Тополь_-_Московский_полет.PDF


Чтобы посмотреть этот PDF файл с форматированием и разметкой, скачайте его и откройте на своем компьютере.
Fhkdh\kdbcihe_l
QZklvi_j\Zy

[Zj_[uehiheml_fghAZklhcdhcgZ\ukhdboklmevyokb^_eb^\Zfm`bdZh^bg\l_oZkkdhc
�reyi_b\ukhdboju`bo[mlkZo\lhjhc\rhjlZob\q_jghc[_ajmdZ\d_kgZ^ibkvxZ\Zcl_
m[v_f\k_oZ^\hdZlh\H[Zibebib\hbkfhlj_eb[_ck[heihl_e_\bahjm
Yk_egZdjZcgbcklmekdZaZelheklhc[Zjf_gr_imwjlhjbdZgd_
;j_g^bieba
�:KDWQlh@"kijhkbeZhgZ
;j_g^bih\lhjbey
:KDW"
HgZgZdehgbeZkviheh`b\i_j_^hfghcgZklhcdmk\hbim^h\u_bkiZgkdb_]jm^b
;j_g^bkdZaZey\lj_lbcjZa\gmlj_gg_aZdbiZy
��:KDWGRHVKHZDQWQlhhgohq_l@"ih\_jgmeZkvhgZd^\mffm`bdZf,GRQ\nWXQGHUVWDQGYg_
ihgbfZx@
Yihqm\kl\h\Zeqlhfh_ebphklZeh[_eufghk^_j`Z\k_[ykdZaZe
;bZjwcwg^b\Zc
Lml[Zjf_grZihkfhlj_eZgZf_gyk_s_[hevrbfg_^hmf_gb_f
:KDW":KDW"
Ykh\_jr_gghikboZgme\ayemg__bagZ]jm^gh]hdZjfZgZZ\lhjmqdmbgZibkZegZkZen_ld_
�G_ZDQWVDEUDQG\Hgohq_l[j_g^b@ijhq_e[Zjf_gr_lhldhlhjucohl_em[blv\k_o
Z^\hdZlh\
$KEUDQG\\hkdebdgmeZ[Zjf_grZbhlhreZklZdbf\b^hfkeh\gh^hwlh]hy]h\hjbekg_c
ihdblZckdb
Dhg_qghhgZijbg_keZfg_jxfdm[j_g^bghwlZjxfdZm`_g_ihfh]eZfg_wlhc_:f_jbd_
^Z`_[_a]jZfhlgZyimwjlhjbdZgdZkqblZ_lf_gyq_eh\_dhf\lhjh]hkhjlZihkdhevdmaZ^_kylve_ly
g_gZmqbeky]h\hjblvkeh\h[j_g^blZddZdhgZ:dZdykdZaZenchfZa_j;j_g^b_klv[j_g^b
bebg_l"
YaZeihf\uibewlm\hgxqmxjxfdmr\ujgmegZklhcdmljb^heeZjZbmr_eoehigm\^\_jvxBk
madh]hljhlmZjZkjZamrZ]gmegZfhklh\mxghlml`_bkim]Zgghhlijygmefbfhkh]emrbl_evguf
\h_fbhke_ib\f_gynZjZfb\^jm]ijhfqZeZkvfZrbgZihlhf\lhjZylj_lvy
�)\RXUZrmfZlv@]jhfdhdjbdgmeybfbm\b^_eqlhjy^hfoehiZxli_lZj^uZ\^Zeb
gZ^;hklhgkdbfaZeb\hf\q_jghl_g_[Z\^jm]jZkkuiZebkvh]g_ggu_rZjun_c_j\_jdZ
Y\kihfgbeqlhk_]h^gybxeybqlhgZ\_jgh_lZfgZgZ[_j_`ghckj_^bijZa^gbqghcim[ebdb
kfhljylk_cqZkn_c_j\_jdEbaZbOZghqdZBykg_gZ\bklvxkdZaZewlbfh]g_ggufrZjZf
n_c_j\_jdZ)\RXWRR
Bihr_eijhqvaZijbqZeyoldem[Zdl_fghc\h^_hldhlhjhciZoeh]gbeufbdjZ[ZfbHlkx^Z
g_[ue\b^_gwlhlkj;hklhgk_]hijZa^gbqgufn_c_j\_jdhfihlhfmqlhh]jhfgucml_kdZd
�\_j[ex`bc]hj[lhjqZelmljy^hfk[_j_]hfbi_j_dju\Zei_jki_dlb\mg_f\h\j_fyhleb\h\\h^Z
lmlhlklmiZ_lgZklhevdhqlhfh`ghihkmomijhclbgZwlhlml_kbyqZklhijboh^bekx^Zk^hqdhc
\hjhgylb_`_ckdhlhjufby^jm`bedh]^Zlh\k\h_cij_`g_c`bagb\Jhkkbb
:ihghqZfgZwlhfOZgbghfhkljh\_mkljZb\Z_lkyfheh^_`vex[bl_ebib\ZfZjbomZgubjhd
fmaudbGhk_cqZkhgb\k_lZfgZijZa^gbd_byfh]e_]dhijbklmiblvdlhfmqlhaZ^mfZeH^gZdh
wlZk\hehqv[Zjf_grZ\u[beZf_gybadhe_bbl_i_jv[m^mqb\[_r_gkl\_ym`_g_fh]lhiblvky
�Z^ZgZ\_jgh\[_r_gkl\_fh`gh\u[jhkblvkybahdgZbeb\kdjulvk_[_\_gughlhiblvky\
[_r_gkl\_g_evaywlhyihgyekjZamdZdlhevdhijbr_egZ[_j_]
�Ghdm^Zfg_^_\Zlvky"DZd`blv"_kylve_lyibkZedgb]bh[bfi_jbbaeZklZdhckljZklvxk\h_]h
`_eqgh]h_\j_ckdh]hk_j^pZqlhkh\_lkdb_]Za_luml\_j`^Zeb[m^lhwlbdgb]bjZkijhkljZgy_l
PJMWlbdhfiebf_gluih^gbfZebf_gy\kh[kl\_gguo]eZaZobfhyjZ[hlZdZaZeZkvfg_[hjv[hc
�Z\b^Zk=hebZnhfGhl_i_jv=hebZnjmogmeZdgb]bh[ba^uoZxs_fim]Ze_kh\_lkdhcbfi_jbb
m`_gbdhfmg_gm`gu\hl\q_flmibdB\hh[s_]h\hjbeyk_[_\h`_klhq_gbbluklZe
ibkZl_e_fgZ\heg_oheh^ghc\hcguZl_i_jvoheh^gZy\hcgZdhgqbeZkvBdhgqbebkvl\hb
]hghjZjubkijhkgZl_[ydhgqbeky^Z`_\l\h_ckh[kl\_gghck_fv_GhjZa\_luibkZegZklhysmx
ebl_jZlmjm"_^vgZklhysZyebl_jZlmjZwlhdh]^Zijhex^_cZg_ijhbfi_jbbB\^jm]
Fhy^hjh]Zyfhy^hjh]Zy^hqdZ\^jm]gZibkZeyfuke_gghK_]h^gyl_[_bkihegbehkv
\hk_fgZ^pZlve_l[Zgdh\kdbcde_jdiha^jZ\bll_[yk^g_fjh`^_gbyijh\_^_l\6DIHW\'HSRVLW
hldjh_lfhcysbdbgZdhg_p^hklZg_lwlmJmdhibkvBlumagZ_rvijZ\^mihegmxijZ\^mlhevdh
ijZ\^mbgbq_]h[hevr_LumagZ_rvihq_fmfujZahrebkvkl\h_cfZl_jvxbihq_fmluhklZeZkv
[_ahlpZ
�Zbf_gghlZdj_rbeymq_jghc\h^u;hklhgkdh]haZeb\ZiZogms_c^hoeufbdjZ[ZfbYg_
ihdhgqm`bagvkZfhm[bckl\hfihdZg_gZibrmwlmDgb]mWlh[m^_ljhfZgibkvfhkZfhm[bcpu
dhlhjh_^hc^_ld^hq_jbq_j_aljbgZ^pZlve_lkybklhjbygZr_cwfb]jZpbb\kygZrZ_\j_ckdZy
^hjh]ZbaJhkkbb\:f_jbdmq_j_a:\kljbxbBlZebxih^dhg\h_fZ\kljbckdbokhe^Zlb
blZevygkdbodZjZ[bg_jh\dhlhju_hojZgyebgZkhliZe_klbgkdbol_jjhjbklh\bfhyi_j\Zy\klj_qZ
kEbahcb^Z`_gZrZkg_ci_j\Zyghqv\k_[m^_l\wlhfibkvf_ygbq_]hg_kdjhxhl^hq_jbWlh
[m^_lfhcemqrbcnbevfgZ[mfZ]_B_kebk_]h^gyEbaZaZ[jZeZmf_gy^hqdmlhq_j_aljbgZ^pZlv
e_lwlZDgb]Z\_jg_lfg___^Z`__kebf_gym`_g_[m^_l\`b\uo:f_gyg_[m^_lh`_klhq_ggh
bh[jZ^h\Zghih^mfZeyg_[m^_lwlhm`lhqgh_^vdh]^Zy^hibrmwlmDgb]mbhlijZ\ex
jmdhibkv\[Zgdqlh`_fg__s_hklZg_lky^_eZlvdZdg_ihdhgqblvkkh[hc"
BiehlgZyldZgv[m^ms_]hjhfZgZihegZy^jZfbdhf_^bcwfb]jZglkdhc`bagb\^jm]ykgh
jZa\_jgmeZkvi_j_^hfghcgZl_fghc]eZ^b;hklhgkdh]haZeb\ZbfhyebqgZybklhjbye_]eZgZg_c
dZdemggZy^hjh`dZdhlhjZyaZ\hjZ`b\Zybdhe^mylyg_l\ZkgZkf_jl_evgmx]em[bgmB\i_j\u_\
`bagbyg_ih`Ze_eZh[jZ^h\ZekyqlhyibkZl_evDlh_s_fh`_llZdhlhfklblv`_g_ibkvfhfd
^hq_jbdhlhjhfmkm`^_ghklZlvdgb]hc"
JZ^mykvk\h_fmaZfukemyijyfhlmlm\h^uklZeijh[jZku\Zlv\mf_dhgkljmdpbx\_sbi_j\Zy
]eZ\Z\u_a^baKKKJr_j_f_lv_\kdZylZfh`gyjmkkdb_lZfh`_ggbdbba^_\ZxlkygZ^
wfb]jZglZfblhjZy]eZ\Zihe_ljmkkdbowfb]jZglh\\_gm\khijh\h`^_gbb]w[wrguo[m]Z_\
dhlhju_^Z`_\kZfhe_l_ke_^ylaZdZ`^ufl\hbf`_klhf:lj_lvy]eZ\Z
Ghlj_lvx]eZ\myg_mki_eijh^mfZlvjy^hfkhfghc\fZkeyghcq_jghl_bxevkdhcghqb\^jm]
hke_ibl_evgh\kiuogmebfhsgu_nZjubp\_lgZy\_jlmrdZihebp_ckdhcfZrbguijyfhfg_\
Y\klZebihr_ekiey`Z^_j`Z\k_[_gh\ucaZfuk_edZdlj_i_lgmxk\_qmGhlml`_mkeurZe
fm`kdhcjZ^bh]hehk
WcluKlhcG_^\b]Zcky
YhklZgh\bekyIjZ\Zy^\_jpZfZrbguhldjueZkvbag__\ureZl_fgZynb]mjZbke_iyf_gy
fhsgufnhgZjbdhfbojmkly[hlbgdZfbihi_kdmklZeZf_^e_gghijb[eb`Zlvkyhims_gghc
dgbamijZ\hcjmd_wlhcnb]mjuy^Z`_\l_fghl_m]Z^Zeibklhe_l
'RQ\nWPRYHkdZaZeZnb]mjZijb[eb`Zykvghl_i_jv]hehk[ue`_gkdbcbg_]jblygkdbcih
l_f[jm
Yg_^\b]ZekyNb]mjZaZf_jeZ\lj_orZ]Zoke_iyfg_]eZaZnhgZjbdhfAZ__kibghc\fZrbg_
kb^_e_s_h^bgihebp_ckdbc^_j`ZemjlZfbdjhnhgjZ^bhl_e_nhgZbqlhlh]h\hjbe\g_]h
DZdah\ml"kdZaZeZfg_[Z[Zihebp_ckdbcYgZa\Zeky
=^_`b\_rv"
�\Zd\ZjlZeZhlkx^Z
:^j_k
YkdZaZek\hcZ^j_k
Qlhlua^_kv^_eZ_rv"
IjZa^gmxmkf_ogmekyy
IjZa^gm_rvqlh"lj_[h\Zl_evghdZd\hjhgZdZjdgmeZhgZ
Yih`Zeie_qZfbbk^_eZeg_hij_^_e_gguc`_kljmdhcdhlhjuchgZlml`_h[hj\ZeZhdjbdhf
G_^\b]ZckyDjm]hf
Yih\_jgmeky
Ih^gbfbjmdbJZa^\bgvgh]b
Yih^gyejmdbbjZkklZ\begh]bHgZhklhjh`ghih^hreZdhfg_kaZ^bbiheh`beZgZa_fex
nhgZjbdlZdqlh[uhghk\_sZe\kxfhxg_\ajZqgmxnb]mjmAZl_fh^ghcjmdhcihoehiZeZf_gy
kgZqZeZih^furdZfbihlhfihdZjfZgZf^`bgkh\bgZdhg_p\ijhf_`ghklbgh]bgb`_^h
sbdhehlhdJmdZmg__[ueZm`Zkgh`_kldZydZdiZedZb\hh[s_fg_\^jm]ihdZaZehkv
mgbabl_evgufqlhfheh^Zyq_jgZy[Z[Zre_iZ_lf_gyihycpZfb\k_f^jm]bff_klZff_gy
ibkZl_eydhlhjuclhevdhqlhijb^mfZejhfZg\_dZ
EZ^ghkdZaZeZ[Z[Zihebp_ckdbcFh`_rvih\_jgmlvky
Y\hafmlbeky
Kq_]h\^jm]luf_gyijh\_jy_rv"
Fubs_fdhcdh]hijbfbjbl_evghkdZaZeZhgZih^gbfZyk\hcnhgZjbdLujmkkdbc"
G_ly_\j_ckdZaZeyk\uah\hfg_ijbgbfZy__ijbfbjbl_evgh]hlhgZ
G_\Z`ghk__\j_bbaJhkkbbkdZaZeZhgZg_[j_`ghFh`_rvb^lbKihdhcghcghqb
BmreZdk\h_c\kiuob\Zxs_cfb]ZedhcfZrbg_ZyhklZeky\l_fghl_]Z^ZydZdhgZkfh]eZ
hij_^_eblvqlhybaJhkkbbG_m`_ebwlhjmkkdh_de_cfhlhjqbl^Z`_\l_f[j_fh_]h]hehkZdZd\
__]hehk_de_cfh__g_]jblygkdhcdjh\b"

�hfhcb^lb[uehg_aZq_fkZfhm[bckl\hyhleh`beZ\[Zj_^Z`_[Zjf_grZimwjlhjbdZgdZ
hlghkbeZkvdhfg_dZddg_^hjZa\blhfm
ijZa^gbdZ`bagbFg_lZfg_lf_klZFh_f_klhgZk\Zed_fZdmeZlmjukj_^bfmkhjguomjgb
[_a^hfguogbsboGh\ZrmfZlvbf_gghlZfgZh[hqbg_`bagbygZibrmk\hx=eZ\gmx
dgb]m
�Ih^kljb`_ggu_]ZahguNeZ]b\q_klvgyg_aZ\bkbfhklb
�\mowlZ`gu_hkh[gydbhev\hbNhj^ugZiZjdh\dZoMxlgu_h]gbaZrlhjZfbaZiZo
[Zj[_dvxkaZ^gbo^\hjh\]hehkZl_e_^bdlhjh\bkf_ol_e_rhmQ_jl\havfbdm^Zyb^m"fh_f
^hf_gZm]em5RVHQ6WUHHWq_jgu_hdgZimklhc]ZjZ`blbohdZd\fh]be_Yijhr_efbfh
hlr\ujgm\kfhklh\hc\h^\hjp\_lghcOZgbgfyqWlhl^hfklhblfg_^\_gZ^pZlvkhl_g\f_kypgh
hgg_ijbg_kfg_kqZklvyHwlhgZklhysbc^hfex[\b]h\hjbeZohaycdZdh]^ZfukEbahc
ijbrebkfhlj_lv_]h^\Z]h^ZgZaZ^FhyfZlvijh`beZa^_kvljb^pZlve_lwlh[uebemqrb_
]h^u__k_f_cgh]hkqZklvy
�)\RXUPRWKHU\nVORYHKRXVH]jh[my\b^_e^hfex[\bl\h_cfZl_jb@Bf_ggha^_kvdhfg_dZ`^mx
ghqvijboh^blh]jhfgZydZdiZgl_jZq_jgZydhrdZiju]Z_lgZ]jm^vbdh]lyfbj\_lfh_]hjehlZd
qlhdjh\v[jua`_lba\_g
Yk\_jgmeaZm]he\ur_egZ$WODQWLF$YHQXHbq_j_aiZjmfbgml\^jm]hdZaZekyi_j_^yjdh
hk\_s_ggufbhdgZfbgZr_ckbgZ]h]bYhklZgh\bekyDlhfh`_l[ulv\kbgZ]h]_iha^gbf\_q_jhf\
�_gvg_aZ\bkbfhklb"
Yi_j_k_dih^kljb`_gguc]Zahgbih^hr_edhdgmAZhdghf\fhe_evghfaZe_kb^_eb^\h_j_[_
AZevpdhlhjh]hyagZx^Z\ghb_s_h^bgg_agZdhfuceukuclheklydHgbkb^_ebaZLhjhcghg_
�fhebebkvZqlhlhh[km`^Zeb\_k_eh`_klbdmebjmyjmdZfb_kylve_lgZaZ^dh]^Zyijb_oZe\
:f_jbdmboh^beihGvxChjdm\gZ^_`^_\klj_lblvfbeebhg_jZbkh[eZagblv_]hk\hbf
]_gbZevgufdZdmdZ`^h]hwfb]jZglZdbghijh_dlhfwlhlj_[_AZevp^Zefg_i_j\mxjZ[hlmG_
agZxdZd\^jm]bokljZgZogh\KR:q_eh\_dZdhlhjuc^Ze\Zfi_j\mxjZ[hlmihfgyl\kx`bagv
ihqlbdZdi_j\mx`_gsbgmLh]^Ze_lhf]h^ZdlhlhkdZaZefg_qlh_\j_ckdhc
hj]ZgbaZpbbIjbau\gm`_gjmkkdbcj_^ZdlhjblZdyihiZegZm]heckljblbIylhcZ\_gx\
hnbkAZevpZ
AZevp\ukhdbcbihoh`bcgZ]jZqZe_lgbcjZ\\bgkmadhc^\nZjlZgvygh\kdhc[hjh^dhc\
hlebqghfl_fghkbg_fdhklxf_k[hevrbfijhklm`_ggufghkhfbki_johlvxgZie_qZo]eygme
gZf_gyg_h`b^Zggh\_k_eufbhldjuluf\a]ey^hfI_j_^gbfklhyeom^hcb]heh^gucjmkkdbc
_\j_cihlguchlZ\]mklh\kdhc`ZjubkebphfgZdhlhjhf^Z`_[jbl\hc6KLFNg_\hafh`gh[ueh
k[jblvhlqZygb_i_j\uof_kyp_\wfb]jZpbbHgkdZaZe
YagZxg_kdhevdhjmkkdbokeh\_il\hcfZlv`b^h\kdZfhj^ZDQGi
Hlbamfe_gbymf_gyhl\bkeZq_exklvgZdhg_pohlvh^bgZf_jbdZg_pkjZamki_j\uokeh\
aZ]h\hjbekhfghcdZdkjZ\gufBg_jZkkdZau\Z_lfg_hlhfdZd\^\Z^pZluo]h^Zo_]hjh^bl_eb
wfb]jZglujZ[hlZeb\:f_jbd_aZihe^heeZjZ\^_gvbihlhfmfg_gm`ghgZqbgZlvklh]h`_
M`_q_j_afbgmlmymagZeqlhjm]Zlvkyihjmkkdbj_[_AZevpZgZmqbebemqrb_ki_pbZebklu\wlhc
h[eZklbdb_\kdb_]w[wrgbdbHdZaZehkvqlhiylve_lgZaZ^AZevpih[u\Zelmjbklhf\KKKJb
gZoh^ykv\Db_\_ih_oZe\;Z[bcYjihkl_ebelZfgZa_fe_dh\jbdbklZefheblvky\iZfylvhl_o
lukyqZo_\j__\dhlhjuog_fpujZkklj_eyeb\;Z[v_fYj_\h\j_fy\lhjhcfbjh\hc\hcguGh
g_mki_eAZevp^hqblZlvDZ^brdZdih^dZlbeZq_jgZyhe]Zdb_\kdb_]w[wrgbdb[jhkbebkvgZ
oheh^hflj_[myqlh[uhgkhagZekyqlhhgZf_jbdZgkdbcribhgAZwlbljh_kmlhdhgbkehfZeb_fm
^\ZiZevpZgZe_\hcjmd_gZmqbebjmkkdhfmfZlmbk^_eZebbag_]hijhn_kkbhgZevgh]h
Zglbkh\_lqbdZ\_jgm\rbkv\KR:AZevpg_f_^e_gghhkgh\Zewlmhj]ZgbaZpbxIjbau\bgZ
lhgdhciZibjhkghc[mfZ]_klZei_qZlZlv_\j_ckdb_j_eb]bhagu_[jhrxjugZjmkkdhfyaud_Z
ihlhfihdZdbflhk_dj_lgufdZgZeZfaZkueZewlb[jhrxju\KKKJ
Ylml`_aZm\Z`Zewlh]hijhklm`_ggh]h]jZqZGhdh]^Zyhldjueh^gmba_]h[jhrxjfh_ebph
k\_ehdZdhlam[ghc[hebhgb[uebgZibkZgulZdbf`mldbfyaudhfbklZdbfdhebq_kl\hf
]jZffZlbq_kdbohrb[hdqlhdhg_qghgbdlh\Jhkkbbg_qblZebo^Zevr_\lhjhckljhdb
:HOOkdZaZeAZevpm\b^_\\ujZ`_gb_fh_]hebpZDhg_qghwlhgm`ghke_]dZ
hlj_^Zdlbjh\ZlvLukfh`_rv"Y[m^mieZlblvl_[_^heeZjh\\g_^_ex
YihgbfZeqlhwlbdgb`dbg_evayj_^Zdlbjh\ZlvZgm`ghibkZlvaZgh\hGh\lh\j_fyy`begZ
^heeZj\^_gvb\g_^_ex[ueb^eyf_gydZddhgljZdlk=heeb\m^hfIhlhfmaZiylvke_^mxsbo
g_^_evyijhq_e\[b[ebhl_d_fZgo_ll_gkdhcb_rb\urlmdkhjhddgb]ih_\j_ckdhcj_eb]bb
ba^Zgguo\Jhkkbbb\Ihevr__s_\^\Z^pZlu_]h^ubgZibkZekh\j_f_ggufjmkkdbfyaudhfiylv
[jhrxjh_\j_ckdboijZa^gbdZohdhr_jghcibs_hkm[[hl_b_s_lhekluck[hjgbdba[jZgguo
_\j_ckdbokdZahdba:]Z^uIhke_wlh]hAZevpkdZaZeqlhyh[_ki_qbebojZ[hlhcgZ]h^\i_j_^
\u^Zefg_ihke_^gbcq_dbykgh\ZhdZaZekygZmebp_GhfhyfZe_gvdZy[jhrxjZRZ[Zl\
_\j_ckdhc`bagb^h\hevghebohjZahreZkvlh]^Z\KKKJihdZgZeZf_\j_ckdh]hkZfba^ZlZbAZevp
aZihfgbef_gyDh]^Z\ijhrehf]h^mykemqZcgh\klj_lbe_]h\ZwjhihjlmEh]ZghgkdZaZeH
fbkl_jIehldbgYkeurZe\uklZebZ\lhjhf[_klk_ee_jh\=^_\u`b\_l_";_\_jebObeek"Y
kdZaZeqlhdZdjZabsmdZdh_gb[m^v`bev_\;hklhg_Lhevdhg_\;hklhg_\hkdebdgme
AZevpE_lhf\uaZ^hog_l_kv\;hklhg_hl`ZjuGZklhysbcibkZl_ev^he`_g`blv\FZj[eo_^_
Ih_a`Zcl_bihkfhljbl_kZfblZffhj_lZfiylvyoldem[h\Bmf_gylZfkbgZ]h]Z
HghdZaZekyijZ\gZklhysbcibkZl_ev^_ckl\bl_evgh^he`_g`blv\FZj[eo_^_bf_lvk\hc^hfgZ
[_j_]mfhjyiZjmY]mZjh\\]ZjZ`_byolmgZ*UHDW1HFN:ihkdhevdmmf_gyg_lgb^hfZgb
Y]mZjZlhdZdhc`_ygZogZklhysbcibkZl_ev"
Yhlhr_ehlhdgZkbgZ]h]bbkh[jZeky^\bgmlvkyijhqvdZd\^jm]gh\Zyb^_yijbreZfg_\]heh\mY
mkf_ogmekyQ_jl\havfbmf_gy`__klv\hijhkdj_[_AZevpmHq_gvk_jv_agucbg_hleh`guc
\hijhk
AZlhilZ\gh]hckb]Zj_lmyhldjuely`_emx^\_jvkbgZ]h]b
Hfbkl_jIehldbg\hkdebdgmej_[_AZevpbih\_jgmekydeukhfmlheklydm
IhagZdhfvl_kvwlhgZribkZl_evhggZibkZedgb]mRZ[Zl\_\j_ckdhc`bagb
L_fkZfufAZevp^Zefg_ihgylvqlh\k_hklZevgh_qlhygZibkZe\k\h_c`bagbg_dgb]b:\hl
lhg_gvdZy[jhrxjZhkm[[hl_
Ghyg_h[b^_ekyyagZeqlhhgijZ\\k_qlhygZibkZe^_ckl\bl_evgh^_jvfhbg_hq_f
jZa]h\Zjb\ZlvF_`^ml_feukuclheklydih\_jgmedhfg_k\h_djm]eh_[jblh_ebphbklZe
jZa]ey^u\Zlvf_gyk\hbfbfZe_gvdbfb]eZadZfbju`bfbdZdgh\_gvdb_i_ggb
IhagZdhfvl_kvkdZaZefg_AZevpwlhj_[_=he^ba]hjh^kdh]hjZ\\bgZlZ
Hq_gvohjhrhlml`_kdZaZeyj_rbl_evghAgZqblfg_ih\_aeh\Zklml^Z`_g_h^bgZ^\Z
jZ\\bgZufh`_l_fg_kdZaZlv\q_fk_dj_lk_f_cgh]hkqZklvy"
Gmyihijh[h\Zeijblmrblvk\hclj_[h\Zl_evguclhgYihfgxdh]^ZyibkZek\hb
_\j_ckdb_[jhrxjuy]^_lhqblZeqlhdZ`^ucq_eh\_dmfbjZ_lh^bgjZaGh_kebq_eh\_d
g_kqZkleb\h`_gZllhhgmfbjZ_ldZ`^mxghqv
Wlh\Lhj_kdZaZghkdZaZej_[_AZevphklhjh`ghbqmlvhldbgmekygZklme_dZd\jZqgZi_j\hf
ijb_f_rbahnj_gbdZ
LhqghkdZaZeyGhygb]^_g_qblZe\q_f`_k_dj_lk_f_cgh]hkqZklvyG_fh`_l[ulv
qlh[u\_\j_ckdhcj_eb]bbg_[uehhl\_lZgZwlhl\hijhk
:\uihq_fmkijZrb\Z_l_"\^jm]kdZaZej_[_=he^h[f_gy\rbkv\a]ey^hfkj_[_AZevp_f
Ijhklhbaex[hiulkl\Zbebm\Zk_klvi_jkhgZevgZyijbqbgZ"
Gmblhb^jm]h_hl\_lbeyg_l_ji_eb\hGZdZgmg_ghqvxkljm^hfhlh^jZ\hlk_[yq_jgmx
dhrdmiZgl_jmyijhkgmeky\oheh^ghfihlmk`mldbfk_j^p_[b_gb_fbe_`Z\ihkl_ebklZe
^mfZlvhk\h_cg_m^Z\r_ckyk_f_cghc`bagbIhq_fmhgZjZa\ZebeZkv"By\^jm]nbabq_kdb
hsmlbeqlh\hdjm]f_gy\a\_a^ghcq_jghl_fZj[eo_^kdhcghqbkhlgbex^_clh`_g_kiylghhgb
ex[yl^jm]^jm]ZaZgbfZxlkyex[h\vxh[gbfZxl^jm]^jm]Zp_emxlLZd\q_f`_k_dj_lbo
k_f_cgh]hkqZklvy"
Blmly^Z`_k_eju\dhfgZdjh\ZlbyjZahfijb^mfZep_eucdbghnbevfK?DJ?L
K?F?CGH=HKQ:KLVYDhg_qgh\hkdebdgmeyfuke_gghblml`_ko\Zlbekb]Zj_lmIhq_fmm
f_gyjZa[beZkvk_f_cgZy`bagvwlhgbdhfmg_bgl_j_kghGh\hlihq_fmm^jm]bog_jZa[b\Z_lky
wlhfh`_l[ulvbgl_j_kghfbeebhgZfBagZqblgm`ghijhclbkdbghdZf_jhcihkbgZ]h]Zf
p_jd\Zfdhkl_eZfojZfZfbf_q_lyfbkijhkblvmagZlhdh\gZpbhgZevguoljZ^bpbc\q_fk_dj_l
k_f_cgh]hkqZklvy"GZ\_jgydZmdZ`^h]hgZjh^ZbmdZ`^hcj_eb]bb[m^_lk\hchl\_lBfh`gh
ijh_oZlvihjZagufkljZgZfYihgbyDblZcLb[_lbaZibkZlvijZ\beZk_f_cghc`bagb
^j_\gbogZjh^h\:ihlhf\aylvbgl_j\vxmagZf_gbluokqZkleb\uok_f_cguoiZjJhgZev^b
�GwgkbJ_c]ZgIheGvxfZgb_]h`_gZ`hj^`b;Zj[ZjZ;mrJh[_jlJw^nhj^
GhAZevpg_hl\_qZegZfhc\hijhkZ\u`b^Zl_evghkfhlj_egZ=he^Zi_j_^Z\Zy_fmdZdklZjr_fm
ijZ\hhl\_lZLZd^\Zobjmj]ZklhylgZ^g_bae_qbfufjZdh\uf[hevgufg_j_rZykvijbklmiblvd
aZ\_^hfh[_agZ^_`ghchi_jZpbbZ[hevghc]ey^blgZgbo\mihjblj_[m_lj_`vl_Fg_m`_\k_
jZ\ghg_`blvlZdj_`vl_`_q_jl\havfb
Blh]^Zj_[_=he^qe_g]hjh^kdh]hjZ\\bgZlZihljh]Zeimoehcju`_cjmdhc\hjhlgbdk\h_cjm[Zob
bkdZaZe
Gmmm\hi_j\uok_dj_lk_f_cgh]hkqZklvywlhk_dj_l:\h\lhjuo
�Zevr_hgklZejZkkdZau\Zlvqlhih_\j_ckdhfmaZdhgmgm`gh_`_f_kyqgh^g_c\ha^_j`b\Zlvky
hliheh\hc`bagbblh]^Z`_gZijboh^bldfm`mk\_`ZydZdg_\bggZy^_\mrdZQlhihklZlbklbd_
\j_eb]bhaguok_fvyoagZqbl_evghf_gvr_jZa\h^h\q_f\g_j_eb]bhaguoGmb\k_lZdh_ijhq__
q_]hym`_g_klZekemrZlvwlhybkZfibkZedh]^Zj_^Zdlbjh\Ze\Ijbau\_[jhrxjuh
_\j_ckdhcj_eb]bb:\hlhl\_ljZ\\bgZqlhk_dj_lk_f_cgh]hkqZklvywlhk_dj_ljZa\_k_ebe
f_gy^hbkl_jbdbhg[ueihke_^g_cdZie_c\ikbobq_kdhfi_j_gZijy]_l_o^g_cY\ur_eba
�kbgZ]h]bk_egZih^kljb`_gguc]ZahgbklZeohohlZlvdZdkmfZkr_^rbcZyb[ue\l_^gb
kmfZkr_^rbfq_]hlZfDZ`^ucbagZk[u\Z_lh^bgfbgmlm^jm]b_g_kdhevdh^g_clj_lvb
\kx`bagvBg_]h\hjbl_k_[_qlh\ug_kmfZkr_^rbcgbdh]^Zg_]h\hjbl_ijhklh\ZrZ
K_dj_lk_f_cgh]hkqZklvywlhk_dj_l
ZrmfZlv
Yijbr_eaZHldjh\_gb_faZKiZk_gb_faZKeh\hf;h`vbfZhdZau\Z_lkywlhk_dj_lFhy`bagv
blZdij_\jZlbeZkv\gbqlhyl_jyxk_fvxb_^bgkl\_ggmx^hqdmyibrmdgb]bdhlhju_m`_gbdlh
g_ihfgbldjhf_fhkdh\kdh]hD=;Zdh]^Zyijb^mfZekx`_lijhghjfZevguoex^_cwlhk_dj_l
YdZlZekyihljZ\_bohohlZedZdieZdZe
IZiZIZihqdZ\^jm]mkeurZey]hehk^hqdb
Yk_egZljZ\_\ulbjZykebpZke_aukf_oZ
Jy^hf\iylbf_ljZoklhyeZfhy[u\rZyLhchlZDhjheZaZjme_ffZrbgukb^_eZfhy[u\rZy
`_gZEbaZZkaZ^g_]hkb^_gvyq_j_ahldjulh_hdgh\u]ey^u\ZeZfhyiylbe_lgyy^hqdZOZgZh[_
\dmiZevgbdZobj_abgh\uoieZ\Zl_evguorZihqdZogZ]heh\Zo
IZiZqlhlulZf^_eZ_rv"LulZdhckf_rghcLuih_^_rvkgZfbgZiey`"Fu_^_fdmiZlvky
i_j_^kghf
Ykfhlj_egZ^hqdmiulZykvihgylvhldm^Zhgblml\ayebkvbhq_fhgZkijZrb\Z_lGhEbaZg_
klZeZ`^Zlvfh_]hhl\_lZI_j_^g_cgZljZ\_]ZahgZe_`ZehGbqlhkmfZkr_^rbcdhlhjh]hhgZ
m`_kibkZeZbak\h_c`bagbIj_ajbl_evghhl\_jgm\]heh\mEbaZ^ZeZ]ZabfZrbgZrmjogm\
dhe_kZfbihZknZevlmihdZlbeZijhqvih$WODQWLF$YHQXHFZe_gvdh_[_eh_ebqbdhOZghqdb
m^b\e_gghkfhlj_ehgZf_gyq_j_aaZ^g__kl_deh

B\hlwlhkhklhyehkvfukdeZ^u\Zeb\_sbFukdeZ^u\Zebbo\dZjlhggu_njmdlh\u_ysbdbba
6PDUWfZjd_lZY\k\h_cdhfgZl_ZEbaZgZdmog_EbaZkOZghqdhclh`_kt_a`Zebbawlh]h
^hfZex[\b\6DOHP\^jm]mxd\Zjlbjm^_r_\mx
Z^bfml_[y_klvkb]Zj_lu"
�ZhlgZklhe_
Mf_gy[m^_lfZe_gvdZyd\ZjlbjZl\hbysbdblZfg_ihf_klylky
Ghlml\k_]hiylvysbdh\kdgb]Zfb
LZfhq_gvfZe_gvdZyd\ZjlbjZ
H\nd_cH\nd_c
Dhg_qgh^_ehg_\iylbysbdZoih^mfZeyIjhklh_cg_l_jiblkyhlj_aZlvf_gyhdhgqZl_evghB
�_s___\hafmlbehqlhyg_ih\_kbekybg_mlhibekyZgZh[hjhldmibek_[_fZrbgmZihr_e\q_jZ
d^be_jmbgZ0DVWHU&DUGdmibek_[_LhchlmL_jk_eIjZ\^ZghjfZevgu_ex^bihdmiZxlfZrbgm
gZ[Zgdh\kdbcaZ_fghy^ey[ZgdZdZdb^ey`_guq_eh\_dg_ghjfZevgucmf_gyg_lihklhygghc
jZ[hluIbkZl_evDlh\:f_jbd_kqblZ_lwlhjZ[hlhc"?keblug_Kl_nZgDbg]bg_LhfDewgkbgh
gZau\Z_rvk_[yibkZl_e_flhl_[_]h\hjylHiha^jZ\eyx:gZqlhlu`b\_rv":_keblu
ijh^he`Z_rvml\_j`^Zlv ^Z_s_gZiehohfZg]ebckdhf\fqlh`b\_rvgZk\hbebl_jZlmjgu_
]hghjZjulhklh[hci_j_klZxlh[sZlvkyihlhfmqlh\:f_jbd_g_ex[yldh]^Zex^b\jmlijyfh\
]eZaZKdZ`bbfqlhluaZijZ\sbdgZ[_gahdhehgd_b^yjZa\habrvibppmbebijh^Z_rvZck[_j]b\
Gh\mxA_eZg^bxbl_[_ex[hcih\_jblb[Zgd^ZklaZ_fGh_keblukgbfZ_rv^hf\FZj[eo_^_
bijbwlhf]h\hjbrvqlhlulhevdhjmkkdbcibkZl_evZHOObebluZ]_glD=;beblu\dZdhf
gb[m^vg_e_]Zevghf[bag_k_wlhykgh
[ueZdlrbahnj_gbbihlhfmqlh\[Zgd_mf_gye_`Zeh\k_]hk_fvkhl_gjh\ghiheh\bgZ
ke_^mxs_]hf_kyqgh]hieZl_`ZZebf_glh\ZfhcZ]_gl\hlm`_ihe]h^Zg_fh`_lijh^Zlvfhc
ihke_^gbcjhfZghiZ^_gbb=hj[Zq_\Zgbh^bgZf_jbdZgkdbcibkZl_evg_ohq_lqlh[u=hj[Zq_\
ijhb]jZe^Z`_\jhfZg_:wlh]hydZdjZag_mq_eYg_mq_eqlh_kebijhjhdohq_lij_mki_lv
dhff_jq_kdbhg^he`_gg_klhevdhm]Z^u\Zlv[m^ms__kdhevdhm]Z^Zlv`_eZgb_deb_glZKdZ`b
q_eh\_dmqlhhgq_j_a^_kylve_lklZg_lfbeebhg_jhfbhgjZ^hklghhl^Zkll_[_ihke_^gxx
^_kyldmbmc^_lkqZkleb\ucb_s_ijbre_ldl_[_\k_ok\hbojh^guobagZdhfuoGhihijh[mc
kdZaZlvdeb_glmqlhhgjZahjblkybebaZ[he__ljZdhflZdboijhjhdh\\^j_\ghklb[bebdZfgyfb
�\Z]h^ZykhqbgyejhfZghi_j_kljhcd_gbq_]hdjhf_]jZ`^Zgkdhc\hcgu\Jhkkbbmf_gybawlhc
i_j_kljhcdbg_ihemqbehkvZl_i_jvgbh^bgbafhboba^Zl_e_cg_^Z_laZwlhljhfZgbp_glZdZd
[m^lhy\bgh\Zl\lhfqlh\Jhkkbb^_ckl\bl_evghgZqbgZ_lky]jZ`^ZgkdZy\hcgZ
Gh[_afZrbgudZdfg_gZ\_sZlv^hqdm_kebykh[bjZxkv`blv\GvxChjd_"B\hh[s_j_rbey
fjZqghhlijZ\eyykvd[eb`Zcr_fmFDU^be_jmjZa\_\ky:f_jbdZg_`b\_l\^he]"IhjZbfg_
i_j_oh^blvgZwlmikboheh]bx
L_i_jvyhlg_kysbdbkdgb]Zfb\k\hx7HUVHOih\_jl_e\jmdZoklZjmxdbghoehimrdm\u\_a_ggmx
baJhkkbbdZdiZfylvhfh_fihke_^g_fnbevf_AbfZ[_kdhg_qgZghihlhfr\ujgme__\
fmkhjgucysbd]^_m`_gZoh^bebkv\k_fhbklh^\Z^pZlviZihdk\uj_adZfbbaihke_^gbo
�kh\_lkdbo]Za_lijhrZol_jkdb_aZ[Zklh\db\hg[Zkk_gZpbhgZevgu_\heg_gby\Ijb[Zelbd_b\
:jf_gbb\u[hju\kh\_lkdbciZjeZf_glkj_qZfb=hj[Zq_\Zblik_wlhfg_m`_g_ihgZ^h[blky
gbdh]^ZY\a^hogmebiha\Ze^hqdm\k\hxhimkl_\rmxdhfgZlm
Ky^vOZghqdZgZwlhlklmekdZaZey:yky^mgZwlhl
AZq_f"kdZaZeZOZghqdZ
GmlZdiheZ]Z_lkyI_j_^^hjh]hcgZ^hihkb^_lv
HgZihe_aeZgZklme]h\hjy
:fuaZ\ljZlh`__^_fgZgh\mxd\Zjlbjm\KZe_fBlZfmf_gy[m^_lgh\uciZiZ
Yh[f_jLZd\hlihq_fmEbaZgZklhyeZqlh[uykt_oZeba^hfZgZ^_gvjZgvr_g__
OZghqdZdlhl_[_kdZaZeijhgh\h]hiZim"
GbdlhYkZfZagZx
�_ldZyohqmqlh[uluaZihfgbeZgZ\k_]^Zijhbag_kyklZjZl_evghjh\guflhghfMfZfu
fh`_l[ulv^jm]hcfm`beb^jm]Zihlhf^jm]hcfm`beb^jm]Ghgbdlhbagbog_[m^_ll\hbf
iZihcIZiZ[u\Z_llhevdhh^bgLhevdhh^bg[u\Z_liZiZLhldhlhjucgZmqbel_[yoh^blv
]h\hjblvex[blvkdZadbIhgbfZ_rv"
IhgbfZxiZihqdZ:ihq_fmlug_ohq_rvkgZfb`blv"LugZk[hevr_g_ex[brv"
Yihkfhlj_e_c\]eZaZDhg_qghhgZih\lhjy_llhqlh_ckdZaZeZEbaZGh\uciZiZAgZqblEbaZ
m`_]hlh\blOZgmgZau\ZlviZihc__Ebabgh]h[m^ms_]h bebm`_kms_kl\mxs_]h\foZoZey
GhyijbdZaZek_[_k^_j`ZlvkyM^_l_cdhjhldZyiZfylvblugbq_]hg_ihfgbrvfhy^hjh]Zy
^hqdZLug_ihfgbrvdZd\hNehjb^_EbaZko\ZlbeZl_[yiylbf_kyqgmxbm_oZeZhlf_gy\
Lhjhglhdk\h_cfZl_jbihlhfmqlhyw]hbklykb`mih^\_gZ^pZlvqZkh\\^_gvaZibrms_c
fZrbgdhcbg_m^_eyx_cEba_\gbfZgby:ihlhf\GvxChjd_dh]^Zl_[_[ueh^_kylvf_kyp_\
EbaZijhklh\u]gZeZf_gybad\Zjlbjuihlhfmqlhyw]hbklykb`mih^\_gZ^pZlvqZkh\\^_gvaZ
q_luj_]h^ZEbaZ\ayeZl_[yb^\Zq_fh^ZgZbme_l_eZhlf_gy\;hklhgdk\h_cih^jm]_ihlhfmqlh
yw]hbklykb`mih^\_gZ^pZlvqZkh\\^_gvaZdhfivxl_jhfbg_m^_eyx_cEba_\gbfZgbyB
dZ`^ucjZay^h]hgye\ZkgZoh^beb^h[b\Zekyijbfbj_gbykg_cjZ^bl_[yOZghqdZ_^vy
gZa\Zel_[ybf_g_fk\h_cfZl_jbdZd`_yfh][jhkblvl_[y"IhdZ[uefg_nZjlihdZi_qZlZebfhb
dgb]bEbaZp_eufb^gyfbkfhlj_eZihl_e_\bahjm7KHRXQJDQG7KHUHVWOOHV$VWKH:RUOG
7XUQVbijhqb_fuevgu_hi_juZ\i_j_ju\Zof_gyeZ^hfjZ[hlgbpbjbkh\ZeZZ[kljZdlgu_
dZjlbgdb:l_i_jvhgZkqblZ_lqlhyk]m[be\g_c\_ebdmxZdljbkmihlhfmqlhyaZgyllhevdh
k\hbfbdgb]Zfbbk\_^_gb_fkq_lh\kD=;aZlhqlhhgbaZij_lbebfhcnbevfbijZdlbq_kdb
\u]gZebbaJhkkbb:\hl_keb[uy^mfZehk\h_c`_g_lhfh][ugZibkZlv^eyg__iv_kmmkljhblv
__\l_ZljbebihdjZcg_cf_j_gZmqblv__ibkZlvdgb]b
OZghqdZ^hjh]Zyy\ayefZe_gvdmx^hqdbgmjmqdm
JmdZmg__[ueZ^h\_jqb\he_]hgvdZybijhoeZ^gZydZdeZg^urBhlwlh]hmf_gym`_kh\_jr_ggh
aZ`Zeh^mrmbykdZaZe
Dh]^Zlu\ujZkl_rvlu\k_\k_magZ_rvyl_[_h[_sZx:k_cqZkihkemrZcf_gy\gbfZl_evgh
JZgvr_yex[bebfZfmbl_[yBfhyex[h\v^_ebeZkvl_[_iheh\bgZbfZf_iheh\bgZ
IhgbfZ_rv":l_i_jv\kyfhyex[h\v[m^_llhevdhl_[_G_iheh\bgZex[\bZ\kyex[h\v
lhevdhl_[_IhgbfZ_rv"
IhgbfZxiZihqdZ:dZdluih_^_rv"KfhljbdZdhc\_l_j
�Y]eygme\hdgh_ckl\bl_evgh\_l_jm`_j\Zek^_j_\v_\ebkl\mwlhdZd_s_kmljZh[_sZebih
jZ^bhk:leZglbdbr_emjZ]Zg=ehjby
Gbq_]h^hqdZkdZaZeybklZep_eh\Zlv__fZe_gvdmxbe_]hgvdmxjmqdmwlhljZa]h\hjm`_
^Z\befg_^mrmdZdiehoZykp_gZ\k_glbf_glZevghfnbevf_BOZgZkeh\ghqmldZyZdljbkZ
k^_eZeZebqbdh]jmklguf]jmklguf
Ghyih^gye^hqdmgZjmdb
G_]jmklbOZghqdZYijb_^mdl_[_gZ^_gvjh`^_gbyWlhhq_gvkdhjhBydmiexl_[_gh\uc
\_ehkbi_^dZdh[_sZeFuihc^_f\fZ]ZabgblukZfZ\u[_j_rv\_ehkbi_^dZdhcl_[_
ihgjZ\blkyH\nd_c"
LmlhgZm\b^_eZ^_gv]bgZimklhfih^hdhggbd_p_glh\^\Z^pZlvbebljb^pZlvlZf\Zeyehkv
IZihqdZlu^_gv]baZ[ue
G_lfg_g_gZ^hhlfZogmekyy
:fh`ghy\havfm"
havfb
HgZ`b\h\uk\h[h^beZkvbafhbojmdeh\dhgZ`b\hl_kiheaeZkhklmeZgZihekh[jZeZk
ih^hdhggbdZfhg_ldbbih[_`ZeZbadhfgZlu
FZfZKfhljbkdhevdhfg_iZiZ^_g_]^ZeY]hj_klghhimklbekygZklmeYqm\kl\h\Zek_[y
dZdZdl_j\ihrehfki_dlZde_FZfhqdZqlhfg_^_eZlv"
Yh[\_e]eZaZfbk\hximklmxdhfgZlmL_i_jv[_aihdju\ZeZbijhklugbgZdjh\Zlb[_a
dhfivxl_jZgZklhe_[_anhlh]jZnbb^hqdbgZkl_g_b[_adgb]gZihedZoa^_kv[uehkbjhleb\h
dZd\lxj_fghcdZf_j_k_fhb\_sbdhfivxl_jkjmkkdhcijh]jZffhcdgb]bh^_`^Zm`_
[ueb\fZrbg_Gh\^jm]yihqm\kl\h\ZeqlhgZklml^\h_\dhfgZl_ymoh^ysbcbak_fvbfm`b
Ihr_egZoaehkdZaZei_j\ucy\lhjhfm\ulZsbebadZjfZgZq_dh\mxdgb`dmbklZe
\uibku\ZlvEba_i_j\ucq_dgZkh^_j`Zgb_^hq_jb^heeZjh\Dh]^Zlh^Z\guf^Z\ghiylv
e_lgZaZ^dh]^ZaZIh`Zj\lZc]_yihemqbe^heeZjh\f_g_^`_j[ZgdZkZfij_^eh`befg_
&UHGLW/LQHZ`\^heeZjh\bijhkbeZ\lh]jZngZfh_cdgb]_:l_i_jvlhl`_f_g_^`_j
ijh\_jbefhb^hoh^uaZihke_^gb_iZjme_lbhldZaZefg_\aZcf_^Z`_gZLhchlmL_jk_eGh
&UHGLW/LQHhgb_s_keZ\Z;h]mg_hlgyebbyfh]m\uibkZlvEba_q_dZq_j_af_kyp_s_h^bg:
lZf[m^_l\b^gh
�_j`Z\jmd_q_dy\ur_ebadhfgZluOZghqdZ[ueZ\^_lkdhcZEbaZgZdmog_HgZklhyeZi_j_^
imklufbdmohggufbihedZfbaZ\hjZqb\ZeZlZj_edb\]Za_lubkdeZ^u\ZeZbo\ysbdbWlbfb
ysbdZfbf_rdZfbbq_fh^ZgZfb[uem`_ihehg\_kv^hf
Fg_ie_\Zlvdlh[m^_li_j_\hablvl_[yaZ\ljZbkd_flu[m^_rv`blvkdZaZeybiheh`beq_d
gZdmohggucklheGhmfh_c^hqdb[m^_llhevdhh^bghl_pL_[_ykgh"
HgZjZah]gmeZkvihkfhlj_eZgZq_dZihlhffg_\]eZaZ__\a]ey^_g_[ueh^Z`_ijb\uqghcfg_
g_gZ\bklbZ[uehlhevdhmklZeh_hl\jZs_gb_b`_eZgb_qlh[uym_oZebkq_ak^hoHlwlh]h
kqZkleb\h]hf]gh\_gby__hl^_eyeh\k_]hihke_^g__mkbeb_fheqZi_j_`^Zlv_s_fbgmlm
L_[_ykgh"ih\lhjbey\[_r_gkl\_
HgZijhlygmeZfg_lZj_edm
Ohq_rvjZa[blv"
YfheqZe
Mc^bm`_kdZaZeZhgZklhkdhc
=m^[ZckdZaZeybihr_ebadmogbgZmebpm
KqZkleb\hkdZaZeZhgZfg_\kibgm

q_jghl_\_q_jZ\_l_jm^Zjbef_gyihebpmdjmigufbdZieyfb^h`^yghg_hklm^be[_r_gkl\ZY
k_e\fZrbgmgZ[blmx\_sZfbbih_oZeGvxChjddijbyl_exom^h`gbdmdhlhjuc`b\_l
h^bghlb\_kvnbgZefh_ck_f_cghc`bagb^mfZeyih^hjh]_\hlb\k_qlhybf_x\k\hbe_l
klZjucdhfivxl_jiylvysbdh\fhbogbdhfmg_gm`guodgb]b^he]aZfZrbgmhlb\k_qlhy
bf_xgZ\k_cwlhc_ieZg_l_Gb^hfZgbk_fvbgb^hqdbgbjZ[hlu
MjZ]Zg=ehjby[uefZehhsmlbf\madbofZj[eo_^kdbomebpZoghklhbehfg_\u_oZlvaZ]hjh^
dZd\_l_jb^h`^vklZebk_qvfZrbgmoe_klZlv__iheh[h\hfmkl_dembk^m\Zlvkrhkk_KjZ`Zykvk
eb\g_ff_lZebkvbkdjbi_ebihkl_dems_ldb^\hjgbdh\ghbkd\havwlhlkdjbiykeurZekeh\Z
^hqdb:fuaZ\ljZlh`__^_fgZgh\mxd\ZjlbjmblZfmf_gy[m^_lgh\uciZiZB\f_klhlh]h
qlh[uk[jhkblvkdhjhklvyjZkljZ\eyyk_[y\k_[hevr_`ZegZ]ZalZjZgyfZrbghcghqv
mjZ]Zgguc\_l_jhke_ieyxsbceb\_gvbk\hxkm^v[mfbev
Bgh]^ZyaZf_qZeqlhklj_edZkib^hf_ljZm`_\e_aeZgZpbnjmbbkim]Zgghk[jZku\Zegh]mk
i_^Zeb]ZaZGhq_j_afbgmlmEbaZba^_\Zl_evkdbijhly]b\ZeZfg_lZj_edmOhq_rvjZa[blv"By
kZlZg_ykgh\Z`ZegZ]ZaLhchlZe_l_eZkd\havghqghcmjZ]ZgdZdfZe_gvdbckgZjy^^\hjgbdb
k`Zeh[gufkdjbihff_lZebkviheh[h\hfmkl_demaZoe_[u\Zykv^h`^_fZ\i_j_^b\jy[hc
q_jghl_^h`^yb\hiZkghc[ebahklbhlf_gy\hagbdZebfhsgu_]jmah\bdbgZly`_euodjuevyo
\h^uGhymijyfh]gZelj_i_lgmxLhchlmijyfh\wlb\Zeu\h^ugZlZjZg:owlZkohq_l
�Ibkvfhd^hq_jbhjh]mfg_fZlv\ZrmlZd
Dhg_qgh_keb[ug_kemqZcgucihebp_ckdbciZljmevy[ujZa[beky\lmghqvg_lkhfg_gbcGh
fhyfbeZyfZfZ\k_]^ZkimkdZ_lkydhfg_kg_[_kgZhiZkguoih\hjhlZofh_ckm^v[uhgZkiZkeZ
f_gybgZwlhljZakbj_gZihebp_ckdhcfZrbgubyjdb_p\_lgu_h]gbm^Zjbebihfh_cfZrbg_
��kaZ^by]eygme\a_jdZevp_aZ^g_]hh[ahjZ]jhfdhkdZaZe6VVKLW_jvfh@bk[jhkb\kdhjhklv
ihdhjghk\_jgmegZh[hqbgm
_jabeZihebp_ckdbcaZ\_jgmluc\j_abgh\ucieZsdZdjmkkdh_fhjh`_gh_wkdbfh\k_j_[jygmx
nhev]mijhr_ekd\hav^h`^vhlk\h_cfZrbgudfh_cihk\_lbenhgZjbdhfq_j_ahims_ggh_hdghb
gZdehgbekydhfg_
�0D\,VHH\RXUGULYHU\nVOLFHQFHIhdZ`bl_\ZrbijZ\Z@
Yih^Zek\hbijZ\Zblhevdhl_i_jv]eygmegZ\lhjh]hihebp_ckdh]hhghdZaZekyq_jgufe_l
ljb^pZlbiylb\ukhdbcdjm]ehebpuckhs_lhqdhcq_jguomkh\?]hrbjhdb_gha^jbhklhjh`gh
gxoZeb\ha^mo\dZ[bg__a_lfg_gZq_jguoihebp_ckdbog_\_k_ehih^mfZey:ihebp_ckdbcg_
�meh\b\\dZ[bg_aZiZoZkibjlgh]hm`_moh^bekfhbfbijZ\ZfbgZaZ^dk\h_cfZrbg_h`^v
dhehlbef_gyihe_\hfmie_qmbr__yih^gyekl_dehbhldbgmekyaZluedhfdkb^_gvxAZdjue
�]eZaZDZdZymf_gy[ueZkdhjhklv"""Zq_jlkgbfdZdZyjZagbpZYijhlygmejmdmb
\udexqbe^\b]Zl_evGh\fZrbg_dZdgbkljZgghklZeh_s_rmfg_cwlh^h`^v[ZjZ[Zgbeih
`_klyghcdhjh[d_^_r_\_gvdhcLhchludZdihimklhcdhgk_j\ghc[Zgd_Yg_fh]wlhkemrZlvb
\dexqbejZ^bhijb_fgbdylhevdhl_i_jv\kihfgbeijhjZ^bh
Ijb_fgbdhlha\Zekyh]emrZxs_cdZgljbfxabdghyihdjmlbejmqdmgZkljhcdbb\fZrbg_
aZa\mqZe=jb]lhjZykbfnhgbyYkgh\ZhldbgmekyaZluedhfdkb^_gvxIh^fmaudmbrmf^h`^y
[_r_gkl\hklZehkl_dZlvkf_gydZd\h^ZkfZrbguy^Z`_aZ^j_fZe
G_l_ji_eb\ucklmd\kl_dehaZklZ\bef_gyhqgmlvky
Ih^ibrbl_a^_kvba^_kvkdZaZeihebp_ckdbcYg_]ey^yjZkibkZekygZ`_elhf[eZgd_
rljZnZIhebp_ckdbcijhlygmefg_ijZ\Z
?a`Zcl_hklhjh`gh
Ml_[y_klvk_fvy"\^jm]ofmjhkdZaZeyijyqZijZ\Z
?klv:qlh"m^b\bekyihebp_ckdbc
:^_lb"
Dhg_qgh]hehk_ihebp_ckdh]hijha\mqZeh\hafms_gb_jZa\_fh`_lk_f_cgucfm`qbgZ
^Z_s_q_jgucg_bf_lv^_l_c
AgZqblml_[yohjhrZyk_fvy\_jgh"`_eqghijh^he`Zey
�mfZxqlh^ZgZklhjh`bekyihebp_ckdbc:qlh"
Lufh`_rvkdZaZlvfg_\q_fk_dj_lk_f_cgh]hkqZklvy"Bykgbam\\_jobafZrbgugZjm`m
ihkfhlj_e_fm\ebph
,VHHkdZaZehggh\uf\a]ey^hfhdbgm\kh^_j`bfh_LhchluYkghMl_[yijh[e_fu
^hfZ^Z"
HVdjb\hmkf_ogmekyyih^jZ`Zyg_]jblygkdhfmke_g]mLuagZ_rvk_dj_lk_f_cgh]h
kqZklvy"
GmFukihjbf\j_fyhl\j_f_gbq_klghijbagZekyhgQ_]h`lufg_kkZfh]hgZqZeZ
Qlh"
QlhluhklZ\bek_fvx?klv^_lb"
��ZhqdZiylbe_lkZfg_agZyihq_fmy\^jm]aZohl_ebf_gghwlhfmklhys_fmih^^h`^_f
q_jghfmihebp_ckdhfmjZkkdZaZlv\k_bijhEbamk__fm^ZpdbfbZdl_jkdbfbZf[bpbyfbbijh
OZghqdmbijhfhbg_gZibkZggu_nbevfujhfZgugZdhlhju_m`_g_lbg_[m^_lkbe
EZ^ghAgZ_rvyg_fh]mijhklhihj\Zlvl\hcrljZnhgm`_\uibkZgGh_kebluijb_^_rv\
km^yihijhrmkm^vxhlf_gblvwlhlrljZnDm^Zlu_^_rv"
GvxChjd
YgZ^_xkv\k_h[_jg_lkydemqr_fm^eyl_[y]hehk_ihebp_ckdh]h[uehbkdj_gg__
kh`Ze_gb_qlhhg^Zefg_rljZnLhevdh_a`Zcihhklhjh`g__H[_sZ_rv"
H[_sZxKiZkb[hmkf_ogmekyybihebp_ckdbchlklmibehlLhchlubk\_lysbfky`_aehf
klZefZoZlvb^ms_fmkd\haveb\_gvihlhdmfZrbgk]hgyybokijZ\hcihehkugZe_\mxqlh[uyfh]
\u_oZlvgZrhkk_
Y^Zeiheguc]ZaFZeurdZLhchlZ\a\ba]gm\dhe_kZfbihfhdjhfmZknZevlmxahf\ufZogmeZ
gZrhkk_bgZ[bjZykdhjhklvihg_keZkvijhqv\fhdjmxq_jghlmghqba_jdZe_aZ^g_]hh[ahjZy
�_s_g_dhlhjh_\j_fy\b^_enb]mjm\lhjh]hihebp_ckdh]hZ`_\gZdehg__]h]heh\u[ueh
khfg_gb_byihgyehq_fhg^mfZ_lWlhljmkkdbc^mfZehgijhf_gylbibqguckZfhm[bcpZb
\jy^eb^h_^_l^hGvxChjdZB\k_baaZwlbo[Z[K_dj_lk_f_cgh]hkqZklvyBwo
:y_oZeb^mfZeq_jl\havfb_keb[ufg_^_ckl\bl_evghgZclbijh^xk_jZgZnbevfK_dj_l
k_f_cgh]hkqZklvylhyi_j\uf^_ehfih_oZe[u\=jmabx=jmabbgZ]hjghc^hjh]_ydhg_qgh
lh`_[m^m_oZlvg_khkdhjhklvxdbehf_ljh\\qZkdZdlZfiheh`_ghZfgh]h[uklj_cBf_gy
hklZgh\bl]jmabgkdbcihebp_ckdbcGZ\_jghwlh[m^_l\ukhdbc]jmabge_lkhjhdZkq_jgufb
]eZaZfbq_jgufbmkZfbbeukucih^k\h_cfbebp_ckdhcnmjZ`dhcDZdlhlagZf_gbluc]jmabgkdbc
Zdl_jdhlhjuce_lgZaZ^kgbfZeky\fh_fihke_^g_fnbevf_
LZZZdkdZ`_lhggZjZki_\ij_^\dmrZykhj\Zlvkf_gykheb^gmx\ayldmGZjmrZ_f
agZqbl"
Ihlhfhgm\b^blfhbZf_jbdZgkdb_\h^bl_evkdb_ijZ\Zb_]hZii_lblgZ\ayldmjZa]hjblky_s_
[hevr_
Zc\Zc\ZcihdZqZ_lhg]heh\hcqm`hckljZgZijb_oZebm`_gZjmrZ_rvIjb^_lky
Zj_klh\Zlv
AZ^mfZekylh\Zjbsfbebpbhg_jkdZ`myofmjh
IZgbfZxkdZ`_lhggZkf_reb\hFbkebl_evagZqbl"Nbehkhn"
KemrZckdZ`myMl_[y_klvk_fvy"
DZg_rgh_klv
B^_lb"
DZg_rghljh_^_l_cDZdhc]jmabg[_a^_l_c"
Lh]^ZkdZ`bfg_\q_fk_dj_lk_f_cgh]hkqZklvy"
HgihkfhljblgZf_gyk\hbfb[ZjoZlgufbq_jgufb]eZaZfb^mfZyqlhyohqmhl\e_qv_]hhl
rljZnZbebm\bevgmlvhl\ayldb:ykdZ`m
IhgbfZ_rvy^_eZxdbghK_dj_lk_f_cgh]hkqZklvygZau\Z_lkyhlluagZ_rv\q_fwlhl
Luohq_rvkdZaZlvqlhijb_oZeba:f_jbdb\=jmabxqlh[umagZlvk_dj_lk_f_cgh]hkqZklvy"
�Z
:\:f_jbd_gbdlhg_agZ_l"
:f_jbd_fg_kdZaZebqlhk_dj_lk_f_cgh]hkqZklvywlhk_dj_l
DZiblZebklukdZ`_lhg\hafms_gghG_lfu]jmabgug_lZdb_FuhldjulucgZjh^
KZ^bkv\fhcfZrbgm]_gZp\Ze_KZ^bkvlufhc]hklv
BhgihkZ^blf_gy\k\hxfbebp_ckdmxhe]m\dexqblkbj_gmbih\_a_lf_gyih]jmabgkdbf
k_eZfLZffu[m^_f_klvrZreudbbiblv\_k_eh_]jmabgkdh_\bghbk_^h[hjh^u_]jmabgkdb_
klZjbdb[m^ml^he]hbdjZkb\hjZkkdZau\Zlvfg_klZjbggu_e_]_g^ubijblqbhlZcgZok_f_cgh]h
kqZklvy

Dm^eZlZyjmkZy]heh\ZFylZyrZidZmrZgdZ]^_lhgZaZlued_\hle_l_IhlguchpZjZiZgguceh[
IjhajZqgh]hem[u_^_jadb_]eZaZkdjZkgufbZedh]hevgufbijh`bedZfbDjm]eh_fheh^h_ebphkh
aeufbg_[jblufbkdmeZfbbfhdjufb]m[ZfbJZkkl_]gmluc]jyaghk_jucdh`mok\bkys_cgZ
ihke_^g_cgbld_\_jog_cim]h\bp_c:gb`_[hevrb_h[\_lj_ggu_jmdbk`Zeb^_j_\yggu_
dheh^dbbih^gyebgZgboh[jm[hd[_a^hggh]hl_eZkijbdjmq_gghcddmevlyf^_j_\ygghc
ieZlnhjfhcgZklZevguorZjbdhih^rbigbdZoB\hdjm]lhevdh]em[hdbcdZdgZoheklZo
J_f[jZg^lZq_jgh[Z]jh\ucnhgbadhlhjh]hdZdbaijhreh]h\ue_lZ_l\i_j_^wlhl^bdbc
[_agh]bc\Zj\Zjkfhdjufb]m[ZfbBih^dZjlbghcih^ibkvJhkkby
;ueh\wlhcgbs_cbaZoeZfe_gghcfZkl_jkdhc_s_g_kdhevdhg_hdhgq_gguodZjlbgbbdhg
=_hj]bcIh[_^hghk_pLjhbpZb^jm]b_jmkkdb_k\ylu_ghwlZkZfZy[hevrZydZjlbgZgZlygmlZygZ
ih^jZfgbdblh`_g_aZdhgq_ggZyklhyeZ\p_glj_Hlijyfh]haZdZlgh]hkhegpZmoh^ys_]haZfhkl
�`hj^`ZZrbg]lhgZdZjlbgmmdju\ZeZly`_eZybiuevgZyhdhggZyrlhjZJy^hfklhyefhev[_jlk
djZkdZfbbdbklyfblZdb_`_dbklbbdbklhqdblhjqZebba[ZghdgZihemZkihlhedZk\bkZeZgZ
rgmj_[hevrZyiuevgZyeZfiZ[_aZ[Z`mjZlhjh_\hklhqgh_hdghd\Zjlbju\uoh^behgZ;jh^\_c
\jZchg_omebpGZwlhfhdg_klhyef_ljh\hd\Z^jZlguc\_glbeylhjbkrmfhf]gZe\dhfgZlm
^mrguc[jh^\_ckdbc\ha^mo]m^dbfZrbg\hcihebp_ckdbokbj_gdjbdbimwjlhjbdZgkdhc
iZpZg\ukehfZ\r_cmebqguc]b^jZglbh]emrZxsbcjblfm^ZjgbdZe_lysbcba^bgZfbdh\
hldjulhcfZrbguAZjme_fwlhcfZrbguaZkljy\r_cmk\_lhnhjZ\lZdlm^ZjgbdZ^_j]Zekyq_jguc
]b]ZglZ[Zg^ZfZevqbr_dfueZhdgZ_]h;vxbdZfuevghci_ghc
Dhg_qghyijh[h\ZeklZlvZf_jbdZgp_fIjh[h\Zeihem]heuc\h^gborhjlZoy\uie_kgme
hklZldb^_r_\hc\h^dbba[mluedb3RSRY\^\ZklZdZgZ\gbfZl_evghihkfhlj_eihjh\gmeb
gZebebihg_kh^bgklZdZgFZdkbfmmdhlhjh]hyl_i_jv`beFZdkbf[hjh^ZluckhjhdZe_lgbc
jmkZdkhkihdhcgufbdZjbfb]eZaZfbgZrbjhdhfdZdmlZlZjbgZebp_]heydhfkb^_e\l_fghc
]em[bg_dhfgZlugZ[jhr_gghfmkl_gufZljZp_Dh]^Zlh\gZr_cijhrehc`bagbhg[ue
aZf_lguffhkdh\kdbfom^h`gbdhfZl_i_jv`b\_lgZ\wen_jb\k_k\h_\j_fy^_eblf_`^mi_gb_f\
jmkkdhfp_jdh\ghfohj_bwlbffhev[_jlhfK_cqZkgZihemi_j_^gbfklhyeZ[hevrZydZkljxey
Ihemh[gy\__\hehkZlufbgh]Zfbhgeh`dhc^hklZ\ZebadZkljxebi_jeh\uckmib_e_]hkoe_[hf
ZddmjZlghh[_j_]ZydmjqZ\mxq_jgmx[hjh^mhloe_[guodjhr_d
�Zyijh[h\ZeklZlvZf_jbdZgp_fibkZeijhlhqlhfh`ghijh^Zlvijh^he`ZeykiZnhkhf
�baf_gblvkyZ`_km[[hlgb_^gbijhklmx_\j_ckdmxkm[[hlmdh]^Z\dZ`^hf^hf_^he`_g[ulv
k_f_cgucijZa^gbdyg_fh]k^_eZlvk_f_cghcljZ^bpb_cBagZ_rvihq_fm"Y\ujhk\kljZg_
]^_j_eb]bxih^f_gbebfhjZevgufdh^_dkhfkljhbl_eydhffmgbafZIhkfhljbgZk\hxJhkkbx
wlh`_gZrihjlj_lWlhluy^Z`_fhy`_gZFulZdb_kx^Zijb_oZebdZe_dbFhjZevgu_
bg\Zeb^u
=hkih^b[eZ]hkeh\bkdZaZeFZdkbfi_j_dj_klbekybaZeihf\uibeiheklZdZgZl_iehc\h^db
EwoZbfkdZaZeyblh`_\uibeghaZdZreyekybaZf_lZekyihdhfgZl_bah^gh]hhdgZ\
dhfgZlm\Zebe`Zjdbc[jh^\_ckdbc\ha^mokh]emrZxsbf[h_fm^ZjgbdZZ\lhjh_[uehaZdjulh
ly`_ehcrlhjhcDZreyyy\ukdhqbe\aZfmkhj_ggmxdmogxko\ZlbekhklhebdZqZrdmbkmgme__
ih^\h^hijh\h^gucdjZgGhbadjZgZk]medbf\uoehihf\uj\ZeZkvebrvkljmy\ha^moZb\u[beZba
qZrdblZjZdZgZZihlhfdjZgaZmjqZedZdimklhc`_em^hd\h^u\g_fg_[uehGZ\_jghihlhfm
qlhgZmebp_fZevqbrdbimwjlhjbdZgpukehfZeb\h^hijh\h^gmxdhehgdmbdmiZebkv\__fhsghf
nhglZg_
Hlr\ujgm\qZrdmb\k__s_gZ^ju\ghdZreyyyhqmf_ehh]ey^_edmogxk__hlebiZxsbfbhlkl_g
h[hyfbih^[_`Zekh]gm\rbkvdoheh^bevgbdmjZkiZogme^\_jpmbkmgme]heh\m\gmljv\
oheh^bevgbd_ihdjZcgbcf_j_[uehijhoeZ^g_cHl^urZ\rbkvy\ayefhjdh\dmk_^bgkl\_gghc
gb`g_cihedboheh^bevgbdZ _s_lZfe_`ZebdZjlhrdZbemd\f\ul_jwlmfhjdh\dmhrhjlub
ojmidhgZ^dmkb\ihr_e\k\hx\lhjmx\wlhcd\Zjlbj_dhfgZlmA^_kvmaZdjulh]hbgZ]emoh
aZgZ\_r_ggh]h]Za_lZfbhdgZ\uoh^ys_]hgZih`Zjgmxe_klgbpmklhyebkZfh^_evgu_^_j_\yggu_
dhaeugZwlbodhaeZoe_`ZeZdhfgZlgZy^\_jvdhlhjmxFZdkbfbykgyebki_l_evZgZ^\_jbklhye
fhcdhfivxl_j&RPSDT3RUWDEOHL_i_jvwlh[uefhcibkvf_ggucklhebebdZd]h\hjyl\:f_jbd_
P\GHVNHklZevgu_fhb\_sbgZoh^bebkvgZihem\dZjlhgguoysbdZoBa^_kv`_gZiheme_`Ze
lheklucd\Z^jZlihjhehgZgZdhlhjhfykiZeIhju\rbkv\ysbdZobof_evghjZkr\ujy\k\hb\
i_kljuoh[eh`dZodgb]byba\e_dkh^gZysbdZiZqdmklZjuonhlh]jZnbbbihr_edFZdkbfm
FZdkbfihij_`g_fmfheqZ_ei_jeh\uckmikoe_[hf
hlyihdZaZe_fmklZjmx^\Z^pZlbe_lg_c^Z\ghklbq_jgh[_emxnhlh]jZnbxGZg_cy[ue
kgyl\h[gbfdmkfheh^ufbbkf_xsbfbky`_gsbghcbfm`qbghcb^brvwlmiZjm"Hgb`beb
gZMjZe_FboZbe[uej_`bkk_jhfl_e_\b^_gbyaZjZ[Zlu\Ze\f_kyp:wlb_]h`_gZEZjbkZ
HgZjZ[hlZeZ]^_lhaZjm[e_c\f_kypDhjhq_gbsZy`bagv\ijhfhjh`_gghfkb[bjkdhf]hjh^_
\fZ]ZabgZo]h^ZfbgbfykZgbh\hs_cDh]^Zyijbe_lZelm^ZbaFhkd\uyijb\habebffykh\
q_fh^Zg_bwlh[ueh^eygboijZa^gbdhfBh^gZ`^uy\b^_edZdFboZbeijbr_ekjZ[hluHgr_e
kZ\lh[mkghchklZgh\db^_kylvd\ZjlZeh\ih`mldhfmfhjhamghdh]^Zhg\hr_e\d\ZjlbjmEZjbkZ
m`_`^ZeZ_]hklZahf]hjyq_c\h^uHgZ\klZeZi_j_^gbfgZdhg_pkgyeZkg_]hijhfhjh`_ggu_
[hlbgdbbklZeZ]j_lv_fmgh]b\wlhc\h^_Ijbfg_Wlmkp_gmygbdh]^Zg_aZ[m^mbdklZlb
fh`_rv__gZjbkh\ZlvGZau\Z_lkyha\jZs_gb_fm`ZkjZ[hlubebK_dj_lk_f_cgh]hkqZklvy
�ymkf_ogmekyghlml`_ivyghfZogmejmdhc^hkZ^myqlhhl\e_dkyhl]eZ\ghcb^_b_ehg_\
lhf:\lhfqlhmFboZbeZ[ueZ^jm]Zy`_gsbgZ?e_gZbhgm`_kh[bjZekymclbdg_chlEZjbku
Ghfm`?e_gugZibkZegZg_]h^hghk\D=;HggZibkZeqlhFboZbe^bkkb^_glkbhgbkl
kemrZ_l=hehk:f_jbdb\_^_lZglbkh\_lkdb_jZa]h\hjublZd^Ze__Dhg_qghqZklbqghwlh[ueh
ijZ\^hcFboZbekemrZe=hehkZbqblZekZfba^Zl:dlhbagZkg_qblZekZfba^Zlbg_kemrZe
[_j_rvKhe`_gbpugZb^jm]hckZfba^ZlbebfukdZ`_fl\h_c`_g_qlhml_[y_klvex[h\gbpZB
ij_^klZ\vk_[_dh]^ZhghldZaZeky^Z\ZlvihdZaZgbyhgb^_ckl\bl_evghijbrebdEZjbk_ihdZaZeb
_cnhlhlhc`_gsbgu?e_guGhEZjbkZ\u]gZeZbobad\Zjlbju=w[wrgbdh\kimklbeZk
e_klgbpuij_^klZ\ey_rvBhgbkFboZbehfhklZebkv\f_kl_hgjZkklZekyk?e_ghcbhklZekyk
EZjbkhcB_keb[uy^_eZenbevfhk_dj_l_k_f_cgh]hkqZklvyy[udhg_qgh\ayemg__
bgl_j\vx
GZfklh[hc`_gug_[m^mlgh]bfulvGbl_[_gbfg_kmjh\hkdZaZeFZdkbf
Yohl_e\uykgblvihq_fmhglZd^mfZ_lgh\wlmfbgmlmaZfh_ckibghcijha\mqZel_e_nhgguc
a\hghdYhldbgmekygZfZljZp_jZa]j_[jmdhc]jm^mh^_`^uaZgbf^`bgkufylu_jm[Zrdb
ghkdbbgZdhg_pba\e_dljm[dm^j_[_a`Zs_]hl_e_nhgZ
:eeh
0LVWHU3ORWNLQ"kdZaZe\ljm[d_hklhjh`gh\djZ^qb\uc]hehk
�Zwlhy
�h[juc\_q_jWlhGbhkbChkblhba`mjgZeZLhdbckdbcqblZl_evkdbc^Zc^`_kluihfgbl_
f_gy"
H\HV\HV\hkdebdgmeykij_m\_ebq_ggufwglmabZafhf=h^gZaZ^wlhlChkblh^\Z`^u[jZe
mf_gybgl_j\vxbh[ZjZaZ7RN\R5HDGHUV'LJHVWaZieZlbefg_kh\k_fg_iehohihiylvkhl
^heeZjh\
AZlZdb_^_gv]bykihkh[_gaZihfgblv^Z`_yihgkdb_nZfbebb
Dhg_qghihfgxDZdih`b\Z_l_"
OhjhrhkiZkb[hZkg_e_]dh[uehhlukdZlv\djZ^qb\uc]hehk\u^_j`ZeiZmam^Z\Zyfg_
\hafh`ghklvh[tykgblvfhci_j__a^ba[h]Zlh]hijb]hjh^Z;hklhgZ\gbsmxhdjZbgmGvxChjdZ
:HOOkdZaZe]hehkihke_iZmauGZr`mjgZeohq_lij_^eh`blv\Zfih_oZlv\Fhkd\m\
khklZ\_f_`^mgZjh^ghc^_e_]Zpbb`mjgZebklh\
Dm^Z"""bamfbekyy
Fhkd\mGZr`mjgZehieZlbl\kx\Zrmih_a^dmZ\ugZibr_l_gZfjZkkdZah[wlhf
iml_r_kl\bb
urmlbl_"YZ\lhj=w[wrguoikh\Kh\_lkdb_gbdh]^Zg_^Z^mlfg_\t_a^gmx\bam:_kebb
^Z^mllhlhevdhqlh[uD=;Zj_klh\Zehf_gydZdlhevdhyijba_fexkv\Fhkd\_
Gmwlhg_h[yaZl_evghfy]dhkdZaZe]hehkHgbml\_j`^ZxlqlhmgbolZf]eZkghklvb
=hj[Zq_\kdZyi_j_kljhcdZBgZr`mjgZeohq_lijh\_jblvgZkdhevdhwlhkhhl\_lkl\m_l
^_ckl\bl_evghklbdjZ^qb\ucyihg_pagZeZg]ebckdbcg_gZfgh]hemqr_f_gybihwlhfm
]h\hjbeklZjZl_evghbf_^e_gghFuaZieZlbf\Zfiylvkhl^heeZjh\aZlukyqmkeh\b\ufh`_l_
gZibkZlvgZfhq_jd^h^_kylblukyqkeh\GmdZd"
F_jaZ\pufuke_ggh\hkoblbekyybkgh\ZaZdjueljm[dmjmdhcihkdhevdmbalmZe_lZ^hg_kkyrmf
kimkdZ_fhc\h^u:\lhj=w[wrguoikh\\Fhkd\_g_iehohcaZ]heh\hd^ey[h]Zlh]h
yihgkdh]h`mjgZeZghy^he`_ggZk\h_crdmj_ijh\_jblvj_ZevgZeb\KKKJ]eZkghklvIjbwlhf
]w[wrgbdbfh]mlmdhehlvf_gyhljZ\e_ggufahglbdhfdZdhgbhljZ\beb[he]Zjkdh]h^bkkb^_glZ
=_hj]byFZjdh\Zfh]mlm[blvdZdm[beb\Fxgo_g_^\mokhljm^gbdh\jZ^bhklZgpbbK\h[h^Z
fh]mlklhedgmlvih^ih_a^\f_ljhbebih^kuiZlvy^\j_klhjZg_bebijhklhihehfZlvfg_j_[jZ\
lukyqwlhljbf_kyqguoieZl_`ZZebf_glh\ljbf_kypZk\h[h^u
0LVWHU3ORWNLQ"gZihfgbehk_[_yihgkdbc]hehk\l_e_nhgghcljm[d_
Ba\bgbl_yg_fh]mih_oZlvkdZaZeyihq_fmlhjZahfhojbigm\
Qlh`Dhg_qghfug_fh`_fgZklZb\ZlvGhb\Zfg_gm`ghki_rblvkhdhgqZl_evguf
hl\_lhf?keb\ui_j_^mfZ_l_lhgZrgh\uchnbkihf_sZ_lkyl_i_jv\Jhdn_ee_jp_glj_Fhc
l_e_nhgKihdhcghcghqb
Yiheh`beljm[dmbk_egZihe]ey^ygZdZjlbgmk\h_]hijbyl_ey
Jhkkbyof_evghc[_agh]bc\Zj\Zj\aZehfe_gghcgZaZluehdrZid_e_l_eZgZf_gyba
ih^jZfgbdZMg__[uehfmqbl_evghagZdhfh_ebphB\^jm]y\kihfgbegZdh]hihoh`wlhl
[e_^ghebpucdZe_dZGZ:e_rm\hlgZdh]hGZmeu[qb\h]hf_jaZ\pZ:e_rmjmkkdh]h
lZfh`_ggbdZdhlhjuc
Iha^gbf\_q_jhf\_g_\djhr_qghcdZdi_gZedhfgZl_^_r_\h]hhl_ey=XP7XUNLQy\a]eygme
gZk_[y\a_jdZehbaZf_jhlbamfe_gbyihi_j_dfh_ce_\hcs_dbe_]eZ]em[hdZydZdmklZjbdZ
fhjsbgZDZdrjZfDZdhdhi:_s_mljhf\Fhkd\_dh]^Zy[jbekyi_j_^wfb]jZpb_cmf_gy[ueb
]eZ^db_s_db
P_gZwfb]jZpbbrjZfwfb]jZpbbih^mfZeyb^Z`_aZibkZewlmnjZam\^g_\gbdFhe\wlhl^_gv
rjZfwfb]jZpbbe_]ihi_j_dfh_cs_dbbihi_j_d[bh]jZnbbBijh\_eZwlhlrjZfr_j_f_lv_\kdZy
lZfh`gy
Wc\uDZd\ZklZf"N_ev^fZg"B^bl_dq_l\_jlhcklhcd_\ZklZf[m^ml^hkfZljb\Zlv
KmlmeZyklZjmrdZN_ev^fZg\uly]b\ZydZdq_j_iZoZlhgdmxr_xbamadboie_q\hehdhf
ihlZsbeZdlZfh`_gghcklhcd_^\Zly`_euonb[jh\uoq_fh^ZgZGhdh]^Z^hlZsbeZkv\_k_euc
lZfh`_ggbd\k_jhfdbl_e_djbdgmeq_j_aaZek\h_fmdhee_]_
:e_rZyaZgyl\havfb__k_[_B^bl_di_j\hcklhcd_N_ev^fZg@b\_c`b\_c
KlZjmoZN_ev^fZgkgh\Z\ijy]eZkv\k\hb^\Zq_fh^ZgZghmg__m`_g_[uehkbek^\bgmlvbok
f_klZ:baaZdZgZlZi_j_]hjh^b\r_]h\oh^\lZfh`_ggucaZebalheiuijh\h`ZxsbodZdZylh
jZklj_iZggZy`_gsbgZdjbqZeZ
FZfZ[jhkvwlbq_fh^Zgu;jhkvImklbl_yihfh]m_c
Ijh\h`Zxsbf\aZeg_evayklhyeZgZ__imlb]jm^ZklZy^_`mjgZy\lZfh`_gghcnhjf_
dbl_e_x[d_bojhfh\uohnbp_jkdbokZih`dZo
GZdhg_pklZjmoZk^\bgmeZkf_klZh^bgq_fh^ZgbgZijy]ZykvlheqdZfbihdZlbeZ_]hdi_j\hc
klhcd_LZfjZ[hlZelZfh`_ggbddhlhjh]hihq_fmlh[hyebkv\k_wfb]jZgluohlygZau\Zeb_]h
lhevdhihbf_gb:e_rZHg[uejmkh]heh\]hem[h]eZakxghr_kdbfimrdhfgZjhah\uos_dZo
ijhklhpZj_\bqbajmkkdbokdZahdK_cqZki_j_^wlbf:e_r_ce_`ZebgZlZfh`_gghfklhe_]jm^Z
^_lkdhch^_`^ubjZkiZogmluckZd\hy`Zk[hdm\g_kdhevdborZ]ZogZ^jm]hfklhe__s_h^bg
jZkiZogmlucq_fh^ZgbgZ^wlbfq_fh^ZghfklhyeZ^jm]ZylZfh`_ggbpZbgki_dlhjlh`_
fheh^_gvdZyg_klZjr_o^\h_fhgb\_eb^hkfhljjmqgh]h[Z]Z`Zm\_kgmrqZlhc
ljb^pZlbe_lg_crZl_gdb\ihl_jlhcju`_cdmjld_bklhilZgguokZih]ZoDgh]ZfrZl_gdb`ZeZkv
om^_gvdZyiylbe_lgyy^_\hqdZ\jZkkl_]gmlhcdjhebqv_crm[d_hgZ^_j`ZeZ\jmdZoh[emie_gguc
q_jgucnmleyjkdjbidbq_l\_jlmrdbZbajmdZ\h\__rm[dbihqlb^hiheZk\bkZebdjZkgu_
jmdZ\bqdbgZrgmjdZo
Wlhqlhm\Zk"
Wlhe_dZjkl\h^eyj_[_gdZ
E_dZjkl\Z\u\hablvg_evay
B^bl_kx^Zlml`_[_aiZmau\dexqZeZkvlZfh`_ggbpZaZ\lhjufklhehf\ugbfZyba
q_fh^ZgZdhjh[dmkhklbjZevgufihjhrdhfWlhqlh"
WlhklbjZevgucihjhrhd\u`_wlh\b^bl_
KlbjZevgucihjhrhdg_evay\u\hablv\nZ[jbqghcmiZdh\d_I_j_kuivl_\ihebwlbe_gh\uc
iZd_llh]^Z\_abl_
Gh]^_ylml\havfmihebwlbe_gh\uciZd_l"
WlhgZkg_dZkZ_lky
B^bl_kx^Za\Ze:e_rZ;uklj_cWlhqlh"bkdhkbe]eZaZgZklZjmomN_ev^fZgdhlhjZy
hklZ\beZm_]hklhcdbh^bgq_fh^ZgbihreZaZ\lhjuf
Wlh[ml_j[jh^u^eyj_[_gdZkdZaZeZrZl_gdZbihdZaZeZgZ^hqdmGbdZdb_ijh^mdlu
\u\hablvg_evay
Ghwlh`_^eyj_[_gdZ
Zf`_kdZaZghgbdZdb_ijh^mdlu:wlhqlh"
Wlhdhn_cgZyqZrdZlj_kgm\rZyhklZeZkvhlfZfu
Wlhij_^f_lklZjbgu=^_jZaj_r_gb_Fbgbkl_jkl\ZdmevlmjugZ\u\ha"u:e_rZ
ih\_jgmekydklZjmo_N_ev^fZgdhlhjZyih^lZsbeZd_]hklhcd_\lhjhcq_fh^ZgB^bl_dlj_lv_c
klhcd_fulmlaZgylu
Ghf_gykx^ZihkeZebg_]jhfdhkdZaZeZklZjmoZo\ZlZydZdju[Z\ha^momadbfb
kmobfb]m[dZfb?_j_^db_k_^u_\hehkuijbebiebdihlghfme[mbghk[uefhdjufhljhkbghd
ihlZZghjdh\uc\hjhlgbdl_fghkbg_]hiZevlhm`_gZiheh\bgmhlhj\Zg
H^gZdh:e_rZg_kfhlj_egZg__\^\h_fkfheh^hclZfh`_ggbp_chgb\k_m[ukljyeb[_]iZkh\db
wlhcrZl_gdbbfgjZ\behkv]hgylvwlbo`b^h\\k_[uklj_cb[uklj_c^hihlZ
B^bl_kx^ZQlhwlhaZdZjlbgu
Wlh^_lkdb_jbkmgdb\u`_\b^bl_
:]^_jZaj_r_gb_gZ\u\ha"
�DZdh_jZaj_r_gb_"WlhhgZjbkh\ZeZhqdZ
;_ajZaj_r_gbyFbgbkl_jkl\ZdmevlmjugbdZdb_jbkmgdb\u\hablvg_evay
WcKx^Z:]^_jZaj_r_gb_gZ\u\hakdjbidb":]Z\b`mHldjhcl_nmleyj:]^_nhlh]jZnby
kfuqdZ"JZa\_wlhlhlkfuqhdqlhgZnhlh]jZnbb":ihrebgm\umieZlbeb"
Kx^ZB^bl_kx^ZWlhqlhaZnhlh]jZnbb"
Wlhk_f_cgu_m`_f_jl\uf]hehkhf]h\hjblaZ]gZggZyrZl_gdZ
Klhevdhnhlh]jZnbc\u\hablvg_evay\havfbl_lhevdhiheh\bgm
BlZdZy`_b]jZb^_lf_`^mlj_lv_cbq_l\_jlhcklhcdhclhevdha^_kvmlZfh`_ggbdh\^h[uqZ
ihdjmig__ih`beZyiZjZ\^m[e_gdZobo[Z]Z`g_klbjZevgucihjhrhdbg_^_lkdZykdjbidZZ
kbyxsbci_jeZfmljhfZddhj^_hg_evlfZkl_jb\q_fh^ZgZok_j\bagbldbkyglZj_f
evgygu_ijhklugb^hjh]h_gb`g__[_ev_dmdeufZlj_rdb^h[jhlgZyh^_`^Zg_kdhevdh
Z[kljZdlguodZjlbgLZfh`_ggu_bgki_dlhjug_ki_rZba\e_dZxlbaq_fh^Zgh\dZ`^mx\_sv
AZ\u\haZddhj^_hgZ\u^he`guaZieZlblvihrebgm_]hihegmxklhbfhklv
Gh\_^vfudmibeb_]h\fZ]Zabg_\hld\blZgpby
udmibebqlh[uihevah\Zlvkya^_kv:_keb\u\habl_ieZlbl_ihrebgmWlhqlhaZdZjlbgu"
Wlhfhb\hlfhyih^ibkv
:]^_jZaj_r_gb_gZ\u\habd\blZgpbyh[mieZl_ihrebgu"
GhwlhykZfZjbkh\ZeZKZfZ
DZjlbgufug_ijhimkdZ_f
Ih^h`^bl_Iha\hevl_\ZfkdZaZlvWlbdZjlbgug_[jZebgbgZh^gm\uklZ\dmihlhfmqlhwlh
Z[kljZdpbyFg_]h\hjbebqlhwlhZglbom^h`_kl\_gghgbdhfmg_gm`ghIhq_fm`_l_i_jvy
^he`gZieZlblv\ZfaZk\hbjZ[hlu"
Beb\uhklZ\ey_l_dZjlbgubeb\ug_e_lbl_:wlhqlh"K_j_[jh"
bedb
:]Zk_j_[jygZyihkm^Z;m^_fhnhjfeylvZdlaZihiuldmijh\haZdhgljZ[Zg^u
DZdhcdhgljZ[Zg^u"Wlb\bedbe_`Zlhldjulhygbq_]hg_ijyqmDZ`^ucbf__lijZ\h\u\_alb
^h^\mokhl]jZffh\k_j_[jyghcihkm^u
A^_kvg_^\_klb]jZffh\Z\k_ihedbehK_cqZkfu\a\_kbf
GhgZk`_ljh_Yfm`bfZlvhlhgZkb^bl
Wlhe_`Zeh\h^ghfq_fh^Zg_Beb\uhklZ\ey_l_k_j_[jhbebfukgbfZ_f\Zkkj_ckZaZijh\ha
dhgljZ[Zg^u:\uN_ev^fZgy`_\ZfjmkkdbfyaudhfkdZaZeb^bl_di_j\hcklhcd_Bhlj_`vl_
ghjdmhliZevlhghjdmfug_ijhimkdZ_f
YM`_g_fh]m[_a]hehkZe_i_q_lklZjmoZN_ev^fZgbf_jl\hhk_^Z_lgZk\hc
k\Zeb\rbckygZ[hdq_fh^Zg
Lmlijhj\Z\aZ]jZ`^_gb_dg_cih^[_]Z_ljZklj_iZggZy^hqdZih^o\Zlu\Z_lih^furdb
FZfZ
IZljmevah\_l]jm^ZklZy^_`mjgZyfbfhdhlhjhcijhj\ZeZkv^hqdZklZjmobu\_^bl___
GhylhevdhihfhqvHgZ`_g_fh`_llZkdZlvwlbq_fh^Zguijh[m_lh[tykgblv`_gsbgZ^\mf
khe^ZlZfkZ\lhfZlZfb
G_fh`_limklvg_e_lblHk\h[h^bl_lZfh`_ggucaZe
:jy^hfaZ\_j_\dhchl]hjZ`b\Zxs_cwlmqZklvlZfh`_ggh]haZeZhl\k_]hhklZevgh]hfbjZ
^\b`_lkygZj_]bkljZpbx[be_lh\ihlhdbghkljZgguolmjbklh\G_fpunjZgpmauZf_jbdZgpu
ZjZ[ulmjdbr\_^udZgZ^puemqZkvbg__ff_oh\uorm[phdZydZ[emqdZfbblZevygkdhch[m\b
m\_rZggu_yihgkdhcnhlhl_ogbdhcbjmkkdbfbkm\_gbjZfbkhlgbbghkljZgp_\dZlylgZl_e_`dZo
k\hc[Z]Z`fbfhex[_aguoaZl_fbklhcdZfblZfh`_ggbdh\dZkkbjh\ih]jZgbqgbdh\IZj^hg
Kbev\mie_I_jnZ\hj_F_jkb[hdm
�\ZfbjZjZa]hjh`_gulhevdh\_j_\dhcghqbklu_\ufulu_bghkljZgpukg_ijhgbpZ_fufbebpZfb
hl\h^yl]eZaZdh]^ZgZludZxlky\a]ey^hfgZwlhl\lhjhcfbj]^_^hlhrgu_lZfh`_ggbdbihljhrZl
q_fh^Zgumihlguob^mjghiZogmsboex^_cBghkljZgpukqblZxlqlh\eZklbg_klZgmlijhklhlZd
[_aijbqbguijh\_jylvg_\bgguoex^_cIjZ\h_kebboijh\_jyxlagZqblhgbGUXJVPDJJOHUV
�i_j_\haqbdbgZjdhlbdh\@bebdlhgb[m^v\wlhfjh^_\_^v\h\k_oZwjhihjlZofbjZbf_gghlZdmx
]jyagmxim[ebdmbalj_lv_]hfbjZqZs_\k_]hbijh\_jyxlgZgZjdhlbdb
[Z]Z`Zk_wfb]jZgluagZebqlhlZfh`_ggbdbgZjhqghjZkly]b\Zxl^hkfhljqlh[uihke_^gbc
^_kylhdiZkkZ`bjh\wfb]jZglh\hdZaZeky\p_clghl_kZfhe_l\hl\hlme_lblZ\_sb_s_g_
ijh\_j_guhklZlvkyg_evay\k_[be_lugZ_gmijh^ZgugZf_kypu\i_j_^d\ZjlbjZk^ZgZ
iZkihjlbkh\_lkdh_]jZ`^Zgkl\hlh`_b\um`_g_bf__l_ijZ\ZgZoh^blvky\KKKJihke_hle_lZ
wlh]hj_ckZfhklukh``_gu
HdZaZ\rbkv\lZdhfp_clghl_ex^b[jhkZxllZfh`_ggbdZfk\hc[Z]Z`bme_lZxlImklu_
:qlh[uba[_`Zlvwlh]hwfb]jZgluijb_a`Zxl\r_j_f_lv_\kdbcZwjhihjlaZ^\h_ZlhbaZljh_
kmlhd^h\ue_lZb`b\mla^_kv\hq_j_^bkiylgZk\hboq_fh^ZgZo_^ylgZgbo`_g_j\gbqZxl
h[f_gb\ZxlkybgnhjfZpb_ch[hq_j_^guodhagyolZfh`gbb`^mldh]^Zmljhf\ihy\blkybaaZ
dZgZlh\hq_j_^ghclh\ZjbslZfh`_ggucbgki_dlhjbh[ty\blgZ^f_ggh
GmdlhlmlgZBajZbev"
LZfh`_ggbdZfgjZ\blkyijhbaghkblvwlhkeh\hkm^Zj_gb_fgZlj_lv_fkeh]_lZdbfdZ`_lky
ij_ajbl_evg_c
Ghf_gyg_mlhfeyehklhygb_\wlhcdjm]ehkmlhqghchq_j_^bGZh[hjhldZddbghrgbdy\b^_eqlh
gZf_gy[md\Zevghkh\k_oklhjhgij_lgh\ucyjdbcihqlbnjhglh\hcfZl_jbZewlb\afue_ggu_
wfb]jZgluhkl_j\_g_\rb_\[hyokHBJhf@WDZfbhl^_eZfbdZ^jh\Fbgbkl_jkl\hfdmevlmjub
lZfh`gyfbbgZ\vxq_ggu_^_lvfbjh^bl_eyfbb\_sZfbWlbqbkl_gvdb_dZdk^jm]hcieZg_lu
bghkljZgpuWlbfheh^u_\_k_eu_fZjh^_julZfh`_ggbdbbboijbo\hklgbg_[jblu_fhj^Zklu_
]jmaqbdbdhlhju_\vxlkyf_`wfb]jZglh\gZr_ilu\Zykhfgbl_evgu_ij_^eh`_gbyijhg_klb\
kZfhe_lqlhm]h^ghbeb^h]h\hjblvkyklZfh`_ggufbgki_dlhjhfqlh[uhgg_hldju\Ze\Zr
q_fh^ZgBjZa]h\hjujZa]h\hju
K_cqZkhgbhlijZ\ylwlm`_gsbgmgZ]bg_dheh]bq_kdbchkfhljhlm\b^bl_AZlhqlh__fm`g_
ih^ibku\Z_lZdlijhdhgljZ[Zg^mk_j_[jyguo\behdIhaZ\q_jZ[uehlh`_kZfh_ykZf\b^_e
Lhevdhg_baaZ\behdZbaaZeh`_dbhgblh`_ijbp_ibebkvdhgljZ[Zg^Z:`_gsbgZ]h\hjbl
fm`mKemrZcfuhklZ\bebbfd\ZjlbjmfZrbgm^_gv]b\[Zgd_bf_[_evLZd[jhkvbfwlb
eh`dbimklvhgbih^Z\ylkyBqlh\u^mfZ_l_"Hgb__aZwlhhlijZ\bebgZ]bg_dheh]bq_kdbc
hkfhljBaZklZ\bebkb^_lv\]bg_dheh]bq_kdhfdj_ke_^hhle_lZkZfhe_lZNZrbklu
:\uagZ_l_qlh^_eZxlgZe_gbg]jZ^kdhclZfh`g_"Mfh_]h[jZlZ[uebdjZkdbh[udgh\_ggu_
&#xu;&#xom;&#x^h;&#x`g;½&#x";&#x;&#x;�djZkdb\lx[bdZoHgbkijZrb\Zxluom^h`gbd"ZYom^h`gbd:]ZOhjhrh=^_\ZrZ
iZebljZ"hlBagZ_l_qlhk^_eZelZfh`_ggbd"HgijhdZeu\ZedZ`^uclx[bdb\u`bfZe
djZkdbgZiZebljmNhjfZevghbkdZe[jbeebZgluZgZkZfhf^_e_ijhklhba^_\Zeky\u`_
�agZ_l_qlhlZdh_gZclbmgZkohjhrb_djZkdb_nbpblom`_fykZ;jZl\k_^_gv]bihljZlbegZwlb
djZkdbgbq_]hg_\_akkh[hcdjhf_gboom^h`gbd:wlhlf_jaZ\_pgZjhqghdZdkZ^bkl
\u^Z\eb\ZedZ`^uclx[bdgZiZebljm\k_\u^Z\be[_ahklZldZ
Hc\u[u\b^_ebdZdhgbba^_\Zxlky\H^_kk_Dh]^Zyk^Z\Ze]jmah\hc[Z]Z`hgbhlgyebm
f_gydh\_jh[udgh\_ggucdh\_jbafZ]ZabgZjm[e_cklhblLh`_kdZaZebdhgljZ[Zg^Z
LZdyihr_e`Zeh\ZlvkygZqZevgbdmlZfh`gbYihdZaZe_fmk\hb^hdmf_gluy\kx\hcgmijhr_e
dZiblZghfZjlbee_jbbbf_x^\ZjZg_gbyb\hk_fv[h_\uohj^_gh\BagZ_l_qlhhgfg_kdZaZe"Hg
]h\hjblKdZ`bl_kiZkb[hghfulhevdh[_j_fk\ZkrljZnaZihiuldmijh\haZdhgljZ[Zg^u
Ghijbq_flmldhgljZ[Zg^Z"]h\hjxY`_g_ijylZewlhldh\_jY_]hk^Z\Ze\[Z]Z`
dh\_jgh\u[m^_l_bf_lvbfh_]hj_;h]_klvBy\Zf]h\hjx\hge_`blfhckughgmfbjZ_lm
g_]he_cd_fby_fmdZ`^ucqZkgm`ghijbgbfZlvih^_kylvlZ[e_lhdZhgbg_ijhimkdZxlgbdZdb_
e_dZjkl\Zym`_oh^belmldgZqZevgbdmlZfh`gbY]h\hjx_fmIjhimklbl_ohlv^\Z^pZlv
lZ[e_lhdgZ^\ZqZkZ^h_guBgZq_iZj_gvmfj_lih^hjh]_AgZ_l_qlhhghl\_lbe"G_
e_lbl_hlb\k_ij_^klZ\ey_l_"G_e_lbl_Ghy\ZfkdZ`mhgb[m^mlbf_lvgZrbdh\jub
gZrbeh`dbghhgbb[m^mlbf_lvbgZr_]hj_Hq_gvkdhjh;h]_klv
Y\iblu\Ze\k_[ywlbjZa]h\hjuebpZ^_lZebfmqgbklmx[_ebagme[Zh]jhfgh]he_lg_]h
k\ZjsbdZke_cd_fb_cdhlhjuce_`ZegZihemgZ[j_a_glh\uoghkbedZoihq_fmlh[hkhcgh\
iZevlhbkdbkehjh^ghcfZkdhcgZebp_ihl_jyggh_q_j_iZrv_ebphklZjmobN_ev^fZg
bkl_jbq_kdb_ihp_emb\aZkhke_lg_c_\j_ckdhc^_\qhgdbbe_lg_]hjmkkdh]hiZjgbrdb
jZkklZ\Z\rbokygZ\k_]^Z dZaZehkvhgbljyijyfhk_cqZkklhygZ]eZaZomjh^bl_e_cbm\k_]h
fbjZ\fdjZkgu_\Zj_`dbk\bkZ\rb_bajmdZ\h\djhebqv_crm[db^_\hqdbkhkdjbidhc
f_f[jZgguckihlhedZ]hehkh[ty\e_gbchihkZ^d_\kZfhe_lugZLhdbhFhgj_ZevIZjb`IjZ]m
O_evkbgdbojbiehhjms_]hihlgh]h]jm^gh]hj_[_gdZbgZ^gbfh]jhfgmx[e_^ghkbgxx
`_gkdmx]jm^vdhlhjmxlheklZy`_gZmfbjZxs_]hh^_kkdh]hk\ZjsbdZihfbgmlghfyeZbhiylv
kh\ZeZj_[_gdm\jhl[_kdhg_qgu_fZylgbdh\u_jZkdZqb\Zgby\aZ^\i_j_^i_ckZlh]hkbjbgZ\
_jfhed_ijb_oZ\r_]h\R_j_f_lv_\hba;moZju_s_g_^_exgZaZ^[ml_j[jh^ukdjZkghcbdjhcb
rZfiZgkdh_mdZdhclhrmfghcivyghcdhfiZgbbijh\h`ZxsbodjZkb\mx[e_^gmx[jxg_ldmk
[hevrbfbq_jgufbb[_a^hggufbdZdkl\he]Zm[bpu]eZaZfb[Z]Z`dhlhjhcihljhrZll_i_jv
lZfh`_ggbdb\ukhdhih^gbfZygZ^__q_fh^ZghfdZdb_lhieZlvydhnlhqdblmnebbdhe]hldb
Ylh`_ihlgucih^k\bl_jhfbdmjldhcbg_[jblucihke_[_kkhgghcghqb`_\Ze\q_jZrgbc
[ml_j[jh^bgh]Zfbijh^\b]ZedlZfh`g_k\hcq_fh^ZgjxdaZdbibrmsmxfZrbgdmB\_jl_e
]heh\hcbaklhjhgu\klhjhgmiZgbq_kdb[hykvqlh\_^vaZ[m^mfZkkmijbf_lwlh]h\k_h[s_]h
hkl_j\_g_gbyihke_^gboijhsZevguo^g_c:aZibkZlvg_evaylZfh`_ggbdbijh\_jyxl^Z`_
l_e_nhggu_dgb`dbbmgbqlh`Zxl\k_jmdhibkbaZibkbibkvfZByfuke_ggh^bdlh\Zek_[_\
iZfylv\k_qlh\b^_eNbevfgh\ucnbevfdhlhjucylml`_gZa\Ze?\j_ckdZy^hjh]Zjh^beky
\hfg_\wlhchq_j_^bbl_i_jvyf_qbe_]h\^mr_dZdgh\hjh`^_ggh]hj_[_gdZbebdh\Zehl
k\h_]haZfukeZ?kebaZibkZlv\k_qlhl\hjblky\hdjm]bkemqblkyihlhfklj_fy^x`bgZfb
wfb]jZglkdbok_f_cih^hjh]_Fhkd\Z_gZJbfKR:bFhkd\Z_gZBajZbev_keb
aZibkZlv\k_^hf_ehq_cbjZa[blu_gZ^\h_k_fvbbfbfhe_lgu_^hjh`gu_jhfZgub
fZjh^_jkl\hwlbolZfh`_ggbdh\b\klj_qmkgh\uffbjhfwlh`_dbghjhfZgdZd_\j_ckdb_
�Mg_k_ggu_\_ljhfhdlhj@b\Z]h;em`^Zxsb_a\_a^u
B\^jm]\k_qlhyk^_eZe\dbgh^hwlh]h^Z`_fhcihke_^gbcnbevfZj_klh\ZggucD=;b
aZij_s_ggucp_gamjhc\k_ihdZaZehkvfg_f_edbfbfZehagZqbl_evgufA^_kv\ih]Zkbhjms_c
hq_j_^bwfb]jZglh\y\^jm]ihqm\kl\h\Zeqlh?\j_ckdZy^hjh]Z\hlfhyfbkkbyKZfh
Ijh\b^_gb_[jhkbehf_gykx^Zkibrms_cfZrbgdhcqlh[uyihieuekihlhdhfwfb]jZglh\klZe
ojhgbd_jhfwlh]hihlhdZihlhfkgyewlm_\j_ckdmxdbghwihi_xk^hklh\_jghklvx^hdmf_glZ
bklhjbbBl_i_jvy\afu\Ze^mrhcgZ^lheihcqlh[u\k_m\b^_lvgbq_]hg_aZ[ulv
KemrZcl_ihq_fmm_a`ZyfudZ`^uc^Z`_wlZ^_\hqdZkhkdjbidhc^Z`_wlhlj_[_ghdk
khkdhc\hjlm^he`guieZlblvbfihjm[e_caZihl_jxkh\_lkdh]h]jZ`^Zgkl\Z"HgbebrZxl
:\_^vbijZ\^Zih^mfZeyHgbm`_hlimklbebgZkhgbm`_g_\eZklgugZ^gZrbfb`bagyfbb
^mrZfbghdZdkh[ZdZo\ZlZ_l\ZkaZrlZgbgmb^_j]Z_lbj\_llZdbwlh]hkm^Zjkl\hbdZ`^uc_]h
qbgh\gbdiulZxlkykfZl_jgufeZ_fboZfkl\hf\uj\ZlvbagZkgZijhsZgv__s_qlhgb[m^v
ahehlu_aZihgdb\bedbkfuqhdhl^_lkdhckdjbidbb^Z`_klbjZevgucihjhrhd
Fm`qbgZukh[bjZ_l_kve_l_lvbeb\ui_j_^mfZeb"
YhqgmekyhlkZfh^bdlh\dbq_jl\havfbhdZau\Z_lkyih^hreZfhyhq_j_^vAZ[jhkb\gZkibgm
[j_a_glh\ucjxdaZdyihlZsbe\lZfh`_ggucaZek\hcq_fh^ZgbfZrbgdm
Di_j\hcklhcd_ijbdZaZeZ]jm^ZklZy^_`mjgZy
Ghmi_j\hcklhcdbbgki_dlhj:e_rZm`_aZdhgqb\^hkfhlj[Z]Z`Z[u\r_]hdZiblZgZZjlbee_jbb
\^jm]kdZaZe_fm
:gmdZkgbfbl_iZevlhk\Zr_]hkugZ
�Z\uqlh"Bkim]Zekyhl_pmfbjZxs_]hHg`_gZiheme_`bl_]hijh^m_l
Y^he`_gijh\_jblv_]hiZevlhbgZq_g_ihe_lbl_hlj_aZe:e_rZbijbdZaZefg_:\u
b^bl_dq_l\_jlhcklhcd_yaZgyl
LZdih^mfZeyk_cqZkhgbf_gyih]hgyxlYk[jhkbekhkibgujxdaZdbhklZ\b\k\hb\_sbgZihem
kj_^baZeZihr_edq_l\_jlhcklhcd_LZfgZijhlb\\ukhdhckljhcghc[jxg_ldbklhgdbfebphfb
h]jhfgufbq_jgufb]eZaZfb]Zm[bpZfbklhyebkZfgZqZevgbdlZfh`gbfZchjAhehlZj_\
om^hsZ\ucZev[bghkkaZyqvbfijhnbe_fb_s_^\ZlZfh`_gguobgki_dlhjZkih]hgZfb
e_cl_gZglh\I_j_^gbfbgZrbjhdhflZfh`_gghfklhe_jy^hfk\uihljhr_ggufq_fh^Zghf[ueb
jZaeh`_gudZdb_lhj_deZfgu_ieZdZlul_ZljZevgu_Znbrbbijh]jZffdbBkdZ`^hcZnbrb
�kfhlj_ebh]jhfgu_]eZaZwlhcfheh^hc[jxg_ldbblmlf_gyqlhlhlhedgmeh=hkih^bZwlh`_
wlZDZd__":dljbkZbaFbgkdZY\b^_e__\Ex[h\vh^gZb\PZjkdhcfbehklb
LZZdAgZqbl\ub_klvEbaZKljh_\Z]h\hjbeZdljbk_gZqZevgbdlZfh`gb^_j`Z\jmdZo
a_e_gucebklhd__\u_a^ghc\baukq_jgbevgufbi_qZlyfbHBJZbZ\kljbckdh]hihkhevkl\Z
GmgmAgZqblmgZkb]jZeZjmkkdbopZjbpZkZfZagZqblEbaZKhehfhgh\gZ:"DZd`_lZd"b
hglj_[h\Zl_evghihkfhlj_egZih[e_^g_\rmxZdljbkmkeh\ghmebqbe__\ijh\ha_dhgljZ[Zg^u
Ihke_^gb_ljbklZe_ljmkkdbfbpZjyfb[uebg_fpu\^jm]\uj\Zehkvmf_gy
MfZchjZaZjhah\_eb[_eu_bihaZyqvbimoeu_kdmidbbhgihkfhlj_egZf_gyijhajZqghkbgbfb
]eZaZfbb[jhkbekd\havhklju_am[db
Ir_e\hg
Bklhevdh\eZklgh]hij_aj_gby[ueh\wlhf^Z`_g_ihr_eZbf_gghir_eqlhf_gykeh\gh
^_jvfhfh[ebebijhq_fybkZfm`_bkim]Zekyk\h_c\uoh^dbbkdZaZe
Ykh[kl\_gghohl_e
hg]ZjdgmefZchj
Yih`Zeie_qZfbbhlhr_edk\hbf\_sZfklZjZykvg_h[hjZqb\ZlvkygZdjZkb\mxZdljbkmGhb
kibghcihqm\kl\h\ZedZdfZchjijh\h`Z_lf_gyly`_eufp_idbf\a]ey^hfYm`_ihgyeqlhl_i_jv
ijh\_jdhcfh_]h[Z]Z`ZaZcfmlky\k_jv_aGhqlhkf_gy\aylvbf"Yg_\_amkkh[hc^Z`_Znbr
k\hbonbevfh\?kebhgbg_jZaj_rZxl\u\hablvnbevfulhdZdhckfuke\_albZnbrb^Z_s_
jmkkdb_BihdZ:e_rZ[j_a]eb\hba\e_dZebafh_]hjxdaZdZklZjmx[j_a_glh\mxdmjldmgZf_oh\hc
ih^deZ^d_lmjbklbq_kdbckiZevgucf_rhdklhilZggu_Zevibgbklkdb_[mlku\ukhdb_wkdbfhkkdb_
aZiheyjgu_km\_gbjufh_cihke_^g_cdbghwdki_^bpbbym`_qlh[ukZfhfmk_[_^hdZaZlvqlhybo
g_[hxkvhldjulhgZ[ex^ZedZdmkhk_^g_]hklheZhgbijh\_jyxl\lhjhcq_fh^ZgwlhcZdljbku
L_i_jvlZfhrgbclZfh`_ggbd\ugbfZeba__q_fh^ZgZgb`g__[_ev_ljmkughqgu_jm[Zrdb
[xkl]Zevl_ju]b]b_gbq_kdb_lZfihgubkijZrb\Zeky\ghcba^_\dhc
:wlhqlh"
Ljmkbdb[_aa\mqghhl\_qZeZZdljbkZ
LZdlZfh`_ggbdlsZl_evghijhsmiZedZ`^ucrh\\wlbo[_euokZlbgh\uoljmkbdZoaZl_f
keh`bek\hbiZevpu[hevrhcbmdZaZl_evguc\dhe_qdhbf_^e_gghkeh\ghkd\hav
m^mrZxsmxi_lexijhimklbeq_j_ag_]hghqgmxkhjhqdmZdljbkuAZl_fklZeijhsmiu\Zlv
mlhes_gby\gh\hba\e_q_gghf[xkl]Zevl_j_:wlhqlh"
Ebnqbd
Qlhqlh"G_keurm=jhfq_
;xkl]Zevl_jihs_dZfZdljbkuihdZlbebq_jgu_hldhkf_lbdbke_auYijhke_^beaZ__
\a]ey^hfbihgyeihq_fmhgZieZq_lihlmklhjhgmdZgZlZklhyeZhq_j_^vb^msbogZihkZ^dm
bghkljZgp_\bhgbwlbbghkljZgpu\h\k_]eZaZaujbebkvgZ__gb`g__[_ev_gb`g__[_ev_
kh\_lkdh]hijhba\h^kl\Z
Hldjhcl_fZrbgdmijbdZaZefg_lZfh`_ggbd:e_rZ
Yhldjuenmleyjibrms_cfZrbgdb:e_rZijh[_`ZeiZevpZfbihdeZ\brZf\a^ufZyjuqZ`db
[md\ihlhf\ayejmdhch^bgbajuqZ`dh\bkkbehcgZ^ehfbe_]hJuqZ`hdojmklgmeihiheZf
Qlh\u^_eZ_l_"""\kdjbdgmey:e_rZoeZ^ghdjh\ghih^g_kh[ehfhdjuqZ`dZd]eZaZfb
meu[gmeky
Y^mfZewlbjuqZ`dbahehlu_Hl\Zk\k_]hfh`ghh`b^Zlvhg[jhkbekehfZggmx[md\m\
nmleyjfZrbgdbbgZ^ehfbe_s_h^gmbkiulmxs_]ey^yfg_\]eZaZLhqlhyfmqbl_evgh
\a^jh]gmehlojmklZjuqZ`dZkeh\ghwlhg_fZrbgd_Zfg_kZfhfm\ueZfu\ZebiZevpuihdZaZehkv
:e_r_ih^hajbl_evgufHg^hklZebaysbdZklheZgZibevgbdbihkdj_[gZ^ehfjuqZ`dZ\k_f
k\hbf\b^hfihdZau\Zyqlhbs_lahehlhIhlhfkgh\Z]ey^yfg_\]eZaZkehfZe_s_h^gm[md\m
Ghym`_g_\a^jZ]b\ZeFZrbgdZgZdhlhjhcykh[bjZekyibkZlvkp_gZjbck\h_cdbghwihi_b
mfbjZeZi_j_^hfghcij_\jZsZykv\dmkhd`_e_aZDhg_qghyb^hwlh]hagZeqlhhgb\Zj\Zjub
nZrbklughqlh[u^hlZdhckl_i_gb"KehfZ\iylvbebr_klv[md\:e_rZmkf_ogmeky
Fh`_l_aZdjulvnmleyjBihdZaZegZhe_gvbkZih]b:wlhqlh"
H^gZdhl_i_jvyfheqZeKe_iufbjZkl_jyggufbjmdZfbyaZdju\Zenmleyjm[blhcfZrbgdb
WlbkZih]bij_^f_lgZpbhgZevghcdmevlmjukdZaZe:e_rZijhhe_gvbdbkuM\Zk
_klvjZaj_r_gb_gZ\u\ha"
G_lFh`_l_\aylvk_[_
:e_rZkmgmejmdm\dbkubkdjb\bekyhlaZiZoZke_`Z\r_ckyhe_gbgu
EZ^ghwlhfh`_l_\_albkdZaZehg[j_a]eb\h:wlhqlh"
Klme
Y\b`mBafhj`h\hcdhklb"H[jZ[hlZggmxfhj`h\mxdhklv\u\hablvg_evay
Wlhg_h[jZ[hlZggZy
Dhfm\u\j_l_"Kfhljbl_dZdZyihebjh\dZ
kba^_\dhcMgZkk\Zfb\i_gbkZog_ldhkl_cZmfhj`_c_klvihlhfmqlhbfijboh^blky
kghrZlvky\E_^h\blhfhd_Zg_
:e_rZhlhjhi_ehihkfhlj_egZf_gyihlhfgZklmevqbdGh`dZfbwlh]hklmevqbdZkem`bebljb
ihemf_ljh\u_dhklblhesbghckq_eh\_q_kdmxjmdmbkemdhh[jZagufbmlhes_gbyfbgZdhgpZoGZ
]m[Zom:e_rbaZb]jZeZ]jyagZymeu[dZ]eZaZ`Z^ghh`b\bebkvghhglml`_kh]gZewlhkebpZ
kdZaZe
Ihjgh]jZnbxfugZAZiZ^g_ijhimkdZ_fbj_rbl_evghhleh`beklmevqbd\klhjhgmWc
\udm^Z"
Ghyg_h[_jgmekyK^_fhgkljZlb\gufkihdhckl\b_fym`_r_ehl:e_rbgh]hklheZdZdljbk_
dhlhjZydh_dZdaZlhedZ\k\hb\_sb\q_fh^ZguiulZeZkv^hlZsblvbo\^jm]hcdhg_paZeZd
\_kh\hcklhcd_LZfijbgbfZebjmqgmxdeZ^vH^gZdhkbemwlhcZdljbku[uehg_[hevr_q_fm
klZjmobN_ev^fZgZgZs_dZo[uebjZa\h^uhlke_abihieu\r_cdhkf_lbdb
JZaj_rbl_ihfhqv\ZfkdZaZey_cbg_^h`b^Zykvhl\_lZ\ayeba__lhgdbo[_euojmd
dh`Zgu_jmqdb__q_fh^Zgh\ihlZsbebod\_kh\hcklhcd_
BaZluedhfqm\kl\h\ZedZdhgZm^b\e_gghkfhljblgZf_gy]Zm[bpZfbk\hboh]jhfguo]eZa
Wc\udjbdgmefg_\kibgm:e_rZ_jgbl_kvd\Zr_fm[Z]Z`m

�L_i_jvydZ`^h_mljh[_]Ze^_eZlvaZjy^dmih^fhkl`hj^`ZZrbg]lhgZDjmlhckimkdd=m^ahgm
ih[blhfmkl_demgZ]jyaghc[_lhgghc^hjh`d_khckljblfbfhm]gZgguojZa\hjh\Zgguob
^hleZkh``_gguoZ\lhfh[be_cdZ`^uc^_gvgh\uoAZl_fklZevghcj`Z\uc\bZ^mdgZ^5LYHUVLGH
�'ULYHIhlhfs_j[ZlZye_klgbpZihjhkrZyiuevghcljZ\hcZe__]medbcdZf_gguclmgg_ev
ih^+HQU\*XGVRQ3DUNZD\\wlhflmgg_e_gZdmkdZodZjlhgZihqlb\k_]^Z\Zey_lkyq_jguc
aZkiZgguc[jh^y]ZkjZkkl_]gmlhcrbjbgdhcb]jhfZ^gufq_jgufqe_ghfgZjm`mIhke_wlh]h
lmgg_ey_s_h^gZdZf_ggZye_klgbpZbgZdhg_pyihiZ^Zx\a_e_guciZjd\^hev=m^ahgZd
�hihjgufdhehggZf]b]Zglkdh]hfhklZ`hj^`ZZrbg]lhgZ
A^_kvpZjblb^beebyGZdhjlZojZa]hjh`_gguo\ukhdbfbf_lZeebq_kdbfbk_ldZfbfm`qbgu\
[_euorhjlZob]jZxl\l_ggbkboklj_fbl_evgu_jZd_ldbhlk\_qb\ZxlgZkhegp_dZdriZ]bAZ
dhjlhf\jhkbklhcljZ\_af_blky[_]h\Zy^hjh`dZihg_c]jhfdh^urZ[_]ml\ukhdb_ihlgu_
Zle_lukp\_lgufbih\yadZfbgZe[mAZ^hjh`dhc\Zee__ih^rbjhdbfbdjhgZfb^_j_\v_\
fheh^_gvdb_[w[bkbl_jrb\u]meb\Zxlq_jguob[_euo^_lbr_dbivxl\h^mbadZf_ggh]h
nhglZgqbdZBjy^hfgZ[_ck[hevghciehsZ^d_dZdhclhfheh^hchl_pmqblkugZhl[b\Zlvfyq
ly`_ehc^eyfZeurZ[blhc
:kgbamkx]Zbalhgms_]h\e_lg_ffZj_\_FZgo_ll_gZf_^e_gghieu\_lihke_iys_fmk_j_[jm
=m^ahgZ[Zj`ZgZnZjrbjh\ZggZygh\_gvdbfbjZaghp\_lgufbZ\lhfh[beyfbGZ^[Zj`_c\
h`b^Zgbb_^ue_lylly`_eu_dZd]mkb]m^ahgkdb_qZcdbghdh]^Z[Zj`Zijb[eb`Z_lkydfhklm
Zrbg]lhgZqZcdbhl\Zeb\Zxl\klhjhgmdgvx^`_jkbgkdhfm[_j_]m=b]ZglkdbcdZd:kmZgkdZy
iehlbgZfhkl\a^ufZ_lkyba\h^uklhf_ljh\ufbklZevgufbhihjZfbbZ`mjghdZddhkfbq_kdZy
]mk_gbpZaf_blkygZwlbohihjZohl[_j_]Z^h[_j_]ZbgZihegy_l\ha^mofhsguf]mehfkhl_g
fZrbgdZlysboihhldjuluf`beZf_]hj_[jbklh]hlmeh\bsZ
;hdh\h_khegp_ke_iysZyau[v\h^uihklhyggucjhdhlfZrbgbj_ahgZgkgZy^jh`vklZevguohihj
l_gb[_j_]h\hchihjuwlh]hfhklZgZjhkbklhca_e_ghcem`Zcd_ihqlb\k_]^Zlhjqblihebp_ckdZy
�fZrbgZkjZkiZogmlufb^\_jpZfb\Za^hjh\_gguoihebp_ckdboe_gb\hjZa\ZeykvgZi_j_^g_f
kb^_gv_`mxlkZg^\bqbivxldhn_bal_jfhkZbgZ[ex^ZxldZdykl_j\_g_yhlkh[kl\_gghc
keZ[hklbhl`bfZxkvhla_febgZk\hbofmjZ\vbguojmdZo[_]Zxijbk_^Zx\u`bfZx[meu`gbdb
bebjZkklZ\b\kdh[dhcgh]bk]hjlZggufdjbdhf\u[jZku\Zx\i_j_^jmdmkdebgdhf
hljZ[Zlu\Zxijb_fu^ax^hDh]^Zlhljb^pZlve_lgZaZ^f_gyh[mqZebwlbfijb_fZf\Kh\_lkdhc
:jfbbbl_i_jv]hlh\yk_[yd\klj_q_kfhkdh\kdbfD=;yiulZxkv\kihfgblv\k_qlhfh`_l
kiZklbf_gyijbwlhc\klj_q_Hkh[_gghdZdehdl_f[blvih^^uo_kebl_[yko\ZlbebkaZ^b
Hdhg_qghykh]eZkbekykij_^eh`_gb_f7RN\R5HDGHUV'LJHVWih_oZlv\JhkkbxGh;h`_fhcdZd
y[hxkvwlhcih_a^dbIhghqZffg_kgylky^hijhkugZEm[ygd_bdZf_jue_nhjlh\kdhclxjvfu\
�dhlhjhckb^_ebFZlbZkJmklbGbdheZkZgbehnnBhljZ\e_ggu_ahglbdbBZjob\u
fhkdh\kdh]hD=;\dhlhjuoe_`Zl=w[wrgu_ikuDj_fe_\kdb_ebku:lZdZgZR\_pbxb
^jm]b_fhbZglbkh\_lkdb_dgb]bba^Zggu_gZ^\_gZ^pZlbyaudZo
Ghq_fkljZrg_cfg_ihghqZfl_fyjhklg__yhl`bfZxkvihmljZfgZgZ[_j_`ghc=m^ahgZbl_f
ih^hajbl_evg_ckfhljylgZf_gywlbihebp_ckdb_Fh`_l[ulvk\hbfbh`_klhq_ggufb
lj_gbjh\dZfbygZihfbgZxbfEbHk\Zev^Zbeb]_jhynbevfZ7D[LGULYHUdhlhjuc\_kvnbevf
lj_gbjh\Zekyqlh[um[blvIj_ab^_glZ
Ghfg_ie_\ZlvgZwlbof_glh\YihgbykljZgZhkoh^ys_cB_gukdmiZxsZyaZfbeebhgu
^heeZjh\dZjlbguZg=h]Z=h]_gZIbdZkkhbl^gZa\ZeZfhxk_]h^gyrgxxp_gm
�^heeZjh\_r_\e_r_fydbgkdh]hwklZfiZ^_r_\e_kZfhc^_r_\hcdhj_ckdhcfZrbguaZ
Z^bfZIehldbgZZ\lhjZ[u\rbo[_klk_ee_jh\=w[wrgu_ikubDj_fe_\kdb_ebkuIylvlukyq
jZaIylvlukyq^\Z7KHFDOOe_^bb^`_glevf_gu"Dlh[hevr_"GbdlhAZiZ^^Zefg_
ihke_^gxxp_gm^heeZjh\?[_gZfZlvfhydjZkgZyp_gZ\[ZaZjguc^_gv
EZ^ghY\havfmwlb^_gv]bhavfmGhih_^m\Jhkkbx\h\k_g_aZgbfbHg_l=^_lhlZfih^
Fhkd\hcgZiuevguoihedZo=hknbevfhnhg^Z\;_euoklhe[Zobeb\l_fguokdeZ^ZojyaZgkdhc
dbghdhibjh\ZevghcnZ[jbdbbeb\aZiZkgbdZoFbgbkl_jkl\Zdbg_fZlh]jZnbbe_`blfhyihke_^gyy
dhaujgZydZjlZfhcnbevfAbfZ[_kdhg_qgZYgZc^m_]hBdZdagZf_gblucl_i_jvgZAZiZ^_
DhfbkkZj\ulZsbebag_[ulbyblx:kdhev^h\ZlZdfhyAbfZ\_jg_lf_gygZhj[blm`bagb
WlhlDhfbkkZj]w[wrgbdbZj_klh\Zebe_lgZaZ^Zj_`bkk_jZ:kdhev^h\Z\u[jhkbebbadbghb
hg\k_e_lijhjZ[hlZeZ^fbgbkljZlhjhfdZdhclhnbeZjfhgbbgh]h^gZaZ^]eZkghklvkgyeZ
aZij_lk^_kyldh\nbevfh\bl_i_jv:kdhev^h\_a^blkhk\hbfDhfbkkZjhfih\k_f
f_`^mgZjh^gufdbghn_klb\Zeyfbkh[bjZ_lijbaubeZ\jh\u_\_gdb
Gh_keb:kdhev^h\jZkdhiZek\hcnbevf^\Z^pZlbe_lg_c^Z\ghklbg_m`_ebyg_gZc^mk\hc
Zj_klh\Zgguc\k_]hh^bggZ^pZlve_lgZaZ^"Fh`_l[ulvbf_gghk_cqZk\wlhlkZfucfhf_gldh]^Z
yhl`bfZxkvlmlih^\a]ey^Zfbgvxchjdkdbof_glh\lZf\Fhkd\_gZEm[ygd_dZdhcgb[m^v
]w[wrgbddZdjZakfhljblwlhlnbevfIhq_fm[ubg_l"_^vhgbm`_ihemqbebbaZrbg]lhgZ
aZijhkgZ\bau^ey^_e_]ZpbbZf_jbdZgkdbo`mjgZebklh\hgbm`_gZldgmebkv\wlhfkibkd_gZl\hx
nZfbebxaZlj_[h\Zebbak\h_]hZjob\gh]hhl^_eZl\h_ebqgh_^_ehbkbgl_j_khfqblZxll\hx
i_j\mxim[ebdZpbxgZAZiZ^_
Gh\hlgZdhg_p\kykh\_lkdZy\eZklvhklZeZkv\gbamgZi_j\hfwlZ`_r_j_f_lv_\kdh]h
kbyxliZjd_lgu_iheubkl_deyggu_kl_gubfihjlghjZklmlp\_lubiZevfu\ijhklhjguodZ^dZo
bfihjlgh[_akm_luijh]meb\Zxlkyqbkl_gvdb_bghkljZgpubkbfihjlghc\_`eb\hklvxlhj]mxl
jmkkdb_km\_gbjgu_fZ]ZabguB\k_wlh]h\hjblkfylhfmbfbgmlmgZaZ^h]jZ[e_gghfmwfb]jZglm
qlhhgm`_ihqlbaZ]jZgbp_cGhhghabjZ_lky_s_g_\_jyk\h_cm^Zq_Hg[hblkyrZ]gmlvih
gZl_jluf^ha_jdZevgh]h[e_kdZiheZfhgkhiZkdhcgZdjZ_r_dkZ^blky\wlbfy]db_dj_keZhg
hklhjh`gh^_eZ_li_j\uc]em[hdbc\^hob`^_lh[ty\e_gbyihkZ^db\k\hckZfhe_l
:jy^hf[Zedhgbeblhqg__rbjhdZy[ZexkljZ^ZgZ\bkZxsZygZ^i_j\ufwlZ`hfaZeZh`b^Zgby
\hdaZeZHwlhlagZf_gbluc[Zedhghg_f^Z`_i_kgbgZibkZguIhlhfmqlhkwlh]h[ZedhgZ
iZkkZ`bjufh]mlihke_^gbcjZafZogmlvjmdhck\hbfijh\h`ZlufhklZxsbfky\gbam\Kh\_lkdhf
�Khxa_Hlkx^Zfh`ghdjbdgmlvIjhsZcl_hk\b^Zgbybeb^Z`_[m^ms_f]h^m\
B_jmkZebf_IjZ\^Zk_]h^gywlhl[Zedhgihq_fmlhh]hjh`_gdZgZlhfZi_j_^gbfklhyl^\Z
khe^ZlZih]jZgbqgbdZkZ\lhfZlZfbgZ]jm^b
BafhqZe_ggZylZfh`_gguf^hkfhljhfrZl_gdb\ju`_cdmjld_badh`aZf_gbl_ey[_j_laZjmdm
k\hxiylbe_lgxx^hqdmbgZijZ\ey_lkyd[ZedhgmGhfheh^hcih]jZgbqgbdaZklmiZ_lbf^hjh]m
KlhiLm^Zg_evay
Ihq_fm"hdjm]ey_l]eZaZrZl_gdZ_^vg_^Z\gh[uehfh`gh
:l_i_jvg_evayb\lhjhckhe^Zlih^oh^bldi_j\hfmbhgbklZgh\ylkyjy^hfkZ\lhfZlZfbgZ
]jm^bkeh\gh]hlh\ykvhljZablv\hhjm`_ggmxZlZdm
RZl_gdZkfhljbl\]eZaZwlbffheh^_gvdbf\hk_fgZ^pZlbe_lgbfjmkkdbfiZjgyfb]h\hjbl
ijhkbl_evgh
Gmj_[ylZIh`ZemcklZijhimklbl_Gmohjhrhyg_ihc^mlm^ZghjZaj_rbl_fh_c^hqd_m
g__lZf\gbamklhblhl_pImklvhgZ_fmohlvjmdhcfZog_l:kybrZl_gdZgZdehgy_lkyd
^hqd_ihijhkb^y^xqlh[uhgimklbel_[ykdZaZlviZi_^hk\b^Zgby
B^_\hqdZg_ih]h^Zfk_jv_agucj_[_ghd]h\hjblwlbfkhe^ZlZf
�y^bih`ZemcklZimklbl_f_gyMf_gylZfiZiZHgjmkkdbchgg__^_l\BajZbev
By\b`mqlhwlbj_[ylZdhe_[exlkyih^ijhkysbf\a]ey^hfj_[_gdZb^Z`_^_eZxldZdh_lh
^\b`_gb_kh[bjZykvjZkklmiblvkyGh\wlhlfb]dgbfih^oh^bl`_gsbgZ\nhjf_dZiblZgZ
lZfh`_gghckem`[ubkmjh\uflhghf]h\hjblrZl_gdZ
:gmhlhc^bl_hl]hkm^Zjkl\_gghc]jZgbpuG_iheh`_ghlmlklhylvB^bl_hlkx^ZbijyfZy
m\_j_ggZy\g_ij_j_dZ_fhklbk\h_]hijbdZaZm^Zey_lkyk]_klZih\kdbfklmdhfojhfh\uokZih`_d
ih^[bluoklZevgufbih^dh\dZfb
Djm]eh_ebphrZl_gdb\^jm]aZhkljy_lkyaehklvx;ukljufbg_j\gufb^\b`_gbyfbhgZhldju\Z_l
nmleyj^_lkdhckdjbidbkm_lwlmkdjbidmk\h_c^hqd_ih\yau\Z_l_cgZie_q_djhohlgmx
ih^mr_qdmb]h\hjbl_yjhklvx
B]jZcKu]jZcbf:kyLhevdh]jhfdhIhegufa\mdhfQlh[ul\hciZiZmkeurZeHg
mkeurblHgmkeurblbihcf_lqlhwlhlub]jZ_rv^eyg_]hB]jZc:kyhlkfuqhd
�:qlhb]jZlvfZfZ_\hqdZmkljZb\Z_lkdjbihqdmgZie_q_gZih^mr_qd_b
hiehf[bjh\Zggufkfuqdhfljh]Z_lkljmgdbk\h_chiehf[bjh\Zgghckdjbidb
=_g^_eyR_klmxkhgZlmg_l_ji_eb\h]h\hjbl_cfZlv
Gh^_\hqdZ\^jm]hl\h^blkfuqhdhlkdjbidb
G_\Z`ghg_j\ghlhjhiblfZlvLub]jZc
G_lylZdg_fh]mb]jZlv]h\hjblj_[_ghdb\b^ghqlhhgZg_dZijbagbqZ_lZijhklhh[mq_gZ
hlghkblvkydfmaud_ijhn_kkbhgZevghBlhevdhdh]^Z__fZlvih^lygmeZkljmgmijh\_eZihg_c
kfuqdhfbkijhkbeZm^hqdbLZd"^_\hqdZdb\gmeZbaZb]jZeZ
Iheg__lj_[m_lfZlvIheg__a\md=jhfq_
By\b`mlhj`_kl\hgZ__ebp_hgZhl\_lbeZlZfh`g_aZ\k_mgb`_gbyA\mdb^_lkdbckdjbidb
aZihegbebjZahfaZeHgb[ueblZdb_g_ih^_lkdbfhsgu_qlhdhg_qghe_]dhij_h^he_eb
]hkm^Zjkl\_ggmx]jZgbpmKKKJgbdZdb_khe^Zlug_fh]ebbohklZgh\blvBm`_bghkljZgpu
klZebhklZgZ\eb\Zlvky\hae_rZl_gdbg_^hmf_ggh]ey^ygZdjhohlgmx^_\hqdmb]jZ\rmx=_g^_ey
bgZ^\mokhe^Zl\ha\urZxsbokygZ^g_ckZ\lhfZlZfbgZ]jm^b
wlh\j_fyihjZ^bhh[ty\bebihkZ^dmgZj_ckghf_jFhkd\Z_gZKlhy\rZyihh^Zevm
e_klgbpu]jmiiZwfb]jZglh\ih^o\ZlbeZk\hbkmfdb^_l_cbklZjmobihki_rbeZgZihkZ^dm
�_\hqdZhlgyeZkfuqhdhlkdjbidbi_j_klZeZb]jZlv\hijhkbl_evghihkfhlj_eZgZfZlv
B]jZclhj`_kl\mxs_kdZaZeZrZl_gdZB]jZc:ky
Ghba]em[bguaZeZihki_rghckhe^Zlkdhcihoh^dhcm`_\ha\jZsZeZkvdf_klmijhbkr_kl\by\k_lZ
`_`_gsbgZdZiblZglZfh`_gguo\hckdD=;?_ebphiueZehhl]g_\ZHgZih^hreZdrZl_gd_b
kijhkbeZaZ`Zluf]hehkhfqlh[ug_keurZebbghkljZgpu
WlhqlhaZdhgp_jl"
Wlhg_dhgp_jl]jhfdhhl\_lbeZrZl_gdZWlhj_i_lbpbyMg__j_`bfhgZ^he`gZ
dZ`^uc^_gvaZgbfZlvkyk_cqZkdZdjZa\j_fy__mjhdZ
Hgbklhyeb^jm]ijhlb\^jm]ZijyfZydZdrlud`_gsbgZhnbp_jlZfh`_gguo\hckdD=;\
k_jhfdbl_e_kgZl_jlufb^h[e_kdZim]h\bpZfbbkmlmeZyrZl_gdZ\ju`_cdmjld_ba
dh`aZf_gbl_eyb\klhilZgguokZih]ZoBf_`^mgbfbiylbe_lgyy^_\hqdZkfZe_gvdhckdjbidhc
gZie_q_baZf_jrbf\\ha^mo_kfuqdhf:hgb^\_\ajhkeu_`_gsbgu\k_kfhlj_eb^jm]^jm]m\
]eZaZ^he]hmihjghkg_gZ\bklvxG_kdhevdhbghkljZgp_\klhyeb\klhjhg_b`^Zebq_fwlh
dhgqblky
GZgZkl_gguoqZkZo[uehq_j_a^\Z^pZlvfbgmlfu^he`gu[uebme_l_lv\wfb]jZpbxwlh
[uebgZrbihke_^gb_fbgmlugZkh\_lkdhca_fe_
Wlh\Zfh[ty\bebihkZ^dm"kijhkbeZmrZl_gdb`_gsbgZdZiblZg
�Z
hlbe_lbl_LZf[m^_l_dhgp_jlu^Z\Zlv
��Zih[_^ghmkf_ogmeZkvrZl_gdZLZf[m^_fdhgp_jlu^Z\Zlveylh]hbe_lbf
@_gsbgZdZiblZggbq_]h_cg_hl\_lbeZHgZ\ayeZmj_[_gdZkdjbidmbkfuqhdhkfhlj_eZ
iehf[hqdbgZgbok_[ueh\ihjy^d_g_ijb^_j_rvkyfZe_gvdb_k\bgph\u_iehf[hqdbk
i_qZlvxFbgbkl_jkl\ZdmevlmjuKKKJ\bk_ebgZlhgdboklZevguoijh\h^dZoh[`bfZy]jbn
kdjbidbbkfuqhddZdfZe_gvdb_dZg^ZeuDZiblZgiheh`beZkdjbidmbkfuqhd\nmleyjbmreZ
[jhkb\dhkhc\a]ey^gZbghkljZgp_\klhy\rbojy^hf
AZdZgqb\Z_lkyihkZ^dZ\kZfhe_lke_^mxsbcj_ckhfghf_jihfZjrjmlmFhkd\Z_gZ
kgh\Zijha\mqZehihjZ^bh
;h`_ih^mfZedZ`^ucbagZkg_m`_ebk_cqZkfu^_ckl\bl_evghme_lbfhl\k_]hwlh]h"Hl
�_\hqdZ\ayeZk\hxkdjbidmbihreZkfZl_jvxd\uoh^mgZihkZ^dmGha^_kv[ueaZlhj
HdZau\Z_lkygZrbbkiulZgby_s_g_dhgqbebkvHdZau\Z_lky^Z`_a^_kv\ihke_^gxxfbgmlmm`_
ijb\uoh^_gZihkZ^dmgZkih^kl_j_]Z_l_s_h^gZeh\mrdZlZfh`_gghckem`[uLZfh`_ggbdb
klhy\rb_ijbZjd_fbdjh\hegh\hcijh\_jdbgZf_lZeehklZgh\bebfheh^mxZdljbkm
Klhcl_Qlhm\ZkgZjmd_"
DZdqlh"H[udgh\_ggh_dhevphH[jmqZevgh_
Gh\u`__^_l_h^gZ
�ZyjZa\_eZkvkfm`_fGh\u\_albdhevphybf_xijZ\h
G_lwlhdhgljZ[Zg^Z
DZdZydhgljZ[Zg^Z"Qlh\uGZfjZaj_r_ghbf_lvijb\u_a^_iylv`_gkdbomdjZr_gbcg_^hjh`_
jm[e_c
Wlhdhevphklhbl^hjh`_
Qlh\uHghklhbljm[e_c
M\Zk_klvkijZ\dZbafZ]ZabgZ":og_lkijZ\db"AgZqbl\ug_e_lbl_FukgbfZ_f\Zkkj_ckZaZ
ijh\hadhgljZ[Zg^u
Ghmf_gy`_[be_l
WlhgZkg_dZkZ_lkyFh`_l_hklZ\blvdhevphbe_l_lvBgZq_g_l
Qlh^_eZlv"Qlh^_eZlvex^yfdh]^Zmgbom`_hlh[jZeb\k__s_jZgvr_ZkZfhe_lgZ_gm\hl
hgaZhdghfb^hhle_lZ\k_]h\hk_fvfbgmlZwlbfheh^u_lZfh`_ggbdbkfhljylgZ\Zk
�kihdhcgufb]eZaZfbfZjh^_jh\"Zih^Z\bl_kv\uwlbfdhevphfgZl_
BdjZkb\ZyZdljbkZehfZyiZevpubfhjsZkvhl[hebj\_ldhevphklhgdhcjmdbbr\ujy_lbf
kh[bjZykvb^lbgZdhg_pgZihkZ^dm
G_lmkf_oZxlkyhgbWlhg_\k_JZa\uhl^ZebdhevphagZqbl\uijbagZebqlhwlh
dhgljZ[Zg^ZB\lZdhfkemqZ_ieZlbl_rljZnaZihiuldmijh\haZdhgljZ[Zg^uklhjm[e_cB
ki_rbl_kZfhe_lk_cqZkme_lbl:aZ\Zfbex^bklhyl
Ghmf_gyg_ljm[e_chlqZyggh\hkdebpZ_lZdljbkZHldm^Z"_^vkh\_lkdb_^_gv]bg_evay
\u\hablv
IeZlbl_^heeZjZfbu`_ihf_gyebgZ^heeZju^_\yghklhjm[e_cZf^ZebaZgbo\[Zgd_
^heeZjh\hlbieZlbl_^heeZjh\B[uklj__fubaaZ\ZkkZfhe_laZ^_j`b\Zlvg_[m^_f
�Z\Zcl_\Zrb^heeZju[ukljh
BjZkl_jyggZyZdljbkZdZdbfblhaZlhjfh`_ggufbdZd\klmihj_^\b`_gbyfbhl^Z_lbfihke_^gb_
^_gv]bZhgbijyqmlaZs_dbk\hbmofuedbZ\dZjfZgu__dhevphb__^heeZjuB_keb\ug_[ueb
yjufZglbkh\_lqbdhf^hhle_lZlh\uklZg_l_bf\wlb^gbdh]^Zwlhij_djZkgh_]hkm^Zjkl\hm`_
g_kl_kgyykvihdZau\Z_l\Zfk\h_bklbggh_ebphfZjh^_jZ:qZkub^mlr_klvfbgml^hhle_lZ
iylvFug_l_ji_eb\hlhiq_fkymkimkdZgZe_lgh_ihe_dZd\^jm]gZe_klgbp_\_^ms_cba
lZfh`_ggh]haZeZihy\ey_lkykljZggZyijhp_kkby^\Z]jmaqbdZkp_ib\jmdbaZfdhfg_kml
kb^ysmxgZbojmdZoe_lgxxklZjmrdmk_^mxbe_]dmxdZdh^m\ZgqbdHgb\ghkyl__gZ\lhjhc
wlZ`kZ`Zxl\dj_kehih^oh^yldlZfh`_ggbdZfbh[tykgyxlqlhklZjmoZe_lbldk\hbf^_lyf\
BajZbevghhgZiZjZebah\ZgZ\hlkijZ\dZhl\jZqZZ\hld\blZgpbyh[mieZl_aZk_j\bkhgb
hlg_kmlk_ijyfh\kZfhe_lDhg_qghfu\k_ihgbfZ_fqlhwlZklZjmrdZaZieZlbeZ]jmaqbdZf
kh]eZkghdb\Zxl]jmaqbdb\ha\jZsZxlkydklZjmrd_[_jml__gZjmdbb\g_hq_j_^b\i_j_^bgZk
\k_og_kml__gZihkZ^dm
Ghdh]^Zfu\uoh^bfaZgbfbgZe_lgh_ihe_Zihlhfih^t_a`Z_fZ\lh[mkhfdkZfhe_lmb^hljZiZ
hklZ_lky^_kylvrZ]h\klZjmrdZh^m\Zgqbd\^jm]\eZklghhklZgZ\eb\Z_lk\hboghkbevsbdh\
Hlimklbl_f_gyHlimklbl_
G_^hmf_\ZyhgbijbkimkdZxl__da_fe_ZhgZ\^jm]kfmqbl_evghcgZlm]hcjZa]b[Z_lk\hblhgdb_
iZjZebah\Zggu_gh`dbklZgh\blkygZgbobb^_lrZlZykvdkZfhe_lmFu[jhkZ_fkydg_c[hykv
qlhhgZmiZ^_ldlhlhih^o\Zlbe__ih^ehdhlvghhgZhlgbfZ_lk\hckmohcklZjq_kdbcehdhlhdb
]h\hjbl`_kldh
G_gZ^hYkZfZmc^mkwlhca_febBkZfZih\_jvl_kZfZfulhevdhrebih[hdZf
kljZomyih^gyeZkv\kZfhe_lihljZim
=hkih^bih^mfZeydZdmx`_kbemlu^Z_rvihjhcwlhfmfZe_gvdhfmgZjh^mbdZdmx`_g_gZ\bklv
gZ^h[uehkdhiblvdwlhfm]hkm^Zjkl\mqlh[uhgfh]\hllZdjZah]gmlviZjZebah\Zggu_gh]bb
\klZlvgZdhg_pbmclbkwlhca_feb
\r\r\r
&#xRX;
&#xUH;&#xZ;&#xRU;&#xNL;&#xQ;&#xKD;&#xUG;�+D\\RXRXDUHZRUNLQKDUGWcluGZ^hj\_rvky@Hl`bfZykvhla_febym\b^_ei_j_^
kh[hcrgmjh\dmlmihghkuoq_jguo[hlbghdbaZ^jZe]heh\m\\_joGZ^hfghcaZkehgb\khegp_
klhyeihebp_ckdbc\hl]eZ`_gguo[jxdZogZ_]hrbjhdhfihyk_\bk_ebibklhe_lgZydh[mjZ
j_abgh\Zy^m[bgdZdhjh[dZkiZljhgZfbmhdblhdbklZevgu_gZjmqgbdbbdh`ZgucieZgr_l
q_f^_eh"kijhkbeyg_\klZ\Zy
klZgv
Y\klZedjZ_ffZcdbml_jihlkhe[ZIhebp_ckdbc[ue\ur_f_gygZ]heh\mb\^\h_rbj_\ie_qZo
L\h_]jZ`^Zgkl\h"
KR::\q_f^_eh"
Lu`b\_rv\wlhfjZchg_"
�ZGZcmebp_:qlh"
Lu\b^_ewlh]hfm`bdZ"ihebp_ckdbc^hklZebaieZgr_lZnhlhjh[hlihjlj_lg_lhg_]jZg_
lhbkiZgpZ
1RkdZaZey
Ihkfhljb\gbfZl_evghijbdZaZehg
Lmlg_gZqlhkfhlj_lvu^Z`_g_agZ_l_hgq_jgucbebbkiZg_p
Ihebp_ckdh]hwlhhaZ^Zqbeh
Hldm^ZluwlhagZ_rv"
=eygvgZwlb]m[ukdZaZeyWlh]m[uq_jgh]hbebbkiZgpZ"
Ihebp_ckdbcihkfhlj_egZnhlhjh[hl
:HOOkdZaZehg\aZljm^g_gbbG^ZDZ`_lkyluijZ\Ludlhihijhn_kkbb"
YibkZl_ev
IbkZl_ev"?kebluibkZl_evq_]hlugZ^ju\Z_rvkywlbfbmijZ`g_gbyfb"
Ykh[bjZxkv\dhfZg^bjh\dm\Jhkkbx
YkghMgbolZfklhevdh`_ij_klmighklbkdhevdhmgZk"
�ZeZ^ghg_ih\_jbeihebp_ckdbcY\b^_e=hj[Zq_\Zihl_ebdmHgaZf_qZl_evgucfm`bd
g_lZdeb"
Yih]ey^_egZihebp_ckdh]hkgbam\\_jo?fm[uehe_lkhjhdmg_]h[ueZdjZkgZyr_ybdhghiZlh_
ebphhoZckdh]hn_jf_jZghZdp_glg_]jblygkdbckdhj_c\k_]hhlihklhygghcjZ[hlu\=Zje_f_
Ijhq_klv_fme_dpbxhJhkkbbb=hj[Zq_\_bebg_\\yau\Zlvky\^bkdmkkbx"WlbZf_jbdZgpuagZxl
hJhkkbbklhevdh`_kdhevdhyhLmgbk_bebBg^hg_abb
Fh`_l[ulvkdZaZeymdehgqb\hbdb\gmegZnhlhjh[hldhlhjucihebp_ckdbcm`_ijylZe\
ieZgr_l:dlhwlh"
GZkbevgbdbi_j_\haqbdgZjdhlbdh\:gZjdhlbdb_klv\Jhkkbb"
Dhg_qghGZjdhlbdbgZkbevgbdb]jZ[bl_ebjwd_lbjub^Z`_fZnbyBiexkD=;
LZdihq_fm`lu_^_rvlm^Z\lZdhfkemqZ_"
Y^he`_g
EZ^gh@_eZxm^ZqbLhevdh[m^vlZfhklhjh`_g
7KDQNVkdZaZeybih[_`Ze^hfhcq_j_almgg_ev\dhlhjhf\Zeyekyq_jguc[jh^y]Zk
\u\Zeb\rbfkybarbjbgdbqe_ghfihaZ]Z`_gghc[_lhgghc^hjh`d_\\_jofbfh
jZa\hjh\Zgguobkh``_gguoZ\lhfh[be_cihcmebp_fbfh\ZlZ]bq_jguobbkiZgkdbo
ih^jhkldh\dhlhju_ijbdjZkghfk_fZnhj_klj_fbl_evghgZ[jZku\ZxlkygZfZrbgubfuevghc
i_ghcaZfZau\Zxlbfkl_deZ_s_^hlh]hdZd\h^bl_ebmki_\ZxlkdZaZlvgm`ghbebg_gm`ghfulv
bffZrbgmIhlhfaZ^uoZykvy\a[_`Zeihiuevghce_klgbp_^hfZ]^_yl_i_jv`bem
FZdkbfZfbfh]jm^ufmkhjguof_rdh\gZdZ`^hce_klgbqghciehsZ^d_
?s_g_\klZ\b\dexq\aZfhqgmxkd\Z`bgmymkeuoZebagmljbl_e_nhgguca\hghdGbdlhg_kgbfZe
ljm[dmFZdkbf_s_\r_klvmljZmr_egZmlj_ggxxp_jdh\gmxkem`[mlhjhca\hghdlj_lbc
GZ\_jghwlhEbaZihih\h^m^_g_]bebmOZghqdbijhklm^Z;uklj_c
GZdhg_pyhldjueljbaZfdZgZh[rZjiZgghc^\_jb\[_`Ze\d\Zjlbjmh]ey^_eky]^_`_wlhlI
l_e_nhg"Kg_dhlhjuoihjyh[gZjm`beqlhklhblfg_ih]h\hjblviZjmfbgmlihZg]ebckdbdZdyb
fuke_gghi_j_oh`mgZZg]ebckdbcyaudbhkh[_gghgZZg]ebckdbcfZl
L_e_nhgklhye\\h^hijh\h^ghcjZdh\bg_Yko\Zlbeljm[dm
:eeh
0LVWHU3ORWNLQ"kdZaZe[h^jucfm`kdhc]hehk
HV
Wlh;Zjjbm^klhgbaZrbg]lhgZbaF_`^mgZjh^ghc:kkhpbZpbb`mjgZebklh\Iha^jZ\eyxY
[ue\kh\_lkdhfihkhevkl\_ohl_eihemqblv\bau^eygZr_c^_e_]ZpbbB\ug_ih\_jbl_gb
h^gZ\baZg_]hlh\Zdjhf_\Zr_cLhevdh\ZrZLZdqlh]hlh\vl_kviheg_fh`_lkemqblvkyqlh\u
ih_^_l_h^bgb[m^_l_ij_^klZ\eylvlZf\k_ogZkOZOZOZujZ^u"
&#xHV;&#x;&#xWK;&#xDQ;&#xN;&#xR;&#xX;&#xHV;&#x;&#xWK;&#xDQ;&#xN;&#xR;&#xX;HVWKDQN\RXZkiZkb[h@kdZaZeyihf_jl\_\rbf]hehkhfbk_egZrZldbcklmeY\k_
ihgye?s_gbh^ghfmlmjbklmZl_f[he__jmkkdhfmwfb]jZglmkh\_lkdh_ihkhevkl\hg_^Z\Zeh
\t_a^ghc\bauaZjZg__H[uqghhgblygmlkwlhc\bahc^hihke_^g_]h^gybqZs_\k_]h^Z`_
gZlmjZevgufZf_jbdZgpZf^Zxl\bamebrvaZg_kdhevdhqZkh\^h\ue_lZ:lmlfg_aZg_^_ex
k_ykghihgyeyhgbhnhjfbebfg_\bamjZgvr_\k_oihlhfmqlh^eyD=;yWKH0RVW:DQWHG
�0DQLhldh]hjZaukdb\Zxl@Lh_klv\k_fhbghqgu_kljZobih^l\_j^bebkv=;m`Zkghohq_l
\u^Zebk\hbo[hkkh\GhdZd`_fg_l_i_jvhldZaZlvkyhlih_a^db"_^vyihgpum`_aZieZlbebljb
lukyqb^heeZjh\aZfhc[be_lbaZhl_ev\Jhkkbb=^_y\havfm^_gv]b\_jgmlvbflZdmxkmffm"
LZdqlhm\b^bfky\Zwjhihjlm[h^jhkdZaZe\ljm[d_]hehk;Zjjbm^klhgZbaZrbg]lhgZ
Ih`ZemcklZijb_a`Zcl_lm^ZaZ^\ZqZkZ^h\ue_lZohjhrh"
$OOULJKW[_a]hehkZhlha\ZekyyBkb^_eg_deZ^yljm[dmb^Z`_g_keurZqlh\g_cm`_
^Z\gh]m^bl]m^dbhl[hy
Hgm`_[ue\gmljbZ\lh[mkZdh]^ZwlhlZ\lh[mkih^dZlbed\uoh^mgZe_lgh_ihe_qlh[u\_alb
gZkdkZfhe_lmukhdbcdjmigucrZl_ge_lk_jhklZevgu_]eZaZd\Z^jZlgh_ebph[hdk_jZ
ojms_\kdbcghkdZjlhrdhcihebl[xjhrgZyreyiZmadbck_juc]Zeklmdbihl_jlucib^`ZdgZ
[uqv_c]jm^bjZkrbj_ggucibklhe_lghcdh[mjhckijylZgghcih^furdhchgklhye\wlhf
ijhfhjh`_gghfk[_eufbg__fgZaZde_idZoZ\lh[mk_klhye\ha\urZykvmi_j\h]hjy^Zdj_k_eb
fheqZgZ[ex^ZedZdfujZkkZ`b\Z_fky:kyfZe_gvdZykdjbiZqdZ\e_aeZ\Z\lh[mki_j\hcb
ih[_`ZeZ\i_j_^qlh[uk_klv\i_j\hfjy^mdZdwlhex[yl^_eZlv^_lbGhhg`_kldhckbevghc
jmdhchlh^\bgme^_\hqdmgZaZ^[_a_^bgh]hkeh\ZdZd\_svBklhyeebphfdgZfdZdklZlmy\k_
wlbiylvkhlf_ljh\f_`^mZwjh\hdaZehfbkZfhe_lhf
:\kZfhe_l_hgijhr_e\kZfucdhg_pkZehgZbk_elZf\ihke_^g_fjy^mqlh[u\b^_lvgZk\k_ogZ
\k_fijhly`_gbbihe_lZ
GhgZfm`_[uehgZie_\ZlvgZg_]hFm`qbgZmdhlhjh]hhlgyebk_j_[jygu_\bedbkdZaZe]jhfdhb
\uau\Zxs_
Yg_ihgbfZxHgbqlh[hylkyqlhfum]hgbfwlhlkZfhe_lh[jZlgh\Jhkkbx"
@_gZbkim]Zggh^_jgmeZ_]haZjmdZ\
LbohG_^jZagbboQ_jlkgbfb
Ghym`_k\h[h^gucq_eh\_d\hkdebdgmehg
Wlhy_s_g_agZxhklhjh`ghhl\_lbeZhgZB^_ckl\bl_evghihq_fm^Z`_\kZfhe_l_gZk
ihkZ^bebhl^_evghhlhklZevguoiZkkZ`bjh\"_^vKKKJkljZgZ\k_h[s_]hjZ\_gkl\Zb\
kh\_lkdbokZfhe_lZog_l^_e_gbygZi_j\ucb\lhjhcdeZkkL_fg_f_g__\i_j\hfkZehg_h]jhfgh]h
LMe_l_eblhevdhq_luj_kh\_lkdbo^biehfZlZhlkljZg_gghgZ^f_gguo\h^bgZdh\uok_juo
dhklxfZo ^Z`_ijhoh^yq_j_agZrkZehg\lmZe_lhgbklZjZl_evghba[_]Zeb\klj_qZlvkykgZfb
]eZaZfbb^_eZeb\b^qlhgZk\h\k_g_kms_kl\m_l\flj_lv_fkZehg_[ueblhevdhbghkljZgpu
Z\kljbcpubg_fpu:fubafhqZe_gguowfb]jZglh\\dexqZy]jm^gh]hj_[_gdZ
iZjZebah\ZggmxklZjmommfbjZxs_]hhle_cd_fbbh^_kkdh]hk\ZjsbdZe_lgxx^_\qhgdmk
jZkimorbfbhlihp_em_\]m[Zfbbiylbe_lgxxkdjbiZqdmhdZaZebkv\[hevrhfbimklhfkj_^g_f
kZehg_?^bgkl\_ggufkh\_lkdbfiZkkZ`bjhfdhlhjuce_l_ekgZfb[uegZrd\Z^jZlghebpuc
kljZ`Hgkb^_eh^bggZr_klbaZ^gbokb^_gvyof_`^mgbfbgZfb[uehk_fvbeb\hk_fvjy^h\
imkluodj_k_ebq_j_awlmg_cljZevgmxihehkmhgkeh\gheZ]_jgucqZkh\hcfheqZgZ[ex^ZedZd
balj_lv_]hkZehgZdgZfijb[_`Zeb^\ZZ\kljbcpZhgbhdZaZebkv\jZqZfbbijbfqZebkvkiZkZlv
mfbjZxs_]hhle_cd_fbbLZfh`gylZdbg_jZaj_rbeZhlpmwlh]hiZjgy\aylv^eyg_]he_dZjkl\Zb
wlhlh[j_q_gguc]b]Zgle_`Zel_i_jvgZ^\mokb^_gvyokhldbgmlufbkibgdZfb^urZedbkehjh^ghc
fZkdhcZ_]hhl_pbfZlvdZ`^u_iylvfbgmlljh]Zeb_]h`_elu_dZd[b\gb[hku_gh]blhjqZsb_
barlZgh\ijh\_jyebg_oheh^_xleb
hl_p[hevgh]hhl\_qZebfgZb^brZihaZ^bgbo\ke_^mxs_fjy^mkb^_eZfheh^ZylheklZy`_gZ
k\ZjsbdZbdhjfbeZ]jm^vxfeZ^_gpZIhq_fmlhwlhldjbdeb\ucj_[_ghdqZkZfbba\h^b\rbcgZk
k\hbfhjhfgZ\hdaZe_f]gh\_gghmfhed_^\Zfu\hreb\kZfhe_lhafh`ghhgjh^beky
Zglbkh\_lqbdhfblZf\KKKJhl\k_]hkh\_lkdh]hmg_]h[uebdhebdb\`b\hl_Bebfh`_l[ulvk
fhehdhffZl_jb_fmi_j_^Z\ZeZkvb__g_j\haghklvlhlh\R_j_f_lv_\hhgkhl\jZs_gb_f
\ulZedb\ZebahjlZ__[hevrmxkbgxx]jm^vGh_^\ZfuaZreb\kZfhe_ldZdfZeur\^jm]kfZqgh
aZkhkZewlm`_]jm^vk\hbfbimoeufb]m[Zfbbq_j_afbgmlmmkgmeaZjhah\_\rbkvs_qdZfb
�_\ylvk_f_c^\Z^pZlvk_fvq_eh\_d\dexqZy^\moklZjmobfeZ^_gpZg_m`_eb\D=;kqblZeb
qlhfuij_^klZ\ey_fhiZkghklv^ey^jm]boiZkkZ`bjh\"B\q_fkh[kl\_gghfh]eZaZdexqZlvkywlZ
hiZkghklv"
Bgl_j_kghmg_]hibklhe_lkijZ\Zih^furdhc\^jm]]jhfdhkdZaZeaZ^bjZfm`qbgZm
dhlhjh]hhlgyebk_j_[jygu_\bedbAgZqblhge_\rZ
AZldgbkvehdl_flhedgmeZ_]h`_gZ
Ghlhlijh^he`ZedZdgb\q_fg_[u\Zeh
IhgbfZ_rvyqblZe\G_^_e_\jm[jbd_Ex^bj_^dboijhn_kkbclZdb_hojZggbdb
kZfhe_lh\^he`guaZjZg__gZf_lblv\dh]hhgbgZqgmlklj_eylv\kemqZ_bgpb^_glZHgijhklh
h[yaZgwlhk^_eZlvwlhZa[mdZ_]hjZ[hluIhwlhfmhgb[uekgZfb\Z\lh[mk_Bgl_j_kghdh]hhg
\u[jZe"
L_[ydhg_qghkdZaZeZ`_gZ
:y^mfZxhgfh`_lgZqZlvk^_l_cQlh[urhdhfihljyklbgZk\k_o
B^bhlkdZaZeZ_]h`_gZm\b^_\dZdfZlvfeZ^_gpZbfZlv^_\hqdbkdjbiZqdbg_ijhba\hevgh
ih\_jgmebkvgZaZ^d]w[wrgbdm
:qlhylZdh]hkdZaZe"fm`qbgZih`Zeie_qZfbHgbgZk\k_o^_j`Zebih^ijbp_ehfk
fhf_glZjh`^_gbyjZa\_g_l"B^eydZ`^h]h]j_ebih^furdhcimeb
KemrZcl_ij_djZlbl_\^jm]jZa^jZ`_ggh[jhkbewlhfmaZ^bj_hl_pmfbjZxs_]hk\ZjsbdZ
GZflmllhevdhkdZg^ZeZg_o\ZlZ_l?kebhgbaZ^_j`Zl\ue_l_s_gZ^\Z^pZlvfbgmlyg_^h\_am
kugZ`b\uf
Fm`qbgZaZfdgmeebphbhl\_jgmekyG_mlhe_ggZyf_klvaZhlgylu_\bedb_s_dehdhlZeZ\g_fgh
aZ^bjZlvkykhlphfmfbjZxs_]hhgg_klZeL_f[he__qlhlhl^h[Z\beijbfbjbl_evgh
Fum`_\ur_wlh]hihgbfZ_l_"Fum`_me_lZ_fhlgboIhkfhljbl_\hdgh
Fuihkfhlj_eb\hdghbm\b^_ebqlh^_ckl\bl_evghgZrkZfhe_lm`_klhblgZ\ae_lghcihehk_:
\aj_\_\rb_\wlhlfb]^\b]Zl_ebaZljykebkZfhe_lebohjZ^hqghc^jh`vxihlhfkhj\Zebkf_klZb
Ihke_^gb_f_ljukh\_lkdhca_febih[_`ZebaZbeexfbgZlhjhf\k_mkdhjyykvbmkdhjyykv
Ly`_eucdZdhk_ggbc]mkvLMljykehhlgZijy`_gbybhls_j[Zlhc[_lhgdb\ae_lghc
ihehku:fukb^y\dj_keZofuke_gghih^lZedb\Zeb_]h\\_joGmGmGm`_B\^jm]
ljykdZdhgqbeZkvfu\ae_l_eb
MjjjZaZhjZefm`qbgZmdhlhjh]hhlgyeb\bedbbh[gyek\hx`_gm
MjZih^o\ZlbebfuZyih^mfZe=hkih^b\_^vfub\ijZ\^mm`_me_lZ_fhlgboHl
=ME:=Zih]jhfh\ikbo[hevgbp^hijhkh\D=;^hghkh\\iZjldhfuijhibkhdiylh]himgdlZ
ijhp_glghcghjfuijbgm^bl_evgh]hjZkij_^_e_gbygZjZ[hlmijhnkhxaguodhfkhfhevkdbob
dheohagbdh\bamq_gby[j_`g_\kdboj_q_cbFhjZevgh]hdh^_dkZkljhbl_eydhffmgbafZL_i_jv
hl\k_]hwlh]hgZ[hjZihaZ^bgZkhklZ\Zebkv\k_]hgZ\k_]h^_\ylv]jZffh\k\bgpZih^furdhcm
�wlh]h]w[wrgbdZZie_\ZlvgZfgZwlhfu\ae_l_ebAE?L?EB
Lml\k_^Z`_fm`qbgZmdhlhjh]hhlgyebk_j_[jygu_\bedbklZeb]jhfdhrmlblvb_s_]jhfq_
�ohohlZlv\kihfbgZyr_j_f_lv_\kdbolZfh`_ggbdh\bbah[jZ`Zybo\ebpZodZd\l_Zlj_Z`_hl_p
mfbjZxs_]hk\ZjsbdZihdZaZedZdyih[e_^g_edh]^Z:e_rZkehfZei_j\mxdeZ\brmmfh_c
ibrfZrbgdbYj_rbe\k_ahehlu_deZ\brbk_cqZkbaaZ\Zkj_ckaZ^_j`ZlkdZaZehg:
�hdZaZehkvZy\Zfbo\_g_gZkibqdZoaZiZyx:fm`qbgZaZ^bjZ\^jm]kZfklZeohofblvih
ih\h^mk\hboijhiZ\rbo\behdhh[s_lhwlhl_sbgu\bedbhgbfg_gbdh]^Zg_ijbghkbeb
kqZklvyLZdqlh^Z`_ohjhrhqlhl_sbghkqZklv_kgbfbhklZehkv
K_cqZk\kihfbgZywlbrmldbyg_\b`m\gbogbq_]hkf_rgh]hGhyohjhrhihfgxqlhlZf\
kZfhe_l_fukf_yebkvlZdkeh\ghgZdmjbebkvfZjbomZgu:fh`_lfub\ijZ\^m[uebivygudZd
awdbm^Zqgh[_`Z\rb_badhgpeZ]_jy"FuohohlZeboehiZeb^jm]^jm]Zihie_qZf^_ebebkv
[ml_j[jh^ZfbbgZklhcqb\hm]hsZebZ\kljbcp_\rhdheZ^hf:e_gmrdZbdhgn_lZfbFbrdZ
dhkheZiucdhlhju_dhfmlh\k_lZdbm^Zehkvijhg_klb\kZfhe_lIjbwlhffukg_e_ihc
]hj^hklvx]h\hjbebZ\kljbcpZfJmkkdb_dhgn_lu5XVVLDQqhdheZ^hihkh\_lkdhcijb\uqd_
kqblZyqlhjmkkdbcrhdheZ^kZfuckeZ^dbc\fbj_
:\kljbcpuijbgm`^_gghhldmku\ZebjZafy]q_ggmx\j\Zghch[_jld_:e_gmrdmkbgl_j_khf
ihkfZljb\ZebgZgZrmZdljbkmaZfdgmlhkb^ysmxmhdgZbm`_q_j_aiheqZkZihe_lZaZklZ\beb
dhfZg^bjZkZfhe_lZjZ^bjh\Zlv\_gmqlh[uijyfh\ZwjhihjlmmljZiZgZk\klj_qZeZDPEXODQFHk
ZiiZjZlhfi_j_eb\Zgbydjh\bIjbwlhf\k_fukdZdhclh\uau\Zxs_c^_fhgkljZlb\ghklvx
ijhb]ghjbjh\Zebl_i_jvwlh]h]w[wrgbdZ\dhgp_kZehgZIhke_^\mokmlhdkh\f_klgh]hij_[u\Zgby
\r_j_f_lv_\kdhfZwjhihjlmfukh\_jr_gghg_agZdhfu_ex^b\^jm]bf_ggha^_kv\kZfhe_l_
klZebh^ghck_fv_c_^vfum`_\k_agZeb^jm]h^jm]_dlhhldm^Zkd_fijhsZekydm^Ze_lbl\
:f_jbdmbeb\BajZbevbqlhdZ`^uc\_a_l\k\hboq_fh^ZgZofu^Z`_\b^_ebgb`g__[_ev_
�gZr_cZdljbku\Zbg\Zeb^ZiZjZebah\ZggZyklZjmrdZbmfbjZxsbck\ZjsbdklZebl_i_jv
gZrbfbh[sbfbjh^kl\_ggbdZfbZ^\h_^_l_c]jm^ghcj_[_ghdk\ZjsbdZb:kykdjbiZqdZ
gZrbfbh[sbfb^_lvfbFuihfbgmlghkfhlj_ebgZgbofeZ^_g_pkiZegZjmdZomfZl_jbZ:ky
mjhgb\]heh\mgZ[hdgZk\hx[_emxdjhebqvxrm[dmH[Z^urZeb]em[hdhbihdhcghbo^_lkdb_
]m[u[uebihemhldjuluB\b^ywlbokeZ^dhkiysbo^_l_cfuk]hj^hklvxi_j_]ey^u\ZebkvdZd
[u]h\hjy^jm]^jm]m^Z\k_lZdbfu^h[bebkvk\h_]h]eZ\gh]hfu\u\_aebkwlhc]b[_evghc
a_febwlbxgu__\j_ckdb_dhjgbDhg_qghlZfgZAZiZ^_bo`^mlijh[e_fujhklZfuagZ_ffu
qblZeb\]Za_lZoijhgZjdhlbdbb\k_ijhq__Ghfu\_jbebqlhgbdlhlZfg_klZg_l\gmrZlvgZrbf
^_lyfex[h\vd^_^mrd_E_gbgmgbdlhg_aZklZ\blbo^hghkblvgZjh^bl_e_cg_[jhkbl\=ME:=
beb\ikbo[hevgbpmbg_[m^_l\kx`bagv^_j`ZlvboaZluedbih^ijbp_ehfwlbooheh^guo
]w[wrguo]eZa
DZ`_lky^Z`_\jZqbZ\kljbcpuihgyebhq_ffu^mfZ_f]ey^ygZgZrbo^_l_c
FZaelh\\^jm]kdZaZegZfh^bgbaZ\kljbcp_\bfu^jm`ghjZkohohlZebkvby_s_jZabk
m^h\hevkl\b_fihijh[h\ZegZyaud_wlh^Z\ghaZ[ulh__\j_ckdh_keh\hdhlhjh_keurZelhevdh\
�^Ze_dhf^_lkl\_hl^_^mrdbFZaelh\KqZkleb\qbd@
fbkkbyaZdhgqbeZkvHgijh[_`Ze\gbaihljZimb\hr_e\imklhcZ\kljbckdbcZ\lh[mkkbyxsbc
qbklhlhcdZddhgp_jlgucjhyevGhg_fh]m_oZlvihlhfmqlhwlhlZ\lh[mk`^ZegZkZg__]hB
l_i_jvwlhl]w[wrgbd[ue\ugm`^_ggZ[ex^ZlvdZdfu\uoh^bfbakZfhe_lZ\gh\ucfbj
A^_kv\wlhfgh\hffbj_[uehm^b\bl_evghl_iehbkheg_qghkeh\ghfui_j_e_l_ebgZ^jm]mx
ieZg_lmLhevdhagZqbl_evghiha`_ykhh[jZabeqlh_gZijhklhfgh]hx`g__Fhkd\u:\l_
fbgmluyebrvbamfeyekyA^jZ\kl\mcgh\ucfbjDZdhclu"Ihh^ZevhlkZfhe_lZf_ljZo\
^\moklZo[uehkl_deyggh[_lhggh_a^Zgb_ZwjhihjlZkgZ^ibkvx_gZ:ih^kZfhe_lhfjy^hfk
Z\lh[mkhfklhyeb[_eu_fZrbgukdhjhcihfhsbb^\ZkZgblZjZkghkbedZfbm`_[_`Zebih
ljZimqlh[uaZ[jZlvgZr_]hmfbjZxs_]h
Bfu\k__s_hsmsZyk_[yh^ghck_fv_ci_j\uf^_ehfihg_kebbakZfhe_lZgZrbo^_l_cb
klZjmomYihfh]rZl_gd_kimklblvjZafhj_ggmxkghfkdjbiZqdmbakZfhe_lZ\Z\lh[mkbiheguc
agh[ys_\_k_eh]h\ha[m`^_gbylml`_gZ\klj_qmdjZkb\hcZdljbk_\a[_`Zeh[jZlgh\kZfhe_l
ih^gyelZfgZjmdbiZjZebah\ZggmxklZjmrdmbihg_k\gbaihljZimKlZjmrdZh[gyeZf_gyaZr_x
hgZ[ueZe_]q_i_jurdZBebwlh;h]^Zefg_lh]^Zkbeu^Z`_g_hsmsZlv__\_k"YihkZ^be
klZjmrdmgZdj_keh\Z\lh[mk_bhiylvih[_`Ze\\_joihljZimgh\g_aZighhsmlbedZdmxlh
bafhjhav\aZlued_
Yh]eygmekyblml`_\klj_lbewlboheh^gu_k\_leu_]w[wrgu_]eZaZHwlh[ueb_s_l_]eZaZ
L_i_jvgZdhg_p\gboihy\behkv\ujZ`_gb_\ujZ`_gb_qbklhcdZdr\_^kdZy\h^dZ$EVROXW
g_gZ\bklbKdZdbfm^h\hevkl\b_fg_lkdZdbfgZkeZ`^_gb_fhg[u\ulZsbek_cqZkk\hcl_ieuc
�ibklhe_lbjZajy^be\f_gy\kxh[hcfmIhq_fm"ZihlhfmqlhylZdbmr_ehlbo\eZklbb_s_
ihfh]Zxl_i_jvmoh^blv^jm]bfbhldjulhljbmfnZevghjZ^mxkvk\h[h^_
Yijhq_e_]h\a]ey^meu[gmeky_fmbih[_`Ze\\_joihljZimkgh\hcwg_j]b_c
gmljbkZfhe_lZkZgblZjumdeZ^u\Zeb]b]ZglZk\ZjsbdZgZ\ukhdmxl_e_`dmghkbedb?]hhl_pb
fZlvfheqZklhyebjy^hfZ_]hlheklZyfheh^Zy`_gZju^ZeZ\k\h_fdj_ke_^_j`Zijhkgm\r_]hky
feZ^_gpZgZ`b\hl_Y\ayeZlhqg__\uo\Zlbemg__j_[_gdZbkdZaZe`_kldh
Ihreb
Dh]^Z`_gsbguieZqmlybfgm`gZkljh]Zyih\_ebl_evgZydhfZg^Z
HgZ\klZeZbihkemrghihreZaZfghcd\uoh^mmjhgb\kdhe_g^_lkdmxkhkdmbaZiZkgmxiZjm
djhohlguo[_euo^_lkdbo[hlbghq_dY\ur_ebakZfhe_lZ^_j`Z\jmdZo_\j_ckdh]hfeZ^_gpZ
Bm`_kZfgZr_e\a]ey^hfwlh]h]w[wrgbdZB^_fhgkljZlb\gh\ukhdhgZjmdZoihg_k_s_h^gh]h
j_[_gdZkkh\_lkdhcl_jjblhjbbdZd\ughkyl^_l_cbajZ^bhZdlb\ghcahgubg_[ueh\lhlfhf_gl
gZa_fe_fm`qbgukbevg_cbkqZkleb\_cf_gyYqm\kl\h\Zek_[ykbhgbklhfkhe^Zlhf[hcphf
]jZgblgufiZfylgbdhfgZFZfZ_\hfdmj]Zg_?keb[ulhl]w[wrgbdih^gyek_cqZkibklhe_ly[uk
�ebdmxsbfdjbdhfijbdjuewlh]hj_[_gdZk\h_c]jm^vxZ_klv\_sbhdhlhjuoex^bibrmlk
]hj^hklvxZ_klvhdhlhjuomfZeqb\ZxlhlkdjhfghklbY`_]hj`mkvqlh\lhlfhf_gl
qm\kl\h\Zek_[yklhijhp_glguf_\j__fbklhijhp_glguffm`qbghc
Yr_eihljZimkj_[_gdhfgZjmdZobkfhlj_ewlhfm]w[wrgbdmijyfh\]eZaZB[uehlZdh_
gZijy`_gb_\gZr_cfheqZeb\hc^mweb\a]ey^h\qlh\k_h[jZlbebgZwlh\gbfZgb_\k_aZfheqZeb
gZfb]ZfZlv^_\hqdbkdjbiZqdbkdZaZeZfg_
Mfheyxg_^jZagbl__]h
`_g_k\ZjsbdZ__]jm^gh]hj_[_gdZBlml]w[wrgbdkZfhl\_jgmeky
Hghl\_jgmekyk\ujZ`_gb_fihegh]h[_ajZaebqbygZebp_ghfulhkgbfm`_ihgyeb^jm]^jm]Z
Hghl\_jgmeky\ur_ebaZ\lh[mkZbi_j_r_e\kem`_[gucfbgbZ\lh[mkbddhlhjucijbdZlbeaZ
kh\_lkdbfwdbiZ`_fibehlZfbbklxZj^_kkZfb
Hgijbkh_^bgbekydgbfdkh\_lkdhcdhfZg^_bfbgbZ\lh[mkih\_abodm^Zlh\]em[bgm
ZwjhihjlZGh\kZfucihke_^gbcfb]dh]^ZZ\lh[mkm`_k\hjZqb\ZeaZm]heZwjh\hdaZeZwlhl
]w[wrgbd\kdbgme]eZaZb]eygmegZf_gylZdbf\ahjhfbf_ggh\ahjhfdZdbfkfhljyl
kd\havijbp_ekgZci_jkdhc\bglh\db
Lmlk;jh^\_y\hj\ZeZkv\hdghhq_j_^gZyg_lhihebp_ckdZyg_lhf_^bpbgkdZykbj_gZY
ihkfhlj_egZl_e_nhggmxljm[dm\jmd_hgZm`_gZ\_jgh^Z\ghibsZeZwlbfbdhjhldbfb]m^dZfb
Y\kihfgbeqlhkh\_lkdh_ihkhevkl\h\u^Zehfg_\bamgZih_a^dm\KKKJFg__^bgkl\_gghfm
ba\k_c^_e_]Zpbb
Y^Zehl[hcijhdZreyekybihlhff_^e_gghgZ[jZegZl_e_nhgghf^bkd_[hklhgkdbcdh^b
ghf_jk\h_]hZ^\hdZlZ
�$WWRUQH\%UHVODZ\nVRIILFHHnbkZ^\hdZlZ;j_keZ\Z@lml`_hlha\Zekyfheh^hcba\hgdbc
`_gkdbc]hehk
�0D\,WDONWR0U%UHVODZ=hkih^bgZ;j_keZ\Zih`ZemcklZ@kdZaZey\k__s_\b^yi_j_^kh[hc
]eZaZlh]h]w[wrgbdZ
�:KRLVFDOOLQJSOHDVHDlhkijZrb\Z_l@"
9DGLP3ORWNLQ
�-XVWDVHFRQGK_dmg^hqdm@ihqlbijhi_eZk_dj_lZjrZb\ljm[d_lml`_ijha\mqZefm`kdhc
]hehk
�+DOOR0LVWHU3ORWNLQ:KDWFDQ,GRIRU\RX:eehfbkl_jIehldbgQ_fyfh]m[ulv\Zfihe_a_g@"
�,ZDQWWRGUDZXSDZLOOkdZaZey+RZPXFKZRXOGLWFRVWYohqmkhklZ\blvaZ\_sZgb_
Kdhevdhwlh[m^_lklhblv@"

?kebf_gym[vxl\Fhkd\_kdZaZey\;hklhg_lhfmkZfhfmZ^\hdZlmdhlhjuchnhjfeyegZr_
kEbahckh]eZr_gb_hjZa\h^_lhkdZg^Zelhedg_lba^Zl_e_ci_j_ba^Zlvfhbdgb]bGhyg_ohqm
qlh[uEbaZjZkljZg`bjbeZfhc]hghjZjgZrfhldbbj_klhjZguYohqmqlh[uOZgZihemqbeZwlb
^_gv]b\^_gvk\h_]hkh\_jr_gghe_lby
Ih^ibkZ\aZ\_sZgb_y\ur_egZjZkdZe_ggmxmebpmbdZdbflhgh\ufi_jbkdhibq_kdbfaj_gb_f
m\b^_ek\hxgh\mxjh^bgm
JZkdZe_ggucb^mrguc\ha^moieuegZ^&KHVWKXW+LOO^\ZihlhdZfZrbgf_^e_ggh^\b]Zebkv\wlhc
kZmg_
Jh\gh^_kylve_lgZaZ^\GvxChjd_aZhdgZfbdZ[bg_lZdbghijh^xk_jZE_h:elfZgZklhyeZ
lhqghlZdZy`_`ZjZZ\kZfhfdZ[bg_l_ih\k_fkl_gZf[jh^beb]b]Zglkdb_e_lZxsb_fmjZ\vb
h]jhfgu_dZddjhdh^beuh\kydhfkemqZ_lZdbfbhgb\u]ey^_ebgZZnbrZodjueZlu_
fmjZ\vb^bghaZ\jugZe_l_\rb_gZGvxChjdYgbdh]^Zg_\b^_ewlhlnbevfghkeurZeh_]h
dZkkh\hfmki_o_IjZ\^Zkm^yih`_elbag_l_oZnbrihke_FmjZ\v_\g_aZ\bkbfZydbghdhfiZgby
$OWPDQ3URGXFWLRQ,QFagZqbl_evguomki_oh\\dbghg_bf_eZFh`_l[ulvihwlhfmfbkl_j
^eynbevfZ:fh`_l[ulvfbkkKZg^bDhi_e_\bqfhy\_^msZy\+,$6[ueZ_]hjh^kl\_ggbp_c
G_agZxAgZxlhevdhqlhlh]^Ze_lhf]h^Zmf_gy[ueZg_[hevrZy\hcgZkwlhcfbkk
Dhi_e_\bqIhlhfmqlh_\j_ckdZyhj]ZgbaZpby+,$6ihemqZyhl8QLWHG-HZLVK$SSHDObhl
Zf_jbdZgkdh]hdhg]j_kkZ^_gv]bgZmkljhckl\h_\j_ckdbo[_`_gp_\kqblZ_lk_[yg_lhevdhgZrbf
hi_dmghfghb^mr_ijbdZaqbdhf
:f_jbd_g_gm`guj_`bkk_jujZa^jZ`_ggh]h\hjbeZfg_fbkkDhi_e_\bqfheh^Zyom^_gvdZy
[jxg_ldZkjZafZrbklufbfZg_jZfbdZijbaghc_\j_ckdhcijbgp_kkuB[jhkbeZq_j_aklhe
j_deZfgmxkljZgbpmGvxChjdlZcfFKfhljbl_A^_kvg_lgbh^gh]hh[ty\e_gbyijh
j_`bkk_jh\b^bl_":f_jbd_gm`guf_oZgbdblhdZjbkZgl_ogbdbq_jl_`gbdbb[Zgdh\kdb_
dZkkbju:\u^Z`_^eywlhcjZ[hlug_]h^bl_kvIhwlhfm\Zfijb^_lkygZqbgZlvgZnZ[jbd_
dhg\_jlh\q_luj_^heeZjZ\qZkF_`^mijhqbffhc^_^mrdZlh`_gZqbgZekq_luj_o^heeZjh\
dh]^Zijb_oZekx^Zba=_jfZgbbLhevdh_fmieZlbebq_luj_^heeZjZg_aZqZkZaZ^_gvhlZ^j_k
wlhcnZ[jbdbaZibrbl_
Mf_gy_klvb^_y^eyaZf_qZl_evgh]hnbevfZbyohl_e[u\klj_lblvkykdZdbfgb[m^v
ijh^xk_jhfkdZaZeyihl_yhlk\h_ckh[kl\_gghcgZklhcqb\hklb
Fbkl_jIehldbgfbkkDhi_e_\bqhldbgmeZkv\dj_ke_gZ__ebp_[ueZ]jbfZkZ
\_ebdhfmq_gbpukeh\ghhgZjZa]h\Zjb\Z_lk^_[behfLhevdh\wlhff_kyp_mf_gy[uehr_klv
j_`bkk_jh\\hk_fvdbghhi_jZlhjh\q_lujgZ^pZlvZjlbklh\khjhd`mjgZebklh\bljb^pZlvk_fv
�om^h`gbdh\$UH\RXFUD]\"uqlhkmfZkr_^rb_"@Zq_f\u\k_kx^Z_^_l_"Beb\u^mfZ_l_
qlhfulml`b\_f[_adbgh[_al_Zljh\bkdmkkl\Z"havfbl_Z^j_kwlhcnZ[jbdbwlhemqr__qlh
yfh]m\Zfij_^eh`blvY\klZekhklmeZ
KiZkb[hGvxChjdlZcfkyfh]mbkZfihkfhlj_lv\[b[ebhl_d_
HgZij_ajbl_evghnujdgmeZ
u`_g_mf__l_qblZlvihZg]ebckdb
Yijhqlmkhkeh\Zj_f
?kebg_\havf_l_wlmjZ[hlmykgbfm\Zkkihkh[bykdZaZeZhgZbg_j\guf^\b`_gb_f[jhkbeZ
k_[_\jhla_e_gmxhk\_`Zxsmxibexevdm7LS7RS
:_keb\havfm"
:HOOh^bghdbofm`qbgfug_^_j`bfgZihkh[bb[hevr_^\mog_^_evZrkjhddhgqZ_lkyq_j_a
g_^_ex\ke_^mxsbcihg_^_evgbd\Zfijb^_lkyhk\h[h^blvhl_ev=^_\u[m^_l_`blv_kebg_
\havf_l_wlmjZ[hlm"
Ydb\gmeaZhdghdhlhjh_\uoh^behgZXgbhgkd\_j
GZkdZf_cd_Mf_gy_klvkiZevgucf_rhdIhdjZcg_cf_j_lZfg_[m^_llZjZdZgh\dZd\\Zr_f
hl_e_
HgZmklZ\beZkvgZf_gym]eyfbk\hbo_\j_ckdbo]eZaM`_kebymf_xqblZlv\]eZaZojmkkdbo
mdjZbgp_\Za_j[Zc^`Zgp_\b\k_ohklZevguogZk_eyxsboKKKJlhqblZlv\_\j_ckdbo]eZaZofg_
ijhklhiheh`_ghihijhbkoh`^_gbx]hjysbo]eZaZofbkkDhi_e_\bq[uehgZibkZghdjmiguf
rjbnlhf)8&.28Y:KK?OG?G:B@MBIJ?ABJ:X:RBIJ?L?GABB
KF?R:GGU?KA:I:OHFIHL::RBIJHBGPB:EVGU?JMKKDB?:F;BPBB
�&#x:G;&#xBY;&#x;�BIEHFUG:MQGU?A:GBY:QLHHGBKLHYLMG:K:F?JBD?IHQ?FMY
J:;HL:CL?=JMAQBD:FBG:QBG:CL?KGMEYBEBD:LBL?KVD?F:L?JB
�Z`_g_agZyZg]ebckdh]hyijhq_ewlh[_ai_j_\h^Zb[_akeh\ZjyGh\_^vbhgZgZ\_jghijhqeZ
dh_qlh\fhbo]eZaZoBdZ`_lkyy^Z`_agZxqlhIhlhfmqlhohjhrhihfgxhq_fih^mfZe\lm
fbgmlmYih^mfZehlhfdZdih^__l_fghck\h[h^ghc[emadhcaZdbiZ_lk_cqZkhlg_gZ\bklb__
fZe_gvdZy]jm^vbqlhbf_gghlZdb_om^_gvdb_biehkdh]jm^u_^_\dbkh\_jr_gghkZlZg_xl\
ihkl_ebZ_s_emqr_gZihemgZklhe_gZih^hdhggbd_=hkih^b\k_]hg_kdhevdhf_kyp_\
gZaZ^\Fhkd\_\E_gbg]jZ^_\Gh\hkb[bjkd_\K\_j^eh\kd_b_s_\khlg_^jm]bojmkkdbo]hjh^h\
yfh]bf_lvlZdbo^_\hdkdhevdh^mr_m]h^gh_^vijbh^ghfkeh\_dbghmgbofZldZgZqbgZ_l
^jh`ZlvGhl_i_jv\k_ihf_gyehkvf_klZfbbl_i_jvhgZihkueZ_lf_gyd_fZl_jbBykZfwlh
k^_eZek_[_kZf\_^vgbdlhg_\u]hgyef_gybaKKKJlhevdhaZij_lbebfhcnbevfgh_keb[uy
kh]eZkbeky_]hi_j_^_eZlvy[ufh]bk_]h^gyk_cqZk\ueZfu\Zlv\hllZdmxDhi_e_\bq]^_gb[m^v
gZFhknbevf_bebgZH^_kkdhcdbghklm^bb^ZbjZa\_h^gm"
B\^jm]fg_klZeh^hlh]h]hjvdhaZkZfh]hk_[yqlhi_jki_dlb\Zghqe_]ZgZXgbhjkd\_jf_gy^Z`_
h[jZ^h\ZeZKljZ^ZlvlZdkljZ^Zlv^hdhgpZihjmkkdhcljZ^bpbb
Yg_agZxqlhbf_gghfbkkDhi_e_\bqijhqeZ\fhbo]eZaZoyjdbck_dkmZevgucfbjZ`beb
i_jki_dlb\mhkdZg^Zeblv+,$6i_j\uf_\j_ckdbfwfb]jZglhf[jh^y]hcGhhgZ\^jm]kdZaZeZ
uc^bl_\dhjb^hjbih^h`^bl_FhyZkkbkl_gldZihah\_l\Zk
Y\ur_eZq_j_aiylvfbgml[ueiha\ZggZaZ^
��+HUHLVDGHDOZ\Zcl_^h]h\hjbfky@fbkl_jIehldbgkmohkdZaZeZfbkkDhi_e_\bqijyqZ
]eZaZ\dZdb_lh[mfZ]bYhlijZ\ex\ZkgZbgl_j\vxdba\_klghfmdbghijh^xk_jmGhijbh^ghf
mkeh\bb?kebhgg_\havf_l\Zrijh_dl\uihc^_l_gZi_j\mx`_jZ[hlmdhlhjmxy\Zfij_^eh`m
��'HDOh]h\hjbebkv@"
B\hlykb`m\dZ[bg_l_fbkl_jZ:elfZgZGZkl_gZojZkde__guZnbrbk]b]Zglkdbfbe_lZxsbfb
fmjZ\vyfbdjhdh^beZfbaZhdgZfb;jh^\_c\jZchg_iylb^_kyluomebpZgZg_h[tylghc
ibkvf_gghfklhe_ohaybgZaZ\Zekp_gZjb_\j_`bkk_jkdbojZajZ[hlhdb[_klk_ee_jh\\yjdbo
h[eh`dZo:k[hdm^\ZdZdbolhijbaZG_HkdZjughn_klb\Zevgu_ijbaukahehlufb
fhgh]jZffZfbDhjhq_]h\hjy\hll\hcrZgkIehldbgo\ZlZckm^v[m^\mfyjmdZfb
Byo\ZlZeIhlguchl\ha[m`^_gbyyijhju\Zek\hxg_fhlm\Zg]ebckdhfyaud_g_bklh\hc
`_klbdmeypb_cbihqlbZdl_jkdbfihdZahf\k_cnZ[meu?\j_ckdhc^hjh]bijhq_fgbdZdhc
g_fhlug_[uehy]h\hjbeYihZg]ebckdb]h\hjbe[_ahklZgh\dbjh\ghkhjhdfbgmlBa
iylb^_kylbba\_klguofg_\lh\j_fyZg]ebckdbokeh\ydhf[bgbjh\Zej_qb^bZeh]bj_fZjdbb
hibkZgbyi_jkhgZ`_c\iehlv^hp\_lZ[hkuogh]mfbjZxs_]hhle_cd_fbbk\ZjsbdZ\iehlv^h
djZkhqghcdZdfg_dZaZehkvkp_guhlijZ\dbwfb]jZglh\ba_gu\BlZebxihkj_^bfbjghc
?\jhiu]h^ZZ\kljbckdb_khe^Zlukh\qZjdZfbhp_ibebgZrih_a^gZkemqZcZlZdbZjZ[kdbo
l_jjhjbklh\BgZdhg_py^Z`_i_j_\_e_fmkblZevygkdh]hkfukeljZgkiZjZglh\dhlhju_g_keZ
]b]ZglkdZy^_fhgkljZpbyblZevygkdbof_^k_kl_jih\bZ_g_lh\Jbf_Fuohlbfqlh[ugZf
^Z\Zebfykh^\ZjZaZ\^_gvdZdf_^k_kljZf\KKKJDh]^Zfuwfb]jZglulhevdhqlhijb_oZ\rb_
bagbs_cJhkkbbm\b^_ebwlhfhj_djZkguoagZf_gkk_jiZfbbfhehlZfbbwlbb^bhlkdb_
ljZgkiZjZglufuqmlvg_[jhkbebkv[blvwlboblZevygkdbob^bhlhd\q_jguojykZo
Dhjhq_]h\hjywlh[uenbevfh^gh]hZdl_jZY[_]ZeihdZ[bg_lmdZdklZjmoZN_ev^fZg[_]ZeZ\
wfb]jZglu\\_gkdhfhl^_e_gbb+,$6Yk\hjZqb\Zeky[m[ebdhfihdZau\ZydZd\[Z]Z`gbdZo
fZrbgg_e_]Zevghijh\haylwfb]jZglh\baBlZebb\NJ=BylZgp_\Zenj_ce_okdZdfu\i_j\u_
\`bagblZgp_\Zebnj_ce_ok\jbfkdhckbgZ]h]_gZImjbfIjbwlhfy_s_bfblbjh\Ze
fmaudZevgh_khijh\h`^_gb_jZdmjkudbghdZf_juba\mdh\u_wnn_dlu
Fbkl_j:elfZg\ukhdbckmlmeucbihoh`bcgZIZkl_jgZdZ_\j_ce_lg_i_j_[b\Zef_gyZ
lhevdhh^h[jbl_evghdb\Ze]heh\hcihke_dZ`^h]hwibah^Zbwlhijb[Z\eyehfg_kbeb
\^hogh\_gby:dh]^Zfhckx`_lih^hr_eddhgpmyjmogme\]em[hdh_dh`Zgh_dj_kehkkhagZgb_f
qlhlhevdhqlhihklZ\bek\hci_j\ucnbevf\wfb]jZpbb
*RRGwg_j]bqghkdZaZefbkl_j:elfZgHlebqghFg_wlhgjZ\blkyIjZ\^Zfg_wlhhq_gv
gjZ\blkyIjbg_kbfg_kp_gZjbc
Ihjmkkdb"kijhkbey
:HOO.kh`Ze_gbxyg_qblZxihjmkkdbGhlugZc^_rvi_j_\h^qbdZwlhg_ijh[e_fZKdhevdh
l_[_gm`gh\j_f_gbqlh[ugZibkZlvkp_gZjbc"
Yih`Zeie_qZfb
GZibkZlvyfh]maZf_kypGhi_j_\_klb
?s_f_kypYih^h`^mkdZaZe:elfZgFg_gjZ\blkywlhlijh_dlIha\hgbfg_dh]^Zml_[y
[m^_l]hlh\hIjbylgh[uehihagZdhfblvky
Y\ukdhqbegZ;jh^\_cke_]dbfa\hghf\]heh\_bih[_`Ze\+,$6;ueZ\]mklf_kypbl_dlh
e_lhf]h[ue\GvxChjd_g_fh]mlg_ihfgblv`mldhc`Zju^Z`_ihghqZf]jZ^mkgbdg_
himkdZekygb`_:\lhl^_gv[uehgZ\_jghGhmf_gy\k_jZ\ghg_[uehgb^_g_]gb
�\j_f_gb_oZlv\+,$6kZ[\__fbebZ\lh[mkhfByih[_`Zehhlt_a^ZbaKKKJy_`_^g_\gh[_]Ze
^\_ljbfbebl_i_jvwlhijb]h^behkvY[_`ZekgZqZeZ\gbaih;jh^\_xihlhfihckljbl
ihlhfihIylhcZ\_gxGZcdZdb_lhg_]juiulZebkvgZoh^mijh^Zlvfg_gZjdhlbdbgZ
IylhcZ\_gxf_gyqmlvg_jZa^Z\behlZdkbZgZm]emcbIZjd:\_gxyj_adhh[h]gme^x`bgm
ihebp_ckdbo\dZkdZob[jhg_`be_lZobi_j_iju]gmeq_j_adZdhclhkbg_ihehkZluc[Zjv_j
klhy\rbclmlf_`^m^\mfyihebp_ckdbfbfZrbgZfbOwcKlhidjbdgmebfg_\ke_^ghfg_
g_dh]^Z[uehkgbfbjZa]h\Zjb\Zlv\_^vdbghijh^xk_jm`_`^Zehlf_gykp_gZjbcByih[_`Ze
\gbaihkh\_jr_gghimklhcIZjd:\_gxg_^hmf_\Zyihq_fm\hdjm]f_gy\^jm]mklZgh\beZkvlZdZy
f_jl\ZylbrbgZwlhfe_]dhfg_^hmf_gbbygZ[_]mihkfhlj_eihklhjhgZfLhqlhym\b^_e
aZklZ\behf_gyihoheh^_lvg_kfhljygZ]jZ^mkh\ihNZj_g]_clmHdZau\Z_lkyygZe_l_egZ
h]jZ[e_gb_&LW\[ZgdZlhe_lh\GvxChjd_dZ`^uc^_gv]jZ[beb[ZgdbblmlgZm]emhcb
IZjd:\_gxihebp_ckdb_dZdjZamkljhbebaZkZ^mgZ]jZ[bl_e_cdhlhju_[ueb\gmljb&LW\[ZgdZ
FZrbgubihehkZlu_[Zjv_juhdjm`beb\_kvd\ZjlZeihebp_ckdb_\[jhg_`be_lZobdZkdZo
ijylZebkvaZfZrbgZfbgbdh]hg_ijhimkdZebb^_j`Zeb^\_jb[ZgdZih^ijbp_eZfbk\hbo
Z\lhfZlh\bibklhe_lh\:aZhims_ggufb`Zexab[ZgdZklhyeb]jZ[bl_ebb^_j`ZebihebpbxgZ
fmrdZok\hboibklhe_lh\:gZdjurZohdjm`Zxsbo^hfh\e_`Zebbklhyebihebp_ckdb_
kgZci_juB\^jm]hldm^Zgb\havfbkvwlhl[_]msbcihlgucb^bhli_j_kdZdb\Z_lq_j_a[Zjv_jb
[_`blihg_cljZevghf_jl\hcahg_g_ba\_klghdm^ZY^Z`_dh`_cihqm\kl\h\ZedZdkhrebkvgZ
fg_ijbp_euboZ\lhfZlh\ibklhe_lh\bkgZci_jkdbo\bglh\hdGhqlhfg_hklZ\Zehkv^_eZlv"
=ey^yijyfh\^meZibklhe_lh\gZijZ\e_gguogZf_gybahdhg[ZgdZy^h[_`Ze^hihehkZluo
ihebp_ckdh]hb\e_l_e\ih^t_a^+,$6^hfghf_jIZjd:\_gx:_s_q_j_afbgmlmyijyfh
baebnlZ\hj\Zeky\dZ[bg_lfbkkDhi_e_\bq
Y\ub]jZeHgohq_lqlh[uyibkZekp_gZjbc
YagZxIha^jZ\eyxkdZaZeZhgZkmohG_m`_ebihdZy[_`Zekx^Zwlhl:elfZgiha\hgbe_c
bkdZaZeqlh_fmgjZ\blkyfhyb^_y"
Ghdlhlh^he`_gi_j_\_klbfhckp_gZjbcuaZieZlbl_aZi_j_\h^"
Fug_\deZ^u\Z_f^_gv]b\dbgh_s_kmr_kdZaZeZfbkkDhi_e_\bq
Ghwlh`_\^he]Yhl^Zfk]hghjZjZy\ulZsbeba[jxdih^hejm[Zobbml_jihlkhe[Zb
r_bqlh\ua\ZehmfbkkDhi_e_\bqijbklmi^mr_\ghcbnbabq_kdhc[heb
Fg_dZ`_lkykdZaZeZhgZkljZ^Zyg_lhhlaZiZoZfh_]hihlZg_lhhlfh_]hmki_oZm
dbghijh^xk_jZfg_dZ`_lkymf_gy_klvjZ[hlZdZdjZa^ey\ZkDgb`ghfmfZ]ZabgmOZji_jb
Jhmgm`_g]jmaqbdIh^h`^bl_g_kihjvl_uagZ_l_qlhlZdh_OZji_jbJhm"WlhkZfh_
agZf_gblh_ba^Zl_evkl\h\:f_jbd_Fh`_l[ulvlZf\ugZc^_l_k_[_i_j_\h^qbdZ
Kdhevdh"kijhkbeyg_l_ji_eb\h
Kdhevdhqlh"
KdhevdhhgbieZlyl"
Iylviylv^_kyl\qZkBmgbolZf_klvi_j_\h^qbdbkh\k_oyaudh\
Yf]gh\_gghkhkqblZeooijb\hkvfbqZkh\hfjZ[hq_f^g_y[m^mbf_lv[hevr_
^heeZjh\\g_^_ex?kebiheh\bgmhldeZ^u\ZlvgZi_j_\h^qbdZ
Ykh]eZk_gdjbdgmeyY[_jmwlmjZ[hlm
FbkkDhi_e_\bq[ukljhgZibkZeZqlhlhgZdehqd_[mfZ]bbijhlygmeZfg_
hlZ^j_kykljblf_`^mFw^bkhgbIZjd:\_gxAZ\ljZ\mljZF_g_^`_jZah\ml
fbkkJh^jb]_kLhevdhaZihfgbl_\:f_jbd_g_evayhiZa^u\ZlvgZZihclf_glubiheh`_gh
ijboh^blv\dhklxf_[_ehcjm[Zrd_b]Zeklmd_Bh[yaZl_evghdmibl_k_[_^_ah^hjZglbijbfbl_
mljhf^mruf_gykeurbl_"
Yijhklbe_cwlmribevdmQ_jlkg_cFuihlgu_fug_ihevam_fky^_ah^hjZglhf6HFUHWbg_
hk\_`Z_fihfbgmlghjhlfylgufbibexevdZfb7LS7RSghmgZk_klvb^_bgZdhlhju_ki_j\h]h
`_aZoh^Zdexxlex[u_\Zrbijh^xk_juBfu_s_ihkfhljbfgm`gufu:f_jbd_bebg_l
GZaZ\ljZjh\gh\g_ky\jmdZoib^`Zdhlr_jklygh]hdhklxfZljhcdbdmie_ggh]h_s_\
BlZebb\g_cehgh\hckhjhqd_bijb]Zeklmd_y\ur_ebakZ[\_y\FZgo_ll_g_bklZjZykvg_
^urZlvqlh[ug_ihl_lvihr_eihcmebp_\ihbkdZodgb`gh]hfZ]ZabgZOZji_jbJhm
FZ]ZabghdZaZeky\k_j_^bg_d\ZjlZeZihjZabl_evghdjZkb\uckkbyxsbfba_jdZevgufb\bljbgZfb
�b\ukhdhckl_deygghc^\_jvxYgZ^_eib^`Zd[ukljh\hr_e\fZ]ZabgbhdZaZeky\jZxZ\lh
\j_fydZ`^uc^hfkdhg^bpbhg_jhf[ue^eyf_gyijbagZdhf^jm]hcjZckdhcjhkdhrghc`bagb
\_^vfuwfb]jZglu`beb\^_r_\hfklZjZdZgZfbgh[_a\kydh]hdhg^bpbhg_jZhl_e_\;jmdebg_
fu_a^beb\kZ[\_yofZjrjmlhfUUlh`_[_adhg^bpbhg_jh\ZgZjZ[hlmgZk[jZeblhevdh\kZfu_
gbadhhieZqb\Z_fu_f_klZ]^_hdhg^bpbhg_j_g_q_]h[uehbf_qlZlvB\^jm]OZji_jbJhm
IjhoeZ^ZDgb]bLboZyfmaudZ=hkih^bykh]eZk_ggZqZlvlml]jmaqbdhf=^_\Zrf_g_^`_j"
F_g_^`_jhfhdZaZeZkvdjZkb\ZybkiZgdZ]hkih`ZJh^jb]_k
u]h\hjbl_ihZg]ebckdb"kijhkbeZhgZ
:ihbkiZgkdb"
Ym^b\beky
DZdyfh]m]h\hjblvihbkiZgkdb"YlhevdhqlhbaJhkkbb
Ba\bgbl_ghgZfgm`_g^\myauqguc]jmaqbd
Y^\myauqgucY]h\hjxihjmkkdbbihZg]ebckdb
�Ba\bgbl_gZfgm`_g]jmaqbddhlhjuc]h\hjbliRZg]ebckdbbihbkiZgkdbhk\b^Zgby
BhgZmreZ\gmljvijhoeZ^gh]hdgb`gh]hjZyZyh[eb\Zykvihlhf\k\h_fr_jklyghfblZevygkdhf
dhklxf_lmihihr_egZaZ^dkZ[\_xYihr_eihFZgo_ll_gmih_]hmadbfdheh^pZff_`^m
kl_deyggufbg_[hkdj_[Zfbbqm\kl\h\Zek_[yfZe_gvdbfihlgufb[_kihfhsgufdjZ[hfgZ^g_
^mrgh]hZd\ZjbmfZhljZ\e_ggh]h\uoehigufb]ZaZfbB\k_^_kylve_lihke_wlh]hyiulZeky
\u[jZlvkybawlh]hZd\ZjbmfZ\udZjZ[dZlvkyihkl_deyggufihebjh\Zggufkl_gZfdm^ZlhgZ\_jo
gZjm`m]^_^jm]Zy`bagvb^jm]hc\ha^mo
Ghl_i_jv\;hklhg_y`Z^gh\^hogmebf_gghwlmjZkiZj_ggmx^mohlmZf_jbdZgkdh]hdhglbg_glZb
ijhsZevguf`_klhffuke_gghh]eZ^be]hjyqb_djurbdZlb\rboihmebp_fZrbgIhebp_ckdbc
Nhj^lhjqZegZm]emc^hjh]b^\Zihebp_ckdbokb^_eb\g_fb\gbfZl_evghkfhlj_ebdZdy
i_j_kljZb\Zxk\hx7HUVHOqlh[u\hclb\ihlhdHgb[uebihoh`bgZlh]hihebp_ckdh]hdhlhjuc
^_kylve_lgZaZ^^Zefg_ih^aZluevgbdgZIZjd:\_gxghl_i_jvym`_ex[bebwlboihebp_ckdbo
Dh]^Z\uih^ibku\Z_l_aZ\_sZgb_\u\^jm]gZqbgZ_l_\b^_lv`bagvdZd[uklhcaZ]jh[ghc
klhjhgu
Bhlwlhci_j_f_gujZ^bmk\Zr_]h\b^_gbyjZkrbjy_lkybi_j_^\Zfb\^jm]jZkiZob\Z_lky\ky
h[t_fghklvbijhkljZgkl\_gghklv`bagb__gZiheg_gghklvkhegp_fljZ\hcaZiZoZfbb
\hafh`ghklvxijhklh]hkqZklvy[ulvGZijbf_jihc^hjh]_yfh]k\_jgmlvgZ0DVVSLNHb
mdZlblv\;ZnnZehgZGbZ]Zjkdbc\h^hiZ^bebyfh]ih_oZlv\:leZglbdKblbZihcgZD_ci
Dh^By\^jm]ih^mfZeqlhaZ^_kylve_lk\h_c`bagb\:f_jbd_ygbdh]^Zg_[ue^Z`_\KZg
NjZgpbkdhBfh`_l[ulvm`_gbdh]^Zg_[m^m
Ghyg_k\_jgmegZFZkkiZcdZklmiufjmkkdh_\j_ckdbfmijyfkl\hf_oZeihcgZk_\_j\
KZe_f]^_EbaZkgyeZ^_r_\uclZmgoZmkY_oZeb^mfZehf_klZo\dhlhjuolZdbg_mki_e
�ih[u\Zlv\wlhc`bagbYg_[ue\bkg_ce_g^_\EZk_]Zk_gZ=Z\Zcyob^Z`_\:leZglbdKblb
Yg_[ue\:njbd_\:\kljZebb\Yihgbbb^Z`_\F_dkbd_LZdgZdhcq_jly_^m\KKKJ""Qlhy
lZfg_\b^_e"Hq_j_^baZijh^mdlZfb"Dbjibqgu_jh`bfhkdh\kdbofbebpbhg_jh\"Eya]Zxsb_
aZkh\uE_nhjlh\kdhclxjvfu"
Q_jl\havfbdZdfg_\u`blv\wlhcih_a^d_"DZdh[obljblv]w[wrgbdh\b\_jgmlvkyd^hqd_
`b\uf"GZ\_jghhgbg_Zj_klmxlf_gykjZambg_klZgmldhehlvhljZ\e_ggufahglbdhf\i_j\u_
^gbbgZq_\ky^_e_]Zpby\k_ljb^pZlvaZiZ^guo`mjgZebklh\ih^gbfmlkdZg^Ze
BlZdkZfh_hiZkgh_^eyf_gyihke_^gb_ljb^gydh]^ZgZrZ^_e_]Zpby[m^_lm`_g_\Fhkd\_Z
�\LZeebgg_klhebp_WklhgbbZLZeebggwlh^eygbom^h[ghlZfk_cqZkaZ\ZjmoZZglbjmkkdbo
\heg_gbcbih^rmfhdlZffh`gh\kZfucihke_^gbc^_gviujgmlvgh`hf\mebqghc^jZd_wlh]h
Z\lhjZZglbkh\_lkdbojhfZgh\bebih^kuiZlv_fmdZdhcgb[m^vf_^e_ggh^_ckl\mxsbcy^Qlh[u
hgk\hehqvhl[jhkbedhiulZgZke_^mxsbc^_gvm`_gZaZiZ^ghcl_jjblhjbbAgZqblfhyaZ^ZqZ
g__klvbg_iblvgbq_]h\LZeebgg_Yk\_jgmekhc\KZe_fijh_oZefbfhklZjh]hdjZkgh
�iZd_lh\kmohnjmdlh\^\_iZqdbjZkl\hjbfh]haZ\ljZdZbljb[mluedb3HSWD%LVWROkj_^kl\hhl
`_em^hqguohljZ\e_gbc@?keb\k_ljb^gygZr_]hij_[u\Zgby\LZeebgg_yg_[m^m_klvgbq_]h
kh\_lkdh]hZ[m^mlhevdh`_\Zlv\kmomxkbjbebdZebnhjgbckdb_kmohnjmdlulhfh`_l[ulvy
_s_h[fZgmD=;b\u`b\m
Lhevdhg_gZib\ZckylZf^hivygZbg_ih^o\Zlbkbnbebkmk\hboex[bfuojmkkdbo`_gsbg
kdZaZeZfg_EbaZdh]^Zyh[gy\^hqdmkhh[sbe_cqlh_^m\KKKJ
MEbau\k_]^Z[uebk\hbij_^klZ\e_gbyhp_eyofhbo^_eh\uoih_a^hdOhlyl_i_jvlhdZ`_lky
dZdh__c^_eh"
QZklv\lhjZy

;Zdm\]hjh^_]^_Za_j[Zc^`Zgpu\uj_aZebk_cqZk\k_oZjfygjZgvr_\ihjmfh_cxghklb
[mr_\Zebkh\k_fbgu_kljZklb=jmiiufheh^_`bijZa^ghklhyeblh]^ZgZmebqguom]eZobeb
kb^_ebgZkdZf_cdZoijbfhjkdh]h[mev\ZjZb`Z^gufb]eZaZfbijh\h`ZebdZ`^mxfheh^mx
[ehg^bgdmbebbgh]^Z[jxg_ldmZo\hlwlZohjhrZZo\hlwlm[uZoZoZoAZ
wlhcyihr_e[ugZdjZck\_lZ
Fg_dZ`_lkyqlhijb^mfu\Zlvdgb]bbebnbevfulZdh_`_ijbylgh_aZgylb_B^_ygh\hcdgb]b
\kiuob\Z_li_j_^lh[hcdZdkh[eZagbl_evgZy[ehg^bgdZgZ\ukhdbogh]Zobluijh\h`Z_rv__
aZ]hj_\rbfky\a]ey^hf:o\hlwlmdgb]my[ugZibkZeIhjhclu^Z`_[_`brvaZg_cdZd
\hkiZe_ggucdZ\dZakdbcfZevqbrdZbe_i_q_rvaZibku\Z_rvdZdb_lh]emiu_beb^_jadb_keh\Z
Gh[ehg^bgdZmoh^blg_m^hklhb\l_[yhl\_lhfZlu_s_bghqvxihfgbrv__\uau\Zxsmx
ihoh^dmZ[jbkdjmlh]h[_^jZb^mfZ_rv`ZjdhdZdhgZgbjmxsbcih^jhklhd:oy[ugZqZewlm
dgb]m\hllZd:ihlhf\hllZd
Ghmljhf\f_klhlh]hqlh[uk_klvbibkZlvluhiylvb^_rvgZm]hek\h_c[m^gbqghc`bagbb
klhbrvijZa^gufa_\Zdhcbebkm_lghrey_rvkyih[mev\ZjZfbi_j_medZfk\hbojmlbgguo^_eb
�\^jm]gh\Zy[ehg^bgdZ\uoh^blgZl_[ybaaZm]eZdZdkghiyjdh]hk\_lZ\l_fghl_x`ghcghqbZ
ijb^mfu\Zlvdgb]bijbylgh
Bkh\k_f^jm]h_^_eh\u[bjZlvlmdhlhjmx[m^_rvibkZlvWlh^Z`_kljZrg__q_f`_gblvkygZ
djZkb\hc[ehg^bgd_wlhkdhj_cdZd\u[jZlvk_[_ly`_emx[he_agvkjhdhfw^ZdgZ]h^ZlhbgZ
^\Zijhq_f\fheh^hklbwlhlkjhddhjhq_fheh^u_ibkZl_eb[he_xlk\hbfbi_j\ufbdgb]Zfb
]hjyq_qghdZd^_lb]jbiihfk\ukhdhcl_fi_jZlmjhcGhb\ua^hjZ\eb\ZxllZd`_[ukljh:\hl
ihke_khjhdZ[he_lvljm^g_cb]jbiihfbdgb]hc
Gh_kebyijZ\qlhibkZgb_dgb]bwlhly`_eZy[he_agvg_dhlhjZynhjfZrbahnj_gbbkh
klZjZl_evghcnbdkZpb_cgZ[mfZ]__`_^g_\guo]ZeexpbgZpbclhfh`gheblj_[h\Zlvhl[hevgh]h
ibkZl_eyijbf_jgh]hbkiheg_gbyh[s_kl\_gguoijZ\bebebkmijm`_kdboh[yaZgghkl_c"Bg_
jbkdh\ZgghebjZaj_rZlvibkZl_ex\hkiblu\Zlv^_l_cbeb\h^blvfZrbgm":_kebhgklZgh\blky
m]jxfufkdZg^ZevgufdZijbagufb^_ij_kkb\guffh`ghebh[b`ZlvkygZg_]hdZdgZa^hjh\h]h
q_eh\_dZ"
GZibkZlvdgb]mijhlhdZdibkZl_evibr_ldgb]mbdZdihf_j_kha^Zgbywlhcdgb]bjZajmrZ_lky
_]hebqgZy`bagvk_fvykhpbZevgZykn_jZ\hdjm]g_]h\hl_s_h^gZ[ehg^bgdZdhlhjZy
\ukdhqbeZk_cqZki_j_^hfghckeh\ghbaaZm]eZghm`_m`_moh^blmoh^bl\l_gbklmxZee_x
Ohjhrh ohlyqlh`lmlohjhr_]h"\f_kebdgb]ZbaaZdhlhjhcjZa\ZebeZkvebqgZy`bagv__Z\lhjZ
gZklhysZyohjhrZydgb]Zbbgl_j_kgZqblZl_eyf:_kebwlh_s_bg_m^ZqgZydgb]Z"
Beb_kebgbdlhgbh^bgba^Zl_evg_ohq_l__ba^Zlv"DZdk_[yqm\kl\m_lZ\lhj"
YibrmwlhaZiha^Zeh_ij_^bkeh\b_baaZjh[hklbIhlhfmqlhk_cqZkfg_ij_^klhbliju]gmlv\
dgb]mIj_^u^msb_]eZ\u[ueblhevdhih^t_fhfdkx`_lghfmljZfiebgmZdh]^Zb^_rv\]hjmlh
kfhljbrvk_[_ih^gh]bbg_ljmkbrvGhih^gy\rbkvgZ\_jrbgmg_m\_j_gguceu`gbdlhiq_lky
i_j_^djmlufkimkdhfb^_eZ_li_lebgZ]hjghcfZdmrd_ijbl\hjyykvqlhijh\_jy_leu`gu_
dj_ie_gbyLZdbyih^oh`ml_i_jvddjZxh[ju\ZaZ\yadbb\kljZo_kfhljxg_m`_ebiju]gm"B
hloh`mbaZ\Zjb\Zxk_[_gh\mxqZrdmdhn_bhldZreb\ZxkvbibrmaZiha^Zeh_ebjbq_kdh_
ij_^bkeh\b_qlh[uhleh`blvk\hciju`hd_s_gZqZkgZ^_gv
Gh_keblZdkljZrghgZibkZlv=eZ\Z\hkvfZyIhe_l\Fhkd\mlhij_^klZ\vl_dZdh\h[uehfg_\
j_Zevghc`bagbijhlygmlv^_`mjghfm\ZwjhihjlmD_gg_^bihkZ^hqguclZehgbijhclbkZfhfm
ijhclb\;hbg]\ue_lZ\rbcbaGvxChjdZ\Kh\_lkdbcKhxa
HyihfgxdZdwlh[uehmeu[Z_rvkydZdijbiju`d_kljZfiebgZZmkZfh]hhlkljZoZkibgZ
\kihl_eZFurebFureb\kZfhe_l
G_lg_lZdIhgylb_fudgZfg_ih^oh^behfu_s_g_[uebl_f_^bgufb]hj^uf:HDUHk
dhlhjh]hgZqbgZ_lkyZf_jbdZgkdZydhgklblmpbyFu^Z`_g_[ueb]jmiihcihlhfmqlhihgylb_
]jmiiuij_^iheZ]Z_ldZdh_lh_^bgkl\hZfu[uebijhklhlheihc\ljb^pZlvq_eh\_dbg_agZeb
^jm]^jm]Z^Z`_ihbf_gbk_qlhgZkk\yau\Zeh[bjdbkgZ^ibkvx,QWHUQDWLRQDO3UHVV
$VVRFLDWLRQdhlhju_gZ\_kbegZfgZib^`Zdb;Zjjbm^klhgdh]^Zfu\hq_j_^b^jm]bo
iZkkZ`bjh\ih^oh^bebdklhcd_j_]bkljZpbb[be_lh\gZFhkd\m;Zjjb\ukhdbclheklydoe_l
k`b\ufbl_fgufb]eZaZfbbi_ghck\_leuodm^jyr_d^hie_qklhye dhg_qgh\ib^`Zd_[_ehc
khjhqd_b]Zeklmd_\f\hae_klhcdbZ\kljbckdhcZ\bZdhfiZgbbkhkibkdhf\jmdZoaZ]ey^u\Ze\
[be_ludhlhju_fudeZebgZklhcdmblml`_\hkdebpZekqj_af_jgufwglmabZafhf
Hfbkl_jIehldbgJZ^\Zk\b^_lvDZdih`b\Z_l_"hl\ZrZgZ]jm^gZy[bjdZM\b^bfky\
kZfhe_l_
GhlZdh_`__^bgkl\h[uehbmgZrboq_fh^Zgh\gZgbolh`_\bk_ebh^bgZdh\u_[bjdbk
ghf_jhfgZr_]hj_ckZLZdfh`ghebgZibkZlvfuq_fh^Zgu"
H^gZdh^jm]h]hf_klhbf_gbymf_gyg_lZihlhfmijh^he`bf
BlZdfu_^bgu_lhevdhh[sghklvxk\hbo[bjhdf_^e_gghcp_ihqdhcrebgZihkZ^dm\kZfhe_l
Q_klgh]h\hjyy[uegZklhevdhm^b\e_gk\h_c[_ajZkkm^ghklbqlh\hkijbgbfZewlmihkZ^dmdZd
ihemj_ZevghklvGmih^mfZcl_ih_^_leb[_]eucdZlhj`gbdgZwdkdmjkbx\k\hxlxjvfm"Beb
[u\rbcaZeh`gbdbjZgkdbol_jjhjbklh\jZkkdZaZ\rbcfbjmhlhfdZdgZ^gbfba^_\Zebkv\h\j_fy
aZdexq_gbyihe_lblebhg\BjZgijh\_^Zlvk\hbokljZ`gbdh\"
�Yr_e\kZfhe_ldZd\bkg_ce_g^_^_lbb^ml\aZem`Zkh\bfkljZrghgh\lhjufkhagZgb_fhgb
l\_j^ylk_[_lhqlh]h\hjblfhy^hqdZdh]^Zkfhljblnbevfuijhfhgkljh\3DSDGRQ\nWZRUU\LWLV
�QRWUHDOIZiZg_[hckywlh`_ihgZjhrdm@LZdbfg_\k_dZaZehkvqlhk_cqZkjZah[v_lkydZdZy
gb[m^v\ZaZehig_lhdghjmog_lihlhehdbyijhkgmkv_^vjh\ghljb]h^Z\k_ljbi_j\uo]h^Z
ij_[u\Zgby\:f_jbd_fg__`_ghsghkgbeZkvFhkd\Zqlhyb^mihmebp_=hjvdh]hZ\hdjm]
ex^bgh\k_fheqZlk_agZxlqlhywfb]jZglij_^Zl_evjh^bgugh\k_fheqZlb`^mldh]^Z
Zf_jbdZgkdbciZkihjl"KljZoqlhyihl_jyewlhliZkihjlaZ[ue\ujhgbewlhlkljZo^mrbe
f_gybyijhkuiZekyk^bdbfk_j^p_[b_gb_fihlguchlm^mrvy:l_i_jvykZfihk\h_c\he_r_e
\wlhlkhg_k_ehdZdihev^m
B\b^ghmeu[dZgZfh_febp_[ueZlZdZyb^bhlkdZyqlhklhy\rZyijb\oh^_\kZfhe_lklxZj^_kkZ
kijhkbeZ
ukwlh]hj_ckZ"
GZ^_xkvqlhg_lhl\_lbey
HgZaZ]eygmeZ\fhcihkZ^hqguclZehgbj_rbeZqlhyihrmlbe
&#xHV;&#x;&#xR;&#xX; U;&#xH;&#x;&#xh;&#xkd;ë&#xdg;&#xme;&#xZ;&#xhg;&#xZ;&#xjZ;&#x^h;&#xkl;&#xgh;&#x;&#x;&#x;&#x';&#x;&#x7K;&#xLV;&#xZ;
&#x;&#xSO;&#xHD;&#xVH;&#x;&#xHV;&#x;&#xR;&#xX; U;&#xH;&#x;&#xh;&#xkd;ë&#xdg;&#xme;&#xZ;&#xhg;&#xZ;&#xjZ;&#x^h;&#xkl;&#xgh;&#x;&#x;&#x;&#x';&#x;&#x7K;&#xLV;&#xZ;
&#x;&#xSO;&#xHD;&#xVH;&#x;HV\RXDUH\hkdebdgmeZhgZjZ^hklgh'7KLVZD\SOHDVHZkwlh]hZr_f_klh
'Kx^Zih`ZemcklZ@
?_jmdZ\[_ehci_jqZld_mdZaZeZfg_ijhoh^dfh_fmdj_kem\r_klgZ^pZlhfjy^mDZ`_lkywlh
[ueh_^bgkl\_ggh_qlhym\b^_e\l_fbgmlulhevdhjmdm\[_ehci_jqZld_ghgbebpk\hbo
ihimlqbdh\gbebpZlhcklxZj^_kku
�Zohlyih\k_fijZ\beZfibkZl_evkdh]hj_f_keZym`_^Z\gh^he`_g[ueij_^klZ\blv\Zfohly[u
g_kdhevdboqe_gh\gZr_c^_e_]Zpbb kl_fqlh[uihlhfhgbgZjZ\g_khfghcklZeb]eZ\gufb
i_jkhgZ`Zfbwlhcdgb]b\fyohjhrhihfgxqlhg_\b^_e\l_fbgmlugbh^gh]hebpZ\hdjm]k_[yB
^Z`_dh]^Zme_]eZkvkm_lZihkZ^dbbZ\kljbckdb_klxZj^_kku\ukhdb_iehkdh]jm^u_bh^bgZdh\h
djZkb\u_dZdgh\u_dZjZg^Zrb\i_gZe_klj_fbl_evghijhc^yihijhoh^ZfaZoehiZebgZ^gZrbfb
]heh\Zfb]gmlufbdhaujvdZfb[Z]Z`guoiZg_e_cb\hagbdeZgZ^ibkv)DVWHQ6HDW%HOWV
�Ijbkl_]gbl_j_fgb@y\k_g_\_jbe\lhqlhwlhybf_gghyZ^bfIehldbgkZfijbkl_]b\Zx
k_[yj_fg_fddj_kemkZfhe_lZe_lys_]hihfZjrjmlmGvxChjd_gZFhkd\ZFh`_l[ulv
ihlhfmqlhmf_gy_s_[uerZgkk[_`Zlvbawlhcih_a^db\_g_bebyih^khagZl_evghgZ^_yekygZ
qm^hfhe\\_gkdhfZwjhihjlmqlhlhh[hj\_lwlhl^mjZpdbckhg
Blhevdhdh]^Zijbfhsghfbdjmlhf\ae_l_;hbg]Zf_gy\`Zeh\fy]dmxkibgdmdj_keZb
gZdj_gbehqmlvebg_\\_jogh]Zfby\i_j\u_ihqm\kl\h\Zek\hxh[j_q_gghklvb[_kkbeb_i_j_^
km^v[hc
OjmiaZdhiq_ggh]hkg_]Zih^\Ze_gdZfbkZih]Zfb[hlbgdZfb
FhjhaguciZjbahjlh\\k\bgph\hfihemfjZd_kb[bjkdh]hjZkk\_lZ
L_fgu_kl_]Zgu_\Zlgbdbdhjhldb_ihemrm[dbrZidbmrZgdb
Fylu_kuju_ebpZDhehggZofmjuog_\ukiZ\rbokyfm`qbgb`_gsbg
GbdZdbojZa]h\hjh\lhevdhijhklm`_ggucdZr_eviZibjhku\klZevguoam[ZoojmirZ]h\\
ijhfhjh`_gghcmebp_
Bgbadbcly]mqbcaZ\h^kdhc]m^hdLh[ueihke_^gbckt_fhqguc^_gv\fh_c`bagbghy_s_gZ
agZeh[wlhfK\_j^eh\kd_bg^mkljbZevghfp_glj_MjZeZfuihklZ\bebljbdbghdZf_ju\dZ[bgm
ih^t_fgh]hdjZgZaZp_gljZevghcijhoh^ghcagZf_gblh]haZ\h^ZMjZefZrbkgbfZebdZd
mlj_ggyykf_gZjZ[hqbob^_lgZjZ[hlm
GbdZdbohi_jZlhjkdbobaukdh\gbdZdbokgh]krb[Zl_evguojZdmjkh\bebkt_fhdk^\b`_gbyLjb
klZlbqgu_dZf_jug_cljZevgu_dZdnhlh[mfZ]ZB^\Z^pZlvlukyql_fguo\kl_]Zguo\ZlgbdZob
rZidZonb]mjb^mlgZ\Zkbaijhfhjh`_gguomebp\k\bgph\hfihemfjZd_kb[bjkdh]hjZkk\_lZ:
gZ^gbfbdjurb^hfh\mdjulu_dhjhklhckg_]Zijhdhiq_ggh]hnZ[jbqgufb^ufZfbGZ
jZkljm[jZ^bh^bgZfbdZ\uie_\u\Z_lmlj_ggb_ihau\gu_bi_j\u_lZdlu]bfgZKh\_lkdh]hKhxaZ
XghrZih^jhklhdkijhklm^gufbnmjmgdmeZfbgZr__`mygZoh^mdmkhdoe_[Zk[bekykrZ]Z
@_gsbgZ\fm`kdhf\Zlgbd_kf_lZeebq_kdbfbam[ZfbkdZaZeZ_fmqlhlhaeh_fZl_jgh_
=hkih^bihq_fmmgbom\k_of_lZeebq_kdb_am[u"Hlwlbok\bgph\uo^ufh\gZ^MjZefZr_f"\f
:hgb\k_b^mll_fgh_ijhklm`_ggh_ijhdmj_ggh_klZ^hh[j_q_ggh_gZ\hkvfbqZkh\mxjZ[hlm
Hgb\l_dZxldZdawdb\jZ[hqmxahgm\rbjhdb_\hjhlZkgZ^ibkvxgZZjd_MJ:EVKDBC
&#xH0;F:RBGHKLJHBL?EVGUCA:HBF?GBHDLY;JVKDHCJ?HEXPBBKe_\ZhlgbogZ
dbjibqghcijhoh^ghch]jhfguc[Zj_ev_nknb]mjZfb\^hogh\_gguofmkdmebkluojZ[hqbob
&#x?0;jZ[hlgbpbgZ^ibkvI:JLBY??LG:KDDHFFMGBAFM:aZ\hjhlZfbgZaZ\h^kdhf
^\hj_bo\klj_qZ_lklZlmyE_gbgZkijhkl_jlhcjmdhcb_s_h^gZ]b]ZglkdZygZ^ibkv?JGHC
��HJH=HCB?L?LH:JBSBBE?GBG
Yklhye\dZ[bg_ih^t_fgh]hdjZgZkfhlj_e\hdmeyjh^ghcbadZf_jb`mldh_hsms_gb_qlhy
qblZxgh\uclhf:jobi_eZ]Z=ME:=_s_g_gZibkZggucghm`_aZij_s_ggucjhkeh\hfg_
\f_kl_kf_eh^b_cfmaudbdfh_fmnbevfmG_l\^jm]ih^mfZeygbdZdhcfmaudbZbf_gghwlb
ieu\msb_gZ^ex^kdbfihlhdhfijhklm`_ggh[h^ju_ihau\gu_fhkdh\kdh]hjZ^bhb^hhkdhfbgu
�ijbl\hjgh\ha\ur_gguc]hehk^bdlhjZh[jh_mljh^hjh]b_lh\Zjbsbq_jZ\Dj_fe_
khklhyehkvq_kl\h\Zgb_\u^Zxs_]hky^_yl_eyf_`^mgZjh^gh]hdhffmgbklbq_kdh]h^\b`_gby
ihke_^h\Zl_evgh]hmq_gbdZ\_ebdh]hE_gbgZjmdh\h^bl_eygZr_ciZjlbbE_hgb^ZBevbqZ
;j_`g_\ZhagZf_gh\Zgb__]hg_mklZgghc]hkm^Zjkl\_gghc^_yl_evghklbIj_ab^bmf_joh\gh]h
Kh\_lZKKKJgZ]jZ^begZr_]h^hjh]h]hE_hgb^ZBevbqZ;j_`g_\Zlj_lv_ca\_a^hc=_jhy
KhpbZebklbq_kdh]hLjm^Z:hgb\k_b^mlFmlgu_]eZaZQ_jgu_\Zlgbdbb[mreZlu
G_[jblu_s_db
=hkih^bgDZfiZg_eeZ\hll\hc=hjh^KhegpZY[m^m^_j`ZlvwlhldZ^jgZwdjZg_ljbfbgmlu
q_luj_iylvihdZ`mlv\k_oZkkhpbZpbckHk\_gpbfhfk:jobi_eZ]hfk=hjh^hf
KhegpZg_^hc^_l^hdZ`^h]hajbl_eyg_gZqg_l^mrblv_]hBwlh[m^_ljZfdhcfh_]hnbevfZ
_]hgZqZehfbdhgphfZ\kyk_j_^bgZm`_kgylZijhklZyf_eh^jZfZba`bagbkb[bjkdbojZ[hqbob
rhn_jh\lZ_`guoabfgbdh\
Z^bf\ZfkjhqgZyl_e_]jZffZfheh^_gvdbcZ^fbgbkljZlhjijhklm`_ggucdZdb\ky
dbgh]jmiiZih^gyeky\dZ[bgmdjZgZbijhlygmefg_`_elucd\Z^jZlguc[eZgd
&#x?J;�K?JEHKD=HKLBGBP:;HEVRHCMJ:EDBGH=JMII:ABF:;?KDHG?QG:
&#x:0;&#x:0;J?@BKK?JM:BFMIEHLDBGMBJ?DLHJMD:JLBGUDHGKL:GLBGMA:CDH
MD:A:GB?FH;DHF:I:JLBBNBG:GKBJH:GB?KT?FHD:R?=HNBEVF:
�&#xJ:;&#xS:;&#xCL;&#x?K;&#xV;&#xE?;&#xGB;&#xG=;&#xJ:;�IJ?DJ:S?GHLQDG?F?E?GGHHAJ:S:CL?KVE?GBG=J:KHK?FKGYLUF
&#x?0;F:L?JB:EHFLQDG?UIHEG?GB?IJBD:A:Q:K:IJB??LDMHEVG?GBX
&#x:K;&#xK;&#xH;&#xKL;&#xM0;&#x:K;&#xK;&#xH;&#xKL;&#xM0;&#x:K;&#xK;&#xH;&#xKL;&#xM0;:KKHKLMBBLQDBJ?DLHJKLMBBE:IRBG
Ykmgmewlml_e_]jZffm\dZjfZgf_oh\h]hihemrm[dZwlh[ueZq_l\_jlZyl_e_]jZffZ^\_i_j\uo
fukDhkl_cAZcdhijhklhijhb]ghjbjh\ZebZihke_lj_lv_cDhklyhj]Zgbah\Zefg_[hevgbqguc
ebklebih\mxkijZ\dmhl\jZqZhlhfqlhmf_gy\hkiZe_gb_e_]dboOhlykZfhihy\e_gb_wlbo
l_e_]jZffbrd\Zel_e_nhgguoa\hgdh\khklm^bb]h\hjbebhlhfqlhgm`ghki_rblvkgylv\k_qlh
aZ^mfZghlh_klvijhlygmlv_s_ohly[u^\Zkt_fhqguo^gyEx[hcp_ghcFh`_l[ulv^Z`_e_qv
GhlmlgZdhae_ijbdZlbeDhklyAZcdh?klv^\ZkhjlZZ^fbgbkljZlb\guo]_gb_\\kh\_lkdhfdbgh
I_j\u_wlh`mebdbdhlhju_bkihevamxlb^bhlkdmx[xjhdjZlbq_kdmxkbkl_fm
dbghijhba\h^kl\Z^ey^_g_`guofZobgZpbc gZijbf_jhnhjfeyxlkt_fdmfgh]hlukyqghc
fZkkh\dbZh[oh^ylkykhlg_cq_eh\_dbjZagbpm\hieZl_deZ^mlk_[_\dZjfZg\f:\lhjZydZl_]hjby
ih^\b`gbdbhlbkdmkkl\ZLjb^pZlbe_lgbcDhklyAZcdh[ueba\lhjhcdZl_]hjbbb\kxk\hx
fheh^mxwg_j]bxhgmihlj_[eyegZlhqlh[ufuk^_eZebDbghbf_gghDbghk[hevrhc
[md\uB_keb^eywlh]hgm`gh[ueh\YdmlbbhklZgh\blvjZ[hlmZefZagh]hjm^gbdZbihemqblvgZ
kt_fdb\k_r_klv^_kylkhjhdZlhgguo;?E:Ah\jZ[hlZ\rbo\ZefZaghjm^ghfdZjv_j_wlhfh]
k^_eZlvlhevdhAZcdhBdh]^Zgm`gh[uehihemqblvihedkhe^Zlkljhc[ZlZbaZg_^_exihkljhblv\
lmg^j_gZklhysbcg_g_pdbcihk_ehdZihlhf_s_aZk_eblv_]hgZklhysbfbg_gpZfbwlhfh]
k^_eZlvlhevdhAZcdhBdh]^ZihgZ^h[behkvijyfh\lZc]m^hklZ\blv\_jlhe_lhfbaOZ[Zjh\kdZ
\jZqZ]bg_dheh]Zqlh[ug_kju\Zy]jZnbdZkt_fhdk^_eZlvZ[hjlgZr_cfhkdh\kdhcZdljbk_wlh
lh`_fh]mkljhblvlhevdhDhklyAZcdh
Ijbwlhfhggbdh]^Zg_ijbkmlkl\h\ZegZkt_fdZoMdbgh]jmiiu^he`_g[ulvh^bgeb^_jdZd\
Zjfbb^he`_g[ulvh^bgdhfZg^bj]h\hjbehgFhyaZ^ZqZh[_ki_qblv\ZfaZ\ljZrgxx
kt_fdmZgZk_]h^gyrg_cfg_^_eZlvg_q_]hBhgk\ylhkh[ex^ZewlmaZih\_^vbihy\eyekygZ
kt_fhqghciehsZ^d_lhevdh\kZfuobkdexqbl_evguokemqZyogZijbf_jdh]^ZykgbfZeivygmx
^jZdm[bq_cgZabfgbd_ \wlhfwibah^_ijbgbfZebmqZklb_lhevdh^\Zijhn_kkbhgZevguoZdl_jZZ
hklZevgu_khjhd^_\ylv[uebih^ebggu_kb[bjkdb_[bqbbrhn_jx]b\f
Ihwlhfmdh]^ZbadZ[bguih^t_fgh]hdjZgZym\b^_edhaebdDhklbAZcdhih^dZlb\rbcba
[hdh\h]hi_j_medZdijhoh^ghcMjZefZrZyihgyeqlhlhkemqbehkvYhlebihlhdmeyjZ
\b^_hdZf_judhlhjZy^m[ebjh\ZeZdbghdZf_jmhi_jZlhjZbg_j\ghaZdmjbe:\gbamDhkly
\uiju]gmebadhaeZbihma_gvdhce_k_gd_klZelhjhieb\h\a[bjZlvkygZih^t_fgucdjZgHg[ue
^Z`_[_aiZevlhZ\k\h_fklbevghf^\m[hjlghfblZevygkdhfdhklxf_b\[_ehcjm[Zrd_k
njZgpmakdbf]Zeklmdhfdhlhjuomg_]hgZaZ\bklv\k_cklm^bb[uehljb^x`bguB\hh[s_fhc
Dhkly[ueh[jZaphfgh\h]hlbiZkh\_lkdh]h[bag_kf_gZk_fb^_kyluo]h^h\hgk\h[h^gh]h\hjbe
ihZg]ebckdbj_]meyjghqblZe]heeb\m^kdmx]Za_lm9DULHW\b]jZe\l_ggbkdmjbelhevdh
FZ]OEh]hghkbeblZevygkdb_dhklxfubnjZgpmakdb_]Zeklmdbb^\ZjZaZ\g_^_ex[u\Ze\
nbgkdhckZmg_BglmjbklZaZdjulhc^eyijhkluokh\_lkdbokf_jlguoGhk_cqZkihaZ[u\hk\h_f
bfihjlghfehkd_b^Z`_hk\hbodh`ZguoblZevygkdboi_jqZldZohg]heufbjmdZfbki_rgh
i_j_[bjZeijhfhjh`_ggu_klZevgu_klmi_gvdb\_jlbdZevghce_klgbpuZ\[hevrhcohesh\hc
kmfd_q_j_aie_qhhgaZq_flhih^gbfZegZfgZdjZg[hevrb_f_lZeebq_kdb_[ebgudZkk_luk
dbghie_gdhc
Gm"kdZaZeyg_l_ji_eb\hdh]^Z_]h]heh\Z^hklb]eZ^\_jpudZ[bgu
Ibl_j_D=;Zj_klh\ZehfZl_jbZe
Qlh"Qlh"
QZkgZaZ^gZklm^bxijb_oZeb]w[wrgbdbaZreb\fhglZ`gmxbbatyeb\_kvfZl_jbZegZr_]h
nbevfZ^Z`_rmfh\mxnhgh]jZffmkdZaZeDhklyaZiuoZ\rbkv
:g_]Zlb\"
k_ih^qbklmxGZgZkgZklmqZeiZjldhfklm^bb
Hgbhl\_aebfZl_jbZe\KfhevgucJhfZgh\mijh^he`ZeDhklybaZq_flh]eygmegZk\hb
jmqgu_qZkuK_cdhHgk_cqZk_]hkfhljbl
Dlhkfhljbl"
JhfZgh\^m[bgZJhfZgh\k_cqZkebqghkfhljblfZl_jbZegZr_cdZjlbgu
Hldm^ZluagZ_rv"g_ih\_jbeyJhfZgh\i_j\uck_dj_lZjvE_gbg]jZ^kdh]hh[dhfZiZjlbb
[ueagZf_gblk\h_chjlh^hdkZevghciZjlbcghcdhgk_j\Zlb\ghklvxY[ukdZaZeqlhhg[ue
Eb]Zq_\ufwihob;j_`g_\Z
AgZxkdZaZeDhklyMf_gyk\hbbklhqgbdbbgnhjfZpbb
Ghqlhhgfh`_lihgylv"kdZaZey_^vnbevf_s_g_kfhglbjh\Zg[_aa\mdZ
Lhqlhbfgm`ghhgbihgbfZxlFuklh[hcq_j_akhjhdfbgml\ue_lZ_f\Ibl_j
Ibl_jhflh_klvI_l_j[mj]hfDhkly\k_]^ZgZau\ZeE_gbg]jZ^dZdfgh]b_dZag_ggu_
e_gbg]jZ^pu
Ygbdm^Zg_ihe_qmy^he`_g^hkgylvwibah^:ihlhfimklvhgbf_gyohlvkZ`Zxl
Lug_mki__rv^hkgylvwibah^
Ihq_fm"MgZk_klvie_gdZb^himkdgZaZ\h^
K_fvfbgmlgZaZ^k\_j^eh\kdh_D=;ihemqbehl_e_nhgh]jZffmbae_gbg]jZ^kdh]h=;batylvm
gZk\kxhlkgylmxie_gdmb\u]gZlvgZkkaZ\h^ZHgb[m^mla^_kvq_j_ag_kdhevdhfbgmlKdZ`b
hi_jZlhjmimklvjZajy^bldZf_jubkmg_llm^ZwlbdZkk_lubDhklyijhlygmefg_kmfdmk
ijbg_k_ggufbbfdZkk_lZfb
:qlhwlhaZie_gdZ"kijhkbey^Z`_g_mkhfgb\rbkv\lhqghklb_]hk\_^_gbcYagZeqlh\
dZ`^hf]hjh^_]^_fukgbfZebDhklyi_j\uf^_^hfdZ^jbef_klguol_e_nhgbklhdLZdbfh[jZahf
\kydbgh]jmiiZbhkh[_gghiZ^db_gZex[mxx[dmhk\_lbl_ebbZkkbkl_gluhi_jZlhjZf_gvr_
jbkdh\Zebijbo\Zlblvljbii_jZDhklyAZcdhihemqZe[_ki_j_[hcgmxk\yavkE_gbg]jZ^hf
WlhqbklZyaZk\_q_ggZyie_gdZhgkmgmefg_\jmdbijbg_k_ggu_dZkk_lu;uklj__Z^bf
Fg__s_gm`ghhj]Zgbah\ZlvdZd\u\_albgZrmie_gdmbaK\_j^eh\kdZGZkklh[hc[m^ml
h[ukdb\Zlv\Zwjhihjlm
GhdZdhckfukekiZkZlvwlmie_gdm_keb\_kvnbevfZj_klh\Zg"
HgihdhkbekygZhi_jZlhjZb^\mo_]hZkkbkl_glh\klhy\rboih[ebahklbbijh^he`Z\rbokt_fdmB
kdZaZefg_r_ihlhf
Lubf__rv^_ehkhfghcg_lZdeb"b\^jm]\i_j\u_aZ\k_\j_fygZr_ckh\f_klghcjZ[hlu
khj\ZekygZdjbdY\ZfijbdZau\Zxk^Zlvfg_\kxkgylmxie_gdm"Yij_^klZ\bl_ev
Z^fbgbkljZpbbklm^bb
Ybamfe_gghmklZ\bekygZg_]hZhg^h[Z\bekd\havam[u
��mjZd_eZcqlhy]h\hjx;ukljh
gbamih[hdh\hfmi_j_medmm`_dZlbebdijhoh^ghcaZ\h^Z^\_q_jgu_he]b\_jgucagZd
k\_j^eh\kdh]hD=;:hla^ZgbymijZ\e_gbyMjZefZrZdih^t_fghfmdjZgm[_`ZebljbdZdbolh
lbiZHgblZdki_rbebqlhdZdbDhklyAZcdh[ueb^Z`_[_aiZevlhbrZihd

Kh\_lkdbcj_`bkk_j^he`_gagZlvgZdh]hhgjZ[hlZ_l
DmeZdIZ\eZrZfbgbkljZdbg_fZlh]jZnbbm\_kbklhhl[b\ZeihklhemiZmamihke_dZ`^h]h_]h
ku]jZegZ\_^hfkl\_gguoZf[bpbyofbgbkljZdbg_fZlh]jZnbb\^_eZdhlhjh]h\^jm]\f_rZeky
JhfZgh\ijh\bgpbZevguck_dj_lZjvh[dhfZGhdZd]h\hjblkyoj_gj_^vdbg_keZs_L_i_jvy
kb^_egZijhlb\ohe_ghcfhj^ufbgbkljZf_`^mgbfbfghc[ueZebrvihebjh\ZggZydjurdZ_]h
fbgbkl_jkdh]hklheZZih[hdZfhlf_gykb^_ebGbdheZcEZirbg^bj_dlhjE_gbg]jZ^kdhc
dbghklm^bbbKlZgbkeZ\F_`_\hc]eZ\gucj_^Zdlhjk_dlhjZom^h`_kl\_gguonbevfh\
Fbgbkl_jkl\Zdbg_fZlh]jZnbbIZ\eZrlhevdhqlhijhkfhlj_efZl_jbZefh_]hnbevfZ\k\h_f
i_jkhgZevghfdbghaZe_gZlj_lv_fwlZ`_fbgbkl_jkl\ZZlhqg__mr_ekijhkfhljZihkj_^b
nbevfZihke_wibah^Zivyghc^jZdb\h[s_`blbbkb[bjkdborhn_jh\Ijbklmdb\ZydmeZdhfih
klhemhgkbgojhgghkwlbfbm^ZjZfbjhgyedZ`^h_keh\hhl^_evgh
�Z`_bghkljZggu_dhjj_kihg^_glum`_g_ihjhqZlgZrm`bagvlZddZd\u\
wlhfnbevf_Dlh^Ze\ZfijZ\hlZdkgbfZlvgZrm`bagv"
YkgbfZeihkp_gZjbxdhlhjuc\uml\_j^beb
IhdZ`^hfmkp_gZjbxfh`ghkgylviylvjZaguonbevfh\Fh`ghkgylvdZdjZ[hqb_b^mlgZ
jZ[hlme_lhfijbl_iehfkhegp_Zfh`ghdZd\uabfhcbghqvxBIZ\eZrih\_jgmek\hx
[mev^h`vxjh`md^bj_dlhjmklm^bbuqlhg_\b^_ebqlhhgkgbfZ_l"
Wibah^ivyghc^jZdbfh`ghkhdjZlblvfuij_^eZ]Zebj_`bkk_jmbkim]ZgghkdZaZeEZirbg
�_ckl\bl_evgh_s_^\Zf_kypZgZaZ^^hZj_klZnbevfZ\k_jmdh\h^kl\hklm^bbijhkbehf_gy
\uj_aZlvwlhlbr_klv^jm]bowibah^h\ihlhfmqlhaZjZg__agZebfbgbkljg_ijbf_lnbevf\lZdhf
\b^_Hgijhklhg_fh`_lijbgylv_]h\lZdhf\b^_\_^vih\_q_jZf\;Zj\bo_jZckdhf
ijZ\bl_evkl\_gghf^Zqghfihk_ed_ih^Fhkd\hchgihdZau\Z_ldZ`^ucgh\uckh\_lkdbcnbevf
k\h_fml_klxqe_gmIhebl[xjhDbjbe_gdhb_]haZdZ^uqghfm^jm]mE_hgb^m;j_`g_\mBf_ggh
ihwlbfnbevfZfIhebl[xjhkm^blh`bagbkh\_lkdh]hgZjh^ZBdh]^ZbfihdZau\ZxldZdohjhrh
dZdaZf_qZl_evgh`b\mlkh\_lkdb_ex^bih^bofm^jufjmdh\h^kl\hfdZdwg_j]bqghb
kZfhaZ[\_gghfukljhbfdhffmgbafZ\lhjulZdbonbevfh\^bj_dlhjZdbghklm^bcbkZf
fbgbkljdbg_fZlh]jZnbbihemqZxlij_fbbbijZ\bl_evkl\_ggu_gZ]jZ^uGh_kebihdZaZlv
;j_`g_\mQ_jg_gdhDbjbe_gdh:g^jhih\mJhfZgh\m=jbrbgmbhklZevghciZjlbcghcomgl_qlh
ih^bofm^jufjmdh\h^kl\hfkljZgZkib\Z_lky]heh^Z_l^_j_lkygZkbem_l`_gbijbjh^mg_
\_jblgb\dZdhcdhffmgbafbhl[_aukoh^ghklb\k_h[s_]h\jZgvy\hdjm]kgh\Ziv_l^_j_lkyb
\ujh`^Z_lkyqlh[m^_laZwlhfbgbkljmdbg_fZlh]jZnbb"LZdg_emqr_eb_fmkZfhfm
aZij_lblvhq_j_^ghchq_jgbl_evgucnbevfbq_jlkgbfbk^_gv]Zfbdhlhju_gZwlhlnbevf
ihljZq_gu"Wlb^_gv]bfh`gh\aukdZlvkdbghklm^bbdhlhjZyg_^h[^_eZg_ij_k_deZg_
hklZgh\beZaZj\Z\r_]hkyj_`bkk_jZ
AZk_fgZ^pZlve_lk\h_]hfbgbkl_jkl\h\ZgbyIZ\eZrhlijZ\be\g_[ulb_om^h`_kl\_gguo
nbevfh\bdZ`^ucklhbfhklvx\ihefbeebhgZjm[e_c:ijhfhckdZaZe
wlhfnbevf_gm`ghkhdjZlblv\k_\dexqZylblju
Ba\bgbl_fy]dhgZqZeKlZkF_`_\hc]eZ\gucj_^Zdlhjk_dlhjZom^h`_kl\_gguonbevfh\
Fg_dZ`_lky_kebfu^Z^bfbf\hafh`ghklvdh_qlhi_j_kgylvbha\mqblvqlh[ug_kdhevdh
i_j_klZ\blvZdp_glublml`_mfhedih^[uqvbf\a]ey^hfIZ\eZrZ
Lhqlh"kdZaZe_fmIZ\eZr\mihjQlhhgbfh]mllmli_j_klZ\blv"DZdb_Zdp_glu"DZ`^uc
dZ^jwlh]hnbevfZijhgbaZgde_\_lhcgZgZrkljhcZdZ`^ucwibah^wlhkhpbZevgZyihfhcdZ
[_kdhg_qgZwlh\_^vqlhagZqbl"Qlhihke_ojms_\kdhchll_i_ebgZklmibeZ[_kdhg_qgZyabfZ
hlqlhwlhagZqblGhfu^Z_f\Zf^_gv]bg_^eyihdZaZ]jyagh]h[_evygZr_]hh[s_kl\ZFu^Z_f
\Zf^_gv]bgZnbevfukhpbZebklbq_kdh]hj_ZebafZ:\uljZlbl_gZrb^_gv]bgZkt_fdbk\hbo
kxjj_Zebklbq_kdbofbjZ`_c
Wlhg_\Zrb^_gv]b\^jm]kdZaZeyG_agZxqlhgZf_gygZrehghkhfghclZd[u\Z_l\
kZfhfg_ih^oh^ys_ff_kl_yfh]m\^jm]eyigmlvqlh^mfZx
�IZ\eZrihkfhlj_egZf_gy\g_^hmf_gbbkeh\ghg_ih\_jbek\hbfmrZfZ`__]hdmeZdih\bk\
\ha^mo_gZ^klhehf
F_`_\hcbEZirbgk^\moklhjhg[hevghigmebf_gygh]Zfbih^klhehf^ZykZfm`_ihgyeqlhwlZ
dhjhldZy\k_]hbaq_luj_okeh\njZaZfh`_lklhblvfg_\k_cdbghdZjv_juGhym`_g_fh]
hklZgh\blvkyY\eh`be\wlhlnbevf]h^`bagbyfhj^h\Ze\kxdbgh]jmiim\kb[bjkdbob
mjZevkdbokg_]ZogZiylb^_kylb]jZ^mkguofhjhaZoyljbf_kypZqmlvebg_kbehc\u[b\Zeba
Zdl_jh\om^h`gbdZbhi_jZlhjZboijb\uqdmk^_eZlvdjZkb\hbgZdhg_pm\e_d^\_khlgbex^_c
ijhklhcb^__ck^_eZlv\k_dZd_klv:dl_juhi_jZlhjuZkkbkl_glu^bj_dlhjnbevfZb^Z`_
hk\_lbl_ebih\_jbebfg_blZf\Kb[bjbgZkt_fdZofu\k_\f_kl_\^jm]jZkijh[h\Zebwlhl
gZjdhlbdgZjdhlbdkha^ZgbygZwdjZg_ijZ\^uG_ijZ\^hih^h[byZbf_gghijZ\^u\k_cgZr_c
�g_e_ihc`bagbkhklhys_cba]jhfdboehamg]h\ih\k_f_klgh]h\jZgvy\h^dbb\ujh`^_gbyZ
IZ\eZr[ueijZ\\gZr_fnbevf_gbq_]hg_evay[uehi_j_^_eZlvbebi_j_fhglbjh\ZlvgbdZdb_
Zdp_gluIhlhfmqlhdZ`^ucdZ^j[uekZfhc`bagvx[_a_^bghc\bgv_ldbkhpj_ZebafZGhagZe[u
lu[mev^h`vyfhj^Zkdhevdhljm^Z\eh`beZgZrZdbgh]jmiiZ\wlhldZ`^ucdZ^jG_Zdl_juZ
gZklhysb_]_heh]b[mjbevsbdbrhn_ju[bqbbijhklblmldbb]jZebk_[y\fZkkh\uokp_gZoaZljb
jm[ey\^_gvb_s_]h\hjbebfg_kiZkb[hihke_dZ`^hckt_fdbkiZkb[haZijZ\^mh[bo
kh[kl\_gghc`bagbLZdg_m`_eby\uj_`mbawlh]hnbevfZohlvh^bgf_lj"
YkdZaZeqlh\u^Z_l_gZfg_k\hb^_gv]bkmijyfufhkl_j\_g_gb_fih\lhjbeyIZ\eZrm
u^Z_l_gZf^_gv]blh]hgZjh^Z`bagvdhlhjh]hfuihdZaZeb\nbevf_BaZwlb^_gv]b\uohlbl_
ihemqZlvhlgZknbevfulZdgZau\Z_fh]hkhkbebklbq_kdh]hj_ZebafZGh\_^vgZjh^lhagZ_l
ijZ\^mhk\h_c`bagbLZdaZq_f`_\jZlv"
IZ\eZrhdZf_g_eh]ey^_egZf_gybamfe_gguf\a]ey^hfdZdgZq_eh\_dZdhlhjuc\^jm]k\bogmeky
:\hdjm]f_gybke_\ZbkijZ\Z\^jm]\hagbd\Zdmmfkeh\ghF_`_\hcbEZirbghlh^\bgmebkv
hlf_gygZdbehf_ljdZdhlqmfgh]h?s_[u_^vy\aZiZe_^Z`_keh\hkhpbZebklbq_kdbc
ijhbag_kih^;j_`g_\Z
B\^jm]y\k_cdh`_chsmlbekfukeiZ\eZr_\kdh]h\a]ey^Z_fmohl_ehkvlml`_k_cqZk
iha\hgblv:g^jhih\mqlh[uf_gym\_aeb\ikbomrdm
Ghdj_fe_\kdbc[Zjbghgk^_j`Zekybg_mgbabekygb^hdjbdZgb^h^hghkZ
uk\h[h^guijhbag_khgkihdhcghBkj_aZggufih^[hjh^dhfmdZaZegZfgZ^\_jv
lhl`_^_gv\k_dbghklm^bbKh\_lkdh]hKhxaZihemqbebijbdZaghf_jihFbgbkl_jkl\m
dbg_fZlh]jZnbbKKKJKh]eZkghwlhfmijbdZamgbh^gZklm^bykljZgug_bf_eZijZ\Z[jZlvgZ
jZ[hlm[u\r_]hj_`bkk_jZZ^bfZIehldbgZ:\_kvfZl_jbZenbevfZAbfZ[_kdhg_qgZ[ue
ijhklhkful
DZdbflhh[jZahfqe_gugZr_c^_e_]Zpbbh[gZjm`bebf_gy\m]emdZn_l_jby
:\Zfe_]dhjZaj_rbebm_oZlv"
um_oZebh^bgbebkk_fv_c"
Fg_dZ`_lkyyqblZe\Zrmdgb]m.*%\nVGRJV"Dhg_qghyqblZeFZjlZwlhfbkl_jIehldbghg
Z\lhj.*%\nVGRJVLuihfgbrvwlmdgb]m"
:ihq_fm\uwfb]jbjh\Zeb\:f_jbdmZg_\BajZbev"
@mjgZebkluih^mfZey?s_fbgmlmgZaZ^mgbog_[uehgbdZdh]h^_eZbhgbe_gb\ufbfmoZfb
kehgyebkvih\_gkdhfmZwjh\hdaZemGh\hlbogha^j_cdhkgmekyaZiZodZdhclhbklhjbbbhgblml
`_\hkijyebbkm^h\hevkl\b_fjZafbgZxlgZfg_k\h_fZkl_jkl\hi_j_dj_klgh]hbgl_j\vx^hijhkZ
LZdnml[hebklugZqbgZylj_gbjh\dmiZkmxl^jm]^jm]mfyq\h^ghdZkZgb_g_kbevgufm^Zjhf
Fbkl_jIehldbgqlh\u^mfZ_l_h=hj[Zq_\_"Hgih[_^bl"
:\ug_[hbl_kv\ha\jZsZlvky"M\ZklZf_klvjh^gu_"
KemrZcl_f_gyYih_oZe\kh\_lkdh_ihkhevkl\haZ\baZfb^ey\k_c^_e_]ZpbbghmgbolZf
gbq_]hg_[ueh]hlh\hdZd\k_]^ZBlhevdh\baZ^eyfbkl_jZIehldbgZ[ueZ]hlh\ZGmyiha\hgbe
&#xu;&#xkq;&#xZk;&#xle;&#xu";&#x;&#xH;&#xg;&#x]h;&#xhj;&#xbl;&#x;�_fmb]h\hjxIha^jZ\eyx\uihemqbeb\bamukqZkleb\u"Hg]h\hjblZGhwlh^Zy
gbdh]^Zg_keurZelZdh]hf_jl\h]h]hehkZ
Fbkl_jIehldbgZkdhevdh\ug_[ueb\Jhkkbb"
Z^bffh]mydmiblv\Zf^jbgd"Qlh\uiv_l_"G_f_pdh_ib\h"
Yibeg_f_pdh_ib\hkdmihhl\_qZegZbo\hijhkub\b^_edZdjZkk_yggh_ih\k_fmZwjhihjlmklZ^h
^_e_]Zpbbihkl_i_gghkly]b\Z_lkydgZr_fmklhebdm
OZcfh`ghlmlk_klv"YKwfEhabgkdbj_^Zdlhjh_gguogh\hkl_cR_klh]hZf_jbdZgkdh]h
nehlZDZd\Zka\Zlv"
�ZcZgZLjhkl_jbaOZglk\bee\hck:eZ[ZfZ:wlhfbkl_jIehldbghgjmkkdbcwfb]jZgl
��H_ckl\bl_evgh"JZ^ihagZdhfblvkyQlh\uiv_l_ZcZgZ"
Ba\bgbl_\ubaL_oZkZ"
G_lDhehjZ^hJh[_jlFZd]jhmba^Zl_ev:\u"
FbqbdhDZlhyfZ-DSDQ1HWZRUN1HZV
JZ^ihagZdhfblvky:wlhfbkl_jIehldbghgjmkkdbcHgg_[ue\Jhkkbb^_kylve_lZl_i_jv
_^_lkgZfb:wlhGhjfZg;_jgSXEOLFGHIHQGHUbaNehjb^uQlh\u[m^_l_iblvFbqbdh"
�OZclmlk\h[h^gh"YwgbkEhjfV\QGLFDWHGFROXPQLVWLhevdhqlhijhq_e\;bev^aZ\ljZ\
Fhkd\_[m^_li_j\h_aZk_^Zgb__evpbgkdhchiihabpbbuqblZ_l_ihg_f_pdbHdhg_qghyqblZe
dgb]bIehldbgZy`_ki_pbZebklihJhkkbbG_lkiZkb[hyg_ivxZedh]hevDklZlbfbkl_j
Iehldbg\uagZ_l_qlh\ZrZdgb]Z:lZdZgZR\_pbx^hkboihjijh^Z_lky\ehg^hgkdhf
ZwjhihjlmYkZf\b^_eg_^_exgZaZ^
¼&#xkd;&#x;&#xY;º&#xX;&#x`g;&#xhc;�Fbkl_jIehldbgf_gyah\ml:jbwebckdbLhevdhg_\bkdbZbckdbYbaX`ghcZdhlu
ijhn_kkhjiheblheh]bb\'HQQLV8QLYHUVLW\bj_]meyjghibrm\'HQQLV&KURQLFOHKdZ`bl_\
Fhkd\_fh`ghiblv\h^hijh\h^gmx\h^m"uibeb"Gh\k_lZdbemqr_iblvfbg_jZevgmxijZ\^Z"
:dZdb_rZgkum[Zelbckdboj_kim[ebd\uclbbaKKKJ"udh]^Zgb[m^v[ueblZf"Qlh"
Kem`beb\Zjfbb\Wklhgbb";jZlpu^Z\Zcl_k^\bg_fklheuZlha^_kvg_keurgh
Hgbk^\b]Zebklhebdbdfh_fmklhebdmbaZ^Z\Zebfg_\hijhkuH[f_gb\Zebkv\bablgufb
dZjlhqdZfbbaZ^Z\Zebfg_\hijhkuRmfgh\klj_qZeb_\jhi_ckdbo`mjgZebklh\dhlhju_
aZ^Z\Zebfg_\hijhkuGZqbgZebnebjlh\Zlvk^ZfZfbbaZ^Z\Zebfg_\hijhku
:m\Zk_klvk_fvy"
:_keb\Fhkd\_f_gylv^_gv]bgZmebp_wlhhiZkgh"
:\um`_Zf_jbdZgkdbc]jZ`^Zgbg"
:qlh\u^mfZ_l_ijhjmkkdbogZpbhgZebklh\bijhwlmhj]ZgbaZpbxdZd__IZfylv"
Gh\E_gbg]jZ^_\h^miblvg_evayijZ\^Z"
:\uagZ_l_ijhrZol_jkdb_aZ[Zklh\db\Jhkkbb"
KZfu_kbevgu_b]jhdb^h\hevgh[ukljhihgyebqlhbaf_gyg_\ulyg_rvfZl_jbZe^eyklZlvbb
hklZ\bebfyqgZihem^eyb]jhdh\kj_^g_]hdZeb[jZGh\dZ`^hc]jmii_bf_gghkj_^g__a\_ghjZgh
bebiha^ghhij_^_ey_lk\hboeb^_jh\brmlh\gZr_c]jmii_eb^_jh\_s_g_[uehZgZjhev_keb
g_rmlZlhxjh^b\h]h[uehkjZam^\ZdZg^b^ZlZ:jbwebckdbk_]hihfbgmlgufb\hijhkZfbZ
fug_hiha^Z_fgZihkZ^dm"bfh`ghebiblv\h^m\Fhkd\_"b\Zrihdhjguckem]ZBdZ`_lky
yeb^bjh\Ze
HZ^bf\ZrZg]ebckdbc\iheg_ohjhr?keb[uyfh]eZlZd]h\hjblvihjmkkdbF_`^m
ijhqbfihagZdhfvl_kvwlhfhcfm`=j_]hjbH]be\bfuij_ih^Z_f\beufbFwjbdhee_^`
bj^`bgby:q_f\uaZjZ[Zlu\Z_l_gZ`bagv"uibr_l_\]Za_lm"
:ihq_fm\ug_wfb]jbjh\Zeb\BajZbev"
:kdhevdh\Zfe_l"
ujh^bebkv\;Zdm"=^_wlh;Zdm"Hwlh`_lZf]^_gZpbhgZevgucdhgnebdl
Z^bf_s_ib\Z"
DZdgZau\Z_lky_]hdgb]Z".*%\nVGRJV"Z^bfZ\um\_j_guqlh\Zkimklyl\Jhkkbxihke_
lZdhcdgb]b"
Hgb`_^Zeb_fm\bam
�Gmbqlh"Hgbfh]mlmkljhblv_fmijh\hdZpbxdZdGbdmZgbehnnmu`_agZ_l_D=;Y
^mfZxfu^he`guhg_fihaZ[hlblvkyQlh[uhglZfg_hklZ\Zekyh^bgFbkl_jm^klhg;Zjjb
Wlh\_jghqlhmgZkgZagZq_gZij_kkdhgn_j_gpbyk]_g_jZehfD=;"
:[khexlghZ\ljZ\B_s_^jmavyMgZk[m^_l\klj_qZkeb^_jZfbjmkkdh]h
gZpbhgZevghj_eb]bhagh]h\hajh`^_gbyGhwlhlZcghhlD=;ijhrmbf_lv\\b^m
HdZdbgl_j_kghFbkl_jIehldbg\udh]^Zgb[m^v[ueb\D=;"
G_lghkh[bjZxkvih[u\ZlvYohqmaZ^ZlvbfiZjm\hijhkh\
Hq_f"
:HOOh^bggZ^pZlve_lgZaZ^hgbZj_klh\ZebfhcnbevfYohqmmagZlv_klvebhgmgbo
DZdwlhZj_klh\Zebnbevf":j_klh\Zlvfh`ghq_eh\_dZg_nbevf
KKKJfh`ghZj_klh\Zlvqlhm]h^gh
?s_h^ghh[ty\e_gb_^jmavydjbdgme;Zjjbm^klhggbfZgb_Fhkd\_\gZr_c
]hklbgbp_yaZdZaZeZj_g^mk_cnZ?kebdlhlhbf__lijbk_[_^jZ]hp_gghklbbebx\_ebjgu_
ba^_eby
Q_j_aqZkygZqZejZaebqZlvdlhbagbodlhDhg_qghe_]q_\k_]h[uehaZihfgblvJh[_jlZFZd]jhm
baDhehjZ^hwlh[ue^\mof_ljh\uc]hem[h]eZaucb]jhfdh]hehkucfm`qbgZ\dh\[hckdhcreyi_
\dh\[hckdbokZih]Zobkrbjhdbfdh\[hckdbfihykhfgZ[_euo^`bgkZo?]hihykbkZih]b[ueb
_fm[uehdm^Z[hevr_r_klb^_kylbhgibefg_dZ`_lky\k_ih^jy^\bkdbbib\h^`bgbib\h
[j_g^bbib\hblZd^Ze__gh_]hdjmigh_aZ]hj_eh_ebphkh\_jr_gghg_f_gyehkvhldhebq_kl\Z
Zedh]heyIjZ\^Zihf_j_gZ]jm`_gby^jbgdZfbhg\k_gb`_jZkkl_]b\ZedghidbgZk\h_cjm[Zo_
h[gZ`Zyf_^ghaZ]hj_emx]jm^vihdjulmxk_^ufimrdhf
&#xjh;&#x_;&#xgv;&#xk;&#xg; f;&#xi; e;&#xZ;&#xlh;v; h;�jh\_gvkgbfibeZlhevdhZcZgZLjhkl_jbaOZglk\bee\hck:eZ[ZfZGhhgZibeZlhevdh\h^dm
khev^hfgbq_]hdjhf_\h^dbB\hlebqb_hlJh[_jlZihke_dZ`^h]h^jbgdZgZ__lhgdhfebp_
\uklmiZeb[_eu_iylgZZihke_iylh]hbebr_klh]hklZdZgZ__ebphih[e_^g_ehp_ebdhfbgZ
^ebgghfghkbd_ihy\bebkvjhkbgdbihlZGhhgZZddmjZlghijhfhdgmeZbokZen_ldhcbaZdZaZeZ
k_[_gh\uc^jbgd
KwfEhabgkdbkljhcguckhjhdZe_lgbc\l_fghf[e_ca_j_bkljh]hf]Zeklmd_ihedh\gbdb
j_^Zdlhjh_gguogh\hkl_cr_klh]h:f_jbdZgkdh]hnehlZZlZd`_GhjfZg;_jgg_\ukhdbc
ghdj_idhk[bluck`b\ufb[ZjoZlgufb]eZaZfbZ^\hdZlaZsblgbdbaNehjb^ubfheqZeb\uc
�ly`_eh\_k`hgH\nOZ]_gfwj]hjh^ZFw^bkhgbarlZlZHoZchibebihjh\gmijbf_jghh^bg
^jbgd\iylgZ^pZlvfbgmlKlZdhc`_kdhjhklvxih]ehsZeZ^jbgdbgZrZfheh^_`vr_kl_jh
e_lgbo`mjgZebklh\baZrbg]lhgZEhk:g^`_e_kZbLhjhglhdhlhju__s_\gvxchjdkdhf
Zwjhihjlmh[t_^bgbebkv\hdjm]hq_gvkbfiZlbqghcFhgbdb;jZ^rhmihemnjZgpm`_gdb
ihemrhleZg^dbkdZjbfb]eZaZfbbohjhr_gvdhcnb]mjdhcGZie_qbdZok\h_cd_]_evghcnb]mjdb
FhgbdZihklhygghghkbeZp_emxlhggmnhlhZiiZjZlmjuhgZ[ueZnhlhdhjj_kihg^_glhfdZdh]h
lhibllk[mj]kdh]h`mjgZeZ
G_[hevr_^\mo^jbgdh\aZ\k_\j_fygZr_cklhygdb\_g_\uibebZ^fbgbkljZlhjgZr_c^_e_]Zpbb
;Zjjbm^klhgbkh\k_ffheh^_gvdbc\^`bgkZobkgbd_jkZoq_jguc`mjgZebklbaGvxChjdZ
=hjZpbcKwfkhgdhlhjucljb`^ukijhkbef_gyihq_fmywfb]jbjh\Ze\KR:\g_\BajZbev
Ijbwlhfdhebq_kl\h\hijhkh\[uehh[jZlghijhihjpbhgZevghdhebq_kl\m\uibluo^jbgdh\Lh
_klv[hevr_\k_of_gy^hijZrb\Zebl_dlhibelhevdhfbg_jZevgmx\h^m:jbwebckdb
ijhn_kkhjkdZyiZjZH]be\bbabevyfbFwjbdhee_^`q_l\_jhyihgp_\bihoh`bcgZ
�Z\kljZebckdh]hf_^\_`hgdZ\mg^_jdbg^wgbkEhjfdhlhjucdZ`_lkyagZehJhkkbbZ[khexlgh
\k_pbnju[_ajZ[hlbpuZedh]hebafZqbke_gghklbD=;gZpbhgZevgh]h^hoh^Zdhebq_kl\Z
iheblaZdexq_gguoblZd^Ze__^hijhp_glh\lZlZjkdhcr\_^kdhcb_\j_ckdhcdjh\bmeZ^bfbjZ
E_gbgZbjZaf_jh\ib]f_glgh]hiylgZgZ]heh\_=hj[Zq_\Z
Ih^ZggufPJM\h_ggucaZ]h\hjijhlb\=hj[Zq_\Zg_\hafh`_gghdhgk_j\Zlb\gh_djueh
iZjlbcghcghf_gdeZlmjukihfhsvxkZ[hlZ`Z\kgZ[`_gbbgZk_e_gbyijh^mdlZfbkha^Z_l\kljZg_
gZkljh_gbygZ]j_[g_dhlhjuohgbfh]ml\[m^ms_fhijhdbgmlv\kxi_j_kljhcdm
&#xhl;&#xl;&#xZd;&#x;&#xke;&#xh;&#xgh;&#xi;&#xh;&#xib;&#xkZ;&#xgh;m;&#x;hllZdkeh\ghihibkZghfmwgbkfh]]h\hjblvg_aZfhedZybijbwlhfihfbgmlghih\hjZqb\Zeky
&#xu;&#xkh;&#x]e;&#xZk;&#xgu;&#x";&#xLZ;&#xd";&#x;&#x;�dhfg_aZih^l\_j`^_gb_f_jgh"ukh]eZkgu"LZd"Z`_dh]^ZgZfh[ty\bebihkZ^dmhg
gZki_o^hkfZljb\Zydbimg_f_pdbonjZgpmakdbobZg]ebckdbo]Za_lijh^he`Ze[_ahklZgh\db
Ykh]eZk_gk\ZfbgZklhijhp_glh\=hj[Zq_\gZqZei_j_kljhcdmqlh[ug_fgh`dhihqbgblv
klZjmxkbkl_fm:[khexlghGhdh]^ZhghldjuedZihlkh\_lkdhcwdhghfbdblhm\b^_eqlhlZf\k_
k]gbehbih\k_fml_emkbkl_fuf_lZklZaujZdZH^gZdhkZfhglZdhc`_ijh^mdlkbkl_fudZd
Ojms_\beb;j_`g_\b[hblkyhlhj\ZlvkyhlD=;biZjlbcghc[xjhdjZlbb
Ih^wlh`mjqZgb_b\hdjm`_gbb\k_cgZr_c]jmiiuyihr_egZihkZ^dm\kZfhe_lkh\_jr_ggh
ijhf_evdgmeZ\u\_kdZ/RVWDQG)RXQGbyihdZkZl_evghc\kihfgbeqlh^_kylve_lgZaZ^wlh[ueZ
i_j\Zy\fh_c`bagb\u\_kdZdhlhjmxykZfhklhyl_evghijhq_eihZg]ebckdbmkfhlj_\\g_c
dZdhclhkdjulucrbnj\k_ck\h_c`bagbGhm`_\ke_^mxsbcfb]ihlhdgZr_c^_e_]Zpbbm\e_d
f_gy^Zevr_BylZd`_f_evdhfkg_^hmf_gb_fih^mfZeqlhwlhlZwjh\hdaZedZdlhm`ZekyaZ
^_kylve_lklZef_gvr_Ghij_^Zlvky\hkihfbgZgbyfym`_g_mki_efu\oh^beb\gZr;hbg]
k_]h^\ZqZkZgZaZ^fukb^_eb\g_fjZa[jhkZggu_ih\k_fmkZehgmb\uoh^beb\_g_
kh\_jr_gghg_agZdhfufbjZajhag_ggufbex^vfb:l_i_jvg_ky\jmdZok\hbg_^hiblu_^jbgdb
fu\hreb\kZfhe_lh^ghcrmfghcdhfiZgb_cgZoh^mh[km`^Zy_\jhi_ckdb_kh[ulbyiheblbdm
�;_eh]hhfZjhkimkd\_g]_jkdhcdhfiZjlbbjhklp_ggZ[_gabgb_s_q_jll_qlh\iehlv^h\dmkZ
g_f_pdh]hib\ZBy[ue\wibp_glj_wlh]hdem[dZj_iebdfhgheh]h\rmlhddZkZgbcie_qhfb
iZjh\Zedh]heyG_ij_ju\ZyjZa]h\hjh\fujZkk_ebkv\kZehg_h^gbfiehlguffZkkb\hfihqlb
[_kp_j_fhgghf_gyykvf_klZfbkiZkkZ`bjZfbg_bagZr_c]jmiiublhevdhihke_\ae_lZy\^jm]
hkhagZeqlh_edbiZedbye_qm\Fhkd\m\Fhkd\m
GhkljZoZg_[ueh
Y^Z`_km^b\e_gb_fihbkdZe_]h\gmljbk_[yihlhf]eygme\beexfbgZlhjg_m`lhfum`_
e_lbf"Blml`_\klj_lbe\hijhkbl_evguc\a]ey^nehjb^kdh]hGhjfZgZ;_jgZ
;^bfg_[_kihdhcky?kebqlhy[m^ml\hbfZ^\hdZlhfkdZaZehg
Qbbjk
FuqhdgmebkvB\lhl`_fb]hgZrbklZdZgum^ZjbeklZdZgihedh\gbdZKwfZEhabgkdh]h
Bf_c\\b^m;^bfkdZaZehgR_klhcZf_jbdZgkdbcnehlgZl\h_cklhjhg_
KiZkb[h
�;wee;^bfg_lhjhieb\hijhbag_kkaZ^g_]hkb^_gvy^\mokhldbeh]jZffh\uc`hgH\nOZ]_g
]hjh^kdhcfwjHoZchDZ`_lkyhg\i_j\u_hldjuejhlaZ\k_\j_fygZr_]hihe_lZGhkeh\Z_]h
ijha\mqZebm\_kbklh?kebqlhlhkemqblkyklh[hc\Fhkd\_fuijhklhg_^Z^bfbfa_jghhlb
\k_
Hgb\k_]h\hjbeb;^bfkm^Zj_gb_fgZi_j\hfkeh]_Ghfg_wlhm`_g_f_rZehHsms_gb_
lh]hqlhaZfh_ckibghc^_ckl\bl_evghklhylR_klhcZf_jbdZgkdbcnehln_jf_juHoZchb^\_
^x`bguZf_jbdZgkdboyihgkdbob_\jhi_ckdbo]Za_l iexkdhg_qghwnn_dlg_kdhevdbo^jbgdh\\f
ih^gyebfhc^moihqlbgZlm`_\ukhlmgZdZdhchg[ue^_kylve_lgZaZ^dh]^Zy\wlhf\_gkdhf
Zwjhihjlm\ughkbebakh\_lkdh]hkZfhe_lZiZjZebah\Zggmx_\j_ckdmxklZjmom

gZqZe_gZr_]h\_dZkmi_j]b]ZglkdZydhehgbykZjZgqbg_h`b^Zgghi_j_e_l_eZbap\_lms_c
�:[bkkbgbb\imklugx`b[mlb]^_\kylml`_ba^hoeZhl`Zjub]heh^ZNjZgpmakdb_mq_gu_
ih^kqblZeblh]^ZqlhfZkkZwlhckZjZgqbij_\urZ_l^Z`_ZnjbdZgkdb_f_klhjh`^_gbyf_^bB
gbdlhg_fh]ihgylvqlh`_ih^gyehlZdmxlmqmkZjZgqbbihg_keh__q_j_afhj_g_gZgh\u_em]Zb
a_e_gvZijyfhgZ]b[_ev:jmkkdbcmq_guc_jgZ^kdbckemqZcghgZldgm\rbkv\]Za_lZogZwlh
khh[s_gb_knhjfmebjh\ZegZebqb_hkh[h]h\b^Zwg_j]bb[bhobfbq_kdhcwg_j]bb`b\h]h
\_s_kl\ZDh]^ZwlZ[bhobfbq_kdZywg_j]bydhgqZ_lkygZijbf_jme_ffbg]h\hgbkh[bjZxlky\
klZ^Zb^ml\hd_Zgg_fh]mlhklZgh\blvkyblhgmlBfmjZ\vbbkq_jiZ\aZiZkuwlhcwg_j]bb\^jm]
\ue_aZxlbak\h_]hfmjZ\_cgbdZb^\b`mlkydhehgghcihZfZahgkdbf^`mg]eyfihdZg_k^hogml
jZkklj_eyggh]h[hevr_\bdZfb\]h^mDZdihlhfhd\jZ]ZgZjh^ZE_\=mfbe_\_s_\xghklb
ihiZe\klZebgkdb_eZ]_jyB\hl\]h^m\h[s_cdZf_j_e_gbg]jZ^kdhclxjvfuDj_klukb^y
ih^gZjZfbwlhl=mfbe_\jZafureyeh[bklhjbbq_eh\_q_kl\ZIhq_fm:e_dkZg^jFZd_^hgkdbc
ihr_e\Bg^bxdhlhjZy[ueZ_fmZ[khexlghg_gm`gZ"Qlh_]hlhedgmehgZwlm[_kkfuke_ggmx
\hcgmihke_dhlhjhchglml`_mf_jhljZgbi_j_mlhfe_gby"Ihq_fmGvxlhghldZaZekyhlk_fvbhl
ihlhfkl\Zhlex[bfhc`_gsbgub^Z`_k]hj^hklvxgZibkZeY\kx`bagvjZ[hlZejZ^bgZmdbb
g_ijhebegbdZiebk_f_gb"Ihq_fmGZihe_hgih\_ekhe^ZlgZJhkkbxdhlhjZy[ueZ_fmgm`gZ
lZd`_dZdBg^byFZd_^hgkdhfm"
Blml=mfbe_\kdjbdhfW\jbdZ\ukdhqbebaih^eZ\dbhghldjuey\e_gb_dhlhjh_gZa\Ze
iZkkbhgZjghklvBgufbkeh\Zfbhghldjuekbg^jhfdhlhjucihy\ey_lkymg_dhlhjuoex^_cbeb
^Z`_h[s_kl\\j_amevlZl_fmlZpbbGhawdbihkfhlj_ebgZ=mfbe_\ZdZdgZb^bhlZbhghiylv
aZe_aih^gZjubkfh]jZkkdZaZlvhk\h_fhldjulbblhevdhq_j_ae_l\pbde_e_dpbcdhlhju_
ijhq_e\]h^mihe_gbg]jZ^kdhfml_e_\b^_gbx
Yg_ohqm\gbdZlv\lhgdhklbl_hjbb=mfbe_\Zgh^hkdZ`m\Zf_]h\u\h^Ih=mfbe_\mGvxlhg
FZd_^hgkdbcGZihe_hgDhemf[DmdblZd^Ze__hlklmie_gb_hlq_eh\_q_kdhcghjfumjh^u
ieh^g_ijZ\bevghcfmlZpbbbljZ\fu\]_gZoLjZ\fudhlhjZyfh]eZkemqblvky\j_amevlZl_
gZijbf_j`_kldh]hdhkfbq_kdh]hh[emq_gby\u[jhkZkheg_qgh]hijhlm[_jZgpZdjZldh\j_f_gghc
fbdjh^uju\a_fghcbhghkn_j_k_iZkkbhgZjbbwlhdhg_qghmjh^u]h\hjbl=mfbe_\
BomkljZgy_l_kl_kl\_gguchl[hjGhhgbmki_\ZxljZkk_ylvk\hc]_ghnhg^bhklZ\blvihke_k_[y
iZfylgbdb
Ye_l_e\Fhkd\mg_hklZ\b\ihke_k_[ygbdZdh]hiZfylgbdZ:kmjh^ZfbFZd_^hgkdbf
GZihe_hghfDhemf[hfbijhqbfbiZkkbhgZjbyfbmf_gy[uehlhevdhh^ghjh^kl\hq_klhex[b_
Q_klhex[b_dhlhjh_\GvxChjd_hdZaZehkvkbevg__kljZoh\ljmkhklbbijhklh]h]hehkZjZamfZ
Bf_gghwlZkbeZih^gyeZf_gy\GvxChjd_bihg_keZq_j_ahd_Zg\KKKJH^gZdhgZih^e_l_d
Fhkd\_]^_lhgZ^;jygkdhfbebgZ^Fh`Zckdhffhy^moh\gZyk\yavkFZd_^hgkdbfGZihe_hghfb
^jm]bfb\_ebdbfbiZkkbhgZjbyfb\^jm]h[hj\ZeZkvBylml`_ihgyekZfhqm\kl\b_hl^_evgh]h
�fmjZ\vybebe_ffbg]Zdhlhjuckh\k_cklZ_c^\b`_lky\]b[_evghfgZijZ\e_gbb_j`miZjb\
ij_^qm\kl\bbkf_jl_evghchiZkghklbwlbfmjZ\vbkZjZgqhgdbbe_ffbg]bgZqbgZxlohofblv[_a
hklZgh\dbBq_f[eb`_d]b[_evghcZjZ\bckdhcimklug_l_f]jhfq_ohofblkZjZgqZBe_ffbg]bk
ohohlhf\oh^yl\]b[_evgu_\h^uLhqghdZdyijbihkZ^d_\r_j_f_lv_\kdhfZwjhihjlmdh]^Z
dhe_kZgZr_]h;hbg]ZqbjdgmebihihkZ^hqghcihehkhcbaZbeexfbgZlhjZfb\\_q_jg_fkmfjZd_
ihfqZebkv_eh\u_e_kZIh^fhkdh\vy
2\nNH\(QRXJK1RZ,VHHP\ORYHO\0RWKHUODQGDQGWKDWLVHQRXJKIRUPH/HW\nVJREDFN k_
O\ZlblYm`_m\b^_efhxex[bfmxjh^bgmbkf_gy^hklZlhqghIhe_l_ebh[jZlgh@\hibey
ijbl\hjyykvqlhrmqm%DUU\7HOOWKHFDSWDLQ,\nPQRWOHDYLQJWKHSODQH,\nOOJREDFNZLWKWKHFUHZ
�;ZjjbkdZ`bdZiblZgmkZfhe_lZqlhyg_\uoh`mgZwlhchklZgh\d_Yihe_qmgZaZ^kibehlZfb
Ghdh]^ZkZfhe_lhklZgh\bekybym\b^_eih^_]hdjuehf^\mokhe^ZlkZ\lhfZlZfbgZ]jm^bfg_
klZehg_^hrmlhdYk]ehlgmedhf\]hje_bklZjZl_evghih^[bjZyZg]ebckdb_keh\ZkdZaZegZr_fm
dh\[hxbaDhehjZ^h
Fbkl_jFZd]jhmmf_gy\Fhkd\_fgh]h^jma_cby\_ambf\kydb_f_edb_ih^ZjdbGhyg_
6XUH1RSUREOHPhl\_lbehgke_]dhklvxdhlhjmxh[j_lZ_rvlhevdhihke_^x`bguib\ZB
g_[j_`ghr\ujgmefg_q_j_aijhoh^imklmxkmfdmhl\b^_hdZf_ju
Ihfhbfij_^klZ\e_gbyfJh[_jlFZd]jhm\k\h_cdh\[hckdhcreyi_kZih]Zo^Z_s_y\ghih^
fmohcfh][hevr_\k_ojZkkqblu\ZlvgZkgbkoh^bl_evghklvkh\_lkdbolZfh`_ggbdh\\Jhkkbb
h[h`ZxlZf_jbdZgkdb_nbevfuhdh\[hyobkljZ^bpbhgghckbfiZlb_chlghkylkyd\uib\hoZfY
^hklZebaih^kb^_gvyk\hx^hjh`gmxkmfdmbklZe]hjklyfbi_j_kuiZlv\kmfdmFZd]jhm
aZ`b]ZedbfZ]gblhnhggu_dZkk_ludZevdmeylhjuf_edb_dhkf_lbq_kdb_gZ[hju`_gkdb_
dhe]hldb[Zghqdbkdhn_ij_a_j\Zlb\ukb]Zj_luFZev[hjhb_s_\kydmx_jmg^mdhlhjZy\
Fhkd\_`mldbc^_nbpbl
F_`^ml_f\k_m`_^\b]Zebkvihijhoh^md\uoh^mBlhevdhmf_gy\^jm]hkeZ[ebgh]by\k_g_
j_rZeky\klZlvkdj_keZbkb^_e\g_fkdZdhclh]emihjZkk_ygghcmeu[dhcgZebp_GhlmlGhjfZg
;_jgljhgmef_gyaZie_qh
Yklh[hcihrebkdZaZehgbdjbdgme\i_j_^KwfmEhabgkdhfmIhedh\gbdih^h`^bLu
b^_rvi_j\ufZ^bfaZlh[hcZaZgbfJh[_jllukgZfb"
HVVLUJh[_jlFZd]jhm[jZ\hjZkijZ\beie_qbbiehlg_cgZ^\bgmegZ]eZaZk\hxdh\[hckdmx
reyim
�/HW\nVJRi_j_^@ijbdZaZe;_jgBfuihrebd\uoh^mfuihreb\wlmljm[mkh_^bgyxsmx
kZfhe_lkZwjh\hdaZehfdZdfZe_gvdbc\a\h^b^_l\ZlZdm
wlhcljm[_ijyfhaZihjh]hfkZfhe_lZklhyeb^\Zjmkkdbokhe^ZlZ\a_e_guoih]hgZobk
Z\lhfZlZfbgZ]jm^bA_e_gu_ih]hguwlhih]hguih]jZgbqguo\hckdZih]jZgbqgu_\hckdZ\
�KKKJwlhqZklvD=;_j`ZjmdbgZkl\heZobijbdeZ^ZodZeZrgbdh\uowlb^\Zih]jZgbqgbdZ
\klj_qZebdZ`^h]hiZkkZ`bjZdZf_ggufbebpZfbbgZijy`_gguf\a]ey^hfdZdihl_gpbZevgh]h
l_jjhjbklZ
Ghdh]^Zyi_j_rZ]gmeihjh]kZfhe_lZfZe_gvdZyklZjmrdZH]be\bbadhee_^`ZbevyfbFwjb
\^jm]ojZ[jhih^hreZdwlbfkhe^ZlZf
�+LER\V+RZDUH\RX"KZi,WDNHDSLFWXUHRI\RXIjb\_lj_[ylZDZdih`b\Z_l_"Fh`ghy\Zk
s_edgm@"b\kdbgmeZk\hc&DQRQhl\e_dZybo\gbfZgb_hlf_gyEhabgkdh]hb\k_cgZr_c
]jmiiu
1R1Rnhlhlml`_jy\dgme_cklZjrbcbagbokeuqdhck_j`ZglZgZih]hgZo
2KVRUU\kdZaZeZojZ[jZyfbkkbkH]be\bbkkhagZgb_fhlebqgh\uiheg_gghcfbkkbbihreZ
aZgZrbf[h_\uf\a\h^hf
Fuijhrebdhjb^hjbhdZaZebkv\imklhfbiehohhk\_s_gghfaZe_\hae_^\moq_jguokiysbo
iblhgh\ljZgkihjl_jh\\u^Zqb[Z]Z`ZYgZklhjh`_gghh]ey^_ekykeh\ghihiZe\lhl`_hdhi\
dhlhjhfdh]^Zlhf_gym`_h^gZ`^ugZdjueh\jZ`_kdbfkgZjy^hfR_j_f_lv_\hk_j^p_dZ`^h]h
jmkkdh]hwfb]jZglZwlhkeh\hlhjqbldZdhkdhehdihke_^g_c]jZgZlu[jhr_gghc\g_]hgZ
ijhsZgv_kh\_lkdhc\eZklvx=^_lha^_kvaZkl_ghc\khk_^g_faZe_fg_\kiZju\Zebih^deZ^dm
q_fh^ZgZijhsmiu\ZebdZ`^ucrh\\h^_`^_bkehfZeb[md\u\ibrms_cfZrbgd_Ghihq_fmlh
g_mkljhbebijh\_jdmZgZevgh]hhl\_jklbyH^gZdhl_i_jvihke_im[ebdZpbb\^\_gZ^pZlbkljZgZo
fhbo.*%\nVGRJVqlhhgbfg_mkljhyl"
ijhq_fihdZ\k_[uehihjZabl_evghlbohb^Z`_dZd[u[_amqZklghh]jhfghfaZe_\u^Zqb
IUHH6KRSg_[uehgbh^gh]hijh^Z\pZIjZ\^Zjy^hfkwlbfm`_aZdju\rbfkygZghqvfZ]Zabghf
kb^_eb\dj_keZoiylvjmkkdbo]jmaqbdh\h^_luog_\nhjfmZdlh\hqlhulygm\gh]bbiheh`b\
bogZ[Z]Z`gu_l_e_`dbhgbkgZimkdguf[_ajZaebqb_fjZa]ey^u\ZebgZkbaih^dhaujvdh\k\hbo
gZ^\bgmluogZ]eZaZd_ihdYlml`_\kihfgbejZkkdZaukh\_lkdbolmjbklh\h[wlbo]jmaqbdZo
Bf_ggh]jmaqbdbblZfh`_ggbdbr_j_f_lv_\kdh]hZwjhihjlZ]h\hjylkh\_lkdb_lmjbkluk\yaZguk
fhkdh\kdbfbjwd_lbjZfbbkhh[sZxlbfqlhbf_gghq_eh\_dijb\_abaaZjm[_`Z\k\hbo
q_fh^ZgZoHohlZb^_l\hkgh\ghfaZdhfivxl_jZfba\mdh\hcl_ogbdhcbdbghZiiZjZlmjhc
Ihemqb\hl]jmaqbdh\gZ\h^dmfhkdh\kdb_[Zg^blugZiZ^ZxlgZex^_cih^hjh]_baZwjhihjlZ
beby\eyxlkydgbf\d\Zjlbjukibklhe_lZfbbaZ[bjZxldhfivxl_jdhlhjuck_cqZkklhbl\KKKJ
lukyqjm[e_cq_luj_]h^h\uoaZjieZluIj_ab^_glZ
Lmlij_j\Z\fhbjZafure_gbydhfg_ih^hr_e^\mof_ljh\ucJh[_jlFZd]jhmHggZdehgblkyb
kdZaZelZdlbohqlhwohijhdZlbehkvq_j_a\_kvaZebaZ]m^_eh\dhjbqg_\uoljm[Zodhlhjufb
^_dhjbjh\Zgihlhehdr_j_f_lv_\kdh]hZwjh\hdaZeZ
Z^bfkdZaZeFZd]jhmZqlhkdZ`mllZfh`_ggbdbdh]^Zm\b^ylmf_gy^_kylv^x`bg
]hg^hgh\"Fg_m`_[hevr_r_klb^_kylbfuijb_oZeb\JhkkbxgZ^_\ylv^g_cZmf_gy^_kylv
^x`bgFRQGRPVQlhyfh]kdZaZlvaZq_ffg_klhevdh"
�ZrvlZfh`_ggbdmiZqdmFRQGRPVhgijhimklbll_[y[_aijh[e_fg_j\ghhl\_lbey
h]ey^u\ZykvgZ]jmaqbdh\_^vkj_^bgboh[yaZl_evgh^he`_g[ulv]w[wrgbdihgbfZxsbcih
Zg]ebckdb
�GhaZq_fl_[_klhevdhFRQGRPV"$UH\RXJRLQGJWRGLHKHUHLuohq_rvmf_j_lva^_kv@"g_
mgbfZekyJh[_jlBaaZ_]h]jhfh\h]h]hehkZgZgZkh]eygmebkv^Z`_^\_yihgdbbagZr_c
^_e_]Zpbbklhy\rb_ih^jm]mxklhjhgm[Z]Z`guoljZgkihjl_jh\
Wlhg_fg_kdZaZeydjZkg_yih^i_j_dj_klgufb\a]ey^Zfbyihgkdbo`mjgZebklhdbjmkkdbo
]jmaqbdh\Mf_gyfgh]h^jma_c\Fhkd\_:kh]eZkghkh\_lkdhcklZlbklbd_\KKKJgZh^gh]h
fm`qbgmijboh^blkyljbFRQGRPV\]h^hjhg_`_fm`qbgu\hh[s_ihevamxlkygZ^m\gufb
rZjbdZfb\f_klhFRQGRPVykZfqblZeh[wlhf\kh\_lkdhc]Za_l_
&RPHRQg_ih\_jbefg_Jh[_jlDZd\k_Zf_jbdZgpuhgkqblZeqlhwfb]jZglu\k_]^Z
ij_m\_ebqb\Zxlg_]Zlb\gmxbgnhjfZpbxhkljZg_badhlhjhchgb[_`Zeb
Yihgdbhl\_jgmebkvhlgZkkhojZgyygZk\hbodjm]e_gvdboebqbdZo[_kkljZklgh_\ujZ`_gb_gh
]jmaqbdbijh^he`Zebbaih^k\hbod_ihdjZkkfZljb\Zlvf_gybJh[_jlZMJh[_jlZq_j_aie_qh
\bk_eZ\b^_hdZf_jZYijhp_^be_fmkd\havam[u
�_j`bk\hxdZf_jm
G_[_kihdhcky^jm]fhcijh[ZkbehggZ\_kvZwjhihjl
Lmlg_h`b^Zggh^_jgmeZkve_glZ[Z]Z`gh]hljZgkihjl_jZbkj`Z\uff_lZeebq_kdbfmjqZgb_f
klZeZ\u[jZku\ZlvgZrbq_fh^Zgubaq_jghc]ehldbaZ\_rZgghcj_abgh\ufbyaudZfbihehkdZfb
:]jmaqbdbijh^he`Zebkb^_lv\k\hbodj_keZo[_a^\b`_gby^_j`Zgh]bgZ[Z]Z`guol_e_`dZo
;Zjjbm^khgih^hr_edgbf\ayekyjmdhcaZh^gml_e_`dmghohaybgl_e_`dbkdZaZe_fmdhjhldh
1R5HQW
+RZPXFK"e_]dhkh]eZkbeky;Zjjb
2QHURXEOH
^heeZjh\"
�1R)RUELGGHQAZij_s_gh@klhevdh`_djZldhhl\_lbe]jmaqbd
L_bagZrbodlhklhyejy^hf^hkZ^eb\hdjydgmebbkZfbihlZsbebk\hbly`_eu_q_fh^Zgud
\uoh^mkgZ^ibkvx1RWKLQJWRGHFODUH:;ZjjbjZkl_jygghh]eygmeky_]hq_fh^Zgu^Z`_gZ\b^
[uebg_ih^t_fgufbYihki_rbedg_fmgZihfhsvkdZaZe]jmaqbdZfihjmkkdb
J_[ylZhg\Zf^Zkl^heeZjWlhm`_^_kylvjm[e_c
Fug_fh`_fe_gb\hhl\_lbeh^bgbagboGZfaZij_s_gh[jZlv\Zexlm
�Ghhldm^ZmgZkjm[eb"kdZaZeyFu_s_g_ijhreblZfh`gxheeZjugZjm[ebfh`gh
f_gylvlhevdhihke_^hkfhljZ\u`_agZ_l_
Kb]Zj_ludhjhldh[jhkbekd\havam[uh^bgba]jmaqbdh\byihgyebob]jm
KKKJgZq_jghfjugd_iZqdZFZev[hjhklhbljm[e_cb^ey]jmaqbdh\lZdhc\b^jZkieZlu
km\_gbjZfb[_ahiZkg_cq_fghkblv\dZjfZg_\Zexlmihemq_ggmxy\gufrZglZ`hfFu^Zebbf
ihiZqd_FZev[hjhkZfbgZ]jmabebk\hb\_sbgZl_e_`dbbkZfbihdZlbebbod\uoh^md[m^d_
iZkihjlgh]hdhgljheyGbh^bgba]jmaqbdh\g_ih^gyekyihfhqv^Z`_^ZfZfohlyihemqbeaZ
Zj_g^ml_e_`db\jZa[hevr_q_fiheh`_ghijhq_fkeh\hiheh`_gha^_kvlh`_g_mf_klgh
ihlhfmqlhl_e_`dbwlbg_ijbgZ^e_`Zl]jmaqbdZfZ\u^Zxlkybf^eyh[kem`b\ZgbyiZkkZ`bjh\
Gh\f_klhh[kem`b\Zgbyhgb\u^mfZebk\hxijhe_lZjkdmxkbkl_fmwdkiemZlZpbbdZiblZebklh\
g_hlju\Zyk\hboijhe_lZjkdboaZ^gbphldj_k_e
KemrZcihfh]bohlvyihgdZfkdZaZeyh^ghfmbawlbo]jmaqbdh\\haykvkq_fh^ZgZfbklZjhc
fbkkH]be\bGZrbfbgbZlxjgu_yihgdb\^\h_fih^gbfZebgZl_e_`dmh^bgq_fh^Zg
�ZihrebhgbgZog_[j_`ghhlha\Zeky]jmaqbdbymagZe\_]hbglhgZpbb=hehkjh^bgu
�&#xZ^;¿&#x;&#xfh;&#x`g;&#xh;&#xh;&#xij;&#xhk;&#[email protected]";&#x;&#xi;&#xh^;&#xhr;Z;
&#xh;g;&#x_;9DGLPPD\,DVN\RXVRPHWKLKJZ^bffh`gh\hijhk@"ih^hreZdhfg_ZcZgZLjhkl_j
�OZglk\bee\hck:eZ[ZfZMf_gyijbk_[_r_klvlukyq^heeZjh\gZebqgufbmfZ_rvfg_
gm`ghaZibkZlvbo\^_deZjZpbx"
H*RGMf_gy^Z`_ie_qbhimklbebkvhl^hkZ^uAZq_f\Zfklhevdh^_g_]\Jhkkbb"
:HOObg_agZxFh`_lydmiexqlhgb[m^vBdhgm
Yg_agZxgZkq_l^_deZjZpbbwlhaZ\bkblhl\ZkGhgbdh]^Zg_ghkbl_ijbk_[_[hevr_khlgbgm
^\mokhl_gHklZevgh_hl^Zcl_;Zjjbm^klhgmykeurZeqlhhgkh[bjZ_lkyZj_g^h\Zlv\
]hklbgbp_k_cn
,VHH7KDQN\RXkdZaZeZhgZkkhfg_gb_fbhlhreZblZddhgqbekyfhcihke_^gbcih\h^
aZ^_j`Zlvky\aZe_\u^Zqb[Z]Z`Z
YgZ[jZe\ha^mo\e_]db_bihdZlbek\hxl_e_`dmdhq_j_^bklhys_ci_j_^[m^dhciZkihjlgh]h
dhgljhey
Z^bfkx^Ziha\Zef_gyGhjfZg;_jgbak_j_^bguhq_j_^b
Gbq_]hylmlhlha\Zekyyg_klhevdhhlkdjhfghklbkdhevdhihlhfmqlhbf_gghwlZ[m^dZ
iZkihjlgh]hdhgljheyh[hagZqZeZfhcjhdh\hcjm[_`]hkm^Zjkl\_ggmx]jZgbpmKKKJ=hkih^b
kdhevdhjZaaZihke_^gb_ljbg_^_ebyijhdjmqb\Ze\mf_wlhlfhf_gli_j_oh^Zkh\_lkdhc]jZgbpu
Qlh[m^_ldh]^Zkb^ysbc\[m^d_ih]jZgbqgbdm\b^blfhciZkihjl]^_q_jgufih[_ehfmaZibkZgh
3ODFHRIELUWK8665"hlhg[_j_lfhcZf_jbdZgkdbciZkihjl^mfZey\hl\b^blqlhjh^beky
g_\KR:Z\KKKJblml`_gZ[bjZ_lfh_bfygZdhfivxl_j_Beb_kebmgbo_s_g_l
IehldbgPRVWZDQWHGPDQ
Qlhijhbahc^_l^Zevr_ihke_lh]hdZdih]jZgbqgbdgZc^_lfhxnZfbebx\kibkd_ex^_c
bgl_j_kmxsboD=;yg_agZeFg_gZ^_gmlgZjmqgbdb"F_gyhdjm`Zlbm\_^mlgZ^hijhkdm^Z
gb[m^v\]em[bgmZwjh\hdaZeZ"Bebf_gykjZamhl\_amlgZEm[ygdm\h\gmlj_ggxxlxjvfmD=;"
BebkgZqZeZijbijh\_jd_fhboq_fh^Zgh\mf_gygZc^mlfZjbomZgmdhdZbg\aju\qZldm"
Yfh]h`b^ZlvhlD=;\k_]hhkh[_gghihke_lh]hqlhhgbfg_i_j\hfmhnhjfbeb\bam
Bhlly]b\Zyi_j_oh^q_j_awlhlJm[bdhgyklZe\hq_j_^vihke_^gbfihke_^\mogZrbo
fbgbZlxjguoyihghq_dGhlmlbak_j_^bguhq_j_^bdhfg_j_rbl_evghcihoh^dhcXeZ;jbg_jZ
ih^hr_eju`bcbq_jghmkucGhjfZg;_jg
&RPHhQ/HW\nVJRkdZaZehgg_ij_j_dZ_fuflhghfZ^\hdZlZ
Ghyihke_wlboe_^b
k_\k_ihgbfZxlijhp_^behgkd\havam[uj_rbl_evgh\ayefhxl_e_`dmbihdZlbe__\
k_j_^bgmhq_j_^b]^_klhyebihedh\gbdKwfEhabgkdbdh\[hcJh[_jlFZd]jhmbhoZckdbcfwj
�ly`_eh\_k`hgH\nOZ]_g
Blhevdhlmlyh[jZlbe\gbfZgb_qlh\kygZrZ^_e_]Zpby\k_ljb^pZlvq_eh\_dkeh\gh[u
�g_\agZqZc\iheh[hjhlZbkdhkZbkih^eh[vybebq_j_aie_qhkfhljylgZf_gyZ`_l_dlhm`_
ijhr_eiZkihjlgucdhgljhev^Z`_hgbg_mrebdklhcd_ijh\_jdb[Z]Z`ZZklhyl\hae_[m^db
iZkihjlgh]hdhgljheybydh[ujhykvdlh\kmfd_dlh\dZjfZgZo^_j`Zlf_gy\ihe_k\hbo
\a]ey^h\
Yg_ihgyeqlhwlhagZqblbkg_^hmf_gb_fhkfhlj_ebhsmiZek_[yb\ul_j\kihl_\r__ebph
H\nOZ]_giheh`befg_gZie_qhk\hxim^h\mxjmdm
G_\hegmckyFuklh[hc
Blhevdhlml^hf_gy^hrehqlhhgb\k_^hh^gh]h^Z`_l_dh]hy_s_g_agZeihbf_gb^Z`_gZrb
fbgbZlxjgu_yihghqdb^Z`_aZgm^Z:jbwebckdb\_ebf_gykfhf_glZfh_]h\uoh^Zba
kZfhe_lZLZd\h\j_fy\lhjhcfbjh\hc\hcgujmkkdb_khe^Zlubgh]^Zih^[bjZeb\hnjhglh\hc
ihehk_fZevqbr_dkbjhldhjfbebboh^_\Zeb\\h_ggmxnhjfmaZqbkeyeb\k\hxqZklvkughf
ihedZbaZ[hlbebkvhgbodZdhjh^guo^_lyoe_lgZaZ^y^Z`_k^_eZenbevfhlZdbo
fZevqbrdZowlh[uefhci_j\ucnbevfhggZau\ZekyXg]Zlhji_^gh]hdZl_jZ:l_i_jv\
\hajZkl_e_ly\^jm]kZfij_\jZlbeky\lZdh]h`_kugZ^_e_]Zpbb
L_f\j_f_g_fKwfEhabgkdbiheh`bei_j_^ih]jZgbqgbdhfk\hciZkihjlFu`^Zeb
MKwfZihevkdZynZfbebyghhgZa\mqblbdZdjmkkdZyDlhfm`_hgihedh\gbdZf_jbdZgkdhc
ZjfbbQlh[m^_l"
Ghih]jZgbqgbd[_kkljZklghre_igmerlZfi\_]hiZkihjl
Ijhoh^bl_
L_i_jvfhyhq_j_^v
Y\^hogme\ha^mokeh\ghkh[jZekygujgmlvbrZ]gmedih]jZgbqghc[m^d_iheh`bek\hciZkihjl
gZhdhrdh
IhegZylbrbgZ\hpZjbeZkv\aZe_lZdZyqlh^Z`_k_j`Zglih]jZgbqgbdm^b\e_gghih]ey^_eih
klhjhgZfGhgZrbk^_eZeb\b^qlhbg_kfhljylgZg_]hLh]^ZhghldjuefhciZkihjl]eygmegZ
fhxnhlh]jZnbxihlhfijbklZevghgZf_gyG_agZxaZq_fZf_jbdZgkdb_nhlh]jZnuijhkyl\Zk
k\h_ciZkihjlghcnhlh]jZnbbfg_ijbrehkvkmkbeb_fjZa^\bgmlv]m[u
:ih]jZgbqgbdhiylv\a]eygmegZfh_nhlhm^hklh\_jbekyqlhywlhy\ayeijZ\hcjmdhcrlZfib
re_igmebfihiZkihjlm
Ijhoh^bl_
YrZ]gmehl_]h[m^db\u^hogme\ha^mob\^jm]
+XUUD\jZa^Zehkvkh\k_oklhjhgWlh\kygZrZ^_e_]ZpbyZieh^bjh\ZeZfh_fmfbjghfm
i_j_oh^mkh\_lkdhc]jZgbpu
K_j`Zglih]jZgbqgbd\u]eygmebak\h_c[m^dbg_^hmf_\Zxs_oehiZy[_e_kufbj_kgbpZfb
:_s_q_j_afbgmlmfuklZdhc`_e_]dhklvxijhreblZfh`_gguc^hkfhljlZfh`_ggbdb^Z`_g_
hldju\ZebgZrboq_fh^Zgh\bkmfhdZijhklhrlZfih\ZebgZrblZfh`_ggu_^_deZjZpbb
Ijhoh^bl_Ke_^mxsbcIjhoh^bl_ih`ZemcklZ
klj_qZ\rZygZkfheh^_gvdZy]b^rZBglmjbklZbamfe_ggh\kie_kgmeZjmdZfb
=hkih^blZd[ukljhq_j_alZfh`gxg_ijhoh^beZgbh^gZfhy]jmiiZWlhgZ\_jghihlhfmqlh
�\u`mjgZebkluh[jhih`Zeh\Zlv\KKKJ
WlhihlhfmqlhaZ\ljZmgZkbgl_j\vxk]_g_jZehfD=;kdZaZey_cihjmkkdb
HgZ]eygmeZfg_\]eZaZblml`_hl\_eZ\a]ey^fukg_ckjZamihgyeb^jm]^jm]Z=_g_jZeD=;k
dhlhjuffu^he`gu\klj_lblvkyaZ\ljZg_ohl_eqlh[uwlZ\klj_qZgZqZeZkvk`Zeh[gZlZfh`gxb
ijbdZaZek\hbfj_[ylZfijhimklblvgZk[_aihf_oGhbf_gghwlZe_]dhklvdhlhjZybamfbeZ^Z`_
kh\_lkdmx]b^rmih^l\_j`^ZeZfhxm\_j_gghklv\lhfqlhD=;\_^_lgZrm]jmiim

&#xRX;
&#xUH;
&#xW;&#xKR;&#xPH;�&RQJUDWXODWLRQVRXDUHDWKRPHIha^jZ\eyx\u^hfZ@Lbobc]hehkfbgbZlxjghcyihgdb
ijha\mqZejy^hfkhfghc
HV,DPkdZaZey7KDQN\RX
$UH\RXR\nNH\"
&RQJUDWXODWLRQV
k_^Z`_=hjZpbcKwfkhg^Z`_:jbwebckdbih`bfZebfg_jmdmoehiZebihie_qmb
iha^jZ\eyeb
�Zy[ue^hfZYihgyewlh\^jm]jZahfdh]^Zq_j_ahldjulh_hdghZ\lh[mkZgZf_gyiZogmeh
jh^gufaZiZohfl_iehcfhkdh\kdhciuebLhevdhl_i_jvy\kihfgbeqlhbf_gghwlhl
g_ih\lhjbfucaZiZo\hagbdZe\fhboi_j\uoghklZev]bq_kdbokgZoihJhkkbb:ihlhfq_j_aiZjm
e_l`bagb\:f_jbd_wlhlaZiZoijhiZeyaZ[uehg_fgZijhqvB^Z`_g_mihfbgZehg_f\k\hbo
dgb]ZoB\^jm]kgh\ZwlZl_ieZyfhkdh\kdZyiuevkf_rZggZykiuevphcp\_lms_]hlhiheyb
aZiZohf``_gh]h[_gabgZaZihegbeZfhbe_]db_dZd\ha^mrgucrZje_lmqbf]ZahfFh`_l[ulv
^eydh]hlh\ha^mogbqlhijhklZyb^Z`_\j_^gZykf_kviuebb]Zah\ghbf_gghwlmkf_kvy
\^hogmedh]^Zjh^beky\wlhf\ha^mo_ye_lZe\k\hbo^_lkdbokgZobwlbf\ha^mohfyaZ^uoZeky
dh]^Zp_eh\Zek\hboi_j\uo`_gsbgDhg_qgh_klv\fbj_f_klZ]^_\ha^moqbs_bZjhfZlg_cgh
ba\bgbl_aZiZl_lbdmg_l^eyf_gyf_klZjh^g_c
IjZ\^Za^_kvf_gyh[au\Zeb`b^hfBa^_kv\hl\lhqghlZdhf`_i_j_med_fZevqbrdbihcfZeb
f_gyr_klbe_lg_]hih\ZebebgZa_fexbfZaZeb]m[ukZehf?rv`b^_ghdkZeh?rv:\hl
lmlmf_ljhKhdhe\fZ]Zabg_H\hsb\^\moqZkh\hchq_j_^baZkeb\Zfbyk^_eZeaZf_qZgb_
hq_j_^vih\_jgmeZkvdhfg_baZdjbqZeZL_[_g_gjZ\blky"Ih_a`Zc\k\hcBajZbevBa^_kv\
Fhkd\_mgbqlh`bebfhcemqrbcnbevfBa^_kv\HBJ_dh]^Zyih^Ze^hdmf_glugZ
wfb]jZpbxf_gygZa\Zebij_^Zl_e_fjh^bgu
B\k_`_g_l^eyf_gyf_klZjh^g_c^mfZey]ey^ygZijhieu\Zxsb_aZhdghfl_fgu_mebpu
ghqghcFhkd\uhly^Z`_kgh\ZklZeiZl_lbqgufqlhaZk\hckl\hmwlh]h\ha^moZbwlhca_feb"
&RQJUDWXODWLRQVRXDUHKRPHkdZaZeihedh\gbdEhabgkdbQm\kl\m_rvqlhgb[m^v"
YiulZekyaZklZ\blvk_[ymkgmlvY\gmrZek_[_qlhy^he`_g\ukiZlvky\_^vaZ\ljZljm^guc^_gv
[jbnbg]mZf_jbdZgkdh]hihkeZbgl_j\vxk]_g_jZehfD=;\klj_qbk^jmavyfbb_s_gm`gh
gZclbdZdhclhbgl_j_kgucfZl_jbZe^eyyihgkdh]h`mjgZeZdhlhjucaZieZlbeaZfhxih_a^dm
�GhgZkhk_^g_cdjh\ZlbojZi_e]b]ZglFZd]jhmZaZhdghf[ueZFhkd\ZByg_fh]mkgmlvZb
fh`ghebijb_oZlvgZjh^bgm]^_g_[uejh\gh^_kylve_lblml`_mkgmlv"Dlhfm`_ylhevdhqlh
[hevr_qZkZijhkb^_eml_e_nhgZbg_kfhljygZiheghqvh[a\hgbeihqlb\k_ofhbofhkdh\kdbo
^jma_cIjZ\^ZhdZaZehkvqlhiheh\bgZbagbo\dhfZg^bjh\dZogZAZiZ^_bebgZ^ZqZoihkemqZx
mbd_g^Z_^vkijboh^hf=hj[Zq_\Zbf_gghfh_ihdhe_gb_ijbreh\KKKJd\eZklb^Z`_kZf
=hj[Zq_\klZjr_f_gy\k_]hgZe_lBl_i_jvdZdjZal_kd_fy`be\klm^_gq_kdhfh[s_`blbbb\
ihbkdZojZ[hluh[b\Zeihjh]bdbghklm^bcbf_gghhgbklZebfbgbkljZfbjmdh\h^bl_eyfb
dbghklm^bc]eZ\gufbj_^ZdlhjZfb]Za_lb^_imlZlZfbkh\_lkdh]hiZjeZf_glZHgbh[aZ\_ebkv
^ZqZfbfZrbgZfb^_lvfbblblmeZfbDhg_qghl_dh]hyaZklZe\wlmghqv^hfZlml`_djbqZeb\
l_e_nhgDh]^Zluijb_oZe"GZkdhevdh"Fu^he`guaZ\ljZ`_\klj_lblvkyBy\k_fgZagZqbegZ
�h^gh\j_fy\q_luj_^gy\j_klhjZg_\hae_hfZdbgh:ihlhfe_`Z\ihkl_eby\k_ijhdjmqb\Ze
\iZfylbhll_gdbbo]hehkh\j_iebdb\hijhkuBg_\hevgh^mfZeZ_keb[uyg_m_oZelh]^Z"
?keb[uhklZeky"D_f[uy[uek_]h^gy\Jhkkbb"
LZdyijh\_jl_eky\djh\ZlbqZkbebihelhjZZihlhf\klZebih^hr_edhdgm
Kbaucfhkdh\kdbcjZkk\_lqmlvijhklmiZegZ]hjbahgl_I_j\ucljZf\ZcijhdeZpZe\gbam\
�l_fghl_fbfhklZgpbbf_ljhGOKe_\Z\ae_l_eZdg_[mih^k\_q_ggZyijh`_dlhjZfb
]b]ZglkdZyi_gbkhh[jZagZylblZgh\Zykl_eeZiZfylgbdZdhkfhgZ\lZfdhlhjmx\ukljhbe_s_
Ojms_\Zfhkdh\kdb_lZdkbkluijha\Zebf_qlhcbfihl_glZ:ijyfhaZklZgpb_cf_ljh
ijhklbjZeZkvh]jhfgZy[hevr_q_f&HQWUDO3DUN\GvxChjd_ihl_fdbgkdZy^_j_\gyuklZ\db
^hklb`_gbcgZjh^gh]hohayckl\ZDZ`^Zyj_kim[ebdZbdZ`^ZyhljZkevk_evkdh]hohayckl\Zbf_xl
a^_kvk\hb\uklZ\hqgu_iZ\bevhguihfi_agu_dZd^\hjpuR_o_j_aZ^u=h\hjylqlhKlZebgkZf
^hjbkh\u\Ze[Zr_gdbbdhehggugZijh_dlZowlboiZ\bevhgh\bkh[kl\_gghcih^ibkvxml\_j`^Ze
fhgmf_glui_j_^gbfb\dexqZyfhgmf_gldhjh\ui_j_^iZ\bevhghf`b\hlgh\h^kl\Z
Ghkh\k_fg_wlhlij_^mlj_ggbcfhkdh\kdbci_caZ`aZklZ\bef_gyh^_lvkyb\uclbba]hklbgbpu
�KijZ\Zhlg__[ueZg_\b^bfZybafh_]hhdgZmebpZh\`_gdhLZfaZ`_elufdbjibqgufaZ[hjhf
klhyebiZ\bevhguDbghklm^bb^_lkdbobxghr_kdbonbevfh\bf_gb=hjvdh]h\dhlhjuoykgbfZe
k\hci_j\ucnbevfXg]Zlhji_^gh]hdZl_jZ:aZgbfb\fZe_gvdhclbohcmehqd_bf_gb
Wca_grl_cgZjZkiheZ]Zekyk_khxaguc=hkm^Zjkl\_ggucbgklblmldbg_fZlh]jZnbbZevfZfZl_j
\k_okh\_lkdbodbghrgbdh\Bfhy\lhfqbke_
�Y\ur_eba]hklbgbpui_j_k_dljZf\Zcgu_j_evkufbgh\Zef_ljhGObihr_eihkujhfm
ZknZevlmgZk_\_jdmebp_Wca_grl_cgZe_lgZaZ^ihke_hdhgqZgbydbghbgklblmlZy
qZklhg_[ueh^_g_]gZljZf\ZcBlh]^Zyi_rdhfh[oh^be\k_fhkdh\kdb_dbghklm^bbiulZykv
kh[eZagblvbok\hbfkp_gZjb_fAbfZ[_kdhg_qgZGh^Z`_\l_\j_f_gZojms_\kdhchll_i_eb
j_^Zdlhjuklm^bcrZjZoZebkvhlwlh]hkp_gZjbydZdq_jlhleZ^ZgZ:lhqg__dZdZg]_ehl]j_oZ
GZlZkdZggufqmlv_fkem]Ihebl[xjhhgbm`_lh]^Z\b^_eb\wlhfkp_gZjbblhqlhq_j_ae_l
\a[_kbehIZ\eZrZijZ\^mf_kl_khfghckehgyebkvlh]^Zihklm^byf_s_g_kdhevdhfheh^uob
]heh^guokp_gZjbklh\bj_`bkk_jh\\lhfqbke_fhckhdmjkgbdKlZkbdF_`_\hckhkp_gZjb_fh[
ZelZckdbojZkdhevgbdZoK_fZRmevfZg fm`e_]_g^Zjghckh\_lkdhcdbgha\_a^uLZgbKZfhceh\hc
baE_lyl`mjZ\eb\fkhk\hbfwihoZevgufijh_dlhfY^_jguc\_dhkh\_lkdhZf_jbdZgkdhc]hgd_
\kha^ZgbbZlhfghcb\h^hjh^ghc[hf[uJm^bdLxjbgk]_gbZevgufkp_gZjb_fIjhlhihi
:\\Zdmfhi_j\hfjmkkdhfj_eb]bhaghf^bkkb^_gl_]h\_dZ:jlmjI_ebrvygq_cklm^_gq_kdbc
nbevfh[:jf_gbbm`_lh]^Zkh[jZeqmlvg_\k_f_`^mgZjh^gu_ijbauBblyF_j_`dhklj_fy
kp_gZjbyfbh[mdjZbgkdhfk_e_kghr_gguo[jxdZoimaujysbokygZdhe_gyob^_j`Zih^
furdZfbiZidbkhk\hbfbaZ\_lgufbkp_gZjbyfbfuqmlvg_dZ`^uc^_gvklZedb\Zebkv\
klm^bcguodhjb^hjZobdmjbedZoj_\gb\h\uykgyydhfm]^_qlhkdZaZebQZs_\k_]hklm^bcgu_
j_^ZdlhjrbaZy\eyebgZfqlhfu\hh[s_g_mf__fibkZlvihjmkkdbH[eh`b\bodj_idbffZlhf
fukdb^u\Zebkvihke_^gbfbiylZdZfbbreb\[mn_liblvib\hlmihjm\klm^bcguo[mn_lZob
dZn__s_ijh^Z\Zebib\hihjhc^Z`_q_rkdh_:ijhib\ihke_^gb_iylZdbfukgh\ZlhiZeb
q_j_a\kxFhkd\mi_rdhfdlhdZdyKlZkbdF_`_\hcbblyF_j_`dh\klm^_gq_kdmxh[sZ]m
=BDZZdlhihk\hbffhkdh\kdbfd\ZjlbjZf
L_i_jvyr_elhc`_^hjh]hcb^mfZe=hkih^bdZdjZa[_`ZebkvgZrbimlbKlZkbdF_`_\hc
i_j\uckhr_eklhc\heqv_cljhiubklZej_^Zdlhjhf=hkdbghWihoZevgucijh_dlY^_jguc\_d
gZ]ehmdjZemK_fuRmevfZgZh^bgbaagZf_gbluokh\_lkdboj_`bkk_jh\bK_fZk]hjyjZahr_eky
lh]^ZkLZg_cKZfhceh\hc`_gbekygZdZdhclhbghkljZgd_bm_oZebaKKKJ\:\kljZebxLxjbg
e_liylvbebr_klvoh^be\hj_he_]heh^gh]h]_gbyb^h]heh^Zeky^hlh]hqlhkh]eZkbeky
wdjZgbabjh\ZlvP_ebgm;j_`g_\ZAgZf_gblh]hZjfygkdh]hom^h`gbdZhdhlhjhff_qlZek^_eZlv
nbevf:jlmjI_ebrvygm[bebZjfygkdb_]w[wrgbdb[_a^Zjghih\lhjb\klZebgkdh_m[bckl\h
FbohwekZ]jmah\bdhf\e_ibebom^h`gbdZ\kl_gmbgZwlhcihq\_:jlmjkZfaZ[he_efZgb_c
ij_ke_^h\Zgby:blyF_j_`dhijhdhlhjh]hj_^ZdlhjrbqZr_\k_]h]h\hjbebqlhhgg_mf__l
ibkZlvihjmkkdbklZekZfufdZkkh\ufkh\_lkdbf^jZfZlmj]hfFg_`_ihgZ^h[behkvk^_eZlvljb
dhfijhfbkkguonbevfZ\dhlhjuoj_ZevgZy`bagv[ueZmiZdh\ZgZ\]eygp_\mxh[eh`dm
khpbZebklbq_kdh]hj_ZebafZqlh[umkuiblv[^bl_evghklvj_^Zdlhjh\bk^_eZlvk\hx;_kdhg_qgmx
abfmZ^bf]h\hjbebfg_j_^ZdlhjuDZd\ufh]ebgZibkZlvlZdmxm`Zkgmxkp_gmiyl_jh
ih^jhkldh\ivxl\bghbb]jZxl\dZjlugZ^_gv]bWlh`_ihjhqblgZrm^_ckl\bl_evghklvG_lwlm
kp_gmgm`gh\ughkblvGhkfhljbl_mf_gy`_gZibkZghhgbb]jZxl\dZjluZaZgbfbih
mebp_b^_libhg_jkdbchljy^k[ZjZ[ZgZfbbagZf_gZfbLh_klviehoboih^jhkldh\\k_]hiylvZ
���ohjhrboklhZ`_g_klh^\_klbZ"DofAgZ_l_qlh"Z\Zcl_lZdfu\ZfjZaj_rbf
hklZ\blvwlhlwibah^_kebiehoboih^jhkldh\[m^_lg_iylvZljbIylvwlhkebrdhffgh]h^ey
h^gh]h]hjh^Z:\uagZ_l_dZdZyj_ZevgZyklZlbklbdZ^_lkdhcij_klmighklb\gZr_ckljZg_"
&#xZ^;¿&#x;&#xq_;&#xlu;&#xj_;&#xi;&#xeh;&#xob;&#xo;�GmohjhrhZ^bfq_luj_iehoboh]h\hjbebkv"
�Zfg_ijbrehkvk^_eZlvljblZdbonbevfZqlh[umkuiblvbo[^bl_evghklvbihemqblvjZaj_r_gb_
WcKdbg_fkygZljhbo"\^jm]ij_j\Zefhb\hkihfbgZgbyojbieuc]hehk
Ijyfhi_j_^hfghcgZ\eZ`ghfij_^jZkk\_lghfZknZevl_klhyeaZklmib\fg_imlvom^hcb
ls_^mrgucfm`bqhdk^_jadbfbkbgbfb]eZaZfbg_[jblufdjm]eufebphfbi_ghcg_q_kZguo
i_i_evguo\hehkAZgbfkijZ\Zm\oh^Z\fZ]ZabgIb\h\h^ulheibehkvq_eh\_dkhjhdy\guo
ZedZr_cl_jaZxsboky`Z`^hcih\uib\d_Yohl_efheqZijhclbfbfhwlh]hkbg_]eZah]hfm`bdZ
gh\^jm]f_gyhk_gbehqlhgZ^h`_hlf_lblv\klj_qmkjh^bghc
:jZa\_kmljZijh^Zxl\h^dm"kijhkbey\kihfgb\ijh]hj[Zq_\kdmxZglbZedh]hevgmx
dZfiZgbx
Hghkfhlj_ef_gykgh]^h]heh\ubqlhlh_fmg_ihgjZ\behkv\hfg_g_lhfhcbghkljZgguc
\b^g_lhfhcghkHgfheqZih\_jgmekyb^\bgmekyijhqvGhyhklZgh\be_]h
�Ih^h`^b_j`bbijhlygme_fmjm[evHgihkfhlj_egZjm[evihlhfgZf_gyFhcqbkluc
jmkkdbcyaudm[_`^Ze_]hqlhyk\hcghwlhljm[ev
Luqlh"KEmgumiZe"kdZaZehgIhjm[ebdml_i_jvgZk_f_juokdb^u\Zxlky
Y\kihfgbeqlh\p_eyo[hjv[ukZedh]hebafhf=hj[Zq_\g_lhevdhaZij_lbeijh^Z\Zlv\h^dm
mljhfghb\ljh_ih\ukbep_gugZ\k_kibjlgh_Y\ulZsbebadZjfZgZlhgdmxiZqdmdjhohlguo
dZdPRQRSRO\PRQH\kh\_lkdbo^_g_]dhlhju_g_kdhevdhqZkh\gZaZ^ihemqbe\]hklbgbp_\h[f_g
gZ^\Z^pZlv^heeZjh\bijhlygmefm`bdmkbgxxiyl_jdmDhg_qghyfh]^Zlv_fmb^_kyldmghy
m`_i_j_\_ek\hbfha]bgZimlv_]hfure_gbybg_ohl_e\u]ey^_lv\_]h]eZaZoihegufb^bhlhf
?]h]eZaZ\ibebkv\wlb^\_[mfZ`dbiyl_jdmb`_elucjm[evb`mldZyjZ[hlZfukebhljZabeZkv
gZ_]h]eZ^dhf^hk_e_q_e__fmihdZaZehkv^bdbfqlhyhldjulh\ulZsbebadZjfZgZiZqdm^_g_]b
^Zx_fmZ`r_klvjm[e_cGhg_\aylv^_gv]bhgg_fh]\_^vr_klvjm[e_cwlhihqlb[mluedZ
\h^dbDlhfm`_\kyhq_j_^vZedZr_cjZahf^\bgmeZkvdgZf^_j`Zfhb^_gv]b\kdj_s_gbbk\hbo
]heh^guo\a]ey^h\
Fm`bd\uo\Zlbemf_gy^_gv]bkmgmebo\dZjfZg\kimq_gguogZdhe_gyo[jxdb]hj^hdZd
GZihe_hgi_j_^[bl\hc\klj_lbegZ^\bgm\rmxkylheim
Hl\ZebrZdZeuWlhlfhcdhj_r
HgbhklZgh\bebkvblhevdhlmlyihgyegZdh]hhgihoh`gZlh]h[_agh]h]hbg\Zeb^Zdhlhjh]h
jbkh\Ze\GvxChjd_FZdkbf
B^baZfghcijbdZaZefg_fm`bdbkeh\ghijbdju\Zyf_gyhlklZb\hedh\ijhr_ekhfghc
ie_qhfdie_qmfbfhhq_j_^bAZl_fk\_jgme\dZdmxlhih^\hjhlgxm\e_dZyf_gyaZkh[hc\k_
^Zevr_\h^\hj\dZdhclhih^t_a^
ih^t_a^_[uehiheml_fgh]jyaghbiZoehfhqhcKl_gu[uebbkpZjZiZguihoZ[gufbgZ^ibkyfb
^\_jpuihqlh\uoysbdh\jZa[bluYgZklhjh`beky`Ze_yqlh\\yaZeky\wlmbklhjbxIhlhfmqlh
lmlf_gyfh]ebiujgmlvgh`hfklmdgmlvih]heh\_bebijhklhh]jZ[blv[_a\kydh]hD=;Ghfhc
dhj_rm`_lygmef_gyaZjmdmgZ\_jobfg_ijbrehkvih^qbgblvkyFu\a[_`ZebgZiehsZ^dm
\lhjh]hwlZ`ZhghklZgh\bekyi_j_^dZdhclhh[rZjiZgghc^\_jvxkmgmejmdm\k\hc[_a^hgguc
dZjfZgihrZjbelZfb\u]j_[fhbr_klvjm[e_cbdmqmf_ehqbIhke_wlh]hm\_j_gghgZ`Zedghidm
a\hgdZ
Y\a]eygmegZqZku[uehiylvmljZihfhkdh\kdhfm\j_f_gb
RZjdZxsb_rZ]bijha\mqZebaZ^\_jvxihlhf`_gkdbcklZjq_kdbc]hehk
WlhyQmfghc
Q_]hl_[_"
ImaujvkdZaZefhcdhj_rg_l_ji_eb\hi_j_klmib\kgh]bgZgh]m
�\_jvijbhldjueZkvjh\ghgZrbjbgmeZ^hgb\ijhk\_l_[ueb\b^gug_h^gZZljbgZjZaguo
mjh\gyop_ihqdbQmfghcijhlygmelm^ZdmeZdkh\k_fb^_gv]ZfbYm^b\beky\fh_\j_fy
imaujvklhbe\k_]hjm[evdhi__dZhghl^Z_l[hevr_r_klbjm[e_cL_f\j_f_g_f^\_jv
aZdjueZkvaZg_cihkeurZehkv[j_gqZgv_f_ehqbihlhf]hehk
?s_khjhddhi__d
?s_khjhddhi__d;ukljhebohjZ^hqghkdZaZefg_Qmfghc
Yihjueky\dZjfZgZoMf_gyg_[uehkh\_lkdhcf_ehqbZ[uehlhevdh^\Zd\hl_jZ
Khc^_lkdZaZeQmfghc\uo\Zlbebafh_ceZ^hgbd\hl_jukmgmebo\^\_jgmxs_evb
�ijbdZaZe\ZklZdZgZbaZdmkblvgZ\Zexlm
hl\_lq_j_alm`_s_ev\^\_jbhgihemqbeg_ihegmxiheebljh\mx[mluedmaZldgmlmx
ljyibqghcijh[dhc^\Z]jZg_guoklZdZgZbfhdjuckhe_guch]mj_pgbam]medhdeZpgmeZiZjZ^gZy
^\_jv
RZdZeub^ml;uklj_cQmfghchiylvko\Zlbef_gyaZjmdZ\bihlygme\\_joihe_klgbp_
I_j_iju]b\Zyq_j_a^\_klmi_gvdbfu\a[_`ZebgZr_klhcwlZ`Kgbam[uebkeurgurZ]b
g_kdhevdboq_eh\_d
Ih^kZ^blhjhieb\ufr_ihlhfijbdZaZefg_Qmfghcb\a]ey^hfihdZaZegZ\_jodexdmgZ
q_j^Zd
G_lyi_j\uckdZaZeyihgy\qlhhgfh`_lk[_`Zlvq_j_aq_j^ZdZf_gyhklZ\blvHg
ofudgme
�;ZrdZ\ZjblZ\Zcbijb]gmekyih^klZ\b\fg_kibgmY\ae_agZg_]h^hlygmeky^hdjurdb
exdZk^\bgme__bgZijy]rbkvih^lygmeky\\_jo
;uklj_cJmdmijbdZaZehgkgbamkmgme[mluedmh]mj_pb^\ZklZdZgZ\k\hb[_a^hggu_
dZjfZgubijhlygmefg_\\_jok\hbjmdbKgbam\k_[eb`_]jhfuoZebrZ]bZedZr_cE_`Z\dZdhc
lhq_j^Zqghciuebyihlygmek\h_]hdhj_rZ\exdHgijhrZjdZegh]Zfbihkl_g_ihlhf\e_a\
exdlml`_k^\bgmedjurdmh[jZlghbaZeh`be__lheklhc^hkdhcih^kmgm\wlm^hkdmih^\[blu_
ih[hdZfklZevgu_kdh[u
b^Ze"FhyjZ[hlZ]hj^hihdZaZehggZwlbkdh[ubkdZaZem^h\e_l\hj_gghk_;bf
rZdZeZfIhrebbm\_j_gghih\_eihl_fghfmbiuevghfmq_j^Zdmdm^Zlh\]em[v]^_hldjue
^hsZlmx^\_jpm\uoh^gZdjurm
KlZykhgguo]hem[_crmfghbg_hohlgh\ae_l_eZbaih^wlhc^\_jpuhklZ\b\i_j_^gZfbgZrbn_j_
iylgZ`b^dh]hihf_lZ
;Klj_eylvwlmilbpmfbjZkdZaZeQmfghci_j_rZ]b\Zyq_j_aihf_lG_k\Zebrvky"
IhklZjZxkvyhklhjh`ghr_eaZgbfklZjZykvg_ihkdhevagmlvkygZihdZlhcb\eZ`ghchl
mlj_gg_cjhkurbn_jghcdjur_Dhjhldh]eygm\\i_j_^ym\b^_edm^Zhgf_gy\_^_ld
djhohlghciehsZ^d_k^\mfy^x`bgZfbl_e_Zgl_ggihoh`bogZ\a^u[e_ggu_iheh\u_s_ldb
G_m`_ebhgb^hkboihjg_bf_xlh[sboZgl_gg"ih^mfZey
:fhcdhj_rm`_mk_ekygZwlhciehsZ^d_\ulZsbebadZjfZgh\gZrm[mluev^\ZklZdZgZb
I_j\mx[_aaZdmkbkdZaZehg
Ydb\gme
Ljb^pZlve_lgZaZ^\Kb[bjb\lZc]_\ur_Iheyjgh]hdjm]Z]_heh]bjZa\_^qbdblxf_gkdhc
g_nlbihke_p_eh]h^gyjZ[hlugZkhjhdZ]jZ^mkghffhjha_ihklZ\bebgZklheysbdk^_kylvx
[mluedZfbiblv_\h]hkibjlZbkdZaZebfg_^\Z^pZlbe_lg_fmGmqlh`ijh\_jbfl_[ygZkibjl
AZl_fhgbgZebebbfg_bk_[_ihiheghfmklZdZgmijhp_glgh]hkibjlZbih^h`]eb_]h\wlbo
klZdZgZoYhlhjhi_eghhgbkmkf_rdhcihdZaZebdZdgZ^hiblv]hjysbckibjl\u^hohfq_j_a
ghkk[b\ZlvieZfyZ]m[Zfbiblv
GhlhqlhjZaebek_cqZkihklZdZgZfQmfghcg_[uehihoh`_gbgZkibjlgbgZ\h^dmWlh[ueZ
dZdZylhfmlgZykbaZy`b^dhklv
Qlhwlh"kijhkbey
f_klhhl\_lZhgg_l_ji_eb\hhijhdbgme\k_[y\_kvklZdZgymkeurZedZd`b^dhklvaZ[mevdZeZ\
_]h]hje_IhlhfhghldbgmekyE_]gZkibgmb[eZ`_gghaZdjue]eZaZ
YihgxoZek\hcklZdZgbihkfhlj_e_]hgZijhk\_lWlh[uedZjlhn_evguckZfh]hg
Lu`b^qlheb"\^jm]kijhkbef_gyk[hdmQmfghcY]eygmegZg_]hbm\b^_eqlhhgkfhljbl
gZf_gyh^gbfijbsmj_gguf]eZahf
YlZdhc`_`b^dZdludZpZikdZaZey
:]ZIhgyeBaDZgZ^u"
�Zc\uiblvkgZqZeZG_ihjlv\klj_qmkjh^bghcYih^gyeklZdZgbihkfhlj_e\gba\hdjm]
k_[y;uehqlhlhg_\_jhylghh[u^_ggh_\lhfqlhf_gyhdjm`Zeh\gbamkh\_jr_ggh
g_baf_gb\rb_kylhevdh_s_[he__h[emie_ggu_kl_gukt_fhqguoiZ\bevhgh\dbghklm^bbbf_gb
=hjvdh]hq_luj_owlZ`gh_a^Zgb_fh_]hjh^gh]hBgklblmlZdbg_fZlh]jZnbbZgZijhlb\g_]h
q_j_amebpmaZdbjibqgufaZ[hjhfkdhexq_cijh\hehdhcijba_fbklhly`_eZydhjh[dZ
BgklblmlZfZjdkbafZe_gbgbafZbiheb\ZevgZyfZrbgZf_`^mgbfbgZmebp_Wca_grl_cgZb
i_j\ucmlj_ggbcZ\lh[mkhklZgh\b\rbckygZijhlb\=BDZ
DZd[m^lhygbdm^Zg_m_a`ZedZd[m^lhg_ijhreh^_kylbe_lbg_[ueh\fh_c`bagbgbdZdhc
:f_jbdb
Yrmfgh\u^hogmejh^ghcfhkdh\kdbc\ha^mobaZeihf\uibeklZdZgdZjlhn_evghckb\mob
A^jZ\kl\mcJhkkby
IhreZ"kijhkbeQmfghc
YihkemrZedZdh[`b]Zxs_gZ`^ZqgucdhfihdZlbeky\`_em^hdBe_]gZkibgmjy^hfkQmfguf
ukhdb_bxevkdb_h[eZdZieuebgZ^gZfbi_j\u_[e_deu_emqbkhegpZhk\_sZebbok\hklhdZY
�aZdjue]eZaZqm\kl\mydZdlbohbkeZ^dhihieueZfhy]heh\ZZ`_^_lbfhb[m^mlkdmqZlvih
wlhca_fe_\kihfgbeykeh\Zh^gh]hwfb]jZglZ:\gmdbm`_g_l
Gmq_]h"?s_ihh^ghc"ij_^eh`beQmfghc
&#xhg;&#xg;&#xZ;&#xlh;&#xZ;&#xlh;&#x[m;&#xkg;&#xhc;&#xh;&#xkl;&#xZg;&#xhd;&#x_;&#xy;&#xx[; e;&#xky;&#x;&#x;&#x^j;&#xm];&#xk;&#xdZ;&#xaZ;&#xy;&#xjZ;&#xkk;&#xeZ;&#x[e;&#x_g;&#xgh;&#x;&#x;�hggZlhcZ\lh[mkghchklZgh\d_y\ex[beky\^jm]kdZaZeyjZkkeZ[e_ggh\Z^pZlviylv
e_lgZaZ^Ki_j\h]h\a]ey^ZbgZ\k_]^Z?_a\Zeb:gghc
LZdluaZg_cijb_oZe"kijhkbeQmfghc
G_l
:aZq_f"
;\h`b\_fkdhjh\h_\Zlv[m^_fkdZaZeQmfghcbk_e\ulZsbebadZjfZgZkdeZ^ghcgh`
nbgdm
Kd_f\h_\Zlv"
:kZfbkkh[hc=jZ`^ZgkdZy\hcgZm\Zk[m^_lh[u^_gghkhh[sbehgjZaj_aZegZdhe_g_
h]mj_pbjZaebeba[mluedb_s_ihiheklZdZgZkb\mobKgZqZeZ\Zrbo[m^_fj_aZlv_\j__\Z
ihlhf^jm]^jm]Z:gyl\hybagZrbo[ueZjmkkdZy"
�Z
DjZkb\Zy"
Hq_gv
Wohgh]hjq_gghdjmlgme]heh\hcBihq_fmgZrbdjZkb\u_[Z[u\k_]^Zk`b^Zfb"
Yg_hl\_lbeYkb^_ebkfhlj_e\gbagZZ\lh[mkgmxhklZgh\dmgZijhlb\=BDZe_lgZaZ^hgZ
\ureZbaZ\lh[mkZihoh^dhcF_jbebgFhgjhbkl_oihj\h\k_fqlhy^_eZe\fhbonbevfZob
dgb]Zo]eZ\gu_]_jhbgbghkyl__bfy
EZ^gh\uiv_faZl\hx:gxkdZaZeQmfghcKiZkb[h
Q_j_aqZkykivyghckhkj_^hlhq_gghklvx\_jgmeky\]hklbgbpmih^gyekyebnlhf\k\hcghf_j
ijhr_efbfhkiys_]hFZd]jhmijyfbdhf\lmZe_lkmgme^\ZiZevpZih]em[`_\jhlaZyaudb
\uj\Ze\mgblZa\kx\uiblmxkQmfgufkb\momIhlhfijhihehkdZejhljZa`_\Ze[hevrmx
lZ[e_ldm3HSWD%LVPROaZdmkbelZ[e_ldhc$OND6HOW]HUbe_]kiZlvJy^hfjZaf_lZ\ihdjh\Zlb
k\h_^\mof_ljh\h_l_ehojZi_eFZd]jhm
HgZ\ureZbaZ\lh[mkZihoh^dhcF_jbebgFhgjhbihreZq_j_amebpmdiZjZ^ghfm\oh^mgZr_]h
bgklblmlZGZg_c[uehhldjulh_`_elh_ieZlv_Zih^furdhcih^i_jkbdh\ufehdl_fe_\hcjmdb
hgZg_keZdZdmxlhiZidmIjyfu_blhgdb_dZdr_edjmku_\hehkuiZ^ZebgZh[gZ`_ggu_ie_qb
m^ebgyy__djm]eh_ebphka_e_gufb]eZaZfbbihegufb^_lkdbfb]m[Zfb
;uedhg_pbxgyylhevdhqlhaZsblbe^biehfbklhyegZZ\lh[mkghchklZgh\d_kh[bjZykv_oZlvgZ
FhknbevfGhZ\lh[mkmr_eZyhklZekyklhylvgZhklZgh\d_khldjulufjlhf^mfZyqlhg_llZd
g_[u\Z_lg_fh`_l\hllZdh[u^_ggh\uclbbaZ\lh[mkZ`b\Zyijbgp_kkZfhbo^_lkdbokgh\
kdZahqgZy:e_gmrdZ]_jhbgy\k_ojmkkdbokdZahddhlhju_y_\j_ckdbc\mg^_jdbg^agZedhg_qgh
\^_lkl\_gZbamklv
Ghwlh[ueh[ueh@b\Zy:e_gmrdZiexkGZlZrZJhklh\Ziexk;_ehkg_`dZiexkLZlvygZEZjbgZ
iexkDjZkgZyRZihqdZiexk[_^gZyEbaZiexkKg_]mjhqdZiexkKhgyFZjf_eZ^h\ZblZd^Ze__b
lZd^Ze__moh^beZhlf_gyq_j_amebpmbf_gbWca_grl_cgZBjh\ghq_j_a^_kylvrZ]h\^he`gZ
[ueZkf_rZlvkyklheihc^ebgghgh]boijbgp_kkbih[ey^mr_ddhlhju_bf_ggh\wlh\j_fy\bxg_
lukyqZfbkt_a`Zxlky\gZr=BDkh\k_ckljZgu\gZ^_`^_ihklmiblvgZZdl_jkdbcnZdmevl_lb
klZlvdbgha\_a^ZfbGZrbklZjr_dmjkgbdbihklhyggh\um`b\Zebkj_^bgbokZfuojhkdhrguob
^ebgghgh]bo^b\]hlh\uogZ\k_jZ^bwn_f_jghcihfhsbwlboklZjr_dmjkgbdh\gZ\klmibl_evguo
wdaZf_gZohlbk_cqZklZf\wlhclhei_m\oh^Z\h=BDm`_dhlZfboh^ylgZrbZjfyg_k
lj_lv_]hdmjkZj_`bkk_jkdh]hnZdmevl_lZDhg_qghhgbg_f_^e_gghih^\Zeyld:e_gmrd_b
Yih[_`Zeq_j_amebpmko\Zlbe__aZehdhlv
�_\mrdZfbgmldm
HgZh[jZlbeZdhfg_a_e_gu_]eZaZ\gbog_[uehgbbkim]Zgbm^b\e_gby
YwlhYih^mfZeaZfyfebeyhsmlb\\^jm]\Zlm\dhe_gdZoHlihegh]hkh\iZ^_gby
wlhc^_\mrdbkb^_Zehffhbobf_ggh^_lkdbo_s_^hk_dkmZevguokgh\yl_i_jv\[ebabg__
kh\k_fihl_jye]heh\mBijhfyfebekZfh_[ZgZevgh_YlhevdhqlhaZsblbe^biehfj_`bkk_jZ
Fh`_l[ulv\Zfgm`gZihfhsv^eyZdl_jkdh]hihdZaZ"
KiZkb[hGhyg_ihklmiZxgZZdl_jkdbcnZdmevl_l
:gZdZdhc`_"bamfbekyy
GZj_^Zdlhjkdbcb^bl_ebfg_m`_^_\ylgZ^pZlve_lZgZZdl_jkdbc[_jmllhevdh^h
\hk_fgZ^pZlb
Ihgylghkf_rZekyyBihkdhevdmkdZaZlvfg_[ueh[hevr_g_q_]hijhfyfebelmih
Lh]^ZwlhBa\bgbl_k_]hohjhr_]h
Ih^h`^bl_\^jm]kdZaZeZhgZ:dZd\Zkah\ml"
Z^bf\kiuogmeyZ^bfIehldbgBagZyqlh\k_obgh]hjh^gboZ[blmjb_glhd
ihk_eyxlgZi_j\uo^\mowlZ`ZogZr_ch[sZ]b^h[Z\beY`b\m\h[s_`blbbdhfgZlZ:
\u"uhldm^Zijb_oZeb"
Gbhldm^ZYfhkd\bqdZFg_dZ`_lky\uk_cqZkijhimklbl_b\lhjhcZ\lh[mkF_gyah\ml:gghc
:ggZFmjZ\bgZu[m^_l_aZf_gy[he_lv"\__a_e_guo]eZaZo[ueh\k_b\_k_eh_^_\bqv_
dhd_lkl\hb\uah\bkljZoZ[blmjb_gldbbe_lgyybklhfZ__i_jkbdh\h]hl_eZbkihdhcgZy
m\_j_gghklvg_hljZabfhdjZkb\hc`_gsbgu
Hlwlhckf_kbfhbgh]bklZeb\Zlgufb^hklmig_cZjmdbb`b\hlihdjuebkv]mkbghcdh`_c
Dhg_qghkdZaZeyaZf_jarbf]hehkhfDh]^Zm\Zki_j\ucwdaZf_g"
Q_j_a^\_g_^_ebjmkkdZyebl_jZlmjZuijb^_l_"
H[yaZl_evghKiZkb[h\udjbdgmeyb\iZgbd_hl__jmkZehqvbo]eZam[_`Zedih^oh^b\r_fm
Z\lh[mkm
DZd[m^lhfh`ghk[_`Zlvhlkm^v[uAZihke_^mxsboe_lyk[_]Zehl:ggu^_kyldbjZad
^jm]bf`_gsbgZf\^jm]b_]hjh^Zb^Z`_:f_jbdmGh\hlyhiylv\Jhkkbbbdlh`_fg_kgblky
\i_j\mxghqv_^\ZyaZdjue]eZaZ"
Ye_`ZegZk\h_cdhcd_\imklhcdhfgZl_klm^_gq_kdh]hh[s_`blby\upZjZiu\Zebakl_gu
ba\_kldm`_\Ze__b^mfZehlhfdZdhcy^_[behlm`_g_^_exydZ`^uc^_gvoh`m\h=BD
ijh\_jyxkibkdbZ[blmjb_glh\j_^Zdlhjkdh]hnZdmevl_lZghg_l\wlbokibkdZogbdZdhc
FmjZ\bghc:ydj_lbg^Z`_g_kijhkbe__l_e_nhgGmjZa\_balZdh]hlxnydZfh`_l\uclb
j_`bkk_j"klj_lbe`_gsbgmk\h_c`bagbblml`_[_`Ze^Z`_g_\ay\__l_e_nhg:ba
\hk_fgZ^pZlbFmjZ\bguomdZaZgguo\fhkdh\kdhfl_e_nhgghfkijZ\hqgbd_\hk_fvghf_jh\g_
hl\_qZxlZ^_kylvihkeZebf_gydq_jlyfDZd`_fg_gZclb__"GZj_^ZdlhjkdbcnZdmevl_l=BDZ
ijbgbfZxldZdba\_klghlhevdh^_l_cgZr_cdj_fe_\kdhcweblulZdg_m`_ebhgZbagbobl_e_nhg
__iZiZrbaZk_dj_q_g"
E_`Zmhldjulh]hhdgZy\hlqZygbb]jua\upZjZiZggmxbakl_guba\_kldmbfZl_jbek_[ydZdfh]
DlhlhihklmqZe\^\_jvyg_hl\_lbeihrebhgb\k_yg_ohqmgbdh]h\b^_lvyohqmk^hogmlv
�\_jvkhkdjbihfhldjueZkvym`_kh[jZeky\klj_lblvfZlhfhq_j_^gmxijhkv[mkhk_^_chkhebqZ_
bebkibqdZoghi_j\h_`_keh\hdhfhfaZkljyehmf_gy\]hje_
hldjulhc^\_jbklhyeZ:ggZKhegp_[behq_j_ahdghijyfh_c\]eZaZhgZ[ebahjmdh
Ba\bgbl_a^_kv`b\_lZ^bfIehldbg"
HgZijbreZdhfg_"""Yk_eihi_jogmeky
�ZAaaaZaZoh^bl_
Hcwlh\uYg_\b`mijhlb\khegpZuij_^eZ]Zebfg_ihfhsv\hlybijbreZMf_gyq_j_a
g_^_exwdaZf_gihebl_jZlmj_byih^mfZeZ
B\kxg_^_ex^h__wdaZf_gZfuoh^bebkg_cihFhkd\_byjZkkdZau\Ze_cbklhjbxjmkkdhc
�ebl_jZlmjuImrdbgbE_jfhglh\Lheklhcbhklh_\kdbc=h]hevbKZeludh\S_^jbgN_lb
Lxlq_\Dhevph\bG_djZkh\GZ^khgb;ZevfhglFZydh\kdbcbOe_[gbdh\IZkl_jgZdbIeZlhgh\
FZg^_evrlZfb:ofZlh\Z\k_deZkkbdbjmkkdhcebl_jZlmjurebaZgZfbihgZ[_j_`guf
Fhkd\uj_dbihQbklufijm^Zfbih=h]he_\kdhfm[mev\ZjmYlZsbeboq_j_a\kxFhkd\m[_a
mklZebdZd[mjeZdyihljhrbeboijhba\_^_gbyyklZedb\ZebokpZjyfbbj_\hexpbhg_jZfby
pblbjh\ZebogZbamklvp_eufbd\ZjlZeZfbijhki_dlZfbb[mev\ZjZfbIjbwlhfdhgljZklf_`^m
xghcbpZjkl\_gghjmkkdhcdjZkhlhc:gbbfhbfgbs_gkdbf_\j_ckdbf\b^hf[uelZdhcqlhy
ihklhygghgZlZedb\ZekygZ\ujZ`_gb_rhdZ\ebpZoijhoh`boGhq_f]heh^g_cklZgh\bekyddhgpm
^gyfhc`_em^hdl_fyjq_b\^hogh\_gg_cjZa]hjZebkvfhbe_dpbb
Q_j_ag_^_exgZibkvf_gghfwdaZf_g_ihjmkkdhcebl_jZlmj_:gyihemqbeZ^\hcdmHdZaZehkvhgZ
g_\eZ^ZokijZ\hibkZgb_fbk^_eZeZ\k\h_cjZ[hl_[hevr_khjhdZ]jZffZlbq_kdbohrb[hd
Ghfuijh^he`Zeb\klj_qZlvkyYijboh^begZwlbk\b^Zgbyi_rdhfZhgZijb_a`ZeZgZlZdkbb
ihke_g_kdhevdboqZkh\ijh]medbhgZkeh\ghg_gZjhdhfaZ\h^beZf_gy\dZdh_gb[m^vfh^gh_dZn_
bebj_klhjZgbaZdZau\ZeZkZpb\brZreudbPbgZg^ZebLhqlhieZlbeZhgZZg_ym[b\Zeh
f_gyHldm^Zmg__^_gv]b"Ym`_agZeqlhhgZ[ueZ]h^aZfm`_faZba\_klgufZdl_jhfZl_i_jv
jZa\h^blkykgbf`b\_lmfZl_jb\jZ[hq_fjZchg_gZhdjZbg_Fhkd\ubjhckugdh\iZjlbcghc
webluqmlvg_dZ`^uc^_gvihy\ey_lkyih^__hdgZfbgZf_jk_^_kZob@b]meyoByih^haj_\Ze
qlh^_gv]bdhlhju_hgZljZlbeZgZf_gy\j_klhjZgZohlgbo:wlbj_[ylZ^Zjhfg_ieZlyl
Ihlhfmihke_dZ`^h]hgZr_]hk\b^Zgbyyi_j_klZ\Zea\hgblv_cyijh[h\Ze\uj\Zlv__bak\h_c
^mrbH[uqghwlZ[_kkhggZybdjh\Z\ZydZdZ[hjljZ[hlZijh^he`ZeZkvg_^_exZihlhfg_
\u^_j`Z\y]h\hjbek_[_EZ^ghiha\hgb_cIha\hgbblum\b^brvqlh__g_l^hfZqlhhgZ
m_oZeZdmlblvgZdZdmxgb[m^vijZ\bl_evkl\_ggmx^ZqmGhhgZhdZau\ZeZkv^hfZbfukgh\Z
\klj_qZebkvBdZdygbhldZau\ZekyhiylvihiZ^Zeb\j_klhjZgF_ljhihevbebGZpbhgZevb
hgZhiylvljZlbeZgZf_gyaZ\_q_jklhevdhkdhevdhkj_^gbcjZ[hqbcaZjZ[Zlu\Z_laZ^\_g_^_eb
dhgp_dhgph\yijbgyekhehfhgh\hj_r_gb_yiha\hgbe_c\km[[hlm\\_q_jZl\_j^h
jZkkqblu\Zyg_aZklZlv__^hfZ:dh]^ZhgZkhgghhl\_lbeZgZa\hghdykdZaZeqlh^he`_g\b^_lv__
g_f_^e_gghBg_]^_gb[m^vZ\p_glj_Fhkd\uFhcjZkq_l[ueijhkl_kebmg__ghqm_lfm`qbgZ
hgZgbaZqlhg_ijb_^_lbaijb]hjh^Z\p_gljwlhihqlbqZkgZf_ljh
GhhgZijb_oZeZBlh]^Z\qZkghqbkb^ygZkdZf_cd_i_j_^;hevrbfl_ZljhfykdZaZe
Yg_fh]m[_al_[y`blvbyg_fh]mk_cqZkk^_eZlvl_[_ij_^eh`_gb_ihlhfmqlhygbsbcb
[_ajZ[hlgucGh^Zcfg_ihe]h^ZH[_sZcqlhaZke_^mxsb_r_klvf_kyp_\lug_\uc^_rvaZfm`
Fh`_rv^_eZlvqlhohq_rvfh`_rv\klj_qZlvkykd_fohq_rvyg_[m^ml_[_gba\hgblvgb
f_rZlvGh^Zcfg_wlbihe]h^ZY^he`_gagZlvqlh_kebyaZwlbihe]h^Zijh[vxkv\dbghlu_s_
[m^_rvk\h[h^gZYex[exl_[y
ghqb?kebluohq_rvyfh]mih^h`^Zlvihe]h^ZGhihq_fmfu^he`gu[ueb\klj_lblvky
k_cqZkkjhqgh"
Ihlhfmqlhykoh`mkmfZLuf_rZ_rvfg_`blvoh^blvihklm^byf^jZlvkyaZk\h_dbghY
^hr_e^hjmqdb
Ghlu`_kZfg_a\hgbrvg_^_eyfbZl_i_jvkh[bjZ_rvkyg_a\hgblvihe]h^Z
WlhjZagu_\_sb?keby[m^magZlvqlhluf_gy`^_rvyaZwlbihe]h^Zkl_guijh[vx
OhjhrhZ^yY[m^m`^Zlvl_[y
Yklj_fbl_evgh\klZekhkdZfvb
KiZkb[hIhdZ
Ih^h`^bMl_[yohlv_klv^_gv]bgZf_ljh"
Wlhg_\Z`ghYg_\havfmml_[ygbdhi_cdbY^hc^mi_rdhfIhdZ
B^bhlKlhcLudZdhclh[_amfguck_lZdbyl_i_jv\dZdhflhkfuke_l\hyg_\_klZb
hgZihp_eh\ZeZf_gyijyfh\]m[u
Wlh[uegZri_j\uce_lgZaZ^ihp_emcghyihfgx_]h^hkboihjhg[ue
]heh\hdjm`bl_evg_c^Z`_lhcfbgmludh]^Zf_gye_lg_]hk^_eZeZfm`qbghcfhye_lgyy
khk_^dZB\hh[s_ohlyfuk:gghc\klj_qZebkvm`_^\Zf_kypZylhevdh\wlhlfb]\i_j\u_
ijbdhkgmekyd:g_nbabq_kdb\i_j\u_hsmlbeivygysmx]em[bgm__]m[mijm]hklv__]jm^bb
[Zcdh\hcl_ieh__l_eZ
Ghyhlhj\Ze__hlk_[yfg_m`_g_dh]^Z[uehp_eh\Zlvky^Z`_kg_cL_i_jvdZd[hdk_ji_j_^
\uoh^hfgZjbg]ym`_\_kv[ueih]ehs_gij_^klhys_cko\Zldhckohay_\Zfbkh\_lkdh]h
dbg_fZlh]jZnZBihfgxy[_]hfih[_`ZeihghqghcFhkd\_\h[s_`blb_g_ky:gbgihp_emcdZd
hj^_gb^hkZ^myebrvgZlhqlhjZ[hqbc^_gvgZdbghklm^byogZqg_lkylhevdhq_j_ag_kdhevdh
qZkh\
Yiha\hgbe_cihqlbq_j_a]h^\^_gvk\h_]hjh`^_gbybq_j_ag_^_exihke_lh]hdZdaZimklbeky
khk\hbfi_j\ufnbevfhfXg]Zlhji_^gh]hdZl_jZYiha\hgbe_c\k_fvmljZihlhfmqlhm`_\
y^he`_g[ueme_l_lv\FmjfZgkdgZ\u[hjf_klZgZlmjguokt_fhdWlh[uekh\_jr_ggh
nhjfZevguca\hghdy[uem\_j_gqlh^Z`__keb:gyg_\ureZaZfm`hgZm`_^Z\ghaZ[ueZ
b^bhlZdhlhjuc\ayekg__keh\h`^Zlv_]hihe]h^ZZkZf^Z`_g_iha\hgbeGhjZgvr_yiha\hgblv
g_fh]_s_g_^_exgZaZ^^haZimkdZfh_]hnbevfZy[uegbdlh
:eehkdZaZe\ljm[d___aZkiZgguc]hehkhldhlhjh]hfhbgh]blml`_klZeb\Zlgufb
DofWlhZ^bfijhbag_ky\jZahkbirbf]hehkhf
Z^_gvdZ\hkdebdgmeZhgZK^g_fjh`^_gby=^_lu"
Hldm^ZluagZ_rvijhfhc^_gvjh`^_gby"
YihfgxHldm^Zlua\hgbrv"
Ba]hklbgbpu:jf_gbyQ_j_aljbqZkZyme_lZx\FmjfZgkdgZ\u[hjgZlmjuYaZimklbekyk
nbevfhf
Fh`ghyl_[yijh\h`m"
:lulu_s_k\h[h^gZ"kijhkbey[_a^uoZgby
dZdhflughf_j_"kdZaZeZhgZ
^\Z^pZlv\hkvfhf
iheh`beZljm[dmufh`_l_ij_^klZ\blvqlhkhfghc[uehihdZy__`^Ze"Q_j_aqZkhgZ\hreZ\
ghf_j[ebahjmdhsmjykvk\hbfba_e_gufb]eZaZfbxghcjmkZedbb\jmqbeZfg_hr_ehfe_gghfm
h]jhfgmxhoZidmZeuojhab[mluedmrZfiZgkdh]hBaZgy\lZdbfh[jZahffhbh[_jmdbrZ]gmeZ
dhfg_\iehlgmxh[gyeZbihp_eh\ZeZ\]m[u
Wlh[uegZr\lhjhc]h^ZgZaZ^ihp_emcghyb_]hihfgx^hkboihjIhlhfmqlhwlh[ue
�ihp_emcg_lhevdhex[bfhc`_gsbgughbfZl_jbZbf_ggh\:g_khrehkv^eyf_gy\k_b
fZevqbr_kdbcb^_Ze`_gkdhcdjZkhlubf]gh\_gghm^h\e_l\hj_ggucW^bih\dhfie_dkIhfgxdZd
hlwlh]hihp_emyqlhlhhimklbehkv\hfg_hk\h[h^behkv\gmljbKeh\gh\k_k\hbe_l^hwlhc
fbgmluyijhklhyeihklhcd_kfbjghZl_i_jvihemqbedhfZg^mhevghGhihdZyjZklhiujb\
jmdbbklmdZghfklhyei_j_^g_cdZdKhehf_ggh_im]Zehi_j_^her_[gbdhfBamfjm^gh]h]hjh^Z
hgZ\^jm]h^gbf^\b`_gb_fk[jhkbeZkk_[yieZlv_Z\ke_^mxs__f]gh\_gv_fum`_[ueb\
ihkl_ebBlZfgZ]hklbgbqghcdjh\Zlb\Klhe_rgbdh\hfi_j_med_gZijhklugyok`bjgufb
nbhe_lh\ufbrl_fi_eyfb=hklbgbpZ:JF?GBYMijZ\e_gb_[ulh\h]hh[kem`b\Zgby
Fhk]hjbkihedhfZ\Zrihdhjguckem]Zm[_^bekyqlh:ggZ[ueZ^_ckl\bl_evgh`_gsbghc\k_c_]h
`bagbkZfhc\her_[ghcba\k_odhlhju_[uebmg_]hb^hbihke_g__Hl__]jm^blZdiZoeh
l_iehfbmxlhffh_cfZl_jbqlhyf]gh\_gghij_\jZsZeky\feZ^_gpZqfhdZxs_]h]m[Zfbb
h^gh\j_f_ggh^bdZy\kiurdZ`_eZgbyZjdhc\a^ufZeZfhciha\hghqgbddZdpmgZfb\a^ufZ_l
fhjkdmx\hegmYaZju\Zeky\__lhgdb_jmku_\hehkuyf_lZekyih__l_embkZlZg_ehl[_r_gh]h
`_eZgbybf_lv__\kxp_ebdhfkjZamb\_a^___r_xkaZ\bldZfbjmkuo\hehk__i_jkbdh\u_
ie_qb\ukhdmx]jm^v`b\hl[_^jZfy]db_dhe_gdbb^Z`_klmigb__gh]
LZds_ghdijb\_a_ggucba]hjh^kdhcd\Zjlbju\\_k_ggbce_kf_q_lkyihe_kghchimrd_rZe_yhl
khlgbh]emrZxsboaZiZoh\bkh[eZagh\hohlu]hgZkljZklbBlZdfhyiylbe_lgyy^hqvOZgZ
ebohjZ^hqghf_q_lkyih7R\V$UH8Vo\ZlZykihehdb]jmrdb
::gymkihdZb\Zyf_gybh^gh\j_f_ggh\ha[m`^Zy^haZs_fe_gbyk_j^pZfy]dhkiheaeZihfg_
\gbap_emyfhxr_x]jm^v`b\hlBdh]^Z__l_ieu_fy]db_fZl_jbgkdb_]m[udhkgmebkvfh_]h
bag_fh]Zxs_]hhlgZijy`_gbyiZfylgbdZdhkfhgZ\lZfH=hkih^bHhhh
YijhkgmekyYijhkgmekyhllh]hqlhdhgqbe\wlhfij_djZkghfkg_?s_kfbgmlmyihe_`Ze\h
^j_f_g_`_eZyjZkklZ\Zlvkyk__]m[Zfbb\ha\jZsZlvkybalhc[eZ`_gghcihkl_eb\j_Zevguc^_gv
GhkljZggZykheg_qgZylbrbgZ\hdjm]aZklZ\beZf_gy\kihfgblvqlhy\Fhkd\_Fhkd\_GZ
fwlZ`_]hklbgbpuDhkfhk
Hlwlhcfukebyju\dhfk_egZdjh\Zlbb\a]eygmegZqZku;uehmljZdjh\ZlvFZd]jhmfh_]h
�khk_^ZihdhfgZl_[ueZimklZZbg_fm^j_gh\_^vgZmljZ[uegZagZq_g[jbnbg]gZr_c
^_e_]ZpbbmZf_jbdZgkdh]hihkeZFwlehdZZgZ\klj_qZk]_g_jZehfD=;\dhgn_j_gpohee_
:]_glkl\ZI_qZlbGh\hklb;jbnbg]mihkeZyijhkiZeZ^h\klj_qbk]_g_jZehfhklZ\Zehkv\k_]h
fbgmlY\uiju]gmebadjh\Zlb\\Zggmxr\ujgmek\hbebidh]j_rgu_ljmku\fmkhjgmxmjgmb
klZeih^^mrGh^Z`_]hjyqbc^mr^Ze_dhg_kjZamkfuekf_gyfhci_j\ucfhkdh\kdbckhg:
lhqg__^Z`_klhyih^^mr_fbkfu\Zykk_[yke_^uwlh]h]j_rgh]hkgZyijh^he`Ze\kihfbgZlv
lhl^_gvb\_q_j\hdly[j_]h^Z
�Zhlijbdhkgh\_gbyd:g_^Z`_d__j_kgbpZfy\kiuob\Ze`_eZgb_fdZdkmoZykhehfZ
\kiuob\Z_lhli_j\hc`_bkdjuBihke_i_j\h]hZdlZex[\byijyfhbaihkl_ebiha\hgbe\
ZdlmIhke_\lhjh]hZdlZyiha\hgbek\h_fmdbghhi_jZlhjmbkdZaZeqlh[uhgbom^h`gbdnbevfZ
e_l_eb\FmjfZgkd[_af_gyBiheh`b\ljm[dmy[uem`_]hlh\dlj_lv_fmZdlm:ihke_lj_lv_]h
ZdlZhgZiha\hgbeZagZf_gblhfmom^h`gbdmBev_=eZamgh\mdhlhjuchdZau\Z_lkyibkZe__
ihjlj_lbijb]eZkbeZ_]hgZgZrmk\Z^v[m:dh]^ZhgZiheh`beZljm[dmym`_[ue]hlh\d
q_l\_jlhfmZdlm:ihke_q_l\_jlh]hZdlZhgZiha\hgbeZagZf_gblhfmdbghj_`bkk_jmFZje_gm
Ompb_\mblh`_ijb]eZkbeZ_]hgZgZrmk\Z^v[m:dh]^ZhgZiheh`beZljm[dmym`_[ue]hlh\d
ke_^mxs_fmZdlm:ihke_g_]h
Dhjhq_wlhijh^he`Zehkv^h\_q_jZQRQVWRS:\_q_jhffuihrebdmlblvihfhkdh\kdbf
j_klhjZgZfhlf_qZygZrmihfhe\dmL_i_jvmf_gy[ueb^_gv]b\_^vyihemqbe]hghjZjaZ
kp_gZjbcXg]Zlhji_^gh]hdZl_jZZ`q_luj_lukyqbjm[e_cGhdm^Z[ufugbijbreby
\b^_erhd\]eZaZohdjm`Zxsbogbdlhg_ihgbfZedZdwlZjmkkdZypZj_\gZfh`_l[ulvklZdbf
&#x;;&#xZj;&#x_;�_\j_ckdbfib]f__f;Zj_hfZ`mjgZebklh\^\Zfheh^uoiheydZhldjulhiyebebkvgZgZkb^Z`_
^_eZeb:gg_g_^\mkfuke_ggu_agZdbYm`_kh[jZeky^Zlvbfihjh`_gh:gykdZaZeZ
Z^yih^h`^b
Bih\_jgmeZkvdiheydZf
ReyolZohq_ldmiblvk_[_djZkb\mxjmkkdmx^_\hqdm"IjZ\^ZiZgu"
Hgbh[Zk]hlh\ghklvxmeu[gmebkvkZevgufbmeu[dZfb
:iZgufZxlv]jhrb"kijhkbeZhgZ
Hdhg_qghbh[ZiheydZ[ukljh^hklZebbadZjfZgh\[mfZ`gbdbgZ[blu_kh\_lkdbfbb
ihevkdbfb^_gv]Zfb
�GmdZgmdZZcl_yihkqblZxo\Zlblebm\Zk^_g_]gZlZdmx^_\hqdmihlj_[h\ZeZhgZ
^_gv]bIheydbqm\kl\mygZk_[_\a]ey^uhdjm`Zxsbo`mjgZebklh\g_hohlgh\jmqbeb_c^_gv]b
:gykeh`beZ\f_kl_^\_iZqdbbo^_g_]bg_[j_`ghijhebklgmeZbodZddheh^mdZjl
�Bwlh\k_"Z\u`_gbsb_Jmkkdb_^_\hqdbklhyl^hjh`_bhgZr\ujgmeZ\k_^_gv]bgZihe
ijyfhdbogh]Zf
BihdZiheydbdjZkgu_hlmgb`_gbyb[_r_gkl\Zkh[bjZebkiheZk\hb^_kyldbb
^\Z^pZlbiylbjm[e_\dbhgZkdZaZeZ
Z^ygZihbboih`ZemcklZYohqmqlh[hgb[uebivygu_
�YgZihbeiheydh\ZjfygkdbfdhgvydhfZihlhfm`_\[Zj_hfZdbghyihbedhgvydhfdZdbo
�lhnjZgpmah\ZaZl_f\hf_om^h`gbdZdZdbolh]jmabgbg_fp_\Blhevdhihke_\k_]h
wlh]hfukg_cijb_oZeb\]hklbgbpm:jf_gby^Ze_dhaZiheghqvYkmgmer\_cpZjm^_kyldmb
hg[_aa\mdZhldjuegZfiZjZ^gmx^\_jvFuih^gyebkvgZ\lhjhcwlZ`lZfkb^_eZghqgZy
^_`mjgZye_lljb^pZlbbkoZehcgZ]heh\_\__h[yaZgghklb\oh^behke_^blvqlh[ugbh^gZ^ZfZg_
hklZ\ZeZkv\]hklbgbqguoghf_jZoihke_h^bggZ^pZlb\_q_jZGhg_mki_eZhgZbjlZhldjulvdZdy
iheh`bei_j_^g_c^\Z^pZlviylvjm[e_cbhgZlml`_\jmqbeZfg_dexqhlghf_jZb_s_kijhkbeZ
g_gm`ghebgZfqZxbebdhn_GhgZfgm`gZ[ueZlhevdhihkl_evFu\hreb\ghf_jb[jhkbebkv
jZa^_\Zlv^jm]^jm]Zykju\Zek:gbieZlv_bebnqbdDRgZohohqZklZkdb\ZeZkf_gy[jxdbb
ljmkudhlhju_gbdZdg_kgbfZebkvihlhfmqlhf_rZefhc\a^u[e_gguciZfylgbddhkfhgZ\lZf
GhgZdhg_phgZkijZ\beZkvkfhbfbljmkZfbbhimklbeZkvi_j_^hfghcgZdhe_gbB^_j`Zwlhl
iZfylgbd^\mfyjmdZfb\^jm]kdZaZeZk[hevxdZd\u^hogmeZ
Mdh]hm\Zk"kijhkbey\g_^hmf_gbb
Gmm\Zk_\j__\BhgZijb[ebabeZdfh_cf_ql_bfihl_glZk\hbZeu_l_ieu_fy]db_
]m[uYhlkljZgbeky
Ih^h`^bLuqlhZglbk_fbldZ"
G_hl\_qZyhgZh[gyeZfhbdhe_gbbihlygmeZdk_[_Ghyj_adhko\Zlbe__ih^furdbih^gyek
iheZbaZ]eygme\__ivygu_a_e_gu_]eZaZ
LuZglbk_fbldZ"Hl\_qZc
DZdZyl_[_jZagbpZ"hl\_lbeZhgZmklZehYl\hy`_gZ
G_lkdZaZeyqm\kl\mydZdklj_fbl_evghlZ_lfhyf_qlZbfihl_glZFhxfZlva\Zeb
OZghcbfhx^hqv[m^mla\ZlvlhevdhOZghcbgbdZdbgZq_Lujh^brvfg_OZgm"
HgZmkf_ogmeZkvbwlh[ueZiehoZymeu[dZWlh[ueZm`ZkgZymeu[dZdhlhjZyj_rbeZ\k_\gZr_c
`bagb
Lu_s_OZcfZmf_gyihijhkbZ^yBeb:[jZfZkdZaZeZhgZ
YfheqZeYkfhlj_egZg__\m`Zk_bfheqZe
G_[m^vb^bhlhfZ^ykdZaZeZhgZFhbij_^dbdm[Zgkdb_dZaZdb?kebyjh`mOZgm
beb:[jZfZhgbi_j_\_jgmlky\]jh[Zo
Yih\_jgmekydghqghfmhdgmbijb`Zeky]hjyqbfe[hfdoheh^ghfmkl_demHk\_s_gguc
_^bgkl\_ggufmebqgufnhgZj_fKlhe_rgbdh\i_j_mehd[uekh\_jr_gghimklBlhqghlZdZy`_
imklhlZ\^jm]ho\ZlbeZf_gyFhxfZlva\ZebOZghcfh_]hhlpZOZcfhfZ`_gsbgZ\k_cfh_c
`bagbhdZaZeZkvZglbk_fbldhcB__ij_^dbgZ\_jgydZj_aZebgZDm[Zgbfhboij_^dh\
H^_\ZckykdZaZeyg_ih\hjZqb\ZykvYhl\_aml_[y^hfhc
�mjug^Zb^bkx^ZhgZe_]eZgZdjh\Zlvkh\_jr_ggh]heZybm\_j_ggZyqlhklhblfg_
ijbdhkgmlvkydg_cdZdfhydhibyiZfylgbdZdhkfhgZ\lZf\af_lg_lky\ur_hjb]bgZeZ
Yg_ohqml_[yY`b^
?s_dZdohq_rvhlha\ZeZkvhgZkmkf_rdhcLuba\_kldm`jZelZdohl_ef_gyB^b`_
kx^Z^mjug^Zb^bbhgZihoehiZeZeZ^hgvxihihkl_ebjy^hfkkh[hclZd^hfZrg_fmikm
fbehklb\hij_^eZ]Zxlf_klhjy^hfkohaycdhc
YhljbpZl_evghihdZqZe]heh\hc
Yex[exl_[y^ZGhyl_[yg_ohqm
Eh`bkvihijhkbeZhgZYk^_eZxl_[_lZdohjhrhqlhluaZ[m^_rvbfZlvb^hqvY\_^v
`_gsbgZ\k_cl\h_c`bagbaZihfgbwlhBlufhcfm`qbgZB^bkx^Z
Ykfhlj_egZg__klhymhdgZMebqgucnhgZjvhk\_sZe__ij_djZkgh_l_ehkfheh^hc]jm^vx
ebjhc`b\hlZbevgygufimrdhfgZeh[d_ByagZeqlhhgZ^_ckl\bl_evghfh`_laZklZ\blvf_gy
aZ[ulvbfZlvbhlpZb\k_oij_^dh\b[m^msbo^_l_cGhbf_gghwlhgZ\Z`^_gb_y^he`_g[ue
l_i_jvjZajmrblvg_f_^e_gghjZajmrblvkbxfbgmlm
Ykgyejm[Zrdmb]heuce_]\hae_g__gZdjh\ZlvFh_ie_qhjmdZb[_^jhg_f_^e_gghhsmlbeb
ivygys__kZlZgbgkdh_l_ieh__l_eZGhyijbdZaZek_[_mf_j_lvymkbeb_f\hebhklZgh\bek\hc
imevkbm[be\k_`bag_ggu_khdbk\h_]hl_eZ
G_ih\hjZqb\Zydhfg_]heh\uhgZ`^ZeZIhlhffbgmlq_j_aiylv__jmdZhklhjh`ghdhkgmeZkv
fh_]hl_eZiZoZbaZf_jeZgZg_f\bamfe_gbbihlhfmqlhlZfg_[ueh`bagbGbdZdhc`bagb
ihjZabl_evghcykghklvxihfgxl_lhfbl_evgu_iylv^_kylviylgZ^pZlvfbgmldhlhju_j_rbeb
\kxgZrm`bagvFue_`Zeb^jm]ih^e_^jm]ZaZlZb\^uoZgb_dZda\_jb\aZkZ^_]heu_b
�gZijy`_ggu_\u`b^Zgb_fDZ`_lky^Z`_gZrbk_j^pZij_djZlbebklmqZlvZ_keb[ufg_
ijbrehkvkgbfZlvwlmkp_gm\dbghy[ubk_]h^gyihdZaZeZdl_jZfdZ`^h_^\b`_gb_b^Z`_
dZ`^ucrhjhoj_kgbp
Q_j_aiylgZ^pZlvfbgml:gyfheqZ\klZeZkihkl_ebbijbgyeZkvf_^e_gghhq_gvf_^e_gghgZ^_\Zlv
qmedbDhg_qghhgZ_s_`^ZeZqlhygZ[jhrmkvgZg__kaZ^b__kibgZ[_^jh]jm^v\ulygmlZy
gh]ZahehlhcimogZeh[d_\k_\wlmfbgmlm[uehb\uah\hfbijbau\hfGhy[ukljhh^_ekybih
l_e_nhgm\ua\ZelZdkbIhlhfk[jhkbe\k_k\hb\_sb\^hjh`gmxkmfdmbiha\hgbe\Zwjhihjl
�bki_lq_jZwjhihjlZkdZaZeZqlhi_j\uckZfhe_lgZFmjfZgkdmoh^bl\iylvmljZYihijhkbe
hklZ\blvfg_f_klh
GZmebp_ih^hdgZfb]hklbgbpuhklZgh\behkvlZdkbY\ayek\hxkmfdmih^hr_ed^\_jbb
ih\_jgmedexq
Jhaudhlhju_:gyih^ZjbeZ\lhmljhhklZebkvgZklhe_\]jZnbg_:yhldjue^\_jvbqmlv
hlklmibe`_klhfijhimkdZy:ggm\i_j_^Blmlym\b^_e__]eZaZ
HgZklhyeZi_j_^jZkiZogmlhc^\_jvxgh__]eZaZ\k__s_g_\_jbebqlhy_\j_ckdbcD\Zabfh^h
ihdZau\Zx_cgZ^\_jv?cbaaZdhlhjhcyba\_kldm`jZe
Ij_ajbl_evghmkf_ogm\rbkvhgZ\ureZbadhfgZlubihreZihdhjb^hjmlZdhcihoh^dhcdhlhjhc
fh`gh\ue_qblv^Z`_[_agZ^_`guobfihl_glh\Y\ur_eaZg_ckkmfdhc\jmd_bgZldgmekygZ
bamfe_gguc\a]ey^^_`mjghcihwlZ`mYiheh`bei_j_^g_cdexqhlghf_jZbkdZaZe
Ym_a`Zxk_]hohjhr_]h
LukmfZkhr_e"\^jm]\udjbdgmeZwlZ^_`mjgZydZdbflhaZ^mr_gguf]hehkhf
Ihq_fm"m^b\bekyy
LZdmx^_\qhgdmhlimklblv"Kj_^bghqb"
Yg_hl\_lbeihr_ede_klgbp_bmkeurZemk_[yaZkibghc
@b^uQlhhgbihgbfZxl\[Z[Zo
�mjZih^mfZey\ur_eba]hklbgbpubhldjuei_j_^:gghc^\_jpmlZdkb
IhlhfkdZaZe\h^bl_ex
KgZqZeZgZDZ[_evgu_mebpuihlhf\hgmdh\h\Zwjhihjl
Bq_j_a^\Z^pZlvfbgmly\ukZ^be:ggmgZlhjhcDZ[_evghcmebp_i_j_^klZjuf^\mowlZ`guf
^hfhfghf_j\dhlhjhf`beZ__fZlv:q_j_aqZkme_l_e\FmjfZgkdM\_j_ggucqlhme_lZx
hl:gbgZ\k_]^Z

Dh]^Z\]hklbgbp_Dhkfhky\ur_ebaghf_jZ^hij_kkdhgn_j_gpbb]_g_jZeZD=;hklZ\Zehkv
r_klgZ^pZlvfbgmlYkg_l_ji_gb_f`^ZeebnlZghi_j\ZydZ[bgZhdZaZeZkvaZgylZdZdbfblh
j_fhglgufbjZ[hqbfb\lhjZyaZ[blZiZkkZ`bjZfblZdqlhbeZ^hgvg_\klZ\blvZ\lj_lvx
aZ[blmx_s_[hevr_\lhjhcym`_jbgmekyg_]ey^ylhevdhdjbdgmegZ^\moyaudZo
(YHU\ERG\EUHH]HRXWk_fk^_eZlv\u^ho\_klb[xe__^\Z\u\Zeb\rbkvbaebnlZy
ebphfdebpmklhedgmekykgZr_cfbgbZlxjghcyihgdhc
H9DGLPh[jZ^h\ZeZkvhgZYlZdjZ^Z\Zk\klj_lblvYijhimklbeZZ\lh[mkIhdZybkdZeZ
jmkkdb
2\nNH\ij_j\Zey__/HW\nVJRay\__aZjmdmyie_qhf\j_aZeky\lheimaZihegy\rmx
\_klb[xevlZd`_iehlghdZd\qZkuibdaZiheg_g\hdaZe=jZg^P_gljZe\GvxChjd_;h`_dh]h
a^_kvlhevdhg_[ueh:n]Zgpu\qZefZoZ\kljbcpu\lbjhevkdboreyiZoklbevgu_blZevygkdb_
[bag_kf_guZnjbdZgpu\ieZlvyojZkdhku_fhg]heujmkkdb_ki_dmeyglu]w[wrgbdb\rlZlkdhfb
fbebpbhg_juk\hklhdZ^_e_]ZpbyjyaZgkdboldZqbo\`mldboieZlvyo_s_klZebgkdhcwihobklZju_
jmkkdb_wfb]jZglubaDZgZ^u^_lbbg\Zeb^ubaQ_jgh[uey^_e_]Zpbyk_kl_jdZlhebq_dbaNJ=
[_`_gpuf_kobbaN_j]Zgu
BgZ^\k_cwlhclheihcieuebklZedb\Zebkvbkf_rb\Zebkv\_^bguc\hdaZevguc]mef_]Znhggu_
]hehkZ]b^h\hjmsbok\hbf]jmiiZfgZjZaguoyaudZo
�_lbQ_jgh[ueyG_jZkiheaZcl_kv:\lh[mk\[hevgbpmhloh^blq_j_aiylvfbgml
0LVWHU.UXJO\IURP$XVWUDOLD
Wdkdmjkby\Dj_fev
Ij_^klZ\bl_eb[ZklmxsborZol_jh\hjdmluIh^hc^bl_dZ^fbgbkljZlhjm
Dj_idh^_j`ZyihgdmaZjmdmyijhihjhewlhl[ZaZjie_qhfb\ulZsbe__gZmebpmdZdb]eZ
\ulZkdb\Z_lgbldmbaiehlghcldZgbMih^t_a^ZdgZflhlqZkjbgmeZkv\ZlZ]ZlZdkbklh\
7D[L"3OHDVHWD[L
Kdhevdh^hp_gljZ"kijhkbeyihjmkkdb
Hgblml`_hkluebgh]ey^ygZyihgdmkdZaZebgZ]eh
�\Z^pZlv^heeZjh\
Q_]h"ijhlygmey\hafms_gghihkdhevdmohjhrhihfgbeqlhhlkx^Z^hp_gljZ^he`gh[ulv
g_^hjh`_lj_ojm[e_c
GhyihgdZmeh\b\keh\h^heeZjm`_ihe_aeZ\k\hxkmfhqdm
�9DGLP,KDYHPRQH\Z^bfmf_gy_klv^_gv]b@B\lm`_k_dmg^mfZe_gvdZygh
klj_fbl_evgZydZdijZsZnb]mjdZf_evdgmeZfbfhg__\uj\ZeZkmfhqdmbihfqZeZkv\i_j_^[_a
h]ey^dbdZd\kijbgl_
Klhcyj\Zgmekyke_^hfghfZevqbrdZgZoh^m[jhkbekmfhqdmk\h_fmijbyl_exdhlhjuc
hdZau\Z_lky[_`ZeiZjZee_evgufdmjkhfYj_adhk\_jgmeaZl_fghhg[_`Zey\gh[uklj_cf_gy
^Zbmlj_ggbckZfh]hgkdZau\ZekygZfh_ckdhjhklbJZkklhygb_f_`^mfghcbxgufb\hjZfb
g_mfhebfhm\_ebqb\Zehkvbhgbm`_\hl\hl^he`gu[uebk\_jgmlvaZm]hedh]^Zf_gy\^jm]
h[h]gZeZ\ukhdZykihjlb\gZynb]mjZ\[_ehcl_ggbkghcjm[Zrd_;md\Zevgh\g_kdhevdhf]gh\_gbc
wlhll_ggbkbkl^h]gZefZevqbr_dh^gbfm^Zjhfk[bekgh]aZ^g_]hiZpZgZZgh]hcm`_^hklZe
\lhjh]h\kibgmblml`_\e_ibe_fm[_a`Zehklgmxim^h\mxhie_mom:ihlhf
Ygbdh]^Zg_\b^_eqlh[ulZdhkl_j\_g_eh[bebih^jhkldh\imklv^Z`_mebqguo\hjh\Wlb^\h_
ljbgZ^pZlbe_lgbofZevqbr_dlhevdhaZdju\Zeb]heh\ujmdZfbbmiheaZebih]jyaghfmZknZevlmZ
gZrkiZkbl_ev[bebogh]Zfbg_^Z\Zyih^gylvkyKlhbehh^ghfmfZevqbrd_\klZlvgZq_l\_j_gvdb
dZdwlhlkihjlkf_ghijhdb^u\Ze_]hm^ZjhfdmeZdZbebgh]bkeh\ghs_gdZB[be[_ajZa[hjZih
]heh\ZfihihqdZfihj_[jZf
O\ZlblDhgqZcKlhiaZdjbqZeZ_fmih^[_]Zy
Ghwlhg_ihfh]Zehhgijh^he`Ze[blvbokhkl_j\_g_ehklvx[_amfpZYko\Zlbe_]haZie_qhb
(QRXJK(QRXJK
�/HWWKHPJR/HWWKHPJRHklZ\vl_bo@djbqZeZmf_gyaZkibghcbkim]ZggZyyihgdZ
Kihjlkf_ghklZ\behdjh\Z\e_gguofZevqbr_dih\_jgmekydgZfbg_]ey^ygZf_gyijhlygme
yihgd___kmfhqdm
Ih`ZemcklZkdZaZehg_cihjmkkdbBa\bgbl_
KiZkb[hy\ayemg_]hkmfhqdmblml`_ih^o\Zlbeyihgdmih^ehdhlvihlhfmqlhgZ__
f_jl\_ggh[_ehfebqbd_[uebl_i_jvlhevdh]eZaZjZkrbj_ggu_^hkf_jl_evgh]hm`ZkZ
&#xRX;
&#xUH;
&#xQ;&#xDQ;&#xLP;&#xDO;&#x;&#x$Q;&#xLP;&#xDO;�RXDUHDQDQLPDO$QLPDOua\_jv@b\hlgh_@aZ^mr_gguf]hehkhf\udjbdgmeZhgZ
kihjlkf_gm
BihlygmeZkvaZk\h_ckmfhqdhc
�,ZDQQDJLYHWKHPP\PRQH\Yohqm^Zlvbf^_g_]@
Ba\bgbl_l\_j^be_ckihjlkf_gihjmkkdbgZ\b^_fm[uehe_l^\Z^pZlviylvg_[hevr_
Yohl_em\_klbyihgdmijhqvghhgZ\uo\ZlbeZmf_gykmfhqdmbklZeZhldju\Zlv__^jh`Zsbfbhl
bkl_jbdbjmdZfb
,ZDQQDJLYHWKHPPRQH\
Ygbq_]hhllm^Zg_\ayedeygmkvbkim]ZgghkdZaZe_ckihjlkf_gihjmkkdbbyihgyeqlhhgb
gbdh]^Zg_ihcfml^jm]^jm]Z
�/HW\nVJRIhreb@kdZaZeyyihgd_ghhgZ\uo\ZlbeZbakmfhqdbiZqdm^heeZjh\b^_jgmeZkvd
hdjh\Z\e_ggufbmiheaZxsbfihljhlmZjmih^jhkldZf
Blh]^Zyijhklhko\Zlbe__\h[o\Zlhlhj\Zehla_febbihg_kq_j_aijhki_dlFbjZdklhygd_lZdkb
GhyihgdZ[helZeZ\\ha^mo_gh]ZfbbdjbqZeZfg_\bkl_jbd_
�3XWPHGRZQ,ZDQQDJLYHWKHPPRQH\3XWPHGRZQHlimklbl_f_gyYohqm^Zlvbf^_g_]
Hlimklbl_f_gy@
DZdZylhfZrbgZ\a\ba]gmeZlhjfhaZfb[md\Zevgh\f_lj_hlgZkaZg_caZ]m^_eZ\lh[mkb\_kv
ihlhdg_l_ji_eb\uofhkdh\kdbofZrbg:hlklZgpbbf_ljhgZgZkaujbebkv^\Zjy^ZdZ\dZakdbo
�ki_dmeyglh\p\_lZfblZdkbrgbdbbdZdb_lhl_ldbkieZdZlZfbhehcDIKKbJmdbijhqvhl
=^eygZbB\Zgh\Z:yihgdZijh^he`ZeZ[helZlv\\ha^mo_gh]ZfbbdjbqZlv
,ZDQQDJLYHWKHPPRQH\3XWPHGRZQ
�6KXWXSAZldgbkv@jy\dgmeygZg__bhgZaZfhedeZ
YihklZ\be__mlZdkbijb^_j`b\Zyh^ghcjmdhcZ\lhjhcjmdhchldjue^\_jpmfZrbgub
[md\Zevghr\ujgmeyihgdmgZaZ^g__kb^_gv_Ihlhfk_ejy^hfkg_ckdZaZerhn_jmihjmkkdb
Ih_oZeb
Dm^Z"kijhkbehge_gb\h
p_glj\:IG
:kdhevdhaZieZlbrv"
�_kyldm
FZehkdZaZehg
BiZqdmFZev[hjh
hlwlhjZa]h\hjhgkjZamh`beb\dexqbe^\b]Zl_ev
Yih\_jgmekydyihgd_
B\^jm]hgZjZaju^ZeZkv
,\nPVRUU\,\nPVRUU\([FXVHPH9DGLP
$OOULJKWDOOULJKWkfy]qbekyy,\nYHQHYHUVHHQDIXULRXV-DSDQHVHZRPDQ,WZDVTXLWH
�LQWHUHVWLQJYgbdh]^Zg_\b^_e\a[_r_gghcyihgkdhc`_gsbguWlh[uehex[hiulgh@
GhaZq_fhglZda\_jkdbba[b\Zebo"AZq_f"
Y^mfZxhg]w[wrgbd
IjZ\^Z"""Ke_^blaZfghcbebaZlh[hc"
Wlh]hyg_agZxFh`_l[ulvaZgZfbh[hbfb
D=;Dhg_qghD=;\^jm]ihjmkkdbkdZaZeki_j_^b\h^bl_ev\b^bfhmeh\b\\gZr_f
jZa]h\hj_agZdhfh_keh\hD=;
Yhiylvh[jZlbe\gbfZgb_gZdZdhc[_r_ghckdhjhklb\^\h_ij_\urZyfhkdh\kdbcebfblfu
g_k_fkyihijhki_dlmFbjZB_s_kdZdhcgZ]ehklvxlml\h^ylfZrbguih^j_aZy^jm]^jm]Z[_a
\kydh]hkb]gZeZh[]hgyyj_adh\beyybaklhjhgu\klhjhgmbijhklh\j_aZykv\ihlhdLhevdh\
kljZgZolj_lv_]hfbjZ^Z_s_\;hklhg_agZf_gblhfk\h_c[_kdmevlmjghc_a^hcfh`gh\klj_lblv
lZdbo\h^bl_e_c
Ghyg_klZeh[km`^Zlvkrhn_jhfgb_]h_a^mgbwibah^k]w[wrgbdhf\hae_]hklbgbpuDhkfhk
IhlhfmqlhdZdfbgbfmfiheh\bgZfhkdh\kdbolZdkbklh\lh`_klmdZqbD=;Ylhevdhg_\hevgh
h]eygmekygZaZ^\i_j\u_hsmlb\kljZggh_qm\kl\hg_ajbfhcke_`dbq_jZ\_q_jhfgZk[_a
ijh\_jdbijhimklbeb\lZfh`g_k_]h^gywlhlkihjlkf_gba[befZevqbr_ddhlhju_gZkh[hdjZeb
b_s_ba\bgyekyaZbo\hjh\kl\h
GhgbdZdh]ho\hklZaZgZfbyg_h[gZjm`be^Zb\jy^ebfh`gh[uehm]gZlvkyaZwlbf
kmfZkr_^rbffhkdh\kdbf\h^bl_e_f
DZdl_[yah\ml"kijhkbeymyihgdb
0LFKLNRkdZaZeZhgZYm`_]h\hjbeZl_[_k\h_bfy\_g_ghluaZ[ueYFbqbdhDZlhyfZ
Lmli_j_^DheohaghciehsZ^vx\h^bl_ev\^jm]j_adhgZ`ZegZlhjfhaZb]jyagh\ujm]Zeky
q_f^_eh"kijhkbeyghm`_bkZfm\b^_e\q_f^_eh
i_j_^b\kyDheohagZyiehsZ^v[ueZaZijm`_gZgZjh^hflZfgZ^]b]Zglkdhclheihc]j_f_eb
f_]Znhggu_]hehkZhjZlhjh\blj_iuoZebkvieZdZlubljZgkiZjZgluKYE:KLVKH?L:F
���&#xH;;&#xH0;HEHCD=;DH=:FUH=HGBF:NJBDMIHFYKM"KH;HMWKLHGBBbli
Y`Z^gh\qblu\Zeky\wlbgZ^ibkblZdhcFhkd\uyg_\b^_egbdh]^Z
Hiylvfblbg]g_^h\hevghkdZaZe\h^bl_evlZdkb\_jly]heh\hc\ihbkdZoh[t_a^Z
GZ^h_eb?a^blvg_\hafh`ghBk\_jgmegZijZ\h\i_j_mehd

RlZ[d\ZjlbjZ:]_glkl\ZI_qZlbGh\hklbgZoh^blky\kZfhfp_glj_Fhkd\ugZKZ^h\hfdhevp_
\k_]h\g_kdhevdbod\ZjlZeZohlZf_jbdZgkdh]hihkhevkl\ZYihfgxdZdwlh:]_glkl\h
h[jZah\Zehkv;uehkZfh_gZqZehr_klb^_kyluo]h^h\dh]^ZOjms_\ijbgyekyhkgZsZlvDm[m
jZd_lZfbbf_y\\b^mg_klhevdhaZ\h_\Zgb_KR:kdhevdhih^qbg_gb_k\h_fm\ebygbx\k_]h
x`ghZf_jbdZgkdh]hdhglbg_glZH^gh\j_f_gghDj_fevgZqZeaZb]ju\ZlvkZjZ[kdbfbkljZgZfbb
:njbdhcb^eyhkms_kl\e_gby\k_cwlhchi_jZpbbih]eh[ZevghfmjZkrbj_gbxk\h_]h\ebygby
Fhkd\_kjhqghihgZ^h[beZkvkbkl_fZihijhfu\d_fha]h\x`ghZf_jbdZgkdbfZnjbdZgkdbfb
bf_gbIZljbkZEmfmf[udm^ZaZfZgb\Zebfheh^_`vkh\k_]hfbjZqlh[u\hkiblZlvbagbo
[m^msbojmdh\h^bl_e_cijhdhffmgbklbq_kdboi_j_\hjhlh\:_s_h^gmfZrbgmihijhfu\d_
fha]h\:]_glkl\hI_qZlbGh\hklbkha^Zebydh[ugZkj_^kl\ZDhfbl_lZihaZsbl_fbjZb
^jm]bo[mn_jguodj_fe_\kdboh[s_kl\_gguohj]ZgbaZpbcGZkZfhf`_^_e_:IGgZijyfmx
ih^qbgyehkvk_jhfmdj_fe_\kdhfmdZj^bgZemb^_heh]bbFboZbemKmkeh\mbki_j\uo^g_ck\h_]h
kms_kl\h\Zgbyihemqbehijyfhc\uoh^ddj_fe_\kdbfnhg^ZfgZnbgkdmx[mfZ]m
�iheb]jZnbq_kdmx[Zam\E_cipb]_=Jg_h]jZgbq_gguc[x^`_lbdhg_qghki_piZcdb^eyk\hbo
khljm^gbdh\:lZd`_jhkdhrgucklZjbgguchkh[gyd\kZfhfp_glj_Fhkd\ugZImrdbgkdhc
iehsZ^bjy^hfkj_^Zdpb_c]Za_luBa\_klby
Y[ue\wlh\j_fyklm^_glhfdbghbgklblmlZbdk\h_ckdm^ghcjm[e_\hcf_kyqghcklbi_g^bb
ih^jZ[Zlu\ZeibkZgb_fklZl_c\fhkdh\kdb_]Za_luIhfgx\lhe_lhkj_^bgZr_]h[jZlZ
`mjgZebklZklj_fbl_evghjZag_kkykemo[m^lhgZImrdbgkdhciehsZ^bhldjueZkvaZf_qZl_evgZy
gh\ZydhjfmrdZ:IG]^_dZdfg_kdZaZebieZlylkh\_jr_gghnZglZklbq_kdh_]hghjZjuih
^_kylvjm[e_caZkljZgbpmB\hl[md\Zevghq_j_af_kypihke_hldjulby:IGyijbr_e\wlhk\_leh
`_elh_klZjbggh_a^Zgb_bi_j\h_qlhf_gylZfihjZabehh[beb_jhkdhrguofheh^uo^_\hd\
bfihjlguo^`bgkZobnjZgpmakdhcdhkf_lbd_Km`Zkghl\hjq_kdbf\b^hfhgbkb^_eb\h\k_o
dZ[bg_lZogZ^ibrfZrbgdZfb^_eh\blhijh[_]Zebihdhjb^hjZfkhllbkdZfbk\_`bo`mjgZevguo
ihehkibebgZklhysbcdhemf[bckdbcdhn_\kem`_[ghf[mn_l_bdmjbeblhevdhFZev[hjhb
aZiZ^gh]_jfZgkdb_kb]Zj_lu$VWRUKj_^bgbokl_i_gghcihoh^dhcjmdh\h^bl_e_cjZkoZ`b\Zeb
fheh^u_fm`qbguknb]mjZfbl_ggbkbklh\\bfihjlguodhklxfZobnjZgpmakdbo]ZeklmdZoLZdbo
nbjf_gguo`mjgZebklh\yg_\b^_e^Z`_\bghkljZgghfhl^_e_IjZ\^ubDhfkhfhedbjZa\_
lhevdhFwehjKlmjmZdhjj_kihg^_glBa\_klbcihKR:fh]ly]Zlvkykgbfb\rbd_GhKlmjmZ
[ueba\_klguf`mjgZebklhfZdlhwlb"
ijhq_fklhbehfg_\a]eygmlvgZ^\_jgu_lZ[ebqdbbodZ[bg_lh\dZd\k_klZehykghIhlhfmqlh
dZ`^ZynZfbebygZwlbolZ[ebqdZo]h\hjbeZkZfZaZk_[ywlh[ueb^_lbie_fyggbdbb
ie_fyggbpukZfhc\ukhdhihklZ\e_gghcdj_fe_\kdhcweblubkh\_lkdhc^biehfZlmjuHdhg_qgh
dZ`^ucbagbodhgqbebebFhkdh\kdbcbgklblmlf_`^mgZjh^guohlghr_gbcbebBgklblml
bghkljZgguoyaudh\Zlhb\h\k_ihemqbeh[jZah\Zgb_\=Zj\Zj^_bebKhj[hgg_BhgbagZeb
bghkljZggu_yaudblZddhfm`_dZdg_bfgZke_^gbdZfhkgh\guo^_j`Zl_e_cZdpbckh\_lkdhc
bfi_jbb[uehijhiZ]Zg^bjh\Zlvij_djZkguckh\_lkdbch[jZa`bagb"
Ihkdhevdm\lh\j_fyfhbklZlvbm`_^h\hevghqZklhihy\eyebkv\fhkdh\kdbo]Za_lZob`mjgZeZo
f_gyijbgyekZfaZ\_^mxsbceZlbghZf_jbdZgkdbfhl^_ehflh`_fheh^hcih^lygmlucl_ggbkbkl
Fu\uimkdZ_f\hllZdb_`mjgZeu]hj^hkdZaZehgb\__jhfjZkkuiZei_j_^hfghciZqdm
jhkdhrguogZ]eygp_\hcnbgkdhc[mfZ]_beexkljbjh\Zgguo`mjgZeh\gZbkiZgkdhfnjZgpmakdhf
b_s_dZdbolhg_ihgylguofg_yaudZoGZfgm`gufZl_jbZeuijhiZ]Zg^bjmxsb_gZr
kh\_lkdbch[jZa`bagbGbdZdhcdjblbdblhevdhihablb\YqblZel\hbklZlvblufgh]h_a^brvih
AZiheyjvxZwlhdZdjZalZwdahlbdZdhlhjZygZfgm`gZKqZkleb\Zy`bagvkh\_lkdbowkdbfhkh\
EZfihqdZBevbqZ\aZiheyjghcyjZg]_GZibrbohlviylvhq_jdh\fujhkdhrghieZlbfk
dZ`^h]hyaudZih^_kylvjm[e_caZkljZgbpmLh_klvaZh^gmklZlvxfh`ghihemqblvklhevdh
]hghjZjh\gZkdhevdhyaudh\fu__i_j_\_^_fLZdg_ieZlblgbdlh\Fhkd\_^Z`_Ebl]Za_lZGh
ijboh^bl\dhq_\h_klhc[bs_Mk_d"
Ymk_d;md\ZevghaZg_^_ex^hwlh]hyijbe_l_ebahq_j_^ghc]Za_lghcdhfZg^bjh\dbih
aZiheyjghfmYfZemLZf`b\mlkh\_lkdb_wkdbfhkug_gpuijhp_glh\bagbo[hevgu
kbnbebkhfijhp_glh\Zedh]hebafhfZklZlbklbdZ^_lkdhckf_jlghklb\hh[s_aZk_dj_q_gZGh
fg_g_gm`gZ[ueZklZlbklbdZykZfoh^beihboqmfZfb\b^_elhqlhwlbdj_fe_\kdb_l_ggbkbklu
\dhklxfZohlDZj^_gZgbdh]^Zg_m\b^yl^Zb\b^_lvg_aZohlylY\b^_edZd`b\mlwlbg_gpu\
]jyabkkh[ZdZfbgZ\hgxqbohe_gvbordmjZobihklhygghivygu_hlkhagZgbylh]hqlh`bagvbo
lmg^ju\k_jZ\ghdhgqbeZkvk\hbfbg_nlygufb\urdZfbjmkkdb_\uimklbebbaih^a_feb^moh\
aeZb[he_ag_cb]mk_gbpZfbljZdlhjh\mgbqlh`bebhe_gvbiZkl[bsZIZjZ^hdkZevghqlhbf_gghaZ
g_g_pdmxg_nlvdj_fe_\kdb_l_ggbkbkluihdmiZebk_[_lh]^ZnjZgpmakdmxdhkf_lbdm
dhemf[bckdbcdhn_g_f_pdb_kb]Zj_luh[jZah\Zgb_\Khj[hgg_ibrmsb_fZrbgdb(ULNDb
lbih]jZnkdb_fZrbgu^eyi_qZlbj_deZfguo`mjgZeh\hkqZkleb\hfkh\_lkdhfh[s_kl\_QZs_
\k_]hgZklZg^Zjlguoh[eh`dZolZdbo`mjgZeh\kbyehdjm]eh_ebphg_g_pdh]hj_[_gdZ
meu[Zxs_]hkygZnhg_aZkg_`_gghcg_nlyghc\urdbGhdhg_qghgbdlhgbdh]^Zg_ibkZe\wlbo
`mjgZeZodZdjmkkdb_\_jlhe_ludZ`^h_e_lhh[e_lZxlg_g_pdb_klhc[bsZgZ\h^dm\uf_gb\Zxl
^_l_cbm\haylbo\KZe_oZj^\^_lkdb_^hfZ
Ymr_elh]^Zba:IGbgbdh]^Z[hevr_g_i_j_klmiZeihjh]wlh]hmqj_`^_gbyB\hll_i_jvihqlb
ljb^pZlve_lkimkly\lhjhc\bablGhm`_ih^jm]hfmZ^j_kmIhlhfmqlhaZljb^pZlve_l:IG
\ujhkeh\]b]Zglkdbcdhgp_jgijhiZ]Zg^ub\gZ]jZ^mykeurZeihemqbehgh\h_a^Zgb_Gh\_^v
=hj[Zq_\hldZaZekyhl[j_`g_\kdhc^hdljbgudj_fe_\kdb_\hckdZ\urebba:n]ZgbklZgZZ
kh\_lkdh_\ebygb_gZZnjbdZgkdhfdhglbg_gl_b\ZjZ[kdbokljZgZolZ_ldZdkg_]\imklug_LZd
q_f`_l_i_jvaZgbfZxlkyl_fh^gu_l_ggbkbklubl_ggbkbkldb"Qlhijhba\h^blfZrbgZ
aZims_ggZyOjms_\ufb:g^jhih\uf"GZdh]hjZ[hlZ_l"
LZdkbhklZgh\behkvi_j_^k_jufq_luj_owlZ`gufreZdh[_lhgguf^hfhf\nhjf_jmkkdhc[md\u
IImklhcijh_f\gb`g_cqZklbwlhc[md\ukfhlj_egZKZ^h\h_dhevphgh[uehl]hjh`_ghlg_]h
\ukhdhcj_r_ldhcZ\p_glj_aZ[hjZj_r_ldbklhyeZ[_lhgghdbjibqgZy[m^dZijhoh^ghcgmljb
kb^_eb^\Zfbebpbhg_jZDhjhq_]h\hjywlha^Zgb_[uehdZd^\_dZieb\h^uihoh`_gZrlZ[
ijh\bgpbZevgh]h\h_ggh]hhdjm]ZZkh\_jr_ggh]heucbimklhc^\hjaZj_r_ldhcfh][ulvlhevdh
ieZp_f^eyhljZ[hldbkljh_\h]hrZ]Z
H^gZdhgZlmkdehckl_deygghc\u\_kd_[uehgZibkZgh:]_glkl\hI_qZlbGh\hklbbi_j_^
ijhoh^ghcmljhlmZjZklhyegZrbglmjbklh\kdbcZ\lh[mkLZdqlhkhfg_gbcg_[uehfu_oZeb
dm^ZgZ^hLhevdhhiha^ZebgZq_luj_fbgmlubl_i_jvgZfijb^_lky^hdZau\Zlvwlbf
fbebpbhg_jZfdlhfuqlhfu\uau\Zlv;Zjjbm^klhgZbl^
Gh\^jm]hdZaZehkvqlhdZdhclh[bheh]bq_kdbcf_oZgbafkh\_lkdhcZ^ZilZpbbijhkgmeky\hfg_
^Z`_jZgvr_q_fymki_ewlhhkhagZlv
Ke_^mcaZfghcGbhq_fg_kijZrb\ZcijbdZaZeyyihgd_bklj_fbl_evghohayckdhc
ihoh^dhcgZijZ\bekyijyfh\ijhoh^gmx
Fbqbdhihki_rghk_f_gbeZaZfghc=eZ\gh_\bkdmkkl\_ij_h^he_gbyijhoh^guokh\_lkdbo
hnbpbZevguomqj_`^_gbcwlhkhq_lZgb_ohayckdbm\_j_gghcihoh^dbb[Zjkdbg_[j_`gh]hdb\dZ
�]heh\hchojZggbdZfijbdhlhjhfgb\dh_fkemqZ_g_evay\klj_qZlvkykgbfb]eZaZfbZ\u
ilbpuqlh[uaZ]ey^u\Zlv\Zf\]eZaZ:lhqlh\uk\hcbawlhcbeb^Z`__s_[he__\ukhdhc
hj]ZgbaZpbbwlh^_fhgkljbjm_l\Zr_ij_djZkgh_agZgb_dm^Zb^lbYihgylbyg_bf_edm^Zlml
b^lbijyfhaZijhoh^ghc[uelhevdhimklhcihkemqZxkm[[hluieZpghym\_j_gghdZdohaybg
ijhr_efbfhhojZggbdh\fbebpbhg_jh\B[_amkeh\ghyr_ei_j\ufZg_ihke_^Zfuimklv^Z`_
hgZbbghkljZgdZOZfkl\h\lhjZy\bablgZydZjlhqdZkh\_lkdh]h[xjhdjZlZ
GZfh_kqZklv_\]em[bg_^\hjZieZpZih^[_lhggufdhaujvdhfa^ZgbyhdZaZebkv^m[h\u_^\_jbk
fZkkb\ghcj_aghcjmqdhcoZjZdl_jgucijbagZdiZjZ^gh]h\oh^ZYm\_j_gghihlygmejmqdmb
lhevdhl_i_jvihkdhevdmfbebpby[ueZ^Ze_dhihaZ^bijhimklbe^Zfm\i_j_^Bwlh[uehhrb[dhc
IhlhfmqlhaZ^\_jvxhdZaZehkv_s_^\Zfbebpbhg_jZBgl_j_kghaZq_fbgnhjfZpbhgghfm
Z]_glkl\m^\hcgZyfbebp_ckdZyhojZgZ"
Dm^Z"Ijhimkd]jm[hkdZaZebyihgd_ihjmkkdb
HgZ[_kihfhsghh]eygmeZkvgZf_gyghym`_jZa]ey^_e\]em[bg_madh]hdhjb^hjZmebnlZgZrm
bglmjbklh\kdmx]b^rmHexA_e_gbgm
Fuba^_e_]ZpbbkdZaZeyfbebpbhg_jZfbiha\Ze]b^rmHey
=_g_jZe:e_dk_c;udh\gZqZevgbdij_kkp_gljZDhfbl_lZ]hk[_ahiZkghklbKKKJg_[uegb
lheklufgbfhj^ZklufdZdijhp_glh\kh\_lkdbo]_g_jZeh\;hevr_lh]hgZg_f^Z`_g_[ueh
]_g_jZevkdh]hfmg^bjZe_lgbcom^hsZ\ucfm`qbgZ\^_r_\hfk_jhfdhklxf_kh\_lkdh]h
ihrb\Zb[_ehcjm[Zrd_[_a]ZeklmdZdhjhldbc[h[jbdl_fguo\hehkkijhk_^vxfZe_gvdh_b
ijhklh_dj_klvygkdh_ebphk`_kldbfbkdmeZfbdZdm[jb]Z^bjZgZkb[bjkdhckljhcd_hgkb^_e
ihijZ\mxjmdmhl?\]_gby=heydh\ZaZ\_^mxs_]heZlbghZf_jbdZgkdbfhl^_ehf:GIdhlhjucgZ
ijZ\ZoohaybgZ\_eij_kkdhgn_j_gpbxWlhl=heydh\[ueZ[khexlghg_ihoh`gZlh]hl_ggbkbklZ
dhlhjuc\ha]eZ\eyeeZlbghZf_jbdZgkdbchl^_ee_lgZaZ^?fm[uehih^fZe_gvdbc
lhekl_gvdbcb`_eqgucohj_ddhlhjucbah\k_okbeklZjZeky[ulvh[Zyl_evgufb^Z`_
ij_^klZ\bekygZfgZZf_jbdZgkdbcfZg_jX^`bg
:ke_\ZhlX^`bgZ\ha\urZekyly`_euclmqgucihedh\gbd:aZj_gdhij_^klZ\bl_ev
Iheblbq_kdh]hmijZ\e_gbyKh\_lkdhc:jfbbH]jhfgZydZdZkljZoZgkdZy^ugyeukZy]heh\Zkb^bl
ijyfhgZiehoh\u]eZ`_gghchnbp_jkdhcjm[Zrd_kihedh\gbqvbfbih]hgZfbZgZ[hevrhfb
]hehfebp_klhcdh^_j`blkyofmjh_\ujZ`_gb_ih^g_\hevgh]hq_eh\_dZhl[u\Zxs_]h^hdmqeb\mx
ih\bgghklvijhq_fyfh]ihgylvkh\_lkdh]hihedh\gbdZ[ueZkm[[hlZg_jZ[hqbc^_gvkZfh_
\j_fym_oZlvba`ZjdhcFhkd\ugZ^ZqmZ_]haZ]gZebgZ\klj_qmkwlbfbZf_jbdZrdZfbBijhiZe
\_kvmbd_g^ZjZ^bq_]h"JZ^bwlhcfm^Zpdhcgh\hciheblbdbaZb]ju\ZgbykAZiZ^hf
=HJ:PBCKWFKHG `mjgZebklbaGvxChjdZ\fMf_gy\hijhkdij_^klZ\bl_exD=;G_^Z\ghm
gZkibkZebqlhdZ`_lky\IjZ\^_[ueZklZlvy[u\r_]hihedh\gbdZD=;b\wlhcklZlv_hg
ba\bgy_lkyaZk\hxijhremx^_yl_evghklvFg_bgl_j_kghmagZlvqlh\u^mfZ_l_h[u\r_f
khljm^gbd_D=;dhlhjuc\uklmiZ_ll_i_jv\i_qZlbklZdbfbaZy\e_gbyfb"
Ykm^b\e_gb_f]eygmegZ=hjZpby^\Z^pZlbe_lgbciZj_gv\dh\[hcd_^`bgkZobkgbd_jkZogm
lbibqgucklm^_glZlZdaZf_qZl_evghjZau]jZei_j\mxih^ZqmKh^ghcklhjhgufhefug_k
Emguk\Zebebkvfu\dmjk_kh\_lkdbo^_eZk^jm]hcbg_eh[h\ZyZlZdZZdZd[u\_`eb\Zy
jZa\_^dZ[h_fukemrZ\i_j_\h^\hijhkZ]_g_jZe;udh\hl\_lbekmobfbaZjZg__
hlj_^Zdlbjh\Zggufbnhjfmebjh\dZfb
dhlhjuc\uklmibeg_\IjZ\^_Z\`mjgZe_H]hg_dkhk\h_cebqghchp_gdhckh[ulbclh]h
i_jbh^Z
M]_g_jZeZ[ue]hehkaZy^eh]hdmjbevsbdZl_jyxsbckbem\k_j_^bg_ij_^eh`_gbydZdijb
aZklZj_ehcwfnba_f_e_]dboIhwlhfmihke_dZ`^h]hdhjhldh]h\^hoZ]_g_jZegZqbgZenjZamhq_gv
]jhfdhghaZdZgqb\Ze__ihqlbgZr_ihl_
�he`_gkdZaZlvqlhhp_gdZl_okh[ulbcDZjih\bq_f\dhjg_hlebqZ_lkyhlfhbohp_ghdbhp_ghd
fhbodhee_] ^ho\fFukqblZ_fqlhf_juhdhlhjuoibr_lDZjih\bq[uebijbgylulh]^Z\
iheghfkhhl\_lkl\bbkaZdhghfdhlhjuckms_kl\h\Ze\gZr_ckljZg_\k_fb^_kylu_]h^u ^ho\f
Km^_[gu_ijhp_^mjug_gZjmrZebkvbrbjhdb_fZkkuljm^ysbokyh^h[jyeb^_ckl\byD=;lh]h
i_jbh^Z
FyqdZd\b^bl_ihiZegZ]emomxaZsblmFhefu[uebbkihegbl_eyfbaZdhgZbgZjh^gZrm
^_yl_evghklvh^h[jyeLhqdZ?kebfub^_j`Zebgh[_e_\kdh]heZmj_ZlZKZoZjh\Z\kkued_beb
[jhkZeb^bkkb^_glh\\ikbomrdbblxjvfulh]^Zwlh[uehaZdhgghgZfg_\q_fdZylvky
Dhg_qghfg_aZohl_ehkvg_f_^e_ggh\f_rZlvkybmebqblv]_g_jZeZ\hldjh\_gghf\jZgv_
Ghyk^_j`Zek_[yhi_j\uofg_[uehbgl_j_kghdZdZf_jbdZgpubyihgpukZfb[_afh_]h
kh\_lkdh]hhiulZih\_^mlwlmdhgn_j_gpbx:\h\lhjuoh\lhjuog_\ukh\u\ZckykdZaZey
k_[_Fh`_l[ulv\k_l\hbkljZobihih\h^mlh]hqlhD=;[m^_lk\h^blvklh[hckq_lulhevdh
iZjZghcyFh`_l[ulv\lhf]b]Zglkdhfihlhd_bghkljZgp_\dhlhjucoeugmek_cqZk\KKKJ=w;w
bg_h[jZlbegZl_[y\gbfZgbyLZdaZq_f\ukh\u\Zlvky"Kb^bbfheqbKemrZc
�:C:G:LJHKL?J OZglk\bee\hck:eZ[ZfZ\f=hkih^bg]_g_jZeZdZdbaf_gbeZkvjZ[hlZD=;
\k\yabk]eZkghklvx"
=?G?J:E;UDH;md\Zevghq_j_ag_kdhevdhqZkh\dbgh]jmiiZ:IGaZ\_jrZ_lkt_fdm
^\moqZkh\h]h^hdmf_glZevgh]hnbevfZD=;k_]h^gyWlhlnbevf\dexqZ_l\k_[yp_eucjy^
wibah^h\k\yaZgguokjZkrbj_gb_f]eZkghklb\gZr_c^_yl_evghklb
LZd\hlgZdh]hl_i_jvjZ[hlZ_l:IGhaZjbehf_gyB\kZfhf^_e_dlhbaijhn_kkbhgZevguo
jmkkdbodbghrgbdh\klZg_lk_cqZk^_eZlvnbevfihaZdZamD=;_keb\h]eZ\_KhxaZ
dbg_fZlh]jZnbklh\klhyll_i_jvZglbdhffmgbkluihoe_s_f_gym`ylhboagZxymqbekykgbfb
&#x=B;&#xD_;&#x;�\h=BD_Z`_P_gljZevgZyklm^by^hdmf_glZevguonbevfh\dhlhjZykgbfZeZ\k_]^Zlhevdh
�iZjZ^ugZDjZkghciehsZ^b^_eZ_ll_i_jvnbevfbkkb^_glu::IGagZqblgZrebk_[_
gh\h]hkihgkhjZD=;
;udh\f_`^mijhqbfijh^he`Ze
?kebkj_^b\Zk_klvl_e_\babhggu_`mjgZebklufu[m^_fjZ^uijbkeZlvwlhlnbevf\Zrbf
l_e_dhfiZgbyf ^ho\f:qlhdZkZ_lkybaf_g_gbc\jZ[hl_D=;lh\ubo\b^bl_kZfb ^ho\fJZa\_
iZjme_lgZaZ^\ufh]ebk_[_ij_^klZ\blvqlh[m^_l_[jZlvbgl_j\vxm]_g_jZeZD=;"
k_jZkkf_yebkvaZ^\b]ZebkvgZklmevyoklZebgZeb\Zlvk_[_fbg_jZevgmx\h^mbajZkklZ\e_gguo
gZklhe_[mluehdYhlf_lbeqlh]_g_jZe\k_lZdbkfh]jZajy^blvgZijy`_gb_hklZ\r__ky\\ha^mo_
ihke_i_j\h]h\hijhkZ;hevr_lh]hhgkjZamklZemdj_ieylvwlhlfZe_gvdbcieZp^ZjfjZajy^db
Bg_lhevdhm]_g_jZeZD=; ^ho\fFuihijhkbebbjmdh\h^kl\hKh\_lkdhc:jfbbijbkeZlvgZ
wlm\klj_qmk\h_]hij_^klZ\bl_ey ^ho\fBm\_jyx\Zk\ufh`_l_aZ^Z\ZlvgZfex[u_\hijhkufu
hohlghgZgbohl\_lbf ^ho\f_jghlh\Zjbsihedh\gbd"
u]hkih^ZohjhrhagZ_l_qlhFbgbkl_jkl\hh[hjhgugZr_ckljZgu[uehg_f_g__aZdjulh^ey
ij_kkuq_fD=;Hkh[_ggh^eybghkljZgghcij_kkuGhl_i_jv\k_baf_gbehkvfuhldju\Z_fky\k_
[hevr_b[hevr_Ghijbwlhfqm\kl\m_fqlhk\Zr_cklhjhgukhklhjhgu\Zrbo\h_gguo
_klvdZdZylhgZklhjh`_gghklvY[ukdZaZe_klvg_^h\_jb_dgZfb^Z`_[hyagv
Hg]h\hjbe\klhegbgZdh]hg_]ey^ybohlyg_klmqZedmeZdhfihklhemdZddh]^ZlhIZ\eZr^Z
bl_dkl[ue^jm]hcghbglhgZpbb[uebl_`_hgh[\bgyeZf_jbdZgp_\\lhfqlhhgbg_^h\_jyxl
fbjhex[b\ufjmdh\h^bl_eyfKh\_lkdhc:jfbbBdZ`^h_keh\hhgijhbaghkbelhqghdZdIZ\eZr
q_j_am\_kbklmxiZmamkeh\ghlmiufkhe^ZlZfgZieZpmGhgbdlhg_jZkkf_yeky_fm\_]h]heh_
dZd^ugyebphihlhfmqlhgbdlhbagZrbog_ihgbfZejmkkdbcyaudZi_j_\h^qbddhlhjh]hy
keurZeZgZmrgbdZoy\ghkfy]qZewlmb^bhlkdmxj_qv=hkih^bih^mfZeyb\hlwlbaZfhjh`_ggu_
^ugbjmdh\h^yli_j_kljhcdhcZjfbb;_^guc=hj[Zq_\
�WGBKEHJF V\QGLFDWHGFROLPQLVW\fIhih\h^mgZr_cgZklhjh`_gghklbbkljZoh\yfh]mkdZaZlv
�qlhhgbg_lhevdh_klvghbohjhrhh[hkgh\ZguhklZlhqgh\kihfgblv\lhj`_gb_Kh\_lkdhc
:jfbb\:n]ZgbklZgmgbqlh`_gb_dhj_ckdh]hZ\bZeZcg_jZDjZkghyjkdbcjZ^ZjblZd^Ze__
IhwlhfmX^`bggZfbgl_j_kghagZlv\Zr_`mjgZebklkdh_fg_gb_hi_j_kljhcd_gZkdhevdhwlh
gZ^_`ghbqlhbawlh]hihemqblky"
�Yhl^Ze^he`gh_^biehfZlbqghklbwgbkZhgijbgyefyqmkhe^ZnhgZ:aZj_gdhkemrZlv
dhlhjh]h[uehlZd`_lhkdeb\hdZdqblZlvj_qb;j_`g_\Zbwe_]Zglghi_j_iZkh\Zewlhlfyq
ke_^mxs_fmb]jhdm
�X@BG=HEYDHFu^mfZ_fqlhgh\u_^_fhdjZlbq_kdb_ijhp_kku_s_g_fh]ml[ulvgZa\Zgu
g_h[jZlbfufbGhkdZ`^uf^g_ffumoh^bf\k_^Zevr_b^Zevr_hlwlbokljZoh\_jgmlvgZrm
kljZgmgZaZ^dlhfmqlhfubkiulZeb\ijhrehfwlh\k_f_g__\hafh`ghGhb\u\KR:lh`_
bkiulu\Z_l_kljZoqlh\h_ggu_beb^jm]b_]jmiiuaZo\Zlyl\Zr_ijZ\bl_evkl\hkihfhsvx
dhgkibjZlb\guohi_jZpbc
)XFN\RXqmlv[uehg_\uj\Zehkvmf_gybykbamfe_gb_fihkfhlj_egZgboWlhl]w[wrguc
ohj_dba^_kvijhih\_^m_llhqlhijb\ud]h^Zfb\_rZlvgZmrbkh\_lkdbfqblZl_eyfGhhgblhg_
kh\_lkdb_dZdhcdq_jlmaZo\ZlijZ\bl_evkl\Zg_m`_ebhgbbgZwlhkfheqZl"KfheqZeb:
]_g_jZe;udh\m`_ih^o\Zlbefbdjhnhg
=?G?J:E;UDHYohl_e[u^hihegblv ^ho\fBih^q_jdb\Zxqlh]h\hjxkihabpbcgZr_]h
\_^hfkl\Z ^ho\f=eZkghklvbmdj_ie_gb_k\ya_ckgZjh^hfy\eyxlky^eyD=;gZ^_`ghc]ZjZglb_c
g_\ha\jZlZdijhreuf^_nhjfZpbyfdgZjmr_gbyfaZdhgZb^jm]bfg_e_]Zevguf^_ckl\byf ^ho\f
Bf_gghwlbfp_eyfbkem`blgZrij_kkp_gljkh\_jr_gghgh\uchl^_egZr_]hDhfbl_lZ
DZd`_lZd"ih^mfZeyLhevdhqlhlu]h\hjbe\k_qlh\ul\hjbebjZgvr_[uehaZdhgghb
h^h[jyehkvgZjh^hf:l_i_jvg_e_]Zevgu_^_ckl\by
B\^jm]yhlq_leb\hihgyehgbijh\h^ylwlmij_kkdhgn_j_gpbxlZdkeh\ghwlhZjf_ckdb_
iheblaZgylbyLjb^pZlve_lgZaZ^dh]^Zy[uekhe^ZlhfKh\_lkdhc:jfbbgZre_cl_gZgllhqgh
lZdbfb`_keh\Zfb]h\hjbegZfqlh;;kt_a^dhffmgbklbq_kdhciZjlbby\ey_lkygZ^_`ghc
�]ZjZglb_cg_\ha\jZlZdijhreuf^_nhjfZpbyfZ`_fu\hk_fgZ^pZlbe_lgb_khieydbagZeb
lh]^ZqlhhgbkZfg_\_jbl\lhqlh]h\hjblLZdg_m`_ebwlbljh_kqblZxlaZiZ^guo`mjgZebklh\
]emi_ckh\_lkdbokhe^Zl"BebAZiZ^lZd^he]h^_eZe\b^[m^lhg_aZf_qZ_lgZ]eh]h\jZgvy
ZdZdijbagZdihegh]h^_[bebafZ"
IHEDHGBDEHABGKDB 0LOLWDU\1HZV=Z\ZcbR_klhcZf_jbdZgkdbcnehl\fu]h\hjbl_h
gZr_fg_^h\_jbbbkljZoZoGhiha\hevl_ijb\_klbg_dhlhju_^Zggu_jZchg_Lboh]hhd_ZgZg_
aZf_lghgbdZdh]hkhdjZs_gbykh\_lkdhc\h_gghcfhsbKh\_lkdbc\h_ggucLbohhd_Zgkdbcnehl
ijh^he`Z_lhklZ\ZlvkykZfuf[hevrbfnehlhf\wlhfj_]bhg_IjZ\^Z\g_f_s__klvklZjuo
dhjZ[e_cghfugZ[ex^Z_fg_bokhdjZs_gb_ZlhevdhboaZf_gmgZgh\_crb_Z\bZghkpulbiZ
Db_\[h_\u_dhjZ[eblbiZM^ZehckZglbjZd_lgufbmklZgh\dZfbbZlhfgu_ih^\h^gu_eh^db
lbiZ:dmeZBwlhgZk[_kihdhblGZklZd`_[_kihdhblm\_ebq_gb_kh\_lkdbojZa\_^u\Zl_evguo
km^h\\[ebabih[_j_`vy=Z\Zckdbohkljh\h\]^_gZoh^blkyrlZ[Zf_jbdZgkdh]hLbohhd_Zgkdh]h
nehlZGZijbf_jg_kdhevdhe_lgZaZ^kh\_lkdbcjZa\_^u\Zl_evgucdhjZ[evihy\eyekym]Z\Zckdbo
[_j_]h\jZa\^_kylv^g_c:l_i_jvdZ`^u_ljb^gyDjhf_lh]hfugZ[ex^Z_fm\_ebq_gb_
ihklZ\hdkh\_lkdh]hhjm`by\wlhfj_]bhg_?keb\?\jhi_\ukhdjZsZ_l_k\hb\h_ggu_kbeulh\
:abbfu\b^bfh[jZlgh_Bg^byihemqZ_l\ZrbZlhfgu_ih^\h^gu_eh^dbbklj_[bl_ebFB=
bly`_eu_[hf[Zj^bjh\sbdbLM%HDUBjZdbK_\_jgZyDhj_yihemqZxlhl\Zk
mevljZkh\j_f_ggh_hjm`b_\dexqZyFB=\hhjm`_ggucmklZgh\dhcORRNGRZQVKRRWGRZQ
ihemqZxljZd_lugh\_cr_]hdeZkkZblZd^Ze__hldZdmxdZjlbgmfugZ[ex^Z_fByohl_e[u
magZlvm\Zkqlh`_ijhbkoh^bl"Ihq_fmkh\_lkdZyfhsvg_khdjZsZ_lkyZjZkl_l"
Y\haebdh\ZeZc^ZEhabgkdbQ_jl\havfb_kebmr_klh]hZf_jbdZgkdh]hnehlZ\k_ihedh\gbdbk
lZdhco\Zldhclhyfh]mg_[hylvkyD=;Ylh`_kdZ`mbfk_]h^gyiZjmkeh\
L_f\j_f_g_fihedh\gbd:aZj_gdhly`_ehdZddhl_ekkujufl_klhfhldbgmekygZklme_b
\a^hogmeYohjhrhihgye_]h\_^vykhjhde_lgZ[ex^Zewlboihedh\gbdh\yiheaZekgbfb\
h^gbo^_lkdboykeyoyoh^bekgbfb\h^gbrdheuZdh]^Z[uekhe^ZlhflhaZfiheblgZr_]hihedZ
ihedh\gbdMklvygh\bf_gym]h\Zjb\Zeihklmiblv\\h_gghiheblbq_kdh_mqbebs_B_keb[uy_]h
ihkemrZelh\iheg_fh]kb^_lvk_cqZkgZf_kl_wlh]h:aZj_gdhbly`_ehgZijy]Zyfha]bbkdZlv
q_]h[ulZdh]hhl\_lblvwlhfm_Zf_jbdZgpmk_]h_klZlbklbdhc
IHEDHGBD:A:J?GDHY^mfZxlZdagZqblFug_[m^_fkqblZlvih^\h^gu_eh^dbihlhfm
qlhhgbih^\h^hcbfubog_i_j_kqblZ_f
Lml\k_ljb^pZlvq_eh\_dgZr_c^_e_]ZpbbZ`]jhogmebohohlhf
EHABGKDBWlhhnbpbZevgh_aZy\e_gb_Fbgbkl_jkl\Zh[hjhgu"
&#xGB;
&#x:A;&#x:J;&#x?G;&#xDH;&#x ;&#xh`;&#x_k;&#xlh;&#xq_;&#xgg;&#xh;&#x;IHEDHGBD:A:J?GDH h`_klhq_ggh\fZhnbpbZevgh_Hih^\h^ghfnehl_]h\hjblvg_[m^_f
Gh_keb]h\hjblvhih^\h^ghfnehl_lhy\ZfkdZ`mlZdgm`ghkqblZlvg_lhevdhdhebq_kl\hghb
kfhlj_lvgZdZq_kl\h?kebfu\havf_fih^\h^gmxeh^dmH]Zchbkh\_lkdmx^ba_evgmx
ih^\h^gmxeh^dmlhgbdZdh]hkjZ\g_gby[ulvg_fh`_lLZdqlh^Z\Zcl_]h\hjblvhgZ^\h^ghf
nehl_KdhevdhZ\bZghkp_\bf_xlKR:bkdhevdhKh\_lkdbcKhxa"Kh\_lkdbcKhxaZ\bZghkp_\\
iheghfkfuke_wlh]hkeh\Z_s_g_bf__lkhdjZlblvdZdfbgbfmfljb^pZlv^b\babcqlh[u
\_jgmlvkydmjh\gx]h^ZjZchg_Lboh]hhd_ZgZ\ubf__l_^b\babbZZf_jbdZgkdb_
\hhjm`_ggu_kbeulhevdh^\_
B\hllZdijh^he`Zehkvfbgml^\Z^pZlvbke_^blvaZ^mwevx^\moihedh\gbdh\\^jm]klZeh^Z`_
bgl_j_kg_cq_faZoh^hf`_g_\kdboi_j_]h\hjh\hjZahjm`_gbbIhlhfmqlhlZfyiheZ]Zxkmob_
pbnjub]jZxlijhlb\kmobopbnjZa^_kvklhedgmebkv^\ZoZjZdl_jZk^_j`Zgghoheh^gucb
�oZf\ihedh\gbqvboih]hgZoZ`_dh]^ZEhabgkdbeh\be_]hgZijyfhf\jZgv_b]h\hjbeqlh
Kh\_lkdbcKhxabf__lg_kdhevdh[ZagZbghkljZgguol_jjblhjbyo\Wnbhibb\DZfJZgv[wc
\hv_lgZf_:aZj_gdhijh^he`Ze\jZlvDZfJZgvwlhg_\h_ggZy[ZaZwlhimgdl
l_ogbq_kdh]hkgZ[`_gbygZrbodhjZ[e_cIjbwlhfhgly`_eh\a^uoZedjydZebkfhlj_egZgZk
lZdkeh\ghfu^he`gu[uebaZsblblv_]hhlwlh]hgZklujgh]hZf_jbdZgpZBq_klgh]h\hjy
bf_gghwlhldhfbq_kdbcljxd_fmihfh]FZd]jhm\^jm]i_j_[behq_j_^gmxZlZdmEhabgkdh]h
F:D=JHM ba^Zl_evbaDhehjZ^h\fX^`bgmgZk\KR:fgh]b_^mfZxlqlhjmkkdb_h[eZ^Zxl
dZdhclhhj]Zgbq_kdhciZjZghc_cg_^h\_jbydk\h[h^ghfmjugdmb[hylkyqlhdebfZlk\h[h^u
fh`_lh[jZlblvbokljZgm\ZgZjobxLZdebwlh"
�X@BG=HEYDHGmy^mfZxqlhkh\_lkdb_ex^blZdb_`_dhgk_j\Zlb\gu_dZd\k_hklZevgu_
GZfgm`gh\j_fyqlh[ubaf_gblvikbobdmex^_chl[md\ZevghgZ^gyomgZkdhgqbeZkv
aZ[Zklh\dZrZol_jh\AgZ_l_r_klvf_kyp_\gZaZ^ex[ZyaZ[Zklh\dZdZaZeZkvmgZkg_\hafh`ghc
I_j_kljhcdZ[ueZj_\hexpb_ck\_jomFug_\b^_eb\gbamkbeih^^_j`b\Zxsboi_j_kljhcdm
=?G?J:E;UDHGhbaf_g_gbym`_ijhbkoh^ylaylvohly[ugZka^_kvkb^ysboJZa\_fug_
baf_gbebkv"Ydhg_qghg_kdZ`mqlhfubaf_gbebkvgZklhijhp_glh\
�WGBKEHJF:gZkdhevdh"
=?G?J:E;UDH ih^h[sbckf_o\fGmyijhk_[yfh]mkdZaZlvijhp_glh\gZ\hk_fv^_kylym`_
baf_gbeky:\uX^`bg"
�X@BG=HEYDHY^mfZxqlh^_ehg_\ebqghklyoOhly\hijhkwlhlbf__l^eygZkhkh[mx
\Z`ghklvIhlhfmqlhj_rZ_lkyijh[e_fZdZdb_dZ^ju^he`guhkms_kl\eylvi_j_kljhcdm"
Gm`gheb\k_oij_`gbojmdh\h^bl_e_cg_f_^e_gghm[jZlv"B_keb^Zlh]^_`_\aylvgh\uo"hl
kdZ`bl__kebgZaZ\h^_Nhj^Zij_djZsZxl\uimkdklZjhcfh^_ebfZrbgubgZqbgZxl\uimkd
gh\hcjZa\_hgbm\hevgyxl\k_ojZ[hqbodhlhju_^_eZebklZjmxfh^_ev"Bebhgbbo
i_j_mqb\Zxl"
Blmlyg_\u^_j`Ze:olukmdZih^mfZey_^vbf_gghl_[yb]_g_jZeZ;udh\Zbwlh]h
ihedh\gbdZ:aZj_gdhlj_[h\Zebm[jZlv[Zklh\Z\rb_rZol_juBwlhbfjZ[hqbf ZaZh^ghbgZf\f
\uohlbl_\gmrblvqlRg_evayebrZlv\Zk\hk_fgZ^pZlvfbeebhgh\kh\_lkdboiZjZablh\
gZqZevgbdh\\Zrboih]hgdh`Zguodj_k_ei_jkhgZevguofZrbgbaZjm[_`guodhjimgdlh\G_l
HklZ\vl_gZkgZgZrbof_klZodjbqbl_\ubqmlvi_j_mqb\rbkvfu[m^_fjmdh\h^blv
i_j_kljhcdhclhqghlZd`_dZd\q_jZjmdh\h^bebijhba\h^kl\hfdhexq_cijh\hehdb
�IEHLDBG klZjZykv[ulvk^_j`Zgguf\f\Zf_kypZgZaZ^\kh\_lkdhf`mjgZe__d;;bfbj
[ueZhim[ebdh\ZgZklZlvyhD=;HgZgZqbgZeZkvklh]hqlhKlZebggZau\ZeD=;\hhjm`_gguf
hljy^hfdhffmgbklbq_kdhciZjlbbB`mjgZekijZrb\Zegm`_gebk_cqZkiZjlbb\hhjm`_gguc
hljZ^bhldh]hiZjlbykh[bjZ_lkyaZsbsZlvky":aZ\_jrZeZkvklZlvy\u\h^hfhlhfqlhk_]h^gy
D=;y\ey_lky\hhjm`_ggufj_a_j\hfiZjlbbgZkemqZc_keb]eZkghklvijb\_^_lwlmiZjlbxd
ebr_gbxfhghihebbgZ\eZklvFhe\lZdhfkemqZ_D=;\uklmiblgZi_j\ucieZgb\_jg_l\eZklv
iZjlbcghfmZiiZjZlm
;udh\q_j_aklhe\mihjkfhlj_efg_\]eZaZbkeh\ghlhdijhkdhqbef_`^mgZfbby\^jm]ih^mfZe
Z\_^vwlhhg;udh\^he`_g[ueZj_klh\u\Zlvfhcnbevfh^bggZ^pZlve_lgZaZ^Gmdhg_qgh
?kebhg\ha]eZ\bel_i_jvwlhlij_kkp_gljD=;baZgbfZ_lkyba]hlh\e_gb_fnbevfh\lhhgb
fh]hklZgh\blvk_[y
Yohl_e[umagZlvZb^_leb\hh[s_dZdZygb[m^vdZ^jh\Zyi_j_kljhcdZ\gmljbD=;"Beb\k_
h]jZgbqb\Z_lkyfhjZevgufmkh\_jr_gkl\h\Zgb_f[u\rbokhljm^gbdh\"
=?G?J:E;UDHKm^h\hevkl\b_fhl\_qmIjZ\^ZklZlvx\`mjgZe__d^\Z^pZlucyg_
qblZeK_cqZklZdfgh]hibrmlhD=;qlh^Z`_khljm^gbdbij_kkp_gljZg_mki_\Zxl\k_ijhq_klv
Ghihkmlb\Zr_]h\hijhkZfh]mhl\_lblvDh]^Zfu]h\hjbfhD=;lhagZqbll_i_jvj_qvb^_lg_h
\hhjm`_gghfhljy^_iZjlbbZhiheblbq_kdhfhljy^_iZjlbbDZdjZag_^Z\ghmgZkml\_j`^ZeZkv
bf_gghwlZnhjfmebjh\dZLZdbfh[jZahfyohqm\ZkihijZ\blvD=;wlhiheblbq_kdZy
hj]ZgbaZpbyIjZ\^Z\hij_^_e_gguci_jbh^gZr_cbklhjbb^jZfZlbq_kdbcbebljZ]bq_kdbc
[u\ZehbgZq_Ghk_cqZkD=;dhjj_dlbjm_lk\hbnmgdpbb\kbkl_f_]hkm^Zjkl\_ggh]hZiiZjZlZY
fh]mih^jh[ghh[wlhfjZkkdZaZlvgh[hxkvqlhfuh]jZgbq_gu\h\j_f_gb
�&#x ;&#xih;&#xki;&#x_r;&#xgh;&#xm;&#xke;&#xm`;ë&#xh;&#x;�X@BG=HEYDH ihki_rghbmkem`eb\h\fZ\j_f_gbmgZkfZeh
=?G?J:E;UDHGhy\k_`_^hkdZ`m^hdhgpZK_cqZk\h]eZ\mm]eZklZe\hijhkh
\aZbfh^_ckl\bbjZaebqguokljZg\[hjv[_kf_`^mgZjh^gufl_jjhjbafhfBfuij_^eZ]Z_f\Zrbf
ki_pkem`[Zf^Z\Zcl_khljm^gbqZlv^Z\Zcl_\f_kl_[hjhlvkykwlhchiZkghklvx
Lmlymeh\beqlh]_g_jZeeh\dhi_j_iju]gmegZl_fmjZ^bdhlhjhcdZ`_lkybijbr_ekx^Z
ijh^ZlvgZfgh\ucbfb^`D=;ihdZaZlvqlhhgbl_i_jvkh\k_fg_l_qlhjZgvr_ZgZh[hjhl
gm`guq_eh\_q_kl\mb\hh[s_[_agbog_kiZklbfbjhly^_jgh]hl_jjhjbafZLjb^pZlv
`mjgZebklkdboi_jv_\kb^_ebi_j_^]_g_jZehfk\dexq_ggufbfZ]gblhnhgZfbbij_^klZ\eyebdZd
fbgbfmfljb^pZlv]Za_lb`mjgZeh\KR:DZgZ^u?\jhiubYihgbbIh^[jhkblvq_j_agZkfbjm
ohly[ug_kdhevdhkeh\hgh\hfebp_D=;wlhb[uehaZ^Zq_c]w[wrgh]h]_g_jZeZBhg
klZjZeky
DZdb^_li_j_kljhcdZ\D=;"K_cqZkdgZfijboh^ylki_pbZebklu\\hajZkl_e_lb
dhg_qghhgbgZkaZf_gylWlhohjhrb_dZ^jubohjhrb_ki_pbZebkluB\k\_l_i_jki_dlb\
f_`^mgZjh^gh]hkhljm^gbq_kl\Zwlh[hevrh_^_eh
¼&#xKD;&#x ';&#xHQ;&#xQL;&#xV;&#x&U;&#xRQ;&#xLF;&#xOH;&#x;&#xX`;&#xgZ;&#xy;�:JBWEBCKDB 'HQQLV&URQLFOHX`gZyZdhlZ\fAZ[m^_fh[xjhdjZlbbYohqmkijhkblv\Zk
X^`bgh\Zrbokhk_^yoke_\ZbkijZ\ZHgbjZ^ui_j_kljhcd_b]eZkghklbbebg_l"GZijbf_jyg_
\b^_egbh^ghcmeu[dbgZebp_\Zr_]hihedh\gbdZaZ\_kv^_gv Kf_oohohl\f
:c^Zbckdbih^mfZeyK\b^mlZdZyjZafZagyZgZl_\Zf^hklZekjZambihedh\gbdZb
]_g_jZeZ
&#xGB;
&#x:A;&#x:J;&#x?G;&#xDH;&#x ;&#xi;&#x_j;&#xu_;&#xm;&#xeu;&#x[Z;&#xyk;&#xv;&#x;IHEDHGBD:A:J?GDH \i_j\u_meu[Zykv\fZyjZ^ k_h[sbch[e_]q_gguckf_o\f
=?G?J:E;UDHBgl_j_kgh\b^_lvq_eh\_dZdhlhjucex[bldhjhldb_hl\_lu^Zbg_lY
^hklZ\ex\Zfm^h\hevkl\b_bkdZ`m^Z^Z^\ZjZaZ
Ihke_\klj_qbm`_\dhjb^hj_y_s_jZkdZe_ggucih^hr_ed]_g_jZem;udh\mbklZepblbjh\Zlv
him[ebdh\Zggh_g_^Z\gh\Ba\_klbyobgl_j\vxij_^k_^Zl_eyfZjbckdh]hD=;\dhlhjhflhl
hldjulhijbagZekms_kl\h\Zgb_bgug_k_lbklmdZq_cgZaZ\h^Zob\dheohaZoGh]_g_jZeij_j\Ze
f_gy
KemrZcl_wlh\uZ\lhj=w[wrguokh[Zd"
Ikh\mlhqgbey
YijZ\^Zg_qblZedgb]mghkeurZehlju\dbihjZ^bhIh;b;bKbdZ`_lkybebih
?_blZfblZfqblZebgZKh\_lkdbcKhxa
AZgylgh\u[j_`g_\kdmxfZnbxhibkZebaZgylgh:\hlijh:g^jhih\Zm\Zkg_\k_kijZ\_^eb\h
KdZ`bl_wlZdgb]Z\uc^_lihjmkkdb"
Ymkf_ogmekybih\lhjbe_fm_]h`_\hijhk
KdZ`bl_wlZdgb]Z\uc^_lihjmkkdb"
HgdhjhldhjZa\_ejmdZfb
Gmfuij_kkmg_dhgljhebjm_fu`_\b^bl_qlhijhgZkkZfboibrml
B\^jm]mf_gyijhklhkhj\ZehkvkyaudZ
Ijhklbl_Z\ubaE_gbg]jZ^Z"
�Zyibl_j_phgmeu[gmekykijbkms_c\k_fibl_jpZf]hj^hklvxbebijhklhihevs_gguc
l_fqlhyhihagZe\g_fe_gbg]jZ^pZ:qlh"
:\Fhkd\_\ug_^Z\ghijZ\^Z"
DZ`_lky_fmi_j_klZegjZ\blvkyfhc^hijhkhgkdZaZekmoh
GmwlhdZdkqblZlv:ihq_fm\ukijZrb\Z_l_"
:wlh\uh^bggZ^pZlve_lgZaZ^Zj_klh\ZebgZE_gnbevf_fhcnbevfAbfZ[_kdhg_qgZ"
Hg]eygmefg_\]eZaZbhiylvmeu[gmeky
�Zqlh\uH^bggZ^pZlve_lgZaZ^yjZ[hlZe\Fhg]hebb:qlhijyfhZj_klh\Zebnbevf"
H^gZdh[ueZ\_]hmeu[d_dZdZylhqj_af_jghklvZ\bglhgZpbblZdh_k\_jobamfe_gb_bkhqm\kl\b_
qlhfg_m`_jZkohl_ehkvijh^he`ZlvwlhljZa]h\hjGhy\k_`_kdZaZe
k_fv^_kyl\hkvfhf]h^mihijbdZamJhfZgh\Ze_gbg]jZ^kdbcD=;Zj_klh\Zefhcnbevf:
ihlhfm`_ihijbdZamIZ\eZrZ_]hkfuebGhfh`_l[ulvbg_kfueb"Fh`_lhge_`bl\\Zrbo
Zjob\Zo":"
�hjh]hcfhc]_g_jZe^h\_jbl_evghljhgmef_gyaZie_qh
B\lhl`_fb]jZahfk\_jdgmebg_kdhevdh[ebp_\
Yh]eygmekyg_kdhevdborZ]ZohlgZkklhyebknhlhdZf_jZfbFbqbdhDZlhyfZFhgbdZ;jZ^rhm
�b\_kvfhc[h_\hc\a\h^ihedh\gbdEhabgkdbZ^\hdZlGhjfZg;_jgfwja^hjh\yd`hg
H\nOZ]_gbdh\[hcba^Zl_evJh[_jlFZd]jhmJh[_jl^_j`Zek\hx\b^_hdZf_jmgZie_q_dZd
]jZgZlhf_lYg_\hevghmeu[gmekywlhchojZg_:]_g_jZel_f\j_f_g_fkdZaZe
�hjh]hcfhcMgZkk_cqZkihklhygghlj_[mxllhZjob\uKZoZjh\Zlh^g_\gbdbZe_g[_j]Zlh
dZdb_lhjmdhibkbGhmgZkgbq_]hg_ldeygmkvu`_kh\_lkdbc\ijhrehfq_eh\_d\u^he`gu
ihgbfZlv_keb[ueijbdZaqlhlhmgbqlh`blvbebkfulvlhijbdZau\lh\j_fy\uihegyebkv
�BhglZdih^q_jdgmekeh\Z\lh\j_fyqlh[ugZwlhljZayih\_jbe_fmgZklhijhp_glh\Z\lh
\j_fyijbdZau^_ckl\bl_evgh\uihegyebkvB_keb\k_wlb]h^u\fh_c^mr__s_l_iebeZkv
ijbajZqgZygZ^_`^Zqlh]^_gb[m^v\ih^\ZeZoD=;gZZjob\ghcihed_e_`blhi_qZlZgguc
f_lZeebq_kdbcysbdkfhbfnbevfhflhl_i_jv
�:RXOG\RXVKDNHKDQGVSOHDVHIh`fbl_^jm]^jm]mjmdbih`ZemcklZ@ijha\mqZek[hdmlhgdbc
]hehkhdfbgbZlxjghcFbqbdhDZlhyfZ
Y_s_dhe_[ZekydZdmxlh^hexk_dmg^ugh]_g_jZem`_ijhlygmefg_jmdmb\wlhf`_kl_g_[ueh
gbdZdh]hih^l_dklZbebkbf\hebdbwlhijhklhj_ne_dlhjguchl\_lgZijhkv[m`_gsbgub
nhlh]jZnZ
OhlygZijhly`_gbb\k_cdhgn_j_gpbbh[sZekykgZfblhevdhq_j_ai_j_\h^qbdZ

Yr_eihFhkd\_
Fg_ohq_lkygZibkZlvwlmnjZam_s_jZagZhl^_evghckljhd_aZ]eZ\gufb[md\ZfbYR?EIH
FHKD?
B_s_jZaYR?EIHFHKD?
IhlhfmqlhYme_l_\rbcbawlhckljZgu\kZfucjZa]Zjoheh^ghc\hcguYhlj_aZ\rbc__hl
k_[y_]hjmdmihjZ`_ggmx]Zg]j_ghcY\ukdj_[rbcbak_[y^Z`_kguhFhkd\_dZdijbZ[hjl_
\ukdj_[Zxlj_[_gdZYgZibkZ\rbcg_kdhevdhlZdboZglbkh\_lkdbojhfZgh\qlhba^Zl_eb
kljZrZkvf_klbD=;kh\_lh\Zebfg_im[ebdh\Zlvwlbdgb]bih^ik_\^hgbfhfR?EkZf
k\hbfbgh]Zfbg_\gZjmqgbdZog_\hkg_Z`Zjdbfkheg_qguf^g_fIHFHKD?\u
ihgbfZ_l_"ihfhklh\uffh_cxghklbihk\h_cijhrehc`bagb
Yr_eb^mrZfhyi_eZdZdmj_[_gdZijhkgm\r_]hkykheg_qgufmljhfkxgZrm^_e_]Zpbx
m\_aebba:IGgZh[_^Zihlhfboih\_^mlgZjmkkdbc[Ze_lgZev^mihkdhevdm;hevrhcl_Zlj
^_`mjgh_[ex^h^ey\k_obghkljZgguolmjbklh\aZdjulgZj_fhglGhy[ub\;hevrhcg_ihr_e
mf_gykebrdhffZeh\j_f_gb\Fhkd\_qlh[ul_jylvg_kdhevdhqZkh\gZl_Zlj_^vihke_aZ\ljZ
fum`_e_lbf\E_gbg]jZ^Zhllm^Zq_j_aljb^gyih_a^hf\LZeebggb\k_[Zc[Zc8665
�B\hlyb^mihFhkd\_Hl:IGdhfmdbghgZ\klj_qmk^jmavyfb
DhkfhgZ\ludhlhju_oh^bebihEmg_bkiulu\ZebihbojZkkdZaZfg_a_fgh_m^h\hevkl\b_hl
hlkmlkl\byijbly`_gbyBdhkfhgZ\ludhlhju_e_lZxl\hdjm]A_feblh`_dZcnmxllZfhl
g_\_khfhklbGhym\_j_gqlh_s_[hevr__m^h\hevkl\b_hgbhsmsZxl\fhf_glijba_fe_gby
dh]^Z\uoh^ylbadhkfbq_kdbodhjZ[e_cbb^mlihk\h_ckh[kl\_gghckZfhch[udgh\_gghcghlZdhc
�jh^ghca_fe__kylve_ly[ue\g_\_khfhklby`begZEmg_:l_i_jvy\_jgmekygZKHX
ieZg_lmyb^mihKH?FMZknZevlmy^urmKH?CZlfhkn_jhcbyqblZxKHBjmkkdb_
\u\_kdbImklvgZwlhcieZg_l_a_fgh_ijbly`_gb_mkbe_gh^Z\e_gb_fD=;bDIKKfg_ie_\Zlv
yk_cqZkwlh]hbg_hsmsZxImklve_lgZaZ^hgbZj_klh\Zebbkfuebfhcnbevfl_i_jvD=;
[m^_l\kx^mkl_eblvi_j_^gZr_c^_e_]Zpb_cdjZkgu_^hjh`db\_^vbflZdgm`ghqlh[ufu
jZkkdZaZebfbjmdZdb_hgbfbjgu_b^_fhdjZlbqgu_BimkdZcfhkdh\kdbcZknZevlk_jhliuebb
]Za_lgh]hfmkhjZaZie_\Zgbi_j_juldZgZ\Zfbfhbgh]bklmiZxllmle_]dhdZdgh]bOjbklZih
\h^_BimklvZlfhkn_jZFhkd\uaZ]Zah\ZgZ\ur_\k_o^himklbfuoij_^_eh\y^urmwlbf
\ha^mohfdZd\_k_eysbf]Zahf:ijhjmkkdb_\u\_kdbb]h\hjblvg_q_]himklvwlhg_
[jh^\_ckdZyj_deZfZZkZfu_klZg^Zjlgu_^m[h\ufrjbnlhfgZibkZggu_keh\Zbae_dkbdhgZ
ijhe_lZjkdh]hg_Zg^_jlZevkl\ZIJHFLH:JUDMEVLLH:JUOHALH:JU
H?GLHJ=gh\k_jZ\ghylmldZdju[Z\\h^_Yb^mihFhkd\_Yb^mihFhkd\_
&#xu;&#xke;&#xur;&#xbl;&#x_";&#xY;�ukeurbl_"YBMIHFHKD?????YrZ]Zxi_j_dZlu\Zy\]heh\_wlbg_\_jhylgu_
keh\Zih\lhjyybosmiZyyaudhfg_[hf]hjlZgvx
Fg_ohq_lkylZgp_\Zlv\udjbdb\ZlvwlbnZglZklbq_kdb_keh\Zi_lvbokdZaZlvdhfmgb[m^v
�_kylve_lEbaZ\gmrZeZfg_qlhyklZjucg_ex^bfucbgbdhfmg_gm`guch[e_aeuci_gvB
\gmrbeZY`bedZdl_gvdZdg_ex^vq_jgu_dhrdbdh]lyfbj\Zebfg_]jm^vihghqZfGhl_i_jv
\^jm]y\_jgmekydkZfhfmk_[_ijhrehfmbg_lmf_gygbdZdhc`_guBg_[uehWlh[ue
b^mihFhkd\_
DZdZylhfylZydhgk_j\gZy[ZgdZ\ZeyeZkvgZljhlmZj_ykZ^Zgmegh]hchgZh[jZ^h\ZgghihdZlbeZkv
ihZknZevlma\_gybih^iju]b\ZyA\_gybih^iju]b\ZyibkZeydh]^ZlhgZrdhevghc^hkd_
�ijbf_juk^__ijbqZklgufbh[hjhlZfbZ`_fylZydhgk_j\gZy[ZgdZ]h\hjbla^_kvkhfghcgZ
fh_fyaud_
Ghq_j_ag_kdhevdhd\ZjlZeh\fg_ijbrehkvh[ma^Zlvk\hxwcnhjbxIhlhfmqlh]eZaZbebpZ
ijhoh`bog_hl\_qZebgZfhxmeu[dmGZh[hjhlyihklhygghgZludZekygZhlqm`^_gb_\bo
\a]ey^Zob^Z`_\jZ`^_[ghklvi_j\u_fbgmluy_s_g_^hmf_\Zeihq_fmhgbg_meu[Zxlky\
hl\_lihq_fmhl]hjZ`b\ZxlkydZd\Zdmmfhfbeb^Z`_khaehklvxhllZedb\Zxlf_gy]eZaZfbb
ijhoh^ylkmohih^`Z\]m[u"Blhevdhq_j_ag_kdhevdhd\ZjlZeh\khh[jZabey`_^eygbo
bghkljZg_pGZfg_g_lgbq_]hfh^gh]hk[bjdZfbhlDZj^_gZbeb[jZlv_\;jmd_ghkh\_lkdbf
ex^yfbg_gm`ghwlh]hmgboihjZabl_evghjZa\blhqm\kl\hk_e_dpbbgZk\hbobqm`bo^Z`_ih
ihoh^d_ihp\_lmebpZhgbaZijhklhhlebqZlbghkljZgpZhlkh\_lkdh]hYbkZfwlh^_eZedh]^Zlhk
i_j\h]h\a]ey^ZWlh`_e_]dhihkfhljbl_dZd\k_bghkljZgpu^_j`Zlie_qbdZdex^bdhlhjuf
g_ijboh^blkyihklhygghlZkdZlv\jmdZoly`_eu_kmfdbkdZjlhrdhcemdhffZdZjhgZfbb^jm]bfb
ijh^mdlZfbbap_gljZ]hjh^ZgZhdjZbgmbaZ\lh[mkZ\f_ljhbkgh\Z\Z\lh[mkZihlhf_s_\\_jo
ihe_klgbpZf[_aebnlh\Hlwlhc_`_^g_\ghcfgh]he_lg_c\ex[mxih]h^mghrbgZ\klj_qm
kg_]mimj]_bkeydhlbie_qbkh\_lkdboex^_c\uiyq_gu\i_j_^kibgukmlmeu]heh\ugZ[uq_gu
b]eZaZ]ey^ylbkih^eh[vy:hlihklhygghcg_o\Zldbnjmdlh\h\hs_cbehkvhgh\dh`ZboebpkmoZ
a_febklZbihjbklZ:bghkljZgpu"Ybf_x\\b^ml_obghkljZgp_\dhlhju_fh]mlk_[_iha\heblv
iml_r_kl\h\Zlvihfbjm=eygvl_gZZf_jbdZgkdboklZjmr_dlmjbklhdmgbo`_nb]mjuklZlv
ihoh^dZdZdmFZcbIebk_pdhcZebpZdZdgZeb\gu_y[ehqdb
DZdmx`_j_Zdpbxfh`_l\ua\Zlvmh[blZl_e_ckdZ`_f=Zje_fZdZdhcgb[m^v[h]ZlucZ\kljZeb_p
dhlhjuckb^bhlkdhcmeu[dhcihc^_lih$PVWHUGDP$YHQXH\jZchg_omebp\hklhj]Zykv
jZa[blufb^hfZfbfmkhjhfgZfhklh\hcbgbs_lhcf_klguo`bl_e_c"
Mkbeb_febp_\hcfmkdmeZlmjuym[jZekebpZmeu[dmBlj_a\_ym\b^_eqlhFhkd\Zg_kh\k_flZ
dZdhcyhklZ\be__^_kylve_lgZaZ^Qlhlhk_jh_bg_jyreb\h_ihy\behkv\__h[ebd_dZdmmebqghc
��ihijhrZcdb\hae_IwgKlwcr_gZknjhglhgh\^hfh\bkq_aeb]b]Zglkdb_ljZgkiZjZgluG:JH
�BI:JLBY?BGUbI:JLBYMFQ?KLVBKH?KLVG:R?CWIHOBGhhliZ\dZd
ghqgZydhkf_lbdZkebpZijhklblmldbhgbh[gZ`bebhkuiZ\rmxkyrlmdZlmjdmblj_sbgugZ
kl_gZoie_k_gv]jyavbaZimkl_gb_Fgh]b_klZju_bagZf_gblu_ihjmkkdhcebl_jZlmj_^hfZklhyl
l_i_jv\j_fhglguoe_kZoghlhekluckehciuebgZhdgZobihegh_hlkmlkl\b_kljhbl_evguodjZgh\
ykgh]h\hjylqlhgbdlhwlb^hfZg_j_fhglbjm_lm`_dZdfbgbfmfiZjme_lB\_l_jg_k_lq_j_awlb
jmbgudZdhclhkhjh[ju\db]Za_liuev
=hkih^bg_m`_ebbylZdh[e_aihklZj_ehimklbeky"Gh\hly^hr_e^h:j[ZlZb^mrZfhykgh\Z
\hkiZjbeZIhlhfmqlh:j[Zlwlhfhkdh\kdZy\bZ_g_lhbebFme_gJm`Lml\j_klhjZg_
IjZ]Z\[Zgd_lghfaZe_gZ\lhjhfwlZ`_:gygZreZf_gyq_j_a]h^ihke_gZr_]hi_j\h]h
jZaju\ZYhlf_qZek\hchq_j_^ghc^_gvjh`^_gbybaZ[hevrbf[Zgd_lgufklhehfkb^_eb\k_fhb
dbghrgu_^jmavyK_f_gFboZbeE_\dZLheklydW^b_s_q_eh\_d^_kylv:ihijZ\mxjmdmhl
f_gykb^_eZiurgZyxgZy[jxg_ldZ`ZjdZydZd]jmabgkdZydgy`gZHgZ[ueZ^hqdhcdZdh]hlh
iZibgufb^ZqZfb\Djufmbih^Fhkd\hcjhkdhrghcd\ZjlbjhcgZNjmga_gkdhcgZ[_j_`ghc
fZrbghc=:Abl^blidhlhju_iheZ]Zebkv]_g_jZemjZd_lguo\hckd\kZfucjZkp\_l
[j_`g_\kdhcwihobaZklhy
B\^jm]^\_jv[Zgd_lgh]haZeZhldjueZkvb\hreZ:gyhiylv\`_elhfieZlv_kihe_\ufb
p\_lZfb\jmdZobk[ebahjmdbfijbsmjhfjmkZehqvbo]eZaB\lhl`_fb]fh_k_j^p_bi_q_gdZ
mogmeb\gbadZd\kdhjhklghfebnl_B\_kv[Zgd_lihr_e\\_jolhjfZrdZfbbm`_gZaZ\ljZfuk
:g_cihk_ebebkvmK_f_gZme_l_\r_]h\dbghwdki_^bpbxbijh`beb\f_kl_jh\gh^\_g_^_eb:
q_j_a^\_g_^_eb:gygZibeZkvklZeZ[blvihkm^mbdjbqZlvqlhih^uoZ_lkhfghchlkdmdbihlhfm
qlhyaZgyllhevdhk\h_cibrfZrbgdhcbk\hbf_gh\ufkp_gZjb_fBoehigm\^\_jvxmreZby
\b^_ek[ZedhgZdZdof_evguf^\b`_gb_fjmdbhgZhklZgh\beZlZdkbYaZdmjbek\Zjbek_[_qZrdm
q_jgh]hdhn_lh]^Z\KKKJdhn_[uehkdhevdhm]h^ghbk_edibrms_cfZrbgd_JZ[hlZc
ijbdZaZeyk_[_Dh]^Z`_gsbgZmoh^bl__g_evayhklZgZ\eb\Zlv
:\qZkghqbjZa^Zekyl_e_nhgguca\hghdYa\hgxk:j[ZlZbaF_l_ebpuby`mldhivygZyLu
fh`_rvaZfghcijb_oZlv"
Dhg_qghyijb_oZeaZg_c\hlkx^Z\F_l_ebpmA^_kvqmlvg_^jZdhcyhle_ibehlg__
dZdbolhZa_j[Zc^`Zgp_\ki_dmeyglh\p\_lZfbZihlhfhl\_a__gZlZdkbg_lg_dk_[_:gZ
lhjmxDZ[_evgmxmebpmd__fZf_
�Z\l_]h^u:j[Zl[uefhkdh\kdbfkhq_lZgb_f;jh^\_ybckljbl:k_]h^gyykqblZewlh=Zc^
iZjdb=jbg\bqbeeZ^`
B\hlyk\hjZqb\ZxgZKlZjuc:j[Zlb`Z^ghbsmijbf_lui_j_f_g_^vbf_gghijhwlh
lhj`_kl\h]hj[Zq_\kdhc]eZkghklby^he`_ggZibkZlv\7RN\R5HDGHUV'LJHVWIjhwlboom^h`gbdh\
dhlhju_kb^ylihh[_klhjhgumebpu\hae_k\hbodZjlbg\klbe_jmkkdh]hem[dZkb^yllhqghdZd
boblZevygkdb_dhee_]bgZivyppZGZ\hgZjbkmxlijhoh`bobebijh^Zxlk\hbjZ[hlulmjbklZf
bghkljZgpZfIjhihwlh\dhlhju_gZde_bebk\hbklbobgZaZ[hj\hae_j_klhjZgZIjZ]Z\u
fh`_l_dmiblvmZ\lhjZih^\Z^pZlvdhi__daZkljZgbpmlZdZyk\h[h^Zhlp_gamjugZfbg_kgbeZkv
jZgvr_IjhmebqguofmaudZglh\dhlhju_]j_fyl]blZjZfbbihxlqlhlh]jhfh]eZkgh_b
mkbe_ggh_kZfh^_evgufb^bgZfbdZfbBijh]mklmxlheimdhlhjZy^\b`_lky\h[_klhjhgu:j[ZlZ
aZ\bojyykv\hdjm]fmaudZglh\hjZlhjh\bihwlh\
�Gh;h`_fhc;h`_jZa\_wlhivyppZGZ\hgZ"_kylve_lgZaZ^ygbsbcwfb]jZglm]g_l_gguc
[_a^_g_`v_fbg_agZgb_f\k_o^h_^bgh]haZiZ^guoyaudh\ihiZe\Jbf_gZivyppZGZ\hgZLh[ue
]h^dh]^ZihBlZebbaZde__gghcdjZkgufbieZdZlZfbkk_jiZfbbfhehlZfbdZlbebkv\hegu
dhffmgbklbq_kdbo^_fhgkljZpbcbgZkgh\hijb[u\rbojmkkdbowfb]jZglh\hkh[_ggh
rhdbjh\ZeZ]b]ZglkdZy^_fhgkljZpbyjbfkdbof_^k_kl_jdhlhju_rebih\bZ_g_lhkdjZkgufb
agZf_gZfbbljZgkiZjZglhf
�&#x:E;&#xFY;&#xKH;���FUOHLBFQLH;UG:F::EBFYKH:J:A:?GVD:DF?K?KLJ:FKKKJ
BohlyfudZdjZalhevdhqlh\uj\Zebkvbawlh]hfykgh]hjZygbdlhg_ohl_egZkkemrZlv^Z`_
\h^bl_ebjbfkdboZ\lh[mkh\ \k_^hh^gh]hdhffmgbkludhg_qgh\fij_ajbl_evghdjbqZebgZfih
blZevygkdbqlhfuij_^Zl_ebfbjh\h]hijhe_lZjbZlZbde_\_s_fgZkh\_lkdmx`bagv
LZf\Jbf_ykm`Zkhfm\b^_eqlhAZiZ^gZy?\jhiZkZfZeh`blky\ihkl_evdfhkdh\kdhfm
f_^\_^xb`mldh_hsms_gb_[_kkbebybhlqZygby]gZehf_gyihjbfkdbfmebpZfkmljZ^hghqb
]_klZih\pZ
Bf_ggh\lZdhfih^Z\e_gghfgZkljh_gbbydZdlh\_q_jhfgZ[j_egZivyppZGZ\hgZB\i_j\u_\
`bagbm\b^_elhqlhgZau\Z_lkyijZa^gbdhf`bagbYm\b^_emeu[dbg_h^gmg_iylvg_^_kylv
meu[ZxsbokyebpZkjZamlukyqmk_meu[Zebkv^jm]^jm]m\k_]meyebihiehsZ^bkemrZeb
fmaudZglh\ihabjh\ZebdZjbdZlmjbklZf_ebp\_lgu_rZjukZoZjghc\ZlukemrZebdZdh]hlh
dehmgZk]h\hjys_cdmdehcZieh^bjh\Zebom^h`gbdmdhlhjucgZZknZevl_jbkh\ZeFhgmEbamb
\k_meu[Zebkv^jm]^jm]mLh[ueibj[_aaZ[hlghklbbh]he_gguo`_gkdboie_qdZjgZ\Ze
[_ki_qghklbbyjdbogZjy^h\nb_klZ_^ubfmaudbOhlyygbkeh\Zg_ihgbfZebalh]hqlhlml
i_ebb]h\hjbebbohlyyijbr_ekx^Zkhsms_gb_fihegh]hdjZoZfbjh\hcbklhjbcbihgbs_l_
k\h_cg_fh]dmiblvk_[_^Z`_dmkhdibppu\k_jZ\ghwlZ\hegZ`bagbih^o\ZlbeZf_gy
aZdjm`beZbihg_keZihiehsZ^bdZdj_[_gdZ
L_i_jvq_j_a^_kylve_lkm^ghbklhjbbhklZgh\beh\k_fbjgmxdZlZkljhnmAZiZ^mklhyei_j_^
fhkdh\kdbff_^\_^_fZyijbr_egZfhkdh\kdmxivyppZGZ\hgZgZKlZjuc:j[ZlY\k_lml
ihgbfZeihjmkkdbbyfh]aZ^heeZjudmiblvlmlqlhm]h^ghGhg_[uehhsms_gbyijZa^gbdZ
Ihlhfmqlh\hdjm]gbh^ghcmeu[db=mklZylheiZ^\b]ZeZkvfg_gZ\klj_qmghhgZkhklhyeZba
k_juobm]jxfuoebpk^_eZgguobag_jZkdjZr_ggh]hiZiv_fZr_HgZh^_lZ\k_ju_ieZlvybh[mlZ
\k_jmxbklhilZggmxh[m\vdhlhjZyrZjdZ_lihk_jhfmbiuevghfmZknZevlmOm^h`gbdb[_a
meu[hdkeh\ghhojZggbdbkb^ylih^k\hbfbdZjlbgZfb=heu_^hihykZfmaudZglu]j_fylgZ
]blZj_bhjmllZdmxihoZ[_gvqlhfg_aZohl_ehkvlml`_aZ[ulvjmkkdbcyaud:mdjZbgkdb_
dZlhebdbmgbZlukh[bjZxsb_ih^ibkbih^ibkvfhf\HHGb=hj[Zq_\m\u]ey^yldZdgbsb_m
IwgKlwcr_g\GvxChjd_^Z`_boieZdZluklj_[h\Zgb_fe_]ZebaZpbbbomgbZlkdhcp_jd\b
gZibkZguq_jgufm]e_fgZh[ju\dZok_jh]hdZjlhgZ
B\k_wlhm]jxfh_h`_klhq_ggh_k_jh_^\b`_gb_af_behkvdZdkmoZyiha_fdZ\dheh^p_
klZjhZj[Zlkdbo^hfh\khkuiZxs_ckyrlmdZlmjdhck\u[blufbhdgZfb
Kmf]ZblkdZyj_agyg_bf__lhlghr_gbydZa_j[Zc^`ZgkdhfmgZjh^mWlh[ueZijh\hdZpby
Zjfygkdbowdklj_fbklh\
hae_agZf_gblh]hZolZg]h\kdh]hl_ZljZlh`_hdjm`_ggh]hj_fhglgufaZ[hjhfklhylq_eh\_d
ljb^pZlvkemrZxlhjZlhjZZa_j[Zc^`ZgpZHjZlhjme_lkhjhdfy]dh_bgl_eeb]_glgh_ebphl_fgu_
dZ\dZakdb_]eZaZq_jgu_\hehkuijbebqgucdhklxfYijhlbkgmekyq_j_adhevphkemrZl_e_cb
kijhkbe
?keb:a_j[Zc^`Zg\uc^_lbaKKKJ\u[m^_l_j_aZlvjmkkdbo"
�Zqlh\u\hkdebdgmehgMgZkg_lgbdZdhc\jZ`^ugbdjmkkdbfgbdZjfygZfB\hh[s_
fug_kh[bjZ_fky\uoh^blvbaKKKJAZq_fgZf\uoh^blv"
GmdZd`_lZd"kdZaZey?s_iylgZ^pZlve_lgZaZ^dh]^Zyijb_a`Ze\;Zdmf_gylZf
gZau\ZebhddmiZglhf:k_cqZklZfkmf]ZblkdZyj_agya_e_gu_AgZf_gZbihjlj_luOhf_cgbgZ
[Zdbgkdbo^_fhgkljZpbyofu`_\b^bfihl_e_\b^_gbxBebwlh]hg_l"
GmwlhdZdb_lhf_edb_omeb]ZguYij_^klZ\eyxiZjlbxgZpbhgZevgh]h\hajh`^_gby
:a_j[Zc^`ZgZghih\_jvl_mgZkg_lgbdZdhcg_gZ\bklbdjmkkdbf
Yhlhr_e\iheghfg_^hmf_gbbihlhfmqlhj_agyZjfyg\Kmf]Zbl_ihjZabl_evghkh\iZ^ZeZk
h^gbfbawibah^h\]jZ`^Zgkdhc\hcgu\fh_fjhfZg_u[hjJhkkbbDh]^ZyibkZewlhljhfZg
jZkdeZ^u\ZewlhljmkkdbciZkvygkghgbq_]hdjhf_]jZ`^Zgkdhc\hcgumf_gyg_ihemqZehkv:
wlhlZa_j[Zc^`Zg_pm\_jy_lf_gyqlhg_lgbq_]hih^h[gh]h
Bebrvq_j_a^\Z^pZlvrZ]h\y^h]Z^ZekyqlhlhevdhqlhkZfebqghmqZkl\h\Ze\nbevf_D=;
k_]h^gyB^bhlkdZaZeyk_[_WlhlhjZlhjlZdhc`_ij_^klZ\bl_evZa_j[Zc^`Zgkdh]h
gZpbhgZevgh]h\hajh`^_gbydZdyqe_g3/2=w[wrgbdhg\hldlh=w[wrgbdbijh\hdZlhj
ihkeZggucmkihdhblvjmkkdh_gZk_e_gb_lZdbomkihdhbl_e_c^he`gh[ulvlmlg_f_gvr_khlgb
B\ihbkdZokdjulhc]w[wrghcdbghdZf_juy^Z`_ihkfhlj_e\\_jogZdjurbbhdgZkhk_^gbo
^hfh\
B\^jm]balheiuhdjm`b\r_c^jm]h]hhjZlhjZymkeurZe]jhfdbc]hehkihqlbdjbd
:qlh[m^_f^_eZlvkdhffmgbklZfb"
Bhl\_lhjZlhjZdj_idh]hfm`bdZkebphflZf[h\kdh]hiZoZjy
:dhffmgbklZfh[ty\bfZfgbklbxG_mih^h[eylvky`_gZfbfg_ihkueZlv`_gZf
�fbeebhgh\dhffmgbklh\\kb[bjkdb_eZ]_jyZhgb]jZ[bebgZkbgZ]jZ[bebfbeebhguLZdimklv
dmiylgZwlb^_gv]bljZdlhjZbiZrmla_fexFu^Z^bfbfa_fexdZd\k_f
YaZf_jhlbamfe_gbyKd\havh`_klhq_gb_k_jhklvbie_[_ckl\h:j[ZlZgZf_gy\^jm]]eygmeZ
^jm]ZyJhkkbylZihdhlhjhcydh]^Zlh\]h^mi_rdhfijhr_eihqlblukyqmfbevhl
Dbjh\Z^h:kljZoZgbWlZfgh]hkljZ^ZevgZy]heh^gZybjZahj_ggZyJhkkbykhqbgyyu[hj
Jhkkbby[uem\_j_gqlhdZdlhevdh=hj[Zq_\jZa\y`_l_cjmdbhgZgZqg_l\_rZlvdhffmgbklh\
gZ\k_ol_e_]jZnguoklhe[ZohlFhkd\u^heZ^b\hklhdZ:hgZm`_Zfgbklbjh\ZeZbobf_qlZ_l
ij_\jZlblvbo\n_jf_jh\QvylhjmdZ\^jm]e_]eZfg_gZie_qhOweehZ^bfYh]eygmeky
I_j_^hfghcklhye=hjZpbcKwgkhgkZfucfheh^hcqe_ggZr_c^_e_]Zpbbq_jguc`mjgZebklba
GvxChjdZ
Hijb\_lbamfbekyyQlhlulml^_eZ_rv"Luh^bg"
KemrZckdZaZehgLufh`_rvihclbkhfghc"Yohqml_[_qlhlhihdZaZlv
Wlh^Ze_dh"Mf_gy\q_luj_\klj_qZk^jmavyfb
G_lwlhlmlaZm]ehf
Bhgih\_ef_gy\DZehrguci_j_mehdkhh[sb\ih^hjh]_qlhhldhehekyhl]jmiiuqlh[u
ihkfhlj_lvFhkd\mYr_eaZgbfiheZ]Zyqlhk_cqZkfg_ijb^_lky[ulvihkj_^gbdhfijbdZdhf
gb[m^vg_aZdhgghf\Zexlghfh[f_g_kmebqgufbnZjph\sbdZfbbebdmie_ijh^Z`_nZevrb\hc
jmkkdhcbdhgu:dh]^Z=hjZpbcgujgme\dZdhclh^\hjy\hh[s_ohl_eko\Zlblv_]haZjmdmb
hl]h\hjblvhlkhfgbl_evgh]hijbdexq_gby
Gh\h^\hj_`_elh]hijba_fbklh]hlbibqghZj[Zlkdh]hklZjh]h^hfZy\^jm]m\b^_eg_
nZjph\sbdh\Zkhe^ZlBo[uehkihekhlgbhgbkb^_ebgZ^_lkdhci_khqghciehsZ^d_b]jZeb
\^hfbghb\rZrdbdlhlhkiZeijyfhgZa_fe_dlhlhgZkdZf_cd_Z_s_g_kdhevdh\l_gb
^\mo]jmah\bdh\djuluo[j_a_glhfBadZ[bguh^gh]hba]jmah\bdh\keurZekyojbiihe_\hcjZpbb
b]hehkjZ^bklZQ_l\_jlucy\hkvfhcMgZk\k_lbohIjb_fhae_]jmah\bdh\[ueb]hjdhc
keh`_guieZklbdh\u_sblubj_abgh\u_^m[bgdb:jy^hf\khehf_gghfdj_ke_dZqZed_kb^_e
�fheh^hc\_kgmrqZluce_cl_gZgl\jZkkl_]gmlhc]bfgZkl_jd__j`Z\jmd_dhg_p^_lkdhckdZdZedb
hgdjmlbe__\f_kl_kk_fbe_lg_c^_\qhgdhcbkqblZe^jm]hc^_\hqd_iylbe_lg_cdhlhjZyiju]ZeZ
q_j_akdZdZedm
kd\havam[ubhklZgh\bekdZdZedm
KdZ`b_fmqlhyohqm\aylvbgl_j\vxkdZaZefg_=hjZpbc
A^jZ\kl\mcl_kdZaZeye_cl_gZglmihjmkkdbFbkl_j=hjZpbcKwfhgZf_jbdZgkdbc
`mjgZebklHgohq_l\aylvm\Zkbgl_j\vx
:\udlh"kijhkbee_cl_gZgl
Ydhjj_kihg^_glyihgkdh]h`mjgZeZ7RN\R5HDGHUV'LJHVW
Hgihkfhlj_egZf_gykg_^h\_jb_fyg_[ueihoh`gZyihgpZb]h\hjbeihjmkkdb[_aZdp_glZ
M\Zk_klv^hdmf_glu"kijhkbehg
Yihjueky\dZjfZgZo\ulZsbek\hx[bjdmkgZ^ibkvx3UHVV$VVRFLDWLRQb\bablgmxdZjlhqdm
]hklbgbpuDhkfhk
hl:gZrbiZkihjlZ\]hklbgbp_Dhkfhk
Hgih\_jl_e\jmdZo[hevrmxieZklbdh\mx[bjdmjy^ebhgmf_eqblZlvihZg]ebckdbghgZ
[bjd_[uebgZjbkh\Zgukh\_lkdbcbZf_jbdZgkdbcneZ]bkdj_s_ggu_\agZd^jm`[uBwlhj_rbeh
\k_^_ehe_cl_gZglih^hr_eddZ[bg_]jmah\bdZbkdZaZe\ukmgm\r_fmkyjZ^bklm
�Zcfg_q_l\_jlh]h;uklj_gvdh
�\Zdjhohlguodhl_gdZk_jucbju`bcmxlghkiZebgZkb^_gv_\q_jghf[_j_l_jZ^bklZ
jy^hfkdhjh[dhcihe_\hcjZpbbJZ^bklhklhjh`ghhlh^\bgmedhlylihdjmlbejmqdmjZpbbby
ihjZabekykh\_lkdhcl_ogbd_lZdb_jZpbb[ueb_s_\h\j_f_gZ\lhjhcfbjh\hc\hcgu:lhb
i_j\hcE_cl_gZgl\ayeljm[dmbkdZaZe\g__
Lh\ZjbsfZchjlml^\ZbghkljZgguo`mjgZebklZh^bgq_jguc^jm]hc[_eucohlyl\aylvm
f_gybgl_j\vxDZdijbdZ`_l_^_ckl\h\Zlv"Ijb_f
HgihkemrZehl\_lkdZaZeKemrZxkvih\_jgmekydhfg_bdb\gmegZ=hjZpby
EZ^ghQ_]hhgohq_l"
Yi_j_\_e=hjZpbxqlhe_cl_gZglkh]eZk_g^Zlvbgl_j\vx
=hjZpbclml`_\ulZsbebadZjfZgZfZe_gvdbcfZ]gblhnhge_cl_gZglihdhkbekygZfZ]gblhnhggh
ijhfheqZe
DZd_]ha\Zlv"Wlhihebp_ckdb_qZklb"Qlhhgba^_kv^_eZxl"ihkuiZegZf_gy\hijhku
=hjZpbcZkh\k_oklhjhggZkklZebhdjm`Zlvex[hiulgu_khe^Zlu
FhynZfbebyZkbev_\kdZaZee_cl_gZglbihlhfmdZddlhlhbakhe^Zlofudgmemf_gyaZ
kibghcyihgyeqlhe_cl_gZglkh\jZeGhg_lj_[h\Zlv`_mg_]h^hdmf_gluijhq_f^Zevg_cr__
[uehihoh`_gZijZ\^mFu\hckdZki_pgZagZq_gbykdZaZee_cl_gZglFu[hj_fkyk
jwd_lbjZfbbgZjmrbl_eyfbh[s_kl\_ggh]hihjy^dZ
Lh_klvhgbjZa]hgyxl^_fhgkljZpbb"kijhkbe=hjZpbc
Fu^_eZ_fqlhgZfijbdZ`mle_cl_gZgldb\gmegZjZpbxojbiysmx\dZ[bg_]jmah\bdZ
:a^_kv[m^_l^_fhgkljZpby"kijhkbeyhlk_[y
Wlh]hfug_agZ_fGZfijbdZaZeba^_kv^_`mjblvfu^_`mjbf
:_kebbfijbdZ`mljZah]gZlv^_fhgkljZpbxhgb[m^mlijbf_gylv^m[bgdb"kdZaZefg_ih
Zg]ebckdb=hjZpbcGZijbf_j`_gsbg[m^ml[blv"
Dhg_qghylhg_jZaqblZe^Z`_\kh\_lkdhcij_kk_ijhwlbhljy^uki_pgZagZq_gby
knhjfbjh\Zggu_^\Z]h^ZgZaZ^bakhe^Zlijhr_^rbo\hcgm\:n]ZgbklZg_Km^y^Z`_ih
g_h`b^ZelZdhchk\_^hfe_gghklbhl=hjZpbyWlhliZj_gvhlebqghih^]hlh\bekydih_a^d_\KKKJ
:e_cl_gZglZdhg_qghjZahaebegZr\hijhk
Ijbq_flml`_gsbgukdZaZehgA^_kvgZ:j[Zl_hjm^m_lg_kdhevdh[Zg^jwd_lbjh\Hgb
]jZ[ylom^h`gbdh\fmaudZglh\bohay_\dhhi_jZlb\guodZn_:fuex^_caZsbsZ_f
MdZ`^h]hom^h`gbdZdhlhjuckb^blgZ:j[Zl_\dZjfZg_e_`blkibq_qgucdhjh[hdk^_gv]Zfb
Qlh[ukjZamhldmiblvkyhljwd_lbjh\kdZaZek[hdmh^bgbakhe^Zl
:bgh]^Zwlb[Zg^u^_jmlky^jm]k^jm]hf^h[Z\be^jm]hchl\q_jZ\hae_IjZ]b
aZj_aZebh^gh]hkhe^ZlZZn]ZgpZ
:n]ZgpZfb\Jhkkbbl_i_jvgZau\Zxljmkkdbokhe^Zldhlhju_\h_\Zeb\:n]ZgbklZg_
kdZaZey=hjZpbxihZg]ebckdbGh^Zevr_m`_kljm^hfmki_\Zei_j_\h^blv\k_qlhgZi_j_[hc
]h\hjbebgZfkhe^ZlukjZaguoklhjhg
:ljb^gygZaZ^m[bebZn]ZgpZ`mjgZebklZHgijhfZnbxklZlvxgZibkZeZhgb_]h
ihj_rbeb
BdZdA\_jv_Q_j_iijhehfbebbebphkj_aZeb%RlihqblZcl_bh^bgbakhe^Zlijhlygme
fg_k\_`mxEbl_jZlmjgmx]Za_lm\dhlhjhcydh]^ZlhjZ[hlZegbam]Za_lghckljZgbpu[ueb
nZfbebbZ\lhjh\klZl_cby^Z`_\a^jh]gmeijb\b^_h^ghcbagboFZjbgZDgya_\Z=hkih^b
�ih^mfZeylml\k_lZd[ebadhfg_FZjbgZZy`_agZewlmFZjbgm^\Z^pZlve_lgZaZ^lh]^ZhgZ
[ueZkh\k_ffheh^_gvdhc`mjgZebkldhcijZdlbdZgldhc
By[ukljhkijhkbemkhe^ZlZ
:dh]hm[beb"DZdnZfbeby"
QblZcl_lmlgZibkZghhl\_lbehg
Ym`_kg_dhlhjhchiZkdhc\aye\jmdb]Za_lmBi_j_\_e=hjZpbx
M[bckl\h`mjgZebklZMhl\_lkl\_ggh]hk_dj_lZjy`mjgZeZH]hg_deZ^bfbjZ=ehlh\Zm[beb
kugZLh`_eZ^bfbjZblh`_`mjgZebklZ?fm[uehe_l
Lmlyg_\hevghi_j_\_e^moyg_agZewlh]h=ehlh\ZBihq_fmlhfg_klZehqmlve_]q_
:\ulh`_Zn]Zgpu"kijhkbeymkhe^Zl\ha\jZsZy]Za_lm
G_\k_ghfgh]b_
Gm\hllugZijbf_jkdZaZeye_cl_gZglmLu[ue\:n]ZgbklZg_"
Gm[uehl\_lbehgk\uah\hf
BgZ]jZ^ubf__rv"
Gmbf_x
DZdb_"
GmDjZkgmxA\_a^mKeZ\m
H]h:ihq_fmgm"Wlh^Z`_g_f_^ZebZhj^_gZBo^ZxlaZ\uiheg_gb_hkh[uo[h_\uo
hi_jZpbc\_jgh"
Gmhgg_fh]ihgylvdm^Zydehgx
:aZdZdb_hi_jZpbbluboihemqbe"
Wlhyg_fh]mjZa]eZrZlve_cl_gZglaZfdgmeebph_]h\a]ey^klZe`_kldbfbyihjZabeky
lZdhc[ukljhci_j_f_g_lhevdhqlhwlh[uehebphfZevqbrdbdmjghk_gvdh_k\_leh]eZah_
\_kgmrqZlh_B\^jm]klZeh`_kldbf\ajhkeufkdmeZkluf
jZah]gZlv\u[m^_l_\uihegylvwlhdZd[h_\mxhi_jZpbx"
Fukhe^ZludhjhldhkdZaZehg
WlhyihgbfZxykZf[uekhe^ZlhfkdZaZeyGh\k_lZdbgZfbgl_j_kgh_klvjZagbpZ
dh]^Zijhlb\\jZ]h\hi_jZpbyZdh]^ZgZ^h^m[bgdZfb[blvlZdbo`_jmkkdbo"Bebg_ljZagbpu"
Wlhijh\hdZpbhgguc\hijhkkdZaZedlhlhbakhe^Zl
Ihq_fm"yk^_eZem^b\e_ggh_ebphWlhghjfZevguc\hijhkhlk_cqZk\ZfihjZpbb
ijbdZ`mljZah]gZlvfblbg]:_kebgZwlhffblbg]_l\hyfZlv"Bebk_kljZ"Fh`_llZdh_[ulv"
ulmlijhiZ]Zg^hcg_aZgbfZcl_kvkdZaZee_cl_gZgl
�Zyg_aZgbfZxkvykijZrb\ZxQlh\u[m^_l_^_eZlv_kebmagZ_l_\lhei_k\hxk_kljmbeb
fZlv"
�:fubaJyaZgbmgZk\Fhkd\_gbdh]hg_laZkf_yekyjZ^bklbafZrbgu\Zijhkgm\rboky
dhl_gdZkhggh\habebkvgZ_]hie_q_
Ihgyeyih\_jgmekydg_fmAgZqblfhkd\bqdhlhjuckem`bl\JyaZgbfh`_l[blvl\hx
k_kljm^m[bgdhc"LZd"
k_k_Bgl_j\vxaZdhgq_ghudexqbl_fZ]gblhnhgB^bl_hlkx^ZijbdZaZegZf
e_cl_gZglbdjbdgmekhe^ZlZfJZahc^bl_kvbkgh\Zfg_m`_m]jh`Zxs_Zeb[
hlkx^Z
�:KDWKDSSHQHG":KDWKDSSHQHGQlhkemqbehkv"Qlhkemqbehkv@"kijZrb\Ze=hjZpbcihgy\ih
lhgmqlhgZkijhklh]hgyl\hg
�1RWKLQJ/HW\nVJR,\nOOWHOO\RXODWHUGbq_]hIhrebIha`_kdZ`m@KiZkb[he_cl_gZgl
Byihr_eaZ=hjZpb_fmghky\jmd_Ebl_jZlmjgmx]Za_lmkhklZlv_cM[bckl\h`mjgZebklZ

Fukkb\_fdZd\^hf_mdhlhjh]hh[\Zebebkvkl_gu]h\hjbeLheklyd[_aam[hijhbaghky
^\hcgh_kk\f_klh`qbrKl_gujmogmeb\k_d\Zjlbjuijh^m\Z_l\_l_jZfu
ijh^he`Z_fkkblv^_eZy\b^kklhgbkk_]hg_kemkkbehkv
Ykb^_ekhk\hbfbfhkdh\kdbfb^jmavyfbdbghrgbdZfb\fZe_gvdhfdhhi_jZlb\ghfj_klhjZgqbd_
&#xlh;&#xjh;&#x;j;&#x_k;&#xlk;&#xdh;&#xme;&#xbp;&#x_;
&#xZ;&#xhd;&#xgZ;û&#x[;&#xue;�gZlhjhc;j_klkdhcmebp_AZhdgZfb[uehfdbghLZfgZdZf_gguoklmi_gyop_gljZevgh]h\oh^Z
klhyeZlheiZkdZdbfblhieZdZlZfbGhy[uelZd\ha[m`^_g\klj_q_ckhk\hbfbklZjufb^jmavyfb
qlh^Z`_g_ihbgl_j_kh\ZekyihdZdhfmih\h^mlZf^_fhgkljZpby_^vfujZkklZebkvh^bggZ^pZlv
e_lgZaZ^blh]^Z\f\]emomxihjm[j_`g_\kdhZg^jhih\kdh]hj_`bfZdZaZehkvqlhwlh
jZkklZ\Zgb_gZ\k_]^Z:dh]^Zq_j_a]h^kh\_lkdb_\hckdZ\hreb\:n]ZgbklZgybfhb
fhkdh\kdb_^jmavyihohjhgbeb^Z`_lZcgmxgZ^_`^mm\b^_lv^jm]^jm]Z\wlhc`bagb
B\hlhgbkb^yli_j_^hfghcLheklydK_f_gI_lyW^mZj^FbjZbFboZbedhlhjucdh]^Zlh`be
gZMjZe_k`_ghcEZjbkhc
Fuihfbgmlghljh]Z_f^jm]^jm]ZaZjmdbaZie_qbaZdhe_gbkeh\ghg_fh`_fih\_jblvqlhwlh
g_khgGh=hkih^b^mfZxydZdhgbihklZj_ebFm`qbguihl_jyeb\hehkubam[ui_j_`beb
bgnZjdlubjZa\h^uq_jl\havfb\_^vgZfm`_ihiylv^_kylIylv^_kyl:`_gsbgu
jZkiheg_ebbfg_gm`ghk^_eZlvfuke_ggh_mkbeb_qlh[u\uqe_gblv\boebpZobnb]mjZol_o
ij_`gbofheh^uokdhlhjufbfudh]^Zlh]heydhfkb]Zebbajmkkdhc[Zgb\h[`b]Zxsbcjmkkdbc
kg_]G_m`_ebwlh[uehkhfghc"
KlZjbdfuhq_gvbaf_gbebkv"
G_l^eyf_gy\u\k_l_`_
MgZkl_i_jv]eZkghklvibkkbkklhohkk_kk^_eZcex[h_dbghGhgbdlhg_agZ_lkklh
kgbfZlvk_jZkl_jyebkvkk_jZyih^ibkZegZl_e_\b^_gbbdhgljZdlgZiylv^_kylk_jbcKklh
lZdh_^_fhdjZlbyGhdZdwlhibkZlv"
Lu`_ihfgbrvdZdfujZgvr_jZ[hlZebebrv[uijh[blvkd\havp_gamjmohlviylvijhp_glh\
ijZ\^uBgZjh^\Zebe\dbgh:l_i_jv\k_qblZxl]Za_lulZf\kyijZ\^Z:\dbghbfl_i_jv
ih^Z\Zclhevdhk_dkgbq_]h[hevr_hlI_lyk^_eZenbevfijh\ZexlgmxijhklblmldmgZwlh
gZjh^\Zehfb^_l
�;jZlpugm_]hgZowlhdbghZ\Zcl_\uiv_faZ\klj_qm
FbrZ]h\hjxyFboZbemdh]^Zlui_j__oZe\Fhkd\m"
R_klve_lgZaZ^ijb]eZkbebgZP_gljZevgh_l_e_\b^_gb_
:EZjbkZklh[hc"
Dhg_qghFu`^_fl_[y\_q_jhf
Z^bfihkemkkZcDZdlu^mfZ_kknbevfKk_klv^_kylZg_d^hlh\bawihob;j_kkg_\Zfhkk_l
ihclbgZAZiZ^_"
=_gbZevgZyb^_y]h\hjxy:qlhml_[ykam[Zfb"
KemkkZc\hlh^bgZg_d^hlFmkkijboh^bl^hfhck[mluedhc\h^dbbijykk_l__\lmZe_l_
�AZldgbkvLheklydkhk\hbfbZg_d^hlZfbdjbqZlk[hdmZ\Zcl_\uiv_fZ^bfZlu
keuoZeqlh\ky]eZkghklvgZqZeZkvkgZk"WlhfugZkt_a^_dbg_fZlh]jZnbklh\mkljhbebi_j\uc
^_fhdjZlbq_kdbci_j_\hjhlbjZa]jhfbeb\k_fbgbkl_jkdh_dbghBdklZlbl\h_]h^jm]Z
IZ\eZrZijhklh\u]gZeb
E_\Z]h\hjxyLheklydmKdhevdhm\ZkklhblihklZ\blvam[u"IZjmlukyqjm[e_c"Gh\_^v
wlh\k_]hklh^heeZjh\Y^Zfl_[_klh^heeZjh\
I_j_klZgvhlfZob\Z_lkyhgMf_gy_klv^_gv]byaZ\ljZihemkkZxZ\Zgk
Z^bfi_j_[b\Z_lK_f_gZluagZ_rvqlhi_j\uc\Fhkd\_\_q_j\q_klv^gyjh`^_gby
�Khe`_gbpugZ[uemgZk\hf_dbgh"
I_lyihkkblZc_fmibkvfZkkdhevgbphl\h_fnbevf_GmihkkblZck_]hl_[_klhblLheklyd
^hklZ_lbadZjfZgZ]Za_lgmxkljZgbpmbqblZ_lkZfIhkk_fmy[m^mijhklblmldhcIbkvfh
�mkk_gbpu\hkvfh]hdeZkkZhjh]Zyj_^ZdpbyK_]h^gyy\kk_l\_jlucjZaihkfhlj_eZnbevf
Bgl_j^_\hkkdZbohkkmkdZaZlv\hlkklhOhly\wlhfnbevf_gZkim]Zxlkklh_kebklZlv
ijhklblmldhclhfhkkghjZa[blvkygZfZkkbg_he\ZlhebkkghylZdhckf_jlbg_[hxkvEmkk_
mf_j_lv\k\h_che\_q_f\Kk_jgh[ue_beb\Kmf]Zbl_B\hh[kk_ijhklblmldZwlh
_^bgkl\_ggZy\gZkk_ckljZg_ijhn_kkbydhlhjZyg_ihfh]Z_ldhffmgbklbkk_kdhcfZnbbijZ\blv
kljZghcDhg_kkghbijhklblmldbieZlylgZeh]bkk\_cpZjZf\]hklbgbpZokml_g_jZfb
jwd_lbjZfWlhhkk_gvijZ\bevghihdZaZgh\dbghGhgZwlb^_gv]bgbdlhg_\lhj]Z_lky\
:n]ZgbklZgg_mgbkklhkkZ_l;ZcdZebg_kljhbl^Zkkb^ey]_g_jZeh\:gZeh]bhl\k_o^jm]bo
ijhn_kkbcb^mlijyfh\Dj_fevbgZgbokkb\ml\k_iZjlbcgu_gZkkZevgbdbGhyg_ohkkmdhjfblv
bok\hbfljm^hfIhwlhfmyl\_j^hj_kkbeZklZlv\ZexlghcijhklblmldhcgZk__fdeZkk_\k_
^_\hkkdbkhfghckh]eZkgulhevdhg_m\k_o\g_kkghklvih^oh^ykkZyKijb\_lhf=ZeyGGm"
AbfZ[_kdhg_kkgZZhgZg_[_kdhg_kkgZhgZ[ueZ\k_]h]h^Z
;jZlpu]h\hjxyof_e_y:fh`_l[ulv]^_gb[m^v\=hknbevfhnhg^_qm^hfmp_e_eZ
dhibyfh_]hnbevfZ":"
KijhkbmW^mZj^ZW^lu`_ij_^k_^Zl_evdhfbkkbbihj_Z[beblZpbbnbevfh\KdZ`b_fm
W^^_ckl\bl_evghklZe[hevrbf[hkkhf\Khxa_dbg_fZlh]jZnbklh\hkh[_gghihke_lh]hdZd_]h
dhfbkkby\uj\ZeZbag_[ulbyg_kdhevdh^x`bgdZjlbgaZij_s_gguop_gamjhc\lhfqbke_rbjhdh
ba\_klgucl_i_jvgZAZiZ^_nbevfDhfbkkZj
Z^bf]h\hjblfg_W^kh\a^hohfYagZxqlhwlh[hevghghFugZrebnbevfh\
aZij_s_gguoijbOjms_\_b;j_`g_\_B^Z`_^\ZnbevfZaZij_s_gguo_s_ijbKlZebg_Gh
l\h_]hnbevfZg_lhgb_]hijhklhkfuebhly\ayeqlh[l_[_ihdZaZlvBhg^hklZeba
dZjfZgZdZdhclhdhg\_jl
Qlhwlh"kijhkbeyWlhhl\h_fnbevf_QblZc
Yhldjuedhg\_jlb\ulZsbekeh`_gguc\q_l\_jh[eZgdjyaZgkdhcnZ[jbdbihijhba\h^kl\m
dbghie_gdbGZ[eZgd_[uehgZi_qZlZghdjmigufrjbnlhfkh\_lkdhcibrms_cfZrbgdbFhkd\Z
:DL1R
Kh]eZkghijbdZamFbgbkljZdbg_fZlh]jZnbblh\IZ\eZrZ;yg\Zjy]h^Z\_kv\b^_hb
a\mdh\hcfZl_jbZenbevfZAbfZ[_kdhg_qgZijhba\h^kl\Ze_gbg]jZ^kdhcdbghklm^bbE_gnbevf
[ueih^\_j]gmlh[jZ[hld_gZj_]_g_jZpbxk_j_[jZj_amevlZl_wlhch[jZ[hldb[uehihemq_gh
�d]p_eehnZgZb]jZffZk_j_[jZdhlhju_hijboh^h\ZgudbghnZ[jbdhcbj_dlhjnZ[jbdb
Dhey^gucJA
=eZ\gucl_ogheh]=h^mgh\BI
;mo]Zel_jnZ[jbdbKbjhlbgZHI
YqblZewlhl^hdmf_glbihke_^gb_dZiebgZ^_`^udhlhjmxye_e_yeh^bggZ^pZlve_lwfb]jZpbb
bkiZjbebkv\fh_c^mr_Fg_klZehimklhb]hjvdhdZd`_gsbg_ihke_Z[hjlZ
G^ZkdZaZey=^_y[ueyg\Zjy]h^Z"BlZebby[ue\hl]^_Jh`^_kl\h
aZjZ[hlZegZfhcd_fZrbgk_fvkhllukyqebjbih_oZekfhlj_lv_g_pbxbDZijb:\wlh\j_fy
Nbevfklhbl^\Z]h^Z`bagbZhklZehkvljbklZ]jZffh\k_j_[jZEZ^gh^Z\Zcl_\uiv_fGhihq_fm
\h^dZl_ieZy"ImklvgZfijbg_kmle_^
LukmfZkhr_ekdZaZeZFbjZ`_gZI_lbHldm^Zhgb\havfmle_^"
QlhagZqblhldm^Z"m^b\bekyyBaoheh^bevgbdZ
Z^bfg_\ui_g^jb\ZckykdZaZeK_f_gLu\k_aZ[ue?kebmgZk\j_klhjZg_ihijhkblv
e_^fh`ghaZijhklhihemqblvhlhnbpbZglZihfhj^_
�_ckl\bl_evgh[jhkvwlb[mj`mZagu_rlmqdb^h[Z\beI_lyI_clZd
YijbklZevghihkfhlj_egZgbojZau]ju\Zxlqlheb"GhI_lym`_\uibe\h^dml_iehcb
Lheklydlh`_b^Z`_FbjZ:m`FbjZmgZk\k_]^Z[ueZk\_lkdhc^Zfhciblv\h^dml_iehcg_\
__klbe_
KemrZcI_lykdZaZeyLu`_k_]h^gykZfucagZf_gbluc\Jhkkbbj_`bkk_jG_m`_eblu
[hbrvkyihijhkblvmhnbpbZgldbe_^"
Yg_[hxkvghemqr_g_k\yau\ZlvkykdZaZehgkfms_ggh
GhyohjhrhihfgbeqlhI_l_bjZgvr_g_o\ZlZehkh\_lkdhcgZ]ehklbbihlhfmkZfih\_jgmekyd
�_\mrdZFh`gh\ZkgZfbgmlm"
Q_]h\Zf"[jhkbeZhgZba^Zebbq_j_aie_qh?c[uehe_l^\Z^pZlvofmjZy[jxg_ldZk\ukhdhc
]jm^vxbdjm]eufb\brg_\ufb]eZaZfbIh\_jo[_ehcdhnlhqdbbdhjhldhc\ur_dhe_gx[dbgZ
g_c[uedjm`_\ghci_j_^gbdk[hevrbfdZjfZghf
Y`_klhfiha\Ze__dgZr_fmklhebdmHgZijb[ebabeZkvky\ghcg_hohlhc]ey^ygZf_gy
gZklhjh`_gghdZdgZdeZkkh\h]h\jZ]Z
DZd\Zka\Zlv"kijhkbey
DZly:qlh"kdZaZeZhgZk\uah\hf^_fhgkljbjmyqlhgbdZdbo\hevghkl_cg_^himklbl
:\ufh`_l_ih^hclbih[eb`_"
Gmfh]mhgZk^_eZeZ_s_^\ZrZ]Z
:_s_[eb`_"Ih`ZemcklZ
:\q_f^_eh"
Lmlyhldjuek\hxaZie_qgmxkmfdm\g_c_s_hklZ\Zehkvg_kdhevdhkm\_gbjh\balh]hgZ[hjZ
dhlhjucyijh\_aq_j_alZfh`gxkihfhsvxJh[_jlZFZd]jhmG_]ey^yy\ulZsbebakmfdb^\_
iZqdbdhe]hlhddhjh[hqdm`_gkdhcdhkf_lbdbgZ[hjnehfZkl_jh\biZqdmk`_gkdbfb
ij_a_j\Zlb\ZfbB\k_wlh[Zkghkeh\gh_ihkh\_lkdbfklZg^ZjlZf[h]Zlkl\hfheqZiheh`be\
[hevrhcdZjfZg__i_j_^gbdZ
GmaZq_fwlh"ihdjZkg_eZhnbpbZgldZg_\kbeZohldZaZlvkyhllZdbokhdjh\bs
�_eh\lhfDZlxrZkdZaZeyqlhy^_kylve_lg_[ue\JhkkbbK_]h^gyfhci_j\uc
^_gv:lui_j\ZydjZkb\ZyjmkkdZy^_\mrdZdhlhjmxy\klj_lbeGhwlhlijZa^gbd^mrbyg_fh]m
hkdhj[blvl_iehc\h^dhcihgbfZ_rv"
GhmgZkg_loheh^ghc
:e_^"
HgZihkfhlj_eZfg_\]eZaZkeh\ghj_rZyqlh`_y^_eZxiulZxkv__aZdZ^jblvbeb
^_ckl\bl_evghijhrmlhevdhe_^d\h^d_"
Ih`ZemcklZkdZaZeyJZ^bgZr_c\klj_qbHgZ\a^_jgmeZie_qbdhfbihreZgZdmogx
Gh[ueh\__ihoh^d_m`_qlhlhbgh_g_khe^ZlkdbcrZ]kh\_lkdhchnbpbZgldbZqbklh`_gkdh_
ihdZqb\Zgb_[_^jZfb
Gmlu^Z_rvkdZaZeZFbjZLu_s_g_aZ[uedZddZ^jblvhnbpbZglhd"
:\:f_jbd_luk_[ylhkk_lZd\_^_kk"kijhkbeLheklyd
?keb[u\:f_jbd_yiheh`behnbpbZgld_\dZjfZgiZqdmij_a_j\Zlb\h\y[ulhqghkoehihlZe
ihfhj^_kdZaZey
KlZjbdkdZaZefg_K_f_g?kebl_[_gm`gu\Fhkd\_dhe_kZydl\hbfmkem]ZfBdklZlb
l_[y`^_lkxjijbay_a`mgZl\h_cfZrbg_
Lh_klvdZdwlh"g_ihgyeye_lgZaZ^mh^gh]hhl[u\Zxs_]h\wfb]jZpbx_\j_yydmibe_]h
@b]mebFZrbg_m`_lh]^Z[uehljb]h^ZZm_a`Zyyijh^Ze__dhfmlhghg_K_f_gm
Ihfgbrvluijh^Ze__h^ghfmma[_dmkGZmqnbevfZ"kdZaZeK_f_gLZd\hlhgq_j_a]h^
dmibek_[__\j_ckdmx`_gmbm_oZeihbajZbevkdhc\ba_:fZrbgZhklZeZkv_]h^hqd_Gh_s_q_j_a
]h^bhgZ\ureZaZfm`aZ_\j_yhldZagbdZbij_^klZ\vk_[_hgblh`_m_oZeb:fZrbgZi_j_reZ
_s_ddhfmlhDhjhq_]h\hjyhdZaZehkvqlhl\hyfZrbgZijbghkblm^Zqmbl_i_jvgZg__hq_j_^v
L_[_g_l]jm[hkdZaZe_fmLheklyd
Ihq_fm"kijhkbeK_f_g_]h[hevrb_]hem[u_]eZaZihlhfkl\_ggh]hjZ\\bgZihkfhlj_ebgZ
LheklydZkmdhjbaghc
Ihlhfmqlhl_iylgZ^pZlvj_kkbebm_oZlvbm_oZeb:lu\hk_fgZ^pZlve_llhevdh]h\hjbkkkklh
luaZ\ljZm_akkZ_kkIZjbgZdhgvydkklhlu[m^_kk_a^blvgZ_]hfZkkbg_^hih]jhfh\
G_m`_ebih]jhfu\k_lZdb[m^ml"kijhkbeym\h^yjZa]h\hjhl[hevghc^eyK_f_gZl_fu
�_ckl\bl_evghe_lgZaZ^hgi_j\uckj_^bfhboagZdhfuokhh[sbefg_ihk_dj_lmqlhq_j_a
f_kypih^Z_l^hdmf_glugZwfb]jZpbxKl_oihjbaKKKJm_oZehihefbeebhgZ_\j__\ZK_f_g\k_
ih^Z_l^hdmf_gluq_j_af_kyp
YgZr_e\k\h_fihqlh\hfysbd_ebklh\dmij_^mij_`^_gb_@b^um[bjZcl_kvbaJhkkbb
^_gvdj_s_gbyJmkbfumkljhbf\Zfdjh\Z\mx[ZgxkdZaZeFboZbeGhijZa^gbdDj_s_gby
ijhr_eZih]jhfh\g_[ueh=h\hjylhgbi_j_g_kebih]jhfugZZ\]mklZ
Lmlbadmogbihy\beZkvDZlykih^ghkhfgZie_q_GZih^ghk_klhyeZ\ZaZkhev^hfZjy^hfk\Zahc
aZihl_\rZy[mluedZKlhebqghckygZrZdhfiZgby^jm`ghaZZieh^bjh\ZeZ:DZlyihklZ\beZ
gZgZrklhebd\Zamb[mluedmKlhebqghc
Wlh\ZfhlohaybgZj_klhjZgZkdZaZeZhgZfg_HgkijZrb\Z_lfh`gheb_fmk\Zfb
ih]h\hjblv"
Dhg_qghfh`gh
Q_j_afbgmlmdhj_gZklucq_jgh\hehkucfm`qbgZe_lljb^pZlbiylb\^`bgkZonZjlmd_bijb
ly`_ehcahehlhcp_ihqd_gZr__ih^k_edgZfaZklhebdbylml`_\ayemg_]hbgl_j\vxHgkdZaZe
Jwd_l"Gmdhg_qgh_klvDhfg_kx^Z^\ZjZaZijboh^bebkimrdZfbaZ[bjZeb\k_^_gv]b
IjbrehkvgZgylvhojZgm\hg\b^brvrdZnuBihdZaZegZ^\mo\ukhdbobrbjhdhie_qbo
iZjg_cdhlhju_kb^_ebaZklhebdhf\hae_^\_jbgZdmogx
:_kebhiylvijb^mlkimrdZfb[m^_li_j_klj_edZ"
G_l[hevr_g_ijb^ml
Ihq_fmlulZdm\_j_g"YkeurZeqlhFhkd\Zih^_e_gZf_`^mjwd_lbjZfbgZjZchgugh^_e_`dZ
_s_g_dhgq_gZfZnbb\hxxl^jm]k^jm]hf
Dhfg_m`_g_ijb^mlFhbj_[ylZkgbfb^h]h\hjbebkv
Lh_klvluieZlbrvgZeh]"
Gmdhg_qghBgZq_f_gy[um`_g_[ueh\`b\uo:\hh[s_ykdhjhk\Zeb\ZxgZAZiZ^ky
k_fvy^Z\ghlZfZy^_kylve_lkb^_e\hldZa_ihlhfmqlh\Zjfbbkem`be\jZd_lguo\hckdZo
ih\ZjhfYbf]h\hjbe\HBJ_gmdZdb_yagZx\h_ggu_k_dj_lu"Y\ZrbojZd_l\]eZaZg_\b^_e
ygZdmog_dZrm\ZjbeJ_p_ilkhe^ZlkdhcdZrblZcgZ":l_i_jvhgbfg_]h\hjylBa\bgbl_wlh
[ueZhrb[dZ\ZrZk_dj_lghklvkgylZ:^_kylve_l`bagbhgbmf_gyhlgyeb
Kfhljbl_JmklZfb^_l\^jm]kdZaZeLheklyd
=^_"j_adhih\_jgmekyy
&#xhg;&#x;&#xaZ;&#xh;&#xdg;&#xhf;&#x;&#xu;&#xkk;&#x_e; ;hgaZhdghf\ukk_ebahfZdbghHgkk_l_i_jvgZjh^guc^_imlZl
Y\kdhqbegZih^hdhggbdbafZau\Zy[jxdb\`mldhciuebbaZhjZegZ\kxlhjmx;j_klkdmx
JmklZfJmklZZf
JmklZfB[jZ]bf[_dh\agZf_gbluckh\_lkdbc^jZfZlmj]Z\lhjlj_o^x`bgihimeyjguoiv_kb
�Dbgh\lhei_kj_^bdZdbolhex^_ckieZdZlZfbhehckh\_lkdhnZrbklkdmxkm^_[gmxkbkl_fmb
ky\eZklvgZjh^m;ebahjmdhsmjykvhgh]eygmekygZfhcdjbdghg_m\b^_ef_gyba^Zeb
Ljb^pZlviylve_lgZaZ^fukgbfmqbebkv\h^ghcrdhe_\iZjZee_evguodeZkkZob\f_kl_m^bjZeb
kmjhdh\\dbghgZ[_ev]bckdbcnbevfQZcdbmfbjZxl\]Z\Zgb
JmklZfWlhyIehldjbdgmey_fmk\hxrdhevgmxdebqdm
B\hlhgaZoh^bl\j_klhjZgkl_i_gghcihoh^dhcqe_gZkh\_lkdh]hiZjeZf_glZbfm`qbgu\_khf\
klh\hk_fv^_kyldbeh]jZffh\
KlZjbd]h\hjblhgfg_kh\_jr_gghg_m^b\eyykvwlhc\klj_q_GZfgZ^hihlhedh\ZlvY
jmdh\h`mkh\_lkdhZf_jbdZgkdhcdbghbgbpbZlb\hcFum`_aZimklbebg_kdhevdhkh\f_klguo
ijh_dlh\h^bgnbevf[m^_lklZ\blv\=heeb\m^_GbdblZFboZedh\ihke_Hqbq_jgu_mg_]hlZf
dZjl[eZgr:yqblZe\:f_jbd_l\hbdgb]bbfg_dZ`_lkyqlhh^gZbagbo]h^blky^eykh\f_klghc
ihklZgh\db
:m\Zk_klv\ZexlZ"kdZaZe_fmLheklyd
MgZk_klvjm[ebZ\Zexlm;m^_fbkdZlvbghkljZgguoiZjlg_jh\hl\_lbe_fmJmklZfb
ih\_jgmekydhfg_
Gm"
�)LQHkdZaZey?kebgZc^_l_\Zexlmy]hlh\:qlhijhbkoh^bl\hf_dbgh"QlhaZlheiZk
ieZdZlZfb"
:lug_agZ_rv"m^b\bekyJmklZfK_cqZk\Fhkd\_b^_lk_kkby_joh\gh]hKh\_lZKKKJ
�ghk_]h^gykm[[hlZi_j_ju\\aZk_^ZgbyobfuZj_g^h\ZebgZ^\Z^gyhfdbgh^eyk\h_]h
aZk_^ZgbyFhkdh\kdZy]jmiiZ^_imlZlh\ulZfgZAZiZ^_gZau\Z_l_gZk]jmiihc?evpbgZgh
wlhg_ijZ\bevghFukha^Z_fk_cqZkf_`j_]bhgZevgmx]jmiim^_imlZlh\aZiZ^gu_`mjgZebklulml
`_h[ha\Zebwlhhiihabpb_c\kh\_lkdhfiZjeZf_gl_
�Lhevdhlmly\kihfgbeqlh\q_jZ\\_gkdhfZwjhihjlmwgbkEhjfgZr\mg^_jdbg^dhemfgbklba
Zrbg]lhgZdZdjZa]h\hjbefg_haZk_^Zgbb_evpbgkdhc]jmiiu:l_i_jvhdZau\Z_lkyqlhfhc
rdhevgucijbyl_evqe_gwlhci_j\hc\bklhjbbKKKJe_]ZevghciZjeZf_glkdhchiihabpbb
�B\k_wlhijhbkoh^bl\hf_dbgh"kdZaZeyK_cqZk"B?evpbglZf"
Dhg_qghghk_]h^gyaZk_^Zgb_m`_dhgqbehkvZaZ\ljZijh^he`blkyk^_\ylbmljZ
JmklZfy^he`_glZfih[u\Zlv
G_^mfZxqlhl_[yimklylklZjbd
Y[m^mlZfaZ\ljZmljhf\^jm]aZy\beykof_evghcm\_j_gghklvxg_lhfhcmki_omDZlb
hnbpbZgldbijb^Zefg_kZfhgZ^_ygghklbg_lh\lhjZy[mluedZ\h^dbhldhlhjhcm`_hklZ\ZehkvgZ
^hgurd_
Wlh[m^_lZg_d^hl_keblulm^ZihiZ^_kkkdZaZeLheklydZ\lhj[m^ms_]hnbevfZ
Zg_d^hlh\bawihob;j_`g_\ZIZjbgZykkbddhgvydZkklhl_[ylm^Zg_imklyl
GmaZq_fiZjb"kljmkbey\ihke_^gbcfhf_glYihijh[mxJmklZfZlug_kfh`_rvf_gy
ijh\_klb"
YaZ\ljZijb_^mlhevdhihke_lj_omf_gykmljZ\klj_qZk[_ev]bckdbfl_e_\b^_gb_fhl\_lbe
hgb^h[Z\bekijhgbpZl_evghklvxijhn_kkbhgZevgh]hdbgh^jZfZlmj]ZIhfh_fmlum`_
aZdZ^jbehnbpbZgldm
Ykx^ZaZoh^beiZjmjZabf_gy\k_]^ZaZklZ\eyeb`^ZlvihqZkmbhl\jZlbl_evghdhjfbeb:lml
g_mki_eyk_klvdZdhgZg_kijZrb\Zyijbg_keZfg_ij_djZkgucrZreudb^Z`_]mjbckdmx
dZimklmQ_flu__hofmjbe"
Jh^bgZklZjbdagZ_lk\hbo]_jh_\kdZaZeykdjhfgh
Q_j_aiheqZkZjZkieZqb\ZykvkhnbpbZgldhcykdZaZe_c
DZlxrZihke_aZ\ljZyme_lZx\E_gbg]jZ^Zhllm^Z\LZeebggb]m^[ZcJhkkbyGh_keby
ijb_^mkx^Z_s_jZadZdfg_l_[ygZclb"bijyfhihkfhlj_e\__xgu_\brg_\u_]eZadb
HgZ\ayeZmf_gyq_dbgZibkZeZgZh[jZlghcklhjhg_
DZlyDmeZdh\ZLhevdhg_gZ^h[hevr_ih^Zjdh\
Blh`_]eygmeZfg_ijyfh\]eZaZ
Y\aye__jmdmbihp_eh\Ze:kZfih^mfZe=hkih^bkiZkb[hl_[_Imklvygbdh]^Zg_ljZogm__b
imklvygbdh]^Z[hevr_g_ijb_^m\JhkkbxGhfg_iylv^_kylZ_chlkbeu^\Z^pZlvbhgZ
]hlh\Z
KiZkb[h=hkih^b
QZklvlj_lvy

Dh]^Zy\hr_e\]hklbgbqgucghf_jJh[_jlFZd]jhmklhyekibghcdhfg_bebphfdhldjulhfm
hdgmRbjhdhjZkklZ\b\gh]bhgkof_evghckhkj_^hlhq_gghklvxp_idh^_j`ZegZie_q_k\hx
\b^_hdZf_jmb]h\hjbegZihemlhgZok\h_]h]jhfhih^h[gh]h]hehkZ
WlhFhkd\ZZ\]mkl]hb^bl_wlhlfhgmf_gl"WlhiZfylgbd=Z]Zjbgmb^jm]bfjmkkdbf
dhkfhgZ\lZfu]ey^bl\i_qZleyxs_hkh[_gghghqvxGhhklZevgZyFhkd\Zhq_gvl_fgZy
Y^h]Z^ZekyhgkgbfZ_lbahdgZghqgmxFhkd\mbh^gh\j_f_gghgZ]h\Zjb\Z_lgZdZkk_lmk\hb
dhff_glZjbbYaZf_jm^\_jbqlh[_fmg_f_rZlvghlml_]hdZf_jZj_adhih\_jgmeZkvdhfg_b
g_hlju\Zy]eZahlhdmeyjZJh[_jl\hkdebdgme
HZ^bfIjb\_lbijh^he`belhghfl_e_^bdlhjZWlhfhckhk_^ihdhfgZl_Z^bf
Iehldbgoh^bZ^bfIhagZdhfvkykfhbfb^jmavyfb
YrZ]gme\ghf_jblhevdhlmlm\b^_edh]hJh[_jlbf__l\\b^m\]em[bg_dhfgZlukb^_ebgZ
klmevyo^\_fheh^u_`_gsbguH]hih^mfZeyKjZam^\_WlhlJh[_jlg_l_jy_l\j_fy^Zjhf
I_j_^_]h^b\ZfbgZklhebd_[uebhldjulZydhjh[dZrhdheZ^guodhgn_lihqZlZy[mluedZ[j_g^bb
g_kdhevdh[mluehdfbg_jZevghc\h^u:gZlmf[hqd_bgZih^hdhggbd_e_`Zeb\gZ[jhkkm\_gbju
[j_ehdbneZ`dbagZqdbdjhohlgu_bg^bckdb_dmdeunehfZkl_jubihykgu_ijy`dbkgZ^ibkyfb
&RORUDGRb86$GZr_eq_fkh[eZagylvjmkkdboijhklblmlhdmkf_ogmekyyijhk_[yGh
lml`_aZf_lbeqlh\ihaZobieZlvyowlbo^Zf_klvg_qlhg_k\hckl\_ggh_\ZexlgufijhklblmldZf
hi_j\uohgbh^_lu\dZdb_lh[_kp\_lgu_kblp_\u_ieZlvyb]emob_q_jgu_lmnebdZd
ijh\bgpbZedbdhlhjuoyg_kdhevdhqZkh\gZaZ^\b^_egZ:j[Zl_h\lhjuohgbg_dmjyl:\
lj_lvbo
�7KLVLV0DULDDQG6KXUDwlhFZjbybRmjZ@kdZaZeJh[_jlijh^he`ZykgbfZlvgZk
�\b^_hdZf_jhcHgbh[_mqbl_evgbpu\fhkdh\kdhcrdhe_ghf_j_lbbabodeZkkh\
i_j_ibku\ZxlkykgZr_cdhehjZ^kdhcrdhehcm`_ljb]h^ZGhlug_fh`_rvk_[_ij_^klZ\blv
q_]hfg_klhbehijh\_klbbo\]hklbgbpm
Z^fbgbkljZlhjhfhl_ey_fmijbrehkvij_h^he_lvqlh[uwlbofhkdh\kdbomqbl_evgbpijhimklbebd
gZf\ghf_j
YkdZaZeZ^fbgbkljZlhjmyijb_oZe\Fhkd\mlhevdh^eylh]hqlh[um\b^_lv^_l_cdhlhju_
ibrmlgZrbf^_lyflZdb_aZf_qZl_evgu_ibkvfZBijb]eZkblvbo\:f_jbdmAZgZrkq_lGhh
dZdhc^jm`[_fh`gh]h\hjblv_keb\u^Z`_rdhevgufmqbl_evgbpZfg_jZaj_rZ_l_]h\hjblvk
gZfbWlh`_ijhlb\iheblbdb\Zr_]hijZ\bl_evkl\ZygZibrm=hj[Zq_\mebqgh_ibkvfhH\nd_c
ihke_wlh]hgZkijhimklbebbyih\_ebo\j_klhjZgBqlhlu^mfZ_rv"]hklbgbp_ljbj_klhjZgZ
ghgb\h^bggZkg_ijhimklbeb=h\hjylg_lf_klGhy`_\b`mqlhlZfiheghk\h[h^guof_klB
yg_ihgbfZxZ^bfdZdhgb^_eZxllml^_gv]b_keb\imklhcj_klhjZgg_imkdZxldeb_glh\"Yg_
ihgbfZxhgaZeihf\uibehklZlhd[j_g^b\k\h_fklZdZg_blml`_jZkkl_]gme_s_h^gmdghidm
gZdh\[hckdhcjm[Zrd_
:yihkfhlj_egZwlbomqbl_evgbpL_i_jvyihgyeqlhdjhf_h^_`^ubhlkmlkl\bykb]Zj_l
hlebqZ_lbohlijhklblmlhdKdh\ZgghklvEx[u_]hklbgbqgu_[ey^bm`_^Z\ghkb^_eb[u\wlbo
dj_keZojZa\Zeykvbpbjdme_f\uklZ\b\]heu_gh]bHgb[uaZijhklh\uibebwlm[mluedm[j_g^bb
jZkdhehebJh[_jlZ_s_gZiZjmlZdbo`_iexkgZ[ehdFZev[hjhGhwlbmqbl_evgbpu
GZ\_jghb^hfh_]hihy\e_gbyhgbkb^_eblmldZdaZfhjh`_ggu_g_agZydZdm^jZlvhl
ih^\uib\r_]hJh[_jlZ:dh]^Zyihy\bekyhgb\hh[s_hdZf_g_eb\_^vgZfh_febp_kjZam
hljZabehkvqlhyijbgyeboaZijhklblmlhd
L_i_jvyihijh[h\ZebkijZ\blvwlm[_klZdlghklvblbohkdZaZebfihjmkkdb
Zfihfhqvkebgylvhlkx^Z"
Hgbh[_\kdbgmebgZf_gybamfe_gghh[jZ^h\Zggu_]eZaZ
Hcu]h\hjbl_ihjmkkdb"kijhkbeZFZjbyMg__hdZaZebkvaZf_qZl_evgu_k_ju_]eZaZ
k_jv_agu_blj_i_lghjZ^m`gu_dZdm]bfgZabkldb
�Zqmlvqmlv
uqlh"Kh\_lkdbc"kijhkbeZRmjZGZfhc\dmkhgZ[ueZlheklZihegu_[_eu_ie_qbijhklh
\uibjZebbalm]h]hieZlvyghJh[_jldZ`_lkyg_fh]hlhj\Zlv]eZabf_gghhlwlboie_q
;u\rbchl\_lbey
Hc\uagZ_l_fuijhklh\`mldhckblmZpbbkdZaZeZFZjbyIjhwlm]hklbgbpm[ueZ
[hevrZyklZlvy\ihke_^g_cXghklbQlha^_kvkiehrgZydhjjmipbyhl^_`mjguoihwlZ`m^h
^bj_dlhjZbr\_cpZjZ
R\_cpZj[_j_lkijhklblmlhdih^_kyld_aZ\oh^ZijhklhlZdgbdZdbo`_gsbgg_imkdZ_l
ih^o\ZlbeZRmjZ:j_klhjZguaZdjulufZnb_cmgbolmlihkm[[hlZf\k_]^ZkZ[ZglmcGhdZd
wlhh[tykgblvJh[_jlm"
GZflZdklu^ghaZgZrmkljZgm^h[Z\beZFZjbyHgijb_oZedgZfdZd]hklv
9DGLP\^jm]j_\gb\hkdZaZeJh[_jlgZeb\Zy[j_g^bk_[_bfg_Hgbmqbl_evgbpu
Zg]ebckdh]hhgb]h\hjylihZg]ebckdb
GhfhcZg]ebckdbcm`Zk_gkdZaZey
L\h_]hZg]ebckdh]ho\Zlblqlh[u\_e_lvbf\uiblvaZ^jm`[mGZa^hjh\vyijhbag_khg
ihjmkkdbbj_adhkivyghcbg_jpb_cgZdehgbekydFZjbbbRmj_qlh[uqhdgmlvkykbgbfbB
dhg_qghijbe_]ie_qhfdrmjbghfmie_qm
f_gy
RXNQRZZKDW5REHUW"kdZaZeyK_cqZkh^bggZ^pZlv\_q_jZm`_hldjueky\Zexlguc[Zj
Fufh`_fijb]eZkblvl\hbo^Zflm^ZBfwlhfh`_l[ulvbgl_j_kghlZffmaudZfheh^_`v
Fug_ohlbf\[Zjg_]jhfdhkdZaZeZfg_FZjbyihjmkkdbFuohlbf^hfhc
Hllm^Z\Zfe_]q_kfulvkyhl\_lbey_ckd\havam[uGhfug_ohlbf_]hh[b^_lv
Ihrebm`_h`b\bekyJh[_jlLum\_j_gqlhgZk\imklyl"
Zexlguc[ZjfZe_gvdbcbl_fguc[ueaZ[bl^hhldZaZJZkdZeu\Zykl_gu]j_f_eZfmaudZih^
q_jgufihlhedhfdjmlbekya_jdZevgucrZjhl[jZku\Zyp\_lgu_iylgZgZ]mklmxlheimdhlhjZy
kh\_jr_gghg_ihgylghdZdmfm^jyeZkvlZgp_\Zlv\lZdhcl_kghl_
AZieZlb\r\_cpZjmkhjhd^heeZjh\aZq_luj_[be_lZfuihemqbeb^hklmidwlhfmojZfmIjb
wlhf[be_luhgdhg_qghgZfg_^Ze^_gv]be_]eb\_]hkh[kl\_ggucdZjfZgH^gh\j_f_gghhgk
y\gufkhfg_gb_fh]ey^_egZrbo^Zfhgbhij_^_e_gghg_khhl\_lkl\h\Zeb`_gkdhfmklZg^Zjlm
wlh]haZ\_^_gbyGhl\_j^Zy\ZexlZkbevg_cijbgpbih\br\_cpZjhldjuei_j_^gZfb^\_jvFu
\lbkgmebkv\]jhohlfmaudbl_kghlml_elZ[Zqguc^ufbZedh]hevgu_iZjuBlml`_gZldgmebkv
gZiZjg_cbagZr_c^_e_]Zpbbfm`kdmxk\blmFhgbdb;jZ^rhm
OZcJh[_jlOZcZ^bfijb\_lkl\h\ZebhgbgZklZgpmy Zlhqg__lhiqZkv\l_kghl_\fklj_fy
xgufbjmkkdbfb^_\bpZfblZdhcdjZkhluqlhf_gy^Z`_hlhjhiv\ayeZJh[_jl_kebluohq_rv
\uiblvijh[b\Zckydklhcd_k_gZrblZfZ^bf]^_\u[ueb\_kv^_gv"Fu[_kihdhbebkvh
\Zk
Dhg_qghfuohlbf\uiblvjy\dgmeJh[_jlbi_lmohf\j_aZeky\ljykdmxlZgpmxsmxfZkkm
HabjZykvihklhjhgZfy^\bgmekyaZJh[_jlhfQ_jl\havfbbebyh^bqZe\wlhc:f_jbd_aZ^_kylv
e_lk_f_cghlxj_fghc`bagbbebFg_ihdZaZehkvqlhygbdh]^Zg_\b^_ekjZamklhevdhxguo
djZkhlhdBkZfh_]eZ\gh_dZ`^Zybagbo[ueZ^bdhihoh`ZgZ:gxgZlm:gxFmjZ\bgm
dhlhjZy\ureZlh]^ZbaZ\lh[mkZ
Blhevdhijbkfhlj_\rbkvym\b^_eqlhwlbdjZkhldb\k_jZagu_lml[uebb^ebgghgh]b_jmkZedbk
a_e_gufb]eZaZfbb\hehkZfb^hihykZk_dkmZevghdZdfhjkdb_\h^hjhkebr_\_eysb_k\hbfb
nb]mjZfb\lZdlfmaud_b\hehhdb_n_bkebqbdZfb[_a]j_rguoZg]_ehqdh\kfZe_gvdbfb
\_jldbfbihidZfbbk]m[dZfbZeufbhlfbg_lZbiurgh]jm^u_DZjf_gk]eZaZfb]mklhc
dbg`Zevghckbg_\ubk[_^jZfblZdhc`_dbg`Zevghckbeubg_\bggu_DjZkgu_RZihqdbb
lj_i_lgu_GZlZrbJhklh\ubg_ihjhqgu_:e_gmrdbbajmkkdbogZjh^guokdZahdbrdhevgbpu
k[ey^kdbfb]eZaZfbb\_ebdh\hajZklgu_[ey^bk]eZaZfbg_ihjhqguordhevgbpB\k_lZdb
[ueh\gboqlhlhh[s__qlh^_eZehbo\k_oihoh`bogZfhx:gxdZdk_kl_j
Dh]^ZyaZf_rdZ\rbkv\wlhclZgpmxs_cfZkk_\k_`_ijh[bekydklhcd_[ZjZJh[_jlm`_
ijhly]b\Zefg_[hdZekdZdbflh^jbgdhfYg_]ey^y\uibe_]haZeihfghwlh[ueZdZdZylhkeZ[Zy
[mj^Zbylml`_q_j_aqvblh]heh\uijhlygme[Zjf_gmimklhcklZdZg
�\hcgmx\h^dmbg_jZa[Z\eyckdZaZey_fmihjmkkdb
�9DGLP&RROGRZQZ^bfHklugv@ijhbag_kjy^hfq_clhagZdhfuc]hehkblhevdhlmly
�m\b^_eqlhihqlb\kyklhcdZ[ZjZaZgylZgZrbfbZcZgZLjhkl_jba:eZ[ZfuGhjfZg;_jgba
�Nehjb^u`hgH\nOZ]_gbaHoZchihedh\gbdKwfEhabgkdb_s_dlhlhhae_gbol_jebkv
�fheh^_gvdb_ijhklblmldbbdZ`_lkyGhjfZgb`hg[uebg_ijhlb\dmiblvwlbf^_\hqdZfih
hk_fv^heeZjh\kdZaZefg_[Zjf_gY[jhkbe_fm^_kyldm\aye[hdZebaZeihf\uibeLhevdh
l_i_jvyi_j_\_e^mobkfh]kgh\Zkfhlj_lvgZaZeG_ldhg_qghfhy:gyg_[ueZ\Zexlghc
^_\hqdhcB\k_`_B\k_`_\dZ`^hcbawlboxguoimlZgDhkfhkZy\b^_ebf_ggh__
^Ze_dmx^\Z^pZlbiylbe_lg_c^Z\ghklb:ggmFmjZ\bgmdZdhchgZ\ureZlh]^ZbaZ\lh[mkZgZ
mebp_Wca_grl_cgZ
ijhq_fwlb^b\u[ueb_s_fheh`_b_keb[ulh]^Zy\uihegbe:gbgmijhkv[m =hkih^b\dZdhf
wlh[ueh]h^m"\fex[Zybagbofh]eZ[u[ulvgZr_c^hqdhc
=hkih^bdh]^Z`_wlh[ueh"
DZ`_lky\fBeb\f"G_\Z`ghOhjhrhihfgxqlhwlh[uehZ\]mklZ:gbg^_gv
jh`^_gbyH[uqghgZ__bfhc^gbjh`^_gbyyklZjZekym_oZlvbaFhkd\u\dhfZg^bjh\dmbdZd
fh`gh^Zevr_\Kb[bjv\AZiheyjv_\Kj_^gxx:abxQlh[ug_khj\Zlvkyg_jbgmlvkyd:gg_
kp\_lZfbbijhkv[hc\uclbaZf_gyaZfm`:baKb[bjbbebbaAZiheyjvyyl_jaZe__b^bhlkdbfb
l_e_]jZffZfbdhlhju_gbdlhdjhf_g__g_fh]ihgylvIhlhfmqlh\h^ghcl_e_]jZff_gZijbf_j
baOZ[Zjh\kdZ[uehlhevdh^\Zkeh\ZLBEBLBEB:ijh^he`_gb_ijbghkbebm`_gZ
ke_^mxsbc^_gvghblZf[uehlhevdh^\Zkeh\ZLJ:EB:EBB\k_Bgbdlhdjhf_:gbg_
agZeqlhwlhijhklhgZqZeh^_lkdhci_kgbdhlhjmxgZi_\ZeZ:gydh]^Zfukg_c[jh^bebih
Fhkd\_byqblZe_ce_dpbbihjmkkdhcebl_jZlmj_:ihkdhevdmihqlZevhgijbghkbewlb
l_e_]jZffu^g_fbg_aZklZ\Ze:gx^hfZlhhghl^Z\Zebo__fZl_jbHldju\l_e_]jZffmkl_dklhf
LJ:EB:EB:gbgZfZfZkijhkbeZmihqlZevhgZQlhwlhagZqbl"IhqlZevhg]eygme\
l_e_]jZffmbkdZaZeLjZeb\Zebdhrdm^jZebYkgh"HllZdh]hhkdhj[e_gby:gbgZfZlvijbreZ
\yjhklvbgZhjZeZgZihqlZevhgZqlh[uhgg_kf_eijbghkblvlZdb_]Z^hklb
�ZdZd[u\jZ`^_[ghbkdZg^ZevghfugbjZkklZ\Zebkvk:g_c\hq_j_^ghcjZafuiha^jZ\eyeb
^jm]^jm]Zk^g_fjh`^_gbybwlh[ueZlhgdZybihqlbkbf\hebq_kdZygblvdhlhjZyk\yau\ZeZgZrb
km^v[uLZdih^\h^gZyeh^dZmoh^y\Z\lhghfgh_ieZ\Zgb_\uoh^blgZjZ^bhk\yavlhevdhjZa\
ihe]h^ZblZdZkljhgZ\lume_lZygZdZdmxgb[m^vieZg_lm\^jm]hc=ZeZdlbd_kfh]mlk\yau\Zlvky
kA_fe_clhevdhjZa\]h^mdh]^ZgZrZ=ZeZdlbdZ[m^_lhij_^_e_ggufh[jZahfih\_jgmlZ\h
k_e_gghc
LjbgZ^pZlve_lfuk:g_cij_[u\Zeb\Z\lhghfguoieZ\Zgbyobijh`b\ZebjZagu_km^v[ugh
ih^khagZl_evgh`^Zebke_^mxs_]hfh_]hb__^gyjh`^_gbyqlh[u\uclbgZk\yavbijhdjbqZlv
kd\havwnbj
Lu`b\Z"Y`b\Ijbwlhf:gyihkueZeZfg_l_e_]jZffugZdbghklm^bxbebgZ=eZ\ihqlZfl^h
\hklj_[h\ZgbyZyihkueZe_cl_e_]jZffuhldm^Zgb[m^vbalvfmlZjZdZgb:kZfhlf_qZe__^_gv
jh`^_gby[_ag__ljmkeb\hb]hjvdhdZdg_^he_q_ggucZedh]hebdlZcdhfiv_l\h^mba\h^hqghc
jxfdb
Gh\lhe_lh]h]h^Z beb]h\f^_eZaZ^_j`Zebf_gy\Fhkd\_yihkeZe:g_dZdmxlh^mjZpdmx
l_e_]jZffm[_ah[jZlgh]hZ^j_kZZh]jhfguc\q_klv:gbgh]h^gyjh`^_gby[md_l`_eluop\_lZ
jZaemdbp\_lh\ihklZ\begZhdg_lhcd\Zjlbjudhlhjmxlh]^ZkgbfZeBijb]eZkbedk_[_gZwlhl
lZcgucijZa^gbdkjZam^\mofheh^_gvdboih^jm]Zdljbkme_dkdhlhjufb^hlh]hi_jbh^bq_kdbkiZe
ihjhagv
M\b^_\p\_lughg_ihemqb\bo^_\hqdblZdlbqghijhfheqZebkeZ\ghih`ZjbebgZdmog_puieyl
m`_\h\j_fy_]hg_ihfgx\ffue_]dhi_j_rebbdiehlkdbfaZ[Z\ZfQ_klgh]h\hjy^eyf_gywlh
[uei_j\ucwdki_jbf_glk_dkZ\ljh_f^hwlh]hy\k_g_fh]k_[_ij_^klZ\blvqlh`_[m^_l^_eZlv
k\h[h^gZy^ZfZgZ[ex^Zlv"
GhdZdjZa\lhlfbeucfhf_gldh]^Zh[_^_\hqdbklhyebgZdhe_gyogZ^fhbfbqj_keZfb
bf_ggh\wlhlk\ylhcfhf_gljZa^Zeky]jhfdbcklmd\^\_jv
Wlh_s_dlh"bamfbekyy\klZekmkbeb_faZiboZe\rbjbgdmk\hciZfylgbddhkfhgZ\lZfb
ihr_e\ijboh`mx
DlhlZf"
D=;kdZaZeaZ^\_jvx:gbg]hehk
IZfylgbddhkfhgZ\lZfjmogmemf_gy\rlZgZoZgh]bih^dhkbebkvGhyhldjue^\_jv
HgZ\hreZy\ghof_evgZybk^\mfy[mluedZfbrZfiZgkdh]h\dZ`^hcjmd_
Ki_jfhciZog_lkdZaZeZhgZkihjh]Zihfhjsb\k\hchkljucghkbdblml`_m\b^_eZ^\Z
fheh^_gvdbo`_gkdboebqbdZ\u]eygm\rbobadhfgZluIhgylgh:gyg_^h[jhmkf_ogmeZkvb
�ijhlygmeZbf[mluedb_j`bl_^_\mrdb:i_j_^Z\[mluedblml`_ko\ZlbeZf_gyaZ\hjhl
jm[Zobbju\dhfihlygmeZgZdmogx
Blhebh[_kkbe_ggucihke_aZoh^h\^\moZdljbkme_dlhebhlg_h`b^Zggh]h:gbgh]h\lhj`_gby
yg_khijhlb\eyeky
:hgZ\lZsbeZf_gygZdmogxijbklZ\beZdkl_g_b^_j`Zh^ghcjmdhcaZ\hjhlgbd^jm]hcklZeZ
gZhlfZrv[blvf_gyihebpm]h\hjy\ihe]hehkZ
K\hehqvF_jaZ\_pYex[exl_[yZlulmlkdZdbfblh[ey^yfbB^bhl
Yhlf_qZxl\hc^_gvjh`^_gbyhgp\_lukdZaZey
Dj_lbgu]hgbbou]hgbbk^_eZcfg_j_[_gdZLukeurbrvf_jaZ\_p"Yex[exl_[y
Gmo\Zlblf_gy[blv
Luk^_eZ_rvfg_j_[_gdZ"
G_l
Ihq_fm"
Ihlhfmqlhyl_[y[hxkvLuf_gykehfZ_rvH^gZ`^uym`_kehfZekybaaZl_[ybk^_eZebf
Xg]mlhji_^gh]hdZl_jZ;hevr_g_ohqm
Dj_lbgGhy`_ex[exl_[yhgZhlimklbeZf_gyih^hreZddmohgghfmklhebdmgZebeZ\
klZdZghklZldb\h^dbba[mluedbbaZeihf\uibeZ
?_jmdb^jh`Zeb
�,GRQ\nWXQGHUVWDQG\RX9DGLP+HihgbfZxl_[yZ^bf@h^bgbafheh^uo`mjgZebklh\ba
k\bluFhgbdb;jZ^rhmjZa]hjyq_gguclZgp_fih^\Zebed[Zjmihijhkber_klv^jbgdh\^eyk\h_c
dhfiZgbbbkdZaZefg_ijblZgph\u\ZyihdZ[Zjf_ggZeb\ZeDZdlufh]m_oZlvbakljZgu\
dhlhjhclZdb_dmjhqdbIh\_jvyagZx\k_ghqgu_[ZjuGvxChjdZEhk:g^`_e_kZ;hklhgZb
GvxHje_ZgZgb\h^ghfbagbog_ldjZkhlhd\lZdhfdhebq_kl\_DZdlufh]m_oZlvhlkx^Z"
Y[uelj_a\uc\lh\j_fy
�,VHH,JHW\RXUSRLQWYkghY\Zkihgye@hgmkf_ogmekyk]j_[r_klv^jbgdh\^\mfyjmdZfbb
mg_kbo:Jh[_jlihqlbgZkbevghm\_elZgp_\ZlvRmjhqdm
:^_ckl\bl_evghihq_fm\um_oZeb"kijhkbeZFZjby\ugm`^_gghhll_kghlubrmfZ
imrbklucehdhg
Ihlhfmqlhf_gy\u[jhkbebbadbghdhjhldhqlh[ui_j_djbqZlvfmaudmhl\_lbey
GhhgZijh^he`ZeZkfhlj_lv\hijhkbl_evghbijbrehkvh[tykgblv
Y[uej_`bkk_jhfFh`_l[ulv\u\b^_ebfhbnbevfuXg]Zlhji_^gh]hdZl_jZDZ\dZakdZy
ex[h\v
Hcdhg_qgh\b^_eZXg]mg_^Z\ghihdZau\Zebihl_e_\bahjm
G_m`_eb"bamfbekyy
IjZ\^ZB\hh[s_wlhlnbevfqZklhihdZau\Zxl\rdheZoIhmq_[ghcijh]jZff_:dZd\ZrZ
nZfbeby"
YkdZaZeHgZgZofmjbeZk\hb[jh\dbkeh\ghiulZykvqlhlhijbihfgblv
G_lkdZaZeZhgZLZfg_llZdhcnZfbebbYl_i_jv\kihfbgZxlZf\hh[s_g_lnZfbebb
Z\lhjZ
AgZqbl\uj_aZebkdZaZeyHlkh\_lkdhc\eZklb\k_]hfh`ghh`b^Zlv\uj_aZebnZfbebx
Z\lhjZwfb]jZglZZnbevfdjmlylbyg_ijhba\hevghljhgme__ehdhg\u[b\rbckybadhku
�&#xZ^;¿&#x;&#xu;&#x^_;ë&#xK;&#xwf;&#xkh;&#xgZ;&#x@";&#x;&#xk;&#xij;&#xhk;¾&#xZ;&#xk[;&#xhd;&#xm;�9DGLPKDYH\RXVHHQ0U6DPVRQZ^bf\u\b^_ebKwfkhgZ@"kijhkbeZk[hdmZcZgZLjhkl_j
&#xk_;&#xg;&#xZr;&#xfm;&#x`q;&#xbg;&#xu;&#xmr;ë&#xl;&#xZg;&#xp_;&#xZ;&#xlv;&#xk;&#xhk; h;&#xkd;¿&#xFK;&#xLF;&#xNV;&#x;&#xdZ;
&#xgZ;
&#xZe;&#xo;&#xIb;&#xl_;&#xj;&#xZ;�k_gZrbfm`qbgumreblZgp_\Zlvkfhkdh\kdbfbFKLFNVdZdgZa\ZeboIbl_jZZcZgZhklZeZkv
h^gZKm^yih[_ebag___ghkbdZhgZm`_ijbgyeZ^jbgdh\\hk_fv
Y\b^_e=hjZpby^g_fgZ:j[Zl_hl\_lbeym[bjZyjmdmhldhkuFZjbb
WlhyagZxhgjZkkdZau\ZeGhihke_wlh]h"
G_lihke_wlh]hy_]hg_\b^_e
?]hba[behnbp_jD=;
Qlhh"""
HgZmkf_ogmeZkv
Kijhkbl_Fhgbdmhgb\k_lZf[ueb\kygZrZfheh^Zy[Zg^Z
hae__joh\gh]hKh\_lZLZf[ueZkb^yqZy^_fhgkljZpbydZdbolhfmkmevfZgdhlhjuoKlZebg
dh]^Zlhi_j_k_ebeyg_agZx
F_koh\kdZaZeZFZjbyLZfk_cqZkf_kob\lhjmxg_^_exkb^yli_j_^ijb_fghc
_joh\gh]hKh\_lZ
�LhqghkdZaZeZZcZgZGmbgZrZfheh^_`v\f_klh[Ze_lZgZev^mih[_`ZeZlm^ZHgb
^Z`_kmf_ebijhclb\gmljv\hnbk\f_kl_kl_e_[jb]Z^hcKb;bWk:=hjZpbcj_rbekwlbfb
f_koZfbih]h\hjblvHgbdhg_qghg_]h\hjylihZg]ebckdblZdhgihijh[h\ZeihnjZgpmakdbbih
bkiZgkdbGhlmldg_fmih^hr_edZdhclhhnbp_jD=;\ayeaZ\hehkublZdklmdgmegh]hc\kibgm
qlh=hjZpbcme_l_egZ^\Z^pZlvnmlh\L_i_jvhge_`bl\ghf_j_b[hblkyqlh_fmkehfZeb
iha\hghqgbdKdZ`bfg_jZa\_jmkkdb_jZkbklu"_^vlZf[uehg_f_gvr_khlgb`mjgZebklh\gh
wlhlhnbp_jg_ljhgmegbh^gh]h[_eh]h:=hjZpby
�Y\a^hogmeMf_gyg_[uehgbdZdhchohluqblZlvk_cqZkZcZg_e_dpbxh[hlghr_gbbD=;b
\hh[s_\k_]hfhkdh\kdh]hgZk_e_gbyq_jgufGhlmlf_gy\ujmqbeZFZjby
D=;wlhg_ijhklhjZkbklukdZaZeZhgZHgbom`_hgbdhffmgbklu
FZjbyLbr_h^_jgmey__agZyqlh\\Zexlguo[ZjZoih^dZ`^hcklhcdhciheh`_gh[ulv
]w[wrghfmfbdjhnhgm
�:HOOL_i_jvyihgbfZxihq_fmlugZa\Zek\hxdgb]m.*%\nVGRJVkdZaZeZfg_ZcZgZ
Wlh\ugZibkZeb=w[wrguokh[Zd"bamfe_gghkijhkbeZFZjby
Ikh\ihijZ\bey:\ukeurZebijhwlmdgb`dm"
HgZihkfhlj_eZfg_\]eZaZlZdkeh\ghie_kgmeZ\f_gy]hjyqbfjhfhfaZl_f\uibeZk\hc[hdZe^h
^gZb\kljyogmeZlheklhcdhkhc
IhlZgpm_f"
;hxkvyaZ[uedZdwlh^_eZ_lky
Gbq_]hgbq_]hB^_fl_b\ay\f_gyaZjmdmwg_j]bqghihlZsbeZijyfh\]msmlZgpmxs_c
lheiu
LZd\ub_klvZ\lhj=w[wrguoikh\mkf_ogmeZkvhgZq_j_afbgmlm\lZgp_dh]^ZlheiZ
�ijb`ZeZgZk^jm]djm]m
:\q_f^_eh"
�ZlZdKdZ`bl_Z\u__ibkZebihZg]ebckdbbebihjmkkdb"
Gmdhg_qghihjmkkdb
YlZdb^mfZeZb\^jm]hiylv\kdbgmeZgZf_gyk\hbjZ^m`gu_]eZaZ
:\uagZ_l_ybaaZ\Zkqmlvg_aZ]j_f_eZgZ^\Z]h^Z\lxjvfmGhhlkb^_eZlhevdh\hk_fv
kmlhd
Qlh"Qlh"
:ohlbl_y\Zfk^_eZxih^Zjhd"__]eZaZijh^he`Zebkbylv
DZdhc"
Ghlhevdh^eywlh]hijb^_lkyih_oZlvdhfg_^hfhc
GmjZ^blZdh]hih^ZjdZy]hlh\kfhjhabeyblml`_aZldgmekygZebp_mFZjbb
ihy\behkv\ujZ`_gb_[j_a]eb\hklb
G_m`_eb\ulh`_ihreyd"kdZaZeZhgZh]hjq_gghb__ie_qbhiZebkeh\ghbag__dZdba
\ha^mrgh]hrZjZ\uimklbeb]hjyqbc\ha^mo
Dhg_qghhl\_lbeyihgbfZyqlh\lZdbokemqZyoemqr__kj_^kl\haZsblugZiZ^_gb_:
qlh\uohlbl_qlh[uyih^mfZedh]^Z\\Zexlghf[Zj_djZkb\Zyfheh^Zy`_gsbgZij_^eZ]Z_lfg_
ih_oZlvdg_c^hfhc"
HgZih^mfZeZk^hexk_dmg^uihlhf__ebphijhykgbehkvbhgZmkf_ogmeZkv
Ih`Zemc\uijZ\uGhq_klgh_keh\hlZdhcibkZl_evdZd\ug_^he`_g[ulvihreydhf
OhjhrhyihklZjZxkvbkijZ\blvkyFh`_lgZf_s_\uiblv"
A^_kvm`Zkgh`ZjdhB\hh[s_fg_ihjZ^hfhcAZ\ljZmgZk\rdhe_\klj_qZkJh[_jlhffg_
gm`ghijb]hlh\blvj_qv
Ghyqm\kl\h\Zeqlhwlh\jZgv_Ijhklhyk\h_cihrehcj_iebdhc\k_bkihjlbeY\ayeFZjbxaZ
jmdmijhlZsbeq_j_alheimdklhcd_[ZjZbaZdZaZe^\_\h^dbkhev^hf
Fg_g_gZ^hkhev^hfkdZaZeZFZjbybmdhjbeZf_gyum`_aZ[uebdZdivxl\Jhkkbb
Q_j_aiZjmfbgmlfu\urebbahl_eygZmebpmKlhyeZ`ZjdZybl_fgZybxevkdZyghqvGZijhlb\
]hklbgbpu\a^ufZeZkv\l_fgh_g_[hf_qlZbfihl_glZih^k\_q_ggZykgbamfhsgufb
ijh`_dlhjZfbFuihrebihijhki_dlmFbjZykijhkbe
LZdihq_fmbaaZf_gy\uqmlvg_aZ]j_f_ebgZ^\Z]h^Z"
kdZaZeZFZjby:g_dhlhju_j_iebdb[uebijhklhdZdiZjhevGmbdlhlhklmdgme\iZjldhfZ
hllm^Z\D=;BgZk\k_o\ayebijyfh\bgklblml_\_kvdmjkBm\k_omkljhbeb^hfZrgb_
h[ukdbGZrebdhg_qghg_lhevdh\Zrbdgb]bGZreb;ZjjhgZDhgd\bklZ:\lhjoZgh\ZGhkjhd
ohl_eb^Zlvbf_gghaZ\Zk
Ihq_fm"
�GmdZd\ZfkdZaZlvEZ^ghkdZ`m_eh\lhfqlhgZrb^_\qhgdbi_j_\_eb\Zrbo
Dj_fe_\kdboebkkZg]ebckdh]hkgh\ZgZjmkkdbcZihlhfjZki_qZlu\Zebbijh^Z\ZebWlh
dhg_qgh[uehgZjmr_gb_f\ZrboZ\lhjkdboijZ\ghu`_agZ_l_dZdb_mgZkklbi_g^bb
jm[e_c\f_kyp:lmlaZh^gm\Zrmdgb`dmgZq_jghfjugd_^Z\Zebklhjm[e_cGm\hlgZfbrbeb
xklZlvxjZkijhkljZg_gb_Zglbkh\_lkdhcebl_jZlmjuGhgZkkiZkehlhqlhgZgZr_fdmjk_
mqbekyKZrZIZ\eZr\gmdfbgbkljZdbg_fZlh]jZnbb:mg_]hgZrebwda_fieyjh\\Zrbo
Ikh\bEbkBqlh[u\ujmqblv_]hbfijbrehkvaZfylv\k_^_ehb\uimklblvgZk\k_o
GmbnZ[meZih^mfZeygmdlh]hkZfh]hIZ\eZrZdhlhjucm[befhcnbevfki_dmebjm_l
fhbfbdgb]Zfb?keb[uyijb^mfZelZdhcih\hjhlkx`_lZ\dZdhfgb[m^vjhfZg_ijbrehkv[u
�lml`_b\uq_jdgmlvm`kebrdhfijbfblb\ghZbqlh_fmg_o\ZlZeh\gmdmfbgbkljZGh
\kemoykijhkbeh^jm]hf
:kdhevdhwda_fieyjh\gZrebm\Zk"
Mf_gy[uehljbgh]w[bklugZreblhevdhh^bgmeu[gmeZkvFZjby
:]^_[uebhklZevgu_"
i_e_gdZofh_]hkugZ?fmlh]^Z[uehljbf_kypZbmg_]h[ueihghkbdB\_kvkZfba^Zlfu
^_j`Zeb\[Zd_ih^_]h]jyagufbi_e_gdZfb\ihebwlbe_g_=w[bkludhg_qghblm^Zihe_aebgh
m`hq_gvlZfiZoehhl_]hihghkbdZhgbg_klZebjulvky^h^gZGhh^bgwda_fieyjhdZaZekygZ
\b^mgZlZol_fhcfm`qblZe
G^ZkdZaZeyOhl_e[uybf_lvohlvh^bgwda_fieyjM\ZkkemqZcghg_aZ\Zeyehkv"
HgZihkfhlj_eZgZf_gybkdhkZihlhfkdZaZeZ
Kh[kl\_gghbf_gghwlhlih^Zjhdybohl_eZ\Zfk^_eZlvGh\u\k_hihrebeb
FZjbyy\aye__ih^jmdmDeygmkvy^Z`_g_aZc^md\Zf\^hfufg_ijhklh\ug_k_l_
dgb`dmBkf_gyex[hcij_a_glIh`ZemcklZ\hllZdkbih_oZeb
GmaZq_fgZlZdkb"mkf_ogmeZkvhgZY\hae_Jb`kdh]h\hdaZeZ`b\mWlh_keb\uihfgbl_
lmljy^hf
�_ckl\bl_evghfbgmlq_j_aiylvfug_^hc^y^hJb`kdh]h\hdaZeZk\_jgmebgZe_\h\Dj_klh\kdbc
i_j_mehdH[h]gm\jughd[ZjZohedmaZfmkhj_ggmxbimkluggmx\wlhghqgh_\j_fyfuijhreb
q_j_adZdhclh^\hjbhklZgh\bebkvi_j_^klZjufdbjibqguf^hfhfkgZq_jghl_fgufbhdgZfb\h
\k_oq_luj_owlZ`Zo
hla^_kvy`b\mkdZaZeZFZjby
Yih^h`^m\Zk
�Zm`eZ^ghmkf_ogmeZkvhgZ\l_fghl_G_fh]m`_yZf_jbdZgkdh]hibkZl_eyhklZ\blvgZ
mebp_L_f[he__Z\lhjZ=w[wrguoikh\B\hh[s_mgZklmlg_kihdhcgh_f_klhJughdjy^hf
fZnbyjwd_lbjuIhc^_fl_b\ay\f_gyaZjmdmih\_eZ\ih^t_a^EZ^hgvmg__[ueZmadZyb
ijhoeZ^gZyZgZr__\hae_dexqbpue_`Zeimrbklucehdhg\u[b\rbckybadhkuehdhg
Ghydhg_qghk^_j`Zek_[yiheghffjZd_k\_lZ\ih^t_a^_g_[uehghaZlhiZoehh
=hkih^bFZjbyaZjmdmih\_eZf_gy\\_joihklmi_gvdZfbyrZ]ZedZdke_i_pZhgZ]h\hjb\
]jhfdh
Gbq_]hLml\k_]h\hk_fvklmi_g_dZihlhfiehsZ^dZB_s_^_kylvklmi_g_dM\Zk_klv
kibqdb"
G_l
Ih^gh]ZfbqlhlhaZojmkl_ehkl_deyggh_f_edh_
Kh^hfHiylvlmlgZjdhfZgudhehebkvkdZaZeZFZjby
GZlj_lv_fwlZ`_hgZhklZgh\beZkvi_j_^dZdhclh^\_jvx^hklZeZbadZjfZgZx[dbdexqbgZ
hsmiv\klZ\beZ_]h\aZfhqgmxkd\Z`bgmIhlhflhedgmeZ^\_jvblml`_kijZ\ZaZ^\_jvx
s_edgmeZ\udexqZl_e_fWe_dljbq_kdZyeZfihqdZhk\_lbeZ^ebggucdhjb^hjdhffmgZevghc
d\ZjlbjuaZklZ\e_ggucdZdbfblhdhfh^Zfb\_ehkbi_^hf\bkysbfbgZkl_g_lZaZfbGh\k_wlh
yjZkkfhlj_eiha`_Z\i_j\mxk_dmg^m_^\Z\kiuogmek\_lFZjbyju\dhf\lZsbef_gy\
ijboh`mxklj_fbl_evghaZoehigmeZ^\_jvblml`_ijb`ZeZkvdg_ckibghchldbgm\]heh\mb
aZdju\]eZaZ
Mnn\u^hogmeZhgZkh[e_]q_gb_f
QlhlZdh_"
�Zgbq_]hHgZmkf_ogmeZkvbhldjueZ]eZaZLZdfu`b\_fKljZrgh\kh[kl\_gguc
ih^t_a^\hclbBaaZwlh]hdeylh]hjugdZmgZk\h\k_oih^t_a^ZoriZgZihghqZfhrb\Z_lky
GbdZdboeZfihq_dg_o\ZlZ_llml`_\udjmqb\ZxlbjZa[b\Zxl
Lhevdhl_i_jvyihgyeqlhhgZijhklhljmkbeZh^gZaZclb\k\hcih^t_a^ihlhfmb]h\hjbeZkh
fghcgZe_klgbp_lZd]jhfdhqlh[uyih^Zek\hcfm`kdhc]hehk
IhrebkdZaZeZhgZbhiylv\ay\f_gyaZjmdmih\_eZ\]em[bgmdhjb^hjZphdZydZ[emdZfb
k\hbolmn_ev
Ih^hjh]_]medhgh]hcaZ^\bgmeZysbdlhjqZsbcbah[e_aeh]hdhfh^ZbkijhkbeZq_j_aie_qh
u^Z\ghg_[ueb\dhffmgZed_"
�Zm`e_l^\Z^pZlv
G_m`_eb\RlZlZokh\k_fg_ldhffmgZevguod\Zjlbj"
�mfZxqlhg_lFg_g_ihiZ^Zebkv
Ym^b\bekyqlhhgZlZd]jhfdhjZa]h\Zjb\Z_lblZd[_kiZj^hgghphdZ_ldZ[emdZfb\_^v\dhjb^hj_
rlmd\hk_fvbeb^_\ylv^\_j_cbgZ\_jgh_aZdZ`^hc^\_jvxdlhlh`b\_lkiblGhyijhfheqZe
?s_h^gbfdexqhfFZjbyhldjueZij_^ihke_^gxx\dhjb^hj_^\_jvB\wlhlfhf_gl\_kvdhjb^hj
gZihegbekygZjZklZxsbf]mehfi_j_oh^ysbf\]jhohlwlh]^_lhkh\k_fjy^hf]jhohlZegZ
j_evkZoly`_eucbdZ`_lky[_kdhg_qguc`_e_agh^hjh`guckhklZ\Y\kihfgbeqlhkjZamaZ
Dj_klh\kdbfijh_a^hfijhoh^bl`_e_agZy^hjh]ZZx`g__[eb`_dp_gljm]hjh^ZgZoh^blky
Fhkd\ZLh\ZjgZyKhklZ\]j_f_elZdqlhkl_gu^jh`Zebbyih^mfZe=hkih^bdZd`_lmlfh`gh
`blv"
Ijhrm\ZkkdZaZeZFZjby\dexqZyk\_lbijb]eZrZyf_gyq_j_aihjh]Lh_klvaZ]jhohlhf
ih_a^Zydhg_qghg_jZkkeurZe__keh\ghm]Z^ZeboihZjlbdmeypbbbih`_klm
�ebggZydZdi_gZe^mrgZydhfgZlZkh^gbfaZdjulufhdghf[ueZdh]^ZlhqZklvx[hevrhc
aZ\_rZgghcdh\jhf:\kZfhcdhfgZl_]mklhihqlb\ijbludklhyeZf_[_evijb^\bgmlucd^b\Zgm
h[_^_ggucklheklmevy^\_wlZ`_jdbkdgb]Zfbfhsgucb\ukhdbc[mn_lkihkm^hcdj_keh
dZqZedZh^_`gucrdZnmadZy^_lkdZydjh\ZlvZjy^hfrdhevgZyiZjlZZgZ^iZjlhcgZkl_g_
dZjlZfbjZnhlh]jZnbbdhkfhgZ\lh\b[hdk_jh\:\hae_^\_jb\m]emoheh^bevgbdKZjZlh\Z
\^jm]hfm]emlmf[hqdZkl_e_\bahjhfbk_f_cgufbnhlh]jZnbyfbZ\lj_lv_fm]emdZ^dZk
fZg^Zjbgh\uf^_j_\hf
;h`_\ulml_s_bfZg^Zjbgu\ujZsb\Z_l_kdZaZeyghFZjbyf_gyg_jZkkeurZeZih_a^
ijh^he`Ze]jhohlZlvaZhdghf
YihdZaZegZdZ^dmk^_j_\hfFZjby[_kkbevghjZa\_eZjmdZfbbyijhq_eih__]m[Zf
FZfZ
:]^_hgZ"=^_fZfZ"Kug"
Dhg_qghy_s_ohl_ekijhkblvbijhfm`Zihkdhevdm\dhfgZl_gbdh]hg_[uehgh\k_jZ\ghFZjby
f_gyg_keurZeZBykfheqZe
:hgZih^hreZdhdgmijbkehgyykvebphfdl_fghfmkl_dembdZdfg_ihdZaZehkvklZeZ`^Zlv
dh]^Zijhc^_lih_a^Fg_gbq_]hg_hklZ\ZehkvdZdijbkh_^bgblvkydwlhfmaZgylbxBqlhlhyg_
agZxqlhghqlhlh[ueh\klmd_wlbodhe_k\[ukljhijhieu\Zxsbobg_`guo\hlvf_kbemwlZo
\Z]hgh\bieZlnhjf\bojblfbqghf[_kdhg_qghfdeZpZgv_\keZ[uodZd\kiurdbkb]Zj_l[ebdZo
k\_lZf_evdZ\rbolmlblZf\^hev\k_]hwlh]hl_fgh]hbieu\ms_]hkhklZ\Zqlhlh[ueh\h\k_f
wlhflhfys__blj_\h`gh_^hhagh[Z
BlZdfuklhyebfh`_l[ulvljbbeb^Z`_iylvfbgml^mfZydZ`^uchk\h_fkemrZyklmd\Z]hgh\
b]ey^ygZwlhl[ebadbc[md\Zevgh\ljb^pZlbf_ljZohlgZkkhklZ\:dh]^Zihke_^gyykdjZkguf
nhgZj_fieZlnhjfZijhdeZpZeZdFhkd\_Lh\ZjghcFZjbyih\_jgmeZdhfg_ebphbhiylvkdZaZeZ
hlLZdfu`b\_fJhkkbyB\__k_juo]eZaZom`_g_[uehjZ^m`guoijhlm[_jZgp_\Z
[ueZlhevdhl_fgZyblj_\h`gZyghqgZy]hj_qv
Yih^gyejmdmbhklhjh`ghih]eZ^be__ih\hehkZf:ihlhf\ay\aZie_qbijb\e_ddk_[_b
ihp_eh\Ze\]m[u
HgZg_hlkljZgbeZkvlhevdhaZdjueZ]eZaZGh]m[u__fy]db_kmob_l_ieu_]m[uhl\_lbebgZ
fhcihp_emcdZdbflh[ukljufihqlbfbfhe_lgufhl\_lhfZaZl_fhgZj_adbfgujdhf
\ukdhevagmeZbaih^fh_cjmdbrZ]gmeZdwlZ`_jd_b\ulZsbeZba]em[bgum\_kbkluclhfbd\
kZfh^_evghfljyibqghfi_j_ie_l_
Ijhrm\ZkkdZaZeZhgZkij_m\_ebq_gghcp_j_fhgghklvxYwlhbf_eZ\\b^m
Y\aye\jmdbdgb]mhldjue
&#x:0;:BFIEHLDBG
DJ?FE?KDB?EBKU
i_j_\h^kZg]ebckdh]h
Wlbkeh\Z[uebgZi_qZlZgugZlhgdhcbk_jhciZibjhkghc[mfZ]_lblmevgh]hebklZiehobfb
g_q_ldbfhldhibjdbfZrbghibkgufrjbnlhfBlZdbf`_rjbnlhfgZlZdhc`_[mfZ]_[ueZ
gZi_qZlZgZ\kydgb]Zm[hjbklh[_aihe_cb[_aijhk\_lZf_`kljhq_dKdhj_c\k_]hwlh[ueZ
k_^vfZybeb^Z`_\hkvfZydhibyGhdhg_qghba\k_oba^Zgbcbi_j_ba^Zgbcwlhcdgb]bhl%RRN
�RIWKH0RQWK&OXEDem[dgb]bf_kypZ@\KR:^hba^Zl_evkl\8OVWHLQ\=_jfZgbbb&KLQ&KR6KD\
ij_klb`guf
IhljykZxs_kdZaZeyebklZydgb]mb]eZ^y__ihkljZgbpZfY^Z`_g_agZxqlhkdZaZlv
Yk_cqZkehigmhl]hj^hklbFh`_l[ulv\ufg___ih^ibrbl_"
Y\Zf"bamfbeZkvFZjby
Dhg_qghIh`ZemcklZ
Yijhlygme_cZ\lhjmqdm
HgZmkf_ogmeZkvb\__]eZaZohiylvk\_jdgmebjZ^m`gu_ijhlm[_jZgpu
Gm?keb\ulZdohlbl_Bh[ehdhlb\rbkv]heufehdl_fhklheFZjby[ukljhgZibkZeZgZ
i_j\hckljZgbp_
Z^bfmIehldbgmZf_jbdZgkdhfmibkZl_exhljmkkdhcqblZl_evgbpukDj_klh\kdh]hijh_a^Z
Ih^mfZeZ\uau\Zxs_ljyogmeZdhkhcbkeh\ghkhlqZygghckf_ehklvx^h[Z\beZ
uohjhrbcibkZl_evlhevdhih`ZemcklZg_[m^vl_ihreydhfFZjby
wlmfbgmlmgh\uc]jhohlgZdZlbegZgZkkk_\_jZhg[ue_s_kbevg_cij_`g_]h^Z`_iZjlZ
ihiheaeZihihembihkm^ZaZ]j_f_eZ\[mn_l_FZjbybkim]Zgghf_lgmeZkvdhdgmGhihkdhevdm\
dhfgZl_]hj_ek\_l\gbam[ueb\b^gulhevdhg_ykgu_kbemwluijhieu\Zxsbo\Z]hgh\
Ba\bgbl_y\udexqmgZfbgmlmdjbdgmeZfg_gZmohFZjbyhl[_`ZeZd\udexqZl_exb
ih]ZkbeZk\_l
Bl_i_jvykjZamm\b^_eqlhgZl_fguoieZlnhjfZoijhoh^b\r_]h\Fhkd\mkhklZ\Zieueb
aZq_oe_ggu_[j_a_glhflZgdbB[jhg_ljZgkihjl_juBkgh\ZlZgdbBZjf_ckdb_
]jmah\bdbBhiylv[jhg_ljZgkihjl_juBimrdb
FZjbyg_j\gh^_jgmeZribg]Ze_lubjZkiZogmeZhdhggu_kl\hjdbGhqgZyijhoeZ^Zbmijm]b_
\hegu\ha^moZhlijhoh^ysbojy^hf\Z]hgh\ljhgmebgZrbebpZDZaZehkvwlZ\_j_gbpZ\h_gghc
l_ogbdb[m^_l[_kdhg_qgZZly`_eh_deZpZgv_\Z]hgguodhe_klhevdhh[hkljyehhsms_gb_lj_\h]b
LZd\dbghm[bjZxl\k_ihklhjhggb_a\mdbdjhf_rZ]h\aeh^_yqlh[uih^q_jdgmlvijb[eb`_gb_
hiZkghklbB^_ckl\bl_evghaZq_fhgb\_aml\k_wlh\Fhkd\mghqvx"LZgdbimrdb
[jhg_ljZgkihjl_ju
Y\hijhkbl_evgh]eygmegZaZklu\rmxjy^hfFZjbxHgZijb[ebabeZ]m[udfh_fmmombdjbdgmeZ
LZdlj_lvyghqvDZdgZ\hcg_
Lhevdhl_i_jvy\kihfgbek\h_]hmlj_gg_]hkh[mluevgbdZQmfgh]h_]hkeh\ZgZdjur_
=jZ`^ZgkdZy\hcgZmgZk[m^_lKgZqZeZ\Zrbo[m^_fj_aZlv_\j__\Zihlhf^jm]^jm]ZBgh\h_
ijhgabl_evgh_`_eZgb_aZsblblvwlmxgmxjmkkdmx`_gsbgmb\lh`_\j_fyhsms_gb_iheghc
gZr_ckg_ch]he_gghklbi_j_^\k_khljykZxsbfgZdZlhfBklhjbb\^jm]\hreb\fhx^mrmY
ijb\e_dFZjbxdk_[_Bl_i_jvhgZk^_lkdhc[_aaZsblghklvxijbevgmeZdhfg_bykdhj_cm]Z^Ze
q_fmkeurZe__aZ`Zluc]hehk
Y[hxkv
Yh[gye__bihp_eh\Ze\]m[uHgZhldbgmeZ]heh\mbkkbehc\`ZeZkv\f_gy\k_fl_ehfhlie_qb
fy]dhc]jm^b^h`_kldh]heh[dZbgZijy`_gguogh]Yg_agZe_s_wlhijbau\bebijhklh
`_eZgb_kijylZlvkyhlkljZoZGhwlh[uehdZddjbddZd[_afhe\gucdjbd\k_]h__l_eZ\]jhohl_
lZgdh\h]hkhklZ\ZYgZsmiZeaZfhdfhegbxmg__gZkibg_ih^lheklhcbly`_ehcdhkhcbihlygme
_]h\gbaFZjbyklhyeZg_r_\_eykvaZdju\]eZaZbij_ju\bklh^urZkd\havhldjulu_kmob_]m[u
l_f
Yg_agZxqlhqm\kl\h\ZeZFZjbyqlhhgZhl^Z_lkyZ\lhjmex[bfhcdgb]bbebqlhfukg_c
`b\_fihke_^gxxghqvZaZ\ljZgZkfh]mljZkklj_eylvbawlbo[jhg_ljZgkihjl_jh\bjZa^Z\blv\hl
wlbfblZgdZfbIh`Zemcyg_gZklhevdh]emiqlh[ug_ihgbfZlvqlh]eZ\guf[ueh\lhjh_Gh\k_
lZdbohq_lky^mfZlvqlhbi_j\h_ijbkmlkl\h\Zeh
Gm^Zqlh]h\hjblvLh[ueZ^bdZyobsgZyhlqZyggZynjhglh\Zyghqvih^]jhohlijhoh^ysbo
aZhdghfZjf_ckdbokhklZ\h\gZ]hehfb^jh`Zs_f^hsZlhfihemBgZih^hdhggbd_BgZ
klhe_B^Z`_gZiZjl_K`_gkdbfl_ehflhimevkbjmxsbfgZ^hfghcdZdieZfyk\_qblh
Zjdhc\ae_lZxsbfih^fhbfbqj_keZfbK__aZijhdbgmlhcdm^Zlh\hle_l]heh\hcb
jZkims_gghcdhkhcf_lms_ciheKgZrbfb]jhfdbfb\iheguc]hehkdjbdZfb\]jhohl_
hq_j_^gh]hly`_eh]hZjf_ckdh]hih_a^ZKhkl_j\_g_ehcij_^nbgZevghckdZqdhcKg_fukebfuf
dhebq_kl\hf\eZ]bbfm`kdhcb`_gkdhcKojbieufbijhly`gufklhghfhle_lZxsbf\
ghqghcdhkfhk\f_kl_kgZrbfb^mrZfbK`Z^gufbaZly`dZfbkb]Zj_lhcb]jhfdbfb]ehldZfb
\h^uBkijbeb\hfgh\uoq_jlagZ_lhldm^Zkbeijbi_j\uo`_a\mdZohq_j_^gh]h
ijb[eb`Zxs_]hkyih_a^Z
Bm`_g_bf_ehgbdZdh]hagZq_gby]^___kugfm`fZlvkhk_^bFh`_lw\Zdmbjh\ZgugZx]dZd
i_j_^\hcghcbebijhklhkiyl\khk_^g_cdhfgZl_:fh`_l[ulvbob\h\k_g_[uehgbdh]^Zg_
[uehgbfh_c`_gugb__fm`ZhcgZdZdq_jgZyiZgl_jZdZdmjZ]Zg=ehjbye_l_eZgZgZk
kd\havhldjulh_ghqgh_hdghbfuki_rbebmf_j_lv^hjZkklj_eZjZkl\hjblvky^jm]\^jm]_[_a
ijhreh]hb[_a[m^ms_]h
A^jZ\kl\mcJhkkbykdZaZeyfuke_gghhlfubkgh\Z\f_kl_Lhevdha^_kvex[h\vx
aZgbfZxlkylZdkeh\ghq_j_afbgmlm\ZkjZahj\_lnm]Zkghc[hf[hc

�GZmljhaZiZqdmFZev[hjhyijb_oZegZlZdkbba]hklbgbpuDhkfhkdhfmdbghGZeZpdZg_
fh_]hib^`ZdZ\bk_eZ[hevrZydjZkgZy[bjdZkgZ^ibkvxihZg]ebckdb,17(51$7,21$/35(66
�$662&,$7,21M\oh^Z\hfdbghi_j_^\_j_\hqgufh]jZ`^_gb_fklhyeZlZdZy`_dZd\q_jZ
�lheiZkieZdZlZfbhehcnZrbklkdmx^bdlZlmjmDIKKKh\_lkdb_km^bgZke_^b_
&#xky;&#x;Z;&#xkl;&#xv;&#x;&#xgZ;&#xjh;&#x^m;&#x;�klZebgbafZLj_[m_fjZkimklblvD=;bky\eZklvgZjh^m_kylve_lgZaZ^dZ`^uclZdhc
ieZdZlklhbe[u\ZfklZevguogZjmqgbdh\iZjukehfZgguofbebpbhg_jZfbj_[_jbe_l\eZ]_j_
^ey^bkkb^_glh\\[hehlZoFhj^h\bb:l_i_jvl_`_fbebpbhg_jubg^bnn_j_glghklhyebaZ
\_j_\hqgufh]jZ`^_gb_fsmjbebkvhl`Zjdh]hmlj_gg_]hkhegpZb[_amqZklgufb\a]ey^Zfb
kdhevabebihieZdZlZf^_fhgkljZglh\
Gh_s_[hevr_q_fieZdZluf_gyihjZabebebpZex^_cdhlhju_bo^_j`ZebIjh_a`ZyihFhkd\_
\lmjbklbq_kdhfZ\lh[mk_bebgZlZdkb\ug_fh`_l_aZ]eygmlvex^yf\]eZaZb^Z`_gZmebp_
gZijbf_j\q_jZgZ:j[Zl_yg_mki_\Ze\]ey^_lvky\ebpZfhkd\bq_chgbijhoh^bebfbfh
aZfudZym]jxfhklvxk\hbqm\kl\Zhlf_gybghkljZgpZbjhlha_y
�:a^_kvi_j_^hfhfdbghhgb^_fhgkljbjh\Zebg_lhevdhk\hbehamg]bghkZfblh]hg_agZy
hgb^_fhgkljbjh\Zebk_[yBebpZbo[ueb^Z`_\ujZabl_evg_cboieZdZlh\Om^Zyiehkdh]jm^Zy
`_gsbgZe_lkhjhdZkhkl_j\_g_ehaZhklj_ggufl_fgufebphfg_aZ]hj_eufg_lZl_fguflheb
hl`_eqghc[he_agblhebhllxj_fgh]hj_`bfZ^_j`ZeZieZdZlgZkq_lkh\_lkdbokm^h\
ieZf_gb[hjv[uZ[uelhevdhi_i_eukhdbciZj_gve_lljb^pZlbkieZdZlhfJZkimklblvD=;
lh`_g_\u]ey^_ejhfZglbq_kdbf[hjphfhg[ue\fylhfib^`Zd_g_[jbluckkbgydhfm\bkdZb
kdhj_c\k_]hij_^u^msmxghqvijh\_e\fbebpbbGh_]hkmob_]m[u[uebiehlghk`ZluZf_edb_
g_]em[hdhaZiZ\rb_]eZaZdZdgZlhq_ggu_gh`b\ihl_jluogh`gZoBjy^hfklZjmoZ\
dj_klvygkdhfieZld_]hj[hghkZyks_lhqdhcq_jguomkh\kbg\Zeb^gufdhklue_fih^furdhck
ieZdZlhfgZ]jm^bIj_djZlbl_]_ghpb^KiZkbl_ZjfygZ\ebp_Yg_agZxdZdwlh
�hibkZlv\h\k_oebpZowlhclheiu\bo]eZaZo[uehh^gh_^bgh_\ujZ`_gb_IJ??E:DHGP:
�G:Keh\ghwlhlgZjh^m`_\uq_jiZg^hihke_^g_cdZiebBgZ^g_boh[s_c^mrblhevdh
gh`blhjqZsb_bakmoh]hi_ieZ
Yijhr_ekd\havwlmlheimdjZaju\m\\_j_\hqghfh]jZ`^_gbbghfbebpbhg_jij_]jZ^befg_imlv
Zrb^hdmf_glukdZaZehgihjmkkdb
3UHVVhl\_lbeyihZg]ebckdbldgmeiZevp_f\k\hxdjZkgmx[bjdmgZeZpdZg_ib^`ZdZb
�m\_j_gghrZ]gmefbfhg_]h\hfdbgh
hlb\k_BfihjlgZy[bjdZbagZgb_ikboheh]bbkh\_lkdhcfbebpbbhldjuebfg_^\_jvgZi_j\h_
aZk_^Zgb_hiihabpbbkh\_lkdh]hiZjeZf_glZR_klv^_kyli_j\ucZg_d^hlrZ]gmebawihob;j_`g_\Z
\wihom=hj[Zq_\Z:ydZdb^bhlmdehgbeky\q_jZhliZjbgZysbddhgvydZ
Ghdhg_qghihke_lZdhcghqbyhiha^ZedgZqZemaZk_^Zgbyyijb_oZe\^_kylvmljZ^Z`_qmlv
&#xi;&#xjh;&#xoe;&#xZ^;&#xgh;&#x_;&#xkl; [;&#xxe;&#x_;iha`_ijhoeZ^ghf\_klb[xe_hfZdbgh[uehimklhZgZ^rbjhdhce_klgbp_cmoh^ys_c\\_jod
aZem]j_f_efm`kdhc]hehk
�ZfuhiihabpbyGhfuhiihabpbydhgkljmdlb\gZyFuaZ[ukljuci_j_oh^hl^bdlZlmjud
^_fhdjZlbb:hgbaZieZ\gucf_^e_gguci_j_oh^
Hgbwlhdhg_qghijh=hj[Zq_\Zb_]hdhfZg^mih^mfZeyh]ey^u\Zykvkhkljuf
&#x_^;&#xv;&#xdh;&#x]^;&#xZ;&#xlh;&#xy;&#x[;&#xu;&#xZe;&#x;&#xwl;&#xhf;�ex[hiulkl\hf_^vdh]^Zlhy[u\Ze\wlhfhf_ijZdlbq_kdbdZ`^uc\_q_jgZij_fv_jZo
gh\uonbevfh\gZdhgp_jlZobebijhklhaZkdZdb\Ze\uiblvqZrdmlmj_pdh]hdhn_bihlj_iZlvkyk
^jmavyfbDhn_ihlmj_pdb \^`_a\_b\]hjyq_fi_kd_\fa^_kv\Zjbefheh^hcbkljhcguc]jmabgba
KmomfbblZdhcaZf_qZl_evgucdhn_y[hevr_gb]^_g_ibegb\:f_jbd_gb\?\jhi_Ghk_cqZk
\nhc_g_[uehgbdZdh]h]jmabgZkdhn_Z]hehkihjZ^bhijh^he`Ze
YdZdnbabdagZxqlh[ukljh_gZeh`_gb_^\mokljmdlmjfh`_l^Zlvi_j_oh^gucwnn_dlZ
f_^e_ggh_khq_lZgb_g_^Z_lgbq_]h
Lmlke_\Z\imklhcjZa^_\Zed_yaZf_lbeagZdhfmxihij_`gbf]h^Zfih`bemx]Zj^_jh[sbpmi_j_^
g_cgZklhcd_e_`Zebk\_`b_]Za_luk[jhkdbfbaZ]heh\dZfbLJ?;H:GBY;:KLMXSBO

&#xMA;&#x;:;&#xKK;&#x:;&#x;&#xG;&#x:J;&#xH0;
&#xMA;&#x;:;&#xKK;&#x:;&#x;&#xG;&#x:J;&#xH0;
&#xMA;&#x;:;&#xKK;&#x:;&#x;&#xG;&#x:J;&#xH0;R:OL?JHDMA;:KK:G:JHGUCNJHGL:A?J;:C@:G:;EHDBJM?LHJH=B
&#xKD;&#xH=;&#xH;&#xK;&#x:X;�:JF?GBXHI:KG:YB=J:EBLHKDH=HK:XBK:
A^jZ\kl\mcl_kdZaZey]Zj^_jh[sbp_uf_gyihfgbl_"
Dhg_qghhl\_lbeZhgZkihdhcghkeh\ghy[uelmlgZijhrehcg_^_e_
ZfqlhIjZ\^m"Ba\_klby"
Fg_\k_ihh^ghckdZaZeykjZammo\Zlb\y\ghgh\h_ba^Zgb_]Za_lmGZjh^guc^_imlZlk
�[jhkdbfaZ]heh\dhf;HJBK?EVPBGKLJ:OKL:EG:PBHG:EVGUF;?KLB?F:jy^hf
�e_`ZeZ_s_h^gZ]Za_lZhfdbghkaZ]heh\dhfDjh\vpZjygZkh\_lkdhfwdjZg_
YgZ[jZep_emxdbim]Za_lb\a[_`Zeihe_klgbp_gZ\klj_qmjZ^bh]hehkm^hghkys_fmkybaaZeZ
fbebp_ckdbcdhj^hgbebijh\_jdm^hdmf_glh\Ghgbq_]hih^h[gh]h^\_jb\aZe[uebhldjulu
gZkl_`vYrZ]gmelm^ZbhdZaZeky\ijhoh^_f_`^mkp_ghcbi_j\ufjy^hfLmllhjqZeZ
l_e_]jmiiZhgbkgbfZebhjZlhjZgZljb[mg_DZd[u\rbcdbghrgbdyg_bkiulu\Zxlj_i_lZi_j_^
k\hbf[jZlhfdbghrgbdhfihlhfmkihdhcghi_j_rZ]gmeq_j_adZ[_eblygm\rb_kydhi_jZlhjkdhc
l_e_`d_H^gZdhg_\ukhdbc^ebggh\hehkuck_^hcfm`qbgZklhy\rbc\hae_hi_jZlhjZlml`_
]jhaghih\_jgmekydhfg_bymagZe\g_fk\h_]hklZjh]hijbyl_eyj_`bkk_jZl_e_\b^_gby
AZedbg^Z
KlZjbdijhkbyehgLu\b^brvqlhmgZkijhbkoh^blDhg\_glNjZgpmakdZyj_\hexpby
:dlhwlh\uklmiZ_l"
�G_\Z`ghdlh\uklmiZ_lkdZaZehgbkfZevqbrdb]hjyqghklvxijh^he`Ze_imlZlu
&#x_j;&#xoh;&#xg;&#xh];&#xh;&#xKh;&#x_l;&#xZ;&#xK;&#xZf;&#xu_;&#x_;&#xu_;&#x;_;&#x__;&#xm;&#x`_;&#xl;&#xhe;&#xvd;&#xh;&#xg_;&#xe_;&#x]Z;&#xeu;&#x;�_joh\gh]hKh\_lZKZfu_e_\u_E_\__m`_lhevdhg_e_]Zeu_fhdjZlbq_kdbckhxa
G_\hevghaZjZ`Zykvwlhcwcnhjb_c^_fhdjZlbbhg[_`Zeih[hdh\hfmijhoh^mgZ]Ze_jdm]^_[ueb
k\h[h^gu_f_klZijhoh^_mkl_guklhyeZp_ihqdZnhlh`mjgZebklh\B\^jm]
Z^yIehldbg
@_gkdb_jmdbmo\Zlbebf_gyaZjmdZ\^_jgmebdkl_gd_byZogmeFZjbgZDgya_\Zba
Ebl_jZlmjghc]Za_lulZkZfZyFZjbgZdhlhjZyijbreZ\Ebl]Za_lm^\Z^pZlve_lgZaZ^
klm^_gldhcijZdlbdZgldhcBwlh__ih^ibkvy\b^_e\q_jZ\]Za_l_OhlymgZkkg_cgbdh]^Zg_
[uehjhfZgZfu\k_]^Zoh^beb\h[gbfdmihj_^Zdpbhggufdhjb^hjZfH[gyebkvfubgZwlhljZa
ijyfhlml\aZe_
Lu"DZdbfbkm^v[Zfb"Dh]^Zluijb_oZe"kijhkbeZhgZ
Ghbakhk_^gbodj_k_egZgZklml`_aZrbdZeb^_imlZlukh\_lkdh]hiZjeZf_glZbFZjbgZhlklmib\
dkl_g_\p_ihqdm`mjgZebklh\kdZaZeZfg_ihemr_ihlhf
YlZf`_\Ebl]Za_l_AZoh^b
YjZa\_ejmdZfb
YaZ\ljZ\E_gbg]jZ^
LukmfZkhr_eDlhk_cqZkm_a`Z_lbaFhkd\ub^brvqlhlml^_eZ_lky"
Jy^hfkFZjbghcklhyedjmigucmkZlucfm`qbgZhgaujbekygZf_gyky\gufex[hiulkl\hfY
qfhdgmeFZjbgm\s_dmbih[_`Ze^Zevr_gZ\_jo
�;hevrhcgZdjZkguo[ZjoZlguodj_k_eaZehfZdbghh^bgbag_fgh]bo\Fhkd\_aZeh\k
dhg^bpbhg_jhf[ueihqlbaZiheg_g^_imlZlZfbb`mjgZebklZfbIhh[_klhjhgukp_gub\
ijhoh^ZolhjqZebl_e_dZf_jukh\_lkdh]hbaZiZ^gh]hl_e_\b^_gbyZgZkp_g_aZg_[hevrbf
�klhebdhfkb^_ebljh_\hboyg_agZeZ\lhfdlhkb^_eihkj_^bg_e_]dhm]Z^Ze=Z\jbbeZIhih\Z
_]hklZlvbbbgl_j\vxhg_h[oh^bfhklbkjhqguobjZ^bdZevguoiheblbq_kdboj_nhjfihklhyggh
im[ebdm_lkh\_lkdZye_\Zyij_kkZFhkdh\kdb_gh\hklbH]hg_db^Z`_eZ\bjmxsZyf_`^m
e_\ufbbijZ\ufbEbl_jZlmjgZy]Za_lZF_gvr_q_fq_j_a]h^=Z\jbbeIhih\klZg_li_j\uf
Zglbdhffmgbklbq_kdbffwjhfFhkd\ugh\lhlbxevkdbc^_gv]h^ZgbhgkZfbgbdlh\wlhf
aZe_^Z`_bg_f_qlZebh[wlhf\_^vwlh[uehkZfh_i_j\h_kh[jZgb_e_\uo^_imlZlh\_joh\gh]h
Kh\_lZH^gZdhdZdZylhih[_^gZywcnhjbym`_\bk_eZlml\\ha^mo_\h\kydhfkemqZ_y
�qm\kl\h\Zelmlk_[ydZd`hgJb^\Abfg_f^\hjp_\hdly[j_]h^Z
F_`^ml_fIhih\ih`behckmlmeuclheklyqhdihoh`bcgZaZkl_gqb\h]hibg]\bgZ\klZe
Lh\Zjbsb^_imlZluIjhrmkh[ex^Zlvj_]eZf_glFu`_^h]h\hjbebkvqlh\uklmie_gb_iylv
fbgmlBlhevdhih\hijhkZfgZr_cijh]jZffu_^vfukh[jZebkvqlh[u\u^\bgmlvlj_[h\Zgb_h
khau\_\g_hq_j_^gh]hkt_a^Z_joh\gh]hKh\_lZih\hijhkmbaf_g_gbykh\_lkdhcdhgklblmpbb:
dZ`^uc\uklmiZ_ldlhhq_fb]h\hjbl[hevr_iylbfbgmlB\lhjh_gZk_]h^gy\gZrm
f_`j_]bhgZevgmx]jmiimaZj_]bkljbjh\ZehkvgZjh^guo^_imlZlZhgi_j_`^ZejZ^hklgu_
Zieh^bkf_glubaZdhgqbeKeh\hij_^hklZ\ey_lky^_imlZlmDmp_gdh]hjh^Dj_f_gqm]MdjZbgZ
H]hih^mfZeyihqlb^_imlZlh\kh\_lkdh]hiZjeZf_glZhldjulhi_j_reb\hiihabpbx
G_ihlhfmebFhkd\mgZdZqb\Zxl\hckdZfb"Bgl_j_kghagZxlebh[wlbo\hckdZoIhih\b\k_wlb
^_fhdjZlu"
F_`^ml_fbaaZeZgZkp_gmdljb[mg_klj_fbl_evgh\u[_`Zeom^hsZ\ucfm`qbgZkj_^gboe_lb
aZ]h\hjbelZd[ukljhqlhy_^\Zmki_\ZeaZibku\Zlv
Ljb]h^ZgZaZ^ahehlhf[e_kd_brmf_Zieh^bkf_glh\IZjlbcghfm\h`^xMdjZbgu
S_j[bpdhfm^Zebhj^_gE_gbgZBdh]^ZDh]^Z[ueQ_jgh[uevAZQ_jgh[uev_fm^Zebhj^_g
E_gbgZAZlhqlhpbnjujZ^bZpbb[uebaZgb`_gu\ljbjZaZ:k_cqZkqlhijhbkoh^bl"
IZjlhdjZlbyjZau]jZeZki_dlZdev\u[hjh\;hevrZyqZklv^_imlZlh\_joh\gh]hKh\_lZwlhg_
gZjh^gu_^_imlZluwlh^_imlZluiZjlhdjZlbbDh]^ZygZibkZeh[wlhf\]Za_lmS_j[bpdbc
ijbdZaZef_gyZj_klh\Zlvbf_gy\ayebijyfhgZjZ[hl_AZlhqlhykhj\Ze\u[hjuihbo
iZjlbcghfmkibkdmKm^iylgZ^pZlvfbgmlijb]h\hjiylgZ^pZlvkmlhdZj_klZblml`_
\u\_aebba]hjh^Zih^Zevr_hlfhboba[bjZl_e_cYh[ty\bekmomx]heh^h\dm^_j`Ze__q_luj_
^gyLhevdhq_j_aq_luj_^gyex^bmagZebh[wlhfZj_kl_lml`_\_kvDj_f_gqm]h[ty\be
aZ[Zklh\dm^\ZqZkZg_jZ[hlZebaZ\h^uihdZf_gyg_ijb\_aebbalxjvfubg_hl^ZebjZ[hqbfY
`_eZx\k_f^_imlZlZfijhclblZdh_bkiulZgb_G_]heh^hfdhg_qgh:\hllZdhcijh\_jdhc
gZjh^guclu^_imlZlbebg_gZjh^guc
AZeaZZieh^bjh\Zeg_h[jZsZy\gbfZgbygZlhqlh=Z\jbbeIhih\klhblgZk\h_f
ij_^k_^Zl_evkl\mxs_ff_kl_\k_ck\h_caZkl_gqb\hcnb]mjhcgZihfbgZyqlhwlhyjdh_
\uklmie_gb_g_bf__lgbdZdh]hhlghr_gbydboih\_kld_^gybaf_g_gbxdhgklblmpbb
IjZ\^Zke_^mxsbchjZlhj^_imlZlbaLmevkdhch[eZklb]h\hjbem`_ih^_em
Fuf_`j_]bhgZevgZy]jmiiZg_^bkdmkkbhggucdem[K_]h^gygZrZaZ^ZqZkha^Zlvk\hx
iheblbq_kdmxieZlnhjfmI_j\h_gZr_lj_[h\Zgb_^he`gh[ulvebd\b^bjh\Zlv\dhgklblmpbb
imgdlheb^bjmxs_cjhebiZjlbb\gZr_fh[s_kl\_lhjh_baf_gblvaZdhgh\u[hjZogZijyfu_
\u[hjuLj_lv_hi_qZlbQlh[umgZkhiihabpbb[uek\hchj]Zgi_qZlb
�BlZdhghrehq_j_ai_gvdheh^mihke_lmeydZ\uklmibe^_imlZlkZevg_]hhklhdZb^he]h
�jZkkdZau\ZeqlhgZZevg_fhklhd_ih]b[ehehkhk_\uoj_dqlhgZ:fmj_ihkljhbeb
k\bgZjgbdbbij_\jZlbebehkhk_\u_j_db\ijhba\h^bl_e_ck\bgbgu
:ke_^mxsbchjZlhj\hh[s_]h\hjbeklboZfb:ihlhf^_imlZlba?eZ[m]blhckZfhc?eZ[m]b\
dhlhjhcih\_kbeZkvhlgbs_lub]heh^Z\_ebdZyjmkkdZyihwl_kkZFZjbgZP\_lZ_\Z
Dhjhq_]h\hjywlh[uehlbibqgh_klZjhjmkkdh_\_q_koh^dZlhedh\bs_\h]eZ\_kaZkl_gqb\uf
Ihih\ufIh^wlbiuedb_j_qb;h`_qlhlml]h\hjbebhEb]Zq_\_Qmlvg_\dZ`^hf
\uklmie_gbbbag_]h^_eZebhl[b\gmxdhle_lmIh^wlbiuedb_j_qby\kihfgbeaZk_^Zgb_k_gZlZ\
Zf_jbdZgkdhfdhg]j_kk_\kihfgbedZdlZf]h\hjylK_gZlhjJhdn_ee_j\ubkihevah\Zebfbgmlm
hl\_lZ
:a^_kv\kljZg_]^_\k_jmrblky]^_[ZklmxlrZol_juDma[ZkkZ`_e_agh^hjh`gbdb:a_j[Zc^`ZgZ
bjmkkdb_kljhbl_eb\Wklhgbb]^_dZ`^uc^_gvev_lkydjh\vlh\Ma[_dbklZg_lhgZDZ\dZa_]^_
Fhkd\mihghqZfgZdZqb\Zxl\hckdZfb]^_kh^gygZ^_gvh`b^Z_lkyfZkkh\Zy[hcgyf_`^m
[Zg^Zfbfhkdh\kdbojwd_lbjh\]^__\j_bihemqZxlibkvfZhlhfqlhjh\ghq_j_a^\_g_^_ebbo
�[m^mlj_aZlv]^_ex^bhldjulhklhylgZmebpZokieZdZlZfbhehcD=;a^_kvihegh_
hsms_gb_qlhZglbdhffmgbklbq_kdZyj_\hexpbym`_khklhyeZkv\eZklvDIKKk\_j]gmlZB
j_qbj_qbj_qbmih_gb_k\h[h^hckeh\Z
Ihke_^g__\uklmie_gb_Eb]Zq_\Zg_^Z_lgbdZdhcgZ^_`^ugZj_r_gb_\hijhkZIhlhfmqlh
hiylvij_^eZ]Z_lkybgl_gkb\gh_\eh`_gb_kj_^kl\\]hkm^Zjkl\_ggmxwdhghfbdm]j_f_ehk
ljb[mgu
=hkih^b^mfZey^Z\_^vwlh\k_jhkkbckdh_Mqj_^bl_evgh_Kh[jZgb_i_j\ucjmkkdbciZjeZf_gl
dhlhjucihijbdZamE_gbgZ[uegZ]ehjZkims_gyg\Zjy]h^ZfZljhkhf@_e_agydhfFZljhk
ih^hr_elh]^Zdij_^k_^Zl_exKh[jZgbybkdZaZeDZjZmemklZeZr_Kh[jZgb_aZdju\Z_lkyB
�lZdhghbaZdjuehkvlh]^ZgZ\k_]^Zb\hajh^behkvl_i_jv\hla^_kv\hf_dbghGhgZ^he]heb"
Hq_j_^ghc@_e_agydbal_odhlhjuoijb\_aebk_]h^gyghqvx\Fhkd\mgZZjf_ckdbo
ieZlnhjfZofh`_l\hclbkx^Z\ex[mxfbgmlmbkdZaZlvaZkl_gqb\hfmIhih\mDZjZmemklZe
Bqlhhgb[m^ml^_eZlvlh]^ZwlbkZfuoe_\uoblZdbodjZkghj_qb\uogZjh^guo^_imlZlZ"
Lmlym\b^_eqlhkgbamihijhoh^miju`dZfbi_j_kdZdb\Zyq_j_aklmi_gvdb[_`blgZ\_jodZdhclh
iZj_gv_]h\a]ey^ijbdh\Zgdfh_ci_jkhg_LZdih^mfZeyk_cqZkf_gy[m^ml[jZlvYkmgme
[ehdghl\dZjfZg\kihfgbegvxchjdkdh]hjZ\\bgZKl_jgZdhlhjhfm]w[bkluihehfZebiZevpub
fuke_gghijhbag_k;Zjmo:lZ:^hgZcWehowcgmDkh`Ze_gbx^Zevr_yg_agZx\wlhc
fhebl\_gbkeh\Zdlhfm`_wlhliZj_gvaZiuoZ\rbkvm`_hklZgh\bekyi_j_^hfghcbihqlb
\udjbdgme
ua^_kv"u"
_]h]hehk_[ueh[hevr_\hkdebpZl_evguoagZdh\q_f^himkdZxlijZ\beZklbebklbdb
:HOOgZ\kydbckemqZcijhfyfebeyihZg]ebckdbbaZ[u\h_\j_ckdhf;h]_fuke_ggh
\hahibedR_klhfmZf_jbdZgkdhfmnehlm
IZj_gviexogmeky\khk_^g__dj_keh]h\hjy
Wlhg_\_jhylghua^_kvWlhijhklhDZndZF_gyah\ml:g^j_^_G_r_jydhjj_kihg^_gl
�=hehkZ:f_jbdb\_g_^_ebgZaZ^fuhldjueb\Fhkd\_k\hcihklhyggucdhjimgdlghl_e_nhgZ
mf_gy_s_g_l\hlfhcZ^j_k
Mf_gyhle_]ehhlk_j^pZwlhlf_gyZj_klh\u\Zlvg_[m^_lR_klhcnehlfh]hlf_gblv[h_\mx
lj_\h]mG_kdhevdhe_lgZaZ^\i_jbh^mki_oZ=w[wrguoikh\bDj_fe_\kdboebk`mjgZebklu
=hehkZ:f_jbdb[jZebmf_gybgl_j\vxqmlvg_dZ`^u_^\Zljbf_kypZ\hlhldm^Zf_gyagZ_l
wlhl:g^j_
:lhqlh\ua^_kvwlhg_DZndZ"kijhkbeymg_]h
:g^j_g_mki_ehl\_lblvdZdhclhr_e_klijhr_eihaZemFuihkfhlj_eb\gbaLZfme_\h]h
[hdh\h]h\oh^Zklhye;hjbk?evpbgDg_fmjbgmebkv`mjgZebklubl_e_hi_jZlhju:g^j_lml`_
\kdhqbebihfqZekylm^ZY\a]eygmegZqZku;uehjh\ghmljZ?evpbghiha^ZegZaZk_^Zgb_
b\ur_ebaaZeZAZgbfhiylvjbgmebkv`mjgZebkluIhdhe_[Z\rbkvbfZehgZ^_ykvgZmki_oy
lh`_ihr_ebaaZeZ
?evpbgklhye\nhc_\hdjm`_gbb]jmiiukh\_lkdbobbghkljZgguo`mjgZebklh\b]h\hjbedZdhclh
`_gsbg_
GZfgm`ghkha^Zlv^_fhdjZlbq_kdbcij_p_^_gl\uimklblvk\hx]Za_lm[_akh]eZkh\ZgbykPD
bkIhebl[xjh
@_gsbgZ[ukljhaZibku\ZeZaZgbf\[ehdghlKdhevdhjZaym`_keurZeqlh;hjbk?evpbg
q_eh\_dhiZkgucqlhrlhjfgZjh^ghcihimeyjghklb\u[jhkbe_]hgZkp_gmjmkkdh]hiheblbq_kdh]h
l_ZljZijhklh\ibdmiZjlbcghcwebl_bl_i_jvhgmf_ehieu\_lgZ\_ljZowlhcihimeyjghklbgh
iZjlZiiZjZlqbdihaZd\Zkd_hg_kebijb^_ld\eZklbklZg_lgh\ufjmkkdbf^bdlZlhjhf_^msb_
Zf_jbdZgkdbobgnhjfZpbhgguol_e_ijh]jZffihdZau\Zeb_]hih79ihqlbdZ`^mxg_^_exghk
dZdbflhihqlbhq_\b^gufij_g_[j_`_gb_fbmkf_rdhcbihklhyggh^Z\Zebihgylvk\hbfajbl_eyf
qlh=hj[Zq_\wlh\_ebdbcjmdh\h^bl_evZ?evpbglZdk_[_dmdhevgucl_Zlj
L_i_jvyklhye\^\morZ]Zohlwlh]h?evpbgZbjZkkfZljb\Ze_]h\mihjKjZam[jhkbehkv\]eZaZ
qlhhgijbh[j_lZ_laZiZ^gucehkdBkq_aeZdZklh\ZyiZjlbcghdj_fe_\kdZyiheghlZdhlhjZy[ueZ
�aZf_lgZ_s_^\Z]h^ZgZaZ^\l_e_bgl_j\vxZcZg_Khc_jG_l`b\hlZQ_jgucdhklxfhlebqgh]h
ihdjhykb^bllxl_evdZ\lxl_evdmgZ\ukhdhcnb]mj_;_eZybfihjlgZyjm[ZrdZ=Zeklmdih\yaZg
b^_Zevgh
�Z`_\ihoh^d_bkq_aeZkb[bjkdZyjZaeZibklhklvbkibgZ\uijyfbeZkvihl_jy\kh\_lkdmx
kmlmehklv
Fu^_imlZlu_joh\gh]hKh\_lZfubf__faZdhggh_ijZ\h\uimklblvk\hx]Za_lm^Z`_g_klZ\y
h[wlhf\ba\_klghklvPDDIKK^bdlh\Zehg`_gsbg_Bgm`ghwlhk^_eZlv:gZclb[mfZ]m
lbih]jZnbxwlhg_ijh[e_fZ
H[gZ]e_\y\hkihevah\ZekyiZmahcrZ]gmedgbfkdZaZe
;hjbkGbdheZ_\bqydhjj_kihg^_glyihgkdh]h`mjgZeZ7RN\R5HDGHUV'LJHVWDZdh\Z\ZrZ
ihabpby\hlghr_gbbq_luj_ohkljh\h\dhlhju_Yihgbyijhkbl\_jgmlv_c"
Y[begZg_h`b^Zgghklvk\h_]h\hijhkZbdZ`_lky\ub]jZe
?evpbgm^b\e_gghk\_jom\gbaihkfhlj_egZf_gyk\_leufb]eZaZfbih\_jo]heh\hdjm`Zxsbo_]h
`mjgZebklh\b\^jm]_]hihegu_]m[umeu[gmebkvmeu[dhcijhklh]hjmkkdh]hobljh\ZgZHg
haZ^Zq_gghihq_kZeaZluehd
Wlllhg_h`b^Zgguc\hijhkY^he`_gih^mfZlv
Ih`ZemcklZ[ukljhkdZaZey\b^ydZdm`_gZ[_]ZxlgZgZk_s_dZdb_lhkh\_lkdb_
l_e_j_ihjl_ju\h]eZ\_kAZedbg^hfbkl_e_dZf_jZfbgZie_qZoDh]^Zykfh]mihemqblv\Zr
hl\_l"F_gymkljhblex[h_\j_fybex[h_f_klh
Bhiylv_]hihegu_]m[ulZdb_]m[u[u\ZxlmfmaudZglh\\mg^_jdbg^h\r_\_evgmebkv\
meu[d_hgihgyeqlhyohqmkhj\Zlvbgl_j\vx
Iha\hgbl_fg_aZ\ljZihl_e_nhgmbfu^h]h\hjbfkykdZaZehgm`_hdjm`_gguc
l_e_\babhgsbdZfb
Y\haebdh\Zebgl_j\vxk?evpbgufKkZfbf?evpbguf
GhfbgmlmkimklydZdZylhe_]dZyl_gvijhreZihdjZxwlh]hebdh\Zgbybyihijh[h\Ze
]m[uWlbihegu_dZdeZg]mklu]m[uwlZ_]hmeu[hqdZfZe_gvdh]hobljh\ZgZgZdjmighfebp_
H^gZwlZmeu[hqdZm`_p_eh_bgl_j\vxFbkl_j=hj[Zq_\[m^vl_\gbfZl_evguih^mfZeyb
hdZaZekyijhjhdhfq_j_a^_kylvf_kyp_\?evpbgklZeij_ab^_glhfJhkkbb
�Gh\lh\hkdj_k_gv_bxey]h^Z\mljZ\\_klb[xe_hfZdbghhg_s_g_agZehk\h_f
[m^ms_fbijbfgh]hqbke_gguok\b^_l_eyobk\h_ck_dj_lZjr_^Zefg_k\hcl_e_nhgbihh[_sZe
bgl_j\vxYg_kh[bjZekymimkdZlvlZdmxm^Zqm
F_`^ml_f\]em[bg_\_klb[xeym`_hldjuebkv^\Z[mn_lZZdZdhclhfm`qbgZdZ\dZakdhc
\g_rghklbbjmkkdZy`_gsbgZe_llbihklZ\beb\p_glj_\_klb[xey^ebggucjZa^\b`ghcklheb
klZebjZkdeZ^u\ZlvgZg_fdbiudZdbolhebklh\hdbnhlh]jZnbcYhlijZ\beky\[mn_lkt_e
ihjZabl_evgh^_r_\uc dhi__d\f[ml_j[jh^kkujhfbh]mjphfaZibeklZdZghfm`Zkgh]h
Z[jbdhkh\h]hkhdZ dhi__d\fbkh[jZeky\_jgmlvky\aZedh]^Zm\b^_eqlhaZkhk_^gbfklhebdhf
jZkiheh`bekyklZdbf`_[ml_j[jh^hfbkhdhflhlkZfucfm`bdkmkZfbdhlhjucklhye\aZe_
jy^hfkFZjbghcDgya_\hcKhjhdZe_lgbcdjm]ehebpuc\k_jhfdhklxf_b]Zeklmd_hgk
jZkklhygbylj_of_ljh\hldjh\_gghjZkkfZljb\Zef_gykbgbfb]eZaZfbg_lhbamqZeg_lhohl_e
aZ]h\hjblv=w[wrgbdbeb[u\rbcagZdhfucdhlhjh]hyg_magZx"ih^mfZeyGhj_rblvwlhl
\hijhkfg_g_m^ZehkvihlhfmqlhaZkibghcwlh]hkbg_]eZah]hfm`bdZ\^jm]\hagbd\ukhdbc
�kljhcgucbkh\_jr_gghk_^hcdbghj_`bkk_j1dh]^ZlhagZf_gbluc\KKKJlZddZdDbjom]eZk
[ue\lh`_\j_fyagZf_gbl\:f_jbd_h\kydhfkemqZ_i_j\ufdbghihljyk_gb_ffh_]h^_lkl\Z
[uenbevf\dhlhjhfwlhl1b]jZe]eZ\gmx^_lkdmxjhev:dh]^Zymqbeky\h=BD_hgm`_[ue
ijbagZggufdbghdeZkkbdhfbij_ih^Z\ZemgZkj_`bkkmjm
L_i_jvhgr_edhfg_jZkiZogm\jmdb^eyh[tylbc\ukhdbcklZjucdjZkb\uc\ij_djZkghf
]hem[hfdhklxf_bkbg_f]Zeklmd_
Kijb_a^hf^hjh]hcfhckdZaZehgbh[gyef_gydZdhl_ph[gbfZ_l[em^gh]hkugZLu
ihk_^_elZf\:f_jbd_
:\uij_djZkgh\u]ey^bl_hl\_lbey_fmgZ\u\k__s_qm\kl\myk_[yklm^_glhfi_j_^
m\Z`Z_fufijhn_kkhjhf
KemrZcklZjbdkdZaZehgMf_gy_klvaZf_qZl_evgZyb^_y^eykh\f_klgh]hnbevfZGm`gZ
bghkljZggZynbjfZLufh`_rvijhlhedgmlvfhxaZy\dm\=heeb\m^_"
;hxkvqlhg_lYm`_g_jZ[hlZx\dbghyibrmdgb]b
@ZevbhgkjZamihl_jyebgl_j_kdfh_ci_jkhg_
Ghihke_dhjhldhciZmau\^jm]kf_jbef_gyijbklZevguf\a]ey^hf
:kdhevdhl_[_e_l"
Ihekhlgbm`_mkf_ogmekyy
G_[hkv_s_[Z[lj"
Gmmmijhbag_kykfms_gghwlbl_fufujZgvr_g_h[km`^Zebkhk\hbfbijhn_kkhjZfb
Dhg_qghljhg\a^hogme:ym`_g_lG_fh]mbh[j_q_gghjZa\_^yjmdZfb
ih\_jgmekybmr_ed[mn_lghcklhcd_
=ey^y_fm\kibgmkjZamklZ\rmxdZdhclhklZjhkmlmehcy\^jm]ih^mfZe=hkih^bg_m`_ebby\
_]h]h^u[m^m^mfZlvlhevdhh[wlhf"
�hib\hl\jZlbl_evghl_ieucZ[jbdhkh\uckhdy\kihfgbeijhmkZqZdhlhjucfbgmlmgZaZ^
aZekh[bjZykvgZclbFZjbgmDgya_\mbmagZlvmg__ihq_fmFhkd\mgZdZqb\Zxl\hckdZfbGhb
FZjbgum`_g_[uehgZlhff_kl_]^_hgZjZgvr_klhyeZYh[\_e]eZaZfbjy^ugZjh^guo
^_imlZlh\b\^jm]\^jm]fhc\a]ey^gZldgmekygZijhnbevq_eh\_dZdhlhjh]hg_\hafh`ghkimlZlv
gbkd_f=^eygkjZamih^mfZeybaZf_jgZf_kl_;h`_fhcwlh`_L_evfZg=^eyg
Lmly^he`_ghklZgh\blvkyIjZ\^ZdZd]h\hjblBkZZd;Zr_\bqAbg]_j[_aex[h\ghcbklhjbbg_l
ebl_jZlmjuZdZdjZa\wlhc]eZ\_gbdZdhcex[h\ghcbklhjbbg_lghl_fg_f_g__y^he`_g
lhjfhagmlvnZ[membf_ggh\wlhc]eZ\_Ihlhfmqlh\fhbo=w[wrguoikZobDj_fe_\kdbo
ebkZogZibkZgguobhim[ebdh\ZgguogZAZiZ^__s_\]h^Zolh_klv^Z`_^hihy\e_gby\
ij_kk_bf_g=^eygZbB\Zgh\Z\wlbojhfZgZo^\Z\u^mfZgguokh\_lkdboke_^h\Zl_eylh`_
ijhgbdZxl\iZjlbcghdhjjmfibjh\ZggmxibjZfb^m\eZklbbjZkke_^mxlfZobgZpbbbZn_juXjby
Qmj[Zgh\Z=Zebgu;j_`g_\hcdj_fe_\kdbobj_kim[ebdZgkdbofbgbkljh\Bgufbkeh\Zfblhqlh
ykhqbgbe\^jm]j_Zebah\Zehkv\`bagb\^_e_=^eygZbB\Zgh\Zfhb\u^mfZggu_ebl_jZlmjgu_
]_jhbklZebj_Zevgufbex^vfbBdZd\uihgbfZ_l_fg_[ueh^h`mlbbgl_j_kghkjZ\gb\Zlvwlbo
j_Zevguoke_^h\Zl_e_ckl_fbdh]hyibkZe\hk_fve_lgZaZ^Ghqlh[u\hllZdaZijhklhgZ\lhjhc
^_gvij_[u\Zgby\Fhkd\_m\b^_lvbo`b\v_fh[wlhfykh[bjZykv\ih_a^dm^Z`_g_f_qlZe
=^eygkb^_e\r_klhfjy^m\kZfhck_j_^bg_jy^Z?]haZ]hj_euceukucq_j_ikeb\Zekykdjmluf
e[hfb[ebdh\Ze\k\_l_jZfiu:_]hf_^ZevgucZjfygkdbcijhnbevohjhrhqblZekygZnhg_
\ukhdhc[ZjoZlghckibgdbdj_keZKlhy\ijhoh^_yhldjuek\hc[ehdghlb[ukljhgZibkZe
M\Z`Z_fuc]hkih^bg=^eyg
?kebmZkgZc^_lkyiZjZfbgml^eyZ\lhjZdgb]=w[wrgu_ikubDj_fe_\kdb_ebkuy[m^mZf
hq_gvijbagZl_e_g
Z^bfIehldbg
Keh`b\wlmaZibkdm\q_l\_jhygZ^ibkZedjmigh=^iygmbihkeZeihjy^mAZibkdZihreZih
jmdZfy`^Zehlhgihemqbe__\hljZa\_jgmeqblZ_lBfZe_gvdZyom^_gvdZy[jxg_ldZe_l
khjhdZkb^ysZyjy^hfk=^iyghfgZdehgbeZkvdg_fmbqblZ_llh`_:ihlhfhgbh[Z
ih\hjZqb\Zxlkydhfg_bZebp_m`_gsbgubamfe_gb_^Z`_jhlhldjueky\g_fhf\kdjbd_:
=^eyg\^jm]\klZ_lijyfhihkj_^bj_qbhq_j_^gh]hhjZlhjZ\uoh^blbajy^Zb[_j_lf_gyih^
ehdhlv
Ihc^_fihdmjbf
Fu\uoh^bf\nhc_A^_kvme_klgbpugZ^ebgghfklhe_jZkklZ\e_gghfdZ\dZakdbffm`qbghcb
jmkkdhc`_gsbghce_`Zl[hevrb_q_jgh[_eu_nhlh]jZnbb=^eygZB\Zgh\Z?evpbgZbjy^hf
dmqZ^_g_]
Fh`_l\uih^Zjbl_fg_h^gmba\Zrbonhlh]jZnbc"]h\hjxy=^eygm
Hgih^oh^bldklhembkijZrb\Z_lmfm`qbgub`_gsbgukb^ysbolml
QlhwlhlZdh_"
WlhDhfbl_laZsblu=^eygZbB\Zgh\ZL_evfZgOhj_gh\bq]h\hjbl`_gsbgZFu
kh[bjZ_fih`_jl\h\Zgby
Y\ugbfZxbadZjfZgZg_kdhevdh^heeZjh\[jhkZxbo\h[smxdmqmgh=^eygi_j_o\Zlu\Z_lfhx
jmdm
uqlhFg__s_g_o\ZlZehbghkljZgghcih^^_j`dbFuhloh^bfkZ^bfky\dj_keZ
Qlh\Zkbgl_j_km_l"kijZrb\Z_l=^eyg
k_]h\hjxybqm\kl\mxdZdfhb]m[ujZkieu\Zxlky\b^bhlkdhcmeu[d_
=^eygkfhljblgZf_gykg_^hmf_gb_fyh[tykgyxIhgbfZ_l_L_evfZgygZoh`mkv\^bdhc
kblmZpbb_^vy\Zk\u^mfZeZkbB\Zgh\Zhk_fve_lgZaZ^dh]^Z\u_s_bg_gZqZebk\h_
ma[_dkdh_^_ehygZibkZejhfZghke_^h\Zl_eyodhlhju_jZkimlu\Zxl^_eZiZjlbcghcfZnbb:
k_fve_lgZaZ^\Dj_fe_\kdboebkZoyhibkZedZdwlbke_^h\Zl_eb\_^ml^_eh=Zebgu;j_`g_\hc
khqbgbe__^hijhkub^Z`_pbnjue_\uo^hoh^h\[j_`g_\kdhck_fvbKZfh_ihjZabl_evgh_qlh
dh]^Z\ij_kk_[uebhim[ebdh\Zgukmffu\aylhdijbk\h_gguoQmj[Zgh\ufhgbihqlbkh\iZebk
fhbfbIh`ZemcklZg_h[jZsZcl_\gbfZgbygZb^bhlkdh_\ujZ`_gb_fh_]hebpZyijhklhg_
fh]mih\_jblvqlhkb`mkq_eh\_dhfdhlhjh]h\u^mfZe
GZkfm]ehff_^Zevghq_jghfebp_=^eygZihy\beZkv]hjvdZymkf_rdZ
uibkZebk\hbjhfZguh]_jhyoke_^h\Zl_eyoZi_j_^\Zfbkb^blke_^h\Zl_evij_klmigbd
Yg_qblZe\Zrbodgb]ghkeurZehgboQlh\Zkbgl_j_km_l"u[m^_l_[jZlvmf_gybgl_j\vx"
G_l]h\hjxy_s_g_\kbeZom[jZlvkebpZmeu[dmkZfh^h\hevgh]hZ\lhjZFg_ijhklh
bgl_j_kghkemrZlvdZd\ujZa]h\Zjb\Z_l_\b^_lvdZd\udmjbl_mkf_oZ_l_kvfh_fjhfZg_\u
g_dmjysbc
Lmly\b`mqlhfh_kZfhmih_gb_gZqbgZ_l_]hjZa^jZ`Zlv_fmk_cqZkg_^hebjbdbY[_jmk_[y\
jmdbbaZ^Zxk_jv_aguc\hijhk
dZdhcnZa_gZoh^blky\Zr_^_ehk_]h^gy"
Hglml`_ij_h[jZ`Z_lky]h\hjblq_ldhdZd^bdlm_l
MgZkhlgyeb^_ehdhlhjhfmfuhl^Zebr_klve_l`bagbhlm`_g_kdhevdhf_kyp_\^jm]b_
ke_^h\Zl_ebke_^h\Zl_ebbaD=;jZajmrZxlwlh^_eh\ueZfu\Zxlbag_]h^hdZaZl_evkl\Zb
f_gyxlihdZaZgbyk\b^_l_e_cqlh[ukiZklbhlijZ\hkm^byqe_gh\fZnbbdhlhju__s_m\eZklbHl
f_gyohl_ebhl^_eZlvkybebhldmiblvkywlhm`dZdihkfhlj_lvij_^eZ]Zebfg_^he`ghklv
]_g_jZevgh]hijhdmjhjZ:jf_gbbYhldZaZekyK_cqZkijhlb\gZk\_^_lkykem`_[gh_jZkke_^h\Zgb_
gZkljZ\blij_kkZZgZfg_^Zxl\hafh`ghklbim[ebqghhl\_lblvgZh[\bg_gbyFh_\uklmie_gb_gZ
kt_a^_gZjh^guo^_imlZlh\g_khklhyehkv\kyij_kkZihemqbeZdhfZg^mg_mihfbgZlvgZrbbf_gZ
bgZq_dZd\g_]Zlb\ghfkfuke_Dhfbkkby_joh\gh]hKh\_lZih^jmdh\h^kl\hfJhyF_^\_^_\Z
jZkke_^m_lgZrm^_yl_evghklvuagZ_l_dlhlZdhcJhcF_^\_^_\"
AgZxbklhjbd:\lhjdgb]hKlZebg_Ojms_\_;j_`g_\_:g^jhih\_
_jghAZ\ljZmgZkj_rZxsbc[hc\\hk_fv\_q_jZgZk\uau\Zxl\wlmdhfbkkbxgZdh\_j
Fulj_[m_f\_jgmlvgZf^_ehihdZhghg_mgbqlh`_ghhdhgqZl_evgh?kebfuijhb]jZ_fwlh
agZqblqlhiZjlbcgucZiiZjZlk\hjZqb\Z_l]eZkghklvqlh\kyi_j_kljhcdZdhgqbeZkv
Kfh]mebymagZlvj_amevlZluwlh]haZk_^Zgby"
AZibrbl_fhcjZ[hqbcl_e_nhg
Y\kihfgbemeu[dmkdhlhjhc?evpbg^Zefg_k\hcl_e_nhgbkdZaZe
Fg_?evpbglh`_^Zek\hcl_e_nhgGhyg_m\_j_gqlh^ha\hgxkv
Dhfg_^ha\hgbl_kvkmohkdZaZe=^eygYbebB\Zgh\\k_]^Z\dZ[bg_l_Fu\Zkijbf_f
Wlhg_^Ze_dhhlkx^Ziylvd\ZjlZeh\\gbaih=hjvdh]h;eZ]h\_s_gkdbci_j_mehdke_^kl\_ggZy
qZklvIjhdmjZlmjuKKKJAZ\ljZgZkg_[m^_lfu[m^_fgZdhfbkkbb:ihke_aZ\ljZi_j\h]h
LmldgZfih^hreZlZkZfZyfZe_gvdZybom^_gvdZy[jxg_ldZdhlhjZykb^_eZ\aZe_jy^hfk
=^eyghfFu\klZebkdj_k_ehgZijhlygmeZfg_jmdm
LZlvygZDhey]bgZYkeurZeZ\Zrmdgb]mih;b;bKbKdZ`bl_dZd\ufh]eb_s_lh]^ZagZlv
pbnju\aylhddhlhju_ihemqZe;j_`g_\Qmj[Zgh\b\k_hklZevgu_"
Yih\_jgmekyd=^eygm
L_i_jv\u\b^bl_qlhyg_ajymeu[Zeky?c[h]mgZf_klvhq_fih]h\hjblv
hlbijboh^bl_ihke_aZ\ljZ\h\lhjgbdkdZaZe=^eygy\ghihl_ie_\rbflhghf
:Dhey]bgZijhlygmeZfg_k\hx\bablgmxdZjlhqdmbkdZaZeZ
?kebm\ZkhklZg_lky\j_fyihke_=^eygZy[ulh`_ohl_eZk\Zfbih]h\hjblvYki_pbZebklih
kh\_lkdhcl_g_\hcwdhghfbd_
Fh`_l_kqblZlvqlhhgZ_^bgkl\_ggucmgZkki_pbZebklihkh\_lkdhcg_e_]Zevghcwdhghfbd_
^h[Z\be=^eyg
Y\a]eygmegZ\bablgmxdZjlhqdmGZg_cagZqbehkv
L:LVYG:I?LJHG:DHEY=BG:
�Ijhn_kkhjhdlhjwdhghfbq_kdbogZmd
AZ\_^mxsZyk_dlhjhfkh\_lkdhcwdhghfbdb=HKIE:G:KKKJ
B^Zevr_r_eklhe[bdl_e_nhgh\kem`_[guob^hfZrgbc
=hkih^b\^jm]\kihfgbeyghy`_aZ\ljZme_lZx\E_gbg]jZ^:dZd`_bgl_j\vxk?evpbguf"K
=^eyghf"
B\^jm]^bdZyfukevijbreZfg_\]heh\m:qlhkh[kl\_ggh]h\hjyfg_^_eZlv\E_gbg]jZ^_"GZ
dhcq_jlhgfg_gm`_g_keb\kyj_\hexpbyijhbkoh^bl\Fhkd\_"Yihkfhlj_egZqZkuKZfh\hevgh
hldhehlvkyhl]jmiiubhklZlvky\Fhkd\_yg_bf_xijZ\Z\fh_ckh\_lkdhc\ba_q_ldhaZibkZgh
bxeyFhkd\ZZ\]mklZE_gbg]jZ^Z\]mklZLZeebggB^hhle_lZ\E_gbg]jZ^
hklZehkvf_gvr_qZkh\AgZqblaZwlh\j_fyy^he`_gijb^mfZlvih^dZdbfij_^eh]hfaZklZ\blv
Bglmjbklijh^eblvfh_ij_[u\Zgb_\Fhkd\_Q_jl\havfb]^_k_cqZkgZrZ]jmiiZ"Fg_kjhqgh
gm`gZHeyA_e_gbgZgZrZjmkkdZy]b^rZLhevdhq_j_ag__ykfh]mk\yaZlvkykjmdh\h^kl\hf
BglmjbklZ:mf_gyb^bhlZ^Z`_g_lijbk_[_jZkibkZgbygZr_c]jmiiugZk_]h^gyrgbc^_gv
DZd`_fg_gZclbk\hx]jmiim\Fhkd\_"

Wlh[ueZfhyfZrbgZ
;h`_fhc\udh]^Zgb[m^vkZ^bebkv\fZrbgmdhlhjmxijh^Zeb^_kylve_lgZaZ^"WlhdZd
\_jgmlvky\^_lkl\hbeb\e_alv\k\hx^_lkdmxdjh\ZlvYdjmlbekygZijhl_jlhfbijh^Z\e_gghf
kb^_gv_ljh]Zeb]eZ^beiZg_eb^\_jgu_jmqdbb[hdh\u_kl_deZ:K_f_g]gZefZrbgmihFhkd\_
b]h\hjbegZab^Zl_evghdZdjZ\\bg
Ml_[y_klvlhevdhh^bgkihkh[e_]ZevghaZ^_j`Zlvky\Fhkd\_kbfmebjh\Zlv[he_agvGZijbf_j
ijbklmiya\ubebfbdjhbgnZjdlWlhfh`ghmkljhblvaZklhjm[e_cex[hc\jZqiheh`bll_[y\
[hevgbpm
?fm_kk_kh\_lkdhc[hevgbpug_o\ZlZehkdZaZekaZ^bLheklyd
Hgkb^_elZf[hdhfkdjxqb\rbkvihlhfmqlhg_mf_sZekygZiheh\bg_kb^_gvyZ\lhjZyiheh\bgZ
wlh]hkb^_gvy[ueZaZgylZ^hkdhcdhlhjZyih^ibjZeZkehfZggmxkibgdmkb^_gvy\h^bl_eyGhb
\hjlmg_fh]ebaZklZ\blvLheklydZfheqZlvHgijh^he`Ze
�Kklh[u_]hdheheb]jyagufkkijbp_fbaZjZabebKIBhfdZd^_l_c\Webkl_DklZlbZ^bf
dh]^Zluijb_^_kk\ke_^mxkkbcjZah[yaZl_evghijb\_abgZfjZah\u_kkijbpuFum`_\lhf
\hajZklbdh]^Zkkijbpugmkkg_cij_a_j\Zlb\h\
Ba\bgbl_K_f_gdZl_]hjbq_kdbf`_klhfijZ\hcjmdbhlk_dwlhaZy\e_gb_Ebqghy_s_
\iheg_[vxkd\Z`bgm
�ZeZ^ghg_ikdZaZeLheklydFh]mihkihjblvgZdhgvydl\hykk_gZl_[ydwlhc
kd\Zkkbg_imkdZ_lfZdkbfmfjZa\g_^_exZlhbj_kk_
WlhhgZhlkljZoZy`_ihke_^\mobgnZjdlh\K_f_gebohh[h]gZedZdhclhZjf_ckdbc
]jmah\bd
Bh]eZ^b\k\hxq_jgmxkk_^bghc[hjh^dmkdZaZefg_^h\_jbl_evgh
IhgbfZ_rvdZdZyoj_gh\bgZihemqZ_lkyMf_gyfheh^Zy`_gZ_cljb^pZlv^\Z]h^ZGm
^he`_gy__m^h\e_l\hjblv":hgZ[hblkyqlhygZg_clj_lbcbgnZjdlko\ZqmBg_imkdZ_lIjyfh
g_agZxqlh^_eZlvY`_ohqm__ihgbfZ_rv"
ulml\k_dZdb_lhk_dkmZevghhaZ[hq_ggu_kdZaZey\kihfgb\mlj_ggxx\klj_qmk
j_`bkk_jhf1
:lug_l"kijhkbekaZ^bLheklydKk_fluaZgbfZekyk_]h^gyghkkvx"IhkfhljbgZk\hb
f_kkdbih^]eZaZfb
Wlhyhl\ZkaZjZabekykdZaZey
DklZlb\hl_kk_h^gZl_fZ^eynbevfZlml`_kdZaZeLheklydK_dkmZevgZyebohjZ^dZ
gZdZgmg_=jZkk^Zgkdhc\hcgukykljZgZ[bheh]bq_kdbij_^kkm\kl\m_l]jZkk^Zgkdmx\hcgmdZd
dhkkdba_fe_ljyk_gb_B\k_lhjhiylkyi_j_ljZoZlvkyihdZg_iha^gh:Z^y"DmiyllZdhc
nbevfgZAZiZ^_"
?s_[ukdZaZeyhlf_qZyijhk_[yqlhwlZb^_y^Z`_emqr_fh_cb^_bK_dj_lk_f_cgh]h
kqZklvyB\hh[s_mLheklydZ\k_]^Z[uehiheghaZf_qZl_evguob^_c^eyaZf_qZl_evguo
nbevfh\Ij_djZkgmxdhf_^bxfh`ghk^_eZlvkdZaZey
Lhevdhg_ihjgmomZwe_]Zglgh\blZevygkdhfklbe_ih^kdZaZeK_f_ghiylvebohh[]hgyy
dh]hlh
�Z\Zc\f_kl_gZibr_fij_^eh`befg_LheklydLZdbgZah\_fK_dkebohjZ^dZbebIbj
gZdZgmg_]jZ`^Zgkdhc\hcguf
Ghlu`_ibr_rvZg_d^hlh\bawihob;j_`g_\Zbk_jbcQlhlZdh_^_fhdjZlby
Gmbkklh"K_dkebohjZ^dmfuklh[hcgZibkk_faZg_^_exLu\kihfgbkkk\hbo[Z[Zyk\hbo
bihkkZemcklZ
Yih^mfZeqlhgZAZiZ^_Lheklydm`_^Z\gh[ue[ufbeebhg_jhfijh^Z\Zyklm^byfbijh^xk_jZf
lhevdhb^_bbkx`_luGh\kh\_lkdhfdbg_fZlh]jZn_g_llZdhcijZdlbdbdZ`^uckp_gZjbkl
^he`_gkZfgZibkZlvk\hckp_gZjbchlgZqZeZ^hdhgpZ:Lheklydg_ex[blibkZlvkp_gZjbb_fm
wlhm`_kdmqghIhlhfmmg_]h\k_]^Z^\Z^_kyldZdhgljZdlh\khklm^byfbghg_l^_g_]ihklZ\blv
k_[_bkdmkkl\_ggu_am[u
G_aZ[u\ZcqlhyaZ\ljZ^he`_ge_l_lv\E_gbg]jZ^kdZaZey^biehfZlbqghbkf_gbel_fm
kijhkb\:qlh\u^mfZ_l_h=^eyg_bB\Zgh\_"
kklh[uhgbjZakkZebam[ukdZaZeLheklyd
LmlK_f_gihr_egZh[]hg_s_h^gh]hdjulh]h[j_a_glhf]jmah\bdZgh\h^bl_ex]jmah\bdZwlhg_
ihgjZ\behkvbhgj_adh\bevgmei_j_dju\ZyK_f_gmmadbcijhoh^f_`fZrbgZfbGZrZfZrbgZ
lhevdhqm^hfg_\j_aZeZkv\aZ^g__dhe_kh]jmah\bdZK_f_gj_adhgZ`ZegZlhjfha
:olukmdZkdZaZehggbadhgZ]gmekydjmexbi_j_\_ejmqdmkdhjhkl_cgZlj_lvxkdhjhklv
K_f_gi_j_klZgvihijhkbey
Ih^h`^bbl_f`_dZl_]hjbq_kdbf`_klhfijZ\hcjmdbK_f_ghlk_dfh_\f_rZl_evkl\h
GZfm`_g_^\Z^pZlve_lK_fZ
Gmbqlh"hg\_efZrbgmaZ]jmah\bdhfbsZ]eZaZfbeZa_cdm\ihlhd_fZrbgY_fm
ihdZ`mih^j_aZlvG_]h^yc
�h]h\hjblvhgg_mki_e[j_a_glh\uciheh]]jmah\bdZ\^jm]hldbgmekybaih^g_]hihdZaZeZkvp_eZy
^x`bgZdhjhldhkljb`_gguokhe^Zlkb^ysbo\dmah\_OhohqZbfZl_jykvkhe^ZluihdZaZebgZf
jmkkdbcihehdhlv
b^brv"kdZaZeK_f_gRiZgZIjb_oZeb\Fhkd\mbomeb]Zgyllmlhg[jhkbefZrbgm
\ijZ\hlZfgZf_qZekyijhk\_l\ihlhd_fZrbg
Ghdhg_qgh]jmah\bdlh`_\bevgmegZijZ\hb\wlhf[ueZobljhklvK_f_gZhgj_adhi_j_eh`be
jmevgZe_\hlZdqlhfhy[u\rZyfZrbgZhlhj\ZeZkvijZ\ufbdhe_kZfbhlfhklh\hcohlybf_ggh
kijZ\Zkb^_ebybklhdbeh]jZffh\ucLheklyd
K_f_gdjbdgmey
KihdhcghkdZaZeK_f_gdjZkb\uf\bjZ`hfm`_\uoh^y\i_j_^Zjf_ckdh]h]jmah\bdZ
kebrdhfly`_eh]h^eylZdboljxdh\B\dexqb\q_l\_jlmxkdhjhklv^h[Z\beo\Zkleb\hb^Ze"
hllZdfubo^_eZ_fib`hgh\:lu]h\hjbrvG_lZ^bffu_s_[v_fkd\Z`bgmG_agZxdZdm
\Zk\:f_jbd_Zlml
K_ckkZkhg\Zk_\aZ^knbehkhnkdbfkihdhckl\b_fkhh[sbeLheklydbh]eygm\rbkvy
m\b^_eqlhfheh^hc\aZklbjZgghc]bfgZkl_jd_\h^bl_ev]jmah\bdZy\ghhohlblkyaZgZrbf
[Zfi_jhf
:\hlm`nmxrdbmkf_ogmekyK_f_gbkgh\Zi_j_c^ygZlj_lvxkdhjhklv^hhldZaZ\u`Ze
i_^Zev]ZaZ
@b]me_ghd\a\ueaZljykkyhlgZijy`_gbybih^ghkhffbebpbhg_jZj_]mebjh\sbdZ
ijhkdhqbeih^`_eluck\_lhnhj:\ke_^mxsbcfb]m`_aZgZfbaZ]hj_ekydjZkguck\_lb
]Zbrgbdk\bklyaZfZoZejmdZfbe_lys_fmmgZk\nZj\Zl_j_]jmah\bdmLhlk[jhkbekdhjhklv
LhlhkdZaZeK_f_gh]ey^u\Zykv
Blhevdhl_i_jvyh[jZlbe\gbfZgb_qlh\dZ[bg_g_la_jdZeZaZ^g_]hh[ahjZG_\_jyk\hbf]eZaZf
yijhlygmejmdmdeh[h\hfmkl_dembhsmiZef_klh]^_iheh`_gh[ulvwlhfma_jdZem
G_lmbg_bsbkdZaZeK_f_g
GhdZdlu_a^brv"
LZdb_a`m:qlh^_eZlv"kljZg_g_lde_yijbde_blvf_lZeedkl_demGbaZdZdb_^_gv]bb
k\_jgm\kijhki_dlZFbjZK_f_gih^dZlbedp_gljZevghfm\oh^m\hl_evDhkfhkIjhrm
fbkl_jIehldbgFuih^h`^_f\Zk\fZrbg_
7KDQN\RXkwjy\ukdhqbebafZrbgubih[_`Ze\]hklbgbpmdZ^fbgbkljZlhjmmagZlvdZd
Gh\\_klb[xe_mklhcdbZ^fbgbkljZlhjZ[uehlZdh_`_klheihl\hj_gb_dZdbmljhfaZiZ^gu_
lmjbkluZn]ZgpuZjfygkdb_[_`_gpubaKmf]ZblZeuk_xsb_^_lbbaQ_jgh\ph\kh\_lkdb_
ki_dmeyglunZjph\sbdbdhfZg^bjh\Zggu_]w[wrgbdb
Dh]^Zyijh[bekyq_j_awlmlheimdZ^fbgbkljZlhjr_hgZkdZaZeZg_j\gh
Qlh"Hldm^ZyagZx]^_\ZrZ,QWHUQDWLRQDO3UHVV$VVRFLDWLRQYg_agZx]^_fhbkh[kl\_ggu_hqdb
Lhevdhqlhlmle_`Zeb
��G_l_jyygZ^_`^uyihr_e\j_klhjZgLZflh`_[uehdZd\'GD\_gv\ukZ^dbZf_jbdZgkdhc
Zjfbb\?\jhim\h\j_fy\lhjhcfbjh\hc\hcgu@dhehgguZf_jbdZgp_\l_kgbebg_fp_\Zg]ebqZg_
`^Zebdh]^ZblZevygpuhk\h[h^ylklhebdbKe_\Zhl^\_jbaZklhcdhc[xjhklhyeZ\ukhdZydZd
I_ljI_j\ucf_lj^hl_evbkoheh^gufij_aj_gb_fkfhlj_eZgZwlbodZgZ^p_\r\_^h\bijhqbo
g_jmkkdboI_j_^g_cgZ[xjhe_`ZebdZdb_lh^_eh\u_[mfZ]bbkibkdb
=^_h[_^Z_l,QWHUQDWLRQDO3UHVV$VVRFLDWLRQ"kijhkbeymg__
Ihgylbyg_bf_xKijhkbl_\Zr_]h]b^Zhl\_lbeZhgZk\ukhdZ
YkZflZdhcmfguckdZaZeyjZahaeb\rbkvIhkfhljbl_\\Zrbkibkdb
HgZ]eygmeZgZf_gyk\_jom\gbadZdpZieygZey]mrdmGh[bjdZgZfh_c]jm^baZklZ\beZ__
i_j_\_klb\a]ey^gZkibkhdbijh\_klbihg_fmk\hbfgZfZgbdxj_ggufiZevp_fijhq_fwlhl
iZe_plml`_aZkluegZdZdhclhkljhqd_hgZkdZaZeZij_ajbl_evgh
,QWHUQDWLRQDO3UHVVmgZklhevdhaZ\ljZdZxl
:]^_`_h[_^"kijhkbeyjZkl_jyggh
Dj_fe_\=_hj]b_\kdhfaZe_mkf_ogmeZkvhgZkhldjh\_ggufaehjZ^kl\hf
Yfuke_ggh\ufZl_jbekybih^gyeky\k\hcghf_jgZwlZ`Z\hkvJh[_jlFZd]jhmhklZ\be\
dhfgZl_jZkibkZgb_jZ[hlugZr_c]jmiiugZk_]h^gy
Ghghf_j[uem`_m[jZggbdZdh]hjZkibkZgbyyg_gZr_eBgZih^hdhggbd_bgZlmf[hqd_m
djh\ZlbJh[_jlZm`_g_[uehgbh^gh]hkm\_gbjZJh[_jl\k_m\_a\rdhemgZ\klj_qmk^_lvfb
IjZ\^Zml_e_nhgZe_`Ze[ehdghldZe_g^ZjvhldjulucgZk_]h^gy\hkdj_k_gv_bxeyGh\g_f
[ueZlhevdhh^gZaZibkvDP0HHWLQJDW6FKRRO1$OWXSKLHYVNR\H6KRVVH7HO
�mljZ\klj_qZ\rdhe_ghf_j:elmnv_\kdh_rhkk_;bL_e_nhg
@
IjhdebgZyk_[yaZmlj_gg__g_^hfukeb_y\ur_ebaghf_jZDhjb^hjgZyijbgbfZymf_gydexq
kdZaZeZ
Iehldbg"Hc\Zf`_aZibkdZhlb^hklZeZbaysbdZkdexqZfbkdjmq_ggmx[mfZ`dm
Y\ayeaZibkdmGZfZe_gvdhfebkld_[uehgZibkZghihjmkkdb
Iehldbgma\hgbeZbaE_gbg]jZ^ZDZjbgZIjhkbeZdh]^Z[m^_l_\E_gbg]jZ^_iha\hgblvL_e

YaZdjue]eZaZkhh[jZ`ZyGbdZdhcDZjbgumf_gygbdh]^Zg_[uehE_gbg]jZ^_mf_gy[ueb
=ZeyFZev\bgZBjZb_s_h^gZZdljbkmey[mjyldZgh__a\ZebdZdlhx\_ebjghg_lh:efZag_
lhKZinbj
:dlhwlhaZibkZe"kijhkbey
=hjgbqgZykdZaZeZ^_`mjgZyDh]^ZhgZm[bjZeZghf_j\Zfiha\hgbebZfg_gm`ghqlh
gb[m^vihklbjZlvih]eZ^blv"
Ihlhfkmgm\aZibkdm\dZjfZgkimklbeky\gba]Z^Zyih^hjh]_qlhwlh_s_aZDZjbgZ"G_[uehm
f_gygbdZdhcDZjbgugb\E_gbg]jZ^_gb\hh[s_ijhq_ffh`_l[ulvybaZ[ueohlylZdh_
j_^dh_bfyaZ[ulvljm^ghh\k_okemqZyowlZDZjbgZgm`gZfg_l_i_jvdZdijhreh]h^gbckg_]:
\f_kl_kg_c=ZeyFZev\bgZKZinbjb\k_hklZevgu_Fg_k_cqZkg_^hgbo
Gm"kijhkbeK_f_gdh]^Zyk_e\fZrbgmDm^ZijbdZ`_rv"
:elmnv_\kdh_rhkk_;b
MgZkg_l;bkwjkdZaZeK_f_gaZ\_efZrbgmbljhgmekf_klZ;bwlh\\Zr_f
Zf_jbdZgkdhfZenZ\bl_
:kklZbhkk_l^_eZlv\ZkkZ]jmiiZgZ:elmnv_\kdhfkkhkk_"kijhkbekaZ^bLheklyd
LZfm\b^bfkdZaZeyLug_agZ_rv\E_gbg]jZ^_gZklm^bbdZdmxgb[m^vDZjbgm"b
q_j_aie_qhijhlygmeLheklydmihemq_ggmx\]hklbgbp_aZibkdm
GZE_gnbevf_mLheklydZ^Z`_\fh_\j_fy[uehdmie_gh^\Zbebljbkp_gZjbyDaZijhr_^rb_
^_kylve_l_s_gZ\_jgh^x`bgZLheklydijhq_eaZibkdmbkdZaZe
:ihkk_fmluj_kkbekklhwlhkE_gnbevfZ"
Ihlhfmqlh^jm]bo[Z[mf_gy\E_gbg]jZ^_gbdh]^Zg_[ueh
Wlhg_ihdZaZl_evkdZaZeLheklydAgZkkbl^hekk_gl_[_kdZaZlvqlhgZE_gnbevf__klv
^\_DZjbguH^gZfhglZ`gbpZ\lhjZydbghf_oZgbdGhlubobf_lvg_fh]
Ihq_fmlulZdm\_j_g"kijhkbe\f_klhf_gyK_f_gh]b[ZyiZfygbddhkfhgZ\lZfbk\hjZqb\Zy
gZijZ\h\klhjhgm:elmnv_\kdh]hrhkk_
Ihlhfmqlhybf_eboh[_bokdZaZeLheklydH^ghcbagbo^\Z^pZlve_lZ\lhjhc
\hk_fgZ^pZlvWlhagZkkblk_cqZkdh]^Zhgm_akkZe^Zkk_klZjkk_cbagbo[uehlhevdh^_\ylve_l
Ke_\Zmdbghl_ZljZDhkfhkih^j_deZfhcnbevfZBgl_j^_\hqdZklhyeZ]b]ZglkdZy\^\_
lukyqbq_eh\_dlheiZhq_j_^vaZ[be_lZfb
b^ZekdZaZefg_Lheklyd:ij_^klZ\ey_kkkklh[ul\hjbehkvgZgZkkmK_dkebohjZ^dm
G_lluihgye"K_f_gljhgmef_gyjmdhcbdb\gmeq_j_aie_qhlheklydZ?fmiylv^_kyl
e_lhglheklucb[_aam[ucbaZs_edZ_l\hk_fgZ^pZlbe_lgbo^_\hq_ddZdk_f_qdbGmjZa\_fh`gh
m_oZlvbalZdhckljZgu"Lu\:f_jbd_fgh]hbf_e\hk_fgZ^pZlbe_lgboaZwlb]h^u"
Gbh^ghcq_klghijbagZekyy
E_k_bog_am[Zfbkk_edZxkdZaZekaZ^bLheklydYdhg_qghihgye_]hgZf_dGhihke_lZdhc
ghqbdZdZy[ueZmf_gy\q_jZklZgh\brvkyg_h[b^qb\uf
?keb[ug_\urblZydh\[hckdZyjm[ZrdZ[_eu_^`bgkukrbjhdbfj_fg_f\aZde_idZob
dh\[hckdb_[mlkugZ\ukhdbodZ[emdZoy[ugbdh]^Zg_kdZaZeqlhwlhJh[_jlFZd]jhmfhckhk_^
ihghf_jm\Dhkfhk_IhlhfmqlhgZkp_g_wlh]hrdhevgh]haZeZklhyekh\_jr_ggh^jm]hc
q_eh\_dDm^Zih^_\Zehkv_]hihklhygghaZhklj_ggh_Zedh]he_febph"B]jhfhih^h[guc]hehk"
Jh[_jlklZe^Z`_gb`_jhklhfdeygmkvHgklhyegZkp_g_[md\ZevghaZkuiZggucihe_\ufb
p\_lZfbb_]hh[uqgh\ukhq_ggZynb]mjZk\uiyq_gghcdZdm\k_odh\[h_\]jm^vx[ueZlml
kh\_jr_gghbghchgZjZkkeZ[beZkv\ie_qZobh[fydeZkeh\ghkujh_l_klh:gZg_magZ\Z_fh
jZafy]q_gghfebp_lbohkbyeb]eZaZbmeu[dZlZdkeh\ghJh[_jlieue\feZ^_gq_kdhfkg_
Jy^hfkJh[_jlhfklhyebFZjby yqmlv[uehg_gZibkZefhyFZjby\fbRmjZaZbokibgZfb[ueb
&#x?L;�&#x?L;�ieZdZlugZibkZggu_ihjmkkdbbihZg]ebckdbIJB?L?LYFDHEHJ:HbFBKL?J
�^_lvfbZ`_gZihem\ijhoh^_f_`^mkp_ghcbi_j\ufjy^hfkb^_eb^_lbBdlhihZg]ebckdb
dlhihjmkkdb\_k_ehdjbqZebJh[_jlmk\hb\hijhku
Dh]^ZZf_jbdZgpuihe_lylgZFZjk"
M\Zk_klvk\hyehrZ^v"
hkdhevdhe_lfh`ghm\ZkihemqblvZ\lhfh[bevgu_ijZ\Z"
KdZdh]h\hajZklZfh`ghjZ[hlZlv"
Kdhevdh\G:K:dhkfhgZ\lh\"
Kdhevdhklhbln_jfZ"
M\Zk_klvk\h_jZgqh"
M\Zk_klvp_gamjZ"
Jh[_jlhl\_qZeihZg]ebckdbFZjbybRmjZi_j_\h^bebgZjmkkdbcbbaj_^dZih]ey^u\Zeb\[hd\
e_\ucdhg_pkp_guLZfaZg_[hevrbfdjulufdjZkghckdZl_jlvxklhehfkb^_eZihiZjlbcghfm
qhihjgZy^ZfZe_lkhjhdZkhk\_`bfi_jfZg_glhfgZ]heh\_\k_jhfdhklxf_wkwkh\kdh]hihdjhyb
kdZdbflhdjZkgufagZqdhfgZeZpdZg_ib^`ZdZ?_[_kkljZklgh_ebph[uehaZe_ie_gh]mklhc
dhkf_lbdhcdZd[jhg_cI_j_^g_cklhyegZklhe_]jZnbgk\h^hc m`_ihqlbimklhc\fbe_`Zeb
�jmqgu_`_gkdb_qZkbdbZfZg_l_ji_eb\hihklmdb\ZeZihgbfdhjhldbfgZfZgbdxj_ggufgh]l_f
^Z\ZyihgylvRmj_bFZjbbqlhihjZaZdZgqb\Zlvwlm\klj_qm
FZjbybRmjZdb\Zeb_cgh^_lbijh^he`Zeb\udjbdb\Zlvk\hb\hijhku[_ai_j_ju\Z
Kdhevdhgm`ghmqblvkygZ[ZgdbjZ"
M\Zr_]h\gmdZ_klvfZrbgZ"
WlhijZ\^Zqlh\u\u[jZku\Z_l_\fhj_kujbfZkehqlh[ug_ihgb`ZlvgZgbop_gu"
MFZ^hggu_klv^_lb"
KdhevdhihemqZ_lkhe^ZlZf_jbdZgkdhcZjfbb"
uagZ_l_qlhKZoZjh\g_\_jbl\ijh]jZffmKHB"
�MFZcdeZ`_dkhgZ_klvk\hckZfhe_lijZ\^Z"
Ihq_fmm\Zkg_lq_jguodhkfhgZ\lh\"
Fh`ghZf_jbdZgpZf`_gblvkygZjmkkdbo"
u\_jbl_\;h]Z"
Jh[_jlhl\_qZe q_klgh]h\hjyg_\k_]^Zm^Zqgh\fgh^_lb\klj_qZebdZ`^uc_]hhl\_l
\hklhj`_ggufbZieh^bkf_glZfbhlq_]hiZjlbcgZy^ZfZaZklhehf_s_[hevr_dZf_g_eZebphf
H^gh\j_f_gghhgZp_idbf\a]ey^hfke_^beZaZd_flh\aZe_dh]hfg_g_[ueh\b^ghihkdhevdmy
LheklydbK_f_gklhyebm[hdh\hc^\_jbGhkm^yihgZijZ\e_gbx__\a]ey^h\wlhlg_dlh
ihklhygghi_j_f_sZekyihaZembq_j_ag_kdhevdhfbgmlym\b^_edlhwlhWlh[ueZgZrZFhgbdZ
;jZ^rhmKlj_fynhlhZiiZjZlZfbly`_ehc[ZlZj__c^ey\kiurdbb_s_kdZdhclh
nhlhZiiZjZlmjhcq_j_aie_qhFhgbdZg_hlju\Zy]eZahl\b^_hdZf_juijh[bjZeZkvihmadhfm
ijhoh^mf_`jy^h\bkgbfZeZ\hklhj`_ggu_^_lkdb_ebpZbokf_obolygmsb_kyk\hijhkZfbjmdb
ZlZd`_kp_gmJh[_jlZbkZfmiZjlbcgmx^ZfmaZklhehfYihgyeqlhwlh\b^_hdZf_jZJh[_jlZqlh
hgihijhkbeFhgbdmkgbfZlv_]h\klj_qmkjmkkdbfb^_lvfb
Ghbgh]^ZFhgbdZ\udexqZeZ\b^_hdZf_jm\kdb^u\ZeZd]eZaZfh^bgbak\hbonhlhZiiZjZlh\b
s_edZeZ\kiurdhcLZdijb[ebab\rbkvd[hdh\hc^\_jbFhgbdZaZk_deZ\\b^_hkdhi_I_glZdkZ
jmdZfbijb]eZrZygZkp_gmYhljbpZl_evghihdZqZe]heh\hcblml`_hlhr_ehl^\_jb\]em[bgm
dhjb^hjZ
Ihq_fm"B^bbkdZ`bqlhgb[m^vgZrbf^_lyfkdZaZeK_f_g
Ghwlh[ue[_g_nbkJh[_jlZFZd]jhmbyg_ohl_ehlgbfZlvmg_]hgbdjhrdbhlwlh]hibjh]Zk_
qlhfg_gm`gh[uehhlg_]hbebhlFhgbdbwlhmagZlv]^_k_cqZkgZrZ]jmiiZqlh[ugZclb
gZrm]b^rmHexA_e_gbgmIhwlhfmdh]^Zq_j_afbgmlmbaaZeZ\dhjb^hj\ukdhqbeZ\ha[m`^_ggZy
FZjbybklZeZm]h\Zjb\Zlvf_gyihclbgZkp_gmydZl_]hjbq_kdbhldZaZekykijhkbe
:m\Zk_s_gZ^he]h"
K_cqZkaZdZgqb\Z_fkdZaZeZFZjbyB^bl_ohly[u\aZeihkfhljbl_k_cqZk[m^_lkZfh_
bgl_j_kgh_
BhgZlml`_m[_`ZeZh[jZlgh^Z`_g_m^hklhb\f_gydZdbfgb[m^vhkh[ufhl^_evguf\a]ey^hf
bebbglbfgufdZkZgb_fjmdbGh_^\ZaZg_caZdjueZkv^\_jvdZdLheklydkdZaZe
LZd\hldh]hluljZoZek_]h^gyghkkvx
Mf_gy^Z`_q_exklvhliZeZhlbamfe_gby
Kq_]hlu\aye"
�Zhll_[ykk_iZog_l__^moZfb;_eZyghqvykjZammagZeDhg_kkghlumljhfijbgye^mkky
ihgbfZxGhkh\_lkdb_^mobg_kfu\Z_fubf_c\\b^m
Fu\hreb\aZebklZebmkl_guFZjbym`_[ueZgZkp_g_bi_j_\h^beZaZemlhqlh]h\hjbek_cqZk
FZd]jhm
�hjh]b_jmkkdb_^jmavyE_]bkeZlmjZgZr_]h]hjh^ZbrlZlZDhehjZ^hBf__lq_klvb
m^h\hevkl\b_Ijb]eZkblvaZgZrkq_lIjb_oZlvdgZf\]hklbgZ^_kylv^g_ck_omq_gbdh\
^\modeZkkh\FZjbbbRmjuDhlhju_m`_ljb]h^Zi_j_ibku\ZxlkykgZrbfbrdhevgbdZfbB
dhg_qgh\Zrbomqbl_evgbpRmjmbFZjbx
=hkih^bqlhlmlgZqZehkvFZjby_s_g_mki_eZaZdhgqblvi_j_\h^dZd\_kvaZe\k_k_fvkhl
gZ\_jgh_^_l_c\_^bghfihju\_\kdhqbebkf_klaZZieh^bjh\ZebaZdjbqZebMjjjjZb
aZiju]Zebhl\hklhj]Z:ihlhfkd\havwlhljZagh]hehkuchjdjbdrmfbZieh^bkf_gluklZeh\k_
q_lq_bq_lq_ijh[b\ZlvkykdZg^bjh\Zgb_h^gh]hkeh\Z
���jm`[Zjm`[Zjm`[Z
Wlhkeh\hihkl_i_gghaZo\Zlu\Zeh\_kvaZebm`_q_j_aihefbgmluklZeh_^bguf]hehkhf\k_o
^_l_c
���jm`[Zjm`[Zjm`[Z
Yihkfhlj_egZkp_gm
Jh[_jlklhyelZfkh\_jr_gghihljyk_ggucbjZkkeZ[e_ggucIh_]haZ]hj_ehfmebpml_debke_au
DZdb_lh^_lb\a[_`Z\gZkp_gmp_eh\Zeb_]h\s_dbb^Zjbeb_fmp\_lu
Wlhhgkh\_jr_gghajy\udbgmelZdhcnhdmkkmohkd\havahehlu_am[ukdZaZeZ\dZ[bg_l_
^bj_dlhjZiZjlbcgZy^ZfZh[jZlb\dFZjbbbRmj_k\h_aZrlmdZlmj_ggh_dhkf_lbdhcebph
HgZhdZaZeZkvrdhevghc^bj_dljbkhcbihkemqZx]hklybaDhehjZ^h\__dZ[bg_l_[ueb\k_
mqbl_eyZ\^hevkl_guklhye^ebggucdjuluc[_ehckdZl_jlvxklhekkZfh\ZjhfklZdZgZfb\
ih^klZdZggbdZobiurguflhjlhfDb_\GZ^ibkvf_ggufklhehf^bj_dljbku\bk_eihjlj_l
=hj[Zq_\Z kkh\_jr_gghqbklhc[_ajh^bfh]hiylgZeukbghc\fbieZdZlklj_fy]hj[Zq_\kdbfb
qlh\hlm`_ljb]h^ZdZd=hj[Zq_\hl[jhkbei_j\ucehamg]ijhmkdhj_gb_ihkdhevdmklZehykgh
qlhmkdhj_gb_jZa\blbykhpbZebafZ\_^_lKKKJijyfh\wdhghfbq_kdmxijhiZklvIhwlhfmehamg]
Mkdhj_gb_=hj[Zq_\m`_^Z\ghghg_]eZkghkf_gbegZlZdlbdmlhjfh`_gbyh^gZdh^hkhagZgby
wlhc^bj_dljbkulZdZyf_lZfhjnhaZg_^hreZbihoh`_g_kdhjh^hc^_lG_agZyqlhyihgbfZx
ihjmkkdbhgZkdZaZeZFZjbbbRmj_
H[tykgbl_wlhfm^mjZdmqlhmgZklZdb_\_sblZdijhklhg_^_eZxlkyHg^he`_g[ue
kh]eZkh\Zlvk\h_ijb]eZr_gb_khfghcZykjZcdhfhfiZjlbb:l_i_jvyg_agZxdZd[m^_l
jZcdhfgZwlhj_Z]bjh\ZlvB\hh[s_^h\_jylebhgb\Zfkhijh\h`^Zlvklhevdbo^_l_c
YihgyeqlhwlZiZjlbcgZykmdZm`_j_rbeZihohjhgblv\kxih_a^dmjmkkdbo^_l_c\KR:bgm`gh
kjhqghkiZkZlvaZl_xJh[_jlZYihbkdZe_]h]eZaZfbJh[_jlklhyekqZrdhcqZymhdgZb^hklZ\ba
nmleyjZk\h_c\b^_hdZf_juiehkdmxf_lZeebq_kdmxney`dm^h[Z\eyebag__[j_g^b\qZcIh_]h
kh\_jr_gghjZkkeZ[e_gghcnb]mj_[ueh\b^ghqlh[j_g^bwlh_^bgkl\_ggh_qlh_fmk_cqZk
gm`gh
�7KLVLVWKHKDSSLHVWGD\RIP\OLIHWlhkZfuckqZkleb\uc^_gv\fh_c`bagb@kdZaZehgfg_b
ijhlygmeney`dmk[j_g^bGZeb\Zck_[_
YkdZaZeg_]jhfdh
Fg_dZ`_lkyml_[yhkeh`g_gby
DZdb_"kijhkbehgh^gbf]ehldhfhihjh`gyyklZdZgqZyk[j_g^b
Lu^he`_gg_f_^e_gghijb]eZkblv\DhehjZ^hbwlm^bj_dljbkm
Qlh"""]jhfdh\hafmlbekyJh[_jljZahfh[j_lZyihke_[j_g^bk\hc]jhfh\uc]hehk
Ihq_fm"IhkfhljbgZg__HgZkb^_eZgZkp_g_dZddmkhdhdZf_g_eh]h^_jvfZ
G_hjbHklugv?kebluk_cqZk`_g_ijb]eZkbrv__hgZkhj\_ll_[_\kxih_a^dmBlugbdh]^Z
g_m\b^brvk\hxRmjhqdm\DhehjZ^hHgihkfhlj_efg_\]eZaZk\_jom\gba
Ih\_jvfg_yagZxwlmkljZgmkdZaZey
Qlhfg_gjZ\blky\Zf_jbdZgpZowlhbo]b[dhklvbkihkh[ghklv[ukljhijbgbfZlvj_r_gby:
ijbgy\j_r_gb_hgbm`_g_dhe_[exlkyZ\hlebqb_hljmkkdbolml`_b^mlgZ^_eh
��6VVKLWjygv@kdZaZeJh[_jlbihr_ed^bj_dljbk_rbjhdhjZkdbgm\jmdb0\GHDU
��*ROGHQJLUO'LGQ\nW,WHOO\RXWKDW\RXDUHVXSSRVHGWROHDGGHOHJDWLRQhjh]ZyAhehlZyJZa\_yg_kdZaZe
\Zfqlh\u^he`gu\ha]eZ\blvwlm^_e_]Zpbx@"
�1R\RXGLGQRWG_l\ug_kdZaZeb@kmohaZf_lbeZ_fmRmjZ
�2K*RGH;h`_@]jhfh\uf]hehkhf\hafmlbekyJh[_jlY^mjZdb^bhlY`_kh[bjZeky
kdZaZlvwlhkkZfh]hgZqZeZKdZ`bwlhc`_e_agham[hc^_\mrd_qlhhgZ[m^_ljmdh\h^bl_e_f\Zr_c
^_e_]Zpbb
Qlhhg]h\hjbl"kijhkbeZ^bj_dljbkZmFZjbb
Hg]h\hjblqlhhgb^bhlaZ[ueijb]eZkblv\Zk\wlmih_a^dm
HglZd]h\hjbl"ih^hajbl_evghi_j_kijhkbeZ^bj_dljbkZ
�ZHg]h\hjblqlh\u^he`gu[ulvjmdh\h^bl_e_frdhevghc^_e_]Zpbb
7HOOKHUVKHZLOOEHUHFHLYHGE\WKH0D\RURIRXUFLW\DQGRXU6WDWH*RYHUQRWDVZHOOkdZaZe_c
Jh[_jl
Hgijhkbl\Zki_j_^Zlvi_j_\_eZFZjbyqlh\q_klv\Zr_]hijb_a^Z[m^_lijb_fmfwjZ
HglZdkdZaZe"hiylvkijhkbeZ^bj_dljbkZdjZkg_yklZdhcklj_fbl_evghklvxqlhdhkf_lbdZ
klZeZhlebiZlvhl__iueZxs_]hebpZB]m[ujZkiheaebkv\g_\hevghcmeu[d_h[gZ`Zyr_klv
\_jogboahehluoam[h\
�ZAhy:g^j__\gZih^l\_j^beZFZjby
Dof^bj_dljbkZ[_amki_rghiulZeZkvkh[jZlvk\h_ebphkgh\Z\kljh]mxfbgmY
ihijh[mxm]h\hjblvjZcdhf:dlhwlhlk_^hckd_e_l\ib^`Zd_"
FZjbyihkfhlj_eZgZf_gy__]eZaZkbyebjZ^m`gufbijhlm[_jZgpZfbohohlZ
Wlhl"kdZaZeZhgZij_g_[j_`bl_evguflhghfHwlhdZdhclhZf_jbdZgkdbcibkZl_evqe_g
bo^_e_]Zpbb

Jh[_jlih^`Z\dhe_gbih^ih^[hjh^hdkb^_e\i_j_^bjy^hfkK_f_ghfFhgbdZgZdhe_gyom
LheklydZaZgbfZ\r_]hiheh\bgmaZ^g_]hkb^_gvyZy[ue\`Zlf_`^mLheklydhfb^hkdhcdhlhjZy
ih^ibjZeZkibgdm\h^bl_evkdh]hdj_keZGhwlZ^bdZyl_kghlZg_f_rZeZgZfhlqZygghohohlZlv
\kihfbgZyahehlham[mx^bj_dljbkmb__klj_fbl_evgh_ij_\jZs_gb_baiZjlbcghcwkwkh\db\
mkem`eb\hdhd_leb\mx[Z[_gdmgZijhsZgv_hgZ^Z`_ihp_eh\ZeZJh[_jlZ\h[_s_dbbgZklhcqb\h
aZau\ZeZ_]hdk_[_^hfhcgZm`bg
L_i_jvJh[_jlh`_klhq_gghl_js_dbkeh\gh]m[gZyihfZ^Zwlhc^bj_dljbku[ueZlZdhc`_
g_kfu\Z_fhcdZdbkh\_lkdb_^mob;_eZyghqv
KdZkkb_fmkklhl_i_jvhggbdm^Zg_^_g_lkyHgZljZog_l_]h^Zkk_\DhehjZ^hkdZaZefg_
LheklydYi_j_\_e
�2KQR1HYHUHg_lGbdh]^Z@aZ\hibeJh[_jlYfh]m^_eZlv\k_qlh\Zfm]h^ghghyg_
fh]maZgbfZlvkyex[h\vxk`_e_agham[hc`_gsbghc
KdZkkb_fmkklhhgfgh]hl_jy_lKh\_lkdb_mqbl_evgbpukZfu__\fbj_:mkk_kebhgZklZeZ
^bj_dlhjhfkkdheulhwlh\hh[kk_wdkljZdeZkk
Yi_j_\_edZdfh]klZjZykvg_kfhlj_lvgZFhgbdmIhlhfmqlhhgZdZdlhih^hajbl_evgh_jaZeZgZ
dhe_gyoLheklydZBebfg_wlhihdZaZehkvbaaZljykdbgZjZa[blhf:elmnv_\kdhfrhkk_"F_gy
\hh[s_bamfey_lklj_fbl_evghklvkdhlhjhclheklu_fm`qbgudZ^jyl`_gsbgIhoh`_Fhgbd_g_
f_rZeh^Z`_lhqlhLheklydg_]h\hjbegbkeh\ZihZg]ebckdbbqlhmg_]h\hjlmg_[ueh\b^ghgb
h^gh]ham[Z
Kijhkbqlhhgb^mfZxlhJhkkbbkdZaZefg_K_f_gDZdh_mgbo\i_qZle_gb_"
Yi_j_\_e
:HOOkdZaZeJh[_jlq_jZy^mfZeqlhwlhdhgq_gZykljZgZIhlhfmqlhaZ^\Z^gyg_
\klj_lbegbh^gh]hq_eh\_dZdhlhjucmf__lf_qlZlvufh`_l_^ZlvkljZg_fbeebhgu^heeZjh\b
fbeebhgulhgga_jgZgh_kebgZjh^wlhckljZgujZamqbekyf_qlZlvwlh\k_[_kihe_aghwlh
dhgq_gZykljZgZBlZdy^mfZe\q_jZijhJhkkbxGhk_]h^gymf_gyihy\beZkvgZ^_`^ZK_]h^gyy
m\b^_eqlh\Zrb^_lb_s_bf_xlf_qluIhwlhfmfu\Zfihfh`_f
Q_jl\havfbih^mfZey\q_jZf_gybamfeye=hjZpbcKwfkhgZk_]h^gyJh[_jlJh[_jlijh
dhlhjh]hy^mfZeqlhhg\hh[s_ZedZrbgbq_]hg_\b^bl^Zevr_klZdZgZk^jbgdhfbiurguoie_q
RmjhqdbhdZaZekyijhgbpZl_evg_c^_kyldh\aZiZ^guokh\_lheh]h\Ihoh`_y^_ckl\bl_evgh
^he`_g[uem_oZlvbaKR:qlh[uihgylvqlhwlbZf_jbdZgpug_lZdb_ijhklZqdbdZdbfbdZaZebkv
:K_f_gl_f\j_f_g_fklmdgmeJh[_jlZihdhe_gmbkdZaZe\hkobs_gghihqlblh`_kZfh_qlh
^mfZey
Fheh^_pbihijhkbef_gyI_j_\_^b_fmqlhhgfheh^qbgZIjZ\bevghhp_gbekblmZpbx
wlhckljZg_mf_xlf_qlZlvlhevdh^_lb:\k_\ajhkeu_ihl_jyggh_ihdhe_gb_JZ[u
AgZqblebwlhqlh=hj[Zq_\^he`_gkhjhde_l\h^blv\Zkihimklug_dZdFhbk_c\h^be_\j__\"
IhdZjZ[ug_\ufjml"kdZaZeZ\^jm]FhgbdZ
Ykhlhjhivx]eygmegZg__ylh^mfZeqlhhgZk_cqZkkdhgp_gljbjh\ZgZkh\k_fg_gZij_^f_l_
gZr_]hjZa]h\hjZLjbghevg_\fhxihevamih^mfZey:K_f_ghl\_lbe
M=hj[Zq_\Zdkh`Ze_gbxg_l\aZiZk_khjhdZe_lB^Z`_q_luj_olh`_Mg_]h_klv]h^
fZdkbfmf^\Z?kebhgaZ^\Z]h^Zg_\u\_^_lkljZgmdfhehqgufj_dZfbebohly[udoe_[guf
[_j_]ZflmlgZqg_lky]jZ`^ZgkdZy\hcgZ
Ylh`_lZd^mfZxkdZaZeZFhg\^ZK_]h^gymljhffu[uebgZ\Zr_fq_jghfjugd_
=^_"=^_"g_ih\_jbey
GZq_jghfjugd_Wlhg_^Ze_dhhlgZr_]hhl_eyLZf]^_`_e_agh^hjh`gZyklZgpby
MJb`kdh]h\hdaZeZ"kijhkbeyg_^h\_jqb\h
�ZkdZaZeZFhgbdZ
AZq_f\ulm^Zihreb"\hkdebdgmeyihlhfmqlhq_jgucjughdmJb`kdh]h\hdaZeZwlh
kZfZydehZdZij_klmighklb\Fhkd\_^Z`_fbebpby[hblkylm^ZaZoh^blv
�:HOOfuihrebihkfhlj_lvgZjmkkdbcEODFNPDUNHWq_jgucjughd@kdZaZeZFhgbdZB\u
agZ_l_qlhkemqbehkv"
Qlh"kijhkbeyg_h`b^Zygbq_]hohjhr_]h
�OhjhrhqlhkgZfb[ue`hgH\nOZ]_gBgZq_y[uhklZeZkv[_a\k_ok\hbonhlhdZf_j
BhgZjZkkdZaZeZqlh_^\Zhgbq_luj___ihklhygguokimlgbdZbagZr_c^_e_]Zlkdhcfheh^_`b
�iexk=hjZpbcKwfkhgb`hgH\nOZ]_g\hrebgZl_jjblhjbxJb`kdh]hjugdZdZdbolml`_
hdjm`beZdZdZylh[Zg^Zg_lhnZjph\sbdh\g_lhjwd_lbjh\yjhklghij_^eZ]Zyh[f_g^heeZjh\gZ
jm[ebihnZglZklbq_kdb\ukhdhfmdmjkmZlZd`_jmkkdb_bdhgubdjmbgZjmqgu_qZku\ukr_]h
dhfZg^gh]hkhklZ\ZKh\_lkdhc:jfbb:_s_q_j_aiZjmfbgmlFhgbdZh[gZjm`beZqlhqZklvwlhc
[Zg^um`_hll_jeZ__hl\k_chklZevghc]jmiiub[md\Zevghmghkblijhqvk^bjZyk__ie_q
nhlhl_ogbdmHgZdjbdgmeZ+HOSghqvylhjmdZaZ`ZeZ_cjhlbh^gh\j_f_gghhkljh_rbeh
mi_jehkv_c\j_[jh:dh]^ZZf_jbdZgpumkeurZ\__\kdjbdihiulZebkvjbgmlvky_cgZihfhsv
lhhdZaZehkvqlhdZ`^ucbagbolh`_hdjm`_giehlgufdhevphfBlhevdh^\mokhldbeh]jZffh\uc
�`hgH\nOZ]_gkfh]k\hbf\_khfdZdlZjZghfijh[blvwlm[ehdZ^mb\ihke_^gxxfbgmlm
[md\Zevgh\u^_jgmeFhgbdmbajmd]jZ[bl_e_c
Yih^mfZeqlhFhgbdZjZkkdZaZeZwlmbklhjbxg_kijhklZKdhj_c\k_]hhgZlZdbfh[jZahf
h[tykgbeZfg_k\hxjZkiheh`_gghklvdLheklydmblme_]dhklvkdZdhcmk_eZkvgZ_]hdhe_gbGh
dZdjZa\wlhlfb]K_f_gk\_jgmegZiuevguc;_kdm^gbdh\kdbc[mev\Zjbylml`_aZ[ueijh
FhgbdmbijhLheklydZ
:gyreZihaZkg_`_gghfm;_kdm^gbdh\kdhfm[mev\ZjmAZkm]jh[Zfb[ueZ\b^gZlhevdh\_jogyy
qZklv__nb]mjdblhgdb_evgygu_\hehkujZkkuiZebkvihr_jklyghfmieZldmgZ__ie_qZo
k\_leZy^m[e_gdZjZkkl_]gmlZgZ^\_\_jogb_im]h\bpuG_dhlhjh_\j_fyy_oZeaZg_c\^hev
Z\hkvdhc\dhlhjhchgZg_keZbaijh^fZ]ZdZimklmdZjlhrdmb[mluedm\bgZL\brb
Wlh[uehjh\ghaZljb]h^Z^hfh_]hhlt_a^ZbaJhkkbblh_klvgZ^_kylhf]h^mgZr_]hwn_f_jgh]h
jhfZgZY`be\wlmabfmmK_f_gZ\_]hohehklypdhcdhhi_jZlb\ghcd\Zjlbj_\;_kdm^gbdZo
K_f_g[ue_s_ohehklbfu^\ZVZLPPLQJEDFKHORUV \_lj_guoohehklydZ\fkh\k_fg_iehoh
ijh\h^beb\j_fymf_gym`_[ueb`b]mebihaZiZ^gufihgylbyfwlhihqlbgbqlhmjh\_gv
gbs_luZihkh\_lkdbflZdhc`_ijbagZdijbgZ^e_`ghklbdZjbklhdjZlbbdZd\KR:5ROOV5R\V
beb)HUUDU\G_l^Z`_[hevr_Ij_^klZ\vl_k_[_qlhgZIylhcgZijbf_jZ\_gxdZdhcgb[m^v5ROOV
5R\Vbeb)HUUDU\\^jm]hklZgZ\eb\Z_lky\hae_b^ms_cihljhlmZjmk_fgZ^pZlbbeb^\Z^pZlbe_lg_c
^_\mrdbbohaybgfZrbgu\ukmgm\rbkvbahdgZ]h\hjbl0LVVFRPHKHUH*HWLQ,\nOOJLYH\RXDOLIW
��_\mrdZih^bl_kx^ZKZ^bl_kvy\Zkih^\_am@Qlh[m^_l"Yg_ihklZ\exblj_oijhlb\^_kylb
gZlhqlhkj_^gyyZf_jbdZgkdZy^_\mrdZihi_j\hfmah\mky^_l\)HUUDU\beb^Z`_\5ROOV5R\VGhy
g_ihfgxkemqZyqlh[ufg_bebK_f_gmhldZaZeZohly[uh^gZfhkd\bqdZ\hae_dhlhjhcfueboh
ijblhjfZ`b\ZebgZra_e_guc`b]mevwlhcdjhohlghcfZrbg_ih[u\Zeb\k_^ebgghgh]b_
klm^_gldbbnZ[jbqgu_jZ[hlgbpurdhevgbpuklZjrbodeZkkh\baZfm`gb_ijhn_kkhjrb
mgb\_jkbl_lh\fmaudZglrbbijh^Z\sbpuom^h`gbpub[mo]Zel_jrb[Ze_jbgub^Z`_h^gZ
kljZoh\hcZ]_glklZdbf[xklhfqlhfhy]heh\Zp_ebdhfmlhiZeZ\^mrghcijhiZklbf_`__
]jm^yfb:dh]^ZhgZimkdZeZkvgZ^hfghc\kdZqvwlb]jm^b]medhre_iZebkvdZdly`_eu_ki_eu_
^ugb
LZkmygZrbo^ZffukK_f_ghf_^\Zmki_\Zebhk\h[h`^Zlv^jm]^jm]md\Zjlbjm\khhl\_lkl\bbk
aZjZg__khklZ\e_gguf]jZnbdhfdhlhjucklZjZebkvkh[ex^Zlv`_e_aghihkdhevdml_e_nhgZm
K_f_gZg_[uehbgbhdZdbobaf_g_gbyo]jZnbdZ\ihke_^gbcfhf_glg_fh]eh[ulvbj_qbGh
fukijZ\eyebkv
Lmlfg_ijboh^bl\]heh\mqlhyajylZdjZahldjh\_ggbqZeky?kebwlbaZf_ldb[m^mldh]^Zgb[m^v
him[ebdh\Zgu\KKKJlhgZc^_lkyg_fZehdjblbdh\dhlhju_aZ\hiylh_\j_ckdhfiheh\hfjZa[h_
gZ^_\kl\_gghcjmkkdhcihq\_Ihwlhfmyki_rmkdZaZlvqlhjmkkdZyihq\Z[ueZlh]^ZlZd`_
^Ze_dZhl^_\kl\_gghklbdZd\kyJhkkbyhldhffmgbafZB\hh[s_dh]^Zgb[m^vbklhjbdbijb^mld
\u\h^mqlh\kljZgZolhlZeblZjbafZk_dkklZgh\blky_^bgkl\_gghchl^mrbghc\dhlhjmx
mklj_fey_lkyfheh^Zywg_j]byrbjhdbofZkkHkh[_ggh`_gkdboBf_gghwlbfZg_fZrbghc
@b]mebbebgZrbfbkK_f_ghfmgbdZevgufbfm`kdbfb^hklhbgkl\Zfbyh[tykgyxgZrbe_]db_
ih[_^u@bagv\lhckljZg_lZd^_jx`ghkdmqgZqlhlhevdh\ihkl_ebfh`ghaZ[ulvh[_kdhg_qguo
ijhbkdZoZf_jbdZgkdbobyihgkdbobfi_jbZebklh\hj_qZo;j_`g_\Z=hj[Zq_\Zbhq_j_^yoaZ
kZoZjhfbkhkbkdZfb
B\hlbf_ggh\lhli_jbh^gZr_]hkK_f_ghfiheh\h]hjZa[hyihkj_^bfhjhaghcfhkdh\kdhcabfu
dh]^Zgbh^gZ^Z`_kZfZyp_ehfm^j_ggZy`_gsbgZ^Z`_e_lgyy`_gZgZr_]hmqZkldh\h]h
fbebpbhg_jZg_fh]eZmklhylvijhlb\kh[eZagZgujgmlvkijh^m\Z_fhcimj]hcZ\lh[mkghc
hklZgh\db\gZrml_iemxfZrbgmZihlhfih[u\ZlvkgZfbgZij_fv_j_gh\h]hnbevfZ\
�aZdjulhf^eyijhkluokf_jlguohf_dbghZihlhfihm`bgZlvlZf`_\j_klhjZg_\hdjm`_gbb
dbgha\_a^ZihlhfZHOO\uihgbfZ_l_lZd\hlbf_ggh\wlhlkZfucmjh`Zcguci_jbh^\
h^ghjZgg__fhjhagh_mljhdh]^ZFhkd\Z_s_[ueZgZdjulZly`_ehcdZdqm]mggZydhevqm]Zghqghc
i_e_ghcbakf_kbf_l_evgh]hkg_]Zb]hjh^kdh]hkfh]Z\wlhmljh\d\Zjlbj_K_f_gZjZa^Zeky
ih^h[jZegZmebp_khkl_j\_g_eufeZ_fjbgmeky\ijboh`mxklZjZykvaZeZylvk\hx\bgmhg
ijhkiZefhf_gldh]^Zihk_lbl_ev\ur_ebaebnlZbih^oh^bedgZr_c^\_jb:a\hghdijh^he`Ze
a\_g_lvg_kfhljygZ`mldbcYrdbgeZc
Ijhkgm\rbkv\]hklbghcgZ^b\Zg_ykjZamj_rbeqlhlZdlj_[h\Zl_evghblZdjZghfh`_la\hgblv
lhevdhfbebpbybagZqblwlhaZfghc_^vy`bemK_f_gZg_e_]Zevgh[_afhkdh\kdhc
ijhibkdb^Z_s_lZkdZekx^Z^_\hq_d\hlkhk_^bbgZklmqZeb
K_f_g\h^gboljmkZo\ukdhqbebak\h_ckiZevgbb\ujZabl_evguf\a]ey^hfihdZaZefg_gZdmogx
LZfgZklhe_[uebyjdb_mebdbghqgh]hdml_`ZYko\ZlbeYrdmaZhr_cgbdbihlZsbegZdmogx
qlh[uihkdhj__m[jZlvlZfohly[u\h^dmbjxfdb KeZ\Z;h]mmgZkkK_f_ghf[uehg_ibkZgh_
ijZ\behgbdh]^Zg_hklZ\eylvk\hbo^Zf^hmljZZhl\hablvbo^hfhcdZd[uiha^ghgb
aZdZgqb\ZebkvgZrbex[h\gu_b]ju\fL_f\j_f_g_fK_f_g[hkbdhfijhre_iZed^\_jbbkijhkbe
gZklhjh`_gghkhgguf]hehkhf
DlhlZf"
KjhqgZyl_e_]jZffZhl\_lbebaaZ^\_jb]jm[uc`_gkdbc]hehk
FukK_f_ghfh[e_]q_ggh\a^hogmebydjbdgmegZYrdmqlh[uhgaZldgmekyZK_f_gkdZaZe\
^\_jvFbgmlhqdmgZ[jhkbek\hcex[bfucihl_jlucma[_dkdbcoZeZlbhldjue^\_jv
LheklZyihqlZevhgrZ\aZkg_`_gghcrZid_mrZgd_\Ze_gdZobnhjf_gghcl_eh]j_cd_ih\_jo
dhlhjhc_s_[ueZk_jZyrZevieZlhdaZ\yaZggZydj_klgZdj_klgZ]jm^bkdZaZeZijhklm`_gguf
]hehkhf
:evlfZg"K_f_g"
YkdZaZeK_f_g
JZkibrbl_kvbhgZijhlygmeZK_f_gmdgb]mj_]bkljZpbbl_e_]jZffZihlhfbkZfm
l_e_]jZffmgZdhlhjhc^_ckl\bl_evghklhye]jbnKjhqgZy
WlhgZ\_jghkMa[_dnbevfZkdZaZefg_q_j_aie_qhK_f_gHgihklhygghibkZe^ey
Ma[_dnbevfZkp_gZjbbhkihkh[Zoijbf_g_gbyobfbq_kdbom^h[j_gbci_j\bqghch[jZ[hld_
oehidZbijhqmxaZdZamomIhlhfhg^ZeihqlZevhgr_^\Zjm[eybjZki_qZlZel_e_]jZffmGh
ijh[_`Z\__]eZaZfbijhlygmefg_IhqblZc
L_i_jvdh]^ZihqlZevhgrZmreZyhlimklbeYrdm\ayel_e_]jZffmijhq_e
�HJH=HCK?F?GIJHKLBL?A:;?KIHDHCKLHGHFG?HQ?GVGM@GHG:CLB
&#x:0;&#x?;&#xI?;&#xJ?;�&#x?;&#xI?;&#xJ?;�&#x?;&#xI?;&#xJ?;�:BF:LQD?KEBHGFHKD?I?J?:CL??FMQLHY;MMK?=HGYA:LJ:B
&#xLJ;&#x:;&#x@0;IHKE?A:LJ:@:LV?=HK?FVQ:KH?Q?J:?KLB;XE?=HKLBGBPUI?DBG
�LQDA:J:G??;E:=H:JX:GG:
Dh]^Zlu__\b^_e\ihke_^gbcjZa"kijhkbeK_f_g\uljyob\Zy]jyagu_i_i_evgbpu\
fmkhjgh_\_^jh_]hlhg_[uehg_^h\hevkl\hg_lh]jyavxgZdmog_g_lhfhbfhlghr_gb_fd
:gg_Ihq_fmlh\k_fhb^jmavyhlghkbebkvdg_ck[hevrhckbfiZlb_cbhldjulhjZ^h\Zebkvdh]^Z
fukg_cfbjbebkvgh^_ebdZlghihfZedb\Zebihke_dZ`^h]hgZr_]hjZaju\Z
DZ`_lky]h^ZljbgZaZ^kdZaZey
:jZa\_\ijhrehf]h^mhgZg_ijb_a`ZeZ\H^_kkmdh]^ZlukgbfZelZfDZ\dZakdmx
ex[h\v"kdZaZehgdZdlh[hdhfbaih^jmdbklZ\ygZieblmqZcgbd
G_lwlh[ue__[jZlNbebiihl\_lbeyHgjZa[bekygZk\h_ffhlhpbde_bl_jyeaj_gb_Gh
_fmkiZkebh[Z]eZaZ
:yihfgxqlhhgZ^he`gZ[ueZe_l_lvlm^Z\f_kl_kgbf
YijbklZevghihkfhlj_egZK_f_gZ
:luqlh"LuijbgbfZeZwlhfmqZklb_"
:dZdlu^mfZ_rvhgZkfh]eZl_[ylh]^ZgZclb"hl\_lbehgbmr_e\lmZe_lqlh[ukfulv
Yrdbgu^_eZYrdZg_kfhljygZk\hx`mldmx[_kihjh^ghklvh[eZ^Zep_eufjy^hfmgbdZevguo
dZq_kl\\lhfqbke_mf_ekijZ\eylvgm`^mijyfh\mgblZaAj_ebs_dZdZxs_]h\mgblZaikZ
hr_ehfeyehgZrboihk_lbl_evgbp hkh[_gghdh]^Zmg_]h[uebaZihjub_fmijboh^behkvkb^ygZ
mgblZa_gZijy]Zlvky^hke_a\f:fukK_f_ghf]h\hjbebihljyk_ggufajbl_evgbpZfqlh_kebfu
hklZg_fky[_ajZ[hlulh[m^_f\uklmiZlvkwlbfghf_jhf\pbjd_GhYrdZg_mf_ekimkdZlvaZ
kh[hc\h^m[ZqhdmK_f_gZ\khjlbj_[ueklZjucbmYrdbijhklhg_o\ZlZehgbkbegb\_kZ
hllygmlvjmqdm
Y^mfZehgZgZreZf_gyq_j_adbghklm^bxkdZaZeyK_f_gmdh]^Zhg\_jgmekygZdmogx
GZklm^bbg_^Zxll_e_nhgh\agZf_gbluoj_`bkk_jh\hl\_lbeK_f_gfhyjmdbih^dmohgguf
djZghfijhq_fg_agZf_gbluolh`_Dh]^Z__[jZljZa[bekyhgZijbfqZeZkvgZlZdkbb
ju^ZeZ\hllmlgZl\h_f^b\Zg_Yg_ihgbfZxihq_fmlug_jZaj_rbe_ckhijh\h`^Zlv[jZlZ\
H^_kkmBa\bgbf_gydhg_qghghwlh[uehihegh_k\bgkl\hkl\h_cklhjhgu
�_ebdZlgucK_f_gkugkZjZlh\kdh]hjZ\\bgZ\`bagbg_ijbdhkgmekydk\bgbg_bkeh\h
k\bgkl\h[ueh^eyg_]hh[hagZq_gb_fdjZcg_cf_jahklbIhwlhfmyjZahaebeky
�ZyaZij_lbe_cijbe_lZlvkgbf\H^_kkmdjbdgmey:ihq_fm[hdk_jug_kiylk[Z[Zfb
gZdZgmg_\uoh^ZgZjbg]dZdlu^mfZ_rv":"YkgbfZeihgbfZ_rv:_keb[uhgZijb_oZeZlhm
f_gy[u\k_kt_fdbihe_l_ebdq_jlm
LudjbqbrvagZqbllug_ijZ\Luijhklh__[hbrvky
;hxkvg_[hxkvwlhm`_g_bf__lagZq_gbyg_mklmiZeyF_`^mgZfb\k_dhgq_ghb
^Z\guf^Z\ghAZq_f_c[uehe_l_lv\H^_kkm"HgZihkZ^beZ_]h\kZfhe_lZ\H^_kk_fu_]h
\klj_lbebbhl\_aeb\[hevgbpmBihfh_fmfhyZkkbkl_gldZ^Z`_\habeZ_fmlm^Zdmjbguckmi
qmlvg_dZ`^uc^_gv
Kmig_aZf_gy_lk_kljuklZjbdHkh[_ggh_kebl_[_^_eZxlhi_jZpbx]eZag_]jhfdhkdZaZe
K_f_gaZ\Zjb\ZyqZc\qZcgbqd_khl[blufghkhf
J_[_g_lj_ibkvh]juagmekyyg_`_eZyijbagZ\ZlvqlhhgijZ\Hg\ua^hjh\_e"?fm
�\_jgmebaj_gb_"Zbebg_l"
�ZkdZaZeK_f_gB\i_j\u_ihkfhlj_efg_\]eZaZk\hbfbijhgabl_evghkbgbfb]eZaZfb
ihlhfkl\_ggh]he_\blZ:lukgyek\hxhq_j_^gmxdZjlbgmk_\ihjy^d_klZjbd
�Qlhlurmfbrv"Z\ZcqZciblvBgZ^_gvrlZguZlh[_cpuijhklm^brv
Luihc^_rvkhfghc\I_dbg"ihijhkbey
AZq_f"m^b\bekyhg
Yl_[yijhrmihc^_f\f_kl_
Ghy\Zf[m^mlhevdhf_rZlv
hlbf_rZcHq_gvohjhrh
KdZ`bq_klghlu__ex[brv"
qlhgZk\hxfh]bemBeb\^hfij_klZj_euoIhwlhfmihc^_f\f_kl_eZ^gh"
OhjhrhkdZaZeK_f_gLhevdhylh^mfZeqlhlu\k__s_ex[brv__Bihlhfmihfh]Ze
l_[_[ey^h\ZlvQlh[ulu__aZ[ue
Yihkfhlj_e_fm\]eZaZ
G_ihgye
Hgk_eaZdmohggucklhebdh[gyeeZ^hgyfbklZdZgk]hjyqbfqZ_fihlhfh]eZ^bek\hxq_jgmx
[hjh^dmbkdZaZe
IhgbfZ_rvklZjbdDZdl_[_kdZaZlvih^_ebdZlg_cIhfh_fm\ukg_cg_iZjZh\kydhf
kemqZ_fhchl_p\Zk^\hbog_ihklZ\be[uih^omim
Ihq_fm"
IhlhfmqlhhgZemqr_l_[yBa\bgbdhg_qghghJZalukijZrb\Z_rvlhy^he`_gkdZaZlv
:\q_fwlhhgZemqr_f_gy"kijhkbeymya\e_ggh
HgZg_aZgbfZ_lky^moh\guf[edZdfuklh[hcIhkfhljbqlhfu^_eZ_fYibrmaZdZamom
^eyMa[_dnbevfZijh]_jh_\oehidhjh[h\bijh[helu\lhfZl_:lu^_eZ_rvXg]mlhji_^gh]h
�dZl_jZbDZ\dZakdmxex[h\vBjZ^bq_]h"Qlh[udmiblv`b]mevb\h^blvmebqguo^_\hd\hf
dbgh"
Ghfg_`_g_^Zxl^_eZlvAbfm[_kdhg_qgmxLu`_agZ_rv
�LZdohly[u`_gbkvgZ`_gsbg_dhlhjZyl_[yex[blJh`Zc^_l_c_eZc^_gv]b^eygboZg_^ey
[ey^kl\Z
:lu"
Ylh`_Ylh`_`_gxkvH[yaZl_evgh
:]Zk_cqZkmkf_ogmekyyfklbl_evghLu`_gbrvkyBgl_j_kghdZdwlhlu`_gbrvky_keb
luq_j_af_kypih^Z_rvgZwfb]jZpbx"
Ihke_^g__\j_fyy^mfZxqlhemqr_\k_lZdb_oZlvg_h^ghfmZ\^\h_fK`_ghcMf_gy_klvgZ
wlhlkq_ldh_dZdb_ieZgu
B\wlhlfhf_glaZkl_ghcmkhk_^_cijha\mqZeihjZ^bhi_j_a\hgdj_fe_\kdbodmjZglh\ihlhfwlb
dmjZgluijh[bebr_klvmljZb]jygme]bfgKh\_lkdh]hKhxaZlm`_k_dmg^mgZdmog_ihy\beky
YrdZ[jydgmekyaZ^gbp_ch[iheaZ^jZefhj^mb]jhfdhaZ\ue\mgbkhg]bfgmK_f_gaZiha^Zeh
ko\Zlbe_]haZhr_cgbdbihlZsbebadmogb\k\hxkiZevgxGhYrdZmibjZeky\k_fbq_lujvfy
eZiZfb\uly]b\Ze]heh\mbahr_cgbdZblhkdeb\hb]jhfdhih^\u\Ze=bfgmWlh[ueh_s_h^gbf
mgbdZevgufYrdbgufk\hckl\hf_]hkh[Zqv_k_j^p_e_]dh\ughkbehex[mxfmaudmhl
_\j_ckdhcbjmkkdhc^hjhdgjheeZghhgl_ji_lvg_fh]=bfgKh\_lkdh]hKhxaZwlhl]bfg
jZaju\Ze_]hkh[Zqv_k_j^p_
AZldgbkv^mjZdGZkbaaZl_[y\lxjvfmihkZ^ylijhkbeYrdmK_f_ghllZkdb\ZyikZ\k\hx
kiZevgxkZfmx^ZevgxxdhfgZlmhlkhk_^_c:yih^hr_edhdgm
AZhdghf[ueZkbahl_fgZyaZkg_`_ggZyoheh^gZyFhkd\Zkmoh^ysbfb\gbadh_g_[hq_jgufb
^ufZfb=^_lhlZf\wlhf\hkvfbfbeebhgghf]hjh^_`beZ`_gsbgZfh_c`bagbdhlhjmxym`_
ljb]h^ZklZjZekyaZ[ulvGhhgZkgh\Za\ZeZf_gyAZq_f"
gbam\^hev;_kdm^gbdh\kdh]h[mev\ZjZr_j_g]hcklhyebh^bgZdh\u_dZddhklyrdb^hfbgh
^\_gZ^pZlbbr_klbwlZ`gu_^hfZfhkdh\kdh]hijhe_lZjbZlZLZeZgleb\ucijhe_lZjkdbc
aZkg_`_gghci_jki_dlb\uBaih^t_a^h\wlbo^hfh\m`_\ukdZdb\Zebl_fgu_ex^kdb_nb]mjdbb
kmgm\jmdb\dZjfZguhkdZevau\Zykv\km]jh[ZobgZdehgyykvijhlb\\klj_qghciha_fdb[_`Zebd
Z\lh[mkghchklZgh\d_:gZ^\k_fwlbfe_^_gysbf]hjh^hfk_]h]jyagufbkm]jh[Zfb^ufZfbb
aZ]hjZxsbfbkyhdgZfba\mqZe\khijh\h`^_gbbYrdbgh]h\hy=bfgKh\_lkdh]hKhxaZB^\_
wlbfmaudZevgu_l_fuihjZabl_evghihegh\ujZ`Zeb\gmlj_ggxxb\g_rgxxkmlvgZr_c`bagb
\_klb[xe_]hklbgbpuI_dbgklhyeZfZehagZdhfZym\y^ZxsZy`_gsbgZ\^m[e_gd_\q_jguo
kZih`dZokpu]ZgkdbfieZldhfgZie_qZoMg__[uehfZe_gvdh_[e_^gh_ebphkdZdhclhm`Zkgh
lhgdhcqmlvebg_ijhk\_qb\Zxs_cdh`_cGhmwlhc`_gsbgu[ueb:gbgu\hehkub:gbgu]eZaZ
A^jZ\kl\mcl_KiZkb[hqlh\uijbrebkdZaZeZhgZgZfkK_f_ghfbljhgmeZfhxjmdmk\h_c
oheh^ghcjmdhcY[uohl_eZih]h\hjblvklh[hcZ^y
Qlhgb[m^vkemqbehkv"Kl\h_cfZfhc"KNbebiihf"kijhkbey_s_klZjZykv^_j`Zlvky
hlkljZg_gb_gZ^bklZgpbblj_oe_lg_]hjZaju\Zohly\gmljbmf_gym`_\k_aZs_fbehaZguehb
kt_`behkv
G_lgbq_]hkdZaZeZhgZNbebiiaZdhgqbeFBFHbk_cqZk\Dhemf[bbgZijZdlbd_
KiZkb[hl_[_lukiZk_fm]eZaZLu^he`_g[ulvhq_gvkqZkleb\gZrZfZfZfheblkyaZl_[ydZ`^uc
^_gv
Hc\^jm]kdZaZeK_f_gBa\bgbl_y\kihfgbeqlhmf_gy_klvkjhqgh_^_ehfg_gm`gh
[_`Zlv
Ybamfe_gghihkfhlj_egZg_]hghhgmobljbekyba[_`Zlvfhbo]eZabljhgme:gxaZjmdm
k_]hohjhr_]h:gyJZ^[ue\Zkih\b^ZlvIhdZM\b^bfkybfg_m`_moh^yKlZjbdy
k_]h^gygZ\_jghg_ijb^mY\kihfgbeqlhh[_sZek_klj_ihqbgblvr\_cgmxfZrbgmIhdZ
Bhgm[_`ZedZdij_^Zl_ev:gyihkfhlj_eZfg_\]eZaZ
Fh`_l[ulvfuihm`bgZ_f"
Ymkf_ogmeky
Lhevdh_kebieZlblv[m^my
OhjhrhZ^ykdZaZeZhgZbamfb\f_gywlbfkfbj_gguflhghf
Ohq_rvijyfha^_kv\I_dbg_"
Fg_\k_jZ\ghZ^y
A^_kvg_lhq_j_^bBa^_kv^Zxlij_djZkgmxmldmihi_dbgkdby\aye__aZjmdmbih\_ed
]Zj^_jh[mj_klhjZgZLZfyijbgye^m[e_gdmk__ie_qbihjZabeky_s_jZagZg_c[uehq_jgh_
ijyfh_ieZlv_kh\_jr_gghkdjulh_khklhyqbf\hjhlgbqdhfGhg_ieZlv_ihjZabehf_gyohlyhgZ
gbdh]^Zg_ghkbeZgbq_]hq_jgh]hZlhqlhhklZehkvhlg__\wlhfieZlv_om^Zy[_a]jm^bb[_^_j
fZe_gvdZy`_gsbgZ
LmlwlZ`_gsbgZi_j_o\ZlbeZfhc\a]ey^bkdZaZeZk:gbghcmkf_rdhc
LulZdkfhljbrvqlhyih`ZemcgZ^_gm^m[e_gdmk_jZ\ghfg_oheh^gh
BhgZhlgyeZmf_gyk\hx^m[e_gdmgZ[jhkbeZ__gZie_qbblZdk^m[e_gdhc\gZdb^dmijhreZkh
fghc\j_klhjZg;uehgZqZeh\hkvfh]h[m^gbc^_gv\I_dbg_[uehiheghk\h[h^guof_klb\l_
]h^u\fhkdh\kdboj_klhjZgZo_s_g_[uehijh[e_fkijh^mdlZfbFuaZdZaZebdZdb_lhdblZckdb_
kZeZluba\h^hjhke_cdZevfZjZbmldmihi_dbgkdbB_kebfh`ghfg_rZfiZgkdh]h
ihijhkbeZ:gyYihkfhlj_e_c\]eZaZhgZmkf_ogmeZkv
YaZdZaZe[mluedmrZfiZgkdh]h:gykdZaZeZ
G_kfhljbgZf_gylZdih`ZemcklZYihijZ\exkvIjhklhyhq_gv[he_eZIhe]h^Z
Qlhklh[hc"
Gbq_]hIj_^klZ\ey_rvgbq_]hg_gZrebKdZaZebijhklhg_j\u:mf_gy[ueb`mldb_[heb\
kibg_b]jm^b
:k_cqZk"
:k_cqZk\k_\ihjy^d_b^brvkb`mklh[hc:ykb^_lvg_fh]eZGhemqr_ih]h\hjbfhl_[_
DZdlu"
KiZkb[hY\ihjy^d_
WlhohjhrhLug_ij_^klZ\ey_rvdZdyjZ^Zl_[y\b^_lvLufhckZfucjh^ghcq_eh\_q_d:
ihke_lh]hdZdlukiZkgZr_]hNbebiiZ
:gyi_j_klZgv
G_lijZ\^ZYhq_gv[he_eZY^mfZeZijhl_[yijhgZk:l_i_jvykfhljxgZl_[yb
\ua^hjZ\eb\Zxq_klgh_keh\h
Dhg_qghyg_ih\_jbe_cYk^_lkl\ZkqblZek_[y_kebg_mjh^hflhihqlblZdh\ufBl\_j^hagZe
qlh]ey^ygZf_gyfh`ghaZ[he_lvZg_\ua^hjh\_lvYmk\hbewlh\e_l\kheg_qghf;Zdm
klhebp_:a_j[Zc^`ZgZLZfdZdb\dZ`^hfkh\_lkdhf]hjh^_[uemfheh^_`bk\hc;jh^\_cDh]^Z
lh^hj_\hexpbbwlZmebpZgZau\ZeZkvLhj]h\hcZihlhfmebp_cJ_\hexpbbmebp_cIh[_^u
mebp_cKlZebgZbihke_]h^Zkgh\Zmebp_cIh[_^uGhdZdb_[ulZ[ebqdbgb\_rZebgZ
wlhcmebp_\eZklbex^bgZau\Zeb__lhevdhLhj]h\hcgbdZdbgZq_BdZ`^uc\_q_jihwlhcmebp_
reb\h[_klhjhgu^\ZihlhdZfheh^_`b\hk_fvd\ZjlZeh\\h^gmklhjhgmbklhevdh`_gZaZ^ih
ljbq_luj_qZkZih^jy^Dmjbebkb]Zj_luRbidZema]Zebk_f_qdbibeb]Zabjh\Zggmx\h^m
jZkkdZau\ZebZg_d^hlubnebjlh\ZebIjbwlhfj_[ylZoh^bebdhfiZgbyfbdZdklZbZ^_\mrdb
jy^Zfb^_j`Z^jm]^jm]Zih^jmdmWlhgZau\Zehkvijhr\ujgmlvkyihLhj]h\hc
B\hldZdlh\_q_jhf\jZa]Zj\uimkdguordhevguowdaZf_gh\yr_eihLhj]h\hckhk\hbfkZfuf
[ebadbfrdhevguf^jm]hfh\dhcEbidh\ufh\dZ[ue\ur_f_gyjhklhfrbj_\ie_qZob
kihdhcg_coZjZdl_jhf?]h[hevrb_k_ju_]eZaZkfhlj_ebgZ\Zk\a]ey^hfihlhfkl\_ggh]h\jZqZ
lbohbfy]dh;uehiha^ghqZkh\h^bggZ^pZlv\_q_jZLhj]h\ZygZqbgZeZimkl_lvGhfukh\dhc
\_kv^_gv^hh^mjbam[jbebBklhjbxKKKJblhevdhk_cqZk\urebijh\_ljblvky:
ijh\_ljb\rbkvkiheqZkZm`_kh[bjZebkvb^lb^hfhcdh]^Zym\b^_e\i_j_^b^\mo^_\mr_dHgb
[uebgZr_]h\hajZklZbh^gZbagbokljhcgZy[ehg^bgdZkd_]_evgufbgh`dZfbihgjZ\beZkv
fg_ki_j\h]h\a]ey^ZYlhedgmeh\dmehdl_f
�Z\ZcihagZdhfbfky
DZd"kdZaZehg
FuihrebaZ^_\mrdZfbgZjZkklhygbbkgZqZeZ^_kylbrZ]h\ihlhf\hkvfbihlhfiylb
Dhg_qghhgbaZf_lbebgZkgh^_eZeb\b^qlhg_aZf_qZxlb^_j`Z^jm]^jm]Zih^jmqdmqlhlh
s_[_lZebkf_ykvBlh]^Zy]jhfdhkdZaZe
Fh]mihkihjblvgZiebldmrhdheZ^ZaZ\ljZmgbowdaZf_gihbklhjbb
:\hlbg_lih\_jgmeZkvh^gZbagboAZ\ljZmgZkfZl_fZlbdZ
LZdfuihagZdhfbebkvbihrebijh\h`Zlvbo^hfhcbih^hjh]_yjZkkdZau\ZedZdb_lhbklhjbb
fg_gjZ\beZkv\k_[hevr_b[hevr_Mg__[uehlhgdh_ebphhkljucghkbdbaZ]Z^hqgu_]eZaZ:
h\dZfheqZeHgfheqZe\kx^hjh]mbhglZd`_fh]bevghfheqZeijbgZr_fke_^mxs_fk\b^Zgbb
\q_l\_jhfZihlhfbijb\lhjhflZdhfk\b^Zgbbbijblj_lv_fLjbg_^_ebfu\klj_qZebkv
\q_l\_jhfljbg_^_ebh\dZfh]bevghfheqZeZy\udeZ^u\ZekyaZgZk^\hbodZddhgn_jZgkv_gZ
kp_g_yjZkkdZaZeWff_bHev]_\k_ebl_jZlmjgu_Zg_d^hlubbklhjbbijhagZf_gbluoibkZl_e_cy
qZkZfbqblZebfgZbamklvklbob?k_gbgZGZ^khgZ;ehdZbZ^bfZIehldbgZ lh_klvk\hb
kh[kl\_ggu_\fbijbwlhf[uekh\_jr_gghm\_j_gqlhWffZwlhfhy^_\mrdZZHebgZh\dbgZ
:jh\ghq_j_aljbg_^_eb\^_gvihke_^g_]hrdhevgh]hwdaZf_gZdh]^Zyj_rbekygZdhg_p
gZagZqblvWff_hl^_evgh_k\b^Zgb_hgZkdZaZeZ
Ba\bgbZ^ywlhg_\hafh`ghY\uoh`maZfm`aZh\m
Ihke_wlh]h\gmljbf_gyhk_ehl\_j^h_m[_`^_gb_qlhg_l\hfg_gbq_]haZqlhf_gyfh`_l
ihex[blvdjZkb\Zy`_gsbgZBohly\kxihke_^mxsmx`bagvy^hdZau\Zek_[_bfbjmqlhwlhg_
lZdgh\]em[bg_^mrbg_\_jbegbh^ghfm^hdZaZl_evkl\mbhldZ`^hc`_gsbgu`^ZelhqghlZdh]h
`_dZdhlWffum^ZjZBq_fdjZkb\_c[ueb`_gsbgudhlhju_ihjhcihiZ^Zeb\fhxihkl_evl_f
f_gvr_y\_jbe\bo`_eZgb_\k_jv_a\wlhcihkl_ebaZ^_j`ZlvkyI_j_kiZlvkhfghc^Z_s_dh]^Zy
klZedbghj_`bkk_jhfwlhldZijbayihgbfZehgfh`_l\hagbdgmlv^Z`_mdjZkb\hc`_gsbguGh
ex[blv"Qlh\hfg_ex[blv"
hlbl_i_jvkb^y\I_dbg_k:g_cb\b^ydZdkdZ`^uf]ehldhfrZfiZgkdh]h__ebph
klj_fbl_evghij_h[jZ`Z_lkyb\g_fh`b\Z_lfhykZfZydjZkb\ZykZfZy_^bgkl\_ggZy^eyf_gy\
fbj_`_gsbgZ\b^y__jZkiZogmlu_a_e_gu_]eZaZijbhldjulu_\eZ`gu_]m[ublhgdb_\hehkuhl
h^gh]hijbdhkgh\_gbyddhlhjufym`_aZ^uoZeky\b^y__kgh\Z\kxjy^hfkkh[hcbkeurZ__
]em[hdbc]jm^ghc]hehkhldhlhjh]hmf_gygZqbgZ_li_j_o\Zlu\Zlv^uoZgb_y\k_[hevr_b
[hevr_i_j_klZ\Ze_c\_jblvLh_klvyg_^mfZegZijyfmxb]jm[hqlh\hlfhehgZkb^bli_j_^h
fghcb\j_lfg_ijhk\hx[he_agvbebijhfZfmdhlhjZyydh[ufheblkyaZf_gyGhyiheZ]Zeqlh
\k_wlhfbklbnbdZpby__gh\Zyijbqm^ZbdZijbaIjhklhihdZdhclhg_ba\_klghcfg_ijbqbg_
_c\^jm]aZohl_ehkv\_jgmlvf_gybhgZk_cqZk^hdZau\Z_lbk_[_bfg_qlhfh`_lk^_eZlvwlh\
ex[hcfhf_glh^ghcl_e_]jZffhch^ghc\klj_q_cBjZ^bwlh]hq_jgh_ieZlv_lhgdb_jmdb
lj_i_lgu_]eZaZjZa]h\hjuijhdZdmxlh[he_agv
Ghyg_ih^^Zfky_cg_lM`_keblh]^ZgZlhcdjh\Zlb\:jf_gbbymklhyeijhlb\g__lhmklhx
bk_cqZk:fh`_l[ulvhgZjZ^blh]hb^hklZ_lf_gy\k_wlb]h^uqlh[ukd\blZlvkykhfghcaZlm
�ghqv"ZKdhj_c\k_]hwlhlZdHgZkZfZg_hl^Z_lk_[_\wlhfhlq_lZghwlhlZd
Z^yhq_flu^mfZ_rv"
G_lgbhq_f
IhkemrZcGZZknZevl_kiblkh[ZdZ]jyaguci_kg_ykghcfZklbhkljh\uklmibebj_[jZ
Qlhwlh"kijhkbey\klj_\h`_gghhsmlb\qlhwlhqlhlhagZdhfh_qblZggh_dh]^Zlh
Bkbj_g_\u_fmob`Z^ghdjm`Zl\`Zjdhfihe^g_gZ^jZahj\ZgghxeZihcagZd_^jZdbb
[_a^hfvy
Ih^h`^bWlh`_
WlhZ^bfIehldbgklhe_lgZaZ^dh]^Zhgmqbeky\\hkvfhfdeZkk_Ih^jZ`Zgb_Wfbex
_joZjgmKemrZc^Zevr_g_i_j_[b\Zc
=^_luwlh\ayeZ"kijhkbeydh]^ZhgZaZdhgqbeZ
�Lufg_kZfih^Zjbedh]^ZlhHq_gv^Z\gh_kylve_lgZaZ^Yohqm\uiblvaZl\hxm^ZqmQlh[u
\k_ml_[y[uehohjhrh
Fu^hibebrZfiZgkdh_b\urebba]hklbgbpuYm`_k^_eZerZ]dfZrbg_qlh[uhl\_alb__
^hfhcghhgZkdZaZeZ
Fh`_l[ulvfuih]mey_f"K_cqZkl_ieh
;ueh^_ckl\bl_evghl_ieh]jZ^mkh\^_kylvfhjhaZg_[hevr_Br_ek\_`bcbe_]dbckg_]Fu
ihrebihKZ^h\hfmdhevpmbihqlbkjZamaZI_dbghffbgh\Zebba^Zl_evkl\hDhf_lZb:gy
kdZaZeZ
hla^_kvyjZ[hlZx
D_f"m^b\bekyy
J_^Zdlhjhfi_j_\h^qbdhfY`_agZxg_f_pdbcLuaZ[ue"
Wlh[ueh_s_h^ghcaZ]Z^dhc\dhlhjmxyg_\_jbeg_ohl_e\_jblv\hk_fvbebk_fve_lgZaZ^\h
\j_fygZr_]hhq_j_^gh]haZfbj_gbykj_^bghqb\ihkl_eb:gykdZaZeZfg_qlhjZ[hlZ_l\
g_f_pdhfhl^_e_[b[ebhl_dbD=;Yhlijygmehlg__ghhgZh[gyeZf_gyk\hbfbl_ieufbjmdZfb
�mjug^Zyg_klmdZqdZbg_Z]_glg_[hckyYijhklh[b[ebhl_dZjvGhXjbceZ^bfbjh\bq_keb
y_]hihijhrmfh`_lk^_eZlvl_[_fhkdh\kdmxijhibkdmIjZ\^Z_s_ijhs_lufh`_rvihemqblv
wlmijhibkdm_keb`_gbrvkygZfg_:dlhlZdhcXjbceZ^bfbjh\bq"Lug_agZ_rv"
�=_g_jZe:g^jhih\Lukibrvk:g^jhih\uf"gZkf_reb\hmkf_ogmekyymjug^Z
kdZaZeZ:gyIjhklhhgex[blf_gydZd^hqvY\a^hogmebaZdjue_cjhlihp_em_f
:g^jhih\ij_^k_^Zl_evD=;ex[bl__dZd^hqvGmdlhfh`_l\wlhih\_jblv"
L_i_jvdh]^Zfuijhoh^bebfbfh[hevrbokl_deygguohdhgba^Zl_evkl\ZDhf_lZylh`_g_
ih\_jbe:gg_Hq_j_^gZyfbklbnbdZpby?kebhgZg_ihklmibeZ\h=BDbaaZk\h_ciheghc
[_a]jZfhlghklbgmdZdhgZfh`_ljZ[hlZlvj_^Zdlhjhf\ba^Zl_evkl\_"
IhkemrZcZ^yhgZ\ayeZf_gyih^jmdmb\^jm]ykbamfe_gb_fh[gZjm`beqlh^Z`_q_j_a
k\hxdmjldmb__^m[e_gdmhsmsZx__mijm]mx]jm^vHldm^ZhgZ\ayeZkv"_^vqZkgZaZ^ykZf
\b^_e__om^mxb[_a\kydhc]jm^bnb]mjm
Ghhlhsms_gby[ebahklb__l_eZf_gym`_h[^Zeh`Zjhfbgh]bklZeb\ZlgufbdZd^_kylve_l
gZaZ^::gyijh^he`ZeZ
k_jhcd_id_ijbr_ek_gly[jvHohly[u[uebqZs_hk_ggb_]jhauqlh[hleb\g_cf_lZeh
[_j_au
Wlhkgh\Z[uebfhbxghr_kdb_klbobFurebihl_fkZfuffhkdh\kdbfmebpZfijhki_dlZfb
gZ[_j_`gufihdhlhjufy\h^be:ggm^_kylve_lgZaZ^qblZy_ce_dpbbihjmkkdhcebl_jZlmj_Gh
l_i_jvyfheqZeZhgZqblZeZfg_fhbklbobklbobdhlhju_yibkZe\rdhe_b\Zjfbb^h
^\Z^pZlbe_lbdhlhju_kh\_jr_gghaZ[uem`_dk\h_fmljb^pZlbe_lbx:l_i_jv:gyqblZeZbo
gZbamklvd\ZjlZeZfb
Gm`gheb]h\hjblvqlhihke_dZ`^h]hklbohl\hj_gbyihevs_ggucZ\lhjp_eh\Ze__Z_s_q_j_aljb
qZkZijb\_a__\d\ZjlbjmK_f_gZ"Iexogm\rbkvgZ^b\ZghgZijhlygmeZfg_gh]blhqg__
kZih]bdhlhju_hgZkZfZg_fh]eZklygmlv:dh]^ZyklygmewlbkZih]blhhdZaZehkvqlhgZ:gg_
[ueblhevdhlhgdb_dhe]hldbbhgZhlfhjhabeZk_[_gh]bYijbgyekyjZklbjZlvb]j_lvbok\hbf
\h^_:gyieZdZeZhl[hebYrdZih^[_]ZedlZambhlkdZdb\Zehlg_]hly\dZygZf_gyaZlhqlhy
fmqZxlZdmxdjZkb\mx`_gsbgmblZdgZqZeZkvgZrZihke_^gyyk:g_cihiuldZkmijm`_kdhc
`bagb
Lh[ue_^bgkl\_gguc\fh_c`bagbkemqZcdh]^Zyih\_jbeqlhf_gy^_ckl\bl_evghfh`_l
ihex[blvdjZkb\Zy`_gsbgZIhlhfmqlhlhevdhex[ysZy`_gsbgZfh`_l\umqblvgZbamklvlZdh_
dhebq_kl\h\Zrbo[_a^Zjguoklboh\bqblZlvbo\ZfljbqZkZih^jy^\lhgdbodhe]hldZogZ
fhkdh\kdhffhjha_
�ZlZd\hlGZq_fyhklZgh\beky"kihfgbe:gyreZih;_kdm^gbdh\kdhfm[mev\ZjmAZ
km]jh[Zfb[ueZ\b^gZlhevdh\_jogyyqZklv__nb]mjdblhgdb_evgygu_\hehkujZkkuiZebkvih
r_jklyghfmieZldmgZ__ie_qZok\_leZy^m[e_gdZjZkkl_]gmlZgZ^\_\_jogb_im]h\bpuG_dhlhjh_
\j_fyy_oZeaZg_c\^hevfhklh\hcgZk\h_f`b]me_gd_Zihlhf\jZaju\_f_`^mkm]jh[Zfb
m\b^_e__\kxkly`_ehcZ\hkvdhc\dhlhjhchgZg_keZbaijh^fZ]ZdZimklmdZjlhrdmb[mluedm
\bgZL\brb?_^m[e_gdZ[ueZqmlv\ur_dhe_gZgb`_[ue\b^_gih^herbjhdhcx[dbba
l_fghcde_lqZlhcrhleZg^dbb\ukhdb_kZih`dbgZdZ[emqdZoWlbkZih`dbkdhevabebih
k\_`_fmkg_]mZ\hkvdZhlly]b\ZeZ:g_jmdmbhgZ[ebahjmdhkfhlj_eZk_[_ih^gh]bqlh[ug_
miZklv
Ydjmlhk\_jgmejmev`b]me_gdZ^Ze]ZabjZkim]Z\i_r_oh^h\gZ\lhjhckdhjhklbijhlZjZgbe
�km]jh[ijyfhi_j_^g_cIhlhfhldjueijZ\mx^\_jpm_\mrdZ\Zkih^\_alb"
Ikbog_ghjfZevgucB^bhlkdZaZeZjy^hfdZdZylhbkim]ZggZyklZjmoZ@b^ijhdeyluc
:gyk_eZ\fZrbgm
�mjug^Zluf_gylh`_gZim]Ze
Yqfhdgme__\s_dmbg_h[jZsZy\gbfZgbygZklZjmomZglbk_fbldmijyfhihljhlmZjmih_oZed
lhjqZs_c\i_j_^b^\_gZ^pZlbwlZ`ghc[Zrg_LZfgZwlZ`_[ueZd\ZjlbjZK_f_gZK_f_glZd
kbfiZlbabjh\Ze:gg_qlhgZaZ\ljZihke_gZr_c\klj_qb\I_dbg_me_l_e\Ma[_dbklZg
fhglbjh\Zlvmq_[gucnbevfhjZ[hl_oehidhm[hjhqguodhf[Zcgh\hklZ\b\gZfk:g_ck\hx
d\ZjlbjmbYrdmBym`_kh[bjZekyebohih^\_alb:gxijyfhdih^t_a^mghlml[md\ZevghbaaZ
km]jh[Z\ujhkeZnb]mjZfbebpbhg_jZ
Hgih^gyejmdmbihfZgbef_gyiZevp_fY\ukmgmeky\hdgh
�hjh]hcylml`b\m\wlhf^hf_:ih^t_oZlvg_\hafh`ghkg_]djm]hf
Zrb^hdmf_glukdZaZehgkmohMg_]h[ueh`_eqghaZhklj_ggh_dZdm\u[jZdh\Zgghc
ehrZ^bebphya\_ggbdZZgZrbg_ebih]hgudZiblZgZ
�Zc_fmljhydlbohkdZaZeZfg_:gyHgZagZeZqlhfhb^hdmf_glug_evayihdZau\Zlv
fhkdh\kdbffbebpbhg_jZf\fh_fiZkihjl_g_lfhkdh\kdhcijhibkdbbke_^h\Zl_evghyg_bf_x
ijZ\Zijh`b\Zlv\Fhkd\_Zm`l_f[he__\eZ^_lva^_kvfZrbghc
Hgg_\havf_lb^_kylvkdZaZey_cbhldjue[Zj^ZqhdY]hj`mkvl_fqlh\k_]^Z
[_ahrb[hqghhij_^_eye\Jhkkbbdlhbafbebpbhg_jh\[_j_lljbjm[eyZdlhlhevdhiylvb
\ur_ghdkh`Ze_gbxwlhlfhclZeZglkh\_jr_gghg_ijbf_gbf\:f_jbd_Ohlyfh`_l[ulvlZf
hi_jbjmxl^jm]bfbpbnjZfbg_^hklb`bfufb^eyfh_cbglmbpbb
DZd[ulhgb[uehyhldjuelh]^Z[Zj^Zqhdb\ulZsbebag_]h[hevrmxk\_jgmlmx\ljm[hqdm
Ihq_lgmx]jZfhlmFbgbkl_jkl\Z\gmlj_ggbo^_eKKKJWlh[ueZfhyiZehqdZ\ujmqZehqdZ\
Lh\ZjbsdZiblZg\udhg_qghkfhlj_ebnbevfXg]Zlhji_^gh]hdZl_jZ"
Lmlg_fh]eh[ulvhk_qdbihlhfmqlh^\Z]h^ZgZaZ^f_gyijb]eZkbebihdZaZlvwlhlnbevfgZ
�k_khxaghfke_l_hlebqgbdh\fbebpbb]^_[uekZffbgbkljFS_ehdh\B_fm[u\r_fm
njhglh\bdmlZdihgjZ\bekynbevfqlhhgkh[kl\_gghjmqgh\jmqbefg_gZkp_g_wlmIhq_lgmx
]jZfhlmaZkha^Zgb_\ukhdhom^h`_kl\_ggh]hijhba\_^_gbydbghbkdmkkl\ZbijbdZaZe\dexqblv
wlmdZjlbgm\h[yaZl_evgmxijh]jZffmiheblbq_kdhcih^]hlh\dbkhljm^gbdh\kh\_lkdhcfbebpbb
G_agZx]^__s_\fbj_ihebpbygZ]jZ`^Z_lj_`bkk_jh\]jZfhlZfbaZkha^Zgb_
\ukhdhom^h`_kl\_gguoijhba\_^_gbcghijb\k_fb^bhlbaf_wlh]hihq_lZy[ubk_cqZkg_
�hldZaZekyihemqblvlZdmx`_]jZfhlmhlihebp_ckdh]hdhfbkkZjZrlZlZFZkkZqmk_lkmfZxwlh
kiZkeh[uf_gyhl[hevrbgkl\ZrljZnh\
Gmkfhlj_ekdZaZeijhfhcnbevfdZiblZgkh\_lkdhcfbebpbbBdb\gmegZ]jZfhlm:wlh
qlh"
IjhqblZcl_ih`ZemcklZihijhkbeyh\k_oZgZeh]bqguokblmZpbyoh^gh]h\a]ey^ZgZ
ih^ibkvS_ehdh\Z[ueh^hklZlhqghqlh[ufbebpbhg_j\ayeih^dhauj_dbkdZaZeIjh_a`Zcl_
lh\Zjbsj_`bkk_j@_eZx\k_]hohjhr_]hGhgZwlh]hdZiblZgZ]jZfhlZijhba\_eZkh\_jr_ggh
h[jZlgh_\i_qZle_gb_Hgiha_e_g_eebphfbgZ_]hehrZ^bguokdmeZoq_ldhh[hagZqbebkv`_e\Zdb
[_r_gkl\Z
IhgylghkdZaZehgAgZqbl_keb\udbgh^_eZ_l_lh\Zffh`ghbihljhlmZjZf_a^blv"LZd
qlheb"Zrb^hdmf_glu
Ba\bgyxkvlh\ZjbsdZiblZgkljmkbeyQ_klgh_keh\hwlhi_j\ucbihke_^gbcjZa
FdlbohkdZaZeZfg_:gyb\ureZbafZrbguLh\ZjbsdZiblZgwlhy\bgh\ZlZIjhklh
mgZkk_]h^gyihfhe\dZgmbhgke_]dZg_\k_[_]mkZjblbhgZlZd[ebadh\iehlgmxrZ]gmeZd
fbebpbhg_jmqlhijhklhdZkZeZkv_]hk\h_cjZkiZogmlhc^m[e_gdhcIhgbfZ_l_lh\Zjbs
dZiblZg"um`gZkba\bgbl_Gmohlbl_y\Zkihp_emx"
Hgihkfhlj_e_c\]eZaZ?_ebph[uehjy^hfk_]hebphfbiZjbo^uoZgbykf_rb\ZekygZfhjha_
Gmohlbl_"ih\lhjbeZ:gyIhfh_fmhlh^gh]h__\a]ey^Zmwlh]hfbebpbhg_jZgh]bklZeb
lZdbfb`_\ZlgufbdZdmf_gy^_kylve_lgZaZ^
;ohqmkdZaZehgij_k_drbfky]hehkhf
HgZh[gyeZ_]haZr_xlZddj_idhqlhkg_]hke_l_eZfbebp_ckdZyrZidZmrZgdZbihp_eh\ZeZ
ijyfh\]m[uBwlh[uelZdhcihp_emcqlhdZiblZg^Z`_aZdjue]eZaZ
Gmqlh^_eZxlQlh^_eZxlkdZaZeZklZjmoZZglbk_fbldZijhoh^yfbfhgZk
Hlde_b\rbkvhlfbebpbhg_jZ:gyk_eZ\fZrbgmbijbdZaZeZ
Ih_oZebYljhgmefZrbgm
LvnmiexgmeZfg_kaZ^bgZ[Zfi_jklZjmoZZglbk_fbldZ
Yl_[_kqZkihiexx^mjZdjbdgme_cfbebpbhg_jG_\b^brvwlhfheh^h`_gu
�Zi_j\mxg_^_exfuk:g_cijh`bebdZdgZklhysb_fheh^h`_guBebih`Zemc_s_emqr_
\_^vgZrjhfZg[ue^_kylbe_lg_c\u^_j`dbdZdemqrb_fZjdbdhgvydZGhihke_i_j\hcg_^_eb
wlhl]hjvdh\Zluc\^mo_J_fZjdZijb\dmk^_kylbihl_jygguoe_lm`_g_kfy]qZeZh^gZ[mluedZ
�L\brb:gyg_fh]eZmkb^_lv^hfZih\_q_jZfhgZj\ZeZkv\j_klhjZgu\[Zju\hfdbghb\
�hf`mjgZebklh\Yg_^mfZxqlhhgZ[ueZZedh]hebqdhc ohlybf_gghlZdy^mfZehg_clh]^Z\fgh
dZaZehkvijhbkoh^bl`bagvlhevdhlZf\uib\rZfiZgkdh]hbeb\h^dbhgZqm\kl\h\ZeZk_[ykgh\Z
xghcbg_hljZabfhdjZkb\hcGhdg_kqZklvx_c[uehm`_g_e_lb^Z`_fbgbx[db
hldju\Zxsb___kljhcgu_gh]bm`_\urebbafh^uB^jm]b_k\_`b_ebpZ^_\ylgZ^pZlbe_lgbo
ijbgp_kkijbly]b\Zebdk_[_]eZaZfm`qbgihjhc^Z`_g_hklZgZ\eb\ZykvgZ:g_HgZkljZ^ZeZhl
wlh]hbibeZ_s_[hevr_baZklZ\eyeZf_gyiblvbkgh\ZaZ^bjZeZ\[ZjZodZdbolhbghkljZgguo
`mjgZebklh\Zjfyghnbp_jh\ih^\h^gbdh\
Yl_ji_ewlh_s_g_^_exYm`_\b^_eqlhwlhdhg_pjZkiZ^^Z`_g_nbgZeZwibeh]gZr_]hkg_c
jhfZgZGhyl_ji_eihlhfmqlhagZewlh`_gsbgZfh_c`bagbImklvhgZZedh]hebqdZbimklvhgZ
\_jgmeZkvdhfg_lhevdhihlhfmqlhgbdlhdjhf_f_gym`_g_\h^bl__ihghqguffhkdh\kdbf
dZ[ZdZfbg_^Z_l_cwlhcgZjdhlbq_kdhckf_kbdmjZ`Z\ex[e_gghklbk_dkZbrZfiZgkdh]hFh`_l
[ulvhlkhagZgbydhgpZk\h_cxghklbhgZbaZ[he_eZihe]h^ZgZaZ^Zl_i_jvyh^bg_s_fh]m
ih^Zjblv_cihke_^gbc[ZeDZdn_yAhemrd_By^Zek_[_kjhd_s_g_^_ex
:\dhgp_\lhjhcg_^_ebijbe_l_eK_f_gDhg_qghhg^_ebdZlghijbkeZeaZjZg__l_e_]jZffmh^g_
k\h_]hijb_a^Zbijbe_l_emljhfdaZ\ljZdm:gygZdhjfbeZ_]h]j_gdZfbZihlhfihp_eh\ZeZ\
eukbgmbkdZaZeZKiZkb[hK_fZIhkZ^bf_gygZlZdkbih`ZemcklZIhq_fm"m^b\beky
hgMZ^bfZfZrbgZL_[_dm^Zgm`gh"
�Fg_gm`ghkh\k_fhfhcDfZf_
�Ihq_fm"ZluqlhaZijhl_klh\ZeK_f_gYfh]mih`blvmk_kljuihdZ\ukgbf_l_k_[_
d\ZjlbjmB\hh[s_`b\bl_lmlkdhevdhohlbl_
&#xk_;&#x;&#xK_;&#xfZ;&#x;&#xg_;&#xg;&#xZ^;&#xh;&#x;&#xh;&#xkl;&#xZg;&#xh; e;&#xZ;&#xhg;&#xZ;&#x_];&#xh;&#x;&#xW;&#xlh;&#xl;&#x^m;&#xjZ; ;&#xgb; h;&#x]^;&#xZ;&#xg_;&#x`;&#x_g; l;&#xky;&#xg;&#xZ;g;&#x_;�k_K_fZg_gZ^hhklZgh\beZhgZ_]hWlhl^mjZdgbdh]^Zg_`_gblkygZfg_Z`__keb
yjZ^bg_]hi_j_p_emx\k_ofbebpbhg_jh\kljZguIh`ZemcklZijh\h^bf_gy^hlZdkb
K_f_gkfhlj_egZf_gyZykfhlj_egZ[ZlZj_ximkluo[mluehdL\brb\m]em_]hdmogbIhlhf
ih^gye]eZaZgZK_f_gZbhgihgyef_gy\a^hogmebkdZaZeih_\j_ckdb=hj[Zlh]hfh]beZ
bkijZ\blG_agZxdh]hhgbf_e\\b^mf_gy":gx"Bhgbmreb\^\h_fK_f_gb:gy:y
\ur_egZ[Zedhgbkfhlj_ek\_jomk^_kylh]hwlZ`ZdZdhghklZgh\begZ;_kdm^gbdh\kdhf[mev\Zj_
lZdkbbdZd:gyk_\\fZrbgmihfZoZeZ_fmjmdhcbahdgZ
Q_j_af_kypyihemqbejZaj_r_gb_kgbfZlvnbevfAbfZ[_kdhg_qgZ
�Fbgh\Z\;_kdm^gbdh\kdbc[mev\ZjK_f_g\u_oZegZfbljh\kdh_rhkk_Zkg_]h\h^gmba
[hdh\uomebp\jZchg_KZ\_eh\kdh]h\hdaZeZDZdhcghf_j^hfZ"kijhkbehgmf_gy
Qlh"hqgmekyy
DZdhc\Zfgm`_gghf_j^hfZ"
�H^Zkiho\ZlbekyyBkdZaZeJh[_jlm:KDWLVWKHKRPHQXPEHU"DZdhcghf_j^hfZ"@
Jh[_jlijhlygmefg_[mfZ`dmgZdhlhjhc[uehgZibkZghihZg]ebckdb
0U$NVXWFKLWV/HDGHURIWKH5XVVLDQ&KULVWLDQ5HQDLVVDQFHPRYHPHQW$QGPDQ\RWKHUV0HHWLQJDGUHVV
�9RURSDHYVN\6WUHHWDSW3OHDVHNHHSWKLVPHHWLQJDVHFUHW%DUU\:Fbkl_j:dkxqbpeb^_j
jmkkdh]hojbklbZgkdh]h\hajh`^_gbyBfgh]b_^jm]b_F_klh\klj_qbhjhiZ_\kdZymebpZd\
Ih`ZemcklZ^_j`bl_wlm\klj_qm\k_dj_l_;Zjjb@

F_gyah\mlbdlhj:dkxqbpYojbklbZgkdbcibkZl_evbj_^Zdlhj`mjgZeZjmkkdhojbklbZgkdhc
dmevlmjuu[hjAZihke_^gb_]h^u\gZr_ckljZg_ijhbkoh^ylkh\_jr_gghg_h`b^Zggu_
kh\_lkdZyijhiZ]Zg^Z
;Zjjbm^klhg_s_\_g_gZqZel\_j^blvijhwlmk_dj_lgmxdhgn_j_gpbxkeb^_jZfbjmkkdh]h
�j_eb]bhagh]h\hajh`^_gbybZcZgZLjhkl_j[ueZm\_j_gZqlhboijb\_amldm^Zgb[m^v\ih^\Ze
dklZjufjmkkdbfk\ys_ggbdZfk[hevrbfbk_^ufb[hjh^Zfbb\q_jguojykZoGhhdZaZehkvqlh
\klj_qZijhbkoh^blg_\ih^\Ze_ZgZq_l\_jlhfwlZ`_h[udgh\_ggh]h`beh]hfgh]hd\Zjlbjgh]h
^hfZ ijZ\^Z[_aebnlZ\fqlh\k_jmkkdb_h^_lug_\jykuZ\ijhklu_jm[Zrdb^`bgkubkgbd_jku
Ijbwlhf:dkxqbpme_lZhklZevgu_blh]hfheh`_Bkdexq_gb_khklZ\eyelhevdh
iylb^_kylbe_lgbceZ^bfbjHkbih\dhlhjhfm:dkxqbpi_j_^Z\Zek_cqZkkeh\hMwlh]hHkbih\Z
[uehdjm]eh_ghk`_kldhcdh`_cebphk_^u_]eZ^db_\hehkub]em[hdhmijylZggu_ih^[jh\b
k_jh]hem[u_]eZaZ\dhlhjuoy\ghqblZeZkvl\_j^hklvoZjZdl_jZH[wlhf`_]h\hjbeb_]hijyfhc
aZhklj_ggucghkbly`_eucih^[hjh^hdk\_jlbdZevghceh`[bgdhcoZjZdl_jghc^ey\k_omijyfp_\
hlebqb_hlk\hbofeZ^rbokhjZlgbdh\hg_^bgkl\_gguc[ue\dhklxf_
�ZcZgZkb^_eZgZijhlb\jmkkdbobkdhjhibkvxaZibku\ZeZ\[ehdghl\k_qlh\b^_eZHgZagZeZih
hiulmdZd[ukljhme_lmqb\ZxlkybaiZfylbbf_gghl_fZe_gvdb_^_lZebdhlhju_lhevdhb^_eZxl
\ZrmklZlvxm[_^bl_evghc^eyqblZl_eyk_qlhkdZ`mlk_cqZkwlbjmkkdb_[m^_laZibkZgh\k_fb
qe_gZfb^_e_]ZpbbgZfZ]gblhnhgubijZdlbq_kdbg_fh`_lbaf_gblvkyhllh]hdlhihlhf
�gZibr_lh[wlhc\klj_q_ZcZgZ^eyk\h_cOZglk\bee\hckKwfEhabgkdb^eyFbeblZjb
�gvxabebFbqbdhDZlhyfZ^ey`ZiZggabhjd:\hllhqgu_^_lZebko\Zq_ggu_
ijhn_kkbhgZevguf\a]ey^hfbg_kdhevdhwfhpbhgZevguoZdp_glh\^eydhehjblZb`b\hklb
ih\_kl\h\Zgbybf_gghwlh[m^_lhlebqZlv__j_ihjlZ`hlklZlvb\Zrbg]lhgkdh]h\mg^_jdbg^Z
�dhemfgbklZwgbkZEhjfZbeb=hjZpbyKwfkhgZBihlhfmihdZfZ]gblhnhgnbdkbjh\Ze
�\klmibl_evgmxj_qv:dkxqbpZZcZgZ_s_mki_eZaZibkZlvqlhkijZ\ZhlHkbih\Zkb^bl_]hkug
lZdhc`_djm]ehebpuck_jh]eZaucbkmijyfufjZa^\h_ggufih^[hjh^dhfxghrZe_l^\Z^pZlbk
dhjhldhckhe^Zlkdhckljb`dhc
OjbklbZgkdhIZljbhlbq_kdbcKhxakha^Zg^_dZ[jyijhreh]h]h^ZkdZaZeHkbih\q_j_a
i_j_\h^qbdZI_j_\h^qbdhf[ueom^_gvdbcdZdfZevqbdfheh^hcq_eh\_dihnZfbebbFbjhgh\k
\ukhdbfe[hfbfy]dhcl_fghdZrlZgh\hc[hjh^dhcKbg_[_eZyjm[ZrdZ\f_edmxde_ldmlhevdh
aZm`ZeZ_]hb[_alh]hmadb_ie_qbGh]eZ\guf\h\k_fh[ebd_wlh]hfZevqbdZ[ueb_]hk\_leh
]hem[u_]eZaZm\_ebq_ggu_kbevgufbebgaZfb[hevrbojh]h\uohqdh\wlbo]eZaZo[uelhlk\_l
�ihem[_amfbyihemk\ylhklbdhlhjucZcZgZ\k_]^Zij_^klZ\eyeZk_[_mjmkkdboihdgb]Zf
�hklh_\kdh]hIhjZabl_evghqlhwlhlfZevqbddZdkdZaZe\gZqZe_\klj_qb:dkxqbpm`_hlkb^_e\
kh\_lkdhclxjvf_k_fve_laZj_eb]bhagmxb^bkkb^_glkdmx^_yl_evghklvKdhevdh`_]Z^ZeZ
�ZcZgZ_fm[uehdh]^Z_]hihkZ^beb"F_`^ml_fHkbih\ijh^he`ZeIj_^l_q_cgZr_]h
OjbklbZgkdhIZljbhlbq_kdh]hKhxaZ[uebih^ihevguck_jhkkbckdbcKhpbZeOjbklbZgkdbcKhxa
Hk\h[h`^_gbygZjh^h\jZa]jhfe_ggucD=;iylgZ^pZlve_lgZaZ^b`mjgZe_q_dhlhjucy
g_e_]Zevghba^Z\Zekih]h^
QlhagZqblwlhkeh\h9HFKH"kijhkbe:jbwebckdb^_j`ZgZdhe_gyo[hevrmx
[mo]Zel_jkdmxl_ljZ^v\dhlhjmxhglh`_klZjZl_evghaZibku\Ze\k_qlhkeurZe\ih_a^d_
DZ`^uc^Z`_aZgm^Zbckdb[ue\wlhc[jb]Z^_ijhn_kkbhgZehfbg_ex[bel_jylv\j_fygZ
jZkrbnjh\dmfZ]gblhnhgguoaZibk_cDm^Zijhs_aZ]eygmlv\[ehdghlbkjZam\ulZsblvbag_]hlh
_q_wlhklZjh_keZ\ygkdh_keh\hh[tykgbei_j_\h^qbdHghhagZqZ_lijbf_jghlh`_
qlhiZjeZf_glB\_q_[ueh\^_ckl\bl_evghklbjmkkdbfiZjeZf_glhf\Gh\]hjh^_e_l
gZaZ^Hgih\_jgmekydHkbih\mBa\bgbl_Ijh^he`Zcl_
Fghc[uehba^Zgh^_\ylvghf_jh\`mjgZeZ_q_ijh^he`beHkbih\BaZba^Zgb_wlh]h
`mjgZeZ;j_`g_\k:g^jhih\uf^Zebfg_\hk_fve_leZ]_j_cIhqlbih]h^maZdZ`^ucghf_jGh
wlhm`_ijhreh_P_evgZr_]hgh\h]hOjbklbZgkdhIZljbhlbq_kdh]hKhxaZlZdh\Z
ojbklbZgbaZpbyJhkkbbb\hkklZgh\e_gb_gZpbhgZevgh]hkZfhkhagZgbygZjh^ZAZk_fv^_kyle_l
Zl_bklbq_kdh]hl_jjhjZjmkkdbcgZjh^hdZaZekyih^m]jhahcm`_j_Zevghc[bheh]bq_kdhc]b[_eb
Kbevgh_hkdm^_gb_\_jujhklw]hbafZZedh]hebafZkgb`_gb_jh`^Z_fhklbjhklwfhpbhgZevguo
aZ[he_\Zgbc\k_wlh]jhabl]b[_evxjmkkdhfmgZjh^m:j_eb]bhagu_^\b`_gbydhlhju_\uoh^yl
k_]h^gybaih^qbg_gbybeb\hagbdZxlaZgh\hg_\khklhygbbihjhagvijhlb\hklhylvwlhc]b[_eb
Ihwlhfmfuohlbfdhgkheb^bjh\Zlvbo\OjbklbZgkdhiZljbhlbq_kdhfKhxa_GZrbhl^_e_gby
gZoh^ylky\E_gbg]jZ^_Gh\hkb[bjkd_K\_j^eh\kd_Dmjkd_Db_\_KZjZlh\_bg_dhlhjuo^jm]bo
]hjh^ZoK_cqZkyij_^hklZ\exkeh\hB]hjxDZebgbq_\mjmdh\h^bl_exk\_j^eh\kdh]hhl^_e_gby
gZr_]hKhxaZ
�Lmlfbdjhnhg\ayelhlkZfucdjm]ehebpucxghrZdhlhjuckb^_ekijZ\ZhlHkbih\ZbZcZgZhl
m^b\e_gby^Z`_i_j_kijhkbeZmi_j_\h^qbdZ
�:KDW\nVKLVQDPHDZd_]ha\Zlv@"mwlh]hfZevqbdZbaK\_j^eh\kdZi_j\uc\kh\_lkdhcbklhjbb
hldjulucfhe_[_gihpZjxZlZdZfbebpbbb\hckdki_pgZaZ`_jl\ulxjvfZkdhjZyihfhsv:
jmdh\h^bl_ebjmkkdhcklhjhguy\ghklj_fbebkvgZ\yaZlvbfh[ahjgmxe_dpbx
Kj_^bgZkijbkmlkl\mxlfheh^u_ex^bijh^he`Ze:dkxqbpdhlhju_iulZxlkykha^Zlv
ojbklbZgkdmxh[sbgm\h^ghcbak_evkdbof_klghkl_cJhkkbbHgbijb_a`Zxllm^Zbaklhebqguo
]hjh^h\ihk_eyxlky\hdjm]^_ckl\mxs_]hojZfZbijh[mxl\hajh^blva^hjh\ucmdeZ^
ojbklbZgkdhch[sbgugZk_e_YohqmihagZdhfblv\Zkkhk\hbf^jm]hf:e_dkZg^jhfA_e_gph\uf
dhlhjuciulZ_lkyijh\_klb\`bagvbf_gghlZdhcijh_dlKZrZlhevdhhq_gvdhjhldh
�GmaZq_f`_dhjhldhih^mfZeZZcZgZWlhfh`_l[ulvbgl_j_kghjmkkdb_bgl_ee_dlmZeukha^Zxl
j_eb]bhagu_Z]jZjgu_h[sbgu
IZjZ^hdkkhklhbl\lhfqlhgZqZ\rbckyijhp_kkojbklbZgkdh]h\hajh`^_gbyf_g__\k_]h
aZljhgmegZrm^_j_\gxkdZaZe\ukhdheh[ucq_jgh[hjh^ucbl_fgh]eZaucA_e_gph\ihoh`bc
�gZl_ojmkkdbobgl_eeb]_glh\;,;\_dZhdhlhjuoZcZgZqblZeZmLmj]_g_\ZbQ_oh\ZGh
ijbqbgZwlh]hiZjZ^hdkZg_lhevdh\lhfqlhdhffmgbkluhlemqbebgZrbodj_klvyghl
ojbklbZgkl\Zijhp_glh\k_evkdh]hgZk_e_gbygZoh^blky\iheghcwdhghfbq_kdhciheblbq_kdhc
bkhpbZevghcaZ\bkbfhklbhl]hkm^Zjkl\_gguokljmdlmjdheohah\bkh\ohah\WlhgZk_e_gb_g_
bf__lgbdZdhc\hafh`ghklbijhy\blvk\hxg_aZ\bkbfhklvgb\ohayckl\_gghfgb\ex[hfbghf
gZijZ\e_gbb
�ZcZgZm`_mklZeZ^_j`ZlvZ\lhjmqdmgZ\_kmk_qlh]h\hjblwlhlj_eb]bhagucbgl_ee_dlmZe
kdmqgZy^eyqblZl_eyijhiZ]Zg^Zg_q_]haZibku\ZlvHgZjZkkeZ[beZkvkemrZyebrv\ihemoZb
lhevdhkebqZyijhk_[yhl^_evgu_jmkkdb_njZaukZg]ebckdbfi_j_\h^hf
hlihq_fmfuba^Zl_evkdbcdhhi_jZlb\i_j_\h^beA_e_gph\ZwlhlfZevqbdkkbyxsbfbih^
hqdZfb]eZaZfbhly^_j`m\jmdZo^h]h\hjgZr_]hba^Zl_evkl\ZgZba^Zgb_lbjZ`hf\
\ui_j\u_`mjgZebkludhlhju_\b^yl^h]h\hjgZe_]Zevgh_ba^Zgb_\KKKJ:jobi_eZ]Z
Kh\_lkdb_`mjgZebklu_s_g_agZxlhg_f
�ZcZgZdZdb\k_hklZevgu_g_f_^e_gghko\ZlbeZk\hxnhlhdZf_jmbg_kdhevdhjZakgyeZ
A_e_gph\ZkdhgljZdlhf\jmdZoIhjZabl_evghdZdwlbjmkkdb_kihkh[gukZfu_k_gkZpbhggu_
kh[ulbymlhiblv\r_emo_k\h_cZglbdhffmgbklbq_kdhc bebdhffmgbklbq_kdhc\fnjZa_heh]bbAZ
dZdbogb[m^v^\Z^pZlvfbgmlhgb\u^Zebm`_ljbk_gkZpbbih^jh[ghklbfhe_[gZihm[blhfm
pZjxkha^Zgb_j_eb]bhaguoh[sbg\^_j_\g_bwlhldhgljZdlgZe_]Zevgh_ba^Zgb_:jobi_eZ]Z
=ME:=\Jhkkbbghqlh[u\um^blvwlmbgnhjfZpbxgm`ghihklhyggh[ulvgZq_dmBgZq_hgb
lml`_i_j_c^mldk\h_chq_j_^ghcijhiZ]Zg^_dhlhjZygbdhfmba__ZeZ[ZfkdboqblZl_e_cg_
gm`gZ
�ZcZgZ\^jm]ihgyeZqlh__fmqZ_l_ckjhqghgm`gh\uiblvh^dmklhgbdhfbebohly[u\bkdb
Ghm`_ykghdZd;h`bc^_gvqlhlml\heugdZ_s_qZkZgZ^\ZLZdg_m`_ebhgZ[m^_lkb^_lv_s_
�^\ZqZkZ\wlhc^mohl_baZiZoZo"&RPHRQ'LDQHkdZaZeZk_[_ZcZgZ\uib\dblmlg_^Z^mlWKDWIRU
VXUHGhg_l\fbj_kljZgu]^_aZZf_jbdZgkdb_^heeZjug_evaydmiblv^jbgd:mg__\kmfhqd_
^\_klb^heeZjh\bih^[xkl]Zevl_jhf_s_\hk_fvkhlHgZk[_]Z_ldm^Zgb[m^vaZm]he\[eb`Zcrbc
[Zjbebj_klhjZg^_jg_lGRXEOHYRGNDb\_jg_lky
&#xu;&#xg_;&#xi;&#xh^;&#x_j;&#x`b;&#xl_;&#xhc;&#xZ];&#xgb;&#xlh;&#xnh;&#xg;&#xiZ;&#xjm;&#xbg;&#xml;&#x";&#x;&#xlb;&#xoh;&#xk;&#xdZ;&#xaZ;&#xeZ;�ug_ih^_j`bl_fhcfZ]gblhnhgiZjmfbgml"lbohkdZaZeZZcZgZyihgd_Bhl^Z\Fbqbdh
fZe_gvdbc\dexq_gguc3DQDVRQLFhklZ\beZgZklme_k\hc[ehdghlb&DQRQb\ureZbadhfgZlu
HdZaZehkvqlhgZe_klgbqghciehsZ^d_m`_klhylg_kdhevdhjmkkdbodmjbevsbdh\b=hjZpbc
Kwfkhg
�Dm^Z\u"kijhkbe=hjZpbcm\b^_\qlhZcZgZklZeZkimkdZlvkyihe_klgbp_
K_cqZk\_jgmkvhl\_lbeZhgZq_j_aie_qhZ\gbamijb\uoh^_baiZjZ^gh]hihqlbebphfd
ebpmklhedgmeZkvkjmkkdbfwfb]jZglhfZ^bfhfIehldbguf
�OZcZcZgZkdZaZehgjZkiZob\ZyiZjZ^gmx^\_jvklZdhcklj_fbl_evghklvxqlh_^\Zg_
�klmdgmeZcZgmwlhc^\_jvxHev]ZlZf"
DlhwlhHev]Z"
GZr]b^baBglmjbklZ
HeDlZfgZ\_jom
7OLDQN\RXbIehldbg]jhfdhdeZpgm\iZjZ^ghc^\_jvx[_]hfih[_`ZegZ\_joihe_klgbp_
�ZcZgZ\ureZgZmebpmbh]ey^_eZkv_q_j_ehl_ieh_khegp_m`_ihqlbaZdZlbehkvaZ
fgh]hd\Zjlbjgu_`beu_^hfZdhlhju_klhyeb\^hevmebpujZaghjhklghcr_j_g]hcIhq_fmlhhgb
�gZihfgbebZcZg_r_j_g]b\h_gghie_gguo\]_jfZgkdbodhgpeZ]_jyodhlhju_\k_]^ZihdZau\Zxl
ihl_e_\bahjm\nbevfZoh\lhjhcfbjh\hc\hcg_Wlh[uebk_ju_^hfZkh[emie_gghcrlmdZlmjdhc
djb\ufb[ZedhgZfbb[hevrbfbr\ZfbbadZdhclhq_jghZknZevlh\hcfZklbdbdhlhjZykdj_ieyeZ
[_lhggu_ieblubokl_gFhklh\ZygZmebp_lh`_[ueZ\yfZob\u[hbgZoghljhlmZj[ueqbkluf
[_afmkhjZH^gZdhgbke_\ZgbkijZ\Zg_[ueh\b^ghgbdZdhc\u\_kdb[ZjZj_klhjZgZbeb
fZ]ZabgZLhevdhgZijhlb\hiheh`ghcklhjhg_mebpulhjqZedZdhclhklZjuca_e_gucNbZlk
�^\mfyfm`kdbfbnbabhghfbyfb\gmljbH[Zwlbfm`bdZ\haajbebkvgZZcZgmblheklydkb^_\rbc
�gZaZ^g_fkb^_gv_kdZaZeqlhlh[hjh^Zlhfmrhn_jmD=;kjZam^h]Z^ZeZkvZcZgZbmkf_ogmeZkv
gZb\ghklb;Zjjbm^klhgZIhedh\gbdEhabgkdb[ueijZ\g_e_ih[ueh[jZlv\hae_]hklbgbpu
�Djmlhih\_jgm\rbkvZcZgZg_aZ\bkbfhcihoh^dhcihreZihmebp_Dhg_qghhgZfh]eZkijhkblvm
l_ojmkkdbodmjbevsbdh\dhlhju_klhyebgZe_klgbqghciehsZ^d_]^_a^_kvfh`gh\uiblvB_keb
[ukj_^bgbog_[ueh=hjZpbyKwfkhgZhgZ[ulZdbk^_eZeZGhkijZrb\Zlvh\uib\d_ijb
=hjZpbb"G_lhgZg_jZkbkldZohlybba:eZ[ZfughkijZrb\Zlvh\uib\d_ijb=hjZpbb[ueh
^bkdhfnhjlghlhqdZDlhfm`_hgfh]gZijhkblvkyihclbkg_cZwlhm`bkh\k_fgbdq_fm
Q_jl\havfb^hkZfh]hdhgpZmebpug_\b^ghgbh^ghc\u\_kdbDhg_qghwlhljmkkdbcwfb]jZgl
Z^bfIehldbglh`_^he`_gagZlv]^_lml[Zjbebj_klhjZgbhgZfh]eZ[u\_jgmlvkykijhkblvm
g_]hGh\q_jZ\_q_jhf\[Zj_]hklbgbpuhgklZdhcbjhgb_ckfhlj_egZ__r_klhcbebk_^vfhc
^jbgdqlhgm_]hdq_jlmB\hh[s_hglZd\ha[m`^_gihih\h^m\ha\jZs_gbygZjh^bgm
IhjZabl_evghdZdf_gyxlkyex^bZwjhihjlmD_gg_^bb\_g_wlh[uelbobcbfZe_gvdbc
wfb]jZglHl\_qZygZ\Zrb\hijhkuhgihl_ekl_kgyekyk\h_]hm`Zkgh]hZg]ebckdh]hjZa]h\Zjb\Ze
lbobf]hehkhfb[hyekykfhlj_lv\Zf\]eZaZGhklhbeh_fmijb[ebablvkydJhkkbbdZdm`_\
kZfhe_l_hgklZe\udjbdb\Zlvqlhlhydh[uhkljhmfgh_Z\Fhkd\__]hki_j\hc`_fbgmludZd
ih^f_gbebGZ]euckZfhm\_j_gguckihklhygghcmeu[dhc\k_agZckl\ZgZebp_Bgl_j_kghqlh
^Z`_jhklhfhgklZelml\ur_bihoh^dmi_j_gyemGhjfZgZ;_jgZie_qb\jZa\hjhl]jm^v\i_j_^
keh\ghXe;jbg_j:hgb_s_i_j_`b\ZebaZg_]h\r_j_f_lv_\kdhfZwjhihjlmijbijh\_jd_
iZkihjlh\G_ldq_jlmwlh]hIehldbgZ
�ZcZgZ^hreZ^hm]eZh[gZjm`beZqlhbgZi_ji_g^bdmeyjghcmebp_g_lgbdZdboijbagZdh\
lhj]h\h]hp_gljZ[ZjZbebOLTXRUVWRUHbhklZgh\beZkv\aZljm^g_gbbdZdmxklhjhgmih^Zlvky
l_i_jv"GZe_\hbebgZijZ\h"B\lmb\^jm]mxklhjhgmlygmeZkvlZdZy`_kbjhleb\himkluggZy
mebpZdZdblZgZdhlhjhchgZklhyeZIjZ\^Zbahldjuluohdhg[eb`Zcr_]h^hfZ[uekeur_g
]hehkl_e_^bdlhjZZk[ZedhgZlj_lv_]hwlZ`ZdZdhclh]hehimaucfZeurimkdZefuevgu_imaujb
�ZcZgZj_rbeZijhclb_s_d\ZjlZegh\^jm]m\b^_eZjy^hfkkh[hcgZfhklh\hcqvblhgh]bWlb
gh]blhjqZebbaih^[Z]Z`gbdZfZe_gvdh]h^hbklhjbq_kdh]hZ\lhfh[bevqbdZihoh`_]hgZ)RUG
�]h^ZDh]^Zhl_pZcZguijb_oZe\OZglk\bee\]h^mbgZqZejZ[hlZlv\dhfZg^_;jZmgZgZ^
i_j\hcZf_jbdZgkdhcjZd_lhchgbag_kdhevdbo^h\h_gguoNhj^h\\u[jhr_gguogZk\Zedm
kh[jZek_[_lZdmx`_fZrbgmdZdwlZbnhlh]jZnbyhlpZgZnhg_lhcfZrbgu^hkboihj\bkbl\bo
^hf_
�Bknbgbl_ihrZemklZgZdehgbeZkvZcZgZdgh]ZflhjqZsbfbaih^ZglbqghcfZrbgu
Gh]bjZahfkdjuebkvih^fZrbghcaZlh\i_j_^bbaih^fhlhjZihy\beZkveukZyb\ufZaZggZy\
�fZrbgghffZke_]heh\Z\hqdZoKd\havwlbhqdb]heh\Z\hijhkbl_evghkfhlj_eZgZZcZgmkgbam
\\_jo
�Bknbgbl_ihrZemklZhiylvkdZaZeZZcZgZihjmkkdbkl_kgbl_evghmeu[ZykvaZk\h_
gZ\_jgydZg_ijZ\bevgh_ijhbaghr_gb_k_lZdb_cijbrehkvgZjmrblvk\hcaZjhdg_jZkdju\Zlv\
JhkkbbagZgb_jmkkdh]hyaudZD^_ykfhdeZfhomWRILQGgZoh^blvDEDU"$UHVWDXUDQW"
Bg_\hevghih^mfZeZqlhbf_gghlZdZy`ZedZymeu[dZ[ueZmwlh]hIehldbgZdh]^Zhg]h\hjbeih
Zg]ebckdb
=heh\Z\ukmgmeZkvbaih^fZrbgu_s_^Zevr_ke_^hfaZg_cihdZaZebkvie_qbZihlhfb\ky
nb]mjZ\eZ^_evpZfZrbguHg\klZegZgh]bbhdZaZeky\ukhdbffm`qbghce_lr_klb^_kylb\
�]jyaghfkihjlb\ghfdhklxf_GZ]gm\]heh\m\gbabjZkkfZljb\ZyZcZgmih\_jokims_gguogZ
LmlfbeZyj_klhjZgh\g_lKZfuc[eb`ZcrbcgZKZ\_eh\kdhf\hdaZe_Ghlm^Zemqr_g_
oh^blvhljZ\ylaZfbemx^mrm:qlh[ughjfZevghihdmrZlvlZdwlh\ZfgZ^h\p_glj_oZlvgZ
lZdkbBglmjbklbebF_ljhihevOhlyF_ljhihevdZ`_lkygZj_fhgl_
�ZcZgZihgyeZg_\k_gh]eZ\gh_wlhljmkkdbc^mfZ_lqlh_cgZ^hih_klvbihlhfmj_dhf_g^m_l
_oZlvgZlZdkb\GRZQWRZQ
Bknbgbl_ihrZemcklZhiylvkdZaZeZhgZbkgh\Zmeu[gmeZkvijhkbl_evghYg_ohlv_eY
g_ohlv_eZihdmrZlYohlv_eihdmiZlvDGULQNh^dZbhgZ\^jm]\kihfgbeZ`_kldhlhjuf
�hl_p\k_]^Zkhijh\h`^Zewlhkeh\hHl_pZcZgu[uejmkkdbf\h_gghie_ggufbgl_jgbjh\Zggufba
=_jfZgbb\KR:\]h^mibehgj_^dhghdkeh\m\h^dZhlghkbekykdZdbflhhkh[uf
\hklhj]hfb\k_]^Zkhijh\h`^Zewlhkeh\h^ZbkZfgZiblhd[eZ`_gghcmeu[dhcbs_eqdhfiZevp_\
�ihr__ih^ih^[hjh^dhfIhwlhfmZcZgZkh\_jr_gghaZ[u\qlh\h^dZwlhjmkkdh_keh\h
s_edgmeZk_[ymdZaZl_evgufiZevp_fihr__^eyihegh]h\aZbfhihgbfZgbykwlbfjmkkdbf
\_jabehcblhqghlZddZd^_eZe__hl_p
Hhm\Z`bl_evghkdZaZeeukuc\_jabeZbih\lhjbe__`_kllh`_s_edgmek_[yiZevp_fih
r__h^dZh^dmfbeZymgZkl_i_jvlZdijhklhg_dmiblvnbgblZGhgZKZ\_eh\kdhf\hdaZe_
mlZdkbklh\fh`gh^hklZlvdhg_qghBeb\\hdaZevghfj_klhjZg_Lhevdh^hjh]hl_[_klZg_lOhlym
\ZkbghkljZgp_\^_g_]gZ\ZehfLZdqlh\hllZdihc^_rvfbeZyijyfhhgklZeihdZau\Zlv
�jmdZfbZZcZgZg_\hevghih\lhjyeZ_]h`_kluIjyfh^hm]eZZ]ZIhlhfk\_jg_rvgZijZ\hb
\uc^_rvgZFZkeh\dmGmZlZfkijhkbrvbl_[_ihdZ`ml
�ZcZgZhiylvihgyeZg_\k_Zlhevdhqlhgm`gh^hclb^hm]eZih\_jgmlvgZijZ\hbhiylvkijhkblv
:ihkdhevdm^h[eb`Zcr_]hm]eZgZdhlhjucihdZau\Zewlhlfm`qbgZ[ueh\k_]hrZ]h\^\_klblh
hgZm\_j_ggh^\bgmeZkv\i_j_^iheZ]Zyqlh]^_gb[m^vaZwlbfm]ehfi_j_^g_ckZfkh[hc
\hagbdg_lbebj_klhjZgbeb\hdaZekg_ijhbaghkbfufgZa\Zgb_f6DYLRORYVN\
:eukucfm`qbgZgZdehgb\]heh\m\gba_s_g_dhlhjh_\j_fykkhfg_gb_fkfhlj_e_c\ke_^
ih\_jok\hbohqdh\Zihlhfkh\a^hohfihe_aih^k\hxfZrbgmfZjdbAZihjh`_p
�L_f\j_f_g_fZcZgZ^hreZ^hm]eZk\_jgmeZgZijZ\hbm\b^_eZgZijhlb\hiheh`ghcklhjhg_
mebpuq_eh\_dljbklZ\ulygm\rboky\^ebggmxhq_j_^vi_j_^\oh^hf\fZ]Zabgk\u\_kdhc
���IJHMDLUKe_]dZaZf_^eyyrZ]bZcZgZf_^e_gghijb[eb`ZeZkvdwlhchq_j_^bbdZyfukev
�\^jm]ijbreZ_c\]heh\mbjZa]ey^u\Zywlboex^_cZcZgZm`ZkgmeZkvwlhcfukebG_m`_eb
_keb[u__hl_pg_ihiZe\ie_gdg_fpZfg_hdZaZeky\dhgpeZ]_j_\aZiZ^ghcahg_=_jfZgbbb
ihqlbqm^hflhevdhihlhfmqlh[uebg`_g_jhfjZd_lqbdhfg_ihiZe\KR:\]h^mg_m`_eb
�_keb[ug_\kywlZp_ivkemqZcghkl_clhhgZZcZgZklhyeZ[uk_cqZk\hl\wlhchq_j_^b\lZdhf
`_m`ZkghfieZlv_dZdgZwlbo`_gsbgZob\lZdbo`_lmneyobklZdbfb`_kbgbfb\_gZfbgZ
gh]Zo
�OhlyZcZgZjh^beZkv\KR:bohlyfZlv__[ueZZf_jbdZgdhc\iylhfihdhe_gbbbijZ\gmqdhc
�ZeZ[Zfkdboi_j\hihk_e_gp_\ZcZgZ\kx`bagvg_keZ\^mr_dZdmxlhk_glbf_glZevgmxkbfiZlbx
dh\k_fmjmkkdhfmbihqlbg_hkhagZggh_lZcgh_`_eZgb_ih`blvohlvg_fgh]h\JhkkbbFh`_l
[ulvihlhfmqlh__hl_pkjmkkdbfmijyfkl\hfjZa]h\Zjb\Zekg_clhevdhihjmkkdbb\k___
^_lkl\hqblZe_clhevdhjmkkdb_kdZadb?c[uehe_ldh]^Zhgmf_jZihlhfjh\gh^_kylve_lm
�ZcZgug_[uehgbdZdhcijZdlbdb\jmkkdhfihdZ\mgb\_jkbl_l_hgZg_aZibkZeZkvgZdmjkjmkkdhc
Ghl_i_jvih^hc^ydwlhchq_j_^bmklZeuoaZiue_gguok_juog_[jbluofm`qbgbdZdbolh
�kujuo[he_ag_gghlhekluob[he_ag_gghom^uo`_gsbgZcZgZm`ZkgmeZkvk\h_c^Z\g_cblZcghc
f_ql_Hq_j_^vg_^\b]ZeZkvgbdlhg_aZoh^be\fZ]Zabgbgbdlhg_\uoh^bebag_]hohly^\_jb
�[uebgZkl_`vhldjuluWlbex^b`^ZebghZcZgZg_agZeZq_]hhgb`^mlFykh"Dhe[Zkm"
&#x_^;&#xv;&#x;&#xwl;&#xhc;&#xk;&#xlj;&#xZg;&#x_;&#xl_;&#xi_;&#xjv;&#xk;&#x_;&#x^_;&#xnb;&#xpb;&#xl;&#x?;�Fhehdh"KZoZj"H\hsb"_^v\wlhckljZg_l_i_jv\k_^_nbpbl?cZcZg_g_gm`ghdhg_qgh
gbq_]hbalh]hqlhhgblml`^ZebB\k_lZdbb\k_lZdbdZdZylhkljZggZyihqlbfZahobklkdZy
�kbeZ\^jm]f_^e_gghih^\_eZZcZgmddhgpmwlhchq_j_^bbihklZ\beZihke_^g_cG_
`mjgZebklkdh_ex[hiulkl\hg_lZbf_gghkljZggh_\e_q_gb_ijbqbgblvk_[_[hev^hdhgpZ
ihqm\kl\h\Zlvk_[y\rdmj_wlboex^_c\wlhchq_j_^b
GhhgZlml`_bih`Ze_eZhk\h_fihklmid_\kyhq_j_^v\k_ljbklZq_eh\_djZahfih\_jgmebkvdg_c
�bklZebjZkkfZljb\Zlv__fheqZ\mihjHgbgbq_]hg_]h\hjbebhgblhevdhkfhlj_ebgZZcZgm
dZdkfhlj_eb[u\h^bl_ebZ\lhfh[be_cgZZf_jbdZgkdhc[_gahaZijZ\hqghcklZgpbbgZ\g_aZigh
kimklb\rbckykg_[ZbklZ\rbc\hq_j_^vaZ[_gabghf;hbg]beb)BebdZdihkfhlj_eb[u\
�GvxChjd_gZhgZe^ZLjZfiZ_keb[uhgklZe\hq_j_^vaZ[_kieZlgufbijh^h\hevkl\_ggufb
lZehgZfb^ey[_ajZ[hlguo
�ZcZgZg_agZeZdZd\uclbbawlhckblmZpbbghqm\kl\h\ZeZqlh\a]ey^uwlhclheiuk_cqZkkh`]ml
__\kxblmnebdmie_ggu_\_kghc\Jbf_bx[dmbah[uqgh]h6HDUVb[emadmhl%DOO\bkmfhqdm
ba/HDWKHU:RUOGbk_j_`dbba7LIIDQ\Khdhlhju_fm`ih^Zjbe_cgZ^_kylbe_lb_bok\Z^v[u
BlZdhgbjZkkfZljb\Zeb__fheqZ[_akeh\fbgmlm^\_fbgmluljbbdZ`_lky]hlh\u[ueb
jZkkfZljb\Zlv_s_qZkghlmlgZ__kqZklv_bafZ]ZabgZ\^jm]\ukdhqbeZdZdZylh`_gsbgZb
aZdjbqZeZ;m^ml^Z\Zlv;_alZehgh\IhihedbehB\kyhq_j_^v\k_wlbklhy\rb_p_ihqdhc
ljbklZq_eh\_d\^jm]krb[Zy^jm]^jm]Zjbgmebkv\fZ]Zabg^\_jblml`_h[jZah\ZeZkv^Z\dZb
ihkeurZebkvdjbdHcJmdmhq_j_^vDm^Zij_rv"J_[_gdZaZ^Z\bl_k\hehqb
�ZcZgZhklZ\rbkvh^gZ\klZf_ljZohllheiurlmjfh\Z\r_c_^bgkl\_ggu_madb_^\_jbfZ]ZabgZ
hsmlbeZqlh[_amfghmklZeZbk]ehlgmeZkmohcdhf\]hje_=hkih^baZh^bgVKXWRIYRGNDhgZ
hl^ZeZ[uk_cqZkbklh^heeZjh\
Ih\_jgm\rbkvhgZ[ukljhihreZijhqvlm^Z]^_[ueZ\b^gZ[hevrZymebpZk^\mklhjhggbfb
h`b\e_ggufZ\lhfh[bevguf^\b`_gb_f
B\^jm]^hg__^hrehqlhlhevdhqlhk[ueZkv__^_lkdZyf_qlZhgZih`beZ\JhkkbbHgZijh`beZ
ljbfbgmlujmkkdhc`bagb\hq_j_^baZdZdbfblhijh^mdlZfbdhlhju_k_cqZk[m^mlijh^Z\Zlv
wlbfex^yflhevdhihihedbehq_eh\_dm
Ghhlwlhclj_ofbgmlghc`bagb_cm`_aZohl_ehkvgZiblvky\^jua]:dZdh\h`_wlhfmg_kqZklghfm
gZjh^m"

Dhjhldbci_j_ju\\h\klj_q_k\h`^yfbjmkkdh]hj_eb]bhagh]h\hajh`^_gbyaZdZgqb\Zeky
jZaguodhgpZodhfgZlug_kdhevdhZf_jbdZghjmkkdbo]jmii^hib\ZebqZcdhlhjucih^ZeZohaycdZ
d\Zjlbjubh[f_gb\Zebkvihke_^gbfbnjZaZfbdmemZjguo^bkdmkkbc
GZrbZdlb\bklujZa^ZxlgZrbba^ZgbygZ:j[Zl_ZlZd`_\j_eb]bhaguoh[sbgZobjZkkueZxl
ihihql_]h\hjbe\h^ghc]jmii_:dkxqbp
\Zr_f`mjgZe_gZi_qZlZg\ZrZ^j_kbl_e_nhgWlhg_hiZkgh"kijZrb\Zeb]hklb
^jm]hc]jmii_Zf_jbdZgpuhdjm`bebA_e_gph\Zba^Zl_eyih^ibkZ\r_]h^h]h\hjk
Khe`_gbpuguf
u^ZebgZf^bgZfblgucfZl_jbZeM\Zr_]hba^Zl_evkl\Z_klvdhfivxl_ju"
:aZjm[_`gu_aZbgl_j_kh\Zggu_]jmiiufh]mlih^Zjblv\ZfnZdkbdhfivxl_j"
L_f\j_f_g_fy[ehdbjh\Ze\m]emHexgZrmbglmjbklh\kdmx]b^rmHey[ueZl_fgh]eZahc
iurghc[ehg^bgdhce_lljb^pZlblj_ok`b\ufbmfgufdjm]eufebqbdhfk\_kgmrdZfbgZghkbd_
byfhqdZfbgZs_dZo
Ym]h\Zjb\Ze__ijh[blvfg_hnbpbZevgh_jZaj_r_gb_aZ^_j`Zlvky\Fhkd\_gZlh\j_fyihdZ
]jmiiZ[m^_l\E_gbg]jZ^_bLZeebgg_GhHeyebrv[_kkbevghjZa\h^beZjmdZfb
u`_gZrq_eh\_dZ^bfG_m`_eb\ug_ihgbfZ_l_"Qlh[ugZrZ[xjhdjZlbq_kdZyfZrbgZ
jZaj_rbeZ\ZfaZ^_j`Zlvky\Fhkd\_gm`ghdZdfbgbfmf^\_g_^_ebulhevdhij_^klZ\vl_wlm
�p_ihqdmBglmjbklhl^_e\baFD=;bihlhf_s_MijZ\e_gb_]hklbgbpFhk]hjbkihedhfZ
_^v\Zfgm`gZ]hklbgbpZgZwlb^gb
Fg_g_gm`gZ]hklbgbpZMf_gylmlihegh^jma_c
Gh_keb\ukdZ`_l_qlh[m^_l_`blvmdh]hlh^hfZ\ZfkjZamhldZ`mlijyfh\Bglmjbkl_
Ihq_fm"
IhlhfmqlhD=;wlh]h\`bagbg_^himklbl_^v\u`_ijb_oZebg_ihqZklghfmijb]eZr_gbx
DZd`_\u\^jm]ihk_ebl_kvmdh]hlhdh]hhgbg_ijh\_jbeb"Z^bf\kihfgbl_dm^Z\uijb_oZeb
Beb\u\k_aZ[ueb"
Y\a^hogme
Ohjhrh:_kebyey]m\[hevgbpm"
[hevgbpmwlhih`ZemcklZEh`bl_kvGhbf_cl_\\b^m\Zfijb^_lky^_ckl\bl_evghe_`Zlv
Ihlhfmqlh\ex[hc^_gvfh]mlijbclbbijh\_jblv:djhf_lh]h\Zk[m^mlj_]meyjghgZ\_sZlvba
Zf_jbdZgkdh]hihkhevkl\ZWlhboh[yaZgghklvB_kebhgbg_aZklZgml\Zk\[hevgbp_
Qlh`_fg_^_eZlvHey"Mf_gykhj\_lky\klj_qZk?evpbgufk=^eyghf
Q_klgh_keh\hZ^bfyohl_eZ[u\ZfihfhqvGhhgZkgh\ZjZa\_eZjmdZfbBlh]^Zy
j_rbeihclb\Z[Zgd
�HeyagZ_l_qlh"_j`bl_\hlwlhy\jmqbe_ck\hxaZie_qgmxkmfdm\dhlhjhc_s_
�hklZ\Zehkvg_kdhevdhiZq_ddhn_ljbbebq_luj_iZju`_gkdbodhe]hlhdb_s_qlhlh_j`bl_
g_[hcl_kvWlhlhevdhdhn_bkm\_gbjub\b^ydZdhgZdjZkg__l^h[Z\beBg_q_]hdjZkg_lv
wlhg_\ZfZ\Zr_cfZf_M\Zk_klvfZfZ"
?klv
Gm\hlI_j_^Zcl__chlf_gyKdZ`bl_hl__[u\r_]hmoZ`_jZ
Fh_cfZf_r_klv^_kylljb]h^Z
Gmbqlh"Dh]^Z_c[uehljb^pZlviylvfg_[ueh^\Z^pZlviylvuf_gyihgyeb":k\Zfbfu
k^_eZ_flZdybkq_agmgZg_kdhevdh^g_cZ\uwlh]hijhklhg_aZf_lbl_:\LZeebgg_i_j_^
�hlt_a^hf\k_c]jmiiuyihy\exkvq_klgh_keh\hh]h\hjbebkv"
HgZihkfhlj_eZfg_\]eZaZbhljbpZl_evghihdZqZeZ]heh\hc
G_\hafh`gh
Ih^h`^bl_HeyYihgbfZxl\udZd\k_]b^ubglmjbklZ^he`gu_`_^g_\ghibkZlvjZihjlu\
i_j\uc^_gvufh`_l_aZf_lblvwlhlhevdh\LZeebgg_:ylZfdZdjZabihy\exkvGmHey
ih`ZemcklZ
HgZkgh\ZihdZqZeZ]heh\hc
�_ehg_\hfg_BdklZlb\hlh[wlhc\klj_q_ygbq_]hibkZlvg_kh[bjZxkvYijbreZkx^Z
ihlhfmqlhfg_kZfhcwlhhq_gvbgl_j_kghY`_jmkkdZy\dhgp_dhgph\:qlhdZkZ_lky\Zk?keb
[ufu_oZeb\E_gbg]jZ^ih_a^hfyfh]eZ[ug_aZf_lblvqlh\Zk\wlhfih_a^_g_lGhfue_lbf
kZfhe_lhfB\Zwjhihjlmm`_e_`blkibkhd\k_c]jmiiuLh_klv\uh[yaZguk_klv\wlhlkZfhe_lZ
\E_gbg]jZ^_\]hklbgbp_k^Zlvk\hciZkihjlZ^fbgbkljZlhjmBgZq_\ZkgZqgmlbkdZlv:\hlihke_
\k_e_gby\]hklbgbpmhgZmeu[gmeZkvIhke_wlh]h\uk\h[h^guIhlhfmqlhba
E_gbg]jZ^Z\LZeebggfu_^_fih_a^hf
Lh_klvuohlbl_kdZaZlv
Ygbq_]hg_kdZaZeZbg_ohqmkdZaZlvi_j_[beZhgZkf_ykvk\hbfbq_jgufb]eZadZfbB
`_klhfhlk_deZ\k_ihke_^mxsb_jZa]h\hju
Hey\uij_e_klv\hkdebdgmeybihp_eh\Ze__ijyfh\yfhqdmgZs_d_G_ajyy
moZ`b\ZeaZ\Zr_cfZfhc
LkkkkLbohaZrbdZebgZgZkqe_gu^_e_]ZpbbjZkkZ`b\ZykvgZk\hbf_klZihkdhevdm
i_j_ju\m`_aZdhgqbekyb:dkxqbpm`_klhye\h`b^Zgbblbrbgu:Jh[_jlFZd]jhmkhkljbe
]jhfh]eZkgh+H\9DGLPWlhg_emqr__f_klh^eynebjlZWlhj_eb]bhagZydhgn_j_gpby
k_jZkohohlZebkvykdZaZe6RUU\bm`_gZijZ\bekyd\uoh^mdh]^ZgZfh_fimlb\hagbdeZ
FbqbdhDZlhyfZ
OZckdZaZeZhgZk\hbflbobf]em[bgguf]hehkhfum`_moh^bl_"ulhevdhijbreb
Yk_cqZk\_jgmkvkdZaZeyb[_]hfkkuiZeky\gbaihe_klgbp_ZihlhfgZmebpmdK_f_gmb
Lheklydmdhlhju_^h`b^Zebkvf_gy\fZrbg_
Gm"g_l_ji_eb\hkdZaZeK_f_g
DZ`_lky\k_\ihjy^d_IjZ\^Zfg_\k_lZdbijb^_lkye_l_lv\E_gbg]jZ^ihlhfmqlh\
ZwjhihjlmgZk[m^mlijh\_jylvihkibkdmGh\E_gbg]jZ^_yky^m\ih_a^bmljhf[m^mhiylv\
Fhkd\_
:\hlwlhmk_nmxkkdbkdZaZeLheklyd
Ihq_fm"kijhkbey
hi_j\uowlhg_e_]Zevgh:\h\lhjuoluijhklhg_^hklZg_kk[be_lgZih_a^K_ckkZk
dmjhjlguck_ahg[be_lh\g_lgbgZdZdb_ih_a^Z
&#xq_;&#xjZ;&#xh;&#xg;&#x]h;&#xh;&#xjb;;&#xq;&#xlh;&#xy;&#xg;&#x_;&#xih;&#xiZ;&#x^m;&#x;�YjZahaebekyq_jZhg]h\hjbeqlhyg_ihiZ^m\hfdbghk_]h^gyqlhg_^hklZgm[be_lgZ
ih_a^
;v_fgZdhgvyd"kdZaZey
�GZnmchldZaZekyhg\kihfgb\gZ\_jghqlh\hfdbghy\k_lZdbihiZe
:qlhluklhbrv"KZ^bkvdb\gmefg_K_f_ggZkb^_gv_jy^hfkkh[hcIh_^_fdm^Zgb[m^v
m`bgZlvOhq_rvdhfg_"
hlqlh[jZlpukdZaZeykiZkb[hghy^he`_ghklZlvkylml;m^_lmf_gybgl_j\vxk
?evpbgufb=^eyghfbebg_lwlh_s_g_ba\_klgh:lml\klj_qZkj_eb]bhagufb\h`^yfbwlh
lh`_fZl_jbZe^ey7RN\R5HDGHUV'LJHVW_^vqlhlhbfgZibkZlvfg_ijb^_lky
Zf_jbdZgdhc
KdZdhcZf_jbdZgdhc"g_ihgyey
GmdhlhjZy\ukkeZk\Zkk_cdhgn_j_gpbbdZdjZadh]^Zlu\hkk_e
�ZcZgZ"\kihfgbeyHldm^ZluagZ_rvqlhhgZex[blih^^Zlv"
:hgZ\hgmlh]hofujyih^AZihjhkkp_fkijZkkb\ZeZ]^_lmlfhkkghklhiZjy^_jgmlvb
Lheklyddb\dhf]heh\uihdZaZegZlhjqZsbc\^ZebklZj_gvdbcAZihjh`_pih^dhlhjufk\_lbeZ
eZfiZi_j_ghkdZ
;ukljh\ZrbZf_jbdZgpumk\Zb\ZxlgZrm`_klbdmeypbxkdZaZeK_f_gBeb\:f_jbd_
lh`_lZdihdZau\Zxl"hgs_edgmek_[yihr__oZjZdl_jguf`_klhf\uib\hob
Yih`Zeie_qZfbZK_f_gaZ\_efZrbgm
�=_gm]BlZd@kdZaZehggZb^brbih\_jgmekydLheklydmLu\b^brv"Y`_l_[_kjZam
kdZaZeqlhhgklZe^jm]bfq_eh\_dhf
Ih_oZebkdZaZe_fmLheklyd
q_f^_eh"m^b\bekyy
Ih_oZebqlhkgbfjZa]h\Zjb\Zlvkgh\ZkdZaZeLheklydK_f_gmK_f_g\u`Zekp_ie_gb_b
lhedgme\i_j_^juqZ]kdhjhkl_cGhyko\ZlbejmevgZrbgu
q_f^_eh"uqlhk^mj_eb"Yg_\jmfg_^_ckl\bl_evghgm`ghibkZlv^eyyihgp_\
K_f_g\_jgmejuqZ]gZg_cljZedm
�Ijbq_flmlyihgpuihfhjsbekyhg_kylve_lgZaZ^dh]^ZfumagZebqlhlu`_gbekygZ
Eba_Kljh_\hcfulmlibebaZ\Zkb`_eZeb\Zf^_kylv^_l_cGh\hlluijb_oZefu_a^bf\lh[hc
\_kv^_gvZlu^Z`_g_kqblZ_rvgm`gufkdZaZlvgZfihq_fm\ujZahrebkvDhg_qgh\:f_jbd_
lZdb_\_sbg_h[km`^Zxlgbkd_fdjhf_Z^\hdZlZGhfulhg_\:f_jbd_
Yihkfhlj_ebf\]eZaZkgZqZeZK_f_gmZihlhfLheklydmHgb[uebijZ\uHgb[ueb
gZklhevdhijZ\uqlhym^b\bekykZfhfmk_[_g_m`_eby^_ckl\bl_evghklZe^jm]bfq_eh\_dhf\
:f_jbd_"
Ihke_aZ\ljZ\h\lhjgbd`^bl_f_gydaZ\ljZdmkdZaZeybfh[hbf
HejZclkwjkh]eZkbekyK_f_cbhgbm_oZebGZm`_l_fghcmebp_[ukljhbkq_aebaZ^gb_
h]gbfh_c[u\r_cfZrbgu
Ijh\h^b\bo]eZaZfby\hr_e\ih^t_a^^hfZ:dkxqbpZGhqlhlha\mdeya]Zxs_c^\_jbqlh
�eb"aZf_^ebefhbrZ]bYihkfhlj_egZqZkuKfhf_glZdZdy\klj_lbeZcZgm\wlhc^\_jb
ijhrehg_f_gvr_iheqZkZQ_jl\havfb]^_hgZfh`_lgZclblml\uib\dm"H^gZG_agZyjmkkdh]h
yaudZjZchg_dhlhjuc^Z`_\fh_\j_fy^_kylve_lgZaZ^ihevah\Zeky\Fhkd\_ihqlblZdhc`_
j_imlZpb_cdZd=Zje_f\GvxChjd_
Yih^gyekyihe_klgbp_^hlj_lv_]hwlZ`Zbm\b^_eqlhgZ\klj_qmfg_b^mlgZrbfheh^u_
`mjgZebkluFhgbdZ;jZ^rhmIbl_jO_\eb=hjZpbcKwgkhg
Qlh"DhgqbeZkv\klj_qZ"kijhkbey
G_lGhkgZko\ZlblkdZaZeIbl_jLug_agZ_rv]^_lmlfh`ghoehigmlv^jbgd"
Yihkfhlj_egZgbo^_\ylvqZkh\\_q_jZhlimkdZlvboh^gbo\wlhfjZchg_Fhkd\udhg_qghg_
�lZdhiZkghdZdZcZgmB\k_lZdb
AgZ_l_qlh"kdZaZeyj_rbl_evghYihc^mk\Zfb?keb\ug_\hajZ`Z_l_
k_jZ\ghlZfgZ\_jomm`_g_q_f^urZlv^h[Z\be=hjZpbcJZa\_\Jhkkbbg_l
^_ah^hjZglh\"
Fu\urebgZmebpm
DZdl\hykibgZ"kijhkbeym=hjZpby
;heblhgljhgmeihykgbpm;hxkvhgkehfZefg_lZfqlhlh
dZdmxgZfklhjhgmZ^bf"kijhkbeIbl_j
Kx^ZkdZaZeybih\_ebodlhjqZ\r_fmgZm]emAZihjh`pmgZ^_ykvmagZlvm_]hohaybgZ
�dm^ZhggZijZ\beZcZgmGhih^wlhcfZrbghcm`_g_k\_lbeZeZfiZi_j_ghkdZb\hh[s_lmlm`_
g_[uehgb^mrb
6KLWkdZaZeyb\^hkZ^_klmdgmeihAZihjh`pmeZ^hgvxB\lhl`_fb]wlhlgbqlh`guc
Zglbqgucib]f_cwlhlh[e_aeucbj`Z\ucdehih]eZkbe\kxmebpm`mldhckbj_ghc
:K\"m^b\e_gghkijhkbeZFhgbdZIhq_fmluklmdgmewlmfZrbgm"
:dhfm\hh[s_gm`gZwlZjmoey^v"m^b\bekyIbl_jJZa\_lZdh_^_jvfhklhblmklZgh\db
kbkl_fulj_\h]b"
Yg_mki_ehl\_lblvIhlhfmqlhbah\k_okhk_^gbohdhg\ukmgmebkvfm`kdb_b`_gkdb_]heh\ub
jZa^Zebkvdjbdb
WcRiZgZhghlfZrbgu
:baaZm]eZkh]jhfgufehfhfgZi_j_\_km`_[_`ZeijyfhgZgZkdZdhclheukuc\_jabeZ\
kihjlb\ghfdhklxf_
=heh\mhlhj\mdjbqZehggZ[_]m
HhkdZaZe=hjZpbcKwfkhgHiylvfu\ebieb
u\lygmebgZk\bklhjbxlbohkdZaZefg_Ibl_j
:yk^Z\Zykv\ie_gg_f_^e_gghih^gyejmdbbaZdjbqZewlhfm\_jabe_
Ih^h`^bl_Ih^h`^bl_Yba\bgyxkvHghklZgh\beky\ihemf_lj_hlf_gy^_j`Zehf
ijyfhgZ^fh_c]heh\hc
Y\b^_edZdlum^ZjbefhxfZrbgmdjbdgmehg\aZiZe_b\afZogmeehfhfYl_[kqZk
]heh\mkg_km
Yba\bgyxkvYba\bgyxkvih\lhjbey
:HDUHVRUU\:HDUHVRUU\3OHDVHFhgbdZaZq_flhi_j_\_eZf_gygZZg]ebckdbc
_jabeZihkfhlj_egZg__ihlhfgZhklZevguoDhg_qghfug_\u]ey^_ebmebqghcriZghcbeb
Z\lhfh[bevgufb\hjZfb
Fh`ghym\Zkqlhlhkijhrm"kdZaZey_s_klhykih^gylufbjmdZfb
Gm"ih^hajbl_evghkdZaZe\_jabeZg_himkdZyehfZ
IheqZkZgZaZ^h^gZZf_jbdZgdZkijZrb\ZeZm\Zk]^_lmlfh`gh\uiblv^Z"
GmkdZaZehg
Bdm^Z\u__ihkeZeb"
:\q_f^_eh"
Fu[_kihdhbfkyHgZbagZr_c^_e_]ZpbbMreZh^gZbg_\_jgmeZkvYfh]mhimklblvjmdb"
Gmhimklbg_hohlghkdZaZehgbhimklbek\hcehfhkljufdhgphfgZa_fexIjbwlhf
hkljb_ehfZ\udjhrbeh\ljhlmZj_dmkhdZknZevlZ\_ebqbghckfhcdmeZdbyg_\hevghaZ^_j`Ze
fh_fq_j_i_KlZjbd\_jabeZlh`_ihkfhlj_egZ^ujm\ZknZevl_ihlhfgZfhx]heh\m;ueh
ihoh`_qlhbhgij_^klZ\belZdmx^ujm\fh_fq_j_i_YihkeZe__gZKZ\_eh\kdbc\
j_klhjZgkdZaZehgGh_keblugZrlhMf_gykZfh]hg_klvdZjlhn_evguc
KiZkb[hkZfh]hggZfg_gm`_ghl\_lbeybih\_jgmekydZf_jbdZgpZf/HW\nVJR
�KZ\_eh\kdbc\hdaZedm^Zwlhl\_jabeZihkeZeZcZgmh^ghbakZfuo]b[_evguof_kl\Fhkd\_
]g_a^hih^fhkdh\ghcriZguijb_a`Zxs_ckx^Zih\_q_jZfgZwe_dljbqdZokh\k_]hk_\_jh
\hklhqgh]hIh^fhkdh\vy:j_klhjZglZfijhklhdehZdZZedZr_cbijhklblmlhdgbadh]hihrb[Z
dhlhjuo\Jhkkbb^Z`_g_gZau\ZxlijhklblmldZfbZlhevdhr\Zevxih^klbedhcb
\hdaZevghcrZeZ\hc
QlhhgkdZaZe"kijhkbeIbl_j
Yg_agZedZdihZg]ebckdbkZfh]hgbkdZaZe
�G_ZDQWHGWRVHOOXVKRPHPDGHYRGND0DGHIURPSRWDWRHVHgij_^eZ]Z_ldmiblvmg_]h^hfZrgxx
\h^dmBadZjlhrdb@
�0RRQVKLQHKZfh]hg@ih^kdZaZeZFhgbdZ
:HOOkdZaZe=hjZpbcWlhfh`_l[ulvbgl_j_kghihijh[h\Zlv
Y^_r_\hijh^ZfkdZaZeklZjbd\_jabeZqm\kl\myqlhZf_jbdZgpu]hlh\udexgmlv
Q_l\_jlghcaZiheebljZ
G_lkiZkb[hl\_j^hkdZaZeybhiylvih\_jgmekydk\hbf/HW\nVJR,\nGOLNHWRFKHFNWKH
��UDLOURDGUHVWDXUDQWILUVW,\nPZRUULHGDERXW'LDQHIhrebF_gy[_kihdhblZcZgZYohqmkgZqZeZ
ijh\_jblv\hdaZevgucj_klhjZg@
�Ihq_fmfu^he`gulZsblvkyaZwlhcZcZghc"kijhkbegZoh^mIbl_jy\ghg_^h\hevgucg_
lhmims_gghc\hafh`ghklvx\uiblvjmkkdhckZfh]hgdbg_lhfhbfeb^_jkdbflhghf
IhlhfmWlhl\hdaZeg_f_klh^eyZf_jbdZgdb
wlhlfhf_gljy^hfkgZfbbadZdh]hlhhdgZgZi_j\hfwlZ`_ihkeurZekyg_]jhfdbc`_gkdbc
]hehk
�Fm`bdby\Zf^_r_\e_ijh^Zf_kylvjm[e_caZ[mluedm
YihdZqZe]heh\hcijhr_efbfhGhbake_^mxs_]hhdgZm`_keurZehkv
Mf_gyih\hk_fvQZqZbgh]jZ^gZy:ihlhfq_j_a^_kylvrZ]h\bake_^mxs_]h
J`ZgZy_klv]Z^[m^mBl_ie_gvdZy_s_k\_`_gvdZyKZf[uibe^Zfg_\ghqvgZjZ[hlm
Qlhhgbohlyl"kijhkbeZFhgbdZ
Hgbijhkylhq_flh"kijhkbe=hjZpbc
&#xHV;&#x;&#xWK;&#xH;
&#xUH;&#x;&#x;&#xkd;&#xZa;&#xZe;&#xy;&#x;&#x;HVWKH\DUHkdZaZeyZHgbohlylijh^Zlv\ZfkZfh]hgdm
Hgbamfe_gghdjmlZgme]heh\hc
Hgb\k_"g_ih\_jbe=hjZpbcbh]eygmekyIhaZ^bgZkihqlb\h\kx]em[bgml_fgh]h
d\ZjlZeZlhjqZebbahdhgex^kdb_nb]mjubijbau\ghfZoZebgZfjmdZfb
k_kdZaZey
:KDWDFRXQWU\ GmbkljZgZ@bamfe_gghdjmlZgme]heh\hc=hjZpbc
:FhgbdZ\kdbgmeZgZ]jm^v3HQWD[ka_jdZevguf\b^hbkdZl_e_fbgZ`ZeZgZkimkd3HQWD[kmoh
g_]jhfdhb[_a\kiurdbhlklj_eyekjZamg_kdhevdhdZ^jh\\g_f[ueZaZjy`_gZ
\ukhdhqm\kl\bl_evgZyie_gdZ
gZk\bklhjbx@
B^_ckl\bl_evghh^gh]h\a]ey^ZgZijb\hdaZevgmxiehsZ^v[ueh^hklZlhqghqlh[uihgylvqlh
lZfijhbkoh^bl
�LubFhgbdZ\ha\jZsZcl_kvlbohkdZaZeyIhah\bl_`hgZH\nOZ]_gZb^jm]bo
wlhckljZg__klvihebpby"kijhkbeIbl_j
Dhg_qghhl\_lbe_fm=hjZpbcKijhkbmfh_ckibguGZg_cklhbl[hevrZykbgyy
ihebp_ckdZyi_qZlv
;uklj_ciZj_gvkdZaZey
Ygbdm^Zg_ihc^mYhklZxkva^_kvhl\_lbe=hjZpbcIj_djZlb
Yihc^mh^gZkdZaZeZFhgbdZG_[_kihdhcl_kvY\hhjm`_gZMf_gy]Zah\ucibklhe_l
dZjZg^Zr
BhgZih[_`ZeZgZaZ^aZih^dj_ie_gb_f:fuhklZebkv\ljh_fIjyfhgZijhlb\gZkq_j_arbjhdh_
rhkk_gZijb\hdaZevghciehsZ^bklhyeZk_jZylZdkbrgZyhe]Z g_gZfhklh\hchgZklhyeZZ
bf_gghgZiehsZ^b\f\hdjm]wlhcfZrbgulheibebkvohohqmsb_dZd`_j_[pube_lgb_
ih^jhkldbZ\gmljbfZrbgugZaZ^g_fkb^_gv_^\h_iZjg_cdj_idh^_j`ZebaZehdlbjZkiZleZggmx
`_gsbgm\jZahj\Zgghc[_`_\hc[emad_Z_s_^\h_i_j_]gm\rbkvq_j_akibgdmi_j_^g_]hkb^_gvy
djmlbeb__h[gZ`_ggmx]jm^vbgZkbevghaZeb\Zeb_c\jhl\h^dmba[mluedbFhkdh\kdhcWlhc
�`_gsbghc[ueZZcZgZLjhkl_j
Qlh\ukh[bjZ_l_kv^_eZlv"kijhkbef_gy=hjZpbcYg_mki_ehl\_lblv
�)XFNLQJ5XVVLDQVRQVRIDELWFKHV?jmkkdb_kmdbgukugu@^bdbf]hehkhf\^jm]aZhjZe
Ibl_jbgZk\hbo^ebgguogh]Zo[_]hfjbgmekyq_j_arhkk_Q_klgh]h\hjygbygb=hjZpbcgbdZd
g_h`b^Zebhlwlh]h\Zrbg]lhgkdh]hib`hgZlZdh]h\aju\Z\hlm`^_ckl\bl_evghmdZ`^h]hbagZk
k\hyfbgmlZ[_amfby
2KER\kdZaZe=hjZpbcbj\ZgmekyaZIbl_jhfq_j_a]m^ys__rhkk_
6KLW\u^hogmey\k_j^pZobih[_`Zeke_^hflhhlkdZdb\Zyi_j_^e_lysbfbihrhkk_
fZrbgZfblhi_j_[_]Zybf^hjh]mBaaZwlh]hfZg_\jbjh\Zgbyya^hjh\hhlklZehlIbl_jZb
=hjZpbydlhfm`_mqlbl_hgbh[Z[uebgZ]heh\m\ur_f_gyb\^\h_fheh`_GhbaZgyluc
eZ\bjh\Zgb_ff_`fZrbgZfbykeurZeIbl_jZ
�/HDYHKHUDORQHHlimklbl___@hjZehgg_k\hbf]hehkhf^Ze_dh\i_j_^bf_gy)XFNLQJ
�5XVVLDQSLJV/HDYHKHUDORQH?jmkkdb_k\bgvbHlimklbl___\f
Dhg_qghhgb\k_h]eygmebkvgZ_]hdjbdBdh]^ZIbl_j^h[_`Ze^hgbodlhlhijhklh^Ze_fm
ih^gh`dmZ_s_dlhlhdhjhldbfghkbevgufm^Zjhfihr__^hkeZe_]hghkhf\ljhlmZjIbl_j
ebphfijh_oZeihaZie_\ZgghfmZknZevlmlml`_\kdhqbeghg_kdhevdhiZjg_ckgh\Z[jhkbeb_]hgZ
a_fexklZeb[blvgh]ZfbZhklZevgu_aZdjbqZeb
G_]jZ[_cG_]jZ
MkeuoZ\wlhldjbd=hjZpbchlijygmebaZf_ji_j_^gbfb\g_kdhevdborZ]ZogZdjZxljhlmZjZdZd
aZklu\Z_la\_jvi_j_^hke_ib\rbfb_]hnZjZfbkf_jlhghkgh]h]jmah\bdZKeh\hg_]jg_
gm`^Zehkv\i_j_\h^_hgihgyedZdhgb_]hgZa\Zeb:iZjgbklZeb`_klZfbaZau\Zlv_]h\k\hc
djm]Bk[hdh\_]hm`_h[oh^beb_s_g_kdhevdh\ukhdboih^jhkldh\k[j_a_glh\ufbZjf_ckdbfb
j_fgyfb\jmdZoIjy`dbwlboj_fg_c[uebmly`_e_guk\bgqZldhc
ih^[_]ZydgbfGhiZj_gve_l^\Z^pZlbk[bp_ikZfbdmevlmjbklZe_]dhdZdb]jmrdmhlr\ujgme
f_gy\klhjhgm
Hl\ZebiZiZrZkdZaZehgwlhlfb]dZdZylhivygZy^_\dZkdjbdhfAZ^jm`[mgZjh^h\
ih^[_`ZeZd=hjZpbxbkjZa[_]moZjdgmeZ_fm\ebph
=hjZpbcaZiha^ZehhlrZlgmeky:lheiZkhfdgm\rbkvdhevphf\hdjm]g_]hjZkohohlZeZkvY
\kdhqbegZgh]bbaZdjbqZekgh\Z
J_[ylZg_ljh]Zcl__]hG_[_cl_boBihijh[h\Zeijhlhedgmlvkykd\havdhevphGhlhl`_
iZj_gvk[bp_ikZfbdmevlmjbklZ\^jm]\ayef_gykaZ^baZrb\hjhlijbih^gyehla_febbkdZaZe
IZoZgluf_gyaebrvEmqr_hl\Zebhlkx^Zbhiylvr\ujgme\klhjhgmklZdhckbehcqlhy
k_egZa_fex
;lukx^Zijb_oZeZnjbdZgkdZyfhj^Z"djbqZeZl_f\j_f_g_f=hjZpbxivygZy^_\dZklhy
i_j_^gbfb^\mfyjmdZfb^_j`ZeZk_[yaZ^`bgkh\mxx[dm
�,DP$PHULFDQYZf_jbdZg_p@ijhbag_k=hjZpbcGh^_\dZg_keurZeZ_]h
Jmkkdhciijb_oZeihgxoZlv"djbdgmeZhgZb\^jm]aZ^jZeZx[dmih^dhlhjhcg_hdZaZehkv
gbdZdboljmkh\GZihgxoZc
;Zg^ZaZj`ZeZbkjZamg_kdhevdhm^Zjh\ih]heh\_k[beb=hjZpbykgh]ZaZl_fljh_bebq_l\_jh
iZjg_cklZebaZlZedb\Zlv_]hebphfijhf_`gh]wlhc^_\db
GxoZc[GxoZcj`Zebhgb:lhdZkljbjm_fgZo
J_[ylZhjZey\wlh`_\j_fyihjmkkdbieZqZbkgh\Zijh[b\Zykv\bodjm]J_[ylZg_
gZ^h
BhiylvlZ`_jmdZdmevlmjbklZko\ZlbeZf_gyghl_i_jvm`_aZ\hehku
LuOfujvij_ajbl_evghkdZaZewlhldmevlmjbklgZ^_]h\_jog_c]m[hc[uei_j\ucfheh^hc
imrhdDm^Zlue_a_rv"LmlZf_jbdZgp_\[vxlL_[_lhqlh"
YZf_jbdZg_pkdZaZeyqm\kl\mymk_[ygZ]heh\__]hly`_emxjmdmh^gbf^\b`_gb_f
dhlhjhchgfh]e_]dhkehfZlvfg_r_x
Qbb\h"ijhbag_khgij_ajbl_evghg_ih\_jb\:f_jbdZg_phg;jukvhlkx^ZIhke_^gbc
jZal_[_]h\hjxihgye"
YZf_jbdZg_p\udjbdgmey\bkl_jbd_m`ZkZykvlhfmqlhhgkhfghck_cqZkk^_eZ_l
GhhgZddmjZlghih\_jgmef_gyb^_jgmeaZ\hehkuijhqvhlk_[yklZdhckbehcqlhfh_l_eh
kgZjy^hfihe_l_ehijyfhgZfmkhjgmxlmf[m
Y]jhogmekyh[wlmlmf[m]jm^vxhijhdbgme__bgZ\u\Zeb\r_fkybag__fmkhj_dZdbolh
Zj[maguodhjdZofhdjuo]Za_lZobijhq_f^_jvf_aZkdhevabekljhlmZjZgZfhklh\mxijyfhih^
dhe_kZe_lysboihrhkk_fZrbg
:`mldbckdjbilhjfhah\aZklZ\bef_gy_s_kbevg_c\`Zlvky\a_fexbj_ne_dlhjghaZdjulv]heh\m
jmdZfb
IhlhfgZklmibeZf_jl\ZylbrbgZYhklhjh`ghih^gye]heh\mijyfhgZ^hfghcgm[md\Zevgh\
lj_okZglbf_ljZohl]heh\u[uedjm]eucqm]mgguci_j_^gbcfhkldZdh]hlh]jmah\bdZ?s_^hey
k_dmg^ubwlhlqm]mg\fye[u\ZknZevlkgZqZeZfhcq_j_iZihlhfiha\hghqgbdYkdhkbe]eZaZ
q_j_aie_qhi_j_^gbc[Zfi_jwlh]h]jmah\bdZ[uemf_gy]^_lhgZ^kibghc
LmlkijZ\Zhlk_[yymkeurZekdjbi^\_jpudZ[bguklmd[hlbghd\h^bl_eyhih^gh`dmb_]h
iheh\bgmjZa^Z\e_gghc\bgghc[mluedbbal_fgh]hkl_deZbkhkljufbdjZyfb
B\^jm]fhyijZ\ZyjmdZkZfZihlygmeZkvdwlhc[mlued_aZ`ZeZ__]hjeurdhbylZyk\h_hjm`b_
f_^e_ggh\uiheabaih^fZrbguih^gyekygZgh]bbh[_jgmekyd[Zg^_aZklu\r_cgZ^=hjZpb_f
�Ibl_jhfbZcZghc
Kf_jlv\k_lZdbkZfZy\_ebdZyZdljbkZ\fbj_^Z`___ijb[eb`_gb_aZklZ\behbo\k_oaZf_j_lv\
lhlfb]dh]^ZgZ^hfghclZd^bdhaZkdjbi_eblhjfhaZ]jmah\bdZ
GhihdZhgbijboh^beb\k_[yhlbamfe_gbyihih\h^mfh_]hkiZk_gbyym`_gZr_e\a]ey^hflh]h
dmevlmjbklZk^_lkdbfimrdhfgZ^\_jog_c]m[hc
)XFN\RXUPRWKHUIl\hxfZlv@aZdjbqZeyihq_fmlhihZg]ebckdbbqm\kl\myk_[y
fZe_gvdbfkgZjy^hfkhkljhc[mluehqghc[h_]heh\dhcjbgmekygZk\h_]hm[bcpm
Yg_agZxdZdbfqm^hfhgm\_jgmekyhlf_gyijhq_fdZdh_lmlqm^h"Ijhklh_fm[ueh^\Z^pZlv
e_lZfg_iylv^_kyl\hlb\k_GhdZd[ulhgb[uehhgm\_jgmekyhlf_gyZy^_j`Z\jmd_
]hjeurdhjZa[blhc[mluedbijh[_`Zeihbg_jpbbq_j_adjm]jZkklmib\r_cky[Zg^ubkjZa[_]m
ldgmeky\k_fl_ehf\k_jmxlZdkbrgmxhe]m\dhlhjhc^\h_iZjg_cgZaZ^g_fkb^_gv__s_
�m^_j`b\ZebZcZgm
hghghlkx^Z^bdhdjbdgmeybfbq_j_ahims_ggu_kl_deZi_j_^g_c^\_jpuklZeludZlv\
gbowlhcjZa[blhc[mluedhcM[vxgZohgHlimklbl___)XFN\RXDOO
�HgbhlrZlu\ZebkvaZdju\Zykvhlf_gyh[fhjhqgh[_ehcZcZghcZihaZ^bf_gyymkeurZewlh
dZdbflhk_^vfufa\_jbgufqmlv_fm`_ih^klmiZebdhfg_iZjgbkkhe^Zlkdbfbj_fgyfbb
aZk\bgph\Zggufbijy`dZfbYbkl_jbq_kdbih\_jgmekydgbf
OZc
Kdhj__\k_]hy[ue\wlhlfhf_glihoh`gZfZe_gvdh]ha\_jvdZhkdZeb\r_]hky\fhf_glihke_^g_c
kf_jl_evghchiZkghklbb\uklZ\b\r_]hi_j_^kh[hc_^bgkl\_ggh_hjm`b_
Ghqlh[ueZwlZjZa[blZy[mluedZijhlb\bo^ebgguoj_fg_ckly`_eufbijy`dZfb"Ym`_\b^_e
\_k_eu_ebpZfheh^uoih^fhkdh\guo\hedh\HgbrebgZf_gyg_ki_rZihdZqb\Zy\bkysbfbm
kZfhca_febijy`dZfb^urZ\h^hqgufi_j_]ZjhfDlhhgb[uebex[_jufulbsbgpubeb
_s_dZdZygb[m^v[Zg^Zyg_agZx
:lZk\^jm]jZa^ZekyaZbokibgZfb]hehklhckZfhc^_\dbdhlhjZyiexgmeZ=hjZpbx\
ebph:lZkKhe^Zlu
Hgbh]eygmebkvq_j_aie_qhbyihkfhlj_elm^Z`_
Ba]jmah\bdZdhlhjucqmlvg_aZ^Z\bef_gyba_]hdjulh]h[j_a_glhfdmah\Z\uiju]b\Zeb]jhohqZ
[hlbgdZfbkhe^Zlub[ukljhkljhbebkv\m^ZjgucdmeZd\dZj_jmdZomgbog_[uehgbq_]h
gbdZdh]hhjm`bywlhg_[ueb\hckdZki_pgZaZwlh[uebl_khe^ZludhlhjuoihghqZfkly]b\Zeb
k_cqZk\Fhkd\mGhhgblh`_kgbfZebkk_[y[j_a_glh\u_ihykZkly`_eufbijy`dZfb:\luem
wlh]h]jmah\bdZhklZgh\beky_s_h^bglZdhc`_djuluc[j_a_glhfZaZgbf_s_h^bgby
m\b^_eqlhwlhp_eZydhehggZih^ly]b\Z_lkykx^Zihl_fghfmrhkk_
Ijb\b^_wlhcdhehggu[Zg^Z[jhkbeZkv\jZkkuigmx[ukljhihqlbf]gh\_gghbklZy\\l_fghl_
��aZ\hdaZevguo`_e_agh^hjh`guoiml_cbi_j_medh\Z`_iZjgbdhlhju_^_j`ZebZcZgmmki_eb
m^jZlvbafZrbguY[_kkbevghdZddmevkiheakibghcihhe]_bk_egZ]jyagucZknZevl:ba
�hldju\r_cky^\_jpufZrbgu\uiZeZZcZgZGhmf_gyg_[uehkbeih^^_j`Zlv__fhbjmdb
G_ih^Ze_dm\g_kdhevdbof_ljZohlf_gyih^gbfZebkvka_febba[blu_Ibl_jb=hjZpbc
:q_j_a^hjh]m\j_aZykv\khe^Zlkdh_dZj_m`_[_`ZebdgZfk\bkly\k\hbk\bkldb^\Z
�fbebpbhg_jZbkgbfb[e_^gu_`hgH\nOZ]_gKwfEhabgkdb;Zjjbm^klhgJh[_jlFZd]jhmb
^Z`_djhohlgZyyihgdZFbqbdhDZlhyfZ
Yohl_eqlhlhdjbdgmlvbfkdZaZlvghg_kfh]ihlhfmqlham[ufhbijh^he`ZebklmqZlv
�B\^jm]yhsmlbeqlhZcZgZ\ayeZ\eZ^hgbfhcih^[hjh^hdbiulZ_lkyhklZgh\blvfhx^jh`Zsmx
q_exklv
&#xk_;&#x;&#xi;&#xhj;&#xy^; _;&#[email protected];&#x;&#x];&#xhh;&#xjb;&#xl;&#xhg;&#xZ;&#x;&#x,;&#xW;&#xV; O;&#xO;&#xRY;&#xHU;�,W\nVRNH\QRZ9DGLP k_\ihjy^d_@]h\hjblhgZ,W\nVDOORYHUM`_\k_ihaZ^b@
YiulZxkvjZa`Zlvjmdmk`bfZxsmx]hjeurdh[mluedbghbwlh]hg_fh]mfhbiZevpuk\_eh
gZg_cdZdkm^hjh]hc
:ih^ihearbcdgZfIbl_jk_ehi_jkykibghchfZrbgm\ul_jdjh\vkjZa[blhc]m[ubkdZaZe
�:KDWDIXFNLQJFRXQWU\(kljZgZ@
+LPDQhdebdgmef_gy=hjZpbckb^yihh^ZevgZZknZevl_Ihoh`_hgb^_ckl\bl_evgh
ex[ylq_jguo\wlhckljZg__jgh"
�6VVVXUHDhg_qgh@\u]h\hjbeygZdhg_p
QZklvq_l\_jlZy

;ueihe^_gvIjhn_kkhjLZlvygZDhey]bgZ_^bgkl\_gguc\KKKJki_pbZebklihl_g_\hc
wdhghfbd_fZe_gvdZybm^b\bl_evghwg_j]bqgZy[jxg_ldZ\_aeZf_gygZk\h_f`_elhf`b]me_gd_
\ZwjhihjlR_j_f_lv_\hJh\ghaZ^\_gZ^pZlvqZkh\^hwlh]hlh_klv\mljZ__LZlvygm
�Dhey]bgmjZa[m^bea\hghdbafbebpbb_`mjgucihkZ\_eh\kdhfmebg_cghfmhl^_e_gbxfbebpbb
khh[sbe_cqlhijbh[ukd_h^gh]hbaijZ\hgZjmrbl_e_caZ^_j`ZgguogZijb\hdaZevghciehsZ^b
aZ^jZdmgZc^_gZ__Dhey]bghc\bablgZydZjlhqdZ:ihk_fmg_fh`_lebLZlvygZI_ljh\gZy\blvky
khk\hbfiZkihjlhf\fbebpbxbm^hklh\_jblvebqghklvaZ^_j`Zggh]hdhlhjucml\_j`^Z_lqlhhg
y\ey_lky]jZ`^ZgbghfKR:
Lmlgm`ghkdZaZlvqlhijbfg_\lhl\_q_j^_ckl\bl_evghg_[uehgbdZdbo^hdmf_glh\Ihlhfmqlh
kh]eZkghb^bhlkdbfkh\_lkdbfijZ\beZf\uijb_a`Zy\wlmkljZgmh[yaZguk^Zlvk\hciZkihjl\
hl_evijbj_]bkljZpbbZihemqblvwlhliZkihjlh[jZlghfh`_l_lhevdhlh]^Zdh]^Zbawlh]hhl_ey
\u_a`Z_l_QlhhklZ\ey_l\Zkkh\_jr_ggh[_a\kydboijZ\ihkdhevdm^eykh\_lkdh]h]eZaZ\k_\Zrb
hklZevgu_^hdmf_gluZ\lhfh[bevgu_ijZ\Zbebdj_^blgu_dZjlhqdb\u]ey^ylkh\_jr_ggh
g_^hklhcgufbdmkhqdZfbieZklbdZgZdhlhjuog_jmkkdbfb[md\ZfbgZibkZghqlhlhg_ihgylgh_B
agZydZdmf_ehbZaZjlghhohlylkyfhkdh\kdb_dZjfZggbdbaZlheklufbdhr_evdZfbbghkljZgp_\
gZ[blufbZf_jbdZgkdbfb^heeZjZfby\hh[s_hklZ\bek\hcZDOOHW\]hklbgbp_\q_fh^Zg_:
ieZklbdh\Zy[bjdZgZijbs_id_bkgZ^ibkvx,17(51$7,21$/35(66$662&,$7,21bkq_aeZk
eZpdZgZfh_cdmjldb_s_\lhlfhf_gldh]^ZfmkdmebklZyijhe_lZjkdZyjmdZ^\Z^pZlbe_lg_]h
dmevlmjbklZihkeZeZf_gyghkhfh[a_fex
Ihlhfm\fbebpbbijbh[ukd_mf_gygZreblhevdhkh\_lkdbojm[e_cb\bablgmxdZjlhqdm
LZlvyguDhey]bghc
Ghq_f]jhfq_rmf_eZ\^_`mjd_gZrZ^_e_]Zpbylj_[myfh_]hhk\h[h`^_gbybq_fgZklhcqb\_c
ygZqbklhfjmkkdhfyaud_h[tykgye^_`mjghfme_cl_gZglmqlhyqe_gwlhc^_e_]Zpbbbqlhhg
\ujZ`Zeh_]hfheh^h_kdhkhcdhjhldhcq_edhcebph
Fh`_l[ulv\Dhkfhk_b`b\_ldZdhclhIehldbgqe_gwlhc^_e_]ZpbbGhhldm^ZyagZxqlh
wlhlIehldbg\u"j_ahggh]h\hjbee_cl_gZgl:fh`_l\ugZrkh\_lkdbcbkgZ[`Zebbo
dZdhcgb[m^vk_dj_lghcbgnhjfZpb_c"DZdSZjZgkdbcgZijbf_j
GZrbohl_ebg_f_^e_gghkj_^bghqba\hgblvZf_jbdZgkdhfmihkemFwlehdmmdhlhjh]h[ueb
lhevdh\q_jZmljhfJh[_jlFZd]jhm]jhfh]eZkgh\hafmsZekyl_fqlhmg_]hhlgyeb_]hney]mk
\bkdb:FbqbdhDZlhyfZaZde_b\ZeZfhb=hjZpbybIbl_jZkbgydbbkkZ^bgudZdbfblh
djhohlgufbyihgkdbfb^_abgnbpbjmxsbfbkZen_ldZfbbieZklujyfbihklhygghkijZrb\Zyu
\ihjy^d_"Gm`gh\Zfqlhgb[m^v"
Ijb_a^LZgbDhey]bghciheh`bedhg_pwlhfm[ZeZ]ZgmHdZaZehkvqlhwlZfZe_gvdZydZdkd\hj_p
`_gsbgZqj_a\uqZcghihimeyjgZ\KKKJijb__ihy\e_gbb\k_fbebpbhg_ju\klZebZe_cl_gZgl
kh[kl\_gghjmqghih^\bgme_cklmeGZrbm^b\e_gghi_j_]eygmebkvDlhhgZ"g_]jhfdh
kijhkbef_gyKwfEhabgkdbYih`Zeie_qZfbHgZkh\_lkdbcwdhghfbkl
�6KHLVRXUSHRSOH6HQDWRUD0HPEHURI3DUODPHQWHgZgZrgZjh^guck_gZlhjqe_giZjeZf_glZ@
\^jm]ijhbag_ke_cl_gZglihZg]ebckdb\u^Z\ZyagZgb_wlh]hyaudZ
Hhlml`_g_]jhfdhkdZaZeGhjfZg;_jggZrZ^\hdZlbaNehjb^uHklhjh`gh[jZlpu
Hgk_q_lihZg]ebckdb
BdZ`^ucijbdmkbeyaud\kihfbgZyg_]h\hjbeebhglmlq_]hgb[m^vqlhg_klhbeh]h\hjblv\
ijbkmlkl\bbhnbp_jZkh\_lkdhcihebpbb
wlhclbrbg_Dhey]bgZih^l\_j^beZqlhywlhyZ^bfIehldbg]jZ`^ZgbgKR:bqe_g
^_e_]ZpbbZf_jbdZgkdbo`mjgZebklh\
MjZaZdjbqZebgZrbklZdhcjZ^hklvxkeh\gh^h[bebkvhk\h[h`^_gbyg_f_gyZihf_gvr_c
f_j_SZjZgkdh]h
:e_cl_gZgl\^jm]\ulZsbebaysbdZk\h_]hklheZ]Za_lmKh\_lkdZyfheh^_`vhldjue__b
ih^h^\bgmeDhey]bghc
:\lh]jZng_^Z^bl_LZlvygZI_ljh\gZ"kdZaZehgijhkbl_evghYaZ\Zk]hehkh\Zeq_klgh_
keh\h
Yihkfhlj_egZ]Za_lgmxkljZgbpmK\_jomq_j_a\kxihehkm[ueaZ]heh\hdh]jhfgufb[md\Zfb
LZlvygZDHEY=BG:
A:=HHJIJHLBI?J?KLJHCDBKMS?KLM?L?=HP?EVK?J@?GB?=HJ;:Q?:
Ihlhfr_eih^aZ]heh\hd
�I?J?KLJHCDMKH;BJ:XLKYA:MRBLVK:;HL:@?F;XJHDJ:LBYB
&#x:G;&#xG:;&#xY;&#xF:;&#xNB;&#xY;&#xH;;&#xT?;�&#xG;&#x:J;&#xH0;DHJJMFIBJH:GG:YF:NBYH;T?BGYXLKYIJHLBG:JH:G?J?RBL?EVGHKLV
&#x:;&#xFH;&#x@?;&#xL;&#xKL;&#xHB;&#xLV;&#xG;&#x:F;�IJ:BL?EVKL:FH@?LKLHBLVG:F?FHDJ:LBB
Gb`_[ueihjlj_lDhey]bghcb[hevrh_gZiheh\bgm]Za_lghckljZgbpubgl_j\vxkg_c
GZrbdhg_qghg_ihgyebqlh[uehkdZaZgh\aZ]heh\dZoghlh`_m\b^_ebihjlj_lDhey]bghc\
]Za_l_bk]jm^bebkv\hdjm]klheZkijZrb\Zymf_gyHq_fwlZklZlvy"Yi_j_\_ebhgb
aZrmf_eb
Fh`gheb\aylvmg__bgl_j\vx"K_gZlhjDhey]bgZ\u]h\hjbl_ihZg]ebckdb"K_gZlhj
Dhey]bgZ\hlfhy\bablgZydZjlhqdZK_gZlhjDhey]bgZ\ufh`_l_^ZlvgZfbgl_j\vx"k_]h
Z^bfkdZ`bl_bfqlhmf_gy^hfZhklZeZkv^_\ylbe_lgyy^hqdZihijhkbeZf_gyLZlvygZ
HgZlZfh^gZZmgZk\Fhkd\_\ul_i_jvihgyebqlhl\hjblky"Y^he`gZ_oZlv^hfhcD
kh`Ze_gbx
Yi_j_\_e
:aZ\ljZmljhf"kijhkbedlhlh
uaZgylu\k_mljhgZihfgbe\k_f;Zjjbm^khgWlh\j_fyihdmihd
Q_jlkgbfbkihdmidZfbaZrmf_eb\k_wlhckljZg_\k_jZ\ghg_q_]hihdmiZlv?keb
dlhlhohq_lb^lbaZihdmidZfbimklvb^_lkZf:fuohlbf\aylvbgl_j\vxmjmkkdhck_gZlhjrb
OhjhrhkdZaZeZDhey]bgZYijb_^md\Zf\]hklbgbpm^_kylvmljZ=h^blky"
MjZaZdjbqZeb\k_b^Z`_aZoehiZeb\eZ^hrb
WlbZf_jbdZgpu^_ckl\bl_evghdZd^_lbkdZaZeZfg_Dhey]bgZbih\_jgmeZkvdklZjr_fm
e_cl_gZglmFufh`_fb^lb"
Dhg_qghLZlvygZI_ljh\gZkdZaZehg
KiZkb[hhgZih`ZeZ_fmjmdmbih\_jgmeZkvdh\k_fFufh`_fb^lb]hkih^ZFu
�k\h[h^guB\ay\ih^jmdm[e_^gmxZcZgmLjhkl_jgZijZ\beZkvd^\_jbFuklZ^hf^\bgmebkv
aZgbfb
&#xRX;&#xN;&#xQR;&#xZ;&#xZK;&#xDW;&#x;&#xRX;&#xG;&#xLG;&#x; D;&#xGL;&#xP;RXNQRZZKDW\RXGLG9DGLPAgZ_l_qlh\uk^_eZebZ^bf@"kdZaZefg_gZr\mg^_jdbg^
�dhemfgbklwgbkEhjf\]hklbgbqghfghf_j_;Zjjbm^klhgZwlhldjhohlgucghf_jDhkfhkZ
gZ[beZkv\lmghqv\kygZrZ^_e_]ZpbyIjbq_fdZ`^ucijblZsbekibjlgh_bak\hbo^hjh`guo
aZiZkh\dlh[mluedm^`bgZdlh\bkdbZdlhdhgvyd
�Qlh"kijhkbeymwgbkZg_ijhba\hevghihlbjZyyihgkdb_ieZklujbdhlhjufbFbqbdh
aZe_ibeZfg_qmlvg_iheebpZIhkdhevdmwlboieZkluj_co\Zlbehg_lhevdhfg_ghbIbl_jmb
=hjZpbxfh`gh[uehih^mfZlvqlhwlZfbgbZlxjgZyFbqbdhkh[bjZeZkv\JhkkbxdZdgZ\hcgm
��_j`Z\jmd_klZdZgkebfhgZ^hfwgbkkdZaZefg_
IhgbfZ_l_k\Zfbfu\k_\j_fy\ebiZ_f\dZdb_lhbklhjbb
&#xk_;
&#xZr;&#xmf;&#x_e;&#xg_;&#xh^;&#xh[;&#xjb;&#xl_;&#xev;&#xgh;&#x;&#xih;&#xkd;&#xhe;&#xvd;&#xm;&#xwl;&#xh;&#x[u;&#xeh;&#xg;&#x_;&#xhq;&#x_g;&#xv;&#x_;&#x`e; h;&#xk;&#x_;&#x]h;&#xk;&#xlh;&#xjh;&#xgu;&#x;&#xGh;�k_aZrmf_ebg_h^h[jbl_evghihkdhevdmwlh[uehg_hq_gv\_`eb\hk_]hklhjhguGhwgbk
ih\ukbe]hehk
Ghk^jm]hcklhjhgud_ffu[ueb\k_]hiZjm^g_cgZaZ^"Ijhklh]jmiihcex^_cg_agZdhfuo
^jm]k^jm]hf_jgh"
_jghg_hq_gvm\_j_gghih^l\_j^bebhgbg_agZydm^Zhgdehgbl
&#xZ^;¿&#x;&#x;&#xij;&#xh^;&#xhe;&#x`Z;�Gh\uZ^bfijh^he`ZewgbkuaZklZ\bebgZk[_kihdhblvkyh\ZkG_l
^_ckl\bl_evghIhklhygghdlhgb[m^vkijZrb\Z_l\u\b^_ebZ^bfZ"=^_Z^bf"?]hg_
Zj_klh\Zeb"BagZ_l_qlhkemqbehkv\j_amevlZl_"Deygmkv;h]hf\uh[t_^bgbebgZk\h^bg\a\h^
AZ\ZkZ^bfh[jZ^h\Zggu_lZdbfwe_]Zglgufih\hjhlhfaZrmf_eb\k_bihlygmebdhfg_
k\hbklZdZguHgZ[khexlghijZ\uh[t_^bgbebgZk
YihdjZkg_ehlkfms_gby:;Zjjbm^klhgm`_ijbdZeu\Zefg_gZib^`Zdgh\mx[bjdm
,17(51$7,21$/35(66$662&,$7,21:FbqbdhlygmeZdhfg_k\hc[hdZekfbg_jZevghc
\h^hc
Ghih`ZemcklZZ^bf\^jm]]jhfdhkdZaZeIbl_j^_j`Ze_^mjZa[blhcbjZkimor_c]m[u
G_gZ^h[hevr_ijh[e_fMfheyxl_[y
�qZkZihelhjZbyih^u]ju\Zebfbijbwlhf\k_fuklZjZl_evgh^_eZeb\b^qlhZcZgZg_bf__l
gbdZdh]hhlghr_gbydlhfmqlhkemqbehkvgZiehsZ^bmKZ\_eh\kdh]h\hdaZeZ
=hkih`ZDhey]bgZ\uaZy\beb\]Za_l_qlh_klvaZ]h\hjijhlb\=hj[Zq_\ZFh`_l_eb\ugZa\Zlv
gZfdlhaZ]h\hjsbdb"
G_\p_eyokZfhj_deZfuZijhklhqlh[u\\_klb\Zk\dmjkgZr_ciheblbq_kdhcdmogby^he`gZ
jZkkdZaZlvhldm^ZbdZdwlh]Za_lgh_bgl_j\vx\hagbdehkdZaZeZLZgyDhey]bgZmljhf\
]hklbgbp_Dhkfhkdh]^ZgZrZ]jmiiZij_\jZlbeZaZ\ljZd\]hklbgbqghfj_klhjZg_\^_eh\mx
[_k_^mkk_gZlhjhfDhey]bghcMgZkgZl_e_\b^_gbb_klvhq_gvihimeyjgZy\_q_jgyyijh]jZffZ
a]ey^WlZijh]jZffZb^_l\wnbj_`b\v_fb__kfhljblijZdlbq_kdb\kykljZgZF_gy
ijb]eZkbeblm^Zijhdhff_glbjh\Zlvg_dhlhju_Zki_dluwdhghfbq_kdhcj_nhjfuZy\f_klhwlh]h
aZy\beZgZ\kxkljZgmqlh_klvaZ]h\hjijhlb\=hj[Zq_\Zbi_j_kljhcdb_^msbcijh]jZffu
jZkl_jyekyklZeij_ju\Zlvf_gyghgZf[ueh\Z`ghij_^mij_^blvhaZ]h\hj_bfg_dZ`_lkyy
mki_eZwlhk^_eZlvIhlhfmqlh\kljZg_m`_keh`beZkvkblmZpbydh]^ZjZagu_]jmiiuex^_cgZ
jZaguokhpbZevguomjh\gyogZqbgZxldhgkheb^bjh\Zlvkykp_evxk\_j`_gbydZ[bg_lZ=hj[Zq_\Z
:qlhwlhaZ]jmiiu"GZdZdhfmjh\g_hgb^_ckl\mxl"
Ij_^klZ\vl_k_[_qlh[md\ZevghgZ\k_omjh\gyoHlIhebl[xjh^hijhklh]hh[u\Zl_eyGh
ex[hiulghqlh[hjv[Zdhgk_j\Zlhjh\ijhlb\=hj[Zq_\Z\Ihebl[xjhm\k_ogZ\b^mohlykZf
=hj[Zq_\klZjZ_lkywlm[hjv[mg_Znbrbjh\ZlvBkhijhlb\e_gb_i_j_kljhcd_khklhjhgu
h[u\Zl_e_clh`_hq_\b^ghohfhkh\_lbdmk`]mldhhi_jZlb\ublZd^Ze__:\hlkZfucfhsguc
bm`_^_ckl\mxsbcf_oZgbafaZ]h\hjZhgkdjulg_\b^_ghgaZdmebkZfbYbf_x\\b^m
hj]Zgbah\ZggucbdjmighfZkrlZ[guckZ[hlZ`i_j_kljhcdbkhklhjhgu\k_]hmijZ\e_gq_kdh]h
ZiiZjZlZkljZguklZdbehf_ljZohlFhkd\uklhylkhlgbg_jZa]jm`_gguokhklZ\h\k
ijh^h\hevkl\b_fZ\fhkdh\kdbofZ]ZabgZoijh^mdlh\g_lGZkdeZ^Zo]gbxllukyqblhggfykZ
h\hs_cnjmdlh\ZgZk_e_gb_klhbl\hq_j_^yoaZijhklhcdZjlhrdhcihlhfmqlhfZ]Zabggu_ihedb
imkluDlhwlh^_eZ_lb^eyq_]h"0DFrlZ[uwlbohi_jZpbc]h\hjylwlhgZqZehohjhrh
ijh^mfZgghcdZfiZgbbkZ[hlZ`Zkp_evx\ua\Zlv\gZjh^_g_^h\hevkl\hijZ\bl_evkl\hfaZklZ\blv
gZjh^\uclbgZmebpubwlhijZ\bl_evkl\hk[jhkblv:aZl_fqlh[umkfbjblv[_kihjy^db[m^_l
\\_^_gh\h_ggh_iheh`_gb_Dhgk_j\Zlhju\havfml\eZklv\k\hbjmdbi_j\uc`_f_kyphgb
\u[jhkyl\fZ]Zabgu\k_aZiZkuijh^h\hevkl\bydhlhju_ijyqmlk_cqZkbihdZ`mlkljZg_qlhijb
^_fhdjZlbbfheg_q_]h[ueh`jZlvZijbkbevghc\eZklbih`ZemcklZBihemqb\lZdbfh[jZahf
ihimeyjghklv\h[u\Zl_evkdhckj_^_gZqgml\ha\jZsZlvkljZgmdklZebgbafmhlbokp_gZjbcb
hgb_]hm`_ijh\h^yl\`bagv
AgZ_lebh[wlhf=hj[Zq_\"
=hj[Zq_\hdjm`_gex^vfbdhlhju_khjlbjmxlihklmiZxsmxdg_fmbgnhjfZpbxbhq_gvqZklh
bkdZ`Zxlj_ZevgmxdZjlbgmbeb\hh[s_[ehdbjmxlfgh]b_p_ggu_k\_^_gbyBf_gghihwlhfmy
ihreZgZlZdmxl_e_\babhggmx^b\_jkbx
BdZdhgj_Z]bjh\ZegZ\Zr_aZy\e_gb_"
?keb]h\hjblvhijyfhcj_Zdpbblh__g_lB\hh[s_k_]h^gyihgylv=hj[Zq_\Zhq_gvg_ijhklh
?keb\gZqZe_wdhghfbq_kdhcj_nhjfu[ueb\b^gu_]hijhjughqgu_gZf_j_gbylhl_i_jvhg\k_
[hevr_hlh^\b]Z_lkyhljZ^bdZevguoj_nhjfZlhjh\GZijbf_jhgg_ijbagZylqZklgmx
h[eh`behqZklgu_dhhi_jZlb\gu_ij_^ijbylby^jZdhgh\kdbfbgZeh]ZfbWlhagZqblqlh=hj[Zq_\
bij_fv_jfbgbkljJu`dh\\hh[s_moh^yl\ijZ\hddhgk_j\ZlhjZf
DZdb_`_m\Zki_jki_dlb\u"G_m\ZkebqghZmkljZgu"
Fuih^kqblZebqlh_kebjZa^Zlvdj_klvygZfa_fexlhijhp_glh\gZr_]hk_evkdh]hgZk_e_gby
fh`_lijhdhjfblv\kxkljZgmH^gZdhbafbeebhgh\dheohagbdh\fbeebhgZmijZ\eyxsbc
ZiiZjZllh_klvdheohagh_gZqZevkl\hBhgb[ehdbjmxljZa^Zqma_feb\_^vbgZq_hgbi_j_klZgml
[ulvjmdh\h^bl_eyfbBlZd\h\k_fh[s_kl\_Ihwlhfmfhcijh]ghalZdh\fuklhbfgZihjh]_
dhehkkZevghcbgneypbbBf_gghdhehkkZevghc\kihfgbl_wlhbgl_j\vxohly[uq_j_a]h^
BgneypbymgZk^he`gZ[ulvihfgh]bfijbqbgZfghbf_gghkZ[hlZ`i_j_kljhcdbih^kl_]g_l
\hegmfZkkh\uojZ[hqboaZ[Zklh\hdb\j_amevlZl_[m^_lklj_fbl_evgh_iZ^_gb_mjh\gy`bagbLh
_klvl_hljbpZl_evgu_y\e_gbydhlhju_[ueb\X]hkeZ\bbbIhevr_[m^mlmgZkm^_kyl_j_guB
wlbfg_f_^e_ggh\hkihevamxlkyl_dhfmgm`ghqlh[ugZjh^hdhgqZl_evgh\hag_gZ\b^_eb
ijZ\bl_evkl\hb=hj[Zq_\Zkl_fqlh[ukh\_jrblvijZ\ucimlq
:qlhihlhf"
:ihlhfdheeZikIhlhfmqlhgZrgZjh^m`_g_\hafh`ghaZklZ\blvjZ[hlZlv\kbkl_f_
ieZgh\hckhpbZebklbq_kdhcwdhghfbdbGm`gu[m^mlfZkkh\u_jZkklj_euex^_cgm`gu[m^ml
gh\u_eZ]_jyblhevdhih^kljZohfkf_jlbex^b[m^mljZ[hlZlv\wlhckbkl_f_\eZqZihem]heh^gh_
kms_kl\h\Zgb_:gZnhg_\k_h[s_]hjZa\ZeZmkbeblkygZpbhgZevgZy\jZ`^Z
:_klvebrZgkba[_`ZlvlZdh]hm`Zkgh]hjZa\blbykh[ulbc"?klvebrZgkqlhd\eZklbijb^ml
g_dhgk_j\ZlhjuZjZ^bdZevgu_j_nhjfZlhju"
K_cqZk\k_[m^_laZ\bk_lvhl=hj[Zq_\Z?kebhgg_kdhgk_j\ZlhjZfblhhg^he`_ghldjulh
h[tykgblvgZjh^mihq_fmhgkgbfb[ehdbjh\ZekyK_]h^gyih\_klbaZkh[hckljZgmgZdhj_ggu_
j_nhjfufh`_llhevdhq_eh\_dkdj_^blhfh[s_gZpbhgZevgh]h^h\_jby
Fh`_leb?evpbghdZaZlvkylZdbfq_eh\_dhf"
IhkfhljbfIhgbfZ_l_gZjh^mfh`gh\k_h[tykgblvg_[hykvghijbwlhfgm`gh\k_\j_fy
^\b]Zlvky\i_j_^Ihlhfmqlhrhdh\Zyl_jZibyohjhrZlhevdhijbgZebqbbhq_\b^guobj_]meyjguo
ihablb\guok^\b]h\BgZq_[m^_lhq_gvkljZrghG_lhevdhfZ]Zabgu[m^mlimklughklj_eylv
[m^mlgZmebpZodZdklj_eyxl\DZjZ[Zo__^vmgZkm`_b^_l]jZ`^ZgkdZy\hcgZ\hcgZ
[xjhdjZlbq_kdhcfZnbbijhlb\gZjh^ZGhh[wlhfgbdlhg_]h\hjbl
fuihemqbebmZ^fbgbkljZpbb]hklbgbpuk\hbiZkihjlZZ]hklbgbqgu_]jmaqbdbih\_aeb
gZrbq_fh^Zgu\bglmjbklh\kdbcZ\lh[mkIjbwlhf;Zjjbm^klhgbHeyA_e_gbgZlZd
fgh]hagZqbl_evghl\_j^bebgZf:DWFK\RXUEDJJDJHqlhdZ`^uckhijh\h`^Zek\hcq_fh^Zg
q_j_a\_kv\_klb[xev^hZ\lh[mkZIhq_fmlhwlhhq_gvg_ihgjZ\behkv]jmaqbdZfhgbhklZ\beb
l_e_`dmihegmxgZrbfbq_fh^ZgZfb\hae_Z\lh[mkZbmrebBgZfijbrehkvkZfbfkgbfZlv
q_fh^ZgubaZ]jm`Zlvbo\[Z]Z`gu_exdbZ\lh[mkZ
Ohlbl_yhl\_am\Zk\ZwjhihjlgZfZrbg_"kdZaZeZfg_Dhey]bgZBih^hjh]_ih[helZ_f
Km^h\hevkl\b_fhl\_lbeybk_ejy^hfkg_cgZi_j_^g__kb^_gv___`b]me_gdZ
:f_jbd_mgZkklhk_gZlhjh\ghfg_\k_g_dh]^Zkgbfb\klj_lblvkyLZdqlh\u[m^_l_i_j\uf\
fh_c`bagbk_gZlhjhfrhn_jhf
BdZdjZa\wlhlfhf_gl\hae_gZkk\ba]hfhklZgh\bebkvljblZdkbbbagbo\ukdhqbebahehlham[Zy
ibhg_jkdbo]ZeklmdZobkp\_lZfb\jmdZoHgbih^[_`ZebdZ\lh[mkmhdjm`bebJh[_jlZFZd]jhm
\jmqbeb_fmp\_luklZebrmfghijhsZlvkyZahehlham[Zy^bj_dljbkZkgh\ZjZkp_eh\ZeZ_]h\h[_
s_dbbkdZaZeZfgh]hh[_sZxs_
�h\klj_qb\:f_jbd_
GZrbaZZieh^bjh\ZebZyih^mfZeqlhLheklyd[ueijZ\Jh[_jlmm`_g_mclbhlwlhcahehlham[hc
km^v[u
LmlDhey]bgZaZ\_eZfhlhjbljhgmeZk\hxfZrbgmDhg_qghyfh]hklZgh\blv__bihijhsZlvkyk
FZjb_cGhdZd[u\u]ey^_ehlZdh_ijhsZgv_\]eZaZo__iZjlbcghc^bj_dljbku"
G_agZydZdihklmiblvyijhf_^ebekk_dmg^mZDhey]bgZm`_i_j_\_eZjuqZ]gZ\lhjmxkdhjhklvb
^ZeZ]ZaB\wlhlfb]FZjbygZldgmeZkv\a]ey^hfgZ`_eluc`b]me_ghdDhey]bghcm\b^_eZqlhy
m_a`ZxkdZdhclh`_gsbghcbgZ]jZ^beZf_gylZdbf\a]ey^hfijhdhlhjuc\_ebdbcjmkkdbcihwl
G_djZkh\kdZaZeDhgygZkdZdmhklZgh\bl
:ym`_dZdihegucb^bhlijhsZevguf`_klhfihfZoZe_cjmdhc
Ih^hjh]_\Zwjhihjlfubgl_j\vxbjh\Zeb^jm]^jm]ZDhey]bgmbgl_j_kh\ZehdZd_s_ijb`bagb
;j_`g_\Zykfh]\uqbkeblve_\u_^hoh^u[j_`g_\kdhck_f_cdbbh[t_fkh\_lkdhcg_e_]Zevghc
wdhghfbdb:f_gybgl_j_kh\Zeb__gZmqgu_^Zggu_\wlhc`_h[eZklbGhjZa]h\hji_j_kdZdb\Zek
h^gh]hgZ^jm]h_dZd__`b]me_ghdgZmoZ[ZojZa[blh]hE_gbg]jZ^kdh]hrhkk_
Ihfhbfhp_gdZfh[t_fgZr_cg_e_]Zevghcwdhghfbdbk_]h^gykhklZ\ey_lihjy^dZ
fbeebZj^h\jm[e_c
LZgy\uagZ_l_qlhFhkd\mgZdZqb\Zxl\hckdZfb"Kfhljbl_hiylvdhehggZZjf_ckdbo
]jmah\bdh\Mf_gyhsms_gb_[m^lhygZoh`mkvgZZjZ[kdbol_jjblhjbyo\BajZbe_lZdb_`_
jZa[blu_^hjh]blZdZy`_iuevgZ^_j_\vyoblZdb_`_Zjf_ckdb_]jmah\bdbihqlbgZdZ`^hfm]em
:]eZ\gh_lZdh_`_hsms_gb_qlh\hl\hlgZqgmlklj_eylvIjhklhdZdijbnjhglh\ZyihehkZ
:\u[ueb\BajZbe_"
�Zr_klve_lgZaZ^Lh]^Zfhyebl_jZlmjgZya\_a^Z[ueZ\a_gbl_fuk`_ghcljbf_kypZijh\_eb
\?\jhi_b_s_f_kyp\BajZbe_Ij_djZkgZykljZgZghklhblhlt_oZlvhlB_jmkZebfZgZijbf_j
\O_\jhgdZdkjZam\hagbdZ_lhsms_gb_ijbnjhglh\hcihehkuLhqghdZda^_kv
�ZmgZr_]hgZjh^ZgZjmdZo`mldh_dhebq_kl\hhjm`byHkh[_gghmdjbfbgZevguo[Zg^b
jwd_lbjh\Oh^ylkemobqlhgZ^gyofhkdh\kdb_fZnbb[m^ml^_eblvl_jjblhjbbBagZqbl[m^ml
mebqgu_[hbIh^wlbfij_^eh]hf\]hjh^kly]b\Zxl\hckdZydh[u^eyij_k_q_gby
djh\hijheblbcGhy^mfZxqlhhkgh\gZyijbqbgZihy\e_gb_e_]Zevghchiihabpbb\gZr_f
iZjeZf_gl_Dj_fe_bkim]Zebkv\_^v_kebaZ\ljZ\gZrmf_`j_]bhgZevgmx]jmiimaZibrmlkyg_
q_luj_klZq_eh\_dZiheh\bgZ^_imlZlh\_joh\gh]hKh\_lZ\uij_^klZ\ey_l_"Fukfh]eb[ukjZam
\aylv\eZklv\k\hbjmdb
Bdh]h[u\uk^_eZeb]eZ\hc]hkm^Zjkl\Z"
Gmmmkf_ogmeZkvhgZH[wlhfjZgh]h\hjblv
B\k_lZdb"
Fgh]b_kqblZxlqlhgZfgm`_glZdhcjZkdeZ^dZd\BajZbe_ij_ab^_glwlhkh\_klvkljZgu
\_joh\guc`j_pZij_fv_jfbgbklj^ey_`_^g_\ghcjZ[hluBijblZdhfjZkdeZ^_ZdZ^_fbd
KZoZjh\[ue[uij_djZkgufij_ab^_glhfuagZ_l_yg_^Z\gh\klmibeZ\iZjlbx
dhffmgbklbq_kdmx
�Qlhh"""yih^iju]gmegZkb^_gv_hlbamfe_gbyZ\_^vwlmiZjlbx`^_lGxjg[_j]kdbc
�ijhp_kkZ`_IjZ\^Zibr_lqlhk_cqZkdhffmgbklulukyqZfb[_]mlbaiZjlbb
J_ij_kkb\gucZiiZjZl\wlhckljZg_ijbgZ^e_`bldhffmgbklbq_kdhciZjlbb?kebhklZ\blv_]h\
jmdZo[j_`g_\kdhciZjlhdjZlbbhgbhq_gvkdhjhih\_jgml_]hijhlb\^_fhdjZlbbFu^he`gu
mki_lvi_j_o\Zlblvmgborlmj\Zeqlh[ug_[uehgh\h]hL[bebkbb]jZ`^Zgkdhc\hcgu
Dlhfu"
Q_klgu_jmkkdb_ex^b
Lmlrhkk_\^jm]j_adhkmabehkvlhqg___]hi_j_]hjh^beb[Zjv_judZdh]hlhj_fhglZ:
hq_j_^ghc\klj_qguc]jmah\bddjuluca_e_gufiuevguf[j_a_glhfg_^he]h^mfZyk\_jgmekh
k\h_cihehkugZgZrmb^ufykheyjdhckh]emrbl_evgufj_\hfihfqZekygZfgZ\klj_qmGh
fZe_gvdZyjmkkdZy`_gsbgZ^hdlhjwdhghfbq_kdbogZmdbgZjh^guck_gZlhjLZlvygZDhey]bgZg_
ih`_eZeZmklmiZlv^hjh]mZjf_ckdhfm]jmah\bdmIh^Z\rbkv\k_fl_ehf\i_j_^b^_j`Zk\hbfb
`_gkdbfbjmqdZfbiju]Zxsmx[ZjZgdmhgZ\_eZk\hcdjhohlguc`b]me_ghdijyfh\eh[wlhfm
F:Am
LZgyqlh\u^_eZ_l_"
Wlhfhy^hjh]ZkdZaZeZhgZkd\havam[ubgZ__djm]ehfdZdmJZbkuFZdkbfh\gu
=hj[Zq_\hcebp_h[hagZqbebkvlZdb_`_dZdmJZbkumijyfu_kdmeu
Lhevdhl_i_jvijbijb[eb`_gbbe_lys_]hgZgZkF:AZyjZa]ey^_elhqlhfh`_l[ulv
Dhey]bgZk\hbfbhkljufb]eZaZfbm\b^_eZjZgvr_ihjlj_lKlZebgZih^eh[h\ufkl_dehf
dZ[bgu\h^bl_eyWlZfh^ZgZihjlj_luKlZebgZk_cqZk^h\hevghkbevgZ\KKKJhkh[_gghkj_^b
kj_^g_]hdeZkkZgZim]Zggh]hjhklhfij_klmighklbbZgZjobbIjbKlZebg_[ueihjy^hd:l_i_jv
ohaybgZg_l\hlfg_gb_jmkkdh]hh[u\Zl_eyijb\udr_]h\_dZfb`blvih^ohaybghfL_i_jv
\hag_k_ggucih^kl_deh\ukhdhcdZ[bguF:AZihjlj_lwlh]hohaybgZ\j_\_]jmah\bdh\b\
dhihlbkheyjdbkhkf_jlhghkghckdhjhklvxe_l_eihE_gbg]jZ^kdhfmrhkk_ijyfhgZgZk
LZgy
HlklZgvl_ijhp_^beZhgZYmi_jkyjmdZfb\[Zj^ZqhdbaZdjue]eZaZGh\ihke_^gbc
fb]aZ^hexk_dmg^u^hg_ba[_`gh]hklhedgh\_gby\h^bl_ev]jmah\bdZ\ayeqmlv\ijZ\h
Ihjlj_lohaybgZmklmibegZfimlvbijhe_l_eaZe_\ufhdghf
:^hjh`gucagZdkhh[sbeqlh^hZwjhihjlZhklZehkv^\Zdbehf_ljZ
udZfbdZ^a_kdZaZeyLZlvyg_
ubf__l_\\b^m\klmie_gb_\dhfiZjlbx"kijhkbeZhgZ
Ybf_x\\b^m\k_u\k_lml`b\_l_dZddZfbdZ^a_Ghwlhbgl_j_kgh?kebfh`ghaZ\ljZfu
ijh^he`bf[_k_^m
u`_e_lbl_\E_gbg]jZ^kdZaZeZhgZ
AZ\ljZmljhfy[m^m\Fhkd\_
HgZihkfhlj_eZgZf_gyghijhfheqZeZGZ\hcg_dZdgZ\hcg_q_ff_gvr_agZ_rvhieZgZo
khk_^Zihnjhglml_fe_]q_[m^_l_kebihiZ^_rv\ie_gdijhlb\gbdm

MljZiZkh\_lkdh]hBEZ^_`mjgZyihihkZ^d_k\_jyeZgZrbebpZknhlh]jZnbyfb\iZkihjlZob
Zfijb\_lhlfh_cfZfukdZaZeZfg_gZrZ]b^rZHeyijhoh^yfbfhf_gyihijhoh^m\
dhg_pkZehgZ
KiZkb[hhl\_lbeyihgy\__gZf_dHeyhdZaZeZkvijZ\Z_keb[uyg_k_e\wlhlkZfhe_lD=;
bfhkdh\kdbcm]jhaukdg_f_^e_gghklZeb[ubkdZlvf_gyih\k_cFhkd\_
Fu\ae_l_ebIjbgZdehg_djueZ\gbamaZbeexfbgZlhjhfhldjueZkv\kyFhkd\ZGZrbklZeb
s_edZlvnhlhZiiZjZlZfbp_eykv\hkgh\ghfgZDj_fevykgh\b^guc^Z`_q_j_a]hjh^kdhckfh]B
gbdlhg_djbqZebfdZddh]^Zlhe_l^_kylvgZaZ^G_evaykgbfZlvIj_djZlbl_Hl^Zcl_dZf_ju
=eZkghklvq_jl\havfbih^mfZeybhlukdZe]eZaZfbkh\k_f^jm]mxqZklv]hjh^Zx]h\hklhd
LZfmdjulu_fZj_\hfaZ\h^kdbo^ufh\[uebDZ[_evgu_mebpubkj_^bgbogZlhjhc
DZ[_evghc^hfghf_jDhg_qghk\_jomklZdh]hjZkklhygbyyg_\b^_ewlh]h^hfZGhihqlb
ljh_kmlhdqZkh\y[uehlwlh]h^hfZ\k_]hgZjZkklhygbb^\Z^pZlbfbgmlgZlZdkbBm
f_gyg_o\Zlbeh^moZkt_a^blvlm^Z
�*XWVFm`_kl\h@ih^mfZeyihZg]ebckdb\hllhqgh_keh\h*XWVl_[_g_o\Zlbeh\hlqlhGh
ihq_fm"Lhevdhihlhfmqlh:gyihklZj_eZaZwlb^_kylve_ldZdihklZj_eb\k_fhbhklZevgu_
fhkdh\kdb_agZdhfu_"B\f_klhij_`g_c;_ehkg_`dbf_gy\klj_lblih`beZyjZkiheg_\rZy
khjhdZe_lgyy`_gsbgZklheklufbkbgbfb\_gZfbgZgh]Zo"
Q_jl\havfbfg_m`_lh`_g_Ihke_^_kylbe_ljZaemdb[ulvhlg__\k_]h\^_kylbdbehf_ljZob
me_l_lv\hllZdfheqZdZdihke_^gbcljmk"
*RGGDPQy^he`_g\_jgmlvky\Fhkd\mY^he`_g\_jgmlvkyi_j\uf`_ih_a^hfg_jZ^b
?evpbgZb=^eygZg_l:jZ^b:gbbkZfh]hk_[y
�Fh`gha^_kvk_klv"ZcZgZLjhkl_jg_h`b^Zyfh_]hhl\_lZk_eZ\khk_^g__dj_kehY
ohqmyohlv_ekiZkb[blv\ZkZ^bf
Ybamfbeky
RXVSHDN5XVVLDQ"
G_fghrdhGhyg_agZlvdZd^_eZlv]eZ]heIURPkiZkb[h%XWDQ\ZD\,\nGOLNHlhWKDQN\RXIRU
\HVWHUGD\RXVDYHGP\OLIH$QGP\PRQH\DOPRVWDOORILWZDVLQWKHKRWHOVDIH,GRQ\nWNQRZKRZlh
�UHSD\\RXGhdZd[ulZfgb[uehyohqmih[eZ]h^Zjblv\ZkaZ\q_jZrg__ukiZkebfg_`bagvB
^_gv]bihqlb\k_^_gv]b[ueb\]hklbgbqghfk_cn_Yg_agZxdZdyfh]mhl[eZ]h^Zjblv\Zk@
HwlhijhklhkdZaZeyihjmkkdbLudmibrvfg_^jbgdh^dmklhgbdhfIhgbfZ_rv"
IhgbfZcmhl\_lbeZhgZbmeu[gmeZkv\i_j\u_kh\q_jZrg_]h\_q_jZ+RZDERXWGRXEOH
�DZdgZkq_l^\hcghcihjpbb@"
�\hcghc"yijbl\hjghaZ^mfZekyAZGRXEOHlujZkkdZ`_rvfg_k_dj_lk_f_cgh]hkqZklvy
Lu\_^vaZfm`_f\_jgh"
�H\HVkdZaZeZhgZbihjmkkdbhklZgh\beZklxZj^_kkmFbkkZcl_gZfihrZemckl\Z^\Z
GRXEOH\h^dZklhgbd
Qlhh"""\hafmlbeZkvklxZj^_kkZMgZkg_ivxl\kZfhe_l_Wlh\Zfg_:f_jbdZ

udh]^Zgb[m^v[uebmikbobZljZ"Yg_fh]mk_[_ij_^klZ\blvibkZl_eydhlhjucoh^ble_qblvkyd
ikbobZljmAZq_f"KZfufemqrbfikbobZljhf^eyibkZl_ey^Z`__kebwlhlibkZl_ev^_ckl\bl_evgh
rbahnj_gbdy\ey_lkyibrmsZyfZrbgdZBebZRUGSURFHVVRU:lhqg__g_ba\_klgucqblZl_ev
^mjgu_fbjZ`bih^khagZgbyDklZlbjZ^hklvgZkeZ`^_gb_bijhqb_hsms_gbykqZklvyg_\oh^yl\
�wlhlkibkhdG_fukebfh\hh[jZablvhklh_\kdh]hdhlhjuckjZ^hklvxkZ^blkyibkZlv
Ij_klmie_gb_bgZdZaZgb_Y[uemikbobZljZljbjZaZ\k\h_c`bagbGhi_j\u_^\Zg_\kq_l
ihlhfmqlhwlh[ueb\bablud]bighlba_jZfdhlhju_bae_qb\Zxlhldmj_gbyDZdq_eh\_d
keZ[h\hevgucyg_fh]ba[Z\blvkyhlwlhc[he_agbkZfbj_rbedmiblvk_[_qm^hL_f[he__qlh\
]Za_lghfh[ty\e_gbbp_gZgZwlhqm^h[ueZg_hq_gv[hevrhc^heeZjh\I_j\uc]bighlba_j
jmkkdbcih]jm`Zef_gy\khgbg^b\b^mZevgh[hevr_qZkZghlZdbg_ih]jmabe\uc^yhlg_]h
ylml`_aZdmjbe:\lhjhcZf_jbdZg_p[uelZdbfkbevguf]bighlba_jhfqlhijbgbfZe
iZpb_glh\kjZam]jmiiZfbBhg^_ckl\bl_evghih]jmabe\k_o\khg[md\ZevghgZ\lhjhcfbgml_Y
wlh\b^_ekh[kl\_ggufb]eZaZfbihlhfmqlhy[ue_^bgkl\_ggufdhlhjucg_mkgmeGZiylhc
fbgml_]bighlba_jihkfhlj_egZf_gybkdZaZeqlhyfh]mb^lbd_]hk_dj_lZjr_bihemqblvk\hc
q_dh[jZlgh
Yihgyeqlhy[_agZ^_`_gbgl_jgZpbhgZevghhklZ\be\kydb_ihiuldbba[Z\blvkyhldmj_gbyb
ijh^he`ZejZ[hlZlv\kb]Zj_lghf^ufmkj_^bi_i_evgbpkhdmjdZfbbqZr_ddj_idh]hdhn_ih
lmj_pdbDZdym`_ibkZekhjhdZe_lg_fmibkZl_exijb_oZ\r_fm\:f_jbdmba^jm]hckljZgub
ihqlbg_]h\hjys_fmihZg]ebckdbgm`ghjZ[hlZlvdZd\hemqlh[uijh[blvkygZZf_jbdZgkdbc
dgb`gucjughdGhlhevdhex^bk^_eZggu_badbg`ZevghcklZebfh]mljZ[hlZlv^hfZaZklZ\b\
k\hbo^hfZrgbog_i_lvg_kemrZlvjZ^bhg_\dexqZlvl_e_\bahjg_]j_f_lvgZdmog_bl^
:yg_klZevghcg_qm]mggucb^Z`_g_`_e_agucIhdZyibrmihdZklmqmihdeZ\brZfk\h_]h
&RPSDTyihklhygghhsmsZxmk_[yaZkibghc\^jm]bodhfgZlZo`]ms__fhcaZluehdihe_
g_gZ\bklbWlhfhy`_gZg_gZ\b^blf_gyaZlhqlhyg_ih^f_ed\Zjlbjmg_\ufue\Zggmg_k\Zjbe
h[_^biehoh\ufueihkm^mIhlhfmqlhkZfhcaZgbfZlvky^hfZrgbfohayckl\hfwlhgb`___
^hklhbgkl\Z_^vhgZZdljbkZ
?s_h[kem`b\Zc\Zk]h\hjblhgZ^hqd_dh]^ZlZijhkbl__hq_flh
Klbkgm\am[uykb`maZdhfivxl_jhfb]h\hjxk_[_G_\f_rb\ZckyFheqbJZ[hlZc
Ghihe_Ebabghcg_gZ\bklbijh`b]Z_lkl_gu^Z\blfg_\aZluehd\ju\Z_lky\iehlvjhfZgZbq_jl
\havfbijh\hpbjm_llZf\fh_cfbjZ`ghcJhkkbb]jZ`^Zgkdmx\hcgmgZpbhgZevgu_\hkklZgbyb
jZ[hqb_aZ[Zklh\dbi_j_oh^ysb_\j_agxdhffmgbklh\YiulZxkvk^_j`Zlvwlhdjh\Z\h_jZa\blb_
bklhjbbk\_jgmlvk\hckx`_l\fbjgh_jmkehghlmlijboh^blOZgZ
IZihqdZfg_kdmqghLufh`_rvihclbkhfghcih]meylv"
Ih]meyckfZfhcFZfZaZgylZhgZg_fh`_lQ_fhgZaZgylZ"
HgZkfhljbl7KHRXQJDQG7KH5HVWOHVV
Y\udexqZxdhfivxl_jbb^mk^hqdhc]meylvEbaZkfhljbl7KHRXQJDQG7KH5HVWOHVV$VWKH
:RUOG7XUQVbijhqmxfmlvbkqblZ_lqlhlZdhgZmqblZg]ebckdbcyaudbki_pbnbdm
Zf_jbdZgkdh]hl_ZljZJZa\_fh`ghij_j\Zlvwlhl\_ebdbcijhp_kk"
Kh\_jr_ggh_kl_kl\_gghqlhbaaZwlboij_e_kl_c[ulZyihjhcihf_kypmg_ijbdZkZxkvdk\h_c
`_g_HgZhlwlh]h[_kblky_s_[hevr_bebkZ^blky\fZrbgmbg_kdZaZ\gbkeh\Zm_a`Z_ldm^Zlh
gZ\_kv\_q_j^hiha^g_cghqbHdZdohjhrhdZdlbohklZgh\blky\^hf_dh]^Zg_ljy^hfwlh]h
�h[eZdZg_gZ\bklbZ`__kebhgZaZ\_eZk_[_ex[h\bdZfg_ie_\ZlvYdmiZx^hqdmmdeZ^u\Zx
__kiZlvqblZx_cdgb`dmZdh]^ZhgZaZkuiZ_lhiylvkZ`mkvdk\h_fmdhfivxl_jmd_]hmxlghfm
Ghbgh]^Zy\aju\ZxkvBebEbaZ\aju\Z_lkyBebfu\aju\Z_fkyh^gh\j_f_gghWlhlbibqgh
k_f_cguc\aju\dh]^Zih\h^^eykdZg^ZeZkh\_jr_gghg_\Z`_g_]hb\kihfgblvihlhfg_\hafh`gh
Zijhklhdjblbq_kdZyfZkkZ\aZbfghcg_gZ\bklbm`_i_j_ihegbeZ_fdhklbgZrbol_eF_`^m
ijhqbflZdb_`_kdZg^ZeuykeurmihqlbdZ`^u_ljb^gyb\khk_^gbo^hfZoZihlhfgZmljhfhb
khk_^b\h[gbfdm\uoh^yl\h^\hjb`Zjyl]Zf[mj]_ju
Ghmf_gykEbahcihqlbg_[u\Z_li_j_fbjbcIhlhfmqlhex[h_i_j_fbjb_^he`ghhagZqZlvfhx
ihegmxdZiblmeypbxZbf_ggh
\fklhijhp_glgh_ijbagZgb_Ebabgh]hijZ\ZkiZlv^h^_kylbqZkh\mljZZihlhf\_kv^_gvkfhlj_lv
7KHRXQJDQG7KH5HVWOHVV$V7KH:RUOG7XUQVbijhqmxfuevgmxl_e_fmlv
\fjZ^hklgh_bkiheg_gb_ fghc\f\k_okmijm`_kdboh[yaZgghkl_c\dexqZyfulv_ihkm^uklbjdm
[_evym[hjdm^hfZaZdmidmijh^mdlh\dhjfe_gb_^hq_jb^hklZ\dm__\^_lkZ^bh[jZlghZlZd`_
_`_g_^_evgu_\u\hauh[h`Z_fhc`_gugZVRFLDOHYHQWV khpbZevgu_jZmlu@b___`_ghsgh_
k_dkmZevgh_h[kem`b\Zgb_
\fg_aZf_^ebl_evgucgZ_fihklhygghc^hfjZ[hlgbpugygvdbdhlhjZyba[Z\blgZdhg_pEbamhl
g_gZ\bklghc_c^hfZrg_cjZ[hlubiha\hebl_ciheghklvxkhkj_^hlhqblvkygZj_ZebaZpbb__
l\hjq_kdboaZfukeh\
AZ^_kylve_lgZr_ckh\f_klghc`bagbfg_lhevdhh^bgjZam^Zehkvkhq_lZlv\uiheg_gb_wlbo
mkeh\bc^Zblhg_^he]hjh\gh^\Zf_kypZihke_ihemq_gbyZ\ZgkZaZIh`Zj\lZc]_:q_j_a
f_kypihke_bkq_agh\_gbywlh]hZ\ZgkZ ZlZd`_^hfjZ[hlgbpube_lg_c^ZqbgZ[_j_]mfhjydm^Z
lZdhohlghijb_a`ZebgZrb^jmavy\ff_gyihghqZfklZebkgh\Zl_jaZlvdh]lbklu_q_jgu_iZgl_juZ
^g_fyhsmlbeaZk\hbfaZluedhf^h[hebagZdhfh_ihe_g_gZ\bklbLmlyhiylv\ahj\Zekybhl
[_agZ^_`ghklbk\h_ckmijm`_kdhc`bagb^Z`_[jydgmekykjZa[_]m]heh\hchkl_gdm
hl\b^brvlukmfZkr_^rbch[jZ^h\ZeZkvEbaZY`_\k_]^Z]h\hjbeZluikbol_[_gZ^h
e_qblvkybhgZm\_eZ^hqdm\^jm]mxdhfgZlmihlhfmqlhg_ba\_klghqlhwlhlikbofh`_l_s_
k^_eZlv:aZi_j_\^hqdm\^Zevg_cdhfgZl_\_jgmeZkvbkdZaZeZk_Moh^bY\ua\ZeZ
ihebpbxLukmfZkr_^rbclufh`_rvgZkm[blv
Gbdm^Zyg_mc^mhl\_lbeykljmogm\ihlhfmqlhf_gykZfh]hbkim]Zefhcihklmihdyihgye
qlh^hr_e^hij_^_eZB\]jh[my\b^_el\hxihebpbxG_l\fbj_kbeudhlhjZyaZklZ\blf_gy
mclbhl^hqdb
Wlhg_l\hy^hqdZ
Qlh"GmagZ_rvy^Z`_aZ^hogmekyhlrhdZLuih[hevr_kfhljbRXQJDQG5HVWOHVVlZf
_s_bg_lZdb__klvkx`_lu
Ye_]gZ^b\ZgbaZdmjbeklZjZykvmkihdhblv]jhohlk_j^pZEbaZhdZau\Z_lky]hlh\ZgZ\k_
\ua\Zlvihebpbxb^Z`_\u^mfZlvqlhOZgZg_fhy^hqdZGhaZq_f"Ihq_fmhgZlZdf_gy
g_gZ\b^bl"H[^mfZlvwlhl\hijhkyg_mki_e\^\_jvihklmqZebY\klZebihr_e\ijboh`mxAZ
^\_jvxklhyeihebp_ckdbck^m[bgdhcZ\lhjhcijylZekyaZijbiZjdh\ZgghcgZijhlb\gZr_]h
djuevpZfZrbghcb^_j`Zefhx^\_jvgZfmrd_ibklhe_lZb^bfhEbaZihl_e_nhgmij_^klZ\beZ
bff_gykkZfhcemqr_cklhjhgubhgbm`_\hh[jZabebfbeucaZ]heh\hd\aZ\ljZrg_cf_klghc
�]Za_l_JMKKDBCWFB=J:GL?J@BLA:EH@GBD:FBKHXK?FVXYhldjue^\_jvb
\ur_egZdjuevph
Yih\bgh\ZekyZ\lhjhcihebp_ckdbckibklhe_lhfijh[_`Zefbfhf_gy\^hfGZ\_jghhgfqZeky
kiZkZlvfhx`_gmb^hqdmdhlhjuoihkeh\ZfEbauykh[bjZekym[blvGhh[gZjm`b\qlhEbaZb
OZgZ`b\uihebp_ckdbcjZahqZjh\Zggh\ur_egZdjuevphbm`_[_ahkh[h]hbgl_j_kZhsmiZefhb
dZjfZguDhg_qghwlh[ueZaZf_qZl_evgZykp_gZ^eykhk_^_cdhlhjuojZa\e_dijb_a^ihebp_ckdhc
fZrbgu\gZrlbobcjZchg
Ghihkdhevdmhjm`bymf_gyg_[uehihebp_ckdbc\_e_efg_himklblvjmdbb\hclb\^hf
6Rqlhkemqbehkv"kijhkbeihebp_ckdbc\dhfgZl_
Hgkhr_ekmfZbfh`_lgZkm[blvkdZaZeZEbaZYohqmqlh[u\u\u[jhkbeb_]hba^hfZ
Hg\Zkm^Zjbe"
?s_g_lghfh`_lHgjZa[_`Zekybklmdgmeky]heh\hchkl_gdm
:HOOihebp_ckdbcihkfhlj_egZf_gykbgl_j_khf
DZdluk_[yqm\kl\m_rv"
Y\ihjy^d_kdZaZeyofmjh
:kl_gdZ"
Kl_gdZlh`_\ihjy^d_kiZkb[h
6RhiylvkdZaZeihebp_ckdbc
BlZddhfmijbgZ^e_`blwlhl^hf"Zfbeb\Zf"
FukgbfZ_f_]hkdZaZey
OhjhrhDlhkgbfZ_l_]h"HnbpbZevgh"
Fuh[ZkdZaZeZEbaZ
lZdhfkemqZ_e_^bkdZaZeihebp_ckdbcfug_fh`_f\u[jhkblv_]hhlkx^Z^hj_r_gby
km^ZLhevdhkm^vyfh`_lijbdZaZlv\u[jhkblv_]hba_]h^hfZFhc\Zfkh\_lj_rblv\Zrb
^_ckl\bykZ^\hdZlhf
GhkgbfhiZkghgZoh^blvky\h^ghf^hf_HgkmfZkr_^rbckdZaZeZEbaZ
Hgg_\u]ey^bllZdh\ufaZf_lbeihebp_ckdbcGh_keb\ugZklZb\Z_l_fufh`_fk_cqZk
hl\_albh[hbodkm^v_bimklvhgj_rZ_lQlh\ukdZ`_l_"bihebp_ckdb_ihkfhlj_ebgZgZk
h[hbogZf_gybgZEbam
�,\nPUHDG\Y]hlh\@kdZaZeybfb^h[Z\beEba_ihjmkkdbGhqlh[m^_lkOZghc_kebhgZ
m\b^blqlhiZimbfZfmm\_aeZihebpby"
/DG\kdZaZeEba_h^bgbaihebp_ckdbofh]myih]h\hjblvk\ZfbgZ_^bg_"
BhgbmrebgZ\_jZg^m]^_dZdyihgbfZxihebp_ckdbcklZeh[tykgylvEba_qlhgbdZdhckm^vy
gbq_]hkhfghcg_k^_eZ_lihdZyg_gZg_km_cj_Zevguom\_qbc:\lhjhcklZejZkkfZljb\Zlvfhb
dgb]bgZdgb`guoihedZob\uykgylvmf_gydZdb_i_jki_dlb\umjmkkdhci_j_kljhcdbYkdZaZe
qlhbaaZwlhc_i_j_kljhcdb\kyfhy`bagvihreZ\\_jolhjfZrdZfbghjZa\blvwlhll_abkg_
mki_eEbaZb\lhjhcihebp_ckdbc\_jgmebkv\dhfgZlmEbaZkdZaZeZqlhdkm^v_fuk_cqZkg_
ih_^_fghhgZaZ\ljZ`_gZc^_lk_[_Z^\hdZlZIhke_wlh]hihebp_ckdb_m_oZebZykdZaZeEba_
Lufh`_rv\aylvk_[_ohlv^_kylvZ^\hdZlh\ygbdm^Zhl^hqdbg_mc^mJZ^bg__yohqm
khojZgblvk_fvxb_keblukqblZ_rvqlhyikboy]hlh\e_qblvkyFh`_ly^_ckl\bl_evghkhr_ek
mfZhlwlhcnZdbg]`bagb
BgZaZ\ljZyhlijZ\bekydikbobZljm
]h\hjbeZihjmkkdbQ_klgh]h\hjyy_oZedg_c^Z`_kdZdbflhjZ^hklguf^mr_\gufih^t_fhfY
m`_aZ[uehk\hboi_j\uo^\mo\bablZod]bighlba_jZfbkgh\Z\_jbe\lhqlhfh]mdmiblvk_[_
qm^hImklvdZ`^uc\babld\jZqmklhbl^heeZjh\ghjZa\_\ug_aZieZlbl_bihelhjulukyqbaZ
k_f_cgh_kqZklv_"Y_oZedg_caZjZg__ij_^klZ\eyyk_[_[hevrhcbjhkdhrgucdZd\
l_e_\babhgguoVRXSRSHUDdZ[bg_l^hjh]h]h\jZqZikbobZljZklbohcijbylghcfmaudhck
p\_lZfbb^Z`_kiZevfZfb\[hevrbo\ZaZoKihdhcgZyb\gbfZl_evgZy`_gsbgZk\_k_eufb
fZl_jbgkdbfb]eZaZfbgZdehgblkydhfg_bkdZ`_lg_qlhlZdh_qlhjZahfi_j_g_k_lfhx`bagvk
l_g_\hcklhjhgugZkheg_qgmxbyh[j_lmgZdhg_pfbjbihdhc\k\h_f^hf_
=Zevi_jbgZhdZaZeZkvfZe_gvdhclheklhc`Z[hckoheh^gufbju[vbfb]eZaZfb:__dZ[bg_lgZ
%HFRQVWUHHWdjhohlghcdZdlxj_fgZydZf_jZs_evx\^hf_gZdhlhjhf\bk_eZ\u\_kdZ2IILFH
VSDFHDYDLODEOHwlhck\_`_\u[_e_gghc[_lhgghcs_ebihf_sZebkvlhevdhibkvf_ggucklheb^\Z
klmeZlhqghdZd\dZ[bg_l_dZdh]hgb[m^vijh\bgpbZevgh]hkh\_lkdh]hke_^h\Zl_eyo]h^h\
�lhevdh[_aihjlj_lZKlZebgZbeba_j`bgkdh]hgZkl_gZo
Kb^ygZklme_gZ\ukhdhc^h[Z\hqghcih^mr_qd_bmi_j_\rbkv\klhelheklufbb^jy[eufb
ehdlyfb=Zevi_jbgZfheqZjZkkfZljb\ZeZdZ`^h]hihk_lbl_eyg_ih^\b`guf\a]ey^hfkeh\gh
hq_j_^gmxfmomdhlhjmxij_^klhyehaZ]ehlblv
�=hkih^bih^mfZeyb\hli_j_^wlhc`Z[hcy^he`_gk_cqZkkh\_jrblvkljbilba"he`_g
jZkkdZaZlvdZdhcy^_kihl\k_fv_dZdy`b\mk`_ghcdZdihghqZff_gyl_jaZ_ldhrdZ\_ebqbghck
iZgl_jmbdZdy^hr_e^hlh]hqlhklZe[blvky]heh\hchkl_gu"
Ghihq_fm_c"_^vhgZ^Z`_g_fhcqblZl_evhgZg_ijhqeZgbh^ghcfh_cdgb]b\jZqZfdZd
bZ^\hdZlZfg_dh]^ZqblZlvdgb]b\_^vdZ`^ucqZkdhlhjuchgbg_kiylijbghkblbf
^heeZjh\
Ghyij_h^he_e\k_[_khijhlb\e_gb_`_jl\uYkdZaZeYohqmkhojZgblvk\hxk_fvxIhwlhfm
kgZqZeZyjZkkdZ`m\Zfhij_l_gabyofh_c`_gudhfg_Qlh[u\uagZebh[_klhjhguf_^ZebFhy
`_gZkqblZ_lqlhyikbobZedh]hebdQlhyg_m^_eyx_c\gbfZgbyg_jZa\e_dZx__bg_ihfh]Zx_c
khklhylvkydZdl\hjq_kdhcebqghklbJhkkbbhgZ[ueZba\_klghcZdljbkhcgh\:f_jbd_g_l
jmkkdbol_Zljh\ZhgZg_ohq_lf_gylvijhn_kkbx:dh]^Zy]h\hjxqlh^ey__`_kiZk_gby_c
gm`ghohlv]^_lhjZ[hlZlvhgZhl\_qZ_lghlu`_g_klZekljZoh\ufZ]_glhfLZddZd`_kiZklb
k_fvx?keb\ukdZ`_l_qlhyrbahnj_gbdy]hlh\ijhclbex[hcdmjke_q_gbyihlhfmqlhyg_
fh]mmclbhl^hqdbdhlhjmxgZa\Ze\q_klvk\h_cfZl_jb
By_s_^he]hjZkkdZau\Zx_cijhk\hxk_f_cgmx`bagvbijhlhdZd\q_jZkjZa[_]mklmdgmeky
]heh\hchkl_gm:ghjfZevghfmq_eh\_dmdZdyihgbfZxlZdh_^_eZlvg_k\hckl\_ggh
Wlh\_jghkdZaZeZ=Zevi_jbgZGh\ug_rbahnj_gbdIjhklh\ZrZ`_gZj_\gm_l\Zkd
\Zrbfmki_oZfLZf\JhkkbbhgZ[ueZba\_klghcZdljbkhcZa^_kv"GhgbdlhbagZkg_mf__l
\bgblvk_[y\ihjZ`_gbbfu\k_]^ZkqblZ_fk_[yqvbfblh`_jl\ZfbHgZm\Zk`_jl\Z
wfb]jZpbbZ\u__`_jl\Zihlhfmqlh[hevr__cg_gZdhfhlu]jZlvkyIjbrebl___dhfg_y
ih]h\hjxkg_c
GhEbaZdg_cdhg_qghg_ih_oZeZWlh[uehgb`___^hklhbgkl\Z
K_f_cgh_kqZklv_dhlhjh_yohl_edmiblvaZ^heeZjh\g_khklhyehkv
�L_i_jv\o\hkl_kh\_lkdh]hkZfhe_lZBeZf_jbdZgkdZy`mjgZebkldZZcZgZLjhkl_jjZaebeZih
L_i_jvhl\_qZxgZ\Zr\hijhkYaZfm`_fr_klgZ^pZlve_lBkdZ`m\Zfhldjh\_gghyihgylby
g_bf_xqlhlZdh_k_f_cgh_kqZklv_b_klvebhgh\hh[s_GhyagZxh^gmijblqm@beb[ueb^\Z
^bdh[jZaZhgbhgZHgbihex[beb^jm]^jm]Zbe_lhfku]jZebk\Z^v[mGhijbreZabfZ\k_
gZdjuehkg_]hfih^mebfhjhagu_\_ljuBhgbj_rbebkh]j_lv^jm]^jm]Zkh[kl\_ggufl_ehfGh
q_f[hevr_hgbijb`bfZebkv^jm]d^jm]ml_fkbevg_cb]em[`_hgbjZgbeb^jm]^jm]Zk\hbfb
b]hedZfbLZd\hl]h\hjylqlhk_f_cgh_kqZklv_aZ\bkblhllh]hgZkdhevdhijZ\bevghfm`b`_gZ
\u[bjZxl^bklZgpbxf_`^mkh[hcOhq_rv_s_[j_g^b"

�MOHYBAD:JLBJUUDEXQ:CL?WE?DLJHIJB;HJUBAWE?DLJHK?LB]b]Zglkdb_
[md\uwlh]hljZgkiZjZglZhldju\ZebiZghjZfmE_gbg]jZ^Zijb\t_a^_\]hjh^khklhjhguZwjhihjlZ
Kb^y\Z\lh[mk_yi_j_\h^bekhk_^yf\u\_kdbe_gbg]jZ^kdbofZ]Zabgh\bieZdZluDIKK
iZjlbyfbjZbI_j_kljhcdZb]eZkghklvimlvdkhpbZebafmKlhf_ljh\ucljZgkiZjZgl
UDEXQ:CL?WE?DLJHIJB;HJUZf_jbdZgpug_ihgyebijbrehkv^he]hh[tykgylvqlh\
KKKJ^Z`_\udexq_ggu_l_e_\bahjuqZklh\aju\ZxlkyKlZjmrdZH]be\bklZjZl_evghiulZeZkv
\u]h\Zjb\ZlvaZfghcwlbkljZggu_jmkkdb_keh\ZIjh^fZ]Ijb_fihkm^uKhpkljZob
E_gbg]jZ^]hjh^]_jhc:ihlhf\^jm]\ulZsbeZbakmfhqdbdZdmxlh[jhrxjmbkdZaZeZ
AgZ_l_Z^bffukfm`_fohlbfijhkblv\Zr_cihfhsbIhkfhljbl_wlm[jhrxjmWlhhgZr_f
dhee_^`_b^bl_a^_kvgZibkZghqlhgZrdhee_^`kZfucklZjuc\KR:Hghkgh\Zg
[jblZgkdbfdhjhe_fbevyfhfbdhjhe_\hcFZjb_cb\hl\u\b^bl_mgZk_klv^\_dhibbbo
dhjhe_\kdh]hmdZaZhl]h^Zh[hldjulbbgZr_]hdhee_^`ZLh_klvkh\_jr_gghykghqlhgZr
dhee_^`i_j\uc\:f_jbd_GhihdZfug_gZc^_fhjb]bgZedhjhe_\kdh]hmdZaZfug_fh`_f
hnbpbZevghbf_gh\ZlvkyI_j\ufZf_jbdZgkdbfdhjhe_\kdbfdhee_^`_f\uihgbfZ_l_"
_jly\jmdZo[jhrxjmydb\gmeohlykh\_jr_gghg_ihgbfZedZdh_wlhbf__ldhfg_hlghr_gb_
:HOOijh^he`ZeZfZe_gvdZyfbkkbkH]be\bijh\h^b\\a]ey^hfl_fgmxfZobgmBkZZdb_\kdh]h
kh[hjZbjZa[_]Zxsb_kyhlg_]he_gbg]jZ^kdb_mebpuWlhl]hjh^ihoh`gZ:fkl_j^Zfu[ueb
\:fkl_j^Zf_"
�Zhl\_lbeyb\_jgme_c[jhrxjm
Ih^h`^bl_kdZaZeZhgZ?^bgkl\_gghihq_fmfukfm`_fijb_oZeb\Jhkkbxwlh
hjb]bgZemdZaZ[jblZgkdh]hdhjhey
Jhkkbb"bamfbekyy
�Zb^bl_ebfbkl_jIehldbgmgZk\:f_jbd_[ueZ]jZ`^ZgkdZy\hcgZBklm^_glubmqbl_ey
gZr_]hdhee_^`Zmreb\h_\ZlvH^bgjmkkdbcklm^_glihnZfbebcDhj`Z\bgj_rbekgylvdhibxk
dhjhe_\kdh]hmdZaZbm\_a_]h\KZgdlI_l_j[mj]kdbcZjob\B\hlm`_^\Z]h^Zfu\_^_fi_j_ibkdm
kLZjZkh\uf^bj_dlhjhfP_gljZevgh]hZjob\Zbijhkbf_]hgZclbwlhl^hdmf_gl:\km[[hlm[ueb
mg_]h\hnbk_HgkdZaZegZfqlh^hdmf_glZg_l\nhg^ZoFhkdh\kdh]hZjob\Zqlhhg\
E_gbg]jZ^_IhlhfmqlhjZgvr_wlhl]hjh^[uejmkkdhcklhebp_cb\k_pZjbbijbgpu`beba^_kv
Bfbkl_jLZjZkh\iha\hgbegZqZevgbp_Zjob\ZbaZ\ljZ\^_kylvqZkh\\klj_qZG_fh`_l_eb\u
ih_oZlvkgZfbgZwlm\klj_qm"Wlhhq_gv\Z`gh
BhgZijhkbl_evghljhgmeZf_gyaZjmdmYhlhjhi_ehihkfhlj_egZklZjh]hijhn_kkhjZb
ijhn_kkhjrmHgbihljZlbebr_klvlukyq^heeZjh\b^\Z]h^Zqlh[ugZclbebklhd[mfZ]b
l_jjhjbabjmxlgZk_e_gb_]^_iZjeZf_gljZkdhehekygZnjZdpbb]^_jZ[hqb_fblbg]mxlih
g_kdhevdhkmlhdlj_[myfykZb\f_rZl_evkl\Zb]^_\hckdZ\oh^yl\]hjh^ZbiZjZlbobo
fZe_gvdboklZjuoZf_jbdZgkdboijhn_kkhjh\ijb_oZebkx^ZbgZg_keb\babldhfm[u\u
^mfZeb"+DqZevgbdmP_gljZevgh]h]hkm^Zjkl\_ggh]hZjob\Zfbkl_jmLZjZkh\mlhfmkZfhfm
LZjZkh\mdhlhjuc\hlm`_ljb]h^Zhl[b\Z_lkyhlZlZd\k_ofhkdh\kdbo]Za_lb^_imlZlh\
�lj_[mxsbohlg_]himklblvbo\Zjob\uE_gbgZKlZebgZLjhpdh]h;moZjbgZD=;F=ME:=Z
qlh[ugZdhg_pkhh[sblvgZjh^mijZ\^mh^_ygbyoDIKKhfZkkh\hfjZkklj_e_ihevkdbohnbp_jh\
\DZlugbhiZdl_Jb[[_gljhiZFhehlh\ZhfbeebhgZo`_jl\dhffmgbklbq_kdh]hl_jjhjZ\
ijhrehfbhihdmr_gbyogZIZimJbfkdh]h:fbgZb=_hj]byFZjdh\Z\ihke_^gb_]h^uBf_gghd
wlhfmq_eh\_dmdhlhjh]hba^uoZxsZydhfiZjlbyihklZ\beZgZhojZgm\k_ok\hbom`ZkguoZjob\h\
ijb_oZebfbkl_jbfbkkbkH]be\b
Yihkfhlj_egZgbobih^mfZeqlh_keb[ujy^hfkhfghck_cqZkhdZaZekyE_\dZLheklydhg
\hkdebdgme[ukhk\hbfh[uqguf\^hogh\_ggufwglmabZafhfKlZjbdwlh`_ihljykZxsbc
�kx`_l^eyFRSURGXFWLRQ\ZZf_jbdZgkdboklZjbqdZbsmldZdmxlh[mfZ`dm\j_\hexpbhgghc
Jhkkbbhdjm]l\hjblkyq_jll_qlh]jZ`^ZgkdZy\hcgZZhgboh^ylhlh^gh]hgZr_]hqbgh\gbdZd
^jm]hfmbgZdhg_p^h[bjZxlky^hkZfh]h=hj[Zq_\ZGh^Z`_hgg_fh`_lihfhqvihlhfmqlhmg_]h
�g_lm`_gbdZdhcj_Zevghc\eZklbWlh`_]_gbZevguckx`_l^eydhf_^bbZ\Zc[ukljhgZibr_f
aZy\dmbijh^Z^bf\=heeb\m^
GhLheklydZg_[uehjy^hfkhfghcby\a^hogm\kdZaZeklZjbqdZf
uijb_oZebkx^Z\kZfh_ih^oh^ys__\j_fy
�Zl_i_jvfuihgbfZ_fijhbag_kfbkl_jH]be\bDZ`_lky\i_j\u_aZ\k_gZr_iml_r_kl\b_
ymkeurZe_]h]hehkGhbf_gghihwlhfmfuih^mfZeb_keb[u\ufh]ebih_oZlvkgZfbaZ\ljZ
Yg_fh]kdZaZlvbfqlhkh[bjZxkvq_j_ag_kdhevdhqZkh\g_e_]ZevghihdbgmlvE_gbg]jZ^ghyg_
fh]h[b^_lvbok\hbfhldZahfYkdZaZe
Y^mfZxqlh_klvlhevdhh^bgkihkh[gZclbwlm[mfZ`dm\kh\_lkdboZjob\ZoB\uwlhfh`_l_
e_]dhk^_eZlv[_af_gy;hevr_lh]hfh_ijbkmlkl\b_fh`_llhevdhbkihjlblv\k_^_eh
u^mfZ_l_fu^he`gu^Zlv\ayldm"kdZaZeZfbkkbkH]be\bkmohih^h[jZ\k\hb]m[dbbdZd
[uaZjZg__hllZedb\Zyf_gyhkm`^Zxsbf\a]ey^hf
Gb\dh_fkemqZ_hl\_lbeyayldmhgbm\Zkg_\havfmlG_ihlhfmqlhhgbg_[_jml
\aylhdZihlhfmqlh\aylv\ayldmm\Zkhgbih[hylkyGhy\Zfkh\_lmxkdZaZlvgZqZevgbp_Zjob\Z
\hlqlhKdZ`bl__cqlhdZdlhevdhgZc^_lkywlhl^hdmf_glhgZ[m^_li_jkhgZevghijb]eZr_gZgZ
p_j_fhgbxi_j_bf_gh\Zgby\Zr_]hdhee_^`Z\I_j\ucZf_jbdZgkdbcdhjhe_\kdbcdhee_^`B
^Z`_ihemqbldZdhcgb[m^vihq_lguc^biehfbeb^hdlhjkdmxkl_i_gvM\_jyx\ZkqlhjZ^b
ih_a^db\:f_jbdmhgZebqghk\hbfbjmdZfbi_j_jh_l\k_pZjkdb_Zjob\u
ulZd^mfZ_l_"kg_dhlhjufkhfg_gb_fijhbag_keZfbkkbkH]be\b
:[khexlgh;hevr_lh]hy^Z`_^mfZxqlh_keblZdhc[mfZ]bg_l\jmkkdboZjob\ZohgZ\k_
jZ\ghgZc^_lky
DZdwlh"+RZFRPH"aZoehiZeZ]eZaZfbfbkkbkH]be\b
Hgb__k^_eZxlkZfbhl\_lbeaZf_gyihedh\gbdKwfEhabgkdbBkdZaZefg_LuagZ_rv
Z^bfylh`_bf_xijb\Zlgmxp_ev\wlhcih_a^d_
Kh\_lkdhc:jfbbDZdjZaa^_kv\E_gbg]jZ^_mf_gy_klvh^gZagZdhfZy^_\hqdZHgZjZ[hlZ_l
k_dj_lZjr_cdhfZg^mxs_]he_gbg]jZ^kdbf\h_ggufhdjm]hfbh^gh\j_f_gghy\ey_lkyex[h\gbp_c
gZqZevgbdZ;Zelbckdh]h\h_gghfhjkdh]hnehlZ
Lurmlbrvihqlbih\_jbefg_Ehabgkdb
�Yihkfhlj_egZ`hgZH\nOZ]_gZ
:dZdgZkq_ll_[y"L_[yg_bgl_j_kmxlk_dj_ludheohagh]hijhba\h^kl\Zir_gbpu"Y^hjh]hg_
\havfm
��G_lkiZkb[hmkf_ogmeky`hg%XWDVDPDWWHURIIDFW,GRKDYHP\RZQJRDOGhmf_gy
lh`__klvp_ev\wlhcih_a^d_@LZeebgg_mf_gygZagZq_gZ\klj_qZkfwjhf]hjh^ZFu\_^_fk
gbfi_j_]h\hjuhlhfqlh[ugZrb]hjh^ZklZeb]hjh^Zfbih[jZlbfZfb
Y\hijhkbl_evgh]eygmegZGhjfZgZ;_jgZghhgkdZaZe
Yk\hxfbkkbxm`_\uihegbe
DZdmxfbkkbx"
:HOOIh`Zemcl_i_jvyfh]mkdZaZlvYijb\_a,%0^eyfhkdh\kdhckbgZ]h]bKhrjbnlZfbgZ
b^brbgZb\jbl_L_i_jvhgbkfh]mlkZfbi_qZlZlv_\j_ckdb_dgb]b
Q_jl\havfbih^mfZeyY[uem\_j_gqlh\k_fhbkimlgbdbijhklhijZa^gu_lmjbklu
`mjgZebklublhevdhykhk\h_caZlZ_gghcb^__cgZclbk\hcnbevfbm\b^_lv]eZ\gmx`_gsbgm
fh_c`bagbhkh[uckemqZcbhjb]bgZevgh_bkdexq_gb_:hdZau\Z_lkyhll_[_b_s_h^bg
kx`_l^eynbevfZaZmjy^gZy\jh^_[u]jmiiZlmjbklh\_^_l\KKKJghmdZ`^h]hk\hyp_ev
k\hyk_dj_lgZyfbkkby
�\Zbglmjbklh\kdboZ\lh[mkZ\i_j\hffuZ\h\lhjhfgZr[Z]Z`ijhdZlbebihfhklmq_j_a
G_\mYi_j_\_e\a]ey^gZihedh\gbdZEhabgkdh]h
Dhg_qghKwfyihrmlbeGhkdZ`bfg_k\hxp_ev
&#xRX;&#xJ;&#xDY;&#xH;&#xPH;
&#xK;&#xDU;&#xG;&#xWL;&#xPH;&#x;&#xGL;&#xP;�Mnnhgkh[e_]q_gb_f\uimklbe\ha^moRXJDYHPHDKDUGWLPH9DGLPLufg_aZ^Ze
aZ^Zqdm@?keb[ul\hy^_\hqdZ[ueZj_Zevghcmf_gy[um`_g_[ueh\u[hjZ:HOO$Q\ZD\Fhy
p_evdhg_qghkdjhfg_cOhlyg_e_]q_IjhklhygmfbafZlZ\h\lhjgbdmgZkihjZkibkZgbx
ihk_s_gb_WjfblZ`ZBdZdyagZxlhevdh\WjfblZ`__klvihegZydhee_dpbydj_klh\
FZevlbckdh]hhj^_gZLmlgZ\k_]^Zoheh^ghfdZdklbe_lebp_ihedh\gbdZ\^jm]ihy\beky
dZdhclh\gmlj_ggbck\_lBhgkijhkbef_gy^jh]gm\rbf]hehkhfLu^mfZ_rv_klvdZdhc
gb[m^vkihkh[ihemqblvjZaj_r_gb_knhlh]jZnbjh\Zlvwlmdhee_dpbx"
Yih^Zeky\k_fl_ehf\i_j_^baZ]eygmeKwfm\]eZaZ
Luijbe_l_ekx^Zk=Z\Zckdbohkljh\h\qlh[uknhlh]jZnbjh\Zlvdhee_dpbxdj_klh\
FZevlbckdh]hhj^_gZ"""
Lug_ihgbfZ_rvZ^bfhl\_lbehgy\gh\hegmykvNhlh]jZnbcwlbodj_klh\g_lgb\
h^ghfdZlZeh]_GZr[jb]Z^guc]_g_jZekZfucdjmiguc\fbj_dhee_dpbhg_jhj^_gh\bf_^Ze_c
ghbhgbf__llhevdhh^bgfZevlbckdbcdj_kl?keb[u\WjfblZ`_hgbiha\hebebfg_
knhlh]jZnbjh\Zlvbodhee_dpbx
H\nd_cihedh\gbdkdZaZeyDZdlu^mfZ_rv=JMk_jv_agZyhj]ZgbaZpby"
�_j`miZjbqlh^Zhl\_lbehg
6RFRPUDGHFRORQHOhlbf_gb=eZ\gh]hjZa\_^u\Zl_evgh]hmijZ\e_gbyKh\_lkdhc:jfbb\hl
ieZlblv\ZfgZklhysbfbfZevlbckdbfbdj_klZfbIjyfhbaWjfblZ`ZDZd\ZflZdZyk^_edZ"
�*RlhKHOOB^bdq_jlm@kdZaZeihedh\gbdbmr_e\i_j_^ihZ\lh[mkmnebjlh\ZlvkFbqbdh
DZlhyfZ

]hklbgbp_Ijb[ZelbckdZyh]jhfghfkl_deyggh[_lhgghffhgklj_ihkljh_gghfgZdZdhflh
imkluj_\^Zebhlp_gljZ]hjh^ZZ^fbgbkljZlhjhlf_lbeZdZ`^h]hbagZk\k\h_fkibkd_aZ[jZeZ
gZrbiZkihjlZb\h[f_g\u^ZeZgZfdZjlhgdbijhimkdZ\]hklbgbpmHsms_gb_hq_j_^ghc
mljZluZf_jbdZgkdh]hiZkihjlZ[uehg_baijbylguoghl_i_jvy[uek\h[h^_gH^gZdhkjZam_oZlv
gZFhkdh\kdbc\hdaZeg_bf_ehkfukeZ[uehlhevdhiylv\_q_jZZih_a^ZbaE_gbg]jZ^Z\Fhkd\m
moh^yl\iheghqvDjhf_lh]hgm`gh[uehqlhlhijb^mfZlvgZkq_l[be_lZf_gy[_kihdhbeh
ij_^mij_`^_gb_LheklydZqlhgZ\hdaZe_yg_^hklZgm[be_lBlmly\kihfgbehq_eh\_d_^ey
dhlhjh]h^hklZlv[be_lgZkZfhe_lih_a^bebiZjhoh^kmsbcimklydHDhkl_AZcdh
]_gbZevghf^bj_dlhj_fh_cihke_^g_cdZjlbgudhlhjuc_kebgm`gh[ueh^eykt_fhdfh]^hklZlv
^Z`_wkdZ^jbevx\h_gguoFB=h\ihke_^g_cfh^_eb
Dhg_qgh\ghf_j_dhlhjucyhiylv^_ebekJh[_jlhfFZd]jhml_e_nhgghcdgb]bg_[uehY
�kimklbeky\gbadZ^fbgbkljZlhjmghhdZaZehkvqlhf_gym`_hi_j_^be`hgH\nOZ]_gIjZ\^Z
�`hgijbr_ekx^Zih^jm]hfmih\h^mih^hjh]_baZwjhihjlZ\]hklbgbpmba_]hq_fh^ZgZijhiZeb
^`bgkub[ehdkb]Zj_l
�Ylmlgbq_]hg_fh]mih^_eZlvg_j\ghkdZaZeZ`hgmZ^fbgbkljZlhjrZBihq_fm\u
^mfZ_l_qlhhgbijhiZeb\E_gbg]jZ^_"KlZdbf`_mki_ohfhgbfh]ebijhiZklv\Fhkd\_beb\
kZfhe_l_
Y\kihfgbeqlh\Fhkd\_\Dhkfhk_ijbihkZ^d_\Z\lh[mkfulZdlsZl_evghkhijh\h`^Zebk\hb
q_fh^Zguqlh]jmaqbdb[jhkbebgZr[Z]Z`bmrebL_i_jvyihgyeijbqbgmbojZa^jZ`_gby:\hl
e_gbg]jZ^kdbck_j\bkhdZaZekyagZqbl_evgh^_ebdZlg_cgZk\_aeb\h^ghfZ\lh[mk_iZkkZ`bjkdhf
ZgZr[Z]Z`\^jm]hf\]jmah\hfWlhiha\hebehe_gbg]jZ^kdbf]jmaqbdZfaZkhjhdfbgmlimlb
hlZwjhihjlZ^h]hklbgbpukihdhcghb[_ak\b^_l_e_cijh\_jblv\k_gZrbq_fh^Zgub^hjh`gu_
�kmfdbBl_bagbodhlhju_[ueb[_aaZfdh\dZdm`hgZH\nOZ]_gZihg_kebg_dhlhju_ihl_jbGh
�g_lZdb_agZqbl_evgu_qlh[uwlbbghkljZgpuih^gbfZebk_jv_agucrmfGZijbf_j`hgH\nOZ]_g
mkeurZ\hl\_lZ^fbgbkljZlhjrbg_klZe\klmiZlvkg_c\kihjbaaZiZju^`bgkh\Zih`Ze
ie_qZfbbmr_e
;m^vl_ex[_agu^Zcl_fg_ih`ZemcklZl_e_nhggmxdgb]mkdZaZeywlhcZ^fbgbkljZlhjr_
ihjmkkdb
MgZkl_e_nhggZydgb]Zlhevdh^eykem`_[gh]hihevah\Zgby[ue__jmkkdbchl\_l
:fg_dZdjZa^eykem`_[gh]hihevah\ZgbyYdhjj_kihg^_glyihgkdh]h`mjgZeZ7RNLR5HDGHUV
'LJHVW
:^fbgbkljZlhjrZihkfhlj_eZfg_\]eZaZihlhfgZ[bjdm,17(51$7,21$/35(66dhlhjZy
\bk_eZgZeZpdZg_fh_]hib^`ZdZihlhfkgh\Zfg_\]eZaZ
uqlhbalhc`_^_e_]Zpbb"
LZdlhqgh
HgZkmgmeZjmdmdm^Zlh\gbaih^djurdmk\h_]hibkvf_ggh]hklheZ^hklZeZhllm^Zihlj_iZggmx
[uehklhevdhg_gZ\bklbqlh__o\Zlbeh[ugZjZd_lgucm^ZjbihLhdbhbihZrbg]lhgmghih
kqZklvxl_e_nhggZydgb]ZhdZaZeZkvijb\yaZgghcdklhcd_lheklufrgmjdhf
Yhldjuewlmdgb]mgZ[md\mh[gZjm`belZfr_klgZ^pZlvnZfbebcAZcdhghkeZ\Z;h]m
DhgklZglbgAZcdh[uelhevdhh^bgIhju\rbkv\dZjfZgZoygZr_egbd_e^_kylv
Zf_jbdZgkdbop_glh\bih^mfZeqlh_s_gbdlhgZ\_jgh_g_kh\_jrZelZdh]h^bdh]hh[f_gZ
^_kylvZf_jbdZgkdbop_glh\aZ^\_kh\_lkdb_dhi_cdb
HdZaZehkvqlh\hlebqb_hl\k_ckh\_lkdhcwdhghfbdbkh\_lkdb_l_e_nhguZ\lhfZlum`_]hlh\ud
i_j_oh^mgZaZiZ^gu_j_evkuZ\lhfZlhohlghijh]ehlbefhcgbd_ebihke_i_j\h]h`_]m^dZy
mkeurZe\ljm[d_`_gkdbc]hehk:eeh
A^jZ\kl\mcl_;m^vl_^h[juDhklx
GZdhg_p\hkdebdgme]hehkKijb_a^hfWlh\uZ^bf"
Yhlhjhi_ey:dZd\umagZebqlh
GmdZd`_kdZaZe]hehkY`_a\hgbeZ\Zf\DhkfhkuihemqbebfhxaZibkdm"
LZd\uLZd\ub_klvDZjbgZ"khh[jZabey
Gm^ZdZdhc\u]hklbgbp_"DhklyijbdZaZefg_g_f_^e_gghijb\_alb\Zkdg_fm`b\ufbeb
f_jl\ufudZdij_^ihqblZ_l_"
:]^_hg"GZkt_fdZo"
Qlh\uGZdZdbokt_fdZo"Hg\[hevgbp_mg_]hbgnZjdl
MDhklbbgnZjdl"g_ih\_jbey:qlh\um^b\ey_l_kv_fm`_khjhd^\Z]h^Z
=hkih^bih^mfZeyZ\_^vDhkl_bijZ\^Zm`_khjhd^\Z]h^Z:ylh\k_ij_^klZ\eye_]hxguf
dbghZ^fbgbkljZlhjhfGhbgnZjdlMDhklb"""
dZdhchg[hevgbp_"yihkfhlj_egZqZku;uehiher_klh]hy\iheg_mki_\Ze_]hgZ\_klblv
?keb\ukdZ`_l_fg_\dZdhc\u]hklbgbp_hl\_lbe]hehkyaZ_^maZ\Zfbq_j_aiylgZ^pZlv
fbgmlu\?\jhi_ckdhc"
G_l\Ijb[ZelbckdhckdZaZeybmkf_ogmeky\kihfgb\k\hbij_`gb_\bablu\
E_gbg]jZ^?\jhi_ckdmxf_gyfh]mkljhblvlhevdhDhkly
H\nd_cIjb[Zelbckdhcy[m^mq_j_ak_fvfbgmlwlhfg__s_[eb`_@^bl_f_gym\oh^Z
[ZcB\ljm[d_jZa^Zebkv]m^dbhl[hy
Ykm^b\e_gb_fih\_jl_e\jmdZoljm[dmKm^yih]hehkmwlhcDZjbg_g_[hevr_^\Z^pZlbZ
jZa]h\Zjb\Z_lhgZklhc`_\_k_ehcklj_fbl_evghklvxqlhbDhklyGhhldm^ZDhklymagZeqlhy\
KKKJ"
�Zhq_gvijhklhkdZaZeZDZjbgZhgZhdZaZeZkvkljhcghcb\ukhdhcljb^pZlbe_lg_crZl_gdhc
\nhjf_klxZj^_kkuf_`^mgZjh^guoebgbc:wjhnehlZZ__]hem[hc`b]me_ghd[uemdjZr_g
bfihjlgufbnbglbnexrdZfbkwf[e_fZfbaZcqbdZfbIe_c[hyBf`_lZfg_q_]h^_eZlv\
[hevgbp_hlhgbbkfhljyll_e_\bahjkmljZ^hghqb:\q_jZ^g_fihdZau\ZebaZk_^Zgb_gZr_c
�iZjeZf_glkdhchiihabpbb\hf_dbghB\ulZf\\_klb[xe_jZa]h\Zjb\Zebk?evpbgufDhkly
dh]^Zm\b^_emg_]hqmlv\lhjhcbgnZjdlg_kemqbekyGmZ^Zevr_\uihgbfZ_l_DhklyihkZ^be
�f_gygZl_e_nhgbyh[a\hgbeZiheFhkd\u_eh\lhfqlhmDhklb_klv\Zrnbevf
DZdhcnbevf"kijhkbeyjZkk_ygghhl\e_q_gguc\hbklbgmahehlufe_gbg]jZ^kdbfaZdZlhf
AZdZlkeh\ghba\e_dba]jyaghckh\_lkdhcfbrmju[uemxi_l_j[mj]kdmxdjZkhlmwlboijyfuob
�_ckl\bl_evghwlhl]hjh^[ueihoh`gZ:fkl_j^ZfIZjb`JbfBebhgbgZg_]h
QlhagZqbldZdhcnbevf"kdZaZeZDZjbgZebohijhe_lZyijyfhih^ghkhfljZf\ZyZr
nbevfdhlhjuc\u^_eZebkDhkl_cAbfZ[_kdhg_qgZ
Qlhhh"""
:]Z^hrehmeu[gmeZkvhgZ:\u^mfZ_l_ihq_fmhg\_e_eijb\_alb\Zkdg_fm`b\uf
bebf_jl\uf"
Gh\_^vnbevfkfuebY\b^_eZdljyaZgkdhcnZ[jbdb
LmlDZjbgZih\_jgmeZkvdhfg_bkijhkbeZ
Gmbqlh"Ylh`_[ueZaZfm`_fdh]^Z\klj_lbeZDhklxBf_`^mijhqbfaZkh\_lkdbfZllZr_\
;hgg_GhjZa\_\ug_agZ_l_Dhklx
HdZaZehkvg_agZx
f_klhkihjlb\ghom^hsZ\h]hl_ggbkbklZ\k_]^Zwe_]Zglghh^_lh]hbihxghr_kdbklj_fbl_evgh]h
\^\b`_gbyoi_j_^hfghcklhyek_^h\eZkuclheklyd\[e_dehihehkZlhc[hevgbqghcib`Zf_
IjZ\^ZgZ_]hh^mleh\Zlhfebp_[uebk_ju_Dhklbgu]eZaZbmg_]h[ueijhdmj_ggucDhklbg
]hehk
KlZjbqhdkdZaZehgdZdlhevdhDZjbgZmreZ hdZaZehkvqlhhgZq_j_aqZkme_lZ_l\Hkehb^h
ihke_^g_cfbgmlu`^ZeZfh_]ha\hgdZ\_kv^_gvg_\uoh^ybad\Zjlbju\fKlZjbqhd^Zckb]Zj_lm
[ukljh
?s_q_]h\hafmlbekyyihfgyqlh\k_]hg_^_exgZaZ^mg_]h[uebgnZjdlFuklhyebgZ
aZrZjdZgghc[hevgbqghce_klgbp_dm^ZDZjbgZijh\_eZf_gykihfhsvxg_[hevrhc\ayldb\\b^_
iebldbghj\_`kdh]hrhdheZ^ZdhlhjmxhgZkmgmeZ\dZjfZg^_`mjghcf_^k_klj_h[f_ggZwlh
f_^k_kljZ\u^ZeZgZf^\ZoZeZlZaZklbjZgguo^hZknZevlh\hck_jhklbb[_a_^bghcim]h\bpugh
aZlhlhqghklZdbfb`_q_jgufbrl_fi_eyfbdZdb_[uebgZijhklugyo\]hklbgbp_:jf_gby
^_kylve_lgZaZ^\kZfmx\her_[gmxghqvfh_c`bagb;pZ1E_g]hja^jZ\mijFbga^jZ\KKKJ
ba\_sZebrl_fi_eygZwlbooZeZlZo
KljZgghqlhhgbbo_s_g_gmf_jmxlkdZaZeZDZjbgZ[j_a]eb\hgZ[jhkb\h^bgbaoZeZlh\gZ
k\hcqbkl_gvdbcZwjhnehlkdbcib^`ZqhdZ\lhjhcygZ[jhkbek_[_gZie_qbIhlhfy\ayemDZjbgu
h^gmbaZ\hk_d\dhlhjhc[ueby[ehdbbdZkljxevdZkh\hsgufkmihfZ\lhjmxZ\hkvdmk
\bg_]j_lhfbdhle_lZfbDZjbgZihg_keZkZfZ
Fuijhrebkg_cih^ebggufbimklufk`mldbfaZiZohfdZj[hedbdhjb^hjZfbihiZeb\ohee
djZkgucm]hehdgZ[blucoh^yqbfb[hevgufbb[hevgufb\bg\Zeb^guodheykdZoGZ\k_o
[hevguo[uebh^bgZdh\h[e_deu_[hevgbqgu_ib`ZfublZihqdbgZ[hkmgh]mb\k_hgbih^Z\rbkv
l_eZfb\i_j_^gZijy`_gghkfhlj_eb\q_jgh[_eucwdjZgl_e_\bahjZih^gylucgZ^\_[hevgbqgu_
lmf[hqdbIhl_e_\bahjmr_eijyfhcj_ihjlZ`baDj_feykaZk_^Zgby_joh\gh]hKh\_lZKKKJ
Dh]^Zfu\hrebl_e_dZf_jZihdZau\ZeZdZdh]hlh^_imlZlZdhlhjucklhyihkj_^baZeZdjbqZe
Fuh[km`^Z_fijh_dlaZdhgZhaZ[Zklh\dZoGhnhjfmebjh\dbdhlhju_gZflmlij_^eZ]Zxl
ijZdlbq_kdbbkdexqZxl\hafh`ghklvwlboaZ[Zklh\hdhgi_j_`^Zermfdj_fe_\kdh]haZeZb
�ijh^he`beBwlh^_eZ_lky\lh\j_fydh]^Z\hg[Zkk_aZ^_kylv^g_caZ[Zklh\dbg_^h[ulhb
&#xu;&#xl;&#xh;&#xZj; s;&#xR; e;&#xZ_;&#x;&#xih;&#xgb;&#xfZ;&#x_l;&#x_;&#xq;&#xlh;&#x;&#xu;&#xgZ;;&#xij;&#x_^;Z;&#x]Z;&#x_l;&#x_";�lhggum]eyulh\ZjbsRbeZ_\ihgbfZ_l_qlh\ugZfij_^eZ]Z_l_"Z_kebfuijbf_f\Zrb
nhjfmebjh\dblhaZ\ljZ\hh[s_\kiuog_l\k_h[sZyaZ[Zklh\dZih\k_ckljZg_
ih^mfZeqlh^_kylve_lgZaZ^\fh_\j_fyl_e_ajbl_e_clZd\ha[m`^Zeblhevdhohdd_cgu_fZlqb
:l_e_dZf_jZm`_i_j_reZgZRbeZ_\Zeb^_jZkh\_lkdbo]hkm^Zjkl\_gguoijhnkhxah\AZgbf[ue
\b^_gij_ab^bmfkt_a^Z\h]eZ\_k=hj[Zq_\ufKb^y\p_glj_ij_ab^bmfZ=hj[Zq_\g_j\gh
ihklmdb\Ze[_eufbiZevpZfbihdjZkghckdZl_jlbklheZ
Ghlh\ZjbsbkdZaZekljb[mguRbeZ_\A^_kv`_\k_gZh[hjhlFuijhkbf_joh\guc
Kh\_lij_^hklZ\blvijZ\hljm^h\ufdhee_dlb\Zfbijhnkhxagufdhfbl_lZfh[ty\eylvaZ[Zklh\db\
l_okemqZyodh]^ZZ^fbgbkljZpbyg_\uihegy_l^hklb]gmluo^h]h\hj_gghkl_c
=^_wlhgZibkZgh"kgh\Zdjbdgmeb_fmbaaZeZ
LmlDZjbgZ\ukfhlj_eZkj_^b[hevguok\h_]hfm`ZbhdebdgmeZ_]h
DhklyAZcdh
:dh]^Zhg_s_\ha[m`^_gguc^_[ZlZfb\_joh\ghfKh\_l_\ur_ekgZfb\dhjb^hjDZjbgZ
\jmqbeZ_fmh[_Z\hkvdbk_^hcqfhdgmeZ\s_dmih`ZeZfg_jmdmb[ukljhbkq_aeZphdZy
dZ[emqdZfbihdZn_evghfm[hevgbqghfmihem:DhklykdZaZefg_
�Zckb]Zj_ldm;ukljh
G_lmmf_gygbdZdbokb]Zj_lY`_g_dmjxkh\jZey
Lug_dmjbrv"Dhkly^Z`_kiexgmek^hkZ^u?edbiZedbBlml`_ijh^he`ZeklZdhc
�`_\hklhj`_gghkluhdZdl_e_j_`bkk_jAZedbg^\hf_dbghLu\b^brvqlhmgZk^_eZ_lky\
kljZg_"J_\hexpbyklZjbdFu_s_ih`b\_fijbdZiblZebaf_
Y\b`mijhbag_ky
�ZeZ^ghg_kfhljbgZf_gylZdGmko\Zlbebgkmevlbd[u\Z_lY`_l_i_jvg_\dbghyk\hc
dhhi_jZlb\hj]Zgbah\ZeqZklgZyk_lvdbghl_Zljh\g_aZ\bkbfZyhl]hkm^Zjkl\ZGh^\_g_^_eb
gZaZ^wlbkmdbijbgyebgh\ucaZdhgihgZeh]Zf^hijhp_glh\Lufh`_rvk_[_wlh
ij_^klZ\blv"
DZjbgZkdZaZeZqlhml_[y_klvgZrnbevf
KdZaZeZlZdbhl[Z[uh]hjqbekyDhklyYohl_ei_j\ufm\b^_lvl\h_ebphijbwlhc
gh\hklb
GhdZdbfh[jZahfDhkly"_^vnbevfkfueby\b^_eZdljyaZgkdhcdbghnZ[jbdb
Z^ywlh`_KKKJLuaZ[ue"LmlaZ[mluedm\h^dbfh`ghk^_eZlvlhqlhgZAZiZ^_g_dmibrv
aZfbeebhgwlhf`_\kyij_e_klvgZr_c^_j`Z\uAZ^_gv^hmgbqlh`_gbynbevfZijhy\sbdb
ghqghckf_gujyaZgkdhcdbghnZ[jbdbk^_eZebfg_^m[evihablb\Gmdhg_qghwlhklhbehg_
[mluedmghdZdZyjZagbpZ
Ykfhlj_egZg_]hbg_agZeqlhkdZaZlvIhke_ijbdZaZfbgbkljZaZij_lb\r_]h\k_fdbghklm^byf
kljZgu[jZlvf_gygZjZ[hlmy\kihfgbehk\h_f_\j_ckdhfijhbkoh`^_gbbihkeZewlm\_ebdmx
^_j`Z\mdq_jlyfkh[Zqvbfb\ihlhd__\j_ckdhcwfb]jZpbbm_oZe\KR:Ohlyyg_]h\hjbeih
Zg]ebckdbg_qblZe9DULHW\b7LPHVg_b]jZe\l_drbgbdh]^Zg_ghkbenjZgpmakdbo]Zeklmdh\
GhmDhklbdhlhjucihk\hbfhj]ZgbaZpbhgguflZeZglZffh][ue_]dh\hclb\i_j\mx^_kyldm
]heeb\m^kdboijh^xk_jh\g_[ueh_\j_ckdhcdjh\bbhghklZeky\KKKJBdh]^Zy_oZe\?\jhim
b\:f_jbdmex[mykvdZjlbgZfb;hllbq_eeb\hNehj_gpbbbkdmevilmjZfbFbd_eZg^`_ehgZx]_
BlZebbdh]^Zy^urZekj_^ba_fghfhjkdbf[