Moroz_Olga_Nevesta_pod_prikrytiem_.PDF


Чтобы посмотреть этот PDF файл с форматированием и разметкой, скачайте его и откройте на своем компьютере.
ORYHBVI
$XWKRU,QIR
Hev]ZFhjha
G_\_klZih^ijbdjulb_f KB\f
@beZk_[_gbdh]hg_ljh]ZeZlhevdhklm^_glZf`bagvihjlbeZ^ZmfmjZamfmbomqbeZgh
ijbg_keZg_e_]dZy\fhx`bagvdjhgijbgpZkhk\hbfij_^eh`_gb_fhldhlhjh]hg_evayhldZaZlvky
Ihbkoh^ml_i_jvy^he`gZijbl\hjblvkyg_\_klhcbihfhqv_fmjZkke_^h\ZlvaZ]Z^hqgu_m[bckl\Z
ijhbkoh^ysb_gZhl[hj_g_\_kl:yf_`^mijhqbfg_djhfZglbfZ]bkljKf_jlbZhgbbaf_gy
g_\_klm^_eZxlgmqlh`_[m^_lbfg_\_klZ\q_jghfBklhjbyh^ghcbaih\ajhke_\rbo\_^vfhq_d
l_i_jvhgZ\_^vfZlhevdhlkkk
Hev]ZFhjha
&#x?K;&#xL:;&#xI;&#xH0;G??KL:IHIJBDJULB?F

DZ[emdbklmqZebihfjZfhjghfmihem`_gsbgZ\kljh]hfq_jghfieZlv_^hdhe_gki_rbeZ[uklj__
mclbbawlh]ha^Zgbyfm`qbgZgZijbebqghfhl^Ze_gbbke_^h\ZeaZg_cmg_]h[ueZq_ldZyaZ^ZqZ
ijbkfZljb\Zlvbkh[bjZlvbgnhjfZpbxZlZd`_nbdkbjh\Zlvl_dms__f_klhiheh`_gb_h[t_dlZ
KgZqZeZjZ[hlZihdZaZeZkve_]dhcbg_iuevghcghm`_q_j_aiZjmqZkh\hgihgyeqlh_]h`_klhdh
gZdZaZegZqZevgbdihkeZ\ihklhygghke_^h\ZlvaZwlbflhjgZ^hgZdZ[emdZoLhevdhh]jhfguchiul
b\u^_j`dZ^_fhgZg_iha\hebeb_fm[ZgZevghk[_`Zlvbq_klghijbagZlvkyhg_ijb]h^ghklbd
wlhfmaZ^Zgbx
FZehlh]hqlhhgZghkblkykeh\ghihl_ji_\rZyhgZ\_qghg_kb^blgZf_kl_mg__
�g_ghjfbjh\ZggucjZ[hqbc^_gvbm`ZkgZyjZ[hlZZdjhf_wlh]hhgZdZdba^_\Z_lky\kyq_kdb
mkeh`gyy_fmke_`dmbhgbgh]^Zih^mfu\ZeqlhhgZki_pbZevgh\k_wlhmkljZb\Z_lGh\_^vhg
ijhn_kkbhgZeZagZqblgbh^ghc\_^vf_g_ih^kbemaZf_lblvjZ[hlZxs_]hbs_cdm
Fm`qbgZy\Zfg_f_rZxij_^Z\Zlvkyk\hbf]jmklguffukeyfbly`dh\a^uoZlvhk\h_cg_e_]dhc
km^v[_"hlya\bl_evgh]h]hehkZjZa^Z\r_]hkykijZ\Z^_fhgZi_j_dhkbeh
Hg\b^_eqlhhgZk\_jgmeZgZ\uoh^_\e_\hbgbdZdg_h`b^Ze\uoh^ygZmebpmmkeurZlv]hehk
kijZ\Z
Qlh`_\uk_]h^gylZdg_\gbfZl_evgubhlklZ_l_yqlh\Zk`^Zlv^he`gZ"bklhevdhij_l_gabb
qlhhghi_rbeg_agZydZdeh\dhb[_ams_j[Z^_em\u\_jgmlvkybawlhc]emihckblmZpbb?]h
jZkdjueb^hkZ^gucghnZdl
IjZ\hkeh\hmf_gygbdh]^Zg_[uehfZgvydZij_ke_^h\Zl_eywlhlhiulbgl_j_k_ggh\hl\u
klZeb\a^uoZlv^Zbi_j_klZeb[ulvhklhjh`gufDZdlh\uf_gyih^[_rb\ZlvgZqbgZ_l_b
]heh\Zqmlvkdehg_ggZydijZ\hfmie_qm\e_]dhfgZdehg_
Ijhklbl_mklZeaZwlb^gbGhm\_jyx\Zky\gye\Zr_fmij_^mij_`^_gbxb[m^mhiylv[h^jb
bgl_j_k_ghgm`_mki_ebamqblvwlm`_gsbgmbhq_gvg_ohl_eklZlv_cg_bgl_j_kgufb^_eqlh
klZdbfb[u\Z_l
OhlvgZi_j\uc\a]ey^bg_kdZ`_rv\jh^_fbeZyijbylgZy`_gsbgZZgZkZfhf^_e_lZdhcfhgklj
OhlydhfmdZdg_dhlhju_\g_c^mrbg_qZxl
Qlh`_gZi_j\ucjZaih\_jx:ihdZyj_rbeZqlhfuihf_gy_fqmlvqmlvkbkl_fm\Zr_c
[u\Zxihwlhfm\wlhff_kl_hgm\b^_eqlhmg__aZkibghc\\ha^mo_\bkblklhidZ[mfZ]b
dhlhjmx\afZohfjmdbhgZhlijZ\beZ_fmWlh\Zf^hg_k_l_Bg_kf_cl_bkihjlblvjZ[hluybo
_s_g_ijh\_jbeZ:l_i_jvjblfbqg_c_s_kebrdhffgh]h^_e
Klhe_lgyy\u^_j`dZjZ[hlu\weblghfih^jZa^_e_gbbiha\hebeZ_fmg_\u^Zlvk_[yHg[ue\rhd_
G_`_gsbgZZm`ZkBhgbkdj_gg__bkh\k_f`Zjhf`Ze_e__klm^_glh\:o^ZwlZij_e_klgbpZ
ij_ih^Z\Zl_ev\Klhebqghc:dZ^_fbbfZ]bbkjjuoBkZfh_m`Zkgh_hg\_^vfheqZihr_e
ke_^hfblhevdhgZlj_lv_frZ]_ihgyeqlhhgdZd^_l_gurlmihjueZ^Z`_g_ihijh[h\Ze
i_j_b]jZlvkblmZpbxZm`_iha^ghGZqZevkl\h[m^_lg_^h\hevghGmqlh`_agZqblf_gy_f
ijZ\beZb[m^_fb]jZlv\hldjulmx
Ba\bgbl_]hkih`Z:dmebgZfh]myaZ^Zlvg_kdhevdh\hijhkh\"
FZ]bkljbgh]hh[jZs_gbyyg_ijb_fexfm`qbgZdb\gmeijbgbfZy__aZf_qZgb_hijhku"
Gmihijh[mcl_g_nZdlqlhhl\_qmghihdjZcg_cf_j_yjZaj_rZxboha\mqblv
Iha\hevl_mlhqgblvdm^Zk_cqZkfuk\ZfbgZijZ\ey_fky"gZqZek\uykg_gbyh[klZgh\db
iZjZee_evghih^dexqZyZfme_ldhlhjuc[m^_lnbdkbjh\Zlvbi_j_^Z\ZlvbgnhjfZpbxgZ[Zam
KgZqZeZdhfg_^hfhchklZ\bfjZ[hluyi_j_h^_gmkvaZ\Zjxk_[_dhn_Zihke_fuihc^_f
jZ[hlZlvblZdZyya\bl_evgZymeu[dZqlhfm`bdZi_j_^_jgmehHg^Z`_[hyekyij_^iheh`blv
dm^ZhgbgZijZ\ylkyAZwlb^\Z^gygZkfhlj_eky__jZ[hlughijhl_klh\ZlvbebdZdlh\u^Z\Zlv
k\hbfukebg_ki_rbeDZdhcfheh^_pLhevdh]eZaZg_km`Zcl_blZdkbevghq_exklvg_k\h^bl_
ZlhkjZamykghqlhaZfukebihk_sZxl\Zrm]heh\m@Ze__l_haZ^Zgbb"
DZ`^uc^_gvq_klghb[_awfhpbhgZevghijbagZekyk\h_fmh[t_dlmke_`db
:aZqlh\ZklZd"bq_j_aiZmamjZatykgbeZfghxgZdZaZeb"hgkdhkbe]eZaZgZb^msmxjy^hf
`_gsbgmbm\b^_eqlhhgZg_rmlblbkh\_jr_gghk_jv_aghihgbfZ_lqlhhgZg_ih^Zjhdijbwlhf
kdhevay\a]ey^hf\hdjm]DZd[m^lhjZa]h\hjr_ehih]h^_Zg_hlhfqlhhgZ\kdjueZke_`dmb
\hh[s_lh^he`gZohly[u[ulvg_^h\hevgZnZdlhf__gZebqby
b^bfhaZ^_eh
�_eh\b^Zlv[uehhq_gvdjmigh_baZe_lgh_hgZofudgmeZb^Zevr_reZfheqZih]jm`_ggZy\
k\hbfukebZhgiulZekyZgZebabjh\Zlvbkljhblvp_ihqdbkh[ulbcdZdb\k_]h^ujZ[hluG_
\uoh^behhgZkljZggZybhgZ_]him]Z_l
B^_ehg_\lhfqlhhgZkljZrgZynbabq_kdbg_llmldZdjZa\k_hlebqghKljhcgZy^Z`_g_fgh]h
om^h\ZlZy\ukhdZyklhgdbfbq_jlZfbebpZq_jgufb\hehkZfbqmlvgb`_ie_qHgZfbeZygh
\a]ey^Fhjhaihdh`_ijh[_]Z_l:_s___kbeZhgZ\blZ_l\hdjm]ih^Z\eyyb\hlbf_gghhgZ
dZ`_lkykljZrghcM^_fhgh\kebrdhfkbevghjZa\blh\hkijbylb_kbevg_cr_]h\k_h[s_kl\h
kljhblkybf_gghgZlhfijbgpbi_dlhkbevg__lhlb\ur_\b_jZjobbBk_cqZkbgklbgdlu
l\_j^bebhgZkbevg__ohlvwlhbg_\yaZehkvk\g_rgbfh[jZahfGhk\hbfbgklbgdlZffm`qbgZ
ijb\ud^h\_jylvZagZqblhgkebrdhffZehijhg__agZ_l
Hgb^_ckl\bl_evghijbrebdg_c^hfhcwlha^Zgb_hgg_kfh]aZe_alvaZsblZkebrdhffhsgZy
gh\g_rg__]hohjhrhbamqbeK_cqZk`_hgZkihdhcghijhreZhldjueZ^\_jvbg_hklZgZ\eb\Zykv
bg_dhff_glbjmygbdZdk\hb^_ckl\byijhreZ\gmljv[jhkb\q_j_aie_qhqlh[ujZ[hluhg
iheh`begZklhe\]hklbghcIjbwlhfkZfZhgZih^gyeZkvgZ\lhjhcwlZ`\b^bfhi_j_h^_lvkyDZd
lhevdh`_gsbgZkdjueZkvba\b^mhgohl_eihijh[h\Zlv\ie_klb\h[smxk_lvaZdebgZgb_
ijhklhh`b^Zlvk\hxkimlgbpmKimklbeZkvhgZfbgmlq_j_aiylvh^_lZy\madb_[jxdb[hlbgdbgZ
gbadhfdZ[emd_bm^ebg_ggmxlmgbdmfheqZijhreZgZdmogx]^_\dexqbeZdhn_fZrbgmihke_
q_]hjZa\_jgmeZkvb\gbfZl_evghihkfhlj_eZgZk\h_]hkhijh\h`^Zxs_]h
Fm`qbgZhsmlbe[_kihdhckl\hgh\b^Zg_ih^Ze
Yij_^eZ]Zx\ZfZdlb\bjh\ZlvZfme_lk\yabb^heh`blvk\h_fmgZqZevkl\mqlh\uh[eZ`ZebkvB
yohqmih]h\hjblvkl_f\qvx]heh\mijbreZ^mjgZyfukevke_^blvaZg_djhfZglhfFm`qbgZ
�ly`_eh\a^hogmeZkblmZpbyiZlh\Zy_]hhgZaZk_deZ^hdeZ^u\Zlv\k_jZ\ghijb^_lkyZihq_fm
[ubg_k^_eZlvdZdhgZohq_l
E_]dh_dZkZgb_fZ]bbdZfme_lmk\yabbijyfhcdZgZegZkljh_g^Zevr_dhjhldh_khh[s_gb_
Ke_`dZ\kdjulZh[t_dllj_[m_lk\yabgZijyfmx`^m^Zevg_crbomdZaZgbcK_dmg^gZyaZfbgdZb
hgi_j_^Z_l\hijhkohaycd_wlh]h^hfZ
FhcgZqZevgbdijhkbljZaj_r_gbygZhldjulb_ihjlZeZ\\Zr^hf\afZojmdhcb\fZ]bq_kdhf
aj_gbb\b^ghqlhiZmlbgZaZsbluqmlvbaf_gbeZjbkmghdijbwlhf`_gsbgZdb\gmeZih^l\_j`^Zy
qlh^ZeZjZaj_r_gb_
kiurdZihjlZeZb\]hklbghcklhyl^\h_fm`qbghq_gvdjmiguofm`qbgh^bgbadhlhjuodb\dhf
]heh\umdZau\Z_lgZihjlZehlijZ\eyybs_cdmih^Zevr_Ghfm`qbgZwlhfmjZ^[ukljhklmib\\
ihjlZebkq_aZ_l\f_kl_kgbf
A^jZ\kl\mcl_fZ]bkljHnbpbZevgucij_^klZ\bl_ev_]h\ukhq_kl\ZdjhgijbgpZW^\bgR_jfZg
fm`qbgZohl_ehlimklblviZjhqdmklZg^Zjlguodhfiebf_glh\gh\k_ihrehg_ihieZgm
Gmimklv[m^_lijbylghihagZdhfblvkyihke_q_]h`_gsbgZih^gyeZ[jh\v^Z\Zy\hafh`ghklv
ijh^he`blv[_ajZkrZjdb\Zgbc
Dfm`bdmklhys_fmfheqZyijbkfhlj_eZkvhq_gv\gbfZl_evghBe_]dZy^ufdZi_j_^ebphf\
fZ]bq_kdhfaj_gbblhqghmdZau\ZeZgZbeexabx:dlhwlhmgZklZdhckdjulguc"Qmlv^Z\e_gbyb
y\b`mkd\havbeexabxBohlv=jZgvwlZfg_g_jh^gZyb`b\mylmlg_lZdm`b^Z\ghgh
bah[jZ`_gbybfi_jZlhjkdhck_f_cdb\b^_eZbwlhlfheqmgy\ghbf__ldg_chlghr_gb_
Djhgijbgpihijhkbef_gyhl_]hbf_gbhdZaZlv\Zfq_klv
H[hc^_fky[_alZdboex[_aghkl_cZ\ukZfbkdZaZlvg_fh`_l_"wlhym`_wlhfmih^beexab_c
bebfg_gZ^hijh^he`Zlv^_eZlv\b^qlhy\Zkg_magZeZ"Fg_\ijbgpbi_[_ajZagbpugh
]jZgbpu\u[uh[]h\hjbeb
Fm`qbguhi_rbebBeexabygZeh`_ggZygZijbgpZ[ueZhq_gvdZq_kl\_gghcaZ\k_]h^uhgZ_s_
gbjZamg_ih^\_eZblhlnZdlqlhwlZ`_gsbgZ\b^blkd\havg___s_jZaih^l\_j`^ZefZkl_jkl\h
\u[jZggh]hfZ]bkljZ
GmjZa\u\]ey^_edbm`_ihb]jZeb^Z\Zcl_q_ldhbihkms_kl\maZdZdbflZdbfhj]Zghf
ijbklZ\bebdhfg_wlh]hfZgvydZg_^h^_eZggh]hbqlh\Zfhlf_gygm`gh"
DoffZ]bkljijhrmgZkba\bgblv^ZggZybeexabyjZ^bdhgnb^_gpbZevghklbYijb[ued\Zfk
ij_^eh`_gb_fhldhlhjh]hygZ^_xkv\ug_hldZ`_l_kv
k_aZ\bkblhlij_^eh`_gbyijbkZ`b\Zcl_kv]hkih^Z]hklbk_ebgZ^b\Zgy`_k_eZgZdj_keh
gZijhlb\blZdy\Zk\gbfZl_evghkemrZx
FZ]bkljyij_^eZ]Zx\ZfihmqZkl\h\Zlv\hl[hj_g_\_klu[m^ms_]hbfi_jZlhjZ
uohlbl_fhboih^kdZahd";hxkvyg_h[eZ^Zx^he`ghcdhfi_l_glghklvx\k_lZdbj_rbeZ
G_lyij_^eZ]ZxklZlvh^ghcbamqZklgbpohjhrhqlhykb^_eZkyfhy\u^_j`dZihgZ^h[beZkv
fg_qlh[ug_ijhdhff_glbjh\Zlv\hq_gv]jm[hcnhjf_bofukebl_evgu_ijhp_kku=^_yZ]^_
g_\_kluy`_bawlbo[Z[Zy]h^dZhiylv
WlhfmgZ\_jgh_klvjZamfgh_h[tykg_gb_"ihke_^gyygZ^_`^ZqlhgZr[m^msbcbfi_jZlhj\k_
lZdbZ^_d\Zlguc
ijhlb\ghfkemqZ_ijb^_lkymoh^blvbawlhc=jZgbZfg_lmlgjZ\blkya^_kvijbylgu_mkeh\by
^eyjZ[hlub`bagb^ZbaZihke_^gb_iylve_lyijb\udeZm`_Gh_keb\hijhkklZg_lj_[jhfmc^m
WlhlgZ[hjihke_^gbcyg_ohqm[hevr_ih^\_j]ZlvhiZkghklb`bagb^_\mr_dij_l_g^mxsbogZ
klZlmkfh_cg_\_kluk_ij_^u^msb_hl[hju[uebkhj\ZgubaaZydh[ukemqZcguokf_jl_c
g_kdhevdbomqZklgbpwlhljZafuohlbfihcfZlvaZ]h\hjsbdh\kdjuebkvg_dhlhju_nZdlu
mdZau\Zxsb_qlhbf_ebf_klhm[bckl\ZBygZ^_xkv\ufg_ihfh`_l_gZklhysbcfhf_gl\
gZr_cbfi_jbblhevdh^\h_ihgZklhys_fmkbevguog_djhfZglh\blhevdh\uijbwlhfg_aZfm`gyy
^_\mrdZfm`qbgZiha\hebek_[_lhgdmxmeu[dmGm^ZgZa\Zlvf_gy^_\mrdhcfh`ghkh]jhfghc
gZly`dhcym`_e_llZdwg_l^ZggZybgnhjfZpbymfj_lkhfghc
:\hlijhg_djhfZglZyagZeZbwlh]h\lhjh]h\lhfqbke_ijbylgucklZjbdfukgbfhlebqgh
ih\_k_ebebkvgZ^dhee_]ZfbgZihke_^g_cdhgn_j_gpbbGhlZfwlbg_^Ze_db_kZfb\bgh\Zlu
iulZebkvijbf_gblvie_l_gb_^eyih^qbg_gbyahf[bgZmf_jl\b_b\_sZebhj_\hexpbhgghf
ih^oh^_;ueh\_k_ehdh]^Zihke_bkiulZgbchgbhlk\h_]h`_mf_jl\bydjm]bgZfZlu\Zeb
Fg_dhg_qghe_klgh\Zr_ij_^eh`_gb_Ohlyg_l\jZlvg_[m^mfg_hgh\hh[s_g_\jZ^hklvgh
lZdijhklhbgl_j_kgh:kq_]h\u\ayebqlhykh]eZrmkv"
Wlhla^hjh\ucdhlhjucijbgpohly[hevr_gZ^jh\hk_dZlyg_lobljhmeu[gmekybk^_eZeoh^
_`hf
DZdgZkq_lihegh]h^hklmiZdh\k_fljm^Zfhlr_evgbdZKb]bafmg^Z"
LZddh]^Z\u]h\hjbl_yg_\_klhc\uklmiblv^he`gZ"yh[wlbodgb]Zobk\bldZolhevdh
keurZeZZm`aZlhqlhfg_^Z^mlbog_lhevdhih^_j`Zlvghbijhq_klvy]hlh\Zd_fm]h^gh
ih[ulvohlvbfi_jZljbp_cZg_lhevdhg_\_klhcih^ijbdjulb_f
Ijbgp\b^bfhwlhij_djZkghihgbfZeihlhfmqlhlhgdhmeu[gmekyGhdZdyfh]eZmklhylvwlh`_
dgb]bkhibkZgb_fjblmZeh\kf_jlb
ZrZaZ^ZqZ[m^_lijbkfZljb\ZlvaZ^_\mrdZfbbagmljbdhee_dlb\ZIjhklh_klvf_klZ]^_
^_\mrdb[u\Zxllhevdhh^gbbgZebqb_lZfhojZgubafm`qbg[m^_lg_ijb_fe_fh
:ihq_fm\uj_rbebqlh\Zfgm`_gg_djhfZglZg_kukdZjv"ihke_lh]hdZdmkbeb_f\heb
aZ^\bgmeZfukebhdgb]ZoihiulZeZkvihgylvkblmZpbx\p_ehf
Hl\_lbeijbgpkg_hohlhcgh\k_`_hl\_lbe
GZl_e_ihke_^g_c`_jl\u[uehklZlhqgucke_^fZ]bbkf_jlb\hldZdg_fZ]bbg_djhfZglZZ
bf_gghkf_jlbWlh\uoh^bldlhlhkmjh\g_fg_gb`_fZ]bkljZrZeblihwlhfmbfbgm`gZybeb
fZ]bkljI_jkb\Zev
�_eZcl_qlhohlbl_ghfh_g_ihkj_^kl\_ggh_mqZklb_\kZfhfdhgdmjk_k\_^bl_gZg_lZlhhl
fhbo\hdZevguo^Zgguofh]ml[ulvgh\u_kf_jlbfm`bdbihklZjZebkvkdjulvmeu[dbghfg_g_
[uehh[b^gh
Kfukeh[b`Zlvky_keby^_ckl\bl_evghhl\jZlbl_evghihx`mldh\urb\ZxhlfhbodZjlbg
gZmdZhh[s_yg_hkh[hohjhrbch[jZa_pijZ\bevghc`_gsbgughf_gywlh\hegh\Zlvi_j_klZeh
m`_hhhq_gv^Z\ghGhij_^mij_^blvy^he`gZ[ueZ
Dh]^ZgZqg_lkyhl[hj"
Q_j_ag_^_ex[ukljhhl\_lbeW^\bgZyijbdbgmeZqlh^Z`_mki_xaZq_lgmxk_kkbxijbgylvb
meu[gmeZkvIjhklh_klvmf_gylZfh^gZ]jmiiZ\_kvk_f_kljgZju\Zebkvb\hldZ`_lky
gZj\Zebkv:ihke_gbokohjhrbfgZkljh_gb_fihc^meh\blvm[bcp
:l_eZij_^u^msbo`_jl\hklZebkv"W^\bgZ`]eZaZ\ulZjZsbeBq_]hlZdm^b\eylvkyaZ[uek
d_f^bZeh]\_^_l"
LZdhgbmf_jeb]h^gZaZ^g_m\_j_gghgZqZehg
LZdaZdebgZgb_klZabkZ\_^vgbdlhg_hlf_gyei_j_^jZagbeZ_]hgh\b^bfh\Zrhl\_lwlh
g_l`ZevyihklmqZeZiZevpZfbihih^ehdhlgbdmdj_keZbj_rbeZmlhqgblv_s_h^bgfhf_gl
L_eZmihdhbebih\k_fijZ\beZfg_djhfZglbb"
L_eZaZ[jZebk_fvbijbgpkdjb\bekyYkghjh^kl\_ggbdbdjh\mrdb_fmihibebagZlgh
BdZd\wlhf]h^m[hevrhckijhkgZf_klhg_\_kludjhgijbgpZbeb[ZjurgbjZkkm^beba^jZ\h
qlhf_klh[m^ms_cbfi_jZljbpufh`_lklhblvkebrdhf^hjh]h"ihemqbehkvg_g_cljZevghZ
hq_gvya\bl_evghghdZd_klv
@_eZxsb__klvijbgph[jhgbewlbkeh\ZkdmihklZehkjZamihgylghg_[_]mldg_fm^_\bpug_
[_]ml
OhlvijbgpmgZk`_gboaZ\b^gucghdjZkhlhcg_[e_s_l\hehkuk\_lehjmku_dhjhldh
ih^kljb`_guZfh^Zgugq_gZ^ebggh\hehkuolvnmGhk[uekehfZgihwlhfmdjb\hcgZijZ\hc
s_d_rjZf]m[ugbq_]hlZdb_ghg_kiZkZxlAZlhjZa\hjhlie_qh]jhfgucjmdbdZddm\Ze^uY
_fmkhk\hbfg_fZe_gvdbfjhklhfq_ldhihih^furdm:m`dh]^ZwlZfZobgZijbgbfZ_l[h_\mx
�nhjfmlZf\hh[s_oh\Zcky_fhguwlhc=jZgbhgblZdb_ydZdlhkfhlj_eZbah[jZ`_gbywlh]h
bg^b\b^mmfZ\i_qZley_l
Dh]^Z\u[m^_l_]hlh\ui_j__oZlv\h^\hj_p"W^\bgi_j_\_e\gbfZgb_gZk_[yQ_]hwlhhglZd
k_j^blohlvbk^_j`b\Z_lky"Lhevdhg_]h\hjbl_fg_qlhmgZr_]hijbgpZdhfie_dkubaaZ
\g_rghklbZ^jm]aZg_]hi_j_`b\Z_l:lhqlhwlhg_lhevdhij_^klZ\bl_evghbkZfuc[ebadbc
^jm]agZ_lex[Zykh[ZdZ
Hcg_fh]mdmqZ[Z[ie_\Zlvohl_ebgZ\g_rghklvhlkijhkbl_ex[mx`_gsbgmb^msmxjy^hfk
aZ^hoebdhf\hqdZobhgZ\ZfkdZ`_lqlhex[bl_]hihlhfmqlhhgkZfuckZfucFu`_gsbgu
\hh[s_^mjudebgbq_kdb_Beblml^_eh\^jm]hf"EZ^ghg_\Z`gh
Q_j_ag_^_exgZf_gyihkfhlj_ebkm^b\e_gb_f
:dhfgZlu\u[jZlv"GZjy^u"klZei_j_qbkeylvW^\bgghy_]hi_j_[beZMfgbpZfm`bd
gZihfgbe
G_\_kljZkk_eycl_gZh^ghfwlZ`_kh^ghcklhjhguqlh[u[uelmibdfhbdhfgZlulZf`_ghk
djZxKlh]h]^_[m^_lijhoh^gZwlZ`ZgZjy^u"=hehclhqghoh^blvg_[m^mZlml_s_p_emx
g_^_exmf_gy^_eZ
Lh]^Zg_[m^_f\ZkaZ^_j`b\ZlvhlZfme_li_j_ghkZlhqdZ\uoh^ZdZ[bg_lW^\bgZq_j_a
g_^_exfu\Zk`^_fIjbgp\klZeihdZau\Zyqlh\bablhdhgq_gbohjhrh
;m^myih^gyeZkvijh\h^blv]hkl_cgZ^h[ulv]hkl_ijbbfghc
Fh`ghebfg_ijbkmlkl\h\ZlvgZ\ZrboaZgylbyo"
Yohlvbm^b\beZkvghj_r_gb_ijbgyeZ[ukljh
Ih`ZemcklZdZdyfh]maZ]m[blv\Zrm`Z`^magZgbc]eZaZkmabemfgbpZihgyeqlhba^_\Zxkv
ghyfbehmeu[ZxkvlZdqlhg_ijbp_ibrvky
Fm`qbgubkq_aeb\ihjlZe_ZyaZ^mfZeZkvDZdbf[hdhffg_wlh\k_\ue_a_l"Bah[jZ`Zlvbak_[y
g_\_klmeh\blvm[bcpmgZ`b\pZZy\hh[s_lh^Z`_gZ]jZffg_^_l_dlb\yij_ih^Z\Zl_evohlvbk
h]jhfgufhiulhf\ihe_\uomkeh\byoghg_\h^\hjp_Wok\_`_gvdh_mf_jl\b_aZlhjZ[hlu
Kb]bafmg^ZihemqmZyaZgbfb^he]hhohqmkv
\r\r\r
GmbdZdhgZl_[_"fm`qbgu\ureb\dZ[bg_l_ijbgpZbW^\bgkjZamaZ^Ze\hijhk
Y^mfZehgZklZjr_ZhgZ\u]ey^blhq_gvfheh^hW^\bgdo_dgmem\_^vf\hh[s_ly`_eh
\hajZklhij_^_eblvghhgZm`_fZ]bklj
HgZy\ghg_fheh^_gvdZy^_j`blkyih^jm]hfmqm\kl\m_lkyhiul^Zbqlh[ukl_i_gvihemqblv
gm`gh\j_fygh\hh[s_lhhgkijZrb\Zeg_h\g_rghklb
Qlhlh_s_ijhg__gZreb"
LhevdhlZbgnhjfZpbyqlhhgZij_^hklZ\beZ\:dZ^_fbxghluwlhm`_qblZeijbgpdb\gme
kgyeib^`Zdbmk_ekyaZklhegZ^h_s_ihjZ[hlZlv
Ijh\_^bj_]bkljZpbx__^ZgguokkueZykvgZimgdlhfZ]bq_kdhfihl_gpbZe_[m^ms_c
bfi_jZljbpuBgnhjfZpbxihg_cfZdkbfZevghkdjulvIjbgphl^ZejZkihjy`_gby^jm]mb
hldjueiZidmk^hdmf_glZfb\j_f_gbfZehZjZ[hludZd\k_]^Z]hjZ
W^\bg\ur_eaZ^\_jvbgZijZ\bekydk_[_HgkkZfh]hgZqZeZg_ih^^_j`b\ZewlmaZl_xijhs_
[ueh__dZd\g_rlZlgbdZijb\e_qvghWjbdihq_fmlhj_rbeqlhemqr_[m^_lijh\_klb__dZd
g_\_klmhl[m^_lg_\_k_ehdh]^Zijb_^mlxgu_^_\mrdbbkj_^bgboi_j_klZjhdghk^Zjhf
Fm`qbgZk_j^beky_]hlj_\h`beZ\kywlZkblmZpby:_s_hgi_j_`b\ZeaZ^jm]Zly`_eh`blvb
^mfZlvqlhluijbqZkl_gd]b[_ebg_\bgh\guo

Ihke_lh]hdZdfm`qbgumreby_s_fbgmliylvkb^_eZaZklhehfgZdmog_?klvmf_gylZdZy
keZ[hklvex[exijh\h^blv\j_fygZdmog_fg_lmlmxlg_cwlhljZaylh`_g_klZeZk_[_\wlhf
hldZau\Zlv\ayeZk\hcdhn_^hklZeZrhdheZ^gu_dhgn_lu_s_h^gZkeZ[hklvkljZrgh]h
g_djhfZglZykeZ^dh_`dZIjZ\^Zh[wlhfgbdlhg_agZ_lg_q_]hfg_h[jZaihjlblvghgZ_^bg_k
kh[hcfh`ghBklZeZjZafureylviZjZee_evghkhklZ\eyykibkhd^_egZ[eb`Zcrmxg_^_ex
I_j\h_bkZfh_hkgh\gh_khh[sblv\j_dlhjZlqlhmoh`m\hlimkdijbq_f[_aq_ldh]h
ihgbfZgbydh]^Z\_jgmkvlhjh_ijbgylvaZq_luohjhrhohlvk_cqZkk_kkbyLmly_s_
ijbdbgmeZqlh_kebi_j_klZ\blviZjmaZq_lh\lhmki_xbwdaZf_guijbgylvMeu[dZkZfZ\uiheaeZ
�gZfh_ebphZfhbohjhrb_yg_h[b`m\Zkg_\gbfZgb_fbwdaZf_glh`_kZfZijbfmLj_lv_fg_
gm`gh^h]h\hjblvkyhih^f_g_gZke_^mxsbck_f_kljZwlhg_j_ZevghybafZ]bkljh\kf_jlb\
:dZ^_fbbh^gZagZqbli_j_ghkbfdmjkubawlh]h\ul_dZ_lqlh\_kvk_f_kljfh`gh]meylv:m`_\
ke_^mxs_fijh\_^m\k_k\hb^bkpbiebguZ\hlijZdlbdmimklvfZeurb i_j\ucdmjk\fijhc^mlk
yq_keZ\hchgZihke_^gbc]h^[ueZfhbfZkkbkl_glhf^_\hqdZlhedh\ZykijZ\blkyu\h^mf_gy
p_euck_f_klj[m^_lhlimkdmki_xb\h^\hjp_ih[ulvbihiml_r_kl\h\Zlvb]eZ\gh_kjZ[hlZfb
IjZ\^Z_klvbfbgmkkiZlvgZwlhcg_^_e_g_ijb^_lky_kebohqm\k_mki_lvOhjhrhohlv
g_djhfZgluijZdlbdmghqvxk^ZxlZ\hll_hjbx^g_fagZqbl^\Z^pZlbq_luj_oqZkh\hcjZ[hqbc
^_gvih_oZebIhke_^gyydhgn_lZ[ueZaZiboZgZ\jhlagZxagZxgZ^hk_[yh]jZgbqb\ZlvbgZq_
hiylv[m^mZee_j]b_ckljZ^Zlvghkbeg_lrhdheZ^^Zkhj_oZfbfffff\dmkgh?s_h^gZqZrdZ
dhn_kkh[hc\l_jfhdjm`d_by]hlh\ZihclbaZdhgqblvjZ[hlmLZfdklZlblh`_gm`gh
ij_^mij_^blvqlh[ug_jZkkqblu\ZebgZf_gyihe]h^Z
Ij_^\b^ygulv_]eZ\gh]hfZ]\jZqZfhj]Z^Z`_meu[gmeZkvHgf_gyihdZdk_[_aZfZgbeqmlvg_
iheuk_eGmg_ohl_eZy_s_b\fhj]_ih^jZ[Zlu\ZlvGh_fmih\_aehF_gy\lhl^_gv\u\_eZ
]jmiiZhgbkqblZebqlhdjmq_gbolhevdh]hju\hlyj_rbeZgZ]ey^ghijh^_fhgkljbjh\ZlvjZ[hlm
g_djhfZglZk^jm]hc]jyaghcklhjhguWlhlhevdhg_h[mq_ggu_bjhfZglbq_kdbgZkljh_ggu_xgpu
kqblZxlqlhg_djhfZgllhevdhgZdeZ^[bs_ih^emghcjmdZfbfZr_l^Zahf[bk_[_ih^gbfZ_l:]Z
kgZqZeZdhiZcihlhfqbklvbo[_afZ]bbbgZq_[m^_lbkdZ`_gb_ihlhfjblmZeb[_kdhg_qgZy
ih^ibldZhlwlhlhevdhgZdeZ^[bs_Z\h[uqghc`bagbgZrbmkem]b[hevr_\fhj]_gm`gu
hij_^_eblvjh^kl\hijbqbgmkf_jlb _kebkfZ]bq_kdhckhklZ\eyxs_ckf_jlv[ueZ\f_keb
[_aufyggu_lhih^gylvbhl^Zlv\ihevam]hjh^Zgh\uoahf[b
?keb\u^mfZ_l_qlh[uhij_^_eblvijbqbgmkf_jlbo\Zlbljmdbiheh`blvgZljmibebjblmZe
ijh\_klblhy\Zkh]hjqmjZa^_eu\Z_ffubo\kdju\Z_f\gmlj_gghklbkfhljbf\hh[s_jZ[hlZ_f
iZlheh]hZgZlhfhfghwlh_kebhiylv`_ijbqbgZkf_jlbgZfZ]bbaZ\yaZgZ:l_i_jvkZfbkm^bl_
=jZgvfZ]bq_kdbh^Zj_ggZydZ`^ucgZ\_jgh_\lhjhch[eZ^Z_l^Zjhf\lhcbebbghckl_i_gb
�Fgh]hebkf_jl_cbaaZfZ]bq_kdh]h\f_rZl_evkl\Z"ZaZ\ZebkvlZdqlhjZ[hlug_ihqZlucdjZc
hlbk_cqZkyb^m\fhj]dm^Z^he`_gijbclblj_lbcdmjkijZdlbq_kdh_aZgylb_mgZkAZc^y\
a^Zgb_fZogmeZhojZggbdmHgf_gyqmlhdih[Zb\Z_lkylhevdhf_kypgZaZ^aZbdZlvkyi_j_klZeGm
dlh_fm\bgh\Zlmf_gyljmih\[uehljbrlmdbyaZ^_j`ZeZkvgZghqvZhglmli_kgbi_ebgZ
h[oh^ihr_eBlhebaZ[uelheb_fmg_kdZaZebqlhy_s_jZ[hlZxghdh]^Zfu\klj_lbebkv\
dhjb^hj_yih^urZlv\ureZ\nZjlmd_gZdhlhjhfdjh\v[ueZhglZd\ba`Ze^mfZeZh]ehogm
hlkl_oihjfm`bdbih[Zb\Z_lkyf_gyLh]^Zfg_ijbrehkv_]hhliZb\ZlvZohl_ehkvijb[blv
?s_jZ[hluqZkZgZihelhjZ[uehZyihljZlbeZ\kxghqv_]hmkihdZb\ZeZkgZqZevkl\hf
h[tykgyeZkvbkiZljme_fdhlhjucwlhlhojZggbd\bkl_jbd_\ua\Zedhjhq_aeZyy[ueZdZd^bdbc
a\_jv
Ihwlhfmk_]h^gydb\gm\_fm]heh\hcihreZ^Zevr_ohee_m`_lheibebkvklm^_gluebpZ
iZkfmjgu_agZxlqlhbo`^_lWlhlhevdhgZi_j\hfaZgylbb[ueb\hh^mr_\e_gul_i_jv
ihgbfZxliZoZlvijb^_lky
AZfghcZjfbyihljhrbl_e_cihdZ_s_hgblhevdhihljhrZlhiulZfZehj_`mldZdfykhgZ
jZa^_edmghkdhjhgZmqZlkybjZ[hlZlvlhgvr_bf_gvr_iZqdZlvky^ZbZ[kljZ]bjh\Zlvky[m^mlGh
g_\k_g_dhlhju_i_j_c^mllhevdhgZl_hjbxbijZdlbdmaZ[m^mldZdkljZrguckhg
LheiZ\yehiha^hjh\ZeZkvgZfZg_jA^jZ\`_eZ_fbihlhiZeZke_^hf\dhfgZl_gZlygmebaZsblgu_
dhklxfubnZjlmdbbihreb^Zevr_
hae_dZ[bg_lZ\klj_lbeZklZjr_]heZ[hjZglZhgfg_\jmdbldgmeiZidmkmdZaZgb_fdh]hk_]h^gy
jZa^_eu\Z_fbihr_e^hklZ\Zlvl_ehY`_ijh[_`ZeZ]eZaZfbihl_dklm[Z[mrdZe_llZdihqlb
k_fvkhlijb\_aebghqvxbgnhjfZpbyhf_kl_ijh`b\Zgbyb[eZ[eZ[eZ\k_klZg^ZjlghgZ^h
Djhf_g___s_h^gZklZjmrdZ\k_^Zggu_g_ba\_klgu_ijyfhaZkbev_klZjmr_d
Evxbk^\Zl_eZh^gh\j_f_gghih^]hlh\vklm^_gluijh\_^mlkjZ\gbl_evgucZgZeba:gZeba
ihkljhbl_gZhkgh\_kjZ\gbl_evghcoZjZdl_jbklbdb^hihegbl_evgZyjZ[hlZih\uy\e_gbxf_klZ
`bl_evkl\ZZlZd`_ijb\uq_dbijhq_]hihk_fgZ^pZlhce_dpbbk^ZlvaZ\ljZWlhym`_klm^_glh\
haZ^ZqbeZbgZihke_^hdmlhqgbeZmeZ[hjZglZqlhlhg_ihkj_^kl\_ggh^eyf_gy_klv"
lj_lv_cdZf_j_ljmiiZj_gvbaiZljmeygZf_kl_ijhbkr_kl\byijbaZ^_j`Zgbbih]b[gZ^h
mklZgh\blvq_f_]hgZdjueaehmfure_ggbdYgZofmjbeZkv_kebiZj_gvbaiZljmeylhgZ\_jgydZ
[ue\_kv\aZsblguoZfme_lZoZagZqblwlhqlhlhhq_gv]Z^hklgh_jZaaZsblZg_kjZ[hlZeZ
:\hllmlfh`_l[ulvg_kdhevdh\ZjbZglh\bh^bgbagboih^jZamf_\Z_lqlhemqr_gZqZlv\kdjulb_
\hl^_evghf[ehd_
Evxbk_]h\hl^_evguc[ehdlZf[m^mjZ[hlZlvkZfkj_[ylZfbijh\_^b\kdjulb_=jmiiZ\ZrZ
�aZ^ZqZih^]hlh\blvl_ehbijh\_klb\g_rgbcZgZebaZlZd`_ihegh_\kdjulb__ebfkygZiZjub
jZa[bjZ_fk_[_\gmlj_ggb_hj]Zguhlq_lh^bgh[sbcE_gZwlhgZl_[_^_\mrdZ]m[uih^`ZeZ
ghdb\gmeZZg_[m^_l\ke_^mxsbcjZaimlZlvijZ\h_be_\h_e_]dh_l_i_jv\hlkZfh_fmlhjgh_
kh[jZlvhlq_lb\k_ijhdhff_glbjh\Zlv
GZklhe_m`_e_`Zehl_ehiZj_gvih]b[kh\k_ffheh^ufGZqZeZi_j\bqgucZgZebadh]^ZaZ]eygmeZ
_fm\jhlgZofmjbeZkvlZf[ueq_jgucgZe_layeZijh[mgZ^hhlijZ\blvgZZgZebalhevdhohl_eZ
ijbklmiblvdkZfhfm\kdjulbxdZdaZkl_dehfkbgojhgghaZhjZeZlheiZYkjZamf_lgmeZkvd
\uoh^mgZijZ\eyykvdk\hbfklm^_glZfDh]^Zyih^[_`ZeZdklheZf]^_[uebklZjmrdbfh_fm
\ahjmij_^klZeZqm^gZydZjlbgZH[sbch[fhjhdijZ\^ZiZjhqdZ\hlijhklhgZ]jZgbgh_s_
^_j`ZlkyEvxbk\hldexqd_h^gZklZjmrdZfbjghe_`bl\lhjZykb^blgZklhe_bhrZe_ehiulZ_lky
ijbdjulvk\hb]heu_l_e_kZ
LhgdZykljmyfZ]bbqlh[uhij_^_eblv__khklhygb_bf_gyjZa[bjZ_lkf_o;Z[mevdZlh
hdZau\Z_lky`b\Zbkm^yihfh_fmi_j\bqghfmkdZgbjh\ZgbxijZdlbq_kdba^hjh\Z;jhkbeZ_c
]jZffkbeuqlh[uhgZg_aZ[he_eZhle_`ZgbygZe_^yghfklhe_bklZeZijb\h^blv\qm\kl\hk\hbo
klm^_glh\GZ\k_mreh_s_fbgmlljb^pZlvbiheghklvxbkihjlbehkvfh_gZkljh_gb_
Dh]^Zihijhr_kl\bbwlboljb^pZlbfbgmlhgb\k_kb^_eb\aZe_kh\_sZgbcbf_edhljykebkvZ
Evxbk\hh[s_[ueg_\f_gy_fucyhdhgqZl_evghha\_j_eZ
Evxbk_s_jZadlhijbg_kl_eh"Hldm^ZmgZkljmi`b\hc[Z[mevdb"
IZj_gv[_dZef_dZeb\u^ZlvbgnhjfZpbxlhedhfg_fh]ghihiulZeZ_]hbgZdhg_pkeh`beZkv
\kydZjlbgZIjZ\^Zijbrehkv_s_ih^dexqblviZljmevJh^bhgdhlhjucijb\_al_ehjZkkdZaZe
dZd\k_[ueh
BlZdbklhjby\jh^_bihgylgZghy\ghb^bhlbq_kdZyK_]h^gyghqvxiZljmev\u_oZeaZ[jZlvljmi
klZjmrdbaZ[jZebbijb\_aebdgZf\fhj]\hllhevdheZ[hjZgldhlhjuc\lZdhfkemqZ_^he`_g
[ueijbgylvl_ehm[_`ZegZk\b^ZgdmZgZrqm^_kguckh\k_fg_im]ZgguchojZggbd[ueivyg\
mkf_jlvJh^bhgihludZeky\aZdjulu_^\_jbba^jZ\hjZkkm^beqlhlhjqZlvhklZlhdghqb\fhj]_
_fmg_\jZ^hklvZagZqblgZ^hijhy\blvkf_dZedmBqlhk^_eZewlhl^\mof_ljh\uc]_gbchg
ijbg_kklZjmrdmbmkZ^be__\ijb_fghfihdh_jy^hfk[m^dhc]^_kb^blhojZggbd kiZkb[hohlv\
[m^dmg_aZg_k\f:\jmdm[Z[mevd_aZdexq_gb_iZljmeyhkf_jlb\eh`beJZghmljhfijbreZ
m[hjsbpZ ihkdhevdm\fhj]_hlke_`b\ZxlhklZlhqgucke_^fZ]bblhm[bjZxlmgZkihklZjbgd_
hgZg_h^m\ZgqbdZ\k_mg__ihijbgpbimoh^xlvlmlboh^xlvjZ[hlZlvf_rZxlba\_j]bbg_
\Z`ghqlh\k_deb_gludZdjZag_oh^yqb__cgZ^h[m[gblvb\hafmsZlvkyhgZlZdklj_kkkgbfZ_l
LZd\hlhgZfh_liheuZlml[Z[dZ\dj_ke_\ijb_fghfihdh_kb^blhgZ__jZaihijhkbeZgh]b
ih^gylvlZg_j_Z]bjm_lhgZ__\lhjhcjZaghev\gbfZgbyIhlhfikboZgmeZbr\Z[jhckljyidhc
ih^gh]bbfZogmeZZljmi\havfbbmiZ^bbijyfhgZm[hjsbpmlZ\bkl_jbd_l_jy_lkhagZgb_b
�hldexqZ_lky]em[hdhlZddZq_kl\_gghZevr_dZjlbgZfZkehfEZ[hjZgldhlhjucijhkiZekhk\h_c
aZagh[hcijbfqZekybg_iulZykv^mfZlvm\b^_e^\Zl_eZgZihemhgboi_j_g_k[mfZ]bh^ghc
\ayeb\kbkl_fmaZg_kZ\lhjZyijhreZdZdg_ba\_klgZyIhlhfwlhli_j_^h\bdjZ[hlumfqZeky
^hfhc\_^v_]hghqgZykf_gZhdhgq_gZZijbr_^rb_gbq_]hbg_aZf_lbebh[s_ckeh`ghklb
m[hjsbpZ[_akhagZgbyihqlb^\ZqZkZ[ueZIhdZg_ihy\bebkvklm^_gluwlb__jZa^_\ZlvgZqZeb
dZglh\Zlv^ZbaZiZof_^bdZf_glh\j_adbc\hl[Z[mrdZbhqgmeZkvZlmllZdh_e_`brvgZklhe_\
fhj]_ZgZ^lh[hckdehgbeZkvlheiZkhkdZevi_eyfbOhjhrhqlhmg__k_j^p_dj_idh_g_mf_jeZ
gZf_kl_:\hlklm^_glufhbihiZeb\h[fhjhdbhgb[m^mlfg_iZ^ZlvJh^bhghlgZr_]hbk\h_]h
gZqZevkl\ZihemqbeZlZlZghwlh^ey\b^ZZeZ[hjZglZm\hebebbrljZnijbkm^beb\ihevam
klZjmrdb
k_dlhlmlfg_h[fhjhqguobah[jZ`ZeihemqZxlih^\Z^hihegbl_evguo\hijhkZgZwdaZf_g_
i_j\ucwlhhlebqb_g_qbklbhl`b\h]hkms_kl\ZG_[m^_l_\ke_^mxsbcjZaLbfhghjZlvqlh
\Zk`j_lmf_jl\b_;Z[mrd_[uehh[b^ghhgZkfbjgZyIZj_gvihdjZkg_e\_kv^Z`_mrbiueZeb
lh`_fg_kmjh\uc[m^msbciZljmevgucgZfZ]bq_kdboij_klmie_gbyoBa^_kv`_ih\_^_gb_ijb
gZiZ^_gbbg_qbklbhkgh\gu_kihkh[uaZsblu^Z^Zbh[fhjhddZd\ZjbZglkijylZlvkyg_
jZkkfZljb\Z_lky:\lhjhc\hijhkdhg_qghijZdlbq_kdbcyk\ZkgZijZdlbd_kijhrmqlhbdZd\u
[m^_l_^_eZlv:l_i_jvk\h[h^gugZjh^mfZlu\Zehq_gvZdlb\gh^hwlh]hihrZlu\Zebkvb
[e_^gu_[uebZk_cqZk\hgdZdj_a\hm[_]Zxl
WogZ^hbfnbabq_kdmxih^]hlh\dm^h[Z\blvk\_k_ev_fimklvhlZdlb\gh]hljmiZih[_]ZxlZlh
ihahjbs_\h[fhjhdhgbmiZebhllh]hqlhmgboljmi\klZewlh[ebggZrZjZ[hlZ
Ihke_\k_cwlhcdZlZ\Zkbbfg__s_ijbrehkv^h^_eu\Zlvk\hxjZ[hlmb\u\h^uihl_em[ueb
g_ml_rbl_evgu_IZljmevgucih]b[hlijhdeylbyijbq_fkbevgh]hb_kl_kl\_gghba
aZij_s_gguoMgZk\hh[s_\k_ijhdeylvykqblZxlkyaZij_s_ggufbbklm^_glh\ohlvbh[mqZxl
^Zgghcl_f_\hllhevdhhkgh\ZfaZsbluhlijhdeylbc:\hlki_p]jmiiubamqZxlijhdeylvy[he__
k_jv_aghbfihjZ[hl_\[m^ms_fkm`^_gheh\blvbijhlb\hklhylvbf_gghijhdeylbcgbdZfbhgb
^he`gu[ulv]hlh\u
kxbgnhjfZpbxhl^ZeZgZqZevgbdmbij_^mij_^beZqlhgZihe]h^Zmoh`m\hlimkdbeb
m\hevgyxkvfg_[_ajZagbpub_keb\gZqZe_gZqZevgbdkhi_e\hafmsZekybohl_egZf_gy^Z\blv
[_kkf_jlgucgZ\_jgh_\flhihke_\her_[ghcnjZaum\hevgyxkvkjZamijbkfbj_ebih\_jgmedZd
gZ^hZbf_gghqlhhgfg_lh]^Z\k_hlimkdZdhlhju_yg_^h]meyeZkibr_lYkh]eZkbeZkvb
kqZkleb\ZymreZ^hfhcIjZ\^Zm`_ih^hjh]_hkhagZeZqlhajyjZ^mxkvmf_gyq_j_a^\ZqZkZ\
gZqZe_h^bggZ^pZlh]hghqbijZdlbq_kdh_aZgylb_gZdeZ^[bs_ZagZqbl[_]hf^hfhcijh\_jblv
dhgljhevgu_i_j_dmkblvb]hlh\blvky

��hf\klj_lbef_gylbrbghcbkihdhckl\b_fZ_s_aZiZohfdhn_ZfhyobljZydhn_fZrbgZ
^\Z[ml_j[jh^Zb\hlykdhn_b_^hckb`mgZ^dhgljhevgufbb\g_dhlhjuof_klZogZ]ehj`m
:\ug_j`ZebgZ^dhgljhevgufb"AgZqbl\ubogbdh]^Zg_ijh\_jyeblZflZdb_i_jeuibrmlb
g_\Z`ghqlhaZ^bkpbiebgZmgbdmfugZc^mlky\_a^_hlbfg_k_]h^gy[ueh\_k_ehohlygZjh^m
[m^_lg_hq_gvhp_gdblhj_`mlkyaZlZdb_mfgu_fukeb?keb\uih^gyebahf[bg_
ih^dZjfeb\Zcl__]hgbq_fbgZq_hgfh`_lijb\udgmlv ddhfm"D\Zf"D_^_"\fblh]^Z\Zf
ijb^_lky\k_]^Z_]hdhjfblv kmi_j\fZij_^ihqblZxlhgbk\_`__fykh _s_[u]m[Zg_^mjZ\fqlh
ih\e_q_lg_h[oh^bfu_`_jl\u \b^bfhijb^_lkydh]hgb[m^vm[blvqlh[uk\h_[_^gh_ahf[b
ijhdhjfblvZqlhfukevmfgZfu\hl\_l_aZl_odh]hijbjmqbeb\f
Dh]^Zyijh\_jbeZihke_^gxxjZ[hlmhdZaZehkvqlhihjZfqZlvkygZdeZ^[bs_]^_fu[m^_f
ih^gbfZlvmijZ\ey_fh]hahf[bih^\b^Zkd_e_l:agZqbl[m^_fdhiZlvbfulvdhklbZihlhf
ijZ\bevghkdeZ^u\Zlvbih^gbfZlv;ueZih^eZyfukebrdZ\u^ZlvaZ^Zgb_ZkZfhck\Zeblvghwlh
lZdylZdgbdh]^Zg_^_eZeZbg_k^_eZx
GZjh^f_gy`^ZegZ\oh^_k_ofmju_b[e_^gu_\b^ZlvkiZlvohlylWlh`_eZgb_ijhoh^blihke_
^_kylbe_lijZdlbdbg_djhfZglhfkiZlvmqbrvkymju\dZfbbihqmlvqmlvZwlb_s_fheh^u_g_
ihgyebqlhhgb\u[jZebk_[_aZ[m^ms__
Bs_ffh]bem\dhlhjhcihdhblkykd_e_lijbagZdbboZjZdl_jbklbdbfh]beu\uijhoh^bebgZ
ijhrehfaZ^ZgbbihlhfdhiZ_fb^hklZ_fdhklbBgZihfbgZxfhc]hehk[ue]jhfdbcb\wlhf
f_kl_qmlv^jh]gmewlh\k_ihiuldZg_mofueylvky_kebk]emibebbjZkdhiZebg_kh\k_fkd_e_l
lhhk\h[h`^ZlvhlfykZb\k_]hhklZevgh]h[m^_l_\^mfqb\hbf_^e_gghIhwlhfmg_hrb[bl_kv\
\u[hj_bijh[_ahiZkghklvg_aZ[u\Zcl_GZjh^[mjdgmeqlh\k_ihgyebih[j_eiZjZfbbkdZlv
k_[_fh]beuZyhklZeZkvkb^_lvgZeZ\hqd_kdZgbjmy\k_ijhkljZgkl\hwlhlk_dlhjkihdhcgucgh
ijbkfZljb\Zlvgm`gh
KijZ\ZiZjZjukdZxsZy\ihbkdZogm`ghcfh]beu\u^ZeZ]_gbZevgmxfukev\aylvkZfmxklZjmx
fh]bemG_lkh^ghcklhjhgu\hafh`ghih\_a_lblZf[m^_lg_ljmiZkd_e_lZk^jm]hc\_^vgZ^h
kfhlj_lvfZ]bq_kdbcke_^Jh^kl\_ggbdbfh]ebjZkdhr_eblvkybgZgylvg_djhfZglZqlh[uhg
gZeh`beaZdeylb_bl_ehlh]^Z[m^_ldZd\fhf_glaZohjhg_gby
Bqlh\u^mfZ_l_wlZiZjhqdZgZreZkZfmxklZjmxfh]bemjZkdhiZebZlZf\k_dZd\fhf_gl
aZohjhg_gbyHobjm]Zebkvbikboh\ZebhgbGhfg_l_ehklZeh`ZedhlZdhcfZl_jbZeijhiZ^_l
ihwlhfm_]hy\_e_eZaZjulvljm^hl_jZiby\^_ckl\bbbeb^mfZcbebdhiZcZ\eZ[hjZlhjbb
:dZ^_fbbbo`^_l^jm]h_l_ehbhgbklhjZaih`Ze_xlhlhfqlhg_\umqbebe_dpbx
HklZevgZyqZklvijZdlbdbijhreZkihdhcghb[m^gbqghdhklbhlfuebkeh`beb g_dhlhju_ijZ\^Z
djb\hkeh`bebbihemqbebdjb\u_kd_e_luwlb[m^ml^hk^Z\Zlvkljh_gb_l_eZ\fZmhklZevguo
ihemqbebkvohjhrb_kd_e_lbdbDh]^Z\ha\jZsZebkv\]hjh^mh^gh]hkd_e_ljZa\Zebekyb_fm
ijbrehkvkh[bjZlv\k_dhklbbg_klbbogZjmdZoqlh[u^hk^ZlvdhgljhevgZ^l_ehfHklZevgu_
kijZ\bebkvgZmjZb[ueb^hims_gudwdaZf_gmDh]^Zy\hreZ\^hfqZkuihdZau\Zebihqlbiylv
qZkh\mljZkiZlvfg_hklZ\ZehkvljbqZkZZohq_lky\_^vb\^mrkoh^blvZwlhfbgmk^\Z^pZlv
fbgmlkgZu[hjf_`^mkghfb^mr_fiZegZ^mrijZ\^Zmeh`beZkvy\^_kylvfbgmlb[_]hf
ih[_`ZeZkiZlvk\hbaZdhggu_qZku
Mljhf\a_jdZe_hljZ`ZeZkvehofZlh_g_qlhWlhieZlZaZkhgkfhdjhc]heh\hcagZqblgbdZdbo
jZkims_gguo\hehkkh[_jmbo\kljh]mxjZdmrdmblhevdhdhkZyq_edZ\u[b\Z_lkybawlhc
\hreZ\Zm^blhjbxihimlbiha^hjh\Z\rbkvk]jmiihcDh]^Zyijb\uqghhlf_qZeZ\a]ey^hf
ijbkmlkl\mxsboqmlvg_k[beZkvkrZ]ZgZi_j\hciZjl_lhqghihp_gljmkb^_eijbgpWjbd
IjZ\^Zhghiylv[ueih^fhjhdhfghfg_wlhg_ihf_rZeh_]hmagZlv:o^Zhg`_kijZrb\Ze
jZaj_r_gbyijbkmlkl\h\Zlv\_`eb\uc
L_fZk_]h^gyrg_ce_dpbbJh^kl\_ggZyk\yavijb\e_q_gb_ij_^dh\gZaZsblmjh^ZgZjh^
aZ]m^_eIjZ\bevghih[Zb\Z_l_kvyex[ex^_fhgkljbjh\Zlve_dpbhggucfZl_jbZekgZ]ey^guf
ihkh[b_fZbal_fuhgbm`_ihgyeb[m^m\uau\ZlvojZgbl_eyjh^Z
:wlbklm^_gluagZxlf_gym`_q_luj_]h^Zijhgbdebkvex[h\vxdhfg_bfh_fmfy]dhfmb
^h[jhfmoZjZdl_jmb^h]Z^u\ZxlkydZdb_mf_gyij_^dbFgh]b_bkdj_gg_kqblZxlqlhfhbfb
ij_^dZfb[uebobf_jufZglbdhjub\k_\hafh`gu_m`ZklbdbGh]^_lhhgbijZ\uby_s_aZ
k_]h^gyrgxxe_dpbxihkemrZxfgh]hgh\h]hihwlhfmjblmZevgZynjZaZdZieydjh\bbaiZevpZm
f_gy^eywlbop_e_cb]eZ\dhevp_b\hlihkj_^bZm^blhjbbijhy\ey_lkyijbajZddhlhjuc
miehlgy_lkybihf_j_lh]hdZdfhyijZijZijZb_s_dmqZjZaijZ[Z[dZklZgh\blkyijZdlbq_kdb\h
iehlbgZjh^lbohhkhagZ_lfZkrlZ[u[_^kl\by
OjZgbl_ev=_jljm^Zkl_i_gvhiZkghklbgme_\Zyblml[Z[dZhldjueZjhl
LhqlhhiZkghklvklj_fblkydgmexkjZam[uehihgylgh?s_g_gZr_ekylhlkf_eucdhlhjuc
ohlvqmlvqmlvklZg_ll_[_hiZkgucLufg_kdZ`bmf_gyqlhebqghc`bagbg_lqlhygZl\hb
\uah\u^he`gZfqZlvky"
;Zy^Z`_]eZaZijbdjueZ
�Ym`_agZ_rvkdhevdhjZa[Zg_khkqblZlvZ\hlhklZeZkvmgZklhevdhlug_ijbdZyggZy
GZqZehkvyfbehmeu[gmeZkvklm^_glZfbg_^ZeZ[hevr_g_keh\ZkdZaZlvjh^kl\_ggbp_
�OjZgbl_ev=_jljm^Z[Z[dZaZ^mfZeZkvZhnbpbZevghh[jZsZxkvZagZqblg_\k_ijhklhy
\ua\ZeZl_[y^eygZklZ\e_gbyfheh^h]hihdhe_gbyi_j_^lh[hc[m^msb_g_djhfZglu[Z[dZ
ihijZ\beZb^_Zevgmxijbq_kdmlm]haZlygmlucimqhdijh\_eZjmdhcihih^heml_fgh[hj^h\h]h
ieZlvybq_klgh\u^ZeZ
Wlbfh]mlklZlvdZgp_eyjkdbfbs_cdZfbfh`_l\iZljmevihiZ^mlghijZdlbdmxsbfb
g_djhfZglZfb\jy^ebklZgmlblmlh^bgg_hkh[hmfgucklm^_glaZ^Zejhdh\hc\hijhk
Ihq_fmwlh"\k_^jm`ghmklZ\bebkv\gZ^_`^_gZhl\_l
�Zihlhfmqlhgbdlhba\Zkg_ihiulZekyi_j_o\ZlblvmijZ\e_gb_fghcih^qbgblvbebdZd
fbgbfmfh]jZgbqblvfhb\hafh`ghklbZy\_^vfh]m\Zk\k_om[blvaZ^mfqb\hh[jhgbeZwlZ
bgljb]ZgdZ
k_^jm`ghZogmebbgZqZeb_jaZlvdlhlhihiulZekyihklZ\blvsbl
jZfdZoaZsblugZke_^gbpujh^ZdZdgb\q_fg_[u\Zehijh^he`beZhgZZyiulZeZkvg_
\_k_eblvkyijhklhfhy[Z[mrdZfh`_lbfjZkkdZau\Zlvghg_fg_m[b\Zlv[uhgZgbdh]hg_klZeZZ
\hlih[helZlvfbeh_^_eh
?keb\uihiulZ_l_kvgZkm[blv\ZkjZa\hiehlylZwlhkug]jZ^hgZqZevgbdZf_klgZyahehlZy
fheh^_`v^mjZd^mjZdhf
DZd\ZrZnZfbebyfbehd"
;ZjhgLZmg
KbjhlZbebiZibdZm[be"kdehgb\]heh\mgZ[hdihex[hiulkl\h\ZeZ[Z[mrdZ
:q_]hlh]^Z[Zjhg"Kughd[ZjhgqbdZ\hldZdhlpZ]jhog_rvlZdkjZam[ZjhghfklZg_rv
aZ^mfZckyIZj_gvgZfb]aZ\bkLZd\hl\Zr_fmojZgbl_exbi_j_^Zf\gmdieZgbjm_l
hlp_m[bckl\hhlebqg_gvdh?s_dhfg_\hijhku"
FZ]bklj:dmebgZkdZ`bl__cqlhyg_kh[bjZxkvm[b\ZlvhlpZ\hafmlbekywlhlg_^Ze_dbc
OjZgbl_ev\Zkb[_afh_cljZgkeypbbkeurblg_\hafmlbfhhl\_lbeZbkdhkZbamqZyijbgpZZhg
\k\hxhq_j_^vijbsmjb\rbkvbamqZefhx[Z[dm
Fukev[ueZZagZqblhgZfh`_l\_jgmlvkybhnhjfblvky\^_ckl\b_Ohly_kebhlpZm[v_l_
h[yaZl_evghwfZgZpbbkf_jlbih]ehlbl_g_obeufg_djhfZglhfklZg_l_
OjZgbl_evg_\\h^bl_\aZ[em`^_gb_klm^_glh\g_obeufh^_j`bfufhgklZg_l
EZ^ghgZijZ\eyc\Zjl_nZdlwlh[m^_ldjmlh
Djmlh"ijhklhkeh\h\h[boh^_fh_c^Z\ghihqb\r_c[Z[db[uehdZdfbgbfmfkljZggh_
MgZklZd\k_k_cqZk]h\hjylhlfZogmeZkvhgZhlf_gyLZdqlhfbehd\ZjbZglum[bckl\Z
jZkkdZaZlv"b]eZaZfbk\_lblijhklhhgZdZdex[hc^moiblZ_lkywfhpbyfbZ[Z[dZmf_gy
]mjfZg_ch[uqguckljZog_ih^oh^bli_j_\Zjblvg_\dmkghZ\hlrhdb\k__]h\ZjbZgluwlh
\dmkg_gvdh^_k_jl
Ihwlhfmybg_hklZgZ\eb\Zx__imklviheZdhfblkyy__\hh[s_lhg_klhevdhjZ^bklm^_glh\
\ua\ZeZdZdjZ^bijbgpZohqmijh\_jblv^h]Z^dm
;Z[dZ\wlh\j_fyjZahreZkv[ZjhgqbdZwlh]hm`_ihljyob\ZehZhgZ\wlh\j_fydZcnm_l
Dlhba\Zkih^gyesblgZwfhpbb"fhc\hijhkZm^blhjbx\lygmlmx\kihjdZddjmq_m[b\Zlv
aZklZe\jZkiehoYijba\ZeZ^moZaZjZg__\Zkij_^mij_^b\b\uij_g_[j_]ebwe_f_glZjghc
l_ogbdhc[_ahiZkghklbwdaZf_gq_j_a^_gv\k_f^hihegbl_evguc\hijhkih^moZf:k_cqZk\k_
ih^gyebsblugZwfhpbbQZhZg_gZ\g_rgbc\j_^fhcojZgbl_evbagZqZevgh[ueij_^mij_`^_gh
kl_i_gbhiZkghklbbgZiZ^Zlvg_klZg_lZ\ug_\gbfZl_evgu
�GZjh^h]hjqbekyZ_kebyj_rbeZqlhdlhlhg_\gbfZl_e_glh_fmihjZbebaZdZiu\Zlvkybeb
klZlvkmi_j\gbfZl_evguf
ijhrehfk_f_klj_mf_gyh^bggZe_dpbyo\h[eZdZoe_lZeyihke_wlh]h\k_[h_\u_bg_ijbylgu_
\_sbgZg_fihdZau\ZeZhgkljZ^Zel_i_jv\uj\Zeky\i_j_^ijZ\^ZdZd[h_\bdOhjhrhy_]h
gZlZkdZeZhgbkZf\\hklhj]_
KemrZcZ\hllhlfbehdih^fhjhdhfgZrnZgZlbeb\jZ]"[Z[dZk^_eZeZiZmam\gbfZl_evgh
bamqZyijbgpZZihlhfkgZ^_`^hcijh^he`beZbeblZcguc\ha^uoZl_ev"Fm`qbgZ\udlh"y
kZfZijbgpbibZevghfheqZeZkZfimklvhl^m\Z_lkyghiheh]lbrbgugZgZkgZ[jhkbeZ
JZaj_rbl_ij_^klZ\blvkyWjbdMwevkdbcbwlhlk^_eZe\b^qlhp_em_l[Z[mrd_jmdmihiZeZy
�Djhgijbgp\u^hogmeZwlZdhd_ldZdZqgm\[xklhfZ[Z[dZgZ[Z[dmlhbg_lyg_lhgZ
\u]ey^bldZd`_gsbgZfZdkbfmfgZkhjhdihq_eh\_q_kdbf]h^ZfZwlhkZfucibd:m`__
k_dkmZevghklv^Z`_ihke_kf_jlbe_]_g^ZjgZQlh`_wlhy\k\h_fihke_kf_jlbbaZ[ueZijh
\_`eb\hklvbhgZ^_eZ_lj_\_jZgkdhlhjucihkjZfbe[u\k_oijb^\hjguo^ZfZihke_
ih^gbfZ_lkybklj_ey_l]eZadZfb^ZhgZbgh]^ZaZ[u\Z_lqlhm`_f_jl\Z
GZ^hhl^Zlv^he`gh_ijbgpmlhl\_ek_[yhq_gvmqlb\hbhl\_kbefh_c[Z[mrd_lheim^jm`guo
dhfiebf_glh\ihjZ^h\Z\__[_af_jghbih^iblZ\l_fkZfuf
ulmlih^_eZfBfi_jbb"BebijbqbgZfZ]bklj:dmebgZ"fZ]bkljhfgZa\ZeZoZgZ
DhgkmevlZglhf";Z[mrdZ\k_iulZ_lkyohlvqmlvqmlvihgylvkblmZpbx
G_\_klhcijbi_qZlZeijbgpZyihjZ^h\ZeZkvqlhgZdjueZiheh]hflbrbgugZrmljhbpm
g_q_]hklm^_glh\rhdbjh\Zlv\boihgbfZgbblZdb_dZdyjZafgh`ZlvkybaZfm`\uoh^blvg_
^he`gu
KiZkbl_evaZhjZeZlZya\ZbgZ]jm^vdg_fmdbgmeZkvk\h_cijbwlhfmf_ehijb`bfZykv
Fm`bdhi_rbeihlhfihkfhlj_egZf_gyby\ghih^mfZe]emihklv
OjZgbl_ev=_jljm^Zy\ua\ZeZ\Zkg_^eywlh]h[Z[dZhlebieZbgZf_gydZdgZ\jZ]Z
ihkfhlj_eZih]h\hjbl_kojZgbl_e_f_]hjh^Zfg_gm`ghmkbeblv_]haZsblmbih^ZeZagZdqlh
wlhg_\k_Fg_gm`ghijh^he`blve_dpbxjZaj_rbl_
JZkrZjdb\Zgb_aZdhgqbehkvbym[jZeZiheh]ijh^he`b\jZkkdZau\ZlvgxZgkujh^h\hcaZsblu
iZjZee_evghh[^mfu\ZyaZ^Zgb_^ey=_jljm^u
GZk_]h^gyrg_ce_dpbb\u^he`gudZdfbgbfmfgZmqblvkygZdeZ^u\ZlvgZk_[yaZsblmjh^Z
uah\ojZgbl_eyg_^hklmi_g\Zfihkbe_ghklj_fblvkydjZa\blbxklhbl\^jm]h^gZ`^u\u^h
wlh]h^hjZkl_l_:l_i_jvaZibku\Z_fi_j\bqgucjblmZedhlhjuc\u\k_ijh\_^_l_gZiheb]hg_Z
ihke_aZibr_fZdlb\Zlhj^eygZeh`_gbyaZsblu
�Zevr_[ueZklZg^ZjlgZye_dpbyym\e_deZkvjZkkdZau\Zy\uq_jqb\ZybihdZau\Zyqlhbf_gghhgb
^he`guk^_eZlv=_jljm^Zijbwlhf^_fhgkljbjh\ZeZ\ZjbZglusblh\baZsblajyy_cqlheb^ZeZ
ih^iblZlvkywfhpbyfbl_i_jvhgZkbevgZb_cwlZ^_fhgkljZpbygbq_]hg_klhblIZjZijhe_l_eZ
g_aZf_lghHlimklb\klm^_glh\yjZkijhsZeZkvkijbgp_fdhlhjucgZihke_^hdihp_eh\Zefg_b
=_jljm^_jmdbihke_Zdlb\bjh\ZeZfme_lbmr_e
DZdhcfZevqbdiehlhy^ghmeu[gmeZkvwlZaZjZaZ^Z\Zc_]h\havf_flZdhc]_ghnhg^
�ijhiZ^Z_lZblum`_g_^_\hqdZihjZihjZ^h\Zlvij_^dh\
;Zg_gZqbgZcyih^_emmgbolZfg_\_klu^hogmliZqdZfb
AZsblZgZl_[_lZjZgg_ijhc^_li_j_[beZf_gyjh^kl\_ggbpZjZahfklZ\k_jv_aghcihl_jy\\k_
k\hbm`bfdbblhfghklv
Wlhy\dmjk_kiZkb[hghfg_gZ^hmagZlvqlhkemqbehkvkg_\_klZfbm`_mf_jrbfbYmagZxba
dZdbohgbjh^h\[uebZlujZamagZ\Zcb^_Ze_fg_gZ^hagZlvdlhm[bcpZbijbqbgukf_jlb
IhklZjZxkvgh_kebhgbg_ba^j_\gbolhgbq_]hfug_magZ_fHgZjZa\_eZjmdZfbaZjZg__
ba\bgyykvYagZxhgZihfh`_lihlhfmqlhyg_lhevdh_cjh^gyy__\ulygmeZbaaZq_jlukf_jlb
baZ[ulvybl_i_jvohlvdZdZylhgh`bagvbhgZwlhp_gbl
IhklZjZcky]emihe_alv\dm[eh[_abgnhjfZpbbHgZdb\gmeZZyijhbag_kyjblmZevgmx
njZamhlimklbeZ^moZojZgbl_ey
i_j_^b_s_^\_e_dpbbZ\_q_jhfijb_faZq_lh\lZdqlh\j_fyg_`^_l[m^mgZ^_ylvkyqlh
=_jljm^ZohlvqlhlhjZamagZ_l

;uklj__Emih\bgZq_klZg_rvdhjfhf^eywlh]hrmklj_gvdh]hahf[bKf_lh\Zdm^Zlug_k_rvky
kehfy]heh\m"yhdjbdb\ZeZklm^_glh\gZ[ex^ZyboijZdlbdmgZiheb]hg_bm^jmq_gghdZqZeZ
]heh\hcKh`jml\_^vlhqghbokh`jmlklhbllhevdh\uimklblvba:dZ^_fbbb[m^mlhgbdhjfhf
Am]eh\dm^Zl_[yihg_keh"klZ\Zcg_ijbdb^u\Zcky^hoeufbgZq_ih^gbfmbk^_eZxih^kh[guf
fZl_jbZehfb[m^_rvj_a\_gvdbfIheygh\Zdlhahf[bihs_qbguhl\_rb\Z_l"mf_gyq_klgh
\b^ghi_j\ucdmjk\lhjhc[udmeZdhf[beZklZjrb_aZdebgZgbyfb
:q_hgf_gyaZaZ^o\ZlZ_l"^_\mrdZijyfh]hj_eZijZ\_^guf]g_\hfbijh^he`ZeZoe_klZlv
ahf[bihs_dZfZlhlh[b`_gghhlklmiZey\ghjZkl_jy\rbkvhllZdhckljZgghc`_jl\u
LZdfm`qbghchg[ueIheygh\Zijb`bagbZ\uaZ^hlklZ\ey_l_dh]^Z[_]Z_l_\hlhgb
ko\Zlbefg_ohl_ehkvju^Zlvhlkf_oZhgbghkbebkvdjm]Zfbb^Z`_g_aZf_lbebqlhfbeu_
ahf[bgZ^gbfbj_Zevghba^_\Zxlky
L_ogbqghhdjm`ZxlblhevdhrhjhomgZ\h^ylZg_hohlylky
Bg_iulZcl_kvfg_]h\hjblvqlhahf[biheghklvxf_jl\ug_agZxqlhg_lZdghfhcih^kh[guc
fZl_jbZeh[eZ^Z_lhklZldZfbjZamfZbebqghklgufboZjZdl_jbklbdZfbB\hlk_cqZkwlbebqghklb
ba^_\ZxlkygZ^i_j\ZqdZfbb]eZ\gh_dZdqm\kl\mxlgZ^h[ulv\jZfdZo^himklbfh]hbgZq_
[ehdbjh\Zlvbo\havfmkvyZhgbwlh]hg_ex[yl
Kfbjgucwlhahf[baZq_flugZg_]hkiZedhchohlbrvky"
:q_]hhgg_^hog_l"ijhhjZefg_wlhlfbeucgZi_j\uc\a]ey^fZevqbdZhdZau\Z_lky\^mr_
fZgvyd
LZd^hoeuchgm`__fmmfbjZlvhdhgqZl_evghg_kjmdbE_gb\hijhdhff_glbjh\ZeZb
i_j_dexqbeZkvgZ^jm]boj_a\uo
hl\lZdhf^mo_y_s_iheqZkZgZ[ex^ZeZaZ[_]i_j\h]hdmjkZihi_j_k_q_gghcf_klghklbkb^ygZ
ljb[mg_bihib\Zydhn_e_ihlZDh]^Z\j_fyaZgylbyih^hrehddhgpmy\u^ZeZh^gmdhfZg^m
Klhibahf[baZf_jebih\_jgmebkvdhfg_Zh^bggZihke_^hdihiulZekyigmlvg_jZ^b\h]h
klm^_glZblZdbigmeYmdhjbag_gghihkfhlj_eZgZih^hi_qgh]hb\hll_deZ[u\g_fdjh\vhg[u
ihdjZkg_eZlZdlhevdh]heh\mhimklbeBhgbihke_wlh]hg_`b\u_"
GZk_]h^gyo\Zlblyg_^h\hevgZ\u\kzaZ[uebohlyfuk\Zfbmqbebwlhihke_^gbck_f_kljGZ
i_j_k^Zqmm\Zk_s_^\Z^gyijZdlbdmijhc^_l_kyq_keZ\hcklm^_glu^Z`_ebphfijhk\_le_eb
ghyq_j_aZfme_lijh\_jxqlhbf_gghbdZd\u^_eZebb_keb[m^mg_kh]eZkgZaZklZ\ex
i_j_k^ZlvIhwlhfmdZq_kl\_gghwlhkeh\hy\u^_ebeZbglhgZpb_c]hlh\bfkybk^Z_fZk_cqZk
\i_j_^fZjrfulvkybgZaZgylby
KZfZ`_ihfZgbeZahf[bbhlijZ\beZbo\Zf[Zj]^_bop_ehklghklvijh\_jylbih^]hlh\yld
ke_^mxs_fmaZgylbx\_^vgZgbog_lhevdhg_djhfZglulj_gbjmxlkyghb\k_ijhqb_[m^msb_
ki_pbZebklu
_^bl_k_[yohjhrh_kebljZ\fu[m^mldjblbqgufb\iZ^Zcl_\fZ]bq_kdmxkiyqdmdZd\_jgmkv
ih^ijZ\ex\k_bkbevghg_a\_jkl\mcl_Zlhwlhi_j\ucdmjkZiyluc\_^vfh]ebbmihdhblv
Ahf[bfg_ihfuqZebhgb[uebh]hjq_gubdZd[u]emihwlhg_[uehghhgbihfgylqlhybo
kha^Zl_evgbpZbg_ohlylqlh[uym_a`ZeZhlohlvdlhlhf_gyex[blgmdZdfh]ml
AgZx]emihdahf[bijb\yau\ZlvkydZddex^yfghfg_hgbihke_hij_^_e_gguokh[ulbc\fh_c
`bagbgjZ\ylkygZfgh]h[hevr_Hgbq_klg__\k\hbo`_eZgbyobklj_fe_gbyoGZihke_^hd[jhkbeZ
qmlv[hevr_kbeuahf[bqlh[uhgb[uebih^iblZgubaZdjueZaZ]hgfg__s_[mfZ`gmx
dZlZ\Zkbxgm`gh^h^_eZlvIhq_fm]^_[u\ubd_f[ugbjZ[hlZeb[mfZ][m^_l]hjZ"
BaZ^fbgbkljZlb\gh]hdhjimkZy\ureZmeu[Zykv\hllhevdhmeu[dZ[ueZg_jZ^hklgZykebrdhf
^h\hevgu[uebg_dhlhju_ebqghklbqlhymoh`mbfh`gh\j_f_gghihiulZlvkyaZgylvfh_f_klh
ghyg_aZ[m^m:wlZkl_j\Zg_^h^_eZggZy_s_g_fZ]bkljZ\k_]hebrvki_pbZebklgh
�bo^hklhbgkl\ZZdZdihfg_lZdohlvkh\k_fbkibhlwlh]hijhn_kkbhgZehfg_klZg_rvohly
kfhljy\dZdhch[eZklbhiulhglZdhc
WlhijZ\^ZqlhluhlgZkmoh^brv"wlhla\hgdbc]hehklhevdh^eyba[jZgguo[uefmaudhcb
fg_ih\_aehydZdjZabalZdbo
FZ]bklj=jbgyih\_jgmeZkvdwlhcij_djZkghc`_gsbg_bmeu[gmeZkvbkdj_gg_Wlh
]emihklvy\hlimkdb^m[hevrhcghhlimkd:ihlhf\_jgmkvb\k_dlhjZ^h\Zekyqlhymoh`m
_s_ihieZqmldh\ZjgZymofuedZihemqbeZkvg_ki_pbZevghghq_ldh\u^ZeZfhcgZkljhc
HcihieZqmllubo^Z\Zcb\^hevbihi_j_dHl^uoZlv[m^_rvbebdZd"j_adhkf_gbeZl_fm
fhygZklZ\gbpZ\wlhc:dZ^_fbbklbevgZykljh]ZybgZkZfhf^_e_[_amfgh^h[jZyghwlhagZxl
_^bgbpu\[md\Zevghfkfuke_ZhklZevguohgZ^_j`bl\y^h\bluojmdZ\bpZo
BebdZdyobljhmeu[gmeZkv
�IhlhfjZkkdZ`_rvihdZfheqbhgZfZogmeZfg_bfuf_^e_gghihrebddhjimkmeywlhc
`_gsbguyfh]mbaf_gblvk\hc]jZnbdbieZgu\ex[hcfhf_gl
Dh]^ZyihiZeZ\wlm:dZ^_fbx[ueZlhevdhaZsblb\rbfkyfZ]bkljhfihke_k_jv_aguoijh[e_f\
ebqghcbg_lhevdh`bagbA^_kv`_yklhedgmeZkvk^bdbfkhi_jgbq_kl\hfbg_ijbylb_ff_gydZd
[m^ms_]hij_ih^Z\Zl_eyBimklvihklZlmkmbkbe_y[ueZ\ur_fgh]bo\hllhevdhfg_g_o\ZlZeh
mf_gbyie_klbbgljb]bbb^lbih]heh\ZfZlZd`_hiulZ]j_klb\]jyab:hgZ\a]eygm\gZf_gygZ
i_j\hfaZk_^ZgbbijbgyeZlhevdh_c\_^hfh_j_r_gb_bihke_aZ\_jr_gbydh]^Zg_dhlhju_
ihiulZebkvijhclbkvbmgbablvf_gykihdhcghih^hreZbklZeZjZkkdZau\ZlvgxZgkuf_^e_ggh
m\h^yhlk\hjuByhp_gbeZ\wlhlb\k_ihke_^mxsb_^gbdZdhgZfy]dhghhq_gvk_jv_agh
ihfh]ZeZfg_Bdh]^ZijhreZdeZkkbnbdZpbxi_j\uf^_ehfkimklb\rbkvkljb[mguih^hreZb
ih[eZ]h^ZjbeZ__Zg_^_dZgZlZdj_a\hki_rb\r_]hdhfg_Ihgyeih]Zg_pqlhl_i_jvye_]dhb
_]hkf_klblvfh]mgZihklmhllhevdhfg_wlhb^Zjhfg_gZ^hfh_f_klh\Zm^blhjbbZg_
[mfZ`dbi_j_deZ^u\Zlvyij_ih^Z\ZlvihreZjZ^bij_ih^Z\ZgbyZg_klZlmkZ
FZ]bklj=jbg^eyf_gyg_ijhklhgZklZ\gbpZghb^jm]bhgZh[wlhfij_djZkghagZ_l
klhebpmkemqZcghg_aZkdhqbrv"ykfhlj_eZgZ__[_afyl_`gh_ebphbihgbfZeZhgZm`_\
dmjk_\k_]hG_agZxhldm^Zghlhqgh\dmjk_
Lm^Zb^_j`mimlvi_j\h_\j_fygZ^_xkvg_^he]hQlhlhgm`ghk^_eZlv"
�Zohqm\_klhqdbi_j_^Zlv^jmavyfdh_qlhqlh[ulumgboaZ[jZeZ^ZblZdihkfhlj_eZ^eyf_gy
bg]j_^b_gluhij_^_e_ggu_\^jm]\h^\hj_pihiZ^_rvZlZflhedh\ucZeobfbd\hllZdlhgdhhgZ
bihdZaZeZqlh\dmjk_ijhfh_[m^ms__f_klhiheh`_gb_
FZ]bklj=jbglZeZgleb\ucZeobfbdbkljZklvda_evyfmg__ijhklh\k_ih]ehsZxsZyBgl_j_kgh
]eygmlvgZijb^\hjgh]hZeobfbdZgZ\_jghklZj_pdZdhclhfh`_lmqbl_ev__"
Dhg_qgh\k_k^_eZxohl_eZihijhkblv
Ohl_eZijhkbi_j_[beZhgZf_gy^Zg_gjZ\blky_cdh]^Zy\hdjm]^Zhdhehoh`mmgZkkg_c
hlghr_gbylZdb_qlhyfh]mijyfhb\ex[h_\j_fyh[jZsZlvky
Fg_[ua_ev_gZ\Zr\u[hj^eyjZaguog_ij_^\b^_gguokblmZpbcybkdhkZ]eygmeZ
Kh[jZeZm`_l_[_beb^mfZeZlZdl_[y[_aih^^_j`dbhlimsm"LZdajyg_[uehbg_[m^_llZdh]h
ylhevdhmeu[gmeZkvagZeZyqlhhgZih[_kihdhblkygh\k_jZ\ghijbylghaZc^_rvaZ
ihkeZgbyfb^ey^jma_cihemqbrvkZd\hy`bd
ki_pbZebklZo__ihke_^g_fa_ev_hdgb]ZogZf\k_]^Z_klvhq_fih]h\hjblvIhlhfhgZhlijZ\beZ
f_gy^Zevr_jZ[hlZlvZkZfZmreZ^h\h^blva_ev_^hkh\_jr_gkl\Z\b^bfhjZ^bf_gy\u[jZeZkvba
k\h_ceZ[hjZlhjbb
:y\a]eygm\gZqZkuhlijZ\beZkvgZwdaZf_gjZ^bdhlhjh]hyijb^mfZeZp_eh_ij_^klZ\e_gb_
\r\r\r
;uegZaZgylbb"W^\bg\\Zebeky\dZ[bg_ld^jm]mBimklvwlhg_ijZ\bevghlZdaZoh^blvd
ijbgpm\hllhevdhhg^Z\gh_]h^jm]bkh\_lgbdb_fmlZdb_\hevghklbijhsZxlky
;ueWjbdih^gyehl[mfZ]\a]ey^bdb\gmegZdj_keh\b^bfhjZa]h\hjg_[ukljuc
BdZd"G_lygb
Ludh]^Zgb[m^v\b^_eOjZgbl_eyjh^ZijZdlbq_kdb\hiehlbZg_Z[kljZdlghckhklZ\eyxs_c"
Y^mfZehgbbebg_\b^bfubebijbajZdhh[jZagu_W^\bgm^b\e_gghih^Zekyqmlv\i_j_^Z
lu\b^_e"
�ZgZihagZ\Zl_evghfaZgylbby[ue\hldhgki_dlfh`_rvhagZdhfblvkydZdk^_eZlvb
Zdlb\bjh\ZlvaZsblmjh^Zijbgpih^\bgmeg_kdhevdhebklh\[mfZ]bbkibkZgguo_]hkljh]bf
ihq_jdhf
W^\bg`_[ukljhboko\ZlbebklZebamqZlvGZlj_lv_cfbgml_hggZqZe\hjqZlvihlhfihlj_[h\Ze
bok_[_bebohly[udhibbihlhfmqlhwlhgZ^hijh[h\Zlv
LZdklhclu`_g_ohq_rvkdZaZlvqlhwlhlugZiZj_ihq_jigmebeblu\[b[ebhl_dm
aZ]ey^u\Ze"
G_lwlhygZiZj_e_dpbxibkZe_ob^ghijhlygmeijbgpbaZeh`b\jmdbaZ]heh\mhldbgmekygZ
kibgdmklmeZG_obeh"
Wlhijhklhe_dpby"dZaZehkvqlhfm`qbgmijhklhm[b\Z_lwlhagZgb_
�ZijhklhaZgylb_jZ^bdhlhjh]hhgZb]jZy\ua\ZeZOjZgbl_eyjh^ZdhlhjucklZeijZdlbq_kdb
fZl_jbZevgufbiheghklvx\khagZgbbLZfwlhl^mo\_k_ebekydZdfh]
DZdZy`_mg__lh]^ZkbeZ"Wlh`_qlhwlh`_hg\ujZablvg_kfh]ijhklhjZa\_ejmdZfb
[m^mqbiheghklvxjZkl_jygguf
hlbyhlhf`_Zl_i_jvij_^klZ\vdZdhcbfi_jZljbp_chgZ[m^_lZdZdh]hgZke_^gbdZhgZ
jh^blfm`qbgZaZ`fmjbe]eZaZ
@mldhcbfi_jZljbp_cbkbevghcbaZq_fhghl_[_gZ^h"havfbdh]hihlbr_bihkihdhcg_c
qlh[u^hfZg_\h_\ZlvaZ\eZklvW^\bgZZ`i_j_^_jgmehhli_jki_dlb\ulZdhc`_guimklv^Z`_
^ey^jm]Z_fm\_^vkg_clh`_dhglZdlbjh\Zlv
G_lfg_gjZ\blkywlZb^_y^ZbihjZmkbeblvgZrjh^
M]mbebmihdhblvlboh[mjdgmeW^\bgghijbgpmkeurZe
Q_]hlu[mjqbrvwlhhlebqgZy\hafh`ghklvb\hh[s_qlhl_[_g_gjZ\blky"ijbgpy\ghgZqZe
k_j^blvky
Fg_g_gjZ\blkydh]^Z[Z[Zf_gyh^ghce_\hcjZafZaZlvfh`_lZqmlvqlhg_ih__mihdhblbdZd
ahf[bih^gbf_lM\b^_\qlhWjbdklZedZiblZevghaZ\h^blvkyj_rbeihclbgZihiylgmxghlu
ijZ\^eybfi_jbbb\Zr_]hjh^Zwlhhlebqguc\ZjbZglhllhevdhg_ki_rbijbkfhljbkv\^jm]
dh]h^ey^mrbgZc^_rv
Ijbkfhljxkvg_ohlykh]eZkbekyWjbdbhiylvmldgmeky\k\hb[mfZ]bHl_pihke_^gb_
:kh\_lhgijbkemrZ_lky\^jm]bijZ\^Zih\_a_lbdlhlhba^_\mr_daZp_ibl_]h

�Zevg_crb_k[hjuijhreb[ukljhb[_awdkp_kkh\dZdbaZ^mfu\ZeZIjZdlbq_kdbg_kiZeZ\k_wlb
^gbiulZykv\ibogmlvg_\ibob\Z_fh_ihwlhfmddhgpmg_^_ebfh_gZkljh_gb_dhe_[Zehkvf_`^m
�hlf_ldhc[_r_gkl\hblboZyyjhklvh[jhlug_^h[Z\eyebklm^_gludhlhju__kl_kl\_ggh\
ihke_^gbc^_gvj_rbebqlh\hlhgborZgk\k_k^Zlvb\k_mki_lv\_^vhgbmqbebbhq_gv
klZjZebkv
Bog_hklZgZ\eb\Zehgbq_]hhgbih^`b^Zebf_gy\hae_dZ[bg_lZoh^bebke_^hfhl:dZ^_fbb^h
^hfZ\klj_qZebf_gygZdjuevp_fh_]h^hfZDhjhq_f_gyij_ke_^h\Zebb_kebhgbgZ^_yebkvqlh
ih^lZdbfg_mkuiguf^Z\e_gb_fye_]dhk^Zfkylhhgb_s_[he__gZb\gu_q_fy^mfZeZ
Ohlyfgh]b_\k_lZdbk^Zebghb[uebl_dh]hyhlijZ\beZgZi_j_k^ZqmgZagZq_ggmxq_j_a
k_f_kljGZjh^ihkljZ^ZejmdbihaZeZfu\ZeZihlhfhkhagZe]_gbZevgh_mgbo_klv\j_fy
ih^]hlh\blvkyB\hlq_klgh\lhqlhhgb[m^ml\_kvk_f_klj]hlh\blvkyih\_jblv[uehg_j_Zevgh
ghhgbl\_j^bebqlh\hlhgborZgkGmgm
BlZdddhgpmg_^_ebqlhy^eyk_[yhij_^_ebeZgZk[hju\k_[ueh]hlh\hKlm^_glh\i_j_^ZeZ\
jmdbihfhsgbpu^hfhi_qZlZeZ\dZgp_eyjbb\k_ih^ibkZeZmfZ]bkljZ=jbgkZd\hy`biZd_lu
^ey^jma_c\ayeZ\fhj]_\k_^_eZaZ\_jrbeZK\h[h^Z"
k_fhbq_fh^Zgu[uebih^gylu\\ha^mobijb\yaZguwe_f_glZjgufaZdebgZgb_fdfh_fm
^\b`_gbxl_i_jvklhblfg_gZqZlvb^lbbhgbihieu\mlke_^hf:dlb\bjh\ZeZZfme_li_j_ghkZ
dhlhjuc^he`_gf_gygZijZ\blv\dZ[bg_ldW^\bgmR_jfZgmbij_`^_q_fklmiblv\hldjuluc
ihjlZeihkeZeZlm^Zq_fh^ZguZm`ke_^hfbkZfZrZ]gmeZ\g_ba\_klghklvOhlydkeh\m
g_ba\_klghklvxf_klh\uoh^Z^eyf_gyg_[uehajyqlhebi_j\ufbq_fh^ZguhlijZ\beZlZdqlh
^_eZyrZ]yagZeZlZfk_cqZklhevdhohaybgdZ[bg_lZb\k_
�h[juc^_gvfZ]bklj:dmebgZohaybg\klZebaaZklheZqlh[uihijb\_lkl\h\Zlvf_gyy`_
db\gmeZ
ulZdihablb\ghgZkljh_guyqmlvkdehgbeZ]heh\mgh\_`eb\hklvij_\ur_\k_]h\k_]h
^h[jh]h]jZnR_jfZg]hlh\heb\k_^eyfh_]hijb_fZ"
Fm`bdy\ghfg_g_jZ^ghajyqlhebijb^\hj_`b\_l\k_wlh^_j`bl\k_[_blhevdhkm`_ggu_
]eZaZqmlv\u^Zxl
?kl_kl\_gghfu\Zkhq_gv`^Zebhge_]dhihp_eh\Zefhxjmdmohlvwlh[uehbg_h[yaZl_evgh
^Z`_gZh[hjhly\jh^_dZdfZ]bkljfZ]bbZagZqbl\hlghr_gbbf_gyqmlv^jm]hcwlbd_lGhfm`bd
�ohl_ewlbfihp_em_fihdZaZlvqlh^eyg_]hyijhklh[Z[ZZg_\hijhk
Hceb"yhkfZljb\ZeZdZ[bg_ldZjlbgghg_aZf_qZyiuol_gby]jZnZuf_gyijh\h^bl_beb
fg_kZfhc"kijhkbeZijh^he`ZybamqZlvrdZnkdgb]Zfb
AZgylgu_bgl_j_kumgZr_]h]jZnZBklhjbyfZ]bq_kdhc\hcgu:lZdmxsb_aZdebgZgby
KljZl_]by\hcgu\ex[hf\b^_:[khexlgZyaZsblZ[j_^qbklhc\h^ug_evayaZsblblvky
iheghklvxhl\k_]hwlhkdZadZlhevdhdhf[bgbjh\Zlvb\k_jZ\gh[m^ml[j_rbGhwlhlZddkeh\m
Fgh]hjZaguodgb]h[jZakdeZ^u\Z_lkyg_h^ghagZqgucDZdihfg_lhihdgb]Zfdhlhju_
ij_^ihqblZ_lqblZlvh[t_dlZgZebaZfh`gh\uy\blvhkgh\gu_oZjZdl_jbklbdbebqghklbOhlylml
_klvihijZ\dZ_kebdgb]bj_ZevghqblZ_fuZg_^eyh[jZaZbdjmlhklbklhylgZihedZo\dZ[bg_l_
^eyklZlmkZgbjZamg_ijhqblZ\bkljhdbbagbo
Bkbevghy\Zfg_gjZ\exkvm\Z`Z_fuc]jZn"kba^_\dhcj_rbeZgZijyfmxmagZlvfZkrlZ[u
[m^msbokeh`ghkl_cBeb\Zfg_gjZ\blkykZfZb^_yfh_]hlmlijbkmlkl\by"
Kq_]h\u\ayeb"qmlvihfhjsb\rbkv]jZnklZem\_jylvf_gyqlhwlhq_klvh[sZlvkykh^ghc
bag_\_kldjhgijbgpZ
O\Zlbl\afZohfjmdbij_k_deZ\_kvwlhl[j_^hq_klb\b^_lvb]h\hjblvkhfghcbl^u
ij_djZkghhk\_^hfe_guya^_kvqlh[uihfhqvZg_jZ^baZfm`_kl\ZlZdqlh[m^vl_kihdhcguyg_
ij_l_g^mxgZ\Zr_]h^jm]Z
=eZ\guc\hijhkqlhhgihwlhfmih\h^m^mfZ_l`_kldhhl\_lbefg_W^\bg\k_lZdbjZkk_j^beZ
�Z`_lZdijhlygmeZyZi_eebjm_ldlhfmqlhykbevgucfZ]fZ]bkljbmkbex
bfi_jZlhjkdmx^bgZklbxYg_kijZrb\ZeZyml\_j`^ZeZ^eyf_gywlhg_\gh\bgdm;uebjZagu_
kblmZpbb\fh_c^he]hc`bagbbihiuldZgZkbevgh]haZfm`_kl\Z\lhfqbke_=jZgvmihdhcbo
^mrb
udZdmiheghfhq_ggucij_^klZ\bl_evdjhgijbgpZ^he`guihfh_fmijb[ulbxaZdexqblvkh
fghcklZg^ZjlgucfZ]bq_kdbcdhgljZdl\_^vyg_\b^_eZkvkdjhgijbgp_flhevdhk\Zfbbyk
meu[dhcihkfhlj_eZ\]eZaZ]jZnm\hlk_cqZkbijh\_jbfgZkdhevdhhgmf_g
Mf_gbobl_jh[ty\eyxi_j_fbjb_
FZ]bklj:dmebgZi_j_^l_fdZd\ZkhlimklblvhkfZljb\Zlv\Zrmgh\mxdhfgZlmy^he`_g
aZdexqblvk\ZfbklZg^ZjlgucfZ]bq_kdbcdhgljZdl\_^v\ugZoh^bl_kv\h^\hjp_b[m^_l_bf_lv
\hafh`ghklvh[sZlvkykBfi_jZlhjkdhck_fv_cYgZ^_xkv\uihgbfZ_l_qlhy^he`_gh[_ahiZkblv
boGZ^_xkvfh_ij_^eh`_gb_g_h[b^bl\ZkaZeb\Zekyhgkheh\v_fijbwlhfobljhf_gy
jZkkfZljb\Zy
Qlh\uyh[b^_eZkv[u_keb[u\uij_g_[j_]ebk\hbfbh[yaZgghklyfblhevdhh[jZsZx\Zr_
\gbfZgb_qlhyfZ]bkljkf_jlbZmgZkdhgljZdlug_h]jZgbqb\ZxlgZrmk\h[h^m=jZndb\gme
^Z`__kebhg[ueg_\dmjk_wlh]himgdlZ\b^Zg_ih^Ze
BaysbdZklheZ[ue\ugmlebkldhlhjuchgijhlygmefg_^eyhagZdhfe_gbyIjh[_`Z\]eZaZfby
qmlvgZijZ\beZk\h_ckbeuqlh[ubaf_gblvhij_^_e_ggu_imgdlubi_j_^ZeZ^h]h\hjh[jZlgh
ij_^eZ]ZyhagZdhfblvkykbaf_g_gbyfb
�Fm`qbgZijhq_ebqmlvijbih^gye[jh\bihdZau\Zyk\h_m^b\e_gb_ghkh]eZkghdb\gmeZg_ajy
yiZoZeZqlh[ufZ]bkljZihemqblvL_i_jvgb_^bgucij_^klZ\bl_evwlhc=jZgbg_bf__lijZ\Z
f_gygbdq_fmijbgm`^Zlvbijbfh_fg_kh]eZkbbex[h_^Z\e_gb_[m^_ljZkkfZljb\ZlvkydZd
Z]j_kkbygZdhlhjmxybf_xijZ\hhl\_lblvZlZdhcgZk\h_mkfhlj_gb_
jZfdZowlh]h^h]h\hjZ]^_yagZqmkvfZ]bkljgZaZ^Zgbbex[ZyihiuldZ\u^Zlvf_gyaZfm`
[m^_lgZjmr_gb_f^h]h\hjZ:agZqbliZjZfiZfiZfoj_g\ZfZg_mkbe_gb_^bgZklbbIjZ\^Zy
g_bkdexqZx\ZjbZglZ\^jm]fg_ihgjZ\blkydjhgijbgpHgfm`qbgZ\b^gucZyg_xgZy^_\bpZb
_kebdjhgijbgphdZ`_lky^hklhcguflh\k_fh`_l[ulvGhwlhlZdijhklhgZaZ^g_fnhg_Z
i_j\h_bkZfh_]eZ\gh_k_[yyh[_ahiZkbeZ
L_i_jvihke_lh]hdZd\k_nhjfZevghklbj_r_guygZ^_xkvf_gyijh\h^yl\dhfgZlm]jZn
kijylZe^h]h\hj\k_cnklheZ fZ]bq_kdbcaZl\hj\ki_dlj_\b^_g\fbih^gyekyebqghijh\h^blv
=jZn
DZdkdZ`_l__kebhg^mfZeqlhyij_^eh`m\hl\_lgZau\Zlvf_gyihbf_gblhajyM^_fhgh\
bfyebqgh_bygbdhfmg_iha\hexi_j_clbgZ[he__g_nhjfZevgh_h[s_gb_b\u^Z\ZlvZ\ZgkulZd
`_g_kqblZxgm`gufY[uohl_eZhagZdhfblvkykebqgufb^_eZfbg_\_klbbojh^hkeh\ghc\
kemqZ__kebk^_\bpZfbijb[ueb_s_bkem`ZgdbbebdhfiZgvhgdbbo^Zggu_fg_lZd`_gm`gu
Yg_kijZrb\ZeZfh`ghfg_wlhqblZlvbebg_lfg_wlhgm`ghwlhjZaZ\lhjh_b]jZlv\l_fgmx
yg_[m^mkebrdhfkZfhgZ^_yggh
=jZndb\gmebbaklheZ^hklZedjbklZeeHq_gvohq_lky\_]hklhe_ihdhiZlvkyklhevdhbgl_j_kgh]h
hghllm^Z^hklZ_l
AZh^ghij_^hklZ\vl_bgnhjfZpbxh[h[kem`b\Zxs_fi_jkhgZe_ijbklZ\e_gghfdg_\_klZf
=jZng_mki_\rbcaZdjulvklhe^hklZehllm^Z_s_biZidmAZgbfZl_evghagZqblebqgu_^_eZ
kem`Zsbowlh^hdmf_glZ\hlg_\_klufZ]bq_kdbcdjbklZeeQlhlZdh]hlZfp_ggh]hqlh_]h
aZsbsZxllZdbfh[jZahf"
�_\mr_djZaf_klbebdZdybijhkbeZgZ\lhjhfwlZ`_\h^ghfbahl\_l\e_gbc]^_dhjb^hj
mibjZ_lky\lmibdfhb`_dhfgZlu[uebi_j\u_\ijhoh^_aZf_qZl_evgh
LmibdklZcgufoh^hf"kijZrb\ZeZlZd^ey]Zehqdb
HgaZ[ehdbjh\Zgq_j_aaZfbgdmmlhqgbe[ueh[\ZelZdqlhd\Zfklhcklhjhgugbdlhg_
ih^djZ^_lky
Hlebqgh_j_r_gb_iho\ZebeZy_]hohly_fmfhyiho\ZeZ^hh^gh]hf_klZgh\k_`_
Rebfug_kebrdhf^ebggufbi_j_oh^Zfb^\hj_pbagmljb[uedjZkb\ucmoh`_gguc[h]Zlucgh
y\ghlj_[h\ZedZdbolhbaf_g_gbcBimklv\k_qbklhgh\hlwlbrlhjuklhbeh[uaZf_gblvgZ[he__
gh\u_wlZdZjlbgZy\ghm`_g_ZdlmZevgZZwlb\ZjbZglu^_dhjZ^Z\gh\urebbafh^uug_
ih^mfZcl_yg_nZgZl^baZcgZijhklhdZdlhijbrehkv`^Zlvijb_fZmj_dlhjZhghiZa^u\ZeZ_]h
k_dj_lZjvex[blih]h\hjblvb_cg_gm`_gkh[_k_^gbd_c]eZ\gh_]h\hjblvhlhgZfg_b
ih\_^ZeZqlh\h^\hjp_gbq_]hg_f_gyehkvkfhf_glZ]b[_ebBfi_jZljbpuBfi_jZlhjaZij_lbeZ
lZf^Z\ghihjZ[ubaf_gblvg_dhlhju_^_lZebhlwlhb\kieueh\iZfylb=jZnijh\h^bef_gy^h
fh_cdhfgZluhldjue^\_jbghaZoh^blvg_klZeyhp_gbeZ
?keb\ZfqlhlhihgZ^h[blkygZklhe_fZ]bq_kdbca\hghd?kebqlhlhihfbfh[ulZ\ufh`_l_
h[jZlblvkydhfg_[m^mjZ^ihfhqv:fme_lkihfhsvxdhlhjh]h\uihy\bebkvmf_gy\dZ[bg_l_
aZjy`_glZdqlhfh`_l_\hkihevah\Zlvkybf
KiZkb[hydb\gmeZbaZdjueZ^\_jvKiZlvk_cqZky[m^mkiZlvbfg_ie_\ZlvgZ\k_obgZq_aZ
k_[yg_jmqZxkvYlml_e_k]jZnhfk^_j`b\ZeZkv[_kblf_gy\k_
YhlijZ\beZq_fh^Zgu\]Zj^_jh[gmxgZp_ib\gZh^bgfZyddhlhjuc^he`_gij_^mij_^blv
]hjgbqgmxqlhbf_gghwlhlq_fh^Zgg_klhblljh]ZlvbjZa[bjZlvOhl_eZihclbmfulvkyjZa^_lvky
be_qvghih^^\_jvxdlhlhgZqZe]jhfdh\hafmsZlvkyblZdbfijhlb\guf]hehkhfIjbdbgmeZ
ijhb]ghjbjh\Zlvbe_qvbeb`_ihclb\k_oaZldgmlvu[jZeZ\lhjh_Zlhk_cqZkmkgmZhgb
jZa[m^ylg_i_j_`b\ml\_^vhgbwlh]hZ`Zedhybo_s_g_agZxfh`_lhgbohjhrb_
�JZkiZogm\^\_jvmaj_eZdZjlbgmfZkehfZfZk^mevdhcgZ]heh\_bih^`Zlufb]m[Zfbj_adh
\u]h\Zjb\ZeZfheh^hc]hjgbqghci_jbh^bq_kdbihoehiu\Zy\__jhfihjZkdjulhceZ^hgbBqlh
fg_g_ihgjZ\behkv]hjgbqgZyijbdZ`^hfre_id_qmlv\a^jZ]b\ZeZkq_]h[uwlh"
Fbe_crZydh]^Zy]h\hjxlZdbfrbiysbf]hehkhffhbklm^_glufheblvkygZqbgZxlZwlZ_s_
lZdqlhhgbj_adhgZihfgbebaZ^gbpmdmjbpubhldjueZjhlgZf_gy
:f_gybgl_j_kh\Zeh^bg\hijhkhgZqlhhke_ieZbg_\b^blq_jgh]hieZlvykhjgZf_glhf
�\urblufq_jghcqmlv[e_klys_cgbldhcbah[jZ`Zxs_ckbf\heukf_jlb"Zihfh_fmieZlvx
lhevdhlmihcg_ihcf_lqlhi_j_^gbffZ]bkljKf_jlbbebgZom^hcdhg_pg_djhfZgl ijhklh
fZ]bkljh\kebrdhffZehijhgbofh]mlbg_agZlvghq_jgucp\_lwlh\_jgyd\f
Y\Zfg_fbehqdZ\a\ba]gmeZl_ldZgh\ayeZk_[y\jmdbbijh^he`beZjulvk_[_yfm[_adjbdZ
:\ukh[kl\_gghdlhbihq_fmg_ij_^klZ\bebkvihwlbd_lmwlhg_^\hj_pZk[hjbs_
g_\hkiblZgghcijbkem]b"BihdZdhfmijZ\m\uaZgbfZ_l_fhbihdhb"hgZ\a^_jgmeZih^[hjh^hd
ihke_g_klZeZ^h`b^Zlvkyfh_]hhl\_lZih\_jgmeZkvd]hjgbqghcbj_adhijbdZaZeZFhb\_sb
aZg_kbl_\wlbihdhb\k_m[jZlvi_j_kl_eblvZ\_sbwlhc\ug_kbl_OZgZl_[_l_ldZ
=hjgbqgZyaZ^jh`ZeZhgZ\hlebqb_hlwlhckZfhm[bcpubgklbgdlhfkZfhkhojZg_gbyh[eZ^Z_l
ihwlhfmi_j_\_eZgZf_gy\a]ey^ihegucfhev[uhg_m[b_gbby^Z`_aZkfhlj_eZkvhlm\Z`Zxl
`_
Zr_bfy"kijhkbeZm]hjgbqghc
WevaZM[blhijhr_ilZeZihf_jl\_\rbfb]m[Zfb^_\mrdZwlhhgZ\b^bfh\kihfgbeZqlh
g_djhfZglZfqlh[uaZ[jZlv^mrmk\h_c`_jl\ubfyg_h[oh^bfhagZlvgZb\gZy
WevaZ[m^vl_ex[_aguijhclb\fhbihdhbbjZah[jZlv\_sbl_ldZdhlhjZym`_hldju\ZeZjhl
qlh[ugZqZlvhjZlvlZdbaZklueZdh]^Zyih\_jgmeZkvdg_cbhlimklbeZlvfmdhlhjZyaZdem[beZkv
\fhbo]eZaZoklZeZkl_eblvkyihihemaZdjmqb\Zykv\hdjm]gh]lZf_s__klvdjuevybalvfugh
fg_e_gb\h
udlh"ibkdgmeZl_ldZiulZykvk^_eZlvrZ]gZaZ^Z]ZsZa
G_\_klZQ_klghhl\_lbeZhnbpbZevgmx\_jkbxij_[u\Zgbya^_kv
:ihq_fm\q_jghf"
GZf_dZxMeu[gmeZkvbamqZydZd[ex^hkh[_k_^gbpm
GZqlh"^Zfha]ml_ldbhldZaZebeb`___aZdebgbeh
Qlh_kebgZfg_`_gblkylhy[ukljhklZgm\^h\hcl_ldZk]ehlgmeZZqlhkebrdhflhgdbc
gZf_d"blvfZihlygmeZkvdk\h_c`_jl\__keb__hlimklblvlhhgZgZqg_lih^iblu\Zlvkyhl
`bag_gguokbe\_^vlvfZhgZ`_kf_jlv
L_ldZaZfhlZeZ]heh\hciulZykv^hg_klb^hf_gyqlhgZf_dm^ZekybgZqZeZhlklmiZlvy`_
ijh^he`ZeZ__bamqZlv
Ba\bgbl_ijbylgh]h\^h\kl\ZbhgZih^o\Zlb\k\h_ieZlv_kdjbghebgZfbihfqZeZkv[_]hfhl
f_gyOhjhrh[_`blY_cg_f_rZeZf_ldmihklZ\beZ\kZfhfgZqZe_lZdqlh_kebaZohqmgZc^m
e_]dh
Dh]^Zl_ldZkdjueZkvbawlh]hdhjb^hjZy\gh\dh]hlh\j_aZeZkvbklZeZaZbdZykvl\_j^blvqlh
lhevdhqlh\klj_lbeZg_\_klmKf_jlbhlqlhaZ[j_^^Z`_kiexgmlvaZohl_ehkvDZdyfh]m[ulv
g_\_klhcKf_jlb_kebwlZkZfZyKf_jlv`_gsbgZ"QlhaZihreu_gZf_dbgZg_ljZ^bpbhggmx
hjb_glZpbx"LhqghgZ^hfklblvgZ]h\Zjb\Z_lgZf_gyGhiha`_E_gb\h
YjZa\_jgmeZkvg_klZeZkemrZlvhl\_lZ`_jl\ul_ldbbijhreZ\k\hxdhfgZlm]^_[e_^gZyb
^_j]ZggZy]hjgbqgZym`_jZaeh`beZfhb\_sbbl_i_jvklhyeZihkj_^bdhfgZlu\hlwlhkdhjhklv
=hkih`ZgZqZeZhgZghyi_j_[beZ
]hehk^jh`Ze
FZ]bkljijhrmg_]m[bl_b\q_jguojblmZeZof_gyg_bkihevamcl_y^eyk\h_ck_fvb
_^bgkl\_ggucdhjfbe_phl_pih]b[ZfZlv[hevgZZgZkmg__ljh_gh^\h__s_hq_gvfZeuhgZ
y\gh_s_ohl_eZqlhlhkdZaZlvGhygZoh^maZkuiZxhj]ZgbafbajZkoh^h\Zek\hcfZdkbfmf[_a
kgZihwlhfmg_^ZeZijh^he`blv
EZ^ghg_[m^mihdeZ^bklhkh]eZkbeZkv`Zedhqlheb
Gh^_\mrdZf_gydZdg_keurZeZ\k_ijh^he`ZeZ
L_f[he__ym`_g_^_\kl\_ggbpZ\kiuogmeZghg_hklZgh\beZkvmf_gyb`_gbo_klv[uelZd
\hlyhgZih^gyeZgZf_gy]eZaZbjZaj_\_eZkvOZgZijbieuebBeb\havfbl_f_gy\jblmZe
lhevdhk_fv_fh_cihfh]bl_y\Zf^mrmk\hxhl^Zf^h[jh\hevghhhijh\ueZhgZghg_
hklZgh\beZkvfZlvmfbjZ_lgZf_klvg_q_]hhgZm`_^Z\beZkvke_aZfb
Klhi^_\qhgdZaZ`ZeZ\am[Zoi_j_^gbdbiulZeZkvg_kbevgh\koebiu\Zlv^jh`Z\k_fl_ehfY
[ebgfZ]bkljKf_jlbfg_gbdh]hg_`ZevG_`ZevykdZaZeZ
WevaZk_cqZkyhq_gvohqmkiZlvL\h_aZ^Zgb_gbdh]hdhfg_g_imkdZlvbkZfhcg_[m^blvDh]^Z
yijhkgmkvfuihc^_fdl\h_ck_fv_byihkfhljxgZl\hxfZlv\aZf_ggZl\h_^h[jh\hevgh_
mqZklb_aZdZlbeZ]eZaZ\fhbojblmZeZoGhyaZij_sZxh[wlhf]h\hjblvdhfm[ulhgb[ueh
Ykgh"hgZaZdb\ZeZijh^he`Zy\koebiu\Zlv
Y`_h]ey^_eZ__kgh]^h]heh\ukljZggZyhgZg_ihoh`ZgZ]hjgbqgmxgh^mfZlvy[m^mh[wlhf
ihke_
LZdqlhk_j^blZygZk_[yihreZ\dhfgZlmkiZlv[m^m
YgZlug_djhfZglfZ]bkljKf_jlblug_^he`gZihfh]Zlve_qblvlbohih^ghkk_[_[mjqZeZ
agZyqlhihc^mbihfh]mihlhfmqlhfug_djhfZglugZlhf`_mjh\g_dZde_dZjbZbgh]^Zb
emqr_agZ_f\k_hkh[_gghklbkljh_gbyl_eZb\k_\hafh`ghklbe_q_gbyajyqlheb\kdjulby
ijh\h^bf
AZdjueZ^\_jvbmkeurZeZdZd^_\qhgdZk_eZgZiheijh^he`Zyju^ZlvGZ^h[uihclbmkihdhblv
ghwlh\hh[s_m^Zjihfh_fmh[jZamlZdqlhg_[m^mf_rZlvhieZdb\Zlv^Z`_g_agZxqlh
IhlhfymagZxqlhhdZau\Z_lkyWevaZm\b^_eZf_gydh]^Z]jZn\_eih^\hjpmbm`_lh]^ZijbgyeZ
j_r_gb_lZdbf]emiufh[jZahfihfhqvk\h_ck_fv_HgZreZdhfg_dh]^Z__ihcfZeZlZl_ldZb
klZeZlj_lbjh\ZlvZ\hh[s_hgZ^Z`_g_]hjgbqgZyZihkm^hfhcdZgZdmog_ \hlbg_khhl\_lkl\b_
dhlhjh_[jhkbehkv\]eZaZ\fbwlh[ueZkemqZcghklvhgZohl_eZk[_]Zlv\h^\hjihdZ[uei_j_ju\b
m\b^_eZf_gyZ^Zevr_aZ\_jl_ehkv
MkgmeZykjZamklhbehlhevdhe_qvgZihke_^hd_s_mki_eZZdlb\bjh\ZlvaZsblm\k_lZdbg_^hfZ
kiexfZehebqlh
IjhkgmeZkvy]em[hdhcghqvxj_rbeZihclbkoh^blvihk\hbffZe_gvdbf^_eZfdh]^Z\ureZ\
�khk_^gxxdhfgZlmlh\hae_^\_jbgZklme_aZklZeZWevamdhlhjZyiulZeZkvg_kiZlv_\qhgdZ
kb^_eZdZdgZ`_j^hqd_jZkdZqb\ZykvhldZdh]hhgZlmlkb^bl"
WevaZ"hgZ\a^jh]gmeZhldjueZihrbj_]eZaZihlhfj_adh\kdhqbeZ
Zka\ZebgZm`bgykdZaZeZ\ukibl_Ijboh^be]jZnR_jfZgohl_eebqghkhijh\h^blvgZm`bg
ghyg_imklbeZh[tykgb\qlh\uf_gyki_pbZevghlmlhklZ\bebke_^blvaZ\Zrbfihdh_fhgZ
\kiuogmeZ:]Zykghj_rbeZg_moh^blvb[hyeZkvqlhf_gyihlj_\h`Zlbyi_j_^mfZxihfh]Zlv
Yijbkfhlj_eZkvd^_\qhgd_Jmku_\hehkua_e_gu_]eZaZqmlvdjm]e_gvdZylZdZydZdgjZ\ylky
fm`qbgZf^hfZrgyymxlgZyJmdbihlj_kdZ\rb_ky_s_[u_kebihkm^mfulvp_eufb^gyfb gZ^h
_cfZav\u^_eblvbh[tykgblvl_fqlh[u\_sbdjh\vxg_bkiZqdZeZ\hlhlebqgucieZg\fkf_eZy
^jm]Zy[ubg_ijbreZdhfg_bg_kfh]eZ[uhl\Z^blv\k_odlhkx^Zijboh^beZfg_\_^v
iheh`_gZ]hjgbqgZylZd^h[jhlmih]em[`_
LuohjhrhkijZ\beZkvy^h\hevgZgZ^_xkvlub\^Zevg_cr_f[m^_rvbkihegbl_evgZb
ihkemrgZbyg_jZkkljhxkv]jhaghijh]h\hjbeZgZmqbeZkvaZ]h^ujZ[hluij_ih^Z\Zl_e_f
h[uqgufbnjZaZfb[_am]jhagZ\_\ZlvkljZoK_cqZkyijb\_^mk_[y\ihjy^hdbfuhlijZ\bfkyd
l_[_^hfhc@^bIhke_q_]hihreZ\\ZggmghmkeurZeZr_ihl
KiZkb[h\k_\urgyy
=eZaZkZfbaZdZlbebkv\hlbdZdwlhgZau\Z_lkyy_c]h\hjxqlhhgZl_i_jvmf_gy\ih^qbg_gbb
hgZijhjblmZeue_i_q_lZ\k_jZ\gh[eZ]h^ZjgZg_ihgylvfg_ex^_c
DklZlb\wlhc=jZgbg_lhevdh^_fhgu`b\mlghbex^bbkh\k_fj_^dhihemdjh\db lZdj_^dhqlh
ygbh^gh]hg_\klj_lbeZgh\dgb]ZomihfbgZehkv\fijhklh^_fhguj_^dh[_jmlk_[_\iZjm
q_eh\_dZkebrdhfojmidb_fZeh`b\msb_bg_\ughkeb\u_
Ba\Zgghcy\ureZkh\k_fk_j^blZyh^_eZkv\ih\k_^g_\gh_ieZlv_bih^hreZd^_\qhgd_HgZlZdb
klhyeZ\hae_klmeZ@_klv
Ij_^klZ\vk\hc^hfdZdfh`ghq_lq_dZdmxlhdhfgZlmIj_^klZ\beZ"hgZkaZdjulufb]eZaZfb
khkj_^hlhq_ggZydb\gmeZ
Y`_Zdlb\bjh\ZeZ[em`^ZxsbcihjlZegZkljh_ggucgZfuke_h[jZafb]\k_djm`behkvb\hlfu
klhbfihkj_^bg_[hevrhcdhfgZlu
H]eygm\rbkvihgyeZqlhwlhbdmogyb]hklbgZyZlZfgZ^b\Zg_dlhlhkibl
FugZf_kl_"
��Zk\hklhj]hf\u^hogmeZWevaZmfZx\jy^ebhgZdh]^Zlhi_j_ghkbeZkvlZdqlh\hklhj]
ihgyl_gZfg_\hlg_hq_gvgjZ\blkyih^lZrgb\Z_l
LZd\_^bf_gydfZl_jbfh_\j_fyg_j_abgh\h_ijb^ZeZ]hehkmg_l_ji_gbyb^_\qhgdZ
aZki_rbeZ
DZdkdZ`_l_fZ]bkljbhgZdbgmeZkvdkiys_fmgZ^b\Zg_WlhhdZaZeZkv`_gsbgZ\jh^_g_
klZjZygZ\b^\hllhevdh`bagv\g_c_e_l_iebeZkvbhlwlh]hdZaZehkvqlhi_j_^gZfbklZjmoZ
FZfZijhkgbkvwlhWevaZyijb\_eZihfhsvhgZh]eygmeZkvgZf_gyY`_klZjZeZkvg_
ihdZau\Zlvk\hbwfhpbbbklhyeZkihd_jn_ckhfhkfZljb\Zy\k_\hdjm];_^ghgh^h[jhlgh
K_cqZk`_lmlihk_ebehkvhlqZygv_HgZg_ijhkuiZ_lkykhlqZygv_fijh]h\hjbeZ^_\mrdZklhy
gZdhe_gyo\hae_^b\ZgZ
Yj_adhgZdehgbeZkvijhsmiZeZimevkkeZ[ucgh_klv[jhkblvbkdjmkbeudhlhjZyih^^_j`bl
fZ]bq_kdbk_j^p_ihfh`_l_fmdZqZlvdjh\vqlh[ug_hklZgh\behkvbgZqZeZkdZgbjh\ZlvQlh`_
ijbdexqbehkvkwlhc`_gsbghc":ijbdexqbehkvkg_cijhdeylv_Bfh`_l[ulv`_gsbgZ_]hb
ih[hjheZ[u^Z\b^bfhaZ[he_eZ\hkiZe_gb_fe_]dbob\k_kf_rZehkvHgZmf_jeZ[um`_^gy
q_j_aljbghmg__hq_gvkf_eZybex[ysZy^hqvZagZqblih\hx_f
Dbiylb\h^mljZ\u^hfZ_klv"
�ZfZfZagZoZjdZym`_kbgl_j_khfihkfhlj_eZgZ`_gsbgmgZdjh\ZlbbgZ^_\mrdm:\_^v
\u^mfdZZagZqblbgl_j_kghihemqZ_lky
@_gsbgmfugZihbebmdj_ieyxsbfhl\ZjhfgZl_jebfZavxy`_\ulygmeZijhdeylv_dhlhjh_fg_
g_h[oh^bfh[uehdm^Zlh[jhkblvYg_ijhdeylbcgbdbg_fZ]`bagbybog_ih]ehsZxbg_
i_j_jZ[Zlu\Zxyk[jZku\ZxlZdqlh\hlwlhlfbeucp\_lhq_dj_adhihq_jg_ebh[aZ\_ekyrbiZfb
Fbe_gvdhgZ^hk_[_aZ[jZlvihgZ[ex^Zlv
@Zjm`_gsbgukiZeimevk\ujh\gyeky_s_qmlvqmlvkbeu_c^h[Z\beZbgZq_^he]hhqmob\Zlvky
[m^_lijhdeylv_\k_kbeu\u`]ehbhlhreZhldjh\Zlb
Ymoh`mluke_^baZfZl_jvxdZ`^ucqZkihb__hl\Zjhfmljhf^heh`brvfg_dZdhgZk_[y
qm\kl\m_lh^\hjp_kjZamijhc^_rvdhfg_Zg_gZdmogxl_i_jvlufhy]hjgbqgZyIhke_^g__
keh\hykdZaZeZ^hb]ju\ZyjhevkkZjdZafhfgh^_\qhgdZg_ih\_eZkv
;jhkbeZkv\gh]bbklZeZ[eZ]h^Zjblvy`_ihiulZeZkv__\jZamfblv[_kihe_aghlZf\hgm`_
f_edb_\^\_jyo]heh\uihdZaZebkvghkx^Zg_aZoh^ylim]Zggu_
LZd\k_ij_djZsZcqlhaZba^_\Zl_evkl\h"hgZkjZamhlf_gyhlebieZYg_djhfZglg_aZ[ueZ"
Fg_l\hb[eZ]h^ZjghklbihdjmlbeZjmdhciulZykvgZclbijbebqgh_keh\hg_gZreZ
IhgyeZfZ]bkljhgZk_jv_aghdb\gmeZihlhfbaf_gbeZkv\ebp_baZijbqblZeZg_djhfZgl
q_jgucyhlkem`m^mrmhl^ZeZ^h[jh\hevgh\jZ[kl\_yl_i_jvykgZqZeZhi_rbeZZihlhf
]eZaZaZdZlbeZZihlhfmeu[gmeZkvbdb\gmeZlZd^eyfh_]hZ\lhjbl_lZemqr_
hlbg_aZ[u\Zcdlhykljh]hij_^mij_^beZlhevdh^_\mrdZ\k_ihgyeZijZ\bevgh
G_ih^\_^mg_aZ[m^mb^jm]bfg_^Zfa\mqZehmkljZrZxs_bykh]eZkghdb\gmeZgZihke_^hd
ijh\_jbeZiZpb_gldmbi_j_g_keZkvdk_[_\ihdhbkiZlvb_s_jZakiZlv
YlZdex[exkiZlvZkiZlvex[blf_gyghfulZdj_^dh\f_kl_
MljhgZqZehkvjZghbohl_eZ[ukdZaZlvqlhijbylghgh]^_lZfAZ^\_jvxdlhlhrbi_edZd
af_xdZy\ghr_ihlhfjm]ZykvIjbkemrZeZkvihiulZeZkvg_jZkkf_ylvky
Yl_[__s_jZaihehmfghch[tykgyxfZ]bkljkljZrgucg_djhfZglb\q_jZghqvxjblmZeu
ijh\h^beZiZmaZaeh^_ckdb___[m^blvg_gZ^hbgZq_hgZl_[y\ahf[bij_\jZlbl
�Zqlhlue_ibrv[j_^:luhldmogbhleugb\Z_rv]Z^bgZZ]hkih`Zg_\_klZZg_fZ]bklj
wlh\b^bfhhiihg_gldZWevau]hehk\ba]eb\ucghklZjZ_lkyr_ihlhf]h\hjblvbm\_j_gghklbg_
lZdqlh[ufgh]h
G_\_klZhgZg_^Z\ghZg_djhfZgl^Z\ghihe_a_rv\^\_jv\k_iZleuih\uju\Zxyl_i_jvlml
kem`m\hlwlhyihgbfZxaZsblZ^Z`_mfbe_gb_ijhkgmehkvGZ^h[ugZ\ujmqdmb^lbZlhb
ijZ\^Zkp_iylky
Qlha^_kvijhbkoh^bl"]hehkhfdhlhjuffh`ghaZfhjZ`b\Zlvihbgl_j_kh\ZeZkvyAgZxk
jZklj_iZggufb\hehkZfb^Z\ib`Zf_khkd_e_lhfgZ]jm^bdhlhjucijb`ZemdZaZl_evguciZe_pd
]m[Zfyg_hq_gvmkljZrZxsZyghqlh_klv
�FZ]bkljwlhZgZhgZ_^mijbg_keZjZa[m^blvohl_eZ\_kdhkhh[sbeZWevaZk^_eZ\iZmam
ghyg_^ZeZ\u`_\q_jZdjh\v`_jl\ZfimkdZeb\ZfihkiZlvih^hevr_gZ^h\_jgh"ylhevdh
�db\gmeZfZfhqdbdh]hykx^ZimklbeZZwlZZgZ\hh[s_ih[e_^g_eZ\b^yqlhy\_kvwlhl[j_^
ih^^_j`b\ZxZg_hijh\_j]Zx
GhWevaZg_k^Z_lky
�FZ]bkljfh`_l\uijbdZ`_l_Zg_qlh[uhgZkx^Z[hevr_g_oh^beZZfg_gZdmog_\u^Z\ZeZ
]eZ\gh_kdZdbfijhn_kkbhgZebafhfwlh\k_baeZ]Z_l
Y_s_jZaaZlhjfh`_ghdb\gmeZ\gbfZl_evghd^_\qhgd_ijbkfZljb\Zykvwlh`_lZjZgZg_
^_\mrdZ
KeurZeZ"L_i_jvyb_^mfZ]bkljmijbghkblv[m^mlZdqlhih^ghkklZ\vbk\h[h^gZjmdb\[hdb
�mi_jeZbgZklmiZ_lgZZgmDh]^ZaZg_c^\_jvaZdjueZkvj_rbeZmlhqgblv
HgZl_[yihdZluihkm^hfhcdhcjZ[hlZeZh[b`ZeZ"
?`_^g_\ghq_klghijbagZeZkv^_\mrdZg_fgh]hklmr_\Z\rbkv
YkghgZdmog_kZfZij_^mij_^brvjZa\ayeZkvMf_gy\k_]^Z^he`_g[ulvdhn_k\_`bcb
]hjyqbcyfgh]hagZqbl_evghihkfhlj_eZgZaZ\Zjgbd]^_djZkh\ZekyqZc
K_cqZkihf_gyxihdZ\u\\Zgghc[m^_l_hgZkh[jZeZkvm`_m[_]Zlvghf_gy_s_h^bgfhf_gl
\hegh\Zeohlv\b^mybg_ih^ZeZ
DZdk_[yqm\kl\m_lfZlv"^_\mrdZm`_\ayeZkvaZjmqdm^\_jbj_adhih\_jgmeZkvbmeu[gmeZkv
?cemqr_hgZijhkgmeZkvy__gZihbeZbgZdhjfbeZljZ\aZ\ZjbeZghhgZm`_bkZfZfh`_l
\klZ\ZlvihlbohgvdmkiZkb[hkh\k_flbohr_ihlhfijh]h\hjbeZhgZihke_^gb_keh\Z
Yg_klZeZgbq_]h]h\hjblvijhklhihreZ\\Zggmxbg_\Z`ghqlhlh`_meu[ZeZkvwlh^eyh[jZaZ
\j_^ghghyjZ^Zqlh`_gsbgZb^_lgZihijZ\dmOhlyy_s_ohqm\uykgblvdlhijhdeye__
�g_fkoh^brv^hfhcfg_gm`_gp\_lhd\dhlhjuc\q_jZkdbgmeZijhdeylv_aZh^ghbfZlv
ijh\_^Z_rvm`_ba\ZgghckdhfZg^h\ZeZZihke_aZdjueZ^\_jv\\ZggmxGZ^hijb\_klbk_[y\
ihjy^hdbgZqbgZlvjZ[hlZlv
\r\r\r
Fg_gm`_gdhn_^eyfZ]bkljZk_jv_aghihijhkbeZWevaZgZdmog_mdmoZjdblZhdbgmeZ
^_\qhgdm\a]ey^hfb\k_lZdbg_kfheqZeZ
Dhg_qghlumgZkl_i_jvijb[eb`_gZd]hkih^Zfebqghc]hjgbqghcaZ^_eZeZkv_^dh
ijh[mjqZeZwlZ\j_^gZy`_gsbgZ
�Z]^_lZffZlmrdZgZqZeZijbqblZlvWevaZihfgyqlhfZ]bkljmgmgbdZdg_evayh[jZa
ihjlblvhgZ`_g_djhfZglfZ]bkljKf_jlbdZdbfyfh_magZeZlZd\jZ[kl\h\ayeZl_i_jvg_l
fg_oh^mhlg__ijh]h\hjb\wlhaZdjueZebphjmdZfbbklZeZqmlvih^\u\Zlvbfblbjmyke_au
DmoZjdZjZkl_jyeZkv^_\qhgdmh[gyeZiulZykvml_rblv
�Z\gh[uehaZf_lghqlhgZjh^[hevr_`Ze__lky\gufh[e_]q_gb_fqlhwlZ[_^ZdhkgmeZkvg_l_[y
^Zbih^jh[ghklb\u\hjZqb\Z_lhlbk_cqZk\k_gZoh^ysb_kygZdmog_jbgmebkvml_rZlvky\guf
h[e_]q_gb_fqlh[_^ZijbreZg_dl_[_Zd^jm]hfm;eZ]h^ZjywlhfmWevam\dmkghihdhjfbebb
^Zeb\k_^eyfZ]bkljZqlh[uaeh^_xdZg_a\_jkl\h\ZeZ
Bgbdhfmg_h[yaZl_evghagZlvqlhfZ]bkljihfh]eZlZf]^_hldZaZeky^Z`_e_dZjvfheh^hcb
djZkb\ucdhlhjucaZk\hxihfhsv\ayekZfh_p_ggh_m^_\mrdb__g_\bgghklvbimklv]h\hjbe
qlh`_gblkyghh[fZgmeihihevah\Zeb^Z`_fZl_jbg_ihfh]WevaZfh]eZ[ukdZaZlvqlh[ueZ
^mjhcghiheh`ZjmdmgZk_j^p_hgZkZfZk_[_ijbagZ\ZeZkvqlh_keb[u\k_hiylvlZdkemqbehkv
hgZ\k_jZ\ghjbkdgmeZ[ujZ^bfZl_jb_^vqlhfuaZk_fvy_kebjZ^b[ebadh]hg_]hlh\u
�`_jl\h\Zlv:hgZ`_jl\h\ZeZg_lhevdhjZ^bfZl_jbghbfeZ^rboZbg_klhbl\jZlvhgZ
\ex[beZkv\^hdlhjZb`_jl\hcwlhg_[uehijhklh]emihklv\ex[e_gghc^mjhqdb
IjZ\^mfZl_jbhgZgbdh]^Zg_kdZ`_lijhklhaZfm`g_ihc^_lb\k_\hlfh`_lijbfZ]bklj_
fZ]ZZfZ]k\hxkbemghkljZrgh[uehb^lbkijhkv[hcdg_djhfZglmghhgZihfh]eZ
_^bgkl\_ggZyihfh]eZlZdqlhl_i_jvjZ^bg__WevaZihklZjZ_lky?kebgZ^hhgZ[m^_ldjh\Z\u_
ih^jh[ghklbgZdZ`^hfm]emjZkkdZau\Zlvqlh[uh[_ahiZkblvk\hxohaycdmwlhffbj_]^_
]eZ\_gkl\m_lkbeZ^_fhgh\bkeZ[u_^he]hg_`b\mlb__h[jZakljZrgucih^^_j`Zlvgm`gh

Dh]^Zy\ureZba\ZgghcgZklhe_m`_klhyeZbqmlv^ufbeZkvqZrdZdhn_klhgdbfbijyguf
ZjhfZlhfhj]ZgbafkjZ[hlZekZfhklhyl_evghYfhf_glZevghhdZaZeZkvjy^hf[ukljhijh\_eZ
jmdhcijh\_jyygZebqb_g_`_eZl_evguoijbf_k_cb[ukljhk^_eZeZ]ehlhdFffffdZdh_
�[eZ`_gkl\hZydhn_cgucgZjdhfZgbfg_g_klu^gh\hlgbdZi_evdbM`_ihlhfyaZf_lbeZb
[mehqdmkdhjbp_cbybqgbpmb^Z`_kZeZlghf_gybgl_j_kh\Zelhevdhdhn_hldh]^Z[ueZ
\uiblZi_j\ZyqZrdZbyhsmlbeZk_[y`b\hclh]^Zm`_[he__\gbfZl_evghijbkfhlj_eZkvd
hklZevghc_^_bkjZamj_rbeZij_^mij_^blvWevamhk\hboij_^ihql_gbyo
Yg__fkmljZgbq_]h`Zj_gh]hbkdexq_gb_lhevdh[ebgu:\hlkZeZlbdbb\ui_qdmbeb
[ml_j[jh^uhq_gvm\Z`ZxmqlbgZ[m^ms__AZdhn_kiZkb[hhq_gv\dmkghDZdex[hcgZjdhfZg
yjZa[bjZxkv\h[t_dl_k\h_ckljZklbbq_klghohqm\ZfkdZaZlvk\Zjblv\dmkgucdhn_fh`_l
^Ze_dhg_dZ`^uc
G_l\fhf_gldh]^Zhj]Zgbaflj_[m_laZijZ\blvkyih^hc^_lbihcehkdhn_cguf\dmkhfgh
m^h\hevkl\byijbwlhfgbdZdh]hA^_kv`_qm\kl\h\ZeZkvjmdZfZkl_jZ
Wlhihfhsgbdih\ZjZJh[hghlebqgh\ZjblwlhlgZiblhd]h\hjbldh]^Zlh`be\X`ghf
wfbjZl_blZfgZmqbekyy^Z`_aZ`fmjbeZkvX`gucwfbjZlwlhk_j^p_wlhc=jZgbbdhn_lZf
\her_[guc
K\Zj_gguc\i_kd_gZm]eyokjZagufbijbf_kyfbki_pbcfmkdZldhjbpZdjZkguci_j_pLhevdh
lZfyijh[h\ZeZdhn_dhlhjuch^gh\j_f_gghb]hjvdbcghijbwlhfkhkeZ^dbfihke_\dmkb_f^Z
wlhhj]Zaf^ey]mjfZgZ
Yg_[m^mijhlb\_kebwlhlJh[b^Zevr_[m^_l]hlh\blvfhcdhn_bgZf_dgbqlhfg_gjZ\ylky
wdki_jbf_gluX`gh]hwfbjZlZ^Zyg_dhgk_j\Zlhjg_ex[exlhevdhdh]^Zdhn_jZa[Z\eyxl
fhehdhfbebkeb\dZfblhevdhqbklucZ\hklZevghfyhldjulZdwdki_jbf_glZfY\u^Zfl_[_
kmffmkdhlhjhclu[m^_rv\u^Z\ZlvqZ_\u_jZam`\oh^kx^ZaZdjul\k_fdjhf_l_[yybkdhkZ
\a]eygmeZgZ^_\mrdmklhysmxk[hdmhlf_gybih__iehlghk`Zluf]m[ZfklZehykghqZ_\u_
m\b^yllhevdhl_dlhhq_gvaZkem`bl
K\h_^hihegbl_evgh_`Zeh\Zgb_lulZd`_\havf_rvhllm^ZghhnbpbZevghyij_^mij_`m
fZ`hj^hfZqlhaZ[jZeZl_[ydk_[_\]hjgbqgu__s_h^bg]ehlhddhn_byijbgyeZkvaZkZeZlb
g_gZ^h]h\hjblvqlh\k_ghjfZevgu_gZqbgZxlk_^uZihlhfaZib\Zxldhn_yghjfZevghc
gbdh]^Zg_[ueZ
�WevaZk^_eZeZe_]dbcdgbdk_gkdehgb\]heh\mqlh[uyg_jZkkfhlj_eZaZ[e_kl_\rbo]eZaZba
ihkm^hfhcdb\]hjgbqgu_^ey^\hjpZwlhk_jv_agucrZ]h[uqgh_kebkjZamhij_^_ebeb\
ihkm^hfhcdblhlZdb[m^_rviZoZlv
Dh]^Zym`_^hib\ZeZ\lhjmxqZrdmdhn_\^\_jvihklmqZebWevaZp_j[_jhff_lgmeZkvhldjulv
^\_jvaZf_j_\gZk_dmg^mi_j_^g_cb^h`^Z\rbkvfh_]hdb\dZGZihjh]_klhyefm`qbgZ
ij_dehggh]h\hajZklZghkZ[khexlghjh\ghckibghcbh]jhfguf^hklhbgkl\hfLZdhc\uijZ\dhc
\k_[_g_kdhevdhijhn_kkbc
Yfbkl_jD\bdebfZ`hj^hf_]hbfi_jZlhjkdh]h\_ebq_kl\Zfh]mebyihbgl_j_kh\Zlvky\k_eb
\ZkmkljZb\Z_l]hkih`Z:dmebgZ
FZ]bkljZ\lhfZlbq_kdbihijZ\beZbkjZamj_rbeZ\u^ZlvgZ_]h]heh\mk\hbaZ[hluFbkl_j
D\bdeb\q_jZfg_g_ij_^hklZ\bebebqgmx]hjgbqgmxZy[ueZkebrdhfmklZ\r_cqlh[u`^Zlv
ghfg_ihfh]eZWevaZihwlhfmyohqmqlh[u__\ij_^vaZdj_ibebaZfghcWlh\hafh`gh"^Z
\hijhkqbklhc\h^unhjfZevghklvijhy\e_gb_\_`eb\hklb\k_lZdb\qm`hf^hf_
�Zdhg_qgh[ukljuc\a]ey^gZWevambhgqmlvaZf_lghfhjsblkybgl_j_kghkq_]h[uwlh
_keb\ug_ijhlb\imklv^_\mrdZk_cqZkijhc^_lbi_j_h^_g_lky\nhjfm]hjgbqghcygZijy]eZkv
G_agZxihq_fmghbglmbpbys_edZeZqlhlhg_lZd
Dhg_qghlhevdhym`_^ZeZaZ^Zgb_^_\mrd_ihwlhfmhgZ_]h\uihegblbkjZamijb^_lKiZkb[h
\ZfaZ\gbfZl_evghklvyfbehmeu[gmeZkvWevaZb^bjZa[bjZckyk\_sZfb^_\mrdZ
hdZaZeZkvkhh[jZabl_evghcb[ukljhf_lgmeZkv\dhfgZlmg_\udZaZ\b\a]ey^hfqlhhgZg_\dmjk_
hq_fj_qv
Djhgijbgpijhkbei_j_^Zlvqlh[u\uihke_aZ\ljZdZaZrebdg_fm\dZ[bg_l_kebwlh\hafh`gh
^_ckl\bl_evghg_ihclbdjZ[hlh^Zl_exhq_gvkf_rgh
KiZkb[hyh[yaZl_evghaZc^mbijh^he`ZxfZe_gvdbfb]ehldZfbiblvdhn_jZkly]b\Zy\j_fy
Zkijh\h^blv"bihq_fmhglZdgZ\yaqb\"Qlhlhlmlg_lZdyijbsmjbeZkvbihkfhlj_eZgZ
fZ`hj^hfZ\fZ]bq_kdhfaj_gbbZ]ZiZjhqdZfhsguoZfme_lh\h^bgy\ghf_glZevguc^_fhgb^Z
mg_]hg_obeucdbg`ZelZdbk\_lblkyy\ghZjl_nZdl
YlZdihgbfZx\uohlbl_fg_qlhlhkhh[sblvjZaij_^eZ]Z_l_k_[y\jhebkhijh\h`^Zxs_]h"
hgdb\gmeLh]^Zk_cqZkyijb\_^mk_[y\ihjy^hd\uih^h`^_l_bebih^hc^_l_iha`_"
Ih^h`^mbgl_j_kghmg_]hqlhjZ[hlug_l"Gh\kemoygbq_]hg_kdZaZeZlhevdhdb\gmeZ
AZ^\_jvxy[ukljhih^hreZd^_\mrd_dhlhjZy[ueZ\kygZijy`_gZghqlhohjhrhieZlv_fh_m`_
e_`ZehjZaeh`_ggh_gZdjh\ZlbHl__ihiuldbihfhqvyhlfZogmeZkv\k_]^ZkZfZh^_\ZeZkvb
k_cqZk[m^mkZfZafZojmdbbdhfgZlmgZdjuedmihelbrbguhgmf_gyg_[hevrhcdkh`Ze_gbx
ihemqZ_lkyghgZgZk^\hboo\Zlbl
KlZg^Zjlgmxdeyl\m\_jghklbkihegufg_jZa]eZr_gb_fdeyl\mihke_hdhgqZgbyjZ[hlugZf_gy
\_jgmg_jZa]eZr_gb_ih`bag_gghb^_\mrdZg_aZ^mfu\Zykv[ukljhijhbag_keZklZg^Zjlgu_
keh\Zdeyl\udhlhju_yih^l\_j^beZfZ]bq_kdb^h[Z\b\qlhijbgbfZxgZk_[yh[yaZl_evkl\Z
aZsbsZlvbh[_j_]Zlvk\h_]hjZ[hlgbdZ
Lhevdh]emipug_ihgbfZxlqlhkZfh_p_ggh_wlhdZ^juZijbgpbilhevdhihlj_[e_gbyfg_
gbdh]^Zg_gjZ\bekyjZ[hlZlv^he`gug_ihijbgm`^_gbxZih`_eZgbxB\hllhqlhWevaZkjZam
\u^ZeZdeyl\m]h\hjblhlhfqlhhgZjZ^ZgZf_gyjZ[hlZlvKljZggucq_eh\_d
GZlhqlh[uh^_lvkymf_gymrehfbgmliylv_s_iylvgZijbq_kdmbe_]dbcfZdby`by]hlh\Z
�Zybal_o`_gsbgdhlhju_kiyl^hihke_^g_]hZagZqblmf_xlijb\h^blvk_[y\ihjy^hdaZ
j_dhj^ghdhjhldb_kjhdb
uc^ybadhfgZluyhlimklbeZWevami_j_h^_\ZlvkybgZihfgbeZhihjmq_gbbhgZihdehgbeZkvb
mfqZeZkvZfukfbkl_jhfD\bdebihrebddZ[bg_lmdjhgijbgpZ
�Z\gh\ukem`bl_"gZqZeZy\_`eb\uc^bZeh]
khe^ZlhfZy\jh^_dZdkijZrb\ZeZhl_dms_cjZ[hl_
:a^_kv^Z\ghjZ[hlZ_l_"gZb\ghklvg_h^gh]hfm`bdZjZkdZeu\ZeZ\fhxgZb\ghklv\_jblkyk
ljm^hfghb]jZlvfh`ghex[mxjhev
FZ`hj^hfihfjZqg_e\b^bfhihgyeqlhg_agZqbl_evghijhdhehekyghbkijZ\eylvkybl_fkZfuf
ih^l\_j`^Zlvqlhlhg_klZe^h[Z\behiylvlZdbeZdhgbqgh
kx`bagv
:`bagvm^_fhgZ^ebggZy\uylZdihgbfZxijbkmlkl\m_l_\`bagbbfi_jZlhjkdhck_fvbdjZcg_
^Z\ghZagZqbl\b^_eblhhq_f^jm]b_bg_\dmjk_Fm`qbgZ[jhkbegZf_gy[ukljuc\a]ey^gh
hijh\_j]Zlvbebih^l\_j`^Zlvg_klZeblhohjhrhu\b^_eb\k_hl[hjug_\_klb\k_m[bckl\Z
b\Zkihex[hfm^hijZrb\Zebhgg_ihdZaZefbfbdhcgbq_]hghyihqm\kl\h\ZeZqlhhg
aehjZ^kl\m_lqlhyhrb[eZkvbkjZam`_baf_gbeZij_^iheh`_gb_beb`_\ujZ[hlZ_l_gZl_odlh
^he`_g[ue^hijZrb\Zlvb\hagbdZ_l\hijhkdZdfg_hagZdhfblvkykhlq_lZfb"
YaZfheqZeZ^Z\Zy_fm\hafh`ghklvj_rblvqlhbdZdfg_]h\hjblvjy^ebhg_s_g_
ijhdhgkmevlbjh\Zekykhk\hbfgZqZevkl\hf_keb[umg_]hg_[uehbgkljmdpbchg[udhfg_kZf
g_kmgmekyZagZqblk_cqZkfg_khh[sZlqlhlh\Z`gh_
Ihke_ihk_s_gbydZ[bg_lZdjhgijbgpZyfh]mijh\_klb\Zk\dZ[bg_lhgaZigmekyfh_]h
gZqZevkl\Zk_bgl_j_kg__bbgl_j_kg__
LmlqlhdZ`^Zykh[ZdZ\dmjk_qlhyg_\_klhcjZ[hlZx"
H[yaZl_evghex[exagZdhfblvkykg_hj^bgZjgufbebqghklyfbufg_ohl_ebqlhlhkhh[sblv"
Lhevdhlhqlhfg_\_e_ebhdZau\Zlv\Zfihkbevgmxihfhsv\hj]ZgbaZpbhgguofhf_glZo\ZfgZ
^ZgghfwlZi_qlhlhgm`gh"
�ZkjZam\u^ZeZfg_gm`ghihagZdhfblvkyg_nhjfZevghkg_\_klZfbFm`qbgZaZ^mfZeky
ghywlhlfhf_glm`_ijh^mfu\ZeZihwlhfmihki_rbeZih^_eblvkykhh[jZ`_gbyfbg_\_klgm`gh
kh[jZlv\h^ghc]hklbghcgZijbf_j^eyijhoh`^_gbyl_klZbhl\_lh\gZ\hijhkudhlhju_ydh[u
jZajZ[hlZeijbgpqlh[uemqr_magZlv^_\mr_d
lhfdjue_]^_\Zkihk_ebeb_klvh^gZ]hklbgZyhgZ^hklZlhqgh\f_klbl_evgZ^\_jbgZijhlb\
\ZrboIh^hc^_l"
�Zlh]^ZdZdy\uc^mhl\k_oaZbgl_j_kh\Zgguo\lhfqlh[ukhfghcih]h\hjblvih`ZemcklZ
hj]Zgbamcl_wlhf_jhijbylb_
:l_klu"yaZ^mfZeZkvbkjZamijbrehj_r_gb_YklhevdhjZal_klbjh\ZeZi_j\ucdmjkb
klZjrb_gZ\uy\e_gb_ijbkljZklbcbhldehg_gbcwlhlj_[h\Zgb_ihi_^Z]h]bd_lZdqlhwlbl_klu
ij_djZkghih^hc^mlblmlbZgd_lumf_gy[ueb
L_klumf_gy_klvy\u^Zf\Zfboi_j_^gZqZehfhlbj_rbebgZrb\hijhkuaZh^gh^hc^y^h
^\_j_cdZ[bg_lZijbgpZFZ`hj^hfh[ty\behfh_fijb[ulbbbf_gyijb]eZkbeb\gmljv
�DZ[bg_lgZi_j\uc\a]ey^fg_ihgjZ\bekykljh]hbihfm`kdbgZkljZb\Z_lgZjZ[hlmZblhl
nZdlqlhlmlfgh]h^hdmf_glh\biZihdihdZau\Z_lqlha^_kv^_ckl\bl_evghjZ[hlZxlZg_
kha^Zxl\b^bfhklv
Djhgijbgpijbfh_fihy\e_gbb\klZeh[hr_eklhebkdehgb\rbkvdfh_cjmd_g_`ghihp_eh\Ze
LZZZZdijb_oZebHsms_gbydhg_qgh[_amfghijbylgu_\jh^_beZkdZfbfhoh^hf^Zqlhm`
^Z`_g_eZkdZZh[hagZq_gb_\_`eb\h]hijb\_lkl\byZf_gyijh[jZehhlYgdZfubijb_oZeb
gZ[jhkblvkyGh\k_wlhl\hjbehkvmf_gy\]heh\_\g_rg_y\jh^_dZdhklZ\ZeZkvkihdhcgZ
Dexq_\h_keh\h\jh^_g_agZxqlhhgjZkkfhlj_edh]^Zijbihp_em_fg_\]eZaZkfhlj_egh
hklZeky^h\he_g
K_cqZkhgf_gykh[eZagylvijh^he`blby_]hbagZkbemxG_l\k_Ahf[bdeZ^[bs_ojZfehiZlZ
\k_\oeZfkh[jZeZkvJZ[hlZij_\ur_\k_]hHgohlvfm`qbgZb\b^gucgh\hlaZq_ffg_p_eZy
bfi_jbyblZdhc]_fhjjhcDZdlhevdhih^mfZeZh[bfi_jZlhjkl\_kjZamkdjb\beZkvbhgaZf_lbe
gZofmjbeky:y\h\kxijh^he`ZeZaZf_gylvdZjlbgdbbakiZevgb]^_ijbgp\]eZ\ghcjhebgZ
dZjlbgdb]^_y\ihl_ebpZiZrmg_hklZgZ\eb\ZykvgZ[eZ]h]hkm^Zjkl\Z\hlm`_aZdhiZeZkv\
[mfZ]ZodZdh]hgb[m^v[eZ]hl\hjbl_evgh]hnhg^Z\hlygZ[ZemqZkZfblhjqmk_ihimklbeh
OhjhrhlhdZdklZeh
Mf_gyd\Zfij_^eh`_gb_by^Z`_kf_xgZ^_ylvkyqlh\ZfhghihgjZ\blkyj_rbe\k_lZdb
gZqZlv]h\hjblvwlhljZkkZ^gbdl_klhkl_jhgZB[md\Zevghg_kdhevdhf]gh\_gbcgZaZ^y[ue
m\_j_gqlhihemqmiheh`bl_evguchl\_l_s_[uy`_m`_klh[hc\k_k^_eZeZbfg_^Z`_
ihgjZ\behkvghl_i_jvkhfg_\ZxkvM\Zkhq_gv`b\u_]eZaZZ\hlebphf\u\eZ^__l_gZmjh\g_
Gh\k_`_yk^_eZxk\h_ij_^eh`_gb_FZ]bkljyohqmqlh[u\uhnbpbZevghklZebfh_cg_\_klhc
[_a\k_]hwlh]h\u[hjZ
hlq_klghy^mfZeZkh\_jr_gghh^jm]hfqlhhgihijhkblijh\_klbjblmZebeb_s_qlhlhZhg
f_gy\g_\_kluhnbpbZevghohq_lLhqghikboFm`bd\k_fv_ikbohf^he`_g[ulvdlhlhh^gZ
\uq_jdb\Z_f
:dZd`_^_\mrdbijb_oZ\rb_gZ\u[hj"yihiulZeZkv]h\hjblvkihdhcghghf_gywlh
ih^dZrb\Z_l
GZ[Zemyh[ty\exqlh\u[jZe\ZkZhgb[m^mlfhbfb]hklvyfbB\hllmlyh[haebeZkv
Lh_klv^_\mr_d`ZedhZf_gyg_l"fm`bdfh_ceh]bdbg_ihgyeghf_gywlhm`_g_
hklZgZ\eb\Zehug_aZ[uebijhhohlmgZ^_\mr_d"IjhlhqlhykjZamklZgmfbr_gvx^ZblZdhc
fZe_gvdbcimgdldZdlhqlhylmljZ[hlZx^Z`_kdhgljZdlhfbygbdZdg_\ZrZg_\_klZ\Zkg_
hklZgZ\eb\Z_l"
FZ]bklj\hi_j\uoym\_j_gqlhk\Zfbbf[m^_lkeh`ghkijZ\blvky\hllZdbjmrblkyh[jZa
ij_djZkgh]hijbgpZlu[Z[ZkbevgZykZfZkijZ\brvky\h\lhjuo\Zk[m^mlhojZgylvZ]Zm`_
^hhojZgyebkvqlhg_djhfZglihgZ^h[beky:\lj_lvbo\ufg_ihgjZ\bebkvZwlhkh\k_fiehoh
k\ex[e_gguffm`bdhfdZdkl_jjhjbklhfi_j_]h\hju\_klbg_evay\f_gy_fhklbghev
Zr_\ukhq_kl\hkiZkb[hdhg_qghfg_e_klghihemqbehkvklZdhcbglhgZpb_cdZd[m^lhy_fm
ij_l_gabb\uklZ\eyxghylmlgZjZ[hl_bebqgh_kjZ[hlhcg_f_rZxihwlhfm^Z\Zcl_h]h\hjbf
g_kdhevdhfhf_glh\hg[ueg_^h\he_gbg_ohl_ehklZ\eylvaZfghcihke_^g__keh\h
Y^Zf\Zf\j_fyh[^mfZlvfh_ij_^eh`_gb_^hm`bgZ\q_klvijb[ulbyg_\_klbyhq_gvhglZd
\u^_ebewlhkeh\hqlhklZehihgylgh[m^_lm]jh`ZlvgZ^_xkv\ukdZ`_l_fg_^Z:]Z
jZa^_gvkyb`^b^_fhgu\i_j_^b
F_gylZdbih^fu\ZehjZkkdZaZlv_fmqlhwlbGZ^b^hogmlihke_^gbfbghy\_`eb\Zy
gZlj_gbjh\ZeZkvaZ]h^ujZ[hlu^Z`_\fhf_gludh]^Z\u\_eb[ulvdhjj_dlghchlbk_cqZky
db\gmeZqlhmkeurZeZijhhlkjhqdm^h\_q_jZbijh^he`beZmagZ\ZlvbgnhjfZpbxdhlhjmx^ey
f_gy^he`gu[uebih^]hlh\blv
^hdmf_gluq_j_aW^\bgZghijbgpm\b^g__Hgf_gy_s_ihiulZekym]hklblvqZ_fohlv[u
ijbkljZklbymagZeghy\_kdhhldZaZeZkvbk[_`ZeZFg__s_ij_^klhbl\dZ[bg_ldaZ]Z^hqghfm
gZqZevkl\mfZ`hj^hfZkoh^blv
DZ[bg_l\dhlhjucfg_[uehgm`ghgZoh^beky\^jm]hfdhgp_dhjb^hjZIjhc^yqmlvaZ^_j`ZeZkv
i_j_^^\_jvx\dZ[bg_l_gZih\ur_gguolhgZodlhlhZdlb\gh^bkimlbjh\ZeohlvbkeurZeZyihdZ
lhevdh`_gkdbc]hehkhlbdZd[ulvfh`_lmclbZlh\jh^_dZdg_m^h[gh"Gh\k_j_rbehkv\g_
fh_]h`_eZgby^\_jvj_adhjZkiZogmeZkvbdhfg_gZ\klj_qm\ue_l_ehij_djZkgh_kha^Zgb_
�_\mrdZ[ueZ\ur_f_gygZ]heh\mghijbwlhflhg_gvdZykljhcgZykdhighcjmkuodm^jyr_db
h]jhfgufba_e_gufb]eZaZfbk_cqZkk_j^blhkm`_ggufb
hl\uaZfm`ohlbl_"kgZihjhfkijhkbehmf_gywlhkha^Zgb_?s_baZjmdmko\ZlbeZ\b^bfh
qlh[uyhlhl\_lZg_k[_`ZeZ
G_lq_klghbdjZldhbg_\Z`ghqlhaZdZ`^uf`_gkdbfg_ldmqZ^Z
:\u^Zxl"
J_]meyjghly`_eh\a^hogmeZljm^gh[ulv_^bgkl\_gghcg_aZfm`g_c\k_fv_klZdbf
dhebq_kl\hfjh^kl\_ggbdh\dZd`b\uolZdb^Z\ghihqb\rbo
BdZd"kgZ^_`^hcmlhqgbeZhgZ
;_aj_amevlZlgh_k_ehmeu[gmeZkvgZrg_kmjZaguc^bZeh]f_gy\_k_ebe^Zb^_\mrdZ
\uau\ZeZihablb\gu_wfhpbbGZ^_xkvi_j\h_\i_qZle_gb_g_h[fZgqb\h
Fheh^_pYlh`_lZdohqmh[ebqbl_evgh\udjbdgmeZhgZlhfmdlhgZoh^beky\dZ[bg_l_mg__
aZkibghcy_s_gbdh]hg_\b^_eZfg_^_\mrdZ\_kv\b^aZ]hjh^beZ
bdZlukgZqZeZmlhqgbd_fy\ey_lky^_\mrdZdhlhjmxluko\ZlbeZaZjmdmihlhfmagZcdZd
^Z\ghhgZ[_]Z_lhlk\Z^v[ub\dhgp_mlhqgbdlhhgZ\wlhf^\hjp_Ihkh\_lh\Zeg_ba\_klguc
=hehk_]h[ue]em[hdbcbqmlvmklZ\rbc\b^bfhmlhfbeZ^_\mrdZ_]h^ZbkihjgZ\_jgh_g_
i_j\ucjZa\_^ml
HgZj_adhih\_jgmeZkvdhfg_\a]ey^hflj_[myhl\_lZFg_g_`Zedhj_rbeZhl\_lblv
FZ]bkljKf_jlbYgZ:dmebgZ\hajZklhimklbfy\k_lZdb`_gsbgZdhd_leb\hmeu[gmeZkv:
a^_kvyihjZ[hl_ihlhfk^_eZeZiZmamj_rZydZdwlhkdZaZlvghg_ijb^mfZeZihwlhfm\u^ZeZ
q_klghihjZ[hl_g_\_klhcijbgpZjmdZ^hkboihjm^_j`b\ZxsZyf_gyhimklbeZkvbhgZ^Z`_
rZ]gZaZ^k^_eZeZ
h\k_]eZaZf_gybamqZy
G_fh`_l[ulvlbohibkdgmeZihlhf\__]eZaZoihy\bekyrZevghc[e_kdK_kljZmfj_lhl
aZ\bklbf_gyah\mlbdZbyijb]eZrZx\Zkdk_[_\]hklb\u\_^vijb^_l_"bklhevdhgZ^_`^u
qlhygZijy]eZkvihlhf\gbfZl_evghijbkfhlj_eZkvd^_\mrd_baZf_lbeZkoh^kl\hkijbgp_f:g_
feZ^rZyebijbgp_kkZwlhkemqZcgh"
KiZkb[haZijb]eZr_gb_h[_sZlvbeb`_kjZamjZkkljZb\Zlvijbgp_kkmyg_klZeZgh_cbg_^h
wlh]h[uehhgZjZ^hklghaZmeu[ZeZkv
WlhhlebqghlZdfh`_l[ulvk_]h^gy\_q_jhf"
bdZfZ]bkljk_]h^gyaZgylZbhgZdZdlukeurZeZlmlgZjZ[hl_g_\_klhcg_gZibjZcgZg__
lZjZghf^_\mrdZg_aZ\bkbfh^_jgmeZie_qbdhfghgZklZb\Zlvg_klZeZ
Ghmoh^y\k_lZdb\u^ZeZ
hlgZm`bg_bihagZdhfbrvkykh\k_fb_]hg_\_klZfbaZh^ghbk_kljmijb\_^_rv
[_aZi_eeypbhggh\u^ZewlhlihdZg_ba\_klgucbm`_dhfg_h[jZlbekyfZ]bkljijhoh^bl_bdZ
b^bkgZ`bfhfihijhkbehgijbgp_kkmBhgZ]hj^hg_h[hjZqb\ZykvmfqZeZkvZygZdhg_p
m\b^_eZ]h\hjb\r_]h
Hg[ue\ukhddZdb\k_^_fhgughqmlv[he__lhgdh\Zlg_lZdhcfhsgucbh]jhfgucdZdijbgp
ghkoh^kl\hhij_^_e_gghijhkfZljb\Z_lkyohlvb^Ze_dh_gh[hevr_\k_]hf_gyihjZabeb_]h
]hem[u_]eZaZOhlyhg\_kv[jhkZ_lky\]eZaZdZdbflhg_khhl\_lkl\b_fklZg^ZjlZf^_fhgh\b
djZkhludZdlZdh\hclZfg_[uehgh[ueZfhsgZywg_j]byboZjbafZgZ\_jgh_YaZreZ\dZ[bg_l
[he__ih^jh[ghbamqZy_]hhlg_aZf_lgZygZi_j\uc\a]ey^k_^bgZgZ\bkdZo\]mkluoq_jguo
\hehkZodhjhldhih^kljb`_gguomjm[ZrdbjZkkl_]gmlui_j\u_im]h\bpub\jZaj_a_\b^gh
�fhsgmxr_xkaZ]hj_ehcdh`_cZfm`bdg_djZkZ\_pgh`_gsbgy^mfZxmg_]hfgh]hhq_gv
fgh]hhgdZdkfhljbldZdgZlh\Zjkhp_gdhc^Zbk_[_p_gmagZ_l\dmjk_qlhgjZ\blky
�`_gsbgZfYkghhq_j_^ghcfZqhgZfhx]heh\mihq_fmgZfhx"Zihlhfmqlh_kebhglml
gZqZevgbdb\kybgnhjfZpbyihm[bckl\Zfmg_]hlhgZfjZ[hlZlv\f_kl_
Qlheb[hkijZrb\Zlvmg_]hg_klZeZih^h`^mimklvkZfaZ]h\hjblZlhy^Z`_bfyg_magZeZ
Hq_gvmfghkfh_cklhjhguqlhlhy\wlhfijbklZgbs_l_klhkl_jhgZ]emi_xgZ]eZaZo
Fg_gb_m`_khklZ\beb"db\gmeZih^_ebl_kv"qmlvihfhjsbeZkvykghg_e_klgh_Hg
�ijh\hdZpbhgghmeu[gmekyby_e_k^_j`ZeZkvqlh[ug_meu[gmlvky\hl\_laZfZgb\Z_lZ\Zcl_
�agZdhfblvkyf_gyah\mlJbdZgZgd_gBdZd\ugZ\_jghm`_^h]Z^Zebkvy\ha]eZ\eyx\kx
ijZ\hhojZgbl_evgmxkljmdlmjmgZr_cBfi_jbbhgfbehmeu[gmekyJ_rbeZg_hlklZ\Zlvblh`_
meu[gmeZkv?kebhg^mfZeqlhbkim]Zxkv_]hihklZajy
Qlheb[h_s_kdZaZlvhgg_mki_e\dZ[bg_l\hj\Zekydjhgijbgp
��y^yIhdZdhfmijZ\mluih^ibkZe^h]h\hjkYghc"ghlmlijbgpm\b^_ef_gybaZfheqZeZy
lh`_m^b\e_gZihq_fmwlhhgf_gyihbf_gbgZau\Z_li_j_\_eZ\a]ey^gZohaybgZdZ[bg_lZbmf_gy
�gZebp_h]jhfgufb[md\Zfb[uehgZibkZghy^y"K_jv_agh"g_lfm`qbgZg_fheh^ghg_
gZklhevdh`_
H[t_dlfh_]h^bkkhgZgkZqmlvihfhjsbeky
Wjbdyijhkbeg_\ju\Zcky\fhcdZ[bg_lZkfZ]bkljhf:dmebghc[ueaZdexq_gklZg^Zjlguc
fZ]bq_kdbc^h]h\hjbeblukh[bjZeky\\_klb__\dmjk^_eZ[_aih^kljZoh\db"Wjbdy\gh[ueg_\
^mo_`_e\Zdboh^bebmg_]hgZkdmeZoghkemrZefheqZ
:imgdlijh^Z\e_gb_bklZlmk"aehijhp_^beihke_hgZyklZjZeZkvg_gZqZlvobobdZlvlZdwlh
fZevqbd[mrm_lihlhfmqlh_]hb]jmrdZkh\k_fg_b]jmrdZ
Wjbdluba^_\Z_rvky"m`_jZa^jZ`_gghkijhkbeJbdZgHgZfZ]bkljkijhkbmg__ijh
fZ]bq_kdb_^h]h\hjub__klZlmkkZfijbwlhfk_ebhldbgmekygZkibgdmdj_keZZyj_rbeZ
o\Zlblklhylvlh`_ihkb`mihdZhgbhlghr_gby\uykgyxlgh]bg_dZa_ggu_
IjhreZbk_eZgZklmei_j_^klhehfkeh`b\jmdbgZdhe_gyoijb\uqdblZdijhklhg_bkdhj_gblv
fg_[u_s_jmqdm\jmdbghwlhkh\k_fg_\l_fm
FZ]bkljWjbdqmlvijhdZreyeky\^h]h\hj_q_ldhh]h\hj_ghqlh\ug_y\ey_l_kvg_\_klhcgh
ijbgbfZ_l_gZk_[y\k_h[yaZl_evkl\Zhhgih^gye[mfZ]mdhlhjmx^hwlh]h^_j`Ze\jmdZobhgZ
hlwlh]hk_jv_aghihkljZ^ZeZbaZqblZeihfhsb\ihbkd_bkhojZg_gbb`bagbg_\_klu
aehmfure_ggbdh\:_s_\uf_gy_l_hieZlmbgZagZqZ_l_kjhdfh_]hh[jmq_gby=hehkijhklh^h
�[_ah[jZaby\_`eb\ghnbgZeqmlvihjudb\Z_l_fhgxdbhgbl_fi_jZf_glu
k_\_jghZr_ukhq_kl\hykZfZex[_aghklv
uijhibkZeb\^h]h\hj_qlhg_y\ey_l_kvfh_cg_\_klhc\hlb]eZ\gZyfukevhgm`_ihqlb
juqZegZf_gyZylZdh]hg_ex[exbg_l_jiex
Zr_ukhq_kl\hqlhbf_ggh\Zkm^b\ey_lhlkmlkl\b_mf_gyfZljbfhgbZevguoieZgh\
iheh`_gb_beblhlnZdlqlhyijhibkZeZ\hafh`ghklvaZsblblv\Zrmg_\_klmbihfhqv\Zf__
\u[jZlv"LZdbf_ggh^eywlh]h\Zfbihkh\_lh\Zebf_gygZgylvjZa\_g_l"ijbgpkh[bjZeky
\b^bfh\hajZablvghj_adhk^Zekyb_]h[ukljuc\a]ey^gZ^y^xq_ldh^Zeihgylvqvywlh[ueZ
b^_y
:y\hh[s_lhiZevp_f\g_[hludZeZghihiZeZ
Ijbgpgbq_]hg_hl\_lbeklhyek\_jebef_gy\a]ey^hfbfheqZeblZd`_fheqZ\ur_ebadZ[bg_lZ
oehigm\^\_jvxOhjhrhlZdoehigmelj_sbgZihreZZJbdZgkdjb\beky
BlZdfbehj^^Z\Zcl_h[km^bfih^jh[ghklbfh_]hgZagZq_gbyFg_gm`gZhnbpbZevgZy
^he`ghklvqlh[uyfh]eZh[sZlvkybijbkmlkl\h\ZlvgZ\k_of_jhijbylbyo\u[hjZg_\_klu
:jhevg_\_kluihb]jZlv\u\k_lZdbg_ohlbl_"hgqmlvkdehgbe]heh\mbamqZyf_gyWjbdm\u
y\ghihgjZ\bebkvlZdqlh_klv\k_rZgku^ZbklZlmkaZfZgqb\ucBkdmkbl_ev
Mjhebg_\_klu_klvg_^hklZldbwlh\hafh`ghklvklZlv`_ghcblhqlh^_\mrdb[m^ml
\hkijbgbfZlvf_gydZddhgdmj_gldmZwlh[m^_lf_rZlvjZ[hl_Ohly\g_dhlhjuokemqZyowlh[u
mijhklbeh`bagvghfug_bs_fe_]dboiml_clZdqlhfh`_l\uf_gybodmjZlhjhfgZagZqbl_"
DmjZlhj]jmiiug_\_kl"hgihkfZdh\Zewlhkeh\hkhq_lZgb_bhq_gv\_k_ehmeu[gmekyfg_
gjZ\blkydmjZlhjijbgbfZcl_]jmiimY^h\hevghdb\gmeZghlZd[ukljhhghlf_gyg_
hl^_eZ_lky
L_i_jvqlhdZkZ_lkyij_^u^msbohl[hjh\bkf_jl_cgZgboFg_gm`guhlq_lubih^jh[ghklb
_keb[uehqlhlhqlh\ug_\g_keb\hlq_ljZkkdZ`bl_lZdyaZ^mfZeZkv\kihfbgZy\k_lhqlh
fg_[uehgm`ghbqlhklZehkl_eZfb`_jl\"
B\hllmlfm`qbgZihdZaZek_[yhghq_gv[ukljhbih^_eh\hfm\u^Zefg_hlq_luhgby\gh`^Zeb
k\h_]hqZkZihq_fmlhevdhkZfg_ij_^eh`beohl_eihkfhlj_lvqlhbf_gghyaZijhrm"LZdy_keb
qlhaZ[ueZ_s_ijb^mh[yaZl_evghyg_e_gb\Zy
Hlq_lufg_\u^ZebgZdjbklZeeZoghijhkfZljb\Zlvboy[m^mmk_[yZk_cqZkihkemrZ_f
GZ^Zggucfhf_gl[ueh^\Zhl[hjZwlhlj_lbcbhgihke_^gbclZdij_^ibku\ZxlljZ^bpbb
[hevr_g_^himkdZ_lky:agZqbl_kebijbgpg_\u[_j_lk_[_g_\_klmbeb`_kg_cqlhlhkemqblky
hg[m^_lh[yaZggZibkZlvhlj_q_gb_hlij_klheZlZddZdg_fh`_lijh^he`blv^bgZklbx^Z
[ZklZj^umgZkijZ\blvg_fh]mllhevdh^_lb\[jZd_wlhhkh[_gghklv^_fhgh\
:qlh[m^_l_kebqlhlhkemqblkykijbgp_f"ehj^qmlvaZ^mfZekykfhljydZdlhihgh\hfmgh
gZ\hijhkhl\_lbe
IjZ\blv[m^_llZbaijbgp_kkdlhjZgvr_\uc^_laZfm`^Zbg_kZfZijbgp_kkZ[m^_lijZ\blvZ
__fm`ihdZ__kugg_klZg_lkh\_jr_gghe_lgbfZkwlh]hfhf_glZijZ\bl_e_f[m^_lm`_wlhl
j_[_ghd?klvijZ\^Z_s_\ZjbZglqlhBfi_jZlhjhiylv`_gblkybmg_]hjh^blkykuglh]^Zhg
klZg_lhnbpbZevghgZke_^gbdhf
\k_wlhlh`_m\b^_ebijhkqblZel_i_jvkju\\u[hjZg_\_klukfhljblkykh\k_fih^jm]hfm
:_klvij_^ihkuedbqlhBfi_jZlhjfh`_l`_gblvky"ZddmjZlghmlhqgbeZZlh\^jm]j_rblqlh
e_am\ebqgmx`bagvjmdh\h^bl_eyb[m^_lfg_ZlZlZ
?keb\ulZdlhgdhmlhqgy_l_ijhex[h\gbpmlhhgZmBfi_jZlhjZihklhyggZybhq_gv^Z\ghgh
\hijhkhk\Z^v[_gbjZamg_ih^gbfZeky
G_klZeZ]h\hjblvqlh_keb`_gsbgZlZd^Z\ghkfm`bdhfbijbwlhfhgZkZfZg_aZfm`_flhhgZ
_]hihex[hfm\hkijbgbfZ_ldZd[m^ms_]hfm`Zwlhikboheh]by\k_o`_gsbgk\h_fiZjlg_j_
\b^_lv[m^ms_]hkimlgbdZ`bagbwlhbgklbgdlu
Ex[h\gbpmijh\_jyeb"[m^m\eh[mlhqgylv
HgZ^jm]k_fvbemqrZyih^jm]ZihdhcghcBfi_jZljbpub\hllhdZdqmlv^jh]gme]hehky
ihgyeZqlhBfi_jZljbpZ^eyg_]hhq_gvfgh]hagZqbeZLZdqlhfulZfagZ_fihk_f_cguf
hlghr_gbyf\k_f_cd_":gbq_]hGZ^hk_[_ihf_ldmk^_eZlvmagZlvdlhlZdhcwlhlJbdZgbdhfm
hgijboh^blkyjh^kl\_ggbdhf"
hlh^ghf_gyihdhjh[behqlhemqrZyih^jm]Z^jm]k_fvbbihke_kf_jlbklZeZex[h\gbp_cwlh
hgZlZdml_rZeZ"B\hlqlhbgl_j_kghJbdZg\_^vfg_g_hl\_lbeijh\_jbebbebg_lijhklh
khh[sbedlhbf_gghwlZ`_gsbgZ
B_s_jZahdEx[h\gbpmijh\_jyeb"
�:\umijyfZydb\gmeZq_]hkihjblvZijh\_jbebZeb[bb^eykijZ\dbBfi_jZljbpZmf_jeZ
k\h_ckf_jlvxbihq_fmhglhevdhk_cqZkwlh]h\hjblbeb`_kZfqlhlhih^haj_\Z_l"
?keb_klvfukebihwlhfmih\h^my[uihkemrZeZgmbebohly[ujZkkdZ`bl_ih^jh[ghklb
Iylve_lgZaZ^Bfi_jZljbp_klZehiehoh\ua\ZebfZ]h\`bagbghhgbgbq_]hg_gZrebgb
ijhdeylvygb[he_agbGhl_fg_f_g__Bfi_jZljbpZm]ZkZeZkdZ`^uf^g_f\h^ghmljh__gZreb
gZihem\kiZevg_f_jl\hchgaZfheqZeghg_hl\_jgmekyKbevgucbebm`_i_j_[he_ehbl_i_jv
lhevdhgh_lwlZjZgZ
kdjulb_^_eZeb"^ZyagZxyhq_gvijyfh\k_kijZrb\ZxghdZd[uyg_kijhkbeZ_fm[m^_l
[hevghZoh^blv\hdjm]^Zhdhehwlhlhevdhijh^e_\ZlvZ]hgbx
Ijbkmlkl\h\ZefZ]`bagbdhlhjhc\_e\h\j_fy[he_agbBfi_jZljbpmhgih^l\_j^beqlhkf_jlv
g_gZkbevkl\_ggZygZqZevgbdkem`[u[_ahiZkghklb\k_aZ\babjh\Ze=h\hjblkmohg_\_jbl
:]^_[ueb\u"
F_gyg_[ueh\Bfi_jbby[ue\=hjghfdgy`_kl\_bijb[uelhevdhdh]^Zm`_\k_kemqbehkv
ijha\mqZehdZdlhh[b`_ghbyg_m^_j`ZeZkv^Z`_g_agZxihq_fmh[uqgh^hmfhaZdexq_gbcb
h[b^kh[_k_^gbdZfg_\k_jZ\gh
G_klhblh[b`Zlvkyyg_iulZxkv\Zkh[\bgblvghfg_\Z`ghmagZlvgxZgkubf_gyhq_gvl_jaZ_l
\hijhkihq_fmg_[ue\ua\Zgg_djhfZgl^ey\kdjulby"
:\u\dmjk_qlhaZihke_^gb_klhe_lg_jh^beky_s_gbh^bgkbevgucg_djhfZgllhevdhh[sZy
ijZdlbdZMgZk_klv\ubfZ]bkljI_jkb\Zev_]hlZd`_g_[ueh\Bfi_jbbgZfhf_glljZ]_^bb
dZd\ijhq_fb\ZkZlhljZ[hlgbddhlhjh]h\ua\ZebijZdlbdm_lh[smxg_djhfZglbxbhggbq_]h
g_m\b^_e
YijhfheqZeZfg_gZ^hih^mfZlv\lbrbg_ghym`_k_cqZkfh]mkdZaZlvg_gjZ\blkyfg_wlZ
bklhjbyijbq_fiheghklvx
u`_ihgbfZ_l_qlh\u^Z_l_k\hbfg_agZgb_fk\h_g_a^_rg__ijhbkoh`^_gb_"
:fh`_lyijhklhg_bgl_j_kh\ZeZkvwlbfbebqghklyfb"Zqlh[u\ZxllZdb_m\e_q_ggu_qlhb
g_agZxldlhbqlhk_cqZk^_eZ_l\jmdh\h^kl\_Bfi_jbb
k_fh`_l[ulvghfg_bgl_j_kgh]^_\ujh^bebkv"Z]Zm`_[_]mb\hehkugZaZ^H[hc^_rvky
AZq_fl_[_agZlvqlhyijbreZba^jm]hc=jZgbb\ex[hcfhf_glfh]mhlkx^ZmclbwlZ
bgnhjfZpbyg_^ey\k_oGZqZevgbdK;^jm]^_lkl\ZBfi_jZlhjZ]jZnFbdZwevLjbg
Hiylv^jm]Bgl_j_kghdh]^Z^\h_wlh_s_kh\iZ^_gb_bebklhblgZijy]ZlvkyIjhklhkiehrgu_
^jmavyh^gZml_rZ_lihke_kf_jlb\lhjhcih^l\_j^beijbqbgmkf_jlb
M\Zkihy\bebkvdZdb_lhfukeb"
Y`b\Zymf_gy\ex[hfkemqZ_[m^mlfukebghk_cqZky\k\hboih^haj_gbyo^hreZlm^Z`_dm^Z
b\uihwlhfmha\mqb\Zlvg_[m^mOhqm\k_ijhZgZebabjh\ZlvZihlhfk\Zfbh[km^blvg_dhlhju_
fhf_glu
Ijboh^bl_[m^mjZ^hgmeu[gmekyfg_gZlygmlhcmeu[dhc
jy^ebylh`_fh]mlZdmeu[Zlvky^h\klj_qbgZm`bg_bg_aZ[m^vl_ijhgZagZq_gb_hgh
fg_gm`ghk_cqZkmf_gy\klj_qZkih^hi_qgufbY\klZeZbhg\f_kl_khfghcjmdmp_eh\Zlvg_
klZeG_[hevghbohl_ehkv;j_oehluYgdZk_[_\j_rv
BadZ[bg_lZy\ureZijh^he`ZykljhblvieZgk\h_]h[m^ms_]hZgZebaZbkibkhd^_egZ[eb`Zcr__
\j_fy^hm`bgZ
�ZfZ]bklj:dmebgZgZijhkbebkv\ugZjZ[hldmb]eZ\gh_dZdm^Zqgh\:dZ^_fbbhl[judb\ZeZkv
bgbjZamdmjZlhjhfg_[ueZk_kqblZebqlhfg_\_a_lZyijhklhwlh]hdZl_]hjbq_kdbg_ohl_eZb
hl[judb\ZeZkvlZeZgleb\hZlmlkZfZgZijhkbeZkvGmqlh`\b^bfhkm^v[ZEZ^gh]jmiiZ
]hlh\vl_kvyb^mdk\h_fm`_gkdhfm[ZlZevhgm
Fbkl_jD\bdeb\Zfm`_ba\_klghijhfh_gZagZq_gb_"fZ`hj^hfihy\b\rbckybagbhldm^Z
\_ebq_kl\_gghdb\gmehlebqghgmqlh`_[m^_fkljhblvih^hi_qguokh[bjZcl_bo\h[s_c
]hklbghc
DZdkdZ`_l_fZ]bkljhgihr_ekhau\Zlv^_\mr_dZyihreZdk_[_gm`ghbaijhkljZgkl\_ggh]h
dZjfZgZ^hklZlvk\hbZgd_lu\i_j_^bagZdhfkl\hbl_klbjh\Zgb_

AZc^y\h[smx]hklbgmxi_j\uf^_ehfhkfhlj_eZkvI_j\h_ijZ\behaZc^y\Zm^blhjbx
hkfhljbkvlmlbi_j\h_\i_qZle_gb_bjZkiheh`_gb_\Zm^blhjbbbj_ZdpbygZ\hr_^r_]hfgh]h
\k_]hfh`ghaZf_lblvdhfgZl_gZoh^behkvq_lujgZ^pZlv^_\mr_dbq_luj_`_gsbguihklZjr_
wlbohl[jhkbfkjhebg_\_kl\b^bfhkhijh\h`^Zxs__Zwlhebrg__K_dmg^ZaZfbgdbihdZf_gy
_s_g_m\b^_ebbj_r_gb_ijbrehZ\lhfZlbq_kdb
;uemf_gy\ij_ih^Z\Zl_evkdhc^_yl_evghklbdZdlhi_j_ju\ljb]h^ZaZwlh\j_fyymki_eZ
ihjZ[hlZlvkh\k_f\^jm]hckljmdlmj_ghihki_pbZevghklbLZd\hlihfgxdh]^Z\_jgmeZkv\
:dZ^_fbxbaZreZgZi_j\mxk\hxiZjmihke_wlh]hi_j_ju\ZhsmlbeZp_emx[mjxwfhpbc]hjeh
k`ZehjmdbqmlvaZ^jh`ZebbkZfh_m`Zkgh_fg_dZaZehkvyg_ihfgxijhqlhfhye_dpbyb
\hh[s_gbq_]hg_ihfgxGhlmlijha\_g_ea\hghd\hlgbdh]^Z[ug_ih^mfZeZqlhhggZf_gy
ijhba\_^_llZdh_\her_[gh_\i_qZle_gb_kha\hgdhfyih^gyeZkvbaaZklheZbijhklhaZ]h\hjbeZ
l_ehagZeh\k_kZfhfha]ke_]dhklvx\u^Z\Zegm`gh_Bf_ggh\lhl^_gvyihgyeZqlhkqZkleb\hcy
deZ^[bs_ghgbdZdg_lh]^Zdh]^ZkdmqghijZdlbdmxkZfZ ohlydh]^Zbgl_j_kgh_^_ehf_gyg_
hl]hgbrvghwlhm`_^jm]Zybklhjby\f
hlbk_cqZky_s_aZ^mfu\ZeZkvdZdihkljhblvk\h_agZdhfkl\hk^_\mrdZfbZfha]\f_kl_kl_ehf
\k_k^_eZebkZfb omeb]Zgu\f
Ihklhjhggb_g_f_^e_gghihdbgvl_dhfgZlmlvnmqmlvg_kdZaZeZZm^blhjbxgZf_gy
h]eygmebkv\k_BdZdZyfbehklv\hlbfZ^ZfdhlhjZylj_[h\ZeZihk_eblv__\fh_cdhfgZl_
ihfgblf_gyih]eZaZf\b`mIjbylgh
G_klhbl`^Zlvdh]^Zyih\lhjx\lhjhcjZa=hehkfhca\mqZekihdhcghb^Z`_qmlv
^jm`_ex[ghGmfg_lZddZ`_lkyGhihlhfmdZd\a[e_^gmehkvl_ld_\b^bfhyhrb[eZkvZhgZ
fheh^_pihkl_ghqd_bd\uoh^mEx[exl_odlhmqblkyki_j\h]hjZaZ
HklZevgu_khfghc_s_g_agZdhfugh\b^bfhqlhlh\h\a]ey^_m\b^_ebh^gZihke_^h\ZeZaZ
i_j\hcijZ\^Z\iheg_Z^_d\ZlghZ\hl^\_y\ghk]emibeb
:\ukh[kl\_gghdlh"h[j_eb^Zjj_qbkmohsZ\Zy`_gsbgZ\g_ihgylghf\hajZkl_ghklh
ijhp_glh\kdmq_cdhr_d gZieZlv_r_jklv\f^ZbebphlZdh_kjZam\b^ghklZjZy^_\Z\klZeZ
gZijhlb\f_gyb\__jhfklmdgmeZk_[_iheZ^hgbLukfhljb
:yjZaj_rZeZaZ^Z\Zlvfg_\hijhku"l_ldZ^Z`_iylgZfbihreZghwlh__ijh[e_fuZka^_kv
[ulvg_^he`ghk_cqZka^_kvlhevdhg_\_klub^_\mr_ddh]^Zijb]eZrZebkx^Zij_^mij_^beb
y\dZh[yaZl_evgZb[_akhijh\h`^ZxsboFg_jZkp_gb\Zlv\Zr_gZoh`^_gb_a^_kvdZdgZjmr_gb_
jZkihjy`_gbc?]hukhq_kl\Z"yijhreZdhdgm\hae_g_]hklhyeklheblm^Zyiheh`beZk\hb
Zgd_luihke_q_]hhiylvihkfhlj_eZgZ`_gsbgm
HcdZdfg_g_ihgjZ\beky__\a]ey^lZdkfhljyldjukudhlhjuoaZ]gZeb\m]heGZ^hmagZlvhg_c
ih[hevr_yqmlvijbih^gyeZ[jh\vgh]h\hjblv[hevr_gbq_]hg_klZeZg_\b`mkfukeZL_ldZ
jZa\_jgmeZkvbfheqZ\ureZbadhfgZluke_^hfaZg_c\ureZbq_l\_jlZy`_gsbgZY`_h[\_eZ
\a]ey^hf^_\mr_d\k_]hq_lujgZ^pZlvklZjZykvaZjZg__ihgylvkd_f[m^mlijh[e_fuZhgb[m^ml
wlhlhqgh\_^vlmlg_lhevdh^_fhgbpu
A^jZ\kl\mcl_yfZ]bkljg_djhfZglbb:dmebgZf_gygZagZqbeb\ZrbfdmjZlhjhfgZwlhfhl[hj_
g_\_klQlhwlhagZqbl"Y[m^m\Zfbjmdh\h^blvdhhj^bgbjh\Zlv\k_[m^msb_f_jhijbylby_kebm
\Zk\hagbdgml\hijhkuijh[e_fubebg_ij_^\b^_ggu_kblmZpbbkgZqZeZkgbfbdhfg_Z^Zevr_
m`_y[m^mj_rZlvqlhkgbfb^_eZlvWlhlhl[hjg_\_kl[m^_lhlebqZlvkyhlij_^u^msbo
Dhg_qgh\_^vhgihke_^gbcbhgbg_ihkdmibebkvgZgyebg_djhfZglZLhevdhg_ihgylghlheb
^eygZr_caZrblulhebqlh[uljmiuih^gylvbaZfZkdbjh\Zlv\kxwlm^jygvi_j_[b\Z\rZyf_gy
^_\mrdZkb^_eZ\dj_ke_ke_\Zbk\_jebeZf_gyg_ijbyag_gguf\a]ey^hfijbwlhfg_j\gh
ih^_j]b\Zyh^ghcbakdj_s_gguogh]hlbi_j\ZyaZqbgsbpZfh`_lklZjhklhc__k^_eZlvb
gZijZ\blvwg_j]bx\fbjgh_jmkeh"
Lvnm[ebgdZdZyklZjhklZWlh`_g_h[uqgZy]jmiiZ\:dZ^_fbbwlhijbgp_kkdbZh^gZ_s_b
[m^msZyBfi_jZljbpZklZg^Zjlgu_f_lh^bdbg_ihc^ml
GZ^h[m^_ly\Zkih^gbfmb[m^_l_dZdfbe_gvdb_fZjrbjh\Zlvbmeu[ZlvkyGh\uijZ\u
aZsbsZlvy\Zklh`_[m^m:ihkdhevdm^mjgmxjZ[hlmyg_ex[exihwlhfm^Z\Zcl_hagZdhfbfkyk
l_ogbdhc[_ahiZkghklbIhh^ghcg_oh^blv\l_fgu_dhjb^hjug_k\hjZqb\Zlvkg_agZdhfpZfbg_
�agZdhfblvkyb^mjvxg_kljZ^Zlv\ulmlgZjZ[hl_ZqlhgZjZ[hl_\ulmlgZ\hcg_ZrZaZ^ZqZ
ihgbfZ_lkyhdhevp_\Zlvb\ojZfih^jmdmk\h^blvhijhku_klv"
:qlhfu[m^_f^_eZlv"]hehka\mqZehq_gvjh[dhghy[ueZhq_gvjZ^Zwlhfm\hijhkmfg_
gm`_gbobgl_j_kbowfhpbbi_j_^l_klhffg_gZ^hbojZkr_\_eblv
K_cqZk\u[m^_l_hl\_qZlvgZ\hijhkuYmeu[gmeZkvwlhcjh[dhc^_\mrd_HghbihgylghhgZ
qbklhdjh\gucq_eh\_d\hlfg_bgl_j_kghdZdbf[hdhf__dwlhfmhl[hjmijbklZ\beb"
Yqmlvihr_\_ebeZiZevpZfbZdlb\bjmylvfmbebklu[mfZ]bj_adh\afueb\\_joqlh[uf]gh\_ggh
kieZgbjh\Zlv\jmdbdZ`^hcbaq_lujgZ^pZlb^_\mr_d
BlZdi_j_^\Zfbljbl_klZ\k_hgbjZkkqblZguqlh[uemqr_magZlv\ZkH[sb_j_amevlZluwlbo
l_klh\yihdZ`mijbgpm\_^v_fmgm`ghemqr_magZlvk\hx[m^msmx`_gmZ\hlih^jh[ghklb
lhevdh^eyf_gyihwlhfmg_[hcl_kv
:_kebdlhlhg_ohq_laZfm`aZijbgpZ"\k_lZ`_q_eh\_q_kdZy^_\mrdZlbohaZ^ZeZwlhl
]jhfdbc\hijhk
:_kebihijhr_kl\bbwlh]hf_kypZ\ulZdbg_aZohlbl_aZfm`aZijbgpZy\Zfebqghjmdhc
ihfZrmdh]^Z^hfhchlijZ\bl_kvHq_gvohl_ehkvki_lvh^gmijbebiqb\mxi_kgxijhijbgpZb
^_\mrdmg_fgh]haZljb^pZlvgh[hxkvhgb[uwlhg_ihgyeb
Ohlbl_kdZaZlvqlhmiheghfhq_guj_rZlvlZdhc\hijhk"i_j\ZyaZ]h\hjb\rZy^_\mrdZ^Z`_h[_
gh]bgZiheihklZ\beZbqmlv\i_j_^ih^ZeZkv
:yqlh\Zfg_kdZaZeZijhfZ]bq_kdbcdhgljZdlbfhcklZlmk"m^b\beZkv^_ckl\bl_evghb
ihkdhevdmhl\_lfg_[ueg_gm`_gkZfZ`_bijh^he`beZYfh]mj_rZlvdhfm[ulvg_\_klhcZ
dhfmg_ldh]hbkdexqblvZdh]h^himklblvdl_emijbgpZKwlh]h^gyyiheghklvxaZijZ\eyxwlbf
iZjZ^hfZ[kmj^ZdZdkfhljbgu^eyijbgpZLZdqlh^_\mrdbygZ^_xkvbgklbgdlu
kZfhkhojZg_gbym\Zkijbkmlkl\mxlb\ug_[m^_l_gZju\ZlvkyZl_i_jv\i_j_^aZihegycl_Zgd_lu
MgZkk\Zfb_s_m`bg\djm]mjh^kl\_ggbdh\lZdqlh\j_f_gb\h[j_a
�_\mrdbgZqZeb\qblu\Zlvky\\hijhkublhevdhh^gZijh^he`ZeZgZf_gykfhlj_lvhgZ
hldbgmeZkvgZkibgdmdj_keZb\aZ^mfqb\hklbijbdmkbeZ]m[mYih\_jgmeZkvdg_c^Z\Zyihgylv
qlh`^m__^_ckl\bc\hlhgZaZdhe_[ZeZkvgh\k_lZdbhimklbeZ]eZaZgZZgd_lmkjZ[hlZ_fky
�?kebfbkl_jZgd_g^mfZ_lqlhykZfZ[m^mZgZebabjh\ZlvwlbZgd_luhg]em[hdhhrb[Z_lkyG_l
ijbg_h[oh^bfhklbkh\k_fijhklhboihgylvkfh]mbyghfg_k_cqZkgm`_gk_jv_agucZgZebaZ_]h
yk^_eZlvgmgbdZdg_kfh]mGhyagZxh^gh]hij_djZkgh]hki_pbZebklZdhlhjhfmk_]h^gyijb\Zebl
jZ[hlZ
IhdZ^_\mrdbhl\_qZebgZ\hijhkuybamqZeZbobq_f^hevr_ykfhlj_eZl_f[hevr_ihgbfZeZ
]eZ\gmxih^klZ\mlmlgZg_\_klmijbgpZlyg_lhlkbeu^_\mr_dk_fvZhklZevgu_^eyfZkkh\dbY
ijhreZd\oh^ghc^\_jbhldjueZ__bh[\_^y\a]ey^hfdhjb^hjm\b^_eZki_rZs_]hfbkl_jZ
D\bdebWlhmg_]hqlhlZdZyfZ]byagZlvqlhhgdhfmlhihgZ^h[beky"Y[ugZ_]hf_kl_
bkihevah\ZeZwlhlZdqlh[uf_gygbdlhg_gZr_e
Fbkl_jD\bdebdlhaZgbfZekyml\_j`^_gb_fij_l_g^_glhdbakibkdZg_\_kl"
�Ehj^Zgd_gml\_j^behdhgqZl_evguckibkhdihke_lh]hdZd\k_\ukrb_^hfZij_^klZ\beb
^Zggu_ihk\hbfg_aZfm`gbf^hq_jyf
�_\mr_dgZikbobq_kdb_hldehg_gbyijh\_jyeb"
Ihijb[ulbxboijh\_jbebZjl_nZdlhf\k_^Zggu_\ghjf_Wlhg_\ZjbZglZjl_nZdl
bg_aZk_qv
�I_j_^Zcl_ehj^mZgd_gmqlh_kebhgg_\dmjk_lhlml_klv^_\mrdbZ[khexlghg_`_eZxsb_
[ulvg_\_klhcZwlh^eya^hjh\vy`_gboZ\j_^gh
DZdkdZ`_l_fbkl_jD\bdebqmlvkdehgbe]heh\mydb\gmeZbmreZh[jZlgh\dhfgZlmZhg
\b^bfhihr_e^hdeZ^u\Zlvbebih[_`Zek_]hlZeZglhfihy\eylvky\gm`ghff_kl_b\gm`gh_
\j_fygm`ghi_j_f_sZlvkylhevdh[_]hf
LhldlhaZdhgqbek^Z_fjZ[hlmbhlijZ\ey_fky]hlh\blvkydm`bgmK[hj\wlhcdhfgZl_jh\gh\
r_klvg_mki__l_aZc^maZ\Zfbebqghb\ulZsm\lhf\q_f[m^_l_h^_luKjZamq_l\_jhk^Zeb
jZ[hlub]hj^hm^Zebebkvkwlbfb\k_ykghhgbdZdjZabal_oqlhohlyl\g_\_klu
hlih^hki_eb_s_iyl_jhkj_^bgbobjZa]h\hjqb\Zyebkluhl^ZeZj_adhg_j\gbqZ_lihq_fmlhD
ihke_^gbf^_\mrdZfyijbkfZljb\ZeZkv\gbfZl_evghkj_^bgbo[uebqbklhdjh\gu_ex^bbf_gy
wlhhldjh\_gghgZijy]ZehaZq_fhgblml"_^v_kebhgbklZgmlg_\_klhclhj_[_ghdmgbok
ijbgp_f[m^_lihemdjh\dhcBeb`_g_lbeb^Z"hl]Z^kl\h_klvlZdb_ku\hjhldbdhlhju_
mihlj_[ey_l^_\mrdZZlZd`_jblmZeihke_dhlhjh]hj_[_ghdjh^blkykgZ[hjhf]_gh\h^gh]h
jh^bl_ey\hllhevdhhg_s_hq_gvhiZk_gwlhljblmZe^ey`_gsbgBgl_j_kgh_^vjh^bl_eb
�^_\mr_dh[wlhg_fh]mlg_agZlvZagZqblhkhagZgghb^mlgZjbkd_\mrdbhl^ZebZgd_luby
f_evdhf]eygmeZgZ]jZnmjh^bl_ebQ_f^Zevr_\e_kl_flhes_[j_\gZHgb\k_kbjhlugh
�^\hjygdbohlvbg_jh^gu_]eZ\Zf\ukrbo^hfh\bog_`ZedhGmehj^Zgd_g\ub^_fhgL_i_jv
yihgbfZxwlhl\hijhkqbklhdjh\ghcq_eh\_qdb_cg_q_]hl_jylvbhgZwlhihgbfZ_lG_llZd^_eh
g_ihc^_l\g_djhfZglbbkijZ\_^eb\hklbghevghy\k_]^Z[ueZg_ijZ\bevghc
Mk_[y\dhfgZl_yZdlb\bjh\ZeZZfme_lk\yabbihkfhlj_eZgZijh_dpbxk\h_]hohjhr_]h
agZdhfh]h
K_cqZkijbrexZgd_lugm`_gihegucZgZebaq_j_aqZkfm`qbgZkhgguc\_kvihfyluckb^_e
gZdjh\ZlbbiulZekykh[jZlv\k_\Ze_lu\dheh^_
_^vfZlu:dmebgZykiZlve_]qZkgZaZ^Zluf_gy[m^_rvlZd`_kldh\l_[_ohlv]jZff
khkljZ^Zgby_klv"
:]Z\gZebqbbfh]m]jhogmlvih^h[jhl_^mr_\ghcbkjZamih^gylvgbq_]h[he_lvg_[m^_lb
ihl_gpbykjZamkgbablkyHl^hog_rvhlihoh`^_gbcbjZ[hlZlvkfh`_rvghjfZevgh
AeZylubaZqlhyl_[yex[ex"fm`qbgZih^gye]eZaZdihlhedmylm^Zlh`_ihkfhlj_eZGbq_]h
gh\h]h
AZlhqlhykl_[yijhdeylv_kgyeZdhlhjh_luhl[jhr_ghcex[h\gbpuih^o\ZlbeZihlhf_s_hl
gZljZ\e_ggh]hgZl_[yahf[bkiZkeZgmblZdihf_ehqbyi_j_qbkeyeZaZ]b[ZyiZevpuZ
fm`qbgZkdZ`^hcj_iebdhclhevdhkbevg__fhjsbekydZd[m^lhmg_]ham[[hebl
�Z\Zcmljhf\u^ZfZgZeba"gZqZebkvlhj]b
FboZiZjgyi_j_dhkbeh^Zy_]hbfyqmlvbaf_gbeZghlZdh_am[h^jh[bl_evgh_bfyg_m^h[gh_
y\g_hq_gvohjhr_ch[klZgh\d_kdhkbeZkvgZ^\hjph\h_m[jZgkl\hdhfgZlubihijZ\beZkv
f_gyhdjm`Zxl\jZ]b\wlhlfhf_glWevaZaZg_keZ\dhfgZlm_^mfheqZihklZ\beZi_j_^hfghcb
\ureZhgboblju_bhiZkgu_bmf_gyfZeh\j_f_gbfg_gm`_gwlhlZgZeba[_armlhdIZnhkgh
ghijb^_lkykdZaZlvwlh^_eh`bagbbkf_jlb
Lh_klvdZkZ_lkyl\h_c_`_^g_\ghcjZ[hluiZj_gv\a^hogmeb\klZekdjh\Zlbyg_klZeZ
ahf[baZ]gZelZdqlh\b^g_m^b\bl_evguc
wlhlfhf_glihke_klmdZ\dhfgZlmaZr_eijbgpZmf_gyihkj_^b]hklbghc\e_]dhflmfZg_]heuc
fm`bdoh^blrlZgubs_lijbgpgZofmjbekyylh`_
Yg_ihf_rZe"_^dhkijhkbeh_]h\ukhq_kl\h
hh[s_lhihf_rZebZr_ukhq_kl\hmf_gylml^_eh
GZ]heuofm`bdh\kfhlj_lv"kfhljbdZd_]hiexsblOhlv[ug_jZkiexsbeh
G_aZ\b^mcl_wlhiehoh_dZq_kl\h\wlh\j_fyFboZgZr_erlZgub^Z`_gZ^_eijh^he`Zyqlh
lh[m[gblvihlhfjZa\_jgmekydhfg_bkljZ^Zevq_kdbijh]h\hjbe
�Z\Zc\u^Z\Zck\hbZgd_lubagZc[m^_rv^he`gZyih^gyeZ[jh\vgmbebohly[u[m^v
^h[j__
Fhyijhn_kkbywlhg_ij_^mkfZljb\Z_l[ulv^h[j__k_ihemqZcyijh\_eZdjbklZeehfgZ^
Zgd_lZfbb\hlm`_FboZ^_j`blk\hcdjbklZee\jmdZodhlhjucqmlvf_jpZ_l]hem[uf^Zggu_
ihemq_gu
Ykhh[smdZdaZdhgqm
Lhevdhih[uklj__
�Zihgyeym`_blZfgZl_[yfm`bdiyeblkyk\b^hfhkdhj[e_gghcg_\bgghklbg_m`lhlu
j_rbeZi_j_klZlv[ulvfhgZrdhc"H^h[jyfkyfheqZhldexqbeZZfme_lgZihke_^hdkhkljhb\
hq_gv^jm`_ex[gh_ebph^eyFbob_]hZ`i_j_dhkbehZfg_ihe_]qZeh
uqlhlhohl_ebZr_ukhq_kl\h"
�Zohl_eijb]eZkblv\ZkgZijh]medmijbgpam[Zfbkdjbigmefh`_l_fmklhfZlheh]Zohjhr_]h
ihkh\_lh\ZlvZlh`Zedhbfi_jZlhjkdb_am[udZdgbdZd
M\ZkqlhjZ[hlug_l"
?klvghmf_gylh`_fh`_l[ulvh[_^byohl_e_]hijh\_klbk\Zfbylhevdhohl_eZhldZaZlvky
dZdhg^h[Z\beg_\k_h[km^beb^Zbih\Zjijb]hlh\bedhn_kijyghklyfb
LZdq_]h`_fu`^_fh[_^dZdgbdZdye_]dhih^gyeZkv]hlh\Zyb^lbaZijbgp_fdhn_ohq_lky
ihke_^gbcqZk
Ijhrmhgih^Zejmdmy`_kdj_iyk_j^p_iheh`beZk\hbiZevpu_fmgZkh]gmlucehdhlv
HldZ`mkvbwlhhkdhj[e_gb_jZgh_s_ijbgpZh[b`Zlv_]hg_\_klZaZf_gyh[b^blih^[_jm
]jufam[m^_lagZlv
GZ\_jZg^m]^_[uegZdjulklhefuih^hrebfbgmlaZk_fvb_kebijbgpklZjZekyb^lbf_^e_gg__
lhygZh[hjhlijZdlbq_kdblygmeZ_]hK_\aZklheyk]jmklvx\a]eygmeZgZdhn_cgbdghgZqZeZk
kZeZlZ
Dlhkebebgnmijhdhn_"fbgmluq_j_a^\_aZ]h\hjbeZijhklhlmih_klvfheqZhgy\ghg_gZwlh
jZkkqblu\Ze
Q_klgh"db\gmeZDhg_qghgZ^hagZlvdlhbaZkdhevdhIhijhkbefbkl_jZD\bdebjZamagZlv
ijhp\_ludhlhju_\uex[bl_Hg`_pblbjmxfuijhh^gh]hblh]h`_fZ]bkljZ]h\hjbf"
hq_gvijZ\^hih^h[ghWjbdkiZjh^bjh\Ze]hehkbfZg_jufbkl_jZD\bdebqlhf_gygZobob
ijh[beh\dhgp_hg_s_^h[Z\beqlhmagZ_ldZdb_p\_lugZdeZ^[bsZojZklml:ihlhffbgml
q_j_a^_kylvijbr_ebkdZaZeqlh\kydmogylhevdhb]m^blijhkljZrgh]hfZ]bkljZb__fZgvyqgmx
ex[h\vddhn_Fg_[ueh\_k_ehZfg_h[b^ghqlh\Zk[hylkyb\kyq_kdbgZ]h\Zjb\ZxlgZ\Zk"
Yhleh`beZ\bedm\ul_jeZ]m[ukZen_ldhcb\_kdhhl\_lbeZ
G_l:qlhfg_[hevr_g_q_]hkdZaZlvb_kebhgkZfg_ihgbfZ_lqlhfhch[jZawlhaZsblZ
f_gy`_lhaZq_fh[tykgylv
_^vijh\Zkm`_oh^ylkljZrgu_bklhjbbih^\hjpmZ\ulmlqmlv[hevr_kmlhdKlZlk^ZfZ
\hh[s_j_rbeZqlh\u\hiehs_gb_kZfhckf_jlbbl_i_jvl\_j^blqlhdgZfijbreZ;_a^gZbfu
gZihjh]_:jfZ]_^^hgZDdhgpmwlh]hij_^eh`_gbyijbgpdhehkkZevgufmkbeb_f\hebiulZekyg_
j`Zlvy`_k_[ylZdg_h]jZgbqb\ZeZ_k_ehIj_^\_klgbdhf:jfZ]_^^hgZf_gy_s_g_kqblZeb
qlhlhgh\_gvdh_
KlZdbf\hh[jZ`_gb_f`_gsbgZih^oh^bld^_emwlhlZeZgl:dZd__dklZlbah\ml"\havfmgZ
aZf_ldmlZdb_lZeZglug_^he`guijhiZ^Zlv
FZ^ZfI_^b]jxhgZm`_^Z\gh\^h\Zbg_h^ghihdhe_gb_^_\mr_dhgZ\u\_eZ\k\_l
Lmlk\_lwlhkemqZcghg_k\_l\dhgp_lmgg_ey"ijbgprmldmg_ihgyeZh[tykgylvrmldb
kZfh_]emih_aZgylb_DklZlbyj_rbeZbaf_gblvnhjfZlhl[hjZg_\_kl
GmdZm^b\bl_f_gyfZ]bkljHokdhevdhkhfg_gbybkZjdZafZAjy
Ylmlih^mfZeZ\_^vfu\Zfg_\_klm\u[bjZ_fgZ\kx`bagvhgZ\_^vdh]^ZlhklZg_l
Bfi_jZljbp_cb\b^_Ze_^he`gZ[ulv\ZfkZfhc]eZ\ghcihfhsgbp_cb\h\k_fkZfZjZa[bjZlvky
Ihf_j_fhbokeh\hg\k_[hevr_kkhfg_gb_fkfhlj_egZf_gybfhxb^_x
FhyfZlv[ueZk_j^p_fbex[h\vx^eyhlpZhgb`beb^mrZ\^mrmy\k_]^Z^mfZeqlhbylZd
ohqmjy^hfex[bfmx`_gsbgmghgbdZdg_iZjlg_jZ
:ajyHq_gvohl_ehkv^h[Z\blvqlhhl_pklhbehfZlmrd_kdhgqZlvky[ukljhgZr_egh\mx
ex[bfmx`_gsbgmghaZlZdh_bdZagblvfh]mlihfheqbfEx[bfhcfh`_lklZlvbnZ\hjbldZZ
\hliZjlg_jwlh\ZrZih^^_j`dZ\dmjk_eb\ukdhevdh\k_]h^he`gZ^_eZlvBfi_jZljbpZ
YmijZ\eyxBfi_jb_cihke_^gb_ljb]h^Zb\k_ij_djZkghZ\hlwlhykl_ji_lvg_fh]eZajy
aZp_ibe
Ij_djZkghqlh"Hlkmlkl\b_nbgZgkbjh\Zgbyh[jZah\ZgbyaZom^Zeu_rdheu^bdb_\ayldb\
:dZ^_fbyohlkmlkl\b_\hafh`ghklbfZehh[_ki_q_ggufijh[blvkybaaZkibgahehlhcfheh^_`b
bebfh`_lmgZk\k_ohjhrh\[hevgbpZo"Zr_cBfi_jbb_klvg_lhevdhfZ]bq_kdbh^Zj_ggu_
]jZ`^Zg_ghbh[uqgu_ex^bdhlhjufgm`gu\jZqbZg_agZoZjdbbdjb\hjmdb_fZ]b`bagb
Kdhevdhm\ZkmfbjZ_lbaaZhlkmlkl\byk\h_\j_f_gghcihfhsb"f_gygZqZehljyklbhlaehklbgh
\b^ghwlhg_[uehylhevdhkbevg__k`ZeZ\bedmbgh`Bebfh`_l\u\dmjk_kdhevdhm\Zk
[_a^hfguokdhevdh\ijbxlZo^_l_c"DlhwlbfaZgbfZ_lky"h\k_opb\bebah\Zgguo]hkm^Zjkl\Zo
wlbgZijZ\e_gbydmjbjmxl`_guijZ\bl_e_cbdhfbl_ludhlhju_hgbkha^Zxl:m\Zk\k_ohjhrh
\uijZ\bl_B^ZmgZkiZ^Z_lij_klmighklv\p_glj_bfuhlebqghlhj]m_fa^hjh\hyiheh`beZ
ijb[hju_s_hq_gvohl_ehkv\klZlvbmclb;_kblhgf_gyk\h_cm\_j_gghklvx
Fm`qbgZgZijhlb\f_gyaZe_^_g_e\_kvijhrehfbgmluljbij_`^_q_fhghldjuejhlk_wlh
\j_fyyk\uah\hfkfhlj_eZ_fm\ebphg_o\ZlZeh_s_ljyklbkvhl_]h]g_\ZIjhrehlh\j_fy
dh]^Zf_gyim]Zebl_dlh[uekbevg__nbabq_kdbyg_[_aaZsblgZby]hlh\Zhl\_lblvaZk\hbkeh\Z
Yg_agZeqlhmgZk_klvlZdb_ijh[e_fuK_]h^gyyh[yaZl_evghmlhqgxih\k_f\hijhkZfhlq_lu
YnujdgmeZbhgijZ\bevghihgyefhxfukevbkZfijh\_jxgZf_kl_dZdh[klhyl^_eZQlh
bf_ggh\uijb^mfZebgZhl[hj"fheh^_py^Z`__]hqmlvaZm\Z`ZeZG_himklbeky^hkdZg^ZeZb
Fh`_lb\uc^_lbag_]hohjhrbcijZ\bl_evghkmfghc`_ghchh[s_kmfghc`_ghcfgh]b_
^Z`_g_kbevghmfgu_[ebklZeb@_gZhgZdZdh]jZgdZ_kebohjhrZyaZ[e_klbl^Z`_[meu`gbd
dhjy\Zybkihjlblb[jbeebZgl
i_j\mxhq_j_^v\uykgxdq_fmm^_\mr_de_`bl^mrZwlh[m^_fjZkdju\ZlvZihlhfih\k_f
l_fgZijZ\e_gbyfqlhi_j_qbkebeZgZqgmijh\_jdmFu[m^_foh^blvgZwdkdmjkbbbihdZau\Zlv
k_[y\^_e_BdZ`^uc\_q_jkemqr_cba^_\mr_d\u[m^_l_m`bgZlvJhfZglbq_kdb_m`bgu
hlebqghkihkh[kl\mxl[he__l_kghfmh[s_gbxdhgp_yqmlvmeu[gmeZkvih^keZsb\Zyibexex
Ijhklh\k_ij_^u^msb_hl[hjuijhoh^beb]_gbZevghgZ]gZeblheimg_\_kllheimijb^\hjguob
dZ`^uc\_q_j[ZeQlh\h\j_fy[ZeZfh`ghihgylv"Mf__llZgp_\Zlvg_\_klZbebg_l"LZdbo`_g_
^ey]eZ\ghckp_guBfi_jbbhl[bjZxlZgZij_klheDZdj_axf_dmqZkdZg^Zeh\^_\mrdb
\ex[eyebkvbk[_]ZebkmoZ`_jZfb ijbgph^bg^_\bpfgh]h\u\h^eh]bq_g\f^_\mrdbf_`^mkh[hc
jm]Zebkv^hoh^beh^h^jZd dZ`^Zyf_qlZeZ^hklZlv^hl_eZijbgpZl_ehh^gh\u\h^lhl`_\f
Ihlhfih^dexqbebkvaehmfure_ggbdbb\hh[s_klZehlm]hbo_s_bfhqblviulZebkv\_k_ev_
rehihegufoh^hfGhfg_lZdg_ih^oh^blY`b\m\wlhcBfi_jbbbfg_lmlgjZ\blky:_kebgZ
ij_klhejy^hfkBfi_jZlhjhfky^_lg_qlhdhlhjh_mfhf[ebklZlvg_[m^_lZ\om^r_fjZkdeZ^_
_keb_s_b^mjhcih`bagbhdZ`_lkyZg_lhevdh\^_eZobfi_jbblhiehoh[m^_l\i_j\mxhq_j_^v
ijhkluf]jZ`^ZgZfDdhbfyhlghrmbk_[yihwlhfmgZnb]gZnb]AgZqblehfZ_fkbkl_fm
:_keb\uj_rbl_qlh^_\mrdZfheh^_pZfg_hgZ[m^_lg_d^mr_"kemrZcfm`bdl_[_
iylgZ^pZlvbeb\k_lZdbih[hevr_"
Kl_jiblkykex[blkyy[ueZZ[khexlghkihdhcgZ\g_rg_
uaeZy
Fg_m`_]h\hjbeb
:_kebfg_m`_ijb]eygmeZkv^_\mrdZbhgZ^Z`_ih^oh^blijZdlbq_kdbih\k_fiZjZf_ljZf"Qlh
lh]^Z"
H^Zj_ggZy"
Hq_gvhgqmlvih^Zekydhfg_hl]Z^kl\h
?kebmg__dhgljZdlbhgZg_djhfZgllh\uq_jdb\Z_fAZq_f\ZfaeZy`_gZkly`_euf
oZjZdl_jhf"
I_j_\hkiblZx
OZoZ^Z`_kh[Zdmg_evayi_j_\hkiblZlvlhevdhgZmqblvgh\ufnhdmkZfZm`_knhjfbjh\Zggmx
ebqghklvehfZlvinnaZq_f\ZflZdh_\k_fv_wlb[ZlZebbjZ^bq_]h"Ijh\_jblvdlhkbevg__
oZjZdl_jhf\ubeb`_gZ"LZdlmlgbdlhg_\ub]jZ_lZihkljZ^Zxlh[uqgu_]jZ`^Zg_\u\_^v
mfgucfm`qbgZ\u\u[_j_l_k_[_^hklhcgmx
DZ`^uc\_q_jihke_m`bgZfukh[bjZ_fkyk\Zfbb]jZnhfR_jfZghfbh[km`^Z_fj_amevlZlu
^gybm`bgZ]hehka\mqZekmohlZd]h\hjylkih^qbg_ggufbZg_k^_\mrdhcdhlhjZygjZ\blky
H[b^_ekybdemqr_fm
�y^x[jZlv[m^_f"ylh`_klZeZ]h\hjblvkh[jZggh
G_lwlh_]hg_dZkZ_lkyhcy[uihkihjbeZghijhfheqm
:fh`ghmagZlvihdZdhchgebgbb\Zfjh^kl\_ggbd"ijbgphdbgmef_gyaZ^mfqb\uf\a]ey^hf
ghhl\_lbeohlvbf_^e_gghbdZdlhg_hohlgh
ijbk\bklgmlvJh^[u\r_cBfi_jZljbpuwlhkZfucfh]ms_kl\_gguchg[ufh]ihkihjblvk
bfi_jZlhjkdbfghbfwlhg_gm`ghBlhlnZdlqlhhgbhl^Zeb^hqvBfi_jZlhjm]h\hjblhlhfqlh
Bfi_jZlhjlh`_g_^mjZdblZdbfh[jZahfaZihemqbek_[_khxagbdZ
Ydb\gmeZihdZau\Zyqlh[eZ]h^ZjgZaZhl\_l
Fg_ihjZkiZkb[haZh[_^bqm^_kgucdhn_K_]h^gymgZkm`bg\ZrZk_fvyb^_\mrdbY[u
j_dhf_g^h\ZeZg_imkdZlvgZm`bgih^^ZgguoIhke_yjZkkdZ`mqlhihemqbehkvihl_klbjh\Zgbx
ijbgpdb\gmefuih^gyebkvh^gh\j_f_gghhgg_klZeijh\h`ZlvZyg_hkh[h`^ZeZKgbf^he]h
b^lbkZfZ[uklj__^h[_]m
�:lhdmqm\j_f_gbihljZlbeZgZwlhlh[_^emqr_[u\dhfgZl_[ukljhi_j_dmkbeZ_eZ^_eZ
ih[_`ZebOhlyihdhjb^hjZfyijhklh[ukljhreZb\hl]ey^ydZdhlf_gyjZa[_]Zxlkykem]bb
�qmlvhlklmiZxlh[u\Zl_ebljm^ghg_ihgylvdZdh_ijhba\h^brv\i_qZle_gb_ebggh_q_jgh_
ieZlv_\ihedhlhjh_hlrZ]h\qmlvjZa\_\Z_lkybg_\b^ghdZdy^\b]Zxgh]Zfb lmneblh`_
�q_jgu_\fGZnhg_ieZlvyfhydh`Zhkh[_gghdZ`_lky[_ehc\hehkukh[jZguqlh[ug_f_rZebkvZ
\klj_qgu_\b^yllhgdmxnb]mjm\q_jghfbkjZ[Zlu\ZxlZkkhpbZpbbghfg_\k_jZ\ghlZd
m^h[g_cqlh[u[hyebkvlZdijb\uqg_cqlh[ug_p_ieyebkvlZdkihdhcg__gbdlhg_e_a_l\^mrm
Fbkl_jD\bdebgZihfgbl_^_\mrdZfqlh\r_klv`^mbo\]hklbghcyg_agZxhldm^Zhg
ihy\ey_lkyghaZ^Zgb__fmmf_gy\k_]^ZgZc^_lky
DZdkdZ`_l_fZ]bkljy[eZ]h^Zjghdb\gmeZg_aZf_^eyyoh^Fh`_lFboZm`_kijZ\bekyb
lh]^Zk_cqZkfh`gh[m^_lohjhrhihjZ[hlZlv

FboZjZkklZjZekygZkeZ\mMf_gygZdjbklZee_[ueihegucZgZebahl\_lh\^_\mr_dboh[sZy
oZjZdl_jbklbdZijbkljZklbygZdehgghklbkljZobb^Z`_mh^ghckdjulZyg_gZ\bklvb`Z`^Z
f_klbQ_f[hevr_y\qblu\ZeZkvl_fkbevg__r_\_ebebkv\hehkumf_gygZ]heh\_Yg_agZx
dZdbff_klhf^mfZebl_dlhijbgbfZewlbo^_\mr_d\g_\_klub^himkdZedhl[hjmgh_]h[u
�ihibgZlvgh]Zfb_\mrdbg_]hlh\uhgbaZim]Zguhgbg_ohlylklZgh\blvkyba[jZgghc
Bfi_jZlhjZ lml[eZ]hohlvljh_`_eZxlwlh]h\hllhevdhijbqbgmgZ^h_s_\uykgblv\fBkwlbf
fg_jZ[hlZlvQ_eh\_q_kdbo^_\mr_dgZ^hkjZamhl[jZku\ZlvehfZlvbf`bagv]emihgbbah^ghcg_
\uc^_lkbevghcBfi_jZljbpulhevdhlboZybg_aZf_lgZyrbjfZLjhboy[uijyfhk_cqZk^hfhc
hlijZ\beZH^gZex[bl^jm]h]hb_keb__ihiulZxlky\u^ZlvaZfm`[m^_l^jZlvky^hihke_^g_]hb
g_ba\_klghq_fwlhdhgqblkylhjZyi_j_`b\Z_ldZdh_lhebqgh_]hj_ qlhbf_gghihgylvg_
ihemqbehkvgZ^h\uykgblv\fmlj_lv_cqlhlhkj_[_gdhfk\yaZgh lhebihl_jylheb_]hjh`^_gb_
\uykgblv\fhllZdb_qm^gu_\u\h^u?keb^h[Z\blvqlhmf_gyq_l\_jhhdZaZebkvqbklhdjh\gu_
ex^bohjhrhohlvfZ]bq_kdbh^Zj_ggu_imklvbg_agZqbl_evghlhjZ[hlZlvfg_fh`ghfZdkbfmf
kk_fvxZihnZdlmklj_fyH[gylvb]hjvdhieZdZlv
:gZebay\ayeZkkh[hc_kebdjhgijbgpaZohq_lkjZamihke_m`bgZih]h\hjblvg_[m^mebrgbcjZa
\ha\jZsZlvky
WevaZdZd^_eZmfZl_jb"^_\mrdZ\wlhlfhf_gl]hlh\beZfh_ieZlv_dm`bgmb\b^bfh
aZ^mfZeZkvihlhfmqlhhl\_lbeZlhevdhihke_lh]hdZdy\lhjhcjZadg_ch[jZlbeZkv
HcfZ]bkljkiZkb[h\k_[eZ]h^Zjy\ZfyihklZjZeZkvg_\u^Zlvk\h_cfbfbdhcqlhy^mfZx
ijhwlm[eZ]h^ZjghklvGZreZdh]h[eZ]h^ZjblvFZfZihreZgZihijZ\dmbm`_^Z`_klZeZ
ihevamxkvg_ijh\_j_ggufbkj_^kl\ZfbGhhgZkdZaZeZ\ug_\havf_l_]hlh\h_ihwlhfmhgZ\Zf
ljZ\ukh[jZeZ:m`qlh^Zevr_\ukgbfb[m^_l_^_eZlvgZ\Zr_mkfhlj_gb_:\hlhlljZ\]emih
�hldZau\ZlvkyZmf_gy_klvg_kdhevdhihklZ\sbdh\\eZ\dZo]^_yihdmiZxk[hjughhgb
hklZebkv\ij_^_e_^hklmiZ:dZ^_fbbZg_lml
KiZkb[hljZ\uiheh`b\kZd\hy`yk_cqZkkgyeZaZsblm^_\mrdZ[ukljhih^hreZdrdZnmb
hldju\_]h^hklZeZkZd\hy`dm^Z\ueh`beZ\k_lhqlhi_j_^ZeZfZlvY`_djZ_f]eZaZke_^beZbg_
fh]eZg_aZf_lblvbljZ\mdjZkgh]hdZfgydhlhjmxhq_gvljm^gh^hklZlv^ZbahehlygdmhgZ
_keb[uijh^ZeZwlbljZ\uohjhrh[uaZjZ[hlZeZ
:_s_fZ]bkljyijbg_keZlhlp\_lhdgZdhlhjuc\uijhdeylv_kdbgmebhg\hg\dhjabg_klhbl
fh`_l_]hdm^Zlhi_j_klZ\blv"b\hl__hiZk_gb_aZklZ\behaZ^mfZlvky
YkgZqZeZgZg_]hkZfZihkfhljxZihlhfj_rmIh^hc^yddhjabg_dhlhjZyklhyeZ\hae_kl_gu
m\oh^ZhldbgmeZdjurdmblhevdhmkbeb_f\hebg_gZqZeZZoZlvdZd^_j_\_gkdZy^_\qhgdZ
&#xf_;&#xkl;&#xh;&#xh[;&#xuq;&#xgh;&#x]_;&#xjZ;&#xgb;&#x;&#xk_;&#xcq;&#xZk;&#xg;&#xZ;&#xf_;&#xgy;&#xk;&#xfh;&#xlj;&#x_e;&#xh;&#xg_;&#xql;&#xh;�f_klhh[uqghc]_jZgbk_cqZkgZf_gykfhlj_ehg_qlhZkfhlj_ehLZf]eZadb[uebrlmdiylv
gZebklbdZobp\_lulZf[ueblhevdhl_i_jvwlhdem[beZkvlvfZZg_fbeu_jhah\u_p\_lhqdb:
_s_p\_lhdh[aZ\_ekyrbiZfbbi_jbh^bq_kdbf_gyenhjfm\g_f]meyeZlvfZdZd[m^lhhgZijhklh
ijbgyeZnhjfmp\_ldZDh]^Zp\_lhd\hq_j_^ghcjZaihf_gyenhjfmbgZf_gy]eygmeiZmdg_
aZhjZeZylhevdhihlhfmqlhhjZeZWevaZG_m^h[ghf_rZlvq_eh\_dmlZd\hh^mr_\e_gghdjbqZlv^Z
bkhehkeurZehkvemqr_q_f^mwlWlhqlh`_aZ_jmg^Zmf_gyihemqbeZkv"DZdbflZdbfqm^hfba
h[uqgh]hp\_ldZdhlhjuchlijhdeylvy^he`_g[uefZdkbfmfaZ]gmlvkyZfbgbfmfgZqZlv]gblv
ihemqbehkvwlh"B]eZ\gh_qlhwlhlZdh_"
FffZ]bkljwlhqlh"ohl_eZy[ukZfZagZlv
�Wlhp\_lhdZydwighwlh_^bgkl\_ggucfhchl\_l
Bqlh\ukgbf[m^_l_^_eZlv"y\wlhlfhf_gldZdjZabaZ^mfZeZkvZqlhykh[kl\_ggh[m^mk
gbf^_eZlv"Fh`ghdhg_qghihiulZlvkyjZa\_ylv:k^jm]hcklhjhguwlh`_dZdhcbgl_j_kguc
wdki_jbf_glfh`ghihklZ\blvJ_r_ghgZ[ex^Zx
Yg_ij_ju\ghkfhlj_eZgZp\_lhdbaZf_lbeZbgl_j_kgmx\_svHggZkihgbfZ_llhqg__j_Z]bjm_l
gZ\b[jZpbbhl]hehkZ\jy^ebmeZ\eb\Z_lkfukeghj_Z]bjm_l:]^_mg_]hmrbbeblmlih
ijbgpbimehdZlhjZbmeZ\eb\Zl_ey\b[jZpbb";ebgbgl_j_kg_gvdhdZd
HklZ\exlml[m^_l`blvkhfghcih^mfZeZk_dmg^mb^h[Z\beZ[hevr_^h\_jyyk\h_cbglmbpbb
q_feh]bd_[m^_laZsbsZlvbihfh]Zlv
;ebg_]hqlh_s_biheb\ZlvgZ^h[m^_l"fZehlh]hqlhhgZlZde_]dhfhbkeh\_qdbi_j_gbfZ_l
lZdblhlnZdlqlhhgZ\hafmsZ_lkyhiheb\_fh`ghk^_eZlv\u\h^]hlh\Z^_eZlvqlhkdZ`m^Z`_
aZ[hlblvkyh[wlhfiho\Zevgh
H[yaZl_evghijbq_fdjh\vxykdZaZeZwlhg_\hafmlbfhklZjZykvg_kf_ylvkyijhklhm^_\qhgdb
lZdh_\ujZ`_gb_ebpZ[uehqlhhgZk_cqZkdh]hlhijb[v_lihlhf\a]ey^__hklZgh\bekygZp\_ld_
br_kl_j_gdbaZjZ[hlZebHgZj_Zevghijbdb^u\ZeZ]^__c\aylvdjh\v^eyp\_ldZy\\hklhj]_hl
�^_\qhgdbmfZxdjh\v^_\kl\_ggbpu_fmih^hc^_l
;ebgZ^_\kl\_ggbphklZehkvjZa^\Zbh[q_ekybogZ^he]hg_o\ZlblfZfhqdbbdlhbagZk
g_djhfZglybebwlZfbeZy^_\mrdZ"
G_lg_ihc^_l_kebgZqg_f^Z\Zlvdjh\vhgihlhfhlg__g_hldZ`_lkyagZqbldhjfbfwfhpbyfb
lhebdbfZ]bbdhlhjZy\klmiZ_l\j_ZdpbxbihemqZ_lkybgl_j_kgucgZiblhdkihfhsvxdhlhjh]h
fh`gh^h[Z\blvk_[_kbebijh^_j`Zlvky^ebl_evgh_\j_fy[_akgZex[bfh_kj_^kl\hklm^_glh\b
ljm^h]hebdh\ghfhcdhn_emqr_
Lh]^ZyaZwg_j]_lbdhfZ\u_]hihdZfZ]b_crb[Zgbl_qlh[ukuluc[uekem`ZgdZm`_ohl_eZ
m[_`Zlvghi_j_^mfZeZj_adhih\_jgmeZkvbmlhqgbeZgh^ey\k_oykdZ`mqlh\u_fmfhxdjh\v
^Z_l_eZ^gh"ym^b\e_gghgZg__ihkfhlj_eZ^_ckl\bl_evghqlhwlhy"G_h[jZsZcl_\gbfZgby
agZqbldjh\vbg_m]h^guo_fmlh`_kdZjfeb\Z_l_fukp\_lhqdhfi_j_]eygmebkvh^gh\j_f_ggh
ijbdb^u\ZydZdwlZf_ehqv^he`gZdh]hlhih]ehlblvghWevamlZdb_gxZgkug_\hegh\Zeb
HgZmfqZeZkvg_^h`b^Zykvfh_]hhl\_lZ^Zybg_agZxqlhkdZaZlv\jh^_dZdgm`gh]h\hjblv
^Zgh]emihZagZqblijhfheqm
Gmqlhp\_lbd^Z\Zcl_[yijh\_jbfp\_lhdhs_lbgbekydhexqdZfbagZqblj_qvmeZ\eb\Z_l
[m^_lg_[hevghbg_kljZrghyl_[yg_bkihjqmrbiuihdhe_[Zebkvb\lygmebkv;bg]hlhqgh
jZamfguc
YaZimklbeZkdZgbjh\Zgb_blbohfe_eZ\k_hq_gvijhklhbkeh`ghh^gh\j_f_gghBagZqZevghwlh
[uep\_lhdghjhkhgmagZoZjdbbi_jbh^bq_kdbhgZ\b^bfhiheb\ZeZdZdhgZ^mfZeZ
[_a\j_^gufbhklZldZfba_evy^eyjhklZmdj_ieyxsbfb\k_ihf_ehqbhllhevdhfgh]b_
\klmiZeb\j_Zdpbxbp\_lhdklZedhg^_gkbjh\ZlvfZ]bxgZdZieb\Zy__\kl_[e_Ihlhf[ueZyb
ijhdeylv_dhlhjh_ykdbgmeZgZp\_lhdhllmlihreZg_h`b^ZgghklvP\_lhddZdex[h_`b\h_
kms_kl\hohl_e`blvbgZqZe[hjhlvkykijhdeylv_fqlh[uhgh_]hg_ih]m[behghijhdeylv_[ueh
kbevg__blh]^Zp\_lhdj_rbeg_hllhj]ZlvZi_j_\Zjb\Zlv_]hFZ]bq_kdb_ihlhdbmkbebebkvb
ihemqbehkvlhqlhihemqbehkvIhnZdlmwlhjZamfgh_jZkl_gb_ijhdeylv_Bgl_j_kghlhdZdy^Z`_
g_ijbihfgxddZdhfmdeZkkm_]hfh`ghhlg_klb
K_cqZkygZijZ\ex\l_[yfZ]bxihijh[mc__ih]ehlblv_kebg_ihemqblkykdeZ^u\Zcebklbdbb
yhllygm__gZaZ^Ihgye"g_agZxq_]hy`^ZeZg_hl\_lZwlhlhqghghp\_lhdj_adhih^gye\k_
ebklbdbbihlhfhimklbeijbf_fwlhaZ^Z
YfZe_gvdhckljmcdhcimklbeZfZ]bxkf_jlbgZp\_lhdkgZqZeZhgZlhevdhdem[beZkv\hdjm]
p\_ldZZihlhfj_adhdZd_keb[ujy^hfk^ufhf\dexqbeb\uly`dmfZ]by\lygmeZkv\p\_lhdB
\hlgZf_gykfhljylhkheh\_eu_]eZadbZ\fZ]bq_kdhfaj_gbbl_dklmjZp\_ldZklZeZ[he__
klZ[bevghclZdhgjZkiZ^ZekybaaZg_o\ZldbfZ]bbl_i_jv`_hgklZ[be_g
GbgZdh]hg_[jhkZlvkyIhdZkb^bkihdhcghy_s_[m^ml_[ybamqZlvGh_kebihiulZ_rvky
gZ\j_^blv[_afh_]hjZaj_r_gbyyl_[ygZdZ`m=eZadbklZeb]jmklgu_Qmlviha`_fuihcf_f
qlhlufh`_rvby^Zfl_[_aZ^Zgb_ohjhrh"\k_YgdZwlhdebgbdZahf[bluex[brvdZd
^hfZrgbo`b\hlguoIblhfpZaZ\_eZkf_jl_evgh_ijhdeylv__s_`_gboZ^_fhgZbfZfZfh`_l
lh[hc]hj^blvkylukZfZy[hevgZy\_^vfZ\h\k_o=jZgyo
WogZ^h[uehkemrZlviZimbkoh^blvdikbohl_jZi_\lmfh`_lhg[uf_gy\ue_qbe:]Zblu
i_j_klZeZ[u[ulvg_djhfZglhfbklZeZghjfZevghcG_lm`yk\hbolZjZdZgh\\]heh\_g_`gh
ex[exhgbfg_baxfbgdm[_amfbgdm^h[Z\eyxl
Ywg_j]_lbdijbg_keZWevaZijbfqZeZkvkdm\rbghfgZibldZ
Iheb\ZcyhlklmibeZhlklheZgZdhlhjhfklhye]hjrhdkp\_ldhf
�_\mrdZly`_eh\a^hogmeZghdp\_ldmrZ]gmeZ
ofmjbekybhq_gvaZ[Z\gh\jZagh[hcoehiZe]eZaZfbZ[m^_rvohjhrbc[m^_f^jm`blvylh]^Z
l_[yqZklhiheb\Zlv[m^mMk_d"g_agZxqlhlZfmk_dp\_lhdghyijhklhdhjqbeZkv\gmljbhl
kf_oZOhjhrhohlvfh_ebphg_\b^gh^_\mrd_Zlhg_kheb^ghlZdmeu[Zlvkyaeh[ghfm
g_djhfZglmk_fZ]bkljihebeZ
Ohjhrhfh`_rv[ulvk\h[h^gZyihke_m`bgZaZ^_j`mkvlZdqlhg_`^bhlijZ\eyckydk_fv_
ijb^_rvmljhfbij_^mij_^bijbkem]mqlhp\_lhdljh]Zlvg_evaybyaZihke_^kl\byg_hl\_qZx
HgZihdb\ZeZbm[_`ZeZZyi_j_h^_\rbkvihreZkh[bjZlvk\hcdmjylgbdgZm`bg
B\hlnjZaZijhdmjylgbdg_rmldZdh]^Zy\hreZ\dhfgZlmlZfreZ^jZdZbdm^ZolZgv_^_\bp
ihl_jy\rboq_eh\_q_kdbcb^_fhgbq_kdbch[jZaA\_jbblhdmevlmjg_c
Ym`_\Zm^blhjbblvnm[ebg\dhfgZl_g_\Z`ghkqblZx^hlj_og_ij_djZlb\rbo
hlijZ\exqbklblvkd_e_lh\hlldZg_cjZkiZ^Zj_fyihrehH^bglheiZf_gymkeurZeZklZeZ
�h]ey^u\Zlvkym\b^_eb\ZaZ\ba`Zebbhlkdhqbeb^jm]hl^jm]Zl_i_jvdm[ehjZa[blhgZ
hl^_evgu_ebqghklbdjZkhldbLjb\k_^_\mrdbklhyebihklhcd_kfbjghbfheqZeb
:aj_ebs_ijhklhf_qlZFhj^uihpZjZiZguijbq_kdbihlj_iZguieZlvyf_klZfbih^jZgub\hl
wlhyk_cqZk^he`gZhl\_klbgZm`bg"
Yk\Zfb^_\mrdbkh]eZkgZ^b_lZihe_agZM`bghglhevdh\h\j_^dZd\ijhq_fbaZ\ljZdb
h[_^hgbofmjylkyg_ihgbfZxlG_[_^Zk_cqZkh[tykgxu`_g_^mfZ_l_qlhwlhyh[\_eZ
jmdhcboyhl\_^mgZm`bgdBfi_jZlhjmb[m^magZdhfblvkdjhgijbgp_fb_]hk_fv_c":k
mq_lhflh]hqlhih\h^Z^jZlvkyg_[uehlhwlh\b^bfhm\ZkghjfZb\ulZd[m^_l_^_eZlvi_j_^
dZ`^ufaZ\ljZdhfh[_^hfbm`bghfZagZqbl^b_lZ
�hgboklZeh^hoh^blvqlh\u]ey^ylhgbdZddmjbpuh[sbiZggu_\hljmdbihlygmebkvihijZ\blv
ieZlvyijb]eZ^blv\hehkug_\k_ihl_jygh
AZqbgsbdb\k_]hwlh]h"yhiylv]h\hjbeZkihdhcghfg_gm`ghqlh[u^_\mrdZkZfZijbagZeZkv
Yij_djZkgh\b^_eZaZc^yf_klhiheh`_gb_dZ`^hc^Zbhlq_lFbobqblZeZbij_djZkghihgbfZx
qlhba\k_omkljhblvwlh[_ah[jZab_fh]eb^\h_\hlimklvbijbagZxlky
GhhgbfheqZebdZdiZjlbaZgugZ^hijhk_l_femqr_
Qlh`_aZ\Zr__^bgh]eZkb_bg_`_eZgb_k_dkhlgbqZlv\k_fiexk^_kylv[Zeeh\aZmf_gb_[ukljh
j_Z]bjh\ZlvlZd`_iexkiylv[Zeeh\Yk^_eZeZiZmamZ^_\mrdbklZebh]ey^u\Zlvkyg_
ihgbfZxlqlhaZ[Zeeuk_cqZkihcfmlL_i_jvgZdZaZgb_AZihlZkh\dmdhlhjmxmkljhbebb\Zk
ihcfZeb\k_ffbgmkiylvK_cqZkm\Zk_klviylvfbgmlqlh[uijb\_klbk_[y\ihjy^hd_kebg_
meh`bl_kvhiylvhlgbfm[Zeuj_fyihrehhlfh_cdhfZg^u\k_ijbreh\^\b`_gb_Zy
^h[Z\beZ_s_h^bgh[jZadk\h_cdZjlbg_
�_\mrdbkemrZxlkyhdjbdh\b`_kldbodhfZg^agZqblbo\k_oih^Z\eyebbbfbdhfZg^h\Zeb
bgZq_ohlvh^gZ[uihiulZeZkv\hafmlblvkybebmlhqgblvghg_lhgb[ukljhdZdkhe^Zlu
ijb\h^ylk_[y\ihjy^hdG_ijhrehbiylbfbgmlZebpZm\k_o\ihjy^d_\hehkuijb]eZ`_gub
^Z`_ieZlvy\u]ey^ylijbebqghy[ulZd[_afZ]bbg_kfh]eZZhgbfheh^puhlqlhagZqbl
gZklhysb_`_gsbguba^bdhh[jZabgudhgn_ldmk^_eZxl
k_meh`bebkviexkiylv[Zeeh\L_[Zeeuqlhy\Zfha\mqb\Zxwlh\Zrl_dmsbcj_clbg]^ey
ihemq_gbyaZq_lZZlhqg__^hklmiZdl_emijbgpZAZ^_gvgm`ghgZ[jZlvfZdkbfmfKj_^bl_odlh
gZ[bjZ_lfZdkbfmf\u[bjZxlmmdhlhjhc[Zee\ur_bbf_gghhgZhlijZ\ey_lkygZm`bgdijbgpm
KZeZl"lbohmlhqgbeZh^gZ^_fhgbpZ
:\uqlh^mfZebyfykh\Zf^Zf"G_lkZeZlbfZdkbfmfch]mjl[m^_l_nb]mju[exklbZfykdh
�ih_kllZqlhkijbgp_f[m^_lm`bgZlv\hlbklbfme^hihegbl_evguc_\mrdb\u]ey^_eblZd
DZd[uihlhqg__h[tykgblv"hlh[Ze^_eb\djZcDjhf_wlh]hkaZ\ljZrg_]h^gykmljZm\Zk
gZqbgZ_lkynbabq_kdZyih^]hlh\dZZihke_aZ\ljZdZfuk\Zfb[m^_fihk_sZlvbgl_j_kgu_f_klZ
]^_\u[m^_l_jZ[hlZlvgZf_gy\ulZjZsbebkvZ[khexlgh\k_Hgbk^_eZebwlhlZdkbgojhgghqlh
ihkjZfbeb[uex[mxk[hjgmxihkbgojhgghfmq_fmeb[hB^_ZevghZ`[ZevaZfgZ^mrm
:qlh\uohl_eb"MgZkf_kypfu^he`gukj_^b\ZkgZclbb^_ZevgmxBfi_jZljbpmbg_^Zlv\Zk
ihdZe_qblvgbk_cqZkgb\[m^ms_fZagZqbllj_gbjh\dbbjZ[hlZ
Ghijhreu_hl[hjug_m\_j_gghgZqZeZq_eh\_q_kdZy^_\mrdZGZ^h[ebgkgbfb
ihagZdhfblvkyZlhg_m^h[gh[_abf_glZf\_^v[Zeu[uebhohlZhgZaZfheqZeZgZihemkeh\_
ih^fhbfeZkdh\uf\a]ey^hf
�:g_\uebfg_\ijhreucjZa\_sZebqlhkf_jlghklv[ueZ"ZblhlnZdlqlhBfi_jZljbpm_s_
g_\u[jZeblh`_m^jmqZ_lagZqblehfZ_fkbkl_fm
:fg_gjZ\blkywlhkdZaZeZlZ^_fhgbpZdhlhjZyijbijhrehf^bZeh]_kijZrb\ZeZijhfh_
gZagZq_gb_mg___s_g_gZ\bklvkdjulZyhlddhfmbebdq_fm\uykgblv[u_s_
HklZevgu__s_i_j_]ey^u\ZebkviulZykvihgylvdZddfhbfkeh\Zfhlghkblvkyghym`_\b^_eZ
e_]db_bkdhjdbbgl_j_kZ:_keb_klvbgl_j_kfh`ghe_iblvqlhm]h^ghbaklm^_glh\AZklZ\eylv
jZ[hlZlvg_ihdeZ^ZyjmdhgbbaaZwlbobkdji_j_\hjZqb\ZxlaZe_`b[b[ebhl_dke_^ylkmldZfb
gZijhe_laZijhkuiZxsbfkyahf[bb\ul\hjyxlg_\_jhylgu_\_sbwlh\Zfex[hclhedh\uc
ij_ih^Z\Zl_evkdZ`_lhlby\b^_eZwlbihdZfZe_gvdb_ghbkdjuByihgbfZx^_\qhghdKb^_lv
\h^\hjp_`^Zlv[ZeZ]^_g_nZdlqlhihagZdhfbrvkykijbgp_fgh\hafh`ghgZihj_rvkygZ
hlfhjhadZbebm[bcpmex[h]hk^_eZ_l^_j]Zgguf:lmlyij_^eZ]Zxqlhlhqlhj\_lrZ[ehguZ
djhf_wlh]h_kebfu[m^_fmoh^blvjZ[hlZlvagZqblgZk[m^_lly`_e__ihcfZlvbgZiZdhklblv^Zb
lZdbgl_j_kg__q_fp_eufb^gyfb`^Zlv\_q_jZIhiZebkvYl_i_jvwlbfbgl_j_khf[m^m
ih^h]j_\ZlvbobhgbkZfbg_aZf_lyldZd[m^mlf_gylygmlvjZ[hlZlvb^_eZlv\k_lhqlhy
aZieZgbjh\ZeZ
MgZk\i_j_^bhq_gvbgl_j_kgucf_kypmeu[dZmf_gyihemqbeZkvdh\ZjgZyg_kfh]eZk^_j`Zlv
ghqlhijbylgh^_\qhgdbmeu[gmebkv\hl\_l:l_i_jve_lmqbcfhc[ZlZevhg\k_gZm`bgb
ebphf\]jyavqlh[ugbh^gZg_m^ZjbeZYjy^hfyke_`mb[Zeeunbdkbjmxbdjhf_wlh]h
ij_^mij_`^_gb_ijhkd_e_lu\kbe_Yfgh]hagZqbl_evghijhfheqZeZZihlhf\afZogmeZjmdhcb
kijh_pbjh\ZeZlZ[ebpm]^_\i_j\hfklhe[p_bf_gZbnZfbebbZ\h\k_oihke_^mxsbo^gb\
dhlhju_[m^_l^eblvkyhl[hj
Ih^wlhclZ[ebp_c[uehgZibkZghaZqlhgZqbke_gu[ZeeuihdZm\k_oh^bgZdh\hgh_kebdlhlh
hlebqblkywlhkjZamhlh[jZablkykjZkrbnjh\dhcdhfmbaZqlh\k_^eyijhajZqghklbhp_gb\Zgby

klheh\mxfu\ihjogmebdZdklZcdZyjdboilbpbh^gZq_jgZy\hjhgZY\ha]eZ\eyeZwlhl
[ZlZevhgk\ylu_dhklbg_o\ZlZehfmaudbijyfkbevghqlh[uih^jblfgh^_\mrdbblZd
kijZ\bebkvY]hj^beZkvbfb\k_dZdh^gZrebkjh\gufbkibgZfb^ZqlhlZfrebhgbieuebqmlv
ijblZgph\u\Zyklj_eyy]eZadZfbbihdZqb\Zy[_^jZfbBkdmkbl_evgbpuY^Z`_aZ^mfZeZkvlhqgh
FZ`hj^hf\hagbdrbcbagbhldm^Zij_^klZ\be^_\mr_ddhlhju_ijbijhbaghr_gbbk\h_]hbf_gb
^_eZebrZ]\i_j_^bijbk_^Zeb\j_\_jZgk_=jZpbyaZdZqZ_rvkymfgbpu
FZ]bkljijhrmaZklheijbgp[uekZfZmqlb\hklvH^_luc\q_jgucdhklxfb[_ehkg_`gmx
jm[Zrdmhgkfhlj_ekyihljykZxs_hiZkgufbijbly]Zl_evgufbfhc[ZlZevhgwlhaZf_lbeg_]h
ihe_l_ebhklju_\a]ey^ugh[jhgxihdZg_ijh[bebIhb]jZ_f
Ijbgpb]ghjbjh\Ze^_\mr_debqghihfh]Zyfg_k_klvaZklhebijb^\b]ZyklmehlghjfZevguc
fm`bd"Hgfg_aZq_fkeh`ghklbkdhee_dlb\hfmkljZb\Z_l"Bebj_rbelZdbfg_obljufkihkh[hf
ihiulZlvkyf_gykh[eZagblvgZkljhblvijhlb\f_gy^_\mr_db\k_lZdbaZohfmlZlv"Ijhba\heY
qbgghk_eZaZklhebh]ey^_eZijbkmlkl\mxsboGZk]jZfhlghjZkkZ^bebgZijhlb\jh^kl\_ggbdh\
lZdbfh[jZahf^Z\Zy\hafh`ghklvbamqblvdZ`^mxKj_^bjh^kl\_ggbdh\aZl_kZeky]jZnR_jfZg
\b^bfhhq_gv[ebadbcjh^kl\_ggbd;ueblmlbk_klju[ebagyrdbkfhlj_ebgZg_\_kl
h^bgZdh\ufb]eZaZfbb^Z`_]heh\uqmlvkdehgyebkbgojhgghbgl_j_kghjZamfmgboh^bggZ
^\hbo"
�G_[uehkj_^bijbkmlkl\mxsboJbdZgZZgd_gZGZ\_jgh^y^yaZgylbebihkqblZeqlhljZlblvqZkZ
ljbgZm`bgwlhjZklhqbl_evkl\hbdklZlbijZ\bevghihkqblZefZl_fZlbdAZklhehf\_eZkv
g_ijbgm`^_ggZy[_k_^Z ohlydZdihfg_bf_gghf_gyijbgm`^ZebjZa]h\Zjb\Zlv\f^_\mr_d
bamqZebaZ^Z\Zeb\hijhkuydZdfh]eZlbohgvdhihfZedb\ZeZFhyjhevhll_gylv^_\mr_dZg_
aZlf_\ZlvBlZd[uijhr_e\_kvm`bg_keb[ug_h^gZfbeZy`_gsbgZ]em[hdhi_gkbhggh]h
\hajZklZgZ\b^kmsbch^m\Zgqbd
Ylml\k_wlbjZkrZjdb\ZgbyihklhygghaZ[u\ZxDZdd\Zfh[jZsZlvkyfbehqdZ"Q_jgZye_^b
kf_jlvkdhkhcaf_xdZbeb\k_lZdbihbf_gb"Ijhklhym`_keurZeZ\k_\ZjbZglu
;Z[mrdZijbgplZdhkljh\hafmlbekyqlhklZehihgylghqlhlh]h\hjbebf_gghhg
Fh`ghijhklhfZ]bkljbebfZ]bklj:dmebgZyj_rbeZb]ghjbjh\ZlvgZf_d[Z[mevdbghgZ
ijbgpZihkfhlj_eZhq_gv\ujZabl_evghZ_s_mkeurZeblbob_kf_rdbkj_^b^_\qhghdIhemqZl
ih]Zgdb
LukfhljbfZ]bkljm`_OhjhrZ^_\dZZlu\k_gZkbkvdbkfhljbrvGZfha]b]eygvohlvjZa
fh`_lihgjZ\blkyg_k^mjZfbdm\ujdZlvkykmfghchgh`_aZl_ceb\_cwlhm`_ijbgpmHg
[_^gucZ`ihdjZkg_eAZklhehf\hpZjbeZkviZmaZgbdlhg_agZedZdk]eZ^blvwlhlfhf_gl
uqlhlhohl_ebmf_gymlhqgblv"dZdah\mlklZjmrdm\mihjg_ihfgx
GZau\Zcf_gy[Z[meyfg_[m^_lijbylghZlh\k_fZjdbaZdebqmlQm\kl\mxk_[yh[hehqdhc
lblmeZZg_`b\hc^_fhgbp_cGh[Z[meylug_kdZ`_rvmfgZbi_j_oh^blvgZ[he__ebqgh_
h[s_gb_k^_fhgZfbg_klZg_rvh[h`]eZkv"yhl\_qZlvgZ\hijhkg_klZeZijh^he`ZeZ\_`eb\h
meu[Zlvkyb`^Zlvq_]hkh[kl\_gghhgZhlf_gyohq_lMf_gyju[ZgZlZj_ed_hklu\Z_l\dmkgZy
f_`^mijhqbfg_kdZ`_rv@ZevohjhrZyihiuldZ[ueZYfZjdbaZDh\ZevkdZybmf_gy\hijhk
lufg_^_^Zh`b\blvfh`_rv"
hll_jZa^_lkdbckZ^
FZjdbaZ_kebyk^_eZeZg_eh\dmxiZmam^_^m`_mf_jlhh`b\blv_]hg_j_Zevgh?s_\
i_j\u_iylgZ^pZlvfbgml\hafh`ghqlhlhk^_eZlvZ^Zevr_wlhg_ih^kbemgbdhfmbfZ]Zf`bagb
\lhfqbke_Y`_fh]m_]hlhevdhih^gylvdZdmijZ\ey_fh]hahf[bbebkd_e_lZ\aZ\bkbfhklbhl
kl_i_gbjZaeh`_gby_klvi_j_klZeb\k_LZd\ZfbgZ^hYg__fb\ug_[m^_l_Zlhh[b^gh`mxl
Ih^gylv_]hZ]ZhgZaZ^mfZeZkvZihke_kf_jlbmg_]hih^gylvkfh`_rv"ykjZam^Z`_g_
ihgyeZhq_fhgZIhlhf\ky\u^_j`dZij_ih^Z\Zl_eyihfh]eZfg_g_mjhgblvebphbhl\_lblvih
\hafh`ghklbkihdhcghbdhjj_dlgh
�eylh]hqlh[uih^gylvgm`gZdjh\vdoo\hj]Zg_lhqg____pbjdmeypbyAhf[bdjh\vg_
kh^_j`ZllZdqlhbkihevah\Zlv_]hihgZagZq_gbx\jy^ebihemqblky^ZbaZljZlgh_ihemqblky
f_jhijbylb_ihke_wlbokeh\yfheqZiheh`beZdmkhq_dju[u\jhlbkihdhcghijh`_\ZeZ\wlh
\j_fyaZklhehf[uehlbohh[^mfu\ZxlgZ\_jgh\ZjbZglu
Lug_^mfZcyg_ba\jZs_gdZohlyba\jZs_gby[u\ZxljZagu_hgZwlh_s_bf_qlZl_evgh
]h\hjblgh^_ehg_\wlhfIjhklhhgfg_kmijm`_kdbc^he]aZ^he`ZewlhjZabgZihke_^hd
h]jZgbq_gb_ihklZ\beqlhygbkd_f^jm]bfg_fh]mZylhm`_ijh[h\ZeZ^Z\k_g_b^_lbwlhl
h^m\Zgqbdfg_ijhba\jZs_gb_[m^_ljZkkdZau\Zlv"dm^ZyihiZeZ"
;Z[mrdZhdjbdijbgpZi_j_\_enhdmk\gbfZgbym`bgZxsbogZg_]h^_^Zg_l\k_]hiylve_l
dZdb_ijh[h\Zlvb^h]h\hjblvhgg_kfh]^Zg_m^h[ghk[Z[me_cijhk_dk]h\hjblv
Qlhlufg_lmle_ibrv"KZfihijh[mciylve_lgbkd_fygZl_[yihkfhljxhlfm`bdb]Z^ub
^_^lZdhc`_[ueG_\uoh^baZg_]haZfm`wlhllh`_aZ^he`Z_lwlhhgZm`_fg_^mr_y
ohohlZeZbgl_j_kgZy[Z[mey
Bhgbqlhlhijhfm`ZklZjr_`_gu]h\hjylDZdfh`ghkhklZjbdhfwlbfaZgbfZlvky"wlh]hehk
ih^ZeZbdZk_kljZijbgpZEmqr_[ufheqZeZk_cqZk\_kv]g_\i_j_c^_lgZg__hgdZdijbgp
]m[uk`ZebgZg__m`_mklZ\beky;ulvijbex^ghcihjd_`Zedh^_\qhgdmB\dh]hylZdZy
`Zehkleb\Zy"
Gmihq_fm`_"l_i_jv\k_\gbfZgb_[uehgZijZ\e_ghgZf_gyb^_\mrdZ\b^bfhhp_gbeZ
\a]ey^[jZlZihlhfmqlhlbohgvdh\u^hogmeZk[eZ]h^Zjghklvx]ey^yfg_\]eZaZKhql_fky
Lh_klv\ukqblZ_l_fZ]bkljqlh\hajZkl`_gboZg_\Z`_g"kfhljb]jZnR_jfZgih^dexqbeky
�wlhlihex[hfm[m^_ldZiZlvqlh^eyf_gy]eZ\gh_Z`_g_agZxqlhbf_gghhgdZiZ_lijbgpm
imklv[m^ml^_gv]bbyjZ^bgbo]hlh\Z^Z`_aZklZjbdZaZfm`\uclb
Ebqgh^eyf_gyijbhjbl_lkh\_jr_ggh^jm]hcghyhl\_qmgZj_iebdmijbgp_kku?kebfm`klZj
lhijhs_g_dm^ZkijylZeZa_ev_ih\urZxs__fm`kdmxkbembhgm`_gbq_]hg_fh`_loh^bl
�bs_l_\qhgdbgZqZebobobdZlvKijylZeZhqdbbebwebdkbj^ey]eZahg\hh[s_gbq_]hg_
gZc^_lZluaZgylZk\hbfb^_eZfbihke_q_]hyk^_eZeZ]ehlhd\bgZaZ[hdZehfijyqZmeu[dm
HlebqgucieZgb]^_lujZgvr_[ueZ"Lhevdhqlh^_eZlvkhk\hbflh`_eZgb_f"wlh[Z[mevdZ
\e_aeZ\hlex[\_h[bevgZyBgl_j_kghwlhmgbok_f_cgh_"
Ex[h\gbdZaZ\_klb"ij_^eh`beZ\lhjZyijbgp_kkZ__dklZlbEbdZah\ml
Qlh[u_]hfm`m[be"ijbgp_kkZbdZ\klmibeZ\kihj
Fm`Zm[blv"wlh[Z[dZ
Beb\uclbaZfm`aZex[bfh]h"wlhhiylvbdZGZb\gZyijbgp_kkZwlhiZjZ^hdk?cijh^he]
qlhkdheu[_ebg_\_sZxl"FZ]bkljdZdkqblZ_l_"
AZdhgqbfjZa]h\hjIjbgpk\h_cg_ij_dehgghcj_iebdhckiZkf_gyhlg_h[oh^bfhklbhl\_qZlv
gZba\_qguc\hijhk\k_o^_\mr_daZdh]h\uclbaZfm`M`bgaZdhgq_gkiZkb[h\k_faZ
dhfiZgbxFbkl_jD\bdebijh\h^bl_^_\mr_d\bodjuehfZ]bkljih`ZemcklZaZ^_j`bl_kvy
\_`eb\hdb\gmeZ
WlhqlhaZ[ZeZ]Zg"?s_gbq_]hg_j_r_ghkl\hbfaZfm`_kl\hfo\Zlblikboh\Zlv;Z[mevluqlh
mkljhbeZbaZdZdbfjh]Zluflu_cih^u]ju\Z_rv"ijbgp[uemklZ\rbcbk_j^bluc
KZf[u`_gbekygZklZjmo_y[uihkfhlj_eZikboh\Ze[ulubebg_llZdqlhhlklZgvhl^_\hqdb
Lu\_^vh[_sZeqlhlhijb^mfZlvZhl_p\k_ijh^he`Z_ll\_j^blvqlhwlhl[jZdgZfgm`_g
^_\mrdZ\kdhqbeZbf_lZeZkvihklheh\hcaZeZfu\ZyjmdbDklZlbbgl_j_kgucfhf_gl[Zlxrdb
\_^vgZm`bg_g_[ueh
FZehfg_hlpZBfi_jbblZd_s_b\umkeh`gy_l_bdZyohlvjZakeh\hgZjmrbe"^_\mrdZ
aZf_jeZhimklbeZ]heh\mbih__ijbklu`_gghfm\b^mklZehihgylghkeh\hijbgpZg_jmrbfh:]Z
q_luj_jZaZk_fm`bdblZd]h\hjylZihlhfkkueZxlkygZihijZ\dbg_^hihgbfZgb_bkde_jha
;Zy^mfZelugZfh_cklhjhg_
JbdbijhklbklZjmomy\k\hboihdhyokh\k_fh^bqZeZ\j_l[Z[dZlhqghghijbgpih\_jbe
jmdbihp_eh\ZeEx[bl\b^bfh[Z[mrdm\hlk^_\mrdZfbfh`_l\h^\hjp_\_k_e__klZg_lOhlv
i_j_^kf_jlvxhl\e_dmkvdhg_qghlZfkf_jlvxbg_iZog_lwlhy\ZfdZdg_djhfZgl]h\hjx
?keb__g_m[vxlhgZ_s_ijh`b\_lg_h^gh^_kylbe_lb_
;Z[mevl_[_hiylv[uehiehoh"ijbgpaZ\hegh\Zekyihq_fmg_kdZaZeZyk_cqZk\uah\mfZ]Z
`bagbHgy\gh^_jgmekyqlh[ubkihegblvkdZaZggh_gh[Z[mrdZg_^ZeZ
�Hcg_gZ^h\mfkf_jlyfg_[u\ZlvZh^ghcg_fbgh\ZlvZyk\h_m`_ih`beZEmqr_jZaj_rb
klZjmo_gZihke_^hdk^_\mrdZfbh[sZlvkyh^gZ\_^vl\hy[m^msZy`_gZOhlvmagZxbob_keb
mfjmlhohlvagZyqlhkl\h_c`_ghcihagZdhfbeZkvH[_sZx\k_[m^_lijbebqghWlhhgZ
m\b^_eZqlhijbgpy\ghohl_eaZij_lblvfh`_lwlhfh_ihke_^g__`_eZgb_Gm[ebgZdljbkZ
:ijbgpih\_jbeh[gyeZwlZklZjmrdZfg_ih^fb]b\Z_lb\gmqdbi_j_]ey^u\ZxlkydZd
khmqZklgbdb
DjmlZy[Z[dZby\ghqlhlhaZ^mfZeZBihq_fmfg_dZ`_lkyqlhwlh[m^mlfhbijh[e_fu"
k_JbdbfuihrebZlufZ]bkljZ^he]hg_^_j`bZlhgZqg_rvfmqblv__k\hbfb\hijhkZfbZ
^_\hqdZfh`_l[ulvmklZeZ\k_mrebbijbgpij_^eh`befg_jmdm=h\hjblvfu[m^_f\
dZ[bg_l_dm^ZkjZamihke_m`bgZmr_e]jZnR_jfZg
dZ[bg_l_gZklhe_gZk`^Zelhevdhqlhk\Zj_ggucdhn_bdZdb_lhibjh`gu_GZ_eZkvylZdqlh
_^Zg_kh[eZagyeZZ\hldhn_kh\k_f^jm]h_^_ehIZoehl_jidhklvxbdZj^ZfhghfDj_kehy
\u[jZeZih[eb`_dbklhqgbdmaZiZoZGbdlhbafm`qbgg_gZebefg_dhn_\b^bfhh`b^Zykem]mZ
yg_]hj^ZykZfZk_[_gZevx
Dh]^Zy\ayeZkvaZqZcgbd]jZn^_jgmekyqlh[uihfhqvfg_ghwlhm`_ebrg__
uqlhihl_ji_lvg_fh`_l_"_fmqlhgZo\hklgZklmibeb"jh^_kulucfm`bd^h[juc
fm`bdZwlhlhrb[dZdZdZylh
:\Zkqlhbf_gghdhjh[blqlhykZfZk_[_gZebeZdhn_"LZdkf_x\ZkjZahqZjh\Zlvy\k_\j_fy
kZfZk_[__]hgZeb\Zx
ug_mk_[y\:dZ^_fbbZ\h^\hjp_ba^_kv
Mkihdhcl_kvij_kzdgZqZ\rbckykihjijbgpb]jZndbgm\gZf_gym[bckl\_gguc\a]ey^fheqZ
ih\_jgmekydijbgpmYijyf\kylj_i_smBlZdfZ]bklj\uh[_sZebjZkkdZaZlvgZfh^_\mrdZo
IZiZqlhg_jZkkdZau\Ze"Bebohly[udgb`dbmfgu_^ZeihqblZlvGh\kemoyijhklhklZeZ
ha\mqb\Zlvbf_xsb_ky^Zggu_
bah[jZ`_gb_fDZdbh[_sZeZg_\_klZfjZkkdZau\ZeZlhevdhh[smxbgnhjfZpbxZ\hlj_amevlZlu
l_klZhklZebkvkdjulu
DZdbh`b^ZeZ]jZnj_adh\ukdZaZekyhq_eh\_q_kdbo^_\mrdZobbojheb\`bagbBfi_jbbJZkbkl
gb^Zlvgb\aylvijbq_f_s_b`_ghg_gZ\bklgbd^bdZykf_kv
FZ]bklj\Zfg_bgl_j_kgh"Qlh\ugZkg_kemrZ_l_blZd\gbfZl_evgh]jZnZbamqZ_l_"]hehk
ijbgpZ[ue\_`eb\gh\g_fkd\habebghldbg_^h\hevkl\ZLhevdhj_\ghklbfg_g_o\ZlZeh
OffohlywlhhlebqgucieZggZ^hh[^mfZlv
�Z\hl^mfZxhg`_gsbgg_ex[bl\hh[s_bebbaaZdZdhclhdhgdj_lghcfg_ijhklhbgl_j_kgh
e_qblkywlhbebg_l
;ueb[u\ufm`qbghcy\ua\Ze[u\ZkgZ^mwev]jZnZ`\kdhqbeH[b^_ekyjZgbfucGZim]Zeb
_`ZdofeZ^ghijhfheqm
FZ]bq_kdmxby[u\ZkjZkdZlZeZ:\hl_keb[ugZfhj^h[hclmldhg_qgh^ZrZgkZg_lOhly
\u[ugZ\_jgh^jZebkv[eZ]hjh^ghZylZdqlh[uih[_^blvfg_[uehZ[khexlghg_kljZrghb
^_ehg_\lhfqlhy\_jx\k_[yohlybwlhfm_klvh[hkgh\Zgb_
Ijhklh\hllZdb_ZjbklhdjZlu^hfha]Zdhkl_cg_himklylkyqlh[um^Zjblv`_gsbgm^Z`__kebhgZ
aZkem`beZDjhf_wlh]hgZfg_sbl\bkblihklhygghlZdqlhg_h`b^Zgghg_ijh[v_lgmbiZjZ
hq_gvhiZkguoaZdebgZgbclh`_gZ]hlh\_Dhjhq_\hhjm`_gZbhq_gvhiZkgZ
EZ^gheZ^ghlml_s_ijbgpbhglhqghg_^Zklf_gy[ZgZevghijboehigmlvygZwlhihdjZcg_c
f_j_gZ^_xkv
BaaZdhgdj_lghc]hehkijbgpZ[ueZ[khexlghkihdhcgufb^Z`_g_fgh]h\_k_eufyijyfg_
ih\_jbeZk\hbfmrZfijbkfhlj_eZkvZg_l^_ckl\bl_evghihl_rZ_lkygZ^^jm]hf
Lh]^Z`^_fdh]^Z\u\ua^hjh\__l_ihke_q_]hh[jZlbeZkvdijbgpmb]ghjbjmydjZkgh]hb
rmfgh^urZs_]h]jZnZWlhhg\[h_\mxbihklZkvi_j_r_e`mldh\ZlhGZ^Zggucfhf_glm\Zk
ihy\bebkvij_^ihql_gbyih^_\mrdZf"
Hgb\k_kbfiZlbqgughW^\bgijZ\q_eh\_q_kdmx^_\mrdmjy^hfkhfghcg_ihl_jiylihwlhfm
lhevdh^_fhgbpuDh]hlhihkh\_lm_l_"bihq_fmfg_dZ`_lkyqlhhg^mfZ_lkh\_jr_gghh
^jm]hfbdhgl_dkl^Zggh]h\hijhkZlh`_^jm]hc
Yih`ZeZie_qZfbjZgh]h\hjblv
AZ\ljZfub^_fgZi_j\h_aZ^Zgb_[m^_fhkfZljb\ZlvjZchgu^ey[_^guo
MgZkg_llZdbojZchgh\F_gyi_j_[bebm\_j_gghb\eZklgh
EZ^ghykZfZihdeZ^bklhklvlh]^Zihc^_f\l_jZchguqlhkh\k_fg_^ey[_^guoblZfijhklh
[_^gu_`b\ml[_ajZaj_r_gby
:ijbq_flmljZchgu^ey[_^guob\Zr_i_j\h_aZ^Zgb_"hh[b`_ggucj_rbehimklblvky^h
\hijhkZ
JZgvr_bf_ggh[eZ]hl\hjbl_evghklvxbmkljhckl\hffZehbfmsboaZgbfZeZkvBfi_jZljbpZ
Fm`qbgui_j_]eygmebkvgh[hevr_gbq_]hg_kdZaZebZr_ukhq_kl\hg_aZ[m^vl_ijhm`bgk
h^ghcba^_\mr_dwlhboklbfmeb\ZrrZgkmagZlvboih[eb`_
YihfgxZqlh\wlh\j_fy[m^ml^_eZlvhklZevgu_^_\mrdb"fmqblvky"
?klvkZeZlf_gyg_ihgyebhklZevgu_hklZxlky\]hklbghcdm^Zbfih^Z^mlm`bglhevdh^ey
^_\hq_dgZ^hjZa`_\ZlvZlhlhqghg_ihcfml
I_j_o\Zlbef_gyfbkl_jD\bdeb
Ihih\h^maZ\ljZrg_]hf_jhijbylby[m^mlebjZkihjy`_gby"
LjZgkihjl^ey\k_o^eydZ`^hc^_\mrdbZfme_li_j_ghkZbqlhlh^eyaZsbluba
khijh\h`^ZxsbogZflhevdhhojZgmg_gZ\yaqb\mxbg_fgh]hqbke_ggmxblZdlheihcb^_f
�Ehj^Zgd_gij_^eh`be\Zfg_\_klb\k_o^_\mr_dh^gh\j_f_gghZjZa[blvbogZih^]jmiiu
h^gZih^]jmiiZ[m^_l\h^\hjp_bfaZ^Zgb_lhevdhijb^mfZcl_Z\lhjZyk\Zfbihke_h[_^Z
ih^]jmiiuihf_gyxlky^_evguckh\_lykZfZih^mfu\ZeZqlhfgh]h\Zlh^ey\uoh^ZaZ\k_fb
ly`_e__mke_^blv
�I_j_^Zcl_ehj^mZgd_gm[eZ]h^ZjghklvaZih^kdZadmBf_gghlZdybihklmiexihwlhfmhojZgm
^_ebl_gZ^\_qZklbh^gZhklZg_lky\h^\hjp_ihdZf_gyg_l\lhjZykgZfb
H[yaZl_evghfm`qbgZihdehgbekybbkq_a\uihegylvihjmq_gbywlhihex[hfm
kmi_jkihkh[ghklvdZdZylhihlhfmqlhihlhdh\fZ]bbyg_qm\kl\mx
Ih^hreZdk\h_cdhfgZl_bm`_ohl_eZhldjulv^\_jvdZd^_jgmehf_gyaZ]eygmlv\]hklbgmx
gZijhlb\ihq_fmlZf^\_jvhldjulZ:lZfk[hjbs_[ZlZevhgZkb^yl`^mlbkm^yihebpZff_gy
wo
DZd^_eZ[ZlZevhg"
FZ]bkljihq_fm\ugZkgZau\Z_l_[ZlZevhg\_^vgZkagZqbl_evghf_gvr_"wlhaZ]h\hjbeZh^gZ
�ba^_fhgbpGZijy]eZiZfylv__ah\mlbZgZ
�IjhklhbZgZfg_dZ`_lkyqlhjZajmr_gby\uijbg_k_l_[hevr_q_fhljy^]^_lhdZd[ZlZevhg
gZkhe^ZlGmba\mqbldjZkb\he_lmqbc[ZlZevhg^_\mrdbjZameu[Zebkvuohl_ebkh
fghcih]h\hjblv"
�Zwlhm`_q_eh\_q_kdZy^_\mrdZKhnbyfu[uohl_ebmagZlvlhqghjZkkfZljb\Z_leb
q_eh\_q_kdbo^_\mr_dijbgpdZd[m^msmxg_\_klm"\hll_[_b\hijhk\eh[BqlhkdZaZlv"G_
lmibYgZ\jZlvklm^_glZfihke_^g__^_ehjZakh\j_rvhgb\k_jZ\ghmagZxlgh[hevr_m`_g_
ih\_jyl
G_llhevdh^_fhgbp^jm`guc\u^hom^b\beug_jZkkljh_gu"
G_ldhg_qghKhnvy^Z`_jmdhcfZogmeZZihlhfkiho\ZlbeZkvbh[tykgbeZ[he__ih^jh[gh
fu\k_\dmjk_ijhbgt_dpbbbjblmZeuqlh[uaZqZlvb\ughkblvqbklhdjh\gh]h^_fhgZbgbdhfm
bagZklZdjbkdh\ZlvjZ^bljhgZg_ohq_lkyIhwlhfmfukjZ^hklvxhlklmiZ_fi_j_^l_fbdhfmwlh
ij_^gZq_jlZgh\hlwlhkdZaZeZ
�Yi_j_\_eZ\a]ey^gZ^_fhgbpbjZ^hklb\mihjg_m\b^_eZZdjm]km`Z_lky\k_]h^_kylv^_fhgbp
bagboljh_\ex[hfjZkdeZ^_g_^he`gu\ub]jZlvihlhfmqlhqj_\ZlhZagZqblbok_fv
�_\mrdby\Zkih^_exgZih^]jmiiuh^ghclheihcgZaZ^Zgbyoh^blvg_[m^_fyj_rbeZbo
i_j_lZkh\Zlv
DZdlhfZ]bklj=jbgkdZaZeZfg__kebl_[_dlhlhf_rZ_lbahebjmci_j_f_rb\Zcb^Z`_bakZfhc
m`Zkghc]jmiiuihemqbrv\f_gy_fuowlbfkh\_lhfk_cqZkyb\hkihevamxkv
:jZa\_gZkg_hlijZ\yl^hfhc"Khnvyk_]h^gyijyf]eZkgZjh^Z
G_l\u]hklvbbygZf_j_gZkhijh\h`^Zlv\Zkih\k_faZieZgbjh\Zgguff_klZfBeb\Zf
g_bgl_j_kghqlhyaZ^mfZeZ"G_m`_ebemqr_\_jgmlvky\hlqbc^hf"y\u`b^Zl_evghgZgbo
kfhlj_eZ
Lh]^Zh[ty\bfqlh\ug_g_\_kluZ]hklvb^Zbg_^mfZxqlhwlh[m^_l\[eb`Zcrb_^gb
aehmfure_ggbdZflh`_gm`gh\j_fyqlh[uih^]hlh\blvkyLZdqlhgZqbgZ_f"
�Zohlvbg_kljhcgucghh[sbchl\_lihjZ^h\Ze
?kebdhfg_[hevr_\hijhkh\g_llhaZ\ljZd^_\ylb^he`gu[ulv]hlh\Zi_j\Zyih^]jmiiZZ
�bf_gghbZgZDbjbgZEmbaZFbeZBjb^Z?e_gZbKhnbyi_j_f_rZeZ^_\mr_dhklZ\b\\h
\lhjhc]jmii_q_luj_o^_fhgbpZkkh[hc\ayeZq_eh\_q_kdmx^_\mrdm
�_e_gb_dZdlhk\yaZghkgZrbfh[sbfj_clbg]hf"wlhDbjbgZhgZ\hh[s_hq_gvaZ^bjbklZyb
bf_gghmg__kdjulZyg_gZ\bklvihwlhfmih[eb`_dk_[___gZ^h^_j`ZlvFh`_ljZa[_jmkvbeb
ih^kljZomxgZom^hcdhg_p
G_lijhklhj_rbeZg_^_eZlvkm]m[h^_fhgbq_kdmxih^]jmiimhgZfg_g_ih\_jbeZijb^bjqb\h
kfhlj_eZgZl_odhlhjuoyg_\u[jZeZKfhljbg_kfhljblZflhevdhh^gZijh[e_fgZylhqg__
\ex[e_ggZyhklZevgu_ijh[e_fgu_\dexqZyl_[ykZfm\h^ghcih^]jmii_G_aZ[m^vl_ijh
aZ\ljZrgxxnbabq_kdmxih^]hlh\dmbadhfgZl\uclb\\hk_fvi_j\uc^_gvlhevdhijh[_`dZZ
k_cqZkb^bl_hl^uoZcl_Ym`_jZa\_jgmeZkvqlh[u\uclbgh\kihfgbeZDh]hba\Zk
khijh\h`^ZxldhfiZgvhgdb"
G_kdhevdh^_\mr_dih^gyebjmdbbqlhbgl_j_kgh\k_hgb[uebbaijh[e_fguohll_[_jZay
ijbsmjbeZkvijbdb^u\Zy\u]h^g_chlgboba[Z\blvkybebimklvijbkfZljb\Zxl"
FZ]bkljZ\ug_fh]eb[uboihijhkblvg_\eZfu\ZlvkydgZf\dhfgZluijhklhwlhhq_gv
g_ijbylghwlhKhnvyBbf_ggh__keh\Z\k_j_rbeb\km^v[_l_lhd
Hgb^he`gu[ueblhevdhkhijh\h^blv\Zkbeb`blvk\Zfb"
BagZqZevghlhevdhkhijh\h^blvghdZdb_mgbobgkljmdpbb^Zevr_ygZijbf_jg_agZx
DbjbgZklmqZeZgh]hldZfbihih^ehdhlgbdmdj_keZgZdhlhjhfkb^_eZG_j\gbqZ_l
Ykghyj_rmbaZ\ljZkdZ`mbebbohlk_eylbeb`_hlijZ\yl^hfhcihijhsZeZkvb\ureZm`_
�\^\_jyof_gy^h]gZeZbZgZ
FZ]bkljfh`gh"hq_gvohl_ehkvkdZaZlvg_lbihclbkiZlvghylhevdhhldjueZ^\_jvihrbj_
&#xq;&#x_f;&#x^;&#x_e;&#xh;�q_f^_ehbZgZ"yijb]eZkbeZ^_\mrdm\]hklbgmxbdb\gmeZgZdj_keh\^jm]h_k_eZkZfZ
h`b^Zyhl\_lZ
FhydhfiZgvhgdZijbklZ\e_gZijhke_^blvqlh[ubf_gghyklZeZBfi_jZljbp_c\hll_[_jZa
:qlhluh[wlhf^mfZ_rv"bgl_j_kghijbagZ_lkybebg_l"
Yex[ex^jm]h]hbg_ohqmklZgh\blvky`_ghc[m^ms_]hBfi_jZlhjZhgZgZijy`_gghke_^beZaZ
fghcBagZ_l_fg_klZehkljZrghy\^jm]\kihfgbeZqlhwlh^_fhguhgbkbevgu_\ughkeb\u_b
bohq_gvly`_ehm[blv^Z`_`_gsbg:g_kdhevdbo\_^vm`_m[bebWlh`_gZkdhevdhm[bcpZkbe_g
Bk_cqZk^_\mrdZi_j_^hfghcij_\jZlbeZkv\obsgbdZhgZ]hlh\Zdbgmlvky
G_ohq_rvg_klZgh\bkvyih`ZeZie_qZfbiulZykvkdbgmlvgZijy`_gb_Hl\_lb\yg_
ihdjb\beZ^mrhcfg_^_ckl\bl_evghwlhg_ihgylgh
LZdijhklh"hgZkkhfg_gb_fbamqZeZf_gy
:qlhlmlkeh`gh]h"Y\hh[s_g_ihgbfZxqlhaZ[j_^"Ijbgpfm`bd\b^gucgZqg_l_kgbf
m`bgZlvbkZfbaZohlbl_aZfm`:_keblum\_j_gZ\k\h_fj_r_gbblh_]hb^_j`bkvg_^himsmd
ke_^mxs_fmwlZimih_^_rvdex[bfhfm
G_lfg_gZ^h^hnbgZeZ^hclbbgZq_fbkkDjm^fh`_lgZqZlv^_ckl\h\ZlvZ\hlwlhm`_
BqlhhgZfh`_l"
Fgh]h_Fhchl_phq_gv`_eZ_lwlh]h[jZdZZhgZijhn_kkbhgZeg_kfhljbl_gZ__\g_rghklvhgZ
h[fZgqb\Z
KiZkb[hmqlm`_ghcijbgpmg_klZg_rvghihdZwlhhklZg_lkyf_`^mgZfb^eyhklZevguolu
mqZkl\m_rv\hl[hj_gZjZ\guo
KiZkb[hfZ]bklj^_\mrdZg_jZkkeZ[beZkvghqmlvmkihdhbeZkvG_\_jblfg_bwlhghjfZevgh
hgbfg_g_h[yaZgu\_jblv^eygboyqm`ZyHgZmreZZyihie_eZkv\\ZggmxbkiZlvAZ\ljZ
ly`_euc^_gv

Mljhfyk_[ylbohg_gZ\b^_eZihkdhevdm\klZlvijbrehkvkh\k_fbbkh\k_fb`_lZsblvky\iZjd
]^_\q_jZj_rbeZ[m^_lijh\h^blvkynbabq_kdZyih^]hlh\dZY\kihfgbeZk\hbofbeuoahf[bb
bf_gghbfih^jZ`Zy^hreZ^hiZjdZ ]eZaZylZdbg_hldjueZbie_eZkvk]hj_fihiheZf\fgZf_gy
kfhlj_ebg_hkh[h^h[juf\a]ey^hfghyb]ghjbjh\ZeZkZfhciehohGZqlhlh[hevr__djhf_dZd
ih[_]Zlvf_gyg_o\ZlbehIhwlhfmkdhfZg^h\Z\ljbdjm]ZihiZjdmlh`_ih[_`ZeZG_l_keb
q_klgh[_]Zlvyex[exghg_mljhfZgZagZqblvnbabq_kdb_mijZ`g_gbygZ\_q_jhiZkghih
l_fghl_\iZjd_fZehebqlhfh`_lijhbahclbIhwlhfmb[_`bfk_cqZk[h^j_gvdhihiZjdmi_j\uc
djm]_s_[h^j_gvdhgZ\lhjhfmf_gyaZdheheh\[hdmblbohrbiyydhkl_jbeZkZfmk_[y_^v
^Z\ghg_aZgbfZeZkvbkhklZjlZljbdjm]ZZiZjdhdZau\Z_lkyg_fZe_gvdbc[Ze^ZZZZDhjhq_
ihahjfhc[uey\gucgZlj_lv_fdjm]_yihgyeZqlhmfjmghg_ih[_]mqlh[ukh\k_f\]jyavebphf
g_miZklvijhojbi_eZ
lZdhf`_j_`bf__s_djm]dlhg_fh`_lrZ]hfj_adhg_hklZgZ\eb\Zlvkyihke_^gb_keh\Zy
ijZdlbq_kdbojbi_eZ\kibgmm^Zeyxsbfky[_]mgZf^uoZgbyg_o\Zlbeh
Ihke_lh]hdZd^_\qhgdb[h^jhf_gyh[h]gZebkh]gmeZkvbmi_jeZkvjmdZfb\dhe_gb^mfZeZ
e_]db_\uiexgmKlZjhklvg_jZ^hklv
hlqlhagZqblfheh^hklvhgb[h^jhijh[_`Zebljbdjm]Zb_kebq_eh\_q_kdb_^_\mrdb[ueb
mklZ\rb_baZiuoZ\rb_kylh^_fhgbpudZdkijh]medbijbrebAZ\bklvlbohihkdj_[eZkv\^\_jb
�FZ]bkljgZwlhf\k_"bZgZklZdbfjZahqZjh\Zgb_fwlhkdZaZeZqlhyj_rbeZih[ulv^h[jhc
mf_j_lvghg_aZdhgqblvijh[_`dm
�G_lg_\k_l_i_jviju`dbfZobgh]ZfbZihlhfdhfie_dkgZjZkly`dm_\mrdbwlhyex^yf
\ukjZamgZqbgZ_l_kjZkly`db
�FZ]bkljZdlh[m^_lihdZau\ZlvmijZ`g_gby"hq_gvohl_ehkvigmlvbZgmghwlhg_
i_^Z]h]bqgh
�I_j\u_mijZ`g_gbyihdZ`myZihlhf\k_ih\lhjyxlaZlh[hcbZgZlZdqlhko\Zlu\Zc\k_gZ
e_lm[hevr_ih\lhjylvg_[m^mg_kfh]mijhklhey]mb[m^me_`ZlvlmlgZem`Zcd_ihdZh[f_gy
m[bcpZg_kihldg_lky
Yf_^e_gghbg_kbevghZdlb\ghihdZaZeZmijZ`g_gbybwlbnZgZldbkihjlZ bq_]hkijZrb\Z_lky
\hafmsZebkv_kebbfwlhlZdih^mr_ijbrehkv"\fgZqZebk\hckihjlb\gucfZjZnhgY`_k_eZgZ
ljZ\dmqlh[u\hkklZgh\blvky\jh^_lh`_jZkly]b\Zxkvghyg_ly]mqZy\hlZ[khexlghihwlhfmgZ
ljZ\dmyijbe_]eZohjhrhkjZamklZeh
DZdh_g_[h]hem[h_ohjhrhlhdZdG_[hfg_aZ]hjh^bebba\_j]b
GZkhk_^g_cZee__fm`qbgubhgbgZkjZkkfZljb\ZxlhljZihjlh\ZeZ^_\mrdZdh]^Zyofmjh
mklZ\beZkvgZg__
DjZkb\u_"\a]ey^kkhfg_gb_f\klhjhgm_kebwkl_lbq_kdb"db\gmeZm\_j_gghGZ\b^
ij_a_glZ[_evgu_kihjlb\gu_"db\hdgZfgh]hZdlb\g__q_fij_^u^msbcLZdq_]hlulh]^Zf_gy
hl\e_dZ_rvfZr_fgh`dZfbZdlb\g__jZkly]b\Z_fkyk_dkmZevg_cijbgph^bgZ\Zk\hgkdhevdh
FZeheb\^jm]kj_^bgbo\ZrZkm^v[Z"
�_\mrdbkjZami_j_klZebbah[jZ`Zlvojhfuoahf[bjZaeZ]Zxsboky\fhf_gl^\b`_gbyZklZeb
\u]b[Zlvkykbevg__ijh]b[Zlvky]em[`_b\hh[s_klZehihoh`_qlhhgbdZdfbgbfmf\k_
aZgbfZebkvkljbiieZklbdhcYdjyolyih^gyeZkvqlh[uwlbokh]ey^ZlZ_\hp_gblvOf_klvgZqlh
]eygmlvA^hjh\u_^_fhgurbjhdhie_qb_ebpZihjh^bklu_\k_dZdkh[eh`dbk_dkkbf\heug_
f_gvr_
Fh`_lfhjhd"kkhfg_gb_flbohgvdhk_[_ih^ghkijh[mjqZeZbkZfZ`_hijh\_j]eZg_l
^\hj_pih^dmihehf\k_fhjhdbkiZ^Zxl
HgbgZ\_jghkZfblZdb_b^_Zevgu_ijhkbi_eZjy^hfEmbaZ
�mfZ_rv"
:\^jm]"bklhevdhgZ^_`^uqlhydb\gmeZih^l\_j`^ZyqlhlZdb^Zfh`_lbb^_Zevgu_Ohlv
bih^hajbl_evghwlhklhevdhb^_ZevguogZljbd\Z^jZlguof_ljZ
hl]^_\u\b^_ebk_fvb^_Zevguofm`bdh\\h^ghff_kl_jZa\_qlhwlhdhgdmjkfbkl_j=jZgvY
[ulh]^ZdjZcg_fmk\_le_gvdhfmwlhllblmehl^ZeZijyfhf_qlZZg_fm`qbgZWlb`__s_qlh[u
hdhgqZl_evgh^_fhjZebah\Zlvfhc[ZlZevhg\h\kxljm^bebkvhljZ[Zlu\Zyl_ogbdm[hy yg_ki_p
dZdZyl_ogbdZihgylbyg_bf_xghaj_ebsghfurpui_j_dZlu\ZxlkydZi_evdbihlZ[e_klyl\f
YgdZkh[_jbkvLulml^he`gZhklZgZ\eb\Zlv\k_g_ihlj_[kl\ZZg_\ha]eZ\eylv[ZlZevhggZ
bagZkbeh\Zgb_k_dkkbf\heh\Ijyfhhjm`b_fZkkh\h]hihjZ`_gby^ey^_\mr_dkfhljylqmlv
gZkf_reb\hf_`^mkh[hcrmlhqdZfbi_j_[jZku\ZxlkyFhb^_\hqdb\k_qZs_\lZdlg_ihiZ^ZxlZ
\k_[hevr_meu[Zxlky\hl\_lGZ^hjZa]hgylvZlhijb^_lkyihlhfhl]hgylvwlbodhjrmgh\ZmgZk
lmlhl[hjg_\_kl
;ZlZevhgmijZ`g_gbyaZdhgqbebaZfghcrZ]hffZjrlhevdhdhfZg^mijbrehkvihf_gylv
ihlhfmqlhmgboljm^h\h_j\_gb_m\k_ohgbmijZ`g_gby^h^_eu\Zxlihlhf\ulbjZlvkygZqZeb
fm`bdbm`_jmdZfbg_fZrmldZdbgh]ZfbZlhevdh]eZaZfb`jmlfhbo[hcph\
Y\_jgmeZkvl_iylvrZ]h\dhlhju_ijhreZihgZb\ghklb^mfZyqlhhgbkjZamke_^hfihc^mlb
kdhfZg^h\ZeZaZ^mfZ\rbfky
j_fyqlh[uijb\_klbk_[y\ihjy^hdih_klvb[ulv]hlh\ufbdhlijZ\d_lhevdhqlhkhdjZlbehkv
gZ^_kylvfbgml_s_qmlvqmlvlmlihklhbl_baZ[_jmg_dhjfe_ggufbbg_fulufbbfbfhwlbo
khdheh\ijh\_^mqlh[ugZ\_jgydZIjhgbdebkvKjZamihfqZebkv\h^\hj_p^Z`_jmqdZfbg_
ihfZoZebZy\_`eb\ZydfZevqbdZfih\_jgmeZkvbjmqdhcihfZoZeZIhfh_fmf_gyijhdeyeb
I_qZevgh
GhkgZqZeZ^_ehZihlhfykZfZebqghihfh]m^_\qhgdZfihagZdhfblvkyb^Z`_[m^mijbdju\Zlvhl
jh^kl\_ggbdh\bihfh]ZlvohfmlZlvwlboZevnZkZfph\^jm]wlhex[h\vbiZjudj_idb_
ihemqZlkyZihdZih^h]j__fbgl_j_k:\gmlj_ggbc]hehkr_igmeb^h[Z\bfk_[_l_odlhhlf_gy
g_\\hklhj]_Z_s_qmlvqmlvb[m^mllbohg_gZ\b^_lv
dj_iZlmjhc_s_^gyljbf_gyg_ijb\e_dZ_lZihke_[ukljhijbgyeZ^mrbkh[jZeZkv?klvg_
ohl_ehkvghijhclbfbfhqZr_qdbdhn_bdjmZkkZgZg_kfh]eZZihke_gZebeZ_s_badhn_cgbdZ
�dhn_k_[_\l_jfhqZrdmb^h\hevgZyihreZbkdZlvih^hi_qguo_\mrdbfheh^pufbgmlq_j_a
iylvklZebijboh^blv\]hklbgmxml_oqlhmoh^bebk_cqZkkhfghcyi_j\uf^_ehf
bgl_j_kh\ZeZkv_ebbebg_l?kebhl\_l[ueiheh`bl_evgucg_jm]ZeZZ\hll_odlhj_rbeg_
aZ\ljZdZlvhlqblu\ZeZb^_\mrdb\ki_rd__ebdZrbaZib\Zych]mjlZfbZkZfu_kf_eu_ hgblml
\k_nb]mju[ex^ml\fo\ZlZeb[ml_j[jh^u ijZ\bevgh\k_jZ\gh\k_dZehjbbkiZebfZgZwlhcdZr_
�kul^he]hg_[m^_rv\fZykZfZk_[_ijhlb\hj_qm^_\qhghdaZklZ\eyxih_klvijbwlhfkZfZ
h[hreZkvdhn_ghfg_bijZ\^Zwlh]ho\Zlbl
j_fyhlijZ\e_gbyih^hrehby\uc^y\dhjb^hj\klj_lbeZkvkgZr_chojZghcq_luj_fm`qbgu
\k_\q_jghfkebpZfbg_\hafmlbfuom[bcp\k_q_luj_hdZaZebkv^_fhguqlhg_m^b\bl_evgh
FZ]bklj\ZkmkljZb\Z_lhojZgZ"fbkl_jD\bdebdZd\k_]^Zihy\bekybagbhldm^ZIjbajZdZg_
fm`bd
iheg__^bgkl\_ggh]hkih^ZgZ\j_fygZr_]h\uoh^ZijhrmkemrZlvkyf_gydjhf_l_okemqZ_\
dh]^ZgZf[m^_lm]jh`ZlvhiZkghklvLh]^ZdhfZg^m_l_\uby]hlh\Ziheghklvxih\bgh\Zlvky
^h\_jb\rbkvijhn_kkbhgZeZf
GZfih^oh^blkdZaZedjZcgbcke_\Z[jxg_lk`_elufb]eZaZfbdjZkb\h_khq_lZgb_bhq_gv
g_h[uqgh_fZchjEmdZkgZqZevgbd\Zr_chojZgu\u]hlh\ufufh`_f\u^\b]Zlvky"
Ijhc^_fl_\]hklbgmxbag__ijhba\_^mi_j_oh^_kebfm`qbgubm^b\bebkvqlhykh[bjZxkv
hldjulvihjlZelh\b^mg_ih^Zebijhn_kkbhgZeu
�_\mrdbi_j\Zy]jmiiZ\p_gljdhfgZlukgZfbgZi_j\uc\uoh^hlijZ\ey_lkyhojZgZlZdqlh
kemrZcl_kvbobihklZjZcl_kvg_^h[Z\eylvbfjZ[hluk_]hlh\u"]mekh]eZkby:dlb\bjmx
Ykdhgp_gljbjh\ZeZkv\uau\Zy\iZfylbf_klhdm^ZohqmgZki_j_g_klbDh]^ZfuhdZaZebkv\
h^ghfbai_j_medh\yihjZ^h\ZeZkvqlh\ayeZlhevdhh^gmih^]jmiimKiZkb[haZkh\_lg_^hlygmeZ
[uy\k_oKZfhgZ^_ygghYgZ
�_\mrdbgZdbgvl_\k_dZixrhgubijhrm\k_oaZfghcfm`qbgu[ukljhjZkij_^_ebebkv
\hdjm]gZkmf_ehhlke_`b\ZydZ`^mxy`_f_^e_ggufrZ]hfihreZgZ\uoh^baijhmedZ]heh\Z
djm`beZkvb[uklj__b^lbyih[hyeZkv
FugZoh^bebkv\d\ZjlZe_[_^gydh\]^_yohl_eZihdZaZlv^_\mrdZfdZd`b\ml[m^msb_ih^^Zggu_
h^ghcbagboQlh[uhgbihkfhlj_ebijh[e_fukdhlhjufbklZedb\Zxlkyh[uqgu_]jZ`^Zg_b
\hafh`ghijb^mfZebj_r_gbyWlhdklZlbboi_j\h_aZ^Zgb_kfhlj_lvaZihfbgZlv
ZgZebabjh\Zlvijb^mfZlvimlbj_r_gbyijh[e_fih^hc^ydwlhfm^_emkh]hgvdhfHgb_s_g_
agZxlqlhihlhf[m^mlwlh_s_bj_Zebah\u\ZlvQlhgZijb^mfu\Zxllhb^_eZlv[m^mlghihdZwlh
k_dj_l
wlh\j_fy\lhjZyih^]jmiiZhklZ\rZyky\h^\hjp_^he`gZaZgylvkyhlq_lZfbohayckl\_gguo
lj_[h\Zgbc^\hjpZijbq_fdZ`^hcba^_\mr_dy\u^ZeZdhg\_jlkhk\hbfih^jZa^_e_gb_fDlhlh
^he`_gijhZgZebabjh\Zlvdmogxbijh^h\hevkl\_ggu_aZiZkudlhlhdhgxrgxdlhlhhjm`_cgmx
ijbe_]Zxsmxl_jjblhjbxrlZlkhljm^gbdh\bodhebq_kl\hbdZq_kl\h\uihegy_fhcjZ[hluLZf
gZkZfhf^_e_hq_gvfgh]himgdlh\
�_\mrdb^he`guih]h\hjblvkhl\_lkl\_ggufb\gbdgmlv\h\k_gxZgkukhklZ\blvhlq_lub
\u^_ebebhojZgmghkjZkq_lhfqlhhgb\k_h^gh\j_f_gghgbdm^Zg_ihc^ml
�Fu`_ki_j\hcih^]jmiihc\ureb\hae_[hevrh]hfgh]hd\Zjlbjgh]h^hfZ\ZwlZ`Zihoh`gZ
[ZjZdhq_gv^ebgguc^\Zih^t_a^ZI_j_^^hfhf\]jyabb]jZxl^_lb i_kdZ^_lyfaZ`ZeblZdqlh
dmebqbdbhgbe_iylba]jyab\b^mj_[ylgbkhhl\_lkl\mxsbc\f
AZ^Zgbyihfgbf"JZa[b\Z_fkygZiZjuddZ`^hciZj_ijbdj_ie_gkhijh\h`^Zxsbcbo
kemrZ_fkyb\kemqZ__keb\Zfqlhlh]h\hjylg_b]ghjbjm_fZf]gh\_gghj_Z]bjm_fGZqbgZ_f
�hkfhljl_jjblhjbbbagZdhfkl\hkgZk_e_gb_fKhnvylukbZghckhfghcDbjbgZgZqZeb
KhfghcbDbjbghchlijZ\bekykhijh\h`^ZxsbffZchjEmdZkGZi_j\hfwlZ`_[uehljb
d\ZjlbjudZ`^hcbaiZj^_\mr_d^hklZeZkvd\ZjlbjZgZi_j\hfwlZ`_fu`_kDbjbghcihreb
^Zevr_K_cqZkhl^ZeZiheghklvxbgbpbZlb\m^_\mrd_wlh__aZ^Zgb_Zylmlqlh[uijb]ey^u\Zlv
bihkl_i_gghjZamagZlvdh]h`_hgZlZdg_gZ\b^blbg_\uc^_lebwlhgZf[hdhfGZ\lhjhfwlZ`_\
i_j\hcd\Zjlbj_[uehlbohyijhkdZgbjh\ZeZijhkljZgkl\himklhZ\hlaZ^\_jvx\lhjhcd\Zjlbju
y\ghqlhlhijhbkoh^beh
�DbjbgZh]eygmeZkvgZf_gyghyklhyeZkihdhcghh`b^Zy^Zevg_cr_]hjZa\blbykx`_lZ_\mrdZ
gZofmjbeZkvqlhlhijbdbgmeZ\mf_bj_rbl_evghihklmqZeZ\^\_jvlZfaZfheqZebihlhf[ue
ijhly`gucdjbd\hcbd^\_jbdlhlhih[_`Ze[moZy]heufbiyldZfb
IZiZ"]hehk[uebkim]Zggucghijbwlhf\g_f[ueZ^bdZygZ^_`^Z
G_lwlhg_iZiZwlhDbjbgZh]eygmeZkvgZgZkbsZih^kdZadb:]Zg_ihgylghdZdgZk
gZa\Zlvghj_[_ghdg_^Ze_cijb^mfZlvlhedh\uchl\_li_j_[be
uhliZiu"Qlh[uihfhqvfZf_"b\b^bfhihr_\_ebes_dhe^mfg_hq_gvohl_ehkvaZ]h\hjblv
ghyijh^he`ZeZfheqZlv^Z\Zy\hafh`ghklvDbjbg_gZqZlv^_ckl\h\ZlvbijbgbfZlvj_r_gby
GZ[ex^ZyaZ^_\mrdZfbyaZf_lbeZkZfh_i_qZevgh_Ih^h[jZebbolZdbfh[jZahfqlhdZ`^Zy
kemrZ_lkyhdjbdh\klZjrbobg_ijbgbfZ_lkZfZj_r_gbybwlhijblhfqlhmlhc`_Dbjbgu
�h]jhfgucihl_gpbZedZdbmbZgubg_lhevdhihwlhfmk_cqZkblygm\j_fyimklvj_rblky
Hldjhc^\_jvfuij_^klZ\bl_ebdjhgijbgpZj_[_ghdbkim]Zggh\a\ba]gmeghm`_ke_^mxsZy
njZaZ\b^bfhijbfbjbeZ_]hkgZfbfuohlbfihfhqvl\h_cfZf_yh[_sZxfug_ijbqbgbf
\Zf\j_^
]em[bg_d\ZjlbjuhiylvihkeurZekydjbdi_j_oh^ysbc\\hcbwlhij_j\Zehkhfg_gbyj_[_gdZ
S_edgmeZs_dhe^Zb\s_ebihy\beZkvk\_le_gvdZy]heh\ZfZevqbrdbe_lgZ\_jghiylbhljh^m
FZf_kh\k_fiehoh`Zeh[ghih`Zeh\Zekyj_[_ghdbihkfhlj_egZDbjbgmkgZ^_`^hc^_\mrdZ
k^_eZeZrZ]\ijh_fbih^o\ZlbeZj_[_gdZgZjmdb
Dm^Z"bfg_hq_gvihgjZ\beZkv__m\_j_gghklvblhdZdhgZk_[y^_j`blG_m`_ebk_cqZkbaih^
r_emobijhy\blkygZklhysbcoZjZdl_j^_\mrdb
Lm^ZfZeurmdZaZeiZevqbdhfgZ_s_h^bgijh_fK_cqZkfu\k_klhyeb\fZe_gvdhcijboh`_c
ihke_`_ihrebke_^hfaZ^_\mrdhcgZjmdZodhlhjhcijb`Z\rbkvdg_ckb^_ej_[_ghd
D\ZjlbjZhdZaZeZkvgZfgh]h[hevr_q_fy^mfZeZGZkZfhf^_e_wlh[uebljbd\Zjlbju
kh_^bg_ggu_\f_kl_FuijhrebfbfhfZkl_jkdhcaZ\Ze_gghcdZdbfblhijbkihkh[e_gbyfb
bgl_j_kgh\fdmogb]^_gZklhe_]jhfha^beZkv]jyagZyihkm^Z\dhgp_ijbrebdkiZevg_]^_gZ
kfyluoijhklugyodhjqbeZkv`_gsbgZ;_j_f_ggZyfZlv__`_gsbgZdhlhjZygZ^mfZeZk_cqZk
jh`ZlvfZlv__fgh]hjZaHq_gvaZohl_ehkvk[_`Zlvijbq_f[ukljhb^Ze_dhJmdZkZfZ
aZ^_\mr_dyg_fh]mmclbihwlhfmgZ^h^_j`Zlvk_[y\jmdZo
FZf_klZehiehohbiZiZmr_ebkdZlvihfhsvgh_]h\k_g_lbg_lZfZf_\k_om`_bom`_fg_
kljZrghihke_^g__[uehkdZaZghr_ihlhflhevdh^eyDbjbgu
FZeurdZdl_[yah\ml"
BeZcZfZfZah\_lBexrZfZfZhiylvaZdjbqZeZfha]hlkljZg_gghih^mfZeqlh\j_fyf_`^m
ko\ZldZfbfbgmliylvlZdqlh_s_g_\k_djblbqgh
BexrZ\b^brvwlh]h^y^x"fZeurh]eygmekybihkfhlj_egZhq_gvhq_gv[e_^gh]hfZchjZ
_fmkljZrghlufh`_rv_]haZsblblvbm\_klbhlkx^ZFuihdZihfh`_ffZf_Zlu^y^xqZ_f
gZihbDbjbgZ\hjdh\ZeZbih^oh^beZ[eb`_dfZchjm\b^bfhj_rbeZkjmdgZjmdbi_j_^Zlv
iZpZg_gdZ
Y^mfZehg[_kkljZrguc^_fhg"\hll_[_b[_kobljhklghklvj_[_gdZ
LZdb_klvfZeurlhevdhk_cqZkhgbkim]Zekyg_aZk_[yZaZl\hxfZfmbwlhhq_gvohjhrZy
q_jlZgZklhysboaZsblgbdh\FZeurmy\ghijbrehkvih^mr_lZdh_h[tykg_gb_mg_]hijyfgZ
fhj^Zrd_gZibkZghqlh_kebhgl_i_jvbkim]Z_lkykdZ`_lqlhaZdh]hlhbkim]ZekyZlZdhghq_gv
djml
FZchjlh`_hp_gbekeh\ZDbjbguih^o\Zlb\j_[_gdZihr_ekgbfgZ\uoh^
FZ]bkljyjy^hf\kemqZ_q_]hdjbqbl_bkjZamZdlb\bjmcl_i_j_oh^g_h[hjZqb\Zykv\u^Zehg
bgkljmdpbbYhl\_qZlvg_klZeZblZdihgylghqlhmkeurZeZ
KlhyeZbg_fhj]Zykfhlj_eZgZ`_gsbgmdhlhjZygbq_]h\hdjm]g_keurZeZbg_\b^_eZHgZlboh
ihkdmeb\ZeZZdZdlhevdhgZqbgZebkvko\ZldbiulZeZkvg_djbqZlvaZ`bfZyih^mrdmam[Zfbgh
[hev[ueZkbevg__YkemrZeZ__^uoZgb_kqblZeZkiZafubkfhlj_eZgZg__\fZ]bq_kdhfaj_gbb
k_iehoh^Z`_om`_q_fy^mfZeZDlhlhbagbo^\hbomfj_lbebfZlvbebj_[_ghdZ\hafh`gh
h[Z
OehigmeZ\oh^gZy^\_jvb\kiZevgx\[_`Zefm`qbgZm\b^_egZkbk[bekykrZ]Z
Dlh\u"=^_BeZc"
dmog_\u_]hijhklhg_aZf_lbebfuijbrebihfhqv\Zr_c`_g_\u[_]ZebaZihfhsvx"FZ]
`bagbkdhjh[m^_l"DbjbgZaZ^Z\ZeZwlb\hijhkukihdhcguf]hehkhfklZjZykvqmlvqmlv
mkihdhblvfm`qbgmGhy\b^_eZhlqZygv_dZdhgk`bfZ_ldmeZdbdZdhimkdZxlkyie_qbbdZdgZ
_]hebp_ihy\eyxlkyke_au
�_\mrdZk^_eZeZrZ]dfm`qbg_iheh`beZjmdmgZie_qhbihiulZeZkvmkihdhblv
k_[m^_lohjhrhgmqlh\u\ZrZ`_gZh[yaZl_evghjh^bla^hjh\h]hfZeurZk_cqZkijb^_lfZ]
`bagbb
Hgg_ijb^_li_j_[beZy__]hehkihemqbekyhlkljZg_ggucyaZ]h\hjbeZ\i_j\u_dZdfu
ih^gyebkvgZwlhlwlZ`HgZh[_jgmeZkvby[_a\hijhkZihgyeZqlhhgZohq_lkijhkblv@_gsbgZ
q_eh\_dhg^_fhgj_[_ghdihemdjh\dZghhgbgbq_]hg_ijbgbfZebqlh[uj_[_ghd\u`be
ihwlhfmfZ]kx^Zg_ijb_^_l
Mfm`qbguih^dhkbebkvgh]bbhgf_rdhfjmogmegZdjh\Zlvmjhgb\]heh\mgZ]jm^v
FZ]`bagbhldZaZekyijbgbfZlvjh^ukkueZykvgZlhqlh\k_jZ\ghbfg_`blv"]hehk^_\mrdb
a\_g_ehlyjhklbB\hlwlZ__wfhpbyf_gyqmlvjZa[m^beZykbgl_j_khfkgh\ZgZg__ihkfhlj_eZ
wlhlfhf_glhiylvaZdjbqZeZjh`_gbpZy`_hlf_lbeZqlh\j_fyf_`^mko\ZldZfbkhdjZlbehkv
Ihke_wlhcko\Zldb`_gsbgZknhdmkbjh\ZeZkv\a]ey^hfgZgZkm\b^_eZfm`Zkb^ys_]hjy^hfb
meu[gmeZkvij_\hafh]Zy[hev
Lu\k_lZdbijb\_efZ]h\lukZfucemqrbc\fbj_fm`ajyluk_[y\bgbegZ__]m[Zo
ihy\beZkvdjh\v\b^bfhijbdmkbeZ]m[mdh]^ZiulZeZkvg_djbqZlv
Ijb[eb`ZeZkvgh\Zyko\ZldZfm`qbgZdj_idh^_j`Ze`_gmaZjmdmZ`_gmeb"jy^ebbo
ih`_gbeb?keb[uboih`_gbebhgb[uijh\_ebjblmZebfgh]h^jm]bogxZgkh\ghgZebqb_[jZdZ
g_\Z`ghhgbk_fvywlh\b^gh@_gsbgZaZklhgZeZblmlh`beZDbjbgZhgZj_adhih\_jgmeZkvdh
fg_ko\Zlb\f_gyaZjmdm[ukljhaZ]h\hjbeZ
FZ]bklj\u`_fZ]hq_gvohl_ehkv\hafmlblvkybkdZaZlvqlhy\_^vfZghfheqmdq_fmwlhhgZ
dehgbl"fZ]bkljihfh]bl__c
DbjbgZyg_djhfZgl
G_\Z`gh\u`_ijhn_kkbhgZe\hlmijyfZy^_\bpZ
�_eh\lhfqlhbf_ggh\jh^Zoykh\k_fihfhqvg_fh]mfZehlh]hy[hxkv^bdh;uehiul
g_m^Z\rbckyZ_s_lhevdhh[smxl_hjbxagZxG_djhfZglgbdZdg_ihfh`_l\fhf_gljh^h\wlh
�lh_^bgkl\_ggh_]^_jZ[hlZ_llhevdhfZ]`bagbZ`_\[he_agbfh`_l\f_rZlvkyg_djhfZglghg_
\jh`^_gb_j_[_gdZFudh]^Zmqbebkljh_gb_l_eZbh[smxijZdlbdmgZfe_dlhjljb^pZlvjZawlh
kdZaZe
BdZdijhn_kkbhgZefh]mdh]hgb[m^vdZq_kl\_gghm[blvy\u^_jgmeZjmdmbaehmklZ\beZkvgZ
^_\mrdm
M[_cl_ijhdjbqZeZjh`_gbpZ
Dh]hbf_ggh"k`b\ufbgl_j_khfkijhkbeZmg__Fh]m\Zkqlh[ug_fmqbebkvfh]mfm`Zba
aZg_]h\ufmqZ_l_kvklZeZi_j_qbkeylvyijbwlhfaZimkdZyfZ]bx\`_gsbgmkdZgbjmy
khklhygb_fZeurZ
F_gyijhojbi_eZ`_gsbgZghlmlihr_eibdkiZafZbhgZihf_gyeZk\h_fg_gb_g_l_]h
aZhjZeZ[_^gZy`_gsbgZ\u]b[Zykv^m]hcOhlyg_lEmqr_imklvfmqZ_lkydZdy\hl
ghjfZevgZy[Z[ZZlhijyfh\k_lZddjZkb\_gvdhemqrbcfm`qbgZ\=jZgbhgZjh`Z_lfmqZ_lkyb
_s__]hiulZ_lkymkihdhblvDZi_p
uqlhlhk^_eZ_l_"fm`bd]hehkh[j_e
Dhg_qgh\Zk[m^mfmqblv`_gsbgZ\_^vijhkblfm`bdih[_e_ehqgbkvb^bdbiylb\h^m
g_kbqbklu_ljyidbb]hlh\vky
Dq_fm"
Dfmq_gbyffm`bdebohjZa\_jgmekybm[_`ZeZylboh^h[Z\beZ\kx`bagv[m^_rvfmqblvky
k`_ghcb^_lvfb
I_j\ucj_[_ghdg_hlfm`Z"kijhkbeZohlyhl\_lagZeZghimklvemqr_`_gsbgZ]h\hjbl
hl\e_dZ_lky
G_ly\klj_lbeZIZljbdZiha`_dh]^Zmf_jfhci_j\ucfm`HnbpbZevghgZkg_kh_^bgbebgh
wlhg_\Z`ghHglZdohl_ej_[_gdZqlhyfuihgylghdZdex[Zyex[ysZy`_gsbgZ
ihgZ^_yeZkvgZZ\hkvbj_rbeZihjZ^h\Zlvex[bfh]hih^Zjblv_fmgZke_^gbdZ:lhqlhkZfZ
mfj_lbfZeurZaZkh[hcmlyg_lgbq_]h\^jm]ih\_a_l"Jjjjjjj
Hq_gvaZohl_ehkvgZhjZlvgZ]emimx`_gsbgm\hllhevdhyg_bf_xfhjZevgh]hijZ\ZkZfZ]j_rgZ
aZihfbgZxsbfky
\r\r\r
_^vfhqdZklZgh\blky\_^vfhch^gbfkihkh[hfbwlhg_mcfZijhqblZgguodgb]hiul
ijhn_kkbhgZebafg_lwlhfhf_gljh^h\:y\_^vfZ\hlm`_k_fve_ldZd\_^vfZhllhevdh
fZfhcy[ueZk_dmg^iylvg_[hevr_
Hgmqbeky\iZjZee_evghc]jmii_\:dZ^_fbbbdlhj^_fhgdhlhjuc_s_gZi_j\hfdmjk_h[ty\be
fg_qlhy_]hY^he]hkhijhlb\eyeZkv[_]ZeZhlg_]hhg^Z`_gZdZdh_lh\j_fyi_j_r_e\^jm]mx
:dZ^_fbxihlhfmqlhyihlj_[h\ZeZk\h[h^uhlg_]hZlh^Z\blgZf_gyBhgmr_egh\^_gv
dh]^ZyihemqbeZ^biehfhgihy\bekydjZkb\ucrbdZjgucblZdhcex[bfucFu]meyeb\_kv
\_q_jbiheghqb\lhjmxiheh\bgmghqbfuijh\_ebgZfgh]hbgl_j_kg_cmljhfhgohl_eihlZsblv
f_gy\ojZfghyg_kh]eZkbeZkvHgl\_j^beijhlhqlhf_gyijbagZeZ\ky_]hkmlvZy[_kbeZkv
ihlhfmqlhhgg_kdZaZe]eZ\gh]hqlhex[blf_gyk_jZa]h\hjulhevdhijhijb\yadmqlhfu
[m^_lhlebqghck_fv_cqlhih^oh^bf^jm]^jm]mGhg_[uehkZfuo\Z`guokeh\
Q_j_ag_^_exjmdh\h^bl_evfh_cZkibjZglmjudm^Zymki_rghihklmibeZmfg_crZy\_^vfZ
ihkh\_lh\ZeZgZqZlviblvhl\Zj^ey[_j_f_gguoy`_oehiZeZgZg__]eZaZfbbg_fh]eZgbq_]h
ihgylvihlhfdZdhaZj_gb_Y[_j_f_ggZhlbdlhjZghhgkgh\ZijhiZeJ_[_ghdjhk\hfg_y
bkdZeZbdlhjZLbohkdjulghghbkdZeZFg_ohl_ehkvkdZaZlv_fmlhqlhg_kdZaZeZ\lmghqvb
[ueZ]emiZygZ^_`^Zqlhhg[m^_ljZ^dh]^ZmagZ_lijhj_[_gdZ
?]hygZreZgZ\hkvfhff_kyp_[_j_f_gghklbHg[ue`_gZlgZjh^h\blhc^_fhgbp_[_aijb\yadbb
wlhcboeZ[m^uhgijhklhgZg_c`_gbekyqlh[uijh^eblvk\hcjh^M\b^_\f_gyhi_rbe
ihiulZekym^_j`Zlvih]h\hjblvh[_sZeqlhh[_ki_qblf_gybj_[_gdZijbagZ_lex[h\gbp_c
Ohl_ehkv\ulvhggZqZedjbqZlvqlhg_hlimklblbyg_gZc^mk_[_f_klh\wlhc=jZgbgb]^_g_
kfh]mkijylZlvkyhlg_]hYmreZgZke_^mxsbc^_gvhgijbr_ehiylvm]h\Zjb\ZedjbqZeihke_
_]hmoh^ZijbreZ_]h`_gZHjZeZgZf_gyZylboha\_j_eZkyijh[e_fZaZdexqZeZkv\lhfqlhgZ
fhf_gl[_j_f_gghklbyg_fh]eZijbf_gylvfZ]bxijbq_fgbdZdmxy[ueZZ[khexlgh[_aaZsblgZ
:ih]__f\k_]hklZeZgh\hklvqlhhgZ[_j_f_ggZbmgbo[m^_lgZke_^gbdZfhc[ZklZj^\k_f
f_rZ_lbemqr_[uyhlg_]hba[Z\beZkvHgZihiulZeZkvf_gym^Zjblv\]eZaZoihl_fg_eh_e_
k^_j`ZeZkvqlh[ug_m[blvwlmkmfZkr_^rmxIhfh]jmdh\h^bl_evhgZihy\beZkv\gm`guc
fhf_glbij_djZlbeZwlhba^_\Zl_evkl\h
Ym_oZeZhklZ\Zebkvihke_^gb_g_^_ebghgZf_gygZiZebihgyeZywlhlhevdhihlhfkjZamj_rbeZ
qlhkemqZcghklvf_gylhedgmebgZjugd_ymiZeZbm^ZjbeZkv`b\hlhfgZqZebkvij_`^_\j_f_ggu_
jh^uDh]^Zf_gygZrebih^jm]bdhlhju_ihk\yamxsbfZfme_lZfihgyebqlhkhfghckemqbeZkv
[_^Z[uehm`_iha^ghBaaZm^ZjZgZqZekyhl_dieZp_glubj_[_ghdaZ^uoZeky\hfg_b^Z`_dh]^Z
ihy\bekygZwlhlk\_lijh`be\k_]hiylvk_dmg^g_h[jZlbfh_ih\j_`^_gb_fha]Z?fmgbdlhg_
kfh]ihfhqvgbh^gZbaiyl_jdb\hajh`^_gguoklbobcgbfZlv\hajh`^_ggZyklbobykf_jlb
gbdlhYklZeZ\_^vfhcghg_klZeZfZl_jvxk\h_cfZe_gvdhc^hq_jbg_ihfh]eZlhcdlh[hevr_
\k_]hgm`^ZeZkv\hfg_
Ihke_wlh]hymreZ\^jm]mx=jZgvijhklhkh[eZagf_klb[uekebrdhf[hevrhcLZf\umqbeZkv\
ZkibjZglmj_b^Z`_\_jgmeZkvdk_[_^hfhcg_gZ^he]hqlh[um\b^_lvdZdbdlhjex[blkugZgh
ijbwlhfg_gZ\b^bl_]hfZlvHghdZaZekyijZ\fug_fh`_f`blv\h^ghc=jZgbyg_aZ[m^mqlh
dh]hhgZgZgyeZkdhevdhaZieZlbeZ
Klhahehluo@bagvfh_c^hq_jbklhbeZklhahehluoBkihegbl_evf_jl\yg_k^_j`ZeZkvZlZ
]Z^bgZ`b\Zlhevdhihlhfmqlh\lhlfhf_glhgZ[ueZ[_j_f_ggZbyg_kfh]eZm[blvfZeurZZ
dh]^Zy\_jgmeZkv`Z`^Zf_klblhevdhle_eZZg_iueZeZFg_o\Zlbehlh]hqlhhgZm\b^_\f_gy
aZljykeZkvlZdqlh^mfZeZijyfhi_j_^hfghcmc^_laZ=jZgvBlhqlhhgZko\ZlbeZkugZmiZeZgZ
dhe_gbbmfheyeZg_ljh]Zlv_]hZm[blvlhevdh__bf_gghwlh\k_^eyf_gyj_rbehbdlhj
mkeurZ\gZrjZa]h\hjha\_j_eZyjZa\_jgmeZkvbmreZbogZdZaZgb_wlhlhqlhbf`blv\f_kl_
L_i_jvhgZ\k_]^Z[m^_l[hylvkyaZk_[yaZkugZ\kxk\hx`bagvhgZ[m^_lihfgblvqlhhlgyeZ
`bagvmfZeurdb\ky\bgZdhlhjhc[ueZ\g_m]h^guojh^bl_eyo
YhiylvmreZbak\h_c=jZgbaZlh\JZkk\_lghcBfi_jbb\=jZgbghf_j\hk_fvihy\bekygh\uc
fZ]bkljKf_jlbbfh`_lygm`gZa^_kvqlh[ukiZklbwlh]hdhgdj_lgh]hfZeurZblZdihijhkblv
ijhs_gbymk\h_c^hq_jbaZk\hxkeZ[hklvb__kf_jlv"IjbagZckyYgZwlZ=jZgvgm`gZl_[_
qlh[u`blvlulhevdha^_kvgZqZeZ^urZlvbg_ju^ZlvihghqZfihwlhfm\uljbkhiebb\i_j_^
I_j_^lh[hc`_gsbgZb_ck_cqZkom`_q_fl_[_kljZrg__k\_jrb\r_]hkylhevdhh`b^Zgb_wlh]h
:hgZh`b^Z_lk\h_ckf_jlbb[hblkyqlhkf_jlvijb^_lbd__j_[_gdmlh`_IjhklbfbeZygh
k_]h^gyl_[ya^_kvg_`^ml
\r\r\r
DbjbgZm[bjZcwlhljyiv_bjZa^_\Zcjh`_gbpmDZdl_[yah\ml"
FbdZhgZojbibl]hehkhldjbdh\k_e
YfZ]bkljkf_jlb:dmebgZQlh[ulujh^beZgZf\k_fijb^_lkyohjhrhihjZ[hlZlvbl_[_\lhf
qbke_K_cqZkful_[yjZa^_g_fm[_j_fdjh\Z\u_ljyidbbihkfhljbfdZdlZffZeur
Kf_jlb"]hehk^jh`blhiylv^\Z^pZlviylvy_clmlj_qvijhgbdgh\_ggmxlhedZxijhihfhsvb
ih^^_j`dmZhgZlhevdhbmkeurZeZqlhyfZ]bkljKf_jlb\hl`_l_fgu_
�ZKf_jlbihwlhfmoZjZdl_jmf_gyg_hq_gv;m^_rvljyklbkvyijhklhmc^mykgh"gbdm^Zy
_kl_kl\_gghg_mc^mgh^eymkljZr_gbyih^_ckl\h\Zeh_kl_kl\_ggh\_^vjh`ZlvkZfhckljZrgh
=hlh\hfZ]bklj
Hlebqghiho\ZebeZyihfhsgbpmbkijhkbeZgZm^Zqmluijhjh^uqlhgb[m^vagZ_rv"
Mf_gy[ueZh[sZyf_^bpbgkdZyijZdlbdZjh^u\b^_eZ^\Z`^uh^bgjZaihfh]ZeZgZmjh\g_
ih^Zc
Hlebqghohlvqlhlhmf_gylhevdhl_hjbyK_cqZkfu^he`guk^_eZlvke_^mxs__jZ[hlu
[uehfgh]hbhgZg_l_ji_eZijhf_^e_gbyYieZghf_jghjZkkdZau\ZeZqlhbf_gghb^eyq_]hfu
^_eZ_fg_aZ[u\ZyjZ[hlZlvjmdZfb
Ijbih^gylvjh`_gbpmih^kibgmiheh`blvih^mrdm^Zlv_ciZjm]ehldh\\h^uijh\_jblv
fZ]bq_kdbfaj_gb_fqlhl\hjblkykfZeurhf:hgkm^yihkh\k_fmqZklb\rbfkyko\ZldZf
hdhgqZl_evghkh[jZekygZ\uoh^
dhfgZlmijb[_`Zefm`ijbg_kdZkljxexkdbiyldhfbp_emxklhidmqbkluoljyihddh]^Zlhwlh
\b^bfh[uebijhklugb
FbdZdhgljhebjmc^uoZgb_^urb\f_kl_khfghcDbjbgZhlebqghkijZ\eyeZkvhgZhl\e_dZeZ
jh`_gbpmmf_ehihfh]eZfg___mkZ^blvZkZfh_]eZ\gh_hgZklZjZeZkv]h\hjblvfy]dhk
`_gsbghclh]^ZdZdy^Z\ZeZq_ldb_dhfZg^ub^Z`_bgh]^Zihdjbdb\ZeZgZg__fuhlebqgh
B\hlgZqZebkvkZfbihlm]bko\Zldbkebebkv\h^gmg_ij_djZsZxsmxky[hevghFbdZkemrZy
�DbjbgmihdZkwlbfkijZ\eyeZkvGh\fZ]bq_kdhfaj_gbb\k_[uehkh\k_fg_jZ^hklgh_fhg_ghd
[ue[hevr_q_fjh^h\u_imlb`_gsbgughbg_wlh[uehkZfufkljZrgufDh]^Zhgijhc^_llZa
^eyihke_^g_]hlheqdZ_fmgZ^h[m^_l\ulygmlv\k_fZ]bq_kdb_kbeufZl_jb^ey^_fhgh\wlhghjfZ
�_fhgbpu\kx[_j_f_gghklvg_bkihevamxlfZ]bxbg_i_j_oh^yl\k\hx[h_\mxbihklZkvbf_ggh
jZ^bwlh]hfhf_glZFZfudZd[m^lhdhiyl\k_[_fZ]bxihwlhfmbfbo\ZlZ_lbgZ\uoh^j_[_gdm
bkZfhchklZlvkyp_ehc:lmlq_eh\_db^Z`__kebj_[_ghdghjfZevghijhc^_llZahgijhklhm[v_l
fZlvbg_nZdlqlh_fmo\Zlblkbe\uclbH[uqghih]b[ZxlbfZlvbj_[_ghdbeb`_fZeur
jh`^Z_lkyhq_gv[hevgufbmfbjZ_l\^_lkl\_
Wlhlfhf_gly\k_djmlbeZ\]heh\_bg_fh]eZgZclb\uoh^ZihdZf_gyg_hk_gbehWlhaZdhguwlhc
=jZgb\fh_c`_\k_^Z\ghm`_f_`^mkh[hci_j_f_sZebkvbqbklhdjh\ghklvmgZkhij_^_ey_lky
kbehcghgbdZdg_jZkhcJ_[_ghdkqblZ_lkylhcjZkuqvxhg[hevr_gZke_^m_lbqvyfZ]by[ueZ
kbevg__
IZljbdhklZgvl_kv\uklZg_l_fZ]bq_kdbf^hghjhfDbjbgZm^b\e_gghmklZ\beZkvgZf_gygh
k_cqZkyh[tykgblvg_fh]eZj_[_gdZhimlZeZimih\bgZ
Ijhs_ahf[bih^gbfZlvkd_e_luhqbsZlvljmiuj_aZlvq_fjmdhc\`_gsbgmaZe_aZlv\fhf_gl
jh^h\qmlvjZa\_jgmlvj_[_gdZbkgylvk_]hr_bimih\bgmYdhkl_jbeZk_[yg_ijbebqgufb
keh\ZfbihdZijh^_eu\ZeZwlb^_ckl\byaZj_dZeZkvqlh[y_s_jZaohlvdh^ghcjh`_gbp_
ih^hreZ
FZeurj\ZekygZk\h[h^mfZlvklZjZeZkvg_hjZlvghbgh]^Zba__]hjeZ\uju\Zebkvijhklh
g_q_eh\_q_kdb_djbdb^Z`_g_`b\hlgh_lZd\h_lZqlhlhkljZrg__fh`_llZd\hxlfhgkljuba
BagZgdb"
hlihy\beZkv]heh\dZj_[_gdZy`_aZo\Zlb\i_le_cfZ]bxIZljbdZih^\_eZ__q_j_aimih\bgmd
fZeurmihlbohgvdm\eb\Zy__\j_[_gdZIZljbdihrZlgmeky
Meh`b_]hkdhfZg^h\ZeZ[ukljhklZjZykvg_hl\e_dZlvkygh\k_lZdb^h[Z\beZ^eyfm`qbgu
l_jib\hafh`ghkiZkmbfZlvb^blyhlhfqlhf_gyfh`_lmkeurZlvfZlvbwlhiehohgZg__
ih\eby_lyg_i_j_`b\ZeZFbdZ[ueZm`_\lhfkhklhygbbdh]^Zgbq_]hg_keurbrvbg_\b^brv
Fm`qbgZdb\gmekihfhsvxDbjbgue_]bjZkkeZ[bekyiulZ_lkyihfhqvfg_hl^Z\ZyfZ]bx
^h[jh\hevghfheh^_p
?cgm`ghkbevg__lm`blvkygZ^he]hfZ]bbg_o\Zlbly]h\hjbeZ^eyDbjbgujhev
klbfmebjh\Zlvjh`_gbpm^hklZeZkv_cyg_fh]eZhl\e_dZlvky^_\mrdZkjZam`_h[jZlbeZkvdFbd_
Ba__]hehkZijhiZebfy]db_ghldbl_i_jvhgZ]h\hjbeZdhfZg^ZfbaZklZ\eyyFbdmgZmjh\g_
bgklbgdlh\kemrZlvkybih^qbgylvky
FbdZkbevg__^Z\Zc_s_jZahdih^gZlm`vky?s_hgZdhgljhebjh\ZeZ\uoh^j_[_gdZhgZ`_b
^he`gZ[m^_lijbgylvfZeurZgZjmdb
FZ]by\IZljbd_ih^oh^beZdk\h_cdjblbq_kdhchlf_ld_\b^bfhfm`qbgZk_]h^gyijbf_gye
fZ]bxbebqlh[uaZklZ\blvfZ]Z`bagbijbclbkx^Zbeb`_qlh[uihfhqvFbd_m[jZ\[hevDZd
[ulZfgb[uehfZ]bygZbkoh^_fZeur_s_g_\ur_e^be_ffZylZdbhlpZm[vx
L_[_ijb^_lky_]hih^lygmlvDbjbgZih[_e_eZgZs_dZo^bdbcyjdbcjmfyg_piylgZfb
kfhljblky`mldh
GZkq_lljbyihkeZeZihke_^gxxihjpbxfZ]bbhlpZ\j_[_gdZkjZam[ehdbjmyihlhdqlh[u
fm`qbgZg_mf_jhlbklhs_gbyijbwlhfqmlvgZ^Z\beZgZ`b\hlFbdbihfh]Zyijhlhedgmlv
j_[_gdZZDbjbgZko\ZlbeZfZeurZaZfhdju_ie_qbdbdhlhju_lhevdhlhevdhgZqZebihdZau\Zlvky
gZk\_lb^_jgmeZ_]hgZk_[y
lhl`_fhf_glyj_adhi_j_j_aZeZimih\bgmg_^Z\ZyfZeurmm[blvk\hxfZlvdhlhjZy\hl
]Z^kl\hi_j_reZaZ=jZgvJ_adbciZkkjmdhcbyaZo\Zlu\Zx^mrm`_gsbgulmlkdhj__
hklZlhqgmx__wg_j]bxgh^eyihwlbqghklb\k_gZau\Zxlwlh^mrhclZdqlhyg_klZeZ
bkdexq_gb_fBijhklhdhehkkZevgufmkbeb_f^ZjZ\ly]b\Zxwlmwg_j]bxh[jZlgh\l_ehihkueZy
fhsgucwg_j]_lbq_kdbcm^Zj\k_j^p_
@_gsbgZbah]gmeZkvb__k_j^p_aZ[behkv\hlbf_gghlhlfhf_gldh]^Zbgm`_gfZ]bkljKf_jlb
Ex[hc^jm]hcg_djhfZglm`_[ugbq_]hg_kfh]k^_eZlvy`_gZqZeZhk_^ZlvgZiheBlml^_ehg_
lhevdh\bklhs_gbbghb\hkhagZgbbqlhfulhevdhqlhk^_eZebG_\_jhylghfukiZkeb^\_`bagb
k_]h^gykx^Zg_ijb^_lKf_jlvZihke_g__g_ihk_eblky=hj_k_]h^gylmlijZ\blKqZklv_
FZ]bkljwlhfZevqbdDbjbgZm`_h[l_jeZbaZ\_jgmeZfZeurZdjhohlguckfhjs_gguc
Q_]hlufg_wlh]h\hjbrvdZd[m^lhykZfZ_]hjh`ZeZbebyihq_lguchl_p\hjqeb\h[mjqm
mdjZ^dhc\ulbjZyke_auwlhijhklhmklZehklvbgbq_]hg_k_glbf_glZevghklv
KiZkb[h=jZgvaZwlbkiZk_ggu_`bagb
Fbgmlq_j_a^_kylvy\klZeZkiheZAZwlh\j_fyDbjbgZijb\_eZfZlv\ghjfm\urehf_klhhgZ__
h[l_jeZbi_j_h^_eZMfgbpZY`_ihkfhlj_eZgZfZlvfZ]bq_kdbfaj_gb_flmlgm`_gfZ]`bagb
bebhlebqgZyagZoZjdZqlh[uihfhqvghjfZebah\Zlv\k_l_wg_j]_lbq_kdb_jZaju\udhlhju_\b^gu
m`_gsbguIbl_je_`Zejy^hfk`_ghck\hklhj]hf]ey^ylhgZg__lhgZfZeurZaZ[Z\gh
uk^_eZebqm^h[eZ]h]h\_cghijhr_ilZehginnn
G_lqm^hk^_eZeb\uk`_ghcZfuwlhfmqm^mijhklhihfh]ebihy\blvkygZwlhfk\_l_
FukDbjbghc\urebbadhfgZluijhrebgZdmogx]^_fZchjEmdZkb]jZekBexr_c\dZdmxlh
aZgbfZl_evgmxb]jmGZ^hkd_klhyebnb]mjdbbwlhy\ghqlhlhijh\hcgmkljZl_]by\k_[hevr_
gbq_]hg_ihgyeZkbeudhgqZebkvYk_eZjy^hfDbjbgZ`__s_ihjZ^h\ZeZfZeurZbhlijZ\beZ_]h
djh^bl_eyfij_^mij_^b\qlhgZ^h[ulvlbo_gvdbfbqlhfZfZihdZ[he__lghh[yaZl_evgh
\ua^hjh\__l
FZchjkx^ZgZ^h\ua\ZlvfZ]Z`bagbbmlhqgblvdlh[uelhlfZ]qlhhldZaZe\ihfhsbYohqmk
gbfih]h\hjblvi_j_^l_fdZd_]hhkm^ylDZd^_eZm^_\qhghd"
k_\ghjf_hgbhlijZ\bebkv\khk_^gbcih^t_a^bm`_aZdZgqb\ZxlhlijZ\bf\k_oZfme_lZfb
ydb\gmeZkbeg_lgZi_j_oh^ihwlhfmbebbkihevah\ZlvZfme_lubeb\uau\ZlvljZgkihjlGh
[_ahiZkg__dhg_qghZfme_luLh]^Zyi_j_^Zfbfqlh[uaZdZgqb\Zebbmoh^beb
Hg`_\ua\ZefZ]Z`bagbb\b^bfhi_j_^ZebgnhjfZpbxhlhffZ]_qlhhldZaZekyihfhqvFbgml
q_j_a^_kylva^_kv[ueZdmqZgZjh^m
Fum`_g_gm`gulZdqlhmoh^bff_^e_gghih^gyeZkvZDbjbgZ[ukljhk[_]ZeZihijhsZlvky
khkqZkleb\ufk_f_ckl\hf
KgZqZeZhgZZdlb\bjh\ZeZk\hcZfme_lihlhfybkjZamfZchj\urebfu\dhfgZl_dhlhjmx
�h[mkljhbebki_pbZevghih^gZrmlhqdm\uoh^Z_\mrdb_s_g_jZahrebkvlZdqlhy]eygmeZgZ
dZ`^mxjh^_\k_\ihjy^d_
\a^hogmeZZ^_\qhgdbrbjhdhmeu[gmebkv
Ym`_\uoh^beZbadhfgZludh]^ZmkeurZeZr_ihlDbjbgu
HgZkiZkeZfZlv\ulygm\lmbaaZ]jZgbbj_[_gdZihemdjh\dmWlh[uehqlhlhkq_flhihlhf
jZkkdZ`mih^jh[ghklb\hl\_l^jm`gucklhgjZahqZjh\Zgbyijhklh__\hklhj]^Z`_kd\hav
r_ihli_j_^Z\ZekyYlhevdh]eZaZaZdZlbeZAhf[bojhfu_KljZrgucfZ]bkljKf_jlbkiZkZxsbc
gZ^hkm]_^_l_cLhihjhfihfh_cj_imlZpbb

&#xu;&#x^m;&#xfZ;&#x_l;&#x_;&#xy;&#xh;&#xl^;&#xho;&#xgm;&#xeZ;&#x";�u^mfZ_l_yhl^hogmeZ"ZdZd[ug_lZd_^bgkl\_ggh_qlhmki_eZk^_eZlvwlhijbgylv^mr
�qlh[ukfulvihldhlhjucl_djmqv_fihdZylygmeZ^mrmbaaZ]jZgbZieZlv_ihf_gyeZhgh\
djh\b[uehF_qlZeZ_s_ihe_`ZlvihlhfmqlhhlkeZ[hklbljykehbrZlZehghg_km^v[Z
A^jZ\kl\mcl_fZ]bkljjZkkdZ`bl_dZdijhr_e\Zri_j\uc\uoh^"ijbgpy\bekydh]^Zylhevdh
k_eZ\]hklbghc\dj_kehbijhlygmeZjmdmddhn_cgbdmGZ\hijhkfh`gheb_fm\hclb_kl_kl\_ggh
hl\_lbeZkh]eZkb_fohlvwlhb[uehg_ijZ\^hcHq_gvohl_ehkvg_imklblv_]h
Ghijbgp_\\bokh[kl\_gguo^\hjpZokbevghg_ih\u]hgy_rvkmq_lhfqlh\k_ijbebqghb\jh^_
dZdg_ijb^_j_rvky
Yi_j_g_keZ^_\mr_d\ljbgZ^pZlucjZchg]^_hgbmki_ebihh[sZlvkyk`bevpZfb
fgh]hd\Zjlbjgh]h^hfZHlq_lhq_fbf_gghhgbjZa]h\Zjb\Zebbqlhgh\h]hmagZeb[m^_llhevdh
q_j_a^\ZqZkZmgZkkh\_sZgb_\i_j_^bZkqlhlhdhgdj_lghbgl_j_km_l"IjhklhihdZ
hdhgqZl_evguoj_amevlZlh\k_]h^gyrg_ciheh\bgu^gy_s_g_l
?]hbgl_j_kh\Zeh\k_hkh[_gghqlh^_eZeZy;_kblvgZqZeG_lydh]^ZjhfZguqblZx lhevdhlkkk
hgbdZdhl^uo^ey^mrb\fblZffm`qbgZgZklhcqb\h^h[b\Z_lkyex[bfhcyfe_xGh_klvh]jhfgh_
ghdexq_\h_keh\hex[bfhcMijbgpZ`_dhfg_km]m[h^_eh\hcbgl_j_k fZ]bkljdZdgbdZd\f
\hafh`gh ihevsmk_[_\fhkgh\ZggucgZk_dkmZevghfih^l_dkl_:ijhs_]h\hjyjZag_^ZeZb\
dhcdmdg_fmg_iju]gmeZagZqbl\dexqbfhohlgbdZMklZehklvihke_^gboqZkh\\uebeZkv\
Z]j_kkbxy\k_fbkbeZfbk^_j`b\ZeZk_[yqlh[ug_gZ]h\hjblv]Z^hkl_cbg_\uklZ\blv_]haZ
^\_jvghwlhg_iha\hebl_evgh_ih\_^_gb_Mg_]h\^hf_`b\_lq_lujgZ^pZlv^_\mr_dhnbpbZevgh
kqblZxsboky_]hg_\_klZfbgh_fmg_cf_lky^_fhg
Zr_ukhq_kl\h
Fh`ghijhklhWjbdi_j_[beb\gbfZl_evghh`b^Z_lfh_]h[he__ih^jh[gh]hjZkkdZaZOhlv[u
ih^mfZeqlhmklZeZydZdkh[ZdZ[_r_gZy
LZd\hlZr_ukhq_kl\hk^_eZeZ\b^qlhg_aZf_lbeZ_]hjZaj_r_gbygZ^jm]hc\b^
�h[jZs_gbyygZ\_jgydZm\_j_gZqlh\ZffZchjij_^hklZ\behlq_lhihegblv_]hq_flhyg_
\havfmkv^mfZxhgk_jv_agucjZ[hlgbdbohjhrhibr_lhlq_lu^jm]h]h[u\ug_gZagZqbeb
gZqZevgbdhfhojZgug_\_klQlh[u\Zf[uehbgl_j_kg_ckemrZlvaZm`bghfh^gZba^_\mr_d
h[yaZl_evghjZkkdZ`_l\Zfih^jh[ghklbIjbgpy\ghgZqZejZa^jZ`Zlvky:ihdZemqr_hl\_lvl_
gZfhb\hijhku
ibkvf_gghf\b^_"_ob^gbqZlvgZqZeij_e_klvdZdZy
?kebhq_gvohq_lkyfh`ghb\ibkvf_gghfgh[uklj__[m^_l\k_`_mklghgZr_eq_fkfmlblv
;hbl_kvqlhf_^e_gghibrm"
G_lqlh\u[hxkv\^jm]yf_^e_gghqblZxLZdqlh]hlh\u"
b]jZfbm\e_dZ_lky"
Hq_gvohl_ehkvkijhkblvl_fZeZ[hjZlhjghcjZ[hlu"ghih^u]ju\Zlv_fmg_klZeZ
=^_\u[uebdh]^Zijhbahreb\k_m[bckl\Z"hgih[_e_ebk`ZedmeZdbh]jhfgu_lZdb_dmeZdb
dkeh\mlhqg__]^_\uhqgmebkvihke_dZ`^h]hm[bckl\Z"
Yg_m[bcpZijhojbi_ewlhlkmjh\ucfm`qbgZAgZ_l_hgf_gy[_kblqZklhghy_fm\_jx
LZdb_^_ckl\bl_evghg_[m^mlm[b\Zlv`_gsbgg_llhevdh\jZ]h\blhhldjulhOhlygZ\_jgh^ey
ijZ\bl_e_cwlZq_jlZbg_hq_gvohjhrZy
IheblbdZg_hklZ\ey_lf_klhq_klghklbbmqbljZkijZ\eylvkyk\jZ]Zfbkihfhsvxbgljb]bqm`bfb
jmdZfbZg_]ey^y\ebph\ih_^bgd_Ohlym^_fhgh\ih_^bgdbq_klbbkemqZxlkyghm`_gZfgh]h
j_`_
�:ybg_]h\hjxqlh\um[bcpZ\ugZ\_jgh\hijhkg_ihgyebZ\Zcl_kijhrm_s_jZa]^_
dhgdj_lgh\u[ueb\h^\hjp_\fhf_gldh]^Zdlhlhkh\_jrZem[bckl\h"hgijh^he`ZefheqZlvb
\hlbf_gghwlbffheqZgb_fbhl\_lbegZfh_ij_^iheh`_gb_qlhijbgpaZf_rZg
Ghg_dZdm[bcpZZdZd_s_h^gZ`_jl\Z
Kdhevdh[uehgZ\Zkihdmr_gbckfhf_glZihke_^g_]hhl[hjZ"
R_klvhq_gvaZohl_ehkvijbk\bklgmlvWlhgZiylv[hevr_q_fy^mfZeZYfheqZeZbhg\k_
lZdbj_rbehl\_lblvi_j\hfkemqZ_f_gygZreb[_akhagZgbyq_j_a^\_^hjh`dbhl`_jl\u\
iZjd_\h\lhjhfkemqZ_\kf_`ghc]hklbghc\k_hq_gviehohZykZfhgZ^_yggZy[Ze^Z
:\lj_lv_fkemqZ_"wlhiehohc\hijhkghyg_fh]m_]hg_aZ^Zlv
dZdhflj_lv_fkemqZ_"\kdbgmekyhgbih^l\_j^belhqlhhgbj_rbebqlhwlZ^ZggZykf_jlv
\g_wlh]h^_eZ
h\j_fykf_jlb\Zr_cfZl_jb]eZaZgZijhlb\f_gykmabebkvhglZddj_idhk`Zeam[uqlh
klZeb\b^gu`_e\ZdbFZrbgZ^eym[bckl\lhqgh\Zf]h\hjxijbq_fkZfhchiZkghcfh^_eb
DZdbf[hdhflmlkf_jlvfh_cfZl_jb"]hehkkqmlvjudZxsbfbghldZfbk_cqZki_j_c^_l\
[h_\mxnhjfmljZgknhjfZpbbIehohfh_^_eh
G_djhfZglhkfZljb\Zxsbcl_eh\Zr_cfZl_jb\hlq_l_gZibkZe`_jl\_[ueh\b^bfhhq_gv
[hevghbhgZkbevghk`bfZeZjmdb\dmeZdbihwlhfmmg__ihkbg_ebgh]lbWlhihegZyqmrv_keb
[u_c[uehhq_gv[hevghgZeZ^hgyohklZebkv[ujZgdbhggh]l_c\_^vfZgbdxjmijb^\hjguo^Zf
hq_gv^Z`_k_jv_aguc:\hlihkbg_\rb_gh]lbmdZau\ZxlbebgZihjhdk_j^pZlhqg__
g_^hklZlhqghklvk_j^_qghkhkm^bklhckbkl_fubeb`_gZhljZ\e_gb_hij_^_e_ggufby^ZfbQlh
_s_\Zfba\_klghijh\ZrmfZlvq_]hg_l\hlq_l_"
Ihq_fm\ukqblZ_l_qlhlZfq_]hlhg_o\ZlZ_l"hg[ue\_kvk`ZldZdijm`bgZdhlhjmxqmlv
gZ^Z\bbkhj\_l
Ihlhfmqlh\ufg_lhevdhqlhkdZaZebk\hbfq_]hlhg_o\ZlZ_l
HibkZgb_iheh\uohj]Zgh\b^_l\dhgp_Zhgh^he`ghb^lb\k_j_^bg_ihke_dbr_qgh
ibs_\Zjbl_evgh]hljZdlZwlh\[b\Zxl\]heh\u\k_fg_djhfZglZfKebrdhffgh]h^hdmf_glZpbb
\h\j_fyh[mq_gbyfuhnhjfey_fgm`guklZg^ZjlulZdqlhlZdgZibkZe[uZ[khexlghex[hc
g_djhfZgldjhf_wlh]h?keb[u\hh[s_g_[uehaZibkbijhiheh\u_hj]Zgufh`gh[ueh[u
kibkZlvgZg_j\ug_dZ`^uc^_gvhkfZljb\Z_rvljmiijbgZ^e_`Zsbcqe_gmbfi_jZlhjkdhck_fvb
\hafh`gh[uebgZeh`_guh]jZgbq_gby"Ghg_lZ\lhjhlq_lZijhiheh\u_hj]ZgugZibkZegh\
Bfi_jZljbpZ[ueZ[_j_f_ggZghwlhg_Znbrbjh\Zehkvbg_djhfZglZihke_gZibkZgbyhlq_lZ
aZklZ\bebm[jZlvaZdexq_gb_hkf_jlbj_[_gdZHgm[jZeb\dhgp_^hibkZeijh\k_\ghjf_qlh[u
g_ibkZlvh^gmj_iebdmgZimklhfebkl_Wlhf_gy_l^_ehijbq_fdZj^bgZevgh
QblZy\k_wlbhlq_lubZgZebabjmyaZibkbg_djhfZglh\yih^mfZeZqlhdlhlhhohlblkygZ
djhgijbgpZ_]hohlylhklZ\blv[_a\hafh`ghklbijh^e_gbyjh^Z [ZklZj^umgZkg_gZke_^mxlZ
hl[hjg_\_klihke_^gbc\fbkhhl\_lkl\_gghgZke_^gbp_cklZg_lh^gZbak_kl_j[ebagyr_dL_i_jv`_
\k_qmlvjZa\_jgmehkv^ZdhiZxlijhlb\ijbgpZghyg_^mfZxqlhihke_hnbpbZevgh]h
ih^l\_j`^_gbylh]hqlhijbgpg_fh`_l\aylvk_[_`_gmhghklZg_lky`blvihlhfmqlhm`_h^gh]h
gZke_^gbdZm[bebbeb\k_lZdbg_l"
M\Zk^he`_g[uejh^blvky[jZl"kdZ`bg_lih`ZemcklZ
�Z=Z^kl\h
MgZkohlylkf_gblvbfi_jZlhjkdbcjh^l_i_jvhklZeZkvfZehklvihgylvdlhbwlZfZehklvlhevdh
k_fgZ^pZlvijb[eb`_gguojh^h\\hafh`guba\g_kfmlvygublZdihf_ehqbdlhm]h^ghGmg_
ijyfdlhm]h^gh_klvjZamfgu_]jZgbpugh\k_`_
DdZdbf\uijbreb\u\h^ZfqlhlZddjb\bl_kv"k_gZklhevdhiehoh"gZ^hke_^blvaZfbfbdhc
�Z`_hq_gv\Zkohlylm[blv\hll_[_\hl\_l
Ylh`_lZdj_rbeqlhlh_s_"mfguchg\k_lZdbfm`bd
Kdhj__\k_]h\Zrbfk_kljZfbhlpmlZd`_g_`blvdZd\ijhq_fgZ\_jgh_\k_f\Zrbf[ebadbf
jh^kl\_ggbdZf
:ihq_fm\u^mfZ_l_qlhfhbk_kljug_ijbqZklgu"mf_gy^Z`_q_exklvhliZeZh[jZagh
DZdlZd`blvbih^haj_\ZlvkZfuo[ebadbog_m`_ebhg^mfZ_lqlh_]hjh^gu_feZ^rb_k_klju
m[bebfZlvbg_jh`^_ggh]h[jZlbdZbl_i_jvm[vxlhklZevguob[Z[mex\lhfqbke_"
:ihq_fm\u_s_bgZ[Z[mexg_ih^mfZeb"bkdj_gg_\hafmlbeZkv
Yi_j_^ZfdZdbf_ggh\u__gZa\ZebhgZ[m^_l\\hklhj]_ih^eh\beq_jlydZghykb^_eZk
g_ijhgbpZ_fufebphf[m^m\k_hljbpZlvbgZq_mf_gyihy\blky[Z[mey
Ljhgg_gZke_^mxl`_gsbgufh_]hjh^Zgh_kebghfbgZevgZygZke_^gbpZ\uc^_laZfm`bjh^bl
kugZlhj_[_ghd[m^_lke_^mxsbfbfi_jZlhjhfZfZlvj_]_glhfijbj_[_gd_Zfm`lhevdh
\hkijhba\h^bl_e_f
Bhldm^Zlmlke_^m_lqlhk_kljum\ZkfZgvydb"g_lyijZ\^Zg_ihgbfZxhafh`ghdhg_qgh
\k_gh
hafh`ghhgbwlh^_eZxlg_k\hbfbjmdZfbFh`_lwlhbomoZ`_juk\hbfbjmdZfb^Z`_
ij_^klZ\blvkeh`gh\hlnZglZabbm^_fhgZh[aZ\b^m_rvky
k_wlhijbgp]h\hjbedZd[m^lhqm`bfbkeh\ZfbpblbjmydZdh]hlh]_gbybwlhgZijy]Zeh
Ohjhrhohlvghldbkhfg_gbyijhkdZevau\Zeb
MoZ`_ju"Km^yihlhfmqlhygZ[ex^ZeZ^_\mrdZfg_jZaj_rZ_lky\klj_qZlvkykd_flhdh]hg_
ml\_j^bl_\ubeb\Zrhl_p@_gbobmgbolZd`_bf_xlkyb\b^bfh\hba[_`Zgb_keh`ghkl_c
ijh\_j_ggu_bg_Zf[bpbhagu_lZdihq_fm\ugZgbo^mfZ_l_"?s_bgZ^\hbokjZamHgb\k_
^_eZxl\f_kl_q_f[he__kihdhcgh]h\hjbeZyl_f[he__wfhpbhgZevghhl\_qZehg[_rmy_]h
qlheb"
Bjh`Zlvh^gh]hj_[_gdZgZ^\hbo[m^mlqlh[ubfi_jZljbpZfb[ulv"
kfhlj_eZgZg_]hkbgl_j_khfh`b^Zydm^Z\u\_^ml_]hfukebWlh\jy^ebhgb"khfg_gby
gZ^_`^Zfgh]h\Zlh^eykmjh\h]hfm`qbgu
:]h\hjylhgg_wfhpbhgZe_gbhq_gvk^_j`Zgk_\jml
�mfZx^Zhgbkdhj__\k_]hlh`_\hiZkghklbbgZ\_jgydZqlhlh[uehk\yaZghkihdmr_gbyfbb
gZgbofh`_l[ulvaZfZkdbjh\Zggufb"mf_gylhevdhij_^iheh`_gb_y`_g_kukdZjv
Ih]h\hjbl_kgbfbfh`_l[ulv\uqlhlhaZf_lbl_gZqlhgbdlhbagZkg_h[jZlbe\gbfZgby
ihlhfmqlhg_bkdZebhgdjb\hmeu[gmekybwlh_s_[hevr_bkdZabeh_]hebphBgl_j_kghhldm^Z
rjZf"
Ohjhrhijbgpm\jh^_be_]q_klZehbly`_e__h^gh\j_f_gghLy`_ehih^haj_\Zlvjh^guowlh
m[b\Z_lkbevg__q_fihdmr_gbyihlhfmqlhdZdy^hljZ\ey_l\_jm\[ebadbo
Ih^mfZcl_dlhfh`_l[ulvaZ]h\hjsbdhfbmkbevl_[_ahiZkghklv\k_o[ebadbo
Y\ZfhojZggbdZ\u^_exijbieueby`_g_[ebadZyyhq_gv^Ze_dZy
Wlhebrg__ihemqbehkvhq_gvkljh]hbkmoh
Fgh]b_m\b^ylqlhfufgh]hh[sZ_fkybfh]mlk^_eZlvhij_^_e_ggu_\u\h^ug_fulv_flZd
dZlZgv_f
Yj_rmwlhl\hijhk[_a^hihegbl_evghchojZgug_[m^m_]h[eZ]h^ZjblvaZaZ[hlmm^_fhgh\
aZ[hlmijhy\eyxllhevdhl_dhfmwlhiheh`_ghZijbgpmgbq_]hlmlg_iheh`_gh
Kd_fy[m^mm`bgZlv"i_j_\_ehgl_fmlhevdhqlhlhfg_ih^kdZau\Z_lhojZgmylZdbm\b`m
[m^_fjm]Zlvkywo
EbrgyyhojZgZfg_kh\k_fg_gm`gZ\hafh`ghijb^_lkyeh\blvm[bcpmgZ`b\pZZkmkbe_gghc
hojZghcghqvxg_ihdZjZmebrv^Zb`_jl\mg_bah[jZabrv
�IhdZg_agZxghkdhj__\k_]hkDbjbghcijbgpaZ^mfZeky\k_]hgZf]gh\_gb_bgZofmjbekyZ
lZdihemqbehkvqlhDbjbgZfeZ^rZyk_kljZh^ghcbaih]b[rbog_\_kl
hlfg_bgl_j_kghjh^bl_ebhq_gvohlyl^hqvbfi_jZljbpmbeb`_boaZklZ\beb"Wlh_s_
ij_^klhbl\uykgblv
Of\hafh`ghwlhdhj_gvlh]hqlhhgZhsmsZ_lg_gZ\bklv\_^vhgZg_fh`_lg_agZlvijhlh]^_
mf_jeZ__k_kljZLh]^Z__i_j\uc\hijhkijbgZr_fagZdhfkl\_[he__ihgyl_g
ex[hfkemqZ_\k__s_fh`_lbaf_gblvkylZdqlhihdZg_[m^_faZ]Z^u\Zlvih^keZklbeZ
ibexexohly\jy^ebdlhlh[m^_ldjmq___ih[ZeeZfGh_kebhgZ^mfZ_lqlhijbgpm[bcpZm`bg
fh`_lijhclbgZijy`_gghOhjhrh_kebgh`hfg_m[v_lbeb\kmi_g_k\Zjbl
IjhlhqlhgZjh^km^ZqblqlhijbgpgZrm[bcpZbg_dhgljhebjm_lk_[y\[h_\hcbihklZkbym`_
agZxkiZkb[hWeva_IjZ\^Zijhwlhih]h\Zjb\Zxlr_ihlhfbkfhljyihklhjhgZfgh]h\hjyl`_
Hl^uoZcl_fZ]bklj^h\_q_jZ\hl`__s_b\_q_jhfhlqblu\ZlvkyIjbgpmr_ey`_hiylv
ihlygmeZkvddhn_bkgh\Zfbfhya\_j_xmdhn_fZgZehfdZ
�FZ]bklj_keb\ug_aZgyluaZc^bl_ih`ZemcklZdehj^mZgd_gmfbkl_jD\bdebgZju\Z_lkygZ
m[bckl\hbih^gylb__]h\\b^_f_^e_ggh]hahf[b
K_cqZk"hq_gvg_^h[jhijbsmjbeZkvaeZybmklZ\rZyy
?kebg_aZgylufm`bdkZfZdjhlhklvZg_^_fhgbalZ[Zd_jdb
:_kebaZgylZ"wlh\hfg_\_^vfZ]heh\mih^gbfZ_l\hh[s_dh]^ZymklZeZbebaeZykjZamhgZba
f_gye_a_laZjZaZ
Qlhy\hkklZgZ\eb\Zxwg_j]bxhq_gvohl_ehkv]Zjdgmlvbl_fkZfufk[jhkblvaehklv
Hq_gvohqmdk\hbfklm^_glZfgZl_oohlvhjZlvg_ohq_lky^Z`_dh]^ZgZ[ex^Z_rv`mldmx
]emihklvZ^\hj_pwlhliehohgZf_gy\eby_lfh`_lfhehdhaZ\j_^ghklvgZ^hlj_[h\Zlvqlh[u
^Z\Zeb"
OhjhrhfZ]bkljfm`qbgZjZa\_jgmekyb\ur_eZdhfg_aZ]eygmeZWevaZ
LZfp\_lhq_dkl_e_lkyihklhem\uihkfhljbl_"fhcly`_euc\a^ho[ue_chl\_lhfgh
bkke_^h\Zl_evkdZyqZklvfh_cebqghklbg_mkb^_eZgZf_kl_bih]gZeZf_gykfhlj_lvgZp\_lhq_d
dhlhjucq_f^Zevr_l_ff_gvr_bf__lh[s__kp\_lZfb
HgbijZ\^ZgZqZekl_eblvkyihklhemgZdhlhjhf`bedZdlmfZgiha_fe_
u^ey\hkklZgh\e_gbywg_j]bbp\_lhqdbgxoZ_l_"_e_k^_j`ZeZkvqlh[ug_ih^iju]gmlv
�FZ]bkljgZau\Z_lkyZ`_g_aZ[ehdbjh\ZeZ^hklmiq_j_adjbklZee\k\hxdhfgZlmohlyg_lwlhy
hldexqbeZaZsblmihlhfmqlh`^ZeZk_ZgkZk\yabihwlhfmg_ijb^bjZxkvdk_[_y^mfZem\Zk
^eyaZijZ\dbdhn_"
HghklueIhdZ\k_oijbf_rvbev^hfihdjh_lkylZdqlhhklZ_lkylhevdhp\_lhqdbgxoZlvohly
y[uihhkl_j_]eZkvwlhldhgdj_lgucp\_lhq_dgxoZlv
Ym`_hl\_jgmeZkvhlp\_ldZbjZkkfZljb\ZeZ]h\hjb\r_]hdhlhjucf_jpZegZijhlb\f_gy
um`_j_rbebdlhklZg_l`_ghcdjhgijbgpZ"\hl`_^_fhgKhklZjlZ\dZjv_jkeh\g_l
hklZebkvh^gbwfhpbb
WevaZhlg_kbih`ZemcklZfh_ieZlv_\ijZq_qgmxbijhke_^bqlh[u_]hijb\_eb\ihjy^hddZd
fh`ghkdhj__yfh]eZ[ubfZ]b_cieZlv_hqbklblvghfg_g_hq_gvgjZ\ylky\_sbihke_
[ulh\h]haZdebgZgbyhqbkldb?kebq_klghiehohhghfg_^Z_lkylh\_sbf_gvr_jZaf_jhf
klZgh\ylkylhp\_llmkdg__liehoZybaf_gyohaycdZ
;ueZ_s_h^gZijbqbgZykh[bjZeZkvih]h\hjblvgZ_^bg_kfm`qbghcbl_fkZfufbkdexqblv
\hafh`ghklvWevauqlheb[hmkeurZlvlZd[m^_lgZ^_`g__
�Ehj^Zgd_g^Z\Zcl_q_klghdh]h\ulZdmk_j^ghijh^\b]Z_l_gZjhevBfi_jZljbpu"
Fg_g_ijbgpbibZevghgZqZehgghyg_klZeZ^hkemrb\Zlvi_j_[beZ
�Ehj^Zgd_g\k_lZdbdh]hbf_gghba^_\mr_d\uohlbl_\b^_lvgZwlhff_kl_"
GZijhreuohl[hjZo\k_]^Zijbkmlkl\h\Zebq_eh\_q_kdb_^_\mrdbwlh^Zgvm\Z`_gbybohlvgb
h^gZg_klZeZg_\_klhcbeb`_ghchgb[uebIhke_^gb_kh[ulbyihdZaZebqlhihkljZ^Zeblhevdh
^_fhgbpudhlhjufkbfiZlbabjh\ZedjhgijbgpYkijZrb\Zxqlh[umkbeblvhojZgmlhcdhlhjmx
\ugZqg_l_ijh^\b]ZlvLZddh]h\u\u^_ey_l_"
Hg]h\hjbeh^ghZykeurZeZkh\k_f^jm]h_Q_eh\_q_kdbo^_\mr_dgZhl[hj[_jmlghg_
ijh^\b]Zxl\u[hjihij_`g_fmlhevdhba^_fhgbpm[b\Zxllh`_^_fhgbpbijZ\beh^ey
dhebq_kl\Zhl[hjh\h]jZgbq_gh^_fhgZfbihwlhfm
�Ehj^Zgd_gZq_eh\_q_kdb_jh^ug_ij_^eZ]Zeb\Zf\kemqZ_ijh\ZeZh^gmbak\hbo^hq_j_cgZ
jhev`_guBfi_jZlhjZ\g_hl[hjZ"
;ueh^_ehhgih`Zeie_qZfbb\b^bfhh[ehdhlbekygZklheihkdhevdmihf_gyeiham
:\ug_^mfZ_l_"yg_aZdhgqbeZhgblZdihgyeijhqlhg_^hkdZaZgghklv
G_l^Z`__keb[uhgbj_rbeblZdbfh[jZahfmkbeblvk\hx\eZklvwlhg_ihfh]ehq_eh\_q_kdZy
`_gsbgZfh`_lmf_j_lv\jh^Zogh\k_jZ\ghjh^bl^_fhgZZagZqblgbdZdh]hi_j_^_eZ\eZklb
:_keb\ebygb_gZfZe_gvdh]hgZke_^gbdZ"wlhm`_ihiuldZgZm^Zqm
�Lh`_\jy^ebg_ih^imklbf_l_c^_fhgh\\hkiblu\Zxlih^jm]hfmgm`gZkljh]hklvbgh]^ZgZ
]jZgb`_klhdhklbqlh[uj_[_ghdgZmqbeky\eZ^_lvk\h_c\lhjhckmsghklvxZex^bohlvb`_klhdb
ghijbwlhfg_gZklhevdhkbevguqlh[ukijZ\blvkyk^_fhg_gdhfZ\hlwlhqlhlhgh\h_ijh
lZdh_bg_agZeZgZ^h[m^_laZibkZlv\^g_\gbdgZ[ex^_gby
�ZyjZ^bgZmqgh]hbgl_j_kZaZibku\Zx\k_ijh`bagvb[ul^_fhgh\ijb]h^blkyfh`_l
fhgh]jZnbxihlhfgZibrmihkfhljbf
Kd_fbajh^h\\u]h^g_ckhxa"yhq_gvgZijy]eZkvijbwlhfklZjZykvg_ihdZaZlvk\h_]h
bgl_j_kZ
Ghfm`bd[uekebrdhfmf_gbobl_jg_lhghl\_lbeghklhbehfg_\a]eygmlv_fm\ebphdZdy
m\b^_eZ[e_kdbkdhjhdkf_oZ\]eZaZob_e_aZf_lgmxmeu[dmg_ijh\_eZ_]h
�bZgZDbjbgZ?e_gZMevygZfh`gh_s_DZfbeemgZfih^hc^_lex[ZybagboiZ[Z[Z[Zf
mf_yj_rZeZkeh`gmxaZ^ZqdmkdZaZlvbebg_kdZaZlvZ_kebkdZaZlvlhqlhbf_ggh"
FZ]bklj\uqlhlhohlbl_kdZaZlv"hq_gvohqmghfheqmfZ]bkljijhlygmeehj^b^Z`_
\i_j_^ke_]dZgZdehgbekyZihlhfk_]hihaubkq_aeZjZkkeZ[e_gghklvbg_ijbgm`^_gghklvwlh
qlhaZ_jmg^Z"
Kfhlj_ehgfg_aZkibgmylh`_h]eygmeZkvghgbq_]hgh\h]hg_m\b^_eZhiylvdfm`qbg_
ih\_jgmeZkv\gZ^_`^_qlhhgh[tykgblq_]hwlh_]hdjh_l"
FZ]bkljrZ]\klhjhgmb]hehklZdhcdZdkmfkl\_ggh[hevghcjZa]h\Zjb\Z_l
Yhiylvh]eygmeZkvgZfZ]bq_kdh_aj_gb_i_j_reZgbq_]hgh\h]hg_m\b^_eZhsms_gb_b^bhlbafZ
\hajhkeh\jZauhlijh_dpbyfm`bdZdhlhjucm`_hldjh\_gghg_j\gbqZ_lbkm^yih^\b`_gbyf
kh[bjZ_lky\ua\ZlviZljmevbebm`_\ua\Ze\hldhfgZlZhgZimklZyijbq_fiheghklvxWevaZ
mreZlhevdhp\_lhq_dklhbl]eZadbaZ`fmjbe:ihq_fmhg]eZaZaZ`fmjbeh[uqgh\_^vemiZ_l"Y
rZ]dklhemk^_eZeZbihemqbeZhdjbdhlehj^Z
FZ]bkljyijhb]ghjbjh\ZeZbjmdmdp\_ldmijhlygmeZYgZ
YhklZgh\beZkvh[_jgmeZkvb]jhaghmklZ\beZkvgZwlh]hdhlhjucij_g_[j_]\k_fbh]jZgbq_gbyfb
Q_]hwlhhgf_gyihbf_gbgZau\Z_l"Y_fmwlh]hg_jZaj_rZeZ
F]gh\_ggh_^\b`_gb_b\hlmf_gy\f_klhijh_dpbbj_ZevgucbhkyaZ_fuc^_fhgijbq_fhq_gv
aehc
udhfZg^Zfih\bgh\Zlvkymf__l_"DZd\u^h`bebbklZebfZ]bkljhfKf_jlb[_abgklbgdlZ
kZfhkhojZg_gby"\k_^hklZe
:\udZdgZk\h_c^he`ghklb_s_dhiulZg_hl[jhkbeb_kebijhwlhlkZfucbgklbgdl\ihfbg_g_
keurZeb"yhla_jdZebeZiham^_fhgZlh`_mi_j_\jmdb\[hdZ
DZdb__s_dhiulZ"\hafmlbekyfm`qbgZZihlhfj_adhmeu[gmekylhqgh[hevghc
Ihfgxfg_[Z[mrdZqZklhih\lhjyeZ_kebgbklh]hgbkk_]h\^jm]lhmeu[Z_lkylhikbom_lwlh
�beb[hevghcbebIFK_^gZwlm__j_iebdm\k_]^Z\hafmsZekyZhgZr_ihlhf^h[Z\eyeZlhqgh
IFK
FZ]bkljaZq_f\ZfdhrfZjbmk"^_ckl\bl_evghaZq_fhgfg_"
Gbdq_fmhgfg_kikboZfbg_kihjylZfg_wlhldhrfZjbmkb^Zjhfg_gZ^hy^Z`_g_agZx
qlhwlhlZdh_
^_eblvkyb^Z`__kebwlhldhrfZjbmkb^Zjhfg_gZ^hhl^Zlv`ZedhZ\hkvijb]h^blky
b^bfhehj^ihfh_fmebpmqlhlhihgyeihlhfmqlhgZqZem]h\Zjb\Zlv
FZ]bkljhgbhiZkgu\hl_s_blZdZyihe_agZyrlmdZjZahiZkgZagZqblfh`ghijbf_gblv
YaZ^mfZ\rbkvk^_eZeZrZ]dklhemGZ^hkp\_ldhfjZah[jZlvkyIjhlygmeZjmdmqlh[udhkgmlvky
p\_ldZhgf_gydZdlhjZaebqZ_lbgbdZdh]h\j_^Zg_ijbghkblghp\_lhq_dylZdbg_ih]eZ^beZ
F_gykg_kh]jhfguc^_fhgylhevdhfhj]gmeZZm`_\m]em\brmF_gygZjmdZolZf^_j`Zlh^ghc
jmdhcaZlZebxijbwlhfehj^\iheh[hjhlZklhblykoh`mkmfZlZflZdb_furpuih^jmdZfbY
ijhklhg_jZkl_jyeZkvbih^rmfhdeZ^hrdbgZ]jm^viheh`beZlbiZhllhedgmlvohqmZkZfZ
ljh]Zxbfe_xbhiylvljh]Zxbkgh\Zfe_x
FZ]bkljfg_dhg_qghhq_gvijbylghghfh`_l[ulv\uhl\e_q_l_kvhly_]hi_j_[beZ
ihki_rghZlhihlhfg_m^h[gh[m^_l
Hlbkke_^h\Zgbykljh_gby]jm^ghcde_ldb^ZylmlgZ^hkm]_j_rbeZbamqblv\ZrmjZkm\hl
]eZ\gh_ebphihijhs_bg_\hafmlbfh:lhqlhs_dbiueZxllZdwlhfh`_l[ulvhl\hafms_gby
o\ZlZxllmlijb`bfZxlZfg_qlhihlhfk]hjfhgZfb^_eZlv"Lkkkf_edb_ih^klj_dZl_eb
EZ^ghm]h\hjbeb_s_qmlvqmlvh^gbfiZevqbdhfihljh]Z_f\hllmlke_\Z
FZ]bkljZ\hlwlhfg_m`_ihqlb\ebph\u^hogmebhcYgdZluihiZeZfheqbijhklhfheqb
:]Zyk_cqZkihfheqmaZlhihlhfihdjbqmg_llZdhc\ZjbZgljZa\blbykblmZpbbg_ih^oh^bl
�Ehj^Zgd_ghcfZfhqdbZ]hehklhkijb^uoZgb_fijyfkZfZhlk_[yg_h`b^ZeZKh[_jbkvlu
k_jv_agucki_pbZebklofmjvkyZg_meu[dhcjZkiheaZckyZqlhlZdh_dhrfZjbmk"^Z\\_^vf_
ex[hiulkl\hm[blvg_evayaZlh\b^bfhfhf_glm^_fhgZex[hiulkl\hf\_^vfuohjhrhm[b\Z_lky
HklZldbfZ]bq_kdhcwg_j]bbg_^h\he_gb\fh_febp_qlhlhgZclbiulZ_lkyHcfbeucgZ^h
bkdZlvgb`_ebphfy\eZ^_xdh]^Zkh[_jmkvhlebqghZ\hlhj]Zgbaf[mglm_lhg[uf_gyaZeh`be
=^_\u_]hlmlm\b^_eb"ZqlhgZmdZhgZij_\ur_\k_]hbfhcbkke_^h\Zl_evkdbcbgl_j_k
k_cqZk]hjblKbgbfieZf_g_f
Ehj^mdZaZejmdhcyijhke_^beZbgbdh]hdjhf_p\_ldZg_aZf_lbeZhiylvgZehj^Zhgofmjblky
\b^bfhqlhlhaZih^hajbe
Lhevdhg_]h\hjbl_qlhdhrfZjbmkwlh\Zriblhf_p"\]hehk_klhevdhgZ^_`^ug_k[u\r_cky
wo
Ijhfheqm\a^hogmeZbijh^he`beZ\uf_gym`_ihklZ\vl_G_lfg_dhg_qghijbylghgh
\jh^_dZdg_m^h[ghBp\_lbdZg_h[b`Zcl_hgblZdhl\Zk\h[fhjhd_
F_gyf_^e_gghihklZ\bebgZiheehj^k^_eZerZ]gZaZ^Zf_gyh[^Zehoheh^hfwlhqlh`_hg
lZdhc]hjyqbcqlhy`ZjhsmsZeZ":y_s_gZk_[y]j_rbeZ
�Ehj^Zgd_gZm\Zr_cjZkuih\ur_gb_l_fi_jZlmjul_eZkgZqZehf[h_\hcljZgknhjfZpbb
k\yaZgh"lmlp_eh_ihe_^eybkke_^h\Zgbyfg_^Z`_jmdbihl_j_lvaZohl_ehkvfff
AgZ_l_l_i_jvyihgbfZxk\hboih^hi_qguoml\_j`^Zxsboqlh\uhq_gvkljZrgZyhgbgZ\_jgh
\b^_eb\hlwlhl\ZrfZgbZdZevguc\a]ey^bkke_^h\Zl_eyygZkmibeZkvDh]^Zwlhf_gy\b^_ebb
kljZrghcl_i_jvkqblZxl"Ghk[blvk_[ykihbkdZbklbgug_iha\hebeZ
LZdqlhlZfkl_fi_jZlmjhc"y^Z`_kgh]bgZgh]mi_j_klmibeZohl_eZ_s_^_fhgZihljh]Zlv
qlh[ulhqgh\k_ijh\_jblvghihdZihhkl_j_]eZkv=hjfhgugZ^jm]h_lhedZxlg_k^_j`mkvfh]m
^hklmidl_embkihevah\Zlvg_\gZmqguop_eyoohly
bkke_^h\Zlvfh`ghaZdZqZ_rvky
FZ]bklj\uk_cqZkhq_fih^mfZeb"]hehkqmlvkojbihlphc
H[bkke_^h\Zgbyohl\_lbeZZ\lhfZlbq_kdbbhldjueZ]eZaZwlh`_dZdhcijhju\\gZmd_
k^_eZlvfh`gh\_^v\ZrbihdZaZl_ebfh`ghdZdhkgh\m\aylvihmemqr_gbxg_qbklb
Fbehkmjh\h]eygmegZf_gyehj^dZdgb[m^vh[yaZl_evghjZkkdZ`mghihdZ^Z\Zcl_\_jg_fky
d\Zr_fmiblhfpm
Ohjhrhghh[_sZgb_yaZihfgbeZ
DhrfZjbmkh\^Z\ghm`_g_l\gZr_ffbj_ohl_eZihijZ\blvg_l\=jZgbghi_j_^mfZeZfbj
lZdfbjgbdlhg_agZ_lhgbmrebbebbomgbqlh`bebghaZibkbhlhfqlhhgbhiZkguhklZebkv
?klvfgh]hbklhjbc]^_dhrfZjbmkugZkueZebdhrfZjuhlkx^ZdklZlbbgZa\Zgb_;u\Zeb
kemqZbdh]^ZhgbaZ^_j`b\Zebijhgbdrbo\^hf_kebbog_dhgljhebjh\Zlvhgbfh]ml\udZqZlv
\kxfZ]bxba`_jl\uy\gbfZl_evghihkfhlj_eZgZp\_lbdZblZdh_\hafms_ggh_\ujZ`_gb__]h
]eZa[ueh\k_oqlhyj_rbeZmkhfgblvky
DhrfZjufg_g_kgylkyfZ]bxhgihlj_[ey_lhq_gvmf_j_ggh[hevr_wg_j]_lbd`Zem_lkb^bl
kihdhcghbagZqZevgh[uep\_ldhfwlhlhqghdhrfZjbmk"
OfkljZggh\hafh`ghwlhjZagh\b^ghklvYaZ^Zfwlhl\hijhkk\hbfZgZeblbdZfZihdZ_]h
aZ[_jm
G_lkgZqZeZkdZaZeZZihlhfih^mfZeZ`Zedhfh_a\_jv_yaZgbfkZfZijhke_`mimklv
hklZg_lkymf_gy
u\_^vihgbfZ_l_qlhwlh^\hj_p"y\kdbgmeZh^gm[jh\vqlhaZ\hijhku"ohjhrh
[_ahiZkghklvhdjm`Zxsbo\ZrZaZ[hlZfm`qbgZm`_jZa\_jgmekymclbghihlhf\kihfgbe
i_j\hgZqZevgmxl_fmjZa]h\hjZqlhihih\h^m^_\mr_d"
�bZgZhliZ^Z_lhgZ\ex[e_gZblZf\k_k_jv_aghDZfbeeZ[_j_f_ggZg_\ZjbZglhklZxlky
DbjbgZbMevygZbgnhjfZpby^eyg_]hy\gh[ueZgh\ZyZ\hlwlhiehohg_m`_eb^Zggu_ijhreb
fbfh
Ylh^mfZeZ^_fhgxdZijbeh`bejmdmdhl[hjmZhgm^b\e_gkljZgghHgkgh\ZjZa\_jgmekyqlh[
mclbghlmlyaZ^ZeZ\hijhk
:ihq_fm\ugZp\_lbdZlZdhlj_Z]bjh\Zeb\_^v^hwlh]hhgg_\ua\Zem\Zkbgl_j_kZ"fm`qbgZ
qmlvmeu[gmeky^mfZeZg_hl\_lbllZdhcobljuc\b^[ueghhg\k_lZdbjZkdjuebgljb]m
Hgf_gyi_j_^jZagb\ZlvgZqZeZykjZamj_rbeqlhhgkh[jZekygZ\ZkgZiZklvy\rhd_
mklZ\beZkvgZp\_lbdZZwlhlijhdZagbdfg_klZeih^fb]b\Zlv\hl`_qm^bd^_fhgZ^jZagbl
�h\klj_qbfZ]bkljyijhimklbeZfhf_gldh]^Zehj^Zdlb\bjh\ZeZfme_lbi_j_g_kky`Zev
LZdluhdZau\Z_lkyrmlblvmf__rv"ebklbdb^jm`ghkeh`bebkv\gba]h\hjy^ZZy\_k_eh
jZkkf_yeZkvGZkljh_gb_ihq_fmlhmemqrbehkvbg_hklZehkvbke_^ZhlmklZehklbbbag_fh`_gby
f_gylh`_i_j_^jZagb\Z_rv"ebklbdbhiylvhimklbebkv\^Zijbwlhf]eZaZklZeblZdb_
mfbevgu_mfbevgu_\hlrdh^Z
\r\r\r
�_\mrdZg_keZieZlv_ohaycdbdZdkZfmx[hevrmxp_gghklvihjmq_gb_fZ]bkljZhgZklZjZeZkv
bkihegylvq_ldhb[ukljhm`_mki_eZhp_gblvk\hxohaycdmih^hklhbgkl\mBlhqlhaZjieZlZm
g__\ur_q_fmex[hcebqghc]hjgbqghcmagZ\ZeZBlhqlhfZlv`b\Zba^hjh\Zbqlhdgbf
k^_eZeaZdZagZba]hlh\e_gb_\k_]hbih[hevr_BohlvfZlv[ueZohjhr_cagZoZjdhcghe_qbeZ
lhevdhex^_cZ\hlljZ\ubgZklhcdb__ihfh]Zebb^_fhgZfghl_g_himkdZebkv^h__mjh\gy:
ijbr_^rbc^_fhg[ueex[_a_gbaZ[jZe\k_aZieZlbeg_lhj]mykvZihke_\uoh^Zi_j_g_kkywlh
feZ^rb_ih^kfhlj_ebB\k_fh]ml]h\hjblvqlhm]h^ghijhfZ]bkljZ\hllhevdhm^_fhgZdklZlb
hq_gvih`beh]h\bk_eZfme_lkbf\heiZljhgZlZ:dZ^_fbbhldm^ZijbreZfZ]bkljKh\iZ^_gb_"
G_ldhg_qgh
hlihwlhfmWevaZkdZ`^uf^g_f\k_[hevr_\hkobsZeZkvfZ]bkljhfb]hlh\Z[ueZkem`blv_cb
^Zevr_ij_^Zgghbq_klghHgZ_s_kh[bjZ_lkyihijhkblvky\f_kl_kfZ]bkljhfi_j__oZlvk_fvy
l_i_jvg_ijhiZ^_lZfZ]bkljgm`^Z_lky\aZ[hl_bgZq_lZdb[m^_l_klvgZaZ\ljZdh[_^bm`bg
lhevdhdhn_bjZ[hlZlv[_ahklZgh\dbg_lhgZWevaZijhke_^blaZk\h_cohaycdhc
�Dm^ZlulZde_lbrvqmlvg_k[beZ\hafms_gghdjbdgmeZgZ^_\mrdmZgZ\j_^gZykem`ZgdZ
�Z\hldjh\vkdhj__gZ^hhlklbjZlv^_\mrdZkmgmeZieZlv_ih^ghkex[hiulghcj_rb\qmlv
qmlvgZkljZsZlvkem]fZ]bkljmg_ih\j_^bl
DZdmxdjh\v"MfZ]bkljZ`_gkdh_g_^hfh]Zgb_"_s_kgZ^_`^hciulZeZkvmlhqgblvkem`ZgdZ\
^mr_jZ^mykvqlhg_hgZebqgZy]hjgbqgZywlhckljZrghc`_gsbgu
G_lwlhfZ]bkljjblmZeijh\h^beZkfeZ^_gp_fr_ihlhfbk[eZ]h]h\_gb_fijh]h\hjbeZ
�^_\mrdZg_kdZaZ\rZyijbwlhfgbkeh\Ze`bZhgZ\k_m`_ih^kemrZeZmg_\_klb[ueZ\dmjk_
qlh__ohaycdZhiylvihklmibeZg_dZdfZ]Kf_jlbGhgbq_]hhgZWevaZ\k_ij_ih^g_k_ldZdgZ^h
�JblmZe"]hehkZguaZ^jh`Ze_c[uehhq_gvkljZrgh
:]Zdjh\Z\ucWevaZk^_eZeZkljZrgu_]eZaZ\k_fk\hbf\b^hfihdZau\Zyqlhwlh\hh[s_lh
k_dj_lghhgZbf^_eblkykih^jm`dhclhevdhlu`_gbdhfm
�Dhg_qgh[ukljhaZdb\ZeZZgZbihki_rbeZh[hclbWevambkdjulvkyih^Zevr_
hlbohjhrh^h\hevghmeu[gmeZkv^_\mrdZl_i_jv_kebdlhlhbkeurZe^jm]mx\_jkbxg_
�ih\_jblZgZhq_gvm[_^bl_evghjZaghkblkie_lgbZlmlmg___s_b^hdZaZl_evkl\Zm^Zqghhgb
klhedgmebkv
Ih\_k_e_\rZy^_\mrdZih[_`ZeZ^_eZlvk\hxjZ[hlm_s_`_ijZq_dgZ^haZkljZsZlvdh\ZjgZy
meu[dZgZf]gh\_gb_hk\_lbeZ__ebphbijhiZeZ

DZdlhevdhy\ureZ\dhjb^hjqlh[uijhclb\]hklbgmx]^_mgZkf_klh\klj_qbkg_\_klZfbfg_
gZi_j_j_arZ]gmefbkl_jD\bdeb
Fbkl_jD\bdebwlh\Zr_ebqgh_mf_gb_bebhkh[_gghklvjZku"Z]ZgZijy]kybqmlvhlklmibe
u[ug_ih^djZ^u\Zebkvdhfg_Zlhyg_j\ghcklZgh\exkv
Fm`qbgZgbq_]hg_hl\_lbegZfh_aZf_qZgb_aZlhih^_ebekybgnhjfZpb_cjZ^bdhlhjhcf_gyb
`^Ze
Djhgijbgpijhkbei_j_^ZlvqlhaZ\ljZ[m^_l[Zedjhf_wlh]hih^]hlh\vl_g_ih^oh^ysbo
^_\mr_dboaZ\ljZm\_amlihke_^g__jZkihjy`_gb_ihgylghhldh]hijbreh[ukljhhg
j_Z]bjm_l
�G_l^_\qhgdbg_iblhfpughbolh`_`Zedhhl^Z\Zlv:_s_y\kihfgbeZkeh\ZbZguijh__
dZf_jbkldmb\hafh`gu_m]jhauZ\_^vhgbfh]mlkhj\ZlvkygZhl\_j]gmluo^Zbba[jZgguoklZg_l
f_gvr_ZagZqbl[hevr_hiZkghklb
WlhiehoZyb^_yZ_s_gZfg_gm`_grmfbkdZg^ZeZjh^kl\_ggbdbfh]mlh[haeblvkyihwlhfm
ihdZimklv\k_[m^_llZddZd[uehijhebqgmx`Z^ghklvbg_`_eZgb_hl^Z\Zlvk\hboih^hi_qguo
ijhfheqmghqlhlhfg_ih^kdZau\Z_lehj^^h]Z^Z_lky
Dh]^Zy\hreZ\]hklbgmx^_\qhgdbm`_\k_[ueblZfb\_k_ehqlhlhh[km`^Zebm\b^_\f_gy
aZfheqZebghwlh[uehg_h[b^gh_fheqZgb_Zg_agZxobljh_dZdh_lh"
LZd[ZlZevhgijbagZ\Zcl_kvqlhaZ^mfZeb"yihkfhlj_eZgZdZ`^mxghmgbom\k_o[ueb
ih^hajbl_evghq_klgu_]eZaZoff
FZ]bkljDbjbgZ\klZeZkhk\h_]hdj_keZbk^_eZ\g_kdhevdhrZ]h\hklZgh\beZkvgZijhlb\
f_gyY`_f]gh\_gghijh\_jbeZsbluiZjZghbdfuk^_\qhgdZfbagZ_f\ukh\k_fg_[h]Zlu
GZqZehbgljb]mxs__hr_ehfeyxs__KemrZ_f^Zevr_\Zfijboh^blkyly`_ehjZ[hlZlvi_j_^
]eZaZfb\klZeZdZjlbgdZ]^_ykb`mgZljZ\d_]juamy[ehdhZklm^_glu]juaml]jZgblgZmdbm[_]Zy
hlg_`blbu\h\k_fk_[_hldZau\Z_l_hgZqmlvh[_jgmeZkvgh^_\mrdbm\_j_gghdb\gmeb
ih^l\_j`^ZyqlhlZdb_klvG_^h_^ZxhldZau\Zxk_[_\h\k_f\gZjy^Zoibi_p
mdjZr_gbyoijh^he`beZhgZi_j_qbkeylvZya\_j_lvihwlhfm\[eZ]h^ZjghklvaZ\Zrm
ihfhsvbih^^_j`dmfuj_rbebk^_eZlv\Zfih^Zjhdmf_gy\uiZe]eZaYg_djhfZglDZdb_
ih^Zjdb"Ohly_kebhgbaZ\_sZxlk\hbfheh^u_l_eZ^ey^Zevg_cr_]hih^gylby\\b^_
mijZ\ey_fhcg_`blby[m^m[_amfgh[eZ]h^ZjgZ
Ghg_lhgZijhlygmeZfg_q_jgmx[ZjoZlgmxdhjh[hqdmgZ^g_dhlhjhce_`ZeZih^\_kdZk
p_ihqdhcYm`_hldjueZjhlhldZaZlvkybhlqblZlvboghf_gyhi_j_^beZMevygZ
FZ]bklj\ugZkba\bgbl_\]hjh^g_\uclbZagZqblg_dmiblvgbq_]hihwlhfmykZfZk^_eZeZZ
^_\qhgdbfg_fZl_jbZeu^Zebbihfh]ebwlhfh_oh[[blZdqlhhgZg_^h]h\hjbeZaZfheqZ\
ih^fhbf\a]ey^hf
Yhiylv\a]eygmeZ\dhjh[hqdmlZfgZq_jghcih^mr_qd_e_`ZeZa\_a^Zihoh`ZygZkg_`bgdmmg__
[uebjZaghc^ebguemqbdb\p_glj_dZfmr_dl_fghnbhe_lh\h]hihqlbq_jgh]hp\_lZbjhkkuiv
[he__f_edbodZfg_cihemqbdZfDjZkb\hm^_\hqdby\ghlZeZglHlf_lbeZwlhfbfhoh^hfijb
wlhfiulZykvihgylvZq_]hwlhf_gylZddhe[Zkbl"Qlhfg_ih^Zjdbgbdh]^Zklm^_glug_^Zjbeb"B
kZfZ`_k_[_hl\_lbeZg_^ZjbebYbagZqZevghlZdihkljhbeZk\hbhlghr_gbykh\k_fbbgbdh]^Z
g_ohl_eZbg_gZf_dZeZgZih^ZjdbihwlhfmbjZkljh]Zewlhldmehg:_kebdh\k_fm^h[Z\blvqlh
hgbg_ihrebg_dmibebi_j\ucihiZ\rbckyZkb^_eb^_eZeb^baZcg\hgq_ldhih^f_gy
ijb^mfZebdZfmr_dhiylv`_
FZ]bkljkiZkb[h\Zfk_]h^gy\uihdZaZebfg_qlhgZ^h[hjhlvkyaZ`bagv^hdhgpZWlhldmehg
dZdkbf\heqlh\hlvf_\k_]^Z_klvf_klhk\_lmDbjbgZ\k_wlhkdZaZeZihqlbr_ihlhflZdqlh
^_\mrdbg_jZkkeurZebohlydh]hyh[fZgu\Zxhgb^_fhguZagZqblkeurZlgZjZkklhygbb
hlebqgh
Do_do_yijhqbklbeZ]hjehk]ehlgm\dhfkiZkb[h^_\qhgdbfg_hq_gvijbylghMevygZm
l_[ylZeZglhl\_lhffg_[ue^jm`ghcZo;ebgkebrdhfk_glbf_glZevghDmehgygZ^_eZ
\a]eygmeZgZDbjbgmklhblkbyymeu[dhcohlvhlg_gZ\bklbk\h_chl\e_deZkvbgZlhfkiZkb[h
lhevdhyg_ihgyeZihq_fm\uj_rbebqlhy[_^gZybijhebr_gby\kydb_]h\hjbeb"
�_\mrdbi_j_]eygmebkvgZofmjbebkvdZdZyfbehklvfhbdjhrdbgZqbgZxl^mfZlv\hlbi_j\u_
fukeb
B"ihdZeh]bdZg_ykgZh[uqghjZ[hlZbhagZqZ_l^hklZlhdghlmleh]bdZg_ibkZgZIh^h`^m
BieZlv_m\Zkh^ghhklhjh`ghaZf_lbeZKhnvy
Hghg_h^ghbohq_gvfgh]hp\_lh^bgihqlbh[tykgbeZijh^he`Zy`^Zlvih^jh[ghkl_c
�Y^mfZeZ`_gsbgZb^_ljZ[hlZlvdh]^Zkh\k_fg_gZqlh`blv\uiZebeZbZgZblhqlhfgh]b_
db\gmebf_gyhldjh\_gghhrZjZrbeh
��_\hqdbyfZ]bkljKf_jlbZ`__kebhl[jhkblvlhlnZdlqlhfg_gm`gZijZdlbdZfg_GM@GH
y\u^_ebeZwlhkeh\hqlh[uhgbihgyebfZ]bq_kdZywg_j]byrlmdZkeh`gZyljZlblv
fZ]bq_kdmxwg_j]bxB_kl_kl\_gghmf_gy_klvaZdZauDZd\uk_[_ij_^klZ\ey_l_ljm^beZkvy
ljm^beZkvihemqZeZkl_i_gvaZgbfZeZkvjZagufbjZajZ[hldZfbZihlhf[Zpk_eZjmqdbkeh`beZb
kb`mQ_ffg_lh]^ZaZgbfZlvky"Kdmqgh\_^v^ZfukgbfbkjZaguo=jZg_cmgZk[ugbh^gZ
\_^vfZlZdg_ih^mfZeZdZdhgb
�Yh[\_eZbo\a]ey^hfIhgbfZxlf_gyghg_^hdhgpZZlml^jm]hcf_glZebl_ljZ[hlZxlebrv
[_^gydbqlh[u\u`blvg_[_awlh]hdhg_qghgh\k_`_
DbjbgZ^_\mrdZ\gbfZl_evghihkfhlj_eZgZf_gyofmjblkyjZaju\rZ[ehgZhglZdhc
[he_ag_ggucl_[_ihgjZ\behkvk_]h^gylhqlhlu^_eZeZkiZkZeZ`bagb"
Hq_gvf]gh\_gghhl\_lbeZhgZy`_lhevdhdb\gmeZ
BluhldZ`_rvkyhlwlh]haZgylby_kebyl_[_ij_^eh`m"
G_llZdhc]jhfdbchl\_lf_gyhq_gvihjZ^h\Zeyg_hrb[eZkv\g_c
Lh_klvlu]hlh\ZjZ[hlZlvihlhfmqlhl_[_ihgjZ\behkvZ_kebaZwlhl_[_^_g_]^Z^ml
hldZ`_rvky"
GmhgZaZfyeZkvfg_[ueh[uijbylgh_keb[ufhxjZ[hlmhp_gbeb
IjZ\bevghdZ`^ucljm^^he`_ghieZqb\Zlvkyy^Z`_db\gmeZ\lZdlk\hbfkeh\Zfdhlhjuf
\_jbeZm`_^Z\ghk^Ze_dhcfheh^hklbkiZkb[hij_ih^Z\Zl_eyf
�Z`_lhqlhfuk^_eZebgh\_^vmgbog_l^_g_]"
Y^mfZxlug_ijZ\Zhi_j\uo^_gv]bmIbl_jZbFbdby^mfZx_klv\_^vhgbah[j_lZl_ev^Z
bjh^mg_]hg_ihke_^gbcZmg_]hl_i_jvgZke_^gbd_klvh\lhjuoljm^gZfhieZlbldjhgijbgp
wlh\_^v_]hih^^Zggu_yobljhmeu[gmeZkv^_\mrdZ\hl\_lijhkbyeZ
MevygZwlhqm^_kgucdmehglu[uohl_eZ^_eZlvlZdb_gZijh^Z`m"
�Z\uiZebeZhgZbaZ`fmjbeZkvZymeu[gmeZkvwlhlhevdhgZqZeh
Mdh]hlh_s__klvex[bfh_oh[[b"qm\kl\mxk_[yaf__fbkdmkbl_e_f
FZ]bklj\_^v_kebfugZqg_faZjZ[Zlu\ZlvlhklZg_fg_aZ\bkbfufbbkfh`_fg_\ha\jZsZlvkyd
jh^kl\_ggbdZf"\hlbkZfh_khdjh\_ggh_`_eZgb_ddhlhjhfmhgbkZfbk_[ybih^lhedgmeb
?kebaZohlbl_dhg_qghykfhlj_eZgZwlbolZdbojZaguogh\lh`_\j_fylZdboihoh`bo
^_\mr_dkbjhlu[_aijZ\Zj_rZlvk\hxkm^v[mghlmly]hlh\Zihkihjblv
B^Z`_mqblvkyfh`_fihclb"wlhkijhkbeZEmbaZZ]Z\ZgZeba___Zgd_luwlh[ueh`Z`^Z
agZgbc
Ihq_fm[ubg_l\u\k_fZ]bq_kdbh^Zj_ggu_\lhcbebbghckl_i_gbagZqblfh`_l_ihklmiblv\
\ukrb_mq_[gu_aZ\_^_gbybihemqblvh[jZah\Zgb_
Beb\uclbaZfm`bg_kljZ^Zlv_jmg^hcwlhBjb^ZbhgZhq_gvohq_laZfm`aZijbgpZwo
?_\ukdZau\Zgb_fgh]bo\_jgmeh\^_ckl\bl_evghklv]^_hgb\k_mqZkl\mxl\hl[hj_g_\_klgh
AZ\ljZ[Ze\k_^he`gu[ulvdZddhgn_ldbk_ieZgugZi_j\mxiheh\bgm^gyg_hlf_gy_fgh
ihke_^\_gZ^pZlbmc^_l_]hlh\blvky^_\qhgdbaZrmrmdZebkv^Z^_\hqdblZdb_^_\hqdb
ihfgbl_\ZrZhkgh\gZyaZ^ZqZkh[eZagblvijbgpZG_lKhnvyg_\wlhfkfuke_\hl`_i_kgy
g_ki_lZy
IhklhjhgZf]eZadZfblh`_klj_ey_fgh[_anZgZlbafZaZ^ZqZmgZk^jm]Zygh_kebqlhfhy
fgh]hagZqbl_evgZyiZmaZ^ey\k_oklZeZkb]gZehfhgbmeu[gmebkvihgyleb\u_
Y\ukemrZeZhlq_lu^_\mr_dhlhfqlhhgbk_]h^gymki_ebk^_eZlvbqlhgh\h]hmagZebihlhf
ihklZ\beZbf[Zeeui_j_^bdZdyb^mfZeZhdZaZeZkvDbjbgZKlhbeh_cwlhaZf_lblvdZdhgZ
ih[e_^g_eZbk`ZeZjmdb\dmeZdb\hll_[_bj_Zdpby
FZ]bkljfh`_lgZfdZdh_lhaZdebgZgb_\umqblvgZ\kydbckemqZc"EmbaZl_j_[beZ[jZke_lb
qmlvk`ZeZkv
?keb[ulvq_klghclhfZ]h\fh`ghh[mqZlvlhevdh\ki_pbZevguomqj_`^_gbyo\g_wlboaZ\_^_gbc
^Z`_aZdebgZgbyjZkkdZau\Zlvg_evayGh_klvi_j_q_gvfZ]bq_kdboaZdebgZgbcg_\oh^ysbc\
kibkhdaZij_lh\Z_keb_s_\aylvaZb^_xqlh^_\qhgdbohlylihklmiblv\:dZ^_fbxlhdZd
j_i_lblhjyfh]m^Zlv[_ahiZkgucfbgbfmfQ_fm[ubolZdhfmgZmqblv":]ZagZxex[bfh_
aZdebgZgb_i_j\h]hdmjkZ
AZihfbgZ_f^\b`_gbybnjZamyijh^_fhgkljbjh\ZeZ\afZobijh]h\hjbeZfgh]hjZanjZamba
^\mokeh\gZfZ]bq_kdhfyaud_
Ohly^\b`_gbybkeh\Zgm`gulhevdh\gZqZe_ihlhfkbeZwg_j]bbfZ]Zb\[blu_^hZ\lhfZlbafZ
aZdebgZgby^_eZxlk\h_^_ehfZ]klZgh\blkymgb\_jkZehfdhlhjhfm^eyfZ]bq_kdbo^_ckl\bc
gbq_]hg_gm`gh^_eZlvg_rg__kl_kl\_gghfZ]bq_kdb_s_dZdgm`gh
Dh]^Zymoh^beZ^_\mrdb\h\kxljm^bebkvgZ^`_klZfbZ_s_\_^vaZ^Zgb_^_eZlv\ke_^aZfghc
badhfgZlu\ukdhevagmeZDZfbeeZ
FZ]bklj\uohl_ebkhfghcih]h\hjblv"
�Zihc^_fdhfg_fui_j_rebdhjb^hjbaZreb\]hklbgmxZy\k_iulZeZkvih^h[jZlvkeh\Z
ghdZdgbdjmlba\mqbl]emihihwlhfmemqr_ijyfhDZfbeeZdlhhl_pj_[_gdZbdZdlu
mfm^jbeZkvijhclbijh\_jdm[m^mqb[_j_f_gghc"
OhjhrhygZ^_\mrdmfZ]bq_kdbfaj_gb_fkfhlj_eZm\b^_eZdZdhgZaZ^jh`ZeZbaZiZgbdh\ZeZb
kjZamdbgmeZmkihdh_gb_\g__
�Z\Zclug_[m^_rviZgbdh\Zlv^eyfZeurZwlh\j_^ghbfh`_l\k_lZdbjZkkdZ`_rv"
F_gyhlijZ\yl^hfhc"]hehk^jh`blohlvbiulZ_lky\aylvk_[y\jmdbijhreZk_eZ\dj_kehb
kfhljblhq_gvgZklhjh`_ggh
Khl[hjZl_[yg_bkdexqZlghlu^he`gZihgylvg_\_klhcdjhgijbgpZl_[_g_[ulvbwlhnZdl
gZf_gyihkfhlj_ebhq_gvg_^h[jh
AZk\h_]hfZeurZy\_^vfh]mbm[blv
hafh`ghyih`ZeZie_qZfbohly\gZr_fklh[hckemqZ_lufh`_rvlhevdhihiulZlvky
m[blvGhfg_bgl_j_kghluk_jv_agh^mfZ_rvqlhhl\h_fiheh`_gbb_s_g_ba\_klgh
bfi_jZlhjkdhck_fv_"^_\mrdZih[_e_eZhldbgmeZkvgZkibgdmdj_keZ^hwlh]hhgZkb^_eZk
Z[khexlghijyfhckibghcbaZdjueZ]eZaZ
Y_s_jZaijh\_jbeZ__khklhygb_g_^Zc=jZgv_s_j_[_gdZihl_jy_l
JZkkdZ`bfg_dZdlu^hwlh]h^h^mfZeZkvbdZdijhreZhl[hjfg_dZaZehkvwlh\Z`guf\_^v
^_\mr_dhl[bjZebZym`_\dZdhcjZaklZedb\ZxkvbebkoZeZlghklvxbeb`_kkZ[hlZ`_f
Fg_g_evay^hfhcbgZq_gZfkfZeurhfg_`blvYg_jh^gZyie_fyggbpZ]eZ\_jh^Zhgbijhklh
fhbhi_dmguIZiZ^h\_jyeklZjhfm^jm]mgh^jm]hdZaZekyg_lZdij_^ZghgZhkdZebeZkvZy
gZijy]eZkv@mldhkfhljblkylhevdhqlh[uehfbeh_ebphZ\hlm`_kebphffZehh[s_]h
ljZgknhjfZpbymf_gy[hevr_g_lgZke_^kl\Zy[_kijb^ZggbpZ\k_qlhgZdhibebjh^bl_ebmreh
gZfh_ijh`b\Zgb_\^hf_]eZ\ujh^ZhgZjZkkf_yeZkvbkl_jbdZgZihjh]_
J_adhaZfheqZeZihfheqZeZg_kdhevdhfbgmlbijh^he`beZ
Y\ex[beZkv\kugZ]eZ\ujh^ZKlxZjlZIj_djZkguc^_fhghg]h\hjbeqlh_]hdhfg_lyg_lqlh
f_gyijbagZeZ_]h\lhjZyqZklvbfuh[yaZl_evgh[m^_f\f_kl_Fub[uebihdZhgg_\ex[beky\
^hqvgZf_klgbdZGZ[ZembhgaZ[uebijhijb\yadmbijhf_gyDh]^ZykdZaZeZqlh[_j_f_ggZhg
[ue\yjhklbygZijy]eZkvhllhevdhimklvkdZ`_lqlhwlhl^_fhgqlhlhk^_eZe[_j_f_gghc
^_\mrd_g_lhgf_gybiZevp_fg_ljhgmegh^Zkeh\Zbgh]^Zfh]ml[blvkbevg__dgmlZ
fg_^Zebihgylvqlhy^he`gZmclbj_[_ghd[m^_l[ZklZj^hfb`blvkhlphf
LmlwlhihahjfZeurg_kfh`_lgZke_^h\Zlvgbq_]hlZf\jh^_^Z`_nZfbebxfZl_jbhgg_
�gZke_^m_l_fhg\lhjh]hkhjlZbwlh_s_fy]dhkdZaZgh
Yj_rbeZkh[eZagblvijbgpZb\u^Zlvk\h_]hj_[_gdZaZgZr_]h\hll_[_bijbagZgb_g_lym`_
^hwlh]h^h^mfZeZkvgh\k_jZ\ghm^b\bl_evghfh`_l_f_gyij_abjZlvfg_\k_jZ\ghaZlhm
fZeurZ[ue[urZgk
:dh]hihijhs_\u[jZlvg_fh]eZ"
F_gyg_hlimklbeb[uba^hfZ\_^vaZf_gyhl\_qZxlkdhevdhy^Z\wlhcnjZa_ym]h\hjbeZ
hi_dmgZqlhwlhhlebqguc\ZjbZglJh^ijh^\bg_lky^Zby[m^m\kx`bagv[eZ]h^ZjgZhgb
ihkihkh[kl\h\Zeqlh[uf_gyg_hkfZljb\Zebhg^Ze\ayldmihlhfmqlhyhq_gvi_j_`b\ZeZb\k_
\j_fyijbqblZeZqlhwlhmgbabl_evghGyg_qdZdmibeZ^eyf_gyZfme_lfZkdbjmxsbcZmjmj_[_gdZ
ih^ZmjmfZl_jb\k_[uehijh^mfZghghyg_jZkkqblu\ZeZgZ\Zk
�ZykZfZg_aZf_lbeZihfh]ebl_klubm`_[he__\gbfZl_evgh_gZ[ex^_gb_gZ^hFbo_hl^_evgh_
kiZkb[hkdZaZlv
;_kylf_gywlbijb\yadb^_fhgh\_s_kfheh^hklb[_kylG_l_keblZfex[h\vbwlZijb\yadZdZd
^hiheg_gb_lhwlha^hjh\hZ\hllZdijb\yadZ[ueZghihex[be^jm]mx ]h\hjyldhg_qghqlh
ihex[blv^_fhgfh`_llhevdhh^gmghqlhlhfg_ih^kdZau\Z_lqlhlZfg_kh\k_f\k_lZd\fb\jh^_
dZdijb\yadZhklZeZkvghgm`gZg_lu
:fme_lg_kgbfZ_rvjZ[hlZ_f\lhf`_j_`bf_mljhfnbabq_kdmxih^]hlh\dm^_eZ_rv
h[e_]q_ggmx\_jkbx^eymdj_ie_gbyfurp\h\j_fyjh^h\ijb]h^blkydhfie_dkihdZ`mZ]Z
]^_lh\Zey_lky^eyk_[ydh]^Zlhdhibjh\ZeZgbdhfmgbkeh\ZgZ[Zemlu^he`gZg_\hdjm]
ijbgpZdjmlblvkyZkfhlj_lvihklhjhgZf?keb^hdhgpZhl[hjZgbq_]hg_ijhykgblkym_^_rv
jh`Zlv\]hjui_j_ijZ\exhgZkfhlj_eZgZf_gyrbjhdhjZkdjulufb]eZaZfbZydhkl_jbeZk_[y
ghijh^he`ZeZ^Z\Zlvh[_sZgbydhlhju_ijb^_lky\uihegylv
�Zevg_crZyl\hyaZ^ZqZgZhl[hj_kemrZlv^_\mr_dbaZf_qZlvlhqlhg_m\b`myGZ^_xkv
]h\hjblvqlhwlZbgnhjfZpby^eyf_gy\Z`gZg_klhbl"\hl\a]ey^i_j_klZe[ulv\hklhj`_ggucZ
lhwlhh[h`Zgb_fg_gbdq_fmyaeh[gZyblhqdZ
hl\_lkl\_gghklvbh[s_kl\_gghklv__ijbwlhfih^^_j`b\Z_l_^bgkl\_ggh_lj_[h\Zgb_dlhlh
^he`_gaZk\b^_l_evkl\h\Zlv^ZggucnZdlhgZdb\gmeZfg_ihlhfihkfhlj_eZ\gbfZl_evgh
FZ]bklj"]hehkkju\Z_lkygZr_ihl
b^gh[m^_lZl_i_jvb^bb[hevr_njmdlh\_rvkh\k_flboh^h[Z\eyxihe_aghZ]Z
j_[_gdmihe_aghdh]^ZfZfZex[bliZimZiZiZex[blfZfmbhgb\f_kl_b`^mlwlh]hfZeurZgh
njmdluebrgbfbg_[m^ml
Q_f[hevr_y\gbdZx\ijh[e_fm^_\mr_dl_f[hevr_f_gyih]j_[Z_l\k_wlhb^_ehg_\lhfqlhy
ijbgbfZx\k_[ebadhdk_j^pmZdZd\lZdhch[klZgh\d_\hh[s_jZ[hlZlv"
?s_b[Ze\hlg_cf_lkyijbgpmqlheb"Emqr_[uk^_\mrdZfbebqghihh[sZeky
FZ]bklj\h^\hjp_g_mijZ\ey_fZyg_`blvg_fh]eb[u\uihfhqv"fbkl_jD\bdebdhlhjuc
ihke_klmdZaZr_e\]hklbgmx[ue\g_rg_kihdh_g\hllhevdhkeh\Z]h\hjbelZdb_qlhkjZam
ihgylghkihdhckl\b_flmlbg_iZog_l
QmjhgbfhbfZ`hj^hf\kdbgme[jh\vihdZau\Zyk\h_g_^hmf_gb_\k_dh]hihcfZxqmj
fhb_^bl_fbkl_jD\bdebihdZfhxg_`blvg_bkihjlbeb
DjhgijbgpaZij_lbeih^oh^blvdg_cbiha\ZeaZ\Zfbmkihdhbef_gyhg
Ijbgpf_gyijbylghm^b\begZkljh_gb_[uehijhklhhlebqgh_
Y_fmi_j_^Zfqlhbf_ggh\Zk\hkobsZ_lgZ]jZgbkeurbfhklbijh]h\hjbefbkl_jD\bdeb
FZehdlhagZ_lqlh[uih^gylvahf[bbebex[mx^jm]mxg_`blvgZ^hkgZqZeZgZclbwlhlljmiZ
]hjh`Zg_\k_[hevr_aZ\_sZxlqlh[ubol_eZih^\_j]ZebkvjblmZemdhlhjucbkdexqZ_l
\hafh`ghklv^Zevg_cr_cjZ[hlukf_jl\hcfZl_jb_cZagZqblklZgh\blky\k_f_gvr_fZl_jbZeZ
^eyg_djhfZglh\Yk\hboihke_^gboahf[bdh\_e_gZreZ\e_koh^beZZyg_ex[exe_k\hl
Z[khexlgh:lmlg_`blv\h^\hjp_^Zwlhih^ZjhdgZ^hlhevdhmagZlvq_c
&#x^;&#x_;&#xjy;&#xo;&#xy;&#xkl;&#xhe; g;&#xme;&#xZk;&#xv;&#xk;&#xWe;&#xva;&#xhc;&#x;^\_jyoyklhedgmeZkvkWevahc_\mrdZhiylvlZsbeZfg__^mmg__gZ\yaqb\Zyb^_yf_gy
ihdhjfblv
FZ]bkljZdZd`_h[_^"\hly`_]h\hjxhgZ_s_bh[b`Z_lky
G_dh]^ZWevaZ\h^\hjp_g_`blvbkdhjhhgZklZg_lfh_clZdqlh]hlh\vkyyijhkdhevagmeZ
fbfh^_\mrdbm[_]Zy\i_j_^ihdhjb^hjmbm`_g_\b^_eZbg_mkeurZeZj_Zdpbxkem`Zgdb
Dq_fm[ebgfg_]hlh\blvky"^_\mrdZaZreZ\dhfgZlmijhreZdp\_ldm\h^jmabeZih^ghk
jy^hfkgbfihoh^mihy\ylkygh\u_iblhfpul_[_ihjZj_\gh\Zlvp\_lhdaZrmjrZeebklbdZfb
^Zylh`_ih[Zb\ZxkvboghjZa\_mgZkklh[hc_klv\u[hj"hlbf_ggh_klv[m^_rv"p\_lhd
\k_fk\hbf\b^hfihdZaZeqlhijh]heh^Zekyohlvlu_rvbgl_j_kghZwlbogh\uoq_flhdhjfblv
ijb^_lky";ebg[ebgkdbchgZly`_eh\a^hogmeZbgZqZeZdhjfblvp\_lhdijh^he`Zy\mf_
ijbdb^u\Zlvqlh_cg_h[oh^bfhk^_eZlvbfh`_lgZ^hdZdlhih^]hlh\blvdhfgZlm"
\r\r\r
YfqZeZkv\i_j_^ijZdlbq_kdb[_]hfqlh[ukdhj__m\b^_lv\k_k\hbfb]eZaZfbfbkl_jD\bdeb
aZbdgmeky[uehqlhfh`_lyqmlvqmlvijblhjfh`m\_^v\jh^_[uyg_\dmjk_dm^Zb^lb
IjbrehkvgZoh^mdg_fmih\hjZqb\Zlvkybhq_gv\ujZabl_evghkfhlj_lvg_ihgye
Fbkl_jD\bdebyg_djhfZglg_ihgyeofmjblkylZdbfbl_fiZfb\k\hbojZafure_gbyo
^hc^_l^hlh]hqlhwlhfhbojmd^_eh\k_ijhklhg_djhfZgluqm\kl\mxlg_`b\uoihwlhfmf_gy
k_cqZk\_^_lfhykbeZihqlbdZdgxo
p_gljZevghfm\oh^m\h^\hj_pGZwlhf[Zedhg_aZk_eb]\Zj^_cpudZdiZjlbaZgu\hdhi_wlh
\b^bfhhojZgZ^\hjpZ\i_j_^bklhyeijbgpk]jZnhfR_jfZghfihedh\h^pugb^Zlvgb\aylv
qmlve_\__hlgbojZkiheh`_gZp_gljZevgZye_klgbpZkdjZkgufdh\jh\ufihdjulb_fB\hlih
wlhfmdh\jmlhb^_ehiulZebkvih^gylvkyg_kdhevdhmf_jl\bcIjbkfhlj_\rbkvy_e_k^_j`ZeZkv
qlh[ug_aZ\ba`ZlvWlh`_kdZehjueKjjuo?s_h^ghdhlhjh_y^Z`_gZ\kdb^dmg_hij_^_exZ
qmlv^Zevr_[jh^yl^\Zkd_e_lZBlmlh^bgg_mfguc^_fhgj_rbeiZevgmlv\fhboljmibdh\h]g_f
Mjhx
uqlh^_eZ_l_"Zj\Zjg_kf_cl_ihjlblvqm`h_bfms_kl\hgZfhcdjbdh]eygmebkv\k_
LZdwlh\Zr_fZ]bklj"lZdbflhghflhevdhkijZrb\Zlvmfm`Zqvbljmkulu^hklZ_rvba_]h
dZjfZgZ
IhdZ_s_g_lghkdhjh[m^_l[h^jhhljZihjlh\ZeZybihkdZdZeZdhaebdhf\gbaihklmi_gyf
\ke_^fg_iulZebkvqlhlhdjbqZlv;_kihe_aghym`_\ij_^\dmr_gbb
Kmjh\u_^_fhguihiulZebkvih[_`Zlvke_^hf\b^bfhohl_ebaZsblblv[_^gmxg_djhfZgldmgh
lmlbohklZgh\behdjbdijbgpZFheh^_pfm`bdmfg__lgZ]eZaZo
�hg_`blbyg_^hreZ^\_klmi_gvdbB^_ehg_\lhfqlhy[hxkvohlyg_[_awlh]h]emihg_
[hylvkyijhklhkdZehjuewlhjZagh\b^ghklvf_^\_^yh]jhfgh]hlZdh]hdhlhjuc`b\_l\kdZeZoB
\hlwlbljbklmi_gvdb^Z\Zebfg_\hafh`ghklv[ulvqmlv\ur_blhlhevdhihlhfmqlhhgklhyegZ
q_luj_oeZiZoZg_gZ^\mo
FghcaZbgl_j_kh\Zebkv\a]ey^knhdmkbjh\ZekygZbklhqgbd_l_ieZbaZiZo__^uy`_\wlh
�f]gh\_gb_fmog_eh\beZZi_j_o\Zlu\ZeZgblbmijZ\e_gbyZmwlboljmih\[ueohaybghl
kdZehjuegZqbgZ_ljuqZlvbih^gbfZlvkygZaZ^gb_eZiuaZghkyi_j_^gb_^eym^ZjZZkjjuo
gZh[hjhlijbiZ^Z_lgZi_j_^gb_]hlh\ucihclb\ZlZdmkgbamGhhgbkebrdhff_^e_ggu_beb
lhevdhih^gyebbobeb`_g_djhfZglkeZ[uc
KaZ^bihklmi_gyfykeurmfy]db_rZ]bdlhlhkimklbekyklZ\jy^hfgZ\_jgh_qlh[uihfhqvfg_
Dlhwlhbf_gghyg_klZeZkfhlj_lvg_^hlh]hie_l_gbyhimlu\Zxsb_g_`blvhdZaZebkvk
kxjijbahfjZkkqblZggufbf_gghgZg_djhfZglZ
GZf_gyiulZebkvi_j_dbgmlvih^qbg_gb_lh_klvwlhldlhlhrb[dhmfgucj_rbeih^qbgblvf_gy
k_[_"Wlhm`_gZ]ehklvhlf_^\_^vqmlvgZdehgy_lky\i_j_^b_]hh]jhfgZy]heh\ZhdZau\Z_lky
lhqghgZijhlb\fh_]hebpZiZklvlZdZyqlhfh`ghb]heh\mf]gh\_gghhldmkblv
=hlh\vkykeurmdhfZg^mijbgpZ_s_ijhkdhqbeZfukevgZi_jbn_jbbdq_fmwlhhgblZf
]hlh\ylky\wlhf]gh\_gb_yhdhgqZl_evghi_j_o\ZlbeZbaZdj_ibeZgZk_[_gblbih^qbg_gbywlbfb
fhgkljZfb
B\hlebqb_hlij_^u^ms_]hg_djhfZglZdhlhjucboih^gyeygZeh`beZg_iylvklZg^Zjlguo
ie_l_gbcZ^\_gZ^pZlvfh_\k_fh_
KdZehjue\ujh\gyekybqmlvijbk_ey`_ijhlygmeZjmdmbih]eZ^beZ_]hihfhj^_gZ^h[u
ihfulvWoqlhaZgZjh^\ulZsbebbaa_feb\ihjy^hdg_ijb\_ebhg^Z`_g_ihfuebZmgbo
jZgubfdhg_qghg_[hevghgh\_^v]gblvkl_of_klgZqgml[ukljh
Lulh`_ohq_rvqlh[ul_[yih]eZ^beb"yijhlygmeZjmdmkjjuombihlj_iZeZaZmohfwlm
imkluggmxdhrdm\u`_fhbohjhrb_fhbfZe_gvdb_yg_lhevdh]eZ^beZ^Z\Zya\_jyf
mk\hblvfhcaZiZoghbih^iblu\ZeZbofZ]b_cihqmlvqmlvdZddhjfyl^he]h]heh^Zxs_]hqlh[u
Dh]^Zyh]eygmeZkvkhfghcgZe_klgbp_gbdh]hm`_g_[uehgh\ijZ\ucdhjb^hj[ukljhm^ZeyeZkv
�nb]mjZ^_fhgZbfg_^Z`_gZf]gh\_gb_ihdZaZehkvqlhwlh[ueehj^Zgd_g;j_^h^gZdh
Zr_\ukhq_kl\hl_i_jvwlhfhyg_`blvlZdqlhij_^mij_^bl_k\hboex^_cqlh_kebhgb_s_
ohlvjZaihiulZxlkybobkihjlblvlh[m^mlbf_lv^_ehkhfghcebqghby[m^mhq_gvh]hjq_gZ
:^kdZy[Z[Zlboh[mjdgme]jZnR_jfZgqlh[umkeurZelhevdhijbgpdhfmgm`gul\hb
`mlbdb"
OhjhrhfZ]bklj\ubom`_iheghklvxdhgljhebjm_l_"ijbgp]h\hjbekihdhcghohlyZ^j_gZebg
_s_]meye\djh\b
�Zyfbehmeu[gmeZkvFm`bdbkdjb\bebkvbebfh`_lwlhbolZd\i_qZlebeZfhj^ZkdZehjueZ
dhlhjmxlhliulZekyih^kmgmlvfg_ih^jmdmqlh[uyijh^he`beZ_]h]eZ^blvZlhhl\_jgmeZkvhl
g_]h[_kklu`Zy
�h[jh\hevghgZwlhfgbdlhg_`_gblky\_^vlZdbo`mlbdh\hgZb\kiZevgxkmijm`_kdmx
ijblyg_lb[m^_ldhgnmak^Zevg_cr_cihl_gpb_c_kebwlZfhj^ZaZohq_leZkdbg_\gm`guc
fhf_gl[mjqZe]jZngZ]jZgbkeurbfhklblhevdh^eyijbgpZghkm^yihmofuedZf]\Zj^_cpu
lh`_jZkkeurZeb
W^o\Zlbl[helZlvrbdgmegZ^jm]Zijbgpbihr_ekimkdZlvkydwlhckmfZkr_^r_c`_gsbg_\
]em[bg_^mrbiheghklvxkh]eZrZykvkW^hf
FZ]bklj\uagZ_l_hldm^Za^_kvwlbahf[b"ijbgpklhyegZ^\_klmi_gvdb\ur_f_gyb
\gbfZl_evghjZkkfZljb\Zefh_gh\h_a\_jv_
IhdZg_lghie_l_gb_yaZihfgbeZhli_qZlhdkbeulh`_k^_eZeZlZdqlh_keb[m^_lkq_f
kjZ\gb\ZlvmagZxaehmfure_ggbdZhl_s_[umagZlv]^_hg\ayelZdb_qm^_kgu_h[jZapuGZf
hq_gvih\_aeh\_^vhgbmf_jebfheh^ufbkbevgufbbkh\k_fg_^Z\ghyk\hklhj]hf
i_j\hdeZrdbjZkkfZljb\ZeZg_`blvijh^he`Zyboih^iblu\ZlvkdhjhklZgmldjZkZ\pZfb
R_jfZgkemrZxsbcwlhl^bZeh]kdjb\bekydZdhldmkdZebfhgZDhfmlmlih\_aeh"?]h[u\hey
hg[u\hh[s_aZij_lbe\kzg_djhfZglkdh_bkdmkkl\hbahf[baZij_lbe[ubgbdlh[ug_
jZkkljhbekyB[Z[mwlmhg[u^Z`_[ebadhg_ih^imklbe[udWjbdmbkZfh_]eZ\gh_kZf[uhlg__
ih^Zevr_^_j`ZekyhlqlhWjbd\g_cgZr_e"Gbjh`bgbdh`b=^_lZdijbylgu_fm`kdhfm
\a]ey^mnhjfu"=^_djZkb\u_yjdb_ieZlvy"@_gsbgZ^he`gZ[ulvyjdhcdZdilbqdZZg_q_jghc
dZd\hjhgZ:_s_]^_mg__g_`ghklvblj_i_lghklvqlhaZ[Z[ZdhlhjZy[_`blk\hklhj]hfd
g_`blblh]^ZdZdkmjh\u_fm`bdbhldjh\_gghih[Zb\Zxlkyijb[eb`Zlvky"
Ijhq_kZlv^\hj_p\^jm]]^_lh_s_[jh^blg_mql_ggh_a\_jv_baehmfure_ggbdbhl^Zeehj^
dhfZg^m]\Zj^_cpZfkZf`_djb\ykvihr_e\gbagZ^h[uiha^hjh\Zlvky
FZ]bklj
=jZnR_jfZg\hlbih]h\hjbeb
Y_s_ihkemrZeZqlhfg_jZkkdZaZeijbgpZihlhfihfZgb\k\hboahf[bihreZ\dhfgZlm\
]heh\_ijbdb^u\Zyboemqr_hlijZ\blv\:dZ^_fbxbebdk_[_^hfhcBeb`_fh`_lhklZ\blvk
kh[hc"Ihke_^g__hq_gvohl_ehkvghgZ^h`_b]hehkZjZamfZkemrZlvky
Dh]^ZhldjueZ^\_jv\k\hbihdhbi_j\hcfukevx[uehqlhyaZ^mfZeZkvbijbreZg_lm^Z\hl
lhevdhdm^Zlh]^Z"Km^yih\g_rg_fm\b^mdhfgZluyihiZeZ\nbebZedhfgZluiulhdbeb`_\
mxlgmx]hklbgmxkZ^hfZahobklZGZihemklhyebde_ldbe_`Zebp_ibie_ldbb_s_qlhlh
p\_lbdZjy^hfkdjhfghaZklu\klhyeZWevaZ
Wlhqlh"ijhojbi_eZiulZykvkijZ\blvkykrhdhf
Wlhyijb]hlh\beZkvex^b^h[ju_yhldjh\_gghih[Zb\Zxkvwlhc^_\mrdb
Dq_fm"yijhreZohl_eZk_klvghdj_keZl_i_jvmf_gy\]hklbghcg_[uehfh`_lk_klvgZ
de_ldm"
Dgbfh[ebqbl_evghludgmeZWevaZiZevp_f\fh_khijh\h`^_gb_dhlhjh_ijhrehblhilZehkv
jy^hfghhgbhdZaZebkv[hevr_b\de_ldbg_\e_amlhgZ_s_b\hafmsZ_lkyY]eygmeZgZ
kdZehjueZb^he`gZ[ueZkh]eZkblvkyhgg_\e_a_lgb\h^gmbade_lhd
FZ]bklj^\_jvju\dhfhldjueZkvbgZihjh]_aZklueb^_\qhgdbkhq_gvrbjhdhjZkdjulufb
]eZaZfbFg_dh]^Zlh?\Z\:dZ^_fbbihdZau\ZeZZgbfwlZd\hlfhb^_\qhgdbwlhZgbfw
ihkjZfbeb]eZaZ[uebih[hevr_bwfhpbbihyjq_
Jjjj"judgmekdZehjueZyaZdjueZ]eZaZihlhfmqlhgZqZeky\ba]bdjbdbby\wibp_glj_wlh]h
kmfZkr_kl\by
GZdjbdijbfqZekyfZchjEmdZkkhk\hbfb[hcpZfbgZjh^mklZehijhklhg_iha\hebl_evghfgh]hb
fhyfZe_gvdZyg_`blvg_ijb^mfZeZgbq_]hmfg__dZdaZclbfg_aZkibgmk_klvbih^kmgmlv]heh\u
ih^jmdbqlh[uy]eZ^beZWlhijblhfqlhjmdbmf_gy^\_Zg_`blbljbLj_lv_]hyihdZlZdbg_
b^_glbnbpbjh\ZeZ
Dh^k_fgZ^pZlvgZiZ^_gb_g_`blbgZg_\_klijbgylvf_jufZchjhl^ZeijbdZaihZfme_lm
k\yabb^\bgmekydhfg_ky\gufgZf_j_gb_fkiZklb
Gmqlh`_ygbdh]^Zg_djbqmgbjZamg_djbqZeZgZklm^_glh\ghlmlhgbf_gy\wlhfdjbd_
ijhklhg_mkeurZlihwlhfmygZ[jZeZih[hevr_\ha^moZb]ZjdgmeZ
Lbohg_`blvjZkieZklZeZkvihihemb_s_eZiZfbghkuijbdjueb\hlagZxlf_gyiylgZ^pZlv
fbgmlZihgbfZxldZdgbdlh
GZf]gh\_gb_\dhfgZl_\hpZjbeZkv]jh[h\ZylbrbgZbywlbfkjZam\hkihevah\ZeZkv
FZchjEmdZkg_`blvih^qbg_ggZyb\^Zggucfhf_glg_Z]j_kkb\gZyijbgp\dmjk_ihiheg_gby
�mf_gy_\hqdbq_]h\uhj_l_dZdihehmfgu_\u^_fhgbpug_aZ[ueb"ulmlkZfu_hiZkgu_
`bl_eb=jZgbFhbahf[bg_hiZkgub\hh[s_\ubobkim]Zebwlhdhg_qghiheguc[j_^gh
a\_jv_hlebqghih^u]jZehi_j_^wlbfijbgy\lZdmxg_e_imxiham
QlhgZ^h^_\hqdZf"IjZ\bevgh_keb_klvdlhlhkeZ[__bebdhfmkljZrg___]hgZ^hhi_dZlvb
lbkdZlv\hlbfhc[ZlZevhgihdhe_[Z\rbkvg_kdhevdhk_dmg^ijbgyej_r_gb_qlhahf[bgZ^h
ihfhqvFh`_lbajyg_`blvg_bkiulu\Z_lkljZoZ
WevaZ\k_wlhyh[\_eZ]hklbgmxjmdhcgm`ghm[jZlvg_`blvyhlijZ\exhlkx^ZlZdqlhgZf
l\hbijbkihkh[e_gbyg_ijb]h^ylkyblZdg_ijb]h^bebkv[ugheZ^ghq_eh\_dklZjZeky`_
FZchjg_ajykjZamihdZaZek_[ydZdijhn_kkbhgZe\hlbk_cqZk\ayek_[y\jmdbmkihdhbe[hcph\b
jZah]gZeboihdexq_\uflhqdZfkZf`_hklZeky\]hklbghcex[hiulguc
FZ]bkljZfukh[kl\_gghq_]hd\ZfaZrebmKhnvbk_]h^gy^_gvjh`^_gbyZhgZfheqZeZFu
�lmlm`_dh_qlhijb^mfZebgm`gh\Zr_kh]eZkb_bhlfZrdZbZgZklhy\rZy[eb`_\k_odhfg_
ijh]h\hjbeZwlh[ukljh[ukljhbmklZ\beZkvh`b^Zy\b^bfhiheh`bl_evgh]hhl\_lZ
k_\ij_^_eZo^himklbfh]h"yh[\_eZ^_\qhghd\a]ey^hf:]Z^_j`bdZjfZgihrbj_YgZLheiZ
fheh^uowg_j]bqguo^_\qhghddhlhju_\uj\ZebkvhlgZijy]Zxsbcbojh^kl\_ggbdh\dZd\u\h^
:ohqmebyboh]jZgbqb\Zlv"AZij_smbwlhklZg_lb^__cnbdkagZqbldh]^Zg_fh`_rvij_k_qv
[_ah[jZab_\ha]eZ\v_]h
�Zx^h[jhgZih^]hlh\dmijZa^gbdZmkljhbf^_\hqd_hlebqguc^_gvjh`^_gby]hlh\vl_aZc^m
iha^jZ\ex
Bbbbbbb^_\qhgdbihibsZebihiju]ZebbmfqZebkv]hlh\blvky
FZ]bkljdZd[ulvkhojZghc^_\mr_d"
G_`_gZluohklZ\eycih^^\_jvxhklZevguohlijZ\eychl^uoZlv^_\hqdb[m^mlkb^_lv\
]hklbghc\k_o^_j`Zlvg_lg_h[oh^bfhklbimklviZjgbi_j_^hogml
DZdkdZ`_l_qlhlh]hehkmg_]hg_hkh[h^h\hevgucgh\uihegylvihr_ebohjhrh
Dh]^Z\]hklbghchklZebkvlhevdhfukWevahcg_`blvbp\_lbd^_\mrdZ\koebigmeZG_lg_l
ih`ZemcklZyg_mf_xmkihdZb\ZlvieZqmsboy^Z`_kZfZg_ihfgxdh]^Zihke_^gbcjZaieZdZeZ
Ohlyg_lyihfgxwlhl^_gv\iehlv^hfbgmlu
FZ]bkljijhklbl_gZqZeZhgZghyi_j_[beZ
KlhiDe_ldbhlebqgu_bkiheg_gb_[ukljh_bdZq_kl\_ggh_^Z`_bgl_j_kgh]^_lu\k_wlh
jZa^h[ueZaZlZdhcdhjhldbckjhdIhlhfjZkkdZ`_rvl_i_jv[_jbb[_ake_adhfZg^mcqlh[uwlh
\k_m[jZeb
Ahf[bk_cqZkyg_m\_^mihkdhevdmkbegZihjlZeihqlbg_lZmclbbihlhf`^Zlvdh]^Zkbeu
ihihegylky^eyh[jZlgh]hi_j_oh^ZwlhjZklhqbl_evkl\h\j_f_g_fZagZqbla\_jv_ihdZih`b\_l
lmlYaZh^gh\uykgxdlhlZdhcwlhllj_lbcihoh`bcgZkf_kvh]jhfghcys_jbpu^jZdhgZb_s_
dh]hlhg_ihgylgh]h
Yfb]hfhj]ZgbamxfZ]bkljZ\uihdZihdmrZcl_[ebgwlm`Z`^mdhjfe_gbyf_gymg__g_
bkdhj_gblv
KiZkb[hih_f\kiZevg_ohly_keb[uyk_eZ_klvgZde_ld_Zmgh][m^_lkb^_lvg_`blvkem]b
m\_jmxlqlhykZfh_kljZrgh_kms_kl\h\h\k_c=jZgbAZfZgqb\hghihi_l\_j^hboheh^gh
�_\mrdZkjZamih\_k_e_eZb[ukljhijbg_keZ\kiZevgxfhch[_^a\_jv_lbohgvdhihiulZehkv
ijhkhqblvkyke_^hf
udm^Zij_l_kv"=jyagu_\k_\hgxqb_ZgmklhchgZgZkdZehjueZ_s_bihehl_gp_f
aZfZogmeZkvohjhrhykibghcklhyeZbfh_]hebpZ\b^gZg_[uehfZ]bkljkdZ`bl_bfimklv
b^mlfulvky
HlebqgZyb^_y\hllubobihfh_rvwlh[ueZijh\hdZpbyqbklhc\h^ubhgZm^ZeZkv
WevaZgZofmjbeZkvihkfhlj_eZgZg_`blvdZdgZae_crbo\jZ]h\ghdb\gmeZZihlhfly`_eh
\a^hogm\ihijhkbeZ
Lhevdhimklvg_juqZlbg_db^Zxlkyy`_j_rbeZqlh^_\mrdZihemqblij_fbx_c[u
dhhj^bgZlhjhf\g_hj^bgZjguokblmZpbyojZ[hlZlv
KeurZeb"g_`blvjZa\_jgmeZkvbihreZh[jZlghbagZ_l_qlh"Ijhoh^yfbfhWevauklhys_c\
^\_jyohgbdZd[ukemqZcghqmlvlhedZeb__g_^h\hevgu[ZklmxlkiZkb[hWevaZ
�_\mrdZm`_\ureZke_^hfaZa\_jv_fghh]eygmeZkvbjh[dhmeu[gmeZkvZy`_ihjZ^h\ZeZkv
E_gb\ucg_djhfZglkibogmejZ[hlmihhlfu\Zgbx]jyabgZ[_^gmx^_\mrdmohjhrha\mqbl:fg_
ij_^klhbljZah[jZlvky\[mfZ]Zobk^_eZlvaZibkbfZ]bq_kdh]hhli_qZldZdhlhjucyk_]h^gy
kdhibjh\ZeZ:_s_\_^v^_gvjh`^_gbyZmDbjbguijb\Zlgucm`bgkijbgp_f_]hym`_
\dmkg_gvdh
\r\r\r
=jyagu_lZdb__s_b\kiZevgxi_jebkvihlhf[uihke_\Zk\k_f_gylvijbrehkv[u^_\mrdZ
gZfueb\ZeZkdZehjueZdhlhjuc]jmklgucklhye\\Zgg_
Jjjj"
Dhg_qghjjjjludh]^Zihke_^gbcjZafuekyijb`bagbbeb\hh[s_dh]^Zjh^beky]jyab\hg
kdhevdhhgZmkbe_gghl_jeZ_]h]m[dhcijbwlhf_s_\hafmsZykvgZhklZevguodhlhju_iulZebkv
lbohgvdhkijylZlvkyhljZatyj_gghc^_\mrdb

G_h`b^Zgghk^hdmf_glZfbyaZdhgqbeZhq_gv[ukljhbihe_aeZ\k[hjgbdg_`blb \hh[s_lh
bagZqZevghwlh[uek[hjgbd`b\uokms_kl\ghijZdlbdZhgZlZdZy\fhgmf_gyhlebqZ_lkyhl
k[hjgbdZdhlhjuc_klv\[b[ebhl_dZowlhc=jZgbZ\k_ihlhfmqlhyihk_sZyhq_j_^gmx=jZgv
\ghrm\g_]hbaf_g_gbyhlbk_cqZkm^h[ghmkljhb\rbkvgZdjh\ZlbklZeZebklZlvdgb]miulZykv
hij_^_eblvqlhaZlj_lvyg_`blvmf_gyihy\beZkvu]ey^_ehkms_kl\haZ[Z\ghdZdhjZg]mlZg]k
djuevyfbe_lmq_cfurbijZ\^Zdjuevyihke_kf_jlbkbevghihkljZ^Zebgh\hkklZgh\e_gbx
ih^e_`Zlijhklh^he]hbf_^e_gghYi_j_kfhlj_eZ\k_ghlZdbg_gZreZqlhwlhfh`_l[ulvaZ
kms_kl\hAZ]Z^dZdZdi_kqbgdZ\k_\j_fy[m^_lhl\e_dZlv:_s_f_gyhq_gvkfmsZelhlnZdlqlh
lZdh_kms_kl\h\jh^_dZdg_\h^blky\wlhc=jZgb
FZ]bkljDbjbgZ\e_l_\rZy\fhbihdhb[ueZqm^hdZdohjhrZDlhlh]hlh\blkydm`bgmZ
ml\_j`^ZeZqlh_cwlhg_gZ^hhllZdb_fu`_gsbgu\dhfiZgbbkfm`qbghcklZjZ_fky
\u]ey^_lvgZfZdkbfmffZ]bkljlZdg_q_klghhgZ^Z`_gh`dhclhigmeZbjmdb\[hdbmi_jeZy
`_ih^gyeZ[jh\v^Z\Zy\hafh`ghklv\ukdZaZlvky^Zevr_\k_agZqbl[m^ml\_k_eblvkyZyk
ijbgp_faZk_^Zlv[m^m
AZk_^Zxl\^jm]hff_kl_Zlum`bgZlv[m^_rvLZdklhi\hh[s_lhfujZ^bwlbom`bgh\b
kZfh]hijbgpZ\k_baZl_yebZlulml\j_^gbqZ_rvwlhl\hcijbaaZwlhl^_gv\hlb^bbihemqZc
_]h
IjbgpZ"
Ijba^_\mrdZy\gh[ueZjZkkljh_gZb_kebh[t_dlb\ghkm^blvy__ihgbfZxWlhg_k\b^Zgb_
kex[bfufwlhm`bgkh[_k_^h\Zgb_kijbgp_fkdmqghgZ\_jgh_
:mgZkrZ[ZrohlyijZ\bevg__kdZaZlv^_gvjh`^_gbyghdZd]h\hjbeZfhy[Z[mrdZ_keb
�kh[bjZxlky\f_kl_ljbb[hevr_\_^vfwlhihex[hfmrZ[Zr^Z`__keb\k_gZqbgZ_lkykqZyey
mijhs_gby[m^_fkqblZlvqlh^_\qhgdbg_fZ]bZ\_^vfuZagZqbldZd_klvrZ[Zr
Hlebqguc\ZjbZgllZdh]h^gyjh`^_gbylmllhqghg_[uehDbjbgmklZehkh\k_f`Zedh
LZdm`bgg_\_qgucih_rv[uklj_gvdhh[km^bl_ih]h^mdgb]bm\e_q_gbyqlhlh_s_g_aZ[m^v
gZf_dgZwjhlbdmb[ukljhdgZf^h]h\hjbebkv"
Wjhlbdm"hgZ^Z`_jhlhldjueZhlm^b\e_gbylvnmlulhevdhwlhbmkeurZeZ
LZdlulml^eyq_]h"Qlh[uklZlvg_\_klhcijbgpZZdZdg_\_klZluqlhkgbf\rZrdbb]jZlv
[m^_rv"G_lgZ^haZfZgblvghihnZdlmgbgbgZf_gykfhlj_eb]eZaZfbihegufbg_ihgbfZgby
\r\r\r
;uemf_gydZdlhkemqZc\`bagbijb]eZkbef_gyiZj_gvgZk\b^Zgb_IZj_gvdjZkZ\_p
hl^uoZeZbhgb\k_f_gyiulZebkvk[Z]jblvgZk\b^Zgb_dmjhjlgucjhfZgaZdjmlblvZlmlwlZ
h`b\rZyf_qlZFu\_q_jhd\k_\f_kl_\dhfiZgbbihh[sZebkvhglZfhl^uoZek^jmavyfbb
k\hbfbih^hi_qgufb kihjlb\guclj_g_j\fZgZke_^mxsbc^_gvhgijbr_ebiha\Zeih]meylv
F_gydZdgZ\hcgmkh[bjZebijbq_kdZfZdby`ihljZlbebdmqm\j_f_gbqlh[u\u]ey^_eZy
_kl_kl\_gghlh_klvdjZkgh]hhlaZ]ZjZghkZqlh[u\b^ghg_[uehDhjhl_gvdZyx[hqdZfZ_qdZby
dZd\b^_gv_\uihjogmeZgZih[_j_`v_Fuijhrebkvbhgfg_]h\hjblIhc^_fdhfg_\rZrdb
�ihb]jZ_fmfZx\hldZdhcbgl_eeb]_glgucl_i_jvwlhlZdgZau\Z_lky\a\_kb\\k_aZbijhlb\
kh]eZkbeZkvfuijbrebd_]h^hfbdmblmli_j\uca\hghq_dhgf_gyhklZ\be\[_k_^d_jy^hfy
j_rbeZqlh[uijh\_jblv^hfbdghg_l\uoh^blk^hkdhcih^furdhc
Yh[_kdmjZ`_gZgh\b^Zg_ih^ZxK_egZijhlb\nb]mjujZkklZ\bekb^blmeu[Z_lkylZdhcfbeuc
ZihlhfijbagZ_lkyqlhkgbfgbdlhg_b]jZ_lihlhfmqlhhg\k_]^Z\ub]ju\Z_l
�mfZxlhqghij_ex^bylZdZybebjhe_\Zyb]jZbgl_j_kghlZdkb^bfb]jZ_fydhd_lgbqZx
g_ijb\uqgh_kebq_klghghqlhg_k^_eZ_rvjZ^b^_eZ\f[helZx ijbq_fmkbe_ggh^_\qhgdb
gZkljZsZebqlh[ug_kb^_eZg_fheqZeZ]h\hjxg_hg_`blbZh\kydhc_jmg^_\fLml[ZpiZjlby
ih^hreZddhgpmZybg_aZf_lbeZ\h[jZa_`_:hgkb^blfheqblygZ^hkdmZlZffhyih[_^ZY
aZwlbfb[_k_^ZfblZdm\e_deZkvqlh[uaZ\e_dZlv_]hqlhg_aZf_lbeZgbq_]h
Hgih\a^uoZe^mfZxk_cqZkkdZ`_lqlhyih[_^beZbfh]maZ]Z^Zlv`_eZgb_Z]ZsZaHg\_kv
gZijy]kyblZdbflhghf[m^lhfugZjbg]_\u^ZeJ_\ZgrGmj_\ZgrlZdj_\Zgrb]jZ_f
Kfhljx_]h^_l\hjZ\uiheaeZjh^_dZdihaZgbfZlvky\urebZ\k_gZgZkih]ey^u\Zxlhg`_
gZklZ\gbdlj_g_jYm`_qm\kl\mxg_m^h[ghlZdkfhljxhiylv\ub]ju\ZlvgZqbgZxGZqZeZ
fhjhqblvk_[_]heh\mqlh[uih^^Zlvky \kihfgbeZgZklZ\e_gbyfZl_jbqlhfm`bdbkljZklvdZdg_
ex[ylijhb]ju\ZlvijZ\^ZhgZ\k_]^Z^h[Z\eyeZkeZ[u_fm`bdbghwlhl`_kbevguckihjlkf_g
ghqlh[ugZ\_jgydZkeb\ZxiZjlbx\fIjhb]jZehghiylvg_kebeZagZqblKb^blaehcjhfZglbdb
m`_lhqghg_[m^_lfZeurgyobobdZ_lg_m^h[ghlZd
Ihkb^_ebfufbgmliylv\lbrbg_hgkfhljbl\gbdm^ZyjmqdbgZdhe_ghqdZokeh`beZihlhf
\klZeb]h\hjblIhc^_fijh\h`mg_aZ^ZeZkvmgZkb]jZIjh\h^beb[hevr_g_ihy\eyekygZ
f_gylh]^Zih^jm]blZdjuqZebohlyj`Zebhgb]jhfq_\hlihke_wlh]hykfm`bdZfbdhlhju_
ihgjZ\bebkv\b]jubg_b]jZxm`emqr_\k_q_ldh[_aeh`guogZ^_`^bf_qlZgbcOhlymf_gyb
k_jv_aguohlghr_gbclhg_[ueh[ueZi_j\Zy\ex[e_gghklvbi_j\ucfm`qbgZdhlhjuc
bgbpbbjh\Zef_gydZd\_^vfhqdmZ^Zevr_m\e_q_gbybh^gZljZ]bqgZyex[h\v\j_amevlZl_yklZeZ
\_^vfhcghh[wlhfg_[m^_f
\r\r\r
:\u[_af_gyg_gZqg_l_"hgZ^Z`_jmdbkeh`beZ^hfbdhfijhkyhklZgh\blvlZcnmglh_klv
^_\qhghd^hj\Z\rboky^h\_k_evyyg_kZfhm[bcpZbgZlZdh_g_kihkh[gZ
:]Zluijb^_rvZlmllheiZaeuo^_\bpdhlhju_h[ebau\ZxlkygZ_^mbg_lhevdhhghl_[_gZ^h"
G_lGhful_[_\k_hklZ\bf
Qlh\k_"kex[hiulkl\hfmlhqgbeZ^_\mrdZk]hjysbfb]eZaZfbf_gybamqZy
:glmjZ`ijbi_qZlZeZyg_`_eZyjZkdju\ZlvjZgvr_\j_f_gbk_dj_lu
�Dh]^ZDbjbgZm[_`ZeZyiha\ZeZdk_[_bZgm
k_]hlh\h"
q_ldh^heh`befg_fhcihedh\h^_p
:ZglmjZ`l_fZlbdZqlhijhklh_klvbiblv[m^_l_"ijh\hdZpbhgghkijhkbeZy
GmhgZaZ^mfZeZkvgbq_]hg_ijb^mfZeZb\u^ZeZZdZdgZ^h"
:gZ^hkh]hgvdhfbb^__chlkjZam\b^ghg_[ueb\uklm^_glZfbihi_gyeZyly`_eh
\a^hogm\
G_[_^Zfu[ukljhmqbfkywlhjZafukh]eZkgugZ\k_wlh^\Zfgh]b_bagZkihhdhgqZgbx
hl[hjZb^mld\Zfmqblvkyb[m^mlklm^_glZfbbwlhljbLZdqlhgZ^h^_eZlv"
Dhfg_"y^Z`_gZijy]eZkvbagbogbdlhg_h[eZ^Z_l^Zjhfg_djhfZglZwlhqlh`_ihemqZ_lky"
\Zrm:dZ^_fbxqlh[ujy^hfk\Zfb[ulv\hllhebmfbeblvkylhebbkim]Zlvkyg_fh]m
j_rblvlZdqlhihZglmjZ`m"
?klvh^gZ=jZgv\g_c`b\mllhevdhex^b
=jZgv"WlhqlhlZdh_b]^_wlh"
G_kmlvijbf_faZdhgklZglmqlh_klvqmlvkaZfbgdhcijh^he`beZfbj]^_`b\mllhevdh
ex^bhgbgbq_]hg_agZxlijhfZ]h\\_^vfb^_fhgh\b\k_\hafh`gu_^jm]b_jZku\hh[s_
gbq_]hwlh]hg_\b^_ebghmgbohlebqgZynZglZabyHgbijb^mfZebk_[_ijZa^gbdOweehmbg
g_\Z`ghqlhwlhkhldjulb_f=jZgbk\yaZghijhwlhjZkkdZau\Zlvg_[m^mimklv[m^_lmijhs_ggZy
\_jkbywlhl^_gvhgbh^_\Zxlky\h^_`^u\k_ofbnbq_kdbokms_kl\im]Zxl^jm]^jm]Z
\uijZrb\Zxldhgn_lum]jh`ZyjZkijZ\hcbhq_gva^hjh\h\_k_eylky
�Lh_klvf_^e_gghgZqZebZgZfu^he`guh^_lvkygZfb`_bijbdbgmlvkyiZmaZgZfb
`_"\_kv__\b^ijhklhdjbqZeqlhaZZ[kmj^"
�Iheguc[j_^y^Z`_ebphgZjmdbmjhgbeZbZgZlu\b^_eZdZdh^_\Zxlky\_^vfhqdb"
db\Z_lm`_ohjhrhlZdfug_klh]hgZqZebk_cqZk
Ykmeu[dhc\_^vfudhlhjZyijb^mfZeZ\uoh^balmibdh\hckblmZpbb^hklZeZdjbklZeek
f]gh\_ggufbbah[jZ`_gbyfb]^_fuk^_\qhgdZfb\=jZgbGbdZgZOweehmbghlju\Z_fkylZf
[uebdZ^jubkgZrbfbdhklxfZfbbdhklxfZfbex^_cb\_q_jbgdZdm^ZfuaZ[j_ebohjhrb_
dZ^ju^Z`_ghklZev]byijhkgmeZkv
FZ]bkljwlh\u"^_\mrdZk\hklhj]hfbg_^h\_jb_fmdZaZeZgZf_gy\q_jghnbhe_lh\hfieZlv_
fbgbkhkljhdhg_qghcreyihc^bdbffZdby`_fb[mluedhcl_dbeubf_gghlh]^Zyihke_^gbcjZa
ibeZhodZd\kihfgxlZd\a^jh]gmgbh^gha_ev_hlihof_evyg_ihfh]eh^mfZebmfj_fmljhf
Yq_]hhljbpZlvg_djhfZglkms_kl\h^bdh_b[_alhjfhah\
DjmlydhgZ[u_s_bih^iju]gmeZgh\h\j_fykiho\ZlbeZkvb^bdbfbZeqgufb]eZaZfb
mklZ\beZkvgZf_gykh`j_lYlh`_lZdohqmY\k_ihgyeZfZ]bklj\k_[m^_llhevdhdZ^jfg_
h^bg^Zcl_yihebklZeZbgZreZdZ^j]^_fuaZi_qZle_ebex^_c_]hbhl^ZeZ^_\mrd_
HgZijb`Z\_]hd]jm^bijhr_ilZeZwlh[m^_lg_qlhb[ukljhmfqZeZkvlhqghihedh\h^_p\hl
lhevdhdm^ZhgZboaZ\_^_l
WevaZ^_\mrdZaZ]eygmeZ\]hklbgmxg_`blvdwlhfm\j_f_gbhgZm`_\ufueZb^Z`_mki_eZ
\uiblvqZxohq_rvgZyaZ^mfZeZkvbj_rbeZZ^Zilbjh\ZlvgZa\Zgb_gZ[Zedhlhjucg_
kh\k_f[Ze"KdZadZ_klv^Z`_lZdZylZdgZ^hih^aZ\yau\Zlv^mfZlvh=jZgbGbdZZlhaZkdmqZx
�Y`_kem`ZgdZfZ]bkljg_m\_j_gghgZqZeZhgZgh]eZaZdjbqZebZ\j_Zevghklb_keb[u
]eZaZfh]ebdjbqZlvwlh[ueh[u`mldh[jj:qlhlZdh_kdZadZ"
lbiZ`kdZadm^ZfihqblZlvhlfZogmeZkvyhlb^_bjZkkdZau\ZlvqlhlZdh_kdZadbbijbf_ju
kdZahd
:agZywlm^_\mrdmijbp_iblkydZdde_sb[m^_liulZlv
FZ]bklj"
K_cqZkful_[yijbh^_g_fydh\Zjghmeu[gmeZkv\\_^vfhqdmxgmx[_krZ[Zrgmxbhq_gv
kh[eZagbl_evgmx_kebdlhlhkijhkblk_]h^gyluWeb\_^vfhqdZijbreZba:dZ^_fbbIhgyeZ"
�:\hlwlhgZrq_eh\_d
Gujgm\\k\hcijhkljZgkl\_ggucdZjfZg^hklZeZhllm^ZgZjy^dhlhjuch^_\ZeZgZ\lhjhfdmjk_
G_\Z`ghqlhwlh[uebfhbih\k_^g_\gu_\_sblmlkhc^_laZdhklxfK_[_`_yijb^mfZeZijhklh
hlebqguch[jZa[m^mKf_jlvx
KgZqZeZk[_]Zchlg_kbhlf_gyaZibkdmlhqg__yihrexfZ]bq_kdbc\_klgbdZlujZkkdZ`_rv
ih^jh[ghklbZihlhfijb^_rvh^_g_rvkybyjZkkdZ`mqlh[m^_rv^_eZlvb]^_\_k_eblvky
�_\mrdZ^Z`_ijblZgph\u\ZeZhgZ\hh[s_i_j_klZeZ\hkijbgbfZlvf_gydZdaeh[gh]hg_djhfZglZ
byg_[m^me]Zlvk_[_wlhijbylghohlvbg_\ibku\Z_lky\lZdlsZl_evghihkljh_gguch[jZaaehc
f_]_juij_ih^Z_s_bfZ]bkljZKf_jlbAZgZfb\gbfZl_evghgZ[ex^Zebljbahf[bkbgojhggh
ih\hjZqb\Zy]heh\m\lZdlgZrbfi_j_^\b`_gbyfihdhfgZl_kd_e_luyaZdjueZ\hl^_evghc
dhfgZl_ih]jmab\\klZabkohqmbamqblvdhklbb\uykgblvdhfmhgbijbgZ^e_`Zeb_klvmf_gy
g_kdhevdhfuke_cihwlhfmih\h^m
BlZdyhj]Zgbamx\_q_jbgdmdklZlbih^ZlZf_kebi_j_kqblZlvbijZ\^Zkh\iZ^Z_lk_cqZkm
gZrboOweehmbg^_\qhgdbgZ\_jgydZkh[_jmlkyLZdg_hl\e_dZlvkyIh^rmfhd\_q_jbgdb
ijhc^mkvihim]ZxgZjh^bihagZdhfexkvkg_dhlhjufbebqghklyfbbg_lhevdh
FhyaZ^mfdZ[ueZijhklZh^ghcbawlbo^_\mr_dijb^_lkyklZlvbfi_jZljbp_cZagZqblhgZ[m^_l
h[sZlvkykk_fv_c[m^ms_]hbfi_jZlhjZihwlhfmk_]h^gy\g_nhjfZevghch[klZgh\d_imklv
ihh[sZxlkykk_kljZfbijbgpZgZeZ^ylhlghr_gby
DZdybij_^iheZ]ZeZijbgp_kkukh]eZkbebkvbijZdlbq_kdbkjZamijbfqZebkvdhfg_qlh[u
ihemqblvp_ggu_mdZaZgbyDh]^ZyihdZaZeZqlhbf_gghhgb^he`gugZ^_lvbdZdgZdjZkblvky
kgZqZeZ[uerhdihlhfg_^h\_jb_kd_ikbkb\dhgp_^bdbcZaZjli_j\hhldju\Zl_eyHaZ^Zq_ggu_
^_\mrdbm[_`Zebdk_[_Zy\ua\ZeZfbkl_jZD\bdebOhq_rvg_ohq_rvghemqr_y^Zf
jZkihjy`_gb_ihZedh]hexq_fhgbkZfb[m^ml_]hbkdZlvGZc^mllmlkhfg_\Zlvkyg_ijboh^blky
g_ihgylghdZdh]hdZq_kl\Zbg_^Zc=jZgvhljZ\ylky
Fbkl_jD\bdeb\uagZ_l_qlhlZdh_dhdl_ceb"kijZrb\Zxg_baijZa^gh]hex[hiulkl\Zijhklh
^hwlh]hyg_\klj_qZeZbo\wlhc=jZgb
G_lfZ]bklj`ZedhagZqblijb^_lky[ulvi_j\hhldju\Zl_e_fg_lqlh[uqlhlhohjhr__
ijb\g_klb
:qlhh[uqghivxl\Zrb`_gsbgu"
bghb]jbklh_\bghgZklhcdbg_dhlhju_ivxl[he__dj_idb_gZibldbgjZ\blkyfg_wlhl
fm`bdg_\hafmlbfiheghklvx
Fh`ghyjZkkdZ`m\Zfj_p_ilZ\uijhke_^bl_qlh[uih\ZjZ_]h\uihegbeb\lhqghklb"
Dhg_qghy\Zk\gbfZl_evghkemrZx
J_p_ildhlhjucyjZkkdZaZeZfbkl_jmD\bdeb[uehq_gvijhklijbwlhfdjZcg_\dmk_gZ]eZ\gh_
k_cqZkwlhg_klm^_glugh^Zlvbf\hexg_fh]m
BlZdwlh[m^_lZj[ma mgbo^jm]h_gZa\Zgb_ghfg_ijb\uqghgZr_\fgm`gZ_]hfydhlvbkhd
dh`mjZZj[maZhklZ_lkyg_ljhgmlhc\g_c[m^_lf_rZlvkykZfdhdl_cevZbf_gghb]jbklh_\bghb
dmkhqdbZj[maZIhemqZ_lkyk\_`he_]dhb]eZ\gh_lhevdhe_]dZywcnhjbyY^mfZx^_\mrdZf
ihgjZ\blky
Fbkl_jD\bdebmr_ehl^Z\ZlvjZkihjy`_gbygZdmogxy`_i_j_^l_fdZdh^_\Zlvkyj_rbeZ
koh^blvijh\_jblv^_\qhghdbiha^jZ\blvKhnbxDZdybh`b^ZeZ^_\mrdb[uebm`_]hlh\uhgb
[helZeb\]hklbghc^jm]i_j_^^jm]hfo\ZklZebkvgZjy^Zfbbijhklh\_k_ebebkv
Ke_^hfaZfghc\dhfgZlm\hrebkem]bbijbg_kebih^ghkuk[hdZeZfb\dhlhjuoimaujbeky
�dhdl_cev_\mrdbkjZam\ayebdZ`^Zyihh^ghfmHklZevgu_[uebjZkklZ\e_gugZklheu\^hev
kl_gu]^_m`_djZkh\ZebkvaZdmkdb
Khnvy^_\mrdZih^gyeZkvke_^hfaZg_c\klZebbhklZevgu_^_\qhgdbgZf_gyhgbkfhlj_ebk
h`b^Zgb_fk_]h^gyij_djZkguc^_gv^_gvl\h_]hjh`^_gbyLZfhldm^Zyjh^hfijbgylh
]h\hjblvlhklih^gbfZy[hdZeaZbf_gbggbdZImklvl\hy`bagv[m^_lih^h[gZbgl_j_kghcbklhjbb
]^_lu]eZ\gZy]_jhbgyZg_fheqZeb\ucgZ[ex^Zl_evImklvml_[y[m^ml\ae_lubiZ^_gby
ljm^ghklbbboij_h^he_gb_kljZklvbex[h\vkf_obke_auyjdb_wfhpbb^jm`[Zb\_jZ\wlm
=jZgv^jma_cZ]eZ\gh_\k_[yLuij_djZkgZ\k\h_ckbe_bkeZ[hklb\k\h_cbg^b\b^mZevghklbg_
^Zcgbdhfmk_[ykehfZlvbebihf_gylvklZg_rvf_gylvkylh]^Zdh]^ZkZfZwlh]haZohq_rvAZl_[y
bl\hx`bagv\k_djbdgmebmjZbk^_eZebi_j\uc]ehlhd
:dhdl_cevlhih^hr_e\hgdZdkfZdmxl_]h\h\kx
�FZ]bkljZ\ug_[m^_l_i_j_h^_\ZlvkydijZa^gbdm"bZgZih^hreZdhfg_ijh^he`Zy
ih]ey^u\ZlvgZ^_\qhghddhlhju_gZqZeb^Zjblvih^Zjdbbf_gbggbp_mf_gylh`__klvih^Zjhdgh
_]hyih^Zjxiha`_
;m^mijhklhj_rbeZiha^jZ\blvb^Zlv\ZfhlfZrdmgZqbgZlv\_k_eblvkyihdZy[m^mg_fgh]h
aZgylZ
�:ZZgmohjhrhZdlhwlhfZ]bklj"bZgZihdZaZeZgZWevamdhlhjZy`ZeZkvd^\_jbqm\kl\my
k_[yy\ghg_\k\h_clZj_ed_
FhyihfhsgbpZlZdqlhg_h[b`Zcl___ohly_kebh[b^bl_yg_\bgh\ZlZyih^fb]gmeZZ
�bZgZkhkj_^hlhq_gghdb\gmeZ
AZWevamfh`gh[ulvkihdhcghcyihkfhlj_eZ_c\ebphbqmlvgZofmjbeZkvdb\dhf]heh\u
ij_^eZ]Zy_c\hclbbgZqZlvh[sZlvkyk^_\qhgdZfb^_\mrdZly`_eh\a^hogmeZghhlkl_gdb
hlebieZbijhreZdklhemkgZibldZfbhlbohjhrhfhcribhgijb]ey^blaZgbfbZyihc^m
ihagZdhfexkvkgZrbfbfi_jZlhjhf
dhjb^hj_y\klj_lbeZkvk[ebagyrdZfbhgb^jm`ghmeu[gmebkvbijhkdhevagmeb\]hklbgmx
imklvjZa\e_dZxlky
YgZ^_eZk\hcdhklxfgZdbgmeZgZie_qbq_jgucieZskdZixrhghfih]eZ^beZahf[bbihreZgZ
^_ehihdhbhl\_^_ggu_bfi_jZlhjmlZdijhklhg_ihiZklvbbagZqZevghyieZgbjh\ZeZk
ihfhsvxlvfuaZklZ\blvf_gyijhimklblvghwlh`_g_\_`eb\hZjZalZdijbijy`_fg_dhlhjuoK
�[Z[me_clhqg__kfZjdbahcZgd_gdhlhjZyhdZaZeZkv[Z[mrdhcJbdZgZbijZ[Z[mrdhcijbgpZb
ijbgp_kky^h]h\hjbeZkvijhklhbk_cqZkfu^he`gu\klj_lblvkygZe_klgbp_\_^ms_c\
hh[s_bo^\hj_pwlhfgh]hemq_\Zya\_a^Zp_gljhfdhlhjhcy\ey_lkyljhggucb[ZevgucaZeu
jZkieh`_ggu_gZ\lhjhfbi_j\hfwlZ`_khhl\_lkl\_ggh
hae_p_gljZevghce_klgbpuklhyeZfZjdbaZihklmdb\Zy\__jhfihi_jbeZfbyfh`_l[ulv
ihki_rbeZ[u\k_lZdbf_gym`_`^mlgh\g_rgbc\b^[Z[mevdbklZ\be\lmibdWlZqm^h`_gsbgZ
h^_eZ[_ehkg_`gh_ieZlv_ghqgmrdmygZ^_xkvqlhwlh\k_lZdbieZlv_\hehkudhlhju_m`_
k_^u_jZkimklbeZbgZp_ibeZreyidmk\mZevxgZiheebpZ^h\_jrZeh[jZa\__jbfmg^rlmd
ijbq_f[_aiZibjhku^_fhgug_dmjyl
FZjdbaZ"ih^hc^yhklhjh`ghiha\ZeZ__ihkdhevdm`_gsbgZkfhlj_eZ\^jm]mxklhjhgmhgZ
kjZamh]eygmeZkvbdZdih^iju]g_lrZjZogm\rbkvhlf_gy
FZlvfhy`_gsbgZwlh`_ghlmlhgZ\kfhlj_eZkvfg_\ebph\hl[_kh\Z^_\dZqmlvg_
^\bgmeZkvyhll_[y^mfZeZ\k_ijbreZdhklygZyaZ[Z[mrdhc
YijhdZreyeZkvklZjZykvkdjulvkf_obj_rbeZdh_qlhmlhqgblv
FZjdbaZZqlhaZwdkljZ\Z]Zglguc\b^m\Zk"
GZk_[yihkfhljb[mjdgmeZhgZghihlhfh[tykgbeZlZd\_q_jbgdZ`_dhklxfbjh\ZggZyy
\b^_eZ\gmqdbkh[bjZebkvbs_[_lZeb[_ahklZgh\dblZd\hlylh`_ihc^mlhevdhkgZqZeZdZd
^h]h\hjbebkvl_[yijh\_^mdaylxbwlhg_h[km`^Z_lky[ueZfukevh[tykgblvqlh_clZf\jy^
ebihgjZ\blkyghy__hlf_eZwlhcfh`_lbihgjZ\blkykj_^bfheh^_`b\_k_eblvky
:\u\dh]hgZjy^bebkv"dh]^Zfuihrebihdhjb^hjm\gZijZ\e_gbbihdh_\bfi_jZlhjZjZ^b
bgl_j_kZj_rbeZmagZlvqlhaZkljZgguch[jZa
LZdg_\_klZ`_ylZdm^b\e_gghbg_ihkj_^kl\_ggh\u^ZeZwlZg_ih^jZ`Z_fZy`_gsbgZqlh
fhb]eZaZkZfbklZebdjm]eu_
�_\kl\_ggbpZ"ya\blvg_ohjhrhghlmldf_klm
Q_]hg_llh]hg_l^Z`_^_^mf_gyg_i_j\uc[uelhevdh^hdhgpZ`bagblZdbg_ihgyewlh]hwo
fm`bdbyobobdgmeZwlh\k_dhdl_cevb^mjhklvkblmZpbbfZjdbaZlh`_gZqZeZobobdZlvy
g_\_klZ\u^_j`ZggZydZd\bghj`Zqmkbeb\ZekyybaxfbgdZkj_^bg_\_kl^ZqlhlZfy_s_lhl
njmdlkmohnjmdl\k_yg_fh]mkf_o^mrbef_gyZfuhdZau\Z_lkybd^\_jbih^hreb
ihkf_b\ZykvbiulZykv\aylvk_[y\jmdb
KljZ`gbdb[uebhq_gvhaZ^Zq_gubkfhlj_ebgZ^\moih^hajbl_evguo`_gsbgy\ghk]hlh\ghklvx
mkljZgblvghlmlfZjdbaZihdZaZeZdmehgdhlhjuc^hklZeZbaaZiZamobbhgbhlklmibebhgZ`_
ijhoh^yfbfhkZfh]hfheh^h]hihlj_iZeZ_]haZs_dmijb]h\Zjb\Zy
G_\_klZdl_[_ijbreZ^h`^ZeZkvfheh^pZl_i_jvluf_gyih^h`^bhgZ_fm_s_b
ih^fb]gmeZk_yk_cqZklmley]mb[m^me_`Zlv^Z\ykvkf_ohfDh]^ZyijhreZfbfhwlh]h`_
kljZ`gbdZbmeu[gmeZkvg_ihemqbehkvmeu[dmk^_j`ZlvhggZqZehk_^ZlvgZihe
WlhgZ\_jghhg[uekjZ`_gfh_cdjZkhlhcdZdgbdZdih^dZixrhgaZ]eygme[^bl_evgucZlZf
djZkhlZg_hibkm_fZyYgZk_[ybeexabxgZeh`beZbl_i_jvfh_ebph[uehqmlv\^ufd_ba
dhlhjhcijhklmiZeblZyeq_j_ikhk\_lysbfb]eZagbpZfbihwlhfmf_gy[Z[mevdZdhklyghcb
�gZau\ZeZZ_klvlZdhch[jZakf_jlbgZijbf_jmex^_chgb_s_kf_jlbdhkmijbibku\Zxlghy
khfg_\Zxkvqlhkf_jlbgm`gudZdb_lhk_evkdhohayckl\_ggu_bgkljmf_glu
Ayl_d\uoh^by\]hklbijbreZbkfhljbdh]hijb\_eZ]jhfdhijh]h\hjbeZ[Z[mevdZbba
dZ[bg_lZ\u]eygmefm`qbgZ\\hajZkl_Zm\b^_\gZkko\ZlbekyaZk_j^p_lug_[hckywlhkh
^\_jbbaaZdhlhjhc\u]ey^u\Ze
FZjdbaZaZ^mfZeZkvihkfhlj_eZgZbfi_jZlhjZgZf_gykgh\ZgZg_]hQ_]hfg_klhbehi_j_klZlv
kf_ylvkybk_cqZkg_aZj`Zlv^Z`_g_agZxij_kklhqgh[he_lv[m^_ly_]hhq_gvgZijy]eZ
DZdlhg_m^h[ghihemqbehkvlboh[mjdgmeZhgZlmlijhr_ilZebfi_jZlhj
FZfZ\uihijhsZlvky"fZjdbaZijbsmjbeZkvbdZd]Zjdg_l
G_^h`^_rvkykughdkughdijha\mqZehdZdjm]Zl_evkl\hwlhdl_[_bhgZrZ]\klhjhgm
k^_eZeZhlklmiZyhlf_gy[mjqZqlhlhg_ebp_ijbylgh_\Z^j_kayly
Zr__ebq_kl\hm^_ebl_fg_g_kdhevdhfbgmlhgdZdaZqZjh\ZgguchljbpZl_evghaZfZoZe
]heh\hcghf_gyg_hklZgh\blvfu_s_g_agZdhfuyfZ]bklj:dmebgZijb[ueZkx^Zih
ijb]eZr_gbxdjhgijbgpZqlh[uhj]Zgbah\Zlvhl[hjg_\_kl^ey_]h\ukhq_kl\Zfm`qbgZm`_
ml\_j^bl_evghaZdb\ZeagZqblkeurZeijhf_gyfufh`_fih]h\hjblv"
:ihq_fm\ulZdh^_lu"ijhkbi_ehgihlbjZy]jm^v\jZchg_k_j^pZ
B\wlhlfhf_gl\ihdhb\e_l_eZ`_gsbgZ\djZkghfdjZkb\ZylZdZy`_gsbgZbih^[_`Z\d
bfi_jZlhjmko\ZlbeZ_]h
W^\Zj^qlhkemqbehkvl_[_iehoh"hgZdhkgmeZkv_]hfZ]b_c\b^bfhk_j^p_ohl_eZih^e_qblv
ghhghmg_]ha^hjh\h_Z_]ho\ZlZgb_aZ]jm^vwlhf_`j_[_jgZyg_\jZe]byGhkljZggh[uehg_
wlhZfZ]bydhlhjhchgZ_]hdZkZeZkvGZf]gh\_gb_fg_ihdZaZeZkvqlhwlhg_djhfZglbyghg_l
\jh^_^Zj`bagb
k_ohjhrhDZljbgZ`_gsbgZ\b^bfhmkihdhbeZkvbh]eygmeZkvgZgZk\_kv__\b^]h\hjbe
qlhhgZfbeZyd\hqdZGh\k_]hf]gh\_gb_\__\a]ey^_yjhklvbaeh[Z\hlwlhdhdl_cevB]eZ\gh_
_cy\ghg_ih^mr_dZdylZdbfZjdbaZb_kebfZjdbaZihgylgh\k_lZdbjh^kl\_ggbpZ[u\r_c
bfi_jZljbpulhq_f_cyihf_rZeZ"
Hcyg_agZeZqlhlmldlhlh_klvijhklbl_ijhklhihqm\kl\h\ZeZqlhkW^hfg_ohjhrhb
ijb[_`ZeZhgZs_[_lZeZb\kyq_kdbklZjZeZkv\u]ey^_lvijb\_leb\hcghi_j\uc\a]ey^m`_
gZklhjh`be
G_klZjZckyDZljbgZihkfhlj_eZqlhkBfi_jZlhjhf\k_ohjhrh\hlbfheh^_pl_i_jvfh`_rv
b^lbblZdkmohwlh[uehkdZaZghfZjdbahcqlhy^Z`_g_kjZamih\_jbeZqlh]h\hjblhgZ^h
wlh]hklZjmrdZ[ueZhq_gvijb\_leb\hcya\bl_evghcg_lZdhcqhihjgh\ukhdhf_jghckl_j\hc
FZjdbaZ`_gsbgZ[e_kgmeZ]eZaZfb
FZfZgZqZebfi_jZlhjm]jh`Zxs_ghwlZDZljbgZ_]hi_j_[beZ
G_gZ^hW^fZjdbaZijZ\Zyihc^mblZdmg__ohjhrhihemqbehkv`_jl\mbah[jZablvhgZ_s_
j_\_jZgkk^_eZeZbmreZk^hklhbgkl\hf
FZfZaZq_f\ulZdhgZ\_^vg_qm`ZygZfb_keb\ug_aZf_lbebih^^_j`b\Z_lf_gyb\hegm_lky
aZf_gy
:_s_hgZEbaZ\_lmih^^_j`b\ZeZih^jm]hc[ueZBklhbehlhcmclbaZ=jZgv\f_klhg__ihkl_ev
l\hxkh]j_\ZlvklZeZDZdZyfheh^_p:i_j_`b\Z_lhgZaZl\hc\_g_pghlu\_^vmfgucb\_ebdbc
bfi_jZlhjlubkZfjZa[_j_rvkykm^yihebpmbfi_jZlhjZblhfmdZdj_adh[v_lfZjdbaZ
keh\Zfbl_fZ[ueZklZjhcbhq_gv[he_ag_gghc:ihke_^gb_keh\ZhgZgZ\_jgh__]hiZjh^bjh\ZeZ
Ba\bgbl_Zr__ebq_kl\hqlhij_ju\Zxgh\hafh`gh\uhl\_lbl_gZfhb\hijhkubymc^m
qlh[ug_f_rZlv\ZfkfZjdbahc"\kljyeZyihdZhgbg_klZebi_j_oh^blvgZ[he__k_jv_aguc
FZ]bklj]h\hjbl_fukkughqdhcgbdh]^Zg_\uykgbf\k_]hlhevdhdh]^ZhgkZf]eZaZhldjh_l
ghbfi_jZlhjukms_kl\Zg_`gu_b\k_agZxsb_]eZaZhldju\Zlvg_ex[yl[hevr_gjZ\blky`blv
\k\h_ffbj_
Bfi_jZlhjgZwlhl\uiZ^gbq_]hg_hl\_lbeZh[jZlbekydhfg_
Ijhc^_fl_\dZ[bg_lfZ]bklj\_`eb\hdb\gmeZihke_^h\ZeZaZohaybghfihdh_\\_]hebqguc
dZ[bg_lfZjdbaZg_hlklZ\ZeZghihijhkblv__hklZlvkyyg_ih^mfZeZfg_hgZg_f_rZ_lZ
bfi_jZlhjmbih^Z\gh\b^g__dm^ZimkdZlvbg_imkdZlvfZjdbam
\r\r\r
JZa]h\hj[ueg_bae_]dbobfi_jZlhjy\ghhq_gvly`_euc\h[s_gbb^_fhgZk_cqZkhg[ue_s_b
g_\^mo_hlkeh\fZjdbaugZfhb\hijhkuhghl\_qZekg_hohlhcb[Z[mevdZi_jbh^bq_kdb_]h
ibgZeZqlh[u\k_lZdbhl\_lbeihghjfZevghfmLhedhfgbq_]hg_\uykgb\ym`_\klZeZmclb
dh]^Z\^\_jyoh]eygm\rbkvaZ^ZeZihke_^gbc\hijhk
Ba\bgbl_Zr__ebq_kl\hZme_^bdhlhjZyaZoh^beZijbgZkd\ZfdZdhcfZ]bq_kdbc^Zj"
MDZljbgu"HgZfZ]`bagbijha\mqZehy\ghkm^b\e_gb_fgm^Z_kebfZ][jhkZ_lky
kdZgbjh\Zlv[hevgh]hlheh]bqghqlhwlhfZ]`bagb
k_lZdgh__fZ]by[ueZg_lZdhcdZdmfZ]h\`bagb
�ZjhgZmgZke_^h\ZeZhlfZl_jbg_agZxihq_fmj_rbe^h[Z\blvbfi_jZlhj
Hl_p__lh`_[uefZ]hf`bagb"g_gm`guc\hijhkghk\h_cbglmbpbby^h\_jyx
G_l[Zjhgg_h[eZ^ZefZ]bq_kdhckbehchg[ueh[uqguc^_fhg
:]Zbg_[uehlphfDZljbgug_kfheqZeZfZjdbaZZydZdkh[ZdZdhlhjZy\ayeZke_^
ih\_jgmeZkvdfZjdba_\a]ey^hfijhkyijh^he`_gbyoh^ylkemobqlh[Zjhg_kkZbaf_gbeZk
g_djhfZglhf\hlhghqlhghylhevdhdb\gmeZ^_eZy\b^qlhfg_[hevr_g_bgl_j_kghIjbwlhf
\gmljbdZddhehdhevqbda\_g_e\wlhfqlhlh_klv
Dh]^Z\urebbaihdh_\bfi_jZlhjZgZihjh]_gZk\klj_lbegZqZevgbdkem`[u[_ahiZkghklb]jZn
FbdZwevLjbg
FZjdbaZ\_`eb\hihdehgbekybihp_eh\Ze_cjmdm]jZnylZdihgbfZx\ujZa\e_dZ_l_kv
kljZsZyfhbo[hcph\"fm`qbgZ[uek_jv_a_ggh]eZaZ\_k_ebebkv
QlhkdZaZelhlfbeucxghrZ"dhd_leb\hkijhkbeZfZjdbaZihijZ\eyy\mZev
ug_ih^jZ`Z_fubdZd\k_]^Zij_djZkguhgkgh\Zkdehgbekyd__jmd_
Hobijhc^hoZluFbdZwev^Zfkdbcm]h^gbdhgZ\_kehjZkkf_yeZkvgh[Z[d_ijbylgh
FZjdbaZ\hafmlbekyhg
M`_lZdfgh]he_l__y\eyxkvZ`lhrghlZdqlhlZfxghrZ"
�heh`beqlhdg_fmijbreZg_\_klZZaZg_ckf_jlvbh[_hgbgZijZ\bebkvdbfi_jZlhjm
ijhkblvjZaj_r_gbygZk\Z^v[mkgbfgh\b^bfhg_\_klZg_\u`beZihkdhevdm^he]h`^ZeZ_]h
jh`^_gbyfZjdbaZkemrZeZbohohlZeZohjhrhdZixrhg[hevrhcg_\b^ghfh_cmeu[dby
j_rbeqlhhgivygbhlijZ\be\gZjy^ghl_i_jvih`Zemc^h[Z\ex_s_h^bgaZeh`gmx
bgnhjfZpbxFZjdbaZ\ugZ^_xkvkBfi_jZlhjhfg_ihjm]Zebkv"hq_gvijhgbpZl_evghaZf_lbe
hg
G_lhgkhfghckZfihjm]Zekyfbehmeu[gmeZkvhgZg_i_j_`b\Zckgbf\k_ohjhrh^Z`_
DZljbgZaZ[_]ZeZijh\_jblvijba\md_wlh]hbf_gbhgqmlvgZofmjbekygh[ukljhklZehiylv
HoFbdZwevaZ[m^v__hq_gvlbohkdZaZeZfZjdbaZlZdqlhyg_^he`gZ[ueZmkeurZlvghy
jZkkeurZeZlvfZihfh]eZmeZ\eb\Zy\b[jZpbx
JZ^[u^Zg_fh]mh^gbfb]m[Zfbhl\_lbehg
?fmkdZ`bgZdhg_plZd`_lbohhl\_lbeZfZjdbaZ
G_lhgohly[uh`bekg_cg_fh]m
Gmb^mjZd]jhfdh\u^ZeZfZjdbaZb\dhgp_ijbi_qZlZeZgZr_ebaaZdh]h]Z^bgZhgZblu
kZfwlhagZ_rv
Ihke_jZa\_jgmeZkvbihreZijhqvy`_ke_^hfghijhc^yg_kdhevdhrZ]h\hgZh]eygmeZkvblboh
kdZaZeZ
IjhklbklZjmomi_j_`b\ZxaZl_[yfZevqbd
AgZxhgihdehgbeky\agZdijbagZl_evghklbg_]Zlb\Z\g_fyg_hsmlbeZlhevdh[hevblhkdm
FZjdbaZhimklb\ie_qbihreZijhqvYg_f_rZeZfg_[uehqlhh[^mfZlvFbgmlq_j_aiylvhgZ
\klj_i_gmeZkv\ujh\gyeZkvbh]eygm\rbkv\u^ZeZ
B^_f\_k_eblvkyZlhdmqm\j_f_gbihljZlbebgZwlh\k_Zmf_gy\j_fy^hjh]h\^jm]kdhjh
k_kljbpZl\hyijb^_lf_gyaZ[bjZlvZy_s_dhdl_cebg_\uibeZfm`bdZg_gZreZbfheh^hklvg_
\kihfgbeZymeu[gmeZkvwlhc`_gsbg_bdb\gmeZqlhmkdhjy_fky
Fg_[ueh__`ZevI_j_`blvk\hx^hqvfm`Z\gmqdmgZ^h[ulvhq_gvkbevghcqlh[ug_mclb
ke_^hfaZjh^gufbZhgZ`b\_l_s_bjZ^m_lky`bagb^jZagblijZ\gmdZaZfurey_lqlhlhk
ijZ\gmqdZfbblhevdhh^ghc_cba\_klghdZdhgZaZ[hblkyh\gmd_KbevgZy`_gsbgZY
\hkobsZxkv_xlZdqlhfZe_gvdbcijZa^gbdgZdhlhjhfhgZih\_k_eblkywlh^_ckl\bl_evgh
fZehklv
\r\r\r
u^mfZ_l_dh]^Zfuijbreb\]hklbghcohlvdlhlh[ue"AjyhgZ[ueZimklZfZjdbaZhq_gv
dZjlbgghih\_jgmeZkvdhfg_y`_gZofmjbeZkvihl_jylvih^hi_qguog_hq_gvohjhrbcih\hjhl
Oh^blvjZkkijZrb\Zlvkem]g_\b^_eebdlhbagbolheimjZa\jZlghh^_luo^_\bpyihkqblZeZ
g_ijZ\bevgufihwlhfmijba\Z\lvfmhlimklbeZ__smiZevpZ\h\k_klhjhguAZfbgmlmy
ihqm\kl\h\ZeZhldebdihwlhfmj_adhjZa\_jgm\rbkvihreZ\gm`ghfgZijZ\e_gbbReZyhq_gv
�[ukljhihlhfmqlhke_^moh^be\iZjdZwlhfg_kh\k_fg_gjZ\blky_\qhgdbagZxlbfgZmebpm
emqr_g_\uoh^blv^Zbkgbfb`_hojZgZFukebklZebfjZqgu_ZgZ^h[ueh_s_k[_`Zlvih
�e_klgbp_i_j_clbi_j_oh^hiylve_klgbpZb\uoh^\iZjdhe]hGZ]g_lZylvfmyijZdlbq_kdb
[_`ZeZih^[_`ZeZdhdgmju\dhfjZkiZogm\_]h ohjhrhe_lhbhdgZhldjulu\ffZl_jbZebah\ZeZ
djuevybalvfubj_adhiju]gmeZ\gbaKhklhjhgukfhljblky`mldhghqvxdjuev_\g_\b^gh_s_b
\ky\q_jghfykfhljxkvqZklvxghqbkZfhclvfhc
\r\r\r
IhijZ\^_]h\hjyihdZygZmqbeZkve_lZlvkihfhsvxdjuev_\balvfuijhrehfgh]h\j_f_gbb
rbr_d[uehfgh]hdZdbkbgydh\bkkZ^bgh^bgjZaf_gyaZlj_gbjh\dhcaZklZej_dlhj
FZ]bklj\ugbdZdmqbl_kve_lZlv"_ob^kl\Z[uehgZlheimlZdihq_fmg_gZf_le_dZd
bklbggZy\_^vfZ"gZ^h[uh[tykgblv\_^vflmlg_lbbfbdZd[ujm]Zxlkyh[au\Zy`_gsbg
:gZf_le_fZ]bkljym`_mf_xZ\hlkdjuevyfbg_lkwlbfbkeh\Zfbyiju]gmeZ\gbab
lhevdhi_j_^a_fe_caZlhjfhabeZ\k_wlh\j_fyfm`qbgZiulZekygZeh`blvgZf_gyqZjuqlh[ug_
_^vfZ\ufZ]bkljhq_gvih^q_jdgmlhh[jZlbekydhfg_j_dlhjdh]^ZyihjZ^h\ZeZkvqlh\k_
lZdbkfh]eZaZlhjfhablvbg_jZa[blvkyIhkfhlj_eZgZg_]h
LZdy\Zfh[wlhf]h\hjbeZZ\u\k_^mfZebkZfhdjblbdZbg_`gZymeu[dZhkdZehglh]^Z
fheqZjZa\_jgmekybmr_eZ\ke_^mxsbcfhcihoh^aZnbgZgkbjh\Zgb_f^eyeZ[hjZlhjbb\u^Ze
\k_qlhyijhkbeZijbylgh
\r\r\r
Hqmf_lv\hlwlhi_gkbymf_gydjbqZeZfg_\ke_^fZjdbaZ\u]ey^u\Zy\hdghy`_
kieZgbjh\Z\ijba_febeZkvlhqghi_j_^^_\mrdZfb
Ihkdhevdm[Zjurgb[uebgZ\_k_e_hgblhevdh^jm`gh\a\ba]gmebhl\hklhj]ZZ\hlbohiihg_glu
iZjgbijbkmlkl\mxsb_ijblj_gbjh\d_\wlhf`_iZjd_^jm`ghk]ehlgmeb
YgZreZ\a]ey^hfhojZgmbfhb[jh\bihiheaeb\\_johojZgZ[ueZh[_a^\b`_gZghk\_jdZeZ
]eZaZfbihoe_s_f_gybok_cqZkhlimklbbdhfmlhg_iha^hjh\blvky
Qlha^_kvijhbkoh^bl"hq_gvkihdhcghblbohkijhkbeZyi_j_\h^y\a]ey^k^_\mr_dgZfm`qbg
M]hs_gv_beb]Z^hklvibkdgmedlhlhba^_\qhghdq_klghg_jZkkfhlj_eZdlhihkdhevdm
bamqZeZiZjg_cbqlhlhf_gykfmsZehihdZyg_ihgyeZiZjgb\k_[_abkdexq_gby[ueb[_a
jm[Zr_db[hkbdhf
Y\ujZabl_evghihkfhlj_eZgZ^_\mr_dghhgbklhyebdZd[hcpui_j_^]_g_jZehflh_klvk
ebpZfbhlfhjh`_ggufbbke_]dZijb^mjdh\Zlufb
�bZgZihq_fmfm`qbgug_h^_lu"
FZ]bkljhgbmkhfgbebkv\gZk\gZr_f\g_rg_f\b^_bg_ih`_eZeb\u^Zlvm]hs_gvyZ
ij_^eZ]ZebjZagu_g_ihlj_[ghklbfhb]eZaZhdjm]ebebkvIjhklhfm`bdbdZdhdZaZehkvlh`_
[uebh[_a^\b`_gudhee_dlb\gufjZamfhffuj_rbeb\uihegblv\lhjmxqZklv\ujZ`_gbyb
\u^Zeb]Z^hklv\hlm`lhqghh^bgjZamfgZ\k_oblhlivygucGhh[sbfj_r_gb_fklZehykgh
g_ihlj_[ghklbohq_lkyijbq_f\k_fGhfZ]bkljkdZaZeZgbgb\hlfubgbgbghkfhlj_lv`_g_
aZij_sZeb"blZdhcg_\bgguc\a]ey^gZf_gyy`_\dhlhjucjZaaZ\_q_jihiulZeZkvg_kf_ylvky
Qlh^Zevr_^he`gu^_eZlvwlbg_kqZklgu_mkhfgb\rb_ky\fhbo\_^vfhqdZo"]jhaghkijhkbeZ
yih^u]ju\Zy^_\qhgdZf
LZgp_\Zlvkljbilbaohjhfbihkeh]Zf\u^Zehfh_\hbgkl\hbyk_jv_aghdb\gmeZ
Ijh^he`Zlv
?klvijh^he`ZlvbdZ^Z\Zc\hlhdZau\Z_lkydlhlmlfh`_lh[_a^\b`b\Zlvh^gZbaijbgp_kk
EbdZ]hlh\vkyyi_j_reZgZfZ]bq_kdh_aj_gb_b_e_k^_j`ZeZkvqlh[ug_Zogmlvwlb
iZjrb\db\^\h_ffZ]b`bagbbg_ijb^mfZebgbq_]hmfg__dZdbkihevah\Zlvk\hxkbemqlh[u
mijZ\eylvl_eZfb^_fhgh\
Ex[hcfZ]`bagbfh`_lh[_a^\b`blviZpb_glZfh`_laZklZ\blv^\b]ZlvqZklyfbl_eZlZdh_ijb
hi_jZpbyoijZdlbdmxlqlh[uagZlvqlh\k_krb\ZxlijZ\bevgh
K_f_jdZrbdZjguoihem]heuo^_fhgh\gZqZeb^\b]Zlvkyijbq_f^Z`_\iheg_wjhlbqghZfhc
[ZlZevhgklZeobobdZlv:ihlhfKhnvykZfZyfbeZybhq_gvkl_kgbl_evgZy^_\hqdZiheh`beZ
eZ^hrdmgZ]jm^vh^gh]hbalZgphjh\\_^vlZgp_\Zebhgb\hdjm]g__bf_gbggbpZdZdgbdZd
;ZlZevhgih^^_j`ZemexexdZgv_fZhgZ_s_bih]eZ^beZiZevqbdZfbb_keb^hwlh]hhl^_fhgh\
rebh^gbg_]Zlb\gu_wfhpbblhdhgdj_lgh]hhlwlh]hijbrehm^b\e_gb_baZbgl_j_kh\ZgghklvZ
Qlha^_kvijhbkoh^bl"]jhfdhby\gh\rhd_kijhkbedjhgijbgpdhlhjuchdZaZehkvlmljy^hf
klhblbg_h^bgZk]jZnhfR_jfZghfhgdZddjb\blkyqlh[ul_[ylZdbkdjxqbehhgb
DbjbgZklhblmg__gZebp_gZibkZgZh[b^ZIh^klZ\Z
�_\qhgdb\a^jh]gmebijbgp_kkui_j_\_ebm^b\e_gguc\a]ey^gZ[jZlZhldjuebjhl _kl_kl\_ggh
baaZihl_jbdhgp_gljZpbbihl_jyebgblvmijZ\e_gby^_fhgZfb\fZihlhfhgb]jhfdh\a\ba]gmeb
^Z\dhfZg^m
Zebfb\k_ih[_`Zebfg_lh`_aZohl_ehkvih[_`Zlvgh\jh^_g_kheb^ghZijbgpm`_gZf_gy
kfhljbllZdg_^h[jhDbjbgZih^rmfhdlh`_k[_`ZeZ\ke_^^_\qhgdZfZjy^hfk_\ijyfhgZ
em`ZcdmmfbjZeZhlkf_oZfZjdbaZ
FZ]bklj"ykm^hjh`ghijb^mfu\ZeZqlhkdZaZlv
gmq_dihfh]b[Z[mrd_g_ih^gbfmkvkZfZijbgpih\_jgme]heh\mdg_cbkaZ^_j`dhc\k_
lZdbihfh]hgZ`_g_hklZgZ\eb\Zykvkf_yeZkvZijhbkoh^bllml\gmq_dijh\_jdZg_\_klgZ
\hafh`ghklv^ZlvhlihjbaZ^_j`Zlv]bihl_lbq_kdboij_klmigbdh\y\f_kl_kijbgp_f
kd_ilbq_kdbihkfhlj_eZgZ[Z[mrdmb^_\qhgdbfheh^puij_\ahreb\k_fhbh`b^Zgby
;Zwlhl\hbojmd^_eh"klZdbfm^b\e_gb_fkijhkbehg
:qvbo`_yj_rbeZqlhlh`_^he`gZmkljhblvijh\_jdmlZd\hlfhc\_j^bdl\k_ijhrebb
hgZ\ay\ijbgpZih^jmdmpZjkl\_gghih\_eZijhqvZlhqg__ihlZsbeZ_]h\h^\hj_p
Ijbgp_s_g_kdhevdhjZagZf_gyh]eygmekykhq_gvih^hajbl_evguf\b^hfghyklhyeZZ[khexlgh
kihdhcgZy\^mr_m]hjZyb\hkobsZykvh]hgvZg_[Z[Z
FZ]bkljwlhqlhk_cqZk[ueh"aehijhrbi_e]jZnfg_ihqlbgZmoh
G_rbibl_\ug_af_ybie_\ZlvgZf_gylh`_g_h[yaZl_evgh:ijhlhqlha^_kvijhbkoh^bl\u
`_keurZebfZjdbamfh`_f_s_mfm`qbg^h[jh\hevghkh]eZkb\rbokyihfhqvfZjdba_kijhkblv
yih\_jgmeZkvdfm`qbgZfm`_\_jgm\rbfk_[_kihkh[ghklv^\b]Zlvkybih^gyeZ[jh\v^Z\Zy
\hafh`ghklvih^l\_j^blvfhbkeh\Z
LZdb_klvfZjdbaZihijhkbeZfukh]eZkbebkvihfhqvj_r_gbyf^_\mr_d[uebm^b\e_gukh
k\h_cklhjhgu]hlh\uih^l\_j^blvijhlb\hklhylvq_fmeb[hg_fh]ebZagZqbl^_\mrdbg_
[_aaZsblguihke_q_]hfm`qbgZihdehgbeky]h\hjbewlhlhldhlhjh]hKhnvy]eZ^beZBihlhfm
dZdhg[ukljhdbgmegZf_gy\a]ey^b\klhjhgm^\hjpZdlhlhy\ghaZbgl_j_kh\Zeky
;j_^j_axfbjh\Ze]jZngh_fmgbdlhg_hl\_lbe\uihegycl_jZ[hlmbaaZdhlhjhc\Zk
gZgyebgZqZehgohl_e\b^bfhaehklvkhj\Zlvghg_ihemqblkyyi_j_[beZ
=jZn\ug_aZ[uebdlhy"uk_jv_aghkh[bjZ_l_kvhlqblZlvbgZoZfblvfZ]bkljmKf_jlb"Zfg_
]h\hjbebqlhg_djhfZgluaehiZfylgubhq_gvl_ji_eb\u"K_cqZkhlhfsmbihke_kf_jlbhlhfsm
\Zr_cmlhqgbeZ\ujZabl_evghkfhljygZaeh]h]jZnZih^gbfmb[m^mfklblvfgh]hjZa
ihke_kf_jlb_fh`_l[ulvm`Zkguf
ufg_m]jh`Z_l_"\hlg_cf_lky
Ij_^mij_`^Zxm`_gZqbgZxyaeblvky
�Ihq_fm\ua^_kvdh]^Z\Zrbh[t_dluhojZgu\h^\hjp_"]hehkehj^ZZgd_gZ[uekmob
[_awfhpbhgZe_g
�=jZnR_jfZg\a]eygm\gZZgd_gZjZa\_jgmekybg_ijhsZykvmr_eoZfHojZgZlh`_
\klj_i_gmeZkvbj\ZgmeZijhqviZjgb\b^bfhijboh^beb\k_[yhlh[_a^\b`b\Zgbybkm^yihlhfm
FZ]bkljym`_j_rbeZ[m^_lqblZlvfhjZevohjhrZyghqvijhc^_fky"ydb\gmeZg_fgh]h
k[blZyklhedm
Fu\urebgZljhibgdmbihreb\^hevdemf[kp\_lZfbghqvbijZ\^Z[ueZqm^_kgZyhgZiZoeZ
i_lmgv_ck\_jdZeZa\_a^ZfbbfukebgZkljZb\ZeZg_gZjZ[hqbceZ^ZgZjhfZglbdm
Ihq_fm^_\mrdblZdkljZgghh^_lublj_[mxl_^m"Hgbg_^h_^Zxl"ykijylZeZmeu[dm
gZdehgb\]heh\mfm`qbgZr_ef_^e_gghbjZaf_j_ggh^_ckl\bl_evgh]mey_l
Wlh\_q_jbgdZb__keh]Zgm]hs_gvybeb]Z^hklvhgofudgmebijhfheqZeZfg_klZeh
bgl_j_kghqlh\u[jZeb\u"
JZkihjy^beky^Zlvdhgn_lZ_s_ibjh`guohj_oh\b[bnrl_dkihke_^g__f_gyhldjh\_ggh
m^b\behh^gZba^_\mr_dih^kdZaZeZZhgbf_gyijhimklbeb^Zevr_b^lb[uehaZ[Z\gh\h
�^\hjp_^Z\ghgbdlhlZdg_\_k_ebekydZd\Zrbih^hi_qgu_Zbijhreu_hl[hjuijhoh^bebg_lZd
qZklhijboh^behkvjZagbfZlv^_\mr_db\uykgylvdlhq_]hbdhfmih^ebeZlml[ZlZevhg^jm`guc
B\hl_]hnjZaZ[ZlZevhg^jm`gucih^kdZaZeZqlhdlhlhZdlb\ghaZgZfbke_^blghihq_fmlhg_
jZkk_j^beZZgZh[hjhl\gmljbihl_ie_eh=emihYgdZl_[_g_\hk_fgZ^pZlvb^Z`_g_^\Z^pZlvb
^Z`_\k_;hevr_^Z`_\fukeyog_^mfZch\hajZkl_
Qlh[m^_laZ\ljZm`_j_rbeb"
Ohqmhl\_klbbo\rdhemhgm^b\e_gghihkfhlj_egZf_gyy`_j_rbeZh[tykgblv\j_f_gb
g_l\h^blv\h\k_ijh[e_fgu_f_klZbfi_jbbghyohqmihdZaZlv\k_gZijZ\e_gbyihdhlhjuf
fh`_ljZ[hlZlv[m^msZybfi_jZljbpZ:ihfbfhwlh]hihdZaZlv^_\mrdZfqlh`bagvb^_l\g_bo
fbjdZ\^jm]dh]hlhwlZ`bagvaZbgl_j_km_l
uagZ_l_qlhhgb\k_kbjhlu"
�Z
uihgbfZ_l_qlhklZgh\bl_kv^eygbogZklZ\gbdhfhgb\_^vijb\yau\Zxlkyd\Zf^Z_s_b
dj_klghcn__cgZau\ZxldklZlbdlhwlh"yfuke_ggh^ZeZk_[_ih^aZluevgbdihdZaZeZykdZadm
Weva_g_^mfZeZlhevdhqlhhgZ__kjZamijhql_lbgZqg_lbkihevah\Zlv\ujZ`_gbyhllm^Z
Ebl_jZlmjguci_jkhgZ`]eZ\gh_kihdhckl\b_
?]hkeh\Zf_gy\a[m^hjZ`bebHgijZ\ghdZdlhyg_lZdgZ\k_wlhkfhlj_eZyijb\udeZqlh\
`bagvklm^_glh\ylhevdhhlqZklb\gbdZxZ]jmiiumf_gyg_[uehZlml^Zy\gbdZxbwlhfh`_l
klZlvijh[e_fhcghih^jm]hfmm`_g_ihemqblky
Bgl_j_kghihqblZxYhl\e_deZkvhlk\hbofuke_cgZfm`qbgmb^ms_]hjy^hfohjhrhg\k_
lZdbijbq_fhq_gv
Zfg_ihgjZ\blky
Ihq_fm`_"
Wlh^eygZb\guofZe_gvdbo^_\hq_dZ\uy\ghg_\wlhc\_kh\hcdZl_]hjbb
Gh\u`_qblZ_l_Zlh`_ml\_j`^Z_l_qlhg_gZb\gZy^_\hqdZhgfy]dhmeu[gmekyy
meu[gmeZkv\hl\_lbgl_j_kghijhqblZlvkdZadb\Zr_cjh^bgu
Wlhg_fh_cwlhkdZadZba=jZgbex^_cghh[wlhfijhfheqm
k_jZ\ghfuihfheqZeb_s_iZjmfbgmlbhghiylvaZ]h\hjbe\u[uebmbfi_jZlhjZbdZd
\Zf"
G_agZx_s_g_j_rbeZ\b^_eZex[h\gbpmhgZih^hajbl_evgZy\ug_agZ_l_dZdhcmg__
HgZfZ]`bagbkihdhcghih\lhjbelhqlh]h\hjbldZ`^ucZy\k_fgmljhfk\hbfg_\_jx
M]m[mjdgmeZ
ZkqlhlhgZklhjZ`b\Z_l"
�Z__fZ]byb__hl]hehkdbwlhg_fZ]by`bagbbebg_kh\k_fhgZijhklhfug_djhfZglufZ]bx
`bagbqm\kl\m_fhkljhdZdijhlb\hiheh`ghklvZk_]h^gyy__ihqm\kl\h\ZeZg_lZd\jh^_bg_fh_
ghkha\mqgh_ZlhevdhihlhfijbreZijhlb\hiheh`ghklv
YmagZx[he__ih^jh[ghb\hlwlZ_]h\_jZ^h[Z\beZl_iehlu\_^v^jm]hcfh][uhlfZogmlvkyb
lml\hafh`ghb]jZ_ljhev_]hijhn_kkbyghfg_\k_jZ\ghijbylghg_hlfZogmekyZijbkemrZeky
Fg_ihjZd^_\mrdZfihdZhgb\_kv^\hj_pgZgh]bg_ih^gyebfg_[ueh`Zevwlh]h\hjblvb
lZ]jmklvdhlhjZyihk_ebeZkvihke__]hkh]eZkbyaZklZ\beZaZ^mfZlvkyQlh[ebgYgdZ
ijhbkoh^bl"BkZfhc`_k_[_^ZlvibgdZ
�Z\Zc[_ap\_lhqdh\b^mjhklbl_[y\e_q_ldwlhfmfm`qbg_HggjZ\blkyl_[_ghwlhg_\ZjbZgl
JZ[hlZwlhjZahg]eZ\Zjh^Zwlh^\Zbhg^_fhgwlhkZfh_]eZ\gh_ljbGbdZdbo^_fhgh\\
fh_c`bagb[hevr_g_[m^_l
Fm`qbgZijh\h^bef_gydgZr_fmdhjb^hjmbih`_eZeijbylgh]hhl^uoZjZa\_jgmekybmr_eZy
h]eygm\rbkvh^bgjZaaZreZ\]hklbgmx]^_gZihem\ih^mrdZo\Zeyebkv^_\qhgdbih_^Zy
keZ^hklbbjZkkdZau\ZyfZjdba_ \hlg_m]hfhggZym`_lml\fdZdhgb\_k_ebebkvHojZgZhklZeZkv\
dhjb^hj_b[uebfm`bdbk_j^bluaZ\ljZih]h\hjxkfZchjhfEmdZkhf
:l_i_jvfg_bih^jh[ghqlhlml[ueh"\ay\k_[_klZdZgkkhdhfk_eZ\dj_kehgZijhlb\gbo
kdbgm\ieZsih^gbf[uehdjm`_\gh_ieZlv_gZq_oe_ih\lhjyxs__\k_ba]b[uhllZdZykf_jlv
hgZ[u\Z_lk_dkmZevghc
��_\mrdbjZkkfhlj_ebf_gybbZgZkijhkbeZ
�FZ]bkljZehj^Zgd_g\b^_e\Zk\wlhfieZlv_"ygZofmjbeZkvg_ihgbfZydq_fmwlhgh
hl\_lbeZq_klgh
G_l
Ih\_aeh\gmqdmohlydZdkdZaZlvfh]k_cqZk[ulvkqZkleb\:lZdbg_magZ_lqlhkdju\Zewlhl
[ZeZohghloe_[gmeZdhdl_cev[Z[mevdZ
�Z_fmo\Zlbeh\a]ey^ZgZgZkY_s_ih^mfZeZqlhhghlebpZdebpm\a]ey^i_j_\h^bl"BkdZeZ
ihlhflZd]jhaghkijhkbe]^_fZ]bkljghfug_[m^v^mjZfb\k_jZkkdZaZebqlhfZ]bklj\iZjd_k
�ijbgp_fbZgZobljhmeu[gmeZkvZ^_\qhgdbi_j_]eygmebkvaZ]h\hjZhgdZdj\Zg_llZd
fqZekylZdfqZeky
:]Zgbadhihe_l_ed^h`^xaZkf_yeZkvMevygZ\k_aZkf_yebkvke_^hf
IhlhfhgbjZkkdZau\ZebdZdbfklZehkdmqghbhgbihrebrZeblvqlhhojZgZreZke_^hfb
iuol_eZZihlhfhgbgZldgmebkvgZwlboijhoZ`b\Zxsboky\hae_gZr_]hdhjb^hjZaZ\yaZeky
jZa]h\hjbdZdj_amevlZlgZdZaZgb_Ihq_fm\iZjd_"Qlh[ugbdlhg_ihf_rZeYlhevdhihfZoZeZ
]heh\hc[Zg^bldbGhjm]Zlvg_klZeZaZ\ljZgZihfgxijhl_ogbdm[_ahiZkghklbbo\ZlblIhlhf
f_gyaZbgl_j_kh\ZeZDbjbgZ
:qlhlulZd[ukljhkm`bgZijbreZ"^_\mrdZihdjZkg_eZbjZkkdZaZeZgZfdZdhgZm`bgZeZ
HgZ\hkijbgyeZfhbkeh\Zijh[ukljh[md\Zevghbdh]^Zijbg_kebi_j\mxi_j_f_gm[ex^
gZdbgmeZkvgZ_^mbkt_eZ\k_aZiylvfbgmlijbgpaZwlh\j_fyg_ijh]ehlb\rbcgbdmkdZ\h\k_
hgZ^h_eZ^_k_jlijbgplhevdhibe\bghbke_^beaZg_cb^bfh^mfZeqlhlZdmxijhs_m[blv
q_fijhdhjfblv
GZ_]heh]bqguc\hijhkqlhhgZ\b^bfhkebrdhf]heh^gZ^_\mrdZihdb\ZeZZihlhfj_rbeZ
[ukljh\u^ZlvbgnhjfZpbxijhdhlhjmxy_c]h\hjbeZ
HgZ[_aaZibgdbijhlZjZlhjbeZ\k_qlhhgZex[blbg_ex[blZihlhfkdZaZeZqlh_cihjZ\klZ\
\kihfgbeZijhjZa]h\hjuhih]h^_J_adhih\_jgmeZkvb\u^ZeZk\h^dmih]h^ugZ[eb`Zcrmx
g_^_exki_pbZevghi_j_^m`bghfaZoh^beZ\f_l_hp_gljmlhqgyeZNbgZehfklZehk_dkmZevgh_
h[ebau\Zgb_]m[bgZfZlu\Zgb_ehdhgZgZiZe_p\k_lZd`_\mkdhj_gghfj_`bf_Ijbgpdwlhfm
\j_f_gb[uem`_hdhgqZl_evgh^_fhjZebah\Zgbgbq_]hg_kfh]\u^Zlv\hl\_lghdh]^Z^_\mrdZ
ihijhsZeZkvbihiulZeZkvk[_`Zlvihke_^h\ZeaZg_cZlZfb]jZn_]h^h]gZeZihlhfhgbm\b^_eb
dZdy\ue_l_eZ\hdghb^Zevr_ihfqZebkv\iZjd
Yg_\u^_j`ZeZbkf_yeZkv\f_kl_kh\k_fbij_^klZ\eyywlmdjZkb\mx^_\mrdmaZlZedb\Zxsmx
fykhb[ukljhlZjZlhjysmx\k_k\_^_gvyhk_[_
LuihgyeZ\k_[md\Zevgh\dhgp_hlkf_y\rbkvijh]h\hjbeZy
�Zym`_^h]Z^ZeZkvghhq_gvohl_ehkvgZ\_q_jbgdmd\ZfhgZkfms_gghmeu[gmeZkvZy
ihjZ^h\ZeZkvhgbbijZ\^ZhllZb\Zxlwlb^_\hqdbbywlhfmhq_gvjZ^Z
_q_jaZdhgqbekygZrbffZe_gvdbf^_\bqgbdhfdh]^Z^_\qhgdbjZahrebkvihdhfgZlZfy
ih^ZjbeZKhnv_ih^Zjhd:fme_li_j_ghkZ\ex[mxlhqdmwlhc=jZgbbdZjlhqdmgZij_^ty\bl_ey
GZ__aZdhghf_jguc\hijhkqlhwlh"yhl\_lbeZih^jh[gh
Bgh]^Zqlh[ugZqZlvgh\mx`bagvgZ^hmclbhlklZjhcKihfhsvxwlh]hZfme_lZlukfh`_rv
mclblm^Zdm^ZaZohq_rv:wlZdZjlhqdZij_^ty\e_ggZy\fZ][Zgd_^Zkll_[_gh\mxebqghklv
Gbdlhdjhf_l_[y_xg_\hkihevam_lkyfh`_rv[ulvkihdhcgZZfme_lgZkljh_ggZl\hxZmjm_keb
ihl_jy_rvijhklhihah\b_]h
KiZkb[hfZ]bkljhgZj_adhh[gyeZf_gymldgm\rbkv\f_gybgZqZeZieZdZlvy`_g_mdex`_
ihoehiZeZ__ihkibg_bk[_`ZeZih^Zevr_gmg_fh]mymkihdZb\Zlvlhevdhmihdhblvfh]m
dhfgZl_f_gy`^ZeZWevaZkbyxsZydZdgh\_gvdbcdhl_egh^_j]ZggZy
GmbdZdl_[_"
Wlh[uehg_qlhLhevdhfZ]bkljijhklbl_f_gybhgZaZ`fmjbeZkvihke_q_]h\u^ZeZy
kdZaZeZfZchjmEmdZkmqlhy\ZrZihfhsgbpZbfu]meyeb\k_wlh\j_fyhgZlZdbklhyeZk
aZdjulufb]eZaZfb
k_\_jghbf_gghlZdykdZaZeZl_[_ij_^klZ\eylvkyZ]^_lu_]hgZreZ"
Ihke_kblmZpbb\iZjd__]h\ua\ZebhglZfjZki_dZehojZgmj_rbeqlhyg_\_klZohl_e
ijbklZ\blvijh\h`Zxs_]hyhldZaZeZkvkkueZykvqlhyg_g_\_klZZihfhsgbpZhg
aZbgl_j_kh\Zekyj_rbeijh\h^blvkZfb\hl
:]ZagZqblhgm`_\dmjk_ijhdheZiZjg_clh]^Zlhqgh\kz`^_l^hmljZLuijZ\bevgh\k_
k^_eZeZQlhkdZ`_rvijh^_\qhghdihke_\_q_jZgZ[ex^_gby"hgZm`_hldjueZjhlqlh[u
jZkkdZau\Zlvy`_i_j_^mfZeZ^Z\ZcaZ\ljZkmljZ^heh`brvdjZldhZ^g_fgZibr_rvih^jh[gh"
hgZdb\gmeZZyhlimklb\__ihreZ]hlh\blvkydhkgm\hlbdhgqbekyhq_gvhq_gv^he]bc^_gv
lhqg__ghqv
:\klZlv`_gZ^h\\hk_fv\hlaZ\ljZmljhfdlhlh[m^_lg_jZ^aZlhk_]h^gybf[ueh\_k_ehaZ\k_

Mljh^h[jufg_[u\Z_lYwlmijhibkgmxbklbgm_s_[m^mqbklm^_gldhcmk\hbeZghbf_gghlh]^Z
dh]^ZmqbeZkvihagZeZdZd\klZ\Zlv^Z`_ihke_ghqb\_k_evy^Z`__kebihkiZeZ\k_]hiZjmqZkh\
GZ^hijhklh\klZlvbah\k_okbe^hihealb^h^mrZZm`_lZfdhgljZklguc^mrblukgh\ZfbeZy
\_^vfhqdZ_^vfhqdhcfg_m`_g_[ulvlZdqlhfbehclh`_g_h[yaZl_evghklZgh\blvkyZjZalZd
lhg_q_]hbklZjZlvkyQZrdZdhn_m`_ijb]hlh\e_ggZyaZ[hleb\hcjmdhcWevaukihjlb\gZy
h^_`^ZbygZkljhbeZkvgZ[hck^_\qhgdZfbkboih^mrdZfbbh^_yeZfbGhf_gy`^Zerhdb
jZahqZjh\Zgb_^_kihlhfblbjZghfg_ih[m^_rv^_\mrdbdZdh^gZm`_kb^_eb\]hklbghcb
ihib\ZebqZ_d
��h[jh_mljhfZ]bkljZfum`_^mfZebb^lb\Zk[m^blvbZgZ[ueZhl\jZlbl_evgh[h^jhcijyf
]Z^hklvohl_ehkvk^_eZlv
Dlh`_^h[jh_mljh`_eZ_lg_djhfZglmijyfba^_\dZ[mjdgmeZybfZogmeZbfjmdhc
\u^\b]ZlvkyaZfghc
hlagZ_l_dZdfh`ghhij_^_eblv\hajZkl`_gsbgu"?kebihke_ghqb[_akgZ\g_cdmqZwg_j]bbb
hgZ\kyk\_`_gvdZy^Z`_[_afZdby`Zbdhkf_lbq_kdhcbeexabbagZqblfheh^Z:_keblu\uibeZ
h^bg\k_]hh^bg_^bgkl\_gguc[hdZeZmljhf]heh\Zlj_sbl]eZaZkebiZxlkyihegu_i_kdZb
lZdh_hsms_gb_qlhibeZ[_ahklZgh\db\kxghqvgZijhe_llhhxghklbbk\_`_klb]h\hjblvg_
ijboh^blkyOhly[Z[mrdZ\k_]^Z]h\hjbeZgZ^hjZ^h\Zlvkyex[hfm\hajZklmbp_gblv_]hihlhfm
qlh\dZ`^hf\hajZkl_`_gsbgZfh`_l[ulvij_djZkghc
GZmebp_i_ebilbqdbk\_lbehkhegurdhbaZgbfZeZkvk_f_jdZ\q_jZrgbolZgphjh\^_\qhgdb
obljhi_j_]eygmebkvbihoh^dhchl[_^jZihreb\]em[viZjdZbgbh^gZg_]eygmeZ\boklhjhgmG_
[ueh\hklhj]ZZ\_^vfm`bdb[ueb\h^gbogbadhh^_luofy]dbo[jxdZokdZi_evdZfbihlZgZ
]jm^bbkibg_rbdZjgu_lZfkibgub\k_hklZevgh_Ghfhc[ZlZevhgijhr_ekyev^hfbgh`hfih
bofm`_kl\_gghklbbk_dkmZevghklbYijyfhaZ]hj^beZkvdZdb_hgbmf_gyZ\_^v\k_]hiZjm^g_c
gZaZ^gZ\_jgydZ[uhimklbeb]eZaZgZqZeb[uobobdZlvfylvky:k_cqZkdhjhe_\u
Dh]^ZfukdjuebkvaZhq_j_^ghcZee__cg_\hafmlbfhklv^_\qhghddhgqbeZkvf]gh\_ggh
u\b^_ebdZdb_hgb"
Ki_pbZevghlmlhlbjZxlky"
:lhlk_jh]eZaucdZdhcffff\b^_eb"
Kexgbijb[_jbl_ghfm`bdbqlhgZ^h^_\qhgdb]hfhgbebdZ`^Zyhk\h_fb\_a^_\jZa]h\hjZo
ijbkmlkl\h\ZebrbdZjgu_fm`qbguy`_fheqZeZkemrZybo
Lhevdhmeu[ZeZkv^Z\Zy^_\qhgdZf\uie_kgmlv\k_wlbwfhpbbbl_i_jvm`_ih^jm]hfm]eygmeZgZ
gboHgb\_^v[uebkh[jZgugZwlmijh[_`dmaZjZg__b\hehkum\k_oaZie_l_gubgl_j_kghb
e_]dbc_kl_kl\_ggucfZdby`dhlhjuc]jZfhlghih^q_jdb\Z_lbodjZkhlmbrhjlbdbkfZ_qdZfb
\k_wlhi_j_klZeh[ulvkemqZcghklvxZq_ldhijh^_fhgkljbjh\Zeh^_\mrdb\urebgZhohlm
;_]ZlvgZqg_fbeb_s_ihh[km`^Z_fkdhevdh\u\j_f_gbihljZlbebqlh[uijhba\_klbgZ
g_ih^]hlh\e_gguo^_fhgh\lZdhcnmjhjbqlhihke_^m_laZwlbf"
�FZ]bkljhgbi_j\u_gZqZeb\hafmlbeZkvbZgZZMevygZ^h[Z\beZ
HgbgZfaZy\bebqlh]hlh\uml_rblvgZkihke_lh]hdZdijbgp\uklZ\blijhklmr_d^hfhc
GZfgm`_gieZgq_ldh\u^ZeZy\hl\_lb^_\mrdb\k_dh\Zjghmeu[gmebkv?]hukhq_kl\h
fZjr^_\qhgdb^jm`ghcklZcdhcj\Zgmeb\i_j_^ddjZkhl_a^hjh\vxbkihjlmgmbyke_^hf
ijbdb^u\ZydZdfh`ghihdZaZlvg_dhlhjufqlh`_gsbgZhiZkgh_kms_kl\h
Fukebf_^e_gghbm\_j_gghijhkuiZebkvbkdeZ^u\Zebkv\g_iehohcieZgdZdihyjq_ihdZaZlv
dZdb_[jbeebZglu\wlhljZamqZkl\mxl\hl[hj_g_\_kluijbgpm
DZfbeeZf_^e_gg__[hevr_rZ]hfZg_[_]hfihjZ\gy\rbkvk^_\mrdhchlqblZeZ__aZ
baebrgxx[_ki_qghklv\hl\_^v^mj_oZ[_j_f_gghklvdhg_qghg_[he_agvghih[_j_qvkyke_^m_l
FZ]bkljyk_[yhlebqghqm\kl\mx
hlqlh[lZdb^Zevr_[uehf_^e_gg__ijbwlhfyi_j_reZgZfZ]bq_kdh_aj_gb_KfZeurhf
bijZ\^Z\k_ohjhrhghhgm`_m\_j_gghjZkl_lb\gmlj_ggb_hj]ZguklZebkf_sZlvkyg_gZ^h
�jbkdh\Zlv_\mrdZaZdZlbeZ]eZaZghi_j_reZgZ[ukljmxoh^v[m
�Ihke_[ueZjZafbgdZ]^_bZgZ\h\kxihdZau\ZeZieZklbdmZ^_\mrdblygmebkv\ke_^aZg_cM
f_gywlh\j_fyqlh[uihe_`ZlvgZljZ\d_bhdhgqZl_evghkieZgbjh\Zlvk_]h^gyrgbc^_gv
I_j_^hogm\kdhfZg^h\ZeZaZdjm]eylvkybfu^jm`ghclheihcihrebh[jZlgh\h^\hj_pgZlhf`_
f_kl_lj_gbjh\ZeZkvk_f_jdZ^_fhgh\gh^_\mrdb[uebihij_`g_fmoheh^gubaZ]Z^hqgu
gZihke_^hdklj_evgm\]eZadZfb
Fheh^pubg_\_rZebkvgZiZjg_cb\lh`_\j_fye_]dbcbgl_j_kihdZaZeb
Fulj_gbjh\Zebkv]hj^hkdZaZeZKhnvyZfhynZglZabymg_keZf_gydZdbf_ggh^_\qhgdb
lj_gbjmxlkyMeu[gm\rbkvbgbq_]h[hevr_g_kdZaZ\mreZdk_[_i_j_h^_\Zlvky
WevaZjZkkdZ`bdjZldhqlhaZf_lbeZihgZ[ex^Z\aZ^_\mrdZfbihke_ijb\_lkl\by\_jgmeZkvd
k\h_cijhkv[_ha\mq_gghc\q_jZ
�F_gyhq_gvbgl_j_kh\ZeZMevygZb?e_gZbf_gghgZgbo^\hbog_kqblZyDbjbgubbZguh[jZlbe
�k\h_\gbfZgb_ehj^Zgd_gdZdgZ\hafh`gmx[m^msmx`_gmijbgpZlZf[ueZ_s_DZfbeeZgh
hgZhliZeZZ\lhfZlbq_kdbbaaZbgl_j_kgh]hk\h_]hiheh`_gby
?e_gZ[ueZl_fghcehrZ^dhcylZdijhg__gbq_]hbg_ihgyeZBkm^yihZgZebamFbobhgZ
g_cljZevgZy^jm]bfbkeh\ZfbgbdZdZy:wlh]hfh`gh^h[blvkybebhq_gvklZjZykvbeb`_hgZ
^_ckl\bl_evghgZfhf_gll_klZg_bkiulu\ZeZgbdZdbowfhpbc`_eZgbcgbq_]hbwlhkljZggh
@b\h_kms_kl\hg_fh`_l[ulv[_awfhpbhgZevguf
:MevygZyhq_gvgZ^_xkvhgZi_j_klZg_lk_[yfmqblvfhjZevghbgZqg_l`blv
�DZdybij_^iheZ]ZeZ\k_fjmdh\h^beZbZgZwobag__ihemqbeZkv[uhlebqgZybfi_jZljbpZgh
lmlg_lhlkemqZcqlh[ub^lbijhlb\__qm\kl\MevygZ\_k_ebeZkvgZijZa^gbd_b[ueZh[sbl_evgZ
ohlykjZam[hevr_fheqZeZZ\hl?e_gZ[ueZgbdZdhcWevaZg_kfh]eZijhg__gbq_]h\kihfgblvgZ
\_q_jbgd_[ueZb\k_Qlh`_wlhlZdh_"
K_]h^gyihkdhevdmieZgbjh\Zeky[Ze^_eblvgZ^\_ih^]jmiiu^_\mr_dyg_klZeZZkh[bjZeZkv
\aylv\k_o\rdhemg_^Ze_dhhlp_gljZWlZrdheZ[ueZkf_rZggh]hlbiZ\g_cmqbebkvb^_fhgub
�ex^bb\k_kjZaguf^hklZldhf_\mrdZfg_h[oh^bfh[m^_lijhclbkvihdeZkkZfbijh\_klbfbgb
mjhdbMqbl_ey\u^_eylfbgmliylgZ^pZlv^eydZ`^hcaZwlh\j_fy^_\mrdb^he`guihagZdhfblvky
kdeZkkhfbjZkkdZaZlvqlhlhbgl_j_kgh_kh]eZkghlhc^bkpbiebg_gZdhlhjmxhgbihiZ^ml
Ijhlhqlhhgb[m^mlqlhlhjZkkdZau\Zlvyg_kdZaZeZfg_[uebbgl_j_kguboagZgby\madbo
h[eZklyo h[jZah\Zgb_\_^v\k_bagboihemqZeb\hlbihkfhljbfdZdh_hgh^hfZrg__h[mq_gb_\f:
_s_qlhg_fZeh\Z`ghmf_gb_[ukljhkhjb_glbjh\Zlvkymf_gb_^_j`Zlvk_[yi_j_^Zm^blhjb_cZ
\u[b\rmxkyijy^dmaZf_lblblhevdh_kebluhqZjm_rv^_l_clh]^Zbf[m^_l\k_jZ\gh_keb`_
�ijbreZkvg_ih^mr_h[km^yl\k_b\ug_kmlijb]h\hj_lbfh]mlex[blv^hh[h`ZgbyblZd`_
^bdhg_gZ\b^_lvk\hbomqbl_e_c\hlimklvfhbih^hi_qgu_ihijh[mxlgZclbh[sbcyaudklZdhc
ijb\_j_^eb\hcim[ebdhc
Djhf_wlh]h^_lbwlh[m^ms__Zkemobhlhfqlhg_\_kluijboh^beb\rdhemihiheaml^_l\hjZ
jZkkdZ`_ljh^bl_eyfl_k\hbf^jmavyfblZdh[jZakZfhcemqr_cg_\_klujZkihea_lkyihklhebp_b
kZfh_bgl_j_kgh_\_^vihgjZ\ylky\k_^_\mrdbijhklhjZaguf^_lyfqlhlh`_hq_gvm^Zqgh
Hf_kl_dm^Zfuijb[m^_fy^_\mr_dij_^mij_^beZihwlhfmhgbh^_ebkvijhklhb^Z`_g_fgh]h
kljh]hOhjhr__j_r_gb_H]ey^_\\k_o\ureZi_j_]h\hjblvkfZchjhfEmdZkhfFm`qbgZ
ba\bgbekyaZ\q_jZrg__ijhbkr_kl\b_fuh[km^bebk_]h^gyrgbc\uoh^Zdh]^Zym`_moh^beZhg
hq_gvlhgdhkijhkbeijhfhxihfhsgbpmb]^_hgZk_cqZkZlZd`__klvebmg__k_fvy
?kl_kl\_ggh_]hbgl_j_kh\ZehgZebqb_`_gboZlmlykfh]eZ_]hihjZ^h\ZlvZihlhfkjZamh]hjqbeZ
kdZaZ\qlhihfhsgbpZijboh^beZgZdhjhldh_\j_fyZ^Zevr_dZd[uf_`^m^_ehfh[jhgbeZqlh
hgZijb^_l_s_k_]h^gy\_^vgZ[Zemfg_gm`ghihfhqvbhgZ[m^_l\jhebgZ[ex^Zl_eyFm`qbgZ
k\_jdgme]eZaZfb\ij_^\dmr_gbbb\_`eb\hih[eZ]h^ZjbeaZbgnhjfZpbxY`_k^_eZeZk_[_
ihf_ldmqlhWevamgZ^hbijZ\^ZhnbpbZevghk^_eZlvihfhsgbp_cZlhmjh^h\bluo^_fhgh\\k_
kljh]h^Z`__kebfZchjaZohq_lgZkem`Zgd_`_gblvkyg_kfh`_l:\hlgZihfhsgbp_fZ]bkljZ
e_]dhghijhk\Z^v[m]h\hjblvjZghZihq\mih^]hlh\blvfh`ghaZjZg__^ZbmWevaumlhqgblv
ieZgugZ`bagv
k_[ueh]hlh\hbyZdlb\bjh\ZeZZfme_li_j_oh^ZlhqdZ\uoh^Z[ueZgZijhlb\\hjhlrdheuAZ
gbfbk_cqZk[ueZ[mcgZy`bagvih]h^ZohjhrZyi_j_f_gZ^_l\hjZghkbeZkvb]jZeZ\^h]hgyedb
fu`_ijh^he`ZebklhylvaZ\hjhlZfbYebqgh`^ZeZa\hgdZZ^_\mrdZf^Z\ZeZ\hafh`ghklv
ijhgbdgmlvkydm^Zbf_gghfuijbrebbqlhbo`^_lk_]h^gyIjha\_g_ea\hghdb^\hj\fbgmlm
himkl_eDh]^Zihke_^gbcmq_gbd\[_`Ze\a^Zgb_rdheuyhldjueZdZebldmb\hreZ\gmljvaZ
fghcke_^hfaZreb\k_mqZklgbdbwlh]hj_c^Z
Ih\_jgm\rbkvdih^hi_qgufyg_kfh]eZkdjulv\_k_evy\]eZaZobij_^\dmrZxsmxmeu[dm
K_cqZkfu\k_jZahc^_fkyihdeZkkZfdZ`^hcba\Zk^hklZg_lkydeZkkkemqZcgufh[jZahfwlh
g_ijZ\^ZyaZjZg__\k_magZeZbdZdb_deZkkub]^_ly`_e__gh^_\qhgdZfwlh]hg_kdZ`m
�_\mrdb\Zr_k_]h^gyrg__aZ^Zgb_ihh[sZlvkyk^_lvfbihagZdhfblvkymagZlvboijh[e_fuZ
ihlhfijh\_klbfbgbmjhdMqbl_eygZah\mll_fmb\ukh]eZkghwlhcl_f_jZkkdZ`_l_^_lyf
bgnhjfZpbx
RhdwlhihgZr_fmgZf_gykfhlj_ebdZdgZkmfZkr_^rmxghihkdhevdmyihij_`g_fm
dh\Zjghmeu[ZeZkv^hgbo^hrehyg_rmqmbk_cqZkhl^ZfbogZjZkl_jaZgb_lhei_fZeur_cbg_
lhevdh
�FZ]bkljaZqlh"ijhklhgZeZbZgZZ\k_hklZevgu_ih^^_j`Zeb^jm`gufklhghfg_kijZ\_^eb\h
h[b`_gguo
AZ^_ehfhbohjhrb_aZ^_ehYih^]hlh\ex\Zkdh\k_fmihke_wlbohoeZfhgh\\ZfgbdZdb_
ijb^\hjgu_\_q_jhf[m^mlg_kljZrguj_rbeZqmlvqmlvih^keZklblvibexex
IhlhfmqlhgZkwlb^hdhgZxlbijb^\hjgufgbq_]hg_^hklZg_lky"\hafms_ggh\hkdebdgmeZ
DbjbgZ
Bqlh[m^_l"lbohibkdgmeZKhnvyy`_ih`ZeZie_qZfbij_^eZ]Zy^h^mfZlvkZfbf
Fhbklm^_glulhevdhgZi_j\hfdmjk_jZkkljZb\Zxlf_gyihlhf[ukljhmk\Zb\ZxlqlhwlhhiZkghb
^ey`bagbb^eya^hjh\vyb^eykZfhhp_gdblh`_b[hevr_g_jbkdmxl
K_]h^gyhojZgZg_\f_rb\Z_lkylhevdh_keb\uhdhgqZl_evghijh\ZebebaZ^Zgb_hgb\ughkyl\Zk
kihey[hyihwlhfmjZkkqblu\Zcl_lhevdhgZk_[yY`_ihkfhljxdZdkijZ\blkydZ`^Zyb
\u[hjhqghihijbkmlkl\mxkg_dhlhjufb
�OZgZgZf_keb\ughkblvlhevdh[m^mllhqghoZgZaZdexqbeZbZgZbhgb^jm`ghihrebd
\oh^m\a^Zgb_
Y`_h]eygm\rbkvgZhojZgmih^fb]gmeZbffZchj\u^Zeq_ldb_bgkljmdpbbdhlhjufhgb[m^ml
ke_^h\Zlv[_amdhjbag_ggh\_^v\q_jZ^_\qhgdbboih^klZ\beblZdqlhiZjgb]hlh\uhlhfklblvGh
aZgbohlhfklyl^_ldbdhgn_ldb
Hq_gvohl_ehkvaZkf_ylvkykf_ohfaeh^_ygZklhevdh[uehohjhr__gZkljh_gb_ghwlh\uah\_l
iZgbdmihwlhfmlhevdhmeu[Zxkv
Ex[hcij_ih^Z\Zl_evohlv_^bgh`^ughijhoh^beijZdlbdm\rdhe_fg_\k\h_\j_fyih\_aehy
hljZ[hlZeZ\rdhe_^\Z]h^Zwlh[uehh[yaZl_evghcqZklvxfh_]hh[jZah\ZgbyG_kdZ`mqlh[ueZ\
\hklhj]_hlklZjrbodeZkkh\hl^_l_c\i_jbh^\ajhke_gbyghq_klghijbagZxkvfZeurbf_gy
ihdhjbebbohlvygbdh]^Zgbdhfmg_ijbagZxkvgh^_lbwlhij_e_klvZ\hldh]^Z\ujZklml
klZgh\ylkyijhlb\gufbb\j_^gufbFhyijZdlbdZlh]^Z\dexqZeZ[Zah\u_we_f_glufZ]bb
g_djhfZglZagZdhfkl\hkjZagufb\b^Zfbg_`blb ^eyfZeur_clhcqlhbkihevamxl^hfZ^ey
klZjrbodeZkkh\[h_\hc\f[ueb^gbdh]^Zyijboh^beZ^hfhcbq_klgh^mfZeZimklvhlqbkeylgh
[hevr_lm^Zg_ihc^mGh\j_fyrehgZjZ[Zlu\Zekyhiulb\k_klZgh\behkvgZf_klh
�_\qhgdbijZdlbq_kdb\k_h[mqZebkvgZ^hfmbg_agZxl\k_]hqlhijhbkoh^bl\rdhe_\hlk_]h^gy
bmagZxlYoh^beZhldeZkkZddeZkkmgZ[ex^ZyaZ^_\mrdZfbbboih^oh^Zfbdmjhdmbh[s_gbxk
^_lvfbFg_^Z`_ijbrehkvh^bgjZa\f_rZlvky\u\_klbbadeZkkZDZfbeembhlqblZlv__ihlhfm
qlh^_\mrdZjZaju^ZeZkvbklhy\dhjb^hj_[_ahklZgh\dbl\_j^beZqlh^_lbwlhaehbhgZ[m^_l
m`ZkghcfZl_jvxGZfh_aZdhghf_jgh_aZf_qZgb_qlhj_[_gdZ_c\u^Z^mlg_k_^vfh]hdeZkkZZ
djhombhgZkZfZ_]h\hkiblZ_lbgZ[_j_lkyhiulZk_]h\ajhke_gb_fhgZj_Z]bjh\ZeZke_aZfbFg_
ijbrehkvijZdlbq_kdbaZklZ\blv__\_jgmlvky\deZkkbijh^he`blvh[s_gb_Dh]^ZhgZ\hreZ
^_ldbihl_jebjmdb_s_[ujZa\e_q_gb_dZdh_^h\_klbmqbl_ey^hke_aGhhgbg_h`b^Zebqlh
ke_^hf\hc^my?keb[ug___[_j_f_gghklvy[ubiZevp_fg_^\bgmeZgh^h\h^blv[_j_f_ggmx
`_gsbgmdh]^Zmg__blZdhj]Zgbaf\klj_kk_ihke_^g__^_eh
L_fZgZr_]hmjhdZijbajZdbudZdbhgZlh`_bo[hbl_kv"wlh\b^bfhaZ\h^beZju`bc
dhghiZluc^_fhg_ghd
?s_[ukljZowlhhlebqb_`b\uohlf_jl\uoZ\ug_[hbl_kvijb\b^_gbc"m^b\e_gghkijhkbeZ
y
Innng_ldhg_qgh\^hf_gZKZ^h\hcmebp_`b\_lh^ghijb\b^_gb_fu_]hj_]meyjghim]Z_f
k]hj^hklvxhl\_lbehwlhkha^Zgb_gbk_dmg^ug_kb^ys__kihdhcgh
Bqv_wlhijb\b^_gb_"j_[_ghdy\ghg_ohl_ehl\_qZlvghdeZkkkfhlj_egZg_]hkh`b^Zgb_fb
_fmijbrehkvijbagZlvky
KlZjmrdb
DZdhc_s_mjh\_gv"wlhm`__]hkhk_^dZihiZjl_kijhkbeZ
DZdhcmjh\_gvkbeumwlh]hijb\_^_gby"
G_agZxm^b\e_gghijh]h\hjbeju`bd
Ijb\b^_gb_]h\hjblqlhlh"
jh^_g_lgbjZamgbq_]hg_kdZaZeZ\hlbbgl_j_kl_i_jv^_l\hjZkfhljblkh`b^Zgb_fZ
DZfbeeZihqlbmkihdhbeZkv
Lh]^Zi_j\h]hmjh\gyjZa\u__\b^bl_ghhgZfheqbl?kebaZ]h\hjbllhwlh[m^_l\lhjhcbeb
lj_lbc_kebgZqg_loehiZlv^\_jvfbq_l\_jlucZ\hl_kebfZl_jbZebam_lkyiheghklvxbgZiZ^_l
lhk_^vfhckihdhcghhibkZeZ\k_\ZjbZgluh`b^Zybo\hijhkZ
WlhqlhlhZ\u\b^_ebiheghklvxfZl_jbZebah\Zggh]hijbagZdZ"yg_hij_^_e_gghih`ZeZ
ie_qZfb^_lbaZrmrmdZebkvy`_kihdhcgh`^ZeZij_^kdZam_fh]hjZa\blby:ihdZ`bl_"
Qlh"
IhdZ`bl_ijbajZdZgZfh^h[jyxsbc]mebylhgdhmeu[Zykv
?kebijhkbl_dhg_qghFZjby:ev[_jlh\gZihdZ`bl_kvih`ZemcklZfheh^hfmihdhe_gbx
f_jl\Zyg_ih^\_eZhgZ\ujhkeZijyfhbaiZjluomeb]ZgZbihphdZ\\u^ZeZ
KZfxwevfZehl_[yhl_pihj_llu\k_bkijZ\eylvkyg_ohq_rvghgbq_]hy\havfmgZ^lh[hc
r_nkl\h\ba]m[uehfhj_ghqlhf_gyjZ^m_lwlb^_lbg_h`b^ZeblZdh]hgh[ukljhkijZ\bebkv
bkfhlj_ebk]hjysbfb]eZaZfb
IZjgbrdZih[_e_ebg_hlkljZoZi_j_^ijbajZdhfg_llmlex[hiulkl\hbex[hagZl_evghklv
ih[_^beZfgbfu_kljZob:\hllhqlhdl_[_ijb\yau\Z_lkyijbajZdwlhg_ijbylgh\_^v_chl^uo
g_gm`_g
Lumf_gy_s_hlebqgbdhfklZg_rvih]jhabeZhgZ_fmbfZevqbrdZkebpZkdbkhdhgqZl_evgh
Jh^bl_eyfkZfkdZ`_rvaZqlhl_[_lZdhcih^Zjhdq_j_ag_^_exyk^_eZxaZijhkdeZkkghfm
jmdh\h^bl_ex_keb^bkpbiebgZ\deZkk_lZdb[m^_lojhfZlvihdZ`m\Zf_s_g_kdhevdhijbajZdh\
ij_^mij_^beZh^gh\j_f_ggh\ie_lZy\ijbajZdZmkeh\b_qlhq_j_ag_^_exhgZhlklZg_lhl
j_[_gdZ
Dh]^Zy\ureZbadeZkkZDZfbeeZ\iheg_m\_j_gghijh^he`beZmjhdgZqZlucmqbl_e_fZyihreZd
ke_^mxs_c`_jl\_GhgZi_j\hfwlZ`_\deZkk_MevygZ\h\kx\habeZkvkfZeurg_cblml[ueZ
b^beebyHgb\\hklhj]_hllZdhcbgl_j_kghcl_lbZhgZ\k\hxhq_j_^vhl^uoZeZ^mrhckgbfb
hgbe_ibebqlhlhba]ebguZMevygZ_s_be_]_g^mbfdZdmxlhjZkkdZau\ZeZYihklhyeZ
ihkemrZeZbihreZ^Zevr_lmlex[hcdlhihf_rZ_lbf[m^_l\jZ]hfZg_ihfhsgbdhf^ZbaZ
ih^hi_qgmxg_lg_h[oh^bfhklbi_j_`b\ZlvohjhrhkijZ\beZkv
�BadZ[bg_lZbZguyihqlb\\u[_`ZeZ^_\mrd_^hklZekyklZjrbcdeZkkbmjhdnbabq_kdhc
�ih^]hlh\db]^_bZgZkmih_gb_ffZgvydZ]hgyeZbolj_[my[ulv[uklj__Zdlb\g__hgZ_s_gZgbo
bjm]ZeZkv\`b\rbkv\h[jZanbajmdZq_f\uau\ZeZj_adbc^bkkhgZgkk\g_rgbf\b^hflZdhc
bgl_eeb]_glghc^_\mrdbDeZkkhllZdhcij_ih^Z\Zl_evgbpuy\gh[ue\\hklhj]_hkh[_gghdh]^Z
hgZgZdZgZlihe_aeZohjhrhohlvi_j_h^_eZkvhojZggbdlhevdhly`_eh\a^hogme\kemqZ_q_]h_fm
gZ^h[ukljh__ihcfZlv:dZdeh\blvlmqlhghkblkygZjZ\g_k^_lvfb"
;uebbl_dlhg_kfh]ijh\_klbmjhdg_agZyqlhbf_gghjZkkdZaZlvlZdbokemqZyo^_\mr_d
hlkljZgyebbmqbl_evijh^he`Zemjhd^eydeZkkZ\dhlhjhfgZh^gmmq_gbpmklZgh\behkv[hevr_
ihkdhevdmhgZgZqZeZdjbqZlvgZ^_l_cZwlh]hyg_l_jiexl_f[he__qlhdeZkk[uermfguf
Zdlb\gufgh[_aaeh[guf?kebDZfbee_^hklZebkvlZdb_dhlhju_p_e_gZijZ\e_ggh__^h\h^beblh
lml[uebijhklhZdlb\gu_g_ihk_^u_s_\q_jZrgyygZqZevgZyrdheZZk_]h^gym`_kj_^gyy
?e_gZ`_^hwlh]hgZklhevdhkihdhcgZybg_ijh[b\Z_fZykhj\ZeZkvgZgbobijhklhk\hbfdjbdhf
im]ZeZ^_l\hjmmqbl_evdhlhjZy\ureZkh^gbfbamq_gbdh\g_\b^_eZwlh]hy`_kemqZcgh
hdZaZeZkv\wlhlfhf_gljy^hfkdZ[bg_lhfBqlhf_gyhldjh\_ggh\a[_kbehwlhlhqlhhgZ\b^y
qlh^_lbm`_mkihdhbebkvbaZlboebijh^he`beZdjbqZlvbmgb`ZlvfZeurbijZdlbq_kdbieZdZeb
ZhgZdZd[m^lhmib\ZeZkvbokljZohf
?e_gZfhc]hehka\_g_ehlaehklbhq_gvohl_ehkv\ur\ujgmlv^_\bpmbadeZkkZghgZ^h[ueh
k\_klb\k___^_ckl\bydfbgbfmfm
Qlh"]ZjdgmeZhgZ\hl\_lbygZdhg_pm\b^_eZ__wfhpbbg_agZxqlhkg_ckemqbehkvghwlh
`_ihdZe_q_ggZyebqghklv
=eZaZdjZkgu_ih^\_j`_ggu_qZklbqghcljZgknhjfZpbbdh]lbq_jgu_\ie_qZojZa^ZeZkv
\u]ey^bl`mldhklhblijh\_jblvdlh[uemg__\jh^mbqvywlZgZke_^kl\_gghklvGZf_gyhgZ_s_
g_kdhevdhk_dmg^kfhlj_eZk[_r_gkl\hfly`_eh^urZbebrvihlhf^hg__^hrehgZdh]hhgZ
ih\ukbeZ]hehkY^ZeZ_c\hafh`ghklvhkhagZlvlvfmdhlhjZydg_cijbreZbijhgbdgmlvky\k_c
kblmZpb_ckihegZ
uc^bl_badeZkkZbh`b^Zcl_f_gy\hae_hojZgu^_\mrdZk\_jdgmeZgZf_gy]eZaZfbghfheqZ
\ureZ@Zevhq_gvohl_ehkv[uqlh[uhgZfg_gZoZfbeZbgZf_gygZdjbqZeZZlhgZ^_l_c_c
e_]dhdjbqZlvhgbhlihjZg_^Z^ml
Dh]^ZaZg_caZdjueZkv^\_jvbyihkfhlj_eZgZdeZkk\]eZaZom^_l_c[ueZiZgbdZh^gZaeZyl_ly
mreZijbreZ_s_[he__aeZybk_cqZk\i_j\u_yih`Ze_eZqlh\ky\q_jghfblZdkljh]h\u]ey`m
?s_f_gyhq_gvhaZ^Zqbeh\deZkk_ijZdlbq_kdb\k_[uebex^bg_wlhebklZehl_fkimkdh\uf
f_oZgbafhf^ey^_\mrdb
IhfheqZ\_s_g_kdhevdhk_dmg^aZ]h\hjbeZ^hevr_fheqZlv_s_[hevr_boim]Zlvohlvfg_b
ohl_ehkvkh[jZlvkykfukeyfb
F_gyah\mlfZ]bklj:dmebgZykhagZl_evghg_mihfygmeZk\hxki_pbZebaZpbxZ\udh]^Z
gb[m^v\b^_ebrhjoh\"
�_l\hjZijba\mdZofh_]h]hehkZ\`ZeZkv\kb^_gvyghmkeurZ\\hijhkaZ^mfZebkvihlhfdZd
\hjh[mrdbgZohoe_ggu_klZebdjmlblv]heh\ZfbbsZhl\_lZmkhk_^_cihiZjlZf
RhjobwlZfbeZy^hfZrgyyg_qbklvb\hh[s_lh__ijba\ZlvijZdlbq_kdbg_\hafh`ghihkdhevdm
klhblgZgbofZ]bq_kdbih\ebylvbhgbij_\jZsZxlky\^hklZlhqghaeh[guol\Zj_cRhjobfh]ml
[ulvh]jhfgufbihfhsgbdZfbZ_kebdwlhfm^h[Z\blv\b^fZe_gvdboiexs_\uofbr_dk
lheklufbimabdZfbb[hevrbfbmrdZfbihemqZ_lkyijhklhmfbevgZydZjlbgdZbboohq_lky
lbkdZlvhllhevdhfZeurbg_ki_rZl\uclbgZdhglZdlihkdhevdmboqZklhjZgvr_bkihevah\Zeb
dZdbg]j_^b_glu\a_evyoihwlhfmdfZ]Zfhgbg_^jm`_ex[gugh\hl_klvh^gZhkh[_gghklv
rhjobdZdbijhqZymkeh\gh^h[jZyg_qbklvh[h`Z_l\_^vf
:rhjobg_\u^mfdZ"jh[dhkijhkbeZ^_\hqdZgZi_j\hciZjl_kfbeufb[ZglbdZfbgZdhkbqdZo
b]mklhcq_edhcdhlhjmxhgZi_jbh^bq_kdbk^m\ZeZ
:^Z\Zcl_\ukZfbihkfhljbl_"fZeurbi_j_]eygmebkvbaZdb\ZebkljZo\ul_kgyeky
g_bkdhj_gbfuMdh]h_klv[mehqdZ"
DmrZlvohlbl_"]jmklghkdZaZeimoe_gvdbcfZevqbrdZkb^ysbcaZlj_lv_ciZjlhc
Rhjoh\ohqmgZdhjfblvyobljhmeu[gmeZkvb^h[Z\beZhgbhq_gvohlyldmrZlvbkeZ^dh_
h[h`Zxl
Mf_gy_klv[mehqdZfZeur\ulZsbebajxdaZdZ[mehqdmbm\_j_gghijbg_kfg_ijbwlhf_fm
y\ghohl_ehkvkZfhfm__kt_klvgh\gmlj_ggyy`Zehklvd[he__keZ[hfmih[_^beZ]heh^
KiZkb[hydb\gmeZfZevqbrd_bjZaehfb\[mehqdmiheh`beZ__gZebklbdiha\Z\rhjoh\y
qm\kl\h\ZeZ\rdhe__klvljbrhjoZghhgbkhiZk_gb_fihy\bebkvgZ]jZgbp_\b^bfhklbbamqZy
f_gyblhevdhm[_^b\rbkvqlhfhyfZ]byiZog_ldZdgZ^hijhy\bebkv\p_glj_deZkkZ
hklhj`_ggucZo[uefg_gZ]jZ^hc^_l\hjZy\gh^hihke_^g_]hg_h`b^ZeZqlh\k_m^ZklkyY
ij_^eh`beZm]hs_gb_bihke_lh]hdZdfZeurbjZah[jZeb[mehqdmbkt_eb__aZ]h\hjbeZ
b^bl_wlbo^_l_c"rhjobdb\gmebhgbhq_gvohl_ebihkfhlj_lvgZlZdboaZf_qZl_evguo\Zk
b^jm`blvohlylIjZ\^Z"wlhym`_^_lyf
Y_s_[mehqdmijbg_kmgZke_^mxs_ci_j_f_g_]jhfdhijh]h\hjbej_[_ghd
:ydhgn_laZ]hehkbedlhlh_s_bhgb\k_gZqZebm[_`^ZlvfZeur_cqlhohlyl^jm`blvb
[m^mlboh[yaZl_evghih^dZjfeb\Zlvb\h[b^mg_^Z^ml
Fh`ghbf\_jblv\_^ZxsZy"lbohijhr_e_kl_eklZjrbcbawlhck_fvb
�_lbg_h[b^yl^Zck\hx\hehkbgdmijb\y`mdk_[_imlv\kemqZ__keb[m^_lgm`ghmclb
rhjobkljm^hffh]mlmclbbah[`blh]hihf_s_gby
KlZjrbcm\_j_ggh\uj\Zemk_[y\hehkbgdmbkf_rghi_j_\Zeb\Zykvih^hr_edhfg_Yk_eZgZ
dhjlhqdb\ay\\hehkbgZeh`beZgZg_]hijb\yadmdk_[_hl^Z\_]hh[jZlghFZeurh]ey^_e\hehkb
ijb`Zedk\h_fmimabdmb\hehkh[jZlghklZeqZklvxf_oZimrbklbdZ
:fg_"ibkdgmekZfucfZe_gvdbcrhjo
G_hl\e_dZc\_^Zxsmxkljh]hh^_jgme_]hhl_p\[ebabyjZah[jZeZkvqlhwlhfZe_gvdZyk_fvy
J_[_ghdy\ghjZkkljhbekyihwlhfmkdju\meu[dmyij_^eh`beZk^_eZlv\k_flZdmxijb\yadmfZeh
ebqlhHl_pk_f_ckl\Zih^mfZebkh]eZkbekyihwlhfmfZlvbj_[_ghdlZd`_ihemqbeblZdhc
hjb_glbjdhfg_
M\Z`Z_fu_rhjobZfh`ghy\Zkih]eZ`m"jh[dhkijhkbeZ\k_lZ`_^_\qhgdZkdhkbqdZfb
ijhklhfZfZfg_gbdh]hg_jZaj_rZ_l^hfhcijbghkblv^Z`_dhl_gdZ^_lkdZy
g_ihkj_^kl\_gghklvmfbeyeZ
FZeurmrhjomy\ghg_o\ZlZehh[s_gbyihwlhfmwlhqm^hi_j_\Zeb\ZykvijblhiZedg_cb
aZ[jZ\rbkvgZiZjlmih^klZ\bek_[yih^eZkdm
WlhklZehkb]gZehfdlhfmqlh^_l\hjZh[klmibeZfZeur_cbgZi_j_[hcklZeZbojZkkfZljb\Zlv
]eZ^blv]h\hjblvdZdb_hgbdjZkb\u_bkZfu_emqrb_:^eyrhjoh\iho\ZeZwlhdZd^_k_jl
fZeurbfe_eby`_\klhjhgd_kfhlj_eZgZdeZkkFbgmlq_j_aiylvijbreZmqbl_evgbpZ_kebb
m^b\beZkvqlh\deZkk_yZg_ih^hi_qgZylh\b^mg_ih^ZeZihhoZeZ\f_kl_khk\hbfdeZkkhfgZ^
fZeurZfbbaZdhgqbeZmjhdY`_ihijhsZ\rbkvihreZgZ\uoh^
FZ]bkljijboh^bl__s_dgZffu\ZfdZjlbgugZjbkm_ffumf__fm`_q_klghjh[dhkdZaZeZ
kf_rgZy^_\qhgdZaZ]ey^u\Zyfg_\]eZaZb\k_^jm`ghaZdb\Zeb
?keb_s_[m^m\\Zr_crdhe_h[yaZl_evghd\ZfaZ]eygmZ\uf_gyg_ih^\_^bl_fZeur_cg_
Ih^^\_jvxf_gy`^ZeZfheqZeb\Zy?e_gZghyg_kdZaZeZ_cgbkeh\ZijhreZfbfhk_cqZk
ijha\_gbla\hghdbfhbih^hi_qgu_\uc^mlkhk\h_]hi_j\h]hmjhdZ
ke_^mxsbcqZkyijh\_eZ^_\mr_dqlh[uhgbihkfhlj_ebklheh\mxblhdZdiehohiblZxlky
^_lbqlh[uhgb]eygmebdZdjZ[hlZ_likboheh]kljm^gufb^_lvfbb\dhgp_ihdZaZeZ
h[s_kl\_ggmxklhjhgmjZ[hlu^_l_c
ihjlZe^_\mrdbaZoh^bebfheqZbihgbdrbfbg_]h\hjybfg_keh\ZhlijZ\beZ]hlh\blvkyd
[ZemZkZfZkh[bjZeZkvihkfhlj_lvkihfhsvxZfme_lh\\bkysbom^_\mr_dgZr_yodZd
ijhbkoh^bebmjhdbml_oddhfmyg_ihiZeZ
:lZf[uehgZqlhihkfhlj_lv[uehfgh]hkf_rguofhf_glh\gh[uebb]jmklgu_^_\mrdby\gh
jZkl_jyebkvfgh]b_g_fh]ebkh\eZ^ZlvkdeZkkZfbdh]hlhaZ\Zebeb\hijhkZfbDlhlhl_jyekyijb
g_h[oh^bfhklb\uklmiZlvgZim[ebd_gh[uebbl_dlhkijZ\bekyijhklhhlebqghDeZkkdhlhjuc
^hklZekyDbjbg_mqbe^_\mrdma_ev_\Zj_gvxBhgb\dhgp_kha^ZebqlhlhkljZrgh_a_e_gh_b
\hgxq__b\k_^jm`ghm[bjZebke_^uwlh]hwdki_jbf_glZghdeZkkmihgjZ\behkvZ^_\mrdZk
xfhjhfhlg_keZkvdk\h_chiehrghklbYihjZ^h\ZeZkv\_^v\hafh`ghklvijbagZlvqlhluq_]hlh
g_agZ_rvbebg_b^_Ze_gi_j_^^_lvfbwlhlh`_hq_gv\Z`ghDbjbgZ`_k\hklhj]hfkemrZeZ
j_[ylaZ^Z\ZeZbf\hijhkub\j_amevlZl_deZkkohjhrhkijZ\bekykhk\h_cqZklvxaZ^Zgby
iZjZee_evghdhff_glbjmyk\hb^_ckl\byb\k_hklZebkv^h\hevgu^jm]^jm]hf
:\hlmEmbauihemqbekygZmjhd_dhgnmahdZau\Z_lky\wlhldeZkklhevdhi_j_\_ebj_[_gdZm
dhlhjh]hijh[e_fukljZgknhjfZpb_cijhp_kk_s_g_ghjfZebah\Zekybhgk_[yg_Z^_d\Zlgh\_^_l
LZdhgq_]hlhbkim]ZekybljZgknhjfbjh\Zekyyg_agZxhq_fhg^mfZe\wlhlfhf_glghj_[_ghd
klZeg_Z^_d\ZlgufgZqZeiju]ZlvihiZjlZfaZ^bjZlv^jm]bofZevqbr_dQ_j_afbgmluiylv
gZqZeZkv\ZdoZgZeby\deZkk_ljZgknhjfbjh\ZebkvZ[khexlgh\k_^_lbijbwlhfhgbkp_ieyebkvb
fh]eh^hclb^hdjh\hijheblbyEmbaZdhlhjZyiulZeZkv^hgbo^hklmqZlvkygbq_]hg_^hklb]eZb
�lh]^ZhgZhlg_j\h\baehklbkZfZljZgknhjfbjh\ZeZkveylZdhckblmZpbblZfij_^mkfhlj_g
kh\k_f^jm]hcijhlhdhej_Z]bjh\Zgbymqbl_eyghblZd\k_keh`behkvohjhrh
B\hllZdh_ihjudb\Zxs__qm^bs_m]hfhgbeh\k_okjZ[hlZebbgklbgdlugZih^Z\e_gb_gh
ihkdhevdmhgZkZfZhq_gvg_j\gbqZeZlhg_fh]eZ\_jgmlvky\k\hxq_eh\_q_kdmxnhjfmZ^_lb
hsmsZy[he__kbevgmxhkh[vlZd`_ijh^he`ZebhklZ\Zlvky\baf_g_gghcnhjf_hh[s_mjhd
ijhr_e\lZdhf\b^_kdZeysbckybjudZxsbcmqbl_evbihjudb\Zxs__^_lb\hl\_lGhgZ^h
hl^Zlv_c^he`gh_g_aZiZgbdh\ZeZg_k[_`ZeZb^Z`_mjhd^hdhgpZ^h\_eZZihlhf\uc^yba
deZkkZihreZmfu\ZlvkybmkihdZb\Zlvky
\r\r\r
�Zqlh[y_s_ohlvjZamjhdijh\_eZgbaZqlhlboh[mjqZeZDZfbeeZbfgh]b___
ih^^_j`b\Zeb
:fg_ihgjZ\behkvf_qlZl_evghijhlygmeZMevygZfZeurblZdb_aZ[Z\gu_bfbeu_fu
klhevdh\k_]hk^_eZebZ\dhgp_hgbf_gyh[gbfZebba\Zeb\]hklb\g__ijbe_l_eZih^mrdZk
^b\ZgZ\]hklbghcaZims_ggZymf_ehcjmdhc
F_gygbdlhg_h[gbfZeohjhrhohlvibgdZg_^Zeb\hafmsZeZkvDZfbeeZ
Klj_kkgZklj_kk_\a^hogmeZEmbaZbfgh]b_db\gmebkh]eZrZykv
�Y[u_s_lZdih[_]ZeZihlygmeZkvbZgZ
\i_qZle_gb_ijh\_klb\j_amevlZl_kZfbhklZebkvih^\i_qZle_gb_fqlhlu[uklj__boBjb^Z
e_`ZeZaZ^jZ\gh]bgZkibgdm^b\ZgZmg__mjhdg_ihemqbehkvijh\_klbihwlhfmhgZgbq_]h
bgl_j_kgh]hjZkkdZaZlvg_fh]eZ
�AZ\b^mcfheqZ\hl\_lnujdgmeZbZgZ
M]m^_\mrdZihlygmeZkv
k_hgb`^ZebfZ]bkljZqlh[uihkfhlj_lvj_amevlZluaZk_]h^gyrgbc^_gvbmagZlvdlh\h\j_fy
[ZeZ[m^_lkhijh\h`^ZlvijbgpZZdhfm^hklZg_lkyjhevijhklh]hkl_c
\r\r\r
Zrbj_amevlZluy[ukljh\hreZ\]hklbgmxZdlb\bjmyi_j_^Zqm^Zgguo^_\mrdbkjZamk_eb
jh\g__b\gbfZl_evghihkfhlj_ebgZlZ[ebpm]^_kh]eZkghj_clbg]mi_j_kljZb\Zekykibkhdbf_g
K_]h^gygZi_j\hff_kl_hdZaZeZkvMevygZ?e_gmy`_hrljZnh\ZeZhklZevgu_ijhklhg_ihemqbeb
[Zeeu^_\mrdZijhfheqZeZghihlhfmdZdhgZk`ZeZ]m[ubhimklbeZ]heh\mkihdhcghwlhhgZg_
\hkijbgyeZ
K_cqZk\dZ`^hcba\ZrbodhfgZl\bkblieZlv_dhlhjh_\ugZ^_g_l_gZ[Ze_]hblhevdh_]h
ijbq_kdbbfZdby`gZ\Zr_mkfhlj_gb_ieZlv_h[yaZl_evghIhgylgh"fg_db\gmebghhq_gv
gZklhjh`_gghDjhf_wlh]hmgZk[m^_lk\h_h[jZaguc\uoh^bdZd[hgmkyijhke_`maZ\ZfbgZ
[ZemlZdhlhjZy^h[_j_l[Zeeu[m^_l^hihegbl_evghlZgp_\Zlvkijbgp_f^_\mrdbmeu[gmebkv
Q_f[hevr_ijhoh^beh\j_f_gbkgZqZeZhl[hjZl_fqZs_y\b^_eZ\]eZaZo^_\mr_dbgl_j_kd
`bagbbZ[khexlgh_jZ\gh^mrb_djhebbfi_jZljbpug_[m^_f[jZlv\h\gbfZgb_l_odlhaZwlbf
hohlblky
K_cqZk\dhjb^hj_f_gyihcfZeZklZlk^ZfZiulZ\rZykygZklhylvgZlhfqlhgm`ghijh\_klb
dhgdmjk\urb\dbbeblZgp_\hlkdZ`bl_aZq_fbfi_jZljbp_wlbgZ\udb"bfi_jbbg_dhfm
\urb\Zlv"Emqr_boiheblbq_kdmxwdhghfbq_kdmx[Zamhij_^_eblvdhgdmjkihjblhjbd_
ijh\_klbohayckl\_ggu_gZ\udbG_lbfih^Z\ZcjZa\e_q_gby[_kylFhcjZa]h\hjkwlhc
`_gsbghc\k_\j_fyg_de_blkybwlhljZag_[uebkdexq_gb_fIhke_lh]hdZdFZ^ZfI_^b]jx
k[_`ZeZhlf_gygZkljh_gb_g_memqrbehkvhgZm[_]Zy_s_djbqZeZqlhkhh[sbldhfmgZ^hbgZ
f_gyih\ebyxlDlhbgl_j_kgh\ebylv[m^_l"FukebieZ\ghi_j_l_deb\bgl_j_kgh_jmkeh
ijbrehkvgZ]eh\udb^u\Zlvboba]heh\uZlhkfhljb]hjfhgZevgZyaZ[Zklh\dZ
�_\mrdbm[_`Zebkfhlj_lvk\hbieZlvyb]hlh\blvkyy`_hiylv\_jgmeZkv\dhfgZlmfg__s_Weva_
\u^ZlvieZlv_bkZfhch^_lvky
K_]h^gyyg_baf_gxk_[_\p\_l_ghnZkhgieZlvy[m^_l^jm]hciheghklvx]heZykibgZijbdjulZy
lhevdhdjm`_\hfdjm`_\gu_jmdZ\ZKi_j_^bieZlv_ih^]hjehkhklhcdhcblh`_kie_l_ghba
rbdZjgh]hx`gh]hdjm`_\ZebnbrbjhdZye_lysZyx[dZ[uebfZlh\h]hq_jgh]hp\_lZIjbrZ]_
x[dZqmlvjZa\_\ZeZkvdZd[m^lh\hdjm]gh]lZgpm_llvfZWlhieZlv_[uehijhba\_^_gb_f
bkdmkkl\ZiheghklvxaZdjulh_gh\lh`_\j_fy[m^hjZ`Zs__bhq_gvk_dkmZevgh_yk_[_\g_f
hq_gvgjZ\beZkvb]^_lh\]em[bg_^mrbgZ^_yeZkvqlhihgjZ\exkv_s_dhfmlh:qlhy\ajhkeZy
`_gsbgZg_djhfZglZg_fhgZobgy\k_\urg_cfg_lh`_ohq_lky`blvZlhmf_jl\uoblhebqgZy
`bagvZdlb\g__q_fmf_gyMf_gy\hgmf_jl\byh[gbfZxlkybog_kfmsZ_lqlhhgbf_jl\u_b
bagZqZevghg_kh\f_klbfu_\b^umgboex[h\v
WevaZm\b^_\k\h_ieZlv_ibsZeZr_ihlhfdjm`Zkvkgbf\h[gbfdmb]hlh\Z[ueZ\gh]bfg_
ijh[jZlvky\dZ[bg_ldBfi_jZlhjmZhgZ[m^_lfh_ckljZoh\dhc
WevaZwlhlZfme_l^he`_g[ulv\k_\j_fygZl_[_blu[m^_rvijbkfZljb\ZlvaZBfi_jZlhjhf
_kebhgmc^_lbaaZeZlukh`f_rvdmehgbfuke_gghfg_wlhkdZ`_rvWlhhq_gv\Z`ghhl\e_deZ
__hl]j_a^_\mrdZkjZamklZeZk_jv_aghc
k_ihgyeZk^_eZx
OhjhrhZl_i_jvijb\h^bk_[y\ihjy^hdfg_lhevdhkijbq_kdhcihfh`_rv\hehkugm`gh
ih^gylvih\ur_
OhjhrhfZ]bkljhgZmkdZdZeZi_j_h^_\Zlvky\^jm]mxdhfgZlmZy_s_aZk_eZaZ[mfZ]b
Yjbkh\ZeZko_fmgZdhlhjhcbah[jZ`_gu\k_kf_jlb^_fhguaZf_rZggu_bebijbqZklgu_d
hl[hjm]eZ\ujh^h\b\k_dlhfh`_lbf_lvhlghr_gb_dwlhfm^_emIhemqZehkvhq_gvfgh]hgh
ihkl_i_gghklZeb\ujbkh\u\Zlvkyg_dhlhju_^_lZebfg_[uh[km^blvwlhkd_flhghijbgp
hliZ^Z_lhgkebrdhfwfhpbhgZe_gbaZbgl_j_kh\Zg=jZnR_jfZg"aZbfgZyZglbiZlbyHklZ_lky
�ehj^Zgd_gq_klghhgh^bghklZekybkh\k_fg_ki_pbZevghlZdihemqbehkv
�A^jZ\kl\mcl_ehj^yihZfme_lm\ua\ZeZZgd_gZbkjZami_j_reZd^_emihke_[ZeZm^_ebl_
fg_g_fgh]h\j_f_gbfg_gm`ghk\Zfbh[km^blvg_dhlhju_\u\h^u
Km^h\hevkl\b_ffZ]bklj\hlkdZaZe^\Zkeh\ZZqlh\b^blkyaZwlbfbkeh\Zfb"Holy`_eZ
^heyh^bghdhc`_gsbgu
Lh]^Zm\b^bfkyihke_[ZeZ
JZgvr_fZ]bkljgZfgh]hjZgvr_wlhl^_fhg_s_bmeu[Z_lkylZdaZfZgqb\hbebwlhf_gy
kh\k_fdjh_l"
JZgvr_lZdjZgvr_g_\hafmlbfhih`ZeZie_qZfbhldexqbeZk\yavbmeu[gmeZkv\_kv
jZa]h\hjklZjZeZkv[ulvk_jv_aghcb^_eh\hcl_i_jvfh`ghjZkkeZ[blvky
J_r_gh[m^mkh[eZagylvehj^Zkdhevdhfh`ghgZ^kh[hcba^_\Zlvky
�Zo\Zlbl\Zfp_eh\Zlvkylmlg_dhlhju_h^bghdbrbdgmeZgZmf_jl\bcijhklhfhc
hjZg]mlZg]wlh^_\hqdZZkdZehjuefZevqbdZ\f_kl_hgbiZjhqdZghkh\_klbmf_jl\uog_lb
hgbijh^he`bebg_`blvkyDhfg_`_ih^hr_ekkjuobiheh`be]heh\mgZdhe_gblj_[myeZkdb
Ih]eZ^beZfg_g_`ZedhgZklhe_aZ\hegh\Zekyp\_lbdijbrehkv_]hih^dhjfblvfZ]b_cblh`_
ih]eZ^blvebklbdbZlh_fmh[b^ghhl\lZdhfkhklhygbbih]eZ`b\Zgbyiblhfp_\f_gybaZklZe
fbkl_jD\bdebdhlhjucijb\_ekem`Zgdmkih^ghkhf_^u WevaZihdZaZgylZ\fb^\mokem]dhlhju_
^he`guqlhlhihkfhlj_lvkfhbfbhdgZfb^\_jvgZ[ZedhgaZ_^Z_lZgZ^\hj_e_lh^mrgh
Kem]bmijZ\bebkvf]gh\_gghohjhrhohlv^\_jvki_l_evg_khj\ZebZihlhfihklhygghdeZgyykv
k[_`Zeb
�eyf_gy[m^mljZkihjy`_gbyfZ]bklj"fbkl_jD\bdebg_\hafmlbfaZklZgvhgf_gy
jZa^_eu\Zxs_cljmiblhgZ\_jgh[ue[ukihdh_gBgl_j_kghqlh_]hm^b\blb\u\_^_lbak_[y"
�Zfg_gm`ghdh_dZdb_^_dhjZpbb^eyihy\e_gby^_\mr_d\aZe_bfuijb^_fg_kh\k_fbZqmlv
hiha^Z\
�ey[he__n__jbqgh]hihy\e_gbygZ^hihgbfZlv"
Kh\_jr_ggh\_jgh
Y\Zk\gbfZl_evghkemrZxyjZkkdZaZeZqlhfg_gm`ghbhaZ^Zq_ggucfbkl_jD\bdebmr_e
]hlh\blv\k_aZ^mfdb
;ueZ_s_h^gZijbqbgZfh_]h`_eZgbyij_^klZ\blv^_\mr_ddZdg_qlhyjdh_baZihfbgZxs__ky
�DZdlhijhoh^yfbfhdhfgZluih^hjh]_dihdhyffZjdbauZgd_gymkeurZeZh^bgg_ijbylguc
jZa]h\hjJZa]h\Zjb\Zeb^\_^ZfhqdbfZ^ZfI_^b]jxfb_s_h^gZ__\b^ghg_[uehkibghcklhyeZ
ghf_ldmyihklZ\beZLZd\hlwlb^\_g_hq_gvohjhrb_^_fhgbpu\h\kxmgb`Zebfhbo^_\qhghd
]h\hjyqlhgZwlhfhl[hj_l_dh]hg_`Zedhb\k_dZdh^gZm[h]b_Gb\dmkZgbklZlmkZgbfZg_j
ijbkem]ZblZ[he__[eZ]hjh^gZyI_^b]jx_s_l\_j^beZqlhgZlZdbogbh^bg`_gbog_]eyg_lZ
ijbgpbih^Z\ghlZdqlhg_[m^_lmgZkg_\_kluZ\hl_keb[uhgZ\k_faZgbfZeZkvlh]^Z^ZrZgk
[uelhjZy^ZfhqdZ_cih^^Zdb\ZeZb\h\kxih\lhjyeZ]Z^hklbQlhm^b\behijhf_gyg_kdZaZeb
gbkeh\Z[hylky"GhaZ^_\qhghdh[b^ghYg_y[m^m_kebijbgphklZg_lky[_ag_\_klu
\r\r\r
I_j_^[ZehfyaZkdhqbeZdijb^\hjghfmZeobfbdmwlhhdZaZekykh\k_fg_klZj_pZfheh^hcb
wg_j]bqguc^_fhgmdhlhjh]h]eZaZk\_lbebkvijbmihfbgZgbbfZ]bkljZ=jbg\hlbq_]hhgbkb^yl
hl^_evgh^jm]hl^jm]ZGh\f_rb\Zlvkyg_klZeZlhevdhhl\_lbeZgZ\hijhkqlh^ZfZ]bklj^hkbo
ihjg_aZfm`_fbh^gZ?]hkqZkleb\Zymeu[dZ\ua\ZeZijhl_klbyijbi_qZlZeZ\dhgp_qlhwlh
g_^he]hlZfaZg_cfm`qbgZmoZ`b\Z_li_jki_dlb\guc
�HljZ\ex[mjdgmefZ]bkljZeobfbb`hgJm^
Y`_k^_eZeZ\b^qlhg_mkeurZeZihe_aghZlhkb^bllmlkb^g_fZfZ]bklj=jbg`_gsbgZ
wnn_dlgZyijhklhgZmdhcm\e_q_gZihwlhfm^hkboihjh^gZohlyfh`_lbg_ihwlhfmYk
bgl_j_khf_s_jZahkfhlj_eZwlh]h^_fhgZkj_^g_]hjhklZ^eya^_rgbof_kl^Z`_gbadh\Zlh^gh]h
jhklZkfZ]bkljhf=jbgoZeZl\iylgZobih^iZebgZo\hehkujZklj_iZguebph\q_flhkbg_f?keb
mfulvbijbh^_lv[m^_lbgl_j_kgucfm`bd
hllhqlhluijhkbeZjZkiuebgZldZgvbihlhfZdlb\bjmc\hlkeh\hZdlb\ZlhjbfZ]bq_kdZy
nhjfmeZ^he`ghihemqblvkyhom`wlh^he`ghghneZdhg[_jmb[eZ]h^ZjxaZihfhsvHg
hlfZob\Z_lky^Z_fmg_keh`ghihfhqvl_f[he__lhcqlhijbg_keZihkeZgb_hl_]h:eb
\r\r\r
dhfgZl_f_gy`^ZeZWevaZdhlhjZyhq_gv[ukljhihfh]eZkh[jZlv\hehku[m^mqbm`_iheghklvx
]hlh\hc_cy\jmqbeZ^jm]h_a_ev_ijb]hlh\e_ggh_fZ]bkljhf=jbg
WevaZwlhgZ^hdZigmlv\[hdZebfi_jZlhjmykfhlj_eZ_cq_ldh\]eZaZijh]h\Zjb\Zywlbkeh\Z
^_\mrdZih[_e_eZwlhg_y^deygmkvkbehcaeZbfi_jZlhjmg_aZfureyxhgZf_^e_ggh
db\gmeZl\hyaZ^ZqZg_ihiZklvky_kebg_[m^_l\hafh`ghklbemqr_g_jbkdmcKijZ\brvky"
Zfwlh^ey^_eZ\_^vgZ^hfZ]bkljg_kijZrb\ZeZZml\_j`^ZeZhgZyk^_eZx_kebgZ^h
qlh[uhgwlh\uibehg\uiv_l
Ohlv[uhgZ_fm_]h\jhlg_aZebeZZlhagZyWevamy^Z`_g_kbevghm^b\exkvhq_gvZdlb\guc
q_eh\_d
Ydb\gmeZbfu\urebkg_c\f_kl_\dhjb^hj]^_gZijhlb\\]hklbghcf_gy`^Zeb^_\mrdblboh
\hafmsZykvbmgbo[ueih\h^\k_boieZlvy[ueb[_ehkg_`gu_JZagucdjhcghh^bgklZg^Zjlguc
p\_lZ_keb\aylv\h\gbfZgb_qlh[_euc^_\mrdZgZ^_\Z_lh^bgjZagZk\Z^v[mbofh`ghihgylv
hgb[m^ml[_eufb\hjhgZfbZyq_jgZy
FZ]bkljwlhfm`__klvh[tykg_gb_"g_m\_j_gghkijhkbeZDZfbeeZ
?kl_kl\_gghy\Z`ghdb\gmeZbih^hc^yddZ`^hcjZa[jua]ZeZkj_^kl\hgZieZlv_\_s_kl\h
�_\mrdb_s_[hevr_haZ^ZqbebkvIjhreh^_kylvfbgmldh]^Zyh[jua]ZeZihke_^gxxg_\_klm
ih\_jgmeZkvdk\h_fm[ZlZevhgmbaZ^\bgmeZlhj`_kl\_ggmxj_qvGmdZdlhj`_kl\_ggmx
`bag_ml\_j`^Zxsmx
�hf_gy^hrebkemobqlhgbh^bg^_fhgbq_eh\_d\wlhf^\hjp_g_\_jbl\lhqlhdlhlhba\Zk
klZg_lg_\_klhcZ_s_\k_j_rbebwlhfg__s_WevaZ^heh`beZqlhgbh^gZba\Zkg_gZc^_l
�k_[_lml`_gboZ_\mrdbkiZebkebpZajy\hlk_cqZkgZqg_lkyml\_j`^ZxsZyj_qvGhy
kqblZxih^jm]hfmbk_]h^gyfu^hdZ`_f\k_fZ\i_j\mxhq_j_^v\Zfqlh\urbdZjgu_b
`_gboh\[m^_lohlvhl[Z\eycG_[u\Z_lg_djZkb\uo`_gsbg[u\Zxllhevdh]emiu_
:fug_]emiu_"lbohibkdgmeZKhnvy
:k^mjZfbyg_jZ[hlZx\j_^gh^eya^hjh\vyyk^_eZeZiZmam\ZrZ]eZ\gZyaZ^ZqZk^_eZlv
kZfucbaysgucj_\_jZgk\\Zr_c`bagblZdhcqlh[uklZehihgylgh\udZdfbgbfmf\k_m`_
ijbgp_kkuKfh`_l_"
�Dhg_qghgZkwlhfmkfeZ^_gq_kl\ZmqZlijZ\bevghdeZgylvkybZgZdjb\hmeu[gmeZkvb\k_
�db\gmebZdh]^Z`b\_rvijb`b\ZedhcdeZgylvky^_ckl\bl_evgh`bagvaZklZ\bl
BlZddZdhcmgZkieZgyihk\ylbeZ^_\mr_d\k\hxaZ^mfdmh[tykgyydZdhgb^he`guk_[y
ih\_klbdh]^ZfheqZlvg_ba^Z\Zyg_a\mdZbdZdihlhfk_[y^_j`Zlv\h\j_fy[ZeZMevygZg_
aZ[m^vijbgpih^hc^_lbijb]eZkbll_[ygZi_j\uclZg_p\gZ]jZ^maZohjhrb_j_amevlZlu
�ZfZ]bklj^_\mrdZihdjZkg_eZ\heg_gb_wlhohjhrh
IhdZ`_fijbgpmqlh\k__]hex[h\gbpub\ih^f_ldbg_]h^ylkyxgufdjZkb\ufbk\_`_gvdbf
^_\mrdZfZwlb]jufauimklvehigmlhlk\h_]hy^ZIjhex[h\gbpmijbgpZylh`_magZeZlhevdh
\q_jZblhkemqZcghohlydZdkdZaZlvkemqZcghHgZkZfZij_^klZ\beZkvbihkh\_lh\ZeZk\Zeblvba
^\hjpZfg_bfh_fmdmjylgbdmMreZhlf_gyhgZeukhcYg_k^_j`ZggZybfg_g_klu^gh?s_hgZ
fg_m]jh`Zlv[m^_lkh\k_ffha]h\g_l\hlimklv]heh\mbijh\_ljblQlhijbylghijbgpihwlhfm
ih\h^mfg_g_kdZaZegbkeh\ZKdhj__\k_]hex[h\gbpZkijbklZ\dhcwdkgh\k_jZ\ghgZ^h[ueh
ijhg__mihfygmlvZlhgZl_[_aZ]Z^dm^Zgguo\k_og_^Z^bf]j_[bdZdohq_rv
FZ]bklj\k_]hlh\hfbkl_jD\bdebgZihabpbbijhkbei_j_^Zlvqlhbfi_jZlhjkdZyk_fvy
gZqbgZ_l\hegh\Zlvky[Zeg_\_kl[_ag_\_klh^bgbahojZggbdh\aZ]eygmedgZfbi_j_^Ze
bgnhjfZpbxhlfZ`hj^hfZ
BlZdfhce_lmqbc[ZlZevhgihdZ`_fk_[y\h\k_cdjZk_GZqZeb\afZojmdhcbgZ^_\mrdZo
g_\b^bfhklvy\b`mbolhevdh\fZ]bq_kdhfaj_gbbiZjgbihkljhb\rbkv\dhjh[hqdmh[klmibeb
h[t_dluhojZg_gbybkhkj_^hlhqbebkvk_]h^gymgboly`_euc\_q_jHojZgylv\aZe_iheghf
gZjh^m^Z_s_lZdqlh[ug_ijb\e_dZlv\gbfZgbyaZ^ZqdZg_baijhkluoghhgbijhn_kkbhgZeu
kijZ\ylkyhllZdhckljZgghclheihcfu\ureb\dhjb^hjqlh[uijhclbg_kdhevdhdhjb^hjh\b
hklZgh\blvky\hae_^\_j_c\[ZevgucaZe
GZqbgZ_ffZ]bklj"fbkl_jD\bdebrZ]gmebal_gbm\b^_\db\hdaZr_e\aZeiZjgbhlklmibeb
ke_^hfaZgbfboaZ^ZqZk_cqZkkf_rZlvkyklheihcb[ulvgZ]hlh\_
Qlhlhf_gyljyk_lr_ihlhfijbagZeZkvMevygZ
�FZg^jZ`bZgZi_j_klmibeZkgh]bgZgh]mhklZevgu_lh`_\b^bfhohl_eb\ukdZaZlvkyghy
h[_jgmeZkvbgZofmjbeZkvk_cqZkfu^he`gu[ulvlbobfbfurdZfbgZk`_a^_kv\jh^_dZdg_l
aZe_aZa\mqZebi_j\u_Zddhj^ufmaudbfmaudbdhlhjhc\wlhc=jZgbg_keurZebwlhbafh_c
^bjb`_jmijZ\ey_lgZrbfdhgp_jlhfA\mdbgZjZklZeblj_\h`Zl_j_[yh[_sZyqlhlh
g_\_jhylgh_hiZkgh_:\f_kl_kfmaudhcygZ]g_lZeZlvfmdhlhjZyhlkl_ghdmlu\ZeZaZe]Zkyk\_l
fZ]bq_kdbok\_lbevgbdh\K_fvybfi_jZlhjZ[ueZij_^mij_`^_gZqlh\k_ih^dhgljhe_fbwlh
ij_^klZ\e_gb_lZdqlhaZgboi_j_`b\Zlvg_klhbehZ\hlijb^\hjgu_aZ\hegh\ZebkvgZqZeb
h]ey^u\ZlvkyZihlhfih^^_ckl\b_fqmlvfZl_jbZevghclvfuhk\h[h^bebp_gljaZeZbdhjb^hjd
g_fmWlh[uekZfuckeh`gucfhf_glfg_gm`ghijhclb\p_gljbhg^he`_g[ulvimkl^ey
�aj_ebsghklb_\mrdbih\bgmykvfh_fmkb]gZemlbohgvdhijhreb\p_gljaZeZbaZf_jebfu_s_
g_kdhevdhk_dmg^klhyeb\iheghcl_fghl_Zihlhfemqk\_lZm^ZjbekihlhedZijhgaZyl_fghlmb
\uk\_qb\Zyf_gy
FmaudZgZf]gh\_gb_aZf_jeZqlh[uaZb]jZlv\gh\vgh[he__f_eh^bqghkdZahqghYaZq_jigmeZ
ijZ\hcjmdhclvfmdhlhjZyih^[bjZeZkvdiylZqdmk\_lZbqmlvaZdjmqb\ZyimklbeZ__ihkibjZeb
\\_joL_i_jvklhe[k\_lZhie_lZeZlvfZdZd^_j_\hhie_lZ_l\vxghdih^ihlhedhfwlZlvfZ
ij_h[jZabeZkvb\hlgZ]jZgbk\_lZblvfuihdjm]me_lylq_lujgZ^pZlvq_jguoilbpIlbpug_
i_j_k_dZxlebgbxk\_lZdZd[m^lhlvfZ[hblkyqlh__ih^hi_qgu_jZkl\hjylky\wlhfk\_l_Hgb
djm`Zlky\hdjm]f_gyfZe_gvdb_[uklju_gh\hlhgbkgh\ZgZ[bjZxl\ukhlmb\kZfhc\_jog_c
lhqd_i_j\ZyilbpZkeh`b\djuevyj_adhiZ^Z_l\gbajZa[b\Zykvlvfhch[iheAZeZogme
GZf_kl_]^_lhevdhqlhjZa[beZkvilbpZklhyeZZ[khexlghg_\j_^bfZykljh]Zybg_meu[ZxsZyky
DbjbgZZgZ\_jomm`_ke_^mxsZyilbpZb^_l\ibd_qlh[uij_\jZlblvky\^_\mrdm\[_ehfH^gZ
aZ^jm]hc\hdjm]f_gyihy\bebkv\k_g_\_kluijbgpZ?s_g_kdhevdhk_dmg^fu\k_klhbfg_
r_\_eykv^Z\Zy\hafh`ghklvajbl_eyfjZkkfhlj_lvdZ`^mxghlml]hehkfbkl_jZD\bdeb
jZajmrZ_llbrbgmdhlhjZyijhklh^Z\blgZmrbihke_fmaudb
E_^bb^`_glevf_guiha\hevl_ij_^klZ\blv\Zfba[jZgguog_\_kl?]hukhq_kl\ZdjhgijbgpZ
WjbdZMwevkdh]h\aZe_klhyeZ]jh[h\ZylbrbgZZmf_gyqmlv^jh]gmebm]hedb]m[\gZf_d_gZ
meu[dmfu_s_ihkfhljbfqlh[m^_l^Zevr_
E_^bDbjbgZ^_\mrdZ^_eZ_llZdhcbaysgucmlhgq_ggucbqm\kl\_ggucj_\_jZgkqlhg_agZx
dZdfm`bdbZyih^mfZeZhg_ijbebqghfwlh^_ckl\bl_evghbkdmkkl\hlZd^\b]Zlvky
hlhgZ\ujZ\gb\Z_lkyblvfZj_adh^_jgm\rbkv\ju\Z_lky\iylghk\_lZiulZykvihcfZlvlm
dhlhjZyg_^Z\gh[ueZ__qZklvxGhhgZebrvke_]dZdhkgmeZkvih^heZieZlvybjZklZyeZgZk\_lm
\hllhevdhgZieZlv_dZdZd\Zj_evgZfhdjhfebkl_jZkiheaZ_lkydjZkgucp\_lIylvk_dmg^b\hl
^_\mrdZg_\[_ehfieZlv_Z\yjdhZehf]^_lhevdhgZebn__s__klvg_fgh]h[_eh]hmf_eh
\ie_l_ggh]h\dhgp_ipbxdjZkgh]hieZlvyY_kebq_klghihdZf_gyekyp\_lieZlvy^Z`_g_
�^urZeZwlh\_^vwdki_jbf_glqbklhc\h^uZyh[jua]ZeZieZlvyki_pbZevgufjZkl\hjhf^Z
\ie_eZfZ]bx\kljmdlmjm\_s_kl\ZbijZ\bevghk^_eZeZZdlb\bjmxsbc`_kl[eZ]hg_aZf_lgucgh
\k_`_Bgl_j_kghlhdZdwdki_jbf_gl
Dlhlhbaijb^\hjguo^ZfZogmeb\wlhf\ha]eZk_[ue\hklhj]baZ\bklvLZd\Zf^Zfhqdbl_i_jv
ihijh[mcl_ih\lhjblvwlhFbkl_jD\bdeb^Z\aZem\hkoblblvkygZa\Zeke_^mxs__bfy
�E_^bbZgZj_\_jZgkgbgZ]jZffg_om`_ij_^u^ms_]hhke_ibl_evgZymeu[dZbij_h[jZ`_gb_
ieZlvy\l_fghnbhe_lh\ucp\_l
�bZgZ[ueZ\ieZlv_kh^gbfjmdZ\hfb\lhjuf]heufie_qhfih^he[uekrbldhkufdjh_f^Z`_
ijbq_kdZ[ueZih^klZlvieZlvx\_kv__h[jZawlhZkbff_ljbyb\uah\
ex[mx`_gsbgm\bdhgmklbeyk_wlbieZlvyg_\_kl__jZ[hlZ__wkdbaublhevdhh^ghfh_
lj_[h\Zgb_[_eucp\_lhgZij_\ahreZkZfmk_[yIjZ\^ZkjZamih[mjqZeZ^mfZeZyhlq_jgh]h
i_j_reZd[_ehfmbhiylvg_ohqmkemrZlvijhdhf[bgbjh\Zgb_p\_lZijhhll_gdbbyjdb_ldZgb
BlZddZ`^Zybag_\_klihf_gyeZp\_lieZlvygZ^jm]hcyjdbcbgZkus_ggucblhevdhdZdhclh
we_f_glgZieZlv_g_ba[_`ghhklZ\Zeky[_ehkg_`gufdZd\uah\dZdZdp_glgZlhqlhwlhg_\_kluZ
g_ijhklh]hklbNbgZevgh_ij_^klZ\e_gb_f_gybk\_l\kiuogmekjZamb\_a^_gZf]gh\_gb_
hke_ibe]hkl_cdgZf\p_gljaZeZkimklbekyijbgp[jhkbegZf_gyhq_gvaZbgl_j_kh\Zgguc\a]ey^
ghk^_eZe\k_ihieZgmIjb]eZkbeMevygmgZlZg_pke_^hfaZijbgp_fd^_\mrdZfih^kdhqbeb
kZfu_m^Zqeb\u_ohehklydby`_k^_eZ\rZ]gZaZ^ihiulZeZkvkfulvkyF_gyihcfZebaZjmdmg_
h[hjZqb\ZykvjudgmeZ
Yg_lZgpmxbihiulZeZkv\uj\ZlvjmdmbaaZo\ZlZG_kfh]eZjZkk_j^beZkvbdgZ]e_pm
ih\_jgmeZkvnmjb_ckh[bjZykvdZdfbgbfmfhljm]ZlvdZdfZdkbfmfihdZe_qblvghg_ihemqbehkv
g_lhli_jkhgZ`
�F_gyaZjmdm^_j`Zeehj^JbdZgZgd_gbamqZylZdbf\a]ey^hfqlhohl_ehkvijbdjulvkyZihlhf
gZh[hjhlklZlvlZdqlh[u\u]h^g__ih^q_jdgmlv\k_ba]b[u
IhlZgpm_fwlhl\k_lZdbgZ]e_pg_kijZrb\Zehgml\_j`^Ze
:_kebyg_mf_x"
:_keb\ug_mf__l_lh\k_jZ\gh\lZgp_\_^mylZdqlh^h\_jvl_kvZy\k\hxhq_j_^v\kihfgx
dZdwlhlZgp_\Zlvkhkh[_gghc`_gsbghc\j_^ghklv\hfg_ijhklhdjbqZeZg_lZgpmcgZaeh
\k_fmbk_[_\lhfqbke_jZakdZaZeZg_lZgpm_rvagZqblg_lZgpm_rvghjmdbkZfbe_]ebgZie_qb
ihieueZluYgdZhl[ZgZevgh]hdhfiebf_glZihieueZ
Gh\_^vfZ\hfg_e_]dhhijZ\^ZeZkZfmk_[y^mjdZihfg_ieZq_lwlh^Z`_g_jZa^\h_gb_ebqghklb
wlhh[sZ]Z\]heh\_aZq_fmibjZlvkywlhlfm`qbgZfg_gjZ\blkykh[eZagylv\k_jZ\ghohl_eZ
agZqbllZgpm_f
AZb]jZe\ZevkbiZjuaZdjm`bebkv\lZgp_kh[ex^Zyk\h_h[jZagucjbkmghdk\_jomkfhljblky
ijhklhqm^_kghjblfbqgu_^\b`_gbylZgpmxsboih\hjhludjm`_gbydjZkb\hWlhdZdgblb
\ie_l_ggu_\ihehlghDZd`_^Z\ghylZgp_\ZeZihke_^gbcjZagZ\uimkdghf[Zem\:dZ^_fbbwlh
[ueh\_qghklvgZaZ^
uofmjbl_kvfZ]bkljyiehohlZgpmx"hgiulZ_lkydhd_lgbqZlv"
GZdhfiebf_glgZijZrb\Z_l_kv"AgZ_l_`_qlhlZgpm_l_\_ebdhe_igh
:\Zf`ZevkdZaZlvfg_wlhldhfiebf_gl"
Hlq_]h`_fbehj^\uqm^_kghlZgpm_l_ymeu[gmeZkvih\hjZqb\Zykvdg_fmebphfZg_\ihe
h[hjhlZdZd^hwlh]hkdhevay\a]ey^hfihaZemhlke_`b\Zyf_klhiheh`_gby\k_oih^hi_qguo
FZ]bklj^Z\Zcl_q_klghqlh\uaZ^mfZeb"mf_gy^Z`_]eZaZhdjm]ebebkvhq_fj_qv"lhqlh
\u\hegm_l_kvihgylghbfh`gh[ueh[ukibkZlvaZ[_kihdhckl\hhih^hi_qguogh\hllZd
aZdmku\Z_l_\u]m[mlhevdhdh]^Zijb^mfu\Z_l_ieZgLZd\hlqlh\uaZ^mfZeb"
aehfkijhgbdgh\_gb_fZimklvdZdohq_llZdbihgbfZ_lhr_ehfe_gb_ohjhrZylZdlbdZ
?kebkfZ]bq_kdbf\aehfhflhwlh^hiylgZ^pZlbe_llxjvfu_keb[_alh^_kylvghkmq_lhf
q_klgh]hijbagZgbyfh`ghkdhklblvdh]hfu[m^_f\aeZfu\Zlv"
\r\r\r
kZdjZevgmxnjZamhgZ\ijbgpbi_qZklhlZd^_eZeZgh\hllZdqlh[ug_\l_fm\i_j\ucjZa
?kebkfm`bdhfg_evayh]jZ[blv[Zgdlhh[h[sbo^_lyoemqr_bg_^mfZlvhloe_[gmeZ]ehlhd
k^_^hfl\hbfqlhfulhevdhg_^_eZebihwlhfmbijh`beb^mrZ\^mrmhg_^bgkl\_ggucfh]
aZklZ\blvf_gykf_ylvkydh]^Zohl_ehkv\ulvhl]hjyB_fmh^ghfmy[u^h\_jbeZk\hxkibgmb
f_lem
Ijhf_lemlZfhl^_evgZybklhjby[Z[mrdZk\hx;F ;h_\ZyF_leZ_^vfu\fg_`ghex[beZb
]hgyeZdZdkmfZkr_^rZyb^Z`_dh]^Z\hajZklklZe]em[hdhaZijh^he`ZeZe_lZlvhlfZob\Zykvhl
jZaguoaZf_qZgbc\klbe_m`_g_ih\hajZklm
JZafh]magZqblih\hajZklm]hj^hl\_j^beZ[Z[meyijh^he`Zy^_eZlv\bjZ`b
Yihg_chq_gvkbevghkdmqZeZgZ\_jghbf_gghihwlhfmihke___kf_jlb[md\Zevghq_j_ag_kdhevdh
e_lgZreZih^]hlh\beZkvbijh\_eZjblmZeijba\ZgbyojZgbl_eyjh^ZgZ^_ykvgZqm^hghijbreZ
=_jljm^Z_s_lZaZghaZghk[Z[mrdhcm`_ylh`_fh]mh[sZlvkyhllZdb_iexkumg_djhfZglZ
\hafh`ghklvohlvgZqmlvqmlvijba\Zlvjh^guoohlyhlimkdZlvbodjZcg_keh`ghk_j^p_j\_lkygZ
qZklb
\r\r\r
Fu"yijbih^gyeZ[jh\vJbdZg`_j_adhdjmlZgmef_gy\hdjm]k\h_chkbihcfZe\h[tylvyb
gZdehgbe\gba\]em[hdbcijh]b[b\k_wlh\lZdlbkfhljyfg_\]eZaZ
K\ylu_dhklbdlhdh]hkh[eZagy_l"
?kl_kl\_gghfubeb\u^mfZ_l_fZ]bkljqlhy\Zkh^gmhlimsmgZlZdh_jbkdh\Zggh_^_eh"G_l
�lhevdhih^dhgljhe_flZdjZajmr_gbcf_gvr_[m^_lZbfg_o\Zlbehkfhlj_lvdZd\ujmdbd
g_`blbijhly]b\Z_l_b^Z`_lhqlh\uijhn_kkbhgZeg_mkihdZb\Zeh\^mr_ihl_ie_ehby
ihiulZeZkvkdjulvkqZkleb\mxmeu[dmagZqbllh]^ZgZe_klgbp_g_ihdZaZehkvwlh[uehg
:_kebf_klhdm^Zyihe_amkljZl_]bq_kdb\Z`gh_"
:yhnbpbZevgh_]hhldjulvg_fh]m"
Gm^mfZxg_lyobljhmeu[gmeZkvhgmeu[gmeky\hl\_l
AgZqbl[m^_lbgl_j_kg_cdh]^Z\ukh[bjZ_l_kvwlhijh^_eu\Zlv"\hlihq_fmfg_dZ`_lkyqlh
_]h\ubfZ]bkljdZdba^_\dZhlex[h]h^jm]h]h^_fhgZbebq_eh\_dZa\mqblghjfZevghghg_
hlg_]hZ[kmj^
Fbgmlq_j_aiylgZ^pZlvih\hjhlbyf_evdhf\b`mWevamjy^hfkdhlhjhcklhblfZchjhgfg_
lZdZ]_glZhl\e_q_lbihf_rZ_l\uihegblvaZ^Zgb_
WlhihemqZ_lky\h\j_fydh]^Z\k_^he`gu[ulv\aZe_bkemrZlvj_qvBfi_jZlhjZkihdhcgh
jZkkm`^ZeJbdZgfuihe_a_fgZebqgmxl_jjblhjbxBfi_jZlhjZ"hl\_lhf[ueZfhydh\ZjgZy
meu[dZlZdybijbagZxkv
\r\r\r
WevaZijh[jZeZkvdklhem]^_jZaeb\ZxlgZibldbhlkx^ZbBfi_jZlhjmihg_kml[hdZeie_kgmeZ
`b^dhklv\h^bgba[hdZeh\hl\e_dZykem]m\jh^_\k_ijhrehghjfZevgh;hdZe^hklZ\bebZ^j_kZlm
b^_\mrdZm`_ohl_eZh[jZ^h\Zlvky_^vBfi_jZlhj\aye[hdZeih^g_kd]m[Zfbhl\e_dkylZdhgZ
bke_^beZaZgbfk\gbfZl_evghklvxfZgvydZZhgdZdba^_\Zekyih^ghkbe[hdZedebpmghg_^_eZe
]ehlhd
�Zi_c`_qlhlulZdhcg_m\_j_ggucaehrbi_eZhgZdh]^Zjy^hf\hagbdfZchj
\f_kl_wlhlhevdhklZlmkihfhsgbpu_s_dZdlhmjZ\gb\Z_lboiheh`_gbygh\_^vwlhh[fZg
�G_fh]mygZjZ[hl_emqr_bg_gZqbgZlvwlbhlghr_gbyZlh]^Z\iZjd_hgZjZkl_jyeZkvZ
ihlhf[uehkebrdhfohjhrhkgbf]meylvbjZa]h\Zjb\Zlvqlh[uij_k_qvghk_cqZkhgZkfh`_l
l_f[he__aZ^Zgb_fZ]bkljZkebrdhf\Z`gh_
BdZd\ZfjZ[hlZ_lkyih^gZqZehfg_djhfZglZ"i_j\ucihju\[uekdZaZlvqlh_cih\_aehk
jZ[hlh^Zl_e_fdZdZyfZ]bkljaZf_qZl_evgZyghihlhf\kihfgb\k\hxaZ^Zqmhih^^_j`Zgbb__
h[jZaZkdZaZeZkh\_jr_gghijhlb\hiheh`gh_
:dZd\u^mfZ_l_"hgZ_s_jmdZfb\kie_kgmeZdZd^_eZ_ldmoZjdZdh]^Zkbevgh\a\hegh\ZgZ
JblmZeu`_jl\hijbghr_gbydjh\vgZh^_`^_ihbkd^_\kl\_ggbpbj_^dbobg]j_^b_glh\g_`blv
wlhqlhlhg_\_jhylgh_kebrdhfwfhpbhgZevghi_j_qbkeyeZhgZI_j_[hjsbeZj_rbeZWevaZ
ghfm`qbgZih^mfZebgZq_
WebaZq_f\uwlhl_jibl_"hg[uelZdahegZfZ]bkljZb__jZ[kdh_hlghr_gb_dihfhsgbp_
ijhklhkeh\Zfbg_i_j_^Zlv
GmdZd`_y_c^h[jh\hevghbfyk\h_kdZaZeZl_i_jv\k_qlh\k_hgZ_kl_kl\_gghg_]h\hjbeZ
blhqlhkh[bjZ_lkygZijhkblvkydfZ]bkljmgZ\k_]^Zlh`_
KfZl_jvxhgZwlhm`_h[km^beZblZ^ZeZ^h[jhL_f[he__qlhm`___aZjieZluo\Zlbehqlh[u
dmiblvfeZ^rbfh^_`^mdgb]bbhlijZ\blv\rdhemZ\_^vk_cqZkbaZjZ[hlhdfZl_jbhq_gv
ohjhrbcbkZfh_\Z`gh_klZ[bevguc
Fm`qbgZih^mfZekh\_jr_gghg_hlhf_fm^hiyl_gi_j_^]eZaZfbaZohl_ehkvihfhqvlhchdhf
^mfZeihke_^gb_kmldbbhgg_[m^_lhldeZ^u\ZlvjZa]h\hjgZaZ\ljZih]h\hjblkfZ]bkljhf
k_]h^gykjZamihke_[ZeZ
Bfi_jZlhjihklZ\be[hdZeblZddg_fmbg_\_jgmekyfbkkby^h\_j_ggZyfZ]bkljhfijh\ZebeZkv
^_\mrdZqmlvg_ieZdZeZ[ueihju\ih^hclb\aylv[hdZebihiulZlvky\kmgmlv_fm\jmdbgh
ih^hajbl_evgh`_[m^_lihwlhfmhklZ\Zehkvlhevdhke_^blvbdmkZlv]m[uohlv[u\lZdhcfZehklb
dZdke_`dZg_ih^\_klbfZ]bkljZ
\r\r\r
FZ]bklj\wlh\j_fyaZdhgqbeZlZgp_\Zlvhq_j_^ghclZg_pkJbdZghfb\ukdhevagmeZbaaZeZ
ijbim^jblvghkbdZq_j_a^jm]mx[hdh\mx^\_jv\ur_egbd_fg_aZf_q_ggucJbdZg
klj_lbebkvhgbgZp_gljZevghce_klgbp_iZjmfbgmlkimkly
BlZddm^Z`_fub^_f"
dZ[bg_lBfi_jZlhjZfm`qbgZ^Z`_kihldgmekygZjh\ghff_kl_
Lug_\_jhylgZyk^_eZeZ\b^qlhg_mkeurZeZ_]hlubijh^he`beZk\hcimlvdZdfu
[m^_flm^Zijh[bjZlvky"
Kihfhsvxl_gbqmlvmkdhjyyrZ]h[tykgbeZfh`_lbg_kebrdhfihgylgh
YhlZdhflhevdhqblZehgm\Z`bl_evghgZf_gy\a]eygmey`_q_klghijbagZeZkv
Ylh`_l_i_jvhgkfhlj_egZf_gykmeu[dhc
hlbihijh[m_fydb\gmeZ^Zl_hjbxhgZagZ_lghgZijZdlbd__s_g_ijh[h\ZeZgbjZam\
ke_^mxs_fdhjb^hj_m`_[m^mlihklh\u_dZd^_ckl\m_f"
YhklZgh\beZkvh]ey^_\rbkv^h[Z\beZyjdhklb\h^ghfk\_lbevgbd_m[bjZyk\_l\^jm]boHlwlbo
fZgbimeypbc\dhjb^hj_ihy\bebkv^ebggu_l_gblhqlhgZ^h
klZgh\blkyhkyaZ_fhcZihlhfj_adbcju\hdbhgZdZd[m^lhih]ehlbeZf_gyp\_lZkjZamijhiZeb
\k_klZehk_jufyih\_jgmeZkvdJbdZgmbm\b^_eZ[_kihdhckl\hgZ_]hebp_Bkiulu\Zlv_]h
l_ji_gb_g_ohl_ehkvihwlhfmih^hc^y\iehlgmxlbohgZ]jZgbkeurbfhklbaZ]h\hjbeZ
�Ehj^Zgd_g\ZrZaZ^ZqZ[m^_lk_cqZk\uclbdihklh\ufbih^hclb\iehlgmxd^\_jyfqlh[uy
fh]eZihiZklv\dZ[bg_lZ\ul_f\j_f_g_fhl\e_q_l_ihklh\uojZa]h\hjZfbBih`ZemcklZklhcl_
lZdqlh[uykfh]eZijbl\hjblvky\Zr_cl_gvx
hl`_hgqmlv^_jgmekyhlfh_]h]hehkZdhfZg^_\ujZ[hlZlvg_mf__l_dlhlZd
gZiZjgbdZij_^mij_`^Z_l\uohlbl_qlh[uyihk_^_ejZgvr_\j_f_gb"Ihc^_fl_
:\dZdhf\hajZkl_k_^_xl^_fhgu"b^_ygZibkZlvdgb]mijh^_fhgh\gbdm^Zg_^_eZkv
K\j_^gufbfZ]bkljZfbih^[hdhfjZgh\kZfhfjZkp\_l_kbeh[jhgbehgb^yihdhjb^hjmb
hlke_`b\Zyfh_i_j_f_s_gb_ex[hiulkl\hg_mkihdZb\Zehkv
�Ehj^Zgd_gZkdhevdh\Zfe_lqlh\u\kZfhfjZkk\_l_kbe"
Hl\_qm_keb\uhl\_lbl_gZlhl`_\hijhk"hghklZgh\bekybih\_jgmekylm^Z]^_kqblZey
gZoh`mkv
G_kbevghbohl_ehkvyohl_eZg_aZ\bkbfhmclbghhg\k_jZ\ghg_m\b^blwlh]h`_klZ
DZdkdZaZlvfg_\hlgZh[hjhlkbevghohl_ehkvhghiylvihr_eihdhjb^hjmZy\k_djmlbeZwlb
keh\ZdZdlh^\hydha\mqbl
Ihklh\u_[uebgZf_kl_bJbdZge_]dhhl\e_dbojZa]h\hjhfy`_ijhkdhevagmeZih^^\_jvx\
ihdhbBfi_jZlhjZZlZfijh\_jb\ijhkljZgkl\h\ureZbal_gbqlh[ujZkiheh`blv\dZ`^hcba
dhfgZlgZ[ex^Zxsb_djbklZeeuljZgkeylhjuFhcieZg[ueijhklkijh\hpbjh\Zlvg_^hfh]Zgb_
Bfi_jZlhjZaZ^ZqZWevauhgijb^_ldk_[_\ihdhbex[h\gbpZkgbf\f_kl_b_cijb^_lky_]h
ih^e_qblvbebohly[uijhkdZgbjh\Zlv
Ihkdhevdmhgb[m^ml\^\h_fyg_^mfZxqlhhgZ[m^_lhklhjh`gbqZlvZfg_hq_gvohq_lkym\b^_lv
__bklbggmxklbobxb^Zj
MijZ\beZkvykwlbfaZ^Zgb_ffbgmluaZljbZihke_hiylvrZ]gm\\l_gv \wlhljZagZfgh]he_]q_
ihemqbehkv\f\ukdhevagmeZ\dZ[bg_ldhkgm\rbkvJbdZgZHg_s_i_j_[jhkbekyiZjhqdhcnjZab
ihr_eh[jZlgh
khk_^g_fdhjb^hj_ijh\_jb\qlhfuh^gby\ureZbal_gbkbeg_[uehdZdh_lh
wg_j]haZljZlgh_^_evp_F_gy^Z`_qmlvihrZlgmehghfm`qbgZih^^_j`Ze\gbfZl_evghbamqZy
fh_ebphygZ\_jgh[e_^gZydZdih]ZgdZkhfghclZd\k_]^Zdh]^ZbajZkoh^mxfgh]hkbe
Fm`qbgZih^o\Zlbef_gygZjmdbbgZfh_\hafms_gb_g_hlj_Z]bjh\Zejh\gufkq_lhfgbdZd
ijh^he`Zyb^lbdZdgb\q_fg_[u\Zeh
ufg_h[jZaihjlbl_[mjdgmeZydm^Zlh\jZchg_]hr_bdZd`_hgiZog_l]em[hdh\^hogmeZ
ijhklhmfhihfjZqbl_evgh
?kebdlhlhihy\blkyk[jhrm\ZkgZiheb[m^mgZklZb\Zlvqlh\uf_gyhdhe^h\Zebb\k\hb
q_jgu_^_eZaZfZgbebynujdgmeZZihlhflbohaZkf_yeZkvohjhrhlhdZdkeZ[hklvhlklmiZ_l
rbdZjgucfm`qbgZgZjmdZog_k_l`bagvij_djZkgZ
�Ehj^Zgd_gZihq_fm\ZfaZdjul^hklmi\ihdhbBfi_jZlhjZ"
:dlhlZdh_kdZaZe"
GmdZd`_ylm^Zijh[bjZeZkv_keb[um\Zk[ue^hklmijZa\_
meu[gmekyZyijhklho\ZlZeZjlhf\ha^mogZdhcey^ylm^Ze_aeZ_kebwlhl^_fhgx]Zfh]lm^Z
kihdhcgh\hclbih^[eZ]h\b^gufij_^eh]hf
IhklZ\vl_f_gykZfZihc^myklZjZeZkv]h\hjblvkihdhcghghg_ihemqZehkv
=hjbahglihdZqbkllZdqlh_s_qmlvqmlvihg_km\Zk:g_ihr_elm^Z\hldjulmxqlh[u\kemqZ_
q_]hg_[uehebrgbo\hijhkh\y\k_]hiZjmjZaaZoh^bekZfdg_fmqlh[uaZg_klb^hdmf_glulZd
qlhwlh[ueh[ug_h[uqghy_s_iuol_eZghm`_g_lZd\hafms_gghFZ]bkljZ\uqlhgb[m^v
_^bl_beblhevdhdhn_iv_l_"
:"yaZ^mfZeZkvbg_kjZamihgyeZ_]h\hijhkihke_iZmau`_kihdhcghhl\_lbeZ_kl_kl\_ggh
y_f
DZdqZklh"u\_kbl_dZddhl_ghdhgihkfhlj_efg_\ebphqmlvih^[jZku\ZydZd[uijbf_jyy
\_k
GmagZ_l_ebkh\k_f^_fhgx]Zhljmdhl[bekyg_djhfZglZkdhl_gdhfkjZ\gb\Z_lnZglZaby
lhevdhgZqZeZjZa\b\Zlvb^_x`_klhdhcf_klbghf_gyhl\e_deb
i_j_^b^_fhgu^Z[ug_ihjlblv\Zrmj_imlZpbxhgihklZ\bef_gygZiheqmlvijb^_j`Ze
iha\heyyihcfZlvjZ\gh\_kb_bhlklmibe\a]jmklgmehkv^_fhgl_ieuc[_ag_]hg_lZddhfnhjlgh
:m\Zkhiylvl_fi_jZlmjZih\ukbeZkv"bkke_^h\Zgb_fh_bkke_^h\Zgb_
G_hiylvZkgh\Zb_s_g_jZawlhijhbahc^_l\hlqlhaZhl\_l"FZ]bkljg_aZ[m^vl_\u_s_
h[_sZebkhfghcihke_[ZeZih]h\hjblv\hlhg\jh^_h^_e_]h\hjblZkeurblkykh\k_f^jm]h_
Yhl\oh^ZihgZ[ex^ZeZaZ^_\mrdZfbdZ`^Zyh[sZeZkvbeblZgp_\ZeZgbdlhg_]jmklbe\klhjhgd_
qlhg_fh`_lg_jZ^h\ZlvaZbgl_j_kh\Zebfu^\hj
Dhfg_ih^hreZWevaZ\klZeZjy^hflZd`_kfhljy\aZe
Ihemqbehkv"
G_lba\bgbl_mg__ihgbdebie_qb
OhjhrhlZdfh`_l[ulv^Z`_emqr_JZa\e_dZckyghaZ^_\mrdZfbijb]ey^u\Zcdlh\hdjm]gbo
\v_lkyfg_gm`gZ[m^_lhll_[ybgnhjfZpbyihke_[ZeZ
IhgyeZhgZ_s_fbgmlmijhklhyeZjy^hfZihlhfkihdhcghihreZ\ijZ\h\hlbdlhih\_jblqlh
kh\k_fg_^Z\ghwlZ^_\mrdZ[ueZijhklhcihkm^hfhcdhc"
Ohly_kebagZlvdm^Zkfhlj_lv\b^gZbg_m\_j_gghklvbaZ`Zlhklvghwlh\k_fh`ghkibkZlvgZ
\heg_gb_Ijbgpijb]eZkbeDbjbgmbhgZihdhe_[Z\rbkvg_kdhevdhk_dmg^ijbgyeZijb]eZr_gb_
gZlZg_pjy^hfdjm`beZkvMevygZkg_fheh^uf^_fhghffbehdjZkg_y
IhlZgpm_f"jy^hfgZjbkh\Zekyg_dbckm[t_dl\b^bfhhohqbc^h^bdh\bgdbZdZd_s_
h[tykgblv`_eZgb_ihlZgp_\Zlvkg_djhfZglhf
G_le_gv^Z`_\_`eb\hijb^mfu\ZlvijbqbgmhldZaZmklZeZykbevgh
�:ehj^mZgd_gm\ug_lg_kdZaZebjh^kl\hkijbgp_fku]jZehk\hxjhev^mfZ_l_lZd
ijh^\bgmlvky"kdhevdhkZjdZafZby^Zwlhm`_hldjh\_ggZygZ]ehklvaZlZdh_gZdZau\Zxl
&#xu;&#xij;&#xZ;&#xu;&#xj;&#xh^;&#xkl;&#xh;&#xk;&#xij;&#xbg;&#xp_;&#xgZ;Þ&#xZ^;&#xu;&#xZ_;&#xl;&#xhl;&#xi_;&#xqZ;&#xlh; ;&#xhj;&#x^Z;�uijZ\ujh^kl\hkijbgp_fgZdeZ^u\Z_lhli_qZlhdehj^ZZgd_gZ`ZedhZ\uijbgpm
jh^kl\_ggbd"G_l"AgZqbl\Zkg_`Zedhy]h\hjbeZg_ih\hjZqb\Zykvdfm`qbg_ebphfghgZ
wlbokeh\Zoj_adhih\_jgmeZkvfZl_jbZebamyfZkdmkf_jlbgZk\h_febp_kZfijbr_e
^h[jh\hevghijhrbi_eZyh[ebagm\]m[ujZa^\h_ggufyaudhf
Wlhl[he_ag_ggucoeus ^mfZ_l_ihke_lZdh]hmg_]hk_j^p_\ihjy^d_g_ldhg_qgh\fj_adh
Mfheyxijhklbl_f_gy[e_yewlhlg_kqZklgucijhlbjZyrlZgZfbiheohlvdZdZylhihevaZ
=Z^dhlZdbwlhkbevgZyjZkZ^_fhguIhahjblhgbo
;_]bijhr_e_kl_eZybk^_eZeZfZe_gvdbcrZ]dg_fmbqlh\u^mfZ_l_ih[_`Ze_s_b
i_leyyijhfqZekyb\ue_l_ek^jm]hcklhjhguaZeZ
GZf_gyfgh]b_h]eygmebkvghydZdgb\q_fg_[u\Zehijh^he`beZkfhlj_lvgZlZgpmxsbo
ihkueZy\^h]hgdmoZfmqmlvqmlvfZ]bbL_i_jvhgklZg_lhq_gv\dmkguf^eyijbajZdh\
keZ[_gvdboi_j\h]hmjh\gyZfh`_l^Z`_g_\b^bfuogme_\uo\hlimklv[hblkydZ`^h]hrhjhoZZ
_s_l_i_jv\_^v\hkg_[m^_lj_]meyjgh\b^_lvkf_jlvEZ^ghg_j_]meyjghZiZjmg_^_evb
o\ZlblZlh_s_khc^_lkmfZgh\k_jZ\ghgZ^mr_klZehlZdohjhrhK^_eZeiZdhklvgZk_j^p_
jZ^hklv
;Zeih^oh^beddhgpmdh]^Zyih^ZeZkb]gZe^_\mrdZfqlhfumoh^bfhgbijZdlbq_kdbkbgojhggh
hlklmibebhldZ\Ze_jh\bk^_eZ\j_\_jZgkgZijZ\bebkvgZ\uoh^bf\ke_^h[hjZqb\Zebkvghhgb
dZdjmq_cdbkl_dZebkvkh\k_]haZeZ\_^bgmxj_dm:kboieZlv_\moh^bebp\_lZklZgh\ykvaZgh\h
[_ehkg_`gufbZgZihjh]_j_adhhdjZkb\rbkv\q_jguchli_j_^hfghc\_kvfhce_lmqbc
[ZlZevhg\afZojmdhcbba^\_j_caZeZ\ue_lZxlq_jgu_ilbpuZyj_adhjZa\_jgm\rbkvmoh`m
\af_lgm\ih^hehfieZlvyaZfghcihke_^h\ZeZgZrZhojZgZbg_\b^bfu_^_\mrdb
AZ]h\hjbeb^_\qhgdblhevdhihiZ\\gZrm]hklbgmxgh\k_ohjhf]\ZelklhyedZdgZ[ZaZj_
FZ]bkljwlh[ueha^hjh\hEmbaZqmlvebg_ih^iju]b\ZeZhl\hklhj]Z
ufheh^puy\ZfblZd]hj`mkvk_ijhrehdZdihfZkem_keb_klvaZ^mfdbihih\h^m
dZ\Ze_jh\aZ\ljZh[km^bf:k_cqZkfh`_l__s_ih[helZlvghkbevghg_aZkb`b\Zcl_kvmlj_ggxx
ijh[_`dmgbdlhg_hlf_gye^_\qhgdbaZdb\ZebbkjZamaZ]h\hjbeb^_eykv\i_qZle_gbyfb
Y`_\ureZ\dhjb^hjk_dmg^mdhe_[ZeZkvghj_rbeZi_j_h^_lvkyKh[eZag_gb_hlf_gy_lkykbe
g_lkh\k_fHom`wlZklZjhklv
�I_j_h^_\rbkvb\uc^y\]hklbgmxk\hboihdh_\m\b^_eZh`b^Zxs_]hf_gyehj^ZZgd_gZhg\
hlebqb_hlf_gyi_j_h^_\Zlvkyg_klZeZlZdbkb^_e\dhklxf_jZa\_qlhib^`ZdjZkkl_]gmlb
\_jogb_im]h\bpujm[Zrdbjy^hfrmjrblebklbdZfbp\_lhq_db^beeby
Ih]h\hjbf"hgieZ\gh\klZebadj_keZ^_eZyrZ]dhfg_bihq_fmmf_gyhsms_gb_qlh
jZa]h\Zjb\Zlvfug_[m^_f\hlkh\k_fijbq_f
Ydb\gmeZke_^yaZgbfjmdbZ`q_kZebkvlZdohl_ehkv_]hihljh]ZlvZ_s_ihfgbeZ_]haZiZohg
ij_ke_^h\Zef_gyihke_^gbxiZjmqZkh\JbdZghklZgh\bekygZijhlb\f_gy\iehlgmxdh]^Zy
^_eZeZ]em[hdbc\^holhdZkZeZkv_]h]jm^vxDZd\u^mfZ_l_yqZklhaZ^urZeZ"
Ohl_eZmagZlvijhl_fi_jZlmjml_eZ^_fhgZ"db\gmeZy_s_bbaf_jblv__ohqmghfheqm\k_
ijhklhwlhj_ZdpbygZwfhpbbhggZdehgbekybihp_eh\Zef_gyijb`bfZydk_[_K\ylu_
ljmibdbwlh\her_[gh
hlwlhyihgbfZxhiulkjZamqm\kl\m_lkyfm`bdmg_h^gZkhlgye_llZdgZmqblvkyp_eh\Zlvky
gm`gh\j_fyfgh]h\j_f_gbDZdhdZaZeZkvkb^ys_cgZklhe_\hae_p\_lhqdZdhlhjucaZ`fmjbe
\k_]eZadb_s_bebklbdZfbboijbdjueg_ihfgxkdhevdhfup_eh\Zebkvg_agZx\k_[yijbreZ
hlklmdZ\^\_jv
KjZamj_rbeZqlhwlhk_j^p_\mrZoklmqblghg_lwlhdZdhclhljmi\^\_jvehfblky
Emqr_hldjulvg_hlklZgml\_^vg_^\hj_pZijhoh^ghc^\hjJbdZgly`_eh\a^hogmeihijZ\be
gZ^\_jv
IjbwlhfaZijZ\eyyjm[Zrdmbijb]eZ`b\Zy\hehku
Y[ueZaeZijhklh\[_r_gkl\_Mf_gyfm`bdZagZ_l_kdhevdhg_[ueh"Bg_gZ^h\ZfwlhagZlvb
ihfh_fmk_cqZkydh]hlhm[vxZihlhfijh^he`mgZqZlh_
�Z]ZjdgmeZk_j^blZyyaZ^\_jvxaZ]h\hjbefZchjEmdZkbkm^yih]hehkmhglh`_[ueg_\
^mo_\hlbhlebqg_gvdhihh[sZ_fkyjy^hfjZa^Zekykf_rhdJbdZgZg_kf_rgh\hlkh\_jr_ggh
h^gbfb]m[Zfbijh]h\hjbeZih\hjZqb\Zykvd\hr_^r_fmbke_aZykhklheZ
\r\r\r
FZ]bklj"fm`qbgZ\hr_eq_dZgyrZ]ba_]h]eZalhevdhbkdjug_kuiZebkv
FZchj"g_klZeZhlklZ\Zlvylh`_lZdbflhghffh]mjZa]h\Zjb\Zlv
Yohl_e[uih]h\hjblvk\Zfbhldjh\_gghfbehj^\uiha\hebl_"hg_s_ijZdlbq_kdb
kh[eZag_ggh]hfghxfm`qbgm\u]gZlvohq_l"M[vxb[m^_lmf_gyahf[bfZchjqbd
YhklZ\ex\ZkfZ]bkljfu^h]h\hjbfk\Zfbiha`_hgmeu[gmekyb\ur_ebaihdh_\Zfg_
hq_gvohl_ehkvkdZaZlvqlhy_]heh\exgZkeh\_bhq_gv`^mwlh]hihke_
Gmy`^my^Z`_gh]hcijblhiu\ZlvgZqZeZqlhlhylmljZkkeZ[beZkvbklZeZkebrdhf^h[jhc
Ij_j\Zlv\_^vfmdh]^ZhgZm`_k_[_\u[jZeZfm`qbgmwlhijhklhdZd]heh\m\jhl^jZdhgm
aZkmgmlvbihs_dhlZlvgZ^_ykvqlhg_khfdg_lq_exklb
Ylj_[mxqlh[u\uhlimklbebk\hxihfhsgbpmbm[jZebkg__\k_\Zrbijb\yadbZlZd`_
ij_djZlbebbkihevah\Zlv__\k\hbojblmZeZogbq_]hk_[_aZy\e_gb_
uqlh^_eZ_l_"Lj_[m_l_"^hf_gy^Z`_g_kjZam^hrehqlhaZqmrvhge_iblhgihkf_e
lj_[h\Zlv:\u_ckh[kl\_gghdlh"Ym`_fheqmijhlhdZdh_\ubf__l_ijZ\hg_lhqlh
lj_[h\Zlv\hijhkufg_aZ^Z\Zlv"g_m^h\e_l\hj_ggZy`_gsbgZwlhkljZrghIhfbfh\heb
\hdjm]klZeZaZdjmqb\ZlvkylvfZBg_lZihkemrgZybfy]dZydZdgZ[ZemZi_j\ha^ZggZy`_kldZy
bdhexqZydhlhjZy[v_loe_kldhbaZf]gh\_gb_fh`_l\ulygmlv\k_`bag_ggu_kbeu
lZdhfkhklhygbbf_gyemqr_\hh[s_g_ljh]ZlvZhglml_s_ijZ\ZdZqZ_l
IhdZy_cgbdlhghwlhg_gZ^he]hy_kebq_klghhp_gbeZkf_ehklvfm`qbgudh]^Zihg_fm
ihea_llvfZ\_klbk_[y^hklhcghbg_\ba`Zlvwlhm`_k_jv_agucihdZaZl_evZhg_s_b]hehk
ih\urZ_lgZf_gykf_eucgh^mjghc
:__\ukijhkbeb"]hehkklZerbiysbfbfm`qbgmqmlvi_j_^_jgmeh^Zy_fmg_bag_`_gguc
q_eh\_db^Z`_g_\kiuevqb\Zy^_fhgbpZy\_^vfZIhlhfkl\_ggZybhq_gvaeZy
hijhkkWebymljykmghhgZg_fh`_l`blvghjfZevghdh]^Z\hdjm]lZdh_l\hjblkyhgZ`_g_
ijbkihkh[e_ggZydlZdhc`bagbkdhevdhZiehf[Zqbkl_gvdb_kd_e_lbdb
:mf_gyi_j_^]eZaZfb\klZeZdZjlbgZdZdfhyfbeZyihfhsgbpZljyidhc]hgy_lg_`blvaZlhqlh
gZke_^bebdZdhgZdhjfblp\_lbd\hh[s_g_ba\_klgmxg_`blvbkdZdbfmih_gb_fjZkkdZau\Z_l
djh\Z\u_ih^jh[ghklbB\klZeaZdhghf_jguc\hijhkZfu\hh[s_h[h^ghfblhf`_q_eh\_d_
]h\hjbf"
FZ]bkljmfheyxg_m\hevgycl_\dhfgZlm\e_l_eZWevaZaZiuoZ\rZykykjZklj_iZggufb
\hehkZfbbf_klZfbih^jZgghfieZlv_m\b^_\__\b^yf]gh\_gghhs_lbgbeZkvbih\_jgm\rbkvd
fZchjmaZrbi_eZdZdaf_y
DZdwlhihgbfZlvqlhkemqbehkvkfh_cihfhsgbp_c"fm`qbgZkZf[ueg_\dmjk_ghkm^yih
WevaZqlhklh[hckemqbehkv"gZ^hjZah[jZlvkykdhj__Zlhyha\_j_xZfm`bdZm^Zjo\Zlblk
wlhcfbehc^_\mrdhc\hlklhblfheqbl
G_jm]Zcl__]hhgohl_edZdemqr_j_rbeqlhfg_m\ZkiehohbhklZ\bef_gyk\hbf
ih^qbg_ggufqlh[uklhjh`bebgZqZeZ[h^jhhgZZihlhfih^gZrbfb^h[jufb\a]ey^Zfb
klmr_\ZeZkvb\hly[hyeZkvhiha^ZlvbqlhlZfihke_wlh]hbhgZlZdbg_kdZaZeZZfg_\hl
[uehhq_gvbgl_j_kghqlhbf_gghhgZk^_eZeZiZjgyfhojZgy\rbf__
DlhlhihkljZ^Ze"hgZg_hij_^_e_gghih`ZeZie_qZfby`_iulZeZkvhkfukeblvg_h[tylgh_
�_\mrdZkem`ZgdZeZ^ghimklvihfhsgbpZb^_fhghojZggbdqlhhgZfh]eZ_fmk^_eZlv"G_l
_kebg_magZxkiZlvg_kfh]mWevaZfZchjgZklZb\Z_lqlhl_[_mf_gyly`_ehjZ[hlZlvbfg_
gm`ghl_[ym\heblvqlhlukdZ`_rvihwlhfmih\h^m"
G_m\hevgycl_fhf_glZevgh\u^Zehwlhqm^h
WevaZih^jh[g__fZchjaZl_[yi_j_`b\Z_l]hlh\\aylvgZk_[yh[yaZl_evkl\ZgZwlbokeh\Zo
fZchjih^Z\bekyk\hbfbkeh\Zfbdhlhju_\b^bfhohl_egZfkdZaZlv
IjZ\^Z"\hlqlh^_eZ_lk^_\mrdhc\ex[e_gghklvklhevdhgZ^_`^u\]hehk_
WevaZijbrehkvijba\Zlv__dihjy^dm
FZ]bkljyg_mc^m^Z`__kebijh]hgbl_?kebg_ylhdlhihaZ[hlblkyh\Zk"ykd_ilbq_kdb
ih^gyeZ[jh\vgZf_dZyqlh^Z\ghaZ[hqmkvhk_[_kZfZZp\_lbd"wlhdhg_qghZj]mf_glhgm
gZkihdmrZlvex[blZyqZklhhlemqZxkvZfbrdZjukvdZlhilmg"wlhyg_ihgyeZhgZfh_c
g_`blbbf_gZ\e_ibeZ"
By_s_aeh[gucg_djhfZglZhgZ^_\hqdZjhfZrdZljyidhcihfhj^_fbrd_jZaf_jhfjZaZ\ljb
__ij_\urZxs_]hdm^ZdZlblky=jZgv"
WevaZq_klghmf_gyg_lkeh\h^gbwfhpbb
Gmg_m^h[ghboa\Zlvijhklhg_`blvbebwc\uhgb\k_[_]mlZlZdiha\ZeZihbf_gbb
ijbr_egm`guc\hlohly[udmiZlvky
:jZa\_lubokgh\ZdmiZ_rv"yaZ^ZeZijZ]fZlbqguc\hijhkg_la\_jv_qbklh_biZog_l
k\_`_klvxghy^mfZeZwlhbaaZaZdebgZgbydhlhjh_ygZgboj_]meyjghgZijZ\eyxZhdZau\Z_lky
hgZbofh_l
DZ`^uc^_gvhgZlZdgZlmjZevgh\hafmlbeZkvbjmdZfb\kie_kgmeZqlhklZehihgylghwlhfu
b^bhlug_ihgbfZ_fqlhg_`blv ljmi_kebqlh\fgZ^hfulvdZ`^uc^_gvqlh[uhgbg_\hgyeb
BdZdhgbj_Z]bjmxlgZwlhkZfhmijZ\kl\h"\hfg_\au]jZebkke_^h\Zl_ev
M`_ghjfZevghgh_kebkbevghijhlb\yboljyidhcZp\_lbdih[ZrdZf\_ldZfbemibly
aZdjueZebphjmdhcqlh[ugbdlhg_\b^_efh_]h]em[hdh]hrhdZ
WevaZbklhevdhrhdZb[heb^Zfm`bdkljZrghdh]^ZjmrZlkyh[jZau:lumk_[y\]heh\_
gZjbkh\Zeh[jZah[_a^he_gghcfbehc^_\hqdbdhlhjhcgm`_gjupZjvZ_cljyidZgm`gZbhgZkZfZ
\k_oih]hgbl
FZchj_s_\hijhku_klv"gZ^haZdZgqb\ZlvwlhlZ[kmj^
HgZmqZkl\m_l\jblmZeZo"
?kl_kl\_ggh]hj^h^h[Z\beZ^_\mrdZg_^Z\fg_kdZaZlvgbkeh\ZZyijbih^gyeZ[jh\v\
jheb`_jl\ufm`qbgZaZjuqZeZyhdhgqZl_evgh\ureZbak_[y^h\_eb
WevaZdZdhc`_jl\u"k\ylu_kd_e_luqlhaZ[j_^"
WevaZihemqbehkvdZdlheZkdh\hy^h\blhbgZg__wlhih^_ckl\h\Zeh
G_lyg_mqZkl\mx\jblmZeZob\hh[s_\kljZrguo\_sZoFhyaZ^ZqZijhke_^blvaZ
fZ]bkljhfqlh[uhgZih_eZb\uihegblvf_edb_ihjmq_gbyFZ]bkljf_gygbdq_fmg_
ijbgm`^Z_l\hl^Z`_g_`blvfulvfhyb^_yZhgZlhevdhihfh]Z_l:yfh]mb\jblmZeZo_keb
gZ^hghhgZijhlb\lZdhcjZ[hluhgZlZdihgbdeZqlhyk_[ya\_j_fihqm\kl\h\ZeZ\hlq_eh\_d
klZjZ_lkyh[jZafg_kha^Z_laZj_imlZpb_cfh_cke_^blZy^Z`_\jblmZeg_[_jmm`_ohl_eZ
ihf_lblvk_[_qlhgZke_^mxsbc\aylvjZawlhk^_eZ_l__kqZkleb\hc
WevaZg_i_j_]b[Zcyijhklh^Zxl_[_\uihegbfmxjZ[hlm
Gmfh`ghblZdkdZaZlvghihiehlghk`Zluf]m[ZfyihgyeZqlh^mfZ_lhgZkh\_jr_gghih
^jm]hfm
Yg_ihgbfZxgZfZchjZ^Z`_[ueh`Zedhkfhlj_lv
Y_fm\k_h[tykgx^_\mrdZk^_eZeZrZ]dfm`qbg_baZ]eygmeZ\]eZaZydb\gmeZghi_j_^l_f
dZdhgbmc^mlj_rbeZ\k_lZdbmlhqgblvg_dhlhju_fhf_glu
LZdqlh`_kemqbehkvkl\hbfhojZggbdhf"
FZchjj_rbef_gyaZsblblvb^h\_jbehojZgmh^ghfmiZjgxhgZqmlvihdjZkg_eZhg
g_iehohcbhq_gvklZjZekyghydZd^h^mfZeZkvdm^Zihr_efZchjkjZamihgyeZ[m^_lljmi:hg
fg_gjZ\blkyfZ]bkljhq_gvAZq_ffg_ljmifm`qbgu"@b\h]hohqmfZchjdjZkg_ebfjZqg_egZ
]eZaZoZfg_dZaZehkv^Zevr_g_dm^ZhlZwlhldZdaZeZ^beijbdZafZchjZbgbdZdg_ohl_e
ihgylvf_gyGmy_]hbijbeh`beZih^ghkhfghmg_]h]heh\Zqm]mggZy\u`beibk_phgZ_s_
h]hjqZ_lkykeh\g_lbih]gZekyaZfghcghy[ueZoblj__xjdgmeZ\^ZfkdmxdhfgZlmZlZf
\ue_aeZ\hdghgZfbgmldmlj_lbcwlZ`IjhreZihdZjgbamwlhlhqghijhklhkem`ZgdZZ
g_gbg^ay"Ghdh]^ZaZe_aZeZ\ke_^mxs__hdghaZp_ibeZkvbieZlv_ihj\ZeZhgZlZd
g_kqZklgh\a^hogmeZZmf_gy]eZaZm`_[hevr_g_fh]mljZkrbjylvkywlhfhcfZdkbfmf^Zevr_
gZkbeb_gZ^ijbjh^hc
WevaZf_gy^h[b\Z_l__g_bkim]ZehqlhhgZfh]eZmiZklvg_l_cieZlv_`Zedh
HglZfdklZlb[_]Z_lbs_lf_gyu[u_fmkdZaZebqlhhgg_\bgh\ZlZlh\_^vlZd
i_j_`b\Z_laZgZ\_k
G_ohlbl_dhfg_\\_^hfkl\h"kihdhcghkijhkbefZchjby_]haZm\Z`ZeZ[ukljhhgkh[jZeky
G_lykfZ]bkljhfhklZxkv_kebg_ijh]hgblZ\u_kebg_aZohlbl_khfghch[sZlvkyihcfm
hgZk_cqZkjZkieZq_lkygh^_j`blkykbevgZy^_\hqdZghk\hx`bagv\m]h^mqvbolhijbohl_cb
m^h[kl\f_gylvg_[m^mlZdqlh\ukgZqZeZohjhrhih^mfZcl_
Ym`_ohjhrhih^mfZeb_s_[hevr_m[_^beky_kebfZ]bklj[m^_lg_ijhlb\lhaZ\ljZ\_q_jhfy
[uohl_eijb]eZkblv\ZkgZm`bg^_\mrdZklj_evgmeZ\f_gy]eZadZfbihemqbeZqmlvaZf_lguc
db\hdqlhy__hlimkdZxbaZ^Zgbcg_ljZkijZ\beZie_qb\_kdhhl\_lbeZ
Km^h\hevkl\b_ffZchj
FZ]bkljijhrmijhs_gbyaZk\hbkeh\ZbwlhljZa]h\hj
Gbq_]hfZchjih]h\hjbebbohjhrh
AZgbfbaZdjueZkv^\_jvWevaZihreZijh\h^blvfm`qbgmZyk_eZgZklmebih\_jgm\rbkvd
p\_lhqdmlbohijh]h\hjbeZ
Fh`_llZd^Z`_emqr_kebrdhfhgfg_gjZ\blkyZ_keby_fmg_lZdkbevghbebgZh[hjhlhg
ihlhfm\k_]eZadbaZdjuekdjZkghj_qb\uf\b^hff^Zfh`_lb^bhlbafaZjZa_g"YgZ
j_ne_dkbx^hehc^_ckl\m_fihh[klhyl_evkl\ZfghbglbffZchjmh[ehfZxih\_kb\ke_^bedmgZ
Wevam[m^_lagZlvdZdf_rZlv\_^vf_klZlvkqZkleb\hc`_gsbghc

?s_ljbdjm]ZZZijhojbi_eZyb^_\qhgdbh[h]gZ\f_gy^jm`ghihljmkbeb^Zevr_y`_
iulZeZkvg_miZklv\[hdmdhehehg_bfh\_jghghk_]h^gyygZkljh_gZ\uihegblvijh]jZffmih
[_]mdhlhjmxkZfZ`_bmklZgh\beZ
G_\uihegbeZgZihke_^g_fdjm]_gh]baZie_ebkvblhevdhqm^hfyg_miZeZZihlhfih^mfZeZ
iZjmk_dmg^b\k_lZdbmiZeZghg_ghkhf\i_j_^ZijhklhiexogmeZkv\ulygmeZgh]bb\a^hogmeZk
gZkeZ`^_gb_f
FZ]bkljqlhmgZkk_]h^gyihieZgm"^_\qhgdb^h[_`Z\ihke_^gbcdjm]gZqZebjZkly]b\Zlvkyy
ahjdh]eygmeZgZDZfbeemgh^_\mrdZ\k_jZkklhygb_ijhreZbl_i_jvaZgyeZkv^uoZl_evghc
]bfgZklbdhchklZevgu_`_jZafbgZebkvqlh[uke_]dhklvxkZ^blvkygZriZ]ZlAZ\b^ghfg_ygZ
riZ]Zl^Z`_\^_lkl\_g_kZ^beZkvg_lhqlh\gug_rg_f\hajZkl_
K_]h^gyihk_s_gb_]bev^bblhj]h\p_\ihc^_f\bod\ZjlZeihkfhljbl_q_flhj]mxlgZ
bfi_jZlhjkdhfmjh\g_ihkfhljbfqlhb^_lgZbfihjlZqlhgZwdkihjlIhwlhfmihk_s_gbxohqm
ihemqblvhl\Zkhlq_lh\ZrbojZafure_gbyogZl_fmlhj]h\ebbgh\uo\hafh`ghkl_c^uoZgb_
\hkklZgZ\eb\Zehkvbyi_j_klZ\ZeZ\u]ey^_lvkh[Zdhck\ukmgmlufyaudhfdhlhjZyijhfqZeZkv
mcfmdbehf_ljh\
Lhj]h\puBjb^Z\u]h\hjbeZwlhkeh\hky\gufhl\jZs_gb_fbkfhjsbeZk\hcihjh^bkluc
ghkbd\hl`_
Bf_gghlhj]h\pul_dlhijb\habl\k_lh\ZjudgZfl_dlhihfh]Z_lBfi_jbb[h]Zl_lvZ\Zfb
\Zrbfjh^Zf`blv^hklhcghlZdqlh[m^vl_\_`eb\ug_gZju\Zcl_kv^_\qhgdbi_j_]eygmebkvb
g_m\_j_gghdb\gmeb
Y`_ih^gyeZkvbkdhfZg^h\ZeZ\ha\jZsZlvkygZ\k_k[hju^Z\bfkhjhdfbgmlj_fyijhe_l_eh
g_aZf_lghihfulvkyh^_lvky\uiblvdhn_ijhkfhlj_lv^hdmf_glubm`_ihjZb^lb\h[smx
]hklbgmxIhkdhevdm\wlhlihoh^fub^_f\k_c]jmiihchojZgu[ueh[hevr_h[uqgh]hiZjgblZd
`_m`_gZoh^bebkv\]hklbghcfZchj\u^Z\ihke_^gb_bgkljmdpbb\_`eb\hiha^hjh\Zekybmr_e
ihk\hbf^_eZf
GZjh^m[uehfgh]hihwlhfmi_j_oh^yj_rbeZhj]Zgbah\ZlvbgZq_q_fh[uqghhldjueZihjlZe
m^_j`b\ZyjZfdmi_j_oh^ZkdhfZg^h\ZeZgZ\uoh^Lhqdhci_j_oh^Z\u[jZeZi_j_mehdaZ]eZ\guf
^hfhf]bev^bbI_j\ufbij_^kdZam_fh\hreb\ihjlZehojZggbdbke_^hfgZqZebi_j_oh^blv
^_\mrdbdh]^Zl_odlhg_i_j_r_ehklZehkviylvq_eh\_d\f_kl_khfghc\]hklbgmx\e_l_eeZd_c
k\Z`gufkhh[s_gb_f?]h\ukhq_kl\hf_gy\uau\Z_lYfh`_l[ulvijhb]ghjbjh\ZeZ[uwlhl
\uah\gheZd_c^h[Z\be
Djhgijbgpijhkbe^h[Z\blvfZ]bkljih`ZemcklZy\Zkhq_gv`^mwlhdjZcg_\Z`ghZ\hlhl
lZdhcijhkv[ug_hldZau\ZxlkyDZdgbdjmlbhg[m^msbcbfi_jZlhjb]emih\u^_eu\Zlvkydh]^Zd
l_[_ohjhrhb\_`eb\hh[jZsZxlky
IjZ\^Zf_gygZijy]ehlhqlh^_\mrdbm`_ihqlb\k_i_j_rebZiha\Zlv\k_oh[jZlghbijh^_j`Zlv
_s_jZfdmi_j_oh^Zyg_kfh]mfg_qlh[u\hkklZgh\blvkygm`gh\j_fyihwlhfmihjZafukeb\iZjm
�_\mrdbi_j_oh^bfb^_l_\k_\f_kl_\^hf]bev^bbblZf`^_l_f_gy^Zevr_^hfZgbdm^Zg_
moh^bl_y[ukljh^_\mrdbqlhlhf_`^mkh[hch`b\e_gghh[km`^Zy\ukemrZebf_gybdb\gmeb
klmiZy\jZfdmihjlZeZ
Y`_aZdjueZihjlZebihreZdijbgpmhlqlh_fmfh]ehihgZ^h[blvkyqlhg_aZohl_e^h`^Zlvky
\_q_jZ\_^v\_q_jhfy[u\k_jZ\gh_fm^hdeZ^u\ZeZj_amevlZlu\q_jZrg_]h[ZeZbk_]h^gyrg_]h
ihoh^Z
LZd\hafmsZykvijhk_[y^hreZ^hdZ[bg_lZihklmqZeZb\hreZIjbgpkb^_eaZklhehfbqlhlh
[ukljhibkZeih^gyegZf_gy]eZaZqmlvm^b\bekybdb\gmegZklmei_j_^klhehfijh^he`Zyk\hx
fukevgZ[mfZ]_M^b\bekyqlhyihkemrZeZkvbijbreZ"hlkljZgguc^Z_kebkhfghcih
ohjhr_fmylh`_fh]m[ulviZbgvdhc
Ohjhrhqlh\uaZrebfZ]bkljZlhmf_gyg_kdhevdh\hijhkh\bij_^eh`_gbcIhijZ\beZf
hl[hjZgZfihjZbkdexqblvg_kdhevdbo^_\mr_ddhlhju_f_g__\k_]hih^oh^ylgZjhevg_\_kluu
m`_ih^mfZebdh]hfum[_j_f"By[uohl_e\ukdZaZlviZjmij_^eh`_gbchgaZfheqZeZmf_gy
\gmljb\k_aZf_jeh`Zedh^_\mr_dhlijZ\eylv^hfhc
H[yaZl_evghhlijZ\eylvboih^hfZfbebfh`ghhklZ\blvdZd]hkl_cdjhgijbgpZb^Zlv
\hafh`ghklvijh[ulvlml^hdhgpZ"
H[uqghfuhlijZ\eyebghk_ebohlbl_^Z\Zcl_bohklZ\bfGhhnbpbZevgh\_q_jhfh[ty\bfdlh
klZgh\blkyijhklh]hklv_cyihdeZ^bklhdb\gmeZZ\^mr_[ueh[_kihdhckl\hdhlhjh_kdZ`^uf
f]gh\_gb_f\k_\hajZklZehylZd]em[hdhaZ^mfZeZkvqlhijhimklbeZ\hijhkijbgpZ
Qlhijhklbl_yg_mkeurZeZ"\ugujgmeZbak\hbofuke_ciulZykvkhkj_^hlhqblvkybglmbpby
qlhlhdjbqZeZby^Z`__jaZlvgZf_kl_klZeZihklmdb\Zygh]lyfbihklhem
Y]h\hjx\uihdZdhfm\hijhkmaZreb\_^vh[km^blv\q_jZrgbc[Zekh[bjZebkv\_q_jhf"_]h
keh\Z^hreb^hfh_]hfha]ZdZd[m^lhq_j_a\Zlm
uf_gyg_\uau\Zeb"ykijhkbeZwlhkihdhcghgh\^mr_[mr_\Zeih`Zj
G_ljZkl_jygghijh]h\hjbeijbgpy`_f]gh\_gghihlygmeZkvfZ]b_cdZfme_lZf^_\mr_db\
wlm`_k_dmg^mdmehg\\b^_kg_`bgdbih^Zj_gguc^_\qhgdZfbgZ]j_ekyy^Z`_\kdjbdgmeZhl
g_h`b^Zgghklb_s_^\Zm^ZjZk_j^pZyiulZeZkv^ha\Zlvky^hk\h_cfZ]bbaZdexq_gghc\bo
dmehgZogh\k_\imklmx
G_kfh]eZ\kdhqbeZkhklmeZhldju\ZyihjlZebgbq_]hjh\gufkq_lhfgbq_]hHlh]gZeZiZgbdmb
ihklZjZeZkvk^_eZlvlZddZd^_eZeZ\k_]^Z\wdklj_gguokblmZpbyohlj_rblvkybgZqZlvjZkkm`^Zlv
F_gyg_\uau\ZebagZqblwlh[uehih^kljh_gh:fme_lug_hlau\ZxlkylZf_klv[ehdbjZlhjGh
ihq_fmyg_fh]mhldjulvihjlZe"Yg__eZbg_ibeZgbq_]hqlhfh]eh[u]emrblvfhxfZ]bx^Zb
]Zkblvfh`ghf_gydZdg_djhfZglZghg_dZd\_^vfmfhyklbobywlhykZfZ
QlhkihjlZeZfb"fg_ihdZaZehkvkZfufeh]bqgufkijhkblvmlh]hdlh\hafh`ghqlhlhagZ_l
k_djuehaZ[ehdbjh\Zghhli_j_f_s_gbcfZ]bgZkljZb\ZxlaZsblmbi_j_^_eu\ZxldZdb_lh
ie_l_gvy
LvfZbf\i_q_gvaeh\ujm]ZeZkvy=^_gZqbgZxljZ[hlZlvihjlZeu"
GZ\_jgh\khk_^g_fdjue_hgih`Zeie_qZfbfZ]bkljqlhlhg_lZd\ukljZgghk_[y\_^_l_"
\_]h]hehk_ihkeurZehkv[_kihdhckl\h_s_[u
Y[ueZ\[_r_gkl\_dlhlh\k_hlebqghih^kljhbe_jblv\lhqlhwlhkemqZcghklv]emihfu\k_
hj]ZgbaZlhjZhl[hjZLua^_kvqlh[uaZsblblv^_\mr_d_kebkgbfbqlhlhkemqblkylu`_k_[_g_
ijhklbrv:ihlhfijbreZm`ZkgZyfukev_kebkgbfbm`_qlhlhkemqbehkvdZfgygZdZfg_g_
hklZ\exhlbkihegbl_e_cbhj]ZgbaZlhjh\
Fha]ihiulZekyijhkqblZlvqlh[uklj__\aehfZlvaZsblmbeb[_`Zlvbih\k_fm\uoh^beh
ehfZlv[uklj__[_`Zlvy[m^mfbgmlk_fv_kebg_\k_^_kylvgZ^h[uehZdlb\g__lj_gbjh\Zlv[_]
YgdZ
�_\mrdb\[_^_wlh_^bgkl\_ggh_qlhykdZaZeZbgZqZeZgZ]g_lZlvkbem
FZ]bklj\ug_ijh[v_l_ie_l_gb_ijbgpgZ^hhl^Zlv_fm^he`gh_\kdhqbeih^hr_e[eb`_b
ijbwlhfy\b^_eZhgihiulZeky\ua\Zlvihfhsvghaehjm]gmeky^Z`_k\yav[ehdbjmxlh[h\k_f
ih^mfZeb]Z^u
�eydZ`^h]hdlh\bgh\_g\ujhxfh]bembebqgh\g__himsm[_aijZ\Z`blvimklv^Z`_dZd
ahf[b
Yg_fh]eZijh[blvaZsblmihy\beZkvfukevqlhgZ^h[ueh[_`ZlvghyblZdihljZlbeZ
g_iha\hebl_evghfgh]h\j_f_gbkfhf_glZhkhagZgby^hwlh]hfhf_glZijhrehljbfbgmluljb
q_jgu_fbgmlu
Mf_gydZdmfZ]bkljZKf_jlb_klvh^bgijb_fkZfuckljZrgucbhiZkgucyfh]mijba\Zlv
Kf_jlviheghklvxlh]^Zf_gyg_m^_j`Zlvghihke_wlh]hyh[yaZgZ[m^mhl^Zlv`_jl\mhldhlhjhc
�g_hklZg_lkygbq_]h^Z`_iuebijh\_j_gh_^bgkl\_ggucjZahq_gvkljZrgucjZa\Zm^ZjZk_j^pZ
qlh[u\a\_kblv\k_aZbijhlb\bhl\_lijhklyhl\_qZxaZih^hi_qguobaZwlhlijbau\lh`_
hl\_qm
dZ[bg_l_klZehl_fghj_adhbf]gh\_ggh
k_\urgyyihfh]bhq_gvlbohijh]h\hjbeijbgpghhlf_gyg_hlklmibeZajy
DZaZehkvqlhih^hfghcjZa\_jaeZkvimqbgZbhllm^Zihea_ldlhlh`mldbchie_lZyfh_l_ehm
f_gy^Z`_\hehkugZqZebjZa\_\Zlvkyohly\dZ[bg_l_g_[uehb^\b`_gby\_l_jdZ=eZaZ[ueb
aZdjuluyklZjZeZkviheghklvx\k_dhgljhebjh\Zlvqlh[ujZgvr_\j_f_gbg_hlimklblvKf_jlv
GZijZ\beZ\kxkbemgZihjlZe\fZ]bq_kdhfaj_gbby\b^_eZdZdj\mlkygblbaZsbludZdfhykbeZ
kljmblky\wlb[j_rbjZa^\b]Zyboiha\heyyfg_ihkljhblvihjlZe
FZ]bkljijbgpohl_e\ihke_^gbcfhf_glko\Zlblvf_gyaZjmdmqlh[ui_j_g_klbkv\f_kl_ghy
g_iha\hebeZwlbfihjlZehfgbdhfmdjhf_f_gyoh^blvg_evayihwlhfmlvfZe_]dhhllhedgmeZ
fm`qbgmdZd[m^lhhgb]jmrdZbyijh\ZebeZkvih^ihe
Dkh`Ze_gbxwlhllbiihjlZeZijhghkblimlyfba_febgblyfbkbeukf_jlbZ\k_of_jl\uo
bkihdhg\_dh\[hevr_\k_]hih^a_fe_cihwlhfmygZf]gh\_gb_aZ^_j`ZeZ^uoZgb_agZyqlh
k_cqZkbkiulZxihbklbg_m`Zkgu_hsms_gbyjh^_ba_feyf_gyg_dZkZ_lkyghhsms_gb_
\eZ`ghca_febgZebp_\k_]^Zijbkmlkl\m_lgZ\_jghdZdgZihfbgZgb_]^_ylhevdhqlh[ueZb
dZdbfbljhiZfbihiZeZ\`_eZ_fh_f_klh
IhjlZe\u[jhkbef_gy\lhf`_lmibd_]^_^he`gu[ueb\uclbg_\_kluGZf]gh\_gb_yhke_ieZ
ih^a_fe_cl_fghZa^_kvkhegurdhk\_lblQmlvsmjykvyih\_jgmeZkvgZa\mdbbi_j_^hfghc
�jZkdjueZkv`mldZydZjlbgZ_\mrdbaZ`Zlu\lmibd_\hae_kl_gu\k_^_fhgbpu\[h_\hckZfhc
`mldhcljZgknhjfZpbbaZbokibgZfbq_eh\_q_kdb_^_\mrdbdlhlhkiZedZfbdlhlhkdZfgyfb\
jmdZog_klhylklhe[Zfbfbfhe_lghhlf_lbehkhagZgb_GZa_fe_e_`blh^gZ^_\mrdZ\ky\djh\b
j\ZgmeZdg_cghykfh]eZk^_j`Zlvbdjh\vbaghkZklZeZfh_cieZlhcaZwlhmkbeb_
ihkljZ^Z\r_c`bagv_s_l_ieblkyi_j_^^_\mrdZfbb^_l[hcgZrZhojZgZ^_j_lkyk
gZiZ^Zxsbfbkm^yihdmihemkj_^bgZiZ^Zxsbo_klvg_keZ[ucfZ]bfh`_l[ulvg_h^bg
G_kdhevdhiZjg_ce_`Zlf_jl\ufbgh_klvbf_jl\u_kj_^bgZiZ^Zxsbok_wlhijhrehaZ^hex
k_dmg^uy`_ih^gbfZeZf_jl\uo\dZ`^hff_kl_\a_fe__klvljmiubkd_e_lu^Z\ghmf_jrbo
\_^v]hjh^ZkljhylkygZjmbgZo^jm]bo]hjh^h\gh_klvblhqlhg_ba[_`ghljmiufur_cdjuk
f_edhc`b\ghklb
k_wlhaZ^\_k_dmg^u\klZehbaa_febbj\ZgmehgZgZiZ^Zxsbofg_gm`ghhll_kgblvbohlgZrbo
iZjg_cGZiZ^Zxsb_qmlvhi_rbebdh]^Zbf\ebpZiju]gmebkd_e_lufur_cbdjuk[uebbg_
kd_e_luZ\iheg_k_[_jZaeZ]Zxsb_kyljmiulZd^Z`_\_k_e__aehmofuevgmeZkvy\hgy_l`_klhdh
FZ]dhlhjuc^_j`ZedmihegZ^lmibdhfj_adhih\_jgmekybihkeZe\f_gyq_flhf_jadbf
IulZlvkyjZa]Z^Zlvbb^_glbnbpbjh\Zlv]Z^hklvg_klZeZijhklhih]ehlbeZlvfhcwlm^jygv
f]gh\_ggh[jhkZy__`_\hl\_lA_jdZevgucsblhq_gv^Z\gh_s_\klm^_gq_kdb_]h^u
ijb^mfZgguch^ghcij_^ijbbfqb\hc]jmiihc\_^vfhq_d
K_jbyfhbom^Zjh\bgZiZ^Zxsb_hlklmibebhlk\hbo`_jl\b\wlhlfhf_glyhlimklbeZKf_jlv
dhlhjmxm`_ijZdlbq_kdbg_dhgljhebjh\ZeZghmki_eZgZdjulvdmihehfk\hbo:\hlqm`b_\
f]gh\_gb_[uebihdjululvfhcZdh]^ZhgZhlklmibeZhgbklZj_ebbmfbjZeblZdklj_fbl_evgh
qlhdlhlhba^_\qhghd\iZgbd_aZdjbqZehlm`_g_lgZiZ^Zxsbo_klvljmiudhlhju_
ijh^he`ZxlklZjblvkyij_\jZsZykv\dhklbl_\k\hxhq_j_^v\ljmombiuev_s_f]gh\_gb_b\
i_j_med_g_lgbh^gh]h`b\h]hgZiZ^Zxs_]hlhevdh^\ZljmiZm[blu_hojZghcKf_jlvihemqb\
k\hx`_jl\mmreZhklZ\b\f_gybykfh]eZ\a^hogmlvkdhevdhwlhkbefg_klhbehgbdlhg_agZ_l
FZ]bkljjZahfaZdjbqZeb\k_^_\mrdbbklhevdhjZ^hklbbh[e_]q_gby[ueh\wlhfdjbd_qlh\
^mr_aZf_jar_chlfZ]bbkf_jlbklZehqmlvl_ie__ghihlhfy\kihfgbeZijhlmdhlhjZymfbjZ_l
aZkibgZfbih^jm]baZki_rbeZdgbf
�Zk_]h^gyhgbklZebih^jm]Zfbg_ihiulZebkvm[_`ZlvbebkijylZlvkyZ\k_\f_kl_aZsbsZeb
h^gmbagboZy^Z`_g_fh]mihgylvdlhwlh"G_m`_ebylZdiehohboagZxfha]ebohjZ^hqgh
^mfZeZym`_[ukljhreZdgbf^_\mrdbjZkklmibebkvy`_m\b^_eZkbg__ieZlv_Bi_j_^]eZaZfb
mljhbEmbaZ\kbg_fieZlv_meu[Z_lkyfg_aZoh^y\ihjlZe
YhimklbeZkvgZdhe_gbkdZgbjmyih\j_`^_gb_^_\mrdbblbohjm]ZeZkvih\j_`^_gZi_q_gvijbq_f
lZdqlhyihfhqvg_fh]ma^_kvgm`_glhevdhfZ]`bagbyg_fh]m\ujZklblv_ci_q_gvbaZe_qblv
wlbih\j_`^_gby
FZ]bklj\ukiZk_l_Embam"]hehkMevygu^jh`bly]eygmeZgZ^_\mr_dgZ\_jghhgb^jh`Zlhl
i_j_`blh]hklj_kklZd\uoh^bl
YgZgZqgbjZ[hlZlvYfh]mk_[yhijZ\^Zlvl_fqlhihke_lZdh]hijbau\Zfhchj]Zgbaf
ijZdlbq_kdbbklhs_gghwlh\k_jZ\ghg_hijZ\^Zgb_gZi_j\hff_kl_ih^hi_qgu_
DbjbgZaZ`fbjZgmdhfZg^mx^_\mrd_bhgZf]gh\_ggh\uihegy_llj_[h\Zgb_ihimlgh\eb\Zy
]jZfffZ]bbwlh]ho\ZlbllhevdhiZjmkhkm^h\aZiZylvghohlvqlhlh
K_j`ZgliZjgbm`_klhyljy^hff_klZfbihj_aZggu_bih[blu_ghkh[jZggu_^Zkbevghbo
ihlj_iZehZdlb\bjmcl_i_j_oh^\h^\hj_pbhj]Zgbamcl_ihegmxaZsblmg_\_klh[h\k_f
^heh`blvfZchjm\uihegycl_
`_Z\Zjbcghl_e_ihjlbjmxlky\h^\hj_pblhevdhDbjbgZmihjghaZ`bfZeZjZgmbiulZeZkvaZiZylv
ih\j_`^_ggu_khkm^u
DbjbgZ^_j`bEmbam[m^_fi_j_ghkblvky^_\mrdZgbq_]hg_kdZaZeZlhevdhkbevg__\p_ibeZkv
\iZpb_gldm
IhjlZeb\hlfugZihem\f_klghc[hevgbp_]^_gZgZkkm`Zkhfbm^b\e_gb_fkfhljylg_kdhevdh
f_^k_kl_jbg__^bgh]hfZ]Z`bagb
FZ]Zkx^Z[ukljhghgZf_gyijh^he`Zebkfhlj_lv\g_ihgbfZgbbZy`_qm\kl\h\ZeZ\j_fy
^_\mrdbgZbkoh^_yih\lhjxghlh]^Z\u\k_klZg_l_ahf[b;uklj__
B\hllmllhebhgbihfh_fm]hehkmqlhlhihgyeblhebgZdhg_pjZkkfhlj_ebfh_q_jgh_ieZlv_
beb`_ijhklhijhr_ei_j\ucrhdghhgbaZ[_]ZebIjhreZfbgmlZfZ]`bagblZdbg_ihy\bekyy
\klZeZkh[bjZykvgZclbbebqghijblZsblvkx^Zwlbol\Zj_c^Z\rbodeyl\mihfh]Zlv[hevgufb
mfbjZxsbfghmf_gyaZkibghchldjueZkvkl_deyggZy^\_jvbaZr_eiZjgbrdZkm^yih\b^mhg
lhevdh:dZ^_fbxaZdhgqbeK_dmg^mhgkfhljblgZf_gyklhysmxgZ^^_\mrdZfb\kx]jyagmxb\
djh\bihlhfi_j_\h^bl\a]ey^\gbabju\dhfdb^Z_lkydgZf
:eykbevgZyihl_jydjh\bih\j_`^_gZZjl_jbyih\j_`^_gb_i_q_gbk_dmg^ZgZ
^bZ]ghklbjh\Zgb_^_\yghklhijhp_glh\ih\j_`^_gbckjhqghhi_jZpbhggmxby^_eZxrZ]
^Z\Zy\hafh`ghklv_fmjZ[hlZlvfhyklboby_fmg_ijbylgZZ]eZ\gh_f_rZ_lZyk_[yiehohk_cqZk
dhgljhebjmx
�_\mrdZddhlhjhchgh[jZlbeky\ureZba[hdh\hc^\_jbghmkeurZ\dhfZg^mihfqZeZkvih
dhjb^hjmhl^Z\ZyijbdZauf_^i_jkhgZemIhlhfymagZxqlhwlh_]hgZiZjgbpZhgb\f_kl_ihiZeb
kx^ZgZijZdlbdmihke_aZ\_jr_gby:dZ^_fbbbbf_gghwlbijZdlbdZglu[m^mlhi_jbjh\Zlvfhx
ih^hi_qgmx
:lhldlh^he`_g[uewlh^_eZlvh[_^Zebg_aZohl_eij_ju\Zlvk\hxljZi_amkqblZyqlhhgblZd
kebrdhffgh]hjZ[hlZ_laZwlbdhi_cdbOhlyihke_lh]hdZdaZdhgqbeZkvhi_jZpbyhgijbr_e
qlh[u\hafmlblvkyqlhfheh^hcfZ]`bagb\e_a[_ajZaj_r_gby:yha\_j_eZDhjhq_g_l[hevr_\
wlhc[hevgbp_wlh]hfZ]Z`bagbl_i_jv_klvn_ev^r_j\h^ghckZfhc^Ze_dhc^_j_\g_[_aijZ\Z__
ihdbgmlvZijbhldZa_e_qblvkmldbihghkZbwlhyk_[y_s_k^_j`ZeZ
WlZ[hevgbpZ\hh[s_i_j_`beZhq_gvfgh]hbaf_g_gbc\rlZl_by^hkboihjihfgx]eZaZ
iZjgbrdbdh]^Zhgihgyeqlhyg_rmqmbl_i_jvhglmlhnbpbZevghfZ]`bagbdhlhjuc_kebk_[y
ihdZ`_lklZg_f]eZ\gufBqlhwlZ[hevgbpZl_i_jv[m^_lih^dhgljhe_fdjhgijbgpZ
Wlhm`_kZfijbgpkhh[sbedh]^Zy\beky\[_r_gkl\_bmagZeqlh^_\mrdZfh]eZih]b[gmlvbaaZ
ki_kbbe_gbfZ]ZFZ]`bagb^he`_g[ulvfg_[eZ]h^Zj_g_keb[uy_]hm`_g_gZdZaZeZhg[ue[u
f_jl\
k_[hevgbpu[m^mlih^\_j]gmluijh\_jd_gZdhg_p\u^Zeijbgpy`_db\gmeZohlvqlhlh
ohjhr__hgihgyeqlhg_\k_lZdjZ^m`gh\Bfi_jbbdh]^ZklZedb\Z_rvkyghkdghkmZg_ih
[mfZ]Zfbhlq_lZfbihjZkwlbfjZa[bjZlvkyij_^f_lgh
EmbamhklZ\bebghq_\Zlv\[hevgbp_ih^dhgljhe_ff_^i_jkhgZeZZfukDbjbghchlijZ\bebkv\h
^\hj_p
�_\mrdb^Z`_g_i_j_h^_\ZebkvlZdbkb^_eb\]hklbghciZjgbklhyebaZ^\_jyfbgZk\klj_lbe
fZchj\a]ey^hfkijhkb\qlhkEmbahcylhevdhdb\gmeZbqmlvmeu[gmeZkvhgly`_eh\u^hogme
g_fh`_lbwlhaZf_qZgb_qmlvmemqrbehfh_gZkljh_gb_\hllZdbihgbfZ_rv\wlhc=jZgb
ihy\bekyq_eh\_ddhlhjhfmg_\k_jZ\ghqlhklh[hckemqbehkv
AZreb\]hklbgmxyohl_eZhlimklblv^_\mr_dhgbmklZebghm\b^_\boihlj_iZgguoaZfmq_gguo
ghj_adh\kdhqb\rboijb\b^_gZki_j_^mfZeZ
IjhreZk_eZbklZeZih^jh[ghjZkkdZau\ZlvdZdEmbaZDbjbgZj_rbeZqmlvjZa\_k_eblvgZjh^
^h[Z\eyyaZf_qZgbyqlhyk^_eZeZkg_m]h^gufbq_fm]jh`ZeZf_^i_jkhgZemb\hh[s_dZdfulZf
�jZa\e_dZebkv_\qhghdhlimkdZehZf_gyg_l
K_cqZk\k_fhl^uoZlvbijb\h^blvk_[y\ihjy^hdihlhfkh[bjZ_fkya^_kvk_]h^gyh[ty\bfdlh
[hevr_g_g_\_klZdjhgijbgpZgh^h[Z\beZym\b^_\iZgbdmgZebpZo^_\mr_d_kebg_ohlbl_
gbdm^Zm_a`Zlv\ZkhnbpbZevghijb]eZkbebih]hklblvaZ^mfZeZkvbj_rbeZi_j_b]jZlv^mfZx
�fZjdbaZfg_g_hldZ`_lfZjdbaZZgd_g\Zkijb]eZkbeZbl_i_jv\uklZg_l___]hklvyfbk
\hafh`ghklvx\u[jZlvihdhbbeb`_hklZlvky`blv\klZjuowlhybfgZf_dgmeZqlh_kebaZohlyl
hklZgmlkykgZfb^hdhgpZghm`_\hlghkbl_evghc[_ahiZkghklb
Ihke_jZa\_jgmeZkvbmreZqlh[uihiZklv\jmdbk\h_cihfhsgbpubg_`blbhgZf_gylbkdZeZb
lhedZeZ\\ZggmxZa\_jbebaZebjmdbbiju]Zeb\hdjm]rmfb]ZfghlZdhcg_h[oh^bfucDh]^Z
WevaZm\b^_eZfh_g_kqZklgh_ebph[ukljh\ayeZk_[y\jmdbhlijZ\beZ\\Zggmihegmxi_gub
lm^Z`_q_j_aiylvfbgml hgZihex[hfmdh]hlhihjZ[hlbeZbaZklZ\beZfqZlvkyh[_sZy\k_dZju\f
ijbg_keZfg__^mJy^hfk\ZgghcihklZ\beZfZe_gvdbcklhebd_]hbk_j\bjh\ZeZg_`blvmk_eZkv
\hae_\ZggubmfbevghaZ]ey^u\ZeZ\]eZaZ
Byg_agZxihq_fmklZeZjZkkdZau\Zlvijhk_]h^gyrgbc^_gvWevaZijbk_eZgZfZe_gvdmx
lZ[mj_ldmlbohgvdhkemrZyqlhbf_gghyjZkkdZau\ZxF_gygZqZehhlimkdZlvbgZf_klhoheh^Z\
^mr_ijbreZ`bagvaZjZ[hlZebfha]bgZqbgZyZgZebabjh\Zlv\k_kemqb\r__kyghihdZ
[_aj_amevlZlghGhyh[yaZl_evgh\k_ihcfmlhevdhhl^hogmbkjZam\k_klZg_lgZk\hbf_klZ
FZ]bklj^Z\Zcl_\ue_aZcl_bb^bl_kiZlvZlhk_cqZk\\Zgg_mkg_l_ydb\gmeZkh]eZrZykvb
WevaZ\u]gZeZg_`blvbkZfZ\ureZihkl_eblvfg_djh\Zlvy`_ihfueZkvbaZ\_jgm\rbkv\
�imrbklucoZeZl\ureZ\]hklbgmx]^_f_gyhdZau\Z_lky`^Zeehj^Zgd_g
DZd\u"hgklhyeofmjuckhkj_^hlhq_ggucbqlhlh\gbfZl_evghiulZekym\b^_lvgZfh_f
ebp_
MklZeZq_klghijbagZeZkvZhgdb\gme
YagZx\ufZ]bkljbwlha\Zgb_\Zfg_aZdjZkb\u_]eZadb\u^ZxlGhlhqlhjZkkdZau\Z_l
hojZgZhr_ehfey_lydjb\hmeu[gmeZkvhgqlhlhjZkkfhlj_egZfh_febp_ihwlhfm\b^bfh
kdZaZeg_lhqlhkh[bjZekyeh`bl_kvhl^uoZlvZiha`_y[uohl_eihkemrZlvdZd\k_ijhbahreh
GZqZlhjZkke_^h\Zgb_b\h^\hj_p\l_q_gb_iZjuqZkh\ijb[m^_l]eZ\gucke_^h\Zl_evk_cqZkhggZ
f_kl_ijhbkr_kl\byHj]Zgbam_fkh\_sZgb_"ydb\gmeZbkZfZkh[bjZeZkvij_^eh`blv^Zb
g_dhlhju_fukebihy\bebkvghihdZhq_gvkfmlgu_kibl_fZ]bkljyg_aZf_lbeZdZdhg
hdZaZekyjy^hfghhsmlbeZ_]he_]dh_dZkZgb_eZ^hgbdebpmm^Zjk_j^pZb_]hg_ljy^hfmr_e
:yihie_eZkvkiZlvfg_gm`gh\hkklZgh\blvkybakiZevgb\u]eygmeZWevaZZmg__ih^gh]Zfb
lhjqZebfhj^ug_`blbyg_\hevghmeu[gmeZkvijh\_jbeZp\_lbdZbihreZkiZlvohly[uiZjm
qZkh\
\r\r\r
aZdZlRbi_eZWevaZgZfbkl_jZD\bdebZlhllZd`_r_ihlhfijhkbef_gyjZa[m^blvihkdhevdm\k_
`^mllhevdhf_gyIjbrehkv\klZ\Zlvijb\h^blvk_[y\ihjy^hdghi_j_^wlbfy\u]eygmeZ\
]hklbgmxbhih\_klbeZqlhijhkgmeZkvbgZk[hjufg_gm`ghfbgmliylgZ^pZlvWevaZlZdk_j^blh
aujdgmeZgZfZ`hj^hfZqlhfg__]h^Z`_`ZedhklZehklZdbfwfhpbhgZevgufihju\hfhgZ_]h[_a
fZ]bbijhdeyg_l
JZa[m^beba\_j]
�mrh^_lvkyaZie_klb\hehkubymeh`beZkv\hl\_^_ggh_k_[_\j_fy
BlZddlhf_gyh`b^Z_l"fbkl_jD\bdebhklZeky\]hklbghc^h`b^Zykvf_gy
�?]h\ukhq_kl\hehj^Zgd_gehj^Fhjnwlhbfy[uehg_ba\_klghihwlhfmi_j_[b\
i_j_kijhkbeZ
Ehj^Fhjn"
Ijb[ueiZeZqWevaZZogmeZyhklZeZkvg_\hafmlbfZij_^jZkkm^dbbkljZrbedb
IZeZqebqghklvba\_klgZy\gZjh^_]hjyqhh[km`^Z_fZylZdih\_ehkv_s_^Z\ghdh]^Zg_[hevrh_
dhjhe_\kl\h\\h_gguoihoh^ZoaZo\Zlbeh\eZklvgZ^khk_^yfbihkl_i_gghjZkiheaZykvbi_j_klZeh
[ulvdhjhe_\kl\hfZklZehBfi_jb_cJZkk\_lh\;uehfgh]hdhgnebdlh\bbfi_jZlhjijZijZijZ
^_^mrdZgug_rg_]hbfi_jZlhjZ\\_e^he`ghklvebqgh]hbfi_jZlhjkdh]hke_^h\Zl_eykijZ\hf
hkm`^Zlvbijb\h^blvijb]h\hj\^_ckl\b_l_\j_f_gZ[uehfgh]hihiulhd[mglZZaZwlh
bfi_jZlhj\\_ekf_jlgmxdZagvbke_^h\Zl_ebjukdZebih\k_cbfi_jbbhleZ\eb\Zebkfmlvygh\
km^bebbhq_gvqZklhdZagbebHlkx^ZihrehgZa\Zgb_iZeZqHgbbihk_c^_gvkms_kl\mxlb
mki_rghjZ[hlZxlghl_i_jv\dZ`^hf]hjh^__klvkhhl\_lkl\mxsbc^_iZjlZf_glZ]eZ\gh]hiZeZqZ
kdhfZg^hc\uau\Zxl\hkh[h\Z`guobaZimlZgguokemqZyoGZjh^l\_j^blqlhiZeZqwlhdlhlh
hiZkgucb[_amfgh`_klhdbcghhgbbijhg_djhfZglh\]Z^hklbijb^mfu\Zxl
�Ehj^Zgd_g]h\hjbeqlhhgijb[m^_lgmqlh`_ihagZdhfbfky
Kh\_sZgb_h[s__bebehj^uohlyl\k_h[km`^Zlvihg_kdhevdhjZa"
H[s__\k_k_cqZk\dZ[bg_l_mijbgpZfbkl_jD\bdebhklZ\Zekykihdh_gbg_\hafmlbf\hl`_
\u^_j`dZFg__s_mqblvkybmqblvky[ulvlZdhckihdhcghc
Lh]^Zyk_cqZkaZ]eygmdih^hi_qgufZihke_ijhc^m\dZ[bg_l_kebohlbl_ih^h`^bl_f_gyg_l
^hjh]myagZx]h\hjywlhygZijZ\beZkvd\uoh^m
Yih^h`^m\Zkfbkl_jD\bdeb\ur_eke_^hfaZfghcghhklZeky\dhjb^hj_dh]^ZyijhreZ\
]hklbgmx
�_\qhgdbijZdlbq_kdb\iheghfkhklZ\_kb^_ebbhq_flh[_k_^h\Zebf_`^mkh[hcZm\b^_\f_gy
jZahfaZ]h\hjbeb
Ihh^ghc\afhebeZkvybkeh\h\ayeZDbjbgZ
FZ]bkljba[hevgbpugh\hklb_klv"
IhdZg_lghyhklZ\beZk\hbebqgu_dhglZdlubf_^k_kljZh[_sZeZkhfghck\yaZlvkyihex[hfm
\hijhkm^_\qhgdb^jm`ghihjZ^h\Zebkv
GZffh`gh[m^_l__ijh\_^Zlv"
AZ\ljZy__aZ[_jmb\u\k_m\b^bl___m`_a^_kv
FZ]bkljZdh]h\u\u]hgbl_bag_\_kl"
Ygbdh]h\u]hgylvg_[m^mijbgpj_rbl\_q_jhfdlhhklZ_lkyg_\_klhcZdlhklZg_lijhklh
:\u\b^_ebiZeZqZ"r_ihlhfbihk_dj_lmkijhkbeZKhnvybkZfZ`_ihdjZkg_eZ
IhdZg_lZqlh_klvgZqlh]eygmlv"aZbgl_j_kh\ZeZkvy
Hgh]jhf_g\hklhj`_ggh\u^hogmeb^_\qhgdbZyaZ^mfZeZkvwlhdZd`_hg\u]ey^bl_keb
^_\qhgdblZdjZa\hegh\ZebkvbhklZebkvih^\i_qZle_gb_f
K_cqZkm\b`mbhp_gxyih^fb]gmeZbgZijZ\beZkv\dhjb^hj^_\mrdb\_^bl_k_[yohjhrh
_kebqlhkjZamah\bl_f_gykljh]hij_^mij_^beZh]eygm\rbkvbkm^yihq_klgufij_q_klguf
]eZaZf\k_[m^_l\lhqghklb^hgZh[hjhl

dZ[bg_l_f_gy`^Zerhdqbklhc\h^uYgbdh]^Z\`bagbg_\b^_eZlZdboh]jhfguo^_fhgh\bg_
�^_fhgh\lh`_gbdh]^Zg_\b^_eZlZdboa^hjh\uoZwlhlehj^Fhjnijhklh\_ebdZg\hfg_kjZam
\au]jZeqbklhgZmqgucbgl_j_kgbdhbfh[jZahfg_k\yaZgguck[m]jbklufbfurpZfbrbjhdbfb
ie_qZfbblZdhcg_h[tylghc]jm^ghcde_ldhchlwlh\k_kh\k_fg_ijbq_fdlh_]hjh^bl_eb
dexq_\hc\hijhk"Hgkb^_eaZklhehfdhlhjuc_fmy\gh[uefZeh\Zlihkdhevdmdhe_gb
jZkiheZ]ZebkvgZmjh\g_klhe_rgbpuZ\k_kh[_k_^gbdb[ueb_fmgb`_ie_qZ\kb^yq_fkhklhygbb
qlh`_[m^_ldh]^Zhg\klZg_lfukebmg_kebkv\^Ze_db_^Zeb
JZkiheg_\rb_kd_e_luijhr_ilZeZyiulZykv\_jgmlvky\^_ckl\bl_evghklv
A^jZ\kl\mcl_ylZdihgbfZx\ub_klvlhlaZ]Z^hqgucfZ]bkljKf_jlbbdjZcg_bgl_j_kguc
dmjZlhjg_\_kl"]hehk_]h[ue_fmih^klZlvgbadbc]jhfdbchlg_]h\b[jbjh\Zehqlhlh\gmljb
Kfhlj_ehggZf_gykbgl_j_khfbijbwlhfhq_gv^h[jh`_eZl_evghb\hlwlhl\a]ey^\_jgmef_gy
bafhbonZglZabciZeZqlZdkfhlj_lvg_fh`_lZagZqblwlhfZkdZdhlhjmxhggZp_ibeebqgh^ey
f_gy\_^vkhklZevgufbihk\_^_gvxfbkl_jZD\bdebhg^Z\ghagZdhf
=jZnR_jfZgqlhlh[mjdgmek_[_ih^ghky\ghg_jZ^m_lkyfh_fmijboh^mghlZdhldjh\_ggh
[mglh\Zlvlh`_g_klhblfZe_gvdbcihkuefZ]bbbjmqdZdhlhjmxhgdjmlbe\jmdZoaZ`beZk\h_c
`bagvxukdhevagmeZbaiZevp_\b[ukljhgZibkZeZgZdbklbkZflZdhcihke_ih]jhabeZ
dheiZqdhfbdZdgb\q_fg_[u\ZehklZeZhiylvjmqdhcGZf_gyihkfhlj_ebjZatyj_gguf
\a]ey^hfAjyYhl\_lbeZg_\bggufijbwlhf\q_jgbeZ^h[Z\beZqmlvqmlvfZ]bbbl_i_jvwlh
om^h`_kl\hhg[m^_lhhhhq_gv^he]hkfu\Zlvimklvlj_gbjm_lkyJZag_fh`_llj_gbjh\Zlv
\u^_j`dm
F_klhfg_hklZ\bebgZijhlb\\_ebdZgZyk_eZbijh^he`beZ\bamZevgh_gZ[ex^_gb_aZh[t_dlhf
g_lg_fh_ckljZklbZ^bdh]hbgl_j_kZ
ugZf_gylZdkfhljbl_kiZmahcijh]h\hjbeehj^Fhjnh[uqghihke_lZdh]h\a]ey^Z
`_gsbgZijh\h^blghqv\fh_cihkl_ebhgaZfheqZeiha\heyyfg_hkfukeblv_]hkeh\Zb
ihdjZkg_lvinnnngZim]Zeg_djhfZglZehiZlhcfh`ghmagZlvhq_f\u^mfZ_l_"blZdZy
meu[dZkh[eZagy_lhoZevgbd
GZkljh_gb_j_adhihiheaeh\\_jobymeu[gmeZkv\hl\_llZf[uehg_\hafh`ghg_meu[gmlvky
lZdZyoZjbafZ
HljmiZokkZfhcfbehcmeu[dhcijh\hjdh\ZeZyhg_s_iZjmk_dmg^meu[ZekykihgbfZgb_fZ
ihlhf^hg_]h^hr_ekfukefhbokeh\
Ijhklbl_hq_f"Z]Zijhgyeh
HljmiZoihkemrghih\lhjbeZym\ZklZdhch]jhfgucgZ[hjiZjZf_ljh\ba\Zk\uc^_lijhklh
ljm^ghaZ\_sZcl_k\h_l_ehg_djhfZglkdhfmkhh[s_kl\mk^_eZcl_ijbylgh_
Y[ukm^h\hevkl\b_fk^_eZe\Zfijbylgh_gh^mfZxwlh[m^_lg_kdhjhghdZdlhevdhlZdkjZamd
�\Zf\hlkdZ`bl_ihq_fmbf_gghgZwlhcj_iebd_iZeZqZ\dZ[bg_l\hr_eehj^Zgd_gaZdhg
ih^ehklb"MkeurZ\wlhij_^eh`_gb_\uj\Zggh_badhgl_dklZhgqmlvih[_e_ek`Ze]m[ubq_dZgy
rZ]ijhr_egZk\h_f_klhaZklhehfij_e_klgh
YgdZgZ^h[jZlvimklvk^_eZ_lijbylgh__kebg_l_[_lhohly[ufg_yqmlv\a^jh]gmeZdh]^Z
=_jljm^ZfhcojZgbl_evjh^ZaZ]h\hjbeZfg_gZmohohjhrhohly[u[_afh_]h\uah\ZhgZg_
fZl_jbZevgZbg_keurgZhklZevguf`b\uf
:\hl_keby__\uah\mlh]^ZhgZklZg_lhkyaZ_fZohlvbg_dZd`b\Zy
YgdZg_[m^v\_^vfhcih^_ebkvlZdbffm`bdhfhgZijh\ueZwlhgZh^ghcghl_y`_iulZeZkv
k^_j`Zlvk_jv_agh_\ujZ`_gb_ebpZhkh[_gghdh]^ZhgZg_^h`^Z\rbkvfh_]hhl\_lZihiheaeZih
klhemdiZeZqmihij_`g_fmkb^ys_fmgZijhlb\f_gyWlhgZ\_jghk_dkmZevgh^he`gh[ueh[ulv
\hllhevdhbkiheg_gb_ijbajZdhfg_fgh]hihjlbldZjlbgmhkh[_gghkmq_lhfqlh__gbdlhdjhf_
f_gyg_\b^bl
YgdZ^_eZcf_gy\b^bfhck_cqZky_]haZohfmlZxhgZkb^_eZgZijhlb\g_]hgZklhe_b
kdhevabeZiZevqbdZfbih]jm^bie_qZfebpmfm`qbgmi_j_^_jgmeh_s_[udg_fmijbajZd
de_blky
wlh\j_fyh[km`^Zebkv\hijhku[_ahiZkghklb^_\mr_dfm`qbguh[km`^Zebihemq_ggmx
bgnhjfZpbxhlhojZggbdh\yklj_lv_]hjZaZihgyeZqlhijbgph[jZsZ_lkydhfg_
FZ]bkljyknhdmkbjh\ZeZ\a]ey^gZ[m^ms_ffhgZjo_b\_`eb\hdb\gmeZhg[uejZa^jZ`_g
FugZ^_yebkv\uihmqZkl\m_l_\jZkke_^h\Zgbb\k_lZdbwlh\umgbqlh`beb\k_ogZiZ^Z\rboqlh
l_i_jv^Z`_h[ke_^h\Zgb_g_ijh\_klb
Bqlh\uohlbl_qlh[uyk^_eZeZ"
Kh[eZagbwlh]h]jhfbem\debgyeZkv=_jljm^ZkiZkb[hfbeu_kd_e_lu__gbdlhg_mkeurZe
Yijb\_a\k_l_eZ\eZ[hjZlhjbx^\hjpZbohl_eihijhkblv\Zkijh\_klb\kdjulb_l_odlhg_
jZa\_yg\iuevgmiheh`bflZfbiuebm`_g_llZfjh\gufkq_lhfg_lgbq_]hhlgZiZ^Z\rbo
Ohjhrhk_]h^gyihke_aZ\_jr_gbykh\_sZgbyhgdb\gmeijbgbfZyfhchl\_lZyj_rbeZ
ihrZeblvehj^\u`_gZlu"fm`bdgZijy]kykg_]hke_l_eZfZkdZ^h[jh^mrbygZf_gy
kfhlj_ebmfgu_bhq_gvp_idb_]eZaZBebm\Zk_klvg_\_klZ"
FZ]bkljdq_fmwlb\hijhku"Zfg_bgl_j_kghb\u^mfZ_l_kh\k_fg_h^_e_ihiulZekyhg
f_gyh[\bgblvZ]ZjZah]gZekyy\k_]^Z^mfZxh^_e_ijhklh^_eZ\k_]^ZjZagu_
Ehj^g_hl\_lbeoheh^ghhlj_aZeZ
G_lfZ]bkljyg_`_gZlbg_\_klumf_gyg_lijhn_kkbygZdeZ^u\Z_lhli_qZlhdgZfg_gb_ex^_c
bboij_^jZkkm^db\_`eb\hh[tykgbehg\hllhevdh\]eZaZolhkdZg_`ZemxliZeZqZ`_gsbgu
gZ\_jgh_fmh^bghdh
ugZqZeijbgpghy_s_g_hl\_lbeZgZ_]hijhreh_aZf_qZgb_ihwlhfmi_j_[beZ
Y\k_]^Z^mfZxh^_e_b_keb\ug_aZ[uebfh_^_ehwlh[_ahiZkghklvg_\_klbokm^v[Zb\ZrZ
k\Z^v[Zkba[jZggbp_cijbgpjZa^jZ`_gihklmqZejmqdhcihklhem
Gm"dZdb_fug_j\gu_
IjbkfZljb\ZxkvlZdhch[jZa_p^_fhgh\g_^he`_gijhiZ^Zlvihlhfy\kihfgbeZex[bfmx
dhe_gbdiZeZqmb\h\kx_]h]eZ^beZZhgi_jbh^bq_kdbi_j_^_j]b\Zeky
DZdlhlmloheh^ghlbohgvdhijh]h\hjbehg\hq_j_^ghcjZa^jh]gm\
Mf_gylheiZg_\_klZijbgph^bg:ihfbfhijbgpZlmllZdb_dZ^juijhiZ^Zxlg_`_gZlu_
klu^ghZr_ukhq_kl\hhih^^Zgguob^jmavyog_^mfZlv\ukdZaZeZyihdhkb\rbkvgZehj^Z
�Zgd_gZkb^bldZdhlfhjh`_ggucbaehchlaZjZaZ
Ehj^FhjnjZkl_jyekybklZegZ\b^dZd[hevrhciexr_\ucfbrdZdhlhjucihl_jyghklZevgu_
lh`_jZkl_jyebkvghijbgp[ukljhijbr_e\k_[ybijh^he`bekh\_sZgb_\wlhljZaym`_g_
hl\e_dZeZkvbijZdlbq_kdbg_kemrZeZkl_gZgby=_jljm^uhlhfqlhlZdb_fm`bdbgZ^hjh]_g_
\ZeyxlkyZ_keb\ZeyxlkylhgZ^h[uklj__ih^gbfZlvihdZdlhihrmklj__g_ih^km_lbekybg_
mlZsbelZdmx^h[uqm
F_gy_s_jZaihijhkbebi_j_kdZaZlv\k_kh[ulbykfhf_glZ\uah\Z\dZ[bg_lijbgpZybfih^
jZkkdZakha^ZeZh[jZakem]bdhlhjucfg_i_j_^Ze\uah\hgdklZlbijhiZeihlhf\kx^bkehdZpbx
kZfhckluqdbMf_gvr_ggu_dhibbhojZggbdh\aZsbsZeb^_\mr_d^_\mrdb]jmiidhcklhyeb
\hdjm]EmbauijZ\^ZdZjlbgdb[ueblhevdhlh]^Zdh]^Z[ueZyZagZqblhgZqZe_^jZdbfu
fh`_fkm^blvlhevdhihjZkkdZaZfhojZggbdh\
Ih^h[km`^_gb_yij_^eh`beZj_rblvdh]hba^_\mr_dbkdexqZ_fqlh[uh[_ahiZkblv^Zbijbgp
kZfkdZaZeiheh`_ghbkdexqZlv\hlimklvbbkdexqZ_lHg\k\hxhq_j_^vohl_ek\ZeblvwlhgZfhb
ojmidb_ie_qbg_ih\_eZkvWlh_]hj_r_gb_b_fm`blvkh^ghcbagbo
�Dhee_dlb\gh[uehj_r_ghhklZ\blvDbjbgmEmbam hgZaZ\ljZm`_[m^_l\kljhx\fbZgmMevygm
Bjb^mb?e_gmFgh]h\Zlh\u]gZebghyg_kihjbeZih[hevrhfmkq_lmbf_gghbagbobb^_l\u[hj
g_\_kluZagZqblg_lkfukeZ^_j`ZlvhklZevguo
Zr_ukhq_kl\h\ug_[m^_l_ijhlb\_kebaZ^_\mrdZfb[m^mlmoZ`b\Zlv^jm]b_fm`qbgub
\hafh`guihfhe\dbZ\ihke_^kl\bbbk\Z^v[u"hgm\_jbef_gyqlh[m^_ljZ^ZybkZfZlhevdh
wlh]hb`^ZeZg_[jhkZlv`_wlbog_\_klg_m^Zqeb\uogZjZkl_jaZgb_km^v[_
Dh]^ZaZdhgqbehkvkh\_sZgb_behj^Fhjn\klZefg_aZohl_ehkvkjZamk_klvhgh]jhfgucgZ
ihelhjuZg_dhlhjuobgZ^\_]heh\u\ur_yjy^hfkgbff_ehqvlZdwlhijb^Ze_dhg_fZe_gvdhf
fh_fjhkl_a^hjh\h
Ih^hjh]_\eZ[hjZlhjbxyj_rbeZmlhqgblvagZ_lebhgk\hbojh^bl_e_c
Fu_s_k\ZfbgZk\b^Zgb_g_koh^bebZ\Zkm`_bgl_j_kmxlfhbjh^bl_ebkq_l\[Zgd_g_
bgl_j_km_l"obljhkijhkbehgZynujdgmeZ
F_gybfhchkh[hg_bgl_j_km_lZ\hl\Zrb]_guhq_gvhlebqbyhlhklZevguo^_fhgh\gZ[ex^Zeb
mk_[y"
G_lhgaZkf_yekyghl_i_jvijhke_`mydb\gmeZkZfZlh`_ijhke_`mwlh`_lZdhch[jZa_p
eZ[hjZlhjbbf_gy`^Zebljbl_eZbfZ]dhlhjhfmy\gh[uehg_ihk_[_klZdbfkhk_^kl\hfdZd
lhevdhyih^hreZdi_j\hfml_em=_jljm^Zh[_kihdh_gghaZ]h\hjbeZ
YgZlmlg_djhfZgl[ueihqbklbe]Z^ym`_g_hsmsZx^moh\\ua\Zlvg_ihemqblky
jZkkljh_ghijh]h\hjbeZhgZijb`bfZykvdiZeZqm
Yj_adhih^[_`ZeZdhklZevgufljmiZfb\_a^_[ueZimklZyh[hehqdZ[_agblbijbau\Z^momr_eaZ
=jZgvbhllm^Z_]hm`_g_\ua\Zlv
Dlhkx^ZaZoh^be"yj_adhh[_jgmeZkvdfZ]m
ukb^_ebg_hlemqghkl_eZfb"fm`qbgZihdjZkg_ebyihgyeZqlhhghlemqZeky
FZ]bklj"iZeZq`^Zefh_]hhl\_lZml_rblvfg__]hg_q_f
A^_kv[ueg_djhfZglbl_i_jva^_kvg_lijb\yadbd^momgbmh^gh]hbal_eyg_kfh]m\ua\Zlv^ey
^hijhkZlhevdhh[ke_^h\Zlvl_eZfm`qbgZaZ^mfZekyghqlhihjZ^h\Zehg_h]hjqbekybg_klZe
ml\_j`^Zlvqlh\k_ijhiZehhgbkdZe\uoh^
kdjulb_\uk^_eZ_l_"
�Z
Wlhfh`_lgZfqlhlh^Zlv"
MagZ_fhkh[_gghklbl_efh`_ldZdb_lhljZ\fuqlh_efh`_l^Z`_]^__ebgh]^Zhl\_lh\
fgh]hZ[u\Z_limklhlZgZ^hjZ[hlZlv
G_[m^m\Zff_rZlvihah\bl_dh]^ZaZdhgqbl_kwlbfbkeh\Zfbhg\u^Zefg_Zfme_lk\yabb
mr_e
=hlh\uljmiulZkdZlvb\kdju\Zlv"kkZjdZafhfkijhkbeZmfZ]ZlhlaZf_lghih[_e_eb
k]ehlgme
Fh`_lyihdZ\khk_^g_cdhfgZl_ihkb`mqZc\ZfaZ\Zjx"klhevdhgZ^_`^u\]hehk_keZ[Zd
Dhn_bihdj_iq_[jhkbeZgZ^_\ZyaZsblmqlh[ug_bkiZqdZlvky\djh\biehohhgZ
\uklbju\Z_lky^Z`_kh\k_fbfZ]bq_kdbfbfZgbimeypbyfb
FZ]f]gh\_ggh\u[_`Ze\hldZdhcbkihegbl_evgucemqr_[uaZl_ehflZdke_^be
=_jljm^Zke_^\aylvfh`_rv"
G_l\k_aZqbs_ghbyg_m\_j_gZqlhwlhjZ[hlZg_djhfZglZ[hevr_ihoh`_gZjZ[hlmZjl_nZdlZ
hgZklhyeZjy^hfkhfghcgZ^klhehfki_j\ufl_ehfdhlhjh_ygZqZeZbkke_^h\Zlv
:dlhmgZklZdbfbZjl_nZdlZfbihevam_lky"
Ki_pkem`[ulZcgZydZgp_eyjbykukdZjbb\k_dlhkfh`_l^h[ulvbog_e_]Zevghkihdhcgh
i_j_qbkebeZhgZbamqZyfhbbgkljmf_glu
Lhevdh\h^\hj_pg_e_]ZevgucZjl_nZdlg_ijhg_k_rvaZsblZ^Z`_gZg_Zdlb\guckjZ[hlZ_l
\hajZabeZy^_eZygZ^j_a]jm^ghcde_ldbijbwlhfaZibku\Zy\k_k\hbgZ[ex^_gbygZdjbklZee
:dlhf_rZedhfmlhbamiheghfhq_gguoijhg_klbwlhlZfme_lbebg_aZf_lblvqlh_]hijhg_keb
aZ^mfqb\hijh]h\hjbeZhgZ
OjZgbl_evgbpZ[ueZijZ\ZghbglmbpbydjbqZeZqlhwlhg_dZdhclhg_e_]ZevgucZfme_lZ\iheg_
aZdhggucgh\hkihevah\Zekybfdlhlh^jm]hcghkjZaj_r_gbyih^jm]hfmgbdZd
;Z[mrdZl\hyijhkbeZi_j_^Zlvg_]emibbo\Zlbl[_]Zlvyk^_eZeZ\b^qlhg_mkeurZeZwlh]h
kh\_lZohlyk_j^p_aZf_jehMfgu_hgb`bagvijh`bebk_cqZk\hlkfhljylaZfh_cdZddgb]m
qblZxl:y__`b\mhldZdohqmlZdb[m^m`blv
LZd_cbi_j_^Zf\gmqdZ\_^vfZmijyfZykwlbfbkeh\ZfbhgZbkq_aeZZylhevdhnujdgmeZ
ijh^he`Zy\uihegylvk\hxjZ[hlmaZdhlhjmxfg_g_ieZlylZq_]hwlhkh[kl\_gghhgZg_
hieZqb\Z_fZyg_ihjy^hd
YaZp_ibeZkvaZwlmfukevblhqlhyihlj_[mxaZfhcljm^qlh[ug_^mfZlvh[Z[mrd_b__keh\Zo
\r\r\r
�HgZf_gyg_[hblkyk\hklhj]hfijh]h\hjbeiZeZqkb^ygZijhlb\ehj^ZZgd_gZ
Fhjnyl_[yij_^mij_^belujbkdm_rvaehijhp_^befm`qbgZgZeb\ZygZklhcdm\^\Z[hdZeZ
L_[y`bagvg_mqblhiylv]jhog_rvkyrmfm[m^_ldZdhlmiZ\r_]hrdZnZ[_aaeh[ghijh[mjqZe
JbdZg^_eZy]ehlhd
@bagvjbkdne_]fZlbqghijh]h\hjbeiZeZqlh`_[_jy\jmdb[hdZeb^_eZy]ehlhdghgZklme_
dZqZlvkyi_j_klZeZ_kebhgZ\u[_j_lf_gy"hiylvihr_egZijh\hdZpbxhg
Y\k_kdZaZeehj^Fhjnb\hlwlhh[jZs_gb_^eyqm`boj_adhihgbabeh`_eZgb_rmlblvgZ^
klZjuf^jm]hf
JbdZgyihgyekh[_k_^gbddb\gmeih^eb\Zy\[hdZe_s_gZibldZlZdqlhihh[t_dlm"
AZ\k_\j_fy[ueZh^gZ\klj_qZ
Dlh"
GZqZevgbdkem`[uhojZgu
�_eZ\k_om`_bom`_
Luohl_ekdZaZlv\k_]jyag__b]jyag__"
Lug_khj\_rvky"
IhklZjZxkvk^_j`Zlvkygh_keb\k_ih^l\_j^blkyybohgg_^h]h\hjbeghwlh[uehbg_
gZ^h^ey^_fhgh\[ebadbcdjm]wlhl_aZdh]hm[b\Zxl
\r\r\r
kdjulb_yaZdhgqbeZqZkh\q_j_aiylvgh]b]m^_ebjmdb^jh`ZebmklZeZydZdljmikZfk_[_
\uju\rbcfh]bemkyihemq_ggZybgnhjfZpbyihl_eZfgZoh^beZkvgZdjbklZee_dhlhjucfg_
gm`ghi_j_^Zlvehj^mFhjnm^Zggu__kebq_klghg_hq_gv_^bgkl\_ggZyaZp_idZ\lhfqlhgZ
h^ghfbagZiZ^Z\rbohklZekyke_^hlaZsblu^\hjpZWlhagZqblqlhhgijhoh^beb^_glbnbdZpbx
^hklmiZ\h^\hj_pfZdkbfmfaZqZk^hkf_jlbihkdhevdmke_^ihklhygghkeZ[__lbm`_q_j_aqZk
kh\k_fbkq_ag_l
KgZqZeZ^mfZeZkoh^blvdFhjnmZihlhfe_gb\hfg_klZehbdZdih^Zjhdkm^v[ukb]gZeZfme_lZ
�ehj^Zgd_g`Z`^_lihh[sZlvky
u_s_gZ\kdjulbb"
A\mqbllZddZd[m^lhf_gy\kdju\Zxllboh\hafmlbeZkvZ]jhfq_kdZaZeZkh\k_f^jm]h_m`_
aZdhgqbeZk_cqZkhlg_kmj_amevlZluehj^mFhjnm
G_lg_eh\dZyiZmaZyk_cqZkd\ZfaZc^mbkZfaZ[_jmj_amevlZlu\u`_gZ\_jgydZmklZebbg_
_eblZdqlh\Zfgm`gh[hevr_hl^uoZlv
@^mblhevdhhldexqb\rbkvyiha\hebeZk_[_meu[gmlvkykebrdhfy\gh_mg_]h`_eZgb_g_
imkdZlvf_gydiZeZqmlZdaZ[Z\gh
�Ehj^Zgd_gaZr_e\eZ[hjZlhjbxq_j_aiylvfbgmlylhevdhdhn_mki_eZ^hiblv
I_j_f_s_gby\wlhfdjue_aZdjuluqlh[ug_ihf_sZlvwdki_jbf_glZfbg_ihkljZ^Zlv
h[tykgbehgohlyybg_kijZrb\ZeZ
YkjZamhl^ZeZdjbklZeebfuihreb\djueh]^_gZoh^ylkyfhbihdhbgZ\uoh^_baeZ[hjZlhjbby
ij_^mij_^beZfZ]ZqlhgZeh`beZklZabagZihdhcgbdh\bqlh[uhgdgbfg_e_aFm`bd[ue\
\hklhj]_db\ZedZdjh^ghcaZdjue^\_jv\eZ[hjZlhjbxbmr_e\khk_^gbcdZ[bg_lh[e_]qbeZy
_fm`bagv
Ih^hjh]_fujZa]h\Zjb\Zebh\kydhc_jmg^_mgZk\hh[s_ihke_ihp_em_\dZdlhh[s_gb_g_
de_blkyihklhyggZyg_eh\dhklvbwlhgZijy]Z_l
yljh]ZeZjmdZfb\i_jqZldZoZkZfbwlbi_jqZldb[ueb\djh\b:lmlfZ]b_cemqr_g_qbklblv
fh`ghih\j_^blvhllZdbf\djh\bybhl^ZeZdjbklZeeJbdZgmlZdqlhk_cqZkhgiheh`be
djbklZeebihr_e\ufulvjmdb
wlh\j_fyaZe_l_efhc[ZlZevhgijZ\^Zg_ihegufkhklZ\hf
Gm"BdZdhg\Zf"
KdZ`bl_hga^hjh\uc"
Bkmjh\uclZdhc"
�_\qhgdbl\_j^beb[_ahklZgh\db
Ghijhn_kkbymg_]hwlh`_dZi_pebqghc`bagbkljZrgh`_m[b\Z_l\_^vj_]meyjghlZd
h[b`_gghijh]h\hjbeZMevygZ_s_bjmdZfb\kie_kgm\hlba[uldZqm\kl\aZiZeZqZklZehh[b^gh
fm`bdljm^blkyg_ihdeZ^Zyjmd]heh\ujm[blgZ\_jgh_Zhgbghk\hjhlyl
k_ijhn_kkbb\Z`gu\k_ijhn_kkbbgm`gu
�Z`_g_agZxdZdihfg_lZdhq_gvihe_agZy\k_fv_ijhn_kkbyyk_eZ\dj_kehbkbgl_j_khf
klZeZ`^ZlvjZ[hlmfukebfhboih^hi_qguoGZijy]ebkvi_j_]eygmebkvdhee_dlb\gucjZamfhg
lZdhcaZ^mfZebkv
:q_fwlh_]hijhn_kkbyihe_agZ"L_fqlhhgkiZkZ_lBfi_jbxhlaZ]h\hjh\b\_jrblijZ\hkm^b_
wlhykghghhg\_^vm[b\Z_lkZfm[b\Z_lbgl_j_kgh_^hiheg_gb_y^mfZeZkemobqlhhgdZagbl
wlhh[jZaghbwlhg_hg^_eZ_lb^bfhyhrb[eZkvbhghl\_lkl\_gghhlghkblkydk\h_cjZ[hl_
kfmsZ_llhqlhgZkdhevdhhgkbe_gqlhfh`_lm[blv^_fhgh\bl_ih^qbgyxlkybg_[mglmxl
Qlhlhmf_gy\agZgbyoijh[_ey^mfZeZlheiZgZ[_`ZeZih\yaZeZaZqbgsbdh\iZeZqijh\_e
jZkke_^h\Zgb_bj_rbegZ^hfhqblvihfhsgbdbijblZsbebih^km^bfuobo^_j`Zlhghl^Ze
ijbdZab\k_g_l[hevr_aZqbgsbdh\:ihemqZ_lkygZh[hjhl"
Kbevg__\uoh^bllhevdhbfi_jZlhj\_^v_fm\k_^_fhgu[_ah]h\hjhqghih\bgmxlky^mfZeZ
qlhh[tykgbeZDbjbgZZ]Zg_ihfh]eh
Ih^jh[g__ih`ZemcklZbgl_j_kghlhdZdlhqghdgb]mgZibrm\fbj_l_klhkl_jhgZ
B_jZjoby^_fhgh\qlh[um[blv[he__kbevgh]hgm`_g_s_kbevg__bgZq_\uah\b\hafh`ghklvg_
ih^qbgblvky^ZijhlZdh_yqblZeZagZqblgZriZeZqfm`bda^hjh\ucbkbevgucZ_s_
hiZkgucbhq_gvkmjh\uc^_fhg
ug_hl\_lbebq_fhg\ohayckl\_lhijb]h^blky"\hl`_ohayckl\_ggZybkfhljbllZd
\u`b^Zl_evgh\Zf[uijb]h^beky"
Fg_klZehkf_rgh^_\qhgdbaZwlb^gbklZebijZdlbq_kdbjh^gufbbkdZ`bbfdlhqlhhgbkZfb
ijb^mldg_djhfZglmb[m^ml_]hl_j_[blvgZl_fmihe_a_geb\ohayckl\_iZeZqgZ\_jgh_\
h[fhjhd[umiZebZk_cqZkklhyl`^mlhl\_lZ
hlij_^klZ\vl_fg_dZdg_djhfZglmljmiugm`gu"Gm`guZhgjZabkjZ[hluijbg_k
iZjhqdmZyboih^gyeZbgZ^\moahf[b[hevr_hq_gvihe_aguc\ohayckl\_g_djhfZglZiZeZq
^_\qhgdbkgZqZeZkemrZebk_jv_aghZihlhfjZkohohlZebkv
�E_^behj^Zgd_gklhye\^\_jyo\ZgghcdhfgZlubofmjhkfhlj_egZ\_k_eysboky^_\mr_dl_
kjZami_j_klZebmeu[Zlvkybdhd_leb\hk\_jdgm\gZg_]h]eZaZfbmfqZebkvbafhboihdh_\
AgZqbliZeZq\ohayckl\_ijb]h^blkyyih`ZeZie_qZfbZgZqZevgbdijZ\hhojZgbl_evghc
kljmdlmju"yhiylvih`ZeZie_qZfbbhgha\_j_ey\Zflhqgh]h\hjxhgqZklbqgh
Y_]hm[vxb[m^_lml_[yh]jhfguchq_gvbgl_j_kgucahf[bi_j_^jZagb\Z_lf_gy
Fh`_ly_]h`b\h]hohl_eZbamqblv"kljhilb\h\hafmlbeZkvyhg^_j`Zef_gyaZie_qbghfg_
Z[khexlgh[uehg_kljZrghykfhlj_eZ\_]h]hem[u_]eZaZbklZjZeZkvg_kf_ylvky
M[vx_]hbgZlhfkiZkb[hohq_rvbamqZlv^_fhgh\bamqZcf_gyblhevdhihke_q_]hj_adh
�gZdehgbekybihp_eh\ZeZ
Ykh]eZkgZ_]hbamqZlv\hgdZdhchgih^fhbfbjmdZfb[hevrhcbl\_j^ucb]hjyqbcBgl_j_kguc
lZdhcBf_gyih^o\ZlbebgZjmdby`_h[o\ZlbeZgh]Zfb_]h\hdjm]lZebbb\hllZdhc`b\hibkghc
dZjlbghcg_ij_djZsZyp_eh\Zlvkyfuijh^\b]Zebkv\kiZevgxG_ijh^\bgmebkv\^\_jyo
aZklhihjbebkv
FZ]bkljyhljZ\beZBfi_jZlhjZeb[b^hmiZehohjhrhohlvJbdZgf_gyg_mjhgbehlrhdZFu
aZf_jebF_^e_gghhlhj\ZeZkvhlfm`qbguk_dmg^mgZaZ^klZdhckljZklvxf_gyp_eh\Z\r_]hb
ih\_jgmeZ]heh\m\klhjhgm\oh^ZLZfklhyeZ\a\hegh\ZggZyWevaZklbobcgh_[_^kl\b_Zg_
^_\mrdZ
WevaZyl_[yaZfm`\u^Zfijha\mqZehdZdm]jhaZ^_\mrdZkgZqZeZmeu[gmeZkvjZ^hklghihlhf
gZofmjbeZkvb\dhgp_k\h_]hfukebl_evgh]hijhp_kkZ\u^ZeZ
LZdg_q_klghylhevdh`blvgZqZeZijbdexq_gby\hlhljZ\e_gbyZ\ukjZamaZfm`
G_kijZ\_^eb\hAZq_f"LZd`_ohjhrhmgZkk\Zfb\k_[ueh"bhgZijhlhiZeZdp\_lbdm
gZdehgbeZkvdg_fmbgZqZeZ`Zeh\ZlvkyqlhhgZklZjZ_lkyqlh[u\ke_^mxs__f]gh\_gb_j_adh
�ih\_jgmlvkyhcehj^Zgd_gZy\Zkg_aZf_lbeZoZgZkJbdZgZykhkdhevagmeZ^Z\ykvkf_ohf
G_aZf_lblvh]jhfgh]h^_fhgZihem]heh]hb\qZklbqghcljZgknhjfZpbbWlh`_dZdm\e_qvkygZ^h
[ueh
QlhkBfi_jZlhjhf"\hlqlhagZqblb_jZjobybhl\_lkl\_gghklv^he`ghklgh]hebpZ
:qlhkBfi_jZlhjhf"m^b\beZkvhgZblZdgZlmjZevghihemqbehkvwlhmg__qlhJbdZgofudgme
WevaZfh`_rv]h\hjblvkihdhcghijh]h\hjbeZihijZ\eyyieZlv_
HljZ\beZy_]hlhqgh\Zf]h\hjx\k_k^_eZeZdZd\ukdZaZebl_i_jv`^_fbklhevdhkqZklvy
Q_]h"Dh]^ZBfi_jZlhjmfj_l"ikboZgmeJbdZgihju\ZykvZdlb\bjh\ZlvihjlZeZdlb\guc
dZdhcyh[o\ZlbeZ_]hlvfhc
Hgg_mfj_ly^keZ[ucb[_a\j_^gucwlhijh^mfZggZyhi_jZpby
Ihwlhfmluijhg__g_agZeZ"\hafms_gb_f_s_dbiblghg_ihju\Z_lkydm^Zlhkhj\Zlvkyb
mfqZlvkykiZkZlv=jZgv
AZ^Zgb_WevaZihemqbeZyijZ\^Z^ZeZhlf_gmhi_jZpbbqlh[ug_ih^\_j]Zlv__hiZkghklbgh
hgZj_rbeZih^jm]hfmyp_gx:dZddklZlbluwlhk^_eZeZ"
E_]dhhgZlZddh\Zjghmeu[gmeZkvqlhfg_klZeh`Zedhg_agZxdh]hgh`ZedhZ`Zehklv
\hh[s_lhg_k\hckl\_ggZyg_djhfZglZfq_jlZghkwlhc^_\mrdhc
JZkkdZaWevau\u]ey^_edZdkx`_lijhribhgh\hgZi_j_h^_eZkv\nhjfm]hjgbqghci_j_^wlbf
h]emrb\h^gm]hjgbqgmx\wlhf_cihfh]ebdlh\u^mfZ_l_"IjZ\bevghfbeZyfhyg_`blv
bkim]Zeb^_\mrdmbhgZihl_jyeZkhagZgb_Wlb[Zg^bluaZlZsbeb__\dZdmxlhdZfhjdmjZa^_ebb
k\yaZeb ]hlh\bebkv\_j_\dm\ayebagZqblij_^mfure_ggh_\fWevaZi_j_h^_eZkvihijZ\beZ
ijbq_kdm^_\mrdmhgbmdjueb aZ[hleb\u_\fdeyi\klZ\beb ijh^mfZggu_\fIhke_Weva_ijbrehkv
m[_^blv_s_h^gm]hjgbqgmxqlhhgZl_i_jvkg_cjZ[hlZ_lihlhfmqlh^jm]Zy^_\mrdZhljZ\beZkv
ihke_mreZi_j_[_`dZfbijh[jZeZkvh[jZlgh\dZfhjdm hgZ_s_baZ[em^beZkvbqmlvg_
ihiZeZkv\fi_j_h^_eZkvjZa\yaZeZ^_\mrdmbmfqZeZkv^hdeZ^u\Zlvfg_
AZq_fgm`gh[uehljZ\blvBfi_jZlhjZ"Bihq_fmg_kdZaZeZ"l_i_jvJbdZgkfhlj_egZf_gyb
`^Zehl\_lZ
Kh[bjZeZkvghihlhfhl\e_deb^Zevr_ieZgijh\Zebekybyg_klZeZaZg_gZ^h[ghklvxl_[y
ihk\ysZlv\g_]hkwlbfbkeh\ZfbyZdlb\bjh\ZeZdjbklZeeubadZ[bg_lZBfi_jZlhjZb
\gbfZl_evghbamqZeZdZjlbgdmZlZf[uehgZqlhihkfhlj_lv
Bfi_jZlhjmy\gh[uehiehohbijbfqZeZkv_]hDZljbgZ`_gsbgZih^e_l_eZbko\Zlb\aZjmdm
ih^dexqbeZfZ]bx`bagbg_ly^oblj__lmlgm`_gg_djhfZglghlu\_^vbkZfZbf__rvkbem;ueZ
fukevqlhhgZihah\_lgZihfhsvghk_dmg^Zdhe_[ZgbybhgZZdlb\bjm_l^Zjkf_jlbqlh[u
�ijh\_jblvgZebqb_y^ZZ
Qlhlhyml_[ykh\k_fjZa\Zeb\Zxkvlbohr_iq_lbfi_jZlhj
W^k_cqZkyih^e_qmb\k_[m^_lohjhrhm\_j_gghhl\_qZ_l`_gsbgZ\uly]b\Zyy^b
iZjZee_evghh[gh\eyy\k_ijhp_kkukihfhsvxfZ]bb`bagb
�YhldexqbeZZfme_lghaZibkvb^_lbih\_jgmeZkvdehj^mZgd_gm
Ih^l\_j^behkvagZqbl\k_lZdbhgZgh__g_[uehjy^hfkf_jl\ufbg_\_klZfbbwlh
g_hkihjbfhyaZ^mfZeZkv
?kebg_de_blkyagZqblfuq_]hlhg_agZ_fi_j\ZyaZp_idZih^l\_j^beZkv
Yihc^mfg_gm`ghkdhhj^bgbjh\Zlv^_ckl\byfh_]hhl^_eZ^ZbkFhjnhfi_j_]h\hjxkdZaZe
bkZfgZijy]ky_s_baujdgme^ujdm\hfg_ijh^_eZ_llZdkfhlj_lvghmf_gy^Z`_fmkdmeg_
^jh]gme
HgZdlb\bjh\ZeihjlZebmr_ey`_ih^hreZdWeva_
Lufheh^_p\k_k^_eZeZhlebqgh^_\mrdZaZkbyeZhlkqZkleb\q_eh\_dhlh[uqghciho\ZeuZ
y\_^v_s__caZdZ`^mxlZdmx\uoh^dmij_fbx\u^ZxgZ^h[uhl^ZlvaZg_^_exaZjieZlmimklv
ihjZ^m_lky_s_lu_eZ"fZr_lhljbpZl_evghylh`_^Z\ghlZdg__eZ
Yfb]hffZ]bkljhgZ^h]h\Zjb\ZeZm`_[_]hfghymki_eZihdZhgZg_\u[_`ZeZ^h[u\Zlv_^m
?klv[m^mlhevdhklh[hc\dhfiZgbblZdqlh\havfbgZ^\hbohgZaZigmeZkvh]eygmeZkv
m\b^_eZfh_k_jv_agh_ebphbhq_gvg_m\_j_gghmeu[gmeZkvghyk\h_]hj_r_gbyg_f_gyx
FZehq_eh\_dm^eykqZklvygZ^hhq_gvfZehZfu\k_^mfZ_fqlhfgh]hg_l

Ihke_m`bgZohl_eZkoh^blvd^_\mrdZfkijhkblvdZdhgbghkbeg_[uehihwlhfmfZogm\gZ\k_
jmdhchlijZ\beZkvkiZlvqlh[ughqvxf_gyjZa[m^bermfba]hklbghc
uc^ykhggZy\khk_^gxxdhfgZlmaZklZeZbgl_j_kgmxdZjlbgmFhyg_`blvijb^Z\beZdZdh]hlh
fm`qbgmbdh]^ZlhliulZ_lky\u[jZlvkybah[gbfZr_dhgb_]h_s_bh[ebau\Zxlqmlv
ijbdmku\Zymrb
Qlha^_kvijhbkoh^bl"
Mjjj"kdZehjueihiulZekylj_iuoZxs_]hkyfm`bdZaZibogmlvih^k_[yih]em[`_\^jm]yg_
m\b`mZkjjuo_s_b]jm^vxaZ]hjh^be
Hlimklbl__]h^Zcl_ihkfhljxdh]h\ulZfihcfZebyijhreZbk_eZ\dj_kehjy^hfk
p\_lbdhfh`b^Zydh]^Zwlbomeb]ZguhlimklylgZjmrbl_eyhj]ZgbafgZklhcqb\hijhkbehl^uoZ
WlhhdZaZekyh^bgba^_fhgh\dhlhju_lZdgZklhcqb\hdZ`^h_mljhij_ke_^mxlfhboih^hi_qguo
gZijh[_`d_jbkmykvbaZfZgb\Zy
Fm`qbgZk_egZihea\_jv_fh_hlhrehhlg_]hbk_eh\hdjm]gZf_dZyqlhdZdlhevdhlZdhgbkjZam
\_jgmlkyyfheqZeZh`b^Zydh]^ZhggZah\_lijbqbgmihdhlhjhc\ehfbekydhfg_ghqvxHglh`_
fheqZebiZmaZaZly]b\ZeZkvZ\_^vyfh]eZ[uwlh\j_fykiZlvjZa^jZ`_gb_ih^gbfZehkvkdZ`^uf
f]gh\_gb_f\k_[hevr_
?kebijbrebihfheqZlvlh]^Zyihc^mbhklZ\ex\Zk\ihex[b\r_ckydhfiZgbblhevdh\wlhljZa
a\mdbg_ba^Z\Zcl_ohlyyemqr_iheh]lbrbguihklZ\exlh]^Za\_jv_k\Zfbih\_k_eblkyy
gZf_jbeZkv\klZlvghhgaZ]h\hjbe
Hldm^Zm\ZkZgljhaZc^"yf_^e_gghh[\_eZ\a]ey^hfdhfgZlmbmklZ\beZkvgZk\hxg_`blvhgbk
\hklhj]hfkfhlj_ebgZf_gylZdh]hh[t_dlZdZdgZa\Zewlhl^_fhgmf_gyg_[uehbeb`_wlZ
g_hihagZggZyg_`blv\\b^_hjZg]mlZg]Zkdjuevyfb"
IjhklhjZ^bbgl_j_kZyg_klZgm^_eZlv\k_lhqlhh[uqghh`b^Z_lgZ]euo^_fhgh\[_abgklbgdlZ
kZfhkhojZg_gbydh]^Zhgbe_aml\ihdhbg_djhfZglZuagZ_l_d_f[ueZijb`bagbwlZg_`blv"
fm`qbgZ^_j`Zekyohjhrhblhevdhke_]dZih[e_^g_eghhl\_lbekihdhcgh
Ijb`bagbwlh[ueh[uqguchjZg]mlZg]hiZgZg_ihgylghgbq_]hZm`_ihke__]hkf_jlbgZ^
gbfijh\_ebjy^wdki_jbf_glh\ih\u\_^_gbxgh\h]h\b^Zg_`blb
Wdki_jbf_glukg_`b\hcfZl_jb_c"kdZaZlvqlhmf_gyaZq_kZebkvjmdbwlhg_kdZaZlvgbq_]h
wlh`_lZdh_ihe_^ey^_ckl\bc
G_`blvdZd[m^lhihqm\kl\h\Zefhc^bdbcbgl_j_k ohlyhnbpbZevgZyl_hjbyhljbpZ_lgZebqb_
qm\kl\bwfhpbcmg_`b\uo\fhgijhlhiZedhfg_bmldgmeky]heh\hcfg_\dhe_gb_s_beZiZfb
h[o\Zlbefhbgh]b[hblkyIjbrehq_ldh_ihgbfZgb_bkZfh_`mldh_hg[hblkyf_gygh]hlh\
l_ji_lvihlhfmqlhylZdhfmhgih^qbgy_lkyKlZehijhlb\ghhlk_[yfhy`Z`^Zhldjulbc\gZmd_
bgh]^Zi_j_oh^bl\k_]jZgbpu
Lhilmgluq_]hyl_[ygbdhfmg_hl^Zfbg_h[b`mmkihdhckyfZeuryih]eZ^beZ_]hih
]heh\_bgZf_gy\gbfZl_evghihkfhlj_eb]eZadb[mkbgdbq_klgh_g_djhfZgkdh_meu[gmeZkvy
u^Zebg_`blbbf_gZ"gmiheh`bfg_yghbf_gZfg_gjZ\ylkylZdqlhebphdbjibqhfb
kfhljbfkij_g_[j_`_gb_fgZg_dhlhjuo^_fhgh\
G_`blvdZdihqm\kl\h\ZeZqlh]h\hjylijhgbob\hafms_gghjudgmeZ\jh^_dZddhg_qghmgZk
_klvbf_gZlmiZyl\hy[ZrdZ
Hldm^Z\uagZ_l_ijhg_`blvbwdki_jbf_glijbrehfh_\j_fy[ulvih^hajbl_evghcb
\gbfZl_evghcfZ]bq_kdbyf_^e_gghhimlu\ZeZ^_fhgZk_lyfbgZkemqZc_kebhgj_rblk]emiblv
Fhchl^_ehl\_qZ_laZgZ[ex^_gb_gZ^fZ]bq_kdbfbbh[uqgufbkms_kl\Zfbfu\kdjuebjy^
lZdbowdki_jbf_glh\^\Z]h^ZgZaZ^wlZg_`blvkfh]eZk[_`Zlvym\Z`bl_evghihkfhlj_eZgZ
LhilmgZhg`_\hl\_lgZfhc\a]ey^klmdgmek_[y\]jm^vdmeZdhfijbrehkvo\Zeblv
DZdhclufheh^_pkfh]mclb\hllhevdhdZdlua^_kvhdZaZeky"
Y^mfZxhlg_o\ZldbfZ]bbhg\iZe\kiyqdmZg_dbcg_djhfZglih^gye_]h^mfZyqlhih^gbfZ_l
h[uqgmxg_`blvZg_fh^bnbpbjh\Zggmxy^he`_gij_^mij_^blvqlh_]hijb^_lkybatylv
Ihijh[mcl_aZ[jZlvmg_djhfZglZlhqlhhgkqblZ_lk\hbfne_]fZlbqghijh]h\hjbeZ
ijh^he`Zyih]eZ`b\Zlv]heh\mLhilmgZbiZjZee_evgh^mfZydZdlZd\k_fh]ehihemqblvkyklhevdh
HghiZk_ggZg_]hih^qbg_gb_^_ckl\m_lhlqZklb_kebhgaZohq_lhg\uj\_lky\hlhghqlhl_
gblbdh]^Zyi_j_o\Zlu\ZeZmijZ\e_gb_y^mfZeZboohl_ebi_j_[jhkblvgZf_gy:qlh_kebwlh
Lhilmgkhijhlb\eyekyg_ohl_eklZgh\blvkyjZ[hf"
IjbdjueZ]eZaZi_j_oh^y\^jm]hcj_`bfaj_gbybh[hfe_eZgZfh_cg_`blb_klvih^qbg_gb_dZd
biheh`_gh\hllhevdhLhilmgkZfdhfg_ijhly]b\Z_lgblbklZjZykvijb\yaZlvkyihdj_iq_Hg`_
\kxk\hxfZ]bxljZlblgZwlhZy_s_m^b\eyeZkvihq_fmdjuevyg_\hkklZgZ\eb\Zxlky]^_bf
L_i_jvhgfhciblhf_pbj\Zlvwlbgblb[m^_lhq_gv[hevghijhs_mihdhblvg_`blvghlh]^Zy
ihemqmhldZlBeb`_kfbjblvkyqlhmf_gyaZ\_ekyiblhf_pih`ZemcgZ\k_]^ZWlhqm^hkdjmlbeh
]m[mljm[dhcihdZau\Zyqlhhgf_gyhq_gvex[blymeu[gmeZkvimklv[m^_lIjZ\^ZkjZam
kdhevagmeZfukevZ_keby[m^mmoh^blv\^jm]mx=jZgv_]hy\aylvg_kfh]mbqlhlh]^Z"LZdg_
^mfZ_fh[wlhf
?s_hklZeZkvbaf_g_ggZyg_`blv"
G_l\k_omgbqlh`beb
:Z\lhjwlhcjZ[hlu_s_`b\"
Ih]b[ijbaZ^_j`Zgbbhq_gvlZeZgleb\ucg_djhfZgl[uer_\Zev_FhgkgZ^haZihfgblv
nZfbebx
ulZdbg_gZa\Zebijbqbgmihdhlhjhcijbrebdhfg_ghqvx\ihdhb"gZ^haZdZgqb\Zlv
jZa]h\hjbgZq_gZkhgkh\k_f\j_f_gbg_hklZg_lky
Yohqm`_gblvky"
@_gbl_kvfZogmeZjmdhckh[bjZykv\klZlvghi_j_^mfZeZZgZdhf"
GZKhnbbdZd\hfml]heh\hciju]gmeklZdbfhlqZygv_fhgwlhkdZaZe
LZZZdhgZq_eh\_d\u^_fhgwlhi_j\Zyijh[e_fZZ\lhjZyihq_fm\u]h\hjbl_wlhfg_Zg___
hi_dmgZf"
HgZkdZaZeZqlh^Zklkh]eZkb_lhevdhihke_\Zr_]h[eZ]hkeh\_gbyy\hkZ^hd\uiZeZ
;eZ]hkeh\_gb_g_djhfZglZgZqlh"GZlhqlh[ukf_jlvbog_kdhjhjZaemqbeZbebgZh[hjhl
[uklj__ijbreZbk^_eZeZ^_\hqdm\^h\hc"
M`_ohl_eZfZogmlvjmdhcohlylimklv`_gylkyghbglmbpbyr_ilZeZ_klvdZdZylhaZ]\ha^dZ
Ihq_fmKhnbyohq_lfh_]h[eZ]hkeh\_gby"
HgZih^ZeZijhr_gb_ihke_hdhgqZgbyhl[hjZg_\_kl__b_s_g_kdhevdbo^_\mr_debrbeb
klZlmkZg_\_kluqlh[u\u^haZfm`_kl\Z[ueb__hi_dmghfbjh^kl\_ggbdbg_fh]ebj_rblv__
km^v[m\k_yhdhgqZl_evgh\hkZ^d_yqlhl_i_jvfZfZ"
HgZh^gZwlhihijhkbeZmijbgpZ"dZdlhojbieha\mqblfhc]hehkghk_cqZkwlhf_gvrZyba
ijh[e_f
G_l_s_g_kdhevdh^_\mr_dbal_odh]hhlqbkebebZ_s__klvl_dlhhklZekyg_\_klhcghlh`_
ih^ZeblZdh_ijhr_gb_fm`qbgZy\gh[ueg_\\hklhj]_hllZdh]hih\hjhlZ\_a_lylml\hh[s_\
rhd_
IZmaZ^ebeZkvm`_g_kdhevdhfbgmli_j\hcfh_cj_Zdpb_c[uehihfqZlvkyih^gylv^_\bpb
hlemiblv\hlihgZklhys_fmohlvygbdh]^Zjmdmbg_ih^gbfZeZgbgZdh]hghwlboKdZaZeZ
\_^vkb^bl_lbohbgbq_]hg_aZfureycl_Hgbg_lhevdhaZfureyebhgb_s_b\hiehlbeb\`bagv
k\hcieZgihdZykiZeZ
Qlh\jZfdZo^h]h\hjZhgb\Zrbih^hi_qgu_bwlhg_ijhlb\hj_qblklZlmlmlZdqlh\ul_i_jv
hi_dmgmgbom\k_o
Y[m^mom^r_cl_s_c\h\k_o=jZgyoijh]h\hjbeZlbohbm`_fuke_gghl_sZ\_^vfZwlh
deZkkbdZkf_rhd\uj\ZekykemqZcghg_j\guclZdhcfm`bdZi_j_^_jgmehmljhfi_j_]h\hjxk
^_\mrdZfbblh]^Zj_rmih^oh^bl_eb\ugZfgZjhev`_gboZbebfhb^_\hqdbaZkem`b\Zxldh]h
lh[he__^hklhcgh]h
Fm`bd\kdhqbe_]h^Z`_g_`blvg_gZim]ZeZlZdbf\hafms_ggufhg[ue:fg_qlhkb`m
meu[Zxkvy\Zf\k_fmkljhxbih]ZgdZfwlbfdhlhju_l_i_jvih^hi_dhcmf_gybijbgpmaZ
ih^klZ\mHg_s_g_agZ_ldlh_fm\`_gu^hklZg_lkyghyihaZ[hqmkvqlh[uwlh[ueZh^gZbafhbo
^hq_j_c]Z^^_fhgbq_kdbc_s_ihemqbrvFklblvhg\_^vf_[m^_lkf_rghc
�_fhgm`_^Z\ghmkdZdZe]hjy\hafms_gb_fbjm]ZykvgZ[m^msmxl_smZyijh^he`ZeZkb^_lvb
ZgZebabjh\ZlvZihlhf\hfg_ijhkgmeZkviZdhklvlbohobobdZyyijba\ZeZ=_jljm^m
=_jldZdlukfhljbrvgZlhqlh[ugZeh`blvaZsblmgZfhboih^hi_qguo"
Fu\k_fjh^hf^mfZ_fqlhlumfhfljhgmeZkv]jmklgh\a^hogmehwlhijb\b^_gb_
=_jl
:]Z\hl\k_bl_ldbb^y^vdbb\k_l\hb[Z[db^_^db^mfZ_fqlhaZoh^beZkvlu\^_\dZob^Z
ihklZjZcky^_fhgh\g_mkugh\eylvhkh[_gghlZdbo]hem[h]eZauobebh]jhfguoluboih^jm]hfm\
k_fvx\\_^b
I_j_[hjsbeZkihdhcghijh]h\hjbeZ
YgZlZffZlviZgbdm_lludh]^Zkg_cihke_^gbcjZak\yau\ZeZkvZdh]^ZhgZmagZ_lqlh[Z[dhc
klZeZ\hk_fvjZa\hh[s_kmfZkhc^_lkijZ\_^eb\h_aZf_qZgb_kfZfhcy^Z\ghg_k\yau\ZeZkv
^Z`_klu^ghklZeh
hk_fv"
Luqlhg_agZ_rvkdhevdhijb[em^guo\ayeZ"ih`ZeZie_qZfbybh^gmg_[jZeZhldm^Zfg_ijh
\k_oagZlvaZsblmjZklygmghg_fZl_jbZevgmx\k_gZl_[yaZ\y`_flZdqlh[m^v]hlh\Z
db\gmeZohjhrZyb^_yBy\k_]^Z[m^m\dmjk_qlhkd_fl\hjblkylu\jZklZ_rv\wlm=jZgvghy
wlhfmjZ^ZFg_a^_kvgjZ\blkyblulml`b\_rvZg_oh^brvdZdl\hbahf[bf_jl\hcKfZl_jvx
k\y`bkvg_aZ[m^vZlhhgZkZfZihc^_lgZ\uah\
AZ\ljZkmljZZ\hh[s_qlh\uijhwlh\k_^mfZ_l_"
�_\qhgdbg_iehob_oehihlgu_ijZ\^Zghl_[_gZihevamfug_ijhlb\lZdqlhgZdeZ^u\Zc
i_qZlvjh^Z
hlbj_rbeby_s_ihiulZeZ=_jljm^mgZl_fmbgnhjfZpbbdhlhjmxhgZjZa^h[ueZkj_^bk_[_
ih^h[guoghlZf[ueh^bgfmkhjZihke_fZogmeZjmdhcbihreZkiZlvghqv]em[hdZyZylml
ihemghqgbdhfaZ^_eZeZkv
\r\r\r
JZghmljhfym`_agZeZlhqghdlhmf_gyih^hi_dhcbg_kfh]eZk^_j`ZlvkyaZieZgbjh\ZeZ
�fZe_gvdmxf_klvkljZrgh]hg_djhfZglZ_\mrdb\k_dZdbh[uqghkh[jZebkvgZijh[_`dmy`_
\u`^Z\\j_fydh]^Zhgbkh[_jmlky\h[s_c]hklbghc\k_fk\hbfe_lmqbf[ZlZevhghfZdlb\bjh\ZeZ
�dmihe^hwlh]hijbe_`ghijb^_j`b\Z_fucgZ^dhfgZlhc_\mr_dhdmlZeZlvfZgZ^hhl^Zlvbf
^he`gh_g_bkim]Zebkv\hlqlhagZqblg_djhfZgl\dmjZlhjZoDh]^ZlvfZaZnbdkbjh\ZeZdZ`^mx
mkihdhblvDZfbeemqlh[ug_gZ\j_^blvj_[_gdmy__\imlu\Zlvg_ohl_eZgh\_^vbhgZlh`_ih^
hi_dhc:^Zevr_hgbijh\Zebebkv\ba]m[uehfhj_EZ^ghgbdm^Zhgbg_ijh\ZebebkvyihjlZe
Zdlb\bjh\ZeZbi_j_g_keZbogZiheygm]hlh\mxd^_ckl\byf
GZiheyg_lh`_[uehl_fghkiZkb[hdmihemlmfZgkiZkb[ha_evyffZ]bkljZ=jbgjuqZebahf[b
kiZkb[ha\_jvxgZeh`_gZbeexabydeZ^[bsZkZfZihklZjZeZkvbi_jbh^bq_kdbc\ba]`_jl\uwlh
WevaZ\_k_eblky\h\kxKdhevdh[uehjZ^hklbdh]^Zyh[ty\beZqlhhgZ`_jl\Z\jblmZe_G_lhgZ
g_klZeZiZgbdh\Zlvbebohly[u\hegh\ZlvkyhgZh[jZ^h\ZeZkvbih[_`ZeZ]hlh\blvkyfh_fmfha]m
__g_ihgylv
�_\mrdbhdZaZebkv\djm]_kie_l_ggu_lvfhcl_dlhg_\ujZabe`_eZgbyijbh[sblvkydgZr_fm
dem[mk_cqZk[ueb[_akhagZgbye_`Zeb\jh^_dZdgZjblmZevguoklheZoijb\yaZggu_dZjlbgZ
fhjhaihdh`_
DlhlhgZqZeju^ZlvyklZjZeZkvg_obobdZlv;m^_l_agZlvdZddg_djhfZglmgZ\yau\Zlvky\k_
bkihjlbeZKhnbydhlhjZyaZhjZeZqlh_klvkbeu
K_cqZkijb^_lfZ]bkljbl_[_oZgZluihgyeHgZl_[yjZkdZlZ_l
gmlj_gghklb\uihljhrblih^dexqbeZkvfbeZyMevygZ
:fu_s_ihijhkbfqlh[uhgZl_[y^he]hm[b\ZeZaeh[ghijhrbi_eZDZfbeeZ
�Luwlhl^_gvijhdeyg_rviZ^ZevyZ`^_jgmeZkvhl]hehkZbZguklhevdhm\_j_gghklb\hfg_b
g_gZ\bklbd\jZ]m
Klhihgbj_rbebqlhwlhm[bckl\hihdmr_gb_f^Zf_klvg_m^ZeZkvYlh^mfZeZZglmjZ`
g_fgh]hihim]Zxblhj`_kl\_gghijbfm\k_fvxfg_mgbodjh\vgZ^h\aylvZl_i_jvdZdlh
g_m^h[ghihemqbehkvHgb\hgm`_ih\lhjhfmdjm]mfg_\k_dZjug_[_kgu_ba_fgu_h[_sZxlb
f_gy`_ij_\haghkyldZdkiZkbl_eydhlhjucbog_hklZ\blZih^eh]hm[bcpmdZdfbgbfmfm[v_l
ZdZdfZdkbfmf]_gblZebbgZh[_^kt_klF_gyhlhl\jZs_gbyi_j_^_jgmehy\hh[s_lhg_ba
[j_a]eb\uoZ_kebohjhrhijb]hlh\blvlh\k_fh`ghihijh[h\Zlvghf_gydjh\h`Z^ghklv^_\mr_d
hldjh\_gghim]Z_l
Ijbrehkvki_rghi_j_b]ju\Zlvfhc\uoh^fhegbb]jhfkhc^_laZfZ]bq_kdmx^jZdmohlylZdh]h
h[uqghbg_l\k_wlhqlh[u^_\mrdbgbq_]hg_\b^_ebZihlhfihke_aZlbrvy\djm]_ihy\beZkvy
ohlylZfbklhyeZ
uqlhmkljhbebih]Zgdb"
Wlhg_fuwlhgZkijhhjZebhgbohjhfdhee_dlb\gucjZamflhqghbgZq_dZdh[tykgblv
kbgojhggh_ijhbag_k_gb_njZau[_aih^]hlh\db
Wlh\uaZklZ\bebijbgpZgZagZqblvf_gyhi_dmghf"Bebwlhg_\ug_kijhkbebmf_gyohqmeby
wlh]h"Bebfh`_l\uijbrebbij_^mij_^bebZg_hklZ\bebf_gygZjZkl_jaZgb_`Z`^msbog_\_kl
`_gboh\"uqlhmkljhbeb"Y\ZfykghkdZaZeZkb^_lvbgbq_]hg_aZfureylvyh[\_eZbo
\gbfZl_evgufbk_j^bluf\a]ey^hfaZ_jaZeb
�:wlhlihoblbl_evm`_lh]h"Ijhklhfuh[_sZebg_ohjhrhkeh\hg_^_j`ZlvbZgZ
g_ih^jZ`Z_fZ
M`_lh]hk_cqZkihc^m]_gblZebb_]h^h_^ZlvihdZk\_`_gvdb_bl_ie_gvdb_aehkmabeZ]eZaZ
bamqZydZ`^mxG_jZkdZb\Zxlky
Wlhg_h[yaZl_evghwlhfu^eyfZkrlZ[ghklbkdZaZeby\ujZabl_evghihkfhlj_eZgZMevygmb
FZ]bkljijhklbl_gZkIjbgpijbr_eh[ty\beqlhfug_g_\_klub[_a\Zr_]hijbkmlkl\byZ
ihke__]hkeh\\klmiZ_l\^_ckl\b_ihijZ\dZdklZlmlmihhl[hjmg_\_klhq_gvohl_ehkv
\ulZjZsblv]eZaZblmihkijhkblv_klvklZlml"mgZkg_[ueh\u[hjZ?keb[ukjZam`_g_
ihijhkbebkvd\Zf\ih^hi_qgu_lhdmljmm`_[ueb[uk`_gboZfbkl_fbdh]h\u[jZeb
�jh^kl\_ggbdbb`hchiha^Ze[uYihwlhfm_]hd\ZfbihkeZeZ\gZ^_`^_KhnbyhimklbeZ]eZaZ
baZieZdZeZhgbbaf_gy\_j_\db\vxl\hl\_df_leug_\b^Zlv
AZkZfh^_yl_evghklv\um`_gZdZaZguihoblbl_eyg_lgh\u\k_g_ijhrebl_klgZj_Zdpbx\
wdklj_gghckblmZpbblZdh_^jm`gh_\hafms_gb_[ZevaZffg_gZ^mrml_dlhohq_laZfm`
h[yaZguijbclbk`_gboZfbbyihkfhljxgZ\Zk\hijhkuaZ^Zfg_ihgjZ\ylkyfg_hl\_lu
deZ^[bs_fihrexh[hbo?kebgZfhf_glaZ\_jr_gbyfh_cjZ[hlu\ug_[m^_l_h[jmq_guby\Zk
g_k[Z]jx\jmdbex[\b\k_c\Zr_c`bagblhhlijZ\ex\:dZ^_fbxmqblvkyijb]jhabeZyb
ke_^mxsmxj_iebdmg_kdZaZeZmf_gyq_exklvhliZeZbmrbaZeh`beh
MjZMqblvkymfZ]bkljZwlh\_^v^he`gZ[ueZ[ulvm]jhaZqlh`_ihrehg_lZd"
:k_cqZky\havfmm\Zkdjh\vk_j^blh[jhkbeZbf^mfZeZijbim]gmlvbih^hreZdi_j\hck
gh`hf\jmd_
��mfZ_l_hgbbkim]Zebkv"KijhkbebaZq_ffg_djh\vbeb\hh[s_ijhy\beb[eZ]hjZamfb_"Z]^_
lZfhgb^jm`ghklhbehfg_hlimklblvnbdkbjmxsb_imluijhly]b\Zebfg_jmdb^eygZ^j_aZDlh
kljZrgucg_djhfZgl"Y\hl\k_g_fh]mihgylv]^_iZgbdZkljZo":g_lbo_klvg_m]hfhggu_
^_\qhgdbk\[blhc^mjghcfukevxqlhyborZgkgZkqZklv_
Dh]^Z^h[Z\beZdjh\vdZ`^hc\jblmZevgmxqZrmg_aZf_lghhlh\k_o^h[Z\beZbk\h_cdjh\bb
g_fgh]hqZj\_^vfuihlhfklZeZijhbaghkblvjblmZevgu_keh\ZG_lyg_ijbgbfZeZbo\jh^wlh
mkeh`gbeh[u`bagv^_\mrdZfohlyhgbwlh]hbg_ihgbfZxlYijbgbfZeZgZk_[y\k_bo
h[yaZl_evkl\Zbh[_sZeZaZsblmbihdjh\bl_evkl\hWlhhq_gvihoh`_gZjblmZeih[jZlbfh\k
h^ghckms_kl\_gghcjZagbp_cmih[jZlbfh\jZ\gu_iheh`_gbyZyklZ\beZk_[yqmlv\ur_[hevr_
lj_[h\Zgbc\u^\b]Zydk\hbfh[_sZgbyfl_i_jvybogZklZ\gbdbebklZjrbcjh^kl\_ggbd[_a
jh^kl\Z
QZrZ\kiuogmeZk\_lhf=jZgvijbgyeZwlhljblmZel_i_jvhgg_h[jZlbfyh[tykgbeZ^eyq_]hwlh
k^_eZeZbkjZam`_m[jZeZdmihebhlimklbeZ^_\mr_df_kl_kdmihehfijhiZeb\k_ki_pwnn_dlu
bgZdjZxiheygugZrebkvfhbahf[bijh^he`Zxsb_kdZeblvkybjuqZlvijbq_flZdl_ZljZevgh
Hgb_s_ibgZeb^jm]^jm]ZihdZau\Zydlhdjmq_juqblbijhly`g__\h_ljy^hfkgbfbgZljZ\d_
dZd\l_Zlj_kb^_eZWevaZbi_jbh^bq_kdb]jhfdh\ba`ZeZklZdbfm`Zkhf\]hehk_qlhkljZ`Z
ih^[bjZxsZykydf_klmfh_]hjblmZeZ[ueZkh[jZgZby\ghgZim]ZgZDhklbh[]eh^Zggu_H[wlhf
ydZdlhg_ih^mfZeZ
Fbkkg_djbqbl_k_cqZkfu\Zfihfh`_fh^bgbahojZggbdh\ZwlhhdZau\Z_lkyfZchjEmdZk
m^h[g__i_j_o\Zlbehjm`b_b\b^bfhkh[bjZekydbgmlvkygZfhboahf[bdhlhju_m`_^jm]gZ
^jm]Zihjudb\Zeb\b^bfhg_fh]mlih^_eblvi_j\_gkl\h\wlhfdhgdmjk_gZkZfmxkljZrgmx
g_`blv
Ludh]hfbkkgZa\Ze"WevaZlZdieZ\ghih\_jgmeZkvdfZchjmklZdbfb]hjysbfb]eZaZfbqlh
fg__]h`ZedhklZehijbj_\gh\ZeZ\b^bfh
WevaZ"\m`Zk_kijhkbehgbg_aZ^mfu\Zykv[jhkbeky__kiZkZlvex[h\vfha]bhlrb[Z_l
LZdluf_gy_s_bg_magZe"ylhevdhkh[jZeZkvh[_a^\b`blvfZchjZghWevaZkijZ\beZkvdm^Z
[uklj__HgZ\kdhqbeZgZi_j_j_afm`qbg_mi_jeZjmdb\[hdbbdZd]Zjdg_lKlhylvbhg
hklZgh\bekyZ_]hih^qbg_ggu_\hh[s_mfgu_j_[ylZ^_\mr_d\[_ahiZkghklbm`_m\b^_ebf_gy\h
]eZ\_wlh]h[_^eZfZhp_gbebbklhyl`^mldhfZg^ufheh^puh[mqZ_fu_
WevaZ\hafmlbekyhg\hl\_lklh[hc\k_ohjhrh"
K_cqZkluh[tykgbrvdZdfh]f_gyg_magZlvbkhfghc\k_hlebqgh[m^_l
Qlhlulml^_eZ_rv"mklZ\rbf]hehkhfkijhkbewlhl[_^gucgZqZevgbdgZr_chojZgu
FZ]bkljm\djh\Z\hfjblmZe_ihfh]ZxiZmaZ`_jl\hcaZq_flh^h[Z\beZhgZfm`qbgZ
h[_jgmekydhfg_\b^bfhmklu^blvohl_e
Kf_rghcDlh\b^_eg_djhfZglZkm]jua_gbyfbkh\_klb"FulZdbfg_kljZ^Z_fgmeZ^ghfuwlhg_
ihdZau\Z_f\hlbk_cqZkklhxgbq_]hg_ihdZau\Zx
:aZq_fluwlh^_eZ_rv"hq_gvhklhjh`ghkijhkbehgmex[bfhc
LZdbgl_j_kgh\_^v\i_j\u_mf_gylZdh_hgZ[u_s_\eZ^hrbihoehiZeZ
�Zggu_^_ckl\byg_g_kmlhiZkghklbwlhijh\_jdZgZj_Z]bjh\Zgb_dZd^_\mr_dlZdb\Zrbo
iZjg_cfZchjj_amevlZluhljbpZl_evgu_AgZqbl[m^_flj_gbjh\Zlvkyj_Z]bjh\Zlv\k_\f_kl_
\f_rZeZkvyZihlhfdZdgb\q_fg_[u\Zehih\_jgmeZkvd^_\mrdZfbkdhfZg^h\ZeZ[_]hf
fZjrijh[_`dZq_luj_djm]ZgZqZeb
Dwlhfm\j_f_gb^Z`_ke_^h\hljZaj_aZgZjmdZogbmh^ghcg_[ueh^_\mrdbihfh]ebih^gylvky
l_fdlhlhevdhhqgmekyb\_k_ehi_j_]h\Zjb\ZykvihfqZebkvgZijh[_`dm
WevaZkiZkb[haZhlebqgmxbfblZpbx`_jl\ulufh`_rv[ulvk\h[h^gZb^bl_aZWevahcwlh
m`_^eyg_`blbghhgbblZd\k_ihgyebih^[_`Zebih^klZ\beb]heh\uih^eZkdmIh]eZ^beZg_
`ZedhbhgbihfqZebkv^hfhcfZchj^Z\Zcl_iha`_hp_gbfgZrb^_ckl\bybkdhhj^bgbjm_fbo
gZ[m^ms__hgdb\gme_fmbkZfhfmohl_ehkv[uklj__mclbi_j_]h\hjblvkh^ghcg_m]hfhgghc
j_[ylZkiZkb[haZ\Zr_j_Z]bjh\Zgb_wlhm`_hojZg_
k_oih[eZ]h^ZjbeZbkZfZj_rbeZqmlvqmlvih[_]ZlvZlhf_^e_ggh[_]Zxsbcg_djhfZgl
f_jl\ucg_djhfZgl
\r\r\r
FZ]bklj\ZkbkdZeehj^Fhjnm`_^\ZjZaZbkdZey_fmihh[_sZeZqlh\udZdijb^zl_kgbf
k\y`_l_kvbgZq_hg[ulZdbijh^he`bekx^Zoh^blvdZd[m^lh^_eZlvg_q_]hWevaZ]h\hjywlh
[ukljhgZdju\ZeZgZklheY`_hleh`beZk\hbieZgukihdhcghih_klvj_rbeZ[uklj__\uihegblv
\k_mlj_ggb_ijhp_^mjubmagZlvaZq_flZdj_adhbkjhqghyihgZ^h[beZkviZeZqm
Q_j_a^_kylvfbgmliheghklvx]hlh\Zyykb^_eZaZklhehfbibeZk\hcmlj_ggbcdhn_\dhfgZlm
ihke_klmdZaZr_eehj^bkm^yih_]h\b^mb^_j]Zguf^\b`_gbyfqlhlhy\gh[uehg_lZd
FZ]bkljba\bgbl_aZ\lhj`_gb_bgZklhcqb\hklvghmgZkk_jv_agh_^_ehk_]h^gyghqvxgZ
ijbgp_kk[uehkh\_jr_gghihdmr_gb_ihg_hnbpbZevghc\_jkbb\hafh`ghdjhgijbgp\wlhf
aZf_rZgyihjZ^h\ZeZkvqlhWevaZmfgbpZbkjZamihijboh^mehj^Z\ukdhevagmeZbafhbo
ihdh_\lZdh_keurZlv_c\j_^gh^ey`bagb
Dhn_iblvi_j_ohl_ehkv\gmljb\k_k`ZehkvdZdi_j_^]jhahcykebrdhfjZkkeZ[beZkvZ
aehmfure_ggbd^_ckl\m_lhq_gvZdlb\ghbfhy]emiZyfukevqlhihke_g_m^Zqgh]hgZiZ^_gby
ijhc^_liZjZ^g_c\hafh`ghklhbeZkebrdhf^hjh]h
klbobb
k\hboihdhyoykjZam`_ihke_wlbokeh\\klZeZij_^eZ]ZyihdZaZlvdm^Zfg_b^lb
Ih^hjh]_fug_jZa]h\Zjb\ZebhgiulZekyaZ\_klb[_k_^mhgbq_]hg_agZqZsbo\_sZoghfg_[ueh
g_^hwlh]hyh[^mfu\ZeZ\kxkblmZpbxbq_f[hevr_^mfZeZl_f\k_qZs_fg_dZaZehkvqlhlml
^\Zij_klmigbdZghi_j\hbklhqgbdmgboh^bgk_dZdlhg_ijZ\bevghfukebrdhffgh]h]hg_
agZ_f?keb[uyfh]eZijh\_klb\kdjulb_ij_^u^msbo`_jl\ghwlhdkh`Ze_gbxg_j_ZevghEhj^
Fhjnijb\_ef_gy\ihdhbd^_\mrdZfqlh[uy\ukdZaZeZbfk\h_khqm\kl\b_bmkihdhbeZk\h_
[_kihdhckl\hwlhypblbjmxiZeZqZG_lyihgbfZxfu`_gsbgugZihjy^hdwfhpbhgZevg_c
fm`qbggh\hlkdZ`bl_hg`_^he`_g^mfZlv]heh\hc"
K_cqZkyh[tykgx\q_f^_eh;uehihdmr_gb_gZbfi_jZlhjkdbo^_l_c\dhlhjhfaZf_rZg
djhgijbgpEh]bqguc\u\h^_kebhlf_klbqlhhgb_]h^hklZebbhgikbolhgZg_]h[ueh
\ha^_ckl\b_Dhlhjh_dZdbex[h_fZ]bq_kdh_\f_rZl_evkl\hkdZ`^ufqZkhfmf_gvrZ_lkywlh
_s_fZ]bkljPhc^hdZaZeg_kdhevdh\_dh\gZaZ^hijhkihq_fmf_gyijb\_ebd^_\mrdZfZg_d
ijbgpm"
Dh]^Zyha\mqbeZwlhl\hijhkehj^mhgjZkl_jyekyZfudwlhfm_s_b\^\_jyo]hklbghc
gZoh^bebkv]^_kb^_eb[e_^gu_aZieZdZggu_ijbgp_kkuijZdlbq_kdbkiheguffZ]bq_kdbf
bklhs_gb_f:\hlwlhkljZgghijbgpfZ]bxg_ih]ehsZ_lgZwlhkihkh[gulhevdhih]ehlbl_eb
ki_pbZevgu_Zfme_lubkms_kl\Zdhlhju_ijh\_ebjy^aZij_s_gguojblmZeh\blZdbfh[jZahf
l_i_jv\hkklZgZ\eb\Zxlk\hxkbembfh]ms_kl\hLZd\hlgZrijbgpfZ]bxg_ih]ehsZ_lwlhe_]dh
ijh\_jblvgZ^h\uimklblvkljmcdmfZ]bbbhgZf]gh\_gghihlyg_lkydih]ehlbl_ex^Z`__kebhg
hq_gvhklhjh`gucbkfh`_l__g_ih]ehlblvghi_j\h_^_ckl\b_hkgh\ZghgZfZ]bq_kdhf]heh^_b
wlhbgklbgdlZagZqblg_au[e_fh
]hklbghcdjhf_ijbgp_kk[ueZ_s_fZjdbaZbZeobfbddhlhjucihbe^_\mr_dwebdkbjZfbGh
lmlgm`gh\eb\Zgb_fZ]bbba_evyZagZqblagZoZjdZbeba_ev_\Zj
KijZrb\Zlvgbq_]hg_[m^mblZd\b`mihke_^kl\byghyh[yaZl_evghaZc^miha`_dh]^Zqmlv
qmlvijhykgxkblmZpbx^_\mrdbohjhrb_bhldjh\_gghboijhb]ghjbjh\Zlvg_ijZ\bevgh
G_h[tykgyc^_eZcqlhkh[bjZeZkv_keb[m^_l\j_fyaZc^_rvdgZf_kebg_lkZfZaZ]eygmgh
iha`_ba]hehkZfZjdbauijhiZeh\_k_ev_dZdb\_kv__klZjmr_qbch[jZaK_cqZklmlkb^_eZ
hq_gvjZkk_j`_ggZybkh[jZggZy^_fhgbpZdhlhjZy\hkiblZeZg_h^ghihdhe_gb_kbevguo
ebqghkl_c
WevaZyki_pbZevgh]h\hjbeZ\kemo^eyijbkmlkl\mxsbofg_qlh[uh[jZlblvkydZfme_lm
dhlhjucy\u^ZeZ^_\mrd_^eyk\yabwlhg_h[oh^bfhghk_cqZk^jm]hckemqZc
�ZfZ]bklj]hehk[ue\klj_\h`_gguciehohhgbhlkem]kdju\Zxlh[klZgh\dmkem]bhq_gv
fgh]h_keurZlb\b^yl\_^v]hkih^ZqZklhg_aZf_qZxlq_ey^vZajy
K_cqZkdl_[_ih^hc^_lfZchjEmdZk\f_kl_kgbfhlijZ\brvky^hfhcbijb\_^_rvk\hxfZlvk
gZ[hjhfa_evybljZ\kZfh_]eZ\gh_fZ]bq_kdb\hkklZgZ\eb\Zxsb_imklvaZo\Zlbl
�IhgyeZ`^mbmf_gy_s_kijZrb\Zxlihq_fmy\u[jZeZwlm^_\mrdmZex[Zy^jm]ZyklZeZ
aZ^Z\Zlv\hijhkudhfm^eyq_]hghg_wlZWevaZagZ_ldh]^ZgZ^hfheqZlvb\uihegylvZdh]^Z
fh`ghbihjZa]eZ]hevkl\h\Zlv
FZjdbaZ^Zevg_crmxhj]ZgbaZpbxyhl^Z\ZeZ\jmdbwlhc`_gsbguyagZxhgZk^_eZ_l\k_b
AgZoZjd_^h\_jylvfh`gh"wlhZeobfbdi_j_kljZoh\u\Z_lkyghhl\_lbeZ_fmg_yZfZjdbaZ
?kebfZ]bklj\ua\ZeZ__agZqblkqblZ_l__gZ^_`ghcbm`_fbkl_jmD\bdebihy\b\r_fmky
ijZdlbq_kdbf]gh\_ggh\uah\b^eyf_gyfZchjZEmdZkZkjhqghhglhevdhdb\gme[m^mqbhq_gv
khkj_^hlhq_ggufZ\Zmj_iueZ_l[_kihdhckl\haZklhevdhe_lbfi_jZlhjkdZyk_fvygZ\_jghklZeZ
b_fmk_fv_c
Y`_m`_ih\_jgmeZkvdehj^mFhjnmij_^eZ]Zyhl\_klbf_gy\ihdhbijbgpZ_kebhgdhg_qgh
lZffm`qbgZ[_akeh\ih\_ef_gy^Zevr_HdZau\Z_lky\kybfi_jZlhjkdZyk_fvy`b\_l\h^ghf
djue_b^\_jbbokiZe_gjZkiheh`_guihdjm]m\h^ghfdhjb^hj_bebwlhm`_dhfgZlZ"
Ijbrebihkfhlj_lvgZij_klmigbdZ"ijbgpkb^_e\dj_ke_gZijhlb\\oh^Zbqlhlhibe\b^ijb
wlhfmg_]h[ue`Zedbc
Lhevdhg_gZqbgZcl_k_[y`Ze_lvwlhijhlb\ghbhl\e_dZ_lhl^_eZyijhreZijyfhdg_fmb
ihkfhlj_eZgZg_]hfZ]bq_kdbiulZykvgZclbohlvfZe_crbcke_^\ha^_ckl\by
Y`Zehd"hgijZdlbq_kdbjuqZei_j_oh^y\[h_\mxljZgknhjfZpbx^Z`_g_\qZklbqgmxk_
hq_gviehohhgg_klZ[be_g
Zr_\ukhq_kl\h"ehj^Fhjnijhy\beijhklhqm^_kZ]_jhbafZiulZykv\klZlvi_j_^hfghcijb
wlhfhgy\gh[hjhekykhk\h_ckmsghklvx_^vijbgpkbevg__ZagZqblbgklbgdludjbqZlFhjnm
ih\bgh\Zlvkybhlklmiblvghhgfheh^_pghg_^he]h
hgehj^_s_iZjmk_dmg^iulZekyijhlb\blvkyghZmjZbkoh^ysZyhlijbgpZ[ueZ
ih^Z\eyxs_cYg_^_fhgblhqm\kl\h\ZeZ__qlh`_]h\hjblvhlhfgZdh]hwlh[uehgZijZ\e_gh
Hg^jh]gmeb\ur_eaZ^\_jvijbgpijh\h^be_]h\a]ey^hfbhiylvihkfhlj_egZf_gyih\lhjyy
k\hc\hijhkY`Zehd"
f_klhlh]hqlh[ukb^_lvlmlbkljZ^Zlv\ufh]eb\ua\Zlvf_gyqlh[uyijh\_jbeZfZ]bq_kdh_
\f_rZl_evkl\h\_^v\u`_g_^mfZ_l_qlhkZfbgZiZebgZijbgp_kk"Gh^Z`_k_cqZk\ug_ohlbl_
^mfZlvbaZ[bjZ_l_\j_fydhlhjh_lZ_lZkgbfbgZ^_`^Zqlhlhihqm\kl\h\ZlvyiulZeZkv
]h\hjblvkihdhcghghhggbq_]hg_keurZe]eZaZdjZkgu_^uoZgb_ih\_joghklgh__]hgZdjueh
ua\Zlvl_[ydk_[_\fhf_glkeZ[hklb":agZ_rvqlhwlhhagZqZ_lm^_fhgh\"hgk^_eZe
ihke_^gbcjZa^_eyxsbcgZkrZ]bk_cqZkklhye\iehlgmxih^Z\eyybiulZykvih^qbgblv
QlhmgZk^h]h\hjbylmlgZjZ[hl_imklvbih^\b^hf\Zr_cg_\_klu\k_^hklZe_s_qmlvqmlv
b[m^_liha^ghqlhlhiulZlvkygZclbu[u\uiexgmeZykd\havam[u\_`eb\h_h[jZs_gb_
ohjhrhhgf_gy\a[_kbegZqZeb^mfZlvb^_ckl\h\ZlvdZd[m^msbcbfi_jZlhjZg_xg_p
\kiuevqb\ucygZ]g_lZeZlvfmg_ki_pbZevghijhklhf_gyjZa^jZ`Z_l_]hihiuldZih^Z\eylv
DZd[m^msbcbfi_jZlhjyohqmihemqblvl_[yhgihiulZekyf_gyko\Zlblvghym\_jgmeZkv
gZ^he]hf_gyg_o\Zlbl_keblhevdhyg_gZqgm_]hm[b\Zlvghwlhiehoh_j_r_gb_
Hq_gvohl_ehkvkdZaZlvdZdmxgb[m^vdhedhklvqlhljmi_fmZg_fg_ghyg_mki_eZbjhlhldjulv
\dhfgZlm\e_l_e\bojvdhlhjuckg_kkljZ_dlhjbb^\b`_gbyijbgpZdh]^ZhgiulZekyf_gy
ihcfZlvJbdZg^_j`ZeijbgpZdj_idhijb`bfZydkl_g_dm^Zhg_]hhldbgme
McfbkvLuqlhl\hjbrv"
HlimklbYijbdZau\Zx
H[yaZl_evghdZdijb^_rv\k_[ylZdbhlimsmb_s_ba\bg_gb_\ukemrZx
DZagx
G_l_klvhklZlhqgucke_^fZ]bq_kdh]h\f_rZl_evkl\ZbdZdZylh^jygv\_]hZmj_yhl\_lbeZgZ
�jblhjbq_kdbc\hijhkehj^ZZgd_gZihq_fmlhmeu[ZykvKiZkb[hkh\k_flboh^h[Z\beZghh[Z
fm`qbguwlhmkeurZeb
Kgylvkg_]hwlhfh`_l_"
?kebhgihiulZ_lkyk_[ydhgljhebjh\Zlvfh]mihijh[h\Zlvqlhlhfg_ih^kdZau\Z_lqlha^_kv
\k_kh\k_fg_lZdijhklhdZdkh[uqguf\ha^_ckl\b_f
JbdZgwlhg_yk_kl_j"^h]h\Zjb\Zlvijbgpg_klZegh\]hehk_ihy\beZkvgZ^_`^Z
Lug_keurZefZ]bkljZ"ha^_ckl\b_OhlvwlhbkljZgghZfme_lug_kjZ[hlZebhgaZ^mfZeky
gZ^wlbffhf_glhfghihlhfkijhkbemijbgpZLuk_[ydhgljhebjm_rv"Yl_[yhlimkdZx
Hlimklbeijbwlhfijh^he`Zeklhylvf_`^mfghcbijbgp_faZsbsZ_lZ\_^vhg\hkijhlb\beky
ijbgpmihemqZ_lkyhgkbevg__"Wlhhq_gvkljZgghgZ^h[m^_l\uykgblvqmlviha`_dZdwlh_fm
m^Zehkv
QlhgZ^h^_eZlv"ijbgpZy\gh\udjmqb\ZehbehfZehhgiulZeky\_jgmlvky\k\hxh[uqgmx
nhjfmghihdZihemqZehkviehoh
H]jhfgu_mkbebyb\hlm`_g_h]jhfguc^_fhgZ\iheg_k_[_h[uqgucijbgpi_j_^gZfb
FZ]bkljijhklbl_ykhj\Zeky
Ih]h\hjbfihlhfZk_cqZkky^vl_bihiulZcl_kvmkihdhblvkyih^hreZddj_kem\dhlhjh_k_e
ijbgpbhiylvi_j_reZgZfZ]bq_kdh_aj_gb_ijhly]b\Zyjmdbqlh[uko\ZlblvgblvfZ]bbZjmdb
lh^jh`Zl:fg_dZaZeZkvyg_bkim]ZeZkvbkihdhcgZ\b^bfhg_l
Yjy^hflbohijh]h\hjbeJbdZgklZ\qmlvk[hdmqlh[ug_f_rZlvghb[ulv[ebadhykdmih
meu[gmeZkvih^Z\eyy\^mr_l_iehlmdhlhjZyih^gbfZeZkvdwlhfmfm`qbgm
�ZdZdmxl_iehlmlZfm`_ih`Zjb]hjblhgihfh_fm^_fhgm
k_mkbebyhdZaZebkvgZijZkguylZdh]hgbjZamg_\b^_eZ_klv\ha^_ckl\b__klvke_^gZZmj_gh
m[jZlvy_]hg_fh]m:\_^vaZdhgufZ]bq_kdh]h\ha^_ckl\byg_baf_ggu^ey\k_o=jZg_cqlh`_
lh]^ZwlhlZdh_"Fbgml^_kylvyq_klgh[hjheZkvk\_ljygufbf_evgbpZfbbihgbfZeZqlhl_jyx
kbeuwlhjZaZ^\Z\k_[_kihe_aghylmlkh\_jr_ggh[_kkbevgZI_j_^]eZaZfb\klZedhgki_dlb
\u^_j`dZbadgb]bih\ha^_ckl\byf\kemqZ__keb\ha^_ckl\b_bf__lg_ba\_klgh_ijhbkoh`^_gb_
iZpb_glZj_dhf_g^m_lkymkuiblv\hafh`gh[_kkhagZl_evgh_khklhygb_ihfh`_lhij_^_eblv
gme_\hcmjh\_gv\ha^_ckl\byIjbgphk_egZdj_ke_[_aqm\kl\JbdZg^_jgmekydg_fmmkZ`b\Zy
_]h[he__m^h[ghbi_j_\_egZf_gy\a]ey^
Y_]hmkuibeZhl\_lbeZgZg_\ukdZaZgguc\hijhk
WlhyihgyeZaZq_f"
Ihlhfmqlhyg_agZxdZd_fmihfhqvijbagZ\Zlvky\k\h_f[_kkbebbg_ijbylghhkh[_ggh
i_j_^l_fdlhlZd\Z`_g
Q_fwlhgZf]jhablbdlhgZffh`_lihfhqv"g_ohjhrb_\hijhkuihlhfmqlhmf_gygZgbog_l
hl\_lh\
Ihfhqvg_agZxgh\hafh`gha_evyfbfh`gh[m^_lhkeZ[blv\ha^_ckl\b_kiZkb[hfZ]bkljm
=jbgb__e_dpbyfh\j_fygZr_]hqZ_iblbyhgZfg_jZkkdZau\ZeZijhk\h_gh\h_a_ev_\hkgh\m
dhlhjh]h\oh^yljZkijhkljZg_ggu_ljZ\ugm`ghgZclblh]hdlh\ha^_ckl\h\Zelh]^Zih
hklZlhqghfmke_^mfh`gh[m^_lihgylvdZdh_i_j\hgZqZevgh_[ueh\ha^_ckl\b_bm`_gZhkgh\_
YijZ\bevghihgbfZxqlhlu_fmk_cqZkihfhqvg_fh`_rv"ydb\gmeZgZfgm`_glhldlh\k_
wlhaZl_ye
Bebbkihegbl_evyihkfhlj_eZhldjulh_fm\]eZaZbf_^e_ggh^h[Z\beZy^mfZxmgZk^\Z
aehmfure_ggbdZ
Ih^jh[g__hgih^h[jZekybk_cqZkkfhlj_ehq_gv\gbfZl_evgheh\ydZ`^h_fh_keh\h
Y^mfZxh^bgbaaehmfure_ggbdh\wlhex[h\gbpZBfi_jZlhjZZ\hl\lhjhcy\ghklZjr_bwlh
[he__^Z\gyywlhbklhjbylyg_lkybaijhreh]h
Ihq_fmhgZbqlhbf_ggh__jmd^_eh"Z\hlbkZfucg_ijbylguc\hijhkykh\k_fg_^Z\gh
hdhgqZl_evghm[_^beZkv\k\hbomfhaZdexq_gbyoqlhbf_gghex[h\gbpZ\bgh\gZ\kf_jlb
bfi_jZljbpu
Bfi_jZljbpZhgih[_e_e^Zwlh^eyf_gyBfi_jZljbpZijhklhZ[kljZdlgZy`_gsbgZZ^ey
g_]hwlhk_kljZex[bfZyb_^bgkl\_ggZy
�hdZaZl_evkl\Z"
GZl_e_bfi_jZljbpugZrebg_djhfZglkdbcke_^lhevdhDZljbgZ\eZ^__l^Zjhfg_djhfZglbbb
kdju\Z_lwlh\_^vhklZevguog_djhfZglh\\uihex[hfmijh\_jbebhgdb\gmeih^l\_j`^Zyqlh
^Zijh\_jbebby^mfZxg_ihh^ghfmjZamhlqlhaZ[Z\ghkfh_]hijb[ulby\h^\hj_pyg_
\klj_qZeZ_s_gbh^gh]hg_djhfZglZIjyqmlky]Z^uZ\k_ihlhfmqlhwlbdjZkZ\pugZrm
:dZ^_fbxaZdZgqb\ZebijZ\^ZmqbeZbog_yZ`ZevhgZbf_eZ^hklmidBfi_jZljbp_by^mfZx
bf_ggh_chgZkhh[sbeZqlh[_j_f_ggZbbf_gghwlhba\_klb_klZehj_rZxsbf
?kebm\Zk[m^_ll_eh\u]ey^_ehgk_cqZkkljZrgh^Z`_i_j_^_jgmehBfi_jZljbpu\u
kfh`_l_ijh\_klb\kdjulb_baZnbdkbjh\ZlvdhfmijbgZ^e_`blg_djhfZglkdbcke_^
YhljbpZl_evghihfZoZeZ]heh\hcly`_eh\a^hogmeZbimklbeZkv\h[tykg_gby
Kebrdhffgh]h\j_f_gbijhrehygbq_]hg_\uy\exihwlhfmwlh[_kkfuke_gghwlhlhevdh
agZgbydZdijbf_gblvboqlh[uijb\e_qvdhl\_lm`_gsbgmyg_agZx
WlhfhyjZ[hlZa\mqbllZdqlh_kebhgg_gZc^_l^hdZaZl_evkl\ZlhhgZijhklhbkq_ag_lbeb
miZ^_lg_m^Zqghdhjhq_g_`blvl_ld_Ghfg_ihq_fmlh__g_`Zedhfg_Bfi_jZljbpm`Zedh
ijb]j_eZ]Z^xdm
FZ]bkljYgZfg_hq_gvgm`gZl\hyihfhsv^Zy[ukjZ^hklvx\hllhevdhq_fyfh]m
ihfhqv"Ohly
?_gZ^hkijh\hpbjh\Zlvmeu[dZkZfZihy\beZkvgZfhbo]m[Zoyhq_gvohjhrhfh]m[_kblv
YaZf_lbehgfy]dhmeu[gmekyYdb\gmeZfheh^_paZf_lbe^h[jhc[_ehcbimrbklhcfg_g_
[ulvyaeZyq_jgZybdhexqZy
K_cqZklukhh[sbrv\k_fqlhgZijbgpZlZd`_[uehihdmr_gb_kdZ`_rvwlh^Z`_Bfi_jZlhjm
ghhgg_ihkljZ^Zelhevdhg_fgh]hhl^hog_lbkhh[sbl\k_fqlhm`_\u[jZek_[_g_\_klm
:hgm`_\u[jZe"i_j_[behgf_gyymdhjbag_ggh\a]eygmeZijhkyg_i_j_[b\Zlvbijh^he`beZ
:dZdZyjZagbpZ"Ijbgp[_akhagZgbygZwlhfluaZhkljbrv\gbfZgb_b\ufZgbrvBfi_jZlhjZdh
fg_\jh^_dZdyagZxdlhgZiZeLhevdhimklvebqghijb^_lih^aZ^hjbrv_]hqlh[uhgijyfh
]hj_eijZ\_^guf]g_\hfbfqZekydZdgZih`ZjLu_]h[m^_rvkhijh\h`^Zlvbg_^Zrv
hklZgh\blvkybh[tykgblvqlhlhDZljbg_hgZ^he`gZ[ulv\g_\_^_gvbBlZdbagZcmg___klv
ihfhsgbd\hafh`ghg_\hevgucgh_klv:dh]^Z\udhfg_ijbfqbl_kvgZqg_lky\lhjZyqZklv
Ihk\ylbrv"
IhdZg_lk_cqZky_]hhdhgqZl_evghh[^mfZxgh[m^v]hlh\dh\k_fm
Klh[hcy\k_]^Z]hlh\dh\k_fmki_j\hcgZr_c\klj_qbbgl_j_kghhq_fhg\_^v\dZ[bg_l_m
g_]hm\b^_ebkvgbq_]hg_h[uqgh]hg_[uehEZ^gh_fm\b^g__
B_s_ijbgp_kku\ex[e_gu"
bdZ^ZEbdZg_lhgZmqblvkyohq_l
HdZdBgl_j_kghjZkkdZ`_rvihlhfih^jh[g__bebg_lkZfZkijhrmLuhl\_lvex[bfucbdb
[eZ]hgZ^_`_g^eyBfi_jbbbeb_c\u[jZeb^jm]h]h"
iheg_ghBfi_jZlhjg_^Z_l^h[jhihdZijbgpg_`_gZlb\hafh`ghijb^_lky__hl^Z\Zlvdhfm
lh[he__gm`ghfm\ieZg_gZke_^h\ZgbyljhgZ^ZblZdihfg_gbxBfi_jZlhjZ_klv[he__
^hklhcgu_ihgylgh_kebijbgp\k_lZdbg_`_gblkybaaZhq_j_^ghckf_jlbg_\_klulhbdm
hl^Z^ml[he__^hklhcghfmZg_ex[bfhfm
;_kblwlZlhj]h\ey^hq_jvfblh_klv\hafh`ghklb[ulvkqZkleb\hcmgbog_lblml^Z`_g_
kjZ[Zlu\Zxlboo\Ze_gu_bgklbgdluGm^Z`_gsbgu\_^vkeZ[__ZagZqblfh]mlg_ih^^Z\Zlvky
wlhfmbgklbgdlm
DZdlu^mfZ_rvh[ty\e_gb_hihfhe\d_^hq_jbBfi_jZlhjZkbevghjZkk_j^bl
YgZ
WlhgZ^hqlhyfh]eZ_s_kdZaZlv^Zfg__s_^_\qhghd`ZedhZyagZxBfi_jZlhjohl_e
mdj_iblvkboihfhsvxBfi_jbxghwlhiehoZyb^_yMdj_iey_rvihabpbbghijbwlhf
hkeZ[ey_rvk_fvxemqr_hgZ[m^_lkex[bfufbhgb[m^ml[eZ]h^Zjgu[jZlmbhlpmq_flboh
g_gZ\b^_lvZdh]^Z`_gsbgZg_gZ\b^blhgZfh`_lfgh]h_
:lmlm^Zqghbihq\m\u[v_fb^_\mrd_ihfh`_f
�YihreZZ\uehj^Zgd_g^Zyki_pbZevghdg_fmlZdh[jZlbeZkvbimklvg_k^_eZeZ
aZf_qZgbyihih\h^m_]hh[jZs_gbyghyihdZg_]hlh\Zh[ty\eylvhk\h_fhkh[_gghfhlghr_gbbd
g_fmgZijZ\eycl_kvdBfi_jZlhjmb\u\h^bl__]hbak_[yKijZ\bl_kv"hgmofuevgmekyZ]Z
ykghlh`_lZeZgleb\ucBg_aZ[m^vl_hih^^_j`d_bhojZg_fhbo^_\hq_dgZgbofh]mlaehklv
khj\Zlv
?kl_kl\_gghZ]ZmkhfgbeZkv\ijhnijb]h^ghklbg_ijZ\Z
JZa\_jgmeZkvm`_moh^blvgh_]hkeh\Zf_gyhklZgh\beb
FZ]bklj[m^vl_hklhjh`guyh[_jgmeZkvyijhrmg_gZju\Zckykdjb\beZkvkbevghhg
ihfZoZe]heh\hcy\gh[m^mqbg_^h\hevguf
DZdh[uqghy\ureZgh_s_mkeurZeZ_]hlboh_wlhbim]Z_l
FZ]bkljdhfg_ih^kdhqbeiZeZq\u]ey^_ehgy\ghhaZ^Zq_ggufbi_j_im]ZggufZ]Z\b^bfh
j_rbeym`_ljmiZygbq_]hlZd[h^j_gvdZy
�Ehj^Fhjn[eZ]h^Zjxqlhiha\Zebehj^ZZgd_gZ
Wlhg_yfZ]bkljlhqg__ylh_]h\uau\ZlvgZqZekjZamdZd\ur_eghhgm`_fqZekykx^Z
Ke_^blaZfghc\hliZjZablGhmeu[dZ\u^ZeZf_gykihljhoZfbqlhyg_k_j`mkvaZ[hlblky\_^v
:dZd_]h\ukhq_kl\h"
Hl^uoZ_l[_aaZ[hlghhlfZogmeZkvyb[ukljhmreZbhliZeZqZbhljZkkijhkh\fg__s_k
ijbgp_kkZfbih]h\hjblvgZ^h
g_llh]^Zymoh`myklhyeZ\dhfgZl_]^_jZkiheh`bebkvijbgp_kkubfZjdbaZb\gbfZl_evgh
ke_^beZaZboj_Zdpb_cbdZdZdgZkq_llh]hqlh[u\uclbaZfm`aZex[bfh]hdklZlbdlhwlh"
g_fZykp_gZaZ\j_fydhlhjhc^_\mrdZlhevdhhldju\ZeZbaZdju\ZeZjhlhklZevgu_lh`_
ihfZedb\ZebydZjlbgghihkfhlj_eZgZqZkubijbgp_kkZlhlqZk`_\u^hogmeZh^gh_^bgkl\_ggh_
keh\h
�Z
WlhijZ\bevgh_j_r_gb_ylhgdhmeu[gmeZkvijhreZ\gmljvdhfgZlubk_eZ\dj_kehgZijhlb\
fZjdbau^_\mrdbiheme_`ZebgZ^b\Zg_k[hdm
FZ]bklj\udhg_qghmfgZy`_gsbgZgh\u\_^vihgbfZ_l_qlhj_rZ_lBfi_jZlhjfZjdbaZ
ko\ZlbeZkvaZih^ehdhlgbdbb__iZevpuih[_e_ebohly]hehkkihdh_gb\jh^_g_\hegm_lky
HdZau\Z_lkyi_j_`b\Z_laZijZ\gmq_dQm^_kgZy`_gsbgZwlhf^\hjp_hgZh^gZbag_fgh]bodlh
fg_bkdj_gg_gjZ\blky\f_kl_k__^bdbfblZjZdZgZfb
uBfi_jZlhjZagZ_l_emqr_qlh[m^_l_keb_]hkgZqZeZbkim]Zlvihlhf\u\_klbbak_[yihlhf
rhdbjh\ZlvZihlhfml\_j`^Zlvqlhke_^mxsb_^_ckl\byihe_agu^eyh[s_]h^_eZIh\_jbl"
Zf"ydb\gmeZ[_amkeh\ghghijbq_flmlhgZg_^h]h\hjbeZaZfheqZeZ\gbfZl_evghf_gy
bamqZy
;ZwlhkjZ[hlZ_lykfh]m[ulvkDbjbeehf"Z]ZagZqblex[bfucmgZkDbjbee
Qlhgm`ghhlgZk"g_hl\_lbeZfZjdbaZijh^he`Zyf_gybamqZlv
YjZkkdZ`m\Zfihke_^gb_kh[ulbyf_^e_gghgZqZeZydZd[m^lhg_aZf_qZy\hijhkZk_]h^gy
ghqvxd\Zf\ihdhbihiulZekyaZe_alvg_ba\_klgucdhlhjuckfh]h[hclb\kxkbkl_fmaZsblu
^\hjpZIjbgp_kku[m^mqb\h^ghcdhfgZl_h[km`^Zeb[m^msmxihfhe\dmijbgp_kkubdb
IhiulZebkvih^gylvrmfghg_ba\_klgucmklZgh\bedmihelbrbguLh]^Zijbgp_kkZEbdZih
lZcghfmZfme_lm\ua\ZeZ?]hukhq_kl\hijbgpZWjbdZ\_^v\fhf_glhiZkghklbfu^mfZ_fh
jh^guoZhgklZjrbcex[bfuc[jZlyk^_eZeZiZmam^Z\Zy\hafh`ghklvmkeurZlvbijbgylvfhb
keh\ZIjbgpijbfqZekybihiulZekyh[_a\j_^blvgZiZ^Z\r_]hghlhlih^ehm^Zjbeihg_fm
fhsghcfZ]bq_kdhcZlZdhcdhlhjmxg_aZ^_j`Ze^Z`_ebqgucZfme_lDZdke_^kl\b_ijbgpk_cqZk
hl^uoZ_l\hkklZgZ\eb\Zykbeuijbgp_kkudhlhju_lZd`_ih^\_j]ebkvhklZlhqghc\heg_
fZ]bq_kdh]hm^ZjZlZd`_gm`^Zxlky\ihdh_b\hkklZgh\e_gbbGhm`_\_q_jhfBfi_jZlhj\h
\k_mkeurZgb_iha^jZ\blk\hx^hqvkij_djZkguf\u[hjhf[m^ms_]hkmijm]Z
HlebqgZykdZadZ^Z[Z[mevdZkZfZ^h[jhlZ
Ih\_jyl"
Aehmfure_ggbdZihcfZebihkdZad_"hl\_lbeZ\hijhkhfgZ\hijhk
ayebfZ]bq_kdbcke_^dhlhjuclhqghijb\_^_ldgZiZ^Z\r_fmdhlhjh]hm`_k_]h^gygZah\ml
h[s_kl\_gghklb
k_kdeZ^ghih\_jylghlhlfhf_glqlhihfhe\dZfeZ^r_cjZgvr_q_fmgZke_^gbdZ
g_ijZ\bevgh
AZ[ueZh[ty\blvqm^_kgmxgh\hklvijbgphdhgqZl_evghhij_^_ebekyk\u[hjhfbkh[bjZeky
k_]h^gymljhfgZa\Zlvbfyba[jZggbpughlZdZyg_ijbylghklv^Z`_]heh\hcihdZqZeZ
\udZau\Zyk\hxkdhj[v
HlebqghaZfZogmebkvdlhwlZ`_jl\Z"
nZdlqlh`_gbo[_akhagZgbyf_gydZiblZevgh\hegm_lihkh\_lh\Zlvky[ueh[ug_ebrgbfjh^_
dZd_]hkm^v[mj_rZxZygZdmib^hgZg_ihoh`Zhlkeh\ZZ[khexlgh\hlgZKf_jlv^jm]h_^_eh
ghhgZlmllhevdh\dhgl_dkl_ihdZkf_jlvg_jZaemqbl\ZkOhlyf_gygZgyebhj]Zgbah\Zlv
[_ahiZkghklvlZd^_\mrdbihdZ`b\u`_gbolh`_ihdZ`b\Ijh\_klbhl[hjlZdyijh\_eZl_i_jv
[u_szj_amevlZlh]eZkblvbfh`ghkdZaZlvkijZ\beZkv
ukdZaZebij_^eh`_gb_^eygZkZha\mqbeblhevdhqZklvdhlhjZydZkZ_lkybdbEbdZ
\gbfZl_evghkfhlj_eZgZf_gyh`b^Zyebqgh]hijZa^gbdZb^eyg__Ghwlh[ueh[ukebrdhf
ohly
GZdh]h\uohlbl_mqblvky"
FZ]by`bagbmf_gy\jh^mmh^ghchgZijhy\beZkvghhl_pg_kqblZ_lgm`gufjZa\b\Zlvwlhl
^Zj
Wlhlhl^Zjdhlhjuc_kebg_jZa\b\ZlvbmqblvkymijZ\eylvfh`_lihdZe_qblvl_[yb
hdjm`Zxsbo"kih^q_jdgmluf\gbfZgb_fi_j_kijhkbeZy\hafh`ghgm`gh
ijhdhgkmevlbjh\ZlvkymdZdh]hgb[m^vlhedh\h]hfZ]Z`bagbgZijbf_jfZ]bkljZblhBf_ggh_]h
jZ[hluZdlb\ghijhiZ]Zg^bjmxl\k_h[s__h[mq_gb_fZ]bbqlh[uhgZg_\uoh^beZbaih^dhgljhey
hgbmfgu_^_\hqdbihcfmlB^_ckl\bl_evghEbdZf]gh\_gghaZibkZeZbfybm[jZeZaZibkv
KiZkb[hG_keh`ghihfhqvijhklhih^_eblvkyagZgbyfbbf_gghlZdbihklmiZxlmqbl_ey
^_eylkyagZgbyfbihfh]Zykljhblv`bagv
HklZeZkvyqlh`_aZih^Zjhdluijb]hlh\beZ^eyklZjmob"hgZkdehgbeZ]heh\mijh^he`Zyf_gy
jZkkfZljb\ZlvdZd[m^lhi_j\ucjZam\b^_eZ
DZdgZkq_llh]hqlh[uiexgmlvy^hf\ex[h\gbpmBfi_jZlhjZl_fqlhydh[uhgj_rbe`_gblvky
gZh^ghcbag_khklhy\rbokyba[jZggbpijbgpZjZaijbgpk\hc\u[hjk^_eZebmfm`qbghgg_
kh\iZe"
:wlhijZ\^Z"mg__jZkrbjbebkv]eZaZbi_j_o\Zlbeh^uoZgb_h`b^Z_lhl\_lZ
G_lgh^he`gh^eyDZljbguklZlvijZ\^hcbwlmijZ\^m^hg__kfh`_l_^hg_klblhevdh\uGmdZd
aZ^Zgb_^ey`_gsbgumf_ehijbdb^u\Zxs_ckyklZjmohc"
Wlhih^ZjhdMqbl_kv^_\hqdbdZdi_gkbxm\Z`ZlvgZ^hbdZdb_ih^Zjdb^Zjblv:lhrZeb^Z
mdjZr_gby[_anZglZabbZlmlkjZam\b^gh`_gsbgZknZglZab_cbihgbfZ_lqlhy^hfiexgmlv
ihijbylg_c[m^_lDh]^Z"
l_q_gb_ihemqZkZ
k_[m^_lhgZdh\Zjghmeu[gmeZkvihlygmeZkvbh[_jgm\rbkvdijZ\gmqdZfijh\hjdh\ZeZ
fbeu_\ua^hjZ\eb\Zcl_Z[Z[mrdZaZc^_lqmlviha`_k_cqZkf_gy`^_li_jkhgZevguchj]Zaf
;ZohjhfdjbdgmebijZ\gmqdbgh]eZaZdjbqZebihdZ`b_c]Z^bg_
WlhaZdhghf_jghHl_pgZr_eaZf_gmfZl_jbbhgZhdZaZehkvih^jm]hcfZl_jbihoh`_gZ
ij_^Zl_evkl\h
Zr_ukhq_kl\h\Zfg_h[oh^bfhh^_lvkyb\ua\Zlvk\h_]h\haex[e_ggh]h
Hg\h^\hjp_ijhklh_]hg_imkdZebdhfg_ih`Zeh\ZeZkvhgZ
:dlhmgZkhl\_qZ_laZhojZgm^\hjpZ"
=jZnFbdZwevLjbgijhk\_lbeZf_gyfZjdbaZgZijZ\eyykvgZ\uoh^
Bf_gydZdhk_gbeh
mLjbgZdDZljbg_qm\kl\ZieZlhgbq_kdb_bebbf_ef_klhjhfZg"
Hgb[uebiZjhcfgh]he_lghg_aZ^he]h^hkf_jlbEbaZ\_luhgbjZkklZebkv
:ih\h^\uagZ_l_"k_cqZkhl__hl\_lZaZ\bkblhq_gvfgh]h_\hafh`gh]jZnihfh]Z_l[u\r_c
ex[h\gbp_Z\hafh`ghhgg_ijbq_f
HgZ[ueZ[_j_f_ggZhlg_]hghihl_jyeZj_[_gdZbg_kfh]eZkgbf[ulv\b^bfhwlZgh\hklv
[ueZgZmklZoihlhfmqlhfZjdbaZ\u^ZeZ__dZdaZ_a`_ggmxi_kgx
:yaZf_jeZfZ]`bagbdhlhjucihl_jyej_[_gdZqlhaZ[j_^"MfZ]h\`bagb\kyfZ]bq_kdZy
wg_j]bydhiblky\hdjm]j_[_gdZaZsbsZy_]h^Zmgbo^_lbkZfu_a^hjh\u_jh`^ZxlkyZihl_jylv
j_[_gdZ\hafh`ghlhevdh_keb[m^_lgZiZ^_gb_bj_[_ghdihkljZ^Z_lf_oZgbq_kdbbebfZ]bq_kdb
GhwlhgZklhevdhg_\_jhylghqlha\mqbldZdbkdexq_gb_Fg_kjhqghgm`ghh[km^blvwlhk
JbdZghfghhgmBfi_jZlhjZ
FZ]bklj"hgZ\b^bfhg_i_j\ucjZadhfg_h[jZsZ_lkyghyaZ^mfZeZkvbg_mkeurZeZ
KiZkb[haZbgnhjfZpbxblZd\k_]hlh\hgZqbgZ_f^_\mrdbdb\gmebkhkj_^hlhq_gh\uau\Zy
kem]Zymeu[gmeZkvb\ureZ\ke_^aZfZjdbahc
YihlhfaZc^m[jhkbeZhgZfg_gZijZ\eyykv\ijhlb\hiheh`guclhfmdhjb^hjmdm^Z
ihki_rbeZy
L_i_jv_s_ih^]hlh\blv^_\mr_dby]hlh\Zdwlhcfgh]hklmi_gqZlhcko_f_IjZ\^ZhklZ_lky_s_
dlhlhg_ba\_klgucghlmlmf_gy^Z`_fuke_cg_ldZdbbgnhjfZpbb

�_\mrdbmf_gy^ey\Zk_klvaZ^Zgb_gZf_gy^jm`ghih^gyeb\a]ey^Z[khexlgh\k_
ijbkmlkl\mxsb_g_\_kluZ]h\hjyl\ajhkeuo^j_kkbjh\Zlvg_ihemqblkyjmlk_cqZkyaZ^Zf
g_kdhevdh\hijhkh\h[tykgylvqlhbdq_fmyg_[m^mu^he`guZ[khexlghq_klghhl\_lblvfg_Z
\hldh]^Zyihemqm\k_hl\_lufuk\Zfbg_fgh]hihomeb]Zgbf
�FZ]bkljkljZrgh\ZlhdZdlhKhnvyl_j_[beZihykhdgZk\h_fieZlv_ZbZgZ\ujZabl_evgh
nujdgmeZgZwlhaZy\e_gb_wodZdZybfi_jZljbpZbag__[uihemqbehkv[e_kd
Hl\_qZlvihhq_j_^bbebgZ_^bg_k\Zfb"ohjhrbc\hijhkDbjbgZaZ^ZeZygZk_dmg^m
aZ^mfZeZkv\j_f_gb\_^v\h[j_a
Qlhybah[j_lZxdhe_kh\_^vm`_fbeebhgjZaijh\h^beZlZdhc[ukljuchijhk\afZojmdbbi_j_^
^_\mrdZfbebkldb[mfZ]b
Qlh[u\ug_gZibkZebgZwlhfebkld_aZibkvg_m\b^blgbdlhdjhf_\Zkbf_gylZdqlh
ih^kfZljb\Zlv[_kkfuke_gghhcwlhg_bawlhchi_jugmeZ^ghlml\jh^_lh`_ijbf_gbfhZ
l_i_jv\hijhkuI_j\ucohlbl_eb\uklZlv`_ghcijbgpZ"\hijhkyaZdhgqbeZaZ^Z\Zlv\
]jh[h\hclbrbg_lhjhc\hijhk_kebhl\_lhljbpZl_evgucgZi_j\uc\hijhkgZibrbl_
dZg^b^Zlmjmdlh[uih^hr_egZwlmjhevbihq_fml_i_jvhgbi_j_]ey^u\Zxlkykih^haj_gb_f
bihke_^gbc\hijhkgZibrbl_bfylh]hkd_f\u]hlh\uk\yaZlvk\hx`bagvlmly^h[Z\exhlk_[y
gZ^h[uqlh[ufm`qbgZwlh]hlh`_ohl_eOhlyyaZ^mfZeZkvfh`ghebih^_ckl\h\ZlvgZ
kljhilb\p_\"H^ghagZqgh^Zg_llhqghimklvhglh`_wlh]hohq_laZq_fgZfkeh`ghklb"j_fy
iylvfbgmlgZqZeb
�_\mrdbko\Zlbebibkvf_ggu_ijbgZ^e_`ghklbbgZqZeb[ukljhibkZlvhl\_lub\hlqlhlhy
gZijy]eZkvq_]hwlhhgblZdfgh]hibrml"Y^mfZeZhgbiZjhcnjZah[hc^mlkyhgblZfqlh
jmdhckh[jZeZebkldbk_[_LZdihkfhljbfqlhlZf
Yg_agZeZqlh^_eZlvieZdZlvbebkf_ylvkyohlvbijh^he`ZeZkkZfufg_\hafmlbfhebphf
bamqZlvaZibkbHkh[_gghf_gyihjZ^h\ZeZh^gZj_iebdZhgfm`qbgZg_iehohcgh\jh^_dZd
[hevghcg_\_kliZqdZfbaZfhjbegh_kebg_hglhfh__fm^ZLZf[uebbijhkv[u^_\mrdb
ijhkbebihfhqvmkljhblvbokm^v[mZh^gZgZibkZeZ_kebwlZdh[_ebgZJhmaijb^_ld\Zfrebl_
�_]h^Ze_dhZfh`gh_s_bigmlvqlh[u^Zevr_e_l_e_\mrdby\ghlmlg_kljZ^Zxlhl[_a^_evym
gboihoh`_hq_gvZdlb\gZyebqgZy`bagvBlhevdhmh^ghc^_\mrdbfg_hq_gvihgjZ\beZkv
j_iebdZijbgpij_djZkguc^_fhgbhgaZkem`b\Z_l[ulvkqZkleb\uffh`_lj_ahgghmagZlvmg_]h
�ijh\u[hjy\gbfZl_evgh]eygmeZgZZ\lhjZwlhcj_iebdbbk^_eZeZk_[_ihf_ldm:\hlbZgZ
f_gyhldjh\_gghrhdbjh\ZeZgZibkZ\ke_^mxs__hghldZaZefg_kkueZykvgZlhqlhkihjblvk
ijbgp_fhgg_fh`_lWlhy\ghijhex[bfh]hohlyfh`ghebgZa\ZlvlZd^_fhgZdhlhjuc^Z`_g_
ihiulZeky[hjhlvkyaZex[bfmxZ\_^vhgZg_k^ZeZkvAZfm`aZijbgpZy\k_jZ\ghg_ihc^mghb
`_gboZmf_gy[hevr_g_li_qZevghybkdj_gg_[ueZaZg__jZ^ZqlhhgZihke_hl[hjZhlijZ\blky
dex[bfhfmOhlyijZ]fZlbd\fh_c^mr_bl\_j^bewlhkljZgghqlhhgg_j\ZgmeaZg_cg_
ijb_oZe\klhebpmfgh]hwlbog_\b^bfhg_kbevghhg__bex[be
;ueZaZibkv`_ghc^he`gZklZlvybwlhg_h[km`^Z_lky\_^vfh\kdZykmsghklvkjZam`_\u^ZeZ
sZa[_]mb\hehkugZaZ^ghylZdlbqghijhfheqZeZ
Hl\_luyijbgyeZl_i_jv\Zr_aZ^Zgb_ijb\_klbk_[y\ihjy^hdihkeZlvkhh[s_gbyl_fdlh
\u[jZg\Zfb\fm`vybdlhwlhfmklZlmkmg_ijhlb\blkybihijhkblvijbclbdhfg_^ey
hdhgqZl_evgh]hj_r_gby
;eZ]hkeh\_gbyihijZ\beZf_gyKhnvyyihkfhlj_ehq_gv\ujZabl_evghg_djhfZglb
[eZ]hkeh\_gb_dZjlbgZfZkehf
]heh\_kjZamijhfqZebkvdZjlbgdbykq_j_ihfgZp_ihqd_jZafZob\Zxi_j_^iZjZfb
[eZ]hkeh\eyygZkhxabeb[_jph\hcdhklvxihie_qZf[eZ]hkeh\eyx[m^msbofm`_c;m^ml
k_j^blvlZdbk^_eZx]eZ\gh_hlkf_oZg_mf_j_lv=h\hjblvqlheb[hg_klZeZijh^he`beZdZd
gb\q_fg_[u\Zeh
Zf`_gZ^hkh[jZlvky\wlhc]hklbghc\j_fygZ\k_jh\ghqZk
IjbgpgZah\_lg_\_klm"Bjb^Zy\gh_s_gZ^__lkyajy
Bg_lhevdhhgg_fgh]haZ]Z^hqghklb\]hehk_b^_\mrdb\ij_^\dmr_gbb
:dZdomeb]Zgblv[m^_f"KhnvyZ\_^vk\b^m^_\hqdZjhfZrdZgh\^mr_lZfy\ghhlhj\Z
Dh]^Zq_j_aqZk\uijb^zl_kx^Zyohqmqlh[ulml[ueZZlfhkn_jZijZa^gbdZgZex[hc\hijhk
ihklhjhggbodh]h\u[jZeijbgpaZ]Z^hqghfheqZlvblbohgvdhmeu[ZlvkyghklZdbf\b^hfdZd
[m^lh\u\k_agZ_l_ghihdZwlhk_dj_lYkgh"
�DgZfijb^mlihklhjhggb_"bZgZahehlh
hafh`ghg_klZeZhljbpZlv\_^vkZfZ`_dwlhfmih^\_eZgZ^_xkvl_ogbdm[_ahiZkghklb
gZihfbgZlvg_klhblqlh\ugbdm^Zgbkd_fbawlhcdhfgZlug_\uoh^bl_gbih^dZdbfij_^eh]hf
�MgZk\h_ggh_iheh`_gb_^_\mrdb]hlh\bfkydj_rZxs_c[bl\_bZgZ]h\hjbeZih^jm]Zfk
\b^hfe_cl_gZglZGZ]eZaZ^Z`_ke_aumfbe_gbygZ\_jgmebkv\hh[jZ`Z_fu_Fhce_lmqbc
[ZlZevhg\ur_\k_oiho\ZeK_[yyihqm\kl\h\ZeZ]_g_jZehfl_i_jv]eZ\gh_jZgvr_\j_f_gb[_a
Zjfbbg_hklZlvky
hnbpbZevgu_ihfhe\dbbfgh]hagZqbl_evgZyiZmaZijbwlhflmlg_lbkeh\Ze`bihfhe\db
[m^mlghg_dhlhju_\lhfkhklhygbb\dhlhjhf[m^ml\jy^ebihcfmlqlhwlhihfhe\dZg_
\_gp_ghkguofm`qbgkba[jZggbpZfbZh[uqguojy^h\uo^_fhgh\gmgZwlhbjZkq_l
Y\gbfZl_evghihkfhlj_eZgZdZ`^mx^Z\Zy\j_fyqlh[uhgbihgyebfhbkeh\Z^_\mrdbdb\gmeb
y`_meu[gmeZkv
&#xk_;&#x]h;&#xlh;&#xlv;&#xky;&#x;k_f]hlh\blvkybZgZaZ^_j`bkv^_\mrdb[ukljh\klZebbgZijZ\bebkvgZ\uoh^blhevdh
Bjb^ZaZf_rdZeZkvZihjZ\gy\rbkvkhfghcj_rbeZkijhkblv
&#xu;&#xkh;&#x[b;&#xjZ;&#x_l;&#x_k;&#xv;�ukh[bjZ_l_kvbZgmgZa\Zlvg_\_klhcijbgpZ"bklhevdh\hafms_gbyby^Z\]hehk_qlh
hl\_qZlvfg_kh\_jr_gghg_aZohl_ehkvYlhevdhkf_jbeZ__\a]ey^hf\klbe_hhhhkfhljb
kd_e_laZ]h\hjbeZg_l\k_lZdbihdZaZehkvbhl\_jgmeZkv
�IjZ\^ZkZfZbZgZj_rbeZhl\_lblv
Yg_[m^mg_\_klhcijbgpZ
�Kfhljbluihh[_sZeZwlZgZ]eZy^_\bpZjZa\_jgmeZkvbmreZy`_i_j_\_eZ\a]ey^gZbZgmb
j_rbeZqmlvqmlv__ijhmqblvaZq_fhgZj_rbeZklZlv[eZ]hjh^ghcbmkihdhblvwlm\t_^eb\mx
Dhg_qgh\_^vlu[m^_rvg_\_klhcbfi_jZlhjZiZ[Z[Zf]eZaZh]jhfgu_jhlijbhldjul
ihemqZcehiZlhc]jh[h\sbd
FZfZ]bkljgmohjhrhohlvgZfZfZg_hklZgh\beZkv
�bZgZfg_gm`gZl\hyihfhsvbl\hbgZ\udbbaZ^Zldblmlb]jZxl]eZ\gmxjhev
�_\mrdZi_j_klZeZbah[jZ`ZlvdZf[ZemgZ[_j_]mbaZoehigm\jhlkihdhcghkdZaZeZ
YkemrZx\hlwlh^jm]h_^_eh
K_]h^gyfukh[bjZ_fkykijh\hpbjh\Zlvaehmfure_ggbdZb^eyijbdjulbyfg_gm`ghqlh[ulu
ku]jZeZjhevg_\_klubfi_jZlhjZghljm^ghklv\lhfqlhhgwlh]hg_agZ_lbg_kh]eZkblky_keb
magZ_lIhwlhfmdh]^Zyih^Zfkb]gZeluih^hc^zrvdg_fmm\_j_gghbkdZ`_rvqlhlhlZdh_
hlq_]hhgg_h^_jg_ll_[ybijbwlhf[m^_lkfhlj_lvkl_iehlhclu`_ih]eZ^b\_]hihjmd_beb
_s_dZdlhh[hagZqb\\Zrm[ebahklvmc^_rvb[m^_rvhq_gvZddmjZlghc\_^vkdhj__\k_]hgZl_[y
ihiulZxlkygZiZklvYkgh"
�Z\hllhevdhqlhfg_kdZaZlvlZdh_qlh[uf_gyg_h^_jgmebdZdaZj\Z\rmxky^_\bpm"
:wlhbg^b\b^mZevgh_aZ^Zgb_ijb^mfZckZfZhgZdb\gmeZly`_eh\a^hogm\
Yg_kh[bjZeZkvhklZ\blv__[_aijbkfhljZbhojZgm_ch[_ki_qmghemqr_imklvhgZ[m^_lkh[jZgZ
bZddmjZlgZ
YihreZ]hlh\blvkyydb\gmeZDZdlhevdhaZ^_\mrdhcaZdjueZkv^\_jv\]hklbgmxihklmqZe
fZchjEmdZkaZdhlhjufyihkueZeZfbkl_jZD\bdeb
�Fg_gm`ghhj]Zgbah\Zlvg_aZf_lgmxhojZgmbZg_bmkbe_ggmx\k_f^_\mrdZfdh]^Zhgb[m^ml
\wlhc]hklbghcgh]eZ\gZyaZ^ZqZ^he`ghdZaZlvkyqlhhojZgy_lbo\k_]hiZjZ^_fhgh\Kfh`_l_"
�ZfZ]bkljex[ex\h_gguohgbebrgbo\hijhkh\g_aZ^ZxlbkjZammoh^yl\uihegylvaZ^Zgb_
Ijhc^ydk_[_\dhfgZluyihijhkbeZfbkl_jZD\bdebaZclbke_^hfb\u^ZeZbgkljmdpbbhlhf
dh]hbgZkdhevdhgZ^haZ^_j`Zlvi_j_^l_fdZd\imkdZlvdhfg_\dhfgZluDjhf_wlh]hihijhkbeZ
hj]Zgbah\ZlvijZa^gbqgucnmjr_l^ey^_\mr_dkfmaudhcbgZibldZfbFm`qbgZ\k_k\h_
m^b\e_gb_\udZaZelhevdhijbih^gylhc[jh\vx
WevaZk_cqZklml[m^_lfgh]hgZjh^mihklZjZckyg_ihiZklvih^]hjyqmxjmdmbijbg_kbfg_
Dhn_yagZxfZ]bkljymeu[gmeZkvwlhc^_\mrd_k_eZ\dj_kehbih]eZ^b\p\_lbd]hjvdh
kdZaZeZhklZ\rbkv\hlghkbl_evghfh^bghq_kl\_mklZeZyqlhlhk_cqZk_kebihc^_lqlhlhg_
lZd\k_ijh\Zeblkyb\hafh`gh\lhjh]hrZgkZg_[m^_l
P\_lbdaZrmjrZeebklbdZfbZfh_a\_jv_iheh`behk\hbh]jhfgu_]heh\ugZfhbom^_gvdb_
dhe_gdbgZnhg_wlbofhj^\kzom^_gvdbfkfhljblkyDhe_gdby\gh[uebg_jZ^ubfgh]hf_klZ
ij_^hklZ\blvg_fh]eba\_jv_gZqZeh^_eblvf_`^mkh[hcdhe_gdbijbwlhff_gyZdlb\gh\f_kl_
khklmehf^\b]Zebihdh\jmihlhfhdhgqZl_evghjZa\hegh\Z\rbkvhjZg]mlZg]ohl_ef_gyko\Zlblv
bmlZsblvk_[_\_^bghebqgh_ihevah\Zgb_kjjuokhkdZehjuehf[uebijhlb\ylh`_Ijbrehkv
ijba\Zlvbodihjy^dmhgbh]hjqbebkvbe_]ebmfhbogh]ohlvdZdhclhk\h_cqZklvxf_gydZkZykv
\hllZdbkb^_eZy`^ZeZWevamijb`ZlZykh\k_oklhjhgh]jhfgufbl_eZfbmf_jl\bcZ
ihijh[h\ZeZgh]bi_j_klZ\blv\hjqZl\hafms_ggh\hlb\dh]hhgblZdb_gZ]eu_"
FZ]bklj^_\mrdZ\e_l_eZ\dhfgZlmlZsZih^ghkh^ghcjmdhcihq_fmhgZlZdZykbevgZy"lZf
Bfi_jZlhjfqblkyihdhjb^hjmy\ghd\ZfaexsbchgZlZdb_]eZaZk^_eZeZZihlhfjh`m
kdhjqbeZy\ghiulZykvi_j_^Zlv\_kvm`ZkhlBfi_jZlhjZZfg_kf_rghklZehgZ\_jgh_g_j\u
^ZevgxxdhfgZlmmc^bba\_jv_kkh[hcaZ[_jb[uklj_gvdh
:fh`_ldh]hlhbagbojy^hfhklZ\blv^eyhgZihr_\_ebeZiZevpZfb\\ha^mo_\b^bfh
keh\hih^[bjZyih^h[jZeZ^eywnn_dlgh]hZglmjZ`Z
Ij_^eZ]Z_rvBfi_jZlhjZaZim]b\Zlv"
G_llhevdhh[klZgh\dmkhhl\_lkl\mxsmxih^]hlh\blvqlh[uhgihgyedm^ZihiZeZ\_^v
kh\k_fg_^Z\gh[ueZfbehcaZim]Zgghc^_\hqdhcYihjqmex^_cg_l\jmlZdhchgZgjZ\blkyfg_
[hevr_L_i_jvhgZkfhljblijyfhbg_ijyq_l]eZaZbg_ljykzlkyhgZm\_j_gZ\k_[_b\k\h_f
[m^ms_f
Wlh[m^_lebrg__ydb\gmeZgZ^\_jvihdZau\Zyqlh[uhgZihkdhj__mreZWevaZly`_eh
\a^hogmeZ\k_fk\hbf\b^hfihdZau\Zyqlhg_jZa^_ey_lfh_cm\_j_gghklbKdjueZkvaZ^\_jvxb
kjZam\u]eygmeZh[jZlgh^h\hevgZy
FZ]bkljmf_gylmlkdh\hjh^hqdZaZ\ZeyeZkvlZdqlhyijbhjm`bbg_i_j_`b\Zcl__kebqlhy
kjZamgZihfhsvijb^mWlmdZd__Z]Znbabq_kdmxih^^_j`dmhj]ZgbamxZ\ufZ]bq_kdmxgmb
a\_jv_gZ]hlh\_LZdqlhg_\hegmcl_kvfu\hhjm`_gubhq_gvhiZkgu\hlbkdZ`bl_dZdihke_
wlh]hkk_jv_aguf\b^hf\klj_qZlvBfi_jZlhjZ_kebylZdb\b`mdZdhghj_l\hafms_ggh
\u[_]Z_lWevaZ[vzl_]hih]heh\_kdh\hjh^dhcZihlhfdhfZg^m_lnZkb_]haZffffy]dh_
f_klhdmkZxlmf_jl\byk_aZgZ\_k
�_\mrdZ^h\hevgZykdjueZkvaZ^\_jvxy`_jZkkeurZeZ__keh\Za\_jvx
G_\hegmcl_kvfu\f_rZ_fkyb__\h[b^mgbdhfmg_^Z^bf^Z`_Bfi_jZlhjmb\k_fm^\hjpmbo
fgh]hZfZ]bkljmgZkh^gZa\_jv_lZf_s_qlhlhihmjqZeh\b^bfhih^l\_j`^ZyqlhymgbolZdb
h^gZ
HlwlhclZdhcgZb\ghcb]emihcaZ[hluklZehhq_gvl_iehgZkljh_gb_klZeh[h_\h_bmreZ
mklZehklvbfZg^jZ`dhlhju_ihk_ebebkvaZihke_^gbcqZkYgZebeZk_[_qZr_qdmdhn_aZdbgmeZ
gh]mgZgh]mbijb]hlh\beZkv`^Zlv^hjh]bo]hkl_ckmeu[dhcihib\ZyqZjmxsbcgZiblhd

Qlhfh`ghkdZaZlv"Bfi_jZlhjhq_gv\_`eb\ucfm`qbgZjZ^bijbebqbyi_j_^l_fdZd
qlhlZd[ukljh[_`ZeAZe_l_em\b^_ef_gy\dj_ke_gZijhlb\\oh^ZbqmlvijblhjfhabeQlh
ijbf_qZl_evgh[uehg\h^bghq_kl\_agZqblihdZ\k_b^_lihieZgm
FZ]bklj"hgqlhkhfg_\Z_lky"QlhbglhgZpbylZdZy\hijhkbl_evgZy"Y`_gsbgZ\_`eb\Zy
\klZeZ^Z`_qmlvqmlvihdehgbeZkvb\_`eb\hmeu[gm\rbkviha^hjh\ZeZkv
Zr__ebq_kl\hjZ^Zijb\_lkl\h\Zlv\Zkmk_[y\ihdhyoijhoh^bl_ijbkZ`b\Zcl_kvqZcdhn_"
^Z`__kebwlh_]h^\hj_phkgh\gu_ghjfuijbebqbyklhblkh[exklb
FZ]bkljbglhgZpbyihf_gyeZkvghl_dklg_lijbkdhj[gh
Yfheqmbmeu[Zxkvk_cqZk_]h^he`ghijhj\ZlvagZlgh\k_lZdbJbdZg_]hgZdjmlbedZd[um^ZjZ
g_[ueh\k_lZdb\hajZklg_fZe_gvdbc
DZdihgbfZlv\Zrb^_ckl\byhlghkbl_evghdjhgijbgpZ"
Y_]hmkuibeZ
:_s_aZij_lbebdg_fmimkdZlvdh]heb[h[_a\Zr_]h\_^hfZijblZsbebdg_fmih\Zr_fm
jZkihjy`_gbxq_eh\_q_kdmxagZoZjdmBdZdZihn_ha\k_fmkh[bjZ_l_kvgZa\Zlvbfy[m^ms_c
i_j\hce_^b
k_\_jgh\Zr_\_ebq_kl\hlZdqlh\u\u[bjZ_l_qZcbebdhn_"
Fm`qbgZf]gh\_gghha\_j_eghkjZamklZeZ[khexlghkihdhcguf^Zg_ajywlhkZfuckbevguc
^_fhgf_^e_gghih^hr_edhfg_\klZelZdqlh[ugZ\bkZlvbaZ^Zehq_gvbgl_j_kguc\hijhk
uihgbfZ_l_qlhyfh]mk\Zfbk^_eZlv"^Zqlhlmlg_ihgbfZlv\k_y\ghbijhajZqgh
ufh`_l_k^_eZlvih`Zemc\k_gh_klvg_kdhevdhgxZgkh\hglZdya\bl_evghmeu[gmeky
ij_^eZ]Zyfg_ijh^he`blvyaZdexqbeZdhgljZdlk?]hukhq_kl\hfb\k_fhb^_ckl\by\jZfdZo
^himklbfh]h\uBfi_jZlhjghykihdhcghg_[m^mklhylv\kemqZ_ihiuldbgZf_gy
\ha^_ckl\h\Zlv
ufg_m]jh`Z_l_hgh^ghcjmdhcko\Zlbely`_eh_dj_keh yijh\_jyeZ_]h_e_k^\bg_rv\fb
ihklZ\be_]hgZijhlb\f_gykihdhcghk_eb\gbfZl_evghklZe`^Zlvfh_]hhl\_lZ
Yg_m]jh`Zxwlh]emihgh\u\_^vmfguciZmaZ^_fhgagZqblihgbfZ_l_qlhfh_
fZkl_jkl\hij_\urZ_l\hafh`ghklb\ZrbofZkl_jh\
�Zlhevdh`b\_l_\u\fh_cBfi_jbbb_kebyaZohqm\Zfgb]^_g_gZc^zlkyf_klZyk^_eZeZ
]ehlhdbj_rbeZqmlvqmlvijbhldjulvbgnhjfZpbxhk_[_
Lh]^Zymc^m\^jm]mx=jZgv
Bwlhg_m]jhaZy\k_]^ZihgbfZeZqlhfhb\hafh`ghklbihemq_ggu_gZr_cdhfZg^hc\_^vfhq_d
hldju\Zxlfg_h]jhfgu_i_jki_dlb\uyfh]m\u[jZlv^ey`bagbex[mx=jZgv_kl_kl\_gghba
^himklbfuobjZaj_r_gguoghwlhhl^_evgZybklhjbyLZdqlhgZim]Zlvf_gyi_j__a^hfhq_gv
keh`gh
AgZqblwlhijZ\^Zb\ufh`_l_iml_r_kl\h\Zlvf_`^mfbjZfbydb\gmeZg_klZ\bkijZ\eylv
hij_^_e_gb_\_^vfbjlhdZdjZah^bgZ\hl_]h]jZgbhlh[jZ`_gbyjZagu_gZex[h]hfh`gh
gZclbjuqZ]^Z\e_gby
:\hlbkZfh_g_ijbylgh_rZglZ`b_kebjZgvr_mf_gyg_[uehgbdZdboh[yaZl_evkl\b
ijb\yaZgghkl_clhl_i_jv_klv^_\mrdbWevaZ^Zqlhm`a\_jv_lh`_gbdm^Zg_^_lvIhemqZ_lky
l_i_jvmf_gy_klvkeZ[hklbg_ex[exhsmsZlvk\hxkeZ[hklvbj_Zdpbymf_gy\k_]^Zh^gZ
:m\Zkkug\fZ]bq_kdhfkg_dhlhjucgZeh`befZ]bkljkf_jlbagZqblkgylvlZd`_fh`_l
gZ_^bg_khfghcy\gbfZl_evghihkfhlj_eZ_fmijyfh\]eZaZk_dmg^^_kylvgbq_]hg_]h\hjy
qlh[uijh^he`blvdZdgb\q_fg_[u\ZehlZd\hlijbgpih^\ha^_ckl\b_fkgylvwlh\ha^_ckl\b_
yg_kfh]eZihwlhfmmkuibeZBih]h\hjblvyohqmh[wlhf
Kl_j\Zyg_hlj_Z]bjh\ZeZbg_lZdgZau\Zebgh^eyk_[yj_rbeZkq_l\dhgp_^_eZy\uklZ\ex
ijhklhmfhihfjZqbl_evgucaZdZ`^h_fh_g_m^h[kl\hygZ^_xkv\ug_k_[ygZah\_l_g_\_klhc
fg_lZdZy\k_fv_g_gm`gZ\hl`_fm`eZg
;ueZfukevgZa\Zlvk_[yg_\_klhcb\ua\Zlv\_kvm^Zjghlhevdhijhlb\gbdg_^mjZdbihcf_lqlh
wlhih^klZ\ZagZqblwlhl\ZjbZglhliZ^Z_l
KlZdhcg_\_kldhckug[ukljhklZg_lkbjhlhcZihlhfbkZfih^dZ[emdaZe_a_lbly\dgmlvg_
kfh`_lyfbehmeu[gmeZkv[uehh[b^ghIjhklhkeh\ZijhlhqlhykbevgZybf_gygbh^bg
fm`bdg_\ul_jiblgZ[bebhkdhfbgmbqlhkdju\ZlvhljZ`Zxlfhb\gmlj_ggb_kljZob
Ghihlhfy\kihfgbeZJbdZgZB^Z`__kebmgZkgbq_]hg_ihemqblkyyg_hsmsZeZhlg_]h
g_^h\hevkl\Zfh_ckbehc_kebm`ijbagZ\Zlvkyjy^hfkgbffg_ohl_ehkvi_j_klZlv[ulvkbevghc
Zwlhghgk_gk
IhdZymeu[ZeZkvb`^ZeZijh^he`_gbyj_qbBfi_jZlhjZdg_fmihklhemaZdhlhjuffukb^bf
\f_kl_k]hjrdhfih^iheap\_lbddjZ_f]eZaZy\b^_eZwlbi_j_f_s_gbyghagZq_gbyg_ijb^ZeZZ
ajyWlhg_\_^hfh_gZmd_kms_kl\hijbevgmehdebpmbfi_jZlhjZq_f\ua\Zeh^bdbcrhdFm`qbgZ
aZf_jqlh[uf_^e_gghhimklblv]eZaZgZp\_lbdZmf_gylh`_^Zjj_qbijhiZeZp\_lbdgbq_]h
ljzlkyEbklbdZfbdZdiZevqbdZfbfm`qbgmihebpm]eZ^blih]eZaZfih]m[ZfBgl_j_kghihem
g_]h_klv\kfuke_p\_lbdfZevqbdbeb^_\hqdZ"Ba\jZs_gb_dZdh_lh
FZ]bklj\Zrp\_lhdf_gy^hfh]Z_lky"hgkb^_eg_r_\_eykvgh_]h]eZaZf_lZeb]jhfub
fhegbbk_cqZkgZkkp\_lbdhfjZahj\mlgZfgh]hfZe_gvdboqZklbp
IhemqZ_lky^ZZqlhyfh]m_s_kdZaZlv"Ijhlb\ijZ\^ug_ihij_rv
Fm`qbgZ^_jgmekyiulZykvjZahj\ZlvdhglZdlghp\_lbdlZdh]hihju\Zg_hp_gbe\e_ibe
ebklbdZfbihs_qbgmbhiylv\_kvijbevgmeY\wlhlfhf_glhldjueZjhlqlh[uijba\Zlvp\_lbdZd
ihjy^dmbaZoehigmeZhlg_h`b^Zgghklbg_kdZaZ\gbkeh\Z
Qlh^_eZ_l\Zrp\_lhd"y\hllh`_h[wlhf\k_\j_fy^mfZxghmfguofuke_cdZdg_[uehlZdb
g_lihq_fmm\Zk^Z`_p\_lukljZggu_"hghiylv^_jgmekyghp\_lbd[ueoblj__Hgh[e_ibe
ebphfm`qbgublhlg_kfh]_]hhlhj\Zlvhlk_[yQ_f[hevr_fm`qbgZ\uju\Zekyl_fkbevg__
dem[beZkvlvfZhlp\_lbdZbkbevg__hg\ib\Zekyb]hedZfb\ebphBfi_jZlhjZqbkl_gvdb_
kd_e_lbdbGZfdjurdZhl]jh[Z
Fm`qbgZ\kdhqbebaehjm]ZykviulZekyhlh^jZlvwlh^bdh_kha^Zgb_hlk_[yijbwlhfhg_]hlZd
fhlZebaklhjhgu\klhjhgmqlhg_\hevgh]hjrdhfihemqZeih\k_fmlhjkm]heh\_wlh[uehihoh`_
gZnbevfm`Zkh\ijh\a[_kb\rmxky]_jZgv
I_j\ucrhdijhr_eby\kdhqb\j_rbeZihfhqvBfi_jZlhjmohly[ueZfukebrdZihfhqvp\_lbdm
m]jh[blv^_fhgZZihlhfhklZ\blv_]hgZm^h[j_gb_ex[\_h[bevghfmkha^Zgbx
P\_lbdfZlvl\hx]_jZgvhklZ\v_]h\ihdh_ebklbdb\hafms_gghaZrmjrZebZfg_\]heh\m
gZdhg_pijbreZmfgZyfukev:kh[kl\_gghqlhijhbahrehqlhp\_lhd^hwlh]hg_Z]j_kkb\guc
g_ihemqb\dhfZg^uhlf_gygZiZeijbq_flZdkljZgghkex[h\gufbgZdehgghklyfbgZfm`qbgm"
IhdZyh[^mfu\ZeZ\k_\hafh`gu_\ZjbZgludZjlbgZbaf_gbeZkvp\_lbdiheghklvxh[e_ibeebph
Fm`qbgZly`_eh^urZe]ey^ygZf_gydZdgZkZfh_m`Zkgh_aeh\=jZgbYkghdjZcgxxgZr_e
P\_lbdygZ^_xkvwlhfm_klvh[t_dlb\gZyijbqbgZ"ebklbdbijbih^gyebkv\mkeh\ghf^Z
M`_qlhlhLuhlimklbrvBfi_jZlhjZkgZqZeZg_lihlhf^Z\b^bfhhlimklblghg_kjZam
KdZ`bl__fmqlh[uke_ak]heh\udZdlhhq_gvmklZehijh]h\hjbefm`qbgZbp\_lbddZd
ihqm\kl\h\Zeih]eZ^be[_^g_gvdh]h
P\_lbdfh`_rvkimklblvkybijb`bfZlvkylZdqlh[ug_f_rZlvBfi_jZlhjm"y\_^m
i_j_]h\hjukl_jjhjbklhfp\_ldhfdm^ZdZlblky=jZgv"
Ebklbdbkh]eZkghijhrmjrZebbp\_lbdkiheaihebpmfm`qbgugZihke_^hdijbeh`b\]hjrdhf
ghkjhls_dbih^[hjh^hdbmf_klbekygZ]jm^bijbwlhfh^gbfebklbdhfljh]Zy_]haZr_xm`_
qlhlh
Zr__ebq_kl\hijbky^vl_ih`ZemcklZymagZxqlhwlhk_cqZk[uehfm`qbgZkf_jbef_gy
\a]ey^hfm[b\Zlv[m^mf_^e_gghba\jZs_gghbkh\dmkhfijhr_ebk_e\dj_kehij_^\Zjbl_evgh
_]hih^gy\MiZeh\ihju\_kljZklb=hjrhdhgih^^_j`b\Zeh^ghcjmdhcb\u]ey^_ekZfuf
m`ZkgufbkljZrguf^_fhghfdhlhjh]hfg_^h\h^behkv\b^_lvFmjZrdbihdh`_dZdZyg_j\gZy
jZ[hlZ
P\_lbdlugZiZegZBfi_jZlhjZihlhfmqlhjZahaebeky"g_lOhl_eihfhqv"^Zm`_qlh
lhLubk_cqZkihfh]Z_rv"^Zqlh[uijh^he`blvlu^he`_gdZkZlvkyBfi_jZlhjZ"^Z
YaZ^mfZeZkviulZykvihgylv\kxkblmZpbxbijh^mfZlv\hijhkugZdhlhju_fg_hl\_lyl^Zbeb
g_lbijbwlhfyqlhlhihcfm
FZ]bklj_kebdlhlhmagZ_lqlhgZf_gygZiZehg\ujZabl_evghkdjb\be]m[up\_lhdbgZqZe
^hfh]ZlvkyZyg_kfh]hlg_]hhl[blvkyy\Zkmgbqlh`mb\hllmlykjZamih\_jbeZg_evay
klZgh\blvkyf_`^mfm`qbghcb_]hj_imlZpb_cbebqguf^hklhbgkl\hf
Zr__ebq_kl\hmdhjbag_ggh\a]eygmeZgZ`_jl\mex[\bp\_lbdZb\fukeyog_[ueh
jZkijhkljZgylvkyhkemqb\r_fky
KiZkb[hfm`qbgZhiylvaZfheqZe^Z\Zyfg_\hafh`ghklvijh^he`blv^hijhkfZgvydZ
Ijbwlhfp\_lbddZdkb^_e _keblZdfh`ghkdZaZlvijhjZkl_gb_\]hjrd_\fijb`Z\rbkvd^_fhgm
lZdbkb^bl^Z`_]eZ^blvg_i_j_klZe_]hZfm`qbgZdZdaZdZf_g_e
Y\k_iulZeZkvqlhlhjZkkfhlj_lvagZdhfucihmq_[gbdZfke_^hlijhdeylvyl_fghlm\Zmj_beb
iZmlbgm\kheg_qghfkie_l_gbbohlvqlhgb[m^vghi_j_^hfghc[ueZ[khexlgha^hjh\uc^_fhg
ijZ\^ZmklZ\rbcWlh[j_^y_]h^Z`_gZ\k_\hafh`gu_\ha^_ckl\byijh\_jbeZlZdb_dZdijb\hjhl
�bijbgm`^_gb_bgbq_]hjh\gufkq_lhfZ`_h[b^ghklZeh
YhldbgmeZkvgZkibgdmdj_keZbijh^he`ZeZkfhlj_lvgZBfi_jZlhjZkbeykvgZclbohlvqlh
gb[m^vbfg_ih\_aehb^bfhp\_lbd\k_lZdbihqmlvqmlv\uly]b\Z_lijhdeylb_bebqlhlh
lZdh_b_keb[uyg_kfhlj_eZgZfm`qbgm\fZ]bq_kdhfaj_gbblhgbaZqlhg_aZf_lbeZ[uwlh]h
qmlve_]dh]hk_jh]hf_jpZgbydhlhjh_f]gh\_gghijhiZeh:p\_lbdkgh\ufbkbeZfbijbevgmed
^_fhgm
P\_lbdk_cqZkluqlhlhih]ehlbe"fg_[ueh[_ah]h\hjhqgh_^Z
uqlhlhaZf_lbeb"
E_]dh_f_jpZgb_gZdjZxZmju\fhf_gldh]^Zp\_lbd\ulygmeqZklvijhdeylbyZk_cqZkhiylv\k_
dZd[uehkdju\Zlvbeb\jZlv[_kkfuke_gghhg^he`_gagZlv
fm`qbgmblhevdh^jmavy^Z\Zc[_awlbol\hboih]eZ`b\Zgbcyf_`^mijhqbffm`qbgZdZdb
lup\_lbdhl\_lbeg_l
P\_lbdiulZ_lkykdZaZlvqlhhgZ^_\hqdZyijh]h\hjbeZwlhg_]ey^ygZBfi_jZlhjZihlhfmqlh
[hyeZkvqlhjZkkf_xkv
Wlhg_hlf_gy_lnZdlZqlhlup\_lhd^_fhg\uykgyxsbchlghr_gbykp\_ldhfwlhkf_ob
lhevdhebklbdbp\_lbdZaZ^jh`Zebg_h[b`ZckykeurbrvhgdZdlhjZkl_jygghgZf_gy
ihkfhlj_eghyij_^ihqeZk^_eZlv\b^qlhgbq_]hg_\b^_eZbg_agZxb\ky\fukeyoh^_e_
Zr__ebq_kl\h\Zkfh]ebijhdeyklvb_keb^Zlhdlh"ihf]gh\_gghhl\_^_gghfm\a]ey^m
klZehihgylghqlhhgdh]hlhih^haj_\Z_lghkeh\Z_]h]h\hjbebh[h[jZlghf
YijZ\bl_ev\k_]^Z_klvg_m]h^gu_Z]Zdhg_qghjZkkdZ`bhlhfqlhkZflugb\q_fg_
\bgh\Zlwlh\k_[j_fy\eZklbL_fgblebphbfi_jZlhjkdh_kZfZygZklhysZyfhj^Z
YihiulZxkv\ulygmlvijhdeylv_hgdb\gmep\_lbd_keby_]h\l_[y[jhrmlukfh`_rv
i_j_jZ[hlZlv_]h"p\_lbd[ueg_m\_j_giehoh^_eh
�IjZ\bevghqlhkdZaZeZihiulZxkv\Z^pZlvfbgmljZ[hluyfhdjZyaeZyb[_kihe_agZy
Ijhdeylvyg_fhykbevgZyklhjhgZZ_s_lZdh_obljh_Obljh_"QlhaZ[j_^Ijhdeylv_wlh\b^
\ha^_ckl\byhghg_fh`_l^mfZlvbba\hjZqb\Zlvkyqlh[u_]hg_aZo\ZlbeblZdk_[y\_^mllhevdh
jZamfgu_bebqZklbqghjZamfgu_dZdfhbmf_jl\byB_kebijhdeylv_^hkboihjg_\uy\beb
agZqblhghmf__lmgb\_jkZevghijylZlvkyBgl_j_kghdZd^Z\ghhghkms_kl\m_l"
IhdZylmljmdZfbfZoZeZbimihdgZijy]ZeZp\_lbd_s_hlo\Zlbedmkhdijhdeylvyq_f[hevr_hg
ih]ehsZel_f\b^g__hghklZgh\behkvagZqbll_jy_lkbeu
ex[hfdhfZg^ghfkihjl__klvlZdb_kblmZpbbdh]^Zb]jZg_de_blkymh^gboghijbwlhfqm^_kgh
b^_lm^jm]bolh]^ZdhfZg^Zh[t_^bgy_lkybgZqbgZ_lb]jZlvgZ\_amgqbdZYj_rbeZihklmiblv
lhqghlZd`_JZap\_lbdkfh]hlo\ZlblvdmkdbijhdeylvyagZqblmg_]hb]jZb^_lZmf_gyg_l
b]jZxgZg_]hYi_j_klZeZiulZlvky\uo\Zlblvijhdeylv_b\ha^_ckl\h\ZlvgZZmjmbfi_jZlhjZG_l
l_i_jvy]jmiiZih^^_j`dbp\_lbdZyih^iblu\Zx_]hZhg[uklj__aZo\Zlu\Z_l\kx]Z^hklvqlh
`b\_l\bfi_jZlhj_:hghlhqgh`b\_lihlhfmqlhy\b`mdZdhgh^zj]Z_lkyiulZykvkijylZlvky
dZdihiulZehkv^Zlvhlihj
DZ`^hcl\Zjbih]jh[my\rhd_kfhlj_eZgZg_qlhdhlhjh_\ujhkehbaBfi_jZlhjZ
hl^_ebehkvbk_cqZkgZoh^blkykljh]haZgbf
FZ]bklj"
H[_jgbl_kvh^gbfb]m[Zfbijh]h\hjbeZijbdb^u\ZydZdy[m^mm[b\Zlvwlm]Z^hklvih\k_fm
\uoh^behqlhgbdZd
ZjbZglu"\hlqlhaZfm`bdg_lqlh[u\kxhl\_lkl\_gghklvgZk_[y\aylvZy[uk
m^h\hevkl\b_fih^qbgbeZkv[u
u[ukljh[_]Z_l_"g_ih^\b`ghke_^beZaZl_fgufiylghfdhlhjh_ijbh[j_lZehq_jlu
bfi_jZlhjZdZdl_gvbebkbemwl`mlv
Zkh[]hgxfm`qbgZlh`_[ue\rhd_ghfheh^_pfhxfZg_jmih\_^_gbyi_j_gyebj_adbo
^\b`_gbcg_^_eZ_lZlhfZeheb
GZrebq_fo\ZklZlvky
Hghihoh`_gZhg]em[hdh\a^hogmeb\u^hogmeh^ghbfy:kybfyfm`qbgZijZdlbq_kdb
ihlhfihgyeZqlhwlhbfylh]hdlh_]hijhdeyeIjhdeylv_hdhgqZl_evghijbgyehnhjfmb\k_]hgZ
k_dmg^maZf_rdZehkvqlh[u[jhkblvkydBfi_jZlhjmghg_lmllh[uehp\_lbd[^bl
KlhbehijhdeylvxdhkgmlvkyBfi_jZlhjZdZdhghhlkdhqbehihl_jy\dmkhq_dk_[yp\_lbd`_
ih]ehlbewlm^ufdm
Ijhdeylv_ih^l\_j`^Zyk\hxjZamfghklv[hevr_db^ZlvkygZBfi_jZlhjZg_klZehhgh
jZa\_jgmehkvdhfg_
Fg_[uk_cqZkhq_gvijb]h^bekyp\_lhq_dgh^_fhg\Z`g__agZqblg_f_qlZ_fZsblu\uklZ\ey_f
Ym\_jgmeZkvhl\uiZ^Zijhkdhqb\aZkibghcfm`qbguZkibgZrbjhdZyfh`gh[ueh[ub
kijylZlvkygh]^_gZfGZlj_lbc\uiZ^yhklmibeZkvbf_gy^h]gZe\uiZ^ijhdeylvyhsms_gb_
dZdie_ldhch]g_gghcm^ZjbehGhemqr_lZdq_fhgh\f_gyaZe_a_l[jjjjZa\_eblmliZjZablh\
GZ^hhl^Zlv^he`gh_Bfi_jZlhjmhgijhklhlZdg_klhyehgiulZekyhl\e_qv]Z^hklvhlf_gy
[_aj_amevlZlgh
Zr__ebq_kl\hwlh[_kkfuke_gghygbq_]hg_fh]mijhlb\hihklZ\blvwlhckmsghklbm\Zk
kbevgucijhdeylbcgbd_klv"
Hgg_ihfh`_lfu\^\h_fm`_iylucdjm]ihdhfgZl_ijh[_]Z_fghhggbq_]hZym`_
aZ^uoZxkv
Dlh\ZkijhdeyebbaaZq_]h"Wlhfh`_lihfhqvkgylvijhdeylv_bebohly[uhkeZ[blv
Yg_agZx\hl`_mi_jluc[ZjZg
OhjhrhaZc^_fk^jm]hcklhjhgu
DlhlZdZy:ky"fg_ihdZaZehkvghdh]^Zyijhbag_keZwlhbfyijhdeylv_qmlv^jh]gmeh
GbdlhlhqghhghgZkdZdlhihgbfZ_lbk_cqZkdZd\a[_kbehkvk^bdhckdhjhklvxf_lgmehkvd
fm`qbg_bihl_jyehhiylvdmkhq_dk_[yp\_lbdg_ijhklhlZdgZ]jm^bBfi_jZlhjZjZkieZklZeky
:hgh^mfZ_lbgZq_j_ahgghaZf_lbeZybhklZgh\beZkvihfh]bl_fg_Zr__ebq_kl\h
FZ]bkljke_\Zghyijh^he`ZeZklhylvlhevdhlvfmgZ]g_lZeZ[ueZfZe_gvdZygZ^_`^ZjZa
p\_lbdqZklbqghlvfZlhfh`_lykfh]msblk__ihfhsvxk^_eZlvIjhklh[_]ZlvihdZBfi_jZlhj
khaj__lf_gy\hh[s_g_\^hogh\ey_l
LvfZm^Zjk^_j`ZeZg_ih]ehlbeZdZdp\_lbdghlh`_g_iehoh
Zr__ebq_kl\h^Z\Zcm`j_rZckyklhbrvfg_rvkyohjhrhyohlvdhfgZlmdmihehf
aZdjueZZlhkx^Z[um`_WevaZ\ehfbeZkvfulZd]j_fbff_[_evxqlh\uk^_eZeb^_\mrd_:k_
qlhhgZ\ZkijhdeyeZ"
Y^mfZeZhgkfheqblb\wlhljZaghhgklhyegZijhlb\f_gyly`_eh^urZeZihlhf\ayeb
ijbagZeky
Y__bagZkbeh\ZeyaZ[ueZdZd^urZlvHq_gvaZohl_ehkvihfhqvijhdeylvxm]jh[blv_]h
hdhgqZl_evghghyihgbfZeZkZfh_kljZrgh_wlhg_dhg_pbklhjbb
B"
BhgZijhdeyeZf_gyi_j_^kf_jlvxijh\_^yjblmZeebr_gbydZdbgl_j_kgh_keh\hkhq_lZgbb
hgZebrbeZf_gy[m^ms_]hjZayaZ[jZe__Fhcjh^ij_djZlblkyZfbjaZlhqlhhgg_aZklmibeky
aZk\hx^hqvgZ\k_]^Zihl_jyekbevguog_djhfZglh\HklZekylhevdhfZ]bkljI_jkb\Zevhg[ue
jh`^_g^hkf_jlb:kbwlhom`_q_fdh]^Z\ZkaZdZiu\ZxlZ\u_s_`b\ulmlohlvrZgk_klvZ
a^_kvgbq_]h
`bagvxgZdeZ^u\Zyijbwlhfijhdeylv_^Za^_kv\k_g_djhfZglu\k_o=jZg_cg_ihfh]mldZdb
ijhdeylbcgbdb
YihgbfZxlmlgbq_]hg_k^_eZlvkdZ`bl_lhevdhh^gh_kebymfjmhghg_ljhg_lfhbo^_l_c"
jy^eb^mfZxihdZg_mgbqlh`bl\k_oghkbl_e_c\Zr_cdjh\bg_mkihdhblky
IhdZfujZa]h\Zjb\Zebyijh^he`ZeZ\u^_j`b\Zlvm^Zjuhsbl^Z`_g_ij_^klZ\eyyqlhfh`gh
k^_eZlvKlhi^Z`_[m^mqb\yjhklb^_\mrdZg_fh]eZgZjmrblvl_ijZ\beZqlh\[b\Zxl\]heh\m
\k_fZ]Zf[_amkeh\byg_[u\Z_l^_ckl\by:agZqblhgZaZeh`beZmkeh\b_kgylbyijhdeylvy
hklZeZkvf_ehqvihgylvdZdh_bf_gghwlh[uehmkeh\b_ihfbfhmgbqlh`m\k_ob\ky
GZkq_lljb[jhkZ_l_fg_p\_lbdZP\_lbdlu^he`_ghlimklblv_]hbihfhqvfg_wlh\Z`gh
ebklbdbhl\_lbeb^Z
Y`_mkbebeZgZ]g_lZgb_lvfukdhib\__\hdjm]k_[ybkl_eyihihemb^_ygZljh_qdmgh^jm]hcm
f_gyg_l
Ljbfm`qbgZ[jhkbefg_p\_lhdyihcfZeZ_]hbf]gh\_gghr\ujgmeZ\ijhdeylv_dhlhjh_dZd
jZagZdbgmehkvgZf_gybaZdjueZbo\^\h_f\rZj_balvfug_iha\heyy\u[jZlvkyijbwlhfy
ih^iblu\ZeZp\_lbdqlh[uhgih]ehsZebhkeZ[eyekmsghklv
u`_\jh^_fZ]bkljZkqblZlvg_mf__l_\hafms_ggh\u]h\Zjb\Zefg_fm`qbgZih^hc^y
[eb`_
MdZ`^h]hk\hbg_^hklZldby\gbfZl_evghke_^beZaZijhbkoh^ysbf\rZj_ijbwlhfj_rZy
]eZ\gmxaZ^Zqmklhblebfg_ihiulZlvky\ua\Zlv^mo:kbbkihevamyijhdeylv_dZd\_sv
ijbgZ^e_`Zsmxmkhir_cbebwlhg_kjZ[hlZ_l
Qlh\u[m^_l_^_eZlv"
gbfZl_evgh\ZkkemrZlvbihfh]Zlvp\_lbdmih]ehsZlvijhdeylv_yhlf_eZb^_xk^mohfg_
kjZ[hlZ_lhgZ\_^vm[beZk_[yijh\_^yjblmZe__^mojZa\hiehszggZ\k_]^Z
uohlbl_agZlv\kxbklhjbxgjZ\blkyjulvky\]jyaghf[_ev_"hgkfhlj_ekbjhgb_caZ
dhlhjhckdju\ZeZkv[hevbg_gZ\bklv
G_gZ\b`mgh\u[hjZg_lyihkfhlj_eZ_fm\]eZaZohly[ueh[j_a]eb\h
Y__ex[beihgZklhys_fmhgZlhevdhihklmibeZ\:dZ^_fbxy`_[uegZihke_^g_fdmjk_
h[mqZykvbgdh]gblh\f_kl_kFbdZwe_fHgZ[ueZg_\_jhylgZyYkjZam__aZf_lbey`_[ue_c
g_bgl_j_k_gKbjhlZihklmibeZihki_pgZ[hjmkbevg_crbcg_djhfZglihke_^gbo^_kylbe_lbc_c
ijhjhqbeb\_ebdmxdZjv_jmZy]j_abehg_cdZdh`_g_Y^Z`_hldjue_ck\h_bgdh]gblhgh__g_
\i_qZlebedjhgijbgphgZohl_eZmqblvkybgbq_]hg_ohl_eZagZlvh[hfg_hgih^gyedj_keh
dhlhjh_\Zeyehkvihke_gZr_]haZ[_]Zbhimklbeky\g_]hkfhljygZk\hbkp_ie_ggu_jmdb
Yijh^he`ZeZklhylvdhgljhebjmyih]ehs_gb_bm]h\Zjb\Zyk_[yg_dhff_glbjh\ZlvjZkkdZablh
qlhh^bgahehlhcfZevqbdaZb]jZekybg_mkeurZeqlhb]jmrdZkdZaZeZg_l
lmghqv[ueZ\_q_jbgdZygZibekyb\hq_j_^ghcjZaihr_edg_ch[tykgylvky\ex[\bghhgZg_
aZohl_eZkemrZlvmg__[uedmjkh\hcdhlhjuchgZibkZeZby_c[ueg_gm`_gDj_idbcZedh]hev
aZij_s_g^_fhgZf\uagZeb"Wlhy\\_eaZij_lihke_kemqb\r_]hkyYlhedgme__gZdjh\ZlvklZe
m]h\Zjb\Zlvijbwlhfihdju\Zy__ebphihp_emyfbhgZkhijhlb\eyeZkvhlqZygghghfg_dZaZehkv
qlhhgZ\hl\hlmklmibl\_^vy__lZdex[exG_mklmibeZghfg_[uehm`_\k_jZ\ghy[ue
kebrdhfivygbg_dhgljhebjh\Zek_[yZ[khexlghhgZ[ueZq_eh\_dhfojmidbfblZdbfkbevguf
g_gZ\b^blf_gybemqr_k^hog_lYmr_egZ^_ykvqlhhgZmkihdhblkybfukfh`_fih]h\hjblv
=^_[ue]jZnLjbg\wlh\j_fy"
Ih^^\_jvxm[blhijh]h\hjbewlhl\h^bgfhf_glkhklZjb\rbckyfm`qbgZFg_klZehf_jadh
h^bggZkbeh\Ze\lhjhcgZklj_f_klhye^jm`dbmjh^u
QlhhgZkdZaZeZi_j_^kf_jlvx"
Fhydjh\vgZl\hbojmdZodjh\vg_djhfZglZkbevgZy\_sv\hafh`ghwlhb_klvdexq
rZj_p\_lbdhdhgqZl_evghih]ehlbeijhdeylv_bl_i_jvhkheh\_eufb]eZadZfbemiZegZf_gyy
m[jZeZlvfmgZdehgyykvdih[_^bl_ex
LulZdhcfheh^_pluih[_^be_]hebklbdbkdZaZebg_ly\ujh\gyeZkvhkfZljb\ZydhfgZlm
hg_s_lml^Zg_lwlh[uehg_\k_ijhdeylv_"^Z]jZnLjbg_]hhgZlh`_ijhdeyeZ
ijhdeylv__s__klv
ug_gZ\b^bl_f_gy"\hijhkijha\mqZeg_h`b^Zgghyih\_jgmeZkvdfm`qbg_bhl\_lbeZq_klgh
ie_\ZlvqlhhgBfi_jZlhj
G_gZ\b^_eZ\Zk:kyZyij_abjZxhgkhsmjbe]eZaZ\klZe\ujh\gy\rbkv\h\_kvjhkl
Y\ZrBfi_jZlhj
G_[_awlh]hghgZfh_fg_gb_wlhgbdZdg_\eby_lZk_cqZk\havfbl_p\_lbdZ\ul_i_jvg_jZae_c
^jmavyk_cqZk\Zfijb^zlky\uclbd]hklyfLZdqlh\havfbl_k_[y\jmdb\u\_^vBfi_jZlhj
ihke_^g__keh\hy\u]h\hjbeZkij_aj_gb_fyg_ohl_eZghihemqbehkvdZdba^_\Zl_evkl\hyg_
ki_pbZevgh
\r\r\r
HggZijZ\bekygZ\uoh^bafh_cdhfgZluZmf_gy\]heh\_ijhkdhqbeZih^eZyfukebrdZfh`_l
i_j_klZlv_fmihfh]ZlvZaZ[jZlvih^hi_qguo`b\ghklvbhlijZ\blvky\hk\hykb"BagZ_l_wlh
[m^_l\iheg_\klbe_g_djhfZglh\fug_e_a_flm^Z]^_g_kijZ\bfkyfug_kgbfZ_fijhdeylvy
fujZ[hlZ_fkljmiZfbghyhlihebjh\Zggu_dhklbg_ijZ\bevgucg_djhfZglY\_^vfZq_jlh\Z
\_^vfZdhlhjZyk_cqZkihc^_lb[m^_lijb\h^blvk\hcieZg\bkiheg_gb_ihlhfmqlhih^jm]hfmg_
kfh`_l:agZqblo\Zlblj_ne_dkbjh\ZlvihlhfihiexxgZihjlj_lbfi_jZlhjZbeb\qZc_fm
iexgmIhke_^gyy^mjgZyfukevfg_lZdihgjZ\beZkvqlh^Z`_ijb^ZeZfg_mkdhj_gbyihke_^h\Zlv
aZfm`qbghcF_gy`^mll_dhfmfhyihfhsvhq_gvgm`gZfhbih^hi_qgu_
uc^yba]hklbghc\dhjb^hjaZf_lbeZij_djZkgmxdZjlbgm^\_jbh[s_c]hklbghcjZkiZogmlub
lZfieZ\gh^\b]Zykvi_j_]h\Zjb\Zxlky^_\mrdb\dhjb^hj_klhyl^_fhgubaij_l_g^_glh\GZ
\oh^_\k_]hiZjZg_ijbf_lguohojZggbdh\ b_s_g_ba\_klghkdhevdh\aZkZ^_\f:\hgaZl_f
\ukhdbfbofmjuf^_fhghfklhblDZljbgZijbq_fg_ijbf_lghlZdklhblk_ajbl_eb\k[hj_
gZqbgZ_fij_^klZ\e_gb_
Fhb^_\mrdbdZdihdhfZg^_ ihq_fmdZd"\f^jm`ghm\b^_ebBfi_jZlhjZbijbk_eb\lhfghfb
�hq_gvqm\kl\_gghfj_\_jZgk_Ijbq_fbf_gghbZgZhdZaZeZkvq_ldhgZijhlb\Bfi_jZlhjZB
bf_gghhgZih^gbfZykvlZdklj_evgmeZ]eZadZfbqlhfm`qbgZdZdfbgbfmfjZg_gdZdfZdkbfmf
^he`_g[ulvm[bl
Zr_\_ebq_kl\hlZdbf]hehkhfbbglhgZpbyfblhevdh\ihkl_ebihrehklbgZmrdhr_ilZlv
GZ^h[m^_l^_\mrd_hj^_g\u^ZlvgmbebgZom^hcdhg_p[eZ]h^ZjghklvaZ\bjlmhaghbkiheg_ggmx
jhev
]eZadZfbijbwlhf\uklZ\eyy^_\bqvbij_e_klb\a]ey^mg_kfh]ihwlhfmqmlvihieueb_]h
aZfbgdZbmeu[dZ\_`eb\hklby^mfZxmDZljbgug_hklZeZkvg_aZf_q_gghcH^bgghevfu
\_^_f
YjZ^\k_o\Zk\b^_lvfuh[]h\hjbebkfZ]bkljhfbgl_j_kmxsb_\hijhkubijbrebd
hij_^_e_ggufj_r_gbyfdZdhgbgl_j_kghbatykgy_lkyghfg_ih^oh^blHglmlijhp\_lbd
hijZ\^u\Z_lkybijhlhqlhhg^_eZemf_gy\dhfgZl_Za\mqbl^\mkfuke_gghFh`ghj_rblvqlh
hgijhkbefh_]hkh]eZkbygZ[jZdkih^hi_qghcIj_e_klgh
�Y\Z`ghdb\gmeZ]heh\hcijbwlhflZbgkl\_gghmeu[Zykv_\qhgdblZd`_g_ih^dZqZebdZjlbggh
ihhoZebih[eZ]h^ZjbebBfi_jZlhjZijb]eZkbebgZqZr_qdmqZxhg_kl_kl\_gghhldZaZeky
hh[s_bfi_jZlhj\u]ey^_eaZ[Z\gh\_ebq_kl\_gghklv\b^Zihjlbekt_a`Zxsbc\gbap\_lhd
dhlhjuciulZekyaZr_xh[o\Zlblvk\h_]hfm`qbgmbm^_j`ZlvkyFm`qbgZ[ueijhlb\ihwlhfm
iulZekyijba\Zlvp\_lbddihjy^dm\kljyob\Zy_]hwlhg_ihfh]Zeh
YklZeZk[hdmqlh[uaZdjulvBfi_jZlhjZbh[jZlbeZkvdhojZg_k\Z`guf\hijhkhfdbgm\
�\a]ey^gZbZgmhgZihgyeZ\k_ijZ\bevghihwlhfm\kihjogmeZbih^hc^ydBfi_jZlhjmk
Zg]_evkdbf\b^hfqlhlhijh]h\hjbeZKeh\yg_keurZeZghdjZ_f]eZaZke_^beZaZfbfbdhcb
`_klZfbnebjl\qbklhf\b^_Hklhjh`guc\a]ey^gZDZljbgmb[bg]hhgZijhklh\yjhklbkdmeu
�ih[_e_eb]eZaZkm`_ggu_dmeZdbk`Zlu\ZghevfbehqdZijh^he`bf
Bfi_jZlhjkbkdj_gg_c[eZ]h^Zjghklvxhl\_lbekiZkb[hqmlvk`Z\iZevpu^_\mrdbdhlhju_hgZ
iheh`beZ_fmgZehdhlvijb\e_dZy\gbfZgb_LhlnZdlqlh__g_hlh]gZebhlbfi_jZlhjZfgh]h_
kdZaZehojZgZg_\hkijbgbfZ_l^_\mrdmdZdhiZkghklvZajyFm`qbgZ_s_jZameu[gmeky\k_f
g_\_klZfbihijhsZ\rbkvmr_eijh^he`Zyijb^_j`b\Zlvp\_lhdDZljbgZlh`_mreZZ\hlwlh
bgl_j_kghagZlv[uqlhhgZk_cqZk[m^_l^_eZlvgh\b^bfhwlh[m^_lkxjijba
ke_^aZfghc\]hklbgmxijhrebfm`qbgu^eydhlhjuomf_gylh`_[uekxjijba
AZ\ljZmljhf\k_g_\_klumqZkl\mxsb_\hl[hj_aZbkdexq_gb_f^\mohlijZ\ylky^hfhc^ey
aZdexq_gbygh\uoihfhe\hdbeb`_\mq_[gu_aZ\_^_gby[_aijZ\Z\uoh^blvaZfm`^hhdhgqZgby
h[mq_gby;j_^qbklhc\h^ulZdh]hijZ\beZg_lghlmlkhc^_lFm`qbgugZofmjbebkv^Z\Zk\
wlhfmjZ\g_gbbg_lY\dmjk_qlh^_\mrdbijhy\eyebg_dmx[eZ]hkdehgghklvdg_dhlhjufba\Zk
ghwlh\ijhrehfl_i_jvmgbo^jm]b_aZ^Zqbbp_ebDhfg_dZddhnbpbZevghfmij_^klZ\bl_ex
\hijhku_klv"
hl\_lfg_[ueZlbrbgZb_kebkhklhjhgufm`qbghgZ[ueZm^b\e_ggZylhkhklhjhgu^_\mr_d
�ijyfhdjbqZeZaZqlh"_\hqdblZdgZ^hfg_gm`guj_rbl_evgu_^_ckl\byZagZqbllhevdh
\kljykdZ
JZa\hijhkh\g_lyjZaj_rZx\Zfihh[sZlvky\l_q_gb_^_kylbfbgmlqlh[uiha^jZ\blv^_\mr_dk
gZqZehfgh\hc`bagbZihke_ihdbgvl_ih`ZemcklZwlhdjuehy\_`eb\hdb\gmeZbg_
h[hjZqb\ZykvmreZdk_[_
�_kylv^_\ylv\hk_fvk_fv
FZ]bkljfh`ghd\Zf"gZihjh]_klhyefm`qbgZ^_j`ZsbcKhnbxaZjmdmhgZijbwlhf
\u]ey^_eZhldjh\_gghjZkkljh_gghc_kebg_kdZaZlv\hlqZygbbFZ]bkljyijhrmm\Zk
jZaj_r_gbygZaZdexq_gb_[jZdZkKhnb_c
:k_cqZkfg_ij_^klhbljhevaeh]hhi_dmgZdhlhjh]hgZ^hm]h\hjblvhl^Zlvih^hi_qgmxaZfm`b
KhnbyqlhlugZwlhkdZ`_rv"dZdfh`ghkljh`_kijhkbeZk_j^blhgZofmjb\[jh\b^_\mrdZ
\koebigmeZgm^Z\ZcihdZ`bfg_k\hcoZjZdl_jg_fgbkv
Y]hlh\Z^Zlvk\h_kh]eZkb_ie_qbjZkijZ\e_gu\hlhgZhlimkdZ_l_]hjmdm^_eZ_lrZ]\i_j_^
dhfg_bgZ^_`^hckf_rZgghck\hafms_gb_fijh]h\Zjb\Z_lFZ]bklju`_y`_b
kfhedZ_l
Dh]^ZieZgbjm_l_ijh\_klbh[jy^"ZqlhylhevdhaZgh^ZlvbfjZkkeZ[blvkyg_evay
?keb\u^Z^bl_k\h_kh]eZkb_lhfhyk_fvy[m^_ljZ^ZgZqZlvhj]ZgbaZpbxijZa^gbdZfm`qbgZ
y\gh[ue^h\he_gih^ihjlbf_fmkqZklv_
Qlh\uBfi_jZlhj\kyq_kdbjZ^__laZ^_\mr_dmqZkl\mxsbo\hl[hj_ihwlhfmh[jy^b
hj]ZgbaZpbyeh`blkygZie_qbbfi_jZlhjkdhck_fvb:kjhdbyk^_eZeZ\b^qlhaZ^mfZeZkv
aZ\ljZgZaZdZl_
Fm`qbgZg_j\gh^_jgmekyghfhf_glZevgh\ayek_[y\jmdbbm\_j_gghijh]h\hjbe
Y[m^mkqZkleb\dZdfh`ghjZgvr_gZa\ZlvKhnbxk\h_c`_ghcm\Z`Zx\hlh^ghij_^eh`_gb_
ZkdhevdhkqZklvy\]eZaZomg_\_klufheh^_pfm`bd
J_r_ghkwlbfbkeh\ZfbyZdlb\bjh\ZeZaZ]hlh\e_ggmxf_ldmbgZjmdZom[m^msbo
fheh^h`_gh\ihy\beZkv\yav[jZke_lh\dZdnZdlgZf_j_gby
�_\mrdZZogmeZbihiulZeZkviZevqbdhfkl_j_lvagZdymdhjbag_gghihdZqZeZ]heh\hc
FZ]bkljwlhgZ\k_]^Z"lhebkm`Zkhflhebk\hklhj]hfkijhkbeZhgZ
�hfhf_glZh[jy^ZWlhf_ldZhgZf_j_gbyou`_g_ijhlb\"wlhljblhjbq_kdbc\hijhkm`_
fm`qbg_dhlhjucy\gham[Zfbkdjbigmegh\hl\_laZ\_jbeqlhhglhevdhjZ^
Ih`_eZ\fheh^ufex^yfihclbijhclbkv\iZjd_klZeZh`b^Zlvke_^mxsbobhgb[uebjZkq_l
[ue\_jgucqmlvqmlvih^lhedgmlvfm`qbgIjbim]gm\l_fqlh\hafh`ghk_]h^gyhgbihke_^gbc
�jZa\b^ylex[bfuo`_gsbgZevr_\k_iZjuijhrebihgZdZlZgghcdjhf_h^gh]hkemqZydh]^Z
aZr_efm`qbgZZq_j_a\j_fy\hreZEmbaZbijbagZeZkvg_]ey^ygZg_]hqlhf_qlZ_lh[:dZ^_fbb
Fm`qbgZ[ueih^Z\e_gZyg_ij_dehggZg_ohq_lg_gZ^hDh]^Z^_\mrdZmreZyihkh\_lh\ZeZ
fm`qbg__kebhgohq_lijh^he`blvh[s_gb_ih^^_j`Zlvex[bfmx\__\u[hj_blh]^ZhgZhl\_lbl
k\hbfkh]eZkb_fgZ\hijhkh[jZd_G_agZxijbkemrZ_lkybebg_lghEmbaZk\hc\u[hjk^_eZeZZ
agZqbl\ke_^mxs_fk_f_klj__cmqblvkymgZk\:dZ^_fbb
BlZd\hijhkk`_gboZfbj_r_gihjZdijbgp_kkZfbgZqbgZlv\lhjhcZdlwlhcihklZgh\db
�_\mrdbg_aZ[u\Zcl_k_]h^gy\_q_jhfhnbpbZevgh_aZy\e_gb_hlBfi_jZlhjZ\[ZevghfaZe_
ihwlhfm[m^vl_]hlh\ufg_^jm`ghhl\_lbebqlhhgb\k_]^Z]hlh\uZybg_khfg_\ZeZkv

Ijbgp_kkuy\ghij_[u\Zeb\g_j\ghfgZijy`_gbbihlhfmqlhdh]^Zy\hreZdhfg_j_Zevgh
dbgmebkvOhjhrhohlv\ihke_^gbcfhf_glaZlhjfhabebbg_klZebjmdZfbo\ZlZlvbljyklb
\uljykZy\kx^hklmigmxbgnhjfZpbxHom`wlbfbeu_b[_aaZsblgu_^_\mrdbihkljZrg__
miuj_c[m^ml
FZ]bkljgmqlh"\hlfg_bgl_j_kgh]^_keZ[hklv"G_lfZfZWevaulmlih[u\ZeZbbohl\ZjZfb
gZihbeZghqlh[ulZd[ukljhih^_ckl\h\Zeh\jy^eb
DZd\uk_[yqm\kl\m_l_"gZfhc\hijhkhgblhevdhfZogmebqlh[ug_aZ[b\ZeZk_[_]heh\mZ
hl\_qZeZgZbo\hijhk
gZijZ\e_ggucgZ[hdZefhc\a]ey^dhjhldhihykgbeZijZa^gmx
AgZqbl\k_m^ZehkvZc^Z[Z[mrdZ
Ih^jh[ghklb"Zqlhylh`_`_gsbgZblh`_kljZ^Zxlex[hiulkl\hf
Hcqlh[uehhgZ\hklhj`_gghaZdZlbeZ]eZaZbaZdbgmeZgh]mgZgh]m^Z\Zr^_^g_\k_]^Z
fh]lZdh_m^h\hevkl\b_fg_^hklZ\blvdZdwlhlg_^he]bcjZa]h\hj
;Zohjhf\hkdebdgmebijZ\gmqdb
Qlh[Z\ulmlaZfm`kh[jZebkvagZqbl^he`guihgbfZlvfm`k`_ghcg_p\_lhqdbgxoZxlZ
\iheg_k_[_hgZij_j\ZeZkv]ey^ygZyjdhZeu_s_dbijbgp_kkfheh^hklvqlhkgbo\aylv
fZogmeZjmdhcbk^_eZeZ[hevrhc]ehlhd
Yg_lhjhibeZ`_gsbgmihgbfZyqlhk_cqZkhgZhiylvkfZdm_lfZe_gvdmxghf_klv
AgZ_l_fZ]bklj\k_ihemqbehkv^Z`_emqr_q_fy^mfZeZgZqZeZhgZy`_k_eZ\dj_keh
h`b^Zyijh^he`_gby
\r\r\r
B^yihdhjb^hjm`_gsbgZ\k_^mfZeZdZdk^_eZlvlZdqlh[ug_\u]ey^_lvaZbgl_j_kh\Zgghc\
jZa]h\hj_kwlhc]Z^bghcghkemqZcihfh]Hgbklhedgmebkv\dhjb^hj_bDZljbgZdZdf_g__
agZlgZy[ueZh[yaZgZijhy\blv\_`eb\hklvohlvbg_ohl_eZwlh]h^ham[gh]hkdj_`_lZGhg_
ijh]gzrvkybwlZ]jufaZh[yaZl_evghmdhe_lijbm^h[ghfkemqZ_FZjdbaZaZf_lbeZ\k_wlbfukeb
gZebp_`_gsbgughijh^he`ZeZb^lbkbklbgghpZjkdbf\ujZ`_gb_febpZbhkZgdhc
FZjdbaZ`_gsbgZk^_eZeZj_\_jZgkg_]em[hdbclZdlhevdhgZf_dgZm\Z`_gb_gh_keb
bfi_jZlhjgZqg_l__kijZrb\ZlvhgZg_kh\j_lkdZ`_lijZ\^mj_\_jZgk[ue
:ZZZDZljbgZdZd[m^lhlhevdhm\b^_eZ__fZjdbaZqmlvijbhklZgh\beZkvh]ey^_\kgh]^h
]heh\ulmdhlhjZy__lZd[_kblijhklhk\hbfkms_kl\h\Zgb_f
GbgZk_dmg^mg_aZ^_j`b\ZykvfZjdbaZihreZ^Zevr_ZihlhfdZd[m^lh\kihfgbeZj_rbeZ^Zlv
kh\_lq_j_aie_qh
Lu[uihlhjhibeZkvkem]bk_]h^gykgh]k[b\Zxlky\k_lZdblZdh_kh[ulb_hklZg_rvky[_a
ihfhsbbf_^e_gghihreZ^Zevr_ijhk_[ylbohkqblZyh^bg^\ZgZk_fvf_lZgby
hiihg_gldbdhgqbebkvb^bfhhgZj_rbeZqlhmagZlvbgnhjfZpbx\Z`g__q_fijhfheqZlvbg_
^hklZ\blvk\hbfex[hiulkl\hfbg_agZgb_fq_]hlhm^h\hevkl\b_klZjhc]Z^xd_
q_f`_ijbqbgZi_j_ihehoZkem]"hgZklZjZeZkv]h\hjblvdZdfh`gh[he__jZ\gh^mrghgh
\u^ZeZk_[yiheghklvx
FZjdbaZhklZgh\beZkvh]eygmeZkvkf_jbeZ__^he]bf\a]ey^hfbkfbehklb\beZkvj_rbeZ
h[tykgblv
Bfi_jZlhjh[ty\ey_lhihfhe\dZo
Hihfhe\dZo"`_gsbgmhq_gvaZbgl_j_kh\Zehfgh`_kl\_ggh_qbkehlhebhrb[dZklZjmoblh
eb\hafh`ghbfi_jZlhjgZdhg_p]hlh\gZa\Zlv__g_\_klhcb\k_klZjZgbybkeh`gu_ieZgu
gZdhg_pijbg_kebieh^u
@_gsbgZ^Z`_^uoZgb_aZ^_j`ZeZhl\heg_gbygZ^_ykvgZiheh`bl_evguchl\_lfh`_lkwlbf
k\yaZghqlhfZjdbaZg_kdZaZeZ]Z^hklvZijhreZ^hklZlhqgh\_`eb\hfbfhg__
DZljbgZy^mfZeZhgl_[_kdZaZeajylulZdklZjZeZkv\k_]h^ugh]bi_j_^gbfjZa^\b]ZeZ
`_gylkyg_gZlZdbom`_gsbgu^Z`_^uoZgb_i_j_o\Zlbeh\hlwlh[ueZlZklZjmoZdhlhjZy
fZl_jbZeZ
FZjdbaZkf_jbeZ]emih\ulZjZsb\rmxky`_gsbgmy^h\bluf\a]ey^hfbijh^he`beZ\[b\Zlv
]\ha^b\djurdm__]jh[Z
FbehqdZl\h_\ujZ`_gb_ebpZwlhemqrbcih^Zjhddhlhjucfh]k^_eZlvfg_aylvgZk\hx
ihfhe\dmbfh_]hijZ\gmdZhgZaZdbgmeZ]heh\mbjZkohohlZeZkv[_]bkdhj__ihijhkbkem]
i_j_g_klbl\hb\_sbZlh\uijml[_aljyivybih[jydmr_dZlu`_boaZjZ[hlZeZihkeh]Zf
ijh]h\hjbeZihke_^g__keh\hkihoZ[ghcmeu[dhc
L\Zjv`_gsbgmljykehg_m`_ebwlhijZ\^Z"
G_lhgZ\j_lk_cqZkhgZihfZydmgZc^_lW^\Zj^Zbhgihkf_zlkygZ^__kljZoZfbjZa\_y\\k_
khfg_gbyHg__m`_ex[blZ^Z`__kebg_llhhgZlhedh\hijb\beZ_fmg_h[oh^bfhklvb
aZ\bkbfhklvhlg_zHgk__djxqdZg_khj\zlky
;_]bDZlvdZfh`_lohlvgZihke_^hdx[dmaZ^_j_rvlZdg_^Ze_dhaZre_ljZahfe_\`_gsbgZ
_s_ohohlZeZZDZljbgZfqZeZkvihdhjb^hjm
AZ\_jgm\aZm]hehgZqmlvk[Z\blkdhjhklvbihiulZ_lky\aylvk_[y\jmdbqlh[uihfZydm
hlke_^blv]^_k_cqZkBfi_jZlhj:hghdZau\Z_lkydm^Zlh[ukljhb^_lqmlvqmlvmkbeb\k\hx
fZ]bx`_gsbgZijhke_^beZdm^Zbf_gghgZijZ\ey_lkyfm`qbgZB\gmljb\k_ihoheh^_ehhgr_e
\djueh]^_jZaf_klbebkvg_\_klu\f_kl_kwlhc
:\^jm]wlZq_jgZyl\ZjvbaZcf_l__f_klhklZ\bfi_jZljbp_c"
G_gZ\b`m`_gsbgZijZdlbq_kdb[_]hfihreZgZi_j_j_abfi_jZlhjmgZ^_ykvhl\e_qvbhiylv
himlZlv_]h_kebgZ^hhgZhiylv\uimklblijhdeylv_bag_]hghg_^ZkljZajmrblv\k_k\hbieZgu
�Gh\b^bfhk_]h^gy[ueg___^_gvbfi_jZlhj^Z`_g_aZf_^ebekykemrZyehj^ZZgd_gZwlhl
gbdh]^Zg_\_ekygZ__h[Zygb_bhgZbkdj_gg__]hg_^hex[eb\ZeZkebrdhfmf_gobs_gb
g_eh]bq_g
Bfi_jZlhjkdZaZe_clhevdhh^ghkeh\h
Ihlhfbg_h[jZsZy[hevr_gZg__\gbfZgbyihr_e^Zevr_^eyg__wlhkeh\hklZehhlfZrdhc
d^_ckl\byfdaZimkdmieZgZjZkkqblZggh]hgZkZfucdjZcgbckemqZcIjb]h\hjhf^ey\k_ck_fvb
bfi_jZlhjZdhlhjucmgbqlh`be\k\h_\j_fy__k_fvx
AjyZ[khexlghkihdhcghijh]h\hjbeZDZljbgZf]gh\_ggh\ay\k_[y\jmdbWlh[ueZkbevgZy
__klhjhgZhgZfh]eZf]gh\_gghkh[jZlvkybgZqZlv^_ckl\h\Zlvohlyihke_^gb_]h^ujZ^bwlh]h
kexglyykljZ^Zxs_]hihk\h_clj_i_lghcmkhir_c`_g__cijbrehkv\u]ey^_lvkeZ[hcb`Zedhc
Dhg_qgh\_^v_fmohl_ehkv[_aaZsblgmx`_gsbgmjy^hfZg_iheghp_ggh]hiZjlg_jZ
AgZqblfZ]bkljg_l\hy[m^msZy`_gZ__[ulug_ihl_ji_ejy^hfgh\k_baaZg__wlhnZdlGm
qlh`_ihkfhljbfdlhdh]hhgZobsghmeu[gmeZkvbihki_rbeZgZqZlv\uihegylv\k_imgdlu
k\h_]hieZgZ_^bgkl\_ggmxkeZ[hklvdhlhjmxhgZk_[_iha\hebeZwlhijbclbihkfhlj_lvgZ
bfi_jZlhjZb_]hih\_^_gb_jy^hfkg_\_klZfbqlh[u\uqbkeblvk\hx`_jl\mBeb`_mkihdhblvky
ohlywlhm`_g_[m^_lb]jZlvgbdZdhcjheb^Z`__keb_ckh\jZebbhgg_kh[bjZ_lkygbgZdhf
`_gblvky\k_jZ\ghklZjmoZijZ\bevghkdZaZeZgZg_chglh`_g_`_gblky:agZqblk^hog_l
\r\r\r
AgZqbl\[_r_gkl\_ihke_jZkkdZaZyqmlvmkihdhbeZkvohlygbdhfmg_ihdZau\ZeZk\h_]h
\heg_gbyghhgh[ueh_^vg_kijZ\vkyfZjdbaZkaZ^Zq_cjZaaZ^hjblvex[h\gbpmbhgZg_gZqg_l
iheghflZdqlh\k_ihieZgmfZjdbaZk^_eZeZ_s_]ehlhdbhlklZ\beZ[hdZeylh`_`^m
ih^jh[ghkl_c
�YjZkkdZ`mghqmlviha`_k_cqZkmgZk^jm]ZyaZ^ZqZ_\mrdbk_]h^gy\_q_jhf[m^_l
h[ty\e_gb_\[ZevghfaZe_\u_kl_kl\_gghlh`_lZf^he`gu[ulvbgbq_fmg_m^b\eylvky\k_b^_l
lZddZd^he`ghb\u\k_agZ_l_ybglhgZpb_c\u^_ebeZ\k_
:fh`_l\ugZfjZkkdZ`_l_\k_qlh[ufulhqghagZeb"hklhjh`ghkijhkbeZbdZ
�Wlh[m^_lebrgbfb\ufh`_l_\u^Zlvk_[y\heg_gb_f_\mrdbihq_fmbagZqZevgh\k_
kdju\Zebqlhmijbgp_kkuEbdb^ZjfZ]Z`bagbZmijbgp_kkubdb^Zjg_djhfZglZ"^_\mrdb
i_j_]eygmebkvghhl\_lbeZ[Z[mrdZ
�Zwlb[he\Zgujh^bl_ebboj_rbebqlhgZjh^fh`_lj_rblvqlhhgbg_jh^gu_bEbaZ\_lZ
h^gmgZ]meyeZb^bhluBdZdyg_h[tykgyeZqlhhgb`_[ebagyrdbbjh^bebkvh^gh\j_f_gghg_l
wlbmi_jebkvg_ihcfmlb\k_\hlbkdju\Zxl;_^gu_^_\hqdbh^gZ]emrbl\k_[_^Zjqlh[u
k_kljmg_ih^klZ\blvZ\lhjZy\hh[s_^Zjhfg_ihevam_lkyqlh[ukemqZcghg_jZkdjulvky;j_^
aZ[hlujh^bl_e_c\qbklhf\b^_
By[ueZZ[khexlghkh]eZkgZkwlhcj_ahexpb_cmfg_cr_c`_gsbgum]h^mfg_gbxdZe_qblv
`bagv^_lyfgZlZdh_kihkh[gulhevdhex[ysb_jh^bl_ebdhlhju_h[_j_]Zxlhlfhe\u:g_\k_eb
jZ\ghohlyyjZkkm`^Zxf_jdZfbh[uqghck_fvbZlmlmjh\_gvBfi_jbblZdqlhfh`_lhgb[ueb
bijZ\u
Kwlbfj_rbeb^_\mrdbymoh`mZ\u]hlh\vl_kvdZdb\ufZjdbaZ
?klv]hlh\blvkyhgbi_j_gyebfZg_jmhl\_lh\fh_]h[ZlZevhgZbymeu[gmeZkvgZ\_jghhgb
lh`_\fh_fe_lmq_f[ZlZevhg_dZd\ijhq_fbfZjdbaZhgZlZf_s_lhl]_g_jZe
=h\hjbfg_[Z[mrdZfg_[m^_lijbylgh^ZbdlhagZ_lhgZaZ]Z^hqghaZfheqZeZZylhevdh
]heh\hcdZqgmeZ\hl`_g_m]hfhggZyg_^h`^zlky
j_f_gbhklZehkvhq_gvfZehbyihki_rbeZdijbgpmfg_hq_gvgZ^hqlh[uhg[ue\ghjfZevghf
khklhygbbbgZq_ieZguijb^_lkydZj^bgZevghf_gylv
�D_]h\ukhq_kl\mf_gyimklbeb[_aijh[e_f\_^vgZ^\_jyoklhyeb^_fhguZgd_gZ^h\_jy_l
Ijbgpe_`ZegZdjh\Zlbmdjulucjy^hfkgbfgZklme_kb^_eZfZlvWevau`_gsbgZ\kemrb\ZeZkv
\^uoZgb_ijbgpZb[ueZhq_gvaZ^mfqb\Z
MkeurZ\rZ]bhgZj_adhih\_jgmeZkvghm\b^_\f_gyqmlvjZkkeZ[beZkvqlh[u\ke_^mxsmx
k_dmg^m\kdhqblvbgZqZlv[eZ]h^Zjblv
FZ]bkljkiZkb[h\Zf\hl`_[eZ]h^ZjblG_ex[ex[eZ]h^Zjghklby\k_]^Zl_jyxkvbg_agZx
qlh]h\hjblvih`ZemcklZdZdlhg_ih^oh^blg_aZqlhg_ijZ\^ZEmqr_ijhklhfheqZlv
DZd_]h\ukhq_kl\h"
u\_klbbakgZ_]hg_fh]mghdh_dZdb_lhdkbgufZ]bq_kdbkfh]eZ\u\_klbgh\hfg_g_lfZ]bb
qlh[uihkfhlj_lvkdhevdhlZf_s_hklZehkvykfhljxlhevdhih_]hajZqdZf^Z^uoZgbxFh`_l
\uihkfhljbl_
Khg\ubg_kgbf_l_wlhy_]hgZeh`beZhgg__kl_kl\_ggucZ\hlklhdkbgZfbbgl_j_kghk_cqZk
]eygm
AgZyqlhl_i_jvbkdZlvyi_j_reZgZfZ]bq_kdh_aj_gb_bijb]hlh\beZkvkdZgbjh\ZlvbiulZlvky
\ulZsblvijhdeylv_Zwlh[uehbf_gghhgh
MijbgpZhdZaZehkvg_lZdh_obljh_ijhdeylv_ZdZdhl]hehkhdfbgmlq_j_a^\Z^pZlvykfh]eZ
iheghklvx_]h\ulZsblvbal_eZiZpb_glZb[jhkblv\[eb`Zcrbcp\_lhdJZkl_gb_g_\u`beh
fhf_glZevghkdhjqbehkvgZqZeh]gblvbfbgmluq_j_a^\_\]hjrd_e_`ZeZdmqZba`b`bdhlhjZy
ijh^he`ZeZ]gblvAj_ebs_lZdk_[_dZdbaZiZo
?s_jZaijhkdZgbjh\ZeZijbgpZbg_gZc^ybke_^ZhlijhdeylvyjZa[m^beZi_j_^wlbf[jhkbeZgZ
g_]hg_[hevrmxke_^bedmqlh[u\kemqZ_\ha\jZlZijhdeylvybeb\ha^_ckl\byihqm\kl\h\Zlv
Ijbgpijbr_e\khagZgb_ju\dhfj_adhhldjue]eZaZbfhf_glZevghhldZlbekygZdjh\ZlbhlgZk
�_fhguqlhkgbo\aylvfg_dZ`_lkyhgbbfZf_jh^ghcg_^h\_jyxl;eZ]hdjh\Zlvh]jhfgZylZf
fh`ghohlv\kxijh]jZffmih]bfgZklbd_^_fhgkljbjh\Zlv^Zg_h^ghfmZdZdfbgbfmf\iZj_
Zr_\ukhq_kl\h"hq_gvohl_ehkv^h[Z\blvqlhlh\klbe_ludZd\Z^_d\Zl_"ghdijbgpZfg_
iheh`_ghlZdh[jZsZlvkyihwlhfm\_`eb\Zyg_^hkdZaZgghklvbhggZdhg_pijbr_e\k_[y
iheghklvx
�Z\ghylml"qmlvojbieh\ZlufhlhkgZ]hehkhfh[jZlbekyhgdhfg_
KijhkblvhggZ\_jgh_ohl_eqlhlh^jm]h_\hafh`ghhk_kljZobbokhklhygbbbebhlhfqlhhg
mki_egZl\hjblvghgZebqb_ihklhjhgg_]hq_eh\_dZ_]hy\ghkfmlbeh
G_kdhevdhqZkh\y\gbfZl_evgh_]hbamqZeZklZjZykvhlke_^blvwfhpbb;_kihe_aghwlhl^_fhg
ohjhrhkh[hc\eZ^__lkh\k_fkdhjh\[ZevghfaZe_h[ty\ylhihfhe\dZo
Fm`qbgZ[jhkbe[_]euc\a]ey^gZagZoZjdmbyihijhkbeZ__\uclbih^h`^Zlv\khk_^g_cdhfgZl_
Gbdlhg_ih]b["Z[khexlghhlj_r_gguf]hehkhfkijhkbehg\hllhevdhaZfZkdhchsmsZehkv
qlhhggZijy`_g\h`b^Zgbbhl\_lZ
k_ijhklh?kebih]b[eZohlvh^gZbag_\_kllhk_]h^gygZwlhf[Zemha\mqZlg_lhevdhbf_gZ
h[jmq_gguoghbijha\mqblhlj_q_gb_hlij_klheZdjhgijbgpZ
G_l\k_`b\uhg\u^hogmebqmlvjZkkeZ[bekyZyj_rbeZg_fgh]hihba^_\ZlvkyaZkem`be]Z^
gh\udZdq_klguc^_fhgl_i_jvh[yaZgu`_gblvkygZlhcdh]h^hfh]Zebkv
HghiylvgZijy]kybf_^e_gghih\_jgmekydhfg_
BdlhwlZ`_jl\Z"
:wlh[m^_lfZe_gvdbfkxjijbahfydh\Zjghmeu[gmeZkvk_]h^gyh[ty\ylh\Zr_cihfhe\d_
iha^jZ\eyx\Zr_\ukhq_kl\hwlhij_djZkguc\u[hj
DhlhjucaZf_gyk^_eZeb\ua\mqbldZdh[\bg_gb_
:jZa\_g_aZwlbf\uf_gygZgyeb"ykfhlj_eZkm^b\e_gb_fdhlhjh]hg_bkiulu\ZeZy\hh[s_
\wlhf^\hjp_\k_[hevr_bkiulu\ZeZh^gh`_eZgb_ihkdhj__hlkx^Zm[jZlvky
YgZgye\ZkaZsblblv^_\mr_dbjZkimlZlvwlh^_ehg_j\gucdZdhc
Wlhylh`_k^_eZeZhklZehkvihcfZlvij_klmigbdZgh\dhgljZdl_ijhibkZgimgdlh\Zr_c
[m^ms_cg_\_kl_
Ih[hevrhfmkq_lmfg_m`_\k_jZ\ghdh]hhg\u[_j_lghl_i_jvwlh^_ehijbgpbiZbg_\Z`ghqlh
yijhZgZebabjh\ZeZ\k_omqZklgbphl[hjZihkfhlj_eZgZ_]hhlghr_gbyd^_\mrdZfHp_gbeZ
[m^msb_jbkdbb\hafh`ghklvijb\yaZgghkl_cbgl_j_ku^ZyijZdlbq_kdb\k_ihklZjZeZkvmq_klv
�^Z`_ih`_eZgbyZgd_gZGZf_gyFboZ\k_wlh\j_fyjZ[hlZelZcghb[_kieZlghohlylmldZd
ihkfhlj_lvylh_fmdZdjZabaZieZqmghg_Bfi_jZlhjkhk\hbfk_f_ckl\hfk_wlb^gby
jZa[bjZxkv\bo]jyabmeZ`b\Zxboijh[e_fubdZdfbgbfmfjZ[hlZxg_ihijhnbexY
?keb\Zkqlhlhg_mkljZb\Z_lmoh`mijyfhk_cqZkghihdhgljZdlm\u\uieZqb\Z_l_fg_\k_
g_mklhcdbkdZaZ\wlhyjZa\_jgmeZkvb[ukljhihreZgZ\uoh^\k_\^mr_dehdhlZehFha]Zfby
ihgbfZeZwlhg_j\ubfZ]bq_kdh_\ha^_ckl\b_ydZkZeZkvijhdeylvybimklvgZf_gyhghg_
i_j_rehghdZiblZevghjZkrZlZeh
YgZmkihdZb\Zckywlhijhklhg_j\u\k_aZdhgqblkylumc^_rvhlkx^Zijbkljhbrv^_\qhghd
aZ[_j_rvp\_lbdZba\_jv_mkljhbrvjZ[hlZlvWevambhl^hog_rvaZjZ[hlZfbKb]bafmg^Z:JbdZg"
LZdsZ]emiu_fukebK_j^p_lufurpZb\k_]hebrvdZqZ_rvdjh\vgbkdZdbfb
ijb\yaZgghklyfblug_bf__rv^_ehEZ^gh_s_fh`_lkJbdZghfihijhsZxkvFukebieZ\gh
ih[_`Zeb\bgl_j_kgmxklhjhgmYm`_^hreZ^h\uoh^Zbaihdh_\ijbgpZihgZkljhbebqlh[u
\uclbgZ^hhlfZoZlvqmlvebg_dbehf_ljhlbaZq_ffg_[_]Zlvlmlih^\hjpmihoh^brvb\k_
rZ]bdhlhju_g_h[oh^bfhkh\_jrblvaZ^_gvaZjZak^_eZ_rv
FZ]bkljf_gy\k_mkljZb\Z_lylZdm\e_deZkvk\hbfbfukeyfbqlhdZdlhmimklbeZba\b^mqlh
nujdgmeZ\ebphijbgpmbjZa\_jgmeZkvbmreZg_djZkb\h
Hlebqghg_h[hjZqb\Zykvijh]h\hjbeZijh^he`Zyb^lbgZ\uoh^lh]^Zh^_\Zcl_kvfu\Zk
`^_f\gZr_c]hklbghc
Q_jlh\Z[Z[ZW^\bgijZ\klZdhc`blvdZ`^uc^_gv[hjhlvkyymkeurZeZwlbkeh\Zm`_
\uoh^y\dhjb^hjBgl_jij_lZpbxwlbokeh\ykeurm\kxk\hx`bagvkebrdhfkbevgZykebrdhf
`_kldZyijyfhh^ghkiehrgh_kebrdhfGZkljh_gb_blZd[uehg_hq_gvZk_cqZkkdZlbehkv\
fbgmk
\r\r\r
Fbkl_jD\bdebk_]h^gy[m^_lh[ty\e_gb_\[ZevghfaZe_ijhke_^bl_qlh[u\k_[ueh]hlh\h
Bfi_jZlhj\ua\ZefZ`hj^hfZijZdlbq_kdbkjZamdZdijbr_edk_[_\dZ[bg_l
Fh]mymagZlvl_fZlbdmh[ty\e_gby^eykha^Zgbyhij_^_e_gghcZlfhkn_jubeb`_wlhg_b]jZ_l
jheb"fm`qbgZij_djZkghagZebijbqbgmk[hjZbgxZgkumg_]hlZdZyjZ[hlZghfZ]bkljq_ldh
ijhbgkljmdlbjh\ZeZ\dZ[bg_l_bfi_jZlhj^he`_gkdZaZlvijhihfhe\db
H[ty\e_gbyhihfhe\dZok^_eZcdZdlumf__rvqlh[umijb^\hjguogZkljh_gb_[ueh
ijZa^gbqgh_dZdbh[klZgh\dZk_lZdbkh[ulb_g_jy^h\h_
Yiha^jZ\eyx\ZkZr__ebq_kl\hfm`qbgZkdehgbekybwlmj_iebdmfh`ghjZkkm^blvih
jZaghfmIha^jZ\eyxk\Zr_cihfhe\dhcbeb`_iha^jZ\eyxkihfhe\dhcgZke_^gbdZ
Gh^ey`_gsbgu\k_wlhijha\mqZehlZddZdb^he`gh[uehhgZ[ueZkebrdhf\a\bgq_gZb
gZ^_yeZkv^hihke_^g_]hbk_cqZkijhkemrb\ZeZwlhldZ[bg_lkp_evxm[_^blvkyqlh__g_
\udbgmebdZdg_gm`gmx\_svghg_l\jmdZo\eZklvbfmsbo\k_lhevdh\_sb
HgZhldexqbeZdjbklZee_s_fbgmlmkfhlj_eZ\hdghZihke_jZa\_jgmeZkvbgZijZ\beZkvgZ\uoh^
hgZg_^Zklh[ty\blvhihfhe\d_bgZq_m`_gbq_]hg_evay[m^_lbkijZ\blvOhlyblZd\k_jmrblky
ZagZqblf_klvbihjlZeih^Zevr_hlkx^Z\]hlh\h_f_klh]^_hgZ[m^_l`blvi_j\h_\j_fybgZ^h
aZf_lblv`blvg_[_^ghhgZ^eywlh]hljm^beZkv:ihlhfp_ihqdZihjlZeh\bgh\Zyebqghklv
\hafh`gh^Z`_k_fvxaZ\_^zlbeb`_ijhklh[m^_l`blv\k\h_m^h\hevkl\b_
\r\r\r
Ihdhjb^hjmyijhfqZeZkvdZdlZcnmge_l_eZdk_[_\dhfgZlm]^_f_gy`^ZeZWevaZba\_jv_hgZ
m\b^_eZ\u^hogmeZmeu[gmeZkvbgZqZeZ[helZlv
�mrgZoh^m[jhkbeZygZqbgZyjZa^_\Zlvky_s_ih^hjh]_\\Zggmx\j_f_gb\h[j_a
ijb]hlh\vq_jgh_ieZlv_bahl^_evgh]hq_oeZb\k_Zljb[mludhlhjh_e_`Zl\f_kl_kgbf
IhgyeZdhn_b[ml_j[jh^gZklhe_yaZdjueZkv\\Zgghcwlhg__^Zba^_\Zl_evkl\hgZ^
hj]Zgbafhf[m^_ldZdkd_e_luom^hcblZdhc`_\j_^ghcdZd\uFhj^mk\hxih^\bgvkeurZe
hgZgZ^_g_l^jm]h_QlhaZieZlv_"
�_\mrdZ[ukljhm[jZeZlhqlhm`_ijb]hlh\beZb^hklZeZq_oheiheghklvxaZdjulucklhbeh_cd
g_fmijbdhkgmlvkybijh[_`ZebbkdjujZaj_rZxsb_hldjulvaZfhdb^bfh^hwlh]hgZg_f[ueZ
aZsblZKhiZkdhcaZ]eygmeZ\gmljvh[uqgh_ieZlv_ijhklh_KljZgghghklhbeh^hklZlvieZlv_b
iheh`blvgZdjh\ZlvdZd^_\mrdZaZf_lbeZhlebqbywlh]hieZlvyhlex[h]h^jm]h]hDZdfbgbfmf\
lhfqlhwlh[uehg_kh\k_fieZlv_x[dZkhklhyeZbahq_gvrbjhdbo[jxdk\_jomfZkdbjmy[ueh
djm`_\hb_]h\b^bfhfh`ghh^gbf^\b`_gb_fkgylvFZl_jbZehdZaZekyhq_gvijhqgufbqmlv
f_jpZxsbfaZ[bjZygZk_[y\gbfZgb_hldjhywlh]hieZlvy_jok^_eZg\\b^_klhcdbih^]hjeh
jmdZ\Z^ebggu_hq_gvg_h[uqgh_ieZlv_
Wlhki_pbZevgucfZl_jbZeiexkfZ]bq_kdbaZqZjh\ZggucfZ]bkljklhyeZ\^\_jyo\h^ghf
ihehl_gp_bkfhlj_eZgZWevamdhlhjZygZofmjb\rbkvqmlvebg_gxoZeZieZlv_
HgZg_klZeZ^h[Z\eylvqlhaZqZjh\u\ZebfZkl_jZg_wlhc=jZgbbqlhwlhieZlv_fh`_l\u^_j`Zlv
ihiZ^Zgb_ijyfh]hfZ]bq_kdh]h\ha^_ckl\byZg_dhlhju_hgh_s_bhljZabl\gZiZ^Z\r_]hWlh
ieZlv_dZddhevqm]Zgh^eyfZ]h\djhf_wlh]h\g_fklhevdh\rblhk_dj_lh\bf_ehq_cdhlhjufb
ihevamxlkylhevdh\_^vfuqlhbi_j_qbkeblv[m^_lijh[e_fZlbqgh
u]hlh\bl_kvd\hcg_hq_gvkihdhcghaZf_lbeZ^_\mrdZ
Dh]^Zohq_rvfbjZ\k_]^Zgm`gh]hlh\blvkyd\hcg_yijhreZ\]Zj^_jh[gmxb[ukljhgZ^_eZ
gb`g__[_ev_ihke_q_]hh[eZqbeZkv\k\h_jZ[hq__ieZlv_
Yb^mk\Zfb
hlwlhih\hjhlijh[hjfhlZeZygZ^_\Zydjm`_\hdhlhjh_^Z`_gZdhg_qgbdklj_eug_ijh[v_l
dZd\ijhq_fbgh`
�Ylmlg_hklZgmkvagZyqlhgZ\Zkfh]mlihdmrZlvkyfukha\_jv_fb^_fZ"wlhhgZm`_
a\_jvxdhlhjh_ih^rmfhdijh[jZehkv\dhfgZlmbagZ_l_qlhwlb[_kkh\_klgu_gZqZebdb\Zlv
k\hbfb]heh\Zfbkh]eZrZykvkg_cAZ]h\hjYihc^mdZdihfhsgbpZijbkfhljxaZ^_\mrdZfb
ijhrmhgZkeh`beZjmdbfhebl\_gghb\]eZaZoaZ[e_kl_ebke_auf_gyjZa\h^ylby\_^mkv
Ml_[yiylvfbgmlgZ^_g_rvwlhbaijhkljZgkl\_ggh]hdZjfZgZy^hklZeZieZlv_b\kmqbeZ_]h
^_\mrd_
WlZg_m]hfhggZyfhf_glZevghi_j_h^_eZkvY_s_i_jqZldbgZ^_\ZeZdjm`_\gu_ZhgZm`_klhyeZ
iheghklvx]hlh\Zybhq_gv[ukljhi_j_ie_lZeZk\hxijbq_kdmiZjZee_evghqmlvih^djZrb\Zy
]m[uZkjjuo_c\am[Zokdh\hjh^dmih^Z\Zewlhg_qlh
Wlhhjm`b_aZf_lgh_klZjZykvgbdZdg_\u^Zlvk\hbowfhpbckihdhcghaZf_lbeZy
�_\mrdZly`_eh\a^hogmeZb\kmqbeZkdh\hjh^dmh[jZlgha\_jxlhlmdhjbag_gghgZf_gy
�ihkfhlj_e\k_fk\hbf\b^hf]h\hjydm^Zwlmg_fhqv[_ahjm`by_ckl\bl_evgh
:fme_lgZr_x[jZke_lgZjmdmdhevphgZiZe_p\kemqZ_hiZkghklbZfme_lk`Zlvblu
i_j_g_k_rvkydhevphkha^Z_lsbl[jZke_lwlhhjm`b_kgyeZb\jmdZoml_[yijbebqgZy^m[bgdZ
lhevdhgZ`f_rvgZ\hlwlhl\uklmiIhgyeZ"
`_db\gmeZ
GZ\uoh^
Jjjj"
uhklZ_l_kv
JjjuuuuijhklhgZebhgb\hlq_klgh_s_bfhj^ug_kqZklgu_k^_eZebZg_dhlhju_ih^hreb
bf_gyaZgh]mh[o\Zlbeb
Gh[m^_l_gZkljZ`_dhfgZlmyhklZ\exhldjulhc_kebihgZ^h[blky\uijb^zl_gZ\ujmqdmba
f_gyk_]h^gy\k_\vxl\_j_\db
Y\ureZ\dhjb^hjqlh[uaZclb\h[smx]hklbgmx]^_f_gym`_`^Zebg_\_klu:djhf_gbolZfk
meu[dhcaf_b\p_glj_kb^_eZDZljbgZbihfZob\ZeZg_[hevrbf`_aehf\gZdhg_qgbd_dhlhjh]h
f_jpZedZf_gv^mrKbevg_crbcZjl_nZdlZkqblZehkvqlhhgml_jyg\b^bfhg_dZq_kl\_ggh_]h
ihl_jyebjZahgZgZreZ
FbeZyfum`_aZ`^ZebkvhgZdZjlbggh\afZogmeZ`_aehfZmf_gyk_j^p_ijhimklbehm^Zj
\_^vfZoZeZhgZg_\fhxklhjhgmZ\klhjhgm^_\mr_ddhlhju_dmqdhckb^_ebk[hdmhlg__

AgZ_l_dZd]h\hjylijhkmfZkr_^rbo"Qlhhgb]_gbZevgu\k\h_fkmfZkr_kl\bbYkfhlj_eZgZwlm
`_gsbgmbihgbfZeZhq_\b^gh_hgZ]_gbZevgZAZklhevdhe_l\l_j_lvky\^h\_jb_dkbevg_crbf
�^_fhgZfbfi_jZlhjmgZqZevgbdmkem`[u[_ahiZkghklbZqlhlZf^_fhgZfhgZ\_^v[ueZemqr_c
ih^jm]hcBfi_jZljbpu:`_gsbguhgb[he__qmldhqm\kl\mxlnZevrvHgZijh[beZkv\ihkl_evd
bfi_jZlhjmbfh`_l[ulv_keb[umg__[uehqmlv[hevr_\j_f_gbhgZklZeZ[uke_^mxs_c
�Bfi_jZljbp_ceylh]h_cdhg_qghgZ^h[ueh[um[jZlvdjhgijbgpZijbgp_kkb_s_dmqmgZjh^Z
qlh[ugZ\_jgydZghhgZ[ukfh]eZk`_aehf^mr
�AZgylgZy\_sbpZwlhl`_aeZ\gh^hdZaZghqlhmfbjZy\h^ghc=jZgbfuhklZ_fkya^_kv`_bkh
\j_f_g_fi_j_jh`^Z_fkyZ\hlwlhl`_aem[b\Z_lkZfm^mrmg_^Z\Zy_c\hafh`ghklb
i_j_jh^blvky=h\hjyl_]hbagZqZevghkha^ZebdZdkbf\heijZ\hkm^bybbkihevah\Zebih
gZagZq_gbx\k_]hg_kdhevdhjZaZlZd^Z\Zebij_klmigbdZfrZgkbkdmiblvk\hb]j_ob\ke_^mxs_c
`bagbIhlhf`_ae[ueml_jygb\hlhg\jmdZomwlhc`_gsbguBbalh]hkdZdhce_]dhklvxhgZ
bffZr_lbdZdihklmdb\Z_lbffh`ghk^_eZlv\u\h^qlhhgZ_]hm`_^_j`ZeZ\jmdZob^Z`_
bkihevah\ZeZ\_^vbgZq_hgZ[u[hyeZkvk^_eZlvebrg__^\b`_gb_GhhgZagZ_ldZdbfmijZ\eylv
Z\hlwlhm`_g_hq_gv
Mfgh[uehih^dZjfeb\Zlvijhdeylv_Bfi_jZlhjZbl_fkZfufkihfhsvxg_]h\uihegylv\kx
q_jgh\mxjZ[hlmy\ayeZk_[y\jmdbijhreZbk_eZgZijhlb\g__\gbfZl_evghkfhljy_c\]eZaZ
:lu^Ze_dhaZreZhklZevgu_^Z`_g_^h]Z^u\ZebkvhijhdeylbbhgZmeu[gmeZkvijh^he`Zy
f_gyjZkkfZljb\Zlv
L_[_gZ\_jghkf_rgh[uehb]jZlvkgbfbagZyqlhml_[y_klvZeb[bZqlh[ugZljZ\blv
ijhdeylv_\k_]hlhbgm`ghDklZlbZqlh[uehgm`gh"kZfh_]eZ\gh_g_ihdZau\Zlvk\hckljZo
Z]h\hjblvkg_cdZdgb\q_fg_[u\Zehlygmlv\j_fy
HgZihf_^ebeZijbdb^u\ZyjZkkdZaZlvbebg_lGh\hlhgZgZqbgZ_l]h\hjblvagZqbl\`b\uog_
ieZgbjm_lhklZ\eylvbeb`_mg___klvimlbdhlklmie_gbxb_c\k_jZ\gh[m^_ldlhlhagZlv
ih^jh[ghklbbebg_l:iho\ZklZlvkyohq_lky\_^vhgZlZdZyh^gZ
fg_ih]h\hjblvhgZlZdmeu[gmeZkvqlh^Z`_kfhlj_lv[uehg_ijbebqghfuih]h\hjbebb
i_j_kiZeb?kebl_[_^_fhg[m^_llj_iZlvijhex[h\vb\u[hjijhlhqlh_]hkmsghklvl_[y
ijbagZeZg_\_jvEbaZ\_lmlh]^Zlhevdh\kde_i_aZdjuebZhgm`_khfghc\k_kfh]
Q_f^Zevr_l_f\k_f_gvr_fg_gjZ\blkygZrBfi_jZlhj\_^v_kebkm^blvh[t_dlb\gh\k_baaZ
g_]hb_]hijyfhlZdblZeZglZkiZlvg_kl_fb`_gsbgZfb
Ihke_kemqb\r_]hkyhggZqZekZfh[bq_\Zgb_bhl\kie_kdZlZdbojZaguowfhpbc_]hgZdjuehY
e_`ZeZgZdjh\Zlbhgkb^_egZdjZxdhfg_kibghcihlhfhlg_]hhl^_ebehkvg_qlhq_jgh_b
j\Zgmehdhfg_Y`_\uklZ\b\sblhllhedgmeZZihlhffg_klZehbgl_j_kghby[jhkbeZ\wlh
g_qlhwg_j]b_cLZdgZqZehkvfh_dhjfe_gb_kmsghklbijhdeylvyy`_]h\hjxhgZ
kmfZkr_^rZyijbq_f_cg_o\ZlZ_l^ujy\h]hoZeZlZbeZ[hjZlhjbbhgZ[uhlebqghkfhlj_eZkvk
]hjysbfb]eZaZfbb^bdbfbwdki_jbf_glZfb
Lu\uykgbeZdlhbaZqlhgZeh`begZg_]hijhdeylv_"fg_bgl_j_kghkdhevdhmg__bgnhjfZpbb
?kl_kl\_ggh_s_\i_j\u_^gbhgZmfgZijyfhih^hajbl_evghdZd[m^lh\g_cg_kdhevdh
kmsghkl_cbh^gZbagbokfm`kdbffha]hfb\a]ey^hfgZkblmZpbb
hlk_cqZki_j_^hfghclbibqgZy`_gsbgZijbreZjZa[bjZlvkykkhi_jgbp_ckb^blo\ZklZ_lky
dZjlbgghfZr_l`_aehfZ^hwlh]hhgZ^_ckl\h\ZeZq_ldhbihieZgm[j_^dZdhclhBeby\k_
ijb^mfu\Zx"
Kf_jlvBfi_jZljbpul\hbojmd^_eh"yagZeZghfg_gZ^h[ueh__ijbagZgb_
Wlh[uehg_keh`gh\_^vy[ueZ__^h\_j_ggufebphfZdjhf_wlh]hfZ]`bagbke_^ysbcaZ__
[_j_f_gghklvxhdhlhjhchgZg_]h\hjbeZk\h_fmfm`mKxjijbaohl_eZk^_eZlvhgZ
jZkohohlZeZkvihlhfj_adhh[hj\ZeZkf_ob\u^ZeZmfgmxfukev^mjZ?cgm`gZ[ueZhojZgZb
moh^ghhgZlygmeZ\k_fhf_glZ`^ZeZZfg_wlhlj_[_ghdkebrdhff_rZehkh[_gghdh]^Zy
kfh]eZijhkdZgbjh\Zlvbhij_^_eblvihefZevqbdkwlh]hfhf_glZy__ijb]h\hjbeZ
Gh\__kf_jlbl_[yg_ih^haj_\Zeb
W^\bgg_ldhg_qgh\_^vym_oZeZ\bf_gb_gZg_kdhevdh^g_cbijbfqZeZkvqlh[ukiZklb
ih^jm]mBg_kfh]eZhgZ\ul_jeZieZlhqdhf]eZaZdkeh\mkmob_gh`_klihdZaZeZ
&#xb^;¿&#xh;&#xg;&#x_d;&#xhl;&#xhj;&#xu_;&#xg;&#xZ;&#xg_;&#x]h;&#xh;&#xq_;&#xgv;&#x^;&#xZ`;&#x_;Þ&#x_;&#xZe; ;&#x;&#xg;&#xh;&#x[u;b;&#xm;&#xi_;&#xjl;&#xu_;&#x;hljZ[hlZgguc]h^Zfbb^bfhg_dhlhju_gZg_]hhq_gv^Z`_de_\Zebgh[uebbmi_jlu_Zgd_g
\k_dhiZebdhiZe^Z`_ih^mfu\ZeZ_]hm[blvghhgkebrdhfobl_jbkbe_g
��Z`_]hj^hklvaZJbdZgZ\ayeZ\hgdZd_]hkmfZkr_^rZyhp_gbeZ_\qhgdb^Z`_^urZlvklZjZebkv
q_j_ajZa[hykvi_j_\_klbgZk_[_\gbfZgb_DZljbguyih]ey^u\ZeZbkdhkZihgbfZyqlhg_fh]m
ijb^mfZlvdZd\u\_klbbo[_aihke_^kl\bchlkx^Zb]eZ\gh_[_a`_jl\
Lh_klv\k_l\hbklZjZgbyjZ^bf_klZBfi_jZljbpu"\urehhq_gvij_g_[j_`bl_evghghy
ijZ\^Z^mfZxqlhwlh[j_^hldlhlZd[m^_lgZijy]ZlvkyjZ^blblmeZ"Ohly_klv`_l_dlh
klZjZ_lkyjZ^b^_g_]b\eZklb\b^bfhbhgZbagbo
�ZqlhluihgbfZ_rvaZhjZeZDZljbgZj_adhgZdehgyykv\i_j_^dhfg_wlhg_hq_gvohjhrh
hgfg_`bagvkehfZe_kebhgZk_cqZkkdZ`_lqlhwlhbfi_jZlhjy_]hkZfZigm
Hghl^ZeijbdZagZmgbqlh`_gb_g_aZohl_e^mfZlvbihgbfZlvqlhm[b\Z_l\_ebdh]hmq_gh]h
qlhaZ"
hl[ubm[b\ZeZ_]hlboh[mjdgmeZKhnbyq_f\ua\ZeZih\ur_ggucbgl_j_kdh\k_f
^_\mrdZf
kebrdhfijhklhM[beZhg[ui_j_klZefmqblvkyg_lhg[m^_l`blvl_jylv[ebadboagZlvqlhba
aZg_]hih]b[ebg_\_klukugZihl_jy_l\hafh`ghklvi_j_^ZlvgZke_^b_k\h_fmkugmm\b^bldZd
]b[gml^hq_jbi_j_^wlbfaZ]b[Zykv\g_kqZkleb\uo[jZdZo[eZ`_gkl\hHg[m^_lf_gy
[h]hl\hjblvijZ\^Zkh\k_fg_^he]hAgZyqlhyih^ZjbeZ_fmkugZdhlhjuc\ha]eZ\blBfi_jbx
JZkk\_lh\Zihlhfy_]hm[vxbij_^Zf_]hbfyaZ[\_gbxhgZi_j_qbkebeZ\k_lZddZd[m^lhwlh
kibkhdihdmihd\fZ]Zabg_
Lh_klvfhxk_kljmJhamgZijhrehfhl[hj_m[beg_ijbgpZlu"dZdbflhhq_gvkljZrguf
]hehkhfkijhkbeZDbjbgZ
DZljbgZhkfhlj_eZ__kgh]^h]heh\ugh\k_`_hl\_lbeZ
L_ogbq_kdb__m[behijhdeylv_k_fvbMwevkdboZijZdlbq_kdb^Zy\uimklbeZ_]hGhqlh[ueh
^_eZlv\_^vWjbdkh[bjZekyk^_eZlvwlml\hxJhamk\h_c`_ghcmgbolZflZdZyex[h\v[ueZ
hgZij_g_[j_`bl_evghmeu[gmeZkvghy\wlhlfhf_glg_hlju\ghke_^beZaZDbjbghc
Bg_ajy\hlhgZ[e_^g__l\hlkm^hjh`ghk`bfZ_ljmdb\dmeZdbijyqZbo\kdeZ^dZoieZlvyqlh[u
\ke_^mxsbcfhf_gl\u[jhkblvjmdm\i_j_^kaZ`Zluc\g_cb]ehcG_kdeZ^gu_kd_e_luDZljbgZ
hdZau\Z_lkylh`_\gbfZl_evghke_^beZaZ^_\mrdhcqlh[u\kemqZ_ihiuldbgZiZ^_gbym^Zjblv\
g__emqhfba`_aeZ
&#xk_;&#xi;&#xjh;º&#xhr;&#xeh;&#x;&#xh;&#x^g;&#xh;];&#xgh;&#x_g;&#xb_;&#x;&#xy;&#xaZ;&#xhj;&#xZe;&#xZ;&#x_`;&#xZl;&#xv;&#x;&#x[Z;&#xlZ;&#xev;&#xhg;&#x;&#xih;&#x^q;&#xbg;&#xyy;&#xkv;&#x;&#xjm;&#xog;&#xme;&#xg;&#xZ;&#xih;�k_ijhbahreh\h^ghf]gh\_gb_yaZhjZeZE_`Zlvb[ZlZevhgih^qbgyykvjmogmegZihebZgZ
k[beZDbjbgmbmiZeZ\f_kl_kg_cemqijhr_efbfhihkdhevdm_s_bym^ZjbeZihDZljbg_lvfhc
hgZg_ihiZeZih^_\mrdZfB]eZDbjbguhpZjZiZeZjmdmDZljbg_ghg_agZqbl_evgh
HgZnmjb_cjZa\_jgmeZkvdhfg_bihiulZeZkvm^Zjblv`_aehf\f_gyghy[ueZgZklhjh`_gZm^Zj
ie_ldhcbalvfub`_gsbgZ\kdjbdgm\jhgy_l`_ae
aylvqlhaZ"
WlhhdZau\Z_lkyWevaZkdhfZg^h\ZeZh^ghfmbafhbomf_jl\bcbwlhqm^hihfqZehkvko\Zlbeh
`_aedZdiZehqdmbmeu[ZykvkdZqdZfbdZd^mjZrdZihfqZehkvqlh[uijbg_klb^_\mrd_LZg_
�jZkl_jyeZkv\uo\ZlbeZ`_aegh_kl_kl\_gghZdlb\bjh\Zlvg_kfh]eZZ_]h^Z`_yg_kjZamkfh]m
Zdlb\bjh\ZlvgZ^hgZkljhblvih^k_[yjZah[jZlvkyqlhdq_fmZwlh\j_fyWevaZ\b^bfhqlhlh
lZdh_`_ih^mfZeZihlhfmqlhko\ZlbeZ`_aebih[_`ZeZaZg_cihiylZfihfqZekykdZehjue
b]jZ_lky
KlhclmiZyq_eh\_qdZZ\hlhkdhj[eylvex^_cg_klhblmf_gyih^jm]ZgZiheh\bgmq_eh\_db
^jm]q_eh\_d^ZbihfhsgbpZmf_gyqm^_kgucq_eh\_d
Ykh[jZeZlvfmbgZhlfZrvm^ZjbeZih`_gsbg_lZ\ihke_^gbcfhf_glkfh]eZqmlvqmlv
m\_jgmlvkyihwlhfmg_me_l_eZq_j_a\kxdhfgZlmghoe_kldbcm^ZjihemqbeZdhlhjucjZkkzd_c
]m[mbdZiblZevghihehkgmeihr__be_\hfmie_qmkjmdhcHgZaZrbi_eZjZkk_j`_gghcdhrdhcb
m^ZjbeZ\f_gy^bdbffbdkhfba`b\hcbf_jl\hcfZ]bbwlh`_g_\hafh`ghyg_kfh]ZgZkljhblv
sblihwlhfmlvfZih]ehlbeZlhevdhh^gmkhklZ\eyxsmxm^ZjZ:yihemqbeZm^Zj\]jm^v
ihdZqgm\rbkviulZeZkvk^_eZlv\^hobihgyeZm`Zkgh_hgZgZf]gh\_gb_hklZgh\beZfh_k_j^p_
khagZgb_gZqZehfmlblvky kiZkb[hkbe_g_djhfZglZfumfbjZ_fg_kjZamZ_s_g_kdhevdhfbgml
^Z`_ihke_kf_jlbihgbfZ_fqlhijhbkoh^bl\fIhdZyiulZeZkvbaihke_^gbokbeZdlb\bjh\Zlv
lvfmbaZimklblvk\h_k_j^p_hlkqblu\Zyihke_^gb_k_dmg^u\f_gyijbe_l_e_s_h^bgm^ZjfZ]bb
`bagbhq_gvkeZ[_gvdbcghk_cqZk`bag_gghg_h[oh^bfucK_j^p_f_^e_gghklmdgmehqlh[uijb
DhgqZcijbdb^u\ZlvkylufZ]bkljKf_jlbbebaZoe_[hflml\ureZjZafZ`vwlml\Zjv
DZdkdZ`_l_[Z[meyZ^j_gZebgaZrdZeb\Ze\djh\bfg_klZehg_hijZ\^Zgghkf_rghGZ^h
[m^_lihlhfijbgp_kk_Ebd_kiZkb[hkdZaZlvihlhfmqlhwlhbf_gghhgZbaaZ^\_jb[jhkbeZ\f_gy
fZ]bx`bagbblZdb^ZhgZ[m^_lmqblvky\:dZ^_fbby^he]h\g_aZ[u\Zx
dhfgZl_kebrdhffgh]hgZjh^myg_fh]m\uimklblvlvfmg_ihegmxbdhgljhebjh\Zlv__hgZ
fh`_laZp_iblvex[h]hZihdZ\ijhlb\gbdZomf_gylhevdhh^gZ`_gsbgZhq_gvlZeZgleb\Zyd
keh\mbkbevgZylh`_hq_gvQlhdjZcg_ih^hajbl_evgh:dZd`_j_iebdbqlh\wlhc=jZgblhevdh
^\ZfZ]bkljZg_djhfZglbbbh^bgk_cqZkh]j_[ihkZfh_g_[Zemcky
AZkibghc`_gsbguhldjuekyihjlZebyihklZjZeZkvgZk_[yhl\e_qv__\gbfZgb_gZghky[uklju_
ghg_kbevgu_m^Zjulvfhcijbwlhfie_lyaZdebgZgb_qlh[uhimlZlv__:dZdhimlZlvfZ]b_c
g_djhfZglZlmqlh\iblu\Z_lwlmkZfmxfZ]bxijZ\^ZihgyeZywlhg_kjZamlhevdhm\b^_\qlh
ihke_hq_j_^gh]hfh_]hkbevgh]hm^ZjZkbevg__b^_l__hl`_iby\dZ
BaihjlZeZ\ukdhqbeZ]jmiiZaZo\ZlZ\h]eZ\_kJbdZghfmdhlhjh]h[uehhq_gva\_jkdh_\ujZ`_gb_
ebpZY^Z`_qmlvaZigmeZkv^mfZyhgkemqZcghg_gZf_gyebk_j^blkyijhklh_kebgZf_gylhy
b^m\aZeh`gbdbdfZgvyqd_bk\Zeb\Zxhlkx^Z?]hdhfZg^ZjZ[hlZeZq_ldhbdZdf_rdbk
dZjlhrdhc\ihjlZeaZdb^u\Zeb^_\mr_dKiZkb[hfhcohjhrbc^h]Z^Zekyqlh^jZlvky\ihegmx
kbemdh]^Zluih^^_j`b\Z_rvsblijbq_fg_\b^bfucgZ^\k_fbdjZcg_mlhfbl_evghKZf`_
JbdZgihiulZekygZg_klbm^ZjDZljbg_ghg_\urehhgg_kfh]^Z`_ijb[ebablvky
;_jmk\hbkeh\ZgZaZ^g_lZdhgbmf_gjZag_^hhp_gb\Z_lkhi_jgbdZy[ueZkg_ckh]eZkgZajy
hgb^mfZebqlhDZljbgZg_\b^bl\gh\vijb[u\rbog_lhgZiha\hey_lm\_klbhlkx^Zlyg_l
�\j_fyeyq_]h"
JbdZg]^_ijbgpkBfi_jZlhjhf"hggZf]gh\_gb_hklZgh\bekyij_djZsZyijh[b\Zlvdmihe
dhlhjuchdmlu\Z_l`_gsbgmb\b^bfhihiulZekyk\yaZlvkyghihk`Zluf]m[Zfbf]gh\_gghfm
m^b\e_gbxyihgyeZhq_\b^gh_k\yabkgbfbg_lGZc^bbo
HgaZf_rdZekykfhljyfg_\]eZaZG_ohq_lhklZ\eylv[hblkyqlhyfh]mihkljZ^ZlvgZwlhb[ue
jZkq_lgZiZ\rbo bofgh]hym\_j_gZ\fgm`_fhcohjhrbc^h\_jvkyfg_bih\_jv\f_gybgZq_fu
g_kfh`_f[ulv\f_kl_lhevdh^h\_jb_
hlhgijbdju\Z_l]eZaZdb\Z_lbhl^Z_ldhfZg^mgZg_ihgylghfyaud_ihke_q_]h\ky]jmiiZ
aZo\ZlZmoh^bl\ihjlZeZbadhjb^hjZymkeurZeZ\hafms_gb_[Z[meb\b^bfhbolh`_ijbo\Zlbeb
hlebqghIhb]jZ_f
BadhfgZlu^bdhjuqZ\[_`ZeZgljhaZc^g__kl_kl\_ggh\[_`Ze
hllubijb]h^bekyM[_c__hl^ZeZijbdZaDZljbgZbfukhjZg]mlZg]hfi_j_]eygmebkv
m^b\e_gghmf_jl\b_y\gh[ueh\rhd_hldhfZg^u:yhlgZ]ehklbhgZfh_cg_`blbijbdZau
hl^Z_l"Kh\k_fkh\_klvihl_jyeZ
L_[yqlhbfi_jZlhj]heh\hch[kibgdmdjh\Zlbkbevghm^Zjbe\ihju\_kljZklb"y^Z`_aeblvky
i_j_klZeZyijhklhhi_rbeZ^Z\=jZgb]^_ijZ\blfZ]byb_klvg_djhfZgluwlhg_\hafh`gh
�ZdZdZylZfkljZklvhgZfZogmeZjmdhci_gkbhg_jublhbgl_j_kg_c\_k_eylkyy_c^Z`_
ihkhqm\kl\h\ZeZgZf]gh\_gb_ghlmlaZjuqZeZfhy^_\hqdZbijb`Z\djuevyijbiZeZdihem
G_m`_ebmf_gyg_ih^qbg_ggZyg_`blv"
?_kha^Zefhchl_paZdj_ib\\k_gZk\h_cdjh\bZagZqblbgZfh_clZdqlhl\h_ih^qbg_gb_[j_^
[ujZkl_jaZeZl_[y\hkg_ghwlhkebrdhfijhklhhgZmeu[gmeZkvmeu[dhc^_\hqdbiZbgvdbZm
f_gykeh`bekyhdhgqZl_evghiZaeHgZ^hqvr_\Zev_FhgkZg_djhfZglZijh\h^b\r_]hhiuluk
`b\hcfZl_jb_ckha^Z\r_]hgh\u_\b^ug_`blb
WlhaZhlpZlufklbrvBfi_jZlhjm"lZd^eykijZ\db
�Zdhjhldhhl\_lbeZhgZghihlhfh[tykgbeZ[he__ih^jh[ghmf_gy[ueZfZlvdemrZb
]_gbZevguchl_pbf_gghhgg_^ZefZl_jb[jhkblvhlqbfZbebrblvf_gylblmeZbgZke_^kl\ZHg
k^_eZe\k_qlh[uy[ueZkZfhckbevghcbg_mya\bfhchgmqbef_gyhg[ue^eyf_gy\k_f:ihlhf
wlhlhl^ZeijbdZab_]hijbaZ^_j`Zgbbm[bebgZfhbo]eZaZoHl_pbih]b[ihlhfmqlhm\h^be
hlf_gygZiZ\rbobhl^Ze`bagvaZf_gyByaZ[bjZeZ`bagb\k_odlh\wlhfmqZkl\h\ZeJZahj\b
__gZqZklbih\lhjbeZhgZijbdZabhjZg]mlZg]judgm\dbgmekygZf_gy
Y^hihke_^g_]hf]gh\_gbyg_\_jbeZ\wlhBg_ajymf_jl\b_h^gbfkdZqdhfijhfqZeZkvfbfh
f_gybdbgmeZkvgZ`_gsbgm:y\u^hogmeZg_lyg_[hyeZkvijhklhg_ohl_eZjZgblvlh]hdh]h
kqblZeZk\hbfa\_j_f`Zedh\_^v^Zbg_ijZ\bevghwlh:\hll_i_jv\k_ijZ\bevghgblb
ih^qbg_gbyohlvbg_h[uqgu_gh[uebfhbgZg_fZg_djh\gZyk\yavwlhck_f_cdb
DZljbgZh^gbfm^Zjhfkg_keZmf_jl\b_ghhgZ\\ha^mo_jZa\_jgmeZkvaj