Vosk_Sedmaya-nevesta-demona-Rashi..PDF


Чтобы посмотреть этот PDF файл с форматированием и разметкой, скачайте его и откройте на своем компьютере.
ORYHBVI
$XWKRU,QIR
Kl_iZgb^Zhkd
K_^vfZyg_\_klZ^_fhgZJZkob
Qlhfh`_l[ulvkljZrg__q_fklZlvg_\_klhc^_fhgZbadeZgZJZkob"LhevdhklZlvk_^vfhcihkq_lm
g_\_klhcLZdh_b\jZ]mg_ih`_eZ_rvZm`fheh^hc^_\mrd_bih^Z\ghDlhlhf_lh^bqghb
mki_rghmkljZgy_l\k_oij_l_g^_glhdgZjmdmbk_j^p_aZ\b^gh]h`_gboZ
hlhllh]hb[v_lkyEba_llZ\bkl_jbd_iulZykvgZclb\k_\hafh`gu_kihkh[uba[_`ZlvkljZrghc
mqZklbm]hlh\Zgghc_ckm^v[hcbklZjZgbyfbjh^kl\_ggbdh\
kha^Zgb_nZceZ
Kl_iZgb^Zhkd
K_^vfZyg_\_klZ^_fhgZJZkob
�Yemqr_gZk_[yjmdbgZeh`mq_fkh]eZrmkvih^ibkZlvdhgljZdlkhfhfJZkob\urZ]b\Zyih
dhfgZl_baklhjhgu\klhjhgmyrbi_eZdZdjZkk_j`_ggZydhrdZdhlhjhclhevdhqlhijh\_ebjmdhc
ijhlb\r_jklbBg_h^bgjZaZklhbeb^\_klblZdqlhbkdju\h\k_klhjhgue_l_eb
Qlh`_eZ_rvgZ\u[hjgh`\_j_\dmibklhe_lbeb]hjklvxlZ[e_lhdh[hc^_rvky"
ihbgl_j_kh\ZeZkvmf_gyhev]ZKlZ\jb^b\u\h^yqZcghceh`_qdhcmahju\dj_fZgd_k
�fhjh`_guf_\mrdZijhklhh[h`ZeZwlheZdhfkl\hb[ueZ]hlh\Z_klv_]hdZ`^uc[h`bc^_gvgh
\hlbf_gghk_]h^gyihq_fmlhmg__kh\_jr_gghg_[uehgZkljh_gbyihlhfmhgZb]h\hjbeZ\kydb_
g_ijbylgu_^eyf_gy\_sbL_fbqlh^ey^b_luihykgbeZ\^h]hgdm
AZq_fgh`blZ[e_ldb"y^Z`_hklZgh\beZkvaZf_j_\gZf_kl_bkm^b\e_gb_f\haajbeZkvgZ
ih^jm]mBgh]^Zmg__q_jlh\kdba^hjh\hm^Z\Zehkv\u\h^blvf_gybak_[yijbq_f^_eZlvwlhk
g_\hafmlbfuf\b^hfGZijbf_jdZd\^Zggmxfbgmlm
M[b\Zlvky:lu^eyq_]hih^mfZeZ"Gh`hf\_gu\kdjh_rvlZ[e_lhdgZ]ehlZ_rvkyibklhe_lhf
^_eh^h\_jrbrvZgZ\_j_\d_lZdb[ulvih\_kbrvkyk_ihgylgh"Beb_s_jZah[tykgblv"
ih^gyeZhgZgZf_gyk\hb]eZaZp\_lZfheh^hcebkl\u:\gbogmgbdZi_evdbjZkdZygbyaZ
kdZaZggh_
Yg_ohqmm[b\ZlvkyaZijhl_klh\ZeZ\hl\_lY`blvohqmY_s_lhevdhlhevdh\h\dmk\hreZ
HlkdZaZggh]hih^jm]hcmf_gyihkibg_ih[_`ZebklZcdZfbfmjZrdbdZdlhevdhij_^klZ\beZ
ij_^eh`_ggh_hev]hcWlh`gZ^h[ueh^hlZdh]h^h^mfZlvky"_j_\dmhgZihkh\_lh\ZeZ:
ih^mfZlvhlhfqlhy[m^mm`Zkgh\u]ey^_lv\]jh[mg_fh]eZ"M\k_oih\_r_gguo`_yaud
\u\Zeb\Z_lkybebphkbg__lbklZgh\blkyh^mleh\ZlufGZdh]hy[m^mihoh`Z"Gmgbq_]hy_s__c
wlhijbihfgxYkhsmjbeZ]eZaZgZih^jm`dmghgbq_]hg_kdZaZeZj_rb\hklZ\blv\k_fukeb^h
emqrbo\j_f_g
Lum`\gZqZe_hij_^_ebkvM[b\Zlvkybeb`blv"f_eZgohebqguflhghfijh^he`beZwlZaZjZaZ
hdmgm\eh`_qdm\fhjh`_gh_aZq_jigm\biheh`b\[_emx]hjdm\jhlqlh[u\ke_^mxsmxk_dmg^m
aZ`fmjblvkyhlm^h\hevkl\byFbgmlZhllhj`_gbyeZdhfkl\ZdhgqbeZkv:fh`_libjh`gh_k
[_eufbkeb\dZfb"
HlmkeurZggh]hf_gyZ`i_j_^_jgmehLjbjZaZG_lQ_luj_
AgZ_l`_aZjZaZqlhy[_eu_keb\dbg_i_j_\Zjb\ZxijhklhgZ^mog_\ughrmWlhhgZki_pbZevgh
dj_fZgdm"GZ^h[uehh[yaZl_evghk^_eZlv_keb[uyjZgvr_fh]eZagZlvqlhhgZlZdh_fg_
ij_^eh`blhlohohlZeZ[u\b^y__jZ^hklgh_ebphIj_^Zl_evgbpZ:_s_ih^jm]ZgZau\Z_lky
j_^bl_evgbpZhgZZg_ih^jm]Z
NmmYbol_ji_lvg_fh]mha\mqbeZk\hbfukebLu`_agZ_rvFg_lhevdhky]h^ghcgZqbgdhc
gjZ\ylkybebkrhdheZ^ghcgZ\kydbckemqZcihykgbeZ^eyhev]b_kebhgZ\^jm]aZ[ueZKg__
klZg_lkyOhlyyihq_fmlh[ueZm\_j_gZqlhhgZwlhki_pbZevghkdZaZeZqlh[uf_gyih^jZagblv
J_rbeZih^dhehlvKeZ^dh_`dZDh]^Zgb[m^vwlh__bih]m[bl
hldZdjZagZehiZ_rvky[_ehcbdhgbdbdbg_rvihykgbeZ^eyf_gy^_\mrdZhlijZ\eyy
ke_^mxsmxeh`dm\jhlBdZdhgZlhevdhfh`_l]ehlZlvwlmoheh^ju]m\lZdhfdhebq_kl\_";_^guc
__`_em^hdKljZ^Z_lhlk\h_cohaycdbLu`_wlh]hohl_eZ"kg_\hafmlbfuf\b^hfijh^he`beZ
hgZgZihfbgZyfh_kZfh_aZ\_lgh_`_eZgb_
�Zg_wlh]hyohl_eZKh\k_fg_wlh]hihiulZeZkv^hklmqZlvky^hhev]b^hg_klbk\h_\b^_gb_
kblmZpbb
:q_]h"hgZm^b\beZkv^Z`_\iheg_ijZ\^hih^h[ghFh`ghih^mfZlvqlhfukg_cqZkZfbg_
h[km`^Zebwlml_fm
Yg_ohqmaZfm`aZJZkobqmlvebg_ihkeh]Zfijhbag_keZ^eyhkh[hg_ihgyleb\uo
Wlh_s_ihq_fm"k^_eZeZih^jm`dZdjm]eu_]eZaZdhlhju_[md\ZevghdjbqZeb\k_ohlylZlu
g_l"
?s_[ug_ohl_ebH^bgbakZfuoaZ\b^g_crboohehklydh\ij_^eh`bekhxaZylmldhq_\jy`blvky
gZ^mfZeZKmfZkr_^rZyq_klgh_keh\hBgZq_f_gyg_gZa\Zlv
LZdmg_]h`_kh\k_fbg_\_klZfbqlhlhkemqZ_lkykeh\ghfZe_gvdhcihykgbeZ^_\mrd_k\hx
ihabpbx:yg_ohqm[ulvke_^mxs_cih]b[gm\\hp\_l_e_l^h[Z\beZdkdZaZgghfm
Wcluq_]hwlhgZijb^mfu\ZeZ"ihbgl_j_kh\ZeZkvhev]Zl_i_jvm`_gZiheghfk_jv_a_Hgbg_
]b[gml
:qlh`_kgbfbkemqZ_lky"_^dhkijhkbeZG_agZ_rv"Byg_agZxAgZxqlhlhevdhdZ`^uc]h^
deZgJZkobh[ty\ey_lh[hq_j_^ghcihfhe\d_khq_j_^ghcg_\_klhcgh^hk\Z^v[u^_ehg_^hoh^beh
gbjZamKeurbrv"GbjZamYg_ohqmmm[ulvk_^vfhhhcijhlygmeZyqmlvebg_kju\Zykv\
\hc
G_\_klhcg_ohq_rv[ulv"M^b\bl_evghLu`_\k_mrbfg_ijh`m``ZeZhlhfdZd`_wlha^hjh\h
kd_fgb[m^vh[jmqblvkyZihlhfihclbdZelZjx:dZd\u]ey^bll\h_[m^ms__[_eh_ieZlv_ym`_
gZam[hd\umqbeZLufg_hg_fm`_jZaklhiylv^_kyljZkkdZau\ZeZBeb^\_klb"hgZaZ^mfZeZkv
ihphdZeZyaudhfb\u^ZeZk_`_^\_klbZfh`_l^Z`_^\_klbiylv^_kylY^Z`_agZxbadZdh]h
fZl_jbZeZml_[y[m^_lkrbldZ`^Zybajhahq_dZg_]h\hjyh[h\k_fhklZevghf
�Wo[ueh^_ehIh^_ebeZkvgZk\hx]heh\mmjZ[ueZB\hll_i_jvwlZi_^ZgldZfg_hlhf
gZihfgbeZBdZdmg__yaudih\_jgmeky"Yih^`ZeZ]m[uhlg_^h\hevkl\Z
LZdlh`g_\_klhc
Qlhlhyl_[yg_ihcfmLhluohq_rv[ulvg_\_klhclhg_ohq_rvLum`_hij_^_ebkvdZdgb[m^v
ZlhkdZq_rvdZd[ehoZbadjZcghklb\djZcghklvFg_m`_gZ^h_ehl_[y\ukemrb\Zlvq_klgh_
keh\hmkeurZeZyhlex[bfhcih^jm]b
Ohqmmijyfhih^l\_j^beZk\h_gZf_j_gb_gZ^_lv[_eh_ieZlv_g_\_klu
h[h`Z_fh]h@hj`ZJZkob
Fh`ghih^mfZlvqlhwlhlZdijhklh
�_fhgZ@hj`ZJZkobbadeZgZJZkobfgh]hagZqbl_evghijhbag_keZy
Bqlhwlhf_gy_l"^Zdh]^Z`_hgZ^h_klk\h_fhjh`_gh_"Hghmg__ijyfhlZdbg_kdhgqZ_fh_
Fh`_l[ulvdj_fZgdZaZ]h\hj_ggZy"Hq_gvfh`_l[ulvGZ^h[m^_lihbgl_j_kh\ZlvkygZdmog_q_f
hgblZffhbo]hkl_cijbdZjfeb\Zxl"G_m`_ebbah[j_ebihklhygghkZfh\hkijhba\h^ysb_ky
ijh^mdlu"jh^_[ugbq_]hlZdh]hyg_keurZeZ
DZdZy`_lug_ihgyleb\Zy
:]ZKemrZcZfhjh`_gh_m\Zk_s_gZdmog__klv"wlZijh]ehlZ\k_kehiZeZZy^Z`_g_mki_eZ
aZf_lblvk_`_ijh^mdldhg_q_gQlhlhfg_fZeh\Zlh[m^_l
hev]Z\fukeyoij_^\dmrZeZ_s_ihjpbxZlhb^\_G_lWlhg_^_\mrdZwlhm[bcpZfhjh`_gh]h
B^bkZfZbmagZchlfZogmeZkvyhlih^jm`dbaZ^mfu\Zykvihih\h^mk\h_c^Zevg_cr_c`bagb
Qlh`_fg_ijb^mfZlvqlh[uba[_`Zlvm]hlh\ZgghcmqZklb"Bebg_lZdkljZr_gq_jldZd_]h
fZexxl"
hev]ZhlijZ\beZkvaZhq_j_^ghciZjlb_c^hibg]Z\\b^_fhjh`_gh]hZyijh^he`beZjZa]Z^u\Zlv
kdZg\hj^khklhysbcbahl^_evguoqZkl_c\dhlhjhfgZdhgmklhyeZfhykm^v[Z
hlgbdlhf_gyg_ihgbfZ_lYrfu]gmeZghkhfbkhdjmr_gghihdZqZeZ]heh\hc
&#xhe;&#xv];&#xZ";�Luh^gZ"aZ]eygmeZfZfZgdhfg_\dhfgZlm:]^_hev]Z"hfhcmreZ"
G_ZIhreZ\ueZ\eb\ZlvhklZldbfhjh`_gh]hDZd^mfZ_rv_keby_cfurvydZih^kuiexhgZ
aZf_lblbebg_l"aZ^mfqb\uf]hehkhfijhlygmeZy
Y\k_keurmhev]Zihy\beZkvgZihjh]_A^jZ\kl\mcl_fZ^Zf@_gbG_ijZ\^Zebk_]h^gy
ohjhrZyih]h^Z"ih^jm]Z\k_]^Zmf_eZijhba\_klbohjhr__\i_qZle_gb_gZfhxjh^bl_evgbpm
BdZdlulhevdh__l_jibrv"fZfZg[ueZg_hjb]bgZevgZ\ijhq_fdZdb\k_]^ZM`_[u^Z\gh
gZreZk_[_[he__ihdeZ^bklmxagZdhfmx
Kih^h[guf\hijhkhfhgZh[jZsZeZkvdfh_cih^jm]_m`_g_kdhevdhjZaBqlhmf_gyaZ
jh^bl_evgbpZlZdZy"jZ]bblh^h[j__[u\ZxlOhlyyagZeZqlhfZfZrmlblbihj\_lex[h]haZ
ex[bfmx^hqmjdm
Yohqmm\b^_lvdh]^ZgZc^_lkydlhgb[m^vdlhij_\jZlbl__`bagv\Z^hl\_lbeZfbeZy^_\mrdZ
hev]Zmeu[Zykvfh_cfZfhqd_
hlby^mfZxkdhj__[u__k[Z]jblvkie_q^hehc:lhm`_kbegZrbokhlphfg_lijbgyeZkv
`Zeh\ZlvkyfZfZgkeh\ghf_gy\dhfgZl_bg_[ueh\h\k_
HgZ\k_]^ZlZd^_eZeZkqblZyqlhl_fkZfufhl\h^blhlf_gy\k_iehoh_hllZdb_mg__
ij_^jZkkm^db
Wc\ug_aZ[u\Z_l_qlhylmlgZoh`mkvh[jZlbeZgZk_[y\gbfZgb_gZkmib\rbkvbih^hc^yd
a_jdZemGZf_gykfhlj_eZkbfiZlbqgZyrZl_gdZkqmlvdmjghkufghkbdhfijZ\bevgufbq_jlZfb
ebpZq_ldhhq_jq_ggufb]m[Zfbb[_k_gdhf\h\a]ey^_]hem[uo]eZaFZfZkdZaZeZqlhp\_l]eZa
^hklZekyfg_\iZfylvhl[Z[mrdb
Gmbqlh"m^b\beZkvhev]ZLuagZqblbf__rvijZ\h]h\hjblvijhgZk\kydb_]Z^hklbZfuh
l_[_g_fh`_f
Bkh\k_fhgZg_ijZ\ZY\k_]hebrvq_klgZyHq_fbgZqZeZjZkkdZau\Zlvijbkmlkl\mxsbf\
G_ijZ\^ZYg_]h\hjx]Z^hklbIhdjZcg_cf_j_ijhfZfZgyih\_jgmeZkvkfZfhqd_beZkdh\h
hkdZebeZkvIhijh[h\ZeZy[uk^_eZlvh[jZlgh_Fg_[uom`_[ueh
FZfZmf_gy`_gsbgZkljh]boijZ\beQmlvqlhg_ih__lZdkjZam\^_eh\klmiZebkZgdpbbZih^bo
^_ckl\b_fg_g_ohl_ehkv[uihiZ^Zlv
KhegurdhfZfZ[ueZkZfh^h[jh^mrb__s_g_o\ZlZehqlh[uluijhf_gy]h\hjbeZY`_l_[y
jh^beZY`_[ueZklh[hck\yaZgZh^ghcimih\bghc
Lhlhy^mfZxhldm^Z\f_gyklhevdh`_eqbgZl_dehaZ^mfqb\hihkfhlj_eZgZfZ^Zf@_gb
b^bfhbakhh[sZxs_]hkykhkm^ZG_agZ_rvbadZdh]h"kaZ^mfqb\uf\b^hfihbgl_j_kh\ZeZkvm
fZfZg
Y\klmibeZgZlhgdbce_^qlhkjZam`_bhsmlbeZ
�hqvkljh]hijhbag_keZhgZg_kf_c
Wlh[ueZm`_k_jv_agZyaZy\dZddhlhjhcke_^h\Zehhlg_klbkvdjZcg_\gbfZl_evgh
Y^Z`_ihi_jogmeZkvhl]g_\gh]hhdjbdZkhklhjhgujh^bl_evgbpuBh[jZ^h\ZeZkvqlhba[_]m
q_j_kqmj^he]h]h\uykg_gbyhlghr_gbck_`_\ijbkmlkl\bbhev]bfZfhqdZ\jy^ebhkf_eblky
hlqblu\Zlvk\h_^blyG_kjmdbHgZij_^ihqblZeZwlh^_eZlvgZ_^bg_k_lZdbjh^bl_evgbpZm
f_gymfgZy`_gsbgZ
FZfluk_cqZkhq_f"bdgmeZ\hl\_l
G_kf_cdh\ujylv\ghkmWlhg_dmevlmjghDZdlu[m^_rv\u]ey^_lvi_j_^@hj`_fgZp_j_fhgbb
h[jmq_gby"Qlhhgih^mfZ_lhgZr_ck_fv_"Y\l_[yklhevdh^_g_]bkbe\eh`beZZlu"?s_jZa
m\b`mgZeh`maZdeylb_
DZdh_"bkim]ZeZkvQlh[uiZevpuhlkhoeb"
G_lQlh[uiZevpujZkimoebb\ghkg_\e_aZeby^Z`_bdgmeZhlg_h`b^ZgghklbG_h`b^ZeZ
lZdhcih^klZ\uk__klhjhgu
�h[jZylumf_gyfZfme_qdZEZkdh\Zyih^h[hkljZklguflhghfijhbag_keZgZm]jhamfZl_jb
Ke_^h\Zehkjhqghijbgylvf_juihih\h^mmkfbj_gbyfZfbgh]h]g_\Z
G_aebf_gyEba_llZij_^mij_^bebf_gy
OhjhrhOhjhrhr_qdbG_[m^mykijylZeZnZglhfijh\bgb\r_]hkyiZevpZaZkibgmijh^he`Zy
i_j_[bjZlvhklZ\rbfbkyq_lujvfygZh^ghcjmd_biylvxgZ^jm]hc
:olug_ohjhrZy^_\qhgdZih\ukbeZ]hehkfZlmrdZDhgqZck\hbrmlhqdb
HgZl_ji_lvg_fh]eZdh]^Zy\_eZk_[ydZdfZe_gvdZy^_\hqdZlhevdhlhevdhgZmqb\rZyky
\her_[gufnhdmkZfZm`l_f[he__dh]^Zy\klmibeZ\[jZqguc\hajZklb^bfhfZlmrdZaZ[u\ZeZ
qlh\k_jZklml^hhij_^_e_ggh]h\j_f_gbZihlhfi_j_klZxlebrv^eyhdjm`Zxsboijh^he`Zy
jZa\b\Zlvky\lh\j_fydZd^mr_\gh_khklhygb_hklZgZ\eb\Z_lkygZhij_^_e_gghchlf_ld_hlm
f_gyhgZaZ\bkeh]^_lhe_l\^\_gZ^pZlvBqlhfg_l_i_jv^_eZlv"IhclbgZiblvkykebabmadheh[hc
mebldbbebgZgxoZlvky\uoehih\iZmdh\q_j_iZr_d
q_f^_eh"kg_\hafmlbfuf\b^hfihkfhlj_eZq_klgufb]eZaZfbfZlmrd_\ebphY`_g_
lhevdhrdh^blvgZmqbeZkvghb^_eZlvij_djZkgmxfbgmijbiehohcb]j_DklZlbyh[h`ZeZb]jZlv
\dZjluhkh[_gghfmoe_\ZlvF_gyijhklhoe_[hfg_dhjfbZ^Zcih^_j`Zlv\jmdZodheh^mfhbo
ebqguodjZie_guodZjl?klvmgboh^bgfZe_gvdbck_dj_lbdghhg_fy^Z`_ih^kljZohfkf_jlb
gbdhfmg_kdZaZeZ[u
FZ^Zf@_gbgmaZq_flZd`_klhdh"\f_rZeZkv\gZrjZa]h\hjkjh^bl_evgbp_chev]Z
kh`jZ\rZy\k_fhjh`_gh_[_ahklZldZFh`ghgZqZlvkfZeh]h
WlhdZd"i_j_dexqbeZk\h_\gbfZgb_fZfZggZhev]m
Hl^Zcl_Lmabdmlhevdhh^gmnZeZg]m:\^jm]_fmg_ihgjZ\blkybebhg\^jm]ih^Z\blky@Zedh
`b\hlbgdm
:oluij_^Zl_evgbpZydbgmeZih^mrdhc\klhjhgmhev]bdhlhjZylml`_hl[beZfhckgZjy^
k_Lj_i_sbFhc]g_\l_[_h[_ki_q_g
HggZf_gyg_^_ckl\m_lihfZoZeZeh`_qdhchev]ZLum`_ijh[h\ZeZAZ[ueZqlheb"IZjm
f_kyp_\gZaZ^Ihke_lh]hdZdy\f_klh[ehg^bgdbl_[yk^_eZeZ[jxg_ldhckijha_e_gvxlulh]^Z
_s_gZk\b^Zgb_k:ev[_jlhfkh[bjZeZkv
;ueh^_ehdh]^Zfg_ohl_ehkvqlhgb[m^vihf_gylv\k\h_c`bagb\hlybj_rbeZihclbihimlb
gZbf_gvr_]hkhijhlb\e_gbybaf_gb\g_kdhevdhjZap\_l\hehkghihlhf\_jgmeZkvdk\h_fm
bkoh^ghfmhdjZkm
YaZf_jeZ\lygmeZ]heh\m\ie_qbb^Z`_ijbdjueZh^bg]eZaaZ[u\qlhgZ^h[uk^_eZlvwlh^\mfy
kjZam\hpZjb\r_ckylbrbg_dhfgZlujZa^Zekya\_jbgucj_\
WlhfZlmrdZg_kh\eZ^ZeZkhk\h_ch[hjhlgbq_kdhckmsghklvxKg_xbgh]^ZlZdh_[u\Zehdh]^Z
\g_aZighdlhlhim]Zehq_gvkbevghbeb`_dh]^ZhgZi_j_`b\ZeZaZf_gylZdhfkhklhygbb__
[hyeky^Z`_iZiZ
Gmg_ohl_eZhgZqlh[uyk\yau\ZeZkvk:ev[_jlbdhfG_gjZ\bekyhg_c:\_^vhglZdhcohjhrbc
fZevqbdGmih^mfZ_rvqlhkhklhblbakiehrgh]hl_klhkl_jhgZb^_\bpf_gy_ldZdi_jqZldbaZlhm
g_]h_klv[hevrhcg_lg_ijbqbg^Ze\gZjh^_ah\msbckyi_jqbdhfZdjhebdBeeZjbhgK
[hhhhhhhevrbfbmrZfbYhlgbo[Ze^_x
GhfZf_`_g_h[tykgbrvqlh:ev[_jlbdf_gybgl_j_kh\Zelhevdhkh^ghcklhjhgudZd\eZ^_e_p
djheZk[hhhhhhhhevrbfbmrZfbHgZ`_gZ\_jgydZih^mfZeZkh\k_fh^jm]hf
b^_lvfZfm\]g_\_kqZklbqghcljZgknhjfZpb_cwlhg_dZ`^hfmih^kbemhlfukhev]hcb
kijylZebkvih^djh\ZlvihdZfZ^Zf@_gb[mr_\ZeZgZi_j\hfmjh\g_Y`_kih^jm`_gpb_c
gZoh^ykvgZfbgmki_j\hf_kebkqblZlvaZgme_\hcdjh\Zlv\uykgyebq_fy[m^mihjlblv`bagv
aehklghcij_^Zl_evgbp_
Ijb^_rvludhfg_[jh\bihsbiZlv_s_jZaYgbh^ghc\hehkbgdbg_hklZ\exLZdbagZc
m]jh`ZeZyklZjZykvkeblvkykf_[_evx
DZ`_lkyfZfZgihlbohgvdmklZeZijboh^blvkk_[ybkdhjhf_gy`^ZedjZcg_g_ijbylgucjZa]h\hj
ih^mrZfYm`_ij_^\b^_eZqlhbdZdbfbwibl_lZfb[m^_l^hf_gy^hg_k_ghM`qlhqlhZ
ijhfu\Zlvfha]bfZfhqdZmf_eZdZq_kl\_gghBghcjZay^Z`_f_qlZeZhjmdhijbdeZ^kl\_dk\h_c
i_jkhg_ghlhevdh[uba[_`Zlv\u_^Zgbyfha]Z^_k_jlghceh`_qdhcB\k_wlhkqm\kl\hfklhedhf
kjZkklZgh\dhcH^gbfkeh\hf\wlhffZ^Zf@_gb[ueZki_phf\ukr_]hjZajy^Zmjh\_gv[h]
?keblulZdh_k^_eZ_rvlhyjZkkdZ`mdm^Zlu[_]ZeZf_kypgZaZ^ijhrbi_eZhev]Z
hlaZjZaZZhgZhldm^ZmagZeZ"
Ih`ZemcihjZbfg_ijbkh_^bgblvkydfZf_bgZqZlvi_j_db^u\ZlvkyohlvbkeZ[Zy[ueZ\wlhf
^_e_Ghih^jm`dZk\hbfg_\hevgufaZf_qZgb_f\u\_eZf_gybak_[y:ylh^mfZeZqlhhgZg_\
dmjk_fhborZehkl_cfmohfhjbgZ[_atx[hqgZykhkbkdZ\q_oe_rdmjdZhlhohlgbqv_cdhe[Zkdb
Ihijh[mclhevdhkjZam`_\u^Zfl\hxlZcgmijh^_ibeypbxij_^mij_^beZy
Ebaablu`_wlh]hg_k^_eZ_rvhdjm]ebeZ]eZaZ^hjZaf_jZkljZmkbguoybphev]Z
?s_bdZdk^_eZxk_fjZkkdZ`m]^_ml_[ynbZedh\h_ihe_aehjZ^ghijhrbi_eZ\b^ydZd
f_gy_lkygZ]eZaZoih^jm]Zij_\jZsZykvbakZfhm\_j_gghcpZjbpuij_jbc\^jZgmxdhrdm
Ebaabyq_klghq_klgh[hevr_gbihekeh\hffZfhqd_Q_klghq_klghaZijbqblZeZhgZLhevdh
g_gZ^hgbdhfmgbq_]h]h\hjblv
Y\u^_j`ZeZ^ebl_evgmxiZmamgZkeZ`^Zykvkh[kl\_ggufljbmfnhfblhevdhihke_wlh]h
fbehklb\hijhbag_keZ
�h]h\hjbebkvGhlhevdhlufheqbrvbijh:ev[_jlbdZbijhf_kyqghc^Z\ghklb\hy`Zm`dZd
[m^_rv\udjmqb\Zlvkyi_j_^fh_cfZfZgwlhlukZfZijb^mfu\Z_rv
IhjmdZfjZkkeZ[beZkvhev]Z
?s_[uhgZg_i_j_`b\ZeZaZk\hxlZcgmHlZdhf^Z`_ih^kljZohfkf_jlb^_\mrd_gbdhfmg_evay
jZkkdZau\ZlvZl_f[he__ihklhjhggbfex^yf:\k_^_eh\lhfqlhj_deZfZwlhkljZrgZy\_svbk
__ihfhsvxfh`ghijh^Zlv^Z`_lhqlhijh^Zlvihhij_^_e_gbxg_evay:_kebdh\k_fmijhq_fm
ijbeh`bebjmdbg_dhfi_l_glgu_ex^blhlh]^Zijh^Z\Z_fuclh\Zjij_\jZsZ_lky\fbgm
aZf_^e_ggh]h^_ckl\byhlhev]ZbihiZeZkv\h^gmlZdmxeh\mrdmIhdmiZeZ^_\mrdZ
jZaj_deZfbjh\Zggucqm^hdj_fdZdhgZ^mfZeZ^ey^_ibeypbbGZfZaZeZ\h[eZklb[bdbgb
kh[bjZykvhklZ\blvg_ljhgmlufdehqhdihjhkeb\\b^_k_j^_qdZDZdh\h`_[ueh__m^b\e_gb_
dh]^Z\f_klhlh]hqlh[uhiZ^Zlv\hehkuklZebdj_igmlv:dh]^Zihy\bebkvi_j\uc[mlhgqbd
nbZehdgZijbqbgghff_kl_iZgbd_hev]bg_[uehij_^_eZ
Bddhfm\i_j\mxhq_j_^vkhk\h_cijh[e_fhcgZijZ\beZkvih^jm]Z"Ykgh_^_ehdhfg_M`fu
\^\h_fbagbqlh`Zebg_a\Zgmxnehjm^hl_oihjihdZg_[uem^Ze_gihke_^gbcdmklbdIjZ\^Z
kqZklv_^_\mrdbijh^ebehkvg_^he]hhdZaZeZkvqlhaZfhjkdZynbZedZjZafgh`ZeZkvg_k_f_gZfb
dZdh[uqgh_jZkl_gb_ZkihjZfb:\aehihemqghflx[bd_gZoh^behkvh]jhfgh_dhebq_kl\hwlbo
kihj\kmki_gabbij_iylkl\mxs_cijhjZklZgbxk_fyg\uims_ggu_`_gZk\h[h^mhgb^Zeb
[mjgmxjZklbl_evghklvgZ\k_]^Zihk_eb\rbkvih^dh`_cm^_\mrdb
Bl_i_jv\f_klh^_ibeypbhggh]hdj_fZhgZihdmiZ_l]_j[bpb^u^eymkljZg_gbyihke_^kl\bc
g_kZgdpbhgbjh\Zggh]hihk_\Z
Fuihlhfijh\_ebk\h_jZkke_^h\Zgb_b\uykgbebqlhhev]ZklZeZ`_jl\hckemqZcghklb \_qgh_c
\_a_ldZdmlhie_ggbdm\ffZ]Zabg_\dhlhjhf^_\mrdZihdmiZeZaehihemqgucdj_fjZ[hlZeh^bg
h[b`_ggucgZk\hx[u\rmxih^jm]miZj_gvbj_rbelhchlhfklblv^Z[uhgZgZ^he]b_]h^u
aZihfgbeZdZdk_[yg_ijZ\bevghih\_eZ[jhkb\_]h]hj_fuqgh]hHgbih^f_gbekh^_j`bfh_
lx[bdZZ^jm]hcijh^Z\_pihhrb[d_kf_e_]h\h[smxdhjh[dm]^_lm[ubi_j_f_rZebkvblh]_
lx[bdkhkljZrghcgZqbgdhc^hklZekyhev]_
Aehdhg_qghg_^he`gh[uehhklZlvky[_agZdZaZggufBhlieZlblvke_^h\Zehh[yaZl_evgh^h[jufb
^_eZfblZd\k_]^Z]h\hjbeZfhy[Z[mrdZ:[Z[mrdbgukeh\Zhgb\_khfu_dZdkdZaZeZlZdb^_eZlv
gZ^hY\k_]^Z__kemrZeZDZdlhiha^gbf\_q_jhffukih^jm`dhcih^eh\beb\l_fghfi_j_med_
lh]hiZjgybaaZdhlhjh]hl_i_jvhev]Z\ugm`^_gZ[ueZkljZ^Zlvb\uebeb_fmgZ]heh\m
ijZ\bevgucdj_f^ey^_ibeypbbZg_lm^jygvqlhhgih^kmgme
P_eh_\_^jh
Fu`_khev]hcg_`Z^gu_
IhdZiZj_gvgZr_ef_klh]^_ebidmxb_^dmxfZkkmklZeh\hafh`ghkfulvgZg_fg_hklZehkvgb
h^ghc\hehkbgdbDj_flh[ueaZ]h\hj_ggucbij_djZkghjZkl_dZekyijhgbdZy^Z`_ih^h^_`^m:
dZdhg\hibehl_]hdjbdh\jZa[_`Zebkv\k_kh[Zdbdhrdbbfurdb\jZ^bmk_p_eh]hdbehf_ljZ
�Z`_ojhfhcdmag_qbd`b\rbcgZimkluj_\khk_^g_fd\ZjlZe_blhlmkdZdZeih^Zevr_ebrv[u
g_keurZlvbkl_jbqguoih^\u\Zgbcg_aZ^Zqeb\h]hiZj_gvdZ
k_^he`gh[ulv\ha\jZs_ghklhjbp_c_^vbf_gghlZdgZklZ\eyeZf_gy[Z[mrdZhldmkbebl_[_
mohhldmkb^\Zlhfmdlhhldmkbe
S_^jZymf_gy[Z[mey
L_i_jv`_h[b`_ggucgZ\k_o`_gsbgiZj_g_ds_]hey_l[e_klys_cdZd[bevyj^gucrZj
fZdmrdhc_]h]eZaZklZebihoh`bgZju[vbZ\k_ebphgZihkf_jlgmxfZkdmie_f_gbba^Ze_dhc
]em[bgdbdm^Zkljm^hfijh[bjZxlkyghjfZevgu_ex^b?]h[u\rZy^_\mrdZh[oh^bliylhc
^hjh]hcfheykv\k_f[h]Zfqlh[ug_\klj_lblvkyZbgZq_[_kkhggbpZ_c]ZjZglbjh\ZgZ
Bgh]^Zdh]^Zfug_jm]Z_fkykhev]hclh`b\_f^mrZ\^mrmFu^Z`_kg_cjh^bebkvih^h^ghc
a\_a^hcijZ\^ZhgZgZ]h^jZgvr_H^gZdhwlhgZfZ[khexlghg_f_rZ_lGm_kebkZfmxfZehklv
DZ`_lkyfZfZgklZeZ\ha\jZsZlvky\k\hci_j\hgZqZevguc\b^r_igmeZyhev]_
�mfZ_rvihjZ"ih^jm]_lh`_g_hq_gvlhohl_ehkv\klj_qZlvkyfh_cfZfhcihke_ij_h[jZ`_gby
�_eh\lhfqlhfZ^Zf@_gbhq_gvg_ex[beZdh]^Z__\b^_eb\lZdhfkhklhygbbZl_f[he__dh]^Z
jy^hf[uebl_ex^bdhlhju_bijh\hpbjh\Zebh[hjhlHgZ_kebwlhfy]dhkdZaZlv[ueZihke_lh]h
dZdg_fgh]hg_\k_[_GhbgZ]eZaZihiZ^ZlvkyfZlmrd_\]g_\_g_klhbehb[hom`_[m^_l
Lubebyi_j\Zy"y^Z\ZeZijZ\h\u[hjZhev]_k_`_hgZ]hklvy
�Z\Zcemqr_luYm`dZdgb[m^vke_^hflhedgmeZfg_\[hdih^jm]ZLjmkboZ
F_gy^he]hg_gZ^h[uehijhkblvY\h]gm\]heh\m\ie_qbijbdbgm\jZkklhygb_hldjh\Zlb^h
^\_jblhevdhlhevdhkh[jZeZkv[jhkblvkyijhqvbadhfgZluqlh[uhdZaZlvky\^jm]hff_kl_^hfZ
H^gZdhg_lmllh[uehklhbehfg_ebrvke_]dZihy\blvky\ihe_aj_gbyfZlmrdbdZdjZa^Zehkv
]jhfh]eZkgh_
Dm^ZZ"KlhyylvgZf_kl_
YlZdbaZf_jeZ\ihemkh]gmlhfkhklhygbb[hykvihr_\_eblvkyqlh[uebrgbcjZag_jZahaeblv
fZlmrdmhev]Zghjh\beZkijylZlvkyih^djh\Zlvghlhevdhmg__wlhkebrdhfiehohm^Z\ZehkvG_
ijhe_aZeZhgZF_klZih^djh\Zlvx[uehkebrdhffZehYih^mfZeZqlhfZfZki_pbZevgh
gZklZb\ZeZgZ\u[hj_bf_gghwlhcfh^_ebeh`ZdZd[m^lhaZjZg__ij_^\b^_eZg_qlhih^h[gh_
�ZfZfhqdZfhc]hehkhd[ueih^h[_ga\hgdhfmdhehdhevqbdmLZd`_qbklbijhajZq_g
Dm^Zkh[jZeZkv"kkbevgufih^haj_gb_fkijhkbeZfZlmrdZ;m^lhgZi_j_^agZeZ\k_fhb
gZf_j_gby
hev]mohqm^hfhcijh\h^blvMg__mlx]gZiebl_hklZeky:\^jm]ih`Zjkemqblky"
Ij_^klZ\ey_rv\gZr_\j_fyebrblvky^hfZwlh`_kljZrghi_j\h_qlhijbrehfg_\]heh\mY
^Z`_ih^mfZlvg_mki_eZqlh[uihgylvqlh]h\hjxhldjh\_ggmxqmrv
DZdZyieblZ"DZdhcmlx]"h[fZgqb\heZkdh\uflhghfihbgl_j_kh\ZeZkvmf_gyfZlmrdZMg__\
^hf_we_dljbq_kl\hb\k_mlx]baZqZjh\Zgubbf_xlj_e_wdklj_ggh]h\udexq_gby
IjZ\^Z"kZ[khexlghg_\bggufb]eZaZfbjZa\_jgmeZkvdjh^bl_evgbp_hev]ZZaZq_fluf_gy
Ihq_fmluh[wlhffg_gbq_]hg_]h\hjbeZ"
Yl_[_]h\hjbeZf_^e_gghijhbag_keZhgZ\hl\_l
hlaZq_flhjfhablv\kZfucg_ih^oh^ysbcfhf_gl"
Lufg_g_ijZ\bevgh]h\hjbeZ\b^bfhlh]^Zdh]^Zy[ueZq_j_kqmjaZgylZGZ^h[uehih\lhjblv
fg__s_jZaqlh[uyaZihfgbeZhev]Zf_^e_ggh\klZ\ZeZklZjZykvih[uklj__hdZaZlvkyih^Zevr_
hlkx^Z
ke_^mxsbcjZayl_[_lhekluffZjd_jhfgZibrmgZe[mqlh[u\kydbcjZalukfhljygZk_[y\
a_jdZeh\b^_eZgZab^Zl_evguflhghfkhh[sbeZhgZijh^he`Zy^\b]Zlvky\klhjhgm\uoh^Z
G_ij_f_gghlZdbk^_eZ_rvyhiZkeb\hdbgmeZ\a]ey^gZfZfmdZ`_lkyhgZ_s_g_ihgyeZqlhd
q_fmbkbgl_j_khfgZ[ex^ZeZaZgZr_ci_j_[jZgdhc
Fum`_ijZdlbq_kdb[ueb\hae_^\_jbdh]^ZjZa^Zehkv
:Eba_llmyihijhrmhklZlvkyyaZf_jeZhlqZygghkb]gZey]eZaZfbhev]_qlh[ulZijb^mfZeZ
ohlvqlhgb[m^vb\ua\hebeZf_gybal_ieuofZfhqdbguoh[tylbc?_gjZ\hmq_gby[uebih^h[gu
kf_jlbOhlyg_l?s_om`_HgZ`_g_`_eZeZfg_gbq_]hiehoh]hebrv\hkiblZlvihkemrghcb
ijbe_`ghc^_\hqdhcqlhmg__dkh`Ze_gbxg_ihemqZehkv
FZffh`_lylh]h"Ijh\h`m"Ijh\_jbf\f_kl_":\^jm]mg__lZfj_e_g_l"^jm]aZ[ueb
ihklZ\blv"LZdh_`_fh`_l[ulve_i_lZeZkfhev[hc]ey^ygZfZfZg
hev]Zlufh`_rv[ulvk\h[h^gZkdZaZeZdZdhlj_aZeZfZ^Zf@_gb
Bwlhlij_^Zl_evgbpZdhlhjZybf_eZgZ]ehklva\Zlvkyfh_cih^jm`dhckjZ^hklguf\b^hf
ijhkdhevagmeZfbfh\ijh_f^\_jbhklZ\eyygZjZkl_jaZgb_jh^bl_evgbpu
Yl_[y\gbfZl_evghkemrZx^hqvdh]^ZfZfZ]h\hjbeZlZdbflhghffg_ohl_ehkvhdZaZlvkyaZ
lukyqmdbehf_ljh\ih^Zevr_hlg__
Qlhl_[ybgl_j_km_lfZfhqdZ"i_j_qblv\fhbieZgug_\oh^behl_f[he__dh]^ZyklhyeZ\
ij_^_eZoijyfhc^hklmighklbhljZkk_j`_ggh]hh[hjhlgylZdhckblmZpbb^Z`_iZiZ[hyeky
kdZaZlvqlhlhihi_j_d
DZdlu^hdZlbeZkv^h`bagblZdhc"\hijhkaZklZef_gy\jZkieho
DZdhcfZfZ"\gmlj_gg_k`ZeZkv
DjmlblvrZrgbk]__fgZklZeZfhyhq_j_^v\_klbk_[yg_Z^_d\Zlgh
\r\r\r
Yaud^_\mrdbf_^e_gghdjm`be\h\iZ^bgd_imidZ@hj`bah\k_okbeklZjZekyg_aZkf_ylvky^Z[u
g_ij_j\ZlvhqZjh\Zgbyfhf_glZEZjbgZbah\k_okbeiulZeZkvbah[jZablvijh``_ggmxdmjlbaZgdm
g_ihgbfZydZd\_k_ehkhklhjhgukfhlj_ebkv__ihlm]bBah[jZ`Zlvlhqlh_ckh\_jr_gghg_
k\hckl\_gghm^_\mrdbgbdZdg_ihemqZehkvh^gZdhfm`qbgZklhbq_kdbl_ji_e^Z[ug_h[b^_lv
FbeucZluihq_fmg_klhg_rv"ohjhr_gvdZy]heh\dZih^gyeZkv\\_jo
Bq_]hwlhjZ^by^he`_gklhgZlv"\uj\Zehkvmq_jgh\hehkh]hdjZkZ\pZ\eZ^_evpZaZ\h^h\]Za_l
iZjhoh^h\ jZjbl_luojZgbebkv\aZdjulhfZg]Zj_ijbhij_^_e_gghcl_fi_jZlmj_b\
k[ZeZgkbjh\ZgghffbdjhdebfZl_\fbfgh]hq_]h_s_
Fm`_kl\_ggu_q_jluebpZ\ujZ`ZebdjZcgxxkl_i_gvm^b\e_gby
G_m`_ebl_[_g_ijbylgh"kdjb\beZ]m[db^_\mrdZijh^he`Zyk\h_aZgylb_i_jbh^bq_kdb
ih]ey^u\ZygZfm`qbgmbklZjZykvgZclbhldebdgZk\hb^_ckl\byGhkdZ`^hck_dmg^hc__gZ^_`^Z
:^he`gh[ulv"q_jgy\Zy[jh\v\ae_l_eZ\\_joihdjZkb\hfmebpmkfbehcyfhqdhcgZs_d_
Fm`qbgZjZa^mfu\Zeklhblebih^u]ju\Zlvex[h\gbp_bebg_l"
Dh]^Z@hj`[uefZe_gvdbclh\k_hdjm`Zxsb_ijhklhmfbeyebkv]ey^ygZdm^jy\h]h
o_jm\bfqbdZihjZ`Z\r_]hk\h_chqZjh\Zl_evghklvxbijb\e_dZl_evghklvxg_rgbc\b^j_[_gdZ
hl\_qZe\k_fdZghgZfdjZkhludhlhju_fh`gh[uehbah[j_klbijhq_ffZe_gvdbc@hj`ijhk_d
wlhdjZcg_jZghb\h\kxihevah\Zekyk\hbfb^hklhbgkl\ZfbfZgbimebjmyjh^kl\_ggbdZfbb
agZdhfufb
�ZLZdgZibkZgh\`mjgZe_hohlghihykgbeZfbeZrdZ
dZdhfdhr_qdZ"bfydhr_qdZ[uehg_ijhklheZkdZl_evgufZhljZ`Zeh__kmlvDhrZqvb
]_guijbkmlkl\h\Zeb\__djh\bHlq_]hbyauqhdmfZeurdb[uer_jrZ\ufW^ZdZyf_edZy
gZ`^ZqgZy[mfZ]ZBf_gghwlhkha^Z\Zehhij_^_e_gguc^bkdhfnhjl^ey@hj`Zdhlhjucbah\k_o
kbeklZjZekyg_ijh[helZlvkykdZaZ\ijZ\^m
Kh[eZagb\ZfibjZEZjbgZ\hq_j_^ghcjZahl\e_deZkvhlaZf_qZl_evgh]haZgylbybihkfhlj_eZ
k\hbfb\hehhdbfb]eZaZfbgZex[h\gbdZ
@hj`mgjZ\beZkvwlZ^_\mrdZaZhlkmlkl\b_qj_af_jguoaZijhkh\bhkh[uoijh[e_f\h[s_gbbHgZ
[ueZ\f_jmlj_[h\Zl_evgZdh\gbfZgbxkbevghg_gZ^h_^Zy\lh`_\j_fy\k_]^Z[ueZih^jmdhc
qlhy\eyehkvg_fZeh\Z`gufnZdlhjhfijb\u[hj_kimlgbpugZ\j_fy
LZdy`_g_\Zfibjfm`qbgZih^lygmekygZjmdZo^eylh]hqlh[uhi_j_lvkykibghxhkibgdm
djh\Zlbh[[blmxfy]dhcbijbylghcgZhsmivaZfr_cbal_eyqv_cdh`bY_kebfg_g_baf_gy_l
iZfylv\g_dhlhjhfjh^_^_fhg
�_fhghfhg[ueg_\g_dhlhjhfjh^_Z\iheghfkfuke_wlh]hkeh\Z
:`mjgZeZdZdkh[eZagblv^_fhgZg_ljZahqZjh\Zgghhl\_lbeZ^_\mrdZmk_\rbkvgZdhe_gb
jy^hfkfm`qbghcHgZihgbfZeZqlhlhb^_lg_lZdghqlhbf_gghg_fh]eZkhh[jZablvY\k_
i_qZlgu_ba^Zgby\dgb`ghfeZjvd_i_j_kfhlj_eZblZdh_i_qZevihy\behkv\__\a]ey^_Ijh
�h[hjhlg_c_klvIjh\mj^ZeZdh\lh`_Z`_ijh^jZdhgh\gZibkZebZijh^_fhgh\gb\h^ghf
Fm`qbgZijhk_[ymeu[gmekygZklhcqb\hklbih^jm]bGZ^h`_HgZklhevdh\j_f_gbihljZlbeZgZ
[mdh\dbohly\h[uqghc`bagbqmjZeZkvbodZdh]gyij_^ihqblZykfhlj_lvl_e_\bahj]^_\k_
ij_^_evghykghblhqghjZa`_\u\Zehkv^hkhklhygbyh^ghjh^ghckmki_gabb
IjZ\bevghBobg_[m^_lmkf_ogmeky@hj`AZq_f^himkdZlvd\uimkdmlhqlhfh`_l[ulv
bkihevah\Zgh\dZq_kl\_hjm`by"fm`qbgZm[jZekhe[Zg_ihkemrgmxijy^v\hehkghjh\b\rmx
\k_\j_fyaZe_alv\]eZaZ
:qlh`_fg_^_eZlv"\kie_kgmeZjmdZfbju`_\hehkZydhr_qdZDZd[ulv"blZdh_\k_e_gkdh_
]hj_ihy\behkv\__]eZaZo
Hq_flu"m^b\bekyfm`qbgZ
DZdfg_l_[yijb\yaZlvdk_[_g_fgh]hh[b`_gghijhbag_keZEZjbgZ_kebh[wlhfgb]^_g_
kdZaZghZlukZfg_`_eZ_rv^_eblvkyhiulhf
:kq_]hluj_rbeZwlhk^_eZlv"fm`qbgZgZijy]kyHgkh\k_fg_h`b^ZelZdh]hih\hjhlZ
kh[ulbcb[h^_\mrdZ_]hmkljZb\ZeZbf_gghk\h_cg_dhgnebdlghklvxbhlkmlkl\b_fk\yaZgguok
g_xijh[e_fL_i_jv`_kblmZpbyg_kdhevdhhkeh`gyeZkv
Gmdh]^Zhq_j_^gZyg_\_klZdZg_l\E_lmlh__f_klhaZcfmykh\_jr_gghg_ihkj_^kl\_ggh
:hldm^ZluagZ_rvijhhq_j_^gmxg_\_klm"kihdhcguflhghf\dhlhjhfklZebijhkdZdb\Zlv
bkdhjdbg_^h\hevkl\Zihbgl_j_kh\Zeky@hj`DjZkb\u_]eZaZfm`qbguhdZcfe_ggu_imrbklufb
s_ldZfbj_kgbpagZqbl_evghihl_fg_eb\u^Z\Zye_]dmxkl_i_gvjZa^jZ`_gby
LZdh[wlhf\k_]h\hjyle_]dhfuke_gghfZogmeZjmdhcEZjbgZkeh\ghkijhkbeZdhlhjucqZk
Bqlh]h\hjyl"Fh`ghmagZlv"@hj`keh`bejmdbgZ]jm^bbiheh`beh^gmgh]mgZ^jm]mx
L_i_jvhg[ue\_kv\gbfZgby`_eZymagZlvhl\_lgZk\hc\hijhkqm\kl\myaZjZg__qlhhg_fmg_
ihgjZ\blky
Dhg_qgh\hklhj`_gghijhbag_keZdhr_qdZ]Z^ZxldZd^he]hlu[m^_rvh[jmq_gguf
�_\mrdZ[ueZ[_amfghjZ^Zih^_eblvkyk\hbfbagZgbyfbih\hegmxs_c__l_f_
�LZdy_s_g_h[jmqbekybwlh[uehgZkZfhf^_e__gvh[jmq_gby_s_g_[uegZagZq_gohlyh
ihfhe\d_m`_[ueh^h]h\hj_ghkjh^bl_eyfbg_\_klu
Gmbqlh"Kfhf_glZihfhe\db`_ihc^_lkq_lgZ^gb_kebg_gZqZkumdhr_qdb[uehk\h_
\b^_gb_kblmZpbb
:lugZf_gylh`_kihjbeZ"fy]dhhq_gvfy]dhkijhkbe@hj`\hllhevdh_keb[udlhihkfhlj_e
gZfm`qbgmgZZkljZevghfmjh\g_lhh[yaZl_evgh[uaZf_lbeqlh_]hZmjZiueZ_ldjZkguf
\ujZ`ZydjZcgxxkl_i_gvjZa^jZ`_gby
�_\mrdZ`_aZj^_eZkvmkeurZ\\hijhkhlq_]h__\_kgmrdbklZeb]hjZa^haZf_lg__
Lug_[m^_rvjm]Zlvky"hiZkeb\hihkfhlj_eZgZ^_fhgZ
G_lQlhlu"Dhg_qghg_[m^mjZkieuekylhl\meu[d_\hllhevdh_]h]eZaZkh\k_fg_kf_yebkv
gh^_\mrdZ[ueZkbevghm\e_q_gZkh[hcqlhaZf_lblvqlheb[hih^hajbl_evgh_
�ZIhfhbfij_^iheh`_gbyfkhq_j_^ghcg_\_klhcqlhgb[m^vkemqblky\l_q_gb_g_^_eb
\ug_keZk\hc\_j^bdldhr_qdZ
:qlh`_lZdfgh]h\j_f_gb"fm`qbgZkijylZedmeZdbdhlhju_lhk`bfZebkvlhjZa`bfZebkv
Fg_ij_^eh`bebihklZ\blvgZf_gvr__ghylsZl_evghbamqbeZih^[hjdbij_kku
DjZkb\Zyq_jgZy[jh\v\af_lgmeZkv\\_jo
Lu^Z`_lZdh_keh\hagZ_rv"wlh[uehm^b\bl_evghkZfhihk_[_
�Zk]hj^hklvxijhbag_keZdhr_qdZY_s_\umqbeZh^ghmfgh_keh\h[jhrxjZM`hq_gv
kbevghgZihfbgZ_lfg_Rmjhqdmbaiylh]hih^t_a^ZHgZ_s_gZ[ZaZj_dhe]hldZfblhj]m_lLu
ij_^klZ\ey_rvgZ^\hj_dZdhc\_dgZklmibeZhgZ\k_dhe]hldbijh^Z_lBdlhlh`_mg__
ihdmiZ_l"Ygbdh]^Z[uwlh]hg_k^_eZeZZEZjbgZ[ueZy\gh\ukhdh]hfg_gbyhk_[_kljZgghqlh
@hj`g_aZf_qZewlh]hjZgvr_
Bqlhlu\ug_keZbaih^[hjdb]Za_l"]hehkhf\dhlhjhf[ebadb_ex^bfh]eb[_ahrb[hqghmagZlv
kh\k_fg_i_j\u_ijbagZdbaehklbihbgl_j_kh\Zekyfm`qbgZ;m^v^h[jZjZkkdZ`b
Qlh\kj_^g_fkhklhygb_ihfhe\db^ebehkvqmlv[hevr_lj_of_kyp_\LZd[ueh\kZfuci_j\uc
jZaKe_^mxsb_[uebagZqbl_evghdhjhq_R_klZyihkq_lmg_\_klZijh^_j`ZeZkv\k_]h^\_g_^_eb
hlybih^mfZeZqlh\wlhljZakjhd[m^_lagZqbl_evghf_gvr_
Lh_klvlukqblZ_rvqlhfg_b\wlhljZag_ih\_a_l"kmabe]eZaZJZkob_]h\a]ey^klZely]mqdZd
klZjh_\bghbhlfm`qbgu\h\k_klhjhgubkoh^bebnexb^ujZa^jZ`_gby
�hjh]hcy\wlhfijZdlbq_kdbm\_j_gZwdkij_kkb\ghijhbag_keZEZjbgZ
Dhr_qdZZhldm^ZjZklmlgh]bmwlhcm\_j_gghklb"Fh`ghmagZlv"G_luebdZdbflh[hdhfdh
�hjh]hcdZdlufh`_rvlZdh_]h\hjblv"Mf_gymfZ[ugZwlhg_o\ZlbehaZijhl_klh\ZeZ
^_\mrdZ
?s_[uiheqZkZgZaZ^JZkobih^mfZe[uhlhf`_ghl_i_jvhgg_[uegZklhevdhm\_j_g\k\h_c
ex[h\gbp_b[hhgZhldjueZkv_fmkh\_jr_gghk^jm]hcklhjhguBlhqlhhg\b^_e_fmg_
gjZ\behkv^Z`_gZkZfmxfZehklv
AgZqblebwlhqlh_keb[umfZo\Zlbehlhlug_ij_f_gghijbeh`beZ[udwlhfmjmdb"^_\mrdZ
g_\b^_eZdZdgZqZebm^ebgylvkygh]lbgZiZevpZom@hj`ZZlh[ug_[ueZklhevg_ihkj_^kl\_ggZ
AZq_ffg_wlh"Y^h`^mkvdh]^Z]hjbahglhk\h[h^blkybkihdhcghaZcfmiheh`_ggh_fg_ihijZ\m
f_klh:lhdZdlhg_q_klghihemqZ_lkyFuklh[hcm`_klhevdh\f_kl_Zlu^Z`_g_ij_^eh`be
fg_ihagZdhfblvkykhk\hbfbjh^bl_eyfb:yij_^klZ\ey_rvk_[_m`_bieZlv_dmibeZb[hZd
g_fmYlZdfbeh\u]ey`m\k\h_fgZjy^_G_khfg_gghl\hbij_^db[m^mljZ^uebp_aj_lvf_gy\
k\h_fh[s_kl\_^_\mrdZi_j_\_eZ^moqlh[uijh^he`blvAgZxh[wlhf]h\hjblvkebrdhfjZgh
ghEZjbgZJZkoba\mqblijhklh\_ebdhe_ighLug_gZoh^brv"
�mfZxqlhihdZkebrdhfjZghhlhf]h\hjblvkibgZ@hj`Zg_kl_jibfhaZq_kZeZkvWlh
kmfjZqgu_djuevyijhdeZ^u\Zebk_[_^hjh]mgZ\hex
�hjh]hcghy`_^he`gZgZqbgZlvlj_gbjh\Zlvky:bgZq_dh]^Z`_fg_ijb\udZlv"mdhjbeZ
fm`qbgmEZjbgZ
@hj`hl^bdh]hgZijy`_gbyk`ZedmeZdbg_^Z\Zy\hafh`ghklbEZjbg_m\b^_lvfhf_glZevgh
q_jg_xsb_gh]lbk\djZie_gbyfbl_fgh]hk_jh]hp\_lZij_\jZsZxsb_ky\kljZrgh_bhkljh_
hjm`b_dhlhjh_y\eyehkvhlebqbl_evghchkh[_gghklvx\k_oij_^klZ\bl_e_cdeZgZJZkobG_evay
[ueh^himkdZlvqlh[udlhlhihklhjhggbc\b^_egZkdhevdhe_]dh\u\_klbfm`qbgmbak_[yLhevdh
kbehc\hebq_jgh\hehkuc^_fhgg_iha\heyeihdZaZlvgZkdhevdhhgahe
DZdfh]eZwlZ^_\bpZgZdhlhjmxhggbdh]^Z[u\`bagbg_ih^mfZe\hahfgblvqlh[m^_l
mijZ\eylvbf^_fhghfbadeZgZJZkobZl_f[he__j_rZlvqlh_fm^_eZlv"Mfm`qbguq_kZebkv
jmdbk\fb]hljhkrbfbdh]lyfbihdZaZlvdlha^_kvy\ey_lkyohaybghfiheh`_gbybdlh\ijZ\_
j_rZlvaZg_]h=eZaZfm`qbgukbxk_dmg^ghaZiueZebdjZkgufh]g_f\]em[bg_[_kijhk\_lgh]h
ajZqdZ:]emiZydmjbpZhrb[hqghihkqblZ\rZyk_[yq_flh[hevrbfg_`_ebhq_j_^gh_
ihkl_evgh_m\e_q_gb_@hj`Zkeh\ghgbq_]hg_aZf_qZeZijh^he`Zy[helZlv
AgZ_rv^hjh]hcyijyfhlZdb\b`mgZrmk\Z^v[mLu\[_ehfkfhdbg]_l\hb\hehkuklygmlugZ
aZlued_j_abgdhcWlhh[yaZl_evgh_mkeh\b_Zlh[m^_lg_djZkb\h_kebhgb[m^mlaf_blvkyih
ie_qZfbe_alvfg_\]eZaZZlZflmrvgZdeZ^gu_j_kgbpudh]^Zfu[m^_fnhlh]jZnbjh\ZlvkygZ
iZfylgucZev[hfl\h_ci_lebp_[m^_lh[yaZl_evgh\hldgmlZju`Zylb]jh\Zyebeby
kbf\hebabjmxsZyl\h_^h[jh_hlghr_gb_dhfg_Y`_[m^m\g_`gh]hem[hfieZlv_khldjulufb
ie_qZfbh[yaZl_evghhl^_eZggufgZklhysbfb[jbeebZglZfbqlh[u\k_\b^_ebqlhg_aZijhklh]h
�kf_jlgh]h\uoh`mZaZ^_fhgZbadeZgZJZkobhehch[uqghklv\k\Z^_[guogZjy^ZoMkljhbf
j_\hexpbxijbijh\_^_gbbhl^_evgh\aylhck\Z^_[ghcp_j_fhgbb^_\mrdZi_j_\_eZ^uoZgb_b
ijh^he`beZqmlvebg_aZoe_[u\Zykvhl\hh^mr_\e_gby:ihih^hemieZlv_[m^_l\urblhahehlhc
gblvx\lhge_i_kldZfebebbFhbju`b_\hehkurbdZjgh[m^mlkfhlj_lvkygZ]hem[hfqZklvbo
[m^_laZdhehlZ\ukhdhgZ]heh\_ZqZklvyijbdZ`mhklZ\blvjZkims_ggufbDZdl_[_^hjh]hc"
GjZ\blky"
\uiheg_ggh]hbal_fgh]h^m[ZKfZjlnhghlqZygghaZ\b[jbjh\Zebijbylguf`_gkdbf]hehkhf
ijh\hjdh\Ze
FZlbev^Za\hgblFZlbev^Za\hgblKughdkjhqgh\havfbljm[dmFZlbev^Za\hgblFZlbev^Z
a\hgblKughdkjhqgh\havfbljm[dm
Wlhdlh_s_aZFZlbev^Z"EZjbgZhs_lbgbeZkvdZdjZkk_j`_ggZydhrdZDlh_s_lZdZy"Y_c
]eZaZ\upZjZiZx]g_\ghijhr_ilZeZ^_\mrdZgZ]eZaZoij_\jZlb\rbkvbafbeh]hdhl_gdZ\
jZatyj_ggmxnmjbxJu`Zykh\_jr_gghg_h[jZlbeZijhgbdgh\_ggh_h[jZs_gb_kughd
Ijbg_kbfg_ljm[dmkdhfh^ZijhjuqZekd\havk`Zlu_am[u@hj`Hg[uekh\_jr_gghg_\lhf
khklhygbbqlh[uhl\_qZlvgZ]emiu_m]jhaug_^Ze_dhc^_\bpumf_xs_cohjhrhfZkdbjh\Zlvky
ih^g_\bggmxh\_qdmFm`qbgZ`_eZehdZaZlvkyohlvgZh^bgdjZlqZcrbcfb]qmlv^Zevr_hl
imklh]heh\hcih^jm`dbjZahaeb\r_c_]hgZklhevdhqlhhggbdZdg_fh]kkh[hckh\eZ^Zlv
K_cqZk^hjh]hcd[hevrhfmm^b\e_gbxEZjbgZkihjh[jhkbeZkvbkihegylvijbdZaZgb_
ex[h\gbdZ]jZpbhaghcdhr_qdhckhkdhevagmeZkrbjhdhcdjh\ZlbbihdZqb\Zy[_^jZfbkeh\gh
ijbkmlkl\h\ZeZgZihdZa_fh^ih^hreZddhfh^mHclmll_ldZdZdZylhjZkoZ`b\Z_lhgZm\b^_eZ
aZklZ\dmgZ]eZ\ghfwdjZg_kfZjlnhgZ
@hj`l_i_jvih`Ze_eqlhgZ^gyoki_pbZevghmklZgh\beih^h[guca\hghdgZl_e_nhg_
kbgl_abjh\Z\bahl^_evguoaZibk_cfZfbg]hehkbihklZ\b\gZaZklZ\dmlhlfhf_gldh]^ZfZfZk
d_flhjZa]h\Zjb\ZeZihl_e_nhgmjZkoZ`b\Zyihh]jhfghfmoheemboaZ]hjh^gh]h^hfZLZdbf
h[jZahfhgohl_eg_fgh]hih^rmlblvgZ^fZfZgaZlhqlhhgZhiylvgZklhyeZgZk\h_fFm`qbgZ
j_rbeih^mjZqblvkygh\hllhevdhrmldZg_m^ZeZkv?fmijbrehkvkjhqghm_oZlvbahlq_]h^hfZ
�eyk\yabk^_eh\ufbiZjlg_jZfbm@hj`Z[ue^jm]hcl_e_nhgbf_xsbcg_kdhevdhkl_i_g_c
aZsbluhlijhkemrb\ZgbyZwlhl[uelhevdh^eyk\yabk`_gkdhcqZklvxagZdhfuo^Z[ug_
kf_rb\Zlvh^ghk^jm]bf
�Zc[ukljhljm[dmm@hj`ZjZa\_qlhiZjg_\Zebebamr_cHgihke_^gbfmkbeb_f\heb
�aZklZ\bebkq_agmlvdh]lbgZjmdZoqlh[u\aylvaehihemqgucl_e_nhgbaEZjbguojmd_\mrdZ
gZdhg_paZf_lbeZqlhex[h\gbdgZoh^blkykh\_jr_gghg_\[eZ]h^mrghfgZkljh_gbbqlh[u
rmlblvb[uklj_gvdhij_h^he_eZjZkklhygb_bojZa^_eyxs__ijhlygm\kfZjlnhgfm`qbg_HgZ
lhevdhk_cqZkaZf_lbeZhiZkguc[e_kd]eZabjuqZsb_ghldb\]hehk_ex[h\gbdZWcnhjbyhl
aZfZyqb\r_cgZ]hjbahgl_]hem[hcf_qlu\\b^_aZfm`_kl\ZklZeZihlbohgvdmkiZ^ZlvB^_\mrdZ
\^jm]klZeZj_Zevghhp_gb\Zlvkeh`b\rmxkykblmZpbx?_\gmlj_gg__qmlv_^j_fZ\r__^hlhe_
kh[eZ]h\hebehijbclb\k_[yb^Zlv[hevrh]hibgdZohaycd_EZjbgZ[ukljhh^_jgmeZjmdmb
hlkdhqbeZgZihef_ljZ\klhjhgmklhbeh_ci_j_^Zlv@hj`ml_e_nhg
Fm`qbgZk^_eZeiZjm]em[hdbo\a^hoh\ij_`^_q_fhl\_lblvgZ\uah\FZf_g_klhbehagZlv\
dZdhfhgij_[u\Zekhklhygbb
uc^b\^jm]mxdhfgZlmjZkihjy^beky^_fhgijh`b]Zy\a]ey^hfEZjbgmLZ^Z`_g_
ihiulZeZkv\hafmlblvkyohly_s_g_kdhevdhfbgmlgZaZ^\jy^eb[ukihdhcghkg_keZlZdh_
h[jZs_gb_Qlhlh_cih^kdZau\Zehhg_h[oh^bfhklbih^qbg_gbyZlh[m^_lom`_HgZm`_
ijhdebgZeZk\hcyaud[_adhkl_c\u[helZ\rbc\k_lZcguqlhe_e_yeZdhr_qdZe_`Zmk_[y\
dhfgZl_dh]^Zg_[ueZgm`gZex[h\gbdm
EZjbgZxjdgmeZ\]hklbgmx[hevrh]h]hklbgbqgh]hghf_jZjZkiheZ]Z\r_]hkygZ^_kylhfwlZ`_
@hj`_fHgZijyfbdhfgZijZ\beZkv\\ZggmxdhfgZlmqlh[uih^ijZ\blvke_]dZfZdby`^Z[u\
�ke_^mxsbcfhf_gl\j_f_gbij_^klZlvi_j_^^_fhghf\h\k_ck\h_cdjZk__\mrdZ[ueZm\_j_gZ
qlh@hj`gZg__aZiZebl_i_jvm`_g_khj\_lkykdjxqdZHgZblZdkebrdhf^he]h\_eZk_[y
q_j_kqmjb^_ZevghihjZ[uehijb[bjZlvfm`qbgmdk\hbfjmdZfLZdjZkkm`^ZeZ]emiZydhr_qdZ
fmjeudZxsZyk_[_ih^ghkdZdmxlhf_eh^bxihdZijbim^jb\ZeZkvb\gh\vih^\h^beZ]m[u
ihfZ^hcij_^iheZ]ZydZd\hq_j_^ghcjZakfh`_lkjZablvk\h_cdjZkhlhcijb\_j_^eb\h]h^_fhgZba
deZgZJZkob
@hj`ijhke_^beqlh[uEZjbgZaZdjueZaZkh[hx^\_jvijb]hlh\b\rbkv\kemqZ_q_]hk^_eZlv_c
aZf_qZgb_bhkms_kl\blv\k_dZdaZ^mfZeGhohlv\wlhljZa^_\mrdZ^h]Z^ZeZkvqlhi_j_qblvg_
klhbl
�ZfZfZhl\_lbe^_fhgiheghklvx\hkklZgh\b\k\h_^uoZgb_GZebp_fm`qbguihy\behkv
kdmqZxs__\ujZ`_gb_dhlhjh_\u\h^behFZlbev^mbak_[y\ijhq_fdZdblhdh]^Z@hj`
�h[jZsZekydg_cfZfZ_fhg\k__s_[ueg_\^mo_
KdhevdhjZal_[_]h\hjblvqlhg_gZ^hgZau\Zlvf_gyfZfZAh\bf_gyFZlbev^hcY_s_g_
jZaf_gyeZk\hxlj_lvxkhlgxe_l
FZfZfh`_l[ulvlug_[m^_rv\kemo]h\hjblvhk\hboij_dehgguo]h^Zo"gZkf_reb\hijhbag_k
@hj`Hglhij_djZkghagZeqlh^ey^_fhgh\wlhg_\hajZklgh`b\ykj_^bex^_cgZqbgZ_rv
ijb\udZlvdhfgh]bffhf_glZf\qZklghklbdijh^he`bl_evghklb`bagbdhlhjZydhjhq_\
g_kdhevdhjZa:lhl_[ykhqlmlmfZebr_gghcbaZdjhxl\h^ghciZeZl_kdZdbfgb[m^v
;hgZiZjlhfbeb\om^r_fkemqZ_ibjh`gufgZihe_hghf
G_kf_cih^dZeu\ZlvfZfmkljh]hijhbag_keZ`_gsbgZh[b`_gghgZ^m\]m[db
FZfZluhij_^_ebkvdlh^eyf_gyFZlbev^ZbebfZfZZlhgZqbgZxl_jylvky\a^hogme
fm`qbgZ
Bgh]^ZkfZlmrdhc[uehlZdljm^ghjZa]h\Zjb\ZlvHgqZklhkhqm\kl\h\Zehlpmdhlhjucihemqbe\
`_guklhevijhlb\hj_qb\mxhkh[mh^bgfb]hgZfh]eZ[ulvfy]dhcbeZkdh\hcZ\^jm]hc
aeh[ghcnmjb_cIjbq_fij_^m]Z^ZlvdZdhcfZfZ[m^_l\ke_^mxsbcfhf_glgbdlhg_fh]H^gZdh
ijb\k_o__g_^hklZldZohl_phq_gvkbevghex[be`_gmb\h\k_f_cihlZdZeklhbehFZlbev^_
lhevdhq_]hgb[m^vaZohl_lvdZdfm`kh\k_ogh]db^Zekywlh\uihegylv@hj`qZklhaZ^mfu\ZekyZ
gZc^_lkyeb\_]hhdjm`_gbblZdZy`_gsbgZjZ^bdhlhjhchg[m^_l]hlh\\e_i_rdmjZkrb[blvky
beb`_r_xk\_jgmlv
HggZ^_yekyqlhlZdZy`_gsbgZ_s_ijhklhg_\ujhkeZZdh]^ZgZklmibl\j_fylhhgZaZcf_l
iheZ]Zxs__ky_cf_klh
@hj`kljh]hijhbag_keZhgZlufg_\kx]heh\maZ^mjbeYm`_aZ[ueZaZq_fl_[_a\hgx
Hiylvmij_dbdZd`_fm`qbg_hgbgZ^h_eb
AZq_ffZfZ"^_fhgj_rbeg_kihjblvZlhwlhfh]ehaZlygmlvkygZ^he]hQZklhFZlbev^Zk
m^h\hevkl\b_f\klmiZeZ\kh\_jr_gghg_h[hkgh\Zggu_i_j_iZedbb_kebg_\uoh^beZbagbo
ih[_^bl_evgbp_clhfh]eZh[b^_lvkyijbq_fgZ^he]h
K_cqZk[uehg_kZfh_ih^oh^ys__\j_fyqlh[ukihjblvkfZl_jvxihkdhevdmaZ^\_jvx`^ZeZ
EZjbgZkdhlhjhcke_^h\Zeh^hdhgpZj_rblv\k_\g_aZigh\hagbdrb_\hijhku
JZkobijb]hlh\bekykemrZlv
emq_aZjghcmeu[dhc
�_fhgaZ^mfZekygZl_fmlh]hqlh`_fh]ehlZdih\ebylvgZfZlv
Hiylvhs_gbeZkvLjhibdZgZ"fZe_gvdmxkh[Zqdmqlh[ueZex[bfbp_cmjh^bl_evgbpu@hj`
kh[kl\_gghjmqghijb^mrbe[u^Z`_g_hiZkZykvfZfbghcbkl_jbdbbebiZibgh]h]g_\Zihwlhfm
ih\h^mOhlybghcjZabmg_\hafmlbfh]h=hf_jZJZkobijhkdZdb\Zehih^h[gh_`_eZgb_@hj`[ue
\wlhfm\_j_g
LjhibdZgZh[eZ^ZeZbkdexqbl_evghcex[\_h[bevghklvxbkh\_jr_gghcg_jZa[hjqb\hklvx\k\yayo
;m^mqbfZe_gvdhcdhfgZlghckh[ZqhgdhcwlZhlhj\Zmfm^jyeZkvaZiZ^ZlvgZh]jhfguodh[_e_cHgb
ebiebdg_cg_om`_[Zgguoebklh\diylhclhqd_Ihke_dZ`^hclZdhc\klj_qbmikbguihy\eyebkv
gZk\_lf_lbkuBdZdhgZlhevdhmfm^jyeZkvbo\ugZrb\Zlv"GhkZfufgZkmsguf\hijhkhf[ue\
^jm]hf\k_s_gdb\k_]^Z[uebdjmigufb@hj`aZ^mfu\ZekyZg_ijbdhjfbeZebhgZZbklZ
dhlhjucmdjZ^dhcijbghkbeh]jhfguo^_l_gur_cihoh`bogZiZidZd^\_dZieb\h^u
G_l^h\hevgZijhbag_keZ`_gsbgZLjhihqdZgZkghkyogh_c_s_jZghhlq_j_ag_^_evdb
q_luj_[m^_l\kZfucjZaf_qlZl_evghih^dZlbeZ]eZaZFZlbev^Z[m^lhkZfZkh[jZeZkvs_gblvky
Dlhhg"kljh]hkijhkbeq_jgh\hehkuc^_fhg
Luk_cqZkhdhf"
Dh[_evDlh`__s_"JZkobm`_juqZeg_om`_lh]hg_ba\_klgh]hikZ
KiZgb_evkijb^uoZgb_ffhe\beZFZlbev^ZM@hj`ZaZdjZehkvih^haj_gb_qlhfZfZ
ki_pbZevghhlimkdZ_lLjhibdZgmgZ[em^qlh[ulZi_jbh^bq_kdb[_j_f_g_eZhljZaguodh[_e_c
ihlhfmdZdwlZrZ\dZmfm^jyeZkvjh`Zlv^_l_ch^bg\h^bgihoh`bogZhlph\:fZlmrdZihlhf
[eZ]hihemqgh\u^Z\ZeZs_gdh\aZqbklhdjh\guoijh^Z\ZyIjbq_fbf_eZg_iehohc^hoh^gZk\hb
dZjfZggu_jZkoh^u=hf_jmfbeyekyhlij_^ijbbfqb\hklb`_guGh__lZcgug_\u^Z\Zegbdhfm
k_fv_[uehlZ[mh[km`^ZlvLjhibdZgmbfZfbg[bag_k
Ihgylghkmohhl\_lbe@hj`\klZ\Zykdjh\ZlbbgZqbgZyoh^blvihghf_jm^mfZydh]^Z`_
fZfZkhh[sbl]eZ\gmxgh\hklvbebjZkkdZaijh__h[h`Z_fmxkmqdmwlhb_klv]eZ\gh_a\_gh\
ih\_kl\h\Zgbbk_"
@hj`kljh]hijhbag_keZfZlmrdZ\gh\vihf_gy\k\h_gZkljh_gb_Lu^mjgh\hkiblZgG_kf_c
khfghclZdk_[y\_klbY\k_`_l\hyfZlvdlh[uhlhfihfgbeih^mfZehkvfm`qbg_km^hjh`gh
k`bfZxs_]hljm[dml_e_nhgZ
FZfyaZgylg_fgh]h
HckughdlZd[ukjZambkdZaZeDlhhgZ"]hehkklZekeZs_f_^Z
FZlbev^ZhgZgbdlhQlhaZkhh[s_gb_luohl_eZk^_eZlv"g_\u^_j`Zefm`qbgZaZjuqZ\
hevn\_jgmeky[_ai_j_oh^Zijhbag_keZjh^bl_evgbpZ
Lurmlbrv"@hj`hklZgh\bekyihk_j_^bg_dhfgZlumklZ\b\rbkvgZ[_emxih^mrdmkjmqghc
\urb\dhcihdjZxKdZ`bqlhlurmlbrv"
G_l`_Yl_[_k_jv_agh]h\hjxhevn\_jgmekyBkjZam`_hlijZ\bekykiZihcih^_eZfY^Z`_
g_mki_eZ_]hihlbkdZlvHglZd\ujhkKlZekh\k_f[hevrhcbihij_`g_fmkljZ^Z_lijZdlbq_kdb
r_ihlhfhl\_lbeZfZlv
:dh]^Zhgb[m^ml"aZ^Ze\hijhk@hj``_eZyjZkieZgbjh\Zlvk\hc^_gvqlh[um^_eblv\j_fygZ
h[s_gb_k[jZlhf
FZlbev^Z
k_ihgylghfZfZhevngZdhg_p\ujhkohlybklZjr_f_gygZq_l\_jlv\_dZghy^eyl_[y
\ajhkeucdhlhjhfmh[yaZl_evgh`_gblvkyqlh[ugZk\_lfh]ehihy\blvkyke_^mxs__ihdhe_gb_
JZkobZhg^eyl_[y^hkboihjfZevqbddhlhjh]hke_^m_lhi_dZlvk]hj_qvxgZ]m[Zoijhbag_k
@hj`Keh\Zihfbfh\heb\ue_l_ebbamklfm`qbgu
@hj`bdfbeucylZdaZlh[hckhkdmqbeZkvhl\hjbeZkvkh_^bgyxsZy]hklbgmxbkiZevgx^\_jv
b\g__ijhkmgmeZkvh[gZ`_ggZygh`dZihihearZyihdhkydm\\_joWlhEZjbg_gZ^h_ehkb^_lv
h^ghcbhgZj_rbeZihb]jZlvkhk\hbfhqZjh\Zl_evguf^_fhghfhllhevdhhgZkh\_jr_gghaZ[ueZ
jZ^bq_]h[ueZ\u^\hj_gZbakiZevgb
JZkobjZa\_jgmeky\hdjm]k\h_chkbgZklhevdh[ukljhhlq_]h^Z`_\ha^mo\dhfgZl_aZlj_i_lZeb
ihr_e\hegZfbbih^kdhqbed^\_jghfmijh_fmGZEZjbgmihkfhlj_ebaeu_]eZaZiueZxsb_
djZkgufIjbq_f^_\mrdZihlhffh]eZihdeyklvkyqlhdjhf_]eZahgZgbq_]hg_\b^_eZ@hj`
keh\ghjZkl\hjbeky\ijhkljZgkl\_Wlhhgi_j_klZek_[ydhgljhebjh\Zlvbi_j_r_egZih]jZgbqguc
kkmf_j_qgufmjh\_gvgZklhevdhkbevgh\u\_ehfm`qbgmaZf_qZgb_fZl_jb
IhreZ\hgaZhjZe@hj`_^\Zg_i_j_oh^ygZmevljZa\md
EZjbgmkg_kehm^Zjghc\heghchlaZdju\Zxs_cky^\_jb?cqmlvgh]mg_hlhj\ZehhgZ_^\Zmki_eZ
__\u^_jgmlvbaijh_fZ
Wlhlufg_"K\h_cfZl_jb"\klj_i_gmeZkvFZlbev^ZDZdl_[_g_klu^gh"LudZd[ue
g_\hkiblZgguffZevqbdhflZdbhklZekyijbgyeZkvijbqblZlv`_gsbgZihlmklhjhgmk\yabq_f
\u\_eZ_s_[hevr_bak_[y@hj`Z
G_i_j_`b\ZclZdfZfhqdZkdhjhl\h_k_j^_qdhmkihdhblkyL_i_jv`_\_jgmekyl\hch[h`Z_fuc
hevnbd\dhlhjhflu^mrbg_qZyeZbiuebgdbk^m\ZeZghdhlhjucihijZe\k_mklhbbh[uqZb
k\Zeb\bak_f_cgh]h]g_a^Zdm^Zih^Zevr_
M@hj`ZgZqZebjZklbdjuevy[he__g_k^_j`b\Z_fu_kbehc\hebbl_i_jvhgboehiZebih\ha^mom
`b\yk\h_c`bagvxHgblhblZd[uebhkh[hg_mijZ\ey_fu_Zk_cqZkdh]^Z^_fhggZoh^beky\h
\a\bgq_gghfkhklhygbbl_f[he__
KughdgmqlhlulZdh_]h\hjbrv"G_m`_eblu^mfZ_rvqlhfZfhqdZl_[yg_ex[bl"Hq_gv^Z`_
ex[blLufhckZfuckZfucex[bfuckughd`_gsbgZihqm\kl\h\ZeZqlh__j_[_ghdg_\k_[_
AZibgdm\]hehk_jZa\_qlh]emohcg_aZf_lbe[u
DZd`_ex[blGh\hllhevdhihke_lh]hdZdex[bfuchevnbdgZie_\Ze\^mrmk]hj_qvx
\u^Zefm`qbgZgZihfbgZy\^Zggucfhf_glkdhj__h[b`_ggh]hfZevqbdZg_`_ebk_jv_agh]hb
\k_fbm\Z`Z_fh]hfm`Zb^_eb[u_]hk_cqZkih^qbg_ggu_hgbgbaZqlhg_ih\_jbebqlhwlhbo
]jhagucjZkkm^bl_evgucbmjZ\gh\_r_ggucgZqZevgbddhlhjh]h[hyebkv\k_hljy^h\h]hjZ[hlgbdZ
^h\bp_ij_ab^_glZdhfiZgbbkfgh]hfbeebhggufbh[hjhlZfb
Kughdgmg_gZ^hgZqbgZlvLujZkkljZb\Z_rvk\hxfZfhqdmjZa^Zehkvbaljm[dbkfZjlnhgZ
@hj``_[md\ZevghgZqZejuqZlv
:ol_i_jvlukgh\ZfZfhqdZZyl\hckughdijZ\^Zex[bfucwlhwibl_ldhlhjucm`_
hlghkblkyd^jm]hfmmklZehijbdjue]eZaZfm`qbgZklZjZykv\k_`_\aylvk_[y\jmdbihgbfZy
qlhhg\k_jZ\ghg_\khklhygbbgbq_]hbaf_gblvBjZagZ]hjbahgl_\gh\vihy\bekyi_j\_g_plh
_fm\lhjhfmijb^_lkyaZgylvk\h_f_klh;hev^hk_e_kijylZggZy]em[hdh\gmljb\gh\v
@hj`dZdlukf__rvlZd]h\hjblv"kljh]bflhghfijhbag_keZ`_gsbgZDZdl_[_g_klu^gh"
JZa\_yex[beZl_[y"JZa\_g_[Zeh\ZeZ"JZa\_g_kb^_eZklh[hcghqbgZijhe_ldh]^Zml_[y
�j_aZebkvdjuevyb\k_gbdZdg_fh]ebklZ[bebabjh\Zlvky"mfZxqlhl_[_g_\q_ff_gymij_dgmlv
aZdhgqbeZFZlbev^Zk\hxh[ebqbl_evgmxj_qv
k_lZdfZfZ\hllhevdh[ulv\ugm`^_ggufkughfyg_i_j_klZe]hjvdhijhbag_kfm`qbgZ
ijboh^y\k_[y
Ihke_^gbfrljbohf\h[j_l_gbbkihdhckl\byklZehg_m\_s_\ZgbyfZl_jbbaZ\_j_gby\ex[\bZ
kh[kl\_gguch[ebdhljZ`_gguc\a_jdZe_Fm`qbgZm\b^_ek_[ykhklhjhgubwlh_]hhlj_a\beh
Djuevy[uebaZ]gZgugZf_klhh[hehqdZi_j_klZeZ\b[jbjh\Zlvlhijh\Zeb\Zykvlh\gh\v
ihy\eyykv\wlhcj_ZevghklbZ]eZaZij_djZlbebk\_lblvkydjZkguf
Dh]^Z@hj`[uefZe_gvdbfhgg_h^ghdjZlghdhjbekm^v[maZlhqlhjh^beky\lhjufbwlh
hkhagZgb_^h\e_ehgZ^gbf\kxkhagZl_evgmx`bagvk_fvyo^_fhgh\j_^dhrebgZjh`^_gb_
\lhjh]hgZke_^gbdZ_keblhevdh^eywlh]hg_[uehh[t_dlb\guoijbqbgJ_qvreZbf_gghh
gZke_^gbd_Zg_j_[_gd_\hh[s_?]h@hj`Zh[ty\beblZdh\ufihlhfwlhbfyhlh[jZebdh]^Z
g_h[oh^bfhklvhliZeZ
hllZdZybjhgbykm^v[uFm`qbgZmdhlhjh]h[ueh\k_g_[uehihkmlbgbq_]h
FZfZba\bgbyi_j_a\hgxqmlviha`_YaZgyl[jhkbe\ljm[dmJZkobiheghklvxijb^y\k_[yb
`_eZyij_j\Zlvly`_euc^eyk_[yjZa]h\hj
@hj`@hj`ih^h`^bmkeurZehggZihke_^hdk\hbfhkljufkemohfij_`^_q_f
hldexqblvky
L_i_jv^_fhgmke_^h\Zehj_rblv_s_h^ghijh[e_fmihbf_gbEZjbgZqlhih^\u\ZeZk_cqZkklhc
klhjhgu^\_jbJZkobg_fh]wlh]hg_aZf_lblv
�HgrbjhdhjZkiZogme^\_jvbdZd[uegZ]hclZdb\ur_e\]hklbgmx_\mrdZkb^_eZgZihemb
lboh\koebiu\ZeZkeh\ghih[blZykh[ZdZm^\_j_c^hfZohaybgZij_^klZ\eyykh[hc`Zedh_
aj_ebs_
Luqlhlhohl_eZ"oheh^guc]hehkfm`qbguaZklZ\be\a^jh]gmlvDhr_qdZh`b^ZeZqlhgZc^y__
\lZdhfieZq_\ghfkhklhygbb@hj`[jhkblkyml_rZlvgZqZ\dhjblvk_[yaZ]jm[h_hlghr_gb_
H^gZdh^_\mrdZg_h`b^ZeZlZdh]h\uoh^Z^_fhgZ__fZe_gvdhc]heh\d_kjZam`_kh]jhfghc
kdhjhklvxijhg_kebkvfukebl_evgu_ijhp_kkuqlhlmlqlhlhg_lZdb_kebhgZlhlqZkg_bkijZ\bl
kblmZpbx\k\hxihevamlh_cfh`_l[ulviehoh
�hjh]hcylZdi_j_^lh[hc\bgh\ZlZIjhklbrvebluf_gy"^_\mrdZhimklbeZj_kgbpub
fhebl\_gghkeh`beZjmdby\eyykh[hcdZxsmxky]j_rgbpm\hiehlb
;_amkeh\gh@hj`g_h`b^Zegbq_]hih^h[gh]hZihlhfm\i_j\h_f]gh\_gb_g_kdhevdhjZkl_jyekyb
g_kjZamkj_Z]bjh\Ze
AZqlh"\u^Zei_j\h_qlhijbrehgZmf
�hjh]hcyihf_rZeZl\hbf^_eZf^_\mrdZgZdhe_gyoihiheaeZihihemijbq_f\__^\b`_gbyo
g_[ueh`_eZgbykh[eZagblvZebrvklj_fe_gb_hdZaZlvkyjy^hfkh[t_dlhfh[h`ZgbyY[hevr_
lZdg_[m^mLulhevdh]h\hjbfg_qlhke_^m_l^_eZlvbykm^h\hevkl\b_f\uihegx\k_l\hb
ih`_eZgbyLhevdhg_]hgbf_gy^_\mrdZh[gyeZgh]m@hj`Zkeh\ghg_aZf_qZeZ_]hgZ]hlu
kh\_jr_gghgbdZdgZg__g_j_Z]bjmy
\k_e_gkdbc]j_oZl_i_jv`_eZeZ_]haZfheblv
klZgvih`ZemcklZihlygmekyd^_\mrd_@hj`ih^gbfZyEZjbgmgZgh]b
Luf_gyijhklbrv"kfhev[hx\ukijZrb\ZeZdhr_qdZaZ]ey^u\Zy\]eZaZbeZkdh\hmeu[Zykv
ebrvh^gbfbm]hedZfb]eZaijbgbfZydjZcg_kh[eZagbl_evgmxiham
klZ\ZcaZf_jag_rvIhc^_fh^_g_fky^_fhgih^o\ZlbegZjmdb^_\mrdmbihg_k\dhfgZlm]^_
mdmlZe\ie_^ij_`^_q_fihiulZekyjZaukdZlv__h^_`^m
Yqm\kl\mxk_[ylZdhcfZe_gvdhc\l\hbojmdZoijb`ZeZkv^h\_jbl_evghd]jm^bfm`qbgu
^_\mrdZFg_klh[hclZdkihdhcgh
JZa\_fm`qbgZfh]mklhylvbg_ijhgbdgmlvkydh]^ZfbeZybeZkdh\Zydhr_qdZij_^Zggh
aZ]ey^u\ZeZ\]eZaZbsZ\gboh^h[j_gbybijhs_gby
@hj`kZfg_aZf_lbedZdihlygmekydqm\kl\_gguf]m[ZfdjZkZ\bpudhlhjZykm^h\hevkl\b_f
ih^ZeZkv\hl\_lGZijy`_gb_qlhkdhibehkv]em[hdh\fm`qbg_bkdZeh\uoh^Z^_fhgbq_kdZy
kmsghklvj\ZeZkvgZjm`mlj_[myk\h_c`_jl\uJZkobk^_j`b\Zek_[ybaihke_^gbokbeghEZjbgZ
keh\ghlh]hb`^ZeZqlh[u_s_kbevg__ijbevgmlvijb`Zlvky\iblZlv\k_[yfm`kdh_gZqZehB
^_fhgg_\u^_j`Zebihr_e\gZklmie_gb_
\r\r\r
=hf_j=hf_jFZlbev^Za\ZeZfm`Zihbf_gb_s_^hlh]hdZdijhbahrehkh_^bg_gb_
Lbev^ZqlhlulZddjbqbrv"Mf_gyaZeh`behmrbih`mjbe`_gm^_fhgk[eZ]hjh^ghcijhk_^vx
\\hehkZoHg\]ey^u\Zeky\k\h_hljZ`_gb_\h]jhfghfhdg_gZljb^pZlv\hkvfhfwlZ`_hnbkgh]h
p_gljZjZkiheh`_ggh]h\p_glj_]hjh^Zklhy\h`b^ZgbbklZjr_]hkugZdhlhjuchklZeky
ihh[sZlvkykh^gbfgm`gufq_eh\_dhf
=hf_jdZ`_lkymgZkijh[e_fu\a\hegh\Zgghijhbag_keZ`_gsbgZHgZm`_g_kdhevdhfbgml
oh^beZbam]eZ\m]heij_`^_q_fgZ[jZlvkykf_ehklbbiha\hgblvqlh[uihkh\_lh\Zlvky
DZdb_"LjhibdZgZhiylvjh^beZhlfZklbnZbluim]Z_rvkyaeh[gh]h\b^Zs_gdh\"kmeu[dhcgZ
]m[Zoijhbag_kfm`qbgZBebwibeypbxijhba\_ebq_j_kqmj]jm[h"
Blulm^Z`_mFZlbev^ug_gZoh^behkvkeh\qlh[u\ukdZaZlvk\h_\hafms_gb_ihih\h^m
ij_^iheh`_gbc\ukdZaZgguofm`_f
:dlh_s_lZdkqblZ_l"m^b\beky^_fhgbadeZgZJZkob
@hj`g_klZeZkdju\ZlvFZlbev^Z
Gmhgfh`_l_kv\f_gyk]hj^hklvxaZkugZijhbag_k=hf_jdZkZykvkl_deZbgZqbgZyq_jlblv
gZg_faZfukeh\Zlu_nb]mjuHl_]h^uoZgbyih\_joghklvke_]dZaZihl_eZFm`qbgZh[_jgmeky
m^hklh\_jbekyqlhgbdh]hjy^hfg_lihke_q_]haZ^urZeqZklhqZklhgZkl_dehGZhdg_ihy\beky
aZihl_\rbcdjm]\dhlhjhffm`qbgZ[ukljh[ukljhgZjbkh\Zekf_rgmxjh`bpmk\ukmgmluf
yaudhf=hf_j_s_jZah]eygmekybihke_wlh]h\^hogme\g__g_fgh]hkbeuK_j_[jbklh_k\_q_gb_
ih[_`ZehihdhglmjZfjh`bpudhlhjZy_fmlml`_ih^fb]gmeZZyaudkijylZeZh[gZ`b\hklju_
am[db
Hgg_klZ[be_g\k_j^pZo\ufhe\beZ`_gsbgZ
Dlh"g_ihgyehdhfbhq_fb^_lj_qv=hf_jkmfbe_gb_fkfhljygZkhl\hj_ggh_k\hbfbjmdZfb
@hj`\u^hogmeZFZlbev^ZaZf_j_\gZk_dmg^mgZf_kl_ghihlhf\gh\vijbgy\rbkvgZj_aZlv
djm]bihdhfgZl_GZf_kl_`_gsbg_g_kb^_ehkv?_\k_[hevr_b[hevr_[_kihdhbebkh[kl\_ggu_
QlhaZ]emihklb"jh`bpZihiulZeZkvpZigmlv=hf_jZaZih^g_k_gguc\iehlgmxdkl_demiZe_p
Fm`qbgZ\h\j_fy_]hm[jZeYkghqlhgZfZl_jbZevghfmjh\g_gZjbkh\ZggZyfhj^hqdZg_fh]eZ
ijbqbgblvgbdZdboih\j_`^_gbcZ\hlko\ZlblvaZZmjmfh]eZk[hevrbfm^h\hevkl\b_f
Yl_[_]h\hjxijbgyeZkvm[_`^Zlvfm`Z`_gsbgZ
G_]h\hjb]emihkl_cFZlbev^Z=hf_jgZau\ZelZd`_gmlhevdh\bkdexqbl_evguokemqZyodh]^Z
[ueg_^h\he_g_xbebgZqbgZeg_j\gbqZlvK_cqZk[uehblhb^jm]h_
GhykgbfjZa]h\Zjb\ZeZ
Hiylv\u\_eZfZevqbdZbak_[y"]g_\ghkijhkbefm`qbgZ?fmg_gjZ\behkvdh]^Zijhbkoh^beh
lhqlhkemqZehkv^hklZlhqghqZklh
�ZqlhlulZdh_]h\hjbrv=hf_j"JZa\_yfh]eZ"Lu`_f_gyagZ_rvmFZlbev^u^Z`_ke_au
ihl_debihs_dZf
YagZxk\h_]hfZevqbdZhgfh`_lk_[ydhgljhebjh\Zlvijbq_fij_djZkghBlhevdhkbevgh_
ihljyk_gb_fh]ehih\ebylvgZg_]hijbgyekyhlklZb\Zlvbgl_j_kukugZhl_p=hf_jex[be@hj`Z
b]hj^beky_]h^hklb`_gbyfb\[bag_k_
G_m`_eblukqblZ_rvqlhyfh]eZ"\koebigm\ijhbag_keZLbev^Z
FZlbev^Z^Z\Zclug_[m^_rviulZlvkyfghxfZgbimebjh\Zlvfuwlhm`_g_kdhevdhjZa
ijhoh^bebBlu`_agZ_rvqlhywlh]hg_ex[exdh]^ZgZ^hlh=hf_jfh][ulvkljh]bfkhk\h_c
`_ghcMfm`qbguwlh]h[uehg_hlgylv
Yg_
�Z\ZcykZfkh\k_fjZa[_jmkvG_[m^_f^_eZlvkdhjhiZebl_evguo\u\h^h\h^_jgmeFZlbev^m
fm`qbgZ
Ohjhrh_cgbq_]hg_hklZ\Zehkv^_eZlvdZdkh]eZkblvkykj_r_gb_fijbgyluffm`_f@_gsbgZ
ih^mfZeZqlhfh`ghhleh`blvjZa]h\hj^hemqrbo\j_f_ggZijbf_j^h\_q_jZZm`lh]^ZhgZ
�\gh\vaZ\_^_ljZa]h\hjh\klj_qb^hfZ=hf_j
K\yavjZahj\ZeZkvFm`qbgZihklmqZeljm[dhcl_e_nhgZiheZ^hgbjZa^mfu\ZygZ^l_fqlh
mkeurZe
JZa\e_dZ_rvky"aZkibghcm=hf_jZijha\mqZe\hijhkaZ^ZggucgZkf_reb\uflhghf
=hf_jJZkob[ukljhh[_jgmekyklZjZykvh^gh\j_f_gghkl_j_lvjmdZ\hfib^`ZdZkhkl_deZ
gZjbkh\Zggmxjh`bpmH^gZdhbebhgq_j_kqmjfgh]h\ebekbeubebjh`bpZhdZaZeZkvgZfgh]h
`b\mq__q_fohl_ehkvghhgZ\uimklbeZam[ubkfZqghpZigmeZfm`qbgmaZjmdmHl
g_h`b^Zgghklbhg^_jgmeky\u^Z\k_[ykihljhoZfb
Hl_plmlgZ^hijb\yadmklZ\blv?kebihlygmlvaZma_ehdkbeulhhgZ^he`gZkZfZbkq_agmlv
hevnkgbkoh^bl_evghijhlygmejmdmih\_johlph\kdh]hie_qZbkh\_jrb\g_[hevrmx
fZgbimeypbxjZa\_yegZ\_^_gguch[jZahlq_]hdZjlbgdZgZkl_de_\gZqZe_ihieueZZaZl_fgZqZeZ
ijhiZ^ZlvdZdbkq_aZ_l\h[uqguomkeh\byoihdZgZhdg_g_hklZehkv^Z`_gZf_dZgZ\_k_emx
am[ZlhyaudZlmxjh`bpm
b^bfhyqlhlhih^aZ[ueKlZjklZebg_fhs_gkfbj_gghih`Zeie_qZfbfm`qbgZihdZau\Zy
k\h_ihjZ`_gb_
?fm[uehg_m^h[ghqlhklZjrbckugaZklZe_]haZlZdbf^_lkdbfaZgylb_fdZdh^mr_\e_gb_
g_fZl_jbZevguoij_^f_lh\hllhevdhlhfm[ueb\_kdb_ijbqbguihke_^g__\j_fy=hf_jZklZeb
\kydbcjZaklZjZekyijh\_jblvgZkdhevdh[ukljhijh]j_kkbjm_l[he_agviulZykvgb\dh_fkemqZ_
g_mgu\ZlvFm`qbgZagZeqlhgZ\k_\hey\k_\urg_]hHgfh]hlf_jblv_fmbkhlgbe_l
hlghkbl_evghghjfZevghc`bagbZfh]aZ[jZlv\k_bkjZamIhlhfmihy\e_gb_hevnZhdZaZehkvdZd
g_evaydklZlbohly=hf_jm`_bg_gZ^_yeky_keb]h\hjblvhldjh\_gghqlhklZjrbcgZ^mfZ_l
\_jgmlvky\jh^gu_i_gZlu
GmjZgh\Zlhluhl_pklZekqblZlvk_[yklZjufbg_fhsgufmkf_ogmeky\ukhdbcrbjhdhie_qbc
fm`qbgZkk_^hxijy^vx\\hehkZoy\eyxsbcky[em^gufkughf=hf_jZJZkob?s_[md\Zevgh
iheqZkZgZaZ^ij_^lh[hclj_i_lZebhlgx^vg_kZfu_keZ[u_ij_^klZ\bl_eb^bZkihju^_fhgh\
ijbkemrb\ZykvddZ`^hfmkeh\m
K_]h^gyijh\h^beZkv_`_]h^gZy\klj_qZ]^_j_rZebkvhkh[h\Z`gu_^_eZkh]eZkh\u\Zebkv^Ze_dh
b^msb_ieZgugZoh^bebkvimlbijbfbj_gbyf_`^mdhgnebdlmxsbfbdeZgZfbGZg__dZdg_evay
dklZlbihiZehevnijbg_krbclj_\h`gmx\_klvk^jm]h]hdhglbg_glZdhlhjZyl_i_jv
fmkkbjh\ZeZkv\dmemZjZoh]jhfgh]hhnbkgh]hp_gljZ
Wlhdl_[_hgbijbkemrb\ZebkvbijbkfZljb\ZebkvZf_gyagZxldZdh[emie_ggh]hLuaZdhgqbe
k\hb^_eZ"J_rbe\k_\hijhku"ihbgl_j_kh\Zeky=hf_j
�ZGZk_]h^gy\k_YblZd\klj_lbelh]hkd_f^Z`_g_ij_^iheZ]Zem\b^_lvkyFg_djZcg_
ih\_aehhevn\iehlgmxih^hr_edh]jhfghfmhdgmbmi_jkye[hf\g_]hdZd_s_g_^Z\gh^_eZe
_]hhl_pklhcebrvjZagbp_cqlhkugg_^urZegZkl_dehbg_jbkh\Zekf_rgmxjh`bpm
Lh]^ZgZfihjZ^hfhcfZfZh[_sZeZijb]hlh\blvijZa^gbqgucm`bgihih\h^ml\h_]h
\ha\jZs_gby;m^mllhevdhkZfu_[ebadb_
BgZwlhfkiZkb[hdh]^Zhl_pgZqZe]h\hjblvijhm`bghevnbaf_gbeky\ebp_q_]hhl_pg_
\b^_eHgg_gZ\b^_e\k_wlbfZkkh\u_k[hjbsZk[hevrbfdhebq_kl\hfijb]eZr_gguoebp\_qgh
q_flhbgl_j_kmxsbokylj_[mxsbodk_[_\gbfZgbyaZklZ\eyxsbohl\_qZlvgZihklZ\e_ggu_
\hijhkuFm`qbg_\k_wlhij_lbehbhg[uejZ^mkeurZlvqlhgbq_]hih^h[gh]hg_ieZgbjm_lky:
lhhgm`_gZqZeijb^mfu\ZlvdZd[u[uklj__aZ\_jrblv^_eZ\jh^ghf]hjh^_bhiylvmfhlZlvaZ
hd_Zg
Wlhlhevdhk_]h^gyh]hjhrbehl_p
Lh_klv"h[_jgmekyhevnOheh^gu_k_ju_]eZaZlZdg_oZjZdl_jgu_^ey^_fhgh\gZebp_
fm`qbgubaemqZeb\hijhk
Q_j_ag_kdhevdh^g_cmgZkieZgbjm_lky[hevrhcijb_fgZdhlhjhf[m^_lh[ty\e_ghhihfhe\d_
@hj`ZYgZ^_xkvqlh^hlh]h\j_f_gbluijb\udg_rvdwlhcfukeb
;jZlhiylv`_gblky"m^b\bekyhevn:qlhkemqbehkvkij_^u^ms_c`_ghc"hgg_^hmf_\Ze
\_^v_fmgbq_]hg_khh[sZebh[baf_g_gbyo\k_f_cghfiheh`_gbb[jZlZH[uqgh_]hbgnhjfZlhju
^hghkbebhkZfuo\Z`guokh[ulbyoijhbkoh^ysbo\jh^ghf]hjh^_ZlmllZdh_blbrbgZ
G_m`_ebhgg_^hklZlhqghke_^blaZk\h_cZ]_glmjghck_lvxqlhhgZkh\_jr_gghjZa[helZeZkvb
lj_[m_lgZ\_^_gbyihjy^dh\"
DZdwlhhiylv"l_i_jvgZklZeZhq_j_^v=hf_jZaZ^Zlv\hijhkHg_s_gbjZamg_[ue`_gZl
fm`qbgZijhr_e\]em[vdhfgZlubmk_ekygZdj_keh\h]eZ\_klheZ
Ih^h`^bghfg_`_y[uem\_j_gqlh\ijhrehf]h^mkhklhyehkvjZ^hklgh_kh[ulb_
Kdhlhjuflu^Z`_g_ih^mfZeiha^jZ\blv[jZlZ_^vlZd"ih`mjbekugZhl_pG_m`_eb
hevnm[uehg_q_fdjulvHgagZeqlh_fmg_[uehhijZ\^ZgbclZdhc\hlgZie_\Zl_evkdhc
ihabpbbdZkZxs_cky^_ek_fvbghhgg_fh]kdZaZlvhlpmihq_fmlZdijhbahrehQ_ff_gvr__
dhebq_kl\hagZxsbohdZ`_lkyl_femqr_[m^_l
bgh\Zlijy^v\hehkmiZeZgZ\ukhdbceh[k_jh]eZah]h^_fhgZYh[yaZl_evghiha^jZ\ex
fheh^mx`_gmij_ih^g_ky_c^hjh]hcih^ZjhdOhlyIh^h`^bLulhevdhqlhkdZaZeqlh@hj`
lZdbg_`_gbekyfm`qbgZmofuevgmekyLuki_pbZevghf_gyjZau]ju\Z_rv"LZd"hllhevdh\
q_f"
DZd`_l_[yjZau]jZ_rvYblZd[uem^b\e_gqlhgZqZehijZ\^u\Zlvkymeu[gmekyhl_pM
@hj`Zkwlbf[_^Zkhh[sbefm`qbgZ
Kq_f"gZijy]kyhevnHgohlvbfZehh[sZekyk[jZlhf\ihke_^g__\j_fygh_keblj_[h\ZeZkv
�_]hihfhsvfm`qbgZgZf_j_\Zeky__hdZaZlvkbxk_dmg^meyg_]hjh^kl\_ggu_mau[uebg_
ijhklhcgbdq_fmg_h[yau\Zxs_cdhgklZlZpb_cnZdlZHgb[uebk\ys_gguDlh[uq_]hlZfg_
]h\hjbe
Kg_\_klZfbfhe\behl_p\ay\baklZdZgqbdZklhys_]hgZklhe_dZjZg^ZrbgZqZ\_]hdjmlblv
f_`^miZevp_\
:dZdZyg_\_klZihkq_lmieZgbjm_lky"hklhjh`ghihbgl_j_kh\Zekyhevnihgy\qlhqlhlhlml
g_qbklhG_ijhklhlZdhl_pbjhgbq_ggZwlhlkq_l
K_^vfZy
DZdZy"hevnklj_fbl_evghih\_jgmeky\bamfe_gbbih^gy\[jh\bHgh`b^Ze\k_]hq_]hm]h^gh
ghg_lZdhcm^b\bl_evghcpbnjuQlh`_lZdh]hfh]ehijhbahclbqlhjZkkljZb\Zebkvk\Z^v[uk
r_klvxij_^u^msbfb^_\mrdZfbWlh`_[uehg_ghjfZevghKh\_jr_gghDZ`_lkyijb^_lky_fm
ijbf_gylvk\hbkihkh[ghklbb\hlq_f]hjh^_ohlyhggZ^_yekyqlhih^h[gh]hg_kemqblky
Lug_hkeurZekyK_^vfZymkf_ogmekyhl_p
L_[ywlh\_k_ebl"k_jh]eZauc^_fhgg_ihgbfZe\_k_evyjh^bl_eyihwlhfmih\h^m
:lug_ohq_rvmagZlvkd_fkhklhblkyh[jmq_gb_m@hj`Z"aZ^Ze\hijhk=hf_jb]ghjbjmy
bgl_j_kkugZ
Kd_f"Y__agZx"hevnaZbgl_j_kh\Zggh\a]eygmegZ]eZ\mk_fvb
Eba_llhcHjkdb
Wlhlhcg_ihk_^eb\hcib]Zebp_cqlhaZe_aeZih^klhekh\_sZgbckh\_lZbjZah`]eZdhkl_j"Lhc
dhlhjZyk\yaZeZrgmjdb[hlbghdm\k_ofm`qbgijbkmlkl\mxsbo\aZe_ihke_q_]hhgbihiZ^Zeb
keh\ghih^dhr_ggu_kh[bjZykv\uykgblvhldm^Z\Zebl^ufbihq_fmkjZ[hlZeZijhlb\hih`ZjgZy
kb]gZebaZpby"
M]m
OfKljZgguc\u[hj
hevnm[uehg_ihgylghdZdfh]ebJZkobihclbgZkh]eZr_gb_h[jZd_kk_fv_c]^_kh_^bgbebkv
h[hjhlgbb^_fhgu:dZd`_qbklhlZdjh\b"G_m`_ebg_gZrebgbdh]hemqr_"?kl_kl\_gghwlb
fukebfm`qbgZj_rbehklZ\blvijbk_[_
Hlebqguc\u[hj\u^Zek\h_fg_gb_hl_p
\r\r\r
Ebaablu]^_"mkeurZeZy\ljm[d_]hehkk\h_cklZjhcagZdhfhc\bdhgl_kku:g_ebgu
^h[jZlvkygZfZrbg_bah^gh]h]hjh^Z\^jm]hcYij_^eh`beZ^_\mrd_\hkihevah\ZlvkydZjlhcHgZ
kh]eZkbeZkvkdZaZ\qlhmg__fgh]hp_eZydheh^ZWlhaZf_qZgb_yijhimklbeZfbfhmr_c
ihkqblZ\qlhg_ihgyeZhq_fj_qvDh]^ZhgZiha\hgbeZbi_j_kijhkbeZihdZdhcbadZjlke_^m_l
_oZlvih\Ze_lm[m[_gbeb^Zf_ibdlh^eyf_gyaZ\_kZlZcgugZ^ijbgZ^e_`ghklvxdZjld
b]jZevgufg_kdhevdhijbhldjueZkvYlsZl_evghh[tykgbeZ^_\mrd_qlhlZjhkh\_jr_gghg_
ih^oh^yl^eykhklZ\e_gbyfZjrjmlZ:g_ebgZ[ueZm^b\e_gZmkeurZ\qlhkms_kl\mxl
lhih]jZnbq_kdb_dZjluihdhlhjufhdZau\Z_lkyfh`ghmagZ\ZlvgZijZ\e_gb_Lh]^Zyij_^eh`beZ
_cih]m]eblvbhlukdZlv^hjh]m\bgl_jg_l_=h\hjblv]m]mhgZgZqZeZ_s_^hlh]hdZdiheh`beZ
ljm[dmLmlyklZeZkhfg_\Zlvky\mfkl\_gguokihkh[ghklyok\h_cklZjhcagZdhfhc:g_ebgZb
jZgvr_g_hlebqZeZkvhkh[ufmfhfZlml\g__\hh[s_[_k\k_ebeky
B^_jgme`_f_gyyaudij_^eh`blvih^jm`dZfihgZqZevghcrdhe_\klj_lblvkykimklyklhevdhe_l
L_i_jvy[ueZkh\k_fbg_jZ^Zkh[kl\_gghcbgbpbZlb\_
Ih^oh`mddZn_DZdfub^h]h\Zjb\Zebkvy\a]eygmeZgZqZkuhlf_lb\qlh^hgZagZq_gghc
fghx`_\klj_qb_s_^_kylvfbgmliheg_mki_\ZeZij_h^he_lvjZkklhygb_^hh[mkeh\e_ggh]h
f_klZ\klj_qb
Ihq_fmluhiZa^u\Z_rv"mkeurZeZbklhrgucibkdHlg_h`b^Zgghklby^Z`_hklZgh\beZkvb
\gh\v\a]eygmeZgZqZkuG_lk_\ihjy^d_Gbdm^Zyg_hiZa^u\Zxk_ih]jZnbdm
Luq_]hbkl_jbrv"\ayeZ[udZaZjh]Z_jg__j_rbeZihklZ\blv^_\mrdmgZf_klh?keb[ulv
q_klghclhym`_mklZeZhl:g_ebguohly^Z`__s_g_\klj_lbeZ\hhqbx
Hgbdhfg_ijbklZxlJmdblygmlk^Z\e_ghijhbag_keZ\ljm[dm[u\rZyrdhevgZyagZdhfZy
Dlh"fh_\hh[jZ`_gb_ihq_fmlhkjZamgZjbkh\Zehfgh`_kl\hebZglygmsbok\hbhljhkldb
ie_lbd:g_ebg_h[\b\Zxsbo__l_ehr_xb^mrZsboqlh[uykfh]eZgZdhg_p\a^hogmlvk
h[e_]q_gb_f
Fm`qbguyiulZeZkvkm^hjh`ghkhh[jZablvhldm^Zkj_^b[_eh]h^gy\dZn_]^_hkgh\ghc
�dhglbg]_glwlh^_lbbbojh^bl_ebfh]eb\aylvkyfm`qbguZhgblm^Zih^kljZohfkf_jlbg_
aZ]ey^u\ZebihlhfmdZd[uehrmfghbfgh]hex^gh
Yki_pbZevgh\u[jZeZlZdh_f_klh\klj_qbqlh[u\gh\vhsmlblvk_[yfZe_gvdhc^_\hqdhc
hdmgm\rbkv\Zlfhkn_jmlh]h\j_f_gbdh]^ZyghkbeZ[ZglbdbbdhkbqdbGmZihfbfhijhq_]h
qlh[umkihdhblvfZlmrdmdhlhjZyg_gZrmldm\ihke_^g__\j_fy\ayeZkvaZkhojZg_gb_fh_c
gjZ\kl\_gghklb\qbklhfg_bkihjq_gghf\b^_k_`_dZdgbdZd\kdhjhf\j_f_gb^he`gZ[ueZ
khklhylvkyihfhe\dZ
Hldm^Z\^_lkdhfdZn_fm`qbgu"aZ^ZeZy\hijhk\kemoohlybgl_j_kh\ZeZkvkZfZmk_[yYkgh_
^_ehqlhkijZrb\Zlvm:g_ebgukfukeZg_[ueh_kebyg_`_eZeZ\iZklv\]em[hdmxdhfmhl
ihiuldbihgylvoh^fuke_c^_\mrdb
Hgba^_kvih\kx^mIh^oh^ylagZdhfblvkyLjh]Zxlf_gyKijZrb\Zxlh^gZebyij_^eZ]Zxl
�dm^ZlhaZ[blvkyZ`_ij_^eZ]Zxldmiblvfg_\bkdbr_ihlhfijhbag_keZ^_\mrdZIh\k_c
\b^bfhklb_c[uehdjZcg_g_m^h[gh]h\hjblvH^gZdhihke_^gyynjZaZgZ\_eZf_gygZg_\_k_eu_
fukeb
Lu\dZdhfdZn_gZoh^brvky"j_rbeZgZqZlvkgZqZeZIhlhfmdZdmf_gy\hagbdebkfmlgu_
khfg_gbyihwlhfmih\h^m
H\k_\urgbcBdZdykjZamg_^h]Z^ZeZkv"Wlh`_[uehhq_\b^ghagZy]emihklv:g_ebguB
ihq_fmfg_\_qgh\_a_ldZdmlhie_ggbdm"Y\ha\_eZ]eZaZdg_[mgZ^_ykvgZclblZfhl\_l
;ukljhmoh^bhllm^ZWlhg_fm`qbguBebg_kh\k_ffm`qbgu_jg__g_fm`qbgukh\k_fy
iulZeZkvih[ukljhfmh[tykgblv^_\mrd_qlhbalh]haZ\_^_gbygZ^h^_eZlvgh]b@_eZl_evgh
fhf_glZevgh
:dlh"]hjyqbcr_ihlaZklZ\bef_gygZijyqvky
@_gsbguykh\k_ogh]j\ZgmeZ\^jm]mxklhjhgmFhlZchllm^Z;ukljhWlhdem[^ey
e_k[byghd_kebyg_i_j_ehfZeZgh]bihimlbdaeZqghfmf_klmwlh_s_gbq_]hg_agZqbehihlhfm
dZd_s_[uehg_ba\_klghm^Zklkyebfg_hl[blvkybap_idbojmd`_gsbgdhlhju_fm`qbgbeb`_
fm`qbg\l_eZo`_gsbg
Lurmlbrv"^_\mrdZjZa\_qlhg_ieZdZeZ\ljm[dmY[md\Zevgh\b^_eZ__i_qZevgu_]eZaZ
G_lG_rmqmJ\bdh]lbihdZl_[ydlhgb[m^vg_m\hehd\ijb\ZlgmxdhfgZlmGbgZqlhg_
kh]eZrZckyij_^mij_^beZyg_kykvkeh\ghm]hj_eZy
FZfhqdbk^Z\e_gghibkdgmeZhgZdh]^Zym`_[ueZg_^Ze_dhhldem[ZgZ^_ykvqlhf_gygbdlhg_
h[gZjm`bllmlZlhihlhfg_hlfh_rvkyhl^h[jhckeZ\ujhah\hc^_\hqdb
Ihlhf[m^_rvfZfdZlvLu]^_"Ym`_\hae_\oh^Zyj\ZgmeZ^\_jvgZk_[y
B\wlhlfhf_gla_jdZevgZykl\hjdZaeZqgh]haZ\_^_gbyhldjueZkvbdhfg_ijyfh\jmdb\u\ZebeZkv
bajy^ghihlj_iZggZy:g_ebgZFg_^Z`_klZehe_]q_^urZlvklhbehm\b^_lv^_\mrdmL_i_jv
ke_^h\Zehm[jZlvkyih^h[jmiha^hjh\mdm^Zih^Zevr_
@b\ZyKeZ\Z\k_\urg_fmDZdlufh]eZi_j_imlZlvaZ\_^_gby"gZimklbeZkvygZ:g_ebgmFg_
lZdbohl_ehkv^h[Z\blv]emiZydmjbpZghyk^_j`ZeZkv
DZdyi_j_imlZeZ"Y\k_ijZ\bevghLu`_kdZaZeZbhgZaZlZjZlhjbeZi_j_kdZau\Zyfhbkeh\Z
QlhykdZaZeZ"Yl_[_kdZaZeZqlhdZn_gZau\Z_lkyDZiblhrdZZluihi_jeZkv\dem[DZib
LhrdZLuihgbfZ_rvjZagbpmbebg_l"AgZ_rvqlhlZfklh[hck^_eZeb[u"gZqZeZaZ^Z\Zlv
\hijhkui_j_im]ZgghcagZdhfhcG_l"hlbyg_agZx
Ghy`_g_^mfZeZ
Lu\hh[s_dh]^Zgb[m^v^mfZeZaZihke_^g__\j_fy"\a^hogmeZ@_eZgbyh[sZlvkykh
rdhevgufbih^jm`dZfblZyehijhklhgZ]eZaZoYdhjbeZk_[yaZlhqlhg_ih^mfZeZhkoh`_klb
gZbf_gh\ZgbcGhy^Z`_ij_^iheh`blvg_fh]eZqlhih^h[gh_fh`_lkemqblvky
Bqlh\u^mfZ_l_kemqbehkv"
WlZ]emiZydmjbpZihbf_gb:g_ebgZgZf_gyh[b^_eZkv^ZlZdkbevghqlhmk_eZkvijyfhgZ
ljhlmZjqlh[ugZqZlveblvke_au:fg_ijbrehkv__m]h\Zjb\ZlvmkihdhblvkyIjhkblvijhs_gby
BkbehclygmlvgZf_klh\klj_qb]^_gZk^Z\ghm`_ih^`b^Zeb_s_ljbrdhevgu_ih^jm]b
Eba_llZlulZdohjhrh\u]ey^brv\hjdh\ZeZ^_\mrdZihbf_gbHkyjZa]ey^u\Zyf_gykgh]^h
]heh\uFg_ihdZaZehkvqlhhgZZ\lhfZlbq_kdb\_rZeZp_ggbdbgZfhxh^_`^mh[m\vkmfhqdm
GZ\_jgh_lhevdhbakZehgZ
�Zg_klZeZyemdZ\blvGZkZfhf^_e_mf_gygZk_]h^gy[uehaZieZgbjh\Zghihk_s_gb_
ex[bfh]hfghxaZ\_^_gby
Lhlhy^mfZxqlhlulZdihohjhr_eZQlh^_eZeZ[jh\bbebijbq_kdm"aZ^ZeZ\hijhkbdb
jZg__fheqZ\rZy
Wibeypbxhl\_lbeZyIhke_\k_aZfheqZebgZp_emxk_dmg^mi_j_\Zjb\ZymkeurZggh_
h[eZklb[bdbgb^h[Z\beZgZkeZ`^Zykvwnn_dlhf
hllurmlgbpZwlhbdbi_j\hchlf_jeZgZqZ\djb\hmeu[ZlvkyKdZ`_rv`_lZdh_
KemrZcl_^_\qhgdbg_^Z\ghmkeurZeZkgh]krb[Zl_evgmxgh\hklv_jg__^\_wlh:g_ebgZ
gZdhg_phlf_jeZ\uc^ybaklmihjZihke_ihk_s_gby[ZjZ^eye_k[b
DZdb_"DZdb_"gZi_j_[hcaZlZjZlhjbebJhaZkHk_c\b^bfhbbfg_l_ji_ehkvkdhj__
i_j_kdhqblvgZgh\mx\hegm
Fheh^hck_dkmZevguc@hj`JZkobkgh\Zkhh[sbeh]jy^ms_cihfhe\d_q_jZwlZgh\hklv
ijhkhqbeZkv\kj_^kl\ZfZkkh\hcbgnhjfZpbbuij_^klZ\ey_l_k_^vfhcjZamf_gyg_ijbylgh
aZkhkZehih^eh`_qdhcklhbehlhevdhmkeurZlvhq_fkdZaZeZ:g_ebgZ
�Zluqlh"hlwlh^ZmbdbZ`]eZaZaZ]hj_ebkvBdlhhgZ"
H[wlhfihdZgbq_]hg_ba\_klghIhoh`_qlh[hylkyk]eZablvWlh`_dh]^Z[ueh\b^Zghqlh[u
�ih^h[gh_fh]ehkd_fgb[m^vjZg__kemqZehkvK_^vfZyg_\_klZbgbh^ghc`_gumfZxqlhhgZ
[_^g_gvdZyhlkljZoZ^jh`bldZdhkbgh\ucebkl:g_ebgZ[ueZg_^Ze_dhhlbklbgu
:y[uohl_eZhdZaZlvkygZ__f_kl_JhaZijb]m[beZdhdl_cevbf_qlZl_evghijbdjueZ]eZaZ
LZdhcdjZkZ\qbdwlhlJZkobY\b^_eZ_]hgZjZa\hjhl_`mjgZeZhg[ueijbagZgkZfufmki_rguf
�[bag_kf_ghf]h^ZmfZxqlhy[u_fmih^hreZih\k_fklZlvyf\hllhevdhhgihq_fmlhg_oh^bl
ihfh_cmebp_bygb]^_g_fh]mkgbfi_j_k_qvky
�By[ug_hldZaZeZkvZ`_g_kfhljygZih^h[gmx^mjgmxkeZ\mWlh`_dZda^hjh\h;h]Zlkl\h
�\eZklvdmqZ^_g_]G_l_gv`bsY[ulhqghg_bkim]ZeZkvgbdZdhch]eZkdbZki_pbZevgh[u
khh[sbeZhk_[_]Za_lqbdZf^Z_s_knhldZeZkvqlh[u\k_\b^_ebbdbb\rdhe_\k_]^ZklZjZeZkv
\ue_alb\i_j_^qlh[u__aZf_lbebhp_gbebq_]hm^b\eylvkyqlhih\ajhke_\hgZg_baf_gbeZk\hbf
ijb\uqdZf
=h\hjylqlhk[u\rbfbg_\_klZfbijhbkoh^behqlhlhiehoh_aZf_lbeZy
�Z[jhkvluWlh\k_^hfukeuKdhj__\k_]hJZkobboijhklh[jhkZ_ldh]^ZihgbfZ_lqlhhgbg_
ih^oh^ylih\k_fiZjZf_ljZfhlfZogmeZkvbdbG_m`_eb[ulug_ohl_eZ\uclbaZfm`aZ
[h]ZqZ"_^vwlh`_ijhklhkdZadZGbq_]hg_gZ^h[m^_l^_eZlvebrve_`ZlvgZr_aehg]_\hae_
[Zkk_cgZbaZ]hjZlvYlZdb\b`mk_[y\ZehfdmiZevgbd_k`bfZxs_c[hdZekfZjlbgbkh
\klZ\e_ggufahglbdhfgZdhgp_dhlhjh]hgZdhehlZheb\dZZhnbpbZgl\uihegy_lfh_dZ`^h_
`_eZgb_
GZjbkh\ZggZydZjlbgdZ[ueZ\ijbgpbi_g_iehoZ\hllhevdhihq_fmlhfg_ihdZaZehkvqlhgZg_c
g_l]eZ\gh]hi_jkhgZ`Z@hj`ZJZkob
:fh`_l[ulvhgbo[v_l\ukdZaZeZkvqlh[umagZlvqlhihwlhfmih\h^m^mfZ_lbdbG_\_kl
hlhgbbk[_]Zxl^hk\Z^v[u
Gmbqlh^Z`__kebwlhlZd"Ih^mfZ_rvFh`ghbihl_ji_lvjZ^b^_g_]kh\_jr_ggh
[_aZi_eeypbhgguflhghfhl\_lbeZfg_bdbHgZ^Z`_bfukebg_^himkdZeZh[h[jZlghfFg_
klZehg_fgh]hg_ihk_[_Ebqghy^Z`_ih^h[gh_^himklblvg_fh]eZghhdZaZehkvqlhlZd^mfZxl
g_\k_bwlhim]Zeh
FhciZiZlh`_fZfZgi_jbh^bq_kdbihdheZqb\Z_lwlhHky\klZ\beZk\hbiZjmkeh\Bgbq_]h
@b\ml
Ghhg`_g_^hkf_jlbZlZd^eyijhnbeZdlbdbkh\_jr_gghkihdhcghijhbag_keZHkykfhljygZ
f_gym^b\e_ggufb]eZaZfbohlyihb^__wlhy^he`gZ[ueZgZg__lZdmklZ\blvkyAZlhihlhfhgb
`Zjdhfbjylky^_\mrdZk^_eZeZfgh]hagZqbl_evgh_\ujZ`_gb_ebpZ
�:f_gyhl_pdZdlhih]heh\_m^Zjbeqlhy^Z`_miZeZZ\ghwlh[uehIehohihfgxHglh]^Z
�_s_kfZfhcjm]ZekyZy\e_aeZf_`^mgbfbmjhqdZfZe_gvdZy[ueZKijZrb\Z_lkyaZq_f
klZjZeZkvjZagylv"Imklv[u\uykgbebhlghr_gbybjZahrebkvMf_gyihlhf_s_^he]h]heh\Z
[he_eZ:g_ebgZ\a^hogmeZghg_ihih\h^mqm^h\bsghklbihklmidZhlpZZihlhfmqlhhgZgbaZ
qlhihkljZ^ZeZohlyfh]eZbba[_`Zlvihke_^kl\bc
Ym`ZkgmeZkv\k_fmmkeurZgghfmFg_klZehiehohGZklhevdhkbevgh^mjghqlhlhrghlZ
ih^dZlbeZih^kZfh_]hjehFhchl_pgbdh]^Zg_iha\heyek_[_ih^gbfZlvgZfZlvjmdm^Z`_dh]^Z
_fmlh]hgZ\_jgydZohl_ehkvihlhfmdZdfZfZmf_gy[ueZ^Ze_dhg_ih^ZjhdH^gZdhwlhg_
y\eyehkvih\h^hf^eyjmdhijbdeZ^kl\Zkhklhjhgu]_gbyHjkdb
�_\hqdbba\bgbl_y\uc^mFg_g_ohjhrhyko\ZlbeZkvh^ghcjmdhcaZ`b\hlZ\lhjhcaZ
kmfhqdmkm^hjh`ghbsZ^_gv]b
LmllmZe_l[_kieZlghkhagZgb_f^_eZkhh[sbeZ\k_agZxsZybdbdhlhjZy[ueZgZ]jZ`^_gZhl
f_gyiheguf[heb\a]ey^hfOhl_ehkvaZdjbqZlvqlhyb[_ag__agZxihlhfmdZdyaZdZau\ZeZ
klhebdghfg_[uehkh\_jr_gghg_^hwlh]h
YlZdbg_mkeurZeZ\lhjmxgh\hklvbamkl:g_ebgu\ukdhqb\baklZ\r_]h^mrgufdZn_
ij_^\Zjbl_evgh[jhkb\gZklheg_kdhevdh^_g_`guodmixji_j_dju\Zy\k_\hafh`gu_jZkoh^ubaZ
k_[ybaZk\hbo[u\rboh^ghdeZkkgbpIhimlbgZ\uoh^gZe_l_eZgZ`_gsbgmkj_[_gdhfiylb
r_klbe_lhljh^mg_fgh]hkmf[mjghba\bgbeZkvih]eZ^beZfZevqm]ZgZih]heh\_bg_h]ey^u\Zykv
ihg_keZkvijhqvg_ihgbfZyq_f[ueZ\ua\ZgZih^h[gZyj_ZdpbyGZoh^maZj_deZkv_s_jZa
hj]Zgbah\u\Zlvih^h[gu_\klj_qbihgbfZyqlhgbq_]hohjhr_]hhgbg_g_kmlKebrdhffgh]h
\h^uml_dehkebrdhfjZagufbex^vfbfuklZeb:fh`_l[uebbfb\k_]^Z"
Kh\k_ogh][jhkbeZkvijhqv`_eZyihkdhj__hdZaZlvkydZdfh`gh^Zevr_hl\k_]hlh]hg_ijbylgh]h
kq_fklhedgmeZkvkh\_jr_gghg_`^Zgghg_]Z^Zggh
L_e_nhggZylj_evaZklZ\beZf_gyaZf_^eblvoh^Zihlhfb\h\k_hklZgh\blvkyFg_aZohl_ehkv
kjhqghkd_flhih]h\hjblvZhev]Z wlh[ueZbf_gghhgZ\fdZd[m^lhqm\kl\h\ZeZqlhgm`gZfg_
kbxk_dmg^m_^vfZLhqgh\_^vfZ
Ijb\_lih^jm`dZmkeurZeZy\l_e_nhggmxljm[dmLuq_]hlZdZyaZiuoZ\rZyky"hgZkeh\gh
\b^_eZdZdyg_keZkvihmebp_g_jZa[bjZyqlh\i_j_^b
Hldm^ZluagZ_rv"m^b\beZkvijhahjeb\hklbih^jm]b
Keurmih[b_gbxk_j^pZhom`wlhlkemog_q_eh\_q_kdbcQlhlhkemqbehkv"Lu`_^he`gZg_
aZgbfZlvkyijh[_`dhcZkb^_lv\^Zggucfhf_gl\dZn_khk\hbfblh\ZjdZfbij_^Z\Zykv
\hkihfbgZgbyf^_lkl\ZylZdb\b^_eZdZdhev]Zdjb\bl]m[uHgZaZbdgmeZkv[uehqlhg_klhbl
aZgbfZlvkykZfh^_yl_evghklvxbiulZlvkykde_blvjZa[blh_aZ]h^ug_h[s_gbykhrdhevgufb
ih^jm]Zfbghy__g_ihkemrZeZ:ajydZdhdZaZehkv
�h\hkihfbgZgbcfug_^hrebkkh`Ze_gb_faZf_lbeZg_h[jZsZygbgZdh]h\gbfZgb_
Ex^kdhcihlhdijhghkbekyfbfhkh\_jr_gghg_aZ^_\Zy\ijhq_fdZdbyg_iulZeZkv_]h
\a[ZeZfmlblvFug_kebkvdZ`^ucihk\h_chj[bl_
�ZlZdihemqbehkv\u^hogmeZ]hj_qvgZdhib\rmxkyaZg_ijh^he`bl_evgh_\j_fyh[s_gby
:gmdZkwlh]hf_klZihih^jh[g__lj_[h\Zl_evguflhghfijhbag_keZhev]Zkeh\ghaZjZg__
agZeZqlhg_lZdb\q_fijh[e_fZ
Luq_]ha\hgbrv"Qlhlhkemqbehkv"ij_j\ZeZy__ih^mfZ\qlhhgZagZeZhfh_caZgylhklbgh
l_fg_f_g__\k_jZ\ghj_rbeZih[_kihdhblv
�Z\hlkb^_eZkb^_eZkfhlj_eZl_e_\bahjb\^jm]mf_gyk_j^p_dZddhevg_lZ\]heh\_l\hch[jZa
ihy\beky[m^lhludhfg_jmdblyg_rvah\_rvdk_[_hlyg_\u^_j`ZeZbj_rbeZl_[ygZ[jZlv:
qlh"G_gZ^h[ueh"Yihf_rZeZ"ihbgl_j_kh\ZeZkv^_\mrdZ\__]hehk_yjZaebqbeZy\gh_
\heg_gb_
Mf_gyjZaebehkvl_iehihk_j^pmGZ^h`_lZdhfmkemqblvkyqlh[u^Z`_gZjZkklhygbb\^_kyldb
dbehf_ljh\hgZihqm\kl\h\ZeZgm`^Z_fhklv\k_[_k_`_fukg_ck\yaZgudZdbflhlZbgkl\_gguf
h[jZahf
�Zg_lLudZdjZa\h\j_fy;_al_[ygZ^^mr_dhrdbkdj_[ebkvZluiha\hgbeZbfg_kjZamdZdlh
e_]q_klZeh\k_j^pZo\u^ZeZy
Wcluq_]h"Qlhkemqbehkv"gZklZeZhq_j_^vhev]baZ^Z\Zlvlhl`_kZfuc\hijhkMl_[y\k_\
ihjy^d_"LukZfZgZk_[yg_ihoh`ZLulZd]h\hjbrv[m^lhkdZf_ghehf_g\_jgmeZkvbjZ^m_rv
[_ehfmkhegpmEba_llZZgmhl\_qZclu]^_"Yk_cqZk\havfmlZdkbbijb_^m\heg_gb_[ueh
g_ijbl\hjguf
G_lG_gZ^hykdhjhkZfZdl_[_ijb_^m\hllhevdh^h[_\wlhlfhf_glyi_j_oh^beZmebpmb
kh\_jr_gghg_kfhlj_eZihklhjhgZfDZ`_lkygZk\_lhnhj_[uea_e_guck\_l:fh`_l[ulvfg_
ijhklhihdZaZehkv"
ba]lhjfhah\ijhlb\guc^hhf_ja_gbyjZa^Zekyjy^hfY_s_mki_eZih^mfZlvqlh]^_lhihoh`_
ijhbahreZZ\ZjbcgZykblmZpbyij_`^_\fhb[ZjZ[Zggu_i_j_ihgdbm^ZjbeZa\mdh\Zy\hegZhl
aZ]m^_\r_]hdeZdkhgZZ\lhfh[bey
Ykeh\gh\aZf_^e_gghckt_fd_hl\_eZhlmoZl_e_nhggmxljm[dmqlh[ujZkkfhlj_lvqlhkemqbehkv
blhevdhlmlaZf_lbeZqlhjy^hfkhfghxg_^h_a`Zy[md\Zevgh^\mokZglbf_ljh\hklZgh\beky
h]jhfgucq_jgucOZff_jZykZfZklhyeZihk_j_^bg_ijh_a`_cqZklbZfbfhfqZebkvgZh]jhfghc
kdhjhklbfZrbgu\k_\hafh`guojZkp\_lhdbdhgnb]mjZpbc
L_[_`blvgZ^h_ehdmjbpZfhq_gZy"mkeurZeZy]jm[uchdjbdjZa^Z\rbckykhklhjhgu
\h^bl_evkdh]hf_klZihlhfj_adhhldjueZkv^\_jvdhlhjZyq_j_ak_dmg^m[ueZaZoehigmlZk
h]emrbl_evgufklmdhfbdhfg_ih^hrebgh]bh[eZq_ggu_\m]hevghk_ju_[jxdbbeZdh\u_
�[hlbgdbq_jgh]hp\_lZKh\k_fg_\b^brvdm^Zb^_rv"hjh]Zij_^gZagZq_gZ^eylh]hqlh[uih
g_coh^blvZg_eykuq_kZlvjuqZebgZf_gyk\_jom
KZflubg^xdgZ^mluc\u^ZeZyg_aZ^mfu\Zykvb^Z`_g_]ey^y\ebphfm`qbg_
:\hlg_gZ^hgZf_gydjbqZlvFg_fh`ghZgZf_gyg_evayYaeZyklZgh\exkv
Dh]hlulZfijbeZkdZeZ"mkeurZeZy\ljm[dmhlhev]bYlZdbg_ij_j\ZeZk\yavkih^jm]hcB
l_i_jvhgZfh]eZkeurZlv\k_qlhyhl\_qZeZh^ghfmhq_gvgZ]ehfm]hkih^bgm
�Zh^ghfmoZfmdhlhjucf_gyqmlvg_k[bek\hbfq_jgufdhjulhfhl\_lbeZyhev]_k\_jey
]eZaZfbh^gh]hjZatyj_ggh]h^_fhgZYgZdhg_pkih^h[beZkvihkfhlj_lvgZ\h^bl_eyh]jhfgh]h
Z\lh
k_juo]eZalZdg_oZjZdl_jguo^ey^_fhgh\Ghwlhg_^_eZeh_]hq_eh\_dhfYhsmsZeZZmjm
bkoh^ysmxhlfm`qbguohlvhg__biulZekyfZkdbjh\ZlvHgZi_jbh^bq_kdbijhju\ZeZkvf_`^m
\ha\h^bfufb[ehdZfbijhq_fy\k_]^Z[ueZgZ[ex^Zl_evghc^_\hqdhcbfh]eZ\b^_lvlhq_]hg_
\b^_eb^jm]b_
Blu_]h_s_g_h[fZl_jbeZ"hev]Z[ueZihljyk_gZfhbfklhevkihdhcgufhlghr_gb_fd
kemqb\r_fmkyMfm`qbguhlmkeurZggh]hajZqdbklZeb_s_[hevr_
�Z\hl^mfZxiexgmlv_fmgZdZihlbebihclbdmiblvlmoeuoybpbjZa[blvheh[h\h_kl_deh
qlh[uagZedZdgZ_a`ZlvgZ[_aaZsblguo^_\mr_d:_s_emqr_ihijhkblvkh[Zqgbdh\kh[jZlv\k_
dZdZrdbk\hboiblhfp_\bgZ[jhkZlv_fm\kZehg
Yh[\_eZ\a]ey^hflh]hkd_fklhedgmeZf_gykm^v[Zh[gZjm`b\qlhfhch[b^qbd^hklZlhqgh
\gmrbl_evguojZaf_jh\rbjhdbc\ie_qZoqlhkh\_jr_gghg_kdju\ZeZe_]dZy\_ljh\dZ\ukhdbc
]^_lhih^^\Zf_ljZjhklhf^hklZlhqghkbfiZlbqgucghwlhgZex[bl_eyIhfg_lZdlZdb_ebpZ
dZdmg_agZdhfpZ\hafh`ghhlg_klbdjZajy^mobsguo^h[Z\hdhgbf_eoheh^gucp\_l]eZa
dhlhjucgbdh]^Zfg_g_gjZ\bekyYij_^ihqblZeZkh\_jr_gghbgu_l_ieu_hdZcfe_ggu_fy]dbfb
\hehkdZfbZmwlh]h[ueb`_kldb_s_ldb\f_klh[jh\_cbj_kgbpG_ijbylguclbi
Dh]hlugZoZedZfZehe_lgyyoZfhfgZa\ZeZ"ijh]jhfuoZek_jh]eZaucih[hjgbdkh[ex^_gby
ijZ\begZ^hjh]_
�HlgZoZeZkeurmh]juagmeZkvymfZ_rvqlhjZaf_jhffZrbgukfh`_rvaZ]emrblvk\hb
dhfie_dkug_iheghp_gghklb"LZd\hlyl_[yh]hjqmikboheh]bijbrebd\u\h^mqlhjZaf_ju
Z\lhfh[beyih^Z\eyxleb[b^h^_eZybafZevqbdh\^_\hq_dijhq_fl_[_wlhkdhj__\k_]hg_
]jhablihlhfmdZdm`_kebrdhfiha^ghqlheb[hih^Z\eylvb[hih]j_[_gh_s_\aZqZlhqghf
khklhygbb
�LZd_]hLZdZ\Zc^_ldZih^aZ^hjb\ZeZf_gy\ljm[dmhev]ZK^_eZc_]hIhdZ`bdZd
h[b`Zlv[_aaZsblguo`_gsbgyijyfhlZdb\b^_eZdZdih^jm]Ziju]Z_lgZdjh\Zlb[he_yaZfhx
dhfZg^m
KdZ`bk\h_cfZehe_lg_clh\Zjd_qlh`_gkdh]h\l_[_f_gvr_q_f\h]juad_]jhfh]eZkgh
ijhjuqZek_jh]eZauc^_fhg?kebhg^mfZef_gygZim]ZlvlhajyklZjZekyY^Z\ghgbdh]hg_
[hyeZkvgm_keblhevdhfZfm\i_jbh^h[hklj_gbyBlhk__ijbklmiZfbykfbjbeZkvijbgbfZyaZ
^Zgghklv:m`dZdhclhihklhjhggbcfm`bdf_gylhqghg_fh]\u[blvbadhe_bImklvk_[y\
lmZe_l_ghqvxim]Z_lZf_gyg_gZ^h
G_lLukeurZeZ"kijhkbeZymhev]bHgl_[yfZehe_ldhch[ha\Zeih^gZqbeZyih^jm]m
I_j_^Zcwlhfmi_jpmaZkmr_gghfmqlhaZ\ljZmg_]hkimklyl\k_iylvdhe_kBeby[m^mg_ygm
\k_fm`bdihiZe?kebdhfmhev]Zqlhihh[_sZeZlhwlhbkihegblkyk^_\yghklhijhp_glghc
lhqghklvxIhk_[_agZxHgZj_^dhdh]^Zbkihevah\ZeZk\hc^Zjgh_kebm`gZ^mfZeZlh
gZ\_jgydZ
H^gZ`^uhgZ\k_j^pZoih`_eZeZqlh[uyg_^_exoh^beZkdhelmgZfbgZ]heh\_Fulh]^Zkg_cih
ih\h^mb]jugZijbklZ\d_ihkihjbebGbdZdg_fh]ebhq_j_^ghklvmklZgh\blvLZdy\hehkug_
fh]eZjZkq_kZlvkdhevdhg_klZjZeZkvihdZkjhdg_\ur_eLh]^Z_s_fulZdkfZqghihjm]Zebkv
qlh^he]hg_jZa]h\Zjb\ZebKhkdmqbebkv^jm]aZ^jm`dhckbevghkbevghqlh\l_q_gb_f_kypZ^Z`_
ghq_\Zeb\f_kl_\k_g_fh]ebgZ]h\hjblvky
hlg_agZdhfpZbkoh^yl\hegug_]h^h\ZgbyZZmjZgZqZeZih^k\_qb\Zlvky[Z]jygp_fOh^blvl_[_
l_i_jvi_rdh^jZihfaZfh]bevguf]hehkhfihkhqm\kl\h\ZeZykljZ^ZevpmLZdbagZcG_
aZ\b^mxyl_[_Hcg_aZ\b^mx
Y[md\Zevghk\_lbeZkvhljZ^hklbij_^\dmrZydZdgZ]euc^_fhghdZ`_lky]^_gb[m^v\^Ze_dhc
]emrb[_akj_^kl\Zi_j_^\b`_gbyZ_]hh]jhfgucfhgkljihbf_gbOZff_j[m^_lklhylv\jhkrb
dhe_kZfb\k_jucZknZevleZlZgguoi_j_eZlZgguo^hjh]]^_gb[m^vgZhdjZbg_]hjh^ZBiylv^_kyl
hll_gdh\k_jh]hZwlhybf_eZ\\b^mihdjulb_ljZkkuihke_yfhqgh]hj_fhglZ[m^_lkljmblvky
g_kdhgqZ_fhce_glhcm\h^ys_c\^ZevbfZgblvfZgblvfZgblvk\h_cg_^hklmighklvx
HlgZoeugm\r_c\fh_\hh[jZ`_gb_dZjlbgdbyaZ\bkeZgZoh^ykvih^\i_qZle_gb_fFh_ebph
haZjbehkvmeu[dhch[jZs_gghcgZi_j\uc\a]ey^\gbdm^ZZgZkZfhf^_e_yij_^Z\ZeZkv
f_qlZgbyfagZyqlhhev]ZfZkl_jbpZk\h_]h^_eZb\k_hj]Zgbam_ldZdgZ^hblh]hy[m^m
hlhfs_gZgZ]euc^_fhggZdZaZgkijZ\_^eb\hklv\hkklZgh\e_gZ
GhlmlymkeurZeZkh\_jr_gghbgh_\u[b\Zxs__dZfgbbanmg^Zf_glZfh_cnZglZabbiheghklvx
ih^ju\Zxs__jZ^m`gmxdZjlbgmgZjbkh\Zggmx[hevrbfbjZafZrbklufbfZadZfbfh_cnZglZabb
bhev]bgh]hlZeZglZ
AgZqbloh^blv[m^_f\f_kl_:ihdZih_^_fqlh[ug_f_rZlv^\b`_gbxfZe_gvdZygZoZedZ
gZ^f_gguflhghfk\djZie_gbyfbkZfhm\_j_gghklbih^dj_ie_gghcg_ihgylghq_fijhbag_k
gZ]euc^_fhgkk_^hcijy^vx\\hehkZoYlhevdhqlhaZf_lbeZwlmhlebqbl_evgmxhkh[_gghklv
g_agZdhfpZgZOZff_j_dh]^Zhgih\_jgmekydhfg_e_\uf[hdhf;_ebagZ\hehk[jhkZeZkv\]eZaZ
BdZdylhevdhkjZamg_m\b^_eZ"Qlh`_lZdh]hkemqbehkv\`bagbwlh]hg_kghkgh]hg_\ughkbfh]h
fm`qbguqlh[uihy\beZkvih^h[gZyhlf_lbgZ"Ijbq_f\k_hklZevgu_\hehkuhleb\Zebkbg_\hc:
kZffm`qbgZ[ue^hklZlhqghkfm]egh^Z`_ijb\k_fijblhfs_lbgZ\ujhkrZykmljZ[ueZ
^hklZlhqghkbevgh\b^gZijb^Z\Zyg_dbcrZjfg_agZdhfpmY^Z`_aZex[h\ZeZkvgZk_dmg^m
fm`_kl\_gghklvxijhnbeyZ\lhfh[bevgh]hoZfZihdZhgg_klZem]jh`Zlv
�_fhgrZ]gme\fhxklhjhgmgZf_j_\ZykvgZim]ZlvLZdihdjZcg_cf_j_fg_ihdZaZehkv
hev]Zhgf_gyko\Zlblvohq_lijhbag_keZy\ljm[dmFhbgh]bijbf_jaebdZknZevlmohlyy
ohl_eZlbdZlvkf_klZkh[ulbc
Iha`_ykhh[jZabeZqlh^_fhgimklv_fmg_eZ^gh[m^_lbdjuevyihdjhxlkydhjhklhcgZeh`begZ
f_gyqZjuaZf_^e_gbykh\_jr_gghgbq_fg_ijb\e_dZyfh_]h\gbfZgbydk\hbf^_ckl\byf
Iha^gh^_ldZfy]dbc[ZjoZlbkluc]hehkjZa^ZekygZ^mohfZkbevgu_dj_idb_jmdbh[\bebfhc
lhjk^eylh]hqlh[uijbih^gylvgZ^ZknZevlh\ufihdjulb_fbhl[mdkbjh\Zlvkh\_jr_ggh\bgh_
f_kl_Z_keb[ulvlhqg__lh\hqj_\hq_jgh]hZ\lhfh[beykmjh^kdhc\g_rghklvxfZklh^hglZ
jZkiexs_ggh]hh]jhfgufdZldhf
hev]Zhgf_gyko\ZlbeQlh^_eZlv"aZ\_j_sZeZy\ljm[dmZ\wlh\j_fyg_agZdhf_p\gZ]emx
ihobsZef_gykj_^v[_eZ^gyljZgkihjlbjmy\k\hcm`ZkZxs_]h\b^ZZ\lhfh[bev
;_]baZhjZeZq_j_a^bgZfbdkfZjlnhgZih^jm]Zihgm`^Zyd^_ckl\byfdhlhju_ym`_[ueZg_\
khklhygbbijhba\_klb
hllZd\k_]^ZbkemqZ_lkyohjhrkh\_l^Zkebrdhfiha^ghih^ZgdZdijhiZ\r__[ex^h
hklZ\e_ggh_gZkhegp_i_d_\dZgmge_lZ
Lug_mki_eZhev]Zih]Zg_p^_fhghlh[jZemf_gyljm[dmk^h\hevguf\b^hfgZgZ]ehcjh`_Y
ljm[dmfh_]hl_e_nhgZ:ihke_q_]hgZ`Zehl[hcb^_fhgkljZlb\ghkmgmefhcl_e_nhgk_[_\
gZ]jm^gucdZjfZgjm[Zrdb
F_gyg_evayihobsZlvy_s_g_bkim]ZeZkvgh[ueZhdhehlh]hk_`_g_dZ`^uc^_gvf_gy
o\ZlZxlihkj_^bmebpub\hehdmlijhlb\\heb^eylh]hqlh[uaZkmgmlv\fZrbgmq_j_a
\h^bl_evkdmx^\_jvih^gbfZygZ^juqZ]hfmijZ\e_gbykeh\ghimrbgdmb\h^jm`ZygZ
iZkkZ`bjkdh_kb^_gv_GZdj_ke_aZlygmlufju`_cdh`_c[uehkebrdhffgh]h^eyf_gyh^ghc
f_klZYkjZam`_ijb^\bgmeZkvd^\_jb\gZ^_`^_g_aZf_lgh__hldjulvb\ukdhqblvihdZg_
iha^ghhllhevdhfm`qbgZgZ]ey^ghaZ[ehdbjh\Ze^\_jbgZ]ehmeu[Zykvfg_\ebphh^ghcebrv
klhjhghcjlZhlq_]h_]h\g_rgbc\b^klZeg_kdhevdhaeh\_sbf
Wlh_s_ihq_fm"l_i_jvhgi_j_klZemofueylvkyahjdhke_^yaZfghckeh\ghhj_ek\_jrbgu
]hjuObsgu_q_jluebpZklZebhklj__ih^q_jdb\ZyhiZkghklvbkoh^ysmxhl^_fhgZBwlhhg
^Z`_g_ihdZau\Zek\h_ckmsghklbZqlh[ukemqbehkv_keb[u\k_[uehbgZq_"Hlhfyg_agZeZ
Mf_gyiehf[Zbaam[Z\ue_l_eZ\uiZebeZyi_j\h_qlhijbreh\]heh\mFg_dklhfZlheh]m
gZ^h\k_\hafh`gu_kihkh[uaZsblubf_xsb_ky\fh_fZjk_gZe_yhiZkZeZkvijbf_gylvg_agZy
qlhh`b^Zlvhl^_fhgZ\q_eh\_q_kdhfh[ebqv_Yqm\kl\h\ZeZqlhhgdZdZck[_j]gZih\_joghklb
dhlhjh]h\b^gZlhevdhfZeZylhebdZ\k_`_hklZevgh_kdjulhih^q_jgufkeh_f\h^u:hdmgZlvky
ih^\h^mfg_kh\_jr_gghg_ohl_ehkv
G_ieZqv^_ldZkdZjb_khflu\u]ey^brv]hjZa^hijb\e_dZl_evg__hl\_lbefg_lhg\lhg
g_agZdhf_py\ghh`b^Zyfh_c^Zevg_cr_cj_iebdbHgb]jZefghxkeh\ghdhrdZfurdhcY
jZaebqZeZ\_]hZmj_ijh[e_kdba_e_gh]hk\b^_l_evkl\mxs_]hhih^h[ghfgZkljh_
LukmfZkr_^rbc\uiZebeZ\k_j^pZo]Z^Zyqlh`_fg__s_k\_lblkwlbffm`qbghc
hl_s_Mf_gykijZ\dZhl\jZqZhdmebklZ_klvhlkfhljbbhgfZl_jbZebah\Zei_j_^hfghc
[eZgdkdZdbfblhi_qZlyfbbih^ibkyfb]h^_g
G_m`_ebwlhlljxd[ueg_h[oh^bfqlh[um^b\blvf_gy"OZoZGZr_eq_f?keb[uy[ueZgZk\h_c
l_jjblhjbblh_s_[ug_lh\ul\hjbeZghlml[ueZg_fhy\hlqbgZdkh`Ze_gbxijhq_ff_gyb
\^_lkl\_g_evay[uehm^b\blvq_flhih^h[gufkiZkb[hfZfhqd_ijbmqbeZ_s_bg_dlhfm
DZdhchdmebkl"DZdZyd[_kmkijZ\dZ"\hafmlbeZkvygZqbgZyaeblvkyihiheghcijh]jZff_
DZdhclhijb^mjdh\Zluc^_fhg\klj_lbekymf_gygZimlbjh^_[uk\b^mijbebqgucZ\gmljb
j_[_ghdbakj_^g_c]jmiiu^_lkdh]hkZ^ZDhehdhevqbdjh]Zl_gvdbc
HdmebkllZdhc`_dZdbl\hcklhfZlheh]kijZ\dZlml`_bkq_aeZdZdbg_[u\Zeh
ufure_ggucm`_kh\_jr_gghbguflhghfijhbag_kfm`qbgZ_]h]eZaZoijhiZeZgZkf_rdZb
hgbaZk\_lbebkvdjZkgh\Zlufh]g_fk\b^_l_evkl\myhkdhjhf\hafh`ghfij_\jZs_gbb
Qlhluohq_rvkhfghck^_eZlv"\k_\urgbcfg_gZimlbihiZekyg_klZ[bevguc^_fhgk
kh\_jr_gghjZkrZlZgghcikbobdhcIh\_aeh`_fg_\ijhq_fdZd\k_]^Z
JZkqe_gblvbkt_klv]Zjdgmek_jh]eZauchldjbdZy^_jgmeZkvgZaZ^[hevghm^Zjb\rbkv]heh\hc
hkl_deh
Q_jlh\Zfhgkljhih^h[gZyfZrbgZ
LudZggb[Ze"ij_^iheh`beZgZ\kydbckemqZcm`_g_agZyqlhbh`b^ZlvBhl^Zcfhcl_e_nhg
Fm`qbgZg_klZedhq_\jy`blvkyihih\h^mfh_ckh[kl\_gghklb
G_lKmfZkr_^rbcZkihdhcghhgjZa]h\Zjb\Zlvg_fh`_l"AZ[bjZc
HcfZfhqdb\u^Z\beZbak_[yqm\kl\myqlhfh_l_ji_gb_ih^oh^blddhgpmbihjZ^_eZlv
hlkx^Zgh]bex[ufkihkh[hfmo\Zlb\rbkvaZjmqdm^\_jbiulZykv__hldjulv
Iha^gh^_ldZAZ[m^vqlhhgZml_[y[ueZm]jh`Zxsbflhghfijhbag_kfm`qbgZgZ\bkZygZ^h
fghc
Ihfh]bl_Ih`Zjl_i_jvyihq_klghfmaZ\hibeZ
Lhqghg_klZ[bevguckijbagZdZfbjZkkljhckl\ZebqghklbbZ[klbg_glgufkbg^jhfhf
Luq_]hdjbqbrv"dZd[m^lhgb\q_fg_[u\Zehkihdhcguf]hehkhfkijhkbemf_gyg_agZdhf_p
\\h^y\klmihj
YkiZkZxkvhlfhgkljZijhr_ilZeZ
:l_i_jvfZehe_ldZgZojZibklZyih]h\hjbfhl\h_fih\_^_gbbke_^mxsbcjZaih^mfZcij_`^_
�q_foZfblvg_agZdhfufex^yfgZqZefm`qbgZf_gy\hkiblu\ZlvAZihfgbeZ"jm]h]hlZdh]h
^h[j_gvdh]h^y^_qdbg_[m^_lWlhl_[_ykgh":ihlhfm\_^bk_[ykihklhjhggbfbex^vfb
gZ^e_`Zsbfh[jZahfm\Z`bl_evghbijb\_leb\hqlh[ug_ihiZklv\ih^h[gmxkblmZpbx
LZdwlhijh\_jdZ[ueZ"^h]Z^ZeZkvkjZam`_RmldZ"fhb]eZaZhdjm]ebebkv
Gm^Zl_i_jvi_j_^hfghckb^_ekh[jZggucgZ\k_klhijhp_glh\e_^yghc^_fhg:lu^mfZeZ
qlhy\k_jv_a"
:olufmjeh^hbklhjbq_kdh_ZylhgZkZfhf^_e_bkim]ZeZkvqlhihiZeZ\jmdbg_klZ[bevgh]h
fhgkljZ\q_eh\_q_kdhfh[ebqv_
DZdluf_gygZa\ZeZ"ijh]j_f_egZ\kxfZrbgmk_jh]eZauc
Fmjeh^hbklhjbq_kdh_\_lhrvijhkjhq_ggZy^_fhgie_rb\ucl_i_jvf_gy\jy^eb[uehfh`gh
hklZgh\blvL_i_jvbaf_gyihe_aeZ\lhjZygZlmjZ[eZ]hqlhiZibgZZg_fZfbgZb^bfh
h[hjhl_gv\hfg_j_rbe^hihju^h\j_f_gbaZlZblvkyG_agZxqlhaZf_lbeg_agZdhf_pi_j\uf
k\_lysb_ky]eZaZbebgZqZ\rmxf_jpZlvdh`mghlml`_ihbgl_j_kh\Zeky
LZdlubagZrbo":k\b^mbg_kdZ`_rv[jhkbekeh\ghgbq_]hm^b\bl_evgh]h^hwlh]hg_[ueh
Emqr_[ulu[uebag_gZrbog_lZdaZl_[ydjZkg_lv[uijbrehkvrbi_eZyjZkk_j`_gghc
dhrdhc
Gm\k_Luf_gy\u\_eZm^ZjbejZkdjulhceZ^hgvxihjmex
WlhqlhhagZqZ_l"^_jgmeZkvFu^hkboihjklhyebihkj_^bmebpughgZkdZd[m^lhgbdlhg_
aZf_qZekeh\ghfu[uebg_\b^bfdb
GmqlhfZehe_ldZg_jZamfgZy"Ih_oZebdZlZlvky"bhgwlhlZdijhbag_k[m^lhkh[jZekylhlqZk\
fZrbg_ebrblvf_gy^_\kl\_gghklb
Dm^Z"fhlhjZ\lhfh[beyaZjZ[hlZe]jhaghmjqZ
�Ihklb]ZlvijZ\beZohjhr_]hlhgZ\b^bfhm`ZkhljZabekygZfh_febp_Zg_[hckylulZdFg_
l\hyq_klv^Zjhfg_gZlvbaZ^_gv]bg_gZlvmkihdhbef_gyf_q_guckeh\ghqblZyfukeb
wlhlfhf_gly\k_`_kfh]eZgZclbjmqdm^\_jbbkh\k_ckbeu^_jgmeZ__BhgZqm^_kguf
h[jZahfs_edgmeZb^\_jvhldjueZkvYg_agZxdZdghfg_m^Zehkvwlhk^_eZlvIh\k_c
\b^bfhklbhq_gvkbevghohl_eZhdZaZlvkyih^Zevr_hlk_jh]eZah]h^_fhgZih^Z\eyxs_]hk\h_c
oZjbafhcbim]Zxs_]hfZe_gvdmxf_gy
?kl_kl\_gghymklj_fbeZkvijhqvbakZehgZfhgkljhih^h[gh]hZ\lhfh[bey^Z\ys_]hgZf_gy
ihoe_s_djurdb]jh[Z
ijZdlbq_kdbk\h[h^ghchdjue_ggZyaZiZohfmebpu]^_i_j_f_rb\Zebkv\uoehigu_]Zau
ijh_a`ZxsbofbfhZ\lhfh[be_cbkiZj_gby^hjh`gh]hihdjulbyZjhfZlu[hevrh]h]hjh^Z
kf_rZggu_kg_[hevrhclhebdhcdbkehjh^Zg_ihgylghdZdbfh[jZahfaZl_jy\r_]hkykj_^b
[_lhgguodhjh[hdmj[Zgbklbq_kdh]hp_gljZ
P_idZyfm`kdZyjmdZmo\ZlbeZf_gyaZj_f_rhdk\bkZxs_ckie_qZkmfdbbihlygmeZgZk_[y
qlh[uaZ^_j`Zlvbg_^Zlv\ukdhevagmlvbaie_gZY`_ijh^he`beZk\h_^\b`_gb_ihbg_jpbb
gZ[jZ\gZqZevgmxkdhjhklvHlju\dZgZaZ^yihl_jyeZjZ\gh\_kb_bg_kfh]eZkh\_jrblv
ke_^mxsbcrZ]ghaZlhe_lqbdbaf_gy\ur_ehlf_ggucBydjZkb\hceZklhqdhckieZgbjh\ZeZgZ
\ulygmlu_\i_j_^jmdbijyfhghkhf\ZknZevlJmdbihf_rZebfh_fmebqbdmdhkgmlvky]jyaghc
fhklh\hcbki_sj_gghcie_\dZfbgh\hleZ^hgyfbdhe_gyfih\_aehagZqbl_evghf_gvr_GZgboy
ijh_oZeZkvdZdgZkZeZadZohklZ\eyyg_`g_crmxdh`m\iZfylvlhfmf_klm]^_lZdg_m^ZqghmiZeZ
FZl\ukhdh]hkeh]Z^hklb]fhbomr_cbkf_rZekykfhbfhlqZygguf\ba]hfi_j_oh^ysbf\djbd
[hebJmdbbgh]byk\_aeZdZiblZevghKlhbehfg_hlhj\Zlvh^gmeZ^hgvhlZknZevlZdZdkg__
aZdZiZeZdjh\vkf_rZggZykiuevxbf_jl\ufbgZk_dhfufbih`_eZ\rbfbba[jZlv^Zggmxiy^v
a_febk\hbfihke_^gbff_klhfmihdh_gbyG_[hevrb_dZf_rdbihkem`bebbfgZ^]jh[gufb
dZfgyfbZfg_hjm^byfbiulhd
:ihlhfyihqm\kl\h\ZeZ[hevqlhh]g_gghcs_ldhcijhreZkvihfhbfh[h^jZggufdhg_qghklyf
@Zjdb_dem[dbihdZlbebkvihjmdZfbgh]Zfqlh[um^Zjblvihh]he_ggufg_j\ZfYaZ^hogmeZkvhl
ijbklmiZgZoeugm\r_]hkbxk_dmg^ghByg_kfh]eZkkh[hckh\eZ^ZlvgZqZ\ij_\jZsZlvkyihfbfh
k\h_c\hebAZlj_sZebdhklb`beugZqZeb\uly]b\Zlvkydhg_qghklbbaf_gylvkyiha\hghqgbdklZe
ba]b[Zlvky\f_klhfh_]h[e_klys_]hgZkhegp_fZgbdxjZihy\bebkvmkljZrZxs_]hjZaf_jZdh]lbZ
fZdby`hklZekygZdhgqbdZo\hehkdh\\ujhkrbogZdh`_Ijhebphqlhij_\jZlbehkv\`mldmx
fhj^myemqr_]h\hjblvg_[m^mihlhfmdZd[_akljZoZgZg_]hkfhlj_lv[uehg_evayYlhblZd
l_ji_lvg_fh]eZh[hjZqb\Zlvky^ZbihemqZehkvwlhmf_gyq_j_ai_gvdheh^mZlmldZd[Z[dZ
ihr_ilZeZbh[hjhlijhbahr_eijZdlbq_kdb[_aaZ^_j`db\h\j_f_gbWlhfZlmrdZmf_gyfh`_l
ij_\jZsZlvkymly]b\Zy\kmfjZdh^_`^mZihlhf\gh\v\ha\jZsZy__gZf_klhY`_lZdhc
kihkh[ghklvxg_h[eZ^ZeZFhyh^_`ZjZaju\ZeZkvihr\Zfklhbehfg_lhevdhgZqZlvh[hjhl
B\k_[ugbq_]hk_[ueh[uihijZ\bfhghy`_[ueZ\ex^ghff_kl_ihkj_^bmebpu]^_oh^yl
h[uqgu_ex^bdhlhju_bkemohfg_keuob\Zebh[h[hjhlgyobdhlhjuodhg^jZrdZo\Zlblebrv
lhevdhhgbm\b^ylqlhgb[m^v\u[b\Zxs__kybaijb\uqghcdZjlbgu_`_^g_\gh]h]hjh^kdh]h
i_caZ`ZHl[_aukoh^ghklbyaZ\ueZGZ\kxmebpmfhcfha]\hj\Zebkvm`Zkgu_dZjlbgdbqlh
hdjm`Zxsb_f_gyex^bgZqbgZxls_edZlvaZl\hjZfbk\hbol_e_nhgh\`_eZyaZi_qZle_lvlZdh_
qm^hx^hdZdyZihlhfwlbdZjlbgdbgZqbgZxl]meylvihbgl_jg_lmZijhklu_h[u\Zl_eb\^h\hev
h[km`^ZxlgZkdhevdhbkihevah\Zeky]jZnbq_kdbcj_^Zdlhjbdlhba`b\hlguo[ue\ayl^ey
ijhh[jZaZ
Kimklyg_kdhevdh^he]bok_dmg^fhc\hci_j_r_e\ieZqudh]^Zgb[m^v\b^_ebdZdieZqml
[hevrb_k_ju_kh[Zdb"?kebg_llhbg_gZ^hWlhm`Zkgh_aj_ebs_Y\u]ey^_eZm`ZkghdZdfg_
lh]^ZdZaZehkvBijZ\^Zykh\k_fg_kh[ZdZghhdhehlh]hG_agZxsbcq_eh\_d\jy^eb[uhlebqbe
\hedZhl_]h^hfZrg_]hkh[jZlZh^bgZdh\h[hevrb_
�_ldZwc^_ldZ"GmqlhludZdfZe_gvdZy"k_ohjhrhG_gZ^hieZdZlvk_ohjhrhMkihdhcky
ieZdZlvMkihdhckymkeurZeZy\djZ^qb\uc]hehkkd\havaZldgmlu_eZiZfbmrb
Hlihljyk_gbyqlhkhfghcijhbahrehyk^_eZeZlhqlhh[uqgh^_eZxlkljZmkukijylZeZ]heh\m
\i_khdGhihkdhevdmykh\k_fg_kljZmkbZknZevl\jy^ebkfh]eZijh[blv^Z`_\h[ebqv_\hedZlh
ijbdjueZ]eZaZeZiZfbLZdfg_g_[uehgbdh]h\b^ghbykhhl\_lkl\_gghgbdh]hg_\b^_eZ
Y\^hfbd_
Wcgmg_gZ^hieZdZlvk_ohjhrhGZgZkgbdlhg_kfhljbl:ihdZgZgZkg_kfhljyllh^Z\ZcdZ
hlkx^Zm[bjZlvkydm^Zih^Zevr_Zlhy^he]hg_kfh]m^_j`Zlviheh]dlhgb[m^vh[yaZl_evgh\
g_]h\j_`_lkyblh]^ZibrbijhiZeZgZrZfZkdbjh\dZ[ZjoZlbkluceZkdh\uc]hehkijh^he`Ze
f_gym]h\Zjb\Zlv
G_^he]h^mfZyyi_j_klZeZih^\u\ZlvZihlhfb\h\k_ij_djZlbeZbk^\bgmeZh^gmeZim`_eZy
ihkfhlj_lvqlh`_l\hjblky\hdjm]f_gy:ihlhfb\h\k_m[jZeZkfhj^u\lhjmxihlhfmdZdgZ^h
fghc[uehqlhlhg_ihgylgh_
YgZoh^beZkv\k_jhcihemlvf_H^gZdhyohjhrhihfgbeZqlhgZmebp_[ue^_gvb\^jm]klZeh
�kmfjZqghIjZ\^Zq_j_af]gh\_gb_ihgyeZihq_fmfg_lZdihdZaZehkv_eh\lhfqlhg_agZdhf_p
jZkieZklZek\hbh]jhfgu_djuevyaZdexqb\f_gy\f_kl_kkh[hx\h]jhfgucdhdhgkl_gdZfb
dhlhjh]hkem`bebwlbkZfu_djuevy:m^_fhgZhdZaZekyg_obeucjZaf_jqbd;ueZ[uy\^jm]hf
khklhygbbb^jm]hckblmZpbblhh[yaZl_evgh[uhp_gbeZjZafZoZihdZlhevdhi_j_klZeZ
\koebiu\Zlvb^jh`Zlv
IjbreZ\k_[y"kijhkbebmf_gyk\_jomhlbohjhrh:l_i_jv^Z\Zcihlbohgvdmi_j_[bjZlvky
\fZrbgmihdZgZkgbdlhg_kiZebehq_gv^hoh^qb\hfg_h[tykgbe^_fhgkh]jhfgufbdjuevyfb
aZkehgyxsbfbf_gyhlhdjm`Zxs_]hfbjZ
Yk^Z\e_gghibkdgmeZba\_sZyqlhihgyeZg_agZdhfpZb]hlh\Zihke_^h\Zlv_]hkh\_lm
�Z\ZcdZjZa\hjZqb\ZckyihlbohgvdmbdfZrbg_Yhldjhxl_[_aZ^gxx^\_jpmblulm^Z
xjdg_rvBebemqr_\[Z]Z`gbd"aZkhfg_\Zekyfm`qbgZghihlhf\k_`_k_[yihijZ\beHcg_l
LZfiuebsbiheghZlu]heZy
LhevdhlmlyaZf_lbeZ\Zeyxsmxkyjy^hffhxbahj\Zggmxh^_`^mIh^p_ibeZdh]l_fk\hc
jZahj\Zgguc[xkl]Zevl_jb\a^hogmeZihgbfZyqlhhgm`_[hevr_fg_kem`blvg_[m^_l\_jhcb
ijZ\^hcLjmkbdbaZ\bkebgZh^ghceZi_ghih\lhjghfmbkihevah\Zgbxlh`_g_ih^oh^bebOhjhrh
ohlv[uehg_klu^ghk\_lblvgh\ufr_edh\uf[_ev_fZlhkhklu^Zk]hj_eZ[u
BgZnb]ZykijZrb\Z_lky^_eZeZwibeypbx_kebr_jklv\k_jZ\gh\ujhkeZgZ\k_fl_e_"Gmg_
rmldZxfhjZeb"
�Fuf_^e_gghijb[ebabebkvdfZrbg_\iehlgmx;eZ]hyg_^Ze_dhmfm^jbeZkvhle_l_lv_fhg\k_
\j_fy^_j`ZegZ^gZfbjZkijhkl_jlu_djuevybdZdyihgbfZx_s_\^h[Z\hdiheh]^eyhl\h^Z]eZa
bebqlhlhlbiZlh]hJZa[bjZlvkymf_gy\j_f_gbg_[ueh^Zb`_eZgbylh`_Ke_^h\ZeZ
kfZlu\ZlvkydZdfh`gh[uklj__kex^ghcmebpu:y\k_]Z^ZeZihq_fmfhgkljhih^h[gZyfZrbgZ
kbevghg_ijb\e_dZeZ\gbfZgbyHdZaZehkv^_eh\aZsbl_Ih\k_c\b^bfhklbZ\lhfh[bev[ue
gZ^e_`Zsbfh[jZahfmiZdh\Zgqlh[ug_kha^Z\Zlvebrgb_ijh[e_fuijb^\b`_gbb
AZ^gyy^\_jpZq_jgh]hZ\lh[ueZjZkiZogmlZbyklj_f]eZ\xjdgmeZ\hldju\r__kyqj_\h
iheml_fgh]hkZehgZKlmdaZoehiu\Zxs_ckykl\hjdbba\_klbeqlhy\gh\vhdZaZeZkv\gmljb
G_agZdhf_pmk_ekygZ\h^bl_evkdh_kb^_gb_
h[yaZl_evghihfh`_lhllhevdh^hg_]h_oZlv^Ze_dh\Zlh@b\_lhgg_mgZkZ\^jm]hf]hjh^_
g_agZdhf_pihkfhlj_egZgZjmqgu_qZku
G_lmf_gygbdZdboijh[e_fkh[hjhlhfIjhklhyg_ex[exwlh^_eZlvhlb\k_Dhfm
ihgjZ\blkydh]^Zq_eh\_dgZoh^ysbckyjy^hf\^jm]gbklh]hgbkk_]hgZqg_lh[jZsZlvky\
qm^bs_e_kgh_?kl_kl\_gghgbdhfmFg_lh`_wlh^_ehg_gjZ\blkyG_gZ^h[uehf_gyim]Zlv^h
lZdhckl_i_gbqlhwlhijhbahrehkZfhijhba\hevghDZdhcm`Zk_kebfZlmrdZmagZ_llh
g_k^h[jh\Zlvfg_hlfZfbghcihjdbimklvbkeh\_kghc
Dh]^ZyihqlbmkihdhbeZkvbi_j_klZeZg_j\gh^urZlvlhihijh[h\ZeZi_j_dbgmlvkyh[jZlgh
H^gZdhg_lmllh[uehQlhlhfg_f_rZeh
FZrbgZaZjZ[hlZeZbihdZlbeZkv\i_j_^Dm^Zyg_agZeZZkfhlj_lvhkh[hg_klZjZeZkvihlhfmdZd
[ueZhaZ[hq_gZgh\hcijh[e_fhc\g_aZigh\hagbdr_cgZimlb
F_q_gucdZdyhdj_klbeZ^eyk_[yg_agZdhfpZm\_j_ggh\_efZrbgmi_jbh^bq_kdbijblhjfZ`b\Zy
gZih\hjhlZobhklZgZ\eb\ZykvgZk\_lhnhjZoY`_\hq_j_^ghcjZaiulZeZkv\_jgmlvk_[_
q_eh\_q_kdmxnhjfmghq_f[hevr_klZjZeZkvl_fg_m\_j_gg__k_[yqm\kl\h\ZeZ]heh\m
ijhe_aeZkljZrgZybijhlb\gZyfukebrdZqlhl_i_jvygZ\k_]^ZhklZgmkv`mldbfa\_j_fdhlhjh]h
lhevdh\pbjd_ihdZau\ZlvZg_gZijb_fu\h^blv:\_^vmf_gy\kdhjhf\j_f_gb^he`gZ
khklhylvkyihfhe\dZDZd`_yihdZ`mkv\lZdhf\b^_i_j_^`_gbohf"F_gy`_gbdlhg_magZ_lGh
wlh]hfZehkemqZ_ihy\e_gbygZijb_f_\h[jZa_\hedZy`_hdZ`mkv[_aljmkbdh\i_j_^^_kyldZfb
]hkl_c:wlhm`_fh\_lhgF_gy`_fZfmey\uihj_laZih^h[gmx\hevghklvKdhevdhjZahgZ
]h\hjbeZqlhk\hxihidmfh`ghihdZau\Zlvlhevdhh^ghfmfm`qbg_blhihke_aZfm`_kl\Z
Fg_aZohl_ehkvaZ\ulvhl[_aukoh^ghklbBdZ`_lkyywlhk^_eZeZkZfZlh]hg_aZf_qZy
G_gZ^hfZe_gvdZyG_ieZqvYqlhgb[m^vijb^mfZxjZa^Zekyqmlvojbieh\Zluc]hehkk
\h^bl_evkdh]hkb^_gby
Hgf_gy_s_b`Ze__lKZf^h\_e^hlZdh]hkhklhygbyZl_i_jv\b^bl_ebj_rbejZkqm\kl\h\Zlvky
YjZae_]eZkvgZaZ^g_fkb^_gv_iheh`b\]heh\mgZeZiubaZ^mfZeZkvh[m^ms_fBkh\_jr_gghg_
aZf_lbeZdZdaZ^j_fZeZih^f_jgh_ihdZqb\Zgb_Z\lhfh[beyMf_gy\iZfylbhklZehkvqlhfudm^Z
lh^he]h_oZebghohaybgOZff_jZf_gy\ba\_klghklvg_ihklZ\be
IjhkgmeZkvyhllh]hqlhfZrbgZklhyeZZ\kZehg_g_[uehgbdh]hdjhf_f_gyDm^Z^_ekyf_q_guc
yg_agZeZIhkfhlj_eZ\hdgh:\lhfh[bevklhyeihkj_^bg_e_kZg_^Ze_dh\ha\urZekykj_^g_]h
jZaf_jZ^hfbd\iheg_ZddmjZlgucbmoh`_ggucMfhbojh^bl_e_c_klvihoh`bcFu_]h^Zq_c
gZau\Z_fBkm^h\hevkl\b_flm^Z_a^bfgZ\uoh^gu_bebdh]^Zohq_lkyih[ulvih^Zevr_hl
]hjh^kdhckm_lu
Y\hq_j_^ghcjZaj_rbeZh[_jgmlvkyohlym`_bg_gZ^_yeZkvgZm^Zqm
B\^jm]hqm^hAZlj_sZebdhklbklZebbaf_gylvkydhg_qghklbl_ehgZqZehijbh[j_lZlv
q_eh\_q_kdh_h[ebqv_r_jklvbkq_aeZdZd[m^lh__bg_[u\ZehZgZf_kl_kljZrguodh]l_c\gh\v
ihy\beky[_amij_qgucfZgbdxjijZ\^Zm`_[_aeZdh\h]hihdjulby?]hylh`_g_mf_eZkhojZgylv
g_lhqlhfZfhqdZ
HdZaZehkvqlhh[hjhlyg_fh]eZk^_eZlvihijbqbg_[ebadh]hkhk_^kl\Z^_fhgZHgf_rZefg_
\ghkyihf_ob\fhxZmjmHlaehklbyjudgmeZohlyb[ueZm`_\q_eh\_q_kdhfh[ebqv_
H^gZdhjZ^h\ZeZkvg_^he]hihkdhevdm\klZej_[jhf^jm]hc\hijhkq_ffg_ijbdjulvky"G_
Z\lhfh[beybg_agZdhfucfm`qbgZiexogmegZkb^_gv_dZdhclh[Zme
Hlg_h`b^Zgghklby\kdjbdgmeZklZjZykvijbdjulv^\mfyjmdZfbljbkljZl_]bq_kdb\Z`gu_lhqdb
gZfh_fl_e_l_q_gb_hij_^_e_ggh]h\j_f_gbyg_fh]eZ\u[jZlvqlhke_^m_lijbdjulv\i_j\mx
hq_j_^vkijylZlvebk\hbiurgu_ohefbdbklhjqZsbfbhloheh^ZkhkdZfbbeb`_dm^jy\uc
dmklbd\gbam`b\hlZ
hevnaZhjZefm`qbgZQlhaZe_kgmxgbfnmluhlf_gykdju\Z_rv\k\h_fZ\lhfh[be_fhc
fbeuc^jm]"
hl[^vmkeurZeZy\hl\_lkhklhjhgu^\hjZEb\hgdZdh]hq_jlZluihe_a\fhxfZrbgm"
LZfg_klZ[bevguch[hjhl_gvAZdjhc[uklj__^\_jv?s_[jhkblkygZl_[y
�Zy[m^mlhevdhjZ^jZa]ey^u\Zef_gy\h\k_]eZaZfm`qbgZihbf_gbEb\hgDZdl_[yah\ml
djZkZ\bpZ"
DZ`_lkyfm`qbgZ[hylvkyf_gykh\k_fg_kh[bjZeky
Eeeba_llZ\u^Z\beZbak_[ygZc^y\uoh^baiheh`_gby=jm^byijbdjueZeZ^hrdZfbZh^gm
gh]mkh]gmeZ\dhe_g_bih\_jgmeZkv[hdhf^Z[ug_k\_lblvgb`gbfbij_e_klyfb
:yEb\hguoh^baZf_gyaZfm`y^Z`_bdgmeZhlg_h`b^Zgghklbih^h[gh]hij_^eh`_gbyK
lZdhchi_jZlb\ghklvxy^Z`_\dgb]Zog_klZedb\ZeZkvqlh[u\hllZdkjZamb[_a\kydbomoZ`b\Zgbc
bj_\_jZgkh\iha\Zlvih^\_g_pZg_lhqlh\`bagb
Wc]_jhcex[h\gbddhfmlulZfaZfm`ij_^eZ]Z_rv"KZfhfmk_[_qlheb"ijhdjbqZehevn
gZoh^ykv]^_lhg_ih^Ze_dmHkh[h]hm^b\e_gby\]hehk_fm`qbguyg_jZkkeurZeZ
Ihq_fmwlhk_[_"h[b^_ekyEb\hgFheh^hck_dkmZevghcgbfn_krbdZjghc]jm^vxbiurgufb
[_^jZfbyaZj^_eZkvhlijhbag_k_gguokeh\
B\_^vg_q_fdjulvk_fhbij_e_klb[ueb\uklZ\e_gugZihdZaH^ghjZ^h\Zehqlhihke_
i_j_db^u\Zgby\\heqbpm\k_fhbjZguaZlygmebkvbl_i_jvkh\_jr_gghg_djh\hlhqbebZk[blu_
f_klZihdjuebkvfheh^hcdh`bp_cjhah\h]hp\_lZH^gZdhyg_aZ[ueZkqv_cihfhsvxbo
ihemqbeZ
Dh]^Z^hhevnZ^hrehhq_f]h\hjbl_]h^jm]fm`qbgZ\hq_j_^ghcjZa\ujZabekylj_owlZ`guf
aZeb\bklufG_m`_eb_]hfZfZg_mqbeZqlhjm]ZlvkyfZlhfwlh^mjghc\dmkbebg_gZfu\ZeZjhlk
fuehf"b^bfhgZ^h[m^_l_cih^kdZaZlvihdZg_iha^gh
^\_jghfijh_f_ihdZaZekyf_q_gucg_agZdhf_pdhlhjh]hyl_i_jvagZeZdZdah\mlL_i_jvgZklZeZ
_]hhq_j_^vgZf_gyiyeblvky\h\k_]eZaZMf_gy\jh^_[ujh]gZe[m_s_g_\ujhkohlyhl
ihljyk_gbcbg_lhfh]ehkemqblvky
GmbgZqlhlulmlmklZ\beky"]jm[h[jhkbehevnEmqr_[uihr_ebgZr_e\hqlh__h^_lv
G_m`_ebg_\b^brvqlhhgZ\k_ihdjueZkv]mkbghcdh`_c"ij_g_[j_`bl_evgh[jhkbefm`qbgZ
ijyfhfg_\ebphIhfh_fm_fmfhygZ]hlZg_ijbreZkvih\dmkmg_lhqlh_]hagZdhfhfm
:fg_gjZ\blkykfhlj_lvf_qlZl_evghijhbag_kEb\hgih^fb]b\Zyfg_h^gbf]eZahfHl
g_h`b^ZgghklbybdgmeZIhlhf_s_jZa
:ihlhff_gygZdjueh;eZ]hqlhhiylvg_\hagbdeh`_eZgb_h[_jgmlvkyl_i_jvlhyk_[yklZjZeZkv
^_j`Zlv\jmdZo^Z[ug_kijh\hpbjh\Zlv_s_h^ghi_j_db^u\Zgb_Kf_gyklZg_lkyLhgbh^gh]h
jZaZaZihe]h^Zlhg_kdhevdhjZagZ^gx
Ihreb\hgaZdjbqZeZyijZ\^Zi_j\hkeh\hkdhj__[uehihoh`_gZ\heqbcjudghwlh^_ehg_
EbahqdZlulhevdhg_aebkvWlhhevnmgZk^bdbchlh\k_o`_gsbgrZjZoZ_lkyZyfbjgucy
ohjhrbcLuf_gyg_ijh]hgycYl_[y\u]meb\Zlv[m^mhevnkljZgghlZdihkfhlj_egZEb\hgZ
Zf_gy`_\kxi_j_^_jgmeh
Bl_i_jvm`_fg_[uehie_\ZlvkfhljylhgbgZf_gybebg_lWlh`_gZ^h[uehij_^eh`blv
ih^h[gh_\u]meb\Zlvhgf_gy[m^_lMjh^
hl\b^brvEb\hglukh\_jr_gghg_ihgjZ\beky^_\mrd_kh\_jr_gghkihdhcguflhghf
ijhbag_khevnkeh`b\jmdbgZ]jm^b
DZ`_lkyykdZaZeZhq_f^mfZeZ\kemo
Gm\u^he]h[m^_l_gZf_gyiyeblvky"Beb\k_`_^Z^bl_q_fgb[m^vijbdjulvky"gZdhg_p
kfh]eZ\aylvk_[y\jmdbbaZklZ\blvjZpbhgZevghfukeblvIh`Zemc[_aihklhjhgg_cihfhsbfg_
g_h[hclbkv
Lhqgh`_gxkvihfh_fmEb\hgkh\k_fg_h[b^_ekyqlhy_]hmjh^hfh[ha\ZeZQm^ghcdZdhclh
^jm]mhevnZ:o\hklbdml_[y_klvEbahgvdZ"IhdZ`_rvEb\hgqbdm"k\hbfb\hijhkZfb
fm`qbgZ\h]gZef_gy_s_\[hevrmxdjZkdm
AZq_fl_[_h[hjhl_gvgm`gZ"JZa\_qlh\dhee_dpbx"ihbgl_j_kh\Zekym^jm]Zf_q_guc
AZ[hleb\uf^_fhghfi_j_`b\ZxsbfaZfh_[eZ]hihemqb_hgfg_gjZ\beky]hjZa^h[hevr_:
k_cqZkkdZ`^hck_dmg^hc\uau\Ze\k_[hevr__g_ijbylb_\ijhq_fdZ`_lkydZdbymg_]h
Blml\ihe_fh_c\b^bfhklbihy\bekylj_lbcfm`qbgZbf_xsbcg_f_g__dhexqbc\a]ey^q_fm
hevnZbq_flhgZg_]hihoh`bc
Qlhml_[y\fZrbg_^_eZ_l]heZyg_\_klZ@hj`Z"ijh]jhfuoZefm`qbgZ\dhlhjhfymagZeZ
^y^xk\h_]h`_gboZB]hjZJZkobB_keb^hwlh]hyg_agZeZdm^Z^_lvkylhk_cqZkfg_\hh[s_
ohl_ehkvaZ[blvkydm^Zgb[m^vih^kb^_gv_Z_s_emqr_k[_`Zlvdm^Zih^Zevr_\e_k
G_\_klZ"@hj`Z"\^\Z]hehkZijhbag_kebEb\hgkhevnhf
Lhlhy^mfZxqlh^_\mrdZfg_agZdhfZhlkZexlh\Zefg_Eb\hgaZ]Z^hqghih^fb]b\Zy
ijhlb\h\_kEb\hgmebphhevnZij_\jZlbehkv\aZklu\rmxfZkdm
G_klZ[bevguch[hjhl_gvg_\_klZ@hj`Z"ijh]jhfuoZehgukh\k_fkmfZihkoh^beb"Zfg_
\^jm]klZehq_jlh\kdbh[b^ghaZij_g_[j_`bl_evguclhgdhlhjufwlh[uehkdZaZghhagbdeh
`_eZgb_\uijyfblvkibgmbjZkijZ\blvie_qbZ_s_emqr_iexgmlv\gZ^f_ggh_ebph
bkdZab\r__kyy\gufij_g_[j_`_gb_f]ey^ygZf_gy
:fg_\k_jZ\ghklZ[bevgZyhgZbebg_laZlhdjZkb\ZyEb\hg[uegZk\h_c\heg_
gh\vih^hr_^rbc^y^y@hj`ZB]hjJZkobijbgyekyjZkkl_]b\Zlvjm[Zom\k_jhjhah\mxde_lhqdm
Y_]hmagZeZHgijboh^bedgZf\^hf\f_kl_kjh^bl_eyfb@hj`ZY_s_klhyeZ\hae_hdgZgZ
\lhjhfwlZ`_jh^bl_evkdh]h^hfZbih^]ey^u\ZeZq_j_aaZgZ\_kdmB]hj\uc^ybafZrbgu
\gbfZl_evghhkfhlj_egZr^hfYlh]^Z^mfZeZqlhf_gyg_\b^ghghdZdh\h`_[uehfh_
m^b\e_gb_dh]^Zfm`qbgZhlkZexlh\Zefg_ijbeh`b\jmdmdg_ihdjulhc]heh\_\agZd_
ijb\_lkl\byIhlhffukb^_ebaZ[hevrbfklhehf\gZr_cklheh\hckl_i_gghibebqZcbadjm`_d
klZjbgghcblZevygkdhcjZ[hlub]h\hjbebgbhq_f_jg__h[h\k_fq_flhevdhfh`ghghg_h
]jy^ms_cihfhe\d_hdhlhjhc^h]h\hjbebkvfhbjh^bl_ebbjh^bl_eb@hj`ZLhqZ_iblb_[ueh
jZ\ghkbevghhkh[hbahsj_gghciuld__klbk_[yqbggh^_j`Zlvijyfhkibgmg_hlklZ\eylv
fbabgqbdhlqZrdb^eyf_gy[uehkmsbfgZdZaZgb_f
Jm[Zrdmlml`_ko\ZlbeZklZjZykvg_aZf_qZlv\a]ey^h\h[jZs_gguogZf_gyYgZ^_yeZkvqlh\k_
fZgbimeypbbkh^_\Zgb_fijhba\_eZkhkdhjhklvxe_lys_]hf_l_hjZGZ^h`_k_[yq_flh
mkihdZb\Zlv
DjZ_f]eZaZl_fg_f_g__kfh]eZaZf_lblvhq_gv^Z`_j_ev_ngh_l_ehB]hjZJZkobhlf_lb\qlhlhl
g_lhevdhaZklhehfrlZguijhkb`b\Z_lghbmkbe_gghlj_gbjm_lky\kihjlb\ghfaZe_
AZq_f^Zejm[Zom"]jm[hkijhkbehevnmB]hjZg_^h\hevgh]ey^ygZjh^kl\_ggbdZFm`qbgZ
klZjZekygZf_gyijZdlbq_kdbg_kfhlj_lvihke_lh]hdZdmagZedlhylZdZyFh`ghih^mfZlvqlh
f_gyn_dZebyfb\uiZqdZeb
:ihl\h_fmgZ^h[uehhklZ\blv__]hehcqlh[u\ufh]ebijh^he`Zlviyeblvky"h]juagmeky
^y^yu]ey^blhgZhq_gv^Z`_ohjhrhghEb\hg\hg\kx]jm^vk_[_kexghcaZdZiZeG_ohq_rv`_
luqlh[u^jm]mlhgme
Mf_gy\[Z]Z`gbd_ihdju\Zeh_klv
LZddZdh]hoZlu_]hg_^hklZe"B]hjaujdgmegZie_fyggbdZ
?]hgbdlhg_ihijhkbemhevnZdZ`_lkyk\h_h[jZagh_qm\kl\hxfhjZ
:fg_blZdgjZ\blkyEb\hgg_k\h^be]eZakfhbo\u]ey^u\Zxsbobaih^khjhqdbgh]Y[u
hklZ\be__\ij_^u^ms_fgZjy^_?\u
Fg_dhg_qgh[uehe_klghklhevijbklZevgh_\gbfZgb_ghg_^hlZdhc`_kl_i_gb
Lu_s_q_]hlhg_\b^_e"judgmeZygZdhg_pj_rb\qlh^hklZlhqghbah[jZ`Zlvbak_[y
[_kkeh\_kgmxklZlmx
Ebaablu]h\hjbrv"kh\_jr_ggh\hklhj`_gghijhbag_kEb\hgkh[h`Zgb_fkfhljygZf_gy
Y^Z`_fhj]gmeZjZaihlhf^jm]hcklZjZykvihgylvrmlblhgbeb\k_jv_a]h\hjblKm^yihlhfm
qlhhklZevgu_fm`qbgug_ludZeb\g_]hiZevpZfbg_kf_yebkvbg_iulZebkvh^_jgmlvj_rbeZ
qlhwlhghjfZevgh_khklhygb_ju`_]hk]hem[ufb]eZaZfb
�ZMEb\hgZ[ueZdjZcg_oZjZdl_jgZy\g_rghklvkh\_jr_gghg_k\hckl\_ggZy^ey^_fhgh\J_^dZy
L_i_jvdh]^Zyg_fgh]hmkihdhbeZkv[m^mqbh^_lhcimklvbqZklbqghlhkfh]eZhsmlblvnexb^u
bkoh^ysb_hl_s_h^gh]hij_^klZ\bl_eygZr_c[jZlbb
KdeZ^u\Zehkv\i_qZle_gb_qlhdjm]hfh^gbgZrb[m^lhghjfZevguoex^_cg_l:\k_fba\_klgh
qlh_keb^_fhgh\gZh^bgd\Z^jZlgucf_ljijboh^blky[hevr_^\molh`^b[_^udhlhjZybg_
ij_fbgmeZkemqblvky\\b^_l_e_nhggh]ha\hgdZfZfhqdb
G_lWlhg_ydbgmeZkva\ZlvgZihfhsvWlhihfhsvkZfZj_rbeZmagZlvdZdmf_gy^_eZ
Ykm^hjh`ghihe_aeZ\kmfhqdm\dhlhjhcjZaju\ZekykgZlm]bl_e_nhg:fhcfZe_gvdbc
jb^bdxevqbd\havfbb\ukdhevagbmf_gybajmdIh\k_c\b^bfhklbgZijy`_gb_ihke_^gbofbgml
kdZaZehkvq_j_kqmjkbevgh\ujZab\rbkv\^jh`Zgbbdhg_qghkl_c?kl_kl\_gghkmfhqdZg_kfh]eZ
k^_eZlvgbq_]h[he__mfgh]hdZdaZdZlblvkyih^kb^_gv_ [m^lhhgZdjm]eucrZjZg_iehkdbc
[ebg\fY\jZklj_iZgguoqm\kl\Zoihe_aeZaZg_xkh\_jr_gghaZ[u\Zyh[hlkmlkl\bbh^_`^ugZ
\k_fqlhgZoh^behkvih^jm[Zohx^y^xrdbB]hjZBZih]__fihbkdZjZaju\Zxs_ckyhlgZlm]bhl
\b[jbjmxs_cgZqbgdbkmfhqdbklZeh\klZ\Zgb_fghxgZq_l\_j_gvdbbjZa\hjZqb\Zgb_aZ^hfd
q_klghclhei_Ijbkmlkl\b_fm`qbgg_rehgb\dZdh_kjZ\g_gb_kg_^h\hevkl\hffZlmrdbdhlhjZy
gZ\_jgydZbkoh^beZgZ]hgh\h`b^ZgbbihdZykhba\hexkgylvljm[dmYk_^vfufqm\kl\hf
kibgguffha]hfiylufwe_f_glhf^Z\k_fq_flhevdhfh`ghhsmsZeZqlhk_cqZkfg_^hklZg_lky
m\_ebqblky\jZaf_jZo
KfZlmrdhc[uebrmldbiehob
Eba_llZluhiylvihihfhcdZfrZklZ_rv"lj_[h\Zl_evguc]hehkfZ^Zf@_gbjZahj\Zelbrbgm
kZehgZZ\lhfh[beybhdjm`Zxs_]hijhkljZgkl\ZgZjZkklhygbbi_r_c^hklmighklb
KdhevdhjZal_[_]h\hjblvfZfZqlhg_ihihihcdZfZihjZkijh^Z`ZfaZrbi_eZy\ljm[dmB
g_rZklZxZwdhghfex\ZrbkiZihc^_gv]b
�hqdZludh]^Zkh[bjZ_rvkyb^lbgZijbf_jdmdihjlghfm"^eyfZf_gvdbwlh[ueZ[hevgZyl_fZ
Lhevdhg_]h\hjbqlhml_[yk_cqZkg_l\j_f_gbbluaZgylZq_flh\Z`guf
AgZeZ[ufZfmey]^_\hh[s_gZoh^blky__^hqdZhgZ[ukh\k_fih^jm]hfm]h\hjbeZ
LuqlhfZfhqdZyihegZ\gbfZgbyaZeb\ZeZkvykheh\v_fkb^ygZdhe_gyobdh\ujyyiZevqbdhf
ju`__kb^_gv_Z\lhfh[beyih^mfu\Zyqlhdh]hlhfg_hghgZihfbgZ_lBgh]^ZfhyjZkk_ygghklv
^hklb]ZeZg_bfh\_jguojZaf_jh\
AZibrbl_e_nhgihjlgh]hbh[yaZl_evghkha\hgbkv@_eZl_evghk_cqZk`__kebfZfmeykdZaZeZ
iju]ZcagZqblgZ^hiju]Zlv
Yihe_aeZ\kmfhqdmgZi_j_^agZyqlhlZfg_ljmqdbbebdZjZg^ZrZHldm^Zbf\aylvky_kebybo
lm^Zg_deZeZGhdZdihjy^hqgZy^_\hqdZy^he`gZ[ueZ\uihegblvih`_eZgb_fZfZg
Blmldlhlhf_gyihljh]Zef_gyaZy]h^bpmijbq_fihljh]Ze]heufbjmdZfbYj_adhh[_jgmeZkvb
\m`Zk_mklZ\beZkvgZB]hjZJZkobijhly]b\Zxs_]hfg_rZjbdh\mxjmqdmHlg_h`b^Zgghklby
\kdjbdgmeZ
�_fhgu
Hldm^Zhgb\ayebkv"
Y[ueZgZklhevdhhrZjZr_gZqlhg_fh]eZihgylvdZdylmlhdZaZeZkvbihq_fmfm`qbgu
hldjh\_gghiehlhy^ghiyebebkvgZfhc]heucaZ^
Ohl_eZ[uehaZ\ba`Zlvgh\h\j_fykiho\ZlbeZkvFZfZ^hkboihj[ueZgZk\yabZwlhagZqbehqlh
fh_ex[h_g_qZyggh_keh\hfh]eh[ulvbgl_jij_lbjh\Zghkh\_jr_gghg_lZddZdgZ^h:ihlhfm
ihcfZeZh`b^Zxsbck\h_chq_j_^bibkdgZih^e_l_aZ^mrb\gZdhjgxMk_eZkvgZiyldbkijylZ\
k\hxiylmxlhqdmhl`Z^gh]h\a]ey^ZEb\hgZij_g_[j_`bl_evgh]hhevnZbkgbkoh^bl_evgh]h
B]hjZ
FZf^bdlmc[uklj__Ylmlg_fgh]haZgylZ[ukljhkhh[sbeZ\ljm[dmklZjZykvg_ihdjZkg_lv
_s_[hevr_q_f[ueZihlhfmdZdp\_l\Zj_ghck\_deufg_gbdh]^Zg_r_eIha^ghf_lZlvkyih
kZehgmdh]^Zm`_ij_^klZeZ\h\k_ck\h_ci_j\ha^ZgghcdjZk_i_j_^p\_lhf^_fhgkdhcjZku
Eba_llZml_[yg_l\j_f_gbgZfZlv"DZdlufh`_rv[ulvlZdhc[_kqm\kl\_gghckmohc^_\hqdhc"
gZqZeZ\u]h\Zjb\Zlvfg_fZlmrdZ\kdhqb\gZk\h_]hex[bfh]hdhgvdZ
FhdjhcfZff_gykh\_jr_gghg_ij_evsZeZi_jki_dlb\Z\ukemrb\Zgby\k\hcZ^j_kfZfbghc
aZ_a`_gghci_kgb[_agZqZeZbdhgpZ_^vghlZpbbfh]eb^eblvky^he]bfbfbgmlZfb
i_j_oh^ysbfb\qZkub\k_wlh\j_fylj_[h\Zehkv\gbfZlvfZfbgufm\_s_\Zgbyf^Z[ug_
hkdhj[blvlhgdmx^mr_\gmxhj]ZgbaZpbxjh^bl_evgbpuijhlb\ghfkemqZ_y[ueZh[_ki_q_gZ
]heh\hfhcdhckih^dexq_gb_f\dZq_kl\_ly`_ehcZjlbee_jbbm\Z`Z_fh]hiZiukhk\hbf
g_ij_j_dZ_fufZ\lhjbl_lhfLh]^Z^_ehf_gyehkvgZdhjgxIZimihimklmhl\e_dZlv[uehg_evay
ihlhfmdZdwlh]jhabehmj_aZgb_f[x^`_lZgZdZjfZggu_jZkoh^uq_]hg_evay^himkdZlvgb\dh_f
G_kf_coZfblvfg_^_jadZy^_\qhgdZ\hkdebdgmeZfZfZgY\lZcghfm`Zk_\ha^_eZ]eZaZd
ihlhedmZ\lhfh[beygZ^_ykvm\b^_lvk\h_kiZk_gb_
GZihlhed_kiZk_gbyg_[ueh
FZfylml]heZykb`mkdZaZeZqbklmxijZ\^m[m^mqb\^hklZlhqgh\a\bgq_gghfkhklhygbb
�Fg_oheh^ghM`_am[gZam[g_ihiZ^Z_lZ\Zcluihlhff_gyhlqblZ_rvihih\h^mdZdZyy
g_ihkemrgZybg_[eZ]h^ZjgZy
Yg_\b^_eZdZdfm`qbgui_j_]eygmebkvf_`^mkh[hcbg_kdhevdhgZijy]ebkvhkh[_gghhevn
��hqdZlZdlu\ijbf_jhqghc"Z":yl_[yhl\e_dZxEbahgvdZohjhrh^jm]hcjZa^h]h\hjbf
H^_\Zcky[uklj__Zlhijhklm^brvkyaZlZjZlhjbeZfZfZkhi_j_`b\Zyk\h_cg_iml_\hc^hq_jb
hllZd\k_]^ZkdZ`_rvijZ\^mZ\g__gbdlhg_\_jblihlhfmdZdg_e_iha\mqbl
:dZd`_l_e_nhg"gZihfgbeZyihfgyqlhdfZfbgufkeh\ZfgZ^hhlghkblvkykh\k_c
k_jv_aghklvxZbgZq_qlhfh`_l[ulvqj_\Zlhhq_j_^ghcihjpb_cghlZpbc
Gbq_]hkljZrgh]h_q_jhfgZ^bdlmxLug_klhc]he_gvdZyZlhijhklm^brvkykebrdhf]jhfdh
ijhbag_keZfZfZg\ljm[dmY^Z`_hlg_keZl_e_nhgih^Zevr_hlk_[yblml`_i_j_o\ZlbeZ\a]ey^
k_juoaZ^mfqb\uo]eZa\abjZxsboihij_`g_fmkg_dhc^he_cij_g_[j_`_gby\fhxklhjhgm
�bdhaZohl_ehkvk^_eZlvqlhlhg_jZamfgh_bbajy^Z\hg\uoh^ys__qlh[uijh[m^blv\gboohlv
dZdb_lhhklju_wfhpbb^Z[ukl_j_lvwlhg_gZ\bklgh_\ujZ`_gb_
G_ijhklm`mkvGZf_gylmlljb]heh^guo^_fhgZkfhljylg_hlju\Zy]eZakh[bjZykvkh`jZlvy
i_j_\_eZ\a]ey^kh^gh]hgZ^jm]h]hhlf_qZyqlh\k_fm`qbgu\abjZxlg_fb]ZygZf_gy
Ihke_fhbokeh\dh_dlhihi_jogmekyDZ`_lkywlh\k_`_[ueB]hjHgklhye^Zevr_\k_o
hklZevguohevnbEb\hgg_iha\hebebfm`qbg_aZgylvi_j\ucjy^ijh^he`Zylmkh\Zlvky\hae_
kZfh]h\oh^Z\fZrbgmEb\hglhih^oh^beihqlb\iehlgmxdfZrbg_lhhloh^begZiherZ]Z
�GmbrmlgbpZlumf_gyEba_llZKdZ`_rvlh`_klhx]heZyi_j_^^_fhgZfbZgbh^bg^_fhgg_
iha\hebl`_gsbg_\_]hijbkmlkl\bbgZoh^blvky]hehcg_ihiulZ\rbkvgZ[jhkblvkyLu^mfZ_rv
dZdlumf_gyjh^beZkv"L\hciZihqdZg_kfh]b^\mofbgmlijh^_j`Zlvkymaj_\f_gywlm
bklhjbx\jZaguobgl_jij_lZpbyoyagZeZhlgZqZeZb^hdhgpZghg_`_eZeZqlh[uhgZklZeZ
ba\_klgZihklhjhggbfWlh[ueZgZrZk_f_cgZy[ZcdZ
FZfZg_gZ^hYm`_wlhkeurZeZ^jm]hcjZaijh^he`brvb^bfhfg_ihiZebkv[jZdh\Zggu_
^_fhguBo]heuc\b^[Zjurgbg_ij_evsZ_lijhdhff_glbjh\ZeZyhlkmlkl\b_dZdhceb[h
bgbpbZlb\ukhklhjhgufm`qbgG_l_gugq_fm`qbguihrebihiulZeZkvykujhgbabjh\Zlv
KdZ`_rvlh`_fZfZjbgmeZkvgZaZsblmg_ba\_klguo^_fhghfLuemqr_lZdg_rmlbZlh
^_fhguhgblZdb_ihju\bklu_f_qlZl_evghijhbag_keZhgZB\hh[s_g_aZ[u\Zcqlhlu
^_\hqdZihqlbaZfm`gyybg_q_]hgZqm`bofm`bdh\aZ]ey^u\Zlvky
LuqlhfZfmev"DZdyfh]m"WlhhgbgZf_gykfhljyly\hh[s_lh[ueZdjZcg_m^b\e_gZ
kihdhcghfmih\_^_gbxkhklhjhgulh]h`_Eb\hgZqlhij_^eh`be\i_j\mxk_dmg^magZdhfkl\Z
\uclbaZg_]haZfm`Zk_cqZk\_ek_[ydZdijbf_jguck_fvygbgihke_^\Z^pZlbe_l[jZdZ
Ex[brv`_luijb^mfu\ZlvhlfZogmeZkvfZfhqdZLZdb[ulvhlimkdZxl_[y:lhijZ\^Z
�_s_aZf_jag_rv\ijbf_jhqghche]hihfZ]ZabgZfg_]meycgZihke_^hdijbgyeZkvfg_\gmrZlv
fZfmeyij_`^_q_fhldexqblvky
Ykkhfg_gb_fihkfhlj_eZgZ\fb]ihq_jg_\rbcwdjZgij_`^_q_fhiylvih^gylv]eZaZgZklhysbo
hevnm[_jb[ehdgZklZb\ZeEb\hgQlhl_[_klhbl"
G_q_]h^_eZlv\fh_cfZrbg_LZfb[_al_[yf_klZkebrdhffZehkihdhcghm\_s_\Ze^jm]Z
hevn
Lhevdhlmlf_gyhk_gbehqlh\k_wlh\j_fyygZoh^beZkvih^aZsblhch^gh]hijhlb\hj_qb\h]h
^_fhgZkk_jufb]eZaZfbBlhevdhihwlhcijbqbg__]hlh\Zjbsmg_m^Zehkvijh[jZlvky\kZehg
Z\lhfh[bey
G_h`b^ZeZhlg_]hlZdhcaZ[hlu
hevnlu__ijb\_alu__bh^_\ZcZlhmEb\hgZ^ufbamr_cjZa\_qlhg_\ZeblB]hj
ihb]ju\Zy[bp_ikZfbj_rbem^ZeblvkyijhqvQlhlh_fmg_ihgjZ\behkv\gZr_fdhfiZgbb
KljZgguc^_fhgijhq_fg_f_g__kljZggucq_f^\Z^jm]bohklZ\rboky\hae_fZrbgub
ijbgy\rbokyk\_jeblv^jm]^jm]Z\a]ey^Zfb
Y_]h[ukljh\ghjfmijb\_^maZrbi_ef_q_guc\^h]hgdmB]hjmhlijZ\b\r_fmkyijyfbdhf\
^hf\ukb\rbckyg_ih^Ze_dm
Ij_`^_q_f[jhkZlvkyimklufbm]jhaZfbg_aZ[m^vdlh\ur_eih[_^bl_e_f\ij_^u^ms_f
ih_^bgd_ZEb\hg[ueg_lZdijhkldZdfg_ihdZaZehkvgZi_j\uc\a]ey^Ju`_fmiZe_p\jhlg_
deZ^bHldmkblihkZfucehdhlv
?kebfg_g_baf_gy_liZfylv\lhfih_^bgd_ml_[yhdZaZeZkvkehfZgZjmdZ
�Qlhg_ihf_rZehfg_ih\j_^blvdjuehhkboihj[heblbebm`_k\udky"]hem[h]eZauc^_fhg
g_ohjhrhlZdmeu[gmekyhevnmKiZkb[hqlhdeudbg_ihdZaZeZlhylhqgh[ubkim]ZeZkv
Fg_gZ^h_eh\ukemrb\Zlvij_ibjZl_evkl\Z^\mo\_ebdh\hajZklguo[hcph\uoi_lmoh\FZevqbdb\
ex[hf\hajZkl_hklZxlkyfZevqbdZfbkdhevdh[ubfe_lg_[uehBkhi_jgbq_kl\hmgbo\djh\b
^Z`__kebhgbg_jZae_c\h^Z
Fh`_l[ulv\u\k_`_i_j_klZg_l_fhbgh]bihjy^dhfaZf_jaeb?s_qmlvqmlvbygZqgm
oexiZlvghkhfk_`_gZmebp_g_fZcf_kyp:y[_ah[m\bgb`g_]h[_evyb]eZ\gh_qlh[_a
rlZgh\BgZc^bl_fg_dZdmxgb[m^vh^_`hgdm
AZq_fl_[_h^_`^Z"Oh^blZdju`bcjZkieueky\hqZjh\Zl_evghcmeu[d_h^Zjb\f_gyk\hbf
\gbfZgb_fFg_lZd[hevr_gjZ\blky=eZajZ^m_lky
Ihq_fmlhaZohl_ehkvgZ]jm[blvkdZaZ\aZkmgv_]hk_[_\Z^Zevr_rebg_i_j_\h^bfu_
b^bhfZlbq_kdb_\ujZ`_gbyH^gZdhykfheqZeZi_j_o\Zlb\ij_^mij_`^Zxsbc\a]ey^hevnZ
\r\r\r
Lj_kdkmoboihe_gv_\hjZg`_\hdjZkgu_yaudbieZf_gbeb`msb_kmoh_^_j_\he_]dbcZjhfZl
^ufZlygmsbckylhgdhckljmcdhcbadZfbgZgZ\b\Zeb^j_fmFg_[uehl_iehbmxlghkb^_lv
aZdmlZ\rbkv\h]jhfgucde_lqZlucie_^\]em[hdhfdj_ke_mklZgh\e_gghfhdheh`b\h]hh]gyDZd
`Zevqlh\`bagblZdfZehfhf_glh\ih\lhj_gbydhlhjuo`_eZeZkg_bfh\_jghckbehc;hjykvkh
kghfyiulZeZkv\iblZlv\k_[yhqZjh\Zgb_wlh]hfb]Z_]hg_ih\lhjbfhklvbkdexqbl_evghklv
g_aZ[u\Z_fhklvDZaZehkv[uqlhlmllZdh]haZ[blvky\dj_kehbkfhlj_lvgZh]hgvih`bjZxs_c
^j_\_kbgm":gg_lWlh[uelhlfb]dh]^Z\g_rgbcfbjmjZ\gh\_rb\Zefhc\gmlj_ggbcdh]^Zfg_
[uehijhklhohjhrhhllh]hqlhyqm\kl\h\ZeZk_[ydhfnhjlghbm^h[ghQ_]hg_evay[uehh`b^Zlv
kb^y\qm`hf^hf_\qm`hch^_`^_kh\_jr_gghg_agZydh]^ZyihiZ^mdk_[_
Fhcqmldbckemomeh\bejZa]h\hjf_`^mfm`qbgZfbMrbg_ijhba\hevghaZr_\_ebebkvb
jZa\blZEmqr_[uh[hjhlkh\_jrZeZ[_aijh[e_fg_`_ebkeurZeZgZjZkklhygbbg_om`_^bdbo
`b\hlguo
Hldm^Zlu\ulZsbewlmh^_`^m"jZkk_j`_gghrbi_ehevn?]h]hehkyohjhrhkeurZeZ^Z`_
hlkx^Zohlyf_`^mfghcb]h\hjb\rbfb[uehdZdfbgbfmf^\_^\_jb
Bgl_j_kghZg_[ueheb\jh^mmJZkobgZ]h\"hevnrbiblg_om`_h]jhfghcaf_b:_s_\^h[Z\hd
wlbk_ju_]eZaZkeh\ghaZfhjh`_ggu_kl_deyrdb
BardZnZB]hj[ueZ[khexlghg_\hafmlbfBa\k_cljhbpufm`qbghgihfh_fmfg_gbx[ue
kZfucjZamfguc
BadZdh]hrdZnZ"=^_lu_]hgZr_e"ijh^he`Ze^hiulu\Zlvkyie_fyggbq_d
YijyfhlZdb\b^_eZdZdhgiulZ_lkyaZ^Z\blv^y^xk\h_cZmjhc\hllhevdh\jy^eb_fmwlhm^Zklky
B]hjmiZe_p\jhlg_deZ^bhldmkblihkZfu_ie_qb
deZ^h\d_]^_ojZgylkyklZju_\_sbkeh\ghg_jZamfghfmh[tykgyek_jh]eZahfm^_fhgm_]h
hqZjh\Zl_evguc^y^y
AZq_f"hevny\gh[ueg_^h\he_g:hg\hh[s_dh]^Zgb[m^v[u\Z_l^h\he_gaZ^ZeZkvy
\hijhkhfIhfh_fmgbdh]^ZGZ\_jgh_hlhljh`^_gbylZdhcgm^gucbijhlb\gucqblZxsbc
ghlZpbb\k_fdhfmg_e_gv
Qlh[ulukEb\hghff_gvr_iyebebkvgZ]heucaZ^[m^ms_c`_gul\h_]h[jZlZG_aZ[u\Zch[
wlhf
IhdZ^\Zfm`qbguij_ibjZebkvihih\h^mdlhbdh]hdZdbdh]^ZhlfmlmabeZyijh^he`ZeZ
aZf_jaZlv\kZehg_Z\lhfh[beyB]hjkfhlZeky\^hfbjZaukdZefg_h^_`^m`_gkdmxHgZfg_
hdZaZeZkvijZdlbq_kdb\ihjmHlh^_`^ug_kehg_fgh]haZloeufaZiZohfghwlh[uehg_kljZrgh
]eZ\gh_qlhhgZ[ueZqbklZyDe_lqZlZyl_ieZyjm[ZoZfy]db_ihl_jlu_^`bgkube_]dZydmjlhqdZ
bahlebqgh\u^_eZgghcaZfrbklZebij_djZkgufihdjh\hf^eyfh_]h]heh]hl_eZJm[ZomB]hjm
ijbrehkv\_jgmlvG_[_akh`Ze_gbyYdg_cm`_ijZdlbq_kdbijb\udeZkqblZyaZk\hxIjh[e_fu
\hagbdebkgb`gbf[_ev_fghlmlgbq_]hg_ih^_eZ_rvEbrgboljmkbdh\b[xkl]Zevl_jZ\^hf_g_
aZ\ZeyehkvYblZdm^b\beZkvhldm^Z\ayebkvwlb\_sbKh[m\vxfg_ih\_aeh[hevr_ihkdhevdm
hevn^h]Z^Zekyko\Zlblvfhblmn_evdb\Zeyxsb_kygZljhlmZj_ihke_lh]hdZdykh\_jrbeZ
g_kZgdpbhgbjh\Zgguch[hjhlih^\ha^_ckl\b_fkbevg_cr_]hjZa^jZ`Zxs_]hnZdlhjZLZdqlh
l_i_jv\iheg_fh]eZ\_jgmlvky^hfhcg_ijb\e_dZyhkh[h]h\gbfZgby
HklZehkvlhevdhhij_^_eblvkydlh`_f_gyih\_a_lHkh[h_`_eZgb_\ukdZau\ZeEb\hg\vxsbcky
m`hfhdhehfh_chkh[ugh_fmg_^h\_jyebfh_[j_ggh_l_ehFg_ihdZaZehkvqlh_keb[ug_
m]jhaZgZ\e_qv]g_\@hj`Zb_]hk_fvblh^_fhg[_aaZaj_gbykh\_klbmlZsbe[uf_gydk_[_\
eh]h\hZlZdhgebrvh[ebau\ZekydZdkulucdhlih]ey^u\ZygZf_gykhklhjhgu
hl`_^_fhgBgZq_g_kdZ`_rv
Wlhfu_s_ihkfhljbf[m^_lebhgZ_]h`_ghchlmkeurZggh]hyaZf_jeZ
Keh\Zfm`qbguijha\mqZebm]jhahc
Qlhluohq_rvwlbfkdZaZlv"dZ`_lkyB]hjg_f_gvr_f_gym^b\bekyih^h[ghfmaZf_qZgbx
k^_eZgghfmf_q_ggufY_s_kbevg__gZijy]eZkemoqlh[udZdfh`ghemqr_jZaebqblvhq_f
]h\hjbeb\fh_hlkmlkl\b_fm`qbguL_i_jvwlh[ueh^_ehfijbgpbiZ
Gbq_]hbalh]hq_]hlug_mkeurZe[_ajZaebqguclhgie_fyggbdZ\ujZ`Ze_]hhlghr_gb_d
:lhqg__lufh`_rv\ujZ`ZlvkyijbgyekygZklZb\Zlv^y^yY_s_[hevr_ijhgbdeZkvk\_leuf
qm\kl\hfihhlghr_gbxdB]hjmJZkobOhlvh^bgghjfZevgucq_eh\_dlvnmlu^_fhg^he`_g
[ulv\k_fv_BdZ`_lkyyagZeZdhfmhl^ZlviZevfmi_j\_gkl\Z\deZg_JZkob
Ba\hevFh_fm[jZlmg_ijbklZehk\yau\Zlvk_[y[jZqgufbmaZfbkihemdjh\dhcl_f[he__
dhlhjZyg_fh`_ldhgljhebjh\Zlvk\hch[hjhlG_m`_ebg_fh]ebgZclbemqrmxdZg^b^Zlmjm"m
�f_gyZ`^uoZgb_i_j_o\ZlbehklhbehmkeurZlvhk_[_]Z^db_keh\ZZdZdhgfh]iheb\Zlvf_gy
]jyavx"?kebkZf[ueijbqbghcfh_]hg_kZgdpbhgbjh\Zggh]hh[hjhlZF_jadbc^_fhgFg_m`Zkgh
ohl_ehkvaZy\blvky\dhfgZlm]^_jZa]h\Zjb\Zebfm`qbgub\ukdZaZlvf_q_gghfm\k_qlhyhg_f
^mfZxGhykfh]eZk_[yi_j_kbeblvOhlyfg_wlhklhbehh]jhfguomkbebcYj_rbeZqlh
^hkemrZx\kxg_dZabklmxeh`vhk_[_^hdhgpZqlh[ulZfg_]h\hjbeijhlb\guchevn\eZ^_e_p
m`Zkgh]hZ\lhOZff_jih^klZlv_fmlZdhc`_[_ah[jZagucbm`Zkgucj_rbeZmkihdZb\Zyk_[y
bah\k_okbe
LuihgbfZ_rvqlhhkh[_ggh\u[bjZlvm`_g_badh]h"iulZekyhijZ\^ZlvkyB]hjIhke_lZdbo
keh\_]hj_clbg]miZegZg_kdhevdhimgdlh\:y^mfZeZqlhhggZfh_cklhjhg_b^bfhajy
Ohq_rvkdZaZlvqlh^_\bpui_j_\_ebkv"kkhfg_gb_fihbgl_j_kh\Zekym^y^bie_fyggbq_d
Fh`_l[ulv_fmaZqblZlv\_kvkibkhd"ImklvkiZkb[hkdZ`_lqlhy\hh[s_^ZeZk\h_kh]eZkb_
B]hjkeh\ghkeurZe\k_qlhy]h\hjbeZ
lhflhb^_ehqlh^_\mr_dhklZehkvkj_^bgZrbojZa^\Zbh[q_ekyDeZgug_`_eZxl
h[t_^bgylvkykgZrbfihke_lh]hdZdr_kl_jhAZf_lvr_kl_jh^_\mr_dg_khba\hebeb\uclbaZ
�l\h_]h[jZlZhldZaZ\rbkvbjZklhj]gm\[jZqgu_dhgljZdluijyfhi_j_^k\Z^v[hcmfZ_rvd
l\h_fm[jZlmhq_j_^vklhbl"KdZ`bkiZkb[hqlhohlvh^bgkh]eZkbekyhl^Zlvk\hx^_\hqdm?s_
^\h_^Z`_aZij_lbebgZfihy\eylvkygZk\h_fihjh]_
YdklZlb^Z\ghohl_emagZlvqlhkemqbehkvkij_^u^msbfbg_\_klZfbihbgl_j_kh\Zekyhevn
qlh[_fmmf_j_lvhlex[hiulkl\Z
:wlhlu^he`_gmgbokijhkblv\hjqeb\hhl\_lbeB]hjHgbgZfg_^hdeZ^u\Zebdh]^Z
hlijZ\eyebgZaZ^ih^Zjdb
BkijhrmG_i_j_`b\Zcyihq_fmlh[ueZm\_j_gZqlhwlhlgZklujguc^_fhgk^_eZ_llZddZd
kdZaZe
hh[s_lhgZf_kl_@hj`Z^he`_g[ulvluZ\hlwlZgh\hklvf_gyg_kdhevdhhaZ^ZqbeZ
G_m`_ebyq_]hlhg_agZx"M^_fhgh\ihgylgh_^_ehljm^ghhij_^_eblv\hajZklZl_f[he__
gZ\kdb^dmYihq_fmlhkqblZeZqlh@hj`klZjrbc\k_fv_kh\k_fb\ul_dZxsbfbihke_^kl\byfb
H^gZdhkdZaZggh_gZ\h^behf_gygZhij_^_e_ggu_fukebdhlhju_y`_eZeZohjhr_gvdhh[^mfZlv
dh]^ZhklZgmkvh^gZ
KeZ\Z\k_\urg_fmqlhyg_gZ_]hf_kl_ihlhfmdZdg_`_eZx`_gblvky^Z`_ihaZe_lmZijh
ex[h\vy\h\k_g_]h\hjxfh`ghih^mfZlv_fmdlhlhij_^eZ]Z_lYkdjb\beZ]m[u\
kZjdZklbq_kdhcmeu[d_DlhaZlZdh]h\ukhdhf_jgh]hbijhlb\gh]hihc^_l"LhevdhihegZy^mjZ
;_^gucfZevqbdgZr_edh]h`Ze_lvEmqr_[ukZfk_[yih`Ze_e
WlhlfZevqbdihl_kgbel_[ykaZdhggh]hf_klZg_m`_ebfhbij_^iheh`_gby\_jgu"Wlh`_
kh\_jr_gghf_gyeh^_ehijbq_fdhj_ggufh[jZahfGZ^h[m^_lh[yaZl_evghkhh[sblvfZfme_qd_
�mfZxqlhhgZh[jZ^m_lkygh\ufk\_^_gbyf
lhqghk_l_i_jvykgh
Lh]^ZaZq_fy\beky"ihbgl_j_kh\Zeky^y^ymie_fyggbdZ
Gm`ghmljyklbdh_dZdb_^_eZbijbg_h[oh^bfhklbihfhqvk_fv_[uehhl\_lhf
JZkkljhb\k\Z^v[m[jZlZ"B]hjg_klZeoh^blv\hdjm]^ZhdhehZj_rbe[jZlv[udZaZjh]Z
kijhkb\\eh[
Ygbq_]hijhlb\k\Z^v[ug_bf_xImklvkm_l]heh\m\ih`bag_ggmxi_lexYg_^h\he_gbf_ggh
wlhcdZg^b^ZlmjugZjhevg_\_kluf_gyh[^ZebdbiyldhfmkeurZggu_keh\Z@mldhaZohl_ehkv
aZlhedZlvbogZaZ^\]ehldmh^ghfmm`Zkghfmg_\hkiblZgghfm^_fhgm
DZdbflu[ueaZgm^gufk^_lkl\ZlZdbfbhklZekyy[ueZkh]eZkgZkB]hjhfgZ\k_klh
ijhp_glh\
Mfgucfm`bdbq_klgucM\Z`ZxlZdbo
Qlhih^_eZ_rv"\a^hogmefm`qbgZblml`_khh[sbehk\hbogZf_j_gbyohevnFg_ihjZ
m_a`Zlv
J_rbeg_^h\_jylvEb\hgm"^y^yijh^he`Ze^hiulu\Zlvky^h]em[bgfhlb\h\qlh^\b]Zeb
hevnhf
Y_]hlZdbf[_r_guf_s_gbdh]^Zg_\b^_eG_m`_ebbijZ\^ZaZiZegZwlmg_klZ[bevgmx"
f_q_gguc[uey\ghm^b\e_gih\_^_gb_f^jm]Z
Ihkfhlj_eZgZk\hbjmdbgh]bBqlh_fmg_ihgjZ\behkv"
Ex[h\vaeZijhklhdhgklZlbjh\ZeB]hjYijyfhlZdb\b^_eZdZdhgih`bfZ_lie_qZfbdh]^Z
hl\_qZ_lk\h_fjh^kl\_ggbqdm
;ueh[u\dh]h\ex[eylvkyGbdh`bgbjh`b[uehdjZcg_g_ijbylghkeurZlvhk_[_ih^h[gu_
keh\Z@mldhaZohl_ehkvqlhgb[m^vjZa[blvgZ]heh\_mfm`qbgu
Qlhlhluq_j_kqmjZ]j_kkb\ghgZkljh_gijhlb\^_\mrdbB]hj\klZegZfhxaZsblm;ueh
ijbylghkZfmfZehklv
Y\k_]hebrvohqmaZsblblv[jZlZhlg_h[^mfZggh]hj_r_gbyhevn[uegZkljh_gijhlb\\k_]h
qlhk\yaZghkhfghc
�Fh`ghih^mfZlvhgfg_gjZ\blkyZaZlZdh]hgbh^gZghjfZevgZy^_\mrdZaZfm`g_ihc^_l
:_kebwlhex[h\v"ihbgl_j_kh\Zeky^y^yb^bfh\_]h^mr_ijhiZejhfZglbd
�DZdZyex[h\v"Hgb\b^_ebkvg_kdhevdhjZahlkbeumfZ_rvhgZgZkZfhf^_e_^_\mrdZ"M`
[hevgh\_eZk_[ylZd[m^lhg_bf_eZdhfie_dkh\y^Z`_aZjuqZeZhl\hafms_gbyhlijha\mqZ\rbo
ij_^iheh`_gbc
Mf_gyfgh]hg_^hklZldh\ghhlkmlkl\b_q_klb\gbog_\oh^beh
Lug_aZ[u\ZcqlhhgZ\k_`_h[hjhl_gvgZiheh\bgmZbfk\hckl\_gghh[jZsZlvkygZihfgbe
B]hj
hlwlhfg_bg_gjZ\blkyFhc[jZl^hklhbgemqr_]hQbklhdjh\gmx^_fhgbpm:g_q_j_ai_gv
dheh^mlj_lbckhjlqlh[uml_[ydjuevyihhlkuoZebFh`_l[ulv\k_`_klhblmkljhblvkdZg^Ze
qlh[uf_q_ggucg_kdhjhaZ[uehfh_fkms_kl\h\Zgbb"Y[ueZ\jZa^mfvyo
:kZflhdh]^Zkh[bjZ_rvky"aZ^Ze\hijhk^y^y
Hq_flu"g_ih^^_evgh_m^b\e_gb_mkeurZeZ\]hehk_hevnZGZ^h`_Zhg_s_fh`_l
m^b\eylvky"GbaZqlh[ug_ih\_jbeZ
AZq_ffg_k_fvy"hevnhlfZogmekyFg_b\Zko\ZlZ_lqlh[ubaj_^dZ\b^_lvFgh]hyg_
\ug_kmm`Zkgh[uehlZdh_keurZlv
Hohevn\eyiZ_rvkylulh]^Zdh]^Z^Z`_`^Zlvg_[m^_rvij_^mij_^be^y^yk\h_]hjh^gh]h
ie_fyrZ
GZdZjdZcfg_;_al\hboijhjhq_kl\h[hc^mkvhlfZogmekyf_q_gucGmfg_ihjZ
?a`Zcm`_Zlh^_\hqdmbkdZlv[m^mlFh]ml[ulvijh[e_fu\kihfgbeB]hj
G_^mfZxLu`_f_gyagZ_rvylZdbg_ihgyeZihke_^gxxnjZam
\r\r\r
Hlkmlkl\b_[_evym`Zkghg_j\bjh\ZehYlhb^_eh_jaZeZkb^y\fZrbg_hevnZhlq_]h_s_
[hevr_jZa^jZ`ZeZkvIhq_fmlhdh]^ZgZoh^beZkv\^hf_\ijbkmlkl\bbB]hjZJZkobEb\hgZ
D\Zj^b Zfh_]hh[h`Zl_eybf_gghlZdba\Zeb\flhqm\kl\hg_m^h[kl\Zf_gyg_ihk_sZehZlmldZd
ijhj\ZehYhq_j_^ghcjZaihf_gyeZiheh`_gb_Kj_^gbcrh\rlZgh\g_sZ^ghl_jf_`^mgh]:
fh`_l[ulvwlh[uehm`_g_j\gh_"G_agZxghlhqlhfg_[uehg_dhfnhjlghwlhkhhl\_lkl\h\Zeh
^_ckl\bl_evghklb
YjZaaZjZahfijh]hgyeh\k_qlhmkeurZeZbaih^kemrZggh]hjZa]h\hjZf_`^mfm`qbgZfbb\k_
[hevr_aebeZkvgZh^gh]hk_jh]eZah]h^_fhgZg_ijbklmighckdZehc\ha\urZxs_]hkyjy^hf?oZeb
\]hjh^fu\iheghffheqZgbbFm`qbgZkhfghc[_k_^g_\_eZyg_iulZeZkv_]hl_fbebbguf
h[jZahfaZljhgmlvFheqZgb_[ueh]jh[h\ufghhlghkbl_evghl_jibfufGZkdhevdhy
h[sbl_evgucq_eh\_dgZklhevdhfg_g_ohl_ehkvjZa]h\Zjb\ZlvkhevnhfYeh\beZk_[ygZfukeb
qlh`_eZxdZdfh`gh^Zevr_hdZaZlvkyhlwlh]hlh\ZjbsZqlhg_\hafmlbfhkfhlj_egZe_glm
^hjh]bijhoh^ysmxf_`^m^_j_\v_\
Qlhlu^_j]Z_rvky"]jm[hij_j\ZefheqZgb_f_q_gucMqlb_kebgZ^mfZ_rvh[hjZqb\Zlvkylh
�[m^_lom^hDhg_qgh\fZrbg_luihf_klbrvkyghkgh\hch^_`^hc\hagbdgmlijh[e_fujm]h]h
dhfie_dlZmf_gyg_lLZdqlhihklZjZckyg_bkihjlblvlhqlh_klv
:l_[yykfhljxlhevdhljyidbbbgl_j_kmxl"iZjbjh\ZeZy\hl\_l;uehg_ijbylghqlhhg
i_q_lkyhdZdbolhlZf\_sZokh\_jr_gghg_aZ^mfu\Zykvqlhfh`_lihkem`blvijbqbghc
ih[m^b\r_ch[hjhlgygZjh\ghff_kl_i_j_dbgmlvky
Y_s_\^hf_jZafureyeZqlhhevnq_j_kqmjlj_i_lghhlg_kkydklZjuf^`bgkZfbjm[Zo_Mf_gy
aZdjZehkv\i_qZle_gb_qlh^hf_gyhgbijbgZ^e_`Zebdhfmlhdlh\Z`_g^eyfm`qbgu^hkboihj
hijhklZdb\_jl_ekymf_gygZyaud_
F_gybgl_j_km_lhlkmlkl\b_r_jklb\kZehg_kh\_jr_gghg_ihfm`kdbk^_eZeaZf_qZgb_fg_
^_fhgY_^\Zk^_j`ZeZjudlZdbj\msbckyba]hjeZ
G_i_j_`b\Zcr_jklbg_[hevr_q_fq_rm_dkl\hbodjuev_\Zhgbml_[yklZju_ih\b^bfhfm
kbevghebgyxliZjbjh\ZeZ\hl\_laZ_jaZ\_s_[hevr_Kdhj__\k_]hhlihklhygguokdh\Zgguo
^\b`_gbcyk_[_dh_qlhjZkl_jeZ
Fm`qbgZj_adhh[_jgmeky\fhxklhjhgmijh`b]Zy\a]ey^hfk_juooheh^guo]eZaFg_`mldh
aZohl_ehih_`blvkyhlij_g_[j_`_gbyijhkdhqb\r_]h\a_jdZe__]h^mrb
Ml_[y_klvh^gZihiuldZaZfheqZlvbi_j_klZlvihjhlvqmrvijhlb\ghfkemqZ_yl_[yijhklh
\ukZ`mqlhylZdh]hkdZaZeZq_f\ua\ZeZkh\_jr_gghg_Z^_d\Zlgmxj_Zdpbxkhklhjhgu
f_q_ggh]h
ijyfhgZiheh]mxh[hqbgmJZa^ZekyhlqZygguc\ba]rbg\j_fygZklhevdhaZf_^ebehkvqlh
ijZdlbq_kdbhklZgh\behkvOZff_jihr_exahfq_jgu_^_j_\vyjZklmsb_g_^Ze_dhhl^hjh]bklZeb
�ijb[eb`Zlvkykg_mfhebfhklvxe_lys_]hwdkij_kkZ\Zdhe_kZhlhj\Zebkvhl^hjh]bfZrbgZ
m]jh`Zxs_gZdj_gbeZkvghihlhf\gh\v\klZeZgZ\k_lhqdbhihjuQ_j_a^hebk_dmg^u
ihdZaZ\rb_ky\_qghklvxOZff_jhklZgh\bekydZd\dhiZggucAZZ\lhfh[be_f_keb[uy
h[_jgmeZkvgZ\_jgydZ\b^g_ebkvm]hevghq_jgu_ke_^uk\_a_gguoihdjur_d
?s_[uqmlvqmlvbkemqbehkvqlhlhm`Zkgh_
Hl[hjgucfZlk\djZie_gbyfbbghkljZgguokeh\^h[Z\bermfZ\dZdhnhgbxa\mdh\
khijh\h`^Zxsbowdklj_ggh_lhjfh`_gb_Z\lhfh[bey
YihgbfZeZqlhihklmibeZhijhf_lqb\hih^\_j]ZyhiZkghklbk_[yb\h^bl_eyghhgf_gy^hklZe
Wlh[ueZihke_^gyydZiey\fh_cqZr_l_ji_gbyY^_\mrdZfy]dZyfh`ghkdZaZlvbghcjZag_`gZy
b\ha^mrgZyghdh]^Zf_gy^h\h^ylklZgh\exkviheghklvxg_mijZ\ey_fhcMf_gy[md\Zevgh
kghkbldjurmbyfh]mkhl\hjblvlhhlq_]hfg_ihlhf[m^_lklu^ghgh\dhgdj_lgucfhf_gl
\j_f_gbjZkkm`^Zlvhp_e_khh[jZaghklbk\h_]hihklmidZg_fh]eZ:\k_[eZ]h^Zjydhdl_cex]_gh\
^hklZ\rbokyhljh^bl_e_cK^_lkl\ZyijhkeueZg_kdhevdhg_mijZ\ey_fhcbk\h_gjZ\ghcYlZdg_
kqblZeZghgZqm`hcjhlhdg_gZdbg_rvieZlhd
Ihq_fmlh[ueZm\_j_gZgZklhijhp_glh\qlhhevnkfh`_lkh\eZ^ZlvkkblmZpb_cbg_^himklbl
hijhdb^u\ZgbyZ\lhfh[beykiZk_lk_[ybf_gyZihlhfmihklmibeZlZddZdihklmibeZ
KiZkb[hqlhhklZgh\befZrbgm\uiexgmeZykd\havk`Zlu_am[uk_`_yke_]dZi_j_ljyogmeZ
bqmlv[uehg_\i_qZlZeZkve[hf\ijb[hjgmx^hkdmghfZkl_jkl\hf_q_ggh]hf_gykiZkeh
KqZkleb\hhklZ\Zlvky
�S_edgmehlkl_]gmlucj_f_gv[_ahiZkghklb\_jv[ueZhldjulZgZjZkiZrdmbyijZdlbq_kdbm`_
\ukdZdb\ZeZbahklZgh\b\r_]hkyZ\lhfh[beydZd[ueZko\Zq_gZaZjmdmj_adhjZa\_jgmlZb
[md\Zevgh\i_qZlZgZ\kb^_gv_Z\lhfh[beylZdqlhi_j_o\Zlbeh^uoZgb_
GZf_gykfhlj_eb[Z]jh\hdjZkgu_]eZaZ\a[_r_ggh]h^_fhgZ\qZklbqghcljZgknhjfZpbbyjZa\_
qlhdjuev_\g_\b^_eZZlZd\k_gZebq_kl\h\Zehbjh]ZbgZjhkluihebgbb\hehkbhljhkrb_^h
g_\_jhylguojZaf_jh\dh]lb;hevr_gbq_]haZf_lblvg_mki_eZa]ey^g_\f_gy_fh]h^_fhgZ
ijbdh\Zedk_[_\gbfZgb_ihoe_s_dZg^Zeh\
LuLujuqZehgk`bfZyfhbfgh]hkljZ^Zevgu_ie_qb
Qlhy"[uehebfg_kljZrgh"?s_bdZdGhjZa\_yfh]eZiha\heblvdZdhfmlhf_q_gghfm^_fhgm
aZim]Zlvk_[yqlh[ugbq_]hg_\hafh`gh[ueh\ufhe\blv
LufZe_gvdZyf_jaZ\dZjZkdZlbkluc]hehkaZklZ\be^jh`Zlvkl_deZ\fZrbg_F_gyhsmlbfh
ihdheZqb\ZeZf_edZy^jh`vWlh\uoh^bebkim]\ua\Zggucwdklj_gguflhjfh`_gb_fLugZkqmlv
g_m]jhoZeZhjZegZf_gy\a[_r_gguc^_fhg
�Qlhlu^j_cnbrv"_fhguhgb`b\mqb_L_[y`nb]m[v_rvyklZjZeZkvihdZaZlvk\hx
g_\hafmlbfhklvIjZ\^Zmf_gywlhiehohihemqZehkvghhevnZihfh_fmwlhg_hkh[h
bgl_j_kh\ZehHgijh^he`Zef_gy\uljyob\ZlvdZdaZijZ\kdbcdh\jbd
FZehe_lgyyijbiZ^hqgZyl_[ygZ^hih^aZfdhf^_j`ZlvZg_^Z\ZlvgZk\h[h^_jZa]meb\ZlvLu`_
oh^yq__g_^hjZamf_gb_]jhfuoZe\h\kxkbeme_]dbof_q_guc
Fh`_l[ulv\_]hkeh\Zob[ueZdjmibpZbklbgughfZe_gvdZyijhklhdjhr_qgZyaZlhhkdhj[e_gbc
ihkfhljbl
:ml_[ydhfie_dkg_iheghp_gghklb\hl\jy^eb[uhg\ijhlb\ghfkemqZ_k[_`Ze[uba^hfmgm
bebm_oZeYlhqghg_ihfgbeZ\kxbklhjbxdeZgZJZkob
�mj_oZg_klZ[bevgZydZdfg_^hl_[y^hg_klbkfukeijhbahr_^r_]h"fhbam[uaZklmqZeb^jm]h
�^jm]ZZkdhevdhfh`ghf_gyljyklb"Ihke_^gb_fha]bihl_jyxlkyFZfZblZdg_^h\hevgZfghxZ
lml_s_bhly]hs_gb_\\b^_hlkmlkl\bymfguofuke_cFg_`_lh]^Z\hh[s_ihegucdZiml
K_[_^hghkbZf_gyg_ljh]ZcLufg_g_mdZay[u_s_gh`dhclhigmeZ_keb[umf_gy[ueZ
lZdZy\hafh`ghklv
Ybal_[ylh^mjv\u[vxqlh[ug_ih\Z^gh[uehijbgyekyfg_m]jh`Zlvf_q_gucLmlmf_gy
djurmlhbkg_kehZihke_^he]h\kihfbgZeZwlhlaZf_qZl_evguc\k\h_cg_ih\lhjbfhklbfhf_gl
hll_[_Nb]mrdbbykh\k_c^mjbo\ZlZgmeZhevnZaZghkkh\_jr_gghg_^mfZyqlhl\hjx
FZfhqdbDZ`_lkydlhlhf_gy[m^_lm[b\Zlv
�_fhg\aj_\_eq_]hbke_^h\Zehh`b^ZlvDh]lb\ibebkv\fhxiehlvijhludZydh`mbfy]db_
ldZgbGZklZeZfhyhq_j_^vaZhjZlv[eZ]bffZlhfOhjhrhqlhohlvg_gZqZeZ\gh\vh[hjZqb\Zlvky
Ohlyl_i_jv\jy^ebfh`ghkdZaZlvqlh[ueh[uemqr_;juagmeZdjh\vDjZkgZybZjhfZlgZy?keb
dlhhlg__b[Ze^__llhlhqghg_yFg_klZeh^mjghlhevdhhlh^gh]haZiZoZBy[eZ]hihemqgh
ihl_jyeZkhagZgb_h[fydgm\\jmdZog_\f_gy_fh]h^_fhgZkh[bjZxs_]hkyih\k_c\b^bfhklb
f_gykt_klv\f_kl_kh^_`^hc
\r\r\r
HqgmeZkvy\g_agZdhfhff_kl_gZh]jhfghcdjh\Zlb[_j_`ghmdjulZy[_ehkg_`gufihdju\Zehf
Hkfhlj_eZkvihklhjhgZfH]jhfgZydhfgZlZihi_jbf_ljmmklZ\e_gZ^hjh]hcf_[_evxdhlhjmxg_
\klj_lbrv\h[uqghffZ]Zabg_Ly`_eu_rlhjuaZdju\Zeb[hevrb_ihqlb\ihehdgZijZdlbq_kdb
g_ijhimkdZyk\_lkmebpu;uehljm^ghhij_^_eblvdZdh_k_cqZk\j_fy^gybebghqbKe_]dhklvx
fh`gh[uehij_^iheh`blvex[h_\j_fykmlhdDhfgZlZ[ueZih]jm`_gZ\ihemfjZdEbrv\hae_
^\_jb]hj_eb[jZ^Zjyg_yjdbck\_lDZd[m^lhdlhlhki_pbZevghk^_eZelZdqlh[uyg_bkim]ZeZkv
ijbijh[m`^_gbbG_\_khfucgZe_ldZa_gghklbbgl_jv_jZdhfgZlugZ\_\ZegZfukebh^hjh]hf
hl_e_LZflh`_[uehg_qlhih^h[gh_g_h[tykgbfh_ijhklufbkeh\Zfb
Yijbih^gyeZkvgZjmdZo`_eZyk_klvKf_gykhkdhevagmehihdju\Zehh]heyyh[gZ`_ggmx]jm^v
Dlhlhkgyekf_gyjm[ZrdmHkfhlj_\k_[ykm^b\e_gb_fh[gZjm`beZaZ[bglh\Zggu_ij_^ie_qvy
HqZjh\Zl_evgu_\k\h_cdhjy\hklb[Zglbdb\uau\Zeb`_eZgb_jZkkf_ylvkybih^b\blvky[_ajmdhklb
boaZ\yaZ\rboHkh[hckl_kgbl_evghklvxyg_kljZ^ZeZ\k_`_h[hjhl_gvgZiheh\bgm^Zb\
dhfgZl_gbdh]hg_[uehZihlhfmgbdZdhcihju\bklhklb\fhbo^_ckl\byog_gZ[ex^ZehkvY
j_rbeZhlukdZlvf_klh^eym_^bg_gbybh[e_]q_gby_kl_kl\_gguoihlj_[ghkl_c
ukdhevagmeZbaihkl_evguoh[tylbckh[bjZykvaZdmlZlvky\ihdju\ZehgZfZg_jlh]bgbamy
hdZaZeZkvg_f_g__jZa^_lhcg_`_eb\\_jomDZ`_lkylhldlhhdZau\Zefg_i_j\mxf_^bpbgkdmx
ihfhsvj_rbeqlh[hevgZylh_klvy^he`gZ[ulv\lZdhf`_\b^_dZdijbk\h_fihy\e_gbbgZ
k\_l
g_aZighhldjueZkv^\_jvghg_\oh^gZyZlZqlhgZoh^beZkvk[hdmhlf_gyb\ijh_f_ym\b^_eZ
h[gZ`_ggh]h^hg_ijbebqbyfm`qbgmaZf_jr_]hlZd`_dZdby
Ihl_deblhfbl_evgu_k_dmg^uh`b^ZgbyYklhyeZbkfhlj_eZgZhevnZZhgkfhlj_egZf_gy
yaZqZklmx\uoh^beZih[_^bl_e_f:lmll_f[he__[ueh^_ehijbgpbiZba`ZlvbijylZlvkygZ
fhc\a]ey^[uehkebrdhfiha^ghhlybg_\ba`ZeZij_^ihqblZyjZa]ey^u\Zlvk\h_]hg_qZyggh]h
agZdhfh]hihkl_q_gbxh[klhyl_evkl\y\eyxs_]hky[jZlhffh_]hihqlbqlh`_gboZHklZehkvebrv
kh[exklbg_[hevrb_nhjfZevghklbihih^ibkZgbxhnbpbZevguo[mfZ]bijhbag_k_gbx
lhj`_kl\_gguoj_q_c
:gbq_]hlZd^_fhg\u]ey^_e;uehgZqlhihkfhlj_lvb^Z`_[_ah^_`^u=he_gvdbchgkfhlj_eky
_s_djmig__g_`_eb\ljyidZoBebfh`_l[ulvl_fgu_p\_lZkdjZ^u\ZebjZaf_ju":lmldZdgbdZd
l_eh\[_afZkdbjmxsboi_jv_\_kebijh\h^blvZgZeh]bxkij_^klZ\bl_eyfbk_f_ckl\ZilbqvboY
ijh^he`beZhkfZljb\Zlvfm`kdmxhkh[vbak_f_ckl\Z^_fhgh\b^guoklZjZykvg_mimklblvgbq_]h
:qlh"jZ]ZgZ^hagZlv\ebphhlybbamqZeZ\u\_kdmhevnZgZkdhevdhfh]eZihqlb
^hkdhgZevgh
Ie_qbfm`qbguihjZ`Zebrbjbghcbj_ev_nghklvxYg_^mfZeZqlhmg_]hgZklhevdhfhsgZyr_y
?]h^y^ydhg_qghdjZkZ\qbdhkh[_gghdh]^Z[_ajm[Zrdbghmie_fyggbdZfmkdmeZlmjZ_s_[he__
jZa\blZZl_eh]hjZa^hkbff_ljbqg__keh`_ghgZ^hhl^Zlv^he`gh_l\hjpmIhklZjZekygZkeZ\m
Rbjhdb_ie_qbieZ\ghi_j_l_dZeb\fhsgmx]jm^gmxde_ldmkohjhrhjZa\blufbiehkdbfb
furpZfb\_gqZ\rbfbkyfZe_gvdbfbl_fgufbkhkhqdZfbihh^ghfmgZdZ`^hc]jm^bY
ki_pbZevghihkqblZeZ^Z[ug_hrb[blvky:qlh"DZdlh\`mjgZe_y\b^_eZfm`qbgmkq_lujvfy
khkdZfbohjhrhohlvg_k^_kylvxdZdmk\bgvb_^vih^h[gh_\ijbgpbi_qZklhkemqZ_lky\
ijbjh^_Ihq_fm[ug_^himklblvqlh^_fhgfh`_l[ulvq_luj_okhkdh\uchly\gZqZe_^himklbeZ
Zihlhfhijh\_j]eZ^hims_gb_h[udgh\_ggufhkfhljhfl_eZ
=jm^vieZ\ghkm`ZeZkvi_j_oh^y\lhgdmxlZebxJZa\blucij_kkkhklhidhcdm[bdh\
jZkiheh`_gguo\^hevkj_^g_cebgbb`b\hlZeZkdZe\a]ey^Gb`gxxqZklv`b\hlZygZf_j_ggh
h[hreZk\hbf\ahjhf^Z[ujZkkfhlj_lv\k_hklZevgh_\qZklghklbgh]b^hklZlhqgh\hehkZlu_gh
kljhcgu_:fh`_l[ulvwlhl_gvhl[jZiZ^ZeZ\hlfg_bihdZaZehkvqlhmhevnZgZgh]Zo
ijbkmlkl\h\ZeZ[mcgZyjZklbl_evghklvH[uqgh^_fhgu^hklZlhqgh]he_gvdb_ih\k_cih\_joghklb
l_eZaZg_[hevrbfbkdexq_gb_fGhwlhhlghkbehkvkdhj__d]_g^_jghfmijbagZdmg_`_ebdq_fm
lh^jm]hfm
FheqZgb_aZly]b\Zehkv
Yg_khfg_\ZeZkvqlhf_gyjZkkfZljb\Zxlg_f_g__ijbklZevghq_fyGhijhkgm\rbkvkh\_jr_ggh
h[gZ`_gghc]emihijbdju\ZlvkjZfgu_f_klZgZ^_ykv[ulvg_jZkkfhlj_gghc\f_evqZcrbo
ih^jh[ghklyo
F_gyfZfZaZij_^u^msb_iylve_lf_gvr_\b^_eZ]hehcq_fhevnaZihke_^gb_kmldb
KlZdhcl_g^_gpb_caZklZ\eylvf_gyh]heylvkyeb[hjZa^_\Zlvfg_\ihjmaZklZ\blv_]h`_gblvky
dZdihjy^hqghfmfm`qbg_?kebwlhlwibl_ldhg_qghfh`ghhlg_klbgZ_]hkq_l\q_fyihq_fmlh
kbevghkhfg_\ZeZkv
Hlijbr_^rbo\]heh\mfuke_cg_hkhagZgghaZmeu[ZeZkvij_^klZ\eyydZd\uimqZlky]eZaZhevnZ
_keb[uyha\mqbeZ\k_lhhq_fih^mfZeZ
M\b^_eZqlhlhkf_rgh_"lbrbgmdhfgZlujZahj\ZehjuqZgb_h^gh]hdjZcg_g_^h\hevgh]h
^_fhgZ
Y\g_^hmf_gbbih^gyeZ]eZaZijhc^ykv_s_jZa\a]ey^hf\^hev\k_]hl_eZf_q_ggh]hhlf_qZy\k_
:ebqbgdZ_`bdZm\k_o^_fhgh\lZdZyfZe_gvdZybeblhevdhml_[y"kh\_jr_gghg_\bggh
ihbgl_j_kh\ZeZkvmfm`qbgu
Hgy\gh[uehaZ^Zq_gfhbf\hijhkhfb\i_j\mxk_dmg^mg_fh]khh[jZablvhq_freZj_qvYbg_
jZatykgyeZ?kebmg_]hlm]hkZee_]hjbyfblhy\wlhfkh\_jr_gghg_\bgh\ZlZImklvjZa\b\Z_lky
DZdZy_s_ebqbgdZ"haZ^ZqbeZlZdhaZ^ZqbeZyhevnZQlh`khfghcbgh]^Z[u\Z_lFZfZ
ihklhygghjm]Z_lkyihwlhfmih\h^mghy`_g_\bgh\ZlZ\lhfqlhf_gylZdmxjh^beb
GmlZqlhgb`_ihykZgh\ur_dhe_gGZfgh]h\ur_dhe_gihykgbeZ^eyhkh[hg_ihgyleb\uo
Fm`qbgZhimklbe\a]ey^gZk_[yijhr_eky\a]ey^hf\^hevl_eZhkhagZ\Zyqlhybf_eZ\\b^m
bgZqZe[Z]jh\_lv:fg_aZohl_ehkvihykgblvk\h_\ukdZau\Zgb_bnZdlugZdhlhjuoy
hkgh\u\ZeZkv\k\hbo\u\h^Zo
Y\hlg_kdhevdhe_lgZaZ^khev]hckfhlj_ebnbevfqlhfZfZijylZeZgZ\_jog_cihed_ih^
\hjhohfh^_`^uLZdlZfebqbgdbmfm`qbg[uebjZaf_jhfkq_j\yfmlZglZZml_[ydZdhclh
g_^hjZa\blucFh`_l[ulvlu[he__rv"Bihwlhfm`_gblvkyg_ohq_rv"yg_kfh]eZk^_j`Zlvkyb
\ukdZaZeZlhqlhih^kemrZeZ\jZa]h\hj_f_`^mhevnhfbB]hjhfHgZg_jZkl_l";_^g_gvdbc
mqZkleb\hihbgl_j_kh\ZeZkvydb\gm\gZh[t_dl\gbfZgbyE_qblvkygZ^hF_^bpbgZ\ihke_^g__
\j_fyk^_eZeZrZ]\i_j_^Fh`_l[ulvihfh]ml\l\h_c[_^_
�_fhgihq_fmlhgZqZeqmlvebg_k\_lblvky\ihemfjZd_IhdjZcg_cf_j__]h]eZaZaZiueZeb
[Z]jh\uf:ba_]h]hjeZgZqZehkvjZa^Z\Zlvkymljh[gh_juqZgb_kf_rZggh_kdehdhlZgb_f
Lhqghg_a^hjh\ucH[uqgh^_fhgug_kdhevdhbgZq_\ujZ`Zebk\hbqm\kl\ZKeh\Zfb
hllhevdhg_gZ^hgZf_gygZhiylvdb^Zlvkyy\uklZ\beZ\i_j_^jmdm\ij_^mij_^bl_evghf
`_kl_Mf_gy_s_ke_^uhll\h_]hg_h[ma^Zggh]h]g_\Z^hkboihjg_ijhrebG_ihdZau\Zck\h_
]gbeh_^ghG_gZ^hY\k_ihgbfZx\hajZklb\k_lZdh_ghg_gZ^hmkm]m[eylv
FhcyaudblZd[ue[_adhkl_cZk_cqZkkeh\ghkp_ibkhj\Zekyihg_krbkv\]Zehi[_ahklZgh\db
�bdbc^_fhgk\b[jbjmxs_cgZihke_^g_c]jZgbZmjhc^_j]ZekydZdijbiZ^hqguckh[bjZykv
gZdbgmlvkygZf_gyY`_g_fh]eZwlh]h^himklblvGbdZdFg__s_^hfhcgZ^hFZfZ`^_l:_s_
ihjlghfmgZ^hiha\hgblv
Mqlbf_gy[blvg_evayYl\hyk_kljZGmihqlbqlhk_kljZKdhjh_cklZgmgZihfgbeZyhevnm
hgZr_f[m^ms_fjh^kl\_
L_[yg_[blvgZ^hZkl_j_lvkebpZA_febhl\b[jZpbc]jhfhih^h[gh]h]hehkZaZ^jh`Zeb
ieZnhgu\[jZbg_lhevdhhgbZ\k_kl_deyggu_ij_^f_lugZoh^ysb_ky\dhfgZl_
Lmllug_kdhevdhih]hjyqbekyijh^he`beZy^hghkblvk\h_\b^_gb_\hijhkZ^hjZkdZe_ggh]h^h
[_eh]hdZe_gby^_fhgZG_gZ^h[ulvklhevdjh\h`Z^gufIjhs_gZ^h[ulvB^h[j__:lhml_[y
m`_hlgZijy`_gbyfh`_lkibjZevi_j_]hj_lvZwlhkZfihgbfZ_rvqj_\Zlh\kydbfbg_ohjhrbfb
ihke_^kl\byfb
Keh`ghmke_^blvaZkh[kl\_ggufyaudhfqlhihl_jye\kydmx[^bl_evghklv
AZ^mrmkhkljZrghi_j_dhr_ggufebphfdbgmekygZf_gyhevnJZkob
Y`_g_[m^v^mjhcaZ[_`ZeZaZrbjhdmxdjh\Zlvbko\ZlbeZklmf[hqdbklhys_cjy^hfk
ba]heh\v_f\udexq_gguck\_lbevgbdgZ^ebgghcgh`d_:hg\havfbbaZ`]bkvIh\k_c\b^bfhklb
mg_]h[uehk_gkhjgh_mijZ\e_gb_Zfh`_l[ulvqlhlh^jm]h_Yhkh[_gghg_aZ^mfu\ZeZkvgZwlm
l_fm
Bau^bkZlZgZBau^bkZlZgZg_qlhih^h[gh_y\b^_eZ\h^ghfdhf_^bcghfnbevf_]^_ba]hgyeb
\k_eb\r_]hky^_fhgZKf_rgu_hgbex^brdbihdZau\Zeb^_fhgZdZdbflhiex]Z\_gvdbfb
om^_gvdbfih^jhkldhfk\ufZaZgghc\Zdkhcdh`_c=^_hgblhevdh\b^_eblZdbo^_fhgh\"hg
i_j_^hfghc[uegZklhysbc^_fhgkh]g_ggufb]eZaZfbjh]ZfbbhqZjh\Zl_evgufbgZjhklZfb
kiZkb[hqlh[_adjuev_\kijylZehlf_gyih^Zevr_[_^heZ]Zb^bfh[hyekyqlhhiylvgZqgm
klu^blvaZr_emrZsmxkydh`mMoZ`b\ZlvaZkh[hcgZ^hZg_^mjvxfZylvky
Fhb\uiZ^uk\_lys_ckyeZfihck[beb\a[_r_ggh]hhevnZklhedmHg[_^g_gvdbc^Z`_
hklZgh\bekybaZf_jgZk_dmg^mdZd[uh[^mfu\Zykq_]hf_gygZqbgZlv^mrblv:ihlhfb\h\k_
�klZeijboh^blv\ghjfmBdZdmg_]hwlhihemqbehkv"b\m^ZeZkvhlfhciZiZijhklhb[ukljh
lZdg_hloh^blM`_kebjZahaebekylhwlhgZ^he]hLh]^Z^Z`_fZfZih^`bfZ_lo\hklb^Z_l
\hafh`ghklviZi_i_j_]hj_lvZbgZq_om^h[m^_lDjZcg_\_ebdZ\_jhylghklvqlhfh`_ldZfgygZ
dZfg_g_hklZ\blvbwlh\q_jl_]hjh^Z:fZfmeygZrmj_ab^_gpbxex[blhcdZdex[bl?s_[u
hgZ`___ijh_dlbjh\ZeZbkh[bjZeZqmlvebg_ihdZfmrdm:iZiZhgj_adbcHglZdhcHg^_fhg
Wlbf\k_kdZaZgh
hevnk_cqZkfg_q_flhgZihfgbeiZimdh]^Zlhlijbj_\gh\ZefZfmghihlhfihgyeqlhhrb[ky
Ijbrehkvijhkblvijhs_gbyIjZ\^Zhlf_q_ggh]hyih^h[gh]hg_h`b^ZeZghdh_qlhbam`bfhd
[uehkoh`_
Y\u]eygmeZbaaZeZfiuijbhimklb\__qmlvgb`_Zg_gZmjh\g_]eZadZd^hwlh]h^_j`ZeZ
�Wcluq_]h"M]hfhgbeky"Z"IeZgh\h_mf_js\e_gb_hlf_gy_lky"Bebj_rbeg_fgh]hhl^hogmlv"
LukdZ`bG_lhfbaZlZjZlhjbeZyg_agZyq_]h^Zevr_h`b^Zlvhl[_r_gh]hf_q_ggh]h
?keblukbxk_dmg^mg_\udexqbrvk\_llhyaZk_[yg_hl\_qZx]jm[hgh\iheg_kihdhcgh
khh[sbefg_hevn
YdZdihkemrgZy^_\hqdZZlhqlh]h\hjylklZjrb_y\uihegyx \[hevrbgkl\_kemqZ_\\f
\udexqbeZk\_lh`b^Zyqlh`_[m^_l^Zevr_
:^Zevr_^_fhgqlh_s_g_kdhevdhk_dmg^gZf_j_\Zekyhlf_gyfhdjh]hf_klZg_hklZ\blv\^jm]
jZa\_jgmekybkdhjufrZ]hfm^Zebekyh[jZlgh\\ZggmxdhfgZlmijbwlhfgbq_]hfg_g_kdZaZ\Y
`_hklZeZkvklhylvgZf_kl_ebrvkimklyg_dhlhjh_\j_fyihklZ\beZeZfimgZf_klhhl_j_\h^gm
jmdmh^jm]mxHkfhlj_eZdhfgZlmhlf_qZyqlhkmebpukd\havrlhjug_ijhkZqb\Z_lky^Z`_
lhebdbk\_lZbihgbfZyqlhm`_^Ze_dhg_^_gvb^Z`_g_\_q_ja^hogmeZIhq_kZeZ\aZlued_Kh
klhjhgu\ZgghcdhfgZluihkeurZekyrmf[_]ms_c\h^ubqvblhq_jluoZgbyaeu_bg_^h\hevgu_
:ebqbgdZ_`bdZmg_]hgZ]eZaZoimog_lb^bfh\k_`_g_[hevghcZijhklhqZoeuc
i_jbh^bq_kdbGZ^haZihfgblvijh[hjfhlZeZk_[_ih^ghkij_`^_q_faZdmlZlvky\ihdju\Zeh
AZiha^Zeucklu^gZdjuef_gyk]heh\hc@mldhaZohl_ehkvaZe_alvih^ih^mrdmqlh[uf_gygbdlh
g_\b^_ebg_keurZeZm`ykZfZbih^Z\gh
Klhbehfg_lhevdhaZdmdeblvkydZdjZa^Zehkvlj_sZgb_l_e_nhgZhdZaZ\r_]hkydZdbflhqm^hfih^
ih^mrdhcYg_aZf_^ebl_evghijbgyeZkv_]hjZaukdb\Zlvb\um`b\Zlv\ki_rghfihjy^d_GZ
�lj_lv_f]m^d_^hklZeZhe]hjZa]ey^u\ZeZk\_lysmxkybdhgdm`_\ZeZ]m[uly`_eh\a^uoZeZ
FZfZ
DZ`_lkyyihiZeZbah]gy^Z\iheufyQlhlhfg_ih^kdZau\Zeh[m^_lom^hI_j_^]eZaZfb
ijhg_keZkv\kyfhydhjhldZy`bagvhli_j\h]hfhf_glZhkhagZgbyk_[ydZdebqghklb^hihke_^g_]h
GZiylhf]m^d_aZg_keZiZevqbdgZ^wdjZghfjZa^mfu\Zyk[jhkblv\uah\bebg_lZfh`_l[ulv
kjZam`_iha\hgblv\ihohjhggh_[xjh"LZdgZ\kydbckemqZcHll_e_nhgZrebg_ijbylgu_\hegu
FZfZfh]eZljZgkebjh\Zlvk\h_g_^h\hevkl\h^Z`_q_j_ajZkklhygb_
GZk_^vfhfa\hgd_\k_`_j_rbeZqlhgZ^_`^ZmfbjZ_lihke_^g_chghevndZdhc[ue
jZa]g_\Zggucghg_m[be`_]ey^brvbkfZfme_cijhg_k_ldZdgb[m^v\udjmqmkv
:ee_bah[jZabeZgZebp_a\_jkdmxfZkdmjZ^mrbybex[\bdh\k_fm[_ehfmk\_lmihkueZy
nexb^u^eyk\h_ckh[_k_^gbpuGhfZfmijhklhlZdg_h[fZgmlvFZfZijh\_j_ggucjZa\_^qbd
HgZfh`_lmqmylvg_ha\mq_ggu_fukebkhi_j_`_gb_f\h\j_f_gbgZfgh]b_]h^u\i_j_^
Lu]^_"]ZjdgmeZljm[dZfZfbguf]hehkhf
k_`_gZ^h[uehk[jZku\Zlv\uah\bh[jZsZlvky\ihohjhggh_Z]_glkl\hG_j\gu_de_ldb\wlhf
kemqZ_[ueb[up_e__
Y_s_gZ[bjZeZ\e_]db_\ha^moZ^hf_gyg_kebkvh[\bg_gby\h\k_okf_jlguo]j_oZo
Lhevdhg_\jbfZl_jbYagZxqlhlug_^hfZg_mhev]bg_\fZ]Zabg_g_mihjlgh]hL_[y
gb]^_g_lY\rZ]_hla\hgdZ\kdhjmxihfhsvihebpbxfhj]bhl^_eaZdZah\iZfylgbdh\\
fZ]Zabg_Kibkihdhcgh
FukfZfme_cfukebfh^bgZdh\hLhevdhy^mfZxdZdba[_`ZlvgZdZaZgbyZhgZdZdf_gygZdZaZlv
hl_e_dh]^ZfZfZ\dexqZeZ^_l_dlb\Zyg_fh]eZiha\heblvk_[_lZdmxjhkdhrvdZdeh`vM
g__[uehhkh[h_qmlv_dhlhjufhgZmfm^jyeZkvjZagxoZlv\k_b\kyBm`emqr_kdZaZlv\kx
ijZ\^mq_fih]b[gmlv\fmdZogjZ\hmq_gbcqlhg_ij_f_gghk\ZeylkygZfhx]heh\m
dZdhf_s_hl_e_"fZfZ]g_\Zlvkymf_eZFZfZ]g_\ZeZkvkh\dmkhfFZfbg]g_\bf_e\dmk
aZ[jh^b\r_]h\bgZihke_\a[Zelu\Zgby
Kfm`qbghcyj_rbeZkjZam`_jZkkdZaZlv\k_dZd_klvagZygZi_j_^qlhqbklhk_j^_qgh_
ijbagZgb_kfy]qZ_lgZdZaZgb_Fh`_l[ulvfg_m^ZklkyhklZlvky\`b\uo
Qlhlufg_eZirmgZmrb\_rZ_rv"mf_gyaZeh`behh^ghmohDZ`_lkyijb^_lkyb^lbd\jZqm
qlh[uijh\_jblvgZebqb_[ZjZ[Zgghci_j_ihgdbHiylvih^dZjfeb\Z_rvk\hbo[jh^y]"k_gbdZd
g_fh`_rvjZkklZlvky"Lu_s_aZghqmc^hmljZ\\hgxq_fiblhfgbd_Hiylv[ehogZ[_j_rvkyZfg_
\u\h^bwlm]Z^hklvIjb^_rv^hfhcih]h\hjbfihke_^gyynjZaZa\mqZeZm]jh`Zxs_
BgZwlhcg_aZ[u\Z_fhcghl_k\yavh[hj\ZeZkvDZd[m^lh__bg_[ueh\h\k_
wlhf\kyfhyfZfZWdkij_kkby\qbklhf\b^_
KijZrb\Z_lkyaZq_fa\hgbeZ"Q_]hdjbqZeZ"AZq_fim]ZeZ"Bmf_gykh\k_fg_[ehob[uebZ\rb
Bg_\iblhfgbd_ybogZo\ZlZeZkvZ\^_lkdhfkZ^m\]em[hdhf^_lkl\_Y`_g_\bgh\ZlZqlhm
fheh^_gvdbo^_fhgylkeZ^dZydjh\v^eywlbol\Zjxr_d
GZdhg_p\u^hogmeZkh[e_]q_gb_fagZyqlhk_]h^gyf_gyijhg_keh:g]_eojZgbl_ev[uefghx
^h\he_gbjZa\_e\k_gblb\hafh`guog_ijbylghkl_c\jZagu_klhjhgu
Yijh^he`beZg_j\gh\urZ]b\ZlvihdhfgZl_dmkZydjZcl_e_nhgZbh[^mfu\Zykhklhy\rbcky
jZa]h\hjkfZl_jvx
Lu\k_]^Z]h\hjbrvijZ\^m"yh[_jgmeZkvgZ]hehkb\klj_lbeZkvkgZklhjh`_gguf\a]ey^hf
k_juo]eZaL_i_jvgbq_]hg_gZihfbgZehfg_\hevn_lh]h^_fhgZqlh_s_g_dhlhjh_\j_fygZaZ^
k\_jebef_gy\a]ey^hfb`_eZekjZ\gylvka_fe_cI_j_^hfghc[uemjZ\gh\_r_gguckh[jZgguc
fm`qbgZk_\_]h\g_rg_f\b^_k\b^_l_evkl\h\Zehhj_ki_dlZ[_evghklbb^hjh]h\bag_Ebrv
e_]dhklvxfh]bkijZ\blvbwlhlg_^hklZlhd\h\g_rghklbKbehchlg_]h\_yehaZ\_jklmblhqlhhg
\fh_fijbkmlkl\bbg_ihqlbg_ijbf_gye___s_gbhq_fg_]h\hjbehihlhfmdZdg_[uehy\ghc
g_h[oh^bfhklb
hevni_j_h^_ekyG_m`_ebmg_]h]^_lh[ueZijbijylZgZh^_`^Z"Fh`_l[ulvOhlyylml`_
\kihfgbeZqlhba\Zgghcfh][ulv_s_h^bg\uoh^\^jm]mxdhfgZlmhdhlhjhfykjZamg_
ih^mfZeZL_i_jvfm`qbgZ[ueh[eZq_g\k_jhkbgb_ihqlbq_jgu_keZdkul_fghq_jgbqgmx
\h^heZadmbdhjbqg_\ucib^`Zdhlkljhq_ggucih\hjhlgbdmb[hjlZfW^ZdbcaZ]jZgbqguc^_g^b
khklZevguf[e_kdhf\]eZaZoY`_ihij_`g_fm[ueZh[gZ`_gZohjhrhqlh\h\j_fyaZfhlZeZkv\
ihdju\ZehH^gh^_ehdh]^Zy[ueZ]hehcZhevnJZkobgbq_fhlf_gyg_hlebqZekynhjfhc
h^_`^uZ^jm]h_dh]^Z\k_ihf_gyehkvdZj^bgZevgufh[jZahf;ulv\ms_fe_gghfiheh`_gbbfg_
g_ohl_ehkvghijboh^behkv
Ih\hafh`ghklbq_klghhl\_lbeZygZijyfhihklZ\e_gguc\hijhkMf_gykdeZ^u\Zehkv
\i_qZle_gb_qlh\fh_c`bagbihfbfhfZfuihy\beky_s_h^bgq_eh\_dlvnmlu^_fhgdhlhjhfm
[uehg_`_eZl_evgh\jZlvgbih^dZdbfkhmkhf
:dh]^Z\j_rv"g_m`_ebf_q_gucj_rbe\uiulZlv\k_fhblZcguAZq_fhgb_fmgm`gu"
G_m`_ebk\hbog_^hklZlhqgh"
Dh]^Z_ffhjh`_gh_khev]hcijbihfgbeZyi_j\h_ihiZ\r__kyijbr_^r__gZmf
B\_^vg_kh\jZeZ`_Y^_ckl\bl_evghl_ji_lvg_fh]eZh[t_^Zlvkyfhjh`_gufkih^jm]hcgh
bgh]^Z_clj_[h\ZehkvkhklZ\blvdhfiZgbxBlh]^Zy\he_cg_\he_ckZ^beZkvbkh[h`Zxsbf
\b^hf\abjZeZgZ]hjdmnbklZrdh\h]hfZebgh\h]hi_jkbdh\h]hb_s_dZdh]hlhlZffhjh`_gh]h
ZkkhjlbIjbwlhf\hklhj]ZeZkvb]h\hjbeZdZdZy\dmkgylbgZohlygZkZfhf^_e_f_qlZeZihclb
ihihehkdZlvjhlhl\k_cwlhcij_e_klbGhih^h[gh]h^_eZlv[uehg_evay_kebyg_`_eZeZ
hkdhj[blvqm\kl\Z^_\mrdbihlhfmdZdbf_ggh\wlhlfhf_glhgZfg_baeb\ZeZk\hx^mrmZ
fhjh`_gh_[uehl_fklbfmeylhjhfhldjh\_gghklbqlhaZklZ\eyehev]mlj_sZlv[_amfhedm:_s_
yijhklhohl_eZ^_eZlvijbylgh_^hjh]hfm^eyf_gyq_eh\_dm_^v[eb`_ih^jm]bmf_gyg_[uehZ
lZdb_gZ\_kahehlZBimklvfuqZkl_gvdhkg_ckdZg^Zebebghwlhg_khaeZZihg_h[oh^bfhklb
qlh[u^_j`Zlv^jm]^jm]Z\lhgmk_bg_aZdbkZlv
B\k_"djZkb\Zy[jh\vihiheaeZ\\_jo
G_ldhg_qghghijhhklZevgu_kemqZbyl_[_]h\hjblvg_[m^mkdZaZeZdZdhlj_aZeZ=^_fhy
h^_`^Z"ihbgl_j_kh\ZeZkvmhevnZ^Z[ui_j_\_klbjZa]h\hj\^jm]h_jmkehYbf_eZ\\b^mdm^Z
^_eZkvh^_`^Z\dhlhjmxy[ueZh^_lZihke_k\h_]hg_m^Zqgh]hh[hjhlZ
hglZfgZdj_ke_e_`blmdZaZefm`qbgZjmdhcgZq_jgu_dhjh[dbkeh`_ggu_]hjdhcBdZdyba
g_aZf_lbeZ"DZd[m^lhdlhlh]eZaZhl\h^be
:ihlhf\kihfgbeZqlhmf_q_ggh]h[ueZki_pbnbq_kdZyhkh[_gghklv^ZjZbf_gghlZdhgkfh]
hl\_klb]eZaZ\k_fijhoh^ysbffbfhihmebp_ex^yfdh]^Zy\ZeyeZkvgZZknZevl_
YkijZrb\Zx]^_h^_`^Zqlh[ueZgZfg_"bf_ggh\wlhlfhf_glih^p_ibeZh^gmdjurdmk
eh]hlbihfba\_klghcnbjfuaZeZfu\Zxs_caZk\hxijh^mdpbx[Zkghkeh\gu_^_gv]bDZd[m^lh
hgbk\hblh\ZjubaahehlZ^_eZeb
Y__\u[jhkbe]hehkfm`qbgu^jh]gmeFg_ihdZaZehkvqlhhgemdZ\blH^gZdhmlhqgylvg_
klZeZG_o\ZlZeh_s_ihwlhfmih\h^mihjm]ZlvkykJZkobBaZdZaZel_[_gh\mx
LhqlhgZ^\hj_[ueZg_ijh]ey^gZyghqvfg_^Z`_g_gZ^h[uehjZkkdZau\ZlvWlhyblZdij_djZkgh
qm\kl\h\ZeZgh\hldm^Zy^he`gZb^lb\\_q_jg_fieZlv_khkljZaZfbyg_agZeZFu\jh^_[u
gbdm^Zg_kh[bjZebkv
Qlhwlh"yih^p_ibeZ_s_h^gmdjurdmk^\bgm\\_jogxxdhjh[dmkieZlv_f\klhjhgmgZ
kb^_gv_ijhq_fajykijZrb\ZeZGZ^g_dhjh[dbhdZaZebkvlhg\lhgd\_q_jg_fmieZlvxlmnebgZ
\ukhdbodZ[emdZo:\hklZevguo^\modhjh[dZo[ueblhgqZcrb_qmedbkeh\ghkhldZggu_
lmlh\ufbr_edhijy^Zfblml`_gZf_kl_\]hklbgbp_bq_jgh_djm`_\gh_gb`g__[_ev_QlhkZfh
ihk_[_y\eyehkvihegufZ[aZp_f
H^_`^Zg_ihgbfZxs_hl\_lbefm`qbgZgZdhg_paZc^y\gmljvdhfgZlubhklZgh\b\rbkv
ihk_j_^bg_G_gjZ\blky"
Bdm^Zy\g_c^he`gZihclb"j_rbeZgZ\kydbckemqZcmlhqgblvZlhfZehebyqlhgb[m^vg_lZd
ihgyeZblh]^Zhiylvijhbahc^_lg_^hjZamf_gb_
�Gmg_agZxIhmebp_hfhciZjdihke_^g__f_gyhdhgqZl_evgh^h[beh
Hkh[_gghghqvx\iZjd_hgZ[m^_lkZfh_lhkZjdZklbq_kdbflhghfijhbag_keZ\hl\_l
ijh^he`ZyjZa]ey^u\ZlvgZjy^bljh]ZlvdhgqbdZfbiZevp_\[e_klysb_mdjZr_gbyGh\u_\_sb
bf_ebhij_^_e_ggmxZmjmk\hckl\_ggmxlhevdhbf[m^mqbgbjZamg_gZ^_\Zggufb:klhbehbo
ohlvjZaijbf_jblvlhhgbm`_l_jyebk\h_hqZjh\Zgb_
Yihq_fmlhg_khfg_\ZeZkvqlh\k_e_`Zs__gZdj_ke_fg_ih^hc^_lb[m^_l\ihjm?^bgkl\_ggh_
qlhg_ih^hc^_l[uebf_klZ\dhlhju_ihfg_gbx^Zjbl_eyy^he`gZwlb\_sbgZ^_\Zlv
:qlhkgbfbg_lZd"fm`qbgZhkdhj[bekyFg_kdZaZebqlhhgbkZfu_emqrb_qlhfh`gh
gZclb\fZ]Zabg_ijbhl_e_
Yk_cqZkg_h[wlhfi_j_[beZy
:hq_f"HnZkhg_"LZdf_gym\_jyebqlhwlhihke_^gbcibkdfh^uk_bakZfuoihke_^gbo
dhee_dpbc
�Zyg_hlhfDZdyihl\h_fm^he`gZihdZaZlvky\wlhfyih^p_ibeZiZevqbdhfieZlv_aZ\hjhlb
ke_]dZijbih^gyeZ\ulZsb\qZklbqghbadhjh[db^hfZ"Qlhfg_kdZ`ml"
Qlhluohjhrhh^_lZhevny\ghg_ihgbfZedq_fmydehgxFm`kdhcfha]g_fh]mjZamf_lv
qlhfheh^Zy^_\mrdZg_fh`_lgZ^_lvgZjy^g_ih^oh^ysbckemqZx:\^ZgghckblmZpbbfg_
ij_^eZ]Zebbf_gghwlh
Bihq_fm\k_fm`qbguihegu_b^bhlu"\uj\Zehkvmf_gyg_qZyggh
GZm^b\e_gb_f_q_ggucg_aZjuqZeg_[jhkbekyf_gym[b\Zlvg_ijbgyekymqblvmfmjZamfmZ
kihdhcghhl\_lbe
B^bhlhf[m^_llhldlhgZl_[_`_gblkyZ\k_ofm`qbgg_klhblh[h[sZlvih^h^gm]j_[_gdm
\u^Zek_jh]eZauc
Bqlhfg_l_i_jvijbdZ`bl_^_eZlv"Hkdhj[blvky"H[b^_lvky"AZdZlblvkdZg^ZeieZ\gh
i_j_l_dZxsbc\bkl_jbdm"Bebqlh"BebdZd"
Yg_agZeZdZdihklmiblvgZoh^ykv\jZa^mfvyo:ihlhfmhl\_lbeZ\k\h_ch[uqghcfZg_j_
ij_^ihqblZyiZjbjh\Zlv\uiZ^hevnZ
G_^mfZxqlhl\hc[jZl[m^_ljZ^wlhfmwibl_lmghl_[_`_\k_jZ\ghyg_agZeZq_f[u
ih[hevg__mya\blvf_q_gh]hLZdhcdZdbfhg[uei_j_^hfghckbxk_dmg^mfg_g_gjZ\beky?]h
[m^_f\klj_qZlvkygZk_f_cguolhj`_kl\ZoZlhyaZk_[yg_jmqZxkv^jm]g_qZygghdjukbgh]hy^Z
\kmiih^hevx
M]jh`Zlv`_fh]g_lhevdhhevnghby
F_q_guchiylvgbdZdg_hlj_Z]bjh\Ze
JZal_[_ihgjZ\behkvoh^blv]hehclhwlhg_fhbijh[e_fuj_rbekgylvkk_[y\kydmx
hl\_lkl\_gghklvfm`qbgZlZdbg_ihgy\ihq_fmy\a[_e_gbeZkvm\b^_\_]hih^ZjdbF_rZlvg_
[m^m
DZdb_`_fm`qbgulmiu_Wlh`_gb\h^gb\hjhlZg_e_a_lHgbg_\khklhygbbihgylvijhklu_
\_s_cH[h\k_fbfgZ^hjZkkdZau\Zlvh[tykgylv\lhedh\u\Zlv
Qlh`ihijh[mx\djZcgbcjZa
Ijhklhwlhg_ih^oh^ysb_\_sbykfh]eZi_j_klmiblvq_j_ak_[ybihiulZlvkyh[tykgblvk\hx
ihabpbxih^Zgghfm\hijhkm
hevnm^b\bekygZklhevdhkbevghqlh_]h[jh\b\ae_l_ebgZihjh^bklhfebp_dZd^\ZfhluevdZ\
i_jbh^kiZjb\Zgby
Lu^jm]b_ghkbrv"Ghy`_g_fh]magZlvdZdb_bf_gghghbdjhf_lh]h]^_y\havfml_[_qlh
gb[m^v^jm]h_"fm`qbgZ[uehaZ^Zq_gh[b`_ghldZahfb\\_^_g\aZ[em`^_gb_Y`_l_[_g_
bgl_jg_lfZ]ZabggZ^b\Zg_Wlhlu^hfZfh`_rvaZdZau\Zlv\k_qlhm]h^ghZlmlm\hevGbq_fg_
fh]mihfhqvG_ohq_rvgZ^_\Zlvg_gZ^hYh[jZlghhlhrexh[b^u[uehy\gh[hevr_q_f
\k_]hhklZevgh]h
DZ`_lkyf_gygbdlhg_kh[bjZekym]h\Zjb\Zlv
hlbdZdfg_m[_^blv_]h\h[jZlghf"
GhdZdy^hfZihy\exkv\h\k_fwlhf"g_\u^_j`ZeZbkhj\ZeZkv
:emqr_\dhklxf_?\u"kZjdZklbq_kdbihbgl_j_kh\Zekymf_gyfm`qbgZG_[m^ml_[y
hklZgZ\eb\Zlvg_flu\u]ey^brvijhklh\_ebdhe_igh\g_aZigZyiho\ZeZfh_fm\g_rg_fm\b^m
[ueZijbylgZd\ys_fmm^b\e_gbxY^Z`_\i_j\h_f]gh\_gb_g_agZeZqlhbkdZaZlvihwlhfm
ih\h^m
GZ^h`_hp_gbe
Dh]^Z\ah[m^uoZgb_hle_]ehlhykfh]eZbak_[y\u^Z\blv
OhjhrhygZ^_gmwlhgmbdZdkgbf^Zevr_kihjblv"Hg\k_jZ\ghhklZg_lkyl\_j^heh[uf
fm`eZghf[_aijZ\bevguofuke_c\k\h_cjh]Zlhc]heh\_BdZdhglhevdhk`_gsbgZfbh[sZ_lky"
Kdhj__\k_]hgbdZdHgbol_ji_lvg_fh`_lL_i_jvlhyihgyeZhlghr_gb_hevnZd`_gblv[_
Ohjhrhqlh@hj`g_lZdhcL_ieZy\hegZhdmlZeZf_gyijb\hkihfbgZgbbh`_gbo_
KdhjhHq_gvkdhjh
�Z\gh[ulZd[jhkbehevnY\jZklj_iZgguoqm\kl\Zoko\ZlbeZdhjh[dbkdj_keZbihg_keZkv\
\ZggmxdhfgZlmGmg_i_j_h^_\Zlvky`_fg_\ijbkmlkl\bb^_fhgZHgblZdkebrdhffgh]h\b^_e
M`_q_j_aiZjmfbgmlykfhlj_eZgZk_[y\a_jdZehbg_fh]eZhl\_klb]eZaI_j_^hfghcklhyeZ
jhdh\ZydjZkhldZIeZlv_h[e_]Zehnb]mjmkeh\gh\lhjZydh`Zlmnebih^hrebb^_ZevghZ[_ev_
hdZaZehkvijhklhr_^_\jhfddhlhjhfmohl_ehkvijbdZkZlvkygZklhevdhhgh[uehijbylgufgZ
hsmivYqm\kl\h\ZeZk_[yijbgp_kkhc
ayeZkihehqdbaZdj_ie_gghcjy^hfkh]jhfgufa_jdZehfjZkq_kdm\lZcg_gZ^_ykvqlh^hf_gy
Fg_^Z`_g_gZ^h[uehih^djZrb\ZlvkyGZklhevdhkbevgh\gmlj_ggbck\_lhk\ysZef_gybagmljb
^h[Z\eyyhqZjh\Zgby\h[ebdKf_kvg_\bgghklbbihjhqghklbwlh]j_fmqZykf_kvBdZdlhevdh
m^Zehkv^hklbqvih^h[gh]hyg_agZeZl_f[he__ijZdlbq_kdbg_ijbdeZ^u\ZygbdZdbomkbebcY
^Z`_aZex[h\ZeZkvkZfZkh[hx:dZdhc^_\mrd_g_ihgjZ\blkydZdhgZ\u]ey^bldh]^Zfh`gh
ihklZ\blv^_kylvba^_kylbihrdZe_ijb\e_dZl_evghklb
Y]hlh\ZijZ\^Zg_mlhqgbeZdq_fmHl\hjb\^\_jvba\ZgghcdhfgZluyaZklueZgZihjh]_
kh[bjZykvgZkeZ^blvkyijhba\_^_gguf\i_qZle_gb_fGmg_fh]hevngbdZdg_hlj_Z]bjh\ZlvgZ
fhc\g_rgbc\b^dZ`^hc^_\mrd_kb^blobsgbpZdhlhjZydhjfblky\hkobs_gb_fhdjm`Zxsbo
__fm`qbgByg_[ueZbkdexq_gb_fY`^ZeZh[h`Zgbyij_^\dmrZydZdfhc\g_rgbc\b^
ih^_ckl\m_lgZf_q_ggh]h[m^mqbm\_j_gghc\kh[kl\_gghcijZ\hl_
hevnklhyemrdZnZkdgb]ZfbZ\jmdZo^_j`Zeh^bgbalhfbdh\ih\k_c\b^bfhklb\ayluck
ihedbKijZrb\Z_lkyaZq_f\kiZevg_dgb]b"Dh]^ZboqblZlv"djh\Zlb"LZdlZf^jm]bf^_ehf
gZ^haZgbfZlvkybg_h[yaZl_evgh\^\h_fGhhl_ex\b^g__q_fijb\e_dZlvdk_[_ihklhyevp_\
Fh`_l[ulvk_cqZkwlhgh\ZynbrdZ":yijhklhhg_cg_agZx
Fm`qbgZih\_jgmekymkeurZ\fhc]hehkgZqZe_\a]ey^hevnZhklZgh\bekygZfhbo]eZaZo
[_ahrb[hqghgZoh^yih^gyeky\ur_aZ^_j`ZekygZijbq_kd_ZaZl_ff_^e_gghihihea\gbag_
ijhimkdZygbh^gh]hieZ\gh]hba]b[Zb\uimdehklbQ_f^hevr_hgkfhlj_el_fkbevg__
ih^`bfZebkvfm`kdb_]m[uZ\]eZaZoaZf_jaZek_juce_^q_jg_xsbckdZ`^uff]gh\_gb_f
Yg_agZeZdZdj_Z]bjh\ZlvgZj_Zdpbxf_q_gh]hklZdbfyklZedb\ZeZkv\i_j\u_
FheqZgb_aZly]b\ZehkvYwnn_dlghhibjZeZkvhdhkydk_jh]eZauckfhlj_eghihqlbgbdZdg_
j_Z]bjh\ZeujZ`_gb_ebpZyg_[jZeZ\jZkq_lFh`_l[ulvmg_]hfbfbdZgZihljyk_gb_lZdZy
ki_pbnbq_kdZy"k_`_ykgbfagZdhfZ\k_]hgbq_]hBebkhfghcqlhg_lZd"
YhimklbeZ\a]ey^gZk_[yIh^mfZeZqlhg_kgyeZ[bgluG_lHgbhklZebkve_`Zlv[_knhjf_gghc
]jm^hcgZjZdh\bg_Fhyj_]_g_jZpbyhdZaZeZkvgZmjh\g_b\f_klZoijhdheh\g_hklZehkvbke_^Z
AZiha^Zeh\kihfgbeZqlhhevn^Z`_g_ba\bgbekyaZijbqbg_ggmx[hevbih\j_`^_gbyhl`_
oZfljZf\ZcgucgZqbgdZOZff_jZ;hevrbohkdhj[e_gbcgZmfg_ijbrehGZklhysbc^_fhg
IhkdhevdmgbdZdboih\h^h\baaZq_]hke_^m_li_j_`b\Zlvyg_h[gZjm`beZlhj_rbeZqlh\k_\
ihjy^d_
GmqlhkdZ`_rv"ij_j\ZeZfheqZgb_qlh^ebehkvg_iha\hebl_evgh^he]h
u]ey^brvdZdijhklblmldZ\u^Z\bebak_[yfm`qbgZY`_h[f_jeZ[m^mqbkjZ`_gghckeh\Zfb
gZih\ZeFg_m^Zjbebih^^uohlq_]h]hjehi_j_o\Zlbehbk`ZehkiZafhf:fm`qbgZ\k_
�ijh^he`Zeih^eb\Zy\]hehky^Z_ckl\bl_evghg_m^ZqgucgZjy^Om`_ijhklh[ulvg_fh`_l
Hl\jZlbl_evgh_aj_ebs_lZdhf\b^_l_[_lhqghg_klhblihy\eylvkygZex^yo
JZ\gh^mrgu_keh\ZkdZaZggu_[_awfhpbhgZevguf]hehkhfh[^Z\Zebe_^yguf\_ljhf
\uau\Zxsbf`_eZgb_ih_`blvkybh[o\Zlblvk_[yjmdZfbAZ[blvkydm^Zgb[m^v\m]hehdbgZqZlv
lboh\koebiu\ZlvdZd\^_lkl\_dh]^Zex[Zyijh[e_fZdZ`_lkyg_j_rZ_fhcbeblh]hom`_
dhgphfk\_lZ
Ghylh[ueZm`_g_fZe_gvdZyY`_[ueZ\ajhkeZy^_\mrdZdhlhjZyfh]eZijbg_h[oh^bfhklb
^_j`Zlvm^Zjkm^v[u
IjZ\^Z"i_j_kijhkbeZyk_lZdm`Zkgh"
Ymeu[gmeZkvgZklhevdhrbjhdhgZkdhevdhkfh]eZlZdqlhmf_gy^Z`_kdmeuk\_ehhlgZijy`_gby
Hq_gvohjhrhfmjeudgmeZklZjZykvg_i_j_[hjsblvkb]jhxohly\gmljbf_gyjZaeb\ZeZkv
`ZjdZy\hegZ[hebb^bdh]hjZahqZjh\Zgby
Qlh`_lmlohjhr_]h"\hijhkg_lhevdhijha\mqZeghb\hagbd\]eZaZofm`qbgu
Y`_hle_ibeZkvhldhkydZbf_^e_gghcihoh^dhchl[_^jZfbgh\ZeZjZkklhygb_jZa^_eyxs__gZkk
hevnhfk_wlh\j_fyfm`qbgZke_^beaZfghx\a]ey^hf]heh^gh]hm^Z\Z]hlh\ys_]hkyd
iju`dmHgy\ghg_ihgbfZeqlhyaZ^mfZeZ\ijhq_fykZfZg_ihgbfZeZqlh^_eZx^_ckl\mygZ
h^gboebrvbgklbgdlZoYaZsbsZeZkvFg_k^_eZeb[hevghbm`_g_\i_j\ucjZaZih^h[gh_
ijhklblvg_fh]eZG_a^_kvG_k_cqZkG_kwlbffm`qbghc
Ih^hreZ\iehlgmxdhevnmiha\heb\\ue_albijZdlbq_kdbiheghklvxk\h_cZmj_baih^
aZsblgh]hdhdhgZdhlhjucyg_mklZgghdhgljhebjh\ZeZY[md\Zevgh\b^_eZqm\kl\h\ZeZdZdhgZ
aZdem[beZkv\hdjm]f_gy[m^mqb\\hklhj]_qlhgZdhg_pihemqbeZk\h[h^mbihihlygmeZ
g_\b^bfu_jmdbd_^bgkl\_gghfm`b\hfmgZoh^ys_fmky\i_r_c^hklmighklbhevnm
:jmqdbmfh_cZmju[uebaZ]j_[msb_brZeh\eb\u_Yihkj_^kl\hf__qm\kl\h\ZeZdZdg_\b^bfZy
^eZgvihiheaeZih]jm^bfm`qbgui_j_f_klbeZkvgZie_qhkdhevagmeZihr__baZ[jZeZkvih^
�\hehkugZqZ\i_j_[bjZlvijy^bjm]Zy`_aZ^_j`ZeZkvijbgy\rbkvhq_jqb\Zlvdjm]bih`b\hlmZ
fh`_l]^_lhb\^jm]hff_kl_yhkh[hg_ijbkemrb\ZeZkvdhsms_gbyfLj_lvykZfZyijhdZaeb\Zy
h[h]gmeZfm`qbgmbmo\ZlbeZ_]haZy]h^bpmam[ZfbG_kbevghgh\iheg_hsmlbfhZdlh\
khklhygbb[ueijhqm\kl\h\Zlvijbdhkgh\_gbywlh]hmjh\gy\hkijbylbyg_hrb[ky[u
Lh]^Zyhq_gvjZ^Zijhbag_keZih^gy\rbkvgZpuihqdbbr_igm\gZmohhevnmh[^Z\fm`qbgm
`Zjhfk\h_]h^uoZgby
Q_fm"ojbiehihbgl_j_kh\ZekyhevnaZklu\dZf_ggufba\Zygb_fkeh\ghhgg_hsmsZedZdfhy
ZmjZ[_aaZkl_gqb\h_]heZiZ_lkeh\ghk\hxkh[kl\_gghklv
Qlhf_gyihkqblZxliZjhc^hklhcghclZdh]h\aukdZl_evgh]h^_fhgZdZdluyihf_^ebeZb
ijh^he`beZ:lhyhq_gvh]hjqmkv
Fhb]m[uijb[ebabebkvd]m[Zff_q_ggh]hbaZklueb[md\Zevgh\fbeebf_lj_
G_[m^mihjlblvl_[_gZkljh_gb_k\hbf\b^hfKiZkb[haZih^ZjhdHg[ue\_ebdhe_i_g@Zevqlh
l_[_g_ihgjZ\bekyIjhsZcyj_adhhlkljZgbeZkvihlygm\aZkh[hck\hxZmjmHgZ[ueZ
g_^h\hevgZHq_gvhlf_kldm_s_jZamdmkbeZhevnZaZaZ^gbpm;eZ]h^ZjxaZ\k_^h[jh_qlh
\ug_keZbagZr_]hfbfhe_lgh]hagZdhfkl\Z
GZ^hhl^Zlv_fm^he`gh_hgkl_ji_eb^Z`_g_^_jgmekykeh\ghij_[u\Zy\klZabk_
Y`_m\_j_gghcihoh^dhckijyfhckibghcgZijZ\beZkv\klhjhgm\uoh^Zij_^\Zjbl_evghaZo\Zlb\
qm^hfkhojZgb\rbckydeZlq\f_kl_kl_e_nhghfij_djZkghkeurZ]jhfdbc\u^hokd\havklbkgmlu_
am[uaZkibghcFg_[hevr_g_q_]h[ueh^_eZlv\wlhfghf_j_
YijZdlbq_kdb^hljhgmeZkv^hjmqdbgZ^\_jbdh]^Zfhbjmdb[uebijb`Zludl_emkbeh\ufeZkkh
gZ[jhr_ggufknbeb]jZgghclhqghklvxZ[khexlgh[_aa\mqghDZdhdZaZehkvg_yh^gZ\khklhygbb
bkihevah\Zlvk\hb\hafh`ghklb
�mfZxqlhlukebrdhfjZghkh[jZeZkvmoh^blvdhfmijbgZ^e_`Zeijha\mqZ\rbc\lbrbg_
dhfgZlu]hehkg_klhbeh^Z`_]Z^Zlv
J_adhh[_jgm\rbkvyk\uah\hfihkfhlj_eZgZhevnZg_ij_fbgm\\ukhdhaZ^jZlvih^[hjh^hd
bkihevah\ZeZkv\kh\_jr_gkl\_
Hrb[Z_rvky\heqbpZfg_g_ihgjZ\behkvdZdwlh[uehkdZaZgh
F_gyEba_llZah\ml_kebluaZ[ueGhyg_]hj^Zyfh]mbgZihfgblv:l_i_jvhlimklbf_gyY
m`_^Z\gh^he`gZ[ulv\djh\Zld_KiZlvFZehe_ldZfkZfh_\j_fy
Fhc]hehka\_g_eg_lhevdhhlgZijy`_gbygh_s_hl^bdhcaehklbqlh[mr_\ZeZ\gmljbklj_fykv
\uj\ZlvkygZjm`mk^_j`b\Z_fZyebrvg_bfh\_jghckbehc\heb
YkZf[m^mijbgbfZlvj_r_gbyfgh]hagZqbl_evghijhbag_kfm`qbgZ
K\hbf^_lyf[m^_rvmdZau\Zlvihf_^eb\ijh^he`beZ?kebhgbml_[y[m^mlq_fyhq_gv
kbevghkhfg_\Zxkv
Fhc]g_\[ue[md\ZevghhkyaZ_f
:jZa\_l_[_g_ba\_klghqlhkZfu_emqrb_\hkiblZl_ebwlhl_dlh^_l_cg_bf_xl"gZkf_reb\h
ihbgl_j_kh\Zekyfm`qbgZ\Zevy`ghijb[eb`Zykvdhfg_f_^e_ggufrZ]hfLZd^\b]Zxlkylhevdh
obsgbdb
GZf_gykjZam`_ih\_yehhiZkghklvxm]jhahcKebrdhfh[fZgqb\[ue\b^fm`qbguKlZdbf
\klj_lbrvky\l_fghff_kl_bkim]Z_rvky^hbdhlu
G_dhlhjufhgbihhij_^_e_gbxg_gm`guBkihjlylgZf_dgmeZygZ\hafh`gh_hlph\kl\h\
[m^ms_ffh_]hkh[_k_^gbdZb_]hijh\ZevgmxjheviZihqdb
Dlhdh]hlmlihjlblvkh[bjZ_lky"\g_aZighjZa^Zeky]hehkg_ijbgZ^e_`Zsbcgbfg_gbhevnm
^\_jyoklhye@hj`JZkobly`_eh\abjZygZf_gybk\h_]h[jZlZ
Y\a^jh]gmeZhlg_h`b^ZgghklbIh^h[gh]hg_h`b^ZeZ^Z`_\kZfhfkljZrghfkg_HdZaZlvky\
ghf_j_qm`h]hfm`qbgughqvxg_aZfm`g_c^_\mrd_qlhfh`_l[ulvom`_"
:om`_[ulvaZklmdZgghc`_gbohf\ghf_j__]hjh^gh]h[jZlZijbwlhfki_e_gmlhckbehc\
\_q_jg_fieZlv_\^\mkfuke_gghckblmZpbbkjZkdjZkg_\rbfkyhl]g_\Zebphf
Fg_kjZam`_\kihfgbebkv^_kyldbijbf_jh\baom^h`_kl\_gghcebl_jZlmju]^_]eZ\gu_]_jhbgb
ihiZ^Zeb\ihoh`b_kblmZpbbFgh]b_bagbo\_ebk_[yfm^jhk^hklhbgkl\hfh[tykgyyqlhg_gZ^h
ijbgbfZlvihki_rguoj_r_gbcbjm[blvk]hjyqZByj_rbeZihke_^h\Zlvboijbf_jm
H[fha]h\Z\\k_\^hexk_dmg^u\uiZebeZ
@hj`wlhg_lhqlhl_[_dZ`_lkyk_g_kdhevdhbgZq_yihkqblZeZqlh\k_ijhbag_keZk
^hklZlhqghc^he_cm\_j_gghklb^Z[ui_j_^Zlv__k\h_fm`_gbom
k_fk^Z\gboihjba\_klghqlh^_fhguh^gbbakZfuo\kiuevqb\uokms_kl\gZieZg_l_ghy
ij_[u\ZeZ\k\ylhcm\_j_gghklbqlhfhc`_gbohlghkblkydkZfufmjZ\gh\_r_ggufb
g_ihdhe_[bfuf?]hZmjZ\k_]^ZbaemqZeZihegh_kihdhckl\b_bmfbjhl\hj_gghklv
Dhg_qgh^hjh]Zymeu[dZaZaf_beZkvihdjZkb\hhq_jq_gguf]m[ZfYkiexb\b`mkeZ^dbckhg
fm`qbgZgZqZegZk\bklu\Zlv]^_lubylZgpm_f\Zevk[hklhg
KdhrZqv_c]jZpb_c@hj`gZqZeijb[eb`Zlvkyk_wlh\j_fyhevngZklhjh`b\rbkvke_^beaZ
[jZlhf
Qlhlulml^_eZ_rv"f_q_gucj_rbe\g_klbe_ilm\h[sbcjZa]h\hj
Qlhy^_eZx"Qlhlulml^_eZ_rv"fh_fghf_j_hlm^b\e_gbyfhb]eZaZklZebjZaf_jhfk^\Z
nml[hevguofyqZ:o^Zluklhjh`brvfhxg_\_klmqlh[ug_m[_`ZeZG_lZdeb[jZl_p"
:dm^Zy^he`_g[ue__ijb\_klb"jh^bl_evkdbc^hf"LZf`_fZfZbiZiZeh]bdZfm`qbgZ
DZdfbeh]eZaZ@hj`ZgZqZebih^hajbl_evghgZeb\ZlvkydjZkgufWlh_s_g_[ue]g_\gh_]h
ij_^\_klgbdbg_khfg_gghFZfmkiZihcih`Ze_eZihq_fm`_ijhf_gyg_ih^mfZe"G_m`_eb
g_dh]^Z[ueh";uebkebrdhfm\e_q_gu"jhdhqmsb_ghldb\]hehk_aZklZ\eyeb\hehkdbgZaZlued_
r_\_eblvkybibgZlv^jm]^jm]Z]jhayk\Zeblvky\h[fhjhd
@hj`lu\k_g_lZdihgyeWlhkemqZcghklv\kljyeZy\jZa]h\hj^\mo\ajhkeuo^_fhgh\
aZf_jrbo^jm]ijhlb\^jm]Z
hevnlZdbg_hlimklbeijbajZqgh_eZkkh^_j`Zf_gybf^hkboihjY`_g_aZf_lghiulZeZkv
\uimlZlvkyg_lhevdhbai_lebghbbakeh`b\r_ckykblmZpbb
:ybg_khfg_\Zxkv[jhkbegZf_gy\a]ey^feZ^rbcba^_fhgh\qlhwlhhq_j_^gZyihiuldZ
khj\Zlvfhx`_gblv[mm]jh`Zxs_ijhbag_kfm`qbgZ
Qlhlulmlg_k_rv"mhevnZ[jh\bihe_aebgZeh[LukqblZ_rvqlhyg_`_eZxl\h_ck\Z^v[u"
Bkd_f"Kwlhcg_klZ[bevghc"\k_`_f_q_ggucg_ijbylguclbiWlhy\hq_j_^ghcjZamykgbeZ
^eyk_[y
;ueZ[u\hafh`ghklvh[yaZl_evghklmdgmeZih]heh\_
G_kf_chkdhj[eylvfhxg_\_klm\f_kl_khkeh\Zfbijbe_l_edmeZd@hj`Zijyfh[jZlm\ghk
hllZdaZijhklh;_aij_^mij_`^_gby;_aj_n_jb;_aZ^\hdZlh\k_fvbB^Z`_[_akhklZ\e_gby
aZ\_sZgbygZ\kydbcih`ZjguckemqZc@hj`ijhklh\ayeba\_a^Zgmehevnm\]eZa;ukljhbkh
\dmkhf
Hlm^ZjZf_q_guchle_l_edkl_gd_m^ZjbekykibghxIjZdlbq_kdbjy^hfkhfghcYaZ\ba`ZeZ
;hevr_hllh]hqlhg_mki_eZm\_jgmlvky_keb[ufm`qbgZiZ^ZegZf_gy;eZ]hqlheZkkhhg\k_
`_hlimklbeGZjZ^hklyohlh[j_l_gghck\h[h^uyaZdmkbeZdmeZdb\bamfe_gbbmklZ\beZkvgZ
k\h_]h`_gboZg_\_jy]eZaZfk\hbfFhc@hj`g_fh]m^ZjblvWlhg_hgWlh^jm]hcfm`qbgZ
Kh\k_fk^mj_e"aZjuqZehevnaeh[ghaujdZygZ[jZlZ
L_[_k\hbo[Z[fZeh"J_rbegZfhxihaZjblvky"Bebl_[_\k_qlhijbgZ^e_`blfg_ihdhyg_^Z_l"
hl\_lguf]jhfhf\lhjbe@hj`gZoh^ykv\ih]jZgbqghcklZ^bbij_\jZs_gbyGZ^mfZeblml
hlf_lblvky"
DZ`_lkyihfbfhf_gyf_`^m[jZlvyfb[uebjZagh]eZkbyYkeurZeZqlhdh]^Zlh^Z\ghh^bg
^jm]hfm\u[beam[
Wchggbq_]hg_k^_eZe\e_aeZg_ih^mfZ\\jZa]h\hj^\mofm`qbgM@hj`ZgZqZebihy\eylvky
ijbajZqgu_jh`dbWlh[ue^mjghcagZdk\b^_l_evkl\mxsbchkdhjhfij_\jZs_gbb:^_fhgu\
bklbgghcbihklZkb[uebg_\ijbf_jl\_j^heh[ubZ]j_kkb\gu
Ghohl_e]jhfh]eZkghh[ty\befhc`_gboij_`^_q_fdbgmlvkygZ[jZlZky\guf`_eZgb_f
\e_iblv_s_h^bgm^Zjijhf_`jh]
Hldm^ZluagZ_rv"^\hydhkijhkbeZyg_ij_^klZ\eyydZdfhc\hijhk\u]ey^blkhklhjhgu
hllZd[u\Z_leyig_rv]emihklvZihlhfijboh^blkyjZkoe_[u\ZlvBg_lqlh[u[helZlvih^h[gh_
]^_gb[m^v\^Zfkdhc[_k_^_gZh[hjhlkeh\Zhiehrghklb\ue_aZxl\kZfucg_ih^oh^ysbcfhf_gl
LZd\k_`_ohl_e"\aj_\_e@hj`aZghky^jm]hcdmeZdgZf_j_\Zykv_s_jZaaZjy^blvf_q_gghfm
Ihoh`_qlh\k_\hafh`gu_^h\h^uf_`^m[jZlvyfb[ueb^Z\ghbkq_jiZgubg_^_ckl\h\Zeb
Dh]h"?_"hevnihdZg_\klmiZe\^jZdmijhlb\fh_]h`_gboZYhl^ZeZ^he`gh__]h\u^_j`d_
GZf_kl_k_jh]eZah]h^jm]hc[um`_\e_ibeihiheghcijh]jZff_h[b^qbdmohlvbjh^ghfmHgZ
:\hlwlhhgajykdZaZeF_gyh[myeZ\hegZh[b^u
Hg\f_gydh]lb\hldgme\hllmlblmlyihdZaZeZiZevpZfb]^_gZoh^bebkv_s_g_^Z\gh
hlf_lbguhklZ\e_ggu_hevnhfGbaZqlhih`Zeh\ZeZkvhlkdZdb\ZygZijbebqgh_jZkklhygb_
hlf_q_ggh]h:\_^vy_fmgbq_]hiehoh]hg_k^_eZeZ:hgf_gyqmlvg_jZahj\ZeaZlhqlhy
i_j_oh^beZ^hjh]mMg_]hkh\k_fkh\_klbg_lAeu^_gvhgbkZljZif_q_guc
BdZdlhevdh\uj\Zehkv"Bgh]^Zy[ueZy[_^hcLh]^Zdh]^Zfg_wlh[uehg_h[oh^bfhfh`gh[ueh
g_fheqZlvZjZkkdZaZlvh[h\k_fkemqb\rbfkyqbklmxijZ\^mmfheqZ\hg_`_eZl_evghf
Qlh"m@hj`ZklZebijhy\eylvkydjuevyDZdluihkf_e"
�ZhgZml_[y[_apZjy\]heh\_^Z_s_bg_klZ[bevgZyLulhohlvagZ_rvh[wlhchkh[_gghklb
k\h_cg_\_klu"H[hjZqb\Z_lky\\heqbpmijbq_klghfgZjh^_\ex[hff_kl_Z\hlwlhhgajy
kdZaZeK_]h^gyfh]eZlhevdhy`Zeh\ZlvkygZkm^v[mBg_]h[uehlml\kydbff_q_gguf
jZkkdZau\Zlvh[hfg_ihklu^gu_\_sb
:mg_]heukuc_`bd\aZqZlhqghfkhklhygbbLh`_fg_fm`bdgZau\Z_lkyBdZdlhevdhg_klu^gh
ihdZau\Zlvijbebqghc^_\mrd_"ijbgyeZkvyy[_^gbqZlvK\_lbelmlijbfg_Ihahj
AZgZr_ci_j_iZedhcg_mklZgghke_^befhc`_gbodhlhjhfmihlj_[h\Zebkvmlhqg_gbyihoh^m
ha\mq_ggh]h
IjZ\bevghebyihgyeqlhhevnk\_lbek\hbf"@hj`[ueg_]emibkjZamihgyehq_freZ
j_qvk_`_fhc`_gbo^mrdZlZdhcmfg_gvdbcg_lhqlhg_dhlhju_Wlhyih^mfZeZijh_]h
[jZlpZ
IjZ\bevghIjZ\bevghih^^ZdgmeZyIm]Zef_gy:\_^vlZfim]Zlvlhg_q_fijh^he`beZ
k^Z\Zlvf_q_ggh]hkihljhoZfbH^gbke_auMebldZeukh]h_`bdZ\aZqZlhqghfkhklhygbbZg_
ohayckl\h
Fhc`_gbo^he`_gagZlvijZ\^mbg_lhevdhijhf_gyh^gmghbijhk\h_]h[jZlZhlyb
ihklZjZeZkvhl^mrbgZkdhjmxjmdm\\_klb@hj`Z\dmjk^_eZ:lhfh`_l[ulvhgq_]hg_\_^Z_l"
BlmlymkeurZeZdehdhqmsb_a\mdb^hghkb\r__kykhklhjhgu]^_klhyehevnBi_j_\_eZ\a]ey^
k@hj`ZgZf_q_ggh]h
Khjb_glbjh\ZeZkvaZ^hexk_dmg^uk_`_mh[hjhlg_cqvydjh\vaZ[mjebeZ\hfg_\kZfuc
g_ih^oh^ysbcfhf_glj_ZdpbyagZlgZyIme_ckhj\ZeZkvkf_klZbaZe_l_eZaZkibgmk\h_fm
`_gbomijyqZkvhljZatyj_ggh]h^_fhgZk[_e_khcijy^vx
&#xhe;&#xvn;&#xm;&#xfm;&#x^j;¾&#xky;&#xk;&#xlh;&#xev;&#x[;&#xuk;&#xlj;&#xh;&#xlj;&#xZg;&#xkn;&#xhj;û&#xjh;&#xZ;&#xlv;&#xky;&#x";BdZdlhevdhhevnmfm^jbekyklhev[ukljhljZgknhjfbjh\Zlvky"Z`_djuevy\uijhklZeKbe_g
^_fhgydZKbe_g
Ih`ZemcajyymihfygmeZijh^hklhbgkl\hfm`qbguq_fgZg_keZ_fmikboheh]bq_kdmxljZ\fmhl
dhlhjhchgg_kdhjhhijZ\blkyGh_kebihkfhlj_lvk^jm]hcklhjhgug_[m^vmhevnZihwlhfm
ih\h^mimgdlbdZhgg_klZe[ulZdj_Z]bjh\ZlvgZfhb]emiu_^_lkdb_keh\ZZih\_ek_[ydZd
\ajhkeucfm`qbgZ
@hj`kiZkZcZbgZq_\k_^vfhcjZahklZg_rvky[_ag_\_kluijhibsZeZyo\ZlZy^_fhgZkaZ^baZ
lhjkbiulZykvijbdjulvkyhl^jm]h]h^_fhgZBihq_fm@hj`lZdhcg_ih\hjhleb\uc"
Ohjhrhohlvm`_gboZjZaf_jugbqmlvg_mklmiZeb_]h[jZlmbfg_[uehdm^ZkijylZlvkyBdZd
lhevdhdZ[emdbg_i_j_ehfZeZ"
�ZlZdmxg_\_klm^Z\blvgZ^hdZd\hgxq_]hdehiZ]jhfuoZehevngZ[jZku\ZykvgZ@hj`Z
Fhyg_\_klZqlhohqmlhb^_eZxOhqm^Z\exohqmaZsbsZx\hlwlhfm`bdhlwlhyihgbfZx
�YijyfhlZdb\ha]hj^beZkvk\hbf`_gbohfmr_qdZ@hj`
Klmdgb_]hKlmdgbaZ\ba`ZeZdh]^Zihqm\kl\h\ZeZqlhfhb^_eZiehobijbgy\rbkv
ih^am`b\Zlv@hj`ZHgf_gy]hehcaZklZ\eyeoh^blvH^_\ZlvkygZ^Z\Ze
�\hcghcjud[uefg_hl\_lhf
Yl_[_\hkvfmxgZc^mLhevdhm^Z\bjuqZehevndb^ZykvgZ@hj`Z:bgZq_yaZk_[_g_
jmqZxkvf_q_ggucj\Zebf_lZekuieyluqdZfb[jZlm
Yg__^bgh`^uijbkmlkl\h\ZeZgZih^ihevguo[hyoaZij_s_gguoaZdhghfbdZjZxsbokyh]jhfguf
rljZnhfMqZklgbdbbmkljhbl_ebih^h[gh]h[_kij_^_eZfh]eb^Z`_m]h^blvaZj_r_ldmgh
ih^h[gh_jZa\e_q_gb_\k_jZ\ghp\_ehfZojh\ufp\_lhfM`[hevgh`_eZxsboihkfhlj_lvb
ihs_dhlZlvg_j\u[uehij_^hklZlhqghYg_h[hreZklhjhghxg_aZdhggu_[hbohlybg_ex[beb
boghg_kdhevdhjZaijbkmlkl\h\ZeZLZd\hlko\ZldZf_`^m[jZlvyfbg_reZgb\dZdh_kjZ\g_gb_k
l_fqlhy\b^_eZLZf[uehfZehihdZamobghfgh]hdjh\b[heb\iehlv^hkf_jlbZa^_kv`_
kdhj__jbkh\dbBeb`_fg_lZdihdZaZehkv"Fh`_l[ulv[jZlvyijhklh\eZ^_eb^jm]hcl_ogbdhc
[hyg_ba\_klghcfg_KlhbehaZ^mfZlvky
:fg_wlZgjZ\blkyHgZfbeZyfhc@hj`ijhklhij_e_klvIhke_ko\Zldbh[yaZl_evgh_]h
jZkp_emxAZkem`bedjZkZ\qbd
DZdZy`_hgZfbeZy"KljZrgZybfZkeZklZymmmiylgbklucih^h`^bMkljhxyl_[_jZckdmx
`bagvkeZ^dbcfhc[m^msbcjh^kl\_ggbq_d_s_djh\Z\ufbke_aZfbmfh_rvky^_fhgx]Zjh]Zluc
G_l_[_j_rZlvK\hxaZbf_c:fhxg_ljh]Zc\hlwlhkeh\Zg_fZevqbdZghfm`Z@hj`\ujhk
\fhbo]eZaZo_s_gZh^bgimgdlk_`_yg_ajy^ZeZkh]eZkb_gZihfhe\dm
MikFh_fm@hj`bdmijbe_l_eh\mohhlhevnZQlhlhfZevqbdbg_gZrmldmjZahrebkvBym`_
ijbkmlkl\h\ZeZg_gZfbehcihlZkh\d_^\moex[ysbo[jZlv_\ZgZgZklhys_fih[hbs_B_keb
\gZqZe_fm`qbgumijZ`gyebkv\eh\dhklb\k_j_^bg_dhfgZlulhl_i_jvklZebhk\Zb\Zlv\k_
ijhkljZgkl\hiZjZee_evghdjmrZf_[_evbh[^bjZykl_guYhl]j_oZih^Zevr_hl[_`ZeZ\klhjhgm
baZ[beZkv\kZfuc^Zevgbcm]he\ubkdb\Zyimlbhlklmie_gbykihey[hyqm\kl\myqlhhgbfg_
kdhjhihgZ^h[ylkyMfm`qbgijhkgmeZkv\lhjh_^uoZgb_b[h_\hcZaZjl^hdZaZlvmdh]hdj_iq_
jh]Z^Zggucfhf_glhgbbf_gghbfbbkp_ibebkv[h^Zy^jm]^jm]ZdZd^\Z[mc\heZ^Zjhfqlh
djueZlu_
&#xhl;&#xw;&#xlh;&#xm;&#x^Z;&#xj;�&#xhl;&#xw;&#xlh;&#xm;&#x^Z;&#xj;�?fh_Bkdjuihe_l_ebhlwlhm^ZjZc_fmZc\hkdebdgmeZyihke_hq_j_^gh]hdjZkb\h]h
Zii_jdhlZijh\_^_ggh]h@hj`_fk_`_fhc[m^msbcfm`gZklhysbc[h_pDjZkZ\Z
:Zfg_klZeh^mjghWlh@hj`ijhimklbem^ZjhevnZihi_q_gbhl]Z^wlhlJZkob:fh`_lm
fh_]h`_gboZ\^_lkl\_`_elmoZ[ueZ"?fm`_g_evaylm^Z[blvLvnmYaZ[ueZqlh@hj`^_fhgZ
g_q_eh\_dM^_fhgh\g_[u\Z_lq_eh\_q_kdbo[he_ag_cBeb[u\Z_l"GZ^h[m^_lh[yaZl_evgh
ih]m]eblvp_ieyxlkyebex^kdb_aZjZaudgZf
GZijy`_gb_gZjZklZehfm`qbgu\hagZf_jbebkv^hdZaZlv^jm]^jm]mmdh]hg_lhevdhjh]Zl\_j`_
ghbdh]lb^ebgg__ZjZafZodjuev_\[hevr_f_gyihe_l_eZeZfihqdZhlk\_lbevgbdZZhgkZf
[Z[Zogmekyhkl_gmjy^urdhfjZae_l_\rbkvgZk_fvkhklZ\guoqZkl_cYkqblZeZEZfihqdmy
ihcfZeZbg_^himklbeZjZae_lZgbyf_evqZcrbokl_deygguohkdhedh\ih\k_fmghf_jm
=jhfdhmiZeklmeDZ`_lky\oh^ihreZ[he__ly`_eZyZjlbee_jby\\b^_khklZ\ghcqZklbbgl_jv_jZ
hgZ[ueZohjhrh\b^gZ
Fbgmkh^bg
dhfgZl_[ueh\k_]h^\ZklmeZagZqbl\`b\uohklZekylhevdhh^bg
G_l
Hrb[hqdZ\ureZIh^[blucklmehdZaZekyg_\ijbf_jijhqg__k\h_]hkh[jZlZlhjhcg_klZe\
jy^u\ub]jZ\rbo\agZf_gZl_evghc[bl\_f_`^\moha\_j_\rbo[jZlv_\Klmeihqbekf_jlvx
ojZ[juojZaehfb\rbkvgZljh_
Kibkihdhcghr_^_\j^_j_\yggh]hbkdmkkl\Z\lhjhciheh\bgugZr_]hklhe_lby
FZevqbdbijhbag_keZqlh[uijb\e_qvdk_[_\gbfZgb_FZevqbdb"Wc"uf_gykeurbl_"
ih]jhfq_hdebdgmeZ^_jmsboky
BkdjZfbbg_lhevdhba]eZaaZkuiZeh\k_k\h[h^gh_ijhkljZgkl\hdhfgZluij_\jZsZxs_cky\
f_klhih[hbsZ^\mofZklZ^hglh\\eZ^_xsbodmq_cijb_fh\kihkh[guokl_j_lvijhklh]h
kf_jlgh]h\ihjhrhdYaZljm^gyeZkvhl^Zlvdhfmgb[m^vba[jZlv_\iZevfmi_j\_gkl\ZH[Z[ueb
ohjhrbMf_euKihjlb\guAeuIhke_^g__fg_gjZ\behkv\k_f_gvr_bf_gvr_
J_\^\mojZaaZ^hj_gguo^hg_evay^_fhgh\^_ckl\h\ZegZmrbFh`gh[ueh[ua\mdg_fgh]h
ijb]emrblv\hllhevdhyg_agZeZdZdKijhkblvm^_jmsbokyhiZkZeZkv
FZevqbdb"@hj`hevn":m"Fh`_l[ulvo\Zlbl"Ym`_keurmlj_kdjh]h\^jm]kehfZ_l_
IeZklbdZgugq_g_ijZdlbdm_lkyihklZjZeZkvy\jZamfblvhaeh[e_gguo^_fhgh\
hllhevdh\k_[uehls_lghJZa\_f_gykeurZeb\iuemkjZ`_gby"Ykgh_^_ehqlhih^hclb[eb`_
bjZagylv^\mo^jZqmgh\yih[hyeZkv?s_aZrb[ml:yfZe_gvdZyfg_`blv_s_^he]hKe_^h\Zeh
qlhlhijb^mfZlvbijbq_fkjhqghZbgZq_hl]hklbgbpudZfgygZdZfg_g_hklZg_lkyYm`_
keurZeZdZdhklhjh`ghklmqZeb\^\_jvbijhkbebij_djZlblv]jhfblvdhfgZlmZaZ^\_jvx
kh[jZeZkvihjy^hqgZylheiZijZ\^Zgbdlhg_j_rZeky\hclb^Z[ug_ihiZklvih^jZa^Zqm
Blmlfhc\a]ey^miZegZdhjh[hqdmijhlb\hih`Zjghckb]gZebaZpbbW\jbdZ\kdjbqZeZyihgbfZy
qlhgZreZj_r_gb_ijh[e_fuYg_klZeZaZfhjZqb\Zlvkyihbkdhfkibq_dbebaZ`b]ZedbZkh[jZ\\
fZe_gvdbcdhfhq_dkbemqlh_klvkbeqbjdgmeZ_xhgh]hlv[hevrh]hiZevpZdZdf_gymqbe
iZihqdZNhdmkm^Zekyki_j\h]hjZaZb^bfhkebrdhfi_j_\hegh\ZeZkvH[uqghijboh^behkv
kh\_jrZlv]hjZa^h[hevr_ihiulhdk_`_m^ZqZ[ueZgZfh_cklhjhg_Yih^[jhkbeZdhfhq_d
ijyfbdhf\klhjhgmijhlb\hih`Zjghckb]gZebaZpbbIhdZhge_l_elhaZlmoghqZ^blvhlwlh]hg_
i_j_klZeihiZ\ijyfbdhf\hdhrdhdhjh[hqdb
a\ueZkbj_gZ
KihlhedZh[jmrbekyrd\Ze\h^u
�hf_gygZqZeb^he_lZlv[jua]bwlh^_fhgu^_jbboq_jlaZgh]mijh^he`bebdZdkdZ`_ggu_
gZghkblv^jm]^jm]mm^ZjuKmfZkr_^rb_Bf^Z`_\h^Z[ueZg_ihf_ohcbg_fh]eZhoeZ^blviue
GZihemm`_h[jZah\ZeZkvijbebqgZyem`ZgZklmiZygZdhlhjmxih^gbfZebkv\__jZbaijhajZqguo
bkdjysbokydZi_evgZfb]aZ\bkZxsbo\\ha^mo_bihlhfklj_fbl_evghiZ^Zxsbo\gbaDjZkb\h
�q_]h[ug_]h\hjbebY^Z`_aZex[h\ZeZkvb]jhck\_lZl_gbb^_jmsbokyfm`qbghf_gy
^hghkbehkvly`_eh_^uoZgb_[hcph\k^Z\e_ggu_jm]Zl_evkl\Zdh]^Z\hq_j_^ghcjZadlhlhdh]hlh
qj_af_jghkbevghaZ^_eKdhjhhlij_djZkgh]hghf_jZhklZgmlkyebrvh^gb\hkihfbgZgbyY^Z`_
\a^hogmeZij_^klZ\eyy\dZdmxkmffm\uev_lkyj_fhglihf_s_gby:^_fhgu\k_jm[bebkvb
agZeZgZdh]hba[jZlv_\ihklZ\blvH[ZohjhrbKbevguFhsguKghjh\bklu@ZedhlZdbol_jylv
GZ^h[uehqlhlh^_eZlv
HgblZdihm[b\Zxl^jm]^jm]Z:fg_wlhgZ^h"Dhg_qgh`_g_l?s_ihlhfhlqblu\Zckyi_j_^
jh^kl\_ggbdZfbFZlbev^Zf_gymjh_lb^Z`_g_i_j_^Zkljh^bl_eyfdm^ZijbkueZlvp\_lhqdbhl
m`^hklZg_lkyfg_k\_djh\vY_s_jZa\a^hogmeZ
JZaoheh^guc^mrg_kfh]mkihdhblv^\mojZa[mr_\Z\rboky^_fhgh\lhyj_rbeZbkihevah\Zlv
^jm]hckihkh[
�hklZeZk\hcl_e_nhgbijbgyeZkvs_edZlv^_jmsbokyfm`qbggZdZf_jmLhkh^gh]h[hdZaZ[_`ZeZ
bknhlh]jZnbjh\ZeZlhk^jm]h]h
hlDeZkkghKmi_jyijh^he`ZeZ^_j`ZlvkygZjZkklhygbbbhaZjylvihf_s_gb_\kiurdhc
DZ^ju\uoh^bebijhklhgZaZ]ey^_gv_Zfm`qbgugZgbo[jmlZevgufbkZfpZfbhl\a]ey^ZgZ
�dhlhjuo\kdbiZeZdjh\vbk_j^p_[behkv\hklhdjZlkbevg___\bpukexghcih^Z\ylky
I_j\ufg_\u^_j`Zehevn
Qlhlu^_eZ_rvfZe_gvdZyf_jaZ\dZ"ijhojbi_efm`qbgZb\wlhlfhf_glhl@hj`Zijbe_l_eomd
kijZ\Z
KgbfZx\Zk^eybklhjbbqlh[uihlhfkeblvgZxlm[_beb_s_]^_ulZdb_djZkZ\qbdby
ijhimklbeZfbfhmr_cijhkdhqb\r__\fhcZ^j_khkdhj[e_gb_YgZ\ZklZdb_^_gv]baZjZ[hlZx
qlhijhklh\Zo
G_kf_caZrbi_e^_fhgm\hjZqb\Zykvhlm^ZjZ
:\hloj_gl_[_ijh^he`beZk\h_aZgylb_
KdZ`bk\h_c^mj_g_\_kl_qlh[uij_djZlbeZaZgbfZlvkynb]g_chevn\k_gbdZdg_fh]
mkihdhblvkyijh^he`Zyf_gy\hkiblu\Zlv
KZfbkdZ`bhkdZebeky@hj`ijh\h^yZii_jdhlke_\Z
�_[behgZ`_bl_[ykhev_lf_q_guc[uekZfZjZamfghklv
:\hlnb]mrdbhgZg_ihkf__lfhc`_gboemqbekym\_j_gghklvx
?kebg_ij_djZlbl_^mjZqblvkykbxk_dmg^mlhfg_gbdlhg_mdZabyk^_eZeZ_s_p_emxk_jbx
kgbfdh\kgb`g_]hjZdmjkZu[hevr_djuevyjZkdjhcl_ZlhdZdb_lhhgbm\Zk`Zedb_
ih`moeu_u\jh^_fm`bdbh]h]hZijbqbg^Zeum\Zkobeu_
hevn\aj_\_eb[jhkbefmlmablv@hj`Zkh[bjZykvdbgmlvkygZf_gy
Hiylvl_[_fhbijbqbg^Zeuihi_j_d]hjeZ\klZeb"k_`_m[vx
FZfhqdb@hj`bdfbe_gvdbcKiZkZcaZ\hibeZydbgm\rbkvdhdgmh^gbf^\b`_gb_fkf_lZy\
klhjhgmihjlv_jukh[bjZykvm^jZlvq_j_awlhl\uoh^b[hbadhfgZluq_j_a^\_jvfg_[ueh\uclb
g_km^v[ZK_^vfZyih]b[g_l\hp\_l_e_l:ymfZfukiZihch^gZh^bg_r_gvdZbaZ]hehkbeZ\h
\_kv]hehkihdZhldju\ZeZhdghMqlbl_fhykf_jlv[m^_lgZ\Zr_ckh\_klbG_ihfbgZcl_ebohf
&#xhe;&#xvn;&#x;&#xme;&#xu[;&#xZy;&#xkv;
&#x_;&#xjb;&#xgu;;&#xhk; Z;h;;&#x;�Iju]Zc^_ldZjZ^hklghaZhjZehevnmeu[Zykva\_jbgufhkdZehfZij_[m^_lklh[hckbeZ
Imklv\hklhj`_kl\m_lkijZ\_^eb\hklvk_\urgbc\k_`_kms_kl\m_l\hibefm`qbgZ
Jh]Zluc^_fhgk[_e_khcijy^vxijhf_`jh]ijbgyekygZ^\b]ZlvkygZf_gykm]jh`Zxsbf\b^hf
_]h]eZaZoyijhqeZj_rbfhklvDZ`_lkyy[ueZg_ijZ\Zih`_eZ\jZklZsblv^_jmsbokyihjZagu_
klhjhgubfijh\babjh\Zggh]hjbg]Z`b\uo^he`_g[uehklZlvkylhevdhh^bgB`_eZl_evgh
qlh[uwlbfh^gbf[uefhc`_gbo
G_lml_[ygbdZdhcgZ^_`^uLu\fh_c\eZklbi_j_^ebphf\hagbdeb^\Zk\_lysbokydZdbflh
^bdbfbkklmie_gb_fdjZkguo]eZaZGbq_]h^jm]h]h\hevn_yg_\b^_eZijhq_fdZdbg_\b^_eZ
qlh@hj`bah\k_okbeiulZekyhllygmlvklZjr_]h[jZlZhlf_gyghih\k_c\b^bfhklbf_q_gguc
[uekebrdhfaheZfh`_l[ulvqj_af_jghjZ^ij_^klZ\b\r_cky\hafh`ghklbjZkd\blZlvkykhfghc
fZe_gvdhcbg_kqZklg_gvdhc
kyfhyg_^he]Zy`bagvijhg_keZkvi_j_^\gmlj_ggbf\ahjhfihlhfmdZdmiZklvk^_kylh]hwlZ`Zb
ijbwlhf\u`blv^Z`_fg_ihem^_fhgbp_ihemh[hjhlgx[uehg_j_ZevghE_lZlv`_yfh]eZk
lZdbf`_mki_ohfdZdbh[hjZqb\ZlvkyLh_klvq_j_ai_gvdheh^miehoh_jhylghklvm^Zqgh]h
bkoh^Z\]_hf_ljbq_kdhcijh]j_kkbbijb[eb`ZeZkvdgmex
B\hlm`_gZf_kl_hdgZabyeh]jhfgucijh_fWlhhevnkbehcmgbqlh`bekl_dehDZdZy`_y[ueZ
]emiZyqlhih^kdZaZeZ_fmkihkh[hlf_gyba[Z\blvky
;m^mqbgZ\hehkhdhlkf_jlbfg_gZiZfylvijbreh\b^_gb_dZdyfZe_gvdZy`fmkv\m]hehd
iulZykvhl[blvkyhlh]jhfguok\bj_iuoikh\iulZxsbokyf_gykh`jZlvYlh]^Z_s_fZeurdhc
[ueZb\i_j\u_h[_jgmeZkvZ\ajhkeuogbdh]hjy^hfg_[uehghaZlh[ueb^bdb_kh[ZdbdZdbflh
kemqZ_fijh[jZ\rb_ky\gZrkZ^bqmlvf_gyg_aZ]juarb_Kl_oihjmf_gybihy\bebkvijh[e_fu
ki_j_oh^hfbah^gh]hkhklhygby\^jm]h_HlhfkemqZ_ygbdhfmg_jZkkdZau\ZeZgZqZe_[ueZ
kebrdhffZeZZihlhf[uehkebrdhfklu^gh
BlZdfg_k_[y`ZedhklZehqlhk`ZeZkv\dhfhq_ddZdlh]^Z\ijhrehfbaZieZdZeZijbgy\rbkv
lhg_gvdh\koebiu\Zlv
:_s_yaZdjueZkvjmdZfbqlh[ug_\b^_lvh^gh]haexs_]h^_fhgydmqlhgZ\bkZegZ^hfghc`_eZy
jZkl_j_lv\ihjhrhd
H^gZHiylvh^gZBg_dhfmfg_ihfhqvAeu_Aeu_DZdb_`_\uaeu_G_gZ^hf_gydmkZlvG_
gZ^h
;hevghgm`gh?s_hljZ\exkvmkeurZeZkd\havkh[kl\_ggucieZq
Am[uhklju_Aeu_=eZaZ[_r_gu_g_q_eh\_q_kdb_jZkdZqb\ZeZkvyaZdju\k_[yjmdZfb
@hj`hq_fwlhhgZ"Y`_g_dmkZxkvAZ[h^Zlvfh]mGmwlhlZdJZ^bdjZkgh]hkeh\pZ
�Hlhc^bijhqvG_m`_ebg_\b^brvqlhhgZ\[j_^mYkdZaZehlhc^bZc^_\hqd_ghjfZevgh
\a^hogmlv
DZdZylhhgZg_j\gZyml_[yQ_klgh_keh\hYg_ohl_eYg_ki_pbZevghIjhklhihim]ZlvWlh`_
\_k_ehb^_lvHgZlZdZyg_ihkj_^kl\_ggZy@b\Zy
Ijb^mjhdLuqlhkg_ck^_eZe"Im]ZevsbdHgZ\ky^jh`blYl_[ym[vxhllhevdhijb\_^m
^_\hqdm\qm\kl\Z
Fh`_lg_gZ^h"Ym`_mklZeih^^Zevr_yg_jZkkeurZeZhldexqb\rbkv
�F_gydm^Zlh\hehdebjZkly]b\Zeb]eZ^bebqlhlhr_ilZebeyq_]h"AZq_f"Ihq_fm":dlh_]h
agZ_l"
:ee_"FZ^Zf@_gbWlh@hj`G_\hegmcl_kv\k_kEba_llhc\ihjy^d_HgZg_fgh]haZ^_j`blky
��Kdhevdh"G_^he]hhmljZFh`_l^hevr_ZOhjhrZy^_\hqdZYagZxIh^fhxhl\_lkl\_gghklv
���ZAgZxH[yaZg[m^m`_gblvkyZZLZdybg_hldZau\ZxkvG_lG_\hegmcl_kvG_gZ^h
�m\_ebqb\Zlvijb^Zggh_hklZlhqghG_hldZ`mkv
Keh\ZKeh\ZKeh\ZDlhlhr_ilZeA\ZedZdmxlhEba_llmBgl_j_kghZdlhwlh":_s_jm]Zeky
L_qlhgba\h^bebh[ebqZ_fh]h^hmjh\gyZf_[ukiZj_gghcklZjZdZghfbbagZkbeh\Zgghc
ghkhjh]hfq_j_a^uoZl_evgmxkbkl_fmdZdh]hlh[_kiha\hghqgh]h`b\hlgh]h
JZa\_lZdb_[u\Zxl"
KljZrgu_kha^Zgby
\r\r\r
Mljh^h[jufg_[u\Z_l
:\hlbg_ijZ\^Z?s_dZd[u\Z_lFh_mljh[uehijhklh\_ebdhe_igufQm\kl\h\ZeZk_[yijhklh
kmi_jukiZeZkvdZdgbdh]^ZHsms_gb_aZsbs_gghklbkd\habeh\dZ`^hcfh_cde_lhqd_Fhy
�ZmjZ[ueZkihdhcgZZ\ghyg_qm\kl\h\ZeZ__\klhevijbih^gylhfgZkljh_gbbGZ^h`_Y
ihlygmeZkv^Z`_g_hldju\Zy]eZa
FhyjmdZ\t_oZeZ\hqlhlhfy]dh_Zke_^hfjZa^Zehkvg_^h\hevgh_[mjqZgb_
Yj_adhhldjueZ]eZaZbih\_jgmeZ]heh\m\klhjhgmg_ykgh]ha\mdZJy^hfkhfghce_`Zefhc
`_gbo
Ojhfhgh]ZykZfdZ[h]hfheZ\kdjbqZeZyim]Zyg_lhevdhk_[ydjbdhfK_cqZkfZfZijb^_lB
lh]^Z\k_fdjZgluL_[_moh^blvihjZ
YlhedgmeZ@hj`Z\[hdklZjZykvjZa[m^blv
klZ\ZcKjhqgh?keb@_gbihy\blkyjZgvr_q_flumc^_rvlhhll_[yhklZgmlkyh^gbjh`db^Z
gh`dbyg_gZrmldmbkim]ZeZkvaZ`_gboZFg_m`_\b^_ehkvqlhfZfZljZgknhjfbjm_lkyZ
ijb[_`Z\rbcgZrmfiZiZ\ulZkdb\Z_laZ\hehku@hj`Zbafh_cihkl_ebZygbq_fg_fh]m
ihfhqvihlhfmdZdijhlb\fZfukiZibghcih^^_j`dhcb^lbkf_jlbih^h[ghB[hwlh
klhijhp_glgh_m[bckl\h
�Zqlh`_luaZdjbdeb\ZylZdZy"GbdZdh]hhll_[yihdhyjZa^Zehkvk^jm]hcklhjhgu
Yj_adhih\_jgmeZ]heh\m\ijhlb\hiheh`gmxhl@hj`Zklhjhgmbm\b^_eZihem]heh]hhevnZ
aZkehgyxs_]hkyjmdhchl[vxs_]h\hdghkheg_qgh]hk\_lZ
DZdh]hlu^_eZ_rv\fh_cihkl_eb"\kdjbqZeZkm^hjh`ghijb`bfZydk_[_h^_yehg_aZf_qZy
qlh^hkboihjh[eZq_gZ\\_q_jg__ieZlv_
:]^_fg_kiZlv"?keb^b\Zgqbddhjhldbcbmf_gygZg_fr_yaZl_dZ_ljZa^Zehkvkhklhjhgu
@hj`Z
H[_jgm\rbkvdg_fmy\a^hogmeZbihklZjZeZkvk^_eZlvk\hc]hehkg_lZdbfj_adbf=jm[blv
`_gbomkh\_jr_gghg_ohl_ehkvZlh_s_g_ijZ\bevghihcf_lbihlhf^hdZau\Zcqlhyg_
ijhlmorbcemdFg_aZg_]h_s_aZfm`\uoh^blvgZ^h:\^jm]i_j_^mfZ_l"
Yg_ml_[ykijZrb\ZeZihkbevg__ijb`ZeZh^_yehd]jm^bkh\_jr_gghg_^mfZyqlhkhkibgu
\k_jZ\ghij_djZkgh\b^gh\q_fyh^_lZ
:mdh]h"q_jgu_]eZaZjZkiZogmebkvbmklZ\bebkvgZf_gy\hijhkbl_evgh
MhevnZih\_eZyie_qZfbb\a^hogmeZh`b^Zyhl\_lZ
MdZdh]hhevnZ"fm`qbgZ\af_lgmekygZihkl_ebqlh[u\ke_^mxsmxk_dmg^maZjuqZlvdZd
[_r_guce_\\h\j_fykemqdb
DZdh]hoj_gZlu^_eZ_rv\fh_cdjh\Zlb"y\a^jh]gmeZbhlrZlgmeZkv_keb[ufh]eZ@hj`
gbdh]^Zkhfghcg_[ue]jm[byih^h[gh]hg_h`b^ZeZ\k\hcZ^j_k
:yhldm^ZagZx"Y\hh[s_kx^Zg_eh`beZkvbdZdlmlhdZaZeZkvg_agZxfg_o\ZlbehmfZ
\uykgblvIha`_
�Zyg_l_[ykijZrb\ZxZ_]h\aj_\_e@hj`mdZau\ZyiZevp_faZfhxkibgm
MikDZ`_lkybhgg_agZeijbqbgmihy\e_gby[jZlpZkhfghxjy^hf^Z_s_\lZdhfnjb\hevghf
\b^_\ijhq_fbkZf`_gbrhdg_[ue\kfhdbg]_bijb[Z[hqd_
Blulm^Z`_Q_]hhjZlv"Bihq_fm\Zfg_kiblkydZd\k_fghjfZevgufex^yfgZahjvd_"kd\hav
klbkgmlu_am[u\hijhrZehevn`_eZykf_`blvdZdfh`ghkbevg__\_dbFm`qbgZy\ghg_`_eZe
ihdb^ZlvpZjkl\hFhjn_ygZ^_ykvmj\Zlv_s_fZe_gvdbcdehqhq_dkqZklvy\\b^_g_kdhevdbofbgml
[eZ`_ggh]hkgZhllhevdh_]hf_qlZf[uehg_km`^_ghk[ulvkyLy`_eucdZlhdj_Zevghklb
ijhdZlbekyih_]hojmidbfgZ^_`^ZfjZklhilZ\
Qlhlu^_eZ_rvjy^hfkEba_llhc"ijhj_\_e@hj`BdZdlhevdhg_ko\Zlbef_gy\hoZidm"K
g_]hklZg_lkyYg_khfg_\ZeZkv
?kebl_[_[ue^b\Zgqbddhjhldbflhfg_dj_kehkh\k_fg_\ihjmhdZaZehkvihykgbeijbqbgm
aZklZ\b\rmxf_q_ggh]hhdZaZlvkykfh_]hh^gh]h[hdZHghihgbfZ_rvebkh\k_fdmj]mah_bfg_
kh\_jr_gghg_ihjZaf_jmZ^jm]hcdjh\Zlblmlg_gZ[ex^ZehkvG_gZihe`_fg_eh`blvkyY`_
g_h[hjhl_gvZdZdgbdZd^_fhg
Hq_gvfbehYkiZeZk^\mfyfm`qbgZfbG_^Zc\k_\urgbcdlhmagZ_lbqlhfg_lh]^Z^_eZlv"Wlh
`_ihahjKlhijhp_glgh_jZkimlkl\h
:_kebmagZ_lfZfZlhg_kghkblvfg_fh_c]heh\mrdbBy\hq_j_^ghcjZaijhklbeZkvk`bagvx
OhlvaZdZau\Zcq_j_afZ]ZabggZ^b\Zg_fZe_gvdmx]bevhlbgm^hfZrg_]hbkihevah\Zgbyqlh[u
kjZambgZ\_jgydZ
FZfhqdZ\uj\Zehkvbaf_gyYaZdmkbeZdmeZqhd\m`Zk_kfhljyi_j_^kh[hc
HgZ\dmjk_khh[sbefg_@hj`hlq_]hyaZf_jeZkheyghcklZlm_c
Ohq_rvkdZaZlvqlhhgZh^h[jbeZfhxghq_\dmk^\mfyfm`qbgZfb"y[ueZrhdbjh\ZgZ^h
]em[bgu^mrbDZdfhyfZfZfhy[exklbl_evgbpZgjZ\h\fh]eZiha\heblvfg_ghq_\Zlvk
kh\_jr_gghg_agZdhfufbex^vfbgmbimklvqlhhgb^_fhguWlhgbq_]hg_f_gy_lDZi_pFbj
khr_ekmfZ
G_ldhg_qghFuih_oZebkfhlj_lvgZrhmghqguofhluevdh\
:ihq_fmg_kjZamgZrhmlZgpmxsbolmrdZgqbdh\"\uj\Zehkvmf_gyij_`^_q_fykfh]eZ
ijbdmkblvyaud
H^gZ`^ufg_hev]ZfhykZfZyqlhgbgZ_klvemqrZyih^jm`dZjZkkdZaZeZh_]hkms_kl\h\Zgbb:
hgZmagZeZhlk\h_]hljhxjh^gh]h[jZlZFhewlhdZdh_lhkdZg^Zevgh_rhmdm^Zg_^hklZlv
[be_lh\ghlhedhf[jZl_cgbhq_fg_jZkkdZau\ZeaZy\b\qlhk_kljbqdZ_s_fZe_gvdZyqlh[u
agZlvlZdb_\_sb?cklZehba\_klghlhevdhebrvlhqlhgZrhm^himkdZxlkykh\_jr_gghe_lgb_
ij_^klZ\bl_ebjZaguojZkb\oh^lm^Zhkms_kl\ey_lkyihijb]eZkbl_evguf`_lhgZfGZlhlfhf_gl
fukih^jm`dhcg_fh]ebiho\ZklZlvky^hklb`_gb_fgm`gh]h\hajZklZZihlhfmijbh[j_l_gb_
ijhimkdh\hleh`beb^hemqrbo\j_f_gH^gZdhb^_xihiZklvgZaZdjulucihdZalZdbg_hklZ\beb
Gbq_]hk_[_dm^Zl\hyg_\_klZmrbgZ\hkljbeZijbk\bklgmehevn:lulhqghm\_j_gqlhhgZ
l_[_dh]hgb[m^vg_ijbij_l\ih^he_\i_j\mx[jZqgmxghqv"kkhfg_gb_fijhbag_kf_q_guc
Hq_fwlhhg"QlhaZkljZggu_gZf_dbihih\h^mfh_c^h[jh^_l_eb"Yq_klgZy^_\mrdZb^hk\Z^v[u
gbgbbgbkd_fMf_gy^Z`_\k_fy]db_b]jmrdbqlh^hims_gukiZlvkhfghx\h^ghcdjh\Zlb
FZfZf_gyijZ\bevgh\hkiblu\ZeZkkZfh]h^_lkl\Zih^[bjZyiZjlg_jr^eykgZ;_]_fhlbdih
bf_gb:rhlbdbf_ef_klh^bkehdZpbblhevdhebrv\b]jZevghcdhfgZl_\f_kl_k\heqdhf
K_juf[hqdhfbfbrdhcFZjlurdhc_jg__f_^\_^ya\ZebFZjlugghy_]h\k_]^Za\ZeZ
eZkdh\hFZjlbghfbebFZjlurdhc
M\_j_gkdZaZedZdijbi_qZlZe@hj`?]hZ\lhjbl_l\fhbo]eZaZokjZam`_\ujhkhlwlhy
ihgbfZxfm`qbgZ:g_lhqlh\kydb_lmlklZjr_gvdb_\_qgh\h\k_fkhfg_\Zxsb_kyG_[hkv
_fmki_e_ghd\djh\Zlvdmdem;Zj[bih^deZ^u\Zebqlh[uijb\udZekuafZevkl\Z
ulmlih[_k_^mcl_fZevqbdbZfg_gZ^hih^_eZf\a[mglh\Z\rbckyfhq_\hcimaujvaZy\eye
hk\h_fijbkmlkl\bb\fh_fhj]Zgbaf_bg_^\mkfuke_gghkb]gZebehg_h[oh^bfhklbh[e_]qblvky
Yj_rbeZaZdmlZlvky\h^_yehqlh[ug_kfmsZlvfm`qbgbrmkljufaZcqbdhfaZiju]ZeZgZihi_d
�bagh`vxdjh\ZlblZsZaZkh[hclh\hqlhkh[jZeZkvaZdmdeblvky_\mrdhcy\k_]^Z[ueZrmkljhc
ZihlhfmfZevqbdb^Z`_]eZahfg_kmf_ebfhj]gmlvdZdhdZaZebkvg_mdjulu
Wc
Ludm^Z"ihg_kehkvfg_\ke_^
Yih\_jgmeZkvqlh[umagZlvq_f\ua\Zghg_^h\hevkl\h^\mo^_fhgh\\he_xkm^v[uhdZaZ\rboky\
fh_cihkl_ebdZdgZldgmeZkv\a]ey^hf\gZqZe_gZh^bgibd\uibjZxsbcbaaZ[Z\guoieZ\hdk
]m[dhc;h[hfaZkfmsZ\rbkvi_j_\_eZ\a^hjqmlv\klhjhgmb\haajbeZkvgZ^jm]hcibd
hllhiujb\Zxsbck_ju_[hdk_jukih^ibkyfbagZf_gblhkl_cdbg_fZlh]jZnZ
Bwlhhgbkdju\Zxl\[jxdZo"DZdhcdhrfZjYlh^mfZeZmfm`qbgg_l\hh[jZ`_gbybhgb
ij_^ihqblZxlh^ghlhggh_[_ev_Zmgbo\hgdZd\k_aZims_gh
Hnb]_lvbdZd\ukwlblhevdh`b\_l_"LZd`_gbh^gboljmkh\g_gZiZk_rvkyg_ih^mfZ\
eyigmeZyluqZiZevqbdhf\ijhkljZgkl\hHgb`_\k_\^ujdZo[m^ml_kebm\ZklZdh_dZ`^h_mljh
kemqZ_lky
hevnhdZaZekyrmklj__\k_`_i_j\_g_pdZdgbdZdijhdjmlbeky\hdjm]k\h_chkbbiexogmekygZ
`b\hlaZf_lghkfhjsb\rbkvG_m`_ebqlhlhijbs_fbe"GZ^_xkvg_kbevgh
:\hl@hj`hdZaZekymfg__bijhklhijbdjuek\hcibdfh_cih^mrdhcqlh_s_g_^Z\ghe_`ZeZm
f_gyih^]heh\hc;hevr_ygZg__gb\`bagv]heh\hcg_ey]mQ_klgh_keh\h
Ihke_l\hbodhff_glZjb_\qm\kl\mxqlh[m^mba[Z\e_ghlwlhcgZiZklbjZabgZ\k_]^ZZlhbhl
\k_ohklZevguofgh]hagZqbl_evghijhbag_khevnaZ]Z^hqghkdZeykvkeh\ghy^he`gZ
ijhgbdgmlv\_]hfukebbihgylvhq_fwlhhgfg_iulZ_lkykdZaZlv
DZdohjhrhqlhy^_\hqdZmf_gylhevdhh^gbkhkdb^u[hfhloheh^ZklZgh\ylky^Zbbo\
[xkl]Zevl_j_ijZdlbq_kdbg_\b^ghaZ^mfqb\hijhlygmeZy^mfZyhk\h_fh`_gkdhf
dhfgZl_ihkeurZekyihjhkyqbcojxdb^_fhgkdbcjudWlhhevniulZekyaZ^mrblvgZdhjgx
k\hckf_o\lh\j_fydZd@hj`\]juaZeky\kh[kl\_ggucdmeZd
�Lx\hkdebdgmeZyZqlh`_\uaZqm^bdblZdb_"J_Z]bjm_l_dZdlhkljZgghgZh[udgh\_ggu_
keh\ZFh`ghih^mfZlvy\Zfijhfurv^hoemx\oheh^bevgbd_ih\_r_gghcaZr_xklZeZ
jZkkdZau\Zlvbebijh^hoemx`Z[mkijylZggmx\lmf[hqd_
Yg_ihgbfZxs_ihkfhlj_eZgZfm`qbg^Z\ysbokyg_ihgylghihdZdhfmih\h^mihdZqZeZ]heh\hcb
hlijZ\beZkvlm^Zdm^ZgZijZ\eyeZkv
K^_eZ\k\h_]jyagh_^_ehmfu\rbkvihqbklb\am[ujZkq_kZ\\hehkubhk\_`b\rbkv\p_ehfy
qm\kl\h\ZeZqlh^hfZf_gy`^ZejZa]hghl]hjyqhex[bfhcfZfhqdb
LZdfZevqbdb\hkdebdgmeZykjZam`_kihjh]Zuah\bl_fg_lZdkbIhdb^Zxy\Zk
dhfZg^guflhghfkhh[sbeZygZjZ^hklyoqlhfh_ijbdexq_gb_\kdhjhf\j_f_gbaZdhgqblky
Fm`qbguklhyebdhfg_kibghc[m^mqbm`_iheghklvxh^_lufbbqlhlhjZkkfZljb\Zebq_j_a
hdghgbfZl_evghlZdkfhlj_ebG_m`_ebbamqZebdjbklZeebq_kdmxj_r_ldmkl_deZ"Kgbo
klZg_lky
B^bkx^Ziha\Zef_gy@hj`bihfZgbedk_[_jmdhc
G_m`_ebbfg_ijb^_lkyihklb]ZlvlZcgugZqbgZxsbokl_deh^m\h\ih^mfZeZyghijhkv[ml_fg_
f_g__\uihegbeZijb[ebab\rbkvdfm`qbg_IjZ\^ZklZjZykv^_j`ZlvkyhlhevnZdZdfh`gh
^Zevr_Gmg_\gmrZehgfg_^h\_jbyDZdgbdjmlb
Bqlhy^he`gZm\b^_lv"g_ihgbfZxs_ijhbag_keZ\hl\_l
Gbq_]hg_aZf_qZ_rv"ih^Ze]hehkhevn
&#xb`;&#xm;&#xq;&#xlh;&#xk;&#xl_;Þ&#xh;&#x]j;&#xya;&#xgh;&#x_;
&#xZi;&#xue;&#x_g;&#xgh;&#x_;�b`mqlhkl_deh]jyagh_AZiue_ggh_Z\ghg_fulh_b^bfha^_kvgZfhcd_hdhgwdhghfyl:
\hllmlfmoZijhiheaeZihkl_demOhlyg_lFmo?kebkm^blvihwdkdj_f_glZfhklZ\e_ggufgZ
hdg_
Yihkdj_[eZiZevqbdhfihkl_demihgxoZeZb\u^ZeZ
Lhqghfmolhevdhhlfm`bdh\lZdbfg_k\_`_gvdbfiZog_lk^_eZeZyaZdexq_gb_h`b^Zy
iho\Zeu_kebg_khklhjhguhevnZlhkhklhjhguk\h_]h`_gboZ
�Zg_lm^Zkfhljb^mj_oZBo\Zlblm`_h[ebau\Zlvkl_dehL\hykexgZgZklhevdhy^h\blZqlh
ijh``_l^uj_gv\hdg_jZaf_jhfkdmeZdZlhb[hevr_hijhdbgmef_gykg_[_kgZa_fexih]Zg_p
hevngbakfhljb
@hj`hq_flh\gbfZl_evghkemrZe\ljm[d_l_e_nhgZZihlhfm\gbfZgbygZgZkijZdlbq_kdbg_
h[jZsZe
Y\ayeZbihkfhlj_eZdm^Zfg_kdZaZeb
gbam\hae_\oh^Z\]hklbgbpmklhyehfgh`_kl\hfZrbgdZdb_lhfbdjhZ\lh[mkuklZj_edZfbgZ
djur_lheibebkvdZdb_lhex^bH^gbex^brdb[_]ZebaZ^jm]bfbihlhf\ha\jZsZebkvd\uoh^m
h`b^Zeb^jm]boihlhfbklhjbyih\lhjyeZkvK\_jdZeb\kiurdb
&#xjh;&#x^_;&#x[;&#xu;&#xg_;&#xl;�K_]h^gyJh`^_kl\h"hklhjh`ghkijhkbeZy\kihfbgZydZdhck_]h^gy^_gvjh^_[ug_lZ`_
�g__gv\k_ok\yluoG_^_gv]hjh^Zwlhlhqghhg[ue\k_]hiZjmg_^_evgZaZ^Lh]^Zqlh"Ih
dZdhfmih\h^mk[hjbs_"ijbgyeZkvy]Z^ZlvjZkkfZljb\Zyhldju\ZxsmxkyiZghjZfm
Wlhl_[y`^ml
G_ihgye_jg__g_ihgyeZybdgmeZhlg_h`b^ZgghklbKdZdhcklZlb"Y`_g_a\_a^ZwdjZgZ
^Z`_g_i_\bpZbebfh^_ev
Ohlykhk\hbfblZeZglZfby[uij_mki_eZ\ex[uogZijZ\e_gbyo
Kh\k_oklhjhg"kijhkbe@hj`g_\b^bfh]hkh[_k_^gbdZ:q_jgucoh^"B\_]hjZchg_[ue
aZf_q_gih^hajbl_evgucq_eh\_d"KljZgghBdlh`_gZkk^Ze"G_agZ_rv"Byg_agZxOhq_rv
kdZaZlvgZfhlkx^Zg_\u[jZlvky"G_hq_gv\_k_e_gvdZydZjlbgZQlhlufh`_rvfg_ij_^eh`blv"
fm`qbgZaZfheqZeih]ey^u\ZygZf_gyLhevdhwlh"LuihgbfZ_rvqlh^h[blvkyjZaj_r_gbygZ
ihkZ^dm\_jlhe_lZgZg_h[hjm^h\ZggmxiehsZ^dmijZdlbq_kdbg_j_Zevgh"IhgbfZ_rv"hlb
�hlebqghL_[_bdZjlu\jmdbMgZkbgbpbZlb\ZgZdZam_fZ_ckl\mcgh\ulZsbgZkhlkx^ZY\
GmqlhlZf"^_eh\blhihbgl_j_kh\Zekyhevnm[jZlZ
Fm`qbgul_i_jvh[sZebkv[_adZdboeb[hmkeh\ghkl_ch[b^keh\gh_s_g_^Z\ghg_iulZebkv^jm]
^jm]ZkjZ\gylvka_fe_c\_jg__aZdZlZlvih^a_fexKljZggu_\k_`_hgbkha^ZgbyG_ihgbfZxy
bo
B]hjkdZaZeqlhk_]h^gyjZghmljhf\h\k_kj_^kl\ZfZkkh\hcbgnhjfZpbb[he__f_g__agZqbfu_b
djmigu_ihklmibebZghgbfgu_a\hgdb\dhlhjuog_ba\_klgucZhij_^_eblvdlhwlh[uefm`qbgZ
beb`_gsbgZih]hehkmg_\hafh`ghkhh[sbeqlhij_^iheZ]Z_fZyg_\_klZ@hj`ZJZkoblh_klvlu
fm`qbgZmdZaZegZf_gygZoh^blky\]hklbgbp_\h^ghcdhfgZl_g_lhevdhkhk\hbf`_gbohfgh
b_]hijhiZ\rbfgZ^he]h_\j_fy[jZlhfQ_fhgblZfaZgbfZxlkyg_ba\_klghGhijb^he`ghf
\hh[jZ`_gbbfh`gh^h]Z^ZlvkyBl_i_jvwlZgh\hklvklZeZkZfhc]jhfdhck_gkZpb_c^gyWlb
rZdZeuiZiZjZppbmqmy\djmigmx^bqvkh[jZebkv[m^lhkl_j\ylgbdbih\k_fmi_jbf_ljma^Zgby
HgbdZjZmeyl[md\Zevgh\_a^_gZqbgZyhlmebpudZd\u\b^bl_baZdZgqb\Zye_klgbpZfbq_jgh]h
oh^Z
Lh_klvgZfhlkx^Zg_\u[jZlvkyg_aZf_q_ggufb"mlhqgbeZyh[o\Zlu\Zyk_[yjmdZfbBy
klZgm\k_h[sbfihkf_rbs_fhlq_]hg_kfh]mihy\blvky\ijbebqghfh[s_kl\_
O\Zlblgulvj_adhh^_jgmef_gyhevnG_\k_lZdiehohdZdl_[_dZ`_lky?klv^\_aZ^Zqb
i_j\Zy\u[jZlvkyhlkx^ZlZdqlh[ugZkgbdlhg_m\b^_eb\lhjZywlhgZclblh]haZkjZgpZqlh
�fZkl_jkdbih^klZ\beQlh\i_j\hfqlh\h\lhjhfkemqZ_aZ^Zqb\iheg_j_rZ_fu_mfZxqlh
\hijhk\j_f_gb
Yg_ghxieZdkb\hijhbag_keZyjbkmy\k\h_f\hh[jZ`_gbbkljZrgmxdZjlbgmihahjZFZfhqdZ
wlh]hg_i_j_`b\_lWlh`_gZ^h`_[uehlZdhijhklh\hehkblvkyqlh[u\eyiZlvky\iZlh\mx
kblmZpbxG_m`_ebg_evay[uehkgylvg_kdhevdhghf_jh\"QZcg_[_^gucg_jZahjbeky[uY[u
^_gv]bhl^ZeZgZ[jhkbeZkvygZhevnZkeh\gh@hj`g_ijbgbfZemqZklb_\h\k_cwlhcZ\Zglxj_
MfgZy^Z":qlh`_lujZalZdZymfgZyaZdZlu\ZeZgZflmlbkl_jbdbqmlvebg_^hkZfh]hmljZ"
Gygqbebkvklh[hcdZdkfZe_gvdbfj_[_gdhfLh\bkl_jbdm\iZ^ZeZlhhiylv\iZ^ZeZ\bkl_jbdm
�mfZ_rvgZfklh[hc[uehe_]dhdh]^Zg_agZebqlh^_eZlv
GZ^h[uehf_gyijbeZkdZlv[mjdgmeZyihgbfZyqlhajygZfm`qbgmgZdbgmeZkv
Hlre_iZlvl_[ygZ^h[uehZg_ijbeZkdZlvM`fulhl_[yeZkdZebeZkdZebKbeg_lijh^he`be
hg`Zeh\ZlvkygZ`bagv
:ohdjm]ebebkvfhb]eZaZ^hjZaf_jh\rZjbdh\^eyl_ggbkZBluf_gyeZkdZe"
;hevghgZ^hhg@hj`mkihdZb\Ze^Zih]heh\d_]eZ^beZy\k_[hevr_dhfij_kkugZeh[klZ\be
^ZkZen_ldbf_gyeih`Zeh\Zekyf_q_guc
DZdb_`_\umf_gyaZ[hleb\u_h[gyeZyfm`qbgk^\moklhjhg
Lhevdhg_wlhhevnhlrZlgmekyhlf_gydZdhlijhdZ`_gghcG_gZ^hf_gyljh]Zlv:lhhl
l\hbosbidh\mf_gy\k_jmdb[heylYgZjbg]_ihemqZef_gvr_m\_qbcq_fklh[hx
Y\g_^hmf_gbb\haajbeZkvgZfm`qbgm
Qlhy^_eZeZ"mlhqgbeZgZ\kydbckemqZc_keb\^jm]g_ijZ\bevgh\k_ihgyeZFg_ihdZaZehkv
qlhhkeurZeZkv
SbiZeZf_gydZd]mkugyklhbehlhevdhhdZaZlvky\ihe_l\h_c\b^bfhklbLulZfmfZlmrdb
kijhkbLhqghluihem^_fhgZlhfh`_l[ulviZiZrZml_[y[ue]mkZdhfbebbg^xdhfgZiheghf
Yg_ihfgxjZkl_jygghijhbag_keZ\hl\_lbijb`ZeZjmdbds_dZfdhlhju_kjZam`_
jZkdjZkg_ebkv^hg_evayGZfg_fh`gh[uehybqgbpm`ZjblvgZklhevdhkbevghyklZeZimgph\hc
Ykgh_^_ehg_ihfgbrvBqZklhklh[hclZdb_ijbiZ^dbkemqZxlky"ihke_^gbc\hijhk
fm`qbgufg_kh\_jr_gghg_ihgjZ\bekyFg_ihdZaZehkvqlhhgki_pbZevghj_rbe\k_jZagxoZlv
ijhf_gyqlh[uihlhfbkihevah\Zlv^ZggmxbgnhjfZpbxijhlb\f_gy`_
I_j\ucjZakq_klgufb]eZaZfbhl\_lbeZyu`_b^h\_eb
@hj`[jZlfhc\hlkdZ`bhldm^Zlu__\um^be"G_m`_ebf_g__aZgm^ghcg_\_klug_gZrehkv"\
dZdhflhbkklmie_gbbijhbag_khevnh[jZsZykvd^_fhgmaZ^mfZ\rbfkygZ^j_r_gb_fq_]hlh
\Z`gh]h
YaZf_lbeZqlhm@hj`Z_^\Zr_\_eylky]m[ukeh\ghhgkZfkh[hc\_^_l^bZeh]kihjybg_
kh]eZrZykv
G_ihjhqgu_i_j_\_ebkvihoh^yhl\_lbefm`qbgZhklZgZ\eb\Zykvmg_[hevrh]hklhebdZ
ihoh`_]hgZ`mjgZevgucghlhevdh\ur_
:^eyl_[ywlhlZdijbgpbibZevghfh`_l[ulvgm__wlmg_ihjhqghklv`_gsbg_wlhg_]eZ\gh_
fg_aZohl_ehkv\hafmlblvkyihih\h^maZy\e_gby@hj`Zghy\h\j_fyijbdmkbeZyauqhd`_eZy
magZlvqlh`_hl\_lblfhc`_gbo
:_s_mEba_lluhqZjh\Zl_evgu_yfhqdbgZs_dZofhc`_gbodZdbklbgguc^`_glevf_gmr_ehl
g_m^h[gh]h\hijhkZ\klhjhgmYfuke_gghih^gyeZ[hevrhciZe_p\\_joihdZau\Zyl_fkZfufk\h_
h^h[j_gb_
BlhevdhjZahqZjh\Zgghijhbag_khevnih]ey^u\Zy\gba]^_dZdfmjZ\vbkgh\ZebrZdZeui_jZ
dhlhjufklhbllhevdhihiZklvky\eZiujZahj\mlgZqZklb
:l_[_qlh"FZeh"g_\u^_j`ZeZY^Z\ghm`_ihgyeZqlhaZsbsZlvk_[yijb^_lky\wlhc`bagb
kZfhcZlhihdZ^h`^_rvkyihfhsbkhklhjhgulhfh`ghkhklZjblvky
@hj`mEba_llukdehqgucoZjZdl_jAZq_fhgZl_[_gm`gZ"hevnijh^he`Ze^hiulu\Zlvky
Qlh[ulukijhkbeh]juagmekyfm`qbgZ_fmy\ghg_gjZ\bebkvj_iebdb[jhkZ_fu_\fhcZ^j_k
ihlhfmdZdhgbklZ\bebih^khfg_gb__]h@hj`Z\u[hj
KemrZcg_mgbfZekyklZjrbcZqlhkemqbehkvki_j\hcg_\_klhc"hevn[ue\t_^eb\dZd
j`Z\qbgZ
KB\Zgghcqlheb"i_j_kijhkbef_q_ggh]h[jZlHg\wlh\j_fyqlhlhgZ[bjZegZkfZjlnhg_
Ihoh`_qlhrbnjh\ZekyhlgZk
�ZJZkkdZ`bFg_lh`_bgl_j_kghj_rbeZby\klZ\blvk\hc]jhrbdL_fZdhg_qghbgl_j_kgZy
l_f[he__dh]^Zhl\_lu]hlh\ukhj\Zlvkykmklg_ihkj_^kl\_ggh]hmqZklgbdZl_okh[ulbc
:_c^hjh]mdhrdZi_j_[_`ZeZhlfZogmekyfm`qbgZ
Qlh"IjyfhlZdi_j_[_`ZeZ"ydZdlhg_\_jbeZqlhbaaZih^h[gh]hfh]eZjZkkljhblvkyk\Z^v[Z
;jZlluqlhlhg_^h]h\Zjb\Z_rvhevnhldm^Zlh\um^bea_e_gh_y[ehdhbijb]hlh\beky_]h
gZ^dmkblvghij_^\Zjbl_evghj_rbeihjZa]ey^u\ZlvBhldm^Zhglhevdh_]h\aye"
LZddhrdZ[ueZq_jghcfhc`_gboiZjZee_evghj_rZedZdZxlhaZ^Zqmq_j_ajZahl\e_dZykvgZ
gZkkhevnhfFu[uebq_flh\jh^_gZ^h_^eb\uo`mdh\`m``ZsbogZ^mohfk_jv_agh]h
fm`qbgu^mfZxs_]haZgZk\k_o
Ghwlh`_g_ih\h^\hkdebdgmeZyjZafureyyhgbqlh`ghklbih\h^Z^eyhldZaZ^ey`_gblv[u
`_eZ_lkeurZlv
��ZYGmqlhlZf"GZr_e\_jlhe_l"A^hjh\hGZ\k_o"ZIhlhfmbkijZrb\ZxAgZxlulZdhc
�rmlgbdqlhfh`_rvhlukdZlv^\mof_klguc\dhlhjucfu\ljh_fgbdZdg_ihf_klbfkyZy_s_
�ihfgxl_oq_j\_cqlhluaZklZ\eyef_gyjZaj_aZlv\^hevgh`gbpZfbZYaehiZfylguc:]Z
LZdhck_ihfgxbg_\Z`ghkdhevdh\j_f_gbijhrehLZdh_aZ[ulvg_evayLZdqlhlZfk
\_jlhe_lhf"k_\ihjy^d_HlebqghGhdZdlukh[bjZ_rvkyijh\_jgmlvwlhg_aZf_lghQlhijZ\^Z"
LukmfZkhr_eYihgbfZxwlh\uoh^ghg_lZdhc`_Yl_[y[hxkvaZkf_yeky@hj`ij_ju\Zy
k\yav
Dh]hlulZd"hevn[ueg_f_gvr_f_gyex[hagZl_e_gghf_`^mgZfbkms_kl\h\ZeZh]jhfgZy
jZagbpZHgfh]kijhkblvm[jZlZdZd^_eZZyg_lGmbebihqlbg_l
B]hjZHgj_rbegZkhk_^g_fa^ZgbbjZa\_klbdhkl_jFg_m`_kljZrghklZgh\blkyagZydZdb_m
f_gyjh^kl\_ggbdbjy^hfoh^ylhkljuc\a]ey^[uegZijZ\e_g\fhxklhjhgm
:yfh`_l[ulvgbdhfmg_ih^kdZau\ZeZFh`_l[ulvB]hjkZf^h^mfZeky^hlhqv\lhqvlZdhc`_
b^_bdZdbyFh`_l[ulvhgih\lhjxoZfmoZ\b^bfh\rdhe_[ue^\h_qgbdhfb\k_]^Zkibku\Zem
khk_^_chlbj_rbeqlhmf_gyfh`ghki_j_lvb^_x
Dhkl_j"y[ueZg_gZrmldmrhdbjh\ZgZ
:]Zqlh[ukiZkZl_ebijbe_l_eb\hlhgbgZkih^rmfhdbaZ[_jml
_k_eh
G_lhkeh\h:^jm]h]hkihkh[Zg_l"fg_dZdlhg_gjZ\beZkvb^_yB]hjZkebrdhfhgZ[ueZ
[_amfgZ
Fh`_rvihclbq_j_a]eZ\guc\oh^G_aZ[m^vlhevdh]eZadbih^djZkblvbbah[jZablvgZ]eZaZo
hqdbiZg^u[m^lhlu\kxghqvieZdZeZZg_q_fajyaZgbfZeZkvkfm`qbgZfbyaudhfhevnZ
fh`gh[ueh[jblvkyihmljZf
GmqlhlugZ^_\hqdmgZdbgmeky"\k_`_@hj`[uefhcdmfbjDhgqZcm`_
AZsblgbd\ubkdZekyh]juagmekyf_q_gucLuemqr_[ug_\_klk\hboemqr_klhjh`be
]ey^brvg_ijbrehkv[uk\yau\Zlvkykwlhchgdb\gme\fhxklhjhgm
Lmlym`_g_\u^_j`ZeZbkdZlZ\f_`^miZevpZfbfZe_gvdbcrZjbdkbeuaZimklbeZhevnmijyfh
\ghkijZ\^Z\kZfucihke_^gbcfhf_glfm`qbgZih\_jgme]heh\mbk]mklhd\e_l_e_fmijyfh\
mohK_jh]eZauc\a\bekygZf_kl_hogmekmabe]eZaZbhl\_lbefg_l_f`_hllhevdhfm`qbgZ
g_ijhfZogmekyZijbi_qZlZedZdjZaf_`^m[jh\_c
;hevghfg_g_[uehkdhj__g_ijbylghbh[b^ghgZlhdZdkjZam`_fm`qbgZkhjb_glbjh\Zeky
m^b\behbh]hjqbeh?kl_kl\_gghqlhhklZ\blv\k_ijhklhlZdyg_fh]eZFhy^mrZlj_[h\ZeZ
hlfs_gbyYlml`_kha^ZeZ_s_h^bgk]mklhdkbeuklZjZykvkdZlZlv_]hdZdfh`ghkbevg__b
iehlg__qlh[uwlhlrZjbdm`lhqgh\e_iblvlm^Zdm^ZieZgbjh\ZeZf]gh\_gb_gZaZ^YklZjZeZkvy
hq_gvklZjZeZkvghqbklhdjh\guc^_fhg[uekbevg__brmklj__dZdhdZaZehkvBihdZy]hlh\beZkv
dke_^mxs_fm[jhkdmfg_\eh[\gh\vaZjy^bebkgZjy^hf
LZdg_q_klgh\a\ba]gmeZyLu^he`_g[ueih^h`^Zlvh[b`_gguflhghfijhbag_keZg_
ij_ju\Zyk\h_]haZgylby
hl_s_KdZdhcklZlby^he`_g^Z\Zlvl_[_nhjm"hevny\gh[ueg_gZf_j_gmklmiZlv
Bhldm^ZlhevdhlZdb_ijhlb\gu_^_fhgu[jZebkvgZfhx]heh\m"
gZ^h_eh"Fh`_lo\Zlbl"
LZdl_[_ygZdhg_paZdhgqbeZnhjfbjh\ZlvrZjbdbqlh[uehkbegZijZ\beZ_]h\klhjhgm
hevnZjZ^mykvqlhhlieZqmf_q_ghfmlhc`_fhg_lhcqlhbhgfg_
H^gZdhblml\k_ihrehg_lZddZdyaZieZgbjh\ZeZWlhlih]Zg_pkm^yih\k_fmbf_e[hevrbc
hiulg_`_ebydZdbflhh[jZahfkmf_ehldehgblvljZ_dlhjbx^\b`_gbyfh_]haZjy^Z\klhjhgm
j_amevlZl_q_]hfhckgZjy^ihiZeg_ihf_klmgZagZq_gbyZlm^Zdm^Zyohl_eZf_gvr_\k_]hIh
r__@hj`Z
�Zqlh\uk_[_iha\hey_l_"\a\bekyfm`qbgZaZjuqZ\Kdhevdhfh`gh"@hj`ijbgyekyl_j_lv
f_klhm^ZjZjmdhxIh\k_c\b^bfhklbyhq_gvohjhrhkdZlZeZrZjbdhlq_]hm^Zjihemqbeky
[he_ag_gguc
Miklhevdhbkfh]eZ\ufhe\blv
Wlh\k_hgZhevngZqZemdZau\ZlvgZf_gyiZevp_faehjZ^ghmofueyykvbkdZeykvWlhhgZ\
l_[yaZjy^beZIjZ\^Z]Z^dZy^_\qhgdZ"G_gm`gZgZflZdZy;jhkv__
Gm\k_Luf_gy^hklZekih[_^gufdjbdhf]h[ebgZfqZs_]hkyaZk\_`bfkdZevihfk\h_]h\jZ]Z
ydbgmeZkvgZklZjr_]hba[jZlv_\JZkob;ueZ[umf_gyijZsZlhyg_ij_f_gghaZimklbeZ[u_x\
klhjhgmg_gZ\bklgh]hebpZ
Fm`qbgZy\ghg_h`b^Zehlf_gyih^h[ghc^bdhc\uoh^dbqlh[uehfg_gZjmdmihlhfmdZd
wnn_dlg_h`b^Zgghklb[uegZfh_cklhjhg_biha\hebekjZa[_]mk[blvkgh]f_q_gh]h;eZ]haZ_]h
kibghxgZoh^beZkvrbjhdZydjh\ZlvgZdhlhjhcjZghmljhffubijhkgmebkvFh`_l[ulvhgqlh
gb[m^vbkfh]fg_ijhlb\hihklZ\blvgh`_gkdh_dh\Zjkl\hgZlhb`_gkdh_qlh[u\u[b\Zlvihq\m
baih^klmig_cfm`qbghlqvblhgh]bbg_m^_j`Zebdh_dh]hk\Zeb\r_]hkydZdf_rhdk
dZjlhrdhc
H^gZdhgZwlhffhym^ZqZbaZdhgqbeZkvLhedgm\\k_fl_ehf\ukhdh]h[jxg_lZ\lhjkyg_kfh]eZ
m^_j`ZlvjZ\gh\_kb_\j_amevlZl_q_]hklZeZ[eZ]hihemqghiZ^ZlvgZ]jm^vhevnZ:hg^Z`_jmdb
jZa\_e\klhjhgu\b^bfhqlh[uyg_ijhfZogmeZkvY`_bg_kfh]eZwlh]hk^_eZlv
:ddmjZlg__[uehebrvijhbag_k_ghhevnhfdh]^Ze[hfklmdgmeZkvh_]hih^[hjh^hd
IhdZe_qbrvky^mj_oZ
:^Zevr_[uehqlhlhg_ihgylgh_keh\ghfhx^mrmko\ZlbebaZie_qbbijbgyebkvlZsblv\i_j_^
ijyfhgZhevnZ\k_kbevg__bkbevg__ijbly]b\Zydfm`qbg_Bg_[uehkbekhijhlb\eylvkyZ
hklZ\Zehkvebrvih^^Zlvkyg_ba\_klghckbe_bieulvihl_q_gbx
=emih_^_\bqv_k_j^_qdh\a[judgmehbihkdZdZeh\]Zehikh[bjZykv\uj\Zlvkyba]jm^bbh[j_klb
k\h[h^mLZd[ebadh\hae_fm`qbguy_s_gbdh]^Zg_[ueZfZfhqdZaZl_fke_^beZdjZcg_
�\gbfZl_evghZ`_khk\hbf`_gbohffuh[sZebkvgZijbebqghfjZkklhygbbdZdlh]hlj_[h\Zeb
mkeh\ghklbaZ\_^_ggu_\gZr_fh[s_kl\_ijhiblZgghfgZkd\hav]emiufbghjfZfbijbebqbcY
g_khfg_ggh[ueZkh\j_f_ggZy^_\mrdZfgh]hq_]hagZeZfgh]hq_]h\b^_eZgh\hlijh[h\Zlv\k_
fg_g_^h\h^behkvijbgpbi_ihwlhfmih\h^mykbevghbg_i_j_`b\ZeZihgbfZyqlh\k_fmk\h_
\j_fy\]em[bg_^mrbkh]eZrZykvkhk\h_cfZfme_qdhcHgZ`_gsbgZmf_gymfgZyg_ijhklh`_
lZdki_j\h]h\a]ey^Zkfh]eZihdhjblv^_fhgZhdhlhjhffh]eZebrvf_qlZlvmdjZ^dhcZy\ky\g__
:lug_klhcmf_gygZimlbAZrb[mke_]dhcojbihlphc\h\g_aZighk_\r_f]hehk_ijhbag_keZ
yih^gbfZy]heh\mb\]ey^u\Zykv\k_ju_]eZaZFg_^Z`_ihdZaZehkvqlhhgbmhevnZihl_ie_eb
Wc[jZlbrdZZgmdZhlimklbfhxg_\_klmihkeurZehkvkhklhjhgu@hj`Zklj_fbl_evgh
i_j_k_dr_]hdhfgZlmqlh[uihfhqvfg_\klZlv
YlZdg_m^ZqghmiZeZqlhhdZaZeZkvijyfhf_`^mgh]mf_q_gh]h^Z\^h[Z\hdhgf_gy^_j`Ze\
hoZidm[m^lh\dhdhg_YkeurZeZdZd[v_lky_]hkbevgh_k_j^p_lZdfhsghlZdm\_j_gghGbdh]^Z
[ug_ih^mfZeZqlhgZoh^ykvjy^hffh`ghmkeurZlvwlhgZklhevdhhlq_leb\h
Eba_llZlulZdZyg_ihk_^eb\ZyylZdihgyeZqlhih^h[gufbkeh\Zfbfhc`_gboj_rbef_gy
hlqblZlv:lug_kdZevkywlh[uehh[jZs_ghm`_dhevnmZlhjh]Zihh[ehfZxIh^dhj_gv
g_ihgylghihdZdhfmih\h^mijhbag_kfm`qbgZ\u^_j]b\Zyf_gybah[tylbc[jZlZbijb`bfZyd
k_[_g_kbevghghdZdlhkh[kl\_ggbq_kdb
YkemqZcgh`Zeh[ghijh[e_yeZ\hl\_laZ]ey^u\Zykgbam\\_jo\]eZaZ@hj`Z
;hevr_lZdg_^_eZcklZevgu_ghldbijhkdhqbeb\]hehk_fm`qbguHlgbomf_gyih
iha\hghqgbdmih[_`ZeZklZcdZfmjZr_dgZim]ZggZyjZabl_evgufdhgljZklhf^_ckl\bcbkeh\Fg_
kjZamklZehdZdlhg_fgh]hg_ihk_[_keh\ghyihemqbeZ\u]h\hj\hkh[hk_jv_aghcnhjf_
fb]ym\b^_eZi_j_^kh[hcfm`qbgmdhlhjucg_ihl_jibl\hevghkl_chlk\h_c[m^ms_c`_guM
f_gyih^eh`_qdhcg_ijbylghaZkhkZeh
:fukdhjh[m^_fm[_]Zlv"g_\ihiZ^kijhkbeZm@hj`Z
Yohl_eZdZdfh`gh^Zevr_hdZaZlvkyhls_dhleb\hckblmZpbb\dhlhjhchdZaZeZkv
GZkm`_`^mlHklZehkv^h`^Zlvkyebrva\mdh\ih`Zjghckbj_gubkeh\ghih^l\_j`^Zy_]h
keh\Zg_ijbylghaZhjZeZkbkl_fZhih\_s_gbyijhlb\hih`Zjghckb]gZebaZpbb
Y\a^jh]gmeZhl\g_aZigh]ha\mdZ
Qlh`_luim]Z_rvky^_\hqdZk_g_lZdkljZrghK_cqZkfuhlkx^Z\u[_j_fky[e_kgme
]eZaZfb@hj`bijh\_eluevghcklhjhghceZ^hgbihfh_cs_d_\uau\Zyijhlb\hj_qb\u_
qm\kl\Z\h\k_fl_e_;uehlZdkljZgghihqm\kl\h\Zlvqm`h_ijbdhkgh\_gb_:_s_wlhl\a]ey^
keh\ghijh`b]ZxsbcgZkd\hav
Hgbk]h\hjbebkvf_gykfmsZlvqlheb"Lhh^bgjZklj_\h`beqlhlhg_ykgh_\^mr_l_i_jv\hl
\lhjhc\_ek_[ykljZgghYg_agZeZdZdj_Z]bjh\ZlvgZ\k_kemqb\r__ky
O\Zlblm`_fbeh\ZlvkykEba_llhcjudgmehevnijb\h^yk_[y\ihjy^hdihjZm`_^_j]Zlv
hlkx^ZZlhlhqgh[m^_faZi_qZle_guj_ihjl_jZfbkh\k_fb\ul_dZxsbfb
Bq_fhghiylvg_^h\he_gwlhlJZkobhl`_k\yaZeZkvkk_f_cdhcg_agZ_rvqlhhlgboh`b^Zlv\
dZ`^ucke_^mxsbcfhf_glG_fm`qbguZoh^yqb_g_ba\_klghklb
Fh`_lluihc^_rvZfulmli_j_kb^bf\^jm]ij_^eh`be@hj`]ey^ygZf_gyhq_gv
ijhgbdgh\_gghHllZdh]h\a]ey^Zohl_ehkvkijylZlvkyhg\ua\Ze\hfg_dZdmxlh[mjxaZklZ\eyy
ih^gylvkyba]em[bglhqlh[ueh]em[hdhih]j_[_ghihkeh_fmkeh\ghkl_cbijZ\be
Y\ijbgpbi_g_ijhlb\gh\hl^mfZxqlhbfb^`ml\h_c[m^ms_ckmijm]bwlhg_kdhevdh
mkeh`gbl`bagv\ijhq_fj_rZlvl_[_mofuevgmekyfm`qbgZih^fb]b\Zyfg__^v^ufZ[_a
h]gyg_[u\Z_l:l_[__s_h[tykgylvkyk__jh^kl\_ggbdZfbdZd[ug_\agZqZckhh[sbe^_fhg
@hj`ihfjZqg_e\b^bfh\keh\Zo[jZlZ[ueZk\hy^heybklbgu
Moh^bfGbq_]hg_aZ[u\Z_ffgh]hagZqbl_evghijhbag_k@hj`[_jyf_gyihk\hckdbih^
ehdhlhdHq_gvfbeh
Qlh[uqlhlhaZ[ulvgZ^hqlhlhbf_lvnbehkhnkdb[mjdgmehevnih]ey^u\Zybkih^lbrdZ
i_j_[_`dZfb^h[bjZebkv^hkiZkbl_evgh]h\_jlhe_lZ
L_[ygZijbf_j[uehfg_hl\_lhfhevng_hklZeky\^he]m@mldhaZohl_ehkv_fmk^_eZlvqlh
eb[hm`Zkgh_
Ybk^_eZeZiZjmjZagZklmibeZgZiyldbdZd[ug_\agZqZcihdZfuki_rghrebihdhjb^hjm
Fm`qbgZh[_jgmekyjZaihlhf^jm]hcgbq_]hg_]h\hjyZihlhfijhimklbef_gyb@hj`Z\i_j_^b
hklZ\rmxky^hjh]mm`_yhiZkZeZkvaZk\hbiyldbG_lhgfg_bog_hl^Z\beghkljZomgZ]gZe
bajy^ghBihq_fm\kydbcjZaf_q_gguchl\_qZ_lgZfhb\uoh^db"WlhdZdlhg_ihfm`kdb
jZafureyeZyihimlb
:\\_jlhe_l_yhdZaZeZkvaZ`ZlZf_`^m^\mfyfm`qbgZfbk^Z\b\rbfbf_gylZdkbevghqlh
ijbrehkv\hafmlblvkybihlj_[h\Zlvihl_kgblvkyqlh[u^Zlvfg_gZdhg_p\a^hogmlv
�\b]Zcl_k\hbaZ^gbpuFg_l_kghg_\u^_j`ZeZy_jaZygZf_kl_
Lu_s_a^_kv"Ful_[yjZa\_ihimlbg_ihl_jyeb"ijh^he`beba]ZeylvkygZ^hfghchevnq_f
\ua\Ze\hfg_`_eZgb_\upZjZiZlv_fm]eZaZih^h[jhl_^mr_\ghc
Yl_i_jvihgbfZxihq_fml_[y^_\mrdZ[jhkbeZHgZijhklhg_\u^_j`ZeZl\hcZg]_evkdbc
oZjZdl_jkfbehcmeu[dhch]juagmeZkv\hl\_l
G_lHgijhklh[ueklZj^eyg__ih^Ze]hehkfheqZsbc^hwlh]h@hj`
AZldgbkv]jm[h[jhkbehevnkh[bjZykv^Zlvih^aZluevgbd[jZlm
Fm`qbgZaZf_lghihfjZqg_e\b^bfhkeh\Z_]haZ^_ebaZ`b\h_
LZd\hl\q_f^_ehijhlygmeZyBijZ\bevghk^_eZeZKlZdbfaZgm^hclhevdhlZdbgZ^h[ueh
k^_eZlvqlh[uhl[blv\kydmxhohlmaehjZ^ghhlj_Z]bjh\ZeZygZaZy\e_gb_@hj`Z
:\hlbg_ldZ`_lkyf_q_guc[ueg_kh]eZk_gk[jZlhfLuhrb[Z_rvky
�Z"KljZgghAgZqblfhbhk\_^hfbl_ebajyihemqZxl^_gv]bM\hexijh^he`befbehihk\ysZlv
gZk\^_lZebfeZ^rbcba^_fhgh\
Luemqr_jZkkdZ`bqlhkl\hbfbg_\_klZfbkemqbehkvk_]h^gym[jZlv_\[uekm^yih\k_fm
\g_ieZgh\uck_ZgkikbohZgZebaZk\u\hjZqb\Zgb_f]jyagh]h[_evyb_]h\hjhr_gb_f
IjhWe_gmqlheb"LZd_c\_^vfZgZ]Z^ZeZqlhhgZmfj_l_kebaZf_gyaZfm`\uc^_lih^^Z\
i_qZeb\]hehkkhh[sbe@hj`DZ`_lkyhg[ueg_hq_gvkbevghh[_kihdh_gg_khklhy\r_cky
`_gblv[hcgZ^_\mrd_
IhgylghAgZqbllumgZk[jZl_phdZaZeky\ZmlkZc^_jZomofuevgmekyhevn
KdZ`_flZdy[ueg_]eZ\guf\kibkd___ijbhjbl_lh\kihdhcghihykgbe@hj`
Fh`_l[ulvwlhlukZf_cwlm\_^vfmbih^hkeZe"\ukdZaZeij_^iheh`_gb_f_q_gucYaZf_jeZ
h`b^Zyhl\_l
@hj`ihijZ\bek\hb^ebggu_\hehkuhgb_fmhq_gvrebb\a]ey^hf^Zeihgylvf_q_ghfmqlhlhl
g_\iheg_^jm`_gk]heh\hcKheg_qgu_emqbijh[b\Zxsb_kyq_j_akl_dehdZ[bgu\_jlhe_lZ
kfy]qbeb^h\hevgh`_kldb_q_jluebpZfm`qbguHgke_]dZaZ^mfZekykeh\ghjZafureyy]h\hjblv
bebg_]h\hjblvghihlhf\k_`_j_rbeky
:]ZYkZf:lj_lv_cyki_pbZevghih^[jhkbek\hbnhlh]jZnbb\h[gbfdmkfm`qbghc\
g_ijbklhcghciha_kZjdZklbq_kdbih\_^Zefhc`_gbo
HlmkeurZggh]hyh[f_jeZhogmeZb\ulZjZsbeZ]eZaZ\g_fhfbamfe_gbb
G_agZe[jZlqlhlum\e_dZ_rvkyfZevqbdZfbaZkf_yekyhevnYg_ihgyeZq_f[ueh\ua\Zgh
Byg_agZehijh\_j]kljZrgu_keh\Zfm`qbgZk[jhkb\dZf_gvkfh_c^mrb:\hl;_eeZ
ih\_jbeZ^_fhg\a^hogme?]hi_j_`b\Zgbyihih\h^m_s_h^ghcg_\_klu[uebfg_g_ijbylgu
GZ^_xkvhgZ[ueZkljZrg_gvdhcg_\u^_j`ZeZyb\\_jgmeZribevdm\jZa]h\hj
OhlygZkZfhf^_e_y\b^_eZnhlh]jZnbb^_\mrdbHq_gv^Z`_kbfiZlbqgZy[ueZg_\_klZm@hj`Z
DZdjZalZdbg_lH]jhfgu_]hem[u_]eZaZkh[hebgu_[jh\b\jZae_lq_jgZy]jb\Z\hehk@hj`Z
y\ghihg_keh\\hkihfbgZgbyKdZaZgh;_eeZ
Ijb^uoZgb_\]hehk_`_gboZfg_g_ihgjZ\behkv
DjZkb\Zyih^o\Zlbef_q_guchlq_]hmf_gyam[aZ[he_eZ\u[blvihq_fmlhaZohl_ehkvhevnm
Bgbq_]h\g_cdjZkb\h]hg_[ueh\k_j^pZo\ufhe\beZyDh`Z^ZdhklbHgZ\hh[s_[ueZ
Zghj_dkbqdhcKfhlj_lvg_gZqlh[uehLhevdhqlh\hehkudjZkb\u_lZdq_j_ag_kdhevdhe_llZdhc
`bagbhgb[u\k_jZ\gh\uiZebhlg_o\Zldb\blZfbghfj_rbeZy^h[Z\blveh`dm^_]ly\
ijblhjghkeZ^db_\hkihfbgZgby@hj`Z
:luhldm^ZagZ_rv"k_jh]eZauc^_fhg[uelmldZdlmlmo\Zlb\rbkvkjZam`_aZfhbkeh\ZY
\a^jh]gmeZBq_]hhgdhfg_ijbklZedZd[Zggucebkl^hijbqbggh]hf_klZ"
`mjgZe_\b^_eZh]juagmeZkv\hl\_lLj_lvxg_\_klm_s_im[ebdh\Zeb\b^bfhgZ^_yebkv
qlhk\Z^v[Zlhqghkhklhblky
Yij_djZkghihfgbeZlhnhlh]^_gZnhg_nhglZgZ\_k_eh[vxs_]hijyfhbaih^a_febklhye@hj`
\q_jghfkfhdbg]_bkbg_]eZaZy;_eeZom^Zy^h[_amfbyGZg__[_a[hebkfhlj_lv[uehkljZrgh
DlhlhkqblZewlhdjZkb\ufghm`lhqghg_yFhyfZfhqdZ\k_\j_fy\i_jbh^fh_]h\ajhke_gby
hq_gv\gbfZl_evghke_^beZaZl_fqlhydmrZxbdZdqlh[ug_^Zc\k_\urgbcijhimklblv
kljZrgu_kbfilhfugZqbgZxs_cky[he_agbKebrdhffgh]h^_\mr_dg_\Z`ghd_fhgb[ueb
ex^vfb^_fhgZfbh[hjhlgyfbbebn_yfbklZebih^\_j`_gu\ebygbxih\Zevghcfh^ugZ
om^ur_dg_ihgbfZy]^_]jZgvhl^_eyxsZyghjfmhlgZqbgZxs_]hkybklhs_gby
LZdlulh]^Zih^klhei_rdhfoh^beZh[jhgbej_iebdm@hj`
Bdlh_]hijhkbeih^eb\ZlvfZkeh\h]hgv"Ym`_ih`Ze_eZqlh\hh[s_\e_aeZ\jZa]h\hj^\mo
fm`qbgb^bl_ebfg_aZohl_ehkvihdZaZlvk\hxhk\_^hfe_gghklvYaudfhc\jZ]fZfZfg_\k_]^Z
h[wlhf]h\hjbeZ
Gmbqlh"Fg_`_gbdlh]eZaZg_aZ\yau\Zeb`mjgZeug_hlgbfZeu`_gZdZ`^hfjZa\hjhl_
djZkh\Zebkvhl\_lbeZy`_gbomg_fgh]h[uklj__q_fke_^h\Zeh[u
Y^Z`_lh]^ZkhojZgbeZnhlh]jZnbx\uj_aZggmxba]eygp_\h]hba^ZgbyHgZ^hkboihj]^_lhm
f_gyiueblky\aZ]ZrgbdZo
LZd;_eeZihkqblZeZl_[y]__f"jZkkf_yekyhevnGZ^h`_
?s_bdZdbfFZojh\ufLu[ulh`_ih\_jbe_keb[um\b^_ekgbfdbYki_j\h]hjZaZdh]^Z
magZe\q_f^_ehbihq_fmgZfijbkeZebhldZa\dZl_]hjbqghcnhjf_g_fh]jZkihagZlvnZevrb\dm
\nhlh]jZnbyo
LZdgZ^h[uehh[tykgblvkyk^_\mrdhchevnkhk\hbfbkh\_lZfbf_gym`_^hklZe
DZd`_h[tykgbrvkydh]^Zl_[y\b^_lvg_ohlylihdZqZe]heh\hcfm`qbgZ
Fg_aZohl_ehkvaZjuqZlv
kydh_[u\Z_lnbehkhnkdbijhbag_keZy\\hjZqb\Zyk\hc]jhrbd\jZa]h\hjQlhg_^_eZ_lky
\k_demqr_fmAZlhl_i_jvfu\f_kl_y\ayeZaZjmdm@hj`ZM`hq_gvkbevghfg_ohl_ehkv
wlhlfhf_gl\_jlhe_lihr_egZihkZ^dmY\u]eygmeZbadZ[bguFugZoh^bebkvg_ih^Ze_dmhl
j_ab^_gpbbJZkob
Fudl_[_^hfhcijbe_l_eb"aZ^ZeZyhq_\b^guc\hijhk
:dm^Z_s_"G_gZ]eZ\gmx`_iehsZ^vgZkf_reb\haZf_lbehevnIhl\h_fmlZdklhbeh
h[ty\blv\h\k_mkeurZgb_qlhfu\u[jZebkvba[Zrgbhl_ey"
Lulhq_]h\jZa]h\hje_a_rv"GbdZdh]h\hkiblZgbyYg_ml_[ykijZrb\ZeZh]juagmeZkvgZ
f_q_gh]hdZ`^hc[hqd_aZluqdZGZ^h_emf_gyhkgh\Zl_evgh[uehih^ihjq_ghgZkljh_gb_ba
aZ\hkihfbgZgbcijhbag_k_gguo\kemo@hj`_f;uehg_ijbylghqm\kl\h\Zlvk_[yhq_j_^ghc\
kibkd_ij_l_g^_glhdgZjmdmbk_j^p_q_jgh]eZah]hfm`qbguOhlyyihgbfZeZqlh[ulvi_j\hcm
f_gy\jy^eb[uihemqbehkvKebrdhffZeZy[ueZ^ey\klmie_gby\[jZddh]^ZgZqZeZkvwlZwihi_y
k`_gblv[hc
QlhlukdZaZeZfZey\dZ"judgme^_fhghkdhj[b\rbkvfhbf]jm[ufaZf_qZgb_f
QlhkeurZeJhlaZdjhcbkb^bkihdhcgh`^bihdZ\ue_a_rvba\_jlhe_lZf_gygbqlhg_mqbeh
b^bfhyjh^beZkvg_ih^a\_a^hchl\_qZxs_caZ[eZ]hjZamfb_
:oluiZjrb\dZf_gydZds_gdZko\ZlbebaZaZ]jb\hdbgZqZebljyklb:gmdZba\bgbkv
Hl\Zebijb^mjhd\_ebdh\hajZklguchkdZebeZkvy\h]gZ\k\hb\fb]hljhkrb_dh]lb\ebph
jy^hfkb^ys_]hfm`qbgu
G_f_^e_gghmkihdhcl_kvaZhjZe@hj`gh[uehm`_iha^ghY\p_ibeZkv\ebphhevnZhg`_
ijbgyekyf_gyhl^bjZlvhlk_[yklZjZykvk^_eZlvwlhf_g__[he_ag_ggh
wlhlfhf_glih^[_`Z\rbckhklhjhgumkZ^v[uihfhsgbdhldjue^\_jv\_jlhe_lZ\g__fub
\u\ZebebkvijyfhgZa_e_gmxljZ\mijbgy\rbkv[hjhlvkyBhldm^Zlhevdhkbeumf_gy\ayebkvY
[ueZihoh`ZgZjZatyj_ggmxdhrdm^Zjhfqlh\heqbpZih\lhjhcgZlmj_ijhq_fhevnfg_g_
mklmiZe\`_eZgbbih[_^blv[eZ]hqlhohlvgbdlhbagZklhedhfbg_i_j_\hiehlbeky\h\lhjmx
bihklZkvijh^he`Zybkihevah\Zlvq_eh\_q_kdh_l_eZ\dZq_kl\_hkgh\gh]hbgkljmf_glZgZg_k_gby
m\_qbc\lhjhcklhjhg_
FudZlZebkvihljZ\_ijbwlhfy_s_\_j_sZeZ`_eZy\uie_kgmlv\_kvk\hc]g_\h[_sZy\k_
\hafh`gu_dZjug_[_kgu_bjmdhl\hjgu_\haeh`blvgZ]heh\mh^gh]hg_kghkgh]hf_q_gh]h
m[ex^dZIeZlv_qlhlZdex[_agh[uehij_^hklZ\e_ghh^gbfijhlb\g_crbf^_fhghfaZ^jZehkv^h
k_j_^bgu[_^_jbijZdlbq_kdbg_kdh\u\Zeh^\b`_gbcFheh^pu^baZcg_juihklZjZebkvgZkeZ\m
L_i_jvyihgbfZeZihkeh\bpmijhh^_`dmqlhfh`ghgZ^_lvb\ibjb\fbjb\^h[ju_ex^b
JZagyebgZk^hklZlhqgh[ukljhghbkihehkh\ZlvebphhevnZymki_eZwlhljZahg[uegZ
m^b\e_gb_kihdh_g_kebkjZ\gb\Zlvkl_fdh]^ZfhbjmdbihkljZ^Zebhl_]hdh]l_c
Yl_[_wlh_s_ijbihfgxfZe_gvdZyf_jaZ\dZkdZaZegZihke_^hdfm`qbgZij_`^_q_ff_gym\_e
\klhjhgm@hj`ih^ijbdjulb_fk\hbokmfjZqguodjuev_\HdZaZehkvqlh\kygZrZkdehdZaZgyeZ
g_lZdbfgh]h\j_f_gbgh^eyf_gydZaZehkvqlhijhrebqZkuFhc`_gbog_jZah[jZ\rbkv
lhedhfqlhijhbahreh]j_rguf^_ehfih^mfZehgZiZ^_gbbkhklhjhguihlhfmdZdfhb^_ckl\by
kh\iZebkhldjulb_f\_jlhe_lZ
Eba_llZqlhgZl_[ygZreh"kijhkbe@hj`dh]^Zfu_oZeb\Z\lhfh[be_Zykb^_eZaZ`Z\rbkv\
m]hehdklZjZykvklZlvdZdfh`ghg_aZf_lg__hevn`_g_kdZaZegbq_]hlZdh]h
Emqr_[uhg\hh[s_k\h_]hih]Zgh]hjlZg_jZkdju\Ze[mjdgmeZ\hl\_l
Fh`_rvhlf_gyhldZaZlvky\k_j^pZo[jhkbeZyOhlvdZdh_gb[m^vjZaghh[jZab_[m^_lZlh
\k_g_\_klu^Zg_\_kluhll_[y;m^vlui_j\uffhcyaudg_kqmrvkhkljZrghckbehcbg_dhfm
f_gy[uehhklZgh\blv
QlhlulZdh_]h\hjbrv@hj`g_^hmf_\Ze
O\ZlZck\hxEZjbgm\hoZidmblZsbih^ZelZjvihdZhgZg_hldZaZeZkv\u^ZeZy
:luhldm^ZagZ_rvijhEZjbgm"q_jgu_]eZaZhiZkghkmabebkv\ujZ`ZydjZcgxxkl_i_gv
g_^h\hevkl\Z^_fhgZ
�:dlhijhg__g_agZ_lh]juagmeZkvymfZ_rvqlh_keblui_j_klZef_evdZlvkhk\hbfb
�^_\bpZfbgZi_j\uoihehkZo]Za_llhgZwlhfb\k_Zhl\h_ck\yabkwlhc^jZghcdhrdhc\k_
km^ZqZl
Dlhwlh\k_"@hj`gZijy]ky
k_DhfmgZ^hl_b]h\hjylFg_^Z`_ihdZaZebdZdhgZ\u]ey^blGbq_]hlZdFbe_gvdZy
keh`gh[uehaZfheqZlvdh]^ZiehlbgZijhj\ZeZkv
DlhihdZaZeijbgyekygZklZb\Zlvfm`qbgZ
:yihq_fagZx"IjbkeZeb\b^_hihbgl_jg_lmDZdhclhZghgbfuij_djZkghkfhljbl_kv\
ihkl_ebbmg__ijhdZaeb\ucyauqhddhlhjucdm^ZhgZlhevdhl_[_g_aZkh\u\ZeZmf_gyjZa\_qlh
iZjbamr_cg_\ZebeAZibkbkghr_gbcykfhlj_lvg_klZeZj_rbeZg_ihjlblvk_[_gZkljh_gb_
Fg_[ueh^hklZlhqghnhlh]jZnbc
=^_hgbml_[y"]jhaghijhbag_k^_fhgkgZqZ\rbfb[Z]jh\_lv]eZaZfbIhb^__y^he`gZ[ueZ
bkim]ZlvkylZdh]h_]hkhklhygbyghmf_gykZfhc[uehg_emqr_qlhgZau\Z_lkygZreZdhkZgZ
dZf_gv
�=^_]^_"hfZgZdhfivxl_j_hlfZogmeZkvyklZjZykvaZ[ulv\k_qlhym\b^_eZ
Fg_ohl_ehkvihkdhj__^h[jZlvky^h^hfZgujgmlv\k\hxl_iemxihkl_evdmijbdjulvkyh^_yehf
�bgbdh]hg_\b^_lvjy^hfGZkljh_gb_[uehgZgme_Z`_ijbkmlkl\b_jy^hf@hj`Zg_jZ^h\Zeh
Ke_^h\ZehjZah[jZlvky\kh[kl\_gguoqm\kl\Zob`_eZgbyo:_s_wlZhnbpbZevgZyp_j_fhgby
h[jmq_gbydhlhjmxi_j_g_kebbaaZ\ha\jZs_gbyhevnZihkqblZ\g_h[oh^bfuf\gZqZe_gZjh^m
k\udgmlvkykfukevxhihy\e_gbbklZjr_gvdh]h\k_fv_YdjZ_fmoZih^kemrZeZjZa]h\hjfh_]h
hlpZkhlphf@hj`Z=hf_jhiZkZekyqlh\g_aZigh_ihy\e_gb_f_q_gh]hfh`_lg_[eZ]hijbylguf
h[jZahfkdZaZlvkygZ^_eZodeZgZZihlhfm[uehijbgylhj_r_gb_h^jm]hc^Zl_lhj`_kl\Zbohly
\k_hnbpbZevgu_[mfZ]b[uebih^ibkZgugh\h\k_mkeurZgb_gbq_]hg_]h\hjbebH^gbebrv
kie_lgbb^hfukeu[ZjjZ`bjh\ZebgZr_h[s_kl\h
Ijb_^_fIhdZ`_rvq_ldhb[_ah]h\hjhqghijhbag_kfm`qbgZ^Zggucfhf_gly[u
ihhkl_j_]eZkvkgbfk\yau\ZlvkyeZklvj_rbl_evghklv[_kdhfijhfbkkghklv\hlq_f[md\Zevgh
iueZeZ_]hZmjZ
Y[uijbdmkbeZk_[_yaudaZkdZaZggh_gh[uehkebrdhfiha^ghKeh\hg_\hjh[_c\ue_lblg_
ihcfZ_rv
BgZ^hijbagZlvkylZdbf@hj`fg_gjZ\beky_s_[hevr_
OhjhrhLhevdh\gZqZe_gZ^h[m^_lh[tykgblvkykfZfhcgZihfgbeZy
Wlhy[_jmgZk_[yG_i_j_`b\Zc_s_ihwlhfmih\h^mm\_j_gghijhbag_kfm`qbgZ]g_\gh
k\_jdZy\a]ey^hfY[ueZjZ^Zqlhg_^h\hevkl\h\ua\Zgh\k_`_g_fghxDZdlhg_ohl_ehkv
FZrbgZhklZgh\beZkv\hae_]eZ\gh]h\oh^Zjh^gh]h^hfZ@hj`ih^Zefg_jmdmihfh]Zy\uclbba
fZrbguIjb[_ehfk\_l_ygZdhg_pm\b^_eZgZdh]hihoh`ZIeZlv_[ueh\k_fylh_\a_e_guo
jZa\h^Zok^_kyldhfaZly`_dihih^hemBdZd\lZdhf\b^_ihy\eylvkyi_j_^jh^gufb"YmdjZ^dhc
\a^hogmeZDZ`_lkyijbqbgmfh_]h\a^hoZihgyebq_jgh]eZauc^_fhg
K_]hiZevp_\khj\Zehkv_^\ZaZf_lgh_k\_q_gb_i_j_dbgm\r__kygZf_gybjZkihear__kyihieZlvx
dhlhjh_qm^_kgufh[jZahfij_h[jZ`ZehkvgZ]eZaZoklZgh\ykv\gh\vqbklufbhlmlx`_gguf
Wlhfhjhdbwlhg_gZ^he]hi_j_o\Zlbefhc\hijhkbl_evguc\a]ey^fm`qbgZLZdqlhgZfgZ^h
ki_rblv
G_^mfZeZqlh@hj`\eZ^__lklhev\bjlmhaghkbehcYg_\hevghaZmeu[ZeZkvgZkljh_gb_g_kdhevdh
ih^gyehkvk_`_h^gh^_eh\oh^blv^hfhcih[blhckh[Zdhc\]jyaghfieZlv_Z^jm]h_ijZdlbq_kdb
dhjhe_\hcWlh^\_jZagu_\_sb
ijhklhjghfohee_^hfZgZkk@hj`_f\klj_qZeZp_eZy^_e_]Zpbym\b^_\dhlhjmxfg_\ki_rghf
ihjy^d_aZohl_ehkvj\ZgmlvgZaZ^ijhqvbg_\Z`ghdm^ZEbrv[uhdZaZlvkyih^Zevr_hlkx^Z
p_glj_gZijy`_gghc]jmiiuklhyeZfZfme_qdZbjZa\_qlhg_[beZdhiulhfjmd_fZfZk`bfZeZ
oeukldZd[m^lhhgZlhevdhy\beZkvkdhgghcijh]medbHiZkgh_hjm`b_l_f[he__\
lj_gbjh\ZgguojmdZoQmlvihh^ZevhlfZfu\b^bfhqlh[ug_ihiZklvih^]hjyqmxjmdm\ukbeky
iZiZkih^`Zlufb]m[Zfbbk\_^_ggufb[jh\yfbYlZdih^haj_\ZxqlhiZi_aZjy^[h^jhklb
i_j_^ZeZfZfZgIhfbfhfhbojh^bl_e_cihq_fmlhijbkmlkl\h\Zebjh^bl_eb@hj`ZQlhhgbmgZk
aZ[ueb"Hgbfbeh`Zebkv^jm]d^jm]mklZjZykvkhojZgblvg_\hafmlbfh_\ujZ`_gb_gZebpZo
Y\bebkv\u^ZeZfZ^Zf@_gbklhbehgZfhdZaZlvkygZihjh]_Bihq_fmlZd[ukljh"dZ`_lky
bf_gghfZfZ^he`gZ[ueZi_lvkhevgmxiZjlbx
�h[juc^_gv]hkih`Zb]hkih^bgHjkdbfZfZiZiZ@hj`hilhfj_rbeiha^hjh\Zlvkykh\k_fb
mqZklgbdZfb^_ckl\Z
=^_\Zkq_jlbghkbeb"mfZfu[uehkh\_jr_gghg_fbghjgh_gZkljh_gb_
FukEba_llhclml@hj`ijbh[gyef_gyaZie_qbij_djZkghijh\_eb\j_fy:kq_fk\yaZgu
\Zrbklhevj_adb_keh\Z"fm`qbgZm^b\e_ggh\haajbekyihi_j_f_gghgZdZ`^h]hba
ijbkmlkl\mxsbohklZgh\b\k\hc\a]ey^gZ]eZ\ghcaZqbgsbp_jZa[hjhdIj_djZkgh\u]ey^bl_
fZ^Zf@_gbZfhq_gvdebpmwlhldhjZeeh\ucp\_ldZd[ug_\agZqZcijhbag_kfm`qbgZfbeh
meu[Zykv
IjZ\^Zqlheb"`_gsbgZ^hdhgpZhklZ_lky`_gsbghc_keb\^jm]keurblg_qZygghh[jhg_gguc
dhfiebf_glKiZkb[h
YaZf_lbeZqlhiZiZijb[ebabekygZiherZ]Zqlh]h\hjbehhkgb`_gbbgZdZeZkljZklbkhklhjhgu
a\_a^uk_]h^gyrg_]h^gy
Fh`_l[ulvfheh^u_k^hjh]bmklZeb"Fh`_l[ulvklhblbogZihblvqZ_fZihlhfm`_
]_gbcHjkdbZihkh\f_klbl_evkl\mfZfbgfm`hklhjh`gh^hljhgmeky^hehdlyh[hjhlgyWlh[ue
ohjhrbcagZd
YkeurZeqlhm\ZkkZfucZjhfZlgucqZcqlhfh`_lkms_kl\h\Zlv\wlhf]hjh^_fy]dhkeh\gh
h[\heZdb\Zy]hehkhfijhbag_k@hj`Fg_Eba_llZklhevdhjZkkdZau\ZeZfm`qbgZg_klZe
mlhqgylvhq_fdhgdj_lghreZj_qv
MfZ^Zf@_gb]eZaZihl_ie_ebbkjZamklZehykghqlh[mjyfbgh\ZeZ
^hjh]hc"ke_^mxsbc\a]ey^[ue[jhr_ggZhlpZ
k_Mf_gyhle_]ehhlk_j^pZJZafZfZi_j_^ZeZ[jZa^uijZ\e_gbykblmZpb_chlpmlh\k_\
ihjy^d_
Dhg_qghfbeZyih^^Zdgmefm`qbgZZaZl_fh[jZlbekydgZfulZd\h\j_fyy\bebkvfudZd
jZakh[bjZebkviblvqZcDgZfkh\_jr_gghkemqZcghaZ]eygmeb=hf_jbFZlbev^ZiZiZ[uekZfh
^h[jh^mrb_
?keb[uyg_agZeZdZdh\hg\jZ[hl_lhgbaZqlh[ug_ih\_jbeZqlhwlhh^bgblhl`_fm`qbgZ
LhevdhfZfbg[_r_gucgjZ\aZklZ\eye]_gbyHjkdb\dexqZlvk\h_[eZ]hjZamfb_gZihegmx
dZlmrdmijhy\eyyqm^_kZ^biehfZlbbIjbq_fhgZ[khexlghg_klu^bekylh]hqlhbghcjZa
iha\heyefZ^Zf@_gb^_eZlv\b^qlh]eZ\ghc\^hf_y\ey_lkybf_gghhgZB[hyij_djZkgh\b^_eZ
dZdfZkl_jkdbhl_pfh]mijZ\eylvk\h_c\aju\hhiZkghc`_ghc
dZdhclhfb]yihqm\kl\h\ZeZqlhf_gydlhlhsbi_laZjmdmGbdh]hdjhf_@hj`Zkhfghcjy^hf
g_[uehke_^h\Zl_evghsbidb[uebhlg_]hYg_fh]eZihgylvqlh\k_wlhagZqbldh]^Zg_kdhkbeZ
]eZaZgZfm`qbgmbihqlbih]m[ZfijhqblZeZ
IeZlv_
Ihk\h_c^mjhklbqmlvg_kijhkbeZqlhg_lZdkieZlv_fijbq_f\kemoohjhrhqlh\h\j_fykfh]eZ
ijbdmkblvk_[_yaud
FZfZiZiZ]hkih^bgb]hkih`ZJZkob\uijhklbl_f_gy\_ebdh^mrghghyh[_sZeZ@hj`m
ihdZaZlvgZr^hfWlhaZcf_l[md\Zevghg_kdhevdhfbgmlFukjZam`_ijb^_f\klheh\mxQZc
^Z`_g_mki__lhklulvkdhjh]h\hjdhc\u^ZeZyqlh[u\ke_^mxsbcfb]ihlygmlv`_gboZaZkh[hc
g_^h`b^Zykv\_ebdh]hiha\he_gbyohay_\^hfZ?e__e_mki_ebkdjulvkyk]eZa^hehc_s_
f]gh\_gb_b\k_[um\b^_eb\dZdhfg_ijb]ey^ghf\b^_ygZoh^beZkv
KlhbehgZflhevdhhdZaZlvkyaZ^\_jvx\_^msmx\`bemxqZklv^hfZdZdfhjhdgZeh`_gguc
@hj`_fihieue\g_fihy\bebkvijhj_obkd\havdhlhju_y\kl\_gghklZeijhklmiZlvbklbgguc
\b^ieZlvy
NmodZ`_lkymki_ebykh[e_]q_gb_f\a^hogmeZjZ^mykvdZdfZe_gvdbcj_[_ghdk\h_cm^Zq_
Hgbgbq_]hg_aZf_lbeb
�Zih^l\_j^befhc`_gbo
:qlhmgZkaZ[uebl\hbjh^bl_eb"aZ^ZeZbgl_j_kmxsbc\hijhk
G_fh]magZlvjZkk_ygghhl\_lbe@hj`
�Lu"Zygb\`bagvg_ih\_jx[jhkbeZy[_jyfm`qbgmaZjmdmblZsZaZkh[hc?keb\^jm]dlh
ih`_eZ_lihke_^h\ZlvaZgZfblhfh`_lm\b^_lvkh\k_f^jm]mxdZjlbgdmqlh[ueZ_s_f]gh\_gb_
gZaZ^IjbagZ\Zlvky\k\h_ce`bdZdlhg_ohl_ehkv
Fh`_l[ulvwlhdZdbflhh[jZahfk\yaZghkijhkhqb\r_ckybgnhjfZpb_chklhjh`ghijhbag_k
fm`qbgZ^mfZyy\ghhk\h_f
EZ^ghq_]h]Z^Zlv"k_jZ\gh\kdhjhf\j_f_gbmagZ_fhl\_lbeZyhllmlfhy\hlqbgZaZ\_eZ
yfm`qbgm\k\hxkiZevgx
G_[hbrvky"ihq_fmlhkijhkbehg
Q_]h"kijhkbeZih\_jgm\rbkvd`_gbom
QlhgZ[jhrmkv
G_l
hlby^mfZxqlhg_lg_kdhevdhjZahqZjh\Zgguflhghfijhbag_keZaZoh^yaZrbjfmb
k[jZku\ZyieZlv_qlh[u\ke_^mxsbcfhf_glgZdbgmlvgZk_[yoZeZlbhij_^_eblvky\q_f`_
\uclbi_j_^]hklyfb
Luh[_sZeZihdZaZlvlhqlhl_[_ijbkeZebgZihfgbefg_@hj`Fg_[ueihgyl_g_]hbgl_j_k
?s_[ulZdb_wdkdexab\gu_k\_^_gbyb[_a_]hkZgdpbc
Ihl_jibfg_gZ^h[ukljhi_j_h^_lvkyy\ki_rghfihjy^d_gZijZ\beZkv\]Zj^_jh[gmx^ey
ihbkdZih^oh^ys_ckemqZxh^_`^uOhjhrhohlvqlh\k_dhfie_dlum`_[uebaZjZg__
knhjfbjh\ZguieZlv_lmn_evdbmdjZr_gbyWlhfZfmey\\_eZmgZk\^hf_gh\mxfh^mfhegZ^h
`blvjZpbhgZevghbg_ljZlblv\j_fygZimklu_oehihluL_i_jvihdmiZyqlhgb[m^v\fZ]Zabg_fg_
gZ^h[uehkh[jZlviheghklvxdhfie_dl\_s_cih^oh^ysbo^jm]ih^^jm]ZLZdbfh[jZahfhgZ
aZklZ\eyeZf_gyfukeblvh[t_fgh]h\hjyqlhgZmqb\rbkvh^_\Zlvk_[yykfh]mieZgbjh\Zlvk\hx
[m^msmxk_f_cgmx`bagvwlhfqlhlh[uehIhlhfmfZfhqdbghgh\h\\_^_gb_[ueh\hkijbgylh
fghc[eZ]hkdehgghbg_kZ[hlbjh\ZehkvdZd^jm]b_DZdhdZaZehkv__gh\r_kl\hijb]h^behkvhq_gv
^Z`_dklZlb
Y\u[jZeZlmZe_l\g_`ghebeh\uolhgZokj_^g_c^ebgukqblZyqlhmgZk\k_`_qZ_iblb_Zg_
m`bg;ukljhijb\_eZk_[y\ihjy^hd\hehkuaZdheheZgZaZlued_hklZ\b\g_kdhevdhijy^hd
k\bkZxsbfb\^hevebpZfZagmeZe_]dbf[e_kdhfih]m[ZfkqblZyqlhdjZkhlZeb[h_klveb[h__
�g_lZbdjhf_lh]h\ijbkmlkl\bbjh^bl_e_c@hj`Zohl_ehkv\u]ey^_lv_s_[he__g_\bgghc
g_`_ebygZkZfhf^_e_
Y]hlh\Z\wlhljZag_klZgh\beZkv\wnn_dlgmxihamg_bah[jZ`ZeZlhfghklv\h\a]ey^_DZdlh
g_^hwlh]h[uehOhl_ehkvkdhj__jZah[jZlvkykh\k_fb^_eZfbb\u[jhkblvboba]heh\u
Luij_djZkgh\u]ey^brvlZdZyg_`gZyojmidZymkeurZeZyhl@hj`Zb\f_klhlh]hqlh[u
h[jZ^h\Zlvkyijha\mqZ\r_fmdhfiebf_glmh]juagmeZkv
Ghg_gZklhevdhg_`gZydZd;weeZ
Bdlhf_gylhevdhaZyaudlygme"
G_m`_ebluf_gyj_\gm_rvEbahgvdZ"\djZ^qb\uflhghfijhbag_kfm`qbgZhdZaZ\rbkv\
djZlqZcrbcfb]jy^hfHlfm`qbguih\_yehijbylgufaZiZohfiZjnxfZkf_rZggufk_]hjh^guf
ZjhfZlhfLZg^_fhdZaZekym[hcgufFhbh[hklj_ggucgxomeh\bef_evqZcrb_hll_gdbaZklZ\eyy
gZklhjh`blvkyhlbkoh^ys_cm]jhauhllhevdhy^hdhgpZg_fh]eZhij_^_eblvdhfmhgZ
ij_^gZagZqZeZkv
Y"DZdfh`gh"J_\gm_llhldlhg_m\_j_g\k\hbokbeZohl\_lbeZgZkeh\Z@hj`Z
:luagZqblm\_j_gZ"eZkdh\hk_^\ZjZaebqbfhcojbihlphcihbgl_j_kh\Zekyfm`qbgZih^oh^y
dhfg_\iehlgmx
?]hjmdZih^gyeZkvbaZklueZhdhehfh_]hebpZihf_^eb\F_gy_^\ZdhkgmebkvijhoeZ^gu_
iZevpuhq_jlbebkdmem\uau\Zyijhlb\hj_qb\u_qm\kl\Z]^_lh]em[hdh\gmljbQ_jgu_]eZaZ
\gbfZl_evghke_^bebj_Zdpb_cgZijhbkoh^ys__bamqZebjZa^mfu\ZebdZdihklmiblv^Zevr_
:fdeZpgmeZyam[Zfbijyfh\hae_iZevp_\@hj`ZHldmrm
;uehkljZrghdq_fmfh`_lijb\_klbgZr_m_^bg_gb_Zlml_s_\gbamjh^bl_ebk`_eZgb_f
ihmqblvmfmjZamfm\hlyjZajy^beZkblmZpbx
Ykghqlhg_lh`_kZfh_qlhkEZjbghch[jhgbeZy\gh\vh[jm]Z\k_[yihiheghcijh]jZff_
DklZlbfm`qbgZkh\_jr_gghg_h[b^_ekyqlhlZfl_[_ijbkeZeb"IhdZau\Zc:lhkdhjh
qm\kl\mxy\ylkygZrbij_^dbkp_evxmagZlvq_f`_fulmlaZgbfZ_fky
K_cqZkihdZ`my]b[dhc\_lhqdhcijhkdhevagmeZfbfh@hj`ZhdZaZ\rbkvhdhehdhfivxl_jZb
ldgmeZdghidm\dexq_gbyFZrbgZf_jghaZ]m^_eZ
Fh`_lykZfij_^eh`be[jxg_l
Lug_gZc^_rvyihdeZpZeZihbdhgdZfki_rbeZkbevghb[hijbkmlkl\b_jy^hf@hj`Zf_gy
\hegh\ZehBdZdgZaehihiZeZgZ\b^_hIhklZjZeZkvaZdjulvnZceghlhevdhk^_eZeZom`_f_klh
gZqZeZnZceZi_j_kdhqbeZkjZam`_gZk_j_^bgm
Fhf_glhdZaZekykZfucqlhgbgZ_klvm^Zqguc
Fhc`_gboklhyeihkj_^bh]jhfghcdhfgZluZ[khexlghh[gZ`_gguckaZ^bg_]hjZkiheZ]Zehkv
[hevrh_hdghhldm^Zkhqbekyfy]dbcahehlbkluck\_ldhlhjuc[u\Z_lebrv\h\j_fyaZdZlZL_eh
fm`qbgukh\_jr_ggh_^h[_ah[jZaby\k\h_ci_j\ha^ZgghcdjZkhl_ih^k\_q_ggh_emqZfbkhegpZ
[md\ZevghbkdjbehkvgZoh^ykv\ij_djZkg_cr_fZj_he_kha^ZggufkZfhcijbjh^hc?]h]heh\Z
[ueZaZijhdbgmlZqmlvgZaZ^]eZaZijbdjulu\[eZ`_gghcbklhf_qm\kl\_ggu_]m[u_^\Z
r_\_ebebkvghjZah[jZlvj_qv[uehijZdlbq_kdbg_\hafh`gh=jm^vfm`qbguoh^beZoh^mghf?]h
ijZ\ZyjmdZihdhbeZkvgZju`_gvdhcfZdmrd_f_lh^bqghkh\_jrZxs_cihklmiZl_evgu_^\b`_gby
JZdmjk\b^_h]h\hjbehlhfqlhkt_fdZ\_eZkvdZf_jhcgZoh^ys_ckygZmjh\g_ihykZ\ajhkeh]h
q_eh\_dZdZd_keb[uhgZgZoh^beZkvgZdZdhclhih\_joghklblbiZklheZbebdhfh^Z
Yi_j_\_eZk\h_\gbfZgb_gZdhe_ghij_dehg_ggmx^_\mrdm
Gmlhqgh[he\ZgqbdgZrZjgbj_ih^mfZehkvfg_
dZdhclhfb]klZebkeurgukeh\Z@hj`ZihgmdZxsb_^_\mrdmdeZgylvky[uklj__Zke_^hf
h[h^jyxsb_keh\ghhgZ\k_\uihegbeZijZ\bevgh
Hlhj\_lkylhqghhlhj\_lky]heh\ZOhjhrh_kebkjZamZ\^jm]gZgblhqd_r_cd_aZ\bkg_l"
Fhbs_dbaZebehimgph\ufZ^uoZgb_i_j_o\ZlbehB_keb\gZqZe_wlhijhbahrehhl\i_qZle_gby
qlhijhba\h^be@hj`k\h_cg_a_fghcdjZkhlhc[m^mqbih^h[gufahehlbklhq_jghfm[h]mlh
gZkljh_gb_lml`_baf_gbehkv_^\Zfhc\ahjmiZegZkimlgbpmm_]hgh]
HgZl_[_lZfqlheb[ehoeh\bl"k]emiufkf_rdhf\u^ZeZyg_agZydm^ZkijylZlvkyhlklu^Z
Fm`qbgZaZdZreyekyi_j_o\Zlbebafh_cjmdbfurdmkihjhk\_jgm\hdghihdZaZ
Luwlhhl^Zcfg_AZq_fl_[_lZdh_"@hj`ih^[bjZekeh\ZdZ`_lkyg_lhevdhfg_[ueh
g_m^h[ghhlm\b^_ggh]h
�Zm`LZdh_gZghqvm\b^brvlhqghg_aZkg_rv]em[hdhfuke_gghfhe\beZydhfdZyg_`guc
\heZgieZlvybf_y\\b^mqlhnbevfijhba\_egZf_gyg_ba]eZ^bfu_\i_qZle_gby
k_g_gZklhevdhm`ZkghdZ`_lkydh_dlhkh[jZekyhijZ\^u\Zlvky
Gm^Zkm^yih\k_fm[ehogZ^heh\blv^he]hg_agZeZdZd\uclbbag_ijbylghckblmZpbb
�Zg_lmf_gygbdZdbo[eho\k_j^pZoijhbag_k@hj`
:qlhlZfml_[y"FmjZ\vb"
DZdb_fmjZ\vb"Hldm^ZfmjZ\vb"G_lmgZkgbdZdbofmjZ\v_\fZf_gvdZkihjh]Zg_
jZah[jZ\rbkv\kmlb\hijhkZijbgyeZkvgZ\h^blvihjy^dbFugZk_dhfuol_ji_lvg_fh`_f
FZfihklZjZeZkvyh^_jgmlvjh^bl_evgbpmqlh[uhgZg_gZ]h\hjbeZq_]hg_ke_^m_l
\hajZklZ\lhjbl_l\dhgp_dhgph\Zlu_s_s_ghdlmlfZfZi_j_o\ZlbeZ\a]ey^@hj`Z
\hijhrZxsbchq_fwlhhgZbihgy\qlhk[helgmeZkh\_jr_gghg_lhj_rbeZi_j_\_klbl_fm
jZa]h\hjZ:qlh\ulmllZdh_bgl_j_kgh_kfhljbl_"
Fuk@hj`_fg_m^hkm`bebkvhlhclbhldhfivxl_jZZl_i_jvfZfbgZjmdZlygmeZkvdfurd_
gZf_j_\Zykvihkfhlj_lvqlh`_hlg__ijyqmlfeZ^u_^_ldb
Fh`gh[ueh[uk[blvfZlvkgh]kdZaZlvqlhih^kfZljb\Zlvg_ohjhrhh[\bgblv\h\e_aZgb_\
ebqgh_ijhkljZgkl\haZy\blvijhg_ijbdhkgh\_gghklvqZklghc`bagbghwlhgZ^h[ueh^_eZlv\
^jm]hcfhf_gl\j_f_gbihlhfmdZd\wlhlfug_mki_ebkhjb_glbjh\Zlvky
WdjZgaZ]hj_ekyjZa\_jgm\r_ckydZjlbgdhc
j_fyjZklygmehkv\`\ZqdmihdZ^hfZfu^hoh^beZkmlvm\b^_ggh]hgZwdjZg___g_^h\_jqb\uc
\a]ey^i_j_f_klbeky\gZqZe_gZ@hj`ZZaZl_fgZf_gyDZd\aZf_^e_gghckt_fd_y\b^_eZ
himkdZxsb_kyj_kgbpufZfmeb_^\Zih^djZr_ggu_q_jghclmrvx__\a]ey^ihegucg_^h\_jbyb
\hafms_gby__aZlZ_ggmx[hevke_^mxsbcfb]__\_dbkhfdgmebkvgZf_evqZcrmx^hex
k_dmg^uaZ^_j`Zebkv\wlhfiheh`_gbb:dh]^Z]eZaZ\gh\vhldjuebkvlhi_j_^gZfb[ue
kh\_jr_ggh^jm]Zy`_gsbgZk^jm]bf\ujZ`_gb_f\h\a]ey^_
M^_\hqdblZdZyhl\jZlbl_evgZyl_ogbdZG_gZ^h__Ebahqd_\ijbf_jklZ\blvfZfZdeZpgmeZ
furdhck\hjZqb\ZyhdghgZwdjZg_Luemqr__ci_jkbdbihdmiZcqZs_beb[ZgZgufh`gh_s_
h]mjpughlhevdhg_imiujqZlu_bdhexqb_
FZfluk_cqZkhq_f"kjZabgmlufjlhfkfhlj_eZgZjh^bl_evgbpm
Y"m^b\beZkvfZfZkg_\hafmlbfuf\b^hfknbgdkZkeh\ghk_dmg^mgZaZ^g_hgZkfhlj_eZ
hldjh\_ggh_\b^_hkmqZklb_f[m^ms_]haylyKh\_lmx@hj`bdm]^_[hevr_kh^_j`blky
\blZfbgh\Lu`_mf_gylZdZykeZ[_gvdZyL_[yih^dZjfeb\ZlvgZ^hGmqlh\u^_ldblZfm`_\k_
aZ`^ZebkvIhc^_fl_fZfZih^o\ZlbeZf_gyb@hj`Zih^jmdbbihlygmeZijhqvbadhfgZlu
gZihke_^hdh[_jgm\rbkvgZdhfivxl_jkeh\ghhq_flhaZ[u\
DZdlhevdhfuhdZaZebkvhdheh\uoh^ZkaZ^bjZa^Zekyh]emrbl_evguclj_kdY\a\ba]gmeZb
h[_jgmeZkvkh[bjZykvihkfhlj_lvqlh`_ijhbahrehGZf_kl_]^_klhyedhfivxl_j\k_[ueh
q_jgufq_jghZ_]hkZfh]hbke_^ijhklueebrvh^bghdbcyauqhdieZf_gb\uju\ZekybahklZldh\
l_ogbdb
FZfZqlhwlh"
G_h[jZsZcl_\gbfZgb_^_lhqdbfZfZijh^he`ZeZgZkm\e_dZlv^Zevr_b^bfhkhk_^bhiylv
khk\Zjdhc[ZemxlkygZ^h[m^_lgZgboaZy\blvdm^Zke_^m_lGbdZdh]hhlgbo`blvyg_l
kZfh^_edbguq_jlh\uHgb`_lZdb\kxwe_dljhijh\h^dmk`_qvfh]mlhlqZcihiv_fbgZqgm
`Zeh\ZlvkyijbgyeZkvm]jh`ZlvfZ^Zf@_gb]hgbfZyijZ\_^guf]g_\hf
kx^hjh]m^hklheh\hcfZfZs_[_lZeZgZl_fml_ogbdb[_ahiZkghklbijbijh\_^_gbbjZ[hl
ijbq_fhdZdbojZ[hlZodhgdj_lghreZj_qvhgZg_mlhqgyeZmimkdZywlmbgnhjfZpbxba\b^mGby
gb@hj`g_i_j_[b\ZebfZfhqdmYba[hyagbgZj\ZlvkygZ__g_h^h[j_gb_ijbqbgu@hj`Zg_
agZeZZkijhkblv[uehg_\hafh`gh
:\hlbfuh[ty\beZfZ^Zf@_gb\h\k_mkeurZgb_ijbgZr_fihy\e_gbb
Fu\ZklmlaZ`^ZebkvwlZFZlbev^Zfbehmeu[ZykviulZeZkvkdjulvk\h_g_^h\hevkl\h
ug_ih\_jbl_qlh^_lbfg_ihdZau\ZebyhlrhdZ^Z`_krZ]Zk[beZkv
Dm^Z^_ldbkh[bjZxlkyih_oZlvihke_f_^h\h]hf_kypZjZkieu\rbkv\hl\_lghcmeu[d_
ijh\hjdh\ZeZfZ^Zf@_gbLm^Z]^_fh`ghoh^blv]heufb_klv[ZgZguihykgbeZhgZgZ
m^b\e_gguc\a]ey^
Yqmlvg_ihi_jogmeZkv\ha^mohfklhbehfg_mkeurZlvijhgbdgh\_gghkdZaZggmxnjZamba
fZfbguomkl
Bqlh"u[jZeb"ihbgl_j_kh\ZeZkvFZlbev^Z
G_lihdZMjh\_gvk_j\bkZh[kem`b\Zxs_]hi_jkhgZeZhl_ey@hj`bdmg_ihgjZ\beky^Zgguc
fhf_glih^[bjZ_l^jm]hc\ijhq_fdZdblmjhi_jZlhjZ
L_i_jvgZklZeh\j_fyojxdgmlvfh_fm`_gbomdZ`_lkyb_]hl_ji_gbxijbr_edhg_pHg_s_
^he]hijh^_j`Zeky\ukemrb\ZyfZfbguwda_jkbkumklghckeh\_kghklb
@hj`bdfZfZihoehiZeZfm`qbgmihkibg_D\u[hjmlmjhi_jZlhjZgZ^hih^oh^blvdZdfh`gh
\gbfZl_evg__Wlh`_ijZdlbq_kdbjZabgZ\kx`bagvbi_j_ijh[h\Z\^_kyldb^jm]boke_^m_l
hklZgh\blvkygZh^ghfkg_aZiylgZgghcj_imlZpb_cKemrZcfm^jmx`_gsbgmHgZl_[_iehoh]hg_
ihkh\_lm_lkm^yih\k_fmih^fm^jhc`_gsbghchgZbf_eZ\\b^mk_[y
FZ^Zf@_gbymkeurZe\Zrkh\_lbijbgye_]hdh\gbfZgbx^mfZxqlhkfh]mijbgylv
ijZ\bevgh_j_r_gb_Fg_g_f_g__q_f\Zfohq_lkyihemqZlv\k_ij_e_klbhl`bagbZg_lhevdh__
kmjjh]ZluG_\hegmcl_kvfhc\u[hj[m^_lh[hkgh\Zgbijh^mfZg^hf_ehq_cemdZ\Zymeu[dZ
haZjbeZklZ\rbffZevqbr_kdbfebph@hj`Z\g_aZighih^fb]gm\r_]hfZfZgDjhf_f_gyb__
wlh]hgbdlhg_fh]m\b^_lvhllh]hblZcgZih\bkrZyf_`^mgZfb[ueZkeZs_g_dlZjbgZ
:\uagZ_l_qlhfhcklZjrbckug\_jgmeky"\\_jgmeZ\jZa]h\hjFZlbev^Z
Fhbmrbhlq_leb\hmeh\beb\u^_e_gb_keh\ZklZjrbcbfg_wlhg_ihgjZ\behkvihlhfmdZdy
kfhlj_\rZygZ@hj`ZaZf_lbeZl_gvijhkdhqb\rmxihdjZkb\hfmebpmfm`qbgu
Wlhlhldhlhjuchl\k_]hhldZaZeky\ihevam@hj`Z"kkh\_jr_gghg_\bgguf\ujZ`_gb_febpZ
ihbgl_j_kh\ZeZkvm`_gsbguBeb\ugZf_j_gukbehchlh[jZlvijZ\Zmfh_]h`_gboZ"
IjhklhlZom`_\hjh\kl\Zwlh_s_fhy[Z[mrdZ]h\Zjb\ZeZ:ijhbag_k_gb_k_jv_aguo\hijhkh\k
^_lkdbf\ujZ`_gb_fgZebp_\wlhfy[ueZm\_j_gZklZehih^h[ghfZe_gvdhfmy^_jghfm\aju\m\
gZr_cfZe_gvdhcdhfiZgbb
fb]aZklhehfih\bkeZlbrbgZFhbjh^bl_ebaZfheqZebg_agZydZdj_Z]bjh\ZlvgZfhx
[_klZdlghklv@hj`ykgh_^_ehg_fh]gbq_]hhl\_lblvgZwlhl\hijhk:\hlj_Zdpbyjh^bl_e_c
`_gboZf_gyhq_gv^Z`_bgl_j_kh\ZeZ
I_j\ufkj_Z]bjh\Ze=hf_j
Dhg_qgh`_g_lMgZk^Z`_lZdhcfukebg_[uehDjhf_lh]hhevny\bekykx^Zkh\_jr_gghih
^jm]hfm\hijhkmb\ukdZaZey\gu_gZf_j_gby\_jgmlvkylm^Zhldm^Zijb[uedZdlhevdh\k_^_eZ
[m^mlj_r_gum\_j_gguclhgdZdbf\k_[uehkdZaZghihgjZ\bekyfg_Ghkbevghh]hjqbeh
\ujZ`_gb_ebpZFZlbev^uohlvfbfbdZ[ueZbfbfhe_lghch^gZdhf_gygZklhjh`beZ
G_^h\hevkl\h[uehh^ghcbakhklZ\eyxs_cdhlhjh_fg_g_ihgjZ\behkv
=hf_jg_m`_eblu[m^_rv]gZlvjh^gh]hkugZ"hevnlhevdh\_jgmekyZlum`_hlijZ\ey_rv_]h
\^Zevgxx^hjh]mImklvih[m^_l^hfZIh]hklblWlh`__]h^hfG_lZdeb"kfbehckeZ^dhc
meu[dhcihbgl_j_kh\ZeZkv`_gsbgZmfm`Z
Dhg_qghhg\k_]^Zfh`_lmgZkhklZgh\blvkygh^mfZxqlhg_lZdbf^he]bf[m^_l_]h`_eZgb_
�hjh]hcdZdlufh`_rvlZdh_]h\hjblv"G_m`_eb_fmg_gZc^_lky\gZr_fhkh[gyd_f_klZ"
g_^h\hevghkijhkbeZ`_gsbgZkha\hghfklZ\yqZrdmgZ[ex^p_hlq_]hqZci_j_ebekyaZdjZc
h[jZah\Z\g_[hevrmxem`bpmAZq_flu\u[jZku\Z_rv_]hgZmebpm"JZa\_fh`_llZdh_k^_eZlv
ex[ysbchl_p"lml__]hehkkt_oZegZnZevp_l
=hf_jih^`Ze]m[ukh[bjZykvhl\_lblv`_g_gh_]hhi_j_^beb
FZfZlug_lZdihgyeZiZimHgohl_ekdZaZlvqlhhevnm`_^hklZlhqgh\ajhkeucqlh[u`blvk
jh^bl_eyfbfy]dhijhbag_k@hj`\aZsblmhlpZFg_ihgjZ\behkvklj_fe_gb_`_gboZg_
^himklblvjZagh]eZkbcf_`^mij_^dZfbl_f[he__\ijbkmlkl\bbihklhjhggbo
@hj`dh]^ZyaZohqmkijhkblvl\h_]hkh\_lZlhg_ij_f_gghwlhk^_eZxihke_^h\Z\rbc]g_\guc
\a]ey^\klhjhgmkugZfgh]h_ijhykgbe^eyf_gy
Ijhklbl_qlh\f_rb\Zxkv\jZa]h\hjgZklhevdh[ebadboex^_cg_kfh]eZykl_ji_lvihcfZ\
iheguc[heb\kihehoZmju@hj`Zghg_fh]eb[u\uFZlbev^Zih^Zlv\hglhi_q_gv_qlhjy^hf
k\Zr_cjmdhcGbdZdg_fh]m^hlygmlvkyi_j_\_eZ\k_\gbfZgb_gZk_[y
EbahgvdZZl_[_jZa\_fZfZg_]h\hjbeZqlhi_j_[b\ZlvklZjrbowlh^mjghclhg"mfZfu@hj`Z
[ueg_ijbylguc]hehkdh]^ZhgZgZqbgZeZg_j\gbqZlv
Dhg_qgh]h\hjbeZkfbehcmeu[dhcijhbag_keZyihf_rb\Zyeh`_qdhc\qZrd_^Z\ghhklu\rbc
qZcAZl_fih^gyeZgZg__k\hbq_klgu_ij_q_klgu_]eZaZbijh^he`beZGhgZ_^bg_k_]^Z
gZ_^bg_Bhlqblu\ZeZBjm]ZeZBh[km`^ZeZB`Ze_eZdh]^Zlj_[h\ZehkvihlhfmdZdi_j_^wlbf
^hdZau\ZeZfg_gZkdhevdhyg_ijZ\ZH^gZdhijbg_h[oh^bfhklbfh]eZijbagZlvkyb\k\hbo
hrb[dZo_^v\k_fu`b\u_bgbdlhhlgbog_aZkljZoh\Zg
AZklhehf\hpZjbeZkvlbrbgZebrv[uehkeurghdZdaZkdjbi_ebqvblham[u
=hf_j@hj`Z\uagZ_l_qlhygZ^gyodmibeZglbd\ZjgucZ\lhfh[bevihaZijhreh]hklhe_lby"
IjZ\^Zqlheb"i_j\ufhlj_Z]bjh\Ze=hf_jWlh`_\_ebdhe_igZygh\hklvLuijhklhh[yaZg
gZfihdZaZlv
Dh]^Z"
�Ohlbl_ohlvkbxk_dmg^mmfZxqlh^_\hqdbgZkhlimklylkfhlZlvky\]ZjZ`Imklvhgblml
dhklhqdbih^jm`dZfihfhxlajyiZiZh[wlhfmihfygmeghkdZaZggh]hg_\hjhlbrvFZlbev^Zk
g_ijhgbpZ_fufebphfkb^_eZdZdiZfylgbdkZfhck_[_bbah[jZ`ZeZkhklhygb_ijhkljZpbb
:wlhfukevih^o\Zlbe=hf_j@hj`ihc^_fYlh`_ijbkfhlj_ek_[_h^gmjZa\Zexrdm^Z\k_
^mfZx[jZlvbebg_[jZlv
?kl_kl\_ggh[jZlvih^o\Zlbekugkeh\ZhlpZLhevdh\jy^ebhgZm`lZdZyjZa\ZexrdZdZdlu
]h\hjbrvkdhj__ijZdlbq_kdb\b^_ZevghfkhklhygbbjZa\_qlhgZg__iuebgdZmiZeZ
hlB\wlhf\_kvfhckugG_^Z_lhlpm^Z`_g_fgh]hijb[_^gblvkyih`Zeh\Zeky\rmldm
fm`qbgZ
Wlhl\hc\lhjhckug]g_\gh[jhkbeZFZlbev^ZG_aZ[u\Zch[wlhf
Keh\Z`_gsbgu[uebh[b^gukZfbihk_[_ZkdZaZggu_\lZdhfdexq__s_[hevr_mkm]m[beb
kblmZpbxgZnhg_\k_]hjZg__ijhbag_k_ggh]h
MiZ\rbcklmeba\_klbehj_adhfih^t_f_@hj`ZbaaZklheZ
Yijhrmf_gyijhklblvfZ^Zf@_gb\ZrqZc[ueijhklh\_ebdhe_i_gghy\ugm`^_gkjhqgh
�ihdbgmlvwlhl]hkl_ijbbfguc^hfM\u_eZkdZf_gguf\ujZ`_gb_febpZijhbag_kfm`qbgZ
Fg_lh`_ihjZYklh[hcmo\ZlbeZkvyaZjmdm`_gboZ\eb\Zy\g_]hk\hxkbemqm\kl\myqlh
_s_qmlvbmg_]hgZqg_lkyljZgknhjfZpby
:\hlwlh]h_fm\jy^eb[uihgjZ\behkvbf_chg\hafh`ghklv\u[bjZlvY\kihfgbeZk_[ydZd_s_
g_^Z\ghe_`ZeZgZljhlmZj_b[md\Zevghju^ZeZbaaZg_dklZlbijhy\b\rbokyhkh[_gghkl_cY[ug_
ohl_eZqlh[u@hj`mljZlbek\hx\u^_j`dm\ijbkmlkl\bb_]hijhlb\ghcfZfZrbG_^h`^_lky
Lhevdhg_\fh_fijbkmlkl\bb
Fh`_l[ulv@hj`b\ur_e[ubaaZklheZ[_af_gyghy\p_ibeZkv\fm`qbgmdZdde_sIhwlhfm
_fmgbq_]hg_hklZ\ZehkvdZdm^Zeblvky\f_kl_khfghcijhqv
�@hj`m[uehiehohYwlhqm\kl\h\ZeZZ`_g_gZ^h[uehh[eZ^Zlv^Zjhfqlh[uihgylvhq_\b^gh_
ukdhqb\gZihjh]gZr_]h^hfZ@hj`xjdgme\fZrbgmhlijZ\b\\hl]mek\h_]h\h^bl_ey
kZfhklhyl_evghk_\aZjmevY`_ijbfhklbeZkvjy^hfgZiZkkZ`bjkdhfkb^_gbbklZjZykvg_
hlk\_qb\Zlvb\hh[s_g_kha^Z\ZlvgbdZdh]h^hihegbl_evgh]hrmfZ:\lhfh[bevj\Zgmekf_klZ
klhbehlhevdhaZjZ[hlZlvfhlhjmf_gy[md\Zevgh\^Z\beh\dj_kehhlkdhjhklbdhlhjmxjZa\be
�@hj`\i_qZlZ\i_^Zev]ZaZ\ihe\b]Zl_evj_\_efZrbgZg_keZkv^_j_\vy^hfZiheyijhe_lZeb
fbfhkg_bfh\_jghckdhjhklvxy^jh`ZeZdZdhkbgh\ucebkl\p_ib\rbkv\j_f_gv[_ahiZkghklbb
fhebeZkv\k_f[h]Zfqlh[ufugb\dh]hg_\j_aZebkvAm[ukp_ibeZgZklhevdhdj_idhqlhdZaZehkv
_s_qmlvqmlvbhgbgZqgmldjhrblvkyZ\k_^eylh]hqlh[ufheqZlvbg_\ba`Zlvhlm`ZkZKlj_edZ
gZkib^hf_lj_ijh\ZebeZkvdm^Zlh\ijZ\hbkm^yih\k_fmihqbeZkf_jlvxojZ[juogZgb\_
kdhjhklb
=hjh^hklZeky^Ze_dhihaZ^bZfu\k_g_kebkvkeh\ghilbpugZ^k_jhce_glhc^hjh]bDm^Zfu
_oZebagZelhevdh@hj`ghf_gy\k\hbieZgug_ihk\ysZeYbg_kijZrb\ZeZij_^ihqblZy
fheqZlvljyklbkvbfheblvkyJ_rbeZqlh\k_jZ\ghh^bgjZamfbjZlvlZdohlvmfjmfheh^Zyb
djZkb\ZyIeZlv_gZfg_gh\h_gbjZamg_gZ^_\Zggh_lmneblh`_lhevdhbafZ]ZabgZlZdqlhfh`gh
kdZaZlvmiZdh\ZgZih\ukr_fmjZajy^m
g_aZighi_j_^fhbf\ahjhfihke_q_j_^u^hjh`guoklhe[h\^_j_\v_\bijhe_lZxsbofbfh
fZrbghldjuehkvh]jhfgh_ijhkljZgkl\haZeblh_\h^hc^Ze_d_ihih\_joghklb\h^yghc]eZ^b
[_`Zebk_^u_dm^jy\u_[ZjZrdb]hgbfu_ihimlguf\_ljhfDZaZehkvqlh^hf_gym`_a^_kv
^hghkblkyaZiZo\h^u
FZrbgZ\g_aZighhklZgh\beZkvlZd`_dZdbih_oZeZFugZoh^bebkvg_^Ze_dhhl^Zf[uih^
gZkuivxhldm^Z]gZe@hj`Zy\k_g_fh]eZij_^iheh`blvdhg_qgucimgdlgZagZq_gby:_fm
aZohl_ehkvd\h^_
Fm`qbgZgbq_]hg_]h\hjy\ur_ebafZrbgubhlijZ\bekyijyfhdp_gljmiehlbgug_h[jZsZy
\gbfZgb_gZaZ]jZ`^_gb_bij_^mij_^bl_evgu_agZdbdhlhjuo[ueh\b^bfhg_\b^bfh
ihgZklZ\e_ghihi_jbf_ljmhojZgy_fh]hf_klZ
Fg_ihlj_[h\Zehkvg_dhlhjh_\j_fyqlh[uijbclb\k_[yihke_]hgdbihe_a\bxgh`ZJmdb^hkbo
ihjf_edh^jh`Zeb\u^Z\ZyebohjZ^hqgh_khklhygb_Yo\ZebeZk_[yaZ\u^_j`dmG_khj\ZeZkvg_
aZibsZeZhlkljZoZg_jZaj_\_eZkvhlm`ZkZho\Zlb\r_]h\gmlj_gghklb
GZqZehihlbohgvdmkf_jdZlvkyIjbq_f\gZrborbjhlZowlhijhbkoh^beh^hklZlhqgh[ukljh
HklZ\Zlvky\fZrbg_klZehg_kdhevdhkljZrgh\ZlhihlhfmdZdkh^ghcklhjhgu[ueh
\h^hojZgbebs_Zk^jm]hcg_agZdhfuce_kkhk\hbfbh[blZl_eyfb@b\ufkj_^b\k_]h[mckl\Z
ieZ\Zxsb_\\h^_\jZkq_lg_[jZebkvD`_gbombhlijZ\beZkvj_rb\qlh\jy^ebklhblhojZgylv
fZrbgmy^hjh`_
Hklhjh`ghih]ey^u\Zyih^gh]byklmiZeZih[_lhggufieblZfgZ^_`ghnbdkbjmxsbfh]jhfgh_
dhebq_kl\h\h^uH]jZ^bl_evgucihjmq_gv^Z\Zefgbfmxm\_j_gghklvdhlhjmxyg_bkiulu\ZeZ
\h\k_dZdhclhfb]yij_^klZ\beZqlh\ky\h^Zkdhib\rZyky\h]jhfghcqZr_\h^hojZgbebsZ
ijhj\_lojmidh_khhjm`_gb_bf_gykfh_ldm^Zlh\gbaIjbrehkvbah\k_okbe[jZlvk_[y\jmdbb
\ulZkdb\Zlvba`_jeZ\medZgZkh[kl\_gguokljZoh\
GZdhg_py^hklb]eZlh]hf_klZ]^_hibjZykvgZjmdbklhye@hj`g_ih^\b`guf\a]ey^hf\abjZygZ
q_jgu_\h^u\i_j_^bk_[y
L_fg_eh
_l_jmkbeb\Zeky
Yhklhjh`ghih^hreZdfm`qbg_bih\lhjbeZ_]hihamihkqblZ\qlhjZahggZr_eqlhlh
ijb\e_dZl_evgh_\\h^_lhbykfh]mgZclb
GZkZfhf^_e_\h^ZaZ\hjZ`b\ZeZhegugZ[_]Zy^jm]gZ^jm]Zm^Zjyebkv\kl_gm^Zf[u
jZa[b\ZykvgZf_edb_hkdhedbhdZlu\Zyhdjm`Zxs__ijhkljZgkl\hkhlgyfblukyqfZe_gvdbo
dZi_e_dFuohlvbgZoh^bebkv^hklZlhqgh\ukhdhgh\h^yghc^uf^he_lZeb^hgZk
Kimklyg_kdhevdh^he]bofbgmlZfh`_lwlh[uebk_dmg^u@hj`gZdhg_paZf_lbefh_
ijbkmlkl\b_
AZf_jag_rvbyhdZaZeZkvaZdexq_gZ\dhevphfm`kdbojmdKjZam`_klZehl_iehbmxlgh
keh\ghf_gyg_jmdZfbh[gyebZmdmlZebl_ieufh^_yehf
L_i_jvm`_g_llbohhl\_lbeZy\`bfZykvkibghx\fm`qbgmL_i_jvfg_l_ieh
G_^mfZeqlhlugZklhevdhjbkdh\Zy^_\qhgdZijhr_ilZe@hj`fg_\\hehkuB_kebyg_
hrb[eZkvlh^Z`_ihp_eh\Ze_^\ZdZkZykv]m[Zfbfhboijy^_c
Yg_agZxhdhflu]h\hjbrvqmlvb]jb\hijhbag_keZ\]ey^u\Zykv\q_jgmx]eZ^v\h^uK_cqZk
ijZdlbq_kdb\k_kebehkv\q_jgbevgh_fhj_]^_g_[ueh\b^ghgbaZ[Z\guo[ZjZrdh\gbebklhqdh\
ieZ\Zxsboih\he_klbobbgZih\_joghklb\h^uEbrvkeurZekyrmfgZih^h[b_rmfZijb[hyqlh
lZdy\kl\_gghjZaebqbfgZ[_j_]m
k_luagZ_rvhfgh]hf\_^Z_rvZ_s_[hevr_kdju\Z_rvdZd\hlwlZ\h^Zqlhih^gZfbbkbeZ
dhlhjhcaZ\hjZ`b\Z_lg_gZrmldm
keh\Zofm`qbgu[uehfgh]hijZ\^u
Ihq_fmlu\u[jZewlhf_klh"fg_ohl_ehkvihgylvijbqbgmih^\b]gm\rmx@hj`ZhdZaZlvky
bf_ggha^_kv
Lmly\he_gihklmiblvdZdfg_\a^mfZ_lkyMclbbebhklZlvkyJ_rZlvlhevdhfg_
JZa\_\k\h_c`bagblug_lZdihklmiZ_rv"aZ^ZeZ\hijhk\kemrb\Zykv\hl\_l
G_m`_ebyihoh`gZk\h[h^gh]h"]hjvdhmkf_ogmekyfm`qbgZY^Z`_g_fh]mj_rblv`_gblvky
fg_bebg_lAZf_gy\k_^Z\ghm`_j_rbeb^jm]b_
Y\a^jh]gmeZih_`beZkvfb]klZehoheh^ghbaZohl_ehkvdl_iehfmdZfbgm
AgZqbllug_^h\he_gqlh\k_lZdih\_jgmehkv"
Fg_[ueh[hyaghmagZlv^Zevg_crb_keh\Zfm`qbguqlhj_r_gb_ijbgbfZeg_hgbk_cqZkqlh[u
gZkheblvfZl_jbhldZ`_lkyhlk\h_]hij_^eh`_gby
j_rblvkyfhy^Zevg_crZykm^v[ZG_m`_ebhevn[ueijZ\b@hj`j_rbe_fmmklmiblv
hldZaZ\rbkvhl^h]h\hj_gghklb"Fhy\_jZ\k_[y\k\hxkm^v[m^ZeZlj_sbgmjZa\_qlhg_
hkuiZeZkvhkljufbhkdhedZfbdgh]ZfG_m`_ebfhckhgg_[ue\_sbf"G_m`_eb\k_[uehajy"
YlZdg_^mfZxkeh\ZaZimlZebkv\fhbo\hehkZoLuaZ[Z\gZyKlh[hcg_[m^_lkdmqghWlh\h
i_j\uoh\lhjuofg_ihgjZ\behkvl\h_`_eZgb_fg_ihfhqv
:\lj_lvbo"ihlhjhibeZ`_eZydZdfh`gh[uklj__mkeurZlvk\hcijb]h\hj
:\lj_lvbolugZoh^qb\Zyfhbie_qbihgbdebWlh[uehkh\_jr_gghg_lhqlhyohl_eZ
�mkeurZlvmfZxqlhijhdjZkb\ZymfgZykf_eZyl_ji_eb\ZyblZd^Ze__]h\hjblvg_klhbllub
lZdh[wlhfagZ_rvmkeurZeZymeu[dm\]hehk_
G_lFg_h[wlhfgbdlhg_]h\hjblk_qlhlhkdju\Zxl\k_j^pZoijhbag_keZy
Ghblumf_gyihegZg_h`b^Zgghkl_ciZjbjh\Zefm`qbgZG_lZdeb"
HgdZd[m^lhqlhlhagZeh[hfg_
G_m`_eb"
K_j^_qdhaZ[behkvihcfZgghcilbqdhc
Y"G_lYhldjulZydgb]Zgbdh]^Zgb\q_fg_evayijbagZ\Zlvky
AZk_fvxi_qZlyfbfg_[uehijbylghqlhkfh]eZ\ua\Zlviheh`bl_evgu_wfhpbb\wlhf
aZ]Z^hqghffm`qbg_KiZkb[hl_[_\g_aZighihk_jv_ag_\rbflhghfijhbag_k@hj`ijbly]b\Zy
f_gydk_[_[eb`_
AZqlh"g_kjZamkhh[jZabeZ
AZl\hxih^^_j`dm@hj`ijh^he`beg_kdhevdhiha`_AZl\h_ihy\e_gb_\fh_c`bagbdh]^Zlh
^Z\gh;ueh\_k_ehYlZd^Z\ghg_kf_yeky
Luihfgbrv"km`Zkhf\hkdebdgmeZh[hjZqb\Zykv
?s_[uLZdh_g_aZ[u\Z_lkyYlh]^Zi_j\ufmiZefg_klZeh`mldhg_m^h[ghaZk\hx^_lkdmx
\uoh^dm
lhlaehihemqguc^_gvy_^bgkl\_ggucbihke_^gbcjZaihijhkbeZkvih[u\ZlvmhlpZgZjZ[hl_M
g_]h[ueihqlbk\h[h^guc^_gvdZdhglh]^ZkdZaZebhgkh]eZk_gf_gy\aylvkkh[hxGhihlhf
hdZaZehkvqlh^he`gZkhklhylvkydZdZylh\g_hq_j_^gZy\klj_qZbf_gyke_^h\ZehhlijZ\blv^hfhc
:y_kl_kl\_ggh[ueZijhlb\klhev[ukljh]hij_ju\Zgbyk\h_]hihk_s_gbyiZibghcjZ[hluIZiZ
hl\e_dkyZym[_`ZeZbkijylZeZkvGhg_kh\k_fm^ZqghZ\dhgn_j_gpaZe_]^_kh[kl\_gghb
^he`gZ[ueZijhoh^blv\Z`gZy\klj_qZFm`qbguhq_flhkihjbebaZk_^Zeb^he]hbgm^ghb\
dhg_qghfkq_l_fg_gZ^h_ehkb^_lvijhklhlZdbygZqZeZjZa\e_dZlvk_[ydZdfh]eZYdZdjZalh]^Z
iulZeZkvhk\hblvkbemZ\qZklghklb\uau\Zgb_h]gyDZdgZaehmf_gy\k_ihemqbehkvki_j\h]h
jZaZq_fmy[ueZg_kdZaZgghjZ^Z@Zevqlhfh_]hhilbfbafZg_jZa^_eyebkdmqgu_^_fhgu
gZdbgm\rb_kygZf_gyfZe_gvdmxIh^mfZ_rvqlhk\yaZeZrgmjdbm\k_oijbkmlkl\mxsbo^Z_s_
\^h[Z\hdmkljhbeZih`Zj]eZ\gh_`_gbq_]hg_kemqbehkvdZdihlhfmkihdZb\ZeZfZfZ
[mr_\Z\r_]hhlpZHgihq_fmlhkqblZeqlhy\uklZ\beZ_]h\g_ijb]ey^ghfk\_l_hkdhj[beZq_f
lh_]hiZjlg_jh\bijZdlbq_kdbkhj\ZeZ\Z`gmx\klj_qm
H^bgebrv@hj`meu[gmekyfg_\lhlaehihemqguc^_gvB_]h]eZaZ\dhlhjuoie_kdZebkv
bkdhjdbkf_oZaZihfgbebkvgZ^he]hlZdqlhij_ke_^h\Zeb\hkg_
�he]hHq_gv^he]h
hdZaZehkv\k_g_lZd
Yg_ohl_eZq_klgh_keh\hIjhklhlZdkZfhkh[hcihemqbehkvFg_ih^klhehf[uehkdmqghZ
aZgm^gu_j_qbf_gy\k_]^Zmkuieyebb\hlqlh[ug_mkgmlvyj_rbeZq_fgb[m^vaZgylvkyGbq_]h
bgl_j_kgh]hih^klhehfdjhf_rgmjdh\[hlbghdg_[ueh\hlybijbgyeZkvbfbb]jZlv\gZqZe_k
h^gbfbihlhfk^jm]bfbZ^Zevr_hghkZfhkh[hcihemqbehkv
AgZ_rvylh]^Z\i_j\ucjZa^he`_g[ue\uklmiZlvi_j_^lZdbfdhebq_kl\hfgZjh^Zhegh\Zeky
`mldhIjhk_[y^mfZeqlh]hlh\kd\hava_fexijh\Zeblvkyhli_j_`b\ZgbcBij_^klZ\vfh_
khklhygb_dh]^ZygZqZeiZ^ZlvKjZam`_ijbreZ\]heh\mfukevqlhwlhfhbkeh\Z\hiehlbebkv\
`bagvijhklhih\_^Zefg_@hj`hk\hboihlZ_gguo\hkihfbgZgbyo
Y\^he`ghcf_j_hp_gbeZ_]h^h\_jb_[hykvkim]gmlvg_qZyggufkeh\hf
Ijhklbyg_ohl_eZkhj\Zlvl_[_^hdeZ^ihijhkbeZijhs_gbymfm`qbgu\ueh`b\rbffg_dZd
gZ^momk\hb\hkihfbgZgbyl_oe_l
WlZfukevijh^_j`ZeZkvjh\gh^hlh]hfhf_glZdZd\ke_^aZfghcklZebiZ^ZlvdZdih^dhr_ggu_
\k_l_dlhiulZekyijbclbfg_gZihfhsvyjZaebqbeZghldbm^h\e_l\hj_gby\]hehk_@hj`Z
Lh]^ZlZdZydZrZaZ\ZjbeZkv
:]ZGbdlhg_fh]ihgylvhldm^Z^ufYlh]^Zklhevdhgh\uokeh\magZeZGZ\kx`bagv
aZihfgbeZfm`qbgug_kl_kgyebkv\\ujZ`_gbyoohlyk\b^m[uehg_evaykdZaZlvqlh\e_dkbdhg_
ijbebqghh^_luo]hkih^ijbkmlkl\h\Zeb`Zj]hgbafuijbkmsb_ihjlh\uf]jmaqbdZfG_dhlhju_
\ujZ`ZebkvlZd\blb_\Zlhqlhfhbg_hdj_irb_mrbk\hjZqb\Zebkv\ljm[hqdmhlmkeurZgguo
i_jeh\baysghckeh\_kghklb
F_gyih^klhehfh[gZjm`beb[ukljhI_j\uf[ue@hj`ghhgf_gyg_\u^ZeZ\hlhevnk^Zek
ihljhoZfbWlhlih]Zg_pko\Zlbef_gyaZmohdh]^Zyg_`_eZeZ\ue_aZlvbaih^klheZIZiZihlhf
gZg_]hlZdgZdjbqZeLhlhijZ\^u\Zekyqlhijbgyef_gyaZfZevqbdZY`_g_\bgh\ZlZqlh\k_]^Z
[ueZkhj\ZgphfIZiZohl_efZevqbdZZjh^beZkvyghhlwlh]hhgg_f_gvr_ex[bef_gyb[Zeh\Ze
IjZ\^Zihke_lh]hkemqZygZjZ[hlmdk_[_[hevr_g_[jZekqblZyqlh^\Z`^ugZh^gb]jZ[eb
gZklmiZlvg_klhbl
Fuihlhf_s_^he]hkjh^bl_eyfb\kihfbgZebhkemqb\r_fkyYklZgh\beZkvi_j_^fZfhcbiZihc
b\djZkdZojZkkdZau\ZeZk\hbfukebbihke_^mxsb_aZgbfb^_ckl\by:_s_yohjhrhfh]eZ
iZjh^bjh\Zlv]hehkZfZfZjm]ZeZkvdh]^Zyih\lhjyeZiehob_keh\ZmkeurZggu_hl^y^_clZdqlh
fg_ijboh^behkv]h\hjblvIbb\f_klhgboghhlwlh]hf_g__kf_rghg_klZgh\behkv
?kl_kl\_gghwlh[ueZgZrZk_f_cgZylZcgZhdhlhjhcgbdlhg_^he`_g[ueagZlv
YihfgxYlh`_lh]^Zihq_jigme^eyk_[yfgh]hgh\uokeh\mkf_ogmeky@hj`GhagZ_rvlu
�lh]^Zfg_ihfh]eZZ`_hq_gvih^_ebekykhfghxfm`qbgZ
Q_f`_"g_fh]eZihgylvqlhylZdh]hk^_eZeZqlh[uh[e_]qblv`bagvq_jgh]eZahfm
Ihke_lh]hdZdfukh[jZebkv\h\lhjhcjZal_[ym`_lh]^Zih^klhehfg_[ueh^_fhgm`_
\h\kxmeu[Zekyfg_\\hehkufg_[ueh]hjZa^hijhs_\uklmiZlvY\kydbcjZadh]^Z\]jm^b
ih^gbfZe]heh\mkljZo\kihfbgZedZdiZ^Zebkeh\ghih^dhr_ggu_k_jv_agu_fm`bbdZdb_mgbo
ijbwlhf[uebebpZWlhijb^Z\Zehfg_kbeuLZdqlhy^he`_gkdZaZlvl_[_kiZkb[haZ\k_e_ggmx\
f_gym\_j_gghklv
hlm`g_h`b^ZeZgbq_]hih^h[gh]hjZkl_jygghijhbag_keZ\hl\_l
�ih^h[gu_fhf_glukeZ[hklbeyf_gyhg\k_]^Z[ueh[jZaphf^eyih^jZ`Zgby
Oheh^ghm`_LuaZf_jaeZr_igmefg_@hj`GZ\_jgh_ihc^_fhlkx^ZihlbohgvdmYm`_
mkihdhbekyL_i_jvfh`_f_oZlv:lhhiylvl_[yjh^bl_ebo\Zlylkyih^lhedgmef_gyfm`qbgZ\
klhjhgmhldm^Zfuihy\bebkv
Ijbwlhfhgih\_jgmef_gy\klhjhgmlZdqlh[um^h[gh[uehb^lbghijbwlhfaZkehgbehl\_ljZ
^mxs_]hk\h^hojZgbebsZAZgbfyhsmsZeZk_[ykeh\ghaZdZf_gghckl_ghcbfg_wlhqm\kl\h
gjZ\behkv^h[_ah[jZaby
Y^mfZxqlhfZfZm`_lZdg_[m^_l\hegh\ZlvkyagZyqlhyklh[hcihykgbeZ@hj`mh[gbfZy
_]hjmdhcaZihyk
Fg_\]heh\mijbreZg_kdjhfgZyfukevqlh_keb[ufm`qbgZ[ue[_ajm[Zoblhykfh]eZ[u
ijbdhkgmlvkyd_]hdh`_qlh[u_s_[eb`_ijb`Zlvky
F^ZBdZdb_lhevdhlZcgu_`_eZgby\hfg_[jh^ylgZoh^ykvgZ_^bg_kfm`qbghc"
hdjm]m`_kl_fg_ehOhjhrhqlhbyb@hj`h[eZ^Zebhkljufaj_gb_fb\hafh`ghklvx\b^_lv\
l_fghl_ZbgZq_ljm^gh[u[uehihjmqblvkyaZgZrb`bagbMiZklv\[mrmxsmximqbgmqlh
�i_gbeZkvkh\_jr_gghg_^Ze_dhhlgZkdZdlhkh\_jr_gghg_ohl_ehkvZ^Z`_bkdmiZlvky\
oheh^ghc\h^_blh[uehkhfgbl_evgufm^h\hevkl\b_f
FZfZml_[yfm^jZy`_gsbgZgZqZehg
�OhlyihgZqZembg_kdZ`_rv"Z"ih^gyeZy]heh\maZ]ey^u\Zy\]eZaZ
Bex[bll_[ye_]dmxghldm]hj_qbjZkkeurZeZ\]hehk_@hj`ZIhq_fmlhfg_ihdZaZehkvqlh\
^Zggucfhf_glhgkjZ\gbefhxfZlvbFZlbev^mbkjZ\g_gb_[uehg_\ihevamihke_^g_c
I_qZevgh
�ZBy__ex[exLhevdhbgh]^ZhgZi_j_]b[Z_liZedmghwlhgZfhc\a]ey^GZ__hgZihklmiZ_l
ijZ\bevgh\h\k_fgmbebihqlb\h\k_fih\_^ZeZ`_gbom
:y\^_lkl\_ex[beijh\h^blv\k_[hevr_\j_f_gbkhlphfgbklh]hgbkk_]hijhbag_k
fm`qbgZmoh^ykg_ijbylghc^eyg_]hl_fuijhfZl_j_c
Ihfh_fmhgml_[ydeZkkguc
:]ZIhfgxdZd\^_lkl\_hgdZ`^uc^_gvijbghkbefg_`_e_agmxfhg_lmqlh[uyfh]iheh`blv
__\dhibedmBlZd[uehgZijhly`_gbb^ebl_evgh]h\j_f_gbMgZk\ujZ[hlZekyhij_^_e_ggh]h
jh^ZjblmZeHgjuekyihdZjfZgZfklmqZe^_eZe\b^qlhbs_lZdh]^ZgZoh^belhlhj`_kl\_ggh
\jmqZefg_Y[ue\^bdhf\hklhj]_\b^yqlhkdZ`^uf^g_fdhibedZjZajZklZeZkv\k_[hevr_b
[hevr_
:gZqlhkh[bjZeb"aZ^ZeZ\hijhk
AgZ_rvym`_lhedhfbg_ihfgxgZdZdmxlhb]jmrdmbebdhgkljmdlhj=eZ\gh_qlhmgZkkgbf
[ueZh[sZylZcgZhdhlhjhcfugbdhfmg_jZkkdZau\Zeb
Fuih^hrebdfZrbg_Mk_ebkvbih_oZeb
K\_liZ^ZxsbchlsbldZijb[hjh\\uo\Zlu\Ze\he_\hcih^[hjh^hdfm`qbgugZdhlhjh]hy
ex[h\ZeZkv\kx^hjh]mihdZfu\ha\jZsZebkvgZaZ^\]hjh^DZdlhlZdkeh`behkvqlhgZh[jZlghf
imlbfuijZdlbq_kdbg_jZa]h\Zjb\ZebIh\k_c\b^bfhklbkebrdhffgh]h_[uehkdZaZgh^hwlh]h
hghblj_[h\Zehh[^mfu\Zgby
Ijb_oZeb^hg_kehkv^hf_gydZdkd\hav\Zlm
hlebqZeZkvhl^hjh]b\klhjhgm\h^hojZgbebsZdZdg_[hba_feyGZaZ^@hj`\_efZrbgm
kihdhcghg_ki_rZkh[ex^Zy\k_lj_[h\ZgbyagZdh\^hjh`gh]h^\b`_gbyIjyfhlZdbh[jZaph\uc
\h^bl_evohlvgZ^hkdmihq_lZhlijZ\eyckgZ^ibkvx^_fhgh[jZa_p^eyih^jZ`Zgby
M`_"yihlygmeZkvklZjZykv\hkklZgh\blvdjh\hh[jZs_gb_\aZl_drboqe_gZo:ybg_
aZf_lbeZ;m^_fijhsZlvkylmlbebijh\h^brv^h^\_jb"\havfbb[jydgbyFg_g_ohl_ehkv
jZkklZ\Zlvky
Y[ukm^h\hevkl\b_fghyaZf_lbeZg_m\_j_gghklvkhklhjhguk\h_]h`_gboZ
�ZyihrmlbeZhlfZogmeZkvhlk\hbo`_keh\IhemqZehkvqlhydZd[ugZijZrb\ZeZkvFhc
`_gboihlygmekydhfg_ghgZiheimlbhklZgh\beky
OhlydZ`_lkyl\hyfZfZm`_klhblgZihjh]_fhe\be@hj`
Yh[_jgmeZkvbjZa]ey^_eZkbemwlgZnhg_^hfZLhqghfZfZgkh[kl\_gghci_jkhghc
G_[hckyWlhhgZk\b^mlZdZy]jhagZyZgZkZfhf^_e_mg__^h[jh_k_j^p_Zdh]^Zg_aeblky
lh\hh[s_fbeZrdZihklZjZeZkvyhijZ\^ZlvfZfbghih\_^_gb_
�\_jvkfh_cklhjhguj_adhhldjueZkvb\ijh_f_ihdZaZehkvg_^h\hevgh_ebphlhchdhffu\_eb
j_qvE_]dZgZihfbg_
Gmb^he]h\ulmlkb^_lvkh[jZebkv"G_dZ`_lkyeb\ZfqlhihjZ[um`_\uclbbafZrbgub
aZk\b^_l_evkl\h\Zlvk\h_ihql_gb_"yqm\kl\h\ZeZqlhfZf_gvdbg\gmlj_ggbcfZylgbdfh`_l\
kdhjhf\j_f_gbdZqgmlv\g_m]h^gmx^eyf_gyklhjhgmKe_^h\ZehkjhqghkiZkZlvkblmZpbxgh
f_gyhi_j_^beb
FZ^Zf@_gb^h[jhcghqb:fu\Zkkh\_jr_gghg_aZf_lbebkfbehcmeu[dhcgZebp_khh[sbe
@hj`Kb^bflmljZa]h\Zjb\Z_fIjhsZ_fky
DZ`_lky_s_h^bg^_fhgihgyeqlhkfZfhcgZ^h^jm`blvZg_jm]Zlvky
�KdZ`_rvlh`_g_aZf_lbehgmfZ_rvyg_agZxdZdb_\u^_fhgu]eZaZklu_ijh\hjqZeZfZ^Zf
Hjkdb
Of:fZfZgdZ`_lkyg_lZdg_^h\hevgZgZkdhevdhohq_lihh[sZlvky
@hj`j_a\h\ukdhqbebafZrbguh[h]gme__bhdZaZ\rbkvjy^hfih^Zefg_jmdmFZfZ
ij_^mkfhljbl_evghhlhreZ\klhjhgm\gbfZl_evghke_^yaZ^_ckl\byfb@hj`Z
Ylhevdhohl_eijh\h^blv\^hfEba_llmghl_i_jv\b`mqlhijh\h`Zlvijb^_lkyb__ij_djZkgmx
fZfm\lhjmxjmdmhgij_^eh`befZ^Zf@_gb
Gmboblj_p`_hl^Z`_g_ih^mfZeZ[uqlh\@hj`_klhevdhhl^Zfkdh]hm]h^gbdZ
Fufbehcljhbp_cih^gyebkvihklmi_gyfkiys_]h^hfZhdZaZ\rbkv\gmljbfhc`_gbo]ZeZglgh
jZkdeZgyeky\gZqZe_khfghcZihlhfbkfZfhckhkeZ\rbkvgZiha^g__\j_fyih`_eZegZf
kihdhcghcghqbbm^Zebeky\hk\hykb
FZfbqlhwlh[ueh"kijhkbeZmjh^bl_evgbpudh]^Z\^Ze_d_jZklZyeihke_^gbca\md
m^Zeyxs_]hkyZ\lhfh[bey
P_gml_[_gZ[b\ZeZdZdgb\q_fg_[u\Zehijhbag_keZfhydjZkZ\bpZ
G_ihgyeZbamfe_gbxg_[uehij_^_eZQlhwlhlZdh_hgZm^mfZeZ"
IhrebiblvqZckf_ebkkhcihlygmeZf_gyfZfZ\klhjhgmdmogbHgZijhklhh[h`ZeZwlhl
gZiblhdbfh]eZiblv_]hebljZfbohlvp_euc^_gv
H[tykgbyaZmijyfbeZkvhklZgh\b\rbkvbg_kh[bjZykv^\b]Zlvkykf_klZihdZg_magZx\q_f
DZdZy`_lumf_gyfZe_gvdZyfhe\beZfZfZhlg_\uc^bylhqlh[uijhbahreh"aZ^ZeZhgZ
fg_\klj_qguc\hijhk
Qlh"fg_lh`_ohl_ehkvmagZlv
@hj`[ul_[yihp_eh\Zem\_j_gghhl\_lbeZhgZ_^vlZd"dZ`_lky\wlhfhgZg_khfg_\ZeZkv
gbgZk_dmg^m
G_agZxq_klghhl\_lbeZ^mfZydZd[uyhlj_Z]bjh\ZeZgZkemqb\r__kyIhgjZ\behkv[ufg_
bebg_l":_keb[uihgjZ\behkvlhaZohl_ehkvebijh^he`_gby"Dlhhlhf\_^Z_l"
AZf_gyhl\_lbeZjh^bl_evgbpZ
:yagZx:l_i_jvhghklZg_lkyg_m^h\e_l\hj_ggufb[m^_l^mfZlvhl_[_\kxghqv
Gbq_]hk_[_aZy\hqdbBdZdhgZ^hlZdh]h^h^mfZeZkv"
Kq_]hlulZdj_rbeZ"
IhlhfmdZdhggZl_[ykfhlj_ei_j_^moh^hf]emi_gvdZybfZfZihlj_iZeZf_gyih]heh\_Kh
klhjhguhgh\b^g__
\r\r\r
Yf_jgh`_\ZeZdmkhq_dhl\Zjghcfhjdh\biZjZee_evgh]hgyyihlZj_ed_lj_lvxqZklvhlkljmqdZ
a_e_ghcnZkhebkh[bjZykvjZkijZ\blvkykg_c\ke_^mxsbcijbk_kl?keb[ufg_kdZaZeb_s_iZjm
e_lgZaZ^qlh[m^mke_^blvaZl_fqlhdmrZxlhyg_ij_f_gghjZkkf_yeZkvwlhfmdZfbdZ^a_\ebph
_^vkqblZeZqlhihe_agu_\_sbg_fh]ml[ulv\dmkgufbblhevdhlhqlhohjhr_gvdhijh`Zj_gh
ihkhe_ghk^h[j_ghkhmkZfbih^iZ^Z_lih^gZbf_gh\Zgb__^Z\k_`_hklZevgh_lhevdh
g_h[oh^bfucgZ[hj\blZfbgh\fbg_jZeh\de_lqZldbbq_]hlhlZfihe_agh]hL_i_jv`_ylZdg_
^mfZeZ
:\k_[eZ]h^Zjyk\h_cex[bfhcih^jm`d_dhlhjZyhlmqbeZf_gy_klvnZklnm^ihklZ\b\r_cgZ^h
fghcwdki_jbf_glaZh^bgijbk_klba[Z\b\hl\j_^guoijb\uq_dBgZ^hhl^Zlv_c^he`gh__cwlh
m^Zehkvohlvbkm]jhahc^eyfh_c`bagbhev]ZihklZjZeZkvgZkeZ\maZklZ\b\hldZaZlvkyf_gy
_klvg_aZ^mfu\Zykv\k_qlhihiZ^ZehkvgZ]eZaZ
DZdlhfukg_cihkihjbebqlhhgZkihfhsvxh^gh]h[ml_j[jh^Z^h[v_lkyhl\jZs_gbydex[hc
[ukljhcibs_ihfh`_lf_gyihom^_lvbiha\heblihs_dhlZlvg_j\uqlhihoe_s_q_fiju`dbk
g_[hkdj_[Z\p_glj_]hjh^Z
Lh]^Zy_cg_ih\_jbeZZajyK\hxaZ^mfdmhgZ\uihegbeZgZ\k_klhijhp_glh\Ihke_lh]hkemqZy
ykg_cg_jZa]h\Zjb\ZeZgZijhly`_gbbihemlhjZf_kyp_\ihlhfmdZdgZf_j_\ZeZkvm[blvjZahj\Z\
gZf_edb_qZklbdhlhju_gZf_j_\ZeZkvjZa\_ylvbf_gghklh]hkZfh]hg_[hkdj_[Zqlhkem`be
hlijZ\ghclhqdhc^eyiju`dh\k\ukhlu
AZ^mfdZhev]b[ueZ^h]_gbZevgh]hijhklZBaZdexqZeZkvhgZZkh[kl\_gghhgZgb\q_f
wdkljZhj^bgZjghfg_aZdexqZeZkvFu\hq_j_^ghcjZaihrebkg_c]meylvih]hjh^mbdh]^Z
mklZeblhk_ebi_j_dmkblvIh^jm]Zk[_]ZeZaZ[ml_j[jh^Zfb\khk_^gbcfZ]Zabgqbd[ukljh]h
iblZgbyBg_lqlh[ufg_aZih^hajblv__\q_flhkljZrghfbijhlb\h_kl_kl\_gghfYwlh]hg_
k^_eZeZkt_\ij_^eh`_ggh_m]hs_gb_
Ihke_^kl\byaZy\bebhk_[_]^_lhfbgmlq_j_a^\Z^pZlvdh]^Zmf_gygZqZe`mldh[he_lv`b\hl
ihl_fg_eh\]eZaZob`bagvihdZaZeZkvg_fbeZ
HqgmeZkvy\[hevgbp_ihke_lh]hdZdf_gy\uihehkdZebbagmljbkeh\gh]jyagh_[_ev_\ijhjm[b
\uimkdZydh]lb
Qlhkemqbehkv"aZ^ZeZ\hijhk]ey^ylhgZh^gmlhgZ^jm]mx
Wlhlumk\h_cih^jm]bkijhkbdhlhjZyqmlvg_hlijZ\beZl_[ygZlhlk\_l\k_j^pZo[jhkbeZ
fZfZYi_j_\_eZ\ahjgZhev]m
Qlhkemqbehkv"Qlhkemqbehkv"A_e_gZydhe[ZkZkemqbeZkvihdZygghijhbag_keZ^_\mrdZhimkdZy
]eZaZKl_[yijbqblZ_lky
HdZaZehkvqlhwlZaZjZaZqlh[u\ub]jZlvkihjb^hdZaZlvk\h_ij_\hkoh^kl\hih^kmgmeZfg_\
[ml_j[jh^ijhiZ\rbcijh^mdldhlhjucb\ua\Ze`mldh_hljZ\e_gb_hj]ZgbafZihklZ\b\r__f_gy
gZ]jZgv`bagbbkf_jlb
blh]_hgZk\h_]h^h[beZkvYih[u\ZeZgZ]jZgbi_j_klZeZ_klv\kydmx]Z^hklvbihom^_eZ
dbeh]jZffh\gZiylvaZh^bg^_gv
ijhq_fdh]^Zy\ureZba[hevgbpulhkm^h\hevkl\b_fhlijZ\beZhev]m\k\h[h^gucihe_l[_a
iZjZrxlZkh^gh]hg_[_aua\_klgh]hg_[hkdj_[ZhklZ\b\mih\Zlv__lhevdhebrvgZkbemfhbo
h[tylbcE_l_ebfu]jhfdhaZihfgb\lhl^_gvgZ^he]h
Gmbqlhlulmlkb^brvdbkg_rv"]ZjdgmeZfg_\mohg_\_klvhldm^Zihy\b\rZykyhev]ZY
\a^jh]gmeZhlg_h`b^Zgghklbjh^_[u_s_f]gh\_gb_gZaZ^ygbdh]hjy^hfg_hsmsZeZ
L_[y`^mAZ[ueZ"h]juagmeZkv\hl\_l
�_ldZyl_[yg_magZx\]jbf_hev]Zijbk_eZjy^hfkhfghcMl_[ynZkhevijhjhkeZ\fha]"
Bebfh`_l[ulvfhjdh\dZimklbeZdhjgb\`_em^d_"Q_]hlu[jh^brvdZd\q_jZrgbcdhfihl"
\hafmlbeZkv^_\mrdZ
Yih^gyeZ]eZaZgZih^jm]mi_j_klZ\jZkqe_gylvgb\q_fg_ih\bggmxnZkhebgm
k_\urgbc\lZidZoluieZdZeZ"\hkdebdgmeZ^_\mrdZ\gbfZl_evgh]ey^ygZf_gyDlhihkf_e
aZgylvfh_f_klhihjZkkljZb\ZgbxEbahqdb"IhdZ`bwlh]haZkjZgpZiZevp_fby_fm\k_mrb
�lmgg_eyfbmludZxy_fm]m[mjZklygmibjkbg]\[jh\bihaZkh\u\ZxZy_fmfhrhgdmijhdhex\
lj_of_klZoijhlygmp_ihqdm\^ujhqdbbih\_rmdhehdhevqbdqlh[ua\_g_eg_i_j_klZ\Zy
O\Zlblh[hj\ZeZy^_\mrdmG_gZ^h_ehijb^mjb\Zlvky"hev]ZkjZam`_ihk_jv_ag_eZ
Gbq_]hk_[_aZy\hqdbJZalu\klZeZgZkljZ`_ijZ\bevgh]hih\_^_gby^eyg_ihjhqghc[Zjurgblh
kemqbehkvqlhlhk_jv_agh_bajy^Z\hg\uoh^ys__GmdZih^jm]Zdhebkvqlhkljykehkv"
�_\mrdZkjZam`_baf_gbeZkvgZ]eZaZoBdm^Zlhevdh^_\ZeZkvjZa[blgZy^_\qhgdZ
Gbq_]hhlfZogmeZkvyijh^he`b\k\h_aZgylb_
G_lLZd^_ehg_ihc^_lLufg_\k_jZkkdZ`_rvZbgZq_yaZkmgmg_^h_^_ggmxnZkhevl_[_\ghkb
imklv\k_^mfZxlqlhml_[y
hev]Zgmo\Zlbl\afhebeZkvyG_ijh^he`ZcLuf_gy\fh]bemk\_^_rvk\hbfbrmlhqdZfb
Lh]^ZjZkkdZau\ZcZg_lj_ibfg_g_j\uYblZd^ZfZkaZkdhdZfbZlubaf_gykh\k_f
g_ghjfZevgmx^_eZ_rvijhgbdgh\_gghijhbag_keZ^_\mrdZ\gbfZl_evghkfhljygZf_gy
�mjvx[hevr_^mjvxf_gvr_\k_jZ\ghihl_[_ikbomrdZieZq_l
G_i_j_`b\Zc^_ldZyl_[_dh_qdmjy^hfaZ[jhgbjmxihh[_sZeZfg_ih^jm]Zih^ibjZy
dmeZqdhfih^[hjh^hdLufg_am[ug_aZ]h\Zjb\ZcDhebkvG_f_^e_ggh
Y\a^hogmeZih^\_eZih^ihlhehd]eZaZ_s_jZa\a^hogmeZhev]Zl_ji_eb\h`^ZeZ
Yg_m\_j_gZqlhfg_gm`gZwlZhnbpbZevgZyihfhe\dZijhbag_keZgZdhg_pklZjZykvg_
H[Ze^_lvY\rhd_Ml_[ylZjZdZgu[_e_guh[h`jZebkv"Bebde_ygZgxoZebkv":fh`_l[ulv
�Zo\Zlblh^_jgmeZyih^jm]mDZdlug_ihgbfZ_rvFg_kljZrghyfhebl\_gghkeh`beZ
jmdbgZqZ\aZeZfu\ZlviZevpu
Kwlh]hf_klZihih^jh[g__Y\ky\gbfZgby
Yh]eygmeZkvihklhjhgZfdZd[uijh\_jyyg_lebdh]hgb[m^vjy^hfM[_^b\rbkvqlhgbdh]hg_l
lhevdhlh]^Ziha\hebeZr_ihlhfijhbag_klblhqlhf_gy[_kihdhbeh
AZfghcke_^yl
Wlhdlh`_aZlh[hcke_^blfbeZyEba_llZ"jZa^ZekygZkf_reb\ucfm`kdhc]hehkijyfhmf_gy
gZ^mohf
�Y\a\ba]gmeZbfg_ijZdlbq_kdbwlhm^Zehkvg_aZdjhcfg_dlhlhjhljmdhceZgv[ueZ[hevrZyb
y\ghijbgZ^e_`ZeZfm`qbg_Hlijhgbdr_]hih^dh`me_^_gys_]hdjh\vm`ZkZfh_l_ehkdh\Zeh
hdh\ZfbkljZoZY^Z`_bij_^klZ\blvg_fh]eZqlhfh]mlZdbkim]Zlvkyk_kemqbehkvgZklhevdh
g_h`b^Zggh
AZq_flZddjbqZlvfbeZyEba_llZ"Lu`_\k_oi_j_im]Z_rvZgZfwlhgZ^h"hevnJZkob
kh[kl\_gghci_jkhghcihy\beky\ihe_fh_]haj_gbyIjbrehkvi_j_klZlv^_j]Zlvky\dj_idbo
fm`kdbojmdZob^h`^Zlvkyh[tykg_gbc
I_j_\_eZ\ahjgZk\hxih^jm]mkb^ysmxZdbfurdZ\ghjd_kbgl_j_khf\]eZaZo\abjZxsmxgZ
\g_aZigh\hagbdr_]hjy^hffm`qbgmFg_g_ihgjZ\beky__]heh^gucgZkljhckdhlhjufhgZ
[md\Zevghih_^ZeZ]eZaZfbf_q_gh]h
:luq_]hfheqZkfhljbrvdZdf_gylmliulZxlkyijb^mrblv"gZdbgmeZkvygZhev]mkb^ysmx
k^h\hevguf\b^hf
JZ^mxkvqlhgZdhg_pgZc^_lkylhldlhba[Z\blf_gyhlfmq_gbckijb^uoZgb_fhl\_lbeZ
ij_^Zl_evgbpZ:_s_ih^jm]hcgZau\ZeZkvM[beZ[ukmqdmdjZr_ggmx
IjZ\bevgh]h\hjblhqZjh\Zl_evgZy^_\mrdZhevnhlimklbef_gybmk_ekyjy^hfk^h\hevguf
\b^hfDklZlbdZdah\mlhqZjh\Zl_evgmx^_\mrdm"fbehihbgl_j_kh\Zekyk_jh]eZauc
Hg[uegZk_[yg_ihoh`\_kvlZdhcf_^h\uc^hlhrghlu
hev]ZKlZ\jb^bijhlygmeZjmdmq_j_aklheih]ZgdZ\h[ebqbb^_\mrdb
hevnkh]jhfgufm^h\hevkl\b_fijbgbd]m[Zfbdhev]bghc^eZgbNmkfhlj_lvijhlb\gh
gZklhevdhwlh\u]ey^_ehkeZ^dhZ`ijblhjghYkdjb\beZkvhlkeZsZ\hklbjZau]jZ\r_ckyi_j_^h
fghckp_gu
hevnJZkobIjhrmex[blvb`Zeh\Zlvij_^klZ\bekyfm`qbgZjZa^_\Zy\a]ey^hffhxih^jm]m
:gZf_gyhglZdg_kfhlj_eGbdh]^Z
G_ijhbag_klb\kemohq_fih^mfZeZyg_fh]eZK\h_hlghr_gb_\ujZabeZ\iheghcf_j_g_aZ[u\
k^h[jblvhkljufbkeh\_qdZfb=Z^
G_h[jZsZcl_\gbfZgb_gZEba_llmhgZmgZk\k_]^ZlZdZydhexqZyijbgyeZkvhijZ\^u\Zlvfh_
ih\_^_gb_ij_^Zl_evgbpZ
�Zym`_\iehlgmxklhedgmekyk__ijhlb\gufoZjZdl_jhf]ey^y\]eZaZhev]_khh[sbehevn
WcZf_gylmlg_l"\hafmlbeZkvij_g_[j_`bl_evgufhlghr_gb_fdk\h_ci_jkhg_
Lu_klvghl_[ylmlg_lhev]Zg_k\h^beZ\a]ey^ZkhevnZ
HgZkgbfaZb]ju\Z_l^h]Z^ZeZkvyG_m`_ebhg_cihgjZ\beky"F_gyg_ijbylghihjZabeZih^h[gZy
hlm`lhqghkdZaZghf_q_guckhba\hebeihkfhlj_lv\fhxklhjhgmG_^mfZeqlhmgZklhevdh
ij_djZkghc^_\mrdbkfbeufbf_g_fhev]Zfh`_l[ulvlZdZym`ZkgZyih^jm]ZdZdEba_llZ
Wlhhgk_cqZkhq_f"Wlhhgf_gyijh\hpbjm_l"Wlhhg`Z`^_lkdZg^ZeZ\ex^ghff_kl_"
Ijbr_^rb_\]heh\mfukebg_ijbylghihjZabebG_m`_eb[jZl@hj`ZgZklhevdhijhlb\_g"
KZfZyemqrZyih^jm]Zfgh]hagZqbl_evghijhbag_keZhev]Zg_aZ[u\Zykljhblv]eZadbk\h_fm
kh[_k_^gbdmLZd[ubklmdgmeZih]heh\_q_fgb[m^vly`_eufB\jh^_[ukdZaZeZ^h[ju_keh\Zgh
ijbwlhfkhba\hebeZh[hfg_\ukdZaZlvkyg_^\mkfuke_gghJjjj
Fh`_l[ulv\ulmlih\hjdm_l_Zyihc^mgZqZeZih^gbfZlvkykhk\h_]hf_klZH^gZdhfg_gZ
jmdmlml`_himklbeZkvfm`kdZyeZ^hgvijbdh\Z\rZydklhem
G_klhblijbgbfZlvklhevihki_rguoj_r_gbcY_s_g_aZdhgqbef_q_guc\ua\Ze\hegm
g_^hmf_gbybg_^h\hevkl\Z\h]em[bg_fh_caZ]Z^hqghc^mrb
�:fugbq_]hbg_gZqbgZebZblukh\k_fg_lhlkd_f[uyohl_eZqlhgb[m^vaZfmlblvhdbgmeZ
fm`qbgmij_ajbl_evguf\a]ey^hf^Z\Zyihgylvqlhhgkh\_jr_gghg_\fh_f\dmk_
Kf__rvkyqlheb"hevnm^b\bekyLuhq_ff_edZyih^mfZeZ"\]hehk_[uehkeurghy\gh_
\hafms_gb_QlhygZl_[y\b^ubf_x"OZoZWlhlhevdhm@hj`ZdjurZkt_oZeZZmf_gy\k_\
ihjy^d_
G_kf_c\lZdhfdexq_hlau\Zlvkyhfh_f`_gbo_KeurbrvLukhk\h_cfZfhqdhc_]hl_ji_lvg_
�fh`_l_J_rbebkhk\_lmk`blv"mfZ_rvyfZe_gvdZy"=emi_gvdZy"G_ihgbfZxdq_fm\u
dehgbl_"J_rbebg_klZ[bevguf\uklZ\blvqlh[u\k_k_[_aZoZiZlv":\hlnb]\Zfbykh\k_c
^mjbhimklbeZlZj_edmkg_^h_^_gghcnZkhevxgZ]heh\mhevnZIhkeurZekyg_ijbylguclj_kd
QZklbkljmqdh\jZa[_`Zebkva_e_gufblZjZdZgZfbihihem
YlZdgZ^_yeZkvqlhehigmeZ]heh\Zfm`qbgughwlhhdZaZeZkv\k_]hebrvlZj_edZZ]heh\Z
hklZeZkv\p_ehklbbkhojZgghklb:`Zevb^bfhkeZ[hklmdgmeZ
Gbq_]hk_[_lhevdhbkfh]eZ\ufhe\blvhev]ZlZjZsZgZf_gy]eZaZjZaf_jhfkfyqbdb^ey
l_ggbkZLu`__fmqmlvq_j_imrdmg_ijh[beZ
:hgf_gyqmlvg_k[begZim]Ze\ex^ghff_kl_mdjZeaZklZ\beh[_jgmlvkyihfbfh\hebZ_s_
lj_lbjh\Zekdhevdhfh]ijbgyeZkvi_j_qbkeylvij_]j_r_gbyf_q_ggh]hYl_[_ijhg_]h
jZkkdZau\ZeZ
LZdwlh[uehg"hev]Z\kdhqbeZbkha\hghfeh`_qdb\djm`d_himklbeZihke_^gxxgZ]heh\m
h[Ze^_\r_]hhl\g_aZigh]hgZiZ^_gbyfm`qbguFZehlu_]hkZ^ZgmeZGZ^h^h[Z\blv
hlwlhyihgbfZxih^jm]ZIjbohjhr_fjZkiheh`_gbb^moZfh`_l]ehldmi_j_]jualvex[hfm
dlhlhevdhihkf__lgZg__dhkhihkfhlj_lvFg_\lhfqbke_Ghklhbllhevdhf_gydhfmh[b^_lv
lZdij_^Zgg_caZsblgbdZg_gZclbIjh\_j_gh]h^Zfbkh\f_klghc`bagbGZr_]hlZg^_fZbgh]^Z
^Z`_iZi_gvdZih[Zb\Z_lkyIhdjZcg_cf_j_dh]^Zfufbehijhkbfhl\_albgZk\kZehg
hiZa^u\ZyhgklZjZ_lkyhleh`blv\k_^_eZqlh[udZdfh`gh[uklj__bkihegblvgZrmijhkv[mHl
]j_oZih^Zevr_:lhfh`_fg_qZygghbrbgugZfZrbg_kimklblv;ueh^_ehdbghkh[bjZebkvZ
jh^kl\_ggbq_dhlfZogmekyfhefhb^_eZ\Z`g__Gm\Z`g__lZd\Z`g__j_rbebfukhev]hc
lhljZaiZiZhiha^ZelZddZd\kjhqghfihjy^d_ijbrehkvih^dZqb\Zlvdhe_kZqlh[ufZrbgZfh]eZ
ih_oZlv?kl_kl\_ggh\bgh\gbdh\g_gZrebIh^mfZebqlhf_klgZyrZgljZiZ[Zem_lkyGhfulh
\k_agZebqvbojmd[ueh^_eh
Wlhy\kl\_gghqblZehkv\_]h]eZaZoi_j_kdZdb\Zxsbokh^ghcgZ^jm]mx
Blmlih\bkdmfm`qbguihl_deZ[Z]jh\ZykljmcdZbaZdZiZeZgZ\hjhl
EbadZfu_fm]heh\mijh[bebhev]Zg_h`b^Z\rZygbq_]hih^h[gh]hijbgyeZkvaZeZfu\Zlv
jmdb
Y_]hihdZe_qbeZy_]hbihe_qmijbgyeZkv\uju\ZlvjmdmbaaZo\ZlZfm`qbguqlh[u
hkfhlj_lvf_klhih\j_`^_gby
Lmlg_j\uhevnZg_\u^_j`Zebhg^_jgmekykhqmf_euf\b^hfhlf_gydZdhlijhdZ`_gghc
G_gZ^hKZfhijhc^_l
�G_lm`Z\ZcaZ^jZebkvfukhevnhfYbah\k_okbeiulZeZkvijhj\Zlvkydih\j_`^_gghc
]heh\_fm`qbguqlh[uihkfhlj_lv^_ehjmdk\hbobhev]bZhghlqZygghkhijhlb\eyeky;u\Zxl
`_lZdb_mi_jlu_djueZlu_Km^yih\k_fmgZfkih^jm]hcgZjZkl_jaZgb_^hklZekybf_gghlZdhc
GZklujgucb\j_^guc
KdZaZeg_gZ^h]g_\ghk\_jdgmehqZfbgZf_gy^_fhg
Hc[hxkv[hxkv[hxkvMf_gy^hfZk\hc^_fhg_klvDh]^ZfZfZg_\^mo_lh^_fhgijhlb\
h[hjhlgyaZf_lghobe__\u]ey^blOhlywlh`_fZfZbiZiZG_gZ^hh[wlhfaZ[u\ZlvYdZdlh
ijbkmlkl\h\ZeZ[m^mqbg_aZf_q_gghcgZkkhj_jh^bl_e_cQlhlh]^Zl\hjbehkv"KljZrgh
\kihfgblvDjurZ\^hf_ih^iju]b\ZeZboh^beZoh^mghfhlaZrdZeb\ZxsbowfhpbcAZlhdZdhgb
ihlhfhlqZygghfbjbebkvMf_gy^hkboihjmrbdjZkg_xlhlkfms_gby
EZ^ghfbehklb\hih^\_eZq_jlmhev]ZG_ljh]Zc_]hZlhkh\k_fihdZe_qbrvLu]eZ\gh_
hevng_^Z\Zc_cbak_[yhkdhedb\ulZkdb\ZlvZlhhgZlZdZyqlhg_\ulZsbllhfh`_lb
aZdhiZlvqlh[ug_\b^gh[ueh
hlaZqlhyex[exhev]mlZdwlhaZ__g_ihkj_^kl\_gghklvqlhom`_ibklhe_lZBalh]hohlv
ijhfZogmlvkyfh`ghZih^jm]bgyaud[v_lgZih\Zelhqgh\y[ehqdh
Dm^ZaZdhiZlv"fm`qbgZg_[uebkim]Zgkdhj__^_eZe\b^Ohlyb]jZedZq_kl\_gghY\b^_eZwlh
ihjZ\ghf_jghiueZxs_cZmj_hevn[ueg_kdhevdhjZa^hkZ^h\ZgqlhjZa]h\hjihr_eg_ih_]h
kp_gZjbxghg_[he__
jZgmih]em[`_qlh[ug_[ueh\b^ghfbehmeu[gmeZkvih^jm]Z:ml_[yijZ\^ZebqbgdZ
_`bdZfZe_gvdZy"
Wlh[ueihegucZ[aZpFm`qbgZdZdklhyelZdbk_eGZ_]hebp_qblZehkvhldjulufl_dklhfqlh
hev]bgukeh\ZklZebdhgljhevguf\]heh\m
�_\bpu\uf_gy\]jh[k\_^_l_Y^Z`_ihlmklhjhgm]jZgbg_lZdk_[yqm\kl\h\ZedZdk\Zfb
qmlvmklZehih\_^ZegZffm`qbgZihdZqb\Zyhlm^b\e_gby]heh\hc
Wlh[uehqlhlhgh\_gvdh_G_m`_ebhevn[uelZfhldm^ZijZdlbq_kdbgbdlhg_\ha\jZsZeky"Fu
khev]hci_j_]eygmebkvbgZ[jZ\\e_]db_ih[hevr_\ha^moZijbgyebkvgZi_j_[hc\ukijZrb\Zlv
mf_q_gh]hg_emdZ\blebhgbgZkZfhfeb^_e_[ueklhcklhjhgu
;uedhjhldhhl\_lbefm`qbgZDZ`_lkyhg[ueg_jZ^qlhijh[helZeky\iuemjZa]h\hjZ
:\hlkwlh]hf_klZihih^jh[g__ihlhjhibeZhev]ZgZr_]hbgl_j_kgh]hkh[_k_^gbdZIjZ\^Z
qlhlZfg_ldjZkhdb\k_dZd[m^lhjZafulh"
:ykeurZeZqlhlZf\k_^\mf_jgu_dZddZjlbgdb\dgb]_i_j_[beZyih^jm]mh[oh^yihdjm]m
dZd\aZf_^e_gghckt_fd_hevnZIhlhfmdZdyg_hklZ\eyeZgZ^_`^uaZ]eygmlvgZ_]hfZdmrdm
^he`gufh[jZahfY]^_lhqblZeZqlhycpZZkdZjb^`b\ml^he]hb\ex[uomkeh\byo\qZklghklb
ih^gh]lyfbihkm^hfh_d:boh[uqgh`_gZ[bjZxlbagbah\h[s_kl\Zqlh[ug_ieZlblv[hevrmx
aZjZ[hlgmxieZlmDh]^Z\uemieyxlky\ajhkeu_hkh[blhhgbfh]mlijhgbdgmlv\ex[hchj]Zg
keh\ghijh\hehqgbdbfh_f[mcghf\hh[jZ`_gbbm`_gZjbkh\ZeZkvdZjlbgdZdZd[m^lh\
]heh\ghffha]_hevnZdhihrZlkydjm]eu_q_j\bYkm`Zkhfkfhlj_eZgZfm`qbgm`Ze_yqlh
klZeZijbqbghc_]hljZ]_^bbdhjyk_[yaZihju\bklhklv
k_g_kdhevdhbgZq_q_f\uh[_^mfZ_l_lmlf_q_gucaZfheqZei_j_o\Zlb\\a]ey^[jhr_gguc
gZf_gyQlhlZdh_"Zy\havfbbjZkkdZ`b\djZkdZo\k_qlhlhevdhij_^klZ\beZi_j_^]eZaZfb
Hgbkt_^yll_[yaZ`b\h[uehihke_^g_cfh_cnjZahci_j_^l_fdZdyijhbag_keZke_^mxsmx
GZ^hkjhqghk^_eZlvZfimlZpbxbijb[ebabeZkv_s_gZiherZ]Zdfm`qbg_
Q_]h"hevn\kdhqbekhklmeZ
Ebqbghddhg_qgh:luqlhih^mfZe"aZ^ZeZy\hijhkG_m`_eb]heh\u"
Wlhl_[_gZ^h]heh\mkjhqghZfimlbjh\ZlvihlhfmdZde_q_gbxhgZ\jy^ebih^^Zklkyf_q_guc
klZeaZklmeqlh[uijbg_h[oh^bfhklbgZqZlvbfaZsbsZlvkyYqm\kl\h\ZeZ_]hgZf_j_gby
Ky^vijbdZaZeZhev]ZQ_]hlu\kihehrbeZkv"LZd[ukljhhgbg_jZa\b\ZxlkymkihdhbeZgZk
^_\mrdZ?kebqlhbkemqblkylhg_kdhjhlh]^ZdgZf\jy^ebdlhijb^_j_lkyM`_\k_ke_^u
[m^mlmgbqlh`_gukdmqZxsbflhghfkhh[sbeZ^Zevr_keh\ghqblZeZe_dpbxih\ukr_c
fZl_fZlbd_ihdmjkml_hjbb\_jhylghklb
Gh^he]hlmlfhyih^jm]Zg_\u^_j`ZeZbgZqZeZfbehih^obobdb\Zlvb^bfhhgZijhklh[hevr_
g_kfh]eZk^_j`Zlvkyhevnih]Zg_pkjZam`_^h]Z^Zekyqlhdq_fmaZy\b\
�_\hqdbih\ZfehabgZieZq_l
K_jh]eZauc^_fhgrbdgmegZf_gyg_iha\hebl_evghj_adh^_jgm\rbkv\fhxklhjhgmGZklZeh
\j_fybfg_hlrZlgmlvky
Ky^vgZf_klhB[hevr_qlh[ug_\klZ\ZeZ:lhlhqgh\uihjxijb]jhabefm`qbgZ
:hglh]h[ukljhgZkjZkdmkbekeh`b\]m[db[Zglbdhfkhh[sbeZhev]ZHgZ[ueZ
g_iha\hebl_evghohjhrZkhk\hbfgh\ufp\_lhf\hehkbihfZ^hclhg\lhg
?keb[ulug_aZkf_yeZkvlhgbq_]h[ug_[uehgZimklbeZkvygZih^jm]m_kvdZcn
bkihjlbeZ
LZd\hl\udZd^_\mrdbjZa\e_dZ_l_kvih^hajbl_evghkihdhcghijhbag_khevn
WoAjyfukhev]hc_]hg_^h^Z\bebH[uqghkemqZcgu_dZ\Ze_ju\u^_j`b\Zebblh]hf_gvr_
ohlyg_dZ`^h]hfu[bebih]heh\_ghwlh[ueZdjZcgyyf_jZG_q_]hgZk[uehaeblv
JZa\_wlhjZa\e_q_gby"hldh]^ZgZgZkgZqbgZeb`Zeh\Zlvky\ihebpbx\hllh]^Z[ueh\_k_ehZ
k_cqZklZdke_auh^gbih^i_j_\ih^[hjh^hddmeZqdhf\u^ZeZgZkkihljhoZfbih^jm]ZM[vx
aZjZamqlh[ug_fmqbeZkv
HobfZeh\Zk\^_lkl\_ihjhebkkhfg_gb_f\]hehk_ijhbag_kfm`qbgZih^au\ZyhnbpbZglZ
=hem[qbdgZdjhcdZfg_\hggZlhfklhe_Ijbg_kbqlhlZfm\Zk_klvaZju[dZ"^h`^Z\rbkv
hl\_lZk^_eZeaZdZabalj_o[ex^
Mf_gyZ`kexgdbihl_debdZdhgwlhk^_eZe
EZ^gh^_\mrdbihdbgmy\ZkjZ\gh^mrguflhghfkhh[sbegZff_q_gucIh^gyekybi_j_k_egZ
^jm]h_f_klhDgZfkibghx
i_j_]eygmebkvihgy\^jm]^jm]Zkihemkeh\Z
Ihfh_fmfuklh[hcg_ijhsZebkvaZreZkh^gh]h[hdZih^jm]Z
G_dmevlmjghijhklhlZdihdb^Zlv^_\mr_dG_ihfm`kdbijh^he`beZyhdZau\Zykvk^jm]hc
klhjhgu
H[ZjurgbJZ^\Zk\b^_lvdZdgb\q_fg_[u\Zehijhbag_khevnhl\h^y\ahjhlwdjZgZ
l_e_nhgZugZ\_jgh_ki_rbl_G_kf_x\ZkaZ^_j`b\Zlv
GZklhevdhqlhihkeZeb"kijhkbeZhev]Z
:]ZFg_lh`_lZdihdZaZehkv
Wg_lZfg_ihdZaZehkvB^bl_^_\mrdbdm^ZrebYhl\ZkmklZefm`qbgZijbdjue]eZaZdZd
&#xk_;&#x]h;&#x;&#xZf;&#x^;&#xh[;&#xjh;&#x]h;&#x;[uih^l\_j`^Zyk\hbkeh\Zk_]h\Zf^h[jh]hhgh\uo\klj_q
Fukhev]hci_j_]eygmebkv_s_jZagZf_j_\Zykvmkljhblvh^ghfmaZj\Z\r_fmkyfm`qbg_
ZihdZebikbk\dhgdj_lgh\aylucfhf_gl\j_f_gbY^Z`_meu[gmeZkv\ij_^\dmr_gbb^mfZyqlh
`_\wlhljZa\a[j_^_l\]heh\mih^jm]_Fukg_ckihklhygghci_jbh^bqghklvxf_gyebkv
\_^msbfbjheyfbqlh[ug_[uehkdmqghbg_lZd[uehh[b^gh^Z[uh^gZbagZkg_]eZ\_gkl\h\ZeZ
Bdh]^Zm`_khev]bguomkl^he`gZ[ueZke_l_lvi_j\Zyih^ZqZdhlhjmxfg_ke_^h\Zeh
kbxfbgmlghhl[blvijb^mfZ\ijh^he`_gb_j_iebdb^_ckl\bybebq_]hgb[m^v_s_lhmg__dZd
�gZaehaZa\hgbel_e_nhg_\mrdZg_^h\hevghkdjb\beZkvfhe\_kvdZcnh[ehfZebgZr_f^_e_
\^hogh\_gb_[ueh]eZ\ghckhklZ\eyxs_cijhp_kkZ;_ag_]hgZrbfbeu_rZehklbg_\u]ey^_eb
lZdbfbm`fbeufbb^h[jufbDjhf_lh]haehfum`_ihrmlbebgZ^[_^gufhevnhfl_i_jv
gZklZeZhq_j_^vijbylguog_h`b^Zgghkl_c
�Zj_adh[jhkbeZ^_\mrdZ\ljm[dm
Wlh\ZrZfZrbgZ"bg_agZdhfucfm`kdhc]hehkijhbag_k\ljm[dmgZ[hjpbnjb[md\
Gmfhy]eygmeZgZf_gyhev]ZagZyqlhyij_djZkgh\k_keurmhevn\wlh\j_fyijbgyeky
hl\_^u\Zlvk\hcaZdZakh\_jr_gghg_h[jZsZygZgZk\gbfZgb_[m^lhgZkg_ljy^hfHgk
g_\hafmlbfuf\b^hfjZkkfZljb\Zedmkhq_dju[ulhevdhqlhhlj_aZgguckfZkl_jkl\hfdhlhjhfm
ihaZ\b^h\ZeZ[ukZfZbfi_jZljbpZHdZaZehkvqlhgZr_]hijhlb\gh]hagZdhfh]hh[mqZebwlbd_lm
ijbq_fhgbf_eg_iehob_mki_ob
Lml__w\ZdmZlhjm\hablkhklhygdb_jg__kh[bjZ_lkym\_alb
Ihq_fm"m^b\e_gbx^_\mrdbg_[uehij_^_eZ
g_iheh`_gghff_kl_
:\udlh"
:ylhldlh__kdhjhm\_a_lg_\b^bfuckh[_k_^gbdmkf_ogmekyGh_keb\Zf[m^_lq_ff_gy
m[_^blvlh\hafh`ghfZrbgZhklZg_lkygZf_kl_
YkjZam`_^h]Z^ZeZkvqlhmhev]bg_^\mkfuke_ggh\ufhjZ`b\Zxlfa^mH^gZdhgbq_]hg_
ih^_eZ_rv\h^bekyaZg_clZdhc]j_rhd[jhkZlvZ\lhfh[bev]^_lhevdh\a^mfZ_lkyhl]h\hjbeZy
_cg_klZ\vih^agZdm\_^mlLZdg_lHgZkdZaZeZqlhmg___klvij_djZkgZyhojZgdZg_^Z\gh
ijbh[j_l_ggZyhl\h^ysZy\a]ey^uIh\k_c\b^bfhklbgZrebkvl_gZdh]hwlZijbfhqdZg_
ih^_ckl\h\ZeZImklv\ke_^mxsbcjZa^mfZ_ldZdijZ\bevghiZjdh\Zlvkyb]^_
B^mdhjhldh[jhkbeZhev]Zhljm[Zyk\yavIhreb\ayldm^Z\ZlvwlhhgZfg_
G_Zg_ihc^mgZ^h[uehf_gykemrZlvZg_[blvdmeZqdhf\]jm^vbdjbqZlvqlhlukZfZymfgZy
Djhf_lh]hyg_kh[bjZxkv[ulvij_klmigbp_c
Gmbihc^maeh]eygmeZgZf_gyih^jm]Zk_jZ\ghlug_ijZ\ZgZihke_^hd[jhkbeZhev]Z
ij_`^_q_fdjmlZgm\fbehcihidhcm^Zeblvkyijhqv
Yi_j_o\ZlbeZ\a]ey^[jhr_gguchevnhfgZfy]dh_f_klh^_\mrdb
Qlh"GjZ\blky"g_kfh]eZk^_j`Zlvy^h\bluokeh\j\msbokykyaudZ
Ml_[yemqr_kg_\hafmlbfuf\b^hfhl\_lbefg_f_q_guc
Y^Z`_ihi_jogmeZkvhlg_h`b^ZgghklbGZklhevdhm^b\bl_evguf[uehmkeurZlvhlfm`qbgu
ih^h[gu_keh\ZhlbihiZeZ\ijhkZdOhl_eZih^dhehlvZl_i_jvkZfZg_agZeZdZdihklmiblvbqlh
k^_eZlv
IjbkZ`b\Zckygh]ZoijZ\^ug_lfbehij_^eh`befg_hevnHg\hq_j_^ghcjZadZdlh
g_aZf_lghbaf_gbekykeh\gh[ueoZf_e_hghfbebihdjZcg_cf_j_bf_eijbf_kv\djh\b
Fg_ohl_ehkvmclblh_klvihahjghk[_`ZlvhlhevnZghdZdlhg_gZoh^behkvih^oh^ysbokeh\
qlh[uaZfZkdbjh\Zlvk\h_hlklmie_gb_kihey[hy
Qlh`_f_^ebrv"aZehfbe[jh\vf_q_gucBebf_gy[hbrvky"meu[dZihy\beZkvgZohe_ghf
ebp_^_fhgZK_cqZkhgdZdg_evaykbevg__ih^oh^begZjhevbkdmkbl_eyij_^eZ]Zy\h[f_ggZ
[h]Zlkl\Zqlhlhhkh[_gghg_h[oh^bfh_\^Zggucfhf_gl
G_lyiexogmeZkvgZklmeqlhklhyegZijhlb\fm`qbgu^Z[udZdfh`gh[hevr__jZkklhygb_
hl^_eyehf_gyhlg_]hLZdbfdZdbfy\^Zggmxk_dmg^m_]h\b^_eZhgfg_g_hkh[hkbevgh
gjZ\bekyHlg_]hbkoh^beZy\gZyhiZkghklvFhc\gmlj_ggbc]hehkijhklhdjbqZe[_]b
kiZkZckyGhjZa\_ydh]^ZkemrZeZ_]h"
OhjhrZy^_\hqdZijblhjghkeZ^dbf]hehkhf[md\Zevghijh\hjdh\Zehevn
YgZijy]eZkvg_agZyq_]hh`b^Zlvhlfm`qbguqm\kl\myk_[y^_ckl\bl_evghfZe_gvdhc^_\hqdhc
i_j_^[hevrbfaeh[guff_^\_^_fqlhih\klj_qZekygZfh_fimlb
Yg_l\hy^_\hqdZh^_jgmeZf_q_gh]h
:yjZa\_kdZaZeqlhfhy"fm`qbgZiheh`beehdlbgZklhebkeh`bejmdbih^ih^[hjh^dhfIh
fh_fmg_l:luohq_rvklZlvfh_x"f_^\]hehk_h[\heZdb\Zeih]jm`Zy\dZdmxlhihem^j_fm
�Zcfg_jmdm
Yg_hkhagZ\Zyqlh^_eZxih^qbgbeZkvijhkv[_fm`qbgu?]heZ^hgv[ueZl_iehcbl\_j^hc
keh\gh\uk_q_gghcbadZfgybebf_lZeeZY[md\Zevghqm\kl\h\ZeZqlhiZevpZfbk`bfZxsb_fhb
g_lhevdhaZihgdbmf_ebaZkl_]b\Zlvghb]heh\mk\_jgmlvijbg_h[oh^bfhklbFm`qbgZihlygme
fhxjmdmdk_[_ih\hjZqb\ZyeZ^hgvlZdbfh[jZahfqlh[udhklyrdbiZevp_\jmdhdZaZebkv
ih\_jgmludg_fm
Ml_[ylZdb_g_`gu_iZevqbdbLZdbohq_lkyboihp_eh\Zlvqlhf_q_gucg_aZf_^ebl_evgh
k^_eZeih^ghkyfhxjmdmdk\hbf]m[Zfghg_dhkgmekyZ\k_]hebrvh[^Ze]hjyqbf^uoZgb_fijb
wlhf\a]ey^fm`qbgu[ueijbdh\Zgdfhbf]eZaZfijbly]b\Zydk_[_\h\e_dZy\hfmlk_juoha_j
]^_gZ]em[bg_lZbekyZ\hlqlhbebdlhfg_[uehg_\_^hfhIhlhfmdZd^Zevr_fm`qbgZf_gyg_
ijb]eZrZeIhdZg_ijb]eZrZe
AZlhfh_khagZgb_ieZ\Zeh\dZdhflhdbk_e_aZljm^gyyfukebijb]emrZyqm\kl\Z
JZkkdZ`b^_ldZq_]hlu[hbrvky"\djZ^qb\uc]hehkb]bighlbabjmxsbc\a]ey^\dmi_g_^Z\Zeb
fg_rZgkZmkdhevagmlvhljZa]h\hjZdhlhjuckdhj__[ueihoh`gZ^hijhkih^ijbgm`^_gb_f
AZfghcke_^ylylhgmeZ\k_juohfmlZobg_[uehhlgbokiZk_gby
Dlh"mkbebegZ`bfhevn
?keb[udlhkhklhjhguihkfhlj_egZgZklhgbaZqlh[ug_ih^mfZeqlh\^Zggmxfbgmlm
�kh\_jrZ_lkyij_klmie_gb_ihlhfmdZdf_glZevgh_ijbgm`^_gb_dZjZehkv^hklZlhqghkljh]hey
\k_ofu[uebijhklh\ex[e_gghciZjhcdhlhjZyg_gZreZ^jm]h]hf_klZdZdgZqZlvfbeh\ZlvkygZ
ex^yo
Yg_agZxYqm\kl\mx\a]ey^Hgf_gyij_ke_^m_l=eZaZ=eZaZIh\kx^m]eZaZHgbk\_lylky
Fm`qbgZg_^h\hevghih^`Ze]m[uHgy\gh`_eZe[he__dhgdj_lgh]hhl\_lZ
QlhkemqZ_lkykg_\_klZfb"aZ^Ze\g_aZiguc\hijhkf_q_guc
G_\_kluklZgh\ylky`_gZfbdZd\ljZgk_ijhbag_keZy
hevnkdjb\beky?fmg_ihgjZ\bekyhl\_l
Dlhij_ke_^m_lg_\_kl@hj`ZJZkob"gZwlhljZa[he__dhgdj_lghihklZ\be\hijhkfm`qbgZ
�Z\e_gb_\hdjm]f_gymkbebehkvYm`_[ueZg_\dbk_e_Z\ihemaZklu\r_f[_lhg_bkdbg_sZ^gh
k^Z\eb\ZehZ\]heh\_gZqZeZimevkbjh\Zlv[hev[m^lhdlhlhhl[hcguffhehldhfiulZekyijh[blv
[j_rv\fh_cq_j_ighcdhjh[d_Y[ueZkeh\ghnZjnhjh\ZydmdeZihoh`ZygZ`b\h]hq_eh\_dZgh
kh\_jr_gghg_`b\Zy\gmljbKhagZgb_f_jdehk`bfZykv\djhohlgmxlhqdm]jhayih]Zkgmlv
gZkh\k_f
Ykh[jZeZkvhl\_lblvgZihklZ\e_gguc\hijhk^Z`_ijbhldjueZjhlohlyfg_[uehljm^ghwlh
k^_eZlv
:q_fwlh\ulml[_af_gyaZgbfZ_l_kv"jZa^Zeky\_k_euc]hehkhev]b]ey^_edbb]jZ_l_"
Kfhboie_qkeh\gh[_lhggZyieblZmiZeZKjZamklZehe_]q_^urZlvhevnJZkobg_^h\hevgh
aZjuqZeih\hjZqb\Zykvdih^hr_^r_cih^jm]_Hgg_h`b^ZelZdkdhjh\klj_lblvkyk_s_h^gbf
klbobcguf[_^kl\b_f
FZrbgm\_jgmeZ"judgmefm`qbgZ
G_Ze_]dhfuke_gghijhbag_keZ^_\mrdZJ_rbeZqlhoh^blvi_rdhf]hjZa^hihe_ag__
Eba_llZqlhklh[hc"GZl_[_ebpZg_lh[jZlbeZkvdhfg_ih^jm]Z
hevnihij_`g_fm^_j`Zefhxjmdmg_`_eZyhlimkdZlv
�Z[jhkvlu_]hkkbehcmo\ZlbeZkvaZgZrbeZ^hgb^_\mrdZbjZahj\ZeZdhglZdlF_`^mgZfb
[m^lhehigmeZlm]hgZlygmlZykljmgZHgjmdbi_j_^_^hcg_fh_lYebqgh\b^_eZ
Ih^jm]ZkpZiZeZfhbjmdbg_h[jZsZy\gbfZgb_gZg_^h\hevgh]hhevnZjZa\_jgmeZdk_[_b
ijbgyeZkv\]ey^u\Zlvky\]eZaZQlhlhy\gh\gbom\b^_eZ[jhkbeZg_^hmf_ggucfbfhe_lguc
\a]ey^gZkhk_^Zlhlml`_\gh\vh[jZlbeZ\gbfZgb_gZf_gy
�Kh\k_fhay[eZZ\Zckh]j_xbhev]ZijbgyeZkv^mlvgZfhbe_^ygu_eZ^hgb^Zjyk\h_l_ieh
Yihlbohgvdm\uoh^beZbakhklhygbyklmihjZgZqbgZyihgbfZlvijhbkoh^ys__LhevdhqlhgZf_gy
hdZau\Zeikboheh]bq_kdh_^Z\e_gb_h^bgih^euc^_fhgh[eZ^Zxsbcg_bfh\_jghckbehc[m^vhg
g_eZ^_gKljyogm\hp_i_g_gb_ym`_[he__khagZl_evghihkfhlj_eZgZih^jm]mFhc[eZ]h^Zjghklb
g_[uehij_^_eZ?keb[ug_hgZfg_g_k^h[jh\Zlv
Gmfuih`Zemcihc^_fihlygmeZyhev]mklZjZykvg_kfhlj_lvgZhevnZ
:\ujZa\_g_ohlbl_magZlvqlhlZfaZ]jZgvx"aZ^Ze\hijhkf_q_guc
hl\^Zggucfhf_glfg_f_gvr_\k_]hohq_lkyh[wlhfjZa]h\Zjb\Zlvg_\u^_j`ZeZih^jm]Z
DZd`_lZd"Lu`_l_i_jv[_afZrbguZEba_llZiehohk_[yqm\kl\m_l^jm]qlhgb[m^vkemqblky
ih^hjh]_Y\Zkih^\_amkfy]dhcmeu[dhcm^Z\Zijhbag_khevn
G_gZ^hFukZfbaZijhl_klh\ZeZhev]Zklj_\h]hc]ey^ygZf_gy
�ZFukZfbih^l\_j^beZ\mgbkhgm`_yf_qlZydZdfh`gh[uklj__hdZaZlvkyih^Zevr_hl
f_q_gh]h
G_l^_\mrdbdjZkZ\bpulZd^_ehg_ihc^_lj_fym`_iha^g__hdjm]klhevdhrZevguoex^_c
[jh^blYk_[_g_ijhsm_keb\^jm]qlhlhk\Zfbkemqblkyfm`qbgZ[jhkbegZklheg_kdhevdh
dmixjy\ghij_\urZxsboklhbfhklv\k_]hkt_^_ggh]hjZaZ\ljbBgZ]eufh[jZahfih^o\Zlbe
f_gy\f_kl_khev]hcih^jmdbIjbq_f\uj\Zlvkyba_]haZo\ZlZ[uehijZdlbq_kdbg_\hafh`gh
�ZfukZfb
PupykdZaZeFZf_kiZihc[m^_rvbkl_jbdbaZdZlu\ZlvZfg_g_gZ^h
B\hlyhiylvhdZaZeZkvgZaZ^g_fkb^_gbbfhgkljhih^h[gh]hZ\lhfh[beyky\guf`_eZgb_f
k[_`ZlvdZdfh`gh^Zevr_bdZdfh`gh[uklj__H^gZdhagZeZqlhgbq_]hg_k^_eZxihlhfmdZd
hev]Zkb^bljy^hfkhevnhfbkm^hjh`ghgZly]b\Z_lieZlv_gZhklju_dhe_gbijyqZhlhkljh]h
\a]ey^ZKbeZ[ueZy\ghg_gZgZr_ckih^jm]hcklhjhg_
Lu]^_`b\_rv"kh\_jr_gghiZgb[jZlkdbfh[jZahfihbgl_j_kh\Zekyk_jh]eZauc^_fhghf_kl_
gZoh`^_gbyhev]bgh]h^hfZ
Yk_]h^gykiexmEba_lluLZdqlhgZf\h^gmklhjhgmkhqZjh\Zl_evghcmeu[dhckhh[sbeZ
ih^jm]ZH[_fZfu\dmjk_Bgb^Zc\k_\urgbc_kebyg_ihy\exkvmg__lml^_\mrdZdb\gmeZ\
fhxklhjhgmgZkgZqgmlkkh[ZdZfbjZaukdb\ZlvLZdqlhl_[_ih\_aehFZrbgmgZ^h]gZlvlhevdh
\klhjhgmEbadbgh]h^hfZ
Ykh]jhfgufh[e_]q_gb_f\a^hogmeZjZ^mykvgZoh^qb\hklbhev]b
Gmq_]hklhbrv"Ljh]Zcfbeucmih^jm]by\ghih^gyehkvgZkljh_gb_HgZdZdbyhp_gbeZ
kh[kl\_ggmxfha]h\blhklv
:g_iha^gheb\Zf^_\hgvdbkiZlv\f_kl_"h[fZgqb\hfy]dbf]hehkhfijhbag_kfm`qbgZG_
ohlbl_eb\ukdZaZlvqlh\ubal_odhlhju_^_\hq_dex[yl"
:k_cqZkwlhfh^ghhev]ZaZdmkbeZgh]hlvQlh[uba[Z\blvkyhlwlhc^mjghcijb\uqdbqlhhgZ
lhevdhg_^_eZeZH^gh^_ehdh]^ZfZe_gvdZy^_\hqdZmfbevghkm_liZevqbd\jhlZ^jm]h_dh]^Z
ijZdlbq_kdb\ajhkeZy`_gsbgZ^_eZ_llh`_kZfh_Wlh\u]ey^blm`ZkghkhklhjhguGhdh]^ZhgZ
\hegh\ZeZkvlhgbq_]hg_fh]eZkkh[hcih^_eZlv
G_rmlbkgbfhev]ZHg`_rmlhdg_ihgbfZ_lfg_ke_^h\Zehij_k_qv\kydb_jZa]h\hjubdZd
fh`gh[uklj__hdZaZlvky^hfZ]^__s_[m^_l\j_fyih^mfZlvgZ^h\k_fijhbahr_^rbf
Mf_gyaZ\b[jbjh\Zel_e_nhgjZgvr_q_fymkeurZeZa\hghd
@hj`jZ^hklghijhbag_keZykjZam`_\dexqZyk\yavIjb\_l^hjh]hc:fulmlkhev]hcb
hevnhf^hfhckh[bjZ_fkygZh^ghf\a^ho_\u^ZeZy[hykvqlhf_gydlhgb[m^v^Zij_j\_l
F_q_gucaZf_lghihkfmjg_e\uau\Zymf_gymeu[dmhlmoZ^hmoZ
DZd\u\f_kl_hdZaZebkv"yjZaebqbeZg_fgh]hj_adb_ghldb\]hehk_@hj`Z
Ij_^klZ\ey_rv^Z`_g_agZxhevnkZfgZkgZr_e\lhj]h\hfp_glj_Zl_i_jv\hlh^gbo
hlimkdZlvg_ohq_l^hfhc]h\hjblqlhgZkfh]mlihimlbmdjZklv
�Zc_fmljm[dmijbdZaZefm`qbgZ
�_j`bL_[yijhlygmeZf_q_ghfml_e_nhg
Fm`qbguh[f_gyebkvijb\_lkl\byfbbykhk\hbflhgdbfkemohfmeh\beZdZd[jZlvy^h]h\hjbebkv
\klj_lblvkyihimlbqlh[ui_j_^ZlvkjmdgZjmdbp_gguc[Z]Z`lh_klvgZk
Ih\_jgm\rZykyhev]Zih^fb]gmeZfg_jZ^mykvg_bfh\_jghcm^Zq_
k_`_\k_\urgbckms_kl\m_l
Ykh[e_]q_gb_f\a^hogmeZG_hq_gvijbylghdh]^ZdlhlhihklhjhggbcgZqbgZ_l^Z\blv
Gmqlh"J_rbeb]^_i_j_^Zrv\Z`gu_ihkuedb"kmeu[dhcgZ]m[ZokijhkbeZmhevnZ
DZdb__s_ihkuedb"
DZddZdb_"GZkkhev]hc
ukdhj__y^_jgu_hloh^ulj_lv_]hfbjZq_f\Z`gu_ihkuedb`_eqghhl\_lbefg_k_jh]eZauc
^_fhg
LZd[uklmdgmeZih[Zrd_aZijhlb\gucyaud
uhiylvgZqbgZ_l_kh[Zqblvky"kgZkmie_gguf\b^hfaZy\beZhev]ZG_gZ^h_eh"
FZrbgZ\ujmebeZkhklhygdbih^p_gljhfih^\Ze_[uehl_fghbg_mxlghghnZjuyjdbfb
kghiZfb\uo\Zlu\Zeb^hjh]mi_j_^Z\lhfh[beyfjZa]hgyy\_q_jgxxlvfm
HcZdlh_s_g_^Z\gh[Z[ZogmeZdjm`dhcih]heh\_"JZa\_g_lu"ldgmeZyiZevp_f\klhjhgm
ih^jm]blbohcfurdhcaZlZb\r_ckygZi_j_^g_fkb^_gbb
Y[ueZ\ijbih^gylhfgZkljh_gbb?s_[uKdhjhh[ty\blkyfhc@hj`bdbba[Z\blgZkhl
ijbkmlkl\byh^gh]haeh]h^_fhgZZihlhfmfh]eZiha\heblvk_[_g_fgh]hihba^_\ZlvkygZ^
hevnhf
Yfh`_l[ulvg_ohl_eZZ\k_]hebrvih^^ZeZkvl\h_fmg_]Zlb\ghfm\ebygbxbdZdwlh
gZau\Z_lky"Bwlhfhyih^jm]Z"jZ]blh\_^_lk_[yemqr_q_fhgZ
AZlhmf_gy^mrZrbjhdZydZdgb\q_fg_[u\ZehaZf_lbeZygZj_iebdmhev]bHgZ_s_mf_gy
ihemqblaZk\h_ih\_^_gb_
^jm]fZrbgZj_adhaZlhjfhabeZLZdqlhydexgmeZghkhf\kb^_gv_i_j_^kh[hcohjhrhqlh
mki_eZ\h\j_fy\uklZ\blvjmdbi_j_^kh[hcZlhlhqgh[u[_adjh\bg_h[hrehkv
G_^jh\Z\_a_rvaZdjbqZeZygZ\h^bl_ey
DZ`_lkyhev]_ih\_aehg_f_gvr_q_ffg_HgZdZdbyihbg_jpbbihe_l_eZ\i_j_^Ijyfh^h
i_j_^g_ciZg_ebFug_mki_ebijbkl_]gmlvky\hlbkemqbehkvkljZrgh_
L\hxZ^Zevr_keh\ZhevnZ\jy^ebfh`gh[uehi_j_\_klbgZbghkljZggucyaudBhldm^Z
hgZlhevdh\ayeZkv"
Dlh"^hf_gy^hrehqlhi_j_^fZrbghc\hagbdehdZdh_lhij_iylkl\b_ihwlhfmgZrZih_a^dZ
ij_j\ZeZkvijZdlbq_kdbg_gZqZ\rbkv
DhrdZQ_jgZyXjdgmeZih^fZrbgmi_j_^kZfufghkhf
:ybg_aZf_lbeZkaZfbjZgb_fk_j^pZijhbag_keZyhev]Z\mgbkhgdb\gmeZ]heh\hchevn
hldjue^\_jvfZrbgubg_aZoehiu\Zy__\ur_egZjm`mIhlhfmyij_djZkghkeurZeZqlhhgkdZaZe
^Zevr_ij_`^_q_fijbk_klvi_j_^dZihlhf
KljZoebidhceZidhck`Zefh_lj_i_sms__kyk_j^_qdh
LZd\kZfucihke_^gbcfhf_glhdZaZeZkvih^dhe_kZfbOhjhrhqlhaZlhjfhabeZg_\bevgme\
klhjhgmZlh\j_aZebkv[u\[_lhggucklhe[yh[jZlbeZ\gbfZgb_qlhfZrbgZklhyeZ\k_]h\
�F_gyihk_lbeh^_`Z\xZqlh`_wlhlZdh_ihemqZ_lkydZdlhevdhyhdZau\Zxkv\fZrbg_k
hevnhflZdh[yaZl_evghijhbkoh^bldZdZygb[m^vZ\ZjbyFuke_ggh\hafmlbeZkvih^h[ghfm
g_kh\_jr_gkl\m`bagbaZ[u\Zyqlhbf_gghyklZeZijbqbghci_j\h]hkemqZy
Hlfuke_cf_gyhl\e_dg_ihgylguca\mddlhlhpudZe_e_keurghIhbkdZeZbklhqgbd
ijhbkoh`^_gbybh[gZjm`beZ_]h\hev]_WlhhgZgZ]jZgbkeurbfhklbijb\e_dZeZfh_\gbfZgb_
Qmlvg_aZhjZeZqlhluohl_eZ"dh]^Zm\b^_eZqlhih^jm]Z`_klhfijhkblf_gyfheqZlvZebrv
g_fgh]hgZdehgblvkydg_cYi_j_k_eZgZ^jm]mxklhjhgmkb^_gbyihlhfmdZd_oZeZ\fZrbg_aZ
hevnhfqlh[ukb^_lvih^bZ]hgZebhlhev]bbbf_lv\hafh`ghklvkfhlj_lv^jm]gZ^jm]ZL_i_jv
`_hdZaZeZkvaZg_xijb^\bgm\rbkvdZdfh`gh[eb`_\lh\j_fydZdih^jm]ZhldbgmeZkvgZaZ^
\`bfZykv\kb^_gv_bijZdlbq_kdbdZkZykvk\h_c]heh\hcfh_c
Qlhkemqbehkv"ijZdlbq_kdbh^gbfb]m[Zfbijhr_ilZeZyDq_fmlZdZyk_dj_lghklv"
GZkdlhlhiZk_lY\wlhfm\_j_gZ\i_j\mxk_dmg^myohl_eZkdZaZlvgm\hl\b^brvy`_l_[_
]h\hjbeZghihlhfkhh[jZabeZqlhhgZkdZaZeZgZk
Kq_]hlulZdj_rbeZ"
Fg_iZj_gvw\ZdmZlhjsbdijh[helZekyqlhgZkklh[hck^ZedZdhclhfm`qbgZHg`_khh[sbe\
kem`[m]^_lhqghbkdZlvZ\lhfh[bevy\m`Zk_hlrZlgmeZkvbm^ZjbeZkv]heh\hchkl_deh
�mfZ_rvwlhhg"\^jm]ijbreZfg_kljZrgZyfukevYihdZaZeZ]eZaZfbgZoh^ys_]hdjm]Zfb
\hdjm]Z\lhfh[beyhevnZaZ]ey^u\Zxs_]hih^fZrbgmDZ`_lkyhggbdZdg_fh]hij_^_eblvgZ
qlhhggZ_oZeihlhfmdZdm^Zj[ueZljmiZg_[ueh
:yihq_fagZx"Fh`_l[ulvbhgM`kebrdhf\k_ih^hajbl_evgh
Klhijhp_glh\hgZl_i_jv\u]ey^u\Z_lg_lebdh]hjy^hfylhevdhkh[jZeZkvij_^eh`blv
[_`ZlvbaZ\lhfh[beydZdgZk\h_kb^_gv_iexogmekyf_q_guc
jh^_[u\k_p_ehfhdjh]hf_klZgb]^_g_lbdjh\vgbhldm^Zg_dZiZ_lkdjb\h\Zlhcmofuedhc
ijhbag_kfm`qbgZhlq_]hfukhev]hc\a^jh]gmebdZdhkbgh\u_ebkluhlkeZ[h]h^mgh\_gby
\_ljZL_i_jvfh`ghb\ZfbaZgylvky
Ihke_^gyynjZaZf_q_gh]h\ua\ZeZe_]dbcrhdg_lhevdh\fh_g_hdj_ir_fmf_ghb\khagZgbb
&#xhe;&#xv];
&#xhl;&#xhj;&#xZy;&#xh;&#xl;&#xf_;&#xgy;&#xg;&#x_;&#x^Z;&#xe_;&#xdh;&#xm;&#xre;&#xZ;�hev]bdhlhjZyhlf_gyg_^Ze_dhmreZ_\mrdZk^Z\e_gghdjbdgmeZbaZklhgZeZb^bfhhl
i_j_ba[uldZqm\kl\bebdZd[m^lhqlhlhm\b^_eZhlq_]h_cklZehg_ohjhrh
Qlhwlhkg_c"HgZ\k_]^ZlZdZy^_j]ZgZy"hevnhlbjZejmdbkbahcljyibp_ckeh\ghhgb[ueb\
q_flhbkiZqdZguYijbkfhlj_eZkv\gbfZl_evg__gmlZdb_klvgZldZgb\b^g_ebkvl_fgu_
jZa\h^u
HgZdjh\b[hblky\mf_ijh^mfu\ZeZieZgdZd[u\u[jZlvkybafZrbguqlh[ubhev]mkiZklbb
kZfhcg_ihkljZ^Zlv
Djh\b\k_[hylkyF_gydZdlhghkhjh]jZgbeijhihjhe[hdqmlv`b\hklZeky^Z`_o\Ze_gZy
j_]_g_jZpbyg_ihfh]eZkebrdhfh[bevghc[ueZdjh\hihl_jyDh]^Zym\b^_eiheguckZih]
gZl_dr_c`b^dhklblZdqmlvkhagZgb_g_ihl_jye\i_qZleb\rbkvgZihegmxdZlmrdmih^_ebeky
k\hbfb\hkihfbgZgbyfbf_q_gucih]ey^u\ZylhgZf_gygZfhxih^jm]mGZ\_jgh_ihaZfukem
fm`qbgufu^he`gu[uebaZhoZlvbeb`_aZd\holZlvdZddmjbpu?s_[udjmlhciZj_gvhklZeky
`b\\uc^yihqlbg_\j_^bfufbaih_^bgdZkghkhjh]hfWlh`_djmlh
FuijZdlbq_kdbhijZ\^ZebqZygbyf_q_gh]h
Wlhlu\h\k_f\bgh\ZldbgmeZkvgZihfhsvih^jm]_Ohl_ef_gyba\_klblZdhgZlhijbq_f"
yijhlbkgmeZkvf_`^mi_j_^gbfbkb^_gbyfbqlh[uhdZaZlvi_j\mxihfhsvhev]_gZoh^ys_cky\
[_kkhagZl_evghfkhklhygbb
Wcluhq_f"fm`qbgZjudgmegZ\bkZygZ^hfghckhkibguY`_re_iZeZhev]mihs_dZf
�h^gZdhgZg__wlhihoh`_g_^_ckl\h\Zeh_\mrdZijh^he`ZeZhklZ\Zlvky[_akhagZgby
HgZ\hkdh\hcdmdehce_`ZeZgZkb^_gbb=heh\Z^_\mrdbk\_kbeZkvgZ[hdihke_hq_j_^ghce_]dhc
ihs_qbgudh_cygZ]jZ^beZih^jm]m\k\h_f`_eZgbbijb\_klbhev]m\khagZgb_
G_i_j_[hjsblv[uZlhbaZrb[mqj_af_jghckdhjhcf_^bpbgkdhcihfhsvx
G_ohq_rvqlh[uyaZ[jZlZ\uoh^beZaZfm`lhlZdbkdZ`bghaZq_fihklhjhggbo\h\e_dZlv"
Qlh[u[hevg__[ueh"yl_jeZmrb^meZ\ebph^_\mrd_gh\k_[ueh[_alhedmhev]Zg_
ijboh^beZ\khagZgb_=^_ml_[ygZrZlujv"jy\dgmeZih\_jgm\]heh\m\klhjhgmhevnZHg
[uey\ghjZkl_jygg_agZyqlhij_^ijbgylvbq_fihfhqv\keh`b\r_ckykblmZpbb
=^_yl_[__]h\havfm"\hafmlbekyfm`qbgZihju\Zykvijhe_alvf_`^mfghcbsbldhfijb[hjh\
ghykb^_eZm\_j_gghgZk\h_ff_kl_hk_^eZ\ih^ehdhlgbdgZfZg_jebohcgZ_a^gbpuk\_kb\h^gm
gh]mkhklhjhguaZ^gboiZkkZ`bjkdbokb^_gbcZ^jm]mxih^`Z\ih^k_[y
Zil_qd_hk_e;uklj__ihlhjhibeZyZlhyqm\kl\mxqlhkdhjhij_\jZsmkv\ghkhjh]Zb
^h[vxl_[ygZdhg_pqlh[ug_fmqbekyjy\dgmeZjZkkljZb\Zykvqlhmf_gygbdZdg_ihemqZehkv
ijb\_klbhev]m\qm\kl\Z
Hldm^Z\OZff_j_\Zil_qd_gZrZlujv"fm`qbgZy\ghkqblZeqlh^\Zwlboihgylbyg_
kh\f_klbfuMf_gy^_\bpudZ`^uc^_gv\h[fhjhdg_iZ^ZxldZdih^dhr_ggu_
LZdgZc^bQ_]hf_^ebrv"Lu\b^brvqlhhgZ\k_[ygbdZdg_ijboh^blaZhjZeZygZhevnZ
DZ`_lkyfhbihlm]b\hauf_ebmki_oihlhfmdZdfm`qbgZm^ZebekybafZrbguih\b^bfhfmaZ
bkdhfuf
Mr_e"lml`_hldjueZ]eZaZhev]Z
Mr_ey\hjh\Zlhh]eygmeZkvihklhjhgZfgh^mfZxgZ^h_s_g_fgh]hih^h`^Zlv
�Q_]h`^Zlv^mjug^Z"Lulhqghfh_ckf_jlbohq_rvZ\Zc^_eZlvhlkx^Zgh]bhev]Z
ihlygmeZkvd^\_jbhldju\Zy__Ke_^hfaZkh[hchgZ\ulZsbeZf_gybafZrbguBfukeh\gh^\Z
k_juoih^dh\ZgguoaZcpZphdZydZ[emdZfbaZi_leyebf_`^mfZrbgZfbgZklhygd_ih^lhj]h\uf
p_gljhf
KemrZcy^mfZeZhggbaZqlhg_ih\_^_lkygZoh^mih\_^ZeZfg_ih^jm]ZlZsZf_gyaZjmdmdZd
fZe_gvdh]hj_[_gdZ
ke_^mxsbcjZag_gZ^hlZdkhi_lvdZdiZjh\haZlhlhqghgbdlhg_ih\_jblijbgyeZkvy`mjblv
^_\mrdmQlh^_eZlvlh[m^_f"
IjylZlvkyB`^Zlvl\h_]hkm`_gh]hImklvhgkiZk_lgZkbaeZifZgvydZhev]Zj_adh
aZlhjfhabeZqlh[uke_^hfijhbag_klb:fh`_l[ulvhgbaZh^gh"
Dlh"
hevnb@hj`g_m`_ebg_ihgylgh"LhqghHgb\f_kl_H^bgg_ohq_l`_gblvkyZ^jm]hc_fm
ihfh]Z_lhev]Zfgh]hagZqbl_evghih^gyeZmdZaZl_evguciZe_p\\_jokeh\ghklZ\ylhqdm\k\h_f
jZkkm`^_gbb
G_l@hj`g_lZdhcHgg_fh`_laZfhlZeZy]heh\hc
;_`Zlvl_[_gZ^hih^jm]ZBakljZguIjylZlvkyAZe_qvgZ^ghaylv^jm]h_bfyAZlZblvkydZd
furd_
�Zgml_[yY]h\hjxqlhfhc`_gbohkh[_ggucHgg_fh`_l
FuhklZgh\bebkv\hae_h^ghcbafZrbghabjZykvihklhjhgZfg_agZy\dZdhfgZijZ\e_gbb[_`Zlv
^Zevr_k_dZaZehkvkh\_jr_gghh^bgZdh\ufKlhe[ufZrbgufZrbguklhe[ue_`Zqb_
ihebp_ckdb_bgbh^gh]hmdZaZl_eygZijZ\e_gby^eygZkkhev]hc
DZ`_lkyfuaZ[em^bebkvih^jm]Z\_jl_eZ]heh\hcdZdrbjhdhhldju\rbc]eZaZkh\_ghdgZkmdm
Dm^Z[_`Zlv"
:yihq_fagZx"fg_dZdb_c[uehg_\_^hfhl\_lgZ^Zgguc\hijhk
FuhdZaZebkv\dZdhflhijhba\h^kl\_gghflmibd_ijbq_f\dZdhcqZklbklhygdbhggZoh^blky
[uehkh\_jr_gghg_ba\_klgh
DZdb_puihqdbmkeurZeZy\ukhdbcfm`kdhc]hehkijb\e_drbcfh_\gbfZgb_Fukhev]hc
lhlqZk\mgbkhgihkfhlj_ebgZlhf_klhhldm^ZhgjZa^Zeky
I_j_]hjZ`b\ZygZf\kydh_hlklmie_gb_klhyebljh_fm`qbgBo\g_rgbc\b^g_\gmrZe^h\_jbyG_
kebrdhfxgu_qlh[ukdZaZlvqlhiZjgbghbg_gZklhevdhklZju_^Z[ua\ZlvkyhlpZfbG_gZfgh]h
klZjr_q_ffukhev]hcH^bgbagbogZjhqblhihb]ju\Zegh`hf\nhjf_aZfukeh\Zlhcilbqdbk
�m^ebg_ggufdex\hf_fhgkljZpby[ueZjZkkqblZgZgZgZkkih^jm]hcwlhfg_klhbehb
khfg_\Zlvky
Fukhev]hch^gh\j_f_gghrZ]gmebqmlv[eb`_^jm]d^jm]mbg_ijhba\hevgh\ayebkvaZjmdb
KblmZpbyg_gjZ\beZkvgb_cgbfg_DZd\k_]emihihemqbehkv
uqlhlhohl_eb"hklhjh`ghaZ\_eZjZa]h\hjG_h[oh^bfhklv\uykgblvgZf_j_gbyfm`qbg
lhedZeZgZijbgylb_[ukljuoj_r_gbc
DZdlu^h]Z^ZeZkvdjZkhldZ"G_ohlbl_ihb]jZlv"jZa]h\hj\_elhlqlhkgh`hfb^bfhhg[ue
aZklZjr_]hbaljhbpuJu`_\Zlu_\vxsb_ky\hehku\k_\j_fyghjh\bebaZe_alv\]eZaZfm`qbg_
baaZlh]hqlhq_edZ[ueZq_j_kqmj^ebggZblj_[h\ZeZ\f_rZl_evkl\Zgh`gbpiZjbdfZo_jZ
;hevrb_kbg_\Zlhk_ju_]eZaZkfhlj_ebkobljufijbsmjhfLhgdb_q_ldhhq_jq_ggu_]m[u
djb\bebkv\ij_ajbl_evghcmofued_?fmy\ghgjZ\behkv\b^_lvgZr_khev]hckfms_gb_
Fm`qbgZqm\kl\h\Zek_[ym\_j_gghbg_khfg_\Zekyqlh\k_ihc^_llZddZdhgaZ^mfZe
DZdlhg_ohq_lkyh[jhgbeZ\hl\_l\ubkdb\Zy]eZaZfbimlbhloh^ZDZdgZaeh\k_^hjh]b\_eb
fbfhhiZkguog_agZdhfp_\
:ijb^_lkyihqlbeZkdh\hkhh[sbefg_ju`_\hehkuc
�\h__]hih^_evgbdh\[uebf_g__ijbf_qZl_evgu\g_rg_ohlvbg_mklmiZeb\h`Zdm\jhkl_gh
q_jluboebpgbq_f\ujZabl_evgufg_hlebqZebkvjZa\_qlhmlh]hdhlhjucklhyekijZ\Z[ue
dh]^ZlhjZg__i_j_[blghkZm\lhjh]hmrbbf_ebg_ijZ\bevgmxnhjfmIjbqbgmijb\e_drmxd
mrZffh_\gbfZgb_g_fh]eZihgylvghqlhlhaZbgl_j_kh\ZehQlhh[t_^bgyeh\k_oljhbolZdwlh
l_fgZyh^_`^Zbg_iehoZynbabq_kdZynhjfZFheh^u_fm`qbgug_qmjZebkvnbabq_kdbogZ]jmahd
J_[ylhlimklbl_gZkihdZaZehkvqlhfhc]hehkklZegZhdlZ\m\ur_HiZkghklvqlhbkoh^beZhl
g_agZdhfp_\^_eZeZk\h_q_jgh_^_ehaZklZ\eyy\hegh\Zlvky
:_kebfug_ohlbf\h`Zdkiexgmeih^gh]bbk^_eZerZ]\gZrmklhjhgmAZgbf^\b`_gb_
ih\lhjbebb^\Z^jm]boFukhev]hckbgojhgghhlklmibebgZrZ]gZaZ^Fm`qbguk^_eZeb_s_
jZak_wlh\j_fyfui_leyebf_`^mfZrbgZfb\k_[hevr_b[hevr_aZ]hgyyk_[y\lmibd
j_amevlZl_q_]hhdZaZebkv\hae_[_lhgghckl_gu
hev]Zohlvb[ueZklZjr_f_gygZ]h^gh\djblbq_kdhckblmZpbbg_\k_]^Z[ueZ\_^ms_c
�Zevr_hlklmiZlv[uehg_dm^Z
Gmqlhdmdhedb"JZa\e_q_fky"lhlqlhke_\Zijbgyeky^hklZ\ZlvbadZjfZgZdmjldbweZklbqgmx
e_glmq_flhgZihfbgZxsmx`]mldhlhjufhklZgZ\eb\Zxldjh\vijbh[bevguodjh\hl_q_gbyo
�Z\Zcl_j_[ylZfukih^jm]hcmc^_ffbjghZ\uihc^_l_ihk\hbf^_eZf"ij_^eh`beZy
kh\_jr_gghg_gZ^_ykvgZiheh`bl_evguchl\_l
LZd\ub_klvgZrb^_eZmkf_ogmeky]eZ\ZjvlhjZy\ZrZfm`bdbZwlZ]h\hjeb\Zyfhym`
[hevghohjhrZEx[exyaudZluo^_\hq_d^Zbkbkvdbmg__kbfiZlbqgu_
DjbqZlvkfukeZg_[ueh\jy^ebdlhlhijb[_`blgZfhcah\KhagZl_evgu_]jZ`^Zg_ihklZjZxlky
ijhclbfbfhebrv[ug_[ulv\h\e_q_ggufgb\dZdmxi_j_^jy]mH^gZdhijb\e_qv\gbfZgb_d
k_[_ke_^h\ZehYihgbfZeZqlh\jy^ebgZkkhev]hcijb]eZkylp\_lhqdbihgxoZlvbeb`_gZ
wdkdmjkbxih]hjh^mGZf_j_gbyg_agZdhfp_\[uebdjbklZevgh]jyagubij_djZkghihgylgu
KgbfZclmneblhedgmeZy\[hdih^jm]mfheqZ\rmxkeh\gh\jhl\h^ugZ[jZ\rmxhev]Zg_
kjZamhlj_Z]bjh\ZeZ
Qlh"
LmnebkgbfZcijbdZaZeZygZqbgZy\uihegylvaZ^mfZggh_bjZam\Zlvkylml`_
Ohjhrb_^_\hqdbiho\ZebegZk]eZ\Zjvj_rbebkZfbjZa^_lvkyBeb\ukh[jZebkvbfb
aZsbsZlvky"hlwlh\jy^ebm\Zkihemqblky
keh\Zofm`qbguyg_khfg_\ZeZkvH[m\v`_[ueZgm`gZfg_^ey^jm]bogm`^
hev]ZkgyeZlmnebbih\lhjyyaZfghc\ayeZbo\jmdb
Qlhl_i_jv"hgZ^h]Z^ZeZkvqlhqlhlhaZ^mfZeZ
:\hlqlhIhfbjZlvlZdkfmaudhcyjZafZogmeZkvbk[hevrhckbehc[jhkbeZh^bglmn_ev
p_eykv\kl_dehg_^Ze_dhklhys_]hZ\lhfh[bebLml`_kjZ[hlZeZkb]gZebaZpbyYijbp_ebeZkvb
\lhjhclmn_ev[jhkbeZm`_\^jm]mxfZrbgmhev]Zhlhc^yqmlv\klhjhgmih\lhjbeZaZfghc
Fm`qbgu[jhkbebkv\gZrmklhjhgmqlh[uij_^hl\jZlblvaZ^mfZggh_gh[uehm`_iha^gh
LbrbgmklhygdbjZahj\ZeZdZdhnhgbya\mdh\hjmsbogZ\k_eZ^ufZrbgH^bgbaljhcdbiulZeky
i_j_o\Zlblv\ihe_l_f_lZl_evgu_kgZjy^ughg_lmllh[uehrdhe_fug_ajyoh^bebgZ
nbadmevlmjmdh_q_fmgZklZfgZmqbebbijbq_fg_iehoh
Eh\bkmq_daZhjZe]eZ\ZjvklZjZykvg_h[jZsZlv\gbfZgb_gZdjbqZsb_[eZ]bffZlhf
ijhba\_^_gbyZ\lhfh[bevghcijhfure_gghklbB\fZrbgmbo;ukljh
:\uomohevl_[_g_ihdZaZlv"aeh[ghijhrbi_eZ\hl\_l
Ykh\k_ckbeuaZjy^beZk]mkldhfkbeu\a^hjh\ydZqlhi_j\uf[jhkbekygZf_gyJ_a_j\mf_gyg_
hq_gv[hevrhcihlhfmgZ^he]hf_gyg_o\ZlblFm`qbgZfZkl_jkdbmr_ebaih^m^ZjZgh\k_`_
fg_m^ZehkvaZ^_lv_]hie_qh@Zevqlhg_kbevghJmdZklZeZkemrZlvky_]hom`_ghdkh`Ze_gbx
g_hlgyeZkvkh\k_fHg[hevghmo\Zlbef_gyg_ihkljZ^Z\r_ceZihcaZij_^ie_qv_bihklZjZeky
\udjmlblvjmdmYk\h[h^ghcjmdhcihiulZeZkv\hgablvgZiZ^Z\r_fmiZevpu\]eZagbpudZddh]^Z
lhf_gymqbeiZiZBwlhihqlbm^Zehkvgh\ihke_^gbcfb]f_gydjmlZgmebaZjmdmbm^Zj
ihemqbekykfZaZgguf=eZaZmfm`qbguhklZebkvp_euZg_gZgbaZebkvgZiZevpudZdohl_ehkv
mijZ`gylvky\h\eZ^_gbb\gmlj_ggbfbj_a_j\Zfbhj]ZgbafZkqblZyqlhjZafu`b\_f\
pb\bebah\Zgghfh[s_kl\_lhg_klhblmih^h[eylvkygZrbfij_^dZfbkihevamyZjoZbqgu_gZ\udb
HgZbdex[hfm\b^mljZgknhjfZpbbhlghkbeZkvkd_ilbq_kdbg_hkm`^Zyghbg_ijbgbfZyY
ih^haj_\Zxqlhwlhmg__[uehk\yaZghkhij_^_e_ggh]hjh^Zijh[e_fZfbhdhlhjuohgZg_hkh[h
ex[beZjZkijhkljZgylvky
IhiulZeZkv_s_jZaaZjy^blvkbehcghg_lmllh[uehF_gyfZkl_jkdbm^Zjbeb\hkgh\Zgb_q_j_iZ
q_fi_j_djuebihlhdbYijZdlbq_kdbihl_jyeZkhagZgb_gh\ihke_^gbcfb]iZ^ZygZ[_lhg
klhygdbkfh]eZjZaebqblvdZdfhch[b^qbd\a\bekyhlkbevg_cr_]hm^ZjZ\q_exklvijbe_l_\r_]h
hldm^Zlhk[hdm:ihlhfi_j_^hfghxk\_lihf_jdFhy]heh\Z\k_`_\klj_lbeZkvkihehfb
j_rbeZg_fgh]hhl^hogmlvhl\k_oi_j_`b\ZgbcqlhgZg__\g_aZighk\Zebebkv
Fh`_l[ulvwlhbdemqr_fm\_^vyg_\b^_eZ^Zevg_crbcaZf_kqlhijhbahr_ejy^hfkf_klhf
fh_]hg_m^Zqgh]hijba_fe_gby
\r\r\r
F_jgh_ihdZqb\Zgb_gZihfbgZehfg_dZddh]^Zlh\rdhevgu_]h^uy[ueZgZwdkdmjkbbblZffu
oh^bebgZdZl_j_ihj_d_F_gyg_kdhevdhmdZqb\Zehfh`ghkdZaZlvijZdlbq_kdbfmlbehIhlhfmy
ohjhrhaZihfgbeZwlhqm\kl\h
Kh]jhfgufljm^hfjZae_ibeZ]eZaZb\kfhlj_eZkv\ihemlvfmhdjm`Zxsmxf_gy
hl`_\uomohevg_^h^_eZggZy\ujm]ZeZkvyj_adhih^gbfZykvbqmlvebg_aZ^_\Zy]heh\hc
ihlhehdYgZkZfhf^_e_gZoh^beZkvgZdZdhflhkm^g_LhevdhgZieZ\kj_^kl\Zog_[hevrh]h
jZaf_jZklhevkdm^gu_dZxlu]^_bjZaf_klblvkylhedhflhg_\hafh`gh
IjbreZ\k_[y"hldm^Zlhk[hdmjZa^Zekyfm`kdhc]hehk
Y^_jgmeZkvbih^lygmeZih^k_[ygh]bb[hh[eZ^Zl_ev]hehkZfg_[uehq_gvohjhrhagZdhfBf
hdZaZekyh^bgbaljhbpuqlhgZiZegZgZkih^lhj]h\ufp_gljhf
Dlh\u"
L\hckZfuckljZrgucdhrfZjgZlm`ghjZkkf_yekyfm`qbgZhloe_[u\Zy\bkdbbad\Z^jZlghc
[mluedb
Hgkb^_egZihemh^gZgh]Z[ueZkh]gmlZ\dhe_g_Z^jm]Zy\ulygmlZ\i_j_^bE_\uc]eZafm`qbgu
ihjy^dhfaZieuehg\j_fyhl\j_f_gbijbdeZ^u\Zedg_fmiZd_lkhev^hfih\k_c\b^bfhklb
qlh[ukgylvhl_dlhjZy`_jmdZih^ghkbeZihqZlmx[mluedmd]m[Zffm`qbguHgihi_j_f_gghlh
ijbdeZ^u\Zee_^lhhloe_[u\Zeba]hjeurdZ
G_lm`fhbodhrfZjZomiexr_\uoaZcp_\hiZ^ZxlmrbdZd[m^lhgZgbodlhlh]Z^Z_lkeh\gh
gZjhfZrd_AgZ_rv_klvlZdZyb]jZex[blg_ex[bl":\ha^mrgu_rZjbdbij_\jZsZxlky\
\yeu_kfhjs_ggu_[ebguLu`_kdhj__ihoh`gZyihklZjZeZkvgZclbih^oh^ys__kjZ\g_gb_
;Zg^blZk[hevrhc^hjh]b"Miujy"ZkbebkdZ"ijbgyekyi_j_qbkeylvfm`qbgZjZa]ey^u\Zy
f_gykhklhjhgubaih^k\bkZxs_cq_edb
Fg_ihdZaZehkvqlhhg[ueq_flhq_j_kqmjkbevghjZa^hkZ^h\ZgOhlyy_]hijZdlbq_kdbg_agZeZ
^Z[u^_eZlvdZdb_lhaZdexq_gby
G_ZIZg^mgZdhg_pykfh]eZhij_^_eblvkoh`_klvIhfgx\^_lkl\_fg_h^gh\j_fy
gjZ\bebkvwlb`b\hlgu_bykh]jhfgufm^h\hevkl\b_faZgbfZeZkvdhee_dpbhgbjh\Zgb_fgZde__dk
bobah[jZ`_gb_fBolZdaZ[Z\ghhlh`^_kl\eyebkex^vfbM`bfdbFbfbdZk_[uehkoh`_
magZlvk\hx^Zevg_crmxkm^v[m
YihfheqZeZ
KemrZc^ZcaZdmjblvfm`qbgZZ`ihi_jogmeky:lhyg_j\gbqZx
:mdhehlvkyl_[_g_^Zlv"judgmeg_agZdhf_p
�Zgml_[yAZgm^ZhlfZogmeZkvDmjblvy^Z`_g_ijh[h\ZeZghkeurZeZqlh\k_]^Z^he`gh[ulv
ihke_^g__`_eZgb_
AgZ_rvkiZg^hcf_gy_s_gbjZamg_kjZ\gb\ZebaZ^mfqb\hijhbag_kfm`qbgZhloe_[u\Zy_s_
jZaba]hjeurdZ
=^_fu"hkf_e_eZgZdhg_py
Km^yihkihdhcghfmihdZqb\ZgbxgZ\hegZofuklhyebgZydhj_Zg_rebdm^ZlhBawlhfh]eh
ke_^h\Zlv^\Z\u\h^ZH^gbqlhfu]^_lhhdheh[_j_]Zblh]^Z\hafh`ghmf_gyihemqblky[_`Zlv
:\lhjhcf_g__\_k_eucghl_fg_f_g__j_Zevgucqlhfum`_dm^Zlhijbrebbl_i_jv\hlijhklh
hl^uoZ_f
:ihq_fmg_bgl_j_km_rvkyk\h_c^Zevg_cr_ckm^v[hc"hgijyfhlZdbqblZefhbfukebG_
ieZq_rv"G_[v_rvky\bkl_jbd_"ihex[hiulkl\h\Zefm`qbgZg_hl\_qZygZfhc\hijhk
Lhevdhohl_eZkijhkblvoehigmeZihdhe_gmjmdhcZlu\havfb^Z\kxfZebgmi_j_[_c
hh[s_lhf_gym`_g_lZd^Z\ghihobsZebi_j\ucjZawlhg_ijbylghZ\h\lhjhckf_rghqlh
ebBludZdhclhkf_rghc\uj\Zehkvmf_gyhl`_yaud[_adhkl_c
Fg_dZ`_lkyqlhlu_fmih^oh^brv
Dhfm"m^b\beZkvy
@_gbomk\h_fmDhfm`__s_"m^b\bekyg_agZdhf_p
hldZd"Q_f`_"fg_klZehhq_gvex[hiulghk_hklZevgu_\hijhku[uebhll_kg_gugZaZ^gbc
ieZgY^Z`_g_kijhkbeZhldm^ZhgagZ_lijhgZebqb_mf_gy`_gboZOhly\k\_l_ihke_^gbo
kh[ulbcwlh[uehhq_\b^gh
l_[__klvj_rbfhklvk^_eZeaZdexq_gb_fhckh[_k_^gbdijbdju\Zy]eZaZb^_eZyhq_j_^ghc
]ehlhd
Lu`_k_cqZkgZiv_rvkydZdihjhk_ghdi_jki_dlb\Z[ulvgZ_^bg_kivyguffm`bdhff_gy
kh\_jr_gghg_ij_evsZeZQ_jl_]hagZ_lqlhhlg_]hfh`ghh`b^ZlvFh`_lhggZqg_lgZ]heh\_
klhylvbebi_kgb]hjeZgblvZfg_g_ihgjZ\blkyHiehohfyklZjZeZkvg_^mfZlv
Fh`_llug_[m^_rvf_gylmlmfmjZamfmmqblvdbkehmeu[gmekyfm`qbgZ
:lukh[kl\_gghdlh"wlhlhqlhke_^h\ZehkijhkblvjZgvr_ghmf_gy\k_gbdZdg_ihemqZehkv
Ba_lmjfm`qbgZ\ulygme\lhjmxgh]mBdZdmg_]hlhevdhaZ^gbpZg_[heblkb^_lvgZihem"Y
[um`_\a\ueZFg_\k_]^ZgZjh\ghff_kl_g_m^h[ghDhklbkd\havfy]db_ldZgbijhklmiZxlb
gZqbgZxlijbqbgylv^bkdhfnhjlOhlvih^mr_qdm\k_]^Zkkh[hcghkb
Dha_eqlheb"\uj\Zehkvmf_gy
Ihq_fmwlhdha_e"fm`qbgZ\kdbgmekyghkh\_jr_gghg_h[b^_eky
LmjHg`_kjh]Zfb_kebfg_g_baf_gy_liZfylv:jh]Z_klvmdhaeh\AgZqblludha_ek^_eZeZ
yaZdexq_gb_\k_o\j_f_gbgZjh^h\
F^Zfgh]hagZqbl_evghijhbag_kBa_lmj@_gkdZyeh]bdZg_ihklb`bfZHgfmkhjg_\ug_kZ
hgZdjbqblqlh__g_ex[ylhlkdZ`bhldm^Z[_jmlkylZdb_fukeb\\Zrboij_e_klguo]heh\dZo"
Gmohjhrhfbjhex[b\hijhbag_keZyImklvg_dha_eGmlu`_\k_jZ\ghfm`kdh]hiheZ
agZqblm\Zk_klvqlhlhh[s___^vlZd"
K`_gsbghckihjblvk_[_^hjh`_BdZdlhevdh\umfm^jy_l_kv\k_ih\_jgmlvklhqghklvx^h
gZh[hjhl"hl\_jvihke_\k_]hwlh]hLZdh]hijb^mfZ_l_ZgZfihlhfjZa]j_[ZcB\_^vg_
kdZ`_rvqlhg_[ue\dmjk_beb\k_wlh[ueZrmldZ
Ihke_^gyynjZaZgZ\_eZf_gygZhij_^_e_ggu_fukeb
M`g_ohq_rveblukdZaZlv"gZqZeZy
Fm`qbgZgZklhjh`bekykeh\ghqlhlhmkeurZeihlhfj_adhhlklZ\be[mluedm\klhjhgm\kdhqbe
gZgh]bbklj_ehc\ukdhqbebadZxluhklZ\b\f_gyh^gm
Blmlyihqm\kl\h\ZeZqv_lhijbkmlkl\b_GZdZl_j_y\ghdlhlh[ueihfbfhf_gybfh_]h
ihoblbl_eyEx[hiulkl\h\ayeh\_jogZklhevdhqlhyke_aeZk^b\ZgqbdZgZdhlhjhfe_`ZeZqlh[u
ihkfhlj_lvgZ\gh\vijb[u\r_]hbmagZlvqlh_fmgZ^hH^gZdhg_lmllh[uehYih^_j]ZeZaZ
jmqdm^\_jv\dZxlmhdZaZeZkvaZdjulZbhldjulv__fg_g_m^ZehkvIhoh`_qlhohlvfm`qbgZb
ki_rbeghhklZ\eylvfg_k\h[h^mi_j_^\b`_gbyhggbdZdg_`_eZeIhke_g_kdhevdbog_m^Zqguo
ihiulhdhl\hjblv^\_jvygbkdhevdhg_aZ[hlykvhdhgkibjZpbb\hlqZygbbigmeZgb\q_fg_
ih\bggmxkl\hjdm
Lmlfhc\a]ey^miZegZhldjulucbeexfbgZlhjhldm^Z\_yehk\_`bf\_l_jdhf^hghkyaZiZo\h^u
lbgubdZdhclhdbkeylbguYg_^he]h^mfZyih^kdhqbeZdg_fmZ\^jm]wlhiha\heblfg_
ih^kemrZlvjZa]h\hjByg_hrb[eZkvKihfhsvxk\h_]hqmldh]hkemoZyjZaebqbeZdZdg_agZdhfZy
`_gsbgZZkdhj__^Z`_^_\mrdZhijZ\^u\ZeZkvi_j_^fhbfihoblbl_e_f
LuihgbfZ_rv\_^vyg_fh]eZg_ijbclb
Yl_[_]h\hjbeG_kf_ckh\Zlvkykx^ZG_m`_eblZdljm^ghmykgblv"
Lmlih^mekbevguc\_l_jbaZ]emrbekh[hx\kydb_a\mdbkhklhjhgu]h\hjb\rboYhlqZyggh
�\kemrb\ZeZkvklZjZykvjZaebqblvohlvqlhgb[m^veyq_]h^Z`_aZe_aeZkgh]ZfbgZ^b\ZgjZa\_
qlhg_\ukmgmeZkv\beexfbgZlhjebrv_]hjZaf_jug_iha\heyebfg_\ue_albgZjm`m
Moh^b:lhl_[yaZf_lyl^hg_kehkv^hf_gyYgZklhjh`beZkvMf_gy\]heh\_gZqZeZ
\ujbkh\u\ZlvkydZjlbgZkemqb\r_]hkyb^eyq_]hf_gyihoblbebijhq_flZd`_dhfm\k_wlh
gm`gh
YaZkdj_`_lZeZam[Zfb`Ze_yqlhg_\khklhygbb\uclbgZjm`mqlh[u\p_iblvkyjmdZfb\ju`b_
iZleuh^ghcgZ]ehchkh[_FZeh_cihevah\Zlvkyl_ehfdhlhjh__cg_ijbgZ^e_`bllZdhgZ_s_
ohq_lij_l_g^h\ZlvgZjmdm=Z^bgZhl\uc^mlhMf_gy\]heh\_ijhg_kebkvkhlgbkihkh[h\
gZdZaZgbydhlhju_y[u`_eZeZhijh[h\ZlvgZex[h\gbp_@hj`ZYg_khfg_\ZeZkvqlhwlhbf_ggh
hgZjZa]h\Zjb\ZeZ\^Zggucfhf_glkBa_lmjhfGZ]eZygZoZedZDZdhgZfh`_lij_iylkl\h\Zlvfg_
bfh_fm`_gbomkh_^bgblvky_^vmf_gygZghkmihfhe\dZBf_ggh__hgZ`_eZ_ljZkkljhblv
AZf_lZ\rbkvihdZxl_yiulZeZkvgZclbqlhgb[m^vly`_eh_qlh[uwlbfly`_eufh]j_lv
g_gZ\bklgmxex[h\gbpmDh]^Zy[hevghm^ZjbeZkv]heufiZevp_fgh]bhgh`dmg_[hevrh]hklheZ
ijbdjmq_ggh]hgh`dZfbdihemlhbkiulZeZg_kl_jibfmx[hevBf_gghhgZf_gybhlj_a\beZ?keb
yohqmbkihjlblvgZdhjgxk\hbhlghr_gbyk`_gbohflhmkljhb\kdZg^Zek_]hex[h\gbp_cydZd
jZa^h[vxkvijhlb\hiheh`gh]hJZahgkg_xijh\h^be\j_fylhhgZ_fmq_flh`_gjZ\beZkvOhly
yg_m^b\exkvqlhebrv__^hklmighklvb[ueZl_fnZdlhjhfqlhijb\e_deZ@hj`Zdg_cDZd
^jm]hcy\eyxkvbf_gghyZgbdlhbghc
Ijb^y\k_[yymkihdhbeZkvmk_eZkvgZ^b\Zgbkeh`beZjmdbgZdhe_gyoB[hijbgy\j_r_gb_
dhlhjh_fh`_l[ulvbg_khhl\_lkl\h\Zehfh_fm^momgh[uehjZamfguf\u^mehbaf_gy\_kv
[h_\hcaZ^hj
_jgm\rbckyq_j_ag_dhlhjh_\j_fyBa_lmjaZklZef_gykb^ys_ckjh\ghc\ulygmlhc\kljmgdm
kibghcaZ^mfqb\uf\a]ey^hfkfhljysbfijyfhi_j_^kh[hcZ[khexlghgbq_]hg_\b^ysbf
QlhlhluaZlboeZi_j_klZeZf_lZlvkyQlhlhkemqbehkv"fm`qbgZih^k_edhfg_Yg_ohly
ih\_jgmeZ]heh\m\_]hklhjhgm
AZ^mfZeZkvhly`_ehfiheh`_gbbfm`qbguih^dZ[emqgbdZ\kieZdgmeZh_]hly`_ehc^he_
j_rbeZkha^ZlvljZklh\ucnhg^bgZwlb^_gv]bhj]Zgbah\Zlvki_pbZevgu_aZdjulu_mqj_`^_gby
^eyj_Z[beblZpbbbafh`^_gguofhjZevghbih^Z\e_gguonbabq_kdbfm`qbgkg_\hafmlbfuf
\b^hfhl\_lbeZygZ\hijhkBa_lmjZ
;jh\bfm`qbgu\a\bebkv\\_jo[m^lhneZ]bgZ^a^Zgb_fijZ\bl_evkl\Z?fmy\gh[ueZg_agZdhfZ
fhyfZg_jZh[s_gbyihjZab\rZyfm`qbgm_kebg_^h]em[bgu^mrblhhkgh\Zl_evghm`lhqgh
AZsblgbpZm]g_l_gguo"
:]Zhl_klvgZijbf_jml_[yex[bfZy^_\mrdZdhlhjmxlu\ugm`^_g^_eblvk[he__m^Zqeb\uf
khi_jgbdhfHgZ\k_\j_fy\h^bll_[yaZghk\j_lmoh^blhlijyfh]hhl\_lZg_]h\hjydh]^Z`_hgZ
[jhkblk\h_]hhkgh\gh]h`_j_[pZ:lu[m^v^mjZdhf\_jbrv^mfZ_rvqlh_s_qmlvqmlvbm^ZqZ
ih\_jg_lkydl_[_ebphfZhgZih]ZgdZlZdZy\k_ijbqbgguff_klhfih\hjZqb\Z_lkyGhml_[ylh
^hkboihj_klv\_ebdZygZ^_`^ZgZ\ukrmxkijZ\_^eb\hklv\ebp_l\hch[h`Z_fhch[fZgsbpub
lujZ^klZjZlvkyb^Ze__h[fZgu\Zlvky:hgZbaf_ggbpZijh^he`Z_ll_[yibqdZlveh`vx\
dhlhjmxlu\_jbrvBlZdjZaaZjZahf\k_[hevr_b[hevr_m\yaZy\[hehl_lvfuIhlhfl_[y
gZqbgZxlfmqblvdhrfZju\b^_gbyluklZjZ_rvky\u^Zlv`_eZ_fh_aZ^_ckl\bl_evgh_;v_rvky
dZdfhlue_dheZfimgZdZeb\ZgbyhiZeyyk\hbgbdq_fgu_djueurdbihdZg_k]hjZ_rv^moh\gh
^hleZhklZ\Zykviheghklvxkehfe_ggufbg_kqZklguf\k\h_cg_jZa^_e_gghcex[\b:_c\k_
jZ\ghhgZg_aZf_qZ_lqlhml_[yljZ]_^byqlhlumf_jfhjZevghB\hllh]^Zl_[yihf_sZxl\
debgbdm^eylZdbo`_dZdblukljZ^Zevp_\]^_boijb\h^yl\ihjy^hdaZklZ\eyy`blvaZgh\hmqZl
\_jblvbex[blvgZwlhc\_k_ehcghl_aZdhgqbeZyjbkh\Zlv\k_juolhgZodZjlbgm[eb`Zcr_]h
[m^ms_]hBa_lmjZ
Hgkfhlj_egZf_gydZdgZijhjhdZkhr_^r_]hkg_[_k
Lu]hlh\ZihaZ[hlblvkyhfh_c^mr_"\hijhkbemf_gyfm`qbgZ
�Zkugfhc\ukhdhiZjghijhbag_keZy
Fh]mebygZ^_ylvkygZlhqlh\h^bgij_djZkguc^_gvgZf_gykgbahc^_ll\h_[eZ]hkeh\_gb_"\
]eZaZoBa_lmjZklhye\hijhkgZdhlhjhchgf_qlZeihemqblvhl\_l
Dhg_qghkugfhc
Ijhk\_lbf_gyfm`qbgZko\Zlbef_gyaZjmdbih^g_kbodk\hbf]m[Zfbijbgyekyihdju\Zlv
ihp_emyfbih^gbfZykv\k_\ur_b\ur_
Qlhlu^_eZ_rv"\e_]dhfg_^hmf_gbb\hkdebdgmeZklZjZykv\uj\ZlvkyHlimklb
IulZxkvijhgbdgmlvky[eZ]h]h\_gb_fbebluijhlb\"kfhev[hc\]hehk_kijhkbemf_gy
fm`qbgZ
YjZamdehgbeZkvihlhf^jm]hc?s_[ug_fgh]hbf_gy[ugZqZebaZ\Zeb\ZlvgZ^b\Zgqlhfg_
kh\_jr_gghg_ihgjZ\behkv
GZ^h^hjh]ZyGZ^hEbrvq_j_a[ebahklvfh`ghihklbqvhqbs_gb_gZf_j_gbyfm`qbgu[ueb
kh\_jr_gghg_^\mkfuke_ggu
HdZaZlvkyjZkieZklZgghcgZ^b\Zgqbd_\dZxl_gZdZl_j_gZoh^ysbfkyg_ihgylgh]^_\fhbieZgu
g_\oh^behBabeexfbgZlhjZg_[ueh\b^ghkh\_jr_gghgbq_]hihlhfmh^bg[ueaZ^jZ_gZ\h
\lhjhcgbq_]hg_[ueh\b^ghbaaZl_fghluaZ[hjlhf
YgZqZeZhl[b\Zlvkybah\k_okbe^Z`_g_^himkdZyfukebk^ZlvkygZfbehklvih[_^bl_eyDh]^Z
fg_ihdZaZehkvqlh_s_g_fgh]hbyhdZ`mkvih^fylZih^kbevgh_l_ehfm`qbguBa_lmj[ue
ju\dhfhlf_gyhlhj\Zgbhl[jhr_gdkl_g_
iuem[hjv[uykh\_jr_gghg_jZkkeurZeZqlh\dZxl_ihy\bekyihklhjhggbc
DZd`_y[ueZjZ^Zdh]^Zi_j_^hfghcij_^klZe@hj`kh[kl\_gghci_jkhghcHgfg_ihdZaZeky
lZdbfdjZkb\uffm`_kl\_ggufbg_ih[_^bfufL_fdlh\khklhygbbk\_jgmlv]hjujZ^b^hjh]h]h
q_eh\_dZ
EbaabdZdlu"klj_\h]hcijhbag_k^_fhg\]ey^u\Zykv\fhbi_j_im]Zggu_]eZaZ
GhjfZevgh@hj`ijbk_ejy^hfkhfghcbh[gye
Hggbq_]hklh[hcg_k^_eZe"yhljbpZl_evghihdZqZeZ]heh\hc
Khfghc\k_ohjhrh_keblhevdhg_fgh]hihfylZdjb\hmeu[gmeZkv\hl\_l
AZihke_^g__\j_fyijhbahrehklhevdhkh[ulbcqlhym`_mklZeZim]ZlvkyHj]Zgbafijb\ud
gZoh^blvky\khklhygbbklj_kkZ
:]^_"ybf_eZ\\b^m]^_fhcihoblbl_evIhbkdZeZ]eZaZfb\hdjm]k_[ybh[gZjm`beZBa_lmjZ
jZkieZklZggh]hgZihemba\bkdZfm`qbgukhqbeZkvlhgdZykljmcdZdjh\bH\k_\urgbc
Y\uj\ZeZkvl_i_jvm`_bah[tylbc@hj`Zb[jhkbeZkvdih\_j`_gghfmfm`qbg_Ihoh`_qlhhg
m^Zjbekyh[hqlhlhhkljh_YijbgyeZkvhsmiu\Zlv]heh\mghy\guoih\j_`^_gbcg_h[gZjm`beZ
KljZgghDjh\v_klvZf_klZm^ZjZg_l
Yk_cqZk\uah\mihfhsvkihdhcghijhbag_k@hj`^hklZ\Zyl_e_nhgBlml`_ijbdZaZedhfmlh
y\blvkyih^gylvkygZdZl_jaZo\Zlb\Zil_qdmIhc^_fEbaabGZflmlemqr_g_hklZ\Zlvky
GhdZd`_hg"ymdZaZeZjmdhcgZBa_lmjZ
Kgbf\k_[m^_l\ihjy^d_G_i_j_`b\ZcIhfhsv_^_lB[m^_llmlkfbgmlugZfbgmlm
LZdfh`_l[ulv_fmklZg_liehohbeb_]hgZ^hiheh`blvdZdgb[m^vih^jm]hfm"g_gZrmldm
jZa\hegh\ZeZkv
�mfZxqlhg_klhbl_]hljh]Zlvg_\hafmlbfhkhh[sbefg_@hj`YijyfhlZdbih^b\beZkv_]h
kihdhckl\bx
I_j_^l_fdZdgZf\uclbbadZxluygZihke_^hd[jhkbeZ\a]ey^gZe_`Zs_]hgZihemfm`qbgmb
fg_ihdZaZehkvqlhhgmeu[Z_lkyYkfhj]gmeZb_s_jZaihkfhlj_eZk_`_ihdZaZehkv
HdZaZ\rbkvgZijbklZgbfu\klj_lbebkvkg_agZdhfp_fg_krbf\jmdZog_[hevrhcq_fh^Zgqbd
Fm`qbguh[f_gyebkvfgh]hagZqbl_evgufb\a]ey^Zfb
Bkim]ZeZkv"m`_\fZrbg_kijhkbemf_gy@hj`
G_fgh]hq_klghijbagZeZkvyDZdluf_gygZr_e"
Dlhbs_llhl\k_]^ZgZc^_lijhkljZgghijhbag_kfhc`_gboijb`bfZyf_gydk_[_Yg_fh]
h[tylvyo@hj`ZyhsmlbeZk_[ydZdaZdZf_gghckl_ghc
KiZkb[hih[eZ]h^ZjbeZ\hl\_l
k_lZdbdZdhc`_hgohjhrbcFh_k_j^_qdhaZlj_i_lZehhlg_]b
\r\r\r
Fg_g_kiZehkvGZfh_cijhklhjghcdjh\Zlbfg_g_[uehf_klZ_jg__g_gZrehkvlh]h]^_fg_
�[u[uehohjhrhmfuh\eZ^_\ZebgZklhevdhkbevghqlhaZklZ\eyebdjmlblvkykeh\ghyq_j\ydgZ
kdh\hjh^d_
FhyjmdZihlygmeZkvdrlhj_bhlh^\bgmeZ__Klhy\hae_hdgZy\a]eygmeZ\ukhdh\\_jolm^Z]^_
ihegZyemgZijb\_leb\hmeu[ZeZkvfg_K_]h^gyhgZ[ueZgZj_^dhklv^h[jh^mrgZbg_im]ZeZ
k\hbfijbly`_gb_fMf_gy^Z`_g_\hagbdeh`_eZgbyh[_jgmlvkyohlyybgZoh^beZkv\h
\a\bgq_gghfkhklhygbb
k_lZdaZdjmlbehkv
fukeyoylhb^_eh\ha\jZsZeZkvdg_^Z\g_fmijhrehfmi_j_`b\ZeZijhb]ju\Zy\gh\v
JZa]h\hjk`_gbohfbihke_^mxsb__]h^_ckl\byhklZ\bebkljZggh_ihke_\dmkb_^hkboihj
ijbkmlkl\mxs__gZ]m[Zo
Dh]^Zyg_fgh]hmkihdhbeZkvihke_k\h_]hhk\h[h`^_gbylhijbgyeZkvbgl_j_kh\Zlvkyqlh
kemqbehkvkhev]hcb]^_hgZgZoh^blky\gZklhysbcfhf_glHdZaZehkvqlhg_ih\_aehlhevdhfg_
Ih^jm]Z[ueZm`_^Z\gh^hfZ\lh\j_fydZdf_gyjZaukdb\Zebqmlvebg_kkh[ZdZfbIhdZ
kemqZcgucijhoh`bcjZa[bjZeky\gZqZe_kh^gbfgZiZ^Z\rbfhlijZ\b\_]h\djZkb\ucihe_lZ
ihlhfi_j_dexqbek\h_\gbfZgb_gZ\lhjh]hBa_lmjmfm^jbekyf_gymfudgmlvIh^hki_\rbcqmlv
iha`_hevngbq_fg_kfh]ihfhqvgZr_fmaZsblgbdmKe_^hfgZihe_[hyh[ty\bekybfhc`_gbo
BaijhkljZgguoh[tykg_gbc@hj`Z\dhlhjuohg[hevr_iulZekymfheqZlvq_fjZkkdZaZlvy
ihgyeZqlh[jZlvyg_fgh]hjZajm]Zebkvihih\h^mg_k[_j_`_gbyfh_clmrdb\p_ehklbb
khojZgghklb
gZqZe_yihju\ZeZkvjZkkdZaZlv@hj`mh[mkeurZgghffghxgZdZl_j_bh[mqZklbb\ihobs_gbb
EZjbguGhihlhf\ihke_^gxxk_dmg^myi_j_^mfZeZihgy\qlhmf_gyg_lgbdZdbo
^hdZaZl_evkl\ijbqZklghklbex[h\gbpu`_gboZdfh_fmihobs_gbxFg__s_iZiZ]h\hjbeqlh
keh\Zg_ih^dj_ie_ggu_nZdlZfb\k_]hebrvkeh\Z:ihlhfmijbrehkvaZdjulvjhlgZaZfhdb
aZy\blvqlhfg_g_ba\_klghdlhklhblaZ\k_cwlhcaZ\Zjmrdhc?kebhgZ`_eZeZf_gygZim]Zlvb
^h[blvkylh]hqlh[uyhldZaZeZkvhl@hj`ZlhhgZajyihljZlbeZkbeuihlhfmdZdh^gZ`^uijbgy\
j_r_gb_yhlg_]hg_fh]eZhlklmiblvky
@hj`ijb\e_df_gydk_[_aZdexqb\\dhevphjmdbijhr_ilZeqlhyhq_gvhlqZyggZybkf_eZyjZa
g_jZkl_jyeZkvbkfh]eZ^ZlvhlihjgZiZ^Z\rbf:_s_hgiho\Zebef_gyaZkhh[jZabl_evghklvk
lmneyfb:dh]^Zyih_`beZkvgZqZ\l_j_lvh^gmgh]mh^jm]mx\k_`_gh]bmf_gyhay[eb\_^vfg_
ijbrehkvb^lb[hkhcZ`_gbowlhaZf_lbeebrv\fZrbg_gZqZ\mdhjylvk_[yaZg_\gbfZl_evghklv
dhg_qghfkq_l_fhbgh]b[uebih^gylugZdhe_gb@hj`ZbhgboklZekh]j_\Zlvk\hbfl_iehfY
[ueh\hkijhlb\beZkvih^h[ghfmk_`_wlhdZdlhg_ijbebqghgh[uehm`_iha^ghOhjhrhohlv
fZfZfhyg_\b^_eZ\k_]hwlh]hg_ihlj_[kl\ZDdhgpmih_a^dbygZklhevdhijb]j_eZkvqlh^Z`_
aZ^j_fZeZBihq_fm_a^Zk@hj`_f\fZrbg_\k_]^ZhdZau\Z_lgZf_gylZdh_\ha^_ckl\b_"Wlh]hy
g_agZeZ
Yih^haj_\Zxqlh\h^bl_evy\eyeky_s_bl_ehojZgbl_e_ffh_]h`_gboZm`kebrdhf
ki_pbnbq_kdbfbj_iebdZfbhgbh[f_gb\Zebkvih^hjh]_
Qlhlhkemqbehkv"y\kihehrbeZkvhimkdZygh]bgZihefZrbgu:@hj`\wlh\j_fyih^gbfZe
i_j_]hjh^dmhl^_eyxsmx\h^bl_evkdmxahgmhliZkkZ`bjkdhc
Kemqbehkv
Qlh"fh_fmm^b\e_gbxg_[uehij_^_eZ
Yohqml_[yihp_eh\ZlvijhklhkdZaZe@hj`Bebluijhlb\"
k_dZdlhg_h`b^ZgghijhfyfebeZ\hl\_lg_agZydZdhlj_Z]bjh\ZlvIhq_fmlhgbh^gZfukev
g_ijbreZfg_\]heh\m\lhlfhf_glohlyhlbohlkmlkl\byyh[uqghg_kljZ^ZeZ@hj`\ayef_gy
aZjmdmbg_`ghhq_jlbedjm]ih\gmlj_gg_cklhjhg_eZ^hgb\ua\Z\lheimfmjZr_dih[_`Z\rbo
\^hevdhg_qghklbijyfh\]heh\ghcfha]
Y[hxkvqlhfg_hiylvihf_rZ_ll\hyhqZjh\Zl_evgZyfZfZ\]hehk_`_gboZyjZaebqbeZghldb
\_k_evy
HgZohjhrZy
YagZxgh\hllhevdh`_eZxgZoh^blvkyhlg__gZg_dhlhjhfjZkklhygbbqlh[ug_ihiZklvih^
]hjyqmxjmdm@hj`[ueg_khfg_gghijZ\\qZklbdh_dZdbofZfbguohkh[_gghkl_c
:ihlhfhg[_a^hihegbl_evgh]hij_^mij_`^_gbyf_gyihp_eh\ZeY^Z`_hcdgmlvg_mki_eZdZd
fhbfb]m[ZfbaZ\eZ^_ebg_hklZ\eyy^Z`_fZehck\h[h^uIjbdhkgh\_gb_@hj`Z[ueh
lj_[h\Zl_evgufb\lh`_\j_fydZdbflhbamqZxsbf[m^lhhgiulZekyjZah[jZlvky\k\h_f
hlghr_gbbdh\k_fmijhbkoh^ys_fmHsms_gby[ueb\hegbl_evgubgh\ughijbwlhf\h\e_dZeb
f_gy\\h^h\hjhlg_dh]hlZbgkl\ZmqZklgbp_cdhlhjh]hygbdh]^ZjZg__g_[ueZ
Wc_klvdlh\fZrbg_"IhklZ\bebk\hxdheufZ]mihkj_^b^hjh]bghjfZevgufex^yfg_ijhclb
g_ijh_oZlvklmd\kl_dehZ\lhfh[beyaZklZ\bef_gyhlijygmlvhl@hj`Zb[hymagZeZfZfbg
]hehkBdZdhgZlhevdhmfm^jbeZkvmagZlv]^_ygZoh`mkv"Ohly\fZfbghfqmlv_m`_g_klhbeh
khfg_\ZlvkyQlhkg__\aylv"H[hjhl_gvhgZb_klvh[hjhl_gvDZdhdZaZehkvmqmylvf_gyaZ
g_kdhevdh^_kyldh\f_ljh\^eyg__iZjZimklydh\
:_s_biZimijb\e_deZ^eyghqghcijh]medbB\k_jZ^blh]hqlh[ukim]gmlvp_emxsboky
Y[ueZjZ^Zohly[ulhfmqlhfZfZg_ihe_aeZ\fZrbgmbg_gZqZeZ\ulZkdb\Zlvf_gyaZ\hehku
Ohlykg__klZehkv[uHgZmf_gy`_gsbgZg_ij_^kdZam_fZy
DZ`_lkyl_[_ihjZmkf_ogmeky@hj`ijhimkdZyijy^vfhbo\hehkf_`^miZevpZfb
ke_^mxsbcjZafugZc^_f[he__m_^bg_ggh_f_klh^eyk\b^Zgbyihh[_sZefg_fm`qbgZ
ijbklZevgh\]ey^u\Zykv\fhbjZkrbjb\rb_kyhl\heg_gbyajZqdb
FZehfg_[uehhsms_gbck\yaZgguokh[`b]Zxsbfihp_em_f`_gboZlZdfZfmey_s_^h[Z\beZ
i_jqbdZYkZfZk_[_dZaZeZkvgZklhevdhojmidhcqlhljhgviZevqbdhfbjZkkuiZeZkv[u
Yl_i_jv^Z`_g_agZxdZdjZkk_ygghijhbag_keZ\hl\_lg_ij_^iheZ]ZydZdbfh[jZahf
ijh[_jmkvfbfh[^bl_evghcfZlmrdb
:ml_[ykdZdhcklhjhgudhfgZlZ"\g_aZighkijhkbemf_gyfm`qbgZHdgZdm^Z\uoh^yl"h
\gmlj_ggbc^\hjbebgZih^t_a^gmx^hjh`dm"
Yg_kjZamihgyeZdq_fmwlb\hijhku
h\gmlj_ggbc^\hjijbagZeZkv^h]Z^Z\rbkvdq_fm@hj`dehgblGhlZf\lhjhcwlZ`bgb
:dZd^_eZh[klhylkhdgZfb"
HldjuluydZdnblbe_daZ]hj_eZkvb^__cMf_gy\k_]^Zhldjulu\wlh\j_fyFZfZ
ijbdZau\Z_l\k_]^Zijh\_ljb\ZlvdhfgZlmi_j_^fhbfijboh^hfqlh[uy^urZeZk\_`bf\ha^mohf
Zg_ki_jlufb[_a`bag_ggufi_j_djb\eyeZfZfbgukeh\Z
hlbhlebqghGZ^h\k_]hebrvijh[jZlvkyg_aZf_q_ggufbgZaZ^gbc^\hjghwlhy[_jmgZk_[y
BhgijbdZaZe\h^bl_exljh]ZlvFZrbgZijZdlbq_kdbm^ZebeZkvhlfh_]h^hfZYh[_jgmeZkvb
ihkfhlj_\\aZ^g__hdghm\b^_eZdZdm^b\e_gghkfhljblgZZ\lhfh[bevhl_pZ\fZfbguo]eZaZo
aZklueg_fhc\hijhkdm^Z"hdjm]gZr_]h^hfZjhkeZg_[hevrZyjhsbpZdhlhjZyohjhrh
kdju\ZeZ^hfbdhlkemqZcguo]eZawlhcjhsbp_bhklZgh\beZkvfZrbgZ@hj`ihfh]fg_\uclb
baZ\lhfh[beybfu\ay\rbkvaZjmdbihki_rbebih^ihdjh\hfghqb\klhjhgmjh^bl_evkdh]h^hfZ
LZfjhl\_ce_ju\kihfgbeZy\ihke_^gxxhq_j_^vbaZf_jeZgZf_kl_
G_kljZrghHgbf_gyex[ylaZ\_jbef_gy@hj`
AZlhf_gyg_hq_gv
hlbijh\_jbfgZkdhevdhfh_h[Zygb_ij_\urZ_lbog_ex[h\v
Fg_[uehkljZrghijbagZlvkyqlhy[hxkvgh^_eZlv[uehg_q_]hbijbrehkvkfbjblvkyqlh[u
\u]ey^_lviheghc^mjhc\]eZaZo`_gboZKdZ`_l_s_qlhyj_rbeZmkhfgblvky\_]hkbe_:hgh
fg_gZ^h"?kebEZjbgZgZiyldbgZklmiZ_l^Z\aZluehd^urblDhrdZju`ZyhdZyggZy
Fui_j_[jZebkvq_j_ag_\ukhdbcaZ[hjqbddZdkdZaZe@hj`ohly^eyf_gyhg[ue^hklZlhqgh
\_ebdghdh]^Zjy^hf]b]Zglih^^\Zf_ljZjhklhffh`ghg_aZfhjZqb\Zlvkyihih\h^m\ukhlu
ij_iylkl\bc@_gbof_gyih^kZ^begZh]jZ^mihlhfkZfi_j_[jZekyq_j_ag__bijbgyef_gy
kiju]gm\rmx\gbaYijZdlbq_kdbg_ihpZjZiZeZjmdbkk_dmg^ugZk_dmg^mh`b^ZygZiZ^_gby
jhl\_ce_jh\dhlhju_g_ij_fbgmebihy\blvkybal_fghludZdihaZdZamkeh\ghq_jlbdbba
lZ[Zd_jdbKh[Zdbk^Z\e_gghaZjuqZebZ@hj`aZjuqZebf\hl\_lG_dhlhjh_\j_fyfm`qbgZb
q_jghjhlu_iku\_ebg_ki_rgmx[_k_^mgZba\_klguflhevdhbfyaud_Yijbwlhfqm\kl\h\ZeZk_[y
iheguf[_a^Zj_fg_ihgbfZxsbf\q_fkmlv[_k_^uG_gZc^ygbq_]hemqr_ykijylZeZkvaZkibgm
@hj`mqlh[uebrgbcjZag_ijh\hpbjh\Zlvkh[Zd
Ihke_h[f_gZex[_aghklyfbaeu_kh[Zdbhimklbeb]heh\u\agZdijbagZgbyij_\hkoh^kl\Z@hj`Z
MagZcfZfZgqlh__fZrbgu^eym[bckl\Z^Zebhk_qdmhgZg_ij_f_ggh[umj_aZeZbf^g_\ghciZ_d
^Z[ul_agZebaZqlhbflZdh_gZdZaZgb_@_gboih]eZ^beih]heh\_\gZqZe_h^ghikZZaZl_f
^jm]h]hBhgbgZ]eZaZoij_\jZlbebkv\ihkemrguo^\hjgy]\beyxsboo\hklZfbHlm^b\e_gbyb
ihjZ`_ggZykemqb\r_ckygZfhbo]eZaZof_lZfhjnha_yijbhldjueZjhl
Ihc^_fMgZkg_fgh]h\j_f_gbihlygmef_gy@hj`\klhjhgm^hfZG_ohl_ehkv[uihiZklvky
l\h_cfZfZgZlh\ijhreucjZahgZ[ueZih^h[ghj_gl]_gmYk_]h^gyg_\^mo_bg_ohqm[ulv
ihkh[b_f^eyhiulh\ih^h[jhfmijhbag_kfm`qbgZm\e_dZyf_gyaZkh[hc
Y[hyeZkvih\_jgmlvkykibghcdjhl\_ce_jZfZihlhfmijZdlbq_kdbiylbeZkv\u\hjZqb\Zyjmdm
G_gZ^h[hylvkyHgbg_ljhgmlaZ\_jbef_gy`_gbo
:]Zdh]^ZyhklZgmkv[_aihjy^hqguodmkdh\nbe_gZfy]dhff_kl_[m^_lkebrdhfiha^gh
�ihk_lh\ZeZ\hl\_lmfZ_rv_s_gZjZkl_l"fm`qbgZ\hl\_lmkf_ogmeky
G_hklZg_rvkyGh_kebg_^Zc\k_\urgbcdlhlhbafbeuokh[Zq_dihiulZ_lkyljhgmlv^Z`_
\hehkhdgZl\h_fl_e_lhdh_dhfmykh[kl\_gghjmqghijbrvxo\hklubebqghbo\u^_jgmm]jhaZ
nujdgmeb\ujZ`Zyk\h_hlghr_gb_dmkeurZgghfmDZ`_lkyhgb\iheg_ijhgbdebkvm]jhahc
ihkdhevdmjZkklhygb_f_`^mgZfbbkh[ZdZfbm\_ebqbehkvG_^mfZeZqlhhgbgZklhevdhohjhrh
ihgbfZxlgZrmj_qvOhly_kebm]jh`ZxllZdbflhg_khfg_gghgZ^h\gbfZlv^Z`_bglhgZpbyf
Fuhq_gv[ukljhhdZaZebkvih^hdgZfbfh_cdhfgZluYaZ^jZeZ]heh\m\\_jobjZaebqbeZ
dheuoZxsb_kyrlhjuh^gZdhgbq_]hih^oh^ys_]hqlhfh`gh[ueh[ubkihevah\Zlv\dZq_kl\_
dhrdbg_[uehG_m`_eb@hj`j_rbeihdZlZlvf_gygZkh[kl\_gguodjuevyo"Bgl_j_kghZ
gZkdhevdhhgbmg_]hkbevgu_"Ohl_ehkv[u\_jblvqlh^hklZlhqghqlh[um^_j`Zlvh[hboY
jZaf_qlZeZkvbg_aZf_lbeZqlhhklZeZkvh^gZgZ_^bg_kkh[ZdZfb
H[ZikZmk_ebkvgZaZ^gbpubk\_jebebf_gyk\hbfq_j_kqmjmfgufb]eZaZfbg_iha\heyy
ijb[ebablvky^hklZlhqgh[ebadhYih_`beZkv
Klhylv\hae_^hfZbg_bf_lv\hafh`ghklbihiZklv\g_]hg_wlhebgZkf_rdZkm^v[u"
Yg_\dmkgZy\uj\Zehkvbaf_gydh]^Zfg_ihdZaZehkvqlh[m^lhkh[ZdbhdZaZebkvg_kdhevdh
[eb`_q_ff]gh\_gb_gZaZ^^hlh]hfhf_glZdZdykfhj]gmeZMf_gydhklbhklju_boZjZdl_j
ijhlb\gucijh^he`beZjZaeb\Zlvkykheh\v_f^eyijZdlbq_kdbg_\b^bfuokemrZl_e_cEbrvfh_
h[hklj_ggh_aj_gb_iha\heyeh\b^_lvikh\LmqbaZdjueb\_kv]hjbahglg_ijhimkdZy^Z`_fZehc
lhebdbk\_lZhlghqgh]hkhegpZ
Kd_flujZa]h\Zjb\Z_rv"kijhkbemf_gy@hj`ihy\eyykvjy^hfbg_kydh_qlh\jmdZo
Kkh[ZdZfbihykgbeZqlh[ulml`_ihbgl_j_kh\Zlvky:]^_lue_klgbpm\aye"
kZjZ_kihdhcghkhh[sbefg_`_gbo
:hldm^ZlumagZeqlhmgZk\kZjZ__klve_klgbpZ"m^b\beZkv
M\k_ohgZ_klvYg_agZeghij_^iheh`bedZd\b^brvfhbih^haj_gbyih^l\_j^bebkvfm`qbgZ
ijbgyeky__jZkdeZ^u\Zlvqlh[u\dhg_qghfblh]_ijbklZ\blv__dkl_g_^hfZhlbl\hya\_a^gZy
^hjh`dZijhdhff_glbjh\Zek\hb^_ckl\byfm`qbgZ
Fh`ghaZe_aZlv"h]eygmeZkvyihklhjhgZfkeh\gh\ex[hcfhf_gljy^hffh]eZihy\blvkyfZfZg
khk\hbfZqlh\ulml^_eZ_l_"
H^gmk_dmg^hqdmhklZgh\bef_gyfm`qbgZ
QlhlZdh_"ihbgl_j_kh\ZeZkvg_agZy\q_faZ]\ha^dZ
:ihp_eh\Zlv"qmlvgZkf_reb\hijhbag_k@hj`Y`_aZkem`befZe_gvdmx[eZ]h^Zjghklv
Dhg_qghykm^h\hevkl\b_fqfhdgmeZ_]h\s_dmihke_q_]hgZqZeZih^gbfZlvkyihe_klgbp_
hh[s_lhybf_e\\b^mg_kdhevdhbgh_ghblZdZy[eZ]h^ZjghklvijbgbfZ_lkyijhr_ilZe
\ihe]hehkZ@hj`meu[Zykv\l_fghl_
�YaZf_jeZgZ\ukhl_g_kdhevdboklmi_g_dgZqbgZydjZkg_lvZ`_ih^mfZlvhq_flh^jm]hfyg_
^h]Z^ZeZkvZl_i_jv\bgbeZk_[yihgbfZyqlhkimklb\rbkv\gbaihl_jyx^jZ]hp_ggu_k_dmg^u
ke_^mxsbcjZahijhf_lqb\h[ukljhihh[_sZeZygZqZ\i_j_[bjZlvihe_klgbp_ih^gbfZykv
\\_jo^hl_oihjihdZg_hdZaZeZkv\jZchg_hdgZ
�h`^Zlvky[u
KihdhcghcghqbihijhsZeZkvymeu[Zykvrbjhdhrbjhdhfh_c]jm^bjZaebehkv[eZ`_ggh_
l_ieh
DhfmkihdhcghcZdhfmg_hq_gv^hg_kehkv^hf_gy\hl\_l
Qlhhgbf_e\\b^m"
ih\hjhl_u]eygmeZ\hdghbihfZoZeZgZijhsZgb_@hj`mdhlhjuc[ukljhm^Zebeky\lmklhjhgm
hldm^ZfuijbrebFm`qbgZmghkbee_klgbpm^Z[ug_hklZ\eylvke_^h\ij_klmie_gbyKh[ZdblZd
bhklZebkvkb^_lvih^fhbfhdghfG_m`_eb^mfZebqlhkiju]gm\boiZklb"DZd`_hgb]em[hdh
hrb[Zebkv
�YjZa\_jgmeZkvqlh[uihclbme_qvkygZdjh\Zlv_gv[uekmfZlhrgucby[ueZjZ^Zqlhhg
gZdhg_paZdhgqbeky
Gmb]^_lu[ueZ"f_glhjkdbflhghfihbgl_j_kh\ZeZkvmf_gyfZlmrdZkb^y\]em[bg_dj_keZ\
gZb[he__l_fghfm]emdhfgZluG_m`_ebmgZk\^hf_^\_j_cg_l"Bebwlhgh\Zyfh^ZlZdZyoh^blv
q_j_ahdgZ"ya\bl_evgh\u^ZeZfZ^Zf@_gb
JZa]h\hjkfZfhckhklhyekyg_nZlZevgucghdjblbq_kdbcIhkdhevdmfhy^hjh]Zyjh^bl_evgbpZ
gZihfgbeZ\q_faZdexqZ_lkyg_ihjhqghklv^_\mrdbbdZd__e_]dhihl_jylv_kebhlghkblvkyd
k\h_fm^h[jhfmbf_gbg_k^he`gufm\Z`_gb_fIjbf_juijb\h^bebkvkljZrgu_bk\h^bebkvd
h^ghfm_keb[ufZfZaZfghcg_ke_^beZdZdiheZ]Z_lkylhy[ug_ij_f_gghijbg_keZ\ih^he__s_
[ulhevdhgZmqb\rbkvoh^blvih^klhei_rdhfk_m\_s_\ZgbyfheklZdbfp_j[_jhfdZdhgZ
fg_g_lhqlh\ih^he_ijbg_klbg_j_Zevghf_gy^Z`_\hkg_ijhkd\hablvg_kfh`_lj_amevlZl_y
ihemqbeZijha\bs_gZoZedZb_s_iZjmeZkdh\uohdhlhjuoemqr_g_\kihfbgZlv
Ihke_lZdboghlZpbcaZohl_ehkveb[hk[_`ZlvaZljb^_\ylva_f_eveb[hki_rgh\ukdhqblvaZfm`
qlh[u\dmkblv\k_ij_e_klbaZij_lgh]hieh^ZhdhlhjhflZdaZ\mZebjh\ZgghjZkkdZau\ZeZfg_
fZlmrdZAgZqbllhqlhyaZdhgqb\rdhemijhreZ\k_iZjZ]jZnuih[bheh]bb^Z`_g_
i_j_kdZdb\Zykh^gh]hgZ^jm]hcg_]h\hjbehhfh_cfhjZevghcaj_ehklbHgZ[u_s_aZij_lbeZfg_
^_lkdb_nbevfukfhlj_lvYlZdmg__bkijhkbeZ
:fmevlbdbfg_fh`gh"fZfZhi_rbeZbgZ^hexk_dmg^uaZfheqZeZ
Fh`ghZ\q_fih^\hoqblZehkv\__]eZaZo
B^Z`_l_]^_iq_edbhiueyxlp\_lhqdb"k\_`eb\hcmeu[dhc^_\hqdbhlebqgbpukijhkbeZm
fZfu
WlhkZfu_[_ah[b^gu_dZdb_fh`ghij_^klZ\blvfZ^Zf@_gb[ueZ^h\hevgZk\h_cih[_^hc
DZd`_lZdihemqZ_lky"aZ^mfqb\hijhbag_keZy:\_^viq_euhiueyyp\_lui_j_ghkylk_fyk
fm`kdbop\_lh\gZ`_gkdb_ke_^h\Zl_evghhgblZdbfh[jZahfkiZjb\ZxlkyZlu]h\hjbrvqlhfg_
jZghagZlvhq_flh\ajhkehf"DZdb_lh^\hcgu_klZg^Zjlu"G_gZoh^brvfZfmey"kg_\bgguf
\b^hfihbgl_j_kh\ZeZkvmjh^bl_evgbpu
FZfZ\kiuogmeZaZiuol_eZg_kdhevdhjZaihju\ZeZkvqlhlhkdZaZlvkm^yih\k_fmg_kh\k_f
e_klgh_^eyf_gyghihlhfj_rbeZ\k_`_hklZ\blvk\hbfukebijbk_[_
LvnmMfgZy^Z"gZdhg_pnujdgmeZhgZ
ky\l_[yg_kfh]eZk^_j`ZlvkyLZdqlh^_eZlvlh[m^_f"DZd`blv^Zevr_"
dhfgZl_[m^_rvkb^_lvIh^aZfdhfGbdZdbo\klj_qGbdZdbo]meyghdHl^Zcl_e_nhgfZfZ
ko\ZlbeZfhxljm[dmkhklheZih^l\_j`^Zy\kxk_jv_aghklvgZf_j_gbcByebrZxl_[ykeZ^dh]h
gZijhsZgv_\u^ZeZhgZQlh[uagZeZdZdgZ^hfZlvm\Z`Zlv
Fh`_lfhjh`_gh_hklZ\brv"Y[_ag_]h`blvg_fh]mkhkdhj[gufebphfihijhkbeZyGZkZfhf
^_e_\b^yhev]bgmn_g_qdmihih\h^mfhjh`_gh]h_]hl_ji_lvg_fh]eZ
Fhjh`_gh]hebrZx\i_j\mxhq_j_^vkk_jv_aguf\b^hf\u^ZeZfZfZgblhevdh\^\_jyo
GZdhg_py[ueZij_^hklZ\e_gZk\hbffukeyf
\r\r\r
:gZmljhfg_ijbg_kebibkvfhZ^j_kh\Zggh_fg_ghg_bf_xs__gbdZdbok\_^_gbcihih\h^m
hlijZ\bl_eyYjZkk_ygghihdjmlbeZ[_eucdhg\_jl]Z^Zyhldh]h`_hghfh]ehijbclbIh^mfZeZ
qlhwlhhq_j_^gZyjZkkuedZKlZehbgl_j_kghqlh\wlhljZafg_j_rbeb\lxoZlvZihlhfmg_
aZ^mfu\ZykvgZ^hj\ZeZiZd_l
dhg\_jl_`_e_`Ze[_eucebkl[mfZ]bkgZjbkh\Zgghc\bk_ebp_cb\bkysbfgZg_c\bk_evgbdhf
Klj_edZmdZau\ZeZgZq_eh\_qdZ[helZxs_]hkygZ\_j_\d_bbfywlhfmq_eh\_qdmEba_llZ
Hlg_h`b^Zgghklbyqmlvg_\ujhgbeZaehkqZklgucebkl[mfZ]b
?kebf_gyj_rbebbkim]Zlvlhhgb\u[jZebg_ijZ\bevgucimlvWlbffh]eblhevdhebrvf_gy
jZaaZ^hjblvbaZklZ\blvg_k\hjZqb\Zlvk\u[jZggh]hgZijZ\e_gbyH^gZdhgZkljh_gb_bkihjlbebih
iheghcijh]jZff_
�Zqlh`_wlhlZdh_l\hjblky"
Ihq_fmEZjbgZiha\hey_lk_[_ih^h[gh_"DZdh_hgZbf__lgZwlhijZ\h"
F_gylZdbih^fu\Zehiha\hgblv@hj`mbgZqZlv\uykgylvhlghr_gbylZddZdk\yaZlvkyk
^_\mrdhcmf_gyg_[ueh\hafh`ghklb
Qlhwlhml_[y\jmdZo"DZdb_lhkljZrbedbG_djhfZglb_cj_rbeZih[Zeh\Zlvky"hev]Z
\hj\ZeZkv\dhfgZlmdZd^bdbckf_jqkf_lZy\k_gZk\h_fimlbHgZihiulZeZkv\uj\Zlvmf_gy
aehkqZklgucebkl[mfZ]bghy\h\j_fymki_eZhl\_klbjmdm
L_[_jZa\_g_]h\hjbebqlhdh]^Z\oh^brvlhh[yaZl_evghgZ^hklmqZlv"judgmeZykfmsZykv
Kh\k_fkh\_klvihl_jyeZ"
DZj_klh\Zggufg_klmqZldgbf\eZfu\Zxlky\ex[h_\j_fykZfh^h\hevghkhh[sbeZfg_
ih^jm]Zy\eyyfh_fm\ahjmgh\mxijbq_kdmGZ__]heh\_jZkp\_ehZeh_ieZfydhlhjh__c[_amfgh
reh
Yg_Zj_klh\ZgZaZlhkl_[ykh^jZebkdZevib\u\_jgmeb_]hgZbagZgdmhs_lbgbeZkv\hl\_lLu
k_[y\a_jdZe_\b^_eZ"gZi_j_dhjk\hbffukeyfijhbag_keZ\hl\_lgZj_iebdmih^jm]b
hev]Z\fb]ih]jmklg_eZb__[h_\hcaZ^hjkjZam`_khr_egZg_l
&#xk_;&#xl;&#xZd;&#xi;&#xeh;&#xoh;&#x";�k_lZdiehoh"Z"Yihoh`ZgZi_j_`Zj_ggmxdmjbpm"m^_\mrdbgZ\_jgmebkvgZ]eZaZoke_au
]hlh\u_khj\Zlvkyk^ebgguoZddmjZlghih^djZr_gguoj_kgbp:ylZdohl_eZaZ[ulvdhrfZjhgZ
gZihfgbeZijhkemqZcgZklhygd_lhj]h\h]hp_gljZ
Fg_kjZam`_klZeh`Zedhih^jm]mk_`_keh\hwlhhklj_cr__hjm`b_dhlhjuffh`ghg_lhevdh
jZgblvghbm[blvijbq_fgZih\Ze
Gmg_gZ^hG_ieZqvyh[gyeZ^_\mrdmKZfZ`_aZibob\ZeZaehkqZklgucebkl[mfZ]b\dhg\_jl
aZ__kibghc\ulygm\jmdblZdbfh[jZahfqlh[ubhev]m^_j`Zlv\dhevp_k\hbojmdbkh\_jrZlv
gm`gu_^_ckl\byYihrmlbeZLuihoh`ZgZfZe_gvdbcdhkl_jLZdhcyjdbcghg_im]Zxsbc
Fhyp_ev[ueZ^hklb]gmlZ\gbfZgb_hlZghgbfdbhl\e_q_gh
AgZqblfhy]heh\Zwlhihe_ggbpZ^jh\"\koebigmeZhev]Z
Kq_]hlu\ayeZ"hlkljZgbeZkvkh[bjZykvihkfhlj_lv\]eZaZ^_\mrd_
:klh]hqlhjZadhkl_jlhagZqbl^jh\Z:]^_h^gZ^jh\bgZlZfbihe_ggbpZk^_eZeZ
aZdexq_gb_ih^jm]Z
\hajZklmhlf_gyhev]bHldm^ZlZdb_ZkkhpbZpbb"Yijhklh^b\m^Zxkv\kie_kgmeZyjmdZfb
g_aZf_lghijyqZdhg\_jl\dZjfZg^hfZrg_]hoZeZlZ
Yj_rbeZqlhemqr_fu[m^_f]h\hjblvhijbq_kd_hev]bKlZ\jb^bq_fh[hq_j_^ghcihiuld_
jZkkljhblvfhxihfhe\dmOhjhrhqlhih^jm]Zg_\b^_eZgbkZfh]hibkvfZgbl_f[he___]h
gb`g_cqZklb]^_djZkh\Zeky\bk_evgbd\ibkvf_`_q_jgufih[_ehfm[uegZibkZgZm]jhaZ\fhc
Z^j_k
Mf_gyl_i_jv\k_rb\hjhlgZ\u\hjhlKfhljxgZmebp_gZb^ms_]hfm`qbgmZkZfZ^mfZxZg_
kh[bjZ_lkyebhggZf_gygZiZklvbeb\djZcg_fkemqZ_\uo\ZlblvkmfhqdmbajmdIeZgbjm_lgZ^
]heh\hcilbqdZZfg_dZ`_lkyqlhhgZbs_l]^_[ugZclbf_klhqlh[uhklZgh\blvkyBg_ij_f_ggh
wlbff_klhf^he`gZklZlvfhyjZag_kqZklgZy]heh\ZIjhoh`mfbfhkljhys_]hky^hfZZkZfZ
i_j_`b\Zxqlh\f_gydbjibqe_lblih^jm]Zb^hwlh]h[ueZ^_\mrdhcfgbl_evghcZm`ihke_
kemqb\r_]hkyb\h\k_bkim]ZeZkvg_gZrmldm
BwlhbaaZlh]hkemqZygZiZjdh\d_"fg_ke_^h\ZehagZlvijbqbguih\e_drb_klhevk_jv_agu_
ihke_^kl\byYklZeZ\hegh\ZlvkyaZfhjZevgh_a^hjh\v_^_\mrdbhgZ`_ijh^he`beZk]msZlv
djZkdb
�ZijbagZeZkvhev]Zhl\h^y]eZaZ:_kebf_gymdjZ^mla_e_gu_q_eh\_qdb"Qlhlh]^Z"
Lh]^ZoZgZbfHgbk^hogmlhl\aju\Zfha]ZihlhfmdZdh^gml_[yhgbg_mdjZ^mlZ\^\h_ffu
kbeZyihdZaZeZgZijy`_gguc[bp_ikgZjmd_Gmqlhluijb]hjxgbeZkv"Fhjh`_gdmohq_rv"M
f_gybf[bjgh__klv
G_ohqmZ\hlwlhm`_[uehk_jv_aghKwlbfgZ^h[ueh[hjhlvky
G_ohq_rvdZdohq_rvih`ZeZyie_qZfbZkZfZiha\hgbeZ\dhehdhevqbd\uau\Zyijbkem]m
KdjhfgZy^_\mrdZ\[_ehfi_j_^gbd_ihy\beZkv[md\Zevghq_j_af]gh\_gb_BdZdmg__lhevdh
ihemqZehkvbah[jZ`Zlvk\ylmxijhklhlm"_^vyij_djZkghagZeZqlhwlhcfbehcihfhsgbp_
^hklZlhqghfgh]he_lZhgZ\k_b]jZeZjhev^_\hqdbkdhkbqdZfbH^gZdhfZf_gjZ\behkvbgZfk
hlphfijboh^behkvfheqZl_ji_lvOhlyiZiZihklhyggh\hjqZe_]hg_ij_evsZehqlhihklhjhggb_
\k_\j_fykgmxlih^hfmGhgbdm^Zg_^_lvkyiheh`_gb_\h[s_kl\_lj_[h\Zehkh[ex^_gb_
hij_^_e_gguomkeh\bc
Q_]hba\hebl_"lbobfgh^hklZlhqghl\_j^uf]hehkhf[ueaZ^Zgfg_\hijhk
;hevrmxqZrdmbf[bjgh]hfhjh`_gh]hbh^gmeh`dmyki_pbZevghk^_eZeZZdp_glgZlhqlhg_
kh[bjZxkv^_eblvkygbkd_f
Kbxk_dmg^mb^_ckl\bl_evghg_ijhrehbg_kdhevdbok_dmg^dZdyihemqbeZaZdZaZggh_Mf_gy
keh`behkv\i_qZle_gb_qlh\k_[uehm`_ijb]hlh\e_ghklhbehlhevdhhev]_i_j_klmiblvihjh]
fh_]h^hfZ
YgZ]ey^ghaZq_jigmeZihegmxeh`dmeZdhfkl\Zdhlhjh_l_ji_lvg_fh]eZbih^g_keZdhjlm
ih]ey^u\ZygZih^jm]mHgZ`_ghevwfhpbckeh\gh^eyg__bg_kms_kl\h\Zeh\dmkgylbgu
dhlhjmxhgZh[h`ZeZYmki_eZbkim]Zlvky^hklZlhqghkbevgh\b^yhlkmlkl\b_jZkkqblZgghc
j_ZdpbbghgZih^e_l_eh`dbdhjlm[ueZij_j\ZgZ\hkdebpZgb_fhev]b
Lug_aZ[he_eZ"\a^jh]gm\iheh`beZeh`dm\fbkdmjZ^mykv\^mr_qlhfg_g_ijbrehkv
ijbdZkZlvkydfhjh`_ghfm
Ylhg_lZ\hllukm^yih\k_fm^Z
&#xb`;&#xm;&#xq;&#xlh;&#x^;&#xZe;&#x_d;&#xh;�]hlh\ZaZclb\`_eZgbbf_gybkiulZlvb`mqlh^Ze_dhZ`_kh[jZeZkv^Z\blvkyl_fqlhl_ji_lv
g_fh`_rv
LZdagZqblluki_pbZevgh"\kie_kgmeZyjmdZfbHdZau\Z_lkywlZih]ZgdZf_gyjZau]ju\ZeZ
kljhybak_[y`_jl\m
J_rbeZihkfhlj_lvgZl\hx\ulygm\rmxkyjh`bpmZihlhf`ZedhklZeh
F_gy"
G_lFhjh`_gh_LZdhcijh^mdlbkihjlbrvhev]ZkgZkeZ`^_gb_fh[ebaZeZeh`dmDklZlb
dm^Zlubkq_aeZ\iuem^jZdb"Fg_hevnkdZaZeqlhi_j_`b\Zlvg_gZ^hdh]^Zy[ueh[jhkbeZkv
l_[yjZaukdb\Zlv
hldZd":hghldm^Zihy\beky"
DZdhldm^Z"Ijb[_`ZekjZam`_dZdlubkq_aeZLZd]^_lu[ueZ"
Ykm^hjh`ghiulZeZkvk\_klbdhgpukdhgpZfb^Z[ug_gZim]Zlv^_\mrdmb\lh`_\j_fyg_
k[helgmlvq_]hgb[m^vebrg_]h
LZdyk@hj`_f\klj_lbeZkvhlkgbfbm_oZeZ\ijbgpbi_\k_lZdb[uehaZg_[hevrbf
bkdexq_gb_f
:Lh]^Z\k_ihgylghijhbag_keZ^_\mrdZijbdZgqb\Zyh]jhfgmxfbkdmkfhjh`_guf
BdZdlulhevdh_]h_rv"mdZaZeZ]eZaZfbgZimklmxlZjmF_gy\kxi_j_^_jgmehdZdy
ij_^klZ\beZqlhih]ehsZxlZdhch[t_fijblhjgh]h^eyf_gyeZdhfkl\Z
AZq_ffg__klvihkm^mmf_gyg_lg_h[oh^bfhklb\dZfgyo\ihqdZokeh\ghg_ihgyeZhq_fy
lhedmxhl\_lbeZfg_ih^jm]ZBghcjZafu[uebgZh^ghc\heg_ghy\ghg_k_]h^gy
Emqr_[uml_[yba\bebg^h[Z\behkv[mjdgmeZijbgy\rbkvjZa]ey^u\Zlvk_[y\a_jdZehQlhlh
q_j_kqmj[e_^ghcy\u]ey^_eZdjZr_\]jh[deZ^ml
:qlhml_[ykhevnhf"gbklh]hgbkk_]hkijhkbeZhev]ZYaZf_jeZg_h`b^Zygbq_]h
ih^h[gh]hBaa_jdZeZgZf_gykfhlj_eZm^b\e_ggZy^_\mrdZ
:qlhmf_gykhevnhf"i_j_kijhkbeZ\u]Z^u\Zyg_kdhevdhk_dmg^gZjZafure_gb_kjZ^hklvx
hlf_qZyqlhgbh^bgfmkdmegZebp_g_^_jgmeky
jh^_[uluaZfm`kh[jZeZkvaZ_]h[jZlZkeh\ghg_keurZfh_]h\hijhkZijh^he`beZih^jm]Z
b\^jm]lZdh_
QlhlZdh_"f_gylZdbih^fu\Zehhl\_qZlv\hijhkhfgZ\hijhk
AZb]ju\Z_rvhlqlhDZdlhg_ohjhrhihemqZ_lkyAZ^\mfyaZcpZfbih]hgbrvkygbh^gh]hg_
ihcfZ_rv\]hehk_ih^jm]bkeurZehkvy\gh_gZab^Zgb_
Lu_s_f_gymqblv[m^_rvh]juagmeZkv\hl\_l
AgZqblwlhijZ\^Zk^_eZeZ^eyk_[y\u\h^]hklvy
Qlhbf_gghijZ\^Z"yg_ihgbfZeZdq_fmdehgblhev]ZBgh]^ZhgZ[u\ZeZlZdZyaZ]Z^hqgZy
:lhqlhludg_fmg_jh\gh^urbrvKfhljb@hj`magZ_l[jhkbll_[ydZd\k_ohklZevguo
ij_^mij_^beZih^jm]ZFhb[jh\b\af_lgmebkv\\_jo
M`g_luebkh[jZeZkv_fmgZy[_^gbqZlvg_\agZqZc":yl_[y_s_fhjh`_gufdhjfbeZKljbogbg
l_[_lh\ZjbsjZahaebeZkvgZZeh\hehkmx
hl_s_GZ^hfg_[hevghy[_^gbqZlvKebrdhffgh]hq_klb[m^_lGhlu`_agZ_rvqlhkemohf
a_feyihegblkyZke_^h\Zl_evghgZ^h\_klbk_[yhkfhljbl_evg__ij_^mij_^beZf_gyhev]Z
Ylhde_blvg_[m^mghluih^mfZcgZ^k\hbfih\_^_gb_ffgh]hagZqbl_evghijhbag_keZhev]Z
ij_`^_q_fihijhsZlvkybhlijZ\blvkydk_[_^hfhc
Fg_kh\_jr_gghg_ihgjZ\bekyjZa]h\hjkemqb\rbckyf_`^mgZfbl_f[he__\k\_l_ihke_^gbo
kh[ulbcaZklZ\eyxsboh`b^Zlv\k_]hq_]hm]h^gh
G_m`_ebihjZ[hylvky"
?keb^Z`_kZfZy[ebadZyih^jm]Zij_^mij_`^Z_lh[hiZkghklblhdZd`_h[klhylfhb^_eZgZkZfhf
^_e_
\r\r\r
�h[jh_mljh^hqdZdhfg_\dhfgZlmaZ]eygmeZjZ^hklgZyfZ^Zf@_gb?_ebphijhklhemqbehkv
kqZklv_fZfg_\]heh\maZdjZebkvkljZrgu_fukebhlhfqlhfZlmrdZg_gZklhevdhkbevghex[bl
f_gydZd]h\hjbljZaijhklh\\hklhj]_hlkdhj_cr_]hhk\h[h`^_gbyhlfh_]hijbkmlkl\by\
jh^bl_evkdhf^hf_
GZk_]h^gy[ueZaZieZgbjh\ZgZhnbpbZevgZyihfhe\dZkijb]eZr_gb_ffgh`_kl\Z]hkl_c
F_jhijbylb_gZf_qZehkvrbdZjguf^eyq_]h[uekgylh^bgbah]jhfg_crbohkh[gydh\
ihkljh_ggucg_kdhevdhklhe_lbcgZaZ^bkem`b\rbcfma__fH^gZdh\k_l_dlhfh]ebk_[_
iha\heblvkhjblv^_gv]Zfb[ueb\khklhygbbZj_g^h\Zlv_]hgZg_dhlhjh_\j_fy
Fhbjh^bl_ebg_ihkdmibebkvj_rb\mkljhblv^eyf_gygZklhysbcijZa^gbd\f_jpZgbbgZklhysbo
k\_q_cmklZgh\e_gguo\dZg^_ey[jubaZdj_ie_gguoih\k_fmi_jbf_ljmaZeuIjb]eZr_ggu_]hklb
aZjZg__ij_^mij_`^Zebkvhg_h[oh^bfhklb\u]ey^_lvkhhl\_lkl\_gghf_klmijh\_^_gbylhj`_kl\Z
Ihfg_lZdemqr_[uiha\hebebebrgbcjZaihh[sZlvky`_gbomkg_\_klhcg_`_ebmkljZb\Zebwlh
ihfi_agh_f_jhijbylb_Ihke_ghqgh]h\hy`Zbihy\e_gby\jh^bl_evkdhf^hf_q_j_ahdghf_gy
ihkZ^bebih^^hfZrgbcZj_kl^Z[ukhfg_gbc\fh_cg_ihjhqghklbg_\hagbdehFZfZdZdkp_ib
khj\ZeZkvijbgy\rbkv[exklbfhx^h[jh^_l_evYg_fh]eZ\gZqZe_ihgylvkq_fwlh\k_k\yaZgh
ghihlhfkemqZcghih^kemrZeZ__jZa]h\hjkhlphfh[s_kl\_dlhlhhlqZygghjZkijhkljZgye
kemobhfh_cg_kdjhfghci_jkhg_ydh[uyqmlveb`_gsbgZe_]dh]hih\_^_gby]hlh\ZygZ\k_jZ^b
g_kdhevdbo^_gagZdh\ijbq_fhq_gvqZklhnb]mjbjh\ZehbfyhevnZL_i_jvfg_klZeihgyl_g
bgl_j_kkhklhjhguhev]bIhoh`_k\hbfb\hijhkZfbhgZ`_eZeZf_gyij_^mij_^blvgh
ihkl_kgyeZkv\hldjulmx^_eZlvaZy\e_gby
Mljh^h[jufg_[u\Z_l\ukmgmeZy]heh\mbaih^h^_yeZbhldjueZh^bg]eZalhjhcdZdgZaeh
kiZebg_kh[bjZekyijhkuiZlvkyJZa\_lug_agZ_rvfZfhqdZ"
Fhyjh^bl_evgbpZe_]dhcilZrdhc\ihjogmeZ\dhfgZlmbijbgyeZkv^_eh\blhjZkrlhjb\ZlvhdgZ
\imkdZyfZdkbfmf\hafh`gh]hk\_lZ^Zjbfh]hyjdbf\_k_eufkhegurdhfDZ`_lky^Z`_m
g_[_kgh]hk\_lbeZ[uehohjhr__gZkljh_gb_jZakjZgg_]hmljZhghj_rbehgZkihjZ^h\ZlvlZdbf
dhebq_kl\hfl_ieZ
�hqdZl_[_g_b^_l[mjqZlvHlwlh]hij_e_klgu_]m[dbaZ\hjZqb\ZxlkygZ\_joj_amevlZl_lu
klZg_rvihoh`ZgZfZe_gvdmx[mdmblh]^Zfbeuc@hj`bdfh`_ljZahqZjh\Zlvky\k\h_cdjZkZ\bp_
g_\_kl_
Kl\h_ckbkl_fhc[_ahiZkghklbfhcfbeuc@hj`bdaZ[uedZdy\u]ey`m\dhg_p:lu]h\hjbrv
lmlg_ihgylghqlhLum\_j_gZqlhhg_s_g_hldZaZekyhlf_gy"
JZa\_hllZdh]hih^ZjdZkm^v[ufh`ghhldZaZlvky"m`ZkgmeZkvfZ^Zf@_gb
jh^bl_evgbpu
L_[_^hklZ\bebh]jhfguc[md_ldjZkguojhafmjeudZxsbflhghfijhbag_keZfZfhqdZ
AZghkblv"
AZghkbkfZfhcemqr_g_kihjblvihlhfmdZdwlhk_[_^hjh`_
FZfZihoehiZeZ\eZ^hrb\b^bfhwlhlagZd[ueaZjZg__h[mkeh\e_gkijbkem]hc[md\Zevgh
\lZsb\r_ch]jhfg_crbc[md_ldjZkguojhaEbqghfg_wlhijhba\_^_gb_nehjbklbdbgZihfgbeh
dZdhclh\_gbdohlvbp\_lh\lZf[ueh[he__khlgb
Y\m`Zk_kfhlj_eZgZ[md_lbg_fh]eZ\ufhe\blvgbkeh\ZihjZ`_ggZyjZafZohf]heh\mijbreZ
]emiZyfukebrdZqlh\^hf_\jy^ebgZc^_lkyohlvh^gZ\ZaZkihkh[gZy\f_klblvwlh]hp\_lhqgh]h
fhgkljZ
GmqlhhglZfibr_l"LZf\gmljbdhg\_jlkdZjlhqdhcAZiZygghcg_fgh]hjZahqZjh\Zggh
ijhbag_keZfZfZIhoh`_qlhhgZhq_gvohl_eZaZ]eygmlv\gmljvghij_^hojZgbl_ev\\b^_
aZi_qZlZggh]hdhg\_jlZg_iha\hebe_cwlhk^_eZlv
Yg_ohly\ue_aeZbaih^h^_yeZijbrehkv^Z`_hldjulv\lhjhc]eZaqlh[ug_ijhfZogmlvkyb
ihiZklvgh]Zfb\^hfZrgb_lZihqdbIh^gyeZkvkdjh\Zlbih^hreZd[md_lmklhys_fmgZh]jhfghc
lheklhcgh]_bakl_[e_ci_j_\yaZgguorbjhdhcZleZkghce_glhcbijbgyeZkvbkdZlv]^_`_
gZoh^blkykhijh\h^bl_evgh_ibkvfh
LZf_s_[ueh^bg[md_lba[_euoebebc_]h^hklZ\bebqmlvjZgvr_ghhglZdhcg_[hevrhcih
kjZ\g_gbxkwlbfbyijbdZaZeZ_]hihklZ\blv\]hklbghcGZ\_jgh_dlhlhbajh^kl\_ggbdh\@hj`Z
ijbkeZeZfh`_l[ulvba]hkl_cfbfhoh^hfkhh[sbeZfZfZ\gbfZl_evghgZ[ex^ZyaZfhbfb
fZgbimeypbyfb
YjZa^_j[ZgbeZdhg\_jlhldm^Z^hklZeZijyfhm]hevgucebkl[mfZ]bbg_ihgbfZxs_\haajbeZkvgZ
g_]h
QlhlZf"fZfbghex[hiulkl\h[ueh\_ebdhHgZaZ]eygmeZ\kh^_j`bfh_ibkvfZ
H[\hjh`bl_evghcbex[bfhcfghxg_\_kl_@hj`Zhlex[ys_]h[jZlZhevnZ[uehgZi_qZlZgh
gZdZjlhqd_
QlhwlhlZdh_"\hafms_gghijhbag_keZfZ^Zf@_gbyjhklghk\_jeyf_gy]eZaZfb
:yhldm^ZagZx"g_ihgyeZq_f\ua\ZgfZfbg]g_\l_f[he__gZijZ\e_gguc\fhxklhjhgm
Qlhluk_[_iha\hey_rv"
�Wlhyk_[_iha\heyx"Zygbkghfgb^mohfgZqZeZhijZ\^u\Zlvky
�hqdZdZdfh`gh"Lu`_ihjlbrvk_[_`bagvLZdZyhlebqgZyiZjlbyaZq_fkh[kl\_ggufbjmdZfb
]m[blvk\h_[m^ms__"DZdlug_ihgbfZ_rv"ijbgyeZkvfZfZgaZeZfu\Zlvjmdb
FZfZ^Zh[tykgb\q_f^_eh"Yl_[yg_ihgbfZx
:olug_ihgbfZ_rv"DZdluihkf_eZ^Z\ZlvgZ^_`^mdhfmlh_s_djhf_k\h_]h`_gboZ"Lu
\_^_rvk_[ykeh\ghiZ^rZy^_\bpZ
@beb`bebbijb_oZebhldZwlhgZau\Z_lkyQ_klgh_keh\hH[b^Zq_jghc\heghc
\kdheuogmeZkv\hfg_Yihfbfh\hebgZqZeZh[hjZqb\ZlvkykZfZlh]hg_aZf_qZyQ_]hq_]hZhl
fZfuyg_h`b^ZeZlZdh]hhkdhj[e_gby\k\hcZ^j_k"
Kh[kl\_ggu_i_j_`b\ZgbyaZo\Zlbebf_gyk]heh\hcYg_kjZamjZaebqbeZmkihdZb\Zxsb_keh\Z
gZijZ\e_ggu_\fhcZ^j_kkhklhjhgujh^bl_evgbpu
ie_qZfbqlh[uba[Z\blvkyhlfZfbguoh[tylbc
Luf_gyg_ex[brvkd\havkp_ie_ggu_am[uijhbag_keZyklZjZykvkfZogmlvdh]lbklhceZihc
ke_aukebpZ\_jg__m`_fhj^u
��EbahgvdZkihdhcg__kihdhcg__urburbYih]hjyqbeZkvIjhklbIjhklbr_ilZeZfZfZ
mkihdZb\Zyf_gy]eZ^yih]heh\_kb^ygZihemDZdfugZg_fhdZaZebkvyihfgbeZkfmlghY
hsmsZeZkd\havkh[kl\_ggmx[hevqm`b_wfhpbb\dhlhjuo[uehh]jhfgh_dhebq_kl\hlj_\h]b
i_j_`b\Zgbc\heg_gbcbjZkdZygby
^ho\u^ho\^ho\u^hoYklZjZeZkvijbkemrb\Zlvkydkh[kl\_gghfm[b_gbxk_j^pZdhlhjh_
aZf_^eyehkvkdZ`^uf]ehldhf\ha^moZ
DZdlufh]eZ"DZdfh]eZih\_jblv\wlmqmrv"keh\Z^Z\Zebkvfg_kh]jhfgufljm^hf
:jlbdmeypbhggucZiiZjZl\hedZkh\_jr_gghg_ij_^gZagZq_g^ey\_^_gbyjZa]h\hjh\q_eh\_q_kdbf
]hehkhfBafh_]h]hjeZ\uju\ZehkvhlqZyggh_juqZgb_H^gZdhfZfZf_gyihgbfZeZ
Yg_agZx^hq_gvdZG_agZxk_lZdgZ\ZebehkvDjm]hf\k_rmrmdZxlkyKdehgyxll\h_
q_klgh_bfyb\o\hklb\]jb\m:lml_s_wlhl[md_lY`_g_^mfZeZqlhlulZdhlj_Z]bjm_rv
Mf_gykgbfgbq_]hg_[uehbg_lLufh`_rvfg_ih\_jblvgZkeh\h
Y\_jxl_[_^hq_gvdZ_jxk_lZdkeh`behkvYg_agZxdZdmf_gy\uj\ZehkvfZfZ
ijh^he`ZeZmkihdZb\Zxs_]eZ^blvf_gyih]heh\_
\r\r\r
Lu]hlh\Z"y\yeh\h^beZdbklhqdhcihebpmkb^yi_j_^a_jdZehfF_gygZdjZkbebaZ\beb
keh\gh[ZjZrdmH^_eZkv\gZjy^gh_ieZlv_ijZ\^ZykZfZhllhevdh`_eZgbydm^Zgb[m^v
^\b]Zlvkykf_klZg_[ueh
H[_jgmeZkvgZa\mdiZibgh]h]hehkZFZ^Zf@_gbhlijZ\beZkvijh\_jylvih^]hlh\dmf_klZ]^_
^he`gh[uehkhklhylvkyagZf_gZl_evgh_f_jhijbylb_
IZiyg_mki_\Zxkkh\_jr_gghg_\bggufb]eZaZfbijhbag_keZ\hl\_lYqmlviha`_ih^t_^m
�Z\Zcyl_[yih^h`^mQlhlhfg_g_gjZ\blkyl\hyb^_yiZiZy\ghqlhlhaZih^hajbe
hl^_fhg
G_lG_gZ^hY^he]hLu`_agZ_rvfheh^_gvdbo[Zjur_gvHgbfh]mlqZkZfbkh[bjZlvky
gZqZeZm[_`^Zlv
Wlh]hyb[hxkvjh^bl_evgZklhjh`bekyYihklZjZeZkvmeu[gmlvky_s_rbj_
IZijZa\_yl_[ydh]^Zih^\h^beZ"ykh[bjZeZkvg_y\blvkygZhnbpbZevgh_lhj`_kl\hf_gy
dZdhclh[_k\k_ebekyG_agZxdhfmqlhykh[jZeZkv^hdZaZlvgh^_ehh[klhyehbf_gghlZdbf
h[jZahf
:iZiZ\^jm]\f_klhlh]hqlh[umclbi_j_k_dfhxdhfgZlmbih^hr_edhfg_\iehlgmxZihlhf
\hh[s_mk_ekyjy^hfgZdhjlhqdblZdqlhgZrb]eZaZhdZaZebkvgZh^ghfmjh\g_
AgZ_rvygbdh]^Zl_[_g_jZkkdZau\ZeghgZ\_jgh_gZklZeh\j_fygZqZehl_pgZklhjh`b\f_gy
k\hbf\klmie_gb_f
Hq_fluiZ"kijhkbeZg_agZyq_]hh`b^ZlvIh^h[gh_ih\_^_gb_hlpZ[ueh^eyg_]hg_
oZjZdl_jghH[uqghhgh[sZekykhfghcg_dZdjZ\gucZ\k_[hevr_dZdjh^bl_evg_fgh]h
k\ukhdZijhq_ff_gywlhgbkdhevdhg_aZ^_\ZehYkqblZeZlZdh_ih\_^_gb_\ihjy^d_\_s_c
L\hyfZfZg_i_j\Zyfhy`_gZwlhijbagZgb_[uehkeh\gh]jhfkj_^bykgh]hg_[Z
\klj_i_gmekyghgZfhxdhedhklvg_hlj_Z]bjh\Ze
��Zhl\h_cfZfuy[ue`_gZlbhgZ[ueZqbklhdjh\gZy^_fhgbpZGZr[jZd[ueaZjZg__h]h\hj_g
jh^bl_eyfbb_]hfh`gh[uehgZa\Zlv\[hevr_ckl_i_gbiheblbq_kdbfq_fex[h\guflmihjmy
[uehq_gvfheh^djZcg_]hjyqbq_jlh\kdb\kiuevqb\@_gblvkyyg_ohl_eghfhbjh^bl_eb
gZklhyebgZgZr_ck\Z^v[_Bfg_gbq_]h^jm]h]hg_hklZ\ZehkvdZdmklmiblvbfK`_ghcmgZkk
kZfh]hgZqZeZg_keh`behkvMg__[ueZk\hy`bagvZmf_gyk\hyBg_lhqlh[uhgZfg_g_
gjZ\beZkv\ijbgpbi_hgZ[ueZg_iehoZy^_\mrdZghy`_eZegZdZaZlvjh^bl_e_cihkqblZ\rbo\
khklhygbbj_rZlvaZf_gyG_[m^ml_[_jZkkdZau\Zlv\k_]hq_]hyl\hjbeZkdZ`mebrvj_amevlZl
Fhykmijm]Zih]b[eZFh`_l[ulv_keb[uygZoh^bekykg_xqZs_g_ij_g_[j_]Ze_xf_gvr_
aZl_\Zekdehdm\k_ogZ\b^m^Zijhklh[ue^h[j__hgZhklZeZkv\`b\uoG_agZxL_i_jvkeh`gh
kdZaZlvGhnZdlhklZ_lkynZdlhffh_ih\_^_gb_\dZdhclhf_j_ku]jZehk\hxjhevYjZkdZyeky
ghlhevdhkebrdhfiha^ghOhjhrhqlhgZfh_fimlb\klj_lbeZkvl\hyfZfZbkfh]eZ\hajh^blv\h
fg_\_jm\k_[ybk\hbkbeughk_ci_qZevguchiulyijhg_km^hdhgpZk\hbo^g_chl_paZfheqZe
Y`_\g_fhfm^b\e_gbb\abjZeZgZk\h_]hjh^bl_eybg_fh]eZ^Z`_ij_^iheh`blvgbq_]h
ih^h[gh]h
IZidq_fmluwlhk_cqZkfg_jZkkdZaZe"Lu`_ihfbjZlvkh[jZeky"B^Z`_g_[jhkZlvgZkk
fZfhcihkuiZebkvij_^iheh`_gby
�hqdZ_keblug_`_eZ_rv\uoh^blvaZfm`lhkdZ`bh[wlhfk_cqZkFu\k_hlf_gbfIjbg_k_f
ba\bg_gby;m^_lly`_ehghfu\udjmlbfky]eZ\gh_l\h_^mr_\gh_kihdhckl\b_blZdZy^h[jhlZ
k\_lbeZkv\iZibguo]eZaZoqlhyqmlvg_jZkieZdZeZkvhlmfbe_gby
Lu^mfZ_rvqlhyg_ohqm"yg_^h]h\hjbeZ
Yg_agZxqlhluaZ^mfZeZghy\b`mqlhqlhlhg_lZdG_^_eZcwlh]hIh]h\hjbkhfghc
Kh\_jrblv]emihklve_]dhZ\hlbkijZ\blv__hq_gvbhq_gvly`_ehYl\hchl_pb[m^mgZl\hc
klhjhg_\ex[hckblmZpbbqlh[ulug_j_rbeZ
IZiygbq_]hlZdh]hg_^mfZeZ\u^Z\beZbak_[ykdj_sb\ZyiZevpuaZkibghx
Jh^bl_e_cg_\u[bjZxlg_fgh]hg_\ihiZ^ijhbag_khl_p?kebqlhlhfh]mbgZdZaZlv
Wlhlhqghijhq_fdZdb^_l_cy^he`gZ[ueZ^h[Z\blvk\h_QlhlukdZaZe"\klj_i_gmeZkv
dh]^Z^hf_gy^hreZ\lhjZyqZklvnjZau
GmjZal_[_g_q_]hfg_kdZaZlvihk_dj_lm_^vlZd"kijhkbehl_pZihlhf^h[Z\beL_[_
ihkeurZehkv
LZdf_^e_gghijhbag_keZ\hl\_l\h\k_]eZaZkfhljygZjh^bl_ey:hgmf_gyk^\hcguf^ghf
L_i_jvihgylgh\dh]hylZdZymjh^beZkvG_lhevdh\h^gmfZfmm^ZeZkv
Lh]^Z[ukljhih_oZebBg_q_]h\j_fylygmlvkdZaZedZdhljm[bejh^bl_ev
\r\r\r
Luqlhk_[_iha\hey_rv"rbi_ejZkk_j`_ggufdhlhfgZf_gyhevnaZ`Z\\iheml_fghcgbr_
G_ihgylghqlhluk_[_iha\hey_rv"\hl\_liZjbjh\ZeZy
Hl_phl]h\hjb\f_gyhlg_h[^mfZggh]hihklmidZijb\_a\gZklhysbc^\hj_p]^_^he`gZ[ueZ
�khklhylvkygZrZhnbpbZevgZyihfhe\dZk@hj`_fhhkgh\gh]hf_jhijbylbyhklZ\Zehkv_s_
g_fgh]h\j_f_gbbyj_rbeZhkfhlj_lva^Zgb_l_f[he__ih^b\blvky[uehq_fmukhdb_ihlhedb
aZebom[jZgkl\hgZebqb_\hdjm]fgh`_kl\h[md_lh\k`b\ufbp\_lZfbk\_qbh]jhfgu_k\h^qZlu_
ijhr_^rboe_l[md\Zevgh\iblZebkv\kl_guhklZ\b\k\hxg_ih\lhjbfmxZmjmdhlhjZy[ueZ\b^gZ
^Z`_g_\hhjm`_gguf]eZahfFg_ihjZ`Zeh\k_be_igbgZbihahehlZbaZfukeh\Zlu_mahju:
lZeZglah^qboijhreuoe_lqlhkfh]ihcfZlvg_au[e_fh_ijhr_^r__[a^]]Zq_j_a\_dZbg_
mljZlb\r__ZdlmZevghklb^Z`_\gZklhys_faZklZ\eyekdehgblvky\gbadhfihdehg_Y\hkobsZeZkv
^hl_oihjihdZgZ]eufh[jZahfg_[ueZkg_k_gZkhk\h_]himlbke_^h\Zgbyh^gbfgZ]euf
kZfhm\_j_gguf^hg_\hafh`ghklb^_fhghf
Ml_[ykh\_klv_klvfZe_gvdZygZoZedZ"juqZe\k_[he__jZa^jZ`Zxsbcky^_fhg
�F_gyZ`ihdheZqb\ZlvklZehklhbehlhevdhmkeurZlvh[jZs_gb_\k\hcZ^j_kZdZdhgkf__llZd
�f_gyh[au\Zlv"hklZeihiheghcijh]jZff_
M[_jbjmdbhlf_gy[md\ZevghkjZam`_\kiuogmeZkeh\ghk\_qdZIh\k_c\b^bfhklbhiuebeZkv
hlkhl_gfZe_gvdboh]hgvdh\ieykZ\rboihkl_gZfaZfdZ:lhyg_agZxqlhklh[hck^_eZx
ijbgyeZkvm]jh`Zlvfm`qbg_
AZq_fluihjhqbrvq_klgh_bfyfh_]h[jZlZ"hevnko\Zlbef_gyaZij_^ie_qvy_s_[hevg__
�Ba]eZa]hlh\u[uebkhj\Zlvkyke_aug_kijZ\_^eb\hklbZqlhk_]h^gyaZ^_gvlZdhcqlhf_gykh
\k_oklhjhgh[\bgyxlg_ihgylgh\q_f"QlhylZdh]hk^_eZeZ"Kb^_eZk_[_kihdhcgh^hfZih^
aZfdhfgbdh]hg_ljh]ZeZZkdeZ^u\Z_lkyhsms_gb_[m^lhjZa^\hbeZkvbl\hjbeZg_ihlj_[gu_
\_sb
Luk^m[Zjmogme"Bebh[t_ekylZ[e_lhd^eygZ]ehklbqlhkf__rvaZy\eylvfg_lZdb_\_sb"K]bgv
k]eZa^hehcFg_gZ^hd]hklyfyihklZjZeZkvk\_jgmlvgZrjZa]h\hjbihkdhj__hk\h[h^blvkyhl
f_q_gh]hGhg_lmllh[uehF_gygbdlhg_kh[bjZekyhlimkdZlv
Lugbdm^Zg_ihc^_rvihdZg_h[tykgbrvlhedh\hk\h_g_ihlj_[gh_ih\_^_gb_mk_jh]eZah]h
^_fhgZjZa\_qlhbkdjuba]eZag_kuiZebkvHgljykf_gyfh`gh[uehih^mfZlvqlhwlhihfh]eh
[u_fmihemqblv`_eZ_fucj_amevlZl
Yl_[_gbq_]hg_h[yaZgZh[tykgylv\hl\_ljuqZeZm`_yklZjZykvbah\k_okbeg_iha\heblv
\uj\ZlvkygZjm`mfhc\lhjhckmsghklb?keb\^jm]wlhkemqblkylhieZdZeZfhyijbq_kdZieZlv_
fZgbdxj@hj`g_ihemqblk\hxg_\_klmZijZa^gbd[m^_lbkihjq_gEmqr_luh[tykgbkdZdh]h
i_j_im]ZijbkeZefg_[md_ljhajZaf_jhfkh]jhfgucklh]lZdhc`_kljZrgucdZddmqZfmkhjZ
AgZqbll_[_fhbp\_lug_ihgjZ\bebkv"m^_fhgZhiZkghaZk\_jdZeb]eZaZZh[hehqdZgZqZeZ
\b[jbjh\Zlvywlhy\kl\_gghhsmsZeZihkdhevdmkZfZ[ueZgZij_^_e_
KljZrg__[md_lZyg_\b^_eZh]juagmeZkv
�Zl_[_g_p\_lugZ^h[uehihkueZlvZfha]h\udhemiu\Zl_evgbpmqlh[ug_ihjlblv\g_rgbc\b^
kh^_j`Zgb_fZ]Z\uoh^behqlhfhcgZjy^hg\k_`_hp_gbe
Bgl_j_kghZjZaf_j[md_lZdhfi_gkbjm_ljZaf_jebqbgdb_`bdZbebml_[ywlhkZfhkh[hc
ihemqZ_lky"f_gyijyfhlZdb[_kih^am`b\ZekdZaZlvdZdmxgb[m^v]Z^hklv:m`h[km`^Zlv
]_gblZebbhevnZklZehfhbfdhgvdhf
:ijbq_flmljZaf_j"i_j_kijhkbehgg_fgh]hh[b^_\rbkvGhjfZevgucjZaf_j^x`bgZb
h^gZjhaZkl_[yo\Zlbeh[u
Gbq_]hk_[_^x`bgZLukqblZlv^hkhlgbmf__rv":lhb[hevr_
Ih^h`^bf_gyi_j_klZebljyklb
G_m`_ebf_gymkeurZeb":eebemcy
g_fgh]hkdjb\bekygh^Z`_g_ibdgmeG_m`_ebijhfZogmeZkv"G_fh`_l[ulvH[uqghyhq_gv
f_ldZy
Kdhevdh]h\hjbrvjha"gZklhjh`_gghihkfhlj_egZf_gyfm`qbgZ
P_eucklh]HoZidZZ]hgbfZe_gvdZyl_e_`dZybkdZeZqlhgb[m^v[he__ih^oh^ys__ih
hij_^_e_gbx
Luklhevdhg_klhbrvaZ^mfZ\rbkvg_gZrmldmijhbag_khevnb^Z`_hkeZ[beo\ZldmYl_[_
klhevdhg_ihkueZe
HgihdZqZe]heh\hc
B\ex[\bg_lufg_h[tykgyeky"ya\bl_evghkijhkbeZmf_q_gh]h
Ebphfm`qbgugZqZeh\uly]b\Zlvky
;hevghgZ^hFZeZlu^ey\ajhkeuoh[tykg_gbc\ayebhkdhj[be=Z^
H[\hjh`bl_evghcbex[bfhcfghxg_\_kl_@hj`Zhlex[ys_]h[jZlZhevnZ
ijh^_deZfbjh\ZeZyaZibkdmijbeh`_ggmxdp\_lZfJZa\_g_l\h_ihkeZgb_"
GZf_gyl_i_jvkfhlj_e^\Zhdjm]eb\rboky]eZaZ\dhlhjuogZkZfhf^hgurd_le_ebdjZkgu_
h]hgvdbihlbohgvdmaZlmoZ\rb_
Ya\bl_evghc\j_^ghcg_kghkghcijhlb\ghce`b\hcfZe_gvdhcoZfd_\hldZd[ugZqbgZehkv
fh_ijb\_lkl\b_Zg_h[\hjh`bl_evghcjy\dgmehevnq_fkim]gme\ukmgm\rboky[uehbaghjdb
fur_c
Wlh[ueZ_s_h^gZhkh[_gghklvklZjbggh]haZfdZgZebqb_`bevph\[_aijhibkdb
LZdwlhg_l\hc[md_l"kjZam`_khh[jZabeZy
Fg_klZehg_fgh]hh[b^ghY\k_`_ij_^iheZ]ZeZqlh^hklZlhqgh\ajhkeZyqlh[uijb\e_dZlv
\gbfZgb_k_jv_aguofm`qbgHdZaZehkvqlhg_lBp\_luhq_j_^gZyijh^_edZg_agZdhfpZbeb
g_agZdhfdb[_aebpZIhdZ[_aebpZMf_gy[uebhij_^_e_ggu_^mfuihih\h^mZ\lhjkl\Z\k_]h
l\hjys_]hky\hdjm]f_gygh^hfukeud^_emg_ijbrv_rvZ^hdZaZl_evkl\^h[ulvfg_ihdZg_
m^Zehkv
:dm^Z`_^_ekyfhc"dZ`_lkyb^hf_q_gh]h^hreZfhyfukev
K[_`ZehllZdh]hohaybgZ[jydgmeZ\hl\_l;_ah]ey^db
Kdhj__hllhcdhfmke_^h\Zehih^Zjblvfhe\befm`qbgZYlZdihgbfZx[ueh_s_qlhlhba
jy^Z\hg\oh^ys__"\^jm]kijhkbemf_gyhevn
Luhq_f"m^b\beZkv
O\Zlbl^_eZlv\b^qlhlug_ihgbfZ_rvM`_[hevrZy^_\hqdZgZ^h`_Zf_gyihqlbiho\Zebeb
JZkkdZau\Zcih]eZaZf\b`mqlh[uehqlhlh_s_
Ykhfg_\ZeZkvg_kdhevdh^he]bok_dmg^
P_euoljb
Ijbdb^u\ZeZblZdbkydghihlhfj_rbeZqlhfh`_l[ulvfg_wlh[m^_lgZihevamBjZkkdZaZeZ
ijhibkvfhbijh\b^_hfZl_jbZeughg_\ih^jh[ghklyoZ\kdhevavbijhkemobg_ij_fbgmeZ
^h[Z\blvZijhj_ihjl_jh\hgbkZfagZedZdbijhihobs_gb_
Qlhlhlmlg_\y`_lkyihdZqZe]heh\hcfm`qbgZ\ukemrZ\f_gyDZdlh\k_kebrdhf
jZajhag_gghg_lgbdZdhck\yabbkfukeZYml\_j^bl_evghihdb\ZeZ]heh\hcK_cqZkfukhevnhf
[uebijZdlbq_kdb^jmavyfbHghklZ\be\ihdh_fhbjmdbOhjhrhqlhieZlv_[uehaZdjulufbg_
:\hl\u]^_baaZkibguhevnZihdZaZeZkvFZlbev^Z
BdZdhgZgZklhevdhgZreZ"Hlg_h`b^Zgghklby\a^jh]gmeZIhqm\kl\h\ZeZk_[yhq_gvg_ijbylgh
[m^mqbihcfZgghcgZm_^bg_gghc\klj_q_k[jZlhf`_gboZF_q_gucg_^h\hevghih\_e[jh\yfbHg
lh`_[ueg_\\hklhj]_:_]hfZfZrZkeh\ghgbq_]hij_^hkm^bl_evgh]hg_aZf_lbeZijh^he`Zy
k\hxlbjZ^mLZf@hj`l_[yh[ukdZeky_kvbak_[y\uoh^bl
YkjZambg_ihgyeZddhfmdhgdj_lghh[jZsZeZkv`_gsbgZjh^_[udhevnmghihq_fmhgZ
lh]^Zkfhlj_eZgZf_gy"
Fuk_cqZkih^hc^_fhl\_lbefm`qbgZLub^bfZfZeZkdh\hhlijZ\beijhqvk\hx
jh^bl_evgbpmk_jh]eZauc
H^gZdhhgZihoh`_kh\_jr_gghg_kh[bjZeZkvgbdm^ZhlemqZlvky
�EbahqdZqlhlhlulZdZy[e_^g_gvdZy"L_[_g_a^hjh\blkyZ"B]m[hgvdbdjZkgu_"GZdmkZeZ"
ihke_^g__keh\hf_gy\hh[s_\u\_ehbak_[y
__mklZogZdmkZeZa\mqZehlZd[m^lhylmlp_eh\ZeZkvkhevnhfZhllh]hb]m[umf_gy
djZkgu_Y`_g_\bgh\ZlZqlhdh]^Zg_j\gbqZxlh^eykZfhmkihdh_gbygZqbgZxijbdmku\Zlv]m[u
:lmllZdh_\heg_gb_qmlvg_h[_jgmeZkv[eZ]h\h\j_fyk^_j`ZeZkv
FZfb^bihkeZeFZlbev^mhevnGZfgZ^h^h]h\hjblv
:hgZ[m^lhbg_keurZeZ_]hijh^he`ZyklhylvaZkibghcmfm`qbgu\u]ey^u\Zylhkh^ghclhk
^jm]hcklhjhgu
KblmZpbyklZgh\beZkv\k_[he__bgl_j_kgZy
EbahqdZlu]m[dbdj_fhfkfZau\Zcqlh[uhgbg_ihehiZebkvZlh\kydh_[u\Z_lyaZkdj_`_lZeZ
am[Zfbhl[_aukoh^ghklb
G_^Zc\k_\urgbc_s_dlhihy\blkygZ]hjbahgl_bibrbijhiZehk_]hklbmagZxlqlhfuk
[jZlhf`_gboZaZ`bfZebkvihm]eZfi_j_^hnbpbZevghcihfhe\dhcOhlygZkZfhf^_e_gbq_]h
ih^h[gh]hg_[uehb\ihfbg_
FZfZb^bm`_jy\dgmehevniheghklvxjZa\hjZqb\Zykv\klhjhgmjh^bl_evgbpuDZdZy`_hgZ
mg_]hg_ihgbfZxsZyhl`_^hklZg_lkyfg_k\_djh\v
Kughdihq_fmlugZf_gydjbqbrv"keh`beZ]m[db[ZglbdhfFZlbev^ZklZ\ihoh`_cgZdZdmx
lhju[dmbafmevlbdZQ_fyih^h[gh_aZkem`beZ"
Qlhlmlijhbkoh^bl"lmlihy\bekyq_l\_jlucmqZklgbdgZr_]hfZe_gvdh]hf_`^mkh[hcqbdZ
Fg_klZeh^mjghDjh\vhlebpZhlebeZ
M@hj`ZhiZkghkmabebkv]eZaZdh]^ZhgaZnbdkbjh\Ze\k_oijbkmlkl\mxsbo\gZebqbb?s_[u
lZdh_m\b^_lvlmlex[hfmg_ihgjZ\blky
@hj`bdlhevdhg_gZ^h\uoh^blvbak_[yLulZdhcg_klZ[bevguck_]h^gy?s_khj\_rvkyijb
]hklyohgZf_gy^h[beZk\hbfaZy\e_gb_fghhdZaZehkvwlh[ueb_s_p\_lhqdby]h^db\ue_aeb
kjZam`_BdZdb_hevnh[tykgb[jZlmdZdgZ^hk_[y\_klbLhevdhgZl_[yh^gZgZ^_`^Z
G_m`_ebhgZg_ihgbfZ_lqlhklZedb\Z_l[jZlv_\e[Zfb"Fg_aZohl_ehkvkh[kl\_ggufbjmdZfb
jZahj\ZlvFZlbev^mk_fug_ih^Zjdbghg_gZklhevdh`_WlZ`_gsbgZ[ueZoh^yq_c[hf[hc
ijbq_fihq_fmlh\k_gZiZ^db^hklZ\Zebkvebrv@hj`mOhl_ehkv]jm^vx[jhkblvkygZaZsblm
`_gboZL_f[he__dh]^Z_]h[_kijbqbgghh[\bgyebg_ihgylgh\q_f
FZfZykZflmljZa[_jmkvh[hj\ZeFZlbev^m@hj`;ueh\b^ghdZd_fmg_ijbylghkeurZlvhl
g_^__kihkh[ghklbDZdhgZfh]eZlZdkgbfihklmiZlv"Djhf_lh]hgbdZdbo`_ihkuehddlhfmg_
[ueh
DZd`_lulmljZa[_j_rvky?s_ihfhe\dbg_kemqbehkvZlum`_g_fh`_rvaZkh[kl\_gghc
g_\_klhcijb]ey^_lvijh^he`ZeZih^eb\ZlvfZkeZ\h]hgvFZlbev^Z
�?keby__jZahj\mi_j_dbgm\rbkvlhqlhfg_]jhabl"mfZxqlhfg_^he`gu_s_bgZ]jZ^m^ZlvaZ
ebr_gb_h[s_kl\ZlZdh]hp_ggh]hqe_gZ
FZfZh^_jgmejh^bl_evgbpmm`_hevnHglh`_ihgyeq_f]jhablkeh\h[em^b_fZfZgY\b^_eZ
qlhhgy\ghg_h^h[jye__ih\_^_gby
QlhfZfZ";jZlm^_eZg_l^hk\hbo^_eZlu_]h\u]hjZ`b\Z_rvh[jZlbeZkv`_gsbgZhiylvlZdb
dhevnmHgZkeh\ghg_\b^_eZfeZ^r_]hkugZ;m^lhhg^eyg__[ueimklh_f_klh
Yi_j_\_eZ\a]ey^gZ@hj`Z_]hgha^jblj_i_lZebbyaZf_lbeZqlhklZebijhy\eylvkyhq_jlZgby
q_]hlhihemijhajZqgh]hG_m`_ebb^hh[jZs_gbyg_^Ze_dh"Lhevdhwlh]hg_o\ZlZeh
Qlh^_eZlv"
Iheh`_gb_kiZk\g_aZighihy\b\rbcky=hf_jDZ`_lkyk_]h^gy\k_[m^msb_jh^kl\_ggbdbj_rbeb
i_j_[u\Zlv\wlhfm]hed_aZfdZ
FZlbev^ZZyl_[y\_a^_bsmLmlkijZrb\ZxlZfM`_kgh]k[bekyfm`qbgZdZdlhkjZam
hp_gbeh[klZgh\dm\uqe_gbe]eZ\gh]haZqbgsbdZbj_rbe_]hm^Zeblvkihey[hy
Ba\k_o[m^msbojh^kl\_ggbdh\=hf_jfg_gjZ\beky[hevr_\k_]h?s_[ueB]hjghkgbfy^Z\gh
g_\b^_eZkvFh`_l[ulvhglh`_h\_qdZ\\heqv_crdmj_\_jg__^_fhgkdjuevyfb
=hf_j^hjh]hclmllZdh_^_ehygZijy]eZkv
WlZ`_gsbgZihoh`_g_kh[bjZeZkvmkihdZb\ZlvkyZ`_eZeZ^h\_klbk\h_q_jgh_^_eh^hdhgpZY
djZ_f]eZaZke_^beZaZ@hj`_fbkm^hjh`ghfhebeZ\k_odh]hlhevdhfh`ghqlh[uhgm^_j`Zeky
@_eZeZdbgmlvkydg_fmmkihdhblvghlhevdh\ijbkmlkl\bbklhevdbok\b^_l_e_cyg_fh]eZ
ih^h[gh]hiha\heblv?s_g_o\ZlZeh^hihegbl_evguojZa]h\hjh\hfh_cg_k^_j`ZgghklbFg_b
lZdo\ZlZeh\kydbo]Z^hkl_chdZaZ\rbokygZimlb
L\hb^_eZih^h`^ml=hf_jfhf_glZevghhdZaZekyhdheh`_gubkkbehcmo\Zlbe__aZehdhlv
Lugm`gZIhc^_fk_\uykg_gbyijh^he`bfihlhf`_gsbgZ_s_ihju\ZeZkvqlhlhlZfkdZaZlv
qlhfm`^_j`Ze__dj_idhdj_idhg_iha\heyy\uj\ZlvkybaaZo\ZlZ
Qm\kl\h\ZeZqlhym`_ex[ex=hf_jZdZdjh^gh]h
FuhklZebkv\ljh_f
ufg_gbq_]hg_ohlbl_kdZaZlv"kfjZqguf\b^hfijhbag_k@hj`i_j_\h^y\a]ey^kf_gygZ
hevnZ
LmllZdh_^_ehgZqZef_q_gucY\b^_eZqlhhgg_agZekq_]hgZqZlv
A^jZ\kl\mc@hj`ylZdbg_iha^hjh\ZeZkvk`_gbohfk_]h^gyDh]^ZfukiZihcijb_oZeblh
_]hgZf_kl_g_hdZaZehkvHg^he`_g[uey\blvkyqmlviha^g__ihlhfmdZd\dhfiZgbbijhbahreh
�qlhlhwdklj_ggh_ihlj_[h\Z\r___]h\f_rZl_evkl\Z_eZjZ[hqb_gbdlhg_hlf_gyeYjZ^Zl_[y
\b^_lvLulZddeZkkgh\u]ey^brv\uiZebeZy\h^bgfb]
Mf_gygZkZfhf^_e_i_j_o\Zlbeh^uoZgb_klhbeh_]hm\b^_lvB^_eh[ueh^Z`_g_\ibdZglghklb
kblmZpbbZ\lhfdZdfhc`_gbo\u]ey^_eHg[ueqm^hdZdohjhr\k\h_fq_jghfkfhdbg]_b\
[_ehcjm[Zrd_GZjy^^h[_ah[jZaby_fmr_e^_eZyq_jgu_]eZaZ_s_\ujZabl_evg__baZ]Z^hqg__
fh_\gbfZgb_[uehijbdh\Zghd`_gbom
Hlfh_]hdhfiebf_glZ@hj`ihq_fmlhaZkl_kgyeky
Q_klgh_keh\h
G_^mfZeZqlh^_fhgufh]mlgZklhevdhjhah\_lv
Fh`_l[ulvyhiylvkdZaZeZqlhlhg_lh"
Yi_j_o\ZlbeZh^h[jyxsbc\a]ey^[jhr_gguc\fhxklhjhgmhevnhfDZ`_lkyhgf_gy
ih^^_j`b\ZeGZ^h`_Ohlv\q_flhy_fmm]h^beZZlh\k_\j_fylhevdhg_^h\hevkl\h\k\hcZ^j_k
keurZeZ
Gm\uwlhlml:yihc^mLZf]hklbHl_pkdZaZegZ^hkd_flhihagZdhfblvkyHklZ\eyx\Zkb
hevn[hqdhfklZekh\_jrZlvfZg_\jihm^Ze_gbxEmqr_[ufheqZeq_fg_k\kydmxqmrv:_s_
]h\hjylqlhybghcjZa[helZxg_ihl_f_
Dh]^Zfm`qbgZhdZaZekyaZkibghc[jZlZlh\g_aZighfg_ih^fb]gmebihdZaZe[hevrhciZe_p
k\b^_l_evkl\mxsbch[hlghr_gbbf_q_gh]hdfh_fmih\_^_gbx
QlhhglZfkhkljhbeaZfh_ckibghc"]eZaZ@hj`Zihl_ie_ebbijbh[j_ebl_ieuchj_oh\uc
hll_ghd
KdZaZelZd^_j`Zlvk^ZeZhevnZkihljhoZfb
GZfgZ\_jgh_lh`_ihjZgZihfgbfg_`_gbo:lhgZqgmlkkh[ZdZfbbkdZlv
M`__klvh^gZybf_eZk_[y\\b^mOhlvybg_kh[ZdZgh\k_`_baaZijbf_kbdjh\bg_[hevrh_
hlghr_gb_dq_l\_jhgh]bf^jmavyfiheh\bguq_eh\_q_kl\Zbf_eZ
=^_"@hj`y\ghg_ihgyefh_]hxfhjZgZqZ\habjZlvkyihklhjhgZfIjbrehkvihykgblv
Kf_yebkv^he]hihke_lh]hdZd`_gboaZf_lbeKh[ZdZ^jm]furm
�_fhgkdb_djuevyq_flhgZihfbgZebdjuevye_lmqbofur_c\hlhgijh\_eg_f_g__
aZfukeh\ZlmxZgZeh]bx
Klhbehfg_iheh`blvjmdmgZij_^eh`_gguckh]gmlucehdhlvfm`qbgudZdyhsmlbeZg_ihgylgh_
\heg_gb_b^mr_\guclj_i_l\ua\Zggu_[ebahklvx@hj`ZHg\a]eygmef_gyk\_jom\gbaby
[md\Zevgh[ueZ\lygmlZ\\h^h\hjhlq_jguohfmlh\Hlq_]h\hagbdeh^bdh_`_eZgb_jZkl\hjblvky\
��^jm]hfkms_kl\_hhklZldZhihke_^g_cdjmibpu
Kh[Zdbe_lZlvg_fh]mlZfurb[_]Zlvg_fgh]hojbiehijhbag_keZ\hl\_lg_ihgylghdZdh_
\j_fykimkly
@hj`ih]eZ^bedhgqbdbfhboiZevp_\_^\ZbodZkZykv
Fug_ij_f_gghihe_lZ_fihh[_sZefg_fm`qbgZm\e_dZydlhfmf_klm]^_^he`gZ[ueZ
khklhylvkyhnbpbZevgZyqZklvp_j_fhgbb
Hlklhevbglbfgh]hh[_sZgbygZfhbos_dZoihy\bekyjmfyg_pHgg_ihdbgmef_gy\iehlv^hlh]h
fhf_glZdh]^ZfuhdZaZebkvkj_^bijb]eZr_gguo
:\hlb\bgh\gbdbgZr_]hlhj`_kl\ZmkeurZebfuijbylgucfm`kdhcl_f[jba\_sZxsbch
k\h_\j_f_gghfihy\e_gbb\aZe_]^_kh[jZehkvh]jhfgh_dhebq_kl\h]hkl_cKhlgb]eZake_^bebaZ
dZ`^ufgZrbf^\b`_gb_f
JZkihjy^bl_evijZa^gbdZklhyegZg_[hevrhfihklZf_gl_^Z[uemqr_[ueh\b^ghY
ij_^iheh`beZqlhgZkaZklZ\yllm^Z`_\ah[jZlvkyByhdZaZeZkvijZ\Z
�hjh]b_fhbih^gbfZcl_kvdhfg_Zkm`_aZ`^ZebkvihfZgbefm`qbgZgZkdk_[_
gZdjuehk]heh\hcAZohl_ehkvkijylZlvkyaZdh]hgb[m^v[hevrh]h;hevrbf[ue@hj`Hg
aZf_lbedZdyiulZxkvbkih^\hevk^_eZlvkyf_gvr_bg_agZqbl_evg__
Ij_^klZ\vqlh\hdjm]l_[yg_ex^bZdmdeudhlhjuoluihkh[kl\_gghc\he_mkZ^beZdjm`dhf
b]jZymk_[y^hfZgZihem\dhfgZl_r_igmefg_@hj`dh]^Zfuf_^e_gghbjZaf_j_ggh
ijb[eb`Zebkvddhg_qghclhqdbimlbFg_\k_]^Zwlhihfh]ZehgZi_j\uoihjZodh]^Z
ijboh^behkv\uklmiZlvi_j_^[hevrbfkdhie_gb_fgZjh^Z
Lub]jZe\dmdeu"y^Z`_aZ[ueZqlhklhbl\hegh\ZlvkyFm`qbgZijukgmeklZjZykvg_
ijb\e_dZlvhkh[h]h\gbfZgbydk_[_ijZ\^Z_fmwlhg_hkh[hm^Zehkv
FZevqbdh\u_ihykgbehgBoa\Zebkhe^Zl;bebklZjrbgZQZjebgmb_s_^_kyldZ^\Z
feZ^rbohnbp_jh\b[he__\ukhdboqbgh\
Yh[e_]q_ggh\a^hogmeZ\k_`_g_ijbylgh[ueh[umagZlvqlhfhc`_gbo\^_lkl\_[ue[hevr_
^_\hqdhcq_ffZevqbdhfOhly\gZr_\j_fykeh`ghdh]hlhq_flhm^b\blv
:luhq_fih^mfZeZ"r_igmefg_\hijhk@hj`
H^gZdhhl\_lblvfg_g_^ZebihlhfmdZdgZkp_gmihfbfhgZkih^gyebkvgZrbk@hj`_fjh^bl_eb
bijbgyebkvkjZ^hklvx\]hehk_\_sZlvhg_bfh\_jghcm^Zq_dhlhjZykh_^bgyeZ^\Z^hfZ\
j_amevlZl_q_]hh[jZah\u\Zekygh\uckhxaqlh^he`_g[ueijbg_klbk\hbieh^udhlhju_k
h]jhfghcgZ^_`^hc\k_`^mlDhg_qghgZg_kdhevdh]hehkh\jh^kl\_ggbdbg_\_sZebij_^ihqblZy
^Zlv\uklmiblv\gZqZe_`_gsbgZfZm`ihlhf[jZebkeh\h]eZ\uk_f_ckl\gh^eyf_gyboj_qb
kebebkv\g_\hh[jZabfuc]meihlhfmdZd\lhei_yaZf_lbeZh^ghagZdhfh_ebphdhlhjh_f_gvr_
\k_]hohl_eZ[u\b^_lvgZk\h_fijZa^gbd_
Dlh__ijb]eZkbe"
Yg_agZeZdlh[u^Zefg_hl\_lgZ^Zgguc\hijhkG_oh^blv`_bmiheh\bguijbkmlkl\mxsbo
kijZrb\Zlvbgl_j_kmxsbcf_gynZdl
Hsms_gb_gZ^\b]Zxs_chiZkghklbaZklZ\behih^gylvky\hehkdbgZfh_faZlued_Wlh]h_s_g_
o\ZlZehH[_jgmlvkygZ]eZaZom\k_ojZajmrblfhxj_imlZpbx\h[s_kl\_^hhkgh\Zgby_^v
kj_^bijb]eZr_gguo[uebbh[uqgu_ex^bdhlhjufkh\_jr_gghg_ke_^h\ZehagZlvhgZrbo
kihkh[ghklyoZbojZkdjulb_fh]eh[uih\ebylvg_]Zlb\gufh[jZahfgZ\k_gZr_h[s_kl\h\
p_ehf
Fg_`mldhaZohl_ehkvkd_fgb[m^vih]h\hjblvihih\h^mlhcdh]hylhevdhqlhm\b^_eZGmg_
@hj`mfg_aZ^Z\Zlv\hijhkZqlhlml^_eZ_ll\hyex[h\gbpZ"Khfg_\Zlvky\__ijbkmlkl\bbgZ
gZr_ff_jhijbylbbg_ijboh^behkvohly__ju`_gvdZy]heh\dZ\j_aZ\rZykyfg_\iZfylvihke_
agZf_gZl_evgh]h\b^_hf_evdgmeZ\lhei_blml`_ijhiZeZ
Qlhlhkemqbehkv"gZdehgbekydhfg_`_gbo
Kq_]hlu\aye"ijhr_ilZeZh^gbfb]m[Zfb
LulZdgZijy]eZkv
Kd\hagydhfkaZ^bihlygmehg_gZreZgbq_]h[he__ih^oh^ys_]hqlh[uhl\_lblv
lhei_[eb`_ddjZxyaZf_lbeZhevnZHgg_ih`_eZe[ulv\i_j\uojy^Zomkp_guIhoh`_qlh
_]hg_j\bjh\Zeh\kydh_mihfbgZgb_h`_gblv[_Qlh`_\_]h`bagbijhbahrehaZklZ\b\r__k
g_gZ\bklvxhlghkblvkydkZfhfmbgklblmlm[jZdZ"Ih`Zemcqlh[uihemqblvhl\_lgZwlhl\hijhk
ke_^m_laZ^Zlv_]hf_q_ghfmF_`^mgZfbihke_\k_]hijhbahr_^r_]hijhiZebex[u_mkeh\ghklbb
HklZ\ZehkvebrvdZdbfgb[m^vh[jZahf\klj_lblvkygZ_^bg_bi_j_]h\hjblvgZbgl_j_kmxsmxf_gy
l_fm
Qmlv_fg_ih^kdZau\Zeh\kdhjhf\j_f_gb^he`ghijhbahclbdh_qlhlZdh_qlhfg_g_ihgjZ\blky
ghdZdba[_`Zlvwlh]hyg_agZeZ
GZrbk@hj`_f[ebadb_jh^kl\_ggbd_\k_dZdh^bgijhrebkvihgZr_fmih\h^mih`_eZebkqZklvy
g_lhevdhgZfghbk_[_bhdjm`ZxsbfYk`_gbohfy\eyebkh[hc\hklhj`_gguo[he\Zgqbdh\
meu[ZxsbokygZ\k_ljb^pZlv^\Z@hj`ih]eZ`b\ZedhgqbdbfhboiZevp_\ih^h^h[jbl_evgu_
\a]ey^ufZ^Zf@_gbDZ`_lkyfZfZhl^_ckl\bc`_gboZ[ueZ\g_hibkm_fhf\hklhj]_GZ\_jgh_
\k_fZfuihoh`bh^gZgZ^jm]mxdh]^Z^_ehdZkZ_lky\u^Zqb^hq_j_caZfm`kqblZyqlhlhevdh
aZdhgguckhxa\khklhygbbk^_eZlvkqZkleb\ufbbofZe_gvdboijbgp_kkq_flhhgbih`Zemc
ijZ\u
Y[u[ueZ\jZau[he__^h\hevgZ_kebg_bkiulu\ZeZ^bkdhfnhjlZhlij_^qm\kl\byq_]hlhqlh
^he`ghkemqblky_kebg_kfbgmlugZfbgmlmlh\kdhjhf\j_f_gbFg_k_cqZkg_o\ZlZeh
hev]bguoih^gZq_dbhkljuokeh\_q_dIh^jm]ZgZoh^beZkv^Ze_dhhlf_gym\e_q_ggZydZdbflh
fheh^ufq_eh\_dhfklhysbfdhfg_kibghxk_wlhlZdg_\h\j_fy
L_[_gZ^hdm^Zlhhlemqblvky"ykh\lhjh]hjZaZjZkkeurZeZqlhdhfg_h[jZsZ_lky@hj`
gZf_dZygZihk_s_gb_^ZfkdhcdhfgZluAZj^_eZkvgh^_eZlv[uehg_q_]hIjbrehkvdb\gmlv
Imklv^mfZ_lqlhykeZ[ZgZi_j_^hd
Q_jlqmlvg_jZkkf_yeZkv\]hehkhlfuke_cijbr_^rbo\]heh\mIh^mfZxlqlhykmfZkr_^rZy
Ohlyfh]mlhdZaZlvkyg_^Ze_dhhlbklbguk_\ex[e_ggu_g_fgh]hqhdgmlu_Byg_[ueZ
bkdexq_gb_f
@_gbomeu[gmekyfg_h^gbfbebrv]eZaZfbkb]gZebabjmyhg\k_k_cqZkmeZ^blB^_ckl\bl_evgh
@hj`\ayekeh\h\dhlhjhfijbgyeky[eZ]h^ZjblvhlgZr_]hkgbfbf_gbjh^bl_e_caZklhev
^h[ju_ih`_eZgby\ukdZaZggu_\gZrZ^j_kZihke_q_]hijhajZqghgZf_dgmeqlh\lhj`_kl\_gghc
qZklbke_^m_lk^_eZlvi_j_ju\fhe\k_ijbkmlkl\mxsb_mklZebb`_eZxlih^dj_iblvky^hevkl_g
h]jhfghcaZeu[uebmklZgh\e_gunmjr_lgu_klheuehfb\rb_kyhljZaebqgh]hjh^Z[ex^
DZ`_lkyij_^eh`_gb_fh_]h`_gboZ[uehdZdjZadklZlbbgbmdh]hg_\hagbdeh^Z`_fukeb\
ij_^mfure_gghklbi_j_ju\Zk_ih^mfZebqlhlZdbgZ^h[uehEbrvg_kdhevdhq_eh\_dagZebh
gZjmr_gbbijhlhdheZf_jhijbylby
Fh`_rvb^lbr_igmefg_@hj`ih^lZedb\Zy\gm`ghfgZijZ\e_gbbFg_\^\hcg_klZeh
g_m^h[ghaZk\h_ih\_^_gb_Qm\kl\h\ZeZk_[yfZe_gvdbfj_[_gdhfdhlhjhfmaZohl_ehkv\lmZe_l
ihkj_^blhj`_kl\Z
Ykdhjhg_agZxihq_fmihh[_sZeZfm`qbg_kimkdZykvkbfijh\babjh\Zgghckp_gu
AZe]m^_edZdjZklj_\h`_ggucme_cIhoh`_qlh\k_ijbkmlkl\mxsb_[ueblhevdhjZ^uij_j\Zlvky
ihlhfmdZdlhkdZdbfhkl_j\_g_gb_fhgbgZ[jhkbebkvgZij_^eh`_ggu_m]hs_gbygZ\_\ZehgZ
fukebh^ebl_evghf]heh^Zgbb
YklZjZeZkv\uqe_gblv\lhei_hevnZZhgkeh\ghih^a_fexijh\ZebekyYijhreZkv\h^gm
klhjhgmihf_s_gbyhlqZyggh\]ey^u\Zykv\ebpZ\^jm]mx\k_[ueh[_alhedmG_ohl_ehkv[u
klhedgmlvkyk@hj`_fbihiZklvky_fmgZ]eZaZBdZdgZaehwlhijhbahreh
LuaZ[em^beZkv"mkeurZeZyjy^hfkkh[hcqmlvojbieh\Zluc]hehkfh_]h`_gboZa^jh]gmeZ
LuaZfghcke_^brv"g_fgh]hg_j\ghkijhkbeZ\hl\_l
G_lkihdhcghhl\_lbehg]ey^ydm^Zlhih\_jofh_c]heh\ulml`_fjZqg__gZ]eZaZo
Yh[_jgmeZkv`_eZym\b^_lvqlh_]haZbgl_j_kh\Zehgh@hj`ijb\e_dfh_\gbfZgb_iheh`b\jmdm
gZie_qh
Ihc^_fyl_[yijh\h`m
G_gZ^hYqlh"FZe_gvdZy"]jm[h\Zlhijhbag_keZ\hl\_lB^_j`Zlvf_gyg_gZ^h
Dhg_qghg_lhk_dkyfm`qbgZLukh\_jr_gghg_ihoh`ZgZfZe_gvdmx^_\hqdmFZe_gvdb_
^_\hqdbg_\u]ey^ylklhevkh[eZagbl_evghyg_h[jZlbeZ\gbfZgb_gZk^_eZggucdhfiebf_gl
G_ijh\h`Zcf_gym\_j_gghgZijZ\beZkv\gm`gmxklhjhgm;_amkeh\gh]^_gZoh^blky^ZfkdZy
dhfgZlZyagZeZ
OhjhrhY[m^m`^Zlvl_[ya^_kvijbfbjbl_evghijhbag_k@hj`ijh\h`Zyf_gy\a]ey^hf
Bgl_j_kghZdlhbebqlhijb\e_deh_]h\gbfZgb_^mfZehkvfg_ihimlbF_gyg_kdhevdhjZa
hklZgZ\eb\Zebijb]eZr_ggu_]hklbqlh[uiha^jZ\blvkhklhevagZqbfufkh[ulb_fijboh^behkv
bah[jZ`ZlvjZ^mrb_ohlylm]hcdhfij_^qm\kl\by\k_kfevg__k\hjZqb\Zekymf_gy\]jm^b
BlmljZa^Zekyoehihd]^_lh\]em[bg_aZeZY_s_g_mki_eZ\uclbbahkgh\gh]hihf_s_gbyk_
\a]ey^uijbkmlkl\mxsboih\_jgmebkvdkp_g_Hllm^ZjZa^ZebkvdZdb_lh\hafms_ggu_djbdb
Ydhg_qghagZeZijh^\b`_gb_a_e_guo^Z`_\b^_eZboij_^klZ\bl_e_cgZhij_^_e_gghf
jZkklhygbbHgbklhyeb\^hevijhoh^Zdh^ghfmbaweblguofZ]Zabgqbdh\lhj]mxsboba^_ebyfbba
j_^dbokhjlh\f_oZqblZcrdmjZfbm[bluo`b\hlguoLZd\hl\h\j_fybofheqZeb\h]h^_fZjrZ
ihk_lbl_eb[mlbdZklZjZebkvh[hclbaZ\_^_gb_^Zevg_c^hjh]hcZl_dlhihkemqZcghklbhdZaZeky
�\gmljbkZehgZ\uclbq_j_aq_jgucoh^gZ^jm]hciZjZee_evghcmebp_Z[ug_ihiZklvih^h[klj_e
balmoeuoybpkf_kba_e_gdbki_j_aj_\rbfbihfb^hjZfbbfZamlZdhlhjufs_^jhh^Zjb\Zeb
ijb\_j`_gpukhojZg_gby\k_]hgZlmjZevgh]h\`b\hf\b^_lhl^_gvihfh_fm\hdjm]kh[jZehkv
]hjZa^h[hevr_a_\Zd`_eZxsboihkfhlj_lvgZkljZ^Zgbyf_g__m^Zqeb\uokh]jZ`^Zg]hjh^Z
\he_ckm^v[uhdZaZ\rbokyih^ZlZdhca_e_guo
K_]h^gyygZ[ex^ZeZg_qlhihoh`__
Y\gZqZe_g_khh[jZabeZhldm^Zfh]eZ\aylvky\_k_e_gvdZya_e_g_gvdZyjZkdjZkdZgZebpZo
ijbkmlkl\mxsbogZkp_g_\ha\urZ\rbokygZg_kdhevdh^_kyldh\kZglbf_ljh\gZ^hklZevgufb
]hklyfbGhihlhff_gyhk_gbehqlhkeurbfucfghxb\k_fb^jm]bfbhdjm`Zxsbfboehihd[ue
dZdgbqlhbgh_ehigm\rbcrZjaZdj_ie_ggucgZ^kp_ghcdZdjZaihp_gljm?]h^he`gu[ueb
gZqbgblvjZaebqgh]hjh^Z[e_kldZfbfZe_gvdbfb[mkbgdZfbf_edbfbahehlufbfhg_ldZfb:
jZkdjulvkyhg^he`_g[ue\kZfhfdhgp_f_jhijbylbydh]^Z\k_iheh`_ggu_iha^jZ\e_gbybj_qb
bkkydebbhklZeZkv[ulhevdhjZ^hklvhlkemqb\r_]hkykh[ulby\qbklhf\b^_
JZgvr_dh]^ZgZih^h[gu_k[hjbsZijb]eZrZebkvlhevdh\eZ^_xsb_kbehcZg_\k_\i_j_f_rdmk
h[udgh\_ggufbex^vfbh[jmq_gguoq_kl\h\ZebqbklhckbehcH^gZdhl_i_jvwlhklZeh
g_\hafh`gh\hlbijb^mfZebaZf_gm
GhdZd\uykgbehkv\f_klhaZ^mfZgghcgZqbgdbhdZaZeZkvkh\_jr_gghbgZy\k_lZ`_ij_keh\mlZy
h[udgh\_ggZya_e_gdZB]^_lhevdh__jZa^h[ueb"Ihkdhevdm^Zggucij_iZjZl[ue^Z\ghkgylk
ijhba\h^kl\Z
Km^yihkeZ[hbafZaZgguf]hklyfk_c`b^dhklb[uehl_lZdfgh]hkdhj__hgZkem`beZ\br_gdhcgZ
khklZ\eyxsbfbrZjZbmiZ\k\ukhlu`b^dhklvjZa[jua]ZeZkvihdju\^hklZlhqghijbebqgmxahgm
ihjZ`_gby
G_mc^bfuk@hj`_fkhkp_gujZgvr_iheh`_ggh]h[ulvih^ZjhqdmgZgZr_c]heh\_Fh`_l
[ulvdfh_fmg_`ghjhah\hfmieZlvxa_e_guc_s_ihr_eghp\_lZebpm\jy^eb[uijb[Z\be
�Zfudhlhjufih\_aehhdZaZlvkyih^hqZjh\Zl_evguf^mr_fihdjuebkvg_a^hjh\hca_e_gvx
H^ghf_gyihjZ^h\Zehg_kdZaZgghY^Z`_g_h`b^ZeZhlk_[ylZdh]haehjZ^kl\ZH^ghcba
hkqZkleb\e_gguoa_e_guf^mr_fhdZaZeZkvfZlv@hj`ZdhlhjZy\g_^hmf_gbbjZafZau\ZeZ
aehkqZklgmxijZdlbq_kdbg_kfu\Z_fmxdjZkdmihebpmY\ulygmeZr_xqlh[udZdfh`ghemqr_
jZkkfhlj_lveZkdZxsmx\ahjdZjlbgdmmeu[Zykvihfbfhk\h_c\hebhl\k_c^mrb
?keb[ug_aehcmfuk_e\bgh\gbdZklhys_]haZ\k_fwlbflhy[ukh]jhfgufm^h\hevkl\b_f
hl[eZ]h^ZjbeZhj]ZgbaZlhjZB\hafh`ghh^ZjbeZdZdbfgb[m^vh[jZahfOhlyij_djZkgh
ihgbfZeZqlhgZf_kl_a_e_g_xs_chlaehklbih^keh_fa_e_gdbFZlbev^ufh]ebhdZaZlvkyfuk
@hj`_f
DklZlbZ]^_hg"
Yg_ki_rbeZ[jhkZlvkygZihbkdb`_gboZij_^ihqblZygZ[ex^Zlvkhklhjhguihkdhevdmg_
hklZ\eyeZfukebi_j_]h\hjblvk_]h[jZlhfIhq_fmlhhgfg_dZaZekydjZcg_jZamfguffm`qbghc
:djhf_lh]h\gZjh^_ihreZhij_^_e_ggZyfhe\Zh_]hjh^_aZgylbclsZl_evghkdju\Z_fhf
h^gZdhijhkhqb\rbfky\fZkku
Qlhl_[ylZdjZa\_k_ebeh^hqdZ"dkqZklvxfhbjh^bl_ebg_ihkljZ^Zebq_fmy[ueZhq_gvjZ^Z
k_`_[ulvh[sbfihkf_rbs_fg_hq_gvlhijbylgh
WlhylZdmkbe_gghi_j_`b\Zxg_klZeZmlhqgylvaZdh]h
Kdjhfg__meu[ZckyZlhg_ihcfmlIh^mfZxlqlhwlhlu\k_ijh\_jgmeZbfZfZihdZaZeZ
�fZkl_jdeZkkihkhdjulbxkh[kl\_gguoqm\kl\hlZdh]h\bjlmhagh]hmf_gbyfg__s_jZklbb
jZklbH^gZdhyg_hlqZb\ZeZkvagZyqlh\k_\fhbojmdZo
DZ`_lkygZfbkihjlbeb\k_f_jhijbylb_kfh]eZkh\eZ^Zlvykhk\h_cfbfbdhcgZlygm\
g_cljZevgh_\ujZ`_gb_ebpZ
DZ`_lkydlhlhg_`_eZ_l\Zr_cihfhe\dbk@hj`_fijhbag_keZhq_\b^gh_fZ^Zf@_gb
F_gywlhlh`_\hegm_lyohl_eZkijhkblvg_\b^_eZebhgZhevnZgh\h\j_fyijbdmkbeZyaud
ihfgydZdhgZij_^mij_`^ZeZ\_klbk_[y^hklhcghIjb^_lkyh[oh^blvkykh[kl\_ggufbkbeZfb
HcihkfhljbdZdZyl\hy[m^msZyk\_djh\va_e_g_gvdZyfZfZgijukgmeZ\dmeZd
?c[u_s_imiur_d^h[Z\blvb\uebluch]mj_p[_aihidbijhdhff_glbjh\ZeZym\b^_ggh_
kbeykvg_aZj`ZlvdZdljhygkdbcdhgv
Ihq_fmwlh[_aihidb\hgihkfhljbdZdZykjZhcjh^bl_evgbpZklj_evgmeZgZf_gy]eZadZfb
k^_eZeZk_jv_agufebphbijh^he`beZkjZfhlZkaZ^bbf__lky;h]ZlZy
hlby]h\hjxqlhihiijbebqgZyk\_djh\vmf_gyK[mn_jhfh[f_gZqlhki_j_^bqlhkaZ^b
ihklZjZeZkvkdjulvk\h_aZf_rZl_evkl\h
Y`_mfZlmrdbijbebqgZy^_\hqdZbkh\k_fg_ya\bl_evgZybkh\k_fg_aeZy
Dhfmwlhfhb^_\hqdbdhklhqdbi_j_fu\Zxl"iZiZijbh[gyek\hx^hjh]mx`_gmaZlZebx
�hjh]hclukebrdhfohjhrhhgZkih^mfZeFukl\hc^hqmjdhckie_lgbqZ_fihq_jghfm
Y^Z`_bg_khfg_\ZekyG_^Zc\k_\urgbchdZaZlvkygZ\Zr_fyauqd_beb\Zrbf\jZ]hfM`
�IZiZg_evaylZd]h\hjblvhk\hbojh^guob[ebadbo^_\hqdZol_[__s_kgbfb`blvhhe]h
ijhlygmeZy
hlwlh]hyb[hxkvOhq_lkyg_ijhklh`blvZ`blvohjhrhBf_lv`_^\_lZdb_af_
aZf_qZl_evgu_`_gsbgu\^hf_h^ghgZkeZ`^_gb_iZiZ[ue_s_lZya\ZBdZdlhevdhgZrdem[hd
]Z^xd^hkboihjkms_kl\m_l"
:]ZEmqr_[ulv]Z^hf\k\h_f]Z^xsgbd_q_fdhjhe_f\qm`hf^\mkfuke_gghijhbag_keZy
Lufg_ih]h\hjb^hqdZk\_jdgme]eZaZfbiZihqdZ:lh\uk_dm
G_bf__rvijZ\ZYkh\_jr_gghe_lgyyGZf_gyml_[ymijZ\u[hevr_g_lDjhf_lh]hy
ijZdlbq_kdbaZfm`_f
b`mqlhl_[ym`_g_im]Z_lwlZi_jki_dlb\ZkeZ^dbf]hehkhfijhbag_keZfZ^Zf@_gb
Ba^\moahe\u[bjZxlf_gvrmxF_`^m\Zfbb@hj`_fy\u[jZeZ_]h
hly`_l_[_]h\hjbeh[jZlbekyhl_pdjh^bl_evgbp_qlhfm`bdbhgb\Z`g__
ugZf_gykihjbeb"m`ZkgmeZkvy]ey^ylhgZh^gh]hlhgZ^jm]h]h
:]ZmfZ^Zf@_gb[ueh\_k_eh_gZkljh_gb_L_i_jvfg_ijb^_lky\uihegylvh^gh`_eZgb_
l\h_]hhlpZ
YgZ^_xkvhgg_jZa\h^blvkyklh[hckh[jZeky"mdheheZke_^yaZ\ujZ`_gb_febpZh[hbo
jh^bl_e_c
Lbimgl_[_gZyaudfZfZiZjbjh\ZeZ\hl\_lImklvlhevdhihijh[m_lkjZam`_djuevy
ihh[ehfZxDhfmhglZdhcgm`_g[m^_l
:\hlb[m^mjudgme]_gbc
Wcj_[ylZ[j_cdihqm\kl\h\ZeZqlhaZiZoeh`Zj_gufFhbjh^bl_ebbgh]^ZlZdb_^_lbQ_klgh_
keh\h?kebbo\h\j_fyg_hklZgh\blvlhlZdgZqgmljm]Zlvkyqlhom^h[m^_l\k_f\hdjm]M`ylh
boagZxdZdh[emie_gguou`_ihfgbl_qlhex[bl_^jm]^jm]Z
WlhlhqghmiZimebkjZam`_ijhr_e\_kvaZiZebihy\behkvf_qlZl_evgh_\ujZ`_gb_gZebp_
Wlhhq_fbgl_j_kghhgk_cqZk\kihfgbe"Y^Z`_ih[hyeZkvih^mfZlv
G_lhkeh\hfZfZihl_jeZkv]heh\hchih^[hjh^hdhlpZ\fb]klZ\eZkdh\hcbihkemrghc
`_gmrdhcBdZdmgbowlhihemqZ_lky\h^bgfb]i_j_oh^blvbakhklhygbyZdlb\guo[h_\uo
^_ckl\bcdkhklhygbxkihdhcghcfbjghc`bagb
ulmlih\hjdmcl_Zyihc^mih]meyxihdbgmeZyjh^bl_e_c
:]^_@hj`"\^h]hgdmijhdjbqZeZfg_fZfZYk^_eZeZ\b^qlhgbq_]hg_mkeurZeZ
Ijh[bjZykvf_`^mijb]eZr_ggufb]hklyfbylhlmllhlZfijbkemrb\ZeZkvdjZa]h\hjZfB[ueZ
g_kdZaZgghh[jZ^h\ZgZmkeurZgghfmGbdlhg_kh[bjZekyjZkoh^blvkyIhlhfmdZdgbq_]h
kljZrgh]hg_ijhbahrehIh^mfZ_rv\f_klhahehlh]hkg_]hiZ^Zh[jmrbekya_e_guc^h`^vQ_]h
lhevdhg_[u\Z_l\`bagb"Lheb\_gvkey]mrdZfbijhc^_llhZi_evkbgZfbihdjh_lkyih[_j_`v_
Wlbkh[ulbyohlvbj_^dbgh\_^vkemqZxlky:lmldZdZylhg_[hevrZyg_e_ihklv
FZlbev^ZdZdkZfZyihkljZ^Z\rZy[ueZ\ugm`^_gZm^ZeblvkykijZa^gbdZK\_lblva_e_guf\
djZibgdmebphf^ey[_^ghc`_gsbguhdZaZehkvg_\fh]hlmHklZevgu_`_]hklbdhlhjuohdZlbeh\
f_gvr_ckl_i_gbhdZaZebkv\_k_eufbj_[ylZfbHgbkm^h\hevkl\b_foh^bebihaZemiulZykvd
dhfmgb[m^vijb`ZlvkyZ_kebih\_a_llhiha^hjh\Zlvkybeb`_ihp_eh\ZlvkyLZdqlha_e_gZy
ebohjZ^dZgZ[bjZeZh[hjhlu
^mrbjZ^h\Zekyklhevg_ljb\bZevghfmjZa\blbxf_jhijbylby
hae_^ZfkdhcdhfgZluh[jZah\ZeZkvg_[hevrZyhq_j_^vGmihq_fmk^_\hqdZfbijhbkoh^bl\k_]^Z
h^ghblh`_"G_m`_ebg_evay^_eZlv\m^\h_gghfdhebq_kl\_f_klZ^eyjZa^mfbc^ey^_\hq_d":
emqr_\mljh_gghfbeblh]h[hevr_
Ij_^klZ\ey_rvwlZfufjZg_ihkljZ^ZeZ;u\Zxl`_lZdb_g_kqZklvymkeurZeZydZd
khdjmrZeZkvh^gZba^_\bpYihkfhlj_eZ\lmklhjhgmbmagZeZ]h\hjb\rmx
EZjbgZ
Qlh[_cimklh[ueh
wlhlfhf_glyaZkfhlj_eZkvblhedgmeZ\i_j_^bklhy\rmx`_gsbgm
Hklhjh`g__^hg_kehkv^hf_gy
Ba\bgbl_ijh[hjfhlZeZihgbfZyqlhih\_eZk_[ydZdkehg\ihkm^ghceZ\d_
Hcgbq_]hkljZrgh]hKd_fg_[u\Z_lf_gydZd\bgh\gbpmijZa^gbdZkjZam`_jZkihagZebgh\
lh`_\j_fyijb\e_deb\gbfZgb_M\ZklZdhcqm^_kgucijZa^gbdihemqbekyKlhevdh
iheh`bl_evguowfhpbcyg_bkiulu\ZeZhq_gv^Z\ghk_lZda^hjh\hIjhklh\_ebdhe_igh
@_gsbgZdhlhjmxy\ebph\b^_eZ\i_j\ucjZa\hklhj]ZeZkvhl^mrbKm^yihZmj_fhy
kh[_k_^gbpZ[ueZqbklhdjh\gufq_eh\_dhf
:]Zdhg_qgh^hg_kehkvkhklhjhguhkh[_ggha_e_guc^mr[ueZih]__fijZa^gbqgh]h
lhj`_kl\Z
WlhEZjbgZj_rbeZktya\blvGZ\uiZ^ex[h\gbpuk\h_]h`_gboZy_kl_kl\_gghg_fh]eZkfheqZlv
AgZ_l_h[jZlbeZkvydg_agZdhfhc`_gsbg_g_dhlhju_^_\mrdbg_kqZkleb\u_\ebqghc`bagb
ijhklhf_qlZebihklhylvih^a_e_guf^h`^bqdhfghg_\k_ff_klZo\Zlbeh
LZdwlh[uehk^_eZghki_pbZevgh"m^b\beZkvg_agZdhfdZ
Dhg_qghWlhklZjbggZyljZ^bpbyA_e_gucp\_lkbf\hebabjm_lqbklhlmbg_ihjhqghklvlh]^ZdZd
\k_hll_gdbdjZkgh]h]h\hjylh[h[jZlghf
Yf_lbeZ\h]hjh^EZjbguM^_\mrdbihfbfh^hklZlhqghyjdh]hp\_lZ\hehk[uehg_f_g__
aZf_lgh_ieZlv_ih^oh^ys__dijbq_kd_
G_mkeurZlvdZdkdjbigmebam[umex[h\gbpuyg_fh]eZjZameu[Z\rbkv\^mr_
Ihfh_fmf_jhijbylb_lZdk_[_GZkeZ[_gvdmxljh_qdmwlhEZjbgZijbgyeZkvbaeb\Zlv^mrm
k\h_cih^jm`d_LZ\hl\_lih^^ZdgmeZ
?kebhgbg_aZfheqZllhyaZk_[yg_jmqZxkv
Fg_gZihfhsvijbreZg_agZdhfdZohlyy__hlhfg_ijhkbeZ
�:\hlwlh\uajykdZaZebdhjrmghfgZdbgmeZkvhgZgZEZjbgm_\mrdbjZa]h\Zjb\Zeb
^hklZlhqgh]jhfdhqlh[ubo\k_fh]ebkeurZlvIjZa^gbdqm^_kgucF_klh\u[jZgh
\_ebdhe_igh_hj]ZgbaZpbygZ\ukr_fmjh\g_Z_kebdlhlhbaijbkmlkl\mxsboaZ\b^m_llhimklv
wlh^_eZ_lfheqZkdZaZeZ`_gsbgZdZdhlj_aZeZ
Y^jm]bfb]eZaZfb\a]eygmeZgZk\hxkh[_k_^gbpmHgZ[ueZ^Ze_dhg_fheh^Zkdhj__kj_^g_]h
\hajZklZfhjsbgdb]h\hjbebkZfbaZk_[y__]eZaZoie_kdZeZkv`bl_ckdZyfm^jhklvbkjZam[ueh
\b^ghqlh`_gsbgZi_j_`beZfgh]h_bkhfgh]bf\klj_qZeZkvgZ`bag_gghfimlb
:\ZflhdZdh_^_eh"gZdbgmeZkvgZ`_gsbgmEZjbgZu__Z^\hdZl"
hl^mmjZG_lqlh[uijhfheqZlvLZdhgZj_rbeZjZa^mlvkdZg^Ze:fg_kh\_jr_gghg_ohl_ehkv
Yl\hcZg]_eojZgbl_evkihdhcghijhbag_keZg_agZdhfdZkfhljyijyfh\]eZaZ^_\mrd_
Dlh"m^b\beZkvlZ
H;h`_BdZdfh`ghjZ[hlZlvklZdbfdhglbg]_glhf"aZdZlbeZ`_gsbgZ]eZaZFheqbm`_
EZjbgZK\h_c]emihklvxlu^_eZ_rvlhevdhom`_
Hldm^Z\uagZ_l_dZdf_gyah\ml"m^b\beZkv^_\mrdZ
LZdml_[ygZe[mgZibkZghhl\_lbeZhgZ_cBlml`_ijhbag_keZ\fhxklhjhgmG_h[jZsZcgZ
aZ\bklgbpm\gbfZgb_Mg__jhl[_aam[uc
�Zfg_^hg__^_eZg_lH[jZsZxleb\gbfZgb_gZiuevih^gh]Zfb"?_jZa\_qlhhljyob\Zxl
\j_fyhl\j_f_gbqlh[ug_f_rZeZnbehkhnkdbijhbag_keZy
�IjZ\bevgZyihabpbyLZd^_j`ZlvfbehqdZZe_dhihc^_rvEbrvfm^ju_`_gsbgu\khklhygbb
m^_j`Zlv\hae_k_[yfm`qbgmZ\k_hklZevgu_ihk\h_c]emihklbebrvhllZedb\Zxlbo
YklZjZxkv[ulvfm^jhcihlmibeZ\ahjqlh[ug_\klj_qZlvky\a]ey^hfkg_agZdhfdhcAgZeZ[u
hgZkdhevdh]emihkl_cyaZk\hx`bagvgZl\hjbeZ\jy^eb[uf_gygZa\ZeZhkh[hmfghc
Ohly\wlhc`bagb\k_hlghkbl_evghlZd`_dZdb]emihklv
MfgZy^_\hqdZ
Wclub^_rv"lhedgmebf_gy\kibgmBebijhklhj_rbeZihklhylvkh\k_fbaZdhfiZgbx
Y\klj_i_gmeZkvbh]eygmeZkvgZaZ^bjmJy^hfklhyeZ^_\mrdZijbf_jghfh_]h\hajZklZ
i_j_fbgZykvkgh]bgZgh]mKjZam[uehihgylghqlh_cg_kl_jibfhohl_ehkv\lmZe_l[bheh]bq_kdb
Zdlb\gu_`b^dhklbjZa\_qlhgZ[ZjZ[Zggu_i_j_ihgdbg_^Z\beb
B^b\i_j_^YijhimkdZxfbehklb\hjZaj_rbeZym\b^_\dZd\hklhj`_gghaZ[e_kl_eb]eZaZ
^_\mrdbHdZaZehkvqlh^ey__kqZklvygZ^hkh\k_fg_fgh]h
Yh[_jgmeZkvqlh[uijh^he`blvjZa]h\hjkg_agZdhfdhcij_j\Zgguc\g_aZigufhdebdhfkaZ^bgh
gbdh]hjy^hfg_h[gZjm`beZH]ey^_eZkvGbdh]hjy^hf
G_m`_ebijb\b^_ehkv"
Ihoh`_gZlh
G_\^Ze_d_aZf_lbeZEZjbgmhiZkeb\hkfhljysmxgZf_gyDZ`_lkydh_dlh_s_[hevr_g_`_eZ_l
�khfghc\klj_qZlvkyZbhgZfg_g_bgl_j_kgZImklvk_[_`b\_lkihfgbebkvkeh\Zg_agZdhfdb
J_rbeZ[ulvfm^jhcbk^_eZlv\b^qlhyg_agZxdlhlZdZyju`_\hehkZydhr_qdZex[hfkemqZ_
@hj`\klj_qZykvkg_c[ue_s_g_`_gZlbbf_eihegh_ijZ\haZ[Z\eylvkykd_f_fmm]h^ghhl
_kebhg[m^_lwlbfaZgbfZlvkyihke_gZr_ck\Z^v[ulhlh]^Zfg_gZ^h[m^_li_j_`b\Zlv:lZd
j_rbeZk^_eZlv\b^qlhy__g_agZx
Djhf_lh]h`_eZgbymkljZb\Zlvij_^klZ\e_gb_^eyhdjm`Zxsbokh\_jr_gghg_ohl_ehkv:g_
aZf_lblvg_kdhevdhex[hiulguo\a]ey^h\gZijZ\e_gguogZf_gyyg_fh]eZ
ImklvjZkkeZ[ylkyIj_^klZ\e_gb_hlf_gy_lky
Bykg_\hafmlbfuf\b^hfaZ^jZ\ghkih\_jgmeZkv\^jm]mxklhjhgm
hllu]^_Zyl_[ym`_h[ukdZekyf_gykhkibguh[gyebdj_idb_fm`kdb_jmdbYhsmlbeZ
ijbylgucaZiZoh^_dhehgZg_fgh]h[h^jysbcaZklZ\eyxsbc_s_jZaijbgxoZlvky
@hj`HglZd\g_aZighih^hr_eqlhyjZkl_jyeZkvbkh\_jr_gghaZ[ueZqlhgZex^yogZ^h\_klb
k_[yk^_j`Zgh:jhfZl`_gboZhdmlZef_gymxlgufihdju\Zehf\ijhq_fdZdb_]hjmdbBfg_
`mldhaZohl_ehkvihl_j_lvkyhfm`qbgmqlhyg_aZ^mfu\Zykvbk^_eZeZijbdju\]eZaZb
Kdhevdhy[uijhklhyeZlZdg_ba\_klghijbdju\\_dbb\gbfZyfhf_glmghlmlhsmlbeZdZd
gZijy]ebkvjmdb@hj`Z
YhldjueZ]eZaZ
�Q_jlYkh\k_faZ[ueZqlhg_^Ze_dhhlgZkgZoh^blkyEZjbgZ_\mrdZ\gbfZl_evghkfhlj_eZgZgZk
by^Z`_g_fh]eZij_^iheh`blvqlh[m^_l\ke_^mxsbcfhf_gl
:ylmlaZ\bkeZf_^e_gghfhe\beZ\hl\_lIj_^klZ\ey_rvlmlh^ghbakZfuoihk_sZ_fuof_kl
gZgZr_fijZa^gbd_
Yg_hkhagZgghijhbag_keZgZr_fklZjZykvih^q_jdgmlvqlh\k_hklZevgu_ebrvijb]eZr_ggu_b
g_[he__EZjbgZ^_jgmeZkv\gZrmklhjhgmihlhfaZf_jeZb\k_`_j_rbeZkvHdjm`Zxsb_
gZklhjh`bebkvij_^\dmrZyij_^klZ\e_gb_
F^ZKm^yih\k_fm\_k_evygZfg_ba[_`Zlvgh\b^bl\k_\urgbcwlhg_ihfh_c\bg_
A^jZ\kl\mc@hj`dhr_qdZihdZaZeZk\hbdh]hldbFhc`_gboijhfheqZeZfh`_l[ulv
h[^mfu\ZedZdemqr_hl\_lblvG_ohq_rvihagZdhfblvkhk\h_cg_\_klhc"
L_i_jvgZklZeh\j_fyfg_gZijyqvky
Yih\_jgmeZ]heh\mqlh[uihkfhlj_lvgZq_jgh\hehkh]h^_fhgZ_]h]eZaZoym\b^_eZ_^\Z
k^_j`b\Z_fh_g_]h^h\Zgb_\ijhq_ffg_^Z`_g_gZ^h[uehh[hjZqb\Zlvkyqlh[uihqm\kl\h\ZlvdZd
iueZ_l_]hZmjZ
L_[yjZa\_kx^Zijb]eZrZebEZjbgZ"judgmegZdhg_p@hj`ijb`bfZyf_gydk_[_[eb`_
:jZa\_fg_g_h[oh^bfhqv_lhijb]eZr_gb_"Fg_dZaZehkvqlhfuhq_gvklh[hc[ebadbdjb\Zy
meu[dZbkdZabeZfbe_gvdb_q_jluebpZ^_\mrdb
Fg_ohl_ehkv\p_iblvkyju`_cdhrd_\iZleughlhevdhwlh[ueg_fhcih_^bghdZ@hj`Zb
j_rZlv\hijhkukhk\h_cex[h\gbp_c^he`_g[uehgkZf
G_gZklhevdhqlh[uijb]eZrZlvl_[ygZk\hxihfhe\dm`_klhdhijhbag_kfm`qbgZ
LZd\u]hgb__hgZdb\gmeZgZf_gybyklZgmdl_[_gZfgh]h[eb`_
YZ`aZ^hogmeZkvhl\hafms_gbyDZ`_lky^hfh_]hh[hjhlZ\k_]hgbq_]hhklZehkvLZdhcgZ]ehklb
hlgZoZedbyg_h`b^ZeZGZi_j\uc\a]ey^bg_kdZ`_rvqlhlZblkyaZju`_gvdhc\g_rghklvx
�Lui_j_klmiZ_rv\k_\hafh`gu_]jZgbpuL_[_g_dZ`_lky"mfZxqlhl_[_emqr_mclbjuqZe
@hj`bah\k_okbeklZjZykvg_ih\urZlv]hehk
:fg_lZdg_dZ`_lkyFg_lml\_k_e_ehe_]dhfuke_gghijhbag_keZ^_\mrdZKlhevdh
��bgl_j_kgh]hh`^ba_e_gu_H[ohohq_rvkyZ\Zck[_`bfhlkx^Zk^_eZeZhgZij_^eh`_gb_
@hj`m
hlwlhZiehf[
G_m`_ebhgZkqblZ_lqlhfh`_lk_[_iha\heblvihke_ih^h[guo\uiZ^h\_s_gZqlhlhgZ^_ylvky"
FhyfZfZ\k_]^Z]h\hjbeZqlhg_evay^himkdZlvqlh[ufm`qbgZ[ueaZ]gZg\m]hebgZq_hg
gZqbgZ_ll\hjblvkljZrgu_\_sbIhq_fmlhygZqZeZhiZkZlvkylh]hqlh@hj`gZ^mfZ_l\u[jhkblv
k\hxex[h\gbpmkijZa^gbdZhlihl_oblh[m^_l
Ghg_mki_eZy^h^mfZlvdZdjy^hfihy\behkv_s_h^ghieZfyijhg_kr__kyfbfhgZk\boj_f
Hcijhklbl_aZe_i_lZeZhev]ZZwlh[ueZhgZijbgy\rbkvqlhlhkqbsZlvkEZjbguYlZdZy
g_mdex`Zy
�_\mrdZqmlvhlhreZ\klhjhgmbykfh]eZm\b^_lvqlh\k_ieZlv_EZjbguhl]jm^b^hkZfh]hiZoZ
om^h`_kl\_ggmxdZjlbgmgZjbkh\Zggmxfh_c^jZ]hp_gghcih^jm]hc
EZjbgZ\a\ba]gmeZbijh^he`beZibsZlvi_j_f_`Zydjbdbhl[hjghc[jZgvxihke_lh]hdZd
m\b^_eZqlhkhl\hjbeZhev]Zk__ieZlv_fIh^jm]Zqbklhk_j^_qghba\bgyeZkvijh^he`Zy\k_
kbevg__bkbevg__\lbjZlvfhjh`_gh_\gZjy^ex[h\gbpu@hj`ZKh[jZ\rbcky\hdjm]gZjh^hl
\k_c^mrbihl_rZekygZ^^_ckl\byfbfh_cih^jm`dbgZklhevdhijhn_kkbhgZevghijb\h^b\r_c\
g_]h^ghklvieZlv_EZjbguqlh__ih^\b]aZkem`be[ulv\u[blufgZkdjb`Zeyobklhjbb
YihlygmeZ@hj`Zijhqvkf_klZkh[ulbchklZ\eyyhev]mjZa[bjZlvkyb^Zevr_kex[h\gbp_c
fh_]h`_gboZHog_ijhklhlZdhgZhdZaZeZkv\g_ihkj_^kl\_gghc[ebahklbhlf_klZkh[ulbc
Qm\kl\h\ZeZqlhgm`gZfg_\hlbihfh]eZdh]^Zy[ueZ[_kkbevgZqlheb[hk^_eZlvhlwlhy
gZau\ZxhdZaZlvky\gm`gh_\j_fy\gm`ghff_kl_
ukrbcibehlZ`
IjhklbmkeurZeZykhklhjhgu@hj`Zdh]^ZfuhdZaZebkvgZ_^bg_aZc^y\dZdhclhaZdmlhdB
hldm^Zhglhevdh\ayekyihimlb"
Ihqm\kl\h\ZeZqlh`_gbogZdhg_pgZqZemkihdZb\Zlvky?keb[ufbgmlmgZaZ^_]h\b^_eZ
jZaex[_agZyFZlbev^Zlhklhijhp_glh\aZ\hibeZ[uhg_klZ[bevghklbBdZdhglhevdhk^_j`Zeky"
Ijhk\h_khklhygb_yaZ[ueZjZkl\hjyykv\wfhpbyo@hj`Z
AZqlh"k^_eZeZ\b^qlhgbq_]hkljZrgh]hg_ijhbahrehDZd[m^lh\hae_f_gydZ`^uc^_gv
djmlylkyex[h\gbpu`_gboh\
DZdZy`_lumf_gy\ajhkeZy\g_aZigh@hj`gZ]gmekybihl_jkyhfhcghkk\hbfghkhfY^Z`_
bg_h`b^Ze
Gm^ZrlZgum`_g_ibkZxhlg_h`b^Zgghklbiho\Zeu`_gboZyjZkl_jyeZkvohly\^mr_\k_
[md\ZevghaZ[mjebehhl\hklhj]Z
:y[ul_[yijbmqbed]hjrdmkemdZ\uf\b^hfhl\_lbefg_@hj`
GZfb]aZf_jeZ:`_gbolhmf_gykqm\kl\hfxfhjZ
G_iha^gheb"ijbdbgmeZ\mf_\dZdhf\hajZkl_fZe_gvdbo^_l_cgZqbgZxl\ukZ`b\ZlvgZ
kljZl_]bq_kdb\Z`gmxihabpbxIhlhf\kihfgbeZkdhevdhfg_e_lbj_rbeZqlhlZdboi_j_ghkguo
\Za_s_g_ijb^mfZebBebyq_]hlhg_agZx"
Gmlh]^Z[m^_faZdhfiZgbxfm`qbgZ\ayef_gyaZjmdmZihlhfi_j_ie_eiZevpu
AZdhfiZgbxqlh"yke_^beZaZgZrbfbjmdZfbij_djZkgh^hihegyxsbfb^jm]^jm]Zkeh\ghhgb
h^ghp_eh_
IbkZlv\rlZguGZ\_jgh_aZ[Z\gh[m^_lKb`mygZkh\_sZgbbblmlfg_klZgh\blkykdmqgh
^mfZxZq_f[ufg_lZdbfaZgylvkybbb
Qlhbbb"g_m`_ebhgwlh]h\hjbl\k_jv_a"Ebphfm`qbgu[uehg_ijhgbpZ_fuf
�_eZxkZfhe_lbdbai_j\h]hebklZ^hdeZ^ZbimkdZx_]h\k\h[h^gucihe_lDZd^mfZ_rv\_k_eh
[m^_l"hahjgZymeu[dZhaZjbeZfm`kdh_ebph
�mfZxqlhhq_gvg_fgh]hhi_rb\\u^ZeZ\kxijZ\^m
hlbylh`_lZd^mfZx
F_gyg_aZ[m^viha\ZlvYlh`_ohqmkZfhe_lbdbihimkdZlvk\Zr_c[ZrgbgZreZkvlml`_:
qlh";m^_l\_k_eh
WlhfukevGZ^h[m^_l__\hiehlblv\`bagvZihdZ^Z^bfimlv^jm]hfmgZqbgZgbxaZ]Z^hqgh
M]m:dZdhfm"g_ihgyeZy
YlZdbg_ihgyeZkdZaZeeb@hj`qlhlhij_`^_q_fihp_eh\Zlvf_gybeb`_fg_\k_wlh
ijb\b^_ehkvijhq_fdh]^Z`Zjdb_]m[u`_gboZgZdjuebfhbZkbevgZyjmdZijblygmeZdk_[_aZ
lZebxfg_klZeh]em[hdhgZie_\ZlvbgZkZfhe_lbdbbgZgZqbgZgbyy^Z`_aZ[ueZh
kms_kl\h\ZgbbdZdhclhlZfex[h\gbpum@hj`Ziheghklvxih]jmab\rbkv\qm\kl\_gguc
\h^h\hjhlm^h\hevkl\byhlihp_emy=em[hdh\gmljbaZjh`^ZehkvieZfyjZa^m\Z_fh_\_ljhfkljZklb
kg_bfh\_jghckbehcaZklZ\eyy[mr_\Zlv]jhay\uj\ZlvkygZjm`m
=m[ufm`qbgulj_[h\Zl_evgu_mf_eu_l\hjbebqm^_kZZ_keblhqg__lhgba\_j]Zebf_gy\
ij_bkih^gxxijb[eb`ZyddjZx]j_ohiZ^_gbyBkZfh_m`Zkgh_aZdexqZehkv\lhfqlhfg_
g_kl_jibfhaZohl_ehkvihijh[h\ZlvaZij_lgucieh^
Ihl_emjZaebeky`b^dbch]hgvkdhgp_gljbjh\Z\rbcky\gbam`b\hlZijbau\Zydhl\_lguf
^_ckl\byfijhy\e_gbxkZfhklhyl_evghklbqlh[m^mqbhivyg_gghcyijbgyeZkvj_Zebah\u\Zlv
aZimklb\jmdm\\hehkufm`qbg_hl^Z\Zykvkh\k_ckljZklvxgZ_]hqm\kl\_ggucijbau\Y
gZklhevdhhlimklbeZk_[yqlhiha\hebeZaZklhgZlvhlba[uldZhsms_gby[mr_\Z\rbo\gmljbf_gy
@hj`wlbflhlqZk\hkihevah\ZekyaZ\eZ^_\fhbfjlhfdZdk\hbfkh[kl\_gguf
?euiZeuZp_eh\Zlvkykih^kihjv_f\\b^_yaudZwlhg_lZdkf_rghdZd\u]ey^blkhklhjhguB
\hh[s_hgg_ebidbcbkdhevadbcdZdaf_yZhq_gv^Z`_[ZjoZlgucbg_`gucBkh\_jr_gghg_
`ZeblZeZkdZ_l^h[Z\eyyg_a_fgu_hsms_gbymghkysb_\aZh[eZqgmx^ZevHli_j_ba[uldZ
qm\kl\mf_gygZqZebih^dZrb\Zlvkygh]bF_evdgmeZrZevgZyfukevqlhlZdbfbl_fiZfby
jZkl_dmkvkbfiZlbqghcem`bp_cmgh]q_jgh\hehkh]h^_fhgZB_kebhgf_gyg_bkdmkbllhwlbf
aZcfmkvy\ay\\k_\k\hbjmdb
:oDZd`_ijbylgh
:qlhwlh\ulml^_eZ_l_":gmdZfZjr\h[sbcaZeg_]h^gbdb\hlf_gvr_\k_]hyij_^iheZ]ZeZ
qlhlmlh[ty\blkyfZ^Zf@_gbOhlym^b\blvkyyg_m^b\beZkv?_qmlvxkh[Zdbfh]mlkeZ]Zlv
e_]_g^ub[h\k_jZ\ghdmjblvbf\klhjhgd_\kemqZ_khj_\gh\ZgbcGZ^mfZeblmlg_ihlj_[kl\hf
aZgbfZlvky@hj`lu\gZqZe_`_gbkvZihlhf[m^_rvfhx^hqdmeZiZlv
Lhevdhk_cqZkyhsmlbeZgZk\h_c]jm^bfm`kdmxjmdmBdZdhgZlZfhdZaZeZkv"Dlhgb[m^vfg_
kdZ`_lbebg_l"
LZdjZa\_`yhldZau\Zxkv"ojbiehijhbag_kfm`qbgZmofueyykvdZd^h\hevguc`bagvx
h]jhfgucdhl
Fbeuckgbkoh^bl_evghijhbag_keZfZ^Zf@_gby`_gsbgZ\ajhkeZyb\dmjk_qlhh[_sZlvg_
agZqbl`_gblvkyLZdqlho\Zlblly]Zlvy[ehdbbafh_]hkZ^Zg_^eylh]hbojZklbeZqlh[ujZgvr_
\j_f_gbbolujbebfZfmey\hgabeZdmeZqdb\[hdZky__ihaZ]h\hjbeZhk_jv_aghklbgZf_j_gbc
bg_`_eZgbbmklmiZlvgbgZchlm
LZda_e_gu_kZfu_\dmkgu_lhl\lhghl\_lbe_c@hj`g_\uimkdZyf_gybah[tylbcY`_
hkheh\_eufbhlkljZklb]eZaZfbkfhlj_eZlhgZh^gh]hlhgZ^jm]h]h
:\hlg_q_]hlygmlvdgbfjmdbJZgh_s_bfZ^Zf@_gb\ayeZf_gyaZij_^ie_qv_kh[bjZykv
hlhj\Zlvhl@hj`Z
Fhyjudgme^_fhgbylhlqZkihqm\kl\h\ZeZdZd\kdheuogmeZkv_]hZmjZ
JZgh_s_fZfZmkbebeZgZ`bf
:ykdZaZefhylhgklZe]jm[__bZ]j_kkb\g__
HlimklbaZrbi_eZjZkk_j`_ghfZfZ_s_g_fgh]hbhgZaZijhklhh[_jg_lkyYl_[_]h\hjx
�Zfg_k_cqZkjmdm\u^_jgmlYkh[jZeZkvaZy\blv\]hehkhk\h_fg_kh]eZkbbgZijbf_g_gb_
gZkbebydZdkhklhjhgu`_gboZlZdbkhklhjhgufZfZgBqlhgZgbogZreh"GmeZ^ghyihgbfZeZ
@hj`Zlhfm\_kvdZcnh[ehfZebghq_]h\a[_e_gbeZkvfZfhqdZ"
Qlhlmlijhbkoh^bl"ijh]jhohlZe]_gbcfZl_jbZebah\Z\rbkv\ihe_fh_]haj_gbyDhgqZcl_
j\Zlv^_\hqdmkihlhedZihkuiZeZkvahehlZyiuevWlh`gZ^h[uehlZd]Zjdgmlv"
hlmf_eiZiZgZclblZdb_keh\ZbbglhgZpbbdhlhju_aZklZ\eyebhdjm`ZxsboaZf_j_lvihklhcd_
kfbjghAZqlhy_]hbex[beZ
IZiZhgbfg_jmdm\u^_jgmebih`Zeh\ZeZkvlml`_k^_eZ\`Zeh[gh_ebphF_gvr_\k_]hfg_
ohl_ehkvbkiulZlviZibg]g_\\^h\_jr_gb_dh\k_fmijhq_fmG_\lhfy[ueZgZkljh_gbb
Kebrdhfm`kbevghih^dhkbefhb^mr_\gu_kbeuijhgbdgh\_ggucihp_emc`_gboZ
uh[Zhl_pmdZaZegZgZkk@hj`_fgZijh^he`_gb_ijZa^gbdZrZ]hffZjr:l_[y@_gby
ihijhrmhklZlvkyblZZdihkfhlj_egZfZfmqlhy[ugZ__f_kl_bkim]ZeZkv
�AgZ_rvZfg_[m^msZyl_sZ\k_[hevr_b[hevr_gjZ\blkymfZxqlhfugZc^_fkg_ch[sbc
yaudgZihq\_^h[jh]hhlghr_gbydl_[_ih^_ebekykhfghx@hj`dh]^Zfukeh\ghaZdexq_ggu_
[ueb\ugm`^_guke_^h\ZlvihfZjrjmlmmdZaZgghfmhlphfK]_gb_f`_gboj_rbeg_kihjblv
db\gm\\agZdkh]eZkbyijbagZ\ZyaZdhggh_lj_[h\Zgb_Djhf_lh]hdZdhdZaZehkvmgZkhklZebkv
_s_g_\uiheg_ggufbg_kdhevdhh[yaZl_evguof_jhijbylbcqlhaZieZgbjh\Zedhfbl_lih
hj]ZgbaZpbblhj`_kl\Z
Fuk@hj`_f^he`gu[uebjZa^Zlv\k_fijbkmlkl\mxsbfihfZe_gvdhfmi_q_ghfm`mjZ\ebdm
kbf\hebabjmxs_fmkqZkleb\mx`bagvdhlhjhc^_ebebkvkba[uldhf^Z[ugZf\_jgmehkvklhjbp_c
DZdjZadgZr_fm\ha\jZs_gbxm[jZebihf_s_gb_hlfu\hla_e_ghcdjZkdbhdZaZ\r_ckyg_
a_e_gdhcZh[udgh\_gghcZdjbeh\hce_]dhkfu\Zxs_ckykih\_joghkl_c
aZe_[uebjZkklZ\e_guklheugZdhlhjuo\ha\urZebkvh]jhfgu_ih^ghkukm]hs_gbyfb
Ke_^h\Zehgbdh]hg_aZ[ulvqlhfubk^_eZebMklZebg_bfh\_jghgh\uihegbeb\haeh`_ggmx
fbkkbx@hj`Ziha\Ze_]h^Zevgbcjh^kl\_ggbdZyhklZeZkvklhylv\hae_himkl_\r_]hklheZ
f_qlZydh]^Z`_gZdhg_paZdhgqblky\kydml_jvfZ
hae_f_gyaZ\bkeb^\_dmfmrdbg_aZf_qZygbdh]h\hdjm][m^mqbq_j_kqmjkbevghm\e_q_ggufb
i_j_lbjZgb_fdhklhq_d\k_fagZdhfufHgblZd]jhfdh]h\hjbebqlh^eyfh_]hqmldh]hkemoZg_
klZehk_dj_lhfl_fZbo[_k_^u
Y\gZqZe_g_ijbkemrb\ZeZkvdjZa]h\hjmFZeheb`_gsbgu[helZxlihih\h^mb[_aih\h^Zgh
\hldh]^ZjZkkeurZeZmihfbgZgb_h[h^ghfagZdhfhflhmrdblml`_gZ\hkljbeZ
DmZfZZ\ukeurZebihke_^gb_k\_^_gby"hnbpbZevguflhghfihbgl_j_kh\ZeZkv^ZfZk
[hjh^Z\dhcgZghkm=h\hjylqlhm=hf_jZhlpZ`_gboZijh[e_fukkbehc
�Zqlh\u]h\hjbl_KblZ"G_fh`_l[ulvWlhijyfZy^hjh`dZdg_klZ[bevghklb
��ZZByhlhf`_]h\hjbeZk\h_fmEbkZgm:hgfg_]h\hjbqlhfhewlh\k_^hkm`b_kie_lgb
�ZdZdb_`_wlhkie_lgbkZfu_gbgZ_klv^hklh\_jgu_u`_agZ_l_qlh^ufZ[_ah]gyg_[u\Z_l
Yijhklhm\_j_gZqlh\k_lZdb_klvgZkZfhf^_e_KdZdhc[uklZlbhgiha\hebegZagZqblvk\h_]h
kugZ\h]eZ\_dhjihjZpbbb^bfh[hblkyqlhfh`_lkhj\Zlvky\ex[hcfhf_glWlh`_ihahjmg_
uaZ[u\Z_l_qlhj_qvb^_lhfeZ^r_fkug_Wlh]^_`_\b^Zghqlh[uijbgZebqbb]eZ\gh]h
gZke_^gbdZijbau\Zlv\lhjh]hk_mgborb\hjhlgZ\u\hjhlBkdZdhcklZlbhgb\hh[s_ih^h[gh_
mqm^beb"ug_\dmjk_qlhlZfmJZkobijhbahreh"Ihq_fmfeZ^rbc\klZemjmey"
hlg_agZxjZkkdZau\Zlv\Zfbebg_l"kkhfg_gb_fijhbag_keZ[hjh^Z\qZlZykie_lgbpZWlh
Y\h\kxgZ\hkljbeZmrb[md\Zevgh\ulygm\rbkv\kljmghqdmghijbwlhfklZjZykvg_ijb\e_dZlv
\gbfZgb_M`[hevghkbevghbfg_ohl_ehkvmagZlvlZcguk_fvbJZkobHlZdbo\_sZo\]Za_lZog_
ibrmlbihl_e_\b^_gbxg_i_j_^ZxlWlhaZdjulZybgnhjfZpbydhlhjZyi_j_^Z_lkybamkl\mklZ
hlgZijbf_jdZdk_cqZk:djhf_lh]hfg_ohl_ehkv\u\_^Zlvh[jZl_@hj`ZdZdfh`gh[hevr_
Hk\_^hfe_gZagZqbl\hhjm`_gZb[hbgnhjfZpbywlhkZfZy^hjh]ZyjZaf_ggZyfhg_lZ\fbj_
G_ba\_klgh\dZdhfkemqZ_hgZfh`_lijb]h^blvky
LZcgZ"LZdymf_xojZgblvlZcguQ_klgh_keh\hYfh]beZGbdhfmgbq_]hg_kdZ`maZ\_jbeZ
hgZkh[_k_^gbpm
GmohjhrhFg_jZkkdZaZeZfhy^\hxjh^gZyie_fyggbpZZ_cih^jm]Zk\hyqgbpu__jh^gh]h
^_\_jyZlhc\k\hxhq_j_^vjh^kl\_ggbpZ^Zevgyyhq_gv^Zevgyy^_\bpubaaZdhlhjhc\k_cb
ijhbahrehKblZih\_^ZeZijhgbdgh\_gguflhghf
DZdhc_s_^_\bpu"mDmZfu[ueg_f_g__g_a^hjh\ucbgl_j_kq_fmf_gy
;ueZh^gZMg__jZa\b\ZekyjhfZgkhklZjr_gvdbf[jZlhflh]h`_gboZqvyk_]h^gyihfhe\dZ
khklhyeZkvb\k_lhhgbagZxl
Kie_lgbpu
�Zluqlh"\hkdebdgmeZDmZfZgZihjy^hd]jhfq_
Fg_m`_^Z`_g_ijboh^behkvgZijy]Zlvkemoqlh[u\k_ohjhr_gvdhjZkihagZlv@_gsbgu\hreb\
jZ`b^Z`_g_iulZebkvrbnjh\Zlvky^_eykvkie_lgyfb
:]ZLhqghl_[_]h\hjxKZfu_qlhgbgZ_klvgZklhysb_k\_^_gby^Zfhqdbbg_aZf_lbebdZd
i_j_rebgZlu?s_[uijbklhev[ebadhfh[s_gbbgbdZdb_mkeh\ghklbg_gm`guhgblhevdh
f_rZlv[m^ml
Wlbodmfmr_dihfg_lZdgZ^hhlijZ\eylvjZ[hlZlv\kem`[m\g_rg_cjZa\_^db^ey
jZkijhkljZg_gbyex[h]hjh^ZbgnhjfZpbbBf\_^v\k_jZ\ghhq_f]h\hjblvZlZd[m^mlijb^_e_b
ihkem`Zlhlqbag_
LZdlZdlZdY\ky\gbfZgbykh[_k_^gbpZ[hjh^Z\qZlhcqmlvebg_baieZlvy\uiju]b\ZeZ`_eZy
dZdfh`gh[uklj__magZlvbgl_j_kmxs__
Fg_jZkkdZaZebqlhhgZ_]h[jhkbeZjZa[b\l_fkZfufk_j^p_fgh]hagZqbl_evghijhbag_keZ
KblZ
G_fh`_l[ulvQlh`_lZfaZijbgp_kkZlZdZy[ueZ"GZkugZ=hf_jZ]eyg_rvlZdb]eZag_
hl\_^_rvqlhlh\g_faZ\hjZ`b\Z_lf_qlZl_evghijh\hjdh\ZeZDmZfZ
Fg_aZohl_ehkvjZkkf_ylvky
Bqlh`_\hevn__cgZklhevdhihgjZ\behkvqlhhgZ]eZahl\_klbg_fh`_l"Kf_rgZy`_gsbgZIh
fg_hgkZfuch[udgh\_ggucGmfh`_l[ulvqmlhqdmkbfiZlbqg__^jm]bofm`qbgGhg_[he__
lh]h@hj`]hjZa^hemqr_G_lG_]hjZa^hZ\jZau?keb[ufm`qbgu[uebjy^hflhy[u
h[yaZl_evgh^hdZaZeZwlh^\mfkie_lgbpZfi_j_fu\Zxsbfdhklhqdbfhbfgh\ufjh^kl\_ggbdZfY
m`_aZibkZeZdeZgJZkob\k\hxjh^gxIhq_fmlhym`_g_khfg_\ZeZkv\ijhoh`^_gbb\nbgZe
Ymeu[gmeZkvkh[kl\_gguffukeyfijh^he`Zyijbkemrb\Zlvky
Bg_]h\hjbih^jm]Zh]hZlh\Zjdblhm`_klZebijZdlbq_kdbjh^gufb
?kebhgb_s_^_kylhdfbgmllZdihh[sZxlkylhklZgmldjh\gufbjh^kl\_ggbpZfbFh`_l[ulvfg_
bfgh`khklheZih^Zlvqlh[u[uehq_fjmdbj_aZlv^eyjblmZeZ"
Ij_^klZ\beZdZdgZij_^klZ\e_gb_kh[_j_lkygZjh^FZeh[ueha_e_gh]h^mrZlZd[m^_ldjh\Z\Zy
j_dZ\bkiheg_gbb^\mo^Zfg_hij_^_e_ggh]h\hajZklZhllh]^ZgZrZk@hj`_fihfhe\dZ
aZihfgblkygZ^he]hbklZg_lijblq_c\hyaupZo;ueh[u\_k_ehh[h\k_f\kihfgblve_llZdq_j_a
fgh]h
Blu]h\hjbrvqlhhgZ_]h[jhkbeZ"AZf_qZl_evgZygh\hklvkZfh^h\hevghijhbag_keZklZjZy
dhr_edZ
Qlh`_\lhfaZf_qZl_evgh]h"KblZm^b\beZkv
�Z_klvdh_qlhMf_gyie_fyggbpZg_aZfm`_fDjZkZ\bpZibkZgZymfgbpZkdjhfgZyh^gZ[_^Z
�aZfm`gbdZdg_\uc^_lmfZxgZ^h[m^_lk\h_fm[jZlmfukebrdmih^dbgmlvbij_^eh`blv
aZdexqblvkJZkobdhgljZdlgZklZjr_]hkugZ
?keb^_\bpZhdhlhjhcreZj_qvihreZohlvq_flh\l_lxlhhevnk[_`blhlh^gh]hlhevdh\b^Z
djZkZ\bpuDmZfZbf_eZ\ulygmlh_ebphgZih^h[b_ehrZ^bgh]hbdjmigu_mrb?kebdhgqbdb
mr_caZhkljblvlhhgbhq_gv[m^mlkfZob\ZlvgZwevnbckdb_ijZ\^Zh^ghghwevnh\l_ji_lvg_
fh]ebbkqblZebbo`mldhg_djZkb\ufb
:kq_]hluj_rbeZqlhhgkh]eZkblky"ijh^he`beZ^hiulu\Zlvky^ZfZk[hjh^Z\dhc
LZdyagZxjuqZ]b\ha^_ckl\bykZfh^h\hevghih^[hq_gbeZkv`_gsbgZ
BdZdb_"y[ulh`_hq_gvohl_eZmagZlv
Wog_ohl_eZ]h\hjblvghl_[_lZdb[ulvkdZ`mFZlbev^Z
FZlbev^Z"g_ihgbfZxs_i_j_kijhkbeZkh[_k_^gbpZhabjZykvihklhjhgZf
�ZFukg_cfgh]he_lgZaZ^[ueb^jm`guWlhlh]^Zdh]^ZhgZ\lhjhcjZaaZ[_j_f_g_eZ
Ih]h\Zjb\Zxlqlh[_aq_jghcfZ]bblh]^Zg_h[hrehkv
G_fh`_l[ulv"h[wlhfy\ghg_[uehba\_klghf_klghfm[hfhg^m
Fh`_lfh`_lHl\_qZxDZdlhkebrdhf[ukljhhgZihg_keZihgbabeZ]hehk`_gsbgZ
Bqlh"ihlhjhibeZKblZ
:lhFg_jZkkdZaZebqlhhgZkiblb\b^blqlh[uhevnhklZeky\]hjh^_ihfh_fmlZdwlhm`_
�kh\k_fg_lZcgZZ`_y^h]Z^ZeZkvh[hkh[hcex[\b`_gsbgudklZjr_fmkugm
H^gh\hkihfbgZgb_hFZlbev^_aZklZ\behf_gyaZkdj_`_lZlvam[Zfbhlg_gZ^hh[b`Zlvfh_]h
`_gboZImklvhgbg_b^_Zevgucghhgfhc:aZk\h_y[m^m[hjhlvkybah\k_okbe
:hg"ijZ\bevguc\hijhk
:hgg_ohq_lgh_keb[m^_ldhgljZdlkfh_cie_fyggbp_clhlh]^ZgZ\_jgydZgbdm^Zg_m_^_l
JZ^blZdh]hFZlbev^Zm`jZkklZjZ_lky
IjZ\bevgZyfukevmkeurZeZyh^h[j_gb_
Qlh`gZ^hih`_eZlvhevnmm^ZqbgZgb\_ba[Z\e_gbyhlg_\_klY_fmg_aZ\b^mxb[hlZf]^_
_klvh^gZkhbkdZl_evgbpZkqZklvylZflml`_ihy\ey_lkyb^jm]ZyBlZd[m^_l^hl_oihjihdZdlh
�gb[m^vg_aZohfmlZ_lfm`qbgmYij_^klZ\beZ_]hkyjfhfgZr__baZmeu[ZeZkvmfZxqlhwlhl
Zdk_kkmZj_fmih^hc^_l
kie_lgbpYgZ^_yeZkvqlh\k_hkgh\gh_m`_mki_eZmagZlv
Ebphfij_j\Z\rbffh_ih^kemrb\Zgb_hdZaZekyklZjucagZdhfucEb\hgDZ`_lkyk_]h^gyrg__
f_jhijbylb_bah[beh\Zehh[eZ^Zl_eyfbh]g_gguor_\_exj=ey^ygZfm`qbgmg_ijhba\hevgh
aZohl_ehkvmeu[gmlvkyqlhybk^_eZeZ
Ijb\_ljZ^Zl_[y\b^_lvLuhldm^Z"G_agZeZqlhlukj_^bijb]eZr_gguo^h[jh^mrgh
khh[sbeZyebrviha`_ihgy\qlhk[helgmeZqlhlhg_lhLhevdhmf_gyfh]eh\uj\Zlvkyg_qlh
lbiZluq_]hijbi_jky[_aijb]eZr_gby"
Yih^_emhlm\b^_el_[ylZdmxdjZkb\mxbj_rbih^hclbG_kfh]hldZaZlvk_[_\m^h\hevkl\bb
meu[Zeky\h\_kvjhlEb\hg
Hgfg_gjZ\bekyH[Zyl_evguc\_k_evqZdb[ZeZ]mjijhba\h^beijbylgh_\i_qZle_gb_GZ\_jgydZ
g_gZf_gyh^gmKlZdbfbfm`qbgZfbe_]dhhgbg_aZklZ\eyxlqm\kl\h\Zlvk_[ykdh\Zggh
ih^[bjZlvkeh\Zke_^blvaZdZ`^ufrZ]hf
KiZkb[hYhq_gvjZ^Zl_[y\b^_lv\gh\vih\lhjbeZhl\k_c^mrb
Ebaabfh`_llui_j_^mfZ_rvbjZahj\_rvihfhe\dmk@hj`_f":"\eh[kijhkbef_gyfm`qbgZ
M`q_]hq_]hZwlh]hylhqghg_h`b^ZeZHgf_gyijhklhh]hjhrbe
Luqlh"AZq_f"bkdj_gg_m^b\beZkv\hl\_l
uoh^baZf_gyaZfm`YohjhrbcQ_klgh_keh\hLug_ih`Ze__rvg_fgh]hijhkbl_evgh
ijhbag_kfm`qbgZko\Zlb\f_gyaZjmdmYl_[yki_j\h]h\a]ey^Zihex[beLuijhreZkv
jZkdZe_ggufmlx]hfihfh_fmk_j^pmhklZ\b\j\ZgucrjZfgZ\kx`bagv
Jmdbm[jZebmlx]aZ[jZeKqblZx^hh^gh]hijh]jhohlZeaZfh_ckibghc@hj`
Hlm]jh`Zxsboghlhd\]hehk_`_gboZ^Z`_mf_gyihkibg_ih[_`ZebfmjZrdbKlZehkh\k_fg_ih
�k_[_Zqlhk_]h^gyaZ^_gvlZdhc"hq_j_^ghcjZakijhkbeZyk_[y
Eb\hgaZf_lghih[e_^g_e\ijhq_fdZdbyH^gZdhwlhg_ihf_rZehfh_fmyaudm[helZlv
�Zhgrmlbl[jhkbeZkvygZaZsblmk\h_]hagZdhfh]h@hj`g_klhbl[_kihdhblvky
k\hc]hehky\eh`beZfZdkbfmfm[_^bl_evghklbgZdhlhjmx[ueZkihkh[gZ
Fh`_l[ulvhgbrmlblghym`lhqghg_lihke_judZ@hj`ZEb\hglhlqZk\uihegbe
ijbdZaZgb_m[jZ\hlf_gyjmdbDZ`_lkykfhbf`_gbohf^jm]hevnZk\yau\Zlvkyg_kh[bjZekyY
h[e_]q_ggh\a^hogmeZjZ^mykvqlhijhg_keh
Ohq_rvh[wlhfih]h\hjblv"Eb\hgohlvbhklZ\bef_gyghk^Z\Zlvk\hbihabpbbg_kh[bjZeky
Bebhg\fh_fijbkmlkl\bbohjhohjbeky"Yg_agZxYdl\hbfmkem]Zf
WcfZevqbdbmkihdhcl_kv\klZeZf_`^mfm`qbgZfbk\_jdZxsbfb^jm]gZ^jm]ZhqZfb
Lhevdhg_gZ^hlml^jm]i_j_^^jm]hfjZkimrb\Zlvo\hkluYblZd\b`mqlhhgbm\ZkdeZkkgu_
ihiulZeZkvyjZajy^blvkblmZpbx
hllhevdhmf_gywlhiehohihemqZehkv
:mjuh[hbo^_fhgh\\b[jbjh\Zeb]eZaZk\_jdZeb]g_\hf\uau\Zyg_m_fgh_`_eZgb_hlhclbdm^Z
gb[m^vih^Zevr_baahguijyfh]hihjZ`_gbyM`[hevghZ]j_kkb\ghhgb[uebgZkljh_gu
�hklZlhqgh^Z`_fZe_cr_cbkdjuqlh[ufm`qbgukhj\Zebkv
Qlhlmlijhbkoh^bl"\gZr_cdhfiZgbbgZjbkh\Zehkvgh\h_^_ckl\mxs__ebphihbf_gbhevn
Bhldm^Zhglhevdh\ayeky"AgZqbldh]^Z[uefg_gm`_g_]h^g_fkh]g_fg_kus_rvZlml
\ukdhqbedZd^`bgba[mluedbOhlyg_kdZ`mqlh_]hihy\e_gb_[uehg_mf_klgh\^Zgghc
DZ`_lkyhgb^jZlvkykh[jZebkv[uklj_gvdhk^ZeZyfm`qbggZ^_ykvl_fkZfufij_djZlblv
ijhlb\hklhygb_YhsmsZeZqlh^Z`_g_\hevgh_^mgh\_gb_\ha^moZfh`_l\ua\Zlv\aju\?s_g_
o\ZlZehfg_^jZdb\^_gvgZr_cihfhe\dbKebrdhfm`fgh]h\k_]hkemqbehkvaZk_]h^gyrgbc
^_gv_s_h^ghkh[ulb_[ueh[uy\ghebrgbf
�jZlvkywlhohjhrhkihdhcghijhbag_kf_q_gucOhjhrZy^jZdZihfh]Z_lkimklblviZj
Fh`_l_gZqbgZlvfZevqbdb^Ze^h[jhhevn
DZd"G_m`_eblugbq_]hg_k^_eZ_rv"\hkdebdgmeZym`ZkZykv\hafh`ghci_jki_dlb\_
G_ll_i_jvyij_\jZsZeZkv\h]g_^urZs_]h^jZdhgZ
DZd"Lufhgkljy[ueZ]hlh\Z[jhkblvkykdmeZdZfbgZhevnZaZhldZahllh]hqlh[ujZagylv
^urZsbo\h\k_klhjhgul_klhkl_jhghffm`qbgDZ`_lkyhgb\k_jv_aijbgyebihkuef_q_gh]hd
^_ckl\bx
@hj`kEb\hghfm`_o\ZlZeb^jm]^jm]ZaZ]jm^db?keb[ug_fh_ls_^mrgh_l_evp_gZoh^ys__ky
f_`^miurmsbfbg_]h^h\Zgb_ffm`qbgZfblh^jZdZ[um`_khklhyeZkv
Emqr_mc^bZlhaZrb[mlhevnbf_egZ]ehklvfg_^Zlvkh\_l
�Zy_]h\ihjhrhdkhljm=Z^hllhevdhg_iha\hexkhklhylvky^jZd_Lh]^ZbkhljmIZjZee_evgh
djh\h`Z^gufieZgZfihmf_js\e_gbxhevnZyiulZeZkvg_^himklblv^jZdb
:olZd\hkdebdgmeZyLh]^Z\gZqZe_^jZlvky[m^_rvkhfghch[jZlbeZkvydEb\hgmlhedZy
fm`qbgm\]jm^vbhllZedb\Zyhlk_[y@hj`ZH^gZdh[m^lhg_\`b\uop_ebeZkvZ[beZ\[_lhggu_
kl_guihlhfmdZd[uehkh\_jr_gghh^bgZdh\h[_aj_amevlZlghGbh^bggb^jm]hckf_klZg_
�k^\bgmebkvBhldm^ZlZdb_h]jhfgu_^_fhgu[_jmlky"hklZebkvgZfhx]heh\m
Ebaabluq_]h"g_\u^_j`ZeEb\hgDZdyklh[hc[m^m^jZlvky"m^b\bekyfm`qbgZOhlvgZ
g_fgh]hykfh]eZhl\e_qvhl^jZdb
�DZdZyhgZl_[_Ebaab"Wlhfhy`_gZijh]jhohlZe@hj`gZf_j_\Zykv[jhkblvkygZEb\hgZZ
qlhwlhlZdh_"G_m`_ebg_fh]mlj_rblv\k_pb\bebah\Zggufh[jZahf"Qmlvqlhklj_fylkyimklblv
\oh^dmeZdb
?s_g_`_gZ^himklbfihke_wlbokeh\fhc`_gbo\aj_\_eb[jhkbekygZEb\hgZYlhevdhqm^hf
mki_eZhlkdhqblv\klhjhgm
FZfZ^hjh]ZyqlhlZf[uehFm`bdbgZghkbeb^jm]^jm]mm^Zjuh^bgaZ^jm]bfg_sZ^y`b\hlZgb
k\h_]hgbqm`h]hdmeZdblZdbf_evdZeb
YihgZqZemqmlvebg_ibsZeZhlm`ZkZZihlhfaZf_lbeZh^gmkljZgghklvGbdlhg_h[jZsZe
\gbfZgb_gZ^_jmsbokyhl\hh[s_gbdlhDZd[m^lhlmlgbq_]hg_ijhbkoh^behBmf_gy
aZdjZeZkvh^gZrZevgZyfukevihkfhlj_lvgZ\k_^jm]bf\b^_gb_f
LugZdjueboiheh]hf"kijhkbeZymhevnZgZijy`_ggh\kfZljb\Zxs_]hky\ijhlb\h[hjkl\h
^\mo^_fhgh\\uimklb\rbogZk\h[h^mdjuevygZklhevdhk_jv_aguf[uehijhlb\hklhygb_
Gmg_^Z\Zlv`_ih\h^hdjm`Zxsbfkm^Zqblvihq_fajyF_klZlmlfgh]hDZdjZagZjh^gZ\uoh^
ihlygmekyZfZevqbdbiZj\uimklylbmkihdhylkyijhdhff_glbjh\Zefg_^_ckl\byfm`qbg
f_q_guc
JZa\_lu[jZlmg_ihfh`_rv"m^b\beZkvykihdhckl\bxhevnZFg_dZaZehkvqlhf_q_guchq_gv
^Z`_g_iehohhlghkblkydfh_fm`_gbom
:aZq_f"HgblZdkijZ\blkyL_f[he__@hj`\_^_l\kq_l_?s_g_fgh]hb\k_[m^_ldhgq_gh
B^_ckl\bl_evgh^jZdZhdhgqbeZkvlZd`_[ukljhdZdbgZqZeZkv@hj`ijhly]b\Zejmdm
ih\_j`_gghfmEb\hgmihfh]Zy\klZlvLhl`_k[eZ]h^Zjghklvx__ijbgye
hlg_ihgbfZxyfm`qbgDZdfh`ghk_dmg^mgZaZ^[blv\ebphZqmlviha`_m`_h[gbfZlvkydZd
gb\q_fg_[u\Zeh"KljZggu_hgbkms_kl\ZQ_klgh_keh\h
Gmqlh"Lu^h\hevgZ"ihbgl_j_kh\Zekymf_gyhevnobljhkfhljygZk\hbfbk_jufb]eZaxdZfb
k[_kylZfbj_a\ysbfbky\h]em[bg_
Q_f"y\k__s_g_fh]eZhlhclbhli_j_`b\ZgbyaZ@hj`Z;_kihdhckl\hlm]bf`]mlhf
kdjmlbehkv\jZchg_`b\hlZg_iha\heyyebrgbcjZa\a^hogmlv
Qlh`_gbohlklhyel_[y"ebohaZehfbe[jh\vf_q_guc
:fh`_l[ulvklhbehmf_gy\gZqZe_kijhkblv"fhc]hehka\_g_eQlhyohqm
�hjh]Zy@hj`djZcg_\gbfZl_evghijbkemrb\ZekydgZr_fmjZa]h\hjm
k_\Zflmlrmlhqdb^ZoZoZgvdbZmf_gyfh`_l[ulvk_j^p_\iyldbmrehf_gyihlbohgvdm
gZqZehhlimkdZlv\k\yabkq_fklZehhsmlbfhihljyob\Zlv
Ih^mfZ_rvjZafyebkvEb\hgijh\_ejZkdjulhceZ^hgvxihe[mm[bjZyg_ihdhjgmxijy^v
Djmlhlu@hj`kgbam[v_rv:`^moi_j_o\Zlu\Z_l^h\hevghijhbag_kfm`qbgZ@_gbo
^h\hevguckh[hcml\_j`^Zxs_db\gme
Wlhf_gy\u\_ehbak_[y
uk_M`Zkgu=emiubaZ^bjbkluyi_j_\h^beZ\a]ey^kh^gh]hgZ^jm]h]hghgb\dhfg_
\b^_eZjZkdZygbyG_kf_x\Zkhl\e_dZlvB]jZcl_^jm]k^jm]hf^Zevr__keb[umf_gy[ueZih^
jmdhc^\_jvlhy_xh[yaZl_evgh[uoehigmeZ:lZd\k_]hebrvko\ZlbeZhimkl_\rmx\Zahqdmkh
klheZklhys_]hg_ih^Ze_dmbhl\k_c^mrb\fZaZeZ_x\kl_gm\uie_kgm\gZdhib\r__ky
gZijy`_gb_
OhjhrhqlhylZdbg_kgyeiheh]mkeurZeZ\^h]hgdmdh]^Zmoh^beZijhqvhlfm`qbgG_
i_j_`b\Zc@hj`M[Z[lZdh_[u\Z_lJZa\_boihcf_rvMgbo`_k_fviylgbpgZg_^_e_
Fg_lZdohl_ehkvjZa\_jgmlvkyb^\bgmlvdh_dhfmihjh`_ghwlh]jhabehgh\ufkdZg^Zehf
\r\r\r
Luq_]hlZdZyofmjZy"hev]Zkb^_eZgZijhlb\f_gyg_[hevrhfdZn_qlhgZoh^behkvih^hjh]_
^hfhc
FuqZkl_gvdh\g_fibebdhn_kibjh`gufb_jg__ibjh`gu__eZyZih^jm`dZk\h_g_baf_ggh_
fhjh`_gh_wlhljZai_j_^g_c\ukbeZkvh]jhfgZy]hjZrhdheZ^gh]hkrhdheZ^ghcdjhrdhcHgZ
j_rbeZk_]h^gyg_\u^_eylvkyBgl_jv_jdZn_[ue\uiheg_g\dhjbqg_\uolhgZoi_j_f_`Z_fuo
k\_lehrhdheZ^gufbk\djZie_gbyfbmqZkldh\p\_lZlhie_gh]hfhehdZGZflmlgjZ\behkv
ijh\h^blv\j_fyBghcjZafuqZkZfbaZ\bkZebaZgy\h^bgbaklhebdh\\]em[bg_g_[hevrh]haZeZ
\hae_hdgZKhk\h_]hf_klZfuij_djZkghfh]eb\b^_lv\k_ijhbkoh^ys__gZmebp_b\ihf_s_gbb
B^_Zevgh_f_klh^eygZ[ex^_gbyaZfbjhfBgh]^ZgZkkhev]hclygmehijh\_klb\j_fy\lbrbg_b
\mxl_
�ZdZdlhlZdg_\jZamfbl_evghhl\_lbeZih^jm]_
LZdwlhdZd"Qlhlhlul_fgbrv^Zqlh`_hgZk_]h^gylZdZy\t_^eb\Zy"
Kq_]hlu\ayeZ"k^_eZeZ\b^qlhm\e_q_gZ]hem[_faZ[Z\gh[_]ZxsbfihljhlmZjmi_j_^dZn_
Jy^hfkilbqdhc\_k_ebeZkv^_\qmrdZe_lq_luj_oZfh`_l[ulviylbdjhrZsZy[mehqdmQm^hk
�ij_^eh`_ggh_m]hs_gb_dZd[m^lhjZg__g_\b^_egbq_]h[he__ij_djZkgh]hAZ[Z\ghZ"y
mdZaZeZgZilbpm
Lukl_fug_khkdZdb\ZcQlhl_[y]eh`_l"yi_j_\_eZ\a]ey^k]hem[ygZih^jm]m\a^hogmeZ
hldjueZjhlZihlhfaZdjueZg_j_rZykvijhbag_klb\kemolhqlh[uehgZmf_
k_ghjfZevghfhe\beZmeu[gm\rbkvq_j_akbem
GmdZdohq_rvhev]Zih`ZeZie_qZfbFmqZcky^Zevr_Y\k_qlhfh]eZk^_eZeZ
OhjhrhYkdZ`ml_[_i_j_\_eZ^uoZgb_fg_g_gjZ\blkyFZlbev^Z
Dlh"m^b\beZkvih^jm]Z
Dlhdlh"i_j_^jZagbeZhev]mFZfZ@hj`ZHgZijhlb\gZy
Gmbqlh"dZ`_lkydh_^eydh]hwlhg_klZehhldjh\_gb_fFg_lh`_
DZdwlhgmbqlh"qlhfg_^_eZlv"y\gbfZl_evghihkfhlj_eZgZ^_\mrdm
Q_]hlulZdiZgbdm_rv"L_[_`_g_kg_c`blvZk__kughf
DZdlug_ihgbfZ_rv"HgZ`_\kxfZebgmihjlblygZqZeZaZ\h^blvkygZjh\ghff_kl_
@hj`Zijhlb\l_[_gZkljZb\Z_l"ih^hajbl_evghkijhkbeZhev]Z
G_l
Hlebqgh
Qlhhlebqgh"g_ihgyeZy
:^Z\ZcfugZg__\mj^ZeZdh\^bdbogZljZ\bf":"=h\hjylqlhhgb\wlhf]h^mZdlb\babjh\Zebkv
g_gZrmldm^h[jZymf_gyih^jm]Z
Wlh`_iehohohl_eZykdZaZlv
DeZkkgh^h[Z\beZhev]ZYagZeZqlhl_[_fhyb^_yihgjZ\blky\_k_ehijhbag_keZ^_\mrdZ
Q_]hludbkg_rv"JZkkeZ[vkyGZfZfZg\k_]^Zfh`ghgZclbmijZ\mwlhyl_[_kiheghc
hl\_lkl\_gghklvxaZy\eyx=eZ\gh_hlukdZlv__keZ[h_f_klhZ^Zevr_^_eh\reyi_Ylh^mfZeZm
l_[yqlhlhk_jv_agh_Zludbibrm_rvkh\_jr_gghajy
Ijb\_l^_\qhgdbfukhev]hcdZd^\_hriZj_ggu_dhrdbih\_jgmebkvgZa\md]hehkZ
Fhc`_gbokh[kl\_gghci_jkhghcihy\bekydZdq_jlbdbalZ[Zd_jdbF_gvr_\k_]hyh`b^ZeZ_]h
a^_kvm\b^_lv
Iijb\_lkfh]eZ\u^Z\blvbak_[yfhyih^jm]ZY`_\hh[s_jhlhldju\ZeZbaZdju\ZeZ
ih^h[ghju[_\u[jhr_gghcgZ[_j_]ihke_m^Zqgh]hmeh\Zju[ZdZfbk_\_jgh]hfhjy
:qlhwlh\ulZdb_aZ]Z^hqgu_"G_m`_ebijh^mfu\Z_l_dZdk\_j]gmlvijZ\bl_evkl\h"Bebfh`_l
[ulv\u\_^Zlvk_dj_lukhk_^_cihklhebdm"IjbagZ\Zcl_kvb]jb\h\u^Ze@hj`\hkgh\ghf]ey^y
gZf_gy
Y`_\k_[hevr_b[hevr_l_jyeZkvih^\a]ey^hffm`qbguFg_dZaZehkv[m^lhhgqblZ_lfukeb
m]hedZo_]h]eZaijblZbehkvagZgb_hldhlhjh]hfg_klZgh\behkv^mjgh:fh`_l[ulvykebrdhf
fgh]hk_[_gZijb^mfu\ZeZ"
:]Zhev]Zk_[yqm\kl\h\ZeZij_djZkghdZd[m^lh_s_k_dmg^mgZaZ^g_hgZij_^eZ]ZeZ
ih^\_j]gmlv`_klhdhcjZkijZ\_fZlmrdm@hj`ZDhg_qgh_ce_]dhZf_gykh\_klv]juaeZg_ih
^_lkdbIjh^mfu\Z_fdZdihf_gylviheblbq_kdbckljhc\hl^_evgh\aylhckljZg_
BdZd`_"fm`qbgZih^Zeky\i_j_^
IjbkZ`b\Zckyijb]eZkbeZyihdZau\ZygZklme@hj`g_kl_kgyykvmk_ekygZijhlb\f_gyg_
J_rbebhlukdZlv\g_rg_]h\jZ]ZbgZljZ\blvhgZlZdbkdZaZeZgZljZ\blvgZg_m]h^guoebp
:^Zevr_"kbgl_j_khfkijhkbefhc`_gbo
�Zevr_wlhl\jZ]jZahj\_llh]hdh]hgZfgZ^hBhklZg_lkylhevdhkdehgblvgm`guogZfex^_cgZ
k\hxklhjhgmmZeyFu\^ZfdZoaZdhgqbeZhev]Z
�B\_^vg_khe]ZeZ`_gb\q_fZ`_ihekeh\Zg_ijb^mfZeZjZkkdZaZ\\k_dZdieZgbjh\ZeZk^_eZlv
KljZrgZy^_\mrdZBdZdy__lhevdhl_jiex"
ijhq_fjmdZjmdmfh_lWlh_s_fhy[Z[mrdZ]h\hjbeZ
:ludZdbfbkm^v[Zfblml"hklhjh`ghijhbag_keZy
Yg_\h\j_fy"Lug_jZ^Zf_gy\b^_lv"@hj`gZ]eZaZofjZqg_e
Q_jlG_lG_lB_s_jZag_lYjZ^Z;_amfghGhdZd`_hgg_\h\j_fyBihq_fmlZdh_
ihklhygghkhfghckemqZ_lky"
&#xhe;&#xv];&#xZ;&#x;�Dhg_qghaZf_gyhl\_lbeZhev]Z_\mr_dhl\e_dhlkZfh]hqlhgbgZ_klvex[bfh]haZgylby
Kie_lgbqZgbyjbgmeZkv\[hcih^jm]Zhlly]b\ZygZk_[y\k_\gbfZgb_
Fg_^Z`_g_fgh]hh[b^ghklZehgZg__
QlhlulZdh_]h\hjbrv"gZdbgmeZkvygZih^jm]m
IjZ\^miZjbjh\Ze@hj`Bebg_l"emdZ\hihbgl_j_kh\Zekyfhc`_gbo
Mf_gykdeZ^u\Zehkvhsms_gb_qlhyb^mihlhgdhfmev^mbex[h_g_hklhjh`gh_^\b`_gb_klZg_l
jhdh\uf;m^lhe_^ih^hfghclj_sbl?s_g_fgh]hbg_\u^_j`blbyhdZ`mkv\e_^yghc\h^_
hldm^Zg_lkiZk_gby
�Luqlh"_\mrdb\k_]^Z]h\hjyllhevdhijZ\^maZ\_jbeZih^jm]Zfh_]h`_gboZLhevdhbgh]^Z
ijZ\^Z[u\Z_lg_kdhevdh
I_j_\_jgmlZLZd"bihq_fmfg_dZaZehkv[m^lh@hj`gZ^gZfbgZkf_oZ_lky"
:\hlbg_lgZklZ\ZeZhev]ZWlhfm`bdb\k_\j_fyijb^mfu\Zxlhl]h\hjdbGZijbf_jb^ml
ih[Z[ZfIZj^hgvl_Ihex[h\gbpZf:kZfb]h\hjylqlhgZju[Zedm:ihlhfhdZau\Z_lkyqlh
ju[Zq_j_a^_\ylvf_kyp_\b^_lgZg_j_klbf_q_lbdjm^_\mrdZ\mihjkfhlj_eZgZ@hj`Z
OfBaZq_fy_cjZkkdZaZeZijh\b^_h"
:ihfgbrvZg_d^hlk[hjh^hc]^_fm`]h\hjblg_\_jv]eZaZfk\hbf\_jvfg_LZd\hlg_\k_]^Z
gZ^h\_jblvk\hbf]eZaZfdZd[u\ih^l\_j`^_gb_hqb@hj`Z[e_kgmebemdZ\kl\hf
BlmldgZr_fmklhebdmih^hreZhnbpbZgldZkhldjulhc[mluedhcrZfiZgkdh]hblj_fy[hdZeZfb
bkh[jZeZkvkhklZ\eylv\k_gZgZrklhebdLZf`_gZih^ghk_klhyebihj_aZggu_njmdlube_`Ze
rhdheZ^jmqghcjZ[hluba]hlZ\eb\Z_fucf_klgufih\Zjhfdhg^bl_jhf
Fug_aZdZau\Zebyih^gyeZjmdm\ijhl_klmxs_f`_kl_kh[bjZykvij_^hl\jZlblv^_ckl\by
hnbpbZgldb
YaZdZaZekihdhcghijhbag_k@hj`KlZ\vl_ih\_e_ehg
Dh]^Z^_\mrdZ\uihegbeZk\hxjZ[hlmbhlhreZ\klhjhgmhev]ZdZdkZfZyyaudZlZy\^Zgguc
fhf_glihbgl_j_kh\ZeZkv\q_klvq_]hrZfiZgkdh_bqlhijZa^gm_f
Fhxohehklmx`bagv[m^_fihfbgZlvkihdhcghkhh[sbe@hj`hlj_rbeqlh\uf_gy
ih^^_j`bl_^_\qhgdbJZa\_g_lZd"
H[uqghwlbf^_ehfkk\hbfbaZgbfZxlkykd_ilbq_kdbhl\_lbeZih^jm]ZaZijZ\eyy\uiZ\rmxba
ijbq_kdbijy^vaZmoh
^_fhdjZlbqghaZdZ`^ufihk_lbl_e_fhnbpbZglg_klhye^urZ\kibgmIh\hafh`ghklb]hklb
h[kem`b\Zebk_[ykZfhklhyl_evghFug_[uebbkdexq_gb_f
�GmdZd"H[uqghmkljZb\ZxlfZevqbrgbdLhjllZfh]jhfguc_\hqdb\[bdbgbKljbilba
ihke_^g__hev]Zijhbag_keZkijb^uoZgb_fbklj_evgmeZ]eZadZfbgZf_gy
Bqlhfg_l_i_jvgZ^hk^_eZlv"Kbkl_jbdhcaZ[blvkyih^klhe"GZdjulv\hehkuieZldhfihkZfuc
ih^[hjh^hd"BebgZqZlvaZeZfu\Zlvjmdb"
LZdgZ^h_eh@hj`ih^ZegZfkih^jm]hcih[hdZemke_^yqlh[ufum\_j_ggh\ayebkvaZ\ukhdb_
gh`dbbg_gZjhdhfg_i_j_\_jgmebkh^_j`bfh_gZklhek_dh]^Zlhm`_[uehhlj_rbegh\mx
fh^maZ\_klbDZd^mfZ_l_mf_gyihemqblky"
Fukhev]hci_j_]eygmebkvb\mgbkhgdb\gmeb
Qlhlhfg_ih^kdZau\Zehqlhih`_eZc@hj`klZlvjh^hgZqZevgbdhfgh\hcfh^uhgbf[m^_lB
g_\Z`ghhq_fb^_lj_qvFhc`_gbogZih\_jdmhdZaZekyhq_gvo\ZldbffZeufqlh^h[Z\eyeh_fm
[hgmkh\\dhibedmj_clbg]Z
�Zhl\_lbeZy
G_agZxG_agZxwlhhev]Z\ujZabeZk\h_fg_gb_
Lh]^ZaZwlhb\uiv_fij_^eh`be@hj`ih^gbfZy[hdZebij_^eZ]Zyk^_eZlvlh`_kZfh_bgZf
YfZe_gvdZyFg_g_evaykeh`beZ]m[db[Zglbdhfhev]Z
ulZjZsbeZ]eZaZgZih^jm]m
KdZdbowlhihjl_[_g_evay"\jh^_kmljZy__[_e_ghcg_dhjfbeZWlhyohjhrhihfgbeZB\
fhjh`_gh_g_ih^kuiZeZAgZqblhgZkZfZq_]hlhgZo\ZlZeZkv
Fg_fZfZg_jZaj_rZ_lijhlygmeZ^_\mrdZdh\ujyyiZevqbdhfklhekhev]hcy\ghqlhlh
kemqbehkv
G_ihke_lh]hebkemqZydh]^ZlugZeb\dhcm`jZhcmibeZkvihkZfmxfZdmrdm"ijbihfgbeZy
^Z\gbrg__ijhbkr_kl\b_
@hj`aZbgl_j_kh\Zgghihkfhlj_egZfhxih^jm]m_]hdjZkb\Zy[jh\vih^gyeZkv\\_jo\ujZ`Zy
hij_^_e_ggmxkl_i_gvm^b\e_gby
Dlh[u]h\hjbe"\hafmlbeZkvhgZYmibeZkv"WlhlubkdmiZeZkv\rZfiZgkdhfldgmeZhgZ\
f_gyiZevp_fBdZdlhevdh]eZag_\udheheZ"
G_ijZ\^Zym`_[ueZg_jZ^ZqlhaZljhgmeZwlml_fm
IjZ\^ZijZ\^ZDlhklhyeih^\h^hiZ^hfbaahehlbklh]hgZibldZ"gZmfijbrehkjZam`_
g_ijbklhcgh_kjZ\g_gb_kdh_q_fihreuf^hg_\hafh`ghklb
:\hlbg_ih^\h^hiZ^hfYg_\bgh\ZlZqlhibjZfb^Zba[hdZeh\ihdZqgmeZkvbaZ]j_f_eZ\gbaY
`_g_fh]eZihcfZlv\k_bkjZammreZ\]emomxh[hjhgm
:dlhij_^\Zjbl_evghkihfhsvxkbeu\u[begh`dmbaih^klheZj_rb\ijh\_jblv[m^_lebhg
klhylvgZlj_o"
LZdyg_ihk\h_c\he_wlhk^_eZeZLu`_f_gyaZklZ\beZk^ZeZih^jm]mkihljhoZfb
G_aZklZ\beZGZau\Zc\_sbk\hbfbbf_gZfbLufg_ijhb]jZeZihiheghcijh]jZff_gZihfgbeZ
hev]Z
Gmy`_g_\bgh\ZlZqlhluhdZ`_rvkylZdhc^mjhcqlhihe_a_rvp_eh\Zlvkydi_j\hfm
\klj_qghfmY`_^mfZeZqlhlughjfZevgZyijbgyeZkvkhdjmrZlvky\kihfbgZybklhjbx^Z\gh
:g_q_]h[uehf_gyijh\hpbjh\Zlvhs_lbgbeZkvih^jm]Z
Yl_[yg_ijh\hpbjh\ZeZluf_gy\u\_eZgZdbgmeZkvkh[\bg_gbyfbgZhev]m
Wlhyl_[y\u\_eZ":dlhfg_aZrb\hjhldZd[ukemqZcghih^dbgmefZckdh]h`mdZ"q_jlhgZb
wlhg_aZ[ueZ
HgkZfaZe_l_ek^_eZeZmfbevgh_\ujZ`_gb_ebpZLbiZyg_yboZlZg_fhy
Kl\h_cihfhsvxhev]ZagZeZhq_f]h\hjbeZ
Ih^mfZ_rvy_]hlhevdhg_fgh]hgZijZ\beZihlmibeZ]eZadb[m^mqbihcfZgghc
Ij_^\Zjbl_evghh[hj\Z\djuevy"wogZ^h[uehys_jbpmih^kmgmlv
HgbkZfbhl\ZebebkvjZa\_eZjmdb\klhjhguaZsbsZykv
ihe_l_"mlhqgbeZhev]Z
G_lHgfg_lZdbfm`_^hklZekyj_rbeZk\Zeblv\k_gZg_kqZklgh_gZk_dhfh_
hlihwlhfmykijh\hpbjh\ZeZ\_j[ex^Z\ahhiZjd_gZl_[yiexgmlvmkeurZeZgh\h_ijbagZgb_b
m`ZkgmeZkv
YlZdbagZeZqlhwlh[ueZluhl\_lbeZf_qlZy\kdhjhf\j_f_gbhlhfklblvaZk_[y
Dhg_qghyZdlh_s_"DZdhc\_j[ex^\l_[y[m^_lie_\Zlv_keb_fmg_^Zlvohjhr_gvdmx\ayldm
kZfh^h\hevghijhbag_keZhev]ZHg`_l_[ybkim]Z_lky
DZdmx_s_\ayldm"ykmabeZ]eZaZ
Dehd\dmkghcljZ\ukfZexk_gvdbf^hiheg_gb_f
WlhihwlhfmhgbaZhjZe[eZ]bffZlhfbgZqZe\uie_\u\Zlv]\ha^bq_ff_gyqmlvg_aZrb[y
]hlh\Z[ueZjZahj\Zlv^_\mrdm
LZdijZ\bevghhg`_dhexqdbijhklhlZdi_j_fZeu\Z_l:ie_\Zlvkyg_ohl_eIjbrehkv_]h
aZklZ\blv\a^hogmeZhgZ
:y:y
FugZi_j_[hc\kihfbgZeb\k_rZehklbqlhl\hjbeb^jm]ijhlb\^jm]ZjZ^mykvdZdfZe_gvdb_^_lb
HdZaZehkvqlhmgZkkhev]hc_klvqlh\kihfgblvgZklZjhklbe_l
�_\hqdb\hlkfhljxygZ\Zkb^b\m^Zxkv\klZ\bek\hbiylv]jhrbdh\@hj`DZd\u^hkbo
ihj^jm]^jm]Zg_ihm[b\Zeb"
Wlhhl[hevrhcex[\b
�:]Zh]jh[Z
I_c^Z\ZcEhfhlZ:lh@hj`ijZ\^Zih^mfZ_lqlhlumgZk[hevgZyih^lhedgmeZyhev]maZ
jmdm
Hla^hjh\hckeurmih^jm]Zkimklb\iZjm`_aZ[ueZqlhkh[bjZeZkvihdZijbagbqZlv\
ijbkmlkl\bbfh_]h`_gboZGZg__bgh]^ZgZoh^behQlhih^_eZ_rv"MdZ`^h]hk\hbg_^hklZldb
�_\mrdZhdbgmeZm^b\e_gguf\a]ey^hf\gZqZe_f_gyihlhfihkfhlj_eZgZ@hj`Zkeh\ghqlhlh
^eyk_[yj_rZyihlhf\g_aZigh\u^ZeZkh\_jr_gghbgh_qlhyhlg__h`b^ZeZ
Hckeh\ghqlhlh\kihfgbeZih^jm]ZFg_gZ^hhlemqblvky
Bklj_ehc\ukdhqbeZbaaZklheZFuk`_gbohfi_j_]eygmebkv
Qlhwlhkg_c"m^b\beky@hj`ijh\h`Zyhev]m\a]ey^hfY[ueZ\lZdhf`_g_^hmf_gbb
bah[jZab\g_h[oh^bfh_\ujZ`_gb_gZebp_
dZn_[ueh[bldhf\k_klhebdb[uebaZgyluaZ\_^_gb_]m^_eh[m^lhjZklj_\h`_ggucme_c
k@hj`_f\gbfZl_evghkfhljysbfgZf_gyKlZehdZdlhg_fgh]hg_ihk_[_
:yhldm^ZagZx"KZfZohl_eZ[umagZlvohlyih^haj_gb_mf_gy[uehMhev]bdhg_qgh
[u\ZxlaZkdhdbghg_^hlZdhc`_kl_i_gb
:yjZ^qlhhgZm[_`ZeZ`_gbokpZiZefhxjmdmh[o\Zlb\k\hbfbdjmigufbeZ^hgyfbKd\hav
f_gykeh\ghjZajy^ijhr_egZklhevdhhkljhyhsmlbeZijbkmlkl\b_fm`qbgujy^hf:lu"fg_
aZ]eygmeb\]eZaZ
JZa\_fh`ghlZdj_Z]bjh\Zlv"Ohl_ehkvk_[ydZdfbgbfmfhljm]ZlvZdZdfZdkbfmfhlemiblvih
fy]dhfmf_klmG_evayk_[y\u^Z\ZlvG_evayG_evay
IhklZjZeZkvkijylZlvkyaZaZ\_khcba\hehkhimklb\]heh\m
YkjZam`_^Z`_hl\_lblvg_kfh]eZmf_gy\g_aZighi_j_o\Zlbeh^uoZgb_hl[ebadh]hijbkmlkl\by
hqZjh\Zl_evgh]hh[jZaqbdZfm`kdhcdjZkhlu
Byg_kl_jibfhaZohl_ehkvihdjZkg_lvqlhybk^_eZeZkh]jhfgufm^h\hevkl\b_fFg_ohl_ehkv
\_jblvqlh@hj`gbq_]hg_aZf_lbe
Y`^mg_^h`^mkvgZr_ck\Z^v[udh]^ZgZdhg_pkfh]mgZa\Zlvk\h_cb[_aijhlb\h^_ckl\bykh
klhjhguijb`Zlvdk_[_`ZjdhaZr_ilZe@hj`\kfZljb\Zykv\fhb]eZaZ:ihlhfijblygmefhx
jmdmb`Z^gh__ihp_eh\ZeHlg_h`b^Zgghklby\a^jh]gmeZb^Z`_aZ^jh`ZeZghg_hlbkim]ZZhl
\g_aZigh\kiuogm\rbo\]jm^bqm\kl\h]g_ggufih`Zjhfijhju\ZxsbokygZjm`m
:mfh_cfZfukdhjh^_gvjh`^_gbyg_\ihiZ^ijhbag_keZygbklh]hgbkk_]h
@hj`gZf]gh\_gb_aZf_jbsZhl\_lZ\hfg_bdZ`_lkygZr_ekimklyg_dhlhjh_\j_fy
Ebaabluohq_rvf_gygZim]Zlv"
Q_f"hi_rbeZy
FZfhckihdhcghijhbag_kfm`qbgZ
Y"G_lQlhlu"ijbgyeZkvhlg_db\ZlvkyIjhklhuj\ZehkvKZfhkh[hcYg_agZxqlhgZ
f_gygZreh
AZ[m^vqmlvkgbkoh^bl_evghijhr_ilZefm`qbgZih`bjZyf_gy]eZaZfbbg_ij_djZsZyeZkdZlv
mdZaZl_evgufiZevp_f\gmlj_ggxxklhjhgmeZ^hgb
=hjysb_kibjZeb\ib\Zebkv\fh_l_ehjZaghky\hegum^h\hevkl\byYohl_eZh^_jgmlvjmdmgh\
lh`_\j_fyf_qlZeZhl\_lblvgZaZ\mZebjh\Zggucijbau\
Lug_i_j_^mfZeZ\uoh^blvaZf_gyaZfm`"\g_aZighkijhkbe@hj`Yg_ijhba\hevgh
ih^h[jZeZkv
Y"\hijhk[uegZklhevdhg_h`b^ZgqlhjZkl_jyeZkvg_gZrmldmG_l
Ihlhfg_fgh]hihf_^ebeZbijh^he`beZ
:^he`gZ"fhb]eZaZaZf_lZebkvihebpm`_gboZklj_fykvihgylvgZkljh_gb_bij_^ihkuedbd
\g_aZigh\hagbdr_cl_f_[_k_^u
G_lm\_j_gghhl\_lbefm`qbgZghlml`_^h[Z\beH^gZdh\k\_l_ihke_^gbokh[ulbcy[ug_
m^b\beky_kebbhll_[yihke_^m_lbgbpbZlb\ZhjZklhj`_gbbihfhe\db
DZdbhl^jm]bog_\_kl"
�ZYgZ\_jgh_m`_[ug_m^b\bekygbq_fmih^h[ghfmH^gZdh[ulv[jhr_ggufi_j_^\oh^hf\
kh[hjy[ug_`_eZekgZ`bfhfijhbag_kfm`qbgZiulZykv\eh`blv\k\hbkeh\Zg_qlh[hevr__
Ihwlhfm_keblukqblZ_rvqlh_s_g_]hlh\ZdaZfm`_kl\m_klvij_iylkl\byeb[hkl\h_cklhjhgu
g_q_klghemqr_g_gZ^hihijhkbe@hj`ijh^he`ZygZ]eZ`b\Zlvfhxjmdm
Hlijbdhkgh\_gbcyieZ\beZkvgh\lh`_\j_fyklZjZeZkvhlh]gZlvijbylgu_hsms_gbydm^Z
gb[m^vih^Zevr_g_^himkdZyaZlmfZgb\Zgby]heh\u
Ihq_fm@hj`aZl_yewlhljZa]h\hj"G_m`_ebhg`_eZ_ljZklhj]gmlvdhgljZdl"KZfZb^_ym`ZkgmeZ
f_gy^h]em[bgu^mrbFukebjZg_ggufb]hem[yfbaZ[bebkv\]heh\_g_gZoh^yhl\_lZ
YYYaZe_i_lZeZiulZykvih^h[jZlvkeh\ZMf_gy^Z`_fukebg_[uehkh\_jrblvg_qlh
ih^h[gh_ijh^jm]b_fukebymfheqZeZ
IjZ\^Z"kg_dhc]hjyqghklvx\u^Zefm`qbgZYhq_gvjZ^
?s_[uZm`dZdyjZ^Z
�Ijbrehkvih^Z\blvmkf_rdm]hlh\mxkhj\Zlvkykfhbo]m[mfZxqlh`_gbo__[ug_hp_gbe
LZdlZdlZdy__agZqbl^hfZ`^mZhgZlmlx[db\dZn_ijhlbjZ_lG_m`_ebg_evayij_^mij_^blv
hk\h_c[_aZeZ[_jghklb"=hkih^bgEZ]_jk_j^\ugm`^_gbaaZg__i_j_g_klb\k_k\hbgZf_q_ggu_
\bablum`Zlvk\h_\j_fyjZ^b^_\qhgdbg_agZxs_cqlhlZdh_imgdlmZevghklv@hj`ohlv[ulu
ih\ebyegZk\hxg_\_klmHgZaZfm`kh[bjZ_lkyZkhagZl_evghklbg_lgbgZ]jhrJZa\_`_lZd
fh`gh"khdjmrZeZkvfZ^Zf@_gb\g_aZighihy\b\rZykykeh\ghZg]_efs_gbyjy^hfkhklhebdhf
aZdhlhjufkb^_ebyb@hj`
DZ`_lkyy^h]Z^u\ZeZkvdZdhgZmagZeZhf_kl_fh_]hgZoh`^_gby
M[vxih]Zgdm
G_fZfmdhg_qghZh^gmju`_\hehkmx[_klbxk^_eZ\__eukhck_jv_abgZ^he]hMf_gy
aZdjZ^u\ZeZkvih^haj_gb_qlhhev]Z[ueZk_dj_lgufkhljm^gbdhfh^ghcdjZcg_ih^hajbl_evghc
fZfhqdbihk\h_fmihgbfZxs_cqlhlZdh_ohjhrhbqlhlZdh_iehohBq_fhgZ__lhevdh
ijbdhjfbeZ"G_m`_ebfhjh`_guf"Hq_gvfh`_l[ulvH^gZjZqbl_evgZZ^jm]Zyijh^Z`gZ
FZfZgh\klj_qZk]hkih^bghfEZ]_jk_j^hfjZa\_g_aZieZgbjh\ZgZgZk_fv\_q_jZaZ\ljZ"
ihiulZeZkvyijhykgblvkblmZpbx
DZdh_aZ\ljZ"K_]h^gyg_]h^gZy^_\bpZ@hj`ijhklbjZ^b\k_\urg_]hfZfZh[jZlbeZkvd
fh_fmkh[_k_^gbdmghy\ugm`^_gZaZ[jZlvl\hxg_\_klm;_ak\Z^_[gh]hieZlvyk\Z^v[Zg_
khklhblky
ulZd^mfZ_l_"aZ^Ze\hijhkfhc`_gbo
FukfZfhci_j_]eygmebkv
Yg__^mfZxZijhklhm\_j_gZkZiehf[hfhl\_lbeZfZ^Zf@_gbIhwlhfm\ugm`^_gZml_[y__
ihoblblv
BfZfZgZ]eufh[jZahf\uj\ZeZfhxjmdmbah[tylbc@hj`Zihlygm\gZk_[y
GmfZfZihiulZeZkv\hafmlblvky?_ih\_^_gb_gb\h^gb\hjhlZg_e_aehG_m^h[gh`_
ihdZaZeZy\a]ey^hfgZ`_gboZ
QlhfZfZ"Ym`_klhevdhe_lfZfZqlhihjZbijb\udgmlvgZab^Zl_evghijhbag_keZhgZb^Z`_
ijh[e_kdZkhfg_gbyg_ihy\behkv\__]eZaZoG_m^h[ghkiZlvgZihlhed_h^_yehiZ^Z_lZ
hklZevgh_\k_m^h[gh
Yf_evdhfi_j_o\ZlbeZemdZ\uc\a]ey^[jhr_ggucgZ@hj`ZDZ`_lkyhg\h\kx\_k_ebeky]ey^y
gZgZr_kfZfhcijhlb\hklhygb_
Fh`_l[ulv\u\k_`_ijbky^_l_uiv_l_ij_^eh`befm`qbgZ
JZa\_wlhg_ijbebqgh"m^b\beky@hj`
Wlhg_fukebfhfZfZ[ueZg_ij_dehggZdZd[_lhggZykl_gZIjbebqghc^_\mrd_iha\he_gh
iblvebrvqZc\djZcg_fkemqZ_dhn_Zg_rZfiZgkdh_l_f[he__gZex^yo
L_i_jvfg_[uehihgylghhldm^Zgh]bjZklml\_jg__dlh\[behev]_\kxlmqmrvqlhhgZlml
g_keZFZfhqdZfha]bijhfueZihiheghcijh]jZff_
G_^mfZeZqlhhgZklheve_]dhih^^Z_lkyahf[bjh\ZgbxIj_^Zl_evgbpZ
\r\r\r
K_]h^gy^_gvfh_ck\Z^v[u
G_m`_ebhggZklZe"
YijhkgmeZkvkwlhcfukevxb_s_^he]hiyebeZkv\ihlhehdjZa]ey^u\ZyfZe_gvdh]hiZmqdZ
ijbfhklb\r_]hky\m]em[e_gbbf_`^mdZjgbahfgZihlhed_bkl_ghxB\jh^_[um[hjdm\gZr_f
^hf_^_eZxlihklhygghbgZg_jZ^b\hklvijbkem]b]j_rblvg_klhblghl_fg_f_g__iZmqhd\u[jZe
\j_fyf_`^mm[hjdZfbqlh[u[jhkblvkygZihbkdbf_klZ]^_fh`gh[ueh[uk\blvk\hxiZmlbgm
Bgl_j_kghZgZdh]hhglmlkh[jZekyhohlblvky"jh^_dZdfmogb]^_g_\b^gh
Ijb\_lfhc^jm]:yk_]h^gyaZfm`\uoh`mihijb\_lkl\h\ZeZyiZmqdZIh`_eZcfg_m^Zqb
ihijhkbeZmgZk_dhfh]hHgZfg_hq_gvijb]h^blky
b^bfhmljh[ueh_s_jZgg__ihkdhevdmf_gygbdlhg_[_kihdhbeg_[m^beg_ih^gbfZeYk
gZkeZ`^_gb_fihlygmeZkv\djh\Zlbqm\kl\myk_[ykZfhckqZkleb\hc^_\mrdhcgZk\_l_K_]h^gy
^he`gZ[ueZk\_jrblvkyfhykZfZyaZ\_lgZyf_qlZ^h\e_xsZygZ^hfghxm`_g_kdhevdhe_lF_gy
fmqbeblZcgu_khfg_gbyZg_kh\_jrZxebyhrb[dm
OhlyfZg^jZ`gZ\_jgydZbkiulu\Zxl\k_g_\_klu\^_gvk\Z^v[uByg_bkdexq_gb_
Y_s_jZa\a]eygmeZgZiZmqdZghihq_fmlhgZf_kl__]hg_h[gZjm`beZDm^Z`_hgaZijhiZklbeky"
IhbkdZeZ]eZaZfb\gbfZl_evg__bdk\h_fmh[e_]q_gbxm\b^_eZ_]hgZgh\hff_kl_WlhihdZaZehkv
fg_ohjhrbfagZdhfY[ueZm\_j_gZqlhhgbf_gghiZmdZg_iZmqboZYfgh]hjZak_[_
aZ]Z^u\ZeZgZijbf_jb^ygZwdaZf_g_keb\klj_qmi_j\uffm`qbgmlh\k_ijhc^_lijhklh
\_ebdhe_igh_keb`_gsbgmlh[m^mljZagh]hjh^ZaZljm^g_gbyDZ`^ucjZaaZ]Z^u\ZyyaZ[u\ZeZ
ijhke_^blvdh]h`_\klj_lbeZi_j\ufgh\k_jZ\ghg_mimkdZeZ\hafh`ghklbihiulZlvk\h_kqZklv_
hh[s_fg_^hklZlhqghqZklh\_aeh\`bagbhl\aylvfhbojh^bl_e_cHgbmf_gykZfu_qm^_kgu_
bajZkqm^_kg_crboLZdbo_s_ihbkdZlvQ_]hlhevdhh^ghfZfbghqmlv_klhbl
:ih^jm]Z"LZdemqr___gZk\_l_ijhklhg_lKg_cbibjb\fbjb\^h[ju_ex^bfh`gh
hlijZ\blvkyBih`Ze__lbkZfZ`_ih^gh`dmih^klZ\blqlh[uy[he__wnn_dlghjZklygmeZkvgZ
ljhlmZj_AZlhhgZaZf_gy]hjhcklhbllhevdhdhfmgb[m^v\a]eygmlv\fhxklhjhgmdhkh;_ag__
[ueh[u]jmklgh`blv:_s_ymg__fgh]hi_j_gyeZHgZf_gygZmqbeZ\dZjlu`mevgbqZlv
Ohjhr__mf_gb_iha\heyehkdhjhlZlvfgh`_kl\h\_q_jh\
oh^gZy^\_jvkrmfhfhldjueZkv]emohm^Zjb\rbkvhkl_gm
LZ^Zf:\hlby\fhxdhfgZlm\hj\Zekyh]g_gguc\bojvYg_hiha^ZeZ"\kdjbqZeZfhy
g_kghkgZyih^jm]Z\kie_kgm\rZyjmdZfbijb\e_dZydk_[_\gbfZgb_K_]h^gyhgZ[ueZieZf_g_f\
qbklhf\b^_GZ^_\mrd_djZkh\Zehkvi_j_eb\Zxs__kyieZlv_klukyq_cfZe_gvdbo[mkbghd
hlk\_qb\Zxsbo\k\_l_mlj_gg_]hkhegpZDZ`_lkyk_]h^gyhgZ[ueZ]hlh\ZaZlfblvk\_lbehk\h_c
yjdhklvx
ihbgl_j_kh\ZeZkvmhev]b
?klv\gZjh^_ih\_jv_dlhi_j\hcm\b^blg_\_klm\^_gvk\Z^v[ulZ\uc^_lke_^mxs_caZfm`
ijb]emrb\]jhfdhklv]hehkZkhh[sbeZfg_^_\mrdZ
H]hWlhqlhlhgh\_gvdh_Qlh[uhev]Zohl_eZaZfm`lZdh]h_s_g_[u\Zehgh\k_dh]^Zlh
kemqZ_lky\i_j\ucjZaY\hlgZijbf_jbkiulu\Zxij_^k\Z^_[gmxebohjZ^dm
b^bfhl_[yijbkibqbehihkZfmxg_[ZemcLulZfqZkhfg_[_j_f_ggZy"j_rbeZih^dhehlv
ih^jm]m
Lbimgl_[_gZyaud^_\mrdZqmlvg_kihldgmeZkvgZjh\ghff_kl_Zihlhfhk_gbeZk_[y
dj_klgufagZf_g_fGZ\kydbckemqZc
:lhm`[hevghl_[_aZfm`ohq_lkyemdZ\hihkfhlj_eZ\klhjhgmih^jm]b
G_lAgZqbllu[m^_rvaZfm`_fZy\^_\dZodmdh\Zlv"LZd^_ehg_ihc^_lYlh`_ohqm
hl\k_b\uykgbehkv
LZdluwlhhlaZ\bklb"kdjb\beZkvg_h`b^ZylZdh]hih\hjhlZkh[ulbc
:]Z;hevrhcba_e_ghcklZ\Zc^Z\ZcG_q_]hjZae_`b\ZlvkyYijbreZihfhqvl_[_kh[jZlvky
�Zlvp_ggu_mdZaZgby
hev]Z[ueZgZkljh_gZj_rbl_evghIjyfhlZdbihedh\h^_pi_j_^[h_f
Bgl_j_kghZhq_flufg_fh`_rvmdZaZlv"G_hlhfebdZdbkim]Zlvfm`Z"ihrmlbeZg_`_eZy
\klZ\Zlv
Gmg_ijhi_j\mx`_k\Z^_[gmxghqvfg_klh[hcjZa]h\Zjb\ZlvMf_gy__mkZfhcg_[ueh
KfhljbaZ\ljZyl_[ygZ\_smb\k_\ukijhrm\ih^jh[ghklyoijb]jhabeZhgZjZkieZlhc
LZdyl_[_bjZkkdZaZeZgZfh_febp_ihy\bekyjmfyg_pklhbehij_^klZ\blvhlhfqlhk_]h^gy
^he`ghk\_jrblvkyihih\h^mghqbygZkZfhf^_e_i_j_`b\ZeZ:\^jm]y@hj`mg_ihgjZ\exkv"
_^vmg_]h^hf_gy[uehklhevdhfgh]h`_gsbg:y"Qlhymf_x"JZa\_qlhiZdhklb^_eZlv"
Dm^Zlu^_g_rvkyfgh]hh[_sZxs_ijhbag_keZg_kghkgZy^_\bpZh[gZ`Zyfhck\Z^_[gucgZjy^
\bk_\rbcaZdmlZggucdZde_^_g_p\rmjrZsmx[_emx[mfZ]mHnb]_lvIjhklhhnb]_lv
\hkdebdgmeZih^jm]ZjZa]ey^u\Zykh\k_oklhjhgieZlv_
hev]ZhlhreZgZg_kdhevdhrZ]h\qlh[ugZqZlvex[h\Zlvkyijhba\_^_gb_fihjlgh\kdh]h
bkdmkkl\ZHgh[ueh\ur_\kydboiho\Ze
Fg_lh`_gjZ\blkyih^^ZdgmeZ
Hnb]_lv_s_jZaijhbag_keZ^_\mrdZYlh`_lZdh_ohqmJZ^bwlh]hklhbl\uoh^blvaZfm`
Ihghkblvg_^Zrv"[jhkbeZ[ukljuc\a]ey^gZf_gy
K^mj_eZqlheb"\hkdebdgmeZy\ue_aZygZdhg_pbadjh\ZlbLZdbfg_^_eylkyaZ\hjqZeZ
G_m`_ebhgZg_ihgbfZ_l"
�ZrmqmyRmqmhev]Z\hklhj`_gghijh^he`beZphdZlvyaudZfIeZlv_gZg__ijhba\_eh
g_ba]eZ^bfh_\i_qZle_gb_Ghyg_^mfZeZqlhlulZdZy`Z^gZy
hlgZ^mfZ_rvkZfZaZfm`\uoh^blvyihkfhljxdZdlugZe_\hbgZijZ\h[m^_rvjZa^Z\Zlv
k\Z^_[gucgZjy^[mjdgmeZy\hl\_l\oh^y\\ZggmxdhfgZlm^eylh]hijb\_klbk_[y\ihjy^hd
Kdhjh^he`gu[uebijbclbfZkl_jZihijb\_^_gbxfh_]h\g_rg_]h\b^Zg_ijhklh\hlebqgh
khklhygb_Z\kmi_jhlebqgh_khklhygb_
�_\hqdb^h[jh_mljhihy\beZkvfZfZkbyxsZykeh\ghgh\ucf_^gucqZcgbdhev]ZdZdZylu
HgZk_]h^gykhegurdhfih^jZ[Zlu\Z_lKlZlbkldZgZaZf_gmih^dheheZyijbyl_evgbpm
:]h\hjbeZqlhl_[_gjZ\blkyg_fgh]hh[b^_eZkv^_\mrdZk_m\_j_gghklb_cg_o\ZlZeh
?keb[ug_gjZ\behkvy[ulZdbkdZaZeZiZjbjh\ZeZ\hl\_l
Hc^_\hqdbylZdi_j_`b\ZxfZfZk_[_f_klZg_gZoh^beZgZj_aZydjm]bihdhfgZl_
Q_]h"\^\Z]hehkZ\hkdebdgmebfu
;hxkvqlh\k_khj\_lky\u^ZeZhgZ\kemoha\mqb\bfhbkljZob
�ZeZ^gh\ZfQlhfh`_lijhbahclb"hev]ZdjmlbeZ\jmdZoq_j_iZoh\uc]j_[_gv\ulZs_gguc
bardZlmedb
G_agZxFh`_l[ulva_fe_ljyk_gb_beb
PmgZfbbeb`_dZfg_iZ^beb^h`^vba^bdbodZ[Zgh\ijh^he`beZyaZg__ohlyg_f_gvr_
i_j_`b\ZeZaZk_]h^gyrg__f_jhijbylb_k_[m^_lohjhrhijbgyeZkvmkihdZb\ZlvfZf_gvdm
OhlykZfZg_f_gvr___\hegh\ZeZkv
Iha\hgbebbkhh[sbebqlhijbrebfZkl_jZihmdeZ^d_\hehkb\baZ`mkiZevg_klZeh]hjZa^h
f_gvr_f_klZhlijbkmlkl\mxs_]hgZjh^Z=Ze^_`klhyekljZrgucFZfZkhev]hcqlhlh
kh\_lh\ZebfZkl_jbpufbehmeu[Zebkvgh^_eZebk\h_^_ehZyklhbq_kdbl_ji_eZboijblyaZgb_gZ
k\hxi_jkhgmh`b^Zylh]hfhf_glZdh]^Z`_\k_aZdhgqblkyF_^e_gghgh\_jghbaf_gy^_eZeb
g_qlhg_\_jhylgh_
�_\hqdb\hl\u]^_\dhfgZl_ihy\bekyhl_pYkjZam`_hdbgmeZk_[y\a]ey^hfjh^_\k_[he__
f_g__ijbklhcghIeZlv_ohlvbg_[uehgZ^_lhgh]hehcyg_[ueZ
uc^bl_uc^bl_aZfZoZeZjmdZfbhev]ZG_gZ^hjZa]ey^u\Zlvg_\_klm^hk\Z^v[uZihlhf
ijbgyeZkvaZdju\Zlvf_gyk\h_h]g_gghc]jm^vx
LZdwlh`_gbomg_evay:yhl_pFg_fh`ghOhqmihkfhlj_lvgZk\hxdjZkZ\bpmijbrehkvb^lb
h[eZqZlvky\k\Z^_[gucgZjy^\\ZggmxdhfgZlm
AZlhdh]^Zy\ureZ\f_kl_khev]hclhm\b^_eZ\hklhj`_ggu_\a]ey^ugZijZ\e_ggu_gZf_gy
DZ`_lkyyg_hrb[eZkvkieZlv_f
hlwlhyihgbfZxg_\_klZh^h[jbl_evghijhbag_k^h\hevguchl_pL_i_jvyfh]m[ulv
m\_j_g\q_fhgg_^h]h\hjbe
Mf_gyaZdjZehkv\i_qZle_gb_qlhhg\hegh\Zekyg_f_gvr_fZf_gvdblhevdhg_ihdZau\Zewlh
klhevy\gh
\r\r\r
YreZihijhoh^mbam\bluop\_lZfbZjhd^_j`Z[md_lg_\_klub[hykvaZqlheb[haZigmlvkyb
miZklvKhlgbqm`bo]eZake_^bebaZfghcg_i_j_klZ\Zyy[md\ZevghhsmsZeZqm`b_\a]ey^u
eh\ysb_dZ`^h_fh_^\b`_gb_dZ`^uc\a^ho
G_m`_ebk\Z^v[Z\k_`_khklhblky"qblZehkv\h\a]ey^ZogZijZ\e_gguogZf_gyLy`_klvwlh]h
\hijhkZdZfg_f^Z\beZfg_gZie_qbijb`bfZyda_fe_Z\_^vy^he`gZ[ueZ\u]ey^_lv
\hklhj`_gghcb\ha\ur_gghckeh\ghfhlue_dihjoZlvgZ^a_fe_cYbihjoZeZkg_baf_gghc
meu[dhcgZ]m[ZogZaeh\k_fg_^h[jh`_eZl_eyff_qlZxsbfjZkkljhblvwlmk\Z^v[mdhgp_
ijhoh^Zf_gyh`b^Zehl_pk]hj^hklvxke_^b\rbcaZfhbflhj`_kl\_ggufr_kl\b_fY\b^_eZqlh
hg[md\Zevghk\_lbekyhl]hj^hklbaZk\hx^_\hqdmjZ^mykvhl\k_c^mrb
IZiZyijhlygmeZjmdmFhcimlvkbf\hebabjh\Zem\Z`_gb_dklZjr_fmihdhe_gbx
\j_f_g_fdh_qlh\h[uqZyobaf_gbehkvbl_i_jvg_\_klm\klj_qZelhevdhhl_pqlh[ui_j_^Zlv__\
jmdb`_gboZdhlhjuc\kdhjhklb^he`_g[ueklZlvfm`_f
�hqdZhl_pijbgyefhxjmdm\ijhq_fdZdbfhc]em[hdbcj_\_jZgkbihdehg
Ebrv[ug_miZklvY^_kylhdjZaj_i_lbjh\ZeZwlhlfhf_gl\dZq_kl\_klZlbklZbkihevah\ZeZkv
hev]Zk_lh\Z\rZyqlhddhgpmhgZqm\kl\h\ZeZk_[y[hevr_fm`qbghcq_f`_gsbghcY`__c
hl\_qZeZfhe\`bagbgZ^h\k_ihijh[h\Zlv_s_g_ba\_klghZfh`_l[ulvihgjZ\blvkybfu
m\b^bfgh\h]hfm`qbgmAZqlh[ueZ[blZdgb`dhcihe[m;hevr_gbdh]^Zg_[m^mhklZ\eylvgZ
ijbdjh\Zlghfklhebd_ebl_jZlmjmBag__ihemqZlkyij_djZkgh_hjm`b_Yihlhf_chlhfklbeZ
Ih^[jhkbeZfmom\\Zahqdmkfhjh`_gufbmdZaZeZgZ__ijbkmlkl\b_\dj_fZgd_hev]Z
jZ\gh^mrgh^hklZeZfmomh[ebaZeZ__biheh`beZjy^hfkhkeh\ZfbqlhhklZ\bl^h]heh^guo
\j_f_gBeb`_ih^Zjblfg_gZke_^mxsbc^_gvjh`^_gbyhl`_\j_^bgZ
BlZdfhciZiZijbkmlkl\h\Ze\gZebqbbZ\hl`_gboZg_[ueh
B]^_`_hg"
Yg_gZrmldmbkim]ZeZkvh[\_^y\a]ey^hf\k_oijbkmlkl\mxsbobg_gZoh^y_]hG_m`_eb
\hiehsZekyfhckZfuckljZrguckhg"K_j^p_aZf_jehbijhimklbehh^bgm^Zjdh]^Zym\b^_eZqlh
hlkl_guhl^_ebekyhevnb^ydgZfkhlphfgZ\klj_qm
IZiZk^Z\e_gghibkdgmeZyh`b^Zyom^r__qlhfh`ghij_^klZ\blvF_gy[jhkbe`_gbo\^_gv
k\Z^v[u"iZgbdZgZdZlbeZaZoe_klgm\k]heh\hcYm`_\b^_eZaZ]heh\db]Za_lb`mjgZeh\
k_^vfZyg_\_klZ@hj`ZJZkob[jhr_gZmZelZjyWlh`_ihahjFh`ghkljZammoh^blv\fhgZklujv
ih^Zevr_hlgZahceb\uo^h[jh`_eZl_e_c`_eZxsbomagZlvdZd`_h[klhyl^_eZm[jhr_gdb
k_ohjhrh^hqdZfhchl_pihq_fmlh[uekihdh_ggZ\k_klh
G_m`_ebhgagZ_lqlhlhq_]hg_agZxy"Ykih^haj_gb_fihkfhlj_eZgZhlpZIhfh_fmhlf_gy
qlhlhkdju\Zeb
�&#xhe;&#xv];&#xZ;�h[juc^_gvhev]Zh[juc^_gv]_gbcihijb\_lkl\h\Zehevnih^hc^y\iehlgmxdgZf
G_fh]eb[u\uhlhclbg_fgh]h\klhjhgdm"ihijhkbefm`qbgZ
AZq_f"fhe\beZ\p_ib\rbkvhlpm\jmdZ\Qlh_s_aZ^mfZewlhlf_q_guc"
Hgy\ghf_gyg_^hex[eb\ZeG_m`_ebj_rbejZkd\blZlvkykhfghxdZdbflhih^eufh[jZahf"
DZ`_lkymf_gygZqZeZkviZjZghcyYklZeZih^haj_\Zlv\k_ob\ky\h\k_okf_jlguo]j_oZo
AZ^_lvfh`_lg_kh\k_fihgylghijhbag_kfm`qbgZhll_kgyygZkkhlphf\klhjhgmIZiZ
[_kij_dhkeh\ghihke_^h\Zekh\_lmYaZgbfohlybg_ihgbfZeZqlh`_hlf_gyohlyl
�hklZlhqgh"aZ^Ze\hijhkhl_p
M]mkZfucjZaykeurZeZdZd]hklbaZ\hegh\ZebkvGbdlhgbq_]hg_agZeghij_^iheh`_gby
ihiheaebkj_^bijb]eZr_gguoIjbq_fgbhq_fohjhr_fgbdlhg_^mfZe\ukdZau\ZykZfu_
iehob_^hfukeu
g_aZighihkeurZeky]jhfdbclj_kddZd[m^lhfhegbym^Zjbeh\lhf_klh]^_fug_lZd^Z\ghk
hlphfklhyebB\^jm]gZkh\_jr_gghimklhff_kl_hdZaZeZkvnb]mjZaZdmlZggZy\h\k_q_jgh_
DZd\aZf_^e_gghckt_fd_q_jgucieZsjZa\_jgmekyfm`qbgZ\uijyfbekyjZkijZ\beie_qb
hldbgm\g_gm`gh_l_i_jvh^_ygb_I_j_^\k_fbijbkmlkl\mxsbfbklhye\h\k_f\_ebdhe_ibb@hj`
JZkobkbyyq_jgufbhqZfbkijh[e_kdZfbdjZkguo\kihehoh\
;he__wnn_dlgh]hihy\e_gbyg_evay[uehijb^mfZlvk_ijbkmlkl\mxsb_aZZieh^bjh\ZebDlhlh
hlg_^mfZeZqlh@hj`lZdhciha_jOhlygZ^hhl^Zlv_fm^he`gh__]hihy\e_gb_\^mo_\_ebdbo
nhdmkgbdh\klhe_lby[uehqm^_kguf^h[Z\e_gb_fdh\k_cij_^klhys_cp_j_fhgbb
jmdZofm`qbgZ^_j`Zefbeuc[md_lg_\_klu
Wlh^eyl_[yfhy^hjh]ZyHq_gvki_rbehlbijbrehkvihlhjhiblvkyb@hj`ijbiZ\gZh^gh
dhe_ghijhlygmefg_g_`gu_p\_lukh[jZggu_\qm^_kgmxdhfihabpbx\_ebdhe_igufh[jZahf
ih^oh^ysmxfg_ih^k\Z^_[gh_ieZlv_G_dhlhju_p\_lhqdb\lhqghklbih\lhjyebl_qlh[ueb
\urbluihih^hemMf_gyaZdjZehkvih^haj_gb_qlhdlhlhbafhboex[bfuojh^kl\_ggbqdh\kebe
bgnhjfZpbx`_gbom
G_m`_ebfZfZk_dkhlgbqZeZaZfh_ckibghx"YlZdbij_^klZ\beZdZdhgZre_l]hem[yfb\_klhqdb
fh_fm`_gboihlhfmdZdiZiZfh`_l\ex[hcfhf_glaZklmdZlv__aZg_ijbklhcgufHl
ij_^klZ\e_gghcdZjlbgdbqmlvg_ijukgmeZ\h\j_fyk^_j`Z\rbkv
YijbgyeZ[md_lZ@hj`\uijyfbeky
DZ`_lkyhlg_h`b^ZgghklbyyaudijbdmkbeZlbohijhbag_keZ\hl\_l
Ml_[ygZklhevdh^ebggucyaudqlhhlkmlkl\b_^Z`_[hevr_cqZklbkh\_jr_gghg_ih\j_^blZ
gZh[hjhlkhkem`bl\_ebdmxkem`[mfh_fm[jZlmOhlvbaj_^dZ[m^_l`blv\lbrbg_af_bguc
r_ihlhevnZyg_fh]eZg_jZkkeurZlv
?s_h^ghkeh\h\klhjhgmfh_cg_\_klukfbehcmeu[dhcijhbag_k@hj`bhll\hbodjuev_\
hklZgmlkyh^gbebrv\hkihfbgZgbyYihkfhljxq_flu[m^_rvi_j_^^_\bpZfblh]^Zo\Zeblvky
Mf_gyfgh]hq_]haZf_qZl_evgh]h_klv\gZebqbbhevng_hklZeky[_afhe\guf
Lhevdhijhrml_[yG_im]Zcebqbgdhc_`bdZk\hboagZdhfuo^_\mr_dZlhjZa[_]mlky\h\k_
klhjhgu\\_jgmeZykfbehcmeu[dhcFm`qbgZgZqZe[Z]jh\_lvgZ]eZaZo
�_lbfh`_l[ulvo\Zlbl"fhciZiZ^Z\bekykf_ohfG_ihjZeb^ZlvhlfZrdmgZgZqZeh
p_j_fhgbb"
:y^mfZeqlhgZwlhf\k_jZahqZjh\Zgghijhbag_khevnP\_luhl^Zeg_\_klmaZ[jZefh`gh
b\dhcdm
L_i_jvyijbf_jghij_^klZ\eyeZdZd[m^_l\u]ey^_lvk\Z^v[Zwlh]hfm`qbgu
hevnm]jh`Zxs_ijhrbi_e@hj`Lug_\ughkbfhlkeh`mkk_[yiheghfhqbyih
mijZ\e_gbxdhjihjZpb_clh]^ZihkfhljxdZd[m^_rvam[hkdZeblv
DZ`_lkyfhc`_gbogZklmibe[jZlmgZ[hevghcfhahevihlhfmdZdmhevnZkjZam`_\ulygmehkv
ebphZih\_^_gb_baf_gbehkvgZijhlb\hiheh`gh_
Wc]^_k\ys_ggbdaZijhiZklbeky"ijbgyeky\_jl_lvhg]heh\hc
LZdlu_]h^he`_g[ueiha\ZlvgZihfgbefhchl_pg_ijbgbfZymqZklby\i_j_iZed_[jZlv_\Z
ebrvihkf_b\ZykvklZjZykvg_ijb\e_dZlv\gbfZgb_dk\h_ci_jkhg_Lhqlh]hklbklZebke_]dZ
g_j\gbqZlvgbdh]hg_\hegh\ZehGZrbk@hj`_ffZlmrdbkb^_eb\i_j\uojy^ZodZdgZb]hedZog_
kf_ygZjmrblvoh^aZieZgbjh\Zggh]hf_jhijbylby
KfZ^Zf@_gbiZiZijh\_e\hkiblZl_evgmx[_k_^mihke_kemqb\r_]hkygZihfhe\d_bl_i_jvhgZ
[ueZdZdr_edh\Zyebrv[jhkZeZ\hafms_ggu_\a]ey^ugZhlpZg_kf_y^_eZlvgbq_]hg_
ihkh\_sZ\rbkvkfm`_fBgl_j_kghZq_fhggZg__\ha^_ckl\h\Ze";hxkvqlhwlhlZdbhklZg_lky
^eyf_gylZcghcaZk_fvxi_qZlyfb
Y"Fg_gbdlhgbq_]hg_]h\hjbeijbgyekyijhl_klh\Zlvhevn
DZdmx_s_bgkljmdpbx"dZ`_lkydlhlhh[eZ`Zekyihiheghcijh]jZff_
Lmqlhyl_[_\i_lebpmaZkmgme
LZdyih^mfZeqlhwlhp_ggbdhldhklxfZb\u[jhkbe_]h\hafmlbekyf_q_guc
DZd"DZdlufh]"ijbgyekykhdjmrZlvky@hj`
Mkihdhcky[jZlhevnaZmeu[Zekyk_ih^dhgljhe_fhgk\ys_ggbdm`_\u^\b]Z_lky
IjhklhhgklZj_gvdbcbg_fgh]hijbkgme\h\j_fyl\h_]haj_ebsgh]hihy\e_gby
LZdluki_pbZevgh"yqmlvg_gZdbgmeZkvgZ[jZlZ`_gboZ
Ebaabm`l_[yf_gyg_i_j_s_]heylv\qZklbaZieZgbjh\Zgguog_h`b^Zgghkl_chevn
ih^fb]gmefg_
Hq_fwlhhg"yih\_jgmeZkvd@hj`m
:yhldm^ZagZx"]eZaZ`_gboZemdZ\h[e_kgmeb
DZdlhevdhk\ys_ggbdaZgyek\hxihabpbxijbkmlkl\mxsb_lml`_mkihdhbebkvb\k_jZa]h\hju
ij_djZlbebkvb[hg_evayi_j_[b\ZlvkugZ\k_\urg_]hIjZ\^Zykhfg_\ZeZkvqlhhgZebqbb
djh\ghck\yabf_`^mwlbf[eZ]hh[jZagufklZjp_fbgZrbfl\hjphfihlhfmdZd[ulvgZkdhevdh
ieh^h\bluf^Z`__fmg_ih^kbemKdhj__\k_]hj_qvreZh^moh\ghfjh^kl\_qlhkh_^bgyeh
\ukr__kha^Zgb_b_]hihke_^h\Zl_e_cgZa_fe_
K\ys_ggbdijba\ZegZkijhgbdgmlvkyfhf_glhfhk\h[h^blvgZrb^mrbbiha\heblvbfgZijyfmx
h[sZlvkykh\k_\urgbf^Z[uihagZlvhqbs_gb_Ihke_dhlhjh]h[m^_l]hjZa^hijhs_kha^Zlv
gh\mxyq_cdmh[s_kl\Zbf_gm_fmxk_fv_c
Wlh_kebdhjhldhi_j_kdZaZlvnjZamijhbag_k_ggmxkem`bl_e_fdmevlZ
Fuk@hj`_fkh_^bgbebgZrbjmdbhldjuebk_j^pZjZkiZogmeb^mrb gZih\_jdmijhklhqmlv
rbj_jZkdjueb]eZaZ\fbgZijhly`_gbbqZkZ\gbfZebgZklZ\e_gbyfqlhljZgkebjh\Ze\k_\urgbc
q_j_ak\ys_ggbdZIh^dhg_pieZf_gghcghg_kdhevdhfhghlhgghcj_qbmf_gy\hagbdeh`_eZgb_
\klZ\blvdZdb_gb[m^viZehqdb\]eZaZqlh[uhgbg_aZdju\Zebkvm`[hevghmkuieyxs_c[ueZ
ijhih\_^v
hlaZlZdb_^bZeh]bk[h]hfg_dhlhju_bg_ex[bebk\Z^v[uij_^ihqblZyh[oh^blvkyebrv
]jZ`^Zgkdhcp_j_fhgb_c]^_ih^ibkZgb_[mfZ]aZgbfZeh\k_]hg_kdhevdhfbgmlblh\om^r_f
kemqZ_:lmlgm^gu_g_kdhevdhqZkh\
Ihke_hqbs_gbygZrbo^mrdhlhju_gZfhc\a]ey^hlfuebihiheghcijh]jZff_e_llZdgZ^\_klb
\i_j_^gZfgZdhg_pijhbag_kebjblmZevgmxnjZamjZ^bdhlhjhc\k_wlhbaZl_\Zehkv
Ihlhfmf_gykijhkbebkh]eZkgZebyEba_llZHjkdb\aylv\fm`vy@hj`ZJZkobqlh[uex[blv_]h
ihqblZlvdZdk\h_]h]hkih^bgZ\]hj_b\jZ^hklbb[eZ[eZ[eZ\lhf`_^mo_
�GZdZ`^ucba\hijhkh\yml\_j^bl_evghdb\ZeZ]heh\hcbijhbaghkbeZh[yaZl_evgh_^ZZ`__keb
kq_flhbabkijZrb\Z_fh]hg_[ueZkh]eZkgZgh^Z[ug_\ukemrb\Zlvb^Zevr_gm^g_crb_
gZklZ\e_gbyy[ueZ]hlh\Zkh\k_fgZk\_l_kh]eZkblvkyebrv[uij_djZlblvwlmiuldm
L_i_jvyihgyeZ^eyq_]h[jZqmxsbfkyijhbaghkbeb\k_wlb^ebggu_bgm^gu_j_qbqlh[uddhgpm
hgblZdmklZebbg_fh]ebg_`_eZlvkdhj_cr_]hhdhgqZgbyp_j_fhgbb:^hklhcghaZdhgqblvkyhgZ
fh]eZlhevdhebrv\h^ghfkemqZ_dh]^Z\klmiZxsb_\[jZdkh\k_fkh]eZrZebkv
Ke_^hfgZklZeZhq_j_^vijhclbih\k_fdjm]ZfZ^Z@hj`ZHg[ueg_f_g__kqZkleb\q_fyb
klj_fbekykdhj__hllZjZ[Zgblviheh`_ggu_njZauGZ_]hq_e_aZklueZfmdZh`b^ZgbydhgpZG_
Dh]^ZgZdhg_pk\ys_ggbdh[ty\begZkfm`_fb`_ghcfu[uebgZk_^vfhfg_[_hlkqZklvyhl
hkhagZgbylh]hqlh\k_aZdhgqbehkvBfuihqlbk\h[h^gu
GhhdZaZehkvqlhg_kh\k_f
GZfij_^klhyeh_s_g_[hevrh_aZklhev_gZihelukyqbijbkmlkl\mxsbo]hkl_cqZklvdhlhjuo[ueb
\f_kl_kgZfb\kh[hj_b\ukemrb\Zeb\k_qlhkeurZebfuZhkgh\gZyfZkkZ^he`gZ[ueZgZk
\klj_qZlvgZihjh]_]^_ke_^h\ZehhkuiZlv\kydhcf_ehqvxlbiZf_edbo^_g_]djueZluok_fyg
rbr_dkeZ^hkl_cOhjhrhohlvhldZaZebkvhllZdhcljZ^bpbbdZdihkuiZgb_djhrdZfboe_[ZgZ
dhlhjuc^he`gu[uebke_lZlvkyilbpubq_f[hevr_bokh[_j_lkyl_fkqZkleb\__^he`gZ[ueZ
[ulvk_f_cgZy`bagv
Ilbpukbf\hebabjh\Zebjh^kl\_ggbdh\b^jma_cHlwlh]hh[uqZyhldZaZebkvdh]^Zihhrb[d_h^gZ
bailbq_dih\j_^beZ]eZag_\_kl_i_j_imlZ\koe_[gufbdjhrdZfbIlbq_dhl]hgylv[uehg_evay
\hlbijboh^behkv[_^guffheh^h`_ghfl_ji_lvboba^_\Zl_evkl\Z
Fuk@hj`_fk\b^hfih[_^bl_e_cijhr_kl\h\Zeb\^hev\ukljhb\rboky]hkl_cklZjZykvdZd
fh`ghqZs_fhj]ZlvbfZoZlvk\h[h^gufbjmdZfbklZjZykvaZsblblvkyhlijbp_evghf_lb\rbo\
gZk^h[jh`_eZl_e_cDh]^ZgZdhg_phdZaZebkv\hae_fZrbgulhgZr_fmkqZklvxg_[uehij_^_eZ
bxjdgm\\hqj_\hh]jhfgh]hZ\lhfh[beyfukh[e_]q_gb_f\a^hogmebjZ^mykvg_[hevrhc
i_j_^urd_^h]meygby\aZ]hjh^ghfihf_klv_ihkemqZxgZr_ck\Z^v[u
GmdZdlu"@b\Zy"kmeu[dhcihbgl_j_kh\Zekymf_gyfm`
Kdhj__f_jl\Zq_f`b\Z?keb[uyagZeZgZqlhb^mlhljb`^u[uih^mfZeZklhblbebg_l
AZjZg__ijb]hlh\beZ[u^\hcgbdZBihdZhgZhl\bkZeZ[u\kh[hj_ih^aZmgu\gucj_qblZlb\
k\ys_ggbdZy]hgyeZqZb\fZe_gvdhcdZfhjd_Klh[hc_kl_kl\_gghy\a]eygmeZgZfm`ZL_[_[u
fulh`_gZreb[u^\hcgbdZ
Qlhykeurm"G_m`_eb\k_lZdiehoh"ihbgl_j_kh\Zekyl_i_jvm`_fhc^_fhg
G_m`_ebwlhkemqbehkv"Yg_\_jbeZ^hdhgpZ
Qlhlu"k_hlebqghlhevdhqm\kl\mxk_[y\yeufh\hs_fdhlhjhfm^Z`_g_djhfZglg_\
khklhygbbihfhqvDj_fbjh\Zlvijhs_b^_r_\e_khkljhbeZ`Zeh[gmxfhkvdm
�_j`bdhgn_ldmfm`\um^bebadZjfZgZkfhdbg]Zdhgn_lmkdhgvydhf
H]hdZdZyij_e_klvKZfh_lh:_s__klv"\haebdh\ZeZkeh\ghhljh^ykvdhgn_lg__eZ
FZeh"m^b\bekyfhc^_fhg
L_i_jvywlhfh]eZ]h\hjblvkiheghcm\_j_gghklvxBgbqlhg_\khklhygbb[uehwlhbaf_gblv
OhlyH[wlhfyklZjZeZkvg_^mfZlv
G_lL_[_`_lh`_gZ^hih^dj_iblvkyjZa\_jgmeZkeZ^hklvbijhlygmeZdhgn_ldm@hj`m
dhlhjucg_aZf_^ebl_evghijbgye__]m[Zfbmfm^jb\rbkvaZ^_lviZevpuIhjmd_ijh[_`ZeZ`ZjdZy
\hegZ`_eZgbyZk_j^_qdhkhj\Zehkv\]Zehi
AZ[hleb\ZyFhy@hj`ijblygmef_gydk_[_bkfZqghihp_eh\Ze
Q_jlBdZdhgwlh^_eZ_l"Fm`mfm^jyeky\u[b\Zlvihq\mbaih^fhbogh]gZmjZ
\r\r\r
BdZd"
QlhdZd"kijhkbeZymhev]bih_^Zxs_chq_j_^gmxihjpbxfZebgh\h]hfhjh`_gh]hFZfZ
^hjh]Zy_klveblZdhckhjldhlhjuc[uhgZg_ex[beZ"Ihfh_fmg_l
DZdwlh"g_fh]eZihgylvqlh`_hlf_gygZ^hih^jm]_Fhbfukeb[uebjy^hfghg_a^_kvYg_
hlju\ZeZ\a]ey^Zhl@hj`Zkhijh\h`^Zy_]hih\k_fmaZemaZ]hjh^gh]hihf_klvy
Ke_^brvaZfm`_f]hlh\brvkydbkl_jbd_aZ]hlZ\eb\Z_rvlbjZ^my\g_^hmf_gbbihkfhlj_eZgZ
hev]mIh`ZemcgZ^h\_klbk_[yihkdjhfg__
�Luwlhdq_fmkdZaZeZ"gZimklbeZkvgZ^_\mrdmZ\ghlhihj\kibg_lhjqZe"gZihfgbeZgZrm
^Z\gxxkljZrbedm
_^_rvk_[ydZdj_\gb\Zy`_gZZg_fheh^ZykqZkleb\Zy^_\mrdZQlhkemqbehkv"Luq_]hlh
[hbrvky"iuleb\uc\a]ey^ih^jm]b[ueihoe_s_j_gl]_gZ
G_m`_eblZdaZf_lgh"fhy]heh\ZihgbdeZ
Qlh"Qlhkemqbehkv"Hgl_[yh[b^_e"yijyfhlZdbhsmlbeZdZd\hev]_ih^gbfZ_lky]g_\gZ
fh_]hfm`ZbjZkijZ\ey_ldjuevy`Z`^Zfs_gby
G_lQlhlu[ukljhaZ\_jbeZyih^jm]m
Lh]^Z\q_f^_eh"\hlex[hiulgZy
Lug_ihcf_rvaZehfbeZyjmdb
:luh[tykgbih]eZ^beZf_gyihie_qmhev]Z
k_`_dZdZyhgZohjhrZyEx[blf_gyAZ[hlblkyI_j_`b\Z_lhfh_f[eZ]hihemqbb:y"Yg_fh]m
_cijbagZlvky
G_lG_kijZrb\Zcf_gyFg_klu^ghkijylZeZ]eZaZqlh[ug_^Zc\k_\urgbchgZmagZeZqlhy
gZl\hjbeZF_gy`_gbh^bgZ^\hdZlg_hijZ\^Z_l
Lu[hbrvkylh]hqlh^he`ghijhbahclb"\ukdZaZeZij_^iheh`_gb_ih^jm]Z
�Zmo\ZlbeZkvyaZnjZamdZdaZkhehfbgdm
:fZfZ"LujZa]h\Zjb\ZeZkfZfhc"Fg_dZaZehkvqlhhgZml_[yfbjh\Zy`_gsbgZb^he`gZ[ueZ
mkihdhblvDZdlhih^[h^jblvFh`_l[ulvqlhgb[m^vihkh\_lh\Zlv
Qlhlmlfh`ghihkh\_lh\Zlv"yaZ^mfZeZkvhk\hbo^mfZol_jaZxsbof_gy\k_kbevg__bkbevg__
Kh\_klv[md\Zevghkt_^ZeZf_gyaZ`b\h
�Zm`Lmllhqghgbq_]hg_kdZ`_rvihdZ\k_g_bkiulZ_rvAgZ_rvqlh"YqblZeZqlh[ug_lZd
kljZrgh[ueh\i_j\mx[jZqgmxghqvgZ^h\uiblvmkihdhbl_evgh]hbih[hevr_
Bqlhlufg_ij_^eZ]Z_rv"GZ]ehlZlvkykghl\hjgh]hbmkgmlv"Bimklvfm`qlhohq_llhbl\hjblk
[_a^uoZggufl_ehfQlh`ohjhr__j_r_gb_ijh[e_fughfg_lhqghg_ih^oh^blihdZqZeZy
]heh\hcij_^klZ\b\dZdh[jZ^m_lkyfhc@hj`maj_\\k\h_cihkl_ebojZiysbcihemljmiFZeh
lh]hqlh_fmlZdhcih^Zjhq_d^hklZeky\`_gulZd_s_bg_^\b`bfucWlh[m^_ly\guci_j_[hj
^Z`_^eyf_gy
hh[s_lhybf_eZ\\b^mijhZedh]hevG_kdhevdh]ehldh\\bgZl_[ykgh]g_k\ZeylghlhjfhaZ
hlimklyl
:luhldm^ZagZ_rv"yih^hajbl_evghihbgl_j_kh\ZeZkvmhev]bG_m`_ebijh[h\ZeZ"
Fukih^jm]hc^_ebebkvfgh]bfb\_sZfbBihihke_^gbf^Zggufba\_klgufbai_j\hbklhqgbdZm
hev]bfm`qbgugbh^gh]hg_[uehBebm`_[ue"Fh`_l[ulvyq_]hlhg_agZx"
�Zgml_[yG_m`_eblukqblZ_rvqlhygZklhevdhk_[yg_ex[exqlh[uiha\heblvdZdhfmlh
fm`qbg_\hkihevah\Zlvkykh[hxYlhevdhihex[\bBeb`_kfm`_fdZdlu^h[Z\beZhgZ
F^ZDh_qlhg_agZeZ^Z`_fhyih^jm]Z
&#xhe;&#xv];&#xZ;&#x;&#xI;&#xhw;&#xlh;&#xfm;&#xl;&#xu;&#x[h;&#xbr;&#xvk;&#xy;&#xgh;&#xqb;&#x";�Qlh"Ml_[ym`_kd_flh[ueh"\kie_kgmeZjmdZfbhev]ZIhwlhfmlu[hbrvkyghqb"Z"
DZdhcdhrfZj@hj`g_hp_gbllZdhcih^ZjhdFm`qbguhgbex[yl[ulvi_j\hijhoh^pZfb\h
\k_fGmlug_i_j_`b\Zc_q_j_s_^he]bcQlhgb[m^v^Zbijb^mfZ_fDhg_qghdmjbpml_[_g_
h[_sZxgh\hjhgmdZdmxgb[m^vjZa^h[m^mBeby[m^mg_y
AZq_f\hjhgm"\m`Zk_hlrZlgmeZkvhl^_\mrdb
DZdaZq_f"L_[_`_djh\vgm`gZ"Gm`gZhlhlg__fub\havf_f
Fg_klZehkljZrgh
Yg_aZgbfZxkvq_jghcfZ]b_cy\kie_kgmeZjmdZfbL_[_[uwlh]hg_agZlv
DZdZydq_jlmfZ]by"L_[_djh\vgZijhklugyogm`gZ\hlb\hjhgZgZf__b^ZklY\[mluehqdm
kh[_jmGZ^hlhevdhih[uklj__\k_ijh\_jgmlvihdZ_s_g_kl_fg_ehZlh]^_yghqvxl_[_ilbpm
hlusm"^_\mrdZm`_k_cqZk[ueZ]hlh\Zkhj\ZlvkygZihbkdbq_jghcilZrdb
�eyq_]hfg_djh\vgZijhklugyo"qlhlhmf_gyg_koh^behkv
:qlhlufm`m[m^_rvij_^ty\eylvjZalum`_lh]hihjq_ggZyijbq_fhev]Zijhbag_keZwlh
[_ah\kydh]hij_g_[j_`_gbyebrvdhgklZlbjmynZdl
LZdlu^eywlh]hkh[jZeZkv\hjhgmeh\blv"aZohohlZeZyhl^mrbgZdhg_pi_j_klZ\fmqblv
ih^jm]mKlZeh`Zedh^_\mrdmHgZlml\uoh^blbak_[yijb^mfu\ZydZdfg_ihfhqvbah\k_okbeZ
y\ui_g^jb\ZxkvdZd`mdgZkhegp_i_d_G_gZ^hIlbqdm`Zedh
DZdwlhg_gZ^h"Lufg_bak_[y]_jhbgxg_kljhcEmqr_h^bgjZakhe]ZlvaZlhihlhf\kx`bagv
`blv\ihdh_fgh]hagZqbl_evghijhrbi_eZih^jm]Z
G_lhev]Zijhbag_keZyl\_j^hYg_kh[bjZxkve]Zlvk\h_fmfm`m
GmdZd`_
:lZdMf_gygbdh]hbafm`qbgg_[uehLZdqlh\hjhgZl\hy\gZr_cihkl_eb[m^_llj_lv_c
ebrg_c:luykfhljxih^dh\ZggZy\wlhf\hijhk_IjbagZ\ZckyGZ]j_rbeZ":"
LvnmgZl_[yAeZyluMc^myhll_[yYlmlm`_p_eucieZgjZajZ[hlZeZZ_c\k_oboZgvdb^Z
oZoZgvdbG_fh`_rv[_agboIhc^memqr__s_fhjh`_gh_jZa^h[m^mKlh[hcgbdZdbog_j\h\g_
o\ZlblKbefhbog_l
Klhbehlhevdhhlhclbih^jm]_dZdjy^hfihy\beky@hj`
FbeZylug_mklZeZ"aZ[hleb\hihbgl_j_kh\ZekyhgG_aZkdmqZeZ"
AgZ_rvg_lF_gylmlhev]Zlhevdhqlh\_k_ebeZQmlvkhkf_omg_mf_jeZ
JZkkdZ`_rv"
Yij_^klZ\beZdZdi_j_kdZau\ZxgZrkih^jm]hcjZa]h\hjJ_rbeZqlhemqr_wlh]hg_^_eZlvZlh
ih^h[gucxfhjfh`_lfg_[hdhf\uclb
�G_l^hjh]hc_\qZqvb]emihklbfm`qbgZfemqr_g_ha\mqb\Zlv
Wlh_s_ihq_fm"
IhlhfmdZdmgbok\hyki_pbnbdZLuij_^klZ\vqlhi_j_kdZau\Z_rvkeh\Z[jZlZdhlhju_hg
r_ilZel_[_gZmrdhdh]^Z\uijh\h`Zeb\a]ey^hf\hglmdjZkhldmk[hevrbfbZdlb\Zfby\b^_eZ
dZdfbfh[jZlv_\g_kdhevdhjZaijh^_nbebjh\ZeZiurgh]jm^Zy^_\bpZk^_dhevl_^hkZfh]himiZba
dhlhjh]h__[xkl[ue]hlh\\uiju]gmlvdZ`^mxk_dmg^mLhevdhebrvijbkmlkl\b_[hevrh]h
dhebq_kl\ZgZjh^Zg_iha\heyeh_fmwlhk^_eZlvLZd[jZlvyklhbeh^_\bp_g_khehghoe_[Z\rb
m^Zeblvky___s_ihlhfg_dhlhjh_\j_fyh[km`^Zebwlhfy[ueZm\_j_gZgZklhijhp_glh\
hlbyhlhf`_
\r\r\r
K\Z^_[gh_\_k_ev_rehihegufoh^hfghm`_[_agZkFuk@hj`_fk[_`ZebdZdfZeu_^_lb\lhl
fb]dh]^Zjy^hfgbdh]hbajh^bl_e_cbjh^kl\_ggbdh\g_hdZaZehkvbgZfg_ijbrehkv^Z\Zlvhlq_l
\k\h_fg_ijZ\bevghfih\_^_gbb
Yohqmihkfhlj_lvgZemgmijhr_ilZeZgZmohk\h_fmaZdhgghfmfm`mh^Zjb\_]h]hjyqbf
^uoZgb_fke_]dbfb\djZie_gbyfbZedh]heyK\Z^_[gh_rZfiZgkdh_wlhlh[yaZl_evgucZljb[ml[_a
dhlhjh]hg_h[oh^blkygbh^ghlhj`_kl\_ggh_f_jhijbylb_[ueh\uiblhfghx^h^gZBohlv[hdZe
[ueg_\_ebdghyqm\kl\h\ZeZqlhof_evm^Zjbefg_\]heh\m
K_cqZkbebgbdh]^Z"
Ke_^h\ZehjZkklZ\blv\k_lhqdbgZ^LZbgZq_wlh^mjghclhggZqbgZlvgh\mxk_f_cgmx`bagvk
lZcgu]g_lms_ck`b]Zxs_cbagmljbYohl_eZbjZgvr_wlhk^_eZlvghgbdZdg_fh]eZj_rblvky
k_[hyeZkvqlh@hj`hlf_gyhl\_jg_lkyB^hlygmeZ^hlh]hfhf_glZdh]^Z\jh^_dZdh[jZlghc
^hjh]bg_lijhq_fhgfh`_lhlf_gyhldZaZlvky\ex[hcfb]Kh\j_f_ggu_gjZ\uijhkhqbebkv
^Z`_\gZr]em[hdhaZijhlhdhebjh\Zgguc[ulL_i_jvm`_jZa\h^ug_kqblZebkvq_flhm`Zkgufb
g_lj_[h\Zehkv`^Zlvkf_jlbkmijm]Zqlh[u\klmiblv\gh\uc[jZdk_kl_q_gb_f\j_f_gb
f_gy_lkybwlhlh`_g_hklZehkvgZf_kl_
Ihc^_f^hjh]Zy`_gmrdZr_igmefhcfm`h[^Z\aZiZohfiZjnxfZl_jidh]hke_]dhcghldhc
k\_`_klbkf_rZggh]hkijbkmsbflhevdh@hj`mZjhfZlhfDZd`_hggjZ\bekyfg_Fhy
\gmlj_ggyykmlvklhbehlhevdhjZaebqblv_]h[md_lkjZam`_lygmeZkvdg_fmdZdex[h_kms_kl\h
lyg_lkydl_iemlm^Z]^_ihdhcghbmxlghlm^Z]^_\k_]^Z`^ml
hafh`ghq_j_ag_kdhevdhf]gh\_gbc^eyf_gy\k_[m^_ldhgq_ghQlh`ywlhaZkem`beZG_evay
b]jZlvkm^v[ZfblZddZdyiha\hebeZwlh^_eZlvKebrdhf\_ebdZp_gZ
Fg_lZdgjZ\blkydZdluwlh]h\hjbrvhl\_lbeZ\mgbkhg\deZ^u\Zy\wlbkeh\Z\kxk\hx^mrm
�eyl_[yohlvemgmkg_[Zb]jb\hijhr_ilZe@hj`ijbdmku\Zy]m[ZfbdhgqbdmrghcjZdh\bgu
@ZjdZy\hegZ`_eZgbyijhreZkv\^heviha\hghqgbdZjZag_keZkvih\k_fml_emhiZeb\s_db
aZklZ\b\[blvkyk_j^p_[uklj__[_`Zlvdjh\vGbdh]^Zg_^mfZeZqlhfh`ghaZohl_lvfm`qbgm
lhevdhhlh^gh]hijZdlbq_kdbg_\bggh]hijbdhkgh\_gby
Ykp_ibeZjmdb\aZfhdklZjZykv\_jgmlvk_[_mljZq_ggmxkf_ehklvZg_jZkdbkZlvkeh\ghoheh^_p
gZlZj_ehqd_
Fg_[m^_l^hklZlhqghlhevdhebrvemggh]hk\_lZblh_kebfu_]hjZa^_ebfgZ^\hbo_e_
keurghhl\_lbeZy
�_eblvkex[bfufq_eh\_dhf\k_qlh_klv\gZebqbbg_wlheb\ukr__kqZklv_"
ijhq_flZcghclh`_gZ^h^_eblvkyohq_lkyfg_wlh]hbebg_lBgZq_ykZfZk_[_g_ijhsm@blvk
]jmahfgZ^mr_yg_`_eZeZ
Ohjhrhlh]^Zl_[_\hlg_[hevrhcZ\Zgk@hj`qmlv\ulygmejmdmih\_jgme__bjZkdjue
eZ^hgvhldm^Z\uj\Zebkv^\ZfZe_gvdbok\_leyqdZaZdjm`b\rbokyihkibjZeb^jm]ih^e_^jm]Z
ih^gbfZykv\k_\ur_b\ur_ihdZg_jZklZyeb\ghqghcf]e_
Hlg_h`b^ZgghklbyZogmeZg_h`b^Zygbq_]hih^h[gh]hOhlv[uij_^mij_^be
:ygbq_]hg_ijbiZkeZjZahqZjh\Zgghijhbag_keZ\hl\_l=emiZy^Z`_g_ih^mfZeZhq_flh
g_ihiZklv\ijhkZd
Ihq_fm`_ml_[ylh`__klv^eyf_gykxjijbaYagZxohl_eZ[uyijhgbdgmlv\fukeb@hj`Z
qlh[uihgylvqlh\^Zggucfhf_glbf_e\\b^mfm`qbgZKebrdhfm`_fgh]h\ZjbZglh\yfh]eZ
ij_^iheh`blvBg_kZfuoohjhrbomqblu\Zyhq_fykh[jZeZkvjZkkdZaZlvk\h_fmfm`m
�mfZxqlhlu^Z`_g_fh`_rvij_^iheh`blvhq_fb^_lj_qvihdZygghijhbag_keZ\hl\_l
Fu[j_ebih^hjh`d_d[_k_^d_\hae_ha_jZFg_dZaZehkvwlhkZfufm_^bg_gguff_klhf\^Zggmx
fbgmlmY[_kkhagZl_evghlygmeZ@hj`Zd\h^_agZydZdh_mfbjhl\hjyxs__^_ckl\b_hgZgZg_]h
hdZau\Z_l
Y[hyeZkv
Ih^gh]Zfbihlj_kdb\ZeZ]ZevdZdhlhjhc[ueZhlkuiZgZljhibgdZ\_^msZy\gm`ghfgZijZ\e_gbb
=^_lh\^Ze_d_klj_dhlZebpbdZ^ub_kebhl\e_qvkyhlrmfZijZa^gbdZpZjys_]haZkibghc\_k_euo
]hehkh\fmaudblhfh`gh[uehij_^klZ\blvqlhfu]^_lh\^Ze_d_hlpb\bebaZpbbYb@hj`Fu
\^\h_f
FhyjmdZe_`ZeZgZkh]gmlhfehdl_fm`qbguhgih]eZ`b\ZefhbiZevpu^Zjymkihdh_gb_dZd
[m^lhagZyqlhy\g_fgm`^ZeZkv
Fbeuc@hj`lZd`_lu[m^_rvkhfghxfbedh]^ZmagZ_rvqlhyhll_[ykdju\Zx"GZ^mr_
kdj_[ebkvdhrdbZijhlb\guc]hehkhdr_ilZefheqbfheqbLjm^ghijbgbfZlvj_r_gb_dh]^ZgZ
dhgmklhblkqZklv_ghjZa\_dh]^ZhklZgZ\eb\ZeZkvi_j_^ij_]jZ^Zfb"
Y\a^hogmeZ
Luihq_fmlhih]jmklg_eZ"aZf_lbe@hj`?]h\djZ^qb\uclbobc]hehkaZklZ\bef_gy\a^jh]gmlv
MklZeZ"GZ^h_eZkm_lZ"^hiulu\Zekyfm`qbgZ
?klvg_fgh]hg_klZeZkdju\ZlvYlygmeZ^hkZfh]hihke_^g_]haZ]Z^Z\k_[_qlhdZdlhevdhfu
hdZ`_fky\[_k_^d_lhykjZam`_gZqgmk\h_ijbagZgb_:^hjh]bhklZ\Zehkv\k_f_gvr_bf_gvr_
RZ]?s_h^bglhjhcLj_lbchlfub\hreb\[_k_^dm
Lukx^Zohl_eZ"ihbgl_j_kh\Zekymf_gyfm`qbgZ
�Z
HgdZdqm\kl\h\Zef_klhqlh\u[jZeZy^eyk\h_]hijbagZgbyG_gZ[_j_]mG_ih^k\_lhfiheghc
emguhk\_sZxs_ckeh\ghfZe_gvdh_khegp_\k_ijhkljZgkl\h\hdjm]^Zjyoheh^guc[_euck\_l
\uo\Zlu\Zyij_^f_luykghbq_ldhFm`ijb\_ef_gy\[_k_^dmLm^Z]^_gZiheme_`ZeZ^ebggZy
l_gvb[ueb\b^gueZ\hqdbg_[hevrhcklhebdghg_\b^ghkZfh]h]eZ\gh]hebpY[ugZ\_jgh_
g_kfh]eZk_cqZkihkfhlj_lv\]eZaZfm`qbg_jZ^bdhlhjh]hihreZ_kebg_gZ\k_lhgZfgh]h_:
ij_`^_\k_]hyihklZ\beZgZdhgk\hxq_klv`_guKimlgbpuIh^jm]bEx[bfhc`_gsbgu
DZdlmldjZkb\h@hj`\uimklbefhxjmdm^Z\Zy\hafh`ghklvfg_ih^hclbddjZx[_k_^dbb
\a]eygmlvaZ__ij_^_euklZ\jy^hfFugZoh^bebkv\l_gb\lh`_\j_fyfh]ebkhk\h_]hf_klZ
gZ[ex^ZlvaZ\k_fhdjm`ZxsbfEmgZih^gyeZkv^hklZlhqgh\ukhdhqlh[ug_aZ]ey^u\ZlvgZf\
]eZaZGh\lh`_\j_fyk\_lhljZ`Zekyhl\h^ghc]eZ^bbkdjykvbb]jZygZ\hegZo
�ZF_klh\u[jZghijhklh\_ebdhe_ighLZdhcjZabl_evgucdhgljZklkh^ghcklhjhgu[mckl\h
ijbjh^uZk^jm]hc\k_ij_e_klbpb\bebaZpbbbfh`ghhdmgZlvkylh\h^gmkj_^mlh\^jm]mx
aZf_lbeZ
�mfZxqlh^_gvgZr_ck\Z^v[ufuaZihfgbfgZ^he]h]hehk@hj`Zke_]dhcojbihlphc
Y\wlhfm\_j_gZfhc]hehk^jh]gmeghfm`gbdZdg_hlj_Z]bjh\Zeihwlhfmih\h^m
Fu_s_g_dhlhjh_\j_fyfheqZebex[mykvdjZkhlZfbijbjh^uih^k\_q_ggufboheh^gufkbygb_f
emgu@hj`ijbh[gyef_gyaZie_qb^Zjyk\h_l_iehdZd[u]h\hjyyklh[hcg_\hegmcky\k_
ohjhrh
Y^he`gZl_[_dh_qlhjZkkdZaZlvgZdhg_pykfh]eZgZclb\k_[_kbeu^eyijbagZgby
K_cqZkbebgbdh]^Z"
Fh`_l[ulvk_]h^gyg_kZfh_emqr__\j_fy"hklhjh`ghlbobf]hehkhfihbgl_j_kh\Zekyfhc
q_jgh]eZauc^_fhg
G_lK_]h^gyBf_gghk_cqZk\u^hogmeZykh[bjZykvkkbeZfb
Ex[bfZy[uehlZdijbylghwlhkeurZlvbamkl@hj`Z\lh`_\j_fy[hevghagZygZi_j_^qlh
\hafh`ghwlh\ihke_^gbcjZa\k_\wlhffbj_ihijZ\bfhihq_fm[ug_ih^h`^Zlvbg_lhjhiblv
kh[ulby"
G_lY^he`gZYg_ijhsmk_[_Lu^he`_gagZlvl\_j^hijhbag_keZy]ey^yi_j_^kh[hc
A\mqblmkljZrZxs_mofuevgmekyfm`
Wlhg_lhevdhlZda\mqblghb_klvgZkZfhf^_e_iZjbjh\ZeZyhdmgZykv\oheh^guchfml
ijbagZgbyQlh[ulug_j_rbeihke_lh]hdZdy\k_l_[_jZkkdZ`magZcqlh\k_k^_eZgh[uehg_
ihaehfmmfukemZbaaZex[\bdl_[_Lhc^_lkdhcex[\bqlhh^gZ`^u\hagbdeZ\hfg_dh]^Zy
kb^_eZih^klhehfihke_lh]hdZdk\yaZeZrgmjdb\k_fmqZklgbdZf\Z`gh]haZk_^ZgbygZdhlhjhf
^he`_g[ue\i_j\u_\uklmiZlvh^bgfheh^hcfm`qbgZLh]^ZymkljhbeZg_[hevrhcih`ZjLhc
ex[\bqlhgZijhly`_gbb\k_owlboe_ll_iebeZkv\hfg_jZa]hjZykvkdZ`^uf]h^hf\k_[hevr_b
[hevr_ihdZg_ij_\jZlbeZkv\yjhklguch]hgvkf_lZxsbc\k_gZk\h_fimlbHgZ\u`b]ZeZf_gy
^hleZhgZg_^Z\ZeZfg_kiZlvij_ke_^h\ZeZf_gykgZklhcqb\hklvx[mf_jZg]ZaZklZ\eyyl\hjblv
kljZrgu_\_sb
Yi_j_\_eZ^uoZgbyih^lZedb\Zyk_[ygZ^Zevg_crbcrZ]@hjk`Zefg_ie_qbkbevg__
ih^^_j`b\Zyb^Z\Zykbeu
Ihfgbrvlh\j_fydh]^Zh[ty\bebhl\h_cihfhe\d_ki_j\hcg_\_klhc___s_B\_llhca\Zeb"
kijhkbeZym@hj`Zhljm[Zyk_[y\kydb_imlbdhlklmie_gbx
DZd`_g_ihfgblv"IhfgxFZlbev^Zlh]^Z_s_aZdZaZeZg_aZ[u\Z_fmxnhlhk_kkbxgZdhlhjhc
gZkfmqbebgZijhly`_gbbqmlvebg_p_eh]h^gyqlh[u^h[ulviZjmkgbfdhfdhlhju_bihiZeb\
]Za_lub`mjgZeuihfh]fg_@hj`
hl\hlbagbolhybmagZeZqlhfm`qbgZhldhlhjh]hykoh^beZghqbgZijhe_lkmfZ\kdhjhf
\j_f_gb[m^_lhdhevph\Zg
Yg_agZxqlh^Z`_bkdZaZlvfhe\befm`qbgZ
:lug_]h\hjbLukemrZc]hjvdhmkf_ogmeZkvyBgZ\_jgh_luohjhrhihfgbrvlhlfhf_gl
dh]^Z\ZrZihfhe\dZjZkkljhbeZkv"kijhkbeZmfm`qbguk\h_cf_qlu
Dhg_qghlZdh_jZa\_aZ[m^_rvdh]^Zijboh^blkhh[s_gb_ijbq_fihihql_\ibkvf_gghf\b^_k
hnbpbZevgufhldZahfhlihfhe\db
Wlhy[ueZ\u^hogmeZykd\havam[u
Ym`_keurZeZ\mrZoih]j_[Zevguca\hgk\h_fmkqZklvx
LugZijZ\beZfg_lhibkvfh"m`Zkgmekyfm`qbgZ
k^_eZlvwlh
Gm\hlywlhbkdZaZeZBkh\k_fg_ly`_ehBa_feyg_jZa\_jaeZkvmfhbogh]B^Z`_ey]mrdbg_
ihiZ^Zebkg_[_k
Lu_cm]jh`ZeZ"mm`Zk_ihbgl_j_kh\Zekymf_gyfm`qbgZ
G_lOm`_YmagZeZqlh^_\mrdZiZgbq_kdb[hblkyq_jguodhr_dbdZdlhevdhhgZkh[bjZeZkvd
l_[_gZ\klj_qm_c^hjh]mi_j_[_]ZeZq_jgZydhrdZZlhb^\_bebljb
LZdhgbihy\eyebkvgZ__imlbkl\h_cih^Zqb"^h]Z^Zeky@hj`
�ZGmg_kZfb`_hgbh[ex[h\ZebB\_llm"y]hjvdhmkf_ogmeZkv
Mfh_]hfm`Z[ueZg_g_\_klZZljmkboZY[ugZ__f_kl_dhr_dg_bkim]ZeZkvH^gZdhhgZgZ
k\h_ff_kl_ZygZk\h_fb]^_hghhdZ`_lky\ke_^mxsmxk_dmg^mg_ba\_klghFh`_l[ulvf_gy
@hj`gZ^mfZ_lmlhiblv"Yih_`beZkvGbdh]^Zg_ex[beZieZ\Zlv
GmaZq_f"\hkdebdgmeihjZ`_gguc\kZfh_k_j^p_fm`
Qlh[ug_^himklblvl\h_ck\Z^v[ukB\Yg_fh]eZ[ulvklh[hxghb^himklblvqlh[udlhlh[ue
^jm]hcjy^hflh`_g_fh]eZFhy\gmlj_ggyykmsghklvwlh]hg_iha\heyeZHgZ[ueZlh[hx
hke_ie_gZbmg__[uedZdjZai_j_oh^guc\hajZkldh]^Z\k_ij_]jZ^ugZimlbg_ij_]jZ^u
khagZeZkv
:lu"iuleb\hihbgl_j_kh\ZekyJZkob
;ueZebyhke_ie_gZlh[hx"i_j_kijhkbeZY[_amfgh\l_[y\ex[e_gZ\a^hogmeZagZyqlh
\dheZqb\Zx]\ha^b\djurdm]jh[ZgZr_ckh\f_klghc`bagbk@hj`_fGZklhevdhkbevghqlh
ihreZgZ\k_qlh[ujZaemqblvl_[ykB\_llhcFh_gZ\Z`^_gb_luBwlhg_^Z\Zehfg_ihdhy^h
l_oihjihdZyg_^h[beZkvk\h_]hLulZdbg_`_gbekygZB\
Lulhevdhh[wlhfkhfghxohl_eZih]h\hjblv"@hj`i_j_f_klbekyfg_aZkibgmh[gy\kh[hxb
mludZykv\fZdmrdm
G_ldh]^ZkdZaZghi_j\h_keh\h^Zevr_m`_ijbagZ\Zlvkykh\k_fe_]dh
:hq_f_s_"ex[hiulkl\h\]hehk_fm`qbgu[uehg_ih^^_evguf
lhjmxg_\_klmlh`_hl\Z^beZhll_[yy__We_gZa\Zeb
hldZd"fgh]hagZqghihbgl_j_kh\Zeky@hj`YlZdihgbfZxqlh\_^vfZ[ueZl\hbojmd^_eh"
G_m`_ebkfh]eZlZdohjhrhaZ]jbfbjh\Zlvkyqlh\u^ZeZk_[yaZklZjmxkfhjs_ggmxklZjmomk
ibkdey\uf]hehkhf"
G_l_^vfhc[ueZg_yghhgZihy\beZkvkfh_cih^Zqb
:dlh"
�Wlh]hyl_[_g_kdZ`m^Z`_ih^iuldZfbmijyfhkhh[sbeZfm`mhklZlhqghfh_]hijbagZgby
\kemqb\r_fky
Y[ueZgZklhevdhh[jZs_gZfukeyfb\k_[yqlhkh\_jr_gghg_h[jZlbeZ\gbfZgb_gZlhdZd
kihdh_gfhcfm`ohly^he`_g[ue[uj\Zlvbf_lZlvmagZ\hfh_fdh\Zjkl\_
IhgylghIhemqZ_lky^\Zghev\l\hxihevam_^\ZjZaebqbfmxmeu[dm\]hehk_yg_fh]eZg_
mkeurZlv
Qlhkf_rgh]h\lhfqlhykdZaZeZ"fg_aZohl_ehkvih\_jgmlvkyd@hj`mb\a]eygmlv\_]h]eZaZ
�Bimklv\hdjm]gZk[ueZghqvghk\_lZemgu[ueh^hklZlhqghqlh[um\b^_lvlhqlhyohqmZd
lhfm`_g_klhblaZ[u\Zlvijhh[hklj_ggh_aj_gb_h[hjhlg_cqv_cdjh\b\hfg_[ueh^hklZlhqgh
Fm`qbgZg_^Zefg_kh\_jrblv`_eZggucfZg_\jkbevg__ijb`Z\dk_[_hdmlu\Zyf_gyk\hbfb
kmfjZqgufbdjuevyfbY^Z`_g_aZf_lbeZqlh[uhg\uoh^bebak_[_bebdZdbflhh[jZahf
\ukdZau\Ze\heg_gb_B\^jm]djuevyHdZaZehkvqlh^ey@hj`Zwlh[uehg_ijh[e_fhcHgfh]
mijZ\eylvkh[hx\kh\_jr_gkl\_
LZdl_ie__[m^_lihykgbefm`qbgZ:lhlukh\k_fijh^jh]eZG_ohl_e[uyaZfhjhablv
fheh^mxkmijm]m\i_j\u_qZkuihke_k\Z^v[ul_i_jvfg_klZeZykgZijbqbgZih\_^_gbyfm`Z
Luk[b\Z_rvf_gyih\_eZyie_qbdhfghg_^eylh]hqlh[uhk\h[h^blvkyZ^Z[uihdZaZlvk\h_
hlghr_gb_dih\_^_gbx@hj`Z
Y\_kv\gbfZgbyex[bfZy_^\Zkeurghijhr_ilZefm`qbgZghl_fg_f_g__g_hlimklbeba
h[tylbcdhg_qghfkq_l_yih^qbgbeZkv:dZdfh]eh[ulvbgZq_"Hgfhcfm`y_]h`_gZWlbf
\k_kdZaZgh
?kebijh]hgbllhimklv\gZqZe_kdZ`_lh[wlhf\kemo
;m^_rvkemrZlvfhxbkih\_^v"Bebg_l"fg_ohl_ehkvdZdfh`gh[uklj__aZ\_jrblvk
g_ijbylghcijhp_^mjhcZ@hj`dZdki_pbZevgh\klZ\eyeiZedb\dhe_kZ
Dhg_qgh^hjh]ZyKm^h\hevkl\b_fjZa\_qlhg_fmjeudgmefm`qbgZ
;_eeZlh`_fhbojmd^_eh\uiZebeZy
hldZd"ijZ\^Zhkh[h]hm^b\e_gby\]hehk_yg_keurZeZBdZdbf`_h[jZahf"
L_nhlh]jZnbbbok^_eZeZy
hlywlhbijhbag_keZWo;_eeZ;_eeZg_evay`_[ulvlZdhcgZb\ghc
GhdZd"LZdh_fZkl_jkl\hih^\eZklghlhevdhebrvijhn_kkbhgZeZfZgZlhlfhf_gllu[ueZ\k_]h
ebrvj_[_gdhf\hkdebdgmefm`
ajhkeufj_[_gdhfG_aZ[u\ZcFg_ijbrehkvijbeh`blv\k_k\hbkihkh[ghklbqlh[ukhl\hjblv
j_amevlZlY^Z`_gZibkZeZgh\mxijh]jZffm^eykha^Zgbyl\h_]hiZjlg_jZ\ihkl_eby^hkboihj
ihfgbeZkdhevdh\j_f_gbaZljZlbeZgZl_nhlhIjhklhmcfm
W^_ldZlZdwlh[ue^Z`_g_`b\hcq_eh\_dg_klZlbklg_Zdl_j"m^b\beky@hj`
Dhg_qghg_l=^_[uyl_[_gZreZfheh^h]hfm`qbgmih`_eZ\r_]hihabjh\Zlv\g_ijbebqguo
ihaZoqlh[udlhlhijbwlhfkgbfZeIhdjZcg_cf_j_fg_lZdb_fm`qbgug_[uebagZdhfu
IjbrehkvkZfhklhyl_evgh\udjmqb\Zlvkybakeh`b\r_ckykblmZpbbY\aehfZeZh^gmijh]m
^h[Z\beZk\h_]hihrZfZgbeZihlhfmdZdhq_gv`_eZeZihemqblvj_amevlZldhlhjucij_\ahr_e\k_
fhbh`b^Zgbyy[ueZkh[hc^h\hevgZgZkZfhf^_e_G_bf_yhkh[uogZ\udh\h[jZah\Zgby
k^_eZlvdZq_kl\_ggu_nhlh]jZnbb]^_g_\hafh`gh[uehhlebqblv`b\h]h@hj`Zhlg_`b\hc
jbkh\Zgghcdmdeuwlh^hjh]h]hklhbehY[ueZgZ\ukhl_
Q_]hg_k^_eZ_rvjZ^blh]hqlh[u[ulvkex[bfuf"hlyb^h[beZkvk\h_]hLhevdh^h[beZkveb"
Wlh[uehih^[hevrbf\hijhkhf
Lh]^Zyh[yaZg\ha]hj^blvkyk\h_c`_ghc?keb\^jm]\gZr_cfZe_gvdhck_fv_\hagbdgml
ijh[e_fubg_ijbylghklbqlhy\k_]^Z[m^mm\_j_gqlhk\hbfblZeZglZfblugZkijhdhjfbrv
@hj`y\ghihl_rZekygZ^hfghc
Yg_ohl_eZghlZdihemqbehkvihdZygghijhbag_keZ\hl\_l
h[jZa_]_yy\k_jZ\gh\u]ey^_efm`_kl\_gghgZl_onhlhjmdb@hj`Zkdhevabebihfhbf
ij_^ie_qvyf^Zjym\_j_gghklvb\gmrZykihdhckl\b_;uehihoh`_qlhhgf_gymkihdZb\Ze
�ZHgZl_[y[jhkbeZ\a^hogmeZ
?_ex[h\vg_\u^_j`ZeZijh\_jdbkeh\gh\mgbkhghl\_lbefg_fm`qbgZ
moh^_JmnbguylZd`_\bgh\ZlZk_fvkf_jlyfg_[u\ZlvZh^ghcg_fbgh\Zlvj_rbeZy
\udeZ^u\Zy\k_dZdgZ^mom
GhdZd"
Lml[_afZ]bbg_h[hrehkv;ueZabfZijbgpbi_^hjh`dbkZfbihk_[_[uebkdhevadbfbghyb
[_alh]hihkh^_ckl\h\ZeZqmlvih^lhib\e_^ih^__gh]ZfbJ_amevlZlluagZ_rvI_j_ehfgh]b
mrb[jmdbbhnbpbZevguchldZahlihfhe\dbklh[hc
LuaZ[ueZ^h[Z\blvqlhij_^\Zjbl_evgh\__Z^j_kklZebihklmiZlvij_^mij_`^_gbyh\hafh`guo
dZjZodhlhju_miZ^mlgZ]heh\m^_\mrd__kebhgZg_kh]eZkblkyjZklhj]gmlvihfhe\dm_^vlZd"
ihbgl_j_kh\Zeky@hj`
&#xk_;&#xl;&#xZd;&#x;�k_lZdhe`gZ`_y[ueZ__aZim]ZlvGbq_]hgZmfg_rehYm`_]heh\mkehfZeZ\u^mfu\ZydZd
`___hll_[yhl\Z^blvQ_]hlhevdhg_khqbgyeZBdbjibq_cgZ]heh\m^he`_g[uemiZklvb\
dZgZebaZpbhggucexdhgZ^he`gZ[ueZk\ZeblvkybdjZkdhc__^he`gu[uebh[eblvih[hjgbdb
aZsblu`b\hlguoGh\k_mf_gydZdlhg_ihemqZehkvIhdZb^_yg_\hagbdeZkZfZihk_[_b^yaZ
^_\mrdhcke_^hfk_]_gbZevgh_hdZaZehkvdZd^\ZiZevpZh[ZknZevlfg_gbq_]hg_klhbeh
ijh\_jgmlvaZ^mfZggh_gZklhevdhwlhhdZaZehkvijhklhbe_]dh
JmnbgZg_ohl_eZibkZlvhldZaghihke_lh]hdZddg_cklZeoh^blv\[hevgbpmijbajZdb[md\Zevgh
aZklZ\eyewlhk^_eZlvlhevdhlh]^ZhgZj_rbeZkvgZih^h[gucrZ]^h[Z\be@hj`
Klhij_adhijhbag_keZyijh\hjZqb\Zykv\dhevp_jmd^_fhgZ
IjbajZdwlhg_yWlhg_fhbijh^_edbGbhdZdhfijbajZd_yagZlvg_agZx\_^Zlvg_\_^ZxWlh
dlhlh^jm]hcLhqghg_yDeygmkvIjbajZdbwlhg_ihfh_cqZklb@hj`aZ]Z^hqghmeu[Zekyb
fheqZe
G_lulZdg_luG_gZ^hlZdg_j\gbqZlvYkemrZxl\hcjZkkdZaHglZdhcm\e_dZl_evguc
ih^[h^jbefm`gZijh^he`_gb_bkih\_^b
?s_[u[mjdgmeZ\hl\_l]ey^ykgbam\\_jogZfm`qbgmQ_jgu_]eZaZ\ihemfjZd_[_k_^db
aZ]Z^hqghih[e_kdb\ZebijbwlhfbaemqZebl_iehlmb^Zjbebmfbjhl\hj_gb_G_h[uqgh_khq_lZgb_
FZjb"gZihfgbefg_@hj`?_luaZjZabeZ\_ljyghchkihc
Y:dlh_s_"fh`ghih^mfZlvqlhmdh]hlhdjhf_f_gy[ueZ_s_ijbqbgZhl\Z`b\Zlvg_\_klhl
JZkobYlh]^Zlhevdhlhevdhi_j_[he_eZ\keZ[hcnhjf_hlhev]bih^p_ibeZBdZdgZflhevdh
m^Zehkv^h`blv^hk\hboe_lbg_ko\ZlblvlmaZjZamHdZaZehkvqlhg_lhevdhfug_[he_ebghb
l\hyiylZygZj_q_ggZyIhkmlb\u\h^FZjbbah[hcful\hbog_\_klhdZaZekykh\_jr_gghkemqZ_gb
\wlhfijZdlbq_kdbfh_c\bgug_[uehIhlhfmdZdhgZfh]eZaZjZablvkyhlex[h]h[he_xs_]hY
\k_]hebrvhdZaZeZkv\gm`ghff_kl_\gm`gh_\j_fyqlh[ui_j_^Zlv_cwklZn_lmLhevdhb\k_]h
LuaZ[u\Z_rvijhibkvfZ
�GmlZdibkvfZibkZebkvdZ`^hcl\h_cg_\_kl__\mr_d`_ke_^h\Zehij_^mij_^blvqlh[uhgb
agZebhldm^Z\_l_j^m_lOhlyy^mfZxqlhihke_lj_lv_cihkq_lmhklZevgu_lhevdhb`^Zeb
fhf_glZqlh[ukiju]gmlvkih_a^Zih^gZa\Zgb_fkh\f_klgZy`bagvk^_fhghfJZkobHgbm`_
ih^khagZl_evgh]hlh\bebkvhldZaZlvkyhll_[yblhevdhbh`b^ZeblheqdZ\kibgmdhlhjucybf
g_aZf_^ebl_evghihkueZeZ
Ijbq_fihp_emcg_[ueklhevg_\bggufdZddZaZekygZi_j\uc\a]ey^Hg^Zjbeh[_sZgb_
aZklZ\eyegZ^_ylvkygZijh^he`_gb_
H^gZdhfhy^mrZlj_[h\ZeZihegh]hhqbs_gbyhlly`_klbg_ih^t_fguo]j_oh\
=h\hjysbcdjhebdk[hevrbfbmrZfbihh[_sZ\rbcKxaZgg_kdhjmxdhgqbgm[uefhbf
ihkeZgp_fkh\a^hohfijhbag_keZy
Wlh[ueZl\hykZfZyijhklZyhi_jZpbyihhl\Z`b\Zgbxg_\_klu_^vlZd"ihbgl_j_kh\Zekym
f_gy@hj`
Dhg_qgh?co\Zlbehbwlh]hf_evqZcr_]hlheqdZqlh[uhllZjZ[Zgblvl_[_hnbpbZevguchldZaaZ
ih^ibkvxbi_qZlvxk\h_]h^hfZFg_dZ`_lkyhgZkh\k_fg_`_eZeZ\uoh^blvaZl_[yaZfm`Y
dh]^Zke_^beZaZKxablhkeurZeZdZdhgZjZa]h\Zjb\ZeZkh^ghck\h_cih^jm`dhcb`Zeh\ZeZkv
qlh__aZklZ\eyxlb^lbgZwlhlkhxaZmg__[uegZijbf_l_^jm]hcfheh^hcq_eh\_dkdhlhjufhgZ
m`_ihagZeZ\k_ij_e_klbl_e_kghcex[\b:ihkdhevdmh[yaZl_evgufmkeh\b_fdhgljZdlZk^hfhf
JZkob[ueZg_ihjhqghklvg_\_klulh^_\mrdZg_agZeZqlh`_lZdh_kh\_jrblvqlh[umclbhl
g_`_eZl_evguoihke_^kl\bcdhlhju_fh]ebkemqblvkymagZclu\kxijZ\^mLZdqlhfhcdjhebd[ue
ihke_^g_cdZie_cbhnbpbZevgufij_^eh]hfqlh[ujZahj\Zlvihfhe\dmFh`_rvkdZaZlvfg_
kiZkb[hYkiZkeZl_[yhle]mgvbijhbag_keZy\^mr_ihgbfZyqlhe]mgv_c\^ZgghckblmZpbb
y\eyxkvdZdjZalZdbyZg_dlhgb[m^v^jm]hc
hl^Z`_dZd"m^b\beky@hj`fy]dhp_emyf_gy\]m[u?]hijZdlbq_kdbg_\_khfh_
ijbdhkgh\_gb_[uehg_`guf^Zjysbfh[_sZgb_:yh[wlhfg_agZe
Luh[h\k_fhklZevghflh`_g_agZeihdZyg_kdZaZeZijbdjueZ]eZaZdh]^ZhsmlbeZgZk\h_c
s_d_k_jbxe_]dboihp_em_\Fm`ajy\j_f_gbg_l_jyeohlyf_gym^b\eyeh_]hkihdhckl\b_b
hlkmlkl\b_\hafms_gbcbaaZfh_]hih\_^_gby
Y[ulZdg_kdZaZe[md\Zevghfmjeudgmefm`qbgZijbgbdZydfhbfmklZf
?]hihp_emc[uelj_[h\Zl_evguc`Z^gucaZklZ\eyxsbcihqm\kl\h\Zlv\kxkdjulmx\eZklvbkbem
qlhihdhbeZkv\]em[bg_Y`_\e_dhfZyihimlgufl_q_gb_febrvih^qbgyeZkvfm`mk
m^h\hevkl\b_fijbagZ\Zywlm\eZklvgZ^kh[hc@hj`[md\Zevghibef_gy\uau\Zylhfe_gb_\
]jm^b`Zj\gbam`b\hlZb`_eZgb_jZkl\hjblvky\ex[bfhf^hhklZldZ^hkZfuokhdjh\_gguo
m]hedh\Hl^Zlvk_[y\kxgbq_]hg_lj_[my\aZf_gFh_l_ehlj_i_lZehb`Z`^Zehijh^he`_gby
dh]^ZgZdhg_pfm`ij_j\ZegZrihp_emc
Fuh[Z[uebgZ]jZgbha[m`^_gb_aZrdZeb\ZehYhl^Z\ZeZk_[_iheguchlq_lqlh]hlh\ZgZ\k_
qlh[u@hj`ijh^he`bef_gylZd`_p_eh\Zlv`Z^ghg_bklh\hkhqghaZklZ\eyy^_eblvkykh[hc^h
hklZldZ
Fh_l_ehgZoh^behkv\h\eZklb`_eZgbyghfha]_s_g_kh\k_fhldexqbekyb]^_lhgZdjZ_rd_
khagZgby\hagbdaZdhghf_jguc\hijhk
Qlhluohq_rvwlbfkdZaZlv"Qlhl_[_[uehqlhlhba\_klgh"k\gh\vaZjh`^ZxsbfkykljZohf
fhe\beZy
IjZdlbq_kdb\k_AZfZeufbkdexq_gb_fmkf_ogmekyfm`qbgZmibjZykve[hf\fhceh[
Yg_ihgbfZxaZfhlZeZ]heh\hc
:qlhlmlihgbfZlv"@hj`hljulhmeu[gmekykeh\ghdhlgZeZdZ\rbckykeb\hdYagZeqlhaZ
\k_fbhldZaZfbg_\_klklhbrvluBbaajbl_evgh]haZeZ\hklhj]Zekyl\h_cgZoh^qb\hklvx
LuagZe"mm`Zk_\hkdebdgmeZyklZjZykvhlijygmlvhl@hj`Zghg_lmllh[uehF_gygbdlhg_
kh[bjZekyhlimkdZlvBgbq_]hg_^_eZe"
Gm^himklbfmagZeyg_kjZamZ\k_]hebrvihke_\lhjh]hhldZaZdh]^Zm\b^_eg_dmx
aZdhghf_jghklv\kemqb\r_fky:^Zevr_ebrvkm^h\hevkl\b_fgZ[ex^ZeaZjZa\blb_fkh[ulbc
Bgbq_]hg_^_eZe"G_iulZeky\u\_klbf_gygZqbklmx\h^mij_djZlblv\k_fhcaZlmfZg_gguc
kljZklvxfha]hldZau\ZekyihgbfZlvhq_\b^gh_
:aZq_f"mofuevgmekyfm`qbgZ
DZdaZq_f"Lu`_`_gblvkykh[bjZeky
@_gblvohl_eZf_gyFZlbev^ZZg_ygZ\_jgh_fhcm^b\e_gguc\b^[ueZihn_hahffh_c`_
bkih\_^bIhlhfmdZd[he__hrZjZrblvf_gyfh`gh[uehlhevdh_kebm^Zjblviuevguff_rdhfih
]heh\_Dbjibq\ijbgpbi_lh`_ih^hr_eijbhlkmlkl\bbi_j\h]hkj_^kl\Z\u\_^_gbyf_gybaklhy
Hnb]_lvlhevdhbkfh]eZijhbag_klbmkeurZ\hl@hj`ZijbagZgb_
G_jm]ZckyL_[_kh\_jr_gghg_b^_lfhcfm`ihp_eh\Zef_gy\\bkhd
Jm]Zl_evkl\ZwlhkZfh_fZeh_qlhyfh]mkhl\hjblvihke_\k_]hmagZggh]hq_klghijbagZeZkvy
g_agZydZdj_Z]bjh\ZlvbdZd\_klbk_[y^Zevr_Wlhqlh`_ihemqZ_lky"Lu\k_agZegbq_]hg_
ij_^ijbgbfZeghfZehlh]hluaZklZ\bef_gy\h\k_fijbagZlvkyh[\bgyxsbflhghf
\hkdebdgmeZyFg_m`_[ueh]em[hdhgZie_\ZlvgZbglbfghklvfhf_glZgZhdjm`Zxsmxijbjh^m
gZemgguck\_lbk\_lysmxky^hjh`dm\\h^_
�himklbfijbagZeZkvlukZfZYl_[y^Z`_g_ih^lZedb\ZegZihfgbefg_fm`
Ghlu^himklbeIhq_fm"fg_g_\_jbehkv
YgZh[hjhl[uekqZkleb\qlhgZr_ekylhldlhba[Z\blf_gyhlg_`_eZl_evguo`_gblv[Ihq_fm
`_y^he`_g[ue[ulvijhlb\"Y\hklhj]Zekyl\h_cgZoh^qb\hklvxbmf_gb_f\uoh^blvkmohcba
\h^u
Ghihq_fmlufg_gbq_]hg_kdZaZedh]^Z^h]h\Zjb\ZebkvhgZr_cihfhe\d_GbkjZamGbiha^g__
J_rbeijbkfhlj_lvkydl_[_magZlvl_[yihemqr_kihdhcguflhghfijhbag_kfm`qbgZ\wlhljZa
p_emyf_gyg_`gh\]m[u
:;_eemlulh`_g_ex[be"\g_aZigh\kihfgbeZhldjh\_gby@hj`Zdh]^Zfue_l_eb\\_jlhe_l_
Ylh]^Z_s_`mldhijbj_\gh\ZeZ
?keb[uex[belhg_^himklbe[ujZkkljhckl\Zihfhe\dbWlhlhqghl\_j^hijhbag_kfm`qbgZ
Ghlh]^Zihq_fm"\hkdebdgmeZymibjZykvdmeZqdZfb\]jm^vfm`Z
Qlh[ul_[yihaeblv^h\hevguflhghfijhbag_k@hj`Lulh]^Z[ueZlZdZyg_ihkj_^kl\_ggZy
Yg_fh]g_\dmkblvl\hbowfhpbc
k_jZ\ghg_ihgbfZx^hf_gygbdZdg_^hoh^beZ\kyZ[kmj^ghklvkblmZpbb
J_rbedl_[_ijbkfhlj_lvky_s_jZaih\lhjbekyJZkobk_`_k_^vfZyg_\_klZ^Z_s_lZdZy
gZoh^qb\ZyG_wlhebih^Zjhdkm^v[u"lmlfm`qbgZhq_gvrbjhdhaZmeu[ZekyIh^mfZeZ
ihq_fm[ubg_l"_^v\k_dh]^Zlh[u\Z_l\i_j\ucjZa
OhjhrhLu\k_agZeWlhyihgyeZ\u^Z\beZbak_[yLh]^ZihemqZ_lkyqlhl\hyex[h\gbpZ
ohl_eZjZkkljhblvgZrmihfhe\dm"Bebdlh"Dlhohl_egZfihf_rZlv"IhlhfmdZdwlhg_ygZ\_eZ
ij_kkmgZgZk
Dhg_qghg_lu@hj`m[jZeehdhg\hehkkfh_cs_dbaZijZ\b\aZmoh
G_l
:dlh"
Ykihdhcghkhh[sbefm`keh\ghgbq_]hm^b\bl_evgh]hg_kemqbehkv
Lu"y[ueZrhdbjh\ZgZ_s_[hevr__keblhevdhfh`gh[uehMf_gyg_k\Z^v[ZZ\_q_j
hldjh\_gbcLZdh_\jy^ebmdh]hkemqZehkv
Gm^Z@hj`aZdjm`bef_gykh\_jr_gghg_h[jZsZy\gbfZgb_gZfh_g_^h\hevkl\h
AZq_f"
Qlh[uih[ulvklh[hcmagZlvl_[yih[eb`_ihqm\kl\h\Zlvq_flu^urbrv
BdZd"Ihqm\kl\h\Ze"dZ`_lkyyh[b^_eZkvF_gylZd[_kkh\_klghbkihevah\Zeb
:ludZd^mfZ_rv"emdZ\hkijhkbefm`
Hp_gbe"aZ^ZeZ\hijhk
?s_bdZdGZ^_kylvba^_kylb^h\hevguf]hehkhfijhmjqZe@hj`ihdju\Zye_]dbfb
ihp_emyfbfhxs_dmgZqbgZyhl\bkdZbaZdZgqb\Zym]hedZfb]m[
LZdg_q_klghyg_fh]eZih\_jblvqlhfm`qbgZlZdkhfghxihklmibe
Ihq_fm`_"Ihfh_fm\k_q_klghMgZkihy\beZkv\hafh`ghklvmagZlv^jm]^jm]Z[eb`_
Yg_ijh]hklbgbpmDklZlbdZdlulZfhdZaZeky"\kihfgbeZy\g_aZigh_ihy\e_gb_fm`Z
hevnkhh[sbehl\_lbefg_k\_`_bki_q_gguckmijm]
DZdhgfh]"hq_j_^gh_ihljyk_gb_aZklZ\behf_gym^b\blvky
GZh[hjhldZdhgfh]g_khh[sblvfg_"JZa\_wlh[ueh[uih[jZlkdb"aZ^Zefg_\hijhk@hj`
DZ`_lky\fm`kdbo]heh\Zoihgylb_kheb^Zjghklb\iblu\Z_lky\f_kl_kfhehdhffZl_jbOhlyg_l
Hghi_j_^Z_lky\ha^mrghdZi_evgufiml_fbaZjZ`Z_l\k_oij_^klZ\bl_e_cbf_xsbo\rlZgZoqlh
lhhlebqgh_hldZjlhrdb
B^hklZ\Zefg_lh`_ba[hevrhcex[\bdl_[_"
G_lWlh[ueZ_]hebqgZybgbpbZlb\Z@hj`ihl_jkyhfhcghkk\hbf
:\b^_hlh`_l\hbojmd^_eh"aZibgZykvkijhkbeZyklZjZykv\_klbk_[ykheb^ghghlhevdh
\k_jZ\ghg_j\gbqZeZbi_j_`b\ZeZ
LZdebwlh\Z`ghl_i_jv"kkhfg_gb_fkijhkbemf_gyfm`
Yohqm\k_agZlvojZ[jhijhbag_keZkhkljZohfh`b^Zyhl\_lZ
G_lG_fhboEZjbgumkeurZeZybh[e_]q_ggh\a^hogmeZGhyagZeqlhhgZkgbfZ_l
hlkmqdZFg_aZohl_ehkvaZhjZlv\kemoh^gZdhyijhfheqZeZIhq_fmlh\bgblv@hj`Z\
\_jhehfghklbyaudg_ih\hjZqb\ZekyKebrdhfaZfghcfgh]h]j_oh\\h^behkvkyfhj^ZrdZ\
imrdm
Bag__hl\jZlbl_evguchi_jZlhjihemqbekyhlj_Z]bjh\ZeZgZgh\hklvGbdZi_evdbg_agZ_lqlh
lZdh_wdkihabpby
Bg_]h\hjbfuk@hj`_fh^gh\j_f_gghaZkf_yebkv
H[km`^Zlvex[h\gbpmfm`ZdZdlh[hevr_g_ohl_ehkvGhlmly\kihfgbeZh^jm]hf
:ihobs_gb_hgZ\k_`_hj]Zgbah\ZeZijhlygmeZyYbkim]ZeZkvQ_klgh
G_kh\k_fhgZqmlvihf_^eb\hl\_lbefm`qbgZ
:wlhqlh_s_aZgh\hklv"
Lh_klvdZd"Ohq_rvkdZaZlvqlhg_hgZ"
l_[yihoblblv
Yij_^klZ\eyeZdZdhgwlhk^_eZeLhlhfg_ihdZaZehkvqlhih\_j`_ggucfm`qbgZmeu[Zeky
gZoh^ykv\hldexqd_k_[uehohjhrhkj_`bkkbjh\Zgh;jZ\h@hj`;jZ\h
DZdlZd"BaZq_f"y[ueZhrZjZr_gZg_gZrmldm:ihlhfkhh[jZabeZWlhhiylv[ueZ
�ijh\_jdZ"Z"
Hkm`^Z_rv"
IulZxkvihgylv\]heh\_mf_gydjmlbebkvdZd\dZe_c^hkdhi_wibah^u`bagbIbkvfhEba_llZ
beblufg_hlijZ\be"
G_agZxgbijhdZdh_ibkvfhm^b\bekyfm`
YkghAgZqblhgZIjh_oZeb
Qlh\g_f"g_gZrmldm\kihehrbeky@hj`
M]jhauAZ[m^vyi_j_\_eZ^moAgZqblkwlbfjZah[jZebkvQlh_s_hklZ_lky"Kie_lgbLhqgh
Qvbojmd^_eh"
hevnihklZjZekyg_fgh]hkfmsZykvijhbag_k@hj`Ghy_fmaZwlhm`_ihjh]ZfgZklmqZe
G_q_]h[uehkZfh^_yl_evghklvxaZgbfZlvkyWlhhgj_rbel_[_gZkheblvdh]^ZmagZeijhr_kl_juo
ij_^u^msbog_\_kl
hl]Z^Y\k_]^ZagZeZqlhhgf_gyg_^hex[eb\Z_lghg_^mfZeZqlhgZklhevdhGmgbq_]hFu
_s_\klj_lbfkygZk_f_cguof_jhijbylbyoihemqblhgmf_gyehrZ^bgmx^hamkeZ[bl_evgh]hbeby
[m^mg_Eba_llZHjkdbHckh\k_faZ[ueZL_i_jvEba_llZJZkob
Ym^h\e_l\hj_gghofudgmeZ\kihfgb\dZdh_[uehebphmFZlbev^udh]^Zhghihf_gyehp\_lgZ
a_e_guc:\hlg_gZ^h[uehfg_oZfblvaZklhehfmjh^bl_e_c^hfZYg_aehiZfylgZylhevdh
g_fgh]haeZybiZfylvmf_gyohjhrZyhllhevdhh[wlhcijh^_ed_yk\h_fmfm`m^Z`_ih^
�kljZohfjZkklj_eZg_jZkkdZaZeZ[uhe`gu`_[ulvmf_gy^_\bqvbk_dj_lu"
@_gmrdZfh`_l[ulvfugZk_]h^gyaZdhgqbfkeh\_kgmxwda_dmpbx"k_`_dZdgbdZdmgZkk
lh[hc^_gvk\Z^v[u@hj`y\ghmlhfbeky\gZr_cbkih\_^Zevg_
AgZ_rvihke_\k_]hmkeurZggh]hy^Z`_g_m\_j_gZqlhh[b^gu_keh\Z]hlh\u[uebkhj\Zlvky
kfhbo]m[\hllhevdhbfgbdlhg_jZaj_rbewlhk^_eZlvFm`aZ]emrbefhx]g_\gmxj_qv]hjyqbf
ihp_em_fhldhlhjh]hihl_fg_eh\]eZaZobih\k_fml_emijhreZkeZ^hklgZy^jh`vk_\urgbc
dZd`_hgmf_ep_eh\Zlvky?]h]m[u[uebgZklhcqb\ublj_[h\Zl_evgueZkdh\ubg_`guhgb
^Zjbeb[h`_kl\_ggmxkeZ^hklv
Mf_gy\lhl`_fb]ba]heh\u\u\_ljbebkv\k_]emiu_fukebhklZ\b\gZk\h_ff_kl_]emih_
`_eZgb_ijb`Zlvkydex[bfhfmfm`mdZdfh`ghkbevg__jZkl\hjblvky\g_fkeblvky\h_^bgh
IhegZyemgZg_hklZ\ZykvgZf_kl_l_i_jvaZ]ey^u\ZeZ\[_k_^dmbhk\_sZeZgZrbnb]mju^_eZybo
g_fgh]hg_j_ZebklbqgufbaZ]Z^hqgufb\her_[gufb
Hl]hjyq_]hihp_emyih^dZrb\Zebkvgh]bklZgh\ykv\ZlgufbZl_ehij_\jZlbehkv\jZkieZ\e_gguc
\hkdlZyih^mf_eufbeZkdZfbfm`qbgu
Ih_oZeb^hfhcojbiehijhbag_k@hj`_e__e_hlju\Zykvhlfhbo]m[hggZ^kZ^gh^urZe
keh\ghijh[_`Zeg_kdhevdhdbehf_ljh\[_ahklZgh\db?]h]eZaZ]hj_ebh]g_f`_eZgby\ijhq_f
_keb[uym\b^_eZk_[ykhklhjhgulhihjZabeZkvgZkdhevdh`_bfhc\g_rgbc\b^baf_gbeky:
bgZq_yg_k^_j`mkvbemqr_ih_oZebijhkbe[md\Zevghmfheyef_gyfm`
G_m`_ebl_[_g_gjZ\blkyghqv"
Eba_llZjy\dgme@hj`ijb`bfZyf_gydk_[_lZdkbevghqlhaZlj_sZebdhklb?keblukZfZg_
^Zrvkh]eZkbylhyijhklhmdjZ^ml_[yGmy`_g_`_e_agucDZdlug_ihgbfZ_rv"b^_lvl_[y
ohl_lvdZ`^hcde_lhqdhcl_eZb^_j`ZlvkygZjZkklhygbbLukf_jlbfh_cohq_rv"\keh\Zo
fm`ZyjZaebqbeZlZdhcdhdl_cevbaqm\kl\qlhkZfZaZ^jh`ZeZijhgbdrbkvfhf_glhf
Yih^gyeZjmdmbg_`ghijh\_eZjmdhxihih^[hjh^dmih^gbfZykv\k_\ur_aZo\Zlu\Zykdmem
h[\h^yihdhglmjmebph^hljZ]b\Zykv^hmrghcjZdh\bgu_^\ZdZkZykv\hehk@hj`aZf_jebrv
kbevg__ijb`Zef_gydk_[_gZklhevdhqlhg_fh]eZg_hsmlblv\kxkbem_]h`_eZgby[mjeys_]h\
fheh^hf\ha[m`^_gghfl_e_
Yg_ohqm_oZlv\^hfl\h_cfZl_jbba\bgyxsbfkylhghfijhbag_keZ\hl\_lgZdjbd^mrb
@hj`ZYg_ohqmqlh[ufhci_j\ucjZaijhbahr_e\^hf_]^_gZkg_ex[yl
�Kh\_jr_gghg_aZ^mfu\Zykvmihlj_[beZkeh\hgZkijbjZa]h\hj_kfm`_feyf_gykZfhkh[hc
jZamf_xsbfkyklZehhlh`^_kl\eylvk_[yb@hj`Z_^bgufp_eufkeh\ghh[jy^kh_^bgbeg_lhevdh
gZrbjmdbgh]hjZa^h[hevr_
:dlh]h\hjbehwlhf"meu[gmekyfm`qbgZWlh[uehihke_^g__f_klhdm^Z[uyijb\_ek\hx
fheh^mx`_gm
LZddm^Z`_fuih_^_f"
MagZ_rvaZ]Z^hqghijhbag_k@hj`_s_jZadj_idhp_emyf_gy\]m[uij_`^_q_fm\e_qvaZ
kh[hc
FugZijZ\bebkvg_\klhjhgm\k__s_]j_f_\r_]hijZa^gbdZfuih[_`Zeb\^hevha_jZ\
g_ba\_klghfgZijZ\e_gbbghqv
Yihkemrgufo\hklbdhfke_^h\ZeZaZfm`_ff_qlZyg_hklmiblvkybg_miZklvihimlbfh[bebamy
\k_k\hb\gmlj_ggb_j_a_j\uqlh[umki_\ZlvaZex[bfufFu[md\Zevgh[_`ZebgZklhevdhkbevgh
ki_rbebm^Zeblvkykkh[kl\_ggh]hijZa^gbdZ
Gh\hldm^Zyg_agZeZ
k_j_[jbklhfk\_l_emgu[ue\b^_gdZ`^ucdmklbddZ`^ZyljZ\bgdZdZ`^ucdZfmr_d^_gv
gZr_ck\Z^v[ukemqbeZkvg_h[tykgbfhyjdZyghqvkeh\ghkZfZijbjh^Zh^Zjb\ZeZgZkk\hbfb
ih^ZjdZfb
AZgZfbbkq_aebbh]gbg_klZehkeurghrmfZ
Dm^Zfu[_`bf"gZoh^maZiuoZ\rbkvijhbag_keZyiulZykv\uykgblvdhg_qgmxlhqdmgZr_]h
imlbYm`_g_^mfZeZ\dZdhfkhklhygbbgZoh^blkyfh_ieZlv_Kdhj__\k_]hhgh\hkklZgh\e_gbxg_
ih^e_`ZehgZ\k_]^ZhklZ\rbkv\iZfylbg_`gufp\_ldhfihjlgh\kdh]hbkdmkkl\Z
M`_ihqlbgZf_kl_i_j_^gZrbfb\ahjZfbhldjueZkviheygZgZdhlhjhc[ue\b^_gaZf_jrbc\
h`b^Zgbbg_[hevrhc\_jlhe_l
Wlh^eygZk"m^b\beZkvy
LZd[m^_l[uklj__ihykgbefm`ih^kZ`b\Zyf_gy\dZ[bgmbih^Z\ZygZmrgbdbbglhdjueZy
fZrbgZlml`_\afueZ\\_jomghkykf_klZihkZ^dbYke_]dhclj_\h]hcihkfhlj_eZq_j_akl_dehgZ
m^Zeyxsmxkykg_bfh\_jghckdhjhklvxa_fexk_`_e_lZlvghqvxwlhg_lh`_kZfh_qlhe_lZlv
^g_fKh\_jr_gghbgZq_\k_\hkijbgbfZ_lky
Ih^gZfbijhieu\Zebh]gb[hevrh]h]hjh^ZLhlmllhlZf\b^g_ebkv\ukhldbk]hjysbfbgZ
kZfbfg_jZa[blvkyBaaZh^ghcg_^hkljh_gghcfgh]hwlZ`dbihdZaZekyh]jhfgucdjZg\_kvm\bluc
]bjeyg^hckeh\ghgh\h]h^gyy_edZ\dZgmgJh`^_kl\Z
FuhdZaZebkv\^jm]hcqZklb]hjh^Zi_j_e_l_\_]hih^bZ]hgZebH]gbklZebihiZ^Zlvky\k_j_`_b
j_`_ihdZkh\k_fg_bkq_aebih^nxa_ey`_f\bglhdjuehcfZrbgu
kx^hjh]m@hj`[_j_`ghijb`bfZef_gydk_[_h^ghjmdhcih]eZ`b\Zydbklbjmdkeh`_gguo
\f_kl_\aZfhdZ^jm]hc\u\h^beaZfukeh\Zlu_mahjugZie_q_Fg_[uehijbylghgZoh^blvky\_]h
h[tylvyo\gboqm\kl\h\ZeZkvdZdZylhm\_j_gghklvb^Z`_g_dZyklZ[bevghklvL_fghlZghqb
a\_a^ugZ^]heh\hcbh]jhfgh_ijhkljZgkl\h\ha^moZ\hdjm]kha^Z\ZeZbeexabxqlhfuh^gb
Ibehl\_jlhe_lZ\jZkq_lg_r_eihlhfmdZddZaZekyijbeh`_gb_fde_lZl_evghfmkj_^kl\m
FuihqlbgZf_kl_ijhdjbqZe@hj`Zdh]^ZfZrbgZgZqZeZkgb`Zlvky
=^_fu"G_m`_ebj_rbek^_eZlvdZd\lhfZg_d^hl_dh]^Zfm`qbgZgZiylgZ^pZlbe_lb_
kh\f_klghc`bagbkh`Ze_eqlh_keb[um[be`_gm\^_gvk\Z^v[ulhdlhfm\j_f_gbm`_\ur_eba
lxjvfu"khkf_rdhfkijhkbeZy
k_ihlhfKZfZm\b^brvfm`aZ]Z^hqghmeu[gmekyl_fg_f_g__g_hijh\_j]Zykeh\
Dh]^Z\_jlhe_l\afue\\_johklZ\b\gZkkh\_jr_gghh^gbogZiheyg_]^_gbdh]hg_[uehfg_
klZehg_fgh]hg_ihk_[_hijhkul_kgbebkv\]heh\_lj_[myhl\_lZghyihdhjgh`^ZeZ
h[tykg_gbchl@hj`Z
A^_kvg_^Ze_dhfm`ijbh[gyef_gybm\e_d\qZsmdZdfg_ihdZaZehkvOhlygZkZfhf^_e_fu
rebihljhibgd_g_ihgylghhldm^Z\ay\r_cky\wlhf[_aex^ghff_kl_
KlhbehgZfijhclbg_kdhevdhf_ljh\dZdf_`ebklv_\g_fgh]hk[hdmhlgZkyaZf_lbeZh]hgvdbqlh
ijh[b\Zebkvhldm^Zlhba]em[bgu
QlhlZf"y^Z`_ijbhklZgh\beZkv
K_cqZkm\b^brv
GZ\klj_qmgZfe_l_ehfgh`_kl\hk\_leyqdh\BdhgljZklf_`^mlvfhcbyjdbfblhqdZfb
djm`Zsbfb\\ha^mo_[ueaZ\hjZ`b\ZxsbfDh]^Zfu\klj_lbebkvk`b\ufbh]hgvdZfblhfh_
gZkljh_gb_j_a\hkdZdZgmehgZhlf_ldmg_i_j_^Zlvkeh\Zfb
Hgb`b\u_"aZ^ZeZy\hijhkdjmly]heh\hcbaklhjhgu\klhjhgmbklZjZykvdZdfh`ghemqr_
jZkkfhlj_lve_lZxsmxbeexfbgZpbx
Dhg_qghlhevdhqmlvijbdhjfe_ggu_bijbjmq_ggu_r_igmefg_gZmoh@hj`h[^Z\`Zjhf
k\h_]h^uoZgbyFuboihlhf\[ZgdbaZdhgk_j\bjm_f
AZq_f"
Qlh[ukhojZgblvgZ^he]b_]h^ukh\f_klghc`bagbfm`qbgZaZf_lbefhcg_^hmf_gguc\a]ey^
Rmqm:luih\_jbeZ"jZkkf_yekyhg
Ykbgl_j_khfihkfhlj_eZgZfm`Zhghldju\Zekyfg_kgh\hcklhjhgu
HklZgh\beZkvAZ\_jl_eZ]heh\hc\hdjm]DjZkhlZhldju\rZykyfh_fm\ahjm[ueZg_hibkm_fZy
�_kyldbZlhbkhlgbfZe_gvdbonhgZjbdh\djm`beb\hdjm]gZklhgZ[bjZy\ukhlmlhhimkdZykv
\gbaKdeZ^u\Zehkvh[fZgqb\h_\i_qZle_gb_qlhfuiZjbeb\f_kl_kh]hgvdZfbghqb[jhmgh\kdbf
^\b`_gb_fkgmxsbfbhdhehgZkHsms_gb_kdZahqgh]hijZa^gbdZijhkhqbehkv]em[hdhih^dh`m
gZ^_`gh\iblu\ZykvgZ^he]b_]h^u
Fbfhe_lghihcfZeZ\a]ey^@hj`Ziheguclhj`_kl\Zb^h\hevkl\Zkh[hcIj_^klZ\eyxdZd
fhf_glhfbfm`qbghcdhlhjuc^eyf_gykha^ZewlhlijZa^gbd
YihiZeZ\jZc"g_\hevghaZ^ZeZ\hijhk
Kdhj__\bkdmkghjZkklZ\e_ggmxeh\mrdmkfy]dhcmeu[dhcijhbag_k@hj`
Wlh`_qm^h
Qm^hmf_gyluZwlh\k_]hebrvij_djZkgZyhijZ\Z^eyk_]h^gyrg_]h^gykZfh^h\hevghaZf_lbe
fm`Bhg[ueijZ\
Lu_s_qlhlhohl_efg_ihdZaZlv"\ayeZ@hj`ZaZjmdmbaZ]eygmeZ\jh^gu_]eZaZdh]^Z
gZkfhlj_eZkv\^h\hevgZij_^klZ\e_gb_\bkiheg_gbbfZe_gvdboZdl_jh\
Ihc^_fg_]h\hjy[hevr_gbkeh\Zfm`ih\_ef_gyihljhibgd_^Zevr_
Fhb]eZaZlZdijb\udebkfhlj_lvgZk\_lqlhhdZaZ\rbkv\l_fghl_yg_kjZamkhjb_glbjh\ZeZkvb
m\b^_eZ]^_fuhdZaZebkv
Kfhljblhj`_kl\_gghaZy\be@hj`
Ybkfhlj_eZBgbq_]hg_\b^_eZdjhf_h]jhfgh]h^_j_\Z\g_kdhevdhh[o\Zlh\Gbdh]^Zg_^mfZeZ
qlh\^_gvk\Z^v[ufm`ijb\_^_lf_gydg_khfg_gghaZf_qZl_evghfm\k\h_ci_j\ha^ZgghcdjZkhl_
ghl_fg_f_g__^_j_\m
OfFul_i_jvaZcf_fkybamq_gb_fihjh^^_j_\v_\"kd_ilbq_kdbihbgl_j_kh\ZeZkvm@hj`ZY
g_hldZ`mkvkhklZ\blv]_j[Zjbck\ukmr_ggufbebklhqdZfb
=_j[Zjb_ffuaZcf_fky\^jm]h_\j_fyZk_cqZkijhklhih^gbfb]heh\m\ur_Zlh^Zevr_k\h_]h
ghkZg_\b^brv
Qlhwlh"hogmeZydh]^ZgZdhg_pihgyeZqlhbf_e\\b^m@hj`dh]^Zijhkbeihkfhlj_lv\ur_
djhg_^_j_\Zf_`\_lhdy\ghjZaebqZebkvhq_jlZgbykljh_gbyijbq_fkha^Zggh]hbkdmkkl\_gguf
iml_f:jobl_dlmjZg_ihjlbeZh[s_]h\b^Zgh\k_jZ\gh[ueZg_kdhevdhqm`^hcohlybdjZkb\hc
GZfhc\a]ey^
�jbZ^uiha\hebebijh\_klbk\Z^_[gmxghqv\h^ghfbak\hbo`bebs
YZogmeZhlm^b\e_gby
JZa\_hgb^hkboihj`b\u"gZkdhevdhfg_[uehba\_klghihke_^gbcij_^klZ\bl_evbo\b^Zmf_j
hdheh\_dZgZaZ^Ohlyyfh]eZbhrb[ZlvkyihlhfmdZdbkihevah\ZeZhnbpbZevgu_bklhqgbdb
Bog_lZdfgh]hghhgb^hkboihjkms_kl\mxlohlvb\_^mlkdjuluch[jZa`bagbg_Znbrbjmy
k\h_kms_kl\h\Zgb_
Wlhcgh\hklby[ueZm^b\e_gZg_f_gvr_q_f\k_fmm\b^_gghfmbmkeurZgghfmaZk_]h^gy
Bfufh`_f\hkihevah\Zlvkywlbf^hfbdhf"kaZfbjZgb_fk_j^pZijhbag_keZy
Kmkeh\b_fqlhlulmlg_mkljhbrvih`Zja_fe_ljyk_gb_ihlhipmgZfbbeb_s_qlhgb[m^v
aZjZg__ij_^mij_^bef_gyJZkob
DZdh]h`_luh[hfg_ohjhr_]hfg_gbykkh`Ze_gb_faZf_lbeZgZj_iebdmfm`Z
Hrb[Z_rvkyyhl_[_kZfh]hemqr_]hfg_gbyijb\e_df_gydk_[_@hj`qlh[u\ke_^mxsmx
k_dmg^mihp_eh\Zlv\\bkhdFg_`_aZohl_ehkvhsmlblv_]h]m[ugZk\hbo]m[ZoQlhlhhgm\b^_e\
fh_f\a]ey^_ihlhfmdZdijhbag_k\ke_^mxsbcfb]Y`^mg_^h`^mkvdh]^ZfuhdZ`_fky\gmljb
Bklhevdhh[_sZgby[ueh\_]hkeh\Zoqlhyg_\hevghaZj^_eZkvkeh\ghfZdh\p\_l
:dZdfulm^Zih^gbf_fky"LZf`_g_lgbklmi_g_cgbebnlZ^Z`_ih^t_fghcdhjabgublhcg_l
aZ^ZeZhq_\b^guc\hijhk
IhdZyk\hklhj]hfjZa]ey^u\ZeZf_klh]^_fuijh\_^_fhklZ\rmxkyqZklvghqbg_aZf_lbeZdZd
@hj`g_kdhevdhhl^Zebekyhlf_gybkh\_jr_ggh[_krmfghij_\jZlbekybakbevgh]hdj_idh]h
fm`qbgu\kfhdbg]_\h]jhfgh]hjh]Zlh]h^_fhgZkkmfjZqgufbdjuevyfb
^jm]hcfhf_gly[ugZ\_jgh_bkim]ZeZkvlZdhcf_lZfhjnhaughk_]h^gy[ueZghqv
g_h[tykgbfuobaZ]Z^hqguoihljyk_gbcYk\k_[he__\hajZklZxsbfbgl_j_khfjZa]ey^u\ZeZ
k\h_]hfm`Zij_^klZ\r_]h\bghcbihklZkb
DjZkb\hlhevdhbkfh]eZ\ufhe\blv[m^mqbihjZ`_gghci_j\ha^ZgghcdjZkhlhcfm`qbgu
Ih^hc^bdhfg_lj_[h\Zl_evghijha\mqZeijbdZa=hehk@hj`Zbaf_gbekyklZe[he__]emobfb
ljm[gufJZa\_yfh]eZhkemrZlvkydh]^Z^Z`_\hehkdbgZjmdZoklZebihklhcd_kfbjghklhbeh
mkeurZlvih\_e_gb_
G_kljZrZkvbg_aZ^mfu\Zykvhk\hbo^_ckl\byoyrZ]gmeZ\klhjhgmfm`ZbijbevgmeZdg_fm
hsmsZyih^iZevpZfbdhklygu_gZjhklu]jm^guosblh\qlhaZdju\Zeb]jm^vfm`qbguaZsbsZyhl
hkljuodh]l_c\jZ]h\
@hj`]em[hdh\^hogmefhcaZiZoij_`^_q_fijb`Zlvdk_[_B[ueh\wlhfqlhlhbglbfgh_
ijbgZ^e_`Zs__lhevdhgZf^\hbf
:ihlhffhbgh]bj_adhhlhj\Zebkvhla_febWlh^_fhgkmkbeb_fhllhedgmekyb\afZogme
djuevyfbYg_agZxdZd_fmwlhm^Zehkvghhgkfh]g_aZ^_\Zydjuevyfb\_lhd^_j_\v_\i_j_g_klb
gZkgZg_[hevrmxiehsZ^dm\hae_\oh^Z\^hfgZ^_j_\_
hlmf_gyihy\bekyebqgucebnl_jkhkf_rdhfhl\heg_gbyijhbag_keZykhiZkdhckfhljy\gba
gZa_fexHgZ[ueZlZd^Ze_dZH^gh^_ehdh]^Zyijb\udeZdqm^_kZfpb\bebaZpbbZ^jm]h_dh]^Z
hdZaZeZkvljZgkihjlbjh\ZgZ`b\ufkms_kl\hfBdm^Z"GZ^_j_\hY`_g_dZdZylhlZfh[_avygZ
qlh[ukdZdZlvih\_ldZf
Ydhg_qgh\^_lkl\_eZabeZih^_j_\vyfgh\ur_^\mof_ljh\g_aZ[bjZeZkv;hyeZkv\ukhluohlv
bgZiheh\bgm^_fhgihiZi_:lmlfugZoh^bebkvgZ^a_fe_cf_ljZo\^_kylbZfh`_l[ulvb
\ur_OhlymkljZoZ]eZaZ\_ebdb
LhevdhijbdZ`bjZa^Zehkvmf_gygZ^mohfex[hcfhf_gl^hfqm\]hehk_@hj`Z
ihy\beZkve_]dZyojbihlpZaZklZ\eyxsZy\hh[jZ`_gb_gZjbkh\Zlvkh\k_fm`g_ijbklhcgu_
dZjlbgdbYljyogmeZ]heh\hcqlh[uijh]gZlvgZ\Z`^_gb_Ghwlh[uehg_lZdlhijhklhk^_eZlv
:qlhlZf\gmljb"kh]jhfgufbgl_j_khfkijhkbeZihdZau\Zy]eZaZfbgZ\oh^gmx^\_jv
:\hlwlhfuk_cqZkbm\b^bfb[md\Zevghq_j_ak_dmg^mfuhdZaZebkv\gmljbdmdhevgh]h
^hfbdZdZdfg_ihdZaZehkvkgZjm`bdh]^Zklhyebmih^gh`vyh]jhfgh]h^_j_\ZH^gZdhyg_
h`b^ZeZqlh\gmljb[m^_lgZklhevdhk\h[h^gh
p_ehf^hfbdij_^klZ\eyekh[hch^gm[hevrmxdhfgZlmjZa^_e_ggmxgZahgu\gZr_fijb\uqghf
ihgbfZgbbKihfhsvx\uklmih\bakl_gwlhh]jhfgh_ijhkljZgkl\h^_ebehkvgZ]hklbgmx
kiZevgxbdmogxYlZdih^haj_\ZeZqlhbf_ehkv^Z`_dZdZylh\ZggZydhfgZlZghkihjh]Zfg_g_
[ueh\b^gh
JZkiheZ]Zckyohayckdbf`_klhfijb]eZkbef_gy@hj`ihf_gy\rbc\gh\vbihklZkv
dhfgZl_[ueh^hklZlhqghk\_lehWlhfZe_gvdb_k\_leyqdbblmlhdZau\Zebk\hbmkem]bih
^hihegbl_evghcbeexfbgZpbbBok\_lZo\ZlZeh^eykha^Zgbyl_iehcbmxlghcZlfhkn_jug_fgh]h
aZ]Z^hqghcbaZ\hjZ`b\Zxs_c\k\h_cbkdexqbl_evghklb
i_j\hcghqb@hj`
KdZaZlvqlhy__g_[hyeZkvagZqbehkh\jZlv_^v]emihcg_h[jZah\Zgghc^_\bp_cyg_[ueZgh\
lh`_\j_fybg_[ueZhiulghc\ex[h\guo^_eZoIhp_emb\jZkq_lg_rebGZgbokbevghg_
ijbh[j_l_rv[hevrh]hhiulZ
WlhludjZkb\ZyjZa^Zekyojbieuc]hehk@hj`Zmf_gyaZkibghc_]hkbevgu_jmdbh[\bebfhc
lhjkZ]hjyqb_]m[uijbdhkgmebkvd`bed_gZr__
Yohl_eZih\_jgmlvkyqlh[uihkfhlj_lvgZfm`Zghfg_g_^Zeb
Ihc^_fl_[__s_dh_qlhihdZ`mih^lZedb\Z_fZykaZ^by[ueZih^\_^_gZdh]jhfghcdZdfg_
ihdZaZeZkvdjh\Zlbk[Ze^Zobghfk\bkZxsbfkihlhedZ
YgZijy]eZkvg_h`b^Zyqlhf_gykjZam`_ihlZsZl\ihkl_ev
LbohLbohLZfl_[y`^_lkxjijba
Gh\h_ihkl_evgh_[_ev_"g_j\ghohohlgmeZ
Djhebdk[hevrbfbmrZfblheb\rmldmlheb\k_jv_aijhbag_k@hj`
Y_kl_kl\_ggh_fmg_ih\_jbeZj_rb\qlhwlhjhau]jurGhdZdh\h`_[uehfh_m^b\e_gb_dh]^Z
lZf]^_[uehkdZaZghklhyeZde_ldZgZdjulZyr_edh\ufieZldhf?]hybk^_jgmeZ
BeeZjbhgWlhhg"y]eZaZfk\hbfg_\_jbeZgZ^_ykvgZclbhl\_lum@hj`ZG_m`_ebhgkfh]
\upu]Zgblvm:ev[_jlbdZwlhqm^h
Hg^h\hevgucijhba\_^_gguf\i_qZle_gb_fijhbag_kfm`qbgZ
GhdZd"yagZeZqlhijhklhlZd:ev[_jlbd\jy^eb[uhl^Zek\h_]hex[bfpZ
Ijbrehkvk^_eZlvij_^eh`_gb_hldhlhjh]hhgg_fh]hldZaZlvkyykih^haj_gb_f\a]eygmeZgZ
fm`Z
GZ^_xkvlu_]hg_m[be"lhevdh\wlhfkemqZ_l`Z^bgZ:ev[_jlfh]i_j_^ZlvdjheZdhfmgb[m^v
^jm]hfm
G_lohlyhq_gvohl_eIjbrehkv\ua\ZlvgZ[hcdZdgb\q_fg_[u\Zehhl\_lbe@hj`KlZ\dhc
[uel\hcm`_djhebdkaZ[Z\gufbf_g_fBeeZjbhgLhevdhhq_gvl_[yijhrmqlh[u\kiZevg_hg
[uei_j\ucbihke_^gbcjZaMf_gygZr_jklvZee_j]byg_fgh]hkfmsZykvkhh[sbefg_fm`
�h]h\hjbebkvykfZogmeZkdjh\Zlbde_ldmkBeeZjbhghf\f_kl_kihdju\Zehfbhlg_keZ\
^jm]mxklhjhgmHl]j_oZih^Zevr_
M[jZ\djheZbgZdju\de_ldmygZdZdhclhfur_qghciZfylb\_jgmeZkvdfm`mF_gykeh\gh
lygmehdg_fmOhl_ehkv[ukdZaZlvqlhhgijbf_gbek\hxkbemghygbq_]hlZdh]hg_hsmsZeZ
AgZqblwlh[uehkh\_jr_ggh^jm]h_
KZfZg_aZf_lbeZdZdhdZaZeZkv\h[tylvyo@hj`ZGZrb]eZaZ\klj_lbebkvByijh\ZebeZkv\
hfmlu_]hihq_jg_\rbohl\heg_gbyhq_cY[ueZ[eZ]h^ZjgZfm`qbg_aZlhqlhhgf_gyg_
lhjhibeohlyfuh[ZagZebq_fk_]h^gyrgyyghqv^he`gZaZdhgqblvkyH^gZdhhgf_^ebe^Z\Zy
fg_\hafh`ghklvijb\udgmlvd_]hh[tylvyf_]h`Zjdbfihp_emyfijbly`_gbx_]hl_eZBy
ijb\udZeZgZklhevdhqlhf_gym`_kh\_jr_gghg_im]Zehlhqlh^he`gh[uehkemqblvky
RZfiZgkdh]h"ojbiehkijhkbemf_gy@hj`kh]jhfgufmkbeb_fhlhj\Z\rbohlfhbo]m[Y
aZf_lbeZgZq_e_fm`Z\gmlj_ggb_kljZ^ZgbyZm`ihlhfmdZdiueZeb_]h]eZaZ]^_\]em[bg_
\b^_ebkvdjZkgu_\kihehobljm^gh[uehg_^h]Z^Zlvkyq_f\ua\ZgZih^h[gZyj_Zdpby
G_ihf_rZeh[uGhagZ_rvij_^mij_`^ZxkjZamqlhyklZgh\exkv^mjgZyhlZedh]hey
Q_klgh_keh\hYk_]h^gykeh\ghhldjulZydgb]Zb\k_jZkkdZau\ZxdZdgZ^momijbagZeZkv\
k\h_ckljZrghclZcg_
Lh]^Zy^he`_gwlbf\hkihevah\Zlvkymkf_ogmeky@hj`ih^oh^ydklhebdmbgZeb\Zy
rZfiZgkdh_ba[mluedbihke_lh]hdZdhgijhklh\bjlmhagh_]hhldjues_eqdhfiZevp_\Eh\dhklv
jmdbgbdZdh]hfhr_ggbq_kl\Z_kebg_[jZlv\h\gbfZgb_kbem
Kfhljbyij_^mij_^beZy\ayeZijhlygmluc[hdZegZ\ukhdhcgh`d_lhjhclhqghlZdhc`_
hdZaZeky\kbevghcjmd_fm`qbguAZlh\h\lhjhcym\b^_eZkhqgmxdem[gbdmH]hWlh`_lhqlhy
ex[exbdZdyg_aZf_lbeZ\ZahqdmkdjZkgufby]h^Zfb"
Lh]^ZaZgZkIj_^eZ]Zx\uiblvgZ[jm^_jrZnlq_jgu_]eZaZ@hj`ZhiZkgh[e_kgmeb:yg_
]h\hjygbkeh\ZhlkZexlh\ZeZfm`mkgZf_j_gb_fkdj_klblvjmdbqlhfulhlqZkbk^_eZeb
Ih`Zemcbf_gghrZfiZgkdh]hfg_bg_o\ZlZehK^_eZ\g_kdhevdh]ehldh\ykh]jhfguf
m^h\hevkl\b_fhsmlbeZihfbfh\_ebdhe_igh]h\dmkZgZibldZkf_ehklvqlhaZkljmbeZkvihfhbf
\_gZfaZklZ\b\[mjeblvb[_alh]h[ukljh[_]msmxdjh\v:dh]^Zfuhlgyeb[hdZeuhl]m[b
kh_^bgbebk\hbmklZlhhsmlbeZijb\dmk\bgZkf_rZgguckZjhfZlhf@hj`Zdh]^ZgZrihp_emc
i_j_jhkba\iheg_[eZ]hijbklhcgh]h\kh\_jr_gghbghcaZklZ\eyxsbcih^dZrb\Zlvkygh]b
Dem[gbdZ[ueZ[eZ]hihemqghaZ[ulZihlhfmdZdklZehg_^hg__
Ih^mf_eufbeZkdZfbfm`Zy[md\ZevghieZ\beZkv[m^lhfhjh`_ggh_\dj_fZgd_mghkbeZkv\
^Ze_db_^Zeb]^_g_lf_klZkhfg_gbyfZ_klvlhevdhebrvqm\kl\Zbhlghr_gby^\mo^hjh]bo^jm]
^jm]mex^_c
H^gZdhklhbeh@hj`mijbdhkgmlvkydfZe_gvdbfim]h\dZf]hjhrbgdZfgZieZlv_bgZqZlvbo
jZkkl_]b\ZlvdZdlml`_fh_l_ehkdh\ZeZdZdZylhjh[hklvbyaZf_jeZqmlvebg_dZdba\Zygb_
@hj`kaZlmfZg_ggufbkljZklvx]eZaZfbhlkljZgbekyhlf_gyi_j_kbeb\Zy\heg_gb_[jh^b\r__
\gmljb\ua\Zggh_hq_j_^ghchlkjhqdhc
Yqlhlhk^_eZeg_lZd"Lu^jh`brvbijZ\^Zyg_aZf_lbeZdZd^jh`v\ha[m`^_gbyi_j_jhkeZ\
bgmxBdZdhglhevdhkfh]ihqm\kl\h\ZlvY[ueZm^b\e_gZ
G_lk_ghjfZevghaZ\_jbeZyfm`ZklZjZl_evghhl\h^y\a]ey^
Fm`qbgZeZkdh\hijbih^gyefhcih^[hjh^hdkfhljyfg_\]eZaZbg_^Z\Zyhl\_klbk\hb
�Ykebrdhfki_rm"Z"`_e\Zdboh^beboh^mghfgZebp_fm`Zghijbwlhf\ahjbaemqZe\hegu
ihgbfZgbyb^Z`_g_dh]hkfbj_gbyq_]hm`lhqghyg_h`b^ZeZhl@hj`Z
G_lyhk_deZkvYg_agZxy[hyeZkvh[b^_lvfm`ZWlh`_\k_jZ\gh^he`ghkemqblvky
dh]^Zlh
@hj`dZdlhdjb\hmkf_ogmeky
Keh\Z^he`_gbeb^he`gZg_^he`gu[ulv\gZr_fe_dkbdhg_Lufg_gbq_]hg_^he`gZby
g_iha\hexqlh[ulukqblZeZqlhh[yaZgZqlhlh^_eZlvijhlb\\hebYg_ohqmlZdbohlghr_gbc
KebrdhfqZklhf_gyij_ke_^h\Zehwlhkeh\hblZdZy[hev\uj\ZeZkvgZjm`m
YihgbfZxgZqZeZ[uehy
G_lLug_ihgbfZ_rvfm`qbgZhlhr_ehlf_gyKljZrgh[ulvfZe_gvdbfj_[_gdhfbkeurZlv
lhevdhh^ghlu^he`_gk_[y\_klbijZ\bevghlu^he`_gklZjZlvkylug_^he`_glZd
ihklmiZlvlu^he`_gmqblvkywlhm`_iha`_Zihlhflu^he`_g`_gblvkygZlhclh
^he`_g^he`_gb\k_ydhfmlh^he`_gGbdhfmgbq_]hg_hl^Z\Zybg_ihemqZy\aZf_gy^he`_g
ih^gyejmdmbijh\_eih\hehkZfkeh\ghklZjZykvhlh]gZlv\k_lhqlh^h\e_ehgZ^gbf
Gmihq_fmlZd"aZ^ZeZy\hijhkqlhfmqbef_gy
IhlhfmdZdykZf^blyg_h[oh^bfhklb]hj_klghmkf_ogmekyfm`qbgZhloh^ydhdgmb
\]ey^u\Zykv\l_fghlm
G_fh`_llZdh]h[ulvYg_^mfZxijbgyeZkvhijh\_j]Zlvkeh\Z@hj`ZIhlhfmdZdkj_^b
^_fhgh\dZdijZ\beh^_l_cbag_h[oh^bfhklbg_aZ\h^beb;ueZkebrdhf[hevrZy\_jhylghklvqlh
j_[_ghdjh^blky[_akbeubeb`_khkeZ[hckbehcDZdijZ\behkZfufbh^Zj_ggufb[uebi_j\_gpu
b[hbf^hklZ\Zehkvev\bgZy^heylh]hqlhfh]ebi_j_^Zlvjh^bl_eblhju_^_lbagZqbl_evgh
mklmiZebi_j\ufdhg_qgh[u\Zeh\kydh_ghwlhkdhj__bkdexq_gb_q_fijZ\behGZihemdjh\hd
wlhg_jZkijhkljZgyehkvghkf_rZggu_[jZdb[ueb^hklZlhqghj_^db\kbemZjoZbqghklb
\gmlj_gg_]hmdeZ^Z`bagbijbgpbi_dh]^Zi_j\u_^_lbaZ\h^bebk\hbk_fvblhjh^bl_ebfh]eb
\gh\vjh^blvfZeurZblh]^Z\lhjhcj_[_ghdihemqZe^hklZlhqghkbeuihkdhevdmi_j\uc\aZq_l
m`_g_r_eGh^h[jZdZi_j\_gpZ^mfZlvh\lhjhfgZke_^gbd_^Z`_g_^mfZeb
@hj`ohl_eaZijhl_klh\Zlvghy_]hhi_j_^beZ
JZal\hbjh^bl_ebj_rbebl_[yjh^blvlhwlhlhevdhhl[hevrhcex[\bebrvwlhy\eyehkvl_f
nZdlhjhfqlhiha\heyeh[ulvm\_j_gguf\jh`^_gbbj_[_gdZh[eZ^Zxs_]h^hklZlhqgufmjh\g_f
kbeu
G_lG_hlex[\bZhlg_h[oh^bfhklbI_j_^fhbfjh`^_gb_fqmlvg_ihl_jyebhevnZhg
gZoh^beky^he]h_\j_fyaZ]jZgvxihke_lh]hdZd_fm\jmdbkh\_jr_gghkemqZcghZfh`_lbg_
kemqZcghihiZeZjl_nZdl\ukZku\Zxsbc`bagvGbdlhg_fh]^h]Z^Zlvky\q_fijbqbgZZdh]^Z
ihgyeblh[uehkebrdhfiha^gh_jg__ihkqblZebqlhiha^ghhlgZk\_lbihy\bekyy@h