbmdjZrb\Zgb_^_ckl\bl_evghklb
bebdZdfbgbfmfihki_rgh_hih\_s_gb_h[s_kl\_gghklbhg_j_Zebah\ZgguoihdZ_s_ieZgZo
uy\e_gb_wlh]hfh`_l[ulvbkihevah\ZghihjZaghfm\aZ\bkbfhklbhl\hebjmdh\h^bl_ey
dhfiZgbbdhlhjZyh[gZjm`beZih^h[gh_g_khhl\_lkl\b_Fh`ghijhklhhldZaZlvkyhlk^_edbk
g_^h[jhkh\_klgufiZjlg_jhfZfh`ghbiheh`blv^ZggucnZdl\hkgh\mij_ke_^h\Zgby\km^_beb
\ij_kk_hj]ZgbaZpbbdhlhjZyih\urZ_lkh[kl\_ggmxhp_gdm\]eZaZoihdmiZl_e_cbebiZjlg_jh\aZ
kq_le`bKijZ\_^eb\hklbjZ^bhlf_lbfqlhkemqZbmfure_ggh]hbkdZ`_gbybgnhjfZpbbh
nbebZeZo\klj_qZxlkyg_qZklhghl_fg_f_g__gZfklZdbfbij_^ijbylbyfbi_j_k_dZlvky
^h\h^behkv
QZs_\k_]hbgnhjfZpbyh[hl^_e_gbyobeb^jm]bol_jjblhjbZevghm^Ze_gguoih^jZa^_e_gbyo
dhfiZgbb\ueh`_ggZygZdhjihjZlb\ghfkZcl_hdZau\Z_lkyijZ\^b\hchlgZijbf_jdZdbf
h[jZahf^Zggu_hnbebZeZoij_^klZ\e_gugZkZcl_ij_^ijbylby:\lhe_g^jZaf_s_ggu_\jZa^_e_
DhglZdlubkhijh\h`^Z_fu_beexkljZpbyfb^_fhgkljbjmxsbfbko_fmijh_a^Zd
ih^jZa^_e_gbxdhfiZgbb
DhfiZgby:\lhe_g^?dZl_jbg[mj]hnbpbZevguc^be_j)RUG0D]GD/DQG5RYHU9ROYR
-DJXDU
]?dZl_jbg[mj]
me;exo_jZ
l_e \f
nZdk \f
DXWRODQG#DXWRODQGUX
DhfiZgby:\lhe_g^K_\_jhnbpbZevguc^be_j0LWVXELVKL0RWRUVb)RUG\?dZl_jbg[mj]_
]?dZl_jbg[mj]
meDhkfhgZ\lh\
kZehg)RUGl_e \f
kZehg0LWVXELVKL0RWRUVl_e \f
PLWVXELVKL#DXWRODQGUX
DhfiZgby:\lhe_g^Gh\hkb[bjkdhnbpbZevguc^be_j)RUG0D]GD/DQG5RYHU9ROYR+\XQGDL
b0LWVXELVKL0RWRUV
]Gh\hkb[bjkd
me;Of_evgbpdh]h
l_e \f
nZdk \f
DhfiZgbyMnZ:\lhe_g^hnbpbZevguc^be_j)RUG0D]GD0LWVXELVKL0RWRUV:^j_kZ\lhkZehgZ
]MnZ
me;ZdZebgkdZy[
l_enZdk \f
DXWRODQG#XIDQHWUXDXWRODQG#DXWRODQGQVNVX
:^j_kZ\lhkZehgZ)RUG0D]GDb0LWVXELVKL0RWRUV
]MnZ
meGh\hkb[bjkdZy
l_enZdk \f 0LWVXELVKL\f
l_e \f )RUG0D]GD\f
DXWRODQG#XIDQHWUX
Bkke_^h\ZgbybjZajZ[hldb
DhfiZgbb^h\hevghqZklhbgnhjfbjmxlh[s_kl\_gghklvhgh\uojZajZ[hldZokijZ\_^eb\hhlghky
bodl_f^hklb`_gbyfdhlhjufbfh`gh]hj^blvkyH^gZdh^h\hevghqZklhjZaf_s_gb_fih^h[ghc
bgnhjfZpbbaZgbfZxlkyex^bdhlhju_g_aZ^mfu\Zxlkyh\hijhkZo[_ahiZkghklbbaZsblu
k\_^_gbcg_lhqlh[uhlij_^klZ\bl_e_cdhgdmj_glghcjZa\_^dbghbhl[ZgZevguoijhfure_gguo
ribhgh\GZfijboh^behkvklZedb\Zlvkykdjmigufbij_^ijbylbyfbgZdhlhjuog_bf_xsbc
lhjfhah\ki_pbZebklih35^hims_ggucgZ\k_kh\_sZgbybj_]meyjghihemqZ\rbcij_fbbaZ
dhebq_kl\him[ebdZpbc\udeZ^u\ZegZdhjihjZlb\guckZcl\k_^Zggu_hi_jki_dlb\guo
bah[j_l_gbyo
DkqZklvx^eyhl_q_kl\_gguoij_^ijbylbc\[hevrbgkl\_kemqZ_\dhgljhevaZjZkijhkljZg_gb_f
bgnhjfZpbbhlZdbojZajZ[hldZo\k_`_kms_kl\m_lbm]jhau[_ahiZkghklbdhfiZgbbkwlhcklhjhgu
\hagbdZxlhlghkbl_evghj_^dhH^gZdhbh[uqgu_k\_^_gbyhgh\uojZajZ[hldZoij_^ijbylbyfh]ml
hdZaZlvky\_kvfZihe_agufb^eyp_e_cdhgdmj_glghcjZa\_^db
GZijbf_jgZ]eZ\ghckljZgbp_lhfkdhcdhfiZgbbWjfbkijb\_^_gZkkuedZgZkljZgbpmGh\u_
jZajZ[hldb KWWSHUPLVWRPVNUXGHYHORSPHQWKWPO\fgZdhlhjhcih^jh[ghjZkkdZau\Z_lkyh
��[_kdhglZdlguobaf_jbl_eyo^ebguijh\hehdbdZgZlh\dZ[_e_cljm[_evlZb_evlZ
:nnbebjh\Zggu_dhfiZgbbbZnnbebjh\Zggu_ebpZ
jy^_kemqZ_\bgnhjfZpbyh[Znnbebjh\ZgguoebpZobdhfiZgbyofh`_l[ulvijyfhbebdhk\_ggh
ijh\_j_gZgZdhjihjZlb\ghfkZcl_kemqZ_khj]ZgbaZpbyfbdhlhju_ihaZdhgmh[yaZgu
jZkdju\Zlvih^h[gu_k\_^_gby\uihegblvlZdmxijh\_jdmijhs_\k_]h
GZjbkijb\_^_gijbf_jlh]hdZd\u]ey^blkibkhdZnnbebjh\Zgguoebp\h^ghcba
]_g_jbjmxsbodhfiZgbc ijbi_j_oh^_ih]bi_jkkued_ihevah\Zl_evihemqZ_l^hklmidnZcem\
nhjfZl_:RUG\f
JbkKibkhdZnnbebjh\ZgguoebpH:HX=DL=D
JZaf_s_gb_kibkdZZnnbebjh\ZgguoebpgZkZcl_\\b^_l_dklh\h]hnZceZ\klj_qZ_lkyhq_gvqZklh
GZrhiulihdZau\Z_lqlhdh]^Z[m^_lij_^eh`_gh\u[jZlvkhojZgblvebnZcekhkibkdhf
Znnbebjh\ZgguoebpgZ`_kldhf^bkd_bebhldjulv\[jZma_j_lhemqr_\u[jZlvkhojZg_gb_
nZceZWlhiha\hebl\ex[hcfhf_glh[jZlblvkyd^hdmf_glmqlhfh`_lihlj_[h\Zlvky\kemqZ_
ihy\e_gbyg_h[oh^bfhklbmlhqgblvdZdb_lh\hijhku:djhf_lh]h\jy^_kemqZ_\gZfm^Z\Zehkv
h[gZjm`blv^hihegbl_evgu_^Zggu_bkke_^mywlhlkhojZg_ggucgZdhfivxl_j_nZce?kebgZ\_klb
dhlhju_h[uqghmklZgZ\eb\Zxlkyl_dklh\ufijhp_kkhjhfZ\lhfZlbq_kdbbfh]mlkh^_j`Zlv
nZfbebxq_eh\_dZgZdhfivxl_j_dhlhjh]hnZcekha^Z\ZekyDhg_qghd[_amij_qguflZdhc
bklhqgbdbgnhjfZpbbhlg_klbg_evayh^gZdhebqghgZf[_k_^Zkkha^Zl_e_fnZceZg_j_^dh
ihfh]ZeZ\uykgblv^hklZlhqgh\_khfu_Zihjhcbdexq_\u_h[klhyl_evkl\Z jbk\f
JbkK\hckl\ZnZceZknZfbeb_cZ\lhjZ bf_gZbgZa\Zgby\ufure_ggu_ghijbgpbi
khhl\_lkl\m_lnZdlZfbf_\rbff_klh\j_Zevghklb\f
AZj_]bkljbjh\Zggu_lh\Zjgu_agZdbblhj]h\u_fZjdbZlZd`_iZl_glu
G_\k_dhfiZgbbim[ebdmxlih^h[gmxbgnhjfZpbxgZk\hbokZclZoG_dhlhju_h]jZgbqb\Zxlky
l_fqlhklZ\ylagZqhdLFbeb5kijZ\Zhlk\h_]hgZa\ZgbyBghkljZggu_hj]ZgbaZpbb
ij_^hklZ\eyxlih^jh[gu_k\_^_gbyhijbgZ^e_`Zsbobflhj]h\uofZjdZobiZl_glZoqZs_g_`_eb
jhkkbckdb_Ohly^Z`_gZhl_q_kl\_gghfj_kmjk_lZdhcdjmighcdhfiZgbbdZdDhdZDheZgZfg_
m^Zehkvijb[_]ehfijhkfhlj_dZjlukZclZbjZa^_eZihk\ys_ggh]h[j_g^mDhdZDheZgZclb
lZdmxbgnhjfZpbx
�Zggu_hiZl_glZoij_bfms_kl\_gghim[ebdmxlky\ukhdhl_ogheh]bqgufbij_^ijbylbyfbLZd
lZc\Zgvkdbfwe_dljhgguf]b]ZglhfdhfiZgb_c)R[FRQQkhhl\_lkl\mxsZybgnhjfZpby
�jZaf_s_gZgZkljZgbp_ihk\ys_gghcbggh\Zpbyf@
:^Zggmxgb`_bgnhjfZpbxjZaf_sZlvg_[m^_fEmqr_hklZ\blvlZddZd[uehWlhg_
om^h`_kl\_ggZydgb]Za^_kvgm`ghfZdkbfZevghgZlmjZebklbqgh_\hfkijhba\_^_gb_
^_ckl\bl_evghklb
Wlb^Zggu_k\_^_gu\lZ[ebpm lZ[e\fdhlhjmxfuijb\h^bfgb`_hgZihdZau\Z_ldZdk]
jhkehdhebq_kl\hiZl_glh\ijbgZ^e_`Zsbohj]ZgbaZpbb\jZaguokljZgZoZlZd`_dZdb_kljZgu
[ueb[he__ijbhjbl_lgufb^eyg__\jZagu_]h^u
LZ[ebpZ
�bgZfbdZbgl_ee_dlmZevgh]hbg^_dkZdhfiZgbb)R[FRQQ\i_jbh^kih]
P_gu
H^ghagZqgh]hhl\_lZgZ\hijhkhlhf^h\_jylvbebg_^h\_jylvjZa^_emP_gujZaf_s_gghfmgZ
kZcl_dhfiZgbbg_kms_kl\m_l
GZkZfhf^_e_khhl\_lkl\b_ih^h[ghcbgnhjfZpbbp_gij_^klZ\e_gghcgZbgl_jg_lj_kmjk_
j_Zevghfmiheh`_gbx\_s_cgZijyfmxaZ\bkblhllh]h\dZdhfk_]f_gl_jugdZjZ[hlZ_l
hj]ZgbaZpbyBa\_klghqlhjy^djmiguodhfiZgbck[hevrbfZkkhjlbf_glhfbf__llZdmxkbkl_fm
kdb^hd^bnn_j_gpbjh\Zggmx\aZ\bkbfhklbhldZl_]hjbbdeb_glZb_]h]_h]jZnbq_kdh]h
iheh`_gbyqlhijbgbfZlv\dZq_kl\_hjb_glbjZh[gZjh^h\Zggu_gZkZcl_p_gu[_kkfuke_ggh
G_^ZjhfmqZklgbdbg_dhlhjuojugdh\gZijbf_jjugdZhilh\uoijh^Z`e_dZjkl\_gguokj_^kl\
kqblZxlqlh_^bgkl\_ggZybgnhjfZpbyg_ba\_klgZybfhdhgdmj_gl_wlh^_ckl\bl_evgZy
klhbfhklvmklZgh\e_ggZygZlh\Zju^eyjZaguodZl_]hjbcihlj_[bl_e_ckjZa[b\dhcihj_]bhgZf
KblmZpbymkm]m[ey_lkyl_fqlhwlbp_gug_ij_ju\ghf_gyxlkyhlq_]hh^ghdjZlgh_bo\uykg_gb_
gbq_]hg_^Z_l
f_kl_kl_fkemqZ_lkyblZdh_qlhaZy\e_ggZygZkZcl_p_gZkhhl\_lkl\m_lj_ZevghcWlh
hlghkblkyij_`^_\k_]hdbgl_jg_lfZ]ZabgZfZ\lhkZehgZfbimgdlZfijh^Z`fh[bevguo
l_e_nhgh\Ghb\wlhfkemqZ_kh\_lm_fijh\_jblvihemq_ggmxbgnhjfZpbxgZijbf_jiha\hgb\
ijh\h^blv\u[hjhqgucZgZeba
BgnhjfZpbyhklhbfhklbijh^mdpbbfh`_l[ulvihjZaghfmij_^klZ\e_gZgZdhjihjZlb\ghf
j_kmjk_IjZckebklbebbeexkljbjh\ZggucdZlZeh]a^_kvfh`_lbhlkmlkl\h\Zlv:p_gZ
dhgdj_lgh]hlh\ZjZnhjfbjm_lkyebrv\ke_^kl\b_ihrZ]h\h]h\u[bjZlh]hbebbgh]h\ZjbZglZ
dhfie_dlZpbbba^_ebyH^gZdhg_dhlhju_kZclu\k_`_ij_^hklZ\eyxlihevah\Zl_ex\hafh`ghklv
kdZqZlvijZckebkl dZdijZ\beh\nhjfZl_^hdmf_glh\:RUG([FHObeb3')\f
:bgh]^Zlh\Zjih^[bjZ_lky\aZ^Zgghfp_gh\hf^bZiZahg_DZdgZijbf_jgZjZg__jZkkfhlj_gghf
kZcl_:\lhe_g^Z]^_dZdjZafh`ghknhjfbjh\ZlvihrZ]h\hgm`gmxdhfie_dlZpbxZ\lhfh[beyb
aZl_fmagZlv_]hp_gm
Ki_pbZebklmdhgdmj_glghcjZa\_^dbg_h[oh^bfhijhkfhlj_lv\k_\ZjbZglup_gijb\_^_ggu_gZ
kZcl_ihke_q_]hijh\_jblvboZdlmZevghklvbebrvaZl_f^_eZlv\u\h^udZdhkZfbop_gZolZdbh
^hklh\_jghklbbgnhjfZpbb
ZdZgkbb
JZa^_eZdZgkbbgZdhjihjZlb\ghfkZcl_iha\hey_lk^_eZlvdhk\_ggu_\u\h^uhdZ^jh\hc
kblmZpbb\dhfiZgbb hkh[_ggh_kebwlhljZa^_eihklhygghih^\_j]Z_lkyfhgblhjbg]m\^bgZfbd_\f
Djhf_lh]hihy\e_gb_h[ty\e_gbyhg_dhlhjuo\ZdZgkbyoohjhrZy\hafh`ghklvkoh^blvgZ
fgbfh_ ZlZdh\ufhghb[m^_l^eyik_\^hkhbkdZl_ey\fkh[_k_^h\Zgb_^Z[uhagZdhfblvkyk
ij_^ijbylb_fdhgdmj_glZbagmljbbfh`_l[ulvihoZjZdl_jmaZ^Z\Z_fuo\hijhkh\ihgylvgZ^q_f
hg\gZklhys__\j_fyjZ[hlZ_lgZdZdb_gZijZ\e_gbybihq_fmijb]eZrZ_lki_pbZebklh\GZ^h
kdZaZlvqlhaZjm[_`hflZdhcihklmihdki_pbZebklZdhgdmj_glghcjZa\_^dbkdhj__\k_]hijbagZeb
[ug_wlbqgufeb[h\h\k_g_aZdhggufJhkkbb`_gZfhf_glgZibkZgbydgb]bwlhkqblZehkv
\iheg_ijb_fe_fufdZdkihabpbbaZdhgZlZdbklhqdbaj_gbywlbdbH^gZdhkblmZpby\gZr_c
kljZg_fh`_lbaf_gblvkyihwlhfmij_`^_q_fb^lbgZlZdhcrZ]j_dhf_g^m_fqblZl_ex
kijZ\eylvkyhl_dms_fiheh`_gbb\_s_c\^Zgghckn_j_
Djhf_lh]hkblmZpbbdh]^ZgZkh[_k_^h\Zgb_ijboh^bllZdhcaZkeZggucdZaZqhdfh]ml
aZdhgqblvky\_kvfZdhfbqghLZd\h^gmkheb^gmx_dZl_jbg[mj]kdmxnbjfmijh^Zxsmx
kljhbl_evgu_fZl_jbZeuihlj_[h\Zeky]jmaqbd;ueh[ty\e_gdhgdmjkih^Zghh[ty\e_gb_h
�\ZdZgkbb_eh[uehabfhcGZkh[_k_^h\Zgb_y\bekykheb^gucfm`qbgZ\^m[e_gd_dhlhjucg_
ihdZaZeljm^h\hcdgb`dbimlZghij_^klZ\bek\hxljm^h\mx[bh]jZnbxbihqlbkihjh]ZklZe
bgl_j_kh\Zlvkyl_fdZdqZklhhldm^ZbdZdhcbf_ggh]jma^hklZ\ey_lkygZkdeZ^Khljm^gbdkem`[u
ihi_jkhgZemjZkkdZau\ZeihlhfqlhkjZamkihy\e_gb_fkhbkdZl_eymg_]hs_edgme\]heh\_
kb]gZehiZkghklbghm`_ihke_g_kdhevdbofbgmljZa]h\hjZhgkljm^hfk^_j`b\Zekyhlkf_oZb
`^Zedh]^Z pblbjm_f\fwlhldehmg\u^hog_lkybmc^_l
g_rgb_kkuedbgZkZclbaBgl_jg_lZ
Fhsgucbgkljmf_glbamq_gbydhfiZgbckijbf_g_gb_fj_kmjkh\Bgl_jg_lZwlhijhkfhljkkuehd
gZkZclkihfhsvxhi_jZlhjZ/LQNKbglZdkbkwlh]hhi_jZlhjZ\Zjvbjm_lky\aZ\bkbfhklbhllh]hk
dZdhcbgnhjfZpbhgghckbkl_fhc\ujZ[hlZ_l_L_fg_f_g__hgijbkmlkl\m_l\h\k_odjmiguo
ihbkdh\bdZo
Z`ghklvmdZaZggh]hhi_jZlhjZ^eydhgdmj_glghcjZa\_^dbbki_pbZebklh\35hq_\b^gZ\_^vl_
dhfmg_bgl_j_kghkh^_j`bfh_kZclZg_klZgmlkkueZlvkygZg_]hih^h[gufh[jZahfBgZh[hjhl
kbemjy^Zijbqbgbgl_j_kmxlIjbq_fbgl_j_kwlhlg_\k_]^Zghkbl^jm`_kdbcoZjZdl_jHgfh`_l
[ulvijh^bdlh\Zgbg_^h\hevkl\hf:dZdfbgbfmf`_eZgb_fh[f_gylvkykkuedZfb
Hi_jZlhj/LQNh[uqghiha\hey_lijhykgblv\Z`gu_\hijhkuhlghkbl_evgh
^jm`_kl\_gguokljmdlmj
Znnbebjh\ZgguodhfiZgbcdhlhju_g_Znbrbjmxlkyim[ebqgh
ebqguokljZgbq_dkhljm^gbdh\
gZebqbyihablb\ghcbebg_]Zlb\ghcbgnhjfZpbbgZnhjmfZob\^bkdmkkbhgguo]jmiiZo
gh\uobklhqgbdh\bgnhjfZpbb\ebp_^_eh\uoiZjlg_jh\bamqZ_fhcdhfiZgbb
jZkdjmldb\ihbkdh\uofZrbgZokh[kl\_ggh]hkZclZbebkZclZihjhqZs_]hdhgdmj_glZ
?keb\g_rgbokkuehdq_j_kqmjfgh]h/LQNohjhrhkhq_lZlvkdexq_\ufbkeh\Zfb \qZklghklb
lZdbfbdZdj_axf_jZ[hlZaZjieZlZb^jm]bfb\aZ\bkbfhklbhllh]hdZdZyp_evklhbl
i_j_^bkke_^h\Zl_e_f\f
Ijhbeexkljbjm_fkdZaZggh_gZdhgdj_lguoijbf_jZo
KkuedbgZkZcldhfiZgbb:\lhe_g^Hi_jZlhj/LQN\=m]e_gZfhf_glgZibkZgbydgb]b\uy\be
kkueZxsmxkykljZgbpmG_dhlhju_bagbo\gmlj_ggb_ lZd\jZfdZodhjihjZlb\gh]hkZclZkh
kljZgbpuZ\lhaZiqZkl_cdZ\lhfh[bex)RUG)RFXVkms_kl\m_l]bi_jkkuedZgZkljZgbpmk
bgnhjfZpb_chfh^_evghfjy^_\k_oZ\lhfh[be_c\f
�jm]b_`_mdZau\ZxlgZhj]ZgbaZpbbdhlhju_khklhylk:\lhe_g^hf\^_eh\uohlghr_gbyob
ihwlhfmihl_gpbZevghfh]mlkem`blvbklhqgbdZfbbgnhjfZpbbhjZkkfZljb\Z_fhcdhfiZgbbeb[h
\uklmiblv\jhebZ]_glh\\ebygbygZwlhij_^ijbylb_Kj_^blZdbohj]ZgbaZpbckkueZxsbokygZ
kZcl:\lhe_g^Z\klj_qZxlky
j_kmjkugZdhlhjuojZaf_sZ_lkykijZ\hqgZybgnhjfZpbyhdhfiZgbb
[Zgdbdj_^blmxsb_deb_glh\:\lhe_g^Zijbihdmid_Z\lhfh[be_c
j_deZfgh_Z]_glkl\hkhljm^gbqZxs__kdhfiZgb_c
dZlZeh]ihbkdh\hcfZrbgu:ihjl
Gb`_ijb\_^_gi_j_q_gvdhgdj_lghcbgnhjfZpbb\u^Zgghcihwlbfhj]ZgbaZpbyf=m]ehf\hl\_l
gZaZijhkkihfhsvxhi_jZlhjZ/LQN
bamZevgZyf_oZgbdZ:job\gh\hkl_c
khklhygb_ijh_dlZdZjlZkZclZHQJOLVK:JOBGHHKL?CHldjulb_ihjlZeZ:\lhe_g^
ghy[jyKm^h\hevkl\b_fij_^klZ\ey_f\ZfgZrmihke_^gxxjZ[hlmZZZYLVPHFKUXQHZV
SKS"DUKLY \tLG NJZaf_s_gb_j_deZfu$XWR'HDOHUUX?dZl_jbg[mj]
JZaf_s_gb_j_deZfu
:LHklhi:LHklhifZjlZij_ey:LHKLHIF:JLI_jbh^rbjhdhc
ihimeyjghklbk_j_[jbkluop\_lh\bhll_gdh\mZZZHNDWHULQEXUJDXWRGHDOHUUXDGYHUWSKSN
:\lhdj_^blh\Zgb_
Ij_^eZ]Z_f\hkihevah\Zlvky\Gh\hkb[bjkd_mkem]hcZ\lhdj_^blh\Zgbynbabq_kdboebp
ihlj_[bl_evkdbfdj_^blhfgZihdmidmgh\h]hZ\lhfh[bey\Gh\hkb[bjkd_VRELQQVNUXVHUYLFHV
DXWRFUHGLWSKSN
GHHKB;BJKDIj_^ijbylbyBgl_jg_lDZjlZL_e_nhgu
&#xu[;&#x_j;&#xbl;&#x_;&#xjZ;&#xch;&#xg;&#xx[;&#xhc;&#x;&#x;_;&#xj^;&#xkd;&#x;�u[_jbl_jZchgEx[hc;_j^kda_j`bgkdbc@_e_agh^hjh`gucAZ_evph\kdbcDZebgbgkdbc
:\lhe_g^ijh^Z`Zbj_fhglZ\lhfh[be_c)RUG0D]GD9ROYR-DJXDU
:\lhe_g^ijh^Z`Zbj_fhglZ\lhfh[be_c)RUG0D]GD9ROYR-DJXDU/DQG5RYHUb0LWVXELVKL
FDWDORJDSRUWUXUXVKLWUDWHDVS["XUOLG N
DZjlZkZclZ$XWR'HDOHUUX?dZl_jbg[mj]
DZjlZkZclZ:LHFH;BEBNhlhZ\lhfh[be_cDZd\u[jZlvZ\lhfh[bevL_kl^jZc\u
Z\lhfh[be_cFukebgZh[hqbg_IhdmidZZ\lhfh[beyZZZHNDWHULQEXUJDXWRGHDOHUUXPDSSKS
N
:\lhdj_^blh\Zgb_
Nbabq_kdbfebpZfGZjh^gucdj_^bl:\lhdj_^blh\Zgb_Bihl_qguc`bebsgucdj_^bl
Ihlj_[bl_evkdh_dj_^blh\Zgb_deZ^uKlZ\dbih\deZ^Zfnbabq_kdboebp
QVNLPSH[EDQNUXSHUVRQVDYWRKWPON
Nhjmf:RUOG*\Pnblg_kp_glj?dZl_jbg[mj]
K_cqZkgZnhjmf_ihevah\Zl_e_c y\fGZnhjmf_gZoh^ylkyaZj_]bkljbjh\Zggu_ihevah\Zl_eb
���:e_dkZg^jIODPH@BjbgZJZobfh\Z@VYHWODQDNXO@ZZZZJHUXIRUXPKWPON
HklZgh\bfkyih^jh[g__gZh^ghfbgl_j_kghffhf_gl_Ijbihiuld_gZclbgZdZdhflhdhgdj_lghf
kZcl_]bi_jkkuedmgZbamqZ_fucj_kmjk \kemqZ_k:\lhe_g^hfgZkZcl_nblg_kp_gljZ\f
�ki_pbZebkldhgdmj_glghcjZa\_^dbfh`_lklhedgmlvkykhklZg^ZjlgufaZljm^g_gb_f_eh\lhf
qlhgZjZkkfZljb\Z_fhfj_kmjk_nblg_kp_gljZ]bi_jkkuedZgZkZcldhfiZgbb:\lhe_g^
gZoh^blky\g_[hevrhfj_deZfghf[Zgg_j_Ijbq_f[Zgg_jwlhljZkiheh`_g\gb`g_fijZ\hfm]em
kljZgbpubg_hkh[_ggh[jhkZ_lky\]eZaZ
Ihwlhfm^eyh[e_]q_gbyihbkdZgm`ghcbgnhjfZpbbh]bi_jkkued_j_dhf_g^m_fbkihevah\Zlv
mgb\_jkZevgucijb_f^_ckl\b_dhlhjh]hijh^_fhgkljbjm_fgZijbf_j_kZclZDXWRODQGUX
GZkljZgbp_ihemq_gghcihaZijhkmkihfhsvxhi_jZlhjZ/LQN\uah\bl_kihfhsvxs_eqdZ
ijZ\hcdghidhcfurbIjhkfhljbkoh^gh]hdh^ZkljZgbpuaZl_fgZ`fbl_&75/)b\
hldju\r_fkyhdg_ihbkdZ\\_^bl_keh\hDXWRODQGB\ukjZamm\b^bl_]^_bf_gghgZkljZgbp_
jZkiheh`_gZgm`gZy\Zf]bi_jkkuedZWlhih\ukbllhqghklvjZ[hlubkwdhghfblg_fZeh\j_f_gb
Ihbkd]bi_jkkuehdgZkZclDXWRODQGUXkihfhsvxhi_jZlhjZ/LQN\Yg^_dk_jZkrbjbekibkhd
kkueZxsbokykljZgbpihkjZ\g_gbxkl_fqlh[uegZc^_g\=m]e_ \k_]hYg^_dkihdZaZegZfhf_gl
gZibkZgbydgb]bj_kmjkh\\f
Ijbwlhf[uebh[gZjm`_gu
iZjlg_ju:\lhe_g^Zg_mihfbgZ\rb_kyjZg__
hlau\udeb_glh\h[h[kem`b\Zgbb\dhfiZgbb \hkgh\ghf\^bkdmkkbhgguo]jmiiZobgZ
nhjmfZo\fDklZlbohjhrh\b^ghqlhYg^_dkihkjZ\g_gbxk=m]ehfp_gblnhjmfu\ur_GZgZr
\a]ey^^eyki_pbZebklZdhgdmj_glghcjZa\_^dbwlhg_khfg_gguciexk
j_axf_khljm^gbdZ:\lhe_g^Z ijh]jZffbklZ\fZdlb\ghbkdZ\r_]hjZ[hlm\]B\gh\vgZ^h
hlf_lblvqlhdZdg_j_^dhkemqZ_lkyj_kmjkugZdhlhjuojZaf_sZxlkyih^h[gu_Zgd_lu=m]ehf
gZc^_gug_[ueb
Gb`_ijb\_^_gul_dklu^hdmf_glh\dhlhju_[uebhljZ`_gu\Yg^_dk_ghijhb]ghjbjh\Zgu
=m]ehf
MjZevkdbcFZa^Zdem[
PD]GDXWNUXOLQNVVKWPO" D;\f
L_fZlbq_kdb_j_kmjkumkem]b
:\lhe_g^Ohe^bg]hnbpbZevguc^be_jZ\lhfh[be_c)RUG0D]GD9ROYR/DQG5RYHU-DJXDU
0LWVXELVKL0RWRUV+\XQGDL
ZZZLGOD]XUUXRWKHUSKS D;\f
dhfihablgZyaZsblZ^eyk_j^pZ\Zr_]hZ\lhfh[beygZrbiZjlg_ju
:\lhe_g^?dZl_jbg[mj]
ZZZDXWRWDQNUXSDUWQHUVKWP D;\f
NhjmfQ_ey[bgkdbo:\lhfh[bebklh\!0D]GD5[=^_Fh`ghH[kem`b\Zlv"
KWWSZZZDXWRODQGUXLQGH[SKS"VKRZ YLS
ZZZFDUVFOXEUXIRUXPLQGH[SKS"VKRZWRSLF  D;\f
Hkh[hohl_ehkv[uhklZgh\blvkygZj_axf_jZaf_s_gghf\Bgl_jg_l_hlbf_gbkhljm^gbdZ
:\lhe_g^Zihkdhevdmih^h[gu_bgpb^_glui_jbh^bq_kdbijhbkoh^yl\dhfiZgbyobbf_gghgZ
wlhcihq\_qZs_\k_]hijhbkoh^bli_j_^ZqZ\Kem`[m;_ahiZkghklbij_^ijbylbybgnhjfZpbb
ihemq_gghcki_pbZebklhfdhgdmj_glghcjZa\_^db
hldZd\u]ey^_ebj_Zevgu_j_amevlZluYg^_dkZijbf_gbl_evghdkljZgbp_kj_axf_kh^_j`Z\r_c
]bi_jkkuedmgZkZcl:\lhe_g^Z \b^ghqlh\h[s_ckeh`ghklb[uebh[gZjm`_guljblZdbo
j_kmjkZ\f
DZlZeh]8VHUOLQHIjh]jZffbklu
H]eh[ebgDhgklZglbg
KWWSZZZDXWRODQGUXUHVKWPBGLUXVHUOLQHUX"VFWLRQ  D;\f
7RS/LVW+UXHgbbsmljZ[hlm
H]eh[ebgDhgklZglbg
J_clbg]
WRSOLVWKUXLQGH[SKSFVS D;\f
JZ[hlZbaZjZ[hlhdHgbbsmljZ[hlm3DJH
JZ[hlZbaZjZ[hlhdHgbbsmljZ[hlm3DJH
H]eh[ebgDhgklZglbg
ORJVZDOOVWUXPRUHKWPO D;\f
Ijbi_j_oh^_ihh^ghcba]bi_jkkuehdihy\eyeZkvke_^mxsZybgnhjfZpbyijb\_^_ggZygZjbk
JbkEbqgh_h[ty\e_gb_hlbf_gbkhljm^gbdZdhfiZgbbhihbkd_bfjZ[hluh[gZjm`_ggh_k
ihfhsvxhi_jZlhjZ/LQN\Yg^_dk_
Bgl_j_kghqlhk\h_j_axf_wlhlkhljm^gbd beblhldlh\uklmiZehl_]hbf_gb\fjZaf_klbe
g_ihkj_^kl\_gghgZdhjihjZlb\ghfkZcl_:\lhe_g^Zihke_q_]hb^ZegZg_]h]bi_jkkuedmk
jZaebqguo^hkhdh[ty\e_gbcFufh`_fij_^iheh`blvqlhq_eh\_d\^ZgghfkemqZ_
\hkihevah\Zekyk\hbfkem`_[gufiheh`_gb_f^hklmihfdkh^_j`bfhfmkZclZ\ebqguop_eyo
ihkdhevdm^hklZlhqghkeh`ghk_[_ij_^klZ\blvqlh[ulhldlhg_bf__lkhhl\_kl\mxsboijZ\
gbd_fg_aZf_q_ggufijh[jZekygZbgl_jg_lj_kmjkdhfiZgbbbkha^ZelZfdZlZeh]kj_axf_?keb
gZrbij_^iheh`_gby\_jgulh^ZggucnZdlebrgbcjZa^hdZau\Z_lgZkdhevdhihe_agh[u\Z_l
ijh\h^blvfhgblhjbg]bgnhjfZpbbdZkZl_evghkh[kl\_ggh]hij_^ijbylbydZdfbgbfmf^ey
^_ckl\byih^h[gu_l_fqlhij_^ijbgyeijh]jZffbklijbjZaf_s_gbbk\h_cZgd_lu _kebhg
dhg_qghkZfwlhk^_eZe\flZd`_fh]mldhk\_gghk\b^_l_evkl\h\Zlvh[mjh\g_d\ZebnbdZpbbb
hij_^_e_gghfikboheh]bq_kdhflbi_khbkdZl_ey\ZdZgkbcZwlh\k\hxhq_j_^viha\hey_l[he__
hkgh\Zl_evghijh^mfZlvih^oh^dlZdhfmq_eh\_dmkp_evxihemq_gbyhlg_]hg_h[oh^bfuo
k\_^_gbc_kebj_qvb^_lhkhljm^gbd_dhgdmj_glZ
H^gZdhhklZ\bf\uykg_gb_\hijhkZh[Z\lhjkl\_jZkkfhlj_ggh]hj_axf_l_fdh]hwlhgZijyfmx
aZljZ]b\Z_lIj_^eZ]Z_fh[km^blv^jm]mxijh[e_fmgZkdhevdhhiZkgZih^h[gZykblmZpby^ey
dhfiZgbbklhqdbaj_gbyihiZ^Zgby\k_lbjZkklZ\e_ggu_ki_pbZebklZfbdhgdmj_glghcjZa\_^db
dhgnb^_gpbZevguo^Zgguohij_^ijbylbb
IhkdhevdmgZfi_jbh^bq_kdbklZgh\blkyba\_klghhkemqZyodh]^Zkhljm^gbdbjZaf_sZxlk\hb
Zgd_lugZkZcl_jZ[hlh^Zl_eybebaZ\h^ylkh[kl\_ggu_kljZgbpugZ_]hk_j\_j_fuohl_eb[u
ih^jh[g__hklZgh\blvkygZlhfdZdb_m]jhauihfbfhg_ijbylguowfhpbcfh]mlg_klbdhfiZgbb
�ih^h[gu_bgpb^_glueywlh]hihiulZ_fkyh[h[sblvgZb[he__oZjZdl_jgu_ikboheh]bq_kdb_
oZjZdl_jbklbdbqe_gh\i_jkhgZeZhj]ZgbaZpbbdhlhju_b^mlgZlZdb_nhjfubkihevah\Zgby__
j_kmjkh\_jhylghex^bkh\_jrZxsb_ih^h[gu_ihklmidbb^_fhgkljbjmxsb_\p_ehf
hl^_evgu_gZ\udb\eZ^_gbylZdbfbihgylbyfbdZddexq_\u_keh\Zl_fg_f_g__kqblZxlqlh
h[gZjm`blvbo^_ckl\bygbdlhg_kfh`_lDZdihdZau\Z_lijb\_^_ggucijbf_jm[_`^_gghklvjy^Z
ihevah\Zl_e_c\lhfqlhBgl_jg_l[hevrhcbaZl_jylvky\g_fijhs_ijhklh]hg_bf__lih^kh[hc
hkgh\Zgby
Kmq_lhfhp_gdbikboheh]bq_kdh]hlbiZq_eh\_dZbijb]jZfhlghfieZgbjh\Zgbbih^oh^Z^ey
ki_pbZebklZdhgdmj_glghcjZa\_^dbih^h[gu_dZ^juijhlb\gbdZ\jy^_kemqZ_\fh]ml
^_ckl\bl_evghhdZaZlvkygZoh^dhcHkh[_ggh_keblZdhcki_pbZebklhdZ`_lkyg_h[j_f_g_g
wlbq_kdbfbij_^jZkkm^dZfbqZklghklbih^h[guokhbkdZl_e_cfh]mlijb]eZkblvgZ
kh[_k_^h\Zgb_ihkdhevdmhgb]hlh\udh[s_gbxgZl_fuk\h_cgug_rg_cjZ[hluIjbwlhfk
\ukhdhckl_i_gvx\_jhylghklbdexqdgbffh`_le_`ZlvgZih\_joghklbbog_ljm^gh
jZkiheh`blvdk_[_b^hihegbl_evghihhsjblvdih^jh[ghfmjZkkdZam\ujZ`Zy\kemo\hkobs_gb_
g_klZg^Zjlgufbdj_Zlb\gufih^oh^hfd\hijhkmihbkdZjZ[hluukhdZ\_jhylghklvlh]hqlh
\^hogh\e_ggu_\ukhdhchp_gdhck\h_]hihklmidZ ihgZr_fmfg_gbxkh\_jr_gghg_wlbqgh]hb
aZkem`b\Zxs_]hkZfh]h`_kldh]hihjbpZgby\flZdb_ex^bfh]mljZkkeZ[blvkybjZkkdZaZlv_s_
g_fZehih^jh[ghkl_chk\hboih^\b]ZogZjZ[hq_ff_kl_
IhkdhevdmkkuedbgZkZcl:\lhe_g^Zg_ijb\_ebgZkgZebqgu_kljZgbpu[u\rbobgug_rgbo
khljm^gbdh\dhfiZgbbijb\_^_fijbf_j^jm]hchj]ZgbaZpbb jbk\fbihdZ`_fdZdfh`_l
\u]ey^_lvih^h[gucj_kmjk \^ZgghfkemqZ_hgZgZau\Z_lkyEx[bfu_kkuedbbkh^_j`blljb
jZa^_eZHfh_cjZ[hl_G_fgh]hwjhlbdbbk_h6LHPHQV\f
JbkEbqgZykljZgbqdZkhljm^gbdZdhfiZgbbkhkkuedhcgZkZcldhfiZgbbh[gZjm`_ggZyk
ihfhsvxhi_jZlhjZ/LQN\Yg^_dk_
�ZggZykljZgbpZih^ebggZybijbgZ^e_`blkhljm^gbdmj_Zevghkms_kl\mxs_chj]ZgbaZpbb
gZa\Zgb_dhlhjhcfuj_rbebg_mdZau\Zlvihwlbq_kdbfkhh[jZ`_gbyf
KhklZ\e_gb_aZijhkh\k\yaZgguokgZa\Zgb_fdhfiZgbb\ihbkdh\u_fZrbgu
AZijhku\ihbkdh\u_fZrbgudhlhju_nhjfmebjmxlkykbkihevah\Zgb_fgZa\ZgbydhfiZgbb
ihklZ\blvwlmbgnhjfZpbxgZfhgblhjbg]
jy^_kemqZ_\m^Z_lkygZclbijbgZ^e_`Zsb_khljm^gbdZfebqgu_kljZgbpub^g_\gbdbdhlhju_
\dexqZxl\k_[ygZa\Zgb_dhfiZgbbbeb__ijh^mdpbbghg_kh^_j`Zl]bi_jkkuehdgZ
dhihjZlb\guckZclZihlhfmg_h[gZjm`b\Zxlkykihfhsvxhi_jZlhjZ/LQN
DZdihdZau\Z_lijZdlbdZ\klj_qZ_lkyg_kdhevdhhkgh\guobklhqgbdh\bkihkh[h\ihbkdZih^h[ghc
bgnhjfZpbbdhlhju_fujZa[_j_f[he__ih^jh[gh
Ihbkdkbkihevah\Zgb_fnjZ]f_glh\Z^j_kZwe_dljhgghcihqlubeb^hf_ggh]hbf_gbdhfiZgbb
Hl^_evghgZ^hkdZaZlvh\Z`ghklbbkke_^h\Zgbykihfhsvx^hf_gguobf_gdhfiZgbbij_`^_\k_]h
l_odhlhju_bkihevamxlky\Z^j_kZowe_dljhgghcihqlu
H[jZlbfkydhibkZgghfmgZfb\ij_^u^ms_cdgb]_Dhgdmj_glgZyjZa\_^dZfZjd_lbg]jbkdh\b
�\hafh`ghkl_c@kemqZxdh]^Zbkihevah\Zgb_^hf_ggh]hbf_gb\ihbkdh\hfaZijhk_ijb\_ehd
ihemq_gbxkljZl_]bq_kdb\Z`guok\_^_gbchdhgdmj_gl_
Bkke_^h\Zgb_ijh\h^behkv\hlghr_gbbdhfiZgbbEDIK gZa\Zgb_dhfiZgbb^hf_ggh_bfyb
Z^j_kZwe_dljhgghcihqlu\ufure_ggu_ghijbgpbiubogZibkZgbykhojZg_gu\fKi_pbZebkluih
dhgdmj_glghcjZa\_^d_aZrebgZdhjihjZlb\guckZclZZZONSVUXbm[_^bebkvqlhZ^j_kZ
we_dljhgghcihqluknhjfbjh\ZgugZhkgh\_gZa\Zgby^hf_gZ;ueijh\_^_gihbkdih^hf_gghfm
bf_gbdZdnjZ]f_glmZ^j_kZwe_dljhgghcihqluONSVUX
H^gZbagZc^_gguolZdbfh[jZahfkljZgbpij_^klZ\eyeZkh[hcdgb]mhlau\h\gZi_j\hckljZgbp_
kZclZm\Z`Z_fhch[mqZxs_chj]ZgbaZpbbwlhcdgb]_[uehaZnbdkbjh\Zghkhh[s_gb_k\yaZggh_k
Z^j_khfwe_dljhgghcihqluSROLQDBUDG#ONSVUXbkh^_j`Z\r__mdZaZgb_gZlhqlhZ\lhjhlau\Zwlh
aZf_klbl_evnbgZgkh\h]h^bj_dlhjZdhfiZgbb\hlghr_gbbdhlhjhcijhba\h^bekyk[hj
bgnhjfZpbb
Ihke_wlh]h[ueijh\_^_gihbkdihik_\^hgbfmSROLQDBUDGj_amevlZl_gZh^ghfbanhjmfh\
ihk\ys_gghf[Zgdh\kdhc^_yl_evghklbh[gZjm`beZkvmqZklgbpZklZdbfik_\^hgbfhfbZ^j_khf
we_dljhgghcihqluSROLQDBUDG#PDLOUX^Z\Z\rZyih^jh[gu_h[tykg_gbybaijZdlbdbk\h_]h
ij_^ijbylbyihih\h^mjZaebqguoko_fjZ[hluk[ZgdZfbbebabg]h\ufbhj]ZgbaZpbyfbHlhfqlh
wlh`_gsbgZk\b^_l_evkl\h\Zebl_dklu__khh[s_gbckh^_j`Z\rb_njZauyih^mfZeZy
ijbreZbliGZfhf_glh[gZjm`_gby\nhjmf_[uehr_klv__khh[s_gbchl\_qZ\rbogZ
\hijhkuihk_lbl_e_cnhjmfZbjZkkdZau\Z\rbohiexkZobfbgmkZodhgdj_lghcnbgZgkh\hcko_fu
Ex[hc`_eZxsbcfh]aZ^ZlvijZdlbq_kdbex[hc\hijhkbihemqblvq_ldbchl\_lK\ukhdhc
kl_i_gvx\_jhylghklbfh`ghij_^iheh`blvqlhijbhl\_lZo^Zggucki_pbZebklb^Zevr_[m^_l
bkihevah\ZlvhiuljZ[hludhfiZgbbEDIKh\kydhfkemqZ_\ij_^u^msbohl\_lZogZ\hijhku
hgZijyfhkkueZeZkvgZhiulk\h_]hij_^ijbylbybkihevamy\ij_^eh`_gbyonjZaugZrZnbjfZ
wlh^_eZ_llZdlh!bebihfh_fmhiulmk_wlhhdZaZehkv\_kvfZdklZlb^eydhgdmj_glZ
ij_^ijbylbyEDIK\uklmib\r_]h\dZq_kl\_aZdZaqbdZbkke_^h\ZgbyAZdZaqbdihykgbeqlh
ihelhjZ]h^ZiulZekymagZlvhlhfdZddhgdj_lgh_]hdhgdmj_glhkms_kl\ey_lih^h[gmxjZ[hlm
JZ[hlZihko_f_ex[_aghjZkkdZaZgghcgZnhjmf_]hkih`hcih^ik_\^hgbfhfSROLQDBUDGkh^ghc
klhjhguhldju\ZeZ^hklmidk_jv_agufnbgZgkh\ufj_kmjkZfZk^jm]hclj_[h\ZeZijh\_^_gby
g_dhlhjuof_jhijbylbc[_adhlhjuohgZklZ\beZih^m]jhamnbgZgkh\mxklZ[bevghklv
ij_^ijbylby
\hafh`ghklbgZqZlvjZ[hlmkgh\ufbiZjlg_jZfbihgh\hcko_f_gh\hi_j\uohgZ\hkihegyeZ
ijh[_eu\hiul_ijh\_^_gbynbgZgkh\uohi_jZpbcZ\h\lhjuohldju\ZeZ\hafh`ghklvke_^blvaZ
^Zevg_crbfbhldjh\_gbyfblhif_g_^`_jZdhgdmj_glh\
Ki_pbZebkluihdhgdmj_glghcjZa\_^d_m^hklh\_jbebkvqlhnbgZgkh\h]h^bj_dlhjZdhgdmj_glZ
a\ZebIhebgZJZ^h\Z
I_j\hgZqZevghwlZbgnhjfZpby[ueZ^ZgZaZdZaqbdhfdhlhjucihklZ\beaZ^Zqmijh\_klb
�bkke_^h\Zgb_hklZlhqgh^Z\ghjZ[hlZygZjugd_hgagZebf_gZdexq_\uof_g_^`_jh\k\hbo
dhgdmj_glh\H^gZdh\hba[_`Zgb_jbkdZihkdhevdmIhebgZJZ^h\Zhlghkbl_evghg_^Z\ghi_j_reZ
gZgh\h_f_klhjZ[hlubl_i_jv^_eblkyhiulhfjZ[hlugZ^jm]hfij_^ijbylbbki_pbZebkluih
dhgdmj_glghcjZa\_^d_iha\hgbeb\nbjfmEDIKIhl_e_nhgm\ihke_^g_fkijZ\hqgbd_k
i_j_qg_fhilh\uop_gbkibkdhfihklZ\sbdh\[uekh\_jr_ga\hghdkfh[bevgh]hl_e_nhgZ
ijbgZ^e_`Z\r_]hqZklghfmebpmgbdZdg_k\yaZgghfmkdhfiZgb_caZdZaqbdZLZdbfh[jZahf
k\yaZebkvkhl^_ehfk[ulZdhlhjuc^Zel_e_nhgk_dj_lZjy]_g_jZevgh]h^bj_dlhjZKi_pbZebklu
i_j_a\hgbebk_dj_lZjxbh[tykgbebqlhohlylh[jZlblvkydnbgZgkh\hfm^bj_dlhjmkibkvfhfb
ihwlhfmmlhqgyxldZdlhqgh__ah\mlbdZdijZ\bevghgZau\Z_lky__^he`ghklvj_amevlZl_
bgnhjfZpbyhlhfqlhnbgZgkh\uc^bj_dlhjEDIKbIhebgZJZ^h\Zihij_`g_fmh^ghblh`_
ebphihemqbeZih^l\_j`^_gb_bai_j\uojmd
Dhff_glbjmywlhlijbf_johlbf\ukdZaZlvk\h_fg_gb_hkihkh[Zoba[_`Zgbyijh[e_fih^h[guo
l_fdhlhju_kha^ZeZk\h_cdhfiZgbb]hkih`ZJZ^h\Z
I_j\hgZqZevghfuij_^eZ]Zebbkihevah\Zlv\Z^j_kZowe_ljhgghcihqlug_cljZevgu_bf_gZ
GZijbf_j\f_klhSROLQDBUDG#ONSVUX^Z\ZlvZ^j_kSU#ONSVUXH^gZdhdZd\_jghaZf_lbeZbdlhjby
Ijhohjh\ZlZdhcih^oh^g_ijb_fe_f^eyaZiZ^guodhfiZgbc\dhlhjuoijZdlbq_kdb\k_]^Zbfy\
Z^j_k_we_dljhgghcihqluij_^klZ\ey_lkh[hcgZklhysb_bfybnZfbebxKh]eZkghlZdhfm
g_ibkZghfmijZ\bemdhjihjZlb\ghcwlbdb]hkih`ZJZ^h\Z^he`gZ[ueZkha^ZlvZ^j_k
SROLQDBUDGhYD#ONSVUX:\hlik_\^hgbf^eymqZklby\nhjmfZob^eyZ^j_kZwe_dljhgghcihqlu
im[ebdm_fh]h\hldjulhf^hklmi_bjZkiheh`_ggh]hgZ[_kieZlguoihqlh\uok_j\_jZofh`_l[ulv
h[_aebq_ggufLZdhcih^oh^iha\heblkhhl\_lkl\h\Zlvh[s_ijbgylufghjfZfbijbwlhfihk_sZlv
nhjmfug_kha^Z\Zyijh[e_fk_[_bk\h_cdhfiZgbb
GZ^hhlf_lblvqlh^Z`_ijhklhcaZijhkihijZ\hcqZklbZ^j_kZ\bjlmZevghcihqluhj]ZgbaZpbb
^Z_ldZdijZ\behhq_gvg_iehob_j_amevlZlu:_keb_]hijh\_klbkh[yaZl_evguf\dexq_gb_f\
ihbkdlZdbokeh\dZdhlau\dmiexijh^Zff_gyxihagZdhfexkvex[exbsm
ij_^eZ]Zxba]hlh\exhdZ`mij_^hklZ\exk^Zfkgbfm]ZjZglbjmx\uihegx
lhfh`ghihemqblvih^[hjdmbgnhjfZpbbh`bagbkhljm^gbdh\dhfiZgbb\g_kl_gjh^ghcnbjfu
wlbk\_^_gbyihh^_j`b\Zxlkywe_dljhgghci_j_ibkdhcojZgys_ckygZdhjihjZl\ghfj_kmjk_ jbk
\fGmZaZl_ffh`ghijh\_klbihbkdihhl^_evgufgbdZflh_klvihe_\hcqZklbZ^j_kh\k_l_\hc
ihqluIjbwlhfgbddZdbfdhgnb^_gpbZevgufk\_^_gbyfki_pbZebkldhgdmj_glghcjZa\_^dbg_
h[jZsZ_lkyihkdhevdmhgihevam_lkyebrvl_fb^Zggufbdhlhju_him[ebdh\Zgu\h[s_f^hklmi_
hlgZijbf_jdZdfh`_l\u]ey^_lvaZijhkihZ^j_kmwe_dljhgghcihqlumjZevkdh]hnbebZeZ
dhfiZgbbF_]Znhg_kebm[jZlvlhlbgnhjfZpbhggucfmkhjdhlhjucihiZ^Z_l\\u^Zqmb
klZgh\blky\b^_gijbi_j\hfjZaf_s_gbbaZijhkZ
ex[ex_bsm_ij_^eZ]Zx_ba]hlh\ex\faa SHUVRQDO_F_]Znhg_YRSURV\f@
Ih^h[gZybgnhjfZpbyfh`_lijb]h^blvkyij_^klZ\bl_exdhgdmj_glghcjZa\_^dbh^gZdhdhfmhgZ
^_ckl\bl_evghihfh]Z_l\jZ[hl_lZdwlhl_fdlhaZgbfZ_lkyijhfure_ggufribhgZ`_f_^v
ki_pbZebkldhlhjucbs_lih^oh^udij_^ijbylbxbf__l\hafh`ghklvagZdhfblvkykq_eh\_dhf
dhlhjuc]hlh\dh[s_gbxZl_fZ^eyjZa]h\hjZbih\h^gZqZlvwlhljZa]h\hjm`_aZ^Zgu[m^msbf
kh[_k_^gbdhfIhwlhfmgZgZr\a]ey^kem`[Z[_ahiZkghklbdhfiZgbb^he`gZ\dexqblv
fhgblhjbg]lZdhcbgnhjfZpbx\kn_jmk\hbobgl_j_kh\b\hafh`ghijb[_]gmlv^eywlh]hd
ihfhsbij_^klZ\bl_e_cdhgdmj_glghcjZa\_^db
JbkEbqgu_h[ty\e_gbykhljm^gbdh\dhfiZgbbkmdZaZgb_fZ^j_kZkem`_[ghcwe_dljhgghc
ihqlu
Ih^h[gZykblmZpbyoZjZdl_jgZ^ey[hevrbgkl\Zdjmiguojhkkbckdbohj]ZgbaZpbc
;eh]bbebqgu_kZclukhljm^gbdh\bijhklhbgnhjfbjh\Zgguoebp
k_qZs_ex^b\_^ml\[eh]Zok\hb^g_\gbdb^_eylkyi_j_`b\ZgbyfbjZkkdZau\ZxlhieZgZogZ
[m^ms__bhjZ[hl_Wlbj_kmjkuihjhcklZgh\ylkybklhqgbdZfbdjZcg_p_gghc^eyki_pbZebklZ
dhgdmj_glghcjZa\_^dbbgnhjfZpbbIjbq_f\hfgh]bokemqZyok\_^_gby\lZdbo^g_\gbdZo
^hklmigu\k_f[_abkdexq_gbyihevah\Zl_eyfK_lbQlh[ufZkrlZ[uy\e_gby[ueb[he__ihgylgu
qblZl_exijb\_^_f\u^_j`dbbafZl_jbZeh\dhlhju_[uebhim[ebdh\Zgu\hldjulhci_qZlb
]:f_jbdZgkdZyklxZj^_kkZWee_gKbfhg_llbkjZ`Z_lkyk_cqZkaZk\h_jZ[hq__f_klhk
jmdh\h^kl\hfZ\bZdhfiZgbb'HOWD$LUOLQHVdhlhjh_hlkljZgbeh__hljZ[hluaZ\ukdZau\Zgby
kh^_j`Zsb_ky\__\bjlmZevghf^g_\gbd_
Wee_g\_eZlZdgZau\Z_fuc[eh]bebbgl_jg_l^g_\gbd\dhlhjhf\uklmiZeZih^ik_\^hgbfhf
Dhjhe_\Zg_[_kH^gZdh\dZdhclhfhf_glq_klhex[b_i_j_kbebehb^_\mrdZhim[ebdh\ZeZ\g_f
�k\hbnhlh]jZnbb\nhjf_klxZj^_kkui_j_^Z_l%%&@
Ij_ab^_gl;mrbZf_jbdZgkdb_iheblbdbihemqZxl[hevr_^Zgguobahldjuluobklhqgbdh\lZdbo
dZdbgl_jg_l[eh]bbbghkljZggu_]Za_luq_fwlh[ueh\ijhrehfkhh[sZxl\ukhdhihklZ\e_ggu_
khljm^gbdbjZa\_^db
Gh\ucP_gljhldjuluobklhqgbdh\ 2SHQ6RXUFH&HQWHU26&\f\rlZ[d\Zjlbj_PJMg_^Z\gh
Zdlb\babjh\Zek[hjbZgZeba^ZgguogZhkgh\_[eh]h\ih\k_fmfbjmbgZqZejZajZ[Zlu\Zlvgh\u_
�f_lh^u^eyijh\_jdb^hklh\_jghklbbodhgl_glZkdZaZe^bj_dlhj26&m]eZkGZd\bg
K_cqZkdmevlmjZ[eh]h\\bgl_jg_l_klj_fbl_evghjZa\b\Z_lkybfuihemqZ_f[h]Zlucmeh\ba
[eh]h\dhlhju_fgh]h_khh[sZxlgZfhkhpbZevguoi_jki_dlb\ZojZaebqguoh[s_kl\Bagbofu
magZ_f\k_hlh[sbogZkljh_gbc^hwdkdexab\ghcbgnhjfZpbbdhlhjmxg_evayihemqblvba
�^jm]bobklhqgbdh\kdZaZeGZd\bg\bgl_j\vx:DVKLQJWRQ7LPHV@
JhkkbbgZqbgZxlm\hevgylvkhljm^gbdh\dhfiZgbcbebhj]ZgbaZpbcdhlhju_q_j_kqmj
hldjh\_ggbqZxl\\bjlmZevghffbj_hk\h_cjZ[hl_bh[km`^ZxlgZqZevkl\hHlghkbl_evgZy
ijhajZqghklvBgl_jg_lZiha\hey_ljZ[hlh^Zl_eyfe_]dhh[gZjm`b\Zlv[helmgh\Ki_pkem`[ub
fbebpbylZd`_\gbfZl_evghke_^ylaZqZklgufbkhh[s_gbyfb\K_lbh^gZdhf_qlZxlihemqblv_s_
[hevrbcdhgljhevgZ^ihevah\Zl_eyfbk_fbjghcIZmlbguEbqgu_bgl_jg_l^g_\gbdb
ihimeyjgZygugq_kj_^bjhkkbygaZ[Z\ZIhqlblukgZrbokh]jZ`^Zg\_^mlih^h[gu_
kljZgbpugZdhlhjuo^_gvaZ^g_faZibku\Zxlk\hb\i_qZle_gbyIjbwlhf[hevrbgkl\hih^h[guo
qZlub]hkl_\u_dgb]bgZdhlhjuolZd`_h[km`^ZxlkykZfu_jZagu_l_fuhlihke_^g_]hfZlqZ
Q_ekbbom^h`_kl\_gguohkh[_gghkl_c]heeb\m^kdbo[h_\bdh\^hhlghr_gbcih^qbg_gguok
gZqZevgbdZfbbklm^_glh\kij_ih^Z\Zl_eyfbe_lgyyZe_glbgZDgurmqbeZkvgZ\lhjhfdmjk_
nZdmevl_lZbkdmkkl\ZKZgdlI_l_j[mj]kdh]h]hkm^Zjkl\_ggh]hmgb\_jkbl_lZijhnkhxah\?_
ki_pbZevghklvg_ihkj_^kl\_gghk\yaZgZk\ukhdbfbl_ogheh]byfbhgZj_`bkk_jfmevlbf_^bZ
ijh_dlh\k_k\hbi_j_`b\ZgbyjZ^hklbgh\u_b^_bbfukebhgZaZibku\ZeZ\ebqgucbgl_jg_l
^g_\gbdI_j\ucf_kypwlmkljZgbpmqblZeh^bgq_eh\_dGhyjdZyebqghklv\k_]^Zijb\e_dZ_l
ex^_cBq_j_aihe]h^Zj_kmjkj_]meyjghihk_sZebm`_k_fv^_kylq_eh\_d
Hk\h_cj_ZdpbbgZoh^aZgylbcbmjh\_gvij_ih^Z\Zl_evkdh]hkhklZ\Z\maZklm^_gldZDgur
ih^jh[ghibkZeZ\^g_\gbd_g_kl_kgyykv\\ujZ`_gbyoF_`^ml_f\Jhkkbb\k_qZs_ijhbkoh^yl
dhjihjZlb\gu_kdZg^Zeuk\yaZggu_kg_ijZ\bevgufbkihevah\Zgb_fBgl_jg_lZkhljm^gbdZfb
jZaebqguodhfiZgbcbhj]ZgbaZpbcLZdg_^Z\ghfbjh\ufkm^hf\Gb`g_fGh\]hjh^_[ue
¿&#x;b;î&#xv;�hrljZnh\Zgwe_dljhfhgl_jh^gh]hbaij_^ijbylbc\oh^ysbo\dhfiZgbxbff;beevZgg
Ijh^mdluiblZgbyGZk\h_fkZcl_hgjZaf_klbe\aylmxbaehdZevghck_lbnbjfubgnhjfZpbxh
jZaf_jZoaZjieZlu\k_okhljm^gbdh\ij_^ijbylbyijhdmjZlmj_dm^Zh[jZlbehkvjmdh\h^kl\h
nbjfuwe_dljhfhgl_jh[tykgbek\hb^_ckl\byex[hiulkl\hf
H^gZdh^Z`_g_\bggZy[helh\gykk_l_\ufbijbyl_eyfbfh`_lh[_jgmlvkydjmigufb
g_ijbylghklyfb^eyihk_lbl_eyBgl_jg_lZYjZ[hlZe\h^ghfbadjmiguok_l_\uoKFB
jZkkdZaZeGB`mjgZebklK_j]_cKmjZgh\GZfaZ^_j`b\ZebaZjieZlmbkhljm^gbdgZr_]h
ba^Zgbyijh[helZekyh[wlhf\Bgl_jg_l_?]hlml`_\uqbkebeZkem`[Z[_ahiZkghklbbiZj_gv[ue
f]gh\_gghm\he_g
[hevrbgkl\_djmiguojhkkbckdbodhfiZgbc\nmgdpbbkem`[u[_ahiZkghklb^Z\gh\oh^blke_`dZ
aZkhh[s_gbyfb\Bgl_jg_l_k_wlhijhbkoh^bl\jZfdZo[hjv[ukbgkZc^hfml_qdhc
\gmlj_gg_cbgnhjfZpbbH^gZdhih^dheiZdhfhdZau\Zxlkybl_dlhgZijbf_jh[km`^Z_l
k\h_]hr_nZbebiheblbdmnbjfuijhq_fbgh]^ZgZdZaZlvkhljm^gbdZg_ihemqZ_lkywlh
ijhbkoh^bldh]^ZbgnhjfZpbyklZgh\blky^hklhygb_f]eZkghklbLZd[ueh\kemqZ_kg_^Z\gbf
�kdZg^ZehfkmqZklb_fgZqZevgbdZFhkdh\kdh]hf_ljhihebl_gZfbljby=Z_\ZgZ[hjlmkZfhe_lZ
:wjhnehlZe_l_\r_]hbaFhkd\u\LhdbhH^_[hr_`mjgZebklumagZebbakhh[s_gbcgZnhjmf_
�[hjlijh\h^gbdh\Z\bZdhfiZgbb@
Fug_kqblZ_fqlhm\hevg_gb_khljm^gbdh\wlhemqr__j_r_gb_ijh[e_fk\yaZgguokl_fqlh
kbkl_fu[_ahiZkghklbhlklZxlhljZa\blbybgnhjfZpbhgguol_ogheh]bchfgh]bokemqZyo
^hklZlhqghijhklhh[tykgblvjZ[hlgbdmqlh_]hkljZgbpZe_]dh^hklmigZ\k_f`_eZxsbfbhgkZf
__ijbdjh_leb[hm[_j_lbag__b^_glbnbpbjmxsb__]hebqghklvbf_klh_]hjZ[hluijbagZdb
[he__keh`guokblmZpbyokem`[u[_ahiZkghklbij_^ijbylbcfh]mlijh\_klbq_j_awlbj_kmjkub
^_abgnhjfZpbhggmxdZfiZgbx
H^gZdhdZdki_pbZebklh\dhgdmj_glghcjZa\_^dbgZkih^h[gu_bklhqgbdbbgl_j_kmxlohlygZ^h
\gh\vh]h\hjblvkyij_^hklZ\ey_fu_bfbk\_^_gby^he`gu\h[yaZl_evghfihjy^d_
i_j_ijh\_jylvky
[eh]Zoij_^mkfhlj_gZlZdZynmgdpbydZdkha^Zgb_kibkdh\^jma_cWlhy\e_gb_gZklhevdh
jZa\blhqlhijb`bekyl_jfbgaZnj_g^blvqlhbhagZqZ_lijbqbkeblvq_clh[eh]dlZdhfm
ihwe_dljhgghcihql_bebq_j_ae_glm\k_fhklZevguf^jmavyfGZf\gZr_cijZdlbd_m^Z\Zehkv
h[gZjm`b\Zlvkeh`b\rb_kykhh[s_kl\Zkhk\h_cg_nhjfZevghcghj_Zevghnmgdpbhgbjmxs_c
b_jZjobq_kdhckljmdlmjhcMqZklb_\lZdboh[t_^bg_gbyoiha\hey_lg_lhevdh[ulv\dmjk_fgh]bo
ieZgh\bomqZklgbdh\ghbihjhchdZau\Zlv\ebygb_gZkhh[s_kl\h\p_ehfWlh^he]h\j_f_ggZy
jZ[hlZh^gZdhi_j_^ki_pbZebklZfbdhgdmj_glghcjZa\_^dbbeb35hgZfh`_lhldju\Zlvk_jv_agu_
i_jki_dlb\u
G_dhlhju_[eh]bk_]h^gyklZebijZdlbq_kdbhl^_evgufbKFBh^gZdhbl_bagbodhlhju_g_klhev
aZf_lgufh]mlb]jZlv\Z`g_crmxjhevgZijbf_j\jZkijhkljZg_gbbkemoh\
Ijhbeexkljbjm_fwlhgZhkgh\Zgbbl_dklZ\aylh]hbagZr_]hh[s_gbygZNhjmf_jZa\_^qbdh\
kZclZLWEIRUXPUXGZfb[uehijh\_^_ghbkke_^h\Zgb_iml_cljZgknhjfZpbbbjZkijhkljZg_gby
k\_^_gbc\Bgl_jg_l_gZijbf_j_jy^h\hcrmldb:\lhjdgb]bdhlhjucihklhygghbhldjulh
ijbkmlkl\m_lgZ^Zgghfnhjmf_\uklmiZeih^gbdhf&,.3
GZgZr\a]ey^wlhlijbf_jgZklhevdhohjhrhihdZau\Z_l\hafh`ghklbjZkijhkljZg_gby
bkdZ`_gghcbg_bkdZ`_gghcbgnhjfZpbbqlhaZkem`b\Z_l[ulvijb\_^_ggufa^_kviheghklvx \
l_dkl[_k_^ugZfb\g_k_gufbgbfZevgu_baf_g_gbyZ^Zilbjmxsb_fZl_jbZedg_we_dljhgghc
\_jkbbbaeh`_gby\f
6SULQWHU$SU
=h\hjylgZihke_^g_cdhfivxl_jghc\uklZ\d_&20'(;;bee=_clkaZy\beqlh_keb[u*HQHUDO
0RWRUVjZa\b\ZekylZddZd0LFURVRIWfu[um`_\k_^Z\gh_a^bebgZfZrbgZoklhbfhklvxb
jZkoh^hflhieb\Zedf
Q_j_a^_gvij_^klZ\bl_ev*0aZy\be\hl\_lqlh_keb[u*0ih\lhjyel_g^_gpbb0LFURVRIWlh
:[khexlgh[_aijbqbgukj_^g_klZlbklbq_kdZyfZrbgZihiZ^ZeZ[u\Z\ZjbxjZaZ\^_gv
DZ`^ucjZadh]^Zbaf_gyeZkv[ujZaf_ldZgZ^hjh]_ijboh^behkv[uihdmiZlvgh\uc
Z\lhfh[bev
Bgh]^ZfZrbgZ[uijhklhhklZgZ\eb\ZeZkvihkj_^brhkk_Qlh[uih_oZlv^Zevr_gZ^h[ueh[u
hllhedZlvfZrbgmdh[hqbg_aZdjulv\k_HDG:aZ]emrblv^\b]Zl_evhldjulv\k_HDG:blhevdh
ihlhf_oZlv
uihegyykeh`gucfZg_\jfZrbgZfh`_laZ]ehogmlvb[hevr_g_aZ\_klbkvLh]^Zijb^_lky
i_j_bgklZeebjh\Zlv^\b]Zl_ev
FZdbglhrk^_eZe[uZ\lhfh[bevdhlhjuc[ubkihevah\Zewg_j]bxkhegpZ[ue[u\iylvjZa
[uklj__Z\lhhl0LFURVRIW\^\h_e_]q_\mijZ\e_gbbghfh][u_a^blvlhevdhih\b^hjh]
�Zlqbdbl_fi_jZlmju^\b]Zl_eyaZjy^db[ZlZj_b^Z\e_gbyfZkeZaZf_gbeb[ugZh^bg
_^bgkl\_ggucWlZFZrbgZ\uihgbeZg_^himklbfmxhi_jZpbxbk_cqZkaZ]ehog_l
I_j_^l_fdZdkjZ[hlZxlih^mrdb[_ahiZkghklbihy\blkygZ^ibkv$UH\RXVXUH"
Bgh]^ZZ\lhfh[bevaZdjh_l^\_jvgZaZfhdb\ug_kfh`_l_ihiZklv\gmljvLh]^Zgm`gh
h^gh\j_f_gghgZ`Zlvjmqdm^\_jb\klZ\blvdexqbgZ`ZlvgZjZ^bhZgl_ggmkbkl_fZ
jZa[ehdbjm_lky
DZ`^ucjZaijbihdmid_gh\h]hZ\lhijb^_lkymqblvky_a^blvaZgh\hmijZ\e_gb_dZ`^hcgh\hc
fZrbgu[m^_l\dhjg_hlebqZlvkyhlklZjh]h
Qlh[uaZ]emrblvfhlhjgm`ghgZ`Zlvdghidm67$57
G_[hevrh_dhfivxl_jgh_jZkke_^h\Zgb_gZl_fmImlbjZkijhkljZg_gbybgl_j_kguokemoh\\
Bgl_jg_l_bebhldm^Zgh]bjZklml\fIjb\h`mlZddZdr_ej_Zevghihwlhcp_ihqd_
KfhljbfYg^_dkgZij_^f_lijbkmlkl\bybkdhfhcrmldb
J_amevlZlihaZijhkm\Yg^_dkBgh]^ZZ\lhfh[bevaZdjh_l^\_jvgZaZfhdb\ug_kfh`_l_
ihiZklv
Khjlbjm_fihemq_ggu_j_amevlZlug_ihj_e_\ZglghklbZih^Zl_iulZykvgZclb
kZfh_klZjh_khh[s_gb_
J_amevlZlkhh[s_gb_
DOH[VHUSQPUX9LVWDSROH]QRVWLNUXWLWKWP D;\f
WlZkkuedZgZk_]h^gyg_khhl\_lkl\m_lihkh^_j`Zgbxlhfmqlhfubs_fghkj_^bkhk_^gbo
kkuehdgZc^_g^hdmf_gl]gZkZfhf^_e_wlhi_j_i_qZlZgguc^hdmf_gl
]jZkiheh`_ggucihZ^j_km
KWWSSK\VQDURGUXIRUXPIKWPO
BlZdrmldZ^Zlbjh\ZgZg_iha^g__q_f]IhdjZcg_cf_j_gZjmkkdhfyaud_
Bs_fbgnhjfZpbxhlhfdh]^Z[ueZihke_^gyy\uklZ\dZ&20'(;
GZoh^bfbgnhjfZpbx ihZ^j_kmKWWSZZZFRPSXOHQWDUXVWRU\\fdZdfbgbfmfg_\q_jZZ
�]h^mlZdijbf_jgh\fbebhfZevr_g_\gbdZelZddZd]eZ\gh_qlhg_lZdm`b
g_^Z\gh
IulZ_fkygZclbi_j\hbklhqgbdIj_^iheZ]Z_fqlhkh[ulbygZlhc\uklZ\d_ijbf_gbl_evghd
gZrbfnb]mjZglZf=_clkmb*0\jy^eb[uebgZjmkkdhfyaud_ZagZqbl]^_lh^he`_g[ulv
�Zg]ebckdbcl_dklBagZqblZg]ebckdbcl_dklklZj__jmkkdh]heywlh]hb^_f\ihbkdh\bddhlhjuc
[hevr_ex[blZg]ebckdbcyaudq_fjmkkdbcu[bjZ_f*RRJOHIhbkdijh\h^bffZdkbfZevgh
�rbjhdheywlh]h[_j_fm`_g_lhqgmxnjZamZ^\Zljbdexq_\uokeh\Z ^\Z]eZ\guobh^gh
ijhklhex[h_bal_dklZqlh[ufmkhjZihf_gvr_[ueh\fAZijhk=_clk*0jZa\b\Zeky
qbke_i_j\uo^hdmf_gldhlhjuckh^_j`bll_dklbgZjmkkdhfbgZZg]ebckdhfyaudZoih
Z^j_kmKWWSIDTIRUGUXRWKHUJPBEJKWP
hlwlhll_dkl
ijh;=_clkZb*0
=R\hjylgZdhfivxl_jghc\uklZ\d_&20'(;;bee=_clkaZy\beqlh_keb[u*HQHUDO0RWRUV
jZa\b\ZekylZddZd0LFURVRIWfu[um`_\k_^Z\gh_a^bebgZfZrbgZoklhbfhklvxbjZkoh^hf
lhieb\Zedf
Q_j_a^_gvij_^klZ\bl_ev*0aZy\be\hl\_lqlh_keb[u*0ih\lhjyel_g^_gpbb0LFURVRIWlh
:[khexlgh[_aijbqbgukj_^g_klZlbklbq_kdZyfZrbgZihiZ^ZeZ[u\Z\ZjbxjZaZ\^_gv
DZ`^ucjZadh]^Zbaf_gyeZkv[ujZaf_ldZgZ^hjh]_ijboh^behkv[uihdmiZlvgh\uc
Z\lhfh[bev
Bgh]^ZfZrbgZ[uijhklhhklZgZ\eb\ZeZkvihkj_^brhkk_Qlh[uih_oZlv^Zevr_gZ^h[ueh[u
hllhedZlvfZrbgmdh[hqbg_aZdjulv\k_HDG:aZ]emrblv^\b]Zl_evhldjulv\k_HDG:blhevdh
ihlhf_oZlv
uihegyykeh`gucfZg_\jfZrbgZfh`_laZ]ehogmlvb[hevr_g_aZ\_klbkvLh]^Zijb^_lky
i_j_bgklZeebjh\Zlv^\b]Zl_ev
[uklj__Z\lhhl0LFURVRIW\^\h_e_]q_\mijZ\e_gbbghfh][u_a^blvlhevdhih\b^hjh]
�Zlqbdbl_fi_jZlmju^\b]Zl_eyaZjy^db[ZlZj_b^Z\e_gbyfZkeZaZf_gbeb[ugZh^bg
_^bgkl\_ggucWlZFZrbgZhkms_kl\beZg_e_]Zevgmxhi_jZpbxbk_cqZkaZ]ehog_l
I_j_^l_fdZdkjZ[hlZxlih^mrdb[_ahiZkghklbihy\blkygZ^ibkv$UH\RXVXUH"
Bgh]^ZZ\lhfh[bevaZdjh_l^\_jvgZaZfhdb\ug_kfh`_l_ihiZklv\gmljvLh]^Zgm`gh
h^gh\j_f_gghgZ`Zlvjmqdm^\_jb\klZ\blvdexqbgZ`ZlvgZjZ^bhZgl_ggmkbkl_fZ
jZa[ehdbjm_lky
DZ`^ucjZaijbihdmid_gh\h]hZ\lhijb^_lkymqblvky_a^blvaZgh\hmijZ\e_gb_dZ`^hcgh\hc
fZrbgu[m^_l\dhjg_hlebqZlvkyhlklZjh]h
Qlh[uaZ]emrblvfhlhjgm`ghgZ`Zlvdghidm67$57
=h\hjyl=_clkh[b^_eky
Dh]^ZFZcdjhkhnl\uimklblqlhgb[m^vqlhg_[m^_llhjfhablv"
Dh]^ZgZqg_l\uimkdZlvZ\lhfh[beb\f\f\f
$WDUHFHQWFRPSXWHUH[SR &20'(;\f%LOO*DWHVUHSRUWHGO\FRPSDUHGWKHFRPSXWHULQGXVWU\ZLWKWKHDXWR
LQGXVWU\DQGVWDWHG,I*0KDGNHSWXSZLWKWHFKQRORJ\OLNHWKHFRPSXWHULQGXVWU\KDVZHZRXOGDOOEH
GULYLQJWZHQW\ILYHGROODUFDUVWKDWJRWPLOHVWRWKHJDOORQ,QUHVSRQVHWR%LOO\nVFRPPHQWV*HQHUDO
0RWRUVLVVXHGDSUHVVUHOHDVHVWDWLQJ E\0U:HOFKKLPVHOI\f,I*0KDGGHYHORSHGWHFKQRORJ\OLNH
0LFURVRIWZHZRXOGDOOEHGULYLQJFDUVZLWKWKHIROORZLQJFKDUDFWHULVWLFV
)RUQRUHDVRQZKDWVRHYHU\RXUFDUZRXOGFUDVKWZLFHDGD\
(YHU\WLPHWKH\UHSDLQWHGWKHOLQHVRQWKHURDG\RXZRXOGKDYHWREX\DQHZFDU
2FFDVLRQDOO\\RXUFDUZRXOGGLHRQWKHIUHHZD\IRUQRUHDVRQDQG\RXZRXOGMXVWDFFHSWWKLVUHVWDUWDQG
GULYHRQ
2FFDVLRQDOO\H[HFXWLQJDPDQHXYHUVXFKDVDOHIWWXUQZRXOGFDXVH\RXUFDUWRVKXWGRZQDQGUHIXVHWR
VWDUWLQZKLFKFDVH\RXKDYHWRUHLQVWDOOWKHHQJLQH
2QO\RQHSHUVRQDWDWLPHFRXOGXVHWKHFDUXQOHVV\RXERXJKW&DURU&DU17%XWWKHQ\RXZRXOG
KDYHWREX\PRUHVHDWV
0DFLQWRVKZRXOGPDNHDFDUWKDWZDVSRZHUHGE\WKHVXQUHOLDEOHILYHWLPHVDVIDVWDQGWZLFHDVHDV\WR
GULYHEXWZRXOGRQO\UXQRQILYHSHUFHQWRIWKHURDGV
7KHRLOZDWHUWHPSHUDWXUHDQGDOWHUQDWRUOLJKWVZRXOGEHUHSODFHGE\DVLQJOHJHQHUDOFDUIDXOWZDUQLQJ
OLJKW
1HZVHDWVZRXOGIRUFHHYHU\RQHWRKDYHWKHVDPHVL]HEXWW
7KHDLUEDJV\VWHPZRXOGVD\$UH\RXVXUH"EHIRUHJRLQJRII
2FFDVLRQDOO\IRUQRUHDVRQZKDWVRHYHU\RXUFDUZRXOGORFN\RXRXWDQGUHIXVHWROHW\RXLQXQWLO\RX
VLPXOWDQHRXVO\OLIWHGWKHGRRUKDQGOHWXUQHGWKHNH\DQGJUDEEHGKROGRIWKHUDGLRDQWHQQD
(YHU\WLPH*0ZRXOGLQWURGXFHDQHZPRGHOFDUEX\HUVZRXOGKDYHWROHDUQKRZWRGULYHDOORYHUDJDLQ
EHFDXVHQRQHRIWKHFRQWUROVZRXOGRSHUDWHLQWKHVDPHPDQQHUDVWKHROGFDU
RXCGSUHVVWKH6WDUWEXWWRQWRVKXWRIIWKHHQJLQH
$OWKRXJK\RXCGJHWPLOHVSHUJDOORQ\RXCGVWLOOKDYHWRVSHQGPLQXWHVHYHU\RWKHUGD\GUDLQLQJ
\RXUWDQNDQGUHILOOLQJLWZLWKXSGDWHGJDV[LQRUGHUIRU\RXUFDUWRUXQSURSHUO\
Kgh\Z[jhkZ_f\=m]enjZambal_dklZgZwlhljZa[he__lhqgmxghgZZg]ebckdhf nZdlbq_kdb
WHFKQRORJ\OLNHWKHFRPSXWHULQGXVWU\KDV
Hq_gv[ukljhihemqZ_f^hdmf_gldhlhjucihoh`_hl\_qZ_lgZgZr\hijhkbij_^klZ\ey_lkh[hc
bkke_^h\Zgb_ihlZdhfm`_ih\h^mghijh\_^_ggh_aZg_kdhevdhe_l^hgZr_]hbkh^_j`Zs__wlb`_
nZdluKWWSZZZVQRSHVFRPKXPRUMRNHVDXWRVDVS
wlhf^hdmf_gl_ih^gZa\Zgb_f=hjh^kdb_e_]_g^u^Zlbjh\Zgghf]h^hfkdZaZghqlh
bkke_^m_fZyrmldZihy\beZkvg_iha^g__]h^Zblh]^Z\g_c]h\hjbehkvqlhijhba\h^bl_eb
dhfivxl_jh\ex[ylkjZ\gb\Zlvk_[yk;hevrhcLjhcdhcijhba\h^bl_eyfbZ\lhfh[be_cba
�_ljhclZKjZ\g_gb_ydh[uijh\h^behkv\lZdhfdexq_?keb[ul_ogheh]bbZ\lhfh[be_kljh_gby
�jZa\b\ZebkvlZd`_dZdl_ogheh]bbkbebdhgh\hchebgulhfh`gh[ueh[udmiblvfZrbgm
dhlhjZyjZa\b\ZeZ[ukdhjhklvfbev\qZkbebfZrbgmdhlhjZyijh_a`ZeZ[ugZh^ghf
]Zeehg_lhieb\Zfbev:^_ljhclpugZwlhhl\_qZeb:dZd[ulvkl_fqlhlZdZyfZrbgZ
jZa[b\ZeZkv[u^\Z`^u\^_gv"ihke_^kl\bbijhbahreZaZf_gZ]_jh_\rmldbgZagZdh\u_nb]mju
kh\j_f_gghklbdhfivxl_jgZybg^mkljby[ueZaZf_g_gZgZ;beeZ=_clkZZ^_ljhclpugZ
�`_g_jZeFhlhjkDhg_pbkke_^h\Zgby6SULQWHU$SUGh\_^vqlh]eZ\gh_G_kfhljy
gZ\hajZkl^hkboihj\k_hq_gvZdlmZevgha\mqbl
/DQJ$SU
GhZ\hldZd\ueh\blvbklhqgbdaZimklb\rbcklZjmxrmldm\gm`gh_\j_fy
.UHQGHO
Ihwlhfmih\h^mfukev?keb^Z`_f_oZgbq_kdbaZf_gblvqZklvkeh\kbghgbfZfblhfhqblv
=_clkZkhkljZgbpfgh]bo--fh`ghbwlh[m^_l\b^bfhklvxh[s_kl\_ggh]hj_ahgZgkZEx^b
]h\hjyl\f
&,.3$SU
ijbgpbi_\Bgl_jg_l_nb]mjbjm_lg_kdhevdhih^h[guol_dklh\HgbijZdlbq_kdbh^bgZdh\ugh
\gbofh]mljZaebqZlvkyhl^_evgu_keh\ZGZijbf_j]^_lhgZibkZgh$UH\RXVXUH"Z^jm]hc
bklhqgbd\wlhf`_f_kl_ibr_lum\_j_gu"L_fg_f_g__mf_gykeh`behkv\i_qZle_gb_qlh
imlvdZ`^h]hbawlbol_dklh\lZdhc`_dZdm^jm]boJZkijhkljZg_gb_ijhbkoh^blke_^mxsbf
h[jZahfKh\_jr_gghkemqZcghijhkfZljb\Zyg_l_fZlbq_kdmx\_ldmgZl_fZlbq_kdhfnhjmf_
\jh^_a^_rg_cIh]h\hjbf\fdlhlhgZoh^blbgl_j_kgucl_dklBim[ebdm_l_]hgZk\h_f[eh]_
Ihkdhevdm\[eh]_\fhglbjh\ZgZ\hafh`ghklvZ\lhfZlbq_kdh]hhih\_s_gbyhdZ`^hfgh\hf
khh[s_gbb\k_o^jma_cwlZbgnhjfZpbyklZgh\blky^hklmighcbfg_f_^e_ggh:mgbok\hb
^jmavyWlhjZkijhkljZgy_lkydZde_kghcih`ZjAZl_fihiZ^Z_l\jZkkuedbVXEVFULEHUXdZdqZklh
pblbjm_fh_khh[s_gb_ \h\j_fyihbkdZy\b^_eqlh\]h^mwlhkhh[s_gb_[ueh\jZkkuedZo
Km^yihZ^j_km\gbamkljZgbpuijb\_^_gghcihkkued_KWWSXXHQPUX0HUSKRORJ\KWPwlh
ihoh`_gZ^_dZ[jy]\f:\hldklZlbbi_j\u_\hafh`gu_`_jl\ulhcjZkkuedbhllh]h`_
KWWSNVXVKDOLYHMRXUQDOFRPKWPOFRPPHQWV
Ihlhfl_fZihkl_i_gghm]ZkZ_lBlZd^hgh\hc\heguLZdhcgZijbf_jdZdjZkkuedZkZ^j_khf
KWWSVXEVFULEHUXDUFKLYHUHVWMRNHKWPOhlhll_ogheh]byb
j_amevlZlufh_]hihbkdZihh^ghfmba\ZjbZglh\l_dklZ
Kgh\Z\ha\jZsZ_fkydaZijhkmihpblZl_bjZa[b\dhcih^ZlZfL_i_jvbs_fkZfh_gh\h_
khh[s_gb_ihaZijhkm=_clk\t*0aa]_g_lbq_kdb
bdeZkl_ju\Yg^_dk_g_\k_hljZ[Zlu\ZxlL_fg_f_g__gZfhf_glihbkdZbf_gghkkuedZgZ[eh]
ihevah\Zl_eyGDYHOV[ueZi_j\hcihwlhfm^Ze__kg_cb[m^_lijh\_^_gZjZ[hlZ
B^_fg_ihkj_^kl\_gghgZkljZgbpmKWWSGDYHOVOLYHMRXUQDOFRPKWPO"QF b\b^bfqlh
l_dklgZg_cjZaf_s_ghlghkbl_evghg_^Z\ghfZjlZ]
gbamwlhckljZgbpukdZaZghqlhbklhqgbdZZZPRGHPVLWHUX wlhkZclihk\ys_ggucfh^_fZf\f
B^_fgZwlhlbklhqgbdbh[gZjm`b\Z_fqlh\eh[ijh[e_fZg_j_rZ_lky g_lgZi_j\hc
kljZgbp_kZclZgm`gh]hl_dklZ\f
Lh]^Zbkihevam_fhi_jZlhjihbkdZ\gmljbwlh]hj_kmjkZih\k_lhc`_njZa_DZ`^ucjZadh]^Z
baf_gyeZkv[ujZaf_ldZgZ^hjh]_ijboh^behkv[uihdmiZlvgh\ucZ\lhfh[bev\t\t
XUO ZZZPRGHPVLWHUX\r
Bh[gZjm`b\Z_flmkZfmxg_l_fZlbq_kdmx\_ldmgZl_fZlbq_kdhfnhjmf_GZoh^bfqlhkhh[s_gb_
ihiZ\r__\i_qZlv\dhgp_fZjlZ]^Zlbjh\Zgh[uehi_j\hgZqZevgh:\]]L_i_jv
hp_gb\Z_fkdhevdhex^_cfh]ebkjZamm\b^_lvwlhkhh[s_gb_ihke_lh]hdZdihevah\Zl_evih
�bf_gbGDYHOVhim[ebdh\Ze_]h\k\h_f[eh]_eywlh]hhlijZ\ey_fkygZkljZgbpmdhlhjZykh^_j`bl
bgnhjfZpbxhihevah\Zl_e_b\k_]^Z_klvgZ@b\hf@mjgZe_ bgh]^ZhgZgZau\Z_lky8VHULQIR
bebIjhnbevihevah\Zl_ey\fb^bf
�jmavy
Ex^bFHDQDULDOGIVWXBER[DBBORYLQJBOXBBPXVKNDBBVKDNDBBWRSBDD]BDFHB
KXPRUDFHNLHYXDDFLGBEXQQ\DFWURVDOLHQBQRZDOLNBQHZDPD]LDPHONDDQWULVDQXVKDDQ]]ROD
DUJRQDXWDEDUEDV\DNDEDUO\EHDXW\BQBEHDVWEHQ]LQDELJBVWDUEOLQRKRGERUPDQBXDFGFIQI\I
FUD]\PRQVWUFYHWNLQDGDQDBGRGDYHOVGHDGBFDWBGDQFHGHGGHSHERGH]XJQHUGLJJ\DGLYLQHBWDO
GRWRVKQD\DGUBWLELERGULIILUHHNUDYDHOBKHULDHOL]HHQRWRYDHUEDHVDXONRYHYDQJHOLVWDVDPIDONLXV
IDQWRPD]]]IHHOBWKHBLPDJHIHVWHUBXDJELQJDUDJDJOH[KKKKRSHKLHUEDKLPHQDKLQGXJLUO
LEQBVDPPDNLOLVKLQLULVNDLVNDMHQVKHQBMRUMHWWDNDGM\NDPHQHYNDVWDQHGDNDWUHQNDBMUNDWVRNLHYEHDU
NLHYFDWNLU\DQNRUHIIDQNURNR]\DEUDNXGU\DVKNLBODUDBDOHW\OHGBPLVWOLGHUBR
ORBOLWDPDGGFDWPD[BVYPD[NROPD\BEBJXLOW\PD\DBPHOLDQPFB[PDSDPHUFLNPH[LFDQHFPLRPLR
PLVVOHDGPLWRVPL[DOLPMDZDPWPXUJDWURLGP\VLQHQDWDOLDBVQHPR\QHYHULSHQH]DGDFK\DQJB
QJBSKRWRQLNPXUGHUQL]NDQQVBQVQQRBVSHHFKQRQHBVPLORGRQROOSDVK\UH\SDXWLQDSHVQ\DBSHVQ\D
SOXPBEXPT]]DDUJKUODQGUDVWDIDULUDVWDPDQGLWDUHDOFRPSULWWDUUUDQVDQ\FKVDXQGVFKHJORY
VFKZDU]HBNDW]HVFRUSBFDVHDVHNLOGMDYNDVHUGXNHVHYHQRYDVKHIDQJRVLVRSVRMX]VSLUVWHODULD
VZDUJDV\QFDWV\VYDOWDOPXWKWDQQHQWDUDQWXOWKHBSHWURYLFKWKSLUWWUDINLQDWXUNXWWXWDQKDPRQ
XPDQDJHUYDGLPBSDQRYYDG\XQ\DYDOHUDLWYDOLGROFKLNYDON\UL\DYDV\XFKNDYHUHVYLBX
YLQFHQWBQRBFDUHYLUJYODGLXVYRIINDZLGFDW[BOLQD[HODVNDF[SULPXV\DQDND\OOZ\UDVKN]HYDQD
]LUHDHOND]PHMXND]PHXND]RB]R]RPE]RUJBXDKhh[s_kl\ZB\DBVWHUYDBDGBKDUGIDNHDGYBXD
DONRJROLNLDQHNGRWDQWLPXOWELHUVWDGWBNLHYEUXWDOBEXVLQHVVGHQJLBYBNLHYHGHYXVKNLGLUW\BDQHFGRWHV
HBUXIDLQHBPLVWRIODVKBPREBNLHYIRWRB]KDEDKDOLDYDBXDKRFKXB]DPX]KKRORVW\DNLLQBNLHYMNNLHY
NLHYNLHYBIODPHNLHYBIULHQGVNLHYBKHOSNLHYBMRENLHYBOMBPHHWLQJNLHYBQHRGLQNLHYBUHDOW\
NLHYBVHFRQGNLHYBVKRSSLQJNLHYBVRSOLNLHYVH[NNBDZDUGN\LYBYRLFHORVWBLQBNLHYQDBVKDUXBNLHY
QDNHGSDUWVBUXRWGDPB]DBPLQHWRWGDPV\DBGDURPRWGDPV\DBNLHYRWGDPV\D]DHEOXSROLWBDGYHU
SRQDHKDOLBRWRUHDOJLUOVUHOD[BNLHYUXBEDFKHORUVUXBEDMDQUXBEDOGXUVBJDWHUXBED\DQUXBF\QLNL
VH[BDQGBNLHYVKDVKOLNBNLHYWBJUDGWHUQRBLQBN\LYXDBEDQNXDBIULHQGVXDBOMSURPRXDBPDLGDQ
XDBPDUNHWXDBSURGXFWLRQXDBVH[XNUBQDWLRQDOLVP
LjZgkebjm_fu_e_gluXDBYDFDQF\
aZbfgu_^jmavyFHDQDULDOGIVWXBORYLQJBOXBBPXVKNDBBVKDNDBBWRSBDD]BDFHNLHYXD
DFLGBEXQQ\DFWURVDOLHQBQRZDPD]LDPHONDDQXVKDDQ]]RODDUJRQDXWDEDUEDV\DNDEDUO\EHQ]LQD
ELJBVWDUEOLQRKRGFGFYHWNLQDGDQDBGRGDYHOVGHDGBFDWBGDQFHGHGGHSHERGH]XJQHUGLJJ\D
GLYLQHBWDOGRWRVKQD\DGUBWLELERGULIILUHHNUDYDHOL]HHQRWRYDHUEDHVDXONRYIDQWRPD]]]
IHHOBWKHBLPDJHIHVWHUBXDJELQJDUDJDJOH[KKKKRSHKLHUEDKLPHQDLEQBVDPPDNLOLVKLQLULVND
MHQVKHQBMRUMHWWDNDGM\NDPHQHYNDVWDQHGDNDWUHQNDBMUNDWVRNLHYFDWNRUHIIDQNURNR]\DEUD
NXGU\DVKNLBODUDBDOHW\OHGBPLVWOLGHUBRORBOLWDPDGGFDWPD[BVYPD[NROPD\BEBJXLOW\PFB[PDSD
PHUFLNPLRPLRPLVVOHDGPLWRVPL[DOLPMDZDPWPXUJDWURLGP\VLQHQDWDOLDBVQHPR\QHYHULSH
QH]DGDFK\DQJBQLNPXUGHUQL]NDQQVBQVQQRQHBVPLORGRQROOSDXWLQDSOXPBEXPUODQGUDVWDIDULULWWD
VDQ\FKVDXQGVFKHJORYVFKZDU]HBNDW]HVFRUSBFDVHDVHUGXNHVHYHQRYDVKHIDQJRVLVRSVSLUVWHODULD
V\QFDWV\VYDOWDOPXWKWDUDQWXOWKHBSHWURYLFKWKSLUWWUDINLQDWXUNXWWXWDQKDPRQYDG\XQ\DYDON\UL\D
YDV\XFKNDYHUHVYLBXYLUJYODGLXVYRIIND[HODVNDF[SULPXV\DQDND\OOZ\UDVKN]HYDQD]LUHDHOND
]PHMXND]PHXND]RB]R]RUJBXD
LZd`_\^jmavyomBBBBOBBBHONLBSDONLBJDQGQBDQDKXMDDQLQDPDQWRQDYWDVKYDWWKDPDQ\
EUDYHXDGGGHOSKLQFKLFNGHPRQQGP]B]GUBD]]LHEDO\DYDVILRULQHKD]\BDPEHUMXUBMXU
NDDKREDBOWNDOEDVBQLFNNDSPDKNRUJNR[XVHUOHQDBRO\DORVWBRQHBGP\EDQLJKWBKRUVHPDQQRY\
SDKDQLXPSDUWSURF\RQORWRUSURVWRILORVRIUHDODYDWDUUR]DEHONDUR]KDVKOHPDVKWLVLONDVRIW
VLPSOHBYRLFHVPLWKB]OR\VQHJBDQ[LHX[WDLBDRZHQWDQJDBFDVKWDU\NWLPRKDXNUIDQYYODG[O[O[\XOR
\DQHN]DLFKRQRFKHN]]]XOIL\D
Khklhbl\DGBKDUGIDNHDGYBXDDONRJROLNLDQHNGRWDQWLPXOWELHUVWDGWBNLHYEUXWDOBEXVLQHVV
GHQJLBYBNLHYHGHYXVKNLGLUW\BDQHFGRWHVHBUXIDLQHBPLVWRIODVKBPREBNLHYIRWRB]KDEDKDOLDYDBXD
KRORVW\DNLMNNLHYNLHYNLHYBIULHQGVNLHYBKHOSNLHYBOMBPHHWLQJNLHYBQHRGLQNLHYBSKRWR
NLHYBSLGRUNLHYBUHDOW\NLHYBVHFRQGNLHYBVKRSSLQJNLHYBVRSOLNLHYVH[NNBDZDUGN\LYBYRLFH
ORVWBLQBNLHYQDBVKDUXBNLHYQDNHGSDUWVBUXRWGDPB]DBPLQHWRWGDPV\DBGDURPRWGDPV\DBNLHY
RWGDPV\D]DHEOXSROLWBDGYHUSRQDHKDOLBRWRUHOD[BNLHYUXBEDFKHORUVUXBEDMDQUXBEDOGXUVBJDWHUXB
ED\DQUXBF\QLNLUXBSLNQLNUXBSUHYHGUXBVH[\UXBVKRZBERREVUXBVLQJOHUXBYLUJLQVVDQWDEDUEDUDBXD
VFRRWHUBXDVH[BDQGBNLHYVKDVKOLNBNLHYVKRZB\RXUBSXVV\WBJUDGXDBEDQNXDBIULHQGVXDBOMSURPR
XDBPDLGDQXDBPDUNHWXDBSROLW\NDXDBSURGXFWLRQXDBVH[XNUBQDWLRQDOLVP
G_ihkj_^kl\_gghgZ_]hkljZgbp_fh`ghi_j_clbihkkued_gZdZ`^h]hbawlbo^jma_cbm[_^blvky
qlhjZkijhkljZg_gb_bgnhjfZpbbf_`^mgbfbfh`_lijhoh^blvihgZklhys_fmeZ\bghh[jZagh
Ijboh^bfd\u\h^mqlhrlZlh\puih`Zemcg_gZijZkgh^himkdZxl\hafh`ghklvZlZdbkhklhjhgu
[eh]]_jh\dhlhjmxijb^_lkyhljZ`Zlv klZlvxh[wlhfhq_gvdklZlbgZfihdZaZegZwlhfnhjmf_
$OEHUW5$SU\f
GZgZr\a]ey^baijb\_^_ggh]h\ur_bkke_^h\Zgbybkhijh\h`^Z\r_]h_]hh[km`^_gby\b^ghqlh
g_nhjfZevgu_bkhklhysb_ba]_h]jZnbq_kdbm^Ze_gguo^jm]hl^jm]Zex^_ckhh[s_kl\Zkihkh[gu
b]jZlvk_jv_agmxjhev\jZkijhkljZg_gbbbgnhjfZpbbb\nhjfbjh\Zgbbfg_gbyihl_fbebbguf
\hijhkZfbqlhki_pbZebkluihjZ[hl_kbgnhjfZpb_chlq_leb\hwlhihgbfZxl
dhgl_dkl_ihablb\Z\hlghr_gbbdwlhcdhfiZgbb
LZdb_aZijhkuiha\heyxl[ulv\dmjk_ihy\e_gbywfhpbhgZevghhdjZr_gguokhh[s_gbc
iheh`bl_evgh]hk\hckl\Zhk\h_cbebihklhjhgg_cdhfiZgbb
�eywlh]hkha^Z_lkyaZijhkkh^_j`ZsbcgZa\Zgb_hj]ZgbaZpbbblZdb_keh\ZdZdgZ]jZ^Z
ih[_^Zmki_odhgdmjk[eZ]h^ZjghklvemqrbcbliLZdbf`_h[jZahfkhklZ\eyxlkyb
aZijhkukhkeh\Zfbdhlhju_oZjZdl_jbamxlijh^mdpbxdhfiZgbb
Ijb\_^_fijbf_jkhhl\_kl\mxs_]hihbkdZihZ^j_km
JbkJ_amevlZluihaZijhkmhdhfiZgbbF_]Znhg\ihablb\ghfdhgl_dkl_
�f_]Znhg\t\t gZ]jZ^Z_ih[_^Z_mki_o_dhgdmjk_ih[eZ]h^Zjbe_[eZ]h^Zjghklv_emqrbc\f@
j_amevlZludhlhjh]hijhbeexkljbjh\ZgugZjbk
?kebj_amevlZlh\kebrdhffgh]hfh`ghbkdexqZlvl_bagbodhlhju_m`_[uebijhkfhlj_guLZd
gZijbf_j_kebaZijhkfh^bnbpbjh\Zlvm[jZ\bag_]h\dZq_kl\_wdki_jbf_glZkeh\Z
ih^dexq_gb_jhebddhgkmevlZgluFZfZjZfhkd\Z
�AZijhkf_]Znhg\t\t gZ]jZ^Z_ih[_^Z_mki_o_dhgdmjk_ih[eZ]h^Zjbe_[eZ]h^Zjghklv_emqrbc\f
aa ih^dexq_gb__jhebd_dhgkmevlZglu_FZfZjZ_fhkd\Z\f@
lhblh]h\Zy\u[hjdZbaf_gblkyqlhhlh[jZ`_ghgZjbk
JbkJ_amevlZluihaZijhkmhdhfiZgbbF_]Znhg\ihablb\ghfdhgl_dkl_b[_akeh\
ih^dexq_gb_jhebddhgkmevlZgluFZfZjZfhkd\Z
DklZlbijbkjZ\g_gbb^\moijb\_^_gguo\ur_jbkmgdh\klZgh\blkyhq_\b^guf^h\hevgh
jZkijhkljZg_gguc]exdYg^_dkZdhebq_kl\hkljZgbpdZdbke_^h\Zehh`b^ZlvagZqbl_evgh
mf_gvrbehkvZ\hldhebq_kl\hkZclh\\hajhkehWlhdZdfum`_]h\hjbebk\yaZghkl_fqlh
kljZgbpu^Zggucihbkdh\bdkqblZ_llhqghZ\hlkZcluijb[ebabl_evgh
AZijhkihgZa\ZgbxdhfiZgbb\dhgl_dkl_rljZnkm^kdZg^Ze
Ih^h[gu_aZijhkuijyfhijhlb\hiheh`gu jZamf__lkyg_ihijbgpbibZevghck\h_ckljmdlmj_Zih
p_eyfbwfhpbhgZevghchdjZkd_\fl_fdhlhju_[uebhibkZgu\ij_^u^ms_fjZa^_e_Hgbiha\heyxl
ihklZ\blvgZfhgblhjbg]ihy\e_gb_khhl\_lkl\mxs_cg_]Zlb\ghcbgnhjfZpbbhk\h_chj]ZgbaZpbb
bebhdhfiZgbbkhi_jgbd_
H[uqgh\gZqZe_jZ[hluki_pbZebklhfdhgdmj_glghcjZa\_^dbijhkfZljb\Zxlkybf_xsb_kygZ
fhf_glkhklZ\e_gbyaZijhkZkhh[s_gbyAZl_fi_j\u_^\_kljZgbpubgnhjfZpbhgghckbkl_fu
hlkhjlbjh\Zggu_ih^Zl_Zg_ihj_e_\ZglghklbklZ\ylkygZfhgblhjbg]ihbkdh\ufjh[hlhfZ
djhf_lh]hihgbfijhba\h^blkyih^ibkdZgZgh\hklbihbkdh\uofZrbglZdb_dZdGh\hklb
Yg^_dkZbeb*RRJOH$OHUWWlhiha\hey_l\ihke_^kl\bbg_ljZlblv\j_fygZijhkfhlj\k_]h
fZkkb\ZbgnhjfZpbbZhlke_`b\Zlvebrvk\_`b_ihklmie_gby
AZijhkihgZa\ZgbxdhfiZgbb\dhgl_dkl_aZjieZlZiehohcdb^Zxl
KhklZ\ey_lkyihbkdh\ucaZijhkkhkeh\Zfbdhlhju_fh]mlmihlj_[eylvky\hljbpZl_evguo
dhgl_dklZoblZd`_dZd\ij_^u^ms_fkemqZ_klZ\blkygZfhgblhjbg]G_ke_^m_laZ[u\Zlvbh
ihklZgh\d_gZfhgblhjbg]gZa\Zgbyhj]ZgbaZpbbb\f_kl_kwe_f_glZfbg_ghjfZlb\ghce_dkbdb
Emqr_hlke_^blvih^h[gu_khh[s_gbykZfhklhyl_evghbk\h_\j_f_gghijbgylvf_jug_`_eb
iha\heblvjZa\blvkydZfiZgbbq_jgh]hibZjZdhlhjZy\iheg_fh`_l[ulvhj]Zgbah\ZgZgZhkgh\_
klbobcgh]h bebkieZgbjh\Zggh]hbkdhhj^bgbjh\Zggh]h\f\hafms_gbydeb_glh\
^jm]b_qZklbj_kmjkZbebm^Ze_gum`_ihke_lh]hdZdboijhbg^_dkbjm_lihbkdh\ZyfZrbgZgh^h
\Zr_]hijboh^ZgZkZclwlhfkemqZ_gZ^hihkfhlj_lvgZkljZgbpmkhojZg_ggmx\dwr_
GZihfgbfqlhi_j_oh^gZg__\=m]e_hkms_kl\ey_lkyg_ihkj_^kl\_gghkhkljZgbpukh^_j`Zs_c
\u[hjdmihaZijhkmZ\Yg^_dk_khkljZgbpugZdhlhjmxi_j_oh^ylgZ`Z\]bi_jkkuedm
GZc^_ggu_keh\Zih^j_amevlZlZfbihbkdZ
Ijhkfhljkq_lqbdZihk_s_gbckZclZ
G_hq_\b^guc^eyfgh]boghbgh]^ZdjZcg_ihe_agucj_kmjkijbbamq_gbbkZclZdhfiZgbb
kq_lqbdihk_s_gbcwlh]hkZclZHgiha\hey_lhlke_`b\Zlvkdhevdhihk_lbl_e_cbhldm^Zijboh^yl
gZkZclZlZd`_mqZkl\h\Zlv\j_clbg]Zo
Kq_lqbdij_^klZ\ey_lkh[hcg_[hevrhckdjbildhlhjuc\ibkZg\l_dklkljZgbpukZclZbi_j_^Z_l
gZk_j\_jk\h_]h\eZ^_evpZbgnhjfZpbxhlhfdlhbdh]^ZaZ]jm`ZewlmkljZgbpmGZk_j\_j_wlZ
bgnhjfZpbyh[jZ[Zlu\Z_lkyojZgblkybij_^hklZ\ey_lky\eZ^_evpmkZclZkmklZgh\e_ggufih_]h
aZijhkmkq_lqbdhfH[uqghwlhlaZijhk\u]ey^bldZdkZfhklhyl_evgh_h[jZs_gb_deb_glZdkZclm
dhfiZgbbij_^hklZ\eyxs_ckq_lqbdb
DZdijZ\behmklZgh\dZkZfh]hijhklh]hkq_lqbdZijhba\h^blky[_kieZlghH^gZdhbgnhjfZpby
dhlhjmxhgij_^hklZ\ey_ldZkZ_lkyebrvdhebq_kl\Zihk_lbl_e_cbg_jZkdju\Z_lih^jh[ghkl_c
hlghkbl_evghlh]hdlhhgbqlh^_eZebgZkZcl_kdZdhckljZgbpuaZrebgZkZclbgZdZdhc
kljZgbp__]hihdbgmeb
�eymklZgh\dbkq_lqbdZgZ^hijhklhijbclbgZkZclkbkl_fudhlhjZyaZgbfZ_lkybgklZeeypb_c
mdZaZggh]hbgkljmf_glZkhh[sblvk\hxdhglZdlgmxbgnhjfZpbxbZ^j_kk\h_]hkZclZihemqblv
dh^kq_lqbdZkmgbdZevgufghf_jhfbijhklufdhibjh\Zgb_f\klZ\blvg_kdhevdhkljhq_dwlh]h
dh^ZgZk\hxkljZgbpmDh]^ZdZ`^ucgh\ucihevah\Zl_evihk_sZ_lj_kmjkkdjbildZdfum`_
]h\hjbebi_j_^Z_lbgnhjfZpbxh[wlhf\dhfiZgbxdhlhjhcijbgZ^e_`blKhhl\_lkl\_ggh
^Zggucbgkljmf_gl^he`_g[ulvkdhibjh\Zg\bkoh^gucdh^dZ`^hckljZgbpubgZq_l_bagbogZ
dhlhjuohgg_mklZgh\e_g\uiZ^mlbaiheyaj_gby
Fgh]b_djmigu_dhfiZgbbibrmlkq_lqbdbkZfbeb[hkdju\Zxlboij_^ihqblZyg_khh[sZlv
ihk_lbl_eyfh[bogZebqbb dklZlbmkem]ZjZaf_s_gbykdjulh]hkq_lqbdZh[uqghieZlgZy\
ijhlb\ghfkemqZ_m^ZklkykdjulvebrvklZlbklbdmihk_s_gbcghg_kZfnZdlmklZgh\db
bgkljmf_glZgZkljZgbp_\fLZdmfgh]bodjmiguodhfiZgbc\jh^_DhdZDheubeb=ZaijhfZ
kq_lqbdh\g_\b^gh
H^gZdhg_kfhljygZlhqlh[hevrbgkl\hdhff_jq_kdbobgl_jg_lijh_dlh\ZlZd`_ebqguokljZgbp
kgZ[`_ghlZdbfbkq_lqbdZfbg_j_^dhkemqZ_lkylZdqlhdhfiZgbbaZieZlb\rb_aZij_^hklZ\e_gb_
bfjZkrbj_gguoklZlbklbq_kdbo^ZgguohihimeyjghklbboihjZlZeZg_kqblZxlgm`gufbeb
ijhklhaZ[u\Zxlwlb^Zggu_kdjulvj_amevlZl_bgnhjfZpbyhihk_sZ_fhklbkZclZklZgh\blky
h[s_^hklmighc
�eygZ]ey^ghklbh[jZlbfkydjZkkfhlj_gbx^Zggh]h\hijhkZgZijbf_j_kq_lqbdZ+RW/RJ
� KWWSKRWORJUX\fjZkijhkljZg_ggh]h\JhkkbbeygZqZeZlj_[m_lkygZclbwlhlkdjbilgZkljZgbp_
kZclZK^_eZlvwlhg_keh`ghdZdijZ\beh^hklZlhqghijhklhijh[_`ZlvkljZgbpm
g_rg_kq_lqbdfh`_l\u]ey^_lvihjZaghfm\aZ\bkbfhklbhllh]hdZdhc_]h\ZjbZgl\u[jZe
\eZ^_e_pj_kmjkZKZfZkbkl_fZ+RW/RJij_^eZ]Z_lkZfu_jZagu_\ZjbZglu\g_rg_]hhnhjfe_gby
H^gZdh[u\ZxlkblmZpbbdh]^Zkq_lqbdm\b^_lvg_m^Z_lkywlhfkemqZ_fuj_dhf_g^m_fhldjulv
ijhkfhljbkoh^gh]h+70/dh^ZkljZgbpubkihfhsvxihbkdZbkihevamydeZ\brb&75/)gZclb
keh\h+RW/RJ
hldZd\u]ey^blkq_lqbdijbihbkd__]hq_j_abkoh^gucdh^kljZgbpugZkZcl_:evidem[ZF=M
&#x;&#xOh;&#xoe;&#xh;&#xZ00;bfJOhoeh\Z@ jbk\f
I_j\h_`_^ebggh_qbkeh\dh^_kq_lqbdZwlhb^_glbnbdZpbhggucghf_j ,'\fihdhlhjhfmb
\_^_lkyklZlbklbdZkemqZ_ijb\_^_gghfgZjbkmgd_wlhqbkehhghhlh[jZ`_gh\gb`g_c
e_\hc_]hqZklb?keb`_kq_lqbd\b^_ggZkljZgbp_kZclZlhijbgZ\_^_gbbgZg_]hdmjkhjZh[uqgh
\gb`g_cqZklbkljZgbpu\uk\_qb\Z_lkylhl`_ghf_j g_ihkj_^kl\_gghi_j_^gbfklhbl
\hijhkbl_evgucagZd\fKdZaZggh_ohjhrhbeexkljbjm_ljbk
JbkKq_lqbd+RW/RJ\bkoh^ghfdh^_kljZgbpukZclZ
JbkIjbgZ\_^_gbbdmjkhjZgZyjeudkq_lqbdZ\b^_gb^_glbnbdZpbhggucghf_j
kq_lqbdZ+RW/RJgZkZcl_:evidem[ZF=MbfJOhoeh\Z
MagZ\lZdbfh[jZahf,'kq_lqbdZfh`ghhlijZ\eylvkygZkZcl+RW/RJJ_kmjkij_^mkfZljb\Z_l^\Z
\b^Z\oh^Z^ey\eZ^_evp_\j_kmjkZb]hkl_\hcI_j\uclj_[m_leh]bgZbiZjheydhlhju_
g_\hafh`ghmagZlvbahldjuluobklhqgbdh\Z\lhjhcij_^iheZ]Z_l\\h^,'dhlhjuchldjulu_
bklhqgbdbbij_^hklZ\eyxl?keb\eZ^_e_pkZclZaZij_lblijhkfhljbgnhjfZpbbq_j_a]hkl_\hc
\oh^kbkl_fZh[wlhfkhh[sbl:_keblZdb_h]jZgbq_gbyg_gZdeZ^u\Zxlkylhex[hcihk_lbl_ev
ihemqZ_l^hklmidklZlbklbd_ihk_sZ_fhklbkZclZWlhihdZaZghgZk_jbbijb\_^_gguogb`_
jbkmgdh\ jbk\f
Bih`ZemckZfh_\Z`gh_\klZlbklbd_^hklmighcq_j_akq_lqbdbwlhLSZ^j_kZkdhlhjuo
ihevah\Zl_ebaZoh^ylgZkZclkemqZ_dh]^Zbkke_^m_lky^_yl_evghklvg_dhlhjuodhff_jq_kdbo
dhfiZgbcwlZbgnhjfZpbyfh`_l[ulvijyfufhl\_lhfgZ\hijhkDZdgZclbdeb_glh\
dhgdmj_glZ"
GZrhiulihdZau\Z_lqlhbgnhjfZpbyhihk_sZ_fhklbkZclZihl_fbebbgufijbqbgZfgZoh^blky
\hldjulhf^hklmi_hq_gvqZklhG_j_^dhwlhfh`_l[ulv^h\hevghmki_rghbkihevah\Zgh
ki_pbZebklhfdhgdmj_glghcjZa\_^db
MijZ\eylv`_ijZ\Zfb^hklmiZdlZdbfk\_^_gbyfhq_gvijhklh\eZ^_evpmj_kmjkZ^hklZlhqgh
m[jZlvbebihklZ\blvkhl\_lkl\mxsmxhlf_ldm\gZkljhcdZogZkZcl_dhfiZgbbij_^hklZ\eyxs_c
kq_lqbdb
JbkH[s__qbkehihk_lbl_e_cbijhkfhlj_gguokljZgbpih^Zggufkq_lqbdZ+RW/RJgZkZcl_
:evidem[ZF=MbfJOhoeh\Z
JbkOZjZdl_jbklbdZihk_lbl_e_ckZclZ:evidem[ZF=MbfJOhoeh\Zklhqdbaj_gbybo
]_h]jZnbq_kdhcijbgZ^e_`ghklbih^Zggufkq_lqbdZ+RW/RJ
GZqlhh[jZsZlv\gbfZgb_ijbbamq_gbbkhljm^gbdh\dhgdmj_glZ
Ki_pbZebkldhgdmj_glghcjZa\_^db^he`_g^_j`Zlv\ihe_k\h_]haj_gbydexq_\uokhljm^gbdh\
dhfiZgbcbmqj_`^_gbckihkh[guohdZaZlviheh`bl_evgh_bebhljbpZl_evgh_\ebygb_gZ
^_yl_evghklvhij_^_e_ggh]hij_^ijbylbyWlh^_eZ_lky^eylh]hqlh[ubf_lv\hafh`ghklvijb
g_h[oh^bfhklbij_^kdZaZlvihklmidbl_obebbguoex^_cZlZd`_agZlvddZdhfmih^oh^m
ijb[_]gmlv^Z[u\kemqZ_g_h[oh^bfhklbihemqblvmgbogm`gmxbgnhjfZpbxbebijh\_klb\
�Ihfg_gbxEZjbDZoZg_jZ /DUU\.DKDQHU\f@kms_kl\m_lljbdexq_\uowe_f_glZdhlhju_
hij_^_eyxl^_ckl\bydZ`^h]hjmdh\h^bl_ey\dhgdj_lghckblmZpbb
ijhreuchiul
l_fi_jZf_gl
hdjm`_gb_
IjhreuchiulagZqbfihlhfmqlhdZ`^ucq_eh\_dklj_fblkydih\lhj_gbxlh]hklbeyih\_^_gby
dhlhjuc\ijhrehfijb\h^be_]hdmki_omBgZh[hjhlij_^ihqblZ_lba[_]Zlvih\lhj_gbyijhreuo
hrb[hd\hkh[_gghklbg_^Z\gbo
DZdhlf_qZeDZoZg_j\jy^_kemqZ_\ki_pbZebkludhgdmj_glghcjZa\_^dbfh]mlij_^kdZaZlvqlh
q_eh\_d^h[b\Z\rbckymki_oZ\h^ghcdhfiZgbbg_kfh`_lij_mki_lv\^jm]hcihkdhevdm
hj]ZgbaZpbbklZjZybgh\ZyijbgpbibZevghhlebqZxlky^jm]hl^jm]ZIjbwlhfDZoZg_j
�ijb\h^beijbf_j`hgZKdZeeb -RKQ6FXOOH\\fi_j_r_^r_]hba3HSVL&2\$SSOHG_^he]h\_qghklv
ij_[u\ZgbyKdZeebgZgh\hfihklmij_^\b^_eh[hevrbgkl\hki_pbZebklh\m`_\fhf_gl\klmie_gby
lh]h\gh\mx^he`ghklvBoijh]ghauhkgh\u\ZebkvgZhp_gd__]hebqghklbihijb\_^_gghca^_kv
f_lh^bd_dhgdmj_glghcjZa\_^db
L_fi_jZf_glq_eh\_dZij_^hij_^_ey_l\u[hjbfgZbemqr_]h gZ_]h\a]ey^\f\ZjbZglZbag_kdhevdbo
\hafh`guoIhfg_gbxDZoZg_jZZ]j_kkb\gZyebqghklvo\Zklmgex[bl_evjbkdZbebdhgk_j\Zlhj
ihklmiyldZ`^ucihk\h_fmIjbq_fba\_klghqlhl_fi_jZf_glj_^dhf_gy_lkykh\j_f_g_fbwlh
h[klhyl_evkl\hiha\hey_l^hklZlhqghlhqghijh]ghabjh\Zlvih\_^_gb_q_eh\_dZ\lhcbebbghc
dhgdj_lghckblmZpbb
?kebijhqblZlvbgl_j\vxdhlhju_^Z\Zeq_eh\_dbjZkkdZauhg_f^jm]boex^_clhdZjlbgZ
ijhykgblky_s_[hevr_H^gZdhwlhkijZ\_^eb\hebrv^ey^hklZlhqghkoh`bokblmZpbcJ_adh_
baf_g_gb_klZlmkZq_eh\_dZbeb_]hhdjm`_gbyfh`_lhdZaZlvagZqbl_evgh_\ebygb_gZ_]h
ih\_^_gb_H[s_ba\_klghqlhdZjv_jgucjhkl\hkh[_gghklb\g_aZigucfh`_lj_adhbaf_gblv
q_eh\_dZbki_pbZebkldhgdmj_glghcjZa\_^db^he`_gihfgblvh[wlhf^_eZyk\hbijh]ghau
Ih^h[gh_gZ[ex^Z_lky^hklZlhqghqZklhhkh[_gghdh]^Zjy^h\hckhljm^gbd\^jm]g_h`b^Zggh^ey
\k_oklZgh\blkygZqZevgbdhf
Hdjm`_gb_q_eh\_dZKdZdbfdjm]hfex^_cmbamqZ_fh]hq_eh\_dZ\_]hdhfiZgbbih^^_j`b\Zxlky
hlghr_gby"KdZdbfb[Zjv_jZfbhgklZedb\Z_lky\oh^_jZ[hlubdZdh[uqghwlb[Zjv_ju
ij_h^he_\Z_l"
EZjbDZoZg_j]h\hjblqlhki_pbZebklZihdhgdmj_glghcjZa\_^d_ihfbfhlj_o[Zah\uonZdlhjh\
^he`gZbgl_j_kh\Zlvke_^mxsZybgnhjfZpbyhjmdh\h^bl_eyobamqZ_fhchj]ZgbaZpbb
dZjv_jgZybklhjby
iheblbq_kdb_ijbkljZklby
k_f_cguclue
ex[bfu_aZgylby
s_^jucbebkdmihc
qlhex[blZqlhg_ex[bl
oh[[b
ebqgu_ijbqm^u
qlh[uij_^kdZaZlvdZdh_hgbijbfmlj_r_gb_\lhcbebbghckblmZpbbbdm^Zih\_^mldhfiZgbx
Hkh[_ggh\Z`ghagZgb_ebqghklguohkh[_gghkl_cjmdh\h^bl_e_c\kemqZ__kebh[klhyl_evkl\Z\
dhlhjuowlbjmdh\h^bl_ebhdZaZebkvhlebqZxlkyhll_o\dhlhjuobf^h\h^behkvhdZau\Zlvky
ij_`^_GZqZevgbd`b\hcq_eh\_dZihlhfm^Z`_ijbgbfZyj_r_gb_\gh\hc^eyk_[yh[klZgh\d_
hg\k_jZ\gh[m^_lihklmiZlv\khhl\_lkl\bbkl_fdZdh\u_]hebqghklgu_hkh[_gghklb:agZqbl
hgij_^kdZam_f
IjZ\^ZlZdhcih^oh^gm`_gg_\k_]^ZZlhevdhijbjZ[hl_khkgh\gufijhlb\gbdhfK\yaZghwlh
kl_fqlhk[hjbhkfuke_gb_bgnhjfZpbbhebqghklbq_eh\_dZlj_[m_lagZqbl_evguoaZljZl
\j_f_gbbkbehlghr_gbblhih\hklZevguodhgdmj_glh\bebkljZl_]bq_kdboiZjlg_jh\
^hklZlhqgh[Zau^Zgguokbf_gZfb^he`ghklyfbbl_e_nhgZfbH^gZdhijbi_j_oh^_dZdhclh
dhfiZgbb\jZajy^hkgh\gh]hijhlb\gbdZkibkhdijbklZevghbamqZ_fuoi_jkhg^he`_g
g_ij_f_gghihihegblvkyjmdh\h^bl_eyfbwlhchj]ZgbaZpbb
Djhf_lh]hijbk[hj_bgnhjfZpbbihhldjulufbklhqgbdZfEZjbDZoZg_jj_dhf_g^m_l
khkj_^hlhqblvmkbebygZke_^mxsbof_jhijbylbyo
mklZgh\blvk\yabdhfiZgbbk\eZklyfb
mklZgh\blvZnnbebjh\ZgguokdhfiZgb_cebp
bkke_^h\Zlvg_]Zlb\gmxbgnhjfZpbxhdhfiZgbb
hij_^_eblvZdlb\udhfiZgbb
mklZgh\blvgZa\Zgbyih^dhlhjufbdhfiZgbyjZ[hlZeZjZgvr_
mklZgh\blvdlhgZkZfhf^_e_\eZ^__ldhfiZgb_c
DZdm\b^_lvihy\e_gb_\Bgl_jg_l_gh\hcbgnhjfZpbbhk\h_fij_^ijbylbb
�eylh]hqlh[udhgljhebjh\ZlvkblmZpbxkbgnhjfZpb_chkh[kl\_gghcdhfiZgbb\k_lbke_^m_l
khklZ\blvihbkdh\u_aZijhkuhg_clhqghlZd`_dZdfuij_^eZ]Zeb^_eZlvwlh^eybamq_gbyqm`bo
hj]ZgbaZpbcIhke_lh]hdZdih^h[gZyjZ[hlZ[m^_lijh^_eZgZj_dhf_g^m_fihklZ\blvwlbaZijhku
gZfhgblhjbg] ^eyYg^_dkZ\f
Hlkhjlbjh\Zlvj_amevlZluaZijhkZihj_e_\ZglghklbbihklZ\blvgZfhgblhjbg]i_j\u_iylv
kljZgbp wlhiha\hebl[ulv\dmjk_\k_chkgh\ghc^hklmighcihevah\Zl_eyfihbkdh\uokbkl_f
bgnhjfZpbb\f
Hlkhjlbjh\Zlvj_amevlZluaZijhkZih^Zl_bihklZ\blvgZfhgblhjbg]i_j\u_^\_kljZgbpu wlh
iha\hebl\b^_lv\k_gh\u_khh[s_gby\f
IhklZ\blvgZfhgblhjbg]i_j\u_iylvkljZgbpijbkhjlbjh\d_j_amevlZlh\ihj_e_\Zglghklb^ey
ijhkluo g_ijhn_kkbhgZevghknhjfmebjh\Zgguo\faZijhkh\dZdbokhklZ\be[u
g_ih^]hlh\e_ggucq_eh\_d
Ijbbaf_g_gbbhi_jZlb\ghch[klZgh\dbkhklZ\eylvki_pbZevgu_aZijhkulZdb_dZdgZijbf_j
mihfbgZgb_dhfiZgbb\h^ghf^hdmf_gl_kdZdhclhdhgdj_lghcnZfbeb_cbebhij_^_e_gguf
gZa\Zgb_f
Djhf_lh]h^ey=m]eZke_^m_lihklZ\blvZgZeh]bqgu_aZijhkugZfhgblhjbg]ihj_e_\ZglghklbZ
lZd`_ih^Zl_kihfhsvx*RRJOH$OHUW
GZ^hhlf_lblvqlhih^h[gu_f_jug_h^ghdjZlghihfh]ZebgZf\uy\eylvgZqZehbgnhjfZpbhgghc
\hcgum`_q_j_ag_kdhevdhqZkh\ihke_lh]hdZdkhhl\_lkl\mxsb_k\_^_gbyklZgh\bebkv
ijbf_jgh\iheh\bg_kemqZ_\ijb\h^behdhldZamhlijh^he`_gbyZlZdbkhklhjhgu
g_^h[jh`_eZl_e_cZ\hklZevguok\h_\j_f_gghgZqbgZlvxjb^bq_kdh_ij_ke_^h\Zgb_
ijZ\hgZjmrbl_ey
DZdh[gZjm`blvijbkmlkl\b_\Bgl_jg_l_bgnhjfZpbbhk\hbokhljm^gbdZobhkhljm^gbdZo
dhgdmj_glZ
Khljm^gbdbdhfiZgbcfh]ml[ulvh[gZjm`_gu\Bgl_jg_l_ijbihbkd_ihlj_fjZaguf
gZijZ\e_gbyf
Ih^Zggufk\yaZggufkgZa\Zgb_fdhfiZgbb
ijbfhgblhjbg]_ihgZa\Zgbxhj]ZgbaZpbb
ijbfhgblhjbg]_ih^hf_gghfmbf_gb\Z^j_kZowe_dljhgghcihqlu
ijbfhgblhjbg]_kZclZdhfiZgbbihhi_jZlhjm/LQN
ijbfhgblhjbg]_ihy\e_gbyj_axf_ki_pbZebklh\gZ\_[kZclZoihk\ys_gguoihbkdmjZ[hlu
Ih^ZggufgZc^_ggufijbbkke_^h\ZgbbfZl_jbZeh\k\yaZgguokgZa\Zgb_fdhfiZgbb
ijbihbkd_ihghf_jZfl_e_nhgh\hj]ZgbaZpbb
ijbihbkd_ihgZa\ZgbyfihklZ\sbdh\bebdeb_glh\dhfiZgbb
ijbihbkd_ihgZa\Zgbyf__ijh^mdpbbbebmkem]
Ihbf_gbdhgdj_lguoex^_c dh]^Zijbp_evghbsmlhij_^_e_gguoki_pbZebklh\\f
DZdbkihevah\ZlvbgnhjfZpbxbaBgl_jg_lZ^eyih^^_j`dbfZjd_lbg]h\uobkke_^h\Zgbc
ih\ur_gbydeb_glhhjb_glbjh\ZgghklbdhfiZgbbbdhgljijhiZ]Zg^u
Bgl_jg_ldZdbg^bdZlhjgZkljh_gbydeb_glh\bgkljmf_gl^eyk[hjZbofg_gbcbkj_^kl\h\ebygby
gZfg_gb_deb_glh\
Ki_pbZebkldhgdmj_glghcjZa\_^dbfh`_lbkihevah\Zlvijhn_kkbhgZevgucihbkd\Bgl_jg_l_^ey
lh]hqlh[u\uykgblvj_Zevgh_hlghr_gb_deb_glh\
kemqZ_dh]^Zj_qvb^_lhrbjhdhjZkijhkljZg_gguolh\ZjZobebmkem]Zo lZdbodZdZ\lhfh[beb
nhlhZiiZjZlubebkhlh\Zyk\yav\fohjhrmxkem`[m\wlhf\hijhk_fh]mlkhkem`blvnhjmfub
^bkdmkkbhggu_]jmiiu]^_ex^bh[f_gb\Zxlkyk\hbfbfg_gbyfbWlbiehsZ^dbfh`ghkqblZlv
^hklZlhqghh[t_dlb\gufbklhqgbdhfbgnhjfZpbb_kebijh^mdl^_ckl\bl_evghfZkkh\ucb_]h
�h[km`^_gb_ij_^klZ\e_ghrbjhdh_eh\lhfqlh\ij_^_eZog_[hevrh]hnhjmfZ\k_]^Zkms_kl\m_l
\hafh`ghklvijbf_g_gbyl_ogheh]bbbf_gm_fhcg_dhlhjufbki_pbZebklZfbdb[_jnml[hehf
Kmlv__aZdexqZ_lky\lhfqlh]jmiiZex^_cih^jZagufbbf_gZfb gbdZfb\f\ukljZb\Z_l
^bkdmkkbxgm`guf_ch[jZahfIjbf_g_gb_l_ogheh]bbdb[_jnml[heZiha\hey_l\ijbgpbi_^h
g_magZ\Z_fhklbbaf_gblvfg_gb_hijh^mdl_
H^gZdh\jy^ebmdZdhclhdhfiZgbbhdZ`_lky^hklZlhqghj_kmjkh\^Zbijhklh`_eZgby
hlke_`b\Zlvkhlgbnhjmfh\bmkljZb\ZlvmijZ\ey_fh_bkdZ`_gb_bgnhjfZpbbgZdZ`^hfbagbo
L_f[he__qlhfgh]b_khh[s_kl\ZnhjmfqZgij_^klZ\eyxlkh[hc\iheg_keh`b\rb_ky]jmiiu
qe_gudhlhjhcg_j_^dhagZdhfu_^jm]k^jm]hfebqghbhgbijhklhg_^himklylih^h[gh]h
fZgbimebjh\ZgbygZk\h_cl_jjblhjbbBf_gghihwlhfmlhqdbaj_gby\ukdZau\Z_fu_ijbfZkkh\hf
h[km`^_gbbdZdbolh\hijhkh\gZnhjmfZojZaebqgufb^bkdmkkbhggufbdhfZg^Zfb^hklZlhqgh
�h[t_dlb\gueyihemq_gbyh[t_dlb\ghcdZjlbgu]eZ\gh_qlh[unhjmfuijbgbfZ_fu_\h
\gbfZgb_\dZq_kl\_bklhqgbdh\bgnhjfZpbbg_[uebk\yaZguf_`^mkh[hcgb]_h]jZnbq_kdbgb
GZ^hkdZaZlvqlhl_ogheh]bydb[_jnml[heZ_keb__ijbf_gblvk\h_\j_f_gghfh`_l[ulv
k_jv_agufhjm^b_fdhgljijhiZ]Zg^ub[hjv[ukq_jgufibZjhfGZfijboh^blkyi_jbh^bq_kdb
\uklmiZlvgZklhjhg_dhfiZgbcijhlb\dhlhjuojZa\hjZqb\Z_lky[hjv[ZgZbgl_jg_lnhjmfZo
IjZdlbdZihdZau\Z_lqlhqZs_\k_]h^eyjZa\_jlu\ZgbydZfiZgbbq_jgh]hibZjZijhlb\gbd
bkihevam_lklbobcgh\hagbdZxs__g_^h\hevkl\hh^gh]h^\moq_eh\_dbgZqbgZ_l^hihegylvbo
\ukdZau\Zgbykh[kl\_ggufbaZy\e_gbyfbdhlhju_ihjhcagZqbl_evghm\h^yljZa]h\hjhl
i_j\hgZqZevghcl_fughg_baf_gghij_^klZ\eyxl`_jl\m\jhebfhgkljZij_g_[j_]Zxs_]h
bgl_j_kZfbdeb_glh\=jmiiZdb[_jnml[hebklh\ijhlb\hihklZ\eyyijhlb\gbdmihkmlb_]h`_
f_lh^bdmkihkh[gZ^ZlvhlihjZ]j_kkhjZf
GZrbgZ[ex^_gbyaZjy^hfnhjmfh\ihdZaZebqlhqZs_\k_]hmki_oijbghkbllZdlbdZ
db[_jnml[hebklh\dhlhjZyaZdexqZ_lky\jZa\_jgmlhcZj]mf_glZpbbZevl_jgZlb\ghclhqdb
aj_gbyZlZd`_\ihbkd_g_kludh\hdbg_eh]bqghklb\l_dklZohiihg_glh\bha\mqb\Zgb_wlbo
g_kludh\hdWlhfh`ghm^Zqgh^hihegblv\ukf_b\Zgb_fhiihg_glh\bpblbjh\Zgb_fbo
kh[kl\_gguo^bZf_ljZevghijhlb\hiheh`guo\ukdZau\Zgbc\ijhrehfgZc^_gguokihfhsvx
\kljh_ggh]h\nhjmfihbkdZbebkihfhsvxihbkdh\bdh\\Bgl_jg_l_G_iehohkjZ[Zlu\Z_lb
lZdlbdZbkihevah\Zgbyi_jkhgZ`ZdhlhjuckgZqZeZydh[u\uklmiZ_lgZklhjhg_ijhlb\gbdZ wlh
ijb\h^bldlhfmqlhijhlb\gbd\ukdZau\Z_l\k_k\hbZj]mf_gluaZdhjhldh_\j_fybaZl_f_fm
ijhklhg_hklZ_lky\hafh`ghklb^eyfZg_\jZbg_q_]h]h\hjblv\fAZl_fi_jkhgZ`i_j_oh^blgZ
klhjhgmdb[_jnml[hebklh\bg_j_^dhijbwlhfi_j_ly]b\Z_laZkh[hcqZklvklhjhggbdh\gZiZ\r_c
khi_jgbdZ
K[hjbgnhjfZpbbhlhfqlhdhgdmj_glmlZb\Z_lhk\h_fijh^mdl_
Ij_bfms_kl\Zijh^mdpbbdhgdmj_glh\dZdbklbggu_lZdbgZ^mfZggu_h[uqghhljZ`_gu\bo
j_deZfguo[mde_lZo:\hlagZgb_g_^hklZldh\bolh\Zjh\bebmkem]ihjhcihfh]Z_ldhfiZgbb
ijZ\bevgh\ukljhblvkh[kl\_ggmxfZjd_lbg]h\mxiheblbdm_^v\[hevrbgkl\_kemqZ_\
agZqbl_evgh\u]h^g__ba[_`Zlvijyfh]hklhedgh\_gbyk[bag_kijhlb\gbdhfZdp_glbjmy\gbfZgb_
ihlj_[bl_e_cgZk\hbomgbdZevguoiexkZoZg_gZh[sbokdhgdmjbjmxsbfijh^mdlhfk\hckl\Zo
AgZgb_keZ[uoklhjhglh\Zjh\hiihg_glZiha\hey_lg_mihfbgZyhgboijyfhaZ\h_\Zlvlm
Zm^blhjbxdhlhjZybfbg_^h\hevgZ
Ihkdhevdmbatygufh`ghgZclbmex[h]hba^_ebybex[hcmkem]bZijhba\h^bl_evgbdh]^Zg_
klZg_lboZnbrbjh\Zlvkhkj_^hlhqb\rbkvgZlhfqlh[uih^q_jdgmlv^hklhbgkl\Z\Z`gh
ijZ\bevghg_^hklZldbdhgdmjbjmxsboijh^mdlh\b^_glbnbpbjh\ZlvhldZdhibkZghwlh\gZr_c
dgb]_Dhgdmj_glgZyjZa\_^dZfZjd_lbg]jbkdh\b\hafh`ghkl_cdhlhjZy[ueZhim[ebdh\ZgZ\
dhgp_]
�bkdmkkbhggu_]jmiiuhdZau\Zxlkyfhsgufbgkljmf_glhfdhgdmj_glghcjZa\_^dbhkh[_ggh
dh]^ZklhblaZ^ZqZ\uykgblvkeZ[hklblh]hbebbgh]hijh^mdlZ
hlgZijbf_jdZdmxbgnhjfZpbxfh`ghihemqblvkjZ\gb\\ukdZau\Zgbyhg_^hklZldZo^\mo
dhgdmjbjmxsbofh^_e_cnhlhZiiZjZlh\\_^msbofbjh\uoijhba\h^bl_e_c6RQ\'6&)b
&DQRQ3RZHU6KRW3URG_\uau\Z_lkhfg_gbcqlhh[_hgbohjhrbIj_bfms_kl\ZdZ`^hcba
fh^_e_cih^jh[ghhibkZgu\j_deZfguoijhki_dlZoGhbg_^hklZldblh`__klvQlh[uhgbomagZlv
gZ^h\uykgblvfg_gb_ihevah\Zl_e_cbg_aZ\bkbfuobkke_^h\Zl_e_c\Bgl_jg_l_hnhlhZiiZjZlZo
 VRQ\\f fg_gb__nhjmf_h[s_gb__hlau\_j_deZfZpby_j_dhf_g^Zpby_g_^hklZlhd_l_kl_
h[ahj_kjZ\g_gb__fbgmku\f
b
 SRZHUVKRWSUR\f fg_gb__nhjmf_h[s_gb__hlau\_j_deZfZpby_j_dhf_g^Zpby_g_^hklZlhd
_l_kl_h[ahj_kjZ\g_gb__fbgmku\f
j_amevlZl_fuihemqbebke_^mxsmxdZjlbgm lZ[e\fijbq_f\h\gbfZgb_ijbgbfZebkvebrv
ih\lhjyxsb_ky\jZaguobklhqgbdZok\_^_gby
LZ[ebpZ
G_^hklZldb^\moihimeyjguofh^_e_cnhlhZiiZjZlh\
AgZq_gb_^bkdmkkbhgguo]jmii^eydhgdmj_glghcjZa\_^dbklZgh\blky_s_[he__ihgylguf_kebd
kdZaZgghfm^h[Z\blvqlhZjob\uwlbonhjmfh\ojZgylky^_kylve_lbaZwlhli_jbh^fh`ghk^_eZlv
\u[hjdmih\k_f\ukdZau\Zgbyfex[h]hmqZklgbdZbgl_jg_lkhhx[s_kl\Z;he__lh]hex^bh[uqgh
aZ[u\Zxlhq_fhgb]h\hjbebbqlh^_eZebg_kdhevdhe_lgZaZ^ihwlhfmhl_odlhihklhyggh
mqZkl\m_l\nhjmfZobihevam_lkyihklhyggufbgbdZfbeb[hex[blmdZau\Zlv\j_]bkljZpbhgguo
^Zgguoghf_j,&4kh\j_f_g_ffh`ghkh[jZlvg_fZehbgnhjfZpbb\dexqZyghf_jZ^hfZrg_]hb
fh[bevgh]hl_e_nhgh\]_h]jZnbxih_a^hdebqgu_nhlh]jZnbbbfgh]h_^jm]h_
K_lbgZfhf_glgZibkZgbydgb]bgZkqblu\Zehkvhdheh^bkdmkkbhgguo]jmii
Ihfbfhnhjmfh\bgl_j_k^eyki_pbZebklZdhgdmj_glghcjZa\_^dbij_^klZ\eyxlbim[ebdZpbb
H^gZdhmqblu\Zyqlhfgh]b_fZl_jbZeu\lhfqbke_blZdgZau\Z_fu_g_aZ\bkbfu_h[ahju
Zg]Z`bjh\Zgu\lhcbebbghckl_i_gbke_^m_l^_eZlvihijZ\dmgZlh\dZdmxklhjhgmb\dZdhc
kl_i_gbfh`_l[ulvbkdZ`_gZbgnhjfZpby
:\lhfZlbabjh\Zggu_kbkl_fuZgZebaZkhh[s_gbc\Bgl_jg_l_ZlZd`_hp_gdbg_]Zlb\Zihablb\Z\
im[ebdZpbyo
IhkdhevdmdjmigufdhfiZgbyflj_[m_lkyZgZebabjh\Zlv[hevrb_fZkkb\ubgnhjfZpbbbijbwlhf
hgbg_lhevdhnbgZgkh\hkihkh[gughbikboheh]bq_kdb]hlh\uljZlblvgZZ\lhfZlbaZpbxlZdh]h
ZgZebaZ^_gv]bgZjughd\u\_^_guijh]jZffukihkh[gu_h[_ki_qblvk_jv_agufdhihjZpbyf
Z\lhfZlbabjh\Zgguck[hjZgZebabojZg_gb_^hdmf_glh\him[ebdh\Zgguo\Bgl_jg_l_
QZklh^eyiheghp_ggh]hh\eZ^_gbywlbfbbgkljmf_glZfblj_[m_lkyki_pbZevgh_h[mq_gb_
hi_jZlhjZihwlhfmfug_[m^_fih^jh[ghjZkkdZau\ZlvhdZ`^hfbaih^h[guoj_kmjkh\Zebrv
^Z^bfhibkZgb_hkgh\guo\hafh`ghkl_cdZ`^hcbaijh]jZffL_baqblZl_e_cdhlhju_aZohlyl
hagZdhfblvkykgbfbiheg__kfh]mlk^_eZlvwlhkZfhklhyl_evghgZhkgh\_ijb\_^_gghca^_kv
djZldhcbgnhjfZpbb
KjZamohlbfhlf_lblvqlhbamqb\\hijhkfuijbrebdke_^mxs_fm\u\h^mjZkkfZljb\Z_fh_
ijh]jZffgh_h[_ki_q_gb_ijbk_]h^gyrg_fmjh\g_jZa\blbyl_ogbdbkihkh[gh\uihegblvaZ
q_eh\_dZjmlbggmxjZ[hlmihgZoh`^_gbxk[hjmbkhjlbjh\d_bgnhjfZpbbghgbdhbfh[jZahfg_
fh`_laZf_gblvZgZeblbdZ
kybgnhjfZpbyijb\_^_ggZygb`_\aylZgZfbgZkZcl_KWWSLWESURUX
BgnhjfZpbhgghZgZeblbq_kdZykbkl_fZK_fZglbq_kdbcZjob\
BgnhjfZpbhgghZgZeblbq_kdZykbkl_fZK_fZglbq_kdbcZjob\jZajZ[hlZgZdhfiZgb_c
:gZeblbq_kdb_[bag_kj_r_gby
hj]ZgbaZpbcb]hkm^Zjkl\_gguokljmdlmjjZaebqgh]hijhnbey
Kbkl_fZiha\hey_lhj]Zgbah\u\Zlvk[hjl_dklh\hcbgnhjfZpbbbahldjuluobklhqgbdh\
we_dljhggu_KFBZgZeblbq_kdb_hlq_luwdki_jlh\\fhkms_kl\eylvboh[jZ[hldmwnn_dlb\gh_
ojZg_gb_ijh\_^_gb_ZgZebaZb]_g_jZpbx
B:KK_fZglbq_kdbcZjob\ij_^hklZ\ey_lZgZeblbdZf\hafh`ghklvkha^Z\ZlvnhjfZevgu_^hkv_
gZjZaebqgu_h[t_dlufhgblhjbg]Zi_jkhgudhfiZgbb]hkm^Zjkl\_ggu_kljmdlmjuZlZd`_
ojZgblvhibkZgbybo\aZbfhhlghr_gbcbkh[ulbcijhbkoh^b\rbokgbfbQZklvlZdbohibkZgbc
fh`_lbf_lvkkuedbgZl_dklh\u_fZl_jbZeu\dhlhjuokh[kl\_gghbmihfbgZehkvhdhgdj_lguo
nZdlZo
=ZeZdlbdZ=RRP
=ZeZdlbdZ=220j_rZ_lke_^mxsb_aZ^Zqb
ihbkdk\_^_gbchlj_[m_fhfh[t_dl_\l_dklh\uobgnhjfZpbhgguofZkkb\Zo
\u^_e_gb_gZb[he__agZqbfuonZdlhjh\b^_glbnbpbjmxsboh[t_dlba[hevrh]hh[t_fZ
ihemq_gguo^Zgguo
wdkij_kkZgZeba[hevrboij_^f_lguoh[eZkl_ck\u^_e_gb_fdexq_\uoh[t_dlh\ihgylbcbo
k\ya_cbijbagZdh\
deZkkbnbdZpbybgnhjfZpbbihhij_^_e_ggufl_fZfk\hafh`ghklvxhi_jZlb\gh]haZ^Zgby
gm`ghcl_fub^Zevg_cr_c__[ukljhcb]b[dhcdhjj_dpbb
m\_ebq_gb_ijhba\h^bl_evghklbdhee_dlb\ghcZgZeblbq_kdhch[jZ[hldbg_kljmdlmjbjh\Zgguob
keZ[hkljmdlmjbjh\Zgguol_dklh\uofZl_jbZeh\
BgnhjfZpbhgghfhgblhjbg]h\Zykbkl_fZ:HE2EVHUYHU
BgnhjfZpbhgghfhgblhjbg]h\Zykbkl_fZij_^gZagZq_gZ^eyZ\lhfZlbq_kdh]hk[hjZ
kljmdlmjbjh\Zgbybi_j\bqghch[jZ[hldbbgnhjfZpbhgguokhh[s_gbcim[ebdm_fuo\bgl_jg_l
bklhqgbdZobijboh^ysbogZwe_dljhggu_Z^j_kZ\dZq_kl\_\bjlmZevguoihqlh\uojZkkuehd
Ijh]jZffgucdhfie_dk,QWHOOHFWXP%,6
Hkgh\gh_ij_^gZagZq_gb_ijh^mdlZh[_ki_q_gb_wdki_jlh\fZjd_lheh]h\bZgZeblbdh\
bgkljmf_glZjb_fh[jZ[hldbbgnhjfZpbb^ey\uiheg_gby[bag_kbkke_^h\Zgbc\p_eyoh[_ki_q_gby
bgnhjfZpb_cjmdh\h^kl\Z^eyijbgylbymijZ\e_gq_kdboj_r_gbc
Wlhkj_^kl\hZgZebaZ^hdmf_glh\jZaebqgh]hkh^_j`Zgby KFBgh\hklbk\_[j_kmjkh\[Zau
^ZgguogZbgl_j_kmxsb_l_fu\g_rg_wdhghfbq_kdZy^_yl_evghklv]jmahi_j_\hadbklZlbklbdZb
l^\fHkgh\gh_hlebqbl_evgh_k\hckl\h^Zggh]hijh]jZffgh]hijh^mdlZ\hafh`ghklv_]h
bkihevah\Zgbyg_lhevdh\ij_^_eZohj]ZgbaZpbbghbRQOLQHklhjhggbfbebpZfbih^dexq_ggufb
d[Za_^Zgguoij_^ijbylbyihkj_^kl\hfBgl_jg_lGLDOXSb^jm]bo\b^h\m^Ze_ggh]h^hklmiZ
ihbkdh\mxfZrbgmkbkl_fuaZeh`_gu\hafh`ghklbaZ^Zgbymkeh\bcaZijhkZkbkihevah\Zgb_f
eh]bq_kdbo\ujZ`_gbcbhkms_kl\e_gbyhi_jZpbcihbkdZkbkihevah\Zgb_ffhjnheh]bq_kdh]h
keh\Zjybkeh\Zjykbghgbfh\
5&2)DFW([WUDFWRU
5&2)DFW([WUDFWRUwlhbgl_ee_dlmZevgZyijh]jZffZ^eydhfivxl_jgh]hZgZebaZl_dklZgZjmkkdhf
yaud_dhlhjZygZoh^bl\g_fhibkZgbynZdlh\gm`gh]hlbiZgZijbf_j\klj_qb
^h]h\hj_gghklbijbh[j_l_gb_kh[kl\_gghklbdeZkkbnbpbjm_lbmihjy^hqb\Z_lboHkgh\gZy
lj_[mxsb_\ukhdhlhqgh]hihbkdZbgnhjfZpbbgZijbf_jZ\lhfZlbq_kdbcih^[hjfZl_jbZeZd
^hkv_gZp_e_\hch[t_dlbebfhgblhjbg]hij_^_e_gguoklhjhg_]hZdlb\ghklbhk\_sZ_fuo\KFB
)DFW([WUDFWRU\hiehlbe\k_[_gZb[he__ijh^\bgmlu_l_ogheh]bbbkdmkkl\_ggh]hbgl_ee_dlZ
jZajZ[hlZggu_\dhfiZgbb=ZjZglIZjdBgl_jg_ldhlhjZyba\_klgZk\hbfbj_r_gbyfb\h[eZklb
dhfivxl_jghcebg]\bklbdb KWWSZZZUFRUX\fIhfbfhkh[kl\_gghijh]jZffuk]jZnbq_kdbf
bgl_jn_ckhf^ey:LQGRZVnbjfZ\uimkdZ_l^bgZfbq_kdmx[b[ebhl_dm^eyjZajZ[hlqbdh\ 6'.\f
gZ[Za_dhlhjhcihkljh_g)DFW([WUDFWRUbdhlhjZyiha\hey_l\dexqZlv\hafh`ghklbZgZebaZl_dklZ
\kh[kl\_ggu_ijbeh`_gby
Ijh]jZffZiha\hey_lh[jZ[Zlu\Zlv^hdmf_glu\ihimeyjguol_dklh\uonhjfZlZobajZaebqguo
bklhqgbdh\nZceh\hckbkl_fu[Zau^ZgguoaZ^ZgguoZHEkZclh\
B:K:klZjlZ
B:K:klZjlZij_^gZagZq_gZij_`^_\k_]h^eyl_oih^jZa^_e_gbcdhfiZgbc^_yl_evghklv
dhlhjuok\yaZgZkhkljZl_]bq_kdbfieZgbjh\Zgb_ffZjd_lbg]hfh[jZ[hldhcbZgZebahf[hevrh]h
h[t_fZl_dklh\uonZceh\WlhZgZeblbq_kdb_kem`[uhj]ZgbaZpbcb]hkm^Zjkl\_gguokljmdlmj
ba^Zl_evkl\ZbbgnhjfZpbhggu_Z]_glkl\ZijZ\hhojZgbl_evgu_hj]Zgubkem`[u[_ahiZkghklb
kh\j_f_gghf[bag_k_:klZjlZijbf_gy_lky\dZq_kl\_ZgZeblbq_kdhckbkl_fuih^^_j`db
ijbgylbyj_r_gbcbfhgblhjbg]Z^Zgguo
Ijh]jZffgucdhfie_dkB:K:klZjlZmki_rghj_rZ_lke_^mxsb_aZ^Zqb
g_ij_ju\gucbgnhjfZpbhggucfhgblhjbg]\g_rg_ckj_^uij_^ijbylby ZgZebabjmxlky
kbkl_fZlbabjmxlkybZddmfmebjmxlkyl_dmsb_bZjob\gu_^Zggu_ihZdlmZevguf^eydhfiZgbb
ijh[e_fZfdZkZ_fhjugdh\kujvybdhfie_dlmxsbojZa\blbyl_ogheh]bcbijh^mdlh\\hljZkeb
bgnhjfZpbbhdhgdmj_glZobihlj_[bl_eyohljZke_\hcaZdhgh^Zl_evghcbgnhjfZpbbbl^ijbq_f
l_fZlbdZbkhklZ\jm[jbdnhjfbjmxlkykZfbfihevah\Zl_e_f\f
l_fZlbq_kdZynbevljZpbybgnhjfZpbb lZdb_aZ^Zqb\hagbdZxl\kemqZ_g_h[oh^bfhklb
ihkljh_gbyih^[hjhdihaZ^Zgghfm\hijhkm\f
BgnhjfZpbhgghijh]jZffgucdhfie_dkLj_g^
BIDLj_g^iha\hey_l
ijhba\h^blvbkke_^h\Zgbybgl_j_kmxsboh[t_dlh\bijhp_kkh\
ijh]ghabjh\Zlvbaf_g_gby\bokhklhygbbgZi_jbh^^h^\mof_kyp_\k\_jhylghklvx[he__\b
gZhkgh\_kjZ\g_gbybgnhjfZpbhgguoh[jZah\h[t_dlh\bijhp_kkh\ihemqZ_fuobaihlhdh\ex[uo
l_dklh\uokhh[s_gbc \lhfqbke_KFB\fkwlZehggufbbgnhjfZpbhggufbh[jZaZfb nbevljZfb\f
ihabpbcbkke_^h\Zgby
Ijh]jZffZ*HW1HZV
Fu\ug_kebwlmijh]jZffm\hl^_evgucjZa^_eihlhfmqlhbf_y^hklZlhqghk_jv_agu_l_ogbq_kdb_
\hafh`ghklbhgZl_fg_f_g__^hklmigZihp_g_ij_^ijbylbxex[h]hjZaf_jZb^Z`_nbabq_kdbf
ebpZfKlhbfhklvijh]jZffuihjy^dZ_\jhIhgZrbf^Zgguf__bkihevamxl^Z`_hq_gv
djmigu_dhfiZgbbKhjhdZ^g_\gZyljbZe\_jkbyiha\hey_lh^ghagZqghk^_eZlv\u\h^h
\hklj_[h\Zgghklbb*HW1HZVhlhibkZgb_ijh]jZffu\aylh_k__kZclZKWWS
ZZZJHWQHZVJURXSFRP
Dg_khfg_ggufiexkZfijh]jZffufh`ghhlg_klblhlnZdlqlhhgZiha\hey_lZ\lhfZlbq_kdb
;he__lh]hZ\lhju*HW1HZVaZy\eyxlqlh]hlh\ukha^Zlv^eyaZdZaqbdZdZgZeih_]haZijhkm
GZgZr\a]ey^ijh]jZffZ\__gug_rg_f\b^_ij_^klZ\ey_l[hevrhcbgl_j_k^eyki_pbZebklh\
dhgdmj_glghcjZa\_^dbgZij_^ijbylbbex[h]hfZkrlZ[Z
DZddhgdmj_glgZyjZa\_^dZfh`_laZdjulvjZaju\f_`^mhl^_ehfijh^Z`bhl^_ehffZjd_lbg]Z
GZ\udbki_pbZebklZdhgdmj_glghcjZa\_^dbijhn_kkbhgZevghjZ[hlZlvkBgl_jg_lhfdZdihdZaZe
gZrhiulb]jZxl\Z`gmxjhev\wlhf\hijhk_
Hl^_eijh^Z`dhfiZgbbijbgpbibZevghhlebqZ_lkyhlhklZevguo\gmlj_ggbodeb_glh\
dhgdmj_glghcjZa\_^dbl_fqlhihk\h_cijbjh^_wlhlZdlbq_kdh_ih^jZa^_e_gb_qlhgZdeZ^u\Z_l
hli_qZlhdgZ\aZbfh^_ckl\b_kgbfmdZaZgguohj]Zgh\
Hl^_eijh^Z`g_bgl_j_km_lkykljZl_]b_cihh[t_dlb\gufijbqbgZfHggZoh^blkygZi_j_^h\hc
\aZbfh^_ckl\m_ldZdkdeb_glZfblZdbkdhgdmj_glZfbq_j_akjZ\g_gb_ijh^mdlh\dhfiZgbb
ij_^eZ]Z_fuodeb_glZfkijh^mdlZfb^jm]bonbjf
;he__lh]h\hlebqb_kdZ`_fhlfZjd_lheh]h\dhlhju_fukeyldZl_]hjbyfbkljZl_]bq_kdbfb
gZijbf_jdZl_]hjbyfbk_]f_glZpbbihjlj_lZlbibqgh]hdeb_glZbliij_^klZ\bl_eb^Zggh]h
gZijZ\e_gby\b^yl\dZ`^hfihlj_[bl_e_ebqghklv
�eyijh^Z`gbdh\deb_glwlhg_dhfiZgbyZex^b\g_cjZ[hlZxsb_Bhkgh\gh_`_eZgb_
khljm^gbdZjZkkfZljb\Z_fh]hhl^_eZk^_eZlvlZdqlh[uh[s_gb_kihlj_[bl_e_faZdhgqbehkv
k^_edhcijbq_fdZdfh`gh[he__^hjh]hklhys_c^Z_s_b\fZdkbfZevghdhjhldb_kjhdb
dZdhclhkl_i_gbwlhih\k_f_klgh_\aZbfgh_g_^hihgbfZgb_f_`^mfZjd_lheh]Zfbb
ijh^Z`gbdZfbfh`ghkjZ\gblvkhlghr_gbyfbdhfZg^bjh\ihe_\h]hih^jZa^_e_gbybrlZ[guo
hnbp_jh\
IhkdhevdmgZrhl^_eijh^Z`blZdb_`_hl^_eudhgdmj_glh\[hjxlkyaZh^ghblh`_gZlhc`_
l_jjblhjbbb\h^bgZdh\uomkeh\byoihiuldZgZrbokhljm^gbdh\\uihegblvk\hxaZ^Zqm
gZlZedb\Z_lkygZjy^lbibqguoijh[e_f
JZkkfhljbf[he__ih^jh[ghdZdb_ijh[e_fubdZdbf_gghfh`_lj_rblvkem`[Zdhgdmj_glghc
jZa\_^dbkihfhsvxBgl_jg_lZ\bgl_j_kZohl^_eZk[ulZ
Ihklhyggh_\uy\e_gb_[m^msbodeb_glh\hlke_`b\Zgb_p_gZgZebalj_g^h\^\b`_gbyjugdZ
aZdhgh^Zl_evghcbdhgdmj_glghckblmZpbb\hljZkeb
WlZbgnhjfZpbykh[bjZ_lkykihfhsvxijh]jZfffhgblhjbg]ZK_lbihkj_^kl\hfihbkdh\uo
aZijhkh\ZlZd`_bamq_gby,3Z^j_kh\ijbZgZeba_hldjulhcbgnhjfZpbbhihk_lbl_eyokZclZ
dhgdmj_glh\bebhljZke_\uoj_kmjkh\
HdZaZgb_ihfhsbhl^_emijh^Z`\ijZ\bevghfihabpbhgbjh\Zgbblh\ZjZ\jZfdZoij_a_glZpbb
_]hdeb_glZf
Fu^hklZlhqghih^jh[ghjZkkfhlj_ebwlhl\hijhkdh]^Z]h\hjbebh[bkihevah\Zgbb
^bkdmkkbhgguo]jmiiijbbamq_gbbijh^mdpbbfZkkh\h]hkijhkZ
Dhgkmevlbjh\Zgb_hl^_eZijh^Z`gZij_^f_llh]h]^_emqr_jZa\hjZqb\Zlv^_yl_evghklvgZ
i_j\uoihjZoijbijbgylbbkljZl_]bq_kdh]hj_r_gbyhgZqZe_wdkiZgkbbgZgh\mxl_jjblhjbx
wlhf\hijhk_lZd`_fh`_lhdZaZlvkyihe_aghcbgnhjfZpbydhlhjZyg_j_^dhkh^_j`blkygZ
bgl_jg_liehsZ^dZojZaebqguo^bkdmkkbhgguo]jmiig_dhlhjuohljZkeyo\qZklghklb
k\yaZgguokhdZaZgb_fmkem]\kn_j_\ukhdbol_ogheh]bcbkihevah\Zgb_fg_gbylZdbo]jmii
LZdgZijbf_jijb\oh`^_gbbg_dhcn_^_jZevghckhlh\hcdhfiZgbb\h^bgbaj_]bhgh\JhkkbbhgZ
[_ahrb[hqgh\u[jZeZbf_gghl_jZchgu\dhlhjuo__hkgh\ghcdhgdmj_gl\_kvfZkeZ[
GZfg_ba\_klgh^hklh\_jghdZdbf[uef_oZgbafijbgylbyj_r_gbc\lhfdhgdj_lghfkemqZ_gh
fuagZ_fqlhkem`[Zdhgdmj_glghcjZa\_^db\l_q_gb_h^gh]hjZ[hq_]h^gykihkh[gZkhklZ\blv
iheguci_j_q_gvjZchgh\]hjh^Zbhl^_evguogZk_e_gguoimgdlh\]hlh\uomiZklv\jmdbex[hfm
dlhij_^hklZ\blbfghjfZevgmxk\yav
Kmffbjmy\ur_kdZaZggh_fh`ghaZdexqblvqlhkem`[Zdhgdmj_glghcjZa\_^dbijbmf_ehf
bkihevah\Zgbb__\lZdlbq_kdbop_eyofh`_liheghp_ggh\hkihegblvijh[_e\p_ibfZjd_lbg]
k[ulbh[_ki_qblvkbg_j]_lbq_kdbcwnn_dlbojZ[hluIh^jm`blvwlbhl^_eu\jy^ebihemqblky
h^gZdhihfhqvdhfiZgbb^hklbqvemqrboj_amevlZlh\hj]Zgbah\Z\g_h[b^gh_^eyh[hbo
gZijZ\e_gbc\aZbfh^_ckl\b_^jm]k^jm]hfmdZaZggZykem`[Z^_ckl\bl_evghfh`_l
IeZlgu_j_kmjkuBgl_jg_lZijhlb\[_kieZlguo
Ihfbfh[_kieZlguo\Bgl_jg_l__klvblZdb_j_kmjku^hklmiddhlhjufij_^hklZ\ey_lkygZ
ieZlghchkgh\_Qbkeh^hdmf_glh\\[_kieZlghcqZklbBgl_jg_lZg_ij_ju\ghm\_ebqb\Z_lkyZ
djhf_lh]hm\_ebqb\Z_lkydhebq_kl\hihevah\Zl_e_cieZlguoj_kmjkh\ihwlhfm\hafh`ghklvgZclb
gm`guc^hdmf_gl\[_kieZlghf^hklmi_klZgh\blky\k_[he__j_ZevghcKhhl\_lkl\_gghklhbfhklv
^hklmiZdieZlgufj_kmjkZfg_mdehgghkgb`Z_lky
DZdb_`_j_kmjkuemqr_ieZlgu_beb[_kieZlgu_"GZk_]h^gyij_h[eZ^Z_llhqdZaj_gbyqlh
ljZlblv^_gv]bgZi_j\u_p_e_khh[jZagh\l_okemqZyodh]^Zihke_bkke_^h\Zgby[_kieZlghc
bgnhjfZpbbh^ghagZqh]hhl\_lZgZ\hijhkug_ihemq_ghEb[hdh]^Z\[_kieZlghf^hklmi_\hh[s_
g_evaygZclbgm`guc^hdmf_gl
KblmZpbxkhhlghr_gbyieZlguob[_kieZlguoj_kmjkh\hq_gvh[jZaghh[tykgyxlgZk_fbgZjZo
dZgZ^kdhclj_gbg]h\hcdhfiZgbbijb$FDGHPLD&RPSHWLDIj_^klZ\vl_k_[_qlh\ukjZ\gb\Z_l_
ju[mdhlhjZyieZ\Z_l\hd_Zg_blmdhlhjZygZoh^blkygZ[hjlmju[heh\gh]hkm^gZ]^_hgZ
jZkkhjlbjh\ZgZih\b^ZfbjZaf_jZfG_khfg_ggh\hd_Zg_ju[uagZqbl_evgh[hevr_Ghb\u]h^u
hljZ[hluklhcqlhm`_gZ[hjlmlh`_hq_\b^gu
Dhff_jq_kdb_[Zau^Zgguoihfh]ZxlmlhqgblvbgnhjfZpbxlZddZdhgb^Zxl\hafh`ghklv[ukljh
gZclbklZlvbh^gh\j_f_gghbajZaguobklhqgbdh\:djhf_lh]hh^ghagZqghmdZau\ZxlqlhwlhaZ
bklhqgbdbWlhiha\hey_l[_aebrgboaZljZl\j_f_gbijh\_klbkjZ\g_gb_^Zgguoj_rb\ijbwlhf
h^gmba]eZ\guoijh[e_fBgl_jg_lZkeh`ghklb\hij_^_e_gbbZ\lhjkl\ZfZl_jbZeZb^Zlu
im[ebdZpbb
G_^hklZldbieZlguoj_kmjkh\wlhg_h[oh^bfhklvjZkklZ\Zlvkyk^_gv]Zfbbhlghkbl_evgh
g_[hevrhch[t_f^hdmf_glh\\dexq_gguo\[Zam^Zgguodhgdj_lgh]hj_kmjkZLZdgZijbf_j
bgnhjfZpbyhXsmd_?\]_gbbE_hgb^h\bq_\yg\Zj_]\[_kieZlghfBgl_jg_l_[ueZ
ij_^klZ\e_gZijbf_jghgZkZclZoZ\ieZlghf\qZklghklbgZj_kmjk_:jl_nZdlhgZ
kh^_j`ZeZkkuedb\k_]hgZljbklZlvbhim[ebdh\Zggu_\jZagh_\j_fy\`mjgZe_6DOHV
%XVLQHVVIjh^Z`bH^gZdhwlbljbklZlvb[uebijb\_^_guiheghklvxb^hklmiguex[hfm
`_eZxs_fm\ex[h_\j_fylh]^ZdZdkZfbf`mjgZehf\[mfZ`ghf\ZjbZgl_hgbjZkijhkljZgyebkv
ebrvihih^ibkd_Z\we_dljhgghf\b^_g_jZkijhkljZgyebkv\hh[s_LZdbfh[jZahf:jl_nZdl
[ue_^bgkl\_gguff_klhfiha\hey\rbfq_j_aBgl_jg_lihemqblv^hklmidiheghfml_dklm
�H^bgbakZfuoagZf_gbluoieZlguoj_kmjkh\gZAZiZ^_wlh/(;,61(;,6@Ki_pbZebklu
dhgdmj_glghcjZa\_^db\k_]hfbjZrbjhdhjZ[hlZxlkwlhckbkl_fhch^gZdhg_dhlhju_hlf_qZxl
qlhfZl_jbZeh\\g_clZdfgh]hqlh[_agZ\udh\bkihevah\ZgbyyaudZaZijhkh\hkgh\Zggh]hgZ
;me_\hcZe]_[j_gZclbqlheb[h\gh\hklyo/(;,61(;,6ljm^ghkebrdhffgh]h
bgnhjfZpbhggh]hrmfZ
Ihfbfh/(;,61(;,6ijZdlbdbdhgdmj_glghcjZa\_^dbh[uqgh^Zxl\ukhdmxhp_gdmk_j\bkm
�7KRPSVRQ'LDORJ@qZklhghklbhgbhlf_qZxlqlhl_fZlbq_kdb_gh\hklbhl7KRPSVRQ'LDORJ\
jy^_kemqZ_\hj]Zgbah\Zguemqr_q_f\/(;,61(;,6
Hl_q_kl\_ggu_kbkl_fufh`ghhp_gblvgZijbf_jgZkZclZoZZZLQWHJUXPUX kbkl_fZ:jl_nZdl\f
bebZZZFURQRVUX kbkl_fZDjhghkiexk\f
Djhf_lh]h\kydbcjZajZ[hlZykhgeZcgh\ufbbklhqgbdZfbg_h[oh^bfhihfgblvqlhg_\k_
j_kmjkuBgl_jg_lZjZ\ghp_gguihkl_i_gb^hklh\_jghklbDh]^Zki_pbZebkldhgdmj_glghcjZa\_^db
gZqbgZ_ljZ[hlZlvkbgnhjfZpb_cij_^klZ\e_gghc\K_lb_fmij_`^_\k_]hke_^m_lihkfhlj_lv
hldm^ZwlZbgnhjfZpby\aylZ?kebhgZjZaf_s_gZgZkZcl_ba\_klgh]hgh\hklgh]hj_kmjkZbeb
]hkm^Zjkl\_ggh]hhj]ZgZwlhh^gh?keb`___bklhqgbdhfkem`blEbqgZykljZgbqdZI_lb
B\Zgh\ZgZQDURGUXwlh^jm]h_Ohlyh[jZs_gb_debqgufkljZgbpZfdZdfum`_]h\hjbeb
fh`_l[ulvbhq_gvihe_agufijZ\^Z\lZdhfkemqZ_hgb^he`guijbgZ^e_`Zlvq_eh\_dmdhlhjuc
bgl_j_k_gdZdbklhqgbd^hklh\_jguobgm`guok\_^_gbc
Gmbg_klhblaZ[u\Zlvqlh[_kieZlgu_j_kmjkufh]mli_j_klZlv[ulv[_kieZlgufbbeb\h\k_
m[jZlvbgnhjfZpbxkkZclZI_j\h_fh`ghm\b^_lvgZijbf_j_j_kmjkZ3XEOLFUXdhlhjuc^he]h_
\j_fy[Zeh\Zeihevah\Zl_e_chldjuluf^hklmihfd^hdmf_glZf\k\h_c[Za_^Zgguoihke_q_]h
k^_eZe_]hieZlgufIjbf_jghlZ`_kblmZpbyihjhckdeZ^u\Z_lkybkg_dhlhjufb`mjgZeZfb
dhlhju_iZjmg_^_eviha\heyxlqblZlvbgnhjfZpbx\[_kieZlghf^hklmi_ZaZl_fi_j_ghkyl__\
Zjob\hldm^Z__fh`ghihemqblvm`_lhevdhaZ^_gv]b
lhjh_ijhke_`b\Z_lkygZijbf_j_kljZgbpkgh\hklyfbdhlhju_g_j_^dhijhklhklbjZxlb
aZibku\ZxlgZhk\h[h^b\r__kyf_klhk\_`b_fZl_jbZeuijbwlhf^Ze_dhg_\k_]^ZkhojZgyy
kl_jlh_\Zjob\_
Bgl_j_kghqlh[u\Z_lbh[jZlgucijhp_kkdh]^ZieZlgu_j_kmjkuklZgh\ylky[_kieZlgufbLZd
g_dhlhju_`mjgZeu^_eZxlk\h[h^guf^hklmidk\hbfghf_jZfkimklykdZ`_f^\Zf_kypZihke_
bo\uoh^ZZ^hwlh]hkgbfjZamf__lkyfh]mlhagZdhfblvebrvaZieZlb\rb_aZwlhihevah\Zl_eb
�KjZ\g_gb_ieZlguob[_kieZlguoj_kmjkh\ih+HOHQ%XUZHOO@ijb\_^_gh\lZ[e
LZ[ebpZKjZ\g_gb_ieZlguob[_kieZlguoj_kmjkh\
&#xZc;&#xk0;:jlmjZck@ijb\h^bllZdh_kjZ\g_gb_ieZlguob[_kieZlguoj_kmjkh\Bgl_jg_lZ lZ[e\f
LZ[ebpZ
Ij_bfms_kl\ZieZlguob[_kieZlguok_l_\uoj_kmjkh\
DZdbkdZlv\Bgl_jg_l_bgnhjfZpbxhdhgdj_lguoex^yo
jmkkdhyauqghfBgl_jg_l_bgnhjfZpbyhex^yofh`_l[ulvgZc^_gZeb[hkihfhsvxihbkdh\uo
kbkl_feb[hkihfhsvxl_e_nhgguohgeZcgkijZ\hqgbdh\
bgnhjfZpbhggu_kbkl_fu\\h^blkyaZijhkdhlhjuc^he`_gkh^_j`ZlvnZfbebxb\ZjbZglu
�gZibkZgbybf_gbbhlq_kl\ZZ[ubkdexqblv\hafh`gh_\aZbfgh_g_^hihgbfZgb_kj_Zevguf
^ZgguohXsmd_?\]_gbbE_hgb^h\bq_
�eylh]hqlh[ukhklZ\blvlZdhcaZijhkkgZqZeZlj_[m_lkymdZaZlv\k_\ZjbZglugZibkZgby_]h
bf_gbZjbZglugZibkZgbybf_gbXsmdZ?\]_gbyE_hgb^h\bqZfh]ml[ulvke_^mxsbfb
Xsmd?\]_gbcE_hgb^h\bqXsmd?\]_gbcXsmd?Xsmd?E
ZlZd`_\bghcihke_^h\Zl_evghklb
?\]_gbcE_hgb^h\bqXsmd?\]_gbcXsmd?Xsmd?EXsmd
G_dhlhju_ki_pbZebklubgh]^Z\dexqZxl\aZijhkblZdh_gZibkZgb_bf_gbdZd
?\]_gbcEXsmd
Ihkdhevdmkeh\hXsmd\kydbcjZaih\lhjy_lkyZbfybebbgbpbZeujZkiheh`_gu
g_ihkj_^kl\_gghjy^hfknZfbeb_clh^eyYg^_dkZih^h[gucaZijhkiha\heyxsbcihklZ\blvgZ
fhgblhjbg]bgnhjfZpbxh[wlhfq_eh\_d_fh`_l\u]ey^_lvke_^mxsbfh[jZahf
�xsmd _\]_gbc__\]_gce_hgb^h\bq__e__\f@
AZl_fbaj_amevlZlh\ihbkdZbkdexqZ_lkybgnhjfZpbhggucfmkhj
Z`ghqlhijbwlhfke_^m_l\u[bjZlvkeh\Zdhlhju_kg_[hevrhc\_jhylghklvxfh]ml\klj_qZlvky
\^hdmf_glZobf_xsbohlghr_gb_dbkdhfhcebqghklbHkh[_ggh\Z`ghkh[ex^ZlvwlhijZ\beh
dh]^Zkeh\hbkdexqZ_lkyba\k_]h^hdmf_glZZg_baij_^eh`_gbyIjh[e_fZ\lhfqlhijb
bamq_gbbq_eh\_dZbgnhjfZpbbhdhlhjhfmbkke_^h\Zl_eyg_fgh]h[u\Z_l^hklZlhqghkeh`gh
ZijbhjbagZlvdZdb_keh\Zbf_xldg_fmhlghr_gb_k[hevr_c^he_c\_jhylghklbZdZdb_k
f_gvr_c:mkm]m[ey_lky\k_l_fqlh_kebdZdb_lhkeh\Zg_\klj_qZxlky\^hdmf_gl_k
bgnhjfZpb_ch[bkdhfhci_jkhg_k_]h^gylhhgbfh]mlihy\blvky\g_faZ\ljZBwlh\Z`ghijb
ihklZgh\d_aZijhkZgZfhgblhjbg]ihkdhevdmfh`_lihemqblvkylZdqlhbkke_^h\Zl_evkemqZcgh
bkdexqblbaj_amevlZlh\ihbkdZihgZklhys_fm\Z`gucfZl_jbZe
Fu[uj_dhf_g^h\Zeb\lZdhcg_hij_^_e_gghckblmZpbbijb_fdhlhjuc^hdZaZegZijZdlbd_k\hx
wnn_dlb\ghklvIjbihemq_gbb\\u^Zq_^hdmf_glZ\uau\Zxs_]hkhfg_gbyg_gZ^h\ihbkd_keh\
^eybkdexq_gbyh]jZgbqb\Zlvkykgbii_lZfbKh\_lm_fhldjulv\_kvfZl_jbZebihbkdZlvkeh\Z^ey
bkdexq_gbyg_ihkj_^kl\_ggh\_]hl_dkl_GZihfgbfqlhkgbii_luwlhl_g_kdhevdhkljhd
dhlhju_ijb\h^ylky\j_amevlZlZoaZijhkZ^eylh]hqlh[uihfhqvbkke_^h\Zl_exkhjb_glbjh\Zlvky
\kh^_j`bfhf^hdmf_glZG_hiulgu_ihevah\Zl_ebaZ[u\Zxlh\hafh`ghklbhldjulvfZl_jbZeb
iulZxlkybakgbii_lh\dhlhju_gZoh^ylkymgboi_j_^]eZaZfb\um^blvlZdb_keh\Zbkh\_jrZxl
hrb[dm
LZdgZijbf_jijbihbkd_ihmdZaZgghfmihbkdh\hfmaZijhkmihXsmdm?\]_gbxE_hgb^h\bqm\
kgbii_luihiZ^Z_llZdhcl_dkl
=_g_jZefZchj"Q?JLHD:[jZf=_jrZgh\bq=_g_jZefZchjZjlbee_jbb"
GZi_j\uc\a]ey^eh]bqghm^Zeblvkihfhsvxeh]bq_kdh]hG?keh\h]_g_jZeH^gZdh\
ijbgpbi_\hafh`ghihy\e_gb_^hdmf_glh\]^_Xsmd?EmihfbgZ_lky\f_kl_kwlbfkeh\hf
GZijbf_j\ij_^u^ms_cgZr_cdgb]_Dhgdmj_glgZyjZa\_^dZfZjd_lbg]jbkdh\b\hafh`ghkl_c
mdZaZghqlh__gZmqgucdhgkmevlZgl]_g_jZeKem`[ug_rg_cjZa\_^dbJhkkbb\hlklZ\d_Xsmd
JhklbkeZ\Zkbev_\bqBohlygZfhf_glgZibkZgbydgb]b\Bgl_jg_l_wlhcbgnhjfZpbbg_[ueh
g_evayhldZau\Zlvkyhl\_jhylghklb__ihy\e_gb_\ijbgpbi_LZdbfh[jZahf_kebbkdexqblvba
\u^Zqb^hdmf_glukh^_j`Zsb_keh\h]_g_jZej_amevlZlu[m^mlg_ihegufbihlhfmqlhwlh
hba[_`Zgb_ih^h[ghckblmZpbbfubj_dhf_g^m_fg_h]jZgbqb\Zlvkyijhql_gb_fg_kdhevdbo
kljhdkgbii_lh\Zhldju\Zlvl_dkl^hdmf_glZbbkdZlv\g_fkeh\Zdhlhju_ijbbom^Ze_gbb
\_jhylg__\k_]hg_ijb\_^mldihl_j_bgnhjfZpbbh[bkke_^m_fhfq_eh\_d_Mgb\_jkZevgh]h
j_p_ilZa^_kvg_kms_kl\m_lj_r_gb_aZ\bkblhllh]hdZdhcdhgdj_lgh\hijhkbkke_^m_lky
LZd\uykgbehkvqlh\^hdmf_gl_dhlhjuckh^_j`Zekgbii_lu
=_g_jZefZchj"Q?JLHD:[jZf=_jrZgh\bq=_g_jZefZchjZjlbee_jbb"

ihke__]hhldjulbyhdZaZeky\qZklghklblZdhcl_dkl
�N?XGBGKDBCB\ZgB\Zgh\bq=_g_jZeZjfbb
�N?XGVDBGB\ZgN_^hjh\bq=_g_jZefZchj
�N?XGVDBGB\ZgN_^hjh\bq=_g_jZee_cl_gZgl
N?DE?GDHGbdheZceZ^bfbjh\bq=_g_jZefZchjlZgdh\uo\hckd
N?DE?GDHGbdheZceZ^bfbjh\bq=_g_jZee_cl_gZgllZgdh\uo\hckd
�N?EVF:GFhbk_cBkZZdh\bq=_g_jZefZchjl_ogbq_kdbo\hckd
GZgZr\a]ey^\^ZgghfkemqZ_ijZ\bevg__[ueh[ubkdexqblv^hdmf_glukh^_j`Zsb_\ex[hf
�f_kl_l_dklZkeh\hN?XGVDBGbebN?DE?GDHWlhhlghkbl_evghj_^db_nZfbebb
ihwlhfmk\ukhdhckl_i_gvx\_jhylghklbfh`ghij_^iheh`blvqlhbom^Ze_gb_baj_amevlZlh\
ihbkdZg_ijb\_^_ldhljbpZl_evgufihke_^kl\byfH^gZdh_kebihlj_[m_lkym[_^blvky\lhfqlh
wlh^_ckl\bl_evghlZdfh`ghk^_eZlvijh\_jhqgucaZijhk
�xsmd\t\tn_de_gdh@
j_amevlZl_[uehgZc^_gh^\ZkZclZbf_xsbohlghr_gb_dq_eh\_dmihbf_gbBBXsmd
Ih^h[gZyijh\_jdZebrgbcjZa^hdZaZeZqlhkeh\h^eybkdexq_gbyba\u^Zqb[ueh\u[jZgh\_jgh
ihdjZcg_cf_j_gZfhf_glkhklZ\e_gbyaZijhkZKwlhclhqdbaj_gbydklZlbih^hreh[ubkeh\h
=_jrZgh\bqdhlhjh_ijbkmlkl\h\Zeh\kgbii_lZoghqZklh[u\Z_llZdqlh\gbog_hdZau\Z_lky
j_^dhmihlj_[ey_fuokeh\b^eybeexkljZpbbj_r_gbyijh[e_fufu^Zeba^_kv[he__jZa\_jgmlu_
j_dhf_g^Zpbbbijbf_ju
Ijbihbkd_i_jkhg\bghkljZgguok_]f_glZoBgl_jg_lZemqr_h[jZsZlvkydlZdgZau\Z_fuf
;_eufkljZgbpZf :KLWH3DJHV\fdhlhju_ihk\h_ckmlb[eb`_\k_]hdl_e_nhgghfmkijZ\hqgbdm
KZfucijhklhckihkh[gZclbgZijbf_j;_eu_kljZgbpuEhg^hgZwlh\\_klb\ihbkdh\mx
kljhdm=m]eZaZijhk
�ZKLWHSDJHVORQGRQ@
j_amevlZlZoihemq_gguoihwlhfmaZijhkmkh^_j`ZlkykljZgbpuknhjfZfb\dhlhju_lj_[m_lky
\\_klblZdb_iZjZf_ljudZdbfynZfbebyZ^j_kbebghf_jl_e_nhgZq_eh\_dZIhex[hfmbagbo
fh`ghihemqblvj_amevlZlukh^_j`Zsb_\k_hklZevgu_iZjZf_ljuLh_klvihy\ylkybf_gZ\k_o
dlh`b\_lihmdZaZgghfmZ^j_kmbeb[m^_lhij_^_e_g\eZ^_e_pl_e_nhgZih_]hghf_jm
Ki_pbZebkluijhjZ[hlZ\rb_aZjm[_`hf\hl_q_kl\_gghc]hkm^Zjkl\_gghcjZa\_^d_g_kdhevdh
^_kylbe_lbchlf_qZxlqlhkbkl_fZaZg_k_gbybgnhjfZpbbhlhf]^_dlhnZdlbq_kdb`b\_lgZ
AZiZ^_jZ[hlZ_lhq_gvwnn_dlb\ghGZijbf_j^Z`_\hlkmlkl\b_bgklblmlZj_]bkljZpbb
ijhibkdb\fm`_q_j_ag_^_exihke_\k_e_gby\Zj_g^h\Zggmxd\Zjlbjmq_eh\_dgZqbgZ_l
ihemqZlvihihql_j_deZfgu_h[ty\e_gbyZ^j_kh\Zggu_ebqgh_fmLZdbfh[jZahfdZdihdZaZeZ
ZdlmZevghfkhklhygbbIhwlhfmaZiZ^gu_ki_pbZebkludhgdmj_glghcjZa\_^dbj_dhf_g^mxl
ihevah\Zlvkybf_gghwlbfbklhqgbdhf^eyihbkdZdhglZdlghcbgnhjfZpbbdhgdj_lguoex^_c
DZdbkdZlvbgnhjfZpbxhdhfiZgbyo
BklhqgbdZfbbgnhjfZpbbhdhfiZgbb\Bgl_jg_l_fh]ml\uklmiZlvkZfu_jZagu_j_kmjkuFgh]b_
bagbo[uebih^jh[ghbkke_^h\Zgu\ij_^u^msbojZa^_eZoihwlhfma^_kvfuboebrvi_j_qbkebf
H^gZdhl_ohdhlhjuojZg__g_]h\hjbehkvfujZkfhljbf[he__^_lZevghBf_gghwlbf
h[klhyl_evkl\hfZg_nZdlbq_kdhcp_gghklvxlh]hbebbgh]hj_kmjkZhij_^_ey_lkyjZagh_
dhebq_kl\hbgnhjfZpbbihdZ`^hfmimgdlmijb\_^_gghfmgb`_:qlhdZkZ_lkynZdlbq_kdhc
p_gghklbbklhqgbdh\lhaZjZg__g_\hafh`ghij_^m]Z^ZlvdZdhcbagbohdZ`_lky[he__ihe_agufZ
dZdhcf_g__
Bamq_gb_kZclZdhfiZgbb
IhbkdkZclZdhfiZgbbZ^j_kdhlhjh]hg_ba\_kl_gfuj_dhf_g^m_fgZqbgZlvk\\h^ZgZa\Zgby
hj]ZgbaZpbb\kljhdmaZijhkZ=m]eZbZgZebaZi_j\hckljZgbpuj_amevlZlh\\u^Zqb?kebwlhgbd
q_fmg_ijb\h^bllhijh^he`Zlvihbkdbbf__lkfukeiml_fkhklZ\e_gbyaZijhkh\\ihbkdh\u_
kbkl_fu
KhklZ\e_gb_ihbkdh\uoaZijhkh\\ihbkdh\u_fZrbgu
dZq_kl\_dexq_\uokeh\bkihevamxlkygZa\Zgb_dhfiZgbbZlZd`_ex[hcnjZ]f_glbgnhjfZpbb
dhlhjuc[m^_lgZc^_g\ijhp_kk_ihbkdZDlZdbfnjZ]f_glZfh[uqghhlghkylkyghf_jZl_e_nhgh\
bf_gZex^_cdhhj^bgZluwe_dljhgghcihqlunbabq_kdb_Z^j_kZ
J_dhf_g^m_fijbgylvaZijZ\behh[gZjm`_gb_keh\dhlhju_fh]ml[ulvbkihevah\ZgudZd
dexq_\u_^he`gh\_klbdkha^Zgbxgh\uobebfh^bnbdZpbbkms_kl\mxsboaZijhkh\k
bkihevah\Zgb_fwlbokeh\
GZdZ`^hfwlZi_ihbkdZki_pbZebkldhgdmj_glghcjZa\_^dbfh`_lgZclbdZdmxlhgh\mx
bgnhjfZpbxihke_q_]hgZqbgZ_lkhklZ\eylvaZijhkm`_ihwlhcgZoh^d_LZdbfh[jZahfbgh]^Z
ih^h[ghlhfmdZdkh^ghcgblhqdbijhbkoh^bljZafZlu\Zgb_\k_]hdem[dZhkms_kl\eyxlkybihbkd
b^Zevg_crZyi_j_ijh\_jdZbgnhjfZpbb
Kem`[ZZ^j_kZ\Yg^_dk_
H[wlhckem`[_fum`_]h\hjbebihwlhfmg_[m^_fih\lhjylvky
AZijhk\dhfiZgbbki_pbZebabjmxsb_kygZihklZ\dZobgnhjfZpbbhij_^ijbylbyo
�bZiZahg\hafh`ghkl_c\lZdhfkemqZ_^hklZlhqghrbjhdFh`ghh[jZlblvky\jhkkbckdb_
dhfiZgbbdhlhju_ij_^hklZ\eyxlmkem]bihdhgdmj_glghcjZa\_^d_Eb[h\lZdb_kljmdlmju
dhlhju_h[_ki_qb\Zxldeb_glh\dhfie_dkghcbgnhjfZpb_chex[hchj]ZgbaZpbb\dZdhc[ukljZg_
hgZgbgZoh^beZkvGZb[he__bgl_j_kgZynbjfZ\lhjh]hlbiZgZgZr\a]ey^'XQ\t%UDGVWUHHW
ZZZGQEUXbZZZGQEFRP\fHgZjZ[hlZ_lk]GZk_]h^gydhfiZgbyjZkiheZ]Z_l]eh[Zevghc
[Zahcihxjb^bq_kdbfebpZfbij_^klZ\bl_evkl\ZfijZdlbq_kdb\h\k_ojZa\bluokljZgZodmi_k
[he__q_fe_lg_cj_imlZpb_cwlhiha\hey_lhj]ZgbaZpbb\l_q_gb_hl^g_c^h^g_c ih
hnnrhjZf\fih^]hlh\blvkijZ\dmihij_^ijbylbxIjbwlhfhq_gvbgl_j_k_gkZfijbgpbi__
jZ[hlu'XQ\t%UDGVWUHHW\uoh^blgZdhglZdlkbamqZ_fhcdhfiZgb_cbijyfhijhkblij_^hklZ\blvh
k_[_bgnhjfZpbxkemqZ_hldZaZ_c]h\hjylqlhg_ij_^ty\e_gb_k\_^_gbc__aZdhggh_ijZ\h
h^gZdh\lZdhfkemqZ_\khhl\_lkl\mxs_c]jZn_[m^_lk^_eZgZaZibkvh[wlhfhldZa_Qlh^ey
bg\_klhjh\
G_dhlhju_ijZdlbdmxsb_ki_pbZebkludhgdmj_glghcjZa\_^dbdhlhju_bf_xlhiuljZ[hluk
jhkkbckdbfij_^klZ\bl_evkl\hf'XQ\t%UDGVWUHHWj_dhf_g^mxli_j_^aZdexq_gb_f^h]h\hjZkwlhc
dhfiZgb_ch[jZlblvkyg_lhevdh\mdZaZggh_hl^_e_gb_ghb\_\jhi_ckdb_bebZf_jbdZgkdb_hnbku
hj]ZgbaZpbbbkjZ\gblvij_^eZ]Z_fu_bfbmkeh\byGZfg_ba\_klguijbqbguwlh]hy\e_gbyghih
keh\Zfjy^Zki_pbZebklh\bgh]^Zij_^eh`_gbyaZjm[_`guonbebZeh\[u\Zxl[he__bgl_j_kgufbk
lhqdbaj_gbykhhlghr_gbyk_j\bkZbp_gug_`_eblhq_fiulZ_lkyijb\e_qvdeb_glh\jhkkbckdbc
hnbk'XQ\t%UDGVWUHHWFug_fh`_fhi_j_lvky\wlhf\hijhk_gZkh[kl\_gguchiulihwlhfm
ij_^eZ]Z_fqblZl_exkZfhklhyl_evghijh\_jblv^ZggmxbgnhjfZpbxij_`^_q_faZdexqZlv
^h]h\hj
H[jZs_gb_dki_pbZevgufhgeZcgh\ufkem`[Zf
Kms_kl\mxlhgeZcgh\u_k_j\bkudhlhju_iha\heyxlihemqZlvbgnhjfZpbxhij_^ijbylbyoQZklv
wlhcbgnhjfZpbbgZoh^blky\k\h[h^ghc^hklmig_qZklvij_^hklZ\ey_lkygZieZlghchkgh\_
Ijb\_^_fijbf_julZdbokem`[
ZZZYDODDPLQIRUX :E::F\fk\_^_gbyba?=JXEb?=JBImqj_^bl_evkdZy^_yl_evghklv
xjb^bq_kdh]hebpZZnnbebjh\Zggu_ebpZ
ZZZVSDUNLQWHUID[UX KI:JD\fk\_^_gbyba?=JXEb?=JBI k\_^_gbyba?=JXE^hklmigu
[_kieZlgh\f[ZeZgkuZj[bljZ`[Zgdjhlkl\Zgh\hklbdhfiZgbcGLVFORVXUHLQWHUID[UXwfbl_glu
Znnbebjh\Zggu_ebpZ [_kieZlgh\f
ZZZVFULQUX KDJBG\fk\_^_gbyh[mqZklgbdZojugdZp_gguo[mfZ]ih^e_`Zsb_jZkdjulbx
[_kieZlgh\f
ZZZGLVFORVXUHUXk\_^_gbyh[mqZklgbdZojugdZp_gguo[mfZ]ih^e_`Zsb_jZkdjulbx
[_kieZlgh\f
ZZZQDORJUX wlhkZclN_^_jZevghcGZeh]h\hckem`[uJhkkbbKg_dhlhjuoihjgZg_fklZeh
\hafh`gufqZklvbgnhjfZpbbihemqZlv[_kieZlgh\f
I_j_oh^gZfgh]b_ba\ur_mdZaZgguo[_kieZlguoj_kmjkh\^eym^h[kl\Zki_pbZebklh\
ij_^mkfhlj_ggZgZr_fkZcl_ KWWSFLUD]YHGNDQDURGUX\f
Fuij_^ihqblZ_fbkihevah\Zlv\jZ[hl_kbkl_fmKI:JD?^bgkl\_gguc__g_^hklZlhdgZgZr
\a]ey^^h\hevgh\ukhdZyp_gZ gZfhf_glgZibkZgbydgb]bhgZkhklZ\eyeZ^heeKR:\
f_kyp\fH^gZdh\k_]^Z_klv\hafh`ghklvijbg_[hevrboh[t_fZolj_[m_fhcbgnhjfZpbbijbh[j_klb
�__g_gZijyfmxmKI:JDZZmdh]hlhbaih^ibkqbdh\gZ^hklZlhqgh\u]h^guop_g_eydjmiguo
`_hj]ZgbaZpbcklhbfhklvkbkl_fugbdZdhcijh[e_fug_ij_^klZ\ey_l
Ijyfhcdhgdmj_glKI:JDZKDJBGlZd`_^h\hevghihimeyj_gmki_pbZebklh\dhgdmj_glghc
jZa\_^dbH^gZdhp_gZwlhckbkl_fuf_gvrZyihkjZ\g_gbxkmihfygmlhc\ur_g_\k_]^Zfh`_l
dhfi_gkbjh\Zlvhlkmlkl\b_\KDJBG_j_r_gbcZj[bljZ`guokm^h\KI:JDiha\hey_lm\b^_lv
l_dklkm^_[gh]hj_r_gbyiheghklvxZlZdZybgnhjfZpby[u\Z_ldjZcg_\Z`ghc\jZ[hl_mdZaZgghc
kem`[uDjhf_lh]hki_pbZebkluhlf_qZxlg_dhlhjmxg_hi_jZlb\ghklv\h[gh\e_gbb[Zau^Zgguo
KDJBGZq_]hg_evaykdZaZlvhKI:JD_G_dhlhju_wdki_jluh[tykgyxlwlhl_fqlhihke_^gbc
bf__lij_^klZ\bl_evkl\Z\dZ`^hfj_]bhg_ihwlhfmijhp_kkk[hjZbgnhjfZpbbbaZg_k_gby__\
kh[kl\_ggmx[Zam\^ZgghfkemqZ_ijhbkoh^blg_kdhevdh[uklj__
KI:JDZbKDJBGZmqZklgbdbdhlhjh]hijbrebdke_^mxs_fm\u\h^mijbhlghkbl_evgh
g_[hevrboh[t_fZobgnhjfZpbb^_r_\e_ihevah\Zlvkyk\yadhc^\moj_kmjkh\KDJBGZb
�i_l_j[mj]kdhckbkl_fuDh^_dk@Zijbhlghkbl_evgh[hevrboh[t_fZop_e_khh[jZag__
ijbf_gylvKI:JD
K\yaZglZdhc\u\h^[uekl_fqlhkbkl_fZDh^_dkgZfhf_glgZibkZgbydgb]b\abfZeZjZah\u_
ieZl_`bbhldju\ZeZ^hklmidl_dklZfj_r_gbcZj[bljZ`guokm^h\Zbf_gghhlkmlkl\b_wlhc
bgnhjfZpbbdZdm`_]h\hjbehkv^_eZehKDJBGf_g__bgl_j_kgufj_kmjkhfg_`_ebKI:JDk
lhqdbaj_gbyki_pbZebklh\dhgdmj_glghcjZa\_^dbH^gZdhijb[hevrhfh[t_f_aZijhkh\wlb
jZah\u_ieZl_`bij_\jZsZxlky\kmffmdhlhjZyk\h^blwdhghfbxgZg_l
IeZlgu_j_kmjku
HjhebieZlguoj_kmjkh\\jZ[hl_dhgdmj_glghcjZa\_^dbh[boiexkZobfbgmkZofu^hklZlhqgh
ih^jh[gh]h\hjbebjZg__
@_elu_kljZgbpu
@_elufbkljZgbpZfbgZau\ZxlkijZ\hqgbdbdhfiZgbck]jmiibjh\Zggu_ih\b^Zf^_yl_evghklb
&#xh;&#xge;&#xZc;&#xgh;&#xh;;&#x^h;&#xkl;&#xmi;&#x_;&#xwl;&#xhl;&#xkl;&#xhq;&#xgb; ;&#xlZ; `;&#x_;&#xij; k;&#xml;&#xkl;&#xm_;&#xl;�hgeZcgh\hf^hklmi_wlhlbklhqgbdlZd`_ijbkmlkl\m_leylh]hqlh[ugZclb`_elu_kljZgbpu
gm`gh]h]hjh^Z^hklZlhqghk^_eZlv\ihbkdh\mxfZrbgmaZijhklbiZ
�`_elu_kljZgbpu_dZl_jbg[mj]@
Bgl_jg_lihjlZeu]hjh^h\
Fgh]b_djmigu_]hjh^Zbf_xlkh[kl\_ggu_bgl_jg_lihjlZeukdhlhjuoh[uqghfh`ghihiZklvgZ
kZclukh^_j`Zsb_bgnhjfZpbxhf_klguodhfiZgbyoBgh]^Zm]hjh^Z[u\Z_l^\Zljb\_[j_kmjkZ
QZs_\k_]hwlbijh_dluih^^_j`b\Zxlky\j_deZfguop_eyodjmigufbk_l_\ufbijh\Zc^_jZfb
GZclbihjlZegm`gh]h]hjh^Zfh`gh\qZklghklbihlZdhfmaZijhkm
�ihjlZe_dZl_jbg[mj]@
BgnhjfZpbyh[bghkljZgguodhfiZgbyoij_^klZ\e_gZgZl_o`_j_kmjkZodhlhju_fuhibku\Zeb
\ur_jZkkfZljb\Zy\hijhkihbkdZbgnhjfZpbbhjhkkbckdboij_^ijbylbyoIh`Zemc_^bgkl\_ggZy
jZagbpZkhklhbl\lhfqlhkZclu\jh^_KI:JDZbebKDJBGZ[m^mlaZf_g_gubof_klgufb
ZgZeh]Zfbhldijbf_jmi_j_q_gvg_dhlhjuogZpbhgZevguoj_kmjkh\dhlhju_kh^_j`Zl
^hklmigmx^eydZ`^h]hbgnhjfZpbxhgZpbhgZevguodhfiZgbyo
ZZZFRPSDQLHVKRXVHJRYXN _ebdh[jblZgby\f
ZZZLQIRLPSUHVHLW BlZeby\f
ZZZNYNQO Gb^_jeZg^u\f
ZZZMXVWLFHF] Q_oby\f
ZZZLQIRJUHIIHIU NjZgpby\f
ZZZ\WMIL Nbgeyg^by\f
Djhf_lh]hbgnhjfZpbyh[bghkljZgguodhfiZgbyofh`ghgZclbq_j_ajZkijhkljZg_ggu_aZ
jm[_`hfihbkdh\u_kbkl_fulZdb_dZd*RRJOHDKRR$OWD9LVWD061
GZgZr_fkZcl_ KWWSFLUD]YHGNDQDURGUX\fijb\_^_gZkkuedZgZ?\jhi_ckdb_ihbkdh\u_j_kmjku
(XURSHDQ6HDUFK(QJLQHV'LUHFWRULHVDQG/LVWV\fAZwlmihe_agmxkkuedmfuhl^_evghohlbf
ih[eZ]h^ZjblvmqZklgbdZNhjmfZjZa\_^qbdh\kgbdhfVSHHG\
Mqblu\ZyqlhgZAZiZ^_Bgl_jg_lihevam_lky[hevr_cihimeyjghklvxg_`_eb\Jhkkbb
\hafh`ghklvh[jZsZlvky\k\h_cjZ[hl_dj_kmjkZfg_bf_xsbfhl_q_kl\_gguoZgZeh]h\
�GZijbf_j*DU\3ULFH@]h\hjblhki_pbZebabjh\Zgguoj_kmjkZodhlhju_kihfhsvxkh[kl\_gguo
iZmdh\bg^_dkbjmxllhevdhl_fZlbq_kdb_jZa^_euBgl_jg_lZgh^_eZxlwlhagZqbl_evghiheg__
q_fihbkdh\u_fZrbguh[s_]hgZagZq_gby
Ih^h[ghp_e_\uf^bj_dlhjbyfp_e_gZijZ\e_ggu_iZmdbhjb_glbjh\ZgugZihbkdhij_^_e_ggh]h
\b^ZbgnhjfZpbbbiulZxlkygZclbfZdkbfZevgh_dhebq_kl\hkljZgbpg_\hh[s_Z\dhgdj_lghc
h[eZklbihk_sZyh]jZgbq_ggh_dhebq_kl\h^hf_gh\
LZdb_iZmdbihk_sZxlk\hbkljZgbpuqZs_blsZl_evg__q_fh[uqgu_dhlhju_ijhkfZljb\Zxl
j_kmjku\ihbkdZobgnhjfZpbbh[s_]hgZagZq_gbyIjbf_jki_pbZebabjh\Zggh]hiZmdZ/DZ
&UDZOHUKWWSODZFUDZOHUOSILQGODZFRPbeb3ROLWLFDOLQIRUPDWLRQFRP
KWWSZZZSROLWLFDOLQIRUPDWLRQFRP
DZdbkdZlvbgnhjfZpbxhijh^mdlZodhgdmj_glZ
ihbkd_ih^h[ghcbgnhjfZpbbq_j_aBgl_jg_lhkgh\gmxjhevb]jZxlke_^mxsb_j_kmjku
ihbkdh\u_fZrbgu
dZlZeh]b
^bkdmkkbhggu_]jmiiubnhjmfu
l_fZlbq_kdb_kZcluex[bl_e_c^Zgghcijh^mdpbb gZijbf_jDem[ex[bl_e_ckfZjlnhgh\
5RYHUbebDem[FZa^h\h^h\?dZl_jbg[mj]Z\f
kZclu`mjgZeh\ki_pbZebabjmxsbokygZ^Zgghfijh^mdl_ gZijbf_jkZcluZ\lhfh[bevguo
`mjgZeh\\f
hljZke_\u_ihjlZeu
DZdgZclbgm`gucaZdhgbebihklZgh\e_gb_
Kh\j_f_g_fkblmZpbykihbkdhfih^h[ghcbgnhjfZpbbmemqrblkyihkdhevdmhlf_qZ_lky
l_g^_gpbydih\ur_gbx^hklmighklb^ey]jZ`^ZghnbpbZevguo^hdmf_glh\gZ[_a\haf_a^ghc
hkgh\_;he__lh]hkm^uklZebZdlb\ghih^^_j`b\Zlvh[_ki_q_gb_lZdhc^hklmighklbbh[yau\Zlv
hljZke_\u_]hkm^Zjkl\_ggu_mqj_`^_gbyh[_ki_qb\Zlv[_kieZlguc^hklmiq_j_aBgl_jg_ld
khhl\_lkl\mxsbffZl_jbZeZf
FukqblZ_fqlhihdmiZlvl_dklu^hdmf_glh\dhlhju_jZajZ[hlZgugZ^_gv]bgZeh]hieZl_evsbdh\
bjZaf_s_gugZkZclZo]hkm^Zjkl\_gguomqj_`^_gbclZd`_hieZq_gguogZeh]hieZl_evsbdZfb
\k_jZ\ghqlh^\Z`^uieZlblvaZh^bgblhl`_lh\Zj
H^gZdhihdZqlhfugZoh^bfky\gZqZe_wlh]himlbbki_pbZebklmdhgdmj_glghcjZa\_^db
i_jbh^bq_kdblj_[m_lkybkdZlvg_h[oh^bfu_fZl_jbZeu\ihbkdh\uofZrbgZoh[s_]hgZagZq_gby
H[uqghhkgh\gmxijh[e_fmij_^klZ\eyxl^\Zh[klhyl_evkl\Z
kms_kl\m_lg_kdhevdhjZaguo^hdmf_glh\kh^bgZdh\ufghf_jhf
\f_klhkZfh]hl_dklZ^hdmf_glZ\[hevrbodhebq_kl\Zoihy\eyxlkyij_^eh`_gbyfZ]Zabgh\
dmiblvwlhll_dkl
k\yabkwlbf^Z^bfg_kdhevdhj_dhf_g^Zpbcdhlhju_iha\heylba[Z\blvkyhlbgnhjfZpbhggh]h
fmkhjZbgZclbdhgdj_lgucfZl_jbZe
?keb\ihbkdh\hfaZijhk_lj_[m_lkygZibkZlvgZa\Zgb_^hdmf_glZkhdjZs_gghemqr_wlh
gZa\Zgb_aZdexqblv\dZ\uqdb
g_NAZNA
BgnhjfZpbxkghf_jhfghjfZlb\gh]hZdlZlh`_emqr_aZdexqZlv\dZ\uqdb
GZijbf_j
g_Z
?kebba\_klghdZdh_lhki_pbnbq_kdh_keh\hdhlhjh_^he`ghkh^_j`Zlvky\gZa\Zgbbbeb\
l_dkl_ghjfZlb\gh]hZdlZlhemqr__]hlZd`_mdZaZlv\aZijhk_
GZijbf_j^ey^hdmf_glZ
KZgblZjgu_ijZ\beZbghjfuKZgIbGIjZ\beZk[hjZojZg_gbybm^Ze_gbyhloh^h\
e_q_[ghijhnbeZdlbq_kdbomqj_`^_gbc
fuj_dhf_g^m_f\dexqZlv\aZijhkkeh\Zhloh^h\ijbq_fbf_ggh\lhcnhjf_\dhlhjhchgh
kh^_j`blky\gZa\Zgbb^hdmf_glZ
QZklhg_iehoh\dexqblv\aZijhkmdZaZgb_gZg_h[oh^bfhklvh[yaZl_evgh]hgZebqby\l_dkl_
keh\ZkdZqZlvGh^_eZlvwlhgZ^hlhevdh\lhfkemqZ__keb\\u^Zq_kebrdhffgh]h^hdmf_glh\
^Z`_ijbijZ\bevghkhklZ\e_gghfaZijhk_
BgZq_fh`ghq_j_kqmjaZmablvj_amevlZluihbkdZ
Bkdexqblvba^hdmf_glZkeh\Zp_gZdmiblvbfZ]Zabg
LZdbfh[jZahf^eyihbkdZ[_kieZlgh]hl_dklZ
KZgIbGIjZ\beZk[hjZojZg_gbybm^Ze_gbyhloh^h\e_q_[ghijhnbeZdlbq_kdbo
mqj_`^_gbc
fh`ghkhklZ\blv^eyYg^_dkZke_^mxsbcaZijhk
� KZgIbG\thloh^h\\faa fZ]Zabg_p_gZ_dmiblv\f@
DZdihk_lblvkZcldhgdmj_glZZghgbfghbaZq_fgm`gZlZdZyZghgbfghklv
Dhgdmj_glgZyjZa\_^dZdZdfum`_]h\hjbeblj_[m_lkh[ex^_gbydhgnb^_gpbZevghklb\hfgh]bo
kemqZyojZ[hlukhldjulhcbgnhjfZpb_c\lhfqbke_ijbihk_s_gbbkZclZdhfiZgbbijhlb\gbdZ
=jZfhlgucZ^fbgbkljZlhjkZclZ\k_]^Zkihkh[_gm\b^_lvkdZdboLSZ^j_kh\ijboh^bebihk_lbl_eb
gZdZdb_kljZgbpub\dZdhcihke_^h\Zl_evghklbhgbi_j_dexqZebkvbdZdh]hjh^ZbgnhjfZpb_clZf
bgl_j_kh\Zebkv
Wlhfh`_lh[gZjm`blvkem`[mdhgdmj_glghcjZa\_^dbbihdZaZlvdZdb_\hijhku^eywlhckem`[u
k_]h^gyijbhjbl_lguqlh\k\hxhq_j_^vkihkh[ghagZqbl_evghkgbablvwnn_dlb\ghklvjZ[hlu
^Zggh]hhj]ZgZFZehlh]hkbkl_fgucZ^fbgbkljZlhjfh`_lkha^Zlveh`gu_kljZgbqdbdhlhju_
ih^kh\u\Zxlkyihk_lbl_eyfijbr_^rbfkhij_^_e_ggh]hZ^j_kZWlhlijb_fdZdfum`_
]h\hjbebrbjhdhijbf_gy_lkyihbkdh\ufbkiZf_jZfbdhlhju_iha\heyxliZmdmijhkfhlj_lvh^gm
kljZgbpmZihevah\Zl_eyfkh\_jr_ggh^jm]mx?keb\hlghr_gbbki_pbZebklZdhgdmj_glghc
jZa\_^db[m^_lijbf_g_gih^h[gucijb_flhl[m^_lkqblZlvqlhagZdhfblkykkh^_j`bfufkZclZ
khi_jgbdZlh]^ZdZdgZkZfhf^_e_klZg_lihlj_[bl_e_f^_abgnhjfZpbb
DZdgZagZqZxlkyLSZ^j_kZ"
Fug_[m^_fq_j_kqmjm]em[eylvky\\hijhkuhj]ZgbaZpbbdhfivxl_jguok_l_cjZkkdZ`_febrvh
ijbgpbi_ihdhlhjhfmgZagZqZxlkyLSZ^j_kZWlhihfh`_lqblZl_exdhlhjucjZg__g_
bgl_j_kh\Zeky^Zgghcijh[e_fhc[uklj__khjb_glbjh\Zlvky\ihke_^mxs_ffZl_jbZe_
BlZdij_`^_\k_]hgZ^hihgylvqlh\k_lb \^ZgghfkemqZ_\Bgl_jg_l_ohlywlhkijZ\_^eb\h^ey
\hafh`ghklv^hklZ\db^Zgguobf_gghgZlmfZrbgm^eydhlhjhc^Zggu_ij_^gZagZq_gu
Dhfivxl_juagZdhfylky^jm]k^jm]hfbi_j_^ZxlbgnhjfZpbxbf_gghihkj_^kl\hfLSZ^j_kh\
Ex^yf[ueh[uljm^ghaZihfbgZlvwlb[_kdhg_qgu_gZ[hjupbnjihwlhfm^eyihevah\Zl_e_c
�ijb^mfZeb^hf_ggu_bf_gZ \jh^_\DQGH[UXbebFLUD]YHGNDQDURGUX\feyi_j_\h^Zihgylguo
q_eh\_dm^hf_gguobf_g\ijb\uqgu_^eydhfivxl_jh\LSZ^j_kZ\Bgl_jg_l_kms_kl\mxllZd
gZau\Z_fu_'16k_j\_jujZ[hlZdhlhjuoihkmlbk\h^blkyddhg\_jlZpbb^hf_gguobf_g\LS
Z^j_kZbgZh[hjhlihki_pbZevghclZ[ebp_Kms_kl\m_l_^bgucp_gljih\u^Zq_Z^j_kh\dhlhjuc
ljZ^bpbhgghgZoh^blkylZf]^_b[uekha^ZgBgl_jg_l\KR:Khhl\_lkl\_gghwlhlp_glj^_
nZdlh\_jhylghkihkh[_g^_j`Zlvih^dhgljhe_f\lhcbebbghckl_i_gb\kxbgnhjfZpbhggmx
IZmlbgm
Dh]^Zihy\ey_lkygh\ucBgl_jg_lijh\Zc^_j_fm\u^_ey_lkyhij_^_e_gguc^bZiZahgLSZ^j_kh\b
hgm`_\ij_^_eZowlh]h^bZiZahgZjZa^Z_lZ^j_kZk\hbfdeb_glZf:^j_kmihevah\Zl_eyfh`_l[ulv
ihklhyggufg_baf_gghaZdj_ie_gguflhevdhaZgbf lZdgZau\Z_fucnbdkbjh\ZggucLSZ^j_k\fqlh
iha\hey_lmklZgh\blvgZwlhfZ^j_k_k_j\_jbjZaf_klblvgZijbf_jkZcl:fh`_l\u^Z\Zlvky\
fhf_gl\uoh^Zq_eh\_dZ\Bgl_jg_lbagZebqbyk\h[h^guo\^Zggucfhf_glZ^j_kh\lZdhf
�kemqZ_hggZau\Z_lky^bgZfbq_kdbfbgZfbq_kdbcZ^j_kg_iha\hey_lmklZgh\blvgZg_fihqlh\uc
beb\_[k_j\_jghbhij_^_eblvdhgdj_lgh_f_klhgZoh`^_gbyihevah\Zl_eylZdh]hZ^j_kZkeh`g__
L_fg_f_g__]hjh^bijh\Zc^_jZihLSZ^j_kmfh`gh\uqbkeblv\ex[hfkemqZ_Znbabq_kdb_
dhhj^bgZlubgZa\Zgb_dhfiZgbb\kemqZ__kebLSZ^j_knbdkbjh\Zgguc
DZdijbdjulvk\hcLSZ^j_k"
H[uqghijbf_gy_lkyg_kdhevdhaZdhgguokihkh[h\ijbdjulbyLSZ^j_kZ
KjZamohlbfhlf_lblvqlhfuj_dhf_g^m_fijh\h^blvjZ[hlmihihbkdm\Bgl_jg_l_kdhfivxl_jZ
dhlhjucg_ih^dexq_gddhjihjZlb\ghck_lblZddZd[hevrbgkl\hkihkh[h\ijbdjulbyLSZ^j_kZ
ihl_gpbZevghfh]mlkha^Zlv[j_rv\aZsbl_dhjihjZlb\ghck_lb\Zr_]hij_^ijbylbyDm^ZaZg_k_l
ki_pbZebklZdhgdmj_glghcjZa\_^dbihbkdbgnhjfZpbbgbdlhaZjZg__ij_^m]Z^Zlvg_fh`_lZr
dhfivxl_jfh`_l[ulvZlZdh\Zgd_fm]h^ghb\ex[hcfhf_glihwlhfmg_gZ^hklZ\blv
dhjihjZlb\gmxk_lvih^m]jhamihl_jb^Zgguobebk[h_\\jZ[hl_k_qlh\ukhql_l_gm`guf
ij_^klZ\blv\dhjihjZlb\ghck_lb\ujZaf_klbl_lZfihke_hdhgqZgbyihbkdZbh[yaZl_evghc
ijh\_jdbjZaf_sZ_fhcbgnhjfZpbbgZgZebqb_ij_klmigh]hbebijhklhg_`_eZl_evgh]h
ijh]jZffgh]hh[_ki_q_gby
hlhkgh\gu_kihkh[uijbdjulbyLSZ^j_kZ
hkihevah\Zlvkyh[udgh\_gguffh^_fhfjZ[hlZxsbfq_j_al_e_nhggmxebgbx
wlhfkemqZ_Z^fbgbkljZlhjihk_sZ_fh]hkZclZ[m^_l\b^_lvqlhihk_lbl_evijbr_eba
hij_^_e_ggh]h]hjh^Zg_[he__lh]h,SZ^j_kdhlhjucijbwlhfaZnbdkbjm_lmk_[yihk_sZ_fuc
kZcl[m^_lbklbggufLSZ^j_khf\Zr_]hdhfivxl_jZihwlhfm\kemqZ_ZlZdbgZwlhlZ^j_k\Zr
dhfivxl_jfh`_l[ulvihjZ`_g
Dfhf_glm\uoh^Zdgb]b\dhff_jq_kdmxwdkiemZlZpbx[ueb\\_^_gul_e_nhguhi_jZlhjZkhlh\hc
k\yabKdZcEbgdjZ[hlZxsb_ihl_ogheh]bbKdZcLmj[hWlbZiiZjZluiha\heyebbkihevah\Zlv
^bgZfbq_kdb_LSZ^j_kZijbwlhfj_Zevghh[_ki_qb\Zykdhjhklvi_j_^Zqb^ZgguokhihklZ\bfmxkh
kdhjhklvx\u^_e_gghcebgbbIhgZr_fmhiulmwlhihqlbb^_Zevgh_j_r_gb_^eydhgdmj_glghc
ijb\yaZggucddhgdj_lghcdhfiZgbbbg_kha^Zxsbcm]jhau[_ahiZkghklbdhjihjZlb\ghck_lb
hkihevah\Zlvky*356kh_^bg_gb_f[_aij_^hklZ\e_gbymkem]bnbdkbjh\Zggh]hLSZ^j_kZ
wlhfkemqZ_Z^fbgbkljZlhjihk_sZ_fh]h\ZfbkZclZm\b^blqlh\uijbrebbak_lbhij_^_e_ggh]h
hi_jZlhjZk\yabhij_^_e_gghcl_jjblhjbbkl_f`_LSZ^j_khfqlhb\k_hklZevgu_ihk_lbl_eb
h[kem`b\Z_fu_wlbfhi_jZlhjhf,SZ^j_kdhlhjucfh]mlhij_^_eblvgZihk_sZ_fhf\ZfbkZcl_
ijbwlhf[m^_lbgufg_`_ebgZkZfhf^_e_K\yaZghwlhkl_fqlh\k_ihevah\Zl_eb*356bf_xl
h^bgLSZ^j_kdhlhjucljZgkebjm_lkyk_j\_jhfkhlh\h]hhi_jZlhjZihk_sZ_fhfmkZclm:lZdZgZ
lZdhcLSZ^j_k\ZrmfZrbgmihjZablvg_kfh`_llZddZd[m^_lgZijZ\e_gZijhlb\k_j\_jZkhlh\hc
dhfiZgbb
hkihevah\Zlvky[_kieZlgufZghgbfgufijhdkbk_j\_jhf
BaaZlh]hqlh[hevrbgkl\hoZd_jkdboZlZdijh\h^behkvq_j_ap_ihqdmZghgbfguoijhdkb
k_j\_jh\\Bgl_jg_l_ijhlb\gbo\_^_lkyihklhyggZy[hjv[Z
L_fg_f_g__kibkdbLSZ^j_kh\Zghgbfguoijhdkbk_j\_jh\gZoh^ylky\k\h[h^ghfk_l_\hf
^hklmi_HagZdhfblvkykgbfb\qZklghklbfh`ghgZlZdboj_kmjkZodZd
KWWSZZZOHDGHUUXVHFXUH
KWWSZZZVWD\LQYLVLEOHFRPSUR[\BOLVWVKWPO
�GZkljhcdZ[jZma_jZgZZghgbfgucijhdkbk_j\_j\uihegy_lkyhq_gvijhklheywlh]h\[jZma_j_
ijhibku\Z_lkyLSZ^j_kijhdkbk_j\_jZbmdZau\Z_lkyghf_jihjlZB\k_fh`ghjZ[hlZlvkgh\uf
LSZ^j_khfdhlhjucdZdbbghf_jihjlZhlh[jZ`_g\kibkd_ijhdkbk_j\_jh\Ghf_jihjlZfh`_l
[ulvmdZaZgijyfheb[h\ke_^mxs_fnhjfZl_
WlhhagZqZ_lqlhLSZ^j_kZghf_jihjlZdhlhju_bgZ^hijhibkZlv\
�[jZma_j_\h_lhqb_ijhklhhl^_ey_l\bamZevghLSZ^j_kijhdkbk_j\_jZhlghf_jZihjlZb\h
\gbfZgb_ijbgbfZlvkyg_^he`gh
[jZma_j_FhabeeZNZcjnhdk^eyhkms_kl\e_gbywlhchi_jZpbbgZ^hijhclbihkkuedZf
Bgkljmf_glu!GZkljhcdb!Hkgh\gh_!IZjZf_ljukh_^bg_gby!GZkljhcdZijhdkb\jmqgmx
Fug_j_dhf_g^m_fihevah\Zlvkyih^h[guff_lh^hf^hklb`_gbyZghgbfghklbihkdhevdmg_l
gbdZdbo]ZjZglbclh]hqlhhghdZ`_lky^_ckl\_gguf
Djhf_lh]hh[uqghlZdh_kh_^bg_gb_kBgl_jg_lhfg_j_^dhh[_ki_qb\Z_lhq_gvgbadmxkdhjhklv
jZ[hluBkh\_jr_gghg_ba\_klghdlhbkdZdhcp_evxijbwlhfkh[bjZ_lgZijbf_j\\h^bfu_\Zfb
q_j_a\_[bgl_jn_ckiZjhebbnbdkbjm_l\ZrgZklhysbcLSZ^j_k
Ihfbfh\k_]hkdZaZggh]hbgh]^Zlj_[m_lkyaZljZlblvg_fZeh\j_f_gbqlh[ugZclblZdhcijhdkb
k_j\_jdhlhjuc\ijbgpbi_jZ[hlZ_l\^Zggucfhf_gl
Qlh[um[_^blvky\lhfqlhijhdkbk_j\_jh[_ki_qbeZghgbfghklvdhfivxl_jZ^hklZlhqgh
ih^dexqblvkydlZdhfmk_j\_jmZaZl_fijh\_jblvk\hcLSZ^j_kgZijbf_jgZkljZgbp_
KWWSZZZOHDGHUUXVHFXUHZKRKWPOK_j\bkij_^hklZ\ey_fuclZfiha\hey_lm\b^_lvdZdhcZ^j_k
ljZgkebjm_lkykZclmijb\Zr_fihk_s_gbbZlZd`_ijh\_jblvdhfmwlhlZ^j_kijbgZ^e_`bl
^hklZlhqghebrvs_edgmlvih]bi_jkkued_BgnhjfZpbyhk_lbb^hf_g_GZijb\_^_gghfgb`_
jbk\b^ghqlhZ^fbgbkljZlhjihk_sZ_fh]hgZfbj_kmjkZ\b^blgZrLSZ^j_k \f
lbi[jZma_jZ 06,(Y\fZlZd`_ihqlh\uck_j\_jijbgZ^e_`Zsbcijh\Zc^_jmBgl_jg_lmkem]\
^ZgghfkemqZ_ PDLOXUDOWHOQHW\f
ijbgZ^e_`bldhjihjZpbbFLK\?dZl_jbg[mj]_y\eyxs_ckyijh\Zc^_jhfk\yab\klZg^Zjl_*60b
h[jZs_gb_dihk_s_gghfmgZfbkZclmb^_lkk_j\_jZjZkiheh`_ggh]h\dhfiZgbb(WHO&RWlh
ihdZaZghgZjbkA^_kv`_ijb\_^_gudhglZdlgu_l_e_nhgubZ^j_kZwe_dljhgghcihqlu
dhfiZgbb(WHOZlZd`_mdZaZghdhglZdlgh_ebphaZy\e_ggh_ijbj_]bkljZpbb^hf_gZ\^Zgghf
kemqZ_wlh(YJHQ\DUFKXN
�eym^h[kl\Zdhee_]fujZaf_klbebi_j_oh^gZ\ur_mdZaZggmxkljZgbpmijh\_jdbbgnhjfZpbbh
dhfivxl_j_ihevah\Zl_eyijyfhgZ]eZ\ghckljZgbp_gZr_]hkZclZKWWSFLUD]YHGNDQDURGUX
hfgh]bokemqZyowdkiemZlZpbblZdgZau\Z_fuoZghgbfguoijhdkbk_j\_jh\\uh[gZjm`bl_qlh
hij_^_ey_lky\Zrih^ebggucLSZ^j_kIhkdhevdmihklhjhggb_ijhdkbk_j\_jug_\abfZxlieZluaZ
bobkihevah\Zgb_\u^he`guihgbfZlvqlh\kemqZ_g_jZ[hlhkihkh[ghklbaZy\e_ggh]hk_j\bkZ
ij_l_gabbij_^ty\eylv[m^_lg_dhfm
JbkKljZgbpZijh_dlZOHDGHUUXgZdhlhjhcihdZaZgZbgnhjfZpby\b^bfZyZ^fbgbkljZlhjm
ihk_sZ_fh]hkZclZ
JbkBgnhjfZpbyhijbgZ^e_`ghklbLSZ^j_kZihemq_ggZygZkljZgbp_ijh_dlZOHDGHUUX
hkihevah\ZlvkyZghgbfZca_jhfdhlhjucfh`_llj_[h\ZlvZfh`_lbg_lj_[h\ZlvmklZgh\dbgZ
dhfivxl_j_ijh]jZffgh]hh[_ki_q_gby
Ih^h[guck_j\bkaZjm[_`hfij_^hklZ\ey_lkZclZZZDQRQ\PL]HUFRP?s_g_^Z\ghwlhlkZcl
ij_^hklZ\eye\hafh`ghklvZghgbfgh]hBgl_jg_lk_jnbg]Z\lhfqbke_b[_kieZlghH^gZdh\
gZklhys__\j_fy[_kieZlguc^hklmiaZdjulb\hafh`ghebrvkdZqZlvbmklZgh\blvgZdhfivxl_j
ijh]jZffmdhlhjZyh[_ki_qb\Z_lih^dexq_gb_dijhdkbk_j\_jmZghgbfZca_jZFuijh\_jbeb
jZ[hlhkihkh[ghklvwlh]hk_j\bkZbfh`_fdhgklZlbjh\Zlvqlhwlhm^h[gucbgkljmf_glM^h[kl\h
ihevah\ZgbywlbfZghgbfZca_jhf\lhfqlhg_gZ^h\\h^blv\gZkljhcdb[jZma_jZgbdZdhc
bgnhjfZpbbZ^hklZlhqghijhklhaZimklblvijh]jZffmgZk\h_fdhfivxl_j_ihke_q_]hhgZ
kZfhklhyl_evghmklZgh\blkh_^bg_gb_q_j_aZghgbfgucijhdkbk_j\_j
Klhbfhklvmkem]wlh]hk_j\_jZhdheh^hee\]h^iZd_lihfbfh\hafh`ghklbZghgbfgh]h
ihk_s_gbyBgl_jg_lZ\oh^blijh]jZffZihZ\lhfZlbq_kdhchqbkld_gZ\Zr_fdhfivxl_j_k\_^_gbc
h\Zrboi_j_f_s_gbyo\K_lbM^h[ghqlhwlhlrj_^_jke_^h\jZ[hlu\Bgl_jg_l_iha\hey_l
gm`gu_iZjZf_lju\g_klb\kibkhd^h\_j_gguoblh]^Zhgb[m^mlihklhygghkhojZgylvky\lh
\j_fydZdhklZevgu_[m^mlZ\lhfZlbq_kdbm^ZeylvkyijbdZ`^hchqbkld_DklZlb[_awlh]hiZd_lZ
\ufh`_l_hqbklblv^Zggu_\jmqgmx_kebaZc^_l_\[jZma_j_0R]LOOD)LUHIR[\jZa^_eBgkljmf_glu
GZkljhcdbIjb\ZlghklvHqbklblv\k_gh\wlhfkemqZ_ijb^_lkyi_j_[bjZlvhq_gv[hevrh_
dhebq_kl\hkljhq_dlZd`_\jmqghfj_`bf_
Ihfbfhdmdh\rj_^_j\lhfZlbq_kdbm^Zey_lkdhfivxl_jZihevah\Zl_ey\j_f_ggu_kljZgbpu
kibkhdihk_s_gguokZclh\kibkhd\\_^_gguoijbihbkd_keh\i_j_q_gvg_^Z\ghhldjuluo
^hdmf_glh\Fum[_^bebkv\lhfqlhijh]jZffZdhjj_dlghjZ[hlZ_lk[jZma_jZfb,QWHUQHW([SORUHUb
0R]LOOD)LUHIR[
Hlghkbl_evghg_^Z\ghihy\bekyZghgbfZca_j\jhkkbckdhcqZklbBgl_jg_lZihZ^j_km
KWWSZZZDQRQ\PL]HUUXhlqlh]h\hjylhj_kmjk__]h\eZ^_evpu
$QRQ\PL]HU5Xwlh^Ze_dhg_i_j\ucbakms_kl\mxsbo\Bgl_jg_l_k_j\bkh\ihh[_ki_q_gbx
[_ahiZkghklbbebqghcg_ijbdhkgh\_gghklbohly\Jhkkbckdhfk_]f_gl_K_lbih^h[guoijbf_jh\
GZfgbdlhg_^h\_jy_lbhgZkgbdlhg_agZ_lghfuZ[khexlghm\_j_gu\lhfqlhwlZkblmZpby
baf_gblkydhj_ggufh[jZahfjh\ghklh]hfhf_glZdZdu\hkihevam_l_kvgZrbfk_j\bkhfb
ihkh\_lm_l_\k_fk\hbfagZdhfufb^jmavyfgbdh]^Zbfg_ihevah\ZlvkybebgZh[hjhlg_^_eZlvgb
h^gh]h[he__f_g__k_jv_agh]hihoh^Z\Bgl_jg_l[_agZr_]hk_j\bkZ
$QRQ\PL]HU5Xiha\hey_lk\hbfihevah\Zl_eyfbkke_^h\ZlvijhklhjuK_lbhklZ\ZykvZghgbfguf
^eyhdjm`Zxsbog_aZ^mfu\Zykvhijh[e_fZo[_ahiZkghklbbebqghcg_ijbdhkgh\_gghklb
FuklZ\bfi_j_^kh[hcaZ^Zqmk^_eZlvgZrk_j\bkkZfufemqrbfbgZb[he__ihimeyjgufkj_^b
\k_o_fmih^h[guog_lhevdhgZijhklhjZoJhkkbbghb\h\k_fhklZ\r_fkyfbj_bihwlhfmk
m^h\hevkl\b_fijbf_fex[u_\ZrbaZf_qZgbybij_^eh`_gby
Wlhlk_j\bkiha\hey_lijhklh\\_klb\kljhdmgZkljZgbp_j_kmjkZZ^j_kgm`gh]hkZclZbi_j_clbgZ
g_]hH^gZdhbaablh]hqlhDmdbijbwlhfg_ih^^_j`b\Zxlkyg_\hafh`ghijhclbj_]bkljZpbx
^ey\oh^ZgZg_dhlhju_j_kmjkuIhwlhfmjhkkbckdbcZghgbfZca_jfh`ghkqblZlvm^h[gufgh
g_kdhevdhh]jZgbq_gguf\k\hbo\hafh`ghklyobgkljmf_glhf
MklZgh\blvgZjZ[hq_ff_kl_hl^_evgh_kh_^bg_gb_q_j_a$'6/fh^_fbeb\u^_e_ggmxebgbx
aZj_]bkljbjh\Zggu_gZqZklgh_ebph
wlhfkemqZ_\uihemqbl_nbdkbjh\ZggucLSZ^j_kghwlhlZ^j_kg_[m^_lk\yaZgk\Zr_c
dhfiZgb_cH^gZdhwlh[m^_l\ZrgZklhysbcLSZ^j_kh^bgZdh\uc\h\k_okemqZyo\uoh^Z\
Bgl_jg_lbaZdj_ie_ggucaZ\Zrbfnbabq_kdbfZ^j_khfihwlhfmZghgbfghklv\^ZgghfkemqZ_
h]jZgbqb\Z_lkylhevdhhlkmlkl\b_faZibkbh\Zr_cdhfiZgbb\`mjgZe_\_[Z^fbgbkljZlhjZ
ihk_sZ_fh]h\ZfbkZclZ
hkihevah\Zlvkyijh]jZffhcZghgbfZca_jhfdhlhjZymklZgZ\eb\Z_lkygZehdZevghfdhfivxl_j_
Kms_kl\m_lg_kdhevdhijh]jZffh[_ki_qb\ZxsboZghgbfghklv\Bgl_jg_l_HgbmklZgZ\eb\Zxlky
gZi_jkhgZevghfdhfivxl_j_bijbaZimkd_Z\lhfZlbq_kdbh[gh\eyxlkibkhd^hklmiguoijhdkb
k_j\_jh\ihke_q_]hij_^eZ]Zxl\u[jZlvq_j_adZdhcbagboih^dexqblvkyIjbwlhfhgbkjZam
ij_^hklZ\eyxlbgnhjfZpbxhlhfddZdhckljZg_bdhfiZgbbbf__lhlghr_gb_dZ`^ucdhgdj_lguc
ijhdkbk_j\_jZlZd`_ihdZau\Zxlkl_i_gv_]haZ]jm`_gghklb lh_klviha\heyxlhp_gblv
gZkdhevdhf_^e_gguf[m^_lkh_^bg_gb_\f
DlZdbfijh]jZffZfhlghkblky\qZklghklb6WHJDQRV,QWHUQHW$QRQ\P3UR
IjbaZimkd_hgZk\yau\Z_lkykk_j\_jhfijhba\h^bl_eybh[gh\ey_lkibkhdijhdkbk_j\_jh\ihke_
q_]hiha\hey_lih^dexqblvkydex[hfmk_j\_jmbabf_xs_]hkykibkdZIhkdhevdmijhba\h^bl_ev
ijh]jZffudhfiZgby6WHJDQRVh^bgbaeb^_jh\jugdZijh]jZffihaZsbl_bgnhjfZpbbbdlhfm
`_[_j_lgZk_[yaZ^Zqmih^^_j`ZgbykibkdZijhdkbk_j\_jh\\ZdlmZevghfkhklhygbbfukqblZ_f
hijZ\^Zggufijbh[j_l_gb_6WHJDQRV,QWHUQHW$QRQ\P3UR
Dkh`Ze_gbxdhfiZgbyih\k_c\b^bfhklbj_rbeZjZa\b\Zlv^Zggh_gZijZ\e_gb_\klhjhgm
ij_^hklZ\e_gbyhgeZcgh\h]hk_j\bkZ,QWHUQHW$QRQ\P931ihoh`_]hgZhibkZgguc\ur_j_kmjkk
kZclZZZZDQRQ\PL]HUFRPH^gZdhdZdihdZau\Z_lijZdlbdZijh^Z`Zijh]jZff^be_jZfb_s_
dZdh_lh\j_fyijh^he`blkyihwlhfmfuj_dhf_g^m_f\k_fabgl_j_kh\Zggufihlhjhiblvkyk
ijbh[j_l_gb_f^Zggh]hijh^mdlZeb[hih^dexqblvkydhgeZcgh\hfmk_j\bkmIjbgbfZyj_r_gb_
gZ^hmq_klvqlh_kebklhbfhklv6WHJDQRV,QWHUQHW$QRQ\P3URkhklZ\eyeZhdheh^hee
_^bghjZah\ucieZl_`\flhhgeZcgh\uck_j\bkgZfhf_glgZibkZgbydgb]bij_^eZ]ZekyaZ^hee\
ij_^hklZ\e_gguck_j\bkhf6WHJDQRV,QWHUQHW$QRQ\P931[ueaZnbdkbjh\Zg
\kljh_gguf\kZclKWWSFLUD]YHGNDQDURGUXkj_^kl\hfhij_^_e_gbyLSZ^j_kh\ihk_lbl_e_cLZdbf
h[jZahfZghgbfghklvihk_s_gbyj_kmjkZ[ueZkh[ex^_gZ
JbkHgeZcgh\uck_j\bk6WHJDQRV,QWHUQHW$QRQ\P931\jZ[hl_
DZd\lhqghklbkhojZgblvbgnhjfZpbxgZc^_ggmxgZkZclZo\Bgl_jg_l_
I_jbh^bq_kdbki_pbZebkldhgdmj_glghcjZa\_^dbklZedb\Z_lkykg_h[oh^bfhklvxkhojZg_gby
bgnhjfZpbbgZc^_gghc\Bgl_jg_l_Wlhlj_[m_lkydZdijZ\beh\p_ehfjy^_kemqZ_\
Dh]^Zg_l\j_f_gb\gbfZl_evghbamqZlvkh[jZggucfZl_jbZeghohl_ehkv[udg_fm\_jgmlvky
iha`_
Dh]^Z_klv\_jhylghklvqlhkljZgbpZ[m^_lbaf_g_gZ gZijbf_j\kemqZ_jZaf_s_gbygZg_c
dhfijhf_lbjmxs_cbgnhjfZpbbeb[hml_qdb^Zgguoeb[h_kebj_qvb^_lhkljZgbp_gh\hkl_c
dhfiZgbb\fLh]^ZqZs_\k_]hg_h[oh^bfhg_ijhklhaZnbdkbjh\Zlvbah[jZ`_gb_jZaf_s_ggh_gZ
j_kmjk_ghbaZ\_jblv_]hghlZjbZevghB\djmiguo]hjh^Zom`_ihy\bebkvghlZjbmkudhlhju_
fh]mlkijZ\blvkyklZdhcaZ^Zq_c
Dh]^Z\f_kl_k^Zggufblj_[m_lkyij_^hklZ\blvkujhcfZl_jbZegZkemqZc_kebihgZ^h[blky
h[tykgblvgZdZdhfhkgh\Zgbb[uebk^_eZgul_bebbgu_\u\h^u
Dh]^ZdhfiZgbykhklZ\ey_lZjob\kZclh\k\hcbebihklhjhgg_chj]ZgbaZpbbkp_evx
fhgblhjbg]Zbaf_g_gbcgZdhihjZlb\ghfihjlZe_bohq_lbf_lv\hafh`ghklvih^gylvwlhlZjob\aZ
ex[hci_jbh^
Dh]^ZZjob\gZydhiby^_eZ_lkygZ[m^ms__[_ay\ghcp_ebghki_pbZebkldhgdmj_glghcjZa\_^db
kqblZ_lqlhg_l_dklh\ZybgnhjfZpbykkZclZfh`_lijb]h^blvky_fm\[m^ms_f
hlhkgh\gu_kihkh[ukha^ZgbyZjob\guodhibc\g_rg_]h\b^ZkljZgbpkZclh\
KhojZg_gb_kljZgbpuba[jZma_jZrlZlgufbkj_^kl\Zfbhi_jZpbhgghckbkl_fu
�eywlh]h^hklZlhqgh\\_jog_ciZg_eb[jZma_jZ\u[jZlvdhfZg^uNZce!KhojZgblvdZdb
aZ^ZlvbfynZceZDZdijZ\behkljZgbpZkhojZgy_lky\\b^_nZceZbk\yaZgghckgbfiZidb
kemqZ__kebgZijbf_j^hdmf_gl[m^_lkemqZcghi_j_bf_gh\Zg\g_hldjulhfkhklhygbbihl_jy_lky
_]hk\yavkiZidhcGZfba\_klghlZd`_g_fZehkemqZ_\dh]^ZiZidZijhklhkemqZcghklbjZeZkvqlh
lZd`_ebrZeh\hafh`ghklbiheghp_gghijhkfZljb\Zlvkh^_j`bfh_kljZgbpu
KhojZg_gb_kljZgbpukihfhsvxl_dklh\h]hijhp_kkhjZ:RUG
Kh^_j`bfh_kljZgbpukgZqZeZdhibjm_lky\[mn_j gZijbf_jkihfhsvxihke_^h\Zl_evghklb
dhfZg^IjZ\dZ!u^_eblv\k_!IjZ\dZ!Dhibjh\Zlv\fAZl_fhldju\Z_lkyijh]jZffZ
:RUG\g__kdhibjh\ZggZykljZgbpZ\klZ\ey_lkyba[mn_jZkihfhsvxdhfZg^IjZ\dZ!
klZ\blv
LZdhcf_lh^ijb\k_cijhklhl_bkiheg_gbyg_ebr_gg_^hklZldh\hi_j\uokljZgbpZkgZ[`_ggZy
]bi_jkkuedZfb^hklZlhqgh^he]h\klZ\ey_lkyba[mn_jZ\^hdmf_gl:RUGh\lhjuoj_amevlZl
^h\hevghkbevghhebqZ_lkyhlhjb]bgZeZb\i_j\mxhq_j_^vkljZ^Z_l\aZbfgh_jZkiheh`_gb_
l_dklZlZ[ebpbbah[jZ`_gbcgZkljZgbp_lZddZd:RUGg_\iheg_dhjj_dlghhlh[jZ`Z_llZ[ebpu
GZke_g]_ki_pbZebklh\wlhh[uqghgZau\Z_lkyKe_l_eblZ[ebpuihkdhevdmkZfh_keh`gh_\
kha^ZgbbkljZgbpwlhjZkiheh`_gb_lZ[ebpl_dklZbbah[jZ`_gbclZdbfh[jZahfqlh[ubo
dhfihgh\dZgZkljZgbp_kh\iZ^ZeZki_j\hgZqZevgufaZfukehf
�eylh]hqlh[uk^_eZlvSGInZcelj_[m_lkyijh]jZffZ$GREH$FUREDW3URIHVVLRQDO g_ke_^m_l
imlZlv__k[_kieZlghcijh]jZffhc$FUREDW5HDGHUij_^gZagZq_gghclhevdh^eyql_gbySGInZceh\
Zg_^eybokha^Zgbybbaf_g_gby\fKZclijh]jZffu$GREH$FUREDW3URIHVVLRQDOgZoh^blkyihZ^j_km
KWWSZZZDGREHFRPSURGXFWVDFUREDWSURPDLQKWPO
Wlh^hklZlhqghm^h[gucf_lh^khojZg_gby\_[kljZgbpdhlhjucfh`ghj_dhf_g^h\Zlvd
ijZdlbq_kdhfmijbf_g_gbxBah[jZ`_gb_ijbbkihevah\Zgbb$GREH$FUREDW3URIHVVLRQDOihemqZ_lky
dhjj_dlgufKms_kl\_ggucfbgmk^Zggh]hj_r_gbyp_gZijh]jZffu^hklb]ZxsZyg_kdhevdbo
khl_g^heeZjh\Djhf_lh]hbgh]^ZkemqZ_lkylZdqlhgZg_dhlhjuokljZgbpZoBgl_jg_lZ\hagbdZxl
ijh[e_fukdh^bjh\dhcbwlh^_eZ_ldhg_qgucl_dklg_qblZ_fuf
Ba[_`Zlvihke_^g_cijh[e_fuihfh`_lke_^mxs__j_r_gb_G_ke_^m_lihevah\Zlvky\kljh_gghc
nmgdpb_cbgZagZqZlvZ^j_kkhojZgy_fhckljZgbpug_ihkj_^kl\_ggh\f_gxijh]jZffu$GREH
$FUREDW3URIHVVLRQDOihlhfmqlhbf_ggh\wlhfkemqZ_qZs_\k_]hb\hagbdZ_lijh[e_fZdh^bjh\hd
f_klhwlh]hke_^m_lhldjulvkljZgbpm\[jZma_j_,QWHUQHW([SORUHUb\hkihevah\Zlvky\kljh_gguf\
g_]hieZ]bghf$GREH$FUREDW3URIHVVLRQDOLh]^ZkljZgbpZ[m^_lhlh[jZ`_gZdhjj_dlghjZa\_qlh
fh`_lkf_gblvkylbirjbnlZgZijbf_j\f_klhrjbnlZ$ULDOkh^_j`Zs_]hkygZkljZgbp_\3')
nZce_hdZ`_lky7LPHV1HZ5RPDQHnbpbZevgh_ij_^klZ\bl_evkl\hdhfiZgbb$GREHiulZ_lky
gZmqblvihevah\Zl_e_cij_h^he_\Zlvijh[e_fmkhlh[jZ`_gb_frjbnlh\^eywlh]hgZ^hihiulZlvky
baf_gblvgZkljhcdbijh]jZffuh^gZdhk^_eZlvwlhfZdkbfZevgh^hklmigh_fmihdZg_m^Zehkv
�Z`_we_f_glZjgh_h[tykg_gb_kihkh[ZaZgbfZ_lg_kdhevdhfbgmllZdqlh\hiehlblv_]h\`bagv
g_ih^]hlh\e_gghfmihevah\Zl_exg_ijhklhBf_gghihwlhfmfuijbf_gy_fijb\_^_gguc\ur_
f_lh^Zg_lhldhlhjuciulZxlkyihimeyjbabjh\Zlv\hnbpbZevghfij_^klZ\bl_evkl\_
KhojZg_gb_\k_cdZjlbgdb\/RFDO:HE6LWH$UFKLYH
KZclijh]jZffu/RFDO:HEVLWH$UFKLYHgZoh^blkyihZ^j_kmKWWSZZZDLJQHVFRPZVDUF
Ih`ZemcwlhhilbfZevguckihkh[khojZg_gbybgl_jg_lkljZgbpgZi_jkhgZevghfdhfivxl_j_
Ijh]jZffZ/RFDO:HEVLWH$UFKLYHZ[khexlgh[_kieZlgZijhklZ\h[jZs_gbbbkhojZgy_lkljZgbpm\
lhf\b^_\dhlhjhf\u__\b^bl_gZwdjZg_k\h_]hdhfivxl_jZIhkdhevdmijh]jZffZ\uimkdZ_lky
l_f`_ijhba\h^bl_e_fqlhb:HE6LWH:DWFKHUhgZfh`_laZimkdZlvkyijyfhba[jZma_jZkdghidb
:HE6LWH:DWFKHUAZ\k_\j_fyihevah\Zgbyijh]jZffhcfuebrvh^gZ`^u[uebk\b^_l_eyfblh]h
qlhhgZklhedgmeZkvkijh[e_fhcdh^bjh\dbDZdjZa\lhfkemqZ_ijh[e_fZ[ueZj_r_gZkihfhsvx
\kljh_ggh]h\[jZma_jieZ]bgZ$GREH$FUREDW3URIHVVLRQDO
hkihevah\ZlvkyhibkZggufjZg__k_j\bkhf)85/dhlhjuciha\hey_lkha^Zlv\Bgl_jg_l_dhibx
kljZgbpu
DZdfum`_ihdZau\Zebk_j\bk)85/jZkiheh`_ggucihZ^j_kmKWWSZZZIXUOQHWYLHZMVS
iha\hey_l[_kieZlghkha^ZlvbkhojZgblvdhibx\_[kljZgbpug_ihkj_^kl\_ggh\Bgl_jg_l_qlh
^_eZ_l__^hklmighc[md\Zevghbaex[hclhqdbbkex[h]hdhfivxl_jZ
I_j_ghkkljZgbpuqm`h]hkZclZgZk\hckZcl
�eylh]hqlh[ukhojZgblvkljZgbpmih^h[gufh[jZahf^hklZlhqgh\u\_klbgZwdjZgdhfivxl_jZ\
[jZma_j_nmgdpbxIjhkfhljbkoh^gh]hdh^ZkljZgbpuZaZl_fkdhibjh\Zlvdh^gZkljZgbpm
k\h_]hj_kmjkZjZkiheh`_ggmx\g_^hklmighc^eyijhkfhljZihevah\Zl_eyfbBgl_jg_lZqZklbwlh]h
j_kmjkZDZdfum`_]h\hjbebijhkfhljbkoh^gh]hdh^Z\hafh`_gh[uqghkihfhsvx
H^gZdhlZdhcf_lh^ijb_]hbkihevah\ZgbbgZ[_kieZlguoohklbg]ZolZbl\k_[_ihl_gpbZevgmx
�hiZkghklv_eh\lhfqlhkZclujZaf_s_ggu_gZQDURGUXg_f_^e_gghbg^_dkbjmxlkybfh]ml
[ulvm`_gZke_^mxsbc^_gvh[gZjm`_gu\kljh_ggufbkj_^kl\ZfbihbkdZ^Z`__kebhgbg_
ihy\eyxlky\bgnhjfZpbhgguokbkl_fZo\lhfqbke_b\Yg^_dk_Hlkx^Zke_^mxl^\_
ijZdlbq_kdb_j_dhf_g^Zpbb
g_aZ[u\Zlvihevah\Zlvky\kljh_gguf\QDURGkj_^kl\hfihbkdZijbaZijhk_qm`hcbgnhjfZpbb
\^hiheg_gb_dbgkljmf_glZfihbkdh\bdh\
g_khojZgylvgZk\hckZclk[_kieZlgufohklbg]hfkljZgbpudhlhju_g_^he`gu[ulv^hklmigu
ihklhjhggbfex^yf
Knhlh]jZnbjh\ZlvwdjZgbeb_]hwe_f_glu
�eylh]hqlh[uknhlh]jZnbjh\Zlv\_kvwdjZgp_ebdhfih^hc^_l\kljh_ggZynmgdpby3ULQW6FUHHQ
Ghwlhlf_lh^g_iha\hey_lk^_eZlvkgbfhdnjZ]f_glZwdjZgZ
NjZ]f_glex[h]hjZaf_jZfh`ghihemqblvkihfhsvxijh]jZffu+\SHU6QDS';jZkiheh`_gghc
ihZ^j_kmKWWSZZZK\SHULRQLFVFRPLZf`_gZoh^blkyijh]jZffZ+\SHU&DPdhlhjZyiha\hey_l
aZkgylv\k_qlhijhbkoh^blgZwdjZg_\\b^_\b^_hjhebdZ
Djhf_lh]hkms_kl\m_l[hevrh_dhebq_kl\hk_j\bkh\kihfhsvxdhlhjuofh`ghaZdZqZlvkZcl
p_ebdhf\f_kl_kh\k_fb\aZbfgufbkkuedZfbkljZgbpFug_jZkkfZljb\Z_fa^_kvwlbijh]jZffu
ihkdhevdmgZkbgl_j_km_lijbp_evgh_khojZg_gb_gm`guobklhqgbdh\bgnhjfZpbbh^gZdhijb
g_h[oh^bfhklbqblZl_ev[_aljm^ZgZc^_lbo\Bgl_jg_l_I_j_^aZ]jmadhck_[_wlboijh]jZff
h[yaZl_evghihqblZcl_hlau\uihevah\Zl__cqlh[ug_klhedgmlvkyklbibqgufbijh[e_fZfb
ihkdhevdmg_dhlhju_baijbeh`_gbcihaZdZqd_kZclh\^_eZxlwlhih^qZkg_dhjj_dlghlh]^ZdZd
ljZnbd\k_hgbjZkoh^mxlbkijZ\gh
NZevrb\u_a_jdZeZ
GZqg_fwlhljZa^_eg_klZg^ZjlghIhkfhljbl_gZijb\_^_gucgb`_jbk
JbkNZevrb\ZykljZgbpZ\oh^Z\kem`[ugZYg^_dk_
BfblZpbykljZgbpuYg^_dkZihegZy\dexqZyagZddhibjZclZijbgZ^e_`Zsbcihbkdh\bdmGb
h^gh]hmihfbgZgbyhlhfqlhwlZkljZgbpZg_bf__ldYg^_dkmgbdZdh]hhlghr_gbygZfhf_gl
ijh\_^_gbybkke_^h\Zgbyg_[uehaZf_q_ghk_kkuedbka_jdZeZ\_^ml^_ckl\bl_evghgZ
mdZaZggucihjlZeIZjheb`_\\_^_ggu_gZih^h[guoj_kmjkZoklZgh\ylky^hklmigu\eZ^_evpm
k_j\_jZgZdhlhjhfjZkiheh`_gha_jdZeh
hlZ^j_kkljZgbpugZdhlhjhcjZaf_s_gZijb\_^_ggZygZjbkmgd_nhjfZ
KWWSZZZDJURVHUYLFHGSXDV\VLQGH[SKSKWWS]DNODGNL\DQGH[UXZHOFRPH[PO
Ihgylghqlh^ZgguckZclg_bf__lhlghr_gbydYg^_dkmH^gZdh_kebg_ihkfhlj_lvgZ85/
kljZgbpubgZ`Zlvkkuedmhclblhihy\blkynhjfZ^ey\\h^Zeh]bgZbiZjhey jbk\f
Bebrvlh]^Zdh]^Z\\_^_guiZjhevbeh]bggZ`ZlZdghidZhclbihy\ey_lkyij_^mij_`^_gb_h
lhfqlhihevah\Zl_ev\\h^bedhgnb^_gpbZevgu_^Zggu_gZihklhjhgg_fYg^_dkmj_kmjk_Wlh
ij_^mij_`^_gb_\u^Z_lkZfYg^_dkklhedgm\rbkvkl_fqlhihevah\Zl_evijboh^bldg_fmk
ihklhjhgg_]hkZclZ
IhkdhevdmYg^_dkg_agZ_lba\_klghebihk_lbl_exqlhlhlaZoh^bl\_]hkem`[ukihklhjhgg_]h
j_kmjkZihevah\Zl_exij_^eZ]Z_lkykZfhklhyl_evghj_rblv^h\_jy_lhgwlhfmj_kmjkmbebg_lb
E_]dhklvkdhlhjhcfh`ghi_j_f_sZlvbkoh^gucdh^kh^ghckljZgbpugZ^jm]mxijb\h^bldlhfm
qlhgbq_]hg_klhblkha^ZlvlhqgmxdhibxgZklhys_]hkZclZ^Z`_l_fex^yfdhlhju_dgZklhys_fm
kZclmg_bf_xlgbdZdh]hhlghr_gbyMgZkg_lhkgh\Zgbc^h\_jylvbebg_^h\_jylvijb\_^_gghfm
\ur_j_kmjkmihwlhfmfug_^_eZ_f\u\h^h\hlhfkdZdhcp_evx\eZ^_evpukha^Z\ZebkljZgbpm
�j_]bkljZpbbYg^_dkZdhlhjZyiheghklvxbfblbjm_lkZfYg^_dkZggufijbf_jhffuebrvohlbf
ihdZaZlvgZkdhevdh\Z`ghh[jZsZlv\gbfZgb_gZ85/kljZgbpugZdhlhjhc\ugZoh^bl_kv
JbkIhe_^ey\\h^Zeh]bgZbiZjheygZnZevrb\hckljZgbp_Yg^_dkZ
JbkIj_^mij_`^_gb_ijbi_j_oh^_gZYg^_dkknZevrb\h]ha_jdZeZ
Kha^Zgb_^hdmf_glh\3')ba0LFURVRIW2IILFHbgZh[hjhl
Kihfhsvxijh]jZffu$GREH$FUREDW3URIHVVLRQDOIh^dexqZ_fucfh^mev$GREH3')ihy\ey_lky\
]eZ\ghff_gx^hdmf_glh\2IILFHIhke_aZ]jmadbnZceZ\:RUG([FHObeb3RZHUSRLQWijhklh
debdgmlvfurvxihyjeudm$GREH$FUREDWj_amevlZl_Z\lhfZlbq_kdbknhjfbjm_lkynZcekl_f`_
gZa\Zgb_fgh\nhjfZl_3')?^bgkl\_ggucg_^hklZlhdwlh]hf_lh^Z\ukhdZyklhbfhklvebp_gabb
ijh]jZffu$GREH$FUREDW3URIHVVLRQDO
Kihfhsvxijh]jZffu2SHQ2IILFHwlhl[_kieZlguck_j\bkieZ]bgiha\heyxsbckha^Z\Zlv3')
nZceu\kljh_gihmfheqZgbxKgZqZeZaZ]jm`Z_lkyijh]jZffZ2SHQ2IILFHihke_q_]h\g_c
hldju\Z_lky^hdmf_gl062IILFHdhlhjucaZl_fkhojZgy_lky\nhjfZl_3')ZgZeh]bqguf
ij_^u^ms_fmiml_f
G_h[oh^bfhklvkha^ZgbylZdbonZceh\g_j_^dh\hagbdZ_ldh]^Zlj_[m_lkymf_gvrblvjZaf_jnZceZ
062IILFHGZijbf_jij_a_glZpbyjZaf_jhfF;\\b^_nZceZ3RZHU3RLQWihke_ij_\jZs_gby__
\3')nZce\_kbl\k_]hF;&\_ebqbghcbaf_g_gbcjZaf_jZ^hdmf_glh\:RUGbeb([FHOkblmZpby
h[klhblijbf_jghlZd`_
DZd\hkklZgh\blvih\j_`^_ggucnZce2IILFH
Bgh]^Z\hagbdZxldjZcg_g_ijbylgu_kblmZpbbkdZ`_fnZce:RUGhldZau\Z_lkyhldju\Zlvkyijb
wlhf\u^Z_lkykhh[s_gb_qlhhgih\j_`^_gbihwlhfmg_fh`_l[ulvhldjulGZfbjZajZ[hlZg
ijhklhcijb_fdhlhjuciha\hey_laZ]jmablvlZdhcnZcebba[_`Zlvl_fkZfufihl_jbojZgys_cky\
g_fbgnhjfZpbb
�eywlh]hdZdijZ\beh^hklZlhqghhldjulvih\j_`^_ggucnZce\ijh]jZff_2SHQ2IILFHZaZl_f
ijhklhkhojZgblv\nhjfZl_'2&bhgkgh\ZklZgh\blkyqblZ_fuf\h[uqghfihjy^d_k
ihfhsvxijh]jZffu:RUGWlZg_obljZyfZgbimeypbyiha\hey_lba[_`ZlvihgZklhys_fm
k_jv_aguoijh[e_f
DZdijh^\bgmlvk\h_ij_^ijbylb_\Bgl_jg_l_
�eyj_r_gbyijZdlbq_kdboaZ^Zqihijh^\b`_gbxj_dhf_g^m_fqblZl_exh[jZlblvkyd
khhl\_lkl\mxsbfki_pbZebklZfihkdhevdmfulZdh\ufbg_y\ey_fkyeb[hbamqblv\hijhk
kZfhklhyl_evghbijbh[j_lZlvhiulf_lh^hfijh[bhrb[hd
H^gZdhij_^klZ\bl_evdhgdmj_glghcjZa\_^db^he`_gagZlvhkgh\gu_ijbgpbiuijh^\b`_gby
kZclh\ohly[u^eylh]hqlh[uijbijhkfhlj_\_[j_kmjkZij_^ijbylbyihgbfZlvgZkdhevdh
d\Zebnbpbjh\Zggu_ex^bbfaZgbfZxlky
�eylh]hqlh[ukZclhdZau\Zeky\i_j\uojy^Zo\\u^Zq_ihaZijhkmke_^m_lkh[ex^Zlvg_kdhevdh
hkgh\guoijZ\be
keh\Z^he`guijbkmlkl\h\ZlvgZi_j\hc_]hkljZgbp_Ijbwlhfg_evayijhklhgZibkZlvfbeebhg
dexq_\uokeh\jZaf_jhf\h^bgibdk_ev wlhkijZ\_^eb\hkhqlmlihbkdh\ufkiZfhfbfh]ml
gZ\k_]^Z\u[jhkblvkZclbaihbkdh\hcfZrbgu\fL_dkl^he`_g[ulvhkfuke_ggufIhwlhfm
ki_pbZebkluj_dhf_g^mxlkha^Z\Zlvg_[he__lj_oiylbdexq_\uokeh\
Dexq_\u_keh\Z^he`gukh^_j`Zlvkyg_lhevdh\l_dkl_ghb\aZ]heh\d_kljZgbpu \l_]_
7,7/(!\fIhbkdh\ZyfZrbgZeh]bqghkqblZ_lqlh_keb\kxkljZgbpmhaZ]eZ\bebkijbf_g_gb_f
dexq_\h]hkeh\Zlhkh^_j`bfh_wlhckljZgbpugZ\_jgydZ^he`ghbf_lvhlghr_gb_dbamqZ_fhfm
\hijhkm
�he`gu[ulv\g_rgb_kkuedbgZkljZgbpmKqblZ_lkyqlhq_f[hevr_\g_rgbokkuehdmdZau\Z_l
gZkljZgbpml_f[hevr_cihimeyjghklvxmex^_chgZihevam_lkybkhhl\_lkl\_gghl_f\ur___
j_clbg]\ihbkdh\uokbkl_fZoA^_kv_klvh^gZhiZkghklvKms_kl\mxlijh]jZffulZdgZau\Z_fu_
ebgdZlhjudhlhju_mkljZb\Zxlh[f_gkkuedZfb\k_okh\k_fb\Z\lhfZlbq_kdhfj_`bf_b\
h]jhfguodhebq_kl\ZoFgh]b_ijh^Z\puih^h[guoijh]jZffm\_jyxlqlhkZclihke_ijbf_g_gby
^Zggh]hkihkh[Zijh^\b`_gby\ae_lbljZd_lhcbg_ij_f_gghhdZ`_lky\i_j\uojy^Zoj_amevlZlh\
aZijhkh\Ghijbwlhfijh^Z\puebgdZlhjh\aZ[u\Zxlmlhqgblvqlhwlbijh]jZffulZd`_hlghkylky
djZagh\b^ghklbihbkdh\h]hkiZfZbboihevah\Zl_e_cihbkdh\u_kbkl_fugZdZau\Zxl
GZl_okljZgbpZokdhlhjuob^ml\g_rgb_kkuedblZd`_^he`gu[ulvgm`gu_dexq_\u_keh\Z
LZdbfh[jZahfihbkdh\ZyfZrbgZm[_`^Z_lky\lhfqlhkkueZxsbckyj_kmjkl_fZlbq_kdbc
GZl_kljZgbpukdhlhjuob^ml\g_rgb_kkuedb^he`gu\_klbk\hb\g_rgb_kkuedbk
l_fZlbq_kdbo`_j_kmjkh\bhiylv`_q_f[hevr_l_femqr_Lh]^Z\l_f_gZoh^ylky\k_
mqZklgbdbkkuehdb^h\_jb_dkZclmkhklhjhguihbkdh\uofZrbg\hajZklZ_l
GZj_kmjk_^he`gu[ulv\gmlj_ggb_kkuedbkh^ghckljZgbpugZ^jm]mxLh]^ZiZmdihbkdh\hc
kbkl_fuijb^ygZkZcl[m^_l^he]hihg_fm[_]Zlvij_`^_q_fihdbg_l_]h
Dhgl_glkZclZ^he`_gqZklhh[gh\eylvkyhlihq_fmg_j_^dh\_[fZkl_jZ^_eZxlkdjbildhlhjuc
ijbdZ`^hfihk_s_gbbkljZgbpuim[ebdm_lg_[hevrhcgh\ucl_dkldZdijZ\behZnhjbafhlau\u
deb_glh\hdhfiZgbbbebohly[uZg_d^hl
L_fdlhg_]hlh\\gbdZlv\ih^jh[ghklbwlboijhp_kkh\j_dhf_g^m_fh[jZlblvkydmkem]Zf
hilbfbaZlhjh\kZclh\bebijhklhdmiblvhij_^_e_ggu_keh\Zmihbkdh\hcfZrbgukemqZ_
ihdmidbkeh\^_gv]bieZlylkyg_aZdZdh_lh\j_fyZihg_fgh]mkibku\ZxlkyijbdZ`^hfi_j_oh^_
ihevah\Zl_eyihbkdh\hcfZrbguihkkued_\j_amevlZlZo\u^ZqbLZdbfh[jZahf^he`_g
h[_ki_qb\Zlvkyijbgpbi\uieZlbl_lhevdhaZj_Zevgu_i_j_oh^ugZkZcl
:^eyl_oqblZl_e_cdhlhju_\k_`_j_rZljZkkfZljb\Zlv^ZggucjZa^_eg_lhevdhklhqdbaj_gby
dhgdmj_glghcjZa\_^dbghbklhqdbaj_gbyihbkdh\hchilbfbaZpbbj_kmjkZhl^_evghhlf_lbfqlh
ki_pbZebkldhgdmj_glghcjZa\_^db?\]_gbc=jbrbg\nmgdpbbdhlhjh]h\oh^blih^^_j`dZkZclZ
ba\_klgh]hgZ\kxkljZgmij_^ijbylbyij_^mij_`^Z_lh[h^ghchiZkghklb\kemqZ_dh]^Zj_qv
aZoh^blh[hilbfbaZpbbihjlZeZHg]h\hjblqlh_kebhilbfbaZpb_caZgbfZlvky\k_jv_alhg_evay
aZ[u\Zlvhih^]hlh\d_bgnjZkljmdlmjudhfiZgbbdj_adhfmm\_ebq_gbxdhebq_kl\Zl_e_nhgguo
a\hgdh\bh[jZs_gbcdkZclmijhlb\ghfkemqZ_fh`ghmkljhblvkZfhfmk_[_deZkkbq_kdmx
''26ZlZdmdh]^Z`_eZxsb_ihkfhlj_lvj_kmjkbeb^ha\hgblvkylZdbg_kfh]mlwlh]hk^_eZlvba
aZgbadhcijhimkdghckihkh[ghklbkj_^kl\dhffmgbdZpbbgZij_^ijbylbb
GZ^hkdZaZlvqlhkZfboZd_juijbagZxl\aehfl_ogbq_kdbfbkj_^kl\ZfbqZklh[u\Z_l
aZljm^gbl_e_gWlhk\yaZghkl_fh[klhyl_evkl\hfqlhijhba\h^bl_ebijh]jZffgh]hh[_ki_q_gbyb
`_e_aZg_ij_ju\ghhlke_`b\ZxlkblmZpbxkl_ogbq_kdbfbkj_^kl\Zfbobs_gbydhfivxl_jghc
bgnhjfZpbbIhwlhfmhgb^hklZlhqgh[ukljhijbgbfZxlf_juihij_^hl\jZs_gbxih^h[guo
bgpb^_glh\Khhl\_lkl\_gghdhfivxl_ju\k_qZs_hdZau\ZxlkyohjhrhaZsbs_gu_kebgZ^wlbf
\hijhkhfjZ[hlZ_lki_pbZebkl
H^gZdhkms_kl\mxldZdh[t_dlb\gu_lZdbkm[t_dlb\gu_kbkl_fgu_ijh[e_fu
hi_j\uojZa\blb_kj_^kl\i_j_^Zqb^Zgguob^_l[he__[ukljufbl_fiZfbg_`_ebjZa\blb_
kj_^kl\aZsbluwlbo^ZgguoZ\h\lhjuo^Ze_dhg_\k_dhfmiheh`_ghijZ\bevghgZkljZb\Zlv
aZsblm^_eZxlwlhdZq_kl\_ggh
DZd\hkij_iylkl\h\Zlvg_aZf_lghfmih^dexq_gbxdk\h_fmdhfivxl_jmihklhjhggbo
�Ih^dexq_gb_dqm`hfmdhfivxl_jmg_fh`_lijhbahclbg_aZf_lgheylh]hqlh[udlhlh
ijbkh_^bgbekyd\Zr_cfZrbg_lj_[m_lkydZdfbgbfmf^\Zh[klhyl_evkl\Zqlh[u\Zrdhfivxl_j
\ijbgpbi_[uekihkh[_gih^dexqZlvkydK_lbbqlh[ugZg_f[uebhldjulu_ihjlu
Khhl\_lkl\_gghi_j\h_qlh`_eZl_evghk^_eZlv^Z[uh[_ahiZkblvk_[yhl\hafh`gh]h\lhj`_gby
qm`Zdh\wlh[_ag_h[oh^bfhklbg_ih^dexqZlvkydk_lb\hkh[_gghklbdBgl_jg_lm?keb
iheghklvxij_j\Zlvk\yavkBgl_jg_lhf\udexqblvfh^_fq_j_adhlhjucdhfivxl_jih^dexq_gd
K_lbeb[hnbabq_kdbhlkh_^bgblvk_l_\hcdZ[_evbebmkljhckl\h[_kijh\h^ghci_j_^Zqb^Zgguo
\u[m^_l_]ZjZglbjh\ZgghaZsbs_guhlg_aZf_lgh]hijbkh_^bg_gbyd\Zr_cfZrbg_Dkh`Ze_gbx
ihklmiblvklhevjZ^bdZevgh\hafh`gh^Ze_dhg_\k_]^ZDhg_qghihhdhgqZgbbjZ[hluhldexqblvky
hlk_lbfh`ghgh\h\j_fyjZ[hlug_ba[_`ghijb^_lky[ulv\dexq_gguf\k_lvDlhfm`_
g_dhlhju_fZrbguh[uqghk_j\_jug_evayhldexqZlv\ijbgpbi__keblj_[m_lkyqlh[uhgb
nmgdpbhgbjh\Zebdjm]ehkmlhqgh
�eyh[_ki_q_gby[_ahiZkghklb\kemqZyodh]^Zihevah\Zl_evih^dexq_gdBgl_jg_lmkem`Zl
nZcj\heeui_jkhgZevghfdhfivxl_j_nZcj\heeuh[uqghijh]jZffgu_lh_klvwlhki_pbZevgZy
ijh]jZffZaZims_ggZygZ\Zr_cfZrbg_
[hevrbok_lyonmgdpbbnZcj\heeZ\uihegyxlki_pbZevgu_hl^_evgu_mkljhckl\ZIjh]jZffguc
nZcj\heee_]q_m^Ze_ggh\aehfZlvg_`_eb`_e_aydm^ZbgZeZ^blv\uoh^\Bgl_jg_l[hevrh]h
dhebq_kl\Zdhfivxl_jh\agZqbl_evghijhs_q_j_ahl^_evgh_mkljhckl\hddhlhjhfmfh`gh
ih^dexqblvkykihfhsvxdZ[_eyBf_gghihwlhfmZiiZjZlgu_nZcj\heeudZdijZ\behb
bkihevamxlky\hj]ZgbaZpbyo]^__klv[hevrb_k_lb
Keh\hnZcj\hee bebdZd_s_]h\hjyl[jZg^fZmwjZlZd`_f_`k_l_\hcwdjZg\fijhbahrehhl
Zg]ebckdh]hkeh\hkhq_lZgbyIh`ZjgZykl_gZLZd\klZjbgmgZau\Zebdbjibqgu_i_j_]hjh^db
jZa^_eyxsb_^ebggu_^_j_\yggu_a^ZgbygZhlk_dbbiha\hey\rb_mf_gvrblvms_j[ijbih`Zj_
AZ^ZqZnZcj\heeZdhgljhebjh\Zlv\_kvljZnbddZd\oh^ysbclZdbbkoh^ysbcZlZd`_ihjlu
q_j_adhlhju_hgb^_lbijh]jZffudhlhju__]hbgbpbbjh\ZebkemqZ__kebnZcj\hee
klZedb\Z_lkykdeZkkbq_kdhcoZd_jkdhcZlZdhchgfh`_lijhklhaZ[ehdbjh\Zlv^_ckl\by
aehmfure_ggbdZbgZibkZlvh[wlhfhlq_l
?keb`_nZcj\hee\b^blihiuldmdZdhclhijh]jZffu\uclb\Bgl_jg_lg_kqblZywlhh^ghagZqgh
hljbpZl_evgufkh[ulb_fhg[ehdbjm_l^_ckl\byijh]jZffudhlhjZykh[jZeZkv\uclbaZij_^_eu
Kh[kl\_gghfh`_l[ulvq_luj_\b^Z\hafh`guo^_ckl\bcnZcj\heeZ
jZaj_rZlv\uoh^\Bgl_jg_l\k_]^Z[_aaZijhkZ^hihegbl_evguojZaj_r_gbc
aZij_lblv\uoh^\Bgl_jg_lgZkh\k_f
jZaj_rblv\uoh^\Bgl_jg_lh^ghdjZlgh
aZij_lblv\uoh^\Bgl_jg_lh^ghdjZlgh
?kebihevah\Zl_evijbgbfZ_ldZdh_lhihklhyggh_j_r_gb_ihih\h^mjZ[hludhgdj_lghc
ijh]jZffunZcj\hee\^Zevg_cr_f\uihegy_lwlh^_ckl\b_Z\lhfZlbq_kdbb[hevr_g_[_kihdhbl
�q_eh\_dZ\hijhkZfbeylh]hqlh[u\ujZablvk\h_\he_baty\e_gb_ihevah\Zl_ex^hklZlhqgh
ijhklhihklZ\blv]Zehqdm\gm`ghfhdhrd_dhlhjh_nZcj\heeij_^mij_^bl_evghhldju\Z_l
dh]^ZkijZrb\Z_ldZd_fm[ulv\lhcbebbghckblmZpbb?keb`_q_eh\_d\u[bjZ_lh^ghdjZlguc
kihkh[j_Z]bjh\Zgbylhijbihiuld_ijh]jZffu\^jm]hcjZa\uclb\Bgl_jg_lnZcj\hee\gh\v
aZ^Zkl\hijhkbaZijhkblj_r_gb_ihevah\Zl_ey
;hevrbgkl\hkh\j_f_gguonZcj\heeh\kgZ[`_ghZglbribhgkdbfbfh^meyfbdhlhju_[hjxlky
ijhlb\ijh]jZff\_^msbogZ[ex^_gb_aZqm`bfdhfivxl_jhfg_ij_^mij_`^Zy_]hh[wlhfLZd\
gZqZe_]gZf^h\_ehkvm\b^_lvgbq_fg_aZsbs_ggucdhfivxl_j_`_^g_\gh\uoh^b\rbc\
Bgl_jg_leZ^_e_pfZrbguih`Zeh\ZekyqlhdZ`^ucjZadh]^Zhgih^dexqZ_lkydBgl_jg_lm
dZdb_lhijh]jZffugZqbgZxlqlhlh\Bgl_jg_li_j_^Z\Zlvh[s_ckeh`ghklbwlZi_j_^ZqZ
khklZ\eyeZihjy^dZihemlhjZf_]Z[Zcl\^_gv
Ihke_mklZgh\dbkbkl_fu$JQLWXP2XWSRVW3URgZdhfivxl_j_[uehh[gZjm`_ghribhgkdbo
ijh]jZffudhlhju_[uebZglbribhgkdbffh^me_fm^Ze_guIhke_bom^Ze_gbyihklhjhggbc
ljZnbdij_djZlbeky
:gZebaihdZaZeqlhqZklvwlboribhgkdboijh]jZff[ueZmklZgh\e_gZkZclZfbdhlhju_ihk_sZe
ihevah\Zl_ev ijZdlbq_kdb\k_wlbj_kmjku[ueb[he__q_fkhfgbl_evgh]hkh^_j`Zgby\fZ^jm]Zybo
qZklvkZfbfihevah\Zl_e_fLZdb_ijh]jZffuk\_^hfZohaybgZdhfivxl_jZbgklZeebjmxlkydZd
ijZ\beh\khklZ\_[_kieZlguoijbeh`_gbcgZijbf_jg_dhlhjuofmevlbf_^bcguo
ijhb]ju\Zl_e_cbeb^hiheg_gbcd[jZma_jZfNhjfZevghihevah\Zl_evb\ijyfvkZfhebqgh^Z_l
^h[jhgZbomklZgh\dmdh]^ZijbgbfZ_lmkeh\byebp_gabhggh]hkh]eZr_gbyijbbgklhebjh\Zgbb
Ijbf_jghgZq_l\_jlhckljZgbp_baiylb\k_j_^bg_wlh]hl_dklZh[uqghmihfbgZ_lkyhlhfqlh
q_eh\_dh^h[jy_lmklZgh\dmribhgkdh]hijh]jZffgh]hh[_ki_q_gbydhlhjh_i_j_^Z_l
klZlbklbq_kdmxbgnhjfZpbxg_ebqgh]hoZjZdl_jZhafh`ghkha^Zl_ebijh]jZff^_ckl\mxlk
jZkq_lhfgZlhqlhgbdlhbaihevah\Zl_e_ckboex[h\vxd[_kieZlgufijh]jZffZfg_^hqblZ_l
l_dkl^hdmf_glZ^hdhgpZ?keblZdlhwlhljZkq_lhijZ\^u\Z_lky\[hevrbgkl\_kemqZ_\
LZdb_ijh]jZffuh[uqghg_i_j_^ZxlgbdZdhcihgZklhys_fmdhgnb^_gpbZevghcbgnhjfZpbb
\jh^_nZceh\bebiZjhe_cojZgysbokygZdhfivxl_j_H^gZdhk\_^_gbyhihk_sZ_fuo\eZ^_evp_f
dhfivxl_jZkZclZoi_j_^Zxlkybfbj_]meyjghIhke_q_]h\gbfZgbxihevah\Zl_eyij_^klZ\ey_lky
j_deZfZ\iheghcf_j_khhl\_lkl\mxsZy_]hbgl_j_kZfIhevah\Zl_ev`_hieZqb\Z_lljZnbdih
i_j_^Zq_wlhcg_ebqghcbgnhjfZpbbdhlhjucdZd\b^ghbaijb\_^_ggh]hijbf_jZfh`_l[ulv
g_lZdbfm`bfZe_gvdbf:ijbbkihevah\Zgbbf_^e_ggh]hkh_^bg_gbykBgl_jg_lhfwlhl
ribhgkdbcljZnbd_s_bkbevghdjZ^_l\j_fy
H^bgbakZfuoihimeyjguoi_jkhgZevguonZcj\heeh\wlhdZdjZaijh]jZffZ$JQLWXP2XWSRVW3UR
jmkbnbpbjh\ZgZbh[_ki_qb\Z_lkyl_ogbq_kdhcih^^_j`dhcgZjmkkdhfyaud_G_\ukhdZyklhbfhklv
ijh]jZffu\g_kdhevdhkhl_gjm[e_cgZgZr\a]ey^^_eZ_l$JQLWXP2XWSRVW3URg_aZf_gbfuf
bgkljmf_glhfijbjZ[hl_gZdhfivxl_jZoih^mijZ\e_gb_fhi_jZpbhgghckbkl_fu:LQGRZV
AZdZgqb\ZyjZa]h\hjhnZcj\heeZohlf_lbfqlhg_evaymklZgZ\eb\ZlvgZh^bgdhfivxl_j[he__
h^gh]hnZcj\heeZ;ulh\Zyeh]bdZkh]eZkghdhlhjhc^\ZnZcj\heeZ\^\h_mkbeylaZsblma^_kv
hdZau\Z_lkyhrb[hqghcGZkZfhf^_e_hgb[m^mlf_rZlv^jm]^jm]mbgbh^bgbagbo\j_amevlZl_
g_[m^_ljZ[hlZlvdhjj_dlghWlhijbmkeh\bbqlhfZrbgZ\hh[s_khojZgbljZ[hlhkihkh[ghklvb
kihkh[ghklv\uoh^blv\Bgl_jg_lIhwlhfm_keb\uj_rbl_mklZgh\blvnZcj\hee$JQLWXP2XWSRVW
3URbebdZdhclh^jm]hclhkgZqZeZhldexqbl_\kljh_ggucnZcj\hee:LQGRZVbnZcj\hee
\kljh_gguc\Zglb\bjmkgmxijh]jZffm_keblZdh\hcbf__lky
DZd[hjhlvkyk\bjmkZfbb^jm]bfb\j_^hghkgufbijh]jZffZfb
bjmkDhfivxl_jguc\bjmkwlhijh]jZffZbebijh]jZffgucdh^\\_^_ggu_baZims_ggu_gZ
dhfivxl_j_[_a\_^hfZihevah\Zl_eybijb\h^ysb_dgZjmr_gbxghjfZevgh]hnmgdpbhgbjh\Zgby
kbkl_fu\lhfqbke_hldju\Zxsb_g_kZgdpbhgbjh\Zgguc^hklmidbgnhjfZpbbaZibkZgghcgZ
fZrbg_
bjmku[u\ZxlaZ]jmahqgufbbnZceh\ufbAZ]jmahqguc\bjmkihk_ey_lky\aZ]jmahqghcqZklb
^bkdZbZdlb\babjm_lkyijbdZ`^hfaZimkd_kbkl_fu
NZceh\u_\bjmku\kljh_gu\nZceuijh]jZffijbwlhf\[hevrbgkl\_kemqZ_\ijh]jZffu
khojZgyxlk\hxjZ[hlhkihkh[ghklv
h[sboq_jlZof_oZgbafjZ[hlunZceh\h]h\bjmkZ\u]ey^bllZdhgaZimkdZ_lky\gZqZe_beb\
k_j_^bg_jZ[hluijh]jZffuZaZl_fi_j_^Z_ldhfZg^mlhfmnZcemdhlhjhfmiheh`_ghi_j_^Zlv__
ijbjZ[hl_ijbeh`_gby\rlZlghfj_`bf_j_amevlZl_ijh]jZffZ\g_rg_khojZgy_l\k_k\hb
k\hckl\Zgh\bjmkZdlb\bjm_lkyijbdZ`^hcihiuld_ihevah\Zl_ey__aZimklblvIjhp_kkaZimkdZ
\bjmkZgZklhevdhg_ijh^he`bl_e_gih\j_f_gbqlhihevah\Zl_evijhklhg_mki_\Z_l_]haZf_lblv
Hkgh\gu_\bjmkukha^Zxsb_k_]h^gyijh[e_fuwlhLjhygubQ_j\bLjhygu\k\hxhq_j_^v
ijbgylh^_eblvgZihobsZxsb_iZjhebbgZhldju\Zxsb_^hklmiddhfivxl_jmihke_^g_f
kemqZ_dhfivxl_jfh`_lij_\jZlblky\ahf[b\uihegyxs_]hdhfZg^um^Ze_ggh]hihevah\Zl_ey
Q_j\bki_pbZebabjmxlkygZfZkkh\hcjZkkued_kZfbok_[y\k_fb\hafh`gufbkihkh[ZfbBf_ggh
wlb\bjmkuijbihiZ^Zgbb\fZrbgmgZijZ\eyxlky\Z^j_kgmxdgb]mZaZl_fkha^Zxlwe_dljhggu_
ibkvfZbjZkkueZxlkZfbk_[yihihql_\k_fZ^j_kZlZfbaZ^j_kghcdgb]bG_j_^dhLjhyg
mklZgZ\eb\Z_lkyk\hbfbkha^Zl_eyfb\k\yad_kQ_j\_fqlh[uihke_^gbc\uklmiZe\dZq_kl\_
ljZgkihjlgh]hkj_^kl\Z^eyLjhygZlZdhfkemqZ_Q_j\v\f_kl_kijbdj_ie_ggufdg_fmLjhyghf
h[_ki_qb\Z_ljZkijhkljZg_gb_wlhciZjugZfZdkbfZevgh[hevrh_qbkehdhfivxl_jh\Zihke_^gbc
\uihegy_ljZajmrbl_evgmxjZ[hlm
GZfijboh^behkvgZ[ex^Zlvdhfivxl_jih^jhkldZih^dexq_ggucdBgl_jg_lm\l_q_gb_]h^Zbg_
aZsbs_ggucgbdZdbfbk_j\bkZfbij_^gZagZq_ggufb^ey[hjv[ukij_klmigufijh]jZffguf
h[_ki_q_gb_fAZieZldbgZhi_jZpbhggmxkbkl_fmgZg_flZd`_g_mklZgZ\eb\Zebkvihkdhevdm
dhibyhi_jZpbhgghckbkl_fu[ueZg_ebp_gabhgghcIhke_mklZgh\dbgZdhfivxl_j:glb\bjmkZ
DZki_jkdh]h[ueh\uy\e_gh\bjmkh\Iheh\bgZbagbo[ueZq_j\yfbZ\lhjZyiheh\bgZ
LjhygZfb
gZ`ZlbydeZ\brgZdeZ\bZlmj_Hgbiha\heyxlkhojZgblv\Z`guc^hdmf_gl_keb\^jm]miZ^_l
l_dklh\ucj_^ZdlhjDjhf_lh]hwlbijh]jZffuihfh]ZxlmagZlvdlhbdZdbkihevah\Zedhfivxl_j
\hlkmlkl\b__]h\eZ^_evpZBdZdbgkljmf_glijh\_jdbehyevghklbi_jkhgZeZwlbkbkl_fulZd`_
fh]ml[ulv\hklj_[h\Zgu
H^bgbafgh]hqbke_gguoij_^klZ\bl_e_cdeZ\bZlmjguoi_j_o\Zlqbdh\*ROGHQ.H\ORJJHU
KWWSZZZJROGHQNH\ORJJHUFRP\fNZce`mjgZeZ\dhlhjhfaZibkZgui_j_o\Zq_ggu_gZ`Zlby
deZ\brfh`_lgZoh^blvky]^_m]h^gh\ehdZevghck_lbbihemqblvdg_fm^hklmij_Zevgh\lhf
qbke_bq_j_aBgl_jg_l
Hkgh\gu_aZ^Zqbdhlhju_k_]h^gyklZ\ylkyi_j_^\bjmkZfbbokha^Zl_eyfbihemq_gb_ihegh]h
�mijZ\e_gbyqm`bfdhfivxl_jhfeb[h\aehfiZjhe_ceb[hdjZ`ZbgnhjfZpbbey^hklb`_gby
wlbop_e_c\bjmkmdZdijZ\behg_h[oh^bf\uoh^\Bgl_jg_l
Kms_kl\mxlg_kdhevdhjm[_`_caZsbluhldhfivxl_jguo\bjmkh\Gbh^bgbagbog_y\ey_lky
Z[khexlghwnn_dlb\gufgh\f_kl_hgbh[_ki_qb\ZxlijZdlbq_kdbklhijhp_glgmxaZsblm
:glb\bjmk
:glb\bjmkgu_ijh]jZffujZ[hlZxl\^\moj_`bfZoKdZg_jbFhgblhjJ_`bfFhgblhjke_^blaZ
hldjulufbgZdhfivxl_j_ijh]jZffZfbb[ehdbjm_l\j_^hghkgu_ihiuldb\bjmkh\ihf_rZlvbo
jZ[hl_j_`bf_kdZg_jZglb\bjmkgZyijh]jZffZijh\_jy_ldZ`^ucnZceojZgysbckygZ`_kldhf
^bkd_dhfivxl_jZaZ]ey^u\Z_l\gmljvdZ`^h]hZjob\ZIjh\_jdZ\j_`bf_KdZg_jfh`_l
ijh\h^blvkydZdihdhfZg^_ihevah\Zl_eylZdbZ\lhfZlbq_kdbihjZkibkZgbxuy\blv\jZ]Z
ijh]jZff_iha\hey_lkjZ\g_gb_nZceh\khk\h_c[Zahc^Zgguoba\_klguo_c\bjmkh\
H^gZdhZglb\bjmkgbdbbf_xlh^bgkms_kl\_ggucg_^hklZlhdij_`^_q_f\dexqblv\bjmk\[Zam
^Zgguoijh]jZffbklukhhl\_lkl\mxs_ceZ[hjZlhjbb^he`gu_]hm\b^_lvbjZah[jZlvgZqZklbLh
_klvhg^he`_gkgZqZeZihjZablvdh]hlhbaihevah\Zl_e_cihke_q_]h_]hhlijZ\yl\eZ[hjZlhjbxb
ebrvaZl_f_]hfh`gh[m^_lbkke_^h\Zlvb\dexqblv\[Zam^Zgguo\bjmkh\kdhlhjufbbijba\Zg
[hjhlvkyZglb\bjmk
IhiuldbgZmqblvZglb\bjmk[hjhlvkyk_s_g_ba\_klgufbm]jhaZfbiml_fh[tykg_gby_fm
dhk\_gguoijbagZdh\dhlhju_fh]mlmdZau\ZlvgZij_klmigh_ijh]jZffgh_h[_ki_q_gb_ihdZqlh
ijb\h^yldlhfmqlh`bagvihevah\Zl_eyihjhcij_\jZsZ_lky\dhrfZjlZddZdwlZijh]jZffZ
j_]meyjgh[ehdbjm_lghjfZevgu_ijh]jZffu
K_]h^gykms_kl\m_lg_fZehZglb\bjmkguoijh]jZffIhke_lh]hdZd[uemkljZg_gjy^l_ogbq_kdbo
ijh[e_f:glb\bjmkDZki_jkdh]hfh`ghkqblZlvh^gbfbakZfuom^Zqguoj_r_gbc^ey
jmkkdhyauqgh]hihevah\Zl_eyOhly_klvg_fZehb^jm]boij_^eh`_gbchlm\Z`Z_fuobohjhrh
aZj_dhf_g^h\Z\rbok_[yijhba\h^bl_e_cgZijbf_j'U:HE1RUWRQ3DQGD0F$IHH
NZcj\hee
Fum`_^hklZlhqghih^jh[ghh[km^bebwlhllbiijh]jZffihwlhfmg_[m^_fih\lhjylvkyHlf_lbf
ebrv\dhgl_dkl_wlh]hjZa^_eZqlhnZcj\heekihkh[_gaZnbdkbjh\ZlvnZdlihiuldb\uoh^Z
\bjmkghcijh]jZffu\Bgl_jg_lbaZ[ehdbjh\Zlv_]hWlhiha\hey_lijhlb\hklhylvex[uf\bjmkZf
\lhfqbke_l_fdhlhju_ihdZg_ba\_klguki_pbZebklZfMgbqlh`blv\bjmknZcj\heeg_fh`_lgh
ij_^hl\jZlblv_]h\uoh^\Bgl_jg_lnZcj\heemihkbeZf
Klhjh`j__kljZ
ijbeh`_gbbdhlhjh_aZibkZehkv\j__klj:LQGRZVbkijZrb\Z_lhklZ\blv_]hlZfbebm^Zeblv
LZdbfh[jZahflZcgh\bjmkg_kfh`_laZibkZlvky\j__kljhi_jZpbhgghckbkl_fuZagZqblb
aZimkdZlvky\g_cg_kfh`_lHghklZg_lkyijhklh[_ah[b^gufnZcehfgZ^bkd_dhlhjuckh
\j_f_g_f[m^_lh[gZjm`_gZglb\bjmkhfbmgbqlh`_gOhlykdhj__\k_]hihevah\Zl_evm\b^_\
g_ba\_klgmxijh]jZffmdhlhjZykZfhklhyl_evghj_rZ_laZibkZlvky\j__kljkZf__m^Zeblg_
^h`b^Zykv\f_rZl_evkl\ZZglb\bjmkZDklhjh`Zfj__kljZhlghkblky\qZklghklbijhklZyb
[_kieZlgZyijh]jZffZ$Q9LU7DVN0DQDJHUIhfbfhnmgdpbcdhgljheyaZibk_c\j__klj_klhjh`
h[eZ^Z_l^jm]bfbihe_agufbnmgdpbyfbiha\hey_le_]dhm[bjZlvijh]jZffubaZ\lhaZimkdZqlh[u
hgbg_hldju\ZebkvZ\lhfZlbq_kdbijb\dexq_gbbdhfivxl_jZZlZd`_ihdZau\Z_ldZdh_bf_ggh
ijbeh`_gb_bgZkdhevdhijhp_glh\aZ]jm`Z_lijhp_kkhj
J_\bahj^bkdh\
h[sboq_jlZojZ[hlmj_\bahjZ^bkdh\fh`ghij_^klZ\blvke_^mxsbfh[jZahfIjh]jZffZihke_
__mklZgh\dbZgZebabjm_l\k_nZceugZoh^ysb_kygZ`_kldhf^bkd_dhfivxl_jZbaZihfbgZ_l
j_amevlZlAZl_fijbjZ[hl_ihevah\Zl_eybebhi_jZpbhgghckbkl_fuknZceZfbdhgljhebjm_lbo
^_ckl\bybjZkkqblu\Z_ldZd^he`gZbaf_gblvkyi_j\hgZqZevgZydZjlbgZihke_\k_owlbo
fZgbimeypbcIhdhfZg^_ihevah\Zl_eyj_\bahj^bkdh\ijh\h^blbg\_glZjbaZpbxkjZ\gb\Zy
ieZgh\u_ihdZaZl_ebknZdlbq_kdbfb?kebijbwlhfihdZaZl_ebkoh^ylkyagZqbl\k_ghjfZevghGh
_keb\b^gujZkoh`^_gbylhwlhk\b^_l_evkl\m_lhlhfqlh[uehkms_kl\e_gg_kZgdpbhgbjh\Zgguc
aZimkdg_dhcijh]jZffuLZdbfh[jZahfklhjh`^bkdh\kihkh[_ghleZ\eb\Zlvl_\bjmkudhlhju_
lZd`_ihdZqlhg_hibkZgu\[ZaZo^ZgguoFufh`_fj_dhf_g^h\Zlv\dZq_kl\_j_\bahjZ^bkdh\
ijh]jZffm$GLQI
JZ[hlZy\dhfie_dk_wlbijh]jZffukihkh[guij_^hl\jZlblvZdlb\ghklvijZdlbq_kdbex[h]h
\bjmkZ
DlhlZdb_oZd_jubkhpbZevgu_bg`_g_jubdZdhlgbom[_j_qvky
h[s_f\b^_doZd_jZfhlghkyll_oex^_cdhlhju_g_kZgdpbhgbjh\ZgghijhgbdZxl\qm`b_
dhfivxl_juIjh[e_fZoZd_jkl\Zklhevk_jv_agZqlh_cihk\ys_gZhl^_evgZyklZlvy\M]heh\ghf
Dh^_dk_JNgZjy^mkgZdZaZgb_fij_^mkfhlj_ggufaZkha^Zgb_dhfivxl_jguo\bjmkh\b
gZjmr_gb_jZ[hluk_l_c
L_ogbq_kdbfbkj_^kl\Zfbijhgbdgh\_gby\dhfivxl_j\kh\_jr_gkl\_\eZ^_xlg_fgh]b_
ihkdhevdmhghlj_[m_lohjhr_]hagZgbyijh]jZffbjh\Zgby;_awlh]hkeh`ghgZclb^ujm\
hi_jZpbhgghckbkl_f_q_j_adhlhjmxfh`ghihiZklv\gmljvqm`hcfZrbgu
Ijbq_fkh\j_f_g_fhkms_kl\h\Zgbb^ujumagZ_l\k_[hevr_ex^_cb\dhg_qghfkq_l_wlZ
bgnhjfZpby^hoh^bl^hijhba\h^bl_eyhi_jZpbhgghckbkl_fuLhlijbgbfZ_lg_h[oh^bfu_f_ju
mya\bfhklvebd\b^bjm_lkyboZd_jmijboh^blkygZqbgZlv\k_kgZqZeZGZ^hkdZaZlvqlh[hevrh_
dhebq_kl\h[j_r_c\hi_jZpbhgghckbkl_f_:LQGRZVj_amevlZlg___gbadh]hdZq_kl\Zih
kjZ\g_gbxk^jm]bfbhi_jZpbhggufbkbkl_fZfbZrbjhdh]hjZkijhkljZg_gbywlhchi_jZpbhgghc
kbkl_fu\fbj__ebdhe_igZyihk\h_fmnmgdpbhgZemhi_jZpbhggZykbkl_fZ0DF26[ueZ[ug_
f_g__^ujy\hc_keb[uaZgbfZeZg_g_kdhevdhijhp_glh\fbjh\h]hjugdZZohly[uiheh\bgmhl
^hebjugdZFZcdjhkhnlBlh]^Z\a]ey^uoZd_jh\mklj_fbebkv[ugZg__hgbbamqbeb[u__
ijh]jZffgucdh^bkh\_jr_gghg_ba[_`ghgZreb[u\g_feZa_cdb
q_eh\_d ZgZfhf_glgZibkZgbydgb]bqbkehkdZqb\Zgbcwlh]h[jZma_jZij_\ukbehklhfbeebhgh\\f
mya\bfhkl_c\0R]LOOD)LUHIR[gbdlhg_h[gZjm`b\Ze:aZl_fboklZebgZoh^blv bmkljZgylv\f
j_]meyjgh
G_\hafh`ghgZibkZlvl_dklkhklhysbcbag_kdhevdbofbeebhgh\kljhd Zbf_gghlZdhcl_dkl
ij_^klZ\ey_lkh[hchi_jZpbhggZykbkl_fZ\fbg_k^_eZlv\g_fgbh^ghchrb[dbIjZ\^Z\
hi_jZpbhgguokbkl_fZoklZdgZau\Z_fufhldjulufdh^hf gZijbf_j/LQX[\fhgbh[uqgh
bkijZ\eyxlky[uklj__q_f\hi_jZpbhggu_kbkl_fZokaZdjulufdh^hf gZijbf_j:LQGRZV\fWlh
k\yaZghkl_fqlhbkoh^gucdh^kbkl_fukaZdjulufdh^hfba\_kl_glhevdhkhljm^gbdZfdhfiZgbb
ijhba\h^bl_eyZbkoh^gucdh^kbkl_fukhldjulufdh^hfh[s_ba\_kl_gKhhl\_lkl\_gghb
dhebq_kl\hex^_cbkijZ\eyxsbog_^hklZldbkbkl_fkhldjulufdh^hf]hjZa^h[hevr_
BlZdd\Zebnbpbjh\ZgguooZd_jh\\eZ^_xsbo^hklZlhqgufb^ey\aehfZdhfivxl_jh\gZ\udZfb
ijh]jZffbjh\Zgbyhlghkbl_evghg_fgh]h
Gh_klvl_ogbq_kdb_ijb_fuijhgbdgh\_gby\qm`hcdhfivxl_jbihemq_gby^hklmiZdojZgys_cky
\g_fbgnhjfZpbbh\eZ^_lvdhlhjufbih^kbemijZdlbq_kdbdZ`^hfmq_eh\_dmihwlhfmbf__l
kfukeih^mfZlvhlhfqlh[uh]jZ^blvk_[yhlbo^_ckl\bcI_j_qbkebf\djZlp_wlbkihkh[u
Q_eh\_dbf_xsbc\hafh`ghklvnbabq_kdh]h^hklmiZ\gmljvdhfivxl_jZb\hhjm`_gguc
hl\_jldhckihkh[_gk^_eZlvkgbfZ[khexlgh\k_
kgylviZjhevk%,26Zbihemqblv\hafh`ghklvaZ]jmadbkfh[bevguoghkbl_e_c^Z`__keb
aZ]jmadZknewr_d^bkd_lbdhfiZdl^bkdh\gZdhfivxl_j_aZij_s_gZ
ihklZ\blvkh[kl\_gguc\bgq_kl_jkmklZgh\e_gghckbkl_fhc:LQGRZVbaZ]jmablvkykg_]h
ba\e_qv`_kldbc^bkdkdhfivxl_jZbmg_klb
mg_klb\_kvdhfivxl_j
Q_eh\_dbf_xsbc[_kdhgljhevguc^hklmiddhfivxl_jm\hkh[_gghklb
djZ[hlZxs_fmkihkh[_g
hkfhlj_lv_]hbgZclbiZjhebgZ\oh^\kbkl_fm g_j_^dhhgbaZibkZgu\hq_gvk_dj_lghff_kl_
ih^deZ\bZlmjhcbeb\f_g__k_dj_lghfijyfhgZfhgblhj_\f
ihiulZlvkyrlZlghaZ]jmablvdhfivxl_jbijbaZ]jmad_gZ`ZlvdeZ\brm)kp_evx\hclb\
kbkl_fm\j_`bf_aZsbluhlk[h_\ih^mq_lghcaZibkvxZ^fbgbkljZlhjZ [hevrh_dhebq_kl\h
ex^_cg_mklZgZ\eb\ZxliZjhevgZmq_lgmxaZibkvZ^fbgbkljZlhjZ\hh[s_ihlhfmqlhijhklhg_
agZxlbebg_\kihfbgZxlhg_c\fWlZaZibkvg_\b^gZihevah\Zl_exihke_h[uqghcaZ]jmadbgh
ihy\ey_lkyijbaZ]jmad_\;_ahiZkghfj_`bf_
ijhqblZlviZjhebgZ^hklmidwe_dljhgghcihql_dhlhju_ojZgylky\ihqlh\hfdeb_gl_ ^eywlh]h
^hklZlhqgh\hkihevah\Zlvkyh^ghcbafgh]hqbke_gguoijh]jZff^eyijhkfhljZiZjhe_cih^
a\_a^hqdZfbdhlhju_\bah[bebb\ueh`_gu\Bgl_jg_l_\f
kdhibjh\ZlvgZfh[bevgucghkbl_evgm`gmxbgnhjfZpbx
ijhkfhlj_lvbaZihfgblvgm`gmxbgnhjfZpbx
knhlh]jZnbjh\ZlvwdjZgdhfivxl_jZkgm`ghcbgnhjfZpb_c
mklZgh\blvgZdhfivxl_j_\bjmkiha\heyxsbcihemqblvmijZ\e_gb_bfbebgm`gmx
bgnhjfZpbx
mklZgh\blvgZdhfivxl_j_deZ\bZlmjguci_j_o\Zlqbd
kdhibjh\Zlvbmg_klbkkh[hcnZcekiZjhe_fgZ^hklmiddhfivxl_jmdhlhjuciha\hebl\aehfZlv
_]h\kihdhcghch[klZgh\d_
kemqZ__kebq_eh\_dg_h[eZ^Z_l^hklmihfddhfivxl_jmbki_pbZevgufbgZ\udZfb
ijh]jZffbjh\Zgbykms_kl\m_lf_g__\k_]hl_ogbq_kdboij_^ihkuehd^eyijhgbdgh\_gby\qm`mx
fZrbgmhkgh\ghf\hafh`ghklblZdh]hihevah\Zl_eyk\h^ylkydihiuldZfijbkeZlvih
we_dljhgghcihql_bebih,&4bgnbpbjh\Zggh_ijh]jZffgh_h[_ki_q_gb_
We_f_glZjgh_aZibjZgb_^\_jbhldhfivxl_jghcdhfgZlub\udexq_gb_fZrbgudh]^ZhgZ
hklZ_lky[_aijbkfhljZkihkh[gumkljZgblv[hevrbgkl\h\hafh`guoijh[e_fhibkZgguo\ur_
k\yabkwlbf\ihke_^gb_g_kdhevdhe_lgZi_j\h_f_klh\oZdbg]_aZqZklmx\uoh^bllZd
gZau\Z_fZykhpbZevgZybg`_g_jby\\_^_gb_q_eh\_dZ\aZ[em`^_gb_kp_evx\ugm^blv_]h
kh\_jrblv^_ckl\by\bgl_j_kZoZlZdmxs_]hEx^_cmf_xsbolZeZgleb\hh[fZgu\ZlvagZqbl_evgh
[hevr_q_fohjhrboijh]jZffbklh\
h[s_f\b^_khpbZevgZybg`_g_jby[Zabjm_lkygZlhfqlhq_eh\_dh[eZ^Zxsbcgm`ghc
bgnhjfZpb_cg_hkhagZ_l\k_c__\Z`ghklbIhwlhfmdh]^ZlZdh]hq_eh\_dZklZ\yl\bkdmkkl\_ggh
kha^ZggmxkblmZpbxdhlhjZy_fmdZ`_lky[_ah[b^ghchg^Z`_g_aZf_qZ_ldZdkgZ[`Z_l
khpbZevgh]hbg`_g_jZdjZcg_p_ggufb^eylh]hk\_^_gbyfbKms_kl\mxlbijb_fudh]^Z`_jl\m
gZh[hjhlihf_sZxl\h[klhyl_evkl\Zdm^Z[he__klj_kkh\u_]jhaysb_ydh[ug_fZeufb
g_ijbylghklyfbdZdkZfhc`_jl\_lZdbhdjm`ZxsbfblZdbfh[jZahfaZklZ\eyxl\u^Zlvgm`gu_
k\_^_gby
GZijbf_jfheh^hckhljm^gbp_\dhgp_jZ[hq_]h^gyiha\hgbebbij_^klZ\b\rbkvihfhsgbdhf
kbkl_fgh]hZ^fbgbkljZlhjZaZ\yaZebkg_clZdhc^bZeh]
IhfhsgbdkbkZ^fbgZ ]jhfdh\fuqlhlZfl\hjbl_"Zrdhfivxl_jaZ\_kbe\kxk_lv
Khljm^gbpZ h[uqghbkim]Zggh\fYgbq_]hg_^_eZx
IhfhsgbdkbkZ^fbgZ _s_]jhfq_\fHgZ_s_bhlibjZ_lkyMf_gyiheh]Zfykgh\b^ghqlhwlh
\Zrdhfivxl_j\kxk_lv^_j`blQlh\ufg_lmlhqdb\lbjZ_l_R_nmaZ\ljZkmljZgZ^h\_alb
gZ\_jo^hdmf_gluZk_lv\bkblhh[s_h[gZ]e_ebNewrdZfbihevah\Zebkv\ihke_^gb_iylv^g_c"
Q_j_afbgmlm^jm]mxlZdhc[_k_^ukhljm^gbpZh[uqghkjZ^hklvxijbgbfZ_lbgnhjfZpbxhlhf
qlhqlhgb[m^vihijh[mxlijb^mfZlv^eyjZa[ehdbjh\dbk_lbbh[uqghk\h[h^ghkhh[sZ_leh]bg
biZjhevgZ^hklmi\kbkl_fm:_keb_cihh[_sZxlg_jZkkdZau\Zlvgbdhfmqlhwlhbf_ggh__
fZrbgZmkljhbeZZ\ZjbxlhhgZdZdijZ\beh_s_bkhojZgblwlm[_k_^m\lZcg_IhdjZcg_c
f_j_^hmljZ:[hevr_oZd_jmbg_lj_[m_lky
Fug_[m^_fih^jh[ghjZkkfZljb\Zlva^_kv\kxjZaghh[jZagmxkhpbZevgmxbg`_g_jbxZijb\_^_f
�\dZq_kl\_ijbf_jZg_[hevrhchlju\hdbadgb]bD_\bgZFblgbdZBkdmkkl\hh[fZgZ@
beexkljbjmxsbcf_lh^ub\hafh`ghklbkhpbZevguobg`_g_jh\
I_j\uca\hghd:g^j_ZEhi_k
:g^j_ZEhi_khl\_lbeZgZl_e_nhgguca\hghd\\b^_hijhdZl_]^_hgZjZ[hlZeZbkjZam
meu[gmeZkv\k_]^Zijbylghdh]^Zdeb_gl]h\hjblfgh]hohjhr_]hijhk_j\bkLhldlhiha\hgbe
kdZaZeqlhmg_]hhklZehkvhq_gvohjhr__\i_qZle_gb_hk_j\bk_\b^_hijhdZlZbhgohl_eihkeZlv
f_g_^`_jmibkvfhbkhh[sblvh[wlhf
Hgkijhkbebfyf_g_^`_jZb_]hihqlh\ucZ^j_k:g^j_Zkhh[sbeZ_fmqlhf_g_^`_jwlhLhffb
�kdZaZeY[fh]gZibkZlv\hnbk\Zr_cdhfiZgbblh`_DZdhcghf_j\Zr_]hfZ]ZabgZ"_\mrdZ
lZd`_^ZeZ_fmbwlmbgnhjfZpbxHgih[eZ]h^Zjbe^h[Z\beqlhlhijbylgh_ijhlhgZkdhevdh
ihe_aghc[ueZhgZbihijhsZeky
A\hghdih^h[gucwlhfmih^mfZeZ:g^j_Z\k_]^Zihfh]Z_lk^_eZlvdZjv_jgh_ijh^\b`_gb_
[uklj__DZdfbeh[ueh[u_kebex^b^_eZebih^h[gh_[he__qZklh
&#xlh;&#xjh;
&#xhg;&#xhd;&#x;lhjhca\hghd`bggb
&#xb^;&#x_h;&#xK;&#xlm;&#x^b;&#xx;&#xW;&#xlh;&#x;�KiZkb[haZa\hghd\b^_hKlm^bxWlh`bggbq_ffh]mZfihfhqv"
��Ijb\_l`bggba\hgysbckdZaZek[hevrbfwglmabZklhfdZd[m^lh[uhg]h\hjbek`bggb
dZ`^mxg_^_exbebqlhlh\jh^_lh]hWlhLhffbWebkhgf_g_^`_jfZ]Zabg\Nhj_kl
IZjd_MgZk_klvdeb_gla^_kvqlhohq_lZj_g^h\ZlvJhddbghmgZkg_lgbh^gh]hwda_fieyjZu
fh`_l_ijh\_jblv_klvebm\Zk"
�HgZ\_jgmeZkvgZebgbxq_j_ag_kdhevdhk_dmg^bkdZaZeZZmgZk_klvljbdhibb
Ohjhrhykijhrmohq_lebhgih^t_oZlvd\ZfKiZkb[h?kebZfdh]^Zeb[h[m^_lgm`gZex[Zy
ihfhsvgZr_]hfZ]ZabgZijhklhiha\hgbl_bihijhkbl_LhffbY[m^mjZ^k^_eZlv^eyZk\k_qlh
kfh]m
�Ljbbebq_luj_jZaZgZijhly`_gbbke_^mxsbog_kdhevdbog_^_ev`bggbihemqZeZa\hgdbhl
Lhffb^eyihfhsb\lhfbebbghf^_e_Wlh[uebgZ\b^aZdhggu_ijhkv[ubhg[ue\k_]^Zhq_gv
^jm`_kl\_ggufg_iulZekykbevghgZ^Z\blvHg[uehq_gv[heleb\ufdh]^Zhgbh[sZebkv
gZijbf_jLukeurZeZh[hevrhfih`Zj_gZ2DN3DUN"LZfgZi_j_dj_kld_blhfmih^h[gh_
�A\hgdb[uebg_[hevrbfi_j_ju\hf\jmlbg_^gyb`bggb[ueZ\k_]^ZjZ^ZmkeurZlv_]h
H^gZ`^uLhffbiha\hgbebkijhkbeM\Zk_klvijh[e_fukdhfivxl_jZfb"
�G_lhl\_lbeZ`bggb:ihq_fm^he`gu[ulv"
DlhlhjZa[beZ\lhfh[bevhl_e_nhggucklhe[bl_e_nhggZydhfiZgbyaZy\ey_lqlhp_eZyqZklv
]hjh^ZhklZg_lky[_ak\yabbBgl_jg_lZ^hl_oihjihdZdZdhgb\k_bkijZ\yl
Hg_l;uebq_eh\_q_kdb_`_jl\u"
Hgbm\_aeb_]h\kdhjhcihfhsbDZd[ulhgb[uehfg_gm`gZg_[hevrZyihfhsvA^_kv\Zr
deb_glhgohq_lZj_g^h\ZlvDj_klgh]hHlpZ,,bmg_]hg_lkkh[hc_]hdZjluLug_fh]eZ[u
ijh\_jblv_]hbgnhjfZpbx^eyf_gy"
�Zdhg_qgh
�Lhffb^Zebfydeb_glZbZ^j_kb`bggbgZreZ_]h\dhfivxl_j_HgZ^ZeZLhffbmq_lgucghf_j
GbdZdboiha^gbo\ha\jZs_gbcbeb^he]Z"KijhkbeLhffb
Gbq_]hg_\b`m
Ohjhrhij_djZkghYih^ibrm_]h\jmqgmx^eykq_lZb\g_km\gZrm[Zam^Zgguoiha`_dh]^Z
dhfivxl_jukgh\ZaZjZ[hlZxlghjfZevghHgohq_lhieZlblvkq_ldZjlhqdhc9LVDdhlhjmxhg
bkihevam_l\\Zr_ffZ]Zabg_Zmg_]hg_lkkh[hcdZjluDZdhcghf_jdZjlub^ZlZbkl_q_gby
kjhdZ"
HgZ^ZeZ_fmghf_j\f_kl_k^Zlhcbkl_q_gbykjhdZLhffbkdZaZeKiZkb[haZihfhsvIh]h\hjbf
iha`_biheh`beljm[dm
�BklhjbyheebEhgg_]Zg
Ehgg_]Zgwlhg_lhlfheh^hcq_eh\_ddhlhjh]h\uohl_eb[um\b^_lvdh]^Zhldju\Z_l_\oh^gmx
ij_^eZ]ZebagZqbl_evgmxkmfmgZebqguoaZg_kdhevdhl_e_nhgguoa\hgdh\\\b^_hfZ]ZabgA\mqbl
^hklZlhqghijhklhGbdlhbawlbodeb_glh\g_agZedZdijh^_eZlvwlhlljxdbfgm`_gdlhlhk
lZeZglhfEhg_]ZggZ
Ex^bg_\uibku\Zxlq_dbqlh[uihdjulvbo^he]bdh]^Zbfg_\_a_lbebhgbihklmiZxl]emihaZ
b]jhc\ihd_jDZ`^ucagZ_lwlhIhq_fmwlbklZju_^jmavyijh^he`Zebb]jZlvk`mebdhfqlhg_
bf_e^_g_]gZklhe_"G_kijZrb\Zcl_Fh`_l[ulvmgboqmlvqmlvf_gvr_,4q_fmhklZevguoGh
hgbklZju_^jmavyqlh\ufh`_l_ih^_eZlv"
WlhliZj_gvg_bf_e^_g_]lZdqlhhgb\ayebq_dYkijZrb\Zx\ZkGZ^h[ueh[uih^\_klb_]hd
fZrbg_$70 ZiiZjZlh[gZebqdbq_dh\"\f\hlqlhgZ^h[uehk^_eZlvGhg_lq_dGZ
?kl_kl\_gghhgh[fZgmeQ_]h\u_s_h`b^Zeb"Ihlhfhgbiha\hgbebfg_fh]mebyihfhqv"Yg_
aZdju\Zx^\_jbi_j_^ex^vfbdhlhju_ijbrebdhfg_Djhf_lh]h\gZklhys__\j_fy_klvemqrb_
imlbYkdZaZebfqlhijhp_glh\dhfbkkbhgguofhbbyihkfhljxqlhkfh]mk^_eZlvBlZdhgb
^Zebfg__]hbfyZ^j_kbygZr_e\dhfivxl_j_[eb`Zcrbcdg_fm\b^_hfZ]Zabg
Yg_hq_gvki_rbeQ_luj_l_e_nhgguoa\hgdZdf_g_^`_jmfZ]ZabgZbaZl_f[bg]hmf_gy_klv
ghf_jdZjlu9LVDfhr_ggbdZ
�jm]hcfhc^jm]ohaybgWRSOHVV[ZjZAZiylv^_kyl^heeZjh\hgk^_eZeijhb]jZggmxiZjg_fkmffm
^_g_]\ihd_j^he]hf[Zjm q_j_a9LVD\fImkdZcfhr_ggbdh[tykgy_lwlh\k_k\h_c`_g_u^mfZ_l_
hgfh][uihiulZlvkykhh[sblv\9LVDqlhwlhg__]h^he]"Ih^mfZcl_kgh\ZHgagZ_lqlhgZf
ba\_klghdlhhgB_kebfukfh]ebihemqblv_]hghf_jdZjlhqdb9LVDhg^h]Z^Z_lkyqlhfufh`_f
ihemqblvgZfgh]h[hevr_G_\hegmcl_kvgZwlhlkq_l:gZebah[fZgZ
�A\hgdbLhffbd`bggb[uebijhklh^eyihkljh_gby^h\_jbyDh]^Z\j_fyijbreh^eyZlZdbhgZ
ihl_jyeZ[^bl_evghklvbhklhjh`ghklvbkhh[sbeZLhffbhlhfijhdh]hhgkijhkbelZddZdhg
f_g_^`_j\^jm]hffZ]Zabg_h^ghcdhfiZgbb
Bihq_fmhgZihfh]eZ_fmhgZm`_agZeZ_]hHgZlhevdhihagZdhfbeZkvkgbfq_j_al_e_nhggh
hgbmklZgh\beb^_eh\mx^jm`[mdhlhjZyy\ey_lkyhkgh\hc^ey^h\_jbyH^gZ`^uhgZijbgyeZ_]h
dZdf_g_^`_jZ\lhc`_dhfiZgbb^h\_jb_[uehmklZgh\e_ghZhklZevgh_[uehm`_dZdijh]medZ\
iZjd_
Khh[s_gb_hlFblgbdZ
L_ogbdZihkljh_gby^h\_jbyy\ey_lkyh^ghcbagZb[he__wnn_dlb\guolZdlbdkhpbZevghc
bg`_g_jbbu^he`guih^mfZlvohjhrheb\uagZ_l_q_eh\_dZkdhlhjuf\u]h\hjbl_
g_dhlhjuoj_^dbokemqZyoq_eh\_dfh`_l[ulvg_l_fd_fhgij_^klZ\bekyKe_^h\Zl_evghfu
^he`gugZmqblvkygZ[ex^Zlv^mfZlvbkijZrb\Zlvhiheghfhqbyo
KhpbZevgZybg`_g_jbyfh`_l[ulvijbf_g_gZ]^_m]h^ghbddZdhfmm]h^ghkemqZxAZsblblvkyhl
g__fh`ghebrvijbh^ghfmkeh\bb_kebex^bagZxlh__kms_kl\h\Zgbb gh^Z`_\wlhfkemqZ_
g_evay]ZjZglbjh\ZlvqlhkhpbZevgucbg`_g_jg_^hklb]g_lp_eb\f
DZdjZkihagZlvqlhibkvfhihwe_dljhgghcihql_nZdlbq_kdbijbrehg_klh]hZ^j_kZdhlhjuc
mdZaZg\aZ]heh\d_ibkvfZ
?keb\ibkvf_gZibkZghqlhhghijbrehkhij_^_e_ggh]hZ^j_kZwlhg_agZqblqlhhgh
^_ckl\bl_evghijbrehbf_gghkwlh]hZ^j_kZ
Kms_kl\mxlijh]jZffu\jh^_i_jkhgZevgh]h6073k_j\_jZ6SHFWUDO KWWSVSVPWSQHWUX\fb
6SHFWUDOij_\jZsZ_l\Zrkh[kl\_ggucdhfivxl_j\ihqlh\uck_j\_jbhlijZ\ey_libkvfZhlbf_gb
Z^j_kZdhlhjucihevah\Zl_ev\\_^_l\kljhdmhldh]hIjbwlhfkhh[s_gb_\u]ey^bllZddZd_keb
[uhghb\ijyfvijbrehklh]hZ^j_kZdhlhjucmdZaZg\kljhd_dhhj^bgZlhlijZ\bl_eyB_keb
ihemqZl_evhl\_lblgZlZdh_ihkeZgb_ghfbgZevguchlijZ\bl_ev^_ckl\bl_evghihemqbl_]h
ibkvfh
Kms_kl\m_ll_ogbq_kdZy\hafh`ghklvhij_^_eblvijbbkihevah\Zgbbi_jkhgZevgh]h6073k_j\_jZ
kdZdh]hLSZ^j_kZibkvfhhlijZ\e_ghJZa^_eihfhrvwlh]hk_j\_jZgZibkZghq_gvihgylghb
kgZ[`_gbeexkljZpbyfbihwlhfmgZkljhcdZijh]jZffug_ij_^klZ\ey_lgbdZdboijh[e_f
HgeZcgh\u_k_j\bkuihhlijZ\d_ibk_fhlbf_gbex[h]hZ^j_kZlZh[_ki_qb\Zxl[he__ihegmx
Zghgbfghklvbijbbobkihevah\Zgbbex^bg_y\eyxsb_kykhljm^gbdZfbijZ\hhojZgbl_evguo
hj]Zgh\jZkke_^mxsbfbij_klmie_gb_magZlvLSZ^j_khlijZ\bl_eyg_fh]mlLZdb_k_j\bku
gZau\Zxlkyj_f_ce_jZfb UHPDLOHUV\fHgbihe_agu\kemqZ__kebg_lm\_j_gghklb\ihjy^hqghklb
ihemqZl_eyibkvfZb\lhfqlhlhlg_bkihevam_ldhgdj_lgh_khh[s_gb_\ijhlb\hijZ\guop_eyo
GZfba\_klgukemqZbdh]^Zki_pbZebkludhgdmj_glghcjZa\_^dbbijhklh]jZ`^Zg_hlijZ\eyeb
ibkvfZk^hfZrgbobebkem`_[guodhfivxl_jh\g_agZdhfufex^yfkdhlhjufbagZdhfbebkv\
Bgl_jg_l_Zl_mklZgZ\eb\Zebf_klhgZoh`^_gb_dhjj_kihg^_glZbbkihevah\ZebwlmbgnhjfZpbx\
k\hbop_eyohdZau\ZygZhlijZ\bl_eyikboheh]bq_kdh_\ha^_ckl\b_
GZfhf_glgZibkZgbydgb]bjZ[hlhkihkh[gucj_f_ce_j[ue^hklmi_gihZ^j_km
KWWSV]HURIUHHGRPKRPHLSQHWFJLELQPL[HPDLOXVHUFJL
�eylh]hqlh[uihiulZlvkyijhke_^blvj_ZevgucimlvibkvfZdhlhj_[uehihemq_ghih
we_dljhgghcihql_lj_[m_lkyaZclb\_]hk\hckl\Zihqlh\hcijh]jZff_2XWORRN([SUHVVwlhfh`gh
k^_eZlvgZ\_^ydmjkhjgZibkvfhgZ`Z\ijZ\mxdghidmfurbb\u[jZ\aZl_fK\hckl\Z
ihqlh\hcijh]jZff_7KH%DWwlh`_fh`ghk^_eZlvgZ`Z\deZ\brm) eb[hlh`_gZ`ZlvijZ\mx
dghidmfurbbaZl_fijhclbihf_gxKi_pbZevgh_!Bkoh^gucl_dklibkvfZ\f
bkoh^ghfl_dkl_ibkvfZ\b^guLSZ^j_kZq_j_adhlhju_khh[s_gb_rehhlhlijZ\bl_eyd
ihemqZl_exZ`ghagZlvqlhLSZ^j_kkdhlhjh]hhlijZ\bl_evaZr_e\Bgl_jg_lljZgkebjm_lky
dZ`^ucjZadh]^Zbkihevam_lkyihqlh\ucdeb_glZlZd`_\l_okemqZyodh]^ZhlijZ\bl_ev\hc^y\
Bgl_jg_lkjZamhldju\Z_lihqlh\ucysbddhlhjufmijZ\ey_lq_j_a\_[bgl_jn_ck
Blhevdh\kemqZ_dh]^ZhlijZ\bl_evihke_\oh^Z\Bgl_jg_lkgZqZeZijhibku\Z_l\k\h_f[jZma_j_
LSZ^j_kijhdkbk_j\_jZZaZl_fb^_lq_j_awlhlijhdkbk_j\_j\k\hcihqlh\ucysbdmijZ\eyybf
q_j_a\_[bgl_jn_ck\l_e_ibkvfZdZdqZklh_]hgZau\Zxlki_pbZebkluih^ebggucLSZ^j_k
wlh]hihevah\Zl_eynb]mjbjh\Zlvg_[m^_l
Ihke_lh]hdZdmklZgh\e_guLSZ^j_kZq_j_adhlhju_rehibkvfhg_j_^dhij_^klZ\ey_lky
\hafh`gufhij_^_eblv]hjh^hlijZ\bl_eyZbgh]^Zbnbabq_kdbcZ^j_kIhke_^g__qZs_\k_]h
\hafh`gh\kemqZ_dh]^Zibkvfh[uehihkeZghbadhjihjZlb\ghck_lb^Z`__kebijbwlhf
bkihevah\Zeky\_[bgl_jn_ck[_kieZlghcihqlh\hckem`[u
hlijbf_jl_eZibkvfZ\ua\Zggh]hkihfhsvxdeZ\brb)\ihqlh\hcijh]jZff_7KH%DW LS
Z^j_kZ^j_kwe_dljhgghcihqlubbfyhlijZ\bl_ey\ufure_ggu_\f;he__djmigufrjbnlhf
\u^_e_guagZqbfu_mqZkldbl_dklZdhff_glZjbb^Zgugb`_wlh]hl_dklZ
5HFHLYHGIURP$0$,/ FDPD\\DQGH[UX\fE\PDLO\DQGH[UX
��5HFHLYHGIURP@ @\fE\PDLO\DQGH[UXZLWK
+7737XH0D\ 06'\f
'DWH7XH0D\ 06'\f
)URP8O\DQD3HWURII6PLWXO\DQDSHWURIIVPLW#\DQGH[UX!
6HQGHUXO\DQDSHWURIIVPLW#\DQGH[UX
0HVVDJH,G$#FDPD\\DQGH[UX!
0,0(9HUVLRQ
&#xDP;&#xDL;&#xO;�;0DLOHUDPDLOKWWS\DQGH[UX@
(UURUV7RXO\DQDSHWURIIVPLW#\DQGH[UX
7R(YJHQ\XVKFKXN#\DQGH[UX
�6XEMHFW5H5H@
,Q5HSO\7R#\DQGH[UX!
5HSO\7RXO\DQDSHWURIIVPLW#\DQGH[UX
5HIHUHQFHV6$E:'7$J=#PDLO\DQGH[UX!
#\DQGH[UX!
;6RXUFH,S
&RQWHQW7\SHWH[WSODLQ
FKDUVHW .2,5
&RQWHQW7UDQVIHU(QFRGLQJELW
Ijh\_jdZLSZ^j_kZgZj_kmjk_9OLQH
KWWSZZZYOLQHUXLS"LS 
^ZeZijb\_^_ggucgb`_j_amevlZl
1HWZRUN:KRLVUHFRUG
\b7KLVLVWKH5,3(:KRLVTXHU\VHUYHU
\b7KHREMHFWVDUHLQ536/IRUPDW
\b
\b1RWHWKHGHIDXOWRXWSXWRIWKH5,3(:KRLVVHUYHU
\bLVFKDQJHGRXUWRROVPD\QHHGWREHDGMXVWHG6HH
\bKWWSZZZULSHQHWGEQHZVDEXVHSURSRVDOKWPO
\bIRUPRUHGHWDLOV
\b
\b5LJKWVUHVWULFWHGE\FRS\ULJKW
\b6HHKWWSZZZULSHQHWGEFRS\ULJKWKWPO
\b1RWH7KLVRXWSXWKDVEHHQILOWHUHG
\b7RUHFHLYHRXWSXWIRUDGDWDEDVHXSGDWHXVHWKH%IODJ
\b,QIRUPDWLRQUHODWHGWR
LQHWQXP
QHWQDPH721/,1()5$1&($'6/
GHVFU3RROVIRU9R,3$'6/FXVWRPHUV
FRXQWU\)5
WHFKF12&75,3(
VWDWXV$66,*1('3$
PQWE\721/,1()5$1&(
PQWORZHU721/,1()5$1&(
PQWURXWHV721/,1()5$1&(
VRXUFH5,3()LOWHUHG
UROH1HWZRUN2SHUDWLRQ&HQWUH721/,1()5$1&(
DGGUHVV72QOLQH)UDQFH&OXE,QWHUQHW
DGGUHVVUXHGH&DPEUDL
DGGUHVV3DULV
DGGUHVV)UDQFH
SKRQH
ID[QR
HPDLOULSH#WRQOLQHIU
DGPLQF$95,3(
WHFKF$95,3(
WHFKF2%5,3(
WHFKF'$5,3(
WHFKF275,3(
QLFKGO12&75,3(
PQWE\721/,1()5$1&(
VRXUFH5,3()LOWHUHG
\b,QIRUPDWLRQUHODWHGWR$6
URXWH
GHVFU72QOLQH)UDQFH&OXE,QWHUQHW
RULJLQ$6
PQWE\721/,1()5$1&(
VRXUFH5,3()LOWHUHG
BlZd_kebjZkkfZljb\Zlvijb\_^_ggu_njZ]f_glukem`_[ghcbgnhjfZpbbihke_^h\Zl_evghk\_jom
\gbalhfh`ghm\b^_lvqlh\kZfhfgZqZe_nb]mjbjm_lg_dbcLSZ^j_k
Ibkvfhhnhjfe_ghhlbf_gb8O\DQD3HWURII6PLW wlh\b^ghbaaZibkb)URP8O\DQD3HWURII6PLW
XO\DQDSHWURIIVPLW#\DQGH[UX\fbgZijZ\e_ghgZZ^j_k(YJHQ\XVKFKXN#\DQGH[UX qlhhljZ`_gh\
&#xXV;&#xKF;&#xKX;&#xN#;
&#xQG;&#xH[;&#xU;&#xX;&#x;�kljhd_7R(YJHQ\XVKFKXN#\DQGH[UX\fZe__\l_dkl_l_eZibkvfZ\b^ghqlhhghrehq_j_a
k_j\_juYg^_dkZijbkmlkl\mxlfgh]hqbke_ggu_kem`_[gu_Z^j_kZijbgZ^e_`Zsb_^Zgghfm
j_kmjkmkZfhfgbaml_eZibkvfZnb]mjbjm_lLSZ^j_kkdhlhjh]h[uehkms_kl\e_g\oh^\Yg^_dk
;6RXUFH,S\fIjh\_jdZwlh]hZ^j_kZihdZaZeZqlhhgijbgZ^e_`blnjZgpmakdhfm
ijh\Zc^_jmbaZdj_ie_gaZ$'6/Ih\k_c\_jhylghklbwlhnbdkbjh\ZggucLSZ^j_k
Ijbq_fmqblu\Zyqlh\l_e_ibkvfZg_lgbdZdbomihfbgZgbchihqlh\hfdeb_gl_wlhibkvfh
moh^behq_j_a\_[bgl_jn_ckL_fg_f_g__j_ZevgucLSZ^j_kaZnbdkbjh\Zgihkdhevdmbf_gghk
gbf[ueijhba\_^_g\oh^\ihqlmYg^_dkZ
ih^l\_j^behlijZ\bl_evibkvfZdhlhjhfmfuihdZaZebihemq_ggu_j_amevlZlu
?kebibkvfhhlijZ\ey_lkykihfhsvxihqlh\h]hdeb_glZl_dkl\l_e_ibkvfZm^ebggy_lky
ihkdhevdmkh^_j`blbgnhjfZpbxhlhfdZdbfbf_gghihqlh\ufdeb_glhfihevah\ZekyhlijZ\bl_ev
bq_j_adZdb_ihqlh\u_k_j\_juibkvfhijhoh^behLZdbfh[jZahffh`ghijhke_^blv\_kvimlv
khh[s_gbyijb_]hhlijZ\d_ihqlh\ufdeb_glhf
L_fdhfmdZ`_lkykebrdhfkeh`gufjZa[bjZlvky\h\k_ogxZgkZokljhq_dijb\_^_gguo\l_e_
ibkvfZfufh`_f^Zlvmgb\_jkZevguckh\_lijh[b\Zlv\k_LSZ^j_kZdhlhju_kh^_j`Zlky\
khh[s_gbbhkh[_gghl_dhlhju_gZoh^ylky\gZqZe_b\dhgp_ibkvfZ
DZd\hkklZgh\blvkl_jlmxk`_kldh]h^bkdZbgnhjfZpbxbdZdm^ZeblvbgnhjfZpbx[_a
\hafh`ghklb\hkklZgh\e_gby
k_ihevah\Zl_eb:LQGRZVagZxlqlh^eylh]hqlh[ukl_j_lvnZce_]hgZ^hihf_klblv\dhjabgm
Fgh]b_baihevah\Zl_e_chk\_^hfe_guqlhdhjabgmgZ^hhqbklblv
H^gZdhhlhfqlh`_ijhbkoh^blihke_hqbkldbdhjabguex^bh[uqghg_aZ^mfu\Zxlky
�eylh]hqlh[uihgylvihq_fmhqbkldZdhjabgukhojZgy_l\hafh`ghklv\hkklZgh\e_gbynZceZ
ihijh[m_fjZah[jZlvky\\hijhk_dZd\u]ey^blaZibkvnZceZgZ`_kldbc^bkdb_]hm^Ze_gb_hllm^Z
bgq_kl_jdhfivxl_jZijbnhjfZlbjh\ZgbbjZa[b\Z_lkygZjZ^bZevgu_k_dlhjZbdhgp_gljbq_kdb_
^hjh`dbk_hgbijhgmf_jh\Zguihwlhfmfh`ghkqblZlvqlhdZ`^ZylhqdZnbabq_kdhc
ih\_joghklb^bkdZbf__lk\hbdhhj^bgZluWlhiha\hey_ldhfivxl_jmijbh[jZs_gbbdnZceh\hc
kbkl_f_[_ahrb[hqghgZoh^blvgm`gu_nZceubbonjZ]f_glufhf_gldh]^Znbabq_kdb
ijhba\h^blkyfZ]gblgZyaZibkvgZ`_kldbc^bkddhfivxl_jZbgnhjfZpbyhdhhj^bgZlZobbf_gb
aZibkZggh]hnZceZihy\ey_lkyb\ki_pbZevghfjZa^_e_dhlhjucfh`ghmih^h[blvlZ[ebp_
nbdkbjmxs_ciheh`_gb_nZceh\bboijb\yadmdih\_joghklb^bkdZBlZdfh`ghkdZaZlvqlh\
fhf_glaZibkbijhbkoh^bl^\Zkh[ulbynZcenbabq_kdbaZibku\Z_lkygZ`_kldbc^bkdb
bgnhjfZpbyhg_faZghkblky\lZ[ebpm
fhf_glklbjZgbynZceZbgnhjfZpbyhg_fbalZ[ebpum^Zey_lkyL_fkZfufdhfivxl_j
jZaj_rZ_laZibkvgh\hcbgnhjfZpbbgZwlhlmqZklhd^bkdZGhgZkZfhf^bkd_nZcehklZ_lky
Nbabq_kdh_m^Ze_gb_nZceZk`_kldh]h^bkdZijhbahc^_lebrvlh]^Zdh]^ZgZ_]hf_klh[m^_l
aZibkZg^jm]hcnZceKdZ`^uf^g_f_fdhklv\bgq_kl_jh\^hklmiguogZjugd_m\_ebqb\Z_lky
Khhl\_lkl\_ggh\_jhylghklvqlhnZce[m^_laZl_jlihke_m^Ze_gbyklZgh\blky\k_f_gvr_
IhgbfZgb_wlboh[klhyl_evkl\ihjh^behihy\e_gb_^\molbih\ijh]jZffl_odhlhju_klbjZxl
nZce[_a\hafh`ghklb\hkklZgh\e_gbybijh]jZff^bZf_ljZevghijhlb\hiheh`gh]hgZagZq_gby
l_odhlhju_\hkklZgZ\eb\ZxlnZceum^Ze_ggu_k`_kldh]h^bkdZrlZlgufbkj_^kl\Zfb
hi_jZpbhgghckbkl_fu
Ijh]jZffuklbjZxsb_nZceu[_a\hafh`ghklbbo\hkklZgh\e_gby gZijbf_j6WHJDQRV6HFXULW\
6XLWHkkZclZZZZVWHJDQRVFRP\fm^Zeyxl^hdmf_glukih\_joghklb`_kldh]h^bkdZaZl_f
aZibku\ZxlgZbof_klhijhba\hevgu_njZ]f_glubgnhjfZpbbihke_q_]hbolZd`_m^ZeyxlWlhl
pbde\aZ\bkbfhklbhl\u[jZggh]hmjh\gyk_dj_lghklbih\lhjy_lkymg_dhlhjuoijh]jZffhl^h
jZaIjbq_fl_bagbodhlhju_mgbqlh`ZxlbgnhjfZpbx[_a\hafh`ghklb__\hkklZgh\e_gby
qZklhfh]mljZ[hlZlv\^\moj_`bfZohgbklbjZxleb[hg_ihkj_^kl\_gghl_nZceudhlhju_
hlf_lbebdZdh[t_dlum^Ze_gbyeb[hklbjZxlimklh_ijhkljZgkl\hl_kZfu_nZceudhlhju_
ijhkljZgkl\ZgZkh\j_f_gghfdhfivxl_j_kkh\j_f_ggufb\bgq_kl_jZfbfh`_laZgbfZlv^h
^_kylbqZkh\b[he__GZijZdlbd_ijhs_\k_]haZimkdZlvwlmijh]jZffmgZghqvbebgZ\uoh^gu_
^gbqlh[uhgZaZ\_^hfhmki_eZkijZ\blvkykjZ[hlhc
Ijh]jZffuih\hkklZgh\e_gbxkl_jlhcbgnhjfZpbb ijbmkeh\bbqlh__klbjZebdZdfum`_
]h\hjbebrlZlgufbkj_^kl\Zfb:LQGRZV\fkfhljylgZih\_joghklv`_kldh]h^bkdZb\gh\v
aZibku\Zxl\lZ[ebpmlmbgnhjfZpbxdhlhjZygZ`_kldhf^bkd_kh^_j`blkynZdlbq_kdb
Ijbf_jhflZdhcijh]jZffufh`_lkem`blv58QGHOHWH ZZZUXQGHOHWHFRP\fLZdbfh[jZahf
\hkklZgh\e_ggu_nZceukgh\Zhlh[jZ`Zxlky\Ijh\h^gbd_bklZgh\ylky^hklmigu^eyjZ[hlu
ihevah\Zl_ey
Fug_[m^_fhklZgZ\eb\Zlvkyih^jh[ghgZdhgdj_lguoijh]jZffZowlbo]jmiiihkdhevdmbo
^hklZlhqghfgh]hb\k_hgbih^jh[ghhibkZgu\Bgl_jg_l_LZdgZijbf_jijh]jZffuih
\hkklZgh\e_gbx^Zgguoe_]dhgZoh^ylkyihwe_f_glZjghfmaZijhkm
ijh]jZffZ\hkklZgh\e_gb_kl_jluonZceh\
DZdkijylZlvbgnhjfZpbxgZk\h_fdhfivxl_j_hlihklhjhggbo]eZa
Fug_jZkkfZljb\Z_f\^ZgghfkemqZ_ijh]jZffuij_^gZagZq_ggu_^eyrbnjh\ZgbybgnhjfZpbb
gZ^bkdZoih^h[ghlhfmdZdwlh^_eZ_l6HFUHW'LVN6HUYHU@_eZxsb_hagZdhfblvkykijh]jZffZfb
aZsbsZxsbfbbgnhjfZpbxgZk_jv_aghfmjh\g_fh]mlh[jZlblvkyaZkijZ\dhc\Bgl_jg_l]^_
kh^_j`blkybkq_jiu\ZxsZybgnhjfZpbyihwlhfmih\h^m
Fu]h\hjbfhg_h[oh^bfhklbijhklhkdjulvhlihklhjhggbo]eZaiZidbbebhl^_evgu_nZceug_
aZrbnjh\u\Zybokh^_j`bfh_LZdZyg_h[oh^bfhklv\hagbdZ_l^Z`_\[ulh\uop_eyo^Z[ukhk_^b
ihhnbkmbeb^hfhqZ^pug_\b^_ebg_dhlhjhcbgnhjfZpbbL_f[he__ihe_aguih^h[gu_mlbeblu
^eydhgdmj_glghcjZa\_^db\jZ[hl_dhlhjhcba\_klgZy^heydhgnb^_gpbZevghklbijbkmlkl\m_l
�\k_]^ZeyihklZ\e_gghcaZ^Zqb\iheg_ih^oh^blijhklZy\h[jZs_gbbijh]jZffZ+LGH)ROGHUV
KWWSZZZIVSURQHW\f
�eylh]hqlh[ufZdkbfZevghbkihevah\Zlv\hafh`ghklbwlh]hijbeh`_gbylj_[m_lky\gZkljhcdZo
aZij_lblvijh]jZff_ihdZau\Zlvky\kibkd_MklZgh\dZbm^Ze_gb_ijh]jZffZlZd`_g_kha^Z\Zlv
yjeudZ[ukljh]haZimkdZBdhgdmijh]jZffuij_^klZ\e_ggmx\\b^_iZidbk\her_[ghciZehqdhc
fh`ghkf_gblvgZex[hc^jm]hcagZqhdbm[jZlv\dZdhcgb[m^vdZlZeh]:djhf_lh]hg_ihf_rZ_l
ihklZ\blv\gZkljhcdZohipbxkdju\ZlviZidb\aZsbs_gghfj_`bf_dexq_gb_iZidb\kibkhd
�kdju\Z_fuo^hklb]Z_lkygZ`Zlb_fh^ghcdghidbeybkdexq_gby__bawlh]hkibkdZlZd`_
lj_[m_lkygZ`Zlvh^gm_^bgkl\_ggmxdeZ\brm
Ijh]jZffZdZdm`_[uehkdZaZghg_rbnjm_liZidbbnZceubg_iha\hey_laZsblblvkyhl
q_eh\_dZdhlhjucaZ]jm`Z_lkyih^'26gh\ih^Z\eyxs_f[hevrbgkl\_kemqZ_\\h[uqghfhnbk_
dhfiZgbbwlhbg_lj_[m_lky
AZdexq_gb_
aZdexq_gb_ohlbf_s_jZagZihfgblvqlhBgl_jg_lfhsgucbgkljmf_gl\jZ[hl_ki_pbZebklZ
dhgdmj_glghcjZa\_^dbohlybg_]eZ\gucBgl_jg_l^hklmi_gijZdlbq_kdbbaex[hclhqdbA_fgh]h
rZjZbg_^hjh]\bkihevah\ZgbbHgkh^_j`blfZkkmihe_aghcbgnhjfZpbbghe_]dhfh`_lb
^_abgnhjfbjh\ZlvBgl_jg_lhq_gvmklmiZ_lihk\h_cagZqbfhklb^eydhgdmj_glghcjZa\_^db
lZdhfmdeZkkbq_kdhfmf_lh^mdZdjZ[hlZkex^vfb\dZq_kl\_bklhqgbdZbgnhjfZpbbh^gZdh
g_hijZ\^Zggh^hjh]hijbihiuld_^h[blvkylh]h`_j_amevlZlZbgufbf_lh^Zfb
IhgbfZgb_kbevguobkeZ[uoklhjhgBgl_jg_lZiha\hey_lbkihevah\Zlv_]hkfZdkbfZevghc
wnn_dlb\ghklvxlZf]^_wlhfh`_lkwdhghfblv\j_fybkj_^kl\Zb\f_kl_kl_fhldZaZlvkyhl_]h
ijbf_g_gbylZf]^_wlhaZ\_^hfhg_ieh^hl\hjghDjhf_lh]hihgbfZgb_iexkh\bfbgmkh\f_lh^Z
kihkh[kl\m_lijZ\bevghchp_gd_ihemq_gguok_]hihfhsvxj_amevlZlh\
Fubkdj_gg_gZ^__fkyqlhwlZdgb]Zihfh`_lki_pbZebklZfjhkkbckdboij_^ijbylbcfZdkbfZevgh
iheghbkihevah\Zlvij_bfms_kl\ZBgl_jg_lZbfbgbfbabjh\Zlvijbwlhf\ebygb__]hg_^hklZldh\
DZdke_^kl\b_ih\ukblkydhgdmj_glhkihkh[ghklvhl^_evgh]hki_pbZebklZhl^_evgh]hij_^ijbylby
b\k_cgZr_ckljZgu
Xsmd?\]_gbcE_hgb^h\bq
?dZl_jbg[mj]]
Ijbf_qZgby

:jlmj_ck\ebqghc[_k_^_bag_him[ebdh\Zggh]h]

3ULFH*6KHUPDQK7KH,QYLVLEOH:HE8QFRYHULQJ,QIRUPDWLRQ6RXUFHV6HDUFK(QJLQHV&DQ\nW6HH
&\EHU$JH%RRNV

KWWSFRPPXQLW\OLYHMRXUQDOFRPNXERNKWPO

KWWSKHOS\DQGH[UXVHDUFK

3ULFH*6KHUPDQK7KH,QYLVLEOH:HE8QFRYHULQJ,QIRUPDWLRQ6RXUFHV6HDUFK(QJLQHV&DQ\nW6HH
&\EHU$JH%RRNV

NhjmfYg^_dkZ=^_gZclb"KWWSIRUXP\DQGH[UX\DQGH[ZKHUH[KWPO

Pblih=hebdh\ZEEx[h\vdbkdmkkl\mkh\a]ey^hfgZ[m^ms__
KWWSZZZNRUXGRFXPHQWDVS"GBQR \tFSBQR \tFSBW\SH FWBQR \f

;mljbg:e_dk_cB]hedb\klh]_k_gZB]jhfZgby

KZclijh]jZffu&KHFN\t*HWKWWSDFWLYHXUOVFRPUXQHZVKWP

KZclijh]jZffu&KHFN\t*HWKWWSDFWLYHXUOVFRPUXIHDWXUHVKWP

�$UWKXU:HLVV6HFRQGDU\6RXUFH,QIRUPDWLRQfZl_jbZeulj_gbg]ZgZ_kylhc?\jhi_ckdhc
dhgn_j_gpbb6&,3Ehg^hg]

KWWSZZZUDGLXVJURXSUXUDGLXVJURXSQHZVLWSKWPOGh\hklbbg^mkljbb,7 :JOB\f
KWWSVFLHQFHFRPSXOHQWDUXQHZV

=bi_jkkuedZ6HDUFK'16gZ]eZ\ghckljZgbp_kZclZKWWSQHZVQHWFUDIWFRP

KWWSUXZLNLSHGLDRUJ

KWWSZZZIR[FRQQFRPDERXWLQQRYDWLRQDVS

?EXsmdDhgdmj_glgZyjZa\_^dZfZjd_lbg]jbkdh\b\hafh`ghkl_cF_jrbgZ

KWWSZZZZHESODQHWUXQHZVOHQWDVWHZRUGHVVKWPO

KWWSZZZLQRSUHVVDUXZDVKWLPHVFLD

KWWSZZZQHZL]YUXQHZV"LGBQHZV \tGDWH 

KWWSDOSFOXEEWIUX

.DKDQHU/&RPSHWLWLYH,QWHOOLJHQFH16LPRQ\t6KXVWHU

KWWSZZZJHWQHZVJURXSFRPUXVFKDQQHOVSKS

ZZZOH[LVQH[LVFRP

ZZZGLDORJFRP

%XUZHOO+32QOLQH&RPSHWLWLYH,QWHOOLJHQFHLQFUHDVH\RXUSURILWVXVLQJF\EHULQWHOOLJHQFH)DFWVRQ
'HPDQG3UHVV

�:HLVV$6HFRQGDU\6RXUFH,QIRUPDWLRQFZl_jbZeulj_gbg]ZgZ_kylhc?\jhi_ckdhcdhgn_j_gpbb
6&,3Ehg^hg]

KWWSNRGHNVUXPDQDJHSDJH

3ULFH*6KHUPDQK7KH,QYLVLEOH:HE8QFRYHULQJ,QIRUPDWLRQ6RXUFHV6HDUFK(QJLQHV&DQ\nW6HH
&\EHU$JH%RRNV

�FblgbdDKZcfhgEBkdmkkl\hh[fZgZFDhfiZgby:cLb

Приложенные файлы

  • pdf 18476399
    Размер файла: 461 kB Загрузок: 0

Добавить комментарий