Май_-_Жут.PDF


Чтобы посмотреть этот PDF файл с форматированием и разметкой, скачайте его и откройте на своем компьютере.
DGYBZHVWHUQ
$XWKRU,QIR
DZjeFZc
@ml
DZjeFZc \fihke_^gbc\_ebdbcfbklbdg_f_pdhcebl_jZlmju^hk_]h^gyrg_]h^gy
hklZ_lkymk_[ygZjh^bg_\=_jfZgbbh^gbfbagZb[he__qblZ_fuoZ\lhjh\k_k\hbijhba\_^_gby
hggZibkZekb^y^hfZgh\hlm`_g_kdhevdh^_kyldh\ihdhe_gbcqblZl_e_cg_hklZ\eyxl
jZ\gh^mrgufb\ur_^rb_baih^_]hlZeZgleb\h]hi_jZh[jZau]hj^uo[_kkljZrguobg^_cp_\lZd
g_hljZabfhku]jZgguo=hcdhFblbq_f\wdjZgbaZpbyojhfZgh\DFZy
Kh[jZgb_khqbg_gbc\dexq_gug_lhevdhba\_klgu_jhfZguibkZl_eyghbijhba\_^_gby\i_j\u_
i_j_\_^_ggu_gZjmkkdbcyaud
^\_gZ^pZluclhfKh[jZgbykhqbg_gbc\hr_ejhfZg@mlJZkkdZaqbdih[u\Z\rbc\:f_jbd_b
ohjhrhagZxsbch[uqZbbg^_cp_\hdZau\Z_lkygZfmkmevfZgkdhfhklhd_wlhfijhba\_^_gbb
m^b\bl_evgufh[jZahfkhq_lZxlkyljbfbjh\haaj_gby_\jhi_cp_\ZjZ[h\bdhj_gguo`bl_e_c
:f_jbdb
DZjeFZc
@ml
=eZ\Z
O:E?NHI:KGHKLB
GZr_iml_r_kl\b_ih\b^bfhfmih^oh^behddhgpmh^gZdhaZdexqbl_evgZy_]hqZklvh`b^ZeZkv
kZfhcly`_ehcLjm^ghklbh[tykgyebkvhlqZklb[_a^hjh`v_f\_^vi_j_^gZfbijhklbjZebkv]hju
kdZeu^hebgums_evy^j_fmqb_e_kZb[hehlZdhlhju_g_lZde_]dh[uehfbgh\ZlvhlqZklb`_
gZrbly]hluijhbkl_dZebbalh]hqlhieZgudhkms_kl\e_gbxdhlhjuofuklj_fbebkv[ueb
[ebadbdk\_jr_gbxqlhhq_\b^ghlj_[h\ZehhlgZk[hevr_]hgZijy`_gbybfh]eh\\_j]gmlv\
[hevrb_[_^uq_fij_`^_
GZrijh\h^gbdBkjZ^hdZaZeky[hcdbffZeufHgjZkkdZau\ZegZfbgl_j_kgu_wibah^ubak\h_c
`bagbbaZ[Z\ghhibku\ZekljZgmb__`bl_e_clZdqlhgZfg_ijbrehkv^mfZlvhlhfdZdkdhjhlZlv
\j_fy
�hebgZFmklZnZijhkeZ\e_ggZyk\hbfieh^hjh^b_fe_`blgZe_\hf[_j_]mZj^ZjZfuijb[ueb
hllm^ZGZijZ\hf[_j_]mj_db]^_ful_i_jvgZoh^bebkvf_klghklvdjmlh\a[bjZ_lky\\_joh^gZdh
ihq\Za^_kv\k__s_ieh^hjh^gZFuijh_a`Zebfbfhh[rbjguoieZglZpbcoehidZblZ[ZdZ\b^_eb
ebfhgumk_yggu_ieh^ZfbH^gZdhBkjZ^kdZaZeqlhkdhjhwlhbah[beb_dhgqblkyZihlmklhjhgm
Lj_kdbgZfb\h\k_ijb^_lkyfbgh\Zlvf_klghklvdhlhjmxah\mlf_jZlex
Qlh[umagZlvqlhagZqblwlhkeh\hgm`gh\kihfgblvqlha_feb\HkfZgkdhcbfi_jbb^_ebebkvgZ
iylvdZl_]hjbc
I_j\ZydZl_]hjbywlhfbjb_olh_klv]hkm^Zjkl\_ggZya_feyg_ieh^hjh^gu_l_jjblhjbbkx^Z
_kl_kl\_gghg_\dexqZxlkyAZl_fb^_l\Zdnkh[kl\_gghklvp_jd\bDwlhcdZl_]hjbb[_a
ijh\hehq_dhlghkylex[h_\eZ^_gb_q_cohaybgmf_jg_hklZ\b\ijyfuogZke_^gbdh\Lj_lvy
dZl_]hjbyfmevd\dexqZ_lqZklgu_a_f_evgu_\eZ^_gbyDZdijZ\beha_f_evgu_mqZkldb
hp_gb\ZxlgZ]eZaijb[ebabl_evghZ\h\k_g_kdjmime_aghh[f_jyxldZdlhijbgylhmgZkkydbc
_]hihlZfhrgbfihjy^dZfqZs_\k_]hfh`ghihemqblvebrviml_fih^dmiZkhhl\_lkl\mxsbo
qbgh\gbdh\eZ^_evpua_f_evhlg_k_gguoddZl_]hjbbfmevdhq_gvkbevghkljZ^Zxlhl
\kyq_kdboaehmihlj_[e_gbck\yaZgguokih\ur_gb_fgZeh]h\LZdgZijbf_jaZa_fex
\uieZqb\ZxlgZlmjZevgucgZeh]\jZaf_j_^_kylbijhp_glh\H^gZdhhldmisbdbgZeh]h\h[uqgh
hlh^\b]Zxlk[hjwlhc^_kylbgu^hl_oihjihdZnjmdlug_gZqgml]gblvbohaybgklj_fykvkiZklb
k\hcmjh`Zcg_\uieZlblnZdlbq_kdb[he__^_kylbijhp_glh\Dke_^mxs_cdZl_]hjbbbf_gm_fhc
f_ljhgd_ohlghkylkymebpua_febh[s_]hihevah\ZgbybdhffmgZevgu_\eZ^_gbyIh[hevr_c
qZklb^hjh]bij_[u\Zxl\ijbkdhj[ghfkhklhygbbqlhy\ey_lky]eZ\ghcijbqbghcwdhghfbq_kdbo
[_^kl\bc\kljZg_Ihke_^gyydZl_]hjbygZau\Z_lkyf_jZlbho\Zlu\Z_l[_kieh^gu_imklhrb
Bf_gghwlhbf_e\\b^mgZrijh\h^gbdkdZaZ\f_jZlex
Fuih^gyebkvgZ^\_bebljbiehkdbol_jjZkuZihlhf^hklb]ebiehkdh]hjvydhlhjh_kaZiZ^ghc
klhjhgudjmlhkiZ^Zehd[_j_]ZfLj_kdbLZffufbgh\Zebg_kdhevdhdjhohlguo^_j_\mr_dKZfuc
djmigucgZk_e_ggucimgdle_`Z\rbcgZwlhcjZ\gbg_;ZgvyhklZekyihe_\mxjmdmhlgZk
FuagZebqlhBkjZ^ih\_^_lgZkdjZlqZcrbfiml_fihwlhfmyg_klZjZeky\ukfhlj_lvke_^u
ijh_oZ\r_]hi_j_^gZfbKmwnZHkh[h]hijhdZgZfhlgbog_[uehfu[uebrvihl_jyeb\j_fy
Ijh[u\\imlbijbf_jghq_luj_qZkZfu^hklb]ebe_kZhg[uehq_gvj_^dbf^_j_\vyjhkeb^Ze_dh
^jm]hl^jm]Zkdhj_fugZldgmebkvgZke_^uh^bghdh]h\kZ^gbdZ_oZ\r_]hhldm^Zlhke_\ZG_
ke_aZykdhgyyhkfhlj_eboFg_ihdZaZehkvqlhwlh[ueke_^KmwnZohlyyg_fh]ml\_j`^Zlvwlhk
iheghchij_^_e_gghklvxehrZ^vkdZdZeZ\h\kxijulvagZqbl\kZ^gbdhq_gvlhjhibekyHg_oZe\
gZr_fgZijZ\e_gbbfuihke_^h\ZebaZgbfihdZq_j_ag_dhlhjh_\j_fykijZ\Zg_ihdZaZekyke_^
g_kdhevdboehrZ^_c
L_i_jvyki_rbekyDh]^Zmq_eh\_dZ_klvg_dhlhjuchiulhg[_aljm^ZmagZ_lkdhevdhehrZ^_c
ijh_oZeh_keblhevdhbog_[uehkebrdhffgh]hYm\b^_eqlha^_kvijhkdZdZebiylv\kZ^gbdh\
ih\k_c\_jhylghklbwlh[uebbf_gghl_dh]hfubkdZebDjZyke_^h\m`_g_kdhevdhk]eZ^bebkv
ihwlhfmyk^_eZe\u\h^qlhwlbex^bijh_oZeba^_kvijbf_jghk_fvqZkh\gZaZ^
Qlh[uhp_gblv\j_fygZ^hmq_klvg_kdhevdhh[klhyl_evkl\ih]h^moZjZdl_jihq\ufy]dZyhgZbeb
l\_j^Zyi_kqZgZybeb]ebgbklZy]heZybebihjhkrZyjZkl_gbyfbZfh`_l[ulvbke_]dZ
ijbkuiZggZyebkl\hcGm`ghk^_eZlvihijZ\dm_kebih]h^Z\_lj_gZybkheg_qgZylZddZdkhegp_b
\_l_j[ukljh\ukmrb\Zxlke_^ubdjZybokdhj__hkuiZxlkyg_`_eb\oheh^gmx[_a\_lj_ggmx
ih]h^mhlihq_fmq_eh\_dg_hiulguce_]dhfh`_lhrb[blvky
L_i_jvfu_oZebihke_^mQ_j_ag_dhlhjh_\j_fye_kdhgqbekybfu\gh\vhdZaZebkvgZhldjulhc
f_klghklbDZdZylh^hjh`dZi_j_k_dZeZgZrimlvbfum\b^_ebqlhke_^uih\hjZqb\ZxlgZijZ\hb
mklj_feyxlky\^hevwlhc^hjh`dbYhklZgh\bekyb^hklZeih^ahjgmxljm[mqlh[uihkfhlj_lvg_
ihdZ`_lkyebdZdZygb[m^v^_j_\gybebohly[u^\hjdm^Zfh]ebaZ\_jgmlv\kZ^gbdbH^gZdhy
gbq_]hg_aZf_lbe
Qlh[m^_f^_eZlvkb^b"kijhkbeOZe_nFufh`_fih_oZlvihke_^ZfZfh`_fijh^he`blv
imlv\f_kl_kBkjZ^hf
Y\u[bjZx\lhjh_hl\_lbeyGZ\_jgydZwlbex^bebrvgZdhjhldh_\j_fyhldehgbebkv\
klhjhgmZihlhfkgh\Zih_^mlij_`gbffZjrjmlhfFuagZ_fdm^ZhgbohlylihiZklvbihlhfm
ihki_rbflm^Z^h[jZlvkyBlZd\i_j_^dZdb_oZeb
;ulvfh`_l\k_`_ih_^_faZgbfbwn_g^b"LZfkijZ\ZrbjhdZyehsbgZgZf__hlkx^Zg_
\b^ghehsbg_e_`bld_cexklZgdj_klvygkdbc^\hjlm^ZgZ\_jgh_baZ]eygmebl_ex^bdhlhjuo
fuij_ke_^m_f
QlhfulZfmagZ_f"Hgbg_^he]hlZfijh[uebebrvihijhkbeb]ehlhd\h^ubebdmkhdoe_[Zjy^
ebhgbhq_flhjZa]h\Zjb\Zebkohay_\ZfbLZdqlh\i_j_^
H^gZdh\kdhj_yi_j_f_gbefg_gb_KijZ\ZihdZaZebkvke_^uki_j\h]h`_\a]ey^Zym[_^bekyqlh
hgb^h\hevghk\_`b_Lh]^Zykgh\Zke_akdhgyqlh[ulsZl_evghbkke_^h\ZlvboYihgyeqlhhgb
hklZ\e_gu\k_]hiZjmqZkh\gZaZ^AgZqbl\kZ^gbdbgZp_euoiylvqZkh\aZ^_j`ZebkvgZwlhf
ih^\hjv_GZ^h[uehmagZlvijbqbgmbohklZgh\dbFuijbrihjbebehrZ^_cbih\_jgmebgZijZ\h
qlh[uaZ]eygmlv\^hf
HggZoh^bekyg_ih^Ze_dmkdhj_fu^hklb]ebf_klZ]^_^hjh]ZkimkdZeZkv\ehsbgmA^_kv\gbam
ijhl_dZejmq_cjZkklbeZebkvkhqgu_em]Zbij_djZkgu_iheyH^gZdh^hf\u]ey^_ehq_gv[_^guf
�hjh]Z\_eZdg_fm
Fum\b^_ebqlhi_j_^^\_jyfbklhblq_eh\_dAZf_lb\gZkhgkdjueky\^hf_baZdjue^\_jvaZ
kh[hc
Wn_g^bihoh`_wlhldj_klvygbgagZlvgZkg_ohq_lijhfhe\beHkdh
Fh`gh`_kgbfih]h\hjblvY^mfZxhggZim]ZgihlhfmqlhgZrb^jm`dbkd\_jghkgbf
h[hrebkvLu_]hqZkhfg_agZ_rvBkjZ^"
Y_]h\b^_eghbf_gb_]hg_agZxhl\_lbeBkjZ^AgZ_lebhgf_gyg_^h]Z^u\ZxkvlZddZdg_
[uemg_]hgbjZam
HdZaZ\rbkvm^\_j_cfum[_^bebkvqlhhgbaZi_jluFuihklmqZebghg_ihemqbebhl\_lZLh]^Zy
ih^t_oZekaZ^g_cklhjhgu^hfZ\_^vlZflh`_bf_eZkv^\_jvghbhgZ[ueZaZi_jlZDh]^Zfu
ihklmqZebihkbevg__b]jhfdhaZdjbqZebh^bgbaklZ\g_chldjuekyhllm^ZihdZaZekykl\hejm`vy
JZa^Zekyq_clh]hehk
M[bjZcl_kvhlkx^Z[jh^y]b?kebg_i_j_klZg_l_rmf_lvy\uklj_ex
Ihf_^e_gg__ihf_^e_gg__fhc^hjh]hchl\_lbeyijb[ebab\rbkvdklZ\gxlZdqlh[ufh`gh
[uehko\ZlblvkyaZjm`v_Fug_[jh^y]bfu\h\k_g_aZfurey_fgbq_]h^mjgh]h
L_lh`_lZd]h\hjbebY[hevr_g_hldju\Zx^\_jvg_agZdhfufex^yf
Fh`_l[ulvluagZ_rv_]h\hajZabeybih^ZeagZdBkjZ^m
Dh]^Zdj_klvygbgm\b^_exghrmlhf_^e_gghhimklbek\h_jm`v_bkdZaZe
LZdwlh`_kljhbl_evkugiZklmoZbaLj_kdbdhgZdZ
�Zwlhyih^l\_j^beBkjZ^Lubf_gyijbgbfZ_rvaZ[jh^y]m"
G_lluohjhrbcq_eh\_d
Qlh`khfghclh`__^mlohjhrb_ex^bHgbij_ke_^mxll_odlh[ueml_[ybohlylbogZdZaZlv
Fuebrvbgl_j_km_fkyqlhwlbf[jh^y]ZfgZ^h[uehhll_[y
EZ^gh\_jxl_[_bhldju\Zx^\_jb
HglZdbk^_eZeDh]^Zhgih^hr_edgZfyihgyeqlhwlhlfZe_gvdbcls_^mrguci_j_im]Zgh
kfhlj_\rbcgZgZkq_eh\_q_dg_fh]ihgjZ\blvkylZdbfex^yfdZdZeZ^`bGZfhg\k__s_g_
^h\_jyeb^_j`Ze\jmd_jm`v_Ih\_jgm\rbkvd^hfmhgdjbdgme
FZfZ\uc^bdZbihkfhljbgZgbo
__ihykmih^\_r_g\_ghdkie_l_ggucbajhaihwlhfmykdZaZe
O\ZeZBbkmkmOjbklmfhyfZlmrdZLugZfohq_rv^Zlvhl\hjhlih\hjhl"
?_ebphbki_sj_ggh_kdeZ^dZfbjZa]eZ^behkv\meu[d_HgZhl\_lbeZ
=hkih^bglu\_jm_rv\OjbklZ"HlZdb_ex^bihjhcom`_\k_oGhl\h_ebph^h[jh_ugZf[_^
g_gZ^_eZ_l_"
G_ldhg_qghg_l
lZdhfkemqZ_^h[jhih`Zeh\ZlvKi_rb\Zcl_kvbb^bl_aZgZfb
Iha\hevgZfhklZlvky\k_^e_\_^vfuohlbfih[uklj__m_oZlvYlhevdhki_j\ZmagZxqlhwlb
r_kl_jh\kZ^gbdh\^_eZebml_[y
Ki_j\Zbo[uehebrviyl_jhR_klhcih^t_oZeiha`_Hgbkiju]gmebkehrZ^_cb[_agZr_]h
jZaj_r_gbyih\_ebbogZde_\_jgh_ihe_ohlyljZ\u\hdjm][ueh^hklZlhqghEhrZ^b\ulhilZeb
gZf\k_ihe_Fuohl_ebihlj_[h\Zlvqlh[uhgb\haf_klbebms_j[\_^vfuex^b[_^gu_ghijb
i_j\uo`_gZrbokeh\Zohgbko\ZlbebkvaZie_ldbbgZfijbrehkvaZfheqZlv
Ihq_fm`_hgbaZ\_jgmebd\Zf"Bf`_ijbrehkvk^_eZlvdjxdqlh[u^h[jZlvky^h\Zr_]h^hfZ"
H^ghfmbagboklZehiehohDlhlhjZgbe_]h\jmdmblZkbevghjZa[he_eZkvHgbkgyebkg_]h
ih\yadmbhklm^bebjZgm\h^hcWlhaZgyehg_kdhevdhqZkh\IhdZh^bgbagboaZgbfZekyjZg_guf
hklZevgu_aZ[bjZeb\k_qlhbfijb]eyg_lkyHgbih`b\bebkvmgZkfykhfb^jm]bfbijbiZkZfb
Fh_]hkugZbg_\_kldmaZi_jebgZq_j^Zd_bm[jZebe_klgbpmqlh[ul_g_fh]ebkimklblvky
:]^_`_[ueZlu"
Y"hl\_lbeZhgZemdZ\hfb]gm\]eZaZfbYijbl\hjbeZkv[m^lhgbq_]hg_keurmwlhe_]dh
ih\_jblvKhklZjufb`_gsbgZfblZdh_[u\Z_lYkb^_eZ\m]hed_bkemrZeZhq_f]h\hjyl
Hq_fhgb]h\hjbeb"
HdZdhflhDZjZ[_gG_fkbHgb_]hkimlgbdb^he`guih]b[gmlv
Wlhlq_eh\_dyghijh^he`Zc
B_s_hgb]h\hjbebhohaybg_dhgZdZbaLj_kdbmdhlhjh]hk_]h^gy\_q_jhfkh[bjZebkv
hklZgh\blvkyZ_s_]h\hjbebijhh^gh]hm]e_`h]Zbfydhlhjh]hyhiylvaZiZfylh\ZeZ
?]ha\ZebRZjdhc"
�Z^ZaZ\ljZhgbohlylhklZgh\blvkymg_]hB]h\hjbebhdZdhflh@ml_dhlhjh]hhgba\Zeb
DZjZDZjZG_ihfgxdZd_]hbfy
DZjZGbj\Zg"
�Zhgbohlylih\klj_qZlv_]h\DZjZgbj\ZgoZg_
ukemqZcghg_agZ_l_]^_gZoh^blkywlhf_kl_qdh"
G_lhgbgbq_]hh[wlhfg_]h\hjbebGhhgb\kihfbgZebh[jZl_dhlhjh]hh^bgbagboohl_elZf
\klj_lblvHgblh`_gZau\Zeb_]hihbf_gbghydkh`Ze_gbxg_ihfgx_]h
;ulvfh`_l_]ha\ZebOZf^wev:fZkZl"
LZdhghb_klvlZd_]ha\ZebGh]hkih^bgluagZ_rv[hevr_f_gy
�Zyfgh]h_agZxbaZ^Z\Zyl_[_\hijhkuebrvohqmm[_^blvkyg_hrb[Zxkveby
Hgb]h\hjbebbhlhfqlh\wlhfDZjZgbj\ZgoZg_^_j`Zl\aZi_jlbh^gh]hdmipZhldhlhjh]h
ohlylihemqblv\udmikihfbgZy_]hhgbkf_yebkv\_^v^Z`__kebhgaZieZlbl^_gv]b_fm\k_
jZ\ghhlgbog_mclbHgbohlyl\u`Zlvbag_]h\k_ihdZmg_]hgbq_]hg_hklZg_lkyZihlhf
:oLZdybij_^iheZ]ZeDZdwlhldmi_pihiZe\DZjZgbj\ZgoZg_"
WlhlOZf^wev:fZkZldZdlu_]hgZau\Z_rvkZfaZfZgbedmipZ
Hgbg_\kihfbgZebdZdah\mldmipZ"
Wlh[uehdZdh_lhbghkljZggh_bfybihlhfmyg_m^_j`ZeZ_]h\iZfylbdlhfm`_ylZdkbevgh
i_j_im]ZeZkv
Gh_keblukgh\Zmkeurbrv_]hlufh`_l[ulv\kihfgbrvlhebwlhbfy"
GZ\_jgydZ]hkih^bg
Hgha\mqbl=Zebg]j_"
�Z^ZlZdhghijhbaghkbehkvylhqghihfgx
Qlh_s_hgb]h\hjbebhk\hboieZgZo"
Gbq_]h\_^vlmlih^t_oZer_klhc\kZ^gbdWlh[ueihjlghchgaZgbfZ_lkyihqbgdhcjZaguo
\_s_cHgjZkkdZaZeh\jZ]ZobaaZdhlhjuobkdmiZeky\Zj^Zj_K_cqZkfg_^mfZ_lkyqlh\u[ueb
wlbfb\jZ]ZfbFg_ijbrehkvjZa`_qvh]hgvqlh[uhgijhkmrbek\hxh^_`^m\hlbaaZwlh]hZ
_s_baaZklZjbdZkhk\h_cjZghchgblZd^he]hbaZ^_j`ZebkvWlhlihjlghcjZkkdZau\Zeh
[ZklhgZ^_dhlhjmxhgihemqbe?fm[uehhq_gvljm^ghoh^blvhg^Z`_g_gZ^_eh[m\vZh[fhlZe
gh]bljyidZfbjZkl_j_\bo\gZqZe_kZehfFg_ijbrehkvijbg_klb_fmgh\u_ljyidbZihkdhevdmm
f_gyg_[uehkZeZhgbaZdhehebgZrmdhamqlh[ujZa^h[ulv_]hJZa\_wlhg_]gmkgZy`_klhdhklv"
JZamf__lkyKdhevdhwlZdhaZklhbl"
GZ\_jgydZiylv^_kylibZkljh\
FhckimlgbdOZ^`bOZe_nHfZj^Zkll_[_iylv^_kylibZkljh\
OZe_nlhlqZk^hklZedhr_e_dbhlkuiZe_c^_gv]b
=hkih^bgm^b\e_gghkijhkbeZhgZluohq_rv\haf_klblvfg_ms_j[dhlhjucijbqbgbebl\hb
\jZ]b"
G_lwlhfg_g_ihkbeZfmf_gy\_^vg_l[h]Zlkl\iZ^brZoZghaZdhamfufh`_fl_[_aZieZlblv
havfb^_gv]b
YjZ^Zqlhih\_jbeZbg_aZdjueZ^\_jb^hfZi_j_^lh[hcbg_klZeZfheqZlv;eZ]hkeh\_g\Zr
ijb_a^b[eZ]hkeh\_g\Zrijboh^[eZ]hkeh\_gdZ`^ucba\ZrborZ]h\b\k_qlh\u^_eZ_l_
FuihijhsZebkvkex^vfbdhlhju__s_^he]hdjbqZebgZf\ke_^keh\Z[eZ]h^ZjghklbaZ
ihemq_ggucih^ZjhdIhlhffu\_jgmebkvgZlh`_kZfh_f_klhhldm^Zk\_jgmeb\klhjhgmZaZl_f
ijh^he`bebimlv\ij_`g_fgZijZ\e_gbb
IhgZqZemfu_oZebihhldjulhcf_klghklb]^_ebrvbaj_^dZlhlZflha^_kvf_evdZehh^bghdh_
^_j_\hGZrijh\h^gbdij_`^_lZdhc[h^juck^_eZekyhq_gvaZ^mfqb\Dh]^Zykijhkbe_]hh
ijbqbg_hghl\_lbe
=hkih^bgy\h\k_g_^mfZeqlh\ugZoh^bl_kv\lZdhchiZkghklbLhevdhk_cqZkyihgye\dZdhf
kd\_jghfiheh`_gbb\uhdZaZebkvWlhf_gy[_kihdhblQlh_keb\jZ]bg_h`b^ZgghgZiZ^mlgZ\Zk
baaZkZ^u"
wlhyg_\_jxdlhfm`_fuihklhbfaZk_[y
Lu^Z`_g_ih^haj_\Z_rvkdZdhcf_ldhklvxa^_kv[jhkZxlq_dZgbgbh^bgq_eh\_dg_\kbeZo
hl[blve_lysbc\g_]hq_dZg
Qlh`yagZxlh]hdlhwlhkmf__lhl\_lbey
YkZf
Hohomeu[gmekyhgihkfhlj_\gZf_gykhklhjhguLurmlbrv
G_l^_eh[uehhq_gvk_jv_aghQ_eh\_dihdmrZekygZfhx`bagv
Lh]^Zg_ihcfmywlh]hGZ\_jgydZhgg_mf_eh[jZsZlvkykq_dZghf]hjZolum\b^brv
gZklhysbofZkl_jh\mf_xsbo\eZ^_lvwlbfkljZrgufhjm`b_fdZdgbdlh^jm]hcIhijhkb
rlbilZjZbebfbjb^blZihdZaZlvdZdh[jZsZxlkyklhihjhfblubamfbrvky
Qlh`q_eh\_dkdhlhjufybf_e^_eh[uerlbilZjhf^Z`_fbjb^blhf
Hgg_^h\_jqb\hihdZqZe]heh\hcbijh^he`be
JZal_[_m^Zehkvhl[blv_]hq_dZgagZqblhghklZeky[_ahjm`byblukijZ\bekykgbf"
JZamf__lkyYfh]k^_eZlvkgbfqlhm]h^ghghyih^Zjbe_fm`bagvHg^Zefg_aZwlhlhihj
lhlqlhlhjqblmf_gyaZihykhf
Ym`_^Z\ghmdjZ^dhcbf\hkobsZxkvq_dZghq_gvdjZkb\ucY^mfZeludmibe_]h]^_lhqlh[u
\u]ey^_lv[h_\bl__Gh\_^vl_[_g_lihevauhlg_]hlug_mf__rv[jhkZlvq_dZgBeblum`_
mijZ`gyeky\wlhfbkdmkkl\_"
;jhkZlvq_dZgygbdh]^Zg_ijh[h\ZeZ\hl^jm]b_lhihju^Z
=^_wlh[ueh"
�Ze_dhhlkx^Z\:f_jbd_]^_`b\ml^bdb_ie_f_gZex[bfh_hjm`b_mgbolhihjLZfy
gZmqbekykgbfh[jZsZlvkyZgZau\Zxl_]hlhfZ]Z\dhf
Gh^bdZjyg_kjZ\gblvkfbjb^blhf
GZh[hjhlYg_^mfZxqlhrlbilZjmf__l[jhkZlvlhihjlZdeh\dhdZdbg^__pk\hclhfZ]Z\d_^v
q_dZge_lblihijyfhcljZ_dlhjbbZlhfZ]Z\dih^m]_
G_m`_ebb\ijyfvdlhlhmf__llZd\eZ^_lvlhihjhf"
Ex[hcdjZkghdh`bc\hbgkihkh[_ggZwlh^Zbylh`_
?]hs_dbaZjmfygbebkvZ]eZaZaZk\_lbebkvHghklZgh\beehrZ^vih\_jgme__i_j_]hjh^b\fg_
imlvbijhfhe\be
Wn_g^bijhklbqlhylZdgZahceb\QlhyihkjZ\g_gbxklh[hcB\k_`_fg_ljm^ghih\_jblv
l\hbfkeh\ZfYijbagZxkvl_[_qlhmf_x[jhkZlvq_dZgb\wlhffh]mihf_jblvkykbehck^jm]bfb
IhwlhfmyagZxkdhevdhe_lijhc^_lihdZg_h\eZ^__rvwlbfhjm`b_f@Zevlhevdhqlhyg_
aZo\Zlbek\hclhihj
Dhg_qghy_s_gbdh]^Zg_[jhkZeq_dZgijha\mqZefhchl\_lgh^mfZx_kebjZabeb^\Z
ijhfZogmkvlhklj_lv_]hjZaZlhqghihiZ^m\p_ev
Hoho]hkih^bgbg_f_qlZc
Y^mfZxlZdbdlhfm`_y[jhkZxlhihjbkdmkg__l_[y
DZdwlhlZd"
Dh]^Zy[jhkZxlhihjhg\gZqZe_e_lbldZdh_lh\j_fymkZfhca_febihlhfih^gbfZ_lky
hibku\Z_l^m]mhimkdZ_lkybihiZ^Z_llhqghlm^Zdm^ZybgZf_j_\ZekyihiZklv
Gmwlh`_g_\hafh`gh
Wlhbf_gghlZd
Wn_g^beh\exl_[ygZkeh\_?keb[umf_gy[uehfgh]h^_g_]y[u\ua\Zel_[ygZkihj
Hgkiju]gmekehrZ^bBfh\eZ^_elZdhcZaZjlqlhy\^mr_^Z`_jZa\_k_ebeky
Dh]hlubf__rv\\b^m"kijhkbe_]hBkjZ^
L_[y_kl_kl\_ggh
Lu^mfZ_rvl\hcwn_g^b\ub]jZe[ukihj"
JZamf__lky
Lu\b^_eqlh[uhgdh]^Zgb[m^v[jhkZeq_dZg"
G_lghq_]hhgaZohq_l^h[v_lkyKb^bykh\_lmxl_[_ihkihjblvkwlbffheh^ufq_eh\_dhf?fm
ijb^_lkyieZlblvbijhkblvl_[yhijhs_gbb
Kh[kl\_ggh]h\hjy[ueh\hh[s_lh]emihkh]eZrZlvkygZij_^eh`_gb_BkjZ^Z?kebfu
hklZgh\bebkv[ubaaZwlh]h[Zeh\kl\Zlhihl_jyeb[u\j_fyB\k_`_gZg_kdhevdhfbgmlklhbeh
hl\e_qvkyl_f[he__qlhfg_kZfhfm[uehbgl_j_kghm^Zklkyebfg_mijZ\blvkykq_dZghflZd`_
eh\dhdZdklhfZ]Z\dhfWlhlhiul[ue\h\k_g_ebrgbf\_^v\ex[hcfhf_gl\hafh`ghb\ijyfv
ijbrehkv[u\aylvkyaZlhihjOhjhrh[uihgylvmf_xebykgbfh[jZsZlvkyIhlhfmykijhkbe
ijh\h^gbdZ
LZdkdhevdh^_g_]ml_[ykkh[hc"
k_]hiylvbebr_klvibZkljh\
YklZ\exijhlb\gboklhibZkljh\GZdZdbomkeh\byok]h\hjbfky"
=faZ^mfqb\hhl\_lbehgLu_s_gbdh]^Zg_[jhkZeq_dZgZyg_ijb\uddl\h_fm?klvkfuke
k^_eZlvihg_kdhevdhij_^\Zjbl_evguo[jhkdh\gZijbf_jihljb[jhkdZ"
Kh]eZk_g
GhihlhfdZ`^ucbagZkkh\_jrbl\k_]hihh^ghfm_^bgkl\_gghfm[jhkdm\p_evdhlhjmxfu
\u[_j_fij_^eh`behg
Wlhkebrdhfkmjh\h^jm]baaZdZdhclhkemqZcghklbbf_gghwlhl[jhkhdg_m^Zklky
EZ^ghagZqbldZ`^uckh\_jrblihljb[jhkdZLhldlhemqr_\k_o[jhkZ_llhihjihemqbl^_gv]b
;jhkZlv_]h[m^_f\[eb`Zcr__^_j_\h\lhl^m[_]hkl\he_lhihjg_ij_f_gghaZkljyg_l
FuhklZgh\bebkvg_\^Ze_d_hlj_dbIh\b^bfhfmwlh[ueZlZkZfZykl_dZ\rZy\^hebgmj_qmrdZ
dhlhjmxfufbgh\Zebi_j_^l_fdZdkh\_jrblv\ueZadmgZdj_klvygkdh_ih^\hjv_MdjZy\h^u
klhyehg_kdhevdh^_j_\v_\Wlh[ueb^m[uhevoZbklZju_kmdh\Zlu_b\ugZ\_jomrdZodhlhjuo
ijh[b\Zekygh\ucehagyd;eb`_\k_]hdgZfjhk^m[hg[ueijbf_jgh\k_fb^_kylbrZ]ZohlgZk
Ykiju]gmegZa_fexb^ZeBkjZ^mq_dZgHgrbjhdhjZkklZ\begh]bqlh[uihdj_iq_^_j`ZlvkygZ
gboaZl_f\aye\jmdblhihjbkh\_jrbe[jhkhdLhihjijhe_l_ejy^hfk^m[hflZdbg_dhkgm\rbkv
_]h
Wlhlq_dZgly`_e__fh_]hba\bgbekyhgihdZOZe_nhlijZ\bekyaZlhihjhfh\lhjhcjZay
ihiZ^m
Khke_^mxs_cihiuldbhgihiZe\p_evghg_e_a\b_flhihjZZ\k_]hebrvjmdhyldhcLj_lbc
ijh[guc[jhkhdm^Zeky_fmemqr_\_^vlhihjm]h^be\kl\heohlybg_\hgabeky\g_]h
WlhimklydbihijZ\bekyhgWlh\k_]hebrvijh[gu_ihiuldbL_i_jvylhqghihiZ^m\p_evy
m`_ijb\uddlhihjmEZ^gh^Z\Zcluwn_g^b
G_]h\hjygbkeh\Zy\u[jZe^jm]mxp_evyf_lbekyg_\^m[Z\jhkrmx^Ze_dhihaZ^bg_]h
klZjmx^miebklmxb\mkh^gbf_^bgkl\_ggufkmdhf\a^ufZ\rbfky\\_jokmd\_l\bekyb
h[jZah\u\ZegZ^b\hcg_[hevrmxdmim
jZkklhygb_qlhbBkjZ^Y\h\k_g_kh[bjZekyihiZklvlhqgh\b\mZebrvohl_e[jhkblvlhihj\
hij_^_e_gghfgZijZ\e_gbbihwlhfmlhlijhe_l_ee_\__^m[Zb\hldgmeky\a_fex
H]hkih^bmeu[gmekygZrijh\h^gbdLuohq_rv\ub]jZlvkihjwn_g^b"
�Zk_jv_aghhl\_lbey
L_fg_f_g__h[Zke_^mxsbofhbo[jhkdZ\u]ey^_eb_s_om`_i_j\h]hY^ZeBkjZ^m\\hex
ihkf_ylvkygZ^hfghc\_^vl_i_jvy[uem\_j_gqlh\gm`gmxfbgmlmg_ijhfZogmkv
OZe_nHfZjbHkdhg_kf_yebkvhgb\lbohfhedmaebebkvqlhyaZl_yewlhlkihjg_jZkkqblu\Zy
gZ\_jgydZ\ub]jZlv_]h
Ijh[ZkhklhyeZkvijhfhe\beBkjZ^L_i_jvih[hj_fky\k_jv_aDlh[jhkZ_li_j\uf"
Ludhg_qgh
Lh]^Z^Z\Zcki_j\Z\ueh`bf^_gv]bqlh[uihlhfg_ijhbahrehgbdZdh]hg_^hjZamf_gbyImklv
Hkdh\havf_lbo
KlZeh[ulvwlhl[jZ\ucfZeucih^haj_\ZeqlhyhldZ`mkv\uieZlblv_fmklhibZkljh\AgZqblhg
[uekh\_jr_gghm\_j_gqlh\ub]jZ_liZjbY^ZeHkdh^_gv]bFhckhi_jgbd\ueh`bek\hb
g_kdhevdhibZkljh\b\ayekyaZlhihj
Hgb\kZfhf^_e_eh\dhmf_eh[jZsZlvkykq_dZghfk_ljbjZaZlhihjm^Zjbekyhkl\heghebrvk
ihke_^g_cihiuldbaZkljye\g_f
Gbh^gh]hijhfZoZ\hklhj`_gghfhe\beBkjZ^:h^bgjZaq_dZg^Z`_\hgabeky\kl\he
Ihijh[mcdZwlhih\lhjblvwn_g^b
K_cqZkfg_ke_^h\Zeh[jhkZlvlhihjgZbg^_ckdbcfZg_j_kebyohl_eihiZklv\p_evYjZafZogmeky
bjZkdjmlbeq_dZggZ^]heh\hcjZsZykv\hdjm]k\h_chkbhgihe_l_egZ^a_fe_cihlhf\afue
\\_jobg_h`b^Zgghhimklb\rbkv\hgabeky\^m[
Fhbkimlgbdbebdh\ZebH^gZdhBkjZ^ijhfhe\beihdZqZ\]heh\hc
DZdZykemqZcghklvwn_g^bLjm^gh\wlhih\_jblv
KemqZcghklv"Luhq_gvhrb[Z_rvkyhl\_lbey
OZe_nijbg_klhihjbykgh\Zf_lgme_]hlhqgh\^m[Fhbkimlgbdbhiylvebdh\ZebZBkjZ^ih
ij_`g_fm^mfZeqlhwlhkemqZcghklv
?keblu\k__s_g_m[_^bekykdZaZeylh\hll_[_hdhgqZl_evguc^h\h^b^brvaZ^m[hf
klZjmx^miebklmxb\m
b`mGmbqlh"
Y[jhrmlhihj\g__
=hkih^bg^hg__[hevr_klZrZ]h\Lub\ijyfvohq_rv\g__ihiZklv"
G_lhevdhihiZklvghbkjm[blvkmdijbq_fihklZjZxkvkj_aZlv_]hih^qbklmxqlh[uhlg_]h
hklZekyh[jm[hdkZfh_[hevr__^ebghc\eZ^hgv
=hkih^bgwlh[ueh[ukms__qm^h
Ihke_i_j\uo[jhkdh\ylZdijb\udh[jZsZlvkykhjm`b_fqlhl_i_jvm`_lhqghg_ijhfZogmkv
Ki_j\Zyijb^Zfq_dZgm^\hcgh_\jZs_gb_Lum[_^brvkyqlhhgkgZqZeZ\afh_lgZ^a_fe_cZ
ihlhf\g_aZighihfqblky\ljbjZaZ[uklj__Kfhljb
Lhihjihe_l_edZdybh[_sZejZsZykvihgZqZemijyfhgZ^a_fe_chgf_^e_gghih^gyeky\\_joZ
ihlhfg_h`b^Zgghmkdhjb\rbkvklZekgb`Zlvkyb\hgabeky\b\mke_^mxs__f]gh\_gb_kmdh
Ih^hc^bbihkfhljbkdZaZeyKmdkj_aZgbf_gghlZddZdy]h\hjbeijbq_fkj_aZgkeh\gh
gh`hf\_^vyihiZe\g_]he_a\b_f
MBkjZ^Z[uehlZdh_bamfe_ggh_ebphqlhy]jhfdhjZkkf_yeky
JZa\_yg_]h\hjbel_[_wlh"djbdgmeOZe_nWn_g^b^h[v_lky\k_]hqlhaZohq_lHkdhhl^Zc
_fm^_gv]bHgbijbqblZxlky_fmwlhibZkljuljbmfnZ
?kl_kl\_gghy\ayelhevdhaZeh]ZBkjZ^ihemqbek\hb^_gv]bgZaZ^Hgkljm^hfmkihdhbekyb\k_
_s_m^b\e_ggh\kdjbdb\Zeohlyfu^Z\ghm`_[uebkgh\Z\imlb
Fg_[uehijbylghkhagZ\Zlvqlhyfh]miheh`blvkygZf_ldhklvjmdb
Ihke_wlhcg_^he]hchklZgh\dbfuijh^he`bebgZrmih_a^dm[_adZdboeb[hijbdexq_gbcGZklZeZ
ghqvbBkjZ^ihykgbeqlhijbf_jghq_j_aqZkfuijb[m^_f\Lj_kdZdhgZd
Fu\gh\v_oZebe_khfihkqZklvxhg[ueg_hq_gv]mklufihlhf^hjh]ZihreZih^mdehgI_j_^
gZfbjZkklbeZehkviZkl[bs_ihkeurZekyeZckh[Zd
Wlhh\qZjdbfh_]hjh^bqZihykgbeBkjZ^i_j_^bgZ[_j_]mj_dbe_`bldhgZdZke_\Z^hf
fh_]hk\hydZGhfuk^_eZ_fdjxdZlhfh`_fih\klj_qZlvgZmebp_kem`dmbadhgZdZbhggZk
aZf_lbl
Fuih\_jgmebgZe_\hihdZg_^h[jZebkv^hj_dbl_i_jvfuih_oZeb\^hev[_j_]Zb\kdhj_
ihjZ\gyebkvk`bebs_fiZklmoZ
Wlh[ueZgbadZyb^ebggZyh^ghwlZ`gZyihkljhcdZG_kdhevdhklZ\g_c[uebih^gyluhllm^Z
ijh[b\ZekykeZ[uck\_l;_r_gheZydgZfih^[_`Zebkh[Zdb\ijhq_fhgblhlqZkmkihdhbebkv
aZkeurZ\]hehkBkjZ^Zhdgh\ukmgmeZkvqvylh]heh\Zq_eh\_dkijhkbe
DlhlZf"
OhjhrbcagZdhfuc
WlhBkjZ^@_gZkfhljbdZK\hydijb_oZe
=heh\ZlhlqZkbkq_aeZlml`_hl\hjbeZkv^\_jvklZjbdbihki_rbebijb\_lkl\h\ZlvBkjZ^Zur_e
klZjrbckugbh[gye_]hAZl_fiZklmokijhkbe
Klh[hcijb_oZebex^bHgbhklZgmlkymgZk"
�Zlhevdhg_]h\hjblZd]jhfdhOhaybgdhgZdZg_^he`_gagZlvqlhkx^Zijb[uebwlbex^b
Ihwlhfmij_`^_\k_]hhl\_^behrZ^_c\aZ]hg
A^_kvbf_ekyebrvg_\ukhdbcaZ]hg^eyh\_paZ]eygm\\g_]hym^Zjbeky]heh\hchihlhehdFhc
\hjhghchldZaZekyaZoh^blvkx^ZAZiZoh\_p[ueijhlb\_g_fmlhevdheZkdhcbm]h\hjZfbyaZ\_e
_]h\gmljvIhke_wlh]hfugZijZ\bebkv\dhfgZlmbebkdhj__\lhqlha\ZehkvdhfgZlhc\_^v
_^bgkl\_ggh_[hevrh_ihf_s_gb_bf_\r__ky\^hf_[uehjZa^_e_ghgZg_kdhevdhqZkl_c
rbjfZfbkie_l_ggufbbab\uEx[mxbawlbodhfgZlmr_dfh`gh[ueh[_aljm^Zmf_gvrblvbeb
m\_ebqblvi_j_^\bgm\rbjfu
�hfZhklZ\ZebkvebrvfZlvhl_pbkugJZ[hlgbdbgZoh^bebkv\aZ]hg_^eyh\_pZkem`Zgdbg_
[ueh
BkjZ^gZa\ZegZrbbf_gZbjZkkdZaZeqlhfukiZkeb_]hk_kljmIhwlhfmgZkh`b^Zehq_gvl_ieuc
ijb_fOhayckdbckuggZijZ\beky\aZ]hgqlh[u^ZlvgZrbfehrZ^yf\h^ubemqr_]hdhjfZZ_]h
jh^bl_ebkh[jZeb\k_qlh[ueh^hfZqlh[umkljhblv\gZrmq_klvijZa^gbqguch[_^
Dhg_qghki_j\Z[_k_^Z\_jl_eZkv\hdjm]lh]hqlh[hevr_\k_]hbgl_j_kh\Zehbofu]h\hjbebh
gZkm`_ijb[ueb\dhgZd
YjZkkdZaZe\djZlp_ihq_fmfuboij_ke_^h\Zebohay_\Zkbevghm^b\bebkv
G_m`_eb_klvgZk\_l_lZdb_ex^b"\kdjbdgmeZklZjmoZ\kie_kgm\jmdZfbWlh`_m`Zkgh
�Zwlhm`Zkghdb\gme__fm`ghklhblebm^b\eylvkywlhfm"_^vhgbijbki_rgbdb@mlZ
?keb[udlhgb[m^vjZkijZ\bekykwlbffmqbl_e_fgZjh^Z\k_ckljZg_iheZ]Zehkv[uklZlvgZ
dhe_gbb\haghkblvo\Zeu=hkih^m
Lufh`_lihemqr_gZr_]hagZ_rvh@ml_"kijhkbey_]h
YagZxg_[hevr_l_[yb^jm]bo?keb[uba\_klgh[ueh]^_hg`b\_l_]h[ukjZamgZrebbkgbf
[ueh[u\k_dhgq_gh
Wlh_s_gZ^\h_kdZaZghM\_j_gqlh\eZklbkgbf\k]h\hj_:lug_agZ_rv]^_e_`bl
DZjZgbj\ZgoZg_"
LZdh]hgZa\Zgbyyg_agZx
BlulZd`_g_agZ_rvq_eh\_dZdhlhjh]hah\mlDZjZGbj\Zg"
Kh\k_fg_agZx
:lug_agZ_rvi_jkZdhlhjuclhj]m_lehrZ^vfb"
AgZxGhlhevdhex^bah\ml_]hDZjZ:^`_fbQlhml_[ykgbf"
Ih^haj_\Zxqlhhgb_klv@ml
Qlh"Wlhli_jk"
HibrbdZfg__]h
Hg\ur_bdj_iq_l_[ykmsbcbkihebg?s_hgghkblq_jgmxhdeZ^bklmx[hjh^mdhlhjZy
k\_rb\Z_lky_fmgZ]jm^v
�Z\ghhg`b\_l\a^_rgbodjZyo"
G_agZxlhqghIjhrehih`Zemce_l^_kylvkl_oihjdZdy\i_j\u__]hm\b^Ze
Bklhevdh`_e_lgZ\_jgh_a^_kv]h\hjylh@ml_"
Hgm^b\e_ggh]eygmegZf_gyih^Zekyg_fgh]h\i_j_^bhl\_lbe
�ZlZdhghb_klv
�DZd^_j`blkywlhl[Zjurgbd@"
Hg\_^_lk_[yq_j_kqmjgZ^f_gghghlZdh_[u\Z_lkh\k_fb[h]ZqZfbHg\k_]^Z\hhjm`_g^h
am[h\^Zb\hh[s_kqblZxlqlhkgbfemqr_g_rmlblv
LZdhg]hlh\jZkijZ\blvkykh[b^qbdhf"
�Zmg_]hgZ]hlh\_dmeZdZlhbibklhe_lJZkkdZau\Zxlqlhm`_g_kdhevdhq_eh\_dhkdhj[b\rbo
_]hg_fh]eb[he__bjlZjZkdjulvb[hf_jl\u_g_]h\hjyl:\hlhjZa[h_bdjZ`Zoygbq_]hg_
keuob\Ze
WlhhibkZgb_lhqv\lhqvih^oh^bld_]hihjlj_lmdhlhjucy[_]ehh[jbkh\ZeLuqZkhfg_
agZ_rvg_\h^blebhg^jm`[mkh^gbfm]e_`h]hfihbf_gbRZjdZ"
H[wlhfygbq_]hg_agZx:km]e_`h]hflulh`_[m^_rvbf_lv^_eh"
IhdZg_lgh^mfZxqlh\klj_qmkvkgbfWlbiyl_jh_^mldg_fm?]hijbklZgbs_klZeh[ulvbf
ba\_klghFh`_lbluagZ_rv]^_hg`b\_l"
YagZxlhevdhqlhhgihk_ebeky\dZdhclhi_s_j_Wlhihlmklhjhgm=eh]h\bdZ\]emohfe_km
Lu_]h\b^_e"
j_fyhl\j_f_gbhggZ\_jgydZ\u[bjZ_lkybae_kZqlh[uijh^Zlvk\hcm]hevbebih^ukdb\Z_l
ex^_c^eywlhcjZ[hl_gdb
KZfhgg_lhj]m_lm]e_fLZf\]hjZo`b\_lh^bgq_eh\_ddhlhjucwlbfaZgbfZ_lkyMg_]h_klv
l_e_]Z\hlgZg_chgbjZa\hablihhdjm]_m]hevb[hqdbkkZ`_c
QlhwlhaZq_eh\_d"
FjZqgucfheqZeb\uclbiklZdbfbex^vfbemqr_g_k\yau\Zlvkyimklvb^mlk\h_c^hjh]hc
=f;ulvfh`_lfg_ijb^_lky_]hjZaukdZlvqlh[umagZlvhlg_]hhi_s_j_m]e_`h]Z
�Yfh][u^Zlvl_[_\ijh\h^gbdbkem]mhg^h\_^_ll_[yohlv^h=eh]h\bdZZevr_hgg_agZ_l
^hjh]m
OhjhrhfujZ^uijbgylv_]hihfhsvL\hckugjZkkdZau\Zefg_qlhm]e_`h]Zih^haj_\Zxl\
m[bckl\Zo
Lmlg_h^ghebrvih^haj_gb_WlhagZxlgZ\_jgydZimklvbg_lk\b^_l_e_cdhlhju_fh]eb[u_]h
bah[ebqblvHgydrZ_lky^Z`_kZeZ^`bkhe^ZlubkdZebbomg_]h^Z\_jgmebkvg_khehgh
oe_[Z\rb
�Zl\hckug]h\hjbeh[wlhfHg\b^_ek_]h^gywlbojZa[hcgbdh\
I_]bo"kZfhf^_e_"Fg_qZklhohl_ehkvohlvjZaih\b^Zlvbo^ZlZdqlh[ug_^jh`Zlvhl
kljZoZijbwlhc\klj_q_
LZdhckemqZcl_[_dZdjZabij_^klZ\beky
Dh]^Z`_wlh[ueh"
K_]h^gyJZa\_lug_\b^_ekj_^bijb_oZ\rbokx^Z\kZ^gbdh\^\hbokb^_\rbogZi_]boehrZ^yo"
;Zlxrdbk\_luAgZqblhgba^_kv\dhgZd_mfh_]hkhk_^Z;_^ZklmqblkydgZf\\hjhlZ
L_[_g_q_]hk_]h^gy[hylvkybofu`_a^_kvDZdlhevdhhgbmagZxlqlhfuhklZgh\bebkvml_[y
lZdkjZam^Z^mlly]mijhq_flufh`_rvbom\b^_lv_keblZcdhfijhdjZ^_rvkylm^ZMagZcdZ
g_evayebih^kemrZlvhq_fhgb]h\hjyl
Hg\ur_eZ\h\j_fy_]hhlkmlkl\byfuaZgyebkvm`bghfQ_j_adZdbolhiheqZkZhg\_jgmekyb
khh[sbeqlh\b^_ebo
Ghbolhevdhq_l\_jhkdZaZehgJZg_gh]hkgbfbg_lHgbkb^yl\hae_kiZevgbkhk_^ZY
h[hr_e\_kv^hfbhkfhlj_e\k_klZ\gbiulZykvgZclbohlvs_ehqdmGZdhg_pygZr_eklZ\_gv\
dhlhjhf\b^g_eZkv^ujdZYaZ]eygmebm\b^_eqlhhgbkb^yljy^hfkohaybghfZi_j_^gbfbklhbl
dm\rbgkjZdb_c
HgbjZa]h\Zjb\Zeb"
�Zghg_h\Zr_f^_e_
:g_evayebbo[ueh[uih^kemrZlv"Fh`ghebihgylvhq_fhgb]h\hjyldh]^ZklhbrvkgZjm`b
mklZ\gy
Yfh]jZkkeurZlvebrvhl^_evgu_keh\ZQlh[uih^kemrZlvbojZa]h\hjgZ^hijhgbdgmlv\
kiZevgxklZ\_gvhldjul
HghibkZejZkiheh`_gb_wlhcdhfgZlub__h[klZgh\dmbyihgyeqlhijh[jZlvkylm^Z[ueh[u
kebrdhfhiZkghdlhfm`_\kiZevg_gZ\_jgydZe_`ZeFm[Zj_d
G_lhldZ`_fkyhlwlhcaZl_bkdZaZeyKgZqZeZfg_kZfhfmgZ^hih[u\ZlvlZfqlh[uhp_gblv
iheh`_gb_^_e
gZmebpm
YgZ^_xkvlug_\a^mfZelm^Zijh[jZlvkydjbdgmey_fm\ke_^Yl_[_aZij_sZxwlh
kljh`Zcrbfh[jZahf
Hglhevdhdb\gmeb\ur_eYg_mkihdhbekybihijhkbeHfZjZmdjZ^dhcke_^h\ZlvaZgbfkdhj_
lhl\_jgmekybkhh[sbeqlhfZe_gvdbcoZ^`bgZijZ\beky\dhgxrgxqlh[ugZ\_jgh_m[_^blvky\
lhfqlhehrZ^bbhkh[_gghfhc\hjhghcg_bkiulu\Zxlgb\q_fg_^hklZldZWlhf_gymkihdhbeh
FbgmeZq_l\_jlvqZkZ_s_q_l\_jlvqZkZbihkdhevdmOZe_nlZdbg_\_jgmekyykgh\Z
\klj_\h`bekyDh]^ZyaZ]h\hjbehk\hbohiZk_gbyogZrohaybg\ur_eqlh[ujZaukdZlv_]h
_jgmekyhgkimklufbjmdZfbg_gZc^ygb]^_OZe_nZ
LZdyb^mfZehgk^_eZe]emihklvbl_i_jvgZ\_jgydZ\[_^_HkdhHfZj\havfbl_\Zrbjm`vy
fuihc^_fddhgZdm=hlh\kihjblvqlhOZe_ngZ[jZeky^_jahklbbijhgbd\kiZevgx
Y\ayekkh[hcebrvdZjZ[bgwlh]h[ueh[he__q_f^hklZlhqghqlh[um^_j`Zlv\jmdZo\kx
dhfiZgbxKgZjm`b[uehgba]bg_\b^ZlvIZklmokem`begZfijh\h^gbdhfIhkdhevdmy[hyekyaZ
k\hxgh]mfuhq_gvf_^e_gghrebih[_j_]mj_dbihdZi_j_^gZfbg_\ujhkdhgZd\\b^_g_dhc
l_fghcfZobguhge_`Ze\ihemkhlg_rZ]h\hlj_db
Fuih^djZebkvdnZkZ^m^hfZ]^_\k_hdgZ[uebaZdjuluihlhfaZ\_jgmebaZm]he]^_bf_ebkv
oe_\ZLZfjhkebfheh^u_khk_gdbbogb`gb_\_l\bdZkZebkva_febF_`^m^_j_\pZfbb^hfhf[ue
g_[hevrhcijhk\_lfu_^\ZlZfijhlbkgmebkv
Hllm^ZiZklmoih\_egZkdaZ^g_cqZklb^hfZfuijhdjZebkv\^hevg__GbdZdboke_^h\OZe_nZg_
[ueh\b^ghb\k_`_y[uem\_j_gqlhhggZoh^blkyk_cqZk\^hf__]hko\Zlbebex^baZdhlhjufb
hgiulZekyribhgblv
GZrohaybghklZgh\bekybmdZaZegZ^\ZklZ\gydhlhju_dZdb\k_hklZevgu_[uebaZdjulu
bagmljb
hli_j\ucklZ\_gvr_igmehgaZgbfdhfgZlZ]^_kb^_ebex^bZ\lhjhcklZ\_gv\_^_l\
kiZevgx
JZa\_lug_]h\hjbeqlhwlhl\lhjhcklZ\_gvhldjul"
�Zij_`^_hg[uehldjul
AgZqbll_i_jv_]haZdjuebGZwlh^he`gZ[ulvk\hyijbqbgZ:dZdZylml_s_fh`_l[ulv
ijbqbgZ"GZ\_jgydZwlbg_]h^ybaZf_lbebqlhbojZa]h\hjih^kemrb\Zxl
Yijbevgmedi_j\hfmklZ\gxbihkfhlj_e\^ujdmDhfgZlZ[ueZkeZ[hhk\_s_gZf_jpZgb_fk\_qb
\klZ\e_gghc\ijh\hehqguck\_lbevgbdb\k_lZdb__k\_lZ[ueh^hklZlhqghqlh[ujZa]ey^_lv
ke_^mxs__
hae_klheZkb^_ebFZgZowev;ZjrZb;Zjm^wev:fZkZlM\oh^Zklhyeijba_fbklucdj_iurk
]jm[ufbq_jlZfbebpZgZ\_jgydZwlh[ueohaybgIhijZ\mxjmdmhlf_gyijbkehgb\rbkvdkl_g_
^_j`Zebkvh[ZZeZ^`bJm`vy\bk_eb\m]emgZ^_j_\ygghfdjxd_a]ey^u\k_oiyl_juo[ueb
ijbdh\ZgudOZe_nmlhle_`ZegZa_fe_k\yaZggucihjmdZfbgh]ZfEbpZ_]h\jZ]h\g_kmebeb
gbq_]hohjhr_]hIhoh`_^hijhk\_eFZgZowev;ZjrZHg[uehq_gvjZa]g_\Zgb]h\hjbelZd
]jhfdhqlhyfh]meh\blvdZ`^uckeh]
Luqlhgb[m^v\b^brvkb^b"kijhkbeHfZj
�Zhl\_lbeylbohOZ^`be_`blk\yaZggucgZihemb_]hk_cqZk^hijZrb\ZxlB^bl_dZkx^Z
klZ\_gvgZ^h\u[blvfb]hfqlh[um\jZ]h\g_[ueh\j_f_gbjZkijZ\blvkykOZe_nhf^hlh]hdZd
fukmf__f\uklj_eblv\gbo:l_i_jvlboh
YijbkemrZeky
:dlhl_[_kdZaZeqlhfua^_kv"hk\_^hfbekyFZgZowev;ZjrZ
WlhkdZaZekZfKmwnhl\_lbeOZe_n
Yg_\b^_eKmwnZghl_i_jvhgih^hr_ehldm^Zlhke_\ZHgfh][ulv\kiZevg_
G_\jbkh[ZdZkdZaZehg^Z\OZe_nmibgdZ
Fheqbbg_jm]Zckyhl\_lbefZeurLujZa\_g_]h\hjbeijbgZkljZdlbjsbdmbaJmf_ebbqlh
j_rbem_oZlv\Lj_kdZdhgZd"
�Zghyg_kdZaZeqlhwlbex^blh`_[m^mla^_kv
FubkZfbfh]eb^h]Z^Zlvkyh[wlhfFhcwn_g^b\_^vkdZaZel_[_\Dbebkk_ebqlhlufb]hf
hlijZ\brvkyaZgZfb\^h]hgdm
ImklvrZclZgih[_j_ll\h_]hwn_g^bFubkk_q_f_fm\djh\v\k_ih^hr\uqlh[uhgihgyeqlhy
k_]h^gyqm\kl\h\ZeY_^\Z^_j`mkvgZgh]Zo
HghimklbekygZihejy^hfkOZe_nhf
:dZd\umagZeb]^_jZkiheh`_gLj_kdZdhgZd"ijh^he`ZejZkkijhkuFZgZo
JZamf__lkyfukijhkbebh[wlhf
:ihq_fmluij_ke_^h\ZegZk\h^bghqdm"Ihq_fmhklZevgu_g_ih_oZebklh[hc"
ObljxsbcOZe_nk^_eZe\b^qlhijb[uekx^Zh^bgHg\hh[s_\_ek_[yhq_gvjZamfghBwlh[ueh
g_m^b\bl_evgh\_^vhg^h]Z^u\ZekyqlhjZ^bg_]hfukdhjhkx^Zijh[_j_fky
JZa\_Kmwng_kdZaZel_[_qlhfhcwn_g^bk\Zebeky\\h^m"
KdZaZeGZ^_xkvqlhl\hcwn_g^bmlhgme
G_llZdh]hih^ZjdZhg\Zfg_k^_eZeHg`b\ohlvbjZa[he_ekyHklZevgu_aZ^_j`Zebkvkgbf
F_gy`_hgihkeZeke_^blvaZ\Zfbhafh`ghaZ\ljZhgijb[m^_lkx^ZD\_q_jmhggZ\_jgydZ
[m^_la^_kvblh]^Zhk\h[h^blf_gy
Hgb]jhfdhjZkohohlZebkv
=emi_pdjbdgmeFZgZowev;ZjrZLub\ijyfv^mfZ_rvqlhaZ\ljZ\_q_jhf_s_[m^_rvmgZk
\ie_gm"
LZd\uohlbl_f_gyhlimklblv"kijhkbehgk]emihcfbghcgZebp_
�Zfuih`Zemcl_[yhlimklbfFuiha\hebfl_[_mclbghlhevdh\Z^
urmlbl_Lm^Zyg_agZx^hjh]m
G_[_kihdhckyFul_[_ihdZ`_f__gh\gZqZe_^Z^bfg_[hevrhcmjhddhlhjucfh`_lbg_
ihgjZ\blkyl_[_
HyjZ^ex[hfmmjhdm
GZ^__fkylZdhghb[m^_lFuohlbfgZihfgblvl_[_qlh_klvaZdhgdhlhjuc]eZkblhdhaZhdh
jZ\gh_jZ\ghfm\ha^Z_lkyuhlkl_]ZebOZ[meZfZOmfmgZbKmwnZohjhrhagZqblbluihemqbrv
hlgZk[ZklhgZ^mFuaZ^Z^bfl_[_lZdmxlj_idmqlhhlih^hr\[m^mlhrf_ldbhlkdZdb\ZlvDjhf_
lh]h\uaZdZqZeb\h^mgZdjurm[Zrgbqlh[ugZkmlhiblvQlh`fubl_[yih^_j`bfih^\h^hc
ihdZlug_aZoe_[g_rvkyghlhevdhlhiblvl_[y[m^_ff_^e_gghqlh[ugZkeZ^blvkywlbfFu
himklbfl_[y\j_dmlZdqlh[ulhevdhghklhjqZeba\h^uLu_s_^he]h[m^_rvbaihke_^gbokbe
uwlh]hg_k^_eZ_l_`Zehklguflhghfijhfhe\beOZe_n
G_l":ihq_fmgZfgZ^hhlwlh]hhldZaZlvky"
Ihlhfmqlh\uijZ\h\_jgu_kuguIjhjhdZbg_[m^_l_fmqblvbm[b\ZlvfmkmevfZgbgZ
B^bdrZclZgmkhk\hbfIjhjhdhfGZk_]hkeh\Zg_bgl_j_kmxlLug_ij_f_gghmfj_rvbkf_jlv
l\hy[m^_lom`_q_f\k_fmdbZ^Z
DZdhc\Zflhedm[b\Zlvf_gy"Zk[m^_lfmqblvkh\_klv\iehlv^hlh]hf]gh\_gbydh]^ZZg]_e
kf_jlby\blkybd\Zf
�KgZr_ckh\_klvxfujZa[_j_fkydZdgb[m^vkZfbLum`_hsmsZ_rvgZ\_jgh_kljZokf_jlb"Z
[ue[ulumf_glu[uba[_`ZewlhcmqZklb
Qlhfg_^_eZlv"[ukljhkijhkbeOZe_n
IjbagZlvky\h\k_f
q_f"
Dlhl\hc]hkih^bg"Q_]hhg^h[b\Z_lkyhlgZk"QlhgZf_j_gk^_eZlvkgZfb"
Wlh]hy\Zfg_\u^Zf
Lh]^Zlumfj_rvYwlhykghkdZaZe?keblu^_j`brvyaudaZam[Zfblhl\hykm^v[Zj_r_gZ
YijbagZxkvhl\_lbeOZe_nZluihh[_sZ_rvbh[fZg_rvf_gyY\k_jZkkdZ`mZlu
ihkf__rvkygZ^hfghcbg_k^_j`brvkeh\h
Fuk^_j`bfkeh\h
Ludeyg_rvkyfg_\wlhf"
Ydeygmkvl_[_\k_f\hqlhy\_jxbihqblZxL_i_jv[ukljhj_rZckyZlhfg_gZ^h_kl[ulv
fbehklb\uf
OZe_nk^_eZe\b^qlhjZa^mfu\Z_lZihlhfkdZaZe
DZdh_fg_^_eh^hwn_g^b_keby[m^mf_jl\"GbdZdh]hYohl_e[u_s_ih`blvZihlhfm
jZkkdZ`mdZy\Zfh[h\k_f
L\h_kqZklv_kdZaZeFZgZoLh]^ZkdZ`bgZfkgZqZeZqlhaZq_eh\_dl\hcohaybg
JZa\_\ug_keurZebqlhhgg_f_p"
�ZfuwlhkeurZeb
BjZa\_\uwlhfm\_jbl_"G_m`_ebg_f_pfh`_lihemqblvhliZ^brZoZkjZamljbiZkihjlZk
i_qZlvx\_abjZ"
LZdagZqblhg\h\k_g_g_fqmjZ"
Bg_^mfZcl_
Ghhg]ymj"
Lh`_g_lHgijbl\hjy_lkyqlh[ugbdlhg_aZih^hajbedlh`_hggZkZfhf^_e_
Lh]^Z\udeZ^u\ZcDlhhg"
OZe_nkdhjqbe\Z`gmxfbgmbhl\_lbe
M`_ih_]hih\_^_gbx\Zfke_^h\Zeh^h]Z^Zlvkyqlhhgq_eh\_d\b^guc^Z`_fh`ghkdZaZlv
m^b\bl_evgucYihdeyekyqlhg_\u^Zf_]hlZcgmgh_kebyijhfheqm\um[v_l_f_gyZkf_jlv
hlf_gy_l\k_deyl\uLZdklZeh[ulvagZcl_qlhhggZke_^gucijbgp
Kh[ZdZLugZkh[fZgu\Z_rv"
?keb\ug_\_jbl_lhwlhg_fhy\bgZ
G_lY`_kdZaZeqlhhgijb[ueba^jm]hckljZgu
Hldm^Z"
�BaObg^bklZgZ@kljZgue_`Zs_cihlmklhjhgmI_jkbb
Ihq_fmhglZfg_hklZeky"Ihq_fmhgjZat_a`Z_lihgZr_ckljZg_"
Qlh[ugZclbk_[_`_gm
@_gm"kijhkbeFZgZowev;ZjrZghg_bamfe_gguflhghfZkdhjqb\fbgmdhlhjmxg_f_p
\udZau\Z_l\kdjbdgm\:o
Wlbex^bihoh`_g_lZdm`m^b\bebkvmkeurZ\keh\ZOZ^`bKhlgb\hklhqguokdZahdih\_kl\mxl
hpZjkdbokugh\vyodhlhju_i_j_h^_\rbkvbhklZ\Zykvg_magZggufbiml_r_kl\mxlihkljZg_
qlh[u\aylv\`_guij_djZkg_crmxbaij_djZkg_crbodjZkhlhdblZgZ\_jgydZhdZ`_lky^hq_jvx
[_^gydh\hlba^_kvfh]eh[ulvlZdh_
Ihq_fm`_hgbs_l__a^_kv\kljZg_rlbilZjh\"ijha\mqZeke_^mxsbc\hijhk
Ihlhfmqlha^_kv_klvdjZkb\_crb_^s_jbbihlhfmqlh_fmijb]j_abehkv[m^lhhggZc^_la^_kv
p\_lhdk\h_]h]Zj_fZ
LZdimklvhgbs_l__GhjZ^bq_]hhgij_ke_^m_lgZk"
G_kfhljygZkd\_jgh_iheh`_gb_\dhlhjhfhdZaZekyfZeurhghl\_lbekZfufk_jv_ag_crbf
lhghf
Zk"Wlh_fmb\]heh\mg_ijboh^behMg_]h_klv^_ehebrvdFm[Zj_dm
DZdh_^_eh"
Hg\b^_e\hkg_hlpZij_djZkg_cr_c^s_jbb]hjh^\dhlhjhfhlus_l_]hWlhl]hjh^
Hkljhf^`ZZhl_pklZjucFm[Zj_dIhq_fm`_lhl[_`blhlfh_]h]hkih^bgZ"Imklvhghl^Zkl
_fmk\hx^hqvbklZ\ayl_fkZfh]h[h]Zlh]hbg^bckdh]hpZjyh[j_l_lh]jhfgmx\eZklv
khk_^g_cdhfgZl_ihkeurZekyojbieuc]hehkjZg_gh]h
FheqbkmdbgkugGbdh]^Z\`bagbmf_gyg_[ueh^hq_jbL\hcyaudihehge`bdZddjZib\Z
]mk_gbpLuiheZ]Z_rvqlhyg_agZxdlhl\hc]hkih^bgdh_fmy`_eZx^_kylvlukyqjZabkiulZlv
�Z^kdb_fmdbJZa\_hg\k__s_g_ghkblgZr__oZfZce@ohlykZfhgijhdeyluckugg_\_jgh]h"
�hkboihjyfheqZef_qlZy\h^bghq_kl\_gZkeZ^blvkyf_klvxghl\hyeh`vlZd\_ebdZqlh``_l
fhckemoFg_gm`ghkdZaZlvlhqlhyagZxbhq_fg_fh]m^hevr_fheqZlv
QlhlZdh_"QlhlZdh_"kijhkbebhklZevgu_
AgZcl_`_qlhwlhlbghkljZg_pg_dlhbghcdZdijhdeyluchkd\_jgbl_evk\yluof_klY\b^_e_]h
\F_dd_\]jZ^_fhebl\?]hmagZebyklhyejy^hfbijhlygmedg_fmjmdmghrZclZgihfh]_fm
m[_`Zlv:wlhloZ^`bOZe_nHfZj[uekgbfbihfh]_fmhkd\_jgblv\_ebqZcrmxk\ylugx
fmkmevfZg\ahjhfojbklbZgkdhckh[ZdbYgbdh]^Zg_aZ[u\Zeebph[hbowlboex^_cbkgh\ZmagZe
bodh]^ZbkdZe_q_gguce_`ZegZmebp_Hkljhf^`bb\b^_edZdhgbijh_a`Zxlfbfhf_gyG_
iha\heycl_`_^eblvkywlhc]jm[hce`bghih^mfZcl_h[m`Zkghcf_klbaZ\k_bodhsmgkl\Z
Kdhevdhyf_qlZehlhfdZdhcdZj_gZ^e_`blih^\_j]gmlvwlboaeh^__\ghg_gZoh^begZdZaZgby
dhlhjh_[ueh[ukhjZaf_jghbo^_ygbyfIhwlhfm^hkboihjyfheqZe
Hg]h\hjbe[ukljh\aZoe_[keh\gh_]hfmqbe`ZjIhlhfhg]jhfdhaZklhgZeb[h[hev_]hjZgu
\ayeZ\_jok_[uehlZddZdyb]h\hjbe_]hiheh`beb\kiZevg_
g_aZighfg_\k_klZehykghhlihq_fmfg_lZdagZdhfh_]hom^h_oZjZdl_jgh_ebphKeh\gh\h
fhjylZkZfZynb]mjZ__lhsb_^ebggu_jmdbijhkl_jludhfg_dhkley\u_iZevpubah]gmlu
keh\ghdh]lbobsghcilbpugZp_eb\r_ckygZ^h[uqmAgZqbly\b^_e_]h\F_dd_?]hh[jZa
[_kkhagZl_evghaZiZe\fhxiZfylvZdh]^Zykgh\Zm\b^_e_]h\Hkljhf^`_lhihqm\kl\h\Zeqlh
]^_lhm`_\klj_qZe_]hghg_fh]\kihfgblvf_klh]^_wlhkemqbehkv
L_i_jvyihgyelZd`_ihq_fm\Hkljhf^`_hgihkfhlj_egZf_gyklZdhcg_gZ\bklvx\h\a]ey^_
ihgyeihq_fmhglZdg_ijbyag_gghhlg_kkydhfg_
?]hkeh\Zijhba\_eb`_eZggh_^_ckl\b_Imklvwlbex^b[uebij_klmigbdZfbghhgb[ueb_s_b
fmkmevfZgZfb?kebFZgZowev;ZjrZbkdZaZeqlhkeh\ZIjhjhdZ_]hg_bgl_j_kmxlg_klhbeh
ihgbfZlvbolZd[md\ZevghFukevhlhfqlhyojbklbZgbghkd\_jgb\rbck\ys_ggmxDZZ[m
\ua\ZeZkZfh_yjhklgh_\hafms_gb_:magZ\qlhOZe_ngZoh^bekykhfghcbagZqblih\bg_g\
wlhfg_keuoZgghfk\ylhlZlkl\_hgbij_bkihegbebkvqm\kl\hff_klbg_hklZ\ey\rbfgZ^_`^ugb
gZihsZ^mgbgZfbehk_j^b_
?^\ZFm[Zj_dmfhedlh\k_kb^_\rb_aZklhehf\kdhqbebkhk\hbof_klb^Z`_Kmwn[ukljh
ih^gyekykiheZkeh\gh_]hm`ZebeZ]Z^xdZ
E`_pijhjuqZehgey]gm\gh]hcOZe_nZIjhdeyluce`_pbij_^Zl_evk\h_ckh[kl\_gghc
\_ju?klvebml_[yfm`_kl\hkdZaZlvqlhFm[Zj_d]h\hjbeijZ\^m"
�ZkdZ`bdjbdgmeh^bgbaZeZ^`bKdZ`bbebyjZa^jh[exl_[yk_cqZkk\hbfbdmeZdZfbLu
[u\Ze\F_dd_"
Q_jluOZe_nZg_^jh]gmebFZe_gvdbcoZ^`b[ueb\ijyfvkf_evqZdhfHghl\_lbe
Qlh\ulZd\a\hegh\Zebkv"Ihq_fm\ugZ[jhkbebkvgZf_gykeh\ghdhjrmggZmlhd"u
\ajhkeu_fm`qbgubeb^_lb"
Wclug_hkdhj[eycgZkdjbdgmeFZgZowev;ZjrZL_[yblZdgZdZ`mlkZfufm`Zkguf
h[jZahfBebluohq_rvmkm]m[blvdZjmfgh`ZgZr]g_\"BlZdhl\_qZclu[ue\F_dd_"
JZa\_yfh]lZfg_[ulv\_^vy`_oZ^`b"
:wlhlDZjZ[_gG_fkb[uelZfklh[hc"
�Z
HgojbklbZgbg"
�Z
AgZqblhg\h\k_g_gZke_^gucijbgpbaBg^bb"
G_l
LZdlugZfkh\jZeHkd\_jgbl_evk\ylugbLug_f_^e_ggh[m^_rvgZdZaZgFuaZ\y`_fl_[_jhl
qlh[ulug_ijhjhgbegba\mdZZihlhfgZqgmlkyiuldbDhgZd^`bih^Zcqlhgb[m^vaZldgmlv_fm
]ehldm
Ohaybg\ur_ebfb]hf\_jgmekykdZdhclhljyidhc
HldjhcdZiZklvkh[ZdZqlh[ufu\klZ\beblm^ZdeyiijbdZaZe;Zjm^wev:fZkZl\ay\ljyidmb
gZdehgb\rbkvgZ^OZe_nhf:ihkdhevdmoZ^`bg_ihke_^h\ZewlhfmijbdZamhg^h[Z\beHldjhc
bgZq_y\u[vxl_[_am[udebgdhf
HghimklbekygZdhe_gbi_j_^oZ^`bb\uj\ZebaaZk\h_]hihykZgh`GZklZekZfucih^oh^ysbc
fhf_glqlh[uiheh`blvdhg_pijhbkoh^ys_fm
u[b\Zcl_klZ\_gvkdZaZey
gZihedhfgZluIhh[_klhjhguhlf_gyihklZ\gxm^ZjbebHfZjbHkdhihkuiZebkv^jm]b_^hkdb
Fb]hffuih\_jgmebjm`vybgZijZ\bebbo^meZ\k_j_^bgmdhfgZlu
KlhcG_r_\_ebl_kv_kebg_ohlbl_koehihlZlvimexdjbdgmeykh[jZ\rbfky
;Zjm^wev:fZkZlm`_aZg_krbcgh`gZ^]heh\hcOZe_nZ\kdhqbekf_klZ
G_f_p\hkdebdgmehg\m`Zk_
Kb^bdjbdgmeOZe_nIjbklj_ebbo
Ghklj_eylv[ueh[uqbkluf[_amfb_f\_^vgbdh]hm`_g_hklZehkv?^\ZgZrb\jZ]bmkeurZeb
fhc]hehkbm\b^_ebfh_ebphmagZ\_]h\wlhff_jpZxs_fk\_l_dZdko\Zlbebk\hbjm`vykdjxdZ
b\u[_`ZebbadhfgZluZkgbfbijbimklbekybohaybg
;uklj_cdOZe_nmijbdZaZeyHfZjmbHkdhJZa\y`bl__]hLhevdhihlmrbl_k\_lZlh\u
klZg_l_fbr_gvx^ey\jZ`_kdboimevKb^bl_kihdhcgh\dhfgZl_ihdZyg_ijb^m
HgblhlqZkih\bgh\Zebkv
Lufh`_rvih^h`^Zlvf_gya^_kvkdZaZeyiZklmombihki_rbek\_jgmlvaZm]hekl_gu\^hev
dhlhjhcfurebZihlhfijhkdhqb\f_`^mkhk_gdZfbb[hdh\hckl_ghc^hfZ^hklb]nZkZ^Z
k_ijhbahrehdZdyij_^iheZ]Zel_fghl_yaZf_lbeg_kdhevdhnb]mj[_`Z\rbodhfg_y
[ukljhih^ZekygZaZ^baZiheaih^gb`gb_\_ldbkhk_g?^\ZymkljhbekylZfdZd\k_hgbih^[_`Zeb
kx^ZFZgZo;Zjm^ZeZ^`bKmwnbohaybg
i_j_^lbohkdhfZg^h\Ze;Zjm^Hgb_s_klhyl\hae_klZ\gyK\_lbevgbdaZ``_ggucihkj_^b
dhfgZluhk\_sZ_lboLZdqlhfum\b^bfbobijbklj_ebf
;Zjm^^_j`Zeky\i_j_^bhklZevguoDh]^Zhg^hklb]m]eZ^hfZlhhklZgh\beky
Ijhdeylv_kdZaZehgGbq_]hg_\b^ghK\_lih]ZkbebQlh[m^_f^_eZlv"
GZklmibeZiZmaZ
Dlhfh]ih]Zkblvk\_l"kijhkbegZdhg_pKmwn
;ulvfh`_lh^bgbagZkm[_]ZyaZ^_eklhehl\_lbeFZgZo
Ijhdeylv_aZkdj_`_lZeam[Zfbh^bgbaZeZ^`bWlhlg_f_pb\ijyfvk]h\hjbekyk^vy\hehf
DZdlhevdhfuko\Zlbf_]hbebdh]hlhba_]hex^_cdZdfhf_glZevghhgblZxlkeh\ghlmfZghl
l_i_jvfuklhbfbg_agZ_fqlh^_eZlv^Zevr_
lh`_f]gh\_gb_hllm^Z]^_hklZekyiZklmo^hg_kehkvlboh_ihdZreb\Zgb_;_^gy]Zg_kmf_e
k^_j`ZlvijbklmidZrey
ukeurbl_"LZfgZ\_jgydZdlhlh_klvijhbag_kFZgZo
LZdimklbf\g_]himexkdZaZeKZg^Zjh^bgbaZeZ^`b
Himklbjm`v_ijbdZaZeFZgZoLug_\b^brv_]hb\uklj_eb\g_ihiZ^_rv\g_]hZlhevdh
\u^ZrvgZr_ijbkmlkl\b_Gm`ghqlhlh^jm]h_DhgZd^`b\_jgbkvdZ\^hfbkdZ`bgZfqlh
l\hjblky\gmljb
hl^vy\hehaZ[hq_gghhl\_lbeohaybgdhgZdZFg_qlhaZ\Zke_alvih^imeb"
Hgbl_[_gbq_]hg_k^_eZxlLukdZ`_rvqlhful_[yaZklZ\bebgZfihfh]ZlvLuk\Zebrv\k_gZ
gZkHgb\_^vfh]ebgZkih^klj_eblvijyfh\dhfgZl_ghg_k^_eZebwlh]hLZdqlhhgb\h\k_g_
ihdmrZxlkygZgZrm`bagvKlmiZcbg_aZklZ\eycgZk`^Zlv
Ohaybgm^ZebekyHklZevgu_klZebhq_flhr_ilZlvkykdhj_boribhg\_jgmeky
^hfg_ihiZklvkhh[sbehghgbaZgyebdhfgZlm
ijh^he`ZebkvdZd\^jm]ijhbahrehg_qlhm^b\b\r__bf_gy=^_lhihaZ^b^hfZihkeurZebkv
f_jgu_rZ]bboa\mdijb[eb`Zekyijb]emr_gguc]hehkkdhfZg^h\Ze
KlhcKhe^ZluaZjy^blvjm`vy
Dk\h_fmbamfe_gbxymagZe]hehkoZ^`b
RZclZgr_igmeohaybgukeurZeb"Khe^ZluijbrebBbfbdhfZg^m_ljZa\_g_wlhl
fZe_gvdbcOZe_n"
�ZgZ\_jgydZwlhhghl\_lbe;Zjm^wev:fZkZl?]hjZa\yaZebbhg\uiju]gme\hdghqlh[u
iha\Zlvkhe^Zldhlhjuoijb\_ekkh[hc_]hohaybgWlhhljy^baMkdx[ZHldm^Z_s_hgfh]
ijb\_klblZd[ukljhex^_c
RZclZghlh\kx^mre_l_fmihfhsv\kdjbdgmeFZgZowev;ZjrZGZfa^_kvg_q_]h^_eZlv
Keurbl_
Kgh\ZjZa^Zeky]hehkoZ^`b
@^bl_a^_kvYaZcfmkvj_dh]ghkpbjh\dhc
GZ^hmoh^blvr_igmeFZgZo?keboZ^`b\u[_`ZebadhfgZluagZqblbhklZevguolZfg_l
B^b[uklj__\^hfdhgZd^`b?kebbolZfg_llhaZ[_jbFm[Zj_dZOhlvk_cqZk_]hbfmqZ_l`Zj
_fmgZ^hkdjulvkyFu`_aZcf_fkyihdZehrZ^vfbLugZc^_rvgZkihijZ\mxjmdmhl[jh^Zih^
q_lujvfydZrlZgZfbGh[uklj__[uklj__G_evayl_jylvgbfbgmlu
Ihoh`_hklZevgu_[uebkh]eZkgukgbf\k_j_lbjh\ZebkvL_i_jvfg_ke_^h\Zehhi_j_^blvbob
i_j\ufhdZaZlvkymdZrlZgh\Yg_agZef_klghklbghihfgbeqlh^_j_\vygZoh^ylkyihijZ\mx
klhjhgmhl[jh^ZZihkdhevdmfuijb_oZebhllm^ZgZ^_yekyqlhe_]dhgZc^mf_klh\klj_qb
Kkh[hcmf_gy[uedZjZ[bgghyhklZ\be_]hih^khkgZfbihlhfmqlhhglhevdhihf_rZe[ufg_
YmkeurZekdjbi^\_j_cgZ\_jgydZwlh[ueb^\_jbdhgxrgbbdZdfh`gh[uklj__ihfqZekyd
[jh^mIjb[u\lm^Zyih\_jgmegZijZ\hbk^_eZ\rZ]h\khjhdhqmlbeky\hae_q_luj_o^_j_\v_\
�Hgb]mklhihjhkebebkl\hc\Zbagbo\ukhdh\a^ufZebk\hxdjhgmmhklZevguogb`gb_\_ldb
kimkdZebkvlZdgbadhqlhyihqlbfh]^hlygmlvky^hgbojmdZfbYh[o\Zlbeh^bgbakl\heh\
G_kdhevdhjZai_j_o\ZlbekyjZkdZqZekyb\hlykb^_em`_gZdj_idhfkmdmkihkh[ghf\u^_j`Zlv
g_kdhevdboq_eh\_dfh_]h\_kZ?^\Zymk_ekydZdmkeurZe\[ebabihklmivdhg_c;_]e_pu\_ebbo
ih^ma^puhklZgh\bebkvhgbijyfhih^hfghcLm^Z`_ohaybgdhgZdZijb\_eFm[Zj_dZBa^hfZ
^hg_kky]hehkOZe_nZ
k_f\hclb\^hfAZdhehlbl_klZ\gb_kebmkeurbl_gZrb\uklj_eu
Ly`dhdZjZ_lf_gy:eeZolbohk_lh\ZeFm[Zj_dL_ehfh_dZdh]hgvZ^mrZiueZ_ldZdieZfy
Yg_agZxkmf_xeby_oZlv\_johf
�he`_ghl\_lbeFZgZoFulh`_ohl_eb[uhl^hogmlvghwlb^vy\heu]hgylgZkkf_klZgZ
f_klhGZfgZ^h_oZlvb\k_lZdbohjhrh[umagZlvqlha^_kv_s_k_]h^gykemqblkyDhgZd^`b
ijbrebdgZfihkuevgh]h
=^_hg\ZkgZc^_l"
=^_gb[m^vgZimlbdi_s_j_m]e_`h]ZL_[_gZ^hgZijZ\blvwlboqm`Zdh\ihgZr_fmke_^mLu
kdZ`_rvbfqlhfu_^_fdRZjd_Hgbdhg_qghihke_^mxlaZgZfbblh]^ZhgbijhiZebFu
ih^dZjZmebfbomRZclZgdZ^`ZcbLZfbfg_mdehgblvkygb\ijZ\hgb\e_\hhgbihiZ^mlgZf\
jmdb
Lh]^Zm`lhqghhgbihiZ^mldgZf\jmdb\hae_i_s_jum]e_`h]ZImklvdhgZd^`bjZkkdZ`_lbfh
khdjh\bsZokijylZgguo\wlhci_s_j_dZdhgjZkkdZau\Z_lwlh\k_fhklZevgufijb_a`bf
ihiZ^ZxsbfaZl_f\eh\mrdm?kebhgbgZc^ml\_j_\hqgmxe_klgbpmdhlhjZy\_^_l\gmljv
^miebklh]h^m[ZagZqblhgbb\ijyfv\k]h\hj_kp_eufZ^hfDhg_qghehrZ^vwlh]hg_fpZDZjZ
Gbj\Zg\havf_lk_[_Z\hlhklZevgh_fuih^_ebff_`^mgZfbb^mfZxhklZg_fky^h\hevgu?keb
q_eh\_dhlijZ\ey_lky\klhev^Zevg__kljZgkl\b_^Z_s_ihdmiZ_lk_[_lZdh]hdhgydZdwlhlg_f_p
agZqblmg_]hijbk_[_hq_gvfgh]h^_g_]
Dhg_qghlmlhgkbevghhrb[Zekyk_fh_[h]Zlkl\haZdexqZehkv\wlmfbgmlm\lhfqlhymkeurZe
hlg_]hL_i_jvyagZeqlhDZjZGbj\Zgb_klv@mlYmagZelZd`_qlhdhgZd^`bk\hbfbjZkkdZaZfb
aZfZgb\Z_lex^_c\i_s_jmm]e_`h]Z]^_hgb]b[gmlB_s_ymagZeqlh\wlhci_s_j__klv
ihlZcghcoh^bhg\_^_l\gmljv^miebklh]h^m[ZGZ\_jgydZwlhl^m[hq_gvrbjhd\h[o\Zl_b\ukhd
ihwlhfmgZclb_]h[m^_lg_ljm^ghhgkjZam[jhkblky\]eZaZ
�Zevr_g_q_]h[uehkemrZlvOhaybg^jh`ZhlkljZoZfhebekyhlijZ\eyykv\imlvHklZevgu_
\kdhqbebgZehrZ^_cklhgms_]hFm[Zj_dZmkZ^beb\k_^eh\kdhj_ihkeurZekyie_kdhgb
i_j__oZeb[jh^Lh]^Zykimklbekyk^_j_\Zbihr_e^hfhcYg_agZeqlhemqr_\hclb\^hfbeb
\gZqZe_aZ]eygmlvkd\havklZ\_gvghlml\^hf_jZa^Zeky]jhfdbc]hehkOZe_nZbygZijZ\beky
\gmljv
Hldju\Zy^\_jvq_eh\_dihiZ^ZekjZam\[hevrmxijboh`mxh^gZdhqlh[uaZsblblvdhfgZlmhl
kd\hagydZ__hl]hjh^bebkl_gdhckie_l_gghcbaehau?s_klhyaZg_cymkeurZedZdOZe_n
kljh]bflhghf\u]h\Zjb\Ze
YaZij_sZxl_[_wlhcghqvxjZa]meb\Zlvihmebp_ihdZlZdb_ijhkeZ\e_ggu_ex^bdZdfuklhbf
a^_kvb^h`b^Z_fkyjZa]h\hjZklh[hcLuohaybgwlh]h`Zedh]hdhgZdZb^he`_gh[kem`b\Zlv
k\hbo]hkl_c^Z[uhgbqm\kl\h\Zebk_[y\iheg_mxlghkj_^bwlbolj_obebq_luj_o\_lobok\Zc
?kebluij_g_[j_]Z_rvk\hbf^he]hflhydZdke_^m_lgZihfgxl_[_hg_f=^_lurey_rvky"
Y\ur_egZmebpmqlh[umdjZ^dhcih^kfhlj_lvdm^ZgZijZ\ylkywlbex^bdhlhju_lZd
[_kkh\_klghgZiZebgZl_[yhijZ\^u\Zekyohaybg dhg_qghhgkjZam\_jgmeky^hfhc\f
Yih^hr_eddjZxi_j_]hjh^dbbaZ]eygme\dhfgZlmGZiheme_`Zebk\yaZggufbiylvbebr_klv
�q_eh\_dhi_jrbkvgZjm`vyboklhjh`bebHkdhbHfZjZevr_klhyeOZe_n\uiylb\]jm^vb
ijbgy\\_ebq_kl\_ggmxihami_j_^gbfihdhjghkdehgb\rbkvaZklueohaybgjy^hfklhyeZ
klZjmoZ\jmdZo__[uehg_kdhevdh\_j_\hdFZe_gvdbcoZ^`bkgh\ZhdZaZeky\k\h_fbaex[e_gghf
iheh`_gbbhg\u]ey^_ehq_gv\Z`ghci_jkhghc
LZdkdZaZehgK_cqZklugZau\Z_rvwlh[_kkh\_klgufZij_`^_luwlhfmjZ^h\Zeky
Wlh[uehijbl\hjkl\hf]hkih^bgFg_ijbrehkvlZdihklmiblvqlh[ug_ijh]g_\blv
fhr_ggbdh\Ijhk_[y`_yj_rbeqlhk^_eZx\k_qlh[uhk\h[h^blvl_[ybabojmd
A\mqblhq_gvdjZkb\hBlugZ\_jgh_kdZ`_rvqlh\h\k_g_bokhh[sgbd"
Ybo\hh[s_g_agZx
H^gZdhlugZau\Zebo\k_oihbf_gZf
YaZihfgbebo\_^vhgb`_gZau\Zeb^jm]^jm]Zihbf_gZfYjZ^qlh\k_lZdohjhrh
aZdhgqbehkv
H^_eh_s_^Ze_dhg_aZdhgqbehkv\k_lhevdhgZqbgZ_lkybwlhdZkZ_lkyl_[yijhq_ffg_g_
dZdluy\hh[s_g_ydrZxkvImklvwn_g^b^hijhkbll_[yb^heh`blfg_\k_L\hykm^v[ZaZ\bkbl
l_i_jvhl_]hj_r_gbyZlZd`_hlfh_]hkh]eZkbyml\_j^blvwlhlijb]h\hjIhdZ`_lu[m^_rv
k\yaZg^Z[ufufh]eb[ulvm\_j_guqlhlug_klZg_rvkljhblvgZfdhagb
K\yaZg"Ihq_fm"
Y`_l_[_lhevdhqlhkdZaZeh[wlhfqlh[ul_[_g_\a[j_eh\]heh\mkh\_jrblvdZdmxgb[m^v
ijh]medmhlklhbll\hy`_gZex[_agZykimlgbpZl\hbo^g_cHgZm`_k\yaZeZe_`Zsboa^_kv
ex^_cbhgZkm^h\hevkl\b_fkdjmlbll_[yihjmdZfbgh]Zf\_j_\dhcohlyhgmxih^h[Z_lh[fhlZlv
\hdjm]l\h_cr_bAZl_ffuh[km^bfdZdjZkd\Zjlbjh\ZlvhklZevguoh`b^ZxsbogZkgZmebp_Y
hiZkZxkvqlhwlbdhfgZlug_^hklZlhqgh\_ebdb^eylZdh]hdhebq_kl\Zkhe^ZlIjhlygbdZjmdb
k\h_cex[_aghcOhmjbb^Zkh_^bgblhgZbomaZfb
=hkih^bgy`_gb\q_fg_\bgh\_gYg_fh]ml_ji_lv
Fheqbij_j\Ze_]hOZe_nOhq_rvlul_ji_lvbebg_lwlhf_gyg_dZkZ_lkyK_cqZkya^_kv
ijbdZau\Zxb_keblug_[m^_rvfg_ih\bgh\ZlvkylhihemqbrviZjhqdmm^Zjh\
Hgih^gyeie_ldm?s_^hwlh]hyaZf_lbe_]hie_ldmibklhe_lubgh`e_`Zsb_gZklhe_\_^v_]h
jZahjm`bebh^gZdhl_i_jvhjm`b_\gh\v[uehmg_]hHkdhbHfZjm]jh`Zxs_klmdgmebjm`vyfb
ihihembohaybgijhlygmek\h_c`_g_jmdbqlh[ulZk\yaZeZboIhlhfhgme_]kygZa_fvihke_
q_]h_fmk\yaZebbgh]b
hllZdbgZ^hhij_e_klve_lfhboiho\ZebeOZe_nklZjmomLuk^_eZeZijZ\bevguc\u[hj
[_a\kydh]h\hjqZgbyj_rb\fg_ih\bgh\ZlvkyIhwlhfml\hbojmdbgh]g_dhkg_lky\_j\b_Ziheu
l\h_]hieZlvy[m^mlk\h[h^ghihjoZlvih\k_fm^hfmqvbihdhb:eeZohkqZkleb\bel\hbf
ij_e_klgufihy\e_gb_fLhevdhg_iulZckydhkgmlvkyimlk\yaZ\rbowlbex^_c\_^vwlhih\e_q_l
aZkh[hcihke_^kl\byqlhe_]dhmya\ylojmidhklvl\hbo^hklhbgkl\KlmiZcemqr_\m]hebhl^hogb
ihdhcghhdb^u\Zy\ahjhfly]hluk\h_]ha_fgh]himlbFu`_ijh\_^_fihdZkh\_sZgb_^Z[u
j_rblvemqr_eb[m^_lij_^Zlvl\hc^hfh]gxbeb`_ke_^m_l\ahj\Zlv_]h
HgZih\bgh\ZeZkvf_^e_gghkdhevagm\\m]heZOZe_ngZdhg_pih\_jgmekyd^\_jbhq_\b^gh
j_rb\\uykgblv]^_yDh]^Zyg_h`b^Zggh\ur_e\i_j_^bhgf_gym\b^_e_fm^Z`_g_ijbreh\
]heh\mba\bgblvkyaZk\hxg_hklhjh`ghklvbebohly[ubah[jZablve_]dh_jZkdZygb_gZebp_g_lhg
h[jZlbekydhfg_gZm^b\e_gb_\Z`guflhghf
Wn_g^bluihy\ey_rvky^Z[umagZlvblh]bgZr_ckeZ\ghc[h_\hcdZfiZgbbKfhljb`_hdj_kl
hgbijhkl_jluij_^lh[hcgbpb]hlh\u\hkijbgylv`bagvbkf_jlvbagZrbo`_jmd
uc^bdZ
YkdZaZewlhlZddhjhldhblhqghqlh_]hebphlhlqZk\ulygmehkvHgihke_^h\ZeaZfghcfu
hklZgh\bebkv\hae_^hfZ
OZe_nh[jZlbekyydg_fmy\ua\Zel_[yqlh[ug_kjZfblvi_j_^ex^vfbdhlhjufblu
jZkihjy`ZekydZdbghc]hkm^ZjvGZ^_xkvluwlhmql_rv
Wn_g^bhl\_lbehgjh[dhymqlmwlhghkh]eZkbkvqlhy\uihegbe\k_hlebqgh
G_lwlh]hykdZaZlvg_fh]mLu^_ckl\h\ZekZfh\hevghbkim]gmegZrbo\jZ]h\i_j_q_jdgm\fhb
ieZguG_m`_eblubl_i_jvg_ohq_rvijbagZlvkyqlh\k_]^Zijhb]ju\Z_rv_kebihklmiZ_rv
gZi_j_dhjfhbfih`_eZgbyfbij_^hkl_j_`_gbyf"Luhl^_eZekykbgydhfebrvihlhfmqlhfu
\h\j_fykiZkebl_[yijhq_fqlh[uehlh[uehg_q_]hfgh`blvmij_dbJZkkdZ`bdZfg_emqr_
=fdhjhldh[mjdgmehg;ukljhhq_gvhgZijhl_dZeZKhkeh\iZklmoZyihgye]^_bkdZlv
gZrbo\jZ]h\Yih^djZekybaZ]eygme\s_edmYm\b^_eqlh\k_hgbdjhf_Fm[Zj_dZkb^yla^_kv
Hgbqlhlh[mjghh[km`^Zebghyg_fh]meh\blvgbkeh\ZWlhfg_g_ihgjZ\behkvbyj_rbe
ijh[jZlvky\kiZevgxklZ\gb\dhlhjmx[uebhldjulu
Luh`b^ZeqlhlZfgbdh]hg_l"
?kl_kl\_ggh
hlm`g_fh]mkh]eZkblvkyKijhkbgZrbokimlgbdh\hgbih^l\_j^ylqlhydZl_]hjbqgh]h\hjbe
klZjucFm[Zj_de_`bl\kiZevg_
�Zdkh`Ze_gbxyg_keurZeh[wlhfbgZq_[uhkl_j_]ky^\mfygh]ZfbkjZamiju]Zlv\wlm
ijhdeylmxem`mLmllhym\u\_kvb\ufZaZekyijbagZxkv\wlhfFZeh[uehijbylgh]h:dh]^Z
;Zjm^wev:fZkZlaZg_kgZ^hfghcgh`qlh[ujZahfdgmlvfg_mklZlmlyihqm\kl\h\Ze
ihqm\kl\h\Ze]fkeh\ghmf_gybakibguf_^e_ggh\uly]b\Zxloj_[_l;u\Zxl\a_fghc`bagb
lZdb_fbgmludh]^Zqm\kl\m_rvk_[yg_lZdmxlghdZdohl_ehkv[uYkqblZedhfgZlmimklhcgh
\k_lZdb\_ek_[yhq_gvhklhjh`ghki_j\Zyg_fgh]hihklhyemhldjulh]hklZ\gyijbkemrb\Zykvg_
jZa^Z^mlkyebdZdb_gb[m^va\mdbG_mkeurZ\gbdZdh]hrhjhoZyih^gyeky\hdghbhklhjh`gh
kdhevagme\gbaFg_bl_i_jv\_aehyhsmlbeih^gh]Zfbiheg_\u^Z\k_[ygbfZe_crbfrmfhfY
m`_]hlh\[ueih^djZklvkydi_j_]hjh^d_aZdhlhjhckb^_ebwlbfheh^qbdbqlh[uih^kemrZlvbo
jZa]h\hjGhkm^v[Zg_ihklb`bfufh[jZahfklZ\blij_]jZ^ugZimlbemqrboex^_cih^kl_j_]Zybo
dh]^Zhgbf_gvr_\k_]hh`b^Zxlwlh]hYkihldgmekyhqv_lhl_ehe_`Z\r__mf_gygZimlbKiZe
ebwlhllbibebg_lg_fh]mkdZaZlvhgiha\hebefg_kimklblvky\dhfgZlmbg_ba^Zeijbwlhfgb
a\mdZL_i_jv`_hg\p_ibekyfg_\gh]mjuqZkeh\gh\k_f_jl\_pua_fghcx^hebjZahf
\hkklZ\rb_hlkgZYmiZeohlvbg_kjZam\_^vbsZhihjuyo\ZlZekyaZ\ha^moihdZih^jmdZfb
g_hdZaZeZkvdZdZylh^hkdZghhgZ[ueZiehohijb[blZdkl_g_Yhlhj\Ze__kh\k_fqlhgZg_c
klhyehbjmogmegZa_fvJZa^Zekym`Zkguc]jhohlWlbfheh^qbdb\ukdhqbebbadhfgZlubij_`^_
q_fyih^gyekyhgbm`_dj_idh^_j`Zebf_gyOhaybg[ukljhijbg_k^\_\_j_\dbF_gyk\yaZeb
\lZsbeb\dhfgZlmbklZeb^hijZrb\ZlvHgblj_[h\ZebkdZaZlvdlhlulZdhcYijbagZekybf
qlh
Qlhybg^bckdbcgZke_^gucijbgpbbsma^_kv`_gmWlhykeurZeWolug_bkijZ\bfuc\jZev
L_i_jv\_jg_fky\dhfgZlm
Lug_ohq_rvmagZlvqlhyk^_eZedh]^Zf_gyhk\h[h^bebhliml"
WlhybkZffh]mkdZaZlvLuiheZ]Zeqlhy\hiZkghklbbm[_^beHkdhbHfZjZgZjmrblvfhc
ijbdZau\uiju]gmebbahdgZbbah[jZ`Zykhe^Zlm^Zebebkvhl^hfZ
�Zghy\_^vk^_eZewlhkkZfufb^h[jufbgZf_j_gbyfbIhgZqZemyj_rbeihl\h_fmijbf_jm
ih^djZklvkydgbfYme_]kygZa_fexbihiheaaZm]he\_^vyagZeqlhlugZijZ\bekylm^ZLZf
klhyebwlbfheh^qbdbYih^h[jZekydgbflZd[ebadhqlhkeurZe^Z`_bor_ihlohlybg_
jZa[bjZekeh\Fhylj_\h]ZmkbebeZkv\hllh]^Zfubk^_eZeb\b^qlhkx^Zijb[uebkhe^ZluFu
klZeblhiZlv\lZdlZHkdhbHfZjj_rbl_evghklmqZebijbdeZ^Zfbha_fexGZrohaybgiZklmo
lh`_ihfh]ZegZf
=^_hgk_cqZkgZoh^blky"
YhlhkeZe_]h^hfhcHg\_^vkhk_^dhgZd^`bb_keblhlm\b^bl_]hlh[m^_lihlhffklblv
:jZa\_]emihqlhfudh]^ZimlvklZek\h[h^_ggZijZ\bebkv\^hfbaZklZ\bebklZjmomohaycdm
k\yaZlv\k_ok\hbokem]"
G_fh]mkdZaZlvqlhlu[ueh[jZaphffm^jhklb
Wlbfex^yflZdbgZ^hY]h\hjxl_[_qlh\k_hgbaZh^ghkgZrbfb\jZ]Zfb
YagZxwlhGZ^hohlvgZk_]h^gyrgxxghqvh[_ahiZkblvk_[yhlgbobgZq_hgblhlqZkihrexl
]hgpZ\ke_^[_`Z\rbfBlZdb^_f\dhfgZlm
Fu\_jgmebkv\dhfgZlm]^_ohaybgkm^yih\ujZ`_gbxebpZ\klj_lbefh_\ha\jZs_gb_kh
kljZohf
hafh`ghOZe_nkhh[jZabeqlhhklZevgu_^h]Z^Zxlky[m^lhyohl_e_]hhlqblZlvQlh[u
ihijZ\blvj_imlZpbxwlhlg_bkijZ\bfuc\jZevih^hr_edohaybgmbkdZaZe
h_gguckh\_lhdhgq_gfuijh\_eb_]hgZmebp_Ykh]eZk_gkj_r_gb_fgZr_]hfm^jh]hwn_g^b
\ZrZkm^v[Zij_ihjmq_gZ_]hjmdZf
Hohlg__\k_]hyaZe_ibe[u_fmhie_momkebrdhfm`hgiheZ]ZekygZfhxkbfiZlbxdg_fmY
h]jZgbqbekyl_fqlhf_lgme\g_]h]g_\guc\a]ey^b^hijhkbeohaybgZj_amevlZl[ue
hljbpZl_evgufHg\kyq_kdbhldZau\Zekyqlh[ue\k]h\hj_k[_]e_pZfb
=hkih^bgyg_\bgh\_gm\_jyehgKijhkbfhx`_gmbfhboex^_chgbkdZ`mllh`_kZfh_
Dhg_qgh\_^vhgbih^mq_gulh[hc?klv\l\h_f^hf_dhfgZlZ]^_fh`ghaZi_j_lvky"
��ZijyfhaZgZfbih^\Ze\_jvgZoh^blkydZdjZa\lhfm]em]^_kb^blfhy`_gZ
Ihe[ue]ebgygufmlhilZggufgh\lhc_]hqZklb]^_kb^_eZ`_gZbf_eky^hsZlucgZklbek
hldb^ghc^\_jp_ckgZ[`_gghcgZklhysbfaZfdhfDexqe_`Ze\dZjfZg_mohaycdbhgZ^hklZeZ_]h
bhldjueZaZfhdgba\_eZe_klgbpZYaZ`_]k\_lkimklbekybm\b^_e^h\hevgh[hevrh_
q_luj_om]hevgh_ihf_s_gb_\g_fe_`Zebh\hsbYkgh\Z\u[jZekygZ\_job\_e_ejZa\yaZlv
ohaybgZ
KimkdZckyijbdZaZey_fm
Qlhfg_lZf^_eZlv"
Fu[m^_flZfkh\_sZlvkyihlhfmqlh\gbamgZfgbdlhg_ihf_rZ_l
Hgf_^ebelh]^ZOZe_n\ulZsbebaaZihykZie_ldmOhaybglml`_klZekimkdZlvkyHklZevguf
ijbdZaZgh[uehke_^h\ZlvaZgbfdZdlhevdhfuhk\h[h^bfbohl\_j_\hdIhke_^g_ckimklbeZkv
klZjmoZbfuih^gyebe_klgbpmgZ\_joAZl_fijbg_kebbakiZevgbih^mrdbbh^_yeZbk[jhkbebbo
\gbagZdhg_pyihykgbegZrbfie_ggbdZf
L_i_jvfh`_l_gZqbgZlvkh\_sZgb_Ih^mfZcl_[m^_l_ebaZ\ljZmljhfq_klgukhfghc:qlh[u
g_aZfureyebih[_]kdZ`m\Zfqlhfu\uklZ\bfm^\_jpudZjZme
�hkboihjhgbihfZedb\Zebl_i_jvgZqZeb]jhfdhijhl_klh\Zlvh^gZdhfuij_k_deb\hajZ`_gby
aZoehigm\^\_jpmbaZi_j_\__Dexqym[jZeOZe_nbHkdhhklZebkvgZkljZ`_
f_kl_kHfZjhfy\_jgmeky\^hfiZklmoZdhlhjuckg_kdju\Z_fufex[hiulkl\hf`^ZegZkHg
magZeh[h\k_fqlhfukhqebgm`guf_fmjZkkdZaZlvihlhffuhlijZ\bebkvgZihdhc
Ihke_ly]hlbkiulZgguogZfb\ihke_^gb_^gbfukiZeblZddj_idhqlhijhkgmebkv[eb`_d
ihem^gxohlvyijhkbegZr_]hohaybgZjZa[m^blvgZkgZjZkk\_l_
Dh]^Zfuih^hrebddhgZdmlhgZreb^\_jvaZi_jlhcbagmljbOZe_nbHkdh_s_kiZebbgZf
ijbrehkvihklmqZlvIjyfhgZ^\_jp_\_^ms_c\ih^\Zehgbmkljhbebk_[_ihkl_evbak_gZb
e_klgbpmk[jhkbeb\gbadhgZd^`bb_]hex^b\u[jZebkvbaih^\ZeZEbpZm\b^_ggu_gZfbijyfh
ijhkbebkvgZohekl`b\hibkpZHgb^urZeb]g_\hfbyjhklvxohlvbiulZebkvkdjulvwlbqm\kl\Z
OhaybggZqZekmij_dh\bhijZ\^Zgbcyij_j\Ze_]hj_qvkeh\Zfb
Fu[m^_f]h\hjblvlhevdhklh[hcihc^_f\^ZevgxxdhfgZlmHklZevgu_fh]mlijbgylvkyaZ
h[uqgmxjZ[hlm
ke_^mxsbcfb]wlbhklZevgu_bkq_aebDh]^Zfumk_ebkv\dhfgZl_dhgZd^`b\klZei_j_^gZfbk
]jbfZkhc[_^gh]h]j_rgbdZ
Ml_[y[ueZp_eZyghqvqlh[uih^mfZlvijbagZ_rvkyeblu\h\k_fbeb`_g_lgZqZeyFu
`^_fl\h_]hhl\_lZ
=hkih^bgfhe\behgfg_g_gm`gh[uehgbhq_f^mfZlvYfh]mkdZaZlvebrvh^ghqlhy
g_\bgh\_g
L_i_jvhgijbgyekyjZkkdZau\Zlvi_jbi_lbbfbgm\r_cghqbgZoh^y\wlhf\u]h^m^eyk_[ykx
ghqvhg^mfZehlhfdZdhijZ\^Zlvkybbkdmkghijb[_]Zedm\_jldZf
Qlh[uh[fZgmlv_]hyijhbag_kgZdhg_p
Ihoh`_fuaZih^hajbebl_[y[_a\kydhcijbqbguy]hlh\ijbg_klbih^h[Zxs__ba\bg_gb_
=hkih^bgyg_lj_[mxgbq_]hFg_^hklZlhqghagZlvqlhlukqblZ_rvf_gyq_klgufq_eh\_dhf
Luqm`Zd\wlhckljZg_bg_agZ_rva^_rgbomkeh\bcKlhblebm^b\eylvkyqlhlukh\_jrZ_rv
lZdb_hrb[dbIhoh`_l\hbex^blh`_g_baa^_rgbof_klL_[_ih^h[Zeh[u\aylvkkh[hc\
ijh\h^gbdbdZdh]hgb[m^vf_klgh]h`bl_eyimklv^Z`_gZ\j_fylufh][uiheghklvxiheh`blvky
gZg_]h\lZdbos_dhleb\uokblmZpbyo
:]ZhlhgbjZkdjuek\hcaZfuk_eYkh]eZkbekykdZaZ\\hl\_l
LuijZ\GZ^_`gucijh\h^gbd^hjh]h]hklhblGh\_^vbf_gghihlhfmqlhyqm`_a_f_pfg_g_
klhbl[jZlvijh\h^gbdZ
Ihq_fm"
Yg_agZxex^_cYe_]dhfh][uiheh`blvkygZq_eh\_dZdhlhjucg_aZkem`b\Z_lfh_]h^h\_jby
WlhijZ\^Z
Lug_agZ_rvgZ^_`gh]hijh\h^gbdZ^eyf_gy"
Fh`_l_klvlZdhcFg_dhg_qghgZ^hagZlvdm^Z\u^_j`bl_imlv
DZdZg^_eu
Wlh[ueZg_ijZ\^Zghmf_gybf_eZkvijbqbgZqlh[ugZa\Zlvbf_gghwlhf_klh?]hebphlhlqZk
ijbgyehjZahqZjh\Zgguc\b^hglhjhieb\hkijhkbe
Ywlh]hg_h`b^Ze]hkih^bg
Ihq_fmg_l"
Ihlhfmqlh\q_jZykeurZeqlh\uih_^_l_kh\k_f\^jm]hfgZijZ\e_gbb
dZdhf`_bf_ggh"
lhf`_qlhbl_iyl_jh\kZ^gbdh\ih[u\Z\rboa^_kv\q_jZ
:olZdGhdlh`_wlhl_[_kdZaZe"
Hgbwlhmihfygmebdh]^Z]h\hjbebh\ZkIhbokeh\Zf\u^Z\ghm`_ij_ke_^m_l_bo
Kh]eZrmkvghl_i_jvyihl_jyedgbfbgl_j_k
_jgh]hkih^bgm\Zk_klvhq_gv\_kdbcj_ahglZd\g_aZighi_j_f_gblvieZgu"kijhkbehg
YmklZehl\_lbey]hgylvkyaZwlbfbex^vfbhgb\k_]^ZmkdhevaZxlhlf_gyLhb^_eh
ihiZ^Z_rv\g_ijbylgu_iheh`_gbyb^himkdZ_rvg_h[tykgbfu_ijhfZobLu\_^vkZfwlh\b^_e
Hkh\q_jZrg_]h^gyfug_ohlbf^Z`_]h\hjblvh[wlhfQlhkemqbehkvlhkemqbehkvgm`ghwlh
aZ[ulvKbevgh`_gZ\_jgh_hkdhj[bebl_[ywlbiyl_jh\kZ^gbdh\
G_h[uqZcgh
Qlh`lulZd^he]hij_ke_^h\Zeboqlh[ueh[u]emihhldZaZlvkyhlk\hboieZgh\bf_gghk_cqZk
dh]^Zlu\hl\hlfh`_rvgZklbqvbo_keb\k_jv_a\havf_rvkyaZ^_eh
Hldm^ZluwlhagZ_rv"
Km`mihlhfmqlhmagZehlgboLu\_^vagZ_rvgZ\_jgh_dm^Zhgb_^ml"
Hldm^Zfg_agZlv"YbhldZaZekybo^Zevr_ij_ke_^h\Zlvihlhfmqlhg_agZxdm^Zhgb
gZijZ\bebkvFg_gZ^h\ubkdb\Zlvboke_^uh[ke_^h\Zlvhdj_klghklbbaZgbfZlvkyjZkkijhkZfb
IhdZyqlhgb[m^vmagZxgZ\_jgydZhgb^Z\ghfbgmxl]hjuLZdqlhemqr_fg__oZlv^jm]bf
iml_f
KlZbgkl\_gghcfbghcgZebp_hgh[jZlbekydhfg_
K_cqZklumagZ_rvwn_g^bqlhy\h\k_g_`Z`^mf_klbGZh[hjhlyhdZ`ml_[_[hevrmxmkem]m
yih^kdZ`m]^_lufh`_rvgZclbwlboex^_c
:oluagZ_rvwlhDm^Z`_hgbmkdZdZeb"
Hlkx^ZgZ=eh]h\bdHgbkijZrb\Zebf_gykdhevdhlm^Z_oZlvbyhibkZebf\_kvimlv
_ebdhe_igh\kdjbdgmeyjZ^mykvWlZgh\hklv^eyf_gydhg_qghhq_gv\Z`gZFuk_]h^gy
`_ihkdZq_f\=eh]h\bdGhmagZ_febfulZfdm^ZhgbgZijZ\ylky^Zevr_"
H[wlhfl_[_g_q_]h^Z`_kijZrb\Zlvihlhfmqlhy\k_agZx
Hgb[uebdZdlhm`kebrdhf[heleb\uklh[hc
Hg_ly\k_ih^kemrZe
L_femqr_Zlhyih^mfZeqlhhgbaZ^mfZebl_[yh[fZgmlvBlZddm^ZhgbgZf_j_gu_oZlv"
&#xN;&#xZg;&#x^b;&#xgm;&#x;&#xWl;&#xh;&#xf_;&#xkl;&#xh;&#xe_;&#x`b;&#xl;&#xih;&#xl;&#xm;&#xkl;&#xhj;&#xhg;&#xm;�NZg^bgmWlhf_klhe_`blihlmklhjhgmjbguLZfhgbohlylk^_eZlvhklZgh\dm\hllZflubo
bihcfZ_rv
Fg_[uehykghqlhih_a^dm\NZg^bgmhg\u^mfZegh\k_lZdbykijhkbe
:lug_agZ_rv^hjh]mba=eh]h\bdZ\NZg^bgm"
AgZxdZd`_hq_gvohjhrhYkZfbal_odjZ_\ufbgm_l_hq_gvbgl_j_kgu_f_klZgZijbf_j
agZf_gblmxQ_jlh\mkdZem
Ihq_fmhgZghkblwlhbfy"
�LuojbklbZgbgbklZeh[ulvagZ_rvqlhrZclZgbkdmrZeBkm[_gFZjbZfZ@?fmg_m^Zehkv
wlhlh]^Zhgmr_e\hk\hykbbk^_eZei_j\mxhklZgh\dmebrvmwlhckdZeu]g_\_hgm^Zjbeihg_c
�dmeZdhf\eh`b\\m^Zj\kxZ^kdmxyjhklvh]jhfgZyfZobgZkdZeulj_kgmeZihkj_^bg_hjh]Z
dhlhjhc\uih_^_l_\_^_lfbfhwlhcjZkk_ebgu
Wlhe_]_g^Z"
G_lwlhijZ\^ZWlmkdZem^hkboihjah\mlQ_jlh\hckdZehc
Bgl_j_kgh[m^_l]eygmlvgZg__
�Ihlhf\uhdZ`_l_kv\]emohfe_km]^_kj_^bkdZee_`blagZf_gblZy`_\ZobjbfZ]ZjZI_s_jZ
Khdjh\bs
G_dZyn_yihex[beZijhklh]hkf_jlgh]hIh\_ebl_evpZjkl\Zn_ckhkljZ^ZyfmdZf__ex[\b
iha\hebe_ckh_^bgblvkyk\haex[e_ggufH^gZdh_cijbrehkvhldZaZlvkyhlk\hbo\her_[guo
^Zjh\h[j_klbq_eh\_q_kdbch[ebdbh[j_qvk_[ygZkf_jlvN_ykh]eZkbeZkvbgbahreZgZa_fex
?c[uehiha\he_gh\aylvkkh[hc\k_k\hbkhdjh\bsZGhihdZhgZki_rbeZ\gZrfbj
\haex[e_ggucbaf_gbe_cLh]^ZhgZ\iZeZ\kdhj[vbm^ZebeZkv\i_s_jmJZkkuiZ\k\hb
khdjh\bsZhgZbahreZke_aZfbDh]^Z\wlmi_s_jmijboh^blq_eh\_dmdhlhjh]hg_lgZ^mr_
ly`dh]h]j_oZhggZoh^blh^bgbawlbodZfg_cFgh]b_hq_gvfgh]b_ex^b\oh^beb\i_s_jm\
gbs_l_Z\u[bjZebkvhllm^Z\[h]Zlkl\_\_^vkhdjh\bsZn_bg_kjZ\gbfugbkq_f
Hgbkiulmxs_ihkfZljb\ZegZf_gyk[hdmqlh[uihgylvdZdh_\i_qZle_gb_ijhba\_eZwlZe_]_g^Z
LZd\hldZdhc[ueZlZijbfZgdZdhlhjhchgaZfZgb\Zedm]e_`h]m_]h`_jl\?kebmqblu\Zlvkdhev
km_\_jguex^b\a^_rgbodjZyolh\h\k_g_m^b\bl_evghqlh^Z`_[h]Zlu_ex^b\_jbebih^qZk
wlhc]emihcbklhjbb
Khkh[ufijb^uoZgb_fohaybg^h[Z\be
YkZfagZxg_kdhevdboq_eh\_ddhlhju_gZreblZf^jZ]hp_ggu_dZfgb
M`g_lueb"kijhkbey
G_lyg_bkdZedZf_gvihlhfmqlhkebrdhfklZjDZfgbhldjhxlkyebrvl_fdhfm_s_g_l
khjhdZ
KlZeh[ulvn_yij_^ihqblZeZxghr_cklZjbdZfL_[_jZgvr_gZ^h[uehimkdZlvkygZihbkd
khdjh\bs
Lh]^Zygbq_]hg_agZehi_s_j_ml_[y`__klv\j_fylufheh^
;ZY[h]Zlbmf_gyih`Zemco\Zlbl^_g_]qlh[udmiblvk_[_h^bgbalZdbo[jbeebZglh\
Yf_evdhf]eygme_fm\ebphbaZf_lbeqlhhghbaf_gbehp\_lHgohl_eijbfZgblvf_gy
[jbeebZglZfby`_gZkZ^begZk\hxm^hqdmahehlhDZaZehkvfuh[Z]hlh\u[uebdexgmlvgZwlb
gZ`b\dbHgohl_eaZfZgblvf_gy\i_s_jmy`_klZjZekyaZ\e_qv_]hdm]e_`h]m
�LZdlu[h]Zlbamfe_ggh\hkdebdgmehgZwlhfh`gh[uehij_^iheZ]Zlv_^vh^gZl\hy
ehrZ^vklhbl[hevr_q_f\k_fh_bfms_kl\hB\k_lZdbjZa\_g_aZfZgqb\hgZclbZefZa
hklZ\e_ggucn__c"
Dhg_qghwlhex[hiulghghyg_agZx]^_gZoh^blkyi_s_jZ;ulvfh`_lluhibr_rvfg___"
jy^eblugZc^_rv__kfhbokeh\L_[_gZ^hgZ\_klblvm]e_`h]Zihbf_gbRZjdZhgbijh\_^_l
l_[y\i_s_jm
QlhwlhaZq_eh\_d"
Hq_gvgZ[h`gucq_eh\_dhg\_^_lm_^bg_ggmx`bagvAZg_[hevrhc[Zdrbrhg]hlh\ijb\_klb\
i_s_jmex[h]hqm`_a_fpZ
OhaybgklZjZekybah\k_okbeaZfZgblvf_gy\wlmi_s_jmY^_eZe\b^[m^lh\_jxdZ`^hfm_]h
keh\mZdh]^Zyihijhkbe_]hhibkZlv^hjh]mgZ=eh]h\bdhgij_^eh`be^Zlvfg_\ijh\h^gbdb
h^gh]hbak\hbokem]
:hgagZ_l^hjh]mba=eh]h\bdZdQ_jlh\hckdZe_bI_s_j_Khdjh\bs"
G_lhggbjZamlZfg_[u\Ze
GZebp_ohaybgZaZkluehh`b^Zgb_\kxgZijy`_gghklvdhlhjh]hyihgbfZe_^vyfbfhoh^hf
h[fhe\bekyqlhghrmkkh[hch]jhfgmxkmffm^_g_]Qlh_keb\k_wlb^_gv]bijbdZjfZgblm]e_`h]
g_ihemqbl"B^Z`__keb_fm\u^_eyl^hexlhwlh[m^_lkmsbcimklydG_m`_ebhgg_fh][u
ijbk\hblvk_[_\k_^_gv]b"
Ih^h[gu_fukeb\_jl_ebkv\_]h]heh\_Y^h[bekylh]hq_]hohl_ehgkZff_qlZeklZlvgZrbf
ijh\h^gbdhfghg_j_rZekyij_^eh`blvk\hbmkem]bYh[e_]qbe_fmaZ^Zqmijhfhe\b\
@ZevFg_g_ohl_ehkv[uqZklhf_gylvijh\h^gbdZDlhagZ_lgZc^meby\=eh]h\bd_q_eh\_dZ
dhlhjuc^h\_^_lf_gy^hNZg^bguEmqr_[ufg_kjZam\aylvlh]hdlhagZ_l\_kvimlv
=fG_e_]dh_]hgZclbKdhevdhluaZieZlbrv"
Y[u^Ze^\_klb^\_klbiylv^_kylibZkljh\\f_kl_kijh\bab_cdhg_qgh
�=fZykZfkh]eZk_g\_klbl_[ywn_g^b_kebluj_rbrvhlijZ\blvky\imlvkhfghc
JZ^[m^mYlhlqZk\_exk_^eZlvehrZ^_c
:]^_`_l\hbehrZ^b"
IhlmklhjhgmmiZklmoZdhlhjhfmyi_j_^Zeijb\_lhl_]hkugZYhklZgh\bekymg_]hihlhfmqlh
agZefhb\jZ]bgZoh^bebkvml_[yGh\kihfgbehkvfg_lu]h\hjbedZd^hjh]hklhblfhy
ehrZ^vZ\_^vlu^Z`_g_\b^_e__
Hg_cl\_j^bebwlbiyl_jh\kZ^gbdh\hgbg_fh]ebgZg__gZo\Zeblvky
�ZhgbgZp_ebebkvg_lhevdhgZf_gyghbgZfhxehrZ^vLZdhcjZ^hklbybfg_^hklZ\exHgb
g_ihemqZlgbf_gygbehrZ^vaZlhygZklb]gmbo
YgZjhqgho\ZklZekyqlh[um\b^_lvdZdmxhgkhkljhblfbgmGZ]m[Zo_]h\blZeZbjhgbq_kdZy
meu[dZghhgk^_j`Ze__bijhfhe\be
Y\wlhfm\_j_gQlhwlbfheh^qbdbijhlb\\Zk
Lh]^Z]hlh\vkyQ_j_aiheqZkZfu\klj_lbfkym[jh^ZYjZ^mrghdb\gme_fmbfu\urebba
^hfZIh^hjh]_fZe_gvdbcoZ^`bkdZaZefg_
Ih\_jvfg_kb^byqmlvg_aZ^hogmekyhl]g_\ZY[ugbaZqlhg_klZe^jm`_kdb[_k_^h\Zlvk
g_]h^y_fWlhlZdb[m^_ll_i_jvijh^he`Zlvky"
IhdZ^ZGZfgZ^hjZkkljhblv_]hieZgu
Qlh`ijh^he`ZckgbfjZa]eZ]hevkl\h\Zlvgh\hlbklhqgbdfh_]hdjZkghj_qbyhklZg_lky^ey
g_]haZdjul
GZebp_[jZ\h]hiZklmoZlh`_ihy\beZkvlj_\h]Zdh]^ZhgmagZedlhklZg_lgZrbfijh\h^gbdhf
\f_klhij_^eh`_ggh]hihgZqZemkem]bYmkihdhbe_]haZ\_jb\qlhdhgZd^`bgbq_]hg_kmf__lfg_
k^_eZlv
GZr_ijhsZgb_[uehl_ieuf
Dh]^Zfuih^t_oZebd[jh^mgZkm`_`^ZeohaybgdhgZdZHgkb^_egZg_^mjghcehrZ^bb[ue
\hhjm`_ggh`hfibklhe_lZfbbjm`v_fk^ebgguf^mehf?s_ehrZ^bg_mki_ebaZfhqblvgh]b\
\h^_dZdhgih\_jgmekygZ\hklhd\ha^_ejmdmbkdZaZe
�:eeZo[m^vkgZfbZbkihegylkygZrbieZgu:eeZobev:eeZoFmoZff_^JZkkme:eeZo
Wlh[uehqbklh_dhsmgkl\hHggZ^_yekygZihfhsv:eeZoZ\dh\Zjghfm[bckl\_Yg_\hevgh
]eygmegZOZe_nZLhlih^`Ze]m[ubihlygmekyaZie_ldhcghg_klZe__^hklZ\ZlvZebrvkdZaZe
:eeZohlf_qZ_lex^_cq_klguob^Z_l[eZ]h^ZlvdZ`^hfmih_]h^_eZf[_kq_klguc`_ihiZ^_l\
Z^
Ih_a^dZhlkx^Z^h=eh]h\bdZ[ueZklhev`_^ebggZdZdblhlimlvdhlhjucfuijh^_eZeb\q_jZgh
=h\hjbebfZehG_^h\_jb_kfudZehmklZfhbokimlgbdh\^ZbdhgZd^`bg_^_eZeihiuldb
jZa]h\hjblvboHg[hyekyex[ufg_hklhjh`gufkeh\hf\gh\vijh[m^blv\gZkih^haj_gbydhlhju_
klZjZekymkuiblv
F_klghklv[ueZ]hjbklZyghlZdZymgueZyqlhhg_cg_q_]h^Z`_kdZaZlvDh]^Zfu^h[bjZebkv^h
dZdhceb[h^_j_\mrdb__gbs_lZ\ha[m`^ZeZ\gZklZdh_hl\jZs_gb_qlhfuki_rbebfbgh\Zlv__
=eh]h\bde_`ZegZagZf_gblhcij_`^_]hjghcljhi_dhlhjZygZqbgZeZkv\fhgZkluj_Lhebb
�klj_fbeZkvijyfhgZk_\_jf_`^mj_dZfbLj_kdZbjbgZZihlhf\g_aZighih\hjZqb\ZeZgZ\hklhd
bmibjZeZkv\DZdZg^_euIha\hexk_[_ebrvaZf_lblvqlhk_cqZkwlZljhiZ_^\Z\b^gZ
Dh]^Zi_j_^gZfbihdZaZeky=eh]h\bdOZe_nhklZgh\bek\hxehrZ^vbfjZqguf\a]ey^hfhdbgme
`Zedb_ob`bgudm^Zg_f_pdbcdj_klvygbgih`Zemcihkl_kgyeky[u^Z`_dhjh\mklZ\blvGZohef_
klhyeZg_[hevrZydZi_eeZagZdlh]hqlhqZklvgZk_e_gbybeb\_kvf_klgucex^bkih\_^m_l
ojbklbZgkl\h
DZdZylhkdZkdZaZehgFujZa\_ohlbfa^_kvhklZlvkywn_g^b"
Ih`Zemcg_lhl\_lbey[jhkb\\hijhrZxsbc\a]ey^gZijh\h^gbdZK_cqZk\k_]h^\ZqZkZ
ihihem^gbFugZihbfehrZ^_cbihfqbfky\i_j_^GZ^_xkv\^_j_\g__klvihklhyeuc^\hj"
?klvlZfh^bggh^eyl_[yhg[m^_lhq_gvkdjhfgufihykgbedhgZd^`b
GZfk_cqZkblZdh]ho\Zlbl
Fu^hklb]ebi_j\uo^hfh\bm\b^_ebdZdh]hlhiZjgye_`Z\r_]h\ljZ\_aZkeurZ\lhihlgZrbo
dhg_chg\kdhqbebaZf_jI_j_^gZfb[uekqZkleb\uch[eZ^Zl_evdhklxfZijhklhl_dhlhjh]h
ihaZ\b^h\Ze[uiZimZkDZdb_`_mg_]h[ueb[jxdbBoijZ\ZyrlZgbgZ^hklb]ZeZeh^u`dbghk
h[_boklhjhg[ueZjZkihjhlZa^_kv^ujdZ[md\Zevghkb^_eZgZ^ujd_E_\ZyrlZgbgZaZdZgqb\ZeZkv
qmlvgb`_[_^jZij_\jZsZykv\g_hibkm_fmxkf_kvgbl_cb[ZojhfuGZjm[Zrd_g_[ueh
\hjhlgbdZg_o\ZlZehlZd`_ijZ\h]hbhlqZklbe_\h]hjmdZ\ZIh\k_c\_jhylghklbjm[Zrdm_fm
h[hj\Zeb\_^vf_`^mgb`g_cdjhfdhcbihykhf[jxd\b^g_eZkvihehkdZg_fulhcdh`bGZ]heh\_
wlhl^_g^bghkbeh]jhfguclxj[Zgk\_jgmlucbafZl_jbZeZdhlhjucih^h[Zeh[ubf_gh\Zlv
ljyidhc^eyfulvyiheh\G_kdhevdhi_kljuoi_lmrbguoi_jv_\]hj^_eb\hihdZqb\ZebkvgZwlhf
]heh\ghfm[hj_hhjm`_ghg[ueklZjhcdjb\hckZ[e_cG_evay[uehijZ\^ZjZaebqblvlheb
debghdihdjuekym`Zkgufkeh_fj`Z\qbgulheb_]hkmgmeb\q_jgu_dh`Zgu_gh`gu
K_c^`_glevf_g^he]hiyebekygZf_gyZihlhf\g_aZighijbimklbekyijhqvjZafZob\ZykZ[e_c
ijyfhgZ^]heh\hcbdjbqZbah\k_okbe
Qm`hcQm`hcAZdju\Zcl_hdgZaZdju\Zcl_hdgZ
Fg_g_\_jhylghihgjZ\behkvwlh\_kdh_^hdZaZl_evkl\hlh]hqlhfugZoh^bfky\hq_gv
pb\bebah\Zgghff_kl_DZdZykljh]Zy^bkpbiebgZa^_kvpZjbeZYihgyewlhbalh]hkdZdhc
kdhjhklvx\k_fm`qbgub`_gsbguxghrbbklZjbdbijh`b\Z\rb_\^_j_\g_ihke_^h\Zeb
ijbau\mqZkh\h]h
LZf]^_ihkj_^b^hfZlhevdhqlhabyeZ^ujZ[m^vlhijh_f^\_jbbebhdgZbeb`_ih^ebggZy
gZklhysZy[md\ZevgZy^ujZihkj_^bh[\_lrZehckl_gulZf\hagbdZehqv_eb[hebphbebg_qlh
ih^h[gh_Ihf_gvr_cf_j_fg_dZaZehkvqlhy\b`mebpZohlyfh]jZaebqblvebrvieZlhdiZjm
]eZa[hjh^mZf_`^mgbfb\b^g_ehkvg_qlhg_hibkm_fh_bg_ij_f_gghg_fulh_
Fh`gh[uehhdbgmlv\ahjhf\kx^_j_\gxG_gZjhdhfj_rb\hlukdZlvohlvh^gm^ufh\mxljm[my
GZohef_ijb\t_a^_\^_j_\gx\ukbekykljZgguc^hfbrdhky_]hdjurZkijZ\Zbke_\Z
ki_j_^bbkaZ^b\\ZebeZkvhnjhglhg_\b^g_eZkv^ujbsZ^_eZ\rZyg_gm`ghcgZebqb_^\_j_c
Hl^hjh]bd^hfm\_eZdZf_ggZye_klgbpZmdhlhjhckhojZgbebkvebrv\_jogyybgb`gyyklmi_gvdb
Ih`ZemcihiZklv\wlhl^hffh]eb[hZevibgbkleb[hZdjh[Zl
Ihoh`_\^_j_\g_g_bf_ehkvgbklZ\g_cgb^_j_\ygguo^\_j_cZ`bl_eb__[ueblZd`_hldjulu
dZdbo^hfZ\_^vyg_aZf_lbegb_^bghci_jkhgudhlhjZy\bamfe_gbb]ey^ygZgZkg_hldjueZ[u
jhlgZjZkiZrdmHdZ`bkvgZfh_ff_kl_gZkf_rgbd=_gjbo=_cg_hg[udk\hbf]_h]jZnbq_kdbf
jbnfZf^h[Z\be_s_h^gm
Iurgucp\_lhklhdZ=eh]h\bd
Ajb\rbc\m`Zk_l_[yihklb]
�GZrijh\h^gbdhklZgh\bekyi_j_^kZfuf\b^gufbaa^_rgboa^Zgbc\_l_fgu_dj_idb__eb
jhgyebgZg_]hl_gvihwlhfm_]hohaybgihkqblZebaebrgbf^eyk_[yaZgbfZlvkyj_fhglhf
�gZiheh\bgmjmogm\r_cdjurbhfklhyemkdehgZ]hjuK__\_jrbguk[_]Zejmq__d\hae_^\_jb
hg\eb\Zeky\jul\bgmaZiheg_ggmxaeh\hgghcahehlbklhc`b`_cIjyfhmdjZy__e_`Zeb
g_kdhevdhqmj[Zgh\hdhlhjuodhgZd^`bfhe\beqlhhgby\eyxlkh[hcZfnbl_Zljh[s_kl\_gguo
^bkimlh\gZdhlhjuom`_g_jZa\hijhkufbjh\hc\Z`ghklbj_rZebkv\gZqZe_gZkeh\ZoihlhfgZ
dmeZdZobgZdhg_p^Z`_gZgh`Zo
FujZkiheh`bebkvgZwlboqmj[ZgZoihebl_kZbgZihbebehrZ^_cbajmq_cdZ\ur_lh]hf_klZ]^_
hg^hklb]Zejul\bguGZr_]hijh\h^gbdZfuihkeZebkwdki_^bpb_c\^hfb[hOZe_ngZ[jZeky
kf_ehklbaZy\blvqlhhg]heh^_gbkt_e[uqlhgb[m^v
kdhj_ba^hfZ^hg_kkya\mqguc^mwl_]hkhklZ\beb\_j_sZgb_`_gkdhcnbklmeub[ZkdhgZd^`b
baj_dZ\rbcijhdeylbybk[b\Z\rbckygZ^bkdZglgZdhg_ph[ZbkdmkguofmaudZglZihdZaZebkv\
^\_jyo
GZfke_^h\Zeh\f_rZlvky\bokihjbkdZaZlvk\h_\_kdh_keh\h;Zkijh^he`Zem^_j`b\Zlv\aylmx
ghlm^hm\_jyyqlhhgohl_eq_fgb[m^vi_j_dmkblvZkhijZghkh\k_chij_^_e_gghklvx
h[tykgyeh\ay\kb[_fhevqlha^_kvZ[khexlghgbq_]hg_l
OZe_nmeZ^bejZa^hjko\Zlb\\ijbkms_c_fmfZg_j_h[eZ^Zl_evgbpm[he__\ukhdh]h]hehkZaZ
mrdhbkdju\rbkvkg_c\]em[bg_^hfZ
IjhrehihqlbiheqZkZij_`^_q_fhg\_jgmekyk_wlh\j_fydhfgZlu]hkl_ijbbfgh]h^hfZ
ojZgbebim]Zxs__fheqZgb_Dh]^ZOZe_ngZdhg_pihy\beky_]hkhijh\h`^ZeZohaycdZdhlhjZy
aeh\_s_`_klbdmebjh\ZeZbba\_j]ZeZijhdeylbyohlygbh^gh]h__keh\Zyg_fh]ihgylvHgZ
klZjZeZkv\uj\ZlvmOZe_nZ[mluedmghlhl]_jhbq_kdbm^_j`b\Ze__
Kb^ba^_kv_klvqlh\uiblvebdmxs_\hkdebdgmehghlqlhyhlukdZe
Hg\ukhdh\a^ufZe[mluedmOhaycdZiulZeZkv^hklZlv__jmdhcqlhlhdjbqZghyfh]meh\blv
ebrvh[ju\hdnjZau%XOOLNMDNOhlyfhclmj_pdbc\ujmqZef_gy\kx^mfg_g_ihgylgh[uehqlh
lZdh_EXOOLNMDN
GZdhg_poZ^`biulZykvba[Z\blvkyhlgZ\yaqb\h]hijbkmlkl\bywlhcijhlb\ghc=_[u^hklZebaaZ
ihykZie_ldmihke_q_]hlZjZahfhlklmibeZgZg_kdhevdhrZ]h\qlh[ukuagh\Zf_lZlv\g_]h
m`Zkgu_\ahju
OZe_nba\e_dijh[dmkhklhy\rmxbaklZjh]hkdhfdZggh]hdehqdZkblpZkh[eZagbl_evghfZogme
P\_lgZibldZg_[uegbk\_leufgbl_fgufYg_fh]ihgylvdj_idhceb[ueZwlZjZdbybeb
jZa[Z\e_gghcIj_`^_q_fiblvyki_j\Zijb]ey^_eky[udg_cZaZl_fihgxoZe[u__H^gZdh
OZe_nlZdjZ^[uek\h_cgZoh^d_qlh^Z`_bg_ih^mfZeijh\_jblv__Hgk^_eZe^he]bc^he]bc
]ehlhd
YagZefZe_gvdh]hoZ^`b^Z\ghh^gZdh]jbfZkmdhlhjmxhgkhkljhbe_s_gbdh]^Zg_\b^u\Ze
g_aZighebph_]hihdjuehg_kdhevdhkhl_gfhjsbgHgkbebeky\uiexgmlv\uiblucgZiblhdgh
m`Zkkdh\Z\rbcgb`gxxiheh\bgmebpZf_rZe_fmk^_eZlvohlvdZdh_lh^\b`_gb_Jhl_]h[ue
jZa\_jklhlkljZoZbgZ^he]haZklueym`_hiZkZekyqlhkm^hjh]Zk\_eZ_]hih^[hjh^hdbihfhqv
fh]eZebrvdj_idZyaZlj_sbgZ
LhevdhyaudOZe_nZkhojZgyeohlvdZdmxlhih^\b`ghklvHgkdhevabeihf_^e_gghhjhrZ\r_fm
]m[uihlhdmjZdbbgZihfbgZyiby\dmieZ\Zxsmx\dmfuk_H^gh\j_f_gghoZ^`blZd\af_lgme
[jh\bqlhbom]hehd^hklb]djZ_rdZlxj[ZgZZ]eZaZkmabebkvlZdkeh\ghhggZ\kxhklZ\rmxky
`bagvj_rbeg_\b^_lv[hevr_k\_lkhegpZHgjZkijhkl_jh[_jmdbdZdfh`ghrbj_jZkklZ\b\
iZevpu;mluedmhghlr\ujgmehlk_[y_s_\lhlfhf_gldh]^Z_]hkdh\Zem`ZkHgZk\ZebeZkv\
jul\bgmhldm^Z__lml`_kjbkdhf^ey`bagbba\e_deZohaycdZaZr_^rZy\wlmaeh\hggmx`b`mih
kZfu_dhe_gbAZh^ghwlZ[Z[_gdZkgh\Zih\ukbeZ]hehk[jZgykvbah\k_okbeijhq_fbalh]hqlh
hgZ]h\hjbeZyhiylv`_meh\beebrv[eZ]hjh^ghlZbgkl\_ggu_a\mdbm`_mihfygmlu_fghc
EXOOLNMDN
IhkdhevdmOZe_nf_^ebeiheh`blvdhg_pwlhcljh]Zl_evghc`b\hcdZjlbg_jZau]jZgghcbf
k_cqZkyih^hr_edg_fmbkijhkbe
Qlhkemqbehkv"Qlhlu\uibe"
=jjj]]ijha\mqZeh\hl\_ldZdh_lhdehdhlZgb_ihgylgh_\k_fohlyg_m^ZehkvmkeurZlv
gbh^gh]hjZa[hjqb\h]hkeh\Z
Ijb^b`_\k_[yQlhwlh[ueZaZrlmdZ"
=jjj]]jjj
Hg\k__s_g_fh]aZdjulvjhlb^_j`ZejmdbjZkijhkl_jlufbZiZevpujZklhiuj_ggufbH^gZdh
]eZaZ_]hhldjuebkvbhg\abjZegZf_gy[_aml_rguf\a]ey^hfmfbjZxs_]hq_eh\_dZ
%XOOLNMDNdjbdgmeZ`_gsbgZ\hl\_lgZfhc\hijhk
YijhebklZe\iZfylb\k_keh\Zjb\dhlhju_dh]^Zeb[haZ]ey^u\ZeghgZijZkghKeh\hEXOOLNy
Z[khexlghg_ihgbfZe:MDN"G_fh]eZ`_hgZbf_lv\\b^mlb[_lkdh]hydZ
AZdjhc`_gZdhg_pjhluiexgv\k_wlhdjbdgmeyfZe_gvdhfmoZ^`b
=jjj
Lmlyijb[ebabekyd_]hjZa\_jklhfmjlmbaZiZokdZaZefg_\k_YkjZamihgyekfukekeh\
dhlhju_l\_j^beZohaycdZHgZ]h\hjbeZgZ^bZe_dl_dhlhjufihevah\Zebkv`bl_eba^_rgb_
^_j_\gbf_klhEXOOLNMDNwlhlgZiblhdgZ^e_`Zehbf_gh\ZlvEDOKNMDJKLqlh\i_j_\h^_
hagZqZ_lju[bc`bjlh_klv\hj\ZgvFZe_gvdbcoZ^`bgZibekyju[v_]h`bjZ
Dh]^Zyh[tykgbewlhk\hbfkimlgbdZfhgbjZajZabebkvohohlhfWlhijhy\e_gb_qm\kl\\dhlhjhf
g_[uehfZe_cr_cihqlbl_evghklbfb]hfhlj_a\behkZfhex[b\h]hoZ^`bb\_jgmeh_]hd`bagb
Hghimklbejmdb\uiexgmegZiblhd\atyjb\rbkvih^[_`Zedkf_xsbfkybijhdjbqZe
Mfhedgbl_^_lb^vy\heZkugub^\hxjh^gu_[jZlvy_]h[Z[db?keb\u\a^mfZebkf_ylvkygZ^h
hli_cl_k_c\eZ]bhlqZygby?keb\ubihke_wlh]h[m^_l_lZd`_\_k_eulhkf_cl_kvkdhevdh\Zf
m]h^gh
hl\_ljZa^Zeky_s_[he__]jhfdbckf_og_m^_j`ZeZkv^Z`_ohaycdZGhlmloZ^`bjZkk\bj_i_\
[jhkbekydg_cbaZfZogmekyie_ldhcDkqZklvxhgjZkk_d_xebrv\ha^moihkdhevdm`_gsbgZ
kiZkZyk\hx`bagvfhegb_ghkghhlkdhqbeZbbkq_aeZ\^\_jyo
G_]h\hjy[hevr_gbkeh\ZOZe_nme_]kygZa_fex\hae_jmq_cdZaZ]eygme\g_]hbijhihehkdZe
k_[_]hjehAZl_fhg^hklZebafh_ckmfdbljb\gmrbl_evgu_s_ihldbdmjbl_evgh]hlZ[ZdZbkmgme
bok_[_\jhl?fmijbrehkv`_\ZlvlZ[Zdqlh[uba[Z\blvkyhlhl\jZlbl_evgh]hijb\dmkZ
Ihke_^kl\bywlh]hjhdh\h]h]ehldZ[uebl_f[he__hsmlbfufbqlh[mluevk\hj\ZgvxijhklhyeZ
m`hq_gv^he]h_\j_fydZdyihlhfmagZehlohaycdb
Ebrvl_i_jvhgZmkihdhbeZkv\b^ydZdhcwnn_dlijhba\_ewlhlg_h[udgh\_ggucgZiblhdb
qm\kl\myk_[yhlhfs_gghchgZ^Z`_ijbg_keZlhqlhij_`^_kdju\ZeZhlgZkihe[mluedb
gZklhys_cjZdbbkZfhhl\_j`_gghij_^eh`b\__oZ^`b\_^v^Z`_lZ[Zdg_kmf_ei_j_[blv
ijh]hjdeuc\dmk\hj\Zgb
Ihlhfhg[_a\b^bfhcp_ebhlhr_e\klhjhgmghij_`^_q_fkdjulvkyihaZ^bihklhyeh]h^\hjZ
mdjZ^dhcfZogmefg_ijbau\Zyke_^h\ZlvaZgbfu^_j`Z\iZmamyihr_eke_^hf
Kb^bfg_gm`ghl_[_dh_qlhih\_^Zlvhq_f^jm]bfg_ke_^m_lagZlvfhe\behg@_gsbgZ
m[_`^ZeZqlhmg__g_lgb_^ugbiblvyghyg_ih\_jbe_c\_^v\dhgZd_\k_]^Zq_fgb[m^v_klv
ih`b\blvkyIhlhfmyimklbekygZihbkdbohlyhgZbg_fh]eZkwlbfkfbjblvkyKi_j\ZyhlukdZe
[mluev[_^ubkhdjmr_gby`_em^dZHgZg_ohl_eZfg___^Z\Zlvghyhlgye__kbehc\_^vyg_
ihgbfZekeh\qlhhgZih\lhjyeZAZl_fyih^klmibedh^ghfmysbqdmYhldjue_]hbm\b^_eqlhhg
gZiheg_ghljm[yfbGhwlbhljm[biZoeblZdm^b\bl_evghlZdaZfZgqb\hWlhlaZiZoyg_aZ[m^m
ihlhfmqlhebrv\q_jZihagZdhfbekykgbf
Hgi_j_\_e^uoZgb_Ym`_agZeqlhihke_^m_lGZ\_jgydZhghlukdZe\_lqbgm
Lub\ijyfviheZ]Z_rvkb^bqlhIjhjhdijZ\bevghihgyeZjoZg]_eZdh]^ZlhlaZ]h\hjbeh
k\bgbg_kgh\ZkijhkbefZeur
Y^mfZxqlhFmoZff_^mebrvijb]j_abekyZg]_eZfh`_lhg^Z`_\u^mfZe_]hHg\_ekljZggmx
`bagvih^he]mij_^Z\Zykvf_qlZfhg^h\h^bek\hxnZglZabx^hbkklmie_gbyMg_]hgZqZebkv
]ZeexpbgZpbbi_j_^gbf\hagbdZebh[jZaudhlhjuogZkZfhf^_e_g_[uehhgkeurZe]hehkZ
jh^b\rb_ky\_]hkh[kl\_gghffha]mijhq_fym[_`^_gqlhhgaZij_lbe_klvk\bgbgmihijbf_jm
�Fmku@
=hkih^bgluh[e_]qZ_rvfg_^mrmIh^mfZclhevdhkh[eZag_ggucaZiZohfykdehgbekygZ^
hljm[yfbYgZldgmekygZqlhlhl\_j^h_lZfe_`ZebdZdb_lhdmkdb[hevrb_bfZe_gvdb_y^hklZe
boWlh[uebdhe[Zkub\_lqbgZYiheh`bebogZaZ^\ysbd\_^vohaycdZih`Zeh\ZeZkv[uqlhy
ohl_ebomdjZklvbkdZaZeZ[uqlh[uyaZieZlbeaZgboZwlh]hyg_fh]k^_eZlvLugZihegbe[u
fhx^mrm[eZ]h^Zjghklvx_keb[uihr_ek_cqZkdg_cqlh[udmiblvdhe[Zkmbdmkhd\_lqbgu
HdZ`_rvfg_wlmmkem]mlZcdhf"HklZevgufdhg_qghgbq_]hg_gm`ghh[wlhfagZlv
kihfgbl_lhevdhqlhfZe_gvdbcoZ^`bex[bebf_gh\Zlvk_[ykughfbebijb\_j`_gp_fIjhjhdZ
:l_i_jvhglj_[h\Zehlf_gylZcdhfdmiblv_fmdhe[Zkmb\_lqbgmB\k_lZdby[ueg_hq_gv
bamfe_g_]hih`_eZgb_f?keb[u\i_j\u_f_kypugZr_]hagZdhfkl\Zyij_^eh`be_fm\dmkblv
f_gykhijh\h`^ZlvKlhblfmkmevfZgbgmdhkgmlvkyh^ghc_^bgkl\_gghcs_lbgdbk\bgvbdZdhg
qm\kl\m_lk_[yhkd\_jg_ggufbh[yaZglsZl_evghkfulvkk_[y]j_oB\hll_i_jvOZe_n]hlh\[ue
ijh]ehlblvfykhij_aj_gghcl\ZjbIh`b\dZdh_lh\j_fyjy^hfkhfghcOZe_ng_\hevghklZe
ij_g_[j_]Zlv\haaj_gbyfbbkeZfZbfZgdbjh\Zlvij_^ibkZgguf_fm^he]hf
Gmqlh"kijhkbehgg_^h`^Z\rbkvfh_]hhl\_lZLu\uihegbrvfhxijhkv[mkb^bbeby
\ijZ\_mkhfgblvky\wlhf"
G_lOZe_nJZa\l\h_fqj_\_[mrm_l^jZdhgBrlZohgh]h`_ah\ml:ii_lblhflhfg_b[hyl\hc
^jm]ih^h[Z_lba[Z\blvl_[yhlwlhc[_^uG_\_qgh`_l_[_l_ji_lvfmdbdhlhju_hgm]hlh\beLZd
qlhyih]h\hjxkohaycdhc
K^_eZcwlhgmk^_eZcwlh_^vkdZaZgh`_qlh:eeZolukyq_djZlgh\ha^ZklaZex[h_[eZ]h
k^_eZggh_h^gbfq_eh\_dhf^jm]hfm
Lu^mfZ_rvqlh:eeZolukyqmjZagZ]jZ^blf_gyaZlhqlhydmiexl_[_k\bgbgm
�Z\_^vhg`_g_\_e_eIjhjhdmaZij_lblv\dmkwlh]hykl\ZbklZeh[ulv[m^_lebrvjZ^lhfm
qlhy\ha^Zfih^h[Zxsmxq_klvwlhcg_\bgghcl\Zjb
Ghyg_\_jxqlhk\bgvyiheZ]Z_l\_ebdhcq_klvxij_\jZlblvky\dhe[Zkmbeb\_lqbgm
Wlh`__cij_^hij_^_e_ghbdZ`^Zyl\Zjvqlhk\_jrZ_lhij_^_e_ggh__c^hklhcgZo\ZeuIjhjhd
]h\hjblqlhkf_jlvwlhkqZklv_lZdqlh[ulvaZdhehlhc^eyk\bgvbemqr__dq_fmih^h[Z_l
klj_fblvkyL_i_jvklmiZcdohaycd_lhevdhg_ihdZau\ZchklZevgufqlhlug_k_rvY\_jgmkvd
gbfklhcklhjhgu^hfZ\_^vbf\hh[s_g_gZ^h[ghagZlvqlhfua^_kv[_k_^h\Zebklh[hc
Hgmr_eYm\b^_eqlhkaZ^g_cklhjhgu^hfZlh`_bf_eZkv^\_jvbaZ]eygmelm^Z
�hkboihjfg_dZaZehkvqlhohaycdZgZoh^blky^hfZh^gZIhwlhfmym^b\bekymkeurZ\q_clh
jZa]h\hjYaZf_jbklZeijbkemrb\ZlvkyK`_gsbghc[_k_^h\ZeohaybgdhgZdZijZ\^ZhgZ
]h\hjbeZgZk\h_f^bZe_dl_ghklZjZeZkv[ulvihgylghcqlh[uehdhg_qghfg_gZjmdm
AgZqblhgbkx^ZaZoh^bebijhfhe\behgHgbl_[_g_]h\hjbebqlhfulh`_kx^Zijb_^_f"
=h\hjbebghhgbg_^mfZebqlhlulh`_ijb[m^_rvkgbfbHgbjZkkdZau\Zebqlhl\hbkimlgbdb
hq_gvaeu_ex^bY^Z`_bfiblvgbq_]hg_ohl_eZ^Z\Zlv
Wlh[uehl\h_chrb[dhcGZh[hjhllu^he`gZ[ulvkgbfbhq_gvijb\_leb\hcwlh\_^vlZdb_
hiZkgu_ex^bg_ihdZau\Zcbf\b^mqlhlujZkdmkbeZboDklZlbfg_g_i_j_^Z\Zebgbq_]h"
�ZL_[_g_evaya^_kvghq_\Zlv^Z`__kebiha^ghijb_^_rvkx^ZIh_a`Zckgbfb[uklj__d
XgZdm
Hg[m^_l^hfZ"
�ZHg[uea^_kvihaZ\q_jZbjZkkdZaZeqlhdZdh_lh\j_fyih[m^_l^hfZ
kZ^gbdb\k_k_[yohjhrhqm\kl\h\Zeb"
G_lKlZjbdki_j_[blhcjmdhcihklhygghklhgZeKg_]hkgyebih\yadmqlh[uhklm^blvjmdm
\h^hcDh]^Z_]hkgh\ZmkZ^beb\k_^ehhg^jh`ZebihrZlu\ZekyKwlbfbqm`ZdZfblugZ^he]h
hklZg_rvkya^_kv"
Fuk_cqZk`_hlijZ\bfky\imlvBfg_q_]hagZlvqlhfuklh[hc]h\hjbebh\kZ^gbdZobXgZd_
YmkeurZedZdhgm^ZebekyZaZl_fgZfbgmldm\ur_eba^hfZqlh[uohaycdZg_^h]Z^ZeZkvqlhy
ih^kemrZe__jZa]h\hj
Dlh[uewlhlXgZd"Bfymg_]hk_j[kdh_bhagZqZ_l]_jhca^_kv[ulmxllZdb_bf_gZGZ\_jgh_
Dh]^Zy]jhfdhklmiZykgh\Z\hr_e\^hfgZ\klj_qmfg_\ureZohaycdZbyih\_^Ze_ck\h_
`_eZgb_HgZ]hlh\Z[ueZ_]h\uihegblvghlhevdhihbgl_j_kh\ZeZkvg_^h\_jqb\h]ey^ygZf_gy
�:^_gv]bml_[y_klv]hkih^bg"Zjblvygbq_]hg_^Zjx
Mf_gy_klv^_gv]b
Blufg_aZieZlbrv"
?kl_kl\_ggh
Wlh\h\k_g_lZd_kl_kl\_gghdZdiheZ]Z_rvYojbklbZgdZbfh]m_klvwlhfykhYfh]mijh^Z\Zlv
_]h^jm]bfojbklbZgZfgh_kebyhlimsm_]hfmkmevfZgbgmlh\f_klh^_g_]m^hklhxkvebrv
gZdZaZgby
Yg_fZ]hf_lZgbgZojbklbZgbg
B\k_`_lulZdhcieho
HgZhk_deZkvGZ\_jgh_hgZohl_eZkdZaZlviehohcq_eh\_dgh\h\j_fyh^mfZeZkvb^h[Z\beZ
Ihijh[mxih\_jblvl_[_LZdqlhb^_fYhlj_`ml_[_kdhevdhohq_rv
Y\ayeijbf_jghljbq_l\_jlbdbehdhe[Zkubp_eucdjm]\_lqbgu\_kb\rbcihqlbihedbehHgZ
ihlj_[h\ZeZaZwlhiylvibZkljh\lh_klvijbf_jgh^_\yghklhin_ggb]h\Dh]^Zy^Ze_cgZljb
ibZkljZ[hevr_hgZbamfe_gghihkfhlj_eZgZf_gy
Wlhqlh\k_fg_"kijhkbeZhgZkhfg_\Zykv
�ZAZwlhyihijhrmml_[yqlhgb[m^v\hqlhfh`ghaZ\_jgmlvwlbijh^mdlu
�ZZqlh`l_[_^Zlv"JZa\_lhevdh[mfZ]m"
HgZ]h^blkyemqr_\k_]hlhevdhg_gZ^h[jZlv]jyagmx[mfZ]m
=jyaghclmlg_lihlhfmqlh\hh[s_[mfZ]bmgZkg_l=^_lml\^_j_\g_gZc^_rvohlvebklhd
[mfZ]b"Y^Zfl_[_qlhgb[m^v^jm]h_hllmle_`bljm[ZrdZfh_]hfm`Zhg__[hevr_g_ghkbl
Hlhj\mdZyhlg__dmkhd
HgZihlygmeZkv\m]he]^_e_`Ze\kydbcoeZfb\ulZsbeZhllm^Z\_sbpmqlh\u]ey^_eZdZdljyidZ
dhlhjhc^he]b_]h^uijhlbjZebaZdhiq_ggu_dheiZdbd_jhkbgh\uoeZfib]jyagu_]hjrdbHgZ
hlhj\ZeZhlg__dehqhdaZ\_jgmeZdhe[Zkmb\_lqbgmbijhlygmeZfg_wlhliZd_lkhkeh\Zfb
havfbdZbm]hsZckyh\k_chdjm]_f_gyagZxldZdkZfmxbkdmkgmxdhilbevsbpmhdhjhdh\
L_[_j_^dhdh]^Z^h\h^behkv_klvlZdb_\dmkgu_\_sb
_jxl_[_hl\_lbey\_`eb\hk_qlhy\b`ma^_kviZog_lb\u]ey^bldZdkhehgbgZ^Zblu
kZfZlZdZyZii_lblgZykeh\ghl_[y^_j`Zeb\jZkkhe_\f_kl_k\_lqbghcZihlhfih\_kbeb\
^ufh\hcljm[_AZ\b^mxl\h_fmkimlgbdm`bagb
H]hkih^bg_]h\hjbkebrdhffgh]hihevs_gghijhfhe\beZhgZhdjm]__klvex^b
ihdjZkb\__q_fy
&#xk_;&#x`;&#x_;&#xi;&#xjh;&#xsZ;&#xyk;&#xv;&#xk;&#xlh;&#x[h;&#x^;&#xmf;&#xZx;&#x;&#xql;&#xh;&#xho;&#xhl;&#xgh;&#x[;&#xm^;&#xm;&#xl_;&#x[y;&#x;&#xki;&#xhf; g;&#xZl;&#xv;�k_`_ijhsZykvklh[hc^mfZxqlhhohlgh[m^ml_[y\kihfbgZlvZ[m^_l`bagvl\hylZdhc`_
[eZ]hmoZxs_cb[e_klys_cdZdrdmjdZl\h_c\_lqbgu
Dh]^Zykgh\Z\ur_elhihki_rbeba[Z\blvkyhlk\_jldZkmgm\_]h\k_^_evgmxkmfdmOZe_nZ
Gbdlhdjhf_oZ^`bg_aZf_lbewlh]hHklZevgu_ih]ey^u\ZebgZ`bl_e_c^_j_\gbkex[hiulkl\hf
kgh\Z\rbofbfhgbo
Q_eh\_d\kdhqb\rbcijbgZr_fijb[eb`_gbbbkdjbdhfmfqZ\rbckyijhqvklhyekdZdbflh
^jm]bfq_eh\_dhfdhlhjuc\u]ey^_e\iheg_^hklhcghH[Zwg_j]bqghjZa]h\Zjb\Zeb^jm]k^jm]hf
gZqZekgbflbohghhq_gv`b\h]h\hjblvhq_flhIhlhfhgh[jZlbekydhfg_ijbwlhfhkljb_f
kZ[ebhgmi_jky\a_fexdj_idhko\ZlbekyaZ__wn_kbihkfZljb\ZydZdiZrZkijhkbe
Luqm`_a_f_p"
�Zex[_aghhl\_lbey
Bijh_^_rvq_j_agZrm^_j_\gx"
GZf_j_\ZxkvkdZaZey_s_ijb\_leb\__
LuagZ_rvk\hc^he]"
Qlhlubf__rv\\b^m"
Wlhijha\mqZehihqlbaZ^mr_\ghQ_eh\_dwlhldZaZekyfg_aZ[Z\gufGhq_fijb\_leb\__y[uek
gbfl_ffjZqg__klZgh\behkv_]hebphHgkljm^hfkhojZgye\u^_j`dm
L_[_gm`ghmieZlblvihrebgmihykgbehgfg_
GZeh]"DZdhc`_wlh"
Ex[hcqm`_a_f_pfbgmxsbcgZrm^_j_\gxh[yaZgieZlblvihrebgm
Ihq_fm"JZa\_qm`_a_fpuijbqbgyxlms_j[dhlhjuch[yaZgu\haf_klblv"
G_q_]hl_[_kijZrb\ZlvIeZlb
Kdhevdh`_"
AZdZ`^h]hq_eh\_dZih^\ZibZkljZZkqm`Zdh\q_l\_jh\_^vdhgZd^`bfh`ghg_kqblZlv
ihlhfmqlhhggZragZdhfucb\ujhk\wlhckljZg_lu`_dZdfg_]h\hjbeb\h`Zdwlboex^_cb
agZqblaZieZlbrv\hk_fvibZkljh\
LZdkdZ`bdZfg_dlhlulZdhc
Y]_g_jZeZgr_nkem`[uh[s_kl\_gghc[_ahiZkghklbwlhc^_j_\gb
Lh]^Zludhg_qghq_eh\_d\b^gucGhdZd[ulv_kebyhldZ`mkvieZlblv"
Lh]^Zyhibrm\Zr_bfms_kl\h
Ghdlhhl^ZeijbdZa\abfZlvkex[h]hqm`_a_fpZihrebgm"
YbdbZ^`b
Hglh`_a^_kv"
�ZhgklhbllZf
HgmdZaZegZlh]hkZfh]h\Z`gh]hq_eh\_dZkdhlhjufg_^Z\gh[_k_^h\Zelhl\u`b^Zxs_]ey^_egZ
f_gy
Ihah\bdZ_]hijbdZaZey
�eyq_]h"DZdy]h\hjxlZd^he`gh[ulvbg_f_^e_gghbgZq_
Hgm]jh`Zxs_^\bgmekZ[e_c
Lbohhl\_lbey_fmLufg_hq_gvgjZ\brvky\_^vml_[ylhl`_ijbgpbiqlhbmf_gydZdy
kdZ`mlZdb^he`gh[ulvYg_ieZqmihrebgm
Lh]^Zfu\havf_fbal\hbo\_s_cklhevdhqlh[u[ulv\jZkq_l_
Ljm^gh\Zlh\Zf[m^_l
H]hFumagZebdlh\u?keb\ug_ihdhjbl_kvfuhloe_s_f\Zkie_ldhc
�_j`bk\hcyaudaZam[Zfb\_^vyijb\udqlh[ukhfghch[jZsZebkvihqlbl_evghbkm\Z`_gb_f
Ihrebgmyg_ieZqmghy\b`mqlhluq_eh\_d[_^gucbihk\h_c^h[jhl_^Zjxl_[_^\ZibZkljZ
Ym`_ihe_a\dZjfZgqlh[u^Zlv_fmwlhl[Zdrbrghlml`_\ulZsbejmdmihkdhevdmk_cq_eh\_d
;Zdrbr^Z_rv"Fg_kljZ`mbojZgbl_exwlhch[sbgu"Wlhhkdhj[e_gb_byihdZjZx_]hkZfuf
kljh`Zcrbfh[jZahfIhrebgZm^\Zb\Z_lkyBdZdfg_klh[hch[jZsZlvky"Ihqlbl_evghbk
m\Z`_gb_f"Lu]hevi_j_dZlgZymf_gydl_[_g_lbl_gbm\Z`_gbyLugZklhevdhgb`_gZklhevdh
gb`_f_gyqlhy\hh[s_l_[yg_\b`m\_^v
Fheqbij_j\Zey_]hB^bdZhlkx^ZZlhkoehihq_rvie_ldm
Qlh"ijhjuqZehgIe_ldm"Lu]h\hjbrvwlhfg_q_eh\_dmbf_xs_fmZ\lhjbl_lb\_klh]^Z
dZdlujy^hfkhfghcdjukZ^hoeZyfurvh]heh^Z\rZyhlyb\hlfhykZ[eyDlhaZij_sZ_lfg_
l_[yaZdhehlv"H^gbffhr_ggbdhfgZa_fe_[m^_lf_gvr_L_[y\f_kl_kl\hbfbkimlgbdZfb
Hgkgh\Zhk_dkyOZe_niheh`Zjmdm_fmgZie_qhfhe\be
AZfheqbdZgZdhg_pbgZq_wn_g^b\k_jv_aaZl_[y\havf_lkybhlkqblZ_ll_[_ihrebgmlZdqlhlu
__\aylvg_kmf__rv
Lmlf_klguckljZ`ihjy^dZhllhedgm\oZ^`blZdqlhlhlhlklmibegZg_kdhevdhrZ]h\aZdjbqZegZ
g_]h
Q_j\ydLub\ijyfvjbkdgme^hljhgmlvky^hf_gy]eZ\gh]hqbgZ\wlhcf_klghklb"Wlh
ij_klmie_gb_aZdhlhjh_lufb]hfhl\_lbrvG_yZlukoehihq_rvie_ldmKx^ZdbZ^`bkx^Z
�fm`qbgu_j`bl_dj_iq_wlh]hq_eh\_qdZHloe_sbl__]hkh[kl\_gghcie_ldhc
DbZ^`bm`_aZg_kgh]mgh[ukljhihklZ\be__gZaZ^Ihoh`_\a]ey^[jhr_ggucfghcfZeh_fm
ihgjZ\beky?]hijbf_jih^_ckl\h\Zegbdlhg_ih\bgh\Zeky]_g_jZeZgr_nmkem`[u
h[s_kl\_gghc[_ahiZkghklb
Kb^bfh`ghfg_"kijhkbeOZe_n
�Zdb\gmey_fm
Hglml`_fZogmeHkdhbHfZjmke_^mxs__f]gh\_gb_]_g_jZee_`ZegZa_fe_kibghc\\_jo
Hkdh^_j`Ze_]haZie_qbZHfZjmk_eky_fmgZgh]bFheh^qbdaZ\hibeghOZe_nmm^Zehkv_]h
i_j_djbqZlv
B^bl_dZkx^Zhfm`bb`_gubihkfhljbl_dZdfumieZlbfgZeh]wlhfmex[bl_ex]jhfdbo
keh\Ki_j\ZihemqblihrebgmhgkZfZihlhfex[hcdlhhl\Z`blkyijbclb_fmgZihfhsv
dbZ^`bi_j\ufKdhevdh_fmmieZlblvwn_g^b"
Hglj_[h\Ze\hk_fvibZkljh\
Yg_klZegbq_]h^h[Z\eylvbOZe_nihgyeihfh_fm\ujZ`_gbxebpZqlhke_^m_l\_klbk_[y
fbehklb\hBlZdhghlimklbe[_^gy]_\hk_fvm^Zjh\^_ckl\myebrvnhjfujZ^bWlb\hk_fv
keZ[uom^Zjh\g_fh]ebijbqbgblv[hebaZlhijhba\_ebkbevgh_\i_qZle_gb_KjZam`_ihke_
i_j\h]hm^ZjZ]_g_jZeZgr_nmfhedDh]^Z_]hhlimklbebhgf_^e_gghih^gyekyihlbjZy
luevgmxqZklvl_eZbihk_lh\Ze
HaZdhghkijZ\_^eb\hklvh\_ebdbckmelZgKZfuc\_jgucl\hckem]ZojZgb\rbc[eZ]hihemqb_
hlqbaguhkdhj[e_gie_ldhcFhy^mrZbkl_dZ_lke_aZfbZbafh_]hk_j^pZkhqZlkyjmqvblhkdbb
i_qZebKdZdbowlhihjihql_ggu_fm`bm^hklZb\Zxlkyhj^_gZKeZ\udhlhjucdmj[Zrbbf__l
h[udgh\_gb_ihf_sZlvlm^Z]^__]hg_\b^ghex[hfm\klj_qghfm"H[tyebf_gykdhj[b`bagbDZd
hsmsZxyfmdbijhr_^r_]h[ulbyHaZdhghkijZ\_^eb\hklvh\_ebdbckmelZgbiZ^brZo
Hgohl_em^Zeblvkyghyhdebdgme_]h
Ih^h`^bg_fgh]hY\k_]^Z^_j`mkeh\hIhkdhevdmyh[_sZel_[_^\ZibZkljZlhlubok_cqZkb
Hgg_\_jbek\hbf]eZaZfdh]^Zyijhlygme^_gv]bGZdhg_pbkiulmxs_ihkfhlj_\gZf_gyhg
ko\Zlbebobkmgme\dZjfZgIhoh`_lhlhdZaZeky^ujy\uf\_^vhgkgh\Z^hklZehllm^Z^_gv]bb
i_j_ijylZeboih^k\hch]jhfguclxj[ZgAZl_fhg\ayefhxjmdmbijbeh`b\__dk\hbf]m[Zf
kdZaZe
=hkih^bga_fgu_fmdbbg_\a]h^uk_]hfbjZkmlvij_oh^ysbdZdb\k_l\hj_gby:eeZoZL\hy
�fbehklvijheb\Z_lfg_gZ^mrm[ZevaZfbkfZqb\Z_lq_kghqgufkhdhf]em[bgufhboqm\kl\Z
ihaZ[hlblkykm^v[Zhlhfqlh[u\l\h_fdhr_evd_g_i_j_\h^bebkvk_j_[jygu_ibZklju
;eZ]h^Zjxl_[yL_i_jvijb]eZkbdgZfdbZ^`b
LhlmkeurZefhbkeh\Zbih^hr_ekZf
QlhijbdZ`_rv]hkih^bg"kijhkbehg
Dh]^Z^_j_\_gkdbcoZ\ZkihemqZ_lhlf_gy[Zdrbrlhg_evaydhg_qghbdbZ^`bhklZ\Zlvky[_a
g_]hGZ^_xkvlukwlbfkh]eZk_g
Km^h\hevkl\b_f\hkdebdgmehgijhlygm\fg_jmdmL\hbmklZihegu[eZ]hkeh\_gguokeh\Z
l\hyjmdZjZklhqZ_l^Zju[h]Zlkl\
LZdhghb_klvLugZ\_jgydZg_aZohq_rvihemqblvf_gvr_q_fl\hcih^jmqguc"
=hkih^bgy`_gZqZevgbdFg_iheZ]Z_lky[hevr_q_f_fm
_jghhgihemqbe\hk_fvm^Zjh\bljbibZkljZke_^h\Zl_evghyhlimsml_[_iylvibZkljh\b
^\_gZ^pZlvm^Zjh\
Lml`_hgfb]hfijbeh`beh[_jmdblm^Z]^_^Z`_m\_ebqZcrbomq_guog_kus_rv\f_klbebs_
mfZbaZ\hibe
G_lg_l]hkih^bgG_m^ZjuZlhevdhibZklju
Wlh[ueh[ug_kijZ\_^eb\hG_[u\Z_libZkljh\[_am^Zjh\Beb\k_bebgbq_]hu[bjZc
Lh]^Zemqr_gbq_]h
Lh]^Zl\hy\bgZ_kebl\hyjmdZg_ihemqbllh]hqlhyh[_sZe_c
G_lg_lih\lhjbehgIhemqblvkjZamlhblh[ueh[u^eyf_gykebrdhffgh]h
Hgohl_em^Zeblvkyghk^_eZ\g_kdhevdhrZ]h\h[_jgmekymfheyxs_ihkfhlj_egZf_gyb
kijhkbe
=hkih^bgZg_evaybgZq_"
DZdwlh"
�Zcfg_iylvibZkljh\Z^x`bgmfh_fmoZ\ZkmHgm`_hl\_^Zeie_ldblZdqlhhgZ_]hg_
m`Zkg_l
?kebhgaZohq_lykh]eZrmkvBlZdb^bdZkx^Z]_g_jZekem`[uh[s_kl\_gghc[_ahiZkghklb
OZe_nijhlygmejmdmdoZ\Zkmghlhl[ukljhhliju]gme\klhjhgmbdjbdgme
:eeZokiZkbbkhojZgbDjhldb_qm\kl\Zfh_]hk_^ZebsZm`_\^h\hevgZijy`_gu?keblu
j_rbrvjZa^_eblv^Zjulh^Zcfg_ibZkljuZdbZ^`bhlimklbm^ZjuL_[_fh`_l[ulvb\k_
jZ\ghdhfmqlh^Z\Zlvfg_`_gbqmlvg_l
_jx\wlhGhy\b`mqlhfg_g_k[ulvgblhgb^jm]h_ihwlhfmiha\heyx\Zfm^Zeblvky
Km^h\hevkl\b_f]hkih^bgIh_a`Zckihdhcghk\h_c^hjh]hcFh`_l[ulv\^jm]hff_kl_lu
gZc^_rvlm^mrmqlhf_qlZ_lhih[hyoZg_hibZkljZo
Hgih^gyekZ[ex\uiZ\rmxmg_]hbm^ZebekyDbZ^`blh`_ihr_egh_s_jZa\_jgmekyb
Wn_g^bZfh`_l[ulvqlhlh_s_fh`ghk^_eZlv"M`hq_gvfg_ohq_lkyibZkljuihemqblv
GmlZdqlh`_"
��x`bgZkebrdhffgh]hZcfg_iylvibZkljh\biylvm^Zjh\wlhy_s_kg_kmuihegbfhx
ijhkv[mbfg_ohjhrh[m^_lbl_[_
Yg_fh]bgZq_y]jhfdhjZkohohlZekybfhbkimlgbdbih^^_j`Zebf_gyDbZ^`bh[jZ^h\Zeky
\b^ygZk\ohjhr_fgZkljh_gbbbihqlbeZkdh\uflhghfaZ]h\hjbekhfghc
Fbeucfhcwn_g^bluk^_eZ_rvwlh\_jgh"Iylvbiylv"
Lmlbaklhy\r_cjy^hflheiu\ur_e^ebgguclhsbcq_eh\_dkl_fghc[hjh^hcbijhfhe\be
IhkemrZcf_gyqm`_a_f_pLu\b^brva^_kvk\ur_lj_o^_kyldh\fm`qbgbdZ`^ucbagbo]hlh\
kl_ji_lviylvm^Zjh\_kebihemqblaZwlhiylvibZkljh\?kebl_[_m]h^ghfukh]eZkguihhq_j_^b
ebrv[uaZkem`blvlZdb_ohjhrb_^_gv]b
;eZ]h^Zjxihdhjg_cr_[eZ]h^Zjxhl\_lkl\h\Zey_fmug_hkdhj[eyebf_gyagZqbl\Zkg_
aZqlh[blvbihlhfm\ug_ihemqbl_dkh`Ze_gbxibZklju
Hgk^_eZejZahqZjh\Zggh_ebphb]jmklghkdZaZe
WlhgZf\hh[s_g_gjZ\blkyYq_eh\_dhq_gv[_^guckiexyih^djur_cg_[Ziblv_fh_
k\Zj_ghba`_em^_cZ]heh^_^bgucfhcihdjh\bl_evGbdh]^Zyg_ihemqZebm^ZjZie_ldhcZ\hl
k_]h^gy]hlh\[uegZiylvm^Zjh\j_rblvkyqlh[ujZa^h[ulviylvibZkljh\
Ihwlhfmq_eh\_dm[ueh\b^ghqlhhg]h\hjblijZ\^mGbs_lZkd\habeZ\dZ`^hcfhjsbg__]h
ebpZYm`_ohl_ekmgmlvjmdm\dZjfZgdZdih^hki_eOZe_n^hklZedhr_e_dbiheh`be_fmqlhlh
\eZ^hgvDh]^Z[_^gucfZeucm\b^_eqlhihemqbelh\hkdebdgme
Luhrb[kyWlh]hg_fh`_l[ulv
LbohklZjbdi_j_[be_]hOZe_nh^ghcjmdhc\gh\vm[bjZydhr_e_d\dZjfZgZ^jm]hc
m]jh`Zxs_ihfZob\Zyie_ldhcIjh\Zeb\ZcdZhlkx^Zbihoehihqbhlhfqlh[ul\hbjh^gu_
dh]^Zgb[m^v\gh\vibebgZklhysbcdhn_\f_klh`_em^_\h]h
Hghll_kgbeklZjbdZ\klhjhgmblhllhjhieb\hm^Zebekyij_ke_^m_fuchklZevgufbf_qlZ\rbfb
magZlvkdhevdh^_g_]hgihemqbe\ih^Zjhd
GZdhg_pfukh[jZebkv_oZlvDh]^ZehrZ^bljhgmebkvkf_klZoZ\Zkkgh\Z\ur_ebalheiub
djbdgmefg_
=hkih^bgluhkqZkleb\bef_gyibZkljZfbY^Zfl_[_ihq_lgmxk\blm
Hgih^gyekZ[exbaZrZ]Z\k\hbgkl\_gguf\b^hf\ha]eZ\begZrmijhp_kkbxEbrvaZhdhebp_c
hgihijhsZekykgZfb
Kb^bfhe\beOZe_n\k_`_yjZ^qlhg_aZ^Ze_fmdj_idmxlj_idmHgiZj_gvg_iehohcb
fg_[ueh[u`Zev_keb[uyhfjZqbedjhldb_qm\kl\Z_]hk_^ZebsZwlhcij_djZkghckljZg_
dZ`^uchklZ_lky]_jh_f^hl_oihjihdZg_m\b^blie_ldm
=eZ\Z
�F??@VYHOHL:
Ij_[u\Zgb_\wlhcgbs_c^_j_\g_\hij_dbgZrbfieZgZfaZlygmehkvgZqZkkebrgbfYkijhkbe
dhgZd^`bhlhf]^_fuijh\_^_fk_]h^gyrgxxghqvHghl\_lbe
FuhklZgh\bfkymXgZdZlZf\uemqr_hl^hog_l_q_f\wlhc^_j_\g_
�Ze_dheb^hg_]h"
\klj_lbl
Ba[eZ]boih[m`^_gbcyg_klZe[hevr__]hjZkkijZrb\ZlvGZf\u]h^g__[uehm[_^blv_]h\lhf
qlhhgihevam_lkygZrbf^h\_jb_f
Fu_s__oZebihiehkdh]hjvxgh\^Zebm`_ihdZaZebkv]jhfha^db_kdehgukdhjhfu^hklb]eb
hljh]h\]hjgh]hoj_[lZKijZ\ZhlgZklygmebkvgZk_\_jh\hklhddjmqbRZj^Z]ZFuijb[ebabebkv
�d_]hx]haZiZ^ghfm\uklmim_]hih^gh`b_hfu\Zeboheh^gu_\h^uQ_jghcjbguKk_\_jZ\j_dm
�\iZ^Z_l;_eZyjbgZihke_bokebygbyj_dZih\hjZqb\Z_lgZaZiZ^d:^jbZlbq_kdhfmfhjxm`_
g_klhevhl^Ze_gghcp_ebgZr_]himl_r_kl\byHlkx^Zklh]hf_klZ]^_ful_i_jvgZoh^bebkv^h
ih[_j_`vyfhjy[uehg_[he__iylgZ^pZlbg_f_pdbofbevihijyfhcebgbbQ_j_aljb^gyfufh]eb
[ulm^Zijb[ulvGhm^ZklkyebgZfwlh"_^vij_^klhyehij_h^he_lvg_h^gbebrv^hjh`gu_
ly]hlu
�B\hlfuhdZaZebkvkj_^b\a^ufZ\rbokydg_[mkdZehkboihjfuijh^\b]Zebkv^h\hevgh[ukljh
ohlvb_oZebih[_a^hjh`vxL_i_jvfui_leyeb\ihqlbg_ijhoh^bfuoms_evyoGZgZr_fimlb
e_`ZebfZkkb\gu_]eu[uGZfij_]jZ`^Zeb^hjh]mfhsgu_kl\heujmogm\rb_khkdehgh\
ehrZ^yfijboh^behkvdZjZ[dZlvkyq_j_agboFu^\b]Zebkv\_j_gbp_cGZrijh\h^gbddhgZd^`b
_kl_kl\_ggh_oZe\i_j_^bZOZe_nkhklZ\eyeZjv_j]Zj^Yfh]mihykgblvihq_fmhglhb^_eh
kdehgyekygZ^k\_jldhfbg_ohl_eqlh[u_]hihcfZebkihebqguf
Fukgh\Zk\_jgmeb\eh`[bgm]^_\kZ^gbdbfh]eb^\b]Zlvkyih^\h_\jy^Y_oZeij_^ihke_^gbfb
baex[_aghklbdoZ^`bklZjZekygZg_]hg_kfhlj_lvHg^h]gZef_gybih_oZejy^hf
Kb^bgbdlhgbq_]hg_aZf_lbe"
Qlh"
Qlhy_fk\bgmx\_lqbgmhgZaZij_s_gZgZf
Gbdlhwlh]hg_aZf_lbe^Z`_y
Lh]^Zfh]mmkihdhblvkyhllhevdhkdZ`ml_[_qlhIjhjhdly`dhkh]j_rbei_j_^k\hbfb
ijZ\h\_jgufbaZij_lb\wlm_^m_^vmg__bamfbl_evguc\dmkKg_cg_kjZ\gblkygbh^gZ`Zj_gZy
dmjbpZDZd`_lZdihemqZ_lkyqlhf_jl\Zyk\bgvyiZog_l]hjZa^h]hjZa^hemqr_`b\hc"
k_^_eh\h[jZ[hld_fykZ?]haZkZeb\Zxlbdhilyl
DZdwlh^_eZxl"
DeZ^mlfykh\khevqlh[ubag_]h\urebkhdbbhghfh]ehojZgblvky^he]h
:]Zwlhb_klv[ZklmjfZhdhlhjhcykeurZe"
�ZIhlhffykhdhilylb^ufijb^Z_l_fmZjhfZldhlhjucl_[_lZdihgjZ\bekyGZkdhevdh`_
^Ze_dhluijh^\bgmeky\bklj_[e_gbbk\hboijbiZkh\"
_lqbgZkt_^_gZghdhe[ZkmyihdZg_ijh[h\Ze?kebluiha\hebrvyhlj_`mdmkhd
Hg^hklZedhe[Zkmbak_^_evghckmfdbbgh`baaZihykZ
Ludhg_qghlh`_ohq_rvdmkhdwn_g^b"
G_l[eZ]h^Zjxl_[y
DZdlhevdhyih^mfZehij_keh\mlhch[_jld_bh`_gsbg_gZ\_jgydZgZ[b\Z\r_cdhe[Zkmk\hbfb
jmdZfblhh[Zii_lbl_jZamf__lkyg_fh]eh[ulvbj_qbL_i_jvykfhlj_edZdOZe_n[_amki_rgh
iulZ_lkyjZaj_aZlvdhe[ZkmHgjm[bebjm[be__ghgh`\g__g_\hgaZeky
QlhlZflZdh_"
Dj_idZy"Ih`Zemclubf__rv\\b^ml\_j^Zy"
G_lhgZg_l\_j^ZyZhq_gvdj_idZy
Fh`_l[ulvlZfihiZeZkvg_[hevrZydhklhqdZ"JZaj_`v__\^jm]hff_kl_
Hgijbeh`begh`\^jm]hff_kl_l_i_jvihrehe_]q_HgihgxoZehlj_aZggucdmkhd_]hebph
ijhkbyehhgebdmxs_db\gmefg_bmdmkbedhe[ZkmHgdmkZebdmkZe__hgdj_idhk`bfZe__
am[Zfbblygmeh[_bfbjmdZfbgZijZkgh
:eeZo:eeZoWlZdhe[ZkZdZd\heh\vyrdmjZ\hkdebdgmehgGhwlhlaZiZoWlhl\dmkFg_
gZ^hkijZ\blvkykg_cbykijZ\exkv
HgdmkZeblygme__bah\k_okbegZdhg_p_fmm^Zehkvhldmkblv__L\_j^Zyh[hehqdZih^ZeZkv
dhe[ZkZjZaehfbeZkvgZ^\h_H^gmiheh\bgmhgk`bfZe\jmd_^jm]ZyhklZeZkvmg_]h\hjlmHg
ijbgyeky`_\Zlvhg`_\Zeb`_\Zedmkhdghg_fh]_]hijh]ehlblv
Qlhlu`m_rvOZe_n"
Dhe[Zkmhl\_lbehg
GmlZd]ehlZc__
IhdZg_ihemqZ_lkyG_fh]mgbdZdhldmkblv
DZdhc`_\dmkmg__"
Ij_\hkoh^gucGhdhe[ZkZ`_kldZyhq_gv`_kldZy@_\Zlv__\k_jZ\ghqlh\heh\vxrdmjm
LZdwlhg_fykhIhkfhljbdZ
Hg^hklZedmkhdbahjlZbijbgyekybamqZlv_]hHg^Z\begZg_]hlygmebfye\jmdZohg^hlhrgh
h[ke_^h\Ze_]hbgZdhg_pihdZqZ\]heh\hckdZaZe
G_jZa[bjZxkvy\g_fa]eygbdZkZfgZwlmrlmdm
Y\ayewlmrlmdmbhkfhlj_e__HgZ\u]ey^_eZm`_g_lZdZii_lblghgh_^\Zyh[gZjm`beqlhwlh
[ueh\^mr_mf_gy\k_i_j_\_jgmehkvKdZaZlvebh[wlhfoZ^`b"Ih`Zemc^ZHgij_klmibeaZ\_l
IjhjhdZbl_i_jvjZkieZqb\ZekyaZk\hc]j_oMfZeurZ[uebdj_idb_am[ughjZkdmkblvwlm
dh`Zgmxrlmdm_fmlZdbg_m^ZehkvGZ`Z\gZg__iZevp_fyijb^Ze_clmkZfmxnhjfmdhlhjmx
hgZbf_eZij_`^_q_fm]h^beZ\dhe[ZkmihlhfyijhlygmegZoh^dmfZeurm
Dh]^Zhghkfhlj_ewlmrlmdm]eZaZ_]hklZeb\^\h_rbj_HgjZkdjuejhlihqlbdZd^\ZqZkZ
gZaZ^dh]^Z\uibe`bj\f_klhjZdbb
:eeZo:eeZo\hkdebdgmehgWlhm`Zkgh\hehku^u[hf\klZxl
?keb^Z`_q_eh\_d\eZ^__l^\Z^pZlvxyaudZfbb\l_q_gb_fgh]boe_ljZa]h\Zjb\Z_lebrvgZqm`bo
gZj_qbyolh\k_jZ\gh\fbgmlu\_ebqZcr_]hm`ZkZbebg_[u\ZehcjZ^hklbhg\kihfbgZ_lk\hc
jh^ghcyaudLZdba^_kvOZe_naZ]h\hjbegZjh^ghfZjZ[kdhfgZ_]hfZ]jb[kdhf^bZe_dl_hl
dZdhg[uegZim]Zg
Qlh`_ludjbqbrv"kijhkbeykkZfhc[_ah[b^ghcfbghc
Hkb^bqlhy`_\ZeWlhihahjghwlhhl\jZlbl_evghMfheyxl_[yaZdebgZxl_[y
Hgkfhlj_egZf_gyb\ijyfvmfheyyhihfhsbk_q_jlu_]hebpZkm^hjh`ghiulZebkvdZdlh
k]eZ^blv\i_qZle_gb_hljhdh\h]hhldjulby
LZdkdZ`b\k_lZdbQlhkemqbehkv"
H:eeZohIjhjhdhgZkf_rdZh]j_oYqm\kl\mxdZ`^uc\hehkhdgZk\h_c]heh\_Ykeurm
fhc`_em^hd]m^bldZd\heugdZk_fhb`beu^jh`Zl\iZevpZoam^keh\ghhgbg_f_xl
Kb^blukf__rvkygZ^hfghc"Lu`_\b^_eqlhwlhlZdh_Wlh/DVNDHVVXED
/DVNDHVVXED"G_ihgbfZx
Dh]^ZluklZeaZ[u\ZlvZjZ[kdbc"EZ^ghkdZ`ml_[_ihlmj_pdbFh`_l[ulvluihcf_rvlh]^Z
qlhybf_x\\b^mWlhih\yadZ[bglh\Z\rZyiZe_p"Bebg_l"
LulZd^mfZ_rv"
�ZlZdy^mfZxaZ\_jbehgkie_\u\ZyDlh^_eZedhe[Zkm"GZ\_jgh_`_gsbgZ"
_jhylgh
H]hj_HgZihjZgbeZiZe_pblh]^Zi_j_\yaZ\jZgmieZkluj_fgZ^_eZk\_jomj_abgh\uc
dheiZqhdDh]^ZhgZgZqbgyeZdhe[ZkmlhdheiZqhdihiZe\gmljvLvnm
DZdhcm`ZkOZe_n
G_]h\hjb[hevr_gbkeh\Z
Hg\k__s_^_j`Ze\jmdZoh[_iheh\bgdbdhe[ZkubaehkqZklgucj_abgh\ucdheiZqhd?]hebphg_
ih^^Z\ZehkvhibkZgbxwlhlfhf_glhgqm\kl\h\Zek_[ykZfufg_kqZklgufq_eh\_dhfgZk\_l_Hg
kfhlj_elhgZf_gylhgZdmkdbdhe[ZkudZaZehkv_]hgZklhevdhi_j_ihegyeblhrghlZb
hl\jZs_gb_qlh_fm[uehg_^hkm]ih^mfZlvhkZfhfgZkmsghf
LZd\u[jhkb`_wlhkdZaZey
u[jhkblv"OhjhrhGhqlhfg_wlh^Zkl"Fh_l_ehhkd\_jg_gh^mrZh[_kq_s_gZZk_j^p_
ihgbdeh\]jm^bijyfhdZdwlZgbdq_fgZydhe[ZkZFhbij_^dbi_j_\_jgmlky\fh]beZodZd
\hjhqZ_lky\k_mf_gy\`_em^d_bkugufhbo\gmdh\aZevxlkyke_aZfb\kihfbgZyk_cqZk
ij_aj_ggh]hqj_\hm]h^byY]h\hjxl_[_kb^bIjhjhdkh\_jr_gghijZ\K\bgvywlhkZfZy]gmkgZy
�[_klbygZk\_l_kh[eZagb\rZyjh^q_eh\_q_kdbcwlhihjh`^_gb_q_jlh\hcfZl_jbZ[m^_lk\bgvy
bklj_[e_gZkj_^bl\Zj_c^Zih[vxl__dZfgyfbbba\_^ml\j_^hghkgufba_evyfbQlh`_^h
q_eh\_dZdh_fmijbreZgZmf]gmkgZyfukevgZ[b\Zlvk\hc`b\hldmkdZfbljmiZwlhckdhlbgu__
`bjhfbdjh\vxlhwlh]hmfgbdZgZ^e_`bl\h\_db\_qgu_`ZjblvgZZ^kdhfh]g_\kZfhcm`Zkghc
qZklbij_bkih^g_cGmZ`_gsbgZqvyih\yadZihiZeZ\gmljvdhe[Zkuwlmkh\jZlbl_evgbpZOZe_nZ
ih]hgy_fZy^mjghckh\_klvximklv[m^_lfmqbfZ^_gvbghqv[_ai_j_ju\ZimklvhgZhsmlblk_[y
keh\gh_`\k_b]eudhlhjh]h\u\_jgmlu\gmljv
�Zwlhkbevghmeu[gmekyyL\h_ebphfg_kh\k_fg_agZdhfhl_i_jvyl_[y\h\k_g_agZxLu
ebwlhgZkZfhf^_e_ojZ[jucb]hj^ucOZ^`bOZe_nHfZj[_gOZ^`b:[me:[[Zkb[gOZ^`b
�Z\m^wev=hkkZjZ"
Fheqbwn_g^bG_gZihfbgZcfg_hojZ[juohlpZofhboijZsmjh\Gbh^bgbagbog_\_^Ze
lZdbog_[u\Zeuog_kqZklbcgbh^ghfmg_^h\h^behkv`_\Zlvih\yadmke_l_\rmxk[hevgh]hiZevpZ
bm]h^b\rmx\wlmgbqlh`gmxb[_ahljZ^gmxdhe[ZkmG_o\Zlbl\k_]hfh_]hdjZkghj_qbyqlh[u
hibkZlvfmdbfhbomklkljZo]ehldbb[_kihfhsghklvqj_\ZWlhl^_gvkZfucijbkdhj[guc^_gv
fhboa_fguokdblZgbcKi_j\Zy\uibe`bjju[ublhrghlZ_^\Zg_m]ZkbeZk\_lfhbo^g_cdh]^Z
`_hg\gh\vaZ[j_a`beyijbgyeky`_\ZlvaZkhe_ggmxh[hehqdmkdju\Z\rmxij_aj_ggucgZju\gZ
iZevp_hbklbgmwlh[hevr_q_ffh`_l\u^_j`Zlvkf_jlguc
LZd\u[jhkb`_wlhgZdhg_p
�ZijhqvijhqvImklv]j_ogug_rg_]h^gygbf]gh\_gb_f^hevr_g_ijbklZ_ldfhbfiZevpZf
Fg_hl\jZlbl_evgu\k_a_fgu_\dmkuHlgug_i_j\hfm`_dlhijbg_k_lfg_dhe[Zkmy\kZ`m\
kZfZykd\_jgZyl\Zjvqlh`b\_lgZa_fe_
Hg\uiZebe\k_wlhb^h[Z\be
Imklv\ke_^gZfih_^_lwlbfiml_fkZfuchlty\e_gguc]j_rgbdImklvhghlus_lwlmdhe[Zkmb
kt_kl__lh]^Z_]hkh\_klvehig_lhlm`ZkZdZdf_rhdb_]h^_ygbyhldjhxlky^ey\k_o_^vwlZ
dhe[ZkZh[gZ`Z_l\k_khdjh\_ggu_lZcguex^_cFg_ijbrehkvgZijyqv\k_k\hbkbeuqlh[ulug_
maj_eqlhlZblky\gmljbl\h_]hkf_jl_evgh[hevgh]hOZe_nZi_j_`b\r_]hkZfu_ly`db_
bkiulZgby
Hgijb\udh[eZqZlv\p\_lZklu_ihdjh\uhklhdZkZfu_g_ijbylgu_kh[ulbyLZdh_m^Zehkv_fmb
l_i_jv\wlhfh[b^g_cr_fiheh`_gbbIhlhfhgmfhedbih_oZejy^hfkhfghcdh]^Zy
gZkf_reb\hihbgl_j_kh\Zekyijbqbghc_]hfheqZgbyhghl\_lbe
Gbm_^bgh]hgZjh^Zgb\h^ghfyaud_qvbaZiZkukeh\\_ebdbg_gZc^_lky^hklZlhqghkeh\
qlh[uhibkZlvkljZ^Zgbybkfyl_gbyfh_c^mrbbiehlbH[wlhfemqr_bg_]h\hjblvFg_ke_^m_l
l_ji_eb\h`^ZlvihdZg_]h^h\Zgb_fh_]hqj_\ZkZfhkh[hcg_mey`_lky
Ms_ev_klZ\r__Zj_ghcwlbokljZ^Zgbchdhgqbehkvi_j_^gZfbhldjuekymadbcbdZdfg_
ihdZaZehkvhq_gv^ebggucem]ihdhlhjhfmijhl_dZeZj_dZGZ^g_ckdehgyebkvhl^_evgu_dmklu
\hae_gbolygmebkvp_eu_aZjhkebfZebgub_`_\bdbIhke_^gb_ijb\e_dZebh[beb_fy]h^bo
\_ebqbgZbamfeyeZ?keb[ug_iha^gbcqZkfufh]eb[uhklZgh\blvkybiheZdhfblvky
Ob`bgZXgZdZklhblgZ[_j_]mwlhcj_dbihykgbedhgZd^`bFu^h[_j_fky^hg__q_j_a
q_l\_jlvqZkZ
L_i_jvfufh]eb_oZlvjy^hfF_klZ[ueh^hklZlhqghfuih]gZebehrZ^_c\]ZehiH[uqgh^Z`_
fqZkv\h\_kvhihjg_evayg_kimkdZlv]eZakhdjm`Zxs_cf_klghklbihwlhfmybk_cqZk
\gbfZl_evghijbkfZljb\Zekydh\k_fm\hdjm]g_aZighyhkZ^beehrZ^vHklZevgu_ihke_^h\Zeb
fh_fmijbf_jm
Qlhlum\b^_e"Qlhlh\wlbodmklZo"kijhkbeOZe_n
FuhklZgh\bebkvi_j_^]mklufbaZjhkeyfb\_ldby]h^guodmklZjgbdh\[ueba^_kvi_j_ie_l_guk
\vxsbfbkydhexqbfbehaZfbijh[jZlvkykd\havgbog_fh]gbdlhB\k_lZdbkd\havwlb
g_ijhoh^bfu_aZjhkeb[uebijheh`_gu^hjh]b^hjh]bboh^udhlhju_qZklhi_j_k_dZebkv
JZa\_lug_\b^brvqlhlZfdlhlhih[u\Ze"hl\_lbey
�Z\b`mGhihq_fmlu[_kihdhbrvky"LZfqlhlhkh[bjZey]h^u
A^_kv\hdjm]kh[bjZlvbogZfgh]hijhs_Gbh^bgjZamfgucq_eh\_dg_klZg_l[em`^Zlv\lZdbo
dhexqboaZjhkeyo_keblhqlhhgbs_lfh`gh[_aljm^ZgZclb\^jm]hff_kl_
Ghlu`_\b^brvqlhwlhllbibkdZeebrvy]h^u^hev^hjh`_dhklZ\e_gguobfy]h^u
h[hj\ZgugZjZkklhygbb\ulygmlhcjmdb
�Wlhllbi"=f^Zhe`gh[ulv_]hh^_`^Zba]hlh\e_gZbahq_gvijhqghcldZgbih\b^bfhfmba
dj_idhcdh`bBgZq_[ufum\b^_ebdehqvyhlg__:^hjh`dbrbj_q_fgm`ghq_eh\_dm
Lu^mfZ_rvqlhwlhg_q_eh\_d"
Ijbf_jghlZdyb^mfZxLhevdhihkfhljbkdZdhckbehcgZ^ehfe_guih[_]bjZkl_gbc
;ulvfh`_lwlhhq_gv^x`bcq_eh\_d
�Z`_kZfuc^x`bckbeZqg_klZg_lijhdeZ^u\Zlvk_[_^hjh]mbf_gghlZdkx^m]^__klv
\hafh`ghklvhgi_j_rZ]g_lq_j_aij_]jZ^mA^_kv`_\k_bgZq__ldbbih[_]bjZkl_gbc
_jghYg_ihgbfZxdZdq_eh\_dfh`_llZdgZlhilZlv
=f?keb[ufugZoh^bebkvg_\LmjpbbZ\Zf_jbdZgkdhc]emrblhyagZe[u\q_f^_eh
H^_`^Zwlh]hex[bl_eyfZebgudhg_qghbadh`bIhoh`_hgh[eZq_g\kZfucdjZkb\ucb]mklhc
f_odZdb_lhevdh_klvbrm[Z_]hdj_idhijbjhkeZdl_em
LZdlub\ijyfv^mfZ_rvqlhwlha\_jv"
Dhg_qghghlZdhca\_jvg_\h^blkyml_[ygZjh^bg_bihlhfmlug_agZ_rv_]h
Wn_g^byagZxqlhlubf__rv\\b^mijhfhe\bedhgZd^`bm\h^yehrZ^vgZg_kdhevdhrZ]h\\
klhjhgmhlgZkih^Zevr_hlaZjhke_cLu]h\hjbrvhf_^\_^_
Lum]Z^Ze;hbrvky_]h"
Hg_lWlba\_jba^_kvhq_gvj_^dh\klj_qZxlkyGh_keb\ijyfv\gZrbo]hjZoaZiemlZef_^\_^v
lha\_jvwlhk\bj_iucbkgbfemqr_g_rmlblv
JZamfghFheh^hca\_jviblZxsbckyebrvieh^Zfbkx^Zg_aZ[j_^_lYihqlbm\_j_gqlha^_kv
kh[bjZey]h^udjmigucf_^\_^va]eygmdZygZ^hjh`dbijhlhilZggu_bf\aZjhkeyo
JZ^b:eeZoZhklZ\vwlm\u^mfdm
;ZK_cqZk`__s_k\_leh
:_keblu\klj_lbrv_]h"
Lh]^Zhg\klj_lblkykhfghcLhb^jm]h_hiZkgh
HgjZahj\_ll\h_l_ehbhldmkbl]heh\mYkeurZeqlhf_^\_^bex[yliblZlvkyfha]hfIhwlhfm
hgbklZjZxlkykjZam`_jZa]jualv`_jl\_]heh\m
Ihkfhljbf_klvebmwlh]hf_^\_^ylZdZyijb\uqdZkdZaZeybkiju]gmekehrZ^b
�HklZgh\bkvhklZgh\bkv\hkdebdgmeojZ[jucijh\h^gbd_ehdZkZ_lkyg_lhevdhl_[yh^gh]h
Z\k_ogZk?keb\aZjhkeyo\ijyfvkdju\Z_lkyf_^\_^vblugZjmrbrv_]hihdhclhhgjZkk\bj_i__l
bgZiZ^_lgZ\k_ogZk
G_ijbqblZcdjbdgmegZg_]hOZe_nWn_g^bm[beq_jgmxiZgl_jmkZfmxkljZrgmxba
obsguoa\_j_cbev\ZpZjykj_^bfh]mqboQlhf_^\_^vjy^hfkwn_g^bWlh]ha\_jvdZhgm^mrbl
jmdhc
H]hmeu[gmekyyMl_[ydZdh_lhg_\_jgh_ij_^klZ\e_gb_h[wlhffbehfa\_jvd_?kebhg
\klZg_lgZaZ^gb_eZiulhhdZ`_lkygZ]heh\m\ur_l_[yajhkeucf_^\_^ve_]dbfm^ZjhfeZiu
jZkdjhblq_j_i?keb_fm\a^mfZ_lkyhgmlZsbldhjh\mLZdqlh\klj_qZlvkykgbfg_lZdm`
g_[_ahiZkgh
;m^vhg^Z`_\^_kylvjZa[hevr_\k_jZ\ghoZ^`bOZe_nHfZjg_m[hblky_]hHklZgvkya^_kv
kb^bbiha\hevfg_ihbkdZlv_]hh^ghfmYihijb\_lkl\mx_]hime_cihkeZgghcf_`^mj_[_jbeb\
]heh\m
�Y\h\k_g_m\_j_gqlhl\hyimeyijh[v_l_fmq_j_ieywlh]hgm`ghklj_eylvbalZdh]hjm`vydZd
f_^\_`_[hchafh`ghl\hyimeyg_ijbqbgbl_fm\j_^Zlh]^ZhgjZaehfZ_ll\h_jm`v_gZdmkdb
Zihlhfkh`f_ll_[ylZdqlhlubkimklbrv^uoZgb_
Lu^mfZ_rvyg_fh]mk^Z\blv_fm]jm^gmxde_ldmlZdqlhmg_]hbkdjuihkuiexlkyba]eZab
^mrZhle_lblhll_eZ
G_ll_[_wlhg_ihkbeZfOZe_nLZdqlhhklZ\Zckykihdhcgha^_kv
?kebhg\ijyfvlZdhchiZkguclbilhbl_[_g_q_]h^_eZlv[_af_gyYl\hc^jm]baZklmigbdbg_
Ih`Zemclu[ufg_ebrvf_rZegh\ijhq_ffh`_rvkhijh\h`^Zlvf_gyl_f[he__qlhlug_
\b^_e_s_ke_^uf_^\_^yKZfh]ha\_jya^_kvg_l
LulhqghagZ_rv"
��ZYagZxdZdf_^\_^vmkljZb\Z_lk_[_e_`dmeywlh]ha^_rgb_aZjhkebkh\k_fg_ijb]h^gu
?kebf_^\_^vaZr_ekx^Zlhebrvqlh[ulhevdhiheZdhfblvkykeZ^dbfby]h^ZfbIhkdhevdmhg
obsguca\_jvlh^Z`_eZdhfykvy]h^Zfbkdjueky\]em[bg_aZjhke_cBgklbgdlaZklZ\ey_l_]h\
^g_\gu_qZkuba[_]Zlvhldjuluof_klhlihq_fmhgg_klZeh[ju\Zlvy]h^ulZf]^_wlhijhs_
�\k_]hBlZdb^_fGh\k_lZdb^_j`bk\h_jm`v_gZ]hlh\_Z`_f_^\_^vfh`_lhlklmiblvhlk\hbo
ijb\uq_d
�Y\ayejm`v_bkhijh\h`^Z_fucOZe_nhfklZeijh[bjZlvky\aZjhkebhjh`dbijheh`_ggu_
a^_kva\_j_fy\eyebkh[hcimklvbhq_gvmf_gvr_ggmxdhibxmebphklZ\e_gguo[mc\hehf
ihkj_^bij_jbb\ljZ\_kdju\Zxs_c\kZ^gbdZk]heh\hcKehfZggu_\_ldbbkmqvy[uebdj_idh
\^Z\e_gu\a_fexWlhlf_^\_^v[uea^hjh\_gguf
M`_q_j_a^_kylhdrZ]h\ygZr_eih^l\_j`^_gb_lhfmqlhfu^_ckl\bl_evghbf_eb^_ehk[mjuf
f_^\_^_fGZdhexqdZo\bk_edehd_]hr_jklb
Kfhljbh[jZlbey\gbfZgb_OZe_nZQlha^_kv"
Wlhr_jklv
Qvywlhr_jklv"
�ebgghjmgghch\pu
�Zbh\pmwlmgZau\Zxlh[uqghf_^\_^_f
DZdyjZ^]hkih^bgIjh[bjZcky[uklj__\i_j_^fu_]hfh`_fgZklbqv
Bfh\eZ^_ehohlgbqbcZaZjl
Lhevdhl_ji_gb_gZqZe_gZfke_^m_l\gbfZl_evghhkfhlj_lvwlhldehd
�eyq_]h"
Qlh[ufh`_l[ulvmagZlvkdhevdh_fme_l
Lufh`_rv^h]Z^Zlvkyh[wlhfihg_kdhevdbf\hehkdZf"
�Zijbf_jghlZdQ_ffheh`_a\_jvl_f]ms__]hr_jklvMhq_gvklZjh]ha\_jyg_lih^r_jkldZZ
r_jklvgZklhevdhlhgdZybj_^dZyqlhdh_]^_ijhk\_qb\Z_ldh`ZLZdqlhihkfhljbfWlhldehd
r_jklb]mklhc"
G_lr_jklvhq_gvj_^dZy
Djhf_lh]hlhesbgZbhdjZkdZr_jklbghd\h\k_g_h^bgZdh\Zhae_dhjgyhgblhgvr_q_f
\\_jombihqlb[_kp\_lgu_AgZqbldh`Z`b\hlgh]hm`_g_kihkh[gZiblZlvr_jklvWlhlf_^\_^v
hq_gvklZjFg_[ug_ohl_ehkvih[u\Zlv\_]hh[tylbyolZdhf\hajZkl_b\wlh\j_fy]h^Zhg
fh`_l\_kblv^h[juoq_luj_p_glg_jZ
:eeZo:ykdhevdh\_rm"
F_gvr_h^gh]hp_glg_jZ
H]hj_DZdZyjZagbpZDhg_qgh]heufbjmdZfbg_kijZ\blvkykgbfEmqr_\e_iblv_fmimex
BlZd\i_j_^Bs_f_]h
?]hlmlg_l?keblu\gbfZl_evghhkfhljbrvijbfylu_dmklulhaZf_lbrvqlhf_klZbaehfZm`_
ihl_fg_ebYiheZ]Zxqlha\_jvih[u\Zea^_kvg_k_]h^gyZ_s_\q_jZGZfg_aZq_fh[ke_^h\Zlv
aZ[jZeky\aZjhkebbeb\ue_abagbo
BlZdfuihdbgmebi_j_ie_l_gb_dhexqbo\_l\_cbihreb\^hevdmklh\Y[ukljhgZr_ef_klh]^_
f_^\_^vaZ[j_e\aZjhkebHgijbr_ekhklhjhgue_kZijbfylu_\_ldbbdmklu[ueba^_kvhlh]gmlu
\gmljvMj_dba\_jvhlh]gmebogZjm`mb\u[jZekybaaZjhke_cYklZebkdZlv_]hke_^ghgZr_e
ebrvhl^_evgu__e_aZf_lgu_hli_qZldbeZihgb\_ebdj_d_Fuihrebihwlhfmke_^mb^hklb]eb
f_klZ]^_f_^\_^vgZibeky\h^uMkZfh]h[_j_]Z\h^ZihdZaZeZkv_fmfmlghcihwlhfmhgaZr_e\
j_dmi_j_^gbfbeZiZfbLZfkljmbeZkvdjbklZevghqbklZy\h^ZjZa]ey^u\Zyfy]dh_^ghwlhc
g_]em[hdhcj_qmrdbfuhlq_leb\haZf_lbebhli_qZldba\_jbguoeZiF_^\_^vibe\h^mg_
r_ehogm\rbkvZihlhfhklhjh`ghm[jZeeZiukeh\ghgZf_j_\ZekyhklZ\blva^_kvkZfuclhqgucbo
hli_qZlhd
�h]Z^dZ\ukdZaZggZyfghcjZg__ih^l\_j^beZkvf_^\_^v[ue\gmrbl_evguojZaf_jh\GZ_]h
eZiZobf_ebkv[hevrb_`bjh\u_ih^mrdbe_]dh[ueh^h]Z^Zlvkyqlhhgghkbekkh[hcp_emx]hjm
`bjZHlkx^Zhg\u[_`ZegZi_khdbijbgyekygZg_fdZlZlvkyIhke_wlh]hke_^kgh\ZijhiZe
Ebrvihhl^_evgufijbf_lZfyij_^iheh`beqlhf_^\_^v\_jgmeky\e_k
DZd`Zevk_lh\ZeOZe_nWlhlkugf_^\_^bpu\h\k_g_kh[eZ]h\hebegZkih^h`^Zlv
Fh`_l[ulvwlh^hqvf_^\_^bpubeb^Z`_kZfZf_^\_^bpZfZlvb[Z[dZfgh]bof_^\_`Zllhf
f_kl_]^_hgZdZlZeZkvgZi_kd_hgZpZjZiZeZ_]hdh]lyfbDh]lbhq_gvlmiu_bklhq_ggu_Wlh
hq_gvih`beZy^ZfZJZ^mckyqlhg_h`b^Zgghg_ih\klj_qZe__
B\k_`_yohl_e[uqlh[uhgZijbreZkx^ZbihdehgbeZkvijb\_lkl\mygZkF_^\_`v_fykh
fh`gh_klv"
�Zghf_^\_^vg_y[ehdhdhlhjh_fh`gh_klvijyfhkdh`mjhcHdhjhdbeZiu_kebboohjhrh
ijb]hlh\blvkms__eZdhfkl\hYaudlh`_bf__lhlf_gguc\dmkHli_q_gbgm`ghhkl_j_qvky?klv
gZjh^ukqblZxsb___y^h\blhc
HdhjhdbeZiu\hkdebdgmefZeurKb^bjZa\_fug_fh`_f_]hhlukdZlvqlh[uhlh[jZlvm
g_]hwlbeZdhfkl\Z"
OZe_nOZe_nIh^mfZcdZh^jm]boeZdhfkl\Zodhlhju_l_[_g_hq_gv
Fheqb[ukljhi_j_[behgf_gyJZa\_lu^mfZ_rvqlhIjhjhdaZij_lbe\dmrZlvhdhjhdb
eZiuf_^\_^y"
Hgg_aZij_sZewlhOhlyIjhjhdm[ueh\_^hfhkeh\hGLEE f_^\_^v\fghhgihjhcgZau\ZelZd
b]b_gmbyg_\_jxqlhFmoZff_^dh]^Zgb[m^v\b^_egZklhys_]hf_^\_^y
?keb[uhg_]haZij_lbelhygbaZqlhg_ohl_e[uhl\_^Zlvf_^\_`bchdhjhdghjZaaZij_lZg_l
lhyg_ihgbfZxihq_fmgZfke_^m_lhldZaZlvkyhllZdh]hbaukdZggh]hykl\ZFuhlijZ\bfky\e_k
bih^klj_ebfa\_jy
Lu^mfZ_rvqlhhglhevdhgZkb`^_l"
?klv`_mg_]hdZdh_lhm[_`bs_
�G_h[yaZl_evghZ`__keb[uhgh[uehfu_]hg_gZc^_fKe_^f_^\_^yfug_gZrebZm`_
gZqZehkf_jdZlvkyLZdqlhgZfijb^_lkyhldZaZlvkyhlhohlu
Wn_g^b^Z\Zcihijh[m_fihijhkbehgL\hc\_jgucOZe_ngZf_j_gih\_^Zlvk\h_cOZgg_
`_fqm`bg_kj_^b`_ghlhfqlhmeh`bef_^\_^yHgZ[m^_l]hj^blvkyb\hkobsZlvkyfghc
Qlh[ubkihegblvl\h_`_eZgb_gZfijb^_lkyijh[ulva^_kvh^bgbeb^\Z^gyZmgZkg_lgZwlh
DrZclZgmwlhl^hfEmqr_[uy\ukiZekyk_]h^gy\[_jeh]_kf_^\_^_faZdmlZ\rbkv\rdmjm
kgylmxkg_]hGhfg_gZ^hih\bgh\Zlvky:eeZo^Zjm_lb:eeZohl[bjZ_lG_klZgm`_y\hjqZlvgZ
g_]h
BlZdfu\kdhqbebgZehrZ^_cbih_oZeb^Zevr_
Q_j_ag_dhlhjh_\j_fydjmlu_kdehguihjhkrb_l_fgufo\hcgufe_khfhlklmibeb\klhjhgm
h[jZah\Z\hdjm]eucijhk\_l\dhlhjhffum\b^_eb^hfddh_fmijblmebebkviZjZkZjZ_\beb
ihkljh_dgZihfbgZ\rbodhgxrgbKijZ\Zhl]hjgh]hoj_[lZhl\_l\eyekymadbchljh]a^_kv
kdZevgu_ihjh^uihjhkebdmklZjgbdhfebkl\_ggufbbo\hcgufb^_j_\vyfb
LZf\dhgp_wlh]hhljh]Zfum\b^_ebq_eh\_dZihh^_`^_dhlhjh]hg_fh]eb^Z`_jZah[jZlv
`_gsbgZebwlhbebfm`qbgZ
Wlh=mkdZ]hkih^bgkdZaZedhgZd^`bIha\Zlv"
DlhlZdZy=mkdZ"
Wlh`_gZXgZdZlhj]h\pZm]e_fbkZ`_c
G_gm`gh__a\Zlv\_^vy\b`mqlhhgZgZkaZf_lbeZ
;uehebwlh__bfybeblhevdhijha\bs_iha\hey\r__km^blvh^mr_\guodZq_kl\Zo_]h
h[eZ^Zl_evgbpu"=mkdZlh`_k_j[kdh_keh\hbhagZqZ_lhgh]mkugyKm^yihlhfmqlhkhh[sbe
hg_cgZrihke_^gbcohaybgiZklmoke_^h\Zehh`b^ZlvqlhhgZgZ^_e_gZba\_klgufk\hckl\hf
wlhc\h^hieZ\Zxs_cilbpuFg_[uehex[hiulghmagZlvdZdhgZgZkijbf_l
M`_k_cqZkhgZgZqZeZijbl\hjylvkyHgZk^_eZeZ\b^qlhg_aZf_lbeZgZkbihgmjb\]heh\m
f_^e_gghihreZd^hfmujZ`_gb_^hf\hh[s_]h\hjyhq_gvevklbehwlhcihkljhcd_Kl_gu__
khklhyebbadZfg_cgZ]jhfh`^_gguo^jm]gZ^jm]Z[_a\kydh]hjZkl\hjZk\yamxs_]hbos_eb
f_`^mdZfgyfb[uebaZldgmlufohfba_fe_cIhkljhcdZ[ueZdjulZijhklufb`_j^yfbk\_jombo
�ijbkuiZebkmr_gufbebklvyfbiZihjhlgbdZblbghc\_jvhdZaZeZkvlZdhcmadhcbgbadhckeh\gh
__k^_eZeb^ey^_l_cZhdhggu_ijh_fulZdh]hjZaf_jZqlh[u\gbofh`gh[uehijhkmgmlvh^bg
lhevdhghk
?s_i_qZevg__\u]ey^_ebh[Z^jm]bokljh_gby?keb[uhgbg_ijbkehgbebkvlZdiZgb[jZlkdbd
^hfmlhfb]hf[ujmogmeb
@_gsbgZkdjueZkv\h^ghfbawlbokZjZ_\^Z`_g_[jhkb\\a]ey^\gZrmklhjhgmFuki_rbebkv
�\hae_^hfZ\_jv[ueZaZi_jlZDhgZd^`bm^Zjbeihg_cijbdeZ^hf
Ebrvihke_^he]hciZmau^\_jvijbhldjueZkv\s_edm\u]eygmeZ`_gsbgZ
?klvkdZadZh[h^ghcklZjhc\her_[gbp_dhlhjZyihk_eb\rbkv\e_kghcqZsh[_aZ\e_dZeZdk_[_
ex[h]haZiemlZ\r_]hkljZggbdZbklZedb\ZeZ_]h\i_qvqlh[uaZ`Zjblvbkt_klv_]h=ey^ygZwlm
`_gsbgmyg_\hevgh\kihfgbelm\_^vfm?kebbfy=mkdZ]mkugylhqghi_j_^Z_l__
bg^b\b^mZevghklvlhkjZ\gblv__ke_^h\Zeh[ukl_fbklZjufbij_klZjufb]mkyfbdhlhju_
[jhkZxlkygZqm`Zdh\dZdaeu_p_igu_ikubgbdh]^Zg_ihiZ^ZxlgZklhemdjZr_ggu_y[ehdZfb
b[hfykhbokebrdhf`_kldh_
HgZ[ueZm`ZkdZdhc^he]h\yahcblhs_cJZkkfZljb\ZygZk\s_edmhgZkh]gmeZkvihqlbih^
ijyfufm]ehfLZdbf`_^ebggxsbf[ueh__ebph\hh[s_\k_\g_cdZaZehkvg_khjZaf_jguf
Hkljucghkbah]gmluckeh\ghk_jimadbck[_]Zxsbc\gbaih^[hjh^hdrbjhdbc[_aam[ucb
[_a]m[ucjhlh]jhfgu_mrbgZihfbgZ\rb_ehkdmlul_kghihkZ`_ggu_]eZaZgZeblu_djh\vxb
fh]eh=heh\mhgZg_ihdju\ZeZgbq_f@b^db_\hehku[uebg_aZie_l_guhgbk\_rb\Zebkv^bdh
kimlZggufbijy^yfbkd\havgboijhk\_qb\ZeZdh`ZgZihfbgZ\rZyju[vxq_rmx?kebmihfygmlv
_s_g_kdZaZggh]jyagmxjm[Zrdmklhev`_qbklu_iZglZehgui_j_\yaZggu_msbdhehlhdZlZd`_
^\_]heu_dhkley\u_gh]bihoh`_gbdh]^Zg_agZ\rb_ijbdhkgh\_gby\h^ulhe_]dh[ueh
ih\_jblvqlhwlZg_kjZ\g_ggZy=mkdZ\u]ey^_eZdZd]hj]hgZbebnmjbymp_e_\rZykh\j_f_g
deZkkbq_kdhc^j_\ghklb
Klhbeh_caZ]h\hjblvdZdyqmlvg_\a^jh]gmeJZa^Z\rb_kya\mdbgZihfbgZebojbieh_dZjdZgv_
k_j^blhc\hjhgu
Qlh\uohlbl_"Dlh\u"Ihq_fma^_kvhklZgh\bebkv"ijhdZjdZeZhgZ?a`Zcl_^Zevr_
HgZk^_eZeZ\b^qlhaZibjZ_l^\_jvghlml\f_rZekygZrijh\h^gbdbijhfhe\be
?oZlv^Zevr_"G_lgb\dh_fkemqZ_FuhklZg_fkya^_kv
LZdg_ihc^_l;ulvlZdh]hg_fh`_lZfa^_kvbkdZlvg_q_]hYqm`Zdh\mk_[yg_ijbgbfZx
Y\_^vl_[_q_eh\_dg_qm`hcGZ\_jgydZluf_gyagZ_rv
:hklZevguog_l
Hgbfhb^jmavy
Ghg_fhb
HgZhllZedb\ZeZ_]hZhg__dhg_qghlhevdh^ey\b^bfhklb
;m^v`_jZamfgZ=mkdZihijhkbehgFu`_gbq_]hg_lj_[m_fhll_[yaZ^ZjhfFul_[_\k_
aZieZlbfq_klvihq_klb
DZaZehkvwlhih^_ckl\h\ZehihdjZcg_cf_j_lZdgZfih^mfZehkvHgZklZeZg_lZdjvygh
h[hjhgylvkybkijhkbeZ
Ohlbl_aZieZlblv"Wlhqlhlhgh\_gvdh_Qlh`lh]^Zyih^mfZxklhbleb\Zka^_kvhklZ\eylv
�Zlml\hh[s_g_q_]hjZa^mfu\ZlvFulj_[m_fhll_[yebrvdjh\bqlhgb[m^vba_^u
JZa\_wlh]hfZeh"
Wlh]h[he__q_f^hklZlhqghwlhkebrdhffgh]hkdZaZey?^mbiblv_fug_lj_[m_fhll_[yZ
f_klh^eykgZhlus_fkZfb?keb\^hf_g_lf_klZfuihkibfgZmebp_
;uehg_\hafh`gh[jZlv_^mbawlboiZevp_\gZihfbgZ\rbodh]lbbaZkdhjmaeuohl]jyab:kiZlv
lZf\gmljb"GbaZdZdb_^_gv]bDhfgZlZ\u]ey^_eZlZdkeh\gh\g_cd\Zjlbjh\Zebl_kZfu_
iju]Zxsb_iheaZxsb_dhihrZsb_kykms_kl\Zwlb`Zeysb_ya\ysb_dmkZxsb_\Zkihklhyevpu
dhlhjuo\k_]^Zo\ZlZ_l^Z`_\kZfuo[eZ]hjh^guo^hfZohklhdZGha^_kv\wlhceZqm]_gZ\_jgydZ
iju]ZebiheaZebdhihrbebkvbfZjrbjh\Zebg_kq_lgu_lheiubwkdZ^jhguwlbodjh\h`Z^guo
aZoj_[_lgbdh\
Ih`ZemcijbylghqblZlvhibkZgb_iml_r_kl\bcihkljZgZfkheg_qgh]hhklhdZkljZgZfh\_ygguf
e_]_g^Zfbb[eZ]hmoZxsbfZjhfZlZfbgh\hliml_r_kl\h\Zlvwlhkh\k_f^jm]h_^_ehQm\kl\h
ijbebqbyqZklhaZij_sZ_lfg_]h\hjblvdZdjZa\hlh[wlbok\h_h[jZaguooZjZdl_jguoklhjhgZo
iml_r_kl\bchklhdgZihfbgZ_lDhgklZglbghihevdhlhjucah\mljmfygp_fgZeZgblZofbjh\h]h
ebdZKgZjm`bhldju\Z_lky\_ebdhe_iguc\b^ghklhblklmiblvgZl_kgu_]hjh^kdb_mebpudZd
ij_djZkgucfhjhdjZkk_b\Z_lkyGZhklhd__klv\k_\hbklbgm\k_lhevdhg_\k_]^ZgZc^_lky
f_klhwkl_lbd_
Iml_r_kl\_ggbdm\hh[s_g_lkfukeZhlijZ\eylvkygZhklhdjZ^bg_\_jhylguoijbdexq_gbchgb
`bagbDhg_qghdgbfg_ijbf_gbfukeh\ZMeZg^Z
Ijhklfbjyauq_kdbc
Ghqm^_gk\hbf\_ebqb_f
M\ujZkkdZaqbdm\hkij_s_gh]h\hjblvh[wlboijbdexq_gbyoFgh]b_bagboijboh^blky
ij_l_ji_\Zlv\kjZ`_gbyokg_qbklhiehlghklvxa^_rg_]hgZjh^Zih^qZkg_ih^^Zxs_cky
hibkZgbyfYh[_^ZemagZf_gblh]hr_coZdhlhjuc\h\j_fyljZi_auba\e_dbak\hbo\hehk
g_kdhevdbokebrdhfj_lb\uogZk_dhfuoaZl_fih^g_kybod]eZaZflhj`_kl\_gghdZagbe
ijb^Z\eb\Zygh]l_fdZd]bevhlbghcb\h\k_g_\ul_j_\jmdbaZimklbekbbhjm^bydZagb\ieh\
kdZlZebag_]hdZlur_dZihlhfhlhkeZe_]hfg_bf_gmywlhl^ZjHO/XNPHHVFK6FKDUDI
ihq_lgufdmrZgv_f
J_^dhdlh\_jblqlhwlhg_agZqbl_evgh_gh\k_`_hiZkgh_^ey`bagbijbdexq_gb_bf_ehf_klh
HldZaZlvkyhlwlh]hihq_lgh]hdmrZgvyagZqbehgZg_klbhkdhj[e_gb_bkdmiblvdhlhjh_\imklug_
fh`gh[uehebrvkf_jlvxLZdqlhyfh]k^_eZlv\u[hjebrvf_`^mime_cbebm^Zjhfgh`Zk
h^ghcklhjhgubwlbfm`ZkgufdZlurdhfjbkZKe_\Zhlf_gykb^_er_coijhlygm\rbcfg_dmkhd
b`^Z\rbcqlhyhldjhxjhlKijZ\Z\hkk_^ZeDjx]_j;_glZdgZau\Z_fucihedh\gbde_c[
]\Zj^bb\eZklbl_eyLmgbkZHgmjh`^_ggucg_f_paZf_lbedZdbydZagvg_kdhevdboj_lb\uo
l\Zj_cHg^hih^ebgghagZe\dZdhcjZkl_jygghklbyij_[u\ZxbgZ_]hebp_qblZehkvh]jhfgh_
gZijy`_gb_kdZdbfhgke_^be\u[_jmebyjbkh\ucdZlur_dbebk\bgph\mximexih^h[ghf
iheh`_gbb\Z`ghkhojZgylvijbkmlkl\b_^moZYkdZaZer_comkZfufmqlb\uflhghf
�hdhgpZk\hbo^g_cy[m^mihfgblvl\hx^h[jhlm
ay\m]hs_gb_ba_]hjmdbyijh^he`be
Ijhklbf_gyh]hkih^bg
Bih\_jgm\rbkv[ukljhgZijZ\hdDjx]_jm;_gmyaZdhgqbek\hxj_qv
Yijhrml_[ylua^_kv^hklhcg_crbc
;jZ\ucdhfZg^bje_c[]\Zj^bbm`ZkgmekyHgihgyefh_gZf_j_gb_gh[uelZdg_hklhjh`_gqlh
hldjuejhlkh[bjZykvhldZaZlvfg_\ijhkv[_Wlhck_dmg^u[ueh^hklZlhqghHg_s_g_mki_e
\ufhe\blvkeh\hdZdjbkh\ucdZlur_dm]h^be_fm\jhlb_]h[uehm`_g_\ulZsblv
Hg[uekZfucklZjrbcI_j_^Z\_fmihq_lgh_dmrZgv_yg_lhevdhgbdh]hg_hkdhj[begh
gZh[hjhlihdZaZeqlhqlmklZjrbobwlhl`_kl[ue\klj_q_g\k_fbhq_gvl_ieh;_^guc
^hklhcg_crbckdjhbedhg_qghij_ex[hiulg_crmx]jbfZkmkeh\gh_fm\jZam^Zehkv\dmkblv
\k_]hj_klba_fghcx^hebHgklbkdb\Zebklbkdb\Zeam[u]ehlZeb]ehlZedh\Zjguc^ZjihdZg_
klZebkkbgydjZkgufZdmkhdg_khkdhevagme\gbaIhijhr_kl\bbg_kdhevdboe_lwlhl
g_[eZ]h^Zjguc\k__s_dbqbekyqlhg_aZ[m^_lfhx\uoh^dm
Ih^h[gu_ijhbkr_kl\bykemqZxlkyqZs_q_fohl_ehkv[uFh`ghgZf_dZlvgZgboghg_
hibku\Zlvboih^jh[gh;hjv[Zk]jyavxbiZjZablZfb\hbklbgmm`ZkgZbfh`_lhkdhj[blv
baukdZgguc\dmk
=hkih`Z=mkdZg_ih^haj_\ZeZqlhih[m^behf_gyhl\_lblv_clZdWlhgZjmrZehhl\_^_ggmx_c
jhevZ_c\b^bfhiheZ]Zehkviheh`blvgZkihhl^_evghklbihwlhfmhgZ[ukljhaZlZjZlhjbeZ
F_klh\jh^_[u_klv^ey\Zk]hkih^bg?keb\uohjhrhaZieZlbl_lhygZc^mdjh\Zlv^eyl_[ygm
Zl\hbkimlgbdbfh]mlkiZlvjy^hfklh[hcgZk\hboihihgZo
hc^byl_[___ihdZ`m
Yihke_^h\ZeaZg_c\h\k_g_^eylh]hqlh[uhkfhlj_lvdjh\ZlvZqlh[uihemqblvij_^klZ\e_gb_h
^hfZrg_fohayckl\_wlhc]mkugb
dZdmx`_^ujmyklmibeA^_kvbf_ebkvq_luj_]heu_kl_guKijZ\Z\m]eme_`ZebdZfgbhqZ]ZZ
ke_\Z\^jm]hfm]emym\b^_e[_kihjy^hqghkeh`_ggmxdmqmebkl\uehofhlv_\biZihjhlgbdZ
@_gsbgZmdZaZeZgZg__ijhfhe\b\
Djh\ZlvlZf:a^_kvhqZ]gZdhlhjhfy`Zjxfykh
wlhc^uj_pZjbeZijyfhlZdbZ^kdZy\hgviZoeh]Zjvxb\k_\hafh`ghc^jygvxG_[uehbj_qbh
^ufhoh^_?^dbc^ufmghkbekyq_j_ahdghFhbkimlgbdb\hreb\ke_^aZfghcY\b^_eihgbfqlh
hgb^mfZeblZd`_dZdby
HdZdhffyk_lu]h\hjbrv"hk\_^hfbekyy
Hdhgbg_
Hldm^ZhgZ\ayeZkv"
WlhfykhgZr_ckh[kl\_gghcehrZ^bhl\_lbeZhgZih^g_kyjmdbd]eZaZf
u__aZdheheb"
G_l__dlhlhjZkl_jaZe
=fDlh`_"
Fm`]h\hjblqlhwlhgZ\_jgh_f_^\_^v
Bdh]^ZhgaZ^jZeehrZ^v"
Ijhrehcghqvx
:eeZo:eeZo\hkdebdgmeOZe_nLZdwlhlf_^\_^v_klg_lhevdhfZebgmu_]hm[beb"
Qlhlu]h\hjbrv"Qlh[um[blvf_^\_^ygm`ghkh[jZlvlheimex^_c
Lufg_jZkkdZ`_rvdZd\k_kemqbehkvihijhkbey__
FukZfblhqghg_agZ_fEhrZ^v[ueZgm`gZgZfqlh[ulhj]h\ZlvHgZ\habeZl_e_]mkm]e_fb
LZdyg_\b`ma^_kvgbdZdhcl_e_]b
Fug_fh`_f^_j`Zlv__a^_kv\_^vd^hfmg_ih^t_^_rv^hjh]blmlg_lL_e_]Z\k_]^Zklhbl
\hae_`bebsZm]e_`h]ZEhrZ^v`_gZoh^blky^hfZihdZfua^_kvGhqvxhgZiZk_lkygZmebp_B
\hlk_]h^gydh]^Zfuijhkgmebkvlhg_m\b^_eb__ZijbgyebkvbkdZlvgZreblhevdhlmrm
gZ\_jom\kdZeZoHgZ[ueZjZkl_jaZgZZdh]^Zfhcfm`m\b^Zeke_^ulhkdZaZeqlhwlh[ue
f_^\_^v
=^_k_cqZke_`blhklZ\r__kyfykh"
KgZjm`b\kZjZ_
IhdZ`bfg_
G_fh]m]hkih^bgbkim]ZgghkdZaZeZhgZFhcfm`aZij_lbefg_imkdZlvlm^Zqm`boex^_c
IhdZdhcijbqbg_"
G_agZx
:]^_hgk_cqZk"
Ihr_ebkdZlveh]h\hf_^\_^y
LZdwlh`_djZcg_hiZkghG_m`_ebl\hcfm`lZdhcojZ[juchohlgbd"
�ZhglZdh\
b^bfh\kdhj_
LZdQm`b_ex^bk_]h^gy[uebm\Zk"
G_lIhq_fmluhgbokijZrb\Z_rv"
Ihlhfmqlhl\hcfm`aZij_lbel_[_imkdZlvqm`Zdh\\kZjZc
LZfgbdh]hg_[uehgbh^gh]hq_eh\_dZgbk_]h^gybgb\q_jZFu`b\_flZdm_^bg_gghqlh
j_^dhdlhdgZfaZ_a`Z_l
wlhf]gh\_gb_jZa^Zekyijhgabl_evguc^mr_jZa^bjZxsbcdjbd@_gsbgZaZlZjZlhjbeZklZjZykv
hl\e_qvgZr_\gbfZgb_ghykdZaZe
IhkemrZcDlhlZfdjbqZe"
Ygbq_]hg_keurZeZ
AZlhyhq_gvykghkeurZe
LZdwlh[ueZdZdZylhilbpZ
G_lwlh[ueq_eh\_dMl_[yb\ijyfvgbdh]hg_l"
Ykh\_jr_gghh^gZ
IjbwlhfhgZfZogmeZjmdhcdhgZd^`bmdZau\ZygZ^\_jvYm\b^_ewlhih\_jgmekyb\ur_e
=hkih^bghgZaZdjbqZeZfg_\ke_^Dm^Zlub^_rv"
kZjZc
L_[_g_evay
;ZYohqmihkfhlj_lvdlhlZfdjbqZe
LmldhgZd^`bi_j_]hjh^befg_^hjh]mbkdZaZe
HklZgvkya^_kvwn_g^bLu\_^vkeurZeqlhgbh^bgqm`Zd
Hghk_dkyKgh\ZjZa^Zekydjbd_s_]jhfq_bkljZrg__q_fij_`^_
Lukeurbrv"\hajZabey_fmIhoh`_qvylh`bagv\hiZkghklbGZfgZ^hihkfhlj_lv
Ghl_[_`_g_evay
FheqbGbdlhg_ihf_rZ_lfg_k^_eZlvlhqlhyohqm
Hgk^_eZe_s_ihiuldmm^_j`Zlvf_gy`_gsbgZlh`_ghy\k_`_\uj\ZekyLjh_fhbokimlgbdh\
ihke_^h\ZebaZfghcIhaZ^br_edhgZd^`bkohaycdhcH[Zmkbe_gghi_j_r_ilu\ZebkvGZkdhevdh
yfh]aZf_lblvdhgZd^`b[ue\_kvfZkfms_g
Yhli_jkZjZcg_fg_[uehgbq_]hdjhf_jZagh]hoeZfZDh]^Zfuih^hrebd^jm]hfmkZjZx
kgh\ZjZa^Zekydjbdbf_gghhllm^ZA\mdb\ijyfv[uem`ZkgucFuhldjuebkZjZcb\hreb
\gmljvLZf[ueh\_kvfZl_fgh
?klvlmldlhgb[m^v"kijhkbey
H:eeZo:eeZojZa^Zeky]hehkdhlhjucykjZammagZeRZclZgrZclZgHgb^_lHgo\ZlZ_l
f_gyHglZsblf_gy\Z^
�Zwlh`_klZjucFm[Zj_dr_igmefg_OZe_n
JZamf__lkyHklZevgu_eb[hmkljhbebgZfaZkZ^mih[ebahklbeb[hijh^he`bebih_a^dmd
m]e_`h]mZ_]h[ueb\ugm`^_guhklZ\blva^_kvMg_]h`Zj
=hkih^bgg_\oh^blm^Zijhfhe\beZ`_gsbgZLZf[hevghc
Ihq_fmluhg_fijhfheqZeZ"
G_evaygZjmrZlv_]hihdhc
Ohe_jhcG_aZoh^blm^ZHgl_[yaZjZablblumfj_rv
Ohe_jZ"K_cqZk"wlhf]emohfe_km"=fG_\_jxy\wlh
WlhijZ\^Z]hkih^bg
Dlh`_hg"
Fhc[jZl
LZdHgklZjbd"
G_lhg_s_kh\k_ffheh^hcq_eh\_d
@_gsbgZlue`_rvYagZxq_eh\_dZe_`Zs_]ha^_kvHgfh`_l[ulvl\hbf[jZlhf\_^vh[Z\u
^vy\hevkdb_hljh^vyghhgkh\k_fg_fheh^WlhklZjucFm[Zj_dbyohqm_]hlsZl_evgh
hkfhlj_lvEZfiZml_[y_klv"
G_l
:emqbgZ"
Lh`_g_l
IhkemrZcijbg_kbdZemqbguqlh[uihk\_lblva^_kvZ_kebq_j_afbgmlmlug_\_jg_rvkyylZd
hloe_sml_[yqlhl\hy]jyagZyrdmjZehig_l
Y\aye\jmdbie_ldmWlhih^_ckl\h\Zeh
Wn_g^bkdZaZedhgZd^`blug_\ijZ\_\_klbk_[ylZdkeh\ghlua^_kvohaybgbih\_ebl_ev
Fua^_kv]hklbb
B^he`guieZlblvlhcfhg_lhcdhlhjmxa^_kvaZkem`b\Zxleb[hibZkljZfbeb[hie_lvfb
ij_j\Zey_]hkeh\ZLZf\gmljbe_`blFm[Zj_dkx^m]^_[uhggb[uefuihiZ^Z_f\[_^m
ihwlhfmy[m^mihklmiZlvlZddZdlh]hlj_[m_lgZrZ[_ahiZkghklv?keblu[m^_rvk[b\Zlvf_gyk
lhedZlhyij_^iheh`mqlhlulZcghk\yaZgkgZrbfb\jZ]ZfbIjbqbglZd^mfZlvbf__lkym`_
ij_^hklZlhqghbluagZ_rvwlhIhwlhfmkfhljb\h[Z
Hgmfhedb[hevr_g_hl\Z`b\Zeky]h\hjblv@_gsbgZijbg_keZg_kdhevdhkhkgh\uoemqbgh^gmba
dhlhjuom`_aZ`]eZFuaZ`]ebhklZevgu_\ayebbo\e_\mxjmdmZaZjy`_ggu_j_\hev\_jubeb
ibklhe_lu\ijZ\mxjmdmbijbgyebkvh[ke_^h\ZlvkZjZc
Bgl_j_kh\ZebgZkij_`^_\k_]hFm[Zj_de_`Z\rbc[_akhagZgby\m]embljmiehrZ^b\^jm]hf
m]emDh]^Zfuijb[ebabebkvdihke_^g_fmkg_]h\kihjogmep_eucjhcijhlb\guofmo
LukiylbeZ"kijhkbey`_gsbgmLZfgZoh^blkyq_eh\_dmdhlhjh]hgZqZeZkvjZg_\Zy
�ebohjZ^dZ@bjy^hfe_`bldhgkdZylmrZdhlhjmxh[e_ibeblukyqbgZk_dhfuoBwlbffykhflu
kh[bjZeZkvgZkm]hsZlv"LujZa\_g_agZ_rvdZdwlhhiZkgh"
:q_fwlh\j_^gh"
Wlhfh`_lklhblv`bagbLugZfkhe]ZeZLhlq_eh\_dgZrkf_jl_evguc\jZ]iulZ\rbckygZk
m[blvLuohl_eZ_]hmlZblvhlgZkbl_f^hdZaZeZqlhlukgbfaZh^ghWlhl_[_^hjh]hfh`_l
klhblv
=hkih^bghl\_lbeZhgZyg_ihgbfZxgbkeh\Zbalh]hqlhlu]h\hjbrv
G_\_jxwlhfm
Fh]mihdeyklvky
L\hbfdeyl\Zfylh`_gbkdhevdhg_\_jxDZdihiZedl_[_klZjbd"
HgZ[jhkbeZ\hijhrZxsbc\a]ey^gZdhgZd^`bLhldb\gme_cYihgyeqlhhgkdZaZe_cwlbfgh
Fbfhijh_a`Zeb\kZ^gbdbih\_^ZeZhgZfg_H^bgbagbo[ue[he_ghgg_fh]_oZlv^Zevr_
blh]^Zhgbihijhkbebf_gyhklZ\blv_]ha^_kvihdZhgg_hdj_ig_lbebihdZhgbg_aZ[_jml_]h
Hgbm\_jyebqlhhq_gvohjhrhaZieZlylfg_
LuboagZ_rv"
G_l
Ihq_fmlukdZaZeZqlhwlhlklZjuc]j_rgbdl\hc[jZl"
Yg_agZeZ]j_rgbdhgbebg_lHgbihijhkbebf_gylZd_]hgZau\Zlvb\_e_ebg_ih^imkdZlvd
g_fmgbdh]hlZddZd_]hij_ke_^mxl\jZ]b
HgbhibkZebl_[_wlbo\jZ]h\"
�Z
Fuih^oh^bfih^wlhhibkZgb_"
Kh\_jr_gghlhqghIhwlhfmyg_ohl_eZimkdZlvl_[ydg_fm
^\_jyojZa^Zekyq_clhjZa]g_\Zgguc]hehk
Qlhlmll\hjblky"Dlhihkf_eaZclbkx^Z[_afh_]hiha\he_gby"
�_j`Z\jmdZokhkgh\mxemqbgmyih^hr_eih[eb`_d]h\hjb\r_fm@_gsbgZih^[_`ZeZdg_fmb
gZqZeZqlhlhgZr_ilu\ZlvYg_\b^_egbdZdhcijbqbguf_rZlvbfDh]^Zhgb\k_h[]h\hjbebhg
h[jZlbekydhfg_
=hkih^bgfhy`_gZjZkkdZaZeZfg_qlh\um]jh`Zeb_cYlZdh]hg_ihl_jiexFuijbgyebmk_[y
wlh]h[hevgh]hihlhfmqlhlZd\_ebl^he]fbehk_j^bybg_lm\ZkgbdZdh]hijZ\ZgZkmij_dZlv
Dlh\Zkmij_dZe"
Lu
G_ijZ\^ZHgZmdju\ZeZ_]hhlgZk
:wlh\ZkdZkZ_lky"JZa\_fug_fh`_fihklmiZlvlZddZdgZfm]h^gh"
Fh`_l_gZ\_jgh_ghymkeurZedjbddZdh]hlhq_eh\_dZbihkdhevdm\hl\_lgZfhc\hijhkhgZ
kdZaZeZqlhlZfgbdh]hg_lyaZih^hajbeqlhlhg_eZ^gh_YiheZ]Zeqlhq_eh\_dhqmlbeky\[_^_
qlh[u_]hkiZklbyijbr_ekx^Zohlyl\hy`_gZg_iha\heyeZfg_wlh]h
Lu`__]hkf_jl_evguc\jZ]
Wlheh`vFuihsZ^beb_]hohlyhgihdmrZekygZgZrm`bagvY\h\k_g_gZf_j_gijbqbgylv_fm
aehGZh[hjhly]hlh\_fm^Z`_ihfhqv_kebwlh\hafh`ghHlg_kbl__]h\dhfgZlmLZfe_]q_
moZ`b\ZlvaZgbfYhkfhljxjZgm?keb_fm_s_fh`ghihfhqvy[m^mebrvjZ^Ygbdh]^Zg_
hlgbfmmq_eh\_dZ`bagv_keblhevdhfg_g_ijboh^blky[hjhlvkyaZk\hxkh[kl\_ggmx`bagv
Lu_]hq_klghh[ke_^m_rvbg_^ZrvgbdZdbokgZ^h[bcdhlhju_k\_^ml_]hgZlhlk\_l"
Hg\hh[s_g_ihemqblkgZ^h[bcYlhevdhi_j_\y`m_]hih\k_fijZ\beZff_^bpbguLZdqlh
g_f_^e_ggh\ghkbl__]h\^hfYih^h`^ml_[ya^_kvihlhfmqlhohl_eih]h\hjblvklh[hch
ehrZ^b
Lhevdhk_cqZkhk\_lb\_]hemqbghcyaZf_lbek\_jlhd\_]hjmd_YlhlqZkmagZewlhlk\_jlhdb
h[jZlbe\gbfZgb_OZe_nZih^Z\_fmmdjZ^dhcagZd
DhgZd^`blhj]h\_pm]e_fb_]h`_gZih^gyebFm[Zj_dZka_febbihg_kebfbfhgZkJZg_guc[ue
[_akhagZgbyghih\b^bfhfmqm\kl\h\Ze[hevihkdhevdm`Zeh[ghaZklhgZe
=hkih^bgkdZaZefg_OZe_nqlh_kebFm[Zj_da^_kvg_h^bg"
:^eyq_]hluohq_rvih]h\hjblvkwlbflhj]h\p_fhehrZ^b"
Yohqmdmiblvmg_]hohly[uqZklvlmrb
�LukmfZkhr_e"mfZ_rvfu[m^_f_klvwlhfykh"
G_lg_fuZ^jm]hc
Dlh"
GZr]hklvGZ^_xkvk_]h^gylu_]hm\b^brv
OZe_naZfheqZe
L_i_jvihk\_lbl_lm^ZHkfhljbfljmiehrZ^bkdZaZeyk\hbfkimlgbdZfum\b^bl_dZdb_
`_kbevgu_eZiubam[umwlh]hf_^\_^y
Fh]mqbcobsgbdijhehfbeehrZ^bq_j_iQ_j_igZydhjh[dZ\dhlhjhclZbehkvex[bfh_eZdhfkl\h
f_^\_^yfha][ueZlZdqbklh\uebaZgZkeh\gh__\ul_jeb]m[dhcIhlhfhg\kihjhe`b\hl
Hlkmlkl\h\Zeb\gmlj_gghklbkt_^_ggu_bfHgh[]eh^ZedjmiehrZ^bbgZdhg_pijbgyekyaZ__
]jm^vEbrvihke_wlh]hhggZkulbeky
EhrZ^v[ueZfhkeZklhcbmiblZgghc_cihkbeZf[uehlZsblvly`_euc]jmaIhwlhfmOZe_n
kdZaZe
GhdZdf_^\_^vkijZ\bekyklZdhcehrZ^vx"HgZfh]eZm[_`Zlvbebhl[blvkydhiulZfb
F_^\_^vagZewlhlZd`_ohjhrhdZdbluijbgZiZ^_gbbhg\_ek_[ykhhl\_lkl\_gghl_f[he__
qlhwlh[u\Zeuca\_jvmg_]h[hevrhchiul
Ghih^mfZcehrZ^v\_^v[ukljh[_]Z_lZf_^\_^vg_eh\hdbg_mdex`
�DlhlZd^mfZ_llhlg_agZ_lf_^\_^yZh[uqghdZ`_lkyqlhhgg_ex[blki_rblvghyl_[_
�kdZ`mqlhkZf\b^_edZdk_jucf_^\_^v@gZ]gZe\kZ^gbdZdhlhjucbah\k_okbeiulZekyhlg_]h
mkdZdZlv?kebf_^\_^yjZgbeblhhgijhy\ey_llZdmxhl\Z]mbjZa\b\Z_llZdmxijulvqlhkgbf
kljZrghbf_lv^_eh
GhdZd`_wlhfmf_^\_^xm^ZehkvkijZ\blvkykehrZ^vx"
�eygZqZeZmg_]h^hklZehkf_dZedbih^djZklvkydehrZ^bijhlb\\_ljZqlh[uhgZg_ihqmyeZ_]h
Ih^h[jZ\rbkvd^h[uq_hg\g_kdhevdhiju`dh\gZklb]__bgZiZegZehrZ^vki_j_^bLu\b^brv
wlhihjZgZfhklZ\e_ggufgZ__l_e_a]eygbgZjZahj\Zggu_i_j_^gb_gh]bbh[_jZgugZr__
ke_\ZbkijZ\ZI_j_^gbfbeZiZfbf_^\_^vk^Z\ber_xehrZ^bZaZ^gbfbklbkgme_ci_j_^gb_
gh]bF_^\_`vykbeZ\hreZ\ih]h\hjdmihwlhfmh^gbffZohfhgih\Zebe__ihlhfijhehfbe_c
q_j_imkZfh]hhkgh\ZgbyWlh\b^gh\hlihwlbfjZgZfLubl_i_jv\k__s_ohq_rvh[gylvkyk
f_^\_^_f"
Hihdjh\bl_evHojZgbl_evYh[wlhfm`_g_^mfZxYg_jZa^Z\ex_fm]jm^gmxde_ldmdZd
h[_sZeh^gZdh\k_jZ\ghg_m[hxkv_]h_kebgZf^h\_^_lkykjZ`ZlvkyLhevdhfg_ijb^_lkybf_lv
ijbk_[_jm`v_Wlh\_^vkZfh_gZ^_`gh_kj_^kl\h"
�Z\ijhq_f_klvlZdb_hohlgbdbqlh\uoh^ylgZf_^\_^ykh^gbfebrvgh`hf
JZa\_fh`_llZdh_[ulv"
Dhg_qghGm`guebrvoeZ^ghdjh\b_kbeZbm\_j_ggZyjmdZ?kebhohlgbdg_kmf__l\kZ^blvgh`
ijyfh\k_j^p_lhh[uqgh]b[g_lkZf?keb\uoh^blvgZf_^\_^ykjm`v_flh_klvjZagu_kihkh[u
hohluH[uqgh\f_^\_^ygbdh]^Zg_klj_eyxlba^ZebGZ^_`g__\k_]h\uclb_fmgZi_j_j_akh
\a\_^_ggufjm`v_fF_^\_^v\klZ_lgZaZ^gb_eZiuqlh[u[jhkblvkygZklj_edZK^_kylbrZ]h\
jZkdju\Z_liZklvfh`ghf_lblvkyblm^Zijhc^yq_j_a\_jogxxqZklv]ehldbbihiZ\ijyfh\fha]
imeyjZabla\_jygZih\ZeH^gZdh^Z`_dh]^Zf_^\_^vjmog_lgZa_fvbg_ih^\b`ghjZklyg_lkygZ^h
[ulvhq_gvhklhjh`gufIj_`^_q_f^_eh\blhkdehgblvkygZ^ih\_j`_ggufa\_j_fgm`gh
m[_^blvkyqlhlhlb\ijyfvm[bl
Yg_[_amfukeZij_ih^Zewlh[_]eh_gZklZ\e_gb_b[hgZ^_yekyihagZdhfblvkykf_^\_^_fk_]h^gy
`_\_q_jhf
L_f\j_f_g_fh[Zfm`qbgu\_jgmebkv@_gsbgZhklZeZkvk[hevgufLhj]h\_pm]e_fkijhkbe
Qlhluohl_efg_kdZaZlvihih\h^mehrZ^b"
Fg_ohl_ehkvmagZlv\kyeb__lmrZihgZ^h[blkyl_[_
�Zyohqm__khojZgblv
havfbk_[_emqrmxqZklvDmkdbihf_gvr_ydmiexml_[y
Lu"AZq_f"
�eyf_^\_^y
HHgk\h_m`_ihemqbeLuohq_rvgZ]jZ^blv_]haZlhqlhhgebrbef_gyehrZ^b"
G_lgbdZdZywlhg_gZ]jZ^Z_fmLukemqZcghg_agZ_rv^Z\ghebf_^\_^vaZ\_eky\a^_rgbo
djZyo"
YgbjZamg_\b^_e_]hke_^h\Khk_^b`b\ml^Ze_dh^jm]hl^jm]Zgh_keb[uhgmdh]hlhbgZiZe
gZehrZ^vbebdhjh\mkemob\k_jZ\gh^hreb[u^hf_gy\_^vylhj]h\_pbjZat_a`Zxih\k_c
hdjm]_
AgZqbla\_jvwlhlijbreucbg_agZ_lihdZdZdijhs_mlheblvk\hcZii_lblIhwlhfmy^mfZx
�qlhk_]h^gy\_q_jhfhgkgh\Zijb^_lqlh[uaZ[jZlvhklZlhdehrZ^bZe_dhhlkx^Zlhf_klh]^_hg
__aZ^jZe"
Kh\k_fg_ih^Ze_dm@_gZkdZaZeZqlhhgZdZdjZa[ueZlZfdh]^Z\uijb_oZebEhrZ^ve_`ZeZ
kj_^bh[ehfdh\kdZemdjZye_kghcihehku
Lh]^Zyhlg_kmlm^ZqZklvlmrbqlh[u^h`^Zlvkya\_jyijyfhgZf_kl__]haeh^_ygby
=hkih^bgqlhlu\u^mfu\Z_rv
GhjZa\_\wlhf_klvqlhlhg_h[uqgh_"
G_]h\hjblZd[h]ZjZ^bL_fguf\_q_jhfluj_rbeih^kl_j_qvh]jhfgh]ha\_jy"?s_gbdh]^Zh
lZdhfg_keuob\Zeb?kebbaj_^dZa^_kvbihy\eyekyaZiemlZ\rbcf_^\_^vlh\k_a^_rgb_
ojZ[j_pu\ay\kkh[hckh[ZdhlijZ\eyebkvgZg_]hkhh[sZbeb\uau\Zeb\h_gguoIhlhf
gZqbgZeZkv[bl\Z\dhlhjhc]b[ebfgh]b_kh[ZdbZlhbex^blh]^ZdZdf_^\_^vihdb^Zeihe_
[jZgbih[_^bl_e_fihdZgZdhg_p_]hg_h^he_\Zeb\h\lhjhflj_lv_fbebq_l\_jlhfkjZ`_gbb
uhdZau\Z_l_a\_jx[hevrmxq_klvLml\iheg_^hklZlhqghh^gh]hhohlgbdZmdhlhjh]h_klv
ohjhr__jm`v_
=hkih^bgluaZ^mfZekijZ\blvkykgbf\h^bghqdm"
LujZa\_ohq_rvkhklZ\blvfg_dhfiZgbx"
JZ^b\k_o[h]Zlkl\fbjZg_l\hkdebdgmehg\ha^_\i_j_^kh[hcjmdbkjZkijhkl_jlufbhlm`ZkZ
iZevpZfb
EZ^ghyihc^mg_h^bgZ\havfmkkh[hch^gh]hbafhbokimlgbdh\
F_gydhg_qghaZdjbqZeOZe_n?]h]eZaZaZbkdjbebkv
[eZ]h^_l_evgbp
O\ZeZbgZ]jZ^Z:eeZomYijbg_kmOZgg_f_^\_`bchdhjhdbgZmqmaZkZeb\Zlv_]hbdhilblv
dZddZd]fhkqZklv_h[eZ`_gkl\h
Hl\hklhj]Zhg_^\Zg_\u^Zek\hxlZcgmg_ijh]h\hjbekyqlhij_klmibeDhjZg?]hebphkbyehhl
mih_gbyAZlhHkdhbHfZjg_^h\hevghi_j_]eygmebkv
Wn_g^bfhe\beHkdhjZa\_lu^mfZ_rvqlhfu[hbfkyf_^\_^y"
G_lyagZx\ZrmojZ[jhklv
Lh]^Zfuijhkbfl_[y\aylvgZkkkh[hc
LZdg_ihc^_lGZkg_^he`gh[ulvkebrdhffgh]hBgZq_fu\kim]g_ff_^\_^y\_^vhgobljuc
a\_jvohlyhg_fqZklh]h\hjylh[jZlgh_ijhq_fy^h\_jyx\Zfh^bghq_gv\Z`gucihklb\iheg_
fh`_lklZlvkyqlhhl\Zklh`_ihlj_[m_lkyg_fZeh_fm`_kl\h\_^vf_^\_^vfh`_lgZg_klb\bablb
\Zf
DZdbfh[jZahf"
u[m^_l_hojZgylvgZrboehrZ^_cdhlhjuofuaZij_fa^_kvFug_hklZ\bfbok_]h^gygZ
mebp_\_^vobsgbdfh`_lgZgboihaZjblvky?]hgxo^hklZlhqghqmlhdqlh[uaZf_lblvqlha^_kv
gZoh^ylkyehrZ^bLh]^Zhg[jhkbldhgkdmxlmrmbhlijZ\blkyaZk\_`_cdhgbghcLZdqlhfuk
OZe_nhffh`_fg_^h`^Zlvkyf_^\_^yhgkjZamijh[_j_lkydkZjZxlZdhfkemqZ_\Zrb
\uklj_eu^Z^mlgZfagZlvqlhgm`gZgZrZihfhsv
;eZ]h^Zjxl_[ywn_g^bY\b`mqlhlu\k_`_gZf^h\_jy_rvFu[m^_f\_jghklhylvgZihklm
Imklvlhevdhhgkmg_lkygZrbimeb_]hihijb\_lkl\mxl
G_l\k_[m^_lg_lZddZd\u^mfZ_l_uhklZg_l_kv\ihf_s_gbb\f_kl_kehrZ^vfbZg_
ijbf_l_kvih^`b^Zlv_]hgZmebp_ug_ijb\udebhohlblvkygZf_^\_^ybihlhfmebrv
[_ajZkkm^ghihklZ\bl_gZdZjlmk\hx`bagv
GZfqlhgZ^hmdjulvkyhlf_^\_^yaZ^hsZlufbkl_gZfb"
�Zfu\_^vlh`_kijyq_fkyaZkdZeZfbM\Zkg_hq_gvgZ^_`gu_jm`vyb_keb\uih\klj_qZ_l_
f_^\_^ylhebrvihkemqZcghklbm[v_l__]hF_^\_^v`_gZ\_jgydZjZkl_jaZ_ldh]hlhba\Zk\wlhf
ym\_j_g
GhdZdfufh`_fkgbfkeZ^blv_keba\_jv[m^_lkgZjm`bZfua^_kvg_\b^y_]h"
L_fijhs_\Zf[m^_l_]hmkeurZlvWlhlkZjZckdhehq_ggZkdhjh\ug_ih^haj_\Z_l_dZdhkljh
jZa\bluqm\kl\Zmf_^\_^yHglhqghagZ_l]^_lml^\_jvhgihijh[m_l\u^Z\blv__bebjZaf_lZlv
k\hbfbfhsgufbeZiZfb?kebwlhg_m^Zklkylhhgh[rZjbl\_kv^hfbdh[ke_^m_ldZ`^mx^hkdm
klZjZykvkijZ\blvkykg_cDZdlhevdhhggZc^_lohlvfZe_gvdmxs_edm_fmijb_]hg_bfh\_jghc
kbe_g_khklZ\blljm^Z\uehfZlv^hkdmL_i_jv\ZrZaZ^ZqZykgZ?kebhg\ijyfvijh[_j_lkyd
kZjZxlh\umkeurbl_dZdhggZqg_lpZjZiZlvkybihgy\]^_hggZoh^blky\kZ^bl__fmimex
kd\havlhgdb_^hkdbFumkeurbf\uklj_euZhklZevgh_m`gZr_^_eh
LZd\_^vgZfg_ijb^_lkykjZ`Zlvkykwlbfa\_j_f\k_jv_a
G_l\h\k_g_lZdE_]dZyjZgZf_^\_^xg_ih\j_^blZ\hlyjhklv_]hm^\hblkyHg\khklhygbb
\uehfZlvbeb\u^Z\blvlhgdb_^hkdbb\Zrb\uklj_eu_]hg_kfmlylLh]^ZhggZ[jhkblkygZ\Zkb
\Zfijb^_lkykiZkZlvk\hxrdmjmuklj_eblv\um`_g_mki__l_lZddZdg_[m^_l\j_f_gbaZjy^blv
jm`v_?^bgkl\_ggh_qlhfh`_laZ^_j`Zlva\_jy^hgZr_]hijboh^Zwlhm^Zjgh`hf\k_j^p_beb
jZa^jh[bl_ijbdeZ^Iha`_y^Zf^jm]b_kh\_lu
Gh\_^vm`_l_fghijhfhe\beOZe_nZgZrbehrZ^b\k__s_[jh^ylihmebp_Qlh_keb
f_^\_^vijb^_lk_cqZkbm[v_ll\h_]hJb"
IhdZ_fmjZgh^ZbJb\h\k_g_ehrZ^vlhj]h\pZm]e_fY^mfZxqlhfhc\hjhghcbkZffh][u
kijZ\blvkykf_^\_^_fIhjh^bklucdhgv\_^_lk_[ykh\_jr_gghg_lZddZdh[uqguc`_j_[_pFu
fh`_fkihdhcghhklZ\blvgZrboehrZ^_c_s_dZdh_lh\j_fyiZklbkv?kebf_^\_^vaZy\blkylhaZ
iZjmqZkh\^hihemghqbg_jZgvr_IjZ\^Zqlh[ug_mimklblvgbq_]hba\b^mfujZa\_^_fgZ
mebp_dhkl_jbmky^_fky\hae_g_]hLh]^ZehrZ^b[m^mlmgZki_j_^]eZaZfbbfulhlqZkfh`_f
ihfhqvbf\ay\rbkvaZjm`vyijhq_fh]hgv^hihju^h\j_f_gbhlim]g_lf_^\_^y^Z`_hl
ijbfZgdbybf_x\\b^mdhgbgm
XgZdhohlghkh]eZkbekykfhbfieZghf?fm[ueh\Z`g__\k_]hqlh[udlhlhijbdhgqbef_^\_^y
HgijbgyekyjZa^_eu\Zlvdhgkdmxlmrmbhl^_ebehldhkl_c\k_l_dmkdbgZdhlhju_kZfihaZjbeky
FykZ^eyf_^\_^yhklZ\Zehkv\k__s_fgh]hAZwlhlhklZlhdhgihlj_[h\Zekf_gyljb^pZlv
ibZkljh\lh_klvf_gvr_r_klbfZjhdyhohlgh\uieZlbe_fm^_gv]b
KgZjm`b\hae_i_j_^g_ckl_gu^hfZe_`ZeZ\gmrbl_evgZydmqZo\hjhklZYdmibe__mohaybgZaZ
^_kylvibZkljh\b\_e_ejZa\_klb[hevrhcdhkl_jg_ih^Ze_dmhl^\_j_c^hfZhgb\uoh^bebdZdjZa
de_kghcihehk_H]hgvdhkljZfh]jZa\e_dZlvgZk^hgZqZeZhohluHgiueZe^hklZlhqghyjdhqlh[u
fufh]eb\b^_lvgZrboehrZ^_ciZkrbokyg_ih^Ze_dmhl^hfZHkdhhklZekymdhkljZZhklZevgu_
gZijZ\bebkv\^hfFg_ohl_ehkvih\b^ZlvFm[Zj_dZ
IhdZfuoehihlZebgZmebp_fu\k_\j_fykeurZeb_]hklhguHgy\eyekh[hcm`Zkgh_aj_ebs_
?]hbkdZ`_ggu_q_jlu_]hgZeblu_djh\vx]eZaZi_gZ\uklmiZ\rZymg_]hbahjlZijhdeylbyb
jm]Zl_evkl\Zdhlhju_hgbkimkdZeZlZd`_aeh\hggucaZiZobklhqZ_fucbf[uebklhev
hl\jZlbl_evguqlhfg_klhbehh]jhfguomkbebcij_dehgblvi_j_^gbfdhe_gbbhkfhlj_lv_]h
jZgm
Ih\yadZkgh\Z[ueZgZeh`_gZg_[j_`ghbg_mf_ehDh]^ZyaZohl_e__kgylvbdhkgmeky_]hjmdbhg
aZjuqZehl[hebdZd^bdbca\_jvbklZekhijhlb\eylvkyHgijbgbfZef_gyaZrZclZgZdhlhjuc
klj_fblky_]hjZkl_jaZlva^hjh\hcjmdhcaZsbsZekyhlf_gyZlZd`_ijhkbehihsZ^_biha\he_gbb
\_jgmlvkygZa_fexHgh[_sZefg_\\b^_\udmiZlukyqbex^_cdhlhjuoijbdhgqblqlh[u
hlijZ\blvbo^mrb\Z^
GZdZdh_lhf]gh\_gb_`Zjijb^Ze_fmklhevdhkbeqlhfg_ijbrehkvijbf_gblv\kxk\hx\eZklv
IhgZ^h[bebkvljbq_eh\_dZqlh[um^_j`b\Zlv_]hihdZykgbfZeih\yadmkjmdbYlhlqZkm\b^_e
qlhkiZklb_]hm`_g_evayIha^gh[ueh^Z`_Zfimlbjh\ZlvjZg_gmxjmdmYh]hebe_fmie_qh
jZaj_aZ\dZnlZg=Zg]j_gZm`_gZqZeZkvba^_kv_]hiehlv]gbeZHl\jZlbl_evguc]ghcbklhqZe
aZiZojZaeh`_gbywlh[uehm`Zkgh
K^_eZlvgbq_]h[uehg_evayjZa\_qlh^Zlv\h^uhdhlhjhchgijhkbedjbdhfFuihjmqbebwlh
ohaycd_Fh`gh[uehebrvm^b\eylvkylhfmqlhwlhlq_eh\_d\u^_j`Zeih_a^dmkx^ZFuk
kh^jh]Zgb_fkdehgyebkvgZ^gbfb^mfZebm`_g_hgZr_c\jZ`^_ZhlhfdZdhcm`Zkgucdhg_phg
k_[_m]hlh\beDhgZd^`bijhfhe\be
=hkih^bgg_emqr_eb[m^_lgZf_]hm[blv"WlhkZfh_[hevrh_[eZ]h^_ygb_dhlhjh_fufh`_f
_fmhdZaZlv
jZkdZygbygZh[hjhlhgiulZ_lkyih^dmiblv^vy\heZh[_sZy\_]hq_klvkljZrgu_m[bckl\ZBa
wlbokeh\\b^ghdZdZyq_jgZy^mrZkdju\Z_lky\_]h]gbxs_faZ`b\hl_e_;ulvfh`_l;h]_s_
\_jg_l_fmkhagZgb_ZagZqblihke_^gxx\hafh`ghklvijbagZlvky\]j_oZoijhq_fk\hbfmdbhg
aZkem`bebimklv\ug_khagZ_l_wlhihdZy\ey_l\Zfm`Zkgucij_^hkl_j_]Zxsbcijbf_jHg
Z^j_kh\Zg\k_fgZfghij_`^_\k_]hwlhihkeZgb_\au\Z_ldl_[_dhgZd^`bdXgZdmb=mkd__]h
`_g_
DgZf"kfms_gghkijhkbei_j\ucbamihfygmluoIhq_fmwlh"
YkdZ`m\Zfebrvh^ghdlhke_^m_lkl_a_cwlh]hq_eh\_dZlhldhgqbl`bagvklhev`_kd\_jghY
gbdh]^Z_s_g_\b^_eqlh[u[_a[h`gbdaZ`bekqZkleb\h
Lu^mfZ_rvwlhlk\ylhcq_eh\_d[ue[_a[h`gbdhf"
�Zblu^hih^ebgghagZ_rvqlhyijZ\
Gh_]h\k_]^ZkqblZebk\ylufIhq_fm:eeZog_gZdZaZe_]hjZgvr_"
Ihlhfmqlh:eeZofbehklb\bl_ji_eb\^Z`_kZfhfmaZdhj_g_ehfm]j_rgbdmhg^Z_l\j_fy
bkijZ\blvkybh[jZlblvkydbklbgghc\_j_Gh:eeZo\abjZ_lgZ]j_rgbdZebrvdZdhclhfb]\j_fy
fbehk_j^byijhoh^blbl_fm`Zkg__km^[m^_l\_jrblv:eeZo_kebhghjZkljZq_gh\imklmx
fh_ckljZg__klvih]h\hjdZdhlhjZy]eZkblF_evgbpZ=hkih^gyf_e_lf_^e_gghghm`Zkgh
f_edhWlbkeh\Zhlghkylkybd\ZfgboaZdexq_gZm`ZkgZyijZ\^Z^ey]j_rgbdZY`_eZx
qlh[u\u__hkhagZebbihklmiZebkhh[jZamykvkg_c?keb\uwlh]hg_k^_eZ_l_\Zk`^_llhl`_km^
qlhbFm[Zj_dZ
=hkih^bgdhfg_l\hbkeh\Zg_hlghkylkymkf_ogmekydhgZd^`bYl\hc^jm]bkhklZjbdhf
g_bf_xgbq_]hh[s_]h:eeZo\_^Z_lfhxijZ\_^ghklvZyagZxqlhg_aZkem`b\ZxgbdZdhcdZju
Bwlhlq_eh\_dlhj]h\_pm]e_fb_]h`_gZlh`_q_klgu_ex^bLuijhbag_ki_j_^gZfbp_emx
j_qvZfug_fh`_f__dk_[_ijbf_gblvDZ`^hfmgZ^hi_qvkyhk\hbohrb[dZobijhfZoZo
?]hkeh\Z[uebhkh[_gghgZ]euihlhfmqlhhgaZfureyeaZfZgblvgZk\aZiZ^gxOZe_nkjZam
ko\ZlbekyaZie_lvih^\_r_ggmxdihykmY`_ihdZqZ\]heh\hcm^_j`Ze_]hbhl\_lbedhgZd^`b
LuijZ\\_^v\k_fu]j_rgbdbbg_lq_eh\_dZdhlhjuc[ug_^_eZegb_^bghchrb[dbk_`_
fhc^he]hkl_j_qv[eb`g_]h_kebhgij_[u\Z_l\hiZkghklbbaZijhklhfh`ghebrblvky`bagbB
_s_g_l[hevr_c[_^uq_fbkiulu\Zlvl_ji_eb\hklvbfbehk_j^b_:eeZoZYbkihegbek\hc^he]
Zr_^_eh\gylvfh_fmij_^mij_`^_gbxbeb`_g_lQlh`aZdhgqbfwlhljZa]h\hjihjZhlghkblv
dmkdbfykZlm^Z]^_f_^\_^vgZiZegZehrZ^v
FugZijZ\bebkv\kZjZcJ_[jZehrZ^bg_[uebjZa^_e_gufufh]eb\aylvbo\f_kl_bmg_klb
OZe_nbXgZd\ayebkvaZgboki_j_^byih^o\ZlbekaZ^bbfuhlijZ\bebkv\imlvDh]^Zfu
ijb[ebabebkvde_kmy\_e_eiheh`blv]jmagZa_fvGZj_[jZo\bk_egZ\_jgh_p_eucp_glg_jfykZ
Rdmjmohaybgm`_kgye
YijbdZaZegZl_j_lvgZrbih^hr\ufykhfqlh[uf_^\_^vg_ihqmyek\_`boke_^h\AZiZodhgbgu
kh[v_l_]hklhedmIhlhffu^\bgmebkv^Zevr_
Dh]^Zfu^hklb]ebgm`gh]hf_klZym\b^_eqlhhghdZdg_evayemqr_ih^oh^bl^eygZrbop_e_c
IhehkdZe_kZkm`Zykvdebghf\^Z\ZeZkv\djmlu_kdehgukdZekdhlhjuok\bkZebly`_eu_]eu[u
��gZihfbgZ\rb_d\Z^ju@jm]b_]eu[u\Zeyebkv\hdjm]Kj_^bgbob[uebgZc^_guhklZgdb
ehrZ^bFuiheh`bebbogZlh`_kZfh_f_klhZkZfbkijylZebkv\jZks_ebg_kdZeuk
XgZdaZf_lghg_j\gbqZeblhlqZkmr_ehlkx^ZFuf_^e_gghihke_^h\ZebaZgbf
G_ohq_lky_fmqlh[uf_^\_^v_]hkh`jZemkf_ogmekyOZe_nK_cqZk\ihl_fdZolZdh_fh]eh
[ukemqblvkyghy]hlh\kihjblvqlhf_^\_^v^h\_^bkv_fmm\b^_lvwlh]hiZjgy^g_fihdZqZe[u
]heh\hcbijhfhe\beLu^eyf_gykebrdhf]jyagucKb^bluihdZaZefg_gZk\_jlhddhlhjuc
hg^_j`Ze\jmd_"
�ZAgZ_rvqlh[ueh\g_f"
Dhg_qghYlhlqZkmagZeljyidm\dhlhjmx\eZ^_ebpZju[v_]h`bjZaZ\_jgmeZdhiq_ghklbY
\u[jhkbe__\f_kl_kdhe[ZkhcHgagZqblbdhe[Zkmih^h[jZe"
Ih\k_c\b^bfhklb^Z\_^vlhqlh[ueh\gmljbljyidbbf_ehnhjfmdhe[Zku
LZdimklvhg^_jag_l__kt_klvbbkiulZ_ll_`_fmdbqlhyOhl_ehkv[ufg_klZlvlhfm
k\b^_l_e_fdZjlbgZ[m^_lgZaZ]ey^_gv_
;ulvfh`_llu^hklZ\brvk_[_wlhm^h\hevkl\b_JZahgih^h[jZedhe[ZkmagZqbly^_eZx\u\h^
hgih[u\ZelZf]^_lu__\u[jhkbeQlhhglZfbkdZe"?]h`_gZkdZaZeZqlhhgmr_eihkfhlj_lv
f_^\_`bcke_^ghwlhg_ijZ\^ZHgagZeqlhfuijb_^_fbg_l_ji_gb_ih]gZeh_]hgZfgZ\klj_qm
AgZqbl_]hbgl_j_kh\ZehgZr_ijb[ulb_dlhfm`_hg^mfZeqlhihdZ_]hg_lfudm^Ze_]q_
h[gZjm`bfFm[Zj_dZ\b^_lvdhlhjh]hgZfg_ke_^h\ZehFh`ghij_^iheh`blvqlhwlbg_]h^yb
h[_sZeb_fmqZklv^_g_]dhlhju_^h[m^mlm[b\gZk
Imklvhgmlj_lk_[_jhlg_khehghoe_[Z\rbYkdZ`ml_[_kb^bqlhfuhq_gvpZpdZ_fkykwlbfb
ex^vfbGZfh[yaZl_evghgZ^hboi_j_klj_eylvex^blhevdhkiZkb[hgZfkdZ`mlaZwlh
LuagZ_rvqlhyh[wlhf^mfZxY\_^v^Z`_klj_eye\gboFm[Zj_dmfbjZ_lhl^\mofhboimev
GhgZiZ^ZlvbaaZkZ^uyg_klZgmWlh[ueh[um[bckl\hf?keb`_hgbgZiZ^mlgZgZkb[m^ml
m]jh`ZlvgZr_c`bagbfuklZg_fhl[b\Zlvkyhlgbo\k_fbkihkh[Zfb
Fuih^hrebdh]gx\hae_g_]hm`_kh[jZebkv\k_hklZevgu_DhgZd^`b\hldgme\a_fex^\_
jh]ZlbguZl_i_jv\ay\_s_h^bgkmdb]jZ\rbcjhev\_jl_eZgZgbau\ZegZg_]hh]jhfgucdmkhd
dhgbgu?kebhgiheZ]ZeqlhfujZa^_ebfkgbfljZi_amlh_fmke_^h\ZehjZkklZlvkykwlhc
beexab_cDkqZklvxmgZkkkh[hc[ueg_[hevrhcaZiZk_^udhlhjh]hdh_dZdo\Zlbeh[ugZwlhl
\_q_j
Dh]^Zlhj]h\_pm]e_fm\b^_edZdfum`bgZ_f\g_f\au]jZelZdhcZii_lblqlhhgg_\kbeZo[ue
^h`^ZlvkyihdZdhgbgZijh`ZjblkyHgihr_e\^hfiha\Ze`_gmbaZo\Zlbekkh[hc
aehihemqguck\_jlhdH[Zmk_ebkvmdhkljZHgjZafhlZeljyidm\_jgh\g_fe_`ZeZdhe[ZkZHg
ih^_ebe__ijZ\^Zhq_gvg_jh\gh_]h`_gZihemqbeZf_gvrmxqZklvZhg[hevrmxGZ\hijhk
dhgZd^`bhldm^ZhgjZa^h[uedhe[Zkmlhlihykgbeqlhijb\_a__ihke_h^ghcbalhj]h\uo
wdki_^bpbcHgfh]___klvb[hg_[uefZ]hf_lZgbghfBh[Zijbgyebkvmie_lZlv__k
g_kdju\Z_fufm^h\hevkl\b_fOZe_n\gbfZl_evghkfhlj_egZgboHgjZ^[ue[uhlimklblv
j_iebdmghg_fh]`_hgk_[y\u^Zlv
Ba^hfZ\k_^hghkbebkvklhgub\koebiuFm[Zj_dZkf_rb\Zykvkhl^_evgufb\hieyfbm`ZkZ
DZaZehkvqlhq_eh\_dZih^\_j]ZxliuldZf?]hkhh[sgbdbgbqmlvg_\hegh\ZebkvYihijhkbe
`_gsbgm\a]eygmlvgZg_]hb^Zlv_fm\h^ugh\wlmfbgmlm`Zjdh_[ueh]hlh\hb_c[uehm`_g_
^h[hevgh]hLh]^ZykZfih^gyekykf_klZqlh[u\hclb\^hf
Klhbehfg_lhevdh\klZlvdZdFm[Zj_dbkimklbelZdhcm`Zkguc\hievqlhf_gyh[^Zehoheh^hfY
Ihfh]bl_Ihfh]bl_k_]hjblY\h]g_
Hgmklj_fbekydgZfEbohjZ^hqgh_\ha[m`^_gb_ebrvih^q_jdb\ZehkeZ[hklv_]hkbeQ_j_a
g_kdhevdhrZ]h\hghklZgh\bekylmihmklZ\bekygZh]hgvb\m`Zk_ijhj_\_e
Ba^_kvieZfykx^mieZfya^_kvlZflmlB\gmljbf_gy\k_]hjbl]hjbl]hjblIhfh]bl_
Ihfh]bl_
A^hjh\hcjmdhchgjZkk_d\ha^moZihlhfly`_ehjmogmegZa_fv\gh\vihkeurZekylbobcgh
jZa^bjZ\rbc^mrmklhg
Fuih^gyeb_]hqlh[u\gh\vhlg_klb\dhfgZlmghkljm^hffh]eb_]hm^_j`Zlv\_^vhgkqblZegZk
aeufb^_fhgZfbbhlqZygghhl[b\ZekyhlgZkDh]^ZfuaZg_keb_]h\^hfbiheh`bebgZih^klbedm
hgih[e_^g_ebaZdjue]eZaZ
ijhq_f\kdhj_hghiylvgZqZe\k_kuagh\Zwlh[uehg_\hafh`gh\u^_j`ZlvHg^he]hg_
mkihdZb\Zekylh]^Zykgh\ZaZr_e\^hfqlh[u\a]eygmlvgZ[hevgh]hHge_`Ze\ihl_fdZoyaZ`_]
emqbgmbihk\_lbe_fm\ebph
?]h]eZaZjZkrbjbebkvbijbklZevghihkfhlj_ebgZf_gyHgkgh\Zijbr_e\khagZgb_bmagZef_gy
�Kh[ZdZijhrbi_ehg\fhcZ^j_kAgZqblluijb[ue"Zijhdeyg_ll_[y:eeZo
Fm[Zj_dk_jv_aghkdZaZeyih^mfZchk_[_?s_^h\hkoh^ZkhegpZluij_^klZg_rvij_^
_qgufKm^v_cLukmf__rvijbagZlvky_fm\k\hbo]j_oZo"JZkdZcky\gbobijhkb:eeZoZh
ihsZ^_bfbehk_j^bb
�vy\heLufhcm[bcpZGhyg_ohqmmfbjZlvyg_ohqmYohqmm\b^_lvdZdlululumfj_rv
Yhimklbekyjy^hfkgbfgZdhe_gb^_j`Z\jmd_]hjrhdk\h^hcbadhlhjh]hohl_e_]hgZihblvHg
k^_eZe[ukljh_^\b`_gb_b\uj\Zegh`mf_gybaaZihykZLZd`_[ukljhhggZg_km^ZjHgjZgbe
[uf_gy\]jm^v_keb[uyg_iZjbjh\Zem^Zj]ebgyguf]hjrdhfke_^mxsbcfb]ykgh\Z\uj\Ze
mg_]hgh`
�Fm[Zj_dlub\ijyfvm`Zkgucq_eh\_dZ`_\ihke_^g__f]gh\_gb_luiulZ_rvkyh[j_f_gblv
k\hx^mrm_s_h^gbfdjh\Z\uf^_ygb_fDZdluagZ_rv
Fheqb\aj_\_\ij_j\Zehgf_gyIhq_fmmf_gywlhl`ZjIhq_fmylZdkeZ[qlhlufh`_rv
hlgylvmf_gyhjm`b_IhkemrZcqlhyl_[_k_cqZkkdZ`m
Hgf_^e_ggh\uijyfbeky?]h]eZaZk\_jdZebkeh\gh]eZaZiZgl_juYg_\hevghhlrZlgmeky
Luf_gy[hbrvky"hkdeZ[bekyhgM`Zkghbf_lvf_gyk\hbf\jZ]hf:eeZo:eeZo\k_hiylv
lZdb``_lY\b`mh]hgvHgijb[eb`Z_lkyijb[eb`Z_lky\k_]hjbl]hjbl
Hghimklbekybkgh\ZaZ\ueKhagZgb__]hihf_jdehebohjZ^dZhiylvh^he_eZ_]hAZiZo\dhfgZl_
[ueg_\ughkbfufuc^ygZk\_`bc\ha^moy]em[hdh\a^hogmeghg_h^ghebrvaeh\hgb_[ueh
lhfmijbqbghc
Dh]^Z\b^brvq_eh\_dZmfbjZxs_]h\klhev[_^kl\_gghfiheh`_gbblZdh_aZ[ulvg_evay?s_b
k_]h^gyf_gyho\Zlu\Z_lm`Zkdh]^Zy\kihfbgZxlhl\_q_jDZdh\`_[u\Z_lq_eh\_d
ij_klmib\rbc\k_aZih\_^b=hkih^gb
FhbqZkuihdZau\Zebjh\gh^_kylvqZkh\Ihkdhevdmlmjdbhlkqblu\ZxlqZkuhlaZdZlZkhegpZ
dhlhjucgZ[ex^Zeky\lhl^_gv\iheh\bg_\hkvfh]hlhihlZfhrg_fmbkqbke_gbx[ueZiheh\bgZ
lj_lv_]hFugZihbebehrZ^_c\j_qd_bhl\_ebbo\kZjZc
=hkih^bg]^_gZfhklZlvkyfg_fh_c`_g_ddhgZd^`b"kijhkbeohaybg
G_lg_lLu`_kZfkdZaZeqlhf_^\_^v\hafh`ghijhdjZ^_lkydkZjZxFugZijZ\bfky\
dhfgZlmZ_kebijb^_lf_^\_^vlhkijyq_fkyih^djur_cbe_klgbpmm[_j_fgZ\_jo:Fm[Zj_dZ
imklvhgkh`j_l
Ih^e_klgbp_chgbf_e\\b^m[j_\ghkijhj_aZggufb\g_fiZaZfbHghklhyeh\dhfgZl_gZ^
gbfgZoh^bekygZklbeba`_j^_ckem`b\rbcihlhedhf
Fuihlmrbebdhkl_jwlbfljhbfgbq_]hg_hklZ\ZehkvdZdm^Zeblvky\dhfgZlmHkdhbHfZj
gZijZ\bebkv\kZjZcdehrZ^yfyh[tykgbebfdZdke_^m_l^_ckl\h\Zlv
IhlhfhlijZ\bebkvbfukOZe_nhfLhlaZjZg__ijh\_jbeg_^Zkleb_]hjm`v_hk_qdbY\ayek
kh[hcebrvf_^\_`_[hcdZjZ[bgijhlb\lZdh]hf_^\_^y[ue[_kihe_a_g
�he`gh[ulvdh]^Zfuijb^_fwlhllbim`_[m^_llZfaZy\beOZe_nLmllZdfjZqghqlhfu
m\b^bf_]hebrvih^hc^ydg_fm\iehlgmx
Bf_gghihwlhfmgZfg_gZ^hk_cqZkb^lbgZijyfbd_l_j^m_lkwlhcklhjhgubhgg_ij_f_ggh
gZkihqm_lFuihc^_fhdhevgufiml_fbk^_eZ\djxdihy\bfkyk^jm]hcklhjhgu
FulZdbk^_eZebDf_klmaZkZ^ufuijh[bjZebkvdjZcg_hklhjh`gh[hykvklhedgmlvkykf_^\_^_f
_s_ihimlb
Fu^_j`Zebjm`vygZba]hlh\dmbbgh]^ZhklZgZ\eb\Zebkvqlh[uijbkemrZlvky?kebf_^\_^vm`_
ijh[jZekydehrZ^bgufj_[jZflhfumeh\beb[uqZ\dZgv_blj_kdjZaju\Z_fuodhkl_cH^gZdhg_
^hghkbehkvgb_^bgh]ha\mdZdjhf_lboh]hrmfZ\_ljZ\djhgZo^_j_\v_\
GZdhg_pfuih^h[jZebkvlZd[ebadhqlhklhbehaZ]eygmlvaZm]hebfum\b^_eb[uhklZldblmrb
F_^\_^ylZfg_[uehLh]^Zfu\kdZjZ[dZebkvgZkhk_^gxxkdZemHgZ[ueZ\^\h_\ur_
q_eh\_q_kdh]hjhklZbaZsblbeZ[uhlgZiZ^_gbya\_jyDZf_gv]mklhihjhkfohfFume_]ebkvgZ
wlmm^h[gmxih^klbedmbklZeb`^Zlv
Kb^br_igmefg_OZe_ng_emqr_eb[ueh[u^_j`Zlvkyihh^bghqd_"
Dhg_qghemqr_fufh]eb[ugZiZklvgZf_^\_^yk^\moklhjhg
�Z\ZclZdbk^_eZ_f
G_llu`_g_^hhp_gb\Z_rvhiZkghklvZwlh\k_]^Zhrb[dZLukebrdhfm\_j_g\k_[_ZagZqbl
e_]dh^himklbrvhiehrghklvYlj_[mxij_`^_\k_]hqlh[uluklj_eyeebrvihfh_fm
jZaj_r_gbx
Luohq_rv\uklj_eblvjZgvr_f_gy"
�Zihlhfmqlhfhyimeyg_ij_f_gghijh[v_l_]hrdmjmZ\hlgZkq_ll\h_chq_gvkhfg_\Zxkv
Fg_hq_gv`Zevkb^b\_^vfg_ohl_ehkvkjZablvf_^\_^yQlhkeZ\ufg_jZkkdZau\ZlvOZgg_
ij_djZkg_cr_ckj_^b`_ghlhfdZdluijbdhgqbef_^\_^y"Fg_ohq_lkykdZaZlv_cqlhhgiZehl
fh_cimeb
Fh`_ll_[_b^h\_^_lkylZdh_kdZaZlv\_^vh^ghcimeb[m^_lih`Zemcg_^hklZlhqgh?kebimey
g_ihiZ^_lf_^\_^xlhqgh\k_j^p_lhhggZ\_jgydZgZ[jhkblkygZgZkLh]^Zfuih^imklbf_]h
ih[eb`_Zdh]^Zhg\klZg_lgZaZ^gb_eZiuqlh[u\e_alvgZkdZemlug_lhjhiykv\e_ibrvimex
_fm\iZklvbebijyfh\]eZa
Lu]h\hjbrvfg_wlhqlh[uml_rblvY\_^vagZxqlhlui_j\uf`_\uklj_ehfmeh`brv_]h
JZa\_y\b^_eqlh[uluohlvjZaijhfZogmeky
�Zyg_k^_eZxijhfZrdbghykhfg_\ZxkvqlhihiZ^mbf_ggh\k_j^p_Hlkx^Ziehohp_eblvky
k_`_hq_jlZgbyf_^\_^ygZf[m^mliehoh\b^gujZafukfhljbfk\_jom\gbagZl_fgmxa_fex
?keb[ufue_`Zeb\gbamlh_]hl_ehq_ldh\ujbkh\u\Zehkv[ugZnhg_a_feb;m^vyh^bgy[u
e_`Zeijyfh\ljZ\_
LujZ^bf_gy\ah[jZekykx^Z"
�ZjZ^bl\h_c[_ahiZkghklb
H]h?kebgZ^h[m^_ly\havfmf_^\_^yaZo\hklbihlZsmaZkh[hcgZijh]medm
L\hy^_jahklvf_gy[_kihdhblFh`_lklZlvkyqlhf_^\_^vb\ijyfvhlijZ\blkygZijh]medmgh
OZ^`bOZe_nHfZjhqmlblkymg_]h\]ehld_LZdqlhg_klj_eycjZgvr_f_gyB^Z\Zcihfheqbf
IhdZfu[helZ_ffug_aZf_lbf_]hijb[eb`_gby
Lu\hh[s__]hg_aZf_lbrvijhfhe\beOZe_nObsgbdbh[uqghih^djZ^u\Zxlkylboh
IjZ\^Zyg_agZx\_^_lebk_[yf_^\_^vdZde_\dhlhjuc_s_ba^Zeb]hj^hb[_kkljZrghaZy\ey_l
hk\h_fijb[eb`_gbb]jhfdbfjudhf
G_lf_^\_^v\h\k_g_lZdijyfh^mr_gHg\_^_lk_[yhq_gvkdjulghLhevdhdh]^Zhgq_flh
jZa^jZ`_gbeb_fmijbreZ\]heh\mkljZggZy[eZ`vhg\hjqeb\hbebjZ^hklghjuqbl
LZdhgg_mf__l^Z`_j_\_lv"
G_lihq_fm`_ohly_]h]hehkh\u_k\yadb\h\k_g_ij_^gZagZq_guqlh[ubkimkdZlvl_`_a\mdb
qlhbe_\Dh]^Zf_^\_^vjZatyj_ghglh`_ijh[m_lj_\_lvba\mdwlhll_fm`Zkg__qlhh[uqghg_
k\hckl\_g_fmijhq_flZlboZyyjhklvkdhlhjhcf_^\_^v\jZa^jZ`_gbbimkdZ_lkyfklblv^_eZ_l
_]hm`Zkg__bguojZkk\bj_i_\rboobsgbdh\GZ^_xkvk_]h^gyfulZdh]hg_bkiulZ_f
GZdhg_pfui_j_klZebjZa]h\Zjb\ZlvFu\kemrb\Zebkv\ghqvE_]dbc\_l_jr_e_kl_egZ^e_khf
Wlba\mdbgZihfbgZebrmf\h^uiZ^Zxs_c\hl^Ze_gbbFy]dbcr_e_klkh^bgZdh\hc
fhghlhgghklvx^hghkbeky^hgZkE_]dh[uehhlebqblvhlg_]hex[hcqm`_jh^guca\md
GZr_l_ji_gb_ih^\_j]Zehkvly`dhfmbkiulZgbxYgZr_egZhsmivqZkuboklj_edbih^kdZaZeb
fg_qlhgZklZeZiheghqv
Hg\hh[s_g_ijb^_lr_igmeOZe_nFugZijZkghjZ^h\ZebkvYih`Zemcgbdh]^Z
HgaZf_jba^Zeb^hg_kkyrmfkdZlb\r_]hkydZfgyFugZijy`_gghijbkemrZebkv
Kb^blZfkdZlbekydZf_gvr_igmeoZ^`bGhwlhg_f_^\_^vbgZq_[ufumkeurZebrmf
g_kdhevdbomiZ\rbodZfg_c
Hg_lIZ^_gb_wlh]hdZfgyaZklZ\beh_]h[ulvhklhjh`g__IjZ\^Zwlhfh`_lhdZaZlvkyb^jm]hc
a\_jvghy^mfZxqlhwlhf_^\_^vYg_ij_f_gghihqmx_]haZiZoij_`^_q_fm\b`m_]h
JZa\_lZdh_\hafh`gh"
�eyq_eh\_dZbkdmr_ggh]h^ZM^bdboa\_j_c_klvk\hcj_adbcaZiZomf_^\_^yhgdhg_qghg_
lZdhckbevgucdZdmev\Zlb]jZbiZgl_jugh\k_jZ\ghyaZf_qm_]hIhkemrZcdZ
KijZ\Z[m^lhojmklgmeZ\_ldZA\_jv[j_ei_j_e_kdhfkimkdZykvihdjmlhfmkdehgmL_i_jvy
ihqmye_]haZiZoLhldlh\b^_eobsgbdh\lhevdh\de_ld_ih`ZemcaZihfgbeg_baf_gguc
hl\jZlbl_evgucaZiZodhlhjuchgbbklhqZxlhkh[_gghdjmigu_dhrZqvba\_jbH^gZdhgZ\he_
�a\_jbiZogml]hjZa^h]hjZa^hkbevg__J_adbc_^dbcZjhfZlih^h[ghaZiZomgZklhybaf_ebkku@
jZa^jZ`Z_lqm\kl\bl_evgucghk_]he_]dhmeh\blvba^Zeb_keb_klvohlvdZdhclhgZ\udWlhl
^bdbcZjhfZl^hghkbekyk_cqZk^hf_gy
Lu_]hqm_rv"r_igmeyOZe_nm
Hgb^_ly_]hm`_qmx
L\hcghkgZ^_`g__fh_]h:]Zl_i_jvfu_]hihijb\_lkl\m_flZdqlhhgbamfblky
OZe_n\a\_edmjdbjm`vy
GbdZdhcki_rdbij_^hkl_j_]yLuh[yaZgklj_eylvebrvihke_f_gyihgbfZ_rv"?keblug_
ihkemrZ_rvkyludj_idhf_gyijh]g_\brvLu`_fh`_rv\kim]gmlva\_jy
Hgg_hl\_lbeghykeurZe_]h^uoZgb_OZ^`bebrbekyihdhybfh\eZ^_ehohlgbqbcZaZjl
K_cqZkfumeZ\eb\Zeblboh_\hjqZgb_keh\gh]^_lhjy^hffmjeudZedhllml`_fuaZf_lbebdZd
h]jhfgucl_fgucij_^f_lijb[ebabekydhklZgdZfehrZ^b
Wlhhgwlhhg"klZegZr_ilu\Zlvijyfhfg_\mohOZe_n
?]h^uoZgb_mqZklbehkv
�Zwlhhg
LZdklj_eycKlj_eyc`_gZdhg_p
L_ji_gb_Ihoh`_lu^jh`brv"
��Z]hkih^bgf_gy\k_]hho\ZlbehdZdh_lh\heg_gb_lZdh_g_h[uqgh_ZijbagZxkvl_[_y
^jh`mghg_hlkljZoZ
YihgbfZxy\_^vagZxl_[y
LZdklj_eyc`_gZdhg_pklj_eycZihlhffhyhq_j_^v
havfbk_[y\jmdbfZeurYg_\uklj_exihdZg_kmf_xghjfZevghijbp_eblvkyMgZk_klv
\j_fyF_^\_^v_kl^h[uqm\h\k_g_lZddZde_\HgeZdhfdZbih`bjZ_lk\hxljZi_am
mkljhb\rbkvihm^h[g__Hg\u[bjZ_ldmkhddhlhjucdZ`_lky_fmkZfuf\dmkgufZf_g__
Zii_lblgu_qZklbhlh^\b]Z_l\klhjhgmqlh[uijbgylvkyaZgboiha`_Wlhllbifh`_lgZ\_jgh_
qZkZfbijhkb`b\ZlvgZ^^h[uq_cqlh[ug_bkihjlblvk_[_`_em^hddmkdhfi_j_o\Zq_ggufgZki_o
Ihlhfhgih[j_^_lgZe_\hd\h^_^Z[udZdke_^m_lgZiblvkyblhevdhlh]^ZhlijZ\blky\eh]h\h
Ghfug_fh`_f`^Zlvg_kdhevdhqZkh\
Ylh`_g_kh[bjZxkvklhevdhkb^_lva^_kvYebrv^h`^mkvihdZhg\uijyfblkyHgex[bl
ijbhkZgblvkyaZh[_^hfi_j_ju\Zof_`^mihjpbyfbhg\klZ_lgZaZ^gb_eZiuZi_j_^gbfb
�hqbsZ_lfhj^mLh]^ZfujZa]ey^bf_]hemqr_q_fk_cqZkhwlh]hijhklhg_\hafh`ghklj_eylv\
g_]hfug_hlebqbff_^\_^ygbhllmrbehrZ^bgbhla_feb
Hg_lhg_lY_]h\b`mhq_gvohjhrhyfh]m\uklj_eblv
Hg[_kihdhcghaZ_jaZeZihlhf^Z`_ijbeh`bejm`v_ds_d_
M[_jbjm`v_r_igmey_fmkjZa^jZ`_gb_f
Hghimklbejm`v_ghlZdjZa\hegh\Zekyqlhg_fh]gbfbgmlukihdhcghe_`Zlv_keb[udZf_gvgZ
dhlhjhffujZkiheh`bebkvg_ihjhkfohfOZe_ngZ\_jgydZ[u\u^ZegZr_ijbkmlkl\b_
DZaZehkvf_^\_^xhq_gvgjZ\beZkv_]hljZi_aZHgqfhdZebqZ\dZedZdiehoh\hkiblZgguc
j_[_ghdkdehgb\rbckygZ^fbkdhckmiZDhg_qghmij_dgmlv\lZdhf[_kiZj^hgghfih\_^_gbb
�fh`ghg_lhevdh^_l_cKlhblebrvijbk_klvaZWDEOHG\nKRWH@gZdZdhfgb[m^vihklhyehf^\hj_
dZdlml`_mkeurbrv\ba[uld_qZ\dZxsbobqfhdZxsbof_^\_^_c
F_^\_^vb\ijyfv[ue]mjfZghfj_fyhl\j_f_gbjZa\e_q_gbyjZ^bhgjZa]juaZedZdmxgb[m^v
ljm[qZlmxdhklvbfuhlq_leb\hkeurZebdZdhgihly]b\Zehllm^Zdhklgucfha]
L_i_jvgZklmibeZiZmaZF_^\_^vijb\hevghaZmjqZebeZihcklmdgmeihlmr_gZ\_jgydZqlh[u
Dh]^Zf_^\_^v\uijyfey_lky\h\j_fyljZi_aubg^__p]h\hjblHgijbkemrb\Z_lkydk\h_fm
[jxomwlhlfhf_glm^h[g__\k_]hklj_eylv\f_^\_^yYijbp_ebeky
L_i_jvnb]mjZa\_jy[ueZhlq_leb\h\b^gZF_^\_^vdZaZekykmsbf[h]Zluj_f?keb[ukhpbZevguc
ijh]j_kkaZr_eg_h[uqZcgh^Ze_dhlhLhilu]bg\iheg_fh][uklZlvihq_lgufqe_ghfdZdh]h
gb[m^vZle_lbq_kdh]hdem[ZH^gZdhdZd[uhlq_leb\hf_^\_^vgbjbkh\Zekyi_j_^gZfby\gh\v
hleh`bejm`v_
:eeZo:eeZoKlj_eyc`_klj_eycOZe_ndjbqZegZf_gym`_\ihe]hehkZ
LbohlbohHg`_keurbll_[y
Ghihq_fmlug_klj_ey_rv"
LujZa\_g_\b^brvqlhhgih\_jgmekydgZfkibghc"
Qlh\wlhfiehoh]h"
uklj_e[m^_lg_kh\k_flhqgufF_^\_^vih]ey^u\Z_l\klhjhgm^hfZG_m`_ebhgihqmyegZrbo
ehrZ^_c"Hq_gv^Z`_fh`_l[ulvhlhghl\_jgmekyhl_^uWlhkd\_jghGZ^hih^h`^ZlvihdZhg
kgh\Zg_ih\_jg_lkydgZflh]^Z]jhfbfhegbyQlhluaZ^mfZe
Y[uejZa]g_\ZgbijhdjbqZe\h\_kv]hehkOZ^`bg_k^_j`Zek\hciuehgklj_fbl_evgh
ijbp_ebekylZdqlhyg_kmf_eihf_rZlv_fmb\uklj_ebeLhlqZkkh\_jr_ggh[_kkfuke_gghhg
ihkeZe\^h]hgdm\lhjmximexohlyf_^\_^vlhevdhqlhklhy\rbci_j_^gZfbm`_kdjueky
G_h[jZsZy\gbfZgb_gZ\kiurdmfh_]h]g_\ZfZeurih^iju]gmebjZafZob\Zyjm`v_f
ijhdjbqZe
Ih[_^Zljbmfnhgf_jl\hgih\_j`_g
Yihlygmekyko\Zlbe_]haZihykbju\dhfmkZ^be_]h
Ihfheqb`_jZkdZjdZekydZd\hjhgZLu\kim]gmef_^\_^y
kim]gme"\hkdebdgmehgiulZykvhk\h[h^blvkyhlfh_cp_idhco\ZldbY_]hkjZabehg
ih[_`^_gY\b`mhglZfe_`bl
GZkbevgh\uj\Z\rbkvhlf_gyhgih^iju]gmebijhdjbqZe\h\kxfhsvk\h_]h]hehkZ
HfZjHkdhkemrZcl_m^b\bl_evgmxgh\hklvkemrZcl_jZ^hklgh_ba\_klb_g_febl_djbdm
\Zr_]h^jm]ZbijbkemrZcl_kvdebdmxsbfa\mdZffh_]h\_ebqbyYaZklj_ebef_^\_^yyhlijZ\be
�_]hd_]hhlpZfbijZ^_^ZfyoZ^`bOZe_nHfZj[_goZ^`b:[me:[[Zkb[gZ\m^
Hgmfhedihlhfmqlhylh`_ih^iju]gmeko\Zlbe_]haZr_xbijb^Z\bedkdZe_kZfhf^_e_y
[uehq_gvjZa]g_\Zgbihlhfmklbkgme_]hklZdhckbehcqlhih^fh_cjmdhchgk`ZekydZd
fZjbhg_ldZ
?kebluba^Zrvohlv_s_h^bga\mdlhhl\_^Z_rvfhcdmeZdwolu]heh\Zl\hyg_kqZklgZy
[ZjZgvyijb]jhabeyKb^ba^_kvb[ukljhi_j_aZjy`Zch[Zk\hbokl\heZ:yihkfhljxfh`gh
ebkiZklb^h[uqm
Kwlbfbkeh\Zfbykiju]gmekdZfgyg_h[jZsZy\gbfZgb_gZk\hxg_kh\k_f_s_a^hjh\mxgh]m
gbamy[ukljhgZ]gmekyqmlv\ulZsbegh`b\ayegZba]hlh\dmjm`v_?kebf_^\_^v[ue
ih[ebahklblh\ex[hcfhf_glhgfh]ih`Zeh\Zlvkx^ZGZ\_joma\ydgme`_e_agucrhfiheoZ^`b
\gbam\k_hklZ\ZehkvkihdhcghGbq_]hg_[uehkeurghb\b^ghLhevdhl_i_jvym[_^bekyqlh
f_^\_^yg_[uehjy^hfklmr_c
k_`_lj_[h\ZeZkv\_ebqZcrZyhklhjh`ghklvKm^yih\hajZklmf_^\_^v[ueobljxsbfhgg_
^hklZlvf_gydh]lyfbIhwlhfmyhlhr_egZg_kdhevdhrZ]h\hlkdZeujZkiheh`b\rbkvlZdqlh[u
\b^_lvh^gh\j_f_gghb__be_`Z\rmxa^_kvlmrm
DZdh_lh\j_fyfu`^Zebbijbkemrb\ZebkvkgZijy`_gg_crbf\gbfZgb_fgZijZkghg_aZighba
^hfZ^hg_kky\hiev_s_h^bgb_s_h^bgihlhfdlhlhkhlqZygb_f\]hehk_ijhdjbqZe
HklZ\vl_f_gyhlimklbl_f_gyIj_djZlbl_wlbfmq_gbyi_j_klZgvl_i_j_klZgvl_GZihfhsvgZ
ihfhsv
WlhFm[Zj_dkdZaZeOZe_n
Yohl_ehl\_lblvghg_mki_eihlhfmqlhhllm^Zh^bgaZ^jm]bf^hg_kebkv^\Z\uklj_eZYmagZe
wlhlhkh[uc]emohca\mdwlh[uehq_jgh]hjkdh_jm`v_Hkdh
F_^\_^v\hae_kZjZyijb]emr_gguf]hehkhfydjbdgmeOZe_nm;ukljhkimkdZcky
MjZLZffu_]hbgZklb]g_f\hkdebdgmefZeur
Hgkiju]gmejmogmegZa_fvkgh\Z\kdhqbegZgh]bbijhg_kkyfbfhf_gyYlZd`_ihki_rgh
ijhke_^h\ZeaZgbfH^gZdhk^_eZ\g_kdhevdhrZ]h\yihqm\kl\h\Zedhexsmx[hev\
]he_ghklhighfkmklZ\_Ihoh`_iju`hdkhkdZeuih\j_^befh_cgh]_Yihmf_jbek\hc]Zehib
i_j_r_egZjukpm^_eZyrbjhdbcrZ]a^hjh\hcgh]hcZihlhfhklhjh`ghih^ly]b\Zy[hevgmxgh]m
bgZklmiZyebrvgZ__fukhd
GhqgmxlbrbgmjZkk_dg_hibkm_fuc\hiev;ueebwlhFm[Zj_dbebOZe_ni_j\ufih^[_`Z\rbcd
^hfm"G_m`_ebg_hklhjh`gucoZ^`bm]h^beijyfh\eZiuf_^\_^x"Fg_klZehkljZrghaZfZeurZ
l_ehihdjuehkvoheh^gufihlhfY[hevr_g_h[jZsZe\gbfZgbygZk\hxgh]myfqZekylZd[ukljh
dZdfh]
Kgh\ZjZa^Zebkv]hehkZHkdhbHfZjZKgh\Z\uklj_eDg_kqZklvxgZimlbmf_gyhdZaZekydZf_gv
Yg_aZf_lbe_]hbkihldgmekyjZklygm\rbkv\h\kx^ebgmgZa_fe_Jm`v_\uiZehmf_gybajmdbb
hle_l_eh\klhjhgmDm^Z"Yg_\b^_e
Yijh\hjghih^gyekybh]ey^_ekyJm`vyg_[ueh\b^ghBkdZlv_]hgZhsmivg_[ueh\j_f_gbY
\hh[jZabeqlhOZe_nihiZe\[_^mihwlhfmg_fh]l_jylvgbf]gh\_gbyJZ^bg_]hy]hlh\[ue
kjZablvkyg_lhevdhkf_^\_^_fghbkd_fgb[m^vihkljZrg__Yih[_`Ze\ulZkdb\Zygh`baaZ
ihykZ
Wlh[uefhcklZjuc^h[juchohlgbqbcgh`k^ebggufdjb\ufdebgdhfkem`b\rbcfg_\_jhcb
ijZ\^hcfgh]he_lM^Zjwlbfgh`hf[m^vhg\f_jmkbevgufblhqguffb]hfijbdhgqbe[u^Z`_
]jbaebym`_m[_^beky\wlhf
Dhg_qghy[_`ZeijyfhdkZjZx
Hkdh]^_f_^\_^v]^_"ijhdjbqZey_s_ba^Zeb
KgZjm`bkgZjm`bhl\_lbehgbaaZkl_gkZjZy
OZe_nlml[ue"
�Zghkgh\Zih[_`Ze\^h]hgdmaZf_^\_^_f
�YhklZgh\beky\hae_^hsZlhckl_gu\_^hkdb[uebkehfZgu
F_^\_^vohl_eijhe_alvkdZaZeHkdhY\e_ibe\g_]h^\_imeb
BihiZe"
�G_agZxhkdblj_kgmebdh]^Zym`_\uklj_ebe\g_]h
dZdmxklhjhgmih[_`ZeOZe_n"
HklZ\Zcl_kva^_kvb[m^vl_gZq_dmhafh`ghf_^\_^v\_jg_lky
�Yih[_`Ze\mdZaZgghfgZijZ\e_gbb\_jv^hfZ[ueZhldjulZdlhlhklhye\hae_g__ym\b^_ewlh
ihl_gbhl[jhr_gghc\h^\hj\_^v\dhfgZl_]hj_eZemqbgZ
I_j_^hfghce_`Zehq_eh\_q_kdh_l_ehYkihldgmekyhg_]hghm^_j`ZekygZgh]Zo
Klj_eyc`_klj_eycklj_eycmkeurZey^\Z]hehkZ^hg_krbokybadhfgZlu
Y[ue\k_]h\^_kylbrZ]Zohl^\_jbbl_i_jvmagZeq_eh\_dZklhy\r_]h\hae_g__Wlh[ueOZe_n
Hg\ayejm`v_gZba]hlh\dmbp_ebekydm^Zlh\dhfgZlm=jygme\uklj_eLml`_OZe_nhle_l_e\
klhjhgmbmiZegZa_fv[m^lhhl[jhr_ggucqv_clhfh]mq_cjmdhcke_^mxsbcfb]\^\_jghf
ijh_f_ihdZaZekyf_^\_^vhimklb\rbkvgZ\k_q_luj_eZiuhgijhlbkgmekykd\havmadmx
ijba_fbklmx^\_jvZaZl_f\uj\Z\rbkv\h^\hj[ukljh\klZegZaZ^gb_eZiu
OZe_nlh`_lhlqZkih^gyekyH[Zq_eh\_dba\_jvm]jh`Zxs_aZklueb^jm]gZijhlb\^jm]Zbo
jZa^_eyeb\k_]hljbrZ]ZOZe_ni_j_\_jgmejm`v_baZfZogmekyijbdeZ^hfwlhlfhf_glhg
m\b^_ef_gy[eZ]hl_i_jvf_gyhk\_sZek\_l]hj_\r_cemqbgu
Hkb^bmf_gyg_l[hevr_imevijhdjbqZehgfg_
k_ijhbkoh^behgZfgh]hgZfgh]h[uklj__q_fyjZkkdZau\Zxbeb\uqblZ_l_h[wlhf
HlkdZdb\Zc\klhjhgmG_[_c
?^\ZyijhdjbqZewlhdZdlml`_hllhedgmefZeurZlZdqlhhghle_l_e\klhjhgmF_^\_^v
\iheh[hjhlZih\_jgmekydhfg_jZabgmeiZklvbbkimklbe^he]bcdjh\h`Z^guc\hievg_ihoh`bc
gbgZj_\gbgZ\hcgh[u\rbcl_fb^jm]bfh^gh\j_f_ggh?]hiZklvh[^Z\ZeZf_gy]hjyqbf
aeh\hgguf^uoZgb_fFhegb_ghkguc\afZohgihiulZekyko\Zlblvf_gyghihcfZeebrv\ha^mo
lZddZdygZoh^bekym`_k[hdmhlg_]hLml`_e_\hcjmdhcko\Zlb\_]haZaZ]jb\hdyhl\_eijZ\mx
jmdm^Ze_dhgZaZ^bm^Zjbe_]hgh`hf^\Z`^uy\hgabegh`f_`^mj_[_j\h]gZ\_]hihkZfmx
jmdhyldm
k_ijhbahrehlZd[ukljhqlhg_mki_e_s_f_^\_`bcj_\klbogmlvdZdygZg_ka\_jx^\Z
kf_jl_evguom^ZjZ
KlhygZaZ^gboeZiZohgih\_jgmekygZijZ\h\fhxklhjhgm]hlh\ykv[jhkblvkygZf_gygh_]h
eZiZebrv[_ah[b^ghkdhevagmeZihfh_fmie_qmYkgh\Z\ulZsbegh`bk^_eZ\^\Ziju`dZgZaZ^
mdehgbekyhlf_^\_`vbodh]l_cAZl_fyhklZgh\bekyg_k\h^y]eZakha\_jybgZ\kydbckemqZc
aZg_kjmdm^eyih\lhjgh]hm^ZjZ
Ghf_^\_^vg_ihke_^h\ZeaZfghcKrbjhdhjZkdjulhciZklvxhgg_ih^\b`ghaZkluefZe_gvdb_
k\_jdZxsb_]eZadbkg_hibkm_fhcyjhklvxke_^bebaZfghcIhlhfhgbf_^e_gghaZdjuebkv
�F_^\_^v_s_gZijZkghkbebekybohldjulvjh`vijhreZih_]h]jhfZ^ghfml_emihlhfhg
himklbekygZi_j_^gb_eZiujZaju\Zybfba_fexhg_s_iulZekym^_j`ZlvkyghgZijZkgh
F_^e_gghih^jZ]b\Zyhgih\ZebekygZ[hd
LbobcjZkdZlbklucj_\^hg_kkyba_]hkhfdgm\r_ckyiZklbeZiu\ulygmebkvF_^\_^v[uef_jl\
:eeZoZd[Zj\hkdebdgmeOZe_nihoh`_g_fZehbamfe_gguc:eeZo\_ebdZwlhlf_^\_^v
ihqlbklhev`_\_ebdHgf_jl\kb^b"
YiheZ]Zx^Z
Wlhm`Zkgh
LukyqmjZa[eZ]h^Zjx;h]ZaZlhqlh\k_lZdkqZkleb\haZdhgqbehkv
ev\ZZ\_^vlhlkZfucfh]mqbckj_^b\k_oobsguoa\_j_c
Hgohl_eih^hclb[eb`_df_^\_^x
Ihklhc\_e_ey_fmFu_s_g_m\_j_gu\ijyfvebhgf_jl\Yohqmijh\_jblv
Yih^hr_eda\_jxih^g_kj_\hev\_jd_]haZdjulhfm]eZamb^\Z`^ugZ`ZegZdmjhdF_^\_^vg_
r_\_evgmeky
L_i_jvfh`_rvih^hclbb\a]eygmlvgZg_]hJZa\_hgg_gZfgh]hgZfgh]h[hevr_q_flu"
kijhkbeyoZ^`b
�Z^mfZxqlhhg^Z`_[hevr_q_flukb^bYkdZ`ml_[_yg_^jh`Zedh]^ZklhyegZijhlb\
g_]hgh\k_`_k_j^p_mf_gy_^\Zg_hklZgh\behkv_^vmf_gyhklZeZkv\k_]hh^gZ_^bgkl\_ggZy
imey
:]^_`_^jm]Zyimey"
YihkeZe__\f_^\_^ygZmebp__^\Zm\b^_e_]hHghl[_`ZehlkZjZybgZijZ\bekyd^\_jb^hfZ
aZdhlhjhcbkq_aYg_ihiZe\g_]hH^gZdh\lhjZyimeygZ\_jgydZm]h^beZ_fm\]jm^v\_^vhg
klhyegZaZ^gboeZiZo\k_]h\^\morZ]Zohlf_gyLZdqlhyfh]lhqghijbp_eblvky
JZkkdZ`bdhjhldhdZd\k_ijhbahreh
Qlh`yih[_`ZekjZamdkZjZx\_^vymagZejm`v_Hkdhiha\mdmb^h]Z^Zekyqlhf_^\_^vj_rbe
ijhe_alvdehrZ^yf?s_g_^h[_`Z\^hkZjZyymkeurZeklhcklhjhgudjbdghhgf_gyg_
aZbgl_j_kh\ZeIh^[_`Z\dkZjZxym\b^_eqlh^\_^hkdb\uehfZgubmagZehlHkdhbHfZjZqlh
wlhk^_eZef_^\_^vLh]^ZyihfqZekyaZgbfDlhlhl_fguce_`ZegZa_fe_ZdZdZylh[hevrZy
�nb]mjZkdehgbeZkvgZ^gbfhe`gh[ulvwlh[uea\_jvYhklZgh\bekyijbp_ebekyb\uklj_ebe
F_^\_^vaZk_f_gbeijhqvijyfhd^\_jbZyiju]gmeaZgbfHg\hr_e\^hfyihke_^h\ZeaZgbf
Dh]^Zyih^[_`Zedhldjulhc^\_jbym\b^_e\gmljbdhfgZluf_^\_^yHgh[gxob\Zeihkl_ev
Fm[Zj_dZ
Hggbq_]h_fmg_k^_eZe"
Y\hh[s_g_\b^_eklZjbdZlhlbkq_aY\b^_eebrvf_^\_^yhgkfhlj_egZf_gyIhlhfhg
fb]hfih\_jgmekyihr_e\fhxklhjhgm\uijyfbekyHlm`ZkZyaZ[ue\g_]h\uklj_eblv\_^v_]h
bkihebgkdb_jZaf_julZdihjZabebf_gyqlhi_j_o\Zlbeh^moDlhlhdjbdgmefg_mfheyyklj_eylv
=^_gZoh^bekylhlq_eh\_dyg_\b^_eyebrvkeurZe_]hkeh\Zghhgb\gh\vijb\_ebf_gy\
qm\kl\hDh]^Zf_^\_^vijhlygmedhfg_eZiuy\kZ^be\g_]himexghkoehihlZehlg_]hlZdhc
m^Zjqlh\ue_l_eba^hfZbjmogmegZa_fvEbrvlhevdhy\kdhqbegZgh]bhgm`_klhyei_j_^h
fghcMf_gyg_[ueh[hevr_gbh^ghcimebhgh`_yg_ih^mfZeYohl_ehl[blvkyijbdeZ^hfgh
lmlih^hki_elu
Ih`Zemcqlh\h\j_fy
�Z\_^vym\_j_gqlhjZaehfZe[ujm`v_hq_j_if_^\_^yLh]^Z[uhgf_gyjZahj\ZeHkb^by
h[yaZgl_[_`bagvx
Hgko\Zlbefhxjmdmbijb`Ze__dk\h_c]jm^b
Imklv\k_[m^_lohjhrh?keb[uluihklmibedZdm]h\Zjb\ZebkvgZrbjhebihf_gyebkv[u
�Zghykbevghkhfg_\Zxkvqlhkmf_e[ukjZablvlZdh]h]jhfZ^gh]ha\_jygh`hfLum`_m[b\Ze
jZgvr_f_^\_^_ck_juof_^\_^_cdhlhju__s_djmig__bhiZkg__q_fwlhly`_g_lWlhlobsgbd
\ijyfv[hevr_q_fe_\
f_jl\Gh\ucijbklmiebohjZ^db\u]gZe_]hba^hfZGhf_gym^b\ey_lqlhhglZd[ukljhk\Zebeky
kgh]
GZ^gbfklhyef_^\_^vFh`_lhg_]hbm[be"
hafh`ghKi_j\Z\a]eyg_fgZhklZevguo
Fu\hreb\dhfgZlmK\_lhk\_sZ\rbc__iZ^Zehldm^Zlhk\_jomDh]^Zyih^gye]heh\mlh
m\b^_edhgZd^`bbh[hboohay_\^hfZkb^_\rbogZgZklbe_ba`_j^_cjmdZomgbo[ueb]hjysb_
emqbgu
Lulh`_kx^Zijbr_e]hkih^bg"kijhkbei_j\uc=^_f_^\_^v"
Hge_`bli_j_^^\_jvx
:eeZo:eeZo
Hgbkimklbebkvih[j_\gmly`_ehhl^urZebkvbohaybgkijhkbe
Lu\b^brvqlhfu\h\k_g_[ueb\[_ahiZkghklbHg\ehfbeky\gmljvDZdh_qm^h\bs_Hg[ue
\_ebqbghck[udZ
M\Zk`_gZ\_jom[uehhjm`b_Ihq_fm\ug_\uklj_ebeb\g_]h"
Fu`_g_]emipuuklj_eZfbfuh[jZlbeb[ugZk_[y\gbfZgb_blh]^Zf_^\_^v\kdZjZ[dZeky
[udgZfF_^\_^v\_^vemqr_eZablih^_j_\vyfq_fq_eh\_dJZa\_luwlh]hg_agZ_rv"
AgZxAgZqblkZfb\ug_klj_eyebZfh_]hoZ^`bijhkbeb\uklj_eblv"
Dhg_qghHg`_ohl_ekjZablva\_jyfugZlZdhchlqZyggucihklmihdg_j_rbebkv[ub
^h[Z\behgkobljhcfbghcdh]^ZhggZiZ^ZegZf_^\_^ylhg_^mfZehgZk
Hq_gvmfghghbhq_gvljmkeb\hk\Zr_cklhjhgu=^_Fm[Zj_d"
h^\hj_?]haZfmqbeZebohjZ^dZbhg\u[_`ZegZmebpm?keb[uklZjbdg_hldjue^\_jvlh
f_^\_^vg_kmf_e[uijh[jZlvkydgZf=^_`_wlhl[_ajZkkm^gucklZjbd"
Hge_`bl\h^\hj_hgf_jl\Fuohlbfkgh\ZjZa`_qvdhkl_j
Hgbihke_^h\ZebaZgZfbghg_hkf_eb\Zebkvih^hclbda\_jxKi_j\Zhgbohl_ebijbk\_l_dhkljZ
m[_^blvky\ijyfvebf_^\_^vf_jl\OZe_nihr_ea\ZlvHfZjZbHkdh
Wlb^\h_lh`__^\Zfh]ebih^h[jZlvkeh\Zqlh[u\ujZablv\k_k\h_bamfe_gb_jZaf_jZfba\_jyHl
fhj^u^hdhjgyo\hklZLhilu]bgZ[uehjh\gh^\Zf_ljZHg\_kbegZ\_jgydZq_luj_p_glg_jZ
Ih^lZsblv_]hddhkljmm^Zehkvebrv\ljh_f
L_f\j_f_g_fy\aye]hjysmxiZedmbih^hr_edFm[Zj_dmOZe_nihke_^h\ZeaZfghcKlZjbdmf_j
g_hlk\h_cjZguohly`blv_fmblZdhklZ\Zehkvg_^he]h?]h]heh\Z[ueZaZijhdbgmlZZ]jm^v
ij_^klZ\eyeZkh[hcf_kb\hbafykZdjh\bbkehfZgguoj_[_jF_^\_^vijhehfbe_fmaZluehdZ
ihlhfjZkl_jaZe]jm^vebrv\uklj_eOZe_nZ\kim]gme_]h
G_]h\hjygbkeh\Zfu\_jgmebkvddhkljmLZfOZe_nkhh[sbeqlhfum\b^_ebbjZkkdZaZedZdbf
h[jZahf[uem[blf_^\_^v
\b^mh]jhfguojZaf_jh\f_^\_^y^Z`_HkdhbHfZjkljm^hf\_jbebqlhyhl\Z`bekygZiZklvgZ
g_]hkh^gbfgh`hfMhklZevguodhjuklv\ayeZ\_jo^Z`_gZ^bamfe_gb_fXgZdhsmiZef_^\_^yb
kdZaZe
M`hq_gvhg`bjgucZkdhevdh\g_ffykZAZrdmjmlh`_fh`ghihemqblvdjm]emxkmffm
Wn_g^bdhfmijbgZ^e_`bla\_jv"
Lhfmdlhm[be_]h
:dZd`_lu^mfZ_rv"
HgijbgZ^e_`blfg_ihlhfmqlhm[blgZfh_ca_fe_
GhyiheZ]Zxqlh\kywlZf_klghklvijbgZ^e_`bliZ^brZom?keblu^hdZ`_rvqlhdmibemg_]h
a^_rgb_a_feblhyih\_jxqlhluboohaybgH^gZdhlh]^Zl_[_gZ^h^hdZaZlvqlhluh[eZ^Z_rv
ijZ\ZfbgZ\kx^bqvb\k_oobsguo`b\hlguodhlhjuoih^klj_ebebgZl\h_ca_fe_DklZlbdh]^Z
ijbr_ef_^\_^vlukijylZekyhlg_]h\hlhgh\_jgh_^hdZaZl_evkl\hlh]hqlhlu\h\k_g_ohl_e
_]haZihemqblvFu`_^h[ueb_]hbagZqblhggZr
=hkih^bgluhrb[Z_rvkyF_^\_^vijbgZ^e_`blg_l_[_Z
Fh_fmoZ^`bOZe_nmij_j\Zey_]h?kebluohq_rvwlhkdZaZlvluijZ\Ml_[y`_g_lgb
fZe_cr_cijbqbgugZqlhlhij_l_g^h\ZlvYaZieZlbel_[_^Z`_aZijbfZgdm?keb[uih^h[jhl_
^mr_\ghcfuih^Zjbebl_[_qZklvfykZl_[_ke_^h\Zeh[ugZkohjhr_gvdhaZwlhhl[eZ]h^Zjblv
DZd"kijhkbeOZe_nF_^\_^vijbgZ^e_`blfg_"G_lkb^bhgg_fhcZl\hc_^vwlhlu
ijbdhgqbe_]h
YgZg_k_fmebrvkf_jl_evgucm^ZjHg[umf_jb[_afh_]hgh`Zlhevdhg_lZd[ukljh
IhkfhljbdZJy^hfkh[_bfbdhehlufbjZgZfb_klvhl\_jklb_dhlhjh_ijh[mjZ\beZl\hyimeyHgZ
ijhreZ\hae_k_j^pZb[ueZkf_jl_evghcIhwlhfma\_jvl\hc
Hwn_g^bohaybgwlh]hljhn_y^Z\gh[ue[uf_jl\_keb[ulug_ih^hki_e\h\j_fyqlh[ukiZklb
_]hLuj_rbek^_eZlv_fmih^Zjhddhlhjuchgg_fh`_lijbgylv
EZ^ghihklmibflh]^ZihklZjbgghfmhohlgbqv_fmijZ\mLuih^klj_ebea\_jyagZqbll_[_
ijbgZ^e_`bl_]hrdmjZYaZdhehe_]hlh]^Zfg_^hklZ_lkyfykhEZiubhdhjhd\havf_fk_[_
hklZevgh_imklvihemqblXgZdqlh[uhgg_fh]k_lh\Zlv[m^lhfug_mqeb_]hijZ\h
kh[kl\_gghklb
IjZ\^Zebwlh]hkih^bg"Fg_^hklZg_lkyrdmjZ"Wlh`_emqr__qlh_klvmf_^\_^yDZdbamfblky
OZgg_ex[bf_crZykj_^b`_gdh]^Zyijb[m^mdg_cbihdZ`mwlhlljhn_c:fhckugbrdZ
gZa\Zgguc\q_klvl_[ybf_gyDZjZ[_gG_fkbOZe_n[m^_lkiZlvgZwlhcrdmj_bklZg_l
�\_ebdbfbagZf_gbluf\hbghfb[hdfZevqbdmi_j_c^_lkbeZa\_jyZ^Zrdmjmy\havfmDlh__
kgbf_l"
YGZfgm`gufha]i_q_gvb^j_\_kgZyaheZqlh[ugZl_j_lvrdmjmbgZq_hgZmljZlbl]b[dhklvb
gZqg_l]gblvL\hyehrZ^vihg_k_l^\hcghc]jma
Kfhbfj_r_gb_f\k_kh]eZkbebkvLhj]h\_pm]e_fijbg_kklZjh_^_j_\yggh_dhjulh\dhlhjhf
kh[bjZebkvkheblvf_^\_`Zlbgmij_`^_q_fdhilblv__Wlhdhjulh[uehohaybgmdebpmDlhagZ_l
q_]hlZflhevdhg_[ueh?]hgbdh]^Zg_qbklbebIjbklmiZydjZ[hl_ykijhkbeXgZdZqlh^_eZlvk
Fm[Zj_dhf
GZ^h_]hihohjhgblvhl\_lbehguih`Zemcfg_ihfh`_l__^vohjhgblvgZ^hwlhcghqvx
Julvfh]bemg_gZrZaZ^ZqZFukgbf\h\k_g_[ueblZd^jm`guqlh[uwlZjZ[hlZijbreZkv
gZfih^mr_?klvml_[ybgkljmf_glu"
DbjdZbehiZlZ
LZdagZqblfh]mljZ[hlZlvlhevdh^\h_hl\ukdhgZd^`bbaZcfbl_kvwlbfZl\hy`_gZihfh`_l
\Zfu[_jbih^oh^ys__f_klh:\hlijbih]j_[_gbbfu[m^_fijbkmlkl\h\ZlvIhke_kf_jlb
\jZ`^Zg_mf_klgZ
^hfhf[ueZfh]beZ
Hg\ayemihfygmlu_bgkljmf_glu?]h`_gZbdhgZd^`baZiZkebkv^jh\Zfbb]heh\_rdZfbqlh[u
jZ[hlZlvijbhk\_s_gbbHgbgZijZ\bebkvjulvfh]bemihdhcgbdmdhlhjuc^Z\ghf_qlZe\ujulv__
gZf
Kgy\kf_^\_^yrdmjmfugZkZ^bebh^gmba_]hi_j_^gboeZigZdheihkem`b\rbcgZf\_jl_ehf
EZiZ[ueZlZdhch]jhfghcb`bjghcqlh^Z`_\q_l\_jhffukmf_ebs_^jhmlheblvgZr]heh^
Kimlgbdbihfh]ebfg_khkdh[eblvhklZldbfykZkhrdmjuZihlhffuklZjZl_evghgZl_jeb__
f_^\_`vbfbfha]hfb`bjhfZlZd`_ahehcqlh[ukdZlZlv__lZdqlh[ue_]dhfh`gh[ueh
ijblhjhqblv__dk_^emehrZ^b
Dh]^ZfumijZ\bebkv\_jgmebkvfh]bevsbdbbh[ty\bebqlhfh]beZ]hlh\ZHgb\ayebljmiZfu
ihke_^h\ZebaZgbfb
�Klhylvmfh]beuq_eh\_dZ\ex[hfkemqZ_^_ehk_jv_agh__eZeebhg\Zf^h[jhbebijbqbgye
aeh\k_wlhhlklmiZ_lijbfukebqlhhgij_^klZel_i_jvij_^Km^v_cq_cijb]h\hjdh]^Zgb[m^v
�ijha\mqblbgZ^gZfbLmlbkq_aZ_lg_gZ\bklvbmfhedZ_lf_klvmfZ_lkyebrvh[h^ghf
_^bgkl\_gghfkeh\_kZfhfk_jv_aghfkeh\_\k_oa_fguoe_dkbdhgh\h\_qghklbYg_bkiulu\Ze
gbq_]hdjhf_khkljZ^Zgbyd\jZ]mdhlhjucmf_jlZdhcfmqbl_evghckf_jlvxbihdbgmek_cfbj
lZdbg_jZkdZy\rbkv\k\hbo]j_oZoOZe_nlh`_kdZaZe
Ijhklbf_fm\k_qlhhggZfk^_eZebqlhgZf_j_\Zekyk^_eZlvYijZ\h\_jguckugIjhjhdZZlu
ihkemrgucijb\_j`_g_pk\h_c\_juFug_\ijZ\_g_gZ\b^_lvf_jl\_pZfuebrvohlbfhdZaZlv
_fmihke_^gxxmkem]mbihfheblvkygZ^_]hfh]behc
Ijbk\_l_dhkljZfum\b^_ebiurgu_iZihjhlgbdbFukj_aZebboqlh[umdjZkblvbfbfh]bem
Himklb\ihdhcgh]h\gbafumdjueb_]hebklvyfbiZihjhlgbdZIhlhfOZe_nkijhkbe
Dlhijhql_lfhebl\m"Lukb^b"
G_lyg_fZ]hf_lZgbgImklvihfheylky_]h^jmavy
Fug__]h^jmavyihykgbedhgZd^`bFg_\k_jZ\ghijhqlmlebkmjmkf_jlbgZ^_]hfh]behc
beb`_g_lFg_kh\_jr_ggh\k_jZ\gh[m^_lebqblZlv__fZ]hf_lZgbgbebojbklbZgbgKZfyg_
mf_xqblZlvfhebl\uG_lmf_gykihkh[ghkl_cgZlh^Zbg_agZxyDhjZggZbamklvijhq_f
XgZd_s_f_gvr_ih^oh^bl^eywlh]h
�EZ^ghlh]^Zyijhqlmfhebl\mijhfhe\beOZe_n:lukb^bijhqlbkmjmZevNZlboZ@
hldju\ZxsmxDhjZg_^v__ijbgylhij_^ihkueZlvex[hfmihklmidmLukh]eZk_g"
LZdijhqlb__ghlhevdhgZyaud_IjhjhdZIhdhcgucihk_sZek\ylu_f_klZbibe\h^mA_fa_fZ
;ulvfh`_l_]h]j_rgZy^mrZh[j_l_lfbehklv_keb:eeZomkeurblke_l_\rb_kl\hbomklkeh\Z
��ijhbag_k_ggu_gZlhf`_gZj_qbbgZdhlhjhfZjoZg]_e`b[jbev@[_k_^h\ZekIjhjhdhfYg_
�lZdohjhrhdZdlu\eZ^_xwlbfgZj_qb_fZ\Zc`_ij_dehgbfdhe_gbbijhql_ffhebl\u
k_himklbebkvgZdhe_gb\hae_jZa\_jklhcfh]beuboebpZ[uebh[jZs_gu\klhjhgmF_ddbY
h^bghklZekyklhylvY[ue]hlh\bkihegblv\hexwlboex^_cghfg_ij_lbehqblZlvZevNZlbom
ij_dehgb\dhe_gbIhke_lh]hdZdyljb`^uihdehgbekyOZe_ni_j_qbkebek_fvkZfuo[eZ]hjh^guo
�q_jl;h]ZZihlhfygZqZeqblZlvfhebl\mgZk\h_h[jZaghfgZj_qbbdmjZcrblh\@kh[ex^Zyjblf
hjb]bgZeZ
i_j_\h^_kZjZ[kdh]hkmjZHldju\ZxsZydgb]ma\mqZeZlZd
fbehklb\hfmfbehk_j^ghfm
pZjx\^_gvkm^Z
L_[_fuihdehgy_fkybijhkbfihfhqv
_^bgZkih^hjh]_ijyfhc
ih^hjh]_l_odhlhjuoLuh[eZ]h^_l_evkl\h\Ze
g_l_odhlhju_gZoh^ylkyih^]g_\hfbg_aZ[em^rbo
L_i_jvOZe_ngZqZeqblZlvfhebl\m]jhfdbf]hehkhf\ha^_\keh`_ggu_jmdb
hbfy:eeZoZfbehklb\h]hfbehk_j^gh]h
Dh]^Zkhegp_[m^_lkdjmq_gh
bdh]^Za\_a^uh[e_lyl
bdh]^Z]hjuk^\bgmlkykf_kl
bdh]^Z^_kylvf_kyp_\[_j_f_ggu_\_j[ex^bpu[m^ml[_aijbkfhljZ
bdh]^Z`b\hlgu_kh[_jmlky
bdh]^Zfhjyi_j_evxlky
bdh]^Z^mrbkh_^bgylky
bdh]^ZaZjulZy`b\v_f[m^_lkijhr_gZ
aZdZdhc]j_ohgZ[ueZm[blZ
bdh]^Zk\bldbjZa\_jgmlky
bdh]^Zg_[h[m^_lk^_jgmlh
bdh]^ZZ^[m^_ljZah``_g
bdh]^ZjZc[m^_lijb[eb`_g
�magZ_l^mrZqlhhgZijb]hlh\beZ@
OZ^`bljb`^uihdehgbekybkgh\Z\klZeFhebl\ZhdhgqbeZkvFu^h\_jbebdhgZd^`blhj]h\pm
m]e_fb_]h`_g_ijZ\haZkuiZlvfh]bema_fe_cZkZfbgZijZ\bebkv^hfhc]^_bmk_ebkvmdhkljZ
Fukgh\Z\u\_ebehrZ^_cbakZjZyqlh[uhgbiZkebkvgZljZ\_L_i_jvfh`gh[uehg_hiZkZlvky
�f_^\_^yGZfkZfbfgm`_g[uehl^uo_emgZk[hevr_g_hklZehkvbiheh`b\ih^]heh\uk_^eZ
fuj_rbebij_^Zlvkykgmijhq_fbahklhjh`ghklbh^bgbagZkklhyegZkljZ`_DZ`^ucqZkwlhl
qZkh\hcf_gyekyFug_fh]eb^h\_jylvljhbp_hklZ\r_ckymfh]beu
Y`_ki_j\Zh[ke_^h\Zek\hxgh]mLsZl_evghbZddmjZlghhsmiZ\__yg_ihqm\kl\h\ZegbdZdhc
[hebDhg_qgh`_yhlukdZejm`v_Fuiheh`bebhjm`b_jy^hfkkh[hcqlh[uf]gh\_gghbf
\hkihevah\Zlvkyfume_]ebkvbaZdjueb]eZaZ
ijhq_fgZk_s_jZajZa[m^bebOhay_\Z\f_kl_kdhgZd^`bijbrebqlh[uhlg_klbf_^\_^y^hfhc
Lmlmf_gyf_evdgmeZh^gZfukevYkgh\Zih^gyekybhlj_aZe[hevrhcdmkhd`bjZdhlhjuc
Zf_jbdZgkdb_hohlgbdbah\mlEHDUIDWf_^\_`v_kZehLjhbpZklhyeZjy^hfg_kijZrb\Zyf_gy
^eyq_]hy[_jmkZehIhimlghyaZf_lbeqlhgZe_\hcgh]_lhj]h\pZm]e_fZhgg_ghkbegb
[ZrfZdh\gbkZih]g_^hklZ\ZehfbabgpZ
Ml_[yebrvq_luj_iZevpZgZe_\hcgh]_Dh]^Zluihl_jyeiyluc"
?]hi_j__oZehdhe_khfh_c]jm`_ghcl_e_]bIZe_pjZkiexsbekyhg\bk_egZgh]_bijbrehkv
_]hhlj_aZlvIhq_fmlukijZrb\Z_rvh[wlhf"
G_[_amfukeZYlhevdhqlhh[jZlbe\gbfZgb_gZl\hxgh]m
;_jbl__]hhgh\Zr_
Hgbih\hehdebly`_emxghrmFhbkimlgbdbgZ[ex^ZebaZfghcbOZe_nihbgl_j_kh\Zeky
�eyq_]hlu\aye`bjkb^b"GZf\_^vhgg_gm`_g
;ulvfh`_lhggZf_s_ihgZ^h[blky?kebfuihiZ^_f\i_s_jmKhdjh\bslZf[m^_lhq_gv
l_fgh
Lub\_jghj_rbelm^ZihiZklv"
IhdZg_agZx?kebyijh[_jmkvlm^Zlh`bjijb]h^blkyfg_^eyk\_lbevgbdZ
LZd\_^vgm`_g[m^_lbnblbevLZf_s_e_`blljyidZ\dhlhjmx[ueZaZ\_jgmlZdhe[ZkZFu
fh`_fgZqbgblv__`bjhfbbkihevah\ZlvdZdnblbev
K^_eZcwlhFg_g_ohl_ehkv[ukgh\Z^hljZ]b\Zlvky^hwlhc\_sbpu
:y^he`_gwlh^_eZlv"
�Z\_^vlug_m[hbrvkywlh]hb[hkh]jhfgufZii_lblhfih_^Ze\k_qlhlZf[uehaZ\_jgmlh
Fheqbkb^bihki_rghdjbdgmehgYg_ohqmgbq_]hkeurZlvb\uihegxl\hx\hex
Hgih^gyekyaZ\_jgme`bj\ehkdmlbkmgme_]h\kmfdmijblhjhq_ggmxdk\h_fmk_^em
;hevr_gZfgbdlhg_f_rZeijhq_fm`_q_j_aqZkfg_ijbrehkvih^gbfZlvky\_^vih`j_[bxy
g_kkljZ`m\lhjuf
^hf__s_]hj_ek\_lYmklZebqlh[ug_aZkgmlvoh^be\aZ^b\i_j_^G_\hevghyih^hr_ed
^\_jbYihijh[h\Zehldjulv__bm[_^bekyqlhhgZaZi_jlZBahdhglygmeh_^dbf^ufhfbiZoeh
`Zj_guffykhfYaZ]eygme\_jghwlZljhbpZjZa\_eZ\dhfgZl_h]hgvb`ZjbeZf_^\_`Zlbgmohly
gZdZgmg_\_q_jhfhgbkt_ebh]jhfgmxihjpbxdhgbguFg_ohjhrh[ueh\b^ghboHgbqlhlh
`b\hh[km`^Zebhlj_aZyh^bgdmkhdfykZaZ^jm]bfJZah[jZlvboj_qbyg_fh]ihkdhevdmhgb
kb^_eb\klhjhg_hlhdgZ
ijhq_fijyfhgZ^gbfbbf_ehkv_s_h^ghhdgh[_akl_deZ_kl_kl\_gghYijh[jZekylm^ZbklZe
kemrZlvBahdgZ\u[b\Zeky^ufY^hklZeghkh\hcieZlhdbh[fhlZ\bfjhlbghkaZdjue]eZaZZ
aZl_fkmgme]heh\mih^Zevr_\hdghF_gyg_fh]ebm\b^_lvihlhfmqlhkl_gZ^hfZ[ueZlheklhcZ
hdghgZoh^behkv\ukhdhgZ^]heh\Zfbex^_c
�Zkwlbfbijhc^hoZfbgm`gh^_j`Zlvmoh\hkljhbihklmiZlvhq_gvmfghijhbag_k
dhgZd^`bukeurZebqlhg_f_paZih^hajbe[m^lhy^Zb\ulh`_h[sZxkvkgZrbfb^jmavyfb
wlbo]ymjZo^vy\hekb^blbhkh[eb\h\]eZaZomgboHgb\b^yl\k_Ghk_]h^gyboihke_^gyyghqv
Lub\ijyfvlZd^mfZ_rv"kijhkbeohaybg
�Zwlh\_jgh
Ohl_ehkv[uwlh]h`_eZlvYlh`_^mfZeh[wlhf\_^vyagZxfh_]hrmjbgZm]e_`h]ZhgZ^Zg_
m[hblkyhllhevdhdZdym\b^_ewlboex^_cklZekhfg_\ZlvkyM`hq_gvhgbhklhjh`gubojZ[ju
;ZWlhbfg_ihfh`_l
Ihq_fm`_"?kebq_eh\_db^_lgZf_^\_^ykgh`hfbaZdZeu\Z_l_]hg_ihemqb\gb_^bghc
pZjZibguhgbfh_]hrmjbgZko\ZlblaZ]hjeh
�hwlh]h^_ehg_^hc^_lBoobljhklvxaZfZgyl\eh\mrdmblZfm[vxl
Bo`_imeyg_[_j_l
G_\_jv\wlhWn_g^bkZfgZ^wlbfkf_yeky:imklvblZdjZa\_g_l^jm]h]hhjm`bydjhf_
h]g_klj_evgh]h"ijhq_f^_eh^Z`_g_^hc^_l^hlh]hqlh[uklj_eylv\gbobebaZdZeu\Zlvbo
�Zfh`_lklZlvkyqlhfhcrmjbgbij_^eh`bllZdhcieZgghh[ZZeZ^`bgZklZb\ZxlgZlhfqlh
wn_g^b^he`_giZklvhlbojmdZ;Zjm^wev:fZkZlkh[bjZ_lkym[blv^jm]h]hdhlhjh]hah\mlHkdh
Hgbfklyl^jm]^jm]mYbohl]h\Zjb\ZehlwlboaZl_cghhgbgZklhyebgZlhfqlh[uih^kl_j_qvbo
mQ_jlh\hckdZeubm[blvkihfhsvxijZsbbq_dZgZJZ^bwlh]hhgbaZ[jZebmf_gyh[_fhbijZsb
�=emipuqlhebhgb"_ehg_ij_f_ggh^hc^_l^hko\Zldb
Hg_lMqm`Zdh\g_[m^_l\j_f_gbqlh[uhl[blvkyihlhfmqlhgZgbogZiZ^mlbaaZkZ^u
G_hq_gvlhgZwlhgZ^_ckyYagZxms_ev_\hae_Q_jlh\hckdZeulZfg_mkljhbrvaZkZ^mBf
hklZ_lkyjZa\_qlhkijylZlvkykj_^bdmklh\ke_\ZbebkijZ\Zhl^hjh]bghbawlhcaZl_blh`_gbq_]h
g_\uc^_l\_^vkdZeuihh[_klhjhgu^hjh]blZddjmluqlhlm^Zg_\ah[jZlvky
LukbevghaZ[em`^Z_rvky?klvh^ghf_klh\ijhq_flhevdhh^gh_^bgkl\_ggh_]^_fh`gh
\kdZjZ[dZlvkygZkdZemwlhff_kl_e_\uckdehgkimkdZ_lky\\h^mhlijhc^yihj_qd_bfh`gh
aZ[jZlvkygZkdZem_kebg_[hbrvkyg_fgh]hijhfhdgmlv
HgbagZxlwlhf_klh"
H[ZZeZ^`bagZxlwlmf_klghklvg_om`_f_gy
Bhgblm^Z^_ckl\bl_evghaZ[_jmlky"
Dhg_qgh
Gh\_^vhgb[m^mlgZehrZ^yo
HgbaZjZg__hl\_^mlbodfh_fmrmjbgmHllm^Zg_hq_gv^Ze_dh^h_]hi_s_juIhlhfhgb
\_jgmlkyb\e_amlgZkdZemQ_dZg[jhr_gguck\_jomjZafha`bl]heh\mex[hfm\dh]hihiZ^_lY
hq_gvohjhrhagZxwlhf_klhGm`ghijhclbih\h^_rZ]h\iylv^_kylr_klv^_kylihlhfij_h^he_lv
]j_[_gvkdZeu?kebih^gylvky\\_jorZ]h\gZklhiylv^_kylklhr_klv^_kyllhhdZ`_rvkykj_^b
dmklh\b^_j_\v_\Zijyfhih^lh[hcms_ev_^_eZ_lih\hjhl?kebdlhgb[m^vjZkiheh`blky
gZ\_jomlhhlg_]hgbdlhg_mkdhevag_lWlhf_klhklZg_lfh]behc^eyqm`Zdh\
�vy\heWlhhiZkgh^eyf_gy
Ihq_fm"kijhkbeXgZd
Ihlhfmqlh\f_gylh`_fh]mlihiZklv
;ZHgb`_[m^mlp_eblvky
GZwlhyg_gZ^_xkvKemqZcdh\Zjguckem]Z
LZdaZ^_j`bkvqmlvihaZ^b
?kebywlhk^_eZxlhih^haj_\Zxqlhqm`Zdblh`_hklZgh\ylky
Lh]^ZkdZqb\i_j_^J_qdmlug_ij_f_gghm\b^brv:dh]^ZihdZ`_lkyih\hjhlk^_eZc\b^qlh
l\hyehrZ^vihg_keZOe_klgb__g_kdhevdhjZaqlh[uhgZmfqZeZkv]ZehihfLh]^Zl_[yfbgmxlb
q_dZgbdZf_gv[jhr_ggucbaijZsb
�Zwlh_^bgkl\_ggh_qlhfg_hklZ_lky
JZamf__lkyyihijhrmgZrbo^jma_c[ulvih\gbfZl_evg__qlh[uhgbg_ihiZeb\l_[y
Lu_s_i_j_]h\hjbrvkgbfb"
Dhg_qghDlhg_mqZkl\m_l\^_e_`_jbkdm_lg_ihemqblvgbq_]hhlihq_fmf_gy\^\hcg_aebl
qlhfhyehrZ^vf_jl\ZL_i_jvijb^_lkyijh^_eu\Zlvimlvi_rdhf
Lu`_ijb^_rvkebrdhfiha^gh
G_^mfZxYhq_gvohjhrbckdhjhoh^
Ihq_fmlu^mfZ_rvqlhyiha`_\Zkljhgmkv\imlvKlhblfg_i_j_dmkblvdZdylhlqZk`_ihc^m
AgZqbllu[m^_rvlZf_s_^hgZr_]hijb_a^Z
?keblhevdhg_f_pg_\a^mfZ_ljZghihmljmk_klvkhk\hbfbkimlgbdZfb\k_^eh
YihaZ[hqmkvqlh[ubf[uehg_^hkm]YmkljhxbfgZimlbklhevdhij_iylkl\bcqlhhgb[m^mlg_
lZd[ukljhijh^\b]Zlvky\i_j_^djZcg_fkemqZ_yaZ[em`mkvDhg_qghdZd[uhgbmljhfqlhlh
g_aZih^hajbebaZf_lb\qlhl_[ym`_ke_^ijhklue
?klvih`Zemch^gZohjhrZyhl]h\hjdZ
Ghlml^ufhq_gvkbevghm^Zjbefg_\ghkbihg_\he_ym[jZe]heh\mbahdgZDh]^Zykgh\Z
aZ]eygme\gmljvlhm\b^_eqlhXgZd\klZekf_klZIh^kemrb\Zlv^Zevr_[uehg_evay\_^vhg
aZf_lbe[uf_gy_keb[uohlvjZa\a]eygme\hdghIhwlhfmy\_jgmekydk\hbfkimlgbdZfbmk_eky
jy^hfkgbfb
YaZ^mfZekyfg_ijbreZfukevg_f_^e_gghljhgmlvky\imlvghyhl\_j]___^vfug_agZeb
f_klghklvZdhgZd^`bg_ij_f_gghk^_j`Ze[ukeh\hb\h^begZkihhdjm]_^hl_oihjihdZ_]h
khh[sgbdg_^h[jZeky[u^hhklZevguo\jZ]h\Ihwlhfmemqr_[ueh[uaZ^_j`ZlvkyihdZa^_kv
XgZdklhevlhqghhibkZef_klh]^_gZkih^kl_j_]Z_lhiZkghklvqlhhghg_mkdhevag_lhlfh_]h
\gbfZgbyYgZ^_yekygZclbkihkh[dZdba[_`Zlv[_^u
Dh]^ZOZe_nkf_gbef_gyyjZkkdZaZe_fm\k_qlhih^kemrZebih\_^Zeqlhj_rbehg\h\k_f
kh]eZkbekykhfghc
Kb^bylh`_ihkemrZxqlhhgb]h\hjylaZy\behgFh`_l[ulvbymkeurmqlhgb[m^v
\Z`gh_
HklZ\vemqr_wlmaZl_xYfgh]hq_]hmagZehlgbobl_i_jv_kebhgbaZf_lyll_[ygZf[m^_lhl
wlh]hlhevdhom`_Bfg_ke_^m_lagZlvqlhh^bgbagZkg_kibl
Ih`Zemcfume_]ebkvkiZlvihke_^\moqZkh\ghqbke_^h\Zl_evgh[uehqZkh\r_klvdh]^ZgZk
jZa[m^beHfZjihke_^gbcklhy\rbcgZqZkZo
Fuihrebdj_qd_qlh[umfulvkyZihlhfohl_ebaZclb\^hfLhl[ueaZi_jlGZgZrklmd
hlha\ZeZkv`_gsbgZbhldjueZ^\_jv
=^_gZrijh\h^gbd"kijhkbey
A^_kv\dhfgZl_Hg_s_kibl
LZdyjZa[m`m_]h
Hge_`ZegZljyiv_kem`b\r_fih^klbedhc^eyFm[Zj_dZbijbl\hjyekykiysbfDh]^Zyhlimklbe
_fmg_kdhevdhdj_idbolmfZdh\hg\kdhqbea_\gmemklZ\bekygZf_gykaZkiZgguf\b^hfb
gZdhg_pkdZaZe
Lu]hkih^bg"Ihq_fmlu[m^brvf_gylZdjZgh"
IhlhfmqlhfuhlijZ\ey_fky\imlv
Kdhevdhm\ZkgZqZkZo"
Iheh\bgZk_^vfh]h
k_]hebrvFufh`_f_s_qZkihkiZlv
Fh`gh_s_^_gvihkiZlvghfug_[m^_flZd^_eZlv
Gh\_^vgZfg_dm^Zki_rblv
G_dm^Zghyex[exkdZdZlvjZghihmljmMfhckyqlh[u\a[h^jblvky
=^_XgZd"kijhkbey
JZa\__]hlmlg_l"
Hghkfhlj_eky\ihbkdZoXgZdZKlZjmoZkhh[sbeZ
Fhcfm`ihr_e\=eh]h\bd
Lm^Zhldm^Zfu_^_f"Ihq_fm`_hgg_ihijhsZekykgZfb"
Ihlhfmqlhg_ohl_e\Zff_rZlv
hldZdQlh`_mg_]hlZfaZ^_eZ"
Hgohl_edmiblvkhevGZfgm`ghaZkheblvfykh
HgZihdZaZeZgZdmkdbf_^\_`Zlbgue_`Z\rb_\m]emby\ey\rb_dhg_qghkh\_jr_ggh
g_Zii_lblgh_aj_ebs_
LZdm\Zkg_l^hfZkheb"
Klhevdhkhebg_l
Qlh`\k_jZ\gh^_ehg_lZdh_ki_rgh_qlh[ug_^h`^ZlvkygZr_]hijh[m`^_gbyijhq_fy
^mfZxqlhB[Zebe_`blgZfgh]h[eb`_=eh]h\bdZIhq_fm`_hgg_ihr_elm^Z"
B[Zebg_lkheb
MgueZyh^gZdhwlh^ujZQlh`\Zf`_om`_qlhhgmr_eY\_^vg_aZieZlbe_fm
Lufh`_rvfg_^Zlv^_gv]b
G_lyjZkieZqmkvlhevdhkohaybghfijhq_fkdZ`bdZfg_aZqlhy^he`_gl_[_ieZlblv
u`_hklZgh\bebkvmf_gy
FukiZebgZmebp_AZwlhyg_ieZqmLZdqlhdhgZd^`bhlijZ\ey_fky\imlv
Fg_gZ^hki_j\Zih_klvaZy\behg
LZd_rvgh[uklj__
HgjZa\_eh]hgvbih^`Zjbek_[_dmkhdf_^\_`Zlbgukt_\_]hihem]hlh\ufL_f\j_f_g_ffu
hk_^eZebehrZ^_cF_^\_`bchdhjhdbljbhklZ\rb_kyeZiuaZ\_jgmeb\ihihgmbHkdhijblhjhqbe
wlhlk\_jlhdmk_[yaZkibghcGZdhg_pijh\h^gbd[ue]hlh\Fuljhgmebkv\imlv
@_gsbgZg_ohl_eZgZkhlimkdZlvg_^h[b\rbkvieZluHgZ]hehkbeZqlhfu__h[fZgmebGh
OZe_n^hklZeie_ldmblZds_edgme\hae___ebpZqlhaZ\u\hgZmfqZeZkv\^hfbaZi_jeZaZkh[hc
^\_jvH^gZdh\u]eygm\\hdghhgZihkueZeZ\gZrZ^j_kijhdeylby_s_^he]hfukeurZebihaZ^b
k_[y__ijhgabl_evguc]hehk
�_eh[uehg_lhevdh\g_kdhevdboibZkljZowlbex^bihdmrZebkvgZgZrm`bagv;ueh[u
[_amfb_fb]emihklvxieZlblv_s_aZl_m^h[kl\Zdhlhjufbfua^_kvihevah\Zebkv\_^vfug_
ihevah\Zebkva^_kvgbq_fZagZqblbieZlblv[uehg_q_]h
=eZ\Z
Q?JLHHFMS?EV?
Klhyehqm^gh_ij_djZkgh_hk_gg__mljhk\_`__b[eZ]hmoZggh_dh]^Zfuihdb^ZebZj_gmgZr_c
ghqghcZ\ZglxjuZj_gmgZdhlhjhclZdhcm`Zkgucdhg_ph[j_eklZjucFm[Zj_dKi_j\Zfu_oZeb
kj_^biheh]boohefh\fh`gh[uehih^mfZlvqlhfugZoh^bfky]^_lh\Lxjbg]kdhfe_kmH^gZdh
gZ^wlbfbohefZfb\ukbebkvdjmlu_]jhfZ^gu_kdZeufjZqgu_keh\ghaeu_bkihebguZq_j_aqZk
m`_dZaZehkvqlhfuijh[bjZ_fkykj_^bms_ebcIbj_g__\
=hjbahglZg_[ueh\b^ghGZkhdjm`Zel_fguce_khg\u]ey^_edZdgZklhysZyqZsh[ZbdZdbf`_
?klvg_kdhevdhjZagh\b^ghkl_ce_kZG_ljhgmluce_kljhibdh\]mklhciZogmsbc[hehlZfbe_k
Ebl\u\_ebq_kl\_ggucj_^dbce_kZf_jbdZgkdh]hAZiZ^Z_kl_kl\_ggu_e_kZL_oZkZ\ulygmlu_\
�kljmgdmbkdhj__gZihfbgZxsb_iZjdbijbohleb\h\ha^_eZggu_kZ^h\gbdZfbE_k\RZjZ]_g_
[ueihoh`gbgZh^bgbagboG_\hevgh\kihfbgZebkvbkq_agm\rb_pb\bebaZpbbgZdhlhju_kf_jlv
l_i_jv[jhkZeZe_kgmxl_gv
Ijbf_jghqZkZq_j_aljb^hjh]ZdjmlhihreZ\gbafui_j_k_debrbjhdmxihi_j_qgmx^hebgm
^ZevgbcdjZcdhlhjhchl\_kgh\a^ufZeky\\_jo
Wlh[ueZgZklhysZykl_gZbakdZe\l_q_gb_g_kdhevdboqZkh\g_ij_ju\ghlygm\rZykykk_\_jZgZ
x]jZkk_ebgZobgZmklmiZokdZeimklbebdhjgb]jhfZ^gu_khkgub_ebZgZ\_jomgZhkljhf
\uklmi_wlhckl_gulygmekyl_fguc[hj
�hebgZihjhkeZiurghcljZ\hcihwlhfmyij_^eh`behklZgh\blvkya^_kvbohly[uq_l\_jlvqZkZ
hl^hogmlvqlh[uehrZ^bfh]ebg_fgh]hih[jh^blvkj_^bwlhca_e_gb
GZrijh\h^gbdfb]hfkh]eZkbekybkiju]gmekehrZ^b_^vihdZfuhl^uoZeba^_kvXgZd\k_
^Zevr_moh^behlgZkH^gZdhijh\h^gbdg_ih^haj_\Zeqlhyihdbgmek_^ehkdhj__jZ^bXgZdZ
q_fbaaZljZ\u
Ih[ebahklbijhl_dZeZ^h\hevghrbjhdZyj_qmrdZIh[_j_]m__ebrvdh_]^_\b^g_ekyj_^dbc
dmklZjgbd?s_dh]^Zfufbgh\Zeb^_j_\vyjhkrb_ihdjZx^hebgub\u_a`ZebgZijhklhjy
aZf_lbeqlh\kx^hebgmi_j_k_dZ_lq_clhke_^HggZqbgZekylZf]^_fugZoh^bebkvb\_ed
[_j_]m
Wlhlke_^g_khfg_gghhklZ\beXgZdAgZqblhgkqblZegZklZdbfb]emipZfbqlhfug_
aZih^hajbfgbq_]h\klj_lb\_]hke_^
Kh\q_jZrg_]h^gy\h^Z\j_qd_ih^gyeZkv?_jmkehkdhj__gZihfbgZehdhleh\bgmkiehkdbfb
[_j_]ZfbLjZ\Z[ueZfy]dhcbyij_^iheh`beqlhohly[um\h^u\klj_lblkyq_ldbchli_qZlhdgh]
DhgZd^`b\hh[s_g_aZf_lbewlhlke_^Hgmk_eky^hklZek\hcklZjuc\hgxqbcqm[mdgZ[be_]hb
ih^`_]lZ[ZdGhqlhwlh[ueaZlZ[ZdIhaZiZomhggZihfbgZekf_kvdZjlhn_evguobh]mj_qguo
hqbklhdZlZd`_kljb`_guogh]l_cIj_^klZ\vl_k_[_q_eh\_dZdhlhjuc[hblkyijhklulvmfu\Zykv
bijh\h^bl\kxghqv\ijhdmj_gghceZqm]_XgZdZbgZaZqmfe_gghfkf_jlghfh^j_Fm[Zj_dZ
g_fm^j_ghqlhyg_klZekZ^blvkyjy^hf
OZe_nkijhkbeylZd]jhfdhqlh[udhgZd^`bkeurZewlhqlhaZihehkZlyg_lkyihljZ\_"
Wlhke_^kb^bhl\_lbefZeur]hj^ykvqlhfh`_liho\ZeblvkyagZgbyfbihemq_ggufbhlf_gy
Dlh_]hhklZ\be`b\hlgh_bebq_eh\_d"
Fg_gm`ghohjhr_gvdh_]hjZkkfhlj_lvqlh[uhij_^_eblvwlh
Hgihr_eijbklZevghijb]ey^_ekyk^_eZeg_kdhevdhrZ]h\\^hevke_^ZbihdZqZ\]heh\hckdZaZe
Wn_g^bfh`_l[ulvwlhq_eh\_dZfh`_lba\_jv
hldZdQlh[umagZlvwlh\hh[s_g_gZ^hijbkfZljb\ZlvkyDhg_qghwlh[ueq_eh\_dbeba\_jv
Beblu^mfZ_rvqlha^_kvijhoZ`b\Zeky^\hj_pdhgklZglbghihevkdh]hkmelZgZ"
LugZ^hfghcba^_\Z_rvky"Y]hlh\kihjblvqlhg_evayihgylvdlha^_kv[ueKZfih^hc^bdZ
kx^Z
Qlh[uwlhihgylvfg_\hh[s_g_gm`ghlm^Zih^oh^blvA^_kvijhr_e[hkhcq_eh\_d
DZdluwlh^hdZ`_rv"
JZamf__lkyg_l
AgZqblwlhq_eh\_dbeb^\mgh]h_`b\hlgh_lh_klvilbpZ;hevrZywlhilbpZ[ueZbebfZe_gvdZy"
;hevrZydhg_qgh
DZdZywlhilbpZfh]eZ[ulv"
Dhg_qghZbkl
IjZ\bevghGhZbkljZkoZ`b\Z_lf_^e_gghbhklhjh`ghHg\ukhdhih^gbfZ_lh^gmgh]maZ
^jm]hcb\Z`gh\uklmiZ_lE_]dhfh`ghjZaebqblvdZdhg^_eZehl^_evgu_rZ]b:a^_kvjZa\_lZd"
G_lLhldlha^_kvr_eg_i_j_klmiZekgh]bgZgh]mg_lhgijhq_jlbeg_ij_ju\gu_ke_^ugZ
ljZ\_
Kh\_jr_ggh\_jghKe_^khklhblg_bahl^_evguohli_qZldh\Zbakiehrghc^\hcghcebgbbM
ZbklZgh]blhesbghckiZe_pg_[hevr_wlb`_ebgbbrbj_q_eh\_q_kdhcjmdbGmjZa\_fh]a^_kv
ijhclbZbklkZfZydjmigZya^_rgyyilbpZ"
G_lkb^bwlhdhg_qgh[ueq_eh\_d
EZ^gh^Zevr_LukZf]h\hjbrvqlhhli_qZldh\gh]g_\b^ghQ_fklZjr_ke_^l_fkmr_ljZ\Z
ihdhlhjhcijhrebA^_kv`_ihdZgbh^gZljZ\bgdZg_aZ\yeZQlhhlkx^Zke_^m_l"
Qlhke_^kh\k_fk\_`bc
_jghAgZqblhli_qZldbgh]^he`gu[ulv\b^guq_f`_^_eh"Ihq_fmfubog_\b^bf"
Dkh`Ze_gbxg_fh]mkdZaZlv
Qlh`wlhaZ\bkblhllh]h[ukljhebr_eq_eh\_dZ_s_hllh]h[ueebhgh[mlWlhlq_eh\_d
lhjhibekybgZklmiZe\k_[hevr_gZiZevpuq_fgZiyldmMkZih]b[ZrfZdh\ih^hr\Zl\_j^Zyhgb
hklZ\eyxlq_ldbcke_^Lmlke_^iehoh\b^_gagZqblq_eh\_dr_e[hkbdhfL_i_jvluwlh
ihgbfZ_rv"
JZalu\k_lZdh[tykgbeyijbagZxl\hxijZ\hlm
Dhg_qghyijZ\Dlh[ufh][ulvwlhllhjhiu]ZjZa]meb\Zxsbc[hkbdhf"DhgZd^`b\wlhfe_km
dlhgb[m^v`b\_l"
G_llmlgbh^bgq_eh\_dg_`b\_lhl\_lbehg
Lh]^Zy^mfZxqlhXgZdihr_ekh\k_fg_\lmklhjhgmHgihjZkk_ygghklbhlijZ\bekyg_\
=eh]h\bdZdQ_jlh\hckdZe_
=hkih^bgqlhlu\u^mfZeHg\hh[s_g_fh`_laZiemlZlv
Qlh`lh]^Zhgk^_eZewlhkmfukehfHgih^mfZeqlhfh`_ldmiblvkhev\^jm]hff_kl_
�Zg_l`_?keb[u\ug_kiZeb\um\b^_eb[udZdhgmoh^be
Qlh`oZ^`bOZe_nHfZjkdZaZefg_qlhghqvxba^hfZ\ur_eq_eh\_dbkdjuekyaZ^hfhfhl
lhevdh\dZdhfgZijZ\e_gbbhghlijZ\bekyOZe_ng_fh]jZaebqblv
Wlhdhg_qgh[ueXgZd\_^vhg\ur_eaZl_fghqlh[u\_jgmlvky^hfhcg_kebrdhfiha^gh
Lh]^Z\l_fghl_hgaZ[em^bekybihr_eg_gZe_\hZgZijZ\h;ulvfh`_lhgk^_eZewlhk
mfukehfZihkdhevdmihke_^my\b`mqlhhgki_rbelhhgih`ZemcgZf_j_\Zekyihkdhj__
^heh`blvhgZr_fijb[ulbbm]e_`h]m
KljZggu_`_ml_[yfukebwn_g^bkdZaZeijh\h^gbd\_kvfZkfmlb\rbkvDZdh_^_ehXgZdm
^hlh]hqlhfuohlbfhl^hogmlvmm]e_`h]Z"
Dhg_qghylh`_g_ihgbfZxwlh]h
GZh[hjhlyml\_j`^Zxqlhwlh[uehgY^Z`_l_[_wlh^hdZ`m
Wlhg_\hafh`ghG_m`_ebihke_^Zfwlh\b^gh"
�Z
Ke_^ub\ijyfvfh]mlkdZaZlvl_[_qlha^_kvijhr_eq_eh\_dDk\h_fmbamfe_gbxym[_^beky\
wlhfgh\_^vhgbg_kdZ`mld_f[uewlhlq_eh\_d
HgbkdZ`mlfg_wlhhq_gvykghIh^gbfbkvdZbih^hc^bkx^Z
YgZijZ\bekyd[_j_]mj_qdbZhklZevgu_ihke_^h\ZebaZfghchae_lh]hf_klZ]^_q_eh\_daZr_e
\\h^mhgf_^e_gghbhklhjh`ghhsmiZe__gh]ZfbM[_j_]Z^ghj_qdb[uehfy]dbflZfg_
\b^g_ehkvgbdZfg_cgbi_kdZl_fhlq_leb\__\ijhajZqghc\h^_gZ]em[bg_ihemlhjZnmlh\
\b^g_ebkvke_^ugh]
Kfhljbkx^ZdhgZd^`bkdZaZeyLuaZf_qZ_rvwlbhli_qZldbgh]ih^\h^hc"
�Zwn_g^bBy\b`mqlhlu[ueijZ\q_eh\_dr_e[hkbdhf
KjZ\gbdZke_^uh[_bogh]G_gZoh^brvgbdZdhcjZagbpu"
G_l
EZ^ghdkqZklvxhli_qZldbiZevp_\a^_kvq_ldhkhojZgbebkvKjZ\gbdZ_s_jZaI_j_kqblZcbo
HggZdehgbekyghih`Zemcg_^eylh]hqlh[uihkqblZlvboZklZjZykvkdjulvk\h_ebphHg
aZf_lghjZkl_jyeky
Qlhy\b`m\hkdebdgmeoZ^`bMwlh]hq_eh\_dZgZe_\hcgh]_\k_]hq_luj_iZevpZKb^bwlh
[ueXgZdbgbdlhbghc
Ijh\h^gbdkijZ\bekykhk\h_cjZkl_jygghklvxbkgh\Zih^gyekyijhfhe\b\
:jZa\_dlhlh^jm]hcg_fh`_lihl_jylviZe_p"
_jghhl\_lbeyghwlhklhbeh[ugZa\Zlvhq_gvkljZggufkh\iZ^_gb_fBlZd^eyq_]h`_
XgZd\h^blgZkaZghk"
�Zwlh\hh[s_g_hg
EZ^ghohl_ehkv[ugZ^_ylvkyqlhwlhg_hg?kebhgaZfurey_ldZdmxlhobljhklvlhihemqbl
\f_klhkhebk_ebljmZfh`_l[ulv_s_k_jmb^j_\_kgucm]hev\ijb^ZqmLujZamf__rvqlhwlh
agZqbl"
�Zgh\k_`_g_ihgbfZxl_[yBawlbolj_o\_s_kl\ijb]hlZ\eb\ZxlihjhoLuwlhbf__rv\
\b^m"
Dhg_qghZ_kebkj_^bgbog_gZjhdhfgZc^_lkybdZlur_dk\bgpZlhe_]dhfh`_lklZlvkyqlhlhl
dlhaZ^mfZe^h[jZlvky^hQ_jlh\hckdZeuijyfbdhfm]h^bl\Z^WlZj_qdZ]em[hdZy"
G_lEhrZ^yfg_ihgZ^h[blky__i_j_ieu\Zlv?_fh`ghi_j_clb\[jh^aZkmqb\rlZguFu
hlijZ\ey_fky\imlv"
�Zq_l\_jlvqZkZm`_ijhrebDm^Z\_^_l^hjh]Zqlhihlmklhjhgmj_db"
Lu\b^brvl_fgmxhl\_kgmxihehkmgZ\uklmi_kdZeu"
�Z
Wlh\oh^\]hjeh\bgmms_evy?]hgZau\ZxlQ_jlh\ufms_ev_fihlhfmqlhhgh\_^_ldQ_jlh\hc
kdZe_hllm^Zfuih_^_f
:kdhjhebfu^h[_j_fky^hwlhckdZeu"
Q_j_aiheqZkZkebrgbfLuihjZabrvkydZdb_]jhfZ^gu_kdZeue_`Zlihh[_klhjhguhlms_evy
g_[h
Bg_lgbh^ghc^jm]hc^hjh]b\_^ms_cgZaZiZ^"
G_llhevdhh^gZwlZ
Lh]^ZgZfijb^_lkyke_^h\Zlvwlbfiml_fGhkgZqZeZyihiulZxkvhlukdZlvke_^uex^_caZ
dhlhjufbfu]hgbfkyljZ\_ke_^h\g_hklZehkv\_^vkh\q_jZrg_]h^gyhgZm`_\uijyfbeZkvZ
\hlgZf_edh\h^v_bogZ\_jgh__s_fh`ghaZf_lblv
�Fh_qmlv_g_h[fZgmehf_gyQmlv\ur_ihl_q_gbx\j_dm\hrebiylvehrZ^_cZevr_bkdZlv
ke_^ug_[uehkfukeZFui_j_k_debj_qdmbhklZgh\bebkvm\oh^Z\ms_ev_
IhgZqZemhgh[uehlZdhcrbjbguqlhebrv^\Z\kZ^gbdZfh]eb_oZlvjy^hf^jm]k^jm]hfIhlhf
kdZeuhlklmibebgZaZ^
Hgb\ukbebkvkljZrghckiehrghckl_ghcFukeh\gh\t_oZeb\gmljv]jhfZ^gh]hdm[Zkeh`_ggh]h
baiemlhgbq_kdboihjh^b^hklb]Z\r_]h\ukhlu\g_kdhevdhkhl_gnmlh\Ih^a_fgZyklbobyijh[beZ
ihkj_^bg_]hjZks_ebgmKlhbeh\a]eygmlv\\_jobdZaZehkvqlhkl_gukdZekeb\Zxlky^jm]k
^jm]hfGbke_\ZgbkijZ\Z\ah[jZlvkygZ\_jo[uehg_evayDjZykdZe[ueb]heufbebrvdh_]^_
\b^g_ebkvdmklbeb^_j_\p_
_jbrvqlhrZclZgm^ZjhfdmeZdZijhehfbejZks_ebgm\wlhckdZe_"kijhkbegZrijh\h^gbd
�Zwlhimlv\_^msbc\Z^Ohl_ehkv[uk`Zlvkyih^h[ghdjhohlghfmgZk_dhfhfmgZ^dhlhjuf
iZjbl]heh^gZyilbpZ;uklj__\i_j_^
�hkboihjdhgZd^`b^_j`Zekykj_^bgZkL_i_jvhg\uj\Zeky\i_j_^h[h]gZ\OZe_nZbHkdh
_oZ\rboi_j\ufbYij_^iheh`beqlhfuijb[ebabebkvdf_klmdhlhjh_fh]ehklZlv^eygZk
jhdh\uf
g_aZighi_j_^gZfbihdZaZekyijhajZqgucjmq_ckh\_jr_gghf_edbcbmadbchgijb`bfZeky
\iehlgmxd^hjh]_bbkq_aZe\jZks_ebg_kj_^bkdZeKe_\Zhlf_gykdZeZhlklmibeZgZaZ^
h[jZah\Z\^h\hevghrbjhdbcmklmiihjhkrbcdmklZjgbdhfb^_j_\vyfbh^gZdh\ah[jZlvkylm^Z
[uehg_evayukhlZwlh]hmklmiZkhklZ\eyeZijbf_jghiylv^_kylnmlh\Y\kihfgbekeh\ZXgZdZh
lhfqlhgm`ghijhclbrZ]h\iylv^_kylr_klv^_kylih\h^_Zihlhfih^gylvkygZ]j_[_gvkdZeu
GZ\_jgydZhgbf_e\\b^mwlhlmklmikdZeu
Fhbkimlgbdblh`_ijbf_lbebqlhfugZoh^bfkyg_ih^Ze_dmhljhdh\h]hf_klZMdjZ^dhchgb
[jhkZebgZf_gy\hijhkbl_evgu_\a]ey^ubykh]eZkghdb\Ze
FZe_gvdZy]hjgZyj_qmrdZlbohkljmbeZkvgZfgZ\klj_qm\ijhq_f\kdhj_fumkeurZeb]jhfdh_
[meluoZgb_Fu^hklb]ebf_klZ]^_ihlhdh[jmrb\Zekyk\ukhluh^Z]em[hdh\t_eZkv\fy]db_
ihjh^uh[jZah\Z\`_eh[ihdhlhjhfmkl_dZeZkhklmi_gbgZklmi_gv
Wlh[uehlhkZfh_f_klhF_edZydZf_ggZydjhrdZjZafulZyjmqv_fkdZieb\ZeZkvihh[_klhjhgu
hlg_]hbiblZeZdhjgbjZkl_gbcA^_kvjhkebljZ\ubdmkluex[b\rb_\h^mboheh^ZlZd`_
iZihjhlgbdbdhbfbbah[beh\ZeZwlZf_klghklvIjbf_jgh\iylbf_ljZohla_febyaZf_lbe
\uj\ZggucgZiheh\bgmdmkliZihjhlgbdZYhklZgh\bedhgyb]eygmegZ\_jo
B^_fl_`_iha\ZegZkdhgZd^`blZddZdfhbkimlgbdblh`_hklZgh\bebkv
Ih^h`^bfbgmldmkdZaZey_jgbkvdZ_s_jZakx^ZYohl_e[uihdZaZlvl_[_dh_qlh
ihjZabl_evgh_
Hgijb[ebabeky
AZq_f"
LZdemqr_[m^_l\b^gh
Ghful_jy_f\j_fy
K_]h^gylu_s_gbdh]^Zg_[uelZdgm`_gM`hq_gvlZbgkl\_gguca^_kvjmq_c
DZdlZd"kex[hiulkl\hfi_j_kijhkbehggbq_]hg_ih^haj_\Zy
Yklhyemg_[hevrh]hj_qgh]hdZkdZ^Z\]ey^u\Zykv\_]hgb`gb_klmi_gbIjh\h^gbdkiju]gmek
ehrZ^bbih^hr_edhfg_Ki_rbebkvbhklZevgu_
IhkfhljbdZgZwlhliZihjhlgbd\\_jomJZa\_g_\b^brvqlh_]hdlhlh\uj\Zebaa_feb"
G_l\hh[s_g_l
Y^mfZxdlhlhdZjZ[dZekygZ\_jo\p_ib\rbkv\iZihjhlgbdb\uj\Ze_]h
Wlh[ueZ[mjy
;mjy"Fua^_kvgZoh^bfky\dhleh\bg_g_agZxs_cgb[mjvgb\_ljh\G_lwlh[ueq_eh\_d
QlhgZfaZ^_eh^hg_]h"
GZflhdZdjZa^hg_]h^_eh_klvhggZrklZjucagZdhfuc
G_fh`_l[ulvDlh`_wlh"
XgZd
HgihdjZkg_eklhbehfg_gZa\Zlvwlhbfy
Wn_g^b^Zekyl_[_wlhlXgZdHg`_mr_e\=eh]h\bd
G_lhglZfgZ\_jomA^_kv\hae_^hjh]bjmq_cgZg_kg_fZehi_kdZWlhlXgZdq_eh\_d
g_hklhjh`gucJZam`hg\_e_ekdZaZlvgZfqlhmoh^bl\=eh]h\bdlhjZa\_fh`gh[ulvlZdbf
]emiphfqlh[u]heufbgh]ZfbgZklmiZlvgZi_khdFg_`_ba\_klghqlhmg_]hg_^hklZ_liZevpZgZ
gh]_bhgwlhagZ_l:a^_kvdZdbjZgvr_gZ[_j_]mj_dbluykgh\b^brvq_luj_oiZeuchli_qZlhd
gh]bXgZdgZ\_jomQlh_fmlZfgm`gh"
Wn_g^b_]hlZfg_lklZe[hyaeb\hm\_jylvijh\h^gbdIh_^_f^Zevr_
Ki_j\ZgZ^hm[_^blvkydlhijZ\lubebyYih^gbfmkvgZ\_joqlh[u\a]eygmlvgZwlh]h
q_eh\_dZ
=hkih^bglufh`_rvk\ZeblvkybkehfZlvk_[_r_xbgh]b
Yohjhrhmf_xeZablvihkdZeZfZoZ^`bfg_ihfh`_lYgZ^_xkvm^ZqghkwlbfkijZ\blvkyDm^Z
hiZkg__dZ`_lkyfg__oZlv^Zevr_
Ihq_fm"
Y^mfZxqlhlZfgZ\_jom_klvex^bex^bkq_dZgZfbbijZsZfbhlqlhhiZkgh
:eeZo\hkdebdgmehg\m`Zk_
i_j_^b^hjh]Zih\hjZqb\Z_lb
Hldm^ZluwlhagZ_rv"IhdZ_s_gbq_]hg_\b^gh
Y^h]Z^u\ZxkvIh^h[gh_f_klhhq_gvhiZkgh_kebgZ\_jommkljhblvaZkZ^mIhwlhfmyih^gbfmkv
gZkdZembhkfhljxkv
Hgih[e_^g_ebkdZaZeihqlbaZbdZykv
Yb\ijyfvg_fh]mihgylvl\hbfukeb
k_hq_gve_]dhh[tykgy_lky:qlh[ulug_jZkkljhbefhbieZguyihijhrml_[ykwlhcfbgmlu
]h\hjblvdZdfh`ghlbr_
G_ljm^bkvajyFul_[yg_[hbfky\_^vml_[yg_l^Z`_hjm`by
Ijh\hjguf^\b`_gb_fy\uj\Zemg_]hbaaZihykZgh`bibklhe_l?]hjm`v_\bk_eh
ijblhjhq_ggh_dk_^emLml`_HkdhbHfZjlZddj_idhh[o\Zlbeb_]hkaZ^bqlhhgg_fh]
r_\_evgmlvkyHgohl_eaZdjbqZlvghg_j_rbeky\_^vyijbklZ\be_fmd]jm^b_]hgh`b
ijb]jhabe
G_]h\hjbgb_^bgh]hkeh\ZZlhyaZdhexl_[yAZlh_kebih\_^_rvk_[ylbohklh[hcg_kemqblky
gbfZe_cr_cg_ijbylghklbLuagZ_rvqlhyg_^h\_jyxl_[_?kebluk_cqZkihdhjbrvkygZr_c
\he_lhfh`_l[ulvg_^h\_jb_dl_[_ihm[Z\blkyFuk\y`_fl_[yZHkdhbHfZjl_[yihkl_j_]ml
ihdZykOZe_nhfg_\_jgmkvLh]^Zbj_rbfqlhklh[hc^_eZlv;m^_rvrmf_lvaZdhe_fl_[y
kfbjbrvkyihemqbrvgZaZ^hjm`b_bhklZg_rvkygZrbfijh\h^gbdhf
Hgohl_e\hajZablvghHkdhlhlqZkijbklZ\behkljb_gh`Zd_]h]jm^bWlhaZklZ\beh_]haZfheqZlv
?]hk\yaZeb_fmhklZehkvebrvmk_klvkygZa_fv
uagZ_l_qlh\Zf^_eZlvkdZaZeyHkdhbHfZjmKe_^bl_aZl_fqlh[uehrZ^b\_ebk_[y
�kihdhcghhjh]Za^_kvhq_gvmadZy\ue_]dhi_j_djh_l___Gbdlhg_fh`_lijh_oZlva^_kv[_a
\Zr_]hiha\he_gby:_kebkemqblkyqlhlhg_ij_^\b^_ggh_lhfug_f_^e_gghihki_rbfgZ
ihfhsvijbi_j\uo`_\Zrbo\uklj_eZo?keb`_\umkeurbl_klj_ev[mlhkb^bl_kihdhcgh\Zf
g_q_]haZgZkhiZkZlvky
Kdhevdh`_g_gZ\bklb[ueh\h\a]ey^_dhlhjuc[jhkbe\f_gyijh\h^gbddh]^Zyijbgyeky
ih^gbfZlvkygZkdZemOZe_nihke_^h\ZeaZfghc
ImlvhdZaZekyg_fgh]hmlhfbl_evgufgh\h\k_g_hiZkgufh^Z\jmqv_[ueZijhajZqghcMklmiu
^Z\ghijh[blu_bf[uebg_[hevrhc\ukhlubq_j_^h\ZebkvlZdqZklhqlhfue_]dhih^gyebkvih
gbfkeh\ghihke_]dZkdhevadhce_klgbp_
XgZd[ueijZ\q_j_adZdbolhiylv^_kylr_klv^_kylrZ]h\fuih^gyebkvgZ\_joA^_kvrbjbgZ
mklmiZ^hklb]eZklZkebrgbfrZ]h\?]hihdju\Zekehcihq\u[h]Zlhci_j_]gh_fA^_kvjhkeb
o\hcgu_bebkl\_ggu_^_j_\vyZdmklZjgbd\ukbekylZdhciehlghckl_ghcqlhgZfwlh]hlhevdhb
gZ^h[uehKd\havaZjhkebfh`gh[uehg_aZf_lghih^djZklvkydgZrbf\jZ]Zf
Qlhl_i_jv"r_igmeOZe_n
Fuijh[_j_fky\i_j_^XgZd]h\hjbeqlhihwlhfmmklmimgZ^hijhclbihelhjukhlgbrZ]h\b
fu^hklb]g_fih\hjhlZHgbgZ\_jgydZgZoh^ylkylZfGh\k_lZdbm`_k_cqZkgZ^hkh[ex^Zlv
�hklhjh`ghklv_j`bkvlhevdhihaZ^bf_gy
Hgbfh]eb\uklZ\blvqZkh\h]hqlh[uke_^blvaZgZrbfijb[eb`_gb_f
QZkh\hcgZ\_jgydZmk_eky\i_j_^bgZkZfhfdjZxkdZeu?kebfu\havf_fe_\__lh_klvh[hc^_f
_]hkaZ^bhgg_m\b^blgZkbg_mkeurbl?keb`_kemqZcghfu\klj_lbfdh]hlhbagbolh
�kijZ\bfkykgbf\jmdhiZrgmxba[_]Zy\kydh]hrmfZeywlh]hy\ayekkh[hcg_kdhevdhj_fg_c
AgZ_rvmf_gylh`_\k_]^Zijbk_[__klvj_fgbhgbqZklh[u\Zxlgm`gu
AZjm`vyfu\havf_fky_keblhevdh\klj_lbfkjZamg_kdhevdboq_eh\_dYklj_eyxebrv\
djZcg_fkemqZ_b^Z`_lh]^Zg_ohqmgbdh]hm[b\Zlvuklj_e\dhe_ghk\ZeblgZa_fvkZfh]h
]jhagh]h\jZ]ZLZdqlh\i_j_^
FuijhdjZebkv\i_j_^klZjZykvg_aZ^_\Zlv\_ldbFuohl_eb^_j`Zlvkye_\__ghg_fgh]hih]h^y
mkeurZebkijZ\ZrmfaZklZ\b\rbcgZkaZf_j_lv
Dlhlhlhqblgh`hdZf_gvDZd`_hgg_hklhjh`_g
Hg^Z`_g_aZ^mfu\Z_lkyhlhfqlhfufh`_f\ah[jZlvkygZkdZemIjhc^_ffbfh"
G_lGZ^h[umagZlvdlhlZfEy]gZa_fexK_cqZk[m^_fi_j_^\b]Zlvkyiheadhf
FugZijZ\bebkvlm^Zhldm^Z^hghkbekya\md\kdhj_fuhdZaZebkvihqlbgZdjZxkdZeuLZfgZ
ihklmkb^_eKmwnribhgblZdklZjZl_evghlhqbegh`h[hkljucdZf_gvkeh\ghaZwlmjZ[hlm
_fmieZlbebk_j_[jygufbibZkljZfbHgkb^_edgZfkibghc
?fmgZ^e_`Zeh\ukfZljb\ZlvgZkghhg\u[jZedZdjZalhf_klhhldm^Zfh]aZf_lblvgZkebrv
dh]^ZfugZoh^bebkvijyfhih^gbfDhg_qgh_keb[ufuijh_oZebqmlv\i_j_^hgm\b^_e[ugZk
Qlh^_eZlv"kijhkbeOZe_nHklZ\bf_]hkihdhcghkb^_lv"
Hg_lA_feyihjhkeZa^_kvfohfhavfbdZ]hjklvfoZYih^[_jmkvdg_fmblZdko\Zqm_]h
kaZ^baZrb\hjhlqlhhgjZabg_ljhlghg_ijhjhgblgba\mdZLh]^ZluaZldg_rv_fmjhlfohfY
ihiheam\i_j_^DZdlhevdhyhdZ`mkvhlg_]h\^\mof_ljZofh`_rvih^gylvkyb[jhkblvkygZg_]h
Lbohbf_^e_gghfuiheaebdKmwnmklZjZykv^_j`ZlvkyaZdmklZjgbdhfG_\^Ze_d_hlg_]hjhkeh
^_j_\hykijylZekyaZgbfl_i_jvf_gykKmwnhfjZa^_eyeebrvkl\he^_j_\Z
Y^hklb]^_j_\Z?s_iZjZk_dmg^by\iehlgmxih^h[jZekyd^hahjghfmIhaZ^bf_gy\uijyfbeky
OZe_n]hlh\ucdiju`dmH^gZdhfZeur[uekughfimklugbZg_bg^_cp_fhggZklmibegZkmomx
\_ldmlZojmklgmeZKmwnih\_jgmekydgZf
Gbh^bgom^h`gbdg_kmf__li_j_^Zlv\ujZ`_gb_fheqZeb\h]hm`ZkZijhklmib\r__\q_jlZo
ribhgZ_^\Zhgm\b^_egZkHgiulZekydjbqZlvghg_kmf_eijhjhgblvgba\mdZohlyyg_\hevgh
^Ze_fm\j_fygZwlhLml`_yfb]hf[jhkbekydg_fmbh[_bfbjmdZfbko\Zlbe_]haZr_xHg
^ju]ZejmdZfbbgh]ZfbrbjhdhjZkdju\Zyjhlqlh[u]ehlgmlv\ha^mo^\Zkq_lZOZe_nhdZaZeky
jy^hfbkmgme_fm\am[u]hjklvfoZ?s_g_dhlhjh_\j_fyydj_idhijb^_j`b\ZeKmwnZIhlhf
^\b`_gby_]hklZebkeZ[__bdh]^Zym[jZejmdbhge_`Ze[_aqm\kl\
Yih^gye_]hbi_j_g_k\dmkluGh`mg_]h\uiZejm`v_hgiheh`be]^_lhjy^hf=^_hg_]h
hklZ\beyg_agZeOZe_nijbg_klhb^jm]h_
FumkZ^beb_]hgZa_fvijbkehgb\dkl\hembijb\yaZeblZdqlhhgh[o\Zlbe^_j_\hjmdZfb
aZ\_^_ggufbaZkibgmIhlhfkeh`b\g_kdhevdhjZaiheu_]hh^_`^ufui_j_lygmeb_fmjhllZd
qlh[uhgg_fh]\ulhedgmlvfhoyaudhfLZdqlhdjbqZlvhgl_i_jvg_fh]
Ihjy^hdlbohaZ\_jbeOZe_nHg_fihaZ[hlbebkvdZdke_^m_lQlh[m^_f^Zevr_^_eZlv
kb^b"
Ijh^he`bfgZrimlvKemrZc
Ihoh`_[uehgZa\mdrZ]h\kZfhf^_e_fumkeurZebqlhkx^Zdlhlhr_eIhoh`_[uehqlhhg
ke_^h\Zelm^Z]^_kb^_eKmwn
Dlh[uwlhfh][ulv"r_igmefg_oZ^`b
?]h]eZaZbkdjbebkvhlij_^\dmr_gbyko\Zldb
Lhevdhg_lhjhibkvijbdZaZey
Ykgh\Zijh[jZeky\dmklubm\b^_e;b[ZjZ?]h]jhfZ^gZynb]mjZklhyeZ\hae_^_j_\ZaZdhlhjufy
ij_`^_ijylZekyYykgh\b^_e_]hebphIhoh`_hg[uebamfe_gg_gZc^yKmwnZbl_i_jv
f_^e_ggh^\bgmeky^Zevr_
Q_jlih[_jbr_igmey?s_^_kylvbeb^\_gZ^pZlvrZ]h\bhgm\b^blgZrbokimlgbdh\_keb
GZ^h[ueh[ukljhih^djZklvkydZeZ^`bbfg_wlh\h\j_fym^ZehkvHgih]ey^_egZ^hjh]mbm\b^_e
ljhboex^_cih^`b^Z\rbogZk\gbamLml`_hgk^_eZeg_kdhevdhrZ]h\gZaZ^qlh[u_]hg_
aZf_lbeb
Hgiylbekyg_h[hjZqb\ZykvbjZkklhygb_f_`^mgZfbkhdjZlbehkvgZklhevdhqlhyfh]
gZ[jhkblvkygZg_]hL_i_jv[ueh^_ehff]gh\_gbyko\Zlblv_]he_\hcjmdhcaZrb\hjhlZijZ\uf
dmeZdhfklmdgmlvih\bkdmHgjmogmeg_bkimklb\gba\mdZF_`^ml_fOZe_nm`_klhyejy^hfkh
fghc
?]hlh`_k\yaZlv"kijhkbehg
�ZghihdZg_gZ^hhavfb_]hhgly`_eh\Zl
Fuhlg_kebwlh]hbkihebgZdihjlghfmblh`_ijb\yaZebd^_j_\mJhl_]h[ueijbdjulY
jZa^\bgme_fmam[uki_j\ZdebgdhfZihlhfjmdhyldhck\h_]hgh`ZFuhl\yaZeb_]hihykb\f_klh
deyiZaZldgmebbfjhlIhkdhevdmhg[ueq_eh\_dhfhq_gvdj_idbfgZfihgZ^h[behkv\^\h_[hevr_
imllZdqlhj_fg_cmgZkl_i_jvm`_g_hklZehkveZkkhyg_[jZe\kq_ly[hyeky_]hihl_jylv
Ibklhe_lubgh`gZc^_ggu_aZihykhf;b[ZjZfukeh`bebjy^hfkhjm`b_fKmwnZ
L_i_jvbohklZehkv\k_]hljh_ijhfhe\beOZe_n^jm]hcZeZ^`bFZgZowev;ZjrZb;Zjm^
wev:fZkZl
G_aZ[u\Zclhj]h\pZm]e_fdhlhjuclh`_a^_kvgZ\_jom
Wlh]hiemlZyg_[_jm\jZkq_lQlhwlbq_l\_jhijhlb\gZk^\hboJZa\_fug_ohlbf\klj_lblvkyk
gbfb\hldjulhf[hxbhlgylvmgbohjm`b_kb^b"
Wlh[ueh[ukebrdhfjbkdh\Zggh
:aZq_ffulh]^Zih^gbfZebkvkx^Z"
Mf_gyg_[uehhij_^_e_ggh]hieZgZYohl_eih^djZklvkydgbfQlhfg_^_eZlvy[uihlhf
j_rbe
EZ^gh\k_kZfhh[jZah\ZehkvK^\mfym`_kijZ\bebkvZkhklZevgufbgbq_]hg_fh`_fih^_eZlv
�YlhdZdjZafh]mkgbfbdh_qlhk^_eZlvZihiZ^bgZflhevdh\jmdb_s_h^bgZeZ^`blh]^Zk
hklZevgufblj_fy[ukljh[umijZ\bebkv
=f?keb[uhglh`_ijbr_ekx^Z
JZa\_qlhkemqZcgh
BebKb^b_klvmf_gyh^gZfukevG_evayeb_]haZfZgblvkx^Z"
DZdbfh[jZahf"
:g_fh][uwlhl;b[Zjiha\Zlv_]h"
Fukevg_^mjgZyYg_kdhevdhqZkh\ih^jy^jZa]h\Zjb\ZekZeZ^`bbagZxbo]hehkZM;b[ZjZ
]hehkojbieh\Zlucbyih`Zemckmf_x_fmih^jZ`Zlv
LZdk^_eZcwlhkb^b
Lh]^ZgZfgZ^haZgylvf_klh]^_hgg_aZf_lblgZkijhoh^yfbfh
Fue_]dh\u[_j_ff_klh]^_gb[m^vaZ^_j_\hfbebdmklhf
�Zdhg_qghghm^Zklkyebfg_bgZwlhljZalZd`__]hh]emrblv"
LZd^\bgv_]hijbdeZ^hf
=fLmlljm^ghkhjZaf_jblvkbemYfh]mm[blv_]h
�Zhg_fg_klhbl]hj_\ZlvDlhfm`_mwlboiZjg_cdj_idb_]heh\u
Ihijh[m_fKb^bfg_hq_gvgjZ\blkydh]^Zluwlh]h\hjbrv
Hg[ue\_kvh]hgvbieZfyBawlh]hiZjgy\ur_e[uhlebqguckhe^Zl\g_f^j_fZe]_jhc
Fulbohbhklhjh`ghihreb\i_j_^ihdZg_^hklb]ebf_klZ]^_jhkebjy^hfljb\ukhdbodmklZ
kj_^bgbofh`gh[uehkijylZlvkyFumdjuebkv\dmklZobih^jZ`Zy]hehkm;b[ZjZyg_]jhfdh
djbdgme
KZg^ZjKZg^ZjB^bdhfg_
K_cqZkijb^mhl\_lbehghllm^Z]^_dZdyh`b^ZejZkiheZ]ZebkvhklZevgu_
Ihoh`_obljhklvm^ZeZkvYklhyegZ]hlh\_^_j`Z\jmd_kl\hejm`vykdhj_ymkeurZe]hehk
ijb[eb`Z\r_]hkyZeZ^`b
=^_lu"
A^_kvy
YmkeurZedZdhgih^oh^blddmklZfL_i_jvy^Z`_\b^_e_]hhgr_efbfhgZklhevdhg_lZd
[ebadhdZdgZfohl_ehkvH^gZdhjZa^mfu\Zlv[uehg_dh]^ZY\uiju]gmebaaZdmklh\
Hglh`_aZf_lbef_gyk_]hk_dmg^mm`Zkm^_j`b\Ze_]hgZf_kl_ihlhfhgohl_ehl[_`Zlvgh
[uehiha^ghY^\bgme_]hijbdeZ^hflZdqlhhgjmogmegZa_fv
Mg_]hkkh[hclh`_g_[uehgbjm`vygbq_dZgZebrvibklhe_lubgh`
M^Zehkv^h\hevgh]jhfdh\hkdebdgmeOZe_nDZd^mfZ_rvfgh]h\j_f_gb_fmihgZ^h[blky
qlh[uijbclb\k_[y"
�Z\Zcki_j\ZihkfhljbfqlhkgbfEx[h]h^jm]h]hlZdhcm^Zjfh]m[blv
ImevkZeZ^`b_^\Zijhsmiu\ZekyIhdjZcg_cf_j_[eb`Zcrmxq_l\_jlvqZkZfh`gh[uehg_
[_kihdhblvkyqlhhghqg_lky
Lh]^Zg_aZq_faZludZlv_fmjhldeyihffhe\beOZe_nGZ^hlhevdhk\yaZlv_]h
�eywlh]hfu\hkihevah\ZebkvrZevxkem`b\r_cZeZ^`bihykhfL_i_jvgZfb\ijyfvg_gZ^h
[uehijb[_]Zlvdbaebrg_chklhjh`ghklbFum`_g_djZebkvZreb\i_j_^ohlyb^h\hevghlboh
LZdfu^hklb]ebf_klZ]^_^hjh]Z\gbam^_eZeZih\hjhlA^_kvf_klghklvke_^h\ZeZwlhfmba]b[m
ihwlhfmgZkdZe_h[jZah\Zeky\uklmik\h_]hjh^Z[Zklbhg]^_wlbiZjgbjZkiheh`bebkv^hahjhf
A^_kvg_[ueh^_j_\v_\jhkehebrvg_kdhevdhdmklh\AZh^gbfbagbofum\b^_ebkb^_\rbogZ
a_fe_FZgZoZwev;Zjrm;Zjm^Zwev:fZkZlZbXgZdZHgb]h\hjbebf_`^mkh[hcghg_lZd
]jhfdhqlh[ufufh]ebboihgylvohlyfubih^h[jZebkvdgbfhq_gv[ebadh
F_klh\u[jZggh_bfb[ueh\_kvfZm^h[gh^eyboaZfukeh\Hgbg_ij_f_gghm\b^_eb[ugZk
lhihj[jhr_gguchlkx^Zdhg_qghjZafha`be[uq_eh\_dm]heh\m
QmlvihaZ^bgboklhyebiylvjm`_ckhklZ\e_gguo\ibjZfb^mAgZqblbXgZdijbg_kkkh[hc
jm`v_Lml`_e_`Zebq_dZguZeZ^`bbdh`Zgu_ijZsbijbg_k_ggu_XgZdhfJy^hfkijZsZfb
\b^g_eZkvdmqdZly`_euoj_qguo]heur_cLZdhcdZf_gvims_ggucm\_j_gghcjmdhcfh]
ih`Zemcm[blvq_eh\_dZ
Wlbljh_[uebm\_j_guqlhjZkijZ\ylkykgZfbHgbkb^_ebihqlbgZdjZx[ZklbhgZFZgZowev
;ZjrZ[ue\k_]h\lj_orZ]ZohldjZy?keb[ubfijbrehkvm[_]Zlvhgbg_ij_f_gghijhfqZebkv
[ufbfhgZk_^viju]Zlv\gba[ueh[uqbkluf[_amfb_fb^gh[uehqlhhgbaZklueb\
gZijy`_gghfh`b^ZgbbHgbihklhygghih]ey^u\Zeb\lmklhjhgmhldm^Zfu^he`gu[ueb
ihy\blvky
bklhjbxkf_^\_^_fIjhrehdZdh_lh\j_fyihdZfug_jZkkeurZebi_j\u_kdZaZggu_bfkeh\Z
GZ^_xkv\k_ihc^_llZddZd\uohlbl_Wlbq_l\_jhkihkh[gugZ\k_Lhevdhhgbijb_oZeb\fhc
^hfkjZamih\_ebk_[ydZdohay_\ZBdhgZd^`bjZkkdZ`_ldZdhgbh[jZsZebkvkgbfHgbaZdjueb
_]hgZ\kxghqv\ih^\Ze_\f_kl_kh\k_fb_]h^hfhqZ^pZfb
Bhgkl_ji_ewlh"\hkdebdgmeFZgZowev;ZjrZ
:qlh_fm_s_hklZ\Zehkv"
f_kl_kh\k_fb^hfZrgbfbHgbg_fh]ebihklhylvaZk_[y"
:\uqlh^Zebbfhlihj"G_l\u[uklj_ohgvdhm_oZebijhqv
BaaZkhe^Zldhlhju_[uebkgbfb
Hg_lKgbfbg_[uehgbh^gh]hkhe^ZlZdhgZd^`bihlhfihgyewlh
LukyqZq_jl_c?kebwlh[uehijZ\^hc
LZdhghb[uehHgb\Zkh[fZgmebWlbiZjgbg_lhevdh^_jadbdZd^bdb_dhrdbhgb_s_b
obljudZdeZkdb;_j_]bl_kvqlh[uhgbg_^h]Z^Zebkvheh\mrd_mkljh_gghcbfk_]h^gyWlhl
ijhlb\gucwn_g^b\q_flhaZih^hajbedhgZd^`b^Zbijhlb\f_gyhglh`_[uegZkljh_gQlhlh
^he]hbog_lhgb\_^vm`_^he`gu[uebihy\blvkya^_kv;hxkvdZd[uhgbgb^h]Z^Zebkvqlhfu
boa^_kv`^_f
G_fh]mlhgbwlh]hagZlvHgbg_ij_f_gghijb[m^mlblh]^Zhgbih]b[eb:eZ^`bihdeyebkvqlh
aZ`b\hg_lhjhiykvjZaj_`mlg_fpZgZdmkdb;Zjm^\havf_lgZk_[yq_jgh]hjpZHkdhZfg_
^hklZg_lkywlZfZe_gvdZyy^h\blZy`Z[ZoZ^`bHglZdhc`_]b[dbcdZdie_lvlZdimklvhg
�ihcf_lqlhagZqZlm^ZjuZg_dhkgmlky_]hgbimeygbgh`hgmfj_lih^ie_lvxLZdqlhgb
h^gh]hbagbog_evaym[b\ZlvkjZam:eZ^`bg_[m^mlp_eblvky\]heh\m^Zbylhevdhh]emrmoZ^`b
AZ[hlykvhkiZk_gbb^mrbyg_klZgm_]hm[b\ZlvGhihq_fmbolZd^he]hg_l"Mf_gym`_kbeg_l
bo`^Zlv
Fg_ohl_ehkv[u_s_ihkemrZlvbojZa]h\hjygZ^_yekyqlhhgbih]h\hjylhDZjZgbj\ZgoZg_Gh
OZe_ng_fh]^hevr_`^ZlvFZgZowev;ZjrZlZdkljZklghohl_eaZ[blv_]h^hkf_jlbie_lvxqlh
]g_\_]hg_bfh\_jghjZa]hj_ekyg_aZighhg\ur_e\i_j_^ih^hr_e\iehlgmxd\jZ]Zfb
\hkdebdgme
Qlh`\hlbyjZaml_[ykbeg_l`^Zlv
M`Zkdhlhjuc\ua\Zeh_]hihy\e_gb_[ueg_\_jhylgufXgZd\hkdebdgmebaZsbsZykv\uklZ\be
jmdb\i_j_^keh\ghm\b^_ei_j_^kh[hcijb\b^_gb_;Zjm^wev:fZkZl\kdhqbeka_febb
hlkmlkl\mxsbf\a]ey^hfmklZ\bekygZoZ^`bFZgZowev;ZjrZlh`_ih^iju]gmekeh\gh
ih^[jhr_ggucijm`bghcghhg[uklj__^jm]boijbr_e\k_[y?]hq_jlubkdjb\bebkvhlaehklb
Kh[ZdZijhjuqZehgLZd\hlluGZwlhljZa\Zfgbq_]hg_m^ZklkyL_i_jvluihiZefg_\
jmdb
HgihiulZeky\ulZsblvbaaZihykZibklhe_lgh\uklmiZ\rbc\bglbebkimkdh\hcdjxqhd
hq_\b^ghaZp_ibekyHg^hklZehjm`b_g_lZd[ukljhdZdohl_eOZe_nm`_p_ebeky\g_]hb
ijbdZau\Ze
M[_jbjmdbkihykZbgZq_yaZklj_exl_[y
�GmaZklj_ebh^gh]hbagZkhl\_lbegZdhg_p;Zjm^wev:fZkZlGhlhevdhh^gh]hjm]hc
m[v_ll_[y
p_ebeky\;Zjm^Z
Wn_g^bBhga^_kv\hkdebdgmelhl
Hghimklbejmdmk`bfZ\rmxgh`b\m`Zk_f_lgmekygZaZ^G_\hevghhgaZ^_eFZgZoZwev;Zjrm
hlkbevgh]hm^ZjZlhlhle_l_egZdjZckdZeuO\ZlZykvjmdZfbaZ\ha^moFZgZoih^gyegh]m
iulZykvgZclbhihjmghebrvhdhgqZl_evghihl_jyejZ\gh\_kb_
:eeZo:eeZo:eeijhjuqZehgbi_j_\Zebekyq_j_adjZckdZeuIhkeurZehkvdZd]^_lh
\gbam]emohm^Zjbehkv_]hl_eh
Ki_j\Zgbdlh^Z`_yg_ijhjhgbegba\mdZWlh[uefhf_glm`ZkZIjhe_l_\iylv^_kylnmlh\hg
g_ij_f_gghjZa[beky
?]hgZijZ\be:eeZo\hkdebdgmeOZe_n_]hebphklZehkf_jl_evgh[e_^guf:lu;Zjm^wev
:fZkZlluiZeZqk[jhkb\rbc_]h\ijhiZklv;jhkvgh`bgZq_ihe_lbrv\ke_^aZgbf
G_lyg_[jhrm_]hKlj_eycbgZq_hl\_^Z_rvfhcdebghdhl\_lbe;Zjm^
�HggZdehgbeky]hlh\ykvdiju`dmbaZfZogmekygh`hf^eym^ZjZeyOZe_nZwlh[ue^hklZlhqguc
ih\h^qlh[uklj_eylvGhhgwlh]hg_k^_eZeHg[ukljhrZ]gmegZaZ^i_j_\_jgmejm`v_b\klj_lbe
\jZ]Zm^ZjhfijbdeZ^Zk\Zeb\rbflh]hkgh];Zjm^[ueh[_ahjm`_gbk\yaZgkh[kl\_ggufihykhf
L_i_jvhklZehkvkijZ\blvkyebrvkXgZdhflhj]h\p_fm]e_fWlhlojZ[j_p\k__s_kb^_egZlhf`_
f_kl_qlhbij_`^_?kebijbihy\e_gbbOZe_nZhg[ueg_\_jhylghgZim]Zglh\k_qlhihlhf
ijhbahrehebrvm^_kyl_jbeh_]hkljZoHgijhlygmejmdbdhfg_b\afhebeky
Wn_g^bihsZ^bf_gyY\Zfgbq_]hg_k^_eZeLuagZ_rvqlhy\Zr^jm]
LugZr^jm]"Hldm^Z`_fg_wlhagZlv"
Lu\_^vagZ_rvh[wlhf
Hldm^Z"
Gm\u`_hklZ\Zebkvwlhcghqvxmf_gyYXgZdlhj]h\_pm]e_f
Y\wlhg_\_jxLuijZ\^Zhq_gvihoh`gZg_]hhkh[_ggh\f_ehqZolulhqghlZdhc`_]jyagmey
dZdhggh\_^vlu`_g_hg
Wlhywn_g^bwlhyLu`_\b^brvwlh:_kebg_\_jbrvkijhkbk\h_]hoZ^`b
Fg_g_aZq_f_]hkijZrb\ZlvMg_]h]eZaZg_emqr_q_fmf_gyLhj]h\pZm]e_fa^_kv[ulvg_
fh`_l\_^vhgmr_e\=eh]h\bdqlh[udmiblvkheb
Wlh[ueZg_ijZ\^Z]hkih^bg
Fg_kdZaZeZwlh_]h`_gZZ_cy\_jx[hevr_q_fl_[_?keb[ulub\ijyfv[ueXgZdhfgZrbf
ohaybghflhyiZfylmyhlhfq_fl_[_h[yaZgh[jZsZeky[uklh[hcfy]q_q_fk^jm]bfbGhjZa
^hdZaZghqlhlug_fh`_rv[ulvwlbfq_eh\_dhfagZqbll_[y`^_llZdh_`_kljh]h_h[jZs_gb_
dZdbl\hbokhh[sgbdh\hgbaZ^mfZebgZkm[blvbihlhfmihieZlbebkv`bagvxLZdqlhlu[m^_rv
ih\_r_gjy^hfkgbfbgZh^ghfbawlbodjZkb\uo^_j_\v_\
Wlbkeh\Zih^gyeb_]hkf_klZHgih^iju]gmeb\kdjbqZe\kljZo_
Wn_g^bgbq_]hkh\k_fgbq_]hg_^hdZaZghY\kZfhf^_e_XgZdyl_[_jZkkdZ`mh[h\k_fqlh
kemqbehkv\fh_f^hf_b_]hhdj_klghklyoy\kihfgx\k_hq_ffu]h\hjbebLu\_^vg_ih\_kbrv
q_eh\_dZdhlhjuclZdjZ^mrghl_[yijbgbfZe
EZ^ghh[wlhfjZ^mrghfijb_f_ymfheqmGh_keblub\ijyfvXgZddZd`_ihemqZ_lkyqlhlu
a^_kvZg_\=eh]h\bd_"
:o:ihq_fmlugZfkhe]ZekdZaZ\qlhihc^_rv\^jm]mxklhjhgm"
IhlhfmihlhfmaZe_i_lZehgylhevdh\imlbi_j_^mfZebj_rbegZijZ\blvkykx^Z
G_e]bfg_Luijbr_ekx^Zqlh[ul_[yg_h[fZgmebijb^_e_`_^h[uqbLu\k_]hj_\Zeqlhm
l_[yih]b[eZehrZ^vbijb^_lkyb^lbi_rdhf
Wn_g^bwlhlhevdhdhgZd^`bfh]l_[_kdZaZlvGZ\_jgh_wlhlq_eh\_dh[he]ZegZk\k_ob
jZkkdZaZel_[_\k_"
Kfhljb`_aZ^Z\Zy\hijhkluihg_\he_ijbagZekyYagZx\k_GZf_gykh[bjZebkva^_kvgZiZklv
ohlyl_[_kZfhfmg_gjZ\behkvwlhf_klhQlh`luh^he`begZrbf\jZ]ZfijZsb?keb[u
gZiZ^_gb_g_m^ZehkvgZkaZfZgbeb[u\I_s_jmKhdjh\bsbm[beb[u\g_c
Hghimklbe]heh\mbijhfhe\beqlhymagZewlhhldhgZd^`bZyg_klZehkiZjb\Zlv_]hfg_gb_
=h\hjb`_hl\_qZcijh^he`ZeyEbrvhll_[yaZ\bkbl[m^_lebl_[_lZd`_om^hdZd
hklZevgufL\hykm^v[Zk_cqZk\l\hbokh[kl\_gguojmdZo
Ihke_g_dhlhjh]hjZa^mfvyb\gmlj_gg_c[hjv[uhgkdZaZe
G_fh`_rv`_luih\_jblvqlhieZgm[blv\Zkijb^mfZgfghcWlbex^b^Z\ghm`__]hhklZ\beb
JZamf__lkyyagZxwlhGhlugZ`b\ujZ^blh`_j_rbejZa^_eblvbodhfiZgbxG_klZg_rv\_^v
luwlhhljbpZlv"
:fh`_ldhgZd^`baZfureyeijhlb\l_[ydm^Zom^rb_\_sbq_fy"
Mf_gyg_lijb\uqdb\ughkyijb]h\hjkqblZlvkykfg_gb_f^jm]boex^_cMf_gy_klvk\hb]eZaZ
bmrbBhgb]h\hjylfg_qlhluohlvbg_aZqbgsbdwlh]hihdmr_gbygZf_gygh\_^vlh`_bawlhc
`_l_ie_gvdhcdhfiZgbbijhq_ffg_g_dh]^ZaZgbfZlvkylh[hcIheh`bgh`gZa_fexOZ^`b
k\y`_ll_[y
Hg_lg_l\kdjbdgmehg[hyaeb\hYk^_eZx\k_jZ^bl_[ylhevdhg_\_rZcf_gy
M`g_agZxqlhlujZ^bf_gyk^_eZ_rvIhfg_lZd\hh[s_g_lgbdZdh]hijhdZkhojZgylvl_[_
`bagv
Oheh^guclhgdhlhjufyijhbag_kwlbkeh\Zebrvmkbebe_]hkljZoZdh]^ZOZe_n^hklZegh`ba
aZjZah^jZggh]h\dehqvyihykZhg\hkdebdgme
Yfh]m\Zfb\ijyfvihfhqvwn_g^byfh]m
DZdwlh"
YjZkkdZ`ml_[_\k_qlhagZx
wlhfg_lgZ^h[ghklbF_gyih^jh[ghh[wlhfba\_klbebYg_[m^mk\Zfb^he]hjZa[bjZlvky
H[ZZeZ^`bbKmwnlh`_gZoh^ylky\gZrbojmdZohlm`g_ihgbfZxihq_fmbf_gghdl_[_y
^he`_gijhy\blvkgbkoh`^_gb__^vih`_eZe`_luqlh[uf_^\_^v\k_ogZkkh`jZe
DZdhciehohcq_eh\_dwlhldhgZd^`bHg\k_\u^ZedZ`^h_keh\h:[_ag_]hlug_gZr_e[u
^hjh]mkx^Zbg_gZiZe[ugZgZkB\k_`_fhckh\_ll_[_ijb]h^blky
DZdhckh\_l"
Hg\gh\vaZ^mfqb\hihlmibe]eZaZ_]hq_jlZohljZ`ZeZkv[hjv[Zf_`^mkljZohfbdh\Zjkl\hf
?kebhgb\ijyfvj_rbem]h^blvfg_lh_fmgZ^hij_^Zlvm]e_`h]Zk\h_]hjh^bqZFh`_l[ulvhg
ijb^mfu\ZedZdmxlhm\_jldmqlh[u\uimlZlvkybak\h_]hl_i_j_rg_]hkl_kg_ggh]hiheh`_gby
Q_j_ag_dhlhjh_\j_fyhghq_gv^h\_jbl_evghihkfhlj_egZf_gybijhfhe\be
L\hy`bagvgZoh^blky\djZcg_chiZkghklbZlug_ih^haj_\Z_rvh[wlhfwn_g^b;_^Z
:oDZdlZd"
Lub\ijyfvkhojZgbrvfg_`bagv_kebykdZ`ml_[_h[wlhf"
�Zghyg_\_jxqlhlukdZ`_rvg_qlhgh\_gvdh_
Hg_lYm\_j_gqlhlug_^h]Z^u\Z_rvkyh[hiZkghklb]jhays_cl_[_:\_^vbf_gghdhgZd^`b
aZ\_^_ll_[ygZkf_jlv
Luj_rbe_fmhlhfklblvh[he]Z\_]h"
G_lHgg_agZ_lqlhyagZxbhklZevgu_lh`_g_agZxlHgbebrv^h]Z^u\Zxlkyqlh_s_dlhlh
klj_fblkyhlgylvm\Zk`bagvLhevdhFm[Zj_dagZeh[wlhfghhgl_i_jvf_jl\
LZd]h\hjb`_bih[uklj__\_^vmf_gyg_l\j_f_gb
Qlh[ukiZklbk\hx`bagvgZ^h[u\k_]^ZjZkiheZ]Zlv\j_f_g_fwn_g^bG_ijZ\^Zeblubs_rv
@mlZ"
Ydb\gme
Lu_]hkZfucaZdeyluc\jZ]KlZjucFm[Zj_dihkueZedg_fm]hgpZqlh[uij_^hkl_j_qvhl\h_f
ihy\e_gbbHglZd`_ih\_^Zeqlh\u_]hij_ke_^m_l_ghhgm\e_dZy\ZkaZkh[hcaZfZgbl\Zkijyfh
\jmdb@mlZ:\hlhklZevgu_kdhlhjufb\ua^_kvkijZ\bebkvjZkkqblu\Zebqlh\uklZg_l_bo
^h[uq_cHgbmkljhbeb\ZfaZkZ^mgh\u__kqZkleb\hba[_`ZebL_f\j_f_g_f@mlhlijZ\beky\
imlvhgimklbekygZi_j_j_a\ZfHgm`_ih[ebahklbb\uih]b[eb_kebfukfhbfrmjbghf
m]e_`h]hfg_kiZk_f\Zk
Gh\_^vl\hcrmjbglh`_klj_fblkyhlgylvfhx`bagv
�hwlhcfbgmluklj_fbeky\_^vhglh`_klhjhggbd@mlZGh_kebykdZ`m_fmqlh\ukiZkebfhx
`bagvohlyy[ue\\ZrbojmdZolh\jZ`^Z_]hij_\jZlblky\^jm`[mbhgijbeh`bl\k_kbeu
qlh[u\ZkkiZklbYkZfijh\_^m\Zk\]hjulhc^hjh]hc]^_\um`gZ\_jgydZba[_`bl_hiZkghklb
Wlhlq_eh\_dklhev`_ljmkeb\uckdhevbdh\Zjgucijb^mfZeij_fbeucieZgHgaZ^mfZeaZ\e_qv
f_gydm]e_`h]mZlZffugZ\_jgydZih]b[eb[u_keb[u^h\_jbebkv_fmYk^_eZe\b^[m^lhb
\ijyfv_fm\_jxZihlhfijhbag_k
LZdluagZ_rv@mlZ"
Dhg_qghhgqZklh[u\Zemf_gy
:lumg_]h"
G_kdhevdhjZa
=^_`_hg`b\_l"
GZ\_jom\HjhkkbHg\h`^vfbjb^blh\b\eZklv_]h\_ebdZ
Hjhkkb"Fg_]h\hjbebqlhhg`b\_l\DZjZgbj\ZgoZg_
XgZdaZf_lghbkim]Zeky_^\Zyijhbag_kwlhgZa\Zgb_ghaZl_fihdZqZe]heh\hcbhl\_lbe
meu[Zykv
L_[_kdZaZebqlh[uk[blvl_[yklhedm
Gh\_^v_klvf_klhklZdbfgZa\Zgb_f"
Yg_ihfgxlZdh]hohlvagZx\k_a^_kv\^hevbihi_j_dIh\_jvfg_y]h\hjbeklh[hcq_klghb
hldjh\_ggh
&#xk;&#xZf;&#xhf;&#x^;&#x_e;&#x_";&#xI;&#xhk;&#xfh;&#xlj;¿&#x;�kZfhf^_e_"IhkfhljbfZe_dhhlkx^Z^hl\h_]hrmjbgZ"
_johf\k_]hq_l\_jlvqZkZLuijb[m^_rv\ijhklhjgmxdjm]emx^hebgmdhlhjmxgZau\Zxl
gZ^dhkljhf]^_hg\u`b]Z_lm]hev
Bluijh\_^_rvgZkdg_fm"
�ZblumagZ_rvhg_fdm^Z[hevr_q_fykmf_xl_[_jZkkdZaZlvZrZ`bagvaZ\bkblhllh]h
ih\_jbrvlufg_bebg_lEZ^gh^_eZcqlhohq_rv
OZe_naZdmkbegb`gxx]m[mHgkljm^hfk^_j`b\Zeyjhklv\b^yqlh_]hkqblZxllZdbf
e_]dh\_jgufY`_hq_gv^jm`_ex[gh]ey^ygZwlh]hfhr_ggbdZ^h\_jbl_evghdb\Ze_fmb
hl\_qZe
iheg_\_jhylghqlhlu]h\hjbrvgZfijZ\^mGh\_^vfg_gZ^hm[_^blvkyq_kl_geblu"
M[_^bkvwn_g^b\hkdebdgmehgjZ^hklghLum\b^brvl_[yyg_h[fZgm
EZ^ghih^Zjxl_[_`bagvGh\k_jZ\ghful_[yk\y`_fgZdZdh_lh\j_fy
�eyq_]h"
Qlh[uhklZevgu_g_aZih^hajbebqlhlugZfijbagZekyImklvhgb^mfZxlqlhl_[y`^_llZ`_
mqZklvqlhbo
Ghlu^Zrvfg_keh\hqlhjZa\y`_rvihlhff_gy"
H[_sZxl_[_qlhhq_gvkdhjhlukgh\Z[m^_rvk\h[h^_gbl_[_g_q_]hhiZkZlvkygZk
LZdk\yau\Zcl_f_gy
HgijhlygmejmdbOZe_nkgye_]hihykbk\yaZe_fmjmdbaZkibghc
L_i_jvih^h`^bdZa^_kvkwlbfb^\mfykdZaZeyoZ^`bYihc^mqlh[uiha\Zlvkimlgbdh\
;Zjm^wev:fZkZl\k__s_e_`Ze[_akhagZgbyM^ZjOZe_nZ[uehq_gvkbevguf
�Y\_jgmekyl_f`_iml_fdZdbffurebkx^ZIh\h^Zh[ke_^h\Zlvf_klghklvg_[uehhijhk
XgZdZg_ijbg_k`_eZggh]hmki_oZ\_^vygZf_j_\ZekymagZlvqlhlhgZ\_jgydZh@ml_b
DZjZgbj\ZgoZg_IjZ\^Zyfh]hloe_klZlv_]hie_ldhcqlh[u\u[blvijbagZgb_ghfg_wlh]hg_
ohl_ehkvYgZ^_yekyqlhblZd^h[vxkvk\h_]h
YhlukdZeKZg^ZjZHg\k__s_e_`Ze[_akhagZgbyh^gZdhimevk_]hklZe[blvkykbevg__Lh]^Zy
ihr_elm^Z]^_[uebijb\yaZgu;b[ZjbKmwnH[ZhqgmebkvDh]^ZZeZ^`bm\b^_ef_gyhgaeh
aZkhi_emklZ\bekygZf_gygZeblufbdjh\vx]eZaZfbbkh[jZ\rbkvkkbeZfbihiulZekyk[jhkblv
imlugZijZkgh
Bg_klZjZckykdZaZey_fmHlkm^v[ug_mc^_l_Kf_rghqlhlZdb_ex^bdZd\umdhlhjuo
gbdZi_evdbmfZ\]heh\_\a^mfZebly]ZlvkyknjZgdkdbfwn_g^bY^hdZaZe\Zfqlh\ZrbaZl_b
\k_]hebrv]emiu_fZevqbr_kdb_\uoh^dbYiheZ]Zeqlh\uohlvdh]^Zgb[m^vihcf_l_dZd\u
]emiughfy]dhklvfhy[ueZgZijZkgZL_i_jvgZdhg_pgZr_l_ji_gb_bkkydehb\uihemqbl_qlh
]hlh\bebgZfkf_jlvugbq_]hbgh]hg_ohl_eb
YagZeqlhg_evaykbevg__mya\blvZeZ^`bq_fgZa\Z\_]h]emiphfJZamf__lkylhebdZkljZoZi_j_^
kf_jlvx_fmg_ihf_rZeZ[uIhlhfyih^hr_eddjZxkdZeubm\b^_ek\hbokimlgbdh\
HkdhaZf_lbef_gybhdebdgme
Wlhlukb^bKeZ\Z:eeZomLml\k_ihdZohjhrh
EZ^ghJZa\y`bl_dhgZd^`bimklvhgdZjZ[dZ_lkygZ\_joLuihc^_rvaZgbfke_^hfbaZo\Zlbrv
kkh[hc\k_j_fgbbebrgmjuqlhm\Zk_klvHfZjimklvhklZg_lkykehrZ^vfb
kdhj_h[Zih^gyebkvgZ\_jo\i_j_^br_edhgZd^`bY\klj_lbe_]hihljykZyj_\hev\_jhf
Ij_^mij_`^Zxl_[ybrZ]Zg_^_eZc[_afh_]hiha\he_gbyIh\bgmckyfg_\h\k_fbgZq_yl_[y
Ihq_fmwn_g^b"bkim]ZgghkijhkbehgY\_^v\kZfhf^_e_g_\jZ]l_[_Ygbhq_fg_agZxb
\_ek_[y\gbamhq_gvkihdhcgh
G_gZ^h[_kihe_aguokeh\?s_ml_[y^hfZylhqghagZeq_]hfg_`^Zlvhll_[yL_[_gbgZfb]g_
m^Zehkvf_gyh[fZgmlvK_cqZkb]jZhdhgq_gZi_j_^
FuihrebddjZxkdZeu]^_OZe_nklhyegZ^^\mfyie_ggbdZfb;Zjm^wev:fZkZlm`_ijbr_e\
k_[yDh]^ZdhgZd^`bm\b^_eh[hbohgijhjhgbedjbdm`ZkZ
EZ^ghwlhXgZdbebg_l"kijhkbey_]h
:eeZoWlhhg\hkdebdgmeijh\h^gbdDZdhgkx^ZihiZe"
LZd`_dZdlulhevdhih^gyekykx^ZjZgvr_havfb;Zjm^Zwev:fZkZlZbg_kb_]hMXgZdZ
gh]bg_k\yaZguhgfh`_lke_^h\ZlvaZgZfbi_j_^
ke_^aZgZfbfhr_ggbdbijhke_^h\Zebd;b[ZjmbKmwnma]ey^udhlhjufbhgbh[f_gb\Zebkv
[ueb[he__q_fdjZkghj_qb\ufbh^gZdhhgbg_ijhjhgbebgbkeh\Z
Hkdh\ayekkh[hcg_kdhevdhj_fg_cDjhf_lh]hfukgyebk;Zjm^Zwev:fZkZlZdZnlZgbjZaj_aZeb
_]hgh`hfgZ^ebggu_ihehkuk\b\bo\\_j_\dbbfbfuk\yaZeb;Zjm^ZbXgZdZIhlhffu
gZijZ\bebkvdKZg^Zjmdhlhjucihoh`_dZdjZaijbhldjue]eZaZHgiuol_edZd^bdbca\_jvb
ba\b\Zykvkeh\ghaf_yiulZeky\u[jZlvkybaiml
Kihdhcghfhc^hjh]hcmeu[gmekyOZe_n?kebfudh]hlhihcfZ_flh^_j`bf_]hdj_idh
�Wlh]hZeZ^`blh`_hlijZ\beblm^Z]^_gZoh^bebkvhklZevgu__j_\vyjhkeblZf[ebadh^jm]d
^jm]mfuijb\yaZebie_gguodkl\heZfaZdj_ib\bolZdqlh[uhgbg_fh]eb\uimlZlvky
DhgZd^`bkdhlhjh]hykgye\_j_\dbqlh[ui_j_g_klbhklZevguo\dhgp_dhgph\lh`_^h`^Zeky
k\h_chq_j_^b
Fukgyebkgbodeyiuqlh[uhgbfh]ebih]h\hjblvghhgbij_^ihqblZeb\_klbk_[ykeh\gh\h^u\
jhlgZ[jZ\Ym\b^_eqlhOZe_nijb]hlh\bekyijhq_klvbf\gZab^Zgb_ijhih\_^vghyij_j\Ze_]h
ihijhkb\ijbg_klb\k_hjm`b_kh[jZggh_mie_gguo
Dh]^Z\k_hjm`b_[uehkeh`_gh\f_kl_h[jZah\Zekyg_[hevrhcgh\gmrbl_evgucZjk_gZe
Hgbohl_ebbkihevah\Zlvwlhhjm`b_ijhlb\gZkkdZaZeyK_cqZkwlhgZrZaZdhggZy^h[uqZ
dhlhjhcfujZkihjy^bfkydZdohlbfFumgbqlh`bf_]hEhfZcl_ijbdeZ^ujm`_cbibklhe_luZ
kl\heubo]gbl_q_dZgZfb
Gbdlh[uklj__OZe_nZg_aZgyekywlbfAZl_f[uebkehfZgugh`bbgZdhg_pyk\hbf]Zc^mpdbf
lhihjhfjZkijZ\bekykq_dZgZfbh[hboZeZ^`bKg_hibkm_fufb]jbfZkZfbohay_\Zhjm`by
gZ[ex^ZebaZjZkijZ\hcijhq_fhgbfheqZebbl_i_jvEbrvXgZd\hkdebdgmem\b^_\dZd
ehfZxl_]hjm`v_
KlhcWlh`_fh_jm`v_
L_i_jvm`_g_lhl\_lbeOZe_n
Ghy`_\Zr^jm]
Bbf_gghemqrbcba\k_odlhmgZk_klvG_[_kihdhckyH[_sZgb_dhlhjh_^Zel_[_wn_g^b
[m^_lbkiheg_gh
Bl_i_jvhgh[jZlbekydhklZevgufk\ujZ`_gb_febpZiha\hey\rbfij_^iheh`blvqlhhggZf_j_g
ijhbag_klbh^gmbak\hboagZf_gbluoj_q_cYfZogme_fmijbdZau\Zyke_^h\ZlvaZfghcb
m^Zebekybaiheyaj_gbyie_ggbdh\
Ihlhfmqlh\wlhfg_lgm`^uDh]^Zfumoh^bfhlgbog_kdZaZ\rbgbkeh\Zfukbevg__im]Z_f
boq_fijhbaghkyijhkljZggu_j_qb
:o\hldZdFumoh^bf"
Bg_\_jg_fkygZaZ^
:eeZoA^hjh\h:jZa\_lug_^hklZ\brvfg_m^h\hevkl\byih\_^ZlvbfaZdh]hyboijbgbfZx"
Hgbm`_agZxlwlh
Ghbfijb^_lkybkqZogmlvhl]heh^Zbebbagulvhl`Z`^u"_^vkZfbhgbg_hk\h[h^ylkyhliml
:\ijhq_flu^Zeh[_sZgb_XgZdmqlhjZa\y`_rv_]hLug_ohq_rvk^_j`Zlvk\h_keh\h"
G_lG_[_kihdhckyaZgboM]e_`h]agZ_l]^_bobkdZlvb\kZfh_[eb`Zcr__\j_fyba[Z\blbohl
[_^u
Fuih_^_fdg_fm"
�Z
�H^ghf]gh\_gb_kb^bhe`_g`_ykdZaZlvbfohlvkeh\hbgZq_mfjmhl^hkZ^u
Hgihki_rbegZaZ^die_ggbdZfZyihke_^h\ZeaZgbfqlh[uihf_rZlv_fmk^_eZlvdZdmxgb[m^v
]emihklvHgjZkiheh`bekyi_j_^gZrbfb\jZ]ZfbbaZghkqb\hijhbag_k
Bf_g_fwn_g^bbk\hbfkh[kl\_ggufbf_g_fyh[ty\eyx\Zfqlhfuij_`^_q_fko\Zlblvb
k\yaZlv\ZkaZjuebih^wlbfb^\mfy^_j_\vyfbiylvnmglh\ihjhoZLm^Zijhlygml^ebggucnblbev
bfu[m^_lgZlhgZrZ\heyba^Ze_dZih^h``_f_]hb\Zfg_^Zghwlhmaj_lvLh]^Z\k_\Zrbl_eZ
\ae_lylgZ\ha^mobgbdlhg_klZg_ljZ^h\Zlvkylhfm[hevr_f_gy\_^vyagZf_gblucoZ^`b
�OZe_nHfZj[_gOZ^`b:[me:[[Zkb[gOZ^`bZ\m^wev=hkkZjZ
Hl\_^ylZdbfh[jZahf^mrmhg\_jgmekybkijhkbe
JZa\_iehohihemqbehkvwn_g^b"DZdbf`_kljZohf[m^mll_jaZlvkywlbiemluagZyqlhkb^ylgZ
yf_kihjhohfb\ex[mxfbgmlmfh]ml\ahj\Zlvky
EZ^ghl\hckihkh[fmqblvwlboex^_cg_kebrdhfhkljhmf_gIh\_jylebhgbbebg_l\lhqlhlu
kdZaZeijZ\^m\k_jZ\ghg_m\_j_gghklv\dhlhjhchgbij_[u\Zxlm`_gZdZaZgb_^eygbo
Hgbih\_jyl\wlhym[_`^_g
?kebfuohlbfbom[blvlhgZc^mlkykj_^kl\Zbih^_r_\e_q_fi_j_\h^blvgZgbomcfmihjhoZ
dhlhjuc\a^_rg_fdjZxlZdZyj_^dhklvFg_`Zevbo_kebhgbih\_jyl[m^lhfughkbfkkh[hc
iylvnmglh\ihjhoZ
FukimklbebkvdHfZjmdhlhjuckl_j_]dhg_cYkgyekehrZ^bdhgZd^`bk_^ehbma^_qdm[jhkbe
bogZa_fvZkZfmehrZ^vijh]gZelm^Zhldm^Zfuijb[uebG_\fhbogZf_j_gbyo[ueh[jZlv__k
kh[hcMa^_qdZbklj_f_gZebrvkl_kgyeb[u__[_]hgZfh]eZaZp_iblvkybfbaZ\_ldbbih]b[gmlv
AZl_ffumk_ebkvgZehrZ^_cbih^t_oZebdlhfmf_klm]^_e_`ZeFZgZowev;ZjrZ?]h
jZafha`_ggh_l_ehy\eyehkh[hchl\jZlbl_evgh_aj_ebs_Fug_klZebki_rb\Zlvky\_^vfug_
gZf_j_\ZebkvhkfZljb\ZlvwlhlljmiKljm^hffuijbgm^bebehrZ^_ci_j_klmiblvq_j_ag_]h
hlkijZ\_^eb\uckm^ijhfhe\beOZe_nhl\hjZqb\Zy\klhjhgmebphJmdZ:eeZoZdhkg_lky
\k_o[_a[h`gbdh\h^gh]hjZgvr_^jm]h]hiha`_hgb`_g_ihfureyxlbkijZ\blvkyIjhqvhl
wlh]hm`Zkgh]hf_klZ
Hg[uklj__ih]gZek\hxehrZ^vbfuihke_^h\ZebaZgbfQlh_s_gZfhklZ\ZehkvkdZaZlvihke__]h
keh\"
g_kdZaZgghly]hklgh_wlm]hjgmx]jhfZ^mihijZ\mgZa\ZebQ_jlh\hckdZehc
Fuijh[ueb\imlbhdhehq_l\_jlbqZkZdh]^Zkl_gums_evy\^jm]jZkklmibebkvbi_j_^gZfb
hldjueZkvijhklhjgZydjm]eZy^hebgZijb\b^_dhlhjhcyg_\hevghhkZ^bek\h_]h\hjhgh]hHgZ
gZihfbgZeZ]em[hdmxqZrmi_j_k_qvdhlhjmxfh`gh[uehijbf_jghaZqZkGhdZdhc`_i_caZ`
hldju\Zeky\wlhcqZr_
?_hdjm`ZebkdZeu\a^ufZ\rb_ky^h\hevghdjmlhkx^m]^_jZkl_gbyfh]ebimklblvdhjgb
\ukbebkvklhe_lgb_o\hcgu_^_j_\vybofjZqghklvdhgljZklbjh\ZeZkyjdhca_e_gvxh]jhfguo
ebkl\_gguo^_j_\v_\Ihoh`_\x`ghfbaZiZ^ghfgZijZ\e_gbyoba^hebguhldju\Zeky^h\hevgh
rbjhdbc\uoh^KZfm^hebgmihqlbkiehrvmk_b\Zebh[ehfdbkdZejZaf_jboijhklbjZekyhl
]jhfZ^ih^h[guo^\hjpZfhfgh`_kl\_wlZ`_c^hdZf_gv_\\_ebqbghckdmeZdGZ^wlbfbkdZeZfb
jZkdbgmebk\hcf_jpZxsbcrZl_j\bgh]jZ^gu_ehauiexsbb^jm]b_\vxsb_kyjZkl_gbyZf_`^m
gbfbex[hciy^vxijhkljZgkl\ZaZ\eZ^_eZiurgZya_e_gvlZdqlhijh[jZlvkykd\havg__dZaZehkv
^_ehfg_fukebfuf
JZaf_lZehebwlbkdZeua_fe_ljyk_gb_beb`_a^_kvijhklbjZehkvih^a_fgh_ha_jhk\h^dhlhjh]h
\g_aZighjmogme"DZaZehkvqlhg_dh]^Z\ky^hebgZ[ueZi_j_djulZk\h^hfdhlhjucjZa[bl[ue
dmeZdhf^vy\heZHllm^Z]^_fugZoh^bebkvke_^u\_ebgZijZ\h\^hevkl_guhdjm`Z\r_c^hebgm
Fuihke_^h\ZebaZgbfbBf_gghwlhlfZjrjmlhibku\ZeXgZdijhq_fy^he]hb[_amki_rgh
\ukfZljb\Zedhklju^ey\u`b]Zgbym]eydZdh\u_gZ\_jgydZa^_kvbf_ebkvGZdhg_pyaZf_lbeqlh
\ha^mogZ^dmklZfb^jh`bl\emqZokhegpZAgZqbllZfjZa\_^_g[uedhkl_jgh^ufgZ^gbfg_
\beky
b^bfhlZfihk_ebekym]e_`h]RZjdZkdZaZeyIh`Zemcfu\iylbfbgmlZo_a^uhlg_]h
Emqr_\k_]h[ueh[ufg_h^ghfmhlijZ\blvkygZjZa\_^dmIh_a`Zcl_\[eb`Zcrb_dmklub`^bl_
f_gy
Yi_j_^ZeOZe_nmehrZ^vbjm`vyZkZfihr_ei_rdhfkdhj_y^hklb]djZyiehsZ^db]^_\ky
a_fey[ueZ\uq_jg_gZm]e_fIhkj_^bg__klhye^hfbdkeh`_ggucbadZfgy\hdjm]ym\b^_e
dhkljujZa\_^_ggu_^ey\u`b]Zgbym]eybeb`_ke_^uhl]hj_\rbodhkljh\
H^gZbawlbodmqkeh`_gguodhgmkhfkZfZy[hevrZykj_^bgbo\ukbeZkvkijZ\Zhlf_gygZdjZx
iheyguhgZijbkehgyeZkvdhl\_kghckl_g_kdZelygm\r_cky\^hev^hebguDZaZehkvhgZklhyeZ
a^_kvm`_^he]b_^he]b_]h^ubgbdlhg_m^hkm`bekyih^`_qv__
Wlhm^b\behf_gyWlhlg_jZah``_ggucdhkl_jihdZaZekyfg__s_ijbf_qZl_evg__dh]^Zih^gy\
]heh\mym\b^_egZ^djZyfbihq_jg_euokl\heh\]jhfZ^gmxdjhgm^m[ZYh[_jgmekyghg_aZf_lbe
^jm]h]hlZdh]h`_^_j_\ZAgZqblwlhlhlkZfuc^m[kd\hav^miehdhlhjh]hfh`gh[uehlZcdhf
ijhgbdgmlv\i_s_jm"Lh]^Z\iheg_fh]eh[ulvqlhe_`Z\rZyih^gbfdmqZ^jh\[ueZdZdlh
k\yaZgZkwlhci_s_jhc
[ebab\b^g_eZkvkdZfvykeh`_ggZybadZfg_cbaZlygmlZyfohfgZg_ckb^_eb^\h_fm`qbghgb
�dmjbeblZ[Zdbhq_flhh`b\e_ggh[_k_^h\Zebh\hevgh^Ze_dhhlgboihlmklhjhgmdmqbklhyeZ
hk_^eZggZyehrZ^vhgZihojmklu\ZeZebklvyfbh[ju\Zybokdmklh\AZjhkeb\dhlhjuoyijylZeky
lygmebkv^hkZfhcdmqb^jh\bijb[eb`ZebkvdkdZfv_gZ\bkZygZ^g_cjZkdb^bklufb\_l\yfb
jZdblgbdZQlh_kebyihiulZxkvlZcdhfijh[jZlvkydkdZfv_"Wlh[uehg_kebrdhfljm^ghAZlhy
mkeurm[ulvfh`_lqlhlh\Z`gh_
hdjm`Zxs_cf_klghklvxAZlhdhj_gZkluc]jyaguc[_^ghh^_lucq_eh\_dkm^yih_]h\b^m[ue
m]e_`h]hfbeb_]hih^jmqguf
QlhgZ^h[uehwlhfmgZ\b^[eZ]hjh^ghh^_lhfmq_eh\_dmhlaZdhiq_ggh]hm]e_`h]Z"Hgb
jZa]h\Zjb\ZebdZdex^b^Z\ghagZdhfu_b^h\_jyxsb_^jm]^jm]mYj_rbeih^kemrZlvbo[_k_^m
YhlklmibegZg_kdhevdhrZ]h\bijhrfu]gmekj_^bdmklh\gZijZ\eyykvlm^Z]^_kb^_eb
kh[_k_^gbdbDhg_qghwlh[uehg_lZde_]dhdZdy^mfZeDmklujhkebkebrdhfiehlghklZjZykvg_
aZ^_lv\_ldbbg_\u^Zlvk_[yylhb^_ehi_j_^\b]Zekyiheadhf
Dh]^Zy^hklb]kdZeulhdk\h_fmm^b\e_gbxh[gZjm`beljhimdhlhjZy\_eZkx^Zk\_jom;ulv
fh`_lihg_cijh[bjZebkvd^m[m"Yihr_eihg_c\^jm]mxklhjhgmb\kdhj_hqmlbeky\hae_
mihfygmlhcfghch]jhfghcdmqb^jh\a^_kvljhiZj_adhh[ju\ZeZkv
BlZdi_j_^hfghc[ueZdmqZ^jh\ihijZ\mxjmdmhlf_gykdZeZZke_\Z^hghkbebkv]hehkZ
fm`qbgMadZyihehkdZdmklh\hl^_eyeZhlf_gykdZfvx]^_kb^_eb[_k_^mxsb_Ye_]gZa_fexb
ihiheaf_`^mdmklZfbihdZg_^hklb]jZdblgbdZ
L_i_jvygZoh^bekyihaZ^bkdZfvbyfh]^hlygmlvky^hg__jmdhcohlybg_\b^_e__\_^vebkl\Z
gZ\bkZeZgZ^hfghciehlghcaZ\_khc
Ki_j\Z]h\hjbeohjhrhh^_lucq_eh\_dHg[uedjZlhd\_]hfZg_j_\ujZ`Zlvky[uehqlhlh
ih\_ebl_evgh_hgbatykgyekygZohjhr_flmj_pdhfyaud_?^\Zyijb[ebabekydgbfdZdmkeurZe
_]h]hehk
Dhg_qghwlhhkh[ZybklhjbyG_f_pij_ke_^m_lFm[Zj_dZZeZ^`bk[hjsbdZgZeh]h\b;Zjm^Z
wev:fZkZlZHgg_kimkdZ_lkgbo]eZabg_^Z_lbfihdhygb^g_fgbghqvxIhq_fm"
G_agZxhl\_lbem]e_`h]
:k_cqZkhgbdZjZmeyl_]h\ms_ev_"Hgb\ijyfvijb[m^_llm^Z"M^ZklkyebwlZaZl_y"
G_ij_f_ggh@b\ufb\jZ]bg_ijh_^mlXgZddhlhjucijb\_agZfba\_klb_h[boijb_a^_
ijbkh_^bgbekydhklZevgufL_i_jv\f_kl_kdhgZd^`bbok_f_jhijhlb\q_l\_juo^h[Z\hdwlb
k_f_jh]hlh\udlhfmqlhkemqblkyZwlbq_l\_jhgbq_]hg_ih^haj_\Zxl
H^gZdhihlhfmqlhluhgbo]h\hjbeg_klhblg_^hhp_gb\ZlvboQlh_kebaZf_lb\g_eZ^gh_hgb
ih\_jgmlehrZ^_cbkiZkmlky[_]kl\hf"
G_eZ^gh_hgbaZf_lylebrv\ihke_^gbcfb]i_j_^kf_jlvx:eZ^`bgbdh]^Zg_ijhfZob\Zxlky
[jhkZyq_dZg:[_`Zlvwlbqm`Zdbbg_ih^mfZxl^eywlh]hhgbkebrdhfojZ[ju
Qlh`lh]^Z\k_m^ZklkyYwlh]hohqm:_kebehrZ^vg_fpZ\ijyfvlZddjZkb\ZdZdlu]h\hjbrv
lhym\_j_gqlh@mlaZieZlblaZg__djm]emxkmffmOhjhrhqlhyhdZaZekya^_kvyfh]mkjZam
\aylvwlmehrZ^vbhl\_albdg_fm\Jm]h\m
Yqmlvg_\u^Zek_[yhljZ^hklbmkeurZ\wlhgZa\Zgb_Yg_\hevghr_\_evgmekybebklvy
aZr_e_kl_ebDkqZklvxwlb^\h_gbq_]hg_aZf_lbebAgZqbl@ml`be\Jm]h\_Gh[ueebhg
[Zjurgbdhfihbf_gbDZjZGbj\Zg"GZwlhl\hijhklhlqZk[uehhl\_q_gh\_^v]h\hjb\rbc
^h[Z\be
LZdb_ehrZ^bgZfgm`gu\_^vDZjZGbj\Zgj_rbei_j_clbk_j[kdmx]jZgbpmZ^eywlh]h
kh[bjZ_lih^Ijbrlbghcfgh`_kl\hojZ[j_ph\hgb[_jmlemqrboehrZ^_cHgkZf\ha]eZ\blhljy^
bwlhl\_ebdhe_iguc`_j_[_p_fmhq_gvihgjZ\blky
;hevrZy\ueZadZ[m^_l"G_kebrdhfwlhhiZkgh"
Ex[h_j_f_kehki_rblgZ^_lviheblbq_kdbclxj[Zgk_dlhaZjblkygZqm`h_bfms_kl\hl\_j^yl
[m^lh\ayebkvk^_eZlvgZjh^k\h[h^gufbg_aZ\bkbfufH^gZdhyijbr_e\h\k_g_aZl_fqlh[u
[_k_^h\Zlvklh[hch[wlbo^_eZog_l@mlfg_^jm]h_^_ehihjmqbeI_s_jZk_cqZkimklZ"
�Z
B`bevph\\[eb`Zcr__\j_fyg_`^_rv"
G_lhh[s_ygZf_j_g[ueaZfZgblvlm^Zg_fpZblj_o_]hkimlgbdh\ghl_i_jvwlhgbdq_fmjZa
bom[vxl\hae_Q_jlh\hckdZeu:_keb[ufg_ijbrehkvjZkijZ\blvkykgbfblh^_ehaZgyeh[uhl
kbeuqZkZ^\ZbebljbYjZa\_e[udhkl_jqlhihaZ^bgZk^ufhlg_]hgZihegbli_s_jmbhgb
aZ^hogmlky
Gh\_^v^ufgZ^he]hhklZg_lkylZfbg_kdhevdh^g_c\i_s_jmg_\hc^_rv"
�Hg_lufme_lmqb\Z_lkyq_j_a^mieh^m[ZKlhblfg_hldjulv^\_jb\gbamdZd\hagbdZ_l
kbevgZyly]Zm`_q_j_ag_kdhevdhqZkh\^ufhfbg_iZog_l
DZd\k_\_ebdhe_ighmkljh_ghAgZqbli_s_jZl_[_ihdZg_gm`gZ"
G_l
�ey@mlZwlhhq_gvdklZlbFuihcfZebgZdjxqhdh^gh]hqm`_a_fpZdhlhjucih]hklblml_[y
ihdZg_\a^mfZ_lk_[y\udmiblvA^_kv_fmbdhg_p
?s_h^gh]h":qlhm\Zk\[Zrg_f_klZ[hevr_g_l"
�G_lLZfkb^blh^bgdmi_pbaKdmlZjb@_]haZfZgbe\aZiZ^gxOZf^wev:fZkZl?]hk_fvy
ihke_^m_laZgbflZdqlhhghl^ZklgZf\k_k\h_khklhygb_OZf^wev:fZkZlagZewlmk_fvx
jZgvr_k_]hklhjhgu[ueh]_gbZevghcb^__caZo\Zlblvwlh]hdmipZ
MkeurZggh_a^_kv[uehp_gg__^_g_]A^_kvmklZjh]hdhkljZymagZeh[h\k_fqlh^hkboihj^_gv
aZ^g_fkh[bjZeihdjmibpZf
AgZqbl@mlb\ijyfv[uel_fi_jkb^kdbf[Zjurgbdhfihijha\bsmDZjZGbj\Zgb`behg\
Jm]h\_LZfbf_eZkv[Zrgyhq_\b^ghklhjh`_\Zy[Zrgy\dhlhjhclhfbekydmi_pbaKdmlZjbZ
bf_ggh=Zebg]j_Mg_]hkh[bjZebkvhlgylv\k__]hkhklhygb_?]hjh^gu_ihke_^mxlaZgbf
gZ\_jgydZaZ\e_q_ggu_dZdhclhkZlZgbgkdhcmeh\dhchlhgbih^ebggu_dhagbrlbilZjh\
:_s_]hlh\blky\lhj`_gb_\K_j[bxb@mlmklj_fblky\ihoh^\hkk_^ZygZfh_fJbDkqZklvx
`_j_[_pgZoh^bekyihdZ\fhbojmdZobyg_hsmsZegbfZe_cr_]h`_eZgby^Zjh\Zlv\jZ]Zfk\hx
`bagvbmklmiZlvbfk\h_]hkdZdmgZ
FhbjZafure_gbyij_j\Zebkvb[hymkeurZeqlhlhqlhijb\e_deh\k_fh_\gbfZgb_bqlhij_`^_
dZaZehkvfg_g_\hafh`gufM]e_`h]kdZaZeke_^mxs__
B\k_`_klhblebhklZ\eylva^_kvq_eh\_dZdhlhjh]h\uijbre_l_"
Dhg_qghIhoh`_hgg_\_jhylgh[h]Zl
LugZa\Ze_]hqm`_a_fp_fAgZqblhg`b\_lg_a^_kv\kljZg_ZjgZmlh\"
G_lhgbghkljZg_pZg]ebqZgbg
:ogmwlblhdhg_qgh\k_]^Z[h]ZluHgm`_\\ZrbojmdZo"
IhdZ_s_g_lghhgg_ij_f_gghihiZ^_ldgZfHg`b\_l\dhgZd_ih^Jm]h\hcbihoh`_dh]hlh
`^_llZfZlhlgbdZdg_ijb_a`Z_lHgijb[uekx^ZbgZgyeehrZ^_cbkem]ijbg_f^Z`__klv
�^jZ]hfZg@dhlhjhfmhgieZlblihljb^pZlvibZkljh\\^_gvbhieZqb\Z_l\k__]hgZ^h[ghklb
u]ey^blwlhlq_eh\_daZ[Z\ghHghq_gv^ebggucblhsbc_]h]eZaZmdjuluaZ^\mfy]hem[ufb
[_kdhg_qgh^ebg_gbgZihfbgZ_lh]mj_pZkg_^Z\gboihj_]hmdjZrZ_l_s_bZe_iikdZyrbrdZ
@b\_lhgdZdkmelZggbdlhg_mf__lijb]hlh\blvdmrZgvyqlh[um]h^blv_]h\dmkmKlhbl_fm
hldjulvdhr_e_ddZdhllm^Zk\_jdZxlahehlu_fhg_luh^gZdhh^_\Z_lkyhgdZdkdhfhjhogZ
em[hqguodZjlbgdZoHgghkblk_jucdhklxfgZ]heh\_mg_]hk_jZyreyiZdhlhjZyklhev`_
��\ukhdZdZdbfbgZj_lHf_cy^h\@\ZfZkd_
Dh]^ZymkeurZewlhebphfh_bkdZabehkvkeh\ghf_gym^ZjbebWlhhibkZgb_lhqv\lhqv
�kh\iZ^Zehkh[ebdhffh_]hZg]ebckdh]h^jm]Zw\b^ZEbg^k_ykdhlhjufyg_^Z\ghijhklbeky\
DhgklZglbghihe_bdhlhjucgZihke_^hdkdZaZefg_qlhq_j_ag_kdhevdhf_kyp_\hdZ`_lky\klZjhc
^h[jhc:g]ebb
k_kh\iZ^Zeh\lhqghklbdhklxf[h]Zlkl\h]hem[u_hqdbrbjhdbcjhlh]jhfgucghkWlhhg
�Ylml`_klZejZafureylvfh]ebhggZoh^blvkyk_cqZk\kljZg_rlbilZjh\\Jm]h\_Zwlhfh]eh
[ulv_keb\ke_^aZfghchgihdbgmeKlZf[megZdhjZ[e_b\ukZ^beky\:e_kkbhbebKdmlZjb
DZd[uhggb[uekf_rhgwlh`bjgZy^h[uqZijh^he`be]h\hjb\rbc[ulvfh`_lhgkZfuc
[h]Zlucba\k_odlhdh]^Zeb[hihiZ^ZegZf\jmdb?]hko\Zlylk_]h^gy\_q_jhfb[jhkyl\
klhjh`_\mx[ZrgxLhlqZkihke_fh_]h\ha\jZs_gbyfu^hklZ\bf_]hhdhevgufiml_fkx^Zdl_[_
LZdqlhih^]hlh\vkyd_]hijb[ulbx
Ohjhrh[mjdgmem]e_`h]AgZqblk_]h^gy\_q_jhf_]hko\Zlyl?kebk_]h^gyluhlijZ\brvky
\imlvlhaZ\ljZihmljm[m^_rv\Jm]h\_\_^v^hjh]mluagZ_rvKlhjh`_\Zy[ZrgyklhblgZ
hlrb[_ihwlhfm\ay\Zg]ebqZgbgZ\ufh`_l_imklblvky\imlvlhlqZk^Z`_^g_fg_[hykvqlh
\Zkdlhlhm\b^bllZdqlhm`_\_q_jhf\uihiZ^_l_dhfg_:fh`ghebh[tykgylvkykwlbf
q_eh\_dhf"
M\ug_lhlbf_gghihwlhfmhg^_j`Zeijbk_[_i_j_\h^qbdZ
Wlhhq_gvg_ijbylghDZd`_yg_ex[exaZgbfZlvkylZdbfb^_eZfbgh@mlZgZ^hkemrZlvky
?kebZg]ebqZgbgg_ihgbfZ_lgZr_]hyaudZlhfg_kgbfg_fZehfhjhdb[m^_lGZ^_xkvqlh@ml
mql_lwlhgZagZqZyieZlmdhlhjmxyihemqm
Lu[m^_rv^h\he_gLu\_^vagZ_rvqlhgZrZlZfZgbih\_ebl_evgbdh]^Zg_kdmiblky_kebgZ^h
dh]hlhgZ]jZ^blvLZdqlh^_ehmeZ`_ghAZ\ljZ\_q_jhfym`lhqgh[m^ma^_kvbijbo\Zqmkkh[hc
g_lhevdhZg]ebqZgbgZgh_s_bi_j_\h^qbdZKo\Zlblv_]hlh`_g_khklZ\blljm^ZZl_[_aZlhe_]q_
[m^_lh[jZsZlvkykie_ggbdhf
DZda\Zlvwlh]hqm`_a_fpZ"DZdh_mg_]hbfy"
DlhhglZdhcg_agZx?klvmg_]hlblmeFDSbebk_jAh\ml_]hlh`_bghkljZggufkeh\hf
dhlhjh_ygbdh]^Zg_keurZebg_ihgbfZxHghijhbaghkblkyEbgk_cAZihfgb_]h
L_i_jvkhfg_\Zlvky\ebqghklbZg]ebqZgbgZ[uehm`_g_evaykZfhf^_e_j_qvreZhfh_fklZjhf
�^h[jhfohlybwdkp_gljbqghfagZdhfhfw\b^_Ebg^k__Ih^lblmehfbf_ehkv\\b^mZg]ebckdh_
keh\hkwj
IhdZdhc`_ijbqbg_Zg]ebqZgbghdZaZeky\Jm]h\_"Qlhih[m^beh_]hihdbgmlvDhgklZglbghihevb
\lZdhcki_rd_hlijZ\blvky\AZiZ^gmx:e[Zgbx"Yg_fh]gbq_]hihgylvIhke_dhjhldhciZmau
g_agZdhf_pijh^he`be
Km^yihlhfmqlhyhll_[ykeurZegZwlh]hg_fpZ^Z\ghm`_^he`gu[uebgZiZklvLj_\h`gh
fg_dZdlhqlhZeZ^`bbbokimlgbdh\\k__s_g_la^_kv
^gbbffgh]hq_]h^h\_ehkvi_j_`blvg_m^b\bl_evghqlhhgbhq_gvmklZebDjhf_lh]hdhgZd^`b
ihjmqbeb_oZlvg_kebrdhf[ukljhIhgylghihq_fmhgbihdZ_s_g_ijb[ueb
Ghfg_bohiha^Zgb_^hklZ\blg_fZehoehihlIhfg_emqr_\k_]h[ueh[uih_oZlvdQ_jlh\hc
kdZe_bihkfhlj_lvdZdlZfb^ml^_eZ
L_[yg_evaylufh`_rv\k_bkihjlblvIjb[m^_rvlm^ZdZdjZa\lmfbgmlmdh]^ZlZfhdZ`mlky
qm`Zdb;ulvfh`_lijbl\h_fihy\e_gbbhgbaZih^hajylqlhlhg_eZ^gh_G_lhklZgvkya^_kv
j_fymgZkihdZ_klv=eZ\gh_qlh[ugZrZaZl_ym^ZeZkv
Ohjhrhihl_jiexIhdZ`bfg_ihdZi_s_jm
H[Zih^gyebkvkhkdZfvbIhkdhevdmyij_^iheh`beqlhihlZcghc\oh^\i_s_jmdZdlhk\yaZgk
dhkljhf\hae_dhlhjh]hyijylZekylhyihq_e^_ehfjZamfgufdZdfh`gh[uklj__m^ZeblvkyBlZd
ylbohhliheadljhi_Zihlhfihki_rbelm^Z]^_kj_^bdmklh\ijylZebkvfhbkimlgbdb
Ijb[u\lm^ZykjZamm\b^_eqlhHkdhbkq_ayg_mki_e_s_kijZ\blvkyhg_fdZdOZe_nkhh[sbe
fg_
Q_jgh]hj_pm_oZeghkdhjh\_jg_lky
=^_hg"
G_agZx?^\ZlukdjuekydZdhgkdZaZeFg_gZ^hm_oZlvghq_j_aiheqZkZykgh\Z[m^ma^_kv
G_mki_ebfuhl\_lblv_fmbeb^Z`_m^_j`Zlv_]hdZdhgm`_k_egZehrZ^vbihkdZdZe
Dm^Z"lhfgZijZ\e_gbbhldm^Zfuijb[ueb"
�Zkb^b
Lh]^Zfg_ihgylghihq_fmhg\_jgmekyHg\_^vohl_ehlhfklblv;Zjm^mwev:fZkZlm
�ihoblb\r_fm_]h^hqvhkboihj_fmlZdbg_m^Zehkv\kZ^blv\g_]himexohlyfug_jZa
hdZau\Zebkvjy^hfkgZrbfb\jZ]ZfbDh]^Zfuk\yau\Zebie_ggbdh\gZkdZe_hgkgh\Zg_kmf_e
k\_jrblvk\hxf_klvHg[hyekyqlhyihf_rZx_fmLh]^Zhgih_oZekgZfbghmemqb\m^h[gmx
fbgmlm\_jgmekyqlh[ubkihegblvk\hcaZfuk_eF_gyg_[uehq_l\_jlvqZkZAZwlh\j_fyhg
^h_oZe^hQ_jlh\hckdZeuZagZqblym`_g_mki_xkiZklb;Zjm^ZB\k_`_yihiulZxkvFhy
ehrZ^v[ukljZQ_j_aiylvfbgmly[m^mlZfKijyqvl_kva^_kvihdZyg_\_jgmkv
�Y\kdhqbe\k_^ehbih_oZegZaZ^eyJb^hklZlhqgh[uehkeh\_qdZNDZD\P [ukljh\f?^\Zy
ijhbag_k_]hdZddhgvihe_l_e\i_j_^k_]haZfbgmlmy^hklb]ms_evyFhc\hjhghcfqZekykj_^b
l_kgb\rbokykdZekeh\ghimeyims_ggZybajm`vy?s_fbgmlZb_s_Q_j_aljbfbgmluym\b^_e
ljmiFZgZoZwev;Zjrbhjhghcfb]hfi_j_e_l_eq_j_ag_]h\hlbih\hjhlwlh\j_fyk\_jom
^hg_kkym`ZkgucdjbdY\a^jh]gmedhgvijygmedkdZe_b\klZegZ^u[u_keb[uyg_gZdehgbeky
\i_j_^lhlhlqZk[uhijhdbgmekyIh\_jgm\dhgyyihkfhlj_e\\_jo
Hlm\b^_ggh]hfghc_^\Zg_aZklueZdjh\v\`beZoGZkZfhfdjZxkdZeulZfhldm^Zjmogme
FZgZowev;ZjrZ[hjhebkv^\h_fm`qbgHkdhb;Zjm^wev:fZkZlMihke_^g_]hjmdbbgh]b
l_i_jv[uebk\h[h^guH[Zijhlb\gbdZdj_idh\p_ibebkv^jm]\^jm]ZDZ`^ucklj_fbeky
hlkdhqblvhldjZykdZeubk[jhkblvk\h_]h\jZ]Z\gba
�Yg_^\b]Zekykf_klZZ`__keb[uyki_rbebah\k_okbelh\k_jZ\ghhiha^Ze[uBoih_^bghd
hdhgqblkyihdZy[m^me_alvgZkdZemH^bgbagboZfh`_l[ulvh[ZjZah[v_lkyhkdZeu
KZfhmijZ\kl\hHkdhg_gjZ\behkvfg_Yg_gZf_j_g[ueh[j_dZlv;Zjm^Zwev:fZkZlZgZkf_jlvgh
`bagvHkdh[ueZfg_\k_`_^hjh`_H[hbf]jhabeZh^gZblZ`_hiZkghklvkbeubeh\dhklbm
h[j_q_gghlhevdh[ubfg_hdZaZekyHkdhYkiju]gmekk_^eZb\ayegZba]hlh\dmjm`v_;Zjm^wev
:fZkZlihemqblimexDhg_qghklj_eylv[uehhiZkghH[ZlZdiehlghkie_ebkvqlhyfh]j_rblvky
gZ\uklj_eebrvihlhfmqlhohjhrhagZejm`v_biheZ]ZekygZk\h_oeZ^ghdjh\b_
Y^he]hp_ebekyImey^he`gZihiZklv;Zjm^m\]heh\mH[Zijhlb\gbdbaZf_lbebqlhykh[bjZxkv
k^_eZlv;Zjm^bah\k_okbeiulZekymdehgblvkyhlimebHkdh[hyekyqlhyihiZ^m\g_]hbdjbqZe
Kb^bg_klj_eycYk[jhrm_]h\gbaIh^h`^b
Ym\b^_eqlhhgm[jZejmdbhlk\h_]hijhlb\gbdZLhlk^_eZelh`_kZfh_bhlklmibe\klhjhgm
qlh[ui_j_\_klb^uoZgb_klhjhgmrZ]gmebHkdhl_i_jv;Zjm^hdZaZekyf_`^mgbfbijhiZklvx
HkdhaZg_kdmeZdkeh\gh]hlh\ykvm^Zjblvijhlb\gbdZ\]heh\mghwlh[ueZmeh\dZDh]^Z;Zjm^
ih^gyejmdbqlh[uiZjbjh\Zlvm^ZjHkdhfb]hfijb]gmekybm^Zjbe_]hdmeZdhf\`b\hllh`_
f]gh\_gb_hg[jhkbekygZa_fvqlh[uijhlb\gbdg_mki_eko\Zlblv_]hbm\e_qvaZkh[hc
AZfuk_e_]hm^Zeky;Zjm^wev:fZkZlrZlgmekygZaZ^ohl_eaZp_iblvkyaZl_ehk\h_]h\jZ]Zgh
\f_klhwlh]hko\Zlbeimklhlmbjmogme\gbaHgmiZejy^hfkljmihfFZgZoZM`Zkgm\rbkvy
hl\_jgmeky
Hkdh\kdhqbegZgh]bgZ]gmekygZ^djZ_fkdZeu\ukfZljb\Zyl_eh;Zjm^Zbebdmxsbf]hehkhf
ijhdjbqZe
K_gbpZhlhfs_gZWlhlq_eh\_dgbdh]^Z[hevr_g_ihoblbl^hqv^jm]Z?]h^mrZmklj_fbeZkv\
[_a^gmqlh]em[`_q_flZdm^Zgba\_j]ehkv_]hl_ehHklZ\Zcky\gbamwn_g^bYkimkdZxkv
=^_hklZevgu_"djbdgmey_fm
?s_lml]^_fubohklZ\bebGbh^bgg_kmf_ehk\h[h^blvkyyh[wlhfihaZ[hlbeky
Hghlhr_ehldjZykdZeuZygZijZ\bekydjmqvx]^_hklZeZkv_]hehrZ^vQ_j_ag_dhlhjh_\j_fy
hgkimklbekyG_^h`b^Zykvfhbomij_dh\hgh[jZlbekydhfg_
Kb^bgbq_]hh[wlhfg_]h\hjbQlhkemqbehkvlh]hg_baf_gbrvFhyyjhklvmlboeZL\hy\_jZ
\hkij_sZ_ll_[_f_klvgh\]hjZofh_cjh^bgu`b\mlihaZdhgZf\ha^ZygbyLZdih\_e_e:eeZob
fuh[j_q_guwlhfmke_^h\Zlv
G_l:eeZowlh]hg_\_e_e\hajZabeyk\hbo^g_\guofhebl\Zolu\_ebqZ_rv?]hZ[mev
ZnmbgZ[Zevf_joZf_lhl_pijhs_gbybbklhqgbdfbehk_j^byJZa\_\?]h\he_qlh[ulu
�hlgbfZemg_]h\eZklvKm^bb;Zjm^wev:fZkZlihoblbel\hx^hqvghhgg_m[b\Ze__Z`__keb
lu\_jbrvqlh\ijZ\_\ha^Z\Zlvf_jhcaZf_jmlh\k_jZ\ghlug_\eZkl_gebrZlv_]h`bagb
�Lu]h\hjbrvdZdojbklbZgbgZhgg_m[b\ZeK_gbpmghhgijh^Ze__dZdjZ[ugxZqlhhgZ
\ul_ji_eZ\?]bil_luagZ_rvemqr_f_gy\_^vlu`___hk\h[h^beWlh`_]hjZa^hom`_q_f_keb
[uhgm[be__:kdhevdhkljZ^Zgbcijbqbgbehgfg_bC_e_[_gFZne_bYgZijZkghbkdZe__\h
\k_okljZgZobkeZfZ?_ihoblbl_evaZkem`b\Zekf_jlbbhgkebrdhf[ukljh__gZr_eG_kdhevdh
f]gh\_gbckf_jl_evgh]hkljZoZqlhhghsmlbeJZa\_bkdmiblwlh[_af_jgh_]hj_qlhhg
ijbqbgbefg_
Ghlu`_kh\_jrbem[bckl\hhf_jabl_evgh_m[bckl\h
G_lkb^bwlh[uehg_m[bckl\hZq_klgucih_^bghdfukjZ`Zebkvh^bggZh^bg`bagvaZ`bagv
Yg_gZiZ^ZegZg_]hdh\ZjghYfh][um[blv_]hdh]^Zhg[ueijb\yaZgd^_j_\mghyhl\yaZe_]hb
ijb\_egZdjZckdZeuLZfyba[Z\be_]hjmdbbgh]bhlj_fg_c[jhkbe\klhjhgmhjm`b_bkdZaZe
_fmqlhqZk\ha^ZygbygZklZeYkhh[sbe_fmqlh[m^m\_ebdh^mr_gbiha\hex_fmihklhylvaZ
Ebrvdh]^Zym\b^_eqlhlukh[bjZ_rvkyklj_eylvbimeyfh`_lihiZklv\f_gyyj_rbl_evgh
[jhkbekygZg_]hLubl_i_jv[m^_rvf_gymij_dZlv"
�Z\_^vlu^_ckl\h\Ze\lZcg_hlf_gy
Fg_ijbrehkv\_^vyagZeqlhluihf_rZ_rv_]hihdZjZlv
Ghdh]^ZlujZa\yau\Ze_]hlu\_^vhkeZ[beimludhlhjufb[uebk\yaZguhklZevgu_"
G_lgZh[hjhlyaZlygmeboihlm`_q_f[uehij_`^_KZfbhgbg_kmf_xlhk\h[h^blvkyYagZx
lugZf_gyk_j^brvkyywlhij_^\b^_eby]hlh\kghkblvl\hc]g_\AZlhyk^_j`Zedeyl\mdhlhjmx
�^Zeyg_fh]__gZjmrblv_eZckhfghcqlhohq_rv
KZ^bkv\k_^ehbih_oZebkmohhl\_lbey
Qlh_s_[ueh^_eZlv"M[blh]hg_\hkdj_kblvZq_jgh]hj_p[ue\hkiblZglZdqlhkqblZef_klv
k\hbfk\ys_gguf^he]hfY[ueg_^h\he_gbfghg_bf_eijZ\h[jZlvgZk_[yjhevkm^vb
Fu\ha\jZsZebkvYm]jxfh_oZe\i_j_^ZhgfheqZke_^h\ZeaZfghcIhjZ\gy\rbkvkljmihfy
ijbdjue]eZaZDh]^Zfhc`_j_[_ph^gbffZohfi_j_iju]gmeq_j_ag_]hfg_ihdZaZehkvqlhk
a_feb^hg_kkydZdhclh`Zehklguca\mdIhlhfaZkibghcmf_gy]jygme\uklj_e
Qlhwlh[ueh"kijhkbeyg_h[hjZqb\Zykv
Hg_s_`behl\_lbeHkdhFhyimeyijbdhgqbeZ_]hg_klhbeh_fm[hevr_kljZ^Zlv
hlhghklhdQ_fhke_ibl_evg__h[fZgqb\__k\_ll_f]em[`_aeh\_s_l_gv
=eZ\Z
I?S?J?KHDJHBS
Ihke_f_klbq_jgh]hjpZdhlhjhcyg_fh]dkh`Ze_gbxihf_rZlvfu\_jgmebkvdgZrbf
kimlgbdZfijylZ\rbfky[ebai_s_jum]e_`h]ZDhg_qghbfohl_ehkvagZlvqlhkemqbehkvbdh]^Z
fuih^t_oZebdgbfhgb[jhkZebgZgZk\hijhkbl_evgu_\a]ey^ughlZdbg_ihemqbebjZatykg_gbc
gbhlf_gygbhlHkdh
?s_jZgvr_dh]^ZyijhdjZekyddhkljmgZdhlhjhf\u`b]Zebm]hevyaZf_lbeke_^uehrZ^_chgb
m\h^bebgZijZ\h\dmkluYg_ihr_eihwlhfmke_^mbj_rbegZ\_jklZlvmims_ggh_l_i_jvAZ
\j_fyfh_]hhlkmlkl\bygbq_]hlj_\h`gh]hg_kemqbehkvbyjZkkm^beqlhfhbkimlgbdbfh]ml
ih[ulv\mdjulbb_s_g_kdhevdhfbgml
Fg_g_^he]hijbrehkvb^lbb[h\kdhj_ym\b^_eehrZ^_cBo[uehiylvkj_^bgboi_]b_ZeZ^`b
BlZdhgbkijylZebboohlyb[uebm\_j_guqlhfulZdbg_^h[_j_fkykx^Z
Qlh`k_cqZkkZfh_\j_fy[uehgZ\_klblvm]e_`h]ZFukgh\Zk_ebgZehrZ^_cbih^t_oZebd_]h
`bebsmDh]^Zfu^hklb]ebdjZyiheygum]e_`h]kg_agZdhfp_fklhyei_j_^^\_jyfbk\h_]h^hfZ
G_kfhljygZjZkklhygb_jZa^_ey\r__gZkfuykghm\b^_ebm`ZkgZibkZggucgZboebpZoHgb
lhjhieb\hh[f_gyebkvg_kdhevdbfbkeh\Zfbbf_^e_gghihrebgZfgZ\klj_qm
QlhwlhaZh[bl_ev"ijb\_lkl\h\Zeybo\hijhkhf
Wlhfhc^hfhl\_lbeohaybgYm]e_`h]Zah\mlf_gyRZjdZ
AgZqbl\_jghc^hjh]hcfu_^_fLuiha\hebrvgZfki_rblvkybg_fgh]hi_j_^hogmlv"
�h[jhih`Zeh\ZlvDm^Z^_j`bl_imlv"
�Ohlbf^h_oZlv^hB[ZebZe_dh_s_lm^Z"
Q_j_aljbqZkZfh`_llZf[m^_l_
:ly`_ehgZclb^hjh]mlm^Z"
Fu`_kdZaZebIhq_fmy^he`_gk[b\Zlvl_[yklhedm_kebkh[bjZxkvjZamagZlvml_[y^hjh]m"
Hgk^_eZe^h\hevghhaZ^Zq_ggh_ebphHgfgh]hq_]hhgZkkeurZebihlhfmg_fh]ih^mfZlvqlh
mihfygmlh_f_klhb_klvp_evgZr_]himl_r_kl\byGhjZafugZa\Zebwlhk_e_gb__fmijbrehkv
ihehfZlv]heh\m
Qlh\ZflZfgm`gh"kijhkbehg
Fuohlbfi_j_ghq_\ZlvZihlhf^\bg_fky^Zevr_
Dm^Z"
I_j_k_q_f]hjuLZglbb^h[_j_fky^h:e_kkbhqlhe_`blgZ[_j_]mfhjy
H[f_gb\Zykv\hijhkZfbbhl\_lZfbfuki_rbebkvl_i_jvfuklhyebebphfdebpmkgbfLZd\hl
hgdZdh\wlhlkljZrgucm]e_`h]^eydhlhjh]h`bagvq_eh\_dZg_klhblj_rbl_evghgbq_]hIj_`^_
yg_fh]dZdke_^m_l_]hjZkkfhlj_lvMg_]h[ueh]jm[h_[mev^h`v_ebphqvbq_jlu\au\Zebd
hklhjh`ghklb?]hk_kljZ`_gZlhj]h\pZm]e_fkh\k_f[ueZg_ihoh`ZgZg_]h
?]hkh[_k_^gbd[ueiheghc_fmijhlb\hiheh`ghklvx?]hh^_`^Z[ueZhijylghc\_]hq_jlZo
kd\habehdZdh_lh[eZ]hjh^kl\hEbph_]h[uehhldjuluf\g_f[ueZjZaeblZihqlb^_\bq_kdZy
fy]dhklvIjhklh`_[uehh[fZgmlvky\lZdhfq_eh\_d_
QlhijbdZ`_rv]hkih^bg"kgh\ZkijhkbeRZjdZG_ohlbl_ebg_fgh]h_^ubfh`_l\h^u^ey
dhg_c"
?klvfug_ohlbfghehrZ^yfgZ^h[ghiblv_G_leba^_kvjh^gbdZ"
Bf__lkykjZamaZ^hfhfIha\hevy\Zklm^Zijh\_^m
G_\^Ze_d_hl`bebsZbaih^a_feb\u[b\ZeZkv\h^ZhgZjZkl_dZeZkvh[jZamyg_[hevrh_ha_jph
hlkx^Z[uehm^h[ghihblvehrZ^_cG_agZdhf_pf_^e_gghihke_^h\ZeaZgZfbDhg_qgh_fm
ohl_ehkvg_mimklblvgbkeh\ZbagZr_]hjZa]h\hjZ
FukgyebkehrZ^_cm^beZbhlimklbebboiblvIhlhfm]e_`h]dhlhjuc\k__s_g_fh]kdjulv
lj_\h]mkijhkbe
wlmm_^bg_ggmxf_klghklvlZdj_^dhaZ]ey^u\Z_limlgbdqlh\um`ijhklbl_f_gy_keby
ihbgl_j_kmxkvdh]hi_j_^kh[hc\b`m
L\h_`_eZgb_\iheg_kijZ\_^eb\hFuex^bqm`b_\wlhckljZg_b_^_fbaW^j_g_\:e_kkbh
dZdyl_[_]h\hjbe:ihkdhevdmluagZ_rvdlhfulhkhql_rv\iheg_ihgylgufqlhfulh`_ohlbf
magZlvdlhwlhlwn_g^blZdbamfe_ggh\abjZxsbcgZgZk
Y\ujZabekykdhj__kebrdhffy]dh\ebp_g_agZdhfpZhljZabehkvhlgx^vg_ijhklh_bamfe_gb_
?]h\a]ey^f_lZekyf_`^mfghcbfhbf\hjhgufkeh\ghijbgbfZygZkh[hboaZg_[u\Zemx
^bdh\bgmDZaZehkvhggbdZdg_fh]ihgylvihq_fmfuex^bh[j_q_ggu_gZkf_jlvklhbfi_j_^
gbfb[h^jufbbg_\j_^bfufbohlyhgkZfg_laZ^he]h^hlh]hkhfg_\Zeky\mki_o_aZkZ^uHgk
m]e_`h]hfkqblZegZkex^vfbdhlhju_kZfufg_ihklb`bfufh[jZahffh]ml\ukdhevagmlvba
\_jghcfh]beu
���Zlufh`_rvwlhmagZlvhl\_lbeRZjdZWlhlwn_g^bZebf@ba`ydh\bpuhgdZdb\u
iml_r_kl\m_l
:ebfKlZeh[ulvhgihk_sZemgb\_jkbl_lZihkdhevdmylh`_Zebfdhg_qghZebf\k\h_c
jh^ghckljZg_lhyhq_gvjZ^[m^mkgbfihagZdhfblvkyIh\b^mhg[hevrhcmq_gucby
�gZ^_xkvqlhkmf_xq_fmlhmg_]hihmqblvkyZojZgbll_[y:eeZo
ih^Zek\hxbhl\_lbe
�Zy`be\KlZf[me_bmqbekylZfghyg_ex[ex\_klbmq_gu_jZa]h\hju
�Ihq_fmg_l"j_\hh[j_f_g_ggh_ieh^Zfbg_\ijZ\_ojZgblvbo^eyk_[ygbo[m^_lijhdebrv
lh]^Zdh]^ZboklZgml\dmrZlvDZd^_j_\hg_fh`_liblZlvkyieh^Zfbk\hbfblZdbieh^ul\h_]h
mq_gbyaj_xlg_^eyl_[ykZfh]hgh^ey^jm]bodhbf^Zjh\Zgu[m^mlAgZqblluijb[ueba
�`ydh\bpuDm^Z`_l_[yih\_^_ll\hcimlv"
D_ijbeb
KlZeh[ulvluih_^_rvq_j_aI_jk_jbgbMkdx[WlhemqrbcbkZfucdhjhldbcimlv
YagZxwlhghy\hh[s_lh]_heh]b_^m\]hjuqlh[uihbkdZlvbgl_j_kgu_dZfgb
hldZdIhbkddZfg_cdZ`_lkyfg_lZdbfmlhfbl_evgufb]jyagufaZgylb_fL\hc\b^]h\hjblh[
h[jZlghfGZmdZ`_l\hy\\ukr_ckl_i_gbbgl_j_kgZHgZiha\hey_lgZfaZ]eygmlv\fZkl_jkdmx
:eeZoZIhkfhljbgZwlm^hebgmmk_yggmxh[ehfdZfbbhihykZggmx]jhfZ^gufbieblZfb]jZgblZ
DZdhcwiho_wlb]eu[uh[yaZguk\hbfihjh`^_gb_f"
�Ijbwlhf\hijhk_ebph_]hihdjZkg_ehHgg_[ue]_heh]hfhgg__oZeba`ydh\bpuijhq_fby
\wlmfbgmlmhlgx^vg_kh[bjZeky\B[ZebFuh[Zj_rbl_evghe]Zeb^jm]^jm]mqlh\^Zgghf
kemqZ_ohlvwlhbg_evaygZa\ZlvdjZkb\ufkfhjZevghclhqdbaj_gbybf_ehk\hc\_kdbcj_ahg^ey
h[_boklhjhg
Hg\k_^mfZeb^mfZegZdhg_pijhbag_kyke_^mxs__
k_gZmdbgbqlhij_^\k_\_^msbfhdhf:eeZoZHgl\hjbedZfgbg_fuIhlhfmfug_^he`gu
jZafureylvhlhfdZdhgb\hagbdeb
_jghLhevdhlh]^Zb]_heh]bg_gm`guDZaZehkvm]e_`h]ihgyewlhhgrbjhdhghkfms_ggh
meu[gmekybihki_rbehl\e_qvfh_\gbfZgb_hlihagZgbcZebfZkdZaZ\
uex^bqm`b_\wlhfdjZxbdZd`_\ukZfbgZoh^bl_imlvWlhhq_gvkf_ehk\Zr_cklhjhgu
�jm]b_g_ij_f_ggh\ayeb[uk_[_ijh\h^gbdZIhq_fm`_\uwlh]hg_k^_eZeb"
L_i_jvhgih\_jgmejZa]h\hj\bgl_j_kh\Z\rmx_]hklhjhgm?fmgZ^h[uehagZlvihq_fmfu
hklZebkv`b\ubijb[uebkx^ZZlZd`_dZdfugZreb^hjh]mdg_fm[_aihfhsbdhgZd^`b
Zrbijh\h^gbdbg_gZ^_`guhl\_lbey
G_l"Ihq_fmwlh"
;uemgZkh^bgdhlhjuch[_sZegZf\k_ohjhr__Hgohl_eijb\_klbgZkkx^Zb[hagZel_[y
hq_gvohjhrh
FhcagZdhfuc"Dlh`_wlh[ue"
OhaybgLj_kdZdhgZdZ
AgZx_]hjZamf__lkyHgojZ[jucbgZ^_`gucq_eh\_dDZd`_\ujZkklZebkvkgbf"
Hgihahjgufh[jZahfhlklZehlgZkg_^h`b^ZykvihdZfu^h[_j_fky^hp_eb
Hq_gvkljZgghk_]hklhjhguQlh`_aZijbqbgmhg\u^mfZe"
Kijhkb_]hkZf_kebdh]^Zgb[m^v\klj_lbrvY\hh[s_g_ohqmjZa]h\Zjb\Zlvh[wlhf^_e_y
iheZ]Zxebrvqlhhg\klj_lbedhfiZgbxdhlhjZy[ueZ_fmfbe__gZr_cDg_chg\_jhylghb
ijb[beky
Qlhwlh[uebaZex^b"
LubogZ\_jgydZg_agZ_rv
Wlboex^_chdhlhjuoy]h\hjxluih`Zemcg_agZ_rv\_^vkm^yih\b^mluq_eh\_dq_klguc
bojZ[juc
:l_ex^bjZa\_g_[ueblZdbfb"
G_lhgb\hjubjZa[hcgbdbWlh^\Z[jZlZdhlhjuoah\mlZeZ^`bZkgbfb[ueb_s_g_kdhevdh
q_eh\_d
:eZ^`b"i_j_kijhkbehgihdZqb\Zy]heh\hcG_agZxywlbobf_g
YlZdbih^mfZe
�b\exkvygZk\h_]hagZdhfh]hdhgZd^`bQlh`_hgg_ih_oZek\Zfb"Hg[hblky\k_]hqlh
gZjmrZ_laZih\_^bDhjZgZbaZdhgukmelZgZ
?kebij_`^_lZdb[uehlhl_i_jvklZehbgZq_
:]^_`_gZoh^ylkywlbjZa[hcgbdb"
Hgfg_h[wlhfgbq_]hg_kdZaZeFh`_lhgkhh[sbll_[__keblu_]hkijhkbrv
Lh]^ZkdZ`bfg_\dZdhff_kl_hg\Zkihdbgme
Dlhfh`_lwlhlhqghkdZaZlvWlh[ueh\ms_ev_Fu`_fbgh\Zebklhevdh^hebgbms_ebcqlhbo
bg_khkqblZlv
HgaZ^mfqb\hihkfhlj_efg_\ebphIh`Zemc]emihklvfhbohl\_lh\g_]Zjfhgbjh\ZeZkl_f
ij_^klZ\e_gb_fqlhhgkhklZ\beh[hfg_
=^_\uhklZ\Zebkv\ihke_^gxxghqv"ijh^he`ZehgjZkkijhku
MXgZdZl\h_]hayly
Mdh]h"\hkdebdgmehgkZfufk_j^_qguflhghfY\^\hcg_jZ^\Zr_fmihy\e_gbxDZd\Zf
ihgjZ\bekyXgZd"
DZdb_]h`_gZl\hyk_kljZ
Hq_gvjZ^keurZlvHgbg_h[uqZcghfbeu_ohlyb[_^gu_ex^bZkhgbohjhrhmkljhbeb"
�ZhgZkgbdlhlZdg_aZ[hlbeky
DZaZehkvhgh`b^Ze^ebggh]hijhkljZggh]hjZkkdZaZY`_eZdhgbqghhl\_lb\hl\_jgmekyhlg_]h
L_fg_f_g__hg_s_kijhkbe
:dZd`_\urehqlhdhgZd^`bh[yaZekyijb\_klb\Zkijyfhdhfg_"
Hgg_h[yaZekyhgohl_eHg]h\hjbehg_\_jhylghcdjZkhl_a^_rgbof_klh]jhfZ^guokdZeZob
fgh]hf^jm]hf
LmlZebfih^ZelZcgucagZdm]e_`h]m\ijhq_fyaZf_lbe_]h`_klbkijhkbe
:hgg_]h\hjbe\ZfhagZf_gblhci_s_j_dhlhjZy_klv\a^_rgbo]hjZo"
Hg^Z`_m]h\Zjb\ZegZkihijhkblvRZjdmqlh[ulhlihdZaZegZf__
&#xu;&#xag;&#xZ_;&#xl_;&#x;&#xk_;&#x;&#xql;&#xh;&#xjZ;&#xkk; Z; u;&#xZx;&#xl;&#xh[;&#xw;&#xlh;&#xi_;&#xs_;&#xj_;&#x";�uagZ_l_\k_qlhjZkkdZau\Zxlh[wlhci_s_j_"Z`_hkhdjh\bsZo"
k_
Lh]^ZbykhagZxkv\Zfqlhijb[ue\a^_rgb_djZybaaZwlhcagZf_gblhci_s_juRZjdZg_
ex[bl__ihdZau\ZlvghymijZrb\Ze_]h^hl_oihjihdZhgg_ihh[_sZeijh\_klbf_gylm^Z
EZ^ghkdZaZeyjZ\gh^mrgh\k_qlhhg_c]h\hjylykqblZxkdZadZfbFg_\k_jZ\ghm\b`my
__bebg_l
AZq_f\ulZd^mfZ_l_[ukljh\f_rZekyhgbgZqZeijhkljZgghi_j_qbkeylvkhdjh\bsZqlh
ydh[ukdju\Z_li_s_jZ
agZf_gblmxi_s_jmFumkdhevagmebbaaZkZ^ughg_fh]eb`_bhgbmimklblvgZk\_^vm]e_`h]
h[_sZejZkijZ\blvkykgZfb\i_s_j_
Yk^_eZe\b^[m^lhih\_jbebfbgZdhg_pijbagZeky
EZ^gh_kebb\ijyfv\k_lZdlhihkfhljxDh]^ZlugZf__ihdZ`_rv"
?kebl_[_m]h^ghk_cqZk
Ohjhrhb^_f
Yk^_eZeg_kdhevdhrZ]h\ghRZjdZaZ^_j`Zef_gy
JZa\_l_[_ohq_lkyh^ghfmhkfhlj_lvi_s_jm"
�ZFhbokimlgbdh\wlhg_bgl_j_km_l
Hbf_gghbowlh\hkoblbl
Blmlhgh[tykgbefg_dZdhc`_]j_oykh\_jrm_kebg_iha\hexhklZevgufhkfhlj_lvaZij_lgmx
djZkhlm?kl_kl\_ggh_fmohl_ehkv[uqlh[ua^_kvgbdh]hg_hklZehkv?keb\i_s_jmihc^mlg_
\k_agZqblboieZgkhj\Zeky
Bhiylvyk^_eZe\b^[m^lh\_jxbfbiha\hebehklZevgufkhijh\h`^Zlvf_gy
Gh\Zfg_evay[jZlvjm`vykkh[hcijhfhe\behg
Ihq_fmg_l"
Ihlhfmqlhhgb\Zfihf_rZxli_s_jmljm^ghijh[jZlvkyIj_`^_q_fihiZklvlm^Zijb^_lky
ihealb
OhjhrhLh]^ZfuhklZ\bfjm`vylmlFuijbkl_]g_fbodk_^_evgufkmfdZf
Gh`bbibklhe_lulh`_
Gh\wlhfg_lg_h[oh^bfhklb
DZdg_lIbklhe_le_]dhfh`_l\uklj_eblv:dZde_]dhihjZgblvkygh`hfdh]^Zihea_rvgZ
`b\hl_bgh`ml_[yaZihykhf
LuijZ\EZ^ghkeh`bf\k_gZr_hjm`b_\hae_ehrZ^_c
Fhbkimlgbdbbamfe_gghkfhlj_ebgZf_gyghke_^h\Zebfh_fmijbf_jmM]e_`h][jhkbegZ
mq_gh]hebdmxsbc\a]ey^
L_i_jvb^_fiha\ZehggZkYihdZ`m\Zf\oh^\i_s_jm
HgrZ]gmeijyfhd^jh\Zfijb]hlh\e_gguf^eydhkljZbfuihke_^h\ZebaZgbfAgZqbly[ue
ijZ\ih^haj_\Zyqlhwlhldhkl_jdZdlhk\yaZgki_s_jhc
Gbdlhbg_^h]Z^Z_lkyqlha^_kv^\_jv\_^msZy\agZf_gblmxi_s_jmIhkfhljbl_dZkdZaZehg
ih\_jgm\rbkvdgZf
�jh\Z\u]ey^_eb\iheg_aZmjy^ghh[uqgZyihe_ggbpZkhklZ\e_ggZydhgmkhfbh[eh`_ggZy
^_jghfRZjdZgZdehgbekybkgyekehc^_jgZe_`Z\rbc\hae_a_febKlZeb\b^gug_kdhevdh^hkhd
dhlhju_hglh`_m[jZebfum\b^_ebhl\_jklb_lZdhc\_ebqbguqlhlm^Zfh]ijhe_alv^x`bc
fm`qbgZ
Wlh\oh^ihykgbehgL_i_jvaZihea_f\gmljv
HghlklmibegZaZ^bih^Zefg_agZdijbau\ZyaZihealblm^Zi_j\uf
Luijh\h^gbdkdZaZeyIheab\i_j_^
G_l\hajZabehgI_j\ufiheh`_ghb^lbkZfhfm[eZ]hjh^ghfm
Wlhg_yKZfuc[eZ]hjh^gucbagZkwlhlfm^jucZebfbamqZ\rbc]_heh]bxAgZqbl_fm
G_lg_l\m`Zk_\hkdebdgmek_c^h[jucfm`Lumq_g__f_gyygZkeurZgm`_h[wlhfDjhf_
lh]h\ua^_kvex^bqm`b_b^he]\_`eb\hklb\k_]^Zih[m`^Z_lijhimkdZlv\i_j_^qm`_a_fp_\
EZ^ghlh]^Zihijh[m_f
YgZdehgbekybaZ]eygme\gmljvOhlyh[ahj[uebh]jZgbq_gy\k_`_fh]khjb_glbjh\ZlvkyY
kgh\Z\uijyfbekyihdZqZe]heh\hcbkdZaZe
LZf`_kh\_jr_gghl_fgh
Hdh]^ZfuaZ[_j_fky\gmljvylhlqZkaZ`]mk\_lhl\_lbem]e_`h]
Hohlgh\wlh\_jx:qlhluih^h``_rv"
Khkgh\mxemqbgm
HgZe_`bl\i_s_j_"
�Z
Y[uem\_j_gqlhhgkhe]Zei_s_j_]^_kh^_j`Zlmagbdh\g_ojZgylgbq_]hqlhfh`gh[ueh[u
aZ`_qv
wlhfg_lgZ^h[ghklbkdZaZeyA^_kvkj_^b^jh\keh`_gguo^eydhkljZo\Zlblkhkgh\uo
s_ihdqlh[ujZa\_klbh]hgvMl_[y_klvq_faZ`_qv_]h"
�Zdj_f_gv]m[qZlucf_lZeebk_jZ\k_qlhgm`ghqlh[uaZ`_qvemqbgm
JZa\_ml_[yg_lkibq_d"Bfb`_gZfgh]hm^h[g__
A^_kvbolZdljm^gh^hklZlvqlhygbjZamg_ihdmiZebo
hldZd:\_^vhgbml_[y_klv
G_l]hkih^bgg_lbomf_gy
KljZgghDlh`_bokmgmekx^Z"
YgZdehgbekybih^gyegZ\k_h[s__h[haj_gb_g_kdhevdhkibq_ddhlhju_dZdyaZf_lbe[ueb
ijbijylZgukj_^b^jh\
Wlhwlh\ijyfvkibqdb\hkdebdgmehgijbl\hjyykvbamfe_ggufFh`_lhgb[uebmdh]h
lhbafhbokem]blhlkmgmebokx^Z"
Ml_[y_klvkem]b"
�Zq_l\_jhJZay\u`b]Zxm]ebg_\e_kmZa^_kvfg_gm`guex^bqlh[uijbghkblv^jh\Z
Qlh`wlhlkem]Z\b^guciemlhgmf__lh[mkljZb\Zlv^_ebrdb
Qlhlubf__rv\\b^m"
?keb[u\wlhf^hf_h]hgv\uk_dZebdj_fg_fbf_lZeehflhfumki_eb[uaZf_lblv[_^mb
\h\j_fy\u[jZlvkybai_s_juZ\hlkhkibqdZfbh]hgvjZa]hjblkyfb]hf
Hgm`Zkgmekybohlyebphmg_]h[uehaZdhiq_ggh_ym\b^_eqlhhgih[e_^g_e
=hkih^bg\hkdebdgmehgyg_ihgbfZxl_[yYg_agZxqlhlubf__rv\\b^m
Fg_b\ijyfvl_[_gZ^hwlhjZklhedh\Zlv"
�ZbgZq_yg_ihcfm
EZ^ghlh]^ZihkfhljbdZda^hjh\hlukeh`be^jh\Zm\oh^ZHgZlhlqZkaZ]hjylkyblZdgZqgml
qZ^blvqlhex[hcdlhj_rbl\uihealbhllm^ZkjZamaZ^hog_lkyBwlb^jh\Ze_`ZlgZkhehf_gghc
ih^klbed_lml`_^_j`ZlkibqdbLZd\hldZdh\ukhdjh\bsZdhlhjufbgZkohlylm^b\blv
Ihdhjg_cr_\Zk[eZ]h^ZjbfFug_gZf_j_guih^`ZjblvkybaZ^hogmlvky\I_s_j_Khdjh\bs
DZdhclhfb]hglmihkfhlj_egZf_gyihlhf]g_\gh\hkdebdgme
hkdhj[e_g^h]em[bgu^mrbIhc^_fFZjdbhgbg_^h[_jmlky^hhjm`byFuboaZklj_ebf
Hgohl_eihclbdgZrbfehrZ^yfMq_gucdh_]hgZa\Zebl_i_jvFZjdbkh[bjZekyihke_^h\ZlvaZ
gbfLh]^Zy\ulZsbeh[Zj_\hev\_jZqlh^_j`Ze\dZjfZg_bijbdZaZe
KlhcGbrZ]m^Zevr_bgZq_y\ZkaZklj_exLZdbfijhc^hoZfdZd\ug_evay^h\_jylv
Hgbm\b^_ebkl\heugZijZ\e_ggu_gZgbobhklZgh\bebkv
Yyohl_eebrvihrmlblv]hkih^bgijhdjbqZem]e_`h]
Ylh`__^vfh`ghrmldbjZ^b\kZ^blvimex\`b\hlDhg_qghhgZg_dZ`^hfmijbqblZ_lkygh
_keb\Zfm]h^ghfh`_l___ihemqblv
YjZa]g_\Zekyebrvihlhfmqlhf_gyhkdhj[beb
Ohjhrh_keblujZa]g_\Zekylhihq_fmrmlbrv"Lub\ijyfvj_^dhklguclbi
Ghlu`_]h\hjbe^hwlh]hqlhkqblZ_rvf_gyohjhrbfq_eh\_dhf
JZamf__lkyghyfh]h[fZgmlvky
JZa\_yg_ijbgye\Zkhq_gvjZ^mrgh"
�ZbaZwlhy[eZ]h^Zj_gl_[_IZfylmyh[wlhfijb_f_yaZ[m^mhkemqb\r_fkyghfg_ijb^_lky
ihaZ[hlblvkyhlhfqlh[ugbdlhg_m]jh`ZegZfihdZfu[m^_fa^_kvhl^uoZlvKy^vl_gZkdZfvx
FhbkimlgbdbjZkiheh`ZlkygZ[j_\g_bijbklj_eylex[h]hba\Zkdlh\hagZf_jblky\klZlv
Yih^ZeagZdHfZjmbHkdhHgbmk_ebkvgZ[j_\ghghki_j\Zijbg_keb\k_gZr_hjm`b_keh`_ggh_
rZ]Zo\^\Z^pZlbhlkdZfvbL_i_jvHkdhbHfZjk\hbfbjm`vyfbe_]dhfh]ebm^_j`b\Zlv\
ih\bgh\_gbbZebfZbm]e_`h]Zijhq_fihke_^gb_fh]eb\lbohfhedmi_j_]h\Zjb\ZlvkyWlh[ueh
fg_gZjmdm
=hkih^bgfuwlh]hg_aZkem`bebijh\hjqZeRZjdZLu\_^_rvk_[ydZdjZa[hcgbd
GZlh_klvijbqbgZLuemqr_\k_oagZ_rvwlh
G_lg_agZxygbdZdhcijbqbguFhc]g_\g_^he`_gl_[ym^b\eylvAgZqbll_i_jvgZk\h_ca_fe_
fg_ijb^_lkykb^_lvih^^meZfbjm`_c"LZdh]hkhfghc_s_g_[u\Zeh
Fgh]h\j_f_gbwlhg_aZcf_lFukdhjhhlijZ\bfky\imlvGZ^_xkvluaZ]eZ^brvk\hx\bgmb
hibr_rvdZdemqr_\k_]h^h[jZlvky^hB[Zeb
?]h\_dblboh\a^jh]gmebhgg_fh]kijZ\blvkykkh[hcbkdjulvjZ^hklvqlhbkiulZemkeurZ\fhc
\hijhk
�Zkm^h\hevkl\b_fkdZaZehg
EZ^ghdZdgZf_oZlv"
Lum\b^brvqlhbawlhc^hebgu\_^ml^\_^hjh]bh^gZgZaZiZ^^jm]ZygZx]Ihi_j\hc
^hjh]_\ZfbgZ^h_oZlvIhlhf\ukgh\ZihiZ^_l_\^hebgmdhlhjZygZfgh]h^ebgg__brbj_wlhc
LZf\um\b^bl_ke_^uhklZ\e_ggu_l_e_]hcXgZdZuih_^_l_\^hevgboihdZg_^hklb]g_l_]hju
e_`Zs_cm\ZkgZimlbLZfke_^ujZkoh^ylkyZfgm`gh_oZlvg_gZijZ\hZgZe_\h\_^vB[Zeb
e_`bl\lhcklhjhg_
:dm^Z\_^_l^hjh]Zmoh^ysZy\ijZ\h"
��Q_j_ajbgm\DhemqbgZevg_crbcimlvfg_g_aZq_fhibku\Zlv\_^v\Zf\k_\j_fygZ^h
^_j`Zlvkye_\h]hke_^ZIhlhf\uih^gbf_l_kvgZ]hjmbhllm^Zk\_jomm\b^bl_B[Zeb
Ij_djZkgh:dm^ZihiZ^_rvih\_jgm\gZx]"
;h^ZebklZoZg_
ohl_ehkv[ug_gZ^he]hh^he`blvml_[ydh_dZdmx\_sbpm
DZdmx]hkih^bg"
G_[hevrhckhkm^\dhlhjucyohl_eiheh`blvg_kdhevdhq_jguomeblhd
Meblhd"bamfe_gghi_j_kijhkbehg
�Zy\b^_eqlhhgb\h^ylky\^hebg_
A^_kvbohq_gvfgh]hgh^eyq_]hl_[_wlbmebldb"
FhyehrZ^vmklZeZZluagZ_rvqlhmebldbohjhrhihfh]Zxlijhlb\wlhc[_^u
�Z\_jghGha^jbmklZ\r_cehrZ^bgZ^hkfZaZlvkebavxmeblhdLhevdhwlhh^ghg_ihfh`_l?s_
gm`ghihdhjfblvehrZ^vfylhc
Wlhih`Zemc\_jghYihbsmwlmljZ\mBlZd_klvml_[ykhkm^"
�Z^hfZklhblg_[hevrhc`_e_aguc]hjrhdlufh`_rv_]h\aylvLum\b^brv_]h[ebahqZ]Z
L_i_jvhgk^_eZekygZj_^dhklvex[_a_gYaZr_e\^hfbhlukdZeg_[hevrhc]hjrhduoh^yba
^hfZylbohgvdhihijhkbeOZe_nZ\aylvkkh[hcf_^\_`_[hc
BlZdyg_gZ^he]hm^Zexkvkhk\hbfkimlgbdhfij_^mij_^beym]e_`h]ZG_iulZckyih^gylvky
�kwlhckdZfvbZ`__kebijb^mll\hbkem]bhgbg_aZklmiylkyaZl_[ybgZq_boaZklj_eylkZfbo
l\h_cdhfgZl_y\b^_eaZjy`_ggu_jm`vyIhwlhfmh[Zklhjh`Z\e_iylimexex[hfmdlh
ihiulZ_lky\hclb\^hf
FuhklZ\bebgZrbjm`vyHkdhbHfZjm\ay\kkh[hcgh`bbj_\hev\_jubm^Zebebkv
Lu\kZfhf^_e_j_rbeihbkdZlvmeblhdbfylmkb^b"i_j_kijhkbef_gyOZe_n
�Z`_bg_ih^mfZx
Ihq_fm`_lu\hehqbrvkkh[hcwlhl]hjrhd"
Hgihkem`blgZfih^k\_qgbdhfFuh[ke_^m_fi_s_jm
=fGh\_^vgZf`_ijb^_lkyihealbfbfhwlhcihe_ggbpu
G_lFukimklbfkyq_j_a^mieh^m[ZjZklms_]hgZ\_jom=eZ\gh_qlh[um]e_`h]wlhg_
aZih^hajbe
LuagZ_rv^hjh]m"
Y^mfZx^ZIhc^_f[uklj__qlh[ug_l_jylv\j_f_gbGhki_j\Zyohqmih^kemrZlvjZa]h\hj
wlboiemlh\K_cqZk\i_j\u_fbgmluihke_gZr_]hmoh^Zhgb[m^mli_j_]h\Zjb\Zlvky
Lukmf__rvboih^kemrZlv"
�Zy`_jZkkdZau\Ze\ZfqlhmkeurZeDhg_qghm]e_`h]g_\_jghhibkZegZf^hjh]m\B[Zeb
LulhqghwlhagZ_rv"
�ZB[Zebe_`bldx]mhlkx^ZBf_gghlm^ZZg_\;h^ZebklZoZg_\_^_l^hjh]Zih\hjZqb\ZxsZy
gZx]GZfgZ^hk\_jgmlvgZijZ\hwlZ^hjh]Z\_^_l\DhemqbgZihlhf\Jm]h\mdm^ZygZf_j_g
ihiZklvImlvmoh^ysbc\e_\hdhlhjuchgj_dhf_g^h\ZegZfdZd\_jgucijb\_e[ugZk\aZiZ^gx
YaZf_lbewlhihlhfmdZdaZfb]Zeb_]h]eZaZWlhfmq_eh\_dmgZkg_h[fZgmlv
Fukdjuebkvbaiheyaj_gbyZebfZbm]e_`h]Zl_i_jvfufh]ebih\_jgmlv\e_\hLZfklhyeZklZjZy
kh\_jr_ggh[_aukdmkghk^_eZggZydheufZ]Zp_ebdhf^_j_\yggZyGZ\_jgh_wlh[ueZlZkZfZy
l_e_]Zhdhlhjhc]h\hjbelhj]h\_pm]e_f
Ihlhffuijh[jZebkvkd\havdmklZjgbdZg_ih^Ze_dmhli_s_juih\_jgmebdmihfygmlhcm`_madhc
ljhibgd_dhlhjZylygmeZkvkj_^bdmklh\b\_eZgZ\_joA^_kvy\_e_eOZe_nmih^h`^Zlv
kh[hcghlZdlbohqlhyg_fh]gbq_]hjZah[jZlv?kl_kl\_gghyih\lhjbek\hcij_`gbc
wdki_jbf_glblbohgvdhih^iheaddmklZfjZdblgbdZl_i_jvfg_e_]q_[uehmeZ\eb\Zlvbokeh\Z
Dkh`Ze_gbxyijhimklbegZ\_jgh_kZfh_]eZ\gh_\ijhq_flhqlhykeurZelh`_[ueh\Z`guf
^eyf_gy\_^vlhevdhym^h[ghmkljhbekygZa_fe_dZdmeh\bekeh\ZkdZaZggu_mq_guf
BaZq_fluihkeZebogZaZiZ^"Fg_\_^vlh`_gZ^h_oZlvlm^Z
Dhg_qghlulm^Zih_^_rvZyl_[yijh\h`mFhbkem]bih_^ml\f_kl_klh[hc\_^vlug_agZ_rv
wlbof_klBfymdZaZe^hjh]mdhlhjZy\_^_lkh\k_fg_lm^ZHgbihiZ^ml\ms_ev_hldm^Zg_
\u[jZlvky
Lh]^Zhgbijhklhih\_jgmlgZaZ^
JZamf__lkyghlmlm`fuih^hki__fIhwlhc^hjh]_fu_a^bfkh[bjZlv^jh\Z^eydhkljZ?keb
hgbihiZ^ml\ms_ev_lhq_j_aiheqZkZhklZgh\ylkyi_j_^kl_ghcbakdZem__ih^gh`bye_`bl
]em[hdbcijm^Hgbih\_jgmlgZaZ^b_s_iheqZkZ[m^ml\u[bjZlvkybams_evyj_f_gbmgZk
o\Zlblqlh[umkljhblvbfaZkZ^mgZh[jZlghfimlbFui_j_klj_ey_fbo
Wlhfufh`_fba^_kvk^_eZlvihdZhgb_s_g_ljhgmebkv\imlv
G_l?kebohlvh^bgbagbok[_`bl\k_ijhiZehDZdlhevdhhgbm^Zeylkyy^Zfk\hbfkem]ZfagZd
Fbgmlq_j_aiylvhgb[m^mla^_kvFuhk_^eZ_fehrZ^_cbimklbfky\ih]hgxaZwlbfb
ijhoh^bfpZfbJm`_cmgZko\Zlbl@Zevlhevdhg_f_paZf_lbejm`vyAZ[ueyhgbodh]^ZihkueZe
_]h\^hf
G_fh]myihgylvwlh]hg_fpZ
Ylh`_gbdZd_]hg_jZkdmrm
Lhhgdhjqbl]emimxnbabhghfbxb[helZ_l\kydmx_jmg^mlhkgh\Zij_\jZsZ_lky\q_eh\_dZk
dhlhjufgbdZdg_keZ^brvGhlu\b^brvqlhy[ueijZ\AZkZ^Zg_m^ZeZkv
�GbdZdg_\havfm\lhedqlh`_kemqbehkvZ`__kebdhgZd^`b[uelZd]emiqlhmimklbeqm`Zdh\
bf\k_jZ\ghijbrehkvijh[bjZlvkyq_j_aQ_jlh\hms_ev_bgZrb^jmavyaZf_lbeb[uboHgbqlh
ijhkiZeb"
Bebg_f_pkZfgZiZegZgbo
Wlhg_fukebfhhi_j\uohg^Z`_g_`^ZeaZkZ^uh\lhjuog_agZedZdih^gylvkygZkdZem
:\lj_lvbo_kebhgagZebih^haj_\Zelh\k_jZ\ghg_gZiZe[ugZgboa^mfZchgihclbgZgbo
rlmjfhfih]b[eb[u\k_bhgb_]hkimlgbdbBoi_j_klj_eyeb[uk\_jomKljZggh\k_wlh
Gbq_]hg_evayihgylv
Kdhjh\k_\uykgblky
Dhg_qghY[uihkeZek_cqZkgZQ_jlh\mkdZemdh]hlhbakem]ghgZf^Z`_dgbfg_evayhlhclb
�\ZwlboijhdeyluolbiZg_k\h^ylkgZk]eZab^_j`ZliZe_pgZdmjd_
�Z\ZcihiulZ_fkykgbfbih]h\hjblv
Y^Z`_ijh[h\Zlvg_ohqmJbkdgb
GZ^hihkfhlj_lv
:ebff_^e_gghklZeijbih^gbfZlvkyGhlmlymkeurZeih\_ebl_evguchdjbdHkdh
Ky^v
lhl`_fb]qmlvijb\klZ\ym\b^_eqlhHkdhbHfZj\ayebjm`vygZba]hlh\dm:ebfkgh\Zk_eb
djbdgme
G_l^Z`_jZa]h\Zjb\Zlvg_evay?s_h^ghkeh\hbfuklj_ey_f
H[ZjZajZabebkvijhdeylbyfbbjm]Zl_evkl\Zfbl_i_jvyagZeqlhfh]miheh`blvkygZ[^bl_evghklv
fhbokimlgbdh\bf_^e_gghihiheagZaZ^gZijZ\eyykvdOZe_nm
Luqlhgb[m^vkeurZe"kijhkbelhldh]^Zy\_jgmekydg_fm
�Zghh[wlhfihiha`_Ihc^_f[uklj__
Fuihreb\^hevljhibgdbb\kdhj_m\b^_ebqlhfhy^h]Z^dZ[ueZ\_jgZbwlZmadZyljhiZ\_eZgZ
\_jrbgmKi_j\ZhgZmoh^beZ\jZks_ebgmkdZeuZhllm^Zdjmlh\a^ufZeZkvab]aZ]hf
IhdZfuih^gbfZebkvgZ\_joijhrehr_klv\hk_fvfbgmlA^_kvkj_^b^_j_\v_\fum\b^_eb
keh`_ggu_ih\kx^mk\yadb^jh\ijb]hlh\e_ggu_^eydhkljZM^Zjulhihjh\]h\hjbebh
ijbkmlkl\bbex^_c
Wlhkem]bm]e_`h]ZkdZaZeOZe_nGZ^_xkvhgbg_aZo\ZlylgZk\jZkieho
Ywlh]hg_hiZkZxkvHgblZfkijZ\ZgZ\_jomZfuijh[_j_fkygZe_\h]^_\b^g__lky\_jomrdZ
\ukhdh]h^m[Z
lhcklhjhg_e_kgZf_j_ggh[_j_]ebhllhihjh\Hq_\b^ghm]e_`h]ohl_eqlh[u_]hlZcgZhklZeZkv
�kdjulZhl\ahjh\ihklhjhggbo_j_\vybdmklujhkeba^_kvlZd]mklhqlhfuihjhc_^\Zfh]eb
ijhlbkgmlvkykd\havgbo
GZdhg_pfu^hklb]eb^m[ZHg[uehq_gvrbjhd\h[o\Zl_Kl\he_]hdZaZeky^h\hevghdj_idbf
Kj_^bfhsguolhesbghckq_eh\_dZdhjg_cf_klZfb\u]ey^u\Z\rbogZk\_lg_[ueh\b^gh
gbdZdh]h^mieZH^gZdhklhbehfg_h[hclb^_j_\hdZdym\b^_e\iylbkiheh\bghcf_ljZohla_feb
hl\_jklb_hgh[ueh^hklZlhqgh\_ebdhqlh[ulm^Zfh]ijhkdhevagmlvq_eh\_d
Gb`gbckmd^m[Zfh`gh[ueh^hklZlvjmdZfbklZ\gZg_]he_]dh[uehko\ZlblvkyaZ\lhjhckmd
Lj_lbc`_kmd[ue^Z\ghkehfZggZ_]hf_kl_h[jZah\Zehkv^mieh
?kebg_hrb[Zxkv\oh^\i_s_jmgZoh^blkylZfgZ\_jomkdZaZeymdZau\Zy\\ukv
�GhdZdlm^ZihiZklv"kijhkbeOZe_neywlh]hgm`gZe_klgbpZ\_^vkl\heg_h[o\Zlbrv
qlh[u\kdZjZ[dZlvkygZg_]h
E_klgbpZlml_klv
Y__g_\b`mkdZaZeoZ^`bgZijZkgh]ey^yihklhjhgZf
By__lh`_g_\b`maZlh\b`mqlhlh^jm]h_IhkfhljbdZgZa_fexKj_^bfoZq_ldhhli_qZlZeky
ke_^\_^msbc\aZjhkebHq_\b^ghlmloh^yl\aZ^b\i_j_^b^eyq_]hkijZrb\Z_lky"Qlh[ughkblv
e_klgbpmlm^Zbkx^ZLu__kjZamaZf_lbrv
Fuihrebihwlhfmke_^mfbgh\Zebfheh^u_]mklhihdjulu_ebkl\hckl\heu[mdZb\ijyfv
m\b^_ebgZa_fe_lhqlhkem`behe_klgbp_ckmdh\Zluckhkgh\uckl\hemdhlhjh]hh[jm[dbkmqv_\
aZf_gyebklmi_gvdb
_jghWlhe_klgbpZfhe\beOZe_nL_i_jvfufh`_fih^gylvkygZ\_jo
Fuih^gbf_fkylm^Z^Z`_[_ae_klgbpuHklhjh`ghklvkh\_lm_lgZfhlg__hldZaZlvky^jm]dlh
lhijb^_lkx^Zohlvywlh]hg_hiZkZxkvHgkjZamaZf_lble_klgbpmijbkehg_ggmxdkl\hem^m[Zb
ihcf_lqlhdlhlhaZ[jZeky\gmljvYl_[yijb\_ekx^Zqlh[u^hdZaZlvqlhfhybglmbpbyf_gyg_
ih^\_eZ
Gh[_ae_klgbpuy`_g_^h[_jmkv^h^mieZ
LuaZe_a_rvfg_gZie_qbblh]^Zkmf__rvko\ZlblvkyaZgb`gbckmd
Yih^iju]gmb^hlygmkv^hg_]h
OZe_n\kdZjZ[dZekyfg_gZie_qbZihlhfe_]dhaZ[jZekygZkmdFg_m^Zehkvki_j\h]h`_iju`dZ
ko\ZlblvkyaZwlhlkmdihlhffu\e_aebgZ^jm]hckmdl_i_jv^miehgZoh^behkvmgZki_j_^]eZaZfb
YaZ]eygme\gmljv
Kl\he[ueiheufZ^miehlZdbo\gmrbl_evguojZaf_jh\qlh\f_klbeh[ukjZam^\moq_eh\_dGh
dZdkimklblvky\^miehyihdZg_agZe
LZfg_l\_j_\hqghce_klgbpufhe\beOZe_nLuh[fZgmeky
G_lyg_h[fZgmekyIhkfhljbdZgZwlh^miehHgh]eZ^dh\ul_jlhLug_aZf_lbrvgbke_^Z
]gbevpubebljmobKx^Zlhb^_ehaZ[bjZxlkyex^bJZamf__lky\_j_\hqgmxe_klgbpmhgb
kijylZeblZdqlh[u__g_\b^gh[uehkgZjm`bGhy^mfZxqlhkjZam__gZc^m
Ykmgme]heh\mbjmdb\^miehbmi_jrbkvehdlyfb\kl_gdmi_j_\_kbekylm^Z\k_fdhjimkhf
EZ^hgyfbyijbgyekyrZjblvih^miem
_jghIjyfhgZ^\oh^hf\^mieh[ueZaZdj_ie_gZdj_idZy^_j_\yggZy[ZedZaZg__fh`gh[ueh
ko\ZlblvkyjmdZfbZihlhf\ulygmlvgh]bbhimklblvbo\]em[v^mieZYlZdbk^_eZeIh\bkgm\gZ
[Zed_ygZqZerZjblvgh]Zfbb\kdhj_gZsmiZe^jm]mx[he__dj_idmxihi_j_qbgmgZdhlhjmxfh]
gZklmiblv
L_i_jvyijbk_egZdhjlhqdZob[hihqm\kl\h\Zeih^gh]Zfb^\Z[m]hjdZbj_rbegZhsmiv
m[_^blvkyqlhwlhlZdh_;m]hjdbhdZaZebkv^\mfyhq_gvlheklufbmaeZfbIhij_`g_fmhibjZykv
h^gbfdhe_ghfh[Zedmyhimklbe^jm]mxgh]mbm[_^bekyqlh\gbam_klv\_j_\hqgZye_klgbpZ
B^bkx^ZdjbdgmeyoZ^`bYgZr_e__
Wo[m^vyih\ur_jhklhf[ueh[uih`Zemcemqr_ihk_lh\Zehg
Ykgh\Zijb\klZebihfh]fZeurmaZe_alv\gmljvbko\ZlblvkyaZihi_j_qgmx[Zedm
:eeZoQlh_kebhgZkehfZ_lkybjmog_l\gbakdZaZehg
G_[hckyYm\_j_gqlh[ZedZ\u^_j`blgZkh[hboDlhfm`_ih^ihjdb__ijb[blu]\ha^yfb:
\hl\u^_j`blebgZk^\hbo\_j_\hqgZye_klgbpZwlh]hyg_agZxHklZgvkygZ\_jomykZfki_j\Z
jZa[_jmkv
Yihe_a\gbah^gZdhykebrdhflhjhibekybmf_gy[uehfZeh\j_f_gbqlh[ukihdhcghhlukdb\Zlv
\l_fghl_h^gmklmi_gvdme_klgbpuaZ^jm]hcLh]^Zyk\_kbegh]bbklZekimkdZlvkyih\_j_\d_dZd
ihdZgZlmi_j_o\Zlu\ZykvjmdZfb
Fg_ihiZ^Zebkvhl^_evgu_mklmiu\dhlhjuohiylv`_[uebaZdj_ie_guihi_j_qbguYgZoh^beky
m`_\rZol_jZkk_dr_ckdZeml_fghl_yg_fh]ihgylv\hagbdeZebhgZ_kl_kl\_ggufiml_fbeb
__ijbrehkvijh[b\ZlvGZdhg_pydhkgmekya_feb
Ym[_^bekygZhsmivqlhgZoh`mkv\dZdhclhmadhcyf_hldm^Zg_[ueh\uoh^Zb]^_o\ZlZeh
f_klZfh`_l[ulvgZq_l\_juobebiyl_juoq_eh\_dLmlfg_ijb]h^bekyfhcnhgZjbddhlhjucy
\k_]^Zghkbeijbk_[_fZe_gvdZy[mluehqdZkfZkehfbnhknhjhfY\ulZsbe__badZjfZgZ`be_lZ
bhldjueijh[dmqlh[u\gmljvijhgbddbkehjh^Dh]^Zykgh\ZaZdjue[mluedmhgZaZk\_lbeZkv
yjdbfnhknhj_kpbjmxsbf[e_kdhfl_i_jvfg_[ueb^h\hevghohjhrh\b^guhdjm`Z\rb_f_gy
kl_gu
YgZoh^beky\lj_m]hevghcdZfhjd_K^\moklhjhgf_gyhdjm`ZeZkdZeZKlj_lv_c[ueZ\ha\_^_gZ
kl_gZhgZhdZaZeZkvg_\ur_iylbehdl_c
[ueijb\yaZgdgb`g_fmdhgpm\_j_\hqghce_klgbpub\_egZ\_joIhk\_lb\gZg_]hnhgZjbdhfy
h[gZjm`beqlhrgmjwlhlh]b[Z_lkl_gmbkdju\Z_lkyk^jm]hc__klhjhguFg_klZeh\k_ihgylghY
ohl_em`_ih^gbfZlvkydZd\^jm]mkeurZeg_]jhfdbc]hehkOZe_nZ
Kb^bih^_j`be_klgbpmHgZ\_jlblky
:oLukimkdZ_rvky"
�Zijhrehfgh]h\j_f_gbYih^mfZeqlhklh[hckemqbeZkv[_^Z
kdhj_hgklhyejy^hfkhfghcijblmkdehfk\_l_nhgZjbdZhgijbgyekyhkfZljb\Zlvbhsmiu\Zlv
\k_\hdjm]
Ihoh`_fuaZ[jZebkv\kdZevgmxrZolmkdZaZehg
G_lfugZoh^bfky\i_s_j_
�ZhgZ`_q_jlh\kdbfZeZbl_kgZ
WlhlhevdhdjZci_s_juGZfijb^_lkyih^gylvkygZg_kdhevdhklmi_g_d\\_joZihlhfi_j_e_alv
q_j_awlmkl_gm
:dZd"
Dhg_qghihe_klgbp_fui_j_dbg_f__gZlmklhjhgmIhljh]ZcdZwlhlrgmjHg\_^_llm^ZLZf
\l_fghl_gbh^bgq_eh\_dihiZ\rbc\i_s_jmg_^h]Z^Z_lkyqlha^_kv_klvl_kgucaZdmlhdb
\_j_\hqgZye_klgbpZihdhlhjhcfh`gh\u[jZlvkygZ\_joRgmj`_lZfgZ\_jgydZaZdj_ie_glZd
qlhebrvihk\ys_ggucaZf_lbl_]h:\_^v_kebdlhlhihiZ\\i_s_jmj_rbl\u[jZlvkybag__
_fmgZ^hebrvih^lygmlvdk_[_\_j_\hqgmxe_klgbpmkihfhsvxrgmjZk_mkljh_ghhq_gveh\dh
Ghfu_s_eh\q__kb^bobobdgmefZeurFue_]dhjZkdjh_fkZfu_[hevrb_lZcguGmqlh
i_j_[_j_fky\i_s_jm"
Dhg_qghFuih^gbf_fkyihg_kdhevdbfklmi_gvdZfky^_fgZkl_gmi_j_[jhkbflm^Zdhg_p
\_j_\hqghce_klgbpuZihlhfkihdhcghkimklbfkyihg_c
k_lZdb[uehFuhdZaZebkv\h[rbjghfihf_s_gbbdhlhjh_m`_g_evay[ueh\k_kjZamhk\_lblv
nhgZjbdhfOZe_n\ayef_gyaZjmdmbr_igme
A^_kvgbdh]hg_l"
Ihkfhljbf
Y^hklZedmkhdklZjhc[mfZ]bbkibq_qgucdhjh[hdih^`_][mfZ]mkibqdhcbhk\_lbei_s_jmFu
[uebh^gbIhf_s_gb_]^_fugZoh^bebkvbf_ehjZaf_ju^h\hevghijhklhjghcdhfgZlu\^ebgm
brbjbgmhgh^hklb]Zehih`Zemc^\_gZ^pZlbrZ]h\
Dh]^Z[mfZ]Zijh]hj_eZbfukgh\Zhqmlbebkv\l_fghl_yaZf_lbeqlh\hae_a_febkh^ghcklhjhgu
k\_lblkydZdbflhfmlguffhehqgufk\_lhfg_dbcq_luj_om]hevgbdYih^hr_e[eb`_gZdehgbeky
bm\b^_eijh^he]h\ZluceZahg\_egZjm`m
OZe_nfugZoh^bfky\hae_\oh^Z\i_s_jmjZ^hklghkhh[sbeyYihiheamlm^Z?kebg_
hrb[Zxkvym\b`mHkdhbHfZjZ
Fhy^h]Z^dZih^l\_j^beZkvYihea\i_j_^^hl_oihjihdZhklZ\Zekyg_aZf_q_gguf^ey\jZ]h\
gZdhg_pym\b^_eHkdhbHfZjZHgbkb^_eb]ey^ygZaZ^_j`Zgguob^_j`ZgZ]hlh\_jm`vy
Wlh]h[uehfg_^hklZlhqghYkgh\ZihiheagZaZ^
L_i_jvfuaZ``_fk\_lg_lZdeb"kijhkbeOZe_n
��ZhklZgvdZkZehEhkdmljm[Zrdbihkem`blnblbe_f
\f_klhnblbeyijb\_jgmebljyidmkdhj_fujZah`]ebkibqdhcp_eucnZd_eijZ\^Zhgm`Zkgh
dhilbeaZlhhk\_sZe\kxi_s_jm
FuklZebh[ke_^h\Zlvkl_guWlh[uebfZkkb\gu_kdZeug_kqblZymadhckl_gu\m]emq_j_a
dhlhjmxfui_j_[jZebkvFg_klZehykghqlhi_s_jZkhklhyeZebrvbah^gh]hihf_s_gbyKdhevdh
fugbijhklmdb\Zeb__kl_gufug_mkeurZebgbh^gh]ha\mdZ]h\hjb\r_]hqlh\gmljb_klv
dZdhclhlZcgbdEbrvh^bgij_^f_lijb\e_dgZr_\gbfZgb_q_luj_om]hevgucl_kZgucdZf_gvhg
e_`Zejy^hfkijh_fhfblhqghdg_fmih^oh^bedZf_gv[ueh\klZ\e_ghdhevphZdg_fm
ih^\_r_gZp_iv
BfaZ]hjZ`b\Zxl\oh^\i_s_jmkdZaZeOZe_n
�ZHggm`_g_keblhevdha^_kvkb^blmagbdLh]^ZdZfg_faZ]hjZ`b\Zxlijh_fbkgZjm`bdj_iyl
p_ivlZdqlh[umagbdg_fh]\u[jZlvky
Lu^mfZ_rvqlha^_kvijyqmlie_ggbdh\"
�ZAZ\ljZ\_q_jhfijb\_amlhq_j_^gh]hblum^b\brvkymagZ\dlhhg
Gmdlh"
H[wlhfih]h\hjbfiha^g__:_s_a^_kvm[b\Zxlex^_cKgZfbm]e_`h]gZf_j_\Zekyihklmiblv
lZd`_Fuihiheaeb[u\i_j_^Zhgih^`_][u^jh\Zkeh`_ggu_mgZkaZkibghckyi_s_jZ
gZihegbeZkv[u^ufhfbq_j_ag_kdhevdhfbgmlfuaZ^hogmebkv[u
:eeZo:eeZo?keby\u[_jmkvhlkx^Z]hj_wlhfmm]e_`h]m
Lu\hh[s__fmgbq_]hg_kdZ`_rvbgbq_]hg_k^_eZ_rvMf_gy_klvhq_gv\_kdZyijbqbgZkdjulv
hlg_]h\k_qlhyagZx
Ghfu`_m_^_fhlkx^Zbgbdh]^Z_]hg_m\b^bf
Fum_^_fhlkx^Zbm\b^bf_]haZ\ljZmljhfL_i_jvfuagZ_f^h\hevghfgh]hihjZ\u[bjZlvky
gZ\_jo
H]hgv[ueihlmr_gghgZfijbrehkvih^h`^ZlvihdZ]hjrhdbkZehg_hklugmlIhke_wlh]hfu
hlijZ\bebkv\h[jZlgucimlvb\gh\vi_j_[jhkbeb\_j_\hqgmxe_klgbpmq_j_akl_gm
u[jZ\rbkvgZjm`mbklhyi_j_^^m[hffukgh\Zi_j_\_eb^mok_`_g_hq_gvijbylghkh\_jrZlv
ih^h[gh_iml_r_kl\b_\g_\_^hfmx[_a^gmLZffh]ehijhbahclb\k_qlhm]h^gh:_keb[udlhlh
kemqZcgh[ue\gbamb\klj_lbegZkime_cFg_klZehg_ihk_[_dh]^Zyih^mfZeh[wlhf
GZdhg_pfu\ukdj_[eb`bjba]hjrdZGZh[jZlghfimlbfug_gZrebfylmgh^eyhl\h^Z]eZay
khj\Zeg_kdhevdh^jm]boljZ\bghddhlhju_fh]^Zlvihlhf\hjhghfmOZe_njZa\e_dkybklZe
kh[bjZlv^ebgguoq_jguomeblhdIh^dmklZfbbo[uehlZdfgh]hqlh\kdhj_hggZihegbe]hjrhd
Dhg_qghfu\urebgZiheygmk^jm]hcklhjhguY^ZedhgxljZ\uOZe_nihfZaZeh^ghcbameblhd
_]hgha^jbZihlhfhlg_k]hjrhdkgbfb\dhfgZlmDh]^Zhg\_jgmekyebphmg_]h[uehlZdbf
\_k_eufqlhykijhkbe
Qlhlukgbfbk^_eZe"
Y\uljykbo\dZjfZg\bk_\r_]hlZfdZnlZgZ
Wlhdhg_qgh\_ebdbcih^\b]dhlhjuflufh`_rv]hj^blvkyAgZf_gblucoZ^`bOZe_nHfZj
gZqbgZ_l\_klbk_[ydZdfZevqbrdZ
HgmofuevgmekyY\h\k_g_kh[bjZekyhkdhj[blv_]hk\hbfaZf_qZgb_f
Dh]^Zfuih^hrebdHkdhbHfZjmh[Zih\_^ZebgZfqlhg_ijhbahrehgbq_]hqlh[ubokfmlbeh
Gm\hllukgh\ZlmlL_i_jvluiha\hebrvgZfih^gylvkykhkdZfvb"
IhdZg_luih^gbf_l_kvhlkx^Zg_jZgvr_q_ffuky^_fgZehrZ^_c
Bdh]^Z\um_^_l_hlkx^Z"
G_f_^e_gghGZl\hc^jm`_kdbcijb_ffuhl\_lbfklhev`_^jm`_kdbfm\_s_\Zgb_faZkuiv
k\hxI_s_jmKhdjh\bsbg_iulZckygbdh]haZfZgb\Zlvlm^ZBgZq_kZfe_]dhfh`_rvjZa^_eblv
mqZklvqlhm]hlZ\eb\Z_rv^jm]bf
G_agZxhq_flu]h\hjbrv
Ih^mfZch[wlhfYm\_j_gqlhkdhjhluwlhihcf_rvDh]^Zy\_jgmkvklZg_lykgh\gyelu
fh_fmijbau\mbeb`_g_l
Lu\_jg_rvky"Dh]^Z"
Dh]^Z[m^_lgm`ghg_jZgvr_bg_iha`_
=hkih^bgml_[ylZdh_ebphkeh\ghykZfuciehohcq_eh\_dgZk\_l_
LZdhghb_klvohlybf_xlkyb^jm]b_dhlhju_ihqlblZd`_ih]jyaeb\hae_dZdblu
Qlh`_iehoh]hykh\_jrbe"Qlhlufh`_rv\f_gblvfg_\\bgm"
Ij_`^_\k_]hlue`_pLuml\_j`^Zeqlhg_agZ_rvZeZ^`b:hgbg_jZahklZgZ\eb\Zebkvm
l_[ya^_kvbobkdZeb^Z`_khe^Zlu
Wlhg_ijZ\^ZYgbdh]^Zg_keurZebobf_gbZm`\b^_ebo_s_j_`_
Lh]^Zihq_fmlumdju\Z_rvboehrZ^_c"
BoehrZ^_c"aZigm\rbkvkijhkbehg
�ZY\b^_ebo
Qlh"DZd"Wlbex^ba^_kvbyh[wlhfgbq_]hg_agZx"
MkihdhckyG_^mfZcqlhi_j_^lh[hcfZevqbrdbImklv\ukqblZ_l_k_[ymfg__gZkwlmb]jm\u
ijhb]ju\Z_l_bijhb]jZ_l_Lu`_g_[m^_rvhljbpZlvqlhl\hcaylvlhj]h\_pm]e_fih[u\Ze
k_]h^gyml_[y"
Ih[u\Ze"Y_]hg_\b^_e
Ghhgml\_j`^Z_lqlh[ueml_[ybihlhfgZijZ\beky\Q_jlh\hms_ev_]^_j_rbebgZiZklvgZ
gZk
=hkih^bglu]h\hjbrvm`Zkgu_keh\ZJZa\_\ugZoh^bebkv\hiZkghklb"
�G_fuZl\hb^jm`dbeygZkgbdZdhchiZkghklbg_[uehug_l_ex^bdhlhjuogZfklhbl
[hylvkyL\hb`_^jm`dbm]h^beb\hq_gvkd\_jgmxi_j_^_edmhgbm[blu
Hgbkim]Zggh\kdhqbekf_klZ
M[blu"ijhe_i_lZehgQlh`_kemqbehkv"
Bf_gghlhqlhhgbaZl_\Zeb\g_aZigh_gZiZ^_gb_klhclhevdhjZagbp_cqlhgZiZebgZgbo
GZgbo"Dlh"
Fu_kl_kl\_gghFhcoZ^`bOZe_nHfZjbyfuh^gbgZiZebgZgbor_kl_juoohjhrh
�\hhjm`_gguofm`qbg\h_bagbof_jl\uhgbjZa[bebkvke_l_\khkdZeuHklZevguoyk\yaZe\
lhfqbke_gZr_]hdh\Zjgh]hijh\h^gbdZY]h\hjx\Zfwlhqlh[um[_^blv\Zkfug_[hbfkywlbo
]emiph\KlmiZcl_bjZa\y`bl_boimklvhgbb^Zevr_]hgyxlkyaZgZfbLhevdhkdZ`bl_bfqlh\
ke_^mxsbcjZafum`_g_ihsZ^bfbo`bagvKf_jlv[m^_l\blZlvbgZ^\Zfb_keb\ug_
ijbkemrZ_l_kvdgZrbfkeh\Zfhlqlhyohl_e\ZfkdZaZlv:l_i_jvm[bjZcl_kv\uk\h[h^gu
k\h[h^hcHgbklhyebhp_i_g_\hlm`ZkZDh]^Zfum^ZebebkvgZihjy^hqgh_jZkklhygb_y
h[_jgmekybm\b^_eqlhhgb\k_lZd`_ihgmjhklhyl
GZx]baZiZ^hliheygu]^_`bem]e_`h]\_ebke_^uhklZ\e_ggu_l_e_]hcFugZijZ\bebkvgZ
aZiZ^KdZeuhlklmibeb\klhjhgmfu^hklb]eb^jm]hc[he__ijhklhjghc^hebguDhe_y[ueZlZd
hlq_leb\Zqlhfue_]dhfh]ebke_^h\Zlv\^hevg__
A_feyihjhkeZkhqghcljZ\hca^_kvjZkklbeZeZkvg_[hevrZyij_jbygZdhlhjhcg_jhkehgb^_j_\pZ
gbdmklZ^Zeb\ukbeZkv]hjgZyp_iv\hae_g__^hjh]ZjZkoh^beZkv\^\_jZagu_klhjhgu
�hkboihjfu_oZebfheqZEbrvl_i_jvyjZkkdZaZekimlgbdZf\k_qlhmagZeYg_gZa\Zeebrv
bf_gbehj^ZFhb^jmavy[ueb\\ukr_ckl_i_gbbamfe_gumkeurZggufOZe_n\uijyfbeky\
k_^e_b\hkdebdgme
H:eeZoL_i_jvfuagZ_fqlhgZfgm`ghK_cqZkgZfykghdZdah\ml@mlZb]^_hg`b\_lfu
hk\h[h^bfdmipZ=Zebg]j_ImklvwlhlOZf^wev:fZkZlij_^Z\rbc_]h@mlmihemqblieZlmaZ\k_
k\hbaeh^_ygbyHgm[befh_]h^jm]ZKZ^_dZbaie_f_gbf_jZkb]Lhl[uekZfufagZf_gbluf
��ijh\h^gbdhf\Rhllwev`_jb^_@biZehlimebwlh]hm[bcpudhlhjh]hgZklb]g_l\hlf_kldm
fhyimey
L\hy"kijhkbeHfZjijbrihjb\ehrZ^vlZdqlhhgZ\a\beZkvgZ^u[uLuaZ[ueqlhykug
KZ^_dZ"JZa\_yg_i_j_k_diheh\bgmKZoZjuij_ke_^mywlh]hm[bcpm"Hgmkdhevagmehlf_gyGh
jZam`yagZx]^_hgfg_h^ghfmbgZ^hkgbf]h\hjblvBeblug_keurZedZdmxdeyl\mijbg_ky
�gZkhebRhllwev`_jb^Zdh]^ZmagZehll_[ybkb^bqlhOZf^wev:fZkZldhlhjh]ha\Zeblh]^Z
:[mwgGZkjm[befh_]hhlpZ"Y\k__s_ihfgxdZ`^h_keh\hwlhcdeyl\uHgZ]eZkbeZ:eeZo
;h]\k_fh]msbcbkijZ\_^eb\uc\g_febfg_FmoZff_^Ijhjhd[eZ]hkeh\_gguo\g_febfg_u
oZebnubfmq_gbdb\_ju\g_febl_fg_YHfZj[_gKZ^_dg_meu[gmkvg_ih^kljb]m[hjh^ubg_
\hc^m\f_q_lvij_`^_q_f^`_o_ggZg_ijbf_lm[bcpmfh_]hhlpZYdeygmkv\wlhfLZdykdZaZe
lh]^Zb\uih^l\_j^bl_qlhyk^_j`Zek\hxdeyl\mJZa\_\ukeurZebqlh[uyjZkkf_yeky"JZa\_y
ijboh^be\f_q_lvgZfhebl\m"JZa\_gh`gbpudZkZebkvfh_c[hjh^uqlhihqlbkdehgbeZkvfg_gZ
]jm^v":l_i_jvdh]^ZygZdhg_p\klj_qmkvkm[bcp_chlpZfg_gZ^h[gh\u^Zlv_]hgZkm^
hklZevguo"G_loZ^`bOZe_nHfZjlug_fh`_rvwlh]hlj_[h\Zlvhlf_gyLhldlhgZiZ^_lgZ
g_]hklZg_lfhbfae_crbf\jZ]hfimklv^Z`_ij_`^_hg[ueemqrbffhbf^jm]hfimklv^Z`_wlh
[m^_lkZfwn_g^b
wlhlfhf_glHfZj[ueih^ebggufkughfimklugb?]h]eZaZk\_jdZebam[ukdj_`_lZebG_q_]h
[ueh^mfZlvhijbfbj_gbbbihsZ^_?]hg_ij_dehgguclhgijhba\_egZgZklZdh_\i_qZle_gb_qlh
fugZdZdh_lh\j_fyaZklueb\fheqZgbbDZd\h^blkyOZe_n[uei_j\ufdlhfhe\bekeh\h
Lu\k_gZfkdZaZewn_g^bghyh^gh]hg_ihcfmDm^Zfu_^_f"
Jm]h\md@mlm
WlhohjhrhghykqblZel_[y[he__q_eh\_qguf
JZa\_yg_lZdhc"
G_lLuagZ_rvqlh\i_s_jmijb\_amlwlh]hg_kqZklgh]h^Z_s_bijb_oZ\r_]hbaaZiZ^ghc
kljZgudZdbluZl_i_jvlu\b^mg_ih^Z_rvqlhfh`_rvbohq_rv_]hkiZklb
Yg_agZedZdaZwlh\aylvkyhl\_lbeykh\_jr_gghjZ\gh^mrguflhghf
G_agZe":eeZoG_m`_ebl\hbfukebklZeblZdkeZ[u"
GhylZd^mfZxG_lgbq_]he_]q_q_fihgylvdZdfh`ghihfhqvwlhfmq_eh\_dm
GmbdZd"
FuijbrihjbfehrZ^_cb]Zehihfihfqbfky\Jm]h\mqlh[uihf_rZlvbfko\Zlblv_]h
Fuijb_^_fkebrdhfiha^ghfuhqmlbfkylZflhevdhghqvx
Lh]^ZfukjZamhlus_fklhjh`_\mx[Zrgxbhk\h[h^bf_]hqlh[u_]hg_m\_aeb\i_s_jm
=^_wlZklhjh`_\Zy[Zrgy"DZdfuijhgbdg_flm^Z"=^_hglZfkijylZg"DZd_]h\u\_klbhllm^Z"
;ulvfh`_lhl\_lugZ\k_wlb\hijhkumiZ^mlkg_[Z"
Lu^mfZ_rvqlhwlhlZdljm^gh"
G_ijhklhljm^ghZ\hh[s_g_\hafh`gh?kebfuijb[m^_flm^Ziha^g_cghqvxmdh]hlu
jZamagZ_rv\k_qlhgZfgZ^hagZlv"k_kiylZl_dlh[h^jkl\m_l\_jhylghklhjhggbdb@mlZFu
qlhijb_^_flm^ZaZcf_fkyjZkkijhkZfb\havf_frlmjfhfklhjh`_\mx[Zrgxb\k_wlhaZdZdbo
lhiheqZkZ"
Dhg_qghg_l
M`_\_q_jhfZg]ebqZgbgZko\ZlylG_mki__ffuhk\h[h^blv_]hdZd_]hih\_aml\i_s_jm
EZ^ghlh]^Zfu\h\k_g_ih_^_f\Jm]h\mZhklZg_fkya^_kvb\ua\hebf_]hba[_^uWlhkh\k_f
g_hiZkgh\_^vfu`_agZ_fihlZcghceZa
Bf_gghwlhybaZ^mfZeijh^_eZlvWlh[uekZfuc\_jguckihkh[hk\h[h^blvehj^ZB\k_`_y
ihdZqZe]heh\hc\hl\_l
LZdg_ihc^_lfbeucOZe_n
Ihq_fmg_l"
Ihlhfmqlhfuihl_jy_f^jZ]hp_ggh_\j_fy
QlhagZqbl\j_fy_kebj_qvb^_lhkiZk_gbbwlh]hg_kqZklgh]h
?kebfuijbf_fkykiZkZlv\k_og_kqZklguolhgZk^he`gh[ulv\lukyqbjZa[hevr_Imklv
dZ`^ucaZ[hlblkykZfhk_[_
Ghkb^byl_[ykh\k_fg_magZx
Fg_^_eZg_l^hZg]ebqZgbgZ?kebhglZdg_hklhjh`_gqlhijbfZgbejZa[hcgbdh\k\hbfb
^_gv]ZfbimklvkZfhl\_qZ_laZihke_^kl\byF_gy\hh[s_wlhg_dZkZ_lkyWlhehj^bah\ml_]h
�w\b^Ebg^k_c?]hbfyfg_kh\_jr_gghg_agZdhfh
YkdZaZewlhdZdfh`gh[he__jZ\gh^mrghgh_^\Zwlhbfyke_l_ehkfhbo]m[dZdOZe_n^_jgmeaZ
ih\h^vylZdqlhehrZ^v_]hijbk_eZ
�Ebg^k_c"w\b^Ebg^k_c"]jhfdh\hkdebdgmehgWlh\_jgh"
�Z?]hbfy[uehhlq_leb\hgZa\ZghH^_lehj^\h\k_k_jh_\]hem[uohqdZok^ebggufdjZkguf
ghkhfbhq_gvrbjhdbfjlhf
Kb^blukmfZkhr_e
�Hg\ulZjZsbegZf_gy]eZaZ\h_^jm]bo[uebkh\_jr_gghbamfe_gu
KmfZkhr_e"kijhkbeyKdZdhcklZlblu\a^mfZef_gyhkdhj[eylv"
LZd\_^vluaZy\beqlhg_agZ_rvwlh]hehj^Z
EZ^ghZlu_]hagZ_rv"
Dhg_qghDhg_qghWlh`_gZrehj^hgijh_oZekgZfb\_kvDmj^bklZgih[u\Ze\;Z]^Z^_b
Hghk_dky?]hbamfe_gb_[uehlZd\_ebdhqlh^Z`_]hehk_fmhldZaZeHg\k__s_g_k\h^bekf_gy
Qlh`_wlhaZehj^"kijhkbey
GmgZrgZrehj^lhevdhfugZau\Zeb_]hg_ehj^ZkwjEbg^k_cLuqlhkiylbe"LugZijhqv
aZ[uek\h_]hagZdhfh]h
H[Z^jm]bokimlgbdZkfhlj_ebgZf_gyih`ZemclZd[m^lhyiemlh\Ze
GhOZe_n\hkdebdgmeHkdhLub\ijyfv^mfZ_rvqlhkb^bg_agZ_lehj^Z"Hg`_ex[m_lky
gZr_chlhjhivx
:o\hldZdEZ^ghlh]^Zex[mckykb^bex[mcky_^vfh_m^b\e_gb_lZd\_ebdhqlhy\hh[s_g_
gZoh`mkeh\AgZqblwlh\kZfhf^_e_gZrehj^"
M\u
Blug_ohq_rv_]hkiZklb"
GmjZalulZd^mfZ_rvgZfdhg_qghg_evay[jhkZlv_]h\[_^_
G_lg_evaykh\k_fg_evayGhdZd`_hglZd[ukljh^h[jZeky^hJm]h\u"
G_agZxQlh[ujZah[jZlvky\wlhfgZ^hijhgbdgmlvdg_fm\i_s_jmbjZkkijhkblv_]h
O\ZeZ:eeZomGZdhg_pdl_[_\_jgmekyjZkkm^hd
�Zhgfg_gZqbklhbaf_gbeklhbehebrvm\b^_lvm`ZkgZibkZggucgZl\h_febp_Y^Zel_[_
\j_fyih^mfZlvh^ghfmbfu\uihegbfieZgdhlhjucluij_^eh`be
Ihke_^gbcieZg"
��ZhaZ\ljZrg_cghqbfukijyq_fky]^_lhg_ih^Ze_dmWlhhq_gvihe_aghbgZfbehrZ^yf
�\_^vihke_DhgklZglbghiheyfu_s_ihgZklhys_fmg_hl^uoZebZ`_lZf\KlZf[me_fu[ueb
aZgylu^h]em[hdhcghqb
LZdlukh]eZk_gqlhfhcieZghq_gvohjhr"
Qj_a\uqZcgh
�Zyl\hc^jm]bihdjh\bl_evbjZamf_xdZdkhklZ\blvieZg\h_gghcdZfiZgbbDlhimkdZ_lky\
�imlvkhfghclhlij_[u\Z_lih^fhbfihi_qbl_evkl\hfL_i_jv\ugZdhg_pwlh\b^bl_hlZdh]h
mfgh]hieZgZgbdlh[ug_^h^mfZeky
GbdlhM\ughbf_gghjZ^bwlh]hieZgZyh[ke_^h\Zei_s_jm
DZdqlhqlh"Lu_s_jZgvr_aZ^mfZelh`_kZfh_"
JZamf__lkyDZdlhevdhymkeurZebfyehj^Zyj_rbe\ua\heblv_]hbai_s_ju
H^ZE_]dhl_[_lZd]h\hjblvjZaagZ_rvwlmmfgmxb^_x
EZ^ghfh`_rvkqblZlvqlhwlhlieZgijb^mfZglh[hcbwlh\_^vlh`_ijZ\^Zihlhfmqlhlu\
h^bghqdm^h^mfZeky^hg_]hLZdqlhkihdhcghgZkeZ`^Zckyk\h_ckeZ\hcbg_hiZkZckyqlhfu
hfjZqbfl\hxjZ^hklvBfyl\h_ijh]j_fblih\k_fkljZgZf\iehlv^hrZljZih^djh\hfdhlhjh]h
ihk_ebeZkvOZgg_g_kjZ\g_gg_crZykj_^b`_gb^s_j_c
G_ij_f_ggh:_kebjZkkdZah[wlhfg_^hklb]g_l__kemoZlhykZf^hg_km_]hGh]^_`_fu
gZc^_ff_klhqlh[umdjulvky^haZ\ljZ"
FuhklZgh\bfkygZ\_jomgZ]hjZoihjhkrboe_khfHllm^Zhldju\Z_lkyohjhrbc\b^gZwlm
^hebgmfuklZg_fgZ[ex^ZlvaZm]e_`h]hfRZjdhcb_]h]hklyfb?kebfu\hkihevam_fkyfh_c
ih^ahjghcljm[hcgZf[m^_lhq_gvohjhrh\b^ghdZdhgbimklylkyihgZrbfke_^Zfqlh[u^h_oZlv
^hms_evy\dhlhjhfihieZgmRZjdb^he`gugZiZklvgZgZk
=faZ^mfqb\hijh[mjqZeOZe_nGZ\_jgydZhgb_s_jZgvr_^h]Z^Zxlkyqlhfug_ih_oZeb
G_^mfZxyqlhhgblZdgZ[ex^Zl_evgu
Lml\hh[s_g_gm`ghgbdZdhcgZ[ex^Zl_evghklbBflhevdhgZ^h\a]eygmlvgZgZrke_^
IhkfhljbdZd]em[hdhdhiulZgZrbodhg_chli_qZlZebkv\wlhffy]dhf^_jg_
L_femqr_^eygZkBf_gghwlhihfh`_lgZfkdjulvhlgbodZdh_gZijZ\e_gb_fu\u[jZeb
Fy]dZya_fey]^_gb[m^vdhgqblkyYiheZ]Zxqlhfu^h[_j_fky^hkdZebdZfg_cblZfih\_jg_f
qlh[uhgbwlh]hg_aZf_lbeb
LZdhgbihlhfaZf_lylqlhgZrke_^bkq_a
GZ^_xkvfuwlh]hg_^himklbfMgZk_klv\j_fyqlh[uih^]hlh\blvky
:lu^mfZ_rvqlhhgbg_ih_^mlkjZamaZgZfb"
G_lBf_gghihwlhfmyjZkkdZaZebfqlhkemqbehkv\Q_jlh\hfms_ev_Yg_ohl_ebf\hh[s_lh
]h\hjblvwlhimklvZeZ^`bKmwnXgZdbdhgZd^`bih^hevr_g_fh]eb[uba[Z\blvkyhlk\hboiml
B\k_`_qlh[u\ub]jZlv\j_fyyhldZaZekyhlwlh]hieZgZM]e_`h]khk\hbfbex^vfbbZebfhfkh
\k_ogh]imklylky\ua\heylvie_ggbdh\Zl_ijbfmlkybfjZkkdZau\Zlvqlh`_kemqbehkv;eZ]h^Zjy
wlhfmfu\ub]jZ_fg_f_g__^\moqZkh\Zwlh]hkjhdZgZfo\Zlbl_keblhevdhfuijb[Z\bf\
kghjh\d_LZdqlh[uklj__\i_j_^
FuijbimklbebehrZ^_c]Zehihfbijbf_jghq_j_aq_l\_jlvqZkZ^hklb]ebjZa\bedbFuih_oZeb
\e_\hdZdbkh\_lh\Zem]e_`h]GZrbke_^u\u^_eyebkvlZdhlq_leb\hqlhij_ke_^h\Zl_ebg_
aZf_lbeb[uih^\hoZ
Fukgh\Zijb[eb`Zebkvd]hjZfA_feyklZeZl\_j`_bkq_aeZljZ\ZY\_e_ek\hbfkimlgbdZf
`^ZlvZkZf\h^bghqdmihfqZekydZjv_jhfihdZg_^hklb]ms_evyhdhlhjhf]h\hjbeRZjdZ
Ihq\Za^_kv[ueZfy]dhcby^h\hevgh^he]hfqZeky\]em[vms_evyZihlhfgZaZ^klZjZykvqlh[u
dhiulZfh_]h\hjhgh]hhklZ\bebhq_gvhlq_leb\u_hli_qZldbImklvm]e_`h]^mfZ_lqlhfu\k__s_
lZf
Ihke_fh_]h\ha\jZs_gbyfuih\_jgmebgZl\_j^ucdZf_gbkluc]jmglb^\bgmebkv\ijZ\h
klZjZykvg_hklZ\eylvke_^h\GZfwlhm^Zehkv
Q_j_ag_dhlhjh_\j_fyfu^hklb]ebmqZkldZ]^_kdehg]hjghcp_ib\u^Z\Zeky^Ze_dh\i_j_^Fu
gZijZ\bebkvdjhkrbfg_ih^Ze_dm^_j_\vyfbki_rbebkvqlh[uih\_klbehrZ^_cgZ\_joih
^h\hevghdjmlhfmkdehgmIh^gy\rbkvlm^ZfuhdZaZebkv\l_gbh]jhfguokhk_gbaih^djhg
dhlhjuohldju\Zekyhlebqguc\b^gZ^hebgm]^_e_`ZeZkeZ\gZyi_s_jZKhdjh\bsA^_kvfu
ijb\yaZebehrZ^_cbym]em[beky\e_kqlh[uihbkdZlvf_klh]^_o\Zlbeh[uljZ\u^ey`b\hlguo
b\lh`_\j_fy]^_dhkl_jjZa\_^_ggucgZfbg_aZf_lbeb[ukgbamba^hebgu
Hiulemqrbckh\_lqbd?s_ba^Zeb]ey^ygZfheh^mxihjhkevym]Z^Ze]^_gZclbljZ\mb\h^mY
gZ[j_egZmdjhfgmxiheygm]^_g_[ueh^_j_\v_\hlkx^Z\u[_]Zejmq_c
�IhlhdkljmbekygZaZiZ^agZqblhg\iZ^Ze\Q_jgmxjbgmIhoh`_fuhdZaZebkvlZf]^_
ijhe_]Ze\h^hjZa^_ef_`^mgbfbLj_kdhc
Kx^Zfuijb\_ebehrZ^_cjZkk_^eZebbobke_]dZkimlZebbfi_j_^gb_gh]bqlh[uhgbg_fh]eb
^Ze_dhaZ[j_klbIhlhffukgh\ZgZijZ\bebkvgZaZ^dlhfmf_klmhldm^Zfh`gh[uehgZ[ex^ZlvaZ
gZrbfbijhlb\gbdZfb
Ijhrehkh\k_fg_fgh]h\j_f_gbbyaZf_lbebo\ih^ahjgmxljm[mG_kfhljygZjZkklhygb_
jZa^_ey\r__gZkym\b^_eqlhhgbkdZdZebdZjv_jhfHgbgZ\_jklu\Zebmims_ggh_\j_fy\_^vhgb
\_^msmxbams_evy
FugZkqblZeb\hk_fvq_eh\_dbdh]^Zhgbih^t_oZeb[eb`_magZebh[hboZeZ^`bKmwnZ
ijh\h^gbdZm]e_`h]ZZebfZb_s_^\mo\kZ^gbdh\Km^yihh^_`^_ihke_^gbol_[uebkem]Zfb
m]e_`h]ZBlZdqbkehfhgbij_\hkoh^bebgZk\^\h_fuihgyebqlhmm]e_`h]Z[ueb_s_ehrZ^b
dhlhjuofug_aZf_lbebM\k_obf_ebkvjm`vybihkdhevdm\dhfgZl_\bk_ehg_lZdfgh]hjm`_c
klZehykghqlhmRZjdb]^_lh[uelZcgbdkhjm`b_f
L_f\j_f_g_f\kZ^gbdb^hklb]ebjZa\bedbA^_kvhgbaZ^_j`Zebkvbhkfhlj_ebke_^uHgbm\b^_eb
qlhfuih_oZeb\gm`gmxbfklhjhgmHgbkihdhcghihfqZebkvihgZrbfke_^ZfihdZg_kdjuebkv
ba\b^m
Fuijh`^Zebhdheh^\moqZkh\bkgh\Zm\b^_ebboHgbf_^e_ggh\ha\jZsZebkvhae_jZa\bedb
hgbhklZgh\bebkvbkm^yihboh`b\e_gguf`_klZfaZl_yebyjhklgmxi_j_iZedmIhlhfhgb
jZa^_ebebkv:ebfbh[ZZeZ^`bih_oZebgZijZ\h\klhjhgmDhemqbgZhklZevgu_\_jgmebkv\
^hebgm]^_e_`ZeZQ_jlh\ZkdZeZ
L_i_jvhgb_oZebf_^e_gghIhboihaZfb^\b`_gbyf[ueh\b^ghqlhhgbhq_gvjZkl_jyguEbrv
ljh_bokhh[sgbdh\g_kebkv]Zehihfhgbki_rbebihlhfmqlhZebfkh[bjZekyijb\_albkx^Z
ehj^ZDh]^Z\jZ]bkdjuebkvba\b^mfugZijZ\bebkvdehrZ^yfkh[jZebljZ\mbo\hjhklqlh[u
jZa`_qvdhkl_jgZdhlhjhfj_rbebaZ`ZjblvhdhjhdbeZiuf_^\_^yFykZmgZk[ueh[hevr_q_f
gZkmldb\i_j_^
Ijbreh\j_fykmf_j_d\eZ]_j_k]mklbekyfjZdWlZg_[hevrZyiheygZhq_gvihgjZ\beZkvfhbf
kimlgbdZf
?kl_kl\_gghfuijbgyebkvh[km`^Zlv\k_i_jbi_lbbihke_^g_]h^gymgZko\ZlZeh\j_f_gbgZwlh
Ihlhffue_]ebhl^uoZlvghki_j\Zhij_^_ebebhq_j_^ghklvdZjZmeZIh`Zemcfufh]eb[ug_
hiZkZlvkygZiZ^_gbyghhklhjh`ghklvgbdh]^Zg_ihf_rZ_lZdjhf_lh]hqZkh\hcih^^_j`b\Ze
�h]hgv\_^vghqv\]hjZoRZjZ]Z[ueZijhoeZ^ghc
GZaZ\ljZdbh[_^[uehlh`_kZfh_f_gxqlhgZdZgmg_^Zb[_k_^Z\_jl_eZkv\hkgh\ghf\hdjm]
\q_jZrgbol_fFuqm\kl\h\Zebk_[yk\_`bfbb\a[h^j_ggufbihgZrbfehrZ^yflh`_[ueh
\b^ghqlh^he]bchl^uoihr_ebfgZihevamL_b^jm]b_ex^bb`b\hlgu_]hlh\u[ueb
\u^_j`Zlvgh\u_bkiulZgby
Ihihem^gby\u_oZe\h^bghqdmbhlijZ\bekygZlmklhjhgmddZf_ggufkl_gZfhdjm`Z\rbf
^hebgm]^_gZoh^beZkvQ_jlh\ZkdZeZyohl_ejZa\_^Zlvf_klh]^_\_q_jhf[ueh[um^h[g__\k_]h
\_klb\gbaehrZ^_cM]e_`h]]h\hjbeqlhZg]ebqZgbgZfh]ml^hklZ\blvm`_\_q_jhfagZqbld
wlhfm\j_f_gbgZfgZ^h[ulvih[ebahklbqlh[uijbclb_fmgZihfhsv
Fg_ijbrehkvijh[bjZlvkyhdhevgufiml_fqlh[uf_gyg_aZf_lbebklhcklhjhguijhq_ffhc
dhgvhq_gvkdhjhi_j_g_kf_gy\gbabfg_m^Zehkvh[gZjm`blvmdjulb_ih^oh^b\r__^eyfhbo
aZfukeh\HghgZoh^behkv\kZfhfgZqZe_^hebgu
Dh]^Zy\_jgmekydk\hbfkimlgbdZfihjZ[uehhlijZ\eylvky\imlv\_^vkhegp_dehgbehkvd
aZdZlmbihdZfu^hklb]g_fmdjulbyklZg_lkh\k_fl_fgh
Fug_klZjZebkvfZkdbjh\ZlvgZrbke_^u\_q_jhfbo\k_jZ\gh[m^_lg_\b^ghIjh[jZ\rbkvgZlm
klhjhgmfuih\_ebehrZ^_cq_j_admklZjgbdZihlhf\f_kl_kOZe_nhfj_rbebih^djZklvkydh
\k_cq_klghcdhfiZgbbHkdhbHfZjhklZebkvihemqb\mdZaZgb_\_klbk_[yhq_gvlbohbgb\dh_f
KlZehkh\k_fl_fghghfu^h\hevghkghkghagZebf_klghklvbihlhfm[_krmfghih^h[jZebkvd
^hfbdmm]e_`h]ZF_`^mgbfbihe_ggbp_ckeh`_gghc^ey\u`b]Zgbym]eyiueZeyjdbcdhkl_j
\hae_dhlhjh]hjZkk_ebkv\k_dh]hfuh`b^Zeba^_kvaZklZlv
Hklhjh`ghijhdjZ\rbkvddjZxiheygdbfu^hklb]ebdmklZjgbdZbfbgmy_]hih^iheaebdmadhc
ljhi_qlh\_eZhl^m[ZddhkljmLZffubmk_ebkv
Ex^bgZoh^bebkvlZd^Ze_dhhlgZkqlhfuohlvbmeZ\eb\Zebbo]hehkZg_fh]ebjZaebqblvgb
keh\ZKm^yihbo\b^mhgb[uebg_\emqr_fgZkljh_gbba]ey^udhlhju_hgb[jhkZeb\klhjhgm
^hjh]bm[_`^ZebqlhhgbjZkkqblu\ZebgZkdhjh_ihy\e_gb_ZebfZb_]hie_ggbdZ
kZfhf^_e_ijhrehg_[he__q_l\_jlbqZkZdZdihkeurZekydhgkdbclhihlKb^_\rb_mdhkljZ
�\kdhqbebkf_klIjb[uebr_kl_jh\kZ^gbdh\\h_bagbo[uebijb\yaZgudehrZ^yfehj^b
hq_\b^gh_]hi_j_\h^qbdKj_^bijb_oZ\rbo[ueZebfhgkiju]gmekk_^eZbih^hr_edex^yf
`^Z\rbf_]h?]h\klj_lbebk\b^bfufm^h\hevkl\b_fIhlhfie_ggbdh\kgyebkehrZ^_cb
\_j_\dZfbh[fhlZebbfgh]bjmdbbo[uebm`_k\yaZguAZl_fboiheh`bebgZa_fex
Khijh\h`^Z\rb_ihklZ\bebjm`vy\hae_kl_gu^hfZbkjZamih^k_ebdh]gx
@Zevqlhfug_fh]ebihgylvboj_qb\_^vjZa]h\hj[uehq_gvh`b\e_ggufH^gZdh^ebekyhg
g_^he]hHgb\klZebqlh[uhlg_klbie_ggbdh\di_s_j_m]e_`h]hldjue\oh^\g__
L_i_jvhgb[ueblZd[ebadhqlhfukeurZebdZ`^h_keh\h:ebfkdZaZeh[jZsZykvdk\yaZgghfm
i_j_\h^qbdm
Ym`_]h\hjbeqlh[hylvkyl_[_g_q_]hFuijbo\Zlbebl_[yihlhfmqlhg_ihgbfZ_f
Zg]ebqZgbgZAZk\hbi_j_`b\Zgbylu^Z`_ihemqbrv[Zdrbr:g]ebqZgbglh`_l_[_aZieZlbl
Dhg_qghihdZhgg_kh]eZkbekykgZrbfblj_[h\Zgbyfbghfukmf__f_]haZklZ\blvZlugZf\
wlhfihfh`_rv?keblugZ^hmfbrv_]hg_mihjkl\h\ZlvlhkZfhfm[m^_lemqr_q_fkdhj__hg
aZieZlbll_fkdhj__l_[yhk\h[h^yl
:_]h\uhk\h[h^bl_dZdlhevdhhgi_j_^Zkl\Zf^_gv]b"kijhkbei_j_\h^qbd
Wlhg_l\h_ZgZr_^_ehKlhblebdh]hlhhk\h[h`^Zlv_kebhgihlhfklZg_lfklblv"Ghlu
dhg_qghg_]h\hjb_fmh[wlhfZkk_cqZkm\_^ml\i_s_jmIh[helZckgbfQ_j_aq_l\_jlvqZkZy
ih^hc^m?kebhg\k_`_hldZ`_lky\u^Zlvq_ddk\h_fm[Zgdbjmlhihemqbldj_idmx\a[mqdmwlh
_]hemqr_\jZamfbl?fmg_^Z^mlgb_^ugbiblvyihdZhgg_ihkemrZ_lkygZkaZlhdZdke_^m_l
m]hklyliZedZfb
Qlh]h\hjblwlhlfhr_ggbd"kijhkbeEbg^k_cihZg]ebckdb
QlhgZkk_cqZk[jhkyl\i_s_jmhl\_lbe^jZ]hfZgZfg_^Z^mlgb_^ugbiblvy\u[m^_l_
ihemqZlvebrvih[hbihdZg_ih^ibr_l_q_dGh\Zfg_evaywlh]h^_eZlvylhevdhqlhkeurZeqlh
lh]^Z\Zkm[vxlDhg_qghfg_aZij_lbebwlh]h\hjblvgh\_^v\uf_gygZgyebbykem`m\ZfZg_
wlbffhr_ggbdZf;ulvfh`_l\Zf_s_m^Zklky[_`Zlv
;hevrh_kiZkb[hdhjhldhhl\_lbeZg]ebqZgbgHgbg_ihemqZlgb]jhrZwlbfhr_ggbdb
�ImklvhgbaZ[vxlf_gy^hkf_jlb:HOO@
GmqlhhglZfkdZaZe"kijhkbeZebf
Qlhgbq_]hg_aZieZlbl
KdhjhhgaZ]h\hjblih^jm]hfmQlh`\Zkm\_^ml\gbaYijb^mq_j_aq_l\_jlvqZkZ
DZ`^hfmbaie_ggbdh\_s_jZah[fhlZebjmdb\_j_\dhckem]bm]e_`h]Zihiheaeb\i_j_^\ay\rbkv
qlhaZdj_ibebdZf_gve_`Z\rbci_j_^\oh^hf
Fug_kjZam[m^_f\ua\heylvehj^Z"lbohgvdhkijhkbef_gyOZe_n
G_lfu`_hklZ\bebgZrbjm`vy
Gmbqlh"MgZkkkh[hcgh`bbibklhe_luZml_[y_s_bj_\hev\_juWlh]ho\Zlbl
�Z`__keb[um^Zehkvijh]gZlvg_]h^y_\\q_fyg_khfg_\Zxkv\k_jZ\ghhgbihlhfgZiZ^mlgZ
gZkihdZfu[m^_fkgbfZlvimlukie_ggbdh\G_lih\_^_fk_[yhkfhljbl_evg__Ihc^_fdZd
^m[m
FuhlijZ\bebkv\imlviheZ]Zykv[hevr_gZiZfylvbhkyaZgb_q_fgZaj_gb_\_^vih^^_j_\vyfb
kl_fg_ehlZdqlhfug_\b^_eb^Z`_jmdmih^g_k_ggmxd]eZaZfB\k_lZdbq_j_a^_kylvfbgmlfu
^hklb]eb^m[Z
A^_kvgZ\_jomlh`_pZjbeZlvfZ_]bi_lkdZyijhq_ffuohjhrhbamqbebfZjrjmlfuih^gyebkv
gZ^m[bkimklbebkv\^miehdZdijh^_eu\Zebwlh\q_jZ
L_i_jvke_^h\Zehba[_]Zlvex[h]hrhjhoZ\_^vZebffh]m`_hdZaZlvky\i_s_j_Yihkh\_lh\Ze
OZe_nmg_i_j_klmiZlvkh^ghcklmi_gvdbgZ^jm]mxZdZdy\q_jZkimklblvkyi_j_[bjZy\_j_\dm
jmdZfbYkhkdhevagme\gbabhgihke_^h\ZeaZfghc
Dh]^ZfuhdZaZebkv\aZdmld_aZkl_ghc\k_[uehihdjulhfjZdhfh^gZdh_^\Zydhkgmekya_feb
dZd\^jm]klZehk\_lehDh]^Zyih^gyekyihg_kdhevdbfklmi_gvdZfe_klgbpubaZ]eygme\^jm]mx
qZklvi_s_juym\b^_eZebfZdhlhjucklhyei_j_^^\mfye_`Z\rbfbgZa_fe_k\yaZggufbex^vfb
h^ghcjmd_hg^_j`ZekZevgmxk\_qm\^jm]hcie_ldmGh`bibklhe_lhghklZ\bekgZjm`b
ihlhfmqlhhgbf_rZeb_fm\ihealb\i_s_jm
JZa]h\hjijhl_dZeke_^mxsbfh[jZahf^jZ]hfZgi_j_\h^beZg]ebqZgbgm\hijhkuaZ^Zggu_ih
lmj_pdbZ_]hZg]ebckdb_hl\_lui_j_\h^be^eyZebfZgZlmj_pdbcyaud
Ki_j\Zmq_gucjZa\yaZegh]bi_j_\h^qbdZbkdZaZe
YohqmgZiheh\bgmhkeZ[blvl\hbimluqlh[ulufh]\uijyfblvkyJmdbdhg_qghhklZgmlky
k\yaZggufbK_cqZkykijhrm]hlh\ebhgaZieZlblv^_gv]b
I_j_\h^qbdjZklhedh\Ze\hijhk
Gbdh]^Zgbdh]^Zhl\_lbeehj^
Lu\k_`_k^_eZ_rvwlhfuaZklZ\bfl_[y
�Gbdlhg_fh`_laZklZ\blvkwjZw\b^ZEbg^k_y
?kebg_q_eh\_dlhie_lvbfu_cj_rbl_evgh\hkihevam_fky
Jbkdgb
Hlml\hh[s_g_lgbdZdh]hjbkdZ
Hghl\_kbeehj^mm^ZjOZe_nlhedgmef_gy_fmohl_ehkvqlh[uylhlqZk\f_rZekyghyg_klZe
ki_rblv
Ih^e_p\hkdebdgmeehj^Lumf_gyihieZlbrvkyaZwlh
QlhhgkdZaZe"kijhkbeZebf
Qlhm^Zjug_aZklZ\yl_]hihdhjblvkyhl\_lbe^jZ]hfZg
HhgaZih_lih^jm]hfm_kebihemqblihekhlgbbebkhlgxFuagZ_fqlhmg_]hfbeebhguHg
kZf\_^vwlh]h\hjbeHg^he`_ggZfaZieZlblvKdZ`b_fmwlh
G_hklZ\Zehkvgbq_]hbgh]hdZdih\lhjblvm]jhauqlh[uih^\b]gmlvEbg^k_ygZkh]eZkb_Lhl
�Qlh`ohjhrh\hkdebdgmeZebfZxl_[_qZk\j_f_gbIhlhfy\_jgmkvbluihemqbrvklh
m^Zjh\ie_lvxihkibg__kebg_ihdhjbrvky
Jbkdgbijb]jhabeehj^Luihemqbrv\ljh_[hevr_m^Zjh\
Hldh]h`_"mofuevgmekylhl
Hlwn_g^bhdhlhjhffu]h\hjbebih^hjh]_kx^Z
Wlhlqm`Zdgbdh]^Zg_magZ_lhl_[_ohlylu_oZedg_fmgZ\klj_qm
Hgg_ij_f_gghf_gygZc^_l
Qlh`jZa\_hg\k_\_^msbc"Hg^Z`_g_agZ_lqlhlu_]hbs_rv
HgmagZ_l\Jm]h\_qlhylZf[uebjZkkijZrb\Zehg_fDh]^ZhgmagZ_lqlhy\g_aZighbkq_alh
hlijZ\blkyihfhbfke_^Zfbhgbijb\_^ml_]hkx^Z
L\hbke_^u"DZdhgbogZc^_l"Gbdlhg_ij_^klZ\ey_l]^_lu_q_jhflubkq_abkl_oihjl_[y
g_\b^_egbdlhdjhf_gZrbo^jma_c
HgaZklZ\blwlboex^_cijbagZlvky
HgmagZ_llhevdhqlhl_[yhl\_eb\klhjh`_\mx[ZrgxBlhwlh\_^hfhebrv^\hbffg_b@mlm
Gbq_]hkljZrgh]hHg\k_`_\uykgblwlhDm^Z\Zf^\hbf^hg_]hbfZe_gvdh]hoZ^`b
G_]h\hjblZdkh[ZdZHgg_kmf__ll_[yh[gZjm`blv:_keb[ubkmf_elhkgbf[ueh[u\k_
dhgq_ghHgihiZe[ugZf\jmdbbfuaZ[beb[u_]hie_lvx^hkf_jlbLZdqlhg_ij_evsZckywlhc
[_amfghcgZ^_`^hcL_[yg_hlus_la^_kvgbdlhblukiZk_rvkyebrvih^ibkZ\q_dgZlj_[m_fmx
kmffmQlh[ulum[_^beky\wlhfykdZ`ml_[_qlhwlhlwn_g^b\wlmfbgmlmg_ij_f_gghm`_
[jhr_g\lm`_kZfmx[ZrgxbadhlhjhcyaZ[jZel_[yhgbljh__]hkimlgbdh\Bfugbdh]^Zg_
ij_^eh`bfbfhldmiblvkyhgblZdbg_m\b^ylk\h[h^mhgbih]b[gml
Qlhlu\u^mfu\Z_rv"\kdjbqZeZg]ebqZgbgdh]^Z_fmi_j_\_ebwlbkeh\Zug_l_ex^b
qlh[uko\Zlblvfhbo^jma_cB^Z`__keb[u\Zfm^ZehkvwlhhgbhklZ\Zebkv[u\imlZog_^hevr_
q_fbfohl_ehkv[u
LuklZgh\brvkykf_rhgY^hdZ`ml_[_qlhwlbex^b[m^ml\Zeylvky\iuebqlh[u\ufheblv
gZr_ijhs_gb_Fu[jhkbfbo\f_kl_klh[hc\wlmyfmblumfj_rvkgbfb_kebb\ij_^v[m^_rv
kdmiblvkyY^Zxl_[_qZk\j_f_gbH^mfZckyb\u[_jb_^bgkl\_ggh_qlhfh`_ll_[ykiZklbG_
^mfZcqlhlukmf__rvhlkx^ZmkdhevagmlvKh\k_oq_luj_oklhjhgluhdjm`_gkdZeZfbiheb
ihlhehda^_kvbakdZe\u[jZlvkybijhgbdgmlvkx^Zfh`ghebrvq_j_awlhleZaGhhg[m^_laZdjul
Z\uaZdh\Zguihwlhfm\ugbq_]hg_kmf__l_ij_^ijbgylvQlh[uh[e_]qblvmqZklv^jZ]hfZgZy
jZa\y`m_fmgh]bhgg_\ijZ\_hl\_qZlvaZlhqlhlumihjghhldZau\Z_rvky\uihegblvfhx
ijhkv[m
Kwlbfbkeh\Zfbhge_]gZa_fexbihihead\uoh^mFumkeurZebdZdeZaaZ]hjh^bebdZfg_fb
aZdj_ibebp_iv
G_kdhevdhf]gh\_gbcpZjbeZlbrbgZihlhffumkeurZeb]hehkZg]ebqZgbgZ
KeZ\gu_^_eZG_lZdeb"DZd"
�Zkh]eZkbekyi_j_\h^qbdYg_\_jxqlhm^ZklkykiZklbkv
�LvnmKwjw\b^Ebg^k_cg_mfj_l\wlhcyf_aZl_jygghckj_^bkdZe
LZd\uohlbl_hldmiblvky"
Bg_^mfZch[wlhfDZdlhevdhg_]h^ybaZ\eZ^_xl^_gv]Zfbhgbm[vxlf_gy
_keb[u[ue^jm]hceZagZrbimluihf_rZeb[ugZfhk\h[h^blvkyLZdqlhijb^_lkyhldZaZlvkyhl
\kydbofuke_chkiZk_gbb
�1RQVHQVH@Fu\u[_j_fkygZk\h[h^m
DZdbfh[jZahf
Fu\uc^_fhlkx^Z
Bdlh`_gZk\u\_^_l"
Fhc^jm]dhlhjh]hwlbih^e_pugZau\Zxlg_f_pdbfwn_g^b
u`_keurZebqlh_]hkZfh]hko\Zlbeb
G_\u^mfu\Zc
G_[m^vl_lZdm\_j_guuagZ_l_dZdkgZfb\k_ihemqbehkvMgZkg_[ueh\j_f_gb^Z`_
aZsblblvky
?fmwlhbg_ihlj_[m_lkyHgg_lZd]emidZdfuqlh[um]h^blv\wlmeh\mrdm
�Z`__kebhgbgbq_]h_fmg_k^_eZxlfug_fh`_fgZg_]hjZkkqblu\ZlvHggbdh]^Zg_magZ_l
qlhkgZfbkemqbehkvb]^_fugZoh^bfky
�Z\u_]hijhklhg_agZ_l_HggZ\_jgydZijb^_l
Ykhfg_\Zxkv\wlhfWlh[ueh[uqm^hfbaqm^_k
Ohlbl_ihkihjblv"
G_l
Ihq_fmg_l"Yml\_j`^Zxqlhhg\g_aZighijh[_j_lkykx^ZGZqlhfuohlbfkihjblv"
�Kwjw\b^Ebg^k_cbkihevah\Ze^Z`_wlhlih\h^qlh[uaZdexqblviZjbwlh[ueh_]hkljZklvxGh
i_j_\h^qbdihklmibelZddZdbf_eh[udgh\_gb_^_eZlvyhgg_kh]eZkbekyZijhfhe\be\hl\_l
Mf_gyg_lgb^_g_]gbbgl_j_kZdiZjbbfg_ohl_ehkv[uagZlvdZdbfh[jZahf_fmlZdeh\dh
m^Zklkyijh[jZlvkykx^Z
Wlh_]h^_ehKlZ\exk\hx]heh\mgZlhqlhhgijb^_l
Ym`_lml]jhfdh\hkdebdgmeyu\ub]jZebiZjbkwj
GZf]gh\_gb_\k_klboehgh\kdhj_ymkeurZejZ^hklguc]hehkZg]ebqZgbgZ
�$OOGHYLOV@Wlh_]h]hehkYohjhrhagZxua^_kvfZkl_jQZjeb"
�ZbOZe_nkhfghc
Wlh\uwlh\uYjZa\_g_]h\hjbewlh"Hgijb^_ljZgvr_q_ffuh[wlhfih^mfZ_fHG_[_kZ
DZdh_kqZklv_L_i_jvfuijbf_fkyhl\_rb\Zlvm^ZjuGhfZkl_j]^_`_\uijyq_l_kv"
A^_kv\m]emYlhlqZk[m^mm\Zk
OZe_nhklZekygZf_kl_Zyi_j_dbgme\_j_\hqgmxe_klgbpmq_j_akl_gmbkimklbekyihg_cgZlm
klhjhgm
hlbyL_i_jv\ulygbl_\Zrbjmdbbgh]bkwjqlh[uyi_j_j_aZe\_j_\dbIhlhffu[ukljh
kdjh_fkyhlkx^Z
Hg_lFuhklZ_fkya^_kv
�eyq_]h"
Qlh[uhloe_klZlvwlh]hg_]h^yy_]h`_ie_ldhcdh]^Zhg\_jg_lky
FulZdbk^_eZ_fghg_a^_kvIe_ldZ^_eh\lhjh_Z]eZ\gh_wlhk\h[h^ZFubf__f^_ehg_
lhevdhkZebfhfghbkhklZevgufbLZdqlh\klZ\Zcl_fhkv_bih^hc^bl_dkl_g_
�QlhlZf"DZdZylh^\_jv"kijhkbekwjw\b^
G_lhl\_jklb_\kdZe_gZihfbgZxs__^ufh\mxljm[mhgh\_^_lgZ\_jobhdZgqb\Z_lky\gmljb
^miebklh]h^_j_\ZA^_kv\bkbl\_j_\hqgZye_klgbpZk__ihfhsvxfuih^gbf_fkygZ\_joY
ihklZjZxkvqlh[u\Zfg_aZq_f[uehiheZ]ZlvkygZkbem\Zrbojmd
?kebj_qvhk\h[h^_lhhgbbkihegylk\hc^he]:HOOYm`_qm\kl\mxdZddjh\vgZqbgZ_l[mjeblv
\gbo
H[ZjZafbgZebjmdbklZjZykv\_jgmlvbfqm\kl\bl_evghklvY^hklZek\hcnhgZjbdbhk\_lbe
e_klgbpmbkl_guqlh[uhgbfh]ebkhjb_glbjh\ZlvkyIhimlghyh[tykgbebfdZdmkljh_gZ
e_klgbpZ
IhkemrZcdZihkemrZcdZkdZaZeZg]ebqZgbg_ebdhe_ighihemqZ_lkyF_gyjZa^jZ`Z_l
ebrvh^ghqlhm\Zkg_l\j_f_gb^h`^Zlvkywlh]hg_]h^yy
Fu\klj_lbf_]hkgZjm`b
kZfhf^_e_"G_ij_f_ggh"
�ZFuijh[_j_fkydihe_ggbp_fbfhdhlhjhc\Zkijh\_eb\i_s_jmWlbex^bjZkk_ebkv\hae_
dhkljZbfukhklZ\bfbf^hklhcgmxdhfiZgbx
��9HU\ZHOOYHU\ZHOO@Z\Zcl_ih[uklj__ihc^_fdgbfBg_h[b`Zcl_kvqlhyg_[eZ]h^Zjx
\ZkihlhfmgZk_s_[m^_l\j_fy^eywlh]h
?kl_kl\_gghKlmiZcl_\i_j_^Yihke_^mxaZ\ZfbIhlhfimklvb^_li_j_\h^qbdZOZe_n
khklZ\blgZrZjv_j]Zj^
Hg"=^_`_ijyq_lkywlhl[jZ\ucfZeur"
Hg`^_lgZkklhcklhjhgukl_guLZdqlh\i_j_^kwjYih^^_j`m\Zk_keb\Zrbjmdbi_j_klZgml
\Zfkem`blv
Ih^t_fgZqZeky?kl_kl\_gghfuijh^\b]Zebkvg_kebrdhf[ukljh\_^v\uykgbehkvqlhjmdb
h[hboihkljZ^Zebhlimlk_`_fukqZkleb\h\u[jZebkv
Yihfh]bfkimklblvkyk^_j_\ZZihlhfkgh\Zih^gyekyb\ulZsbe\_j_\hqgmxe_klgbpmYh[j_aZe
__b[jhkbe\gbaZaZl_fkimklbekykZfFukdZlZebe_klgbpmb\ayeb__kkh[hc
IhkdhevdmgbZg]ebqZgbggbi_j_\h^qbdg_agZebf_klghklbgZfijbrehkvbo\_klbDZdlhevdh
fum^ZebebkvaZdjZckdZeu]^_kb^ysb_mdhkljZg_fh]ebgZk\b^_lvfu^hklZeb\_j_\hqgmx
e_klgbpmbih^h`]eb__IeZfyhk\_lbeh^hjh]mbb^lbklZehe_]q_
Kimklb\rbkvfudZdfh`gh[uklj__ijh[jZebkvkd\havdmklZjgbd\_^vgZfgZ^h[uehgZ]jygmlvd
gZrbf\jZ]Zf_s_^hlh]hdZdZebf\gh\vhlijZ\blky\i_s_jmih^oh^ys_ff_kl_yhklZgh\beky
kg_^Z\gbfbie_ggbdZfbZOZe_nihki_rbedHkdhbHfZjmqlh[uijb\_klbbob\aylvgZrb
jm`vy
IhdZfu^h`b^Zebkvbogbdlhg_ijhjhgbegbkeh\ZEbrvdh]^ZgZrb^jmavyijb[ebabebkvkwj
�w\b^kijhkbe
Qlh\ugZf_j_guk^_eZlvkwlbfbg_]h^yyfbfZkl_j"Km^yih\Zr_c^h[jhl_k_j^_qghcba\_klghc
\k_f\ubl_i_jvgZf_j_guhlimklblvbo[_agZdZaZggufb
�Hg_lh\hevghyijhy\eyekgbkoh`^_gb_dgbfAZ\uoh^dmmqbg_ggmxijhlb\\Zkhgbihg_kml
gZdZaZgb__^vhgbohl_ebebrblv\Zkg_lhevdh^_g_]ghb`bagb
:HOOQlh`_\ukgbfbk^_eZ_l_"
bf_lv^_ehkp_ehc^x`bghc\jZ]h\agZqblgZdZ`^h]hbagZkijboh^blky^\h_Zwlhg_lZdfgh]h
YkqblZxlZd`__kebmf_gy[m^_lhjm`b_
uihemqbl_jm`v_Zfh`_l[ulvg_kdhevdhM]e_`h]b_]hex^bdZdy\b`mkb^yl[_ajm`_c
agZqblhjm`b_gZoh^blky\dhfgZl_hldm^Zfue_]dhfh`_f_]hihoblblv
FujZkiheh`bebkvlZdqlhfh]eb\b^_lv\kxbodhfiZgbxMq_l\_juoijb_oZ\rbokie_ggbdZfb
lh`_g_[uehijbk_[_jm`_chgbijbklZ\bebbodkl_g_^hfZFufh]ebhiZkZlvkyebrvlj_o
klZjuog_gZ^_`guoibklhe_lh\bo^_j`ZebaZihykhfljh_bagbo:ebfhiylvg_\ayekkh[hcgb
gh`gbibklhe_lu
GZdhg_pijbr_eOZe_nk^\mfygZrbfbkimlgbdZfbYihjmqbe_fm\e_alv\hdghb^hklZlvjm`vy
\bk_\rb_\^hf_FuijhdjZebkvdlhcklhjhg_njhglhgZdm^Zg_iZ^Zek\_lhldhkljZHdhgguc
ijh_f[ue^hklZlhqgh\_ebdqlh[uoZ^`bijhgbdlm^ZHg^hklZek_fvaZjy`_gguojm`_c
=hkih^bgkdZaZehg\ulZkdb\Zyhjm`b_mwlh]hm]e_`h]Zb\ijyfvp_euchjm`_cguckdeZ^
?s_\q_jZhghl^Ze^\Zjm`vyZeZ^`bZa^_kv_s_k_fv^eyk_[yk\hboq_luj_okem]KmwnZb
dhgZd^`bqvbjm`vyfukehfZebLZdqlh\q_jZa^_kv\bk_ehg_k_fvjm`_cIhoh`_wlhlRZjdZ
fh`_l\hhjm`blv\kx[Zg^m@mlZ
Fuh[ke_^h\Zebjm`vyHgb[ueblh]h`_dZeb[jZqlhhjm`b_HkdhbHfZjZWlh[uehhq_gv
�m^h[gh^eykwjZw\b^Zbi_j_\h^qbdZ\_^vhgbfh]ebihevah\Zlvkyimeyfbbf_\rbfbkymgZk\
aZiZk_Ebg^k_cih\_kbegZk_[yq_luj_jm`vyZi_j_\h^qbdljbb^mgbo[uehq_gvk\bj_iuc
ohlybg_kebrdhfhiZkguc\_^vjm`vy[uebh^ghkl\hevgufb
�Qlhl_i_jv"kijhkbekwjw\b^Hjm`b_mf_gy_klvbylh`_fh][uklj_eylv
Lhevdh\djZcg_fkemqZ_kdZaZey_fmFug_ohlbfbom[b\Zlv
Ghhgb`_ohl_ebf_gyijbdhgqblvYijbklj_exbobfg_kZfq_jlgbihq_f:HOO
uohlbl_klZlvm[bcp_c"Fuhloe_s_fboie_ldhcq_jZy\b^_egZl_e_]_\_j_\db\hafh`gh
hgb\k__s_lZfOZe_nijbg_kbbo:\ukwjfh`_l_\f_kl_ki_j_\h^qbdhfijh[jZlvkygZijZ\h
HklZevgu_ihc^mlkhfghcgZe_\hlZdfuhdjm`bf\kxwlmdhfiZgbxG_\uoh^bl_baaZdmklh\
ihdZg_mkeurbl_fhxdhfZg^mBke_^bl_\h[Zqlh[u\Zkg_aZf_lbeb
Hgbm^ZebebkvOZe_nijblZsbep_euc\hjho\_j_\hd[jhkb\bogZa_fvijhq_fk_cqZkhgbgZf
lhevdhf_rZeb
FuijhkdhevagmebdaZ^g_ckl_g_^hfZbijhreb\^hevg__^hm]eZLZffume_]ebkvgZa_fexb
hklhjh`ghihiheaeb\i_j_^gZ\klj_qmh]gxL_gbex^_ckb^_\rbo\hae_dhkljZeh`bebkvgZgZk
ihwlhfmgZkg_evay[uehaZf_lblv
L_i_jvhgbg_fh]ebih^[_`Zlvdjm`vyfklhy\rbfmkl_gug_gZldgm\rbkvgZgZkKZfh_\j_fy
[uehgZiZklvgZgbo
IhdZhklZgvl_kva^_kvr_igmeylj_fk\hbfkimlgbdZfbkfhljbl_qlh[ugbdlhg_fh]
ih^hclbdjm`vyfLhfmdlhg_ihkemrZ_lkyf_gy\e_ibl_imexghlhevdh\dhe_ghK^_eZlv
lZdh]hih^e_pZojhfufwlhl]j_ofufh`_f\aylvgZ^mrm?kebfug_[m^_fj_rbl_evgulh
fh`_fih]b[gmlv
Fuih^gyebkvka_febbyaZrZ]Zedh]gxKi_j\Zf_gyaZf_lbebl_dlhkb^_eebphfdhfg_Wlh
[ueZebfbljh__]h^jm`dh\Hg\kdhqbebbamfe_ggh\hkdebdgme
:eeZoG_f_pb^_l
kfhlj_egZf_gylZdbkim]Zgghkeh\ghm\b^_eijb\b^_gb_HklZevgu_ijh^he`Zebkb^_lvKmwnb
dhgZd^`bdZaZehkvg_fh]ebr_\_evgmlvkyhlm`ZkZk_ijbklZevgh\kfZljb\Zebkv\f_gyg_
aZf_qZylj_ofhbokimlgbdh\klhy\rbo\l_gb
�Zg_f_phl\_lbeyJZa\_y\q_jZg_]h\hjbel_[_RZjdZqlhg_ij_f_ggh\_jgmkvdh]^Z
[m^_lgZ^h[gh"
�Zlufg_kdZaZewlhhl\_lbem]e_`h]DZdZy`_gZ^h[ghklvih[m^beZl_[yk_]h^gy\_jgmlvky"
H^ghfZe_gvdh_^_evp_dhlhjh_yohl_emeZ^blvkl\hbf^jm]hfZebfhf
Khfghc"kijhkbemq_guc
�Zklh[hcLug_agZ_rvqlhybf_x\\b^m"
�Z`_g_^h]Z^u\Zxkv
Lh]^Zky^vqlh[uyfh]baeh`blvkmlv^_eZkh\k_ch[klhyl_evghklvx
Fh_\g_aZigh_ihy\e_gb_lZdihjZabehboqlhZebfb\ijyfvlhlqZkmk_ekyYdhjhldhgh
ih\_ebl_evghdb\gmem]e_`h]mlhllh`_k_e
Ki_j\Zfg_gZ^hkhh[sblvl_[_qlhy\k__s_g_[jhr_g\klhjh`_\mx[Zrgxh[jZlbekyyd
mq_ghfmLZdqlhluhq_gvijhkqblZeky
klhjh`_\mx[Zrgx"kfms_gghkijhkbehgYg_agZxqlhlubf__rv\\b^m
Lh]^Zluhq_gvaZ[u\qb\
DZdlZd"
Lu`_kdZaZeqlhygZ\_jgydZm`_gZoh`mkv\klhjh`_\hc[Zrg_\Jm]h\_
=hkih^bgyg_agZxlZdhc[Zrgbbg_]h\hjbelZd
�Zluih`Zemcbg_^mfZeqlhf_gyaZ[vxllZfie_lvx^hkf_jlb"
G_lY\hh[s_g_ihgbfZxl_[y
EZ^ghluf_gy\hh[s_g_ihgbfZ_rvaZlhyhohlgh\_jxqlhihl\h_fmjZamf_gbxfg_gbdh]^Z
g_gZclbke_^uZg]ebqZgbgZ
Hgg_hl\_lbe=hehkhldZaZe_fmHg`Z^gho\ZlZe\ha^moIhwlhfmyijh^he`Ze
Dhg_qghgbh^bgq_eh\_ddjhf_l_[yb@mlZg_agZ_lqlhehj^hdZaZeky\\ZrbojmdZoh^gZdhhg
m\_jyel_[yqlhy\k_`__]hhlusmQlh`]emih[uehg_\_jblvwlhfmMq_gucq_eh\_d^he`_g
[ulvkfure_g__
DZdh]hZg]ebqZgbgZlubf__rv\\b^m"
Lh]hdhlhjhfmluohl_e\kuiZlvkhlgxm^Zjh\
�eyg_]hwlh[uehm`kebrdhfHgk]eZlu\Zebk]eZlu\Zekexgmg_]h\hjygbkeh\Z
=hkih^bg\hkdebdgmem]e_`h]dZdh_ijZ\hlubf__rv]h\hjblvgZf\_sbdhlhju_g_fh`_l
ihgylvgbh^bgq_eh\_d
Hgohl_eih^gylvkyghyhkZ^be_]h
MkihdhckyRZjdZKlh[hcy\hh[s_g_ohqmbf_lv^_ehWlhlZebfkZffg_hl\_lblYbsm
Zg]ebqZgbgZdhlhjh]hhgkx^Zijb\_a
GhyaZ\kxk\hx`bagvg_\b^_egbdZdh]hZg]ebqZgbgZ\hkdebdgmeZebf
IhkemrZcwlhkljZrgZyeh`vLu`_\q_jZijb_oZekx^ZlhevdhaZl_fqlh[u^h]h\hjblvkyk
RZjdhchf_kl_]^__]hfh`ghkijylZlv
G_lg_lwlhg_ijZ\^Z
:oijhjhgbehgDlh`_l_[_wlhihjmqbe"
YkZfYh^bgj_rbeky^hklZ\blvl_[_wlhl\udmi
Hg]emihmklZ\bekygZf_gyM]e_`h][uemfg___]hHg^h]Z^Zekyqlhgbq_]hohjhr_]h`^Zlvhl
f_gyg_evaybihlhfm\kdhqbebdjbdgme
Eh`vgbq_]hdjhf_e`bA^_kvgbdlhg_agZ_lh[Zg]ebqZgbg_?keblu\a^mfZegZkhkdhj[blvlh
\_kvfZijhkqblZekyLum`_\q_jZ
FheqbaZhjZeygZg_]hL\h_caZkem]bdhg_qghg_l\lhfqlhyk_cqZkklhxa^_kv`b\b
a^hjh\Luohl_egZkm[blv\hae_ijm^Ze_`Zs_]hi_j_^kl_ghcbakdZeDkqZklvxfug_lZd]emiu
dZdlu^mfZ_rvKZ^bkv
WcluaZdjbqZehggZf_gyg_\a^mfZc_s_jZaih^haj_\Zlvf_gy\q_fgb[m^vlZdhfWlh
iehoh^eyl_[ydhgqblky
Ky^vih\lhjbeyYg_ihl_jiexqlh[ufg_lmli_j_qbebDlhba\Zkih^gbf_lky[_afh_]h
iha\he_gbylh]hyijbklj_exLZdqlhRZjdZfb]hfkZ^bkvbgZq_
Ihijh[mcf_gymkZ^blvA^_kvyklhxba^_kvfhcgh`?keblu_s_
Hgg_klZeijh^he`ZlvHg\uo\Zlbegh`baaZihykZbaZfZogmekygZf_gyghlmlihaZ^bgZk
ijh]j_f_e\uklj_ekhlqZygguf\hie_fhgjmogmegZa_fvHklZevgu_\a^jh]gmebhlm`ZkZghy
djbdgme
Kb^bl_bgZq_lh`_koehihq_l_imexuhdjm`_gu
G_\_jvl_wlhfmdjbqZem]e_`h]hgkb^_egZa_fe_b^_j`ZekyjmdZfbaZgh]m;_jbl_jm`vy
HgbklhyllZfZ\^hf_bo_s_[hevr_
�ZhgbklhyllZfIjbg_kbl_dZbo
Kwlbfbkeh\ZfbymdZaZegZkl_gmb\k_m\b^_eblj_ofhbokimlgbdh\^_j`Z\rbojm`vy
gZba]hlh\dmKlj_eyeOZe_nbak\h_c^\mkl\hedb
i_j_^\i_j_^ijbdZaZem]e_`h]
Ghgbdlhg_ih^gyekykf_klZDZ`^ucihgbfZeqlh\g_]hm]h^blimey_kebhgebrvihijh[m_l
ih\bgh\Zlvkym]e_`h]mLhljZajZabekym`ZkgufbijhdeylbyfbLh]^Zyih^gyeijbdeZ^b
ijb]jhabe
Fheqb?s_h^ghkeh\hbyl_[yijb[vxFum`_\q_jZ^hdZaZebqlhg_[hbfky\ZkZk_]h^gygZk
klZeh_s_[hevr_
Imklv\Zk[m^_lklhq_eh\_dyblhg_bkim]ZxkvLug_gZijZkgh\_e_e\f_gyklj_eylv_^v
Hgko\Zlbegh`\uiZ\rbcmg_]hbajmdbr\ujgme\f_gyYhlkdhqbe\klhjhgmGh`ijhe_l_e
fbfhb\ke_^mxsmxk_dmg^mhgihemqbem^ZjijbdeZ^hfhldhlhjh]h\ulygmeky[_aqm\kl\
Wlhijhba\_eh\i_qZle_gb_Gbdlhg_jbkdgmeohlv^\b`_gb_f\udZaZlvg_ijbyagvDhg_qghy[he__
\k_]hke_^beaZl_fblj_fymdhlhjuo[uebijbk_[_ibklhe_luh^gZdhdkqZklvxgbh^bgbagbo
^Z`_g_^h]Z^Zeky\hkihevah\Zlvkywlbfhjm`b_f
u\b^bl_qlhfug_rmlbfkdZaZeyImklvZebf^Zklfg_hl\_lHklZevgu_fh]mlkihdhcgh
kb^_lv=^_gZoh^blkyZg]ebqZgbg"
?]ha^_kvg_lhl\_lbehg
B\i_s_j_g_l"
G_l
M`_\u[jZekygZjm`m"aZbdZykvijh]h\hjbehg
?kebohq_rvm\b^_lv_]hh]eygbkv
Yih^ZeagZdih\_jgm\rbkvlm^Z]^_kb^_ebEbg^k_cbi_j_\h^qbdH[Zih^hreb:ebfhp_i_g_e
hlm`ZkZ
L_i_jvlu\_jbrvqlhyhlukdZe_]hke_^u"meu[gmekyy?^\Zluijb\_a_]hdZdhgm`_gZ
k\h[h^_DklZlb\ufh`_l_m[_^blvkyqlhmwlbo^\hbokkh[hc^Z`_jm`vydhlhju_hklZ\Zebkvm
\Zk\dhfgZl_uiheghklvx\gZrbojmdZobfuijhkbf_s_\u^ZlvgZfibklhe_luhklZ\rb_kym
wlbolj_o[jZ\uo\hydI_j_\h^qbd\ulZsblibklhe_lumgbobaaZihykZ\ZfkZfbfg_evaydZkZlvky
hjm`by:ihlhfdZ`^ucba\Zkhl^Zkl_fmbgh`DlhhldZ`_lkylh]haZklj_eyl
Y\ayedZjZ[bggZba]hlh\dmZZg]ebqZgbgijbeh`beh^ghbajm`_cds_d_ohlybg_ihgyeqlhy
kdZaZeWlhhdhgqZl_evghgZim]ZehgZrbo\jZ]h\Hgb[_a\hajZ`_gbckeh`bebhjm`b_
OZe_n\_j_\db
IhgZ^h[behkv\k_]hljbk_dmg^uqlh[ufZeur\uihegbewlhlijbdZa
K\y`b:ebfZ
=hkih^bgqlhlu\u^mfu\Z_rv\hkdebdgmemq_gucK\yaZlvf_gy"Wlh]hyg_ihl_jiex
Lukihdhcghkg_k_rvwlhbgZq_ihemqbrvimex\]heh\mLu\hh[jZ`Z_rvqlhfh`_rv[blv
ehj^ZbaklZjhc^h[jhc:g]ebbZhg[m^_laZwlhh[jZsZlvkyklh[hcdZdkiZ^brZohf"LujZa\_g_
agZ_rvdZdhkdhj[bl_e_gm^Zjie_ldhc"u\k_\f_kl_bihjhagv[m^_l_k\yaZguHklZevgufy^Zx
keh\hqlhkgbfbgbq_]hg_kemqblkyghklh[hcjZkieZlylkyie_ldhcb^he`hd\_jgmlkebo\hc
Hg\ulygmejmdbhlkljZgyyOZe_nZLh]^ZEbg^k_ckijhkbei_j_\h^qbdZ
DZd[m^_lihlmj_pdbyihfh]m"
Yj^mf^`m\nfhl\_lbelhl
:HOOYj^mf^`m\nffhcfZevqbd
Hgih^gyeie_ldm\ujhg_ggmxZebfhfbhl\_kbelhfmg_kdhevdhlZdbodj_idbom^Zjh\qlh
[_^gy]ZhldZaZekyhlfukebijhlb\blvkygZf?]hk\yaZebihlhfgZklZeZhq_j_^vhklZevguoL_g_
mihjkl\h\ZebhgbiblZebkebrdhf[hevrh_m\Z`_gb_dgZijZ\e_ggufgZgbojm`vyfFu
aZehfbebbfjmdbaZkibgmqlh[uhgbg_kmf_ebjZa\yaZlv^jm]m^jm]ZmaeuJZamf__lkybf
k\yaZebbgh]b
Ihlhfyhkfhlj_egh]mm]e_`h]ZJZgZ[ueZg_lZdhchiZkghcOhlyOZe_nbp_ebeky\dhe_ghgh
[ueg_lZdf_lhdimeyihiZeZ\ur_bijh[b\gZkd\havfydhlvm]h^beZ\dhkl_jYi_j_[bglh\Ze
jZgmZihlhfk\yaZeb_]hkhagZgb_\_jgmehkvdg_fmHg[jhkZegZf_gyk\bj_iu_\a]ey^ughg_
]h\hjbegbkeh\Z
L_i_jvyhlha\Zek\hbokimlgbdh\\klhjhgmIe_ggbdZfg_iheZ]ZehkvkeurZlvhq_ffu
i_j_]h\Zjb\Zebkv
IhkemrZcl_fZkl_j\ukh\_jrbeb[hevrmx]emihklvkdZaZeehj^h[jZsZykvdhfg_
Dh]^Zyihh[_sZewlbfex^yfqlhkgbfbgbq_]hg_kemqblky"
�?kl_kl\_ggh\HV@
Y\h\k_g_kqblZxwlh]emihklvx
:q_f`__s_"Fh`_l[ulvg_h[uqZcghcobljhklvx"
G_lyk^_eZeebrvlhqlh\_e_eZfg_q_eh\_qghklv
bebg_l"
JZamf__lky
HVEZ^ghghyg_ihgbfZxihq_fmfug_^he`guihdmrZlvkygZbo`bagvBeb\ug_agZ_l_
aZdhgihdhlhjhfma^_kv^_ckl\mxl"
YagZx_]hlZd`_dZdb\ugh_kebwlbihem^bdb_ex^b^_ckl\mxlihk\h_fmaZdhgmlh\_^vg_l
gbdZdhcgZ^h[ghklbqlh[ubgZfhgkem`bef_jbehfgZr_]hih\_^_gbyubf_eb^_ehk
jZa[hcgbdZfbrlbilZjZfbhgb`_klhedgmebkvk^`_glevf_ghfbkih\_^mxsbfojbklbZgkdmx
�\_jmZdjhf_lh]h_s_behj^hfbaklZjhc^h[jhc:g]ebbKhojZgblebhgk\h_JHQWOHPDQOLNH@
_kebklZg_l^_ckl\h\ZlvihaZdhgZfwlbojZa[hcgbdh\"
=fijh[mjqZehg
ijhq_fhgbg_m[bebgb\ZkgbgZkk_fu\u[jZebkvbawlhci_j_^_edbp_eufbb
g_\j_^bfufbLZdqlhaZdhg\ha^Zygbyhlgx^vg_hijZ\^u\Z_lm[bckl\hwlboex^_c
Ohjhrhlh]^Zfug_m[v_fboZhkgh\Zl_evghihdhehlbf
��JZa\_ihdhehlblvHQPDVVH@ih^h[Z_l^hklhbgkl\mkwjZw\b^ZEbg^k_y"
YagZedZd_]haZ^_lvMki_og_aZklZ\bek_[y`^ZlvHgaZ^mfqb\hhimklbek\hcihkbg_eucghkb
kijhkbef_gy
BlZd\uiheZ]Z_l_qlhaZ^Z\Zlvih^h[gmxlj_idmg_]h`_^ey^`_glevf_gZ"
�Zwlhfh_fg_gb_Ykebrdhfm\Z`Zx\Zrmi_jkhgmb\ZrmgZpbhgZevghklvqlh[uij_^iheZ]Zlv
qlhlZdZyaZmjy^gZyf_klv^hklZ\bl\Zfm^h\hevkl\b_E_\g_lj_\h`blkybaaZfurbl_jaZxs_c
_fm]jb\m
E_\furvhq_gvohjhrhHlebqgh_kjZ\g_gb_:HOOHklZ\bfwlbofur_c\ihdh_Ye_\b
ohqm[ulv\_ebdh^mrgufGhwlh]hlbiZdhlhjh]hgZau\ZxlZebfhfyg_kqblZxfurvxHg
m^Zjbef_gy
Lmlfu_^bgu\hfg_gbbHgbm]e_`h]aZqbgsbdbkj_^bgboGZkh\_klbmh[hbogZ\_jgydZg_
h^gZq_eh\_q_kdZy^mrZBfijhklhlZdg_mclbhlkx^ZM]e_`h]m`_ihemqbeimexhlOZe_nZ
�jm]hchl\_^Z_lie_ldmihekhlgbm\_kbkluom^Zjh\ihkibg_bgbh^gbff_gvr_
GhfZkl_jy^he`_g[ueihemqblvkhlgx
�hklZlhqghihemkhlgbHg[m^_l^hdhgpZ^g_cihfgblvhl_[_
Kh]eZk_gGhqlh[m^_lihlhf"
FuaZij_fbo\k_o\i_s_j_
Hq_gvohjhrhHgbmiZ^ml\yfmdhlhjmxkZfbbjuebGhhgbmfjmllZfhl]heh^Zb`Z`^uZ
\_^v\ug_ohlbl_bom[b\Zlv
YihaZ[hqmkvhlhfqlh[ubo\h\j_fyhk\h[h^beb?kebhgbijh\_^ml^\Zljb^gygZ_^bg_k
ijbajZdZfb]heh^Zb`Z`^ulh[hevr_]hgZdZaZgbybfbg_lj_[m_lkyFugZ\_jgydZ\klj_lbf
dZdh]hgb[m^vbokhxagbdZagZxs_]h]^_gZoh^blkywlZi_s_jZLh]^Zfuijbre_f_]hkx^Z
qlh[uhghk\h[h^beboGZfhgbm`_g_ih\j_^ylihlhfmqlhfum_^_fbaa^_rgbof_kl
Dm^Z`_\uohlbl_gZijZ\blvky"
gZqZe_\Jm]h\m
_ebdhe_ighGbdm^ZbgZq_yk\Zfb[ubg_ih_oZeFg_gZ^hk_jv_aghih]h\hjblvkwlbf
q_jlh\ufDZjZGbj\Zghf
�Zb[eb`_q_ffg_ohl_ehkv[u
AgZqbl\ukh]eZkgukl_fdZdfugZdZ`_fie_ggbdh\"
HVIjbmkeh\bbqlhwlhlZebfihemqblk\hbihekhlgbm^Zjh\
Hgb_fmijbqblZxlky
I_j_\h^qbddhlhjucihgbfZegZrjZa]h\hjhg\_ekygZZg]ebckdhfyaud_h^h[jbl_evgh
aZf_lbe
Ylh`_ijhlb\lh]hqlh[um[b\Zlvwlboex^_cKljZokf_jlbdhlhjuchgbbkiulZxl\i_s_j_
[m^_l^eygbo^hklZlhqgufgZdZaZgb_fGhkijZrb\Z_lkyk\_jrblkyeb\hh[s_wlhgZdZaZgb_
E_]dhfh`_lklZlvkyqlh\kdhj_kx^Zijb[m^_l_s_dlhgb[m^vbaklhjhggbdh\@mlZ?kebhg
gbdh]hg_gZc^_l\^hebg_lhaZ]eyg_l\i_s_jmbhk\h[h^blwlboex^_cLh]^ZhgblhlqZkjbgmlky\
ih]hgxaZgZfbdZd`Z^gZyk\hjZkh[Zd
Fufh`_faZljm^gblvbfih]hgxijbo\Zlb\kkh[hcboehrZ^_cYm`_ih^mfZeh[wlhfQlh[u
^h[jZlvky^hJm]h\uhgbihljZlylklhevdh\j_f_gbqlhdboijb[ulbxfum`_g_ij_f_gghm_^_f
hllm^ZGZ^_xkvfuhlus_fdjZlqZcrbcimlv
Ygbdh]^Zg_[ue\wlhc^hebg_hl\_lbei_j_\h^qbdbg_^mfZxqlhijh^bjZykvkd\have_kZb
aZjhkebfukmf__fhlukdZlv^hjh]mihdhlhjhcgZkkx^Zijb\_aebKi_j\Zemqr_gZijZ\blvky\
Dhemqbg?kebfuih_^_f\wlhfgZijZ\e_gbblh^h[_j_fky[uklj__q_fih]hjghfm[_a^hjh`vx
]^_lh]hb]ey^bk\_jg_rvk_[_r_xkj_^behsbgbms_ebc
&#xx[;&#xhf;&#xk;&#xem;&#xqZ;&#x_;&#xki;&#x_j;&#xZ;&#xy;&#xi;&#xh_;&#xoZ;;&#x[u;&#x;&#xDh;&#xem;&#xqb;&#xg;�Ylh`_lZd^mfZxex[hfkemqZ_ki_j\Zyih_oZe[u\Dhemqbghjh]mlm^Zfh`ghgZclb__
\b^ghihdhe__hklZ\e_gghcl_e_]hcGhl_i_jvgZ^hk^_eZlvkZfh_]eZ\gh_gZdZaZlvZebfZb
hlijZ\blvwlbolbih\\i_s_jm
Ykhh[sbehklZevgufg_ihgbfZ\rbfihZg]ebckdbhgZr_fj_r_gbbHgbh^h[jbeb_]hex[hf
^jm]hfkemqZ_oZ^`bhohlgh\ayeky[uaZie_lvghl_i_jvaZy\beqlhhg\h\k_g_kem`dZiZeZqZb
hlimkdZ_lm^Zjuebrvijbau\Zydh]hlhdm\Z`_gbxIhwlhfmfuj_rbebqlhwda_dmpbxijh\_^_l
h^bgbakem]m]e_`h]Z
Fu\u[jZebkZfh]hdj_idh]hbagbo?fmkhh[sbebqlhhlg_]hlj_[m_lkyb^h[Z\bebqlhhg
jbkdm_l`bagvx_keb[m^_loe_klZlvZebfZ\ihekbeu?]hhk\h[h^bebhlimlijbihfhsbHkdhhg
ijbdZlbe[hevrh_[j_\ghe_`Z\r__maZ^g_ckl_gu^hfZD[j_\gmijb\yaZebZebfZ
Wlhlfgbfucmq_guciulZekyke_agufbijhkv[Zfbhl\_klbhlk_[ygZdZaZgb_jZamf__lkygZijZkgh
=hkih^bg\hkdebdgmehggZdhg_pkg_kdju\Z_fufkljZohfh[jZsZykvdhfg_ihq_fmlulZd
`_klhd"Lu`_agZ_rvqlhfu]_heh]b\_^vybamqZekljh_gb_A_febLub\ijyfvohq_rvba[blv
k\h_]hdhee_]m"
JZa\_g_lu]h\hjbeqlhf_gyl\h_]hdhee_]mgZ^e_`blba[blv^hkf_jlb"G_kkueZcky`_gZ
k\hxmq_ghklvL_i_jvl\h_cdhee_]hcklZg_lie_lvhgZhq_gvih^jh[ghbamqblkljh_gb_l\h_]h
l_eZ
Kem]Zm]e_`h]Zihemqbe\jmdbie_lvOZe_n\ayeibklhe_lb\klZejy^hfkgbf]jhaykvlhlqZk
aZklj_eblv_]h_kebm^ZjhdZ`_lkykebrdhfkeZ[ufWda_dmpbygZqZeZkv
IhdZhgZreZygZijZ\bekydihe_ggbp_keh`_gghc^ey\u`b]Zgbym]e_cbkihfhsvxq_dZgZ
ijbgyeky[mjblv__fZglbxL_i_jvhgZg_[m^_lfZkdbjh\Zlv\oh^\i_s_jmYjZa[jhkZe^hkdbb
�ihe_gvyklZjZykvrmf_lvdZdfh`ghkbevg__qlh[ug_keurZlvdjbdh\ZebfZhkdbe_l_ebgZe_\h
m^ZjbekyhdZf_gv
Yh[ke_^h\Zewlhf_klhbh[gZjm`begbrmbag_h[h``_ggh]hdbjibqZHgZbf_eZnhjfmysbdZ
ihklZ\e_ggh]hgZihiZi_j_^gyyklhjhgZ_]hkhklhyeZbag_kdhevdbo^hkhdijbkuiZgguoa_fe_c
Dh]^ZykgyedjurdmlhgZr_ep_emxdhee_dpbxjm`_cibklhe_lh\q_dZgh\bgh`_cLZd\hlhg
]^_[uehjm`_cguckdeZ^hgZebqbbdhlhjh]hfu^h]Z^u\ZebkvKlhbehih^`_qvihe_ggbpmdZd
kh^_j`bfh_lZcgbdZe_]dhfh`gh[ueh^hklZlvDbjibqbh[m]ebebkvWlh[ueagZdlh]hqlh
ihe_ggbpmqZklhih^`b]ZebZkm^yihlhfmqlhykeurZe\kydbcjZadh]^Z]hj_ewlhldhkl_jhl
m^mrvy]b[ebex^bgZoh^b\rb_ky\i_s_j_
L_i_jvl_ihekhlgbm^Zjh\lhevdhqlhihemq_ggu_ZebfhfdZaZebkvfg_\h\k_g_lZdbfkmjh\uf
gZdZaZgb_fdZdij_`^_
b^gh[uehdZdjZahaebekym]e_`h]hllh]hqlhhldjueb_]hlZcgbdEhj^i_j_\h^qbdOZe_n
HkdhbHfZj[ukljhh[aZ\_ebkvq_dZgZfbI_j\u_^\h_\u[jZebk_[_emqrb_jm`vyZbobf_ehkv
a^_kvk\ur_^x`bguDZ`^ucaZiZkkyibklhe_lZfbHklZldbhjm`by[jhkbebkj_^b^jh\
AZl_fykgh\Zk\yaZejmdbkem]_m]e_`h]Zhl\_e_]h\klhjhgmbkijhkbe
Ml\h_]hohaybgZ_klvehrZ^bg_lZdeb"
G_lhl\_lbehg
IhkemrZcy\b^_ebo\q_jZdh]^Z\u_oZeb\ms_ev_kh[bjZykvgZiZklvgZgZk?keblug_
kdZ`_rvijZ\^mlhdZdZebfkoehihq_rvihekhlgbm^Zjh\ihkibg_
Wlhih^_ckl\h\Zeh
=hkih^bgkdZaZehglug_\u^Zrvf_gy_kebyijbagZxkv"
G_l
Yg_ohqmqlh[uf_gy[bebMm]e_`h]Zq_luj_ehrZ^b\lhfqbke_h^bg\_ebdhe_iguckdZdmg
LZdRZjdZq_eh\_dg_[_^guc"
Hg_l?]haylvXgZdlh`_q_eh\_daZ`blhqguclhevdhkdju\Z_lwlhHgbijbijylZebhq_gv
fgh]h^_g_]
=^_"
H[wlhfhgbfheqZl?keb[uyagZelh^Z\gh[um^jZekwlbfb^_gv]Zfb
A^_kvfgh]hhjm`byZ]^_kgZjy`_gb_dg_fm"
Lu\k_gZc^_rv\dhfgZl_ih^djh\Zlvxihjhok\bg_pibklhgubdj_f_gv^eydj_fg_\uojm`_c
LuohjhrhagZ_rvZebfZ"
G_l
Hg\h\k_g_mq_gucohlykhfghc\u^Z\Zek_[yaZlZdh]hDZdh_mg_]hkh[kl\_ggha\Zgb_"
G_agZx
:DZjZGbj\Zgl_[_agZdhf"
Hghl\_lbeebrvdh]^Zy\gh\vijb]jhabe_fm
�ZyagZx_]h\_^vhgqZklh[u\Z_la^_kv
=^_gZoh^blky_]hoZg_"kZfhcJm]h\_"
G_l\hae_]hjh^Z
:]^_klhjh`_\Zy[ZrgydhlhjmxbkihevamxldZdlZcgbd"
e_km]^_ijhe_]ZeZ^hjh]Zhlf_qZ\rZy]jZgbpmjZkk_e_gbyfbjb^blh\^hevwlhc]jZgbpu
lhevdhh^gZ
LuohlvjZa\b^_ewlmklZjmxklhjh`_\mx[Zrgx"
G_l
:g_keurZegbq_]hhlhfdZdhgZ\u]ey^blbqlhgZoh^blky\gmljb"
Gbdh]^Z@mlojZgblwlh\kljh]hclZcg_
GhZebfagZ_lh[wlhf"
Y^mfZx^Z\_^v@ml^h\_jy_l_fm
OhjhrhLufg_ihdZ`_rvk_cqZk]^_m]e_`h]^_j`blehrZ^_cGhg_iulZckym[_`Zlvhlf_gy
Kfhljbmwlbo^\moj_\hev\_jh\^\_gZ^pZlvaZjy^h\Y\havfm\jmdbh[ZZluihc^_rv\i_j_^b
f_gygZrZ]g_[hevr_K^_eZ_rvohlvh^ghj_adh_^\b`_gb_ijbklj_exl_[yi_j_^
Hgihr_e\i_j_^fbgh\Ze^hfbih^ijyfufm]ehfih\_jgme\ijZ\hlm^Z]^_y_s_g_[u\Ze
�h\hevghmlhilZggZyljhiZdhlhjmxy\hh[s_g_aZf_lbe\_eZ\dmkluijhc^y^\Z^_kyldZrZ]h\
fugZldgmebkvgZqlhlhl_fgh_brbjhdh_\ur_q_eh\_q_kdh]hjhklZ
HgblZf\gmljbkdZaZehg
�Qlhwlh"hf"
Dhgxrgykeh`_ggZyba`_j^_cb]ebgu
A^_kvo\Zlblf_klZebrv^eyq_luj_oehrZ^_c=^_hklZevgu_"
LZfihlmklhjhgmhldhkljZ
LZf\q_jZklhyebehrZ^bZeZ^`b"
�Z
Lh]^ZagZxha\jZsZ_fky
Hgf_^ebe
=hkih^bgkdZaZehglu\b^brvqlhy[ueihkemr_gl_[_K^_eZcbfg_h^he`_gb_kdZ`b
m[v_l_eb\ugZk
YhklZ\ex\Zk\`b\uoYkdZaZeqlhk\Zfbgbq_]hg_kemqblkybyk^_j`mkeh\hGhgZdZdh_lh
\j_fyfu\ZkaZij_f
=^_"
i_s_j_"
:ihlhfkgZfbgbq_]hg_kemqblky"
G_l
Lh]^ZkiZkb[hFuh`b^Zebom^r_]h]hjZa^h]hjZa^hom^r_]h
Ihoh`_mqZklvhdZaZlvkyaZi_jluf\i_s_j__]hg_im]ZeZYm]Z^Ze_]hfukebihwlhfmijhfhe\be
Fu[m^_fk\Zfb\h\k_g_lZdfbehklb\udZdlu^mfZ_rvZfg_m^ZklkykZfbfhk\h[h^blvky
HgfheqZe
E_klgbpulZf[hevr_g_lijh^he`bey
E_klgbpu"DZd"kZfhf^_e_"kijhkbehglhjhieb\hbjZkl_jygghLuagZ_rvhg_c"
�Zym`_ih[u\Ze\q_jZ\i_s_j_qlh[uhagZdhfblvkykf_klhfhldm^Zfuohl_eb\ua\heblv
Zg]ebqZgbgZ
:eeZobamfe_ggh\hkdebdgmehg
K_]h^gyfulh`_ih[u\Zeb\i_s_j_dh]^ZZebfijbr_elm^Zih]h\hjblvkZg]ebqZgbghfLu
Gh]hkih^bglh]^Z\_^vfug_kmf__f\u[jZlvkybai_s_jubkim]ZgghkdZaZehg
Zfwlhbg_gm`gh
Fu`_mfj_flZfk]heh^m
Fg_\Zkg_`Zev
Ghlu\_^vh[_sZeqlhkgZfbgbq_]hg_kemqblky
�Zbyk^_j`mkeh\hFu\Zfg_ijbqbgbfgbq_]hukZfbij_\jZlbebi_s_jm\kljZrgmx
aZiZ^gxg_cihk_ebeZkvkf_jlvbagZqbl\ukZfb\bgh\Zlu\lhfqlhihiZ^_l_\__h[tylby
=hkih^bglug_k^_eZ_rvwlh]hFuih]b[g_fkZfuf`Zedbfh[jZahf
Fgh]b_fgh]b_ex^bih]b[Zeba^_kvhlm^mrvykZfuf`Zedbfh[jZahfFug_ljhg_f\Zk
iZevp_ffuebrvijb\_^_f\Zklm^Z]^_gZoh^bebkv\Zrb`_jl\uQlhlZfkemqblkygZkg_
dZkZ_lky
Bihlhf\uaZ\Zebl_eZadZfg_f"
Dhg_qgh
H:eeZoLh]^ZkiZklbkvg_\hafh`ghWlhldZf_gvg_hlh^\bgmlvbagmljbgblhihjhfgbgh`hf
BmgZkg_lhqlhg_lbgkljmf_glh\fuk\yaZguihjmdZfbgh]ZfG_m`_eblug_ohq_rvf_gy
ihsZ^blv"
:luaZkem`b\Z_rvihsZ^u"
Lu`_\b^_eqlhy\h\k_fihkemr_gl_[_
BakljZoZi_j_^fh_cime_c
BbajZkdZygby\fhbo^_eZo
G_\_jx\wlhijhq_fyohqmm[_^blvkyklhbleb^_eZlvl_[_bkdexq_gb_K_cqZk\ha\jZsZ_fky
Hgih\bgh\ZekyDh]^Zfu\gh\vhdZaZebkvmdhkljZbyk\yaZe_fmgh]bhghiylvaZr_ilZe
Luk^_eZ_rv^eyf_gybkdexq_gb_"
G_ly\k_h[^mfZe
Lh]^ZhgyjhklghijhdjbqZe
Imklvih[_j_ll_[yrZclZgbhlijZ\bl\kZfmx^Zevgxx[_a^gmZ^ZLukZfZyaeZybk\bj_iZyba
\k_okh[ZdgZk\_l_Imklvl\hcdhg_p[m^_l\lukyqbjZakljZrg__bfmqbl_evg__gZr_]h
Wlh]hyh`b^Ze?]hihdhjghklvbm\_j_gby\lhfqlhhgjZkdZyekyg_fh]ebf_gyh[fZgmlvKj_^b
kem]m]e_`h]Zhg[uekZfufkbevguf]jm[ufb[_kqm\kl\_ggufq_eh\_dhfWlh[ueh\b^ghkjZam
?kl_kl\_ggh\k_qlhyih\_^Ze_fmyih\_^Ze\jZkq_l_gZlhqlhhgjZkkdZ`_lhklZevgufImklv
hgbg_^he]hijh[m^ml\i_s_j_ghaZwlh\j_fymagZxlqlhagZqblkljZokf_jlbIhimlghkem]Z
ihemqbehlOZe_nZg_kdhevdhm^Zjh\ie_lvxaZijhdeylbyZ^j_kh\Zggu_fg_DZaZehkvhg^Z`_g_
ihqm\kl\h\Zebob[h\kZfuo]g_\guo\ujZ`_gbyoki_rbekhh[sblvlh\ZjbsZfdZdZykm^v[Z`^_l
boDh]^ZhgbmagZebh[wlhfih^gyebkv]jhfdb_\hieb\k_\hafmsZebkvEbrvm]e_`h]kihdhcgh
e_`Z\klhjhg_ijbdjbdgmegZhklZevguo
LbohHl\Zr_]hjuqZgby\ZfgbdZdh]hijhdZG_[m^_f`_ihl_rZlvwlbokh[ZdaZ^mfZ\rbogZk
m[blv\udZau\ZykljZoi_j_^gbfbBq_]hgZf[hylvky"G_lkdZ`my\Zfb_s_klhjZag_lGZk
aZ^mfZeZijbdhgqblvojbklbZgkdZykh[ZdZihwlhfm:eeZokgbahc^_ldgZfqlh[ukiZklbgZkImklv
g_ebdm_lwlhl]ymj
YagZxhq_flu^mfZ_rvhl\_lbekem]Z:eeZog_kgbahc^_l\gZrmi_s_jmb[he_klgbpu
GZfbgmlm\k_klboebhlm`ZkZIhlhfm]e_`h]mdhlhjh]hkm^yih]hehkmhlkljZoZi_j_o\Zlbeh
^uoZgb_kijhkbe
WlhijZ\^Z"WlhijZ\^Z"
Dhg_qghdhg_qghHgkZffg_kdZaZe
DZdhgmagZeh[wlhclZcg_"
�he`gh[ulv^vy\he_fmkdZaZe[jZl_p_]hbkhh[sgbd
Lh]^ZkgZfb\k_dhgq_ghfumfj_fhl]heh^Zb`Z`^u
L_i_jvkihdhckl\b_gZijhqvhklZ\behb_]hIhljykZyimlZfbhgojbiehaZdjbqZe
�H:eeZoZiZ^_lkg_[Zh]hgvbbklj_[blwlboqm`Zdh\Imklv\hkklZgml\h^ua_fgu_bmlhiyl
boImklvh[eZdZ^h`^yly^hfmf_js\eyybodZd`Zedboq_j\_c]hlh\uo\k_ih`jZlv
HklZevgu_ih^^_j`ZebwlbijhdeylbyhbklbgmfuhlukdZeb\_jgh_kj_^kl\hqlh[u\k_eblv\gbo
kljZoi_j_^kf_jlvxRmf[ueklhev]jhfhdqlhfuihki_rbebhl\_klbbo\i_s_jm
gmljbi_s_jufumeh`bebbo\jy^Ihlhf\uiheaebhllm^ZbaZdj_ibebdZf_gvkihfhsvxp_ib
Hgb\k__s_\uebhlkljZoZgh]hehkZbo[uebkgZjm`bm`_g_keurgu
L_i_jvfuijbgyebkvih^db^u\Zlv\dhkl_j^jh\Zij_`^_aZkehgy\rb_\oh^\i_s_jmIhe_gv_\
o\Zlbeh[uqlh[uih^^_j`b\Zlvh]hgv\kxghqvKZfehj^hohlgh\ayekygZfihfh]Zlvij_g_[j_]Zy
^hklhbgkl\Zfbk\h_]hlblmeZ
h\j_fywlhcjZ[hluOZe_n\ayef_gyaZjmdmkhkljhbeobljmxfbgmbkdZaZe
Kb^bfg_lhevdhqlhijbreZ\]heh\mh^gZhq_gvohjhrZyhlebqgZyfukev
DZd"H[uqghbf_gghl\hbemqrb_fukebfZehgZqlh]h^ylky
GhwlZ^hklhcgZlukyqbibZkljh\
Yl_[_bodhg_qghg_^ZfaZg__
B\k_`_luihjZ^m_rvkymkeurZ\__
LZd]h\hjb`_
KdZ`b\gZqZe_fh`_l[ulvlukhkljZ^Z_rvex^yf[jhr_gguflm^Z"
HgmdZaZegZi_s_jm
G_lkh\k_fg_l
DZjZh[_sZggZybfihkjZ\g_gbxkboij_klmie_gbyfbkh\k_fg_ihoh`ZgZdZjmAZ\ljZbeb
ihke_aZ\ljZhgb\gh\v[m^mlgZk\h[h^_bihlhf\k_[ukljhaZ[m^mlG_emqr_eb[ueh[ug_fgh]h
mfgh`blvbokljZoqlh[uhgb^hevr_ihfgbebh[wlhf"
Ygbq_]hg_bf_xijhlb\DZd`_luohq_rv\aylvbo\h[hjhl"
Fum[_^bfboqlhhgbmfjmllhc`_kf_jlvxgZdhlhjmxh[j_dZebk\hbo`_jl\
Lh_klvaZ^hogmlky"
�ZfujZah``_fh]hgv
hae_i_s_ju"
?kl_kl\_gghBhldjh_feZaqlh[u^ufihlygmekylm^Z
Lh]^Zhgb\ijyfvaZ^hogmlky
Hg_lDhkl_j[m^_lg_[hevrbfbjZah``_ffu_]h\klhjhg_ihwlhfm[hevrZyqZklv^ufZ
jZa\__lkyBoihe_ggbpZ[ueZkeh`_gZlZdqlh[u^uflygmeh\gmljvmgZr_]h`_dhkljZ\k_[m^_l
ihbghfmImklvebrvhgb\b^ylqlhfuhldju\Z_feZaimklvebrvqmxlaZiZo^ufZm`Zkbo
Y^mfZxlZd
LZdkdZ`bfh`ghebfg_"
Ohjhrh^_eZcwlhBo^mrZfihe_aghihlj_i_lZlv[ulvfh`_lwlhl^_gvklZg_lih\hjhlguf\bo
`bagb
OZ^`bhlh^\bgmedZf_gvaZkehgy\rbc\oh^\i_s_jmkeh`bejy^hfg_[hevrmxklhidm^jh\b
ih^`_]boAZl_fhghimklbekygZdhe_gbbklZdbfj\_gb_fijbgyekyaZ]hgylv^uf\gmljvi_s_ju
qlhke_au\uklmibebmg_]hba]eZa
HklZ\vwlhaZgylb_OZe_nmeu[gmekyyLukZf\_^vaZ^hog_rvky
Hg_lWlh^hklZ\ey_lfg_jZ^hklvL_i_jviemlui_j_im]Zebkvkeh\ghbo[jhkbebgZjZkdZe_gguc
ijhlb\_gvgZdhlhjhfrZclZgih^`Zjb\Z_lk\hboex[bfp_\
IhdZhgklZdbfj\_gb_faZgbfZekydhkljhf\k_hklZevgu_hlijZ\bebkv\^hfLZffugZrebdmqm
khkgh\hcemqbgubg_kdhevdhkZevguok\_q_cWlh]ho\Zlbehqlh[uhk\_lblvdhfgZlm
Ihlhffuh[ke_^h\Zebihkl_evHl[jhkb\__\klhjhgmfugZldgmebkvgZklZjmx^hsZlmx^\_jv
Dh]^Z__m[jZebhldjueZkv^h\hevgh]em[hdZyq_luj_om]hevgZyyfZfuba\e_deb__kh^_j`bfh_
A^_kvbf_ehkvg_kdhevdhm\_kbkluokebldh\k\bgpZg_kdhevdh`_klyguodhjh[hdgZqbg_gguo
ibklhgZfbdmqZdj_fg_cb[hqhghdihjhoZihke_^g_f[uehijhk\_je_ghhl\_jklb_h^gZdh_]h
kgh\ZaZldgmebljyidhc
YhimklbekygZdhe_gb\hae_[hqhgdZqlh[u\ulZsblvljyidmbijh\_jblvdZq_kl\hihjhoZ
GZldgm\rbkvgZdmkhdk\bgpZyr\ujgme_]h\yfmJZa^Zekya\mddhlhjucaZklZ\bef_gy
gZklhjh`blvkyLZda\mqZliheu_ij_^f_lu
Fh`_lih^wlbflZcgbdhfgZoh^blky_s_h^bg"kijhkbeyIhkemrZcl_dZJZa\_wlhg_a\md
q_]hlhiheh]h"
Y[jhkbe\gba_s_h^bgdmkhdk\bgpZlhl`_a\md
HVkdZaZeehj^WlhnZevrb\uciheIhijh[mcl_fh`ghebkgylvwlhlihe
Fukgh\ZaZdmihjbeb[hqhghdbhldZlbeb_]h\klhjhgmqlh[ubkdjuhl]hjys_cemqbgug_ihiZeb
gZg_]hIhlhf[eZ]hiha\heyehf_klhfume_]ebkvgbqdhf\hdjm]yfu]em[bgZ__^hklb]ZeZ
ijbf_jghlj_onmlh\bijbgyebkvgh`ZfbjZkdZiu\Zlva_feyghciheJuoemxa_fex\ugbfZeb
jmdZfb
kdhj_fug_fh]ebm`_^hlygmlvky^h^gZyfuGZihfhsvijbr_eOZe_nHg[uekZfuf
fZe_gvdbfbagZkihwlhfm_fmijbrehkvkimklblvky\yfmK_\gZdhjlhqdbhgklZemk_j^ghjulv
a_fex
�Fg_ex[hiulghqlhaZIRZOLQJEXOO@hgba\e_q_lgZk\_lmeu[gmekyehj^
JZgvr_hg[ueh^_j`bfkljZklguf`_eZgb_fhlukdZlvgZjmbgZoGbg_\bbdjueZlh]h[udZl_i_jv
wlZfukevih[m^beZ_]hdrmld_
g_aZighOZe_nhklZgh\bekyA\mdijhba\h^bfuc_]hgh`hfklZekh\k_f^jm]bf
A_feydhgqbeZkv^heh`befZeurYgZldgmekygZ^_j_\h
�Z\Zc^Zevr_ihijhkbeyIhijh[mchqbklblv^_j_\hhla_feb
Kb^bwlhdZdb_lh[jmkdblhesbghc\jmdmih^gbfbimklhlZ
G_fgh]hih]h^yhg^hklZe^\_[mdh\u_^hkdb
BolZfe_`blih`Zemc[hevr_^\mo^_kyldh\kdZaZehgYkdhjhm\b`mqlhih^gbfb
Hgba\e_d_s_g_kdhevdh^hkhdihlhfaZ]eygme\h[jZah\Z\rbckyijh_fIj_^f_lihiZ\rbc_fm\
jmdb[uelZdrbjhdqlh_fmgbdZdg_m^Z\Zehkv^hklZlv_]h
Wlhdh`Zihykgbehgghh[\yaZggZy\_j_\dZfbb^h\hevghly`_eZy
Lh]^Zykimsml_[_eZkkhhl\_lbeyIjh^_gv_]hih^\_j_\dZfbbm[_jbhklZevgu_^hkdbFu
\ulZsbfwlm\_sbpmkihfhsvxeZkkh
HgihkemrZekyfh_]hkh\_lZbihlhf\ue_abayfuFuih^gyebij_^f_lkihfhsvxeZkkhlhl[ue
kijylZg\dj_idbcdh`Zgucf_rhdhq_gvklZjZl_evghh[\bluc\_j_\dZfbhldm^Zlhbagmljb
^hghkbebkvf_lZeebq_kdb_a\ydZgv_ba\hgHl\yaZ\\_j_\dbbijbhldju\f_rhdaZkl_]gmluc
j_fg_ffuba\e_deb_]hkh^_j`bfh_k_ijbkmlkl\mxsb_g_bkdexqZyf_gybkimklbeb
bamfe_ggu_djbdb\_^vfum\b^_ebi_j_^kh[hcklZjbggh_^jZ]hp_ggh_\hbgkdh_kgZjy`_gb_
rlbilZjh\
gZqZe_fuaZf_lbebbkdmkghkie_l_ggmxdhevqm]mhgZ[ueZk_j_[jyghcbeblhevdh
ihk_j_[j_gghcMf_e_pba]hlh\b\rbc__[ueg_khfg_gghfZkl_jhfk\h_]h^_eZih`Zemcmreh
fgh]hfgh]hf_kyp_\qlh[uba]hlh\blvwlm\_ebdhe_igmx\_svGZagZqZeZkvdhevqm]Z^eyq_eh\_dZ
g_[hevrh]hjhklZ\hafh`ghlZdh]h`_dZdfhcOZe_n
AZl_fh[gZjm`bebkv^\Zdj_fg_\uoibklhe_lZ[h]ZlhmdjZr_gguoahehlhfb^ebggucrbjhdbc
dbg`Zekh[hx^hhkljufe_a\b_fqvyjmdhyldZbajhah\h]h^_j_\ZlZd`_[ueZhl^_eZgZahehlhfZ\
]heh\d_wn_kZf_jpZeZh]jhfgZy]hem[Zy`_fqm`bgZ
GZ^g_f_rdZe_`ZeZdjb\Zylmj_pdZykZ[ey\eh`_ggZy\ijhklu_dh`Zgu_gh`gueZdh\h_
ihdjulb_gZgbokl_jehkvKZ[eyi_j_oh^beZbajmd\jmdbgbdlhg_ijhfhe\begbkeh\ZGZdhg_p
OZe_nijhlygmefg___bkdZaZe
IhkfhljbgZg__kb^bHgZg_ih^oh^bldhklZevgufij_^f_lZf
Wn_k[uelZdbf]jyagufqlhg_evay[uehihgylvbaq_]hhgba]hlh\e_gdZaZehkv_]hmfure_ggh
lZdi_j_fZaZebH^gZdhy^hklZlhqghohjhrhjZa[bjZeky\hjm`bbqlh[ulhlqZkaZf_lblvbaysgh
\u]jZ\bjh\ZggmxgZ^ibkvgZZjZ[kdhfyaud_IjhqblZlv__[uehe_]dhhgZ]eZkbeZ,VPLHVV
VVDLND YjZaysZyfhegby\f
Wlh]hfg_o\Zlbehqlh[uij_^iheh`blvqlh\fhbojmdZohq_gvp_ggZy\_svKihfhsvxklZjh]h
dZnlZgZ\bk_\r_]hgZkl_g_\_]hdZjfZgOZe_nkmgmemeblhdyhqbklbewn_khlijbklZ\r_cd
g_fm]jyabbm\b^_eqlhhg\ulhq_gbakehgh\hcdhklbgZg_f[ueZ\uljZ\e_gZq_jgZygZ^ibkv
i_j\ZykmjZDhjZgZ=heh\dmwn_kZmdjZrZeb^\Zkdj_s_gguoihemf_kypZF_`^mboiheh\bgdZfb
\b^g_ebkvZjZ[kdb_[md\uZbf_ggh\i_j\hcq_l\_jlb^`bf\h\lhjhckZ^\lj_lv_c
kgh\Z^`bfZ\q_l\_jlhcyjZa]ey^_eoZfbfb^ZevWlb[md\uyagZehq_gvohjhrhhgb
hagZqZebbfyhjm`_cgh]hfZkl_jZf_klhb]h^ba]hlh\e_gbykZ[ebFh`gh[ueh^hihegblvi_j\u_
ljb[md\ubijhqblZlv
,EQ'VFKRUGVFKDQL bfy\f
HVVVVDLNDO hjm`_cgucfZkl_j\f
�HVFKVFKDP \ZfZkd_\f
;md\u\q_l\_jlhcq_l\_jlbmdZau\Zebghf_j]h^ZOZhagZqZeZfbfZ^Zevlh
�_klvkZ[ey[ueZ\udh\ZgZ\]h^mob^`ju@gZqZ\r_cky\]h^mhlJh`^_kl\ZOjbklh\Z
Y\ulZsbedebghdbagh`_gHg[uei_j_iZqdZg]jyagh\Zlhckf_kvxfZkeZblheq_gh]h^j_\_kgh]h
Ijb[eb`Zcr_fjZkkfhlj_gbbg_evay[uehg_aZf_lblvqlhwlhgZklhysbcdebghd\udh\Zggucba
�bg^bckdhcklZebhleblhc\=hedhg^_@baZdZe_gghc\ieZf_gbdhkljZdhlhjucjZa\_ebijb
ihfhsb\_j[ex`v_]hgZ\haZGZh^ghc_]hklhjhg_hlq_leb\h\b^g_eZkvgZ^ibkv'LKUEDKODI
� Kfhljb\h[Z\fZgZ^jm]hc,VNLKQLGHP ZcgZiblvkydjh\b\fDebghd[uelZdmijm]qlh
ihqlbi_j_]b[ZekygZfh_f[_^j_
GmOZe_nkijhkbeyoZ^`bjZa\_wlhldebghd\ijyfvg_ih^oh^bld^jm]bfij_^f_lZf"
Dlh[ufh]ih^mfZlvhl\_lbehgDebghdb\_jghih^ebgguc
Dhg_qghDebghdgZfgh]hp_gg__q_f\k_hklZevgh_qlhhldhiZeb\wlhcyf_Bhghijh\_j]Z_l
�hrb[hqgh_fg_gb_qlhgZklhysb_debgdbba]hlZ\eb\Zebg_\ZfZkd_Z\F_ro_^_=_jZl_
D_jfZg_RbjZa_BknZoZg_bOhjZkZg_YihdZ`m\Zfk_cqZkdZdgZ^hijh\_jylvlZdmxklZev
A^_kve_`ZeZdhjhldZy^_j_\yrdZkem`b\rZylZ[mj_ldhcYiheh`begZg__dZf_gv\_ebqbghc\^\h_
[hevr_dmeZdZ]hlh\ykvjZkk_qv_]hkZ[e_cWdki_jbf_glm^Zekyki_j\h]h`_m^ZjZijbwlhfgZ
e_a\bbdebgdZg_hklZehkvgbfZe_cr_caZam[jbgu
�Q_jlih[_jbhggZklhysbc\hkdebdgmeehj^ZfugZrebdh_qlhp_ggh_Ydmiexm\Zk
kZ[exKdhevdh\uohlbl_aZg__"
Gbq_]h
DZd"Gbq_]h"G_j_rbeb`_\uih^Zjblvfg___^Zjhf
G_lYg_fh]mgbijh^Zlv\Zf__gbih^Zjblv\_^vhgZg_ijbgZ^e_`blgZf
Gh\u`_g_agZ_l___ohaybgZ
Ihijh[m_fhg_fjZamagZlv
:_kebwlhg_\hafh`gh"
Lh]^Zfuhl^Z^bfwlb\_sb\eZklyfIh\k_c\b^bfhklbhjm`b_mdjZeb?]hgZklhysbcohaybg
^he`_g_]hk_[_\_jgmlvkwjYg_^mfZxqlh\u^jm]h]hfg_gby
?kl_kl\_gghy^jm]h]hfg_gbykh\_jr_ggh^jm]h]huqlhj_rbebaZ^_j`Zlvkya^_kvgZ
g_kdhevdhf_kyp_\qlh[uh[ke_^h\Zlv\kxkljZgm\ihbkdZolh]hdhfmijbgZ^e_`Zehwlhhjm`b_"
Beb\u^mfZ_l_qlhdZdhcgb[m^vqbgh\gbd_keb\ukh[eZ]h\hebl_i_j_^Zlv_fmgZoh^dm\havf_l
gZk_[yljm^hlukdZlvwlh]hq_eh\_dZ"Lml\ukbevghhrb[Z_l_kvGZ^hagZlva^_rgb_gjZ\uWlhl
qbgh\gbdmdjZ^dhc\ukf__l\ZkaZ^h\_jqb\hklvZ\_sbijb[_j_lk_[_
�Wlh]hyg_[hxkvDh]^Zy]h\hjbeh\eZklyoybf_e\\b^m\h\k_g_lmj_pdh]h\Zeb@b_]h
ih^jmqguoA^_kv\]hjZowlbex^bg_bf_xlgbfZe_cr_c\eZklb=hjpuih^_e_gugZie_f_gZZ
l_g_ih^qbgyxlkygb\eZklyfgb^jm]bfie_f_gZfh]eZ\_dZ`^h]hie_f_gbklhbl[ZjvydlZjhg
ijZ\blie_f_g_f\f_kl_kg_kdhevdbfb^`h[ZjZfbb^h\jZgZfbk_ij_klmie_gbykh\_jr_ggu_
ijhlb\q_eh\_dZdZjZ_lg_]hkm^Zjkl\hZihkljZ^Z\rbcb_]h^hfhqZ^pu\hlihq_fmdjh\gZyf_klv
a^_kv_s_ijhp\_lZ_l?kebyi_j_^Zfhjm`b_h^ghfmba[ZjvydlZjh\lhm\_j_gqlhhg_]hg_mlZbl
^Z`__kebhghhdZ`_lkybfms_kl\hfq_eh\_dZbadZdh]hgb[m^v^jm]h]hie_f_gb
B]^_\ugZc^_l_lZdh]h[ZjvydlZjZ"
YmagZxwlh\[eb`Zcr_c^_j_\g_ijhq_ffg_wlh^Z`_g_ihgZ^h[blkyYfh]mmagZlvbfy
\eZ^_evpZijyfha^_kv
Mdh]h"
Mm]e_`h]ZHgijbijylZewlb\_sbb\_jghagZ_lmdh]hbohlgyebImklvOZe_nHkdhbHfZj
LZdg_ihc^_lkb^b\ukdZaZekyOZe_n
Ihq_fmg_l"
IhlhfmqlhyjZa\_edhkl_jm\oh^Z\i_s_jmFug_\hc^_flm^Z
LZdihlmrbdhkl_jfhc^hjh]hc
OhjhrhGhihlhfykgh\Z_]hjZah`]m
Ljh_fhbokimlgbdh\mrebbq_j_ag_dhlhjh_\j_fyijb\_ebm]e_`h]ZHgbg_hq_gvlhex[_agh
r\ujgmeb_]hgZa_fvijbq_flhlbkimklbe]jhfdbcdjbdih`Zemcg_klhevdhbaaZ[hebqlh
ijbqbgbeh_fmwlhg_eZkdh\h_h[jZs_gb_kdhevdhhlm`ZkZ\ua\Zggh]hl_fqlhhgm\b^_eHg
klbkgmeam[u^hkdj_`_lZbyjhklghi_j_\h^be\a]ey^lhgZgZklhgZe_`Z\rb_gZa_fe_ij_^f_lu
Dh]^Z_]h\a]ey^gZldgmekygZjZajulmxyfm^jh`vkhljykeZ_]hebphby^h]Z^Zekyqlh\yf_
kdju\Z_lkyqlhlh_s_qlhfuihdZg_gZreb
Y\_e_el_[yijb\_klbdgZfkdZaZey_fmqlh[uhk\_^hfblvkyml_[yh[wlboij_^f_lZoDhfm
hgbijbgZ^e_`Zeb"
HgfheqZeyih\lhjbe\hijhkghhgg_^Zehl\_lZ
Iheh`b_]hgbqdhfboe_sb_]hie_ldhcihdZhgg_aZ]h\hjblijbdZaZey
?]hfb]hfmeh`bebgZa_fvbOZe_nm^Zjbe_]hie_ldhcDh]^ZRZjdZm\b^_eqlhfug_rmlbflh
djbdgme
Klhcu\k_magZ_l_
LZd]h\hjbgh[ukljh
Wlhfh_hjm`b_
Lufh`_rvwlh^hdZaZlv"
�ZHgh\k_]^Z[uehmf_gy
Blu_]haZdhiZe"Bfms_kl\h^hklZ\r__kyl_[_ihijZ\mg_aZq_fijylZlv
Dh]^Z`b\_rvh^bgkj_^be_kZijboh^blkylZd^_eZlvdhebg_ohq_rvqlh[u\hjuhlgyebml_[y
\k_
�Z\_^vwlb\hjul\hb^jmavyl_[_g_aZq_fbo[hylvkyDZd`_lujZa^h[uewlhhjm`b_"
YmgZke_^h\Ze_]h
Hlk\h_]hhlpZ"KlZeh[ulvij_^dbm]e_`h]Z[uebex^vfbba[h]ZlhcbagZlghcnZfbebb"
�Zfhbij_^db[uebagZf_gblufb]_jhyfbM\ughhlbo[h]Zlkl\^hf_gy^hrehebrvhjm`b_
�jm]bokhdjh\bsml_[yg_l"
G_l
Ihkfhljbf
YaZ`_]gh\mxemqbgmbhk\_lbeyfmgbam\m]eme_`Zeb^\ZiZd_lZaZ\_jgmlu_\ehofhlvy
ij_`^_hgb[uebijbijylZguih^f_rdhfOZe_nkimklbeky\yfmbih^ZebogZfHg\kljyogmebo
keh\gh[uaZa\_g_ehahehlh
Hgbly`_eu_kdZaZehgY^mfZxqlh\gbog_fZehhlf_gguoibZkljh\
M]e_`h]bkimklbek\bj_ih_ijhdeylb_b\hkdebdgme
G_ijbljZ]b\Zcl_kvdwlhfmahehlmHghfh_
Fheqbhl\_lbeyHghg_fh`_ll_[_ijbgZ^e_`Zlv\_^vlulhevdhqlhml\_j`^Zeqlhdjhf_
hjm`byml_[yg_lgbdZdbokhdjh\bs
G_lgh^eyl_[y[ueh[uemqr_]h\hjblvhldjh\_gghL\hyeh`vlhevdhm[_`^Z_lqlhwlb\_sbg_
l\hb
Fg_qlhgZ^h\ZfihdZau\Zlv\k_k\hb\_sbqlh[u\uh[\hjh\Zebf_gy"
Fuex^bq_klgu_bg_\ayeb[uml_[ygb]jhrZ_keb[um[_^bebkvqlh^_gv]b\ijyfvl\hb
ijhq_fl_[_\k_jZ\ghaZ\eZ^__ffuwlbfb\_sZfbbebg_lL_[_hgb[hevr_g_^hklZgmlky\_^v
l_[y`^_l\_jgZykf_jlv
L_f\j_f_g_ffujZa\yaZebljyidbbhldjuebaZfr_\u_iZd_lu\urblu_[bk_jhfFg_[jhkbehkv
\]eZaZbfyKlhcdhbl_rhgh\b^g_ehkvihkj_^bg_h[hboiZd_lh\GZibkZghhgh[ueh[md\Zfb
jmkkdh]hZenZ\blZdhlhjufihevamxlky\K_j[bbb]jZgbqZsbokg_c]hjguof_klghklyobl_r
ihg_f_pdbhagZqZ_ljupZjvE_]dh[ueh^h]Z^ZlvkyqlhohaybgZwlbo^_g_]a\Zebbl_r_f
�ihlhfmqlhij_^db_]h[uebjupZjyfbhki_obbhjm`b_ba]hlh\beb\l_^Z\gb_\j_f_gZ?s_
k_]h^gy\wlbodjZyobgh]^Zm\b^brvdhevqm]mdhlhjmxghkyllhevdhihk\_lkdbfijZa^gbdZf
ihkdhevdmijhlb\kh\j_f_ggh]hklj_edh\h]hhjm`byhgZ[_kihe_agZ
Lufh`_rvwlhijhqblZlv"kijhkbeym]e_`h]Z
G_lhl\_lbehg
L_[yah\mlRZjdZWlhl\h_bfy:nZfbebyl\hydZda\mqbl"
;bkhr
:l\hboij_^dh\lZd`_a\Zeb"
k_hgbijbgZ^e_`Zebdlhc`_keZ\ghcnZfbebbbdZdhclh;bkhr\_e_eba]hlh\blvwlm
dhevqm]m
Wlheh`vhllubihiZekyWlb^hki_obwlhhjm`b_wlb^_gv]bijbgZ^e_`Zlq_eh\_dmdhlhjh]h
ah\mlKlhcdhbl_rBeblu[m^_rvhlibjZlvky"
Hgk[_af_jgufbamfe_gb_fmklZ\bekygZf_gyHgg_agZeqlh[bk_jhf[ueb\urblu[md\ubg_
fh]ihgylvdZdy^h]Z^Zekyh[wlhfbf_gb
Lu^vy\he\hkdebdgmehg
BluhlijZ\brvkyd^vy\hem_kebg_kdZ`_rvlhlqZk]^_gZclbwlh]hKlhcdh
Yg_agZxq_eh\_dZklZdbfbf_g_fb\_sbwlbfhbYfh]mihdeyklvky\k_fbdeyl\Zfb
Qlh`lh]^Zydhg_qgh\_jxl_[_bfug_\ijZ\_jZaemqZlvl_[ykl\hbf[h]Zlkl\hfImklv_]h
ihohjhgyl\f_kl_klh[hchavfb_]hkkh[hcdk\hbfkeZ\gufij_^dZfdhlhju_gZ\_jgydZ`b\ml\
^`_o_gg_
Yih^dZlbeih[eb`_dg_fm[hqhghdkihjhohfb\ulZsbeijh[dmIhlhfyhlj_aZegh`hfgb`gxx
dZcfmdZnlZgZhdhlhjhf]h\hjbebkdjmlbe__\\_j_\dmh^bgdhg_p__kmgme\[hqhghdZd
^jm]hfmih^g_k]hjysmxemqbgmbih^iZebe_]h
=hkih^bgqlhlu^_eZ_rv"bkim]Zgghdjbdgmehg
ahj\ml_[ykl\hbf^hfhfb\k_fqlh\g_f_klvMoh^bf[uklj__h[jZlbekyydhklZevguf
g_lhdZfgbaZ^_gmlgZk
Yk^_eZe\b^[m^lh\ijyfvkh[bjZxkv\uclbhklZevgu_ihke_^h\ZebaZfghcNblbevle_e
f_^e_gghgh\_jgh
KlhcklhcijhjuqZeRZjdZgZf\ke_^Wlh`_m`ZkghK`Zevl_kv
Gh\_^vlug_`Ze_ek\hbo`_jl\djbdgmeh[_jgm\rbkvdg_fmOZe_nHlijZ\eycky\Z^
_jgbl_kv\_jgbl_kvY\k_kdZ`m\k_M[_jbl_nblbevWlhg_fhb\_sb
Ym`_\uoh^begZmebpmgh[ukljh\_jgmekyqlh[ukijhkblv
:qvb"
Wlh]hKlhcdhbl_rZqv_bfylugZa\ZeM[_jb`_nblbev
Lhevdh_keblukdZ`_rvgZfijZ\^m
�Z^ZLhevdhhl\_^bh]hgvhlihjhoZ
Ij_djZkghY\_^vfh]mkgh\Zih^`_qvnblbevOZe_naZlhiqbh]hgvGhy]h\hjxl_[_RZjdZ
_keby_s_jZamebqml_[y\he`blhfukgh\Zih^h``_fnblbevblh]^Z\k_ijhkv[u[m^ml
gZijZkguFug_iha\hebfkkh[hcb]jZlvBlZd]^_luhlgye^_gv]bb^hki_obmwlh]hKlhcdh"
A^_kv
:oHg[ueg_h^bg\_^v[_ahojZgu\wlbodjZyog_\haylkkh[hclZdb_khdjh\bsZ
Kgbf[ue_]hkugbkem]Z
Lubom[be"
�KlZjbdZg_ljm]b_aZsbsZebkvb\ugm^bebboaZklj_eblv
LZdKlhcdh\k__s_`b\"
�Z
B]^_`_hg"
klhjh`_\hc[Zrg_ih^Jm]h\hc
IhgbfZx?]haZklZ\eyxlaZieZlblv\udmi"
�Z@mlwlh]hohq_l?kebhg_]hihemqblyfh]mhklZ\blvwlb\_sbk_[_
:_kebg_ihemqbl"
Lh]^Zyih^_exwlhkgbf
Dlh_s_agZ_lh[wlbo\_sZo"
Gbdlhdjhf_@mlZbfhbokem]
Hgb\b^_ebdZdgZiZebgZKlhcdh"
�ZY[uh^bgg_kijZ\bekyklj_fyex^vfb
ub\ijyfv^vy\hevkdh_hljh^v_Gm]h\hjbZebfgbq_]hg_agZ_lh[wlhf"
Hggbq_]hg_magZebgZq_[uihlj_[h\Zeih^_eblvkybkgbf
Qlh\uk^_eZebk^\mfyljmiZfb"
BoaZdhiZeb
=^_"
HgaZf_rdZekykhl\_lhfghdh]^Zm\b^_eqlhOZe_nlhlqZkih^g_k]hjysmxemqbgmdnblbex
[ukljhijhbag_k
G_ih^`b]Zcl_kgh\ZWlhf_klhkh\k_fg_^Ze_dhhlkx^ZGh\u\_^vg_klZg_l_bkdZlv_]h"
FudZdjZawlhbk^_eZ_f
BjZkdhiZ_l_"
_jhylgh
Gh\u`_hkd\_jgbl_k_[yljmihf
Luk^_eZewlhg_kfmlb\rbkvLuhl\_^_rvgZkohlybg_fh`_rvoh^blvL_[yihg_kml
Wlhgbdq_fmukZfbe_]dhgZc^_l_wlhf_klh_kebihc^_l_hlkx^Zdl_e_]_Zihlhf
ehiZlZe_`ZllZf
Fub^_flm^Z?keb\k_g_lZddZdlu]h\hjbrvlh\ae_lbrvgZ\ha^moijhq_fym\_j_gqlh\u
m[bebbo\h\k_g_ihlhfmqlhhgbaZsbsZebkvHgbg_ij_f_ggh^he`gu[uebmf_j_lvbgZq_[u
\u^Zeb\ZkKlZjucKlhcdhlh`_h[j_q_g^Z`__kebaZieZlbl\Zf\udmiGhdZd`_\u^h^mfZebkv
hl\_alb_]h\klhjh`_\mx[Zrgx"?keb[u\uhklZ\beb_]h\i_s_j_lh\udmi^hklZeky[ul_[_b
^_eblvkyk@mlhfg_gZ^h[ueh[u
Hgihlj_[h\Zewlh]hhgijb_oZe_^\ZkjZ`_gb_hdhgqbehkvHg\b^_e\k_byg_fh]hlg_]h
gbq_]hkdjulvHglhlqZkm\_akkh[hcKlhcdh
AZq_f`_KlhcdhaZ_oZedl_[_"
Hgj_rbei_j_ghq_\Zlvmf_gyHg_oZebaKehdmqb]^_hg[ZjvydlZjk\h_]hie_f_gb
Dm^Z`_hg_oZe"
]hju:djZ[Z\;Zl_jmqlhe_`bl[ebaDjhcb?]hkugj_rbegZclblZfg_\_klm
H[h`_Lukmsbc^vy\hef_klhk\Z^v[uhghlijZ\bekygZkf_jlvHg\ayekkh[hc^hjh]b_
�^hki_obqlh[umdjZkblvk_[ygZwlhfijZa^g_kl\_eyl_[ygbh^gZdZjZg_[m^_l`_klhdhcGh
ohly[uklZjh]hhlpZgZ^hkiZklbKdZ`bgZfkgZqZeZdh]^Z\k_wlhijhbahreh
K_]h^gy^\_g_^_ebdZdfbgmeh
DZdihiZklv\klhjh`_\mx[Zrgx"
G_agZx@mlojZgblwlh\kljh]hclZcg_JZa\_qlhZebfmhgfh]ijbagZlvkyGh]hkih^bglu
\b^brvqlhy\k_l_[_hldjh\_gghjZkkdZaZeL_i_jvluf_gyg_m[v_rv
G_lfu\Zkg_m[v_fuaZkem`beb^_kylvkf_jl_cb^Z`_[hevr_lh]hghfug_ohlbffZjZlvky
\Zr_cdjh\vxuqm^h\bsZk\Zfbg_kjZ\gylkygbdjhdh^begb]b_gZFub^_fhkfZljb\Zlv
�f_klhih]j_[_gbyhgZr_]h\ha\jZs_gbyluhklZg_rvkya^_kve_`ZlvHfZjihkl_j_`_ll_[y
�FuaZiZkebkvdjmigufb]heh\_rdZfbbhlukdZebhibkZggh_f_klhZ`_g_\_jbehkvqlhwlhl
f_jaZ\_plZde_]dhb[ukljhijbagZekygZfHgqZklhf_^ebekhl\_lhfghklhbehOZe_nmih^g_klb
emqbgmdnblbexdZdhg\gh\v^_eZekyjZa]h\hjqb\uf
FugZrebohefbdgZkuiZgguckdhj__bai_ieZq_fbaa_febFujZajueb_]he_`Z\rbfbjy^hf
bgkljmf_glZfbM[bluog_aZdhiZebZkh`]ebQ_luj_h[m]e_gguoq_j_iZ^hdZau\Zebqlhij_`^_
lZdjZkijZ\eyebkvbk^jm]bfbljmiZfbAj_ebs_[uehm`Zkgh_Fukkh^jh]Zgb_fmrebhllm^Z
OZe_nbehj^aZ]h\hjbebg_]h^mybah\k_okbeHgblj_[h\Zebqlh[ufulhlqZkijbdhgqbeb
m]e_`h]Zb_]hkem]YfheqZeyqm\kl\h\Zeg_kdZaZggmxyjhklv
Ihq_fm\ug_]h\hjbl_kwj"\hkdebdgmeEbg^k_cWlboij_klmigbdh\gZ^h\_^vihdZjZlv
LZdkgbfbb[m^_l
Lvnmu`_kZfbkdZaZebqlha^_rgb_\eZklb[_kkbevgu?kebfukZfbg_\havf_fkybokm^blv
lhwlb\bk_evgbdbjZa[_]mlkyhlkx^Zu^Z`_\a^mfZebih^hkeZlvdgbfq_eh\_dZqlh[uhg
\uimklbebobai_s_ju
LZdybk^_eZxjZamf__lky
hldZdQlh[uhgbm[jZebkvhlkx^Zp_eufbbg_\j_^bfufb
Yg_kh[bjZxkvih^kueZlvdgbfh^gh]hbabo^jm`dh\yijbrexq_eh\_dZdhlhjucg_^Zklbfgb
�ihsZ^ugbkimkdZhwlh]hykh[bjZekygZ]gZlvgZgbokljZomghihsZ^blvbo`bagvFufh`_f
aZ[ulvij_klmie_gbykh\_jr_ggu_ijhlb\gZkZ\k_hklZevgh_gZkg_dZkZ_lkyL_i_jv`_dh]^Z
gZdZaZgbyhgbg_^he`guFuhk\h[h^bfKlhcdhbl_rZbijbre_f_]hkx^ZYg_^mfZxqlhhg
[m^_lkebrdhffy]dbfbebkgbkoh^bl_evgufkm^v_c
:HOOKwlbfykh]eZrmkvFukZfbg_[m^_f\hablvky\wlhc]jyabgh[ZjvydlZjgZ\_jgydZ
ijb^mfZ_llZdmxf_klvdhlhjhcgZfbg_ij_^klZ\blvhijhklhevdh\lhfmki__lebKlhcdh
ijb_oZlvkx^Zqlh[uk\_jrblvk\hckm^ex[hcfhf_glfh`_lijb[ulv^jm`hdm]e_`h]Zb
hk\h[h^blv_]hb_]hlh\Zjbs_c
GZfjZamf__lkyemqr_[ueh[uaZ^_j`Zlvkya^_kvghg_evayhklZ\eylvgbdh]hqlh[u\kemqZ_
q_]hihf_rZlv
�Ihq_fmg_evay"kijhkbei_j_\h^qbdYijyfhk_cqZk]hlh\a^_kvhklZlvkyKwjw\b^g_
gm`^Z_lky\fhbomkem]Zo\_^vjy^hfkgbfl_i_jv\uFg_ijZ\^Zijb^_lkyhldZaZlvkyhl
aZjZ[hldZ\_^vh[yaZgghklv^jZ]hfZgZ
G_gm`ghhldZau\Zlvky\f_rZekyEbg^k_cYaZ\k_aZieZqm:HOO
OhjhrhagZqblm[uldZmf_gygbdZdh]hg_[m^_lYhklZgmkva^_kvb[m^mkl_j_qvwlboqm^h\bs
ihdZg_ijb_^_lKlhcdhBeb\u^mfZ_l_qlhyg_kmf_xdZd^he`ghg_klbwlmkem`[m":fh`_l
\u^mfZ_l_qlhylhlqZkij_^eh`mwlbfex^yfihfhsv_^\Z\um^Zebl_kv
G_lhl\_lbey_fmYbf_eih\h^ijh\_jblv\ZkYkeurZeqlhaZij_^eh`_gby\Zf^_eZebgh
\ug_kh]eZkbebkvgZgboug_kdjuebhlehj^Zqlhlhlmfj_l^Z`__kebmieZlbllj_[m_fmx
kmffmYagZxqlh\ukgZfbZg_km]e_`h]hfb_]hkhh[sgbdZfbghyg_agZx^hklZg_leb\Zf
mfZbwg_j]bbqlh[u\uihegblv\k_aZqlh\uj_rbeb\aylvkyihk\h_c\he_
Ih`ZemcklZkwjg_[_kihdhcl_kvh[wlhfYlh`_ijbjh`^_ggucZjgZmlDZdi_j_\h^qbdybf_e
^_ehkex^vfbdhlhju_bdh\Zjgubdjh\h`Z^guY\ijyfvkmf_xhl\_klbhli_s_ju\gbfZgb_
ex^_ckemqZcghijb_oZ\rbokx^Z:_kebobljhklbg_o\Zlbllhymihlj_[exkbem
u\kZfhf^_e_wlhkmf__l_"
&#xu;&#x^m;&#xfZ;&#x_l;&#x_;&#xy;&#xg;&#x_;&#xag;&#xZx;&#x;&#xql;&#xh;&#x[u;&#x_g;&#xy;&#x`^;&#xZe;&#xh;&#x_;&#xke;&#x[u;&#x;&#xu;&#xg_;&#xi;&#xjb;&#x_o;&#xZe; ";�Dhg_qghu^mfZ_l_yg_agZxqlh[uf_gy`^Zeh_keb[u\ug_ijb_oZeb"Zfg_h[_sZeb
k\h[h^mghygbdh]^Zg_h[j_e[u__F_gyg_evay[uehhklZ\eylv\`b\uo\_^vybo\u^Ze[u
F_gyh[gZ^_`bebqlh[uym[_^beehj^Z\uibkZlvq_dDZdlhevdhq_dihiZe[ubf\jmdbf_gy
lh`_`^ZeZ[u\_jgZykf_jlvYhl_pk_f_ckl\Zmf_gy_klv`_gZjh^bl_ebbg_kdhevdh^_l_cb\hl
bodhjfbevpZhgbm[beb[uDh]^Zy^mfZxh[wlhfybij_^klZ\blvk_[_g_fh]mqlh[um[bcpZf
^ZebohlvfZe_crbckimkd
:HOOHq_gvohjhrhfhe\beehj^OhlvgZfbg_gm`_gl_i_jvi_j_\h^qbdymieZqm\k_qlh
h[_sZeK_]h^gyy^Zf_fmklh^heeZjh\Z_keb\k_[m^_lm^Zqghlhhgihemqblkheb^guc[Zdrbr
;_awlh]hg_h[hclbkvGhdZd\uohlbl_jZkieZqb\Zlvky_kebm\Zk\k_hlh[jZeb"
�Hl[_jmkgh\Z\k_m@mlZ:_kebg_ihemqmlhih^ibkvw\b^ZEbg^k_y\kx^magZqbljh\gh
klhevdhkdhevdh_fmm]h^gh
&#xk;&#xem;&#xqZ;&#x_;&#xq_;&#x]h;&#xm;&#x_g;&#xy;&#xk;&#xkh;&#x[h;&#xlh;&#x`_;&#x_;&#xkl;&#xv;&#x^_;&#xgv;&#x]b;&#x;&#x;&#xkd;&#xZa;&#xZe;&#xy;&#x;&#x;&#xKw;&#xj;�kemqZ_q_]hmf_gykkh[hclh`__klv^_gv]bkdZaZeyKwjw\b^Ebg^k_cfh`_l
\hkihevah\Zlvkyfh_cdZkkhcijZ\^Z\hlebqb_hl\Zr_c__dkh`Ze_gbxg_gZah\_rv
g_bkq_jiZ_fhc
uijZ\umeu[gmekyhgK_cqZk\u`Zem_l_kvgZg_o\Zldm^_g_]h^gZdh\KlZf[me_dh]^Zy
ohl_e^Zlv\Zfk\hc[mfZ`gbdqlh[ujZkieZlblvkyaZ^he]h_iml_r_kl\b_\u[ueb]hj^udZd
bkiZgkdbc]jZg^blml`_mkdZdZebijhqvM\Zk[ueZ[uk_]h^gydjm]e_gvdZykmffZ_keb[u\u
ijh[vxlkyjh]Z:HOO
h\j_fywlh]hh[f_gZnjZaZfbfuklhyeb\hae_^hfZL_i_jvfu\hreb\gmljvM]e_`h]
\u`b^Zxs_kfhlj_egZgZkhg[uey\gh\klj_\h`_g
Gmwn_g^blum[_^bekyqlhyl_[_g_kh\jZe"kijhkbehg
�LukdZaZeijZ\^mZy^Z`_gZr_el\hbkeh\ZkebrdhfkdjhfgufbLZfkh``_gug_lhevdhl_
^\h_hdhlhjuolu]h\hjbeDlh[uebhklZevgu_"
Wlh[ueb[uebLuohq_rvwlhagZlvwn_g^b"
G_lemqr_ihihfgbh[wlhfkZfFh`ghebrv^h]Z^u\Zlvkykdhevdhkhdjh\bslugZ]jZ[beb
aZdhiZe"=^_luboijyq_rv"
Mf_gygbq_]hg_ldjhf_lh]hqlh\ua^_kvgZreb
G_e]bWlh\_sbKlhcdh=^_gZoh^blkylZqZklv^h[uqbdhlhjmxluihemqZehl@mlZ"B]^_
gZ]jZ[e_ggh_gZk\hckljZobjbkd"
=h\hjxl_[_qlhmf_gygbq_]hg_l
Kb^bih^`b]Zlvnblbev"kijhkbeOZe_nih^ghkyemqbgmd\_j_\d_
�Z
G_lg_ldjbdgmeRZjdZG_\aju\Zcl_f_gyY]h\hjxijZ\^ma^_kvmf_gygbq_]hg_l
A^_kvg_lZ]^_lh_s__klv"
HgfheqZe
=h\hjbbgZq_OZe_nk^_j`blk\hxm]jham
Mf_gygbq_]ha^_kvg_l\k_kohjhgbefhcfhcaylv
XgZd"=^_`_"
AZdhiZemk_[yih^hqZ]hf
:oLZdluk_[ya^_kvg_kebrdhfm\_j_gghqm\kl\h\Ze"EZ^ghimklv\k_ihdZe_`bllZfMgZk
g_l\j_f_gb\ha\jZsZlvkyqlh[uaZ\eZ^_lvwlbfbdjh\Z\ufb^_gv]ZfbK_cqZkgZf\Z`ghlhevdh
h^gh?klvm\ZkdZdh_lhlZcgh_keh\hihdhlhjhfm\umagZ_l_^jm]^jm]Z
Wn_g^bdlhl_[_wlhkdZaZe"
YblZdagZxDZdh_`_wlhkeh\h
Yg_fh]m_]h\u^Zlv
Ihjhol_[_jZa\y`_lyaud
LuaZklZ\brvf_gygZjmrblvdeyl\m"Lufh`_rv\aylvlZdhc]j_ogZk\hxkh\_klv"
Ihoh`_luhq_gv[_kihdhbrvkyaZqm`mxkh\_klvGZfhc\a]ey^l\hydeyl\Z\hh[s_gbq_]hg_
klhblghy\k_lZdbg_ohqmqlh[ulu__gZjmrZeL_[_g_aZq_f\u^Z\Zlvkeh\hGh_keby_]hagZx
lufh`_rvfg_ih^l\_j^blvqlhwlhbf_gghhgh"
Fh]m\_^vlu`_g_hlf_gy_]hmagZ_rvgh\_^v[ulvlh]hg_fh`_lqlh[uluagZe_]hGbh^bg
khh[sgbdg_\u^Zklkeh\hAZwlh`^_lhq_gvfmqbl_evgZykf_jlv
G_aZ[em`^ZckyDZd[uluhlg_kkydhfg__keb[uyg_agZdhf_pgZ]jygmedl_[_ghqvx
ihklmqZe\l\hcklZ\_gvbdjbdgmekd\havg_]hiZjmkeh\[bjkbj^Zr"
Hg\a^jh]gmebbkim]ZgghmklZ\bekygZf_gyIhg_fm[ueh\b^ghqlhwlb^\Zkeh\Z[ueb\_jgu
^jm]h]hih^l\_j`^_gbyg_lj_[h\ZehkvWlh[uebkeh\ZmkeurZggu_fghchl\haqbdZba
Hkljhf^`b?s_lh]^Zy^h]Z^Zekyqlhwlbfmkeh\gufagZdhfihevah\Zekyg_lhevdhFm[Zj_dghb
Gmluihl_jye^Zjj_qb"kdZaZey
=hkih^bgluagZ_rv\k_\k_Lub\_jghaZijh^Ze^vy\hem^mrml_i_jvhgklZel\hbf
ihkh[gbdhfhldju\Zyl_[_\k_lZcgu
Y^mfZxqlhhgkdhj__l\hc^jm]q_ffhcL\hy^mrZ_fmihdhjgZhgl_[yg_ij_^Z\ZekZfhf
ij_klmie_gbbdjh_lky\k_]^Zij_^Zl_evkl\hk_jZa]h\hjklh[hcdhgq_gLug_m\b^brv[hevr_
f_gyKh\_lmxl_[_ihdZylvkyi_j_^kf_jlvxM[_jbl_wlh]hfheh^qbdZ
=hkih^bglu]h\hjbrvhkf_jlb\hkdebdgmehgLuh[_sZeg_m[b\Zlvf_gy
Y^Zel_[_h[_sZgb_byk^_j`mk\h_keh\hFug_klZg_fjZkijZ\eylvkyk\Zfbkf_jlvijb^_lk
^jm]hcklhjhguHgZm`_[ebadZhgZijhklbjZ_ljmdmqlh[uko\Zlblv\Zk
QlhwlhaZkf_jlv"kijhkbehg\kljZo_dh]^Z_]hih^gyebqlh[umg_klbijhqv
Lukdhjhmajbrv__fg_g_aZq_fijhjhqblvh__h[ebd_M[_jbl__]h
�Hgbmg_keb_]hZy^ZeOZe_nmjZkihjy`_gb_ijb\_klbZebfZhklZ\beb_]hg_\^hfZddhkljm
OZe_njZa\yaZe_fmgh]bl_i_jvhgfh]klhylv
:ebfk`Ze]m[ubg_m^hklZb\ZegZk\a]ey^hfohlykljZokf_jlbqblZeky\_]hq_jlZo
Yohl_e[udh_qlhmagZlvml_[yijhfhe\beyLukdZ`_rvfg_wlh_kebg_`_eZ_rvihemqblv
_s_ihekhlgbie_l_cFg_gm`ghagZlvdZdlZcdhfijh[jZlvky\klhjh`_\mx[Zrgx@mlZ
:g]ebqZgbgfg__s_g_jZkkdZau\ZedZd_]hkZfh]h^hklZ\beb\klhjh`_\mx[Zrgxghy\iheg_
fh]ij_^iheh`blvqlhihiZklvlm^Zfh`gh[uehebrvihlZcgufiml_fWlhfg_bgZ^h[ueh
magZlv:ebffheqZkfhlj_eih^gh]bbg_hl\_qZe
Gmluf_gyg_keurZe"kijhkbeyBihkdhevdmhgijhfheqZeydb\gmeOZe_nm^_j`Z\r_fm
gZ]hlh\_ie_ldmHgaZg_k__^eym^ZjZ:ebfhlrZlgmeky[jhkbegZf_gy\a]ey^ihegucyjhklbb
g_gZ\bklbbkdZaZe
Lug_iha\hebrvf_gym^ZjblvYhl\_qml_[_ghgZl\hx`_ih]b[_evDlhijhgbdZ_l\lZcgu
@mlZlhlih]b[Yg_e]ml_[_Z]h\hjxijZ\^mGhijZ\^ZwlZh[j_q_ll_[ygZfmqbl_evgmxkf_jlv
WlhklZg_lfh_cf_klvxBlZdqlhluohq_rvagZlv"
Luihkh[gbd@mlZ"
�Z
LuagZ_rv\k__]hlZcgu"
G_\k_Zebrvg_dhlhju_bagbo
GhluagZ_rvdZdijhgbdgmlv\klhjh`_\mx[Zrgx"
AgZx"
LZdhibrbfg_wlh
G_gZ\bklvlhedgmeZ_]hgZg_hklhjh`gucrZ]ghhg^Z`_g_aZf_lbewlh]hHgkdZaZefg_qlhgZf
]jhablkf_jlvihlZcghfoh^_gZ\_jgydZbf_ekydZdhclhih^\ho^eyg_ihk\ys_gguol_i_jv
ke_^h\ZehmagZlv\q_fhgaZdexqZekybeb]^__]hfh`gh[ueh`^ZlvJZamf__lkyZebfhkl_j_]ky[u
\u^Zlvfg_wlhlk_dj_lHgkobljbe[ubg_ij_f_gghh[fZgme[uf_gyihkdhevdmyg_agZehq_f
b^_lj_qvIhwlhc`_ijbqbg_yfZehq_]h^hklb][ukbehcIh[hbg_ijbgm^beb[u_]hkdZaZlv
ijZ\^mHgg_ij_f_gghkdZaZe[ufg_qlhlhg_lh\wlhfy[uem\_j_g
HklZ\Zekyebrvh^bgkihkh[magZlvijZ\^mwlhijbklZevghke_^blvaZ_]hebphfLZdhcq_eh\_d
dZdhg^Z_s_\]g_\_dhg_qghg_mf_ek^_j`b\Zlv\ujZ`_gbyebpZHg^Z`_g_aZ^mfu\Zekyhlhf
IhwlhfmyjZkiheh`bekylZdqlh[u\h\j_fyjZa]h\hjZ_]hebph[uehh[jZs_ghdhfg_ghbaaZ
k\_lZdhkljZhgkljm^hffh]\b^_lvf_gyay\\jmdb^m[bgdmy^Z`_jZa\hjhrbedhkl_jlZdqlh[u
ieZfy\af_lgmehkv\ur_^h[Z\hdyijbgyekZfh_g_ijbgm`^_ggh_\ujZ`_gb_ebpZbhimklbe
\_dbihwlhfm]eZaZdZaZebkvihemijbdjulufbZ\a]ey^g_lZdbfijbklZevgufdZdbfhg[uegZ
kZfhf^_e_
�hjh]mq_j_a]hjulug_agZ_rvgZqZehgIhwlhfmih_^_rvq_j_aDhemqbgIhdhe__
hklZ\e_gghcl_e_]hclu^h[_j_rvky^h[jh^ZlZf\h^Zg_]em[hdZIh^Dhemqbguf[ebaDxexkZ
�Q_jgZyjbgZkeb\Z_lkyk;_ehcbih\hjZqb\Z_lgZk_\_jhaZiZ^fbgmyJm]h\mGhl_[_g_gZ^h
�_oZlv\^hevjbgu\_^vbaDhemqbgZb^_l^hjh]Z\Jm]h\mWlhlZkZfZy^hjh]Zihdhlhjhc_^mlba
��H[jb^ugZx]Zihlhf\KiZkbxbhllm^ZgZaZiZ^\KdmlZjbhjh]Zb^_lihe_\hfm[_j_]mjbgu
ZJm]h\Ze_`blgZijZ\hf[_j_]mIjb[u\lm^ZluhklZgh\brvkygZ\_jgh_\oZg_?]hohaybgZ
ah\mlDheZfbQlhhgaZq_eh\_dfg_g_aZq_fl_[_]h\hjblv\_^vluihklmiZ_rvdZdaZohq_rv
LhevdhmqlbyjZkkdZau\Zxl_[_lZdih^jh[ghihlhfmqlhm\_j_g\l\h_c]b[_eb
�Dh]^ZhgaZ]h\hjbeqlhhlDhemqbgZgZ^h_oZlvg_\^hevjbguZih^hjh]_hgaZf_lghklZe
lhjhiblvkybk[bekygZlZdhcgZ\yaqb\uclhgqlhyihgyedZd_fmohq_lkyqlh[uyih_oZebf_ggh
wlbfiml_f?keb\u[hjZg_[m^_lbfg_\ijyfvijb^_lkylZf_oZlvlhke_^m_l[ulvhq_gv
hklhjh`guf
;jhkvwlbihykg_gbykdZaZey_fmYkijZrb\Zel_[yg_h^hjh]_Zhklhjh`_\hc[Zrg_
;Zrgyklhbl\e_kmgZ[_j_]mj_dbEx[hcfh`_ll_[___ihdZaZlvLugZc^_rvklZjbggmx
^hahjgmx[ZrgxhgZh[\_lrZeZ__hdjm`ZxljZa\Zebguh]jhfghckl_gu;ZrgxihkljhbeblZd
qlh[uijbhkZ^_ljm^gh[uehijhgbdgmlv\g__Ih^gylvkylm^Zfh`ghebrvih\ukhdhce_klgbp_
?klvlZflZdZy"
G_ll_i_jvhgZg_gm`gZKl_gZ[ueZlhesbghc\g_kdhevdhehdl_cbag__q_j_ahij_^_e_ggu_
ijhf_`mldb\ugmebdZfgblZdihy\bebkvklmi_gvdbihdhlhjuffh`ghih^gylvkygZ\_joH^gZdh
gZ\_jomg_lgbq_]hdjhf_jmbgbhkuiZ\rbokydZfg_cebrvg_[hijhklbjZ_lkygZ^gbfb
:ih^gbfb"
G_lgbq_]h
G_\_jxukhdhebjZkiheh`_g\oh^\[Zrgx"
Ih`ZemcjZa\iylv\ur_q_eh\_q_kdh]hjhklZ
Ij_`^_lZfgZoh^bebkvdhfgZluIh^gbfbg_ij_f_ggh[uebdZdb_lh^jm]b_ihf_s_gbybhgb
khojZgbebkvihgug_G_kljhbeb`_[Zrgx\ukhlhc\iylgZ^pZlvehdl_ckiehrvbadZfgy
G_lhgZkiehrgZyKdhevdhfugbiulZebkvijhgbdgmlv\gmljvg_kmf_eb;ZrgygZihfbgZ_l
djm]emxdhehggm^hmdZaZgghc\ukhluhgZkiehrgZybebrvihlhf\g_cihy\eyxlkyihf_s_gby
ijhq_fihqbklhckemqZcghklbijyfhih^[Zrg_c_klvih^a_fgu_rZoluijZ\^ZhgbgbdZdg_
k\yaZgukg_cWlbrZoluhklZebkvhlk_j_[jyguojm^gbdh\ijhjuluoa^_kv\klZjbgmRZolu\_eb
kx^Zk]hjuihlhfboaZkuiZebZgZwlhff_kl_\ujhkebdmklub^_j_\vy?s_h^gZrlhevgy\_eZ
kx^Zk[_j_]Zj_dbihg_chl\h^beb\h^mbajm^gbdZoh^\wlmrlhevgxaZ^_eZebbgbdlhg_agZe
hg_fihdZh^bgbagZrbo^jma_ckemqZcgh_]hg_gZr_eIhwlhcrlhevg_luihiZ^_rv\jm^gbd
hgm\h^bl\]em[vihg_fmluijhgbdg_rv\h]jhfgmxdjm]emxaZemddhlhjhcijbfudZxl
g_kdhevdhdZf_j
�Z
dZdhc"
?kebb^_rvihrlhevg_lhhdZ`_rvkyijyfhgZijhlb\g__
DZf_jZaZi_jlZ"
GZ^_j_\yggucaZkh\_]he_]dhhlh^\bgmlv
Ihrlhevg_m^h[ghi_j_^\b]Zlvky"
�Z^Z`_g_gm`ghk\_lZDhjb^hjijyfhcbihkl_i_gghih^gbfZ_lky\\_joIhe\ukleZg^hkdZfb
ijZ\^Zhgbg_fgh]hkdhevadb_h^ghff_kl_^hkdbi_j_[jhr_guq_j_ajZks_ebgm\kdZe_ghhgb
aZdj_ie_gulZdqlhg_lgbfZe_cr_chiZkghklb
Ijhbaghkywlbkeh\Zhgij_ajbl_evghfZogmejmdhc[m^lhih^q_jdb\ZydZd[_ahiZk_gimlvh^gZdh
lml`_[jhkbegZf_gydh\Zjgucebdmxsbc\a]ey^_]hl_fgu_[jh\bklZeb[ukljh^_j]Zlvkylhqgh
^\b`bfu_g_dhc[vxs_cky\g_ffukevxWlhl\a]ey^wlhih^_j]b\Zgb_[jh\_c^ebebkv\k_]h
ihek_dmg^ugh[ueblZdbfbfgh]hagZqbl_evgufbqlhyihgye\q_f^_ehBf_ggh\wlhc
jZks_ebg_gZkih^kl_j_]ZeZhiZkghklv
HggZ\_jgydZkhe]Zeb^hwlh]hGb`gyyqZklv[Zrgbdhg_qghg_[ueZkiehrghcKl_gZlhesbghc
\g_kdhevdhehdl_cgZ^_`ghaZsbsZeZhl\jZ]h\^Zb\oh^\[Zrgxe_`Ze^h\hevgh\ukhdhgZ^
a_fe_cIj_`gbfh[blZl_eyf[Zrgb^hahjguflj_[h\Zebkvg_lhevdh`beu_ihf_s_gbyghlZd`_
ih^\ZeubdeZ^h\u_Ihq_fm[ug_jZkiheh`blvbo\gb`g_cqZklb[ZrgbblZdh]jZ`^_gghc
fZkkb\ghckl_ghc"
:^_ckl\bl_evgheblZfgZoh^bekyk_j_[jygucjm^gbd"Wlh[uehgZ\_jgydZ_s_^h\eZ^uq_kl\Z
�lmjhd\ihjmijZ\e_gby[he]ZjkdbooZgh\Ba\_kl_ggZijbf_j[he]ZjkdbcoZgKbf_hg@
ijZ\b\rbckih]h^Ijbg_f^_j`Z\Zg_lhevdh^hklb]eZk\hbogZb[hevrbojZaf_jh\ghb
jZa\b\ZeZlhj]h\exj_f_keZbgZmdbLZd\hfgh]boqZklyokljZgubkdZeb[eZ]hjh^gu_f_lZeeu
eZklvKbf_hgZijhklbjZeZkvgZaZiZ^_ijbf_jgh^hkh\j_f_ggh]hI_jk_jbgZlh_klv^hl_of_kl
]^_fuk_cqZkgZoh^bebkvLZdqlh\iheg_fh`gh[ueh\klj_lblva^_kvrZolm^hev]jZgbpu
kljZguZhgZijhe_]ZeZbf_ggha^_kv\ukbebkvklhjh`_\u_[Zrgbbh^gZbagbodZdjZa
aZsbsZeZwlhljm^gbd
?kebwlZ^h]Z^dZ[ueZ\_jghclhke_^h\Zehij_^iheh`blvqlhijblZdhc[ebahklbd]jZgbp_Z
agZqblbd\jZ`^_[gufie_f_gZf\oh^\rZolmgZqbgZekybf_ggh\[Zrg_Zg_\klhjhg_hlg__
:ebf]h\hjbehjZa\ZebgZoihkljhcdbgZoh^b\r_ckyjy^hf;ulvfh`_lbf_gghih^gbfblh_klv
ih^aZsblhc]ZjgbahgZ[Zrgbfh`gh[uehijhgbdgmlv\jm^gbd
Djhf_lh]hyg_\_jbe\lhqlhrZolmaZkuiZebJm^gbdbaZkuiZxlebrv\pb\bebah\Zgguo
kljZgZoLmjdbg_ex[yl[jZlvkyaZly`_emxjZ[hlm^hklZ\eyxsmxebrvoehihluBfg_l^_eZ^h
lh]hqlhdZdhcgb[m^v[he]ZjbgbebZe[Zg_pk\Zeblky\hldjulmxrZolmbkehfZ_lk_[_r_x
:eeZolh]hohl_e]h\hjylhgbmkihdZb\Zyk_[y
?kebrZolZ\k__s_g_aZkuiZgZlh\oh^\g__jZkiheZ]Z_lkyijyfh\kZfhc[Zrg_eb[hjy^hfkg_c
baZfZkdbjh\ZgjmbgZfb:ebfgZ\_jgydZfh]jZkkdZaZlvh[wlhfghijbgm^blv_]h[uehg_evayY
g_fh]bag_]h\u^Z\blvkbehcgbq_]h\q_f[ug_[uem\_j_gkZfIhwlhfm\hl\_lgZ_]hihke_^gb_
aZ\_j_gbyyjZ\gh^mrghkdZaZe
Gh]^_`_gZkkl_j_`_lhiZkghklvhdhlhjhclu]h\hjbe"
q_f`_hgZaZdexqZ_lky"
Wlh]hyg_agZx:_keb[uagZelh\k_jZ\ghg_kdZaZe[ul_[_Dh]^ZhiZkghklvba\_klgZhgZ
i_j_klZ_l[ulvhiZkghklvx
Gh\_^vyfh]maZklZ\blvl_[ykdZaZlvwlhih^ie_ldhc
�Z`__kebluaZ[v_rvf_gy^hkf_jlbygbq_]hl_[_g_kdZ`mq_]hg_agZxkZf?keblu
ijbgm^brvf_gylhyijb^mfZxqlhgb[m^vijZ\^hih^h[gh_ebrv[uba[_`Zlvih[h_\
Ghhldm^ZluagZ_rvqlhgZf]jhablhiZkghklv"
@ml]h\hjbehg_cHgkdZaZeqlhih]b[g_l\kydbcdlhklmibl\wlmdjm]emxaZemg_agZy__
k_dj_lZHggZ\_jgh_mkljhbelZfdZdh_lhijbkihkh[e_gb_qlh[um[blvex[h]hg_a\Zgh]h]hkly
=f:]^_gZoh^blky\oh^\wlmrlhevgx"
g_]hihiZ^_rvlhevdhih\h^_Gm`ghk_klv\eh^dmbdZdh_lh\j_fyieulv\\_joihj_d_Ih
h^ghfm[_j_]mlyg_lky^hjh]ZZke_\ZgZ^jm]hf[_j_]mj_dbijyfhba\h^u\ukblkydjmlZykdZeZ
LZf]^_j_dZ^_eZ_lih\hjhlhgZhq_gv]em[hdZ\wlhff_kl_bgZoh^blky\oh^\rlhevgxH[uqgh
ihdZj_dZg_h[f_e_eZ\rlhevgxfh`ghijhgbdgmlvijyfhkb^y\eh^d_
:aZf_lblv\oh^\rlhevgxfh`ghebrvk[ebadh]hjZkklhygby"
�Zihlhfmqlhk\_jomkimkdZ_lkyp_eucdh\_jba\vxsbokyjZkl_gbchgbiheghklvxaZdju\Zxl
rlhevgxGm`ghih^ieulvgZeh^d_ijyfhdkdZe_bijb\yaZlv__ddheurdm\[blhfm\dZf_gv
Wlhg_lZdm`b[_ahiZkghBlZdbfh[jZahflm^Z\lZsbebKlhcdh"
�ZbZg]ebqZgbgZklhys_]hjy^hfklh[hcL_[_gm`ghebrvkijhkblv_]hhgg_ij_f_gghwlh
ih^l\_j^bl
rZol__klv_s_dZdb_lhihf_s_gbydjhf_lhch]jhfghcdjm]ehcaZeubdZf_jijbfudZxsbod
g_c"
G_lHgbe_`Zlijyfhih^[Zrg_cohlvbgZ[hevrhc]em[bg_FugZijZkghbkdZebrZolm
dhlhjZy\_eZ[ugZ\_jo?_aZkuiZeb
Dlh`_ijbghkblie_gguf_^mbiblv_"
G_agZx
Qlhgb[m^v^h[Z\brvdk\h_fmjZkkdZam"
G_lYkdZaZe\k_qlhagZx@mlkhh[sbefg_qlhdZ`^ucdlh\hc^_l\aZem[_aiha\he_gby
ih]b[g_lIhwlhfmykjZamkdZaZeqlh\Zk`^_l\_jgZykf_jlv_keb\u\a^mfZ_l_aZl_ylvqlhlh
ijhlb\DZjZGbj\ZgZ
EZ^ghgh\_^vgZfg_lgm`^ukZfbfaZ[bjZlvky\rlhevgxFuihre_flm^Z^jm]bo
Lh]^Zhgbmfjmlb\u^Z`_g_magZ_l_qlhkgbfbkemqbehkv
Lh]^Zy\_exko\Zlblv@mlZbhgkZfih\_^_lgZklm^Z
Ko\Zlblv"mkf_ogmekyhgJm]h\_lugbq_]hijhlb\g_]hg_aZl__rv?]h\k_m\Z`ZxlLu
\kx^m[m^_rvbf_lv^_eheb[hk_]hklhjhggbdZfbeb[hkl_fbdlhkqblZ_l_]hq_eh\_dhfq_klguf
gZ[h`gufb[eZ]h^_l_evgufGbdlhg_ih\_jbll\hbfkeh\ZfFu^ZfuihiZeb\l\hbjmdbhg
`_ihkf__lkygZ^lh[hc?keb\uhldjulh\uklmibl_ijhlb\g_]hlhd\Zfhlg_kmlkydZdd[_amfpZf
?keb\u[m^_l_^_ckl\h\ZlvlZcdhflhhlijZ\bl_kvgZ\_jgmxkf_jlvex[hfkemqZ_\uh[j_q_gu
ihiZklv\^`_o_ggm
:^"Kf_jlv"Hg_lLuhrb[Z_rvky\gZkLufg_kdZaZe]hjZa^h]hjZa^h[hevr_q_fohl_eLu
kh\_jr_gghlhqghgZa\ZedZdb_hiZkghklbgZk`^ml
Y"Y`_kZfbog_agZx
G_iulZckyf_gyh[fZgmlvY^hdZ`mqlhml_[ywlhg_ihemqblkyI_j\ZyhiZkghklv`^_lgZkgZ
^hjh]_f_`^mDhemqbghfbJm]h\hcLZf\aZkZ^_ih^`b^ZxlZeZ^`bhgbkhijh\h`^Zebl_[y@ml
gZ\_jgydZkgh\ZkgZ[^bebohjm`b_fZ\ijb^Zqmbf^Zeb\b^bfh_s_g_kdhevdboq_eh\_dFu\k_
jZ\ghih_^_fihwlhc^hjh]_ihlhfmqlhg_[hbfky\jZ]h\bf`_gZ^hgZkkl_j_qvky?kebhgb
\gh\vgZiZ^mlgZgZklhfubo`bagvm`_g_ihsZ^bf
HggZlm`ghaZkf_yekyiulZykvkdjulvk\hxjZkl_jygghklv
ZrZfukevijhklhkf_rgZkdZaZehg:eZ^`b\ZfgZ\_jgydZgbq_]hg_k^_eZxlhgbjZ^u
qlhmkdhevagmebhlkx^Z
IhkfhljbfB\lhjZydm^Z[he__k_jv_agZyhiZkghklvih^`b^Z_lgZk\rlhevg_\lhff_kl_]^_
^hkdbgZkl_e_gugZ^jZks_ebghc\kdZe_Y]h\hjxl_[_qlhfug_klmibfgZgboij_`^_q_f
lsZl_evghbog_h[ke_^m_f;ulvfh`_lhgbaZdj_ie_gulZdqlhihklhjhggbcg_agZydZd
gZ^e_`blgZklmiZlvgZgbom]h^bl\ijhiZklvG_lwlh]hg_kemqblkyQlh`_dZkZ_lkydjm]ehc
aZeu\dhlhjhcluijhjhqbrvhiZkghklv^eygZklhfum\_j_guqlhlZfkgZfbgbq_]hg_
ijhbahc^_l
Hgbkimklbeijhdeylb_blhigmegh]hcg_]h\hjy\ijhq_fgbkeh\Z
KlZeh[ulvluihgbfZ_rvqlhy\b`ml_[ygZkd\havijh^he`ZeyYagZxqlhlukhe]Zefg_
LuihklZjZekyhl\e_qvfh_\gbfZgb_hlih^ebgghchiZkghklbYg_ohqmklh[hcij_ibjZlvkybeb
gZdZau\Zlvl_[yKh[ZdbeZxlwlhiheh`_ghbfihijbjh^_Zkh[Zdbwlh\uYmagZeqlhohl_e
agZlvbl_i_jv\_exhlijZ\blvl_[y\\Zr]Zj_f;m^va^hjh\bgZijy]b\kxk\hxfm^jhklv^Z[u
ihjZafureylvhlhfdZd\u[jZlvkybawlhci_s_juLu`_bamqZe]_heh]bxbklZeh[ulv
qm\kl\m_rvk_[y\kdZeZobi_s_jZodZd^hfZ
?]hm\_eb\gh\vk\yaZ\_fmgh]bIhke_wlh]hOZe_nhiylv\a^mfZejZa\_klbk\hcdhkl_jqbdghy
hl]h\hjbe_]h
L_f\j_f_g_ffuj_rbebihkfhlj_lvkdhevdh`_^_g_][ueh\h[hboiZd_lZoOZe_n\ug_kboba
dhfgZlujZa\yaZeb\uljyogmebokh^_j`bfh_gZfhcjZaeh`_ggucrZjnFugZkqblZebljb^pZlv
k_j_[jyguof_^`b^h\qlhkhklZ\eyehibZkljh\b_s_\hk_fvlukyqibZkljh\\\b^_ahehluo
fhg_l^hklhbgkl\hf\nmglbihenmglZ?kebi_j_kqblZlvwlhgZg_f_pdb_^_gv]blhihemqbfihqlb
�fZjhdeyq_]hKlhcdh\ayekkh[hclZdb_^_gv]b"
Dhg_qgh^_gv]bkgh\Ziheh`beb\iZd_luZihlhfijb\_ebq_l\_jdmehrZ^_cqlh[uhkfhlj_lvbo
\_^vkj_^bgbobf_ekyh^bgij_\hkoh^guckdZdmgWlh[ueZdZmjZyehrZ^vk[_eufiylghfgZe[m
gZklhevdhdjZkb\ZyqlhylhlqZk\kdhqbegZg__^Z[uhijh[h\Zlv__imklv^Z`_gZg_cg_[ueh
�k_^eZHgZfhf_glZevghhlau\ZeZkvgZr_gd_ey@ghdZdykjZamaZf_lbe\umqdZmg__[ueZ
g_ijb\uqghc^eyf_gy
;e_klysZyehrZ^dZijhfhe\beehj^havf_f__kkh[hc"
?kl_kl\_gghhl\_lbeyhh[s_fu\havf_fkkh[hc\k_oehrZ^_cqlha^_kv_klvLhevdh
^jZ]hfZghklZ\blk\hxehrZ^v_^vhgfh`_lihf_rZlvwlbfiemlZfg_h`b^Zggufh[jZahf
\u[jZlvkybai_s_juAZ[jZ\ehrZ^_cfuohly[uh[_ahiZkbfk_[yhlg_f_^e_gghcih]hgb
:HOOLh]^Zyihijhrmk_[_dZmjmxehrZ^vIhimlbkx^Zykb^_egZ\_jgh_gZdhae__s_b
gZihke_^hd_s_bijhdZlbekyihg_ijhoh^bfhcqZs_GZ^_xkv\ug_bf__l_gbq_]hijhlb\
Ijhlb\wlh]haZ\b^gh]hhsms_gby\\Zr_fl_e_"Gbq_]hg_bf_xijhlb\
QmrvYiheZ]Zxqlhyih_^mgZdZmjhcehrZ^b"
havfbl___ih`ZemcklZ
GZ^he]h"
Wlh]hyg_agZx\_^vhgZ`_gZfg_ijbgZ^e_`bl
uohlbl_b^eyg__jZaukdZlvohay_\"
Fh`_l[ulvYg_^mfZxqlhm]e_`h]gZklhysbcohaybgwlhcehrZ^bHg__mdjZeFh`_l[ulv
wlhehrZ^vKlhcdh
IhkemrZcl_fZkl_jm\Zk_klv^\ZljbdZq_kl\Zdhlhju_fg_ihdZaZebkvg_^mjkl\_ggufbZ\hl
^jm]bokihkh[ghkl_c\uebr_guLZdmf_gb_\hjh\Zlvihoh`_g_hlghkblkyd\ZrbflZeZglZf
;ulvfh`_l\ubfh[eZ^Z_l_"
Ebrgbc\hijhkEhj^gbdh]^Zg_\hjm_lghwlmdZmjmxehrZ^dmy\havfmkkh[hcg_aZ^mfu\Zykv
Fu`_bf__fihegh_ijZ\hkqblZlv__k\hbfljhn__f
�eyex[h]hfhr_ggbdZ\k_qlhhggbgZc^_lgZklhjhg_lh`_ljhn_cM\_^bl_ehrZ^_cIhkb^bf
�mdhkljZbihkfhljbfo\Zlblebf_^\_`ZlbgugZ\k_oDmkhdeZiu^eyw\b^ZEbg^k_y_s_bf__lky
;Zf_^\_`Zlbgu";Zf_^\_`v_ceZiu"kijhkbeEbg^k_crbjhdhjZkdju\jhl
Dhg_qghkwjImklvHkdhbHfZjijb\_^mlgZrboehrZ^_c\_^vmgbobf__lkylhlkZfuc
^_ebdZl_khdhlhjhfy]h\hjbe
GZklhysZyf_^\_`ZlbgZ"
�Zfykhh^gh]h[_eh]hf_^\_^yfuihaZ\q_jZihcfZeb_]h\dZidZgKlhbehijbfZgblv_]h
fmqgufbq_j\yfbbhgfb]hflm^Zm]h^be
=emihklv=h\hjbl_lhedhfkwjM\Zk\ijyfvkkh[hcf_^\_^v"
�ZgZfm^Zehkvih^klj_eblv\hllZdmxa\_jxrdm
hldZduijhklhh[yaZgujZkkdZaZlvh[wlhf
ImklvOZe_nih\_^Z_l\ZfwlmbklhjbxHgmeh`be_]hbihemqberdmjm\ufh`_l_km^blvihg_c
hlhfdZdbf`_bkihebghf[uelhlLhilu]bg
OZe_nfZeur"Hgmeh`bef_^\_^y":HOOY]hlh\\wlh\_jblvWlhlOZe_nihc^_lgZijhehf
�_kebgZ^hkh\_jrblvih^\b]F_^\_^va^_kvgZRZjZ]_Dlh[uih^mfZeOZe_n[m^v^h[j
^heh`bgZfh[wlhfijbdexq_gbb
OZ^`bg_f_rdZy\uihegbewlmijhkv[mJZkkdZau\Zlv[ueh_]h]eZ\ghckljZklvxhkh[_ggh_keb
j_qvreZh^_e_\dhlhjhfhgkZfijbgbfZemqZklb_HggZqZeihk\h_fmh[udgh\_gbx
��Z]hkih^bgfu\klj_lbebf_^\_^ybijbdhgqbebwlh]hbkihebgZRZjZ]Z?]hke_^u
gZihfbgZebke_^ukehgZbgZjh^uA_febkh^jh]gmebkv[u\b^yboB\k_lZdbgZrZimey\hgabeZkv
_fm\]jm^vbgZrgh`ij_k_d_]h`bagv?fmm`_g_hl\_^Zlvdhgbgubg_mkeZ^blvk\hx]ehldm
fZebghcFuaZ`Zjbeb_]heZiubihqlbmie_eb_]hijZ\uc[hdL_i_jv`_l_[_km`^_ghmagZlv
dZdbfh[jZahfgZfm^Zehkv\uq_jdgmlv_]hbfybadgb]ba_fguoi_j_f_g^Z[ulZiheh\bgZeZiu
qlh_s_khojZgbeZkvmgZkihdZaZeZkvl_[_\dmkg__
DZdba\_klghEbg^k_cbOZe_nihgbfZeb^jm]^jm]Zohlykdm^gu_ihagZgby\^jm]boyaudZo\k_`_
f_rZebbfh[tykgylvkyEhj^jZkiheZ]Zeg_[hevrbfaZiZkhfZjZ[kdboblmj_pdbokeh\ZOZe_naZ
boDjhf_lh]h_keb]h\hjblv[uehg_hq_fyjZkkdZau\ZefZeurmhk\h_chlqbag_Baex[\bdh
fg_hghq_gvbgl_j_kh\Zeky_cYh[tykgye_fm\k_qlh[uehg_ihgylghbgZau\Zeg_f_pdbfb
keh\Zfbij_^f_ludhlhju_hggZf_j_\ZekyaZihfgblvLZdbfh[jZahfhgmk\hbefgh`_kl\h
g_f_pdbo\ujZ`_gbcbijbkljZklbekyijb[_]Zlvdwlbf\_]h]eZaZoh[rbjgufihagZgbyfY^Ze
_fmih\h^ijbf_gblvbobk_]h^gyhgkjZ^hklvxbf\hkihevah\Zeky
=h\hjbehglhihlmj_pdblhihZjZ[kdbh[bevghgZrib]h\Z\k\hcjZkkdZaZg]ebckdbfbb
g_f_pdbfb\ujZ`_gbyfbIhke_^gb_hgqZklhmihlj_[eyeg_kebrdhfaZ[hlykvhlhf\_jghebhg
ih^h[jZebobebg_lIhemqbeZkvg_kmk\_lgZyf_rZgbgZgZ^dhlhjhcfu\lbohfhedmihl_rZebkvhl
^mrbEhj^\ukemrb\Ze\k_wlhkhq_gvk_jv_aguf\b^hfebrvbgh]^ZaZ^Z\Zy\hijhk_kebOZe_n
kf_eh\udZau\Zyk\hbihagZgbyk[b\ZekygZg_\gylbpmijhq_fwg_j]bqgu_`_kludhlhjufb
fZeurkhijh\h`^Zek\hcjZkkdZaihfh]Zebbklhedh\Zlv_]h
L_f\j_f_g_fHkdhbHfZjijb\_ebgZrboehrZ^_cbfumklZgh\beb\_jl_egZgbaZ\gZg_fdmkdb
f_^\_`Zlbguijhq_fOZe_nhl^Ze^he`gh_ijZ\^_Ohlyhgbij_^klZ\bek\h_ih\_^_gb_\kZfhf
yjdhfk\_l_hgaZy\beqlh_]hg_[ueh[um`_\`b\uo_keb[uy\h\j_fyg_ih^hki_ekgh`hf
h\j_fywlh]hjZkkdZaZ[uehkms_cihl_ohcgZ[ex^ZlvaZfbfbdhcehj^ZHgbf_eijb\uqdm
hkh[_ggh_kebjZkkdZa_]hm\e_dZeg_k\h^blv]eZak]h\hjb\r_]hb^Z`_ih^jZ`Zlv_]h\ujZ`_gbx
ebpZLZd`_hg\_ek_[ybk_cqZkGZ_]hebp_lhqg_ohgvdhhljZ`ZeZkvh`b\e_ggZyfbfbdZoZ^`b
?]h]eZaZ[jh\b[hevrhcghkrbjhdbcjhl[_kij_klZgghgZoh^bebkv\^\b`_gbbb\\b^m
hkh[_gguonhjf_]hebpZwlh^\b`_gb_ihdhgljZklmkfbfbdhcOZe_nZhq_gvgZkaZ[Z\eyehohly
fuklZjZebkvgbdZdg_\udZaZlvwlh
:HOOkdZaZehgdh]^ZOZe_nhdhgqbejZkkdZauk^_eZeb^h[jh_^_ehfbeucoZ^`bOhly
fh`_lklZlvkyqlhk\Zr_cklhjhgu[ueb^hims_gug_dhlhju_hrb[dbgh\u`_g_bkim]Zebkv\
wlhfym\_j_gOhl_e[uy[ulvijbwlhfKhfghclZdh]h_s_g_kemqZehkvLhevdhykh[_jmkv
kh\_jrblvqlhgb[m^v]_jhbq_kdh_dZdh[yaZl_evghqlhlhfg_ihf_rZ_l
�Zdb\gmey_fmkemqbehkv^Z`_qlh\Zkko\ZlbebbaZi_jeb\klhjh`_\mx[ZrgxDZdb_`_
]_jhbq_kdb_f_qlZgbyih[m^beb\Zkkehfy]heh\mihfqZlvky\:e[Zgbx"
=fY^Z\gh^h`b^Zekywlh]h\hijhkZYagZeqlhfg_gZdhg_pijb^_lkybkih\_^Zlvkyufh`_l_
[ulvm\_j_guqlhyijb[uekx^Zebrvbaex[\bbjZkiheh`_gbyd\Zf
Wlhf_gy]em[hdhljh]Z_lY]hlh\jZkieZdZlvkyhlmfbe_gbyijb\b^_\hiehs_gghc^jm`[u
�jbkdmxs_caZ^hogmlvky\i_s_j_RZjZ]Z
G_gZkf_oZcl_kvYb\ijyfvohl_ekh\_jrblv^h[jucihklmihdYohl_eijbclb\ZfgZihfhsv
hldZd"uagZeb]^_fh`ghgZk\klj_lblvbqlhaZhiZkghklvgZf]jhabl"
Dhg_qghIj_`^_q_fjZkklZlvkyk\Zfb\KlZf[me_ygZ\_klbeohaybgZmdhlhjh]h\u`beb
qlh[uihijhsZlvkykgbf?]hkugBkeZlhevdhqlh\_jgmekybaW^j_g_HgjZkkdZaZeqlhlZf
kemqbehkvLZdymagZeqlh\uaZ^mfZeb_oZlv\KdmlZjbddmipm=Zebg]j_qlh[ukiZklb_]hba[_^u
bfh`_l[ulvm[_j_qvhl^jm]bohiZkghkl_cYmkeurZeqlh\uij_ke_^h\Zeb[_]e_ph\fg_
hibkZeb[_^u]jhab\rb_\Zffg_gZjZkkdZau\Zebklhevdhhfheh^qbd_dhlhjh]h\uah\_l_@mlhf
qlhfg_klZehkljZrghaZ\ZkYj_rbeijbclb\ZfgZihfhsv
Ygbdh]^Zg_kmf_x\ha^Zlv\Zf^he`gh_aZwlmex[h\vkwjulZdhl\Z`ghbwg_j]bqgh
imklbebkvgZihfhsvqlhgZfg_hklZ\Zehkvgbq_]hbgh]hdZd\ulZsblv\Zkbawlhci_s_ju
G_lfubkZfbgbq_]hg_agZebh[wlhci_s_j_l_fg_f_g__fug_m]h^beblm^ZDZd`_\Zf
m^ZehkvlZd[ukljhbkihegblv\ZrkeZ\gucieZg"
Hq_gvijhklh]Z\Zgbyhk\_^hfbekyhihimlghfkm^g_ghg_gZr_elZdh]hlh]^ZykgZjy^be
g_[hevrhcnjZgpmakdbciZjhoh^bdohaybgdhlhjh]h^Z`_g_agZeqlhaZ]jma_fmiheZ]Z_lky\aylv
gZ[hjl
�Wlha\mqbldhg_qgh\klbe_ehj^Zw\b^ZEbg^k_yJZahgg_fh]gZclbih^oh^ys__km^_gurdh
hgg_f_^e_gghkgZjy`Z_lp_euciZjhoh^=^_`_klhblwlhkm^gh"Bebhghhlieueh_^\Z\ukhreb
gZ[_j_]"
G_lhgh[m^_l`^Zlvfh_]h\ha\jZs_gbyHghklhbl\gbam\:glb\ZjbKd\_jgZy]Z\Zgvkebrdhf
f_edZyghdkh`Ze_gbx^jm]hcg_gZrehkv
EZ^gh^Zevr_Qlh\uk^_eZebhdZaZ\rbkvgZkmr_"
Qlhfg_ke_^h\Zeh^_eZlv"Fh`_l_k_[_ij_^klZ\blvYgZgyeehrZ^_ci_j_\h^qbdZg_kdhevdbo
kem]bih_oZekx^Z]^_fub\klj_lbebkvhlb\k_
?keb\ugZau\Z_l_wlhkeh\hf\k_lhohl_ehkv[uagZlvqlhagZqblgbq_]hh\j_fyieZ\Zgby
m\Zk[ueh\^h\hev\j_f_gbqlh[ujZajZ[hlZlvdZdhcgb[m^vieZg
IeZg"B^bl_\ukwlbfbieZgZfbBklhjbyijhl_dZ_l\k_]^Zg_ihieZgm
EZ^ghlh]^Zyg_m^b\eyxkvqlh\ulZdaZf_qZl_evghm]h^beb\eh\mrdmDh]^ZaZl_\Z_rvqlhlh
k_jv_agh_gm`ghohlvg_fgh]haZ^mfZlvkyhlhfdZdwlhbkihegblv
YlZdbk^_eZe^eywlh]hfgh]h\j_f_gbg_ihgZ^h[behkvKi_j\Zydmibedgb]m5HGKRXVH7XUNLVK
�DQG(QJOLVKGLFWLRQDU\@yaZieZlbeaZg__klh\hk_fv^_kylibZkljh\
B^Z`_jZkiheZ]Zykeh\Zj_fgZgyebi_j_\h^qbdZ"
Y[ue\ugm`^_gdgb]_[uehkebrdhffgh]hgZibkZghihlmj_pdbZbo]jZfhlmyg_fh]m
jZah[jZlv
LZdbfh[jZahfkkZfh]hgZqZeZ\ZrmkiZkbl_evgmxfbkkbx`^Zeg_\_jhylgucmki_oudmibeb
dgb]mdhlhjmxg_mf_ebijhq_klvWlhhq_gva^hjh\hQlh[u^_ehrehemqr_\ZfhklZ\Zehkvebrv
gZgylvi_j_\h^qbdZdhlhjucg_ihgbfZeihZg]ebckdblZdgZqbgZxlky\_ebdb_k\_jr_gby
IhkemrZcl_kwj_keb\uf_gy\ukf_b\Z_l_y\kdhqmgZdZmjh]hkdZdmgZb[jhrm\Zk\wlhf
`Zedhfiheh`_gbb
�Zbkgh\Zm]h^bl_\eZiuZeZ^`bbwlh]h@mlZijhq_ffukev_oZlv\Jm]h\m\iheg_
g_^mjkl\_ggZy^ey\ZkDZd`_\u^hwlh]h^h^mfZebkv"
YjZkkijhkbei_j_\h^qbdZbbamqbef_klgmxdZjlmYagZeqlh\uih_oZeb\F_g_ebdbagZeqlh
kh[bjZ_l_kvihiZklv\KdmlZjb;ueebrvh^bgimlvdhlhjuf\ufh]eb\hkihevah\Zlvkybf_ggh
lZffg_gZ^h[ueh\Zk`^Zlv
k\hbojZkkm`^_gbyo\ukh\k_fihaZ[uebhlhfqlhyg_bf_xh[udgh\_gby_a^blvih[hevrbf
^hjh]ZfFu\klj_lbebkva^_kvb\ijyfvihkemqZcghklb?keb[ufuijbgyebkvbkdZlv@mlZ]^_
gb[m^v\^jm]hff_kl_lh\ZrZkf_jlv[ueZ[u^_ehfj_r_ggufL_i_jv]h\hjyk_jv_aghy
bkdj_gg_[eZ]h^Zj_g\ZfaZlhqlhjZ^bgZk\uimklbebkv\lZdb_i_j_^jy]bH^gZdhyih^haj_\Zx
qlh\Zfbjmdh\h^be_s_bg_kdhevdhbghcmfuk_e
DZdhc`_"
ukZfbagZ_l_h[wlhfYijZ\"
_]hkfms_gbyg_kdhevdhjZahldZreyekybihlhfhl\_lbe
:HOOuijZ\bevghm]Z^ZebY^mfZeqlh\u\k_`_i_j_^mfZ_l_gZkq_l\Zr_]h\hjhgh]hFg_\k_
_s_hq_gvohl_ehkv[u_]haZihemqblvYaZieZqm\Zf[_r_gu_^_gv]baZg_]h
Yg_ijh^Zxk\h_]hJbgZwlhfygZklZb\ZxG_[m^_f`_hl\e_dZlvkyhl\Zr_]hjZkkdZaZJZa\_\u
g_ih^mfZebhdZaZ\rbkv\:glb\ZjbhkZfhfg_h[oh^bfhfqlhgZ^hk^_eZlvhdmip_=Zebg]j_"
Ydhg_qgh^mfZehg_fyih[u\ZelZfWlhkZfhkh[hcjZamf__lkyuohl_ebihiZklvdg_fm
�he`_g`_y[uejZamagZlvg_ijb_oZebeb\udg_fm
Wlh[uehg_\hafh`ghGh\u^he`gu[uebij_^mij_^blv_]hkwj"
YlZdbk^_eZe
QlhhggZwlhkdZaZe"
Hg"=f_]hlZfg_[ueh
=^_`_hg[ue"
imlbhggZijZ\beky\Ijbrlbgm\Dhkh\kdbcdjZcqlh[udmiblva_jgZ=Zebg]j_\_^vkdhehlbe
k\h_[h]Zlkl\hgZlhj]h\e_a_jghfB\hlhgijh^Zek\h_^_eha^_kvbj_rbegZijZ\blvky\]em[v
kljZgu\Mkdx[qlh[ugZqZlvlZfgh\h_^_eh\_^vlZfhrgb_f_klZhq_gvieh^hjh^guZkh
kljhbl_evkl\hf`_e_aghc^hjh]bhldju\Z_lkygh\ucjughdk[ulZ
Hldh]h\uwlhmagZeb"
Hli_j_\h^qbdZhgkeurZeh[wlhf\]hjh^_
G_hlkZfh]h=Zebg]j_"
G_l
Yhq_gvohjhrhagZefbeh]hehj^Zb^h]Z^u\Zekyqlhhgohl_ekobljblvghkh\_jrbeijyfhlZdb
\_ebqZcrmx]emihklvHgex[beimkdZlvkygZihbkdbijbdexq_gbcghlhb^_ehkZfklZgh\bekybo
`_jl\hc
ugZgyebi_j_\h^qbdZbkem]_s_\:glb\Zjb"kijhkbey_]h
�?kl_kl\_gghIhlhffuih_oZeb\KdmlZjbhjh]Zlm^Z[ueZkd\_jghcdh_]^_fhs_ghcZdh_]^_
__jZah[jZebqlh[u\kemqZ_\hcguihg_cg_evay[uehi_j_^\b]ZlvkyIhlhffuqZkZfb_oZebih
[hehlZf\k_i_j_fZaZebkvghm^Zqgh^h[jZebkv^hKdmlZjb]^_ylhlqZk\u\_^Zed\ZjlbjmgZ
dhlhjhchklZgh\beky=Zebg]j_bihr_edg_fm
Dlh\Zk\klj_lbe"
Hg[ue\hlt_a^_\Ijbrlbg_dZdym`_kdZaZeF_gyhl\_eb\dhglhjmlZ[ueZkh\k_fimklZ
\_^vhgijh^Zek\h_^_ehF_gyijbgye_]hmijZ\eyxsbcwe_]Zglguchiulguceh\dbcb\
\ukr_ckl_i_gbex[_agucq_eh\_d
uihbgl_j_kh\Zebkv_]hbf_g_f"
JZamf__lky?]ha\ZebOZf^wgGZkjFh`_l[ulv\u_]hagZ_l_fZkl_j"
Hq_gv^Z`_ohjhrh
G_ijZ\^Zeb\_ebdhe_igucq_eh\_d"
Hq_gv\_ebdhe_igucHgjZ^[uek\ZfbihagZdhfblvkyhkh[_ggh_keb\uijbgyebkvjZkkdZau\Zlv
_fmh[hfg_
KljZgghHg\b^mg_ih^ZeqlhagZ_l\Zk
Ih`Zemcmg_]h[ueZgZlhijbqbgZDhg_qgh\u_fmgZa\Zebp_ev\Zr_]hijb[ulby
:fZkZlZFZgZoZwev;Zjrbblxj_fgh]hkfhljbl_eyZgZihke_^hdyihijhkbe_]hhkl_j_]Zlvky
[jZlZh^gh]hba[_]e_ph\OZf^Zwev:fZkZlZYkdZaZe_fmqlhwlhlg_]h^yc\a^mfZeh[fZgmlv
fZkl_jZ=Zebg]j_qlhhgm[bcpZdhlhjh]h^he]hgh[_amki_rghij_ke_^mxl
HlebqghQlhhggZwlhkdZaZe"
Hg_s_jZaih[eZ]h^Zjbef_gyk_j^_qghih`Zejmdmb\_e_eijbg_klb\bgZIh_]hkeh\ZfOZf^Z
wev:fZkZlZjZkdmkbebbm`_ijh]gZebhlkx^ZMfghk^_eZebIhlhfyhk\_^hfbekyh^hjh]_
dhlhjhcfg_emqr__oZlvqlh[uih\klj_qZlv\ZkYkdZaZe_fmqlhhlijZ\exkv\DZdZg^_eub
Mkdx[bihimlbgZ\_jgydZih\klj_qZx\ZkHgiho\ZebefhbieZgub^Zefg_hlebqgu_kh\_lu
;jZ\uciZj_gv
�Zohlvhglmjhdgh\k_lZdbgZklhysbc^`_glevf_gHg^Z`_^Zefg_j_dhf_g^Zl_evgh_ibkvfh
hldZdDdhfm`_fhcm\Z`Z_fuc]hkih^bg"
DkZfhfmba\_klghfm[Zjurgbdm\kljZg_DZjZGbj\ZgmbaJm]h\u\_^vfhy^hjh]Zijhe_]Z_l
q_j_awlhl]hjh^H^gZdhwlhliZj_gvg_\k_^hih^ebgghagZe\_^vbf_gghbaaZ[ZjurgbdZym]h^be
\aZiZ^gx
J_dhf_g^Zl_evgh_ibkvfh[uehaZi_qZlZgh"
�Z
B\ug_\kdjueb_]hbg_ijhqeb"
Qlh\u^mfZ_l_h[hfg_fZkl_jQlh[u^`_glevf_gehj^baklZjhc^h[jhc:g]ebb\kdju\Ze
j_dhf_g^Zl_evgh_ibkvfh"Beb\u^_ckl\bl_evghkqblZ_l_f_gylZdbf\mev]Zjguf"
=fIjbagZxkv\Zfqlhy\ih^h[ghfkemqZ_ih\_e[uk_[ydZdm`Zkgh\mev]Zjgucq_eh\_d
G_m`_eb"u\kdju\Z_l_qm`b_ibkvfZghqm`ZyehrZ^v^ey\Zkk\ys_ggZKljZgguc\u\k_lZdb
lbi
QZklh[u\Z_l\u]h^gh\_klbk_[ykljZgghBlZd\ujZa]h\Zjb\ZebebrvkwlbffZkl_jhfM
=Zebg]j__klvk_fvy"
@_gZb^hqv\u^ZggZyaZfm`Aylv`b\_l\lhf`_^hf_
LZdy[ugZ\Zr_ff_kl_ij_^klZ\bekywlbfex^yf
YlZdbohl_eghaylyg_[ueh^hfZZ^ZfugZoh^bebkv\g_]eb`_^Zb\hh[s_miZdh\u\Zeb\_sb
bbf[uehg_^hijb_fZ]hkl_c
HgbkZfbwlh\ZfkdZaZeb"
G_lfg_i_j_^ZewlhlmijZ\eyxsbc
�eyq_]hhgbmiZdh\u\Zeb\_sb"
Ihlhfmqlhlh`_kh[bjZebkv\Mkdx[=Zebg]j_ijbkeZebf\_klh\h]hbaIjbrlbgum\_^hfb\
qlh^Z`_g_aZ_^_l^hfhcZlhlqZkih_^_l\Mkdx[]^_b[m^_lbo`^ZlvHgbohl_ebhlijZ\blvky\
imlvq_j_a^\Zljb^gyihke_f_gy
uagZ_l_dlh[uewlhl\_klh\hcydh[uijbkeZgguc=Zebg]j_"
G_l
LZd=fJZa\_wlhlmfgbpZOZf^wgGZkjg_ih\_^Ze\ZfqlhhgkZfbfb[ue"
Hggbq_]hg_kdZaZeh[wlhfijhq_flml\uhrb[Z_l_kvHgg_fh]^hklZ\blvwlhba\_klb_
ihlhfmqlhhklZ\Zeky^hfZ\_^vhg[uemijZ\eyxsbf
Hg_lHgih_oZe\f_kl_k=Zebg]j_Zihlhf\_jgmekyqlh[uihaZ[hlblvkyh[_]hk_fv_b
?keb[uwlh[uehlZdhg[ufg_kdZaZe
HgmfheqZe_s_dh_hq_fWlhlex[_aguc]hkih^bgdh_]h\ugZau\Z_l_gZklhysbf
^`_glevf_ghfy\ey_lkyg_]h^y_f^hfha]Zdhkl_c
FZkl_j\ug_fh`_l_wlh^hdZaZlv
GZh[hjhlhq_gve_]dhkmf_xDZdlhevdh\um_oZebhggZ\_jgydZkf_yeky^hdhebd
Yijhrm\Zkg_]h\hjblvlZd
Yohqm\ZfkdZaZlvqlhhgihkqblZe\Zk\_ebqZcrbf]emiphf^Zbk_cqZkij_[u\Z_lijblhf`_
fg_gbb
IhdZfu]h\hjbebhdhjhdbeZiZih^`ZjbebkvEbg^k_cihemqbeeZimblml`_hlijZ\be\jhl
i_j\ucdmkhdMkeurZ\fhxnjZamhgihaZ[ue_]haZdjulvGZdZdh_lh\j_fyhgmklZ\bekygZ
f_gy\e_\hcjmd_hg^_j`ZeeZim\ijZ\hcgh`Zbahldjulh]hjlZ\k__s_\b^g_ekydmkhd
GZdhg_phg\uiexgmefykhbkijhkbe
uk_jv_aghwlhkwj"
Hg\k_]^ZgZau\Zef_gyfZkl_jhf?kebgZwlhljZahgh[jZlbekydhfg_kwjwlh[ue\_jguc
ijbagZdlh]hqlhhgjZa]g_\Zg
�ZZ[khexlghk_jv_aghhl\_lbey
Lmlhg\kdhqbe[jhkbeeZimbgh`aZdZlZejmdZ\Zbdjbdgme
:HOOLZdaZcf_fky`_[hdkhfklZgvl_kwjAZwlh]h]emipZylZdgZklmqm\Zfih`b\hlmqlh\u
�\udZlbl_kvbawlhc^hebgubme_lbl_\imklugx=h[bYehj^w\b^Ebg^k_c]emi_p
KZ^bl_kvkwjkihdhcghhl\_lbeyG_ygZau\Zx\ZklZdyebrvkdZaZeqlhkqblZ_lh\Zkwlhl
q_eh\_d
Hldm^Z\uwlhagZ_l_"
YlZd^mfZx
hldZdY\u[vxba\ZkwlbfukebkwjFg_\k_jZ\gh\uebf_gygZau\Z_l_]emiphfbeb`_dlh
lh^jm]hclZdf_gyijha\ZeklZgvl_Dlhbf_ekf_ehklvf_gyhkdhj[blv^he`_gbf_ekf_ehklvb
[hdkbjh\ZlvkhfghcLhevdhk^_eZcl_\uiZ^YlZd\Zf\j_`mih`_em^dmqlhhg\u\Zeblkym\Zk
ijyfhbahjlZ
OhjhrhykhklZ\ex\ZfdhfiZgbxkwjGhg_k_cqZkZihlhfdh]^ZgZrZ[_k_^Zhdhgqblky
Yg_fh]mlZd^he]h`^Zlv
Zfijb^_lkyih^h`^ZlvjZayg_fh]mkhklZ\blv\ZfdhfiZgbxjZgvr_ukh\_jrbebkf_euc
ihklmihdaZdhlhjuc\Zk\hh[s_lhke_^h\Zeh[ugZ]jZ^blvhj^_ghfuih_oZeb\KdmlZjbqlh[u
ij_^hkl_j_qv=Zebg]j_hdhagyoOZf^Zwev:fZkZlZZ\f_klhwlh]h\uij_^mij_^bebOZf^Zwev
:fZkZlZhgZr_fijb[ulbbuieuebgZiZjhoh^_\:glb\Zjbqlh[uihfhqvgZf\[_^_Zf_`^m
l_fk^_eZeb\k_\hafh`gh_qlh[uij_^ZlvgZk\jmdbgZrbo\jZ]h\^Z\ukZfbkm^b\bl_evghc
_kl_kl\_gghklvxih[_`Zebijyfhdgbf\aZiZ^gxDhg_qghhgbkf_xlkygZ^\Zfb?keb\ublml
^mfZ_l_qlhhgbkqblZxl\Zkk\_lhq_fmfZlhyg_ihgbfZx\Zk\hh[s_
Wlbkeh\ZebrvjZatyjbeb_]hHgk`ZedmeZdbaZghkqb\h\klZei_j_^hfghcb\hkdebdgme
Wlhwlh\uhl\Z`b\Z_l_kvfg_]h\hjblv\ufZkl_j\ufbkl_j\ukwj\u\u\ufhkv_"
klZlvbkx^Z;hdkgZqbgZ_lkyYlZd\j_`m\Zfqlh\ujZae_lbl_kv\^j_[_a]bdZd]hjrhdfhehdZ
Ihl_jibl_fbgmlmkwjG_m`_eb\ug_^h]Z^ZebkvqlhlhlkZfucdh]h\uij_^hkl_j_]Zebb[ue
DZd"Qlh"?keb[uywlhk^_eZelhjZamf__lkyy[ue[u]emi__ex[h]h]emipZf_gy[ugZa\Zeb
[_amfp_f
EZ^ghdZd[u\ZkgbgZau\ZebG_h[b`Zcl_kvgZf_gyaZlhqlhy\eh`bekeh\h]emi_p\mklZ
^jm]boex^_cZkg_m^b\behbfydhlhjh_gZa\ZemijZ\eyxsbc"
OZf^wgGZkj"G_l
B\uhkl_j_]Zeb_]hhlq_eh\_dZihbf_gbOZf^wev:fZkZl
QlhlmllZdh]h_kebbf_gZkh\iZ^Zxl"Mfbeebhgh\ex^_ch^gbbl_`_bf_gZ
OhjhrhFu`_jZkkdZau\Zeb\ZfhlhfqlhijbdexqbehkvkgZfb\KZoZj_h[m[bckl\_fheh^h]h
�=Zebg]j_Zihlhfbijh\h^gbdZKZ^_dZ\Rhllwev`_jb^_ufh`_l_\kihfgblvbfym[bcpu"
�Zwlh[ue\k_lhl`_OZf^wev:fZkZl
HggZa\Zekylh]^Zih^jm]hfmkihfgbl_
Ih`ZemcyijbihfbgZxHgij_^klZ\bekyHlphfih[_^uihZjZ[kdb:[mwgGZkj
EZ^ghlh]^ZkjZ\gbl_h[Zwlbobf_gbOZf^wev:fZkZlb:[mwgGZkjkbf_g_fmijZ\eyxs_]h
dh_]ha\ZebOZf^wgGZkj
Hg\k__s_^_j`Zeih^gylufbdmeZdbL_i_jvhgf_^e_gghhimklbejmdb?]hgb`gyy]m[Z\k_
kbevg__k\_rb\ZeZkvZebphijbgyeh\ujZ`_gb_lZdhcljh]Zl_evghckdjhfghklbqlhy]jhfdh
jZkkf_yeky
OZf^wgGZkj[hjfhlZehgH[h`_WlhbfykhklZ\e_ghba^\mobf_gm[bcpuG_m`_eb
g_m`_ebg_m`_eb
Hghk_dky
�Zkemqbehkvbf_gghlhq_]h\uk_cqZkkljZrbl_kvkwjukZfbij_^mij_^bebm[bcpmHg\Zk
klZekqblZlvaZlZdh]hlZdh]hyohqmkdZaZlvlZdh]h[_ah[b^gh]hq_eh\_dZqlh^Z`_i_j_^Ze\Zf
j_dhf_g^Zl_evgh_ibkvfh\dhlhjhfkh\_lh\ZeDZjZGbj\ZgmjZa^_eZlvkyk\Zr_ci_jkhghcK
ih^dmiZxs_cq_klghklvx\u^hklZ\bebwlhibkvfhlhqghihZ^j_kmZk_kl_kl\_gghko\Zlbebb
^hklZ\bebkx^Zqlh[uaZdhilblv\Zk^hkf_jlbdZdijb]hlZ\eb\Zydhe[ZkmklZjZxlkym[blv
��dhiq_gb_fdZdmxgb[m^vnbggm@bebljbobgm@Ijbwlhf\uih\_^Zeb_fmhgZr_fijb[ulbb
lh_klvq_eh\_dmdhlhjh]hfuij_ke_^m_f\u^Zeb\jmdbhjm`b_ijhlb\gZkLjm^gh^Z`_gZclb
ijbf_jqlh[udlhgb[m^vkhkem`beklhev^h[jmxbjZamfgmxkem`[mdZdmx\ukhkem`bebk_[_b
�k\hbf^jmavyf:l_i_jvkwjfh`ghgZqbgZlv[hdkY]hlh\BlZdFRPHRQ@
Y\klZebaZdZlZejmdZ\ZGhklhbehfg_k^_eZlv\uiZ^\_]hklhjhgmhgf_^e_gghhl\_jgmeky_s_
f_^e_gg__himklbekygZk\h_ij_`g__f_klhihgmjbe]heh\mihq_kZeh[_bfbjmdZfbmk_[yaZ
mrZfbbbkimklbelZdhc]jhfdbc\a^ho[m^lhgZf_j_\Zekyh^gbffZohfihlmrblv\_kvdhkl_j
Gmkwjy^mfZx\uohlbl_k^mlvf_gy\imklugx=h[b"
Mkihdhcl_kvfZkl_jkdZaZehg`Zeh[guflhghfY^mfZxqlhmf_gykZfh]h\]heh\_=h[b
Bebohlbl_jZa[blvf_gy\^j_[_a]bdZd]hjrhdkfhehdhf
K_cqZkykZfuc[hevrhc\fbj_]hjrhdkde_ckl_jhf
Beb\j_aZlvih`_em^dmqlh[uhg\u\ZebekyijyfhbahjlZ
�Fheqbl_Y^mfZxl_i_jvhk\h_f`_em^d_Yehj^w\b^Ebg^k_cbqlh`_ykhl\hjbe:HOO
HV
Ihoh`_\ul_i_jvm`_g_\hklhj]Z_l_kvij_djZkguf^`_glevf_ghfbaKdmlZjb"
]heh\_mf_gyh\_qbckuj\f_klhfha]h\
LZd`_^mfZebyihwlhfm\uohl_ebkhfghc[hdkbjh\ZlvIhoh`_l_i_jv\uhldZaZebkvhl
kZlbknZdpbb"
Km^h\hevkl\b_fk[hevrbfm^h\hevkl\b_fH[hdk_g_fh`_l[ulvbj_qb\_^v\u[ueb
kh\_jr_gghijZ\uFg_ohl_ehkv[u[hdkbjh\ZlvkkZfbfkh[hc;m^vl_`_lZd^h[jufZkl_jb
^Zcl_fg_ihs_qbgmghlZdmxqlh[u__[uehkeurgh\klZjhc^h[jhc:g]ebb
G_lkwjwlh]hyg_klZgm^_eZlvDlhkhagZ_lk\hcijhfZolh]hba[Z\eyxlhljZkieZluBqlh[u
mkihdhblv\ZkohqmaZ\_jblvqlh\ug_ijbqbgbebgZf\j_^ZEbrvkZfb\uihkljZ^Zebhl
ihke_^kl\bc\Zr_chrb[db
u]h\hjbl_wlhqlh[ulhevdhmkihdhblvf_gy
G_lwlhijZ\^Z
G_\_jx\wlhL_i_jvwlhlOZf^wev:fZkZlagZ_lqlhhl\Zk`^Zlv
G_l\_^vhgm\_j_gqlhfuih]b[eb
G_mkihdZb\Zcl_k_[y
G_lg_lHgagZ_lqlhgZk^he`gua^_kvm[blvHgiheZ]Z_lqlh_`_ebgZfm^ZklkykiZklbkvfu
l_f\_jg__ihiZ^_f\jmdb@mlZLZdqlhhgkihdh_gbg_`^zlhlgZkgbdZdbo[_^
Hldm^Zhgh[h\k_fwlhfagZ_l"
Hl@mlZdhlhjh]hgZ\_klbe
:ou^mfZ_l_qlhhgih[u\ZelZf"
�ZOhlvybg_keurZegh^h]Z^u\ZxkvFh`ghk^_eZlvdh_dZdb_\u\h^u?keb\uiheZ]Z_l_qlh
dmi_p=Zebg]j_\ijyfvgZoh^blky\Ijbrlbg_lhaZ[em`^Z_l_kv;ulvfh`_lhg[ue\Zrbf
khk_^hfihlxj_fghcdZf_j_\_^vhgk_cqZkkb^bl\klhjh`_\hc[Zrg_ih^Jm]h\hc
FZkl_j
�Z^ZOZf^wev:fZkZlmijZ\eye_]h^_eZfbebrv^eylh]hqlh[ujZahjblv_]hHgkhijh\h`^Ze
_]hgZimlb\IjbrlbgmZihlhf\u^Ze\jmdb@mlZLZfhgbhlh[jZebmg_]h^_gv]bYiheZ]Zx
qlhmg_]hijbk_[_[ueZg_fZeZykmffZ\_^vhgkh[bjZekyaZdmiblva_jgh?s_jZgvr_yiheZ]Zx
OZf^wev:fZkZlm[_^be_]hijh^Zlvk\h_^_ehbhldjulvgh\h_LZdkhklhygb_=Zebg]j_
ij_\jZlbehkv\gZebqgu_^_gv]bIhkdhevdm_]hkZfh]hg_[ueh\KdmlZjb^_gv]bwlbhdZaZebkv\
jmdZo_]h`_gubebaylyQlh[uaZihemqblvboOZf^mwev:fZkZlmijbrehkvaZ\h_\Zlv
jZkiheh`_gb_^hfhqZ^p_\bijbwlhfhklZlvkyg_magZggufIhwlhfmhgh[fZghfba\_klbeboqlh
=Zebg]j_hlijZ\bekyijyfh\Mkdx[bijhkblg_f_^e_ggh_oZlvdg_fmHgbiZdmxl\_sbb
m_a`Zxlghg_\Mkdx[Z\Jm]h\m]^_bkq_agmlkh\k_fk\hbfkdZj[hfWlhlieZg[ueaZ^mfZg
^Z\ghbbkihegyeb_]hkbahsj_gghcobljhklvxOZf^wev:fZkZlihijhkbek\h_]h[jZlZ;Zjm^Z
ijb[ulvdg_fmb\klj_lblvkykgbf\Jm]h\_\DZjZgbj\ZgoZg_WlZaZibkdZihiZeZfg_\jmdbb
ih^kdZaZeZfZjrjmlH[Z[jZlZih`ZemcgZf_j_\ZebkvkgZ]jZ[e_ggufb^_gv]Zfbhldjulvk\h_
^_ehbebihijhklmjZkljZg`bjblv^h[uqm?keb=Zebg]j_g_m[beblh_fmgZdZdh_lh\j_fy
iha\hebeb`blvebrv^eylh]hqlh[uihevamykv_]hih^ibkvxaZ\eZ^_lvmkdhevagm\rbfihdZhl
gbobfms_kl\hfLZdyij_^klZ\eyxk_[_\k_kemqb\r__kybg_^mfZxqlhkbevghhrb[Zxkv
Ebg^k_cfheqZe?]hijhfZolZdm]g_lZe_]hqlhhgihgZqZemg_ohl_e^Z`_^mfZlvhq_flhbghfY
\ayef_^\_`vxeZimbklZe^_j`Zlv__gZ^dhkljhfkgh\Zih^h]j_\Zy__ihlhfyijhlygme_fm
EZ^ghg_\hjhrbl_klZjh_AZcfbl_kvdZemqr_^_ebdZl_khfZfwlh[m^_lihe_ag__
Ylh`_lZd^mfZxfZkl_jhllhevdhkebrdhffgh]hq_klbihemqblv\gZ]jZ^maZ\k_wlb
]emihklb`Zj_gmxf_^\_`vxeZimY\havfm__dhg_qghghk\hx\bgm\k_`_aZ]eZ`m=hj_wlhfm
mijZ\eyxs_fm_kebhgihiZ^_lkyfg_\jmdb
M\Zkg_[m^_l\hafh`ghklbkgbfihd\blZlvky_^vijh\h^gbdKZ^_daZklj_e_ggucbf[ue
hlphfgZr_]hHfZjZBlZdihaZdhgZfdjh\ghcf_klbHfZjh[yaZgjZkkqblZlvkykOZf^hfwev
:fZkZlhfGZfg_hklZ_lkygbq_]hbgh]hdZdaZ\_jrblvwlh^_ehdZdfh`gh]mfZgg__khojZgb\
fhr_ggbdm`bagvjZ^b\klj_qbkHfZjhfLZdqlhm]hsZcl_kvihdZkwj:ihlhf\ujZkkdZ`_l_
fg_qlhkemqbehkvk\Zfb\Jm]h\_
ufh`_l_magZlvh[wlhflhlqZkFhybkih\_^v^h[Z\bllhebdmkhebdwlhfm`Zjdhfm
Kmgm\\jhlbajy^gucehfhlvfykZhgijbgyeky`_\Zlv_]hlZdqlhghkklZeoh^blvoh^mghfL_f
\j_f_g_fhgijh^he`Zek\hcjZkkdZa
Ijb[u\\Jm]h\mfujZaf_klbebkvdhg_qgh\DZjZgbj\ZgoZg_Ohaybg[ue^hfZby\jmqbe_fm
j_dhf_g^Zl_evgh_ibkvfhHgg_ki_rZijhqblZe_]haZl_fm[jZeibkvfhbkZfufjZ^mrguf
h[jZahfijhlygmefg_jmdmKihfhsvxi_j_\h^qbdZhgm\_jbef_gyqlhyj_dhf_g^h\Zg_fmkZfuf
emqrbfh[jZahfb\h\k_ffh]miheZ]ZlvkygZg_]hy\ijZ\_hklZ\Zlvkymg_]h\]hklyokdhevdh
aZohqmbfg_g_lgZ^h[ghklbieZlblvaZqlheb[h
GZkdhevdhyagZx\Zk\ug_ij_f_gghihdZaZeb_fmk\hb^_gv]b"
Dhg_qghImklvwlhlq_eh\_d\b^blqlhehj^baklZjhc^h[jhc:g]ebb]hlh\s_^jhaZieZlblv
^Z`_lh]^Zdh]^Zhlg_]hg_lj_[mxlgbdZdhcieZlu
YmagZeijhwlhdh]^Zfg_^h\_ehkvih^kemrZlvjZa]h\hjm]e_`h]ZkZebfhfIhke_^gbc
jZkkdZau\Zeqlh\u^he`gh[ulvhq_gv[h]ZluDZdZyg_hklhjh`ghklvijb_oZ\\qm`mxkljZgmb
\^h[Z\hddwlbfihem^bdbfex^yfo\ZklZlvkyi_j_^gbfb^_gv]Zfb
LZdg_m`_eby^he`_g[uem[_^blvboqlhygbsbcjZa^h[u\rbcj_dhf_g^Zl_evgh_ibkvfh
lhevdhaZl_fqlh[u_klvbiblvgZ^Zjfh\sbgdm"
Wlh\Zr_fg_gb_kwjY`_m\_jyx\ZkqlhgZ\k_fgZr_fimlbfuihqlbgbdh]^Zg_ieZlbebaZ
djh\bklheh^gZdhgZkgbdlhg_ijbgbfZeaZgbsbo
Lh]^Zyg_ihgbfZxdZdbfh[jZahf\Zfwlhm^Z\ZehkvDm^Z[uygbijb[ue\kx^mohlyli_j\uf
^_ehfaZihemqblvkf_gy^_g_]Bq_f[hevr_yieZqml_fgZklhcqb\__lj_[mxl\k_gh\uo^_g_]
Dhjhq_]h\hjyylhlqZkjZa^ZedZ`^hfmbakem]DZjZgbj\ZgoZg_kheb^guc[Zdrbr\hl\_lhgb
hkuiZebf_gy[eZ]h^Zj_gbyfb
�Z[eZ]h^Zj_gbyfbBdhgqbehkvwlhl_fqlhm\Zkhlgyeb\k_^Z`_k\h[h^mDZdbf`_h[jZahf
\ZkaZfZgbeb\eh\mrdm"
Kihfhsvxi_j_\h^qbdZdhlhjhfmyjZkkdZaZeih^hjh]_hk\h_fiml_r_kl\bbb\lhfqbke_
mihfygmeqlhex[exbkdZlvdeZ^udjueZluo[udh\blZd^Ze__ghgbdh]^Zg_[ue\wlhfih
gZklhys_fmm^Zqeb\Hgih\_^Zeh[wlhfohaybgmZlhlkijhkbef_gyg_m]h^ghebfg_aZgylvky\
wlhfdjZxihbkdhfklZjbgguokhdjh\bsGZfhc\hijhkhgih\_^ZeqlhagZ_lh^ghf_kl_qdh\
dhlhjhfklhblihbkdZlvqlhgb[m^vp_ggh_h^gZdh\eZklbaZij_lbebaZgbfZlvkyih^h[gufb
baukdZgbyfb
:o\hldZdHg\u^mfZewlhlaZij_lqlh[u\ufZgblv\Zkghqvxba^hfZ"
agZlvgbq_]hhgZrboieZgZohllmlfg_ijbreZ\]heh\mfukev^Zlvohaybgmkeh\Zjvdmie_gguc
fghc[_ahkh[hcgZ^h[ghklb\KlZf[me_Hg\aye_]hgZ\_jgydZqlh[u_]hrlm^bjh\Zlv
A^hjh\h`_\uihklmibeb_^vhgg_fh]]h\hjblvk\Zfb[_ai_j_\h^qbdZLhlg_ij_f_ggh[u\Zk
ij_^hkl_j_]jmqb\@mlmdgb]m\u^Zeb_fm\jmdbij_djZkgucdhaujvqlh[uaZfZgblv\Zk\
eh\mrdmg_\ha[m`^Zyg_^h\_jb_i_j_\h^qbdZG_]h\hjbl_`_qlh^jZ]hfZgjZa^_ey_lk\Zfb\bgm
AZibrbl_\k_gZ\Zrkq_lQlh`_@mlhgjZah[jZeky\wlhcdgb]_"
Hq_gve_]dh\_^vhgagZelmj_pdmx]jZfhlmGZke_^mxsbc^_gvmemqb\fbgmlmdh]^Zgbdh]hg_
hdZaZehkvjy^hfhgih^Zefg_agZdihdZau\ZyqlhgZ^hke_^h\ZlvaZgbf\^ZevgxxdhfgZlmFu
[ueblZfh^gbDgb]Ze_`ZeZgZklhe_Hghlf_lbeg_kdhevdhkeh\ijhqblZefg_boihlmj_pdbb
mdZaZegZgZoh^b\rbckyjy^hfZg]ebckdbci_j_\h^QZs_\k_]hih\lhjyebkvkeh\ZNDQDGDVODQLb
PDGHQ
AgZqbldjueZluce_\\jm^gbd_"
�ZdZdihkl_i_gghygZqZeihgbfZlvj_qvreZbf_gghh[wlhfMdZau\Zyfg_keh\Zdhlhju_hg
hlukdZehgh[tykgbeqlhghqvxf_gyhl\_aml\eh^d_gZlhl[_j_]j_dbdjm^gbdm]^_yfh]m
hlukdZlvdjueZlh]hev\Z
B\uih\_jbeb\wlm[_kkfukebpm"
�Ihq_fmg_l"?kebgZLb]j__klvdjueZlu_[udblha^_kvgZjbg_fh]mlgZclbkvbdjueZlu_
ev\u
Dhg_qgh\uemqr_jZa[bjZ_l_kv\bklhjbbq_fykqblZxsbcqlhwlh]h[ulvg_fh`_l
�Fh`_lbebg_fh`_lyih\_jbe\wlhHg\hijhrZxs_db\gmefg_Zydb\gme\hl\_l_eh[ueh
j_r_ghbdh]^Z\k_mkgmeb\ua\Zef_gybhl\_e\^_j_\gxe_`Z\rmxgZ[_j_]mj_dbLZfklhyeZ
eh^dZfuk_eb\g__Hgihieue\\_joihl_q_gbxihdZg_^hklb]dZdhclhkdZeulZfbf_ekyeZa
ijbdjulucdh\jhfbajZkl_gbck\bkZ\rbok\_jomgmljv\_edZdhclhoh^Fuijb\yaZebeh^dm
ihlhf@mlaZ`_]nZd_eijbo\Zq_gguckkh[hcFu\u[jZebkvbaeh^dbbhdZaZebkv\gmljb
dhjb^hjZgZihfbgZ\r_]hrlhevgxihe[ue\ueh`_g^hkdZfbHgdb\gmefg_ijbdZaZ\ke_^h\Zlv
aZgbfbaZrZ]Ze\i_j_^^_j`Z\jmd_nZd_eRlhevgy\k_\j_fy\_eZ\\_joihdZfug_ihiZeb\
dZdh_lh[hevrh_djm]eh_ihf_s_gb_\_]hkl_g_yaZf_lbeg_kdhevdh^\_j_cM\b^_eylZd`_
`_e_agh_dhevph\kl_g_\g_]h@ml\klZ\benZd_eIhlhfhgoehigme\eZ^hrbH^gZba^\_j_c
hldjueZkvhllm^Z\ur_ekem]Zihemqb\rbchlf_gy^g_f[Zdrbrjmd__]h[uefhehlhd@ml
hldjue^jm]mx^\_jvbagZdhfij_^eh`befg_\hclbDh]^ZygZ]gmekyqlh[uhkfhlj_lvky\gmljb
kem]Zklmdgmef_gyfhehldhfih]heh\_ymiZe
Ghkwj\u^Z`_gbq_]hg_aZih^hajbeb"
G_lulhevdh\a]eygbl_gZwlh]hDZjZGbj\ZgZbkdZ`bl_ihlhffh`_leblZdhcq_eh\_d
hdZaZlvkyg_]h^y_fMg_]hgZklhevdhq_klgh_ebphqlhlhlqZkgZqbgZ_rviblZlvdg_fmh]jhfgh_
^h\_jb_Ylhevdha^_kvmagZeqlhhgb_klv@ml
�EZ^ghgZ^_xkvylh`_m\b`mkvkgbfbdZdke_^m_l\kfhljxkv\_]hnbabhghfbxZevr_
Dh]^Zykgh\Zijbr_e\k_[yygZoh^beky\h^bghq_kl\_Jmdbmf_gy[uebk\h[h^gugZgh]b
[uebgZ^_lu`_e_agu_dZg^Zeu\[blu_\dZf_gvkx^mih^gh]ZfbkijZ\Zke_\ZihaZ^by
�gZsmiu\ZeebrvdZf_gvkdZeuhihlhedZyg_fh]^hlygmlvkyjmdhclZddZdih^gylvkygZgh]b
[ueg_\kbeZoYfh]ebrvkb^_lvbebe_`Zlvy[ueie_ggbdhf
gZ^mr_"Hq_f\u^mfZeb"
Fh`_l_k_[_ij_^klZ\blvYijhdebgZe\k_bfhebekyyqZkZfba\ZegZihfhsvbebjuqZeg_
keurbfucgbd_fYm[_^bekyqlhykh\_jr_gghh]jZ[e_gFg_g_hklZ\bebqZkh\mg_keb^Z`_
reyim
Qlh`ohlyih_a^dmkx^Z\uijh^_eZeb[_a]heh\gh]hm[hjZ\ukhdbck_jucpbebg^je_]dh
kdjZkbl\Zrm[_^m:qlhdZkZ_lkyqZkh\lhklhbeheb`^ZlvqlhjZa[hcgbdbhklZ\yl\Zfklhev
p_ggmx\_sbpmmk_yggmx[jbeebZglZfblhevdhjZ^blh]hqlh[u\ukb^y\wlhcfjZqghcdZfhjd_
fh]ebmagZ\Zlv\j_fy
Fg_`_gm`gh[uehboaZ\h^blvDjhf_lh]hyg_agZedZd^he]hyijhe_`Ze[_akhagZgbyYg_
fh]mhij_^_eblvkdhevdh\j_f_gby`^ZeihdZg_ihy\bekyohlvdlhlhGZdhg_p^\_jvhldjueZkv
KgZjm`bklhye@mlMg_]h[uebkkh[hck\_qZq_jgbevgbpZ[mfZ]Zi_jhfhydgb]ZbdZdZylh
aZibkdZHgjZaeh`be\k_wlhbk_ei_j_^hfghcHg^_j`ZegZ]hlh\_^\Zibklhe_lZqlh[uyg_fh]
gZ[jhkblvkygZg_]h\_^vjmdbmf_gy[uebk\h[h^guAZibkdZ[ueZkhklZ\e_gZbakeh\
\uibkZgguobafh_cdgb]bIjhqblZ\__ymagZeqlhmfjm_kebg_\uibrmq_dgZ^\_klbiylv^_kyl
lukyqibZkljh\BlZdfg_gZ^e_`Zeh\uibkZlvq_dgZijb]hlh\e_gghfebkl_[mfZ]bHg^hklZeba
dZjfZgZdhevphki_qZlvxhlh[jZggh_mf_gybg_fgh]heZdZ^eyi_qZlb
�Wlhihqlbr_klgZ^pZlvlukyqlZe_jh\_eZmwlh]hq_eh\_dZreb[uemqr_g_dm^Z_keb[uhg
ihqZs_eh\beih^h[guoilbq_dbihemqZehlgbo^_gv]bGh\uhldZaZebkvihclb_fmgZmklmidb"
KZfhkh[hcjZamf__lkyHgijboh^be_s_g_kdhevdhjZaghkl_f`_mki_ohfHgjm]ZekygZf_gy
ihlmj_pdbbebihZjfygkdb^Zbih`Zemcihi_jkb^kdbZyhl\_qZegZZg]ebckdhfFug_
ihgbfZebkeh\gh^h]Z^u\ZebkvqlhhgbagZqZlGZdhg_phgijbr_e_s_jZabijb\_ekkh[hc
kem]mhdhlhjhfym`_]h\hjbeFg_k\yaZebjmdbZgh]bhk\h[h^bebhldZg^Zeh\ijhq_flml`_
fg_kgh\Zk\yaZebgh]baZdjueb]eZaZieZldhfbihlZsbebdm^Zlh
Dm^Z"Kgh\Z\rlhevgx"
G_lFurebdZdbfblhdZfhjdZfbbdhjb^hjZfbdZdyfh]km^blviha\mdmrZ]h\KZfyg_fh]
b^lbf_gyg_kebIhlhfkgh\Zmeh`bebgZa_fvF_gyijb\yaZebd\_j_\d_bdZdh_lh\j_fyhgh
ihdZaZehkvfg_\_qghklvxih^gbfZebgZ\_jo
:oLZf\k_lZdb_klvrZolZ?keb[ulhevdh\u\b^_eb]^_jZkiheh`_g\oh^\g__
Ih^h`^bl_GZ\_jomihqm\kl\h\Z\k\_`bc\ha^moyme_]kyEx^blboh]h\hjbebf_`^mkh[hcy
keurZenujdZgv_ehrZ^_cIhlhffg_jZa\yaZebgh]bmkZ^beb\k_^ehbhiylvklygmebgh]b
\_j_\dhcijhimklb\__ih^`b\hlhfehrZ^bIjbwlhfieZlhdg_fgh]hkhkdhevagmebyfh]m`_
qlhlh\b^_lv\hdjm]k_[yohlybg_kebrdhffgh]hYm\b^_ejZa\Zebgu^hfZbfZkkb\gmx
djm]emx[Zrgxhq_\b^ghwlhb[ueZklhjh`_\Zy[Zrgyhdjm]jZkklbeZekye_k
AgZqbl\oh^\rZolmgZoh^blkykj_^bjZa\Zebg\[ebab[ZrgbdZdyb^mfZe
Bf_gghlZdhghb_klvF_gyih\_aebDlhbdm^Z\um`_agZ_l_
=eZaZm\Zk_s_^he]h[uebaZ\yaZgu"
Ih\yadmkgyebebrvi_j_^gZrbfijb[ulb_fdlhfm\j_f_gbkl_fg_ehbyg_fh]m`_gbq_]h
\b^_lvHklZevgh_g_aZq_fm`_i_j_kdZau\Zlv
:qlhijbdexqbehkvk\Zfb"kijhkbey^jZ]hfZgZ_^vbkq_agh\_gb_ehj^Z\klj_\h`beh\Zk
Hg_lhl\_lbehgIjZ\^Zyg_m\b^_e_]hijhkgm\rbkvghdh]^Zykijhkbehg_ffg_
g_h[uqgh]hG_fh]`_yaZij_lblvehj^m\h^bghqdmhkfZljb\Zlv^_j_\gxbex[h\Zlvkyj_dhc
Ihlhfih^t_oZeZebfhgijb[ue_s_ihmljmHgkdZaZefg_qlh\b^_eehj^Zbfh`_lhl\_klbf_gy
lm^Z
HgkdZaZewlhkjZam_^\Zih^t_oZe"
G_lKi_j\Zi_j_]h\hjbekohaybghf
LZdyb^mfZeLhlbgkljmdlbjh\Ze_]hdZd\aylvkyaZ^_ehqlh[uko\Zlblv\Zk:ebf_s_
gZdZgmg_mkeh\bekyqlhijb\_a_l\Zkihlhfmqlhm]e_`h]g_fh]h[tykgylvkykehj^hfBlZd\u
ihrebkgbf"
�ZHgihdZaZefg_f_klh]^_\b^_ebehj^Zghlh]ha^_kvg_[uehFuhlijZ\bebkv_]hbkdZlv
Hq_gvobljhL_f\j_f_g_f\ua\Zebex^_cdhlhjufgZ^e_`Zeh\Zkko\Zlblv
LZdhghb_klv:ebfijb\_ef_gygZdhg_pdklhjh`_\hc[Zrg_]^_ym\b^_eohayckdbodhgxoh\
LZffg_kdZaZebqlhZg]ebqZgbggZf_j_gkh\_jrblvg_[hevrh_iml_r_kl\b_bfg_iheZ]Z_lky
khijh\h`^Zlv_]hHldZa[m^_lhagZqZlvfhxkf_jlvF_gyko\Zlbebijb\yaZebdehrZ^bbgZ^_eb
gZ]eZaZih\yadmdZdbehj^mbgblvf_gy\kemqb\r_fkyg_\ijZ\_gbdlh
Wlhgbdhfm\]heh\mg_ijb^_lZk[_a\kydhc\bguohl_ebebrblv`bagbufh`_l_ebrv
ihfhqvgZdZaZlvwlboex^_cGZ^_xkv\u[m^_l_lsZl_evghhojZgylvbo
KZfhkh[hcjZamf__lkyghygZ^_xkvqlh\ug_aZklZ\bl_k_[y`^Zlv_^vg_ba\_klghqlhfh`_l
kemqblvky
Yihki_rm?keb[uyagZeohlvdh]hlh\Dhemqbg_]^_[m^mijh_a^hflhihkeZe[u\Zf\
ih^fh]mg_kdhevdbogZ^_`guoex^_c^Z[uhgbkhklZ\beb\ZfdhfiZgbxGhyg_agZxlZfgbdh]hb
[hxkvdZd[ug_ijbkeZlv\Zf^jm`dh\m]e_`h]Z
LZdyfh]mgZa\Zlv\Zfh^gh]hddhfm\ufh`_l_h[jZlblvkybeb^Z`_^\hboMfh_]hkhk_^Z\
:glb\Zjb`_gZjh^hfbaDhemqbgZMg__hklZebkvlZf^\Z[jZlZh^gh]hbadhlhjuohgZqZklh
gZ\_sZeZYagZx_]hhq_gvohjhrhbfh]m_keblj_[m_lkyihdeyklvkyqlhhgq_eh\_d\_jgucb
gZ^_`gucbhohlghijb^_lfg_ihfhqvHgfh`_lijb\_klbkkh[hc[jZlZbgZ\_jgh__s_h^gh]h
agZdhfh]h
:dlhwlhlq_eh\_d"
�HgjZ[hlZ_l\dZf_ghehfg_dj_idbciZj_gvlZdhcbljhbog_m[hblkyAh\ml_]hmeZdOhlbl_
iha\Zlv_]h"
�Zyijbrex_]hkx^Z_kebhgkh]eZkblky?kebhggZc^_lk_[_kimlgbdh\lhfuijb\_a_fbo
kx^Z_`_ebmgbog_hdZ`_lkyehrZ^_cQlh`ih]h\hjbebfu\^h\hevIhjZkiZlvfug_agZ_f
qlhijbg_k_l]jy^msZyghqvFu[jhkbfebrv`j_[bcqlh[umagZlv\dZdhfihjy^d_\uklZ\eylv
qZkh\uoGZjZkk\_l_fuhlijZ\ey_fky\imlvqlh[um`_dihem^gx[ulvfh`_lhdZaZlvky\
Jm]h\_
=hkih^bgkdZaZei_j_\h^qbdg_gm`ghgbdZdboqZkh\uodjhf_f_gyZfk\Zrbfb
�kimlgbdZfbaZ\ljZijb^_lkygZijyqvkyZy\wlh\j_fyfh]ma^_kvhl^hogmlvhjZkk\_lZhklZebkv
kqblZggu_qZkuLZdm\Z`vl_fhxijhkv[m
Yg_ohl_ewlh]hghhglZdgZklZb\Zeqlhyihklmibe_fm\m]h^mY[uem\_j_gqlhgZg_]hfh`gh
iheh`blvkybaZ\j_fygZr_]hkgZhgg_kh\_jrblgbq_]h^mjgh]h
k_`_yg_fh]kihdhcghkiZlvY\gh\vb\gh\v^mfZehaZi_jluogZfbjZa[hcgbdZo\_^vhgbfh]ml
ihr_eddhgxrg_ihkfhlj_lvgZq_l\_jdmklhy\rbolZfehrZ^_cA^_kv`_\bk_ebk_^eZbihihgu
&#xbl;&#x_r;&#x;�GZ^\moihihgZo[ueb\urblu[md\u6Wb:GZ\_jgydZwlhagZqbehKlhcdhbl_r\_
ehrZ^b\lhfqbke_dZmjZyb^\Zk_^eZ[ueb_]hHgihemqblbo\gh\v
Yijh[m^bek\hbolh\Zjbs_cZaZl_faZihea\i_s_jmqlh[um[_^blvkyqlhie_ggbdbgZ^_`gh
aZdjuluY\_e_eijbg_klbbf\h^ubgZihblvbo?^mhgbg_ihemqbebohly\dhfgZl_m]e_`h]Zy
aZf_lbefmdmb^jm]b_kt_klgu_ijbiZkugh\dZdhf`_khklhygbb\k_wlh[ueh
Hjm`b_gZc^_ggh_\lZcgbd_fuohl_ebki_j\Zk`_qvqlh[uhghg_[uehgZfh[mahch^gZdhihlhf
g_klZeb_]hmgbqlh`ZlvImklvi_j_\h^qbd\havf_l_]hb^_eZ_lkgbfqlhohq_lHgh[_sZeqlh
g_gm`gh__fmhjm`b_jZa^Zklex^yfdhlhjuofuijbre_fdg_fmbaDhemqbgZFu_s_jZa
ihkh\_lh\Zeb_fmohjhr_gvdhijbkfZljb\ZlvaZi_s_jhcbihijhsZebkvgZ^_ykv\kdhj_
m\b^_lvkykgbf?keb`_\klj_qZg_khklhblkyehj^h[_sZe_fmhlijZ\blvmkeh\e_ggmxieZlm
^hfhc\:glb\ZjbKhegp_lhevdhih^gbfZehkvgZ^\hklhqghcklhjhghc]hjbahglZdh]^Zfu
ihdbgmebjhdh\mx^hebgm
=eZ\Z
�G:I:?GB?
�?s_gbdh]^ZoZ^`bg_^_j`Zeky\k_^e_klZdbfbays_kl\hfdZd\lhmljhZ[ug_\hablvkkh[hc
gZc^_ggu_^hki_obqlh[uehh[j_f_gbl_evghhggZ^_egZk_[ydhevqm]mijbkl_]gmekZ[exba
�ZfZkdZbkmgmeaZihykdbg`ZeH[eZqb\rbkv\^hki_obKlhcdhb\ay\kkh[hc_]hhjm`b_fZeur
klZeb^_j`Zlvkyihbghfm\hh[jZ`Zyk_[ykh\k_f^jm]bfq_eh\_dhfdm^Zemqr_ij_`g_]h
Qlh[udhevqm]Z[jhkZeZkv\k_f\]eZaZhgg_klZegZ^_\ZlvdZnlZgZebrvgZdbgme_]hbijb\yaZe
ijhimklb\ih^furdhc[_q_\dml_i_jvdZnlZgh[e_]Ze_]hkeh\ghfZglbyZijb[ukljhc_a^_
jZa\_\ZekydZdneZ]Dlxj[ZgmfZeurijbdj_ibeihehkZlucdjZkguck`_elufr_edh\uc
�ieZlhdgZihfbgZ\rbchDhgklZglbghihe_ieZlhdlh`_dhd_leb\hjZa\_\Zekymg_]haZkibghch
[e_kdZgZqbs_ggZydhevqm]Zk\_jdZeZbbkdjbeZkv\emqZokhegpZdhlhjh_ih^gyehkvdh]^Zfu
fbgh\Z\jZa\bedm]^_jZkoh^bebkvdhe_bhklZ\e_ggu_l_e_]hcih^gyebkvgZ]hjmkem`b\rmx
��\h^hjZa^_ehff_`^mjbghcbLj_kdhcfhsgufbmklmiZfbhgZkimkdZeZkv\^hebgmjbgu
Fg_qZklhijboh^blkymihfbgZlvhl\_kgu_kdZeuijhiZklbbml_kubwlhg_^he`ghgbdh]h
m^b\eylv=hju;ZedZgkdh]hihemhkljh\Zhkh[_gghe_`Zsb_\aZiZ^ghc_]hqZklbbij_`^_\k_]h
�RZjZ]keh`_gu\hkgh\ghfba]jhfZ^guokdZevguo]eu[bkk_q_gguojZkk_ebgZfbHl\_kgu_
kl_gu\ukhlhc\g_kdhevdhkhl_gb^Z`_\lukyqmkebrgbfnmlh\a^_kvg_j_^dhklvIh^klmiZyd
wlbfklhysbf\iehlgmxkl_gZfq_eh\_dgbdh]^Zg_[u\Z\rbca^_kvbkiulu\Z_lqm\kl\hdjZcg_c
[_kihfhsghklbDZ`_lky[m^lh]jhfZ^gu_kdZeu\hl\hlh[jmrZlkygZg_]hOhq_lkyih\_jgmlv
gZaZ^qlh[uba[_`Zlv[_^ug_\hevghgZqbgZ_rvihlhjZieb\ZlvehrZ^_cqlh[uba[Z\blvkyhl
wlh]hqm\kl\Z[_kihfhsghklblZdm]g_lZxs_]hkhagZgb_q_eh\_dZbihkdhj__fbgh\ZlvhiZkghklv
=hjuaZsbsZxlk\hbo`bl_e_ce_]dhihgylvihq_fm]hjpZf\k_]^Zm^Z\Zehkv[he__bebf_g__
mki_rghhlklZb\Zlvk\hxg_aZ\bkbfhklv\kjZ`_gbyokqm`_a_fgufbaZo\ZlqbdZfbWlbfjZqgu_
m]jh`Zxsb_oheh^gu_ijhiZklbbms_evydhg_qgh`_kbevghih\ebyebgZoZjZdl_jbh[ebd
f_klgh]hgZk_e_gbyRlbilZj\klj_lb\rbkvkqm`Zdhf^_j`blkylZd`_k_jv_aghaZfdgmlhb
\jZ`^_[ghdZdb_]hkljZgZ?]h`bebklZymijm]Zynb]mjZ_]hk_jv_agh_ebphk]jZgblgufb
g_mfhebfufbq_jlZfb_]hoheh^gucgZkmie_gguc\a]ey^g_baf_gghgZihfbgZxlhlhfqlhhg
kdZeZfb\wlbolZcgbdZobijhiZklyo^mrb[mjeyl\h^ug_gZ\bklbf_klbbg_mlboZxs_]h]g_\Z
Wlbex^bih^hajbl_evgubg_^h\_jqb\u^Z`_^jm]k^jm]hfIe_f_gZh[hkh[eyxlky^jm]hl^jm]Z
hl^_evgu_k_fvbbex^b^_j`ZlkylZd`_hkh[gydhfEbrvgZqm`Zdh\hgb^jm`ghhiheqZxlkydZd
bbo]hju\uklmiZxsb_kl_ghchklZ\eyyimlgbdZfmadb_ljhiuihdhlhjufm^Z_lkyijh[bjZlvkyk
g_fZeufljm^hf
Ih^h[gufjZafure_gbyfyij_^Z\Zekydh]^Zfuke_^my\^hevdhe_bhklZ\e_gghcl_e_]hc
fbgh\Zebl_kgbgubjZaehfumk_yggu_hkdhedZfbkdZehklju_]j_[gbbihdZlu_]eZ^dhjZafulu_
\h^hckdehguYg_fh]ihgylvdZdXgZdlhj]h\_pm]e_fjZat_a`Zeihwlhc^hjh]_gZk\h_c
`Zedhcih\had_b^bfhehrZ^vl\hjbeZkmsb_qm^_kZex[hfkemqZ_hgimkdZeky\k\hcljm^guc
bhiZkgucimlvg_lhevdhjZ^blh]hqlh[ulhj]h\Zlv^j_\_kgufm]e_fbkZ`_cKdhj__y[ue
m[_`^_gqlhwlbih_a^db\lZcg_kem`bebij_klmigufaZfukeZf@mlZbm]e_`h]Z
Ihke_lh]hdZdfuij_h^he_ebhkgh\ghc]hjgucfZkkb\^hjh]ZklZeZemqr_Fukimklbebkv\
�ij_^]hjv_m`_g_kdhevdhjZafuaZf_qZebk\_jdZ\rb_\gbam\h^uQ_jghcjbguFjZqguc[hj
ih^ZekygZaZ^mklmib\f_klhj_^dhfmi_j_e_kdmihkl_i_gghi_j_oh^b\r_fm\ijb\_leb\mx
ihjhkevdmklZjgbdZdh_]^___jZkk_dZeba_e_gu_ihehkugZihfbgZ\rb_em]ZgZdhg_pfu
^hklb]ebj_db
A^_kv[ue[jh^hdhlhjhf]h\hjbeZebfKe_^ul_e_]bmoh^beb\\h^mb\gh\v\b^g_ebkvgZlhf
[_j_]m
Ijh^_eZggucimlv[ue\^\hcg_h[j_f_gbl_e_gihkdhevdmfu\_ebkkh[hcaZo\Zq_gguogZfb
ehrZ^_c?s_ljm^g__[uehi_j_\_klbboq_j_aj_dmt_a`Zlv\\h^mijbrehkvihh^bghqd_D
kqZklvx^Ze__^hjh]Zg_m]hlh\beZgZfljm^ghkl_cHgZlygmeZkvihkl_ibbiheh]h\a^ufZeZkv
\\_joihlhfgZqZebkv\ha^_eZggu_iheybmih^gh`by]hjghcp_ibihdZaZekyDhemqbgIhe_\mx
jmdmreZ^hjh]Zba=mjZk_g^ubB[Zebjy^hfkg_cbjZkdbgmeZkvwlZ^_j_\gyKZfZ^hjh]Zklhev
`_fZehaZkem`b\ZeZih^h[gh]hgZa\ZgbydZdiZmdbf_gbdheb[jbbeb`_djhdh^begZa\Zgby
jZckdhcilbpu
�I_j\h]h`_\klj_qgh]hfukijhkbebhmeZd_dZf_ghl_k_Ijhoh`bchdZaZeky_]h[jZlhfb
�jZ^mrghhl\_egZkd`bebsmmeZdZlhl[ue^hfZ
;jZlvy[uebex^vfbdj_idbfbohlvhgbb\u]ey^_eb^bdZjyfbq_jluebpZbo\gmrZeb^h\_jb_Bo
`bebsZjZkiheZ]ZebkvgZ[eb`g_fdjZx^_j_\gbIhwlhfmgZr_ihy\e_gb_gbdlhg_aZf_lbegZgZk
g_ijbgyebkv]eZa_lvdZdwlh\h^blkybi_j_fu\ZlvgZfdhklhqdb
K\hbokimlgbdh\yihkeZehl\_klbehrZ^_caZ^hfZkZf\hr_ek[jZlvyfb\gmljv`bebsZqlh[u
khh[sblvbffhxijhkv[mFg_ohl_ehkvqlh[ugZk\b^_ebdZdfh`ghf_gvr_ex^_cbgbdlhg_
magZe[uqlhfuhlijZ\bebdh]hlh\klhjhgmi_s_ju
Dh]^Zyh[tykgbeq_]h^h[b\Zxkvbmihfygmei_j_\h^qbdZh[ZlhlqZkhohlghkh]eZkbebkv
\uihegblvfhxijhkv[mghhkl_j_]ebf_gyhllh]hqlh[uyk\yau\Zeky_s_kd_fgb[m^v
�AgZc`_]hkih^bgkdZaZemeZdqlhgbgZdh]hdjhf_gZklug_fh`_rviheh`blvkyA^_kv
\k_ex[yl[h]ZqZDZjZGbj\ZgZGbdlhg_ih\_jblqlhhgb_klv@mlb_kebaZf_lylqlhlu
kljhbrvdhagbijhlb\g_]hlml`__]hhkl_j_]mlFukZfbohlbfl_[_hldjh\_gghkdZaZlvqlh\
jZkkdZal\hcgZf\_jblkykljm^hfGhludZ`_rvkyq_eh\_dhfk_jv_agufbq_klgufbjZam`l_[y
ijbkeZedhfg_fhc^jm]^jZ]hfZglhfuk^_eZ_f\k_qlhluijhkbrvGh[hevr_fukemrZlvh[
kZfhfmg_ke_^hklZ\Zlvkya^_kv^hevr_q_fgm`gh
?klvm\ZkehrZ^b"
G_l?kebfg_gm`gZehrZ^vqlh[ugZ\_klblvk_kljm\:glb\Zjblhye_]dhh^he`mmdh]h
gb[m^v:ihq_fmlukijZrb\Z_rv"GZfqlhgZ^h_oZlv\_johf"
�Zqlh[uih[uklj__ijb[ulvdi_j_\h^qbdmuagZ_l_^hjh]m\^hebgm]^_`b\_lm]e_`h]"
Hq_gvohjhrh
Lh]^Zy^ZfehrZ^_c\Zfbfh`_lhgbhklZgmlkym\ZkgZ\k_]^Z
YjZkkdZaZebfdZdbfh[jZahffujZa^h[uebehrZ^_cbkijhkbe_]hagZ_lebhgZeZ^`bbg_\b^_e
ebbokemqZcgh
AgZ_ffubohl\_lbedZf_ghl_k\_^vhgblhb^_ehrZlZxlkyihwlbff_klZfHgbgZ\h^yl
kljZoghaZ_a`Zlv\^_j_\gx\k_`_g_hl\Z`b\Zxlky?keby\_jgh^h]Z^u\Zxkvhgbkgh\Za^_kv^Z
_s_g_h^gbKm`mh[wlhfihlhfmqlh\b^_e\q_jZ
:fh]mymagZlvqlhlu\b^_e"
MfZeqb\Zlvfg_g_aZq_fDZf_ghehfgy]^_yjZ[hlZxe_`bl\klhjhg_hl^hjh]b\_^ms_c\
Jm]h\mke_\Z\e_kmQlh[uihiZklvlm^ZgZ^hfbgh\Zlv^_j_\gxbiheqZkZb^lbihlhc^hjh]_
ihlhfkoh^brvkg__bgZijZ\ey_rvky\e_kwlhff_kl_\kdZe__klvg_[hevrZyihemdjm]eZy
gbrZhgZ]mklhihjhkeZdmklZjgbdhfjy^hfijhoh^bl^hjh]ZFg_gZ^hfbgh\Zlvwlmgbrmdh]^Zy
b^mgZjZ[hlmbdh]^Z\_q_jhf\ha\jZsZxkv^hfhcq_jZ\_q_jhflhevdhihjZ\gyekykgbr_c
keurm\dmklZo]hehkZAZ]eygmelm^Zb\b`m\hk_fvbeb^_\ylvehrZ^_cjy^hfklhblklhevdh`_
ex^_cYg_fh]magZlvboebpZgh\k_`_[ueh^h\hevghk\_lehbyaZf_lbeqlhkj_^behrZ^_c
[ueb^\_i_]b_Ba\_klgh\_^vqlhZeZ^`b_a^ylgZi_]boehrZ^yoihwlhfmylhlqZk^h]Z^Zekyqlh
h[ZwlbojZa[hcgbdZlh`_a^_kv
L_[ywlbex^b\b^_eb"
G_lykjZamih\_jgmegZaZ^b^\bgmekygZijZ\hd^_j_\g_Dh]^Ze_kdhgqbekybihdZaZebkv
i_j\u_^hfZyhiylvaZf_lbe\ljZ\_dZdh]hlhq_eh\_dZ?]hehrZ^viZkeZkvg_ih^Ze_dmHgkb^_e
bih]ey^u\Ze\klhjhgm^_j_\gbIhoh`_`^Zedh]hlhhllm^Z
Lu]h\hjbekgbf"
G_lHkl_j_]kyymagZ\Zlvh[bo^_eZo
Y[uem\_j_gqlhZeZ^`bj_rbebgZiZklvgZgZkijblZb\rbkv\wlhcgbr_Hgb^h]Z^u\Zebkvqlh
fuih_^_fihlhc^hjh]_H^bghdbc\kZ^gbd[ue^hahjgufhg^he`_g[uekhh[sblvhgZr_f
ijb[ulbbYhk\_^hfbeky
:g_evayebih_oZlv\Jm]h\mih^jm]hc^hjh]_"
G_l]hkih^bg^jm]hc^hjh]bg_l
:g_evayebh[t_oZlvf_klhaZkZ^u"
Bf_klhwlhfbgh\Zlvg_evay
:g_evayebih\_jgmlvgZijZ\hdj_d_"
Dkh`Ze_gbxg_lIhijZ\mxklhjhgmhl^hjh]bki_j\Zlygmlkyiheyihlhfem]Z^Zevr_dj_d_
�ljykbgZLZf]^_dhgqZ_lkylhiv\a^ufZxlkydjmlu_\ukhdb_kdZeuhjh]Zih`Zemc[hevr_qZkZ
b^_lkj_^bkdZeihqlb^hkZfhcJm]h\uGZkdZeuwlbg_\ah[jZlvkyijZ\^Zdh_]^_\klj_qZxlky
ms_evygh_kebk\_jg_rvlm^Z\kdhj_ijb^_lkyih\hjZqb\ZlvgZaZ^ihlhfmqlh^hjh]b^Zevr_g_
:qlhlZfk^jm]hcklhjhgu^hjh]b"
��LZflh`_ljykbgZZ`_bg_\u^mfu\Zcqlhkmf__rvlZfijh_oZlvLuih]b[g_rvZevr_kgh\Z
gZqbgZxlkykdZeu
Qlh`ijb^_lky_oZlvfbfhgbo
Fh`_l[ukljhbijhkdhqbl_lhevdhimevbdZfg_cih\Zrm^mrmo\Zlbl
Ihke_wlhcj_dh]ghkpbjh\dbf_klghklbyi_j_^Ze_fmb_]h[jZlmehrZ^_cYijb^_j`Zeebrv
dZmjmxehrZ^vb_s_h^gmemqrmxbahklZ\rbokyehrZ^_cboy\_a^eyKlhcdhOZe_n^Ze
[jZlvyfih^Zjdbbak\hboaZiZkh\hq_gvh[jZ^h\Z\boIhlhffuihijhsZebkv
�_j_\gxfufbgh\Zeb]ZehihfghgZhdhebp_hklZgh\bebkvYkhh[sbek\hbfkimlgbdZf\k_qlh
magZehldZf_ghl_kZihlhfihf_gyekykOZe_nhfehrZ^vfbbihijhkbe_s_g_kdhevdhfbgml
ih^h`^Zlvblhevdhihlhff_^e_ggh_oZlvfg_\ke_^Y`_ihkdZdZeklhevklj_fbl_evghqlh
ihjZ\gyekyk^hahjgufbbohdZaZehkv^\h__s_^hlh]hdZdhgbaZf_lbeb\kZ^gbdh\
�ke_^h\Z\rboaZfghchahjgu_e_`Zeb\ljZ\_gZhimrd_e_kZBoehrZ^biZkebkvjy^hf
Hgbm\b^_ebfh_ihy\e_gb_b\_jhylghh[f_gyebkvdZdbfblhj_iebdZfb\fhcZ^j_kH^_luhgb
[uebdZdgbsb_gh]eZaZboemqbebkvobljhklvxbhl\Z]hc
Yihijb\_lkl\h\Zebokiju]gmekdhgybf_^e_gghdgbfgZijZ\bekyHgbijb\klZebbkf_jbeb
f_gyp_idbfb\a]ey^ZfbBohq_gvjZkk_j^behqlhyg_hklZeky\k_^e_Ihgbfwlh[ueh\b^gh
Qlhl_[_a^_kvgm`gh"Ihq_fmlug__^_rv^Zevr_"ijbdjbdgmegZf_gyh^bgba^hahjguo
Ihlhfmqlhohl_ejZamagZlvm\Zk^hjh]m]eZkbefhchl\_l
Fh][ubhklZlvky\k_^e_G_lmgZk\j_f_gbklh[hc\hablvky
JZa\_\udZdhclhjZ[hlhcaZgbfZ_l_kv"G_\b`mqlhlh
Wlhl_[yg_dZkZ_lkyKijZrb\Zcbfuhl\_lbfZihlhfdZlbkvhlkx^Z
Jm`vyhgb[jhkbebgZa_fe_Gh`bbibklhe_lulhjqZebmgboaZihykhf\ex[hcfhf_glhgb
]hlh\u[ueb\aylvkyaZgboFg_gZ^h[ueh^_ckl\h\ZlvlZd[ukljhqlh[umgbog_hklZehkv
\j_f_gb\uo\Zlblvhjm`b_KlZjZykvg_\ha[m`^Zlvboih^haj_gbcyhklZ\bejm`v_ijbkl_]gmlufd
k_^_evghckmfd_IhwlhfmgZ^h[ueh\aylvh^ghbabojm`_cqlh[um^ZjZfbijbdeZ^Zmeh`blvbo
Kkh\_jr_ggh[_ah[b^ghcfbghcgZebp_yijhbag_k
Ihoh`_\u\^mjghfgZkljh_gbbbfg_[udhg_qghemqr__oZlvhlkx^Zijhqvghy\_^vg_agZx
^hjh]b\hlbijboh^blkyijhkblvm\Zkkh\_lZ
Q_]h`_lu\^_j_\g_kijZrb\Zlvg_klZe"
MagZ\Ze^Zlhevdhg_jZah[jZekyy\lhfqlhkdZaZeb
�ZlugZ\_jgh_g_ihgye]h\hjZwlboex^_cKm^yihl\h_cj_qbluq_eh\_dg_a^_rgbcHldm^Z
`_lu\ayekylZdhc"
BaB[Zeb
Bdm^Zimlv^_j`brv"
Jm]h\mlm^ZgZ\_jgh_wlZ^hjh]Zijb\_^_l
�ZhgZlm^Z\_^_lL_[_gm`gh_oZlvihg_cbg_aZ[em^brvky^hjh]Zgb]^_g_k\hjZqb\Z_lD
dhfm`_lu_^_rv\Jm]h\_"
D[ZjurgbdmDZjZGbj\Zgmqlh[uaZdexqblvkgbfh^gm[hevrmxk^_edm
hldZdDlh`_lu"
�Yhk_dkyjm]hc^hkboihjhgihfZedb\Zebkimklbe]jhfdbc\hievbk^_eZeg_kdhevdhrZ]h\
\i_j_^m^Zeb\rbkvhljm`_cHg\kfZljb\Zeky\klhjhgm^_j_\gb
QlhlZdh_"kijhkbe_]hlh\Zjbske_^myaZgbfyhklZekygZf_kl_
LZf_^ml\kZ^gbdbHgbqlheb"
Boq_l\_jh_jghGZ^hk_cqZk
Hgg_mki_ehdhgqblvnjZamKlhymgboaZkibghcygZdehgbekybgZr_e\ljZ\_h^ghbajm`_c
Ihke_i_j\h]h`_m^ZjZijbdeZ^hf]h\hjb\rbck\ZebekyZ^jm]hcm^ZjkoehihlZe_]hlh\Zjbs
^Z`_g_mki_\h[_jgmlvkyIhlhfyh[j_aZemehrZ^_cih\h^vyih^ijm]bbklj_f_ggu_j_fgbqlh[u
k\yaZlvbfbh[hbofheh^qbdh\YihqlbmijZ\bekykwlbf^_ehfdh]^Zih^t_oZebfhbkimlgbdb
�\hbo\h^bghqdm"kdZaZeehj^Ohjhr_gvdZyjZ[hlZ
Hjm`b_wlbojZa[hcgbdh\gZf[uehgbdq_fmihwlhfmfujZaehfZebjm`vybibklhe_lub
\u[jhkbebboh[ehfdb\[eb`Zcrmxem`m
L_i_jvlj_[h\ZeZkvhklhjh`ghklvYkgh\Zmk_ekygZ\hjhgh]hfuf_^e_gghih_oZeb\i_j_^^_j`Z
gZ]hlh\_jm`vy?keb[uihe_\mxjmdmhlgZk[uee_kgZf[ueh[ue_]q_ih^djZklvkyih^
ijbdjulb_f^_j_\v_\gh_^\ZgZqZekye_kdZdi_j_^gZfb\af_lgmeZkvhl\_kgZyihjhkrZykhkgZfb
kdZeZ
KijZ\Zfum\b^_eb[hehlhHghh[fZgqb\hihjhkehfohfbjZkl_gbyfbjZkdbgm\rbfbrbjhdb_
ebklvyljZ\ygbklu_mqZkldbq_j_^h\Zebkvkfmlgufbem`Zfb\u]ey^_\rbfbhq_gvdh\Zjgh
Fu_oZebihh^bghqd_]mkvdhfDkh`Ze_gbx^hjh]Z[ueZdZf_gbklhcihwlhfm\hdj_klghclbrbg_
^h\hevgh\gylghkeurZehkvphdZgv_dhiulIjbf_jghq_j_aq_l\_jlvqZkZ[hehlhihijZ\mxjmdm
dhgqbehkv_]hkf_gbeZkdZeZIhe_\mxjmdm\b^g_eZkvlZkZfZygbrZhdhlhjhc]h\hjbe
dZf_ghl_khl\hlfuihjZ\gyebkv[ukg_c
Fuih_oZeb_s_f_^e_gg__bhklhjh`g__q_fij_`^_Y_oZe\i_j_^bbm`_ohl_eih\_jgmlvkyd
k\hbfkimlgbdZfqlh[ukdhfZg^h\Zlvbfi_j_clbgZ]ZehidZd\^jm]jZa^Zeky]jhfdbcdjbd
Ijh]j_f_e\uklj_eimeyijhk\bkl_eZfbfhf_gyblml`_yihemqbedZfg_fih]heh\_hlm^ZjZy
_^\Zg_ebrbekyqm\kl\bkdjuaZk\_jdZebmf_gyi_j_^]eZaZfb\k_fbp\_lZfbjZ^m]bDkqZklvx
dZf_gvebrvaZ^_ef_gy\kdhevav?]haZimklbebbaijZsb?keb[um^Zjijbr_ekylhqgh\p_evlh
�[ueh[ue_]dhih\_jblvqlhZ\b^fh]dZfg_fims_ggufbaijZsbm[blv=hebZnZ
ijhq_fij_^Z\Zlvkyih^h[gufjZafure_gbyf[uehg_dh]^ZDZf_gvihiZe\dZmjmxehrZ^vblZ
\a\beZkvgZ^u[ulZdqlhEbg^k_xijbrehkvijbeh`blv\kxk\hxkghjh\dmqlh[ug_k\Zeblvky
i_j_^djbdgmeOZe_nIjh[v_fky
Hgoe_klgmeehrZ^vie_ldhcbklj_ehcihfqZeky\i_j_^HkdhbHfZjihke_^h\ZebaZgbfEbg^k_c
`_g_fh]kijZ\blvkykhk\h_cehrZ^vxHgZey]ZeZkvbmibjZeZkv
YhklZgh\bekyihkj_^b^hjh]bFg_dZaZehkvqlh\fh_c]heh\_aZ\_eZkvlukyqZdhehdhevp_\b
dhehdhevqbdh\kZfhcjZaghc\_ebqbgub\k_hgba\hgbebYg_fh]gb^mfZlvgb_oZlv\i_j_^
Kgh\Z]jygme\uklj_eKlj_eyebkmklmiZkdZeuImeym^ZjbeZkv\a_fexijyfhi_j_^fhbf
\hjhguf_]hhdZlbehdZf_gghcdjhrdhc
Y\b^_eklj_edZhg[uef_ljZo\k_fgZ^pZlb\hk_fgZ^pZlbhlf_gyBa^_\Zl_evkdbhkdeZ[b\rbkv
hgp_ebeky\f_gybaibklhe_lZWlZkp_gZohlvg_fgh]hijb\_eZf_gy\qm\kl\hYijh\hjghih^gye
dZjZ[bgb\uklj_ebelhl`_fb]k\_jdgme_]hibklhe_lHgkgh\Zg_ihiZe\f_gyaZlhfhyimey
dhlhjhckb^_eEbg^k_c\k_`_ihgyeZqlhlmlqlhlhg_eZ^ghHgZ_s_jZahimklbeZ]heh\m
^_jgmeZkvaZ^hfbihfqZeZkvlZdqlhdg_kqZklvx\kZ^gbd]heh\hcaZ^_eih^gylh_fghcjm`v_b
\u[be_]hbajmdLml`_yihemqbem^Zj\e_\h_[_^jhbjZkieZklZ\rbkvh[gyedhgyaZr_xQlh
lh^_jgmehf_gyaZihyk\hjhghcijygme\klhjhgmb_keb[uyg_klbkgme_]h[_^jZfblhk\Zebeky
[u?s_h^bgkbevgucm^Zjih]heh\_behj^mg_kkydm^Zlh\^Zev
Wlhlg_\_amqbc^`_glevf_ghklZ\bef_gyihqlb[_ahjm`bydh]^Zy\g_flZdgm`^ZekyYg_\b^_e
dZdwlhkemqbehkv\_^vfhc\a]ey^\k__s_[ueijbdh\Zgdq_eh\_dmmiZ\r_fmkhkdZeuYmagZe
ih^jh[ghklbiha^g__hlEbg^k_yHg^_j`Zejm`v_\ijZ\hcjmd_dj_idhk`bfZy_]hqlh[uehrZ^v
k\hbfrZjZoZgv_fg_\u[beZ_]hBlZddh]^ZdZmjZyehrZ^vijhfqZeZkvjy^hfkhfghcEbg^k_c
ki_j\Z\u[be]heh\hcdZjZ[bgbafhbojmdZihlhfkl\hehfjm`vyaZ^_efhxgh]mlZdqlhkl\he
aZp_ibekyaZfhcihykjZahj\Ze_]hZihlhfaZimlZeky\j_fg_gZdhlhjhf[ueZijblhjhq_gdk_^em
f_^\_`_[hchglh`_k\ZebekygZa_fvOhlyy[ukljhihlygmekyaZg_cghg_ko\Zlbegb__gb
j_f_gvbebrvihcfZeq_dZgdhlhjuclhjqZemf_gyaZihykhfJm`v_dZjZ[bgihykbrZjnk
gh`hfbj_\hev\_jZfbhklZebkve_`ZlvgZa_fe_
Y[ujZ^[uekiju]gmlvqlh[uih^gylvk\hb\_sbghklhedgm\rbkvkdZmjhcfhcihkemrguc
ij_`^_\hjhghckeh\ghh[_amf_eHg]g_\ghaZj`ZebihfqZeky\^h]hgdmaZh[b^qbp_cfg_
hklZ\Zehkvebrv\uijyfblvkydj_idhk`bfZyq_dZg
i_j\ucjZaJbi_j_klZekemrZlvkyf_gybihg_khg[md\Zevghijhe_l_efbfhaZkZ^u=j_f_eb
\uklj_eudjbqZebex^bq_dZgijhk\bkl_ejy^hfkhfghcYih^gyeih\h^vybhldbgmekygZaZ^
ihlhjZieb\Zy\hjhgh]hYm`_g_h[jZsZegbgZqlh\gbfZgb_\uklj_edjbdehj^dm\ujdgmeky
bak_^eZbmiZegZa_fvfhc\hjhghcklhedgmekykdZmjhcK_]h^gyym\_j_gqlh\hjhghcwlhk^_eZe
mfure_gghhgohl_ehlieZlblvdZmjhcaZlhlm^Zj
P_ebk\h_chg^hklb]Hg_s_jZaaZj`Zebl_i_jvkgh\ZklZekemrZlvkyih\h^v_\Fg_`_[uehg_
ihk_[_f_gylhrgbehi_j_^]eZaZfb[uehl_fghIhaZ^bkeurZebkv^bdb_djbdbbphdZgv_dhiul
i_j_^bjZa^Zeky]hehkOZe_nZ
Ehj^ehj^GZaZ^[uklj__gZaZ^
Ykh[jZekykkbeZfbbiju]gmeg_ly\u\Zebekybak_^eZqlh[uijbclbgZ\ujmqdmEbg^k_x
e_`Z\r_fmgZa_fe_[_a^\b`_gbyGh\hcjZa^Z\rbckyihaZ^bgZkhl\e_dfh_\gbfZgb_hl
Zg]ebqZgbgZ:eZ^`b]jhfZ^gufbiju`dZfbkimkdZebkvkhkdZeuke_^hfki_rbebr_kl_jhbeb
\hkvf_jhfheh^qbdh\bkimkdZy^vy\hevkdb_\hiebbklj_eyy\gZkgZ[_]m]emihklvkboklhjhgu
\_^vhgbiZebebfbfh?keb[uhgbih[_j_]ebimebihdZg_ih^[_`Zeb[eb`_lhkgZfb\k_[ueh
[udhgq_gh
ih^h[gu_f]gh\_gbyg_l\j_f_gb[hylvkybg_l\j_f_gbk_lh\Zlvqlhlj_sbl]heh\ZY\b^_e
[_`Z\rbogZ\klj_qm\jZ]h\b\ha\jZsZ\rbokydgZf^jma_ci_j_^b\k_o[_`ZeOZe_n
=^_jm`vy"kijhkbehgiju]ZykehrZ^bfqZ\r_ckyqmlvebg_]ZehihfKb^b]^_jm`vy"
?kl_kl\_ggh\j_f_gbgZh[tykg_gbymf_gyg_[ueh\_^vq_j_adZdbolhq_luj_k_dmg^uZeZ^`b
gZklb]eb[ugZk
Klhcl_Klj_eycl_]jhfdh\hkdebdgmey
Mf_gyhklZ\Zehkvebrv\j_fyqlh[ue_\hcjmdhc\uo\ZlblvmoZ^`bkZ[exbagh`_gijZ\hc
jmd_mf_gy[ueq_dZgylml`_hlkdhqbe\klhjhgmijb`Z\rbkvdkdZe_qlh[uijbdjulvlue
q_dZgu\e_\hcjmd_hgb^_j`Zebibklhe_lugZijZ\b\bogZf_gykjZkklhygby\^\_gZ^pZlv
ljbgZ^pZlvrZ]h\hgb\uklj_ebebY[jhkbekygZa_fexImebm^Zjbebkv\kdZemgZ^fh_c]heh\hc
Yh`b^Zeih\lhjguo\uklj_eh\\_^vibklhe_lubofh]eb[ulv^\mkl\hevgufbihwlhfmfb]hf
hlkdhqbedZdfh`gh^Zevr_dkdZe_ihij_`g_fmdj_idhk`bfZy\jmdZokZ[exbq_dZg\_jgh
?s_^\Z\uklj_eZbhiylvhgbg_ihiZeb\f_gyihlhfy[ukljhijb\klZe
F_`^mi_j\ufb^\mfybihke_^gbfb^\mfy\uklj_eZfbg_ijhrehbk_dmg^u:eZ^`b[ueb
kebrdhf\kiuevqb\uL_i_jvhgbih[jhkZebklZ\rb_g_gm`gufbibklhe_lubih^gy\lhihju
[jhkbebkvgZf_gy
Yfh]jZkkqblu\ZlvebrvkZfgZk_[yb[h\b^_eqlhehj^\k__s_e_`Zeg_ih^\b`ghgZa_fe_Ljh_
fhbokimlgbdh\\kdbgmebjm`vyb\uklj_ebeb\gZiZ^Z\rboihiZ\\g_dhlhjuobagbogh
hklZevgu_klZebbohdjm`Zlv
Iha^g__OZe_nkfms_gghijbagZekyfg_qlhp_ebeky\ZeZ^`bghg_ihiZegb\dh]hihlhfmqlh
jmdb_]h^jh]gmebhl\heg_gbyL_i_jvr_kl_jh\jZ]h\klhyebebphfdebpmkOZe_nhfHkdhb
HfZjhfyg_fh]ijbclbbfgZihfhsvDZ`^hfmbagZkijbrehkvkjZ`Zlvkyk^\mfy\jZ]Zfb
?keb[ufg_b\ijyfvohl_ehkvmqZkl\h\Zlv\ko\Zld_g_gZ`bagvZgZkf_jlvkjZ`Zykv]Zc^mpdbf
��lhihjhflhk_cqZkyfh]mlheblvk\h_`_eZgb_kihegZ\Zq_dZgZijhlb\h^gh]h\ZbkihebgZ
bkdmr_ggu_\h[jZs_gbbkwlbfhjm`b_fijhlb\f_gydhlhjucij_`^_kjZ`Zeky\[eb`g_f[hx
ebrvklhfZ]Z\dhf\jmdZo[he__e_]dbfby[ukdZaZe[he__baysgufhjm`b_fEbrv
m^b\bl_evgh_oeZ^ghdjh\b_fh]ehf_gykiZklbYg_fh]ljZlblvkbeuajyy]hlh\bekyebrv
iZjbjh\Zlvm^ZjugZijZ\e_ggu_ijhlb\f_gyqlh[ufhegb_ghkghbkihevah\Zlvex[mx
ijbhldju\rmxkyfg_\hafh`ghklvIha^g__bg_\kihfgblvqlh^mfZ_rvbqm\kl\m_rv\lZdb_
f]gh\_gby
GZfh_kqZklv_ZeZ^`bkeh\ghhke_iebhlyjhklbHgb[_kihjy^hqghgZghkbebm^ZjuiulZykv
gZklbqvf_gyH^bgf_rZe^jm]hfmijbdhgqblvf_gykf_jl_evgufm^ZjhfbolhihjuaZ^_\Zeb^jm]
^jm]ZHgbj_\_ebdZdjZg_gu_lb]jbpumdhlhjuoihoblbebbo^_l_gur_c
Ih\_jgm\rbkvkibghcdkdZe_ghg_ijb`bfZykvdg_cqlhf_rZeh[u^\b`_gbyfjmdyhljZ`Zebo
m^Zju\kydbcjZa\u[bjZygm`gucoh^lh\uklZ\b\q_dZgbiZjbjmybom^ZjlhkZfgZghkym^Zj
kgbamlheh\dhdjm`Zkvdh]^ZhgbgZghkbebm^Zjh^gh\j_f_gghGbh^bgbabom^Zjh\g_ihiZe\
p_evFh_kihdhckl\b_ebrvm^\Zb\Zehbo[_r_gkl\hbih[m`^Zehbo[_kihjy^hqghgZiZ^Zlv
=^_lhihkj_^bg_^hjh]b\k_djbqZeh[mjebehb[_kgh\Zehkvkeh\ghkhlgbex^_ckjZ`Zebkv^jm]k
^jm]hfH[Zhljy^Zklj_eyebbajm`_cijha\mqZehg_kdhevdhibklhe_lguo\uklj_eh\gZqZeZkv
jmdhiZrgZyko\ZldZFg_klZeh[hyaghaZ^jma_cfg_gZ^h[uehdZdfh`gh[uklj__hl^_eZlvkyhl
k\hboijhlb\gbdh\
EbpZh[hboZeZ^`b[uebihqlbbkkbgydjZkguhlaeh[ubgZijy`_gbyHgbiuol_ebkbo]m[
khqbeZkvi_gZIhkdhevdmyiZjbjh\Zeex[hcbom^ZjhgbklZebaZfZob\ZlvkygZf_gygh]ZfbFg_
gZ^h[uehwlhbkihevah\Zlv
?^\ZyhljZabe\jZsZyq_dZgkjZam^\Zbom^ZjZgZg_k_gguoh^gh\j_f_gghdZdKZg^Zjih^gye
gh]mqlh[uigmlvf_gy\`b\hlihdZ_]h[jZlkgh\ZaZghkbelhihjLhlqZkfhcq_dZghimklbeky_fm
gZdhe_ghbyf_lgmeky\klhjhgmqlh[ug_ihiZklvih^lhihj;b[ZjZiZjbjh\Zlvdhlhjucmf_gy
m`_g_[ueh\j_f_gbKZg^ZjjmogmegZa_fv\hyhl[heblhihj\ukdhevagmeba_]hjmdb
HglZdkbevghjZafZogmekyqlhlhihjqmlvg_miZemg_]haZkibgmFg_m`_g_q_]h[ueh[hylvky
_]h[jZlZihwlhfmyi_j_f_gbeihabpbxbhlkdhqbeih^Zevr_hlkdZeu;b[Zjg_fh]f_gym^Zjblv
ihlhfmqlhl_i_jvyhdZaZekyk[hdmhlg_]hYklZedjm`blv\hae_g_]hkfhljy_fmijbklZevgh\
]eZaZb\lh`_\j_fyi_j_eh`behjm`b_bah^ghcjmdb\^jm]mxl_i_jvq_dZghdZaZekymf_gy\
e_\hcjmd_ZkZ[ey\ijZ\hcjmd_Hgih\_jgmeky\hdjm]k\h_chkbklZjZykv\k_\j_fy^_j`Zlvky
dhfg_ebphfDh]^ZhgaZf_lbefhxfZgbimeypbxlhdjbdgmeba^_\Zl_evkdbmkf_ogm\rbkv
Ohq_rvkZ[e_cf_gym^Zjblv"Lh]^Zl_[_kf_jlvluq_j\v
;_c_]hdjbdgme_]h[jZlkb^ygZa_fe_b^_j`Zkvh[_bfbjmdZfbaZdhe_ghHgjZafha`be
fg_gh]m;_c_]h
K_cqZkk_cqZkHgk\h_ihemqbl
YhklZgh\bekyqlh[u^Zlv_fm\j_fy^eym^ZjZ?]hq_dZgkhk\bklhfhimklbekyfhcy^_j`Ze_]h
\e_\hcjmd_\af_lgmeky\\_joh[ZlhihjZklhedgmebkvDhg_qghhg\eh`be[hevr_kbeu\m^Zj
q_fyyagZewlhaZjZg__bwlh]h^h[b\ZekyY\uimklbelhihjk^_eZ\\b^qlhhg\u[be_]hbafh_c
jmdb
LZdbgZ^hijhj_\_ehghlbghjfZevgh
HgaZfZogmeky\h\lhjhcjZa
�Zk_cqZkhl\_lbey
F_evdgmeZkZ[eyyf_lgmekyhl_]hlhihjZj_adbcm^ZjlhihjmiZe\f_kl_kjmdhcih\bkr_cgZ
g_fdebghdhlk_d__ihehdhlv
;b[Zjm\b^_ejmdmmiZ\rmxgZa_fvg_kdhevdhk_dmg^hghp_i_g_ehkfhlj_egZh[jm[hdba
dhlhjh]hebeZkvdjh\vZihlhfi_j_\_e\a]ey^gZf_gy?]hebphihqlbihkbg_eh?]h]eZaZkeh\gh
\udZlbebkvbahj[blhgbkimklbedZdhclhj_\qlhgZihfbgZekdhj__djbdhihfhsb\ihke_^gbc
jZa[jhr_ggucmlhiZxsbfHgih^gyea^hjh\ucdmeZdaZghky_]h^eym^ZjZghg_m^Zjbe_]hjmdZ
[_kkbevghhimklbeZkvHgf_^e_gghih\_jgmeky\iheh[hjhlZb]jmaghjmogmegZa_fex
KZg^Zjihoh`_hp_i_g_ehlm`ZkZDh]^Zhgm\b^_edZdmiZeZjmdZ_]h[jZlZhgih^kdhqbehlb
k_cqZkhg\k__s_klhyeg_kfhljygZjZg_gmxgh]m?]h]eZaZkfhlj_ebgZf_gy[_a\kydh]h
\ujZ`_gby\a]ey^[ueimklkeh\gh\a]ey^ljmiZKd\hav_]hh[_kdjh\e_ggu_]m[u\uju\Zehkv
rbi_gb_kf_rZggh_khklhghfhghgZihfbgZeh[hyaeb\h_[hjfhlZgb_q_eh\_dZihemqb\r_]h
kbevgucm^Zj\g_aZighijhj_aZehkv]jhfdh_m`Zkgh_ijhdeylb_Z^j_kh\Zggh_fg_gh_^\Zhg
ih^gyea^hjh\mxgh]mdZd^jm]Zyih^ehfbeZkvHgk\Zebeky
L_i_jvyhl^_eZekyhlgbobfh]\a]eygmlvgZhklZevguoGZijhlb\f_gyijbkehgb\rbkvdkdZe_
klhyeOZe_nbm^ZjZfbijbdeZ^Zhl[b\Zekyhl^\moijhlb\gbdh\Lj_lbce_`Zei_j_^gbfgZa_fe_
;eb`_dhfg_dZlZekyiha_fe__s_h^bgbagZiZ^Z\rboKijZ\Zhlg_]he_`ZeHkdh\p_ib\rbkv\
k\h_]h\jZ]ZdZdblhl\g_]hDZ`^ucbagboe_\hcjmdhcm^_j`b\Zejmdmijhlb\gbdZk`bfZ\rmx
gh`:g_ih^Ze_dmhlg_]hHfZjijb^Z\eb\Zedhe_ghf_s_h^gh]hbagZrbo\jZ]h\e_\hcjmdhchg
^_j`Ze_]haZ]hjehZijZ\hcaZfZob\Zekygh`hf
HfZjg_m[b\Zcg_m[b\Zcdjbdgmey_fm
Lh]^Zhghl[jhkbegh`bijZ\hcjmdhclh`_ko\ZlbekyaZr_xijhlb\gbdZYf_lgmekydOZe_nm
dhlhjhfmihfhsv[ueZgm`g__\k_]hbkZ[e_cm^Zjbeh^gh]hbagZiZ\rbogZg_]hihie_qmZ
^jm]h]hih[_^jmM[b\Zlvboyg_ohl_eK\h_fhgbhlrZlgmebkvhlg_]hihke_q_]hyba[Z\beb
H:eeZo]em[hdh\a^hogm\djbdgmeOZe_nLuihfh]\kZfmxljm^gmxfbgmlmkb^bhl\hl
hgbkijZ\bebkv[ukhfghcdhgp_dhgph\hgbkjZ`Zebkv\ljh_fijhlb\f_gy
LujZg_g"
KZf_s_g_agZxGhfhcdZnlZgkbevghihkljZ^Zehge_`bllZfHgbhlhj\Zeb_fmjmdbb
jZkdjhbebj_[jZIh`Zemc_]hm`_g_\_jgmlvd`bagb
JZamf__lky^ebggmxgZdb^dmkhj\Zebkg_]hbbah^jZeb\dehqvyFZe_gvdbc]_jhchdZaZeky\hq_gv
ljm^ghfiheh`_gbbghjZg_ghgg_[ueohlyhlm^ZjZijbdeZ^Zhimklb\r_]hky_fmgZe_\h_ie_qh
l_eh_]hkZ^gbeh
Hkdhlh`_g_[uejZg_gbebrvmHfZjZkljmbeZkvdjh\vba]em[hdhcj_aZghcjZgujZkk_dr_c_]h
e_\h_ij_^ie_qv_
OZe_neh\dhi_j_\yaZe_]hdehqvyfbk\h_]hdZnlZgZY`_gZijZ\bekydZg]ebqZgbgmhg\k__s_
e_`Ze[_a^\b`_gbyqlh\klj_\h`behf_gyYh[ke_^h\Ze_]hb\hag_ko\Zeu=hkih^mehj^g_
kehfZek_[_r_xHg^urZebklhbehfg_wg_j]bqgh\kljyogmlv_]hdZdqm\kl\Z\_jgmebkvdg_fm
hghldjue]eZaZmklZ\bekygZf_gybijhfhe\be
�*RRGPRUQLQJ@fZkl_julZdjZghijhkgmebkv"
�ZihjZb\Zf\a[h^jblvkybgZq_\f_klh^h[jh]hmljZ\Zfijb^_lkyih`_eZlv^h[jhcghqb
GZ\_jgydZ\uhq_gvkbevghm^Zjbebkv]heh\hc
M^Zjbeky"DZd"Dh]^Z"=^_yhdZaZeky"
Hgk_ebbamfe_gghhkfhlj_eky\hdjm]Ydb\gmeHkdhlhljZkkdZaZe_fmh[h\k_fqlhkemqbehkvy
`_gZijZ\bekyd;b[Zjme_`Z\r_fm\em`_djh\bKe_^h\Zeh[ukljh\f_rZlvkyqlh[ulhlg_bkl_d
djh\vx
Yhlj_aZemadmxihehkdmhljm`_cgh]hj_fgybi_j_lygme_fmh[jm[hdjmdblZdlm]hqlhdjh\v
ijhkZqb\ZeZkvl_i_jvebrvihdZieyfQmlv\ur_yi_j_\yaZejmdm_s_h^gbj_fg_fZihlhf
h[fhlZe\kxjZgmdmkdhfdZnlZgZ
L_f\j_f_g_fOZe_nk_\gZ\hjhgh]h\_jgmeky\^_j_\gxqlh[uiha\Zlvex^_cdhlhjuffufh]eb
[ui_j_^Zlvih[_`^_gguoHkdhijbgyekybkdZlvfhbjm`vybihykHfZj[uei_j_\yaZgbl_i_jv
ihfh]Zefg_hkfZljb\Zlvihe_[bl\u
Ehj^ih^gyekygZgh]bbgZdhg_p\kihfgbe\k_qlhij_^r_kl\h\Zeh_]hiZ^_gbx
IjhdeylZybklhjbyijh[mjqZehgLhevdh\k_gZqZehkvdZdyebrbekyqm\kl\Gh\ZfdZdy
\b`mb[_afh_cihfhsbm^Zehkv\k_dZdke_^m_lijb[jZlv
JZamf__lkykwjLhevdhfh`_l[ulvk\Zr_cihfhsvxfu\h\k_g_lZdijb[jZebkv[u
Qlh\ubf__l_\\b^m"
YiheZ]Zx^eygZk[uehhq_gv\u]h^ghqlh\gm`gucfhf_gl\uijbe_]eb\a^j_fgmlvZrZ
ihfhsvgZflhevdhih\j_^beZ[u
Q_jlih[_jbukmfZkhreb"
G_lM\Zk_klvh^ghbgl_j_kgh_k\hckl\h\k_qlhhdZau\Z_lky\\ZrbojmdZoij_\jZsZ_lky\
k\hxijhlb\hiheh`ghklv
H]hG_]h\hjbl_fg_lZdukZfb\h\k_f\bgh\Zlu\_^v\uf_gyk[jhkbebkehrZ^b
Ghki_j\Z\uijhlZjZgbebf_gy
Y\wlhfg_\bgh\ZlfZkl_jDZmjZyehrZ^vkeh\gh\a[_kbeZkv
kgZr_c]heh\ubmklhevdboex^_cg_ijhebeZkv[udjh\v
EZ^ghdjh\himkdZgb_bfg_ih\j_^blHgb`_`Z`^ZebgZr_cdjh\bFuih[_^bebwlh]eZ\gh_
ijbq_fhl^_eZebkvebrvh^ghcjZkk_q_gghcjmdhcWlhljbmfnDZd`_jZkij_^_ebebkvjheb"
HfZjkjZabeh^gh]hHkdh^\hboy^\hboZOZe_nljhbob^bl_gZfijbrehkv\a[h^jblvky
�Z\Zcl_`_hkfhljbfwlboex^_c
GZfke_^h\Zehi_j_\yaZlvjZg_guoZl_fdlhebrvihl_jyekhagZgb_gZ^h[uehkdjmlblvjmdbaZ
kibghcF_jl\[ueebrvh^bglhlqlhe_`Ze\hae_OZe_nZOZ^`b\e_ibe_fmimex\]heh\m
L_f\j_f_g_f\_jgmekyHkdhHg\_ek\hxehrZ^vih^ma^puGZg_ckb^_eh^bgbagZiZ^Z\rbo
jZg_guc\jmdm
Wn_g^byijb\_aq_eh\_dZdhlhjh]h\uk[beb\uklj_ehfkhkdZeu^heh`beHkdhHgg_
f_jl\
YagZewlhhl\_lbey?keb\h\j_fyiZ^_gbyhgg_kehfZek_[_r_xlhg_fh]ih]b[gmlv\_^v
yp_ebeky_fm\dexqbpmI_j_\y`bl__]hZyihdZ\_jgmkvdehrZ^yfwlbofheh^qbdh\
Kihfhsvxj_f_rdZyaZdj_ibek\hcjZahj\ZggucihykZihlhfih_oZedf_klmaZkZ^u]^_hklZebkv
hk_^eZggu_ehrZ^bY\ukfZljb\Zeebrvi_]boy\ayeboih^ma^pubih\_ekkh[hc
Luohq_rvboaZihemqblv"kijhkbeHkdh
�ZgZwlhljZayg_kijZrb\ZxihijZ\mebfubo\havf_fbebg_lwlbodjZyo^h[uqZ^hklZ_lky
�ih[_^bl_exhkboihjfusZ^beb\kZ^gbdh\behrZ^_cwlh]h[hevr_g_ih\lhjblky:eZ^`b
\gh\vb\gh\vgZiZ^Zebklj_fykvgZkm[blv_kebfuhl[_j_fmgboehrZ^_clhgbh^bgq_eh\_dg_
gZah\_lgZk\hjZfb
:dhfmhgb^hklZgmlkykb^b"
:dh]hlubf__rv\\b^m"Ki_]bfbehrZ^vfb\a^_rg_fdjZxih`Zemcgbdlhg_kjZ\gblky:
dZdZyihc^_lfhe\Z_^vwlboehrZ^_chlgyebmjZa[hcgbdh\Y^mfZxqlhh^gm\havf_rvluZ
^jm]mxHfZj
BfuihemqbfbogZ\k_]^Z"lhjhieb\hkijhkbehg
Dhg_qghGZ^_xkv\ug_iha\hebl_ZeZ^`bkgh\Zhl[blvbom\Zk
=hkih^bglug_agZ_rvdZdmxjZ^hklvfg_m]hlh\beYkjZ^hklvxih_^mk\Zfb\KdmlZjbZ
ihlhfohqmgZ\_klblvk\hcjh^ghcdjZcQ_jgh]hjbxij_`^_q_f\_jgmkv\KlZf[medk\h_c
^hq_jbDZd`_lZf[m^ml\hkobsZlvkywlhcehrZ^vx
HfZjlh`_hq_gvh[jZ^h\ZekyH[Z[uebijhklhkqZkleb\uihemqb\hlf_gy[h]Zlucih^Zjhdg_
klhb\rbcfg_b]jhrZHgb]hlh\bebkv[jhkblv`j_[bcqlh[ujZamagZlvdZdZybaehrZ^_cdhfm
^hklZg_lkydh]^Z\ha\jZlbekyOZe_nMagZeqlhwlb^\h_ihemqbebi_]boehrZ^_chgg_kdZaZe
gbq_]hghfukeb_]h[uebgZq_jlZgumg_]hgZebp_HgkqblZek_[yh[b`_ggufbg_kijZ\_^eb\h
h[hc^_gguf
Gmqlhex^bijb^ml"kijhkbey_]h
�ZYijb_oZegZihklhyeuc^\hjbkhh[sbelZfgh\hklbK_cqZkkx^Zkh[_jmlky\k_`bl_eb
^_j_\gbDZdm^b\ylkyhgbwlhckeZ\ghcih[_^_h^_j`ZgghcgZfb
Fug_magZ_fh[bom^b\e_gbb
Ihq_fm"
Ihlhfmqlhg_hklZg_fky^hboijb[ulbyMf_gyg_lgbdZdh]h`_eZgbyihimklmljZlblv\j_fy
Gh\_^vgZfgZ^hih\_^ZlvijbqbgmkjZ`_gbybjZkkdZaZlvdZdhghijhl_dZeh?kebfuljhg_fky\
imlvjZgvr_q_fhgbijb[m^mllhhgbgZkhqbgyxl\kydbog_[uebpbgZk`_\h\k_fh[\bgyl
Fg_\k_jZ\gh
:qlh^_eZlvkaZo\Zq_ggufhjm`b_f"
FukehfZ_f_]h
Lh]^Zy\havfmohlvqlhlhk_[_gZiZfylvMf_gyg_l^Z`_q_dZgZZfg_[uohl_ehkvkjZ`Zlvbf
\jZ]h\
Hgih^gyeh^bgbaq_dZgh\bkmgme_]haZihyk
:HOOkdZaZeZg]ebqZgbgaZf_lb\wlh?kebOZe_nmfh`ghlhby\havfmk_[_h^bg[h_\hc
lhihjYkhojZgx_]hbimklvhggZihfbgZ_lfg_hg_hklhjh`ghffZkl_j_dhlhjuckrb[f_gyk
ehrZ^b:ihkdhevdmf_gyebrbebfh_creyiulhh^bgbawlbo^`_glevf_gh\h[yaZgmklmiblvfg_
n_kdm
Hglh`_ih^gyelhihjZihlhfijbgyekyhkfZljb\ZlvdjZkgu_n_kdbih[_`^_gguogZfb\jZ]h\
qlh[u\u[jZlvkj_^bgboih^oh^ysmx?]hijhklh^mrb_aZklZ\behf_gy\lZcg_mkf_ogmlvky
\ijhq_fyg_klZeh^_j]b\Zlv_]hJZamf__lkyhgg_fh]hklZlvkykg_ihdjulhc]heh\hc\_^vgZ
hklhd_ihahjghihdZau\ZlvkygZmebp_[_a]heh\gh]hm[hjZgh\aylvqm`mxn_kdmagZqbeh
^h`^Zlvkyg_ijbylghkl_c
Yih^gyek\hcq_dZgbfu[ukljhihdbgmebwlhf_klhdhlhjh_fh]ehklZlvgZrbfkf_jlgufh^jhf
HkdhbHfZjhk_^eZebi_]boehrZ^_ck\hboij_`gbodhg_chgbj_rbebijh^ZlvDjhf_gbohgb
\_ebaZih\h^vy_s_h^gmiZjmehrZ^_cdhlhjmxohl_eb\_jgmlvKlhcdh
KqZkleb\u_qlhlZde_]dhhl^_eZebkvfuihkdZdZebgZjukyogZihke_^hdmgbqlh`b\hjm`b_gZrbo
\jZ]h\
Fu_oZebkj_^bkdZeihjhkrboe_khf\h\kxh[km`^Zyihke_^g__ijbdexq_gb_EbrvOZe_n
hl^_eu\ZekydjZldbfbj_iebdZfbijhq_fkdjulvk\hbfukebbqm\kl\Z_fmg_m^Z\Zehkvy
^h]Z^u\Zekyqlhkdhjhhgijbf_lkymij_dZlvf_gykZfhf^_e_g_ijhrehbqZkZdZdhgih^t_oZe
dhfg_bkijhkbeijb\_leb\uflhghf
Kb^blug_ohq_rvfg_hldjh\_gghhl\_lblvgZh^bg\hijhk"
Kij_\_ebdhcjZ^hklvxfhcfbeucOZe_n
DZdlu^mfZ_rvk_]h^gyyijZ\bevgh\k_k^_eZe"
Ij_\hkoh^gh
AgZqbly[ueojZ[j_phfblufghc^h\he_g"
iheghcf_j_
Ghih`ZemcHkdhbHfZj_s_ojZ[j__f_gy"
Hg_lohlvhgbbkihegbebk\hc^he]iheghklvx
Ghlu\_^vbogZ]jZ^beZf_gyg_l
G_m`_eb"
Lu`_^Zebfi_]boehrZ^_c:\_^vHfZjkjZabe\k_]hh^gh]h\jZ]ZHkdh^\moZyp_euo
lj_o
JZamf__lkykfh_cihfhsvxOZe_n
:HkdhlujZa\_g_ihfh]Ze"Ihq_fm`_hgihemqbei_]mxehrZ^vZyg_l"Hkb^byl\hc^jm]b
Luhrb[Z_rvkyOZe_nLufg_fbe__\k_ogZk\_l_
Luk_]h^gywlh^hdZaZeDlh[m^_l]hj^blvkyHkdhdh]^Zhk_^eZ\i_]mxhgihfqblkyih
Q_jgh]hjbb"DlhihjZ^m_lkygZehrZ^vHfZjZ"G_lmg_]hjh^guohgl_i_jvh^bggZk\_l_:
ih^mfZchOZgg_fh_c`_g_jha_kj_^b`_gkZfhcg_`ghcbeZkdh\hckj_^b^s_j_cjh`^_gguo
fZl_jyfbDZd[uhgZ]hj^beZkvb\hklhj]ZeZkv_keb[u__oZ^`bOZe_nojZ[j_crbckj_^b
ojZ[j_ph\ijbkdZdZedg_cgZh^ghcbai_]boehrZ^_chl[bluobfmZeZ^`bHgZ[uihki_rZeZhl
rZljZdrZljmh[ty\eyy\k_fHg\_jgmekykmijm]fhcbih\_ebl_ev]_jhckj_^b]_jh_\
bkiheg_ggucfm`_kl\Z[he__^jm]bofm`qbgkZfuc\hbgkl\_gguckj_^bb^msbogZ[bl\mHglml
jZaysZykZ[eyhl_pih[_^u[jZlbk\hydljbmfnZHgh[h]gme\_kva_fghcrZjmaj_\Zyh^gm
ih[_^maZ^jm]hcHgkjZ`Zekyk^bdbfba\_jyfbb^x`bfb[h]Zlujyfbbgbdlhg_fh]_]hh^he_lv
Hgm[be^Z`_f_^\_^ybeZdhfbeky_]heZiZfbL_i_jvhg\_jgmeky^hfhcgZkZfhci_]hcba\k_o
ehrZ^_chl[b\__mkZfh]hkbevgh]hkj_^b\k_ojZa[hcgbqvboZlZfZgh\?]hkb^bdhlhjh]h\k_\u
agZ_l_ihqlbeojZ[j_pZwlbf\_ebdhe_igufkdZdmghfp_gyhl\Z]m]_jhykbem_]hjmdb
�g_ij_\ahc^_ggmxkeZ\mdhlhjhcihdjuehgk_[yZ[m^_lo\Zebfk_cijZ\_^guckb^bqlh
�gZ]jZ`^Z_lihaZkem]ZfZ[m^_lihql_gfhc]hkih^bgoZ^`bOZe_nHfZj[_gOZ^`b:[me:[[Zk
�b[goZ^`bZ\m^wev=hkkZjZLZd]h\hjbeZ[uhgZb\k_kuguZjZ[h\[ueb[u_^bgu\keh\Zo
ij_\haghkyl\hxkijZ\_^eb\hklvhgbkhqbgyeb[u]bfgu\hbfyl\h_c[_kijbkljZklghklbbkeZ]Zeb
[u\_ebdhe_igu_kljhnuo\Zey[ebklZl_evgmxp_evghklvl\h_c^mrbGhg_lm\uwlhfmg_
km`^_gh[ulv\_^vluij_aj_ef_gybhldZaZe\aZkem`_gghcgZ]jZ^_
?]h[hevbaeb\ZeZkv\kZfuogZius_gguo\ujZ`_gbyoHg]h\hjbekh\_jr_gghk_jv_aghohlyy
\lZcg_\_k_ebekyYagZedZdemqr_\k_]hh[h^jblvfZeurZb\k_eblv\_]h^mrm[eZ`_gkl\h
GZdhg_pykdZaZe
Luhrb[Z_rvkyY\h\k_g_^mfZel_[yhkdhj[eylvYkdhj__gZf_j_\Zekyhlf_lblvl\hbaZkem]b
kh\k_fihbghfmHkdhbHfZj_s_ihaZ\b^mxll_[_
DZd`_hgbfh]mlaZ\b^h\Zlvfg__kebi_]b_ehrZ^b^hklZebkvbf"
Ml_[y[m^_lehrZ^vjZa\iylv^_kylemqr_q_f\k_i_]b_ehrZ^bZeZ^`b\f_kl_\aylu_
Mf_gy"Qlh`_wlhaZehrZ^v"
Lug_\u^Zrvk_dj_l"
G_lkb^b
EZ^ghkdZ`ml_[_Dh]^ZfujZkklZg_fkyyih^Zjxl_[_JbLuijb\_^_rv_]hdOZgg_ahehlpm
kj_^bahehlZ
Wlbkeh\Zhr_ehfbeb_]hhghkZ^beehrZ^vbkhldjulufjlhf\abjZegZf_gy
Kb^b\ufhe\behg[m^vfbehk_j^_gdhfg_Lu]h\hjbrvqlhJbklZg_lfhbfby^_eZxkv
g_kqZkleb\
G_kqZkleb\"Ihq_fm"
Ihlhfmqlhwlh]hg_fh`_l[ulvGbh^bgq_eh\_dg_ijh^ZkllZdmxehrZ^v
Yg_ohqmijh^Z\Zlv__y^Zjxl_[_
Gbh^bgq_eh\_dg_ih^ZjbllZdmxehrZ^v
:jZa\_ykZfg_ihemqbe__\ih^Zjhd"
�Z\gZ]jZ^maZl\hb\_ebdb_aZkem]bi_j_^ie_f_g_f\_^vhgh[uih]b[eh[_al_[yZ_s_\agZd
LZdby^Zjxl_[___ihl_f`_ijbqbgZfJZa\_yg_hlghrmkvdl_[_^Z`_emqr_q_fr_codh
fg_"JZa\_lug_emqrbc^jm]fg_gZ\k_fwlhfk\_l_"JZa\_lug_kgbkdZeij_^hfghcg_fZeh
aZkem]"JZa\_[ue[uy`b\k_cqZk_keb[ulug_[uefhbf^jm]hfbaZklmigbdhf"
KdZaZggh_]em[hdhljhgmeh_]h^mrmKe_au\uklmibebmg_]hba]eZahgi_qZevghkijhkbef_gy
�Zyl\hc^jm]bylZdex[exl_[ylZdex[exqlhlukyqmjZa]hlh\[uhl^ZlvaZl_[y`bagv_keb
[ulZdh_[ueh\hafh`gh;ulvfh`_ly^Z`_ihdbgme[uOZgg__keb[uwlh[uehgm`gh^eyl\h_]h
kqZklvyGhlu`_kf__rvkygZ^hfghc
Bg_\u^mfu\ZcJZa\_lum`_g_hklZ\beOZgg_jZ^bf_gy"JZa\_lug_hklZ\be____bl\h_]h
djhohlgh]hkugbrdmqlh[uke_^h\ZlvaZfghcq_j_a\k_ly]hlub[_^u"By[m^mgZ^lh[hc
gZkf_oZlvky"
�Z\_^vgZau\Z_rv`_luf_gyk\hbfaZklmigbdhf
Lu\_^vqZklhkZfk_[ylZdah\_rv
Hkb^blu`_agZ_rvdZdwlhke_^m_lihgbfZlvG_yl\hcaZklmigbdZlufhcDZdqZklhjbkdmy
`bagvxlukiZkZefhxBwlhijZ\^ZLu`_agZ_rvy]h\hjxihjhc[hevr_q_fkZf\wlh\_jxLu
kihdhcgh\gbfZ_rvwlhfmbihlbohgvdmihkf_b\Z_rvkygZ^fZe_gvdbfoZ^`bdhlhjucjZ^m`_
lhfmqlhlug_hlkljZgy_rvhlg_]hjmdbBl_i_jvfg_iheZ]Z_lkyaZk\hbaZkem]bdhlhjuoy
\hh[s_g_khagZxbdhlhjuog_lmf_gyihemqblvJb";ulvlZdh]hg_fh`_lIh^mfZclhevdhhlhf
dZd[m^ml]hj^blvkybfdh]^Zluijb_^_rv\kljZgmk\hbohlph\Kugh\vyl\h_]hgZjh^ZaZfjmlhl
bamfe_gbybklZgmlaZ\b^h\Zlvl_[_\h\k_o]hjh^Zo[m^ml]h\hjblvhl\h_cehrZ^bbkeZ]Zlv
jZkkdZauhg_cb__\kZ^gbd_\h\k_o]Za_lZoihy\blkyl\hcihjlj_lb\k_m\b^yldZdlu]Zjpm_rv
gZ\hjhghfk\bglh\dhcijblhjhq_gghcdk_^embq_dZghfih^\_r_gghfgZ[hdm
G_lmeu[gmekyyGb]h\hjblvh[wlhfg_[m^mlgbibkZlv\]Za_lZoFZehdh]hbgl_j_km_l
_klvebmf_gyehrZ^vbebg_lIhjy^db\fh_ckljZg_kh\k_fg_ihoh`bgZihjy^db\l\h_ckljZg_
?kebyijb\_^mJb^hfhclhkh^_j`Zgb__]hh[hc^_lkyfg_\lZdmxkheb^gmxkmffmdZdhcmf_gy
\hh[s_g_lluwlh]hbg_ij_^klZ\ey_rvFg_ijb^_lkyijh^Zlv_]hbgZq_hgjZahjblf_gy
G_lg_lkb^bg_ijh^Z\Zc_]hDlhlZfm\ZkihgbfZ_ldZdgZ^hmoZ`b\ZlvaZwlbfdhg_fpZj_f
kj_^b\hjhguo
�KlZeh[ulvlulh`_^mfZ_rvdZdbyZ`__kebyijh^Zf_]hhgf_^e_gghaZqZog_lhllhkdbklhy
\dhgxrg_dZdh]hgb[m^v[h]ZqZblhkdmyh\hevghc`bagbdhlhjmxihex[beJbijb\uddimklug_
bkheg_qgufemqZf?fmgm`_gdhjfdhlhjuchgfh`_lgZclbebrvlZfMkZfh]hgbs_]hZjZ[Zhg
[m^_lqm\kl\h\Zlvk_[yemqr_q_fgZfh_cjh^bg_\ij_djZkg_cr_cbadhgxr_gDlh[m^_l
moZ`b\ZlvaZgbf"Dlh[m^_lgZr_ilu\Zlv_fmkmjuDhjZgZ]hlh\ykv\\_q_jgbcqZkdhkgmdZd
gZr_ilu\Zebbokh^gy_]hjh`^_gby"Fu\k__s_gZoh^bfky\kljZg_iZ^brZoZZJbm`_[he_g
Ijy^b_]h]jb\um`_g_ihoh`bgZgblbiZmlbgu_]h]eZaZihdZ_s_[e_klylgh\gbom`_g_]hjbl
h]hgvDhgyhlebqguodjh\_ce_]dhmagZlvihlj_f]eZ\gufijbf_lZfohed_i_j\hfmr_cghfm
iha\hgdmbdhjgxo\hklZ=jb\Zm`_g_ijb\e_dZ_lhgZklZeZijyfhcb]eZ^dhcEbrvex[h\vdh
fg_ijb^Z_l_fm[h^jhklvbkbemIhex[blhgbl_[ygh[he__gbdh]h^jm]h]hHgagZ_lqlhlu
_]h^jm]b[m^_lih\bgh\Zlvkyl_[_dZdih\bgh\Zekyfg__`_eblug_ihaZ[m^_rv\\_q_jgbcqZkh
kmjZoDhjZgZBlZdjZ^bg_]hkZfh]hyg_fh]mhklZ\blv_]hmk_[yFg_gZ^h\_jgmlv_]hgZjh^bgm
\[eZ]h^ZjghklvaZ\k_q_fhgihfh]fg_B_kebylZdihklmiexlhk^_eZxkqZkleb\ufaZh^ghb
lug_klZg_rv^hkZ^h\Zlv]ey^ydZdHkdhbHfZjjZat_a`ZxlgZi_]bo\_^vbobkjZ\gb\Zlvg_q_]h
kJb
Yg_fh]mih\_jblv\wlhkb^bFg_hq_gv`ZevqlhlukdhjhjZkklZg_rvkykhfghcgh_keby
ihemqm\ih^ZjhddhgygZdhlhjhflu_a^bekdhj[vfhyohlvg_fgh]hmlbog_lLhevdhih^mfZcdZd
`_h]jhf_gl\hc^ZjDh]^Zmf_gy[m^_lJbyklZgm[h]Zlufhq_gv[h]Zlufq_eh\_dhfh^gbfba
kZfuom\Z`Z_fuoex^_c\ie_f_gbYagZxqlhml_[yg_lgbdZdbokhdjh\bsdZd`_fg_ijbgylv
hll_[ylZdhcih^Zjhd
Lufh`_rvbijbf_rv_]hG_[m^_f[hevr_]h\hjblvh[wlhf
Hgbkiulmxs_aZ]eygmefg_\ebphDh]^Zhgm\b^_eqlhy[uek_jv_a_glh_]h\k__s_\eZ`gu_
]eZaZaZ[ebklZeb\hklhj]hfB\k_lZdbhgkdZaZe
��Zkb^bg_[m^_f[hevr_]h\hjblvh[wlhfhe`gh[ulvlu\k_hkgh\Zl_evghh[^mfZe\_^vwlh
lZdh_\Z`gh_^_eh
Y\k_h[^mfZeb^Z\ghj_rbe
LZd\a\_kv_s_jZaqZkjZaemdbihdZg_gZklZeMf_gyebrvh^gZh^gZ[hevrZyijhkv[Z
]hkih^bg
DZdZy`_"
Iha\hevfg_k_]h^gy\_q_jhfkf_gb\l_[ygZr_ilZlvJbkmjuDhjZgZImklvhgagZ_lqlhl_i_jv
_]hohaybghfklZgmybimklvijb\udZ_ldwlhcfukebWlhh[e_]qbl_fm[hevjZkklZ\Zgbyklh[hc
�Zk^_eZcwlhHlgug_yi_j_klZgmlZd`_^Z\Zlv_fm\h^mbdhjfHgl\hcbkwlhcfbgmluy
ebrvh^he`be_]hml_[yhllhevdhih^Zjhdk\hcyh[j_f_gxh^gbfmkeh\b_fOZe_n
GZah\b_]hY\uihegx_]h_kebwlh\hafh`gh
�eyl_[y\hafh`ghFg_g_ohl_ehkv[ugZ\k_]^ZjZkklZ\Zlvkyklh[hcLuagZ_rvqlh
\_jgm\rbkvgZjh^bgmykdhjhhiylvihdbgm__;ulvfh`_ldh]^Zgb[m^vy\gh\vihiZ^m\kljZgm
]^_`b\_rvlu\f_kl_kg_kjZ\g_gghcOZgg_lZdhfkemqZ_imklvihdZy[m^m\]hklyoJbkgh\Z
ihkem`blfg_
=hkih^bgwlhijZ\^Z"Luj_rbegZkgZ\_klblv"DZdZyjZ^hklv\hpZjblkygZiZkl[bsZob
jZahev_lkykj_^brZljh\klj_qZlvl_[y\uc^_l\k_ie_fyhkuiZyl_[yijb\_lkl\byfbhk_^eZ\Jb
�lu\t_^_rv\^mZj@bdhgvhklZg_lkyl\hbfihdZl_[_wlhm]h^ghGZ^_`^Zkgh\Zm\b^_lvl_[y
kdjZkblfg_jZkklZ\Zgb_l_i_jvfg_e_]q_[m^_lijbgylvk_cp_gguc^Zjij_^eh`_gguclh[hcY
gbdh]^Zg_klZgmkqblZlvl\h_]h\hjhgh]hdhgyk\hbfluebrv^h\_jbefg_[_j_qv_]hbe_e_ylv^h
l\h_]h\ha\jZs_gby
Dhg_qghhgg_fh]gbdZdkjZamhklZ\blvwlml_fmHg]h\hjbeh[wlhfkkZfuojZaguolhq_daj_gby
bgZklhysbc\hklhj]ho\Zlu\Ze_]h?fm\hqlh[ulhgbklZehgZ^h[uehih^_eblvkyk\hbfkqZklv_f
klh\ZjbsZfbL_iha^jZ\eyeb_]hhl\k_]hk_j^pZEbrvehj^dh_fmOZe_nih\_^Zehk\h_cjZ^hklb
kdhj__`_klZfbq_fkeh\Zfbih^t_oZedhfg_bqmlvebg_]g_\Zykvijhfhe\be
IhkemrZcl_fZkl_jylhevdhqlhmagZeqlh\uj_rbebih^ZjblvJbWlh\_jgh"Beby
g_ijZ\bevghihgye^\b`_gbyjmdb\ha]eZkufZeurZ"
Wlh\_jghkwj
Lh]^Z\u[_amf_pg_^\Z`^ubg_ljb`^uZ^_kylb`^u
YihijhrmJZa\_\klZjhc^h[jhc:g]ebbkqblZ_lky[_amfkl\hfhkqZkleb\blv[jZ\h]hojZ[jh]h
G_lgh]emihklvxkqblZ_lkyk^_eZlvlZdhcjhkdhrgucih^Zjhdkem]_
OZe_n\h\k_g_fhcijbkem`gbdhgfhc^jm]Hg^Z\gh^_eblkhfghcly]hluimlbihdbgm\jZ^b
wlh]hjh^bgm
Wlhg_ba\bgy_l\Zk:y\Zr^jm]beb\Zr\jZ]"
YiheZ]Zxi_j\h_
Y^_ebek\Zfbly]hluimlbbebg_l"
�Zfu^he]h_\j_fy[ueb\f_kl_
Yihdbgmejh^bgmbebg_l"
JZa\_\um_oZebbaklZjhc^h[jhc:g]ebbjZ^bf_gy"
G_lghy[u^Z\ghm`_\_jgmekylm^ZWlh\_^vlh`_kZfh_:jZa\_yg_hdZau\Ze\Zfp_ggu_
mkem]b"JZa\_\wlboq_jlh\uo]hjZog_f_gyh]jZ[bebb[jhkbeb\l_fgbpmdh]^Zyohl_ekiZklb
\Zk"
Ihke_^g__kemqbehkvebrvbaaZ\Zr_cg_hklhjh`ghklbijhq_f_kebfu[m^_fhldjh\_ggu\
wlbokh[ulbyofhboaZkem][hevr_q_f\ZrboDZdohjhrhdZdij_djZkghqlh\uohl_ebkiZklb
gZkbfubkdj_gg_[eZ]h^Zjgu\Zfghy_s_jZgvr_]h\Zjb\Ze\Zfqlh\k_aZqlh\u\havf_l_kv
h[_jg_lkyk\h_cijhlb\hiheh`ghklvxG_\ukiZkebgZkZfu\ZkBaZwlhfg_ke_^m_lgZ]jZ^blv
\Zk\hjhgufkdZdmghf"
Dlhk\Zkwlh]hlj_[h\ZeYbg_^mfZe^h[b\Zlvkyhl\ZkgZ]jZ^ugh\u`_agZ_l_dZdy`Z`^Ze
aZ\eZ^_lvwlbfdhg_fY[udmibe_]hm\ZkY[u\uibkZe\Zfq_d^Ze[u\Zf[eZgd\dhlhjhf\u
mdZaZeb[ugm`gmx\Zfkmffm^Z`_g_ihk\ysZy\wlhf_gy^_gv]b[ueb[u\Zf\uieZq_guY
ihk_ebe[uJb\dhgxrgx\dhlhjhc[ue[u^hklhbg`blvdgyavydhjfbe[u_]h\fjZfhjguo
ykeyoZjhfZlgufk_ghfbaMwevkZemqrbfh\khfbaRhleZg^bbbkhqgufde_\_jhfbaBjeZg^bb
Bkh\_jr_gghjZahjbebkv[uJbijb\ud`blv\imklug_biblZlvkyljZ\ZfbjZklmsbfblZf
�G_kdhevdh[eZoZe_nZ@^eyg_]hkZfuc[hevrhc^_ebdZl_kG_lkwj\u[h]Zlucq_eh\_d
fbeebhg_j\u\hevgu\uihegblvex[mx\ZrmijbohlvOZe_n`_[_^gyd_fmb`_eZlvlhg_q_]h
hgagZ_lqlh_]h`_eZgbyg_k[m^mlkyLZdhcih^Zjhd^eyg_]hij_\hkoh^blex[u_[eZ`_gkl\hb
hljZ^mh[_sZggu_FmoZff_^hfk\hbfijZ\h\_jguf\a_fghc`bagbImklvJb[m^_l_]hYkdZaZe
k\h_keh\hbg_\havfm_]hgZaZ^
EZ^ghuohlbl__]hhkqZkleb\blv\u\hag_keb_]hgZk_^vfh_g_[hfh_`_gZkljh_gb_\Zkg_
bgl_j_km_lQ_jl[u\Zkih[jZekwj?keb[udZdhcgb[m^vg_]h^yc\a^mfZel_i_jv\Zkihoblblvy
[ug_klZehl]h\Zjb\Zlv_]hZgZh[hjhlke_agh[umfheye_]haZ[jZlv\Zkbk[ulvdZdhfmgb[m^v
klZjv_\sbdmaZr_klvbeb\hk_fv]jhr_c
;eZ]h^Zjx\ZkaZlhqlh\ulZdp_gbl_f_gyYlhbg_^h]Z^u\Zekyqlhyklhevmp_g_gguc
lh\ZjGhqlh`_k\Zfbl\hjblky"M\ZkjZa[he_eZkv]heh\Zkwj"
h\j_fyjZa]h\hjZhgg_kdhevdhjZalhe_\hclhijZ\hcjmdhco\ZlZekyaZ]heh\mk^\b]Zyn_kdmlh
gZaZluehdlhgZeh[bijbwlhflZdwg_j]bqghr_\_eyiZevpZfbdZd[m^lhhsbiu\Zyf_edmx^bqv
JZa[he_eZkv]heh\Z"KdZdhcklZlb"kijhkbehg
Gh\u`_ihklhyggh^_j`bl_kvaZ]heh\m
Yqlhlhg_aZf_qZxwlh]hy^_eZxwlhg_ijhba\hevghih`Zemcihlhfmqlhn_kdZg_\iheg_
m^Zqghkb^bl
b^bl_hiylvlh`_kZfh_Z\_^vn_kdZghjfZevghkb^_eZgZ\Zk
�Z]fuagZ_l_ihoh`_mf_gy^mjgZydjh\vHgZaZklZb\Z_lky\]heh\_bam^blY^mfZxdh]^Z
y\_jgmkv\klZjmx^h[jmx:g]ebxyijbfmkv__e_qblvyky^mgZkZfmxkljh]mx^b_lm[m^miblv
gZklhcbaebih\h]hp\_lZbaZ_^Zlv_]him^bg]hfkbaxfhf
G_fmqZcl_k_[yih^h[ghc^b_lhcKeb\ubbaxfdhbfbgZibqdZgim^bg]ebrvbkihjlyl\Zf
`_em^hd:\hlg_fgh]h`bjZkhjlmlvxgZ\_jgydZihfh`_l\Zfb\k_e_q_gb_aZcf_lg_[he__iylb
fbgml
ulZd^mfZ_l_"
�Z?keb\Zfm]h^gh`^Zlv\ha\jZs_gby\klZjmx^h[jmx:g]ebxlh\u\_jg_l_kvlm^Zkd_e_lhf
k_ijhqb_qZklb\Zr_]hl_eZ[m^mlihijhklmkt_^_gu
D_f`_"
L_fdh]h\uah\_l_^mjghcdjh\vxMwlbokljZgguodZi_e_ddjh\br_klvgh]boh[hlhddhlhjuf
hgbhq_gvg_ex[_aghdmkZxlky
DZdqlhqlh"kijhkbehgbkim]Zggh]ey^ygZf_gy
�Zfhcfbeucehj^;ulvfh`_l\ug_\iheg_aZ[uebeZlugvdhlhjmxbamqZebihfheh^hklbu
ihfgbl_qlhagZqbl3HGLFXOXVFDSLWLV"
Dh]^ZlhagZe^Z\hl\ue_l_ehba]heh\u
:fh`_l[ulv\uagZ_l_dZdmxwlhl\ZjvZjZ[bf_gm_lKDPOLZlmjhdELW"JmkkdbcgZah\_l
__\hrvxblZevyg_pSLGRFFKLRnjZgpmaSRXZ]hll_glhlW\nJDUOD"
LbohHklZ\vl_f_gy\ihdh_klmjdZfbb]hll_glhlZfbYg_ihgbfZxwlbokeh\
LZd[m^vl_^h[juh[gZ`bl_]heh\mbbkke_^mcl_dZih^deZ^dm\Zr_cn_kdb;ulvfh`_l\Zk`^_l
\Z`gh_hldjulb_hghijbg_k_l\ZfkeZ\magZf_gblh]hagZlhdZgZk_dhfuo
Hgkhj\ZerZidmk]heh\ughg_klZe\g__aZ]ey^u\ZlvZkfms_gghkijhkbe
ug_\a^mfZebf_gyhkdhj[blv"Beb\uiheZ]Z_l_qlhlZf\gmljb"
�Zy^mfZxqlhlZf\gmljb
LZfqlhlhqlhlh`b\h_iheaZ_l"ijh^he`Zehg
_jghBf_gghwlhybbf_x\\b^m
Q_jl\havfb:o
Hgih^g_krZidmdebpmbmklZ\bekygZg__?]hghkoh^beoh^mghf^_j]Zykvlh\\_jolh\gbadZd
[m^lhj_rbekZfhl^_evghhlk\h_]hohaybgZihgZ[ex^ZlvaZijhbkoh^ysbfIhlhfhghimklbe
jmdb\dhlhjuo\k__s_k`bfZerZidmbbkim]Zggh\hkdebdgme
�:RHWRPH/RXVHV/LFH@
Hgohl_ehlr\ujgmlvn_kdmghh^mfZekyiheh`be__i_j_^kh[hcgZk_^ehaZimklbeh[_jmdb\
\hehkubijbgyekym`Zkghmjh^h\Zlvk\hxijbq_kdmijbwlhfhgbkimkdZelZdb_\ujZ`_gbydhbo
fg_g_i_j_^ZlvKZfh_kd\_jgh_qlhwlb\j_^gu_kms_kl\Zb\ijyfvgbqmlvg_m\Z`Zeb^hklhcgmx
\kydboihq_kl_c]heh\mehj^ZbaklZjhc^h[jhc:g]ebb
WlZ\kiurdZ]g_\ZjZkkf_rbeZf_gyHghl\_ejmdbhl]heh\ukgh\Zih\_jgmekydhfg_b
ijbdjbdgme
G_kf_cl_kvkwjbgZq_fu[m^_f[hdkbjh\Zlv:qlhlZfm\Zkk\Zr_cn_kdhc"Fh`_lb\Zk
ihjZ^mxlih^h[gu_dhfiZgvhgu"
k_[yih_ebdmykgbfb\h\k_g_lZdh[oh^bl_e_gdZd\u
DZdZyg_hklhjh`ghklvaylvwlmn_kdmHlg__h^gbg_kqZklvyB\j_f_gblhijhreh\k_]h
gbq_]hJZa\_lZdh_fh`_l[ulv
HqlhdZkZ_lkywlbo\_s_clhmlmjhd_klvihkeh\bpZdhlhjZya\mqbllZd7VFKDSXNRNJLELKHP
ELWJLEL ;uklj__lhevdhklj_eZb\hrv\fLmjpbbagZxllhed\wlbo\_sZo
�Ghqlh`_fg_^_eZlv"Kq_]hgZqbgZlv"Zcl_fg_ohjhrbckh\_lG_\u[jZku\Zlv`_k_c^\hj_p
gZk_e_gguclZdbfg_q_klb\ufgZjh^p_f_^v[ueh[uihahjhf\t_oZlv\Jm]h\mkg_ihdjulhc
]heh\hcB_klveblZffZ]Zabg]^_[uyfh]jZa`blvkygh\hcrZidhc"Hwlh_s_\beZfbih\h^_
ibkZgh
Bf_gghlZdGhi_j_^gZfb\Zfg_q_]hkl_kgylvkyufh`_l_kihdhcghijbagZlvkygZrbf
kimlgbdZfdZdh_g_kqZklv_ihklb]eh\ZkHklZgh\bfkygZiZjmfbgml
Dh]^ZhklZevgu_magZeb\q_f^_ehHkdhij_^eh`beijh\_klbwda_dmpbxHgiheh`berZidmgZ
dZf_gvbihkuiZe__lhgdbfkeh_fa_febaZl_faZ\Zebe__kmobfb\_ldZfbbih^`_]boA_fey
dZf_gvbrZidZbajy^ghijh]j_ebkvqlhblj_[h\Zehkvhae_kdZeu\b^g_eZkvg_[hevrZyem`bpZ
rZidZ[ueZ\g_chklm`_gZGZdhg_pehj^m\jmqbeb\h`^_e_ggucij_^f_lh[_j_]Z\rbc
^hklhbgkl\h_]h]heh\ubfuijh^he`bebimlvGZhklhd_dih^h[gufwibah^Zf\k_]^Zgm`gh
[ulv]hlh\uf^Z`__keb\uihkemqZcghklbehj^baklZjhc^h[jhc:g]ebb
=eZ\Z
�IHA?FE?C
Fuih_oZeb^Zevr_Q_j_ag_dhlhjh_\j_fykdZeuihijZ\mxjmdmhlgZkhlklmibebhldjueky\b^
gZ\hklhdlh]^ZdZdke_\Z\k__s_\ukbebkv]hjuIhlhfkijZ\Z\^Ze_d_fum\b^_eb\kZ^gbdZGZk
jZa^_eyeZjZ\gbgZ\lm`_fbgmlmhggZkaZf_lbebfuihgyebqlhhggZijZ\ey_ldhgygZf
gZ\klj_qmIhjZ\gy\rbkvhg\_`eb\hijb\_lkl\h\ZegZkfujZkdeZgyebkvkgbfb^mg_]h[ue
hkZgbklucZebphq_klgh_hldjulh_hgijhba\h^beijbylgh_\i_qZle_gb_
�FuohlbfihiZklv\Jm]h\mkdZaZey_fmhe]h_s_lm^Z_oZlv"
�?s_kiheqZkZ]hkih^bghl\_lbehgK_cqZk\ZfgZ^h^h[jZlvkylm^Z]^_keb\Z_lkyjbgZ
^hjh]Zb^_lihe_\hfm[_j_]mj_dbuihoh`_ex^bijb_a`b_Ylh`__^m\Jm]h\myhllm^Zu
jZaj_rbl_khklZ\blv\ZfdhfiZgbx"
Km^h\hevkl\b_fFua^_kvex^bqm`b_lZdqlh[m^_fjZ^uqlhlhmagZlvml_[y
Y]hlh\\ZfihfhqvKdZ`bl_lhevdhqlh\uohlbl_agZlv
Ki_j\Zohl_ehkv[uagZlvmdh]hlZffh`ghhklZgh\blvky
YgZf_j_\Zekyk^_eZlvhklZgh\dmmDheZfbhdhlhjhf]h\hjbeZebfghg_klZewlh]h\hjblvqlh[u
^eygZqZeZmagZlvih[hevr_hihklhyehf^\hj_dhlhjuc^_j`Ze@ml
Jm]h\__klv^\ZoZg_ihykgbeg_agZdhf_pH^ghqlhih[hevr_ijbgZ^e_`bli_jkmihbf_gb
DZjZGbj\Zg`b\_lhg\klhjhg_hl^_j_\gbOhaybg^jm]h]hlh]hqlhe_`blmfhklZq_j_aj_dm
DheZfb
Dm^Z`_luihkh\_lm_rvhlijZ\blvky"
�Gbdm^Z_eZcl_kZfb\u[hj
QlhaZq_eh\_dwlhli_jk"
Hq_gvm\Z`Z_fuc@blvmg_]hijbylghb^_r_\hIjZ\^ZDheZfblh`_klZjZ_lkyihljZnblv
:qlhh[Zhgb^jm`Zlf_`^mkh[hc"
G_lhgb\jZ]b
Ihq_fm"
Lhevdhbaebqghcg_ijbyagbG_lhgbg_fklyl^jm]^jm]mhgbgbq_]hg_aZfureyxlh^bgijhlb\
^jm]h]hIjhklhDheZfbl_ji_lvg_fh`_li_jkZhg_fmg_^h\_jy_l
Ihq_fm"
M\hevl_f_gyhlhl\_lZuex^bqm`b_b\Zf^_eZ^hwlh]hg_l
Lh]^ZfuaZ\_jg_fdDheZfb
?fm[m^_lijbylghijbgylvlZdbo]hkl_cghy\h\k_g_hl]h\Zjb\Zx\Zkhlih_a^dbdDZjZ
Gbj\Zgmywlh]hgbdh]^Zg_^_eZxbgZq_f_gyfh]eb[ukq_klvaeu^g_fbaZ\bklgbdhf_^vy
DheZfb
:o\hldZdQlh`lh]^ZjZamf__lkyfuhklZgh\bfky\l\h_f^hf_
�;eZ]h^Zjxl_[yhe]heb\uijh[m^_l_\Jm]h\_"
IhdZg_agZxFuklj_fbfkydh^ghcp_ebghg_agZ_f^hklb]g_feb__bdh]^Zwlh[m^_l
WlhdZdZylhk^_edZ"EhrZ^_cgZ\_jgh_ijh^Z_l_"Lh]^Z\Zfdhg_qghgZ^hh[jZsZlvkydi_jkm
hglhj]m_lehrZ^vfbY`_\b`mqlh\ulj_oehrZ^hdkkh[hc\_^_l_
�Z^\mofuohlbfk[ulvkjmdgh_^_fkx^Z\h\k_g_aZwlbf?klvmgZkb^jm]b_ieZguL_[_
ihoh`_^h\_jylvfh`ghIhwlhfmyijbagZxkvl_[_qlhfugZf_j_guih^Zlv`Zeh[mgZDZjZ
Gbj\ZgZ
@Zeh[m"H\ZrmaZl_xljm^gh\uihegblvDdhfm[u\ugbh[jZlbebkv\kx^m[m^ml_]h^jm`db
Hg\Zf^_g_]^he`_g"
G_lyohqmmebqblv_]h\ij_klmie_gbb
Ijbwlbokeh\ZoDheZfb[ukljh\uijyfbeky\k_^e_hkZ^beehrZ^vbkijhkbe
LukqblZ_rv_]hij_klmigbdhf"
�Z
Qlh`_hgkh\_jrbe"
M[bckl\h^Z`_fgh]hm[bckl\Z_s_jZa[hb
?]hebphihdjZkg_eh]eZaZaZk\_lbebkvK`Z\jmdmeZ^hgvxbaZ^uoZykvhg\uiZebe
=hkih^bgkdZ`bfg_[ukljhlubalZcghcihebpbb"
G_lg_hllm^ZYijb[ueba^jm]hckljZgubgZf_j_glm^Z\_jgmlvkyhllhevdhij_`^_fg_
ohl_ehkv[um\b^_lvdZdihdZjZxlq_eh\_dZdhlhjuckhk\hbfbkhh[sgbdZfbg_jZaihdmrZekygZ
qm`mx`bagvBwlhlq_eh\_di_jk
H:eeZoYg_hkeurZeky"JZa\_lZdh_\hafh`gh"G_m`_ebygZdhg_p\klj_lbeq_eh\_dZdhlhjuc
^mfZ_llZd`_dZdby"
LZdlulh`_kqblZ_rv_]haeh^__f"
�ZghlZdh_g_evay]h\hjblvH^gZ`^uyjZahdh[fhe\bekylZdqmlvg_ebrbeky`bagb
Ihq_fm`_lulZdhlghkbrvkydg_fm"
Hgh]jZ[bef_gyY[ue\I_jk_jbg_klj_fykvjZa`blvky^_gv]ZfbLZfy\klj_lbekykgbfbhg
magZehlf_gyqlhy\h`mkkh[hcihegucdhr_e_dimlbgZf_gygZiZebbhlgyeb^_gv]bBo[ueh
q_l\_jhebpZaZdju\ZeZfZkdZLhlqlh]h\hjbe[ueh^_lihhkh[_gghfmb\k_`_ymagZe_]hih
�gZf_gyWlh[uei_jkGhqlh`_fg_hklZ\Zehkv^_eZlv"\h_`bl_e_cfh_]hf_kl_qdZgZ
ke_^mxsbc^_gvkZfbijbagZebkvqlh\b^_eb_]h\hij_^_e_ggh_\j_fy\I_jk_jbg_bwlh[uelhl
kZfucqZkdh]^ZgZf_gygZiZebLZdqlhhgkmf_e^hdZaZlvqlhg_[uegZf_kl_ij_klmie_gbyFg_
ijbrehkvijhfheqZlv
H[Zk\b^_l_eygZ\_jgydZlh`_aZf_rZgu\wlhf^_e_LulZdg_^mfZ_rv"
Ym\_j_g\wlhfKlh]h\j_f_gbyke_`maZgbfY\b^_ebkeurZefgh]h_gh\hlk\yaZlv\k_wlh
g_m^Z_lkyGZdhg_pyijbr_edfukebqlhhgg_dlhbghcdZddZd
Hgg_hkf_ebeky\ufhe\blvkeh\hihwlhfmyj_rbl_evghijh^he`be
DZd@ml
=hkih^bg\hkdebdgmehg
QlhlZdh_"
Lu]h\hjbrvbf_gghlhqlhy^mfZx
LZdfuh^gh]hfg_gbybwlhohjhrh
Lufh`_rvwlh^hdZaZlv"
�ZYijb[ue\Jm]h\mqlh[ugZ\_klbhg_fkijZ\dbHghlf_gyg_mkdhevag_l
H:eeZo_keb[u\k_[uehlZdLh]^Z[ufuba[Z\bebkljZgmhlm`ZkZho\Zlb\r_]h__=hkih^bg
yl_[_kdZaZeqlhfuki_jkhf^jm]^jm]mgbq_]hg_k^_eZebFg_ijbrehkvlZdkdZaZlvihlhfmqlh
yg_agZel_[yL_i_jv`_ijbagZxkvqlhyg_gZ\b`m_]hdZd^vy\heZbhq_gvohqmihfhqvl_[_
kijZ\blvkykgbf?]hkqblZxlq_eh\_dhfq_klgufgZ[h`gufm\Z`Z_fufohlygZih\_jdmhg
kZfuc[hevrhcaeh^_cgZk\_l_
Ihg_fm[ueh\b^ghqlhhgijhbag_kwlbkeh\Z\k_jv_aklj_qZkgbf[ueZgZflhevdhgZihevam
Ihwlhfmg_dhe_[eykvyih\_^Ze_fmqlhfugZf_j_gu^_eZlv\Jm]h\_qlhgZf^h\_ehkvi_j_`blvb
qlhfumagZebh@ml_Hkh[_gghih^jh[ghyhibkZekh[ulbykemqb\rb_kymQ_jlh\hckdZeub\
^hebg_]^_`bem]e_`h]HgqZklhij_ju\Zef_gy\ha]eZkZfb\dhlhjuoi_j_f_rb\Zebkv
bamfe_gb_kljZobjZ^hklva\hegh\ZggucfhbfjZkkdZahfhglZdqZklhhkZ`b\ZeehrZ^vqlh
\_kvfZaZf_^ebegZrmih_a^dmDh]^Zymfhedhg\hkdebdgme
Fu\hh[s_g_^mfZebqlhlZdh_\hafh`ghgh\k_lhqg_ohgvdhkoh^blky^ZbkZfyih^haj_\Ze
qlhwlhli_jkm^_j`b\Z_lmk_[yex^_cFgh]b_dlhdg_fmaZ_a`Zebkq_aebBihq_fmhglZdqZklh
_a^blgZijh]medmdj_d_"@b\_lhgaZ^_j_\g_cbmg_]h_klveh^dZ=h\hjyl_^\Zhgky^_l\g__
dZdfb]hfkdju\Z_lkyba\b^mL_i_jvihgbfZxqlhhgaZ[bjZ_lky\rlhevgx
Lug_agZ_rvdZdfh`ghijhgbdgmlv\klZjmxrZolm"
G_lQlhlukh[bjZ_rvky^_eZlv]hkih^bgdh]^Zijb_^_rv"Fh`_lluj_rbeih`Zeh\ZlvkygZ
i_jkZf_klghfmklZj_crbg_"LZdhgemqrbc^jm]wlh]hiemlZ
Yh[wlhfbg_^mfZxIjyfuomebdijhlb\i_jkZmf_gyg_lbo_s_gZ^hkh[jZlvZ^eywlh]h
ijhgbdgmlv\rlhevgx
LZd\havfbh^gmbafhboeh^hd?kebiha\hebrvyih_^mklh[hc
Fg_wlhdklZlb\_^vluihlhf[m^_rvfhbfk\b^_l_e_f
Fu^hklb]ebj_dbbih_oZeb\^hev[_j_]ZIhlhdkl_kg_gguc]hjZfbkljmbeky\h[fZgqb\hc
lbrbg_KgZr_cklhjhgu[_j_][ueiheh]bfihlmklhjhgmdjmlh\a^ufZebkvhl\_kgu_kdZeu
KdZeuihjhkeb]mklufo\hcgufe_khfkd\hava_e_gu_\_l\b\b^g_eZkvklZjZydZf_ggZykl_gZLZf
kdZeZdjmlhih\hjZqb\ZebaZih\hjhlhfkdju\ZeZkv^_j_\gy
Fbgh\Z\ih\hjhlfum\b^_eb^_j_\gxbfhklihdhlhjhfmij_^klhyehi_j_[jZlvkyFu\h\k_g_
ki_rbebGZ^h[uehhlukdZlv\oh^\rlhevgx
kdhj_fugZrebwlhf_klhohlylZdbg_aZf_lbebeZaF_klhwlhe_`Zehijyfhi_j_^ih\hjhlhf
lZf]^_ihlhdkh\k_ckbeuh[jmrb\ZekygZkdZeuLZf\g_kdhevdboehdlyohlih\_joghklb\h^u
\b^g_eky\uklmikdZeuihjhkrbcljZ\hcHllm^Z]mklufdh\jhfk\_rb\ZebkvjZkl_gbyaZwlhc
aZ\_khckdju\Zeky\oh^\i_s_jm
L_q_gb_[ueh[ukljufbijbqZeblv\wlhff_kl_dkdZe_[uehljm^ghQlh[ukijZ\blvkykgZihjhf
\h^ulj_[h\ZeZkvg_^x`bggZykbeZbgZq_[ueh^dmjZa[behhdZfgbuykgb\\k_fuihkdZdZeb
�[uklj__b\kdhj_^hklb]ebfhklZIjh_oZlvihg_fm\_johf[uehhq_gvg_e_]dhhkdbih^]gbeblh
b^_ehabyebijhehfukd\havgbo\b^g_eZkv\h^Z
�_j_\gyl_kgbeZkvkj_^bkdZehgZdZaZeZkv^h\hevgh[_^ghcbm[h]hcKe_\Z\b^g_eZkv^hjh]Z
moh^b\rZy\]hjuBf_gghihg_cgZfij_^klhyehihlhf_oZlv
I_j_^fhklhfjZkdbgmekyimklujv\hdjm]g_]hklhyehg_kdhevdh`Zedbo^hfbr_dh^bgbagbo
\ijhq_f\u]ey^_eaZf_lghemqr_Wlhb[uehoZg_qlh^_j`ZeDheZfbIjyfhgZimkluj_k\hbf
^_ehfaZgbfZekydZgZlqbdKZih`gbdkb^_e\hae_^hfZbihqbgyelmnexJy^hfqlhlhde_\Zeb
dmju^_lbki_j_fZaZggufbjmdZfbjuebkv\gZ\haghcdmq_\ihbkdZog_dbokhdjh\bsg_ih^Ze_dm
klhyebg_kdhevdhfm`qbghgbij_j\Zeb[_k_^mbkex[hiulkl\hfihkfhlj_ebgZgZk
ijhq_f^eyh^gh]hbagbokeh\hex[hiulkl\hy\ghg_]h^behkvGZ_]hebp_qblZehkvih`Zemc
kh\k_fbgh_qm\kl\hy[ugZa\Ze_]hm`Zkhf
�Hg[ueh^_ldZdrlbilZjfmkmevfZgbgdhjhldb_[e_klysb_kZih]b[_ehkg_`gZynmklZg_eeZ@
djZkgZydmjldZmdjZr_ggZyahehlhfkk_j_[jygufiZljhglZr_fgZ]jm^b]hem[hcihykbaih^
dhlhjh]h\u]ey^u\Zebjmdhyldb^\moibklhe_lh\bylZ]ZggZ]heh\__]h\b^g_eZkvdjZkgZyn_kdZk
ahehlhcdbklhqdhcKm^yihh^_`^_hg[ueq_eh\_dhfhq_gvaZ`blhqguf
?]hom^h_ebphhlebqZehkvj_adbfbq_jlZfbb[uehhdjZr_gh\khqguc`_elucp\_l^m[bevsbdb
gZau\ZxllZdhcp\_lVFKXWW hkuiguf\f=mklZyq_jgZy[hjh^ZkimkdZykv^\mfydebgurdZfb
^hklZ\ZeZihqlb^h]jm^b]eZaZ_]hlh`_[uebl_fghq_jgufbhgg_k\h^bekgZk\a]ey^Zhg
kfhlj_egZgZkrbjhdhjZkdjulufb]eZaZfb
Jhl_]h[ueijbhldjulkd\havijy^b[hjh^uih[e_kdb\Zeb[_eu_am[uijZ\hcjmdhchgk`bfZe
jmdhylvylZ]ZgZ\k__]hl_ehkbevghih^Zehkv\i_j_^DZaZehkvhgohl_e[jhkblvkygZgZkk
debgdhfYgbdh]^Zg_\b^_e_]hghebrv\a]eygm\kjZammagZeYr_igmeDheZfb
Lhl`_elhebpuc@ml"G_lZdeb"
�Zhl\_lbehgIehohqlhhggZkm\b^_e
G_l^eyf_gywlh^Z`_ohjhrhwlhmkdhjbljZa\yadmHgmagZef_gyih\hjhghfmkdZdmgmhg
magZedZmjh]hdhgybehrZ^_cZeZ^`bl_i_jvhgihgyeqlhfug_lhevdhkiZkebkvhlgZiZ^_gbygh
bkZfbjZkijZ\bebkvkm]e_`h]hfbZeZ^`bHgm\_j_gqlhfuijb_oZebihd\blZlvkykgbfZ
ihkdhevdmebrvke_ihcg_ijbf_lblZg]ebqZgbgZdhlhjh]hkZf`_aZfZgbe\rZolmlhhgihcf_l
qlhki_j\ZfugZijZ\bfky\wlmrZolm;m^vgZq_dmB]jZgZqbgZ_lky
Fuh[Z_oZeb\i_j_^bHkdhbHfZjke_^h\ZebaZgZfbOZe_nbehj^g_fgh]hhlklZebijbq_f
Zg]ebqZgbgm\e_q_gguc[_k_^hckoZ^`b^Z`_g_h[jZlbe\gbfZgb_gZklhy\rbofm`qbgGh
L_f\j_f_g_ffuih^t_oZebd^\_jboZg_bkiju]gmebkehrZ^_cl_i_jvfufh]eb\gbfZl_evgh
kfhlj_lvaZijhbkoh^ysbfFm`qbguklhyebhlgZk\k_]h\^x`bg_rZ]h\g_[he__Y\b^_edZd
@mlih^`Ze]m[mGZ_]hebp_\ujZabebkv]g_\b\lh`_\j_fykljZo
Ebg^k_cijbrihjbek\hxdZmjmxehrZ^vihfqZeky\i_j_^bhkZ^be__jy^hfk@mlhfqmlvg_
hijhdbgm\_]hIhlhfhgjZajZabekyj_qvx\f_klb\r_c\k_ba\_klgu__fmdj_idb_Zg]ebckdb_
\ujZ`_gbyZlZd`_[jZggu_ZjZ[kdb_blmj_pdb_keh\ZHgbklhevklj_fbl_evghke_lZebk_]hmkl
qlhihgylvZg]ebckdb_\ujZ`_gby[ueh\hh[s_g_\hafh`ghH^gh\j_f_gghhglZd[mjgh
`_klbdmebjh\ZejmdZfbbgh]Zfbkeh\gh_]hh[myeaehc^mo
QlhgZ^hwlhfmq_eh\_dm"kijhkbeh^bgbafm`qbg
WlhklZj_crbgZihykgbefg_DheZfb
G_agZxyg_ihgbfZx_]hhl\_lbe@mlGhkq_eh\_dhfwlbfyagZdhfbhq_gvm^b\e_gqlh
\b`m_]ha^_kv
Wlhg_lhlZg]ebqZgbgqlh`beml_[yki_j_\h^qbdhfbkem]Zfb"
�ZY^Z`_g_mki_el_[_kdZaZlvqlhhgmdjZemf_gydZmjmxehrZ^vb[uekg_clZdh\;m^v^h[j
Zj_klmc_]h
G_f_^eyFuhlh[v_fmwlboijbreuo]ymjh\hohlm\hjh\ZlvehrZ^_c
Hgih^hr_edEbg^k_xbh[ty\beqlhlhlZj_klh\ZgGhehj^g_ihgye_]hhgihij_`g_fmdjbqZe
b`_klbdmebjh\ZeZdh]^ZklZj_crbgZko\Zlbe_]haZgh]mj_adhhlibogme_]hm^Zjhfgh]b
:eeZo\hkdebdgmekem`bl_evaZdhgZGZlZdh__s_gbdlhg_hl\Z`b\ZekyKx^Zex^b
�_j`bl_ehrZ^vbkgbfbl__]h
Fm`qbguih\bgh\Zebkvbih^hrebdehj^mDh]^Z`_hgbihiulZebkv_]hko\Zlblvhg\ayekyaZ
jm`v_\kdbgme_]hbaZdjbqZegZf_rZgbg_baZg]ebckdboblmj_pdbokeh\
�$ZD\@,DWPDN,DWPDN
HgaZihfgbeqlhklj_eylvhagZqZ_lDWPDNGZiZ^Z\rb_ki_rghhlklmibebZklZj_crbgZkdZaZe
Wlhlq_eh\_dkmfZkr_^rbcHgg_ihgbfZ_lgZk?keb[ua^_kv[uei_j_\h^qbdqlh[u
\lhedh\Zlv_fmqlhkhijhlb\e_gb_[_kihe_aghblhevdhmom^rZ_l_]hiheh`_gb_
Lh]^Zyih^hr_edg_fmbkdZaZe
IjhklbklZj_crbgZqlhyf_rZxl_[_bkihegblvk\hbh[yaZgghklbGh_kebl_[_gm`_g
i_j_\h^qbdlhy]hlh\mkem`blv
LZdkdZ`bwlhfmdhghdjZ^mqlh[ke_^h\ZeaZfghc\lxjvfm
DhghdjZ^m"Lu]em[hdhhrb[Z_rvkyWlhlwn_g^bg_djZ^_ldhg_c
WlhhgjZafhc^jm]Gbj\ZglZdkdZaZe
:y]h\hjxl_[_qlhwlhlZg]ebqZgbg\k\h_ckljZg_\Z`guciZrZHgdjZklvg_[m^_lMg_]h
^hfZehrZ^_c[hevr_q_f\h\k_cJm]h\_
Y]h\hjbeohlvl\_j^ufgh\_`eb\uflhghfIhoh`_wlhm[_^behklZj_crbgm\lhfqlhyiblZx
hq_gv[hevrh_m\Z`_gb_d_]h^he`ghklbbi_jkhg_bhgfh][ufghcihfudZlvBlZdhg]jm[h
gZdbgmekygZf_gy
FheqbA^_kv[m^_llZddZdykdZ`mWlhlZg]ebqZgbgmdjZeehrZ^vhg\hjaZwlh_]hgZdZ`ml
KdZ`b_fmwlh
Yg_fh]m_fmwlhkdZaZlv
Ihlhfmqlhwlh[m^_lhkdhj[e_gb_fdhlhjh_hgfg_gbdh]^Zg_ijhklblYg_ohqmebrblvky_]h
^jm`[u
LZdagZqbllu^jm]dhghdjZ^Z"Klu^bkv
Hgiexgmei_j_^hfghc
G_^_eZclZdklZj_crbgZij_^mij_^bey_]hY]h\hjxklh[hc\_`eb\hZlu\hl\_l
[jua`_rvkexghc?keblZdh_kemqblky_s_jZayaZ]h\hjxih^jm]hfmdZdlulh]haZkem`b\Z_rv
KdZaZghwlh[ueh^h\hevghj_adbflhghf@mlkf_jbef_gy\a]ey^hfk]heh\u^hgh]Ihlhfhg
dZreygmebk^_eZe^\b`_gb_jmdhckeh\gh\ha[m`^Zy]g_\klZj_crbguijhlb\f_gyWlh_fm
m^ZehkvbijZ\bl_evJm]h\ulml`_hl\_lbefg_
GZdZdhf`_yaud_lu\a^mfZekhfghcbatykgylvky"Khfghcih^h[Z_l]h\hjblvebrv\_`eb\uf
lhghfex[hc^jm]hclhgygZdZau\ZxkZfufkljh]bfh[jZahfYiexgme\l\hxklhjhgmihlhfm
qlhlugZa\Zek\hbf^jm]hf\hjZBybf_xgZlhijZ\hZihlhfmiexgm_s_jZaKfhljb\hll_[_
Hgkeh`be]m[u\^m^hqdmZyijh\hjghk^_eZerZ]\i_j_^baZdZlbe_fmlZdmxdj_idmxaZlj_sbgm
qlhhgihrZlgmekybmiZeLml`_y^hklZej_\hev\_jFhbkimlgbdbg_f_^e_gghko\ZlbebkvaZ
hjm`b_@mllh`_^hklZek\hcibklhe_l
;jhkvhjm`b_ijbdjbdgmeygZg_]hDZdh_l_[_^_eh^hwlhcaZlj_sbgu"
Hgg_\hevghih\bgh\ZekyIh`ZemclZddZdygbdlhgZg_]hg_djbqZe
KlZj_crbgZih^gyekyAZihykhfmg_]h[uegh`Y^mfZehg\ulZsbl_]hqlh[uhlhfklblvfg_aZ
m^ZjGh]hjehiZgu_keb^_eh^hoh^bl^hq_]hlhk_jv_agh]hh[uqghhdZau\Zxlkyex^vfb
ljmkeb\ufbhlbmg_]hg_gZrehkvfm`_kl\Zhgih\_jgmekyd@mlm
Lukl_jibrvqlh[ukhfghclZd^mjghh[jZsZebkvdh]^ZymeZ`b\Zxl\hb^_eZ"YgZ^_xkvlu
kbxfbgmlmhlhfklbrvaZhkdhj[e_gb_dhlhjh_\kmsghklbdZkZ_lkyebrvl_[y
I_jkg_kdhevdhjZai_j_\h^be\a]ey^lhgZklZj_crbgmlhgZf_gyWlhl`_klhdbcb[_kkh\_klguc
q_eh\_dgZ\_jgydZ[ue[hevrbfkf_evqZdhfgh\b^ex^_cdhlhjuohgkqblZem[blufbbebohly[u
ie_g_ggufbZl_i_jv\g_aZighij_^klZ\rboi_j_^gbfp_eufbbg_\j_^bfufbiZjZebah\Ze_]h
j_rbfhklv^h[Z\hdfu^_j`Zebkvhq_gvkZfhm\_j_gghMgZk\jmdZo[uehhjm`b_bykgh[ueh
qlhrmlblvfug_klZg_fb^bfhi_jkmklhbehg_fZehljm^Zhl\_lblvklZj_crbg_
WlmaZlj_sbgm^Zebl_[_Zg_fg_Lu__ihemqbebluagZ_rvqlhgZ^h^_eZlvHl^ZcijbdZaby
ihfh]m_]hbkihegblv
Hgkgh\Z\ayekyaZjmdhyldmibklhe_lZ
M[_jbjmdmdjbdgmey_fmLug_ihebp_ckdbcM]jhahll_[yyg_ihl_jiexJZam`yihdZaZe
klZj_crbg_dZdhl\_qZxgZ]jm[hklvlhkqZklgufebphfdhlhjh_\hh[s_g_\ijZ\_ijbdZau\Zlvy
l_f[he__kijZ\exkvIbklhe_lhiZkgh_hjm`b_bffh`ghm[blv?kebfg_]jhaylibklhe_lhflhy
bf_xijZ\hgZh[hjhgmDZdlhevdhlu\a\_^_rvibklhe_ly\e_iexl_[_imex\]heh\mMqlbyg_
rmqm
Hgm[jZejmdmgh]g_\ghdjbdgmegZf_gy
LudZ`_lkyg_agZ_rvkd_f]h\hjbrvLum^Zjbea^_rg_]hijZ\bl_eyuijb]jhabebgZf
jm`vyfbbjZamf__lky\ZkgZ^hgZdZaZlvKx^Zkh[_jmlky\k_`bl_ebJm]h\ubko\Zlyl\ZkkljZg_
iZ^brZoZg_ijbgylhqlh[udhghdjZ^um]jh`Zebq_klgufex^yfkf_jlvx
Lu]h\hjbrvkf_rgu_\_sbYlhlqZk^hdZ`m\ZfqlhagZxkd_f]h\hjxEx^_cJm]h\uyg_
bm[bcpZgZau\Z_lgZkdhghdjZ^Zfblhfuebrvihkf__fkygZ^wlbfghkf_ogZrklZg_ll_[_
ihi_j_d]hjeZ
:\Zfg_l"i_j_kijhkbehgWlhlZg]ebqZgbgjZat_a`Z_lgZfh_fdZmjhfdhg_Zwlb^\Zl\hbo
kimlgbdZkb^ylgZqm`boi_]bohgblh`_bomdjZeb
Hldm^ZluagZ_rvqlhwlhg_boehrZ^b"
IhlhfmqlhwlbehrZ^bijbgZ^e_`Zlfhbf^jmavyf
Luhq_gvg_hklhjh`_gjZa\wlhfijbagZekyDhg_qghfug_ihdmiZebi_]bofuhlgyebbom
ZeZ^`bJZalukhagZ_rvkyqlhwlb^\ZjZa[hcgbdZl\hb^jmavylh]^ZlukZf\ug_kk_[_ijb]h\hj
KdZ`bdZfg_ijh^he`beyh[_jgm\rbkvdklZj_crbg_agZ_rvebluqlhZeZ^`bjZat_a`Zxl
gZi_]bodhgyo"
DZdh_fg_^hgbo^_eh"hl\_lbehgYk_cqZkbf_x^_ehk\ZfbZg_kgbfb
Fg_gjZ\blkyqlhluj_rbeg_fgh]haZgylvkygZfbIjZ\^Z\k_[m^_lg_lZddZdlugZf_j_\Zeky
H]hLu\ayekya^_kvdhfZg^h\Zlv"Luj_rbejZa^Z\ZlvaZlj_sbgu"Ykh[_jm`bl_e_cJm]h\u
qlh[uko\Zlblv\ZkYlhlqZkhl^ZfijbdZa
Hgohl_eb^lb
Klhc?s_h^ghf]gh\_gb_ijbdZaZey_fmLu_s_g_kijhkbedlhfulZdb_Yl_[_wlhkdZ`m
Fu
wlhfg_lgZ^h[ghklbij_j\Zef_gy@mlLu]ymjba=_jfZgbklZgZfukdhjhaZklZ\bfl_[y
ijbmgulv
�:lurbblbaI_jkbb]^_ihqblZxlOZkZgZbOmk_cgZ@LZdqlhg_gZau\Zck_[yijZ\h\_jguf
bg_ih\lhjyckeh\h]ymjbgZq_ihemqbrvlZdmx`_aZlj_sbgmdZdbklZj_crbgZ
Lu\a^mfZef_gyhkdhj[eylv"\kiuebehg
�Zy_s_g_fZehq_]h\a^mfZxHldm^ZluagZ_rvqlhyqm`_a_f_pba=_jfZgbklZgZ"LukZf
k_[y\u^Zewlbfkeh\hfKwlhcfbgmlukl\h_cjhevx@mlZ\k_dhgq_gh
Y@ml"ih[e_^g_\kijhkbehg
@ml"\hkdebdgmebhklZevgu_
�ZwlhlrbblGbj\Zg@mlY^hdZ`m\Zfwlhhll_[_klZj_crbgZfhbm^hklh\_j_gby
ebqghklbHgb\u^ZguiZ^brZohfb\_ebdbf\babj_fbygZ^_xkvqlhhgbijh[m^yl\l_[_
ih^h[Zxs__ihql_gb_?kebluih\_^_rvk_[ybgZq_lhyg_aZf_^ebl_evgh^heh`mh[wlhf\Zeb\
Ijbaj_g^bb\babjx\KlZf[meM[_jbk\hb]jyagu_jmdbbhkl_j_]bkviZqdZlviZkihjl
Yhldjue^hdmf_glubijhlygmebo_fmM\b^_\i_qZlviZ^brZoZhg\ijyfvijbgyekyl_j_[blv
jmdZfbrlZguihlhfko\ZlbekyaZeh[b]jm^vihdehgbeky\aye[mfZ]bb_s_jZaihdehgb\rbkv
ih^g_kbodhe[mqlh[uijhqblZlv
FZkl_jkdZaZeZg]ebqZgbgufh]eb[uihdZaZlv_fmbfhciZkihjlghi_jkhlgye_]h\f_kl_
k^jm]bfb\_sZfb
?kebhgg_mgbqlh`be_]h\u_]hihemqbl_ijhq_f^h\hevghlh]hqlhhgijhqblZefhb[mfZ]b
ufhc^jm]bym^hklh\_jx\Zk
Ih^hrebex^bbakhk_^gbo^hfh\bkex[hiulkl\hfmklZ\bebkvgZgZkijhq_fg_dhlhju_
ihki_rbebgZaZ^\l_kgucijhmehd\uoh^b\rbcdfhklmhgbkau\Zebkhk_^_c;ukljhkh[jZeZkv
im[ebdZhdjm`b\gZkihemdjm]hf
fh`_liheh`blvkygZihfhsvk\h_]hgZjh^Z?]hebphijbgyehmijyfh_\ujZ`_gb_Z_]h\ukhdZy
nb]mjZ\ulygmeZkv_s_\ur_b^gh[uehqlhhgklhev`_eh\hdkdhevbkbe_gjmdhiZrghc
ko\Zld__]hklhbehhiZkZlvky[hevr_q_fZeZ^`bdhlhju_\h\k_fgZ^_yebkvebrvgZ]jm[mxgh
g_mf_emxkbemYiheZ]Zeqlhg_klhbl^h\h^blv^_eh^hijyfhcko\ZldbkgbfZemqr_ijb
m^h[ghfkemqZ_jZgblv_]hime_clZdqlh[uhgg_fh]m`_aZsbsZlvky
GZdhg_pklZj_crbgZijhqblZe[mfZ]bAZl_fhgkgh\Zijb`Zebodhe[mb]jm^bkeh`beb\k_f
k\hbf\b^hfihdZaZeqlhm[_j_lbodk_[_
KlhckdZaZeyWlh^hdmf_glufhbZg_l\hb
Ghlu`_j_rbea^_kvhklZlvky"kijhkbehg
�Z
Lh]^Zyih^_j`mbomk_[yihdZ\ug_meZ^bl_\Zrb^_eZ
G_lwlh]hlug_k^_eZ_rvDZdluijhklhcdbZ^`bj_rbeky\aylvk_[_[mfZ]bq_eh\_dZdhlhjuc
gZklhevdh\ur_l_[yM`_h^bgl\hcmfuk_ehkdhj[e_gb_^eyf_gy:qlhl_[ym]hjZa^beh[helZlv
hgZrbo^_eZoLu`_agZ_rvkd_f]h\hjbrvbyl_[_kdZ`mqlhhll_[yihlj_[m_lkyYihc^ml_[_
gZ\klj_qmbg_klZgmaZ[bjZlvm^hklh\_j_gb_Yj_rbeihk_eblvkymDheZfbihwlhfmhgkZf\havf_l
wlhl^hdmf_glHl^Zc_fm;_afh_]hjZaj_r_gbyhgg_\uimklbl_]hbajmd
KlZj_crbgZih\bgh\Zekyimklvbg_hohlghIhlhfih\ukb\]hehkyijh^he`belZdqlh[u
keurZeb\k_hdjm`Zxsb_
:l_i_jvyohqm\hajZablvijhlb\lh]hqlh[uh^gh]hbagZrbolh\Zjbs_cgZau\ZebdhghdjZ^hf
Fuex^bq_klgu_bijb[uebkx^Zqlh[uba[Z\blv\ZkhlkZfh]hkljZrgh]h\hjZqlhlhevdh_klv
\wlhckljZg_WlZdZmjZyehrZ^vijbgZ^e_`bl\h\k_g_i_jkmZh^ghfmrlbilZjmZbf_ggh
[ZjvydlZjmKlhcdhbl_rmbaKehdmqbHggZijZ\bekykhk\hbfkughf\;Zl_jmqlh[ulZf`_gblv
_]hZihimlbaZ_oZe\Q_jlh\hms_ev_dm]e_`h]mRZjd_Wlhlih^jmqguc@mlZgZiZegZ
[ZjvydlZjZbh]jZ[be_]hLhlhklZeky`b\ghkugZ_]hm[bebbkh`]ebYfh]mihdZaZlv\ZfhklZldb
_]hdhkl_cWlZdhevqm]Z\dhlhjmxihdZh[eZqbekyfhckimlgbdwlZkZ[eywlhldbg`Ze\k_wlh
qZklbgZ]jZ[e_gghc^h[uqbKZfh]h[ZjvydlZjZm\_aebdDZjZGbj\Zgmqlh[uiha^g__m[blv_]h
dh]^Zm^ZklkyihemqblvaZg_]h\udmi
Eh`veh`vlukyqmjZaeh`vijhdjbqZei_jkWlZehrZ^vfhyZh[ZjvydlZj_yg_bf_xgb
fZe_cr_]hihgylby
Eh`vgZl\h_cklhjhg_Lu[jhkbe[ZjvydlZjZ\rZolm]^_ij_`^_^_j`Zeb\aZeh`gbdZo
Zg]ebqZgbgZLu\_e_ehlijZ\blvwlh]hZg]ebqZgbgZdm]e_`h]mqlh[uijbgm^blv_]hd\udmimZ
ihlhfm[blv?fmm^Zehkvhk\h[h^blvkyl_i_jvhg\_jgmekyqlh[uh[\bgblvl_[y
:eeZo:eeZoBy^he`_gwlh\ukemrb\Zlvbl_ji_lvYjZa[hcgbdbm[bcpZ"Kijhkbex^_c
kemrZxsbol\hb[j_^gbHgbkdZ`mll_[_dlhy:_keblugZ]ehijh^he`brvf_gyh[\bgylvlh
hgbwlh]hg_ihl_jiylZaZsblylf_gyG_lZdeb"uk^_eZ_l_wlhfm`bb`bl_ebJm]h\u"JZa\_\u
fh`_l_kihdhcgh\abjZlvgZlhdZdg_dbcqm`_a_f_pojbklbZgbghl\Z`b\Z_lkyh[\bgylvbmebqZlv
f_gyq_eh\_dZba\_klgh]h[eZ]bfb^_eZfbkh\_jr_ggufb^eyklhevdboex^_c"
�G_lg_ljZa^Zehkvg_kdhevdh]hehkh\hehcwlh]h]ymjZijhqv_]hG_^Z\Zcl__fm]h\hjblv
gbkeh\Z
Y^h]Z^u\Zekyqlhijhbahc^_lbihlhfmlbohgvdhijbdZaZeOZe_nmih^\_klbgZrboehrZ^_c
JZa\_ihahj[ulvojbklbZgbghf"JZa\_a^_kv\Jm]h\_g_m`b\Zxlkyfbjghl_dlhihqblZxl
bkeZfb;b[ebx"JZa\_yg_\b`ma^_kvex^_cghkysboq_ldblh[brvojbklbZg"Y\au\Zxdwlbf
ex^yf_kebDZjZGbj\Zgmihfh]Zxl\h\k_ffZ]hf_lZg_k_fhbh[\bg_gby\_jguy^hdZ`mwlh:
l_i_jv\ukemrZcl_ihke_^g__kZfh_kljZrgh_Wlhli_jk@mlihgbfZ_l_@mlYbwlhfh]m
^hdZaZlv\Zf_keb\ukihdhcghf_gy\ukemrZ_l_
F_gyi_j_[be]jhfh\hc]hehk[ZjurgbdZ
FheqbBgZq_yaZklj_exl_[ydZdkh[Zdmdhlhjmxfh`ghba[Z\blvhldhjhkluebrvijbklj_eb\
__
Y[ujZ^[ue_]hijbdhgqblvghdZdy\b^_e\k_[uebgZkljh_guijhlb\f_gyyebrvdjbdgme
i_jkm
AZsbsZckyg_keh\ZfbZ^_ehfHl\_^bgZk\rZolmb^hdZ`bqlhKlhcdhlZfg_l
Yg_agZxgbdZdhcrZolu
LZdyagZx__bhl\_^mlm^Zex^_c
Ih_]hebpmijh[_`ZeZgZkf_reb\Zy^jh`vbyagZeihq_fmYhkl_j_]ky]h\hjblvhrlhevg_fg_
ohl_ehkvm\_jblvi_jkZ\lhfqlhfuijhgbdg_f\rZolmkhklhjhgu[ZrgbIhwlhfmyijh^he`Ze
rZol_qlhih^klhjh`_\hc[Zrg_chgkdju\Z_lg_lhevdhKlhcdhghb_s_h^gh]hie_ggbdZ
dmipZbaKdmlZjbqvb^_gv]bhgm`_ijbk\hbeZl_i_jv\hagZf_jbeky^h[ulvb\k_hklZevgh__]h
bfms_kl\hLZf\gbam\ugZc^_l_bwlh]hq_eh\_dZHg\f_kl_khKlhcdhjZkkdZ`_lqlhkgbfb
kemqbehkvblh]^Z\um[_^bl_kvqlhDZjZGbj\Zgb_klv@mlYijbau\Zx\ZkbklZj_crbgm
ko\Zlblv_]hb^hklZ\blvd[Zrg_ImklvhgihdZ`_l]^_kdju\Z_lky\oh^\rZolm
Yie_ggbd"\hkdebdgme@mlOhl_e[uy]eygmlvgZlh]hdlh\a^mfZ_lgZf_gygZiZklvYg_
agZxgbdZdhcrZoluY]hlh\ihk\h_c\he_b^lblm^ZBsbl_rZolmyg_fh]m\Zf__ihdZaZlv
ihlhfmqlhkZfg_agZx__?kebkeh\Zwlh]hqm`_a_fpZk[m^mlkylhyihdhjghiha\hexk_[yk\yaZlv
b^hklZ\blv\Ijbaj_g^b?keb`_\uykgblkyqlhhgkhe]Zelhylj_[mxkZfh]hkljh]h]hgZdZaZgby
Ohjhrhykh]eZk_ggZwlhhl\_lbey
GZ\_jo\i_j_^\klhjh`_\mx[Zrgx^hghkbehkvkh\k_oklhjhgImklvi_jkhdZ`_lky@mlhf
=hj_wlhfmqm`Zdm_kebhg\j_l
Yg_\jmFuhl^Z_fk_[y\\ZrbjmdbFukeh`bf\k_gZr_hjm`b_qlh[u\um[_^bebkvqlhfu
ex^bq_klgu_bfbjgu_
H[jZlb\rbkvdk\hbfkimlgbdZfy^h[Z\be
�Z\Zcl_\Zrbjm`vygh`bibklhe_lubhlijZ\eycl_kv\f_kl_kwlbfb[jZ\ufbex^vfbd[Zrg_
YhklZ\ex\k_hjm`b_\oZg_Zihlhf\f_kl_kDheZfbfuih_^_f\Zf\^h]hgdm
L_f\j_f_g_fOZe_nihfh]hl\_klbehrZ^_cgZihklhyeuc^\hj\_jgm\rbkvhgkdZaZedh]^Zy
ihlj_[h\Zemg_]hhjm`b_
Ghkb^bfu`_g_kmf__fl_i_jvihklhylvaZk_[y
Yg_klZe_fmh[tykgylvihq_fmy\_e_ehklZ\blvhjm`b_kiuevqb\ucoZ^`b[m^vhg\hhjm`_g
\iheg_fh]gZ\e_qv[_^mgZk_[ybk\hbokimlgbdh\
Zfgbhldh]hg_ijb^_lkyhl[b\Zlvkyhl\_lbey_fmZkgbdlhg_h[b^blEbrv\_^bl_k_[y
lbohbhklhjh`gh
:luih_^_rvgZf\^h]hgdm"
kdjh_lkyHgkimklblky\rZolmqlh[ui_j_ijylZlvie_ggbdh\;ulvfh`_lm[v_lboIhwlhfmy
\f_kl_kDheZfbijh[_jmkv\rlhevgxb\klj_qmkvlZfk@mlhf
Luh^bg"WlhkebrdhfhiZkghYihc^mklh[hc
G_ll\h_hlkmlkl\b_[jhkblky\]eZaZDklZlbhkl_j_]bl_kvkimkdZlvky\rZolm_kebgZc^_l_\oh^
lm^ZG_ba\_klghqlhk^_eZ_l@mlqlh[uihf_rZlv\Zf;m^vl_ijb\_leb\ukwlbfbex^vfb
klZjZcl_kvg_\hkklZgh\blvboijhlb\k_[ybg_^_eZcl_gbq_]h^hfh_]h\ha\jZs_gby
Kh[jZeZkv^h\hevgh\gmrbl_evgZylheiZKm^yih\k_fmhgZfh]eZ_s_\hajZklbDh]^Zyhlh[jZe
hjm`b_mk\hbokimlgbdh\lheiZhdjm`beZbob@mlZgZdhg_p\kyijhp_kkbyijbreZ\^\b`_gb_
L_f\j_f_g_ffukDheZfbaZgyebkvk[hjZfbZihlhfhlijZ\bebkvdeh^d_kdhj_ohaybgijb\_e
^\mokem]Hgb\ayebkvaZ\_keZohaybgmk_ekygZghkmeh^dbZyklZejmeblv
GZfgZ^h[ueh^_j`Zlvkye_\hcklhjhguj_dbghy\ujmebedijZ\hfm[_j_]mihlhfmqlhlZf
l_q_gb_[uehg_hq_gvkbevgufEbrvdh]^Zfuijb[uebgZf_klhyih\_jgme\e_\h
L_i_jvkem]bgZijy]Zeb\k_kbeuqlh[u[mjgucihlhdg_m\e_deh^dmIjbrehkvieulvg_ijyfhd
rlhevg_Z[jZlv\ur_gZfgh]h\ur_ihl_q_gbx_keZ]gmebkvhgb]jhabebkehfZlvkyf_gy`_
[hevr_\k_]h[_kihdhbeh^jm]h_^_ckl\bl_evgheb\oh^\rlhevgxkdjulaZiehlghcaZ\_khc
jZkl_gbc
FugZoh^bebkvqmlv[eb`_wlh]heZaZYih\_jgmeeh^dmbgZijZ\be__ijyfhdrlhevg_?keb[u
lZf[ueblhevdhkdZeulheh^dZjZa[beZkv[u\^j_[_a]b\_^vfufqZebkvk[_r_ghckdhjhklvx
_keZm[jZlvIjb]gbl_kvdjbdgmeyk\hbfkimlgbdZf
Hgbfb]hfih\bgh\ZebkvKZf`_yhklZekygZf_kl_\_^vjmev[jhkZlv[uehg_evayFu
ijb[eb`ZebkvdkdZe__s_^\ZdhjimkZeh^db_s_h^bgYaZdjue]eZaZqlh[ug_ihjZgblvbo
\_ldZfbFy]dbcimqhdm^Zjbefg_\ebphYhldjue]eZaZ\hdjm][ueZ]em[hdZylvfZEh^dZ
h[hqlhlhm^ZjbeZkvdbevojmklgmeFugZoh^bebkv\rlhevg_
KeZ\Z:eeZomly`dh\a^hogmeDheZfbFum`g_fgh]hkljmogmeb
Ylh`_hl\_lbey?keb[ufugZe_l_ebgZkdZeulhbkdmiZebkv[uZohjhr_]h\wlhffZeh
Dlhg_mf__lhlebqghieZ\Zlvlhlhlkx^Zg_\u[_j_lkyIhrZjvl_dZihkl_g__klveblZfdheur_d
LZfhg^he`_g[ulvdg_fmijb\yau\Zxleh^dm
Dheur_db\ijyfvgZr_ekyFuaZdj_ibebeh^dmbaZ`]eb\aylu_kkh[hceZfiuBok\_lZo\Zlbeh
qlh[uhk\_lblvdhjb^hj\_^vhg[uegbadbfbl_kgufKem]bijbo\ZlbebkZevgu_k\_qb
ijbiZk_ggu_bfb
Y\aye\e_\mxjmdmh^gmbaeZfi\ijZ\mxj_\hev\_jbaZrZ]Ze\i_j_^JZafuaZ`]ebk\_lgZk
fh]ebaZf_lblvba^Zeb\iheg_\hafh`ghh^bgbakem]@mlZhklZ\Zeky\gbambklhjh`beie_ggbdh\
�Ohlydhjb^hj[uegbadbfy\k_`_fh]b^lb\uijyfb\rbkvIhe[ue\ukleZgba^hkhdeyq_]h"Y
ihij_`g_fmg_fh]wlh]hihgylvFurebhq_gvf_^e_ggh\_^v[_ahiZkghklbjZ^byhkfZljb\Ze
dhjb^hjgZdZ`^hfrZ]mIjhrehhdhehq_l\_jlbqZkZdh]^Zfuihqm\kl\h\Zebqlhih\_yeh
oheh^dhf
Fuijb[eb`Z_fkydjZks_ebg_hdhlhjhc]h\hjbeZebfaZf_lbeyK_cqZkgZ^h[ulv\^\hcg_
hklhjh`g__
Q_j_ag_kdhevdhrZ]h\i_j_^gZfbjZa\_jakyrbjhdbcjh\hgi_j_]hjZ`b\Ze\kxrlhevgx?]h
]em[bgZ[ueZg_ba\_klgZQ_j_ajh\fh`gh[uehi_j_[jZlvkyih^hsZlhfmgZklbemrbjbghc\k_]h
&#xhl;&#x_k;&#xlh;&#x;&#x]^;&#x_;&#xgZ;&#xk;&#x`^;&#x_l;&#xk;&#xf_;&#xjl;&#xv;&#x;&#xk;&#xdZ;&#xaZ;&#xDh;&#xeZ;û&#x;&#x;&#x=h;&#xki;&#xh^;&#xbg;&#x;&#xh[;&#xke;&#x_^;&#xmc;&#xw;&#xlh;&#xl;&#xfh;&#xkl;½&#xmq;&#xr_;&#x;&#x;�hlf_klh]^_gZk`^_lkf_jlvkdZaZeDheZfb=hkih^bgh[ke_^mcwlhlfhklbdemqr_Zcl_
kx^Z\_j_\dm
Fuk\yaZeb\f_kl_q_luj_\_j_\dbijbg_k_ggu_kem]Zfbihlhfkeh`beb\^\h_bh^gbfdhgphf
wlh]hdZgZlZh[\yaZebfg_]jm^vijhimklb\_]hih^furdZfb^jm]hcdhg_p^_j`Zeb\k_ljh_
GZdehgb\rbkvlZdqlh[ueZfiZhk\_lbeZ^hkdbyrZ]gme\i_j_^lsZl_evghhkfZljb\Zybo
Q_j_ajZks_ebgm[uebi_j_[jhr_guljbdj_idb_[ZedbF_`^mgbfbabyeZimklhlZoheh^gZy
�fjZqgZy[_a^gZijh_f[uerbj_nmlZhkdbdj_ibebkvdkj_^g_c[Zed_
Ihq_fm"Ihq_fm[Zedbg_iheh`beb\iehlgmx"LZdbfb\hijhkZfbyaZ^Z\Zekydhgkljmdpbbwlh]h
fhklbdZdjuekydZdhclhdh\Zjgucmfuk_eg_ihk\ys_ggucg_ij_f_gghiZe[u_]h`_jl\hc
K^_eZ\r_klvbeb\hk_fvrZ]h\bgZoh^ykvijyfhgZ^[_a^ghcyaZf_lbegZdhg_pih^hajbl_evgh_
f_klhA^_kvijh^hevgu_[Zedb[uebkdj_ie_guihi_j_qghcDh]^Zy\gbfZl_evghh[ke_^h\Zewlh
f_klhlhm\b^_eqlh\[hdh\uo[ZedZo[ueb\ulhq_guhl\_jklbyIhi_j_qbgZ\oh^beZ\wlbiZaub
kem`beZhkvxL_i_jvdhgkljmdpbyklZeZfg_ykgZDlh\b^_edZd^_lbdZqZxlkygZ[ZedZo
i_j_[jhr_gguoh^gZgZ^jm]mxlhle_]dhh[tykgblmkljhckl\hwlh]hdh\Zjgh]hfhklbdZL_i_jvy
^h]Z^Zeky^eyq_]hgm`gu[hdh\u_[Zedbqv_gZagZq_gb_yki_j\Zg_ihgyeHgbkh_^bgyebdjZy
jZks_ebgubih^^_j`b\Zebihi_j_qgmxhkvq_j_ag__[ueZi_j_dbgmlZkj_^gyy[ZedZke_`Z\rbfb
gZg_c^hkdZfbKh^ghcklhjhguklhchldm^Zfureb[ZedZhibjZeZkvgZdjZcjZks_ebgu
�^jm]hc__dhg_pg_[uegbdZdaZdj_ie_gh[jZlvky^hk_j_^bgufhklbdZg_khklZ\eyehljm^ZGh
ebrvlhevdhq_eh\_d^_eZerZ]^Zevr_i_j_^gyyqZklvfhklbdZhimkdZeZkvaZ^gyyih^gbfZeZkvb
\k_dlhgZoh^bekygZg_fkju\Zebkv\kljZrgmxijhiZklv
:ebfjZkkqblu\Zeqlhkhfghckemqblkylh`_kZfh_
Yh[_jgmekybh[tykgbefhbfkimlgbdZfqlhyh[gZjm`be
LZdagZqblfug_i_j_[_j_fkygZlmklhjhgm"kijhkbeDheZfb
Hg_l\_^v@mlihevam_lkywlhcrlhevg_cAgZqblfh`ghdZdlhaZdj_iblvwlmhiZkgmx[Zedm
ohly[ukh^gh]hdhgpZGZ^hhkfhlj_lvky
Y\_jgmekygZaZ^bfuijbgyebkv\k_h[rZjb\ZlvFuih^gyebdhg_p[ZedbghgZijZkghbkdZeb
ohlvdZdh_lhhl\_jklb_dheur_dbebjZkihjdmdhlhjhcfh`gh[ueh[uaZdj_iblv[Zedm
Lh]^Zfg_gm`ghi_j_[jZlvkylm^Zihykgbey
JZ^b:eeZoZLu`_ijh\Zebrvky\hkdebdgmeDheZfb
G_lIjb`fbl_[ZedmdZdfh`ghdj_iq_qlh[uhgZg_ijbih^gyeZkvlh]^Z^jm]hc__dhg_pg_
himklblky\ijhiZklvLjh_lZdbokbevguofm`qbgdZd\u\iheg_m^_j`Zl__Djhf_lh]hy
h[\y`mkv\_j_\dhcLZdqlhhimkdZcl_kvgZdhe_gbbjmdZfb^_j`bl_[ZedmYb^m
G_kebrdhfijbylgh[uehi_j_[bjZlvkyihmadbf^hkdZfq_j_aijhiZklvghy[eZ]hihemqgh
hqmlbekygZlhcklhjhg_LZfijbk\_l_eZfiuylhlqZkihgyedZdfh`ghaZdj_iblvfhklDhg_p
[Zedb\bk_e\\ha^mo_hgg_^hklb]ZedjZyjZks_ebgughgZ[Zed_bf_ebkv^\Z`_e_aguodhevpZk
[hdh\uokl_grlhevgbk\_rb\Zebkvp_ibkdjxqvyfbgZdhgp_P_ibdj_ibebkvaZdhevpZfhkl
gZly]b\Zekybm`_g_fh]i_j_\_jgmlvky
GmgZr_eqlhgb[m^v"hdebdgmef_gyDheZfb
�ZYaZdj_iex[Zedmufh`_l_gZklmiZlvgZg__[_ahiZkdb
Dj_idhgZlygm\p_ibym[_^beky\bogZ^_`ghklbLjh_fhbokimlgbdh\ijhrebihfhklm
JZamf__lky\k_wlhfuijh^_eu\Zebhq_gvf_^e_ggh\_^vhlgZr_chklhjh`ghklbaZ\bk_eZgZrZ
`bagvl_f[uklj__fuijh^\b]Zebkvl_i_jvFhbqZkuih^kdZau\Zebfg_qlhijhr_eihqlbqZkk
l_oihjdZdfuihdbgmebihklhyeuc^\hj
Dhjb^hj\k_\j_fy\_e\\_job^lbihg_fm[uehg_ljm^ghIjbf_jghq_j_aljbfbgmlufu^hklb]eb
ijhklhjghcdjm]ehcaZeuKdZeZdhgqbeZkvGZkhdjm`bebdZf_ggu_kl_gub^g_ebkviylv^\_j_c
q_luj_hq_gvgbadb_bh^gZmadZyb\ukhdZyGZwlhc^\_jbg_[uehgbdZdhcaZ^\b`db__fh`gh
[uehebrv\uehfZlvGZhklZevguo^\_jyobf_ehkvihg_kdhevdmaZkh\h\
AZwlbfbgbadbfb^\_jyfbgZoh^ylkyie_ggbdbkdZaZeyhlh^\b]ZyaZkh\ubhldju\ZydZfhjdm
Fum\b^_ebg_dmxdhgmjm^ebghcijbf_jgh\k_fvnmlh\rbjbghcb\ukhlhc\q_luj_bebiylv
nmlh\A^_kvijyfhgZihem[_adZdhceb[hih^klbedbe_`Zeq_eh\_dgh]bdhlhjh]hdZdb
hibku\ZeZg]ebqZgbg[ueb\^_lu\`_e_agu_dhevpZ
Dlhlu"kijhkbey
Hl\_lhf[uehijhdeylb_
KdZ`bdlhluFuijbrebl_[ykiZklb
G_\jbjZa^Zekyojbieuc]hehk
WlhijZ\^ZFu\jZ]b@mlZbohlbfl_[y
YmfhedJZa^Zebkv^\ZdjbdZh^bgbamklkem]b^jm]hcbamkl@mlZ
YklhyegZdhe_gyoi_j_^dhgmjhc^_j`Z\jmd_eZfimDheZfbijbk_egZdhjlhqdbjy^hfkhfghcZ
kem]bijb]gm\rbkvklhyebihaZ^bgZkklZjZykvaZ]eygmlv\gmljvwlh\j_fyhl\hjbeZkvmadZy
^\_jvdhlhjmxymihfbgZeb\hr_ei_jkKem]Zm\b^_e_]hH[Z\kdjbdgmebYih\_jgmekydkem]_
QlhlZf"
�\_jvdhgmju[ueZijbhldjulZlZdqlhyg_\b^_e@mlZ
LZflZfhglZfhl\_lbekem]ZmdZau\ZygZi_jkZ
Y\kdhqbebihkfhlj_eih\_jo^\_jpu
Gm^Z\Zc\hkdebdgmeymagZ\_]h
Ij_klmigbd[uedjZcg_gZim]Zgm\b^_\gZkbaZklue\hp_i_g_gbbjmd_hg^_j`Zeam[behbeb
qlhlhihoh`__gZg_]hFhc\ha]eZk\_jgme_]hd`bagb
HOZkZghOmk_cgaZdjbqZehgr\ujgm\\fhx]heh\mam[behug_ko\Zlbl_f_gykh[Zdb
Yfhegb_ghkghmdjuekyaZ^\_jvxmdehgyykvhlm^ZjZDh]^Zyijbih^gyekylhm\b^_eqlh@ml
bkq_a]^_lh\rlhevg_Hgohl_emkdhevagml