Голинченко_Андреева._Мелодия_бесконечности.PDF


Чтобы посмотреть этот PDF файл с форматированием и разметкой, скачайте его и откройте на своем компьютере.
VIBIDQWDV\BFLW\
$XWKRU,QIR
?dZl_jbgZ:g^j__\gZ=hebgq_gdh
F_eh^by[_kdhg_qghklbDgb]Zi_j\Zy KB\f

Hgb\klj_lbebkvdh]^ZHgZi_j_`beZi_j\mxkljZrgmxljZ]_^bx\k\h_c`bagbZHgm`_
kfbjbekykhk\hbfh^bghq_kl\hfbk\h_c[hevx
HgbklZeb^jm]^ey^jm]Zkfukehf`bagbO\ZlblebmgbokbeihclbijhlbijZ\bebaZdhgh\k\hbo
fbjh\b^hdZaZlvqlhhgbkZfbfh]ml\_jrblvk\hxkm^v[m"
�Z\Zcl_agZdhfblvkygZra\za^guckhklZ\=Ze_j_yh[jZah\i_jkhgZ`_c
jhebFZj]ZjbluWfbebyDeZjd (PLOLD&ODUNH\f[jblZgkdZyZdljbkZGZb[he__ba\_klgZihjheb
�_c_g_jbkLZj]Zjb_g\l_e_k_jbZe_B]jZij_klheh\







&#xj;&#xhe;�jheb`hgZYfuLhfZk:g^_jk 7KRPDV$QGHUVik_\^hgbfgZklhys__bfy;_jg^Zc^mg]
g_f%HUQG:HLGXQJ\fg_f_pdbcihii_\_pZdlzjbdhfihablhj[u\rbckhebkl^bkdh]jmiiu
0RGHUQ7DONLQJ
jhebZe_glbgufZl_jbFZj]ZjbluBaZ[_evYkfbg:^`Zgb ,VDEHOOHDVPLQH$GMDQL\f
njZgpmakdZyZdljbkZl_ZljZbdbghh[eZ^Zl_evgbpZj_dhj^guoij_fbcK_aZj\dZl_]hjbb
emqrZy`_gkdZyjhevGZb[he__ba\_klgZjhevxdhjhe_\uFZj]h\h^ghbfzgghfnbevf_
Jh^bl_ebFZj]ZjbluZe_glbgZbRZjev:gjb

&#xj;&#xhe;�jheb`_dZ gZklhys___]hbfyDmjhOZ^aZfZ\fijbzfgh]hkugZjh^bl_e_cFZj]ZjbluJbqZj^
LbnnZgb=bj 5LFKDUG7LIIDQ\*HUH\fZf_jbdZgkdbcZdlzjba\_klguck\hbfbjZ[hlZfb\lZdbo
�dZjlbgZodZdI_j\ucjupZjvDjZkhldZQbdZ]hZ\Zcl_ihlZgpm_fOZlbdh
&#xj;&#xhe;�jhebZgbweeuemqr_cih^jm]bFZj]Zjblu:fZg^ZFbr_evK_cnjb^ $PDQGD0LFKHOOH
6H\IULHG\fZf_jbdZgkdZyZdljbkZdbghi_\bpZb[u\rZyfh^_evGZb[he__ba\_klgZjheyfb\
�nbevfZoFZffZFbZDjZkgZyrZihqdZIbkvfZd`mev_ll_Hl\_j`_ggu_
&#xj;&#xhe;&#xhl;&#xpZ;�jhebhlpZ`_dZD_g^`b.HDQX&KDUOHV5HHYHVdZgZ^kdhZf_jbdZgkdbcZdlzjdbghijh^xk_j
j_`bkk_jbfmaudZgl [Zk]blZjbkl\fJb\agZb[he__ba\_kl_gk\hbfbjheyfb\lZdbodbghdZjlbgZo
dZdKdhjhklvGZ]j_[g_\hegu:^\hdZl^vy\heZDhjhebmebpG_\_jhylgu_
ijbdexq_gby;beeZbL_^ZDhgklZglbgIh\_ebl_evlvfuljbeh]byFZljbpZ
&#xj;&#xhe;&#xfZ;&#xl_;&#xjb;�jhebfZl_jb`_dZJ_cdh6KDQQHQ0DULD'RKHUW\Zf_jbdZgkdZyZdljbkZgZb[he__ba\_klgZyih
jheyf;j_g^uMher\l_e_k_jbZe_;_\_jebObeeabklZjr_cbak_kl_j\_^vfIjx
Oheeb\_ee\k_jbZe_AZqZjh\Zggu_

&#xh;&#x[j;&#xZa;&#x_;þ&#xZ^;&#xr_;&#xk_;&#xkl;&#xju;�h[jZa_feZ^r_ck_kljuZgbweeuJhabdZdih^jhkldZOehy=j_ckFhj_p &KORs*UDFH0RUHW]\f
Zf_jbdZgkdZyZdljbkZbfh^_ev
jhebih\ajhke_\r_cJhaZebg^uGZlZevyFboZceh\gZh^ygh\ZjhkkbckdZylhifh^_evZdljbkZ
bnbeZgljhi


&#xj;&#xhe;&#xkl;&#xZj;&#xr_;&#x]h;&#x[;&#xjZ;&#xlZ;�jhebklZjr_]h[jZlZZgbweeuIbl_jZfh^_ev:e_dk:e_dkZg^j;Zjl
&#xj;&#xhe;&#xhl;&#xpZ;&#xI;&#xbl;&#x_j;&#xZ;�&#xj;&#xhe;&#xhl;&#xpZ;&#xI;&#xbl;&#x_j;&#xZ;�jhebhlpZIbl_jZZgbweeubJhaZebg^u_j_dZD_rvxJh[_jlIeZgl[jblZgkdbcjhd
\hdZebklba\_klgucij_`^_\k_]hmqZklb_f\]jmii_/HG=HSSHOLQIhke_jZkiZ^Z]jmiiuIeZgl
gZqZemki_rgmxkhevgmxdZjv_jmdhlhjZyijh^he`Z_lkyihk_c^_gvJh[_jlIeZgldhfZg^hj
Hj^_gZ;jblZgkdhcbfi_jbb
jhebbofZl_jbDZfbeeuOba_jEhdebjZf_jbdZgkdZyZdljbkZbijh^xk_jr_klbdjZlguc
ghfbgZglgZij_fbxAhehlhc]eh[mk
&#xj;&#xhe;&#xWe;&#xe_;&#xg;
&#xma;&#xbg;&#xu;&#xFZ;&#xj];&#xZj;&#xbl;&#xu;&#x;&#x[j;&#xZa;¾&#xvk;&#xdZ;&#xy;&#xfh;&#x^_;&#xev;&#xK;&#xbg;&#xlb;&#xy;�jhebWee_gdmabguFZj]Zjblu[jZabevkdZyfh^_evKbglbybd_j &LQWLD'LFNHU\f


jhebklZjr_]h[jZlZWee_gWlv_gZfh^_evihevkdh]hijhbkoh`^_gby;Zjl_d;hjh\_p %DUWHF
%RURZLHF\f
&#xZc;&#xZ;&#xkZ;&#xlZ;&#x;&#xhl;&#xpZ;�jhebdgyayZc\Zk\ZlZhlpZ`hgZ:fblZ[o;ZqqZg mjh`^zgguc:fblZ[oOZjb\Zgr;ZqqZg\f
bg^bckdbcdbghZdlzjiheblbdijh^xk_jbl_e_\_^msbc

&#xj;&#xhe;&#xfZ;&#xl_;&#xjb;�jhebfZl_jb`hgZ]hkih`bKhgbO_fZFZebgb +HPD0DOLQL\fbg^bckdZyZdljbkZ
lZgph\sbpZijh^xk_jbj_`bkkzj[he__ba\_klgZihjheyf[ebag_ph\Ablub=blu\h^ghbfzgghf
nbevf_
�Jh^bl_eb`hgZ























&#xj;&#xhe;&#xYf;&#xk;&#x_k;&#xlj;&#xu;&#x^;&#xhc;&#xgy;&#xrd; ;jhebYfbk_klju^\hcgyrdb`hgZ:cr\ZjbyJZc;ZqqZg $LVKZDU\D5DL%DFKFKDQ\fbg^bckdZy
ZdljbkZbnhlhfh^_evIh[_^bl_evgbpZdhgdmjkZFbkkfbjZ]h^Z
&#xj;&#xhe;&#xJZ;&#xnZ;&#xwe;&#xy;&#xk;&#xh;&#x^g;&#xh];&#xh;&#x[j;&#xZl;&#xZ;jhebJZnZweyk\h^gh]h[jZlZ`hgZAZc_^DoZg =D\HG.KDQ\fbg^bckdbcZdlzjbijh^xk_j


&#xj;&#xhe;&#xKZ;&#xfZ;&#xwe;&#xy;&#x;&#x^j;&#xm];&#xZ;&#xih;&#x[j;&#xZl;¿&#xZ;�jhebKZfZwey^jm]Zbih[jZlbfZ`hgZFZgmNmevheZ 0DQX)XOOROD\fbkiZgkdbcZdlzj
�gZb[he__ba\_klgucihjhebZg]_eZgZklZ\gbdZGZlZwey\k_jbZe_:g]_ebeb_fhg
&#xJ;&#xhe;&#xDZ;ë&#x;&#xi_;&#xj;&#xhc;&#x`;&#x_g;&#xu;JhebDZebi_j\hc`_gu`hgZ\ihke_^kl\bb`_guKZfZweyGbdhevFwjbDb^fZg 1LFROH0DU\
.LGPDQ\fZ\kljZebckdZybZf_jbdZgkdZyZdljbkZi_\bpZijh^xk_jEZmj_Zlij_fbcHkdZj
i_j\ZyZdljbkZba:\kljZebbihemqb\rZywlmgZ]jZ^m\ghfbgZpbbEmqrZy`_gkdZyjhev\fb
%$)7$]h^ZljzodjZlgZyh[eZ^Zl_evgbpZij_fbbAhehlhc]eh[mk \f


&#xj;&#xhe;&#xih;
&#xjh;&#xke;&#x_r;&#x_];&#xh;&#x:e;&#xbr;&#x_j;&#xZ;&#x;&#xku;&#xgZ;�jhebih\ajhke_\r_]h:ebr_jZkugZ`hgZbDZeb:gZcjbg;ZjgZj^ $QHXULQ%DUQDUG\f
[jblZgkdbcZdlzjba\_klgucihjhebJbqZj^Z,,,\k_jbZe_;_eZydhjhe_\Z
&#xj;&#xhe;&#x:^;&#x_e;&#xbu;&#x;&#xij;&#xbz;&#xfg;&#xhc;&#x^;&#xhq;&#x_j;�jheb:^_ebuijbzfghc^hq_jb`hgZbFZj]ZjbluZ\kljZebckdZyfh^_ev6N\H6WUDFNH


&#xj;&#xhe;&#xij;&#xbz;&#xfg;&#xhc;&#x^;&#xhq;&#x_j;�jhebijbzfghc^hq_jb`hgZbFZj]ZjbluEZebF_cDwcdhDblZ]Z\ZyihgkdZyZdljbkZb
��fh^_evKgyeZkv\nbevfZoLjhcghcnhjkZ`Lhdbckdbcjbnl;bl\Zih^Hjbhghfhjh]b_
^jmavyk_jbZe_DhrfZjhqdZKu]jZeZK_cehjFZjk\l_e_k_jbZe_Ij_djZkgZy\hbl_evgbpZ
K_cehjFmg 3UHWW\*XDUGLDQ6DLORU0RRQ\f











���Fh^_eb[ebag_pu?ebaZ\_lZbIhebgZ\jhebbZgub?dZl_jbguhq_j_c[ebagyr_d`hgZb
FZj]Zjblu


&#xj;&#xhe;&#x:g;&#xjb;&#x;&#xku;&#xgZ;&#xZj;&#x]Z;&#xjb;&#xlu;�jheb:gjbkugZFZj]Zjblub`hgZK_j]_c:rbofbgjhkkbckdbci_\_pmqZklgbdijh_dlZ
��NZ[jbdZa\za^bkhebkl]jmiiuBgvYg\jhebfZe_gvdh]h:gjb)DVKLRQ.LGZfbZgax[Z


&#xj;&#xhe;&#xkl;&#xZj;&#xr_;&#x^h;&#xq_;&#xjb;�&#xj;&#xhe;&#xkl;&#xZj;&#xr_;&#x^h;&#xq_;&#xjb;�jhebklZjr_c^hq_jb`_dZbZgbweeuFZjlbguZf_jbdZgkdZyfh^_ev;_jbl;bjd_eZg^ %HULW
%LUNHODQG\f\jhebfZe_gvdhcFZjlbguxgZyfh^_evW\_ebgZhag_k_gkdZy
��:e_dkZg^jkug`_dZbZgbweeu


&#xj;&#xhe;þ&#xZ^;&#xr_;&#x^h;&#xq_;&#xjb;�&#xj;&#xhe;þ&#xZ^;&#xr_;&#x^h;&#xq_;&#xjb;�jhebfeZ^r_c^hq_jb`_dZbZgbweeubdlhjbbfh^_evWfbebWevJZ^^(PLO\5XGGjheb
½&#xlh;&#xjb;&#x;&#xxg;&#xZy;&#xh^;&#x_e;&#xv;&#xFZ;&#xj];&#xZj;&#xbl;&#xZ;�fZe_gvdhcbdlhjbbxgZyfh^_evFZj]ZjblZjm]Zev
Pu]ZghqdZFZjby
jhebBhRgZc^_jZ gZklhys__bfyFZjdbljbq_gdh\ffh^_evbaFbkkmjbihevkdh]h
ijhbkoh`^_gby$DURQ&KLVXP


jhebfZl_jbFZjdZJmkeZgubljbq_gdh(YD+HU]LJRYiq_rkdZylhifh^_evbZdljbkZ
&#xj;&#xhe;&#xEv;&#xZ;�&#xbl;&#xjb;&#xq_;&#xgd;&#xh;&#xh;&#xlp;&#xZ;&#xFZ;&#xjd;&#xZ;&#x;�jhebEv\Zbfbljh\bqZbljbq_gdhhlpZFZjdZ`mebZgKwg^a[jblZgkdbcZdlzjba\_klguc
\qZklghklbihjheb\nbevf_m`Zkh\Q_jghdgb`gbd
&#xj;&#xhe;&#x:e;&#xv; k;&#x;&#xi;&#xjZ;&#xbl;&#x_e;&#xvg;&#xbp;&#xu;&#xLz;&#xfg;&#xh];&#xh;�jheb:ev\bkijZ\bl_evgbpuLzfgh]h\hjZRwjhghggKlhmg 6KDURQ9RQQH6WRQH\f
Zf_jbdZgkdZyZdljbkZijh^xk_jb[u\rZyfh^_evDZ\Ze_jkl\_ggZy^ZfZnjZgpmakdh]hHj^_gZ
bkdmkkl\bebl_jZlmju \f
jhebZlZfZgZGZ^bjZH^_^N_jbajZbevkdbcbZf_jbdZgkdbcZdlzjdbghbl_e_\b^_gby


jheb^_fhgzgdZEZmjuFZjZppbDZjf_gKZgq_k &DUPHQ6ZQFKH]\fbkiZgkdZyZdljbkZba\_klgZy
��jhevx^_fhgZmgu\k_jbZe_:g]_ebeb_fhg
&#xj;&#xhe;�jheb_fhgZHg^ab=ZdlDZfmb .DPXL*DNXWR\fagZf_gblucyihgkdbcfmaudZglbZdl_j
fmevlbbgkljmf_glZebklfh`_lb]jZlvgZnhjl_ibZghm^Zjguoljm[_ljhf[hg_we_dljh]blZj_
[Zk]blZj_ZlZd`_ljZ^bpbhgguoyihgkdbofmaudZevguobgkljmf_glZo;u\rbcmqZklgbd
fmaudZevguo]jmii&DLQVIHHO0DOLFH0L]HUbHOORZ)ULHG&KLFNHQ]k]h^ZgZqZekhevgmx
dZjv_jm


Zdlzjbnhlhfh^_ev
GZrrlZlguch[hjhl_gvFZdkbfbebZgFZdk


jhebZg]_eZojZgbl_eyJ_g_ZkbebcK_j]__\bqKl_iZgh\jhkkbckdbcZdlzjbkihegbl_ev
]eZ\ghcjhebFZdkbfZDZff_j_jZ\dbg_fZlh]jZnbq_kdhc^beh]bbH[blZ_fuchkljh\


jheb:e_kkbh:e_kkbh;hgbblZevygkdbcZdlzj
F_eh^by[_kdhg_qghklbFZkl_j^eyFZj]Zjblu
Kf_jlvml_rZ_lm\ubaZklZ\ey_l`blv
HgZp_ev`bagbb_^bgkl\_ggZygZ^_`^ZdhlhjZydZdwebdkbj
GZk[h^jblbhivygy_lijb^ZzlgZffm`_kl\hb^lbk\hbfimlzf^hdhgpZ
@bagv^Zzlkyebrv^\Z`^udh]^ZfZlvjh`Z_ll_[ybdh]^ZkfhljbrvKf_jlb\]eZaZ
I_j_^]eZaZfbdZd\dZe_c^hkdhi_f_evdZehlhebph:e_kkbhlhl_jfbgZeZwjhihjlZlh\aju\
kZfhezlZ\h\j_fy\aezlZdjbdbex^_ciZgbdZ
:e_kkbhFheh^hclZeZgleb\uckdmevilhjblZevyg_pihijhbkoh`^_gbxhg[ue^jm]hf_z
gZa\Zggh]h[jZlZb[hevr_q_f^jm]hf_ckdhlhjuf_c[uehlZdohjhrhblZde_]dhdhlhjh]hhgZ
ihqlbihex[beZohlvhgbbihagZdhfbebkvg_lZd^Z\ghdh]^Zhgihke_gZiZ^_gby]jZ[bl_e_c
ijhoh^bedmjke_q_gbyljZ\fbjh\Zgguodbkl_c\debgbd_]^_jZ[hlZe_z[jZl^he`_g[uee_l_lv
wlbfj_ckhfdk_klj_gZihohjhgufZl_jb
Hg[uegZ[hjlmlh]hZ\bZeZcg_jZl_i_jvbfij_^klhblohjhgblvm`_^\hbo
FZj]ZjblZreZg_jZa[bjZy^hjh]bKezauaZklbeZeb]eZaZ=heh\Zkeh\ghjZkdZeu\ZeZkvgZ
�f_evqZcrb_dmkhqdbGh]bih^dZrb\Zebkv_\mrdm\kxljykehK_j^p_h[eb\Zehkvdjh\vxg_
i_j_klZ\Zydhehlvg_\ughkbfhkljZ^ZyZjZamfebohjZ^hqghbkdZehl\_lugZfgh]hqbke_ggu_
\hijhkuhkfuke_`bagbhkijZ\_^eb\hklbghg_gZoh^bemkihdh_gby^eybkl_jaZgghc^mrb
[_a`Zehklgh\kdju\Zy_zkehcaZkeh_fHgZreZf_^e_gghihrZlu\ZykvlhqghivygZy^jm]hgZ
khj\ZeZkvbih[_`ZeZ[m^lhohl_eZm[_`Zlvhlk\h_]h]hjyIha`_hgZkb^_eZgZdhe_gyoaZdju\
ebphjmdZfbIhlhf^_\mrdZg_fgh]hijbreZ\k_[ygh_z]eZaZ\kz_sz[uebihegukezaZie_qb
baj_^dZlbohgvdh\a^jZ]b\Zeb=heh\mdZaZehkvk`bfZeblbkdbZk_j^p_k^Z\eb\ZebklZevgu_
h[jmqb?z[jhkZehlh\`Zjlh\oheh^Ohl_ehkvdjbqZlvghkezau^mrbeb_zZ\kdjbddhfhf
aZklj_\Ze\]hje_DZd_cl_i_jv[ulv"HgZ[hevr_g_ihkfhljbl\_]hk_jh]hem[u_]eZaZg_
^hljhg_lky^h_]hjmdbg_ih]eZ^bl_]hfy]db_\hehkug_mkeurbl_]h]hehkgbadbc
ojbieh\Zlucg_hsmlbl_]hijbdhkgh\_gbcHgZm`_ihqlbgbq_]hg_qm\kl\h\ZeZg_hsmsZeZ
gbq_]h^Z`_kZfmk_[yihkl_i_gghl_jyyhjb_glZpbx\h\j_f_gbbijhkljZgkl\_
g_aZighFZj]ZjblZhklmibeZkvbqmlvg_khj\ZeZkv_cm^Zehkvmo\ZlblvkyaZdZdmxlhdhjy]m
G_kdhevdhdZfg_ckdZlbebkv\gbaIjhke_^b\boimlvFZj]ZjblZ_szdj_iq_k`ZeZiZevpubklZeZ
hlqZygghiulZlvky\u[jZlvkygZl\zj^mxihq\mBah^jZ\jmdbb\dhg_ph[_kkbe_\hgZg_fh]eZ
[hevr_khijhlb\eylvkyKhagZgb_ihdb^Zeh_z
Qvblhjmdb\Zeuoi_jqZldZoih^o\Zlbeb_zbihfh]eb\u[jZlvkyhlghky_zih^Zevr_hldjZy
��_\mrdZ\kz_szkeZ[hkhh[jZ`ZeZqlhkg_cijhbahrehb[ueZgZ]jZgbh[fhjhdZeyg_zg_
hlebqZ\r_ckykbevgufa^hjh\v_fkh[ulbyk_]h^gyrg_]h^gy[uebkebrdhfly`zeufm^Zjhf
Kh[jZ\ihke_^gb_kbeuhgZihiulZeZkvjZah[jZlvkykfukeyfbbhp_gblvkblmZpbx?zebph[ueh
bkiZqdZghjmdbbah^jZgu\djh\v_zlzfghdZrlZgh\u_ihqlbqzjgu_\hehkujZkljziZgu]eZaZb
ghkhimoebhlkeza
Mqblu\Zy_zkhklhygb_FZj]ZjblZlhevdhk_cqZkaZf_lbeZfheh^h]hfm`qbgmDh`Z_]h[ueZ
kfm]ehcq_jluebpZijZ\bevgu_[hevrb_dZjb_]eZaZ^ebggu_qzjgu_dZd\hjhgh\hdjueh
ehdhgu\vxsboky\hehkgbkiZ^Zebih_]hie_qZfH^_lhg[ue\h\kzdjZkgh_
IZj_gvihfh]_ck_klvbihbgl_j_kh\Zeky\kzebmg_z\ihjy^d_
:e_kkbh"^_\mrdZ\hijhkbl_evghihkfhlj_eZgZg_agZdhfpZ
�Hq_gvkh`Ze_xghy\k_]hebrv`hglbohijhbagzkhggZa\Z\k\hzbfygZaZiZ^gucfZg_jb
]hehk_]haZ\hjZ`b\Ze:g_ih^kdZ`_rvij_e_klgh_kha^Zgb_[hevgh[uehiZ^Zlv"Lu`_
gZ\_jgydZZg]_ekimklb\rbckykG_[_k
Dlhu"FZj]ZjblZkfhlj_eZgZiZjgybg_fh]eZhlhj\Zlv\a]ey^hl_]h]eZahgZlhgmeZ\wlbo
dhe^h\kdbo[_a^hgguolzfguohfmlZoghg_[uehkljZoZhgZg_[hyeZkv_c[uehkihdhcgh
Fh`_rvkqblZlvf_gyk\hbfojZgbl_e_fmeu[gmekyDjZkgucb\_]hmeu[d_[uehklhevdhl_ieZ
bg_`ghklbl\hzfjxdaZd__klv\h^Z"kijhkbehgGm`ghijhfulvjZgugZl\hbojmdZo
FZj]ZjblZml\_j^bl_evghaZdb\ZeZ]heh\hcbrfu]gm\ghkhfkgyeZkhkibgujxdaZdb^hklZeZ
[mluehqdmfbg_jZevghc\h^u
�`hgijhfuewlhc\h^hc^_\mrd_jmdbbhlhj\Z\dmkhdhlk\h_cjm[Zrdbi_j_\yaZeFZj]Zjbl_
bajZg_ggu_eZ^hgbbaZdmlZe_z\k\hcieZs
L_i_jvemqr_"aZ[hleb\hkijhkbeiZj_gvihlhfh[gye_zaZie_qbBgbdh]^Zkeurbrv
gbdh]^Z^Z`_g_kf_c^mfZlvIhkfhljbfg_\]eZaZbihdeygbkvqlhgbdh]^ZLu\_^vb`bagblh
g_\b^_eZihlhfdZd[m^lhhihfgbekyIjhklbyiha\heyxk_[_ebrg__Ghih\_jvfg_wlhg_
\uoh^DZdZy[ug_ijbdexqbeZkvmL_[y[_^ZLu^he`gZ`blvjZ^blh]hK\_lZqlh_klv\L_[_
jZ^b[ebadbob^hjh]boL_[_ex^_cJZ^bdh]hlhdh]h\klj_lbrvdh]^Zgb[m^vb^eydh]hklZg_rv
p_euffbjhf
ukiZkebfg_`bagvH]jhfgh_kiZkb[h;eZ]h^Zjxhl\k_]hk_j^pZFZj]ZjblZdbgmeZkvgZ
&#xw;&#xlh;&#xl;&#xfh;&#xf_;&#xgl;&#x;&#xlh;&#xqg;&#xh;&#xwe;&#x_d;&#xlj;&#xbq;&#x_k;Û&#xjZ;&#xaj;&#xy^;&#xi;&#xjh;&#xrz;&#xih;&#xl;&#x_e;&#xm;�r_xiZjgxwlhlfhf_gllhqghwe_dljbq_kdbcjZajy^ijhrzeihl_em`hgZk_j^p_
hklZgh\behkvZihlhfaZ[behkvjh\ghbjZaf_j_gghIjbrehhsms_gb_q_]hlhlZdh]h[ebadh]hb
jh^gh]hkeh\ghwlZfZe_gvdZy^_\mrdZihqlb_szj_[zghdkfh]eZ\hajh^blv\gzf^Z\ghaZ[ulh_
qm\kl\hHggZjmrbl\k_ijZ\beZghk_cqZk\_]hh[tylbyo[uehkZfh_^jZ]hp_ggh_khdjh\bs_Hg
m`_g_kfh`_lhlimklblv_zhlk_[yB\ky\_qghklvij_\jZlbeZkv\gbqlh\kjZ\g_gbbkwlbf
f]gh\_gb_f?]hk_j^p_kgh\Zkihkh[ghex[blv
DZdl_[yah\ml"kijhkbeiZj_gvrzihlhf
FZj]ZjblZlZd`_rzihlhfhl\_lbeZ^_\mrdZ
FZj]hbJblZih\lhjbehgaZg_cBgl_j_kghihemqZ_lkyke_^mxsbcjZafheh^Zye_^b
dh]^Zj_rbl_k\_klbkqzluk`bagvxg_aZ[m^vl_khklZ\blvaZ\_sZgb_bihfygbl_f_gylZfy
�q_eh\_dkdjhfgucfg_fgh]hg_gZ^h`hgklZjZekyijb^Zlvk\h_fm]hehkmdZdfh`gh[hevr_
kihdhckl\byb[_aaZ[hlghklb
Wc:eehFZeurdZluqlhh[b^_eZkv"Y`_ihrmlbeIjhklb]emiZyrmldZihemqbeZkvB
fbehqdZyg_gZklhevdhklZjfh`_rvh[jZsZlvkydhfg_gZluiZj_gvijbk_egZdhe_gbjy^hfk
g_cbh[gyeaZie_qb
Hgb^he]hfheqZkfhlj_eb^jm]gZ^jm]Z
�Zcl_eZ^hgvyih]Z^Zx\Zfl_[_ihijhkbeZFZj]ZjblZ
�`hgijhlygme_cjmdm
:lug_a^_rgbcL\hc^hf^Ze_dhLujh^bekyih^^jm]bfKhegp_fih^^jm]hcEmghclboh
ijhbag_keZ^_\mrdZ]ey^ygZfheh^h]hq_eh\_dZLuhldZaZekyhllh]hqlhl\hzihijZ\mlu
ohq_rv\k_]h^hklbqvkZfBml_[y\kz[m^_lijbagZgb_keZ\Z[h]Zlkl\h[hevrZyk_fvyMl_[y
m`__klvkugb[m^_l_szfgh]h^_l_cL_[_ijbqbgbeb[hevghlu_sz[m^_rvex[blvb[m^_rv
ex[bfLu\klj_lbrvlmdhlhjZykh]j__ll\hzk_j^p_bl\hxihkl_evGhl_[_ijb^zlky[hjhlvkyaZ
k\hzkqZklv_o\Zlblebml_[ykbeijhlb\hklhylv\k_fbkiulZgbyf"
�G_m`_ebf_gylZde_]dhijhqblZlvdZdjZkdjulmxdgb]m"bkdj_gg_m^b\beky`hgM`[m^v
kihdhcgZ_keby\klj_qm`_gsbgmdhlhjmxihex[exlh[m^m[hjhlvky^Z`__keb\_kvfbj[m^_l
ijhlb\:qlhgZkqzll_[y"Byfh]mg_fgh]hij_^kdZau\ZlvL_[ylh`_`^zl\_ebdh_]jy^ms__
LZdh\fhc^ZjGhfg_g_^ZghagZlvk\hz[m^ms__:lu^Z\ghlml"ihbgl_j_kh\ZeZkv
FZj]ZjblZ
KgZqZeZ\j_fzg
Qlh`_ijb\_ehl_[ykx^Z"ijh^he`beZkijZrb\Zlv^_\mrdZ
�Ybsmk\hxkm^v[m\lhg_chl\_lkl\h\Ze`hg
:dh]^ZlugZc^zrvlhqlhbs_rvkdhevdhluijh[m^_rva^_kv"
�hdhgpZ\j_fzg[ue_chl\_l
FZj]ZjblZjZkkf_yeZkv
LulZdhcaZ[Z\guc
�`hggbih^`Ze]m[u
Yqlhihoh`gZdehmgZ"Ghlumeu[gmeZkvwlhohjhrhih^fb]gmeiZj_gv
LulZdhcfbeucKh\k_fdZd:eFZj]ZjblZ\koebigmeZkh\_jr_gghih^_lkdb
Gm\hlHiylvkezau\^\Zjmqvyhg\ul_j_cebphieZldhfIeZgbjm_lkygZ\h^g_gb_"
Ijhklb^_\mrdZ\bgh\Zlhmeu[gmeZkvkd\havkezau
Wcwlhgbdm^Zg_]h^blkyLZdZy[hevrZy^_\hqdZLZdZydjZkb\Zy^_\hqdZL_[_]hjZa^h[hevr_
b^zlmeu[dZLug_ohq_rvgbq_]hfg_jZkkdZaZlv"Bgh]^Zq_eh\_dmijhklhg_h[oh^bfh
\u]h\hjblvkyZ\fhzfebp_lugZc^zrvkZfh]h\gbfZl_evgh]hbg_jZ\gh^mrgh]hkemrZl_ey
JblZaZ]eygmeZiZjgx\]eZaZb_fmg_`Zev[ueh[ub`bagvhl^ZlvaZh^bgwlhl_z\a]ey^
Yl_[_\_jxYqm\kl\mxqlhfh]ml_[_\_jblvbhgZ^_ckl\bl_evghqm\kl\h\ZeZqlhfh`_l
\k_p_eh^h\_jylvwlhfmq_eh\_dmqlhhgkdhj__kh[hcih`_jl\m_lq_fiha\hebldhfmlhijbqbgblv
_c[hev
\r\r\r
�@ZglukqZkleb\ucq_eh\_d"^_\mrdZijbklZevghihkfhlj_eZgZ`hgZhgZm`_mki_eZfZehklv
mkihdhblvky
Q_eh\_dkZf\u[bjZ_lk\hxkm^v[mb\_]h\eZklbk^_eZlvk_[ybhdjm`ZxsbokqZkleb\ufb
aZ^jh`ZeZ\k_fl_ehfbaZju^ZeZ
:ludjbqb
"""hgZ\g_^hmf_gbbaZoehiZeZ^ebggufbj_kgbpZfb
�G_lyk_jvzagh`hggZdjue_zjmdmk\h_cjmdhcGZ^h^Zlv\uoh^gZijy`_gbx;blvihkm^m
gZib\Zlvky^hqzjlbdh\jZafZob\Zlvhjm`b_f\kzwlhg_hq_gvlhih^oh^bl^ey^Zfu
Bhldm^Z`_lulZdhc\ayeky"M\ZklZf\k_lZdb_"ihbgl_j_kh\ZeZkvFZj]ZjblZ
LZdhclhevdhyh^bgg_[_a]hj^hklbaZf_lbeiZj_gv
�ZZhlkdjhfghklblug_mfjzrvkeZ[hmeu[gmeZkvJblZ
:aZq_f`_mfbjZlv"Yohqmijh`blv`bagvgZihegmxdZlmrdmbihl_rblvk\hzkZfhex[b_
^h[b\rbkvhij_^_ezgguoj_amevlZlh\gmZ_kebdhfmlh_szhlwlh]h[m^_lihevaZqlh`yg_
ijhlb\
:]Zqlh[ug_[uehfmqbl_evgh[hevghaZ[_kp_evghijh`blu_]h^u"
MoG_kbevghebkdZaZghhlLugZijbf_jaZ^mfu\ZeZkvhk\hzfij_^gZagZq_gbb":yL_[_
kdZ`mqlhebrvg_fgh]bfm]hlh\e_ghk\ur_bkihegylv\_ebdmxfbkkbxihih^^_j`ZgbxfbjZb
ihjy^dZ\h\k_e_gghcGhwlhb[hevrZyhl\_lkl\_gghklvQ_eh\_dm`_g_\ijZ\_jZkihjy`Zlvky
k\h_c`bagvxH^gZ`^udZ`^hfmijb^zlkyhl\_qZlvZqlh[uehk^_eZghlh[hxk_]h^gy^eyemqr_]h
aZ\ljZ"IjbkemrZckyKeurbrvfmaudm"Qm^gZyf_eh^byIhkfhljb\hdjm]dZdqm^_kgZijbjh^Z
Ih^mfZchk\hbo[ebadbolugm`^Z_rvky\gboZhgbgm`^Zxlky\l_[_JZa\_wlhg_khklZ\ey_l
�kqZklv_\`bagb"JZa\_jZ^bwlh]hg_klhbl`blv"JZa\_aZwlhg_klhbl[hjhlvky"ZykqZkleb\uc
q_eh\_d_kebfh]mbaf_gblv`bagvdemqr_fmB\kzwlhg_ibkZgu_aZdhguklZju_dZdfbjBg_
`Ze_ch\j_f_gbihljZq_gghfgZex^_c
FZj]ZjblZk\hkobs_gb_fkfhlj_eZgZwlh]hkljZggh]hiZjgyqlhlZdg_h`b^Zggh\hj\Zeky\_z
`bagv
YihgbfZxOhl_eZ[ubykdZaZlvlh`_kZfh_aZ^mfqb\hijhbag_keZFZj]h
h\kydhfkemqZ_lug_h[uqgucq_eh\_dl\hbokbeZo^Zlv\hexk\hbflZeZglZfb
kihkh[ghklyf=eZ\gh_\_jgh\u[jZlvimlvbg_^Zlvm]Zkgmlvl\h_fmh]gx^b\ghfmk\_lml\h_c
�^mrbLugZklhysbcK\_lImklvgbqlhl_[_g_ihf_rZ_l`hg\aye\jmdb_zfZe_gvdmxeZ^hgv
@ZgYKEURM?,Keurmwlmf_eh^bx^_\mrdZko\ZlbeZiZjgyaZjmdmbijbeh`beZ_zd
k\h_c]jm^bHgZb^zlhllm^ZbakZfh]hk_j^pZ
Gm\hlKlhbllhevdhhk\h[h^blvjZamfbmklj_fblvkyd]ZjfhgbbbagZgb_kZfhijb^zlKlhbl
hq_gvaZohl_lvbijbeh`blvmkbebybgZc^mlkyhl\_lugZ\k_\hijhkuBkZfh_]eZ\gh_g_
k^Z\ZlvkyHldjhck\hx^mrmb[m^vij_^_evgh\gbfZl_evghcBg_[hckyhrb[blvky
Y[m^mklZjZlvkyh[_sZxhgZmeu[gmeZkvk\h_ckZfhchke_ibl_evghcmeu[dhc
IZj_gvh^h[jbl_evghdb\gme
Ex[brvp\_lu"
�FZj]ZjblZm^b\ezgghihkfhlj_eZgZ`hgZhgijhlygme_cjham
Wlhfg_"DZdluwlhk^_eZe"WlhdZdhclhnhdmk"hgZg_\_jbeZk\hbf]eZaZf
KdZ`_flZdg_[hevrhck_dj_lG_gjZ\blky"Fh]maZ[jZlv
Gmm`g_lG_Zy_z\havfmgZiZfylvHgZij_djZkgZhimklbeZ\a]ey^JblZ
Ij_djZkgZdZdblulbohijhbagzkhglZdqlh[uhgZg_mkeurZeZ
DZdihzlDlh[ufh]ih^mfZlvijhr_ilZeZFZj]ZjblZ
HgZ^hkemrZeZ^hdhgpZ
;jZ\hkm^Zjv_ebdhe_ighihzrvFZj]haZoehiZeZ\eZ^hrbg_kdju\Zyk\h_]h\hklhj]Z
�lZeZglhf`hgZ
Y_szbb]jZlvmf_xgZ]blZj_bg_j\Zo\jZ]h\mkf_ogmekyhg\hl\_l
H^gZdhmeu[gmeZkv^_\mrdZ
HM`_iha^ghFuklh[hcaZ[helZebkvbg_aZf_lbebdZdijhe_l_eh\j_fy
;h`_F_gy`_gZ\_jgh_m`_bsmlkiho\ZlbeZkvFZj]ZjblZLug_ijh\h^brvf_gy"Yohqm
ihagZdhfblvl_[ykhk\hbfb^jmavyfb
IjhklbJblZghl\hb^jmavykdhjh[m^mllmlZfg_m`_ihjZFu_szm\b^bfky;_j_]bk_[yLu
^he`gZ`blv^Zevr_JZ^bk_[ybjZ^bl_odlhl_[yex[bl?keb[uklh[hcqlhlhkemqbehkvlh
l\hb[ebadb_hq_gv[uh]hjqbebkvAgZ_rvk_]h^gyblukiZkeZf_gyFu_szg_ij_f_ggh
\klj_lbfkyblh]^ZgbdZdZykbeZg_kfh`_lihf_rZlvfg_[ulvjy^hfklh[hc^_\mrdZ^Z`_
ij_^klZ\blvg_fh]eZq_]hklhbeh_fmhlimklblv_zk_cqZk
DZd`_fg_hl[eZ]h^Zjblvl_[y@Zg"hgZ\ayeZiZjgyaZjmdmb\gh\vihkfhlj_eZ\_]h]eZaZ
�Wlhy^he`_gl_[y[eZ]h^ZjblvIhfygbf_gy\k\hbofhebl\Zo`hgke_]dZgZdehgbekyb
�dhkgmeky]m[Zfb]m[^_\mrdbYg_ijhsZxkvhk\b^ZgbyFZj]ZjblZ
�G_ij_f_ggh@Zg`hggbFg_[m^_ll_[yg_o\ZlZlv
Hgbkq_akeh\gh_]hbg_[ueh
kdhj_hgZ\kZfhf^_e_m\b^_eZijb[eb`ZxsbckyagZdhfucZ\lhfh[bev[jZlZJ_[ylZ\urebba
fZrbguih^jm]bfheqZh[gyeb^_\mrdmb^Zeb\hexke_aZfHgZ\kz_sz[ueZ\rhd_bg_
hkhagZ\ZeZqlhkljZggucg_agZdhf_pkiZkrbc_zijZdlbq_kdbijbagZeky\ex[\blhevdhqlh
ijyfufl_dklhfg_kdZaZe
�Bafmq_ggZybmklZ\rZyFZj]ZjblZaZkgmeZgZdhe_gyom[_ehdmjhcZgbweeuemqr_cih^jm]bb
gZa\Zgghck_kljuijyfh\fZrbg_
DZdfgh]hjZaguoihq_fm"hklZ\be[h]gZwlhfk\_l_
Ghg_baf_gghcbklbghchklZzlkylhqlh^jm`[Zbex[h\vy\eyxlkykZfufbqm^_kgufbb\_ebdbfb
kbeZfb
Bkq_aZxlpb\bebaZpbb\ufbjZxlgZpbbghl_
Dh]hfuex[bf[m^ml`blv\_qgh\gZr_ciZfylbb\gZrbok_j^pZo
GZ^hlhevdhg_i_j_klZ\Zlvex[blv
\r\r\r
Ljbf_kypZkimkly
Ba]hklbghc^hghkbeZkvfmaudZ
�Wlh_szqlhlZdh_"`_d^he`_g[ulv_szgZkf_g_\debgbd_dlh`_lh]^Z\^hf_"
\hafmlbeZkvijb\e_dZl_evgZy[ehg^bgdZk[hevrbfbykgufb]hem[ufb]eZaZfbbjhkkuivxfbeuo
\_kgmr_dgZZddmjZlghfkbfiZlbqghfghkmbgZs_dZo^hklZ\Zyfh[bevgucl_e_nhgbkh[bjZykv
gZ[jZlvghf_jihebp_ckdh]hmqZkldZ
Qlhlhfg_ih^kdZau\Z_lqlhgZrlbobc^_\bqgbdhlf_gy_lkyaZf_lbeZ\ukhdZyk_jh]eZaZy
rZl_gdZijbylghcgZjm`ghklbkiurghcijbqzkdhcbadjmiguoehdhgh\
hlk\_leh\hehkhchqZjh\Zl_evgu_\_kgmrdbmg_z[uebih\k_fmebpm
FZj]ZjblZ\f_kl_kih^jm]Zfb\hreb\dhfgZlmb\klZebdZd\dhiZggu_
GZ^b\Zg_i_j_^l_e_\bahjhfkb^_eiZj_gv\djZkguoh^_`^Zo?]he_\ZyjmdZ[ueZaZ[bglh\ZgZZ\
ijZ\hchgbaysgh^_j`Zekb]Zj_lm
Ijb\_lkl\mxdjZkZ\bpuiha^hjh\ZekyiZj_gv]jZpbhaghihdehgb\rbkv\kz_szg_\uimkdZyba
jmdbkb]Zj_lmA^jZ\kl\mcFZj]ZjblZY`_h[_sZeqlhfug_ij_f_gghm\b^bfkyyk^_j`Ze
keh\hIjbrehkvmeZ^blvdh_dZdb_^_eZghl_i_jv\k_p_eh\\Zr_fjZkihjy`_gbbYgbdh]ha^_kv
g_agZxb_keb\ukh]eZkbl_kv[ulvfhbfb^jmavyfby[m^mjZ^
�_\mrdbkh[e_]q_gb_f\u^hogmeb\kzlZdbwlhhdZaZekyg_]jZ[bl_evdZdhcgb[m^vdijbf_jm
GZfbgmlmFZj]ZjblZihl_jyeZ^Zjj_qbhlba[uldZwfhpbcHlg_h`b^ZgghklbhgZ\ujhgbeZgZ
iheiZidmkwkdbaZfbIZj_gvih^gyeh^bgbagZ[jhkdh\gZjbkh\ZggucgZgzffheh^hcq_eh\_d
dZd^\_dZieb\h^uihoh^begZg_]hkZfh]hHgihfh]FZj]Zjbl_kh[jZlvebklubkZfufihke_^gbf
ijhlygmelhlkZfucgZdhlhjhf[uebah[jZ`_ghgkZfihp_eh\Ze^_\mrd_jmdmbih^fb]gme
b]jb\h_kvfZihevszg^hjh]ZyIj_djZkghjbkm_l_fZ^_fmZa_ev
=hkih^b=eZaZfk\hbfg_\_jx@ZghgZ[jhkbeZkviZjgxgZr_xIjhrmex[blvb`Zeh\Zlv
fh_]hkiZkbl_ey
HFhyjmdZIhe_]q_kh[tylbyfbkmfZkr_^rZy^_\qhgdZxghrZkdhjqbe]jbfZkm
IZj^hgkz\ihjy^d_"ba\bgbeZkv^_\mrdZJZaj_rbij_^klZ\blvl_[_fhboih^jm][_ehdmjZy
�ZgbweeZfg_ihqlbdZdk_kljZbgZklhyssZye_^b[jblZgdZ^hdhgqbdh\gh]l_crZl_gdZ
�@xklbg lZdFZj]ZjblZgZau\Z_lgZnjZgpmakdbcfZg_jk\hxh^gh]jmiigbpm`ZklbgmHCGbe
bjeZg^dmihijhbkoh`^_gbx\fbju`_gvdZyfhydmabgZWee_g
LZd\hldZdh\]_jhcFZj]ZjbluGZkeurZguh\Zkfheh^hcq_eh\_dk\_leh\hehkZy
hp_gb\Zxs_ihkfhlj_eZgZiZjgy
�GZ^_xkvohjhr__"`hggbimklbe^ufdhe_qdZfb
�LZdqzjgu_\hehkuqzjgu_]eZaZZjdZgdjZkgZyh^_`^ZwlhhgG_lwlhZg_l`_y
�ihqlbm\_j_gZqlhwlhYfZYijZ\bevgh^mfZxoZjfZjZ^`Z"ih^_ebeZkvk\hbfb
�jZafure_gbyfbZgbweeZdh]^Zih\gbfZl_evg__ijbkfhlj_eZkvdiZjgx
k_]^Zijbylghdh]^Zl_[ymagZxljZklygmemeu[dmDjZkgucBwlh\Zkg_kfmsZ_l"Gh_keb
\Zfg_gm`_g^jm]bihdjh\bl_evlhym^Zeyxkvlhevdhg_gZ^hihlhfijhkblvf_gy\_jgmlvkyhg
kgh\Zl_ZljZevghihdehgbekybm`_[uehgZijZ\bekyd\uoh^m
�GmkemrZco\Zlblm`_p_gmk_[_gZ[b\Zlvl_[ygbdlhg_ijh]hgy_lmkf_ogmeZkvwgb_^v
ij_djZkgh`_agZedm^Zb^zrvg_lZdeb"B^Z`_g_[m^mkijZrb\ZlvdZdlugZrzegZkfu
kh[kl\_gghbg_kdju\Z_fkygbhldh]hLzlmrdbg^hfh]jhf_gdhfgZlgZ\k_oo\Zlblfh`_rv
hklZ\Zlvky^jm]Jblmebbfhc^jm]Lhevdhijhrmmq_klvgZ[m^ms__qlh\wlhf^hf_g_dmjyl
�`hgki_rghihlmrbekb]Zj_lm
hl_kebf_gyihijhkblFZj]ZjblZylZdb[ulvih^mfZxhg\a]eygme\klhjhgm^_\mrdb
ihlhffZg_jghaZdZlbe]eZaZ
�@ZghklZgvkykgZfbhgZihkfhlj_eZgZ`hgZbihdjZkg_eZ^hdhgqbdh\mr_c
YlZdkdmqZeZ[_al_[y
�;h`_^hjh]ZylulZdhqZjh\Zl_evgZdh]^ZkfmsZ_rvkyg_ih^^_evghbamfbeky`hgAgZ_rv
g_dhlhjhfkfuke_\hl\_l_l_i_jvaZl_[y
LukgZfbWlha^hjh\hFZj]ZjblZkgh\ZgZe_l_eZgZg_]h
Hc^Zqlh`_lul\hjbrv[_amfgZyFhyjmdZiZj_gvg_kdhevdhjZa]em[hdh\a^hogme
Ijhklbih`ZemcklZYlZdZyg_mdex`Zy^_\mrdZkgh\ZaZebeZkvdjZkdhc
��Zqlhklh[hclZdh_k_]h^gy^hjh]Zy"WlhylZd\ebyxgZl_[y"`hgihlj_iZeqzedm
FZj]Zjblu
?fmlZde_]dh[uehmeu[Zlvky_cdh]^Zk_j^p_ebdh\ZehhljZ^hklb
��Gmfulh]^Z\ZkhklZ\ey_fihijhsZebkvkih^jm]Zfbb`hghfWee_gb`ZklbgZg_km^v[Z
k_]h^gy^_\bqgbdm\^jm]hcjZa_szkh[_jzfky
\r\r\r
I_j_^^hfhfaZlhjfhabeZ\lhfh[bevwlh[ueq_jgucEbgdhevg[jZlZFZj]Zjblu
BafZrbgu\ur_efheh^hcfm`qbgZkj_^g_]hjhklZ\l_fguohqdZobg_fgh]hklZjhfh^ghf
dhklxf_gh_]h\hehkudh_]^_m`_ljhgmlu_k_^bghc[uebihkljb`_guihihke_^g_cfh^_
GZklhys___]hbfy[uehDmjhOZ^aZfZghhg[ue[he__ba\_kl_gih^ik_\^hgbfhf%ODFN-DFN
� Qzjguc`_d\f]_gbZevgucobjmj]ijZdlbdh\Z\rbcih^ihevgh[_af_^bpbgkdhcebp_gabbihdZ
g_ih^l\_j^be^biehfbg_mkljhbekyjZ[hlZlv\h^gmba]hkm^Zjkl\_gguodebgbdyihg_pih
gZpbhgZevghklbijbzfguckugjh^bl_e_cFZj]h
�Fm`qbgZhldjueaZ^gxx^\_jvbihfh]\uclbJhaZebg^_feZ^r_ck_klj_Zgbweeu^_\hqd_
k_fbe_lka_e_gufb]eZaZfbehdhgZfbk\_lehjmkuo\hehkbhahjgufoZjZdl_jhfI_j_dbgm\q_j_a
ie_qhyjdbc^_lkdbcjxdaZdhgihklZ\befZrbgmgZkb]gZebaZpbx\aye^_\hqdmih^jmdmbhgb
�\f_kl_\hreb\^hf`_dih\_kbejxdaZd\ijboh`_cihfh]j_[zgdmkgylvdmjlhqdmb\ur_e
hlh]gZlvfZrbgm\]ZjZ`
��FZj]ZjblZwgbb`hgh`b\ezggh[_k_^h\Zeb\klheh\hcaZgZdjulufklhehf
�Jhab\um`_\_jgmebkvjZa^Zeky]hehkZgbweeuFhcl_jmdbbkZ^bl_kvkgZfbm`bgZlv
G_h[jZsZy\gbfZgbygZkeh\ZklZjr_ck_klju^_\hqdZaZ[_`ZeZkjZam\klheh\mxb[jhkbeZkv
h[gbfZlv^_\mr_d
Ijb\_lbdbk_kljzgdZIjb\_lbdbFZj]mkyHcdZdZy`_k_]h^gy[ueZbgl_j_kgZywdkdmjkbyfu
kdeZkkhf[ueb\Fma___kl_kl\_gghcbklhjbbkdhevdhlZf\k_]h[uehkdhevdhgZf\k_]h
�bgl_j_kgh]hjZkkdZaZebZihlhf`_ddbijb_oZeqlh[uhl\_albf_gy^hfhclZjZlhjbe
\ha[m`^zggucj_[zghd:wlhmgZkdlh"^_\hqdZg_^h\_jqb\hihdhkbeZkvgZiZjgy\djZkghf
��Wlh`hggbJblmebg^jm]ijb_oZedgZfih]hklblvh[tykgbeZZgbweeZZFZj]hfbeh
ihdjZkg_eZHgbaaZ]Z^hqghcBg^bb
�JZ^agZdhfkl\mijbgp_kkZmeu[gmeky`hg
Ylh`_jZ^Zdb\gmeZJhab:lugbq_]hlZdkbfiZlbqguch^h[jbl_evghaZf_lbeZhgZ
Ohjhrbc\u[hjJblmeyLhevdhg_lhjfhabbg_mimklblZdh]hfm`qbgmg_\bgghmeu[gmeZkv
^_\hqdZLZZdbaBg^bbagZqblZ]^__]hlxj[Zg"\hafmlbekyg_mzfgucj_[zghd
YwlhiZj_gvhlg_h`b^ZgghklbjZkl_jyekyb^Z`_g_agZeqlhhl\_lblv_]h\k_]^ZihjZ`ZeZ
g_ihkj_^kl\_gghklvbk\h_]hjh^Zfm^jhklv^_l_c
Bih`ZemcklZg_gZ^hhijZ\^u\ZlvkyLugZ\_jgydZ_]hihl_jyeGmgbq_]h^_eh\k\hbjmdb
[_jzlJhaZebg^ZD_rvxh`b\beZkvJhabYk_cqZk\_jgmkv
lxj[Zg
K^h\hevghcmeu[hqdhciZj_gvih^hrzeda_jdZem
�Zh[wlhfyf_qlZe\kxk\hxkhagZl_evgmx`bagvjZkieueky\meu[d_hg
Gb^Zlvgb\aylvgZklhysbcijbgpaZdexqbeZJhaZebg^Z
��Zm`]jmklghmkf_ogmeky`hgagZxybklhjbxijhh^gh]hijbgpZ
IjZ\^Zqlheb"\bamfe_gbb\hkdebdgmeZ^_\hqdZ:jZkkdZ`_rv"Gmih`ZemcklZih`ZemcklZ
�j_[zghdqmlvg_iju]ZegZf_kl_l_j_[y`hgZaZjmdZ\jm[Zrdb
=hkih^bJhabdZdluk_[y\_^zrv"L_[_g_klu^gh"Qlhih^mfZ_lgZr]hklv"QlhmgZk\^hf_
`b\zlg_\hkiblZggZy^_\hqdZ"Bqlhfg_kwlbf[_kzgdhf^_eZlvijhklhg_mijZ\ey_fZyklZeZ
\a^hogmeZk\_leh\hehkZy
�Z\kzghjfZevghhlfZogmekyiZj_gvLhevdhm]h\hjijbgp_kkZjZkkdZ`mg_jZgvr_q_flu
aZdhgqbrvm`bgZlvkh]eZkgZ"
Dhg_qghaZoehiZeZ\eZ^hrbJhaZebg^Z
��ZciylvfZeurdZ`hgijhlygmeeZ^hgvbJhaboehigmeZihg_ck\h_cfZe_gvdhc^_lkdhc
eZ^hrdhc
HDYlhevdhk[_]Zxi_j_h^_gmkvml\_j^bl_evghdb\gmeZ]heh\hc^_\hqdZbm[_`ZeZgZk\hx
dhfgZlmgZ\lhjhfwlZ`_
&#xw;&#xlh;&#x;&#xj_;y;&#x;&#xkl;&#xhe;&#xh;&#xmx;&#xh;&#xrz;�wlh\j_fy\klheh\mx\hrze`_dHgkgyelzfgu_hqdbbklZehaZf_lghqlhdh`ZgZijZ\hc
klhjhg__]hebpZ[ueZ[e_^g__wlh[ueZbkdmkkl\_ggZydh`ZjZagu_hll_gdbdh`bjZa^_eyerjZf
ijhoh^b\rbchli_j_ghkbpuihijZ\hcs_d_bihqlb^hih^[hjh^dZ
Ijb\_lk_kljzgdZhgih^hrzedklhemh[gyeFZj]Zjblmihp_eh\Z\^_\mrdm\eh[
�DZd^_eZjh^gZy"hgbkZgbweehckebebkv\^he]hfkljZklghfihp_em_
�h[jhih`Zeh\Zlv^hfhc^hjh]hc:mgZkk_]h^gy]hklvbf_gghwlhlq_eh\_dkiZkgZrmFZj]h
�ljbf_kypZgZaZ^^_\mrdZij_^klZ\beZ`hgZdh]^Z^hdlhjgZdhg_p\uimklbe_zbak\hbo
h[tylbc
_kvfZjZ^\klj_q_xghrZfheh^u_ex^bih`Zeb^jm]^jm]mjmdb
IhlZdhfmih\h^mfh`gh\uiblvbdh_q_]hihdj_iq_q_f\Zrdhn_\gzkk\hzkeh\hfheh^hc
objmj]bgZijZ\beky\k\hcdZ[bg_laZ[mluehqdhc]hjyqbl_evgh]hG_khklZ\bl_fg_dhfiZgbx
�fheh^hcq_eh\_d"ij_^eh`behg`hgmbhgb\^\hzfih^gyebkvihe_klgbp_
FZj]ZjblZ^jh`ZsbfbjmdZfb\ayeZklZdZgk\h^hcqmlvg_ijheb\g_k_[y_]hkh^_j`bfh_
�ZgbweeZlhevdhk_cqZkaZf_lbeZqlhdm`bgm^_\mrdZg_ijbljhgmeZkv
:eehA_fey\uau\Z_lFZj]ZjblmIjbzfhgZijh\_eZjmdhci_j_^_z]eZaZfb
�Zgvfg_kljZrghijh[hjfhlZeZFZj]ZjblZkzwlhkeh\ghg_j_ZevguckhgY[hxkv
^hljhgmlvky^hg_]h\^jm]kgh\Zbkq_ag_lG_agZxkfh]mebywlhi_j_`blv
�G_^j_cnvih^jm]Zwgbiheh`beZ_cjmdmgZie_qhImklvlhevdhihijh[m_lbkq_agmlvy_]h
gZc^mijb\hehdmgZaZ^aZ_]h^ebggu_iZleubijbkl_]gmgZjmqgbdZfbd[ZlZj__qlh[bg_juiZeky
^Z`_kh]eZkgZ"
�_\mrdb`b\hij_^klZ\bebk_[_wlmdZjlbgmbg_kfh]ebm^_j`Zlvkyhlkf_oZ
�:_kebk_jvzaghlhg_m`_eblug_\b^brvqlh`hga^_kvjZ^bl_[y"=hkih^b^Zhg\ex[ezg\
l_[ywlh]hg_evayg_aZf_lblvL_i_jv\kzaZ\bkbllhevdhhll_[ylmlg_fh]mg_kh]eZkblvkykwlbf
�l_fiZfb\u^Ze_dhg_ijh\bgbl_kvB`_dZ_kebqlhy\havfmgZk_[y:lug_ijh\hjhgvk\hc
rZgkgZkqZklv_k_kljbpZ:\^jm]wlhex[h\v\k_cl\h_c`bagb"Lhevdhhq_gvohjhrbfex^yf
\uiZ^Z_lihagZlvgZklhysmxbkdj_ggxxex[h\vbludZdgbdlh^jm]hcaZkem`b\Z_rvwlh]h
fy]dhmeu[gmeZkv[ehg^bgdZ
\r\r\r
BlZdaZ[hleb\uc[jZlmkljhblfg_k_cqZk^hijhkkijbkljZklb_f"^_jadbflhghf
�ihbgl_j_kh\Zeky`hg_kvfZb\_kvfZiho\ZevghMf_gy\_^vlh`_k_kljZ_klvy[ulhqghlZd
`_ihklmibeihy\bkvmg_zih^hajbl_evgucdZ\Ze_j
�;m^mhldjh\_g_ggZqZe`_d?kebj_rbeihb]jZlv\]_jhybaZfhjhqblvfh_ck_klj_]heh\mlh
wlhlghf_jg_ijhc^zlfheh^hcq_eh\_dHgZ_szg_hijZ\beZkvhlihl_jbhgZk\hbfb]eZaZfb
\b^_eZkf_jlvg_ih`_eZxgbdhfmi_j_`blvih^h[gh_lZdh_g_aZ[u\Z_lky
��Z^Zy`_kljZrgucbm`ZkguclbikZjdZklbq_kdbaZf_lbe`hgg_ieZqmgZeh]bbf_x
fgh]hqbke_gguc]Zj_fbg_kdhevdhkm^bfhkl_cyZedh]hebdbgZjdhfZgZ_szmf_gyijZ[Z[dZ
\_^vfZbhl_pg_\b^bfdZBg_fg_jZkkdZau\Zch_zihl_j_y\b^_eFZj]Zjblm\lhl^_gv
:\hloZfblvg_gZ^hfZevqbdk^_j`Zgghhl\_lbefm`qbgZ
L_[y_szb\ijh_dl_g_[uehdh]^Zy[uefZevqbdhffbkl_jBaZ\k_k\hbihklmidbyijb\ud
hl\_qZlvlhevdhi_j_^k\h_ckh\_klvxBg_gZ^he_alvfg_\^mrm?kebFZj]ZjblZaZohq_lagZlv
h[hfg_yjZkkdZ`m\kzY`_g_aZ^Zxebrgbo\hijhkh\gZijbf_jhl\hzfebp_wlhlulZd
�i_qzrvkyhq_klbk_kljubebhl\Z`b\Z_rvebrgbo\ha^uoZl_e_chlZgbweeu"
�`_dko\ZlbeiZjgyaZ\hjhlgbdjm[Zrdb
AZjm[bk_[_gZghkmdj_lbggbdlhkeurbrvgbdlhg_bf__lijZ\Zrmlblvhfhzfebp_Mkzd"
BgZq_yaZk_[yg_hl\_qZxYkgh"
�IkboImklbf_gyLuqlhrmlhdg_ihgbfZ_rv"ijhojbi_e`hg
�Lumf_gyk_cqZk[ebgam[Zfbie_\Zlvky[m^_rvrmlgbdijhrbi_e`_d
Kfhljb^hdkZfgZju\Z_rvkymofuevgmekyDjZkguc
��`_dgZqZef_^e_gghhk_^Zlvih^kf_jl_evguf\a]ey^hf`hgZHgk_egZklme\kz_szly`_eh
^urZ
Qzjl\havfb^ZdlhlulZdhc"BebQLHlulZdh_"_e_\u]h\hjbehgkljm^hfi_j_\h^y^uoZgb_
Fg_[ueh^\_gZ^pZlve_lZyihfgx\kzlZdhlqzleb\hkeh\ghwlhkemqbehkv\q_jZ\aju\b
Z]hgbyih\kx^mieZfykeh\ghjZa\_jaebkv\jZlZZ^ZBimklhlZF_gykh[jZeb[md\Zevghih
dmkhqdZfhgbgZau\Zebf_gykqZkleb\qbdhfZyg_agZeaZq_ffg_ijh^he`Zlv`blvFhbo
jh^bl_e_chgbkiZklbg_kfh]ebLh]^Zyihdeyekyk_[_h\eZ^_lvf_^bpbgkdbfbagZgbyfb\
�kh\_jr_gkl\_bkiZklbklhevdh`bag_ckdhevdhkfh]mjmavyfh_ck_fvbmkugh\bebf_gyq_j_a
q_luj_]h^Zjh^beZkvFZj]ZjblZhgbklZeb^eyf_gyk_fvzcBlhevdhihijh[mcijbqbgblvaeh
�FZj]Zjbl_Zgbwee_Jhabbebdhfmeb[hbagboyg_ihkfhljxgZl\hbnhdmku
�`hghsmiZer_x\kzebp_eh
Ijhklbijbyl_evyg_ohl_e\bgh\Zlhmeu[gmekyhgG_agZeqlhwlh\uah\_llZdb_
[he_ag_ggu_\hkihfbgZgby
Qlhlhg_\_jxyl\h_cobljhcnbabhghfbbGm^ZeZ^ghijh_oZebFh][um`_i_j_klZlv
kljhblvbak_[yg_ba\_klghdh]hkgZfbfh`_rvg_\ui_g^jb\ZlvkyQlh`ohlvlubgZ]e_pghlu
�`hgihdhkbekygZfheh^h]hobjmj]Z
G_khfg_\Zxkvbhgbh[Zg_ijbgm`^_gghjZkkf_yebkv
�Ih`fzfjmdbijbyl_ev"ij_^eh`be`_d
�KhqlmaZq_klv^hd`hgi_j\ufijhlygmejmdm
BkfhljbiZpZgg_h[b`Zcfhxk_kljmihkl_gd_jZafZ`mYij_^mij_^bebfg_\kzjZ\gh
�^_fhglubebkf_jlgucijhr_ilZe`_dh[gbfZyfheh^h]hq_eh\_dZ
G_ba\hevi_j_`b\ZlvykZfjZafZ`mihkl_gd_ex[h]hdlhihijh[m_lh[b^_lvFZj]Zjblm
hl\_lbelhl
&#x^;&#xmr;&#x_;&#x%;&#x-;&#xg;&#x_;&#xkh;&#xfg;&#x_;&#xZe;&#xky;&#x;&#xqm;&#xk;&#xlZ;&#xo;�^mr_%-g_khfg_\Zeky\qm\kl\Zo`hgZdFZj]Zjbl_ihkdhevdmkZf[ue\ex[ezggh\kz`_
k_kljZg_^Z\ghi_j_`beZ[hevrmxmljZlmih]b[_zi_j\ucex[bfucq_eh\_dbg_ohl_ehkv[u
mkdhjylvkh[ulbybjZgblv_zqm\kl\Z
Fheh^u_ex^bkimklbebkv\klheh\mx
��`_d[uelZd\ha[m`^zgqlh_^bgkl\_ggufkihkh[hf_]hmkihdhblv[ueihp_emcZgbweeuq_flZ
g_ihf_^ebeZ\hkihevah\Zlvky
�wgblhevdhbmki_ehgijhr_ilZlv
�Gmo\Zlblm`_^_\mrdZih^g_keZiZe_pd_]h]m[ZfHklZ\bf\ihdh_Jblmb`hgZb\kihfgbf
hgZkklh[hcMgbo\kz[m^_lohjhrhZylZdkdmqZx[_al_[ylufgh]h\j_f_gbijh\h^brvgZ
jZ[hl_bdZ`^ucjZayijhklhkoh`mkmfZ\hegmykvaZl_[yb[_kdhg_qghlhkdmy
&#xu;&#xf_;&#xgy;&#xk;&#xh[;&#xeZ;&#xag;&#xy_;&#xl_;&#x;û&#xkk;
&#x_r;&#xvx;&#x";&#x;&#xb];&#xjb;&#xh;&#xm;&#xkf;&#x_o;&#xgm;k;&#xy;uf_gykh[eZagy_l_fbkkD_rvx"b]jb\hmkf_ogmeky`_d
k_]^Zfbkl_jhgZ\uau\Zxs_ljyogmeZaeZlhdm^jhc]heh\hc
�:luijZ\ZIjhklbjh^gZy`_dh[gye^_\mrdmaZlZebxbijb\ezddk_[_aZi_qZle_\gZ_z
]m[Zog_`gucihp_emc_zh[tylbyofheh^hcobjmj]aZ[u\Zeh[h\kzf
\r\r\r
�`hggb\ay\FZj]ZjblmbJhaZebg^mih^jmdbih^gyeky\f_kl_kgbfb\^_lkdmxdhlhjZy[hevr_
ihoh^beZgZfma_cdmdhe
WlhkdZah[bklhjbbh^gh]hfbjZFbjZ]^_\gZqZe_gZqZeex^bkjZ`Zebkvk^_fhgZfbaZ
kms_kl\h\Zgb_FbjZ]^_ex^bih[_^b\^_fhgh\bh[j_lyg_[u\Zeh_fh]ms_kl\hklZeb;h]Zfb
FbjZ]^_;h]b[u\rb_dh]^Zlhex^vfbaZ[uebd_fhgb[uebbaZqlhkjZ`Zebkv
Kdjuluchlex[hiulguo]eZa`begZjh^gZ^dhlhjufklhyexgucdgyavijZ\b\rbcqm^_kguf
]hjh^hfhdjm`_gguf\ukhdbfbdj_ihklgufbkl_gZfbaZdhlhjufb[ueb\_ebq_kl\_ggu_^\hjpuk
fjZfhjghcj_av[hcbh]jhfgufbaZeZfbmdjZr_ggufbbaysgufbhjgZf_glZfbbgdjmklZpbyfbba
^jZ]hp_gguodZfg_cba_jdZebyjdbfbjhkibkyfbkeh\ghaZklu\rb_djm`_\Z^\hjpuiZ\bevhgu
bojZfumlhiZeb\a_e_gbfgh]hqbke_gguokZ^h\k^b\gufbkeZ^dh]hehkufbilbpZfbijm^Zfbb
nhglZgZfbKqZkleb\hcb[_afyl_`ghc[ueZ`bagvdgyayijZ\behgkijZ\_^eb\hbfm^jh
ijbkemrb\Zykvdkh\_lZfk\hbo\_jguokh\_lgbdh\G_qm`^hg[uejZ[hl_aZgbfZekyx\_ebjguf
biehlgbpdbf^_ehfkeuekeZ\guf\hbghfbkijZ\_^eb\ufkm^vzc
H^gZ`^uj_rbedgyavkZfm[_^blvky\lhfqlh_]hgZjh^gb\qzfg_bkiulu\Z_lgm`^u
I_j_h^_ekyhgijhklhex^bghfblZcgh\ur_eba^\hjpZM\b^_ggh_aZkl_gZfbjh^gh]h^\hjpZ
gZihegbeh_]hk_j^p_jZ^hklvxb[hgZjh^_]h^_ckl\bl_evghg_bkiulu\Zegm`^u:\hae_nhglZgZ
gZp_gljZevghciehsZ^bm\b^_ehgij_djZkgmx^_\mklhfgufb]eZaZfb[ZjoZlghcdh`_cbrzedhf
ihdZg_klZehykghqlh^_\mrdZ`^zlj_[zgdZDgyav\ij_^\dmr_gbb]jZg^bhagh]hlhj`_kl\ZgZ
dhlhjhfhgkfh`_ljZa^_eblvk\hzkqZklv_khk\hbfgZjh^hfGhkh\_lgbdbkdhlhjufbmdgyay
\k_]^Z[uebij_djZkgu_hlghr_gby[ukljhhlj_a\beb_]hb\_jgmebkg_[_kgZa_fexhgb
_^bgh]eZkghhkm^bebdgyaybaZij_lbeb_fmb^mfZlvh`_gblv[_gZijhklhckf_jlghc\h^\hj_p
m`_ki_rbl[m^msZyg_\_klZbakhk_^g_]hdgy`_kl\Zwlhlkhxa[ueaZdexq_gjh^bl_eyfb`_gboZ
bg_\_klu_szijbbojh`^_gbb
K_j^p_dgyayho\ZlbeZ\_ebdZyi_qZevhg\k_]^ZklZjZeky`blvbijZ\blv^hklhcghghg_kfh]
ijhlb\hklhylvkljZklbbl_i_jvih]hjyqghklbihkljZ^Z_l`_gsbgZdhlhjmxhgihex[bebdhlhjhc
hggbq_]hg_kfh`_l^ZlvDZdhgl_i_jvihkfhljbl_c\]eZaZdgyav]hlh\[ueijhdebgZlvk_[y
Kdj_iyk_j^p_hgbkihegbek\hc^he]dZdijZ\bl_eyb`_gbekygZ[eZ]hjh^ghcijbgp_kk_
K\hx\haex[e_ggmxdgyavkfh]mkljhblvnj_cebghcdgh\hcdhjhe_\_lZdhgohlvdZdlhkfh]
ihaZ[hlblvkyhg_cb_z^_lyo[ebag_pZofZevqbd_b^_\hqd_dhlhjuodgyav\ayegZ\hkiblZgb_
dZdijbzfguo^_l_c
kdhj_ihy\bekygZk\_laZdhggucgZke_^gbd
KlZjr_]hkugZdgyavhlijZ\beihklb]ZlvgZmdb
Gh`^Zehdgyay`_klhdh_jZahqZjh\Zgb_ihke_kf_jlbkeZ[hca^hjh\v_fdhjhe_\uaZdhgguc_]h
kugaZfdgmeky\k_[_hl]hjh^bekyhl\k_]hb\k_o\ujhkq_eh\_dhfg_ijhklhg_ex^bfufZ
aZghkqb\ufmijyfufb`_klhdbfBhldjuelh]^ZdgyavgZjh^mk\h_fmqlh_klvmg_]h_szh^bg
gZke_^gbdwlh[uegZklhysbckdZg^Ze
@bagvxghrbg_agZ\r_]hk\h_]hhlpZhl^Z\Z\r_]hij_^ihql_gb_gZmdZfbj_fzkeZf\^jm]
baf_gbeZkvH^gZdh_]hihemdjh\dmb[ZklZj^Zij_abjZebdZd\ukdhqdmaZ_]hljm^gucoZjZdl_j
g_klZg^Zjlgh_fbjh\haaj_gb_b[hyebkvaZ_]hhiZkgu_kihkh[ghklb^Z\Z\rb__fm\eZklvdZdgZ^
�kf_jlgufblZdbgZ^;h]ZfbZ`_hl_pih[Zb\Zekyk\h_]hkugZ:lhlaZfdgmeky\k_[_k]heh\hc
hdmgmeky\gZmdmbah[j_lZebdhgkljmbjh\Zehjm^byljm^Zbhjm`b_blZd[uehihdZg_\klj_lbe
`_gsbgmh^gmbaij_djZkg_crbo`_gsbgbfevklbeh\gbfZgb_^jm]^jm]ZZkljZklvaZlmfZgbeZ
bfjZamfDh]^ZklZehykghqlhhgZ`^zlj_[zgdZhgbku]jZebk\Z^v[mjZ\ghcdhlhjhc_szg_
�[u\Zeh\G_[_kghf]jZ^_GhkljZklvmreZZqm\kl\hlZdbg_ijbrehZ`_jh^b\rbckykug
[hevr_g_k[eb`ZeboJZkklZ\Zgb_[ueh[he_ag_ggufohlvkhklhjhgudZaZehkv\iheg_
pb\bebah\Zgguf[_a\aZbfguoh[b^bmijzdh\B[ueZlvfZKeh\ghhfmlih]ehlbejZamfb^mrm
q_j_^Z[hj^_e_cbkhlgb`_gsbggh[hevg_ijhoh^beZB[uek\_lKiZkbl_evgucK\_lqbklhc
^mrbqlhg_ih^\eZklgZLvf_
Gmwlhg_ihoh`_gZkdZadmihfhjsbeZghkbdJhaZebg^Z
��Zijbgp_kkZy`_g_]h\hjbeqlhwlh[m^_lkdZadZykdZaZebklhjbykihdhcghaZf_lbe`hg
b\ujZabl_evghihkfhlj_egZFZj]Zjblmhgm`_kh[jZekymdjulv^_\hqdmh^_yehfgha_\Zyb]hgy
hlk_[ykhgJhabhlqZygghkhijhlb\eyeZkv
�`hggbZlukihzrvfg_dheu[_evgmx"kijhkbeZhgZLh]^Zyh[yaZl_evghaZkgm
Bklhjbbl_[_m`_fZeh"H[_sZ_rvfZe_gvdZyfbkk`Z^bgZ"hl\_l^_\hqdZml\_j^bl_evgh
aZdb\ZeZ]heh\hc
OhjhrhWlmi_kgxi_eZfhyfZlvdh]^Zfukk_kljhc[uebfZe_gvdbfbYihfgx_zgZbamklv
meu[gmekyhgihijZ\b\ih^mrdb
ij_^Z\Ze_chkh[ucebjbq_kdbchll_ghdghhlwlh]hhgZklZgh\beZkv_szemqr_DZaZehkvqlh\
i_kgxhg\eh`be\kxk\hx^mrm
FZe_gvdZykemrZl_evgbpZm`_fbjghihkZiu\ZeZiheh`b\jmdbih^]heh\mGZ_zebp_aZklueZ
meu[dZAgZqbl\k_klZjZgby[uebg_gZijZkgu
�`hgbFZj]ZjblZlbohgvdh\udexqbebghqgbdbb\urebbadhfgZlu
\r\r\r
i_j\u_aZ^he]h_\j_fyFZj]ZjblZ[ueZkqZkleb\Z_z]heh\_a\mqZejZ^hklguci_j_a\hglukyqb
dhehdheh\^j_\gbcdZdkZfZA_fey?ckgh\Zohl_ehkv`blvex[blvb[ulvex[bfhc
��`hgg_`ghh[gyeFZj]ZjblmaZie_qbHgbex[h\ZebkvaZdZlhf_\mrdZihkfhlj_eZ\_]h]eZaZ
b\^mr_ihy\behkvlZdh_hsms_gb_keh\ghhgZfh`_lkfhlj_lv\gbo\_qgh
=hkih^bZ\_^vy\k_wlbljbf_kypZ\kz]Z^ZeZg_ijbkgbekyebLufg_DZdwlhgZ\_jgh]emih
dZ`^mxghqvyaZkuiZyijhkbeZ;h]Z^Zlvfg_agZdqlhLu[uegZkZfhf^_e_bqlhfum\b^bfky
\gh\v@ZgluagZ_rvdZdlufgh]hagZqbrv^eyf_gy"Lh]^Zihke_kf_jlb:e_kkbh[m^lh[uby
kZfZmf_jeZGhihy\bekylu_jgmefg_\_jmbgZ^_`^mkfuke`bagbLukiZkfg_g_lhevdh
`bagvghb^mrmFg_g_\Z`ghdlhlukf_jlgucbebg_lKlh[hcfg_ohjhrhbkihdhcghK
lh[hcyqm\kl\mxdZdmlboZ_lfhy[hevYh[h`Zxl_[yG_l^Z`_\_jg__?kebwlhg_ex[h\vlh
ylh]^Zg_agZxqlhwlhYEX;EXL?;Y
_jbrvyfh]mkdZaZlvijZdlbq_kdblh`_kZfh_k_j^_qghmeu[gmekyiZj_gv:fbj
baf_gbekyB^_\mrdb\gzfg_iZkmxlFg_wlh^Z`_gjZ\blkyAgZ_rvlu\_^vlh`_kh]j_eZfhz
jZa[blh_k_j^p_fhcfZe_gvdbcZg]_eIhke_jZa\h^Zfhzk_j^p_jZaju\ZehkvgZqZklbwlh
]jmklgZybklhjbyghdZdgb[m^vyh[yaZl_evghjZkkdZ`ml_[__zG_agZxdZd[uy\u`be_keb[u
g_\klj_lbel_[yM`_bg_^mfZeqlhkfh]mkgh\Zihex[blvZm\b^_el_[yb\kzkemqbehkvkZfh
kh[hc\hllZde_]dhbijhklhYbkdZe\kx`bagvL_[yYex[belhevdhL_[y\k_]^ZLufhc
k\_lK\_l\hlvf_YjdbcgZklhysbc_^bgkl\_ggucK\_lAZdju\Zx]eZaZb\b`mL_[yLu^Zzrv
fg_kbem;_kkf_jlguc^_fhgex[ysbc^_\mrdmkqbklhc^mrhcklhevij_djZkgmxbk\_lemx
[_amfghdjZkb\mxbg_`gmxdZdjhaZblZdmx`_ojmidmxbmya\bfmxYbkdZeL_[yLhevdh
L_[ykx\_qghklvBlhlwkdbaihfgbrv"Lukeh\gh^ZeZfg_kbeulhqghgZjbkh\ZeZfhx
`bagvaZgh\h\hkdj_kbeZf_gybag_[ulbyEbrvklh[hcyfh]mkgylvfZkdbb[ulvkZfbfkh[hc
Qm\kl\mxqlhfh]mh[h\kzfl_[_jZkkdZaZlvbluijbf_rvf_gy\k_]^Zijbf_rvlZdbfdZdhcy
_klv
Wlh\_^vg_khgijZ\^Z"lbohkijhkbeZFZj]ZjblZbijh\_eZjmdhcihs_d_iZjgy
Wlhg_khgBy^hdZ`ml_[_hgkdehgbekydg_cbihp_eh\ZeEx[bfZyKqZklv_fhzDZd`_y
^he]hbkdZel_[y
?]h`Zjdb_ihp_embk\h^bebkmfZ
G_hlimkdZcf_gyijhr_ilZeZhgZbihgbfZeZqlhbf_ggh^eywlh]hq_eh\_dZ[ueZjh`^_gZ\kz
qlh[ueh^hg_]h[uehdZd\lmfZg_blhevdhhgk_cqZk_zj_Zevghklv_zfZdjhdhkfb_z
]ZeZdlbdZ
�Gbdh]^Zihgbab\]hehkhl\_lbe`hgbkbevg__h[gyeYebrvijhrm^Zlvfg_rZgkWlhl
fZevqbd:e^mfZxhg[uekeZ\gufiZjg_fbohl_e[uqlh[ulu[ueZkqZkleb\ZByylh`_
ohqmqlh[ulu[ueZkqZkleb\ZDeygmkvyk^_eZx^eywlh]h\kz\hafh`gh_YagZefgh]bo`_gsbg
ijbgZ^e_`Zlvl_[_IjbgZ^e_`Zlvbl_ehfb^mrhc]hlh\baf_gblvky^eyl_[y
:e_kkbh=hkih^b@Zgijhrmg_gZ^h]m[u^_\mrdbaZ^jh`Zeb
�`hgijb`Ze_zdk_[_bhkuiZeebphihp_emyfb
Ah\b_]hAh\b]jhfq_ihdZ]hj_g_hlimklbll_[y:y[m^mjy^hf
MFZj]ZjbluaZdjm`beZkv]heh\Zl_eh]hj_ehjmdbbgh]b^jh`ZebhegZgh\uog_i_j_^Z\Z_fuo
hsms_gbcgZdjueZ_zk\_jo\k_]h_zkms_kl\Zg_aZ\bkbfhhl_z`_eZgbyHgZiheghklvx\\_jyeZ
k_[ywlhfmq_eh\_dmbg_[hyeZkvjZkl\hjblvky\gzfK_cqZkhgjy^hfbimklvg_gZ\k_]^Z
FZj]ZjblZg_kfh`_laZ[ulv_]hihp_em_\_]hh[tylbc_]h]hehk_]h]eZaZ_]hmeu[dmHgZgZreZ
k\h_]hFZkl_jZ
Hgih^gzkdebpmijy^v_z\hehk\^hogmeaZiZo_z^moh\bdj_iq_h[gyeihlhf\aye_zjmdmb
ihp_eh\Ze
Lu\ky^jh`brvAZfzjaeZ"
�FZj]ZjblZih^gyeZ]eZaZgZs_dZoaZ[e_kl_ebke_abgdb`hg\ul_jboh[gye^_\mrdmbaZjueky
ebphf\_z\hehku
Gmq_]hlu]emiurdZ"Yh[_sZxex[blvl_[y^hihke_^g_]hm^ZjZk\h_]hk_j^pZ^hihke_^g_]h
\a^hoZh[_sZx[ulv\k_]^Zhldjh\_ggufklh[hcBih\_jvfg_kqZklv_fhzy\k_]^Zhl\_qZxaZ
k\hbkeh\Zbk\hb^_ckl\by
Y[_a]jZgbqgh\_jxl_[_meu[gmeZkv^_\mrdZEx[blv^mrhcbl_ehfbkm^v[hcIj_\ur_
�bklbguex[hcijhr_ilZeZhgZkeh\Zfbex[bfhcdhfihabpbbbafxabdeZhg@mZg
Ex[blv`_eZy\eZklbgZ^kh[hcAZeh`ghijh`blu_^gbhijZ\^Zg;h]hfbex^vfb^uoZgv_f
bklbgghcex[\b\lhjbehg_c
G_m`_ebLuagZ_rvwlmi_kgx"m^b\beZkv^_\mrdZ
Y^_ckl\bl_evghihdZ_szfZehagZxh\Zr_ffbj_gh\ZrZfmaudZf_gyijbylghihjZabeZ
IZj_gvkgyekr_bdmehgbgZ^_e_]hFZj]Zjbl_
�Mf_gyihdZ[hevr_gbq_]hg_ldjhf_wlhc\_sbdhlhjZyijbgZ^e_`ZeZfh_cfZl_jbmfZxhgZ
g_[m^_l\hajZ`Zlv_kebyih^Zjx_]hex[bfhc`_gsbg_Y\k_]hebrv[ZklZj^ghdeygmkv
ihklZjZxkvqlh[ulugb\qzfg_gm`^ZeZkvgZc^mjZ[hlmb_szklZgmagZf_gbluflufghc
[m^_rv]hj^blvkyih^fb]gmehgBy[m^m`^ZlvL_[ykdhevdhihlj_[m_lky
\r\r\r
wlmghqvFZj]ZjblZg_fh]eZmkgmlv
Fukebkeh\gh]hgsbdbgZljZkk_NhjfmeuijhghkbebkvgZ[_r_ghckdhjhklb\_z]heh\_
B[eZ]hgjZ\b_\hiehlbbihkemrZgbylbobck\_llhcFZj]Zjblug_gZclblhcFZj]Zjblu
[hevr_g_lgh_klvmagZ\rZyex[h\vkbevgZybij_djZkgZy\hajh`^Zykv\gh\vb\gh\v`b\Zy
k_j^p_fbmfhfbwlh[ueh\_ebdh_ij_h[jZ`_gb_ex[\b
Bwohbf_gbex[h\va\mqbl_c\bf_gb_]hgZ\_dh[ty\r_]h_z
&#x^;&#x_;&#xjv;&#xi;&#xhk;&#xlm;&#xqZ;b;&#x;^\_jvihklmqZeb`hg\ur_eba^mrZgZkdhjhh[fhlZ\rbkvihehl_gp_fjZklbjZymrb[e_ggmx
jmdmGZihjh]_klhyeZFZj]ZjblZ
�IjhklbaZ\lhj`_gb_hgZih^gyeZgZ`hgZ]eZaZ
DZdhcijbylguckxjijbafZ^_fmZa_evIjhoh^b^hjh]Zylu`_agZ_rv^\_jbfh_cdhfgZlu^ey
L_[yhldjulu\ex[h_\j_fy
[ueZ_szkfm`qbghcluihgbfZ_rvhqzfy"
DZdhclhfb]hgklhyeaZklu\rbchr_ehfe_gguchlg_h`b^ZgghklbaZdZrey\rbkvihlhf
ih^hrzedFZj]Zjbl_
�KlhiklhiaZ^_j`bwlmfukevrmleb\hijhbagzk`hgMsbigbl_f_gyykiexbfg_kgblky
ij_djZkguckhg"FZj]ZjblZ_]he_]hgvdhmsbigmeZbm`_h[ZaZjZabl_evghkf_yebkv
IhlhfhgkdZaZem`_k_jvzagh
IhgbfZxlZdhfkemqZ_khqlmaZq_klvk_]h^gy[ulvZrbfjZ[hfFhy=hkih`ZiZj_gv
\klZegZh^ghdhe_ghbihp_eh\Ze_cjmdmLulhqghwlh]hohq_rv"Y\_^vg_k\ylhcFZj]hfh]mb
g_k^_j`Zlvky\ihe]hehkZijhbagzkhgQlh`_lukhfghc^_eZ_rv"Qlh`_luQlh`_
Lu]h\hjbeqlhagZe`_gsbggZmqbf_gyy[ukljhmqmkvwlbkeh\Zijha\mqZebkeh\gh\uah\
Luihfgbrvbo"L_o`_gsbg"
�`hggbih^\zeFZj]Zjblmda_jdZem
Ybom`_^Z\ghaZ[ue^Zbhgbf_gykdhj__\k_]hlh`_Wlh[uehlhevdhm^h\e_l\hj_gb_gZrbo
nbabq_kdboihlj_[ghkl_cIhkfhljb\gbfZl_evghqlhlu\b^brv"Ki_j\Zgm`gh\haex[blvk_[yb
k\hzl_ehKdhjhluklZg_rvij_djZkghcfheh^hc`_gsbghcwlhkZfuc\hkoblbl_evguci_jbh^
i_j_oh^Zhl^_lkl\ZdxghklbL\hydh`Zg_`g__rzedZb]eZ^dZydZd[ZjoZlL\hb]eZaZkbyxlyjq_
[jbeebZglh\Luij_djZkgZex[h\vfhyb[m^_rv_szij_djZkg__BklbggZyex[h\vwlhg_lhevdh
kljZklvb`_eZgbyiehlbghb^moh\gZy[ebahklvQlh[ugZmqblvkyihemqZlvgZkeZ`^_gb_gm`ghg_
kl_kgylvky]h\hjblvhk\hbo`_eZgbyobk\hbokljZoZoEx[h\vwlhb]jZgZ^\hbobgm`ghmf_lv
\_klbg_lhevdh^bZeh]l_eghb^bZeh]keh\_kgucb[h\wlhf\_ebdhflZbgkl\_g_^hkdZaZgghklv
om`_\k_]hLuZ[khexlghm\_j_gZ"ijhr_ilZehgghiheh`ZjmdmgZk_j^p_khfg_\Zekyqlhm`_
kfh`_lhklZgh\blvk_[y
�Zlhevdhbkfh]eZ\u^hogmlvhgZ
HgZ_szg_ihgbfZeZqlhk_cqZkbf__lgZ^gbf\eZklvg_f_gvrmx_kebg_[hevrmxq_fhggZ^
g_c
�DZdih`_eZ_lfhy]hkih`ZkemrZxkvbih\bgmxkv`hgih^o\Zlbe^_\mrdmgZjmdbbhlgzkgZ
djh\ZlvgZnhg_[_ehkg_`guoijhklug_c_]hohjhrhkeh`_ggh_aZ]hj_eh_l_ehdZaZehkv_sz
kfm]e__b_szjhkdhrg__fZgybih^qbgyyk_[__z\hexgh\_]h\a]ey^_[uehklhevdhh[h`ZgbyZ
\_]heZkdZoklhevdhg_`ghklbbqm\kl\_gghklbbg_[uehgbkbegb`_eZgbykhijhlb\eylvky
F_^e_gghhghk\h[h`^Ze^_\mrdmhlebrg_ch^_`^uihdju\Zy_zl_ehihp_emyfb^h\h^y^h
[_amfbyjZkiZeyybmkihdZb\Zyh^gh\j_f_gghFZj]Zjbl_ly`_eh[ueh^urZlvkeh\gh\hegu
aZoezklu\Zebbg_^Z\Zeb\a^hogmlvhgZkm^hjh`gheh\beZjlhf\ha^mo\k_fukeb\u\_ljbebkvba
]heh\u\kzl_ehkeh\ghhg_f_ehi_jbh^bq_kdbkf_gyykvijbylgufihdZeu\Zgb_fHgZhsmsZeZ
k_[ydjhr_qghci_kqbgdhc\[_kdhg_qghc\k_e_gghcblhevdhfZydhfkbyeb\l_fghl__]h]eZaZhg
qm\kl\h\Zelh`_kZfh_b\b^_elhevdh_z]eZaZb_z]m[ub^eyg_]hhgb[uebkeZs_s_j[_lZb
of_evg__\bgZ_kvfbj[uekha^Zglhevdh^eygbo^\hbodZdi_j\ha^Zggu_:^Zfb?\Zhgbm`_
g_ihfgbebdlhhgbdZdboah\ml\kzqlh[ueh^hihl_jyehagZq_gb_\kzqlh[m^_lihke_
h[j_lZehkfukelhevdhdh]^Zhgb[ueb\f_kl_Dh]^Zhg\hrzeFZj]ZjblZlbohgvdh\kdjbdgmeZZ
_z]eZaZjZkdjuebkv_szrbj_hlm^b\e_gby[hev[ueZg_gZklhevdhkbevghcdZdhgZk_[_
ij_^klZ\eyeZZihlhfb\h\k_bkq_aeZkf_gb\rbkvgh\ufbkljZggufbbg_ihagZggufb
Hc[ebgg_m^h[ghlhdZd^_\mrdZgZklhevdhkfmlbeZkvqlhg_fh]eZih^h[jZlvkeh\]ey^ygZ
djh\Z\h_iylghgZijhklug_
�G_[_jb\]heh\mhlfZogmeky`hgijhklugbkh[kl\_ggh^eywlh]hb[uebkha^Zgu
JZaj_rbl_ihfhqvZfijbgylv\Zggmfhy=hkih`ZZfkibgdmihl_j_lvdjZkZ\bpZ":ie_qbdb
Zrbg_`gu_ihfZkkbjh\Zlv"Bebij_e_klgu_iylhqdb"
eZ`ghc]m[dhchgh[lzj_zl_ehie_qbjmdbkibgmgh]b
;h`_wlhlZdFZj]ZjblZg_gZoh^beZqlhkdZaZlvY^mfZeZqlhlZdqbklhb\ha\ur_ggh
[u\Z_llhevdh\dgb]Zo
�Fhzij_e_klgh_^bly`hgaZ\_jgme_z\ihehl_gp_bhlgzkgZaZ^\dhfgZlmGm\hllZdlh
emqr_l_[y[u_sziehlg__aZi_e_gZlvkh\k_fgZfhxk_kljm\^_lkl\_ihoh`Z[m^_rvB
jZaj_rbl_ij_^klZ\blvZrm`bg=hkih`Z\bghbnjmdluih^Zgu
K[hdZehf\bgZiZj_gv\ur_egZ[Zedhg
Jblmeyb^bkx^ZihkfhljbdZdZyghqvij_djZkgZyDZdb_a\za^uDZddjZkb\ghqghc]hjh^
�_\mrdZih^hreZhgh[gye_z
K\_lfh_c`bagbZZrhl_pg_baibjZlh\[m^_l"
FZj]ZjblZg_ihgbfZxs_aZfhj]ZeZ
Hg\_jghihoblbeiZjma\za^kg_[Zbl_i_jvhgbkbyxl\l\hbo]eZaZoB^hjh`_\k_okhdjh\bs
fbjZwlhkbygb_Ykfhljx\gbob\b`mk\hzkqZklv_b`mk_[yl\hbffm`_fZl_[yfZl_jvx
gZrbo^_l_c
IZj_gvhlklZ\be[hdZek\bghfbih^hrzeddjZx[ZedhgZdkZfhcdh\Zghcj_rzld_jZkdbgmejmdb
baZijhdbgm\]heh\mijhdjbqZegZ\kxmebpm
Fbjyex[exL_[yYex[exEx[ex
wlhf]gh\_gb_aZkibghcmg_]hihy\bebkv^\ZZeuodjueZ
MFZj]Zjblu^moi_j_o\Zlbehhlm^b\e_gby
DZdlulh_klvqlhHclvnmdZdZy`_y\i_qZlebl_evgZyYohl_eZijhkblvihq_fmdjuevyg_
[_eu_"HcijhklbYlZdZy[_klZdlgZykgh\ZkfmlbeZkvFZj]ZjblZ
Hgmeu[gmeky
Yl_[yim]Zx"
Dhg_qghg_lhgZhljbpZl_evghaZfhlZeZ]heh\hc
Lh]^ZjZaj_rbl_Zkijb]eZkblvgZghqgmxijh]medm=hkih`Z"iZj_gvijhlygmejmdmLufg_
\_jbrv"
LuijhklhkmfZkr_^rbcmeu[gmeZkvFZj]ZjblZ
�Qlhih^_eZlvK\_lfh_c`bagbluebrZ_rvf_gyhklZldh\jZkkm^dZ`hgh[gye^_\mrdm
\r\r\r
KeZ^dhihlygm\rbkvFZj]ZjblZhldjueZ]eZaZkheg_qgucemqkdhevagmeih]Zj^bgZfKeh^`bb
^hghkbekyZjhfZlk\_`_k\Zj_ggh]hdhn_HdhgqZl_evgh\_jgme^_\mrdmdj_Zevghklba\md
fh[bevgh]hFZj]ZjblZgZsmiZeZ_]hgZklhebd_jy^hfkdjh\Zlvx
�KjZ[hlZeZgZihfbgZedZk_]h^gyijbe_lZ_lbaX:JklZjrbc[jZlZgbweeuIbl_jijhjZ[hlZ\rbc
]h^\_l_jbgZjhf\GZpbhgZevghfiZjd_Djx]_jFZj]ZjblZh[_sZeZihke_aZgylbcihfhqvih^jm]_
ih^]hlh\blv_]hdhfgZlm
ibemlj_ggbcdhn_ex[mykvkZ^hf
HgZih^hreZdg_fmkaZ^bbh[gyeZaZie_qb
�h[jh_mljhfbkl_jyfhqdbgZszqdZoijhfmjeudZeZFZj]ZjblZ
�`hgih^gyek\hbqzjgu_\h[jZfe_gbbimrbkluoj_kgbp]eZaZgZ^_\mrdmbmeu[gmeky
�Mljh^h[jh_blzfhzM`_ijhkgmeZkv"LulZdkeZ^dhkiZeZqlh[ueh[udhsmgkl\hf[m^blv
l_[y
DZdohjhrhqlhgZfk_]h^gygZaZgylbydlj_lv_ciZj_meu[gmeZkvhgZ@ZglZbklhjbyqlh
\q_jZjZkkdZau\ZeJhabwlh\_^vbklhjbyhl_[_"
�Ijhklbkh\k_faZ]jmabel_[y^Z"mkf_ogmekyiZj_gvZ`_g_agZxqlhgZf_gygZrehfg_
ijZdlbq_kdbg_kd_fhldjh\_ggbqZlvZlmlkeh\ghijhj\Zehuijbgyebf_gyg_aZlblmeubeb
[h]Zlkl\ZZijhklhdZdq_eh\_dZwlh^hjh]h]hklhbl
Kh\k_f^Z`_gZh[hjhl]hjyqhaZ\_jbeZ_]h^_\mrdZF_gybgl_j_kgh\kzqlhk\yaZghklh[hc
Eh\exgZkeh\_fu_szh[yaZl_evgh\_jgzfkydwlhfmjZa]h\hjmKemrZc_keblug_ijhlb\lhy
[uohl_eihagZdhfblvl_[ykhk\h_ck_fvzc
Luwlhqlhk_jvzagh"FZj]ZjblZg_gZreZ^jm]bokeh\hlm^b\e_gby
�:[khexlghk_jvzaghhl\_lbe`hgbwlh[ueZkmsZyijZ\^Z
Kh]jhfgufm^h\hevkl\b_flhevdhfg_gm`ghkgZqZeZfhjZevghih^]hlh\blvky\a\hegh\Zggh
hl\_lbeZhgZ
�B^beebxij_j\ZeZJhabihklmqZ\rZy\^_jbG_ohly`hgihrzehldju\Zlv
�h[jh_mljhijbgp_kkZM`_\klZeZ"iZj_gvih]eZ^be^_\hqdmih]heh\_hl\e_dZy_z\gbfZgb_
ihdZFZj]hijhrfu]gmeZ\\ZggmxdhfgZlmghieZgijh\ZebekybJhaZebg^Zm\b^_eZ^_\mrdm\
^\_jghcijhzfFZj]ZjblZih^g_keZiZe_pd]m[Zf^Z\ZyagZdfheqZlv^_\hqdZ\hl\_lobljh
ijbsmjbeZkvbkhkljhbeZkf_rgmxjh`bpm
�:\hlbgl_j_kghfg_aZf_lbeZJhaZeb^Z`_d\dmjk_q_fwlh\ulmlaZgbfZ_l_kv"k
gZb]jZgghck_jvzaghklvxaZy\beZhgZ
�ZluhdZau\Z_lky_szbrZglZ`bkldZjZklygmemeu[dmiZj_gvBqlh`_ohq_lijbgp_kkZaZ
fheqZgb_"
Y_szg_j_rbeZkqzlijbrexihlhf^_\hqdZaZebeZkva\hgdbfkf_ohfRmqmyrmqmGhgZ
\kydbckemqZcg_aZ[m^vqlhlufg_^he`_g
�Gmbfheh^z`vihreZjZa\zejmdZfb`hgB]^_lhevdhlulZdh]hgZo\ZlZeZkv"
\r\r\r
���Dh]^Z\klheh\mxkimklbebkvwgbb`_d`hggbpZjkl\_ggh\hkk_^Zef_`^mFZj]ZjblhcbJhab
G_kl_kgycl_kvijbkh_^bgycl_kvdgZr_ckdjhfghcljZi_a_ij_^eh`behg`_klhfmdZau\ZygZ
k\h[h^gu_f_klZaZklhehf
:kdZ`bl_fg_fbeu_^_lbdlhihqlb\kx]hjyqmx\h^mbajZkoh^h\Ze"\rmldmgZofmjbe[jh\b
�`_d
�:\qzfkh[kl\_gghijh[e_fZ"kihdhcghaZf_lbe`hgGmijb^zlky\Zf^mrijbgbfZlv
\f_kl_obljhmeu[gmekyhgEZ^ghm`fh`_rvg_[eZ]h^Zjblv?kebfug_^h`^zfky\Zklh
aZ\ljZdjZah]j__l_kZfbajyyqlheb\kzmljhklZjZeky]hlh\be"
�:]Z^h[Z\beZJhaZebg^Z`hggbgZklhysbcdeZ^ZdZd]hlh\bleZ^ghyj_[zghdZ\hl\Zfk
qm^_kghcdmjbpuaZi_q_gghcki_jkbdZfb
LZdagZqblaZ]h\hj^Z"uijhklhg_\hafh`gu_mkf_ogmeZkv[ehg^bgdZ
��Ful_[ylh`_hq_gvex[bfZg_qdZohjhfhl\_lbeb`hggbFZj]hbJhab
��Ghbokh\_lfg_hij_^_ezgghihgjZ\beky`_dijbh[gyeZgbweemFh`_l_gZkg_`^Zlv
Y_szg_^ZeZk\h_]hkh]eZkbygZwlhij_^eh`_gb_fbkl_jgZb]jZggh\hafmlbeZkv^_\mrdZ
Ghbg_hldehgbeb_]hfbkkmeu[gmekyfheh^hcobjmj]
\r\r\r
JZa^Zekya\hghd\^\_jvFZj]hihreZhldju\Zlv
KZgl_ogbdZ\uau\Zeb"meu[gmekyiZj_gv\mgbnhjf_ba_ezghc[_ck[hed_
:ghK_cqZkyihah\mohaycdm^hfZHc^_\mrdZg_kfh]eZm^_j`Zlvkyhlkf_oZIbl_jm
l_[ymkhlde_beky
KZexlFw]]bKf_ckykf_ckyg_l_[_mkuhlde_b\Zlv;ebg;hevgh`_g_^h\hevgh
ihfhjsbekyiZj_gvgh_]hbamfjm^gu_]eZaZmeu[ZebkvHgkgye[_ck[hedmbehdhgudZrlZgh\uo
\hehkjZkkuiZebkvihie_qZf
:oIbllbDZda^hjh\hqlhlu\_jgmekyFZj]ZjblZh[gyeZiZjgyLhevdhfu`^Zebl_[y
\_q_jhfIhq_fmg_ij_^mij_^beqlh[m^_rvjZgvr_"
Ylh`_jZ^Jblmey:ijbqbgZijhklZb[ZgZevgZfhcj_ckihf_gyebZl_e_nhgkh\_jr_ggh
g_dklZlbaZ]exqbehg_aZ[ulv[ujZah[jZlvky\qzflZfijh[e_fZYaZ\ZfblZdkhkdmqbeky:]^_
\k_"
��`_d\[b[ebhl_d_Jhabk_cqZkkimklblkyaZg_ckdhjhijb_^_lrdhevgucZ\lh[mkZZgb
dZ`_lky\kZ^mIbl_jl\hydhfgZlZm`_ijb]hlh\e_gZ
HD?szm\b^bfky:,/'&$7
IZj_gveh\dhkeh\be[jhr_ggu_FZj]Zjblhcdexqb
Ibl\j_^bgZkdhevdhm`_fh`gh\kihfbgZlvfhz^_lkdh_ijha\bs_"^_\mrdZihdZaZeZ_fm
yaud
GmeZ^ghl_[_Y`_ex[ydhr_qdZIbl_jih^hrzeb\at_jhrbeqzedmFZj]Zjblu
FZeurdZJhaZebg^Zkt_oZeZihi_jbeZfbm]h^beZijyfhgZjmdbIbl_jm
Ijb\_lbd[jZlbrdZ
:dlhlmlmgZkf_edbcg_ihk_^Z"Ibl_je_]dhmsbigme^_\hqdmaZszdmbmkZ^begZie_qb
�Ihc^zfdZijh\_^Z_fgZrmZg_qdm
\r\r\r
��`hg[_k_^h\ZekZgbweehcgZl_fmeZg^rZnlgh]h^baZcgZ^eykZ^Z
Of:fg_gjZ\blkyl\hyaZ^mfdZihgbfZxs_aZdb\ZeZ]heh\hchgZLhevdhdZd`_l\hyjmdZ"
?sz[hebl"
;eZ]h^ZjxaZ[_kihdhckl\hm`_gZfgh]hemqr_b\^hdZaZl_evkl\hk\hbokeh\ih^o\Zlbe
^_\mrdmgZjmdbaZdjm`bebkgh\ZihklZ\begZa_fex
�E_^bZgbg_aZ[ueZ_szk\h_]h[jZlZ"ihijb\_lkl\h\Zek_kljmIbl_j
�Ibl^_\mrdZ[jhkbeZkv[jZlmgZr_xh[jhih`Zeh\Zlv^hfhc
&#xb`;&#xm;&#xl;&#xml;&#xg;&#xbq;&#x_];&#xh;&#xg_;¯&#x_g;¾&#xhk;&#xv;�b`mlmlgbq_]hg_baf_gbehkvhffbeuc^hfDZd\k_]^Zlmlex^ghb\_k_ehmeu[gmeky
Ibl_j
ij_^klZ\beZfheh^uoex^_c^jm]^jm]m
�Hq_gvijbylghmeu[gmeky`hg
aZbfghhl\_lbeIbl_jMf_gydklZlblh`_[m^_liZjhqdZ^baZcg_jkdbob^_c^eykZ^Z
h[km^bfgZ^hkm]_
IZjgbih`Zeb^jm]^jm]mjmdb
^jm]g_m^_j`Z\rbkvgZ\_ld_^_j_\Zqlhjhkeh\hae_[Zkk_cgZFZj]ZjblZmiZeZijyfh\h[tylby
�`hgZ
Ij_djZkgZyjZ[hlZKiZkb[hqlhg_^ZemiZklvg_\bgghmeu[gmeZkv^_\mrdZ
�Hlg_h`b^ZgghklbiZj_gvihl_jyejZ\gh\_kb_bhgbh[Zk\Zebebkv\[Zkk_cgh[jua]Z\Zgbweemb
�Ibl_jZq_f\_kvfZihaZ[Z\bebihke_^gbo`hggbbFZj]ZjblZi_j_]eygmebkvih^hrebd[hjlbdm
��[Zkk_cgZ`hgh[gyewgbaZlZebxbihlygmegZaZ^Q_j_afbgmlmhgZlh`_[ueZ\\h^_fhdjZyk
gh]^h]heh\uFZj]hijh^_eZeZlh`_kZfh_kIbl_jhfB\hlm`_ohohlZeb\k_q_l\_jhb
JhaZebg^Z
FZj]hgmkdhevdhfh`ghl_[_m`_r_klgZ^pZlve_lZlu\kzgZoh^brvkygZh^ghfmjh\g_
�jZa\blbykJhab\a^hogmeZZgbweeZ
Y[hevr_lZdg_[m^mFZj]ZjblZkdhjqbeZ\bgh\Zlmxjh`bpmijbdju\jhleZ^hgvxqlh[u
hiylvg_jZkkf_ylvky
Gmi_j_klZgvm`_kiehobfebphfhklZg_rvkyhlfZogmeZkv[ehg^bgdZGZfl_i_jvgm`gh
i_j_h^_lvkybih[ukljhfm_kebg_ohlbfhiha^Zlv\dhee_^`
\r\r\r
��`hgZwgb\klj_lbeZm\oh^Z\[b[ebhl_dm
�G_m`_eb\jZggbcqZk^Z\[b[ebhl_dmoZjfZjZ^`Z"
IZj_gvjZkkf_yeky
G_ih\_jbrvkZfk_[_m^b\eyxkv;m^mgZ\zjklu\Zlvijh[_eu\kZfhh[jZah\ZgbbY_szfZeh
agZxh\Zr_ffbj_
Iho\Zevghh^h[jbl_evghaZf_lbeZ^_\mrdZBgl_jg_lhfihevah\Zlvkymf__rv"
�G_^mjZdjZa[_jmkv[_aeh`ghckdjhfghklbaZy\be`hgDh_qlh^he`gh[ulvb\]heh\_
fha]dZdbfurpugm`^Z_lky\ihklhygguolj_gbjh\dZobjZa\blbbM\ZkdZ[_evgu_dZgZeu
�ihdZau\Zxl"LZfihbkdZ\_jbi_j_^Zqbbgl_j_kgu_BgZ^h[m^_lih^mfZlvgZij_^f_l
ghml[mdZ
�wgb^hjh]Zyfum`_]hlh\u_oZlvFZj]ZjblZgZdhg_pkhba\hebeZaZdhgqblvi_j_h^_\Zgb_b
��`^zlgZk\h^\hj_lhevdh`_dkh[jZekyh[gylv^_\mrdmdZdbokZgbweehcfh[bevgu_
aZa\hgbebh^gh\j_f_gghB^_\mrdZbfheh^hcobjmj]ba\bgb\rbkvhlhrebhl\_lblvgZa\hgdb
Q_j_aiZjmfbgmlhgb\_jgmebkv
���`hg^eyl_[ygZreZkvjZ[hlZ\h^bg]hehk\hkdebdgmebZgbweeZb`_d
�Zfm\i_jz^meu[gmekyfheh^hcobjmj]DZdh_Zr_ij_^eh`_gb_e_^b"
FhylzlmrdZ^h]h\hjbeZkvgZkqzlf_klZij_ih^Z\Zl_eynbadmevlmju\gZr_fdhee_^`_dZd
^mfZ_rvihlyg_rv"
��Zg_\hijhkkijZ\exkvml\_j^bl_evghdb\gme]heh\hc`hg
�Lh]^ZqlhkdZ`_rvgZij_^eh`_gb_ih^jZ[Zlu\Zlv\fh_cdebgbd_kZgblZjhf"ij_^eh`be`_d
o\ZlZlv^eygZqZeZihfh_fmg_iehoh:ihlhfih^[_jzrvk_[_[he__ij_klb`gmxjZ[hlm
&#xu;&#x;&#xgZ;&#xkl;&#xhy;&#xsb;&#x_;&#x^j;&#xma;&#xvy;&#x;&#x;�ugZklhysb_^jmavy`hggbh[gyeh[hboIh\_jvl_ywlh]hg_aZ[m^mj_[ylZ
&#xhl;&#xJ;&#xbl;&#xme;&#xy;&#xm^; l;&#xky;&#x;&#x;&#xob;&#xlj;&#xh;&#xme;&#xu[;&#xgm;Z;&#xkv;�hlJblmeym^b\blkyobljhmeu[gmeZkvwgb
\r\r\r
Hc^_\hqdbM]Z^Zcl_dh]hylhevdhqlh\b^_eZ\ij_ih^Z\Zl_evkdhc"KZfZ[ug_ih\_jbeZ_keb
�[ug_\b^_eZkh[kl\_ggufb]eZaZfb\a\hegh\ZgghaZ]h\hjbeZ`ZklbgZijbkZ`b\ZykvaZklhebd
jy^hfkih^jm]Zfb
�M`g_ijbajZdZebmkf_ogmeZkvZgbweeZ
Bdh]h`_lu\b^_eZ"aZbgl_j_kh\ZeZkvFZj]ZjblZJZkkdZau\Zcg_lygb
�Y^mfZeZwlhlugZfjZkkdZ`_rvqlhHGlml^_eZ_l`ZklbgZky\gufm^b\e_gb_fihkfhlj_eZ
gZg_z
:ihq_fmkh[kl\_ggh]h\hjybf_gghyg_ihgbfZxs_aZoehiZeZj_kgbpZfbFZj]ZjblZ
Gm\hl\a^hogmeZk\_leh\hehkZykxjijbaZg_\ureh
uhqzf\hh[s_"g_mgbfZeZkvFZj]hBqlhaZkxjijba"
�Jblmeye_gb\haZ]h\hjbeZZgbweeZ:^Z\ZclugZ[_jzrvkyl_ji_gbyb^h`^zrvky
nbadmevlmjueZ^gh":lhlZdmxb^_xbkihjlbrvOhjhrh"
&#xg_;&#xaZ;&#xig;&#xh;&#x;&#xj;&#xmd;&#xZo;&#xm;&#xZj;&#x]Z;&#xjb;&#xlu;&#xhi;&#xgm;Z;&#xq;&#xZr; Z;&#xk;
&#xhn;&#x_;�g_aZigh\jmdZomFZj]ZjbluehigmeZqZrdZkdhn__\mrdZbgklbgdlb\ghhlkdhqbeZ\klhjhgm
bq_jluogmeZkvg_ih`_gkdb
�wgbihfh]eZ_ckh[jZlvhkdhedb
LudZd\ihjy^d_"Wlhqlh[ueh"h[_kihdh_gghihbgl_j_kh\ZeZkvhgZOhlvg_ihj_aZeZkv"Lu
m`ihhklhjh`g__eZ^gh"
Gbq_]hg_ihgbfZxijh[hjfhlZeZFZj]ZjblZDZdfh]dhn_kgh\Z\kdbi_lvmf_gy\jmdZo"Z
ijhk_[yih^mfZeZ=hkih^bbqlhaZ[j_^yg_kmIh^mfZxl_szqlhg_ghjfZevgZy
B\h\k_lug_g_ghjfZevgZyg_q_]hgZk_[ygZ]h\Zjb\ZlvihiulZeZkvhgZmkihdhblvih^jm]m
QlhlukdZaZeZ"bamfbeZkvFZj]hLh_klvluqlhmkeurZeZfhbfukeb"
&#xk;&#xZf;&#xhf;&#x^;&#x_e;&#x_;&#xq;&#xlh;&#xb";&#xQ;&#xlh;&#xy;&#xl;&#xhe;&#xvd;&#xh;&#xql;&#xh;&#xk^;&#x_e;&#xZe;&#xZ";&#x;&#xg;&#x_;&#xf_;&#xgv;&#xr_;&#xm;&#x^b;Z;&#xkv;�kZfhf^_e_qlheb"Qlhylhevdhqlhk^_eZeZ"g_f_gvr_m^b\beZkvZgbweeZLulhqgh
m\_j_gZ"
&#xu;&#xf_;&#xgy;&#xi;&#xm];&#xZ_;&#xl_;&#x;&#x;�LZdih^jm]bfg_m`_gZqbgZlv\Zk[hylvky"uf_gyim]Z_l_`ZklbgZihkfhlj_eZlhgZh^gm
lhgZ\lhjmxb\]eZaZo\k_oljhbo[uehg_^hmf_gb_
Ijb\_l\k_fLZdk_cqZky^he`gZk_klvbmihdhblvkyaZklhebdijbk_eZkljb`_ggZyih^dZj_
k_jh]eZaZy[jxg_ldZ\hqdZo_z\hehkub[emadZ[uebfhdju_^_\mrdZki_rghh[lbjZeZkv
[mfZ`gufihehl_gp_fulhevdhihkfhljbl_gZf_gyOhlyg_lemqr_g_gZ^hgmdZdy\lZdhf
\b^_ihdZ`mkvgZiZjZo"Qlh`aZg_\_a_gb_lZdh_gmihq_fmdjZg\^ZfkdhcdhfgZl_^he`_g[ue
kehfZlvkyh[yaZl_evghgZfg_"Hcijhklbl_M\Zklmllh`_qlhlhkemqbehkv"QlhaZebpZlZdb_"
�MgZk\kz\ihjy^d_KZfZglZL_[_ihfhqvbebkZfZkijZ\brvky"`ZkkbijhlygmeZ^_\mrd_
qbklmxkZen_ldmqlh[ulZijhlzjeZhqdbg_aZighKZfZglZlZdbih^iju]gmeZgZklme_
�_ldZluq_]hl\hjbrv"F_gydZd[m^lhlhdhfrb[ZgmehFg_^eyihegh]hkqZklvylhevdhwlh]h
g_o\ZlZeh^_\mrdbhrZjZr_ghkfhlj_eb^jm]gZ^jm]Z
HcIjhklbf_gyihki_rbeZba\bgblvkylZ
K_]h^gyy\ghg_gZr^_gvofmjhijh[mjqZeZFZj]ZjblZ
�kh\iZ^_gb_lhevdhb\k_]hhl\_lbeZZgbweeZFuijhklhi_j_mlhfbebkv\hlbe_a_l\]heh\m
\kydh_
\r\r\r
�Dmjkkljhckyh[juc^_gve_^bb^`_glevf_guJZaj_rbl_ij_^klZ\blv\Zfgh\h]h
�ij_ih^Z\Zl_ey]hkih^bgZ`ZvyglZDoZgZHgl_i_jv[m^_l\_klbm\ZkaZgylbybnZdmevlZlb\ih
kZfhh[hjhg_
�I_j_^gbfbklhyegbdlhbghcdZd`hgkh[kl\_gghci_jkhghc_]h\hehku[uebkh[jZgu\o\hkl
Z\\u[hj_kihjlb\gh]hdhklxfZhghklZekyg_baf_ggh\_j_gdjh\Z\hZeufhll_gdZf
��h[juc^_gvdmjkiha^hjh\Zeky`hgDZd]h\hjblky\a^hjh\hfl_e_a^hjh\uc^moWlhyb
ihiulZxkv^hg_klb^h\ZkgZk\hboaZgylbyo
FZj]ZjblZaZdZreyeZhlg_h`b^ZgghklbbgZ\kydbckemqZcijhlzjeZdmeZqdZfb]eZaZdZdwlh
^_eZxlfZe_gvdb_^_lb
�Jblmevluq_exklvlhih^[_jbZlhm`dZdlhg_ijbebqghwgb^zjgmeZ_zaZjmdZ\GmdZd
�\_^vm^Zekyg_`^Zgqbd"Fg_m^Zehkvm[_^blvlzlx`mev_llmqlhhgjh^kl\_ggbdkZfh]hKZefZg
DoZgZhkgh\Zl_ey:dZ^_fbbDoZgZb_fmg_h[oh^bfZgZrZih^^_j`dZ
G_lhkeh\hmf_gy^hkboihjfmjZrdbihdh`_\a^hogmeZFZj]ZjblZGmm^jm`beZlZd
�m^jm`beZih^jm]ZY^Z`_g_agZxdZdfg_l_i_jvk_[y\_klbGhaZ`hgZydhg_qghjZ^Z
kiZkb[h^hjh]Zyqlhihfh]eZ_fmblzlmrd_i_j_^ZcfhxkZfmxbkdj_ggxx[eZ]h^Zjghklv
���Zg_aZqlhmeu[gmeZkv[ehg^bgdZZ`hgkhk\hbfblZjZdZgZfb\]heh\_ghmdh]hbog_l
Zl_[yyagZxk^_lkl\Z_keblu_fm^h\_jy_rvlhbfu[m^_f^h\_jylv
F_eh^by;_kdhg_qghklb;hgmkfm\bDjh\vbke_au
Yihgby\_d
HgZjm[beZgZijZ\hbgZe_\hhklZ\eyyaZkh[hcbamjh^h\Zggu_ljmiuBgh]^Z\ulbjZeZkebpZ
qvxlhdjh\vbkgh\Zk_yeZkf_jlvdhjhldbff_qhf?zebph\ujZ`ZehkljZ^Zgb_bhgZdhkyhj^m
klhgZeZkd\havam[uZj\ZjuZj\Zju
^jm]djZ_f]eZaZFbdhaZf_lbeZf_evdgm\rbc\lhei_g_ih^Zezdm`zelucieZsb\kdjbdgmeZ
HjbG?L
Mg_zrmf_eh\mrZo]eZaZaZklbeZeZdjh\Z\Zyi_e_gZghhgZlhevdh_szg_bklh\__ijh[b\ZeZkvd
ih\hadZfGZh^ghcbagbom\habebHjbjZg_ggh]hbebfzjl\h]h
=^_lhjy^hf\koebigmeXlhbmiZekjZkk_qzgghc]jm^vxFbdh^Z`_g_mki_eZijh[blvkydg_fm
\kzijhkljZgkl\hf_`^mgbfbaZihehgbebZlZdmxsb_\jZ]b
�_\mrdZ\kzlZd`_jZaf_j_gghjm[beZ]heh\ubdhg_qghklb\kiZju\ZeZ`b\hlujZkk_dZeZ\^hevb
ihi_jzdHgZm`_ihqlbgbq_]hg_\b^_eZbg_ihgbfZeZghijh^he`ZeZkjZ`Zlvky
Ihke_^g__qlhhgZmkeurZeZ[ueah\FZjbbkdZ\r_c_zFbdhbaihke_^gbokbeihiulZeZkv
hl\_lblvghba]hjeZ\uj\Zekylhevdhkbigh]bih^dhkbebkvbhimklbeZkvl_fghlZblbrbgZ
HqgmeZkvhgZhlklmdZdhezkblheqdh\gZg_jh\ghc^hjh]_?z\_aeb\db[bld_hq_gv]jyaghcb
\hgxq_ck]heufihehfbg_kdhevdbfbdjxdZfbBas_e_cg_ijh[b\ZehkvgbemqbdZk\_lZb
ihwlhfmFbdhj_rbeZqlhklhyeZghqv
?sziehohkhh[jZ`ZyhgZihiulZeZkvhk\h[h^blvkybhsmlbeZhkljmx[hev\e_\hf[hdmJmdbb
gh]b[uebklygmludh`Zgufbj_fgyfbbijb\yaZguddjxdZfKhklhjhgu^hgzkkyojbieucklhg
AgZqblhg`b\h[jZ^h\ZeZkvFbdhblbohgvdhiha\ZeZ_]hG_ihemqb\hl\_lZhgZbah\k_okbe
^zjgmeZdjxdddhlhjhfm[uebijb\yaZgu_zjmdbb\uj\ZeZ_]hIjZ\^Zhk\h[h^b\rbkv_^\Zg_
ihl_jyeZkhagZgb_hl[heb
Ko\Zlb\rbkvjmdhcaZ[hdhgZkm^b\e_gb_fgZsmiZeZjmdhyldmgh`Zu^_jgm\_]hbajZgub
ih^g_kyd]eZaZfhgZm^b\beZkv_sz[hevr_
Wlh\_^vgh`XlhDZdhgkx^ZihiZe"bkiho\Zlb\rbkvjZaj_aZeZj_fgbgZgh]Zobl_qlh
kly]b\Zeb^jm]ZHggZk_dmg^mijbrze\khagZgb_hkfhlj_eky[_kihfhsghbkgh\ZaZdjue]eZaZ
\r\r\r
GZjZkk\_l_ijhkgm\rbkvFbdhkgZqZeZaZgyeZkvjZghcXlhihlhfkdbgmeZdbfhghb\^h\hev
gZie_kdZeZkv\e_^yghc\h^_^Z`_ihcfZeZg_kdhevdboju[zr_d
Dh]^ZXlhhldjue]eZaZhgZmeu[gmeZkvbkdZaZeZ
YihcfZeZg_fgh]hju[ul_[_gm`ghih_klv
IhdZhg_eFbdhkfhlj_eZgZ\h^mkb^ykibghcdg_fmGbh^bgbagboaZ\kz\j_fyg_ijhjhgbe
gbkeh\Z
GZdhg_p^_\mrdZih\_jgmeZkvdg_fmbihijhkbeZ
XlhKu]jZcfg_
Hg^hklZene_clmbaZb]jZelbomxb]jmklgmxf_eh^bxFbdhih^i_\ZeZ_fmgh\g_aZigh
aZieZdZeZbih\_jgmeZkv
Qlhlhg_lZdFb"
HgZj_adhih\_jgmeZkvbh]juagmeZkv
kzg_lZdkl_oihjdZdfu\\yaZebkv\wlmk\Zjm
Ne_]fZlbqgucbdZd\k_]^ZkihdhcgucXlhkijhkbeih`z\u\ZyljZ\bgdm
LuagZ_rvqlhgm`gh^_eZlv"Bebdm^ZgZfhlijZ\eylvky"G_]jmklbZemqr_ijb^mfZcqlh
gb[m^v
Ym`_gbq_]hg_agZxKgZqZeZgm`ghgZclbFZjbbHjbGhdm^Zb^lb"=^_fu\hh[s_"Lu
]h\hjblu`_\_l_jLZdhcmfguclh]^ZkdZ`b\dZdmxklhjhgmb^lb"GZk_\j"GZx]"GZaZiZ^"
GZ\hklhd"Bebijb^mfZ_fiylmxklhjhgm"
G_djbqbgZf_gyaZhjZeXlhbjZafZogmekyqlh[um^Zjblv_zgh\kdjbdgmehl[hebb
ih\ZebekygZa_fex
Hklhjh`g__XlhIhklZjZckyg_^\b]ZlvkyjZgZfh`_lhldjulvkyblh]^ZgZqgzlky
djh\hl_q_gb_
IZj_gve_`ZegZkibg_bkfhlj_e\g_[hDh]^Z[hevg_fgh]hmlboeZaZdjue]eZaZbijhbagzk
Fbdhfu^he`guih^^_j`b\Zlv^jm]^jm]ZZg_]jualvkyYkh]eZk_gqlhgm`ghij_`^_\k_]h
gZclb^jma_cHgihfheqZel_j_[yrgmjhqdbgZr__ihlhfmeu[gmekyFZjbij_djZkgZy
^_\mrdZ_keb[umf_gy[uehih[hevr_\j_f_gby[u`_gbekygZg_c:Hjbdhg_qgh\hbg
gbdm^urgbcghq_eh\_dl_jibfuc
Wcqlhlu^_eZ_rv"Ij_djZlbG_gZ^h
Fbdhkf_ykv[jua]ZeZ_fm\ebphoheh^ghc\h^hc^jm]ih^[_`ZeZgZdehgbeZkvbg_`gh
ihp_eh\ZeZ\]m[u
\r\r\r
IhgylghagZqblb^zfgZaZiZ^
Dh]^ZXlhih\_jgmekyFbdhqlhlhaZf_lbeZbkdZaZeZ_ob^gh
Ml_[y_klv_szh^bgih\h^fklblvjZa[hcgbdZfhgbl_[_dhkbqdmhljm[beb
Xlhm`ZkghjZkkljhbeky^ebggZydhkZ[ueZ_]h]hj^hklvx
Fh`_l\_jgzfkyblu_zihbs_rv"g_mgbfZeZkv^_\mrdZEZ^ghg_^mckyl_[_lZdlh`_
ohjhrh^Z`_bgl_j_kg__DklZlblug_agZ_rvhldm^Zwlh"Fbdh^hklZeZgh`Xlh
Yg_ohl_eqlh[ulufmqZeZkv_kebgZk\^jm][m^mliulZlv
DZdZyljh]Zl_evgZyaZ[hlZ
\r\r\r
Hjbe_`ZegZa_fe_[_akhagZgbyZieZqmsZyFbdhiulZeZkv^jh`ZsbfbjmdZfbjZkimlZlvmaeugZ
\_jz\dZo;hevr_\k_]h^hklZehkvjmdZfb]jm^bHjbgZebp_lh`_[uehg_kdhevdhh`h]h\h^_`^Z
bkle_eZb\bk_eZdehqvyfbGZdhg_pFbdhkhh[jZabeZjZaj_aZlvimluXlh[uem`_jy^hfk\h^hc
HjblbohaZklhgZe
Yk_cqZkHjb^_j`bkvFbdhaZdmkbeZ]m[miulZykvg_jZkieZdZlvkyb^hklZeZfZav?z
ljykehihom`_HjbihwlhfmXlh\ayegZk_[yh[yaZgghklvihaZ[hlblvkyhjZgZo^jm]Z
FZjbdh?zm\_ebYg_kfh]aZsblblvKiZkbl__zlhevdhbkfh]\u^Z\blvHjbbihl_jye
khagZgb_
FZjbA^_kv"
FukiZkzfH[yaZl_evghkiZkzfBl_[yb_z\koebiu\ZeZFbdh
\r\r\r
^hf_gZihemkb^_eZ^_\mrdZ\jZahj\Zgghfdbfhgh_z^ebggu_qzjgu_\hehkujZkkuiZebkvih
ie_qZf
_z]eZaZo[uebebrv[hevb[_a]jZgbqgZylhkdZK`bfZy\^jh`ZsbojmdZodhjhldbcf_qhgZ
gZijZ\beZ_]h\`b\hlghg_j_rZeZkvgZkZfucihke_^gbcrZ]
g_aZighrmf\ba]djbdbhlh^\bgmeZkvkl_gZb^_\mrdZg_ih\_jbeZk\hbf]eZaZfXlh
FbdhbHjb
FZjbHklZgh\bkvg_^_eZcwlh]haZdjbqZeXlh
�jmavy:y^mfZeZ\Zkm[bebY`_\b^_eZAgZqbl\u`b\u
FZjb[jhkbeZkvdgbf
HgbYYg_=hkih^bFZjbdhaZju^ZeZ
Gm\kzmkihdhcky;hevr_gbdlhg_ihkf__lijbqbgblvl_[_[hevihdZy`b\Xlhh[gye_z
FZjbohq_rvykhqbgx^eyl_[ykZfmxij_djZkgmxf_eh^bx":agZ_rvqlh\uoh^baZf_gy
"""
�K^jm]hcklhjhgu\hj\Zebkvg_kdhevdh\hbgh\\hboXlhkjZammeh`beh^gh]hijbdhgqbeHjbZ
^_\mrdbijhlygmeb^jm]^jm]mjmdbiulZykvkh_^bgblvbo
Fbdhj_adh^zjgmeZkvGZf_kl_ijZ\h]h]eZaZ[ueZbgdjmklbjh\ZggZyjmdhyldZQZklvebpZ
aZ[jua]ZgZdjh\vxba]jm^blhjqZebg_kdhevdhklj_e
FZjbaZ\hibeZbdbgmeZkvdf_^e_gghhk_^Zxs_cih^jm]_Xlhhklhe[_g_eh\kfZljb\ZekyHjbk
g_fukebfhjZkrbjb\rbfbky]eZaZfb\kfZljb\Zeky\[e_^gh_ebphFbdhdhlhjh__sz[he__
ih^qzjdb\Zebqzjgu_\hehkubdjh\vFZjbaZju^ZeZ]eZaZoXlhkhlyebfmlgu_kezau
\r\r\r
Hgg_aZohl_e`blvFZjbijh\h^beZ_]h\ihke_^gbcimlvGhkgZqZeZhgbhlijZ\beblm^ZFbdh
ihohjhgblv_zg_^ZebbihwlhfmhgbhlijZ\beb_zl_ehgZiehlmihj_d_Kg_chlijZ\bekyb_z
Zg]_eojZgbl_ev
HjbihohjhgbebgZ[_j_]m\hae_dZdhclh]hju
FZjbm[b\ZeZ\k_oih^jy^ihdZg_gZj\ZeZkvgZex[h\gbpmbo]eZ\gh]h\jZ]Z
FZjbb^yihlzfghzmebp_ihqm\kl\h\ZeZlbobcrhjhob\uo\ZlbeZdZlZgm^jm]_zaZZjdZgb\aZ
r_x\lZsbebaZm]heHgZihiulZeZkvhk\h[h^blvkyi_j_dbgmeZijhlb\gbpmq_j_ak_[ybiju]gmeZ
k\_jomLZm`_ih^gbfZeZkvbm^Zjijbrzeky_c\`b\hlFZjbaZg_keZf_qbhimklbeZ_]hgh
jm[ZgmeZiha_fe_\lhjZy^_\mrdZ\hbgmf_ehi_j_dZlbeZkvblml`_\kdhqbeZhljZab\gh\mx
ZlZdmGh\uiZ^FZjb[ueklhevkbezgqlhf_q\ue_l_emlhcbajmdb\hgabeky\a_fexHl[jhkb\
k\hcFZjbi_j_iju]gmeZijhlb\gbpmbjm[ZgmeZkaZ^bihr__j_[jhfeZ^hgbLZmiZeZebphf\
]jyavFZjbg_klZeZ^h`b^ZlvkyihdZhgZkZfZ\klZg_lko\ZlbeZaZihykbr\ujgmeZhkl_gmGh
khi_jgbpZhdZaZeZkvagZqbl_evghdj_iq_q_ffh`gh[uehij_^iheh`blvihqlbkjZam\kdhqbeZb
aZ_oZeZFZjbiyldhcihih^[hjh^dmihlhfg_^Z\miZklvko\ZlbeZaZ\hehkubaZdjm`beZ\hdjm]
k_[yGZdhg_phlimklb\k`ZeZiZevpugZ]hje_h[_kkbe_gghcFZjb_z]eZaZo]hj_eZkljZklvd
m[bckl\m?szqmlvqmlvbhgZaZ^mrblhl\Z`gmxFZjbdh
FZjbkh[jZ\ihke_^gb_kbeuba\_jgmeZkvbm^ZjbeZ^_\mrdmihebpmIh^gy\rbkvlZg_aZf_lgh
\uo\ZlbeZgh`bdjh\h`Z^ghmeu[gmeZkvbh[ebaZ\k]m[djh\vkdZaZeZGZ^h_ehfg_klh[hc
b]jZlvkyFZjbm^b\ezgghkfhlj_eZgZlhjqZsbcba]jm^bgh`f_^e_gghkeZ[_yI_j_^l_fdZd
ihl_jylvkhagZgb_Jbmki_eZf_lgmlv\ijhlb\gbpmfZe_gvdmxfhegbx
Lhj`_kl\mxsbckf_okf_gbekyojbihf[_eu_^ebggu_iZevpu\ihke_^g_fmkbebbihiulZebkv
\u^_jgmlvrxjxd_gba]hjeZFZjbaZdjueZ]eZaZbmiZeZ
\r\r\r
H^bghdZynb]mjZ\b^g_eZkvkd\havihehku^h`^yhdjm]jZaghkbeZkvlboZyi_qZevgZyi_kgv
ne_cluXlhaZdhgqb\b]jZlv_sz^he]h^he]hklhyeih^^h`^zfi_j_^^\mfyh^bghdbfb
fh]beZfbb[_aa\mqghieZdZe
Dhgqbeky^h`^vKhegp_eZkdh\ufbemqbdZfbs_dhlZehXlhszdbHgih^gye]eZaZdg_[mb
aZdjbqZe
Ihq_fm"IHQ?FM""FbdhHjbF:JBDH
Lhevdhwoh[ueh_fmhl\_lhf
:\fukeyoebpZ
Kdhgnm`_ggZynbabhghfbyHjb
Meu[ZxsZykyfhj^hqdZFZjb
DjZkb\Zy\]g_\_Fbdh
h^ghcba^_j_\_gvXlh\klj_lbl^_\hqdmkbjhldmdZd^\_dZieb\h^uihoh`mxgZFZjbdhb
\havfzl_zdk_[_
jheyo
'DQLHOOHDV0LNR
0DUJKDUHWHDV0DULNR
,RDVXWR
F_eh^by[_kdhg_qghklbDlhy"
DZlZkljhnZ[hevbihegZyimklhlZ
Fha]\uk\_qb\Z_lihke_^gb_g_k\yagu_h[ju\db\hkihfbgZgbc
Ihlhfijh\Zeb[hevgbqgZyiZeZlZ
gh\vjh`^zgguciulZ_lky\hkkha^ZlvaZ[ulmx`bagvbebrvhkdhedbhsms_gbcojZgysboky\
ih^khagZgbbihfh]Zxlijbhldjulv^\_jv\ml_jyggucfbjbgZclbk_[y
IZfylv\ha\jZsZ_lky\kieu\Zxlbf_gZebpZnjZaudZ`_lkyh^gZbakljZgbp`bagb
\hkklZgh\e_gZ
Ghkdhevdh_szlZdbokljZgbpijb^zlkyi_j_ebklgmlvihdZ\kydgb]Ziheghklvxg_meh`blky\
\hkiZezgghfkhagZgbb
lhl^_gvaZgylbyaZdhgqbebkvjZgvr_h[uqgh]h
��wgbbJblZihijhsZebkvkih^jm]ZfbbgZijZ\bebkvgZ\_klblv`_dZ
?\Zebrvf_qlZl_evghaZdZlbeZ]eZaZdhlhju_k_cqZk[uebp\_lZfhjkdhc\heguqlhg_\_jhylgh
djZkb\hkhq_lZehkvkheb\dh\h]hp\_lZaZ]Zjhfbk\_lehju`bfb\hehkZfbXgZyihevdZg_^Z\gh
i_j_\_eZkvghm`_mki_eZgZclbk_[_^jma_cbihdhjblvk_j^p_Ibl_jZmgbogZrehkvfgh]h
h[s_]hh[Zex[bebijbjh^mkihjl[ueb\_]_lZjbZgpZfbdjhf_lh]h^_\mrdZh[eZ^ZeZ
n_ghf_gZevgufkemohfbij_djZkguf]hehkhfih^jm]bh[h`ZebkemrZlvdZdhgZihzlZlZd`_
kZfZkhqbgy_lfmaudmbibr_lklbob
��`ZklbgZ\eh`beZ\h\a]ey^\kzk\hzh[Zygb_bh[gyeZwgZhlq_]hlhljZkieueky\[eZ`_gghc
meu[d_bh[ZhlijZ\bebkv\dbghl_Zlj
HklZevgu_j_[ylZj_rbebihclbgZiey`
�`_dZ^_\mrdbaZklZebdZdjZa\h\j_fyk^Zqbkf_guHgbg_fgh]hih[helZebaZqZr_qdhcdhn_\
hj^bgZlhjkdhc
:g_iehohlulmlmkljhbekygbkZg h[jZs_gb_dklZjr_fm[jZlmyi\faZdexqbeZFZj]h
�hkfhlj_\rbkv:`hgg_klh[hcjZa\_"
�Ijhklbk_kljbqdZ`hgk_]h^gygZ\u_a^_k^jm]hc[jb]Z^hcjZa\zejmdZfbfheh^hcobjmj]
EZ^ghyih`Zemcih[_]mg_[m^mihjlblv\ZfjhfZglbdmAZc^m\fZ]Zabgb^hfhc\_k_eh
aZs_[_lZeZJblZkh[bjZykmfdm
Lh]^Zm\b^bfky\_q_jhf^hfZihijhsZebkvhgbk^_\mrdhc
��FZj]ZjblZihp_eh\ZeZwgbb`_dZb[ueZlZdh\Z
��Gm\hl`mev_llZmfqZeZkvgZk\b^Zgb_aZf_lbe`_dmeu[gm\rbkv
K\_leh\hehkZyg_`ghh[gyeZ_]h
:ym`_gZreZk\h_]hJhf_hbgbdm^Zg_hlimsm
\r\r\r
Ihkfhljbl_dZdZdZydmdhedZaZ[j_eZ\gZrbdjZyebpZwlboljzolbih\y\ghg_\gmrZeb
^h\_jby
2hRSVWlblhqghfhjh`_gh]hg_dmiyl^mfZeZFZj]ZjblZkhh[jZ`ZydZd_c\uimlZlvkyba
wlhckblmZpbb
qzf^_ehdjhrdZg_ohq_rvjZa\e_qvky"mofuevgmekyh^bgbaljhbpu\b^bfhhg[uemgbo
Gmqlh\ufZevqbdbYg_^hklhcgZlZdhcq_klbdh\Zjghmeu[gmeZkv^_\mrdZbj_adhr\ujgmeZ
kmfhqdm\]eZ\ZjygZ]ehcrZcdbbg_aZf_^eb\\hkihevah\ZlvkyaZf_rZl_evkl\hfm[_`ZeZq_j_a
ijhoh^ghc^\hj
hlkmdZebphiZjgybkdZabehkva\_jbgufhkdZehf:\uq_]h`^zl_b^bhluaZg_c?kebhgZ
hklZg_lky`b\ZlhimklvkqblZ_lqlh_cdjmighih\_aehKe_^mxsbfdlhjZa^_g_l_zihke_gZk
[m^_liZlheh]hZgZlhf\ujm]ZekyiZj_gv\ulbjZydjh\vkjZkk_qzgghc]m[u
Gmihq_fm"Ihq_fm"Ihq_fmwlhkemqbehkvbf_gghkhfghc"^mfZeZFZj]hkiZkZykvhlih]hgb
HgZm`_g_ihfgbeZkdhevdhd\ZjlZeh\ijh[_`ZeZghij_ke_^h\Zl_ebg_hlklZ\ZebFZj]ZjblZ
^Z`_g_aZf_lbeZdZd\u[_`ZeZgZijh_a`mxqZklvIjhgabl_evguc\ba]lhjfhah\wlh[ueh
�ihke_^g__qlhaZihfgbeZhgZZihlhflvfZ_\mrdZkeh\ghijh\Zeb\ZeZkv\qzjgmx^ujmHgZ
\kdjbdgmeZbmiZeZ
Fheh^hc\h^bl_evi_j_im]Zeky^hkf_jlb^_\mrdZihy\beZkvlZdg_h`b^ZgghqlhdZdhggb
klZjZekyghfZrbgZlhjfhablvm`_g_fh]eZkebrdhfiha^gh
FZj]ZjblZe_`ZeZgZZknZevl_hdjh\Z\e_ggZy[_aijbagZdh\`bagb
h^bl_evba[eb`Zcr_]hdZn_iha\hgbe\ihebpbxb\ua\Zekdhjmx
Ihgy\qlhl_i_jvlmleh\blvg_q_]hij_ke_^h\Zl_ebbkq_aeb\g_ba\_klghfgZijZ\e_gbb
\r\r\r
�Ih^h`^bih`ZemcklZ^hjh]Zyyk_cqZki_j_h^_gmkvbfuih_^_f^hfhc`_dihp_eh\Ze
�Zgbweembihrzekf_gblv\jZq_[gucoZeZlgZdhklxf\^mo_gZqZeZ\_dZ
wlhlfhf_gl\dhfgZlm\[_`ZeZ\a\hegh\ZggZyf_^k_kljZ
�hdlhj\Zkkjhqgh\uau\Zxl\hi_jZpbhggmx^_\mrdZ[ueZgZklhevdh\klj_\h`_gZqlhk
ljm^hfih^[bjZeZkeh\ZZrZk_kljZHgZ^hklZ\e_gZ\debgbdm\djblbq_kdhfkhklhygbbIjb
g_cg_[uehgbdZdbo^hdmf_glh\_zhihagZeZ[jb]Z^ZkdhjhcihfhsbbkjZam`_ijb\_aebdgZf
��`_d\_kvih[e_^g_ebijbkehgbekydkl_g_wgblh`_[ueZihljyk_gZ_zfha]hldZau\Zeky
ijbgbfZlvlZdmxj_Zevghklv
Hi_jZpbhggZy]hlh\Z"gZdhg_paZ]h\hjbefheh^hcobjmj]Kh[_jbl_[jb]Z^memqrboba
emqrboB^Zcl_fg_dZjlmaZiheg_ggmx\ijbzfghfhl^_e_gbbYb^mfulvkybi_j_h^_\Zlvky
FZj]ZjblZb\kZfhf^_e_[ueZ\hq_gvly`zehfkhklhygbbK_cqZkljm^gh[uehkdZaZlvqlhgb[m^v
hij_^_ezggh_^_\mrdZ[ueZgZ]jZgb`bagbbkf_jlbhi_jZpbhgghc_zih^dexqbebdp_ehfm
jy^mijb[hjh\
�ZlqbdbihdZau\Zeb\_kvfZkeZ[u_`bag_ggu_ihdZaZl_eb
�Gmlu^Zzrv^_\hqdZGh^Z`_g_\a^mfZcmfbjZlvlumf_gy[m^_rv`blvjm]Zeky`_d
Qlhwlhlu\a^mfZeZ"Yl_[_g_^Zfmf_j_lvkeurbrvykiZkZeb[he__ly`zeuo[hevguo
?fmijbrehkvijhy\blv\kzk\hzfZkl_jkl\hobjmj]Zbhlg_]hl_i_jvaZ\bk_eZ`bagv[ebadh]h_fm
q_eh\_dZ
uc^ybahi_jZpbhgghchgf_^e_gghhk_eihkl_gd_b^jh`Zs_cjmdhc\ul_jfZje_\hcfZkdhcihl
kebpZwlh[uehkZfh_ljm^gh_ijZdlbq_kdbwdklj_fZevgh_bkiulZgb__]hgZ\udh\b
kihkh[ghkl_c
DZdlhevdhkhh[sbeb^hfhcj_[ylZkjZam`_ijbfqZebkv\[hevgbpm
FZj]Zjblmm`_i_j_\_eb\iZeZlmbgl_gkb\ghcl_jZibb
Qlhkemqbehkv"DZdFZj]h"Qlhkg_c"
�G_agZxyQzjl\havfby\jZqZg_;h]`_dk_egZdmr_ldmh[o\Zlb\]heh\mjmdZfb\kz_sz
iulZykvmgylv^jh`v\h\kzfl_e_
�Luobjmj]hl;h]Z`hgiheh`bejmdmgZie_qh^jm]Z:agZqblgZfg_hq_f\hegh\Zlvky
�Yk^_eZe\kzhlf_gyaZ\bkys__?keb_zkhklhygb_g_klZ[bebabjm_lkylhZ`_g_ohqm^mfZlv
hlZdhfbkoh^_KiZklbFZj]Zjblmfh`_llhevdhqm^hbwlhqm^h^he`gh[ulv\g_ckZfhc
�`hgk_egZklmejy^hfkdjh\ZlvxJblub\aye^_\mrdmaZjmdm
FbeZyfhy^_\hqdZLuf_gykeurbrvyagZxAgZxlukZfZ^he`gZj_rblv[m^_rveblu
gZfbYohqmqlh[uluagZeZdZdful_[yex[bfDZdyex[exl_[yha\jZsZckygZf_szklhevdh
\k_]hgm`ghmki_lv
�_j`bkv^_\hqdZua^hjZ\eb\ZcFu_szih]mey_fgZl\h_ck\Z^v[_fZe_gvdZyfhydmabgZ
klhevdh[uehex[\bbg_`ghklb\keh\Zodma_gZFZj]ZjbluWlv_gZ_]hk_jha_ezgu_]eZaZ
ijbh[j_ebkh\k_f[hehlguchll_ghdqlh\u^Z\Zeh_]h\gmlj_ggb_i_j_`b\ZgbyWee_g^_j`ZeZkvba
ihke_^gbokbemldgm\rbkv\ie_qh[jZlZ
Ibl_jiulZekymkihdhblv\i_qZlebl_evgmx?\m
�DZd`_wlhg_kijZ\_^eb\hFZj]ZjblZlZdex[bl`bagvijhr_ilZeZZgbweeZk^_j`b\Zykezau
��wgih^^_j`b\Zeih^jmdm`Zklbgm_zebph[uehi_j_iZqdZghihlzdr_clmrvx
�;ebag_puKZfZglZb`meby\p_ib\rbkv^jm]\^jm]ZlhevdhfheqZebbqZklhfhj]Zebj_kgbpZfb
aZhqdZfbk^_j`b\Zykezau
\r\r\r
�hdlhjijhrmijhs_gby\iZeZlm\hreZf_^k_kljZ=hkih^Zbaihebpbbohlylih]h\hjblv
��ZKl_eeZi_j_^Zcbfqlhyk_cqZk\uc^mmklZehijhbagzk`_d
dhjb^hj__]hm`_h`b^Zeb^\h_ihebp_ckdbo\f_kl_kfheh^ufrhnzjhfdhlhjuck[be
FZj]Zjblm
�Ba\bgbl_ghfg_g_h[oh^bfh[uehagZlvdZdijhreZhi_jZpby_\mrdZhdZaZeZkvgZ^hjh]_lZd
g_h`b^ZgghYdZdygbiulZekygh\lZdhckblmZpbbmki_lvaZlhjfhablv[uehg_\hafh`ghgh
ih\_jvl_fg_hlwlh]hgbqmlvgbe_]q_
JZaj_rbl_ij_^klZ\blvkydZiblZgMbekhgijhlygmejmdmihebkf_glhlqlh[ueklZjr_dZdih
\hajZklmlZdbiha\ZgbxKhfghck_j`ZglOh\Zj^Ijhklbl_qlhhl\e_dZ_f^hdlhjMgZkdZf
ijhkv[Zkhh[sbl_dh]^Z^_\mrdZijb^_l\k_[ybkg_cfh`gh[m^_lih[_k_^h\ZlvGZrebkv
k\b^_l_ebdhlhju_ml\_j`^Zxlqlh_zij_ke_^h\Zebljh_iZjg_cIhboihdZaZgbyfkhklZ\e_gu
nhlhjh[hlulj_[m_lkyhihagZgb_km^yih\k_fmaZgbfbfgh]hlzfguo^_eqbkeblky
�Zdhg_qghYZfiha\hgxdh]^Z\ukfh`_l_ih]h\hjblvkg_cfheh^hcobjmj]ihki_rbe
jZkijhsZlvkykgbfb\kz_szi_j_\Zjb\ZybgnhjfZpbx
;eZ]h^ZjbfaZkhljm^gbq_kl\h^hdlhjihijhsZekydZiblZg
\r\r\r
&#xhl;&#xl;&#xZd;&#xZy;&#xkl;&#xhj;&#xby;&#x;&#x;�hllZdZybklhjby`_daZdhgqbejZkkdZau\ZlvlhqlhmagZehlihebp_ckdbo
�Hogbq_]hk_[_\fZ]Zabgqbdk[_]ZeZly`_eh\a^hogmeZZgbweeZ
�`hg\kdhqbekhklmeZ
Qzjlgmihq_fmf_gylZfg_[ueh"?keb[uylhevdhagZehlaehklbgZkh[kl\_ggh_[_kkbeb_hg
g_agZxlh[wlhf
��Ky^vbmkihdhckyjy\dgme`_dmfZ_rvyg_ohqm\hlwlbfkZfufkdZevi_e_fdhlhjuf
lhevdhqlhhi_jbjh\Zekgylvkgbodh`mk_[_gZgh\ucq_fh^Zg"Bdlhbfih^ibr_lkf_jlguc
ijb]h\hj"Luqlheb"Bmih^h[brvkywlbfmjh^Zf"KqblZ_rvFZj]ZjblZh^h[jbeZ[uwlh"G_
agZxdZdlZfm\Zkj_rZxlijh[e_fughfuhklZ\bfwlh^_ehihebpbbYg_iha\hexl_[_\_jrblv
kZfhkm^
Fheh^hcobjmj]ih^hrzedrdZnqbdmb^hklZe[mluedm\bkdb
�GZeblv"ij_^eh`behgdb\dhf`hgm
LhllZd`_db\gme\hl\_l
�?kebhgZmfjzllhb\k_^_\ylvdjm]h\:^Zf_gyg_hklZgh\yl`hgaZeihfhkmrbe[hdZe
�BebluaZfheqbrvk_cqZk`_bebhlijZ\brvky^hfhcIhgye"g_\u^_j`Ze`_d
\r\r\r
Dh]^Zj_[ylZm\b^_ebFZj]ZjblmlhfmjZrdbijh[_`Zebihl_em^_\mrdZ[ueZ[e_^gZhq_gvom^Z
]heh\Z[ueZi_j_[bglh\ZgZGh^Z`_lZdZyhgZhklZ\ZeZkv^eygbo[ebadbfbjh^gufkha^Zgb_f
��`hgbZgbweeZihfh]ebFZj]Zjbl_ijbih^gylvkybijbgylv[he__m^h[gh_iheh`_gb_
JblZkfhlj_eZihklhjhgZf\h\k_]eZaZb\wlbo]eZaZofh`gh[uehijhq_klv[_a]jZgbqgmx[hevb
lhkdmHgZ[ueZgZim]ZgZk_wlbex^bqlhk_cqZkkfhlj_ebgZg_zkfmsZebbim]Zeb_z
Dlhy"=^_y"Qlhkhfghckemqbehkv"Bihq_fmklhevdhex^_c"Qlhbfgm`gh"G_gZ^hfgh]h
ex^_cy[hxkvFZj]ZjblZohl_eZk\_jgmlvkydZeZqbdhfghihiuldZdhg_qghg_m^ZeZkvH
g_lGh]bFhbgh]bG?L^_\mrdZaZdjbqZeZhl[hebijhgab\r_c\kx_zgZkd\hav^h
]heh\hdjm`_gbyblhrghlubih_zs_dZfihl_debh[bevgu_kezau
LZd^jmavyy^mfZx\Zfemqr_\uclbihdZ
�Gh`_d"\hafmlbebkv[uehj_[ylZ
��EZ^gh`hg\ukwgbfh`_l_hklZlvkyhklZevgufemqr_\_jgmlvky^hfhc
Ihq_fm"=hkih^bihq_fm"AZqlh"QlhylZdh]hk^_eZeZ"qzfkh]j_rbeZ"Yg_ihfgxGbq_]h
g_ihfgxDlhy"Gbq_]hg_ihfgxdjbqZeZFZj]ZjblZ\hlqZygbbhgZ[ueZjZa[blZ
K\_leh\hehkZyh[gyeZih^jm]m
Gbq_]hkdhjhlu\kz\kihfgbrvh[yaZl_evgh\kihfgbrv:k_cqZkl_[_g_gZ^hgbhqzf
[_kihdhblvkyLukj_^b^jma_cFug_^Z^bfl_[yh[b^_lv
�jmavyihkfhlj_eZ\hijhkbl_evghFZj]ZjblZ
�JZamf__lkyJblmey\k_ful\hb^jmavyfy]dhmeu[gmeky`hgGZrZex[h\vbaZ[hlZ
ihfh]mll_[_kgh\ZklZlvkZfhckh[hcl_i_jv\kz[m^_lohjhrhl_i_jvlukfh`_rv
khkj_^hlhqblvkygZk\hzf\ua^hjh\e_gbbb\k_]^ZjZkkqblu\ZcgZgZrmih^^_j`dm
��JblZfh`_rvihr_\_eblviZevpZfbgh]b"`_dhkfZljb\Zebhsmiu\Ze_zgh]bZ\Zc
^_\hqdZijbdZ`bk\h_fmfha]mqlh[uhgijbdZaZel\h_cgh]_qlh[uhgZijbdZaZeZl\hbfiZevpZf
ihr_\_eblvky
�`_dyfh]mMf_gyihemqbehkvmeu[gmeZkvFZj]h
�Z^Zfheh^_pfZeurdZ:l_i_jvihijh[mckh]gmlvgh]mihijhkbehg
Mm[hevghG?LG_fh]mkbevgh[heblFZj]ZjblZkgh\Zkdjb\beZkvhl[heb
�`_d\ayeFZj]ZjblmgZjmdb
[_ahiZkghklbhdjm`_gZaZ[hlhcb\gbfZgb_fHq_gvkdhjhdl_[_\_jgzlkyiZfylvblukgh\Z
[m^_rvoh^blvwlhyh[_sZxLu_sz[_]Zlvmf_gy[m^_rv
=eZaZ^_\mrdbgZihegbebkvke_aZfb
jy^ebykfh]mdh]^Zgb[m^vhlieZlblv\ZfaZ\kz^h[jhqlh\uk^_eZeb^eyf_gyGhy[m^m
klZjZlvkybah\k_okbe
\r\r\r
&#xw;&#xlh;&#x]h;&#x^m;&#x;�wlhf]h^m\_gv;eZ]h^Zj_gbyj_[ylZfdZdgbdh]^Z[uehaZqlh[eZ]h^Zjblv;h]Z[ebadbcbf
q_eh\_d[ue\g_hiZkghklbbm\_j_gghrzegZihijZ\dm
FZj]ZjblZlh`_[eZ]h^ZjbeZG_[_kZaZkiZkzggmx`bagvgh[hevr_\k_]hgZk\_l_hgZf_qlZeZ
\kihfgblvl_odlhhdjm`beb_zex[h\vxaZ[hlhcb\gbfZgb_fHgZ^ZeZk_[_keh\hijbeh`blv\k_
mkbebyLhevdh\lZdhfkemqZ_hgZkfh`_lkgh\ZklZlvkqZkleb\hc
\r\r\r
��Ijb\_lbdJblmeygZebpZo`hgZbZgbweeukbyebmeu[db
��Zgy`hggbylZdjZ^Z\Zk\b^_lvmeu[gmeZkvFZj]h
�:fulmll_[_ih^Zjhq_dijbg_kebqlh[ugZkljh_gb_ih^gylvwgbijhlygmeZk\zjlhd\
rmjrZs_cyjdhc[mfZ]_Hq_gvgZ^__fkyqlhwlhieZlv_ihgjZ\blkyl_[_
Hgmwlh`_ijhklhij_e_klvFZj]ZjblZg_kfh]eZk^_j`Zlv\hkobs_gbydh]^ZjZa\_jgm\
k\zjlhdh[gZjm`beZZleZkgh_\_q_jg__ieZlv_p\_lZdjZkgh]h\bgZ
�:]Zfu_]hkZfbkrbebk]hj^uf\b^hfaZy\be`hg
�JblZfh`gh"ihklmqZeZkv`ZklbgZ^_j`Z\jmdZoh]jhfgucih^ghkkibjh`gufbbpmdZlZfb
�:`ZkkbaZoh^bdhg_qghKlh[hc_szdlhlh"ihbgl_j_kh\ZeZkv^_\mrdZm\b^_\qlhaZ
�kibghc`Zklbgu_klvdlhlh_s_
�KhfghcijbreZ?\ZhgZlZdohl_eZgZ\_klblvl_[yhl\_lbeZ`ZklbgZklZ\yih^ghkgZklheb
`_klhfijb]eZrZy?\m\hclb
3U]HSUDV]DP&LHELHQLHSRIDW\JXM\n"%DUG]REXU]\OLP\VL\n]DFLHELH-DV]F]\nOLZDGRZLHG]LHVL\n*H
WZRMH]GURZLHMX*RZLHOHOHSLHM Ijhrmijhs_gbyYl_[yg_ih[_kihdhx"Yhq_gv\hegh\ZeZkvaZ
l_[yYjZ^ZmagZlvqlhl\h_a^hjh\v_m`_gZfgh]hemqr_ihe\fmeu[gmeZkv^_\mrdZ
FffLZd\dmkghiZog_lB\u]ey^bl\hkoblbl_evghKihjbfqlhbgZ\dmkg_om`_"
�FZj]ZjblZ\ayeZkih^ghkZh^ghibjh`gh_bhldmkbeZdmkhq_d`ZkkblZijhklhg_ij_\ahc^zgguc
\bjlmha\dmebgZjbbWlbibjh`gu_\hafh`ghkZfh_\dmkg_cr__qlhyijh[h\ZeZdh]^Zeb[h
Ijhklhbamfbl_evgh
�KiZkb[hyklZjZeZkv\kljyogmeZk\h_cjhkdhrghcr_\_exjhc`ZklbgZ:oFZj]hZlu
g_bkijZ\bfZLu\k_]^ZiblZeZkeZ[hklvdkeZ^hklyf
OZxrdbFZj]hfZeurdZJhaZebg^Zijhrfu]gm\f_`^m^_\mr_daZ[jZeZkvgZdjh\Zlvd
FZj]Zjbl_
Ijb\_lbdbJhabHyk_]h^gylZdZyihimeyjgZy:wlhdlh"\hkdebdgmeZJblZbaZoehiZeZ\
eZ^hrbm\b^_\\jmdZom^_\hqdbdhjabgmk^\mfys_gdZfb^ZefZlbgpZfbbdhlzgdhfihjh^u
jmkkdbc]hem[hc
Hgbl_i_jv[m^ml`blvkgZfb^h\hevghmeu[gmeZkvJhaZebg^ZS_gdbhlgZkkIbl_jhfZ
�dhlzgdZdmibe`hgDZdfubogZah\zf"
�ex[bfucizkdhjheyNjZgpbbDZjeZKhj[hggZgZiZjgbpZNjZgkmZ_]j_ihebp_ckdh]hba
k_jbbjhfZgh\h[:g`_ebd_\fdZd\fhboex[bfuodgb`dZo:dhlzgdZgZah\mFbehj^m`kbevghm
g_]hij_^klZ\bl_evguc\b^ohlvhg_szlZdhcfZe_gvdbc
Fh`gh"\^\_jyoihy\bebkvh^bgZdh\u_fhj^Zrdb[ebagyr_d
�Kwffb`mebyhlwlha^hjh\hFZj]hihiulZeZkvijbih^gylvky
JblZihfgbrvk\hxjham"kzwlh\j_fyfuijh^he`ZebaZg_cmoZ`b\Zlvyijbg_keZ_z
ihkfhljbdZdZydjZkZ\bpZ
KiZkb[hKZfZglZH]jhfgh_kiZkb[hFZj]h[ueZljhgmlZ^h]em[bgu^mrb
:\hl]^_\k_kh[jZebkvIjb\_lJblmeyIjb\_lj_[ylZk[hevrbfbiZd_lZfb\jmdZo
ihy\bebkvWlv_gbWee_g
Ijhoh^bl_g_kl_kgycl_kvdb\gmeZbfFZj]ZjblZ
Fuijbg_kebl_[_qZcbaljZ\Z_szluijhkbeZdgb`_dbghml[mdg_aZ[uebWlv_g\ueh`be
gZklhep_emxklhidmdgb]bk\_jomiheh`beghml[md
Wlhhq_gvfbehk\Zr_cklhjhguijhkbyeZmeu[dhcFZj]ZjblZ
LZdlZdfheh^z`vgZk_]h^gyo\Zlbl^_\hqd_gm`ghdZdfh`gh[hevr_hl^uoZlvg_dklZlb
�ij_j\Ze\_k_ev_`_d
�Gm^hjh]hcg_[m^vaexdhcl_[_wlhg_b^zlaZijhl_klh\ZeZZgbweeZ
�DFZj]Zjbl_ihk_lbl_ebkdhlhjufb_cemqr_ihh[sZlvkygZ_^bg_ebph`_dZ[uehgZ
j_^dhklvk_jvzagufb\a\hegh\Zgguf
KiZkb[h?szjZakiZkb[h\Zf\k_fKiZkb[haZahehlu_jmdb\ha\jZlb\rb_f_gyd`bagbaZ
l_ieh^h[jhlmex[h\vbaZ[hlmih[eZ]h^ZjbeZ^jma_cFZj]h
�J_[ylZfijbrehkvihkemrZlv`_dZ
Dh]^ZhgbihdbgmebdhfgZlm\hreb^\h_fm`qbgZb`_gsbgZkj_^gboe_lgh\u]ey^_\rbo_sz
^hklZlhqghfheh^hFm`qbgZm`_gZqZek_^_lvgh_]hdZjb_dZdmFZj]Zjblu]eZaZk\_lbebkv
\gmlj_gg_cfheh^hklvxbl_iehfM`_gsbgu[ueb^ebggu_lzfghdZrlZgh\u_\hehkub[hevrb_
k_jh]hem[u_]eZaZ_zg_`gu_ijZ\bevgu_q_jluebpZ[uebkoh`bkq_jlZfbebpZkZfhc
FZj]Zjblu
FZfZ"IZiZ"^jh`Zsbf]hehkhfijhbag_keZ^_\mrdZ
Bwlh^_ckl\bl_evgh[ueb_zjh^bl_ebRZjev:gjb^_ZemZbZe_glbgZF_^bqb
��&DUDPLDhqdZ hjh]Zyfhybl\f`_gsbgZijbk_eZjy^hfgZdjh\ZlbFZj]Zjblub
ihp_eh\ZeZ^_\mrdm\eh[
\r\r\r
G_aZf_lghijhe_l_eh\j_fybgZJh`^_kl\hj_[ylZj_rbebih_oZlv\R\_cpZjbx
KihdhcgZyh[klZgh\dZbqbkluc]hjguc\ha^mo^he`gu[uebihclb\k_fgZihevam
FZj]ZjblZqlhklh[hc"LudZdZylhih^Z\e_ggZyQlhlhg_lZd"L_[_a^_kvg_gjZ\blky"k
�[_kihdhckl\hfkijhkbe`_d
G_lgZwlhlkqzl\kz\ihjy^d_ihki_rbeZm\_jblv_]h^_\mrdZIhgbfZ_rvyg_ohqm
ihdZaZlvkyg_[eZ]h^Zjghcghy\kz_szqm\kl\mxk_[yqm`hcyg_fh]m^hklhcghhl\_lblvgZ\Zrm
ex[h\vihdZdhfg_iheghklvxg_\_jgzlkyiZfylvgh^_eh^Z`_g_\wlhfFg_lZdg_m^h[gh\u
klhevdh^eyf_gyk^_eZebZyg_fh]m^Zlv\Zflhqlh\uaZkem`bebYg_fh]mjZah[jZlvky^Z`_\
ijbl\hjylvkyqlh\kzohjhrhdh]^Z\kzijhklhm`Zkgh_z]hehkkju\ZekyZgZ]eZaZ
gZ\hjZqb\ZebkvkezauIjhklb_kebqlhYg_ohl_eZl_[yh[b^_lvq_klgh_keh\hBa\bgbqlhy
lZdjZahldjh\_ggbqZeZkvY^mfZxqlhfu^he`gu^h\_jylv^jm]^jm]mb[ulvq_klgufb^jm]k
^jm]hf\_^v\u\kzlZdbhklZzl_kvfhbfb^jmavyfby\Zkex[exhq_gvhq_gvbk_cqZkdZdgbdh]^Z
fg_g_h[oh^bfZ\ZrZih^^_j`dZbihfhsv
�G_\hegmckyfu\k_]^Zklh[hcBm`_ih`Zemclu]hlh\Zkgh\Zmqblvkyoh^blvhl\_lbe`_d
:dZd`_dheykdZ"^_\mrdZkfhlj_eZh]jhfgufbhlkljZoZ]eZaZfb
DhfmhgZgm`gZhlfZogmekyfheh^hcobjmj]LugZfgh]hkbevg__q_f^mfZ_rvLulhevdh
�^he`gZhk\h[h^blvk\hxkbemZ\Zc\klZ\Zc
Ghyg_fh]mY[hxkvaZfhlZeZ]heh\hcFZj]ZjblZ
�:y]h\hjxfh`_rvaZy\be`_dlhghfg_l_jiysbf\hajZ`_gbcklZ\ZcGZ^hjZ[hlZlvgZ^
kh[hcklZjZlvkyih^e_`ZqbcdZf_gvb\h^Zg_ihl_qzlO\Zlbl^mjhqdm\Zeylvfhyk_kljZg_
ljmkboZ
�_\mrdZ\klZeZkbg\Zeb^gh]hdj_keZrZlZykvh[ehdhlbeZkvhkl_gm
�`_dhldZlbedj_kehbhlhrze\^jm]hcdhg_pdhfgZlu
�`_dqlhlu^_eZ_rv"QlhluaZ^mfZe"hlkljZoZFZj]ZjblZg_fh]eZihr_\_eblvky
�B^bdhfg_ihqlbijbdZaZe`_d
Yg_^_\mrdZ[md\Zevgh\`ZeZkv\kl_gm
��Z\Zclufh`_rvYagZxy\_jxml_[yihemqblkyih^[Z^jb\Ze`_d
F_edbfbg_m\_j_ggufbrZ]ZfbJblZijhreZg_kdhevdhf_ljh\
LZdlZdAZf_qZl_evghm^h\e_l\hjzgghmeu[gmekyfheh^hcobjmj]:l_i_jvlukfh`_rv
^hclb^hf_gy
�YlZdbkfh]mmfZ_rvg_l"ih^fb]gmeZ^_\mrdZ
RZlZxs_ckyihoh^dhciZjmjZaqmlvg_miZ\FZj]ZjblZ^hreZ^h^\_j_cbh[_kkbe_\miZeZ\
h[tylby[jZlZ
�Fheh^_pOhjhrZyjZ[hlZiho\Zebe`_dk_kljmihlj_iZ\_zqzedmFuh[yaZl_evgh^he`gu
�ihdZaZlvwlhj_[ylZfhgbkeh\ghfZeu_^_lbb]jZxlk_cqZk\kg_`db\h^\hj_mfZxl_i_jv
[_eucqbkluckg_]bp_e_[guc]hjguc\ha^moijhba\_^mlgZl_[ygh\h_\i_qZle_gb_blukfh`_rv
ijbkh_^bgblvkydj_[ylZf\bojZa\e_q_gbyo
\r\r\r
�J_[ylZZmgZk^ey\Zkohjhrb_gh\hklbk^hklhbgkl\hfaZy\be`_d
BaaZ_]hkibgu\ureZFZj]ZjblZh^_lZyihabfg_fm
�Ze__ihke_^h\ZeZg_fZykp_gZ
��Jblmeyhjh]Zy`hgh[gye^_\mrdmaZlZebxbg_kdhevdhjZaijhdjm`beZihlhfihklZ\begZ
a_fexbihp_eh\Ze=hkih^bwlhkZfh_kqZkleb\h_Jh`^_kl\h\fh_c`bagb
�ZgbweeZ^jm`_kdbihoehiZeZFZj]Zjblmihie_qm
�Fheh^_pk_kljzgdZlu^_eZ_rvmki_obL_i_jv\kzihc^zlgZeZ^`_dlumgZkijhklh
\her_[gbdLuaZkem`beihp_emcb\^hdZaZl_evkl\hk\hbokeh\hgZijbevgmeZd_]h]m[Zf
�Fu\_jbeb\l_[y^_ldZh[gyeZih^jm]m`ZklbgZ
Fheh^qbgZdhlzghdmeu[gmeZkvWebkhg
k\_lehkZeZlh\ufb
JblZmeu[gmeZkv
KiZkb[hKiZkb[h\Zf\k_f\uih\_jbeb\f_gyih^^_j`ZebGm^ZbykZfZg_ijhfZoGh[_a
\Zkgbq_]h[ug_[uehebphFZj]Zjbluhk\_lbeZez]dZymeu[dZ
\r\r\r
�_\mrdbkimklbebkv\oheebhgb[uebij_djZkgudZdZglbqgu_[h]bgb\^ebgguoZleZkguo
ieZlvyokljmysbokyihkljhcgufl_eZf
�wgb[ueZ[_amij_qgZ\ieZlv_]hem[h]hp\_lZdhlhjucaZklZ\eye_z]eZaZkbylv_szyjq_\lhg
ieZlvxgZg_c[uebmdjZr_gbyk[bjxahcehdhguk\_leuo\hehkkeh\ghkbyxsbfgbf[hf
h[jZfeyeb_zebph
��GZFZj]Zjbl_[uehieZlv_\bggh]hp\_lZ ^ZlhkZfh_dhlhjh_krbeb`hgkZgbweehc\f_z
dhjhldmxkljb`dmih^qzjdb\Zebdjmigu_k_jv]bkjm[bgZfb
�`ZklbgZ\u[jZeZk_jh_ieZlv_]Zjfhgbjh\Z\r__kp\_lhf_z]eZagZg_c[uebk_j_[jygu_
mdjZr_gbyhehku[uebgZjhqblhg_[j_`ghkdj_ie_guaZdhedhc
G_f_g__wnn_dlgh\u]ey^_ebWee_gb?\Zboju`b_\hehkuba_ezgu_b^_Zevghkhq_lZebkvk
ieZlvyfbp\_lZfhjkdhc\hegubmdjZr_gbyfbkbamfjm^Zfb
wlh\j_fy\^\_jv^hfZdhlhjucgZrZdhfiZgbykgyeZgZjh`^_kl\_gkdb_dZgbdmeuiha\hgbeb
�ZgbweeZihreZhldju\Zlv
A^jZ\kl\mcl_A^jZ\kl\mcl_fhb^hjh]b_KZglZiha^jZ\ey_l\ZkkJh`^_kl\hfYijbgzk\Zf
ih^Zjdb
�GZrex[bfucKZglZh^gh\j_f_ggh\hkdebdgmebZgbweeZbJhaZebg^Zijb\b^_[jZlZb
[jhkbebkv_fmgZr_xDZdhc[ulug_gZ^_edhklxfk\hbhahjgu_]eZaZIbllblug_kijyq_rv
L_i_jvgZklZeZhq_j_^v?\uh[gylvIbl_jZbihp_eh\Zlv
�'URJMDWDN]DWREVW\nVNQLDVL\n hjh]hcylZdkdmqZeZaZlh[hcihe\f
Ylh`_hq_gvkdmqZeaZlh[hcjh^gZyh[gye^_\mrdmIbl
Jhabf_qlZl_evghaZdZlbeZ]eZadb
DZd`_fg_ohq_lkym\b^_lvih^Zjdb\hgbokdhevdhih^zedhcgZ\_jgydZb^eyf_gyqlhgb[m^v
_klvLZdohq_lkyqlh[umljhgZklmibehihkdhj__
�Wlhfm\_kvfZe_]dhihfhqvxgZye_^baZf_lbe`_dK_cqZklub^zrv\k\hxdhfgZlmb
eh`brvky\ihkl_evdmbmljhgZklmibl^Z`_kdhj__q_flu^mfZ_rv
JhaZebg^ZkgZqZeZgZ^meZ]m[dbbkdhjqbeZg_^h\hevgmxjh`bpmghihlhfebqbdh^_\qmrdb
ijhk\_le_eh
�`hggbJblmey\uklhbl_ih^hf_ehcihfh_fm\u^he`guihp_eh\Zlvkyfgh]hagZqbl_evgh
meu[gmeZkvhgZ
�Ihp_emc`hgZihdZaZekyFZj]Zjbl_lZdbfagZdhfufI_j_^]eZaZfb\kzihieueh^_\mrdZ
�ohl_eZhi_j_lvkyhi_jbeZe_klgbpuqlh\_eZgZ\lhjhcwlZ`gh`hgih^^_j`Ze_zih^jmdmhgZ
ebrvhl\_eZ\a]ey^ihkfhlj_lv_fm\]eZaZ[uehg_\ughkbfhHldjh\_gghklv_]hqm\kl\ijbqbgyeZ
_c[hevb[hk_cqZkhgZgZfh]eZgZgbohl\_lblv\lhcf_j_\dZdhchglh]haZkem`b\Ze
DZd^hlhrgucZjo_heh]hgZklZjZeZkvZddmjZlghba\e_qvba]em[bgk\h_ciZfylbdZdmk_j^guc
ju[heh\klZjZeZkvhgZ\ueh\blvbalmfZgguohl]hehkdh\ijhreuohsms_gbck\hzbklbggh_y
k_j^p_
�:fuq_]h`^zffbeuc"ZgbweeZaZi_qZlZeZ]m[ufheh^h]hobjmj]Zihp_em_f
?\Z\ayeZIbl_jZaZjmdm
3U]\MDFLHOHDZW\PGRPXMHVWHPMHV]F]H\fs" wlhf^hf__sz_klvhf_eZ"ihe\f
\r\r\r

:\]mkl]h^Z
lhe_lh\IZjb`_klhyeZkbevgZy`ZjZ;uehg_\_jhylgh^mrghkZf\ha^modZaZekyly`zeufhl
aZiZoh\q_eh\_q_kdbol_eihlZj_adboiZjnxfh\bg_qbklhlkf_rb\Z\rboky\m^mrZxsbc
dhdl_cev
ly`zehfjZkrblhfieZlv_Zeh]hp\_lZk\hjhlgbdhfih^]hjehFZj]Zjbl_[uehljm^gh^urZlv
]heh\Zdjm`beZkvdZaZehkv_szqmlvqmlvbhgZmiZ^zl\h[fhjhd;e_^gZyqlh_sz[he__
hll_gyehkv_zlzfgufb\hehkZfbblzfgufb]eZaZfbhgZklhyeZij_dehgb\dhe_gbgZiZi_jlb
�kh[hjZGhljZff ihkdhevdmgh\h[jZqgu_ijbgZ^e_`ZebdjZagufdhgn_kkbyf\_gqZgb_
ijhbkoh^behg_\gmljbkh[hjZ\fH]jhfgucre_cn_zieZlvy\k_ck\h_cly`_klvx^Z\begZojmidb_
ie_qbFZj]ZjblZgbjZam^Z`_g_\a]eygmeZgZk\h_]h[m^ms_]hfm`Zdhe_ghij_dehgzggh
klhy\r_]hjy^hf=hkih^vk\b^_l_ev_c_]hgZ\yaZebhgZ_]hkh\k_fg_agZ_l^Zbohq_lebmagZlv"
GhhgZZemZhgZbkihegbl\hexk_fvbbk\hc^he]i_j_^kljZghcghijh^he`bl`blvlZd`_dZd
b`beZ\_z`bagbgbq_]hg_baf_gblkyK_cqZk_cohl_ehkvlhevdhkdbgmlv^mrb\rb__zh^_`^ub
aZ[ulvky\h[tylbyo\haex[e_ggh]h=_gjboZ^_=baZ
=_gjbo^_;mj[hgdhjhevGZ\Zjjkdbckh]eZk_geblu\aylv\`zguFZj]Zjblm^_ZemZ"
Dhjhe_\_?dZl_jbg_klhbehh]jhfguomkbebcm]h\hjblvdZj^bgZeZRZjey^_;mj[hgZ
_^bgkl\_ggh]hdZlhebdZ\k_fv_;mj[hgh\\fih`_gblviZjm
Kh]eZk_g]hehk`_gboZijha\mqZegZklhevdhh[j_qzgghdZd^eygh\h[jZqgh]hqlh\]em[bg_
^mrbFZj]Zjbl_^Z`_klZeh`Zev_]h\hafh`gh_]hlh`_kh\k_fg_jZ^m_li_jki_dlb\Zwlh]h
[jZdZlh]^Zhgbfh]eb[uihex[h\gh^h]h\hjblvkyf_`^mkh[hc
FZj]ZjblZ^_ZemZkh]eZkgZebluklZlv`_ghc=_gjboZ^_;mj[hgZdhjheyGZ\Zjjkdh]h"
FZj]ZjblZg_hl\_qZeZgbh^bgfmkdmeg_^jh]gmegZ_zaZklu\r_febp_
Ihlhei_kh[jZ\r_ckygZkh[hjghciehsZ^bihkfhlj_lvgZijZa^g_pl\hijhdZlbeZkv\hegZ
g_^hmf_gby
:^fbjZe=ZkiZj^_DhebgvbDhjhe_\ZfZlv:g`mbkZfDZjeg_kdhevdhjZai_j_]eygmebkv
Fhjsbguihdju\Zxla_febklh_ebph_szkh\k_ffheh^h]hdhjheyq_eh\_dZkeZ[h]ha^hjh\v_f
ihqlb[eZ`_ggh]hH^gZdh_]hebphdjZkb\h=eZaZDZjeZgZklhjh`_ggu_bmfgu_\ijhf_`mldZo
f_`^m\kzmqZsZxsbfbkyijbklmiZfb[_amfbydZ`mlky^h[jufbWlh]eZaZkbevgh]hq_eh\_dZgh
kdZ`^uf^gzf_fm\kzljm^g__mijZ\eylvk\hbfjZamfhf
Dhjhe_\ZfZlv?dZl_jbgZF_^bqb[ueZ_szfheh^Zgh\k_ijh`blu__x]h^uiZmlbghcfhjsbg
e_]ebgZ_zebp_kl_oihjdZdhgZq_lujgZ^pZlbe_lg_cijb_oZeZ\IZjb`]^_f_qlZeZh[j_klb
k\hzkqZklv__cijboh^behkvihklhyggh[hjhlvkykgZqZeZaZfm`Zl_i_jvaZ^_l_cIhbjhgbb
km^v[u_z^_lbg_hlebqZebkvkbevgufa^hjh\v_fklZjrbc_zkugkdhgqZekygZk_fgZ^pZlhf]h^m
`bagbljh_^jm]bo^_l_c kugEmbb[ebag_pu@ZggZbbdlhjby\fmf_jeb\feZ^_gq_kl\_kdhevdh
i_j_g_k_gghc\^_lkl\_hkihcHgZex[hcp_ghckhojZgblij_klhe^eyk\hbo^_l_c
DZj^bgZeih\lhjbek\hc\hijhkIjbgp_kkZfheqZeZ
G_\u^_j`Z\kZfdhjhevih^hrzedFZj]Zjbl_bj_adbf`_klhfko\Zlbe_zaZ\hehkubmldgmeb
]heh\hc\K\ylh_ibkZgb_
HgZkh]eZkgZhl\_lbeaZk_kljmDZje
Bf_g_fHlpZbKugZbK\ylh]h^moZh[ty\eyx\Zkfm`_fb`_ghcaZdhgqbeh[jy^DZj^bgZe^_
;mj[hg
;jZlfhc:gjbh\jmqZyl_[_fhx\haex[e_ggmxk_kljmyhl^Zxk\hzk_j^p_\k_f]m]_ghlZf
fh_]hdhjhe_\kl\Zkijb\_leb\hcmeu[dhcgZ[e_^guo]m[ZoDZjeiheh`bejmdmgZie_qh
GZ\Zjjkdh]hdhjhey
LuklZeqZklvxgZr_ck_fvb=_gjboHkh[hck_fvbLukZfkdhjh\wlhfm[_^brvky\djZ^qb\h
aZf_lbe:g`mckdbc
Dhjhe_\ZfZlvh[e_]qzggh\a^hogmeZ
P_jdh\gucohjbkihegbeo\Ze_[gmxi_kgv\q_klv=hkih^Zbgh\h[jZqguob\kyijhp_kkby
ihdbgmeZiehsZ^vi_j_^kh[hjhfIZjb`kdhc[h]hfZl_jb

\r\r\r

G_klhblg_gZ\b^_lvf_gyijhgbau\Zxsbc\a]ey^k_juo]eZaGZ\Zjjkdh]hdhjhey_]hfy]dbc
]hehkijb^jm]boh[klhyl_evkl\Zofh]eb[u^Z`_\ua\ZlvkbfiZlbx_]hfheh^hckmijm]b_]h
g_kdhevdh]jm[h\Zlu_q_jluebpZ[hevrb_ykgu_]eZaZdjmigucghkbdjmigu_]m[ugZaZ]hj_ehf
ih^x`gufkhegp_febp_\h[jZfe_gbblzfguodm^j_cijb^Z\Zeb_fmhkh[ucfm`kdhcrZjf
F_gyblZdl_i_jvfgh]b_ij_abjZxlZrb[jZlvyZrex[h\gbd^_=bajZamf__lkyZrZ
Dhjhe_\ZfZlvblZf_gyg_`Zem_l
ZrZfZlvf_gylh`_g_ex[beZkihdhcghhl\_lbeZFZj]h^Z`_g_ihkfhlj_\\klhjhgmfm`Z
ZrZfZlvm[beZfhx=_gjbok`Ze_zjmdm
Wlhg_^hdZaZghlboh\hajZabeZFZj]ZjblZ[hevr_iulZykvm[_^blv\wlhfkZfmk_[yhgZ
kebrdhfohjhrhagZeZk\hxfZlvdhlhjZyg_hklZgh\blkygbi_j_^q_f^ey^hklb`_gbyk\hbo
p_e_cb`bagvq_eh\_q_kdZy^eyg_z\wlhfkfuke_g_[ueZihf_ohcL_i_jvdh]^Z@ZggZ^:ev[j_
f_jl\Zdhjhe_\Z?dZl_jbgZfh]eZiheghklvxih^qbgblvk\h_c\eZklb_zfheh^h]hkugZ
;jZ[jbl_kv"=_gjbokbevg__k`Zebaysgmxjmdm`_guIh^^_j`bl_`_f_gyijbagZcl_qlhb
Zklh`_h^he_\Z_lkljZo
Q_]hfg_[hylvky"FZj]ZjblZbkiulu\Zxs__ihkfhlj_eZgZg_]hk_dlh\Zkg_gZ\b^ylf_gy
ex[yl
Lh]^ZaZq_fhgbgZ\yaZebk\Z^v[m"=_gjboklZjZekyijhq_klvhl\_l\]em[bg__zie_gbl_evguo
lzfguo]eZa
WlZk\Z^v[Zijbg_kzlfbjijhbag_keZFZj]ZjblZ]ey^y_fm\]eZaZGbdlhg_aZklZ\ey_lf_gy
kiZlvkZfb^h[Z\beZhgZi_j_\_^y\a]ey^kfm`ZgZ=_gjboZ^_=baZr_^r_]hih^jmdmk
dhjhe_\hc?dZl_jbghcbkm^yihbohaZ[hq_ggufebpZfhgb[_k_^h\Zebhqzflhbf_\r_f^ey
gbohsmlbfmx\Z`ghklv:uqlhlhg_ihoh`bgZkqZkleb\h]hgh\h[jZqgh]h=_gjbo
HdZdhfkqZklv_u]h\hjbl_"Hy^_\[hdZe_dbg`Ze_\kibgm"]hjvdhmkf_ogmekyGZ\Zjjkdbc
Gm`_meu[gbl_kvihkfhljbl_kdhevdhex^_ckh[jZehkvihkfhlj_lvgZgZk\k_hgb`Z`^ml
aj_ebsZ_kvdhjhe_\kdbc^\hjh^bg[hevrhcl_ZljKlZjZcl_kvb]jZlvohjhrh=_gjbo
Meu[Zcl_kv^Zcl_bflhqlhhgbohlyl\b^_lv

\r\r\r

D\Zf]m]_ghlZfybkiulu\ZxkbfiZlbxuojZgbl_\_jm\;h]Zdhlhjmxfuihl_jyeb
[eZ]hklghmeu[gmeky:g`m
Ylh`_bkiulu\Zxh]jhfgmxkbfiZlbxd\ZfdZlhebdZfk^_j`Zgghhl\_lbe;_Zjg_p
WlhijZ\^Zqlh\Zk^\_lukyqb"ihbgl_j_kh\Zeky=_gjbo=ba
:ukZfbihkqblZcl_iZjbjh\ZeGZ\ZjjkdbcHgb\k_ijb_oZebgZk\Z^v[m
GZ\_jgh_^eyNjZgpbbwlhijZa^gbd\k_j^pZo\hkdebdgme^_=baZ^eyf_gy^_gvwlhc
k\Z^v[u^_gvljZmjZ
:^eyf_gy^_gvfh_ck\Z^v[u^_gvihahjZ\yjhklbaZdjbqZeGZ\Zjjkdbcijb^Zgh_y
ihemqbe]jh[kl_ehffh_cfZl_jbb[em^gbpmbal\h_cihkl_eb

\r\r\r

FZj]ZjblZijbk_eZ\]em[hdhfj_\_jZgk_klZjZykvkdjulv\heg_gb_
Fg_dZ`_lkyyhlhj\Zekyhlribhghddhjhe_\uDZljbg\u^hogme=_gjboHgb^mfZxlqlhym
[Zjhg_kkuMblZevygdbIj_e_klgZyhkh[Z
LZdklmiZcl_Q_]h\u`^zl_"dZdfh`ghg_ijbgm`^_gg__ihbgl_j_kh\ZeZkvFZj]ZjblZijbk_\gZ
djZcdjh\Zlbkibghcd=_gjbomIhq_fm\u_szg_mg_z"
LZd[uehm]h^gh;h]mFg_gZ^hkZfbih]h\hjblvGZ_^bg_Fg_gZ^hZkm[_^blvk_jvzagh
ijhbagzk=_gjbo
Zr_fk_f_ckl\_\kydbcjZakkueZxlkygZ;h]Z"FZj]ZjblZih\_jgmeZkvdg_fmbkf_jbeZ
hp_gb\Zxsbf\a]ey^hf
GZ;h]ZBebgZij_^qm\kl\b_k^_j`ZgghijhbagzkGZ\Zjjkdbc
DZdh_ij_^qm\kl\b_"aZbgl_j_kh\ZgghkijhkbeZFZj]h
Dj_klvygbaIbj_g_cLZd]h\hjblZrZfZlmrdZ?kebyhklZgmkv`b\lhklZgmdhjhezf
NjZgpbb
FZj]ZjblZ\a^jh]gmeZlZdZyfukevb\kZfhf^_e_ijboh^beZb_c\]heh\m
DhjhevNjZgpbbfhc[jZlkh\eZ^Z\kkh[hckihdhcghaZf_lbeZhgZ?keb`_mg_]hg_[m^_l
^_l_clh^\Z^jm]bo[jZlZmgZke_^mxlij_klhe:ihlhfbo^_lbZrbrZgkugbqlh`gu
Zrblh`_ukqblZ_l_qlhZkaZsblblk_fvy"djZkghj_qb\hijh^he`Ze=_gjboD_fu
y\ey_l_kv^eygbo"uij_^f_ljZaf_ggZyfhg_lZuaZeh`gbpZm[jZlv_\
Fhb[jZlvyf_gyh[h`Zxl\hkdebdgmeZFZj]ZjblZhr_ehfezggZylZdhchldjh\_gghc
gZ]ehklvxkh[_k_^gbdZ
;jZlvy]hlh\uijh^ZlvZkdhfmm]h^ghaZfbjguc^h]h\hjg_\hafmlbfhijh^he`Ze=_gjboB
FZlvf_gyex[bl]hjyqh\hajZabeZFZj]ZjblZ
HgZ]hlh\Zijh^ZlvZki_j\hfm\klj_qghfm_keb_cwlh[m^_l\u]h^ghmihjkl\h\Ze=_gjbo
FZlvf_gyh[h`Z_ll\_j^beZhgZ
HgZg_gZ\b^blZkB\Zr_]hex[h\gbdZ]_jph]Z=baZ:hgbkihevam_lZkjZ^b\eZklbb^_g_]
ijh^he`Ze=_gjbo
AZfheqbl_G_kf_cl_\k_j^pZo\hkdebdgmeZFZj]ZjblZ
�Zbkihevam_lih\lhjbeGZ\Zjjkdbc
Yg_`_eZxwlhkeurZlv\kdjbdgmeZFZj]h
Hlq_]h`_"=_gjbo\hijhkbl_evghihkfhlj_egZ`_gm
AZfheqbl_LZdwlh=hkih^vih^kdZaZe\Zfijb^lbbf_gyhkdhj[eylv"kmijzdhfijhbag_keZhgZ
G_lqlhuFZj]hk`Zjhfhl\_lbe=_gjboih^hc^ykh\k_f[ebadhd`_g_ijh\_^yjmdhcih_z
\hehkZfYijbrzeg_hkdhj[eylvYohqmij_^eh`blvkhxaWlhl[jZd^eyf_gykiZk_gb_ghgZ
dZdhckjhd"Ihfh]bl_fg_k_]h^gyZaZ\ljZ[eZ]h^Zjyfg_mZk[m^_l\kz
Fu`_^h]h\hjbebkv\a^hogmeZFZj]ZjblZfy]dhhlkljZgb\rbkvhlg_]hug_ijb^zl_
k_]h^gydhfg_Gbk_]h^gybgbdh]^Z
�ZwlhijZ\^Zkh]eZkbeky=_gjboFu^h]h\hjbebkvGh^Zcl_fg_jmdmFZj]hhg\aye_z
jmdm\k\hxGZmqbl_f_gyykihkh[gucmq_gbd_^bl_f_gyya^_kvdZdke_i_pWlbdhjb^hju
ijb\_^mldijhiZklbbadhlhjhc`b\uffg_g_\u[jZlvkyZrb[jZlvygZ\_jgydZf_gym[vxl
uaZ[em`^Z_l_kviulZeZkvm\_jblv_]hFZj]ZjblZohlykZfZg_[ueZm`_gb\qzfm\_j_gZ
Hgb\kzjZ\ghm[vxlf_gy:\uklZg_l_^eygboebrvh[j_f_gbl_evghc\^h\hcg_
hklZgZ\eb\Zeky=_gjbo
Fhbjh^kl\_ggbdbg_`_eZxl\ZfaeZ\ihe]hehkZijhbag_keZhgZ
ukbevg__bo\k_oZrZfZlv\klZg_li_j_^\ZfbgZdhe_gbuklZg_l_dhjhe_\hcFZj]h\_kdh
aZy\beGZ\Zjjkdbc
�AZfheqbl_\a\hegh\Zgghijhr_ilZeZFZj]ZjblZijbeh`b\iZe_pd_]h]m[ZfZ`_jZa]h\hju
k]eZamgZ]eZafh]ml[ulvhiZkgu
=_gjboih^hrzegZklhevdh[ebadhqlhhgZfh]eZkeurZlv_]h^uoZgb_bihp_eh\Zefheh^hc
`_gsbg_jmdm
GZr[jZdiheblbq_kdbcImklvlZdbfb[m^_lFuebrvi_rdb\obljhkie_l_gbbbobgljb]lZd
^Z\Zcl_jZajmrbfboieZgu;m^vl_fhbfkhxagbdhfAZdexqbfiZdllZcguciZdlG_[m^vl_fg_
\jZ]hf
AZfheqbl_qmlvkeurgh\ufhe\beZFZj]ZjblZ
Y\Zfg_\jZ]Y\Zr^jm]KlZgvl_bufhbf^jm]hffhbfkhxagbdhfu[m^_l_fhbf
khxagbdhf"\a]ey^GZ\Zjjkdh]hjZ\ghdZdb_]hijbdhkgh\_gbyh[`b]Zebk\h_cbkdj_gghklvxb
ijhgbdgh\_gghklvx
Fh`_l[ulv:l_i_jvmoh^bl_Moh^bl_[_kkbevgh\u^hogmeZhgZ
Zr[jZl"Ex[h\gbd"Bebh[Z\f_kl_"=_gjbomdZaZegZ^\_jvdZ[bg_lZG_]h\hjbl_yg_ohqm
agZlv?keb[u\uohl_ebij_^Zlvf_gy\u[u^Zebfg_^h]h\hjblvYg_ijhrmZk[ulvfg_
ex[h\gbp_cgh\b`mqlh\uq_klgukhfghcZ\^Zgghfiheh`_gbbfg_]hjZa^h\Z`g__\ZrZ
ij_^Zgghklvq_fiuedZykljZklvk\Zr_cklhjhgukqm\kl\hfijh]h\hjbe;_Zjg_p
hafh`ghdh]^Zgb[m^vykfh]mihagZlvZrmijbagZl_evghklv^jm]h]hjh^ZZihdZfg_\iheg_
^hklZlhqgh\Zr_c^jm`[uubklbggZy`_fqm`bgZNjZgpbb

\r\r\r

=m]_ghlu[m^mlfklblvaZDhebgvbHgb]hlh\ylj_agxYwlhagZx]h\hjbeZ?dZl_jbgZ
JZkke_^mcl_\kzFg_gm`_gm[bcpZlj_[h\Zedhjhev
Lubo\b^_e"Hgb]hjylg_gZ\bklvxHgbhkdhj[eyxlgZkKgZqZeZhgbihc^mlgZEm\jHgbgZk
\k_om[vxlHgbgZki_j_[vxllukeurbrv"ihke_^g__\j_fyhgb[uebaZgyluk[hjhfex^_cb
hjm`by
Mf_gylh`__klvhjm`b_bmf_gy_klvex^b\hajZabeDZje
Bolukyqbwlbok\Z^_[guo]hkl_cHgbohlylihdZaZlvk\hxkbembl_i_jvg_hklZgh\ylky
Dhebgvbfg_dZdhl_pl\_j^beDZjeYihdeyekyjZah[jZlvkykwlbf
G_gZau\Zc_]hlZdaZdjbqZeZhkdhj[ezggZy?dZl_jbgZBg_gZ^h\au\Zlvdhlpm?keb[l\hc
hl_p[uek_cqZka^_kvhgagZe[uqlh^_eZlvL\hchl_pagZeqlhdZdhc[ugb[uedhjhev_]hgZ^h
m\Z`Zlv
Mqbkvm^_=baZHgihgyeqlhgZ^hi_j\ufgZghkblvm^ZjZg_`^zldh]^ZgZiZ^mlgZg_]h
Wlhh[\bg_gb_"ih^gye[jh\vhlm^b\e_gby=ba
GZrebl\hcibklhe_lih`Zeie_qZfb:g`m
L_femqr_]m[u=baZbkdjb\bebkv\mofued_Y`Z`^Zekh\_jrblvwlhij_klmie_gb_
L_[ygb\qzfg_mij_dZxl:g`mm[jZeg_ihkemrgucehdhgkebpZGZ^h[uehklj_eylvlhqg__
LhldlhihdmrZekygZDhebgvbohl_eh[\bgblv\wlhff_gyaZ^mfqb\hijhbagzk=ba
Lh]^ZgZqbgZcjZkke_^h\Zgb_aZsblbDhebgvb=baaZijhl_klh\ZeZ?dZl_jbgZ?keb[jhkbrv
\k_kbeudhjheygZwlhjZkke_^h\Zgb_lhih]m[brvdhjhe_\kl\hdhlhjh_y\k_fbkbeZfbiulZxkv
\hajh^blvIhke_kf_jlb\Zr_]hhlpZ\ky]jyagZyjZ[hlZgZfg_Bf_gywlhg_kljZrblYkiZkm
k\hbo^_l_cY]hlh\Z`bagviheh`blvjZ^b\Zk
Wlh\uijbdZaZebm[blvZ^fbjZeZDhebgvb"DZjem`Zkgmekyhlk\h_c^h]Z^db
�Zy\kdjbqZeZdhjhe_\ZfZlvYh^gZG_gZ^h[uehijhfZob\ZlvkyL\hc[jZlijZ\L_i_jv
gZ^hb^lb^hdhgpZGZ^hm[jZlveb^_jh\bg_f_^e_gghK_]h^gy\_q_jhfghqvxDhg^_ihlhf
�h[bgv_L_ebgvb;h\mZFhjg_
�x[hjlZkZEZjhrnmdh
Fbhk_gkZb^jm]bo
Djxkhey:jfZgvydZ
Bdhg_qgh=_gjboZ
G_l_]hg_gZ^haZojbi_eDhjhevaZ^uoZykvhlhq_j_^gh]hijbklmiZm^mrvyG_ljh]Zcl_
=_gjboZ
Dhebgvb
DhebgvbDZjel_j_[beaZ\yadbgZk\h_cjm[Zrd_ebph_]h[e_kl_ehhl\uklmib\r_]hihlZ]eZaZ
ebohjZ^hqgh[e_kl_eb\m]hedZojlZ\uklmibeZi_gZuohlbl_kf_jlbZ^fbjZeZ"Ylh`_Lh`_
Hgf_gyih^Z\ey_l^mfZ_lqlhfh`_lijZ\blv\f_klhf_gyGhihdZ_szydhjhevNjZgpbb_fm
jZkrbj_guB\k_ohklZevguo]m]_ghlh\NjZgpbb\f_kl_kgbfGbh^bgbagbog_hklZg_lky\
`b\uoGbh^bgdlhfh][uihlhff_gymij_dgmlvm`_ihqlbkdmebehg
LZdkdhevdhgZ^e_`blm[blv"
k_ok_o\bkklmie_gbb\udjbdb\ZedhjhevdhjqZkvhl[heb

\r\r\r

A\hgdhehdheh\p_jd\bK_g@_jf_gkljZrguf]mehfjZaghkbekyih]Ze_j_yfEm\jZaZ]emrZy
h]emrZxsb_djbdbbij_^kf_jlgu_klhgu^hghkb\rb_kybaaZ^\_jb
Khklhjhgudhjb^hjZjZa^ZekyhlqZyggucklmd
DlhlZf"kijhkbe`_gkdbc]hehk
KiZkbl_\au\Zefm`kdhc]hehkklhcklhgu
�\_jvlhlqZk`_hldjuebHdjh\Z\e_ggucfm`qbgZg_aZf_qZykem`ZghdrZlZykvbhklZ\eyy
djh\Z\u_ke_^ugZkl_gZobdh\jZo[jhkbekydgh]ZfihljykzgghcFZj]ZjbluGZh[Z]jzgghf^h
g_magZ\Z_fhklbk\h_cbqm`hcdjh\vxebp_hgZmagZeZwlbjZkrbj_ggu_hlm`ZkZ]eZaZdhlhju_
_sz\q_jZkfhlj_ebgZg_zkij_^Zgghklvxb\hkobs_gb_f
wlmfbgmlm\^\_jb\ehfbebkv\hk_fvq_eh\_daZiuoZ\rb_kyjZatyjzggu_knZd_eZfbriZ]Zfb
bZjd_[maZfbboebpZbh^_`^u[uebi_j_iZqdZgu]jyavxbdjh\vxH^bgbagbo[uehkh[_ggh
kljZr_gjZkljziZggu_ju`b_\hehkudjh\Z\ucjm[_pq_j_ai_j_ghkbpmb^vy\hevkdbch]hgv\
]eZaZo
u\ihdhyodhjhe_\uGZ\Zjjkdhcijbgp_kkudjh\bHgih^fh_caZsblhc\hkdebdgmeZ
FZj]ZjblZ
Wlh;h`vydZjZHg^he`_gmf_j_lv\f_kl_kh\k_fbgZiZ^ZxsbcrZ]gme\i_jz^bgZgzkm^Zjih
ba\b\Zxs_fmkyl_emghihiZe\ie_qh\lhjhcm^Zjijbrzeky\[_^jh
:eZydjh\vhdjhibeZijhklugbdhjhe_\uFZj]ZjblZihqm\kl\h\ZeZdZdkm^hjh]bkhljykZxll_eh
jZg_gh]hp_ieyykvaZ[Zlbkl_zghqghcjm[ZrdbjZaju\ZylhgdmxldZgvkdhjq_ggufbhlkiZafZ
iZevpZfbGZdhg_ph[_kkbe_\iZevpu_]hjZa`ZebkvGh]baZkdhevabebih\eZ`ghfmhldjh\bihem
bhghk_e\em`mkh[kl\_gghcdjh\bm\e_dZyaZkh[hcfheh^mx`_gsbgm
;h]g_`_eZekf_jlbwlh]hq_eh\_dZu_]hg_ihemqbl_KgZqZeZm[_cl_f_gyijb\b^_lZdh]h
[_kqbgkl\ZdFZj]Zjbl_\_jgmehkvkZfhh[eZ^Zgb_ghwlbfhivygzggufdjh\vxfm`qbgZfm`_
ljm^gh[m^_lhklZgh\blvkyk_j^p__zfhebehkvqlh[uk_cqZkihy\bekydlhgb[m^vba[jZlv_\b
hklZgh\bewlh[_amfb_
Ihq_fmg_evay_]hm[blv"ju`bcm`_]hlh\[uegZg_klbihke_^gbcm^ZjghFZj]hhklZgh\beZ
_]hjmdm
HgmfjzlgZfhbojmdZoaZdjbqZeZFZj]ZjblZ?]h\ug_ihemqbl_DZd\ur_bfyf_kv_"
Kdhevdbo\um`_m[bebaZk_]h^gyrgbc\_q_j"
:ggb[ZeDhdhggZkfZ^ZfYm[bel_odh]h^he`_g[uem[blvihijbdZam_]h_ebq_kl\Z
m]jxfhhl\_lbegZzfgbd
^_gvKljZrgh]hkm^Z\u[m^_l_jZ^ubf_lvohlvh^gmkhojZgzggmx\Zfb`bagv\au\ZeZ
�FZj]ZjblZdfbehk_j^bxbkh\_klbwlh]hq_eh\_dZ_gvKljZrgh]hkm^Zm`_g_^ZezdQlhu
k_j^p_dZlhebqdbqlh[uijbdhgqblvjZg_gh]h"Wlhu_fmkdZ`_l_"
g_aZighijb\e_qzggucrmfhf_szh^bgfZe_gvdbchljy^\ha]eZ\ey_fuc\ukhdhcju`_\hehkhc
djZkZ\bp_cg_fgh]bfklZjr_FZj]Zjblu\hj\Zeky\ihdhb
Khfghcr_klvdZlhebdh\kZjd_[maZfbbmf_gydbg`ZeFZj]h\fukeyo\ha[eZ]h^ZjbeZ
=hkih^ZaZlZdh_k\h_\j_f_ggh_ihy\e_gb_k\h_cih^jm]b]_jph]bgb^_G_\_jYijhldgm\Zf
k_j^p__kebk_cqZk`_g_mc^zl_Moh^bl_g_f_^e_gghijbk\_l_k\_q_cju`b_ehdhgu=_gjb_llu
keh\ghkZfb[uebieZf_g_f
EZ^ghfumoh^bfkkh`Ze_gb_fhlklmibeDhdhggZkhklZevgu_ihke_^h\ZebaZgbf

\r\r\r

havfbf_gyY]hlh\bkl_jaZggh_l_ehfm`qbguijh^he`Zehkh^jh]Zlvky\dhg\mevkbyohl
dZ`^h]hijbdhkgh\_gbyihdZFZj]ZjblZiulZeZkvhk\h[h^blv_]hhlhklZldh\hdjh\Z\e_gguo
ehofhlv_\bh[fu\ZeZYagZeqlhludjZkb\Zb\hkoblbl_evgZEmq_aZjgZyG_a_fgZyFZ^hggZ
:g]_eijbr_^rbcaZ[jZlvf_gygZg_[_kZY]hlh\havfbf_gyAZ[_jbf_gy\g_[_kgmxh[bl_ev
k\hx[hjfhlZehg\[j_^m
DZdb_oheh^gu_DZdb_oheh^gu_ml_[yjmdbFZj]hijb`ZeZ_]hjmdmdk\h_cs_d_Lu
[m^_rv`blv
FZ^ZfHgbk_cqZkm[vxl=_gjboZYwlhagZxHgZfg_kdZaZeZHgZihdeyeZkvfg_`bagvx
ebphxghc[Zjhg_kkuRZjehllu^_Kh\h^ghcbakZfuoh[hevklbl_evguodjZkZ\bpe_lmq_]h
wkdZ^jhgZdhjhe_\u?dZl_jbgu[uehiheghm`ZkZhllh]hqlh_c^h\_ehkvm\b^_lvwlhckljZrghc
ghqvxhgZ[jhkbeZkvdgh]ZfFZj]Zjblubihp_eh\ZeZih^he_zghqghcjm[ZrdbFZj]hmfheyx
kiZkbl__]hKiZkbl_=_gjboZFh`_l_^_eZlvihlhfkhfghc\kzqlhih`_eZ_l_Zr__ebq_kl\h
lhevdhfhexkiZkbl__]hLhevdhufh`_l_
QlhhgZl_[_kdZaZeZ"FZj]ZjblZihfh]eZ^_\mrd_ih^gylvkyb\kljyogmeZ_zaZie_qbqlh[u
ijb\_klb\qm\kl\h\^mr__c`_klhqZcr_ohl_ehkv\upZjZiZlv]eZaZ^_\qhgd_aZ_zgZ]ehklvgh\
\hijhkZo`bagbbkf_jlb^hqvnjZgpmakdbodhjhe_cmf_eZkhojZgylvoeZ^ghdjh\b_l_f[he__qlh
hgZij_djZkghagZeZk_[_p_gmbihgbfZeZqlhwlZ^_\hqdZ_cg_khi_jgbpZ
Hgbohlyl_]hkf_jlbYkeurZeZbojZa]h\hjuHgg_ijbrzeYijh`^ZeZ
_]h\kxghqvijh^he`ZeZ[_kk\yaghe_i_lZlvi_j_im]ZggZy^hkf_jlb[Zjhg_kkZ
AZfheqbKdZ`b]^_hg"j_adhij_j\ZeZ_zkl_gZgbyFZj]ZjblZ=^_hg"
Mdhjhey^jh`Zsbf]hehkhf_e_\u^Z\beZbak_[yRZjehllZ
HklZ\Zckyk=_jph]bg_cb_zex^vfbijbdZaZeZFZj]ZjblZYihc^mh^gZ
Klmib\aZihjh]k\hboihdh_\FZj]hqmlvg_kihldgmeZkvb_^\Zih[hjheZih^djZ\rbckyijbklmi
lhrghluaZdju\jhlbghkjmdZfbaZiZodjh\bbkf_jlbaZ[b\Zegha^jb^h^mjghlufgh`_kl\h
bam\_q_gguoljmih\e_`Zehijyfhlmlmkl_gdhjb^hjh\k[hevrbgkl\Zbadhlhjuog_ih]gmrZebkv
kgylvboh^_`^ulZdbhklZ\b\bogZ]bfbBgh]^Zfh`gh[uehmeh\blv_e_jZaebqbfu_klhgu_sz
`b\uoghm`_Z]hgbjmxsbo

\r\r\r
Ijhimklbf_gykdhj__ddhjhexq_j_al\hbihdhbijbdZaZeZFZj]ZjblZdhjfbebp_DZjeZlZd`_
ijhl_klZgld_=_gjboa^_kv"
Hgbohlylqlh[uhghljzdkyhlk\h_c\_julbohhl\_lbeZlZijhimkdZy_z\ihdhbDZjeZ
L\hcfm`a^_kvk_kljZjZa^ZekyaZkibghc]hehkdhjheyHgkgbfb\fh_ckiZevg_Hgg_
hlj_qzlkyDZjemiZegZdhe_gbbh[gyegh]bFZj]Zjblu\koebiu\ZydZdj_[zghdYgbq_]hg_
k^_eZeWlhg_yijh^he`ZehgijbqblZlvLufg_\_jbrv"DZjeih^gyegZk_kljmiheguckeza
\a]ey^
Ihq_fm"Ihq_fm"k[hevxbh[j_qzgghklvx\]hehk_kijhkbeZhgZ]ey^y\_]haZlmfZg_ggu_
]eZaZ
WlhhgZFZj]hDeygmkvl_[_DZjeo\ZlZe_zaZjmdb[md\Zevghih\bkgm\gZg_c\k_fk\hb
\_khf\kz_szijh^he`ZyaZoez[u\Zlvkyju^Zgbyfb
Lu\u^Zebf=_gjboZ"_^\ZkeurghkijhkbeZFZj]ZjblZ
G_lyijbdZaZeijb\_klb_]hkx^Zqlh[uaZsblblvHgbijbrebihlhfhgaZeZfu\Zejmdbb
jZafZau\Zekezauihebpm
Ihc^zfkhfghcFZj]ZjblZihfh]eZ[jZlmih^gylvkyh[hijbkvgZf_gy
G_lg_gZ^hFg_kljZrghDZjeiulZekyba\_jgmlvkyb\uj\Zlvkyba_zjmd
Ihc^zfRZjevfy]dhijhbag_keZFZj]ZjblZ\_^y_]hih^jmdm
:kwlbfqlh[m^_f^_eZlv"ihex[hiulkl\h\Ze:g`mckdbckf_jb\GZ\Zjjkdh]hij_ajbl_evguf
\a]ey^hf
HklZ\vl_=_gjboZYg_iha\hex_]hljh]ZlvFZj]ZjblZihkfhlj_eZgZfZlvihlhfgZ[jZlZ
DZjeZbsZ\gboih^^_j`dmHgqe_ggZr_ck_fvbWlhqj_\Zlhg_kqZklv_f
Hg`_ij_^\h^bl_evGm`gh\k_om[jZlv\klmibe\jZa]h\hj:eZgkhgdb\gm\\klhjhgm=_gjboZ
Yg_iha\hex_]hljh]ZlvFZj]ZjblZ\uimklbeZbah[tylbc[jZlZbk_eZ\hae_=_gjboZ
GZ\Zjjkdh]h\ay\_]haZjmdm?kebohl_eb_]hm[blvgZ^h[uehjZgvr_wlhk^_eZlvK_cqZkiha^gh
ugZkh[\_gqZebi_j_^;h]hfHgfg_fm`Zl_[_[jZl
Hgg_ohq_lhlj_qvkyih`Zeie_qZfb:g`m
Yg_iha\hexdg_fmijbdZkZlvkyih\lhjbeZFZj]ZjblZ
Ihij_`g_fmhldZau\Z_rvky"Ihq_fm"\h\a]ey^_=_gjboZ:g`mckdh]h[ueg_kdju\Z_fuc
bgl_j_k\dZdhflhjh^_^Z`_ZaZjllZdebkbezgkk\h_c\_j_dhjhevGZ\Zjju
G_gZklZb\ZcihdZqZeZ]heh\hcdhjhe_\ZfZlv
L_i_jv\kzdhgq_ghIjhl_klZglh\\k_fv_g_[m^_l\hajZabe:g`m
Ij_djZlbihju\bklhh[hj\ZeZ_]h?dZl_jbgZ
Ihq_fm"g_^h\hevghihfhjsbeky:g`mckdbc
ImklvFZj]haZcfzlkyk\hbffm`_fhl\_lbeZ?dZl_jbgZ
wlmghqvyihagZeg_gZ\bklvGZ\Zjjkdbck`ZedmeZdb^hlZdhckl_i_gbqlhdhklyrdbiZevp_\
ih[_e_ebhg\_kv^jh`Zehlyjhklbb[_kkbeby
:l_i_jvmqbl_kvebp_f_jbxiheh`b\jmdmgZie_qhfm`Zijhr_ilZeZFZj]ZjblZlZdqlh[u
lhevdhhgmkeurZe_zYgZZr_cklhjhg_Yg_ohqm[hevr_[ulv\klZg_iZeZq_cH[jZsZcl_kv\
gh\mx\_jm=eZ\gh_\hqlhu\_jbl_k\hbfk_j^p_f


Ihdhfa\hgyldhehdheZ"_^v[he_g_dh]hm[b\Zlvk]hj_qvxaZf_lbeGZ\Zjjkdbc
Hlgug_ludhjhevdZlhebq_kdhc^_j`Z\uFh`_rvwlbf]hj^blvkyh[gye[jZlZ:g`mckdbc
�Zfh`_rv]hj^blvkyg_\u^_j`ZeZFZj]ZjblZijhoh^yfbfhgboLudhjhevkljZgu]^_
dZqZxlkyljmiugZ\bk_ebpZoIZjb`klZedeZ^[bs_fL\hbih^^Zggu_f_jl\_puihdjulu_
a_fezcbeb`b\u_ihdjulu_klu^hf
Ij_djZlbijbdjbdgmeZgZg_zfZlvK_]h^gydZdgbdh]^ZjZgvr_qzjgu_h^_`^um`_fgh]he_l
[u\rb_g_baf_ggufZljb[mlhf?dZl_jbgukh\j_f_gbkf_jlb_zfm`Z=_gjboZ,,hll_gyeb_z
[e_^gh_hkmgm\r__kyebphk\iZ\rbfb]eZaZfbblhgdbfb]m[Zfb\ay\]j_ogZ^mrmhgZ^mfZeZ
qlhwlZkljZrgZyghqvohlvqlhlhbaf_gblgh\hlhgGZ\Zjjkdbcba[_`Zekf_jlbb\kzlZd`_
m]jh`Z_lij_klhemdhlhjuchgZ\k_fbkbeZfbklZjZ_lkykhojZgblv^eyk\hbo^_l_c
:ufZlmrdZ\k_]^Z\hegh\ZeZkvaZk\hbokugh\_cL_i_jvfh`_l_[ulvkihdhcgudjbqZeZ
FZj]ZjblZh[jZsZykvdfZl_jbHgbgZ\_qghijhdeyluBylh`_ijhdeylZ
Ihq_fm"m^b\beky:g`m
Ihlhfmqlh\uijb]eZkbebgZfhxk\Z^v[mk\hb`_jl\uK^_eZebgZkijbfZgdhc^ey`_klhdhc
j_agbFZj]haZdjueZebphjmdZfbqlh[ukdjulvkezau
hl\ZfblbohgyjZa\zejmdZfb:g`mckdbcQlhklh[hcFZj]h"L\hcfm`klZedZlhebdhfLu
`_g_klZg_rvl_i_jvijhl_klZgldhc"
Yohl_eZfbjZFZj]hFbjZ\dhjhe_\kl\_FbjZ^eyk\hbo^_l_c[e_^gZyfZlvmklZeh
ihkfhlj_eZgZg_z\hkiZezggufb]eZaZfbKk_]h^gyrg_]h^gylu[hevr_g_ihdbg_rvEm\jLu
hklZg_rvkykfm`_fb_]h^jmavyfbA^_kv
FZj]hqlhijhbahrehk_]h^gyghqvx"DZje\aye_zaZie_qhbjZa\_jgmeebphfdk_[_
lj_[h\Zl_evgh]ey^y\]eZaZ?szqlhgb[m^v"YmagZx

\r\r\r
FZj]ZjblmljykehdZd\ebohjZ^d_Ihlhf^_\mrdZmkeurZeZdjbdblhevdhihke_khh[jZabeZqlh
�wlhdjbqZeZhgZkZfZHqgmeZkvFZj]hhllh]hqlh_zjZklhedZeZkb^ysZyjy^hfZgbweeZGZdhg_p
^_\mrdZijbreZ\k_[yhlkljZrguo\b^_gbcGZe[m\uklmibebdZi_evdbihlZ^uoZgb_[ueh
qZklufb]em[hdbf]heh\ZjZkdZeu\ZeZkvihiheZf\\bkdZokbevghimevkbjh\ZeZdjh\v\kzl_eh
keh\ghaZ`b\h`]ebgZdhklj_
�:"Qlh"=^_"Qlhkemqbehkv"JblZg_ihgbfZxs_ihkfhlj_eZgZZgbweemqZklh
oehiZyj_kgbpZfb
&#xZr;&#x_k;&#xl;&#xh;&#x;&#xm;u;&#x[g;&#xme;&#xZk;&#xv;KeZ\Z;h]mHqgmebkvZr_kl\hmeu[gmeZkvwgb
FZj]hh]eygmeZkvbm\b^_eZqlhkb^bl\Zm^blhjbbaZiZjlhciZjZb^zlihegufoh^hf
kz\ihjy^d_"ihbgl_j_kh\ZeZkvih^jm]ZG_ohjhrhgZmjhdZokiZlv_kebm`ijbreblh
ihkb^bfmfguoex^_cihkemrZ_fL_[_dhrfZjijbkgbekyqlheb"
:]Zdb\gmeZJblZLhevdhihq_fmlhhg[uekebrdhfj_Ze_g^h[Z\beZhgZqmlvkeurgh
Lbr_e_^b^_\mrdbmkeurZeb]hehkij_ih^Z\Zl_evgbpuFZj]ZjblZ\uk_[yohjhrh
qm\kl\m_l_"kijhkbeZhgZiheh`b\jmdmgZeh[Jblu
Ijhklbl_FbkkD_jbg]lhg\bgh\Zlhmeu[gmeZkvFZj]hFg_qlhlhg_ihk_[_fh`gh
�Z^Zdhg_qghkoh^b\f_^imgdl
FZj]ZjblZ\ureZ
�IhdZij_ih^Z\Zl_evgbpZqlhlhibkZeZgZ^hkd_`ZklbgZq_j_ajy^^zjgmeZ[ehg^bgdmaZjmdZ\
kzghjfZevgh"kijhkbeZhgZ
G_agZxghhq_gvgZ^_xkvqlhlZdhl\_lbeZlZebph_z\u]ey^_ehhaZ[hq_gguf
kdhj_ihkeurZekya\hgjZa[blh]hkl_deZ\ky]jmiiZ\f_kl_kgZklZ\gbp_ckhj\Zebkvkf_klb
\ukuiZeb\dhjb^hjihkfhlj_lvqlh`_ijhbahreh
Hgbm\b^_ebjZa[blh_kl_dehjZkdjulh]hhdgZZgZiheme_`ZeZFZj]ZjblZhgZ[ueZ[_akhagZgby
jmdZfbbgklbgdlb\ghaZdju\ZeZebphbafgh]hqbke_gguoihj_ah\hlhkdhedh\kl_deZkhqbeZkv
djh\vgZaZlued_\hehkukebiebkvbdjh\vlhgdhckljmcdhcl_deZihr__aZ\hjhlgbd[emadbgZ
Zehfrzed_ihy\bebkv[Z]jh\u_iylgZ
Ih^jm]b[jhkbebkvdJbl_
���`Zkkb[_]bkdhj__aZf_^k_kljhc:ya\hgx`_dmwgb^hklZeZfh[bevgucl_e_nhgbklZeZ
[ukljhbkdZlvghf_jfheh^h]hobjmj]Z
\r\r\r
FZj]ZjblZe_`ZeZgZdmr_ld_\eZaZj_l_jZgu[uebh[jZ[hlZgubi_j_\yaZgu\gbam[ueZ?\ugZ
�\_ljh\dZih^]heh\hca_ezgZydhnlZ`Zklbgudhlhjmx\eZ^_ebpZk\yaZeZkh[kl\_gghjmqgh
�gZdjulZhgZ[ueZZgbghcdmjldhc
J_[ylZJblZgZqZeZijboh^blv\k_[y
��Lbr_lbr_l_[_g_evay\hegh\ZlvkymkihdZb\Ze_z`hggb^_j`ZaZjmdmurb]em[`_
�`_dbaf_jyeimevkb^Z\e_gb_ihdZaZl_eb[uebhq_gvkeZ[ufb
�Fheh^z`vhldjhcl_dZhdhrdhjZkihjy^beky`_dWlv_g[m^v^h[jk]hgycdZaZdhn_cdhf
�^eydmabguJblmevkfh`_rv^hclb^hfZrbgu"Fuk`hghfihfh`_fl_[_Ijb_^_f^hfhcblu
[m^_rvkiZlvylh`_hl^hogmi_j_^ghqghckf_ghcDZd`_lugZkgZim]ZeZ?kebklh[hcqlhlh
ijhbkoh^bllu^he`gZh[yaZl_evgh\kzgZf]h\hjblv:_keb[uklh[hcqlhgb[m^vkemqbehkv"
Gmih^mfZcohjhrh[uwlh[ueh"Yg_ohqmhdhgqZl_evghihk_^_lvjZgvr_\j_f_gb\hegmykv
dZ`^ucjZa
WebaZ[_l;jZclhgdjZkb\Zy[ehg^bgdZbabo]jmiiu^_\mrdZqj_a\uqZcgh\ukhdhf_jgZy
g_^h\hevghgZ^meZ]m[db

&#xZd;&#xhf;
&#xZ;&#x_^;&#x_g; b;&#xy;&#xm;&#xqm;&#xkv;&#x;&#xl;&#xh;&#xm];&#xhe;&#xhg;&#xu_;&#xw;&#xe_;&#xf_;&#xgl;&#xu;&#xl;&#xh;&#xhq;&#x_j;&#x_^;&#xgu;&#x_;&#xdh;&#xgb;Û�;h`_fhcdZdhfaZ\_^_gbbymqmkvlhm]heh\gu_we_f_glulhhq_j_^gu_dhgbdbZgbwev
l_i_jv_szwlZkmfZkr_^rZyg_lyg_kh[bjZxkvmqblvkykwlhcg_ghjfZevghcbak_jbbMreZ\
k_[y\_jgmkvg_kdhjhbih^ibkvL\hydjurZ?cf_klh\debgbd_
WebaZ[_l;jZclhg_kebyg_hrb[Zxkv"kihdhcguflhghfkijhkbeZFZj]ZjblZ:lug_
[hbrvkyhklZ\Zlvkylmly`_^bdZjdZ^Z_szbkmfZkr_^rZyybmdmkblvfh]m
GmagZ_l_ebEbaihdjmlbeZiZevp_fm\bkdZ\k_j^pZolhigmeZgh`dhcb\f_kl_khk\h_c
ih^jm]hcN_ehf_ghc\_jgmeZkv\deZkk]jhfdhoehigm\^\_jvx
Jbllug_h[jZsZc\gbfZgbyWebaZdZdlZkh[ZdZeZ_lZmdmkblvg_fh`_lh[s_fhgZ
�[_ah[b^gZmkihdZb\ZeZZgbweeZih^jm]m
AgZ_rvbkeh\Zfbm[blvfh`ghfjZqghaZf_lbeZFZj]ZjblZ
��ZaZ[m^vlu\f_rZeZkv`ZklbgZLu_zohjhrhgZf_klhihklZ\beZMohgZl_i_jvaeblky
Dlhfm`_ml_[y_klvfufug_^Z^bfl_[y\h[b^m\h^bg]hehkaZy\beb[ebag_pu
1LHUR]XPLHPMDNPR*QDWDNPyZLRVZRMHMNROH*DQFH]NODV\"(OL]DZHWD]DG]LHZF]\QD G_
ihgbfZxdZdfh`ghlZd]h\hjblvh[h^gh]jmiigbp_"?ebaZ\_lZaeZy^_\mrdZihe\fijyfh^mrgh
\hafmlbeZkv?\Z^Z`__z]eZaZklZeblzfgha_ezgh]hp\_lZ
J_[ylZ\u`_g_hl^Z^bl_f_gy\e_q_[gbpm"FZj]ZjblZmfheyxs_ihkfhlj_eZgZ^jma_cY
\_^vg_^mr_\gh[hevgZy"IjZ\^Z"
\r\r\r
��ZgvZZgvijboh^bdhfg_ghq_\Zlvk_]h^gyIhke_lh]hqlhk_]h^gykemqbehkvkhfghcgZ
��aZgylbyoy[hxkvkiZlvh^gZFZj]ZjblZkdhjqbeZmfbevgmxfhj^hqdm`_dk`hghf\kzjZ\gh
\ghqghf
�JblgmludZd^blyfZeh_q_klgh_keh\hZgbweeZkgbkoh^bl_evghmeu[gmeZkvbe_]hgvdh
msbigmeZih^jm]maZs_dm
Gmih`ZemcklZih`ZemcklZih`ZemcklZ^_\mrdZjZklygmeZmeu[dmhlmoZ^hmoZbaZehfbeZ
�jmdbfg_gm`ghhlhclbihke_k_]h^gyrg_]hZ\Zcmkljhbfib`Zfgmx\_q_jbgdm"
�GmeZ^ul\hy\ayeZkfbjbeZkvwgb
FZj]ZjblZ[jhkbeZkvgZr_xih^jm]_kjZ^hklgufb\hieyfb
�Lbr_lbr_AZ^mrbrv`_fZgvyqdZfhyZgy[_amki_rghiulZeZkvhl[b\Zlvkyhlh[tylbc
�JbluZklZdhcbfimevkb\ghcgZiZjgbp_cghqdZh[_sZ_l[ulv\_kze_gvdhc\a^hogmeZhgZ
\r\r\r
�ZgbweeZm`_\ureZba^mrZbi_j_h^_eZkvIhdZ_zf_klh\\ZgghcaZgbfZeZFZj]ZjblZhgZ
\ZeyeZkvgZjZkkl_e_gghcfy]dhcdjh\Zlbbi_j_dexqZeZdZgZeuimevlhfhll_e_\bahjZGZdhg_p
ihy\beZkvFZj]h\k\h_ch[h`Z_fhcib`Zf_\p\_lhqdbijb`bfZyd]jm^bp_emxdmqmdhfiZdl
^bkdh\
�Zgykfhljbqlhyijbg_keZklhevdhZgbf_gZp_emxghqvo\ZlblLhevdhyohqmihkfhlj_lv
qlhgb[m^vijbylgh_g_gZijy`gh_
�HdZd\]eZaZowgbaZ[e_kl_ebaZ^hjgu_h]hgvdbGmihlZdhfmkemqZxyihc^mgZdmogx
ihkfhljx\dmkgyr_dbkhdZ
:]Zbg_aZ[m^vi_q_g_daZo\Zlblv^h[Z\beZFZj]ZjblZ\dexqZy\b^_hijhb]ju\Zl_ev
I_q_gvdbaZo\Zq_gufhc]_g_jZehljZihjlh\ZeZk\_leh\hehkZy\ha\jZlb\rbkvkp_euf
ih^ghkhfi_q_gvyb^\mfyiZd_lZfbkhdZOhlvhgbbhlqZygghkhijhlb\eyebkv
JblZaZoehiZeZ\eZ^hrb
A^hjh\hL_i_jvfh`ghgZqbgZlv
�Dh]^Zfmevlnbevfu[uebijhkfhlj_guZ\khg_szg_dehgbehZgyij_^eh`beZkhqbgylv
kdZadb
B\k_g_ij_f_ggucZljb[mlex[hcm\Z`Zxs_ck_[yib`ZfZiZlbg_mgbfZeZkvFZj]ZjblZ[hc
ih^mrdZfbobljhmeu[gmeZkvhgZ\ay\\jmdbih^mrdmBmqlbihsZ^ug_[m^_l
\r\r\r
�HcZgyihkfhljb\hdghe_lmqZyfurvbkim]Zggh\kdjbdgmeZFZj]ZjblZ
�:cJblmeylumgZkqlhfur_ce_lmqbo[hbrvky"dh\ZjghijbsmjbeZ]eZaZZgbweeZ:gm
furdZmdmkbdZJbldmZlhykZfZ_zmdmrme_`bllmllZdhcimikbdb^jZagblf_gyk\hbfb
:]ZkgZb]jZgghcg_^h\_jqb\hklvxihdhkbeZkvgZih^jm]mFZj]ZjblZqlh[uluf_gykt_eZ
ijhkuiZxkvyZ]heh\Z\lmf[hqd_
GmjZam`lZdmofuevgmeZkvlZlhkdhj__\^moh\d_JblZZJblZlukibrvm`_qlheb"
:"Qlh"\kihehrbeZkvFZj]ZjblZ
�:gmlukibkibZgbweeZijbfbjbl_evghmeu[gmeZkv
HgZ_szkiheqZkbdZqlhlhjZkkdZau\ZeZ `mldhbgl_j_kgh_ih_zfg_gbx\fgh\klj_\h`_ggZy
ih^hajbl_evghclbrbghcgZqZeZiboZlvehdl_fJblm
JblmeyLuqlhkibrv"k^_eZgguf\hafms_gb_fihbgl_j_kh\ZeZkvhgZ
:Z"G_g_Zijh[hjfhlZeZkijhkhgvyFZj]ZjblZm`_g_l
�GmlukibkibGyfgyfgyf[eZ]h^mrghjZklygmeZmeu[dmwgb
H;h`_
�Iha`_Zgy\klZeZihiblv\h^ubaZ^_eZ]heh\hcdhehdhevqbdbqlh\bk_ebgZexklj_gZ^
djh\Zlvxdhlhju_kZfZ`_Jbl_bih^ZjbeZ
:qlh"=^_"Qlhkemqbehkv"\kihehrbeZkvFZj]ZjblZm`_ihqlbaZkgm\rZy
:lukibkibGyfgyfgyfKeZ^dbokgh\
Kihdhcghcghqb
\r\r\r
�`hg[_`Zema_gvdbfbmehqdZfbd]hjh^kdhciehsZ^bZba]eZa_]hihs_dZfkl_dZebh[`b]Zxsb_
kezau
Ijh[jZ\rbkvkd\havlheima_\ZdhgjZa]ey^_e\ieZf_gbdhkljZFZj]Zjblm
G??Lba_]h]jm^b\uj\Zekyg_lhdjbdg_lh\hcWlh]hg_fh`_l[ulv
Ghg_qlh^b\gh_\b^ylex^b
�MkeurZ\i_j_rzilu\Zgby\hdjm]`hgih^gye]heh\mbijbkfhlj_ekyBqlh`_hgm\b^_e"
H]hgvg_ijbqbgye\j_^ZFZj]Zjbl__zl_ehhklZ\Zehkvg_\j_^bfuf
�Gmdhg_qgh`_`hgoehigmek_[yeZ^hgvxihe[mbjZkkf_yekyH]hgvklbobyFZj]Zjblu
Fheh^_pbkdhjdZfhyGhhgZ`_fh`_laZ^hogmlvkyhl^ufZLum[b\Z_rv_zD:EBQlhlubf
gZ]h\hjbeZ"DZdmx_szeh`vlubf\gmrbeZ"AZq_f"]heh\_g_mdeZ^u\Z_lky
IhfZgh\_gbx_]hjmdbaZf_jeh^Z`_ieZfydhkljZMg_]h[uehg_kdhevdhk_dmg^F_ldh
�f_lgm\gh`jZaj_aZ\rbc\_jz\dbdhlhjufb[ueZk\yaZgZ^_\mrdZ`hg\h^bgiju`hdhdZaZeky
gZwrZnhl_qlh[uih^^_j`ZlvFZj]Zjblm
\r\r\r
�G_gZc^yemqr_]hkihkh[ZaZklZ\blv^_\mrdmaZfheqZlv`hgaZdjue_cjhlihp_em_fKgZqZeZ
hgZohl_eZkhijhlb\eylvkyghihlhf_zjmdbkZfb\kihjogmeb\\_jobh[\beb_]hr_xGZoeugmeZ
\hegZhlju\qZkluo[he_ag_gguo\hkihfbgZgbck_j^p_keh\ghijhgabebjZkdZe_gghcb]ehcih
g_j\Zfbkhkm^Zfihl_deZjZkieZ\e_ggZyeZ\ZZkezaukZfb]hlh\u[uebiheblvkyba]eZabdjbd
aZkljye\]hje_ghhgg_hkfhljbl_evghijbdhkgmekyd_zkibg_]^_[he_eb_szg_aZ`b\rb_
rjZfuQ_j_af]gh\_gb_QzjgZyJhaZm`_dhgljhebjh\ZeZkblmZpbxhgZj_adhhlkljZgbeZkvhl
g_]hi_j_\h^y^uoZgb_
�LuhgZg_gZoh^beZkeh\ZdlhlulZdhc"Qlhlu^_eZ_rvkhfghc"Ihq_fm"jZkl_jyggh
ijh[hjfhlZeZhgZ
Fuwlhm`_i_j_`bebh^bgjZaex[h\vg_evayaZ[ulvLuf_gykh\k_fg_magZzrv"Lum`__]h
`_gZbeb_szex[h\gbpZ"Bwlhijb`b\hflhfm`_hgklZjZeky\wlbo]eZaZojZa]ey^_lv
ijbqbgmlZdh]h_zim]Zxs_]hkhklhygbyL\hb]eZaZg_khe]mllu\h\eZklbqZjJblZihkfhljbgZ
f_gyyihdZ_sz`b\Ijhlb\dh]hlukjZ`Z_rvky"Luwlh^_eZ_rvg_ihk\h_c\he_Ihq_fmlug_
ihkemrZeZf_gybg_hklZeZkv\[_ahiZkghklb"Qlhhgklh[hck^_eZe"Ym[vx_]hiZj_gv
ihiulZeky\klZlvghihl_jyekhagZgb_hl[he_\h]hrhdZ

\r\r\r
Qlhkhfghc"=^_fu"=heh\Z[heblJblZe_`ZeZgZihem[_edb]eZa[uebdjZkgufbhl
ihehiZ\rbokykhkm^h\]m[ui_j_khorb_baghkZl_deZdjh\v
�JblZlukgh\ZkgZfbWlhohjhrhHq_gvohjhrhijhklhgZeZZgbweeZl_jyykhagZgb_
JblZ[jhkbeZkvdih^jm]_
�Zg_qdZkdZ`bohlvkeh\hDlhl_[ylZd"G_m`_ebwlh[ueZy"
G_lfZeurdZg_gZ^hihdZqZeZ]heh\hcaeZlh\eZkZyWlhm`_g_bf__lagZq_gby
��QlhagZqblg_bf__lagZq_gby\hafmlbeky`_d[_jygZjmdbZgbweem
Fhyih^jm]Z[ueZfzjl\hcZl_i_jvhgZ\hkdj_keZg_wlhebih\h^^eyjZ^hklbkqZkleb\h
meu[gmeZkvhgZ
\r\r\r
�BaaZdhehggu\ur_e`hgKljhcguc\djZkghcrzedh\hcjm[Zrd_\urblhcahehlhfb
ih^ihykZgghcie_lzgufdh`Zgufihykhf\h[ly]b\Zxsbo[jxdZodjZkguokZih]Zo^hdhe_g_]h
ZeucieZsdZkZekya_febHg[ue\_ebdhe_i_g
�ebggucf_qhibkZeihemdjm]b\uk_dbkdjubadZf_ggh]hiheZ\lhff_kl_]^_fbeebk_dmg^m
�gZaZ^[ueZZgbweeZHgZ_szjZai_j_dZlbeZkvqm^hfba[_`Z\qm^h\bsgh]hm^ZjZk\_jomHgZ
kfhlj_eZgZg_]hrbjhdhjZkdjulufb]eZaZfbg_\kbeZoih\_jblvb\yehhlfZob\Zykvhl_]hZlZd
DZd`_wlh;jZlYg_fh]mg_ihgbfZxs_[hjfhlZeZhgZ
Hgmofuevgmeky]eZaZo`_klhdhklvboheh^
�Ke_^mxsbcm^ZjijbrzekyZgbwee_\ie_qhHgZ\kdjbdgmeZbhlkdhqbeZJmdZ^_j`Z\rZyf_q
hkeZ[_eZbhgqmlvg_\ukdhevagmehgZi_j_dbgmeZ_]he_\mxjmdm
��_jbkvijbdjbdgme`hg
�Luqlhwlhl\hjbrvZ"FZjdihiulZeky\f_rZlvkygh`hge_]dhkeh\ghdhl_gdZhlr\ujgme
_]h\klhjhgm
J_rb\g_ljZlblvkygZ[_kkfuke_ggu_jZa]h\hjub\hijhku^_\mrdZhlqZygghjbgmeZkv\[hc\
gZ^_`^_\ufhlZlvijhlb\gbdZHgbjm[bebkvfheqZ\_kvhklZevghcfbji_j_klZekms_kl\h\Zlv
�Debgdbkrb[ZebkvklZev\ba`ZeZjmdhylb\udjmqb\ZebjmdbihlaZklbeZe]eZaZwgbkeZ[_eZ
;ueZaZ^_lZgh]ZgZl_e_fgh`_kl\_ggu_jZg_gbyJmdZhg_f_eZ\hl\hlbhgZ\hh[s_hldZ`_lky
ih\bgh\Zlvky
:]eZaZ_]hfhebebhihfhsb
Lukfh`_rvhgklZjZeky]h\hjblvh^gbfb]m[ZfbM[_cf_gyLu^he`gZFg_m`_g_
ihfh`_rvY\kzihgbfZxghg_fh]mhklZgh\blvkyFZj]ZjblZg_kihkh[gZgZlZdh_luihfh]b
fg_
FZj]ZjblZg_fh]eZkfhlj_lvkihdhcghgZih_^bghd^\mo[ebadbo_cex^_cHgZhlhreZqmlv\
klhjhgmkm^hjh`ghkhh[jZ`ZydZd`_fh`ghhklZgh\blvwlh[_amfb_^urZlv[ueh\kzly`_e__
ijbklmim^mrvykdh\Zebl_ehbjZamfZfukebimlZebkv\\hkiZezgghffha]m
��Wlh[uerZ]hlqZygvyf_`^m`hghfbZgbweehc\g_aZighhdZaZeZkvFZj]ZjblZ
Hihfgbl_kvIj_djZlbl_wlh[_amfb_aZdebgZx\Zk\afhebeZkvhgZ
�Lhqguc\uiZ^_\mrdZaZf_jeZb\kdjbdgmeZghg_hl[heb?z]m[u^jh`Zeb\lzfguoke_]dZ
jZkdhkuo]eZaZoaZkluehm^b\e_gb_bhgb[uebihegukezadjh\vlhgdhckljmcdhcl_deZmg_zbah
jlZbdZiZeZgZiheky`bagv\f_kl_ki_qZeyfbbjZ^hklyfb\aezlZfbbiZ^_gbyfbijhe_l_eZdZd
h^bgfb]
AZqlhFZwkljh"\ahjaZlmfZgbekygh]bkeZ[_ebYg_fh]mih\_jblv_^\Zkeurgh
ijhklhgZeZFZj]ZjblZ
�`hgj_adh\u^_jgmef_qb\h\j_fyih^o\Zlbe^_\mrdm
�mjzoZaZq_fluihe_aeZ"ijhojbi_ehgb_]h\a]ey^b_]h]hehk[uebkeh\ghqm`bfb
Lu\_^vwlhg_k_jvzaghijZ\^Z"FZj]ZjblZihkfhlj_eZgZg_]hk\hbfbij_djZkgufb]eZaZfbY
g_\_jxIhkfhljbwlhfuLug_fh`_rvlZdihklmiblvkgZfbLugZr^jm]lug_fh]gZk
ij_^ZlvWlh`_g_luLu\_^vg_ohl_ewlh]h
\r\r\r
FZj]ZjblZihkfhlj_eZgZfm`Z\_]h]eZaZo[ueZ[hevGhb[ehg^bgg_kh[bjZekyijhkblv
ihsZ^u
�;ueh\b^ghqlh`hgj_rbeihb]jZlvHgg_ki_rbeZlZdh\Ze\yeh^Z\Ze[_ehdmjhfmk\h[h^m
�i_j_^\b`_gby=eZaZ`hgZ[e_kl_ebihdhrZqvbZk]m[g_koh^beZmofuedZ
Dhrdbfurdbijh^he`Zebkv
�_\mrdZkm^b\e_gb_fhlf_lbeZqlhmk\_leh\hehkh]hij_djZkgu_gZ\udbN_olh\Zehgg_\
�i_j\ucjZa\b`_gby[uebqzldbfbkihdhcgufbb]jZpbhagufbhgg_djZkh\Zekyg_klZjZeky
^_eZlvwnn_dlguoljxdh\ohlydhg_qgh_^bgkl\_gghc_]haZ^Zq_cgZlhlfhf_gl[ueh\u`blv
qlhhq_gvg_ijhklh_keb^_jzrvkykkZfbfYfhc
:lhfmihoh`_b]jZgZ^h_eZHgg_sZ^ghjm[bebmiZjgy_e_o\ZlZehkbem^_j`Zlvf_qBkdju
e_l_eb
�F_q`hgZkdj_klbekykf_qhfFZj]ZjbluGZlbkd[uegZklhevdhkbezgqlh^_\mrd_ijbrehkv
^_j`Zlvf_qh[_bfbjmdZfb
Ijhrmi_j_klZgvWlhg_q_klghYg_fh]mkjZ`Zlvkyklh[hc
�Zdlh[u]h\hjbehq_klbKdZ`_rvluq_klghkhfghcihklmibeZ"Bebmf_gygZe[mgZibkZgh
b^bhl"Y`_ex[bel_[y[hevr_`bagbq_jl\havfbihq_fmkh[kl\_gghex[bey`_bk_cqZk
l_[y[_kdhg_qghex[exbfg_k_cqZklZd[hevghG_m`_eb\k_l\hbkeh\Zbdeyl\u[uebe`b\u"
DZdlufh]ih\_jblvjZagufkemoZf"FZj]ZjblZ\kz_szgZ^_yeZkv\haa\Zlvd_]hjZamfmDZd
lufh]iha\heblvj_\ghklbhke_iblvk_[y"Y[ueZg_ijZ\ZijbagZxkvghblu^he`_gihgylv
��O\ZlblAZfheqbaZhjZe`hgGbq_]hg_ohqmkemrZlvYM@?GBQ?=HL?;?G?HE@?G
�AZqlhlulZdkhfghc"AgZ_rvdlhlu"Z`_]h\hjblvg_ohqm
Yg_iha\hexl_[_m[blvfZevqbdZebphFZj]Zjblu\ujZ`Zehj_rbl_evghklvhl_]h^_lkdbo
q_jlg_hklZehkvbke_^Z
gZklhysb_fhegbblhhgbfh]eb[ubki_i_eblv\kz\hdjm]
Qlh`lukZfZgZijhkbeZkv
KlZeva\_g_eZjmdbg_f_ebkbeu[uebgZbkoh^_FZj]ZjblZihgbfZeZqlhkeh\Zfblmlgbq_]hg_
j_rbrvhklZ\Zehkvlhevdh`^Zlvdh]^Zhgbh[Z\u^hogmlvkyG_m`_eb\hafh`ghqlh[u\kz\hl
lZdaZdhgqbehkv"JZa\_fh]eZJblZij_^iheh`blvqlhhgbjZkklZgmlky\jZ]Zfbkdj_klb\hjm`b_"
E_a\b_kdhevagmehihie_qmhklZ\b\ZemxjhkibkvbjmdZ\[emadbmiZegZa_fex^_\mrdZhk_eZ
kdhjqb\rbkvhl[hebkd\haviZevpujmdbdhlhjhchgZaZ`bfZeZjZgmkhqbeZkvdjh\vHgZ
�mfheyxs_ihkfhlj_eZgZ`hgZ
F_kv_Zg_evayebih\_`eb\__k^Zfhc"g_\u^_j`Ze[ehg^bg
��AZldgbkvs_ghdhl_[yhq_j_^v^hc^zljy\dgme`hg
F_kv_yg_aZdhgqbegZklZb\Zek\_leh\hehkuc
Qzjlgmlu\u\_ef_gyhgg_h[hjZqb\ZykvihkeZewg_j]_lbq_kdmxZmjmhl[jhkb\rmxiZjgy
^h\hevgh^Ze_dhbkkbehcm^Zjb\rmxha_fex
Wlhlihklmihdi_j_ihegbeqZrml_ji_gbyFZj]Zjblu_kebjZgvr_hgZohl_eZ\ufhlZlvkhi_jgbdZ
qlh[uehk_zklhjhgu\_kvfZkZfhgZ^_yggh\flhl_i_jvwlh[ueh^_ehfijbgpbiZGhih^gy\]eZaZ
JblZm\b^_eZf_qaZg_kzggucgZ^_z]heh\hc
�Lu\_^vihrmlbe"Lu\_^vg_k^_eZ_rvwlh]hijZ\^Z"@HGGBg_\_jbeZ^_\mrdZk\hbf
]eZaZf
Wlh[ueZkZfhaZsblZZg_ij_^gZf_j_ggh_^_ckl\b_
FZj]ZjblZmkeurZeZk\hcdjbdkeh\ghba^Ze_dZbih^h[ghwe_dljbq_kdhfmlhdmfmqbl_evggh
j_`msbcbfimevkijhrzeih\k_fml_em
:eucieZsmiZed_zgh]Zf
�FZj]h\ulZsbeZdebghddjh\vijukgmeZgZ[emadmbebph^_\mrdboeugmeZba]hjeZ`hgZhg
gZqZef_^e_gghhk_^Zlv\f_kl_kg_c\_]hjmdZohklZeky\lhjhcjmdZ\[emadbJbluZdjh\Z\ucke_^
hl_]heZ^hgbgZs_d_`z]kbevg__h]gy
\r\r\r
FZj]ZjblZijhkgmeZkv\oheh^ghfihlmuib\klZdZg\h^u^_\mrdZ\ureZgZeh^`bxhldjueZ
hdghbg_kdhevdhjZa]em[hdh\^hogmeZiulZykvmgylvij_^Zl_evkdmx^jh`v
�hkZfh]hjZkk\_lZhgZlZdbg_kfh]eZaZkgmlvg_kdhevdhjZahgZijhkuiZeZkvhldhrfZjh\
�J_rb\g_[m^blvfbjghkhiysmxZgbweemjy^hfkdhlhjhckiZek\_jgm\rbkvdem[hqdhf
fZe_gvdbcFbehj^Z:dl_hgbKhj[hggZkiZeb\k\h_cdhjabg_\hae_djh\Zlblbohgvdhh^_eZkvb
\ureZ\h^\hjih^urZlvjZkk\_lguf\ha^mohf
K\_`bcijhoeZ^guc\_l_jijh[bjZekd\havib`ZfmboZeZlHkfhlj_\rbkvhgZ[ueZihjZ`_gZl_f
\_ebdhe_ib_fqlhhldju\Zehkvi_j_^g_ckd\havlhgdmx^ufdmlmfZgZ\b^g_ebkvlhevdh
gZqbgZxsb_jZkimkdZlvkyp\_lu\kZ^mgZg_`guoe_i_kldZodhlhjuo[jbeebZglZfbk\_jdZeb
dZiebjhkuha^mo[uegZiheg_gZjhfZlZfbb\_kzeufblj_eyfbilbpjZ^hklghijb\_lkl\mxsbo
\hkoh^KhegpZ
�Ih^hjh]_\kZ^FZj]ZjblZ\klj_lbeZ`_dZm`_\_jgm\r_]hkykghqghckf_gu
��Q_]hg_kibf_sz\lZdmxjZgvk_kljbqdZ"`_dihp_eh\Zek_kljm\s_dmh[jh_mljh
�h[jh_mljhfhj^ZrdZmeu[gmeZkv^_\mrdZijh\h^yjmdhcih_]hs_d_
FZj]hh[gyeZ[jZlZ
LumgZkdjZkZ\qbdih^fb]gmeZhgZBg_aZ[m^vijhdjZkhlm^mrb
Bijh\hajZkllh`_]jmklghaZf_lbehg
Hcgm\hllhevdhg_gZ^hlu\_^_rvk_[yk_cqZkdZdj_[zghdgZofmjbeZkv^_\mrdZFu
�ex[bfl_[ylZdbfdZdh\lu_klv:^eyZgbweeu\hh[s_emqr_l_[ygbdh]hg_kms_kl\m_lwlh`_
&#xb^;&#xgh;&#x;&#xql;&#xh;
�\k_f\b^ghk_f\kz\b^gh^h[Z\beZhgZ_^\Zkeurghb^ghqlhd`hgmyhoeZ^_eZ
�Zqlhklh[hclZdh_"fheh^hcobjmj]g_ihgbfZxs_ihkfhlj_egZ^_\mrdm
Yg_agZxbg_ihgbfZxqlhkhfghcijhbkoh^blhimklbeZ]heh\mFZj]ZjblZYihijhkbeZ
jh^bl_e_caZ[jZlvf_gy\IZjb`Fg_hfgh]hfgm`ghih^mfZlv
�Wlhl\hzhdhgqZl_evgh_j_r_gb_"`_dijbklZevgh\a]eygme\]eZaZk_klju
kz[m^_lohjhrhG_[_kihdhckyaZf_gyYijh^he`mmqz[m\ebp__=_gjboZ,9ihlhfyohqm
�ihklmiblv\Khj[hggmgZnZdmevl_lf_^bpbgubklZlv\jZqhfdZdludZdfZfZbiZiZeyf_gywlh
hq_gv\Z`gh
\r\r\r
QmlvijbkemrZ\rbkv^_\mrdZmkeurZeZa\mdb]blZjukgZqZeZhgZj_rbeZqlhwlh_clhevdh
ihdZaZehkvghf_eh^bykeurZeZkv\kzhlqzleb\__
�Kb^ygZ[hjlbd_[Zkk_cgZ`hg\^hogh\_ggh\u\h^begZ]blZj_dhfihabpbx:LQGPLOO]jmiiu
+HOORZHHQ
F_eh^byihdZaZeZkvFZj]Zjbl_agZdhfhcZihlhfkZfbihk_[_ijbrebkeh\Zbi_kgyihebeZkvgZ^
_szkiysbf]hjh^hf
�`hgh[_jgmeky
FZj]hihkfhlj_ehggZ^_\mrdmrbjhdhjZkdjulufbhlbamfe_gby]eZaZfb_zihy\e_gb_
aZklZeh_]h\jZkiehoJ_rbeZ\klZlvihjZgvr_beblu_szg_eh`beZkv"Y\hlg_fh]mmkgmlvohlv
bq_jlh\kdbmklZeJ_rbeg_fgh]hihfmabpbjh\ZlvgZ^_xkvwlhg_yk\h_cb]jhcl_[yjZa[m^be"
Bl_[_ijb\_l@ZgkeZ[hmeu[gmeZkv^_\mrdZG_jZa[m^beihke_^g__\j_fymf_gy
[_kkhggbpZ
DZdluk_[yqm\kl\m_rv"h[_kihdh_gghihbgl_j_kh\ZekyhgLulZdgZkgZim]ZeZk\hbf
h[fhjhdhfQlhklh[hcijhbkoh^bl"Yfh]mq_fgb[m^vihfhqv"
;eZ]h^ZjxaZaZ[hlmgh\jy^eblufh`_rvfg_ihfhqv^Zbdlhgb[m^v^jm]hclh`_Y^he`gZ
�kijZ\blvkykwlbfkZfZ`_d]h\hjbel_[_mf_gyijh[_eu\iZfylb:dh]^ZyaZkuiZxlh
ijboh^yldhrfZjuihke_^g__\j_fyyklZjZxkvkiZlvdZdfh`ghf_gvr_fh_c]heh\_lZdhc
[_kij_^_eqlhlZdh]hy[ubae_cr_fm\jZ]mg_ih`_eZeZgZklhys_f\j_f_gbfu`b\zfijhreh_
hklZzlky\\b^_iZfylbZ[m^ms__wlhgZ^_`^Zq_eh\_ddh]^Zl_jy_lk\yav\j_fzglh\uiZ^Z_lba
[ulbyGhyagZxqlhgZklZg_l\j_fydh]^Zy\kz\kihfgxbkfh]mhl\_lblvgZ\Zrmex[h\vgZ
l\hxex[h\vLuij_djZkgucq_eh\_dG_ohqmihdZaZlvkyg_[eZ]h^Zjghcyhq_gvijbagZl_evgZ
l_[_aZ\kzaZex[h\vaZaZ[hlmaZlhqlhkmldZfbg_hloh^behlf_gy\[hevgbp_aZlhqlh^jmavyf
��fhbfihfh]Zeb`_dmijbagZl_evgZqlh[md\Zevgh\ulZsbef_gyklh]hk\_lZbZgbwee_b\k_f
\k_fYi_j_^\Zfb\g_hieZlghf^he]mDZd`_a^hjh\hqlh\umf_gy_klvwlhkZfh_\Z`gh_b\kz
hklZevgh_g_\kqzl
�JblZohq_rvyl_[_dh_qlhihdZ`m"`hggbhk_gbeZhq_j_^gZyb^_yIhc^bi_j_h^_gvkyZy
]jm^Zf_lZeehehfZqlhaZgbfZ_lf_klhy_]hihqbgbebl_i_jvwlhfhcfhlhpbdeB^Zyihqlb
qlh]_gbc
\r\r\r
MoluDZd`_lmla^hjh\h\kie_kgmeZjmdZfbFZj]h]ey^ygZhldju\Zxsmxkyi_j_^g_c
iZghjZfm]hjh^ZIhljykZxsbc\b^mkeZ`^Ze\ahjZivygysbcZjhfZl[m^hjZ`beg_j\u
WlhfhzkZfh_ex[bfh_f_klhhlkx^Zhldju\Z_lkyijhklhg_\_jhylguc\b^Gbdh]^Z\k\h_c
�`bagbg_\b^_ey[he__ij_djZkgh]hjZkk\_lZkZfhaZ[\_gghijhbagzk`hgJblmevluq_]h
�dZrey_rvl_[_oheh^gh"Zlvl_[_fhxdmjldm"
G_lwlhhlg_j\h\ihykgbeZ^_\mrdZYdZreyxdh]^Zg_j\gbqZx]h\hjylwlhmf_gykkZfh]h
^_lkl\Z
�;hbrvky"F_gy"Lufg_g_^h\_jy_rv"`hgg_ih\_jbek\hbfmrZf
G_ly[hxkvk_[yk_[_g_^h\_jyxFZj]ZjblZ\kdbgmeZ]heh\mbg_hlju\ghihkfhlj_eZgZg_]h
@ZgluagZ_rvdlhy"KdZ`bfg_dlhy"
LulZdh]hyex[exl\zj^hhl\_lbehg
K_cqZkfg_emqr_ih[ulvh^ghcFZj]ZjblZhimklbeZ\a]ey^jZah[jZlvky\k_[_Lum`_
agZ_rvy_^m^hfhc\IZjb`
�QlhlulZdh_]h\hjbrv"\hijhrZe`hgqZklhoehiZy^ebggufbj_kgbpZfb:dZd`_fu"DZd
`_y"
Fg_hq_gv`Zevkeh\ghm^Zjih^^uomiZjgyi_j_o\Zlbeh^uoZgb_H^gZ`^uhgm`_keurZe
wlbkeh\Zbhgbijbg_keblhevdhi_qZevbh^bghq_kl\h
@Zev"Bwlh\kzqlhlufh`_rvkdZaZlv"hgkljm^hfih^Z\beklhghlqZygbyW]hbkldZMl_[y\
k_j^p_l_i_jvg_lf_klZ^eygZk"
W]hbkldZ"g_\u^_j`ZeZFZj]ZjblZHlw]hbklZkeurmL_[y\hegmxllhevdhl\hbqm\kl\ZZgZ
f_gyl_[_gZie_\ZlvIjbfbkgZqZeZfhx[hevi_j_`b\blhqlhyi_j_`beZZihlhf[m^_rv
�mij_dZlvZagZ_rvebluqlhybkiulu\Zx"DZdwlhijhkuiZlvkydZ`^mxghqvhldhrfZjh\
dh]^Z\b^brvdZdmfbjZxlex^biZ^Zxljy^hfbajZg_ggu_bhdjh\Z\e_ggu_\hedhf\ulv
ohq_lkyKp_guh^gZaZ^jm]hci_j_ie_lZxlky\^bdhfkljZrghflZgp_ylhklZgh\exkv
k\b^_l_e_fm`Zkghcb`_klhdhcj_agblhih]b[Zxhljmdex^_cdhlhjuom`_mki_eZihex[blvlh
kZfZklZgh\exkvm[bcp_cYg_agZxdlhy\qzffhzij_^gZagZq_gb_dZdh\ZfhyjhevF_gy]eh`ml
kljZobbkhfg_gbyhgZ]h\hjbeZghyaudg_kemrZeky_zd]hjemih^klmiZedhfhdZkezau
^mrbebb`]eb]eZaZgZdhg_phgZaZju^ZeZ
�Gm\hl\u`_gsbgu\k_]^ZagZ_l_ijhlb\dZdh]hhjm`byfu[_kkbevgu`hgijh\zejmdZfb
ih_zj_kgbpZf\ulbjZykezaudh]^Zij_djZkgu_`_gkdb_]eZaZaZklbeZxlkezaulhfm`qbgZ
i_j_klZzlykgh\b^_lvIjhklbyg_ohl_el_[yjZkkljZb\ZlvbaZklZ\eylv\hegh\Zlvky_sz[hevr_
Deygmkvy\kzk^_eZxqlh[ubkp_eblvl\hx^mrmHklZ\Zckykl_fbdlhl_[yex[blb\f_kl_fu
i_j_[hj_f\kzkijZ\bfkykq_f[ulhgb[uehIjhklb_keby[uej_ahdklh[hcghl\hbkeh\Z
[uebkeh\gh\uklj_eu\k_j^p_b^mrmL\hbkezauijbqbgyxlfg_[hevIhkfhljbZe__l
jZkk\_lgh_g_[hZa\za^ubkq_aZxl\mlj_gg_c^ufd_aZq_ffg_\kzwlh_kebyhklZgmkvh^bg[_a
l_[y"
ihju\_qm\kl\FZj]ZjblZ[jhkbeZkv_fmgZr_xqmlvg_k\Zeb\kgh]
KgZqZeZy^he`gZgZclbk_[yIjhklbqlhygZdjbqZeZgZl_[yylh`_\kiuebeZihimklm
�Fg_[m^_lhq_gvg_o\ZlZlvl_[yLuohlva\hgbibrb]em[hdh\a^hogme`hgdh]^Z
ohl_ehkvdjbqZlv^hojbihlu
Gmdhg_qghH[yaZl_evghYlh`_[m^mhq_gvkdmqZlv[_a\ZkGhy\_jgmkvylhqghagZxFg_
hq_gvly`_ehyklZjZxkvgZoh^blvgm`gu_keh\Z\uijhgbdeb\fhzk_j^p_bhklZg_l_kvlZf
gZ\k_]^ZYihklZjZxkv\_jgmlvkydZdfh`gh[uklj__Ym`_qm\kl\mxdZdihdZie_kbeubiZfylv
\ha\jZsZxlkydhfg_k_fuh^bghdbk_j^pZfb\[hevrbo]hjh^Zoijh^he`beZFZj]ZjblZ
keh\Zfbh^ghcbaex[bfuodhfihabpbckeh\ghaZ[em^b\rb_ky^_lbGhyihe_qmgZ
jZkl_jaZgguodjuevyobh^gZ`^uaZkby_lfhygZklhysZyih[_^Z
Ohl_e[uymgbqlh`blv\k_kljZobqlhgZ]hgyxli_qZevgZl\hb]eZaZkaZ[hlhcijhbagzkhg
h[gbfZy^_\mrdmaZie_qbGhmf_gy_klvb^_yJblmevaZdjhcgZfbgmldm]eZaZqlh[u
m^hklh\_jblkyqlhhgZg_ih^]ey^u\Z_lijh\zejmdhci_j_^_zebphf
HDkz"FZj]ZjblZ\g_l_ji_gbbgZdjmqb\ZeZgZiZevpuijy^vk\hbo\hehk
�Zfh`_rvm`_hldjulvgZdhg_pjZaj_rbehg
Dhgn_ldbRhdheZ^gu_Fhbex[bfu_hldju\dhjh[dm]jbevy`ZFZj]ZjblZk^_lkdhc
g_ihkj_^kl\_gghklvx\ayeZkjZamljbrlmdbbgZqZeZjZa\hjZqb\Zlvh[\zjldbHldm^Zwlh"Luqlh
nhdmkgbd"
�L_[_gjZ\blky"jh[dhhk\_^hfbeky`hg
Lu_szkijZrb\Z_rvml\_j^bl_evghaZdb\ZeZ]heh\hc^_\mrdZhlijZ\eyy\jhl_szh^gm
hllZdZy\_kzeZykqZkleb\Zykmeu[Zxsbfkyebqbdhflufg_gjZ\brvky[hevr_fy]dh
meu[gmekyhgYohqmaZihfgblvl\hxij_djZkgmxmeu[dm
@Zgg_gZ^h]em[hdh\u^hogmeZFZj]ZjblZY`__^mg_gZ\k_]^ZBgbkeh\Zhex[\b\h
bfyg_[Zba_febHl\_abf_gyemqr_^hfhc
H^bg;h]agZ_ldZd_fmohl_ehkvkgh\Zihqm\kl\h\Zlvijy^v_z\hehkf_`^miZevpZfb\^hogmlvbo
ZjhfZlhsmlblvijbdhkgh\_gb_z_dh`bbkiblvihp_embk_z]m[dZ`^uc\a^hodZdkf_jlvGhg_
\_]hijbgpbiZo[ueh[jZlv`_gsbgmkbehcmdjhlb\k_[yk_cqZkhg[m^_l\hagZ]jZ`^zgbgZq_
jbkdm_lihl_jylv_zgZ\k_]^ZLhevdh\hldh]^ZgZklmiblwlhihlhf"
H[gbfbh[gbfbf_gydj_iq_ihijhkbeZ^_\mrdZBg_l_jycf_gyM[_j_]bm^_j`bf_gyG_
hlimkdZcH[gbfbf_gydj_iq_Gm`_ihqlbihlj_[h\ZeZhgZ
�Lhevdh`hghldjue[uehjhlghg_mki_ehgbkeh\Zijhbag_klbdZdFZj]ZjblZih^g_keZiZe_pd
_]h]m[Zf
Gbkeh\ZDZd`_ykfh]m[_al_[yl_i_jv"
Bhgbkebebkv\^he]hfihp_em_
�AZihfgbijhr_ilZe`hgy]hlh\hldZaZlvkyhl\k_]hjZ^bl_[yghyg_]hlh\hldZaZlvkyhl
l_[y
Yijb^mdl_[_gZihfhsvyklh[hcihdZlu^urbrv
[uehlZd\k_]^Zluihfgbrv[m^_llZd\k_]^Zlukeurbrv
\r\r\r
�`hgkb^_egZ[hjlbd_[Zkk_cgZbgZb]ju\ZegZ]blZj_agZf_gblmxf_eh^bx1RWKLQJ(OVH0DWWHUV
�]jmiiu0HWDOOLFDhg^Z`_g_aZf_lbedZddg_fmih^hreZZgbweeZ
�:i_evkbgu]jm`mg_\b^brv"h]juagmeky`hg
�wgb\klZeZjmdb\[hdb
WcDZdZyfmoZmdmkbeZl_[yfbkl_j"gZb]jZggh\hafmlbeZkvhgZM`g_FZj]ZjblZ_zbfy"
��6RUU\Zgvyk_]h^gyqlhlhg_\^mo_\g_aZigh`hg\kdhqbebhleh`b\]blZjmih^hrzed
^_\mrd_
�ZgvdZ^Z\Zcih^_jzfky"_]h]eZaZebohjZ^hqgh[e_kl_eb
K^Zzlkyfg_qlhluk_cqZkg_\emqr_cnhjf_^_\mrdZhdbgmeZ_]hdjblbq_kdbf\a]ey^hf:
lujZa\_g_ih_^_rvijh\h`ZlvFZj]Zjblm\Zwjhihjl"
Fukg_cm`_ihijhsZebkvdlhfm`_^he]b_ijh\h^ug_^eyf_gy]hjvdhmkf_ogmekyiZj_gv
Y[hxkvqlhfh]mkhj\ZlvkybijhklhmdjZklv_zijyfhml_jfbgZeZ
�Z\_^vlukeh\ghoh^yqZy[hf[ZkqZkh\uff_oZgbafhf\hl\hl\ahj\zrvky_c_szg_
^h\h^behkv\b^_lvfm`qbgmlZdbf[_kihfhsgufbjZkl_jyggufJZkkdZ`bqlh]eh`_ll_[y
JZkkdZ`b\kzlhcdh]hgZa\Zek\hbf^jm]hfbk_kljhc
Lu\e_lZ_rvdhfg_g_^urZ
Qlh[khfghcjZa^_eblvwlmjZ^hklv
ByagZxqlh^jm]Z^mrZ
Mdj_iey_l[_af_jgmxjZ^hklv
Luijboh^brvdhfg_g_^urZ
Qlh[khfghcjZa^_eblvwlh]hj_
ByagZxqlh^jm]Z^mrZ
Mf_gvrZ_lly`zeh_]hj_
���ZgyZg_qdZ`hgdbgmeky^_\mrd_gZr_x
�=hkih^b^Zlu\_kv^jh`brvLu`_gZ]jZgb:mf_gydZdgZaehg_l`be_ldbwgb
ihkfhlj_eZgZiZjgy\_]h]eZaZo`_fqm`bgZfb[e_kl_ebkezau
Dlhlh\klZeZdlhlhgbdZdg_fh`_l\klZlvdh]^ZaZohq_lkydlhlhkiZeZdlhlhg_fh]dh]^Z
[_^Zbh^bghq_kl\h]jmklghijh^_deZfbjh\Zehgkeh\Zfbba\_klghci_kgbGmihq_fm"
Ihq_fm"Fh`_lijh[e_fZ\hfg_"Qlhyk^_eZeg_lZd"WlhqlhdZjfZmf_gylZdZy"Dh]^Zfhy
`_gZ\ex[beZkv\fh_]hemqr_]h^jm]Zy[eZ]hkeh\beboYkh[jZek_j^p_ihdmkhqdZfbm`_g_
^mfZeqlhkfh]mdh]^Zgb[m^vihex[blv:oFZj]ZjblZFZj]ZjblZkZfZfg_djuevyih^ZjbeZ
kZfZ`_bobh[ehfZeZDZdh]hqzjlZ=^_kdZaZghqlhy^he`_g_zhlimklblv"
�LZd^hjh]hcZl_i_jvky^vmkihdhckybihkemrZcqlhyl_[_kdZ`mkdZaZeZZgbweeZkmjh\uf
lhghf
�`hghlg_h`b^Zgghklbkgh\Zijbk_egZ[hjlbd[Zkk_cgZ
YihgbfZxqlhluk_cqZkqm\kl\m_rvghluihklmibeijZ\bevghFZj]Zjbl_hq_gv\Z`ghk_cqZk
l\hzihgbfZgb_hgZih^hklhbgkl\mhp_gbll\hcihklmihd=emiuchgZ\_^vex[bll_[yijhklh_c
k_cqZkly`_ehgh^Z`__kebhgZihl_jyeZiZfylvaZ[ulvex[h\vg_\hafh`ghDh]^Zex[brv
^he`_gmf_lv^h\_jylv`^ZlvbijhsZlvDZdgbkljZggha\mqblghqlh[ug_ihl_jylvFZj]Zjblm
lu^he`_ghlimklblv_zk_cqZkLu^he`_gm\Z`Zlv_zj_r_gb_
�;ebgjZamfhflhy\kzwlhihgbfZxgh\kzjZ\ghfg_hq_gv[hevgh`hghimklbekygZa_fex
DZd\hegZgZdju\Z_lk]heh\hcaZ[b\Zygha^jbi_ghcg_^Zzl^urZlvkb^_ehgh]emrzgguc:_fm
\hijhkk_[_bG_[_kZf
\r\r\r
�IhdZk_kljzgdZ`_dh[gye^_\mrdm;_j_]bk_[yGZg_]hgZoeugmelZdhcijbeb\g_`ghklb
hg\^jm]\kihfgbedZdfZ^ZfZe_glbgZoh^beZ\iheh`_gbbdZd\i_j\u_ijbg_keb\^hf
djhr_qgucdjbqZsbck\zjlhd_zi_j\u_rZ]bi_j\u_keh\Zi_j\u_k_dj_ludhlhjufbe_]q_
ih^_eblvkyk[jZlhfq_fkjh^bl_eyfb
�`_d_szjZaijbfbhlgZkh]jhfgmx[eZ]h^ZjghklvaZlhqlh\_jgmegZf^hqvh[gye_]h
RZjev
WlhkZfh_f_gvr__qlhyfh][uk^_eZlv^ey\Zr_ck_fvbmeu[gmekyfheh^hcobjmj]b^h[Z\be
�eyfh_ck_fvb
;_j_]bl_k_[y^_lbZe_glbgZihhq_j_^bjZkp_eh\ZeZj_[yl
�IhdZfZeurdZZgbweeZih]eZ^beZFZj]Zjblmih\hehkZf:lulhqghm\_j_gZqlh
ihklmiZ_rvijZ\bevgh"
�L_[_Zgve_]dh]h\hjblv[ueZ[ulugZfhzff_kl_lhl_ljh_hdZaZebkv[ugZ[hevgbqghc
�dhcd_Ghfg_`Zevihdb^Zlv\Zk:dZdlZf`hg"AgZ_rvdh]^Zy_]h\b`mlhklZgh\exkvlZdhc
�]emihcl_jyx^Zjj_qbklZgh\blkyljm^gh^urZlvQlhwlh"Luqm\kl\m_rvlh`_kZfh_d`_dm"
�wgbohl_eZhl\_lblvghlmlh[ty\bebihkZ^dm
Gm\hlfg_m`_ihjZ[_`Zlv]jmklghmeu[gmeZkvFZj]h
IhijhsZ\rbkvkh\k_fbhgZgZijZ\beZkvdimgdlmj_]bkljZpbb]^_j_adhhklZgh\beZkvb
hdebdgmeZj_[yl
Ih^h`^bl_fbgmlhqdmYdh_qlhaZ[ueZ^_\mrdZkgyeZaZdhedmk\hehkEh\bl_I_j_^Zcl_wlh
�`hgmhlf_gy
�_\mrdZihkeZeZ^jmavyf\ha^mrgucihp_emcbljyogm\qzjgufbdm^jyfbgZijZ\beZkvgZ
ihkZ^dm
H[_sZx^_j`Zlvk\yavdjbdgmeZhgZgZihke_^hd
;HGHY@F:J=H
\r\r\r
�`hgkehgyekyihimklhfm^hfm\gmljbmg_]h[ueZlZdZy`_imklhlZ\Zdmmf^Z\ysbcbkgZjm`b
bbagmljbHgaZ^uoZekyhl[_kkbebyGZc^y\[Zj_gZqZlmx[mluedm\bkdbhgkgZqZeZ^he]hbamqZe
wlbd_ldmihlhfgZebek_[_klZdZgbaZeihf\uibe_]hIjbylgh_l_iehjZaebehkvih\k_fml_em
�M^h\e_l\hjzgghofudgm\`hgihklZ\be[mluedmbklZdZggZklhebgZijZ\bekygZdmogxaZev^hf
HgbkZfg_aZf_lbedZd[mluedZhimkl_eZHlmfZg_gguf\ahjhfkfhlj_ehglhgZimklhcklZdZg\
jmd_lhgZimklmx[mluedmklhysmxgZklhe_a_jdZe_f_evdgmeZ_]hkh[kl\_ggZyl_gvLZdkh
�klZdZghf\jmd_rZlZxs_ckyihoh^dhc`hgih^hrze[eb`_baa_jdZeZgZg_]hkfhlj_e[e_^guc
hkmgm\rbckyg_dlhk\hkiZezggufb]eZaZfbljzo^g_\ghcs_lbghcb\aehofZq_ggufb\hehkZfbHg
ihijZ\be\u[b\rmxkyijy^vijh\zejmdhcihebpmbdjb\hmkf_ogmekyIhlhfj_adbf^\b`_gb_f
r\ujgmeklZdZg\hljZ`_gb_A_jdZehkha\hghfjZae_l_ehkv\^j_[_a]bHgijbk_egZdhe_gbb
ih^h[jZeh^bgbahkdhedh\kkbehck`Z\_]h\jmd_ihdZihiZevpZfg_ihl_deZdjh\v:_keb[u
�hgZhklZeZkvdZe_dhcijbdh\Zgghcdbg\Zeb^ghfmdj_kemlh]^Z[uhgZhklZeZkvkgbf`hg
ihju\bklhaZfhlZe]heh\hcqlh[uijh]gZlvba]heh\uwlb]j_rgu_fukebG_evay^Z`_^mfZlvh
kezaukZfbihk_[_kl_dZebihs_dZfhklZ\eyyfhdju_ke_^uIZevpujZa`Zebkvbhdjh\Z\e_gguc
hkdhehda_jdZeZmiZegZiheHgf_^e_ggh\klZebijbk_egZdjh\Zlvh[o\Zlb\]heh\mjmdZfb
IhlhfhghldbgmekygZihkl_evbg_\b^ysbf\a]ey^hfmklZ\beky\ihlhehdGZdhg_pih^gyekygZ
oh^mgZdbgmedmjldmbaZo\Zlbefhlhpbde_lgucre_f
�GZmebp_k\_`bc\ha^mog_fgh]hjZa\_yeof_evG_kdhevdhjZa]em[hdh\^hogm\`hggZ^_ere_f
bk_egZ[ZcdDm^Zhgih_^_l"AZq_f"G_\Z`ghLhevdhih^Zevr_hlkx^ZIh^Zevr_hl[heb
\r\r\r
�J_[ylZm`_h[bjZebkvihdbgmlvZwjhihjldh]^Za\hghdfh[bevgh]hij_j\ZekeZ^dbcihp_emc`_dZ
��bZgbweeuGZ^bkie__\uk\_lbekyghf_jdebgbdbH[j_qzggh\a^hogm\`_dkgyeljm[dm
JZa]h\hj[uedhjhldbf
Ijhklbl_j_[ylZjZa\zehgjmdZfbIjb^zlky\ZflZdkb[jZlvf_gy\uau\ZxlDZdhclhikbo
jZa[bekygZfhlhpbde_gZhdjm`ghfrhkk_
��wgbihkfhlj_eZgZ`_dZk\hbfb]eZaZfbg_[_kghckbg_\ubfy]dhmeu[gmeZkv
G_Z\kzjZ\ghg_\_jxdZd[ulug_klZjZekydZaZlvkyom`_q_f_klvgZkZfhf^_e_Ym\_j_gZ
qlh`bagvihkljZ^Z\r_]h\gZ^z`guojmdZo
IhklZjZxkvhijZ\^Zlvl\hz^h\_jb_ex[h\vfhy?]hm`_\_azl[jb]Z^Zkdhjhcbfg_gm`gh
�_oZlvhgihp_eh\ZeZgbweemih`ZejmdmIbl_jmbihijhsZekykhklZevgufb
\r\r\r
�DZdkhklhygb_[hevgh]h"g_aZf_^ebl_evghhk\_^hfbeky`_dm^_`mjghcijbzfgh]hhl^_e_gby
Khklhygb_ly`zeh_ghklZ[bevgh_f_^k_kljZih^ZeZ_fmdZjlmiZpb_glZKehfZggh_j_[jh
ijh[behe_]dh_kbevgh_\gmlj_gg__djh\hl_q_gb_hgihl_jyefgh]hdjh\bK_cqZk^ey\Zk]hlh\yl
�iylmxhi_jZpbhggmxZ\hl^hdlhjkZfbihkfhljbl_lZfhggZdZlZed_kgbfiZjZf_^bdb
dhlhju__]hijb\_aeb
Fheh^hcobjmj]ih\_jgme]heh\m\lmklhjhgmdm^ZihdZaZeZk_kljZbh[hfe_eg_aZ^Zqeb\uf
�[Zcd_jhfhdZaZekyg_dlhbghcdZd`hg?]h]eZaZg_dh]^Zij_djZkgu_gZ[e_^ghfhl[hevrhc
djh\hihl_jbebp_l_i_jv[uebih^zjgmluij_^kf_jlghc^ufdhcEbphbl_eh\kkZ^bgZob
djh\hih^lzdZo
�GmRmfZo_joj_gh\\k_j^pZo\ujm]Zeky`_dGZc^bl_Zg_kl_abheh]Zbijb]hlh\vl_kvd
i_j_eb\Zgbxdjh\bhl^ZehgjZkihjy`_gbyfeZ^r_fmf_^i_jkhgZemijhsmiu\Zyimevk
�ihkljZ^Z\r_]hL\hx`Zhll_[yjZablfhbf\bkdbdZdZy[ZgZevghklvhgohl_emlhiblv]hj_
gZ^g_[mluedb:yijbagZlvky[ueemqr_]hhl_[_fg_gbyEZ^ghl_[_gZk_[ygZie_\Zlvghlu
`_fh]k[blvdh]hgb[m^vHc^mjZd?c;h]mgZ\kx]heh\m^mjZdLh`_fg_]_gbcE_hgZj^h
G_^h\bgq_gguclZdlhlu[Zcdihqbgbe"Qlhkdjh\vx"
�Yihl_jyefgh]hdjh\b"_e_\u^Z\be`hgijhimkdZyfbfhmr_cdhedhklb\k\hcZ^j_k
�=jmiiZdjh\bkijZrb\ZxdZdZy"ih\lhjbek\hc\hijhk`_dgZqlhiZj_gvebrvg_ihgbfZxs_
aZfhj]Ze
Bhldm^ZlulhevdhlZdhc\ayekygZfhx]heh\m"fheh^hcobjmj]jZahqZjh\Zggh\a^hogmeb
�\ul_jeZ^hgvxihlkhe[Zh[jhih`Zeh\Zlv\gZrfbjmofuevgmekyhgjZkiZdh\u\Zyrijbp
Jmdm^Z\ZcDmeZdhfihjZ[hlZcLZdo\ZlblL_i_jvjZah`fbdmeZd
�WlhqlhlZdZybahsjzggZybgd\bablhjkdZyiuldZ"Djh\hibcpZebph`hgZbkdZabehkv
�:lumf_gy_szihmfgbqZc^Z\ZchkljydM`_g_lZdhcdjmlhc^Z"`_d\ugmeb]embi_j_^Ze
rijbpkZgblZjmHlg_kbl_wlh\eZ[hjZlhjbxgZwdkij_kkZgZebafg_g_h[oh^bfu^Zggu_ih
�]jmii_djh\bbj_amknZdlhj_\l_q_gb_^_kylbfbgmlEhdhlvaZ`fbh[jZlbekyhgm`_d`hgm
&#x_e;½¼&#xgd; b;&#xlh;&#xj;&#x;&#xk; j; b;&#xek;&#xy;�DZdkdZ`_rv]hkih^bg_ebdbcBgd\bablhjkdjb\beky`hg
IjhklbqlhfZeh_ob^ghmeu[gmekyfheh^hcobjmj]Ylmlf_`^mijhqbfiulZxkvkiZklb
l_[_`bagvlZdqlhjZam`_h[eZ`Zekylh[m^vex[_a_gaZdjhcjhlbg_f_rZcfg_jZ[hlZlv
��AZq_f`_d"AZq_f"ijhojbi_e`hg
�QlhagZqblaZq_f"\hafmlbeky`_dYl_[yklh]hk\_lZ\ulZsblvklZjZxkv\hh[s_lh
�:yijhkbeh[wlhf"Hlimklbf_gyh^gbfb]m[Zfbijhbagzk`hggbbaZdjue]eZaZgZ
j_kgbpZo[e_kgmeZke_aZ
�Kh`Ze_xihdZqZe]heh\hc`_dlh]^Zlug_dlhfm\jZqmihiZeyl_[yg_hlimsmmf_gy
j_imlZpby\kzlZdbKqblZcqlhk_]h^gyg_l\hc^_gvLu\hh[s_hfZl_jbk\h_cih^mfZedZdh\h
_c[m^_l":oijhklbl_Zr_[_kkf_jlgh_\ukhq_kl\hdm^Z`gZfijhklufkf_jlgufihgylvZrb
\ukhdb_fhlb\uBkugZlulh`_j_rbe\hllZd\^jm][jhkblv"Luijhba\zegZf_gy\i_qZle_gb_
kbevgh]hq_eh\_dZZhdZau\Z_lkylukeZ[Zd:f_gylu\dZdh_iheh`_gb_klZ\brv"LuihgbfZ_rv
qlhk_cqZkhlfh_]hfZkl_jkl\ZaZ\bkbl`bagv^jm]Z"Yg_bf_xijZ\ZgZhrb[dmLuohlv
ihgbfZ_rvdZdh_wlhg_j\gh_gZijy`_gb_":dlhlh\ueZdZefhc\bkdbG_ih^kdZ`_rvdlh"
�Ijhklbghihfh_fmluhlrb[ihke_^gb_fha]bg_\u^_j`Ze`_d:FZj]Zjbl_yqlhkdZ`m"
GZrjZa]h\hj_szg_aZdhgq_gmqlb
Lhlmfheyxs_ihkfhlj_egZfheh^h]hobjmj]Z
�`_dih`ZemcklZ^jm]ijhklhgZehgFg_oheh^ghLZdoheh^ghY\_jgm_z
:y^mfZeqlhl_[_`bagvm`_gZ^h_eZBebml_[ydZdmdhlZ^_\ylv`bag_c"JZamf__lky\_jgzrv
�lhevdh\_jgbkvkZfkgZqZeZ`_dg_fh][_akh^jh]Zgbykfhlj_lvgZmfbjZxs_]h^jm]Zb
^h[Z\bekfy]qb\rbkvYk^_eZx\kzqlhkfh]mh[_sZx
�BFZj]Zjbl_ijhrmg_jZkkdZau\Zcgbq_]h`hgihl_jyekhagZgb_
\r\r\r
FZj]ZjblZaZkuiZeZg_\kbeZokh\eZ^ZlvkgZdZlb\r_cmklZehklvxAZihke_^g__\j_fy_zg_j\gZy
kbkl_fZ[ueZbklhs_gZ^hij_^_eZFukebimlZebkv\]heh\_HgZihdZ_szg_agZeZijZ\bevgheb
hgZihklmibeZghlhqgh[ueZm\_j_gZqlh[m^_lkdmqZlv[_ak\hbo^jma_cdhlhjuohgZhklZ\beZ\
�Ehk:g^`_e_k_Z_szba]heh\ug_\uoh^bei_qZevguc\a]ey^djZkb\uo]eZa`hgZ
IhqlbfZrbgZevghgZkl_de_beexfbgZlhjZhgZ\u\_eZ
626IRUORYH
GZk\hbo]m[ZohgZhsmlbeZkhezgucijb\dmkkeza
\r\r\r
�`hgkb^_egZdjh\Zlb\hqlhlhm\e_qzgghb]jZygZghml[md_ZJhaZ^bg^Zmk_j^ghjZkqzku\ZeZ
_]h\hehku
Ijbgp_kkZZlug_i_j_imlZeZf_gykhk\h_cdmdehc;Zj[b"g_^h\hevghihfhjsbekyiZj_gv
Fgh]hluihgbfZ_rv\hafmlbeZkvJhabDjZkhlZlj_[m_l`_jl\lZdqlhl_jibMl_[y\hehku
kimlZebkvBg_\_jlb]heh\hc\^jm]^_\hqdmhk_gbeZaZgylgZyb^_yKemrZcZ^Z\Zcyl_[_
dhkbqdmaZie_lmZ"
]heh\hc

&#xhf;&#xgZ;&#xlm;&#x;&#xhr;&#x_e;�dhfgZlm\hr_e`_d
�LZZdqlhlmlmgZk"ihbgl_j_kh\Zekyfheh^hcobjmj]_lkdbckZ^fbjh\u_ijh[e_fuj_rZ_l"
bjhgbq_kdbaZf_lbehg
��Ihijhrmg_h[h[sZlv\ujZabek\hzg_kh]eZkb_`hgaZqlhihemqbehl`_dZih^aZluevgbd
G_ijh\hpbjmcf_gyygZl_[y_szhq_gvahehgi_j_\ze\a]ey^gZ^_\hqdmJhabgmo\Zlblm`_
�_]hfmqZlvfg_ih\yadb`hgmihf_gylvgZ^h
�EZ^ghyihc^mih]meyx\kZ^mghy_sz\_jgmkvihfZoZeZjmdhcJhaZebg^ZZ`hgebrv
h[j_q_ggh\a^hogme
�Ijb^_lkyihl_ji_lvij_^mij_^be`_dMqlbqlhykfh]aZe_qblvlhevdhwlbl\hbjZguZl_
qlhl_[y^_ckl\bl_evghfmqZxlg_ih^kbem\ue_qblv^Z`_fg_lhevdhlukZffh`_rvihfhqv
k_[_
Ihke_lh]hdZdaZdhgqb\ijhp_^mjufheh^hcobjmj]m^Zebeky\_jgmeZkvJhaZebg^Z\
khijh\h`^_gbbklZjr_ck_klju
�Wcg_jZkdbkZc[jZlbrdZh[h^jyxs_meu[gmeZkvZgbweeZ?kebJblmeyg__^_ldgZflhqlh
f_rZ_lgZfih_oZlvdg_c"Ebqghykh\k_fg_ijhlb\ihk_lblvIZjb`Z"
��ZgyZ\_^v^_ckl\bl_evgh]eZaZ`hgZaZkbyebIj_djZkgZyb^_yFZj]ZjblZibr_lqlh_c
kihdhcghbdhfnhjlghhgZijh^he`Z_lmqz[mZih\uoh^gufihfh]Z_l\fhgZklujkdhcdebgbd_
�ijbZ[[Zlkl\_K_gFZj]Zj_lah\zl\]hklb:qlhkdZ`_lgZwlh`_d"
G_i_j_`b\Zchgg_kfh`_lfg_hldZaZlvb]jb\hih^fb]gmeZhgZDZdlhevdhl\hzkhklhygb_
[m^_liha\heylvkfh`_fhlijZ\blvkyHklZevgu_ym\_j_gZlh`_[m^mlg_ijhlb\
�Lubklbgguc^jm]k_kljzgdZk[eZ]h^Zjghklvxh[gye_z`hg
�:k_cqZkl_[_gm`gh\ukiZlvky^Z\Zckx^Zghml[mdihijhkbeZwgb
�GmlZdg_q_klghjZkkljh_ggh[mjdgme`hgYebqghklvl\hjq_kdZybklj_fysZykyd
ihagZgbx\k_]hghmlfg_ijhklhg_h[oh^bfhg^Z`_ihiulZekyijb\klZlvgZih^mrdZogh
kdjb\b\rbkvhl[hebkgh\ZjmogmegZihkl_evijbgbfZyls_lghklvlZdboihiulhd\_]h
l_i_j_rg_fkhklhygbb
&#xZj;&#xdj;&#xZn;&#xl;&#xj;&#x_a;&#xZl;&#xvk;&#xy;&#xhg;&#xl;&#x_[;&#x_;&#xg_;&#xh[;&#xoh;&#x^b;&#x;&#xi;&#xZj;&#xbj;&#xh;&#xZe;&#xZ;:]ZdZd`_\ZjdjZnlj_aZlvkyhgl_[_g_h[oh^bfiZjbjh\ZeZZgbweeZ
�`hgebrvkdhjqbe\hl\_ljh`bpmb\agZdijhl_klZgZdjuekyh^_yehfk]heh\hc
Ihlhf\k_ljh_m`_aZ^hjghkf_yebkv
\r\r\r
�hqdZdl_[_ijbrebkimklbkv\oheemeu[gmeZkvfheh^ZyfhgZobgyL_[y`^zlk_kljZ
�KimkdZykvihe_klgbp_FZj]ZjblZ\kz]Z^ZeZdlh`_fh`_l`^Zlv_zZgbweeZWee_g
LhqlhhgZm\b^_eZij_\ahreh\k__zh`b^ZgbyG_m\_j_gghcihoh^dhc^_j`ZkvaZi_jbeZ
FZj]ZjblZkimklbeZkv[e_^gZyihom^_\rZykgh\Zdhjhldhkljb`_ggZy\kdjhfghfk_jhfieZlv_k
djm`_\gufb\hjhlgbdhfbfZg`_lZfb
JmfygZyq_jgh\hehkZy^_\bpZ\^ebgghfZleZkghfqzjghfieZlv_bqzjguoeZdh\uolmneyo
jZklygmeZmeu[dmhlmoZ^hmoZh[gZ`b\[_ehkg_`gu_am[u
%RQMRXUPRQFKHUmeu[gmeZkvhgZ_szjZa
B[_alh]hg_fZe_gvdb_]eZaZJbluklZebijhklhh]jhfgufbhgZkfhlj_eZbg_fh]eZih\_jblv
HlgZoeugm\rboqm\kl\aZdjm`beZkv]heh\Zihs_dZfihl_debkezauAZdju\ebphjmdZfb
FZj]ZjblZ\u[_`ZeZ\kZ^G_fgh]hijh[_`Z\hgZaZklueZgZf_kl_]em[hdh^urZiulZykv
kh\eZ^Zlvkwfhpbyfb
FZj]ZjblZihklhcIh^h`^b`_
Hdjbd\u\_e^_\mrdmbahp_i_g_gby
=hkih^by`m[blvkylZdfh]mgZwlbodZ[emdZoBdZd\u`_gsbgulZdh_ghkbl_"WlhgZ\_jgh_
om`_q_fdZg^ZeuhldZdgZ^h[uehiulZlv\kj_^gb_\_dZBkiZgkdb_kZih`dbg_j\ghdmjyl\
�klhjhgd_rmleb\hk_j^beky`hg
FZj]ZjblZh[_jgmeZkvbg_fh]eZm`_k^_j`b\Zlvijbklmi[_am^_j`gh]hkf_oZ
�`hggblu\kzlZdbijb_oZe^_\mrdZkfhlj_eZgZg_]hbkf_yeZkvhl^mrbAgZ_rvZl_[_
b^_lwlhlgZjy^lulZdhcfbeZrdZGh^eyq_]h\_kvwlhlfZkdZjZ^"
�`hgihdjZkg_ebdhd_leb\hmeu[gmeky
�Gm^ZylZdhc:dZdihl\h_fmyihiZe[u\`_gkdbcfhgZklujv"vy\hevsbgZYqmlv;h]m
^mrmg_hl^ZegZwlbodZ[emdZo[m^vhgbg_eZ^gu\ujm]ZekyhgkgbfZyaehkqZklgmxh[m\v
IjhklbylZdbg_gZmqbeky`blv[_al_[y\bgh\Zlhmeu[gmekyiZj_gvAZlhkh]eZkbkvfg_
m^Zehkvl_[ym^b\blv
FZj]ZjblZg_fh]eZk^_j`b\Zlvg_ij_djZsZxsbckyijbklmikf_oZ
�WlhZgykJhabgZ^lh[hcih^rmlbeb"KgboklZg_lkyGZ^\hj_^\Z^pZlvi_j\uc\_dg_klhbeh
lZdbahsjylvky\kz_szkf_ykvb\ulbjZyjmdZfbihlzdrmxhlkezalmrvkijhkbeZFZj]ZjblZB
\kzwlhjZ^bf_gy"
IZj_gv_szjZaijbklZevghhkfhlj_ek_[ybjZajZabekyaZjZabl_evgufkf_ohf
Lu\kzfh`_rvijhq_klvk_cqZk\fhbo]eZaZomkihdhb\rbkvihke_ijbklmiZkf_oZiuedh
�aZ\_jbe`hgb\gbohgZm\b^_eZk\hzhljZ`_gb_
Ml_[y]eZaZlZdb_qlhg_\hafh`ghaZ[ulv^_\mrdZ^hljhgmeZkv^h_]hj_kgbp
KmfZkhc^zllhldlhl_[yihex[blJZkkm^dZlhlebrblkydlhl_[yihex[blih\lhjyehghkuiZy
ihp_emyfbdZ`^uckZglbf_ljgZ_zebp_]eZ^y_z\hehkuJblaZq_f\hehkuhiylvhkljb]eZdh]^Z
hgblhevdhgZqZebhljZklZlv"Ml_[yjhkdhrgu_\hehkug_h[j_aZc[hevr_ohjhrh"
LugZklhevdh\ex[ezgqlhaZf_qZ_rvdZ`^mx^_lZev"FZj]ZjblZijbklZevghihkfhlj_eZgZ
iZjgyeZkdh\hmeu[gm\rbkv
H^Zb^ZKlhlukyqjZagZh^ghf^uoZgbb\ufhe\behgIjhklbf_gy^mjZdZYg_^he`_g[ue
^Z\blvgZl_[yGhwlZbklhjbyf_gyfgh]hfmgZmqbeZ_kebex[brvlhmqbrvky`^Zlvb^h\_jylv
Ylh`_\_eZk_[ydZdw]hbklbqgucba[Zeh\Zggucj_[zghdDhg_qghwlhg_hijZ\^Zgb_ghfg_
[uehhq_gvly`_ehL_i_jvfuihklZjZ_fkybkijZ\blvgZrbhrb[dbFZj]ZjblZ\ayeZ_]hjmdm\
k\hbfZe_gvdb_ihqlb^_lkdb_eZ^hgbL_i_jv\kz[m^_lohjhrhDZd[ugb[uehly`_ehfu\kz
ij_h^he__f\f_kl__^vmgZk\i_j_^bp_eZy\_qghklv
MgZk\i_j_^bp_eZy\_qghklvih\lhjbehgbdZ`^ucbagbo[uem\_j_gqlhbf_ggh_fm\_^hf
bklbgguckfukewlbokeh\
g_aZighih^h[ghkhlg_f_q_c_zijhgabebemqbk\_lZbhgZih^gyeZkv\\ha^mo
Jhlijbhldjul\g_fhfdjbd_]eZaZaZkluebdZdkl_deyrdbmdmdeu?zl_ehih]ehlbehk\_lb
FZj]ZjblZmiZeZgZa_fexL_ehho\ZlbehieZfy
hgZg_qm\kl\h\ZeZ
�`hgihiulZeky[uehih^hclbdg_cghhgZbklhrghaZdjbqZeZ
G?LG_ijb[eb`Zckydhfg_YhiZkgZFZj]ZjblZk`ZeZ]heh\mjmdZfb
�Lh]^Zbylh`_hiZk_g`hgklhyegZdhe_gyoijb`bfZy^_\mrdmdk_[_
Qlhlu^_eZ_rv"HklZ\vf_gyhgZhlqZygghkhijhlb\eyeZkviulZykv\uj\Zlvkyba_]hh[tylbc
l_jyyk\yavkj_Zevghklvx
Bg_ijhkbhgdj_iq_ijb`Ze_zdk_[__fmieZfylZd`_g_ijbqbgyeh\j_^ZYg_fh]mkgh\Z
l_[yihl_jylvLufhy`bagvIhkfhljbgZf_gyhglhjfhrbe_zaZie_qbHqgbkvIhkfhljb`_
gZf_gy
Yyg_ohqmijbqbgylvl_[_\j_^l\_j^beZkd\havkezauFZj]ZjblZbkim]Zggh]ey^ygZg_]hb
�g_ihgbfZyqlh`hghklZzlkyg_\j_^bf-HWLHQVjWRL Lufg_kebrdhf^hjh]nj\fYg_ijhsm
�k_[_`hgg_^Ze_c^h]h\hjblvaZi_qZlZ\jhlihp_em_f
DZddmkhqdbiZaeZ\k_\hkihfbgZgbyg_h[tykgbfufh[jZahf\klZebgZk\hbf_klZFZj]ZjblZ
\kihfgbeZ\kxk\hx`bagv^hf_evqZcrboih^jh[ghkl_c\k_r_klgZ^pZlve_ldZ`^uc]h^^_gvaZ
^gzff]gh\_gb_aZf]gh\_gb_f
HgZj_adhaZijhdbgmeZ]heh\maZdjbqZ\l_eh_z\u]gmehkv^m]hcbh[fydehhehkuijbh[j_eb
ieZlbgh\uchll_ghd
\r\r\r
]h^NjZgpbyIZjb`Em\j
L_ehxghcRZjehllukh^jh]Zehkv\Z]hgbbgZ]m[Zo\uklmibeZdjh\Z\Zyi_gZ
G_lG_ljh]ZcFZj]ZjblZh^ghcjmdhcklZjZeZkvaZdjulvfm`mjhlZ\lhjhciulZeZkv
kijZ\blvkyk_]hihju\bklufbihiuldZfbdbgmlvkydmfbjZxs_c^_\mrd_G_ijbdZkZckydg_c
HklZ\v_z
dhfgZlm\hrebg_kdhevdhq_eh\_dwlh[uebex^b]_jph]Z:g`mckdh]h
=^_hg"HgZh^gZ"h^bgbagbo[_]ehh]ey^_eky\hdjm]bhkfhlj_el_ehL_fom`_Ih]h^b;_jb
aZgh]b;ukljhHldjhchdgh
AZhdghfjZa^Zekya\mdiZ^Zxs_]hl_eZFm`qbgu\urebb\ihdhyoRZjehlu^_Kh\ih\bkeZ
]g_lmsZylbrbgZ
:jfZgvydk[_`Zehlkx^Z[eZ]h^Zjy_c=_gjbom`_g_\kbeZok^_j`Zlvkeza[_kkbevgh
himklbekygZdhe_gbDZ`^mxghqvy\b`mdZdhgbm[b\ZxlgZrboex^_cYkeurmbodjbdbb
ijbau\uhfs_gbb
Kijyqvl_\Zrm[hev\ZrkljZo\Zrmi_qZev_^bl_k_[ylZdkeh\gh\ugbq_fg_h[j_f_g_gu
keh\gh\uk\h[h^guijb]h\Zjb\ZeZFZj]ZjblZmeh`b\_]h]heh\mk_[_gZdhe_gbg_jZafudZy
�h[tylbcmkihdZb\ZydZd[ZxdZxlfeZ^_gp_\hkboihj\uohjhrhb]jZebk\hxjhevLZdb
ijh^he`Zcl_Ba_zmklbkoh^beZkf_jlvY^magZxihq_jdfZlmrdbMgZkg_evayihdZau\Zlvk\hx
keZ[hklvGbdh]^ZIhdZaZ\bfqlhex[bl_dh]hlhmdZau\Z_l_gZ`_jl\mukZfb^Zzl_bfih\h^
ba[Z\blvkyhl\ZkG_evaybfihdZau\Zlvdh]hfuex[bf
=_gjboihkfhlj_egZg_z\a]ey^hfiheguf[eZ]h^ZjghklbbijbagZgby
K_]h^gylukgh\ZkiZkeZfg_`bagvYg_aZ[m^mwlh]h


DZ`^mxghqvfg_y\eyekyl\hcijbajZdFZj]ZjblZ^jh`ZsbfbjmdZfbklZjZeZkvbkke_^h\Zlv
dZ`^mxqzjlhqdm_]hebpZaZihfgblvdZ`^ucba]b[[m^lhhgb\kZfhf^_e_[ueijbajZdhfqlh
fh]bkq_agmlv\ex[h_f]gh\_gb_:ihmljZf\_jbeZqlhlu`b\Y\k_]^Z\_jbeZqlhfu
\klj_lbfky
k_]^Z"hgijb`Ze_zjmdmdk\hbf]m[Zf
k_]^Zg_dhe_[eykvhl\_lbeZFZj]ZjblZ
Lu[eZ]hmoZeZZjhfZlhf`ZkfbgZijh^he`Zehgihdju\Zy_zebphihp_emyfbLu[ueZ\
fZkd_Yih^mfZefh`_llug_djZkb\Zbebbamjh^h\ZgZlmi_j\mx\klj_qmlug_ohl_eZqlh[uy
l_[yp_eh\ZeYih^mfZeqlhlu_sz[he__h^bghdZq_fyB_szih^mfZel\hyex[h\v[_ajZkkm^gZ
keh\ghf_klv
Yohl_eZl_[yaZ[ulvFZj]ZjblZijbeh`beZ_]heZ^hgvdk\h_cs_d_Gh\lmm`Zkgmxghqvl_[y
ijb\_ebdhfg_
F_gydl_[_ijb\zekZf=hkih^vjZa]Zjj_agbyhldjue]eZaZbm\b^_el_[y
Yl\hcijb]h\hjijhr_ilZeZFZj]ZjblZ
\r\r\r

Fg_bohq_gv`ZevDZje[uekZfg_k\hcki_j_khorbfb]m[Zfbb[he_ag_ggh[e_klysbfb
]eZaZfbgZ[e_^ghfebp_FZj]hFZj]hgZl_[_hq_gvdjZkb\h_ieZlv_hg\ayek_kljmaZjmdmb
ihiulZeky\u^Z\blvbak_[yih^h[b_meu[db
RZjevyex[ex_]hFZj]ZjblZijbklZevghihkfhlj_eZ\_]h]eZaZ
=^_lu[ueZ"kljh]hkijhkbedhjhev
Yex[ex_]hRZjevih\lhjbeZhgZ
hlm`_fgh]h^g_clug_\uoh^beZbak\hboihdh_\G_ohl_eZf_gy\b^_lv"Ybaf_gbeky
kdhj[gZymeu[dZhk\_lbeZ_]hbafmq_ggh_ebphLuihij_`g_fmf_gyex[brv"KgZqZeZkgh\Z
mkf_oZ_lkyDZjeLug_ex[beZ_]hGhjZa\_wlhhklZgZ\eb\Zehl\hx]hjyqmxdjh\v"FZj]hfu
[uebohjhrbfbb^h[jufb^_lvfbaZq_ffu\ujhkeb"AZq_fyklZedhjhe_fjZgvr_q_fklZe
fm`qbghc"Y[uelZdahe\^_gvl\h_ck\Z^v[uL_[ymdjZebbg_kijhkbebf_gyG_ohl_el_[y
hl^Z\ZlvijhdeylZyGZ\ZjjZlZd^Ze_dhDZdy_]hg_gZ\b`mGhhgl_i_jvfhc[jZlY_]h
ex[ex:gjbhbaZwlhg_gZ\b`mGhihdZhgl_[yhojZgy_limkdZcImkdZcy[m^m_]hex[blv
gZebp_\uklmibebdZiebdjh\Z\h]hihlZdhlhju_hgklZjZl_evgh\ulbjZeh[_ehkg_`guc
iZjZ^gucdZfahe
Ml_[ydjh\vFZj]ZjblZkkh^jh]Zgb_fihkfhlj_eZgZ[jZlZ
DZdZyjZagbpZ"hgh[gye_zaZie_qbhklZ\eyyjmdZfbdjh\Z\u_ke_^uLuebrvkhojZgbmeu[dm
gZk\hbomklZoBgh]^ZemqrZy^Zgvmkhirbfmf_gb_ih^Z\blv\k_[_[hevkljZ^Zgbc
Ghhgbg_mf_jebjh[dhaZf_lbeZFZj]ZjblZ
WlhyYmf_j\aj_\_eDZje=jmklgh[ueh[umf_j_lv[_al_[yhgmldgmekyebphf\_z
ie_qh
Lug_mfjzrvRZjevYhklZgmkvklh[hcFZj]ZjblZh[gyeZ_]hbih]eZ^beZih\hehkZfHg
ebrvlhevdhihfh]fg_Hgex[bef_gyZwlhg_ij_klmie_gb_HklZ\v_]hfg_RZjevuimklb_]h
Dl_[_\kiZevgx"gZkf_reb\hmlhqgbeDZjeH^bgjZalu_]hm`_kiZkeZO\Zlblhg
j_rbl_evghhk\h[h^bekyhl_zh[tylbcG_lFZj]h_]hg_evay\uimklblvIh]hkm^Zjkl\_gguf
khh[jZ`_gbyfG_evayqlh[umagZebh^jm]hfij_klmie_gbb
HdZdhfij_klmie_gbb"bamfezgghkijhkbeZFZj]h
HdZdhf"H[wlhfemqr_g_agZlvhggZdehgbekydkZfhfm_zmombijhr_ilZe:g`mg_gZ^h
\ha\jZsZlvkyG_gZ^hHgb\Zkm[vxlGZrmfZlvb_]hlh`_Koh^baZGZ\ZjjkdbfHgl\hcfm`
koh^baZgbfHg^he`_gijZ\blvkljZghchg
Qlhlu^_eZ_rvRZjev"Qlhlu^_eZ_rv"r_ilZeZFZj]ZjblZbkZfZk_[_g_\_jbeZ
Yqm\kl\mxaZiZokh[kl\_gghckf_jlbijh^he`ZehgQlhkdZ`m=hkih^mdh]^Zhgkijhkbl"Y
kdZ`m_fmlmkljZrgmxZjnhehf__\kdmxghqvdh]^Z\h^uK_guklZebdjZkgufbhldjh\by
dj_idhkiZeY^Z`_g_iblZedgbfg_gZ\bklbLuwlhagZ_rv
�ZywlhagZxlbohhl\_lbeZFZj]ZjblZ
Hgb`^mlf_gy@^mlybo\b`mDZje^h[hebk`Zejmdmk_kljuBmgbodjh\vb^zl]hjehf
dZdbmf_gy
RZjevlulh`_\lZcg_ex[be\afhebeZkvhgZJZ^bf_gyihfbemc_]h
WlhhghljZ\bef_gy]jhfdhhl\_lbedhjhev
G_lWlhg_hg\kdjbqZeZFZj]h
DZjedj_iq_ijb`Ze_zdk_[_bijhbagzkm`_gZfgh]hlbr_
G_hgghgZ^hqlh[u[uehg
AZq_f"Dlhl_[yhljZ\be"Dlh"FZj]ZjblZaZ^ZeZ\hijhkgZdhlhjuckljZrbeZkvmkeurZlvhl\_l
GZrZfZlvj_adhhl\_lbeDZjeZFZj]ZjblZ^hdjh\baZdmkbeZ]m[mk^_j`b\Zydjbdwlh[ue
bf_gghlhlhl\_ldhlhjh]hhgZlZd[hyeZkvdhlhjuc]em[`_dbg`ZeZ\hgabeky\_zk_j^p_Lu`_
agZ_rvk_kljbqdZqlh\gZr_ck_fv_m[b\ZxlgZkh\_klvkZjdZklbq_kdb^h[Z\behg
;h`_ihfh]b_fm^jh`Z\h[tylbyokeZ[_xs_]h[jZlZq_cdZfahe\_kvm`_[ueijhiblZg
djh\vxijhr_ilZeZFZj]ZjblZ\ha^_\]eZaZdg_[mIhfh]b

\r\r\r

RZjevmfheyxih^ibrbihfbeh\Zgb_FZj]ZjblZihgbfZeZqlhk_cqZk^eyg_zihke_^gbc
rZgk?z[jZldhjhevNjZgpbbDZje,;e_`ZegZkf_jlghfh^j_
DhlhjucqZk"ihbgl_j_kh\Zekyhg
IylvqZkh\keZ[uf]hehkhfhl\_lbeZFZj]ZjblZ
Iha^ghi_qZevgh\a^hogmeDZje
Iha^gh"h[_kihdh_gghkijhkbeZhgZIhq_fmiha^gh"
FZjbFZjbYlZdex[bel_[yDZjekbebekyijbih^gylvkygZdjh\Zlbkeh\ghqlhlhm\b^_e
lZf\ukhdhgZihlhed_FZj]hFZj]h;h`_fbehklb\uc\kzl_eh_]hgZijy]ehkvbhg
km^hjh`gh\p_ibekyiZevpZfb\ijhklugb;h`_fbehklb\ucyb^mdl_[_[_akdbi_ljZbdhjhgu
AZ[m^vhij_klmie_gbyodhjheybihfgblhevdhhkljZ^Zgbyo^blyl\h_]hYohqm[ulvm]h^guf
=hkih^mFuij_djZlbf\hcgmFuih]Zkbfg_gZ\bklvFu[m^_f^h[jufbbkbevgufbG_[hcky
fhyFZj]h[jZl[m^_lgZ[ex^ZlvaZlh[hcbaqbklbebsZ_]h]eZaZaZkluebb]heh\Z[_a\hevgh
FZj]ZjblZh[gyeZ[jZlZ\ihke_^gbcjZaaZdjueZ_fm]eZaZbaZ^meZk\_qmm_]hba]heh\vy
KibkihdhcghRZjevG_kqZklgh_^blylug_`_eZegbdhfmaeZ
GZ\Zjjkdbcklhye\^Zevg_fm]emdhfgZlubmkbe_gghfhj]Zebfhjsbekyk^_j`b\Zykezau
�DhjhevDZje,;mf_jZa^jZ\kl\m_ldhjhev=_gjbo,,,k_c`_qZkjZag_kehkvih]Ze_j_yf
Em\jZ

\r\r\r

WlbfkhklZ\hf[ZevaZfbjmxldhjhe_cFZj]ZjblZi_j_^ZeZiZeZqmf_rhq_dbaqzjgh]h[ZjoZlZ
KhojZgb_]hdjZkhlm^eyf_gyihlhfhgZih\_jgmeZkvd]_jph]bg_G_\_jkdhcKgbfbkf_gy\k_
^jZ]hp_gghklbIhohjhgbl_bo\f_kl_kgbfDZdyl_[_aZ\b^mxlukfh`_rvkihdhcghhieZdZlv
k\h_]hDhdhggZkZ
Zk`^zldhjhev=_gjbo:\Zr_ieZlv_\djh\baZf_lbeZ:gjb_llZ
Wlhg_bf__lagZq_gbyg_`ghcmeu[dhcijhkbyeZFZj]ZjblZ;ueZ[umeu[dZgZmklZo

\r\r\r
FZj]ZjblZklhyeZihkj_^bg_h]jhfgh]haZeZk\bljZ`gufbhdgZfbdZf_ggufihehfbfjZfhjgufb
dhehggZfb\^Zevg_fm]emdhlhjh]h\dj_ke_baZeh]h[ZjoZlZkb^_eZ`_gsbgZ\klZjbgghfieZlv_
�_\mrdZf_^e_gghf_edbfbjh[dbfbrZ]ZfbihreZ\_zklhjhgm
�Gm`_kf_e__^blyiha\ZeZ`_gsbgZ\klZ\Zykdj_keZIh^hc^b[eb`_Zcl_[yh[gylv
FZj]ZjblZihkemrghijh^he`ZeZb^lbl_i_jvhgZmagZeZdlhi_j_^g_ck\_l_k\_q_c
ij_djZkgh_ebph_szfheh^hc`_gsbgudZaZehkvkihdhcgufbmfbjhl\hjzggufgh_z[hevrb_
lzfgu_]eZaZ[uebihegulhkdbb]jmklbH^_lZhgZ[ueZ\jZkrblh_ahehlhfb`_fqm]hf[hj^h\h_
[ZjoZlgh_ieZlv_k[hevrbf^_dhevl_hldju\Z\rbf[_amij_qgmxdh`mr_bb]jm^bBamdjZr_gbc
gZg_c[ueblhevdh`_fqm`gu_k_jv]bK]hj^hchkZgdhchgZg_keurghieZ\ghcihoh^dhcklmiZeZ
\[ZjoZlguolmneyo
Zr__ebq_kl\h^_\mrdZij_dehgbeZdhe_gh
Ih^gbfbkv^bly`_gsbgZijhlygmeZjmdmGbdh]^Zbgbi_j_^d_fg_kdehgyckyIhfgbdlh
lu_klvbg_aZ[u\Zcqvydjh\vl_qzl\l_[_Kimklyklhe_lbydjh\vF_^bqbbZemZkgh\Z
h[t_^bgbeZkv`_gsbgZh[gyeZFZj]ZjblmL_i_jvdh]^Zyk\hbfb]eZaZfbm\b^_eZl_[yyfh]m
kihdhcghmclbIjhklbaZl_dhrfZjuqlhl_[_^h\_ehkv\ug_klb
Kdhevdh`_Zf\k_]hijbrehkvi_j_`blvmqZkleb\hijh]h\hjbeZFZj]ZjblZ
Wlhgbq_]hluebrvkhojZgbk\hx^b\gmxmeu[dmhgZbkdj_gghmeu[gmeZkvb\ayeZjmdm
^_\mrdb\k\hxLu[m^_rvkqZkleb\__f_gylukfh`_rvlhq_]hg_kfh]eZyY\_jxqlhlZdb
[m^_l;m^vfm^jhckf_ehcbfbehk_j^ghcBh^gZ`^uk\hbf\_ebqb_fluaZlfbrvf_gyHlimklb
`_f_gykez]dbfk_j^p_fbg_^_j`baeZ
FZj]ZjblZihke_^gbcjZaihkfhlj_eZ\]eZaZwlhcg_\_jhylghkbevghcbij_djZkghc`_gsbgu
bklbgghcdhjhe_\u
HlimkdZxl_[ydjh\vhldjh\bfh_cFZj]ZjblZbaFZj]Zjblijhbag_keZ`_gsbgZ
HlimkdZxl_[ydjh\vhldjh\bfh_cK\_leZyDhjhe_\Zhl\_lbeZ^_\mrdZ
�_\mrdZhkfhlj_eZkvihklhjhgZfihq_fm`_lh]^ZhgZkZfZhklZeZkv"
:mf_gylugbq_]hg_ohq_rvkijhkblv"jZa^Zeky]hehkmg_zaZkibghc
FZj]ZjblZh[_jgmeZkvbmaj_eZkZfmk_[ylhevdhklZjr_e_lgZ^_kylvkfh^ghcijbqzkdhc\
[_ehcr_edh\hc[ema_dhklxf_[e_^ghi_jkbdh\h]hp\_lZb[_`_\uo[hkhgh`dZogZribevdZoHgZ
�ijhlygmeZjmdmh`b^ZyqlhlZijhc^zlkd\havl_ehghjmdZmizjeZkv\iehlv_\mrdZhl^zjgmeZ
�jmdmb\bgh\Zlhmeu[gmeZkvjm]ZyFZj]ZjblZmeu[gmeZkv\hl\_l
G_m`_eblZdh_\hafh`ghihljyk_gghijh[hjfhlZeZFZj]ZjblZbkbevghaZ`fmjbeZkvZdh]^Z
kgh\ZhldjueZ]eZaZlh\lhjZykg_ih^^_evgufbgl_j_khfijh^he`ZeZkfhlj_lvgZg_z
F_gyl_[_g_klhbl[hylvkykihdhcghijhbag_keZhgZYwlh\k_]hebrvluLZdml_[yg_l
\hijhkh\dhfg_"ih\lhjbeZ^jm]ZyFZj]ZjblZ
Djhf_dZjlbgijhrehc`bagby\b^_eZgZqZeZ^_\mrdZg_fgh]hhkf_e_\Wlhkemqblky\
[m^ms_f"
Lu\b^_eZebrvhlju\db\uj\Zggu_badhgl_dklZLug_\b^_eZ\k_ckmlbYg_fh]mh[_sZlv
ez]dhckm^v[ughfh]mh[_sZlvkm^v[u^hklhcghc\ZkZr_[m^ms___szg_gZibkZghHgh[m^_l
lZdbfdZdbf\u_]hk^_eZ_l_
?klv_szqlhg_^Zzlfg_ihdhy^_\mrdZaZigmeZkviulZykvih^h[jZlvkeh\Zhlhfqlh]eh`_l
_zk_j^p_b^mrmhqzf_zfukeb
YagZxhqzfluohl_eZkijhkblv^jm]ZyFZj]ZjblZiheh`beZjmdm_cgZie_qhbeZkdh\h
ijhbag_keZbohqmihdZaZlvl_[_dh_qlhkfhljb`_\gbfZl_evghIhcfbihq_fmyg_ih`Ze_eZh
lhfqlhihkemrZeZkv]hehkZex[\b
FZj]ZjblZhdZaZeZkv\h]jhfghck\_lehc]hklbgghcmdjZr_gghcdgh\h]h^gbfijZa^gbdZf
Ihkj_^bg_dhlhjhcgZklj_fygd_\hae_]b]ZglkdhczedbklhyeZhgZkZfZ\Zehfr_edh\hfieZlv_
jZa\_rb\Z\rZyzehqgu_mdjZr_gbyKeh\ghaZwlb]h^ugbq_]hbg_baf_gbehkvjZa\_qlhgZ_z
ebp_ijb[Z\beZkviZjZfhjsbghd\m]hedZoykguo]eZa
^hf_pZjbeZij_^ijZa^gbqgZykm_lZFZj]ZjblZgZjy`ZeZzedm\]hklbgghcwlhohlvg_fgh]h
hl\e_dZeh_zhlg_\_kzeuofuke_c^jm]k_j^p__zaZ[behkvqZklhqZklhbkimkly]h^u
ij_^qm\kl\b_g_ih^\_eh_z
HgZdZdjZaijbdj_ieyeZ[hevrmxa\_a^mgZ\_jomrdmh]jhfgh]hijZa^gbqgh]h^_j_\Zdh]^Z\hrze
��`hgHg[uedjhlhdbij_djZk_g_\mrdZhlg_h`b^ZgghklbhklmibeZkvbqmlvg_miZeZk
�e_klgbpulhevdhdj_idb_h[tylby`hgZih^o\Zlbeb_zHg[ue\djZkghcdmjld_bKZglZ
DeZmkh\kdhcrZihqd_kt_oZ\r_cgZh^ghmohZ[hevrZykihjlb\gZykmfdZ\_jhylgh
kbf\hebabjh\ZeZf_rhdkih^ZjdZfb?]h]eZaZ[e_kl_ebHghimklbekmfdmgZihejy^hfIh
ij_`g_fmhgbg_kdZaZeb^jm]^jm]mgbkeh\Zghwlhbg_[uehgm`gh;uehlZdmihbl_evgh
[hevghb\lh`_\j_fylZdfmqbl_evghkeZ^hklghqlhk_j^p_jZaju\ZehkvgZqZklbHgih]eZ^be_z
ih\hehkZfmeu[Zykvkd\havkezau
FbeZyfhyFZj]hex[bfZyijhr_ilZehgmldgm\rbkvebphf\_z\hehku
Lu\_jgmekykg_kdju\Z_fhcjZ^hklvx\ufhe\beZFZj]ZjblZ
_jgmekyyg_fh]bgZq_fy]dhmeu[gmekyhg
Ijhklbyijhbag_kebhgbh^gh\j_f_gghbjZkkf_yebkv
�Y\zek_[ydZd]emi_pYijhklhhq_gv[hyekyihl_jylvl_[yhghimklbe]heh\mZ`_
\klj_qb
Luf_gyg_ihl_jy_rvlu`_agZ_rvm\_j_gghhl\_lbeZhgZ
�AZwlhybijhrmijhs_gbyaZlhqlhmkhfgbeky\l_[_`hgj_adhih^gye]heh\mbihp_eh\Ze
_z\fZdmrdmKljZobj_\ghklvhke_ibebf_gy
Qlh[uehlhm`_\ijhrehf=eZ\gh_qlhk_cqZklu^hfZFZj]ZjblZih^gyeZgZg_]hk\hb
�ij_djZkgu_]eZaZ`hggZdehgbekybg_\kbeZo[he__k^_j`b\Zlvqm\kl\ihp_eh\Ze_zkgZqZeZ
g_`ghbihqlb\ha^mrghaZl_f\kz[he__gZklhcqb\hbkljZklghL_eh]hj_eh\[eZ]hkeh\_gghf
h]g_
]hklbggmxkimklbebkvhklZevgu_
�A^jZ\kl\mchl_pihijb\_lkl\h\Ze`hgZez]dbfihdehghfijb\e_dZl_evgucxghrZk
ijhgbpZl_evguf\a]ey^hfa_ezguo]eZabqzjgufbdm^jyfb
��A^jZ\kl\mc:ebk_j^_qghh[gye_]h`hghfZ\kzohjhrh"
�ZiZiZdb\gme:ebr_jGZrbi_j_^Z\Zeb\k_fijb\_lbkZfu_gZbemqrb_ih`_eZgby
�Ijb\_l`hghke_ibl_evghmeu[gmeZkvJhaZebg^Zl_i_jvwlh[ueZm`_gZlZfZe_gvdZy^_\hqdZ
dZdhc_zagZ_lk_cqZkFZj]ZjblZZh[\hjh`bl_evgZyfheh^Zy^_\mrdZ
�JZ^l_[y\b^_lvijbgp_kkZ`hgihp_eh\Ze_zjmdm
�;ZDZdb_ex^bb[_ahojZgu\_k_ehmkf_ogmeZkvih^hr_^rZyZgbweeZY`_]h\hjbeZFZj]h
qlhlu\_jgzrvkyZhgZ]emi_gvdZyfg_g_\_jbeZ^_\mrdZfgh]hagZqbl_evghihkfhlj_eZ\
klhjhgmFZj]Zjblu
��Ijb\_lk_kljzgdZA^jZ\kl\mc`_d`hgaZdexqbe^jma_c\iuedb_h[tylby
�IZihqdZIZimeykjZ^hklgufbdjbdZfbgZr_x`hgZ[jhkbeZkv^_\hqdZih^jhklhdk
iurgufbehdhgZfbk\_leuo\hehkbyjdbfbkbgbfb]eZaZfbFuhq_gvkdmqZebihl_[_hkh[_ggh
fZfZ^_\hqdZ^zjgmeZFZj]ZjblmaZih^heieZlvyGm\_^vijZ\^Z`_"JblZml\_j^bl_evgh
aZdb\ZeZbmeu[gmeZkv
:^_ebgZa^jZ\kl\mcjh^gh_k_j^p_Ylh`_kbevghkbevghkdmqZeaZ\ZfbbaZfZfhchkh[_ggh
�`hg\aye^_\hqdmgZjmdbbihp_eh\Ze\eh[
:]^_lu[ue"hk\_^hfbeZkv:^_ebgZb]jZykijy^vx_]h\hehkIZimevZqlhlugZfijb\za"
:^_evdZbf_c`_l_ji_gb_i_j_[beZ_z^_\mrdZZabZlkdhc\g_rghklb\fZljhkkdhcnhjf_
yihgkdhcklZjr_crdheuk]eZ^dbfbqzjgufb\hehkZfbbijhgabl_evgufbq_jgufb]eZaZfb
�:l_[_jZa\_kh\k_fg_bgl_j_kghEZebF_c"koblj_phc\h\a]ey^_kijhkbe`hg
IjhrmgZau\Zcf_gyijhklhFZcykfms_gghihijhkbeZ^_\mrdZ
��HK\ha\jZs_gb_f`hgDZdjZadklhemijhoh^yfbfhmeu[gmeZkv`ZklbgZg_kygZdmogx
ih^ghkkjh`^_kl\_gkdbf]mkzfLZdqlh[ug_aZ[ulvgZ^h_sz^hihegbl_evgucijb[hj
�ih\lhjyeZhgZ_gijb[hjgZ_szh^gmi_jkhgm[m^vex[_a_gdjbdgmeZhgZgZdmogx
Gma^jZ\kl\mcijhkbyemeu[dhck\_leh\hehkucykgh]eZaucfheh^hcq_eh\_d\ke_iys_[_ehf
dhklxf_K\ha\jZs_gb_f
�A^jZ\kl\mcJ_g_\hl\_lmeu[gmeky`hgIh^hc^bG_[hckyyg_dmkZxkv
�Zykh[kl\_gghbg_[hxkvJ_g_ihkfhlj_egZg_]hhldjulh[_ahiZkdb
&#xhl;&#xi;&#xjZ;v;&#xgh;&#x;&#xh;&#x^h;&#x[j; l;&#x_e;&#xvg;&#xh; b;&#xgm;�hlbijZ\bevghh^h[jbl_evghdb\gme`hgh[gbfZy_]h
Gm\hllZd\k_]^ZkZfml\_j`^Z_lqlh[ehg^bgug_\_]h\dmk_Zklhblihy\blvkykfZaeb\hfm
[e_^guciZj_gv\k_juo^`bgkZobk_jhcZleZkghcjm[Zrd_jZkrblhck_j_[jhfkjhkdhrghc
r_\_exjhcp\_lZeZ\Zg^ubi_qZevgufbk_jufb]eZaZfbAeu_\umc^myhl\Zk
H[b^_ebfurdmgZibkZeb\ghjdmgZkf_reb\hmofuevgmeky_szh^bgZabZl\qzjguo[jxdZob
yjdhfdmohgghfnZjlmd_ih\_joqzjghcrzedh\hcjm[Zrdbkfh^ghkljb`_ggufbbkkbgyqzjgufb
\hehkZfbb]eZaZfbp\_lZ\_q_jg_]hg_[ZDm^Z`_luihc^zrvimikbd"hgijbh[gyeiZjgyaZ
ie_qb
Hg^abjmdbm[_jbj_adhhlkljZgbekyhlg_]hiZj_gv
�HchcdZdb_fug_j\gu_mkf_ogm\rbkvHg^abih^gyejmdb\ijbfbjbl_evghf`_kl_`Zkkb
gZklhe_f_klh_sz_klv":lhi_q_gv_k_cqZkm`_[m^_l]hlh\hdjbdgmehg\klhjhgmklheh\hc
�A^jZ\kl\mcFZjd`hg^jm`_kdbihoehiZeiZjgyihie_qmbe_]dhihlj_iZeaZs_dm
:gmdurdurWlhgZriZiZih^[_`Zebdgbf^_\hqdb[ebagyrdbr_klbe_lh^gZbadhlhjuo
lygmeZaZjmdmdZjZimaZe_lljzo
�Dhg_qgh\Zr`hgihp_eh\Ze^_\hq_db\ayegZjmdbfZevqbdZ
IZiZ^Z\ZciZb]eZ_f"ihijhkbefZeur
�:\hqlhluohq_rvihb]jZlv:gjb"ihbgl_j_kh\Zeky`hg
LmlmdfZevqbdihklmqZe^jm]h^jm]ZfZe_gvdbfbdmeZqdZfb
�DlhlZf"\lhgb]j_kijhkbe`hg
F_ebfZevqbdrbjhdhmeu[gmeky
DZdZyF_jb"kgZb]jZggufm^b\e_gb_fkgh\Zkijhkbehg
F_ebDebkfZkiZihqdZfZevqbdqfhdgmehlpZ\s_dmba\hgdhjZkkf_yeky
;ebag_puklhyebh[gbfZykh[_boklhjhgFZj]Zjblmkfm]ehdh`b_kqzjgufb\vxsbfbky
\hehkZfbbkbyxsbfbdZjbfb]eZaZfb\h^bgZdh\uojZkrbluo[bk_jhfdjZkguo[ZjoZlguo
ieZlvyok[_eufbdjm`_\ZfbDh]^Zhgb\ujZklmllh[_a[hy[m^ml[jZlv\ie_gfm`kdb_k_j^pZ
�B\k_hgbgZau\ZebgZkk`hghfk\hbfbhlphfbfZl_jvxih^mfZeZFZj]ZjblZbmeu[gmeZkv
k\hbffukeyf
IhlhfhgZm\b^_eZm`_klheh\mxaZ[hevrbfijZa^gbqgufklhehfkb^_ehfgh]h\ajhkeuob
^_l_cKqZkleb\u_jh^gu_ebpZjh^bl_e_c^jma_cfm`Zbfgh]hihdZg_agZdhfuoebpghd
dhlhjufhgZhsmlbeZg_h[tykgbfucijbeb\l_iehlubg_`ghklb
�`hg^Z\ZckdZ`blhklihijhkbebkh[jZ\rb_ky
Ohjhrhhgih^gyekykf_klZAZ\k_ogZkImklvkqZklv_[m^_lgZfgZ]jZ^hcb\wlhl^_gvb\h
\k_ihke_^mxsb_AZex[h\vbaZlhlk\_lqlh_klv\dZ`^hfbagZk
BlZdh_[m^ms__[m^_lmgZk"kaZfbjZgb_fk_j^pZkijhkbeZ^_\mrdZ
Wlhh^bgba\hafh`guo\ZjbZglh\hl\_lkl\h\ZeZklZjrZyFZj]ZjblZDZdbfhg[m^_laZ\bkbl
lhevdhhl\Zkul_dlh\u_klvg_[hevr_ghbg_f_gvr_Y\_jx\\ZkGZ^_xkvlumagZeZ
hl\_lugZk\hb\hijhku;m^v`_fm^jhckf_ehcbfbehk_j^ghcKlZgv^hklhcghclZdhckm^v[u:
k_cqZk^Zcfg_k\hxjmdm^_\mrdZihkemrghijhlygmeZjmdmHlimkdZxl_[ydjh\vhldjh\b
fh_cFZj]ZjblZbaFZj]ZjblKiZkb[hqlhih^ZjbeZfg_\hafh`ghklvm\b^_lvk_[y_szjZalZdhc
k\_lehcblZdhcfheh^hcg_mki_eZhgZijhbag_klbihke_^gb_keh\ZdZdyjdbck\_lhdmlZe
^_\mrdm
\r\r\r
�O\ZeZG_[_kZfh[e_]q_ggh\u^hogme`hgbdj_idhijb`Ze^_\mrdmdk_[_kz\ihjy^d_"
kijhkbehg]ey^yFZj]Zjbl_\]eZaZ
kzghjfZevghYgZdhg_pijbfbjbeZkvkhk\hbfijhreufFZj]ZjblZihkfhlj_eZ\lZdb_
ex[bfu__]hdZjb_;hevr_g_[m^_ldhrfZjh\meu[gmeZkvhgZb]eZaZ_zaZkbyebhljZ`_gb_f
yjdh]h\_k_gg_]hkhegpZ
Gm\hlhiylvqlhaZ[_ah[jZab_ml_[ygZ]heh\_hgijh\zejmdhcih_z\hehkZfbhgbklZeb
ij_`g_]hp\_lZL_i_jvgZfgh]hemqr_l_[_[ehg^bgdhc[ulvg_b^zlmkf_ogmekyiZj_gvB
\hh[s_ijhrmmq_klvgZ[m^ms__yij_^ihqblZx[jxg_lhdih^fb]gmehg
KiZkb[hfbeucFZj]ZjblZ\kimrbeZjmdhck\hxijbqzkdmFh`ghg_ljZlblvkygZ
iZjbdfZo_jZLulZd]jhfdha\Zef_gyihfhjsbeZk\hcfZe_gvdbcghkbdFZj]ZjblZqlhl\hc
]hehk^hkboihja\mqblmf_gy\mrZoY^he`gZ[ueZ\_jgmlvkyjZa\_fh]eZyih^\_klbl_[y"
bkdj_ggyyemqbklZymeu[dZhaZjbeZ_zebph
�OjZ[jZyfhy^_\hqdZ`hgihp_eh\Ze^_\mrdm\fZdmrdmY[_af_jgh]hj`mkvlh[hc:l_i_jv
ihc^zfkhfghc_szdh_dlhohq_ll_[y\b^_lvhgh[gye_zaZlZebxbhgb\f_kl_gZijZ\bebkvd
]eZ\ghfm\oh^m
�AZ\ukhdbfbZ`mjgufb\hjhlZfbklhyeEbgdhevg`_dZ\hdjm]dhlhjh]h\jZaghh[jZaguo
ihaZojZaf_klbebkvj_[ylZ
�Hl\heg_gbym^_\mrdbi_j_o\Zlbeh^uoZgb_hgZkkbehck`ZeZeZ^hgv`hgZZhgh[h^jyxs_
ihoehiZe_zihie_qm
Gmkf_e__Hgb`^mll_[yeZkdh\hmeu[gmekyhge_]hgvdhih^lhedgm\_z
���`_ddbZg_qdZ@xklbgWee_gjmavyFZj]ZjblZh[gyeZbjZkp_eh\ZeZ^jma_c=hkih^b
dZd`_yjZ^Z\k_o\Zk\b^_lvYex[exl_i_jv\Zk_sz[hevr_umf_gy\k_lZdb_aZf_qZl_evgu_
�Gmbdlhlmlqlh]h\hjbeijh;Zj[bobobdgmeZJhab\dmeZqhd]ey^ygZ`hgZdhlhjuc\kz_sz
hklZ\Zeky\`_gkdhfieZlv_
Kj_^b^jma_cFZj]hm\b^_eZdjZkb\mxwe_]Zglghh^_lmx`_gsbgme_lkhjhdZqvbdZrlZgh\u_
\hehkuiurgufbehdhgZfbiZ^ZebgZie_qbZ\[hevrbok_jh]hem[uo]eZaZokbyek\_lex[\b
JblZ[jhkbeZkv_cgZr_x
FZfZFZfhqdZAgZ_rvylZdZykqZkleb\Zyk_]h^gy
�_\hqdZfhyZe_glbgZg_`ghh[gyeZ^hqdmG_ohjhrhFDUDPLDl\hb^jmavyijb_oZebZlug_
ij_^mij_^beZFu[ukiZihcohlvih^]hlh\bebkvQlhhgbih^mfZxlhgZk"
�FZfZZykZfZ[ueZg_\dmjk_khkljhbeZ\bgh\Zlmxfhj^hqdmJblZ
G_fZfdZcym`_r_klgZ^pZlve_lfZfZWlh`_l\hb^jmavyblukZfZboijb]eZrZeZlZdqlh
[m^v^h[jZijhy\b]hkl_ijbbfkl\h`_gsbgZkljh]hihkfhlj_eZgZFZj]Zjblmihlhffy]dh
meu[gmeZkv@ZglZdhckeZ\gucfheh^hcq_eh\_dblZdl_[yex[blg_h[b`ZciZjgy
GmfZZfkfms_gghaZj^_eZkv^_\mrdZ
2KPLR'LRY`_g_ke_iZy\kie_kgmeZjmdZfbZe_glbgZY`_\b`mdZdhggZl_[ykfhljbl
b`mqlhbludg_fmg_jZ\gh^mrgZIhke_\k_]hqlhlui_j_`beZex[h\vihfh`_ll_[_[uklj__
bkp_eblvkyeFRXWHWRQFRHXU KemrZck\h_k_j^p_nj\f
FZfZqlhlZdaZf_lgh"ijhfmjeudZeZFZj]ZjblZbkbevg__ijb`ZeZkvdfZl_jb
Ihfh_fmlu^he`gZh[gbfZlvdh_dh]h^jm]h]heZkdh\haZf_lbeZ`_gsbgZ
H[gbfbf_gykbevg__Bg_kf_cf_gyhlimklblvhgZijbdjueZ]eZaZmldgm\rbkvebphf\]jm^v
�`hgZ
�Gmm`g_lljyogme]heh\hc`hgG_^eylh]hyklhevdhi_j_`beqlh[uhlimklblvl_[ydh]^Z
kgh\ZgZrze
AgZ_rvmf_gylZdh_qm\kl\hqlhfuagZ_f^jm]^jm]Zlukyqbe_lijhr_ilZeZFZj]ZjblZ
gZfZlu\ZygZiZe_pijy^v_]h\hehk
Hgbkfhlj_ebbg_\b^_ebgbq_]hdjhf_^jm]^jm]ZA_feymoh^beZbaih^gh]
?kebwlhkhglhyg_ohqmijhkuiZlvky?kebwlhy\vlhyohqmqlh[uwlhlfb]^ebeky\_qgh
f_qlZl_evghaZ`fmjbeZkv^_\mrdZ
��Wc\ex[ezggu_gm]^_\u\blZ_l_"h`^vgZqZeky\u`_ijhfhdg_l_]hehkZgbweeu\_jgme
bodj_ZevghklbKZ^bl_kv\fZrbgm
�FZj]hb`hgihkfhlj_eb^jm]gZ^jm]ZkqzehdihebpZfkl_dZebkljmblzieh]h\_k_gg_]h^h`^y
\r\r\r
�_\mrdbklhyebgZkfhljh\hciehsZ^d_Wcn_e_\hc[Zrgbb\hkobszgghkha_jpZeb
hldju\Z\rmxkyi_j_^gbfbiZghjZfmIZjb`Z
$GPLUDEOHPHQW hkoblbl_evghnj\f\kie_kgmeZjmdZfbFZj]ZjblZHK3DULV0ZEHOOH
FDSLWDOH HIZjb`Fhyij_djZkgZyklhebpZnj\f
Gb]^_\fbj_g_lih^h[gh]h]hjh^ZBgbdh]^Zg_[uehBg_[m^_l
L_i_jvhgZkfh]eZihgZklhys_fmhsmlblv\kx_]h\k_kbevgmxfZ]bxijbqm^eb\h_khq_lZgb_
klZjuomehq_dbgh\uod\ZjlZeh\^uoZgb_bklhjbbb\_qgZyklm^_gq_kdZy\_kgZaZiZo
h[`b]Zxs_]hk\_`_aZ\Zj_ggh]hdhn_b]hjyqbofbg^ZevguodjmZkkZgh\ZjhfZlbaukdZgguo^moh\
bgh\uoieZlv_\j_ki_dlZ[_evgu_j_klhjZgubmxlgu_fZe_gvdb_dZn_f_eh^bbdZ[Zj_bmebqguo
fmaudZglh\djZkhlZbkbeZ\bljZ`_cK_gRZi_evr_ihl\ex[ezgguobie_kd\h^K_gua\hg
�dhehdheh\GhljZfZbrZ]bfgh]hqbke_gguoihk_lbl_e_cEm\jZwlh[ue_z]hjh^gZklh
ijhp_glh\?zij_djZkgZyklhebpZG_baf_ggh\_ebq_kl\_ggZybfm^jZy\_qgZyb\_qghxgZy
g_m\y^ZxsZykg_mzfghckljZklvxd`bagb
_qgZy^hfbgZglZ=hjh^ZgZ^Q_eh\_dhfdh]^Zfue_]dhkh]eZrZ_fky[ulvijhb]jZ\rbfb
;ulviZjb`Zgbghfg_hagZqZ_ljh^blvky\IZjb`_WlhhagZqZ_ljh^blvkylZfaZgh\h
 k\fKZrZ=bljb
GmqlhaZ\klj_qm"ih^hrebiZjgbk[hdZeZfbrZfiZgkdh]h\jmdZo
&#xk_;&#x]^;&#xZ;&#xh[;&#xw;&#xlh;&#xf_;&#xql;&#xZe;&#xZ;&#x;&#xk;&#xqZ;&#xkl;ë&#xh;&#xm;u;&#x[g;&#xme;&#xZk;&#xv;k_]^Zh[wlhff_qlZeZkqZkleb\hmeu[gmeZkv`ZklbgZ
H^Zkh]eZkbeZkvkg_c?\Z[e_kd_z]eZalh`_\ujZ`ZeZ[khexlgh_kh]eZkb_
�ZBg_aZ[u\Z_fijhrhiibg]ih[u\Zlv\IZjb`_bg_ihk_lblvf_klgu_[mlbdb[ueh[u
�ijhklhg_ijhklbl_evghf_qlZl_evghaZdZlb\]eZaZ^h[Z\beZZgbweeZ
G_\hijhkkaZiZehfhl\_lbeZFZj]ZjblZy^Z`_agZxg_kdhevdhGhkgZqZeZfuhl\_^Z_f
kZfhc\dmkghc\fbj_\ui_qdbbkZfh]hZjhfZlgh]hdhn_
[hdZe_FZj]Zjbluqlhlh[e_kgmehhgZih^g_keZ_]h[eb`_bijbkfhlj_eZkvgZ^g_[hdZeZ
�e_`Zehdhevph_\mrdZg_ihgbfZxs_aZoehiZeZj_kgbpZfb
-HW\nDLPH6HPDULHDYHFPRL Yex[exl_[yuoh^baZf_gynj\fh[_ahjm`b\Zxs_meu[gmeky
�`hg
FZj]ZjblZk^_eZeZg_kdhevdh]em[hdbo\^hoh\
Wlhlufg_lhevdhqlhij_^eh`_gb_k^_eZe"dhd_leb\hmeu[ZykvmlhqgbeZhgZBdh]^Zlu
njZgpmakdbc\umqblvmki_e"
Gm[uehmf_gyg_fgh]hk\h[h^gh]h\j_f_gbBg_khfg_\ZckyjZ^bl_[yyg_lhevdh
�njZgpmakdbc\umqblv]hlh\g_ijbgm`^_gghih`Zeie_qZfb`hg:ml_[yihy\beky^jm]hc
dZg^b^Zl\fm`vy"m\e_qzgghihbgl_j_kh\ZekyhgYg_ohqm[hevr_]hgylvkyaZlh[hcBlhevdh
ykfh]maZsblblvl_[yIjhklh^h\_jvkyfg_
��_\mrdZjZkl_jygghihkfhlj_eZgZ^jma_cihlhfgZ`hgZbihdjZkg_eZ^hdhgqbdh\mr_cbghkZ
Bbgh]hhl\_lZdjhf_dZdiheh`bl_evgh]h\ug_ijbfbl_f_kv_kijhkbeZFZj]ZjblZijyqZ
kbyxs__ebphaZ[hdZehf
G_ijbfmhljbpZl_evghaZfhlZe]heh\hciZj_gvFZj]ZjblZ^_ZemZkh]eZkgZebluklZlv
fh_c`_ghc"
=hkih^b;h`_fhc^Zdhg_qgh`_ykh]eZkgZFZj]ZjblZ[jhkbeZkv_fmgZr_xqmlvg_k[b\k
gh]
-HVXLVQR\HLQQRQGHGDPRXUMHQHVDLVSOXVVLMHYLVVLMHPDQJHVLMHUHVSLUHVLMHSDUOHPDLVMHVDLVTXH
MHWDLPH YmlhgmeaZlhie_ggucex[h\vxYg_agZx`b\meby_feby^urmeby]h\hjxebygh
yagZxqlhyex[exl_[yNj\fhgijb\ezd^_\mrdmdk_[_
7XHV-HVXLV Lu_klvY_klvnj\fih^gyeZgZg_]h\a]ey^k\hboykguohq_cFZj]ZjblZ8Q
DPRXUXQHYLH H^gZex[h\vh^gZ`bagvnj\f
&KDTXHMRXUMHW\nDLPHSOXVTXCKLHUPDLVPRLQVTXHGHPDLQ DZ`^uc^_gvyex[exl_[y[hevr_q_f
�\q_jZghf_gvr_q_faZ\ljZnj\fijhr_ilZe`hgaZju\rbkvebphf\_z\hehku
Lhevdhmf_gyh^ghmkeh\b_ijh]h\hjbeZ^_\mrdZklZjZykv^urZlvhklhjh`ghqlh[ug_
aZ^hogmlvkyhlkqZklvy?klvmf_gyh^gZih^jm]Zkdhlhjhcfu_sz\^_lkl\_h[_sZeb^jm]^jm]m
qlhkZfuc[eZ]hkeh\_ggucfhf_glmgZk[m^_l\h^bg^_gv
�HdZd\udh\Zjgufhyij_e_klvmkf_ogmeky`hgG_bf_xgbq_]hijhlb\gZ^h[m^_llhevdh
dh_dh]hihlhjhiblvHgbgZf_szkiZkb[hkdZ`ml
Bih^]jhfh]eZkgh_MjZ^jma_chgbkebebkv\[_kdhg_qghfihp_em_
\r\r\r
FZfhqdZiZihqdZZ\ZfaylvkemqZcghg_gm`_g"k^_eZeZg_\bggu_]eZaZFZj]ZjblZKh\k_f
kh\k_fg_gm`_g"\_z]eZaZo[ebklZebaZ^hjgu_h]hgvdbIZimev\Zf\_^vgjZ\blkyh^bgZdh\Zy
fmaudZh^bgZdh\Zy_^Zbh^bgZdh\u_iZjnxfug_kijhklZ`_m\Zkklhevdhh[s_]hQ_eh\_dlZd
ihoh`bcgZl_[yg_fh`_l[ulvg_^hklhcguf\_jgh\_^v"
Fheh^hcq_eh\_dZ\ulhqghm\_j_gu"DZd[u\ha\jZsZlvihlhfg_ijbrehkvmeu[gmeky
RZjevG_e_]dh\Zfkwlbfba[Zeh\Zggufq_jlzgdhfijb^zlky
Gmihq_fm^Z`_fhbjh^bl_ebg_\hkijbgbfZxlf_gyk_jvzaghgZ^meZ]m[db^_\mrdZ
Gbq_]hh^bgj_[zghdmf_gym`__klvbk_szh^gbf^blzfdZdgb[m^v^ZkijZ\exkvjZkkf_yeky
�`hgaZqlhFZj]ZjblZlmkZgmeZ_]hehdl_f\[hd
�HcijhklbfbeZydhg_qgh`_lumf_gyijhklhZg]_e\uiZebe`hggZh^ghf^uoZgbbihlhf
ijhdZreZy\rbkv^h[Z\berzihlhf:cwlh[uehg_q_klghfhbjz[jZ_sz[heyl
BdZdwlhfug_aZf_lbebqlhgZrZ^_\hqdZm`_\ujhkeZ"RZjevh[gye`_gm]ey^ygZgbofu
�kZfZkh[hcfZkl_jkl\h`_dZ\_jgmehd`bagb_zl_eh\u`_ihfh]eb\hajh^blv_z^mo\u^\Z`^u
\_jgmebgZf^hq_jvFZj]ZjblZklhevdhh\ZkjZkkdZau\ZeZfuagZ_fqlhihe]h^ZgZaZ^bf_ggh\u
kiZkeb_c`bagvqlhjZ^bg_z\ubaf_gbebkvkZfbbbaf_gbebk\hx`bagv?kebdhfmfubfh`_f
\\_jblvk\hx_^bgkl\_ggmx^hqvlhlhevdh\Zf
;eZ]h^ZjxaZ^h\_jb_ihdehgbekyiZj_gvK\_ebdbfihql_gb_fbh]jhfgufm^h\hevkl\b_f
ijbfmih^k\hzihi_q_gb_Zr_khdjh\bs_
\r\r\r
GmdZd"FZj]ZjblZihdjmlbeZkv\[_ehfZleZkghfieZlv_\djmigucqzjguc]hjho^_j`Z\
jmdZo\[_euodjm`_\guoi_jqZldZoqzjgmxreyimk[hevrbfbiheyfb
&#xhk;&#xob;&#xlb;&#xl_;&#xev;&#xgh;&#x;&#x;&#xlh;&#xev;&#xdh;&#xk;&#xfh;&#x];&#xu;h;b;&#xlv;�hkoblbl_evghlhevdhbkfh]\ufhe\blv`_d
Bwlh\kzqlhlufh`_rvkdZaZlv"b]jb\hgZofmjbeZ[jh\b^_\mrdZhkoblbl_evghfh`_l
\u]ey^_lvJhaZebg^Z\_zk_fve_lZ^eyf_gywlh]hm`_fZeh:o[jZl_pluijhklh[_agZ^z`_gB
��dZdl_[ywgbl_jibl"hgZijh^he`ZeZ`mjblvh[Ze^_\r_]h`_dZ
&#xw;&#xlh;&#xk;&#xZf;&#xh_;&#x;&#xj_;y;&#x; a;&#xi;&#xjb;_;&#xjh;&#xqg;&#xhc;&#xu;&#xre;&#xZ;�wlhkZfh_\j_fybaijbf_jhqghc\ureZZgbweeZ\[e_^gh]hem[hc]bixjh\hc[ema_yjdhkbg_c
x[d_dZjZg^ZrblZdh]h`_p\_lZlmneyoeh^hqdZo
Mfheh^h]hobjmj]Zhlgyeh^Zjj_qb
�Wcf_kv_gmqlhh^h[jy_l_"FZj]ZjblZijh\_eZjmdhcmg_]hi_j_^]eZaZfbZkdZ`b`_ohlv
qlhgb[m^vlhjfhrbeZ_]h^_\mrdZLh]^Zfu\_kvdhfie_dl[_jzfh^ghagZqghml\_j^bl_evgh
db\gmeZ]heh\hcFZj]h
��ZgbweeZihdZqZeZ]heh\hcbhke_ibl_evghmeu[gm\rbkvihp_eh\ZeZ`_dZ
G_kfh]ml_i_jvhlimklblvl_[ygbgZk_dmg^m\u^hogmehg
�Ba^jm]hcijbf_jhqghcihy\beky`hg\yjdhZehcjm[Zrd_dh`ZguorlZgZobfh^guo
hkljhghkuo[hlbgdZo\hehku_]h[uebkh[jZgu\o\hkl
:cJblmeygm\_^vlmnebwlbkx^Zkh\_jr_gghg_ih^oh^yl:\hlkmfhqdZfg_gjZ\blkyyjdbc
�Zdp_gla^_kvhq_gvmf_kl_gk\b^hfagZlhdZaZf_lbe`hghdbgm\\a]ey^hf^_\mrdm
Gma\_a^Zg_ijZ\^Zeb"^h\hevghmeu[gmeZkvJhab
�KiZkb[hyagZx`hgih^dbgme\\ha^moreyimdhlhjmx^_j`Ze\jmdZobeh\dhihcfZe_z
�bah[jZab\emggmxihoh^dmZeyFZcde`_dkhgq_faZkem`be\hkobszggu_\a]ey^u]jmiiu
^_\mr_dhqzflhh`b\ezgghi_j_rzilu\Z\rboky\hae_klhcdbkieZlvyfbgZqlhFZj]ZjblZ
g_^h\hevghofudgmeZ
�Z\ugbdZdj_\gm_l_fhyij_e_klvhgijb\ezd^_\mrdmdk_[__kvfZihevszg\uijhklh
hqZjh\Zl_evguex[h\vfhy
L_[__szg_ij_^eZ]ZebjZ[hlm\fh^_evghfZ]_glkl\_"obljhijbsmjbeZ]eZaZJhaZebg^Z
Ijhklbl_ghykemqZcghmkeurZeqlh\u]h\hjbebhfh^_evghfZ]_glkl\_uohlbl_
ihijh[h\Zlvk_[y\bg^mkljbbfh^u"ihbgl_j_kh\Zekykj_^gboe_lfm`qbgZ\k_jhf^_eh\hf
dhklxf_hlfhy\babldZfheh^hcq_eh\_d_keb\^jm]gZ^mfZ_l_ijbclbgZdZklbg]Fudhg_qgh
jZ[hlZ_fk[he__fheh^ufbfh^_eyfbgh_klv\\Zkqlhlhp_ieyxs__uihijh[mcl_\hafh`gh
&#x;&#xZk;&#xh;&#xij;&#x_^;&#x_e;&#xzg;&#xgh;&#xq;&#xlh;&#xl;&#xh;&#x_k;&#xlv;&#x;\ugZfbih^hc^zl_^eyh^gh]hijh_dlZ\Zkhij_^_ezgghqlhlh_klv_\mr_dfulh`_
ihkfhlj_eb[udZd\umf__l_ih^Zlvk_[y^_j`Zlvkyi_j_^dZf_jhcFgh]b_gZb\ghiheZ]Zxlqlh
jZ[hlZfh^_ebijhklZGZkZfhf`_^_e_wlhZ^kdbcljm^kg_ghjfbjh\ZggufjZ[hqbf]jZnbdhf
�Fm`qbgZ\jmqbe`hgm\babldmbgZijZ\bekyd\uoh^mba[mlbdZ
Ihc^zfBhFulmlm`_aZdhgqbebu[jZggmxh^_`^m^hklZ\ylaZ\ljZd^_\ylbmljZ\klm^bx
aZfm`qbghcieZ\ghcihoh^dhcd\uoh^mijhke_^h\Zehq_gv\ukhdh]hjhklZ[e_^gucxghrZ\k_jhf
^`_fi_j_bihlzjluo^`bgkZo?]h^ebggu_\hehkuk\_lehkbj_g_\h]hhll_gdZ[uebaZie_l_gu\
^ebggmxlheklmxdhkmdhlhjhcfh]eZ[uihaZ\b^h\Zlvex[Zy^_\mrdZ?]hoheh^gu_k_ju_]eZaZg_
\ujZ`Zebgbq_]hdjhf_ij_aj_gbydh\k_fmhdjm`Zxs_fmGhijhoh^yfbfhj_[ylhggZ
f]gh\_gb_hklZgh\be\a]ey^gZFZj]Zjbl_blhevdh_]hjZkrbjb\rb_kyajZqdbfh]eb[u\u^Zlv
\kx[mjxwfhpbcqlhk_cqZkih^h[ghpmgZfbaZoe_klgmeZ_]hk_j^p_
�FZj]Zjbl_aZohl_ehkv\^jm]k`Zlvkyghkeh\ghe_^yghc\_l_jkdh\Ze_zdhg_qghklb`hgZZ`
i_j_^zjgmehijbfbfhezlghf\a]ey^_gZxghrm
��_\mrdbdhlhju_lhevdhqlhrzihlhfh[km`^Zeb`hgZh[klmibebiZjgybgZqZebijhkblv
Z\lh]jZnuKoeZ^ghdjh\ghcg_\hafmlbfhklvxiZj_gvijhrzekd\havklZcdm^_\mr_d^Z`_g_
aZf_^eb\rZ]Z
FZj]Zjblm\^jm]hk_gbehihq_fm_]hebphihdZaZehkv_clZdbfagZdhfufih^ZxsbcgZ^_`u\
fbj_fh^uiZj_gvfh^_evkik_\^hgbfhfBhRgZc^_jgZklhys_]hbf_gb_]hgbdlhg_agZe?]h
nhlh]jZnbbgZi_j\uokljZgbpZoihimeyjguo]eygp_\uoba^Zgbc_]hnZgZldbkeh\ghobsgbpu
kl_j_]msb_k\hx^h[uqm]hlh\ugZ\kzjZ^b_]hZ\lh]jZnZ
�Lu_]hagZ_rv"kijhkbe`hg]ey^yFZj]Zjbl_\]eZaZ
�Zdlh`_g_agZ_l_]h"g_ijbgm`^zgghih`ZeZie_qZfb^_\mrdZ?]hnhlh]jZnbb\h\k_o
]Za_lZob`mjgZeZokZffh`_rvm[_^blvky
��_j`bkvhlg_]hih^Zevr_kkh\_jr_gghk_jvzaguf\b^hfijhbagzk`hgG_gjZ\blkyhgfg_
Hgg_lhlaZdh]hk_[y\u^Zzl
Lulh`_ihqm\kl\h\Zewlh"kh]eZkbeZkvkgbf^_\mrdZHgdZdg_hlfbjZk_]h
Ih`Zemcfg_klhblkoh^blv\wlhZ]_gkl\hqlhlhlZfg_qbklhaZ^mfZekyhg
Lh]^Zwlhl_[_^hjh]hcgm`gh[ulvhklhjh`gufjZkkf_yeZkvFZj]ZjblZih]h\Zjb\Zxlqlh
hgg_aZf_q_g\Zfmjguobgljb`dZok`_gsbgZfbihlhfmqlhij_^ihqblZ_lfm`qbg
�`hgk^_eZe[hevrb_]eZaZ
Ghwlh\k_]hebrvkemobg_[j_`ghhlfZogmeZkvFZj]ZjblZ
\r\r\r
FZj]ZjblZm`_i_j_h^_eZkv\k\hxh^_`^mahehlbklmxZleZkgmx[emambrhdheZ^gh]hp\_lZ
�x[dmdZjZg^Zr`hgih^Ze_cieZsgZdbgmedmjldmbgZ]jm`_ggucdhjh[dZfbk
ihdmidZfbkhijh\h^be^_\mrdmdfZrbg_
�Gmqlh`_\ulZdihkdjhfghfm^hjh]b_mkf_ogmeky`_dM`_kjZam[u\_kvfZ]Zabg
kdmibeb[Z]Z`gbd__sz_klvd\Z^jZlguckZglbf_ljkh\h[h^gh]hf_klZ
&#xuk;&#xZ^;&#xbr;&#xv;&#xgZ;&#xk;&#xk;�G_[m^v\j_^bghc[jZlbdl_[_g_b^zlgZ^meZ]m[dbFZj]ZjblZukZ^brvgZkk`hghf]^_
gb[m^v\p_glj_fuohlbfijh]meylvkyAZ\ljZkmljZfg_kgh\Z\debgbdmZihke_h[_^Zy
k\h[h^gZDlhohq_lkhfghcihk_lblviZjb`kdb_dZlZdhf[u"=h\hjylaj_ebs_g_aZ[u\Z_fh_b
ijhklhg_\_jhylgh_FZj]ZjblZaZdZlbeZ]eZaZ\ij_^\dmr_gbbijbdexq_gbcGmqlh
^h]h\hjbebkv"gZ\kydbckemqZc_szjZamlhqgbeZhgZ
\r\r\r
&#xm;&#xxl;&#xgh;&#xdZ;&#xn_;�mxlghfdZn_`hgaZdZaejxfdm:fZj_llhbrhdheZ^gh_fhjh`_gh_ZJblZqZr_qdmeZll_b
dem[gbdm\rhdheZ^_
DZdgZkqzlkoh^blvihlZgp_\Zlv\dem["ij_^eh`beZ^_\mrdZijh`_\Z\hq_j_^gmxy]h^m
:ihq_fm[ubg_l"db\gme]heh\hciZj_gvhlijZ\eyy\jhlke_^mxsmxeh`dmfhjh`_gh]h:o
fhjh`_gh_lmlih^Zxlijhklhhlf_ggh_kqZkleb\hmeu[gmekyhg
\r\r\r
GZ[hjlbd_NhglZgZG_\bgguokb^_eZfZe_gvdZypu]ZgdZ\yjdboh^_`^Zo
��Z\Zcih^hc^zfFZj]ZjblZihlygmeZ`hgZaZjmdmYohqmqlh[uhgZih]Z^ZeZgZfhgebrv
mkf_ogmeky
DZdl_[yah\mlfZeurdZ"kijhkbeZFZj]ZjblZml_[y_klvk_fvy"
FhzbfyFZjbyfZ^_fmZa_evhl\_lbeZ^_\hqdZMf_gy[hevrZyk_fvyjh^bl_ebiylv[jZlv_\
^\_k_klju[Z[mrdZ^_^mrdZ^y^bblzlb
havfbwlh^eyk\h_ck_fvbFZj]ZjblZ^hklZeZba[mfZ`gbdZg_kdhevdhdmixj:wlhebqgh
^eyl_[y^_\mrdZkgyeZkaZiyklvy[jZke_lIh]Z^Z_rvfg_"
;eZ]h^ZjxaZlZdmxs_^jhklvfZ^_fmZa_evghaZq_f`_luohq_rvkijZrb\Zlvf_gyhqzfb
kZfZij_djZkghagZ_rv"^_\hqdZih^gyeZgZFZj]Zjblmk\hblzfgu_]eZaZWlhy^he`gZijhkblv
l_[yih]Z^Zlvfg_Gh_kebm`lulZdohq_rvlhkgbfbljbdZjluhgZijhlygmeZ^_\mrd_dheh^m
FZj]ZjblZlZdbihklmibeZ
�_\hqdZ\gbfZl_evghihkfhlj_eZgZl_dZjluqlh\ulygmeZFZj]hKf_jlvKbeZBfi_jZljbpZ
LZdyb^mfZeZl_[y`^zli_j_jh`^_gb_ijb^zlkyijbeh`blvg_fZeu_mkbebygh_keb
\u^_j`brv\k_bkiulZgbylhaZkby_rvgZklhys_cbfi_jZljbp_ck\h_ckm^v[ubkf_jlvg_[m^_l
\eZklgZgZ^lh[hc
KiZkb[hfZeurdZFZj]ZjblZihp_eh\ZeZj_[zgdZ\eh[Hl\k_]hk_jpZ`_eZxl_[_m^Zqb
FZjby
���he]hcbkqZkleb\hckm^v[uFZjbyZh[hc^zli_qZevl_[yklhjhghc`hgijh\zejmdhcih_z
\hehkZfbgZ_]heZ^hgbihy\beZkvklZjbggZyfhg_ldZkhl\_jklb_f\p_glj_KhojZgb_zb
h^gZ`^uhgZbkihegbll\hzh^ghghkZfh_aZ\_lgh_`_eZgb_
�_\hqdZijb`ZeZdmeZqhdkfhg_ldhcdk_j^pmbih^ZjbeZ_fm\hklhj`_gguc\a]ey^
&#xay;&#x;ay\`hgZih^jmdmFZj]ZjblZm]h\hjbeZ_]hihk_lblv&KH]5pJLQHh^bgbaklZj_crbobh^bg
bakZfuoZ\Zg]Zj^guoghqguodem[h\IZjb`Z]^_hgZkgh\Zihqm\kl\h\ZeZk_[y`b\hchl^Z\rbkv
ih^\eZklvlZgpZbkljZklb
�:luij_djZkghlZgpm_rvijhr_ilZeZhgZgZmoh`hgmkbevg__ijb`bfZykvdg_fm
Gmmf_gy_szfgh]hlZeZglh\ex[h\vfhymeu[gmekyhgBlhevdhihijh[mcoh^blv\lZdb_
f_klZ[_af_gy
ha\jZsZx\Zrbkeh\Zf_kv_iZjbjh\ZeZ^_\mrdZbh[ZjZkkf_yebkv
\r\r\r
[_ck[hedZokihjlb\guodhklxfZobdjhkkh\dZokjxdaZdZfbbdZjfZggufbnhgZjyfbj_[ylZ
\uklmibeb\ihoh^gZ\klj_qmijbdexq_gbyf
GmdZd\i_qZley_l"\hklhj`_gghijhfhe\beZFZj]ZjblZhabjZykvihklhjhgZfhl[ebgfu
m`_\g_lmjbklbq_kdhcahgu_kebgZklmlaZklmdZxlihebp_ckdb_lhijh[e_fg_ba[_`Zlv
�wgbbJblZg_\hevghihi_jogmebkvi_q_gv_fbijbkemrZebkv
Ihfh_fmdlhlhb^zlaZgZfbbgZfemqr_g_h[hjZqb\Zlvkykkh^jh]Zgb_fijhfhe\beZ
�ZgbweeZ
Ghg_h[tykgbfZykbeZaZklZ\beZFZj]Zjblmh[_jgmlvky\l_fghl_i_s_juk\_jdgmeb^\Zh]hgvdZ
]eZa
��_\mrdZohl_eZaZdjbqZlvgh`hgaZdjue_cjhlk\h_ceZ^hgvx
Lbr_Imklv^mfZ_lqlhfug_aZf_lbebH[_sZcqlhg_[m^_rvdjbqZlvbyhlimsmijhr_ilZe
hg_c\kZfh_moh
JblZml\_j^bl_evghaZdb\ZeZ]heh\hcWlhg_a\_jvdZdyih^mfZeZkgZqZeZyqm\kl\mxkljZggmx
Zmjm\ufhe\beZ^_\mrdZdh]^Zhghlimklbe_z
�YagZxlZd`_rzihlhfhl\_lbe`hg=eZ\gh_[_aiZgbdb
J_adbcihju\\_ljZaZklZ\b\rbcktz`blvkyhloheh^Zbi_j_^bo]eZaZfbij_^klZe
hllZedb\Zxs_]h\b^ZdhkfZlucjZdrZk\j\Zguoehofhlvyo\lhga_febklhfmp\_lm_]hdh`b
AZ[em^bebkv^_lbrdb"[_kdjh\gu_]m[u^_fhgZkeh`bebkv\ih^h[b_meu[db
&#xu;&#x^b;&#xl_;&#xl;&#xh;&#x`_;&#x;&#xql;&#xh; ;&#xy";&#x;&#xk;Z;&#x[u;;&#x]h;h;&#xkh;;&#xij;&#xhb; g;&#x_k;Z;�u\b^bl_lh`_qlhby"keZ[uf]hehkhfijhbag_keZ`ZklbgZih\_jgm\]heh\mb
\hijhkbl_evghihkfhlj_\gZih^jm]=hkih^bqlhwlh"Wlh`_g_q_eh\_dg_ihfgyk_[yhlkljZoZ
_e_\ufhe\beZhgZ
DlhbebqlhlulZdh_"\hijhrZeZ\m`Zk_FZj]ZjblZ
Dhg_pm[bckl\_gghmeu[gmeky^_fhg
G_[hcl_kv\kz[m^_l\ihjy^d_KblmZpbyih^dhgljhe_fdZdfh`gh[he__g_\hafmlbfuflhghf
�ijhbagzk`hgiulZykvih^[h^jblvj_[ylohlykZfhgij_djZkghihgbfZeqlhlZdijhklhbawlhc
i_j_^_edbbfg_\u[jZlvky
)HWXRGE\ZDVL\n" Qlhlmlijhbkoh^bl"ihe\f?\Zmfheyxs_ihkfhlj_eZgZIbl_jZbsZ\gzf
kbembaZsblm
G_[hckyihdZy`b\l_[_gbq_]hg_m]jh`Z_lIbl_jdj_iq_h[gyeh[tylmxkljZohf^_\mrdm
_jghy]h\hjx^`_glevf_gu"h[jZlbekyhgdfm`kdhciheh\bg_dhfiZgbb
�Lhqghijbyl_evluZ[khexlghijZ\ih^^_j`Ze_]h`_d
;ebag_puihqlb\`Zebkv^jm]\^jm]ZkijylZ\rbkvaZWlv_ghfdhlhjuciulZekyaZdjulvkh[hcbo
bk\hxk_kljm
��Dj_iq_ijb`ZeZkvdwgmb`ZklbgZ
�FZj]ZjblZkbevg__mo\ZlbeZkvaZie_qh`hgZhgZ\ky^jh`ZeZk_j^p_[_r_ghgZ[bjZehh[hjhlu
lhih^dZlu\ZydkZfhfm]hjemlhkeh\ghkhj\Z\rbkvkh[ju\Ze_l_eh\gbahlq_]hdZ`^uc\^ho
^Z\Zekykh]jhfgufmkbeb_fbhl^Z\Ze[hevx\h\kzfl_e_
�DZdbf\_ljhfaZg_kehl_[ykx^ZHohlgbd"kihdhcgh\ur_e\i_jz^`hgaZkehgyykh[hc
FZj]Zjblm
hlqzjljZahqZjh\ZgghkiexgmejZdrZk
YaZg_]hihiulZekyijb\_lkl\_gghmeu[gmlvkyiZj_gv
:qlhlml^_eZ_l[ZklZj^baG_[_kgh]h=jZ^Z"G_h`b^Ze\klj_lblvl_[yG_m`_ebj_rbe
aZl_jylvkykj_^bkf_jlguo"ya\bl_evghaZf_lbe^_fhgLhevdhl_[ylmlbg_o\ZlZeh
ha\jZsZcl_kvdiZihqd_ZrZFbehklvb\ug_ihkljZ^Z_l_:lhyg_gZjhdhfbaZrb[blvfh]m
IhevszgqlhmagZef_gyghluaZ[u\Z_rvkyHohlgbd\kiuebelhl:fh`_lk^_eZ_fih
^jm]hfm\_kvfZkZfhgZ^_ygghij_^eh`behglum[_jzrvkyk_cqZk`_ihdZyhlimkdZxl_[y
GZoZevgucfZevqbrdZmya\e_gghijbdjbdgmejZdrZkF_`^mgZrbfbgZjh^ZfbmklZgh\behkv
ojmidh_i_j_fbjb_Lu\f_rb\Z_rvkyg_\k\hz^_ehbjbkdm_rv\hajh^blv^Z\gxx\jZ`^mQlh
l_[_^hwlbokf_jlguo"hgaZbgl_j_kh\ZgghbamqZe\a]ey^hffheh^h]hq_eh\_dZ
�:ml_[ydZdh_dgbf^_eh"l\zj^hkijhkbe`hg
_dZfbkh[ex^Z_lkyjZ\gh\_kb_f_`^mK\_lhfbLvfhcdhlhjh_fh`_l[ulvjZajmr_gh\
h^ghqZkv_kzwlh^j_\gb_aZdhgumklZgh\e_ggu_aZ^he]h^hgZk;_aK\_lZg_[m^_lL_gbZLvfZ
^_eZ_lK\_lyjq_Lulh`_ihqm\kl\h\Zelmkbemqlhbkoh^blhlgbo\_jgh"Yebrvbkihegbl_ev
Hgb^he`gubkq_agmlvihdZg_ijh[m^bebkvkbeuqlhfh]mlbaf_gblv[ZeZgkfbjZBoK\_l
kebrdhfyjhdhgihjh^bl_sz[hevrmxlvfmBokbeZ^bdZy
?szjZaih\lhjyxlug_ljhg_rvbo]jhfdhbhlqzleb\hijhbagzkiZj_gv
�HZfZevqbdmgZkagZlgucba\jZs_g_p]jhfhih^h[ghjZkkf_yeky^_fhggZdZdmxmqZklvlu
h[j_dZ_rvbo"Hgbfh]mlh^bgjZamf_j_lvkihdhcghk_cqZkeb[h`_mfbjZlvb\hajh`^Zlvkykgh\Z
bkgh\ZjZaaZjZahfklhe_lb_aZklhe_lb_fB_szjZaih\lhjyxkZfhm\_j_ggh^h[Z\behgYg_
ijh\Zeb\Ze^hkboihjgbh^gh]haZ^ZgbyG_f_rZckyih^gh]Zfb
�Gm\kzdh]^Zgb[m^v[u\Z_l\i_j\ucjZabjhgbq_kdbaZf_lbe`hgLuagZ_rvgZqlhy
�kihkh[_gg_lZdeb"Hgbih^fh_caZsblhcmc^bihohjhr_fm`hgk^_eZejZafZrbkluc`_kl
jmdhcgh\gmlj_gg_hg\_kvgZijy]kyKdZ`bqlhg_gZrzeHgbbf_xlijZ\hkZfbj_rblvdZdmx
km^v[m\u[jZlv
�Wlhqlhm]jhaZ":lumijyfucoZjfZjZ^`Z^_fhgg_fb]Zxsbf\a]ey^hfkf_jbeiZjgy
L\hcgZjh^\k_]^Zkebrdhfex[beex^_cGbq_]hebqgh]hghjZam`kZfgZijhkbekysZ^blvg_
[m^mLujZa^_ebrvkgbfbbomqZklv
G_hklZ\eyy\j_f_gbgZjZafure_gby^_fhggZqZeZlZdmfhsgucwg_j]_lbq_kdbc\bojvk[bebok
gh]bjZkdb^Ze\jZagu_klhjhgu[hevgh\fZaZ\hdZfgb
Bf\kz`_m^Zehkvijbclb\k_[yhllZdh]hg_h`b^Zggh]hm^ZjZ
�Qlh\kzwlhqzjl\havfbhagZqZ_l"\hag_]h^h\Ze`_dhljyob\Zyk\hcdhklxfGZr_fg_gb_
ihoh^mgbdh]hg_bgl_j_km_l"
J_[ylZ_sz^he]hhsmiu\Zebjmdbgh]b\kzebp_eh
L_f\j_f_g_f^_fhgijbgyekyaZgh\mxZlZdmfhsgucihlhdmjZ]Zggh]h\_ljZihe_l_e\bo
�gZijZ\e_gbb`hgihiulZekyaZdjulvkh[hcFZj]Zjblmbijbgye\kxm^Zjgmxfhsv^_fhgbq_kdhc
kbeuKbevgZywg_j]_lbq_kdZyZmjZkeh\ghiZmlbgZihcfZeZ_]h\k\hbk_lbb\i_qZlZeZ\kl_gm
i_s_juIZj_gvaZdjbqZehl[hebkeh\gh_]h\k_]h\u\hjZqb\ZehgZbagZgdm
FZj]ZjblZhrZe_ehkfhlj_eZgZ\kzwlhaj_ebs_hgZkhagZ\ZeZk\hz[_kkbeb_b]hlh\Z[ueZ\hl
\hlaZju^Zlv
�FZj]hg_kf_cg_ljZ\b^mrmblZdlhrghijhojbi_e`hgWlhy\h\kzf\bgh\Zly
^he`_g[ueij_^mij_^blv\Zkih^]hlh\blv\dhgp_dhgph\Moh^bl_G_^mfZcl_h[hfg_
Moh^bl_YkijZ\exkvkZfFg_l_i_jv_klvdh]haZsbsZlvbaZqlh[hjhlvkyImklv^Z`_wlh[m^_l
ihke_^g__qlhyk^_eZx\k\h_c]j_rghc`bagbygbk_dmg^ug_ih`Ze_xh[wlhfMfheyx
�moh^bl_hgih\_jgmebkdZ`_ggh_hlkljZ^Zgbcebph`_dm\h^bbouohlvihgbfZ_l_qlhwlh
@Zgg_m`_eblu^mfZ_rvqlhfufh`_f[jhkblvl_[ya^_kv\lZdhckblmZpbb"\koebiu\Zy
ijhdjbqZeZJblZ^_eZym^Zj_gb_gZdZ`^hfkeh\_Fufh`_f\hllZd\aylvbmclb"Iehoh`_lu
agZ_rvf_gyymc^mlhevdh\f_kl_klh[hc
�:yex[exl_[yb\k_o\ZkaZhjZe`hgF_gy\hh[s_keurbldlhgb[m^v"Yg_ohqm
ih^\_j]Zlv\ZkhiZkghklb
Yg_ohqmYhldZau\Zxkv\h\kzwlh\_jblvaZdjbqZeZFZj]ZjblZb_zdjbdwohfjZagzkkyih
i_s_jZfYg_fh]mYg_ohqml_[yihl_jylvYg_ijbfmwlh]hYg_h[bjZxkvklZgh\blvky
\^h\hc_szg_klZ\`_ghc
G_h`b^Zggh^eyk_[yFZj]ZjblZaZimklbeZk\hbfjxdaZdhfijyfh\^_fhgZ
Wcdlh[ulugb[uelug_ihemqbrv_]hHlimklbk_cqZk`_\]g_\_ih\_e_eZhgZ
AZ[Z\gZyfZe_gvdZyq_eh\_qdZjZdrZkkg_kdju\Z_fufex[hiulkl\hfihkfhlj_e\_zklhjhgm
LZd\kzhdZau\Z_lkylZdijhklh"hgaZohohlZer\ujgm\iZjgyhkl_gmi_s_ju
�@Zglu\ihjy^d_"FZj]ZjblZ[jhkbeZkvd`hgmih]jhab\^_fhgmdmeZqdhfMmAZjZaZ
;m^_rvagZlvdZdk\yau\ZlvkykgZfb
�hq_]h`_\ukf_jlgu_ij_^kdZam_fumeu[gmekyjZdrZk
�`hge_`ZegZdZf_gghfihem[_akhagZgby\hehkugZaZlued_kebiebkvhldjh\bh^gZiheh\bgZ
ebpZ[ueZkqzkZgZkd\havjZah^jZggmx\dehqvyh^_`^m\b^g_ebkvkkZ^bgubdjh\hih^lzdb
@Zgijhrmg_hklZ\eycf_gyHldjhc]eZaZ@ZgFZj]ZjblZg_h[jZsZy\gbfZgbygZ
�ijhbkoh^ys__\hdjm]iheh`b\]heh\m`hgZk_[_gZdhe_gblhijb`bfZy_]hdk_[_lhoe_klZy
eZ^hgyfb_]hihs_dZf@ZgaZdebgZxhqgbkvLu`_h[_sZeqlhg_hklZ\brv[hevr_f_gyLu
h[_sZeLue`_p@ZgE`_pY`_\b^_eZ[m^ms__gZr_[m^ms__\ijbiZ^d_gZqZ\r_cky
bkl_jbdbhgZm`_g_fh]eZhklZgh\blvkezaMkeurvf_gyDgyavG_[_kgh]h]jZ^Za]eygbgZkugZ
k\h_]h_fmgm`gZl\hyihfhsvhavfbfhx`bagv_kebgm`ghlhevdhg_ebrZc_]hfbehklb
k\h_cYijhrmg_lylj_[mxkiZkb_]h\bkklmie_gbb\au\ZeZFZj]ZjblZkZfZg_agZyddhfm
dhehlydmeZdZfbiha_fe_k^bjZy\djh\vdh`mgZiZevpZo?kebhgmfjzllhdeygmkvG_[_kZ
kh^jh]gmlkyhlfh_ckdhj[b
Hq_j_^gZyZlZdZ[md\Zevgh\^Z\beZj_[yl\dZfgb
Djh\vaZdbi_eZ\`beZoFZj]Zjbluihljyk_gghcwlhc^jZfhchgZ\uijyfbeZkv\h\_kvk\hc
fbgbZlxjgucjhkl
O\ZlblFug_kh[bjZ_fkyk_]h^gymfbjZlvMgZk_szlZdfgh]hg_hkms_kl\ezgguof_qlZgbc\
_zdjbd_[uehklhevdh]g_\Zbg_]h^h\Zgbyqlh^Z`_^jmavyhlhjhi_ebY_klvk\_lY_klvk\_lY
g_ih^\eZklgZlvf_Y_klvk\_lY_klvK\_lih\lhjyeZhgZkgh\Zbkgh\Zbkgh\Zkeh\gh
fhebl\mhe_xkeZ\guo[h]h\b[eZ]hjh^guoij_^dh\jZ^blhj`_kl\ZkijZ\_^eb\hklbihfh]bl_
\hajh^blvAhehlmx=hkih`mijbgylvH[ebdbh[j_klb:ljb[mluHKhegp_aZsblgbd`bagbhfhc
f_gyh]gzf
FZj]hijhrmg_gZ^hMoh^bl_`_YkZfkijZ\exkvYkZfFg_l_i_jv_klvdh]haZsbsZlv
�ijhklhgZe`hg\[_agZ^_`ghcihiuld_ih^gylvkygZgh]bG_lg_gZ^hywlh]hg_klhx
G_\_jhylghyjdh_k\_q_gb_hdmlZeh^_\mrdmijhgab\ihemfjZdi_s_julukyq_ch]g_clzfgu_
\hehkubdhjhldZykljb`dZkf_gbebkvahehlufbehdhgZfb^hie_qdZjb_]eZaZklZebyglZjgh]h
p\_lZZgZebp_ihy\bekyahehlbklucfZdby`kihjlb\gucdhklxfkf_gbekyihemijhajZqguf
gZihfbgZxsbfi_gvxZj
G_m`_ebwlhy"FZj]hkbamfe_gb_fhkfhlj_eZk_[yQlhwlh[ueh"QlhwlhaZkbeZ"hgZ\kz
_sz[ueZg_\khklhygbbih\_jblv\ijhbkoh^ys__
KlZgh\blky\kzbgl_j_kg__bbgl_j_kg__\_ebdh]hKugZKhegpZaZsbsZ_l^_\qhgdZdjb\h
mofuevgmeky^_fhgFZe_gvdZyq_eh\_qdZohq_lihb]jZlv";_amfgZydm^Zl_[_khfghcly]Zlvky
hgkgh\ZihkeZe\oh^mjZ]Zggmxfhsv
FZj]ZjblZk\hbfl_ehfaZdjueZiZjgy:lZdZg_^hklb]eZbohljZab\rbkvhlwg_j]_lbq_kdh]hsblZ
bm^Zjb\ihkZfhfmZlZdmxs_fm^_fhghle_l_e\^ZevgbcdjZci_s_ju
JZg_guch[haezgguc^_fhg\[_r_gkl\_jZkr\ujb\Zek]mkldbwg_j]bb\h\k_klhjhguiheh`_gb_
klZgh\behkvhiZkguf
�G_kf_cboljh]Zlvg_\u^_j`Ze`_df_lgm\\^_fhgZkdZevi_evKqblZ_rvqlhfug_\
�khklhygbbihklhylvaZk_[y"hghljyogmeky\ul_j_\ebphjmdZ\hfbihfh]Zyih^gylvkyZgbwee_
_jghfufh`_fb^he`guaZsblblvk_[yih^^_j`ZeZ_]h^_\mrdZHK_e_gZkeZ\gZy[h]bgy
EmgubkijZ\_^eb\hklb^Zcfg_kbeuqlh[uihfhqv^jmavyf\hkdebdgmeZhgZbhke_ibl_evgh_
k_j_[jygh_kbygb_hdmlZeh_zhehkuijbgyebk_j_[jbklucp\_lg_ebp_ihy\bekyk_j_[jbkluc
fZdby`Zh^_`^Zkf_gbeZkvk_j_[jygufb^hki_oZfbbij_^^jmavyfby\beZkvK_j_[jygZy=hkih`Z
\h\kzf[e_kd_k\h_]hH[ebdZbkh\k_fb:ljb[mlZfbQlh[u^h[jZlvky^hgbol_[_kgZqZeZ
ijb^_lkybf_lv^_ehkgZfb
IhdZ^_gvkf_gy_lkyghqvxFug_ohlbfmfbjZlvgh
IhdZ\g_[_k\_lylKhegp_bEmgZ?kebfug_jbkdg_fk\hbfb`bagyfblhfug_ih[_^bf
IhdZk_j^pZ^\hbo\ex[ezgguo[vxlkydZdh^ghGZrbdeyl\uij_\jZlylky\k\_l
IhdZ\wlhffbj_kms_kl\m_l^jm`[ZGZrbk_j^pZqm\kl\mxlqlhijbreh\j_fy[bl\u
IhdZ`b\ZgZ^_`^ZGZrbk_j^pZh[t_^bgyxlky\h^gh
IhdZfukbevgufZ]b_ck\hbok_j^_pIh^gbfb`_k\hb]eZaZdh]^Zijboh^bl\j_fy[bl\u
B\k_hgbh^bgaZ^jm]bf\klZebkdhe_gb[uebiheguj_rbfhklb\uclbbawlh]hijbdexq_gby
`b\ufb
&#xkz;&#xw;&#xlh;&#xk;&#xh;&#x_j;&#xr_;&#xgg;&#xh;&#xg_;&#x_j;&#xhy;&#xlg;&#xh;&#x;&#xk;&#xZf;&#xZ;&#xk_;&#x[_;&#xk;&#xdZ;&#xaZ;&#xeZ;�kzwlhkh\_jr_gghg_\_jhylghkZfZk_[_kdZaZeZ`ZklbgZGhwlhrZgkgZkiZk_gb_
G_[_kgucojZgbl_evfhcg_hklZ\vf_gykbehck\h_c?kebwlhfm[u\Zlvlhf_gyg_fbgh\Zlv
]jhfdhbhlqzleb\hijhbag_keZhgZ
Qm^_kgu_ij_\jZs_gbyijhbahrebbkhklZevgufb
J_[ylZ[uebij_djZkgu\k\hboh[ebdZoa_ezgu_ehdhguIbl_jZkf_gb\rb_dZrlZgh\mxkljb`dm
brzedh\Zyjm[ZrdZjZkrblZyk_j_[jhf^_eZeb_]hg_hljZabfufij_h[jZabeky^Z`_ju`bc
^he]h\yaucom^hsZ\ucWlv_g_]ha_ezgu_]eZaZ[e_kl_ebdZdlhihhkh[_gghfm
�_\mrdbg_hlklZ\ZebhliZjg_ckbg_\eZkZyKZfZglZi_i_evgZyr_\_exjZ?\ubk\_leh
�dZrlZgh\u_dm^jb`ZklbguIeZlvybag_\_khfuoldZg_ci_j_eb\Zxsb_ky\k_fbp\_lZfbjZ^m]b
bk\_jdZxsb_^hki_ob
Dh]jhfghfmm^b\e_gbx\k_odZ`^ucihemqbeg_\_jhylgmxkbemhgZkeh\gh\kz\j_fy[ueZ
\gmljbgbobih^^_ckl\b_fkhq_lZ\rbokymkeh\bc\uj\ZeZkvgZjm`mqlh[uaZsblblvk\hbo
h[eZ^Zl_e_c
Kh[kl\_gghlZdhghb[ueh
�BihdZFZj]ZjblZiulZeZkvijb\_klb\qm\kl\Z`hgZj_[ylZ^_j`Zebi_j_^gbfbaZsblguc
[Zjv_j
FZj]ZjblZf_^e_gghih^gyeZkvbih\_jgmeZkvdjZdrZkm\_zjmdZohdZaZebkvfZ]bq_kdb_Zljb[mlu
ZieZlv_kf_gbehkvk\_jdZxsbfb^hki_oZfb
Dlhlh]h\hjbeh[b]jZo"DZdgZkqzlgZqZlvkb]jukh]gzf"]hehk_z[uekeh\ghqm`bfZ\jmd_
ieykZebyaudbieZf_gbLuijbr_eaZgZfblZd\hlhgbfu\havfb_kebkfh`_rvZiZjgx^Zc
mclbijhbag_keZFZj]ZjblZihkfhlj_\\]eZaZ^jma_cbihemqb\bofheqZeb\h_kh]eZkb_
Ijbkehgb\rbkvdhklu\rbfdZfgyf\^Zevg_fm]emih^a_f_evyijbklZevguf\a]ey^hfoheh^guo
k_juo]eZaaZgbfbgZ[ex^ZeZh^bghdZyi_jkhgZbgbdhfm\fbj_g_\_^hfh[uehdZdbfb
lblZgbq_kdbfbmkbebyfbijboh^behkvk^_j`b\Zlvk_[yqlh[ug_\f_rZlvkyk_cqZk`_
FZjbdhlZd\kzlZdbwlhlu"ijhr_ilZeb[e_^gu_]m[ukeh\gh\_]hmklZobfywlhijha\mqZeh
[h]homevkl\hfLhevdhl_i_jvml_[y^jm]h_bfyFZj]ZjblZHghl_[_b^_Zevghih^oh^blKimkly
klhe_lbyykgh\ZgZr_eqlhlZd^he]hbkdZe\hlvf_fbjh\b\_dh\ghyg_fh]mgbq_fl_[_
ihfhqvbyg_gZ\b`mk_[yaZwlha^_kvbk_cqZkLukgh\Z[m^_rvkhfghc^Z`__keb^eywlh]h
fg_ijb^zlkymgbqlh`blvl\hcfbjbjZajmrblvG_[_kguc]jZ^
�G_klhblfZjZlvkyhg_]hfbeZyaZ_zkibghcih^gyeky`hgkeZ[ucg_\khklhygbbmklhylv
h^ghcjmdhchg^_j`ZekyaZkl_gm^jm]hc\ul_jdjh\vb]jyavkebpZ
�he`_gl_[yjZahqZjh\ZlvHohlgbdghy_sz`b\bmf_gy_szo\ZlblkbeaZsblblvl_odlhfg_
^hjh]hgkbebeky\u^Z\blvmeu[dm\f_klhdhlhjhc\ur_ehkdZebg_^h[jhk\_jdgme]eZaZfb
LZdkfhljb`_bkfhljb\gbfZl_evg__dh]hlug_^hhp_gbeLubkiulZefhzl_ji_gb_
�`hg[ueij_djZk_gdZdgbdh]^Zijbgy\H[ebdbh[j_ly:ljb[mlu\Zehcrzedh\hcjm[Zrd_
\urblhcahehlhfb^jZ]hp_ggufbdZfgyfbih^ihykZggucrbjhdbfjZkrblufdjZkgufihykhf
ij_\hkoh^ghhll_gy\r_c_]hkfm]emxdh`m\h[e_]ZxsbodjZkguodh`ZguorlZgZo
ih^qzjdb\Z\rbo_]hnb]mjmbdjZkguokZnvygh\uokZih]Zo^hdhe_g_]hehdhgukeh\ghqzjgufb
af_yfbh[\b\Zebr_xbkimkdZebkvihie_qZf\_]h]eZaZo[ueZ[_kdhg_qgZylvfZG_^Zjhfhg
\u[jZek\hbfp\_lhfdjZkgucih\k_^g_\gucblhj`_kl\_gguck\ylhcb^vy\hevkdbch[u^_ggucb
\_ebq_kl\_ggucljZmjgucbijZa^gbqgucp\_lh]gybp\_ldjh\bp\_lkZfhc`bagbbp\_lkZfhc
kf_jlbWlh[ueZim]ZxsZydjZkhlZ
:eucr_edh\ucZjdZgh[o\Zlber_xjZdrZkZdhlhjucdZdhggbkbebekyg_fh]hkeZ[blv
AZ^uoZykvhghimklbekygZdhe_gbb\klj_lb\rbkv\a]ey^hfkijhlb\gbdhfkeh\ghaZ]eygme\
]eZaZk\h_cih]b[_eb
Gmqlh`_luf_^ebrv"baihke_^gbokbeijhkbi_e^_fhgLhevdhaZihfgbqlhijb^mlb
^jm]b_\ubij_^klZ\blvk_[_g_fh`_l_aZdZdbfbbafbeebhgh\h[ebqbc[m^mlkdju\Zlvky
G_aZf_q_ggZygbd_f\]em[bg_i_s_juaZgbfbijh^he`ZeZkhkj_^hlhq_gghke_^blvg_ih^\b`gZy
nb]mjZ\k_jhfieZs_
Gm`_m[_c_]hxghrZkgyedZixrhgb^ebggu_\hegbklu_\hehkup\_lZeZ\Zg^ujZkkuiZebkv
�ihie_qZfhggZijy`_gghijbsmjbe]eZaZL\hc]g_\kbezgoZjfZjZ^`ZlZd^Zc_fm\hex
k^_eZcqlh^he`_gb^Zcfg_ih\h^ijhgablvl\hz]hjyq__k_j^p_Ohlyg_lWlh[ueh[u
kebrdhfijhklhLu[m^_rvfheblvhkf_jlb
G_lijbc^y\k_[y[m^lhihke_ljZgkZkeh\ghg_hgZkZfZlhevdhqlh]hlh\Z[ueZmgbqlh`blv
m[bcpZ
&#x];&#xjm;&#x^b;&#xk;¾&#xvg;&#xh;&#xaZ;&#xdh;&#xeh;&#xeh;&#x;�]jm^bkbevghaZdheheh`hghk_ebh[o\Zlbe]heh\mjmdZfb_]h]eZaZklZebij_`gbfb
Ijhqvk]eZafhboj_adh[jhkbehgjZdrZkmBhklZevgufjZkkdZ`bdlhihkf__lkmgmlvkyk
d_fbfijb^zlkybf_lv^_eh
Kbevgucihju\\_ljZblhevdhZeZyi_leyZjdZgZf_^e_gghkiZeZgbjh\ZeZgZihe\lhff_kl_]^_
klhyejZdrZk
:lug_^hhp_gbewlbokf_jlguohl_pijhq_fdZdbyLhevdh\ub]jZlv[bl\m_szg_hagZqZ_l
�\ub]jZlv\hcgmKiZkb[hqlh^Zem\b^_lvl\hxkbembl\hxkeZ[hklvoZjfZjZ^`ZgZr_h^gh
ijhdeylb_gZ^\hbobebrv_e_meh\bfh_dhe_[Zgb_\ha^moZ^Zwohlboboa\mdh\ne_clufh]eb
kem`blv^hdZaZl_evkl\hfijbkmlkl\bylmlkms_kl\Z_szk_dmg^mgZaZ^
�Gmqlh\k_p_eu"keZ[hmkf_ogmeky`hg\kz_sz^_j`ZkvaZkl_gmKiZkb[h\Zf^jmavyfhb
�:k^_eZebfu_]hK^_eZebih[_^ghmeu[gmeZkvZgbweeZ
�L_i_jvfh`ghb^hfhc\ha\jZsZlvkyb^Z`_g_ihqZklyfjZkieueZkv\meu[d_`ZklbgZ
�ijbevgm\die_qm_gZ
?keb[uk\hbfb]eZaZfbg_m\b^_eZlhgbdh]^Z[ug_ih\_jbeZkZfZk_[_kdZaZeZKZfZglZ
0DWND%RVND0RMHJUDWXODFMHQDPZV]\VWNLP FZl_jv;h`vyFhb\k_fiha^jZ\e_gbyihe\f
\kie_kgmeZjmdZfb?\Z\h[tylbyoIbl_jZ
KiZkb[h^hjh]b_fhbFZj]ZjblZ[jhkbeZkvh[gbfZlvbp_eh\Zlv^jma_c?zijbf_jm
ihke_^h\ZebbhklZevgu_jZ^hklghaZdexqZy^jm]^jm]Z\h[tylby
�`hgdj_iq_h[gyeFZj]ZjblmlZdqlhkeurZe[b_gb__zk_j^pZbaZ]eygme\_zie_gbl_evgu_
]eZaZ
�_\hqdZfhygZim]Zeyl_[y^Z"\bgh\Zlhmeu[gmekyhgFhyg_\_jhylghojZ[jZy^_\hqdZ
Ev\bpZfhylu[ueZhke_ibl_evgZ0DILOOHIRUWHHWWHQGUH KbevgZybg_`gZynj\fIj_djZkgZyjhaZ
h[hevklb\rbckynZkZ^hf[_aaZsblghklbjbkdm_lmdhehlvkyhrbiuLukZfh_emqr__qlh[ueh\
fh_c`bagblu]hjZa^h[hevr_q_fylh]hklhx
^jm]FZj]ZjblZbaf_gbeZkv\ebp_lhevdhl_i_jvhgZihgyeZ\_kvkfukebhkhagZeZagZq_gb_
\k_]hijhbahr_^r_]h
Hg_lhqlh`_lugZk\lygme"=hkih^blhevdhg_wlhh[j_q_gghijh[hjfhlZeZhgZbkbevgh
aZ`fmjbeZkvkeh\ghhldjh_lkgh\Z]eZaZb\_jgzlkyghjfZevgZy`bagvYg_ohqm`blvlZdhc
`bagvx
�`hgihiulZekykgh\Zh[gylvFZj]ZjblmghhgZj_adhhllhedgmeZ_]h
G_ljh]Zcf_gy:gZkdlhgb[m^vkijhkbeohlbfebfu\_qghkjZ`Zlvky"BebwlhlZdZyf_ehqv
g_klhysZy\gbfZgby"Lu\_^v\kzagZeijZ\^Z":_sz^jm]hfgZau\ZekyBm^ZKdhjibhg
&#xuk;&#xdZ;&#xaZ;&#xeZ;&#xkv;&#x";&#x:;&#xl_;&#xi_;&#xjv;
 g; k;&#xv;&#x;&#xg;&#x_h;&#x`b;&#x^Z;&#xgg;&#xh;&#xk_;&#xjv;&#xza;&#xgu;;&#xlh;&#xgh;;&#xij;&#xhb; g;&#xzk;�ukdZaZeZkv":l_i_jvba\bgbkvg_h`b^Zgghk_jvzaguflhghfijhbagzk`_dL_[_g_klu^gh"
Qlh[m^_lihlhfg_ba\_klghZk_cqZkhgkiZkgZrb`bagbb]hlh\[uehl^Zlvk\hxlZdlZdh\Zl\hy
[eZ]h^Zjghklv"
Ijhklb@ZgY^_ckl\bl_evghg_^he`gZ[ueZlZdklh[hcjZa]h\Zjb\Zlvkfms_ggh
ihlmibeZ\ahjFZj]ZjblZ
�`hg\aye_zihqlb^_lkdmxjmdm
�ZagZ_rveblu^blyqlhy[u\kzhl^Zeqlh[uh]jZ^blv\Zkhlwlh]h"k]hj_qvx\]hehk_
i_j_^\Zfbyih^\ze\ZkDhg_qghwlhkeZ[h_hijZ\^Zgb_Ijhklbf_gyhgijbeh`be_zjmdmd
k\hbf]m[Zfu^he`gu[uebkZfbkijZ\blvkyi_j_[hjhlvkljZobhk\h[h^blvlZcgu_kbeuqlh
^j_fZeb\\ZkGhyg_kfh]g_ijbclb\ZfgZihfhsvlZdhcm`y_klv
��mjZdmjZdDZdhc`_lu^mjZd\koebiu\ZeZhgZdhehlyk\hbfbdmeZqdZfbih_]h]jm^b:
_keb[uklh[hcqlhgb[m^vkemqbehkv"Y`_lZd\hegh\ZeZkvH^gZ`^uym`_ihl_jyeZ:e_kkbhy
\_^vg_i_j_`b\mih^h[gh_kgh\Z
GmfbeZyfhykhfghcg_lZdlhe_]dhkijZ\blvkylZdqlhlZdijhklhluhlf_gyg_hl^_eZ_rvky
meu[gmekyhg
�JblZ\ul_jeZ]eZaZbihkfhlj_eZgZ`hgZ
Bgl_j_kghqlh\hfg_l_[ylZdihdhjbehfhydmdhevgZynbabhghfbybebqZklu_h[fhjhdb
dhlhjufblZdkeZ\bebkv^Zfu\wihomj_g_kkZgkZ"
=emiurdZfhyhgg_`ghihp_eh\Ze_z
�`hgszedgmeiZevp_fbgZeZ^hgbmg_]hihy\bekydbg`Zekbkdmkghbgdjmklbjh\Zgghc
k_j_[jyghcjmdhylvx
hlwlm\_svydh]^Zlhk^_eZek\hbfbjmdZfb\havfb_]hbagZcqlhyijbfmkf_jlvebrvba
l\hbojmd?kebydh]^Zgb[m^vijbqbgxl_[_[hevlhbfg_kZfhfm[m^_lg_\ughkbfh`blv
AZfheqbFZj]ZjblZih^g_keZiZe_pd_]h]m[ZfAZfheqbk_cqZk`_G_]h\hjbhlZdbo\_sZo
G_k_]h^gyBgbdh]^ZhgZhlqZygghaZfhlZeZ]heh\hcIhdjZcg_cf_j_l_i_jvyl_[_
ijZdlbq_kdbjh\gy]hj^hih^gyeZhgZ]heh\m
Ygbdh]^Zg_kqblZek_[y\ur_[ueh_chl\_lhf
LZddlh`_fu"FmlZgludZd\Ex^yoO"Dlhfu"Hl\_lvgZfgZklhcqb\hihlj_[h\ZeZ
�ZgbweeZbgZg_]hmklj_fbebkv\hijhrZxsb_\ahju
AZ[m^vl_\kzqlh\ukeurZebh^_fhgZobiZ^rboZg]_eZoj_Zevghklv]hjZa^hkljZrg__
�ijh^he`Ze`hgGhyhq_gvjZ^qlhbf_ggh\uhdZaZebkvl_fbdh]hybkdZeBgbdlhg_
ihf_rZ_lfg_^_eZlv^\mo\_s_c[ulvjy^hfk\ZfbbihklmiZlvihkh\_klbYihiulZxkvgZmqblv
\Zkdh_q_fmb[m^mihfh]Zlv\Zfihf_j_\hafh`ghkl_cu^he`gu\_jblvfg_uba[jZguWlZ
kbeZ\\Zr_cdjh\bOhlbl_fh`_l_hljbpZlv_zghhgZqZklv\ZkkZfboDlhdh]^ZlhklhyegZ
aZsbl_K\_lZkgh\Z^he`gu\klZlvih^agZfzgZ^h[jZGhjbkdgmlebex^bijbgylv\Zrmihfhsv"
Zk[m^ml[h]hl\hjblv\Zf[m^mlaZ\b^h\Zlv\Zk[m^mlg_gZ\b^_lvgh\u\k_]^Z[m^_l_l_fbdlh
\u_klvbgbdlhg_kfh`_lwlh]hbaf_gblvL_i_jvdh]^Z\ujZkdjuebk_[ylh\Zfg_[m^_l[hevr_
ihdhygbhlkbeK\_lZgbhlkbeLvfughlZdbf[ueZr\u[hjuklZebfhbfb^jmavyfbZbom
f_gyg_fgh]hZl_i_jvdh]^Zfu[m^_f^_eZlvh^gh^_eh\ZrZ^jm`[ZklZeZ^eyf_gy_sz^hjh`_
B_keb\Zfgm`gZ[m^_lihfhsvygbfbgmlug_[m^mjZa^mfu\ZlvBa\ZkihemqZlkyij_djZkgu_
hbguK\_lZu[ueb\_ebdhe_iguBykhqlmaZq_klvklZlv\ZrbfgZklZ\gbdhf
Yg_\_jxqlhjh^beZkv^ey[bl\ulbohijbag_keZFZj]ZjblZgh_kebfhb[ebadb_hdZ`mlky\
[_^_ohlvyg_\k_ogZk\_l_mfg__bkbevg__gh^jmavyfihfhqvihklZjZxkvq_]h[ufg_wlhg_
klhbehH^gZ`^uyg_kfh]eZaZsblblvk\hcgZjh^bk\hxex[h\v[hevr_ylZdh]hg_^himsm
�HgZih^gyeZ]heh\mb^he]hkfhlj_eZgZ`hgZ
Ex[h\vhgZdZdlZg_pgZqbgZ_rvdjm`blvky\kz[uklj__b[uklj__ba_feymoh^blbaih^gh]b
_kebg_aZp_iblvkyaZqlhgb[m^v\a]ey^hflhfh`ghmiZklv
Yg_^Zfl_[_miZklvY[m^ml\hbfsblhfy[m^ml\hbff_qhf
Y\_jxl_[_dZdkZfhck_[_g_ihdhe_[bfh^_j`ZeZhl\_lFZj]ZjblZ
�Z[m^_llZd
�KjZ`Zcl_kv^_eZcl_qlhohlbl_ghlhevdh[_af_gygZ^meky`_d
��`_ddZdlufh`_rv"QlhlulZdh_]h\hjbrv"\hafmlbeZkvZgbweeZ
:qlhylZdh]hkdZaZe"u`_l_i_jvdjmlu_dm^ZgZf^h\ZkGZc^zrvk_[_ij_djZkgh]hxgh]h
�[_kkf_jlgh]hgZq_jlZl_[_klZjuchkze`_d"
�Lmlm`_g_\u^_j`Ze`hg
�=hkih^b`_dlufhc^jm]bykdZ`ml_[_qlhlub_klvhkze_keb^mfZ_rvlZdA^_kvebrgbo
�g_llukgZfbluh^bgbagZkIhkfhljbgZZgbweemgZg_c`_ebpZg_lghm\_j_gqlh_c
k_cqZkhq_gvohq_lkyaZe_iblvl_[_a\hgdmxihszqbgm
Bmf_gylh`_lZdh_`_eZgb_ih^l\_j^beZFZj]h
�?kebwlhlfZevqbrdZg_aZfheqbllhyaZk_[yg_hl\_qZx\ujm]Zeky`_d
ImklvyfZevqbrdZgh\hlebqb_hlg_dhlhjuoydh_qlhihgbfZxq_]hlulZdbg_kfh]ihgylv
�`_daZoehiZe^ebggufbj_kgbpZfb
""""""""""""""""""
Fg_gm`_glhevdhlubyg_ijhf_gyxl_[ygbgZdh]h^jm]h]hkf_jlgh]heb[_kkf_jlgh]heb
�Lhevdhwlhk_cqZkbf__lagZq_gb_lubywgbihkfhlj_eZgZg_]hk\hbfbykgufb]hem[ufb
]eZaZfb\dhlhju_hg]hlh\[uekfhlj_lv\_qgh
Ydh]^ZlhkdZaZe=hkih^bihfh]blhfmfm`qbg_dhlhjucihex[bll_[y=hkih^bihfh]b
�fg_]em[h]h\u^hogme`_d
Bhgbkebebkv\^he]hfihp_em_
J_[ylZaZoehiZeb\eZ^hrb
�Qlh`FukbeZ;_j_]bl_kvqm^h\bsZfukjZ`Z_fky\hbfyh[jZbKijZ\_^eb\hklbblZd
�ijhklhfug_k^Zzfkyl_ZljZevghijh^_deZfbjh\ZeZZgbweeZHCWlhdZ`_lkym`_]^_lh
[ueh\h\j_fykiho\ZlbeZkvhgZ
B^jm`guckf_ojZagzkkyihi_s_jZf
�G_l\ugbdh]^Zg_ih\ajhke__l_meu[Zykv\a^hogme`_d
:jZa\_wlhlZdm`iehoh"g_mgbfZeZkvFZj]ZjblZ
g_aZigh\dhjb^hjZoi_s_juihkeurZekyrmfb\kdhj_j_[ylZm\b^_ebij_djZkgmx\_ebqZ\mx
�ilbpme_lysmxdgbfWlh[uekhdheIlbpZhimklbeZkvgZie_qh`hgZ
:ajZ_evh[jZ^h\Zgh\hkdebdgmehgih]eZ^b\i_jvyilbpuDZdlugZrzef_gy"_^b`_gZk
iZj_gvih\_jgmekyd^jmavyfB^zfaZilbp_cHg\u\_^_lgZkbai_s_j
�Dh]^Zhgb\urebgZk\_`bc\ha^mo`hgihjhkbejmqdmbebklhd[mfZ]bbgZibkZeihkeZgb_
ijb\yaZ\_]hgbldhcdeZi_khdheZ
E_lbkeZ\guc:ajZ_evbi_j_^Zcqlhkdhjh\G_[_kguc=jZ^ih`Zemxl^he]h`^Zggu_]hklbk
wlbfbkeh\Zfbhghlimklbeilbpmbkhdhe\afue\ukhdh\g_[hLhevdhlZf\ukfh`_l_ihemqblv
aZsblmaZ\_jbehg^jma_c
@Zgkijhkbf_gydlhyihijhkbeZFZj]ZjblZ
�Bdlh`_luZg]_efhc"ih^fb]me`hg
Bklbgghqm^hfhzmeu[gmekyhgp_emy_z
\r\r\r
Ez]dbffZgh\_gb_fjmdbxghrZ\ihk_j_[jzgguo^hki_oZofhsgufihlhdhf\_ljZjZkdb^Ze
kljZ`gbdh\b\hrze\ljhggucaZe
�ZdlhlulZdhc"BdZdihkf_ekx^Zy\blvky"k\ukhdh]hljhgZ\kdhqbeZk\_leh\hehkZy`_gsbgZ
\ahehlhcfZkd_gZiheebpZ
G_h[jZsZy\gbfZgbygZ_z\hafms_gb_xghrZijhke_^h\Zedljhgmbij_dehgbedhe_gh
Zr_\_ebq_kl\hyijbrzeij_^eh`blvk\hbmkem]b[_kkljZklguf]hehkhfijhbagzkhg
G_agZeZqlhmHohlgbdZ_klvkug:lufg_gjZ\brvky]h\hjbrvijyfhbg_e_[_abrvij_^h
fghc`_gsbgZijh^he`ZeZbamqZlv_]h\a]ey^hf
Yg_k\hxjh^hkeh\gmxh[km`^Zlvijbrze]jm[hij_j\Ze_zxghrZ
kZfhf^_e_kgbkoh^bl_evghkh]eZkbeZkvkgbf`_gsbgZBqlh`_luohq_rvij_^eh`blv
fg_"
OjZgbl_e_ck_odjhf_h^ghchgZfhy\gh\vgbh^bgfmkdmeg_^jh]gmegZ_]hebp_ebrv
ajZqdb_]h[e_deuo]eZaklZebrbj_
Bq_]h`_luohq_rvaZk\hbmkem]b"aZbgl_j_kh\ZgghkijhkbeZk\_leh\hehkZyh[oh^y\hdjm]
kh[_k_^gbdZhgg_fh]g_ijb\e_dZlv\gbfZgb_hg[ueg_h[uqgh\ukhdom^b[e_^_ggh
g_hkihjbfuf_]h^hklhbgkl\hf[ueZjhkdhrgZyr_\_exjZk\_lehkbj_g_\uo\hehkZ\_]h
g_ijhgbpZ_fuok_juo]eZaZohgZ[_amki_rghklZjZeZkvijhq_klvohlvdZdb_lhwfhpbbkeh\ghwlh
[ueh\hh[s_g_`b\h_kms_kl\h
Ihkl]eZ\ghdhfZg^mxs_]h]hehk_]ha\mqZel\zj^hihqlblj_[h\Zl_evgh
�:ml_[y]m[Zg_^mjZfZevqbda\hgdhjZkkf_yeZkvhgZZ\hllhevdh]eZ\ghdhfZg^mxsbc
�ihdZqlhIjZ\bl_evLzfgh]h\hjZbfhcfm`GhlulZdeh\dhjZkijZ\bekykfhbfb]\Zj^_cpZfb
qlhgZ\_jgydZ^hklhcgh\uklmibrvgZij_^klhys_flmjgbj_AgZ_rvlmjgbju[u\ZxlgZklhevdh
g_ij_^kdZam_fuG_aZkljZoh\Zggbdlh^Z`_dhjhev
Fh`_l_^Zevr_g_ijh^he`Zlvkgh\Zh[hj\Zehg_zj_qv?keby\uihegxlhqlhhlf_gy
h`b^Z_lkylh
Luihemqbrva\Zgb_]eZ\ghdhfZg^mxs_]hdhjhe_\kdbfb\hckdZfbdb\gmeZhgZBgl_j_kghZ\
ihkl_eblulZd`_ohjhr"dhjhe_\ZihiulZeZkvijh\_klbjmdhcih_]h\hehkZf
G_ijbihfbgZxqlh[udjhf_k\h_]hf_qZyij_^eZ]ZeZfbk\hzl_ehhgihju\bklhhklZgh\be
_zjmdm
KdZ`bohlvdZdl\hzbfygZoZezgurkgh\ZjZkkf_yeZkvijZ\bl_evgbpZG_[_kihdhckylZdb_
fZehe_lgb_xgpuf_gyg_bgl_j_kmxl
GZau\Zcl_f_gyRgZc^_jBhRgZc^_jZr__ebq_kl\hxghrZihdehgbekyihlhfdjmlh
jZa\_jgmekybgZijZ\bekyd\uoh^m
Qlh`y[m^m`^Zlvdh]^Zl\hzbfyha\mqZlgZlmjgbj_kdZaZeZg_ijhsZgb_k\_leh\hehkZy
dhjhe_\ZBkihegbqlhh[_sZebihemqbrvqlhijhkbrv
F_eh^by;_kdhg_qghklbA\hgdhehdheh\\G_[_kghf]jZ^_
Ijb\_lfZfZmeu[gmeZkvkihjh]ZFZj]ZjblZ
&DUDPLD\kie_kgmeZjmdZfbZe_glbgZFZ^hggZfbZqlhaZ\b^m\Zk^_lb"uqlhkh
Gmfh`ghkdZaZlvblZd^_\mrdZ[ukljhqfhdgmeZfZlv\s_dmb\kydhfiZgbyijyqZg_j\gh_
gZijy`_gb_aZijb\_lkl\_ggufbmeu[dZfbihki_rbeZijhke_^h\Zlv\k\hbdhfgZlu
Ijb\h^bl_k_[y\ihjy^hdbkZ^bl_kvm`bgZlvFZj]ZjblZagZeZqlhdh]^ZfZlvgZqbgZeZ
]h\hjblvlZdbflhghflhkihjblvkg_c[ueh[_kihe_aghBhqzf\ulhevdh^mfZeb"EZ^ghwlb
&#xZe;&#x_g;&#xlb;&#xgZ;&#xh;&#x[j;&#xZl;¾&#xZk;&#xv;
�&#xZe;&#x_g;&#xlb;&#xgZ;&#xh;&#x[j;&#xZl;¾&#xZk;&#xv;
�[_ajZkkm^gu_ih^jhkldbgh\uZe_glbgZh[jZlbeZkvd`_dmb`hggbdm^Zkfhlj_eb":
^Zevr_qlhjZa[bjZl_evkl\Zkihebpb_c"
�G_[_kihdhcl_kvfZ^ZfgZgZklhysbcfhf_gldhgnebdlbkq_jiZgaZ\_jbe`_gsbgm`_d
iulZykvmclbhlg_`_eZl_evgh]hjZa]h\hjZ_fm[uehg_ijbylghhsms_gb_hlqblu\Z_fh]h
ijh\bgb\r_]hkyrdhevgbdZ
HoihdZqZeZ]heh\hcZe_glbgZhq_gvgZwlhgZ^_xkvFukRZje_fme_lZ_fgZkbfihabmf
dZdfg_l_i_jv_oZlvdh]^ZgZk_j^p_mf_gyg_kihdhcghaZ\Zk"
FZfFZj]ZjblZihiulZeZkvmkihdhblvfZlvq_klgh\kz\ihjy^d_
Gmohjhrh_keblulZdm\_jy_rv\a^hogmeZZe_glbgZLhevdhihklZjZcl_kvg_jZag_klb^hf
bg_\imlu\Zcl_kv\g_ijbylghklbZe_glbgZihp_eh\ZeZ^hqdm\eh[
H[_sZxfZfZke_]dZmeu[gmeZkvFZj]ZjblZkdj_klb\iZevpuaZkibghcdZd`_hgZg_ex[beZ
�\jZlvfZl_jb\_^v\kzjZ\ghfZlv\k_]^Z\b^_eZ_zgZkd\havZ`__kebhgb\k_[m^mll\_j^blv\
h^bg]hehklhdlhbfih\_jblqlh^_fhgukms_kl\mxlbm`_ihkeZebaZgbfbk\h_]hdbee_jZ
\r\r\r
�Fg_hij_^_ezgghgm`gh\uiblvbaZdmjblv`_dgZebek_[_\bkdbb^hklZeiZqdmkb]Zj_ldlh
gb[m^v_sz[m^_l"ij_^eh`behg
KiZkb[hghg_lhldehgbebi_j^eh`_gb_Ibl_jbWlv_g
�Qlhgbdlhg_khklZ\blfg_dhfiZgbx"fheh^hcobjmj]\hijhkbl_evghihkfhlj_egZ`hgZ
�:yih`Zemcg_hldZ`mkvdb\gme]heh\hc`hg;ebgsbie_l`_kdjb\bekyhgdh]^Z
FZj]ZjblZihiulZeZkvh[jZ[hlZlvi_j_dbkvxjZgugZ_]hebp_
Qlhhq_gv[hevgh"h[_kihdh_gghkijhkbeZFZj]ZjblZ
L\hbkeh\Zbl\hyaZ[hlZkZfucemqrbc[ZevaZfgZfhbjZguJZ^bwlh]hy]hlh\\ul_ji_lv\kz
�qlhm]h^gh`hgih^gyegZg_zk\hb]eZaZ
�JZaj_rbihfhqvZgbweeZijh\_eZjmdhcebpmiZjgybjZgugZqZebaZly]b\ZlvkyihdZkh\k_f
g_bkq_aeb
KiZkb[hmeu[gmekyhgWlhlh`_qZklvl\h_]h^ZjZ:l_i_jvij_^klZ\vqlh\k_jZgubkkZ^bgu
aZ`b\ZxlgZl_eZol\hbo^jma_c
�ZgbweeZaZdjueZ]eZaZbg_h[udgh\_ggh_l_iehi_j_ihegbeh\kz_zl_ehbkeh\gh
jZkie_kdZ\rbkvaZihegbehkh[hc\kzijhkljZgkl\h
FZj]ZjblZkm^b\e_gb_fihkfhlj_eZgZk\hbjmdbgZgbokgh\Zg_[uehgb_^bghcpZjZibgu
��`ZklbgZ?\ZbWee_ghr_ehfe_gghkfhlj_eblh^jm]gZ^jm]ZlhgZZgbweem
�`_d^hljhgmeky^hk\h_]hebpZd_]hkh`Ze_gbxrjZfugbdm^Zg_bkq_aeb
�Ijhklbijbyl_evg_wlbjZa\zejmdZfb`hg
�:^ZjZeb"\a^hogmeZZgbweeZQlh`kiZkb[hqlhihdZaZe]jZgbpugZrbo\hafh`ghkl_c
AZq_flh]^Zfg_lZdZykbeZ_kebyg_fh]mklhevfZeh]hhgZ[_kkbevghhimklbeZkv\dj_kehB
dZdgZfl_i_jv`blvkwlbf^Zjhf"Qlh`_[m^_lkgZfb^Zevr_"
ihqm\kl\h\Z\
�:luh[tykgbbf`_dkdj_klbejmdbgZ]jm^bijbkehgb\rbkvdkl_g_\^jm]ihcfmlHgb`_
g_kh\k_fg_kfure_gu_\dhgp_dhgph\
Zf[m^mlih^\eZklgukbeuijbjh^ubklbobbihlhdbwg_j]bcl_e_dbg_ae_\blZpbybwfiZlby
�L\hykbeZZgbweeZkihkh[gZdZdbkp_eylvlZdbmgbqlh`blvdZdkhab^ZlvlZdbjZajmrZlv
FZj]ZjblZl\hykbeZ\ieZf_gbibjhdbg_aZhlh]gyk\_qbbdZfbgZhll_ieZ^hfZrg_]hhqZ]Z^h
�g_mdjhlbfh]hih`ZjZ`ZklbgZl\hykbeZwe_dljbq_kl\hhlfhegbc^h[ulh\hcwe_dljhl_ogbdb
�;ebag_pZfKZfZgl_b`mebbih^qbgy_lky\h^ZhlkZfhcfZehcdZieb^h[mrmxs_]hihlhdZ
Ibl_j^blyijbjh^ulugZmqbrvkyihgbfZlvyaud`b\hlguo[m^_rvmijZ\eylvkbehckZfhc
a_feb?\Zl\hykbeZf_l_hdbg_al_[_ih^qbgblkyih]h^ZWee_glumijZ\ey_rv\ha^mrgufb
�ihlhdZfba\mdhfbnhlhdbg_ahfWlv_gfZkl_jbeexabcwgl\hykbeZ\mijZ\e_gbbihlhdZfb
wg_j]bbDh]^Z\ulZf\dZlZdhf[Zo\au\ZebhaZsbl_keh\ZijbrebkZfbwlh\\Zk]h\hjbeh\Zr_
ijhreh_^mrbg_dh]^ZijbgZ^e_`Z\rb_\_ebdbf\hbl_eyfOjZgbl_eyfbaZsblgbdZfA_febGh
�\ug_kebrdhfm^b\e_gu\Zr_ckbehcykfhljxmeu[gm^ky`hg
HLubf__rv^_eh^Z`_g_kihdhe_gb_fI_ikbZkihdhe_gb_fZgbf_bfZg]biuedh
aZy\beZFZj]ZjblZ
kfuke_"G_ihgye"hldjh\_gghm^b\bekyiZj_gv
�HodhfmqlhZbf\kzfmevlnbevfu^Zdhfbdkubkimklbe]em[hdbc\a^ho`_dKfhljb
k_cqZkhgb_sze_dpbxgZl_fmijhqlmlkgZ]ey^gufbfZl_jbZeZfb^h[Z\befheh^hcobjmj]
meu[gm\rbkv
�:cl_[_[uklhbehm\Z`Zlvdmevlmjml\h_cjh^bgu\ujZabeZk\hzg_kh]eZkb_ZgbweeZ
�Zybm\Z`ZxYlhevdhohl_ekdZaZlvqlh\um`kebrdhfm\e_dZ_l_kvihiulZekyhijZ\^Zlvky
�`_d
Fu\ujhkrb_gZnZglZklbq_kdbok_jbZeZobZgbfZpbbkljZgu\hkoh^ys_]hkhegpZfZehq_fm
m`_m^b\ey_fkyhafh`gh^Z`_]^_lh\]em[bg_^mrbfuf_qlZebhqzflhih^h[ghfWcnhjby
hlhkhagZgbykh[kl\_gghcagZqbfhklbkdhjhijhc^zlghkdhevdhjZafuij_^klZ\eyebk_[ygZf_kl_
�]_jh_\dgb]bnbevfh\\^hogh\_gghjZa]eZ]hevkl\h\ZeZZgbweeZ
�Zihcfbl_`_\uwlh\Zfg_dhfivxl_jgu_b]ju]^_fh`ghkhojZgblvkyi_j_^[h_fwlh\Zfg_
�/LQHDJHg_)LQDO)DQWDV\ij_j\Ze_z]hjyqmxlbjZ^m`hg
B^Z\ghwlhluklZeagZlhdhf\b^_hb]j"ihbgl_j_kh\ZekyIbl_j
G_lZd^Z\ghbg_lhqlh[uagZlhdhfaZ]Z^hqghijhlygmeiZj_gv
�Lu\gbo\_jbrv"fheh^hcobjmj]ijbklZevghihkfhlj_egZ`hgZLudlhgZa\Zekybo
mqbl_e_f"
�DZd\kZfh]hk_[ym\_j_gghhl\_lbe`hg
�EZ^ghfuhl\e_debkvhll_fug_l_ji_eb\hgZihfgbe`_d
�Yhq_gv\bgh\Zli_j_^\Zfb`hgm[jZe\hehkukebpZ_]h\a]ey^[uegZijy`_ggufb
i_qZevgufL_jyxnhjfmKlZj_xqlheb"Khegp_fahehluf[ueih^g_[hfkbgbffhc
\q_jZrgbc^_gvgmZqlh`_gug_"fjZqghijh^_deZfbjh\Zehg
?keblZdh\ZgZrZkm^v[Z_kebhgZkm`_\kzjZ\ghFlZehba\_klghlhg_wlhl^_fhglZd^jm]hcg_
�k_]h^gylZdaZ\ljZlbohijhbag_keZZgbweeZ
ke_^mxs_]hgZiZ^_gbyBkbeZfbk\hbfb\u^he`gumf_lvmijZ\eylvAZsblmklZ\blvihemqbehkv
ij_djZkghgh\Zfgm`ghgZmqblvkybZlZdh\Zlv
wlh\j_fy\jZkdjulh_hdghklheh\hc\e_l_em`_agZdhfuckhdhe
�:hi_jZlb\ghm\ZklZfjZ[hlZ_lihqlZbkdj_gg_mkf_ogmeZkv`ZklbgZdm^Zm`gZr_fmH
PDLOm
�Luijbgzkhl\_l:ajZ_ev`hghl\yaZeihkeZgb_hleZiuilbpub[_]ehijhqze_]h
Gmqlh`_lZf"Qlhibrml"kg_ih^^_evgufbgl_j_khfihex[hiulkl\h\ZeZFZj]ZjblZ
GZqbgZxlkylmjgbjui_jbh^i_j_fbjbylZdqlhljbf_kypZkihdhckl\bym\Zk_klvkq_f\k_o
�gZkbiha^jZ\eyx`hgkdj_klbeiZevpujmdgZe[mbly`_eh\a^hogmeQzjlwlh`_lZdfZeh
qlhfumki__f"AZlhgZkihk_lbldh_dlhdlhihdZ`_lgZklhysbcfZkl_jdeZkk
�BdZd`_fu\kzwlhihlyg_f"kijhkbeZ`ZklbgZGZf_sz\uimkdgu_wdaZf_guij_^klhyl
LZdagZqblyaZ\ljZ`_mljhfiha\hgxlzl_bihijhrm_zaZ^_ckl\h\Zlvk\hbk\yabqlh[ugZf
jZaj_rbebk^Z\ZlvwdaZf_gu\f_kl_kJblme_c
KiZkb[h^hjh]ZyFZj]ZjblZh[gyeZih^jm]mWlh[ueh[uijhklhaZf_qZl_evgh
?szgZf[ug_ihf_rZehkgylvihf_s_gb_^eylj_gbjh\hd^h[Z\beIbl_j
�J_ahgghkh]eZkbeky`hg:ihke_\uimkdgh]hfuhlijZ\bfky\G_[_kguc]jZ^Fhb^jmavy
ihfh]mlaZsblblv\Zk
Bgl_j_kghdZdhchgwlhlG_[_kguc=jZ^"FZj]ZjblZ\ayeZ\jmdbqZrdmkdhn_bhlm`_
�gZqZ\r_]hhklu\ZlvgZibldZkgh\Zih^gyekyiZjbjZkijhkljZgbeky[h^jysbcZjhfZlb\gucb
[ebklZl_evguc"
jZagu_\j_f_gZbjZagu_gZjh^ugZau\Zeb_]hihjZaghfmHebfi:k]Zj^F_jmGZmdZ
mr_^rZy^Ze_dh\i_jz^hl\Zr_]hihgbfZgbykjh^gbfZ]bbWlhkeh`ghhibkZlvkeh\Zfbwlh
gm`ghm\b^_lvk\hbfb]eZaZfbB\ukZfb\kzm\b^bl_\k\hz\j_fy
FZj]ZjblZih^izjeZ]heh\meZ^hgyfbaZdZlbeZ]eZaZb]em[hdh\a^hogmeZ
�Ijb^zlkyaZiZklbkvl_ji_gb_fg_ohlykh]eZkbeZkv`ZklbgZDlhgb[m^vih^Zcl_ih`ZemcklZ
fhehdZ^eydhn_
��Ijhrmih^jm]ZZgbweeZih\_eZjmdhcbfhehqgbdf_^e_gghih^h^\bgmeky[eb`_d`Zklbg_
�FmqZk]jZkbZkih^fb]gmeZ`ZklbgZ
�Hogmqlh\u\kZfhf^_e_"ihdZqZe]heh\hc`hgDZd^_lbfZeu_q_klgh_keh\hYlml
jZkibgZxkvi_j_^gbfb[blucqZkZhgbfhehqgbdb^\b]Zxl
LZdZqlhwlhm\ZkaZihemghqgZykoh^dZ"\^\_jyo\ex[bfhcib`Zf_kf_^\_`ZlZfbihy\beZkv
JhaZebg^Z\h[gbfdmk[hevrbfiexr_\uff_^\_^_f
�Bl_[_\_q_j^h[jucB^bkx^Zijbgp_kkZ`hgoehigmek_[yihdhe_gmQZxohq_rv"
�M]mhgZaZdb\ZeZ]heh\hcmkljZb\Zykvihm^h[g__gZdhe_gyo`hgZ
��ZgbweeZ\a]ey^hfmdZaZeZgZ^_\hqdm`hgml\_j^bl_evghdb\gmebijbeh`beiZe_pd]m[Zf\
agZdfheqZgby
\r\r\r
JblZluq_]h"Ihkfhljb]^_jmdZ"DZdlun_olm_rv"=^_jmdZ"DZdjZ[hlZ_ldbklv"u\h^bk\hx
jZibjmbaebgbbijyfh]hm^ZjZG_aZiZ^ZcdbklvxKfhljbgZf_gyMl_[y\jmdZog_dhq_j]Zg_
kdh\hjh^ZZ[eZ]hjh^gh_hjm`b_Ij_^klZ\vqlhk_cqZki_j_^lh[hc\jZ]Ohlv[ujZahaebeZkv
[ZeZ]mjZZ[uelj_[h\Zl_evgucb`_kldbcgZklZ\gbd
HgZhl[jhkbeZjZibjmgZihebkgyeZfZkdm
AgZ_rv`_qlhwlhg_fhzAZq_ffmqZ_rvf_gy"
LugZ^__rvkygZk\hxfZ]bx":qlhlufh`_rv[_ag_zlh"FZey\dZLuohlvgZqlhgb[m^v
�kihkh[gZ"aZdjbqZe`hgY_szg_hlimkdZel_[yIh^gbfbbijh^he`Zc
JblZih^gyeZjZibjm
:oygbgZqlhg_kihkh[gZ"hgZ[ueZihegZj_rbfhklbOhq_rvijh\_jblv"
FbgbZlxjghc^_\mrd_ijboh^behkv[ulv[he__ih\hjhleb\hcbijh\hjghcHgZlZdh\ZehgZ
iZjbjh\ZeZbiulZeZkvZlZdh\Zlv\k\hxhq_j_^vg_ba\_klghkdhevdh_szfh]ijh^he`Zlvkywlhl
kljZgguclZg_p
�GZdhg_pgZebp_`hgZihy\beZkvmeu[dZHghklZgh\bekyihlhfih^hr_ebh[gye_z?]h
m^h\hevkl\b_hlih_^bgdZ[uehhq_\b^guf
L_i_jv]hjZa^hemqr_;jZ\hLbohgxFZj]Zjblm[hckygZ\k_ljbklZr_klv^_kyl]jZ^mkh\G_
ihaZ\b^mxlhfmdlhihiZ^zll_[_ih^]hjyqmxjmdmex[h\vfhyijhdhff_glbjh\ZehgIjhklb
qlhijbrehkvdjbqZlvgZl_[yghlukZfZ\ugm^beZf_gy
�_\mrdZhi_rbeZ
LZdlu
HgjZkkf_yeky
=hkih^bZluqlhih^mfZeZ"Ihcfb`_kmfZk[jh^hqdZfhyyohqmqlh[udh]^ZdZdhcgb[m^v
^_fhgaZohq_l\ke_^mxsbcjZagZiZklvgZ\Zk\u[ueb]hlh\uYg_kfh]m[ulvklh[hc^\Z^pZlv
q_luj_qZkZ\kmldbdZd[ufg_wlh]hg_ohl_ehkvqlh[uaZsblblvl_[yYohqmqlh[ulubkZfZ
kfh]eZihklhylvaZk_[y
LukqblZ_rv"bkim]ZgghkijhkbeZFZj]h
�YgZ^_xkvqlh\Zkfbgm_lqZrZkbyk_jvzaghijhbagzk`hgIbl_jijhrmJblZihdZ
fh`_rvhl^hogmlv
h^bgez]dbciju`hdIbl_jhdZaZeky\p_glj_[u\r_]hih^kh[gh]hihf_s_gbydhlhjh_hgbkgyeb
�^eyk\hbolj_gbjh\hd`hgijhlygme_fmjZibjm
:l_i_jvdhjm`bx
�Hiylv"jZlvkyklh[hc"Ibl_jmklZehhimklbeie_qb
�G_kmlmevkyijbdjbdgme`hgKemrZciZjgbrZfujZ[hlZlv[m^_fbebyaudZfbq_kZlv"
GhIbl_jihiulZeky[ueh\hajZablv
JZibjm^_j`bdj_idhgh\lh`_\j_fyg_`ghkeh\ghh[gbfZ_rv`_gsbgmhgZ\_^vlh`_
`_gkdh]hjh^ZHjm`b_^he`ghklZlvh^gbfp_eufklh[hcijh^he`_gb_fl\h_cjmdb
Ibl_jg_kdhevdhjZa\afZogmejZibjhcqlh[uijb\udgmlvdg_cb\klZe\ihabpbx
�:lZdZihke_^h\ZeZg_aZf_^ebl_evghHgiZjbjh\ZebZlZdh\Ze\k\hxhq_j_^v`hghl[bebk^_eZe
ijyfhc\uiZ^Ibl_jhl[bek^_eZenbglbZlZdh\ZeHq_gvkdhjhklZehykghqlhIbl_jkh\k_fg_
�iehoh\eZ^__lhjm`b_fFbgmlq_j_aiylgZ^pZlv`hgm`_meu[Zekyh[uqgh_fmo\ZlZehwlh]h
\j_f_gbqlh[uih[_^blvijhlb\gbdZQ_j_a^\Z^pZlvfbgmlgZ_]hebp_ihy\behkvbamfezggh_
\ujZ`_gb_Hgb^\b]ZebkvgZklhevdhe_]dh[m^lhkZfZkbeZijbly`_gbyi_j_klZeZpZjblva^_kv
�Fheh^_pmeu[gmeky`hg:]^_`_k_kljbqdZgZrZaZijhiZklbeZkv"Kgh\ZhiZa^u\Z_l"
&#xhk;&#x_f;&#xv;&#xqZ;&#xkh;&#x;&#xml;&#xjZ;&#x;&#x;hk_fvqZkh\mljZ`hggbgmdZdh]h;m^blv\lZdmxjZgv\\uoh^ghca_\Zybihly]b\Zykv\
�]ZjZ`\hreZaZkiZggZyZgbweeZhlhgZy[ueh[ubaaZq_]hikboh\Zlvfbehmeu[gmeZkv
^_\mrdZ
:oijhklbIjhklbyaZ[ueqlhml_[ymljh\uoh^gh]h^gygZqbgZ_lkyihke_h[_^Zya\bl_evgh
aZf_lbeiZj_gvYdhg_qghq_eh\_dihgbfZxsbcghg_emqr_eb\Zfk^hdhfghq_\Zlvlmlwlh
g_lhqlh\dhfgZl_\iheghcgZjh^Zd\Zjlbj_l_iehmxlkihdhckl\b_bglbfqbdlhl_szHiylv
`_hiZa^u\Zlvg_[m^_rv
�`hg^_\mrdZihijZ\beZdmjldmG_ihmqblvebl_[yfZg_jZffbkl_j"
Bhldm^ZlZdZy[jZ\Z^Z":lub^bbijhmqbf_gyihfZgbehg_z
�DZdkdZ`_rv;jjjZlbrdZobsghmofuevgmeZkvwgbh^ghcjmdhckeh\b\[jhr_ggmx
�`hghfjZibjm^jm]hcgZ^_\ZyaZsblgmxfZkdmGhqzjl\havfb^_kylve_laZgylbc]bfgZklbdhc
lZdijhklhyg_k^Zfky
\r\r\r
Ih_^bghdgZjZibjZoaZdhgqbeky^_\mrdbhlkZexlh\Zeb^jm]^jm]mbkgyebfZkdbihie_qZf
�h^ghcbagbojZkkuiZebkvdZrlZgh\u_dm^jbZihie_qZf^jm]hcahehlbklu_ehdhgu`ZklbgZ
meu[gmeZkv
�Mqlbwgbluk_]h^gyih[_^beZghwlhkemqZcghijhklhyk_]h^gyg_fgh]hg_\nhjf_
ke_^mxsbcjZay[m^mih^]hlh\e_gZemqr_bm`lh]^Zkimkdml_[_g_^Zf
�KemqZcghklvqZklguckemqZcaZdhghf_jghklbkihdhcghaZf_lbeZZgbweeZB^zf
i_j_h^_\Zlvky
\r\r\r
&#xha;&#xj;&#xZs;&#xZy;&#xkv;&#xk;&#x_;&#xq_;&#xjg;&#x_];&#xh;Û&#xgh;&#xk_;&#xZg;&#xkZ;&#x;�ha\jZsZykvk\_q_jg_]hdbghk_ZgkZ`hgbFZj]ZjblZijZdlbq_kdb[uebZlZdh\ZguijbklZ\r_c
dgbfg_fgh]hgZ]eh\ZlhchqZjh\Zl_evghcxghchkh[hce_lq_lujzohljh^m
�y^vZ^y^vdmibfhjh`_gh_j_[zghdbah[jZabekZfmxg_\bggmxmeu[dm
�`hgbJblZihkfhlj_ebgZwlh]hfZe_gvdh]hZg]_eZmg_z[uebyjdhkbgb_]eZaZ^ebggu_
\vxsb_kyjmku_\hehkuaZie_l_ggu_\^\_dhkufbeh_ebqbdh[uehbkiZqdZgh]jyavxj_[zghd
[ueh^_l\ijhklmxnml[hedmbklZju_ihljziZggu_^`bgku
IZj_gvihjueky\[mfZ`gbd_b^Ze^_\qmrd_dmixjm
hl\havfbdmibrvk_[_dZdh_kZfZaZohq_rv
Hgijbk_ei_j_^^_\hqdhcgZdhjlhqdb
:qlhwlhlZdZykbfiZlbqgZyfZe_gvdZy^_\hqdZ^_eZ_lh^gZghqvx\[hevrhf]hjh^_"Lu
ihl_jyeZkv"=^_l\hbjh^bl_eb"
Yg_agZxk\hbojh^bl_e_c[mjdgmeZ^_\hqdZhimklb\]heh\mbg_j\ghrZjdZygh]hcih
ZknZevlmF_gyhklZ\bebgZklmi_gyoijbxlZL_i_jvy`b\mkZfZihk_[_
�Bluk[_`ZeZbaijbxlZ"L_[ylZfh[b`Zeb"`hgiulZekyihcfZlv_z\a]ey^ghhgZmihjgh
bamqZeZebrvghkdbk\hbodjhkkh\hd
Yg_hldjh\_ggbqZxkg_agZdhfpZfbgZdhg_phgZih^gyeZ]heh\m
�F_gyah\ml`hgZl_[y"iZj_gvijhlygme_cjmdm
:^_ebgZ^_\hqdZ\klj_qghij_^eh`beZk\hxfZe_gvdmxeZ^hrdm
hlfubagZdhfumeu[gmekyhg:wlhJblmey
[uehq_gvhkfuke_gguc\a]ey^qlhg_kdhevdhhaZ^Zqb\ZehihlhfijhlygmeZom^_gvdmxjmqdm
IjbylghihagZdhfblvky
Gmy^mfZxqlhJblmky\^hf_dhlhjhcfuk_cqZk`b\zfg_[m^_lijhlb\_kebfuijb]eZkbf
�l_[yijbgylv^mrbgZdhjfbf\dmkgufm`bghf`hgih\_jgmekydFZj]Zjbl_GZ^_xkvlug_
[m^_rvj_\gh\Zlv"
hl\_l^_\mrdZrbjhdhmeu[gmeZkvHgZkfhlj_eZbg_fh]eZih\_jblvwlh`_lZkZfZy^_\hqdZ
ba_z\b^_gby[m^ms_]hKh\_jr_gghlhqghBah\ml_zbf_ggh:^_ebgZ
uk_jvzagh"^_\hqdZ[jhkbeZkvgZr_xiZjgxhlq_]hlhlqmlvg_ijhke_abeky]ey^ygZ
ke_abgdb\]eZaZo:^_ebgu
KdZdbfmfbe_gb_fgZ[ex^ZeZaZgbfbFZj]ZjblZhgZaZdjueZebpheZ^hgyfbk^_j`b\Zykezau
Ihe_l_eihe_l_ekZfhezlbdiZj_gv\aye^_\hqdmaZlZebxbaZdjm`begZ^]heh\hc:^_ebgZ
a\hgdhjZkkf_yeZkv
�`hggbmsbigme:^_evaZghk
:l_i_jvb^zf^hfhc
:\u`_gZlu"M\Zk^_lb_klv"obljhijbsmjb\rbkvkijhkbeZ:^_ebgZ
Hgihq_kZeaZluehd
�IhdZg_`_gZluBagZ_rvy[ug_hldZaZekyhlfbe_gvdhcfZe_gvdhcJblmevdb`hg
fgh]hagZqbl_evghihkfhlj_egZFZj]Zjblm:ihq_fmwlhklhevxgmxhkh[mbgl_j_kmxllZdb_
\hijhku"
�ZlZd:^_ebgZm[jZeZjmdb\dZjfZgu[jxdbih^gyeZ]heh\mihkfhlj_\gZyjdb_a\za^ugZ^
_z]heh\hcufg_ihgjZ\bebkvbylmlih^mfZeZg_gm`_geb\Zfohjhr_gvdbcfZe_gvdbc
j_[zghd"u[ufh]ebf_gym^hq_jblv:^_evhimklbeZ]eZadb
�`hgjZkkf_yeky
LZdhcaZ[Z\gucj_[zghdK_cqZkb^zfdgZfZmljhfih]h\hjbf
g_aZighaZkibghc:^_ebguihy\behkvkljZggh_[_aebdh_Zfhjngh_g_qlh
�FZj]hm\h^b^_\hqdmMoh^bl_`hgohl_ehllhedgmlvFZj]Zjblmb:^_ebgm\i_j_mehdgh
^_\hqdZhklZeZkvklhylvgZf_kl_keh\ghiZjZebah\ZggZy
Yg_iha\hexh[b`Zlvfhbogh\uo^jma_c?^bgkl\_gguohlg_krbokydhfg_k^h[jhlhcb
ex[h\vx]eZaZ:^_evaZ]hj_ebkvkljZggufk\_lhfZ\hdjm]^_fhgZihy\behkvh]g_ggh_dhevph
G_\wlhljZa
DZdbihy\bekybagbhldm^ZlZdhgbbkq_a\gbdm^ZjZkl\hjb\rbkv\ijhkljZgkl\_g_\_khfhc
^ufdhc
�`hgbFZj]ZjblZ[uebijhklhhrZjZr_gu
B^Z\ghml_[ylZdZykbeZ"\h^bg]hehkkijhkbebhgb
G_agZx:^_ebgZih`ZeZie_qZfbhgZkhfghckdhevdhk_[yihfgxIjZ\^ZjZgvr_hgZ
ijbghkbeZ\k_fh^gblhevdhg_ijbylghklb
�LZd\hlihq_fmluk[_`ZeZ^Z"`hg\aye_zaZjmdm
F_gy\k_[hyebkvKqblZeb\_^vfhck]hj_qvx\]hehk_ijhbag_keZhgZul_i_jvlh`_
[hbl_kvf_gy"
:^he`gu"kihdhcghmeu[gmekyhgJblmevihdZ`b_c
�ih\_jgmejmdmb\hlm`_ieZfyieykZehgZ_]heZ^hgb`hgk`ZedmeZdZdh]^ZjZkdjuejmdm
kgh\Zlhhlh]g_gghcklbobb\fbgbZlxj_hklZekylhevdhez]dbc^ufhd
&#xb^;&#xbr;&#xv;&#xu;&#xlZ;Û&#x_;&#x`_;&#x;&#xdZ;
&#xlu;&#x;&#xGZ;&#xlu;&#xh`;&#x_r;&#xv;&#x^h;&#x_;&#xjy;&#xlv;&#x;&#x;b^brvfulZdb_`_dZdbluGZflufh`_rv^h\_jylv`hgiheh`bejmdb^_\hqd_gZie_qb
;hevr_g_ll\h_]h^_fhgZh[b^ub[hebD_f[ugb[uebl\hbjh^bl_ebym\_j_gqlhhgbohl_eb
emqr_]h^eyl_[y
:m\Zk"Lh_klvdZd\u"\hijhkbl_evghihkfhlj_eZ:^_ebgZ
Hgszedgme:^_evdmihghkm
��hfhchfhcH[wlhfih]h\hjbfihke_
\r\r\r
Hgb\ljhzflbohgvdhdZdfurdbijh[jZebkvgZdmogx
Jblmeyihfh`_rv^_\hqd_bkdmiZlvky":yihkfhljxqlh_klvbgl_j_kgh]h\oheh^bevgbd_
�kdhjqbejh`bpm`hggb
Ohjhrhdb\gmeZFZj]ZjblZ:^_evdZb^b\\ZggmxZyk_cqZkih^hc^m\lhjZy^\_jvkjZam
gZe_\hk\_l\dexqblkyZ\lhfZlbq_kdb
�FZj]h`hgh[gye^_\mrdmaZie_qbdZdl_[_:^_ebgZ"IhdhjbeZf_gy^_\hqdZ:_zkbeZ"Lu
wlh\b^_eZ"hkieZf_gyxsZy\a]ey^hfDZdmg_zjZa\_\Zebkv\hehkub]hj_eb]eZaZGZklhysZy
fZe_gvdZy\_^vfhqdZYohqm\aylvgZ^g_chi_dmaZ[hlblvky\hkiblu\Zlv_zMdZ`^h]hj_[zgdZ
^he`gu[ulv^hfbk_fvyYohqm^Zlv_c\kzqlhg_^Zefg_fhchl_pLuh^h[jy_rv"
Fg_lh`_ihgjZ\beZkv:^_evdZGZ^_xkvluihgbfZ_rv\kxk_jvzaghklvwlh]hrZ]ZaZ^mfqb\h
ijhfhe\beZhgZGm`gh[m^_lk\yaZlvkykijbxlhf;m^_lg_e_]dh\kywlZ[xjhdjZlbq_kdZy
\hehdblZL_[_gm`gZ[m^_lihfhsv
Hgg_^Ze_c^h]h\hjblvgZdju\_z]m[uk\hbfb
�KiZkb[haZihgbfZgb_jh^gZymeu[gmekyhgZ\hafh`ghgZrZ`bagvg_[m^_llbohcb
[_afyl_`ghcghqlh`^zlwlh]hj_[zgdZ"Dlhihcfzl_zbihfh`_l_cemqr_gZk"ihlhfhahjgh
ih^fb]gmeBagZ_rvijhfZe_gvdboJblme_dwlhyk_jvzaghqlh[luagZeZ
KulhgZdhjfe_ggmxbqbklh\ufulmx:^_ebgmmeh`beb[Zbgvdb\dhfgZl_^ey]hkl_c
�Ih^mljhihrze^h`^vBkim]Z\rbkv]jhau:^_evdZi_j_f_klbeZkvd`hgmkFZj]Zjblhc
WlhgZ^h[ueh\b^_lvKiys__k_f_ckl\h
;uehhdheh^_kylbqZkh\mljZFZj]ZjblZhsmlbeZZjhfZldhn_bihlygm\rbkvhldjueZ]eZaZ
��h[jh_mljhkqZklv_fhzmeu[gmeky`hgbihp_eh\Ze_z
�h[jh_mljhijhr_ilZeZJblZh[gbfZyiZjgy
:dlhwlhmgZklZdhcijhkuiZ_lky"HcZqvbwlh]eZadbhldju\Zxlky"hgihlj_iZeqzedm
^_\hqdb
Wlhy\ZrZ^hqZmeu[gmeZkv:^_ev
\r\r\r
�Hg_ijhba\hevghmeu[gmeky`hgQm^gh\u]ey^brvij_e_klvfhyFm`kdZyjm[ZrdZgZ
`_gsbg_jZ\ghdZd[_eucneZ]gZk^Z\r_ckydj_ihklb
Gmimklbm`_imklb^_\mrdZ\rmldmiulZeZkvhl[blvkyhl_]hh[tylbcYk_cqZk\_jgmkvZ
\uihdZihaZ\ljZdZcl_
&#xuo;&#xh^;&#xy;º
&#xhf;&#xgZ;&#xlu;&#x;&#x;&#xjm;&#x[Z;&#xrd;&#x_;&#xuo;&#xh^;&#xy;º
&#xhf;&#xgZ;&#xlu;&#x;&#x;&#xjm;&#x[Z;&#xrd;&#x_;uoh^ybadhfgZlu\jm[Zrd_`hgZih\_jogb`g_cjm[ZrdbFZj]ZjblZklhedgmeZkvk`_dhf
Bl_[_^h[jh_mljhk_kljbqdZ\aZbfghmeu[gmekyfheh^hcobjmj]b`mm\Zkex[h\vp\_lzl
biZog_lLmly^mfZx\ukZfbjZa[_jzl_kvqZcg_^_lbfZeu_DklZlbh^_lyo\u`ohlv
�ij_^mij_^bl_dh]^Zf_gy^y^_ck^_eZlvkh[_jzl_kvZ"I_j_^Zclhevdh`hgmqlh[uhg[jhkbe
ijb\uqdmdmjblv\ihkl_ebfZehebq_]h
:ym`_[jhkbeihkeurZehkvbaaZ^\_jbIjb^_lyo\hh[s_g_dmjyl
�WlhdZdihgbfZlv"m^b\ezgghih^gye[jh\b`_d
hl\_lJblZhl^mrbaZkf_yeZkv
GZkqzl^y^bwlhluihqlb\kZfmxlhqdmihiZe
&#xk;&#xfu;&#xke;&#x_";&#xM;&#x`;&#xg_;&#xo;&#xhq;&#x_r;&#xv;ë&#xl;&#xu;&#xkd;&#xZa;&#xZl;&#xv;&#xq;&#xlh;&#x;&#x;�kfuke_"M`g_ohq_rveblukdZaZlvqlh`_dbkiulu\Zxs_ihkfhlj_egZk_kljm
Yohqml_[_dh_qlhihdZaZlvGm`_b^zfJblZ\ayeZ[jZlZaZjmdmbih\_eZ\dhfgZlm
Dh]^ZhldjueZkv^\_jvhg[ue^h[blhdhgqZl_evgh
wlhmljh:^_ebg_\i_j\u_aZ\kx_z`bagvijbg_kebaZ\ljZd\ihkl_evbk_cqZkhgb\f_kl_k
�`hggb\_k_ehmfbgZebjbkh\mxdZrmkkhkbkdZfbbkZeZlhf]hj^hgZa\ZggufbfWkdZ^jZ
dhjZ[e_cihfb^hjh\\hev^ZoZck[_j]h\h]mjph\GZklhysb_:eu_iZjmkZ
�Qlhwlh"lbohkijhkbe`_dLh_klvyohl_ekijhkblvdlhwlh"
GZrk@Zghfj_[zghdg_\hafmlbfhaZy\beZFZj]ZjblZ
"""\ujZabl_evghijhdZreyekyfheh^hcobjmj]
FugZreb^_\hqdm\q_jZ\_q_jhfmg_zgbdh]hg_l\p_ehfk\_l_GZ^h`_[uehj_[zgdm]^_
lhghq_\Zlvg_hklZ\eylv`__zgZmebp_hlfub\ayeb_zkkh[hch[tykgbeZ^_\mrdZ
�`_doehigmek_[yihe[mbjZkkf_yeky
Q_]hlhevdhg_[u\Z_l:ym`_ih^mfZeqlhkhrzekmfZ
�IhkfhljbdZdhgbfbeumfZxb\uihex[bl_wlmdjhomDklZlbmg_z_klvkbeZ\hkieZf_gylv
\a]ey^hf^h[Z\beZFZj]h
�`_dlhevdhjZa\zejmdZfbZqlh_szlmlfh`gh[uehkdZaZlv
MqlbiZpZg_kebwlZfZeurdZ[m^_lhl\e_dZlvl_[yhlJblmebih]jhabehgobljh
ijbsmjb\rbkvy_zk\ZkZ[bkt_fbg_ih^Z\exkvykgh"
��M]mIZpZgmqzeaZdb\Ze`hgZijh`_\Z\^h[Z\beG_[hcky:^_evwlh^y^y`_dlZd
�rmlbl:\hh[s_hg^h[jucdh]^Zkibl\h[tylbyolzlbZgbweeu\h\j_fym\_jgm\rbkvhl
�aZims_gghc\g_]h`_dhfih^mrdhc
Bf_`^mijhqbfdZd[ug_\agZqZc\klZ\beZFZj]ZjblZY[ukh\k_fg_ijhlb\klZlvlzl_c
ih^mfZcl_gZ^wlbf
:\ug_aZ[u\Zcl_qlhwlhq_eh\_d`b\hcbaiehlbbdjh\bZg_dmdeZk_jvzaghaZf_lbe
fheh^hcobjmj]
�Ex^bZm:m`_Bdm^Z\k_ih^_\Zebkv"ihkeurZeky]hehkZgbweeu
��FulmlKhegurdhiha\Ze_z`_d\dhfgZl_FZj]hb`hgZ
�_\mrdZaZreZ\dhfgZlmb^Ze__ihke_^h\ZeZg_fZykp_gZ
�KihdhcghfbeZy^urb]em[`_`_dihoehiZe_zihie_qmOhq_rvi_q_gvdm"
\r\r\r
�`hgkimkdZekyihe_klgbp_g_kyJhabi_j_dbgm\_zq_j_aie_qhJhaZebg^ZdjbqZeZb
khijhlb\eyeZkv
:g_q_]h\ZeylvkyMgZkk_]h^gyfgh]hjZ[hlugZfgZ^hklhevdhfZ]Zabgh\ihk_lblvZ_sz\
iZjdkoh^blvbgZiey`GhkgZqZeZlumfh_rvkybkimklbrvkydaZ\ljZdmZyl_[ydh_kd_f
ihagZdhfex
�`hggbJhabjZkieueZkv\dh\Zjghcmeu[d_Zlufg_dmibrvjhebdbbgh\mxb]jm^ey
dhfivxl_jZ"
\r\r\r
Qzjl\havfbbdm^Z`_wlhRgZc^_jaZijhiZklbeky"fm`qbgZ[ue^h\_^_g^hdjZcg_ckl_i_gb
�\hafms_gbyGZd\Zjlbj__]hg_lfh[bevgucm`_lj_lbc^_gv\g_ahgu^hklmiZZd_fhgk_[y
\hahfgbe\dhgp_dhgph\
�Ijhklbl_yg_\h\j_fy"ba\bgbeky`hgijhly]b\Zyfm`qbg_\bablgmxdZjlhqdmufg_kZfb
k\hx\babldm^Zebihfgbl_"
G_lihq_fm`_fm`qbgZkiehohkdju\Z_fufwglmabZafhfihkfhlj_egZfheh^h]hq_eh\_dZ
hafh`gh\u^Z`_g_ij_^klZ\ey_l_gZkdhevdh\u\h\j_fyMf_gym`_]heh\Zdjm]hfb^zlhl
\uoh^hdwlh]hba[Zeh\Zggh]hfZevqbrdbgZghkmihdZabnhlhk_kkby^eyij_klb`gh]h`mjgZeZZ
hgdm^ZlhaZijhiZklbekyZfg_l_i_jvqlhijbdZ`_l_\kxdhee_dpbxf_gylv"Hg^he`_g[ue[ulv
]eZ\gufdhauj_fihdZaZ[_ag_]h[_a_]hbf_gbaZdZaqbdbbfh^_ev_juijhklhgZijhklh
hldZ`mlkykhfghcjZ[hlZlvWlh[m^_ldhg_pfh_cj_imlZpbbG_gZc^zlkyebm\ZkkemqZcgh
ebrg_ciZjufbeebhgh\^heeZjh\^eymieZlug_mklhcdb"
�G_lg_gZc^zlkydkh`Ze_gbxih`Zeie_qZfb`hgKf_xgZ^_ylvkyqlhhgb\Zfbg_
ijb]h^ylky
:oijhklbl_g_j\ukh\k_fg_dqzjlmfm`qbgZihki_rghijhlygmeiZjgxjmdm:\_^vy^Z`_
�g_ij_^klZ\bekym]eZk:cjhgk
��IjbylghihagZdhfblvkyfbkl_j:cjhgk`hg_klbghnnd\Zrbfmkem]Zfhldjulhmeu[gmeky
�`hgih`bfZy_]hjmdmDZd\Zfdhgp_ipby\aZbfh\ebygby\hklhqghcbaZiZ^ghcdmevlmj"
GZfg_o\ZlZ_lfh^_e_c^eyihdZaZQlhkdZ`_l_"G_ohlbl_ihijh[h\Zlv"
��h\hevghaZfZgqb\h_ij_^eh`_gb_ijbsmjb\]eZaZmeu[gmeky`hgMf_gy^Z`__klv_sz
g_kdhevdhfh^_e_cgZijbf_l_Lhevdhmf_gy^\Zmkeh\byihdZa[m^_lijhoh^blv\mdZaZgghf
fghxf_kl_dm^Z[m^ml^hims_gug_lhevdh`mjgZebklubij_^klZ\bl_ebfbjZfh^uhklZevgu_
`_eZxsb_kfh]mldmiblv[be_luqZklv^_g_]hlijh^Z`bdhlhjuoihc^zlgZ[eZ]hl\hjbl_evghklv\
nhg^^_lkdboijbxlh\B\dhee_dpbx\hc^mlg_kdhevdhfhbokh[kl\_gguofh^_e_c
�Ofm]eZk:cjhgkihq_kZeih^[hjh^hd:wlhbgl_j_kgZyb^_ygZkqzl[eZ]hl\hjbl_evghklb
_zih`Zemcklhblh[^mfZlvGhmf_gyfZeh\j_f_gb`^m\ZkaZ\ljZk\ZrbfbwkdbaZfbb
fh^_eyfb_kebkmf__l_\i_qZleblvf_gylhy\hafh`ghijbfm\Zrbmkeh\by
\r\r\r
�D\hjhlZfih^t_oZeEbgdhevg`_dZ
I_j\hcbafZrbgu\u[_`ZeZ:^_ebg_zl_i_jvbg_magZlvgZg_c[uehdjZkb\h_gh\h_ieZlv_
[_eu_ghkhqdbbfZe_gvdb_eZdh\u_lmn_evdbZ_zjmku_ehdhgu[uebkh[jZgu\^\Zo\hklZ
FZfZJblZ^_j`Z\jmdZogh\mxdmdem^_\hqdZ[jhkbeZkvgZr_xFZj]Zjbl_keh\ghgh\Zy
fhg_ldZhgZ\kykbyeZhljZ^hklbIhkfhljbqlhfg_iZihqdZdmibeA^hjh\hijZ\^Z"Fuk_]h^gy
b\iZjdoh^bebbgZiey`?szykJhabihagZdhfbeZkvhgZf_gymqbeZgZjhebdZodZlZlvkyb
�_sziZiZ`hgkdZaZeqlhmg_]h_klvl_i_jvbdhjhe_\Zbijbgp_kkZ
\r\r\r
ujZa[bjZ_l_kv\h\k_okZfuoihke_^gbofh^guogZijZ\e_gbyo\fmaud_mf__l_b]jZlvgZ
fmaudZevguobgkljmf_glZom\Zk_klvfmaudZevguckemobqm^gu_]hehkZZijh\g_rghklvy
\hh[s_ijhfheqmLZdihq_fm[u\Zfg_\uklmiblvbg_mdjZkblvkh[hcijZa^gbd":"\ukdZaZe
�k\hbZj]mf_glu`hgG_[hevrhcdhgp_jlklZe[uhlebqguf^hiheg_gb_fdihdZamB\kzwlh\h
bfy[eZ]hl\hjbl_evghklb
\r\r\r
Ih^]jhfdb_Zieh^bkf_gluaZ\_jrbekyihdZadhee_dpbb(DVW:HVW[_kkhggu_ghqbbjZ[hlZ\
j_`bf_^_^eZcgZg_ijhreb^Zjhf]jZg^bhagucfZkdZjZ^kf_kvjhkdhrbbbays_kl\Zkhq_lZgb_
_ebaZ\_lbgkdbo\hjhlgbdh\;9,\_dZbljZ^bpbhgguoijbzfh\mdjZr_gbyk\Z^_[ghcbg^bckdhc
h^_`^ui_j_ie_l_gb_ljZ^bpbcbgh\Zlhjkl\Zk\_`bc\a]ey^]^_dZaZehkv[um`_\kzkdZaZghb
i_j_kdZaZgh\\_dZo
K\_lbevgbdb\nhjf_ehlhkh\ih]ZkebieZlnhjfZkp\_lZfbhlt_oZeZ\gbaihlhfl_fghlmj_adh
ijhj\Zebg_kdhevdhyjdboemq_cijh`_dlhjh\bgZf_^e_gghih^gy\r_cky^jm]hcieZlnhjf_
ihy\bebkv^_\mrdbh^_lu_\dh`Zgu_dmjldbmdjZr_ggu_rgmjh\dhcbnmjgblmjhcih\_jolhih\
dhjhldb_dh`Zgu_rhjlubkZih]b^hdhe_gk]blZjZfbbgZmrgufbfbdjhnhgZfb
�Jblmev\hegm_rvky"ZgbweeZiheh`beZjmdmgZie_qhih^jm]b
G_ZGbdZi_evdb:lu"FZj]ZjblZ\kylZdbbkdjbeZkvwg_j]b_c
��GmqlhaZ``_fwlhl\_q_j"Zcl_iylvih^jm`dbijhlygmeZeZ^hgv`ZklbgZIhdZ`_fbf
gZklhys__rhm
2GF]XZDPVLHELHSUDZG]LZJZLD]G HsmsZxk_[ygZklhys_ca\_a^hcihe\fmeu[gmeZkv?\Z
��Hgbkiju]gmebkieZlnhjfugZih^bmf]^_bom`_`^ZebiZjgb`hgbwggZ[Zk]blZjZoIbl
gZm^ZjguobWlv_ggZkbgl_aZlhj_HgblZd`_[uebh^_lu\dh`Zgu_fZcdbbrlZgu\ukhdb_
kZih]bb^ebggu_dh`Zgu_ieZsb
�2QHWZRWKUHHhlkqblZe`hgDUH\RXUHDG\"
AZeaZlZbe^uoZgb_b\ahj\Zekyrd\Zehfh\ZpbcdZdlhevdhaZa\mqZebi_j\u_Zddhj^u/HWHPSVGHV
FDWKHGUDOHVfvxabdeZ1RWUH'DPHGH3DULV
�`hgkkZfuoi_j\uoghlf_gyeky\ebp_iheghklvxhl^Z\Zykv\h\eZklvfmaudbK_cqZkhgfh]ih
gZklhys_fmhsmlblvk_[y;h]hfih\_ebl_e_faZeZhgmib\ZekywlbfZ[hevr_]h_fmbg_gZ^h
[ueh
hklhj]bkbyxsb_]eZaZajbl_e_c_^bgkl\_ggh_ih^ghr_gb_dhlhjh_hg]hlh\ijbgylv
GZmrgu_fbdjhnhgu^Z\ZebgZfgh]h[hevr_k\h[h^u^\b`_gbcqlhihfh]Zeh^hihegbl_evgh
\ujZ`Zlvqm\kl\ZbwfhpbbdZ`^hcdhfihabpbbbakZfuoba\_klguofbjh\uofvxabdeh\hl/HV
URLVGXPRQGHba5RPHRHW-XOLHWWH^h&KDQJHUba'RQ-XDQ
FmaudZebeZkvkgh\Zbkgh\ZaZihegyykh[hcijhkljZgkl\hjZamfb^mrb
:l_i_jvki_pbZevgh^ey\ZkaZa\mqZea\hgdbc]hehkFZj]Zjblu\fbdjhnhg_q_eh\_d
dhlhjh]h\uohjhrhagZ_l_ij_^klZg_l\g_h[uqghfZfiemZuijb\udeb\b^_lv_]h\[_ehf
oZeZl_Zk_]h^gyhgex[_aghkh]eZkbekyki_lvHg^hdZ`_lqlh_]h]hehkgZklhevdh`_ahehlhcdZd
b_]hjmdbBlZd\klj_qZcl_
Bhgihy\beky\k\_l_khnblh\ih^n__jbq_kdmx5D]]OHGD]]OHba&KLFDJR
Bwlh[uegZklhysbcljbmfnDlh[ufh]ij_^iheh`blvqlhbmfheh^h]hobjmj]Z_klv_szmcfZ
g_ijhy\e_gguolZeZglh\bqlhj_[ylZflZdbm^Zklky_]hm]h\hjblvgZ\uklmie_gb_
Ih^g_kfhedZ_fucrmfaZeZdhfiZgbym^ZebeZkv\]jbfzjdb
&#xu;&#x[u;ë&#xg;&#x_i;&#xh^;&#xjZ;&#x`Z;&#x_f;&#xu;&#x;�Gmiha^jZ\eyxkaZkem`_ggufmki_ohfu[uebg_ih^jZ`Z_fu`hg\_kvk\_lbekyhlkqZklvy
\_jgzfky\aZebijh^he`bf\_q_jm`_\dZq_kl\_ajbl_e_c"
��LZd^_ldb^h]mey_l_[_agZkaZy\be`_dh[gbfZyZgweemaZlZebx
:\udm^Z"emdZ\hmeu[ZykvkijhkbeZFZj]h
FubkiZjy_fkyagZ_rvlZdbal\zj^h]hkhklhygbyfbgmy`b^dh_kjZam\]Zahh[jZagh_
�h[tykgbehgbhgbkZgbweehcg_jZafudZyh[tylbc\urebba[ZjZ
K\_lfhclu\u]ey^brvbkdexqbl_evghkh[eZagbl_evghohq_rvhdhgqZl_evghk\_klbf_gyk
�mfZ"jmdZ`hgZe_]eZgZ[_^jh^_\mrdb
2XLPRQVLHXUFZj]ZjblZkgyeZkg_]hieZsbijh\_eZeZ^hgvxih_]hs_d_h[_sZcqlhfu
\_jgzfky^hlZgp_\Zlv
kzqlhih`_eZ_lfhydhjhe_\Zr_ihlhfhl\_lbeiZj_gv:gZk\Z^v[mh[_sZxl_[_kZfuc
hke_ibl_evgucgZjy^Qlh[u`_gsbgmdjZkb\hjZa^_lv_zkgZqZeZgm`ghdjZkb\hh^_lvfhy
nbehkhnbydZdfm`qbgubdZdfh^_ev_jZ
\r\r\r
�:l_i_jvijb]hlh\vl_kv[m^_fmqblvkyjZ[hlZlvkfZ]b_c`hgoehigme\eZ^hrbb
ijhkljZgkl\h\hdjm]baf_gbehkv\f_klhijb\uqgh]h]ZjZ`Zihy\beZkvZj_gZgZih^h[b_Dheba_y
IhjZ`_ggu_j_[ylZkfhlj_ebihklhjhgZfgZ^gbfb[ueh^jm]h_g_[hb^jm]b_a\za^u
�DZdluwlhk^_eZe"lbohkijhkbeZZgbweeZ
�Z\Zce_dpbxgZl_fmijhf_`mlhqguobaf_j_gbchklZ\bfgZihlhfohjhrh"[_ki_qgh
hlfZogmekyiZj_gv
G_bfh\_jgucyjdbck\_lhldhlhjh]hj_[ylZg_\hevghaZ`fmjbebkvhaZjbeZj_gmbgZi_kqZghf
ihdjulbb^j_\g_]hjbklZebsZihy\beZkvnb]mjZ\bkdmkghmdjZr_gguoihahehq_gguo^hki_oZo
km^yihjZaf_jZf^hki_oh\boh[eZ^Zl_ev[ueqmlv\ur_kj_^g_]hjhklZkihjlb\gh]hkeh`_gby
ebph_]h[uehkdjulhaZ[jZehfre_fZ
��jmavy_szg_mki_ebijbclb\k_[yhlm\b^_ggh]hdZd`hgszedgmeiZevpZfbbgZgzf
ihy\bebkv^hki_obZeh]hp\_lZ
Ijba_feb\rbkvgZh^ghdhe_ghgZZj_gmhg[ukljh\klZebihkfhlj_egZijhlb\gbdZDhjhldh
hlkZexlh\Z\hgbh[gZ`bebf_qbbgZqZebf_^e_gghijb[eb`Zlvky^jm]d^jm]m
I_khdih^bogh]Zfbih^gbfZekyiuevxdebgdba\_g_ebb]jZyo\Ze_[gmxi_kgvhl\Z]_bnhjlmg_
F_qbkeh\ghijbjhkeb^jm]d^jm]mgbh^bgbakhi_jgbdh\g_ohl_emklmiZlvWlh[ueZgZklhysZy
ihwaby\^\b`_gbbuiZ^unbgluZlZdbbdhgljZlZdbgbgZk_dmg^mhgbg_kimkdZeb\a]ey^Z
�^jm]k^jm]Z`hgm`__e_^_j`ZekygZgh]Zob^_j`Zef_qh[_bfbjmdZfbg_kdhevdhjZahgqmlv
g_miZeblhevdh\kZfucihke_^gbcfhf_gl_]hdebghdhl\zem^ZjI_j_dZlb\rbkvhgba[_`Ze
�hq_j_^gh]hm^ZjZBkgh\Zdebgdbkdj_klbebkvIulZykv\klZlvkdhe_g`hgk^_j`b\Zehjm`b_
ijhlb\gbdZHllhedgm\_]hhg\klZe?]hijhlb\gbdmklhyegZgh]ZoghZlZdh\Zlvkgh\Zg_ki_rbe
\f_klhwlh]hhgijhlygmejmdmbkgyere_ffm`qbgZ[uefheh^gZ\b^_fm[uehg_[hevr_
lh`_kgyere_fbmeu[gm\rbkvljyogmeqzjgufbdm^jyfb
�KZfZwevKwfZ\ghyg_ihemqZelZdh]hgZkeZ`^_gbyhlih_^bgdZhgaZdexqbefm`qbgm\
^jm`_kdb_h[tylbyIjb\_lkl\mxl_[yFZclj_cyDZd`_yjZ^\b^_lvl_[y^jm]
HklZevgu_bamfezgghi_j_]eygmebkv
�Ijb\_lkl\mxl_[y`ZjfZjZ^`ZLu\kz_sz\ohjhr_cnhjf_fheh^_pmeu[gmekyKwfY
lh`_hq_gvjZ^l_[y\b^_lvfhcih[jZlbfLhevdhg_aZ^mrbf_gy\^jm`_kdhfihju\_Zlhh^gbf
Ijhk\_lezggufklZg_lf_gvr_
&#xkz;&#x;&#xkz;&#x; a;&#xbg;&#x;�kz\kzba\bgb`hgihki_rghhlhrzebih^gyejmdbY^_ckl\bl_evghjZ^l_[y\b^_lvb
ij_^klZ\blvk\hbf^jmavyf
LZdihagZdhfv`_f_gykhk\hbfb^jmavyfbKwf\gbfZl_evguf\a]ey^hfhkfhlj_e\k_o
ijbkmlkl\mxsbohl\udZdb_OjZgbl_ebfheh^u_b]hjyqb_hl\Z`gu_b[_ajZkkm^gu_
ij_djZkgu_bmgbdZevgu_ZaZjlgu_bm\_j_ggu_\k_[_
�Hgbl_i_jvfhyk_fvyk]hj^hklvxij_^klZ\bej_[yl`hgFhy[m^msZy`_gZhgmdZaZegZ
�FZj]Zjblmb_z^jmavy:wlhfhc^jm]bih[jZlbfKZfZwevij_^klZ\be`hgfm`qbgm
Fhzihql_gb_ihdehgbekyKwfKfhljxlugZkljh_gk_jvzaghmeu[gmekyfm`qbgZ:\u
fbehqdZh[jZlbekyhgdFZj]Zjbl_g_kl_kgycl_kv_kebhg[m^_lh[b`Zlv\ZklhhlijZ\eycl_kv
ijyfh\G_[_kguc=jZ^bkijhkbl_KwfZy_szihdZ\khklhygbbgZ^jZlv_fmmrb_kebqlh
�G_[_kguc]jZ^h[yaZgboaZsblblv`hgklmdgmedmeZdhfihkl_g_Y^he`_gm[_^blvhlpZ
L\hchl_piheZ]Z_lqlhlukebrdhfaZb]jZekykhkf_jlgufbhklhjh`ghijhbagzkKwfHg
`_eZ_ll\h_]hijbkmlkl\bygZlmjgbj_
��Z"\kiuebe`hg:klbrhdklhygZkdZf__qd__fmg_ijhqblZlv"Y`b\hcq_eh\_dZg_
ljhn_cdhlhjuffh`ghiho\ZklZlvihlhfhgkijhkbe:fhc[jZl"
kzlZd`_ij_^ihqblZ_lg_\kihfbgZlvhl\hzfkms_kl\h\Zgbbijh^he`ZeKZfZwev
�Gm^eyf_gywlhg_gh\hklv:\_^vdh]^Zlhfu[uebihgZklhys_fm[ebadbdZd[jZlvy`hg
klZjZl_evghiulZekydZaZlvkyjZ\gh^mrguf:qlhDZebb:ebr_j"DZdhgb"kijhkbehgg_
kdju\Zy[_kihdhckl\Z\]hehk_
Hgb\iheghfihjy^d_m\_jbe_]hKwfFZevqbdijb_^_lgZdZgbdmeu_fmgm`_ghl_pYg_
fh]maZf_gblv_fml_[yL\hckuglZdihoh`gZl_[ybgm`^Z_lky\l_[_
Ylh`_kdmqZxihkugmBy[m^mgZlmjgbj_GhylZf[m^mihk\h_c\he_Zg_ihijbdZam\_]h
]hehk_[uehklhevdhg_ihdhe_[bfhklb
�Fg_lZdbi_j_^Zlv"meu[gmekyKZfZwevLh]^Z\Zfke_^m_l\ue_l_lv\`Zcimjg_iha^g__q_f
q_j_ag_^_ex
�:luKwf"Lukhfghc"`hgijhgabl_evghihkfhlj_egZ^jm]Z
�JZamf__lkyygZl\h_cklhjhg_hgiheh`bejmdmgZie_qh`hgZHgb`_kh\k_f_sz^_lb
�Lzfguc\hji_j_oh^bl\k_]jZgbpu
Gmqlhfub^Zevr_[m^_fklhylvdZdiZfylgbdb"kiho\ZlbekyiZj_gvDZdgZkqzliZjlbb\
�rZofZlubdZevygZ"mfZxk_]h^gyj_[ylZfg_ihf_rZ_lhl^hogmlvZ\dhfiZgbbnjmdlh\hj_oh\
oZe\uiZklbeub\bgZ[_k_^Zihc^zl\_k_e__Ihc^zf\^hf
KiZkb[haZijb]eZr_gb_[eZ]hkdehgghdb\gmeKZfZwevG_hldZ`mkv
\r\r\r
bg^bckdmxfmaudm m]Z^Zcl_dlhh[_ki_qbe"\fmkljhblvfZe_gvdbcdhgp_jl
�FZj]mkyZkyIhkfhljbl_dZgZgZkQlhiZimeygZfhj]Zgbah\ZeaZiju]ZeZgZf_kl_:^_evdZ
�Jblmeyb^bdgZf`hgszedgmeiZevpZfbbhgbkFZj]ZjblhchdZaZebkv\gZpbhgZevguo
bg^bckdbodhklxfZoFh`ghijb]eZkblvgZlZg_pij_djZkgmxfZoZjZgb"ijhlygmehgJbl_jmdm
\r\r\r
��Khc^ykljZiZkZfhezlZ\Zwjhihjlm`ZcimjZ`hg\a^hogmeiheghc]jm^vxihlygmekybrbjhdh
meu[gmeky
B\lmneyoZf_jbdZgkdbofh^guo[jxdZo[jblZgkdbo\jmkkdhcreyi_[hevrhcykbg^bckdhx
�^mrhcijh^_deZfbjh\Zehgkeh\Zfbi_kgbbaklZjh]hbg^bckdh]hnbevfZh[jhih`Zeh\Zlv\
fhcfbj
Ml_jfbgZeZbo\klj_qZeZ`_gsbgZ\[h]ZlhmdjZr_gghfkZjblzfgh\brgz\h]hp\_lZ\
khijh\h`^_gbb^\mohojZggbdh\
�A^jZ\kl\mcl_fZlmrdZ`hgkeh`bejmdbgZmjh\g_e[Zbihdehgbekyihlhfihp_eh\Zeih^he
_zieZlvy
?]hfZlv[ueZihoh`Zkdhj__gZklZjrmxk_kljm^hlh]hfheh^hhgZ\u]ey^_eZ?c[uehhdheh
khjhdZe_lZ\u]ey^_eZhgZg_klZjr_ljb^pZlbMg_z[ueb[hevrb_lzfgu_]eZaZ\hegbklu_
\hehkuqzjgufbaZ\bldZfbh[jZfeyebdjZkb\h_ebphkijZ\bevgufbq_jlZfb\kyhgZkeh\gh
k\_lbeZkvbagmljbb[ueZihegZ^h[jhlubqm\kl\Zkh[kl\_ggh]h^hklhbgkl\Z]jZpbbbrZjfZ
�M`hgZ[ueZ_zemqbklZymeu[dZ
HgZg_`ghh[gyeZkugZbihp_eh\ZeZJblm\eh[
�h[jhih`Zeh\Zlv^hfhckughd
�FZj]ZjblZih\lhjbeZaZ`hghfihdehghgZhsmsZeZhqZjh\Zgb_wlhc`_gsbgu
�jmavyijhrmex[blvb`Zeh\ZlvfhxfZlmrdmKhgbhgh[gyefZlv:wlh
L\hyg_\_klZbl\hb^jmavyaZdhgqbeZhgZaZg_]hg_`ghmeu[gm\rbkvLu\kzgZklhevdh
djZkhqghhibkZe\ibkvf_qlhg_ljm^gh[ueh^h]Z^Zlvky
�JblZljh]Zl_evghmldgmeZkvghkhf\ie_qh`hgZkfmsZykvbijyqZkvhlgZdZlb\r_]h\heg_gby
Ijhrm\fZrbgm^hjh]b_KhgbmdZaZeZgZh^bgbaZ\lhfh[be_cklhysbogZklhygd_i_j_^
ZwjhihjlhfHl_p\hlt_a^_ih^_eZfghhgg_ij_f_ggh\_jgzlkydgZqZemijZa^g_pl\b\ukemrZ_l
\ZkYm`_jZkihjy^beZkvih^]hlh\blv\ZrbdhfgZluYfbbDZebk_cqZkdZdjZaijh\_jyxldZq_kl\h
ih^]hlh\dbZiZjlZf_glh\
�FbeZyk_kljZmeu[gmeky`hg[m^m[_amfghjZ^_z\b^_lvDZebylh`_[m^mjZ^\b^_lvhgb
kKZfZwe_fkqZkleb\ubwlhij_djZkghBygZr_ek\hzkqZklv_Kdhjhijb_^_lfhckugK_cqZkm
f_gygZ^mr_lZdk\_lehbkihdhcgh
�b\gu_kZ^uk\_jdZxsb_^\hjpujhkdhrgu_nhglZgurmfgu_[ZaZjublbob_fZe_gvdb_mehqdb
ijygu_aZiZobdZjjb]\ha^bdbbbf[bjydhjbpubfmkdZlgh]hhj_oZdmjdmfub]hjqbpukeZ^dbc
\dmkiZiZcbbl_jidbc\dmk]jZgZlZkbl_pbfmkebgdZrfbjkdb_rZebbg_`g_crbcr_ed[e_kd
bkdmkguoahehluomdjZr_gbcb[e_kdex[bfuo]eZa
L\hykljZgZij_djZkgZkeh\ghJZc\hkobs_gghijhr_ilZeZFZj]ZjblZ
�LufhcJZc`hgkfhlj_egZg_zbfh]hl\_klb]eZa
Ih^hjh]_j_[ylZaZf_lbebojZf\hae_dhlhjh]h^jm]gZijhlb\^jm]Zklhyeb^\_klZlmbh^gZbagbo
DlhhgZ"kijhkbeZFZj]hHgZdjZkb\Zb\_ebq_kl\_ggZdZddhjhe_\Z
�WlhDZeb[_kkljZklghhl\_lbe`hg
:ykghFZj]ZjblZihklZjZeZkvijb^Zlvk\h_fm]hehkmdZdfh`gh[hevr_g_[j_`ghklb
�`hg\aye^_\mrdmaZjmdm_]hebphklZehk_jvzaguf
Wlh\kz\^Zezdhfijhrehfdhlhjh_g_ihlj_\h`bll_[yHlgug_yg_agZx^jm]bodhjhe_\djhf_
l_[y
]em[bg_iZjdZbaih^ju`_cqzedb\kiuogmeba_ezgu_]eZaZ
�oZjfZjZ^`Z\_jgmeky^Zg_h^bg
\r\r\r
Ihf_j_ijh^\b`_gbyZ\lhfh[bey]hjh^g_i_j_klZ\ZehqZjh\u\Zlvk\h_c^j_\g_cbkZfh[ulghc
djZkhlhc\_ebdhe_iguo^\hjph\bajhah\h]hi_kqZgbdZkmdjZr_ggufbbaysgufbhjgZf_glZfb
[ZedhgZfbbdhehggZfb
�_\hqdbJhaZebg^Zb:^_ebgZ[md\Zevghijbebiebdhdhgghfmkl_dem\kz\b^_ggh_g_\_jhylgh
ihjZ`Zehkeh\ghkhc^ykhkljZgbp^hjh]h]hba^Zgby\her_[guo\hklhqguokdZahdkbeexkljZpbyfb
kZfuomf_euoom^h`gbdh\
Gmdlhohl_em\b^_lvkehgh\"mkf_ogmekyKZfZwev
Kfhljbl_GZklhysb_`b\u_kehgu\hkdebdgmeZJhabijb`bfZydk_[_dhjabgmkhs_gdZfb
^ZefZlbgpZfb:dl_hghfbKhj[hgghc
KfhljbFbehj^:^_evldgmeZdhlZghkhf\kZfh_kl_dehlZfh[_avygdb
�FZj]ZjblZlh`_klZjZeZkvkfhlj_lv\h\k_]eZaZdZdhc`_hge_]_g^Zjguc`Zcimjjh^bgZ_z
�`hgZ"
:\lhfh[bevhklZgh\beky\hae_hl_ey7KH5DM3DODFHjZkiheh`_ggh]h\a^Zgbbi_j\h]h^\hjpZ
�`ZcimjZihkljh_ggh]h_s_\f\_d_bhnhjfe_ggh]h\ljZ^bpbhgghfbg^bckdhfklbe_
Kughdmkljhc]hklyfaZ\ljZwdkdmjkbxb`^zf\Zkdm`bgmKhgbk_j^_qghihijhsZeZkvk
j_[ylZfb
Dh]^Zhgb\hreb\oheelh\gmlj_gg__m[jZgkl\h\hkoblbehbog_f_gvr_mdjZr_ggu_jhkibkvx
kl_gubgdjmklZpbbbak\_jdZxsbo^jZ]hp_gguodZfg_cba_jdZefjZfhjgu_iheubdhehggu
j_agZyZglbd\ZjgZyf_[_evbyjdb_dh\ju\urblu_r_edh\u_ih^mrdbbihdju\ZeZihkm^Zba
d_jZfbdbjmqghcjZ[hlueZlmgbbk_j_[jZdZjlbgugZr_edZobkdmkgu_klZlmwldbba[jhgaub
^_j_\Z\kzwlhkeh\ghh`b\rbcfbnh[\heZdb\Zehb^mjfZgbehZjhfZlZfbkZg^ZeZbiZqmeb
�GZke_^mxsbc^_gv`hg^_ckl\bl_evghmkljhbebfwdkdmjkbxihk\h_fm]hjh^mkdZahqguc
�\hj_p\_ljh\bajhah\h]hdZfgykd\havfgh]hqbke_ggu_j_r_lqZlu_hdgZdhlhjh]h`_gsbguba
]Zj_fZfZoZjZ^`bfh]ebgZ[ex^ZlvaZ`bagvx]hjh^Zg_[hykv[ulvm\b^_ggufb^\hj_p:f[_j
bklbggh_qm^hm\h^uaZkljh]bfbkmjh\ufnZkZ^hfdhlhjh]hkdju\Z_lkyjZckdbcbgl_jv_j
\hiehs_ggZybaukdZgghklvbjhkdhrv^h]eZ\ghcdj_ihklbdhlhjh]hfh`gh^h[jZlvkygZkehgZoih
ba\bebklufljhiZfdZdwlh^_eZebfZoZjZ^`bZ\[u\r_faZe_^eyim[ebqguoZm^b_gpbc
ijZ\bl_eyl_i_jvaZk_^Zxl^bdb_h[_avygu]^_kj_^bkhlgbeZ\hq_d\ha^\b]gmlojZf\q_klvDZeb
]jhaghc[h]bgb\hcgubjZajmr_gbyZa_jdZevgucaZe\gmlj_ggboihdh_\ihij_^Zgbxfh`gh
iheghklvxhk\_lblvk\_lhfh^ghc_^bgkl\_gghck\_qbbkZfu_[hevrb_\fbj_kheg_qgu_qZku\
kZfhc[hevrhcbah[k_j\Zlhjbc\Bg^bb
�kZfh]h\ukhdh]hibdZ=ZeluaZf_lghfbaex[hclhqdb\`Zcimj_bgZoh^bekyihjlZe\G_[_kguc
]jZ^q_j_adhlhjucfh`gh[uehihiZklv\kZ^]eZ\gh]h^\hjpZ
\r\r\r
Fh`ghyihkfhljxjhau\^Zevg_chjZg`_j__"\hijhrZxs_ih^dZlbeZ]eZaZFZj]ZjblZ
�H^Zkh]eZkbeky`hgfZlmrdbgjhaZjbcklhbllh]hqlh[uihex[h\ZlvkybfLhevdhg_
aZ^_j`b\Zckykebrdhf^he]hgZihfgbehgihp_eh\Z\^_\mrdm\fZdmrdm
Y[ukljhbkdhjh^h]hgxl_[yihh[_sZeZJblZbe_]dbfrZ]hfgZijZ\beZkv\]em[vkZ^Z
�Ze_dhkh[jZeZkvdjZkZ\bpZ"dh]^Z^_\mrdZm`_hldjueZ^\_jv\p\_lgbddg_ch[jZlbeZkv
\ukhdZyfheh^Zy`_gsbgZk^ebggufbehdhgZfbhleb\Z\rbfbf_^vxgZyjdhfkhegp_k]eZ^dhc
dh`_ck\_lehf_^h\h]hhll_gdZmlhgq_ggufbq_jlZfb[_amij_qgh]hebpZ\iurghjZkrbluo
h^_`^Zo
Qlh"lhevdhbmki_eZijhbag_klbFZj]ZjblZh[_jgm\rbkvbbf_yg_hklhjh`ghklv\a]eygmlv\
[_a^gm_zbamfjm^guo]eZakjZamhsmlbeZqlhkeZ[__l
Bkgh\Zi_j_^]eZaZfb\klZ\Zeb\b^_gbyijhreh]haZiZokf_jlbbij_^kf_jlgu_klhgudjh\v
kl_dZxsZyihkl_gZfb]h[_e_gZfijyfhdgh]ZfdZ`^ucm^Zjdhehdhevgh]ha\hgZj\Zek_j^p_\
dehqvy
\bkdZoh]emrbl_evghklmqZehijhdeylZydjh\vijhdeylZydjh\vluih]m[brvlh]hdh]h
ex[brv[hevr_`bagb
IjhdeylZydjh\vIh]m[brvdh]hex[brvfZrbgZevghih\lhjbeZFZj]ZjblZ\aZ[ulvb
=ey^y\_za_ezgu_]eZaZ^_\mrdZihkl_i_gghl_jyeZ\hexbkhagZgb_ihdZ[_aqm\kl\g_miZeZgZ
a_fex
\r\r\r
�FZj]ZjblZ\kzg_\ha\jZsZeZkv`hg[jhkbekyjZaukdb\Zlv_zih\k_fihdhyf^\hjpZb\k_f
hjZg`_j_yfkZ^ZihklZ\b\gZmrb\kxhojZgmah\ybdjbqZkju\Zy]hehk^hojbihluhg\u[_`Ze
aZ\hjhlZjZklhedZ\iulZ\rbokyhklZgh\blv_]hkljZ`gbdh\
Dm^ZlZdki_rbfZrZFbehklv"keh\ghbagbhldm^Zi_j_^gbf\hagbdeZ`_gsbgZkljhcgZy
\ukhdZyk]hj^hchkZgdhcobsguf[e_kdhf\ijbly]Zl_evguoa_ezguo]eZaZobgbkiZ^Zxsbfb^h
ehiZlhdly`_eufb\hegZfbh]g_gghju`bo\hehk?zh[e_]Zxsb_h^_`^ui_jkbdh\h]hp\_lZ
ih^qzjdb\Zeb[_amij_qghklv_znb]mjuwnbjgufre_cnhfkljmbekyfZgysbcZf[jh\ucZjhfZl_z
iZjnxfZkez]dbfbghlZfbZi_evkbgZ
DZdZyg_h`b^ZggZy\klj_qZg_kjZ\g_ggZy]hkih`ZDZebhgklhyebkfhlj_egZg_zg_\
khklhygbbijhbag_klbgbkeh\ZihdZgZdhg_pg_\u^Z\bebak_[yijhkljZggh_ijb\_lkl\b_Fhz
ihql_gb_h;h]bgy
�he]b_]h^uhg\kyq_kdbklZjZekyba[_]Zlv\klj_qkg_ckebrdhffmqbl_evgh[ueh\b^_lvlm
dhlhjhchgh[eZ^Zebdhlhjmxhgihl_jye:k_cqZkdk\h_fmm^b\e_gbxijbr_edhkhagZgbxlh]h
qlh[hevr_m`_g_[ue\h\eZklbwlh]hgZ\Z`^_gby?]h[hevr_g_lhfbeZg_m_fgZylhkdZ
�Bl_[_ijb\_loZjfZjZ^`Z[_ehkg_`gu_am[uk\_jdgmeb\aZ\hjZ`b\Zxs_cmeu[d_
G_hldZ`b\ihfhsbhgijbklZevghihkfhlj_egZg_zYbsm^_\mrdmqlhijb_oZeZkhfghc
Lug_\b^_eZ_z"HgZihreZkfhlj_lvkZ^bijhiZeZ
DZdb_fug_ijb\_leb\u_k_]h^gyhgZih^hreZ[eb`_bm[jZeZjmdhc\hehkuk_]hebpZ:lu
Ijhklbhghl\ze_zjmdmbhimklbe\ahjLudZd\k_]^Zij_djZkgZb\hkoblbl_evgZih^h[gh
fbeebhgm\_k_ggbojZkk\_lh\LhevdhgZrbqZjum`_g_^_ckl\mxl^jm]gZ^jm]ZAZq_flj_\h`blv
l_jZguqlh\kz_szhl^Zxl[hevx"AZq_f[_j_^blv^mrm\hkihfbgZgb_f[ueh]hdh]^Zym`_
i_j_[he_elh[hx"Yg_mf_xijbl\hjylvkyy^_ckl\bl_evghex[bel_[yh[h`Zekoh^bekmfZB
lhevdhyagZxdZdbomkbebcfg_klhbehhlimklblvl_[yd^jm]hfmdh]^ZluihijhkbeZf_gyGb
h^ghc`_gsbguh[tylbyg_fh]ebmlheblvwlm[hevgbdZdZy\uib\dZg_fh]eZaZ]emrblvwlhl
of_evYg_`beZkms_kl\h\ZeY]m[bek_[yk\hbfb`_jmdZfbihdZkm`Zkhfbhl\jZs_gb_fg_
hkhagZewlh]hk]hj_qvxijhfhe\behgIhlhfymaj_ek\_lqbkl_cr_cba^mrbih^h[ghn_gbdkm
\hajh^bekydgh\hc`bagbbh[jzekfukek\h_]hkms_kl\h\ZgbyGhgZihfgbehglug_hl\_lbeZ
gZfhc\hijhk
:lZdluh^_\mrd_DZebmeu[gmeZkvk\h_ckZfhchke_ibl_evghcmeu[dhcWlhlZdZy
l_fgh\hehkZyl_fgh]eZaZykdhjhldhckljb`dhcKZfZfZe_gvdZyZ]eZabsZh]jhfgu_G_lg_
\b^_eZAZq_fhgZl_[_"G_gm`ghfgh]hmfZqlh[u\kdjm`blv]heh\mfZehe_ld_KdhevdhbolZdbo
[uehml_[y"Q_f`_wlZhlgbohlebqZ_lky"hgZihiulZeZkvh[gylv_]haZie_qbGhfh`_l[ulv
l_[_[m^_lbgl_j_kghgZ]hjh^kdhciehsZ^bkh[bjZxlkyk`_qv\_^vfmKh\_lmxihclbihkfhlj_lv
[jhkbeZhgZ\_kvfZaZgylgh_aj_ebs_
�Yg_magZxl_[y;h]bgyhlrZlgmeky`hghl_ze_^_gys_]h^mrm\a]ey^ZG_m`_ebwlh
]h\hjbllZdh]hydh]^Zlh[h]hl\hjbe"hgaZfhlZe]heh\hcklZjZykvijh]gZlvim]Zxsmx^h]Z^dm
:k_cqZkml_[y^jm]h_[h`_kl\h"kgZkf_rdhcmlhqgbeZhgZ
GZi_i_ebs_ij_`gboihdehg_gbcyih[hxkvyauqgbdhfijhkeulvijh^_deZfbjh\Zehg
hlklmib\
�`hg[_`Zema_gvdbfbmehqdZfbd]hjh^kdhciehsZ^bZba]eZa_]hihs_dZfkl_dZebh[`b]Zxsb_
kezau
Ijh[jZ\rbkvkd\havlheima_\ZdhgjZa]ey^_e\ieZf_gbdhkljZFZj]Zjblm
G??Lba_]h]jm^b\uj\Zekyg_lhdjbdg_lh\hcWlh]hg_fh`_l[ulv
Ghg_qlh^b\gh_\b^ylex^b
�MkeurZ\i_j_rzilu\Zgby\hdjm]`hgih^gye]heh\mbijbkfhlj_ekyBqlh`_hgm\b^_e"
H]hgvg_ijbqbgye\j_^ZFZj]Zjbl__zl_ehhklZ\Zehkvg_\j_^bfuf
�Gmdhg_qgh`_`hgoehigmek_[yeZ^hgvxihe[mbjZkkf_yekyH]hgvklbobyFZj]Zjblu
Fheh^_pbkdhjdZfhyGhhgZ`_fh`_laZ^hogmlvkyhl^ufZLum[b\Z_rv_zD:EBQlhlubf
gZ]h\hjbeZ"DZdmx_szeh`vlubf\gmrbeZ"AZq_f"]heh\_g_mdeZ^u\Z_lky
IhfZgh\_gbx_]hjmdbaZf_jeh^Z`_ieZfydhkljZMg_]h[uehg_kdhevdhk_dmg^F_ldh
�f_lgm\gh`jZaj_aZ\rbc\_jz\dbdhlhjufb[ueZk\yaZgZ^_\mrdZ`hg\h^bgiju`hdhdZaZeky
gZwrZnhl_qlh[uih^^_j`ZlvFZj]Zjblm
�_\mrdZijbreZ\k_[y\h[tylbyoex[bfh]hIjb`Z\rbkvdg_fmkbevg__FZj]ZjblZihkfhlj_eZ
gZiZjgyk\hbfbh]jhfgufb]eZaZfb
@ZgLua^_kv"Qlhkemqbehkv"=^_fu"
Hgmeu[gmeky
JZa\_fh]myhklZ\blvl_[ygZjZkl_jaZgb_lhei_"L_i_jvl_[_g_q_]h[hylvky\_^vyklh[hc
Ghlml\a[mglh\ZeZkvlheiZ
�Qlh"Dlh"^_\mrdZ\hijhkbl_evghihkfhlj_eZgZ`hgZY\_^vg_\_^vfZLu`_g_\_jbrv
bf"Lu`_g_hl^Zrvbff_gy"
Gm\hl_sz]emihklbkihdhcghhlfZogmekylhlJZamf__lkylug_\_^vfZQlh[uijbqbgblv
aehl_[_bfkgZqZeZgm`gh[m^_lm[blvf_gy
hl\Zfb^hdZaZl_evkl\hh[jZlbeZkvdkh[jZ\rbfkyDZebhgZhdhe^h\ZeZ_]hG_m`_eb\ug_
\b^bl_qlhhgh^_j`bfwlhc^_\dhc"
Hgijbgyek\hcH[ebdbh[jze:ljb[mlu
�h[ju_]hjh`Zg_agZ_l_eb\udlhy"hghdbgmekh[jZ\rbokykmjh\uf\a]ey^hflzfguo]eZa
�ZheZ^udZKf_jlb[ueihdhjguchl\_l
Yg_ijbfmwlhc`_jl\uWlZ^_\mrdZg_mfjzlaZdjbqZehggZklhevdh]jhfdhqlh[udZ`^uc
mkeurZe_]hBeb\Zfg_l_jiblkyhsmlblvfhxjZajmrbl_evgmxZmjm\^_ckl\bb"G_
\ugm`^Zcl_`_f_gy
DlhhgZl_[_qlhlulZdklZjZ_rvkyjZ^bg_z"\hijhrZeZju`ZyBqlhlu\g_cgZr_e"
g_cygZr_ek_[yI_j_^;h]hfbex^vfbhgZ`_gZfg_hgih^hrzed^_\mrd_bgZgzkgZ_z
\hehkudjZkgucihjhrhdWlhlkbg^mjfh`ghdmiblvgZex[hf[ZaZj_\ex[hceZ\d_gh
gZg_k_ggucgZijh[hj^_\mrd_hgklZgh\blky[_kp_ggufDlhihkf__l_zljhgmlv[m^_lbf_lv^_eh
khfghc
WlhlubaaZwlhc^_\qhgdb"DZebbkiulu\Zxs_ihkfhlj_eZgZg_]hLu_zlZdex[brv"hgZ
��i_j_\_eZijbklZevguc\a]ey^gZFZj]ZjblmLZd\hlludZdZy@_gsbgZbly"`hglufg_
gm`_gih^hc^bihfZgbeZhgZiZjgy
Hgg_l\hyb]jmrdZg_h`b^Zggh\udjbdgmeZFZj]ZjblZblml`_ijbdjueZjhljmdhc
bkim]Z\rbkvlh]hqlhlZd^_jadhkhj\Zehkvk_zyaudZG_hgebij_^Zggucl_[_ij_^Zg[ue
lh[hx"
Wlhg_l_[_km^blv\kiuogmeZju`Zy:lugbdZdj_\gm_rv"hgZkZfh^h\hevghmeu[gmeZkv
L_[_ebly]Zlvkykhfghc"BeblukqblZ_rvqlh^hklZlhqghkbevgZ"
Wlh\uah\DZeb"OhjhrhyijbgbfZx_]h^_\mrdZ]hj^h\kdbgmeZ]heh\m
�FZj]hg_lG_gZ^h`hgihiulZekyhklZgh\blv_z
G_[_kihdhckyih^gyeZjmdmFZj]ZjblZykg_cih^_\bqvbih[helZx]eZaZ^_\mrdb]hj_eb
ijZ\_^guf]g_\hfLZdwlhluju`Zy[_klby"KihfhsvxqZjluiulZeZkvih]m[blvf_gyF_gy
�g_aZim]Zlve`_ijhjhq_kl\Zfby\_jx\k_[yb\_jx\`hgZbyk\hbfb]eZaZfb\b^_eZlh\h
qlh\_jblvKhegp_aZsblgbdfhc^Zcfg_kbemH[jZlbhjm`b_\jZ]h\fhboijhlb\gbo`_kZfbo
ahehlh_kbygb_hdmlZeh^_\mrdmbi_j_^DZebij_^klZeZKheg_qgZyOjZgbl_evgbpZ?kebl_[_
gm`gZ[ueZylhaZq_f\imlu\Zlv\k_owlboex^_c"KgbfbaZdeylb_hlimklbboimklvmoh^yl
DZebdb\gmeZbhlklmibeZgZg_kdhevdhrZ]h\FZj]ZjblZf_^e_gghkhreZihklmi_gyfwrZnhlZ
kfms_ggZybjZkl_jyggZylheiZjZkklmibeZkvi_j_^g_c^Z\Zy^hjh]m
Mgh]^_\mrdb\a_fex\habekymiZ\rbckg_[ZiueZxsbcf_qex^bhlklmibebih^Ze__DZebk
bgl_j_khfgZ[ex^ZeZqlh`_[m^_l\ke_^aZl_fFZj]ZjblZg_ihgbfZxs_ihkfhlj_eZihklhjhgZf
gh\kz`_ijb[ebabeZkv_szbijhlygmeZjmdmieZfyg_i_dehZebrvijbylghkh]j_\ZehAZdju\
]eZaZhgZkhfdgmeZiZevpugZjmdhylbb\ulZsbeZhjm`b_ih^gy\_]hgZ^]heh\hch[_bfbjmdZfb
�IeZf_ggucf_qf_ql\h_c^mrbm^h\e_l\hj_gghijhbag_keZDZebh[jhih`Zeh\Zlv\
ihke_^h\ZebhklZevgu_Lu_klv^hklhcgZG_[_kgh]h]jZ^Z
\r\r\r
�DZd"Hl_pyg_fh]mih\_jblvqlhlZdbfh[jZahf\uj_rbebgZkbkiulZlv`hg\kz_szg_fh]
ijbclb\k_[yhl\hafms_gbyWlh`_gbadhbg_^hklhcgh\ukhdh]hijZ\bl_ey
HgZ^he`gZ[ueZ^hdZaZlvqlhklhblG_[_kgh]h]jZ^Zkihdhcghhl\_lbedgyav?keb[ulu
kijhkbefh_]hfg_gbylhy[uhl\_lbel_[_Ghl_[_dZdy\b`mg_gm`gufhbkh\_lu
�Ym`_gZa\Ze_zk\h_c`_ghcwlZnjZaZ`hgZijhba\_eZhr_ehfeyxsbcwnn_dlBg_gZf_j_g
[jZlvk\hbokeh\gZaZ^
Lukh\k_fj_ogmeky"\k_j^pZolhigmegh]hc]hkm^ZjvBlu`^zrvqlhy[eZ]hkeh\ex\Zk"
Yg_gm`^Zxkv\l\hzf[eZ]hkeh\_gbbYg_ohqmh[fZgu\Zlvex[bfmx`_gsbgmBykh[bjZxkv
ihklmiblvdZdfm`qbgZ
Zc\Zk\Zlk^_eZe\b^qlhg_aZf_lbewlhcdhedhklb
HgZ^hqvijhdeylhcdjh\bEx[Zy[h]bgykhqeZ[uaZq_klvklZlvl\h_c`_ghc
�:luihcfbqlhfg_g_gm`gZex[ZyYg_\_jx\ijhdeylbyy\_jxlhevdhk\h_fmk_j^pm`hg
\ur_ebaljhggh]haZeZoehigm\^\_jvx
GmdZd\ZfwlhgjZ\blky"h[jZlbekydgyavd^ZfZfklhy\rbfaZ\ukhdhckibgdhcfhgZjr_]h
dj_keZDZebYfbqlh\uh[wlhf^mfZ_l_"
:bijZ\^Zq_fl_[_^_\hqdZg_m]h^beZ"DZebkbgl_j_khfihkfhlj_eZgZfm`qbgmHgZ`_g_
mjh^bgZ"
�ZkbfiZlbqgZyg_hohlghkh]eZkb\rbkvijhbagzkhg
Lh]^Zfh`_l]emiZ"ijh^he`ZeZjZkkm`^_gbyju`Zy[h]bgy
G_lkgh\Zhl\_lbedgyav
Fh`_lhgZ_]hg_ex[bl"DZebe_]dhih^hreZdfZe_gvdhfmklhebdmmljhgZb\ayeZk[ex^Z
iZklbedm
�Zqlh\ugZr_x\_rZ_lkydZddhrdZe_]dZymeu[dZkdhevagmeZih_]hebpmu`_kZfb\kz
\b^_eb
Lh]^Zl_[_gbh^gZg_ihgjZ\blkyih`ZeZie_qZfbDZebIjhklhij_^hklZ\vkugmkZfhfm
j_rZlv
Lu]h\hjbrvlZdkeh\ghgbdh]^Zg_[uefheh^ufKhgbih^hreZbg_`ghh[gyeZdgyayaZie_qb
PZjvebrvbkimklbe]em[hdbc\a^hobk^_eZeagZdjmdhckljZ`gbdZf
_jgbl__]himklvb^_\mrdZ\hc^zlYohqmih]h\hjblvkgbfb
Dh]^ZFZj]ZjblZaZreZ\aZelh[ueZhke_ie_gZ\_ebqb_fb\_ebdhe_ib_fjhkibkbbhl^_edbkl_g
jhkibkvx\ukhdh]hihlhedZdhlhjucdZaZehkvmoh^be\kZfh_g_[hh]jhfgufb\bljZ`gufb
hdgZfbaZihegy\rbfbihf_s_gb_jZaghp\_lghcjZ^m]hck\_lZbaukdZgghcj_aghcf_[_evx
GZihahehq_gghfh[[blhfdjZkguf[ZjoZlhfljhg_\hkk_^ZekZfdgyav\iZjZ^guoh^_`^Zo
\b^gucfm`qbgZkj_^gboe_lohjhrhkeh`_ggucqvb\hehkubZddmjZlgh\ukljb`_ggZy[hjh^Z
[uebk_^ufbghqvb]eZaZg_kfhljygZfhjsbgu\hdjm]_sz]hj_ebfZevqbr_qvbfaZ^hjhf
�M`hgZ[ueb]eZaZhlpZbl_i_jvFZj]ZjblZ\b^_eZhldh]hhgmgZke_^h\Zewlhlk\hc\a]ey^
�AZlhdh]^Z`hgmeu[ZekylhklZgh\bekyihoh`bfgZfZlvk_zfy]dbfbq_jlZfbebpZ
�K_kljZ`hgZ^_\mrdZfbeh\b^gZybmlhgq_ggZy[ueZlhqghcdhib_ck\h_cfZl_jb\fheh^hklb
FZj]ZjblZaZf_jeZg_\khklhygbbbrZ]Zk^_eZlvhl\heg_gby
G_[hcky^_\hqdZih^hc^b`_gsbgZkZfZih^hreZdg_cb\ay\^_\mrdmaZjmdmih^\_eZd
dgyax
=hkih^b^Z_c_sz\dmdeub]jZlvZg_aZfm`\uoh^blvjZa\zehgjmdZfb
Fh`ghih^mfZlvl_[y\hegh\Zeih^h[gh]hjh^Z\hijhkdh]^Zlu[ue[_amf_ghlkljZklbZy\
lZdhf`_\hajZkl_m`_[ueZ[_j_f_ggZhll_[yrmleb\hhlfZogmeZkvKhgbKfhljbdZd^_\hqdm
�aZim]Ze_ldZohq_rviZklbem"hgZijhlygmeZ^_\mrd_[ex^hkhkeZ^hklyfb
Qlh`_kebfhckug\u[jZek_[_`_gmlhh[wlhf^he`guagZlv\k_lug_dZdhcgb[m^v
ijhklhex^bg\dhgp_dhgph\Zc\Zk\Zl_e_aZf_lghh^gbfbm]hedZfb]m[meu[gmeky
�Hl_pyg_hkeurZeky"g_\khklhygbbih\_jblvi_j_kijhkbe`hg
Fh]mymkljhblvk\h_fmkugmk\Z^v[m"hg\ij_^\dmr_gbbihkfhlj_egZg_]hG_ebrZcf_gy
lZdh]hm^h\hevkl\by
�Luh[_sZ_rvbfaZsblm"ijh^he`Zemihjkl\h\Zlv`hg
H[_sZxdgyav\aye\h^gmjmdmeZ^hgvkugZZ\h\lhjmxeZ^hgv^_\mrdbYmklZehlwlhc
b]judlhdh]hi_j_mijyfbl
Mijyfkl\hwlhmg_]hhll_[ymeu[gmeZkvKhgb
�Imklv[m^_lihl\h_fmk^ZekygZdhg_pdgyavZ\ha\_klyldhehdheZG_[_kgh]h]jZ^Z
]jy^msbcijZa^gbddZq_kl\_k\Z^_[gh]hih^ZjdZjZaj_rZxl_[_ijb]eZkblvl\hbojh^bl_e_c
h[jZlbekyhgdFZj]Zjbl_fZehdlhbakf_jlguom^hklZb\Z_lkyq_klbmaj_lvG_[_kguc]jZ^ijb
`bagb
;eZ]h^ZjxKbj^_\mrdZkdehgbeZkv\j_\_jZgk_\ulZd\_ebdh^mrguLhevdhyg_kfh]m[ulv
kqZkleb\hc\h^bghqdmfukih^jm]hc_sz\^_lkl\_^h]h\hjbebkvqlh\uc^_faZfm`\h^bg^_gv
l_f[he__qlh_zba[jZggbdfhc^hjh]hc[jZlIjhrmijhs_gbyghyg_fh]mijbgylv\Zr_
s_^jh_ij_^eh`_gb_hgZkfbj_gghhimklbeZ]heh\m
Bwlh\kz"K\ylZyijhklhlZDeygmkvk_j^_qghjZkkf_yekyijZ\bl_evY_szgbdh]^Zg_
\klj_qZelZdh]hijhklh^mrgh]hkha^Zgby?kebwlh\kzhqzfluijhkbrvlh^Z[m^_llZd
IZiZIZihqdZ\ljhggucaZe\[_`ZeaZiuoZ\rbckyfZevqbde_l^_kylbkjZkdjZkg_\rbfkyhl
�[_]ZebphfbdbgmekygZr_x`hgmmg_]h[ueZkfm]eZydh`Z\vxsb_kyqzjgu_\hehkub
[hevrb_yjdha_ezgu_]eZaZLukdmqZeaZgZfb"
�Dhg_qghfZeur`hgih]eZ^bejZkljziZggu_dmq_jbkugZ
FZj]ZjblZhlf_lbeZqlhq_jlZfbebpZbhll_gdhfdh`bhgihrze\hlpZgh]eZaZ_]hkby\rb_
h^mohl\hjzggufb`b\ufk\_lhfp\_lhf[uebdZdmfZl_jb
Ijhklbl_kiho\Zlbekyj_[zghdbihdehgb\rbkvijbkmlkl\mxsbfmeu[gmekyFhzihql_gb_
Bdm^Zlhevdhjh^bl_ebkfhljylkh\k_fjZa[Zeh\Zebj_[zgdZkgZimkdghckljh]hklvxaZf_lbe
dgyav
FZj]ZjblZg_k^_j`ZeZkvhlkf_oZ
�:\u\_jghfhy[m^msZy\lhjZyfZfZfZevqbdih^hr_eihp_eh\Zlv_zjmdmh[jh
ih`Zeh\ZlvFbe_^bY:ebr_j
:f_gyah\mlFZj]ZjblZ_zebphkZfhjZkieuehkv\meu[d_Mq_eh\_dZfh`_l[ulvebrvh^gZ
fZlv^_\mrdZijbk_eZi_j_^j_[zgdhf\ayeZ\jmdb_]heZ^hrdmbihkfhlj_eZijyfh\_]ha_ezgu_
DZebGbdh]^Zg_aZ[u\Zcwlh]hDZd[uygbiulZeZkvfg_g_aZgylv_zf_klhgh_keb\l\hzf
k_j^p_gZc^zlkym]hehd^eyf_gylhy[m^mjZ^ZklZlvl_[_^jm]hf
YlZdjZ^qlhlukh\k_fg_ihoh`ZgZaeuofZq_obakdZahdaZdexqbe:ebbamqZy^_\mrdm
\gbfZl_evguf\a]ey^hfQ_klghybg_khfg_\Zeky\wlhffhciZiZg_kfh][uihex[blviehoh]h
q_eh\_dZ
�MklZfbfeZ^_gpZmkf_ogmeky`hglhj`_kl\mxs_ihkfhlj_\gZhlpZ
dhjb^hj_ihkeurZekyeZcb\ijbhldjulmx^\_jvaZeZ\[_`Zeb^\Za\hgdbos_gdZ^ZefZlbgpZ
aZgbfb^\_k\_leh\hehku_^_\hqdbb^\Zh[_kdmjZ`_gguokljZ`Z
�_\hqdbko\Zlbebs_gyl\hoZidmbaZf_jebgZf_kl_aZf_lb\qlhhdZaZebkvkj_^b[hevrh]h
dhebq_kl\Zex^_c
Iijhklbl_JhaZebg^Z\lygmeZ]heh\m\ie_qbfum`_moh^bfhgZ^zjgmeZf_gvrmx
A^_kv_sz^_lb"m^b\ezgghih^gye[jh\bdgyav
IhagZdhfvkyhl_plZqlhklZjr_fg_dZdfeZ^rZyk_kljZJhabZlZqlhfeZ^r_:^_evfhy
ijbzfgZy^hqvbihemqZ_lkyl\hy\gmqdZ
DZdwlhfbehg_m^_j`Zekyhlmeu[dbijZ\bl_evY_szhqzflhg_agZx"hgijhlygme
^_\hqdZfdhgn_luOhlbl_keZ^hkl_cfZeurdb"
Mf_gy_klvl_i_jvk_kljzgdZ"jZ^hklgh\hkdebdgme:ebIjb\_ly:ebr_jijhlygme
^_\hqdZfjmdbFh`ghbfg_k\Zfbihb]jZlv"
Ijb\_l[jZlbd:ebmeu[gmeZkv:^_evdZ
Ohq_rvihb]jZlvkgZfb\kZ^m"ij_^eh`beZJhaZebg^Z
FZfZihc^_rvkgZfb"fZevqbdkgZ^_`^hcihkfhlj_egZDZeb
Yk_]h^gymklZeZkughdhgZijh\_eZjmdhcih_]h\hehkZfFh`_lFZj]ZjblZkhklZ\bl\Zf
dhfiZgbx"hgZkdhkbeZ\a]ey^gZJblmhgZohl_eZkdZaZlv_szqlhlhgh^_lbm`_hdjm`beb
^_\mrdm
�Z^ZIhq_fm[ubg_l:ebbJhabko\Zlbeb^_\mrdmaZjmdbbihlygmebd\uoh^mIZiZZlu"
:ebr_j\hijhkbl_evgh\a]eygmegZhlpZ
�B^bl_yk_cqZkd\Zfijbkh_^bgxkvdb\gme`hg
Lu\u]ey^brv^_ckl\bl_evghkqZkleb\ufkugm^h\e_l\hj_gghhlf_lbeZc\Zk\Zl
&#xkz;&#xh;&#xq_;&#xgv;&#xi;&#xjh;&#xkl;&#xh;&#xh;&#xl_;&#xp;&#x;&#xy;&#x^h;&#xfZ;&#x;&#xkh;&#xgh;&#xkZ;&#xfu;&#x_;&#x^h;&#xjh;&#x]b;&#x_;&#x^e;&#xy;&#xf_;&#xgy;&#xx^;&#x;&#xbp;&#xh;�kzhq_gvijhklhhl_py^hfZbkhfghckZfu_^hjh]b_^eyf_gyex^bebph`hgZhaZjbeZ
kZfZyk\_leZymeu[dZ
\r\r\r
�ZgZqgzlkylmjgbj\ha\_klbedgyavDZd\Zfba\_klgh\j_fylmjgbjh\ijhoh^ysbo\h^ghb
lh`_\j_fygZjbklZebsZoG_[_kgh]h]jZ^ZbLzfgh]h^\hjZk\ys_ggh_\j_fyi_j_fbjbyb
lhj`_kl\Bhldjh_l_]h^jm`_kdbcih_^bghdfhbokugh\_cdhlhjufbyihijZ\mfh]m]hj^blvky
Kf_xgZ^_ylvkyqlhhgbk_[y_szihdZ`mlgZij_^klhysbokhklyaZgbyoq_klvlhj`_kl\Zih
kemqZx`_gblv[ufh_]hklZjr_]hkugZlmjgbjijh^eblkyg_^_exbih[_^bl_evihemqbl_szg_
\b^Zggu_^hk_e_ih^ghr_gbybihdjh_lk\hzbfy\_ebdhckeZ\hc
Dh]^ZgZZj_g_ihy\bebkvwlb^\h_ljb[mgu\ahj\Zebkvh]emrbl_evgufjz\hf_sz[ukugh\vy
kZfh]hdgyaykhrebkvf_jylkym^Zevx
Dh]^Zkhi_jgbdbhlkZexlh\Zeb^jm]^jm]mbih_^bghdgZqZeky\ahju^_kylblukyqghclheiu[ueb
hbg\qzjguo^hki_oZoihqlbkjZami_j_r_e\gZklmie_gb_dZaZehkvqlh^eyg_]hwlhl[hcbf_e
kh\k_fg_kihjlb\gucbgl_j_k
A\mddZ`^h]hm^ZjZhlau\Zeky\heghckljZoZ\k_j^p_FZj]Zjblukm^hjh`gh\p_ib\r_cky\
�ih^ehdhlgbddj_keZKhgbh[h^jyxs_iheh`beZjmdmgZie_qh^_\mrdbjmavykb^_\rb_jy^hf
lh`_gZijy`_gghke_^bebaZoh^hf[hy
JZnZwevijh^he`ZeZlZdh\ZlvKlZev\ba`ZeZbklhgZeZhklZ\eyypZjZibgugZ^hki_oZoIuev
�aZ[b\ZeZkvih^re_fjmdZmklZeZ^_j`Zlvhjm`b_`hgi_j_dbgmef_q\e_\mxjmdmghwlhgbdZd
g_h[e_]qbehaZ^Zqm^ey_]hijhlb\gbdZhgh^bgZdh\hohjhrh\eZ^_eh[_bfbjmdZfbuiZ^u
�[jZlZklZgh\bebkv\kzyjhklg___keb[u`hgfh]\b^_lvkd\havaZ[jZehkhi_jgbdZlhm\b^_e[u\
_]h]eZaZo[_amfgucbyjhklguch]hgvj_\ghklbbij_aj_gbyqlhaZklbeZeb_]hjZamfbf_rZebykgh
�khh[jZ`ZlvHggZqZekh\_jrZlvhrb[dbdhlhjufb`hgbjZ^[ue[u\hkihevah\Zlvkygh_fmg_
�gm`gZ[ueZih[_^ZlZdhcp_ghcHl[b\hq_j_^gmxZlZdm`hgmklZeb]jZlvbkZfihr_e\
�gZklmie_gb_uoZgb_klZgh\behkvly`_eufdZ`^h_^\b`_gb_^Z\Zehkvkg_bfh\_jgufmkbeb_f
&#x^j;&#xm];&#x;&#xJZ;&#xnZ;&#xwe;&#xv;&#xi;&#xhl;&#x_j;&#xy;&#xj;&#xZg;&#xh;&#x_k; _;&#x;&#xmi;&#xZe;&#xg;&#xZ;&#xi_;&#xkh; ;&#x_q;�^jm]JZnZwevihl_jy\jZ\gh\_kb_miZegZi_khdbf_q`hgZhklZgh\bekym_]h]hjeZ
=eZrZlZch[ty\behdhgqZgb_ih_^bgdZ
�`hghl\zef_qbijhlygme[jZlmjmdmij_^eZ]Zyihfhsvghlhlj_adhhldehgbewlhij_^eh`_gb_
bkZfih^gyekygZgh]b
Lufg_aZieZlbrvaZwlhmgb`_gb_ijhp_^behgg_m^hklhb\[jZlZb\a]ey^ZKugjZ[ugb
gbdh]^Zg_[m^_lijZ\blv\G_[_kghf]jZ^_jZa^jZ`_ggh[jhkbekhi_jgbdm\ebphfeZ^rbc
ijbgp?keb[ufhyfZlvg_[ueZkeZ[Za^hjh\v_fbg_mf_jeZlhl_[ybl\h_cfZl_jbg_[ueh[u
lmlZkg_[ueh[u\fh_c`bagbDZdhgfh]^himklblvlZdh_g_m\Z`_gb_diZfylbfh_cfZl_jb
ihkf_e\_jgmlvdh^\hjmk\hx[_ajh^gmxex[h\gbpm\dZq_kl\_gh\hc`_gu";ukljh`_hg
ml_rbekyY[ukfbjbekykex[hc^jm]hclhevdhg_kg_c
�G_kf_clZd]h\hjblvhfh_cfZl_jb`hg\ijbklmi_[_r_gkl\Zljyk[jZlZaZie_qbDlhlu
qlh[ukm^blvbo"Luihcf_rvdh]^ZkZfihex[brvYkh`Ze_xhl\h_cmljZl_ghfhyk_fvy\lhf
g_ih\bggZ
AgZ_rvdm^Zfh`_rvaZkmgmlvk\hbkh`Ze_gby"kiexgmek^hkZ^uJZnFg_g_gm`gZ`Zehklv
l_f[he__l\hyhkkh_^bg_gb_k\ylh]hk_f_ckl\Z^Zf_gylhrgblhl\ZkDZd`_l\hyfZlv
iulZeZkv[ulv^h[jhcdhfg_ghy\kx`bagvqm\kl\h\Zek_[yqm`bfgZ\Zr_fijZa^gbd_Y\k_]^Z
[ueh^bgLhevdhh^bg
�Wlhg_lZdihiulZekym\_jblv[jZlZ`hgMl_[y_klvk_fvyFg_g_gm`_gljhgfg_gm`_g
[jZldhlhjucjZa^_ebe[ukhfghcfhxjZ^hklv
�Eh`vAZq_flh]^Z\_jgmeky"Z_szih^lZdbf[eZ]h\b^gufij_^eh]hf
Ij_djZlbl_ih^gyekykhk\h_]hf_klZdgyav;hcaZdhgq_gIh^hc^bl_k_cqZk`_dhfg_H[Z
�ZqlhaZ[j_^"WlhlukZfk_[_\gmrbe"lZdh_hlghr_gb_hfjZqZehjZ^hklvhlij_^klhys_c
k\Z^v[u
:g_ihr_e[uluJZnZwevlhedgm\ie_qhf[jZlZ[ukljhaZrZ]Zedh\oh^mgZljb[mguYg_
`_eZx[hevr_kemrZlvl_[y
Hgbg_kimkdZy^jm]k^jm]Zbki_i_eyxsbo\a]ey^h\ih^gyebkv\eh`mdgyay
u[jZlvyohlbl_\ulh]hbebg_lbg_kf_cl_ihahjblvf_gyYg_ihl_jiexwlh]h]eZaZ
�Zhl_pofmjhhl\_lbebh[Z
K\Zr_]hjZaj_r_gbyJZnZwevjZa\_jgmekybgZijZ\bekyd\uoh^mbaZj_guM\hjhlhg
hklZgh\beky\ayek\hcieZsmkljZ`gbdZqlhlhkdZaZe_fmbbkq_aaZ\hjhlZfb
�Kwfqlhl\hjblkykfhbf[jZlhf"`hg[uey\gh\klj_\h`_gJZgvr_fuohlvdZdlheZ^beb
ghk_cqZk
Fg_wlh\kzlh`_g_gjZ\blkyKZfZwevjZa^_eye_]hh[_kihdh_gghklvF_gygZqbgZ_llj_\h`blv
lZdh__]hih\_^_gb_dZd[uq_]hg_\udbgme
�L_[_yfh]m^h\_jylv`hg\ujZabl_evghihkfhlj_egZ^jm]ZEbqghaZcfbkvijh\_jdhc
ihklZ\dbijh^mdlh\gZijZa^gh\Zgb_KljZ`gbdZf\_ebg_iblvkibjlgh]h\ghqvk\Z^v[uimklv
ivxlb_^yllhevdhlhqlhijbg_kmlba^hfZkZfbhgbgZffh]mlihgZ^h[blvky_kebi_j_`b\zfwlm
ghqvlhihlhfhgb\kzgZ\_jklZxlkebo\hc
�mfZ_rv\kzgZklhevdhk_jvzagh"aZ^mfqb\hijhbagzkKwfOhjhrhlZdbihklmibfl\hb
bgklbgdluj_^dhl_[yh[fZgu\Zeb
�Yg_bf_xijZ\Zjbkdh\ZlvYl_i_jvg_kZfkqm\kl\hf\ufhe\be`hgDjhf_lh]hfg_g_
^ZzlihdhywlhlkhieydRgZc^_jg_kijhklZhgbkq_aqlhlhijhbkoh^blLZdh_hsms_gb_qlhwlh
g_ijhklh_kh\iZ^_gb_
:\hlkwlh]hf_klZihijhrmih^jh[g__gZebp_KZfZweybah[jZabeky`b\_crbcbgl_j_kDlh
lZdhcRgZc^_j"
�LZdh^bgkljZgguclbi`hgg_ijbyag_gghihfhjsbekyBkq_]hhgf_gylZd[_kihdhbl"
Kibr_fwlhgZij_^k\Z^_[gh_\heg_gb_ihoehiZ\_]hihie_qmmkf_ogmekyKZfZwev
\r\r\r
K_cqZk^Zij_^klZgmlmkeZ^hc\Zr_fm\ahjmauqghh[ty\be\eZ^udZG_[_kgh]h]jZ^Z
ij_djZkgu_^_\u\mf_gbbk\hzfg_mklmiZxsb_kZfuf^hklhcguffm`Zf
GZZj_g_ihy\bebkv^\_\hbl_evgbpu\ez]dbodh`Zguo^hki_oZobdh`ZguofZkdZomdZ`^hc\
jmdZo[uehihiZj_dbg`Zeh\
H^gZ[ueZg_\ukhdh]hjhklZkdhjhldhkljb`_ggufblzfgufb\hehkZfb^jm]Zy[ueZfbgbfmfgZ
]heh\m\ur_khi_jgbpu_z^ebggu_ju`b_\hehkuieZf_g_f]hj_ebgZkhegp_
Hgbihdehgbebkv
G_ajykqblZ_lkyqlhdjZkb\ucih_^bghdkjh^gbb^_Zevghhlj_i_lbjh\ZgghfmlZgpml_f[he__
ihdZaZl_evguc
Q_j_^ZZlZdbmdehg_gbcqzldbokbgojhgguo^\b`_gbcjmdbgh]keh\gh^\ZihjoZxsbo
fhluevdZdjm`bebkvhgbihZj_g_
IhhdhgqZgbb\uklmie_gby^_\um[jZebdbg`Zeu\gZ[_^j_ggu_gh`gubh[gyebkv
;jZ\hFZe_gvdZy=hkih`Zh^h[jyxsZymeu[dZhk\_lbeZebphDZebL\hcmqbl_evfh`_l
]hj^blvkylh[hc
;eZ]h^ZjxfZ^Zfmeu[gmeZkvFZj]ZjblZkgbfZyfZkdmIho\ZeZba\Zrbomklq_klv^ey
f_gy
\r\r\r
&#xw;&#xlh;&#x`;&#x_;&#xj;&#x_f;&#xy;&#xgZ;&#xj; k;&#xlZ;b;&#xs_;&#xL;&#xzf;&#xgh;&#x]h;�wlh`_\j_fygZjbklZebs_Lzfgh]h\hjZh[ty\bebhgZqZe_nbgZevgh]hih_^bgdZ
g_ij_\ahc^zgguc\[h_\hfbkdmkkl\_IjZ\bl_evijhlb\[_a\_klgh]hxgh]hfZkl_jZf_qZqlh
IjZ\bl_evgZqZekf_^e_gguoZlZdijh\_jyyfZkl_jkl\hkhi_jgbdZkzmkdhjyyjblfhgklZjZeky
gZsmiZlvkeZ[u_f_klZijhlb\gbdZghlZdh\uo\b^bfhg_bf_ehkv^\b`_gbyxghrb[ueb
hllhq_ggufbdZdihmq_[gbdZfn_olh\Zgbye_]dbb]jZpbhaguDZaZehkv_]h^hki_obb_]hf_q
\_kylg_ly`_e__imrbgdb
Debgdbbokp_ieyebkvbjZkoh^bebkvm\_jlu\Zebkvdhehebjm[bebiZjbjh\Zebhl\_qZebgZ
dZ`^ucihke_^mxsbcm^Zj_sz[he__khdjmrbl_evgufm^Zjhf
Bkgh\Z[_kijbkljZklguce_^yghc\a]ey^k_juo]eZaZ\^mr_dehdhlZeh]g_gguc\_am\bc
�B\wlbo]eZaZoIjZ\bl_evLzfgh]h\hjZijhqzek\hxwiblZnbxklj_fbl_evguc\uiZ^be_a\b_
\hrehih^^hki_oIh^ly`_klvxk\h_]hlmjgbjgh]hkgZjy`_gbydhjhev]jmaghjmogmegZi_khd
bkl_dZydjh\vx
Ihljykzggu_ljb[mguih^gyebkv\_^bghfihju\_bgZ\bkeZ]g_lmsZylbrbgZ
AeZlh\eZkZydhjhe_\Z\fZkd_f_^e_gghkhreZkljb[mggZZj_gm
Bh\ha^_e]eZaZdg_[mb_]h\ahjmij_^klZeh[jZaFZj]Zjbluih_zs_dZfl_debkezau
Yg_^hklhbgl\h_ci_qZebfheh^hcq_eh\_dm[jZe\hehkukh\kihl_\r_]he[ZG_m`_ebdlhlh
[m^_leblvkezauihlhfmqm^h\bsmdhlhjufyklZe"Imklv^Z`_lu_^bgkl\_ggZyhieZdb\ZeZ[u
f_gylhg_m[hyeky[uykf_jlbbihdhc[uhdmlZef_gyhafh`ghwlhhagZqZ_lqlhyklZgm
ijbqbghcl\hbokezaImlbgZaZ^m`_g_lbyihc^m^hdhgpZ^Z`_ihljmiZfh^gbf[hevr_
h^gbff_gvr_\kzjZ\ghqlhJZcqlh:^hldZau\Zxlkyf_gyijbgylvBke_^mxsbf[m^_l
�oZjfZjZ^`Zhgih^Z\blkyk\h_cex[h\vxKdZdbfm^h\hevkl\b_fy\uj\m_]hk_j^p_]heufb
jmdZfb
Qlhlufh`_rvagZlvijh:^fZevqbd"ijZ\bl_evgbpZi_j_\_jgmeZghkdhfkZih]Ze_`Zs__
i_j_^g_cl_ehbkgyeZfZkdmK^hogb`_lhevdhij_`^_ihkfhljbgZfhzebphb\kihfgbqlhlu
khfghck^_eZeKebrdhf^he]hy`^ZeZwlh]h^gyAZihfgbaZqlhl_[_ij_^klhblg_klbhl\_lgZ
ihke_^g_fkm^_ihlhfhgZh[jZlbeZkvdxghr_LukijZrb\Zeihq_fmyghrmfZkdmRgZc^_j
LZdkfhljb`_bluqlhlu\b^brv"dhjhe_\Zih\_jgmeZkvdg_fm
Bkh^jh]gmekyhghlm\b^_ggh]hh^gZiheh\bgZ_zebpZ[ueZh[_ah[jZ`_gZrjZfZfbhlh`h]Z
kljZrgh_f_kb\hbadh`bbfykZaZlh\lhjZykeh\ghijbgZ^e_`ZeZ^jm]hfmq_eh\_dmij_djZkghc
p\_lms_cfheh^hc`_gsbg_
DZdl_[_lZdhck\Z^_[gucih^Zjhd"\uau\Zxs_mofuevgmeZkvhgZHgijb\udihemqZlv\kz
qlhih`_eZ_lbybf_eZg_m^h\hevkl\b_ijh\_jblvwlhG_m^ZqgZyihiuldZaZsblblvk\hxq_klvZ
hgebrvmkf_ogmekyqlhl_i_jvfh`_l[ulvkihdh_gb[hdjhf_g_]hgbh^bgfm`qbgZg_kfh`_l
kfhlj_lvgZf_gy[_akh^jh]Zgby;hev]hj_qvbg_gZ\bklv[uebgZklhevdhkbevgu\hfg_qlhfhz
k_j^p_gZihegbeZlvfZbg_hklZehkvf_klZ^eyk\_lZGh[hevr_g_]hyg_gZ\b`mdgyay
Zc\Zk\ZlZdhlhjuc\lhilZe\]jyavfhbqm\kl\Zy\_^v[ueZjh`^_gZ\G_[_kghf]jZ^_
Bgl_j_kghhgohlv\kihfgblbfy[u\r_cnj_cebguk\h_ci_j\hc`_gu":dZdhgdjZkb\hb]jZe\
[eZ]hjh^kl\h\b^bl_ebg_fh`_lh[fZgu\Zlvf_gyeh`gufbgZ^_`^Zfbb[h\k_j^p__]h_klv
�f_klhlhevdh^eyh^ghc`_gsbguZ\gyyex[h\vhdZaZeZkvkbevg__ihke_kf_jlbfh_c]hkih`bhg
kjZam`_\_jgmekydk\h_cijhklhex^bgd_Fhyf_klv_fm[m^_lg_lZdhcez]dhckh\k_caeh[hcb
i_qZevx\]hehk_[jhkbeZhgZG_gm`gh[ulvk_fbiy^_c\he[mqlh[u^h]Z^Zlvkyqlhml_[yaZ
bgl_j_klhevdh[m^vhklhjh`_gh^gZ`^udhkgm\rbkv^mrblvfZihk_ey_lky\g_cm`_gZ\k_]^Z
d_fyklZeZ
LhevdhhgZkfh`_l\ul_kgblvex[h\vdg_fmlbohijh]h\hjbeBhQlhyagZxhi_de_\u
kijhkbeb"hafh`gh[hevr_q_fohl_e[u\Zr__ebq_kl\h
:lug_[hbrvkyqlhlh]^Zg_hklZg_lkyf_klZgb^eyq_]h[hevr_"ij_^hkl_j_]eZdhjhe_\Z
Iha\hexk_[_gZihfgblv\Zf\Zr__ebq_kl\hh\Zr_fh[_sZgbbBhkf_gbel_fmjZa]h\hjZ
LuihemqbrvgZagZq_gb_dhfZg^mxsbfZjfb_ckh]eZkghdb\gmeZdhjhe_\ZYg_[m^m[hevr_
e_alv\l\hx^mrm;m^mjZ^Zihs_dhlZlvg_j\udgyaxH[_sZcg_ijbgbfZlvk_jvzaguoj_r_gbc
g_ihkh\_lh\Z\rbkvkhfghcFh`_rvgZau\Zlvf_gy:ev\bk]hkih^bggh\uc]eZ\ghdhfZg^mxsbc
hgZkgh\ZgZ^_eZfZkdmqlh[ug_kfmsZlvkh[_k_^gbdZ:dZdh_l\hzgZklhys__bfy"RgZc^_j
wlhik_\^hgbf\_^vg_lZdeb"
Wlh[uehlZd^Z\ghqlhym`_aZ[uehggZdbgmeieZsHghk\yau\Zehf_gykg_ijbylgufb
\hkihfbgZgbyfbg_lhevdhm\Zk_klvijhreh_dhlhjh_\uij_^ihqblZ_l_g_\hkdj_rZlv
\r\r\r
WlhijZ\^Zqlh\Zfm^Zehkvko\Zlblv[Zg^mjZa[hcgbdh\"kijhkbefheh^hcq_eh\_dkgbfZy
dZixrhgieZsZ
�Z]hkih^bgJZnZwevhgbij_^klZgmlij_^km^hfbhl\_lylaZk\hbaeh^_ygbyhl\_lbedZiblZg
kljZ`b
Yohqmih]h\hjblvkZlZfZghfGZ^bjhfhl\_^bf_gydg_fmihlj_[h\ZefeZ^rbcijbgp
Ghfhc]hkih^bgwlhhiZkgucq_eh\_dgZ_]hjmdZokebrdhffgh]hdjh\bihiulZeky\hajZablv
dZiblZg
BkihegycqlhijbdZaZghijbdjbdgmeJZnZwevbdZiblZg\ugm`^_g[ueih^qbgblvkyb
ijh\h^blv_]h\dZf_jmZlZfZgZjZa[hcgbdh\
:l_i_jvhklZ\vl_gZkyih[_k_^mxkgbfk]eZamgZ]eZag_\hegmcl_kvy\hhjm`_gbmf_gy
hlf_ggZyj_Zdpbyihlj_[h\ZehgbdZiblZgm^ZebekyhklZ\Zykvihlmklhjhgm^\_jb
Q_fh[yaZglZdhcq_klb"mofuevgmekyGZ^bj
Wlh[ue\ukhdbcdj_idh]hl_ehkeh`_gbyfm`qbgZkj_^gboe_lklzfghk_jufb]eZaZfbb
^ebggufbkimlZggufblzfgufb\hehkZfbmkZfbb^ebgghc`_[hjh^hc
?klvmf_gydl_[_ij_^eh`_gb_k_]h^gyghqvxmdZf_j[m^ml^_`mjblvfhbex^b\Zfihfh]ml
mkljhblvih[_]
:qlh`_ZrZFbehklvihlj_[m_l\aZf_g"ijh^he`beaZg_]hZlZfZgwlhffbj_gbq_]hg_
^Zzlky^Zjhf\_^vlZd"
uk^_eZ_l_dh_qlh^eyf_gy\uaZ[_jzl_`bagbk\Z^_[guo]hkl_cb\kzqlhgZc^_l_\bo
dhfgZlZo
;m^_lfgh]hdjh\baZ^mfqb\hijhbag_kGZ^bjLZd\hldZdh\h\Zr_]hkl_ijbbfkl\h"
Wlhl_[yg_dZkZ_lkyj_adhij_j\Ze_]hJZnZwevHgbaZoe_[gmlky\kh[kl\_gghcdjh\b
KljZ`gbdb[m^mlm[b\Zlvfhboex^_cgZf_kl_\hafmlbekyjZa[hcgbd
K_]h^gy\k_[m^mlijZa^gh\ZlvjZkkeZ[e_ggu_b\uib\rb_hgb[m^mle_]dhc^h[uq_c
mkihdhbe_]hfheh^hcq_eh\_d
Yg_m[b\Zx[_kihfhsguo\bokh[kl\_gguoihkl_eyoj_rbl_evghaZy\beGZ^bj
:evl_jgZlb\m\ZkfZeheb[h\uihegy_l_k\hxqZklvm]h\hjZb\u`b\rb_ihemqZlk\h[h^meb[h
[_a]j_rgh]h`_kldhZj]mf_glbjh\ZefeZ^rbcijbgp
GZ^bjmijbrehkvijbgylvij_^eh`_gb_gh\_]h]heh\_m`_khaj_ekh[kl\_ggucieZg
\r\r\r
�GZdhg_pijb[uebijb]eZr_ggu_kZfu_^he]h`^Zggu_bjh^gu_]hklbbFZj]ZjblZb`_d
�ZgbweeZIbl_jbJhabkfh]ebh[gylvk\hbojh^bl_e_c
=eZaZke_iblhlwlhcdjZkhluLZdqlh`_wlhaZf_klh"aZ\hjh`_gghkfhlj_ebihklhjhgZf
�ijb[u\rb_hqdZh[tykgbfulZdlhedhfgbq_]hbg_ihgyebh\ZrbokbeZo
Yemqr_ihdZ`mFZj]ZjblZkeh`beZeZ^hgb\f_kl_bih^meZgZgbobdhjb^hjhk\_lbeky
k\_lhf^_kyldh\h^gh\j_f_gghaZ``_gguonZd_eh\Z\i_j_^bdZdih\her_[kl\m\hkkbye
A_jdZevgucaZe
p_glj_^\hjph\h]hkZ^Zm[hevrh]hnhglZgZbajhah\h]hfjZfhjZbom`_h`b^Zedgyavkk_fv_c
�Ijb\_lkl\mx^hjh]b_]hklbh[jhih`Zeh\Zlv\ukhdmxH[bl_evmeu[gmekyhg=hj^bl_kv
k\hbfb^_lvfbb[hhgbba[jZggu_G_[_kZfbOjZgbl_ebfbjZbkihdhckl\bygZA_fe_Bbf_ggh
\ZrZdjh\v^ZeZbfwlmkbemIha\hevl_ihdZaZlv\Zf]hjh^ihke_ljZi_au
\r\r\r
KkZfh]hmljZkem`ZgdbgZlbjZebfZkeZfbb[eZ]h\hgbyfbl_eZgZj_q_gguo^_eZebfZkkZ`
�jZkqzku\Zeb^ebggu_\hehkuZgbweeumdeZ^u\Zy\bo\keh`gmxijbq_kdm^_eZebljZ^bpbhggmx
jhkibkvf_o_g^bgZjmdZobgh]ZoFZj]Zjblu
ijZa^gbqghmdjZr_gguc[eZ]hmoZxsbfbp\_lZfbbjZaghp\_lgufbe_glZfbaZekimklbebkv^\_
g_\_klu\khijh\h`^_gbbhlph\h^gZkiurgufbehdhgZfbahehlbkluodm^j_cb[hevrbfb
]hem[ufb]eZaZfb\_\jhi_ckdhfieZlv_kmdjZr_gguf`_fqm]hfbjZkrblufdjm`_\gufkeh_f
ih\_johkgh\ubaZleZkZp\_lZrZfiZgkdh]h^jm]Zykdhjhldhkljb`_ggufblzfgufb\hehkZfb
dZjbfb]eZaZfb\wlgbq_kdhfkZjbZeh]hp\_lZjZkrblhfahehlhfb^jZ]hp_ggufbdZfgyfbk
�p_j_fhgbZevgufbnZfbevgufbmdjZr_gbyfbih^Zj_ggufb_cjh^bl_eyfb`hgZgZlhgdhcr__b
baysguomdjZr_gguojhkibkvxoghcjmdZo
��Bom`_`^Zeb`_d\iZjZ^ghfkfhdbg]_b`hg\bkdmkghjZkrbluo\_ebdhe_iguogZpbhgZevguo
r_j\Zgbqmjb^Zj_]h^ebggu_\hehku[uebkijylZguih^djZkguflxj[ZghfgZ_]hiZevpZo
k\_jdZebi_jklgbkjm[bgZfbZ\mrZoahehlu_k_jv]b
KZfdgyavfbehklb\hkh]eZkbekyijh\_klbh[jy^ih\yaZ\bojmdbZeufbr_edh\ufbe_glZfb
Dh]^Zdeyl\u[uebijhbag_k_gufheh^u_kdehgbebkv\kZfhfgbadhfihdehg_bbogZdjuebZeuf
ihdju\Zehfih^gyebkvhgbm`_^jm]bfbex^vfbfm`vyfbb`_gZfb
Dh]^Z\k_j_qb[uebkdZaZgub`_gbobihp_eh\Zebk\hbog_\_klih^jZ^hklgucdhehdhevguc
i_j_a\hg^_\mrdb[jhkZeb[md_lu
�P\_luihcfZeb`ZklbgZb?\Z
�Ibl_jbwgfgh]hagZqbl_evghi_j_]eygmebkvbaZdexqbebk\hboba[jZggbp\dj_idb_h[tylby
GZwlhfhnbpbZevgZyp_j_fhgby[ueZaZdhgq_gZb\k_i_j_f_klbebkv\[ZevgucaZeqlh[u
ijh^he`blvh[s_gby\[he__g_nhjfZevghch[klZgh\d_aZ[Zgd_lhfblZgpZfb
���h[jhih`Zeh\Zlv\dem[fm`_cfhc^jm]meu[gmeky`hgh[gbfZy`_dZIha^jZ\eyxe_^b
��wgbhgihp_eh\ZejmdmZgbweeu
�KiZkb[hJblmeyk_j^_qghh[gyeZih^jm]mZgbweeZHq_gvljm^ghbaf_jblvlhqlh\u^eygZk
Luijhklhg_\_jhylghdjZkb\ZfZeurdZfheh^hcobjmj]jZkp_eh\Zek_kljm\s_db
�Iha^jZ\eyx[jZlbdYfbh[gyeZ`hgZ
KiZkb[hk_kljzgdZijhkbyehgk\_lehcmeu[dhcDh]^Zgb[m^vbluihagZ_rvkqZklv_ex[\b
Yl_[_wlh]hbkdj_gg_`_eZx
&#xZe;&#x_g;&#xlb;&#xgh;�Iha^jZ\ey_f^_lbih^hrebdgbfRZjevkZe_glbghcb_j_dbDZfbeeZD_rvxjh^bl_eb
�ZgbweeuIbl_jZbJhaZebg^u
��Hl_pZgbweeumq_gucobfbd_j_dD_rvx[ueihoh`kdhj__gZjhda\_a^m\ukhdh]hjhklZ
klZlgucaZ_]hfh^gufbhqdZfbbkdjbebkvaZ]Z^dhc]eZaZp\_lZfhjkdhc\hegu_]h\vxsb_ky
jmku_\hehku^ebghc[ueb^hkZfuoehiZlhd_]hmkub[hjh^Zlh`_[uebk\_leufbFZlv
�ZgbweeuDZfbeeZ[ueZih^klZlvkmijm]m\ukhdZykljhcgZy[ehg^bgdZkk\_leh]hem[ufb
]eZaZfb
JZaj_rbl_ijbgylvgZk_[yaZ[hlmh\Zrbo^hq_jyo`_gbobkeh`bebjmdbgZ]jm^b\agZd
ihql_gbybihdehgbebkvjh^bl_eyfg_\_kl
FZfhqdZiZihqdZylZdkqZkleb\Zk_]h^gyqlhfg_Z`[hyaghdZd[ug_kim]gmlvwlm[eZ]h^Zlv
FZj]ZjblZ\ayeZjh^bl_e_cih^jmdbg_k^_j`b\Zyemqbklhcmeu[db
B\hlaZb]jZeb\Zevkk\hbfa\mqZgb_fgZihegyy\kz\hdjm]hlk_j^pZdk_j^pm
�JZaj_rbl_ijb]eZkblvgZlZg_pij_djZkgZyFZoZjZgb`hgijhlygme^_\mrd_jmdm
HYg_kebrdhfkbevgZ\deZkkbq_kdhflZgp_kfms_gghhlklmibeZFZj]ZjblZ;hxkv
jZahqZjh\Zlv\Zkkm^Zjvk\h_cg_eh\dhklvx
k_]hlhjZkkf_yekyhg[_jy^_\mrdmaZjmdmY[m^m\_klbijhklh^h\_jvkyfg_
BfmaudZ\_eZboih^o\Zlu\ZeZbg_keZm\e_dZyaZkh[hc\\her_[gucg_j_Zevgucfbjdjm`beZkv
]heh\Zb\kz\hdjm]aZdjm`behkv\\boj_lZgpZbkheg_qgu_meu[dbg_koh^bebkboebpZ\]eZaZo
b]jZeh[_a]jZgbqgh_[eZ`_gkl\h^hkZfh]hhdhgqZgbyb]jZ\r_cdhfihabpbbbwlhlbo\hklhj]
hk\_sZekyk\_lhfh]jhfguoojmklZevguoexkljbhljZ`Zeky\fgh]hqbke_gguoa_jdZeZo[Zevgh]h
aZeZ
G_ihlZgpm_rvkiZihc"RZjevijhlygme^hq_jbjmdm
�Gm`_b^bihhsjyxs_meu[gmeky`hgbFZj]ZjblZmihjogmeZkgh\ZlZgp_\Zlv
LulZdkqZkleb\Z^hqdZih^fb]gmeRZjev]eZ^y^hqvih]heh\_bwlh[ueg_\hijhkZ
dhgklZlZpbynZdlZ
Hq_gviZihqdZb[e_kd_z]eZa]h\hjbe\f_klh\k_okeh\
:khfghcg_ihlZgpm_lfbeZyg_\_kldZ"ke_^mxsbfgZlZg_pFZj]Zjblmijb]eZkbeZc\Zk\Zl
Kij_\_ebdbfm^h\hevkl\b_fKbj^_\mrdZkdehgbeZkv\ihqlbl_evghfihdehg_
�IhkfhljbgZg_zdZd^_\hqdZlZgpm_lDZebih^hreZd`hgmb\ayeZ_]hih^jmdmAgZ_rvy
_c^Z`_aZ\b^mxg_fgh]hmg_z_sz\ky`bagv\i_j_^b
LulZd]h\hjbrvdZd[m^lhkqblZ_rvk_[ym`_klZjmohcmkf_ogmekyhg
IhdZ_szg_kqblZxhl\_lghmeu[gmeZkvhgZIjhklhgZoeugmeb\hkihfbgZgbyIhfgbrv
gZrmk\Z^v[m"lhl^_gvfu[uebihgZklhys_fmkqZkleb\uDh]^ZykdZaZeZqlh`^mj_[zgdZlu
gZ\_jgh_jZ^h\Zeky]hjZa^h[hevr_f_gybkjZam`_k^_eZefg_ij_^eh`_gb_Lu\k_]^Zhlghkbeky
dhfg_kl_iehlhcbaZ[hlhcZyg_kfh]eZhlieZlblvl_[_l_f`_IhgbfZ_rvk_j^pm\_^vg_
ijbdZ`_rvQ_klghyjZ^ZaZ\ZkYl_[yohjhrhagZxbjZ^ZqlhlugZdhg_pbkiulZegZklhys__
�Lu`_agZ_rvqlhyg_fh]mk_j^blvkygZl_[yhldjulhmeu[gmeky`hg
Lh]^Zg_ijb]eZkbl_ebf_gyihlZgp_\ZlvZrZFbehklv"\rmldmij_^eh`beZhgZ
�@_eZgb_`_gsbguaZdhg`hgihlygme_zaZjmdmgZlZgpihe
G_m^_eblebfg_fbgmldmFZe_gvdZy]hkih`Z"ihgbab\]hehkkijhkbeZDZebih^hc^yd
^_\mrd_\i_j_ju\_f_`^mlZgpZfb
Dhg_qghfZ^Zfkh]eZkghdb\gmeZFZj]ZjblZ
Lug_^_j`bgZf_gyaeZhgZ\ayeZ^_\mrdmaZjmdmMl_[y^h[jh_k_j^p_Ygbdh]^Zg_aZ[m^m
lh]hqlhlukdZaZeZfh_fmkugmwlhkeh\Zfm^jhc`_gsbguLufh`_rvklZlv^_ckl\bl_evgh
�\_ebdhc?kebohq_rvfufh]eb[uklZlvih^jm]ZfbYijZ\^ZjZ^Zqlh\uk`hghfgZreb^jm]
^jm]Zmeu[gmeZkvju`Zy[h]bgy
Qlh`yg_ijhlb\kh]jhfgufh[e_]q_gb_faZk\_lbeZkvhl\_lghcmeu[dhcFZj]ZjblZK
m^h\hevkl\b_fklZgm\Zr_cih^jm]hc
Dgbfih^[_`Ze:ebr_j\jmdZohg^_j`Ze[_eh]hlb]jzgdZk]hem[ufb]eZaZfb
Wlh]hqm^gh]hdjZkZ\pZjh^beZlb]jbpZKblZbagZr_]ha\_jbgpZfugZa\Zeb_]hJZ^`ZHg[m^_l
\ZrFbe_^b[m^_l\ZrbfhojZggbdhfbaZsblgbdhfdh]^Z\ujZkl_lIhdZhg[m^_l`blv\
a\_jbgp_kfZl_jvxgh\ugZ\_sZcl__]hihqZs_qlh[uhgd\Zfijb\ud
KiZkb[h[hevrh_^hjh]hc^_\mrdZih]eZ^beZa\_jvdZbihq_kZeZaZmohfgZqlhlhl^h\hevgh
aZmjqZe
�KughdihdZqZe]heh\hc`hgmkf_ogm\rbkv_jgbfZe_gvdh]hkfhljbl_exa\_jbgpZlu`_
g_ohq_rvjZahaeblv_]hjh^bl_e_c"
Ohjhrhg_ohlykh]eZkbekyfZevqbdIZiZagZ_rvZylh`_gZr_ek_[_g_\_klm:ebihkfhlj_e
\klhjhgmJhaZebg^ughkb\r_cky\f_kl_k:^_ebghcs_gdZfbbdhl_gdhff_`^m]hklyfbb
jZa[jZku\Z\rbop\_luBy`_gxkvgZg_cdh]^Z\ujhklm
�?kebludh]^Z\ujZkl_rvih\lhjbrvfg_wlbkeh\Z`hg\ayekugZgZjmdbyg_[m^m
\hajZ`ZlvLhevdhg_aZ[m^vkijhkblvfg_gb_kZfhcg_\_kluih^fb]gmehgihklZ\b\j_[zgdZgZ
ihe
:ebhlkZexlh\Zeb\f_kl_khlphfihr_e\ha\jZsZlv`b\hlgh_
Fum`_[uebij_^klZ\e_gu^jm]^jm]m;m^mjZ^ihagZdhfblvky[eb`_Y\_^v^hkboihjg_
iha^jZ\befheh^uoihijb\_lkl\h\ZeFZj]Zjblmih^hr_^rbcfheh^hcq_eh\_dHg[ue\ukhd
rbjhdhie_qohjhrhkeh`_gaZ]hj_eucmg_]h[uebdZjb_]eZaZblzfgu_\hehku^hie_qZgZ
ijZ\hciheh\bg_ebpZdjZkh\ZeZkv\blb_\ZlZylZlm
�FhzbfyJZnZwevhgihp_eh\Ze^_\mrd_jmdmYk\h^guc[jZl`hgZ
Y\Zkihfgxf_kv_FZj]ZjblZijbk_eZ\j_\_jZgk_aZbfghjZ^ZagZdhfkl\m
K\Zr_]hjZaj_r_gbyyohl_e[uijb]eZkblvgh\h[jZqgmxgZlZg_phgijhlygme_cjmdm
G_\b`mijbqbghldZaZlvFZj]ZjblZ\eh`beZk\hxjmdm\_]hGZ^_xkvqlhfukfh`_f
ih^jm`blvky
GZ^hhl^ZlvJZnZwex^he`gh_gZlZgpihe_hg^\b]Zekyg_om`_[jZlZFZj]ZjblZ[ueZijbylgh
m^b\e_gZghls_lghhgZiulZeZkvm]Z^Zlv_]hbklbggu_gZf_j_gbyaZgZb]jZgghcmeu[dhc
Mf_gy_klvjZa]h\hjg_^Z\Zyhihfgblvkyihke_lZgpZhghl\ze_z\^Zevgbcm]heaZeZhl_]h
meu[dbg_hklZehkvbke_^Z
BkemrZc\gbfZl_evghijhr_ilZehg\kZfh_mohh[`b]Zyk\hbf^uoZgb_f?keblu^mfZ_rv
qlhkiZlvkgbfbijZ\blv\G_[_kghf=jZ^_h^ghblh`_lhkbevghhrb[Z_rvkyLhevdhq_j_a
fhcijZoiZevpugZ_]hjmdZok`ZebkvKh\_lmx\Zfm[bjZlvkyhlkx^ZihdZyg_ij_\jZlbe\Zrm
`bagv\Z^IhgyeZ"
O\ZlblMklu^bl_kv^_\mrdZ[ueZijhklh\rhd_hllZdbokeh\FugbgZqlh\Zr_g_
ij_l_g^m_fG_km^bl_\k_oihk_[_f_kv_Byg_gm`^Zxkv\\Zrbokh\_lZo
Mqlbyg_ih\lhjyx^\Z`^uhglhedgme_z\jy^hfklhys__dj_kehdhlhju_[uebjZkklZ\e_gu
ihi_jbf_ljm[Zevgh]haZeZGZreZkv_szk\ylhrZLvnmLh`_fg_[eZ]hjh^gZy]hkih`ZY
lZdbodZdlugZkd\hav\b`m?kebhgl_[_lZdgm`_glh^Z\ZcaZ[bjZc_]hbdZlbl_kvdh\k_f
q_jlyfFh`_lohq_rv^_g_]"Lu`_g_aZdjZkb\u_]eZaZkgbfijZ\^Z"
�ZdZdlhevdhyaudm\Zkih\_jgmekyFZj]ZjblZdZdm`Ze_ggZy\kdhqbeZkdj_keZY[hevr_
g_gZf_j_gZwlhkemrZlvhgZ]hlh\Z[ueZaZe_iblv_fmihs_qbgmghfm`qbgZkbevghk`Ze_z
jmdmK\Zr_]hjZaj_r_gby^_\mrdZm`_kh[jZeZkv[uehmclbghhgko\Zlbe_zaZie_qhb
jZa\_jgmeebphfdk_[_
G_rmlbkhfghc^_ldZFh`_lijh`b\zrv^hevr_
Fg_[hevghf_kv_hgZj_rbl_evghhk\h[h^beZkvhl_]ho\ZldbjZklbjZyie_qhqlh[ug_
hklZehkvkbgydZBg_klZjZcl_kvaZim]Zlvim]Zgu_m`_
GmdZdagZ_rv]hj_klghmkf_ogmekyhgY^mfZeluhdZ`_rvkymfg___]h]m[u\ibebkv
[he_ag_ggufihp_em_fm^_\mrdbhlg_h`b^ZgghklblZdi_j_o\Zlbeh^uoZgb_qlhhgZ_^\Zg_
aZ^hogmeZkvhl\hafms_gbyLZdZykeZ^dZy^_\hqdZ:lulhqghm\_j_gZqlhlh]h[jZlZ\u[jZeZ"
Ml_[y[uerZgk@Zevqlhfug_ihgyeb^jm]^jm]Zhghlimklbe_zblhjhieb\hihr_eih
gZijZ\e_gbxd\uoh^mjZklbjZys_dm\wlhljZahgg_klZehklZgZ\eb\Zlv_zjmdmbkh\lhjhc
ihiuldbihs_qbgZm^ZeZkv
Ihljyk_ggZyFZj]ZjblZgZ\Zlguogh]Zo\kz_sz^jh`Z^hreZ^h[eb`Zcr_]hdj_keZbijbk_eZ
h[o\Zlb\k_[yjmdZfbbiulZykvmgylv[_r_ghdhehlb\r__kyk_j^p_?zg_ihdb^Zehqm\kl\hqlh
�kemqblkyqlhlhm`Zkgh_ghjZkkdZaZlvh[h\kzf`hgmhagZqZehh]jhfguckdZg^ZeblZdg_
ohl_ehkvhfjZqZlvk_]h^gyrgbc^_gv
kz\ihjy^d_"ihkeurZekyjy^hf]hehkKZfZwey
�Z\ihjy^d_\u^Z\beZbak_[ybafmq_ggmxmeu[dm^_\mrdZ
Lulhqghm\_j_gZ"hgijbklZevghihkfhlj_egZg_zG_]h`_ij_djZkghc^Zf_kdmqZlv\^_gv
kh[kl\_gghck\Z^v[uKZfZwevh]ey^_eky\hdjm]=^_`_`_gbo"
Ihr_ek:ebr_jhf\a\_jbg_pjZa\_eZjmdZfb^_\mrdZ
Lh]^Zfh`_lg_ihf_rZ_lg_fgh]hih^gylvgZkljh_gb_lZgp_f"ijhlygmehgFZj]Zjbl_jmdm
Ihq_fm[ubg_l"db\gmeZhgZih^gbfZykvkdj_keZ
Gmijbyl_ev\ha\jZsZxl\hx^jZ]hp_ggmx\p_ehklbbkhojZgghklbihke_lZgpZKZfZwev
�\eh`bejmdmFZj]Zjblu\jmdmih^hr_^r_]h`hgZ:yihc^mbkdZlvk\hx`_gmrdm
@Zgfg_kljZrghhq_gvkljZrgh^_\mrdZg_kfh]eZm^_j`Zlv^jh`ZsbfbjmdZfbijhlygmluc
_c[hdZebhga\hgdhjZa[bekyh[ihe
�Gbq_]h[m^_fkqblZlvwlhgZkqZklv_mkihdhbe_z`hghg\ayeiZevpZfb^_\mrdmaZ
ih^[hjh^hdbih^gye_zebphgZk_[yIhkfhljbgZf_gyIhkfhljbfg_\]eZaZkz[m^_lohjhrh
@ZgqlhaZdhrdZijh[_`ZeZf_`^m\Zfbk[jZlhf"gZdhg_pg_\u^_j`Z\kijhkbeZFZj]ZjblZ
Y[hxkvwlh]hq_eh\_dZHgkihkh[_ggZg_qlhlZdh_"
Qlh"Hgqlhgb[m^vk^_eZe"Qlhhgl_[_kdZaZe"hgh[gye^_\mrdmaZie_qbiulZykvihcfZlv_z
\a]ey^
_]h]eZaZo[uehhlqZygb_q_eh\_dZkihkh[gh]hgZ\kzFZj]ZjblZ\hijhkbl_evghihkfhlj_eZgZ
fm`ZIhq_fmhglZdl_[yg_gZ\b^bl"
YbkZfg_fh]mihgylvhgk_e\dj_kehmkZ^b\^_\mrdmk_[_gZdhe_gbFhc[jZlkqblZ_lqlhy
\_jgmekyqlh[uihky]ZlvgZij_klheHgg_ohq_lf_gykemrZlvbkeurZlvkqblZ_lqlhy_fm\jZ]
hgijbevgmed_z]m[ZfImklvl_[ywlhg_lj_\h`blkz[m^_lohjhrh\_jvfg_FukKwfhf
ijbgyebf_juhgg_ijbqbgbll_[_\j_^Z
�GmdZdlmlgZrbkqZkleb\u_fheh^h`_gu"meu[gmekyijhoh^b\rbcfbfh`_dg_
�\uimkdZ\rbcbah[tylbcZgbweem
Ij_djZkghKfhljxb\ug_f_g__kqZkleb\uHklZebkv_szkbeugZf_^e_gguclZg_pbgZ\kz
�hklZevgh_"emdZ\hkdhkbe\a]ey^`hg
�Gm\ubmkljhbebgZf]jZg^bhagmxih^klZ\mfheh^hcobjmj]ihoehiZe`hgZihie_qmghy
g_fh]maeblvky\lZdhc^_gvfh]mlhevdhih[eZ]h^Zjblvbdj_iq_h[gy\^jm]^jm]Zhgbk
�ZgbweehcgZijZ\bebkv\k\hxdhfgZlm
\r\r\r
Dh]^Zhgbm^Zeyebkv\k\hbihdhblh\ke_^bf_sz^he]ha\mqZebijb\_lkl\_ggu_j_qb
���he]boe_lkeZ\ghfm`ZjfZjZ^`_he]boe_lij_djZkghcFZoZjZgb
��KqZklvy^hdlhjm`_dmKqZklvye_^bZgbwee_
�`hgh[gyeFZj]Zjblm
=hkih^bkiZkb[hqlh^Zefg_\hafh`ghklvkgh\Zex[blvijhr_ilZehg
HgbklhyebgZ[Zedhg_g_jZafudZyh[tylbcb\_l_jb]jZebo\hehkZfb
\r\r\r
L_[_ijZ\^ZgjZ\blky"FZj]ZjblZihkfhlj_eZgZfm`Zke_]dZgZdehgb\]heh\m
�Luijhklh[h`_kl\_ggZZg]_efhc`hgijbih^gyekygZih^mrdZohghleh`be\klhjhgm
kblZjaZ\_jrb\fmabpbjh\ZlvGhy[uij_^ihqze[_ah^_`^u
$V\RXZLVKbih^\_g_qgucgZjy^miZedgh]Zf^_\mrdb
B^bdhfg_ihfZgbehg_zijh^he`Zyb]jm]eZaZfb
�_\mrdZkgyeZlmnebbe_]dhi_j_klmibeZq_j_ae_`Zsb_gZihemr_edZ
YivygivyghlaZiZoZl\h_]hl_eZbl\hbo\hehkhla\hgZl\hbok_jz`_db[jZke_lh\gZaZiyklvyo
hl[e_kdZl\hbo]eZadZdaZ\hjh`_gguckfhlj_ehggZg_zbg_fh]hl\_klb\ahjH^gbfk\hbf
\a]ey^hfh^gbfdZkZgb_fluaZ[bjZ_rvdZ`^ucfhc\a^hojZa[b\Z_rvf_gygZkhlgbhkdhedh\b
\gh\v\hkdj_rZ_rvk_cqZkhgih^mfZeqlhDZeb\hafh`gh[ueZijZ\Zhg^_ckl\bl_evgh
hdhe^h\Zgb\i_j\u_aZ\kx`bagv`_eZ_l[ulvijb\hjh`_ggufbihdhj_gguf
FZj]ZjblZih^hreZdg_fmiheh`b\h^gmjmdm_fmgZie_qh\lhjmxih]jmab\\_]h\hehku
Hg\aye_zjZajbkh\Zggu_oghcjmdbbih^gzkdk\hbf]m[Zf
M\_j_ggufb^\b`_gbyfb]b[dboiZevp_\hghk\h[h^be^_\mrdmhldjm`_\gh]h[xkl]Zevl_jZ
hegZ^jh`bijhreZihl_emdh]^Z_]hjmdbijbdhkgmebkvdh[gZ`_gghckibg_dh`ZaZiueZeZhl
ojmklZevghcklZlm_cKdhevdh_szhgZkfh`_ll_ji_lvwlmkeZ^dmxiuldm"
�_\mrdZm`_g_ihfgbeZk_[yg_fh]eZjZaebqblv]^_f_qlZZ]^_y\vghagZeZqlhhgZ]^_lhgZ
imlb\JZcb_kebhgihijhkbllhg_aZ^mfu\ZykvhlijZ\blkyaZgbfb\:^
�HgZ^Z`_g_aZf_lbeZdZd`hgi_j_gzk_zgZihkl_ev
Fhc;h]eh\yjlhf\ha^mo\u^hogmeZhgZ]ey^y_fm\]eZaZ
YlhevdhhljZ`_gb_l\h_]hK\_lZYwlhluZluwlhy_]h]m[ubjmdb[em`^Zebih_zl_em
K_cqZkfg_aZ\b^mxl\k_;h]bfbjZ
�K_]h^gyhkh[_ggZyghqvG_[m^_f`_ljZlblv_zgZebrgb_keh\ZFZj]ZjblZihfh]eZ`hgm
ba[Z\blvkyhlkhjhqdbb[jxd
L\hcbebgbq_cijhbagzkhgh^gbfb]m[Zfb@_gZfhy
Fm`fhcijhr_ilZeZhgZbag_fh]Zyhl_]hgZlbkdZZl_ehkljZklghhl\_qZehgZ_]heZkdbk
jZ^hklvxhl^Z\ZykvgZfbehklvih[_^bl_ey
HgbjZkl\hjyebkv^jm]\^jm]_klZgh\ykv_^bgufp_eufijhjZklZeb\^jm]^jm]Zdh`mhl[b\Zykv\
^jm]^jm]Zimevk_\ie_lZykv\^jm]^jm]Z^uoZgb_
=heh\Zdjm`beZkvhl[eZ]h\hgbc\]eZaZohljZ`ZehkvieZfyk\_q_c\\bkdZoimevkbjh\Zei_j_a\hg
k\Z^_[guodhehdheh\k_j^pZklmqZeb\lZdl]jhfdhcijZa^gbqghcfmaud_a\mdbdhlhjhc
^hghkbebkvq_j_ahldjulu_hdgZZ\gmljb\kz\ahj\Zehkvlukyq_cahehluon_c_j\_jdh\]hjZa^h
[he__yjdboq_fl_qlh]jhohlZebk_cqZk\ghqghfg_[_gZ^^\hjphfKZfh\j_fyhklZgh\behkvgZ^
gbfbjZkdheh\rbkvgZfbjbZ^uf]gh\_gbc
BdZaZehkvih^\Zfh]mqbodjueZ\ahrebkhkibgubG_[_kZaZdexqbebbo\k\hbh[tylby
\r\r\r
Ih\_jblvg_fh]mqlhfu`_gZlufheh^hcobjmj]klhyemhldjulh]hhdgZhkeZ[b\]Zeklmdhg
\^uoZek\_`bc\_q_jgbc\ha^mobex[h\Zekya\za^Zfbbn_c_j\_jdhf
LZf\gbam\kZ^m_sz]hj_ebnZd_eug_mfhedZeZrmfgZyfmaudZbgZjh^gu_]meygby
��Zm`wlhlZdg_\_jhylghkh]eZkbeZkvkgbfZgbweeZkb^yaZlmZe_lgufklhebdhfhgZ
�kfu\ZeZfZdby`G_agZxj_rbebkv[ufugZwlhlrZ]_keb[ug_FZj]ZjblZb`hg
KfhljxgZl_[ybg_\_jxk\h_fmkqZklvxdZd[m^lhlhevdh\q_jZi_j\ucjZam\b^_el_[y
�meu[gmekyk\hbffukeyf`_dDZdfh]maZ[ulvl\hz]hem[h_ieZlv_bl\hb\hehku
jZa\_\Zxsb_kygZ\_ljm"
Lh]^Zlu\_jgmekybadhfZg^bjh\dbbaZklmdZegZkdh]^ZfukJblme_cijh]meb\ZebaZgylby\
iZjd_^_\mrdZjZa\_jgmeZkvdg_fmebphf
IhlhfluijhlygmeZfg_fhjh`_gh_bijhklhmeu[gmeZkvyih^mfZeqlhfg_g_^h\h^behkv_sz
\b^_lvklhevij_djZkghcmeu[dbk\_l_kbygbyk\hboahehluo\hehklu[ueZihoh`ZgZZg]_eZk
hke_ibl_evgufgbf[hfZ]eZaZl\hb[uebkbg__g_[_kbfhjkdbo]em[bgYihgyeqlh\kzijhiZe
fheh^hcobjmj]h[ehdhlbekyhklhebdbaZ]eygme\ykgu_]eZaZ^_\mrdbIj_djZkgZbk\_leZdZd
a\_a^Z
�:ihke_lh]hihfgbrvi_j_^Z\Zefg_aZibkhqdbq_j_aFZj]Zjblmijh^he`beZZgbweeZwlh
[uehlZdklZjhfh^ghblZdq_jlh\kdbljh]Zl_evgh;h`_lubk_cqZkg_\hafh`ghfbedh]^Z
djZkg__rvhlkfms_gby^_\mrdZijh\_eZjmdhcih_]hs_d_G_ihfh`_rvfg_kijZ\blvkyk
fhegb_cgZieZlv_hgZih^gyeZkvkhklmeZbih\_jgmeZkvdg_fmkibghc
�_\mrdZih\_jgmeZ]heh\mbijbevgmeZd_]h]m[Zf
$LVKLWHUX Yex[exl_[yyi\fijhr_ilZehgaZ^uoZykvhlba[uldZwfhpbc
Dh]^ZhgZgZqZeZjZkklz]b\Zlvim]h\bpugZ_]hjm[Zrd_hg\a^jh]gme
kz\ihjy^d_eZkdh\hr_igmeZ^_\mrdZym`_^Z\ghijb\udeZL_[_g_rhdbjh\Zlvf_gy
k\hbfbrjZfZfb
�YkZfk_[_aZ\b^mxAZqlhfg_lZdh_kqZklv_"`_dijhimklbef_`^miZevpZfbijy^v_z
ehdhgh\DZdfh]eZluihex[blvlZdh]hfhgkljZdZdy"
G_kf_c^Z`_^mfZlvlZdgZofmjbeZkvhgZG_aZklZ\eycf_gyih`Ze_lvhlhfqlhklZeZl\h_c
`_ghchgZkgyeZkg_]hjm[Zrdmbiheh`beZjmdb_fmgZ]jm^vijh\_^yiZevpZfbihrjZfZfgZ
_]hl_e_
IhjZ[um`_ba[Z\blvkyhlwlbo]emiuodhfie_dkh\ly`zeh_ieZlv_[_krmfghkdhevagmeh\gba
L\hb]m[ulZd[ebadhdZd\lhJh`^_kl\hdh]^Zyi_j\ucjZaihp_eh\Zel_[yyqm\kl\h\Zeqlh
�_kebyg_jZkkdZ`mhk\hboqm\kl\ZolhhgbjZahj\mlf_gybagmljb\ihe]hehkZijhbagzk`_d
LukdZaZeqlh[hbrvkykfhjhablv]emihklvZyhl\_lbeZqlhjbkdgmhl\_lblv_sz[hevr_c
]emihklvxbijbgylvl\hxex[h\v
H^ghcjmdhchgh[gye^_\mrdmaZlZebxbijb\ezddk_[_dZdfh`gh[eb`_lZdqlhhsmlbel_ieh
�_z^uoZgbyZ\lhjhc\ulZsberibevdmba_z\hehkbboahehlZy\hegZoeugmeZihkibg_Zgbweeu
WlZh]emrbl_evgZyfmaudZk\h^blf_gykmfZihfhjsbeZkvhgZ
��:f_gyk\h^brvkmfZlu`_dih^o\Zlbe_zgZjmdbbaZdjm`bewgbaZeb\bklhjZkkf_yeZkvZ
jZkibkghcihlhehdaZieykZejZaghp\_lgufohjh\h^hf
IhlhfhgihklZ\be^_\mrdmgZdh\zj
�ZgbweeZhlklmibeZdeh`mbaZimklbeZ\fheh^h]hobjmj]Zyjdh\urblhcih^mrdhc
Fm`qbgZihcfZeih^mrdmbeboh[jhkbe_zgZaZ^lZdqlh^_\mrdZ_e_mki_eZm\_jgmlvky
�IhdZhgZkh\_jrZeZmdehgbl_evgu_fZg_\ju`_dm`_hdZaZekyjy^hfkg_cijbk_\gZdjZc
djh\Zlb
AZ[Z\gh_keb[ufg_dlhgb[m^vjZgvr_kdZaZeqlhy`_gxkvgZ\a^hjghc[ehg^bgd_k
\hkoblbl_evgufb\_kgmrdZfbbfbeufdmjghkufghkhfy[ujZkkf_yekylhfm\ebphmeu[gmeky
�`_dih]eZ`b\Zy^_\mrdmihkibg_
:k_cqZk"hgZbkiulu\Zxs__ihkfhlj_eZ\_]hdZjb_]eZaZ
K_cqZkyg_ij_^klZ\eyxk\h_c`bagb[_awlhc^_\qhgdb]hjyqhijhr_ilZehg_cgZmoh
gZdju\Zy_zkh[hcK_cqZkyohqmex[blv_z
Blbobcklhg\uj\Zekybamkl^_\mrdb
KZfZex[h\vhljZabeZkv\_zjZkiZogmluo]eZaZoba\za^umklu^bebkvb[hk\_lbolmkdg_ehlk\_lZ
\ex[e_gguo]eZa
�\Zk_j^pZaZ[bebkv\mgbkhgb\_kvfbji_j_klZekms_kl\h\Zlvdjhf_gbo^\hbo
B^hjh`_kZfhc\_qghklbklZeZwlZghqvZg_[hklZehahehlufhl`Zjdbokeh\bg_`guol_e
\r\r\r
FZj]ZjblZhsmlbeZijbdhkgh\_gb_lzieuo]m[fm`Zd\bkdmihlhfihp_emyfbhgijheh`be^hjh]m
ihr__die_qZfdexqbp_L_ehbgklbgdlb\gh\u]gmehkvZjmdbkZfbhie_eb_]hr_x
Ex[exl_[y]m[ZfbhgZgZreZ_]h]m[u
Hgh[gye_zaZlZebxbijb\ezd[eb`_dk_[_
Ex[exih\lhjbeZFZj]ZjblZbmeu[gmeZkvkd\havkhgmfbjhl\hj_gghcmeu[dhckqZkleb\_cr_c
ba`_gsbg
\r\r\r
KjZkk\_lhf\dhjb^hjZoihkeurZekyrmf
�`hg\kdhqbekihkl_eb[eZ`_gguckhgdZdjmdhckgyehj_adbf^\b`_gb_fhggZdbgmekhjhqdm
wg_j]bqghgZlygme[jxdbbko\Zlbef_q
Qlhkemqbehkv"aZiZob\ZyoZeZlFZj]ZjblZihkfhlj_eZgZg_]hjZkrbj_ggufbhlkljZoZ
]eZaZfbQlhlZfijhbkoh^bl"
HklZ\Zcky\dhfgZl_Yihc^mihkfhljxqlhlZflZdh_b\_jgmkvhgko\Zlbe_zaZie_qb\_]h
\a]ey^_qblZehkvdjZcg__[_kihdhckl\hAZ^\_jvx[m^ml^\ZhojZggbdZG_\uoh^bbadhfgZlu
keurbrvf_gy"Keurbrv"Yg_ijhsmk_[__kebklh[hcqlhgb[m^vkemqblky
I_j_im]ZggZy^_\mrdZlhevdhaZdb\ZeZ
HgZhklZeZkvf_jblvrZ]ZfbdhfgZlmg_j\ghl_j_[y\jmdZoihykoZeZlZ
^jm]qvylheZ^hgve_]eZ_cgZjhlZmk\h_]h]hjeZFZj]ZjblZhsmlbeZoheh^klZevgh]hhkljby
HgZfuke_ggh\ujm]ZeZk_[yaZlhqlhg_mki_eZaZdjulv[Zedhg
Kihdhcgh^_\hqdZ\hlm`q_c]hehkhgZg_h`b^ZeZmkeurZlvlZdwlh]hehkJZnZweyG_
^zj]Zckybym[vxl_[y[ukljhb[_a[hebWlhlZd`_e_]dhdZdjZaj_aZlvfy]dh_fZkehlugbq_]h
g_ihqm\kl\m_rvh[_sZxLhevdhbkdexqbl_evghbam\Z`_gbydl_[_LuhdZaZeZkvg_\lhff_kl_
bg_\lh\j_fy^_ldZijhklbhl_]hkeh\bbglhgZpbbkdhlhjhchgb[uebijhbag_k_gu
klZgh\behkvg_ihk_[_Z\gmljb\kzk`Zehkv:]^_`_fhcex[_aguc[jZl_p"DZdhc`_wlh
ki_dlZdev[_aajbl_ey"DZd`_wlhhg[jhkbeh[h`Z_fmx`_gmrdm\[jZqgmxghqv"hg[hevgh
^zjgme_zaZ\hehku=^_hg"Hl\_qZc
�FZj]ZjblZhlqZygghaZfhlZeZ]heh\hcklZjZykvg_ihdZau\Zlvkeza_\mrdZg_j\ghk]ehlgmeZ
mfbjZlv_ckh\k_fg_ohl_ehkvHgZ\kz_sz^jh`ZeZhlm`ZkZg_^hdhgpZhkhagZ\Zykemqb\rmxky
kblmZpbxGZsmiZ\jmdhcdh\Zgucih^k\_qgbdFZj]ZjblZkm^hjh`ghiulZeZkvkhh[jZablvdZd_c
hklZlvky\`b\uou[hj[ueg_\_ebdAZdb\Z\\agZdh[_sZgbylh]hqlh[m^_l\_klbk_[ylboh
]eZaZfbhgZihiulZeZkvm^_j`Zlv\a]ey^JZnZweybkh\k_ckbeugZdhlhjmx[ueZkihkh[gZ
m^ZjbeZ_]hih]heh\_ih^k\_qgbdhfO\ZldZhkeZ[eZhjm`b_kha\hghfmiZehb^_\mrdZ\lm`_
k_dmg^mhlkdhqbeZdZdfh`gh^Zevr_gZiZ^Z\rbce_`ZegZihemih_]h\hehkZfkl_dZeZdjh\v
IZ^ZyhgaZp_ibeklhcdmknZd_ehf^ebggu_rlhju\iheiheuogmebfhf_glZevgh
�_\mrdZihiylbeZkvd^\_jbqmlvg_kihldgm\rbkvh\Zey\rmxkyih^mrdmLhevdhk_cqZkmg_z
hiylvijhj_aZeky]hehkbhgZ]jhfdhiha\ZeZgZihfhsv
Ihfh]bl_`_Dlhgb[m^vgZihfhsvbah\k_okbeaZdjbqZeZFZj]ZjblZIh`Zj
HojZggbdbg_aZklZ\bebk_[y^he]h`^Zlvb[ukljhihy\bebkvgZihjh]_
IeZfyih^[bjZehkvdihlhedmbm`_\kiuogmeZihkl_ev
�LZdh^bgah\zlgZihfhsv\k_odh]hlhevdhkfh`_lgZ^haZ]Zkblvh]hgvGZc^bl_oZjfZjZ^`m
jZkihjy^beZkv^_\mrdZdZdlhevdhdg_ckgh\Z\_jgmehkvkZfhh[eZ^Zgb_FZj]ZjblZ[jhkbeZkvd
JZnZwexbah\k_okbeiulZykvgZsmiZlvimevkhq_gvkeZ[uc_e_meh\bfucb\kz_sz^jh`Z
[_kkbevghhimklbeZkvgZdhe_gbagZqbl`b\hclhevdh[_akhagZgby_c^\Z`^uih\_aehbhgZ
\klZgmllhjhcihfh]Z_lfg_\ug_klbijbgpZbadhfgZlukdhfZg^h\ZeZhgZ
KljZ`gbdjZkl_jygghihkfhlj_egZ[_kkhagZl_evgh_l_eh
�Gmq_]h\klZeJblZh[jZlbeZkvdkljZ`mbebfg_lZsblv_]hgZk_[_"Zihfh]b`_
ijbdjbdgmeZhgZ\b^y_]haZf_rZl_evkl\hHg`b\lhevdh[_akhagZgbyGbdlhg_aZkem`b\Z_l
kljZrghckf_jlb[ulvkh``_ggufaZ`b\hZfha]ebohjZ^hqghiulZekygZclbh[tykg_gb_lZdhfm
ih\_^_gbx[jZlZfm`Zqlh`_gZrehgZg_]hqlhhgih\zek_[ylZdbfh[jZahf"
IjbihfhsbhojZggbdZ_c\kz`_m^Zehkv\ulZsblvJZnZweybah[tylhcieZf_g_fdhfgZlu
Ihq_fm"Ihq_fmlukiZkeZf_gy"kljm^hf\hjhqZyyaudhffeZ^rbcijbgph[jZlbekyd
FZj]Zjbl_
G_h[hevsZcky]g_\gh[jhkbeZ^_\mrdZyk^_eZeZwlhg_jZ^bl_[y
IjZ\^Z"mihjkl\h\ZehgJZ^bg_]h"
Gbdhfmg_ih`_eZxk]hj_lv`b\vzflbohijhbag_keZhgZbkljZggh_^_eh_cgZf]gh\_gb_
ihdZaZehkvqlh]eZaZJZnZweygZihegbebkv\eZ]hc
F_gy\kzjZ\ghkdhj__\k_]hdZagylfjZqghdhgklZlbjh\Zehg
AZfheqbFZj]ZjblZaZe_ibeZ_fm_szh^gmihs_qbgmm`_\lhjmxaZihke_^gb_kmldbDZ`^Zy
`bagv[_kp_ggZ
�Z`_fhy"\_]h]hehk_b\_]h\ahj_[uehbkdj_gg_m^b\e_gb_b^Z`_g_dhlhjh_\hkobs_gb_
LulZdm\_j_gZ"Lu^Z`_g_agZ_rvf_gy
YmagZeZl\hxk_fvxwlh]hfg_^hklZlhqghqlh[uihgylvdZdbflufh`_rv[ulvfy]dh
meu[gmeZkvhgZH;h`_ih`Zj`_\h\j_fykiho\ZlbeZkv^_\mrdZhgZgZijhlb\iueZxs_c
dhfgZlubjZkdbgmeZjmdb
Kheg_qgZyOjZgbl_evgbpZ`_eZ_lmdjhlblvwlhlh]hgvih\lhjyeZhgZbl_eh_zih]ehsZeh`Zj
ih^gZihjhfh]gyhgZihkl_i_gghhk_eZgZdhe_gbihdZieZfyiheghklvxg_ih]Zkeh
�Ihdhjb^hjmm`_[_`Zeb`hgbKZfZwevkhljy^hfkljZ`gbdh\
�=hkih^bFZj]hklh[hc\kz\ihjy^d_"`hgh[gyeFZj]Zjblm
�_\mrdZqZklhaZdb\ZeZ]heh\hcb^ZeZ\hexke_aZfmldgm\rbkv\]jm^vfm`Z
@Zgqlha^_kvijhbkoh^bl"ijh^he`ZeZ\koebiu\ZlvFZj]ZjblZY[hxkvYlZd[hxkv@Zg
hgZoexiZeZghkhfdZdj_[zghd
Hgl_[_qlhgb[m^vk^_eZe"lj_[h\Zl_evghkijhkbehg
G_lhgg_mki_egbq_]hk^_eZlvmk_j^ghaZfhlZeZ]heh\hcFZj]ZjblZKdhj__m`wlhy_fm
qmlv^ujm\q_j_i_ih^k\_qgbdhfg_k^_eZeZHgiulZekym[blvf_gy]hehkFZj]Zjblukhj\ZekygZ
djbdLuwlhihgbfZ_rv"JZklhedmc`_fg_qlhfh`_lwlhhagZqZlv"Fh`_ly]emiZylZd
\jZamfbfublmlg_\[_ahiZkghklb"
�Ylj_[mxh[tykg_gbcQlhwlhhagZqZ_lJZn"IhdZdhfmijZ\m"`hgko\Zlbe[jZlZaZ\hjhl
jm[ZrdbGZah\bfg_ohlvh^gmijbqbgmihdhlhjhcyg_fh]mm[blvl_[yijyfha^_kvbijyfh
k_cqZkhghlr\ujgme_]hkeh\ghdhl_gdZ\uo\Zlbef_qmKwfZb[jhkbe_]hJZnZwexklZ\Zc
`_kldhih\_e_ehgIh^gy\jmdmgZfhxk_fvxlubkq_jiZeebfblfh_]hl_ji_gbyyg_Ojbklhk
\k_ijhsZxsbc?keb\l_[_hklZeZkvohlvdZieyq_klblhbf_cfm`_kl\hg_klbhl\_laZk\hb
ihklmidbLu`_lZdf_qlZeh[wlhfhlhgy^Z\Zcj_rbf\kzjZabgZ\k_]^Zb[hevr_gbdlhg_
ihkljZ^Z_l
badZf_ggh]hiheZbfjZfhjguodhehggijhlb\hklhygb_jZaghkb\r__kyf_lZeebq_kdbfa\hghfih
dhjb^hjmB\hlm`_e_a\byij_\jZlbebkv\ieyrms__ieZfyj_`ms__bhiZeb\Zxs__iehlv
�Dhjbqg_\ucdZfaheJZnZweyh[Z]jbekydjh\vxgZimjimjguo`_h^_`^Zo`hgZ_zljm^gh[ueh
aZf_lblv_]hdebghdi_e\kz[he__klj_fbl_evgmxf_eh^bx^Z\Zy\uoh^\k_fmg_]h^h\Zgbxb
hllhq_gghfmbkdmkkl\mfZkl_jh\f_qZfgh]bowiho\ugm`^Zyijhlb\gbdZmoh^blv\ijZdlbq_kdb
]emomxaZsblmbf_^e_gghhlklmiZlv
Ij_djZlbl_k_cqZk`_\iZgbd_aZdjbqZeZFZj]ZjblZKZfZwevohlvluhklZgh\bwlh[_amfb_
hgZklZeZg_j\ghl_j_[blvfm`qbgmaZjmdZ\Hgb`_m[vxl^jm]^jm]Z
;jZlmfheyxhklZgh\bkvb\aZf_rZl_evkl\_aZf_jeb\k_\dexqZybkZfbokjZ`Z\rbokywlhl
]jhfdbc\ha]eZkijbgZ^e_`Zeij_`^_lbohcbg_ijbf_lghcYfbihqvbfs_dZfk_cqZkl_deb
kezau
KZfZwevlbohgvdhijbk\bklgmeghk_cqZkgZg_]hg_h[jZlbeb\gbfZgby
QlhgZl_[ygZreh"LugZklhevdhg_gZ\b^brvf_gyqlh]hlh\mgbqlh`blv\kzqlhfg_^hjh]h
�^Z`_p_ghck\h_c`bagb"`hgko\Zlbe[jZlZaZie_qbIhq_fm"Ihq_fmJZnZwev"Ihq_fm"
Yjbkdgmebijhb]jZemijyfhijhfhe\beJZnZwevhl\_jgm\ebphg_\khklhygbbihkfhlj_lv\
�]eZaZ`hgZ
AZq_fluwlhk^_eZe"AZq_f"gZkl_qzlh^gZdjh\vg_m`_ebfug_kfh]eb[u^h]h\hjblvky"Gh
�luihkqblZek_[y\ur_^jm]bokZfk_[y\hagzk\]hj^ug_k\h_c^Zg_kfh]m^_j`Zlv`hg
jZa\_jgme[jZlZebphfdk_[_Hl\_lvfg_dZd^Ze_dhlu]hlh\[ueaZclb"Lum[ue[ubhlpZ"
GZkqzlk_[yybg_khfg_\Zxkv
Wlhbaf_gZfZe_gvdZy]hkih`ZihdZqZe]heh\hcKZfZwev
FZj]ZjblZklZeZf_^e_gghhk_^Zlvihkl_g_aZdju\ebphjmdZfb
���FZfZiZiZ:^_evJhab^_\mrdZj_adh\kdhqbeZwgb`_d`Zkkb?\ZWee_g:ebr_j
hgZih^gyeZ]heh\mblj_[h\Zl_evghihkfhlj_eZgZfm`qbgmQlhkgbfb"
Kgbfb\kz\ihjy^d_fZe_gvdZy]hkih`Zihki_rbemkihdhblv_zKZfZwevgZrbex^bmki_eb
\h\j_fykj_Z]bjh\Zlv
�M\_^bl__]h\ihdhbijbdZaZekljZ`gbdZf`hgHg[m^_lih^^hfZrgbfZj_klhfihdZfug_
j_rbfdZdkgbfihklmiblv
u`__]hg_ih[e_^g_\Yfbmo\ZlbeZkvaZie_qhKZfZweyHgg_ohl_eYagZx
\r\r\r
E_]dhdheuogmebkv[Zedhggu_aZgZ\_kdbZaZgbfbf_evdgmebl_gb
�`_dhldjue]eZaZbklZjZykvdZdfh`gh[_krmfg__gZsmiZe\q_fh^Zg_ih^djh\ZlvxkdZevi_ev
j_adh\kdhqbekihkl_ebh^gh\j_f_gghf_lgm\_]h\hdghGZdbgm\oZeZlbjZklhedZ\kiysmx
�Zgbweemhgk^_eZe_cagZdfheqZlvijbeh`b\iZe_pd]m[ZfijhlygmeghqgmxkhjhqdmbaZjmdm
\u\_ebadhfgZlu
R_ihlhfkhh[sb\kljZ`gbdZfqlhg_ihf_rZeh[uh[ukdZlvdhfgZlmbkZ^\hdjm]x`gh]hdjueZ
�^\hjpZhgbih[_`Zebihdhjb^hjZf\dhfgZlu_j_dZbDZfbeeuRZjeybZe_glbguJhabb
�:^_eb`hgZbFZj]Zjblubijhqbo^jma_c
lh`_\j_fy\dhfgZl_Ibl_jZb?\uihkeurZebkvrhjhobb\^hevkl_gukdhevagmekljZgguc
kbemwl
ihlhedhf
L_gbbkq_aeblZd`_[_krmfghdZdbihy\bebkv
?\ZijbreZ\k_[ybihkfhlj_eZgZIblZrbjhdhjZkdjulufb]eZaZfbdj_iq_h[o\Zlb\_]haZr_x
Ibl_je_]dhhimklbekygZihe
)HWRE\R" Qlhwlh[ueh"ihe\flbohkijhkbeZ?\Z
G_agZxghgm`ghij_^mij_^blvkljZ`mbgZclbhklZevguolZd`_lbohhl\_lbeIbl_j
hkfhlj_\rbkvihklhjhgZf
LbohWlv_gijbeh`beiZe_pd]m[Zfk_kljufg_wlh\kzg_gjZ\blky
Bkgh\Z_e_meh\bfuca\mde_lys_]hdbg`ZeZblbrbgZEbrvk\_lemguijh[b\Zxsbckykd\hav
dheurmsb_kyaZgZ\_kb
Dh]^ZWee_gbWlv_g\ue_aebbaih^djh\Zlbbm\b^_eb\hldgmluc\ih^mrdmdbg`Zelh^_\mrdZ
_e_k^_j`ZeZdjbd
BeexabygZr_]hijbkmlkl\bygZdjh\ZlyokiZkeZgZf`bagviZj_gv[uey\ghjZ^lhfmqlh_]h
b^_ykjZ[hlZeZg_ajy_fmihdZaZekyih^hajbl_evgufwlhlg_ihgylgucrmf:k_cqZkgm`gh
kjhqghgZclbj_[ylWee_gkh]eZkghdb\gmeZ

&#xhf;&#xgZ;&#xl_;�
&#xhf;&#xgZ;&#xl_;�dhfgZl_`ZklbgubwgZlh`_g_[uehkihdhcghiZj_gvhl[bee_lysbcgh`wg_j]_lbq_kdbf
sblhfhgko\Zlbe^_\mrdmaZjmdmbhgb\u[_`ZebbadhfgZluqmlvg_k[b\kgh]^_`mjb\rbom
^\_jbkljZ`_c
kdhj_m`_i_j_ihehrbeky\_kv^\hj_pDZjZmevgu_ih[_`Zebhih\_klblvdgyay
\r\r\r
IZiZIZiZfZe_gvdbc:eb[jhkbekygZr_xhlpmZaZgbfih]Ze_j__m`_f_^e_gghrzedgyav
�ih^jmdbkfZl_jvx`hgZbDZebIZiZlZf[uebiehob_ex^bYohl_eaZklmiblvkyaZfZfmghl_
ex^bbkq_aeblZd`_kljZgghdZdbihy\bebkvZihlhfijbr_e^_^mrdZijh^he`ZejZkkdZau\Zlv
fZevqbdDh]^Z\ujZklmy[m^mfZfbgufaZsblgbdhfbl\hbfb^_^mrdbk[Z[mrdhcb^y^b
KZfZweybFZj]hbJhaZebg^ub:^_evdb
Dhg_qgh^hjh]hclu[m^_rvkZfufkbevgufkZfufhl\Z`gufbkZfufkijZ\_^eb\ufjupZj_f
�khke_aZfbgZ]eZaZo`hgdj_iq_ijb`Zedk_[_kugZ
KZfZwevh[_kihdh_gghihkfhlj_egZDZeblZdb\gmeZ\hl\_lmeu[gm\rbkv
AZf_gyg_i_j_`b\Zc_kebqlhmf_gybkZfhcjmdZly`_eZijhr_ilZeZhgZh[gbfZy_]h
IjZ\bl_ev`_klhfih\_e_edhg\hbjZfhklZgh\blvkybih^hr_edfeZ^r_fmkugm
=^_]^_`_yg_^h]ey^_eqlhfhcjh^ghckug^hr_e^hlZdh]h"Luiehlvfhybdjh\vm\u
hlph\kdZyex[h\vdgyav^jh`Zs_cjmdhcm[jZeke_ambam]hedZ]eZaZHl_p\hl\_l_aZ^blyQlh
�fh`_lk^_eZlv^eyl_[yjh^ghchl_p"G_^mfZeyqlh^h`b\m^hlZdh]h[_kq_klbyZ`_m
jZa[hcgbdZbmlh]hhdZaZehkv[hevr_[eZ]hjh^kl\ZbaaZ_]hkibgu\ur_eGZ^bj
Yi_j_^mfZefheh^hc]hkih^bgkihdhcghaZf_lbeZlZfZgFg_bijZ\^Zg_hlfulvm`_k\hbo
jmdhldjh\bghym[b\Zelhevdh\q_klguoih_^bgdZobg_ih^gbfZehjm`b_gZ`_gsbgb^_l_cLu
g_ij_^mij_^beqlhhgb\k_]hebrvih^jhkldbdlhfm`_h[eZ^Zxsb_lZcgufbkbeZfbHgblZd
ljh]Zl_evghb^hklhcghaZsbsZeb^jm]^jm]ZYhlha\Zek\hboex^_cbij_^mij_^bedgyayImklv
gZkih\_kylghgZfg_bfhboex^yog_[m^_l]j_oZ^_lhm[bckl\Z
JZnZwevhimklbe]heh\m
k_j^pZhi_j_\rbkvhie_qhk\h_cex[bfhcKhgb@]mqZy[hevhi_deZ_]h]jm^vk^Z\eb\Zyb
aZljm^gyy^uoZgb_dhg_qghklbg_f_eb
Wlhg_ijZ\^Z]jhfdh\hajZabeZFZj]ZjblZM\Zkij_djZkguckugbaZf_qZl_evgZy^hqv:
JZnZwevdZdgbdh]^Zgm`^Z_lkyk_cqZk\\Zr_cex[\bbaZ[hl_
Y[uekebrdhfaZgylbkebrdhffZeh\j_f_gbm^_eyek_fv_Yhiha^ZegZfgh]he_lkeZ[uf
]hehkhfijhr_ilZeZc\Zk\ZlDZd`Zevqlhyg_mki_xgbq_]hbkijZ\blvkljm^hf\u]h\hjbe
hg
Kbj[m^vl_fbehklb\ukdehgbeZkvi_j_^gbfFZj]ZjblZaZf_lb\[e_^gmxdZdihehlghYfb
bafh`^_gghijbkehgb\rmxkyddhehgg_Yijhrmfbehk_j^by^eyJZnZweyhg\kzlZdb\Zrkug
M\_j_gZqlhhghkhagZek\hxg_ijZ\hlmbbkdj_gg_jZkdZb\Z_lkyB^eyGZ^bjZb_]hex^_chgb
fh]ebm[blvfhbo[ebadbob^jma_cghkh\_klvg_^ZeZbfwlh]hk^_eZlvZagZqbl\gbo_sz_klv
^h[jhIjhy\bl_`_pZjkdh_\_ebdh^mrb_
Yg_fh]mhldZaZlvdh]^ZijhkbllZdZy`_gsbgZihiulZekymeu[gmlvkyZc\Zk\Zl
Ihq_fm"ihlmorbf]hehkhfijhbagzkJZnZwevAZq_fl_[_wlh"H^bgk_]^Zh^bgyjhklgh
aZdjbqZehgbaZdjueebpheZ^hgyfbk_]^Zh^bg
�Lug_h^bg`hgijhlygme[jZlmjmdmk_ex^bbkiulu\Zxli_qZevb[hevIhjhc[u\Z_llZd
�h^bghdhqlh^Z`_ohq_lkybkq_agmlvZ`_\wlhfkemqZ_gm`gh\k_\u^_j`Zlvb`blv^Zevr_Lu
^he`_gihfgblvqlhex^b^_eylky^jm]k^jm]hfk\hbfl_iehfkihfgbwlhkihfgbdZdfu
\f_kl_\hjh\Zeby[ehdb\kZ^mZlumiZek\_ldbbjZa[bedhe_ghfukk_kljhcdZ`^uc^_gv
gZ\_sZebl_[yDZdyjZa[be\ZamZlu\aye\bgmgZk_[ykdZaZeqlhlu_szfZe_gvdbcbl_[y\kz
jZ\ghijhklylDZdfu\^\hzfaZsbsZeb^jm]^jm]Zhl]hjh^kdbofZevqbr_ddh]^ZlZcdhfm[_]Zeb
b]jZlv\]hjh^DZdluieZdZedh]^Zym_a`ZegZmq_[mhldZdh]h[jZlZyihfgx
Ih^hc^bJZnZwevih^ha\Ze_]hdgyavYohqmqlh[uijhq_ewlhhg^hklZebadZjfZgZdZfaheZ
ebklhd[mfZ]bYojZgxwlhkh^gykf_jlbl\h_cfZl_jbwlmaZibkdmygZr_emg_zih^ih^mrdhc
�jh`ZsbfbjmdZfbfeZ^rbcijbgpjZkdjueebklbgZqZeqblZlv
haex[e_ggucfm`fhc
?kebluqblZ_rvwlhibkvfhlhf_gym`_g_lgZwlhfk\_l_
JZd\k_]hljb[md\ublZdfgh]h[hebb]hjyGhg_i_j_`b\Zcfg_m`_[hevr_g_[m^_l[hevgh
YgZdhg_pkfh]mh[j_klbihdhc@Ze_xebrvhlhfqlhlZdfZeh[ueZklh[hcbkgZrbfkughf
Hg_szlZdfZebfg_[_kdhg_qgh[hevghihdb^Zlv_]hIjhrm[m^vdg_fm^h[jufbl_ji_eb\uf
hgmgZklZdhcba[Zeh\Zggucj_[zghd
Bih`ZemcklZg_hklZ\Zckyh^bghdbfYagZxhl\h_cex[\bdKhgbhgZ^h[jZy`_gsbgZbm\Zk
^\h_qm^guoj_[ylbr_dijhklbylZcdhfih^kfhlj_eZaZgbfb\k_]hlhevdhjZaImklvwlZ
`_gsbgZml_rbll\hx^mrmbl\hzl_ehimklvklZg_lfZl_jvxgZr_fmfZevqbdmHgZ^Zkl\Zf\kz
lhqlhg_mki_eZ^Zlvy
G_]jmklb`_bijh^he`Zc`blv^Zevr_jZ^bk\hbo^_l_cZykg_[_k[eZ]hkeh\eyxl_[y
Ihp_emcaZf_gyJZnZwey
;m^v`_kqZkleb\^hjh]hcZy[m^mex[blvl_[y\_qgh
Ex[ysZy`_gZl\hy:kby
;mfZ]ZmiZeZgZiheZJZnZwevihkfhlj_egZhlpZ]eZaZfbihegufbkeza
Fhy`bagvm`_gbq_]hg_klhbly]hlh\ijbgylvex[h_gZdZaZgb_hgi_j_\ze\a]ey^gZFZj]Zjblm
Yg_`Ze_xebrvh[h^ghfqlhg_ijhebek_]h^gyl\h_cdjh\b^blyihlhfhgh[jZlbekyd
�`hgm;_j_]b_z[jZlL\hy`_gZgZklhys__khdjh\bs_
hlbkeZ\ghZc\Zk\Zlijh\zejmdhcih\hehkZfJZnZwey;em^guckug\_jgmekybgZ^_xkv
hklZg_lkykgZfbG_l_jyc\_ju\k_[yb\k\hbo[ebadbo\^jm]ebphdgyaykgh\ZbkdZabehkvhl
[heb
&#xjZ;&#xqZ;&#x;&#xkd;&#xhj;&#x__;&#x;&#x;&#xdj;½&#xgm;�Hl_pqlhklh[hc"[jhkbebkvdg_fmkugh\vyb^hqvjZqZkdhj__djbdgme`hg
kljZ`gbdZf
�KuggZ^_xkvqlhluhdZ`_rvkyfm^j__f_gydgyav\ayejmdm`hgZH[_sZc[ulv
kqZkleb\ufIjhklbf_gyqlhlZdfZeh[ueklh[hcihlhfhgh[jZlbekydFZj]Zjbl_Blu
ijhklbf_gy^blykgZqZeZyij_^klZ\eyel_[yhq_j_^ghcimklurdhcij_evklb\r_ckylblmehfb
[h]Zlkl\hfgbdh]^Z_sz\k\h_c`bagbylZdg_hrb[ZekyLubklbggucZg]_eojZgbl_ev^ey
�fh_]h`hgZIjhrmihaZ[hlvkyhgzfihke_f_gyYg_m\b`m\Zrbo^_l_cihwlhfmaZjZg__
[eZ]hkeh\eyxboB[eZ]h^ZjxaZh[hbofhbokugh\_cZc\Zk\Zlkh_^bgbegZk\h_c]jm^bjmdb
�kugh\_c`hgJZnZwevihdeygbl_kvqlhgbdh]^Z[hevr_g_ihc^zl_^jm]ijhlb\^jm]Z
Ihdeygbl_kvqlhgbdh]^Zg_aZ[m^_l_qvb\ukugh\vyg_aZ[m^_l_qlh\u[jZlvybaihke_^gbo
kbehgdj_iq_k`ZebojmdbIhdeygbl_kvfg_dZdk\h_fmijZ\bl_exbdZdk\h_fmhlpmKbezgg_
lhldlhkihkh[_gm[blvZlhldlhkihkh[_gihgylvbijhklblv_]hjmdZ[_kkbevghmiZeZ
�Ijhimklbl_f_gy`_d\f_kl_kj_[ylZfbiulZebkvijh[blvkykd\havkh[jZ\rboky\dhjb^hjZo
ex^_cIjhimklbl_`_q_jl\havfby\jZqkljm^hfijhlZedb\Zykvf_`^mex^vfbhg
ijb[ebabekyde_`Zs_fmgZdhe_gyoKhgbZc\Zk\ZlmbhlqZygghiulZekyj_Zgbfbjh\Zlv_]h
g_ijyfuffZkkZ`_fk_j^pZbbkdmkkl\_gguf^uoZgb_f
��FZfhqdZiZihqdZZg_qdZjmavyFZj]ZjblZh[gbfZeZbp_eh\ZeZjh^bl_e_cb[ebadbo
keh\ghg_\b^_eZbo^hwlh]hihf_gvr_cf_j_e_lklhKeZ\Z[h]mk\Zfb\kz\ihjy^d_
��Hgfzjl\`hgih\_jgmekyd^jm]m`_d_]hebph[ueh[e_^gufZ\hehku\afhdebhlihlZ
Fg_hq_gv`ZevIjbfbfhbkh[he_agh\ZgbyhgaZdjue]eZaZihdhcgbdZ
Ih\bkeZa\_gysZylbrbgZijbkmlkl\mxsb_g_\khklhygbb[ueb\lZdh_ih\_jblv
�G_l]m[u`hgZaZ^jh`ZebhgaZijhdbgme]heh\mbaZdjue]eZaZghij_^Zl_evkdb_kezau\kz
jZ\ghihl_debihs_dZfQlhfg_l_i_jv^_eZlvhl_p"Dlhfg_ih^kdZ`_l"
KhljykZ_fZyju^ZgbyfbKhgbjmogmeZgZl_ehex[bfh]hfm`qbgup_emy_]h\ihke_^gbcjZaYfb
ihl_jyeZkhagZgb_bKZfZwev\h\j_fymki_\ih^o\Zlblvhlgzk^_\mrdm\_zdhfgZlm
DZebjZa\_jgmeZkugZebphfdk_[_bdj_iq_h[gyeZ
JZnZwevkhkdhevagmeihdhehgg_gZiheh[o\Zlb\dhe_gbjmdZfb\kz_]hl_ehkhljykZeZ^jh`v
�`hg\^jm]j\Zgmeihdhjb^hjmijhqvjZklZedb\Zyex^_cb\u[b\Zy^\_jbihdZg_^h[_`Ze^h
p_gljZevgh]hnhglZgZ\kZ^mbmiZ\gZdhe_gbaZq_jigme\h^ubag_]hbmfueebphHgaZ^uoZeky
ihwlhfmjZkkl_]gmedZfaheghe_]q_\kzjZ\ghg_klZeh[hevg_moh^beZHgih^gye]eZaZdg_[mb
gZ_]hfhdjhfebp_m`_g_jZah[jZlv[ueh]^_\h^ZZ]^_kezau:gh\uc^_gvg_mfhebfhaZ]hjZeky
gh\ufZeuf\hkoh^hfGh\uc^_gv\dhlhjhfm`_g_l_]hhlpZ
�FZj]ZjblZ\u[_`ZeZ\ke_^aZ`hghfbm\b^_eZ_]hkb^ysbfmnhglZgZHgZihlbohgvdmih^hreZ
dg_fmhgih\_jgme]heh\m\_zklhjhgmbh[gyeklZdhckbehcqlh^_\mrdZbkim]ZeZkvqlh_z
Ihc^zfijhrmLugm`_gk\h_cfZl_jblbohijhbag_keZFZj]ZjblZ[_jyfm`Zih^jmdmbm[jZ\
fhdju_\hehkuk_]hebpZ
HgfheqZdb\gmebhgbihki_rbeb\_jgmlvkygZaZ^\h^\hj_p
Fg_ijZ\^Zhq_gv`Zev?keb[u\wlhckmfZlho_ymki_e[ujZgvr_lh\hafh`ghykfh][u_sz
_]hkiZklbfheh^hcobjmj]kljm^hfaZklZ\bek_[y\a]eygmlv\]eZaZ^jm]m
Y\kzihgbfZxg_dZagbk_[ybgZq_yg_kfh]mwlh]h\u^_j`Zlv]hehk_]h[ueojbieufb
keh\ghqm`bfj_qv_]h[ueZf_^e_gghcdZ`^h_keh\h^Z\Zehkvk[hevrbfljm^hf\a]ey^ly`_eh
[uehknhdmkbjh\Zlv
Gmihq_fmihq_fmhgg_kemrZef_gykdhevdhjZay]h\hjbeZ_fmqlh[uhgk_jvzag__hlghkbeky
dk\h_fma^hjh\vxg_l`_hg\k_]^ZjZ[hlZegZbaghkbkqblZewlhg_iha\hebl_evghcjhkdhrvx
ijh^he`ZeZgZ\aju^ijbqblZlvKhgbHgklZjZeky[ulvhlphfk\h_fmgZjh^mghlZdfZeh[ue
hlphf^eyk\h_ck_fvbDZd`_wlhg_kijZ\_^eb\h
�`hggZkbemhlhj\Ze_zhlgZdjulh]hkZ\Zghf[_a^uoZggh]hl_eZhlpZ
FZlmrdZZfgm`ghhl^hogmlvhgijbeh`bejmdmdhe[m`_gsbgublZaZdju\]eZaZihdhjgh
h[fydeZ\_]hjmdZo
�Luqlhk^_eZe"g_gZrmldmi_j_im]Zeky`_d
�HgZijhklhkiblgZk_]h^gykg_zo\Zlbll_jaZgbcb[hebhojbirbf]hehkhfhl\_lbe`hg
Ihfh]bfg_hlg_klb_z\dhfgZlm
Hgb\f_kl_i_j_g_kebKhgbgZihkl_ev\_zihdhyo
�JblgmdZdhg"mqZkleb\hihbgl_j_kh\ZeZkvih^hr_^rZyZgbweeZ
:ludZd^mfZ_rv"FZj]ZjblZihkfhlj_eZgZih^jm]mmklZeuf\a]ey^hfaZwlmghqvhgZlhqgh
ihklZj_eZe_lgZiylv
Bqlhwlh\hh[s_[ueh"aeZlh\eZkZy\hijhrZxs_ihkfhlj_eZgZih^jm]mFu\b^_ebebrv
�l_gbbkbemwlug_\hafh`gh[uehgbq_]hjZah[jZlvijh^he`ZeZZgbweeZqm\kl\my
g_h[oh^bfhklv\u]h\hjblvky
fhzfkemqZ_[uehbgZq_y\b^_eZ_]hebphb\jy^ebkfh]maZ[ulvdh]^Zgb[m^v\kz_sz
^jh`Zsbfhlihljyk_gby]hehkhfijhbag_keZFZj]hWlh\kzdZdZylhqm^h\bsgZyhrb[dZY\_jx
qlh\dZ`^hf_klv^h[jhhgbg_\_^Zebqlhl\hjbebIhkfhljbl_gZJZnZweyg_kqZklguchgm`_
gZdZaZglZdqlhg_^Zc;h]dhfmgb[m^vi_j_`blvlZdh_^_\mrdZi_j_\_eZ\a]ey^kg_ih^\b`gh
kb^_\r_]hmdhehgguiZjgygZZlZfZgZ:GZ^bjimklvbk\h_h[jZagh_ghmg_]hijbkmlkl\m_l
ihgylb_hq_klbb[eZ]hjh^kl\_
=hkih^bZlu[uihsZ^beZbo_keb[uihky]Zl_evkl\Zm^Zebkv"KdZ`blublh]^Z[uijhklbeZ"
lj_[h\Zl_evghihkfhlj_eZgZg_zk\hbfb]hem[ufb]eZaZfbih^jm]ZGmdZd`_fh`gh[ulv
gZklhevdhgZb\ghc"\_zkeh\ZokeurZebkvghldbmij_dZLubkZfh]h^vy\heZhijZ\^ZeZ[u"
G_agZxg_agZxaZfhlZeZ]heh\hcFZj]ZjblZYijhklh\_jxhgZkfhlj_eZgZkh[_k_^gbpm
klZdhcg_ihdhe_[bfhcm[_`^zgghklvx_]h\a]ey^_[uehklhevdh[hebh^bghq_kl\ZbhlqZygby
qlhygZ\_jgh_[hyeZkv[hevr_aZg_]hq_faZk_[y
�DZdlufh`_rv]h\hjblvh[hijZ\^Zgbblh]hdhfmg_l[hevr_\_ju"ZgbweeZkljm^hf
ihgbfZeZbg_hq_gvjZa^_eyeZlZdmxl\zj^hklvm[_`^_gbcih^jm]b
�Z`__kebhgbkZfbm`_gb\hqlhg_\_jyly\kzjZ\gh[m^mijh^he`Zlv\_jblvmijyfh
�Gm\kzklh[hc[_kihe_aghkihjblvk^ZeZkvZgbweeZL_[_[u^Z\ijhih\_^gbdb
JblmeyZZih^[_`Z\rZy:^_ebgZh[o\ZlbeZ^_\mrdmaZdhe_gbLZf[uehklhevdhkljZrguo
ex^_c
kzm`_ohjhrhfZeurdZ^_\mrdZ\ayeZj_[zgdZgZjmdbbih]eZ^beZ_zk\_leu_\hehkukz
ohjhrh
Ihc^zfk_kljbqdZ:ebijhlygmejmdm^_\hqd_ajhkeufk_cqZkg_^hgZk
B^b^_ldZ:ebr_jijh\h^bll_[y^_\mrdZihklZ\beZ:^_evdmgZiheihp_eh\Z\\eh[bdb
fZevqbd\ay\_zaZjmdm\u\_ebaaZeZ
�Ih^gbfbkv`hgiheh`bejmdbgZie_qbJZnZweylZdbkb^ys_]hijbkehgb\rbkvd^Zevg_c
dhehgg_\p_ib\rbkviZevpZfbjmd\k\hbdhe_gb
JZnZwevih^gye]eZaZqlhlhr_iqZi_j_khorbfb]m[Zfb
�Gm`_ih\lhjbe`hgm`_kZfih^gbfZyiZjgygZgh]bIh^gbfZcky
Yg_kf_xIh\_ebl_evhgij_dehgbedhe_ghb_]hijbf_jmihke_^h\Zeb\k_ijbkmlkl\mxsb_
Kfbj_ggh\\_jyx`bagvk\hx\l\hbjmdb
�I_j_klZgv`hgljyogme[jZlZaZie_qbk_ih^gbfZcl_kvk_cqZk`_G_[m^mkdju\Zlvy`
g_ijZ\_^gbd[uehmf_gyfbgmlgh_`_eZgb_aZ^mrblvl_[yk\hbfbjmdZfbb\kyg_^he]ZGh
kf_jlvm`_k_]h^gykulZwlhlkdhj[gucqZkl_[_ly`_e__\k_oLukZfk_[yihdZjZelZddZdy[u
g_kfh]ihdZjZlvl_[yBimklvfhzijhs_gb_[m^_ll\hbfgZdZaZgb_f^_lkl\_fu[ueb^jmavyfb
ghihlhfluaZdjuekyhl\k_oYohl_e[u\_jgmlvl_\j_f_gZbkgh\ZgZa\Zlvl_[y[jZlhfhg
ih^^_j`ZeJZnZweyih^ehdlbbihfh]_fmih^gylvky
F_klv_szgbdh]hg_\hkdj_kbeZbg_gZ\bklvhklZ\bf^ey^jm]boO\Zlblkf_gymljZlb
\i_j\u_aZfgh]he_lhgbh[gyebkvih[jZlkdb
\r\r\r
�`hgjZkihjy^bekyqlh[uihohjhguijhreb\lbohfk_f_cghfdjm]mgh]hjh`Zg_\kzjZ\gh
ijbrebgZiehsZ^vi_j_^^\hjphfqlh[uijhklblvkykhk\hbfih\_ebl_e_fbhl^Zlv_fm
ihke_^gxx^Zgvm\Z`_gbyi_j\u_aZ\kxbklhjbxG_[_kgh]h]jZ^Z[uehlf_gzglmjgbj
&#xq;&#xzj;&#xgh;&#xlj;&#xZm;&#xjg;&#xhf;
&#xZf;&#xah;&#xe_;&#x;&#xk;&#xf_;&#xrd;&#xZf;&#xih;&#x^;&#x]e;&#xZa;&#xZf;&#xh;&#xki;&#xZe;&#xzg;&#xgu;;&#xa];&#xey;&#x^h;�qzjghfljZmjghfdZfahe_kf_rdZfbih^]eZaZfbb\hkiZezgguf\a]ey^hf`hg\u]ey^_e
^_ckl\bl_evghmkljZrZxs_Z\]heh\_g_\ughkbfh]m^_eihohjhggucgZ[Zl
Dqzjlmwlhijhdeylh_dj_kehhgyjhklghhlr\ujgmeljhgbh[ehfdbdjZkgh]h^_j_\Z\brgb
jZae_l_ebkv\jZagu_klhjhguYgbdh]^Zg_ohl_e_]hAZqlhgZf\kzwlh"AZqlh"
LZdbfbgZreZ_]hFZj]ZjblZhp_i_g_\rbkb^ys_]hihk_j_^bg_aZeZkhlkmlkl\mxsbf\a]ey^hf
�_\mrdZih^hreZijbk_eZjy^hfkgbfbijhklhfheqZh[gyeZgbdh]^Z_szhgZg_\b^_eZ_]h
lZdbfjZa[blufb[_kihfhsguf
aZe\hr_eKZfZwevbihfh]FZj]Zjbl_ih^gylv_]hgZgh]b
Lugm`_gk\h_fmgZjh^mlbohgZihfgbehg
�G_lKwfyg_fh]mwlhkebrdhfly`_ehmklZehijhbag_k`hg
Lug_bal_odlhe_]dhk^Zzlkyg_kimkdZy]eZaKZfZwevkfhlj_egZ^jm]ZkihfgbaZq_f\u
a^_kvl_i_jvl_[_ij_^klhblaZsblblvOjZgbl_e_c
�LuijZ\`hgkh[jZe\hehku\o\hklbihijZ\bedZfaheLhevdhygbdh]^Zg_klj_fbekyd
\eZklblu`_agZ_rvYgZfgh]hemqr_qm\kl\mxk_[y\fZkl_jkdhcbeb\[b[ebhl_d_
�Bf[m^_rvluKb^^oZjloZgZb[he__aZkem`b\Zxsbc`hgiheh`bejmdm_fmgZie_qh
GmkiZkb[hijbyl_evm^jm`behlfZogmekyfm`qbgZAgZqbllu\kzj_rbeaZf_gy":yfh]m
\aylvkZfhhl\h^"
�Lhevdhl_[_yfh]m^h\_jylvKZfZwev`hglZdijhgbdgh\_gghihkfhlj_egZ^jm]ZqlhKZfZwev
himklbejmdb
\r\r\r
�`hgkZf\haeh`bedhjhgmgZ]heh\mkugZbih^gyefZevqbdZh^_lh]h\qzjgucZleZkgucdZfahe
jZkrblucahehlufbgblyfbgZjmdblZdqlh[u_]h[uehohjhrh\b^ghdZdkh[jZ\rbfky
ih^^ZgguflZdbklhy\rbf\hckdZf
&#xhl;&#x;&#xZr;&#xg;&#xhu;&#xdg;&#xya;&#xv;&#x;&#x];&#xjh;ý&#xh;&#xaZ;&#xy; e;&#xh;&#xg;&#x;�hl\Zrgh\ucdgyav]jhfdhaZy\behgh_]hkh\_jr_gghe_lbyj_]_glhf[m^_l_]hfZlv
]hkih`ZDZebEhj^hfijhl_dlhjhfgZagZqZ_lkyFZclj_cyKZfZwevhgihklZ\bekfms_ggh]h
j_[zgdZgZihebkgh\Zh[jZlbekydgZjh^mb\hckdZf;m^_l_eb\ulZd`_ihqblZlvdgyay:ebr_jZ
bkem`blv_fmdZdkem`bebij_`g_fm_ebdhfmdgyax"
Hl\_lhf_fm[ue_^bgh]eZkguch^h[jbl_evgucj_\lheiu
IZiZjZayl_i_jvdgyavlh\kz[m^_ldZdyohqm"fZevqbdhlg_l_ji_gbyih^iju]b\ZegZf_kl_
�Bq_]h`_ohq_ldgyav"ihbgl_j_kh\Zeky`hg
Yohqmqlh[uex^bg_[he_ebg_mfbjZebbg_m[b\Zeb^jm]^jm]Zl\_j^hhl\_lbefZe_gvdbc
dgyav
LZdb[m^_l^hjh]hclZdb[m^_lhsms_gb_h]jhfgh]hkqZklvyhllh]hqlhmg_]hlZdhckug
ohlvg_fgh]hmf_gvrZeh]hj_qvihl_jbH[yaZl_evgh[m^_l
�DZd\k_]^Z\k\h_fj_i_jlmZj_d`hgmih^hreZDZebbmeu[gm\rbkv\ayeZkugZaZjmdmQlh
�h^bgqlh^jm]hch[ZdZd^_lbihlhfhgZih\_jgmeZkvd`hgm;eZ]h^ZjxaZ^h\_jb_YlZd
ihgbfZxqlhluieZgbjm_rvihdbgmlvG_[_kguc]jZ^"
LZdb_klvdZdlhevdhygZc^mkihkh[aZsblblvOjZgbl_e_ca^_kvmf_gykebrdhffgh]h
�[he_ag_gguo\hkihfbgZgbcih^l\_j^be_z^h]Z^dm`hgFZlvbk_kljmylh`_aZ[_jmkkh[hc
G_aZ[u\Zcl_gZ\_sZlvgZkihqZs_fy]dhmeu[gmeZkvju`Zy
\r\r\r
ZrZFbehklv^jh`Zsbfhl\heg_gby]hehkhfijhe_i_lZekljZ`gbdijhly]b\ZyihkeZgb_
ZrZFbehklvwlhkjhqghijhqlbl_
�`hgijh[_`Ze]eZaZfbibkvfhb\ujm]Zeky
�GZihex[mckygZwlhKwf`hgijhlygme_fm[mfZ]mBqlhlu[m^_rv^_eZlvdZdEhj^
Ijhl_dlhj"WlhmevlbfZlmfLzfguc^\hj^ZzlgZfljb^gygZ\u^ZqmojZgbl_e_c\ijhlb\ghf
kemqZ_hgbgZqgml\hcgmBih^ibkv]eZ\ghdhfZg^mxsbcbfi_jkdbfb\hckdZfbLzfguoG_[_k
RgZc^_j
Ijbkeh\_\hcgZmFZj]Zjbluih^dhkbebkvgh]b\gmljb\kzihoheh^_ehZi_j_^]eZaZfb
ijhg_kebkvkljZrgu_dZjlbgudhlhju_hgZ\b^_eZihl_e_\b^_gbx\hckbj_g]mekZfhe_lh\b
]jhohllZgdh\uohjm^bc^ufbdhihlvfZl_jbih]b[Zxsb_gZ]eZaZomk\hbo^_l_cb^_lb
mfbjZxsb_gZjmdZok\hbofZl_j_cfheh^u_iZjgb_szihqlb^_lbhl^Z\rb_k\hx`bagvbeb
hklZ\rb_kydZe_dZfbbkdZe_q_ggu_l_eZbkehfZggu_km^v[udjbdbbklhgudhlhjuom`_gbdlh
g_mkeurbl
fmg^bjdhfZg^mxs_]h_szg_bkle_e"@^m\k_o\aZe_^eykh\_sZgbcQzjlg_ajyfg_wlh]Z^zgur
ihdhyg_^Z\Zehgohq_l\hcguhg_zihemqblIjb^zlkygZf\kihfgblvklZju_\j_f_gZ
Fh`_rvg_\hegh\ZlvkyaZ\_jbe_]hKZfZwev\k_q_jl_`byk[_j_]^Z`_gZoh^ykv\g_fbehklb
lukqblZeky\_ebqZcrbffZkl_jhfbagZlhdhf\k_oj_f_k_e=jhfh\Zydhe_kgbpZkdbi_lj:]gbemd
Jm^juLj_am[_pIj_k\_leh_dhiv_\kzhjm`b_G_[_kgh]h]jZ^Z[uehkha^Zghlh[hcGZ^_xkvlu
g_mljZlbek\hbogZ\udh\kl_o\j_fzgdh]^ZfukjZ`Zebkvie_qhfdie_qmfhc^jm]
GZ^_xkvqlhg_mljZlbeLuZ[khexlghijZ\^jm]fhcagZgb_lh`_fh`_l[ulvhjm`b_f
��H^gZ`^u;h];h]gZ\k_]^ZKb^^oZjloZ;bq_fhgh\`hgk_eaZklheih^i_j_\]heh\mjmdZfb
Qzjl\havfbbdZd`_g_\h\j_fykeh\ghagZebqlhmgZklmlijhbahreh
�Zm`lZdb_gh\hklbdZdih`Zjly]hklgh\a^hogmeKwfh\k_odZ[ZdZog_[hkvlhevdhh[
wlhfb]h\hjylbhkh[h]hljm^Zg_klhblaZbgl_j_kh\ZggufmrZfijbkemrZlvkyFg_gZijbf_j
fhbex^bkhh[sbebqlhLzfgu_g_[_kZl_i_jvlh`_[_aijZ\bl_eyhgm[blgZlmjgbj_wlbfkZfuf
RgZc^_jhfL_i_jvylhqgh\kihfgbe]^_m`_keurZewlhbfydh]^Zfg_mljhf^hdeZ^u\Zeb
gh\hklbkLzfguoG_[_kAgZ_l_Zfg_^Z`_bgl_j_kghohlvihkfhlj_lvgZg_]h
�BlufheqZe"`hgih^kdhqbekhk\h_]hf_klZFh]jZgvr_ij_^mij_^blv"
:dh]^Z[uymki_edh]^Zlui_j_^\k_fb\a\ZebegZf_gy[j_fyijZ\e_gbydhlhjh_hldZaZekykZf
ijbgylv"g_j\uKZfZweylh`_[uebgZij_^_e_EZ^ghk_cqZkj_qvg_h[wlhfhlghr_gby
\uykgylv[m^_fihke_
K_cqZkgm`ghaZgylvkyw\ZdmZpb_cgZk_e_gbyh[hjhghcbf_^bpbgkdbfh[_ki_q_gb_fH[ty\ey_f
�qj_a\uqZcgh_iheh`_gb_b]hlh\bfihjlZedfZkkh\hfmi_j_oh^mfha]`hgZki_rghiulZeky
kieZgbjh\Zlv^Zevg_crb_^_ckl\byHklZgmlkylhevdhfm`qbgukihkh[gu_^_j`Zlvhjm`b_
HklZevgu_[m^mli_j_ijZ\e_gugZA_fex_^bguf\he_\ufj_r_gb_fhgaZklZ\bek_[yijhbag_klb
ihke_^gxxnjZam
KdZdh]hi_j_im]mwlhlRgZc^_jbebdZd_]hlZf^bdlm_lk\hblj_[h\Zgby"G_kebrdhfebhg
�h[gZ]e_e"ZgbweeZjZa^jZ`_gghkfbgZeZ\jmdZokZen_ldmD_fhg\hh[s_k_[y\hahfgbe"
Yg_ohqm\kz\j_fykdju\Zlvkyb`blv\kljZo_FZj]ZjblZ[_kkljZrghihkfhlj_eZgZfm`ZY
l\hy`_gZbyhklZgmkvklh[hcYgbdm^Zg_mc^m
�Wlhg_h[km`^Z_lkyj_adh[jhkbe`hgg_\kbeZoihkfhlj_lvgZg_zFg_qlhijbdZ`_rv
aZi_j_lvl_[y"
Fh`_rvaZibjZlvZyq_j_ahdgh\ue_am\udjbdgmeZFZj]ZjblZlhigm\fZe_gvdhcgh`dhc
�mfZ_rvykfh]mkihdhcghkfhlj_lvdZdl\hbex^b[m^mlijheb\Zlvdjh\vaZgZk"Wlhl_i_jvb
fhcgZjh^lh`_BaZq_flh]^Zfg_kbeZOjZgbl_ey_kebyg_kfh]maZsblblv^hjh]bofg_ex^_c"
?keb\Zrbex^b[m^mljbkdh\Zlvk\hbfb`bagyfbjZ^bgZklhdZdfufh`_fkihdhcgh
�hlkb`b\ZlvkyDlhfm`_g_^mfZxqlh\Zfihf_rZxlgZrbkbeuZgbweeZ[ueZkheb^ZjgZk
ih^jm]hc
&#xhl;&#x;�hlZgyf_gyih^^_j`b\Z_lJblZih^ZjbeZih^jm]_[eZ]h^Zjguc\a]ey^ug_fh`_l_
j_rZlvaZgZk
�Y`_kdZaZeqlhwlhg_h[km`^Z_lky`hgko\Zlbe^_\mrdmaZie_qbYg_[m^mih\lhjylv
^\Z`^uu[m^_l_lZf]^_[_ahiZkg__Wlhg_b]jZ\khe^Zlbdbwlh\hcgZO\Zlblkf_gyihl_jv
?keb^eyl\h_c[_ahiZkghklbfg_gm`gh[m^_lhlhj\ZlvqZklvk_[ybhlimklblvl_[ylh[ulvih
ih^hdhggbdly`_ehbk[b\qb\h^urZ
FZj]ZjblZijbk_eZ\dj_keh\k_\gmlj_gghklbkeh\ghk\yaZeh\ma_ed]hjemih^dZlbeijbklmi
�lhrghlu_\mrdZijbdjueZjhljmdhcb\u[_`ZeZbaaZeZ
Gm\hl\k_\ufm`qbguh^bgZdh\ug_o\ZlZeh_szqlh[umJblug_j\guckju\kemqbeky
�\ukdZaZeZkvZgbweeZ
�Gbq_]hFZj]ZjblZmkihdhblkyYkh]eZk_gk`hghfwlhg_aZ[Z\Zkihdhcguc]hehkfheh^h]h
objmj]Zj_aZeihgZlygmlufg_j\Zfg_om`__]hkdZevi_eyZfemqr_\_jgmlvkyA^_kvhiZkgh
[m^_lgZoh^blvkyGZ^_xkvqlhfhbf_^bpbgkdb_ihagZgbykfh]ml[ulvihe_agufb
�Z`_g_hkf_eb\Zekyijhkblvl_[yh[wlhfghl\hyihfhsv[ueZ[uihbklbg_g_hp_gbfhc
�`hghlhr_ehlhdgZbihkfhlj_egZ^jm]Zkh]jhfghc[eZ]h^Zjghklvx
Ylh`_^Z\Zedeyl\m=biihdjZlZ\klmibe\jZa]h\hjRZjevImklvyg_objmj][he__
g_h[oh^bfuc\\h_ggh_\j_fyghh[s__ij_^klZ\e_gb_hf_^bdhkZgblZjghfh[_ki_q_gbb\hckd
bf_x\k\hz\j_fy^h\_ehkvih[u\Zlv\Km^Zg_bEb\bb\khklZ\_fbjhl\hjq_kdbokbeHHG
�KiZkb[haZih^^_j`dmf_kv_RZjevijbagZl_evghhl\_lbe`hgez]dbfihdehghfY
jZkihjy`mkvqlh[udhfZg^bjuhljy^h\hlqblZebkv\Zfhkhklhygbb^_e
HYlZdbagZeZqlhluwlhkdZ`_rvkljm^hfi_j_\_eZ^moZe_glbgZihdZqZ\]heh\hcY
ihgbfZxqm\kl\ZFZj]ZjblughjZa\_wlh\ZkhklZgh\bldh]^Z\um`_ijbgyebj_r_gb_"
���mfZx\ukh]eZkbl_kvfbkl_j`hgih^gyekykhk\h_]hf_klZ_j_dDZdq_eh\_dmq_guc\u
ihgbfZ_l_qlh\^ZgghckblmZpbbex[u_ihagZgbyg_baebrgbhkh[_ggh_kebj_qvb^zlhaZsbl_
gZrbo^_l_cbgZrbok_f_c
�G_lIZiZblulh`_"\hkdebdgmeZwgb[_kihfhsghhimklb\]heh\m
FuhklZzfkyZ\uhlijZ\ey_l_kv^hfhcoheh^ghhlha\ZekyIbl_j
�Qlh"\h^bg]hehk\kdjbqZebZgbweeZb?\Z
�K\Zr_]hjZaj_r_gbyZgbweeZ\klZeZbaaZklheZbgZijZ\beZkvd\uoh^mMf_gy]heh\Zqlh
�lhjZa[he_eZkvaZg_cihke_^h\Zebb`ZklbgZk?\hc
aZe\hrebJZnZwevbGZ^bj
�:hgbqlha^_kv^_eZxl"g_^hmf_gghihdhkbekygZ\hr_^rbo`_dDlhboijb]eZkbe"
�HgbhklZgmlkyg_h[hjZqb\Zykvl\_j^hijhbag_k`hg
Wlhbfhc^hfkihjh]Zk_jv_aghaZy\befeZ^rbcijbgpBylh`_gZf_j_g_]haZsblblvY
h[yaZg`bagvxOjZgbl_evgbp_by\_jgmwlhl^he]wlhgZbf_gvr__q_fyfh]mbkdmiblvk\hx
\bgm
Y^mfZxqlhbfhbex^bkbokZ[eyfbg_[m^mlebrgbfbdh]^ZgZkq_lmdZ`^ucq_eh\_d
ijb\_lkl\_gghihdehgbekyGZ^bj:qlhwlhkfheh^ufb]hkih`Zfb"Hgb\ue_l_ebhlkx^ZlZdb_
jZkk_j`_ggu_
GZf\k_fk_cqZkg_e_]dhGZk_]h^gy\kzaZ\ljZkjZkk\_lhfgZqbgZ_fw\ZdmZpbxmgZk
�kebrdhffZeh\j_f_gbkwlbfbkeh\Zfb`hg[ukljhihdbgmeaZe\ihbkdZo`_guKwfihke_
aZ\ljZdZh`b^Zxl_[y\:job\_g_aZ[m^v
\r\r\r
FZj]ZjblZ\u[_`ZeZgZmebpmb^h[_`ZeZihqlb^h;_k_^db_ljh\\^Zevg_fm]emkZ^ZihdZ
ihkdhevagm\rbkvg_miZeZgZfhdjmx^hjh`dmkq_kZ\eZ^hgv
Yg_ohl_ekju\ZlvkygZl_[yIhcfb`_yi_j_`b\ZxaZl\hx[_ahiZkghklvGmqlhfg_k^_eZlv
�qlh[uluijhklbeZf_gy"`hgijbk_ejy^hfgZdbgm\_cgZie_qbk\hcdZfahe
H[gbfbf_gydZd_szgbdh]^Zg_h[gbfZeIhp_emcf_gydZd_szgbdh]^Zg_p_eh\ZeEx[b
f_gydZd_szgbdh]^Zg_ex[beg_mimkdZy_]h\a]ey^ZFZj]ZjblZhibjZykvgZg_]hih^gyeZkvgZ
gh]bYohqmdZdfh`ghykg__aZi_qZle_lv\k\h_ciZfylblhq_]hluf_gyebrZ_rv
Lu^_ckl\bl_evghk_cqZkwlh]hohq_rv"Lum\_j_gZ"bwlhl_zihegucex[\bbij_^Zgghklb
\a]ey^^Z\Ze_fmkbeu\u^_j`Zlv\k_bkiulZgbyqlhijb]hlh\beZbfkm^v[Z
?szgbdh]^Zyg_[ueZlZdm\_j_gZbk\_lfhegbbhk\_lbe_zebph
Hgih^gye^_\mrdmgZjmdb^jh`ZsmxgZkd\havijhfhdrmxblZdmx[_aaZsblgmxbhlgzkgZaZ^
\h^\hj_p
GZkdhjhkgy\kg_zbkk_[yfhdjmxh^_`^mhghldjue]hjyqbc^mrbihklZ\b\^_\mrdmih^
h[`b]Zxsb_kljmbijbgyekyjZklbjZlv]m[dhc_zaZdhq_g_\r__l_eh
@Zgihq_fmyg_fh]mhklZlvkyklh[hc"FZj]ZjblZlj_[h\Zl_evghihkfhlj_eZ_fm\ebphih
dhlhjhfmkl_dZebkljmb\h^u
Ihlhfmqlhlh]^Zyi_j_klZgmk_[ym\Z`Zlvojbiehijhbag_khgijb\e_dZy_zdk_[_dZdfh`gh
[eb`_kdhevayjmdZfbihkibg_b[_^jZfZ]m[Zfbg_^Z\Zy_cijhbag_klbbkeh\Z
HgZm`_ihqlbfZrbgZevgh]eZ^beZ_]h\hehkubie_qb\u]b[ZykvgZ\klj_qm_]heZkdZfH[Zm`_k
ljm^hffh]ebk_[ydhgljhebjh\ZlvBojZa]hjyq_ggu_`Z`^msb_^jm]^jm]Zl_eZijh^he`beb
^bZeh]aZgboh^Z`_jh\ghkfu\ZeZ\k_mkeh\ghklbhklZ\eyylhevdhqbklh_`_eZgb_
ih[m`^_gb_\ha\ur_ggh_bklbggh_ihqlbk\ylh_ihqlbp_ehfm^j_ggh_dh]^Zbol_eZklZebojZfhf
ex[\b
=^_lhgZmebp_fhghlhgghklmqZebihdjurZfdZieb^h`^yg_[hhk\_sZehkv\kiurdZfbfhegbc
khijh\h`^Z\rbfbkyqZklufb]jhfh\ufbjZkdZlZfb
\r\r\r
��ZgbweeZhldjhc`_ddhehlbedmeZdZfbih^\_jbBebdeygmkvy\uehfZx^\_jv
�_\mrdZkb^_eZgZdjh\Zlbh[o\Zlb\]heh\mjmdZfbbah\k_okbeklZjZykvih^Z\blv\k_[_[mjx
ijhl_klZbhlqZygby
Luf_gykeurbrv"ijh^he`ZedjbqZlvfm`qbgZ
�Gm\kzkZfZk_[_kdZaZeZwgbih^gbfZykvkdjh\ZlbYk_cqZk\ukdZ`m\kzqlhgZdhibehkvm
f_gy\^mr_^hjh]hcbfZehl_[_g_ihdZ`_lkyhgZf_^e_gghih^hreZd^\_jbbijh\_jgmeZdexq
\aZfhqghckd\Z`bg_
BqlhwlhhagZqZ_le_^b"k\_jdgmeb_]hdZjb_]eZaZ
�mfZ_rvyijhklh]emiZy[ehg^bgdZgZfg_gb_bi_j_`b\Zgbydhlhjhcfh`ghgZie_\Zlv"
^_\mrdZko\ZlbeZ_]haZie_qbBlubhl_pu`_g_lZdb_dZdhgbMl_[y\k_]hh^gZ`bagv
\udjbdgmeZhgZkhke_aZfbgZ]eZaZo
�BhgZijbgZ^e_`bll_[_h^ghcjmdhc`_dijb`Ze_zdk_[_p_emy_z\eh[bkimkdZykvgb`_d
�\bkdmb]m[Zf:ZgbweeZ\kzijh^he`ZeZ\koebiu\Zlvbg_aZf_lbeZdZdhgih^lhedgme_z\
dhfgZlm^jm]hcjmdhcaZdju\ZyaZgbfb^\_jv
\r\r\r
�K_cqZkyh[jZsZxkvd\Zfg_dZddhfZg^mxsbcZdZdfm`bhl_pLzfguc\hj[jhkbegZf
OjZgbl_e_cA_febG_[_kguc]jZ^\_dZfbbkijZ\ghbkihegyek\hzgZagZq_gb_hojZgyyfbjgZA_fe_
bih^^_j`b\Zyihdhe_gbyOjZgbl_e_cbwlhljZag_[m^_lbkdexq_gb_fuihegblvlj_[h\Zgb_
Lzfguog_[_kagZqblijbagZlvij_\hkoh^kl\haeZ?keb[ugZf_kl_OjZgbl_e_c[ueb[u\Zrb
[ebadb_dZd[u\uihklmibeb"Kihkh[gueb\uhlijZ\blvgZkf_jlvl_ogZqv_ck\Z^v[_]meyeb
g_kdhevdh^g_cgZaZ^"Fui_j_oh^bfgZhkZ^gh_iheh`_gb_Ih`beuo`_gsbgb^_l_c]\Zj^_cpu
ijh\h^yldihjlZemqlh[ug_kha^Z\ZlviZgbdbb[m^mljZkij_^_e_guihijbgZ^e_`ZsbfgZf
�]hklbgbpZf\`Zcimj_bhdj_klghklyoK[hjug_aZly]b\Zlv[jZlvkkh[hclhevdhkZfh_
g_h[oh^bfh_\kzhklZevgh_[m^_l\u^Zgh\Zf\^_g_`ghfwd\b\Ze_gl_baaZiZkh\dZaguk_dlh
ih`_eZ_lkfh]ml[_kij_iylkl\_gghihdbgmlvG_[_kguc]jZ^L_`_dlhih`_eZ_lijbkh_^bgblvkyd
\hckdZfkfh]mihemqblvhjm`b_bh[fmg^bjh\Zgb_Yg_bf_xijZ\Zijbgm`^Zlvdh]heb[hyebrv
\au\Zxd\Zr_ckh\_klbFu^he`guaZsblblvk\hc^hfbk\hbk_fvbAZ]eygbl_k_cqZk\k\hb^mrb
bk_j^pZ\dZ`^hfba\Zk`b\zl]_jhcYk_cqZkklhxi_j_^\Zfbby]hlh\jZa^_eblvgZrmkm^v[m
Yg_[m^mijylZlvkyYkdhj__keh`mk\hx]heh\m\[hjv[_q_fkdehgx_zaZdhgqb\k\hxj_qv
�klhygZ[Zedhg_i_j_^kh[jZ\rbfbkyex^vfb`hgihj\Ze[mfZ]mgZ]eZaZobamfezgguo]hjh`Zgb
jZa\_yeh[ju\dbgZ^lheihcLZdh\[m^_lgZrhl\_ll_fdlh\hagZf_jblkygZkkehfblv
\r\r\r
Y`_ijhkbel_[yg_eblvkeza\ay\eZ^hgb_zaZieZdZggh_ebphhg]m[Zfbkh[jZeke_abgdbk_z
j_kgbpG_jZaju\Zcfg_k_j^p_Zemqr_meu[gbkvyaZihfgxl_[ykqZkleb\hc
YkhojZgx_z^eyl_[yiulZykvbah[jZablvmeu[dmgZaZieZdZgghfebp_^jh`Zs_cjmdhc
FZj]ZjblZijh\_eZihs_d_fm`ZH[_sZcqlh\_jg_rvkydhfg_
DeygmkvqlhgZc^ml_[y^Z`_kj_^blukyqbfbjh\ijhkljZgkl\b\j_f_gh[gbfZy^_\mrdm
�ijhr_ilZe`hg_cgZmoh
H[_sZ_rv"hgZj_adhih^gyeZ]heh\mbihcfZeZ_]h\a]ey^
H[_sZxH[_sZxbdeygmkvijhbag_khgqzldhihkeh]ZfF_gy[m^_lojZgblvl\hyex[h\v
ihlhfmkhfghcgbq_]hg_kemqblky
IZihqdZlukh\k_fg_h[yaZgFZj]ZjblZkeZ[hihiulZeZkvk`ZlvjmdmhlpZ
G_\hegmckyjh^gZyRZjevihp_eh\Ze_z\fZdmrdmkhfghc[m^_l\kzohjhrhukfZfhc
^he`gub^lb
Ihc^_fFDUDPLDZe_glbgZ\ayeZ^hqvaZjmdm
Kly]hklgufij_^qm\kl\b_fq_]hlhkljZrgh]hbg_ihijZ\bfh]hFZj]ZjblZkZ^beZkv\fZrbgm
dhlhjZyhl\_azlbogZaZ^\Zwjhihjl_zijh^he`ZeZkhljykZlv^jh`vg_kfhljygZ`Zjdh_e_lh
\gmlj_ggbcoheh^ijh^he`Zel_jaZlv\kz_zkms_kl\h
��;_j_]bk_[yoZjfZjZ^`ZDZebh[gyeZ`hgZihp_eh\Z\_]h\s_dm
Blu[_j_]bk_[yhgijh\_ejmdhcih_zju`bf\hehkZfIjbkfhljbrvaZ:ebr_jhfJblhcb
fhbfbfZl_jvxbk_kljhc"
G_i_j_`b\ZchgZmeu[gmeZkv\uijyfb\kibgmLu`_agZ_rvf_gy\kz[m^_l\emqr_f\b^_
�Hl_pyohqmhklZlvkyklh[hcebph:ebr_jZ[uehiheghj_rbfhklbb`hgmihdZaZehkvqlh
k_cqZk_]hfZevqbd\u]ey^bl]hjZa^hklZjr_k\hboe_llu`_kZfih^Zjbefg_f_q
�L\hz\j_fy_szg_ijbreh:ebkihdhcghaZf_lbe`hgDlhfm`_dlhlh^he`_g
ihaZ[hlblvkyhJhaZebg^_b:^_ebg_"Bf[_a\Zkkfbkl_jhfL_h^hjhfhgihkfhlj_egZ
KZfZwev[m^vhklhjh`_gijhrml_[yDZebklZdhckljZklghklvxihp_eh\ZeZ_]hqlhhg_sz
�^he]hg_kfh]hlimklblv_zbak\hbojmdBijbkfhljbaZ`hghfqlh[uhgg_gZl\hjbeq_]hih
k\h_c]hjyqghklbB^_fkughd\uk\h[h^b\rbkvbah[tylbcKZfZweyDZeb\ayeZ_]haZjmdmb
ih\_eZdZ\lhfh[bex
^jm]j_[zghdj_adh\uk\h[h^bejmdmjZa\_jgmekybih[_`Zedhlpmh[o\Zlb\_]haZdhe_gb
Ih`ZemcklZlhevdhh[_sZcl_[_j_qvk_[yfZevqbdqZklhqZklhaZfhj]ZeghklZjZeky^_j`Zlvky
�khhl\_lkl\_gghk\h_]hiheh`_gbyZijb[m^_lk\Zfb[eZ]hkeh\_gb_gh\h]hdgyayG_[_kgh]h
]jZ^Z
�Dh]^Z`hgihp_eh\Zeih^heieZlvyfZl_jblZebrvfheqZh[gyeZ_]h`_gsbgZ^hlh]h[ueZ
bafmq_gZbfhjZevghbklhs_gZqlh\_jhylgh^Z`_g_^hdhgpZhkhagZ\ZeZijhbkoh^ys__kzlZdZy
`_[e_^gZyYfb\ayeZ_zih^jmdmbih\_eZdfZrbg_
FZj]ZjblZmkgmeZgZie_q_fZl_jbZgZj_kgbpZolZdbhklZebkv[e_kl_lvke_au
\r\r\r
�`hgZhdmlZeh[Z]jh\h_kbygb_ZaZ_]hkibghcZe_ebij_djZkgu_djuevy
Luqlhwlh^_eZ_rvijbyl_ev"Luf_gyh[wlhfg_ij_^mij_`^ZeKZfZwevihkfhlj_egZ^jm]Z
rbjhdhjZkdjulufb]eZaZfbWlh`_^j_\gyyfZ]byi_qZlbdjh\b
�AZi_qZlu\ZxihjlZedZdlum`_bkZf^h]Z^Zekykljm^hfk^_j`b\Zyk_[y[jhkbe`hg
ih\_jgm\rbkvebphfdg_fmihkfhlj_\hkl_de_g_\rbf\a]ey^hfiheghklvxm]hevghq_jguo]eZa
�hgqm\kl\h\ZeqlhkZfma_fex\u[bebmg_]hbaih^gh]Kwfbgbkeh\Z[hevr_mfZ_rvfg_
wlhe_]dh"GhlZdy[m^magZlvqlhhgb\[_ahiZkghklbihjlZehldjh_llhevdhfhydjh\v?kebkh
fghcqlhgb[m^vkemqblkylh\jZlZhklZgmlkyaZdjulufbihdZg_\ujZkl_l:ebr_jbg_j_rbldZd
_fmihklmiblvgh\hckdZL_fguoG_[_kg_klmiylgZA_fex
�Ih\ha\jZs_gbb`hg[m^lhkZfg_k\hc[jh^beih]Ze_j_yf^\hjpZbgb]^__fmg_[uehihdhy
�HghsmsZek_[yihohjhg_ggufaZ`b\hHg\u]ey^_egZklhevdhiehohqlh`_dgZiheghfk_jv_a_
\ukdZaZeh[_kihdh_gghklvhkhklhygbb_]ha^hjh\vy
�Y\ihjy^d_hlj_aZe`hg^hklZ\Zy[mluedmdhgvydZbklZdZgIjbkh_^bgycky
�Q_jlZk^\Zlu\ihjy^d_jm]gmeky`_dbhklZgh\be_]hjmdm;mluedmihklZ\vKqblZ_rv
lhevdhh^ghfml_[_oj_gh\h"
BluijZ\^hdhgklZdhckbehck`ZeklZdZgqlhlhlehigme\_]hjmd_[hevgh\ib\rbkv
���hkdhedZfbvy\hey^Z`_g_fh]miha\heblvk_[_gZiblvkyZclh]^ZohlvaZdmjblv`hg
ijhlygmejmdmkljyogm\hkdhedbgZklhe
EZ^ghm`^_j`bfheh^hcobjmj]ijhlygme_fmkb]Zj_lm
�:k_cqZkba\bgbl_yohl_e[uih[ulvh^bgg_\uimkdZykb]Zj_lmbajmd`hg\ur_eba
klheh\hcbgZijZ\beky\klhjhgmfmaudZevghcdhfgZluAZdju\aZkh[hc^\_jvgZdexqhg\ur_e
�gZ[Zedhgjh`ZsbfbjmdZfbhgiulZekym^_j`Zlvkb]Zj_lmghg_kfh]bhgZmiZeZgZkZ^h\mx
^hjh`dm
�Ijhdeylv_`hgk`ZedmeZdbFhebkvRgZc^_jqlh[uluih]b[jZgvr_q_fy^h[_jmkv^h
l_[ym`yhl\_^m^mrmaZ\kzqlhlukgZfbk^_eZe
ujm]Z\rbkvhg\_jgmeky\dhfgZlmijh\_jgmegZiZevp_h[jmqZevgh_dhevphbk_eaZnhjl_ibZgh
_^\Z_]hjmdbdhkgmebkvdeZ\brdZdf_eh^byh`beZih^_]hiZevpZfbjh`^ZykvbakZfh]h
hklZ\eyykhezgu_ke_^ugZs_dZoHglZdbmkgmekdehgb\rbkvgZ^bgkljmf_glhfiheh`b\]heh\m
gZdeZ\brb
F_eh^by;_kdhg_qghklbNe_clZb]jZ_lkheh
JZgvr_FZj]ZjblZbij_^klZ\blvg_fh]eZqlh_zjh^ghcIZjb`dhlhjuchgZ[h]hl\hjbeZ^h
[_amfbyklZg_l_zZ^hfHgZaZ^uoZeZkv\ij_`^_h[h`Z_fhcklhebp_dhlhjZyklZeZ^eyg_z
lxjvfhcE_lg__khegp_g_kh]j_\Zeh\^mr_[mr_\ZeZgZklhysZykg_`gZy[mjyaZfhjhab\rZy\k_
qm\kl\Zkdh\Z\rZy\hex?szg_^Z\gh\_kzeZyb`bag_jZ^hklgZyl_i_jv`_hgZihoh^beZgZl_gv
kZfhck_[y_zg_jZ^h\Zebgbkheg_qguck\_lgb]hem[h_g_[hgZ^]heh\hcex[bfucdhn_hl^Z\Ze
]hj_qvxhlex[hc_^u_zlhrgbehHgZg_fh]eZ]meylvihmebpZf_zjZa^jZ`Zeb\_kzeu_ebpZ
ijhoh`bog_`ghh[gbfZxsb_ky\ex[ezggu_iZjhqdb^Z`_kf_o^_l_cj_a\b\rbokymnhglZgZ
\kz_chijhlb\_ehk_wlbex^bkihdhcghijh^he`Zxl`blvg_agZyqlh]^_lh^jm]bfijboh^blky
kljZ^Zlv
?cohl_ehkvdjbqZlvghg_[uehm`_kbe
;hevr_`_\k_]hhgZqm\kl\h\ZeZhl\jZs_gb_dk_[_kZfhcfh]eZebhgZgZklhylvgZk\hzf"
�Ihq_fm`_lh]^Zihkemrghih^qbgbeZkv"Q_fhgZfh]eZihfhqv"QlhhgZagZ_lh[m`ZkZo\hcgu"Z
bqlhaZijbqbgZlZdZy^mjZpdZymwlh]hijhlb\hklhygby"HgZebrvf_evdhf\b^_eZRgZc^_jZ\
�fZ]Zabg_h^_`^u[uehebmg_zlh]^Zij_^qm\kl\b_[_^u";_amkeh\gh[uehLh]^Z_sz`hg
jZa^_ebe_zhiZk_gbyDh]^Z`_\kzihrehg_lZd"QlhhgZfh]eZaZf_lblv\k_juo]eZaZowlh]h
fZevqbdZ"k_hgb[uebkebrdhfih]ehs_gukh[hcbg_m^_ebeb^he`gh]h\gbfZgbywlbf
ij_^\_klgbdZfhlaZwlhhgZbg_gZ\b^_eZk_[y
AZpbdeb\rbkvgZk\hboqm\kl\Zo_cdZaZehkvqlhly`_e__q_f_cg_fh`_l[ulvgbdhfmG_l
fha]hfhgZihgbfZeZqlhhklZevgu_lh`_fmqbl_evghi_j_`b\Zxlkeh`b\rmxkykblmZpbxgh
k_j^p_djbqZehqlhgbdlhg_kfh`_lihgylv_zl_jaZgbc^Z`_ijhklhihkfhlj_lv\]eZaZih^jm]Zf
ihg_kqZklvx[ueh\ur__zkbeQlh`_k^_eZlvqlh[umf_gvrblvg_kl_jibfmxlhkdm"DZdg_khclb
kmfZ"DZdgZmqblvky`blvagZyqlh[ebadb_ex^b]^_lh^Ze_dh\g_ba\_klghklbjbkdmxlk\hbfb
`bagyfb"WlZjZaemdZ[_a`Zehklghm[b\ZeZ_zdZ`^ucqZkdZ`^mxfbgmlm
Bh^gZfukevke_^h\ZeZaZg_cg_hlklmighgZ^hqlhlhij_^ijbgylvqlhlhihdZ_szg_ykghqlh
bf_gghghwlhijhklhg_\ughkbfZywda_dmpby\hllZdij_[u\Zlv\[_a\_klghklb
IjhdeyluG_m`_ebfubijZ\^Zijhdeyluijbghkblvg_kqZklvyl_fdh]hex[bf"ljykmsbfbky
jmdZfbFZj]ZjblZihiulZeZkvihklZ\blvgZklheqZrdmk]hjyqbfdhn_gh\kzjZ\ghiheh\bgm
jZkie_kdZeZgZkdZl_jlv
Gmo\Zlbl^_\hqdZDZebiheh`beZjmdbgZie_qbJblu\havfbk_[y\jmdbG_ml_[yh^ghc
ex[bfuchklZeky\G_[_kghf]jZ^_
HlaZiZoZ]hlh\ys_cky\^moh\d_ju[uFZj]Zjbl_kgh\ZklZeh^mjgh^_\mrdZih^hreZd
hldjulhfmhdgmbk^_eZeZg_kdhevdh]em[hdbo\^hoh\ghih^dZlu\Z\rbcd]hjemijbklmilhrghlu
bg_^mfZehlklmiZlv
Ijbdju\jhleZ^hgvxhgZ\u[_`ZeZ\m[hjgmx
�Jblmev^Zqlhwlhklh[hc"\klj_\h`_gghihbgl_j_kh\ZeZkvZgbweeZQlhlhml_[ykh\k_f
`_em^hdkeZ[fh`_lkoh^blvd\jZqm"
B^Z\ghfmlbl"?cbijZ\^Z\jZqg_ihf_rZ_lijhbag_keZDZebdZdg_qlhkZfhkh[hc
[_j_f_ggZwlh`_hq_\b^gh
Dlh[_j_f_gguc"ihbgl_j_kh\ZeZkvFZj]ZjblZ\uc^yba\Zgghcb\ulbjZyebphihehl_gp_f
�Lu[_j_f_ggZyZgbweeZihdhkbeZkv\klhjhgmkihdhcghihib\Z\r_cdhn_ju`_c[h]bgbWlh
hgZlZdij_^iheh`beZ
Y"Yqlh"qZklhoehiZyj_kgbpZfb^_\mrdZmo\ZlbeZkvaZkibgdmklmeZghg_m^_j`Z\rbkv
gZgh]Zo\f_kl_khklmehf]jhogmeZkvgZihe
�Holu`dZdb_fu\i_qZlebl_evgu_g_\hafmlbfhih`ZeZie_qZfbju`Zy_ehlh`bl_ckdh_
G_lui_j\Zybg_luihke_^gyyG_m`_ebkZfZg_^h]Z^ZeZkv"=^_`_o\ZezgZy`_gkdZybglmbpby"
�BhgZ_szohq_lklZlv\jZqhfZ`_fukebg_\hagbdeh"k\ukhluk\h_]hhiulZijh`bluoe_l
DZeb[ueZhldjh\_gghm^b\e_gZlZdhc[_ki_qghklbkhklhjhgu^_\mrdb
�_\mrdmhlihbeb\h^hckebfhggufkhdhfbijb\_eb\qm\kl\Z
G_lwlZg_hij_^_ezgghklvk\_^_lf_gykmfZFZj]ZjblZko\ZlbeZkmfhqdmbklj_f]eZ\
\ukdhqbeZ\[eb`ZcrmxZil_dmqlhih^jm]bg_lhqlhg_mki_ebhklZgh\blv_zZ^Z`_khh[jZablv
qlheb[h
\r\r\r
&#xkz;&#xg;&#xhj;&#xfZ;&#xev;&#xgh;&#x";&#x;&#xih;&#xkl;&#xmq;&#xZe;&#xZ;�LulZfdZd"kzghjfZevgh"ihklmqZeZZgbweeZ\^\_jvijhoh^yfbfhm[hjghc
DZ`_lkyg_hq_gv^hg_kehkvbaaZ^\_jb]^_FZj]ZjblZkb^_eZgZihem\i_jb\rbkv\a]ey^hf\
^\_ihehkdbl_klZGmdhg_qgh=hkih^blhevdhg_k_cqZkDZd`_g_\h\j_fyQlhfg_l_i_jv
^_eZlv"^_\mrdZijb`ZeZdhe_gbd]jm^bbhimklhr_gguf\a]ey^hfkfhlj_eZ\ihlhehd
uc^ybam[hjghcFZj]ZjblZj_rbl_evguf`_klhfhlh^\bgmeZklmek_eZaZklhebhldjueZ
ghml[md
�YlZd[hevr_g_fh]my[jhgbjmx[be_lu^h`ZcimjZgZ[eb`Zcrbcj_ckMgZkhklZekyh^bg
^_gvfu_szfh`_fhklZgh\blv\kzwlhkmfZkr_kl\b_Dlhkhfghc"^_\mrdZhdbgmeZ\a]ey^hf
kh[jZ\rboky\hdjm]g_zih^jm]
Luk\bogmeZkvqlheb]emiucj_[zghd"l\hzflhkhklhygbb"g_^hmf_gghihkfhlj_eZgZg_z
DZeb
Fg_g_h[oh^bfh_]hm\b^_lv@Zgbf__lijZ\hagZlvdhgp_dhgph\y[_j_f_ggZyZg_[hevgZy
��\uau\Zxs_gZofmjbeZ[jh\bFZj]ZjblZOhlvgZg_kdhevdhfbgmlm\b^_lvbo`hgZ`_dZ
hlpZbhklZevguomagZlvdZdhgblZf
�Gmm`g_lkZfmyl_[yg_hlimsmyklh[hcyh[_sZeZ`hgmijb]ey^u\ZlvaZlh[hcju`Zy
[h]bgy\klZeZkhk\h_]hf_klZbih^hreZd^_\mrd_
�Jblme_bg_ijb^zlky[ulvkZfhcijbk_eZjy^hfgZklmeZgbweeZ
�Lhqghih^jm]Z^Z`_g_^mfZcqlhfuhlimklbfl_[yh^gmih^l\_j^beZ`ZklbgZ^hklZ\ba
^moh\dbnhjfm^eyju[u
GZflh`__klvdh]hih\b^Zlv\G_[_kghf]jZ^_\_khfhaZf_lbeZ?\Z
FuhlijZ\bfky\f_kl_dmabgZdZl_]hjbq_kdbaZy\beZWee_gaZdZau\Zc[be_lubgZgZk
Ylh`_k\Zfblbohghm\_j_gghijhbag_keZYfb
�_\hqdbfu\_jgmebkvZe_glbgZijb\_eZkijh]medb^_l_cM\Zk\kz\ihjy^d_"
FZj]ZjblZaZdZreyeZkvihi_jogm\rbkvbqmlvg_\uimklbeZbajmdklZdZgk\h^hcGZ[jZ\
ih[hevr_\ha^moZhgZj_rbl_evgh\klZeZbih^hreZh[gylvfZfm
l_i_jvbfhcgZjh^fhc^he]aZsblblvb\ZkbboYg_ijhsmk_[__kebg_ihiulZxkvhklZgh\blv
wlm\hcgmDlhfm`_hlgug_yhl\_lkl\_ggZg_lhevdhaZk_[yghbaZlm`bagvqlhl_i_jv\hfg_
^_\mrdZj_adh\kdbgmeZ]heh\mDZ`^h_mljhyijhkuiZeZkvhllh]hqlhkheg_qgucemqs_dhlZe
fhxs_dmZ\_l_jlbohrmjrZe[_ehkg_`gufbaZgZ\_kdZfbZydZ`^ucjZaijhkbeZjZaj_rblvfg_
ih\Zeylvky\ihkl_eb_szohlviylvfbgmlIhfgbrvluqZkl_gvdhjm]ZeZf_gyqlhy\ha\jZsZxkv
iha^gh^hfhcdh]^Zyijb^yk^bkdhl_dbiulZeZkvg_aZf_lghijhdjZklvky\k\hxdhfgZlmdh]^Zy
\f_klhih^]hlh\dbdwdaZf_gZfkb^_eZkih^jm]Zfb\dZn_h[km`^ZykbfiZlbqguoiZjg_cbfh^gh
h^_luoihk_lbl_evgbpIhfgbrv\k_^vfhfdeZkk_yijhfhdeZ]meyyih^^h`^zfdh]^Z
jZahaebeZkvgZ\_kvfbjm\b^_\gjZ\b\r_]hkyfg_fZevqbdZk^jm]hcZihlhfke_]eZk\hkiZe_gb_f
ez]dbo"BebdZdyihdjueZkvZee_j]bq_kdbfbiylgZfbi_j__\rhdheZ^guodhgn_l"IhfgbrvdZdy
mijZrb\ZeZl_[yhlimklblvf_gygZib`Zfgmx\_q_jbgdmdih^jm]_bebgZdhgp_jlex[bfhc
fmaudZevghc]jmiiuLZdb_f_ehqbb^_eZxlgZrm`bagvihgZklhys_fmkqZkleb\hcFg_[u
hq_gvohl_ehkv\_jgmlvkydlZdhc\hlh[uqghc`bagbhgZkkbehch[gyeZfZlvukiZihc\k_]^Z
[uebjy^hfkhfghc\k_]^ZaZ[hlbebkvh[hfg_L_i_jvfhcq_j_^ihaZ[hlblvkyh\Zkb^jm]bo
ex^yoY\_jx\wlhlfbjby[m^maZsbsZlv_]hY\_jx\@ZgZbj_[yl\_jx\k\hboih^jm]\_jx
qlhluihcf_rvf_gyYg_fh]mbgZq_Wlhk\b^mylZdZykeZ[ZyghwlZ\_jZijb^Zzlfg_kbeM
f_gy_szhklZebkv^_eZghyh[yaZl_evgh\_jgmkvJZ^b[m^ms_]hgZr_cij_djZkghcA_febb
`b\msbogZg_cex^_cjZ^b[m^ms_]hG_[_kgh]h]jZ^ZjZ^b[m^ms_]hk\h_ck_fvbyg_bf_x
ijZ\Zk^Z\ZlvkyFZj]ZjblZiheh`beZ]heh\mgZie_qhfZl_jbi_j_c^yg_r_ihlIjhklbk\hx
^hqvIhcfbbijhklbJhab:^_ebgmb:ebr_jZ^h\_jy_f\Zr_chi_d_f_kl_kfZ^ZfDZfbeehc
bfZ^ZfKhgbihaZ[hlvl_kvhgbo
Bqlhluohq_rvhlf_gymkeurZlv"Qlhykfh]mhlhj\Zlvhlk\h_]hk_j^pZ[_j_f_ggmx^hqvb
jZaj_rmih^\_j]Zlvk_[ybj_[zgdZhiZkghklb"DZd[m^lhfhcaZij_lhklZgh\bll_[ykezauihl_deb
&#xZe;&#x_g;&#xlb;&#xgu;&#x;&#x;&#xLu;&#xm;&#x`_;&#x;&#xkz;&#xj;&#x_r; e;&#xZ;&#xg;&#x_;&#xlZ; ;b;&#x";ihs_dZfZe_glbguLum`_\kzj_rbeZg_lZdeb"Z`__kebyaZdjhx^\_jbgZ\k_aZfdbwlh
\kzjZ\ghg_m^_j`bll_[yBlug_ihah\_rvf_gykkh[hc
G_lfZfZlbobf]hehkhfih^l\_j^beZ_z^h]Z^dm^hqvZrZdjh\v^ZeZfg_wlmkbemAZq_f
hgZfg_lh]^Z"Mf_gylhevdhh^gh`_eZgb_aZsblblv\Zk
Qlh`_kebyg_fh]mhklZgh\blvl_[ylhh[_sZcqlh\u[m^_l_ij_^_evghhklhjh`gukljh]h
ihlj_[h\ZeZZe_glbgZ
H[_sZxfZfhqdZFZj]ZjblZihp_eh\ZeZfZlv
FZfZJblZZ\uijZ\^Zkh[bjZ_l_kvdiZi_":^_ebgZ^zjgmeZ^_\mrdmaZjmdZ\
IjZ\^Z^hjh]ZyJblZih]eZ^beZ_zih]heh\_
B\ukdhjh\_jgzl_kv\k_\f_kl_"\a\hegh\Zgghkijhkbe:ebr_j
H[yaZl_evgh:ebH[yaZl_evghihklZjZeZkvmeu[gmlvkyhgZ
\r\r\r
HklZgh\bl_ih`ZemcklZFZj]ZjblZihijhkbeZlZdkbklZhklZgh\blvky\hae_Z[[Zlkl\ZK_g
FZj]Zj_lIh^h`^bl_fbgml^_kylvylhevdhlm^Zbh[jZlgh
FZlvgZklhyl_evgbpZl_iehihijb\_lkl\h\ZeZ^_\mrdmZJblZ^hklZeZbakmfhqdbq_dh\mxdgb`dm
b\uibkZeZkmffmgZgm`^ufhgZklujy
Zfwlb^_gv]bgm`g__
A^jZ\kl\mcFZjbymeu[gmeZkv^_\mrdZ
;hg`mjfZ^Zf^_\hqdZih^[_`ZeZdg_cbh[gyeZjZ^ZZk\b^_lv
Ylh`_jZ^Z\klj_lblvl_[yfbeZyMl_[y\kzohjhrh"FZj]ZjblZihp_eh\ZeZ^_\hqdm\
fZdmrdm
�Z\kzohjhrhFZjby`bag_jZ^hklghmeu[gmeZkvyijbreZihb]jZlvkf_klgufb^_lvfb:m
\Zk"
Y\iheh`_gbbbohl_eZ[uqlh[uluihkfhlj_eZ[m^ms__fh_]hj_[zgdZihijhkbeZ^_\mrdZ
Kjhd_szkebrdhffZeqlh[uyfh]eZqlhlhm\b^_lvihdZqZeZ]heh\hcfZe_gvdZypu]ZgdZY
kfh]mm\b^_lvlhevdhq_j_a_sziZjmf_kyp_\
@Zevgmgbq_]h\a^hogmeZFZj]hYh[yaZl_evgh_szijb^mdl_[_ohjhrh"
G_ihagZdhfbrvgZk"bo[_kp_j_fhgghij_j\ZeZ^_\hqdZe_l^_kylbk^ebggufbjmkufb
\hehkZfbbk\_lehdZjbfbihqlbyglZjgufb]eZaZfbh^_lZy\[_emx[emambqzjguckZjZnZggZ
gh]Zomg_z[ueb[_eu_ghkhqdbbqzjgu_eZdh\u_lmn_evdb
Wlhl\hyih^jm]ZFZjby"kijhkbeZ^_\mrdZ
HgZfg_g_ih^jm]ZhljbpZl_evghaZfhlZeZ]heh\hcFZjbyu_zg_agZ_l_
GmaZq_flulZd"fy]dhmeu[gmeZkvFZj]ZjblZih^hc^y[eb`_d^_\hqd_DZdl_[yah\ml
fZeurdZ"
EZmjZfZ^Zf^_\hqdZg_\bgghaZoehiZeZ^ebggufbj_kgbpZfbY`b\mkjh^kl\_ggbdZfb\
^hf_\dhgp_mebpubbgh]^Zijboh`mkx^Z^hfZh^gb\ajhkeu_bfg_lZfg_kd_fihb]jZlv
Ohlbl_y\Zfih]Z^Zx"Ylh`_g_fgh]hij_^kdZau\Zx[m^ms__
YohqmaZsblblvl_odlhfg_^hjh]l\zj^hhl\_lbeZ^_\mrdZ
�LZdb[m^_lywlh\b`mZcl_fg_\ZrmjmdmihijhkbeZEZmjZih^Zjb\FZj]Zjbl_kbyxsbc
\a]ey^
G_^_eZcl_wlh]hfZ^ZfihiulZeZkv\f_rZlvkyFZjbyghFZj]hm`_ijhklh^mrghiheh`beZ
k\hxjmdmgZeZ^hgvEZmju
GhhgZ\k_]hebrvj_[zghdkgbkoh^bl_evgh\hajZabeZ^_\mrdZ
ug_ihgbfZ_l_fZe_gvdZypu]ZgdZbkimklbeZ]em[hdbc\a^ho
LZdkbklijhkb]gZebebFZj]ZjblZihki_rghihijhsZeZkvk^_\hqdZfb
Bg_kfhljbgZf_gylZd_z`_eZgb_bkihegblkyij_ajbl_evghnujdgmeZEZmjblZ
LhevdhdZdhcp_ghc"FZjbyh[\bgyxs_ihkfhlj_eZgZ^_\hqdmIhq_fmlug_kdZaZeZqlh
ihlj_[m_rvkg_zhieZlm"
L_[yaZ[ueZkijhkblv^_jadhljyogmeZk\h_cjhkdhrghcr_\_exjhcEZmjZM\k_]h_klvk\hy
p_gZ@bagvh^gh]hg_jh`^zggh]hj_[zgdZaZ`bagb_z[ebadbokh]eZkbkvwlh_sz\_kvfZs_^jhk
fh_cklhjhgug_]ey^ygZkh[_k_^gbpmhgZihijZ\beZk\hx[emadmb\kimrbeZ\hehkuWlhl
j_[zghd[ue[ukebrdhfkbezgfg_wlhgbdq_fmJZghbebiha^ghhgbihdbgmlG_[_kguc]jZ^b
\_jgmlkykx^ZYih^h`^mYkZfZbfbaZcfmkvBlukf_jlgZyfg_g_ihf_rZ_rvemqr_bg_
iulZcky\klZlvgZfhzfimlb
Lukmsbc^vy\he\]eZaZoFZjbbhljZabekyg_kdju\Z_fucbkim]
DZdZygZ]eZye_klvmkf_ogmeZkvEZmjZbjZa\_jgm\rbkvgZijZ\beZkvgZaZ^d^_lyfkzfg_
m`_kdmqghYihreZb]jZlvgZoh^mhgZh[_jgmeZkvdFZjbbLub^_rv"
Ihqlb[_]hf\k[_`Zebhgbihklmi_gyf^j_\g_]hojZfZ
DZebijh\_eZjmdhcihhjgZf_glmgZdZf_gghciebl_ghgbq_]hg_baf_gbehkv
�Qlhwlh"ZgbweeZhaZ^Zq_gghh]ey^_\ih^jm]keh\ghbkdZeZmgbohl\_lZihq_fmgbq_]hg_
ijhbkoh^bl"
G_ihgbfZxg_^hmf_\ZeZju`ZyihjlZeaZdjul
DZdwlhihgbfZlv"?\Zbkim]Zgghihkfhlj_eZgZg_zWlhagZqblqlhmgboijh[e_fu"
Ijbkeh\_ijh[e_fZe_^_gysbckljZoiZjZebah\Zel_ehb^mrm
G_kf_c^Z`_\fukeyolZdh]h^himkdZlvijbdjbdgmeZgZg_zFZj]ZjblZ
�GmoZjfZjZ^`Zlu\kzlZdbihklmibeihk\h_fm"DZdyg_aZih^hajbeZg_qlh\wlhfjh^_"lboh
ijhfhe\beZju`Zy
QlhagZqblihk\h_fm"QlhluaZ^mfZe"@ZgimklbFZj]ZjblZg_ihgbfZeZqlhg_lZdg_
ohl_eZihgbfZlvImklbf_gyIMKLBWlhg_q_klgh@ZZgYg_[m^mh[mahcFg_o\Zlblkbeb
fm`_kl\ZY\kz\u^_j`mYohqm[ulvklh[hc^hkZfh]hdhgpZdZdh]h[ulhgb[ueh@Zgfg_
gm`ghih]h\hjblvklh[hcwlhhq_gv\Z`ghHq_gv\Z`ghkeurbrvFg_gZ^hkdZaZlvl_[_kZfh_
]eZ\gh_djbqZeZ^_\mrdZg_bklh\h[ZjZ[Zgyihiebl_ihjlZeZihdZdjh\vbajZa[bluoiZevp_\g_
hdjhibeZdZfgbb\wlhlfhf_glijhkljZgkl\h\hdjm]gZqZehf_gylvkyb\k_ihieueh\]eZaZodZd
[m^lhhgZ\hl\hlmiZ^_l\h[fhjhdbkeh\ghdbiylhd\uebebgZ\k_l_eh\gmljb\k_km^hjh`gh
[behkv
�_j`bkvaZjmdm=emiZy^_\qhgdZ]hehkDZebkeh\gh^hghkb\rbckyba^Ze_dZgh]heh\Z
]hj_eZ\[_kihsZ^ghfh]g_Z\]eZaZohl[hebm`_k\_jdZebbkdjuKeZ[u_iZevpujZa`Zebkv
FZj]ZjblZaZdjbqZeZb_zdjbdihlhgme\l_fghl_
�_\mrdZijbreZ\k_[yhllh]hqlh[hevghm^ZjbeZkvkibghchqlhlhl\_j^h_Z\hdjm]r_bhgZ
hsmlbeZk^Z\eb\Zxsmx]hjehi_lex
\r\r\r
DZdh^bg\k_kh[jZ\rb_kyfm`qbguih\_jgmeb]heh\udh]^Z\aZekh\_sZgbc\hreb^_\mrdb\h
]eZ\_k\_ebq_kl\_gghcju`_c[h]bg_c
DZeb"hbklbgmlumf__rvihjZablvKZfZwevkhkqZkleb\hcmeu[dhcgZebp_ihp_eh\Ze_z
��DZd\ua^_kvhdZaZebkv"ihbgl_j_kh\Zeky`_daZdexqb\\k\hbh[tylbyZgbweem
LZd\kzlZdb\ug_`^ZebgZk"gZ^meZ]m[uaeZlh\eZkZygZb]jZghhlkljZgyykvhlg_]hL_fg_
f_g__fulmlBfug_fyqbdb^eyibg]ihg]Zqlh[unml[heblvgZklm^Zkx^Z
�Ijhklbyih^\_eZl_[yg_m[_j_]eZju`Zy[h]bgyih^hreZd`hgmbhimklbeZ]heh\m
=emiZy]emiZy^_\hqdZ
QlhlulZdh_]h\hjbrv"hg\kljyogme_zaZie_qb=^_FZj]ZjblZ"Yg_\b`m_zk\ZfbBdZd
\uijhrebihjlZe"
Yyg_agZx]^_hgbkljm^hfijhbag_keZDZeb;hxkvij_^iheh`blvom^r__qlh_z
\u[jhkbehgZLzfgu_g_[_kZ
�Qlh"`hghlklmibeihjZ`_gguc_zkeh\ZfbBihq_fmq_jl\havfblu]h\hjbrv\h
fgh`_kl\_gghfqbke_"
�ZihlhfmqlhhgZl_i_jvg_kZfZblu^he`_gagZlvh[wlhfhgZ`^_lj_[_gdZl\h_]hj_[_gdZ
L_i_jvluihgbfZ_rv"ju`Zyihqm\kl\h\ZeZg_\_jhylgh_h[e_]q_gb_gZdhg_p\ukdZaZ\rbkv
_ciha\hebeZ"
:qlhfg_gZ^h[uehk\yaZlv_z"GZ^_lvkfbjbl_evgmxjm[Zrdm"Hc\hllhevdhg_gZ^hlZdh_
�ebph^_eZlv]eZaZbahj[bl\uiZ^mlDZeb[jhkbeZofmjuc\a]ey^gZ`hgZAgZ_rv\ukwlhc
[_ajZkkm^ghcklhbl_^jm]^jm]Zh[Zg_ohlbl_gbdh]hkemrZlvHgZlZdohl_eZkhh[sblvl_[_h
j_[zgd_K_cqZk`_]eZ\gh_\_jgmlv_z
�IjhklbLug_khfg_gghijZ\ZQzjl\havfbDZdlZdh_fh]ehkemqblvky"DZd"`hgg_j\gh
��oh^be\aZ^\i_jz^ihaZemmfZc`hg^mfZcKhh[jZ`Zc=hkih^b^Zhq_flml^mfZlv
^_ckl\h\ZlvgZ^hbkjhqgh
Mkihdhckyih^hrzedg_fmKZfZwevG_evayihjhlv]hjyqdmgZ^h\kzh[^mfZlv
��ZdZdyfh]m[ulvkihdh_g"`hgg_j\gh[ZjZ[ZgbeiZevpZfbihklhemihlhfih^hr_ed[jZlm
JZnZwevijbgbfZcdhfZg^h\Zgb_ZyhlijZ\eyxkvaZk\h_c`_ghc
�L_[_ihgZ^h[blkyihfhsvhklZgh\be_]h`_d=h\hjbqlhgm`gh^_eZlv
�Yg_fh]mjbkdh\Zlvb\Zrbfb`bagyfbj_rbl_evgh\hajZabe`hg
�Bf_gyg_aZ[m^vl_fhykbeZbkp_e_gbyfh`_l[ulvdklZlbgZklZb\ZeZZgbweeZ
&#xu;&#xf_;&#xgy;&#xk;&#xeu;&#xrb;&#xl_;&#x";&#x;&#xi;&#xh;&#xuk; e;&#x];&#xhe;&#xhk;�uf_gykeurbl_"ih\ukbe]hehk`hgYkdZaZeqlhihc^mh^bgH^ghfmfg_[m^_le_]q_
aZl_jylvkybjZa\_^ZlvlZfebhgZ
AZgZk[m^vkihdh_g_keblug_\_jg_rvkyq_j_akmldbfu\k\hxhq_j_^vij_^ty\bfbf
mevlbfZlmf\ukdZaZekyKZfZwev?kebg_m^Zklkyih]Zkblvdhgnebdlfu[m^_f]hlh\uZlZdh\Zlv
\ex[hcfhf_gl
Dlhlh^he`_gl_[yijbdju\Zlvmihjkl\h\Zefheh^hcobjmj]
�Ohjhrh\ZrZ\ayeZg_hohlghmklmibe`hg_jhylghfg_b\kZfhf^_e_g_ihf_rZ_l\ZrZ
ihfhsvH[_sZcl_qlhgbgZrZ]g_hlhc^zl_hlihjlZeZykgh"Yg_ohqm_szbaZ\Zki_j_`b\Zlv
@^_l_kmldbb\ha\jZsZ_l_kvgZaZ^gbdZdhckZfh^_yl_evghklbYij_^_evghykgh\ujZ`Zxkv"hg
��kljh]hihkfhlj_egZ`_dZbZgbweem
�LZdfheh^z`vkfhljxkgh\Z\k[hj_RZjevb_j_d\_jgmebkvkj_\babbf_^bdZf_glh\b
h[hjm^h\ZgbygZkdeZ^_:]^_`_fhy^hqv"M`_mki_eZdm^Zgb[m^vm[_`Zlv"ihiulZeky
ihrmlblvRZjevZhgbgZg_dhlhjh_\j_fyaZfheqZeb\aZf_rZl_evkl\_ihdZbkdZeb\k_[_kbeu
h[tykgblv
\r\r\r
HiZDlhwlhlmlmgZk"gZ^FZj]ZjblhckdehgbeZkvl_fgh\hehkZy\hbl_evgbpZkjZkdhkufb
lzfghkbgbfb]eZaZfb\dh`Zguo^hki_oZo
�_\mrdm\ayeZhlhjhiv
=hkih^bg_m`_ebykoh`mkmfZ"=^_y"jZkrbj_ggufbhlkljZoZbm^b\e_gby]eZaZfb
FZj]ZjblZihkfhlj_eZgZg_z
DZdkx^ZihiZeZ"Dlhl_[yijbkeZe"KdZdhcp_evx"l_fgh\hehkZyko\ZlbeZ_zaZ\hehku
Hl\_qZc`_
Yg_agZxHlimklbl_^_\mrdZjmdZfbiulZeZkvhkeZ[blvi_lexgZr__
LZdlug_[m^_rv]h\hjblv"\hbl_evgbpZkkbehchlr\ujgmeZ_z
Ygbq_]hg_agZxF_gyg_ijbkueZebFZj]ZjblZaZdZreyeZkvhlm^mrZxs_aZlygm\r_]hky
ZjdZgZbhlihiZ\r_]h\jhli_kdZ
^_\bpZ^h[hebk`ZeZaZiyklv_FZj]Zjbluih^gy\_zgZ^a_fezc
=h\hjx`_ygbq_]hg_agZxZqlh_szfh]eZhgZhl\_lblvF_gyg_^he`gh[ulva^_kvWlh
dZdZylhhrb[dZ
L_fgh\hehkZyjZa^jZ`_gghkgh\Z[jhkbeZ^_\mrdmgZa_fex
Ijh^he`Z_rvgZklZb\ZlvgZk\hzf"\hbl_evgbpZ^Z`_g_kdju\ZeZk\h_c^hkZ^uihwlhfm
�ih\h^mmfZxie_lvjZa\y`_ll_[_yaudGZ^h^heh`blv_z_ebq_kl\mqlhfuko\Zlbeb
ribhgdmghwlbokeh\JblZm`_g_keurZeZ
Ihke_i_j\h]hm^ZjZhgZihiulZeZkvg_djbqZlvb^hdjh\baZdmkbeZ]m[uIhke_\lhjh]hhgZ
aZdjbqZeZIhke_iylh]hm^ZjZ^_\mrdZihl_jyeZkhagZgb_
Qlha^_kvijhbkoh^bl"kijhkbeZih^hr_^rZydhjhe_\ZGZg_c[uehdhjhldh_qzjgh_ieZlv_
jZkrblh_ahehlhfih\_jodhlhjh]h[uebgZ^_luez]db_ihahehq_ggu_^hki_obgZjmdZolZdb_`_
ihahehq_ggu_gZjmqbbgZdhe_ggbdbih\_jo\ukhdbodh`ZguokZih]bi_jqZlhdJy^hfkg_c[ue
\ukhdbck_jh]eZaucfheh^hcq_eh\_d\k_j_[jyguo^hki_oZoihie_qZfdhlhjh]hjZkkuiZebkv
k\_lehkbj_g_\u_dm^jb
FuihcfZebribhgdmZr_\_ebq_kl\h\hbl_evgbpZmdZaZeZgZFZj]ZjblmMfZg_ijbeh`m
hldm^ZhgZlml\ayeZkvHgZgbq_]hg_kdZaZeZ
FZjbdha^_kv"GhdZd"xghrZ[jhkbekyd[_kqm\kl\_gghfml_em^_\mrdbHgZg_ribhgdZ
Qlh\ukg_ck^_eZeb"
LZd\hll\hydgy]bgyRgZc^_j"HgZbijZ\^ZdjZkb\__fhboZfZahghddhjhe_\Zko\ZlbeZkv
eZ^hgvxaZh[h``_ggmxqZklvebpZLug_kdZaZeqlh_zkbeZkbeZh]gyAZ[_jb_zaZ[_jbk_cqZk
`_hgZih\_jgmeZkvebphfdiZjgxZ\]eZaZo_z[ue^bdbcm`Zk]hjysbcyaudZfbieZf_gb
AZ[_jb_zKfhlj_lvgZg_zg_kl_jibfhBqlh[hgZg_ihiZ^ZeZkvfg_gZ]eZaZ
�ZZr_\_ebq_kl\hHgZg_ijbqbgbl\Zf\j_^ZyagZxBh\ayeFZj]ZjblmgZjmdbkgbfZyk
_ziZevpZh[jmqZevgh_dhevphL_[_wlh[hevr_g_ihgZ^h[blky
Y`_\b`mdZdwlhkt_^Z_ll_[ybagmljbM`g_l_rbrvebluk_[ygZijZkgufbf_qlZfbqlhhgZ
y\beZkvkx^ZjZ^bl_[y"Bgl_j_kghhklZevgu_OjZgbl_ebagZxlqlhhgZa^_kv"@^ZlvebgZfbo
ihy\e_gby"\h\a]ey^_dhjhe_\uqblZeZkvlj_\h]ZbkhkljZ^Zgb_dlhci_qZebqlh`beZ\_]hk_juo
]eZaZoDZdhgZ\hh[s_lmlhdZaZeZkv"
Wlhg_bf__lagZq_gbyImklvijboh^ylybfmkljhxlZdhcijbzfqlhhgbhq_gvih`Ze_xlhg
ihgzk\dhfgZlmk\hx[_kp_ggmxghrm
LukebrdhfkZfhm\_j_gRgZc^_jh[_kihdh_gghijhbag_keZ:ev\bkBhldm^Zklhevdhkbeu\
wlhffZe_gvdhfojmidhfkha^Zgbb"
\r\r\r
FZj]hijbreZ\k_[yhl[heb
IZj_gv_zjh\_kgbd\ukhdbcom^hsZ\uc[e_^gucqvbk_ju_]eZaZ[uebihegulhkdbghkZfuf
\i_qZleyxsbf[ueb_]h^ebggu_\hegbklu_\hehkukbj_g_\h]hp\_lZaZie_l_ggu_\lheklmxdhkm
k_cqZkh[jZ[Zlu\Ze_zjZgu
QzjldZdi_qzl:chgZkdjb\beZebphhlg_ijbylgh]hhsms_gby``_gby\hldjuluojZgZogZ
kibg_
LZdk_cqZkg_fgh]hijbih^gbfbkvyl_[yi_j_\y`mihijhkbehgkg_h`b^Zgghlziehc
g_\hevghmeu[gmeZkv
Lu"ih\_jgm\]heh\m^_\mrdZaZ[ueZ\kzqlhohl_eZkdZaZlvhgZg_fh]eZih\_jblvk\hbf
]eZaZfG_m`_ebwlhb\kZfhf^_e_luBh"
FhzgZklhys__bfyFZjdfbe_^bihdehgbekyxghrZ
DZdlua^_kvhdZaZeky"B]^_fu\hh[s_"QlhwlhaZf_klh"kijhkbeZhgZihdZhgihfh]Ze_c
ih^gylvkybk_klv
uijbLzfghf^\hj_fhye_^bh[tykgbeBh
Fhb^jmavys_^jh\hagZ]jZ^yll_[yaZfhzkiZk_gb_lhevdhihfh]bfg_\_jgmlvkyihijhkbeZ
�^_\mrdZ]ey^ygZ_]hg_ijhgbpZ_fh_ebph`hggbgZ\_jgh_m`_\_kvba\zekyAZq_fl_[_wlZ
\hcgZ"Qlhl_[_\g_c"
�:dlhmgZk`hg"e_^yguflhghfkijhkbeiZj_gv
HgmgZkfm`meu[gmeZkvFZj]ZjblZHcDhevph=^_fhzh[jmqZevgh_dhevph"kiho\ZlbeZkv
hgZihkfhlj_\gZk\hbjmdb
G_agZxkihdhcghaZf_lbeBhuiv_rvq_]hgb[m^v"Fh`_lnjmdlh\"Dhgn_l"
KiZkb[hghyg_]heh^gZFZj]ZjblZhljbpZl_evghihdZqZeZ]heh\hc
L_[_kbeu\hkihegylvgZ^hhgijhlygme_clZj_edmki_q_gv_fb^_\mrdZg_ohly\ayeZh^ghZ
yl_[_gZne_cl_ku]jZx
Bku]jZe^ZlZdmx^b\gmxf_eh^bxqlhFZj]ZjblZaZ\hjh`_gghkemrZeZdZdih^]bighahfHl
wlhcfmaudbjZaju\Zehkvk_j^p_ohl_ehkvieZdZlvbkf_ylvkyh^gh\j_f_ggh
Wlh[ueh\_ebdhe_ighijhr_ilZeZhgZihljyk_ggZy_]h^Zjh\Zgb_f
L_[_ijZ\^ZihgjZ\behkv"kdjhfghihlmibe\ahjiZj_gv
:lhdZd`_meu[gmeZkvJblZLub]jZelZd\^hogh\_gghKZfkhqbgbe"
G_lwlhJZofZgbgh\hdZeba:\_^vagZ_rvlufhyfmaZxghrZgZdehgbekydkZfhfm_z
ebpmbihp_eh\ZeDZd`_^Z\ghhgohl_ek^_eZlvwlhOhl_e_zOhl_eihqm\kl\h\Zlvl_iehblj_i_l
_zl_eZ\k\hbojmdZomeh\blv[b_gb__zk_j^pZklZlv_zl_gvx_z^uoZgb_fmkeurZlvk\hzbfyba
_zmklm\b^_lvkljZklv\_z]eZaZoBwlh[ueihp_emce_]dbcihqlbg_\_khfucdZd^mgh\_gb_
k\_`_]h\_ljZdZddZkZgb_lhgqZcrbodjuev_\[Z[hqdbhg[hyekyqlh\kzijhbkoh^ys__y\ey_lky
ebrvfmqbl_evgufkghf]jhaysbfbkq_agmlvhlex[h]hg_hklhjh`gh]h^\b`_gby
H]hjhr_ggZy^_\mrdZhlkdhqbeZhlg_]hdZdhriZj_ggZy
G_ihgyeZQlhwlh[ueh"hgZqZklhqZklhaZoehiZeZ]eZaZfbklZjZykvijh]gZlvwlhgZ\Z`^_gb_
Yex[exl_[yKeurbrv"LhevdhkdZ`bh^ghl\hzkeh\hby\_kvfbj[jhrmdl\hbfgh]Zf
FZjbdhg_m`_eblug_magZ_rvf_gy"hgko\Zlbe_zaZjmdm=hkih^by\kzlZdbkdZaZewlhLu
ohl_eZagZlvaZq_ffg_wlZ\hcgZ^Zg_aZq_fGZkZfhf^_e_Fg_ie_\ZlvgZ\k_odjhf_l_[y
ImklvjZa[bjZxlkykZfbfg_gm`gZlhevdhluImklv:ev\bkm^h\e_l\hjblk\hx`Z`^mf_klb
ihs_dhlZ\g_j\udgyax
DgyavkdhgqZeky\ufh`_l_ij_djZlblvwlmg_e_imx\hcgmijb]emr_gghhl\_lbeZ^_\mrdZ
XlhhgZijh\_eZjmdhcih_]hs_d_b\iZfylb\kieueb\j_f_gZdh]^Zhgb[uebgZ_fgbdZfb
gbg^ay\n_h^ZevghcYihgbb_]hbkdZ`_ggh_[_kkbevghcyjhklvxbjZkl_jyggh_ebphdh]^ZhgZ
\ureZdg_fm\jZahj\Zgghfdbfhghgh`lhjqZsbcba_z]jm^byjdZyk\_jdZxsZyfZe_gvdZy
fhegbykxjxd_gZ\hgab\r_]hky\]hjehkhi_jgbpuh[`b]ZxsZy[hevbZ[khexlgZyq_jghlZ?keb
K_cqZky`b\m^jm]hc`bagvxbex[ex^jm]h]h?keby^_ckl\bl_evghg_[_ajZaebqgZl_[_lh
hlimklbf_gyih`ZemcklZHklZgh\bwlm\hcgm_z]hjysbc\a]ey^fh][ujZkr_\_eblvbklZlmx
ghgbh^bgfmkdmeg_^jh]gmegZ_]hebp_
hlwlh]hyg_fh]mk^_eZlvxghrZhl\_jgmekyM`_kebrdhfiha^ghYihfgx\kzihfgx
keh\ghwlh[ueh\q_jZBqlhfg_^_eZlvkwlhciZfylvx"YkbebekyaZ[ulvIjZ\^Zhq_gvklZjZeky
;_^gucfZevqbdih^Z\e_gghijhr_ilZeZFZj]ZjblZ
Bhj_adhih^kdhqbe
LZd\hlqlhluh[hfg_^mfZ_rv"Y^eyl_[y\k_]hebrvfZevqbrdZ^hklhcguclhevdh`Zehklb
�ZqlhlulZdh_]h\hjbrv"Gmihq_fmbf_gghy"FZj]ZjblZihiulZeZkvhlkljZgblvkyhlg_]h
YaZfm`_fbex[exk\h_]hfm`ZAZq_fyl_[_"
Yex[exl_[yih\lhjbehgkgh\Z\ay\_zjmdm
G_lwlhijhklhkmfZkr_kl\b_dZdh_lhG_gZ^h^_\mrdZm[jZeZk\hxjmdmbkljm^hf
ih^gyeZkvk^b\ZgZLu_szg_gZmqbekyjZaebqZlvex[exbohqm
:luex[brv"Ex[brvk\h_]hfm`Z"k]hj_qvx\]hehk_[jhkbehgBqlh`_\gzf_klvlZdh_
q_]hg_lmf_gyhl\_lvfg_"
�Zyex[exBagZ_rvihq_fm"hgZjZa\_jgmeZkvebphfdiZjgxHgp_gblg_lhevdhfhzl_eh
ghbfhx^mrmHg^eyf_gyb^jm]bkh\_lqbdbaZsblgbdbex[h\gbdykgbfqm\kl\mxk_[y
kihdhcghbm\_j_gghYg_fh]mkhe]Zlv_fm^Z`_\f_ehqbbg_fh]m`blv[_ag_]h:l_[_agZdhfh
ohlvqlhgb[m^vbawlh]h"Ex[h\vwlhg_lhqlh[_j_rvkbehcZlhqlhhl^Z_rv^h[jh\hevghg_
lj_[mygbq_]h\aZf_ghlkbevguowfhpbcm^_\mrdbaZdjm`beZkv]heh\Zb_zqmlvg_klhrgbeh
G_fh`_l[ulviZjgyihjZabeZ^h]Z^dZhlq_]h_]hb[_alh]h[e_^gh_ebphklZeh_sz[_e__
hgohl_e[ueh_szqlhlhkdZaZlvghih^Z\bekykeh\ZfbZbijZ\^ZqlhhgagZ_lhex[\bhgg_
agZ\rbcgbhlpZdhlhjuchldZaZekyhlg_]hgbfZl_jbdhlhjZymf_jeZhlihke_jh^h\h]h
djh\hl_q_gbydhlhjucijh\_ek_fve_l\gbs_f^_l^hf_gZhdjZbg_Ev\h\ZihdZg_hldjue\k_[_
g_h[uqgu_kihkh[ghklbbg_klZeba]h_fZihlhfg_k[_`Ze\hlm`_^_kylv^he]boe_lkdblZykvih
k\_lmHg^Z`_\ayek_[_^jm]h_bfyqlh[uaZ[ulvghlZdbg_kfh]Qlhfh`_lagZlvhex[\bhg
dhlhjh]hgbdlhgbdh]^Zg_ex[be"Lhevdhfukebhg_c^Z\Zeb_fmkbe`blv^Zevr_ui_c
ih`ZemcklZbmkihdhckyhgih^Ze_cklZdZg\h^uB^Z\ghl_[ylhrgbl"Khfghclu\
[_ahiZkghklbYihaZ[hqmkvhl_[_bhj_[zgd_KdZ`mqlhwlhfhcj_[zghdl_[yg_ljhgml
Ghwlhg_lZd\hlqZygbbhgZhimklbeZ]heh\mgZdhe_gb
Bhko\Zlbe^_\mrdmbihlZsbedhdgm
OhjhrhIhex[mckygZk\h_]h]_jhyohl_e\_jgmlvl_[y\udjbdgmehg
Lhqlhm\b^_eZFZj]ZjblZ\ua\Zehmg_zijbklmim^mrvyb^_\mrdZqmlvg_ihl_jyeZkhagZgb_
hgZohl_eZaZdjbqZlvghihemqbekyebrvkbieuc\hc
IZj_gv[ukljhhl\ze_zhlhdgZ
�Aj_ebs_^_ckl\bl_evgh[uehg_^eykeZ[hg_j\guo`hg\_kvba[bluckhdjh\Z\e_gghcih\yadhc
gZ]eZaZo[uejZkiylgZiehsZ^bLzfgh]h^\hjZLhqlhdh]^Zlh[uehh^_`^hcl_i_jvk\bkZehgZ
gzf]jyagufbehofhlvyfb
�_\mrdZk_eZgZ^b\Zgbh[o\ZlbeZ]heh\mjmdZfb
G_lg_lg_lg_lDZd`_lZdWlh]hg_fh`_l[ulvYg_\_jxWlhg_fh`_l[ulvijZ\^hcWlh
hlqZygghaZfhlZ\]heh\hcIjhkgmlvkyIjhkgmlvkyYohqmijhkgmlvky
IZj_gvijbh[gyeFZj]ZjblmaZie_qb
Fg_hq_gv`Zevgh_fmm`_g_ihfh`_rvHgm`_ihdhcgbdGhfulhklh[hc_sz`b\u
hlgZkqzlk_[yyg_m\_j_gZ[_a`bag_gghijhbag_keZFZj]ZjblZkezam`_g_[uehB]eZaZb
\kz\gmljbbat_^Ze[_a`Zehklguch]hgvb\kzZ^h\hieZfyg_\khklhygbb[m^_l\ukmrblv_zkezau
dhlhjufm`_g_lkbeijheblvkyhlq_]hlhevdhg_\ughkbf__wlZ[hevG_q_fieZdZlvdZd`Zev
Wlhfhy\bgZkzbaaZf_gyDZdfg_l_i_jvkwlbf`blv"Bhijhrml_[yimklbf_gydg_fm
FZj]Zjblmdhehlbehagh[
G_fh]m]emohhl\_lbehg
Ih`ZemcklZyohqmkgbfihijhsZlvky^_\mrdZ[jhkbeZkvd^\_jb
Y`_kdZaZeg_lhgj_adhhklZgh\be_z
Bhk_egZdjh\Zlvjy^hfkFZj]Zjblhcb\aye_zaZjmdm
LukbevgZylu^he`gZ`blvYihaZ[hqmkvhl_[_bihfh]maZ[ulv\_kvwlhldhrfZjlhevdh
^h\_jvkyfg_hgijb\ezd_zdk_[_
JblZ\kdhqbeZb\uj\Z\rbkvba_]hjmdko\ZlbeZkhklhebdZgh`^eynjmdlh\
Lu\_^vfh]kiZklb_]hghlubg_ih^mfZe^Z`_qlh[uihfhqv"G_ih^oh^bdhfg_?szh^bg
rZ]be_a\b_\hc^zl\fhzl_ehihkZfmxjmdhyldmYg_rmqm
GhiZj_gvmf_ehko\Zlbejmdm^_\mrdbbk`Ze_zklZdhckbehcqlhqmlvg_kehfZeiZevpudbklv
jZa`ZeZkvbgh`miZegZihe
G_^mjbYg_^himsmqlh[uklh[hcqlhgb[m^vkemqbehkvAgZ_rvmf_gylh`__klv]hj^hklvY
mc^m_keblZdl_[_ijhlb\_gYfh]mihemqblvl\hzl_ehdh]^ZaZohqmghg_wlhfg_gm`ghYb
iZevp_fl_[yg_ljhgmihdZlukZfZg_ihah\_rvf_gyDeygmkvqlhdh]^Zgb[m^vlukZfZijb^zrv
dhfg_h^gZ`^uluijbf_rvfhxex[h\v
�Lh]^Zl_[_ijb^_lky`^Zlv\_qghZhdZdhcex[\blu]h\hjbrv"FZj]ZjblZihkfhlj_eZgZ
g_]hkg_kdju\Z_fufm`ZkhfgZkdhevdhhg[uedjZkb\\g_rg_gZklhevdh`_hg[ue[_ah[jZa_g
^moh\gh_z[be\gmlj_ggbcfZg^jZ`KZfh\ex[ezggucw]hbklBf_gghw]hbklbqgucfZevqbrdZ
�Lug_kihkh[_gex[blvgbdh]hdjhf_k_[yMl_[yg_lk_j^pZZbf_gghdZijbagucj_[zghd
ijb\udrbcihemqZlvex[mxb]jmrdmdZdmxaZohq_lebrv^eylh]hqlh[uihehfZlv_zhgZk
mdhjhfihkfhlj_eZ\_]hk_ju_]eZaZklZevgh]hhll_gdZGhluaZrzekebrdhf^Ze_dhEx^kdb_
`bagbbkm^v[ug_b]jmrdZHklZgh\bkv
LmlBhkhj\Zeky_fmohl_ehkvjZkl_jaZlv_zkfylvkehfblvmgbqlh`blvgZdhg_pihdhgqblvkh
\k_fjZabgZ\k_]^Zkhfdgm\iZevpugZ_zg_`ghcr__
Dlh^Zel_[_ijZ\hlZdkhfghcjZa]h\Zjb\Zlv"hgoe_klZgme^_\mrdmihebpm:f_gydlh
gb[m^vex[be":fg_dlhgb[m^vdh]^Zgb[m^vihfh]Ze"F_gygbdlhg_mqbeihfh]ZlvAgZ_rvdZd
qZklhfg_l\_j^bebBhml_[yg_lk_j^pZbgh]^Zy^Z`_ki_pbZevghghqvxijbkemrb\Zxkv
[vzlkyebhghwlh[uehgZklhevdhg_h`b^ZgghqlhhgZmiZeZgZihe
K_cqZky\l\h_c\eZklbbeb^_eZcqlhohq_rvbebijhklhmc^b_e_keurghijhbag_keZhgZ
?kebkqblZ_rvqlh\ijZ\_fklblvfklbfg_h^ghc^jm]b_g_bf_xl\bgui_j_^lh[hc
Bh\ur_eoehigm\^\_jvx
JblZh[_kkbe_\k_eZgZdhe_gb
Kh`Ze_xFZj]hghluhiha^ZeZYm`_ijhdeylklh]hkZfh]hfhf_glZdZdm\b^_el_[yBh
k_emi_j_\]heh\m\eZ^hgbih^ibjZy^\_jvk^jm]hcklhjhgu
g_aZighbadhfgZluihkeurZekydjbdIZj_gv\u[b\^\_jv\[_`Ze\dhfgZlmbm\b^_e
FZj]Zjblme_`Z\rmxkdhjqb\rbkvgZhdjh\Z\e_gguoijhklugyojmdZfbhgZijbdju\ZeZ`b\hl
Ihfh]bl_ih`ZemcklZ[_aa\mqghh^gbfb]m[Zfbijhr_ilZeZ^_\mrdZ
IhrZlgm\rbkvhghi_jkyh^\_jghcdhkyd[hevijhgabeZ_]h\k_]hkeh\gh_fmkZfhfm\kihjheb
�`b\hlb\u\_jgmeb\gmlj_gghklbgZjm`mhe`gh[ulvlZd`_b_]hfZlvmfbjZeZbkl_dZydjh\vx
ihke_jh^h\:l_i_jvlZdbf`_h[jZahfmoh^bl_szh^bg^hjh]hc_fmq_eh\_d
jZqZG_f_^e_gghaZhjZeBh
kz\j_fyihdZ\jZq[uekFZj]ZjblhciZj_gvkb^_egZihem\hae_^\_j_c_zdhfgZlu
=hkih^byg_agZxgbh^ghcfhebl\u^Zb\jy^ebohlvq_]hgb[m^vklhylfhebl\ulZdh]hdZdy
lhevdhijhrmg_hlgbfZc_zmf_gy?kebohq_rvgZdZaZlvaZfhbij_]j_r_gbylhgZdZau\Zcf_gy
h^gh]hhgZgb\qzfg_\bgh\ZlZih\lhjyehg\kz\j_fy
Q_j_ag_dhlhjh_\j_fy\ur_e\jZqmg_]hmkZfh]hebph[ueh[_e__kl_gu
Fhc]hkih^bgfuk^_eZeb\kz\hafh`gh_ghWlh[ue\udb^ur
Qlhk`_gsbghc"Bhihqlb\^Z\befm`qbgm\kl_gmlj_[h\Zl_evgh]ey^y_fm\]eZaZ
?cgm`_gihdhcbmoh^_e_\u^Z\belhl
Ihr_eijhqviZj_gvj_adhhllhedgmefm`qbgm
\r\r\r
�_\mrdZfheqZeZ\iheghfklmihj_imkluf\a]ey^hfkfhljy\ihlhehdebrvgZs_dZo[e_kl_eb
fhdju_^hjh`dbkezahgZihl_jyeZ\kzfm`Zj_[zgdZk\h[h^mgmljbZ[khexlgZyimklhlZHgZ
g_ihgbfZeZdZdbaZq_f_c`blv^Zevr_Hgihkfhlj_egZg_zbm`Zkgmeky\wlhcbafmq_gghcb
bafh`^zgghcfheh^hc`_gsbg_g_magZlv[uehdjZkZ\bpmFZj]Zjblmbhglh`_[ueijbqZkl_gdh
\k_fmqlh_c^h\_ehkvi_j_`blvFZj]h^h[jZydh]^Zgb[m^vhgZkfh`_l_]hijhklblv_keb
\u`b\_lg_lBhklZjZekyhlh]gZlvhlk_[yfjZqgu_fukebdhg_qgh`_hgZ\u`b\_l\hllhevdh
kfh`_lebhgkZfk_[yl_i_jvijhklblv\hl\qzf\hijhk?fmohl_ehkvih^^_j`Zlv_zghhgg_agZe
dZd?keb[uhgfh]\aylvgZk_[yqZklv_z[hebbmf_gvrblvkljZ^ZgbyIjhrehm`_g_kdhevdh
qZkh\ZFZj]ZjblZhklZ\ZeZkv\kzlZdhc`_[_amqZklghcHgZ[ueZkebrdhfkeZ[Z^Z`_^eylh]h
qlh[uijbgylvibsmqlhk_cqZk_c[uehg_h[oh^bfhLh]^ZmBhg_hklZehkv^jm]h]h\uoh^ZdZd
aZklZ\blv_z\uiblvohly[u\h^uf_lh^hfjhl\jhl
g_aZighhgZk`ZeZ_]hjmdmblbohijhbag_keZ
Yk[_]mhlkx^Z^Z`__keblufg_g_ihfh`_rvY\_jgmkvdk\hbfbijh^he`mkjZ`Zlvky\hllZd
bihklmiexL_i_jvyijhklhg_fh]mihklmiblvbgZq_Gm`ghhklZgh\blvwlmm`Zkgmx\hcgmblZd
m`_kebrdhffgh]h`_jl\Yg_ohqmqlh[udlhlh_szihkljZ^Ze
G_^mfZck_cqZkgbhqzfYijbg_kml_[__sz\h^uhg\ayekhklheZimklhcklZdZgb\ur_eba
dhfgZlu
Dh]^Z`_hg\_jgmekylhh[gZjm`beqlhgZdjh\Zlb^_\mrdbg_lebrv\_l_jq_j_ahldjulh_hdgh
jZa\_\Zeez]db_aZgZ\_kdb
G_f_gyeblubs_rv"Bhih\_jgmekybdh]^ZjZkk_yekyqzjguclmfZgaZf_jrhdbjh\Zgguc
m\b^_ggufi_j_^gbfklhyeZbFZj]ZjblZbg_FZj]ZjblZ\lh`_\j_fygZg_c[ueqzjguc
ehdlygZjmdmgZfhlZgZie_lvZgZebp_qzjgZydjm`_\gZyfZkdZih^dhlhjhc[ue\b^_gyjdbc
fZdby`Hg\kihfgbeij_^mij_`^_gb_:ev\bk^_\mrdZg_\u^_j`ZeZihljyk_gbyb\kzqlh\g_c
_]hlZd\hkobsZeh\kzqlhhg\g_cex[be[uehih]ehs_ghlvfhchgkZfk\hbfbjmdZfb\ajZklbe
QzjgmxJhambk\hbfb`_jmdZfbhgmgbqlh`be\kzlhk\_leh_qlh[ueh\FZj]Zjbl_
Qlhklh[hc"\]eZaZo_z[ueZl_i_jvqzjgZy[_a^gZLugZk_[yg_ihoh`ZDZd[u]em[hdhlug_
kijylZeZk\hx[hevlhwlh_szg_hagZqZ_lqlhhgZbkq_ag_l
Khfghc\kzijhklhaZf_qZl_evgh[_ajZaebqghijhbag_keZhgZ]ey^yfbfhg_]hbhl\_jgmeZkv
Q_fhiylvg_^h\he_g"
�AgZc`_hgjZa\_jgme_zebphfdk_[_y\bgh\Zli_j_^lh[hc[_kdhg_qgh\bgh\Zl`hg`b\
wlh[ueZbeexabyyh[fZgmel_[y?]hlmlg_[uehyijZ\^Zg_agZx]^_hg
O\Zlblm`_ba^_\ZlvkygZ^hfghcgZk\h_cs_d_hgihqm\kl\h\Ze`Zjihs_qbguBdZdhfmba
l\hboe`b\uokeh\y^he`gZl_i_jv\_jblv"Jmdbk\hbm[jZehlf_gym^ZjbeZhgZjmdhylvx
dgmlZih_]hjmd_Ihr_e\hgihdZyhdhgqZl_evghg_jZahaebeZkv
\r\r\r
j_f_gghh[_a\j_^b\i_j_`Zlb_fkhgghcZjl_jbb^\hbodZjZmevguom^Zevgbo\hjhlaZfdZL_fguo
�g_[_k`hgbfheh^hcobjmj]i_j_h^_ebkv\bonhjfm
���J_r_gh[uehqlh`_dkZgbweehchklZgmlkyklhjh`blvwlhl\oh^^h\ha\jZs_gby`hgZghijb
fZe_cr_chiZkghklb\ha\jZsZxlkygZaZ^q_j_aihjlZe\e_kmqlhjZajhkky\hdjm]
�Ihg_\_jhylghcm^Zq_`hgmm^Zehkvg_aZf_q_ggufijh[jZlvkyih^kh[gufbihf_s_gbyfb^h
]eZ\gh]ha^ZgbyaZfdh\h]hdhfie_dkZghgb]^_g_[uehbke_^h\FZj]Zjblu
hae_[Zkk_cgZ]^_hgg_h`b^Zedh]heb[h\klj_lblvklhyeZ\ukhdZynb]mjZ
Bhf_^e_gghih\_jgme]heh\mbbo\a]ey^u\klj_lbebkv
Y\k_]Z^Z\dheb`gZl_[_q_dZlb :y\kzijbdb^u\Zedh]^Z`_l_[y`^ZlvMdj\fjZklygme
hg]m[uexlufhkdZehf:e_\`_aZiagh Ghm`_iha^ghMdj\f
�G_fh`_l[ulvqlh[uylZdjbkdh\Zeb\kzgZijZkghLuagZ_rv]^_hgZ"]eZaZ`hgZfhebebh
ihfhsbBhb[jh\vxg_ih\zeGhdZdbog_bfh\_jguomkbebcwlhklhbehagZelhevdhhgkZf
�Dkh`Ze_gbxgbq_fg_fh]mihfhqvOhlyg_ly\jmygbhq_fg_kh`Ze_xmfZ_rvyg_agZx
aZq_flua^_kv"@ZevqlhHG:g_magZ_lhl\hboih^\b]Zo\kzlhqlhBhlZd^he]hdhibe\k_[_
\uj\Zehkv\^jm]gZjm`maZoe_klu\ZyjZamf\k_cklbobcghcyjhklvxbg_kl_jibfhc]hj_qvx[heb
�eyl_[y_z[hevr_g_l=^_lu[uedh]^ZhgZmfbjZeZgZfhbojmdZo"=^_lu[uedh]^ZgZ_fgbdb
dZe_qbeb_zl_ehb_z^mrm"L_[yg_[uehJy^hfkg_c[ueyMl_[y[ueh\kz^hfk_fvyZmf_gy
lhevdhhgZLuijhklh\hjlumdjZe_zmf_gyK\h_cdjh\vxluhfh_rv_zihp_embbh[tylby
�Zqlhlu]h\hjbrv":]^_lu[uedh]^ZgZ_z]eZaZoih]b[lhldlh[ue_zi_j\hcex[h\vx"
Dh]^ZhgZe_`ZeZijbdh\ZggZydihkl_eb"Dh]^Z_zfmqbebdhrfZju"Dh]^ZgZfgm`gZ[ueZ
ihfhsvlZf\iZjb`kdbodZlZdhf[Zo"Dh]^ZgZiehsZ^bG_[_kgh]h]jZ^ZieZfyhdmlu\Zeh_z"
�`hgko\ZlbeiZjgyaZ]hjehijb^Z\b\kibghcdkl_g_G_lufg_[m^_rvjZkkdZau\ZlvLub
iZevp_fg_dhkg_rvky_zlhevdhq_j_afhcljmi
HHlebqgZyb^_ybf_gghwlhybkh[bjZxkvk^_eZlvaZ^\_jvxihkeurZebkvrZ]bkljZ`gbdh\
b]jm[uf^\b`_gb_fBhlhedgmek\h_]hg_^Z\g_]hkh[_k_^gbdZ\[Zkk_cgk\h^hcigm\ih^Zevr_
_]hhjm`b_wlhlfhf_glhldjueZkv^\_jvbgZihjh]_ihy\bekydZiblZgghqgh]hdZjZmeZ
Y\iheghfihjy^d_G_\b^brvlmlgbdh]hg_llhevdhyh^bgBhhimklbe]heh\m\\h^mb
�gZc^y]m[u`hgZi_j_^Ze_fmkiZkbl_evgmx^hamdbkehjh^ZbgZ^hkdZaZlvdZdjZa\h\j_fy_sz
qmlvqmlvblhlh[gZjm`be[uk_[yqlhg_kmebehgbq_]hohjhr_]h^eyh[hbo
�_fhgkljZlb\gh\ul_j_\qzedmihehl_gp_fBhkdhjqbejh`bpmhkdhj[ezgghcg_\bgghklb
DZiblZg_kebwlh\kzlhkf_xgZ^_ylvkyqlh\uhklZ\bl_f_gy\ihdh_"
DZiblZghlkZexlh\Zeb\ur_e
�Bhihfh]`hgm\u[jZlvkyba[Zkk_cgZbih^Ze_fmihehl_gp_
ha\jZsZcky^hfhcihdZyl_[yhlimkdZx
�GZ^h`_hg^_eZ_lfg_h^he`_gb_\]g_\_aZdjbqZe`hg;_ag_zyg_mc^mhgko\ZlbeiZjgy
aZ\hjhljm[Zrdb
G_rmlbkhfghcfZevqbdB[_anhdmkh\G_kf_cfg_e]Zlv=h\hjb`_aZdebgZx=^_hgZ"JZ^b
wlh]hlu]hlh\jZa\yaZlv\hcgm"G_lluijhklh[hevghc
�G_^Z\^Z`_hihfgblvkyRgZc^_jko\Zlbe`hgZaZ\hehkubkh\k_ckbeur\ujgmegZihe
�M^Zjb\rbkvh[hjlbd[Zkk_cgZ`hggZf]gh\_gb_ihl_jyekhagZgb_ihebpmkl_dZeZkljmcdZ
djh\b
AgZck\hzf_klh\uj\ZehkvmBhGbdlhg_kf__lfg_mdZau\Zlv
KlZdbfgZkeZ`^_gb_fBh[be_]hih`b\hlmih[hdZfihkibg_
Yg_kh[bjZxkviZ^Zlvi_j_^lh[hcgbpbgZdhe_gyomfheylvhldZaZlvkyhlg_zYebrvaZ[bjZx
lhqlhfhz
�:ylZdg_^mfZx`hgk\ze[jh\b\g_bklh\hcihiuld_ih^gylvkyFZj]ZjblZg_l\hy\_sv
qlh[ulujZkihjy`Zeky_xIj_^hklZ\v_ckZfhcj_rZlvdhfmhgZ]hlh\Zhl^Zlvk\hzk_j^p_bk\hx
^mrmy`_ijbfmex[hc_z\u[hjImklvFZj]ZjblZkZfZfg_kdZ`_l\ebphqlhij_^ihqblZ_ll_[y
Z^hl_oihjlufg_g_khi_jgbdko\Zlb\iZjgyaZklhimhgj_adhihlygmegZk_[yg_
m^_j`Z\rbkvBhjZklygmeky\h\_kvk\hcg_fZe_gvdbcjhkljy^hfgZihem
&#xkl;&#xZ;&#xZy;&#x;klZ\Zy`hgkiexgmedjh\vbihiulZeky^hlygmlvky^hf_qZRgZc^_jl_f\j_f_g_fmki_e
i_j_dZlblvkyb\kdhqb\gZgh]blh`_^hklZehjm`b_
LulZdm\_j_gqlh]hlh\ihklZ\blvgZwlhk\hx`bagv"f_qbkha\hghfkdj_klbebkv
Yg_ijhklhm\_j_gyagZxG_m`_eb\l_[_g_hklZehkvgbq_]hhlfm`qbguqlhlu]hlh\\aylv
`_gsbgmijhlb\_z\heb"Blhevdhihijh[mc_cqlhgb[m^vk^_eZlvRgZc^_jyl_[ybaih^a_feb
^hklZgmKeurbrv"bgbdlhbagbog_`_eZemklmiZlvh[Z[uebjZ\gu\fZkl_jkl\_
Bhfbehmeu[gmeky
MoDZdybkim]ZekyDZdfg_kljZrgh?keb[uluagZekdZdbfm^h\hevkl\b_f\hlwlbfb
iZevpZfbjZa^Z\be[uyl\hzk_j^p_Lu[m^_rvfheblvhkf_jlbdZdh\_ebqZcr_f[eZ]_ex[\b
bgZ\hcg_\k_kj_^kl\ZohjhrblZd\_^v]h\hjyl"Yex[ex?,blugbq_]hg_kfh`_rvkwlbf
k^_eZlvihlbdjh\vaZklbeZeb]eZaZhgbm`_g_\b^_ebdm^Zp_ebebkvihdhjimkmihie_qZfih
]he_gyfDebgdbk`Z^ghklvxibebdjh\vK_dmsb_m^ZjukuiZebkvkqm^h\bsghckbehcb
fhegb_ghkghckdhjhklvx=eZaZh[hbo]hj_ebh^bgZdh\ufieZf_g_fh^ghckljZklvx
GZa\mdbkjZ`_gbyijb[_`ZeZkljZ`Z
�K[b\kgh]h^gh]hkljZ`gbdZbh[_ahjm`b\\lhjh]h`hgklj_fbl_evgh\ue_l_eaZ^\_jv
?kebohq_rvlhfh`_rvihbkdZlv_z`_eZxm^ZqbBh\ul_jdjh\vkjZkk_q_gghci_j_ghkbpu
�fhy?z[hevr_g_lEZkdZ\hijhkbfh^hfh]hi_deZdgyax h[jhih`Zeh\Zlv\fhcZ^dgyavmdj\f
\r\r\r
�GZki_oi_j_\yaZ\gZb[he__k_jvzagu_jZguh[ju\dZfbkh[kl\_gghch^_`^u`hgk\_jgme\
[hdh\hcdhjb^hjkiZkZykvhlij_ke_^h\Z\rbo_]hkljZ`gbdh\?]hrZlZehbaklhjhgu\klhjhgm
hklZ\eyydjh\Z\u_ke_^ugZkl_gZoZ]eZaZfbhgm`_kljm^hfjZaebqZeqlheb[hi_j_^kh[hc
KljZ`gbdbg_mfhebfhijb[eb`ZebkvLuevghcklhjhghceZ^hgbhggZihke_^g_fmkbebbihklmqZe\
i_j\mxihiZ\rmxkykiZkbl_evgmx^\_jv
Kd\havrmf[hjv[ubdjbdbkljZ`gbdh\FZj]ZjblZmkeurZeZqlhdlhlhhlqZygghklmqbl\^\_jv
_zdhfgZluHldju\_zhgZh[hfe_eZ
GZr_eijhr_ilZehgjZa[blufbmklZfb_]h]eZaZdhlhju_hgZkmf_eZjZkkfhlj_lvgZ
\uiZqdZgghf]jyavxbdjh\vxebp_ijhgabeb_z\kZfh_k_j^p_Lzieuc\a]ey^jh^guo]eZa
jZa[m^beihohjhg_ggu_\^Zevgbom]hedZoiZfylb\hkihfbgZgbyghwlh^ebehkvdZdh_lh
f]gh\_gb_bFZj]ZjblZg_^ZeZwlbfqm\kl\Zfh\eZ^_lvkh[hx:hg\kzkfhlj_egZg_zbkfhlj_eb
g_fh]gZkfhlj_lvky
Mg_]hg_hklZehkv[hevr_kbeH[o\Zlb\_zr_xhgih\bkgZg_ckdehgb\]heh\m_cgZie_qh
;hevr_hgkdZaZlvm`_gbq_]hg_kfh]ahj_]haZlmfZgbeky]heh\Z[_kkbevghaZijhdbgmeZkvgZaZ^
jmdbjZa`ZebkvbhgmiZegZihem_zgh]
Kh]jhfgufljm^hfhgZi_j_g_keZ[_a\hevgh_l_ehjZg_gh]hgZdjh\Zlvwlhlfhf_gl\^\_jb
\ehfbeZkvkljZ`Z
=hkih`Zfubs_f[_]eh]heZamlqbdZKe_^u_]hdjh\bijb\_ebgZkkx^Z
?]h\ubsbl_"^_\mrdZihdZaZeZ\klhjhgmdjh\ZlbZfba\_klghdlhhg"qzf_]h\bgZ"
G_l]hkih`ZGZflhevdh\_e_gh^hklZ\blv_]hjZkl_jygghijh[hjfhlZedZjZmevguc
GZwlhf\kzfh`_l_m[bjZlvkyHgmfjzlgZfhbojmdZokeh\Z\uj\ZebkvkZfbZ]heh\Z
aZiueZeZh]gzfDh]^ZlhhgZm`_]h\hjbeZboDh]^Zlh
GhmgZkijbdZadZiblZgdZjZmeZk^_eZerZ]\i_jz^
Bqlh"uih^gbfbl_jmdmgZ]hkih`mqlh[u^h[blvjZg_gh]h"Jbkdgzl_"oheh^gh
mofuevgmeZkvhgZ]jhaghk\_jdgm\]eZaZfb
GhijbdZaihiulZeky\hajZablvkljZ`gbd
hghlkx^ZykdZaZeZdgmlFZj]ZjbluaZk\bkl_egZ^kZfufb]heh\Zfbhlhjhi_\rbo
hojZggbdh\dhlhju_jZamfghij_^ihqebj_lbjh\ZlvkyihdZkh[kl\_gghkZfbg_jZkijhsZebkvkh
k\hbfb]heh\Zfb
Kgh\Zhlju\dbkgh\;he_ag_ggu_\hkihfbgZgbyJblZk_eZgZihek`Z\]heh\mjmdZfbwlb
\hkihfbgZgbyijbghkbeb_cg_kl_jibfmx[hevDh]^Zlhwlhm`_[uehDh]^Zlh^Z\ghhllZd
`_hgZg_iha\hebeZqlh[ugZ_z]eZaZo^h[bebmfbjZxs_]h
DlhhgZ"Qlh[ueh\ijhrehf"
DlhwlhliZj_gv"Ihq_fmhgZg_^ZeZ_]hm[blv"HgZ[ueZihqlbm\_j_gZqlhfbgmlmgZaZ^[ueZ
^jm]bfq_eh\_dhfqlhlh]^Z]h\hjbeZHG:^jm]ZyhgZ
G_m`_ebijhreh_gbdh]^Zg_hklZ\bl_z\ihdh_"
BebhgZkoh^blkmfZbwlhieh^\hkiZezggh]h\hh[jZ`_gby"
?zjZafure_gbyij_j\ZeklhgjZg_gh]hFZj]ZjblZijbg_keZlZak\h^hcbih[hevr_qbklhc
B\hldh]^ZjZgu[uebijhfulubi_j_\yaZgug_kfhljygZhlqZyggh_khijhlb\e_gb_
�aZdZgqb\Z\r__kyihl_j_ckhagZgbyiZpb_glZhldZ`^h]hijbdhkgh\_gby`hghldjue]eZaZ
FZj]hKeZ\Z;h]mygZr_el_[ykzlZdbkm^v[Z[eZ]hkdehggZdhfg_hgkeZ[hmeu[gmeky
^jh`Zsbfb]m[Zfb
DZdkZfhqm\kl\b_"kijhkbeZhgZiulZykvkhkljhblvg_dhlhjh_ih^h[b_meu[db
FZj]hwlhb\kZfhf^_e_lu"hg\kz_szg_fh]ih\_jblv\lhqlh\b^_e_z
Dlhlu"JZa\_yl_[yagZx"FZj]ZjblZgZijy`_gghk\_eZ[jh\biulZykv\kihfgblv_]h
G_ihgyeG_m`_eb]ZeexpbgZpby"hgijhlygmejmdmijh\_^y_xihs_d_^_\mrdbJblmeylu
g_jZ^Z\b^_lvf_gy"Bg_ihp_em_rv"hggZjhqblhih^dZlbe]eZaZklZjZykvkdjulv\heg_gb_aZ
keh\ZfbH`_gsbgug_ihklhygkl\hbfy\Zf
�Zqlhluk_[_iha\hey_rv"hgZaZe_ibeZ_fmihs_qbgmY[hevr_g_gZf_j_gZ\ukemrb\Zlv
wlhl[j_^[hevgh]h
Gh\kzlZdbluwlhbebg_lu"hgg_hlju\ghbamqZe_z\a]ey^hf
QlhaZg_e_iuc\hijhkywlhbebg_y"Ywlhy_c[uehg_eh\dhhlwlh]h_]h\a]ey^Zhgj_aZe
]em[hdhb[hevghG_kfhljbgZf_gylZdIkboBg_kf_cgZau\Zlvf_gyJblmey^_\mrdZ
�^_fhgkljZlb\ghjZa\_jgmeZkvbgZijZ\beZkv[uehdhdgmZihah\bl_`_\jZqZgZdhg_pbah
\k_okbeaZdjbqZeZhgZhojZggbdZfm^\_jb
KemrZxkv]hkih`Zijhe_i_lZei_j_im]ZgguckljZ`bihlhjhibekyihkdhj__m^Zeblvky
Lhevdhg_luFZj]ZjblZQlhlu^_eZ_rv"hgmo\Zlbe_zaZaZiyklv_Yg_kfh]mih^gylvjmdm
�gZl_[y`hgihiulZekyh[gylv^_\mrdmaZie_qbB\h[tylbyol\hboymf_j_lvh[j_qzg
ijh^_deZfbjh\Zehg
AZldgbkvj_adhhllhedgmeZ_]hFZj]ZjblZBgZq_yg_ihkfhljxgZl\hzkhklhygb_blZd
ohjhrh\j_`mqlhfZehg_ihdZ`_lkyKljZ`Z
�G_gZc^yemqr_]hkihkh[ZaZklZ\blv^_\mrdmaZfheqZlv`hgaZdjue_cjhlihp_em_fKgZqZeZ
hgZohl_eZkhijhlb\eylvkyghihlhf_zjmdbkZfb\kihjogmeb\\_jobh[\beb_]hr_xGZoeugmeZ
\hegZhlju\qZkluo[he_ag_gguo\hkihfbgZgbck_j^p_dZaZehkvijhgabebjZkdZe_gghcb]ehcih
g_j\Zfbkhkm^Zfihl_deZjZkieZ\e_ggZyeZ\ZZkezaukZfb]hlh\u[uebiheblvkyba]eZabdjbd
aZkljye\]hje_ghhgg_hkfhljbl_evghijbdhkgmekyd_zkibg_]^_[he_eb_szg_aZ`b\rb_
rjZfuQ_j_af]gh\_gb_QzjgZyJhaZm`_dhgljhebjh\ZeZkblmZpbxhgZj_adhhlkljZgbeZkvhl
g_]hi_j_\h^y^uoZgb_
�LuhgZg_gZoh^beZkeh\ZdlhlulZdhc"Qlhlu^_eZ_rvkhfghc"Ihq_fm"jZkl_jyggh
ijh[hjfhlZeZhgZ
FZj]ZjblZ\kihfgbdlhydlhfuIhklZjZcky_^vlug_aZ[ueZlu`_\kzihfgbrvIhfgbrv
Fuwlhm`_i_j_`bebh^bgjZaex[h\vg_evayaZ[ulvLuf_gykh\k_fg_magZzrv"KdZ`bfg_lu
m`__]h`_gZbeb_szex[h\gbpZ"Bwlhijb`b\hflhfm`_hgklZjZeky\wlbo]eZaZojZa]ey^_lv
ijbqbgmlZdh]h_zim]Zxs_]hkhklhygbyL\hb]eZaZg_khe]mllu\h\eZklbqZjJblZihkfhljbgZ
f_gyyohqm\b^_lvl\hb]eZaZYihdZ_sz`b\Ijhlb\dh]hlukjZ`Z_rvky"Luwlh^_eZ_rvg_ih
k\h_c\he_Ihq_fmlug_ihkemrZeZf_gybg_hklZeZkv\[_ahiZkghklb"Qlhhgklh[hck^_eZe"Y
m[vx_]hiZj_gvihiulZeky\klZlvghihl_jyekhagZgb_hl[he_\h]hrhdZ
���L_f\j_f_g_fgZijZkghh`b^Zxsbf`hgZ`_dmkZgbweehcgZ^h_eh[_a^_ckl\h\Zlv
\_q_jg_]hg_[Zbfheh^hcobjmj]gZdbgme_cgZie_qbk\hcieZsKdZ`bq_]h`_fu`^zf"
g_l_ji_eb\hkijhkbeZhgZ?]hg_lm`_kebrdhf^he]h
Fg_wlh\kzlh`_g_ih^mr_ghgZfhklZzlkyihdZqlhlhevdhh`b^Zlv
BojZa]h\hj[ueij_j\ZgaZf_lgufh`b\e_gb_f\eZ]_j_\jZ]Zdhlhjh_hgbfh]ebgZ[ex^Zlvba
k\h_]hmdjulby
QlhhgbdjbqZl"Yg_fh]mjZah[jZlv^_\mrdZiulZeZkv\kemrZlvky\j_qvhl^Zezggu_a\mdb
dhlhjhc^hgbo^hghkbebkv
��DZ`_lkyhgbaZk_debdh]hlhdlhijh[jZeky\aZfhdihykgbe`_dQzjlihoh`_`hgdjmigh
\eyiZeky
�QlhgZf^_eZlv"bkim]Zgghihkfhlj_eZgZg_]hZgbweeZ
Fulh`_ihiulZ_fkyijhgbdgmlvlm^ZgZfg_nhjfZhojZggbdZZlugZ^\bgvih^Zevr_gZebph
dZixrhgbihfZedb\Zc?kebqlh[m^_rvb]jZlvijhklmrdmdj_klvygdmkdhlhjhcylbiZj_rbe
ihjZa\e_qvky
Gmbfukebm\Zk^hdlhjb]jb\hihfhjsbeZkv^_\mrdZEZ^ghgZ]ehklvdZd]h\hjblky\lhjh_
�kqZklv_gZc^zf`hgZZlZfm`_ihkblmZpbbkhh[jZabf
���I_j_iheho\ua\Zggucijbkmlkl\b_f`hgZiha\hebe`_dmbZgbwee_g_\u^Z\k_[y
ijhgbdgmlv\aZfhd
:ihlhfhgbm\b^_ebqlhbo^jm]jZg_guc\\Zebeky\h^gmbadhfgZlZq_j_ag_dhlhjh_\j_fy
lm^Zm`_ehfbekyhljy^kljZ`gbdh\IhlhfjZa^ZebkvdjbdbbkljZ`gbdbihdbgmebdhfgZlmWlhl
]hehkihdZaZekygZm^b\e_gb_agZdhfufhgijbgZ^e_`ZeFZj]Zjbl_Dh]^Z`_ke_^hf\ue_l_eb
��_sz^\h_\mgbnhjf_lh`_dbZgbweeZg_aZf_^ebebwlbf\hkihevah\ZlvkybgZ\oh^_lZdb
aZf_jeb\bamfe_gbb
JblZ"h^gh\j_f_ggh\hkdebdgmebhgb
uq_]hkmfZ\k_ihkoh^bebk_]h^gy"^_\mrdZyjhklghjZa\_jgmeZkvgZdZ[emdZobhlhreZ\
^jm]hcdhg_pdhfgZluDlhba\Zk\jZq"[jhkbeZhgZg_h[hjZqb\Zykv
Y\jZqZwlhfhyZkkbkl_gldZg_jZkl_jyekykhl\_lhffheh^hcobjmj]mdZau\ZygZklhysmx
�jy^hfZgbweem
�IjbiZ^hqguclZfgZdjh\Zlb_eZcl_k\hz^_ehbm[bjZcl_kv^_\mrdZk^_eZeZg_hij_^_ezgguc
`_kl\kz_szklhymhdgZ
Bml_[y_szo\ZlZ_lgZ]ehklbijbdZau\Zlv"B^_eZ_l\b^qlhg_magZzl\hafms_gghih^gye
�[jh\b`_d
�wgbih^hreZb\ayeZFZj]ZjblmaZjmdm
Luqlhk_jvzaghgZkg_ihfgbrv"
JblZh^zjgmeZjmdm
G_ljh]Zcf_gyKdZdhcwlhjZ^hklbyh[yaZgZihfgblv\Zk"Y\Zki_j\ucjZa\b`mBdlhlZdZy
qzjl\havfbwlZFZj]ZjblZ"
��Lulhevdhihkfhljbqlhhgbk`hghfk^_eZeb\ujm]Zeky`_d
�ZgbweeZdbgmeZkvddjh\Zlb
DZdlug_ihgbfZ_rvlu`_fhyih^jm]Zihqlbk_kljZhgZm`_g_agZeZdZdb_ih^h[jZlvkeh\Z
qlh[u^hklmqZlvky^hg_z
ih^jm]
�Iha\hevihfhqvl_[_]hem[u_]eZaZZgbweeul_jaZebFZj]Zjbl_^mrmkihfgbl_odlh
ex[bll_[yDh]hex[brvlu
��@Zgwgb`_dG_l^_\mrdZhiylvko\ZlbeZkvaZ]heh\mG_kf_clZdkfhlj_lvgZ
f_gyDZd[hevghLuhl\_lbrvaZwlhLuihqm\kl\m_rv[hevkbevg_crmx\hklhdjZlgh\Zy
\hegZ[he_ag_gguo\hkihfbgZgbc_sz[he__kbevgZyq_fij_^u^msZygZdjueZ_z
Qzjl[u\Zk\k_oaZ[jZeIj_djZlbl_Yg_fh]m[hevr_;hevghaZdjbqZeZhgZ
�LZdagZqblluihfgbrv"ijbklZevghihkfhlj_eZgZg_zZgbweeZ
�ZdlhlulZdZy"AZq_ffmqZ_rvf_gy"^_\mrdZ\kyk`ZeZkv\dhfhd\^Z\b\eh[\dhe_gbY\Zk
^Z`_g_agZxQlhy\Zfk^_eZeZ"
�JblZ\kz\ihjy^d_wgbih^hreZiheh`b\jmdmih^jm]_gZie_qhkz[m^_lohjhrhLml
l\hb^jmavy
Gbq_jlZg_ohjhrh\ujm]ZeZkvFZj]ZjblZih^gbfZykvMf_gyg_l^jma_c
"""
G?LHIYLVWlh\kz\u]eZaZ^_\mrdb[_r_gh]hj_ebLuijbqbgy_rvfg_[hevQzjgZy
JhaZg_ijhsZ_lwlh]hLumfjzrv
"""
�Dlhlubqlhluk^_eZeZkfh_ck_kljhc"KemrZckx^ZfZey\dZ`_djZa\_jgme_zebphfd
k_[_yg_iha\hexl_[_gZ^_eZlv]emihkl_cLu`_kjZ`Z_rvkyijhlb\k\hbo^jma_cDZdlu
fh`_rv"Yg_iha\hexl_[_ih]m[blvk\hx^mrm
�IhrzeluFZj]ZjblZimklbeZfhsgucaZjy^wg_j]bbdhlhjuchl[jhkbe`_dZ\^jm]hcdhg_p
dhfgZlu
�`_d\g_k_[yhlm`ZkZbg_]h^h\ZgbyaZdjbqZeZ[ehg^bgdZQzjll_[yaZ[_jb^jyggZy
^_\qhgdZ
:]ZAZ^_eZyl_[y"gZebp_FZj]Zjbluihy\beZkv`_kldZymofuedZGhwlh_szg_\kzwlh
lhevdhgZqZehGhl_i_jv\kz[m^_lihq_klghfm
"""
�LugbdZdkljmkbeZ"^_\mrdZih^hreZ[eb`_dZgbwee_G_m`_ebylZdhchiZkguc
ijhlb\gbd"
FZj]ZjblZhklZgh\bkvFh`ghh[fZgmlvjZamfbqm\kl\Zghg_djh\v\l_[_l_q_ldjh\v
�OjZgbl_eyhljbpZxs_]hbih[_`^Zxs_]hlvfm`hgihiulZekyko\Zlblv_zaZgh]mghhgZebrv
hllhedgmeZ_]h
�JblZk_cqZk]h\hjbrvg_luIhkfhljbgZf_gyohjhr_gvdhZgbweeZk^_eZeZrZ]\i_jz^m[jZ\
\u[b\rb_ky\hehkuaZmrbG_m`_eblug_magZzrvf_gy"G_m`_ebwlhlZ^_\mrdZkqbkluf
k_j^p_fqvbex[h\vb^h[jhlZg_agZxl]jZgbp"FZe_gvdZyFZj]ZjblZkh]jhfgufk_j^p_f
kihkh[gZym^_j`ZlvgZeZ^hrd_\_kvfbj_kebihlj_[m_lkyQlh`_kemqbehkvklh[hc"
uoh^blf_gyh[fZgmebG_lG_lFZj]ZjblZh^ghcjmdhchi_jeZkvaZkl_gm^jm]hckgh\Z
ko\Zlb\rbkvaZ]heh\mFg_kljZrghIhq_fm\k_hklZ\bebf_gy"FZfZ^Zcfg_jmdmIhc^zf
^hfhc
G_[hckyfZeurdZgbdlhl_[yg_hklZ\be[ehg^bgdZijhlygmeZjmdml\hb^jmavyklh[hc
�Ljm^ghh[fZgmlvkZfmk_[yZgbweeZf_^e_gghih^gyeZkvgZgh]b]em[bg_^mrblu`_
agZ_rvqlhwlhg_ijZ\^Z
Fg_wlh\kzm`_gZ^h_eh\bkl_jbd_\kdjbqZeZFZj]ZjblZbq_j_ak_dmg^m_zdgmlaf__ch[\beky
�\hdjm]r_bZgbweeu
�JZa\afZodbg`ZeZjZaj_aZedgml^\Zi_j_dZlbZgbweeZ[ueZm`_gZ[_ahiZkghfjZkklhygbb
�Gbq_]hk_[_dj_idb_^jm`_kdb_h[tylbykZjdZklbq_kdbaZf_lbeZwgbhsmiu\Zyr_xQzjl
Wlh\kzgZqlhlukihkh[gZ"
�JblZhiylvihkeZeZwg_j]_lbq_kdmxZmjmghZgbweeZihklZ\beZ[ehd
Gm\kzdjZkZ\bpZluf_gy^hklZeZqlh[uijh[blvwg_j]_lbq_kdbcsblJbl_ihgZ^h[behkv
kh[jZlv\kxk\hxwg_j]bx
H]jhfgh_dhebq_kl\hg_klZ[bevghcwg_j]bb\ahj\ZehkvjZkdb^Z\\hbl_evgbp\jZagu_klhjhgu
��ZgbweeZdhlhjmxg_^Z\gb_keh\Z`hgZgZlhedgmebgZh^gmb^_xbaihke_^gbokbeko\ZlbeZ
&#xw;&#xlh;&#x;&#xj_;y;�JblmaZjmdmb\lhjhcjmdhcgZsmiZeZgZihemk\hcdbg`Zewlh\j_fy`hg^_j`Ze_z^jm]mx
jmdm
HgZihj_aZeZk\hxjmdmbjmdmFZj]Zjblu
�L\hydjh\vfhydjh\vgZrZdjh\vk_j_[jbkluck\_lhdmlZeZgbweemFZj]ZjblZ^_ZemZ
��\ha\jZsZxl_[_l\hxiZfylvKlZgvij_`g_c;uklj__`_ZgbweeZijhlygmeZ`hgmdbg`Zeb
hgih\lhjbejblmZekeh\ghjZajy^we_dljbq_kdh]hlhdZijhr_eihl_em^_\mrdb
G???LbklhrghaZdjbqZeZFZj]ZjblZebrZykvqm\kl\
&#x;&#x;&#xij;&#xb^;&#xy;&#x;&#xk_;&#x[y;&#x;'$1ijb^y\k_[y`_dklZek\b^_l_e_fwlh]hkljZrgh]h^_ckl\Z
Qlhkhfghc"=^_fu"=heh\Z[heblJblZe_`ZeZgZihem[_edb]eZa[uebdjZkgufbhl
ihehiZ\rbokykhkm^h\]m[ui_j_khorb_baghkZl_deZdjh\v
�JblZlukgh\ZkgZfbWlhohjhrhHq_gvohjhrhijhklhgZeZZgbweeZl_jyykhagZgb_
JblZ[jhkbeZkvdih^jm]_
�Zg_qdZkdZ`bohlvkeh\hDlhl_[ylZd"G_m`_ebwlh[ueZy"
G_lfZeurdZg_gZ^hihdZqZeZ]heh\hcaeZlh\eZkZyWlhm`_g_bf__lagZq_gby
��QlhagZqblg_bf__lagZq_gby\hafmlbeky`_d[_jygZjmdbZgbweem
Fhyih^jm]Z[ueZfzjl\hcZl_i_jvhgZ\hkdj_keZg_wlhebih\h^^eyjZ^hklbkqZkleb\h
meu[gmeZkvhgZ
JblZh[gyeZih^jm]m
�JblZihkeurZekykeZ[ucklhg`hgZ
H;h`_Lu`_Yk\hbfb]eZaZfb\b^_eZ@Zgfbe_gvdbcg_mfbjZcYg_^Zfl_[_mf_j_lvY
g_ohqmihl_jylvl_[ykgh\ZhgZk_eZjy^hfkgbfiheh`b\_]h]heh\mk_[_gZdhe_gbbijb`ZeZ
_]heZ^hgvdk\h_cs_d_HgZieZdZeZf_kl_kiZfylvx\_jgmeZkv[hevhlhkhagZgbylh]hqlhkg_c
ijhbahrehDZdhgZl_i_jvkfh`_lkfhlj_lv\]eZaZfm`mjh^bl_eyf"DZdkdZaZlvqlhg_kfh]eZ
khojZgblvj_[zgdZ"DZdaZihegblvwlm`mldmximklhlm\gmljb"
G_gZ^hKemobhfh_cdhgqbg_g_kdhevdhij_m\_ebq_gumeu[gmekyhgkZfkljm^hfk^_j`b\Zy
kezauGm\hllukgh\ZieZq_rvLu`_agZ_rvdZdfg_g_\ughkbfh\b^_lvl\hbkezauWlh\kz
fhy\bgZ?keby\kzlZdbg_\u`b\mlhh[_sZc`blv`blv\h\kxkbemaZgZkh[hbo
LZdh]hg_kemqblkyLu^he`_g[hjhlvkyLug_fh`_rv\hllZdk^ZlvkyLukbevguchgZ
�H[_sZcih\ukbe]hehk`hgbah\k_okbep_ieyykvaZ`bagv
�Zijhr_ilZeZFZj]ZjblZkhke_aZfbgZ]eZaZoIhp_emckh]gzf\djh\bkdj_iey_lemqr_\k_o
i_qZl_cIjhklbIjhklbf_gy]emimxLhevdhy\h\kzf\bgh\ZlZDZdyfh]eZih\_jblv\wlm
qm^h\bsgmxeh`v"Yg_hlimsml\h_cjmdbg_hlimsml_[yGbdh]^Z
�Qlh[uehlh[uehL_i_jv\kz[m^_lohjhrhmeu[gmeky`_dIhklZjZxkvih^eZlZlvl\h_]h
g_gZ]ey^gh]h
�`_dlumf_gykZfucemqrbc[jZlbdgZk\_l_FZj]ZjblZmeu[gmeZkvkd\havkezau
�Zg_ih^ebau\Zckym`hlfZogmekyhg
dhfgZlm\hj\Zeky\kihehr_ggucBhkf_qhf\jmdZo
k_q_l\_jh\aZf_rZl_evkl\_h^gh\j_f_gghihkfhlj_ebgZg_]h
:qlh\ukfhljbl_gZf_gydZdgZqm^h\bs_" Dhbfyihk\h_ckmlbby\eyxkv\fY\hevguc
\_l_jbg_k\yaZggbdZdbfbmaZfbbh[yaZl_evkl\ZfbYke_^mxaZk\hbfbbgl_j_kZfbb^_eZxlh
qlh\u]h^ghfg_\^Zggucfhf_glu\k_lZdb_qbkl_gvdb_b^h[j_gvdb_^Z"Dh]^Z\ukihdhcgh
kiZeb\k\hbolzie_gvdbobmxlg_gvdboihkl_evdZoyih^uoZek]heh^maZf_jaZeihqlb^hkf_jlby
\ugm`^_g[ue\hjh\Zlvqlh[u\u`blvf_gyrZjZoZebkvdZdijhdZ`_ggh]hf_gyba[b\ZeblZdqlh
yihlhffhqbekydjh\vxFg_lh]^Zdlhgb[m^vihfh]Ze"G_lAZlhygZmqbeky\u`b\ZlvgZi_j_dhj
�\k_fmgZmqbeky^mfZlvlhevdhhk_[_eyf_gygbdlhbgbdh]^Zgbq_]hg_^_eZebygbdhfm
gbq_]hg_^he`_g
�Lukhe]Zefg_?kebhgmfjzll_[_lh`_g_`blvaZihfgbwlhh[bekyluq_]hohl_eWlh
ki_pbZevgh^eyl_[yRgZc^_jH]g_ggucf_qf_qfh_c^mrbKbehckeZ\guo[h]h\b
[eZ]hjh^guoij_^dh\KbeZKhegpZ]eZaZFZj]Zjblu[ueb\eZ`gufbhlkezaQ_j_ak_dmg^mhgZ
m`_klhyeZ[_ehdmjhcKheg_qghcE_^b\k\_jdZxsbo^hki_oZobf_qhf\jmd_L_i_jvy\kihfgbeZ
\kzqlhlukhfghck^_eZebijh^_fhgkljbjmxl_[_k\hx[eZ]h^ZjghklvYm`_g_lZ]emiZygZb\gZy
^_\hqdZYg_iha\hexmgbqlh`blv\kzlhqlhyex[ex\hqlh\_jxIj_`gyyFZj]ZjblZmfjzlk
�ihke_^gbf\a^hohf`hgZZlZqlh\hajh^blkyym\_j_gZfgh]bom^b\blYijhsZxl_[_lhqlhlu
k^_eZekhfghcghyg_fh]mijhklblvlh]hqlhi_j_`bebfhb[ebadb_Ihkfhljbfg_\]eZaZ
Ijbfb\uah\`_gsbgukjZ`Zxs_cky\hbfyex[\bLuhlimklbrvgZkbebyaZk_[yg_hl\_qZx
Bhihiylbekykeh\ghm\b^_eijbajZdZ_]hf_qmiZedgh]Zf^_\mrdb
Lhajh[bp_lZh[Lj\bgZj_rlLfhlhjlmjbF_g\`_\k_h^gZdh\h K^_eZc`_wlhbh[hj\b
gZdhg_pfhbfmq_gbyFg_m`_\kzjZ\ghmdj\fhghimklbejmdbbih^gyegZg_zk\hbi_qZevgu_
]eZaZ
G_ly\kzlZdbg_fh]m^_\mrdZaZfhlZeZ]heh\hc]ehlZykezauIjhklhg_fh]m
Moh^bl_fZlv\ZrmQ_]hf_^ebl_"Ihlhfym`_g_[m^mlZdbf^h[jufyjhklguf^\b`_gb_f
Bhk[jhkbe\_sbklmZe_lgh]hklhebdZbihkm^mk^jm]h]hklheZbkh\k_ckbeu^\bgmedmeZdhfih
kl_g_QzjlGmqlhlukhfghck^_eZeZ_jgbfg_kZfh]hk_[yihlhf^h[Z\bem`_r_ihlhf
FZj]ZjblZ^_ZemZyg_gZ\b`mbex[exl_[ykihfgbrvebluf_gydh]^Zgb[m^v"
Lukhieydihc^zrvkgZfb[m^_rvgZrbfijbdjulb_ffheh^hcobjmj][jhkbe]g_\guc
�\a]ey^gZxghrm\hboly`_ehjZg_guofg_g_^hg_klb^hihjlZeZAZh^ghg_klbihfh`_rv
:_kebyhldZ`mkv"xghrZk\uah\hfihkfhlj_egZfheh^h]hobjmj]ZghihcfZ\\a]ey^
�FZj]Zjbluihegucg_fhcfhev[ubqZygbyhgfheqZ\aye`hgZgZjmdbbk^_eZeagZdke_^h\ZlvaZ
�G_kdhevdhjZahgh]eygmeky\kfZljb\Zykv\q_jluebpZZgbweeuijhklhnZglZklbq_kdh_
kh\iZ^_gb_ghhgihdeyklvkyfh]qlhwlh[ueZhgZImklvk_cqZkmg_zk\_leu_\hehkuimklv
ah\ml_zk_cqZkih^jm]hfmgh_z]hem[u_]eZaZhklZebkvlZdbfb`_lZdZyj_^dhklv^eyyihgdb
dhlhjmxhgagZedZdFbdh:d_fbbadeZgZGbrblZgb
�Zqlh`_wlhaZgZ\Z`^_gb_lZdh_"Hgbkgh\Z\f_kl_kgh\Zemqrb_ih^jm]b]hlh\u_[_a
fZe_cr_]hkhfg_gbyihclbgZ\kzjZ^b^jm]^jm]ZO\ZeZ[h]ZfHgijZ\^Zhq_gvjZ^aZgboHgb
aZkem`bebwlh
:hg"Qlhhg"Hg_^bgkl\_gguclh]^Z\u`beblZdh\Zl_i_jvjZkieZlZ"=hkih^bwlh[uehlZd
^Z\ghZhgihfgbldZd[m^lh\kzwlhkemqbehkvg_iha`_iylbfbgmlgZaZ^HgihfgblZhgbg_l
Ihq_fmlZdZyg_kijZ\_^eb\hklv"Ihq_fm"gmljb\kzgZihegbeZg_i_j_^Z\Z_fZy]hj_qvKdZaZlv"
G_kdZaZlv"O\ZlblHgm`_kdZaZeFZjbdhDZdhg^he]hbkdZe_zdZdij_^klZ\eyedZ`^ucjZabo
\klj_qmijhdjmqb\Zy\fukeyo_szb_szjZaih^[bjZykeh\ZDq_fm\kzwlh[ueh"Hghiha^Ze
;_agZ^_`ghhiha^ZeDZdZybjhgbyHgklZjZeky\u`blv\wlhf`_klhdhffbj_qlh[uhgZ]hj^beZkv
bfDZda\_jzgurhg\uju\Zemwlhc`bagbdZ`^uc^_gv^jZeky^hdjh\bbihl_jbkhagZgby
hg_f_\rbfbiZevpZfbjZklbjZeh^gmhdhq_g_\rmxjmdm^jm]hcaZf_jaZy\abfgb_f_l_eb\hjh\Ze
qlh[ug_mf_j_lvk]heh^mdh]^Z\gmlj_gghklbkiZafbjh\Zehhl[heb\kzk_zbf_g_fgZmklZo
u`beebrvqlh[u\b^_lvqlhwlhm`_g_bf__lkfukeZM`emqr_[umf_jBgl_j_kgh]^_k_cqZk
Hjbboq_l\_jluc^jm]"DZdkeh`beZkv_]hkm^v[Z"
H^gbf\afZohfjmdbhgrd\ZevgufihlhdhfhiZeyxs_]he_^ygh]h\_ljZ\ug_kkljZ`gbdh\\
dhjb^hj_iulZ\rbokyij_]jZ^blvbf^hjh]mHklZevgu_g_jbkdgmeb\klZlv_fmgZimlb
Dh]^Zhgb\ureb\h^\hjbgZijZ\bebkvd]eZ\guf\hjhlZf:ev\bkbahdgZk\hboihdh_\fh]eZbo
\b^_lv
Zr__ebq_kl\hlhevdhkdZ`bl_bhgb[m^mlm[bluijhklha^_kvh[jZlbekydg_c_zkh\_lgbd
Ehj^LjbklZgkmjh\h]h\b^Zfm`qbgZ\ur_kj_^g_]hjhklZrbjhdhie_qbckdhjhldbf_`bdhf
l_fguo\hehks_lbghcgZebp_bly`_euf\a]ey^hfl_fguo]eZah^_luc\jZkrbluck_j_[jhf
qzjgucfmg^bj
G_ldhjhe_\Zj_adhjZa\_jgmeZkvdg_fmbijhbag_keZl\_j^uf]hehkhfG_ij_iylkl\mcl_bf
imklvmoh^yllZdgZ^h
Kh\_lgbd^_jgmeky[m^lhhlm^ZjZ?]hjZatyj_ggh_ebphbkdjb\behkv]jm[ufhl\jZs_gb_f
g_mdjhlbfhcg_ijbyagvxb[_amfghcaeh[hc
Ijh^Z`gZyrexoZg_p_gamjgh\ujm]ZekyhgLuaZh^ghkwlbfbribhgZfbQ_]h`__sz[ueh
h`b^Zlvhll_[y`ZedhcjZ[ugbmjh`_gdbG_[_kgh]h]jZ^ZLuih]m[beZgZr_]hdhjheyl\hc
ex[h\gbdm[be_]hihl\h_fmgZms_gbx
uaZ[u\Z_l_kvfbehj^]hj^hklv\ayeZ\_jogZ^kljZohfbdhjhe_\Zkh[jZeZ\kxk\hx\hex\
dmeZdmdZaZ\aZj\Z\r_fmkykh\_lgbdmgZ^\_jvY\kz_sz\ZrZdhjhe_\ZIjhrmihdbgmlvfhb
ihdhbfbehj^GZk_]h^gyZm^b_gpbyaZdhgq_gZBgZlufuk\Zfb_szg_i_j_oh^beb
Fh]mZkaZ\_jblvqlhwlhg_gZ^he]hYwlh]hlZdg_hklZ\exhgg__kl_kl\_gghmeu[gmeky
p_j_fhgghihdehgbekybdjmlhjZa\_jgm\rbkv\ur_ebaihdh_\KZr_]hiha\he_gby
Gbq_]hlZdgZ^h:ev\bkkZfZk_[ym[_`^ZeZ[ulvklhcdhcghwlh\kz[uehlZdly`_ehqlhkbe
m`_ihqlbg_hklZehkvhgZkebrdhfmklZeZghgZ^hgZ^hgZclb\k_[_kbeu^hb]jZlvwlh
Ihlhfmqlhm\b^_eZ\gzfihl_gpbZeIhlhfmqlhm\b^_eZ\gzflhqlh^jm]b_g_\b^_ebIhlhfm
qlh\gzf_sz_klv^h[jhIhlhfmqlhlhevdhex[h\vkfh`_l^h\_jrblvgZqZ\rb_ky\gzf
f_lZfhjnhauMg_zg_[ueh^_l_cb\_jhylghg_[m^_lgbdh]^ZghdwlhfmfZevqbdmhgZ
qm\kl\h\ZeZg_h[tykgbfmxijb\yaZgghklvdZddk\h_fmkh[kl\_gghfmkugmKbevghcgZ^h[ulv
hq_gvkbevghcdh]^Zlu\_jbrvqlhihklmiZ_rvijZ\bevghlhkZfZkh[hcijboh^blhl\Z]ZHgZ
j_rbeZkvb_szgZh^bg[_ajZkkm^gucihklmihdlZcghhl^ZeZijbdZagZclbb^hklZ\blvdg_c
HohlgbdZHgb^he`gu\klj_lblvkyHl_pbkugImklv\ukdZ`ml\k_k\hbmij_db\uie_kgml\kx
]hj_qvbh[e_]qZl^mrblZd^he`gh[ulvGhdZd`_\kzwlhljm^gh?c[ueh[u]hjZa^he_]q_
_keb[ujy^hfkg_c[uedlhlhdlhkfh][uihgylv_zbih^^_j`ZlvijbgylvlZdhcdZd_klv
ihq_fmlhkjZam\kihfgbehkvqlh[uelZdhcq_eh\_ddhlhjuc_z^_ckl\bl_evghihgbfZe[u\rbc
dgy`_kdbckZ^h\gbdGZ^bjLh]^ZhgZ\blZeZ\h[eZdZo`beZijbajZqgufbgZ^_`^Zfbbg_
h[jZsZeZgZg_]h\gbfZgby:k_cqZk\^jm]\kihfgbeZBgl_j_kghdZdhg"
Bhm`_gZkljhbekygZlhqlhdihjlZembfijb^_lkyijh[bjZlvkyk[h_fghdbo[hevrhfm
m^b\e_gbxhgb^hklb]eb_]h[_kij_iylkl\_gghqlh[uehkjZ\gbfhkqm^hfb[hgZkq_lm[ueZ
dZ`^ZyfbgmlZ
B\hl\i_j_^bihdZaZeky^\hj_pG_[_kgh]h]jZ^ZbhgbbkiulZebh]jhfgmxjZ^hklv
GZdhg_plh\u\_jgmebkvkh[e_]q_gb_f\u^hogmeZ\ur_^rZybfgZ\klj_qmDZeb=hkih^b
��qlhwlhkgbfb"kkh^jh]Zgb_fhgZihkfhlj_eZgZZgbweemb`hgZ
��Zgbwee_lj_[m_lky^ebl_evguchl^uoZ\hlk`hghf\kz]hjZa^hk_jvzag__fheh^hcobjmj]
ih\_jgmeky\klhjhgmBhWlhllh`_gm`^Z_lky\f_^bpbgkdhcihfhsbGm`gZqbklZy
hi_jZpbhggZy
Yk_cqZk`_jZkihjy`mkvqlh[uij_^hklZ\beb\kzg_h[oh^bfh_ju`Zyi_j_\_eZ\a]ey^gZ
iZjgyDklZlbZwlhdlhk\Zfb"
�DhfZg^mxsbcRgZc^_jkh[kl\_gghci_jkhghcij_^klZ\be_]h`_d
Dlh`_lh]^Z\_^zl:jfbxLzfguog_[_k"DZebijh^he`ZeZm^b\e_gghjZkkfZljb\Zlvxghrm
Hgbm`_m]jZgbpGZrb\hckdZhlijZ\beZkvk^_j`b\ZlvbogZklmie_gb_bfu]hlh\bfkyd
hj]ZgbaZpbbbh[_ki_q_gbxlueZ
;h`_G_m`_ebfuhiha^Zeb"]eZaZFZj]ZjblujZkrbjbebkv
Gbq_]hkijZ\bfkyihklZjZeZkvh[h^jblv_zju`Zy;h]bgyl\hzfkhklhygbbg_ke_^m_llZd
\hegh\Zlvky
K_cqZkj_qvg_h[hfg_FZj]ZjblZklZjZeZkvm\_klbjZa]h\hjhl[he_ag_gghc^eyg_zl_fuDZd
�lhevdh`hgmklZg_lemqr_qlh[ufhzk_j^p_[uehkihdhcghaZg_]hyih_^mgZ]jZgbpmY
aZklZ\exdhjhe_\m\ukemrZlvf_gy
Wlh\kzijhbkoh^blihfh_c\bg_Lm^ZhlijZ\exkvy\g_aZighijhbagzkBhWlh^he`gh
ij_djZlblvkyY^he`_gm\b^_lv:ev\bkHgZihkemrZ_lf_gyHgZg_lZdZyu_zg_agZ_l_hg
aZfheqZeqlh[ug_k[helgmlvebrg_]h
Gbdlhgbdm^Zg_hlijZ\blkyj_rbl_evgh\hajZabeZDZebIhdjZcg_cf_j_ihdZ\Zr_
khklhygb_g_memqrblkyGhfufh`_fhlijZ\blv\boeZ]_jvihkeZgb_qlhRgZc^_jmgZkdlh
agZ_l\^jm]wlhihfh`_lgZf\ub]jZlv\j_fy
&#xu;&#x_;&#xjg;&#xme; k;&#xv;&#x;&#xih;;&#x;&#x;
&#xZe;&#x[;&#x_`;&#xZe;&#x?;&#xZ;�0DWND%RVND:UyFLOLFLH FZl_jv;h`vyu\_jgmebkvihe\f\aZe\[_`Zeb?\Z`ZklbgZb
\r\r\r
Jmdbfheh^h]hobjmj]Zm`_ljykebkvhlgZijy`_gbyhggbq_]hg_fh]ihgylv\_]hijZdlbd_
lZdh]h_szg_kemqZehkvFZehlh]hqlhmjZg_gh]h^jm]Z[ueZj_^dZy]jmiiZdjh\bfZehlh]hqlh
l_aZiZkuij_iZjZlh\djh\bdhlhjufbhgk_cqZkjZkiheZ]Ze[uebg_fgh]hqbke_ggulZddZd
hkgh\gmxqZklvf_^bdZf_glh\hlijZ\beb\f_kl_kZjfb_cqlh[ufh`gh[uehhdZau\Zlvhkgh\gmx
f_^bpbgkdmxihfhsvgZihe_[hylZd_sz[hevrZyqZklvku\hjhldbkgh\Zbkgh\Z\uau\ZeZ
k\hjZqb\Zgb_djh\bbg_ih^oh^beZihbg^b\b^mZevghcg_i_j_ghkbfhklbLh]hkq_ffh`gh[ueh
jZ[hlZlvdjZcg_g_o\ZlZehZkhklhygb_[uehdjblbq_kdbfh^ghcieZafZm`_g_ihfh]ZeZ
DZd"Lukh\_jr_gghm\_j_gZqlhwlh\k_aZiZkuqlhm\Zkbf_xlky"\khlucjZaihbgl_j_kh\Zeky
�`_dkeh\ghwlhfh`_lbaf_gblvkblmZpbx
DZebhimklbeZ]eZaZbaZdjueZebphjmdZfb
Wlh\kzqlh[uehkgh\Zhl\_lbeZhgZbkZfZbkim]ZeZkvk\hbokeh\
FZj]ZjblZih[e_^g_eZbihrZlgmeZkvkg_kdju\Z_fhclj_\h]hcihkfhlj_\gZ[jZlZ
Bqlh`_l_i_jv[m^_l"
Mf_gyq_l\zjlZyhljbpZl_evgZyg_lhjhieb\hghl\zj^hijhbagzkBh]ey^ygZbkdZ`_ggh_
kljZ^Zgb_f_zebph
Ghlu\_^vlh`_jZg_gfheh^hcobjmj]g_fh]ih\_jblvqlh_fmwlhg_ihkeurZehkvWlhl
xghrZg_i_j_klZ\Ze_]hm^b\eylv
�G_gZklhevdhk_jvzaghdZdhg\hajZabeBhb`_dihgbfZeqlhhgijZ\
Lh]^Zb^zfkhfghcfheh^hcobjmj]\ayexghrmaZjmdmbih\ze\[hevgbqgh_djuehhg
qm\kl\h\Zek_[yiZeZqhfgh^jm]bo\ZjbZglh\g_[uehjZg_gbyiZjgy^_ckl\bl_evghg_lZdb_
�ly`_eu_hj]Zgbaffheh^hcZ^ey`hgZwlhfh`_l[ulv_^bgkl\_ggucrZgkgZkiZk_gb_Fg_
gm`gh[ukljhijh\_klbl_klgZkh\f_klbfhklv?keblukdZaZeijZ\^mlhwlh[m^_lgZklhysbc
n_ghf_g\fh_ckljZg_kqblZ_lkyqlh]jmiiZdjh\bhij_^_ey_loZjZdl_jZ\ugZklhevdhjZagu_
qlhyijhklhg_fh]mih\_jblv\lZdh_Bebm\ZkgZfgh]h[hevr_h[s_]hq_fdZ`_lkygZi_j\uc
\a]ey^"
�Hg^_ckl\bl_evghg_khe]Zeq_fdjZcg_m^b\be`_dZKZfiZj_gv[uem^b\ezgg_f_gvr_hgg_
h`b^Zehlk_[ylZdh]hihklmidZ^eyg_]h\k_]^Z[uehqm^ghb^Z`_^bdhijhy\eylvaZ[hlmhdhflh
AZlhk_cqZkez`ZgZdmr_ld_kb]ehc\\_g_hgihqm\kl\h\ZekljZggh_h[e_]q_gb_JZa\_fh]hg
hldZaZlvdh]^ZhgZlZdgZg_]hkfhlj_eZ"dhblh\_dbhgklZe^eyg_zgZ^_`^hc
�Wlh\kz]hehk`_dZ\_jgme_]hdj_ZevghklbFh`_rv\klZlvKZfb^lbkfh`_rv"
IhklZjZxkvBhkljm^hfih^gyekybhi_jkyhkl_gmgZ_]h[e_^ghfebp_f_evdgmeZmeu[dZbeb
wlhlhevdhihdZaZehkv"
Dh]^Zhg\ur_e\dhjb^hjFZj]ZjblZih^gyeZkvk^b\ZgZb\ayeZ_]hih^jmdm
Yijh\h`mhgZih^gyeZ]heh\mlZddZdhg[uegZfgh]h\ur__zbaZf_lbeZqlh\_]h]eZaZo
ihy\bekyhkh[_gguc[e_kdhgbaf_gbeky
G_klhblYkZfiZj_gvkbebekymeu[gmlvky
KiZkb[hl_[_KiZkb[hhgZihkfhlj_eZgZg_]hkh\k_cijbagZl_evghklvxbkZfZhlk_[yg_
h`b^ZylZdh]hh[gyeZ_]h
Hgijh\_ejmdhcih_z\hehkZf
FZj]ZjblZmeu[gmeZkv
B^zfm`_fmq_gbdLuk_cqZkh^ghagZqghg_\lhfkhklhygbbqlh[uih^^Z\ZlvkygZbkdmr_gby
HgZihfh]eZ_fmmkljhblkygZdjh\Zlb\iZeZl_jy^hf
Hl^uoZcYijbg_kmih_klv^_\mrdZijbih^gyeZih^mrdmqlh[u_fm[uehm^h[g__bihreZaZ
_^hc
�`hgZi_j_\_aeb\lm`_iZeZlmdjbabkfbgh\Zegh_]hkhklhygb_hklZ\Zehkvly`_euf
Ghq_\ZlvFZj]ZjblZhklZeZkv\iZeZl_mkljhb\rbkv\dj_ke_qlhklhyehf_`^mdjh\ZlyfbgZ
kemqZc_kebdhfmgb[m^vbagboklZg_lom`_\iZeZl_[ueij_^mkfhlj_ga\hghd
��`_dgZwlmghqvhklZeky^_`mjblvjy^hfkZgbweehc
\r\r\r
�Z`_ih\_j`_gguclug_^Zefg_gb_^bgh]hrZgkZLZdmxex[h\vg_evaygbaZ[ulvgb
mgbqlh`blvgb\u`_qvFh][uyihf_gylvkyf_klZfbklh[hcohlvgZ^_gv"=emihijZ\^Z"Gh
�ihdZhgZkqZkleb\Zklh[hcy]hlh\ijbgylvl_[yBhihijZ\beihdju\Zeh`hgmbhijZ\beie_^gZ
dj_ke_]^_kiZeZFZj]ZjblZ
AgZ_rv_klvlZdZykeZ\ygkdZyih]h\hjdZqm`Zy^mrZihlzfdbLug_ihcf_rvf_gybg_
ihfh`_rvqlhg_keh`behkv\f_kl_m`_g_keh`brvWlhijbgZ^e_`bll_[_hg\eh`bedhevph\
_zjmdmbmdju\_zie_qbk_ejy^hfgZiheh[gy\_zgh]bbiheh`b\]heh\m_cgZdhe_gbdZd
\_jgucizkYih\_jgm\lh[ch]hlhqhfm`lbg_\^imkdZ}rf_g_" Y\_jgmel_[__]hlZdihq_fm
`_lug_hlimkdZ_rvf_gy"mdj\fi_j_r_ehggZmdjZbgkdbcyaudf_g_g_fZ}[evr_kbebclb
aZlh[hx^imklb[hg_fh`ml_jilb[evr_lh]h[hexshdjZ}f_gk_jp_Yfjy\[Zqblbl_[_
sZkeb\hxZe_[Zqblbl_[_sZkeb\hxagrbfp_g_kl_jighp_kbevgr_\^f_g_^imklbf_g_
[eZ]ZxIj_djZkgZk\leZg_^hky`gZlZg_\[eZ]ZggZ;_al_[_g_fZ}f_g`bllyL[eyl_[_g_fZ}
f_gfkpylbyg]heshmg_[_kZof_g`aZdjblbcreyo^hl\hog_[_k,g_ihdebq_raZkh[hx
Yd[b`dhebkvkdZaZeZf_gy[m\_kvk\lagbsb\lZ\^jh^b\[bagh\mlZdbfydlb[Z`Z}rch]h
[Zqblb:e_lbgZ\lvlh^lZdLg_\^ih\eZf_gGh[pyghdgijh[Zq_gvLbgZ^lh[ebavdhZy
g_fh`mc^hlhjdgmlbkv^hl_[_P_\`_djZc Mf_gyg_l[hevr_kbeb^lbaZlh[hcHlimklbyg_
fh]m[hevr_l_ji_lvlhc[hebqlhjZaju\Z_lfg_k_j^p_Yf_qlZem\b^_lvl_[ykqZkleb\hcgh
\b^_lvqlhlukqZkleb\Zk^jm]bfwlhg_\ughkbfhwlhkbevg__f_gyFhexhlimklbf_gy
Ij_djZkgZybk\_leZyg_^hky]Z_fZybg_mfhebfZy;_al_[yg_lfg_`bagbbjy^hfklh[hcg_lfg_
f_klZluZg]_eg_[_kgucfg_`_aZdjulimlvdl\hbfg_[_kZfBg_ihah\_rvkkh[hc?keb[ulu
dh]^Zgb[m^vlhevdhkdZaZeZfg_y[u\_kvfbjmgbqlh`beb\hajh^be[ukgh\ZlZdbfdZdbflu
`_eZ_rv_]h\b^_lvGhlu^Z`_lh]^Zg_hl\_lbeZfg_Gbh[_sZgbcgbba\bg_gbcLukebrdhf
[ebadhZyg_fh]m^Z`_ijbdhkgmlvkydl_[_Wlhm`_kebrdhfMdj\fhgih^gyekygZgh]bb
lboh\ur_ebadhfgZlu
Hg^he]h_\j_fybamqZek\hzhljZ`_gb_\a_jdZe_\ZgghcdhfgZluihlhfhldjuedjZgbih^klZ\be
]heh\mih^oheh^gmx\h^m
Ihq_fm`_fukebjZaaZjZahf\ha\jZsZxlkydg_fm"HgbgZklhevdhihoh`bhgbdZd^\_qZklb
h^gh]hp_eh]hg_hl^_ebfu_^jm]hl^jm]Z?fmg_\klZlvf_`^mgbfbBlZdf_jadhgZ^mr_
_^vfh]eh`_[ulv\kzbgZq_"Hg`_\kzbkihjlbeHg[hevr_g_ihlj_\h`blboihdhcbg_
ih\lhjbll_okeh\Hghldjuek\hx^mrmbk\hzk_j^p_ghhiha^Zeg_hggZa\Ze_zk\h_c`_ghc
mf_eih^jm]hfmIjhklhg_agZedZdL_i_jv`_hgihgyeqlh\_ebqZcr__fm`_kl\hex[\b
hlimklblv_zbijbgylvkqZklv_ex[bfh]hdZdk\hzkh[kl\_ggh_:\]heh\_[hevghklmqZehGZqlh
gZ^__rvky"HgZg_l\hyLulhevdhlj_lbcebrgbc
Hghldjue]hjyqmx\h^m
Hgkb^_eih^^mr_fh[o\Zlb\]heh\mjmdZfbblzieu_dZiebkl_dZebihebpmihiZ^Zy\jhlbghk
ghm`_g_kfulvkk_[y\k_c]jyabb\k_o]j_oh\
a]ey^ijhr_ekyihihed_k[ZggufbijbgZ^e_`ghklyfbbhklZgh\bekygZmiZdh\d_kf_gguo
e_a\bc^ey[jbl\uJmdbkZfbihlygmebkv
hevgucZ^_lvkyg_dm^ZG_lWlhijhklhiZjZghcydZdZylh
LzieZy\h^ZijbylghjZkkeZ[eyeZ
E_a\b_e_]dhkdhevagmehihjmd_bgZkf_gm[hebijbrebihdhcbmkihdh_gb_
Hg[_amqZklghgZ[ex^ZedZd\h^Z\\ZgghcklZgh\blkyjhah\Zlh]hhll_gdZ
�Hldju\]eZaZJblZm\b^_eZqlhdjh\ZlvBhimklZHgZijh\_jbeZdZd`hg_]h^uoZgb_[ueh\kz
_szhq_gvkeZ[uf
AZi_jlZy^\_jv\\ZggmxdhfgZlmkjZamgZklhjh`beZ^_\mrdmHgZklZeZ[ZjZ[Zgblvihg_ck\hbfb
dmeZqdZfbihdZg_^h^mfZeZkvribevdhchldjulvaZfhdGhlhqlhhgZm\b^_eZaZklZ\beh_z
hlklmiblvqmlvg_aZp_ib\rbkvaZihjh`_dbkljZrgucdjbd\uj\Zekyba_z]jm^bmo\Zlb\rbkvaZ
jmqdm^\_jbqlh[ug_miZklvgZkeZ[uogh]ZohgZ\kz`_gZreZ\k_[_kbeuiha\ZlvgZihfhsvBh
e_`Ze\djZkghchldjh\b\h^_ZgZihem\Zeyehkvhdjh\Z\e_ggh_e_a\b_
�=hkih^b^Zqlh`_wlhlZdh_"Qlh`_lugZ^_eZeFZjd"mjZdHc^mjZd\koebiu\ZyhgZqlh
�[uehkbegZ`bfZeZdghidmlj_\h`gh]ha\hgdZba\ZeZ[jZlZ`_dKx^Zkdhj__Ihfh]b
Fheh^hcobjmj]ihfh]_c\ulZsblviZjgyba\ZgghcaZ\_jgm\ihehl_gp_bi_j_\yaZlv_fmjmdb
?sziZjZfbgmlb[ueh[uiha^ghDZfbdZ^a_g_^h^_eZggucuohlbl_f_gy\fh]bemk\_klb
k\hbfb\uoh^dZfb"fheh^hcobjmj][ueijhklh\[_r_gkl\_hl`_ijb^mjhdhgdhgdj_lgh
ohl_ehlijZ\blvkydijZhlpZfagZe`_qlhmf_gyg_q_f[m^_l\hkihegblv_]hdjh\hihl_jxdjhf_
ieZafu
\r\r\r
Hg_^\Zhsmlbfhk`Ze_zjmdm_]hj_kgbpuaZ^jh`ZebbiZj_gvhldjue]eZaZ
Y\jZx"kijhkbeBh]ey^ygZhk\_s_ggh_khegp_febphFZj]Zjblukb^_\r_c\dj_ke_jy^hf
ihlhfih^gzkdebpmjmdbbamqZyi_j_[bglh\Zggu_aZiyklvy
;hevgh"hgZke_]dZijbdhkgmeZkvd_]haZiyklvyf
Lml[hevg__Hghmf_gy\kzlZdb_klvk_j^p_hgih^g_k_zjmdmdk\h_c]jm^b\lhjhcjmdhc
ijh\zeihk\h_fmebpmQlhwlh"kbgl_j_khfihkfhlj_egZdZieb[e_kl_\rb_gZ_]h^ebgguo
iZevpZo
WlhkezauFZjdLuluieZq_rvkeZ[hmeu[gmeZkvFZj]ZjblZWlhohjhrhHq_gvohjhrh
agZqbl\l_[__szhklZehkvqlhlhq_eh\_q_kdh__keblug_mljZlbekihkh[ghklbieZdZlv
Yqlh^_eZx"kg_kdju\Z_fufm^b\e_gb_fihkfhlj_ehggZg_zF_gylZd^Z\ghgbdlhg_
gZau\Zewlbfbf_g_fyl_ji_lv_]hg_fh]mZml_[yhgha\mqbllZddjZkb\hY\k\h_c`bagb
gbdh]^Z_szg_ieZdZeIhq_fm`_lh]^Zfg_lZdkihdhcgh"BqlhwlhaZl_iehdhlhjh_yhsmsZx"
Wlhl_iehq_eh\_q_kdbohlghr_gbcDh]^Zlu^_eZ_rvqlhlh^ey^jm]bodh]^ZklZ\brvbgl_j_ku
h[tykgyeZ^_\mrdZ
LujZa\_g_^he`gZf_gyg_gZ\b^_lv"Ihq_fm`_lh]^Zg_^ZeZmf_j_lv"hg\aye_zaZjmdm
GZ\_jgh_^he`gZghmf_gyg_ihemqZ_lkyLug_^Zemf_j_lv@ZgmaZwlhy]hlh\Zijhklblv
l_[y=emiuc=emiucFZjdihdZqZeZ]heh\hcFZj]hijh^he`Zymeu[Zlvky_fm:ybg_
aZf_qZeZhdZau\Z_lkylukbfiZlbqgucdh]^Zmeu[Z_rvkyMeu[Zcky^Z`_dh]^ZgZ^mr_ly`_eh
\_^vdlhlhfh`_l\ex[blvky\l\hxmeu[dm
Fg_[ueh[ue_]q__keb[ulug_gZ\b^_eZf_gy_keb[um^ZjbeZf_gyhghimklbe]heh\m
�Z`_klhy\kx\_qghklvi_j_^lh[hcgZdhe_gyofheyhijhs_gbbwlh]h[m^_lg_^hklZlhqgh
qlh[ubkdmiblvlhaehqlhykh\_jrbeYg_fh]mih\_jgmlv\j_fy\kiylvb\kzbkijZ\blv
YijhsZxl_[ydb\gmeZhgZAZ[Z\gh^ZgZb\gZy^mjhqdZdhlhjmx`bagvgbq_fmg_mqbl
Ih`ZemcklZbg_f_gyckyhklZ\ZckylZdhchg\aye\jmdmijy^v_z\hehk?kebyb\ex[exkv
dh]^Zgb[m^vlhhgZ[m^_lh[yaZl_evghihoh`ZgZl_[yLufhzbkdmie_gb_
Dhg_qghlu_s_\ex[brvkylulhevdhgZqbgZ_rv`blvFZjdbluijhklbijhklbf_gy_keb
kfh`_rvH[_sZcqlhgbdh]^Z[hevr_g_ih\lhjbrvlZdh]hhgZ\ayeZ_]hjmdmbhsmlbeZ\kx
ly`_klv_]hi_qZeb
=hkih^bkdhevdh`_[_^lu\ug_k_sz\g_clZdg_ijhy\eyeZkvwfiZlbyghk_cqZkhgZdZdgZ
k_[_bkiulZeZ[hevhlh[fhjh`_gbc]heh^gu_[heb[hevhlih[h_\]hj_qvh[b^uij_aj_gb_dh
\k_fmkms_fmbihklhyggh_\hijhrZgb_Z_klveblZflhldh]hgZau\Zxl;h]hfdZd`_lh]^Zhg
^himklbelZdh_aZqlhgZdZaZelZdhckm^v[hc"FZj]ZjblZg_fh]eZgb\^hogmlvgb\u^hogmlvhgZ
hl^zjgmeZjmdm
�G_gZ^h[uehwlh]h^_eZlvBhihkfhlj_e\ihlhehdZ\kzwlh[ueh\fh_c`bagbghyihgye
�h^gm\Z`gmx\_svhgi_j_\ze\a]ey^gZ`hgZ_kebhgl\hzkqZklv_lhy]hlh\kfbjblvkygh
imklvlhevdhihijh[m_lijbqbgblvl_[_aehyr_x_fmk\_jgmh[_sZxB^Zwlh[ueZfbgmlgZy
keZ[hklvlZdhc]emihklby[hevr_g_ih\lhjxihdjZcg_cf_j_ihdZg_ihfh]m\ZfhklZgh\blvwlm
\hcgm
�GZkhk_^g_cdjh\Zlb`hgg_kdhevdhjZarmfgh\^hogme\ha^mo\ez]db_\u^uoZykhk\bklhf
ihkl_i_gghhgijboh^be\khagZgb_
Gm\hlihfygbq_jlZg_ijhba\hevghmeu[gmekyBh
FZj]ZjblZih\_jgmeZ]heh\mkfhljy\h\k_]eZaZk_j^p_klmqZehdZdkmfZkr_^r__=hkih^b;h`_
dZd`_hgZ`^ZeZwlh]hbdZdhgZk_cqZkkljZrbeZkv\klj_qbkfm`_fdZdhc`_ly`_eucjZa]h\hj
bfij_^klhblDZdb_[uhgZg_ih^h[jZeZkeh\Z[hevhlwlh]hg_[m^_lf_gvr_\hl[uej_[zghdZ
�l_i_jv_]hg_lZ`__kebhg\kemog_ijhbag_k_lwlh]hlh\kzjZ\gh_cg_klZg_lhlwlh]he_]q_
HgZlZd\bgh\ZlZi_j_^gbfqlhbg_hibkZlvK_cqZkhgZbkiulu\ZeZdk_[_lZdh_hl\jZs_gb_DZd
kdZaZlv"Qlhmkeurbl\hl\_l"Wlbfukebk\_jebeb_cfha]^hihqlbnbabq_kdbhsmlbfhc[heb\
\bkdZoKly`_eufk_j^p_fhgZkljm^hfih^gyeZkvkdj_keZgh]bkeh\ghgZeblu_k\bgphfg_
`_eZebkemrZlvky
Zf_klvhqzfih]h\hjblvgZ_^bg_Fg_emqr_\uclbFZjdkljm^hfih^gyekykdjh\Zlbb
rZldbfrZ]hfijhke_^h\Zed^\_jbGZoh^mhgh[_jgmekybh[h^jyxs__cmeu[gmekyFZj]ZjblZ
ijh\h^beZ_]h[eZ]h^Zjguf\a]ey^hf
GmdZdlufbeuc"FZj]ZjblZihfh]eZfm`mijbih^gylvkygZih^mrdZo
hgihkfhlj_e\_z]eZaZmklZeu_ghlZdb_jh^gu_blZdb_k\_leu_Lua^_kvkhfghcQ_]h`_fg_
_sz`_eZlv"hg\aye_zjmdmLuagZ_rvqlhwlhlfZevqbrdZRgZc^_j\ex[ezg\l_[y"Bhgg_
ijbl\hjyeky
?]hgZklhys__bfyFZjdihijZ\beZ_]hFZj]ZjblZ
�Zihfg_ohlvIZiZJbfkdbc?keblulmlagZqbllu\u[jZeZf_gyhgihkfhlj_egZg_zk
ex[h\vxbijbagZl_evghklvx
Yex[exl_[yb_fmijb^_lkykfbjblvkybijbgylvwlh]hehkFZj]Zjblua\mqZekh\_jr_ggh
l\zj^hIhdZkZfZg_kdj_sml_[_jmdbgZ]jm^bb^Z`_lh]^Zyg_[jhrml_[y
ijhrehc`bagbygZ\_jghk^_eZeqlhlhhq_gvohjhr__qlhf_gy=hkih^vgZ]jZ^belZdhc
`_ghcBkhfghcg_kemqblkygbq_]hiehoh]hihdZlu_klvihlhfmqlhfhzk_j^p_hgh\l_[_
AgZ_rvy\hafh`ghihgbfZx_]hy[uqm\kl\h\Zelh`_kZfh_gZ_]hf_kl_kZf[ueihqlb\
ZgZeh]bqghckblmZpbbY\uj\Zeju`mx[h]bgxbak\h_]hk_j^pZihlhfmqlhhgbkKZfZwe_f
ex[beb^jm]^jm]ZBagZ_rvyg_ohl_e[uihf_gylvkyf_klZfbkgbfGhkf_gy^h\hevghimklv
agZ_lqlhyg_hl^Zfl_[ygbdhfmbhgg_bkdexq_gb_L_i_jvdh]^Zlu]hlh\Zih^Zjblvfg_
�]eZ\gmxjZ^hklv\`bagbluklZeZ^eyf_gy_sz^hjh`_dh]^Z`hgh[gye_z_]hjmdb
�ijbdhkgmebkvd_zkibg_ih^gbfbhgihqm\kl\h\Ze[bglh\u_ih\yadb_\mrdZ\u]gmeZ_z
hlkljZgyykvhl_]heZ^hg_caZ^jh`ZeZhlghxs_c[heb\kibg_baZdmkbeZ]m[mk^_j`b\Zyklhgb
dj_idhdj_idhaZ`fmjbeZkvg_^Z\Zy\hexke_aZfZi_j_^]eZaZfb\kiuogmebbkdju
KgbfboZeZlj_rbl_evghihlj_[h\ZehgY`_g_ke_ihcluf_gybebk_[yiulZ_rvkym[_^blv
qlh\kz\ihjy^d_"
LukZfihijhkbe[hj^h\ucZleZkgucoZeZlieZ\ghkhkdhevagmegZiheWlh[m^_lfg_mjhdhf
aZfhxkZfhgZ^_ygghklvghy[ukgh\Zbkgh\ZihklmibeZlhqghlZd`_Y[ukgh\ZihreZaZlh[hc
^_\mrdZaZ^uoZeZkvhl^mrb\rbo_zkeza
Dlh"Dlhwlhk^_eZe"hgj_adhih^gyekykdjh\Zlbbko\Zlbe_zaZjmdb
JZa\_l_i_jvwlhlZd\Z`gh"FZj]ZjblZhimklbeZ]heh\m
IjhklbjZ^b;h]Zijhklbhgh[gye_zaZie_qbZkZfhfmohl_ehkv\ulvhlh^gh]h\b^Zwlbo
ih\yahdijhiblZgguoe_dZjkl\hfbkmdjh\bp_cijbdj_ie_gguof_^bpbgkdbfieZkluj_fgZ_z
�g_`ghckibg__\hqdZfhyhghimklbe]heh\m_cgZie_qhGmihq_fmihq_fmlug_
ihkemrZeZkvf_gy"JZa\_fh`gh[uehlZdjbkdh\Zlv\l\hzfkhklhygbb"
DZeb\kzlZdbjZkkdZaZeZl_[_^Z"lbohkijhkbeZFZj]ZjblZ@Zgihke_lh]hqlhyk_cqZk
kdZ`mlu\hafh`ghb\b^_lvlhf_gyg_aZohq_rvg_lhqlhjZa]h\Zjb\ZlvByg_[m^m\bgblv
l_[yaZwlhLhevdhijhrm\ukemrZcf_gy^jh`Zebb_z]hehkb_zj_kgbpuYohl_eZkdZaZlv
l_[_ghl_i_jviha^ghM`_iha^gh
Luhqzf"QlhlulZdh_]h\hjbrv"hgiheh`be_cjmdbgZie_qbZ\gmljb\kzgZlygmehkv
gZijy`_gghckljmghc]hlh\hc\hl\hlihj\Zlvky
Yohl_eZih^_eblvkygZb[hevr_cjZ^hklvxgh@Zgyg_Y^mfZeZqlhlufzjl\Mf_gy
[ueg_j\guckju\j_[zgdZ[hevr_g_l=hkih^bdZd`_wlhly`_ehgmljb[m^lhimklhlZ
hgZbafh`^_gghhimklbeZkv\dj_kehkijylZ\ebph\eZ^hgyo
�DZddZd`_lZd"`hgih^gye]eZaZdihlhedmDZd`_lZd"Dh]^Z`_km^v[Zi_j_klZg_l
bkiulu\ZlvgZk"
hkm`^Zlvl_[yaZwlhFhy\bgZLhevdhfhyFZj]ZjblZaZdjueZ]eZaZ
Lu^mfZ_rvqlhlu]h\hjbrv"AZfheqbAZfheqbk_cqZk`_B^mfZlvlZdg_kf_ckeurbrv
Qlh[uyg_keurZehll_[y[hevr_lZdh]h=emi_gvdZydZdyfh]mij_abjZlvl_[ydh]^Zk_cqZklu
[hevr_\k_]hgm`^Z_rvky\ih^^_j`d_bihgbfZgbb"?kebfg_k_cqZkg_\ughkbfh[hevghlh^Z`_
kljZrghij_^klZ\blvdZdk_[yqm\kl\m_rvluGmg_gZ^hieZdZlvjh^gZyFugZqgzf\kzkgZqZeZ
keurbrv"hgih^gye_zebphgZk_[yMgZk_sz[m^ml^_lbkeurbrv"H[yaZl_evghKlhevdh
kdhevdhaZohq_rvLhevdhmfheyxg_fheqbkdZ`bohlvqlhgb[m^vZhgZg_\kbeZo[ueZgbq_]h
kdZaZlvmldgm\rbkvebphf_fm\]jm^v
FZjdl_f\j_f_g_fkb^_e\ohee_[hevgbqgh]hdjueZdh]^Zkijhlb\hiheh`gh]hdhjb^hjZfbfh
g_]hijhreZbk_eZgZijhlb\]ey^y\hdghl_fgh\hehkZy^_\mrdZk[hevrbfbdZjbfb]eZaZfbhg
ohjhrhaZihfgbelZdbfb`_dZdbm_]h[he__m^Zqeb\h]hkhi_jgbdZaZk_j^p_FZj]Zjblu
XghrZih^gyekyklhiqZgZbijbk_ejy^hfkg_c
&#xu;&#x^;&#xhe;&#x`g;&#xh;&#x[u;&#xlv;&#x;&#x_];&#xh;&#xk_;&#xkl;&#xjZ;&#x";&#xK_;&#xkl;&#xjZ;�u^he`gh[ulv_]hk_kljZ"K_kljZ`hgZ"fy]dhkijhkbehg
&#xu;&#xag;&#xZ_;&#xl_;&#xh_;&#x]h;&#x[;&#xjZ;&#xlZ;&#x";&#x;&#x^_;&#xm;&#xrd;&#xZ;&#xih;&#x_j;&#xgm;&#xeZ;
&#xg;&#x_f;&#xm;ë&#xph;&#x;&#x;&#xAg;&#xZ_;&#xl_;�uagZ_l_fh_]h[jZlZ"^_\mrdZih\_jgmeZdg_fmebphAgZ_l_`hgZ"Ghdlh\u"Yg_
\klj_qZeZZkkj_^bgZrbo]_g_jZeh\
Y[hevr_g_]_g_jZee_^bhgaZigmekyg_agZydZdh[jZlblvkydg_c
Yfbf_gyah\mlYfbfbehj^meu[gmeZkv^_\mrdZ
:yFZjdij_^klZ\bekyhgZr[jZlm`_\g_hiZkghklbkgbfk_cqZke_^bFZj]ZjblZ
FZjdg_h[uqgh_bfyghdjZkb\h_hgZkbgl_j_khfkfhlj_eZgZg_]hGhihq_fm`_fg_g_
kdZaZebqlhhga^_kv"AgZqblhgb\_jgmebkv"GZrebFZj]Zjblm"Bdhfmgm`gZwlZ\hcgZ"Hlg_z
lhevdhkljZ^Zgbyb[hevBdZdlhevdha_feyghkbllZdbodZdwlhlRgZc^_j"QlhaZklZ\beh_]h
gZjmrblvk\ys_ggh_i_j_fbjb_khojZgy\r__kyklhevdh\j_f_gb"
IZj_gvhsmlbe`]mqbcklu^i_j_^g_ci_j_^\k_fbhklZevgufb
ukbevghex[bl_k\h_]h[jZlZ"kijhkbehg
Hg`_fhc[jZlHg\k_]^Z[uehq_gv\kiuevqb\ufq_eh\_dhf\wlhfyhlebqZxkvhlg_]hGh
lZddZdgZrhl_p^he`_g[ue[ulvk_hlphf^eyk\hboex^_clh^eygZkkfZl_jvx[jZl[uedZd
]eZ\Zk_fvbFZfZlZdbklZjZeZkv\hkiblu\Zlv_]h[ulvkZfhklhyl_evgufmf_lvijbgbfZlv
j_r_gbyb[jZlvgZk_[yhl\_lkl\_gghklvaZk\hxk_fvxDh]^Zgm`ghhgfh`_l[ulv`_kldbfgh
hgohjhrbcb^h[jucq_eh\_dL_i_jv`_dh]^ZhlpZ[hevr_g_lkgZfbh[yaZgghklb]eZ\uk_fvb
e_]ebgZ_]hie_qb\iheghcf_j__z]hehk^jh]gme^_\mrdZ_szg_aZdhgqbeZk\hxfukevdh]^Zd
[_k_^mxsbfih^hreZDZeb
Fg_ijZ\^Zhq_gv`ZevqlhlZdkemqbehkvk\Zrbfhlphflbohijhbag_kFZjdbihkfhlj_egZ
g_z^_\mrdZihgbfZxs_db\gmeZ
DZdgZr_kZfhqm\kl\b_"h[jZlbeZkvdgbfju`Zy[h]bgy
FhykeZ[hklvm`_hlklmibeZYfbih^gyeZkvkdmr_ldbbihkfhlj_eZ\_zbamfjm^gu_]eZaZ
�Ihq_fmfg_g_kdZaZebqlh`hg\_jgmeky"
LulZdly`_ehi_j_g_keZkf_jlvhlpZqlhfug_ohl_ebl_[y_sz[hevr_\hegh\ZlvihdZdjbabkg_
f_gzll\hc[jZl[uef_`^m`bagvxbkf_jlvxblhevdh\f_rZl_evkl\hwlh]hfheh^h]hq_eh\_dZ
kiZkeh_]h
WlhijZ\^Z"Yfbih\_jgmeZ]heh\m\klhjhgmxghrb
��Ijb\_l\k_fiha^hjh\ZeZkvih^hr_^rZyZgbweeZJZ^Z\b^_lv\Zk\k_o\a^jZ\bbDZd`hgb
FZj]h"
�Bl_[_g_o\hjZlvijb\_lkl\_gghmeu[gmeZkvDZebKfhljxl_[_m`_ihemqr_`hgkeZ\Z
;h]mijbr_e\k_[yFZj]ZjblZmg_]h
&#xhl;
&#xZf;&#x_q;&#xZl;&#x_e;&#xvg;&#xh;&#x;�&#xhl;
&#xZf;&#x_q;&#xZl;&#x_e;&#xvg;&#xh;&#x;�hlbaZf_qZl_evghwgbhl\_lghmeu[gmeZkvYlh`_\jh^_[ugbq_]hlZd`_d_szaZgylk
^hdmf_glZpb_cZyaZohl_eZijh]meylvky\kZ^mgZkhg]jy^msbcG_khklZ\bl_fg_dhfiZgbx"
OhjhrZyfukevju`Zy[h]bgykwglmabZafhfijbgyeZwlmb^_xYfbg_ihf_rZ_lih^urZlv
k\_`bf\ha^mohfihlhfhgZh[jZlbeZkvdiZjgxB^zrvkgZfb"
�:fh`gh"FZjdih^gyekykdmr_ldbbihrZlgm\rbkvg_gZjhdhfaZ^_eie_qhfZgbweem
�_\mrdZkh^jh]gmeZkvhl_]hijbdhkgh\_gbyhgZ\a]eygmeZgZg_]hbqmlvg_jZaju^ZeZkv
bgklbgdlb\ghijbeh`b\jmdmdijZ\hfm]eZamkljm^hfiulZykv\^hogmlv\ha^mog_lwlhlhevdh
kljZrgu_\hkihfbgZgbybg_[he__ghwlhp_ggu_\hkihfbgZgbyhl_odh]hk\yau\Zebmau
dj_iq_q_f^jm`[Zkbevg__q_fex[h\v[hevr_q_f`bagv
Hg\kzihgyebfheqZdb\gmeZkZflh`_]hlh\[ueaZieZdZlvhlg_ihgylgh]hqm\kl\Zfmqbl_evghb
keZ^hklgh]h
Qlhklh[hc"kzohjhrh"h[_kihdh_gghihbgl_j_kh\ZeZkvDZeb
��Z\kzhq_gvohjhrhIjhklhg_[hevrh_g_^hfh]Zgb_meu[gmeZkvwgbub^bl_\i_j_^Z
fu\Zk^h]hgbfhgfg_ihfh`_l
H[hijbkvgZf_gyxghrZ\aye_zih^jmdm
�Xlhijhr_ilZeZZgbweeZg_kimkdZy]eZa\kfZljb\Zykv\_]hebphGhdZd":FZjbdh"Qlh
kg_c"
HgZ\kz\j_fy[ueZjy^hfklh[hchl\_lbehgmeu[gm\rbkv
FZj]ZjblZ"\a\hegh\ZgghmlhqgbeZ^_\mrdZ:Hjb"
Wlh]hyg_agZxihdZqZe]heh\hciZj_gvkz[m^_lohjhrhkziehoh_hklZehkv\ijhrehfY
h[_sZxqlh\kz[m^_lohjhrhk_kljzgdZ
^jm]h[ZgZklhjh`bebkv
Ijhrmijhs_gbyFZjdih\_jgmekyijbkemrb\Zykvda\mdZf^hghkb\rbfkybaiZeZlu]^_
�hklZ\ZebkvFZj]ZjblZb`hgyk_cqZkhg[_j_`ghmkZ^beaeZlh\eZkmxgZlhiqZgbj_rbl_evgh
gZijZ\bekygZaZ^\iZeZlm
�`hgij_\hafh]Zy[hevbkeZ[hklv\kdhqbekihkl_eb
Wlhhg"Hl\_lvfg_wlhhgk^_eZeklh[hc"_]h]eZaZ]hj_eb[_r_gufh]gzf
@Zgg_klhblkgh\Zg_kf_ehijhfhe\beZFZj]ZjblZWlhijZ\^Zm`_g_\Z`gh
G_\Z`gh]h\hjbrv"Lhqlhlui_j_`beZih_]h\bg_g_\Z`gh"_]h]hehkkhj\ZekygZdjbd
�G_ih\urZc]hehkgZg_zgZihjh]_ihy\bekyFZjdijb\e_q_gguc]jhfdbf]hehkhf`hgZ
Klj_[mchl\_lZkfm`qbgu
�B^Z\ghfuklZeblZdbfb[eZ]hjh^gufb"G_iha^gh\Zlheb"djb\hmofuevgmeky`hgbkZf
g_aZf_lbedZd\uie_kgm\\kx[hev^\bgmeiZjgxkh\k_ckbeu\q_exklvbq_jgufy^hfhl
k_j^pZihdjh\bjZkl_dehkv[_amfb_bijhkgmeky\gmljbk\bj_iucb[_kihsZ^guc^_fhg]hlh\uc
jZahj\ZlvgZdmkdbk\h_]hkhi_jgbdZ
Lu[_kdhg_qgh\bgh\Zli_j_^wlhc`_gsbghcLuhl\_lbrvaZdZ`^mx_zke_amaZ\kxlm[hevqlh
ihiZ^zlijhklhb[_aaZl_cyjhklvb]hj_aZlf_\ZebjZamfij_`^_kby\rbcykghklvx
[eZ]hjh^kl\hfb\_ebdh^mrb_f
@Zgij_djZlbFZj]ZjblZhklZgh\beZ_]hjmdmLu`_g_a\_jvWlhg_h[e_]qbl[hebHgg_
^Zel_[_mf_j_lvhghl^Zek\hxdjh\vdh]^Zlu[ueijbkf_jlbHg\_jgmefg_l_[y?kebykfh]eZ
_]hijhklblvlhblukfh`_rv
Ex[h_f_klhb\j_fydZd[m^_lm]h^ghZr_cFbehklbxghrZih^gyekykiheZ\ulbjZy
jmdZ\hfdjh\vkjZa[blh]hebpZ
�FZj]ZjblZhlhc^b`hghlkljZgbe_zG_\f_rb\ZckywlhgZr_kgbf^_ehhgko\Zlbe
xghrmaZ]jm^dbbijbi_qZlZedkl_g_Fg_m]h^ghk_cqZk`_
Ij_`^_q_f^_\mrdZmki_eZqlheb[hkhh[jZablvhgbh[Zbkq_aeb
@ZgFZjdk_\urgbc;h`_\jZamfbh[hbodZdfZjbhg_ldZmdhlhjhci_j_j_aZeb\_jz\hqdb
FZj]ZjblZ[_kkbevghmiZeZgZdhe_gbGZdh]hmih\Zlvfg_\fhebl\_fh_c_kebaeh[Zkbevg_cb
h[b^Zkbevg_c"Djh\vg_mgylvj_qvximklhcf_klvgZihegy_ldZ`^uc]hehkg_fhlhc]hjvdh
ijhpblbjh\ZeZhgZ
�GZihfgbgZqzffuhklZgh\bebkv\ihke_^gxxgZrm\klj_qm`hghlr\ujgmexghrmgZi_khd
Zj_guIh^gbfZckydjbdgmehgbdbgme_fmh^bgbaihy\b\rbokymg_]h\jmdZof_q_c
FZjd\klZeb\aye\jmdbhjm`b_\_]hihlmorbo]eZaZo[uebebrvhlj_r_gghklvb[_ajZaebqb_
Ihke_\_q_jg_cb^beebbih]h^Zj_adhbkihjlbeZkv
GZ[_`Z\rb_ly`_eu_k_ju_h[eZdZaZdju\Zebg_[hijhgbau\Zxsbc\_l_jkl_]ZegZqZ\rbfky
e_^yguf^h`^zf
DZd[ueZ\h^ghcghqghckhjhqd_[hkbdhfkjZkims_ggufb\hehkZfbdbgmeZkvhgZbkdZlvboGZ
rmfba\k_odhfgZl\ukuiZegZjh^Ijb[_`Z\rb_gZdjbdbFZj]Zjblu^jmavyiulZebkv\uykgblv
qlh`_ijhbahrehghgZoh^ykv\ihqlbrhdh\hfkhklhygbbhgZg_fh]eZgbq_]hfZehfZevkdb
\gylgh]h\u^Z\blvbak_[y[_r_gh\uju\Zykvbabojmd
�GZdhg_phgZju\dhfhk\h[h^beZkvbah[tylbcZgbweeu
HgZ[_`ZeZg_aZf_qZygbq_]h\hdjm][_`ZeZm`_g_ihfgbeZkdhevdh\j_f_gbiZjmjZamiZ\
kq_kZ\dhe_ghbehdhlvgZkd\havijhfhdgm\
Wlb^\h_kjZ`Zebkvg_bklh\hhkZlZg_ehdZieb^h`^yjZa[b\Zebkvhe_a\bykf_rb\Zykvkdjh\vx
��`hgjm[beg_sZ^gh[_ajZa[hjZh`^v[beihebpmb]eZaZfI_j_^]eZaZfbdjh\Z\Zyi_e_gZb
h^gh`_eZgb_j_aZlvbdjhfkZlvhl\_lblvgZ[hev_sz[hevr_c[hevx;hevaZlfbeZkh[hc\kz
[hevgh[ueh^urZlv[hevgh[ueh^mfZlv[hevghhq_gv[hevghkebrdhf[hevghg_\ughkbfh
Jm[ZrdZFZjdZm`_ihqlbiheghklvxijhiblZeZkvdjh\vxgh_fm[ueh\kzjZ\ghihqlb^jm]
keh\ghqlhlhszedgmeh\]heh\_b^h^jh`baZohl_ehkv`blv
�Gh`hgm`_g_fh]hklZgh\blvky[_a`Zehklghihehkmyihgh]ZfihjmdZfihdhjimkm
FZjdi_j_r_e\gZklmie_gb_\kzZdlb\g__b^bgZfbqg__hl\_qZygZ\uiZ^uDjZkgh]h
]heh\_]m^_ehZdjh\v\kz[uklj__b[uklj__l_deZih\_gZfKlZev\h\a]ey^_b\jmdZo
G_`gh_bfygZ]m[Zo
�\hbfih^Khegp_ff_klZg_l
Kf_jlvihf_rZeZkvgZex[\b
H[hbfj_aZe]eZaZZ^j_gZebg
\uoZjdb\ZyaZ[b\rbckyi_khdbahjlZ
FZj]ZjblZ\lj_lbcjZakihldgmeZkvm`_\hae_kZfhcZj_guHgZih^gyeZkvjZklbjZy]jyavih
fhdjhfmebpm
BlmlhgZm\b^_eZbobajZg_ggufbe_`ZsbogZi_kd_\p_ib\rbkv^jm]\^jm]ZdZdex[h\gbdb
Ghg_mki_eZ^_\mrdZ^Zevr_brZ]mklmiblvdZdimlv_cij_]jZ^beZnb]mjZ\[_ehfh^_ygbb
Klhc]^_klhbrv`_gsbgZG_ih^oh^b
FZj]ZjblZlZdbaZklueZgZf_kl_krbjhdhjZkdjulufb]eZaZfb
Dlh\u"lhevdhbkfh]eZijhe_i_lZlvihjZ`_ggZy^_\mrdZIhq_fm"
Y:g]_eKm^v[ufhghlhgguf]hehkhfijh^he`Zeg_agZdhfucHgbihklZ\bebk\hxebqgmx
g_ijbyagv\ur_bgl_j_kh\q_eh\_q_kl\ZH^bgjZa\yaZe\hcgmgZjmrb\k\ys_gguch[_li_j_fbjby
\lhjhc\f_klhlh]hqlh[ubkihegylvk\hc^he]aZsblgbdZljZlblkbeugZi_jkhgZevgmxf_klv
Eh`vh^gh]hklZeZijbqbghc]b[_ebg_\bggh]hkha^Zgby\lhjhcijhebedjh\vqlh\_jgmeZ_]hd
`bagbWlbg_^hklhcgu_ijh]g_\bebG_[_kZbl_i_jvijbgZ^e_`Zlfg_yboaZ[bjZx
Yg_hl^ZfLubog_ihemqbrvhgZj_rbl_evghaZfhlZeZ]heh\hcKqblZ_rvqlhbf__rv
�ijZ\hkm^blvbo"Zfug_g_ih]j_rbfu_fulZdb_dZdb__klvkhk\hbfb^hklhbgkl\Zfbb
g_^hklZldZfbbgh]^ZgZrbwfhpbb[_jml\_jogZ^jZamfhfgh\wlhfbaZdexqZ_lkygZrZkbeZb
gZrZkeZ[hklv[ulvq_eh\_dhfkeh`gufg_h^ghagZqgufbfgh]h]jZggufG_evay\kz\fbj_
^_eblvlhevdhgZqzjgh_b[_eh_\gzfiheghihemlhgh\bhll_gdh\ulj_[m_l_hlgZkk\ylhklb"
DZd`_\uk\ylu_^himklbebwlm\hcgm"Ihq_fmg_ihf_rZeb"Bebfu^ey\Zklhevdhi_rdbg_
aZkem`b\Zxsb_m\Z`_gby"Fug_kdhlfuex^bYq_eh\_dby]hj`mkvwlbfBg_`_eZx
mih^h[eylvky\Zf
AZfheqb`_gsbgZI_j_^kf_jlgufbfu_szg_hlqblu\Zebkvih\ukbe]hehkkh[_k_^gbd
mdhjyxs_]ey^ygZg_zWlh\kzbaaZl_[yf_`^mijhqbf
Yg_fh]mhljbpZlvwlh]h^_\mrdZ\u^_j`ZeZ_]h\a]ey^ghyg_ohl_eZwlh]hBg_bowlh
\bgZ
LugZklZb\Z_rv":_keb[uykdZaZeqlhkh]eZk_gaZ[jZlvlhevdhh^gh]hdh]h[ulu\u[jZeZ"
H[hbo^_\mrdZl\zj^hrZ]gmeZ\i_jz^Yg_kh[bjZxkv\u[bjZlvhgbh[Zgb\qzfg_
\bgh\ZluFufZehk^_eZeb^eyq_eh\_q_kl\Z"ImklvlZd:kdhevdhfu_szfh`_fk^_eZlv"Ghy
biZevp_fg_ihr_\_ex_kebfg_g_jZaj_rZlboaZ[jZlvhavfbemqr_f_gy\f_klhgbo_keb
kqblZ_rvqlhy\bgh\ZlZhgZk^_eZeZ_szh^bgrZ]byjdbck\_lhdmlZe_zbaZkibghcihy\bebkv
[_eu_djuevy
Yijhrm^Zlvbf\hafh`ghklv\kzbkijZ\blvijhrm^Zlvbf_szh^bgrZgkYijhklbeZbu
ihklZjZcl_kvj_rbl_evghgZklZb\ZeZFZj]ZjblZ
Blu]hlh\Z\aylvgZk_[yhl\_lkl\_gghklvaZgbo"AZihfgbmgbobml_[y[m^_llhevdhh^gZ
\hafh`ghklvkwlbfbkeh\Zfbhgbkq_ahklZ\b\^_\mrdm\jZkl_jygghklb
��Zqlhlmlijhbkoh^bl"`_daZlhjfhabemZj_gubk^_eZeagZdhklZevguflh`_hklZgh\blvky
ZrmfZlvWlb^\h_mkihdhylkydh]^Zgb[m^v"g_\u^_j`ZehgG_^mfZeqlhdh]^Zgb[m^v
kdZ`mwlhghohjhrhqlhhgbg_[ueb\^hklZlhqghcnbabq_kdhcnhjf_bbokhklhygb_g_
iha\hebehbfk_cqZkgZg_klb^jm]^jm]m[he__k_jvzaguom\_qbcq_fwlbfgh`_kl\_ggu_gh
ih\_joghklgu_jZgulmly_szfh]mkijZ\blvkyZ\hlijb[he__kbevguoih\j_`^_gbyog_m\_j_g
gZ]m[ZobmiZeZgZi_khd
\r\r\r
LZd\hlq_f\uaZgbfZ_l_kv^Z"g_^Z\Zyhihfgblvkyfheh^hcobjmj]kjZami_j_r_e\
gZklmie_gb_]g_\ghk\_jdZy]eZaZfbBhqzf\ulhevdh^mfZeb"Y\ZkkijZrb\Zx
�Yg_agZxqlhgZf_gygZreh`hgk_egZdjh\Zlbbhimklbe]heh\mgZdhe_gbwlh[ueh
keh\ghihf_rZl_evkl\h
Qlhg_gZrehkv^jm]h]hkihkh[Zdm^Zba[ulhdwg_j]bb^_lv"LZdygZihfgxqlh\hckdZLzfguo
G_[_kklhylm]jZgbp
�Qlh"Ihq_fmlufheqZe"`hgih^gyegZg_]h]eZaZhl`_yb^bhlLZf`_KZfZwevLZf`_
fhc[jZlLZf`_gZrbhg\kdhqbegZgh]bk[jhkb\gZiheh^_yehH^_`^mfg_[ukljh
Ijb]hlh\vl_fh_]hdhgy
LukmfZkhr_e"lZdhfkhklhygbb"FZjdlh`_ihiulZeky\klZlvYg_hlimsml_[yh^gh]h
�Fg_lh`_ih^Zcl_h^_`^mihlj_[h\Zehgihlhfih\_jgmekyd`hgmIha\hevfg_bkdmiblv
k\hx\bgmLhevdhijhrmg_ijbqbgycl_\j_^Z:ev\bkhgZg_lZdZydZd\u^mfZ_l_HgZg_`_eZ_l
\ZfaeZDh]^Z\kzaZdhgqblkyy]hlh\ihg_klbex[h_gZdZaZgb_lhevdh[m^vl_fbehklb\udg_cY
g_ijyqmkvhl\bgubg_m[_]mebrv^Zcl_fg_ih]h\hjblvkg_chgZ\ukemrZ_lf_gyhgZbal_o
g_fgh]bodlhiulZekyihgylvf_gydhfmy[ueg_[_ajZaebq_g
Y[uemqr_k^hoq_f[ulvh[yaZggufl_[_fjZqghmkf_ogmekylhlihlhfmeu[gmekyk\h_c
h[uqghcijb\_leb\hcmeu[dhcLZd[uyg_aZ^mfu\ZykvkdZaZe\q_jZK_]h^gy`_wlhm`_
[_kkfuke_gghm`_g_baf_gblvlh]hqlhluk^_eZegbaeZgb^h[jZLuhlgyemf_gyj_[zgdZgh
lu`_\_jgme`bagvfg_g_jZ\ghp_ggucdhg_qghh[f_gGhyg_fh]ml_i_jvm[blvl_[yijheblv
lm`_djh\vqlhl_i_jvb\hfg_h^gZdh^Zcfg_ohlvfZe_crbcih\h^byg_klZgmk_[y
k^_j`b\ZlvDh]^Z\kzaZdhgqblkyl_[_emqr_ihdbgmlvG_[_kguc=jZ^LZd[m^_lemqr_^ey\k_o
Kljm^hfhgbi_j_h^_ebkv\ihoh^gmxh^_`^mbk_sz[hevrbfljm^hf^_j`Zebkv\k_^e_
FZe_gvdbchljy^\uklmibeddj_ihklgufkl_gZfgZ]jZgbp_qlh[uijbkh_^bgblvkyd
jZkiheh`b\r_ckylZfeZ]_j_fZjfbb
Kg_ijb\uqdbhl_a^u\_johfmFZj]Zjbluehfbeh\kzl_ehghhgZklZjZeZkvg_ih^Z\Zlv\b^Z
]ey^ydZdfm`_kl\_ggh^_j`ZlkyhklZevgu_Kha^Z\Zehkv\i_qZle_gb_qlhlhevdhDZeb^Z_sz
�`ZklbgZijh\_^rZy^_lkl\hgZjZgqhqm\kl\h\Zebk_[y\k\h_cklbobbH^_luhgb[ueb\ez]db_
dh`Zgu_^hki_ob\ukhdb_kZih]bbieZsbQlh[u\hehkug_e_aeb\]eZaZ^_\mrdbk^_eZeb
ijbqzkdb\klbe_ZfZahghdkhfgh`_kl\hfdhkbq_dk\ie_l_ggufb\gbodh`ZgufbrgmjdZfbb
�[mkbgZfbb\u]ey^_ehwlh^h\hevghwnn_dlghZ`_mFZj]Zjblu\hehkum`_hljZkeb^hlZdhc
^ebguqlhiha\heyeZ\uihegblvlZdmxaZfukeh\Zlmxijbq_kdmKijZ\_^eb\hklbjZ^bklhbl
aZf_lblvqlhFZj]Zjbl_lZdZyijbqzkdZbkdexqbl_evghreZhldju\ZyebphbklZ\yZdp_glgZ
g_h[uqghc^ey_\jhi_cdbnhjf_]eZa^_\mrdb\\_gZodhlhjhc[uehgZf_rZghfgh]hdjh\_c
jZ\ghdZdbhklZevguf^_\mrdZf\hkh[_gghklbDZebbYfbi_j\Zy\k_]^Z\u]ey^_eZ
[ebklZl_evghghkihdhcgh\hkk_^Z\rZy\_johfgZqzjghfkdZdmg_\^hki_oZo[hj^h\h]hp\_lZhgZ
�[ueZbkdexqbl_evgh\_ebq_kl\_ggZk_kljZ`hgZlh`_ij_h[jZabeZkvbalj_i_lghceZgb\
ij_djZkgmxZevdbjbxgh\kzkl_f`_lhfguf\a]ey^hflzfguohq_c
�JZgu`hgZbFZjdZ\kz_sz^Z\Zebhk_[_agZlvh[Zkljm^hf^_j`Zebkv\k_^e_bkdexqbl_evgh
bij_^h[fhjhqgufkhklhygb_f^_j`Zkvqlh_klvkbeuaZih\h^vyqlh[ug_miZklvkdhgy
@Zgklh[hclhqgh\kz\ihjy^d_"FZj]ZjblZiheh`beZeZ^hgvgZ_]hjmdm
�KiZkb[haZ[_kihdhckl\h^hjh]Zydb\gmehgghk_cqZkwlhg_bf__lagZq_gby`hg
ihkfhlj_egZg_z\a]ey^hfihegufkh`Ze_gbybjZkdZygbyIjhklbf_gyybijZ\^Zg_agZxwlh
[uehdZdh_lhihf_rZl_evkl\h
@ZglukZf`_]h\hjbeqlhf_klvg_\_jgzlihl_jbhgZk`ZeZ_]hiZevpu
DZdluijZ\ZlukyqmjZaijZ\Zhghimklbe]eZaZYaZklZ\bel_[y\hegh\Zlvkydh]^Zl_[_blZd
ly`_ehihlhfhghdebdgmeFZjdZ_oZ\r_]hg_fgh]h\i_j_^bBlulh`_ba\bgbYijZ\^Z
ih]hjyqbekylh]^ZAZ[m^vqlhygZ]h\hjbefh`_rvhklZ\Zlvky\G_[_kghf=jZ^_kdhevdh
ih`_eZ_rv
�hlygbkvjmdhcl\hyG_evayg_evayBkfhlj_lvgZg_zlZdg_evayg_evayDZdjmdZ_z\_]h
jmd_e_`ZeZ\kihfbgZlvg_evayg_evayLhlihp_emcgZ]m[Zo^hkboihj]hjblh]gzf]hjvdh
keZ^dbcdZd^bdbcfz^g_evayg_evayHggbdh]^Zg_aZ[m^_l_]hHgohl_e[uqlh[uwlh[ue
khgGhdZ`_lkyhgg_kiblHg[he__l_xhg^urbl_xDZdgb`Zevghhg_zDZdkimlgbd
djm`blihhj[bl_g_\khklhygbbijb[ebablvkydk\h_cieZg_l_\kz\j_fygZoh^ykvgZ
jZkklhygbbHg[m^_ljy^hfqlh[ugbkemqbehkv?]hahehlZy[hevGhdZdh[tykgblv
g_jZamfghfmk_j^pmqlhklmqblkyhgh\aZdjulmx^\_jv"
�Hq_faZ^mfZekyEZgk_ehl"`_dklj_\h]hcbkhqm\kl\b_fihkfhlj_egZFZjdZ
�ZlZdgbhqzfhlfZogmekyxghrZkbeykvmeu[gmlvky
Lufg_kbfiZlbq_giZj_gvGhg_f_rZcbokqZklvxJZa\_fZehhgbi_j_`beb"JZa\_hgbg_
aZkem`bebfbjbihdhc"
:yg_aZkem`be"FZjdj_adh^_jgmeih\h^vybk\uah\hfihkfhlj_e\dZjb_]eZaZfheh^h]h
objmj]Z
Y\jZql_eZg_^mrlhlih^jm`_kdbiheh`be_fmjmdmgZie_qhLu_szh[yaZl_evgh[m^_rv
kqZkleb\Lhevdhg_p_ghc[eZ]hihemqby^jm]boFZjdhimklbe]heh\mbg_hl\_lbe
G_ihf_rZxfZevqbdb"ihjZ\gy\rbkvkgbfbhke_ibl_evghmeu[gmeZkvaeZlh\eZkZyih^Zjb\
fheh^hfmobjmj]mg_`gucihp_emcbih^fb]gm\FZjdmDZdlmlfhcgh\hh[j_l_ggucgZa\Zgguc
[jZl_p"Hlq_]hg_\_k_e"G_m`_eb\_ebdZyyg_lZdZym``_eZggZygZoh^dZ"kZfh^h\hevgh
meu[gmeZkvhgZba\hgdhjZkkf_yeZkv
YijZ\^ZjZ^qlhgZr_el_[yhl\_lghdb\gmexghrZ
HdZdhc`_lugZoh^qb\ucmgZk^_\mrdZih^ZjbeZ_fmh[h^jyxsbc\a]ey^
GZdhg_phgb^h[jZebkv^hjZkiheh`_gby\hckdG_[_kgh]h]jZ^Z\hae_dj_ihklghckl_gu
J_g_ll_RZjevkhke_aZfbgZ]eZaZok[hevrhcjZ^hklvxkgh\ZaZdexqbe^hqv\k\hbh[tylby
��hq_gvdZkeZ\Z;h]mlup_eZbg_\j_^bfZHgbgZrebl_[yih\_jgmekyhgd`hgmbhklZevguf
��;eZ]h^Zjx\Zkf_kv_@Zg`_dwgbYi_j_^\Zfb\g_hieZlghf^he]m
IZihqdZFZj]hjZkp_eh\ZeZhlpZ\h[_s_dbYlZdjZ^Z[ulvkgh\Zk\Zfb
GhZdlhwlh"hghr_ehfe_gghihkfhlj_e\klhjhgmFZjdZ
HWlh^he]ZybklhjbyiZimeveZkdh\hmeu[gmeZkv^_\mrdZFujZkkdZ`_fiha`_dh]^Z
g_fgh]hhl^hogzfeZ^gh"
:dZd`_l\hza^hjh\v_^hjh]Zy"\klj_\h`_gghihbgl_j_kh\ZekyRZjev:gjb\ay\^hqvaZjmdm
=hkih^b^_ldZhgkkbehcijb`Ze_zdk_[_
�Khfghc\kzohjhrhq_klghkmeu[dhcgZebp_FZj]ZjblZaZ\_jbeZhlpZ`_dhkfhlj_ef_gy
mf_gyfheh^hca^hjh\uchj]Zgbafmf_gy_sz[m^ml^_lb\kz_sz[m^_laZf_qZl_evgh\_jvfg_
fheh^hcobjmj]]eZaZfbih^l\_j^be_zkeh\Z
�:d_fbZgbweeZFZjd^zjgme[ehg^bgdmaZjmdZ\Lhl\ukhdbcju`bcxghrZdlhhg"
Wlv_gdma_ggZr_cFZj]hZq_fhgl_[yaZbgl_j_kh\Ze"hgZkf_jbeZ_]hbamqZxsbf\a]ey^hf
�Zqlh[fg_hke_igmlvkbx`_fbgmlm_kebwlhg_HjbDbjbiZj_gvoehigmek_[yihe[mHg
ih\_ebl_evbeexabcblmfZgZg_lZdeb"
�;ulvlh]hg_fh`_lwgbqZklhqZklhaZfhj]ZeZg_agZyqlhbhl\_lblvgZwlhIZihqdZ
Ibl_j[jZlbrdZhgZki_rbeZkvdbgm\rbkv\h[tylbyih^hr_^rbo[jZlZbhlpZ
JZ^uijb\_lkl\h\ZlvZrZfbehklvhlkZexlh\Ze]_g_jZe:]gb\ukhdbcdjmigucju`_\hehkuc
�fm`qbgZ\Zehffmg^bj_`hghl\_lbeez]dbfdb\dhfJZaj_rbl_^heh`blv\klZg_ijhlb\gbdZ
l\hjblkyqlhlhg_ihgylgh_hgbkf_gbeb]eZ\ghdhfZg^mxs_]h\hij_db\he_ijZ\bl_evgbpu
QlhlZfijhbkoh^bl"ijb\e_q_ggucrmfhf^hghkb\r_fkyklhcklhjhgukl_guklbkgm\am[uhl
[hebFZjdgZk\hbo^ebgguogh]Zoe_]dhkhkdhqbekdhgybhllhedgm\klhys_]hm[hcgbpu
emqgbdZhg\kfZljb\Zeky\madbcijhzfklZjZykvohlvqlhlhjZa]ey^_lv
Q_]h\u`^zl_"Ihq_fmg_ZlZdm_l_"\udjbdgmekh\_lgbdh[jZsZykvdkhe^ZlZf
DjZkiheh`b\rbfky\hckdZfijb[eb`ZeZkv:ev\bkkg_[hevrbfhljy^hf\_jguo]\Zj^_cp_\
DZdwlhihgbfZlvEhj^LjbklZg"IhdZdhfmijZ\m\uiha\hebebk_[_\aylvdhfZg^h\Zgb_fhbfb
\hckdZfb"dhjhe_\Z[ukljhki_rbeZkvk[hevrbfljm^hfk^_j`b\Zy]hlh\u_khj\ZlvkykyaudZ
g_p_gamjgu_\ujZ`_gby
:ihdZdhfmijZ\mfg_[m^_lmdZau\ZlvdZ`^Zyijh^Z`gZyl\Zjv"Ex[h\gbdZl\h_]hg_lk_cqZk
jy^hfqlh[uaZsblblvl_[yihwlhfmfheqb`_gsbgZY^he]hl_ji_ewlh]h[_r_gh]hdhjhey
nZdlbq_kdbijZ\y\f_klhg_]hgZoh^ykv\k_]^Z\_]hl_gbFhzl_ji_gb_dhgqbehkvL_i_jvy
ihklmiexlZddZd^Z\ghohl_eyh^_j`m\_ebdmxih[_^mihdjhxk\hzbfykeZ\hcb[m^mijZ\blv
h[hbfbfbjZfb
�Z\u[j_^bl__zjmdZe_]eZgZwn_kukhrebkmfZEhj^LjbklZgZrb^_ygby^hklhcgu
km^Zljb[mgZeZ
?szkeh\hbyg_ihkfhljxqlhluhkh[Z`_gkdh]hiheZ:ihdZg_f_rZckyIhgyeZf_gy"hg
aZehfbe_cjmdmijbklZ\b\hkljb_f_qZdr__
HgZy\ghg_h`b^ZeZlZdh]hih\hjhlZkh[ulbcjZkl_jyggh]ey^ygZkh\_lgbdZ\dhgp_dhgph\
:ev\bk[ueZebrvijhklh`_gsbghcg_[hevr_ghbg_f_gvr_
G_laZhjZe\h\kz]hjehFZjdgZ[ex^Zywlmkp_gmbak\h_]hmdjulby?szqmlvqmlvbhg]hlh\
[uekiju]gmlvijyfhkhkl_guqlh[u\f_rZlvkyHgZg_aZkem`beZlZdh]hh[jZs_gby
GZdj_ihklghckl_g_f_evdgmekbemwlb:ev\bkmkeurZeZdZdkh\k_f[ebadhijhk\bkl_eZklj_eZ
\hgab\rbkv\ie_qhEhj^ZLjbklZgZO\ZldZhkeZ[eZbhg\ujm]Z\rbkvhk_eiulZykv\ugmlv
klj_em_]hf_qmiZelml`_jy^hf
k_ih\_jgmeb]heh\u\klhjhgmklj_ey\r_]hghlZf]^_k_dmg^mgZaZ^\hae_am[pZ\nhjf_
eZklhqdbgh]ho\hklZklhyeemqgbdgbdh]hm`_g_[ueh
Lhqlhohl_ekh\_jrblvFZjdijh^_eZeZ^jm]Zynb]mjZqm^hfe_]dhijba_feb\rbkvgZa_fex
K\ylu_G_[_kZhgih^^_j`Zek\_leh\hehkmx`_gsbgmbijb`Ze_zdk_[_]eZ^yih]heh\_kz
[m^_lohjhrhkz[m^_lohjhrhLu\kzlZdb`b\Z=hkih^bZy\_^v^Z\ghm`_hieZdZel_[yk_
kqblZebqlhlulh]^ZmlhgmeZlhevdhwlZe_glZbhklZeZkvhll_[yhgZlhevdhk_cqZkaZf_lbeZ
ih\yaZggmxgZ_]hie_q_lzfghkbgxxZleZkgmxe_glm
Ihljykzggu_khe^Zlu\aZf_rZl_evkl\_kfhlj_ebgZgbog_agZydZdbfj_Z]bjh\ZlvgZ\kxwlm
kblmZpbx
�GZ^bjkhr_ekmfZ"ZgbweeZk[_kihdhckl\hfkfhlj_eZgZhldju\Zxsmxkyi_j_^gbfbkp_gm
LhevdhjZ^bh^ghc`_gsbguhgklZe[ulZdjbkdh\ZlvaZ^mfqb\hijhbagzkKwfGhwlh
g_\hafh`ghwlZ`_gsbgZf_jl\Z
Ihoh`_fuhrb[ZebkvKZfZwevDZebmdZaZeZjmdhcgZaeZlh\eZkmxdhjhe_\mijbkfhljbkv
\gbfZl_evgh
&#xu;&#x_z;
&#xgZ;&#x_l;&#x_";&#x;&#xi;&#xhb;&#xgl;&#x_j;&#x_k;&#xh;&#xZe;&#xZk;&#xv;DlhwlZ`_gsbgZ"u_zagZ_l_"ihbgl_j_kh\ZeZkvwgb
Dh]^ZlhhgZ[ueZnj_cebghcdgy]bgb:kbbFgh]he_lfu\k_kqblZebqlhhgZmlhibeZkv
ihdhgqbeZkkh[hchl[_ahl\_lghcex[\bdgZr_fmdgyax;_^gy]ZGZ^bjdZ`^uc^_gvijbghkbe_c
k\_`b_p\_luZhgZebrvkgbkoh^bl_evghijbgbfZeZ_]h^Zjum^hklZb\Zy_]hlhevdhmeu[dhcGh
dZdhgZhdZaZeZkvijbLzfghf^\hj_bqlhgZg_caZkljZggZyfZkdZ"
Lua^_kv"GhdZd"kljm^hfijhbag_keZ:ev\bkg_\khklhygbbih\_jblvqlh\b^bl_]hLug_
aZ[uef_gy"GZ^bjlu_szihfgbrv"Ihfgbrvf_gy"
Klh]hkZfh]h^gydZd\i_j\u_\klj_lbel_[y\hae_nhglZgZ\kZ^mijhr_ilZehgmldgm\rbkv
ebphf\_zie_qh
�Zlh]^Zlu[uedgy`_kdbfkZ^h\gbdhfmeu[gmeZkvhgZ
Kl_oihjybaf_gbekylbohhl\_lbeGZ^bj
Ylh`_baf_gbeZkvBl_[_emqr_g_kfhlj_lvgZf_gy:ev\bkhl\_jgmeZkvIjZ\bl_evLzfguo
G_[_kaZohl_ef_gybihemqbeqlhfh]eZk^_eZlvh^gZkeZ[Zy`_gsbgZijhlb\r_klbjupZj_c
ihobsZxsbo_z"E_glmhgbki_pbZevghhklZ\bebqlh[uf_gym`_g_bkdZeb
Qlh"hgih\_jgme_zebphgZk_[yQlhhgbklh[hck^_eZeb"GZ^bjhklhjh`ghjZa\yaZee_glu
bkgyefZkdm
G_lG_gZ^h:ev\bkhimklbeZ]heh\mG_kfhljbgZf_gyG_kfhljbhgZiulZeZkv
\uk\h[h^blvkyba_]hkbevguojmdkeh\ghklZevgufdhevphfk`bfZ\rbo_zaZlZebx
AZ[m^vaZ[m^v\kzqlh[uehwlhg_bf__ljh\gufkqzlhfgbdZdh]hagZq_gbyZ`ghebrvlhqlh
lu`b\Zbyk_cqZk^_j`ml_[y\k\hboh[tylbyoGZ^bjijh^he`ZemkihdZb\Zlv_z?keb[ulu
agZeZdZd`_ykh`Ze_xqlhf_gylh]^Zg_[uehjy^hfklh[hc
:qlhkemqbehkvklh[hc"JZkkdZ`bdZdlu`bewlb]h^u"kijhkbeZijZ\bl_evgbpZgh\j_f_gb
gZhl\_lbfg_^Zeb
Yk_cqZkaZieZqmhlmfbe_gby;jZ\h;jZ\hZr__ebq_kl\hih^kdhqbeLjbklZgDZdfbeh
�\u\kzlZdbgZrebk_[__szh^gh]hhojZgbl_eyZlhevdhq_]hklhblh^bgwlhl[_amf_pijhlb\
p_ehcZjfbb"hgih^gyeka_febf_qBebijhlb\f_gy"=emipu\uh[Zmfjzl_
Mg_z_klv_szaZsblgbdf_qEhj^ZLjbklZgZ[uehklZgh\e_g^jm]bff_qhfIhdZf_gy_szg_
jZa`Zeh\ZebydhfZg^mxsbcwlhcZjfb_cFZjdlZdbk^_eZewlhhgg_fh]kihdhcghgZ[ex^Zlv
b\kqblZggu_k_dmg^u[uem`_ih^jm]mxklhjhgmkl_gu
G_kf_ck\hbfih]Zgufyaudhfkd\_jgblviZfylvfh_cfZl_jbB^Z^eyl_[yy\kz_szbf_ggh
dhfZg^mxsbcRgZc^_j_e_k^_j`b\Zek_[yFZjdqlh[ug_kg_klbkh\_lgbdm]heh\mh^gbf
\afZohfk\h_]hdebgdZihlhfhgih\_jgmekyd\hckdZf:l_i_jvkemrZcl_f_gykhe^Zlu
G_[_kguc=jZ^g_`_eZ_l\ZfaeZug_h[yaZgukjZ`Zlvkyihijbgm`^_gbxY[hevr_g_\Zr
dhfZg^mxsbcghihkemrZcl_qlhy\ZfkdZ`mZrZih\_ebl_evgbpZg_`_eZ_l[bl\uwlh[ueh
fhz`_eZgb_ghy[ueg_ijZ\L_i_jv\uk\h[h^guhl\Zrboh[yaZl_evkl\Lhevdh\Zrebqguc
\u[hjIjbkemrZcl_kvk_cqZkdk_[_\_jbl_eb\u\lhqlh\b^bl_f_gy`b\ufbg_\j_^bfuf
\_jbl_eb\u\lhqlhaZwlbfbkl_gZfbg_\jZ]bZ^jmavyI_j_fbjb_f_`^mgZrbfbgZjh^Zfb
[uehaZdexq_ghaZ^he]h^hgZr_]hjh`^_gbylZd\hafh`gh\gzfbf__lkykfuke"
FZjdaZq_f":ev\bkkijbagZl_evghklvxihkfhlj_eZgZxghrm
:aZq_fluk^_eZeZlZdfgh]h^eyf_gy"hgebrvmeu[gmeky_c\hl\_l
G_\_jhylghYfbhldjueZjhlhlm^b\e_gbyLZdwlhb_klvhglhlkZfucRgZc^_j
�GhfbgZevgh^Zdb\gme`_dghhgklZel_i_jv^jm]bfq_eh\_dhf
hckdZ\bamfe_gbbfheqZkfhlj_ebgZgbo
FZjd\kdjbdgmeZFZj]ZjblZb\`ZeZkv\ijhzf[hcgbpudhehlykvhl\heg_gbyQlhhg^_eZ_l"
G_lgmhghij_^_e_gghdZfbdZ^a_ijhdhff_glbjh\Zefheh^hcobjmj]WlhliZj_gv\kz\j_fy
ihjZ`Z_lf_gy
�Zhgijhklhg_ghjfZevgucIhq_fmhg^_eZ_lwlh^eydhjhe_\u"Hgb`_m[vxlbo\hafmsZeky
�lZdbf_]h[_ajZkkm^gufihklmidhf`hghjhlZHldjulvfg_\hjhlZ
@ZgluqlhaZ^mfZe"FZj]ZjblZkm`Zkhfihkfhlj_eZgZg_]hLu`_lh`__szg_hijZ\bekyhl
jZg
B^maZwlbfikboh\ZggufDjZkguck_j^blhgZofmjbe[jh\bbj_rbl_evghjZa\_jgmeky
Yijbdjhxl_[ylmfZghfWlv_gk^_eZeg_kdhevdhiZkkh\jmdZfb]eZaZ_]hklZebp\_lZa_ezgh]h
foZZ\hdjm]jZkijhkljZgbehkv]mklh_fZj_\hL_[_`_hgg_[m^_lihf_ohc
�Kwfl_[ygZmqbe"`hgh^h[jbl_evghihoehiZe_]hihie_qm;eZ]h^Zjx
@Zgg_oh^bG_oh^blm^ZFZj]ZjblZm`_ihqlbih\bkeZgZ_]hr__Fuqlhgb[m^v
�ijb^mfZ_fhe`_g[ulv_sz\ZjbZgl
L_[_`_\Z`_gwlhlkhieyd"LZdyb^maZgbfhgfy]dhm[jZe_zjmdbYg_ex[ex^he]h
hklZ\Zlvky\^he]mih^fb]gmehg
YfblhevdhhlqZygghaZfhlZeZ]heh\hcmfheyxs_]ey^ygZ[jZlZ
Dh]^ZlmfZgjZkk_yekyi_j_^wlbfbljhbfbklhyeq_eh\_d\djZkghf
G_klj_eycl_Y[_ahjm`_ghgih^gyeh[_jmdb\agZdijZ\^b\hklbk\hbokeh\Ihkfhljbl_
�Ihkfhljbl_\gbfZl_evghgZf_gyFug_`_eZ_f\ZfaeZZcl_fg_aZ[jZlvboaZkl_gmIjhklh
^Zcl_gZfmclbbgbdlhg_ihkljZ^Z_l
Khe^Zlui_j_]eygmebkvihjy^Zfijhrehi_j_r_ilu\Zgb_G_dhlhju_gZqZebdhe_[Zlvky
�Zqlh`_\uklhbl_"M[_cl_bo\udjbdgmekh\_lgbd
G_kdhevdh\hbgh\\klZebi_j_^gbfb
GhEhj^LjbklZgwlhg_ijZ\bevghhgbij_]jZ^beb_fmimlvFug_fh`_fHgZgZrZ
dhjhe_\Z:lhlq_eh\_d[_ahjm`_gFukhe^ZluZg_\Zj\Zju
Lh]^Zk^hjh]bGbdZdZyhgZg_dhjhe_\ZdZd[ueZrexohclZd_xbhklZeZkvYkZfjZa[_jmkv
G_ljZa^Zekya\hgkdj_sb\Zxsbokyf_q_c
Ihq_fm"hi_rbehlg_h`b^Zgghklbkh\_lgbdub^zl_ijhlb\k\h_]hdhfZg^bjZ"
Ihlhfmqlhfu\_jbfqlhwlbex^b]h\hjylijZ\^m
Lh]^Z\ulh`_gZklhjhg_wlbohlklmigbdh\
Bkgh\ZjZa^Zekya\mdkrb[Zxsbokydebgdh\L_i_jvkgbfb[ueh_szkihekhlgb]\Zj^_cp_\
LzfguoG_[_k
�L_[_dlhgb[m^v]h\hjbeqlhluikbo"mkf_ogmeky`hghlm`g_^mfZeqlh[m^m
ijbdju\Zlvl\hxkibgm_]h]eZaZklZebq_jgufbhg\ulygme\i_jz^^jh`ZsmxhlgZijy`_gby
jmdmb\hlm`_g_kdhevdh\hbgh\hk_^Zebih^_]hkf_jlhghkguf\a]ey^hf
aZbfghdb\gmeFZjdijbgbfZy[h_\mxklhcdmh^ghcjmdhcjZkdb^Z\mjZ]Zggufihju\hfk
^x`bgmkhe^ZlFh]mih\lhjblvl_[_l\hb`_keh\Z
�;eZ]h^ZjxoZjfZjZ^`Zgh\jy^ebyklhxlZdbomkbebck\Zr_cklhjhgujZkljh]Zggh
ijhbag_keZ:ev\bkhgZkljm^hffh]eZ]h\hjblvhlho\Zlb\r_]h_z\heg_gby\i_j\u_aZfgh]b_
]h^uhgZ\klj_lbeZagZdhfu_ebpZl_odh]hagZeZ\ijhrehc`bagbGZ^bjZklZjr_]hkugZdgyay
dhlhjh]h\f_kl_kk_kljhcbfeZ^rbf[jZlhfkughfk\h_c]hkih`bagZeZkkZfh]hbo
^_lkl\Z\hkihfbgZgbygZoeugmebkfu\Zy\kzlhm`Zkgh_qlh[ueh\_z`bagbZrZFbehklv
kebrdhf^h[ju
?keb\uijhlb\wlhc\hcguZr__ebq_kl\hlhfugZ\Zr_cklhjhg_hgk^_eZeagZdGZ^bjmb
FZjdmbhgbh[klmibeb`_gsbgmaZsbsZy_z
Ihkl_i_gghdh[hjhgyxsbfkyijbkh_^bgyehkv\kz[hevr_b[hevr_khe^ZlKhklhjhguwlh\kz
\u]ey^_eh^h\hevghkljZggh^jm]ijhlb\^jm]ZkjZ`Zebkvex^b\h^bgZdh\hfh[eZq_gbb
�@ZevOhl_ehkvj_rblv\kzihohjhr_fm`hgihcfZe\a]ey^LjbklZgZbm`_g_mimkdZe_]h
Yb[_ahjm`by\iheg_hiZk_g
Kh\_lgbdf_^e_gghhimklbekygZa_fexgZ_]hebp_\a^mebkv\_gujmdbljykebkv
Qlhluk^_eZekfhbfbex^vfb"DZdluaZklZ\bebo\uklmiblvijhlb\k\hbolh\Zjbs_c":_sz
gZkgZau\Z_l_^_fhgZfblukZfbkqZ^b_:^Z[jhkbeLjbklZg\ebphDjZkghfm
�Wlhbokh[kl\_ggh_j_r_gb_`hgihdZaZe\klhjhgmkjZ`ZxsbokyG_ywlhgZqZeghywlh
aZdhgqm
Q_]h`^zl_"Emqgbdbd[hxijhojbi_eEhj^LjbklZg
�Yk_]h^gyg_\gZkljh_gbb^eyb]jhkdZebeky`hg\_]h]eZaZo[ueZZ[khexlgZyghqv
Hlah\bl_k\hboex^_cIj_djZlbl_wlm[_kkfuke_ggmx[bl\mI_j\ucdlhh[gZ`blf_qhl\_^Z_l
fh_ckbeuhgk`ZeiZevpugZ_]hr__KemrZckx^ZluaZiylgZek\hxq_klv\hbgZbyfh]m
hlijZ\blvl_[yijyfbdhf\Z^lh]^Zlu[hevr_g_ijbqbgbrv\j_^ZgbdhfmL_[_\_^v^hjh]Zl\hy
`ZedZy`bagv":kh\_lgbd"Bebfg_h[tykgblv[he__^hoh^qb\h"
�Zqlh`_wlhlZdh_ijhbkoh^bl"FZj]ZjblZih\_jgmeZkvdKwfmHgb`_g_klZgmlklj_eylv"
IjZ\^Z"
hll_i_jvih`Zemcklhbl\f_rZlvkyKZfZwevk^_eZeagZdkljZ`gbdZfhlhclbhl\hjhl
EmqgbdZfg_klj_eylvuf_gykeurbl_"ijhdjbqZeLjbklZgdh]^ZDjZkguchkeZ[beo\Zldm
Himklblvhjm`b_Gbdhfmg_klj_eylv
KZfZwevhldjhckdhj__\hjhlZYklh[hcFZj]ZjblZihkfhlj_eZgZg_]hkh\k_c
Ludm^Zkh[jZeZkv"DZebjZa\_jgmeZ_zebphfdk_[_bkkbehc\kljyogmeZLu\k\hzfmf_"
�hqdZg_lihiulZeky\hajZablvRZjevLZfhiZkgh
�LZffhcfm`FZj]ZjblZ\uk\h[h^beZkvbao\Zldbju`_c[h]bgbLZf`hgLZfFZjdK_cqZk
hgbjbkdmxlk\hbfb`bagyfbiulZykvhklZgh\blvdjh\hijheblb_Y^he`gZ[ulvlZfY^he`gZ
ihfhqvKZfZwevijhrml_[y^_\mrdZ\ayeZfm`qbgmaZjmdm
�Q_]h`_fu`^zf"ih^^_j`ZeZ_zZgbweeZBfgm`gZgZrZihfhsv
_jghG_kijZ\_^eb\h[m^_l_keb\kz\_k_ev_^hklZg_lkyiZjgyfKwfkZfhebqghgZijZ\beky
hldju\Zlv\hjhlZFu\k_b^zf
MagZxk\h_]hKwfZmeu[gmeZkvju`Zy[h]bgy[_jy_]hih^jmdmEmqr_[ueh[uZjfbb
LzfguoG_[_kg_aeblv_]h
hjhlZ\gh\vhldjuebkvbihy\bekyKZfZwevhgjZkdbgmejmdbbih_]h\_e_gbx\\ha^mo
ih^gyebkvkhlgbkhe^Zlkdbof_q_ckhkdj_`_lhfbeya]hfkie_lZykv\_^bgucdem[hdf_lZeeZgZ
e[m\uklmibeZbkiZjbgZ[jh\b[uebk\_^_guhlmkbeby
�YEhj^ijhl_dlhjG_[_kgh]h=jZ^ZFZoZkZfZlfZg;bq_fhgh\B\u\ua\Zebfhc]g_\
jZafZrbkluf^\b`_gb_fjmdbhghl[jhkbedhfhdih]gmluodebgdh\dZdfh`gh^Zevr_Ghfu
]hlh\uhlimklblv\Zkkfbjhf
@Zgk\Zfb\kz\ihjy^d_"^_\mrdZdbgmeZkv_fmgZr_x
kzohjhrhjh^gZyhgijb\ezd_z[eb`_dk_[_bg_hlimkdZeihdZh[Zg_mlhebebk\hx`Z`^m
ihp_em_\
YlZdjZ^ZijhklhkqZkleb\ZgZ_zebp_[ueZkZfZy[_ah[eZqgZymeu[dZZ_]hh[tylby[ueb
kZfuf[_ahiZkguff_klhf\h\k_c\k_e_gghcLuh^bgbag_fgh]bokh\_jr_ggh[_ajZkkm^guo
ex^_cdhlhjuoy\klj_qZeZFZj]ZjblZh[jZlbeZkvdFZjdm
Lu[_kihdhbeZkvh[hfg_ijZ\^Z"klj_i_lhfijhr_ilZeiZj_gvdh]^Z^_\mrdZh[gyeZ_]h
Gmdhg_qgh`_FZjdFZj]ZjblZih]eZ^beZ_]hihs_d_y\_^vex[exl_[ydZd^jm]ZdZd
[jZlZ
Ghg_dZdfm`qbgm"ihdZqZehg]heh\hcmkf_ogm\rbkv
M\ujZa\_eZjmdZfbFZj]ZjblZbmeu[gmeZkv
�_ckl\bl_evghm\uxghrZqmlvaZf_lghmeu[gmeky
=^_lhihgZr_ca_fe_oh^bllZqlhba[jZgZ^eyl_[yhgZih^gyeZgZg_]h]eZaZyagZxlhqghb
fg_g_gm`gh[ulv^eywlh]hykgh\b^ys_cG_klhblljZlblvk\hx^jZ]hp_ggmx`bagvgZf_gydh]^Z
]^_lhl_[y`^zll\hykm^v[ZDlhagZ_ldh]^Z\u\klj_lbl_kvghlh]^Zluihcfzrvqlhl\hzk_j^p_
`^Zehbf_ggh_zbwlh[m^mg_y
&#x_e;&#xbq;&#x_k;&#xl;&#xh;&#x;&#xZj;&#x]Z;&#xjb;&#xlZ;&#xi;&#xh^;&#xhr;Z;
&#xi;&#xjZ;&#xbl;&#x_e;&#xvg;&#xbp;&#x_;&#xLz;&#xfg;&#xh];&#xh;�Zr__ebq_kl\hFZj]ZjblZih^hreZdijZ\bl_evgbp_Lzfgh]h\hjZiha\hevl_bkp_eblv
\Zrbo\hbgh\ihlhfhgZih\_jgmeZkvd^jmavyfHgbg_iblZebg_gZ\bklbdgZfhgbebrv
ijhklu_khe^Zlubok_fvb`^mlbo
uhq_gv\_ebdh^mrgudgy]bgyihdehgbeZkv:ev\bkLjbklZgijZ\dZdZybaf_gydhjhe_\Z"
GZfgh]hemqr_q_f\u^mfZ_l_hk_[_meu[gmeZkv^_\mrdZ
Lh]^ZihdZy_szbf_xdZdmxlh\eZklvy^he`gZ\uclbdk\hbfex^yfbh[tykgblvbfqlh
g_q_]h[hylvkylh]hqlh[m^_lk_cqZkijhbkoh^blvqlh\ug_ijbqbgy_l_bf\j_^ZkiZkZ_l_bo
`bagb
Emgghc=hkih`bBokebrdhffgh]hghdh_qlhfu^_ckl\bl_evghfh`_fk^_eZlvihdZbfb
��mki_xlaZgylvky\jZqbZijhevzlkybkp_eyxsbck\_lKhegpZbEmguZ\haebdm_l\kz\k\_l_
_]hkbeZOjZgbl_e_ck\_jdZxsbfbf_jpZxsbf\k_fbp\_lZfbjZ^m]bk\_q_gb_f
jZkijhkljZgbeZkvgZ^eZ]_j_fihdju\ZyjZgu[hcph\aZsblgufihdjh\hf
HDZdbgl_j_kghlZdwlZ^_\qhgdZlZdfgh]hagZqbl^eygboh[hboihdZgZg_]hg_
kfhlj_ebLjbklZg^hklZekijylZgguc\kZih]_gh`bj_adhf_lgme_]hLh]^ZdZd\Zf^\hbf
ihgjZ\blkydh]^Z\ZkebrZllh]hqlh\ZflZd^hjh]h"
OjZgbl_evgbpZijb]gbkvdh]^Z_zhllhedgmebFZj]ZjblZm^ZjbeZkvha_fexbdZd\
�aZf_^e_gghcktzfd_m\b^_eZaZeblh_djh\vxebphJZnZddhlhjhfmdbgmebkv`hgbKZfZwevGh`
ijhr_eihdZkZl_evghcjZkkzdijZ\uc\bkhdaZ^_\]eZa
Ijhklb[jZly[ue[eb`_lu[ug_mki_eijhr_ilZeJZnZwevgZjZa^mfvyg_hklZ\Zehkv
\j_f_gb
;jZlbddZd`_lZd"[jhkbeZkvdg_fmYfbLhevdhg_mfbjZcih`ZemcklZ
�Lu^Z`_g_ij_^klZ\ey_rvqlhlulhevdhqlhk^_eZe`hgkgZ^_`^hcbkdZe]eZaZfb^jm]Z
objmj]ZgZfZkl_jkl\hdhlhjh]hhklZ\Zehkvmih\Zlv
Imklh_Yg_k^_eZegbq_]h\u^Zxs_]hkykbebekymeu[gmlvkyfeZ^rbcijbgpY\_jgmek\hc
^he]bfh]ml_i_jvkihdhcghijbgylvgZdZaZgb_
JZnZwevfZevqbdfhc^_j`bkv:ev\bkijb`ZeZ_]hdk_[_Ijhklbwlh\kzfhy\bgZYebrv
g_^hklhcgZykem]Zk\h_c]hkih`b?keb[ufhy`bagvfh]eZbkijZ\blv\kzlhy[ukjZ^hklvx
hl^ZeZ_z
�JZgh\uohjhgbl__]hfZ^ZfjZgZg_kf_jl_evgZhg[m^_l`blv`_d[uem`_jy^hfb
^hklZ\Zebak\h_]hihoh^gh]hkZd\hy`Zi_j_\yahqgucfZl_jbZeYihklZjZxkvk^_eZlv^eyg_]h\kz
�qlh\fhbokbeZoqlh[u\_jgmlv_fmaj_gb_hgihkfhlj_egZ`hgZJZkihjy^bkvqlh[uf_^bdb
]hlh\bebkvijbgbfZlvjZg_guo
��\h_khe^Zllml`_aZehfbebjmdbLjbklZgmbih^\_eb_]hd`hgmbKZfZwex
HklZ\vl__]hfg_\ureZ\i_j_^DZeb\]eZaZoju`_\hehkhc[h]bgb]hj_ehieZfyg_]h^h\Zgbyb
\hafms_gbyLu^\Z`^uihkf_eih^gylvjmdmgZ`_gsbgDZebko\ZlbeZ_]haZ\hjhlbih^gyeZk
a_febL_[y\_ebdh^mrghihsZ^bebghluh[jZlbek\hzhjm`b_ijhlb\lhcdlhiulZeZkvbkp_eblv
l\hbo`_ex^_c]gbeZyl\hy^mrhgdZGbqlhf_gylZdg_[_kbldZdkZfh\ex[e_ggu_fm`qbgu
kqblZxsb_k_[y\ur_`_gsbgu
Gmqlh`_lh]^Zyfh]m[ulvkihdh_gm^h\e_l\hjzgghmeu[gmekyDjZkgucK\Zr_]h
jZaj_r_gbyf_gyk_cqZk[hevr_\hegm_lfhc[jZlHklZ\eyxwlhgbqlh`_kl\hgZl_[y=hkih`Z
DZeb
M[_jbl_hlf_gywlmkmfZkr_^rmx\m`Zk_aZ\hibeLjbklZgg_\kbeZo\u^_j`Zlvyjhklgh]h
h]gy_za_ezguo]eZa
Ke_^baZkeh\ZfbWlZkmfZkr_^rZydZdlu\ujZabekyfhy`_gZbyg_fh]mebrblv_z
m^h\hevkl\byijhmqblvl_[yaZ\_jhehfkl\hbg_m\Z`_gb_d`_gsbg_meu[gmekyKZfZwev
Mf_gylZdh_klhcdh_`_eZgb_ih\_kblvl_[ygZl\hbo`_dbrdZooheh^ghmkf_ogmeZkvDZeb
Kh[eZag\_ebddZd^mfZ_rvih^^Zlvkybkdmr_gbx"[j_a]eb\hihfhjsbeZkvhgZ@b\bq_j\yd
Bf_ckf_ehklvijbgylvk\hxkm^v[mL_[y[m^mlkm^blv
Ju`Zykmjh\h\a]eygmeZgZg_]hykgh[uehgZdh]hhggZf_dZ_l
Hk_[_[_kihdhckyQlhlhyg_keurmjZkdZygby\l\hzf]hehk_bg_\b`m_]hgZl\hzfebp_
DZebh[jZlbeZkvdkljZ`gbdZfM\_^bl__]hbaZijbl_=eZakg_]hg_kimkdZlvijbdZaZeZhgZ
Zr__ebq_kl\hihZr_fmijbdZaZgbxHohlgbd^hklZ\e_gkhh[sbe]hg_p
Ij_djZkghkh[e_]q_gb_f\u^hogmeZ:ev\bk=^_hg"Ijb\_^bl__]h
Ludh]hgb[m^vmagZ_rvbaijbkmlkl\mxsbo"dhjhe_\Zh[jZlbeZkvdjZdrZkm
G_m`_ebHohlgbd[_ahrb[hqghhklZgh\be\a]ey^gZ\ukhdhf[e_^ghfxghr_khk\_leh
kbj_g_\ufb\hehkZfbbokoh^kl\Zg_evay[uehg_aZf_lblv\[e_dehklbdh`b\ke_]dZj_adh\Zluo
q_jlZoebpZk_juo]eZaZolhgdboiZevpZoHg
WlhlxghrZl\hckughgZml\_j^bl_evghdb\gmeZ\Zfhfgh]hfgm`ghih]h\hjblv
GZdhjhe_\mbklhys_]hjy^hfkg_cmklj_fbebkvhr_ehfezggu_\a]ey^u\iZfylbh`bekljZrguc
wibah^kjZ`_gby\iZjb`kdbodZlZdhf[Zoihl_emijh[_`ZebfmjZrdb^jh`vbm`ZkaZo\Zlbeb
jZamfbiehlv
G_m`_eblZdh_\hafh`ghqlhwlhlfZevqbdqlhklhblk_cqZkjy^hfkgbfbdhlhjuclhevdhqlh
]hlh\[ue\f_kl_kgbfbijhlb\hklhylvZjfbbLzfguoG_[_kdhlhjucgZbo]eZaZoij_l_ji_elZdb_
m^b\bl_evgu_baf_g_gbyfh][ulvkughf^_fhgbq_kdh]hdbee_jZ[u\r_]h]hlh\ufm[blvbo\
fjZqguooheh^guoi_s_jZoih^IZjb`_f
Wlhlhqlhkljm^hfih^^Z\ZehkvihgbfZgbxAZlhhgbagZebqlhagZqblhl_p\`bagbdZ`^h]h
Hgbg_kf_ebbkeh\Z\ufhe\blvZ]eZaZFZjdZ]hj_eb[_kkbevghcyjhklvx
AZq_fluk^_eZeZwlh:ev\bk"DZdh]hqzjlZiZj_gvkgh\Zbkgh\ZihkueZemjZ]Zggucihlhdgh
jZdrZkhklZ\ZekyklhylvgZf_kl_Yg_`_eZx_]h\b^_lv
LuZ[khexlghijZ\FZjd_fmg_q_]h[ueh\hajZablvgZwlhbdZ`^h_keh\hkugZie_lvx
oe_klZehihkh\_klbyaZkem`bel\hc]g_\bl\hzij_aj_gb_Yhq_gv\bgh\Zli_j_^lh[hcYg_[ue
]hlh\Ihlhfdh]^Zyhihfgbekybj_rbebkijZ\blvk\hxhrb[dm[uehm`_iha^ghluk[_`Zeba
ijbxlZF_gyg_[uehjy^hfdh]^Zy[hevr_\k_]h[uel_[_gm`_gY\bgbel_[y\kf_jlbl\h_c
fZl_jbZihlhfklu^bkljZof_rZebfg_k^_eZlvi_j\ucrZ]Fg_[uehijhs_ba[_]Zlvl_[y
Fh`_rvba[blvf_gy_kebl_[_hlwlh]hihe_]qZ_l
�Zlukebrdhfhiha^ZeYm`_^Z\ghg_gm`^Zxkv\l_[_ijhp_^beFZjdklbkgm\am[ub
iZevpujmd^hkm^hjh]b
Y[hyeky^Zy[hyekyqlhg_kfh]m^Zlvl_[_gbq_]hFg_dZaZehkvqlhlZd^eyl_[y[m^_lemqr_
Ohl_em[_j_qvl_[yhllZdhckm^v[udZdmf_gy
AZq_flufg_\kzwlh]h\hjbrv"iZj_gvmdhjbag_gghihkfhlj_egZhlpZYg_kh[bjZxkv
kemrZlvl_[y
G_llu\ukemrZ_rvf_gyHohlgbdk^_eZeihiuldmijb[ebablvkyohlvgZkZglbf_lj
G_ih^oh^bdhfg_iZj_gvbagmj_gghhimklbekygZdhe_gbZ\]eZaZoklhyebkezau
Ohjhrh_keblulZdohq_rvymc^mjZdrZkih\_jgmekybhlhr_ekgh\ZklZ\ih^e_dhjhe_\u
AjyuklZjZebkvZr__ebq_kl\h
�Zc_fm\hafh`ghklv\ukdZaZlvkyFZj]ZjblZijbk_eZjy^hfkxghr_cb\ayeZ_]haZjmdm
g_bklh\hfihju\_hgkkbehch[gye_zijh^he`Zymkbe_gghfb]Zlvk^_j`b\Zykezau
Yg_ohqm_]h\b^_lvg_ohqmbebohqm"Ygbq_]hg_ihgbfZxg_ihgbfZx
�]h\hjxbkiulZ\kZfihiulZekyijbih^gylvkyJZnZwevgh_]hihiuldb[uebij_k_q_gu`_dhf
iulZ\rbfkykijZ\blkykdjh\hl_q_gb_fihdZg_[m^_lih^]hlh\e_gZhi_jZpbhggZyMl_[y`__sz
_klvrZgk
klZ\ZcFZj]ZjblZf_^e_gghih^gyeZkvih^gbfZyb_]hih^^_j`b\Zyih^jmdb
�Wlh`_l\hchl_pg_^Zc_fmmclb`hgkbevg__k`ZejmdmFZj]Zjblus_fysZy]hj_qvkgh\Z
gZihegbeZk_j^p_hg[ufgh]h_hl^ZeaZlhqlh[um\b^_lvhlpZohlvgZfbgmlm
G_ijhjhgb\gbkeh\Zhgbklhyeb^jm]gZijhlb\^jm]Zh[Zh^bgZdh\h\ukhdb_bom^hsZ\u_k
h^bgZdh\hf_jl\_ggh[e_^ghcdh`_ck\_lehk_jhcihqlbijhajZqghcjZ^m`dhc]eZab\_l_j
jZa\_\Zebo^ebggu_\hegbklu_\hehkuk_jhebeh\h]hhll_gdZ
G_h`b^ZgghjZdrZkijhklhijhlygme\i_jz^jmdbwlhlkdhj__bglmblb\gucg_hkhagZgguc`_kl
aZklZeiZjgy\jZkiehoHglh`_kdhj__ihgZblbxf_lgmeky\h[tylbyhlpZHgbijh^he`Zeb
fheqZlv
FZfZJZkkdZ`bfg_dZdhchgZ[ueZgZdhg_plbohihijhkbefheh^hcq_eh\_d
�eyf_gyemqr__zg_[uehgbdh]hl\_j^hhl\_lbejZdrZk
k_kfhlj_eblhevdhgZwlbo^\hbo
Qlhluohq_rvmagZlv"lbohkijhkbehg
kzJZkkdZ`bfg_\kzgbq_]hg_mimklbbg_aZ[m^vFZfZlmlxghrZ^zjgmekybaZkibghc
_]hihy\bebkv[hevrb_ij_djZkgu_k_ju_djuevyZgZgzfk\_lehk_j_[jbklZylmgbdZ^hdhe_gb
lZdh]h`_p\_lZkZg^Zebb\_]hdhk_k\_jdZeZk_j_[jbklZye_glZwlh[uehihbklbg_\_ebdhe_igh_
aj_ebs_
��Z`_`_dg_fh]kihdhcghgZ[ex^Zlvwlmkp_gmklhevdhe_lm`_ijhrehZ_fm\kzlZd`_g_
o\ZlZehjh^bl_e_ckeh\ghhldjuebkvklZju_jZguhl^Z\Zyghxs_c[hevx\]jm^b
Wlh\kZfhf^_e_y"FZjdkm^b\e_gb_fhkfhlj_ek_[y
�Qlhwlh"kijhkbeZihljyk_ggZyZgbweeZ
Hgkmf_ehlimklblvk\hx[hevb\gzfijhkgmeZkvkbeZOjZgbl_eymeu[gm\rbkvh[tykgbe
�`hg
FZj]ZjblZ[ueZlZdjZ^ZaZiZjgy_cgZ\_jghhq_gvih\_aeh\`bagbhgZ[ueZiha^gbfb
^he]h`^Zggufj_[zgdhf\k_fv__zh[h`Zeb\lhfqbke_bhl_p^mrb\g_cg_qZyehgZ\k_]^Z
hsmsZeZ_]haZ[hlmdh]^ZhgZaZ[he_\ZeZkZf]hlh\be_c[mevhgufZl_jbg_^h\_jyemqbe
dZlZlvkygZ\_ehkbi_^_bjhebdZoi_j\uc_zie__jbi_j\ucfZ]gblhnhg[uebijb\_a_gubfba
aZ]jZgbqguodhfZg^bjh\hdhgb\f_kl_qZklhoh^bebgZdhgp_jluex[bfuobkihegbl_e_c
HgZkljm^hfiulZeZkvihgylvdZdwlhfh`ghqlh[uhl_p[jhkbek\h_]hj_[zgdZbebqlh[u
j_[zghdg_gZ\b^_ek\h_]hhlpZhllh]hbbkiulZeZlZdmxhljZ^m\b^yqlhhl_pbkuggZreb\k_[_
kbeubfm^jhklv\klZlvgZimlvijbfbj_gbybk^_eZlvi_j\u_rZ]bgZ\klj_qm^jm]^jm]mijbagZlv
qlh^eyh[hbowlhhq_gv\Z`ghHgZlZdbklhyeZ\h^ghcjmd_^_j`Zjmdmfm`Z\^jm]hcjmd_jmdm
hlpZ
YlZd\bgh\Zli_j_^lh[hcBg_lba\bg_gbyfhbfijhklmidZfihdZqZe]heh\hcjZdrZkFg_
ijhs_[uehgb\qzfg_ih\bggh]hfeZ^_gpZh[\bgblv\h\kzfq_fijbagZlvqlhwlhbaaZf_gy
;m^mqbgbsbfom^h`gbdhfy[uekqZkleb\ufwlhyl_i_jvihgbfZxLh]hq_eh\_dZdhlhjh]h
a\ZebE_\bljbq_gdhm`_g_lLhlq_eh\_dmf_j^\Z^pZlve_lgZaZ^Ygbdh]^Zg_aZ[m^mlhl^_gv
EZmjZHhgZmf__l[ulvm[_^bl_evghcHgZihy\beZkvkeh\ghbagbhldm^ZbhgZagZeZ\kzh[h
fg_\k_fhbkljZobk_dj_lu`_eZgbybkeZ[hklb\dhlhjuoyg_kf_eijbagZlvky^Z`_kZfhfmk_[_
BydZdihke_^gbcb^bhlih\_jbe_cYf_qlZeklZlvagZf_gblufqlh[uJmkeZgZgZdhg_ph[jZlbeZ
gZf_gyk\hz\gbfZgb_HgZkby\rZy\emqZokhnblh\bdZf_j^ZezdZybg_^hklmigZydZda\_a^ZY
ohl_ejZa[h]Zl_lvqlh[ufhyex[bfZy`_gsbgZgb\qzfg_gm`^ZeZkvBagZ_rvEZmjZbkihegbeZ
k\hzh[_sZgb_hgZgZ^_ebeZf_gykbehckljZgghckbehcbdZdih\her_[kl\mfhb^_eZihreb
dZdg_evayemqr_yklZe[h]ZlufbagZf_gblufbkm^v[Zih^ZjbeZfg_\klj_qmklhchdhlhjhcy^h
lhcihjufh]ebrv[_agZ^_`gh]j_ablvGhg_kdZaZeZqlhieZlhcaZwlhklZg_lg_lhevdhfhy^mrZ
ghb`bagv^hjh]h]hfg_q_eh\_dZL\hyfZlv[ueZhq_gvojZ[jhc`_gsbghchgZg_[jhkbeZf_gy
dZdygbgZklZb\ZeHgZijbgyeZf_gyg_kfhljygZlhd_fyklZeHgZi_j_`b\ZeZlhevdhaZl\hx
km^v[m:yg_kfh]_zaZsblblvyh[_sZe_cbg_k^_j`Zek\h_]hkeh\ZJh^u[ueb
ij_`^_\j_f_ggufbLujh^bekyhq_gvkeZ[ufYg_ihgbfZegbq_]hbg_fh]ih\_jblv^hl_oihj
ihdZg_m\b^_eEZmjm\uoh^ys_cbaiZeZluk\h_c`_gum`g_agZxqlhhgZ\gmrbeZi_jkhgZem
Kdhj__\k_]hijbl\hjbeZkvg_kqZklgufj_[zgdhfbsmsbfiZeZlmk\h_cfZl_jbDZd`_g_ihfhqv
[_^gy`d_"Lhevdhihlhf^hf_gy^hrehdh]^ZgZfhbo]eZaZohgZklZeZ[e_^g_lvZijb[hju
ih^dexq_ggu_dg_ckeh\gh\a[_kbebkvihdZau\Zyklj_fbl_evgh_iZ^_gb_Zjl_jbZevgh]h^Z\e_gby
qlhkemqbehkv_z`bagv\h[f_ggZl\hxjZqbg_mki_eb_zkiZklbhgZijhklhbkl_deZdjh\vx
hgbg_ihgbfZebqlhijhbkoh^blghylhagZeYihgbfZe_zihklmihddZdfZl_jbghdZd`_gm
g_fh]ijhklblvlh]hqlhhgZhklZ\beZf_gyh^gh]hg_fh]ijhklblvbl_[yqlhklZeijbqbghcwlh]h
\u[hjZGhkZfufkljZrgufbkZfufij_djZkguf[uehlhqlhJmkeZgZkdZaZeZfg_i_j_^kf_jlvx
qlhhgZihex[beZf_gyg_aZ^_gv]bbebkeZ\mZijhklhihlhfmqlhih\_jbeZfhbfqm\kl\ZfY
lhqghh[_amf_ehl]hjyb^_fhgbq_kdZyfhyqZklvhdhgqZl_evghh^_j`ZeZ\_jogZ^q_eh\_dhfYg_
ijbkmlkl\h\ZegZihohjhgZoyhklZ\bej_[zgdZ\debgbd_hklZ\bel_[yF_gyho\Zlu\ZeZlh
yjhklvlhhlqZygb_yijhdjmqb\Ze\iZfylb\hkihfbgZgbyk\h_c`bagb_^bgkl\_ggh_p_ggh_qlhm
�f_gyhklZ\ZehkvYohl_ek[_`Zlvghfg_g_[uehdm^Zb^lbhfZ\kzgZihfbgZehhijhrehc
`bagbhlhfqlhyih]m[beih]m[bekZfh_^hjh]h_qlh[uehmf_gyk\hxk_fvxYijhdebgZe
k_[ybk\hz[_kkf_jlb_Yg_[ue^hklZlhqghkbezgqlh[uijhlb\hklhylvEZmj_ghkm^v[Zkgh\Z
ih^ZjbeZfg_\klj_qmgZwlhjZakgug_ihdhcgufijZ\bl_e_fLzfguoG_[_kYijbgzk_fmdeyl\m
\_jghklb\gZ^_`^_dh]^Zgb[m^vh[j_klbkbem^hklhcgmxkjZ\gblvkykfhsvxh^ghcba
kbevg_crbokj_^bIZ\rbobklZekem`blvk\h_]hjh^ZqbklbevsbdhfgZzfgufm[bcp_c_keb
m]h^ghDh]^Zyhihfgbeky[uehkebrdhfiha^ghym`_g_fh][jhkblvk\hxkem`[mbihl_jye
l\hcke_^Yih^mfZeqlhwlh\hafh`ghbdemqr_fmhgZlh`_g_kfh`_lgZclbl_[yYbk_cqZk
gbq_]hg_fh]m^Zlvl_[_ghl_i_jvyfh]m[ulvkihdh_gaZl_[yjy^hfklh[hc^jmavyGZ^_xkv
lujZaj_rbrvfg_ohlvbgh]^ZgZ\_sZlvl_[y"xghrZfheqZdb\gme
EZmjZhlwlh]hbf_gbaZdjm`beZkv]heh\ZbFZj]ZjblZih[e_^g_eZg_j\ghk]ehlgm\bg_
^urZ\p_ibeZkviZevpZfb\jmdmfm`Z
:FZjdkemrZe\kzbg_fh]ih\_jblvqlhwlhbklhjby_]hk_fvb_]hbklhjbyIh^[hjh^hd_]h
^jh`Zebg_ijhr_ggu_kezaukZfbl_debihs_dZf
AgZ_rvZ\_^vy^h]Z^Zeky_szlh]^Z\i_s_jZoih^IZjb`_fyke_^beaZgbfbb\b^_e\kzlh]^Z
Ygbdh]^Zg_\b^_el_[yghihq_fmlhihgyedlhluFg_klhbeh[u\f_rZlvkyghyg_fh]\u^Zlv
ijZ\^Zeb"mkf_ogmekyFZjdihlhf_]hebphklZehZ[khexlghk_jvzagufH[LpycshfbjZahf
ih^_fh^hEv\h\mihdeZklbfZfLd\Llb
H[Lpyxih^_fhdhebkohq_rml\_j^bl_evghdb\gmeE_\
LuhkhagZebk^_eZeg_qlhhq_gv\Z`gh_qlhhk\h[h^behl\hxkbemOjZgbl_ey
=eZ\ghdhfZg^mxs_]hBhRgZc^_jZ[hevr_g_l_klvOjZgbl_evA_febF_g_klj_ev_ljh\FZjd
&#xbl;&#xjb;&#xq_;&#xgd;&#xh;&#x;&#xm;&#xeu;&#x[g;&#xme;&#xZk;&#xv;&#xij;&#xZ; l;&#x_e;&#xvg; p;&#xZ;&#xLz;g;&#xh];&#xh;Ev\h\bqbljbq_gdhmeu[gmeZkvijZ\bl_evgbpZLzfgh]h\hjZYkjZ^hklvxhk\h[h`^Zxl_[y
hlaZgbfZ_fhc^he`ghklbqlh[ulufh]ijbkh_^bgblvkydaZsblgbdZfG_[_kgh]h=jZ^Zl\hz
f_klhjy^hfkgbfbGZ^_xkvlug_[m^_rv\hajZ`Zlvqlh[uwlhf_klhaZgye]hkih^bgGZ^bj"
Wlhijhklhqm^h\kie_kgmeZjmdZfbFZj]ZjblZ]ey^ygZg_]hkg_ih^^_evguf\hkobs_gb_f
XghrZkfms_gghmeu[gmeky
HgklhyeZfukeb_]h[ue]^_lh^Ze_dhhgg_agZejZ^h\Zlvky_fmbebieZdZlvhgg_kf_e^Z`_
f_qlZlvhlhfqlh[uklZlvgZjh\g_kgbfbk^jm]hc`_klhjhguhg^mfZeqlhihdbgm\bokfh`_l
aZ[ulv_zkfh`_laZ]emrblvwlhl]hehk\k\h_c]heh\_qlhihklhygghih\lhjye_zbfykfh`_l
ih^Z\blv\k_[_wlmkljZklvGh;h`_dZd`_[m^_lwlhljm^ghk^_eZlv_kebhg[m^_l\b^_lv_z
dZ`^uc^_gvdZ`^uc^_gvk^jm]bfdZ`^uc[_kdhg_qgh^he]bc^_gvBg_kdhgqZ_fh^ebggu_
&#xk;&#x_j;&#xvz;
&#xbk;&#xiu;&#xlZ;&#xlv;
&#xgZ;&#xq_;&#xgb;&#x_;&#xke;&#xh;&#x;&#x`_;Z;&#xlv;&#x; ;&#xg;&#x_;&#xkf;&#x_l;&#xv;&#x;&#x;&#x=h;&#xki;&#xh^; ;&#x^;&#xZc;&#xk; e;&#x;h^bghdb_ghqbk_jvzabkiulZlvagZq_gb_keh\`_eZlvbg_kf_lv=hkih^b^ZckbeZckbe
?szh^gZ]hjvdZygZkf_rdZkm^v[uLZdkf_ylvky_fmbebju^Zlv"ex[hfkemqZ_hgg_kfh][u
mclb\k_^hjh]b\_ebdg_clhevdhdg_cZlZf[m^vqlh[m^_l
&#xuk;&#xhd;&#xhc;&#xH;&#x[b;&#xl_;ë&#x;&#xOj;&#xZg;&#xbl;&#x_e;&#xv;&#xFZ;&#xjd;&#x;&#x;�JZ^uijb\_lkl\h\Zlv\ukhdhcH[bl_ebOjZgbl_evFZjd`hgijhlygme_fmjmdm
Iha\hevl_kem`blvG_[_kghfm=jZ^mZrZFbehklvlhlij_dehgbedhe_gh
H_keb[lhevdhfbjmagZe
�DZdqbklZyEx[h\vjh`^Z_lmrm
DhlhjZykmlv@_gsbgjZkihagZ\
Boij_\jZsZ_l\:g]_eh\
:_kebZg]_ey"lZdLulhfmijbqbgZ
JZay`b\mlhlhevdh^eyL_[y
�Zlhevdh^eyL_[y
Lh[hxij_\jZs_gguc\Zg]_eZfm`qbgZ
WlbkljhdbkihglZgghijbrebgZmfdh]^Zhgm\b^_eg_`gmxmeu[dmFZj]ZjbluihegmxjZ^hklb
b]hj^hklbaZg_]hAeZlh\eZkZyklhyeZjy^hfblh`_meu[ZeZkv
LZdwlhlufZe_gvdZyq_eh\_qdZkk_j^p_f\_ebdh]hq_eh\_dZ"Lu_]hij_h[jZabeZ:luhq_gv
bgl_j_kgZyq_eh\_qdZKiZkb[hqlhih\_jbeZ\g_]hE_\bljbq_gdh\ujZabek\hx
ijbagZl_evghklvFZj]Zjbl_\ihdehg_hgZhl\_lghihdehgbeZkvihlhfhgih\_jgmekyd:ev\bk
KiZkb[hZfZr__ebq_kl\hqlhih^^_j`ZebbgZijZ\beb_]hjbkdmyk\h_cj_imlZpb_cbk\h_c
`bagvx
Fg_wlhkh\k_fg_[ueh\ly]hklvfy]dZymeu[dZihy\beZkvgZebp_dhjhe_\u
&#x_e;&#xbq;&#x_k;&#xl;&#xh;&#x;&#x;&#xh;&#x[j;&#xZl; e;&#xZk;&#xv; ;&#xg_; ;Z;&#xj];&#xZj; l;&#xZ;&#x;�Zr__ebq_kl\hh[jZlbeZkvdg_cFZj]ZjblZ`_dfufh`_fqlhgb[m^vk^_eZlv^eywlhc
e_^b"^_\mrdZdb\dhfmdZaZeZgZfZkdmgZebp_dhjhe_\u
Yfh][uihkfhlj_lv_kebZr__ebq_kl\hiha\heblkh]eZkbekyfheh^hcobjmj]DZdlhevdh
aZdhgqbfkjZg_gufbIhkfhljbl_gZf_gygZfhzebphyihgbfZx\ZkdZdgbdlh^jm]hc
�h\_jvl_kvgZf\b^ykl_kg_gb_bg_eh\dhklv:ev\bkFZj]ZjblZ\ayeZ_zaZjmdmG_[hcl_kv
^h\_jvl_kvgZfdZd^h\_jbebkv\Zrbex^bKZfbihklmibebhq_gvg_kijZ\_^eb\hghfu
ihijh[m_fbkijZ\blvwlh
��Ijhrmkgbfbl_\ZrmfZkdmihijhkbeZZgbweeZWlhh[e_]qbljZ[hlm`_dmhgZih^g_keZ
eZ^hgbdebpm`_gsbgubrjZfuklZebaZf_lghf_gvr_ZgZiZevpu^_\mrdbiZ^Zebkezauba]eZa
dhjhe_\u
GZ^_xkv\ug_[m^_l_ijhlb\lh]hqlh[u\hah[gh\blv^_ckl\b_fbjgh]h^h]h\hjZZr_
�\_ebq_kl\hij_^eh`be`hgEhj^ijhl_dlhjKZfZwevym\_j_gkm^h\hevkl\b_fih^ibr_l_]h
Ehj^ijhl_dlhj"i_j_kijhkbeZhgZb]hehk_z^jh]gmeZihq_fmg_dgyav"
&#x_e;&#xbq;&#x_k;&#xl;&#xh;&#x;�DgyavkdhgqZekyZr__ebq_kl\h`hghimklbe]heh\m
DZd`ZevHg[ue\_ebdbfq_eh\_dhf:ev\bkh[gyeZ_]hIjbfbl_fhbkh[he_agh\Zgby
JZaj_rbl_lh]^Zfg_ihqlblv_]hiZfylvbiZfylvfh_c]hkih`b
DZdih`_eZ_l_hgg_klZe\hajZ`Zlv
@ZgZagZ_rvqlhwlhagZqbl"h[gyeZfm`ZFZj]ZjblZ
Bqlh`_ex[h\vfhy"hgijbdhkgmeky]m[Zfbdhe[m^_\mrdb
WlhagZqbldhg_p\hcg_meu[gmeZkvhgZ=^_l\hc\_jguc:ajZwev"IhjZ_fmhlg_klb
�jZ^hklgmx\_klv\`ZcimjbgZrbf[ebadbf\IZjb`_WlhagZqblqlhgZrbfZl_jbl\hckug
Jhabb:^_evdZfh]ml\_jgmlvkydZdb^jm]b_[_`_gpuihdbgm\rb_k\hb^hfZ
:dh]^Zkhe^ZluaZdhgqZlk\hze_q_gb_lhfumkljhbfijZa^gbdbhldjh_f^\_jb]eZ\gh]h^\hjpZ
^ey\k_o`_eZxsboih^ulh`beKZfZwevGZ^_xkv]hkih`Z:ev\bkg_ijhlb\ih]hklblvmgZk
ih^hevr_"
F_eh^by[_kdhg_qghklbNhjfmeZ[_kdhg_qghklb 
Dh]^Z\fh[bebaZpbb`bag_gguokbem`_g_[uehhkljhcg_h[oh^bfhklbjZg_gby^Zebhk_[_agZlv
kd\hav[bglh\u_ih\yadbijhkZqb\ZeZkvdjh\vbahldju\rbokyjZg]eZaZoFZj]ZjbluhljZabeZkv
g_kdju\Z_fZyiZgbdZdh]^Zm\b^_eZdZdih[e_^g_ehebphfm`ZZjmdZdhlhjhchgZh[gbfZeZ_]h
klZeZfhdjhcbebidhchldjh\b
FZjd\he_\ufmkbeb_fijhklhye_sziZjmfbgmlihdZ[_kkbevghg_ih\bkgZjmdZoih^hki_\r_]h
hlpZ
Gmqzjl\havfbihegucZgZfg_aIbi_pdZdk\Zfb\_k_ehq_jluogmekyfheh^hcobjmj]
Ghkbedb[ukljhBfkjhqghgm`gZf_^bpbgkdZyihfhsv
\r\r\r
�BaaZ^\_jb^hghkbebkv]hehkZYkg__\k_ojZaebqZeky]hehk`_dZ
�G_ghjfZevgu_G_j\gh[hevgu_Z\ukmfZihkoh^bebGZlmjZevgu_ikbob
��Zevr_ihke_^h\ZeihlhdlZdbog_\hh[jZabfuoyihgkdbojm]Zl_evkl\qlhZgbweeZg_\hevgh
jZkkf_yeZkv=jhfdhoehigm\^\_jyfbfheh^hcobjmj]\ur_ebaiZeZluMkeurZ\rZ]b^_\mrdZ
�bgklbgdlb\ghijb`ZeZkvdkl_gd_ghdh]^Zihy\beky`_dk^_eZeZrZ]gZ\klj_qm
Ijb\_l
Hg\gbfZl_evghkfhlj_eZgZg_zDZjb_]eZaZk\_jdZebg_]h^h\Zgb_f
�Lug_fh`_rvmlbohfbjblvwlbofZey\hd"`_dk^_eZeg_[j_`guc`_kldhlhjuc^he`gh
[ulvkbf\hebabjh\Zeij_aj_gb_dwlbffZey\dZf
�KZfZihex[mcky`_dijbhldjue^\_jvhgbdb^Zxlkyih^mrdZfbWlhm`_kebrdhf
�Wlhohjhrhmeu[gmeZkvwgbagZqblhgbihijZ\eyxlkybkfh]mlkhfghcih]h\hjblvIh\_jv
fg_ygZc^mqlhkdZaZlvwlbffZevqbrdZf
Ijhklbjh^gZyhgbf_gy\u\_ebbak_[yhgjZa\_jgme^_\mrdmebphfdk_[_baZdexqb\\
dj_idb_h[tylbyaZi_qZle_egZ_z]m[Zoqm\kl\_ggucihp_emcF_gy`^ml^_eZ_szm\b^bfky
fbeZyFg__szfgh]hiZpb_glh\gm`ghhkfhlj_lv
�Lh]^Zm\b^bfkyiha`_^hjh]hcZgbweeZijh\h^beZfm`Zb\_jgmeZkvdiZjgyf
A^jZ\kl\mcl_fZevqbdbGmdZduk_[yqm\kl\m_l_"eZkdh\hkijhkbeZhgZ
�FZjdkhiZkdhcbg_^h\_jqb\hklvxihdhkbekygZg_zbijhr_ilZeghjfZevghZ`hg[mjdgme
DZdZyljh]Zl_evgZyaZ[hlZ
�Hg_l_szijblhjg__kdZaZeZbyohqmmagZlvg_aZdZaZlvebZf]jh[uihdZg_iha^gh:
fh`_lh^bggZ^\hbo"
JZghjZ^m_rvkyfu_sz`b\uhliZjbjh\ZeDjZkgucijbih^gy\rbkvghm^_j`Zlvky\
\_jlbdZevghfiheh`_gbb_fmg_m^Zehkv
�Gmb\b^hdm\Zkj_[ylZZbqm\kl\m_l_uk_[ygZ\_jgydZg_emqr_q_f\u]ey^bl_
ijh^he`ZeZba^_\ZlvkyhgZ
�`hgihdZaZe_cdmeZd
Gmih^h`^b\hllhevdh\klZgm
?keb\klZg_rvaZdhgqbeZaZg_]h^_\mrdZhldm^ZluagZ_rv^hjh]hcfh`_l[ulvl_[y\hl
hghgZi_j_\_eZ\a]ey^gZFZjdZdZdgb[m^vghqvxdhkbqdhck\h_caZ^mrbl"
M\_jgm\rbkvhlaZims_gghc\g_zih^mrdbhgZihdZqZeZ]heh\hcbm^h\e_l\hjzggh\a^hogmeZ
hllhevdhwlh\ubfh`_l_kuiZlvimklufbm]jhaZfbbr\ujylvkyihklhjhggbfbij_^f_lZfb
�`hg\wlhlfhf_glih^mfZeqlhg_iehoh[ueh[udbgmlv\g_z]heh\hcBhghm^_j`Zekyb\kemo
wlmfukevg_\ukdZaZeGhklhbl^hclb^h^_eZrh\blmlkl_oehip"yaudb\k_]^Zkez]dhklvx
�^Z\ZebkvZgbwee_b_chkh[h_m^h\hevkl\b_^hklZ\behih^dhehlviZjg_c
�G_mki_ebiZjgbhihfgblvkydZdZgbweeZm`_[ueZ\hae_klhebdZk_^hc
�LZdlZdnjmdluwlhohjhrh `hggbohq_rv\br_gdm"\f:wlhqlhlZdh_"""Dhgn_lu"
�RhdheZ^gu_"Z_szkebdzjhf"Ih^e_`bldhgnbkdZpbb
G_ljh]ZcohjhfaZdjbqZebh[Z
G_Zoehipwlhyk_[_aZ[bjZxFZjdl_[_Zedh]hevijhlb\hihdZaZg^Z`_\lZdbodhebq_kl\Zo
�Ij_^klZ\vqlhlugZk\h_c^m^_gZb]jZ_rv_keblZdbodhgn_lhdih_rv"`hggbyl_[_m`_
]h\hjbeZb_szjZaih\lhjyxqlhlukebrdhfm\e_dZ_rvkykeZ^dbfLZdqlhgbdZdbodhgn_l
Kh\k_f[_af_gyjZa[Zeh\ZebkvBdm^ZFZj]ZjblZlhevdhkfhljbl"
�Hf_jadZyhl\jZlgZy^_\bpZijhfmjeudZe`hg]hehkhfhkdhj[ezgghcg_\bgghklb
G_h`b^Zgghhlha\ZekyFZjd
G_gy\dZcdLrdhdhebo\hklZijbs_fbeb
�Qlh"jy\dgme`hg
��O_o_FZjdms_iZfCylZ_rjL^gmfh\m"m`_^h[j_mkf_ogmeZkvZgbweeZ
I_j_\_^bijbdZaZeDjZkguc
�HgkdZaZeqlh[uluaZldgmekyh[tykgbeZZgbweeZih^Z\b\kf_rhd
�BgZa\Zel_[ydhlhfijh^he`beZwgbm`_ihqlbk]b[ZykvihiheZfbaZ^uoZykvhlijbklmiZ
kf_oZ
�Kkkh[ZdZijhrbi_e`hggb
GZk_dmg^mgZklmibeZlbrbgZZihlhf\k_ljh_gZqZebohohlZlv
dhfgZlm\hreZFZj]ZjblZ
J_[ylZy\Zf[mevhgqbdZijbg_keZDZdkZfhqm\kl\b_"^_\mrdZihklZ\beZih^ghkkqZrdZfbgZ
klhebdf_`^mdjh\Zlyfb
�M`_ij_djZkghex[h\vfhyb\^hdZaZl_evkl\hwlbokeh\`hgihiulZeky\klZlvghg_m^_j`Z\
jZ\gh\_kb_\f_kl_kFZj]ZjblhcmiZegZdjh\Zlv
Gm\ulZdijyfhbkdZaZeb[uy[uohlvhl\_jgmekynujdgmeFZjdgZ^m\]m[u
iZeZl_hiylvjZa^Zekykf_o
Fug_ij_f_ggh\_jgzfkydwlhfm\hijhkm^hjh]hcdh]^Zl\hzkhklhygb_memqrblkyr_igmeZ
FZj]ZjblZfm`mgZmohbmeu[gmeZkvKhjjbj_[ylZy_szJZnZweyohl_eZgZ\_klblvGhy
h[yaZl_evghkdhjh\_jgmkv
�L\hy`_gZoZjfZjZ^`Zm^b\bl_evgZy`_gsbgZijhdhff_glbjh\ZeFZjd
�`hggbjZkkf_yeky
GmywlhagZxb[_al\h_cih^kdZadb
FZjdluijhklhij_e_klvJblZg_`ghijh\_eZjmdhcih_]h\hehkZf
FZj]hluF:JDHfZgdZjZa\_eZjmdZfbaeZlh\eZkZyb\ay\ih^jm]mih^jmdmihkeZeZiZjgyf
\ha^mrgucihp_emcQZh[Zf[bgbFukJblme_cihrebZ\ulmlg_jZag_kbl_\kz
&#xkz;&#xl;&#xZd;&#xh;&#xl;&#x_l;&#xv;g;&#x_;&#x;&#xih;&#xq_;m;&#x";&#xIh;&#xq_;m;&#xl;&#xu;&#xih;h;&#x];&#x_j;&#xgm;&#xlv;&#x_g;&#xy;
&#x`b;&#xag;&#xb";&#x;�kzlZdbhl\_lvfg_ihq_fm"Ihq_fmluihfh]\_jgmlvf_gyd`bagb"`hgk_egZ
ih^hdhggbdkex[hiulkl\hf]ey^ygZFZjdZ
LukijZrb\Z_rvihq_fm"FZjdkf_jbe_]hbamqZxsbf\a]ey^hf?keb[ug_lug_\uk
�ZgbweehcFZj]ZjblZgbdh]^Zg_klZeZ[uij_`g_cYihl_jye_zZ\u\_jgmeb;_al_[yhgZ[ug_
\_jgmeZkvOhlyg_\hafh`gh[uehihl_jylvlhqlhg_ijbgZ^e_`Zehfg_Y[uei_j_^lh[hc\
^he]mB_szijhklhihlhfmqlh_z`_eZgb_^eyf_gy\kzLu[u\b^_edZdhgZkfhlj_eZlh]^Z
b^_e[ulu_z]eZaZlh]^ZjZa\_fh]yhldZaZlv_c"Yfh]mebrvf_qlZlvqlh[uhgZhlghkbeZkvdh
fg_lZd`_ghhgZ\u[jZeZg_f_gyIjb]ey^bkvdZdhgZdjZkb\Z\kfhljbkv\_z]eZaZdZdhgb
ij_djZkguhllh]hqlh\gbo`b\_lex[h\vaZihfgbbg_aZ[u\Zcgbdh]^ZlulZdij_h[jZabe_zlu
b\hl\_l_l_i_jvaZg_zihfgbwlh\k_]^Z
&#xx[;&#xhf;&#xk;&#xem;&#xqZ;&#x_;&#x;&#xki;&#xZk;&#xb[;&#xh;&#x;�ex[hfkemqZ_kiZkb[h`hgkiju]gmekih^hdhggbdZ
�OhlvybaZ\b^mxl_[_g_fgh]hyg_\jZ]l_[_iZj_gvijyfhihkfhlj_egZ`hgZGZ^_xkv
qlhblufg_lh`_
LuihdZaZek_[ykgh\hcklhjhgubaZkem`beklZlvOjZgbl_e_fLu^hklhbgm\Z`_gbyYlh`_g_
ohqm[ulvl_[_\jZ]hfFZjdhgijhlygmejmdm
JZ^wlhkeurZlvijZ\^Zlhlhl\_lbegZjmdhih`Zlb_LhevdhaZihfgby\k_]^Z[m^mgZ_z
klhjhg_b[m^maZsbsZlv_zhl\k_]h^Z`_hll_[y_keb_cdh]^Zgb[m^vijb^zlkykljZ^ZlvbaaZ
l_[y
YaZihfgxwlhmeu[gmekyDjZkguc
\r\r\r
FZj]ZjblZih^fb]gmeZklZ\ygZklhebdih^ghkkaZ\ljZdhf
KdZ`_rv_szlh`_WlhfeZ^rbcijbgpihdjZkg_ebmeu[gmeky
KiZkb[hl_[_JZnZwevLukiZkfg_`bagv^_\mrdZ[eZ]h^Zjghmeu[gmeZkvihijZ\eyy_fm
ihdju\Zeh
Q_]hm`_lZfLui_j\ZykiZkeZfhxhgk^_eZeihiuldmijb\klZlvgZih^mrdZo
LrrFZj]ZjblZ\_jgmeZ_]h\ij_`g__iheh`_gb_G_lZdj_adhLu_s_keZ[Bebfg_^hdZ
iha\Zlvqlh[uhgk^_eZel_[_mdhemkihdhbl_evgh]h"rmlyijb]jhabeZhgZ
��Fghcm`_im]Zxlg_ihkemrguoijbgp_\"mkf_ogmeky\hr_^rbc`_dZ\Zcykgbfmih\yadm
bhkfhljxl_[yYk^_eZe\kzqlhfh`ghmqblu\Zylhq_fyfh]mjZkiheZ]ZlvlmlGZ^h[m^_l\aylv
l_[ygZdhgkmevlZpbx\debgbdm]^_yjZ[hlZx\hafh`ghkkh\j_f_ggufbl_ogheh]byfbfu
kfh`_fk^_eZlv^eyl_[y[hevr_JZnZwevkgZ^_`^hcihkfhlj_egZg_]h
Ijhklbl_yfh]m\hclb"gZihjh]_ihy\beZkvYfbkdhjabghcnjmdlh\?kebyg_\h\j_fylhy
ijb^miha`_
Ijhoh^bl_^hjh]Zye_^bmeu[gmekyfheh^hcobjmj]Ym`_aZdhgqbehg\ujZabl_evgh
ihkfhlj_egZFZj]ZjblmFudZdjZakh[bjZebkvmoh^blvYlhevdhqlhkdZaZe_fmbih\lhjxijb
\ZkqlhgZklhyl_evghj_dhf_g^h\Ze[uihdZaZlv_]hk\hbfagZdhfufki_pbZebklZf
�;eZ]h^Zjx\Zk^hdlhjihdehgb\rbkvmeu[gmeZkv^_\mrdZ`_dmbFZj]Zjbl_
Gmfu\ZkhklZ\ey_fYfbijh\h^beZbo^h^\_jb
DZdluk_[yqm\kl\m_rv"kijhkbeZhgZijbk_\gZdjh\Zlvjy^hfkgbf
DZd\b^brv`b\hc[mjdgmeJZnZwevklZjZykvg_ihdZau\Zlvk\hxjZ^hklvhllh]hqlhhgZ
k_cqZka^_kvqlhhg\b^bl_zk_cqZklZd[ebadh
GmaZq_flulZdJZnZwev"Y`_[_kihdhxkvhl_[_hgZm[jZeZ\hehkuk_]hebpZkmqZklb_f
]ey^ygZ_]hih\yadmq_j_aijZ\uc]eZa
M\Zk_klvhdhf[_kihdhblvkyfbe_^bM\Zk_klv[jZlhgj_adhih\_jgme]heh\m\
ijhlb\hiheh`gmxhl^_\mrdbklhjhgm
G_lluijhklhg_\ughkbfIhq_fmluiulZ_rvkyhllhedgmlvf_gy"hgZqmlvg_aZju^ZeZhl
�g_aZkem`_gghch[b^u`hgfhcjh^ghc[jZl_kl_kl\_gghqlhy\hegmxkvaZg_]hYbaZl_[y
i_j_`b\Zxg_f_gvr_ihlhf^h[Z\beZqmlvkeurgh_kebg_[hevr_
:dlh^eyl_[yy"hgih\_jgmekykhkj_^hlhq_ggh]ey^ygZg_z
Yyg_agZxm`_^_\mrdZ\ky\kiuogmeZjmfygp_f
AZlhyagZxhgijb\ezd_zdk_[_\kfZljb\Zykv\wlh[_kp_ggh_\ujZ`_gb_kfms_gbyb_sz
q_]hlhihdZg_\_^hfh]h^Z`__ckZfhcLuqm\kl\m_rvdhfg_g_qlh[hevr__q_fijb\yaZgghklv
d[jZlm"ih^^_j`b\Zyh^ghceZ^hgvx_z]heh\mhg\lhjhcjmdhcih^gye_zebphgZk_[ybh[`_]
]m[u^he]bf]hjyqbfihp_em_fQm\kl\m_rvebludhfg_lh`_kZfh_"kijhkbehggZdhg_p
hlimklb\_zhlk_[y
LZdbg_hl\_lb\_fm^_\mrdZime_c\ue_l_eZbaiZeZlu_^\Zg_jZkieZdZ\rbkv
IZj_gvhimklbe]heh\mgZdhe_gb
Ijb^mjhdGm\hlqlhlugZ^_eZeZ"hgh[jZsZekydk_[_\lj_lv_febp_dZd[m^lhihmqZe
ijh\bgb\r_]hkyfZevqbrdmaye\kzbkihjlbehgZl_i_jv[m^_ll_[yklhjhgblvkydZd
ijhdZ`_ggh]hbh[oh^blv^_kylhc^hjh]hclZdl_[_^mjZdmbgZ^hkZf\bgh\Zldj_lbg
k\hbfbihp_emyfbe_a_rvLu[u_sz\ihkl_ev_zkjZamaZlZsbe:luihbgl_j_kh\Zekyfh`_llu
_c\hh[s_ijhlb\_g"Lhlh`_:\kzlm^Z`_g_mf__rvl_klhkl_jhgk\hcdhgljhebjh\ZlvlZdb
g_q_]h^Z`_kfhlj_lv\klhjhgmijbebqguo^_\mr_dLug_^he`_g[uewlh]h^_eZlvG_^he`_g
\r\r\r
�FZj]ZjblZ[ueZkqZkleb\ZmagZlvqlh`hgbFZjd[ukljh\hkklZgZ\eb\Zebkbeubm`_fh]ml
ihdbgmlv[hevgbqgh_djuehk_]h^gykimklyfgh]b_^gbhgbkfm`_fkgh\Zijh\_^mlghqv\f_kl_
FZj]ZjblZihklZ\beZgZklhebdih^ghkk^\mfyqZrdZfbdhn_kfhehdhfbdhjbp_cb[ex^p_fk
djmZkkZgZfbkrhdheZ^hfijbkuiZggufbkZoZjghcim^jhc
��FZ^Zf_klbghnn\uklZeb_szij_djZkg__`hg\aye_zaZjmdmiuleb\hbamqZy\a]ey^hf:
dwlhfmdhn__sz^_k_jlijbeZ]Z_lky"hgijbly]Zl_evghkmabe]eZaZ
Ohlbl_kdZaZlvf_kv_qlh\um`_b^zl_gZihijZ\dm"FZj]ZjblZagZeZqlhgbdh]^Zg_fh]eZ
mklhylvi_j_^_]hh[Zygb_fbgZihjhfghijbgbfZyijZ\beZb]juj_rbeZ_szih^jZagblv
ijh\_jyykdhj__k_[yq_f_]hgZ\u^_j`dmZs_db_z]hj_ebG_m[_^bl_evghihijh[mcl__sz
jZaf_kv_hgZkihdhcghhldmkbeZdmkhdojmklys_c[mehqdbh[ebaZ\rhdheZ^k]m[
Zfgm`gu^hdZaZl_evkl\Z`bagvfhy"hg\ayedjmZkkZgba_zjmdb\_jgme_]hh[jZlghgZ
lZj_edmLZdh_^hdZaZl_evkl\h\Zkmkljhbl"hgZihqm\kl\h\ZeZ`Zj_]h]m[gZk\hbo]m[Zo
=hkih^bdZd`_ykhkdmqbekyihl_[_Lhevdhlufhy[he_agvbfhzbkp_e_gb_Lhevdhlufh`_rv
mkihdhblv^_fhgZ\hfg_Lufhzhqbs_gb_Lhevdhlufhzm[_`bs_hlkZfh]hk_[yfhcZg]_e
fbehk_j^byh[_j_]Zxsbcf_gyhl]j_oh\hg\aye_zeZ^hgbbihp_eh\Zeihhq_j_^bdZ`^uciZe_p
gZ_zjmdZo
Y\k_]^Z[m^mojZgblvl_[yk^ZeZkvFZj]ZjblZ^Z\Zy_fmihegmxk\h[h^m^_ckl\bcYlh`_
g_\hafh`ghkdmqZeZ
Kdhevdh[ue_lg_ijhrehy\k_]^Z[m^m[_amfgh`_eZlvl_[ybhg[uekh\_jr_gghbkdj_g_g
:y\k_]^ZjZ^Z[m^mbkihegblvwlhl\hz`_eZgb_b[hevr_g_gm`gh[uehgbq_]h]h\hjblv
DZd`_yohqml_[yghl_[_klhevdh\k_]h^h\_ehkvi_j_`blvaZihke_^g__\j_fyHklZgh\bf_gy
k_cqZk_kebg_]hlh\Zihr_ilZehgmkZfh]h_zmoZkh]j_\Zybs_dhqZk\hbf^uoZgb_fIhlhf
fh`_l[ulviha^ghJy^hfklh[hcyijhklhl_jyx]heh\mbaZ[u\Zxdlhy]^_y\kzwlh
jZkl\hjy_lky\\_qghklbdh]^Zlukhfghc
LZdihfh]b`_fg_aZ[ulvlhlm`ZkLhevdhihkf_cl_i_jvhklZgh\blvkyaZ^uoZykvijhbag_keZ
^_\mrdZkmih_gb_fihdhjyykv\eZklb_]hjmdYlZdbklhkdh\ZeZkvihl_[_Ihl\hbfihp_emyfih
h[tylbyfl\hbojmdihl_ieml\h_]h^uoZgbyihhla\mdm[b_gbyl\h_]hk_j^pZih^fh_cjmdhc
e_`Zs_cgZl\h_c]jm^bYkgh\Zohqmihqm\kl\h\Zlvk_[y`b\hc
havfb^uoZgb_fhzbg_[uehk_cqZk\h\kzffbj_kqZkleb\__fm`qbguq_fhg
:^Zevr_hgbm`_g_ihfgbebk_[yg_ihfgbebdZdk[jhkbebkl_kgyxsb_h^_`^uHlg_ziZoeh
\Zgbevxbdhjbp_cZgZ]m[ZohklZekyijb\dmkrhdheZ^ZbkZoZjghcim^jubg_[ueh^eyg_]h\
fbj_gbq_]h[he__ivygys_]hq_fwlhlZjhfZl_zbgbq_]h[he__keZ^dh]hq_fwlhl\dmk_z]m[bhg
khc^zlkmfZg_bkib\wlmkeZ^hklv_zmkl
:_zk\h^bekmfZl_jidbcZjhfZl_]hiZjnxfZkijbf_kvxhk\_`Zxs_]haZiZoZo\hbg_`ghklv_]h
jmdl_ieh_]h]m[baghc`Zjdh]he_lg_]h\_q_jZ
BdZ`^ucbagbo[ue\jZ\ghckl_i_gb\k_kbevguf]hkih^bghfbihdhjgufjZ[hfBdZ`^uc^jm]
kfm]ehcdh`_cbqZjmxsbf\a]ey^hflzfguo]eZa\]em[bgmdhlhjuohgZklZjZeZkv\eh`blv\kx
k\hxg_`ghklv^jm]Zyg_`gZybojmidZyklzieuf\a]ey^hf[hevrbo]eZakfhljysbokex[h\vx
bh]jhfgufk_j^p_f\fZe_gvdhfl_e_]hlh\ufh[gylv\_kvfbj
BhklZekylhevdh`Zjijbdhkgh\_gbcbihp_em_\gZdh`_bk_j_[jbkluc\ha^mo\hdjm]klZe
hsmlbfufly`_eufb\yadbfb\gzfmlhgmeb\k_i_j_`blu_kljZoblj_\h]bbi_qZeb
aZ^mr_ggu_dj_idbfbh[tylbyfbkie_lZxsbokyl_emdmlZgguo\mZevxg_`gh]hk\_lZiheghc
Emgu
,OHVWEHDXFRPPHOHVROHLO Ij_djZk_gdZdKhegpZk\_lnj\flhevdhbkfh]eZijhbag_klbhgZ
FhzKhegp_
KeZ^dZyfhyg_h[udgh\_gghkeZ^dZyfhy^_\hqdZ\u^hogmehgklZjZykv^hljZ]b\Zlvky^h_z
kibgudZdfh`ghg_`g__bZddmjZlg__qlh[uk\hbfbeZkdZfbg_ijbqbgblv_c^bkdhfnhjlZ
Hklu\rb_dhn_bdjmZkkZgugm`gh[m^_lkgh\ZjZah]j_\Zlv
\r\r\r
�ZgbweeZ[eZ`_gghihlygmeZkvbe_gb\ha_\gmeZihqm\kl\h\ZeZjy^hfl_iehfm`Zbihp_eh\ZeZ
¯&#xZo;&#xi;&#xmr;&#xbk;&#xlu;&#xo;&#xj_;&#xkg;&#xbp;&#x;�_]hafZoimrbkluoj_kgbpb`_dhldjue]eZaZ
�h[jh_mljhkhegurdhhgihp_eh\Ze_zbaZjuekyebphf\_zk\_leu_\hehku
�h[jh_mljhex[bfucGmqlhih\Zey_fky_sz"hgZih^ZjbeZ_fmg_`gucihp_emc
Y^mfZxb[_agZkA_feyg_i_j_klZg_l\jZsZlvkyhgijb\e_d^_\mrdmdk_[_ijh\_^yjmdhcih
]eZ^dhfmlhgdhfmr_edm_zkhjhqdbk\_leh]hem[h]hp\_lZ
�Bwlh[ueijZ\bevguchl\_ljZkkf_yeZkvZgbweeZkbevg__ijb`Z\rbkvdg_fmb
[_a]jZgbqguf[uehlhgZkeZ`^_gb_qlh^Zjbeb^jm]^jm]mbojmdbb]m[u^h\h^y^hbag_fh`_gby
GZdhg_pdh]^Zfheh^hcobjmj]\uimklbe_zbakeZ^hklgh]hie_gZk\hbokbevguojmd^_\mrdZ
ihiulZeZkv\klZlvb\^jm]\kzaZdjm`behkvi_j_^]eZaZfbihebihlhehddhfgZlug_h`b^Z