Ubiystvo-v-spalnom-vagone.PDF


Чтобы посмотреть этот PDF файл с форматированием и разметкой, скачайте его и откройте на своем компьютере.
GHWHFWLYH
$XWKRU,QIR
K_[Zklvyg@Zijbah
M[bckl\h\kiZevghf\Z]hg_
M[bckl\h\kiZevghf\Z]hg_ijhba\_^_gb_ijbagZggh]hfZkl_jZ^_l_dlb\gh]h`ZgjZ
K_[ZklvygZ@Zijbah
JhfZghlebqZxlbkdmkghihkljh_ggZybgljb]Zm\e_dZl_evgZyfZg_jZih\_kl\h\Zgbydhlhju_
^_j`ZlqblZl_ey\g_hkeZ[ghfgZijy`_gbb
Jhkkbbwlhijhba\_^_gb_ba^Z\ZehkvlZd`_\i_j_\h^_Jm[_euAZdZjvygih^gZa\Zgb_fDmi_
kf_jlgbdh\
�h[Z\e_gZh[eh`dZZgghlZpbykghkdbbkijZ\e_gZkljmdlmjZ^hdmf_glZ\uqbldZqbkldZ
5RQMDB5RYDUGRWWHU\f
@ZijbahK_[Zklvyg
M[bckl\h\kiZevghf\Z]hg_
hldZd\k_gZqbgZ_lky
Ih_a^ijb[uebaFZjk_ey
Ghq_eh\_ddhlhjhfmiheh`_gh[uehhkfhlj_lv_]hdhjb^hju\Z]hgZbimklu_dmi_bf_gh\Ze_]h
FZjk_evp_fk_fviylv^_kylihke_dhlhjh]hg_]j_obi_j_dmkblvIjbr_^rbcg_aZ^he]h^hwlh]h
khklZ\ba:gg_kblh`_bf_eijha\bs_;_a^\Z^pZlbiylb\hk_fvg_fhgh[gZjm`be^\Z
ieZsZahglbdbbkihjq_ggh_hlhie_gb_GZdehgb\rbkvk]Z_qgufdexqhf\jmd_gZ^ihehfdhchg
\b^_edZdFZjk_e_phklZgh\bekyih^jm]mxklhjhgmi_jjhgZ
;ueykgucb^h\hevghijhoeZ^guckm[[hlgbc^_gvdZdhcbgh]^Z\uiZ^Z_l\gZqZe_hdly[jy
IZkkZ`bjuijb_oZ\rb_kx]Z]^__s_dmiZebkvbaZ]hjZebkm^b\e_gb_f\abjZebgZkljmcdbiZjZ
\uju\Z\rb_kybahjlZijbjZa]h\hj_k\klj_qZxsbfb
Fm`qbg_hkfZljb\Z\r_fmijhoh^u\\Z]hgZo[ueh]h^Z?]ha\ZebIv_jhfghlh\Zjbsb
�ih^ljmgb\Zybf_gh\Zeb_]h;_[_@Ijb^_j`b\ZykvdjZcg_e_\uom[_`^_gbcbjZafureyy\wlm
^h\hevghijhoeZ^gmxkm[[hlm\mljZgZEbhgkdhf\hdaZe_hij_^klhys_cgZ[m^ms_cg_^_e_
aZ[Zklh\d_hgbkiulu\Zeebrvqm\kl\h]heh^Zb`_eZgb_ih^dj_iblvkyqZrdhcdj_idh]hdhn_
Z]hguFZjk_evpZ^he`gu[uebhlh]gZlvg_jZg__q_fq_j_a^h[juoiheqZkZIhwlhfmkhc^yk
ih_a^Zba:gg_kbIv_jj_rbekgZqZeZi_j_dmkblvb\m`_gZoh^beky\ih^kh[d_\dhgp_imlb
F]^_k`_elhdjZkghcqZrdhc\jmd_\k^\bgmlhcgZaZluehdd_id_h[km`^Zek[ebahjmdbf
dhgljhe_jhfbg_]jhfih^jmqguf\hijhkbf__lebkfukeaZ[Zklh\dZ\h\lhjgbdlh_klv\^_gv
g_^_ebdh]^Zgbdlhgmj_rbl_evghgbdlhgbdm^Zg__a^bl"
=h\hjbehgf_^e_gghkihdhcgh^hdZau\ZyqlhdjZldh\j_f_ggZyaZ[Zklh\dZih^h[gZj_deZf_bqlh
]eZ\gh_gZg_klbm^ZjihkZfhfg_gbx[mj`mZabb?]hkh[_k_^gbdbkdZaZebqlhhgdhg_qghijZ\
Kgbf\hh[s_e_]dhkh]eZrZebkvWlh[ue\ukhdbcly`_eh\_kgucfm`qbgZkjZaf_j_ggufb
`_klZfbly]mqbf]hehkhfb[hevrbfbkihdhcgufb]eZaZfbhq_gv_]hfheh^b\rbfbAZgbf
ml\_j^beZkvj_imlZpbyq_eh\_dZdhlhjucg_\a^jh]g_l_kebdlhgb[m^vg_h`b^Zgghoehig_l_]hih
ie_qmlh_klvq_eh\_dZkdj_idbfbg_j\Zfb
hgm`_r_eihijhoh^ZfFZjk_evpZhldju\ZybaZdju\ZyaZkl_de_ggu_^\_jbdmi_
rZjngZdhlhjhf[ue\urbli_caZ`[molZGbppuBdhg_qgh\kihfgbeGbppmgZ[_j_`gmx
IjhfgZ^^_a:g]e_dZabghfZe_gvdh_dZn_\jZchg_K_gJhrHg[uelZf^\Z`^uKgZqZeZdh]^Z
bkihegbehkv^\_gZ^pZlve_lb_]hhlijZ\beb\^_lkdmxdhehgbxbihlhf\^\Z^pZlv\h\j_fy
k\Z^_[gh]himl_r_kl\by
GbppZ
ke_^mxs_fdmi_hgh[gZjm`beljmi
dbghhgh[uqghaZkuiZe_s_^hgZqZeZ^_fhgkljZpbb^_l_dlb\guonbevfh\ghl_fg_f_g__
kjZam^h]Z^Zekyqlhi_j_^gbfljmi@_gsbgZkhl[e_kdZfb^g_\gh]hk\_lZ\jZkdjuluo]eZaZo
e_`ZeZgZgb`g_cijZ\hcihed_dZdlhkljZgghih^\_jgm\gh]blZdqlhklmigbhdZaZebkvgZihem
?_h^_`^Zl_fgucdhklxfb[_eZy[emadZ[ueb\[_kihjy^d_ghg_[he__ lZdhgih^mfZe\fq_f
mex[hciZkkZ`bjdbj_rb\r_cijbe_qvh^_lhc\\Z]hg_\lhjh]hdeZkkZOm^hsZ\Zye_\ZyjmdZ
m[blhc\p_ibeZkv\djZcihedbZijZ\Zymi_jeZkv\lhsbcfZljZkKha^Z\Zehkv\i_qZle_gb_[m^lh
l_ehaZkluehdh]^ZhgZiulZeZkvih^gylvkyX[dZ[ueZke_]dZijbih^gylZgZ[_^jZoQ_jgZy
eh^hqdZkhq_gvlhgdbfdZ[emdhf\ZeyeZkvgZkhkdhevagm\r_fgZihek_jhf^hjh`ghfh^_ye_
Q_eh\_dijh\_jy\rbc\Z]hgu]jm[h\ujm]Zekybk_dmg^^\_gZ^pZlvlmihkfhlj_egZljmiGZ
ljbgZ^pZlhck_dmg^_hgh[jZlbe\gbfZgb_gZhims_ggmxrlhjmhdgZZgZq_lujgZ^pZlhc\a]eygme
gZk\hbqZku
;uehmljZHgkgh\Z\ujm]Zekykhh[jZ`Zydh]hgZ^hihklZ\blv\ba\_klghklvbgZ\kydbc
kemqZcihbkdZe\dZjfZg_dexqqlh[uaZi_j_lvihf_s_gb_
Kimkly_s_iylv^_kylfbgmldh]^ZrlhjZ[ueZih^gylZbkhegp_hk\_lbehdhe_gbe_`Zs_c
`_gsbgu\dmi_m`_\kiuob\Zeb[ebpunhlh]jZnh\m]heh\ghcihebpbb
@_gsbgZ[ueZ[jxg_ldhcfheh^Zyih`Zemclhg_gvdZyih`Zemc\ukhdZyih`ZemcdjZkb\ZyGZ
r__\ur_\uj_aZ[emadb\b^g_ebkvke_^uk\b^_l_evkl\h\Z\rb_hlhfqlhkf_jlvgZklmibeZhl
m^mr_gbyKe_^jZkiheh`_ggucihgb`_ihoh^begZfZe_gvdb_\ulygmlu_\h^gmebgbxdjm]eu_
iylgurdb\_jogbc`_[he__]em[hdbc[ueiehkdbch[jZfe_ggucq_jgufmlhes_gb_fjZq
kihdhcguf`_klhfmdZaZegZg_]hijbkmlkl\mxsbfbih^q_jdgmeqlhq_jghlZih^l\_j`^Z_l\_jkbx
hlhfqlhm[bcpZ\hkihevah\Zeky]jyagufj_fg_f
Ljh_fm`qbg\iZevlhhdjm`Z\rbo\jZqZijb[ebabebkvqlh[u\wlhfm[_^blvkyIh^bogh]Zfb
aZlj_sZebjZa^Z\e_ggu_[_eu_[mkbgdbwlbojZa[jhkZgguoih\kx^mkl_deyrdZogZijhklug_
]^_e_`ZeZ`_gsbgZgZkhk_^g_cihed_gZihemb^Z`_gZih^hdhggbd_\kx^mhljZ`Zebkvemqb
khegpZIha^g___s_h^gm[mkbgdmgZreb\ijZ\hfdZjfZg_l_fgh]hdhklxfZ`_gsbgu;mku[ueb
dmie_gu\fZ]Zabg_klZg^Zjlguop_g\hl^_e_^_r_\hc[b`ml_jbb
jZqkdZaZeqlhkm^yihi_j\hfm\i_qZle_gbxm[bcpZkgZqZeZgZoh^bekyihaZ^b`_jl\ublhevdh
ihlhfgZ[jhkbegZ__r_xj_f_gvj_amevlZl_q_]h[mkujZkkuiZebkvGZaZlued_djh\hih^l_dh\
g_[uehp_euhklZebkvbr_cgu_iha\hgdbAZlhkbevghihkljZ^ZebZ^Zfh\hy[ehdhb[hdh\u_
fmkdmeur_b
@_gsbgZy\ghg_aZsbsZeZkvGh]lb__[ueb\ihjy^d_lhevdhgZkj_^g_fiZevp_ijZ\hcjmdb
khr_eeZdLhebgZf_j_gghlheb\h\j_fy[hjv[um[bcpZhijhdbgme`_gsbgmgZihedmKm^yih
\k_fm`_jl\ZkdhgqZeZkv\l_q_gb_^\mobeblj_ofbgmlKf_jlvgZklmibeZqZkZ^\ZgZaZ^\kdhj_ih
ijb[ulbbih_a^ZgZ\hdaZe
aZkmgm\jmdb\dZjfZguiZevlh_^\Zr_\_ey]m[ZfbqlhlhkijZrb\ZejZqijhn_kkbhgZevguf
`_klhfke_]dZijbih^gye]heh\mm[blhcijbk_\k[hdmhlg__bkdZaZeqlhml\_j`^Zlvqlheb[h
hij_^_e_ggh__s_jZghghih_]hfg_gbxbijbgbfZy\h\gbfZgb_^_ckl\bym[bcpulhl[ueg_
gZfgh]h\ur_bkbevg__k\h_c`_jl\uLh_klvih^haj_\Zlvfh`ghdZdfm`qbgmlZdb`_gsbgm
Ihke_^gb_h^gZdhj_^dh^mrZl\hl\q_fnhdmkHgh[ke_^m_lljmi\dhgp_^gy\ZgZlhfbqd_
Ihke_q_]h\ay\ihjln_evbih`_eZ\q_eh\_dmgZihed_m^Zqb\jZqm^ZebekyaZdju\aZkh[hc^\_jv
dmi_
Kb^_\rbcfm`qbgZ\ulZsbebadZjfZgZkb]Zj_lmaZ`Z\__^\mfyiZevpZfbH^bgba_]hkimlgbdh\
ih^g_k_fmh]hgvZaZl_fihdj_iq_aZiZogm\iheuiZevlhijbkehgbekye[hfdhdhgghfmkl_dem
GZi_jjhg_dZdjZagZijhlb\hdgZfheqZdmjbebkhljm^gbdbm]heh\ghcihebpbbh`b^Zydh]^Zbf
hk\h[h^ylihf_s_gb_klhjhg_]hjyqhh[km`^ZeZijhbkr_kl\b_]jmiiZihebp_ckdbojhlha__\
kem`Zsbobfhcsbdh\hdhgHdheh^\_jb\Z]hgZklhyebghkbedbbakbgl_lbq_kdhcldZgbk
ihl_fg_\rbfbjmqdZfb
Q_eh\_dkfhlj_\rbc\hdgh\ugmebadZjfZgZiZevlhghkh\hcieZlhd\ukfhjdZekybh[ty\beqlh
y\ghaZ[he_\Z_l]jbiihf
GZoh^b\rbckyihaZ^bg_]hfm`qbgZ\reyi_aZf_lbeqlhwlhhq_gvi_qZevghghqlh]jbiim
ijb^_lkyih\j_f_gblv gZ^h`_dhfmlhjZkke_^h\Zlv^_eh\fbqlhbf_ggh_fm=jZppbijb^_lkywlbf
aZgylvkyAZl_f\klZekgyereyim\ugmebalmevbieZlhdrmfgh\ukfhjdZekybkhh[sbeqlhlh`_
q_jlih[_jbaZ[he_e]jbiihfiheh`beieZlhdh[jZlgh\reyimreyimgZ^_egZ]heh\mb]emobfhl
gZkfhjdZ]hehkhfkdZaZe_e_^\b]Zy]m[Zfbqlhkh\_lm_l=jZppbg_f_rdZlvKmfhqdZH^_`^Z
Q_fh^ZgI_j\h_magZlvdlh[ueZwlZdjZkhldZlhjh_hldm^ZhgZ_oZeZ]^_ijh`b\Z_lkd_f
�agZdhfZb\k_lZdh_Lj_lv_kibkhdebpaZ[jhgbjh\Z\rbof_klZ\dmi_heh`blv\qZkh\
\_q_jZOhl_ehkv[ugZk_cjZamkeurZlvihf_gvr_q_fh[uqgh]emihkl_cWlh[ueh[ukh\k_f
g_^mjghKe_^kl\b_\_^vex[bfh_aZgylb_Nj_]ZjZH[sbcijb\_l=eZ\gh_mf_lv\k_ih^ZlvYkgh
\ujZ`Zxkv"Ih^Zlv
Hg\ugmeijbwlhfjmdmbadZjfZgZbk^_eZehdjm]euc`_klZaZl_fijbklZevghih]ey^_egZ
klhy\r_]hmhdgZ
Lj_lbcq_eh\_dih^[bjZ\rbcjZkkuiZggu_[mkbgdbih^gye]eZaZbkijhkbeiZljhgZqlh^_eZlv
�_fm"JZa^Zeky]jhfdbckf_oihke_q_]h]emoh\ZluchlgZkfhjdZ]hehkijhbag_kZqlhl_[_
jhoe__s_^_eZlvdZdg_gZgbau\ZlvgZgblhqdmlhqlhk_cqZkgZoh^blky\l\hbojmdZoGZqlhlu
_s_]h^brvky"
AZl_ffm`qbgZ\reyi_h[_jgmekydlhfmdlh\k__s_kfhlj_e\hdgh=jZppb[ueom^hsZ\uf
\ukhdbfq_eh\_dhfklmkdeufb\hehkZfbk\hbe_l\u]ey^_ehgkmlmeufgZ\_jgh_hl
g_mdhkgbl_evgh]hih\bgh\_gbyK\_lehkbg__iZevlhkihl_jlufbh[reZ]Zfb\bk_ehgZg_fdZdgZ
\_rZed_Dkl_demijbklZeZ]jyavG_fgh]h_`_fh]hgm\b^_lvq_j_alZdh_kl_deh
Ihebp_ckdbc\reyi_kdZaZeqlhimklvhg=jZppbg_aZ[m^_laZ]eygmlv\^jm]b_dmi_dlhagZ_l
qlhlZfgZc^_lkyb^Z`__kebg_lgbrbrZwlh\k_jZ\ghijb^Z_l\_khlq_lmgZ^h\_^v\k_mf_lv
ih^Zlv
Hgohl_e_s_qlhlh^h[Z\blvghih`Z\ie_qZfbkgh\Zijhbag_kq_jlih[_jbkdZaZeqlh\jmdZo
�mih^[bjZ\r_]h[mkbgug_qlh\_kvfZ\Z`gh_qlhhg`^_lgZDw@\ihe^_gvqZhBmr_eg_
Fm`qbgZmhdgZh[_jgmekyEbphmg_]h[ueh[e_^gh_]eZaZ]hem[u_\a]ey^kihdhcgucHgkdZaZe
dhee_]_kdehgb\r_fmkygZ^ihedhc]^_kh^_j_\_g_\rbfbfmkdmeZfbe_`ZeZm[blZyqlhihbklbg_
`bagvqZklhklZ\blkh\_jr_gghg_ij_^\b^_ggu_ih^gh`db
Wlh[ueZg_[hevrZyaZfmkhe_ggZyaZibkgZydgb`dZ\djZkghch[eh`d_k[e_klys_ckibjZevxb
d\Z^jZlgufbebklZfb[mfZ]b;Zgv_\fZ]Zabg_ibkq_[mfZ`guoijbgZ^e_`ghkl_cohaybg
dhlhjh]hibeb[be`_gmhgZklhbeZnjZgdh\^_kylv
Lhldh]hdhee_]bgZau\Zeb=jZppbjZa\_jgme__\dZ[bg_l_gZ\lhjhfwlZ`_\hdaZeZqlh[uaZg_klb
i_j\u_\i_qZle_gby;uehhdhehh^bggZ^pZlbqZkh\^gyFZjk_e_p\ur_ebaFZjk_eyhdly[jy\
&#xi;&#xml;&#xhg;&#xi;&#xh;&#xjZ;&#xki;&#xbk;&#xZg;&#xbx;&#xh;&#xkl;&#xZg;&#xZ;b;&#xZe;&#xky;&#x;&#x:;&#xbg;&#xvh;&#xg_;&#x;&#x;Z;&#xeZ;&#xgk;&#x_;&#xbh;&#xg_;�qZkZfbgmlimlbhgihjZkibkZgbxhklZgZ\eb\Zeky\:\bgvhg_;ZeZgk_Ebhg_bb`hd_
R_klvf_kl\dmi_]^_[ueZh[gZjm`_gZ`_jl\Zbf_ebkqblZykgbamghf_jZkihg_q_lgu_
ke_\Zq_lgu_kijZ\ZIylvbagbo[uebaZgylu\FZjk_e_r_klh_hklZ\Zehkv
k\h[h^guf^h:\bgvhgZ
@_jl\Ze_`ZeZgZihed_GZc^_gguc\__kmfhqd_[be_lk\b^_l_evkl\h\ZehlhfqlhhgZk_eZ
\ih_a^\FZjk_e_bqlhghqvxaZgbfZeZihedm_keblhevdhg_ihf_gyeZkvkd_flhba
iZkkZ`bjh\
;be_lumiZkkZ`bjh\\lhjh]hdeZkkZijh\_jyebkv\k_]hjZaihke_hklZgh\db\:\bgvhg_f_`^m
bKdhgljhe_jZfbm^Zehkvk\yaZlvkyihke_ihem^gyHgbkhh[sbebqlhgbdlhba
iZkkZ`bjh\g_hiha^ZegZih_a^ghqlhd\_ebdhfmh]hjq_gbxhgbg_fh]mlgbq_]h\kihfgblvh
l_odlhaZgbfZewlhdmi_
Dw^\nHjn_\j
H^_`^Z[_ev_^ZfkdZykmfhqdZq_fh^Zgh[m\vh[jmqZevgh_dhevph`_jl\u^h`b^ZebkvgZklhe_
h^gh]hbabgki_dlhjh\^Ze_dhg_emqr_]hdklZlbkdZaZlvDgbf[ueZijbeh`_gZdhibyhibkb
k^_eZggZyklZ`_jhfHl^_eZhihagZgbc;_aZjhf
;jh^y]Zdhlhjh]h^hijZrb\ZebaZkhk_^gbfklhehffjZqghihrmlbeihih\h^mkh^_j`bfh]h
jZahj\Z\r_]hky\h\j_fyiml_r_kl\byihwlZ`Zf[mfZ`gh]hf_rdZbadhlhjh]h\u\ZebeZkvdmqZ
g_cehgh\uo\_s_cLhldh]ha\Zeb=jZppbihkh\_lh\Ze_fmaZldgmlvkygZqlh[jh^y]Zhohlgh
kh]eZkbekybklZelj_[h\Zlvqlh[u_]hg_f_^e_ggh\uimklbebLh]^Zbgki_dlhjmkb^_\r_fm
�gZijhlb\ijbrehkv_fmijb]jhablvZfZijbkmlkl\h\Z\rZydZdk\b^_l_evgbpZhlgZqZeZ^h
dhgpZijbdZdhflh^hjh`ghfijhbkr_kl\bb\klZeZgZklhjhgmm]g_l_gguoI_j_iZedZ
khijh\h`^ZeZkvrmfhfiZ^Zxsboij_^f_lh\dhlhju_=jZppbiulZeky\k_kjZami_j_g_klbgZk\hc
klhe
?s_^hlh]hdZdbgpb^_gl[uebkq_jiZg=jZppbm`_hagZdhfbekykiheh\bghc^hklZ\e_gguo
\_s_cIhf_j_lh]hdZdhgbojZa[bjZehgbklZebaZihegylv_]hklhekiheaebkhklmeZhdZaZebkv
jZa[jhkZggufbihiZjd_lmb\lhj]ebkvgZklheukhk_^_cdhlhju_ijhdebgZeb_]haZlhqlhhgg_
mf__laZgbfZlvky^_ehfgZk\h_ff_kl_
Hli_qZlZggZygZfZrbgd_hibkvHl^_eZhihagZgbckhijh\h`^ZeZkvg_dhlhjufb^h[Z\hqgufb
k\_^_gbyfbH[gZjm`_ggmx\dZjfZg_dhklxfZ[mkbgmijbh[sbebdkh[jZgguf\dmi___
h[ke_^mxlHli_qZldbiZevp_\gZkmfhqd_q_fh^Zg_lmneyob\_sZo\q_fh^Zg_ijbgZ^e_`Zeb\
hkgh\ghfkZfhcm[blhcKjZ\g_gb_hklZevguohli_qZldh\kl_fbdhlhju_h[gZjm`beb\ih_a^_
aZcf_l\j_fylZddZdhgbg_hq_gvk\_`b_bg_hq_gvohjhr_]hdZq_kl\ZIm]h\bqdZhl[emadb
jZaf_jhfogZc^_gghc\kmfhqd_g_mf_ehcjmdhc[uebgZ[jhkZgug_ijbebqgu_jbkmgdbk
ih^ibkyfb\b^bfhj_[mkkhklZ\e_ggucg_khfg_gghdhffb\hy`_jhfDklZlbbagZklhcqb\uo
h[tykg_gbc;_aZjZ aZgy\rbokljhdgZfZrbgd_\f[uehykghqlhj_[mkkhklZ\e_gg_]jZfhlghIh
\b^bfhfmgZ\_jomm`_^hklZlhqghihj_a\bebkvj_[mkklZegZk_]h^gy]eZ\ghcaZ[Z\hc\
MijZ\e_gbb
Dihem^gxj_[mki_j_dhq_\ZegZ^jm]b_wlZ`bbiZljhgkb^y\reyi_aZk\hbfklhehfk
dZjZg^Zrhf\jmd_ij_^eZ]Zelj_fbgki_dlhjZf\_k_ehhijh\_j]Z\rbf_]h\ZjbZglujZagu_
j_r_gbykhijh\h`^Zyk\hbkeh\Z]jhfdbf]gmkZ\ufkf_ohfDh]^Zlhldh]hgZau\Zeb=jZppbdZd
h[uqghkmlmeykvbkfhjdZykv\hr_e\dhfgZlmmklZgh\beZkvlbrbgZ
IZljhgk^\bgm\reyimgZaZluehdkdZaZeeZ^ghj_[ylZgZ^hih]h\hjblvkR_jehdhfOhefkhfm
dhlhjh]h\b^ghg_\k_]eZ^dhhgbfh]mlijh\Zeb\ZlvDZjZg^ZrhklZekymg_]h\jmd_Zehdl_fhg
hi_jky\ebklkg_ijbebqgufbjbkmgdZfbm]hedZojlZb\kdeZ^dZom]eZaaZklueZmkf_rdZ
Himklb\]eZaZhgijh^he`Zejbkh\Zlvblh]^Zdh]^Z=jZppbijbkehgb\rbkvdjZ^bZlhjmb
ijhkfZljb\ZyaZibkb\k\h_cdjZkghcaZibkghcdgb`d_gZqZefjZqgh^hdeZ^u\Zlv
��@_jl\ma\Zeb@hj`_llZLhfZe_lJh^beZkv\hNe_jZd_^_iZjlZf_glhj^hgv\Z^pZlbe_l
\ureZaZfm`aZ@ZdZEZg`ZkdhlhjufjZa\_eZkvkimklyq_luj_]h^ZJhklf_lj[jxg_ldZ
]hem[u_]eZaZdh`Z[_eZygbdZdbohkh[uoijbf_lIj_^klZ\bl_evgbpZkl_g^bklnbjfuij_^f_lh\
�jhkdhrb;Zje_gIjh`b\ZeZihmebp_xi_jj_^hfGZoh^beZkv\FZjk_e_\k\yabkihdZahflZf
h[jZaph\ijh^mdpbbkhdly[jy^h\_q_jZhdly[jy@beZ\hl_e_F_kkZ`_jbgZmebp_N_ebdk
IbZb\p_glj_AZjZ[Zlu\ZeZnjZgdh\\f_kypaZ\uq_lhfgZeh]h\Bf__lgZkq_lm\[Zgd_
njZgdh\GZebqgu_\kmfhqd_njZgdZiexkdZgZ^kdbc^heeZjIh\k_fm\b^ghqlh
fhlb\hfm[bckl\Zg_[uehh]jZ[e_gb_Ke_^m_lijh\_jblvZ^j_kZ\aZibkghcdgb`d_\_sZog_l
gbq_]hhkh[_ggh]himklhcneZdhgqbdZkibjbgZdhlhjuchgZfh]eZ[ub\u[jhkblvg_kdhevdh
nhlh]jZnbcj_[_gdZ^h\hevghg_`gh_ibkvfhihih\h^mhlkjhqdbk\b^ZgbygZqbgZxs__kykeh\Zfb
fhyi_j_i_ehqdZ[_a^Zlubih^ibkb\k_
�IZljhgkdZaZeZgh\k_ykghdZdZi_evkbggZ^hqlh[ul_i_jvex^bih[_]Zeb\ukmgm\yaudHg
\ulZsbebadZjfZgZkfylmxkb]Zj_lm\uijZ\be__IhbkdZekibqdb=jZppb^Ze_fmijbdmjblv
�GZdehgb\rbkvgZ^h]g_fiZljhgkdZaZeqlh\hi_j\uo_kebhgZ`beZgZmebp_xi_jj_agZqbl
lZf`_]^_lhbiblZeZkvHg\ugmebahjlZkb]Zj_lmaZdZreyekybijh[mjqZeqlhihjZ[jhkblv
dmjblvlhjh_aZ\_^_gb_;Zje_gLj_lv_gZclbjh^kl\_ggbdh\imklv__hihagZxl
AZl_fihkfhlj_egZj_[mke_`Z\rbci_j_^gbfbkhkeZ[hcmeu[dhcaZf_lbeqlhhgaZ[Z\gucQlh
^mfZ_l=jZppbihih\h^mwlhcrmldb"
=jZppbgbq_]hg_^mfZe
IZljhghiylvkdZaZeeZ^ghb\klZeMg_]h[ueZgZagZq_gZ\klj_qZkkughf\h^ghfba[bkljhgZ
�KlZjhfjugd_Kugohl_emqblvky`b\hibkb\Z^pZlv]h^dh\b\_l_j\]heh\_Ljm[Zb`b\hibkv
\hl\k_qlh_]hbgl_j_km_l;he\Zgmg_]hkug
GZ^_\ZyiZevlhhghklZgh\bekybih\lhjbeih^q_jdb\Zywlh`_klhfjmdbqlh=jZppbfh`_l_fm
ih\_jblv_]hkug[he\ZgQlhdkh`Ze_gbxg_hljZ`Z_lkygZ_]hhlph\kdboqm\kl\ZoM`=jZppb
fh`_lg_khfg_\ZlvkykugjZaju\Z_l_fmk_j^p_
Hgkgh\ZkdZaZegmeZ^ghbqlh\ha\jZlblkyiha^g__:qlhkeurghhkibkd_ebpaZ[jhgbjh\Z\rbo
eZ[hjZlhjbxijh\_jdhc\k_ohli_qZldh\iZevp_\Ijb^mrblvdjZkhldmfh]lhevdhg_ijhn_kkbhgZe
=jZppbg_mki__lhihfgblvkydZdwlhlg_]h^gbdhdZ`_lkymg_]h\jmdZoyfheex[be__b\kydh_
lZdh_Bfh`gh[m^_lih^Zlv_]h\emqr_f\b^_k\bgv_Nj_]Zjm
GZ^_\gZr_xr_jklyghcde_lqZlucrZjnhg^he]haZkl_]b\ZeiZevlhgZ[hevrhf`b\hl_dhlhjuc
ghkbe\i_j_^dZd[_j_f_ggZy`_gsbgZbg_hlju\Zykvkfhlj_egZ]Zeklmd=jZppbIZljhggbdh]^Z
g_]ey^_eex^yf\]eZaZ=h\hjbebqlhmg_]h\^_lkdb_]h^ukemqbehkvqlhlhkhaj_gb_fGhjZa\_
fh`ghih\_jblvqlhhg[uedh]^Zlhj_[_gdhf"
dhjb^hj_dh]^Z=jZppbm`_\oh^be\dhfgZlmbgki_dlhjZiZljhgh[_jgmekybkdZaZeqlhkh\k_f
ihaZ[ueh[h^ghc\_sb^_e_kb]jZevgufbZ\lhfZlZfbfh`ghihiZklviZevp_f\g_[hKebrdhf
fgh]hgZjh^Z\g_faZf_rZghLZdqlhij_`^_q_ffu\uc^_fbab]jubi_j_^Z^bf\k_fZl_jbZeu
ihgZagZq_gbxg_klhblih^klZ\eylvky?keb=jZppbm\b^bl\MijZ\e_gbbkehgyxs_]hky]Za_lqbdZ
imklvk[Z]jbl_fmm[bckl\hwlhcdjZkhldbbihdhgqblkwlbfBf_xsbcmrb^Zmkeurbl
Ijb\_lbd
I_j\uc]Za_lqbdko\Zlbe=jZppbaZjmdZ\qZkZ\q_luj_^gydh]^Zlhl\ha\jZsZekykmebpu
�xi_jj_\khijh\h`^_gbb[_eh[jukh]hkh[bjZl_ey[mkbghdMwlh]h`mjgZebklZ[ueZk_jv_agZy
meu[dZb\iheg_ijhp\_lZxsbc\b^gZoh^ys_]hkygZ]hghjZj_j_ihjl_jZ]Za_luNjZgkkmZj
=jZppbih^Zjbe_fmaZ^mr_ggmxkEbhgkdh]h\hdaZeZk^_eZ\\k_h[uqgu_\lZdhfkemqZ_
h]h\hjdbB\agZdhkh[h]hjZkiheh`_gby\ulZsbebaihjln_eydhibxnhlh]jZnbbkm^hklh\_j_gby
ebqghklb@hj`_llZLhfZ[ueZgZg_cbf_gghlZdhcdZdhc__h[gZjm`bebZddmjZlgh
ih^djZr_gghcbijbq_kZgghc`_gsbghcmagZlvdhlhjmxg_ij_^klZ\eyeh[hevrh]hljm^Z
@mjgZebklijbk\bklgme\gbfZl_evgh\k_\ukemrZeaZibkZeihkfhlj_egZgZjmqgu_qZkukdZaZe
qlhihfqZeky\fhj]lZfmg_]h_klvih^fZaZggucijbyl_evb_kebih\_a_lhg_s_ih]h\hjbllZf
�`_kdhgkv_j`dhckmebpuxi_jj_dhlhjZykdhj__\k_]hhlijZ\beZkvhihagZlv`_jl\mMg_]h
iylv^_kylfbgmlqlh[uk^ZlvaZf_ldm\ihke_^gbc\uimkd]Za_lu
HgmfqZekyb\ihke_^mxsb_q_l\_jlvqZkZ\k_iZjb`kdb_]Za_lum`_[ueb\dmjk_^_eZLhevdhwlh
fZehdhx\hegh\Zehke_^mxsbc^_gv[ue\hkdj_kguf
jZkkl_]b\ZyiZevlhb]hlh\ykva\hgblvihZ^j_kZfbaaZibkghcdgb`db`_jl\u=jZppb
h[gZjm`begZklhe_kibkhdebpaZ[jhgbjh\Z\rbo\FZjk_evp_f_klZkihk_r_klvwlh
k^_eZebaZjZg__aZkmldbbaZ^\h_
Jb\heZgbiylgbpZhdly[jyFZjk_ev
�Zjjwkq_l\_j]hdly[jyFZjk_ev
;hf[Zq_l\_j]hdly[jy:\bgvhg
LhfZiylgbpZhdly[jyFZjk_ev
=Zjh^bq_l\_j]hdly[jyFZjk_ev
DZ[mjkj_^Zhdly[jyFZjk_ev
Mkem]ZaZmkem]mblhldh]ha\Zeb=jZppbiha\hgbe\fhj]qlh[uihijhkblv`mjgZebklZ\dexqblv
\k\hxaZf_ldmwlbbf_gZGZ^jm]hfdhgp_ijh\h^ZdlhlhkdZaZefbgmldmb=jZppbhl\_lbeqlh
g_\_rZ_lljm[dm
KI:EVGH?F?KLH
J_g_DZ[mj\hlm`_\hk_fve_lghkbeh^ghblh`_iZevlhbafZjlbg]ZeZ;hevrmxqZklv]h^Zhgg_
^\b`_gby
DZ[mj[uef_jaeydhf[ukljhaZ[he_\ZebkgZklmie_gb_foheh^h\_]hh[uqgh^mjgh_gZkljh_gb_
ihjlbehkv_s_[hevr_
DZ`^uc\_q_jihke_hgihdb^ZejZ[hq__f_klh\nbebZe_Ijh`bg Ijh]j_kkgZ\Zr_c
dmog_\f\x`ghcqZklb]hjh^ZOhlyZ\lh[mkgZyhklZgh\dZgZoh^beZkvgZijhlb\]hdhglhjugZ
iehsZ^b:e_abyhghlijZ\eyekygZdhg_qgmxklZgpbx]hfZjrjmlZIhjl^\nHje_Zgqlh[u
gZ\_jgydZ_oZlvkb^ybgZ\k_fimlb^hhklhqgh]h\hdaZeZg_hlju\Zlv]eZahl]Za_luQblZehg
h[uqghFhg^
wlhl\_q_jg_ihoh`bcgZ^jm]b_b[hhgebrvmljhf\_jgmekybadhfZg^bjh\dbi_j\hcaZ
ihke_^gb_^_kylve_lDZ[mjhlklmibehlg_dhlhjuok\hboijb\uq_dhi_j\uoaZ[u\\ysbd_
klheZi_jqZldbj_rbeiexgmlvgZgbobg_\ha\jZsZlvkyihkdhevdmki_rbe\_jgmlvky^hfhc]^_
kdhibeZkviuevaZp_emxg_^_exAZl_fq_]hkgbfgbdh]^Zg_kemqZehkvaZr_e\ib\gmxgZ
Ihjl^\nHje_Zgb\uibeaZklhcdhcdjm`dmKfhf_glZ\u_a^ZbaFZjk_ey_fm\k_\j_fyohl_ehkv
iblvdmi_hgkiZeh^_lufihlhfmqlh\f_kl_kgbf_oZeb`_gsbgub_s_hllh]hqlhg_[ue
m\_j_g\k\_`_klbk\h_cib`Zfuuc^ybaib\ghchgaZ]eygmeih^hjh]_\ljb]Za_lguodbhkdZ
Fhg^kj_^b\_q_jgbo\uimkdh\g_hdZaZehkvbhgdmibeNjZgkkmZjDlhfm`_gZ^h[ueh
ihki_rblvZ\lh[mk_]hm`_ijb[uegZhklZgh\dm
K_\]^_lh\k_j_^bg_ih^Zevr_hldhe_kbhdhehhdgZhgfZrbgZevghi_j_\_jgmei_j\mx
kljZgbpm;he__k_jv_agu_\gmlj_ggb_ihehkug_lZdihjlbeb_fmgZkljh_gb_Hgg_ex[bermfZ
]jhfdh]hkf_oZkhe_guormlhdLZdh_`_\i_qZle_gb_ijhba\h^bebgZg_]hbdjmigu_aZ]heh\db
DZ[mjqm\kl\h\Zek_[ymklZeuf]eZaZkeh\ghi_kdhfaZkuiZguihoh`_qlhgZaj_\Ze]jbiidmi_
hgkiZegZ\_jog_cihed_kdhlhjhc[hyekymiZklvbe_`Zemldgm\rbkv\keh`_ggucib^`Zd
ihlhfmqlhkih^haj_gb_fhlghkbekyd`_e_agh^hjh`gufih^mrdZfHgkiZeghkeurZedZdih_a^
�ihklmdb\Z_lgZkludZobfmqbekyhl^mohluhg_]h^hghkbebkv]hehkZ\hdaZevguo^bdlhjh\bg_
ihdb^Zeb]emiu_kljZobdZlZkljhnZihjqZhlhie_gbydjZ`Z[mfZ`gbdZbaih^]heh\ub_s_[h]
agZ_lqlh
BaEbhgkdh]h\hdaZeZhg\ur_e[_arZjnZ\kfylhfiZevlhFZjk_e_\kx^ebggmxg_^_exklhyeZ
ihqlbe_lgyyih]h^ZBk_cqZkhg\kihfbgZeaZeblmxkhegp_fmebpmDZgg_[v_j\lhl^_gvdh]^Z
r_ei_rdhfdklZjhfmihjlmsmjykvbgZ[ex^ZyaZneZgbjmxsbfb`_gsbgZfb?fm\k_]^Z
klZgh\behkvg_ihk_[_hlboihdZqb\Zxsboky[_^_j:l_i_jvhg\^h\_jr_gb_\k_]h_s_ih^o\Zlbe
]jbii
HgbkZfg_agZeihq_fmih^mfZe\^h\_jr_gb_\k_]hBaaZ^_\mr_d\_jhylgh\hafh`ghbaaZ
k\h_caZkl_gqb\hklbbaaZk\hboljb^pZlb\hkvfbohehklypdboe_lBaaZk\h_]hihegh]haZ\bklb
\a]ey^Zdhlhjh]hhgklu^bekyghhldhlhjh]h_fmg_\k_]^Zm^Z\Zehkvba[Z\blvkydh]^ZklZedb\Zeky
kfheh^hckqZkleb\hcb[h]ZlhciZjhcBaaZkh\_jr_gghc]emihklbblhc[hebdhlhjmxl_i_jvhl
wlh]hbkiulu\Ze
Hg\kihfgbeFZjk_ev]^_fmq_gby_]h[ueb_s_]hjr_q_f\k_]^Z\_kghc\IZjb`_b_s_h[
h^ghfba\_q_jh\lZf^\h_kmlhdgZaZ^DZ[mjkqm\kl\hfklu^Zih^gye]eZaZK^_lkdboe_lhg
bgklbgdlb\ghklZjZekym[_^blvk_[yqlhgbdlhg_^h]Z^u\Z_lkyh_]hfukeyoLjb^pZlv\hk_fve_l
GZkb^_gv_i_j_^gbffheh^Zy`_gsbgZqblZeZFhg^Hgh]ey^_ekyihgyeqlhhgb^h_oZeb^h
Hgey`_lihjZgvr__q_jhfdZdh[uqghihm`bgZ_l\j_klhjZg_MRZjey\gb`g_fwlZ`_k\h_]h
�^hfZM[hjdm`_hleh`blgZaZ\ljZeywlh]h_fmo\Zlbl\hkdj_kgh]hmljZ
]Za_l_dhlhjmxhgihij_`g_fmg_qblZyebrv[_]ehijhkfZljb\Ze_fm\^jm][jhkbeZkv\]eZaZ
kh[kl\_ggZynZfbebyH^gZdhkgZqZeZg_aZ^_j`Z\rbkvgZg_chgihgZklhys_fmklZeqblZlvebrv
lh]^Zdh]^Zihgyeqlhj_qvb^_lhagZdhfhf_fm\q_jZrg_fih_a^_bhghf_jZof_kl\_]hdmi_
KgZqZeZDZ[mjijhqblZegbq_]h^eyg_]hg_agZqZsmxnjZamhlhfqlh\dmi_FZjk_evpZqlhlh
kemqbehkvfbgm\r_cghqvx:^\mfykljhqdZfb\ur_gZdhg_pqlhg_dlhDZ[mjaZgbfZe\wlhf
dmi_h^gmbaihehd
?fmijbrehkv\ulygmlvjmdmqlh[ukeh`blv]Za_lmb\_jgmlvkygZi_j\mxihehkm]^_gZqbgZeZkv
aZf_ldZIhlj_\h`_gguckhk_^g_^h\hevghih^\bgmeky
H^gZdh_s_^hlh]hdZdhgijhq_eaZ]heh\hdDZ[mjk[hevx\k_j^p_magZe`_gsbgmgZ
nhlh]jZnbbG_kfhljygZiehoh_dZq_kl\hkgbfdZhgZihdZaZeZkv_fmg_j_Zevghckeh\ghkemqZcgh
\klj_q_ggucgZm]emmebpuq_eh\_ddZaZehkv[ugZ\k_]^Zl_[yihdbgm\rbc
Kd\havq_jghk_jmxlbih]jZnkdmxdjZkdmhgkgh\Zm\b^_ep\_l__]eZa]mklmxrZidm\hehk[e_kd
�meu[dbj_rb\r_c\k_bihjh^b\r_cmg_]h\l_`Zedb_q_l\_jlvi_j\h]hghqb]emiu_gZ^_`^uh
g_]h[m^lh^hg_kkyg_kebrdhfihgjZ\b\rbcky_fmaZiZo__^moh\hg\kihfgbedZd`_gsbgZklhy
jy^hfkgbfke_]dZih\ukbeZ]hehkbih\_jgmeZkvih\h^yie_qZfblhqghlZd`_dZdwlh^_eZ_lgZ
jbg]_[hdk_jaZf_lb\ijhfZoijhlb\gbdZ
DZdhclhdhfhdih^dZlbed_]h]hjembk_j^p_aZklmqZehklZdhckbehcqlhhg^hljhgmekyiZevpZfb
^hr_b
FZrbgZevghih\_jgm\rbkvdhdgmbm\b^_\\kl_de_k\h_hljZ`_gb_hgihgyeqlhZ\lh[mkm`_
ke_^m_lihKljZk[mj]kdhfm[mev\Zjmbih^t_a`Z_ld_]hhklZgh\d_IjhqblZ\ih^ibkvih^
nhlh]jZnb_cbg_kdhevdhkljhdbagZqZeZaZf_ldbhghleh`be]Za_lm
Z\lh[mk_hklZehkvg_kdhevdhq_eh\_dDZ[mjkhr_eihke_^gbf^_j`Z\ijZ\hcjmd_dh_dZd
k\_jgmlu_ebkluNjZgkkmZj
I_j_k_dZyiehsZ^vi_j_^hklhqguf\hdaZehfhgaZgh\hhsmlbeaZiZobdhlhju_khijh\h`^Zeb_]h
\ih_a^d_b[m^lh\i_j\u_mkeurZeijb\hdaZevgucrmfohlyijhoh^bea^_kvdZ`^uc^_gvgbdh]^Z
gbq_]hg_aZf_qZyIhaZ^bhk\_s_ggh]ha^ZgbyaZk\bkl_eih^hr_^rbcih_a^hloh^bebbijb[u\Zeb
^jm]b_ih_a^Z
AZ^mr_ggmx`_gsbgmgZreb\dmi_ihke_ijb[ulbyih_a^ZgZ\hdaZe?_a\Zeb@hj`_llhcLhfZ
GZdZgmg_hgZ[ueZ^eyg_]hlhevdhahehlhc[md\hc@gZkmfhqd_`_gsbghckgbadbf
]emoh\Zluf]hehkhffbehij_^eh`b\r_c_fmkb]Zj_lmbgklhgdh]^Zhgbh[f_gyebkv
g_kdhevdbfbnjZaZfb\ijhoh^_\Z]hgZHgg_dmjbe
GZ^jm]hcklhjhg_iehsZ^bhgm`_g_fh]k^_j`Zlvk\h_g_l_ji_gb_bijyfhgZljhlmZj_jZa\_jgme
]Za_lm[ebabg_hdZaZehkvnhgZjybhgk]Za_lhc\jmd_hldjue^\_jvib\ghcgh_^\Zg_hlklmibe
i_j_^iZogm\rbfgZg_]hl_ieuf\ha^mohfbrmfhfH^gZdhkhsmjb\rbkv\k_`_\hr_ei_j_k_d
ihegucaZebhlukdZek\h[h^gh_f_klhgZ^b\Zgqbd_jy^hfklbohjZa]h\Zjb\Z\r_ciZjhc
G_jZa^_\ZykvDZ[mjk_ebiheh`be]Za_lmgZ[e_klysbcdjZkgucklhebd^eyq_]h_fmijbrehkv
k^\bgmlv\klhjhgm^\_[hevrb_djm`dbklhy\rb_gZfhdjuodZjlhgguodjm`hqdZo
Kb^_\rb_jy^hfg_^h\hevghihdhkbebkvgZg_]hBf[uehe_lihkhjhdfm`qbg_ih`Zemc[hevr_
jZ[hluDZ[mjgZr_eqlhiZjZg_djZkb\Z[he__lh]hg_ijbylgZ_fmihlhfmqlhh[Z[ueb
g_fheh^um`_gsbguihy\beky\lhjhcih^[hjh^hdb\_jhylgh^hfZ__`^Zebfm`b^_lb\hl
ihq_fm
Ih^hr_^rbchnbpbZgl\ul_jfZe_gvdbcklhebdJ_g_DZ[mjmijbrehkvih^gylv]Za_lmFhdjZy
ljyidZhklZ\beZke_^udhlhju_lml`_bkq_aebHgaZdZaZek_[_djm`dmib\ZdZdbgZIhjl
^\nHje_ZgdZdbmljhfi_j_^jZ[hlhcdh]^ZhklZ\b\^hfZ\_sbaZr_e\[bkljhgZm]emmebpu
?]hfmqbeZ`Z`^Zghhgg_aZf_lbedZdijbg_kebib\hIh]jmab\rbkv\ql_gb_DZ[mjkfmlgh
khagZ\Ze]^_gZoh^blkyIjhlygm\jmdmhg\ayeg_hlju\Zy]eZahl]Za_ludjm`dmkhklheZk^_eZe
]ehlhdbdZiebib\ZhklZ\bebiylgZgZ]Za_l_
@_gsbgZij_^klZ\eyeZdZdmxlhnbjfmihijh^Z`_fh^guolh\Zjh\HgZkZfZ_fmh[wlhfkdZaZeZ
DZdbhlhfqlhijh\_eZ\FZjk_e_q_luj_^gy;mku__hglh`_\kihfgbeihlhfmqlhaZfhq_d[ue
kh\k_fjy^hfdh]^ZhggZdehgbekyij_`^_q_fk^_eZelhkZfh_
?_gZrebe_`Zs_cgZkibg_khldjulufb]eZaZfbH^_`^Z[ueZ\[_kihjy^d_WlZdZjlbgZ\k_
\j_fy\hagbdZeZmg_]hi_j_^]eZaZfbihdZhgqblZeaZf_ldmg_c[uehfgh]h\kydbo
ih^jh[ghkl_caZ^jZggZyx[dZq_jgu_eh^hqdbgZlhgdbodZ[emdZoke_^ujZahj\Zgguo[mkgZr__
M[blZy`beZ[ebaiehsZ^bIb]Zev\fZe_gvdhc^\modhfgZlghcd\Zjlbjd_M`_i_j_]h\hjbebk
dhgkv_j`dhculbjZy]eZaZieZldhf]h\hjbehkv\aZf_ld_dhgkv_j`dZkdZaZeZqlhhq_gv
m\Z`ZeZk\hx`bebqdm\k_]^ZlZdZymeu[qb\ZyZ\_^v[ueZg_kebrdhfkqZkleb\Z\^\Z^pZlv
iylve_lm`_jZa\_^_gZGhljm^beZkvq_klgh=hkih^b[h`_lZdbojZa\_\klj_lbrv\wlhfjZchg_
]^_lZde_]dh\klZlvgZkdhevadbcimlvDhg_qghmg__[u\Zebfm`qbgughdhgkv_j`dZkqblZeZ
qlhwlh__ebqgh_^_ehhgZ\_^v[ueZk\h[h^gZ[_^gy`_qdZ
BJ_g_DZ[mjij_^klZ\bek_[_dhfgZlmkhims_ggufbrlhjZfbeZfimih^djZkgufZ[Z`mjhf
Lhevdhh^ghk\_leh_iylgh\hdjm`Zxs_cl_fghl_R_ihlDjZkb\h]hfm`qbgmknZlh\Zlhc
meu[dhcex[bfpZ`_gsbgB__KgbfZxsmxx[dmf_`^mk\_lhfbl_gvx;e_kdh[gZ`_ggh]hl_eZ
ba]b[[_^jZbebie_qZ?_ebqgZy`bagv
Hgdhgqbeiblvbkgh\ZdZiebib\ZmiZebgZ]Za_lgucebklQ_jgu_eh^hqdbLZkZfZy`_gsbgZ
dhlhjZykhkihdhcghcmeu[dhcij_^eh`beZ_fmklhy\ijhoh^_kb]Zj_lmBlhlqZki_j_^gbf\hagbd
aZljZ\e_gguc\a]ey^l_jiys_]hihjZ`_gb_[hdk_jZgZP_gljZevghfBlZddZdb_lhfm`qbgu
jZa^_\Zeb__[jhkZebgZkdhfdZggmxihkl_evBo]jm[u_jmdbijbdZkZebkvd__[_^jZfie_qZf
Dm^Zm`_fmkgbfbly]ZlvkyDZ[mj\kihfgbek\hx]emihklvh^gZ`^u\_q_jhf\FZjk_e_blh
g_\ughkbfh_`_eZgb_ho\Zlb\r___]hdh]^Zhgihfh]_ckgylvq_fh^ZgZaZl_f\_kvkeh\gh
g_j_Zevghijh\_^_gguc^_gvihke_lh]hdZdhg\ur_ekEbhgkdh]h\hdaZeZB\hll_i_jvwlZ]Za_lZ
HgkdZaZekZfhfmk_[_qlhijhklhkqZkleb\magZ\h__kf_jlbqlh__gZrebf_jl\hc
Dh]^Z\ureZ]Za_lZjZkke_^h\Zgb_lhevdhgZqZehkvaZf_ld_[uekibkhdbhklZevguoiZkkZ`bjh\
dmi_Ihebpbyhq_\b^ghgZ^_yeZkvqlhhgbkZfby\ylky\ij_n_dlmjmbebjZchggucdhfbkkZjbZlb
jZkkdZ`mlih^jh[ghklb\qZklghklbhlhfqlhijhbahreh^hm[bckl\ZIhdZkms_kl\h\Zeh
m[_`^_gb_qlhhgh[uehkh\_jr_ghihke_ijb[ulbyih_a^ZgZ\hdaZe\h\j_fykmlhehdbh[uqgh
\hagbdZxs_c\dhgp_ih_a^dbIhkdhevdm]jZ[_`km^yih\k_fmg_y\eyekyfhlb\hfij_klmie_gby
dhfbkkZjLZjdwgb_]haZf_klbl_ebihm]heh\ghfmjhaukdmjZkkqblu\Zeb[ukljhh[gZjm`blv
\bgh\gh]hB\k_
iZkkZ`bjuihh^ghfmfbjgh\uoh^bebgZi_jjhgIhf_j_ijb[eb`_gbyd\uoh^mki_jjhgZihlhd
ex^_crbjbekyk_\uly]b\Zebr_biulZykvm\b^_lv\klj_qZxsbo
DZ[mjZgbdlhg_\klj_qZeHgwlhagZebklj_fbekyihkdhj__ihdbgmlvdmi_ih_a^\hdaZeHg\ur_e
badmi_i_j\ufba\Z]hgZ\qbke_i_j\uoba\hdaZeZ_]h\ug_keZi_j\Zy\hegZl_odh]hgbdlhg_
h`b^Ze
Hg\q_l\_jlucjZaijhq_ekibkhdiZkkZ`bjh\dmi_iulZykv\kihfgblvboebpZihbf_gZfb
ghf_jZff_klJb\heZgb"_jhylghfm`qbgZ\dh`Zghcdmjld_kj_^dbfb\hehkZfbkfZe_gvdbf
�nb[jh\ufq_fh^Zgqbdhfkihl_jlufbb]jyagufbm]hedZfbZjjwk"Fheh^Zy^_\mrdZk_\rZy\
:\bgvhg_b\ur_^rZy\dhjb^hjdh]^Zhgghqvx[helZek`_gsbghcmdhlhjhcgZkmfhqd_[ueZ
[md\Z@G_lwlh[ueZg_hgZLhfZ`_jl\Zbf_eZf_klhgZ^\Zghf_jZ^Zevr_ihkdhevdmq_lgu_
ihedbgZoh^bebkvkijZ\ZZg_q_lgu_ke_\ZHgkh\k_faZimlZekybijh\_jbeghf_jkh[kl\_ggh]h
f_klZ
G_l\k_\_jghKe_\Z\gbame_`Zefm`qbgZ\dh`Zghcdmjld_lh_klvJb\heZgbKijZ\Z\gbam
�Zjjwk[_ehdmjZy`_gsbgZe_lkhjhdZbajy^ghgZdjZr_ggZy\iZevlhbae_hiZj^Zbebbalh]hqlh
_fmihdZaZehkve_hiZj^hfKe_\ZgZkj_^g_cihed_kiZeZfheh^Zy^_\mrdZk_\rZy\:\bgvhg_
Lh`_[_ehdmjZye_l^\Z^pZlbbebg_fgh]bf[he__gZg_c[uehk\_lehkbg__iZevlhe_]dh_ieZlv_k
[ZglhfbarZebki_j_^bGZkj_^g_cihed_kijZ\ZgZoh^beZkv@hj`_llZLhfZbJ_g_DZ[mjkgh\Z
\kihfgbe__gh]bbijbih^gy\rmxkyx[dmdh]^ZhgZklZeZkgbfZlvq_fh^ZgKe_\ZgZ\_jog_c
ihed_[uehf_klh=Zjh^bLmlJ_g_DZ[mjgbq_]hg_fh]\kihfgblvHgg_mki_eh[jZlblv\gbfZgby
Lh_klvg_kh\k_flZdWlhf_klhhklZ\Zehkvg_aZgylufdh]^Zhgihke_ihemghqb\ulygmekygZk\h_c
ihed_kijZ\ZgZ\_jom=hehkhgmkeurZefgh]hiha^g__
Hgih^gye]eZaZgZhnbpbZglZklhy\r_]hi_j_^gbfLhlaZdZgqb\Zekf_gmbijhkbejZkkqblZlvky
ugbfZybadZjfZgZ^_gv]bJ_g_DZ[mjh[gZjm`be`_lhg^eyl_e_nhgZZ\lhfZlZHg\kihfgbe
^h`^eb\uc\_q_jl_kgmx\hgxqmxdZ[bgmZ\lhfZlZ\[bkljhgZKljZk[mj]kdhf[mev\Zj_g_^Ze_dh
hlkx^Zdh]^Zhg^\_g_^_ebgZaZ^ls_lghiulZeky^ha\hgblvky^hlh\ZjbsZihjZ[hl_dhlhjuc
kdZaZe_fmqlhex[bl[hdkL_e_nhgfheqZe
IhemqZy^_gv]bhnbpbZglkdZaZeqlhlhhabfgbokm[[hlgbo\_q_jZoihdZqZe]heh\hcb^_j`Z
kZen_ldmgZk]b[_jmdbm^Zebekyihoh^dhcq_eh\_dZdhlhjuc^hklZlhqghgZ[_]ZekyaZ^_gv
J_g_DZ[mj[ukljh\a]eygmegZnhlh]jZnbx`_gsbgu_i_j\hcihehkuaZl_fZddmjZlghk\_jgme
]Za_lmbdbgmegZ^b\Zgqbd
Djm`dZ_]h[ueZimklZHgiheh`bejy^hfgZdZjlhggucdjm`hd`_lhghlZ\lhfZlZWe_dljbq_kdb_
qZkugZ^klhcdhcihdZau\ZebhdhehqZkh\\_q_jZIZjZkb^_\rZyjy^hfaZklhebdhfmreZ
J_g_DZ[mjhldbgmekygZkibgdm^b\ZgqbdZbihfhjsbekyhlyjdh]hk\_lZg_hgh\uoeZfi
Wlh^\b`_gb_\_jhylghbih[m^beh_]hd^_ckl\byfHgmklZehgqm\kl\h\Zeqlh\k_\hkdj_k_gv_
[m^_lfZylvkykhk\hbf]jbiihf[_]Zyf_`^mg_m[jZgghcihkl_evx]Zah\hciebldhc^Z\ghm`_
lj_[h\Z\r_cj_fhglZkqZrdhcdhlhjmxhgg_klZg_lfulvbdhlhjZylZdbhklZg_lky]jyaghcihke_
g_kdhevdboihjpbc]jh]Z?fmm`_g_ohl_ehkvkjZam`_\ha\jZsZlvky^hfhchlbf_ggh?fm
ohl_ehkvih]h\hjblvkd_flhdlh\ukemrZe[u_]hdlhohlvg_kdhevdhfbgmlihkqblZe[u_]h
^hklZlhqghbgl_j_kghchkh[hcqlh[u\ukemrZlv
Hg\aye`_lhg\ijZ\mxjmdm\klZebgZqZebkdZlv]eZaZfb\aZe_]^_\^jm]klZehrmfghl_e_nhg
kl_gZfbhg\^jm]hkhagZeqlhg_agZ_ldhfma\hgblv]Za_l_]h\hjbehkvM]heh\ghcihebpbbbeb\
jZchggucdhfbkkZjbZl
HgihbkdZeghf_jl_e_nhgZ\kijZ\hqgbd_kjZah^jZgghch[eh`dhcGZr_eij_n_dlmjmkihfgbe
gh]bm[blhcnhlh]jZnbx\]Za_l_LZf]h\hjbehkvhq_jguoeh^hqdZoh[mkZoHgiulZeky
khkj_^hlhqblvkygZlhfqlh^_eZ_lBgl_j_kghi_j\ucebhgbaiZkkZ`bjh\a\hgbllm^Z"
Dh]^ZDZ[mjijhbag_kZeeh]hehk_]h[ueojbieuflZdqlhijbrehkvijhdZreylvkyHgkdZaZe
qlhy\ey_lkyiZkkZ`bjhfFZjk_evpZbadmi_hdhlhjhfibrml\NjZgkkmZjah\ml_]hDZ[mj
Ihfbfhk\h_c\hebhgijhbag_kihke_^gxxnjZamklhevdZl_]hjbq_kdbbklhevgZius_gghqlhgZ
lhfdhgp_ijh\h^ZkdZaZebGmbqlhbalh]h"
LZf[uebg_\dmjk_^_eZH[h`^bl_fhegZ^h\uykgblvG_\_rZcl_ljm[dmHga\hgblg_ihlhfm
l_e_nhgmDZ[mjhl\_lbeqlhg_agZewlh]h
H[ehdhlb\rbkvhihehqdmih^ZiiZjZlhfhgklZe`^Zlviheh`b\ih^[hjh^hdgZjmdbLjm[dZ
ihlj_kdb\ZeZhdhehmoZHgm`_gZqZe`Ze_lvqlhiha\hgbe
L_i_jvDZ[mjls_lghiulZekyg_hl\e_dZlvkyg_h[oh^bfh^mfZlvhih_a^d_hlhfqlhgZ^hkdZaZlv
B\kihfbgZelhevdhmeu[dmfZeurdbdhlhjZyk_eZ\:\bgvhg_dZd`___lZfah\ml"AZ[ue
Hgijb_oZedih_a^maZiheqZkZ;ueebm`_dlhgb[m^v\dmi_"Gbdh]hijhq_fg_lIZj_gve_l
iylgZ^pZlb;_ehdmjuc]jmklguch^_luc\ihghr_ggucl\b^h\ucdhklxfG_kh\k_f\bodmi_
hdheh^\_jbb^ghbakhk_^g_]hdmi_
J_g_DZ[mjlhlqZkkgyeiZevlhbiheh`begZk\hxihedmgZ\_jomkijZ\ZFm`qbgZ\dh`Zghcdmjld_
bdjZr_gZy[ehg^bgdZijbreb\lmfbgmlmdh]^ZhgkhkdhqbegZiheb_fmklZehg_eh\dhqlhhgb
k^_eZxlaZf_qZgb_\_^vhg\klZe\[hlbgdZogZgb`gxxihedm
@hj`_llZLhfZihy\beZkvagZqbl_evghiha^g__aZfbgmlmbeb^\_^hhloh^Zih_a^ZHgklhye\
dhjb^hj_?fm[uehg_e_]dhijhimklblv__\dmi_ihlhfmqlhijhoh^[ueaZ[blijhsZ\rbfbky
q_j_ahdgZiZkkZ`bjZfbHgihqm\kl\h\ZeaZiZo__^moh\Ih^mfZeqlhjZa\dmi__^ml`_gsbgulh
g_evay[m^_ljZa^_lvkyB_s_hq_flh^jm]hflZdhf]emihfqlhkZfijhk_[yhlf_lbedZd]emih
bihklZjZekyaZ[ulv
Yh\Zkg_aZ[ueijhlj_sZe]hehk\moh?s_k_dmg^mb\Zkkh_^bgylG_\_rZcl_ljm[dm
b^bfh^jm]b_ihdZg_ijhqblZeb]Za_lmbg_a\hgbeb?fm\kihfgbeZkvZlfhkn_jZdmi_lhqlh
\k_]^ZijbwlhflZdgjZ\behkvgZ[ex^ZlvdZddZ`^ucihk\h_fm]hlh\blkydkh\f_klghcih_a^d_
hafh`gh\k_obokh[_jml\dZq_kl\_k\b^_l_e_c^eyhqghcklZ\dbHgb[m^mlkb^_lv\f_kl_
g_fgh]h\klj_\h`_ggu_gZkdZfv_\g_[j_`gh\udjZr_gghcdhfgZl_
KemrZxjZa^Zeky]hehk
J_i_DZ[mjih\lhjbeqlhy\ey_lkyh^gbfbaiZkkZ`bjh\FZjk_evpZqlh_]hbfymihfygmlh\
NjZgkkmZj
JZa^Zekydhjhldbcj_adbcs_eqhdhlq_]h_fmklZeh[hevgh\mo_Bkh\k_f^jm]hc]hehkijhbag_k
DhfbkkZjLZjdwgg_\_jgmekyljm[dm\havf_lbgki_dlhj=jZppbZghJ_g_DZ[mj\kihfgbeqlh
[uelZdhcZf_jbdZgkdbc[hdk_jkj_^g_]h\_kZ\h\j_f_gZK_j^ZgZMbgki_dlhjZ[ueZnZfbeby
[hdk_jZ
DZdjZagZ^ihedhchdhlhjmxhghibjZekyh[hbfbehdlyfb[uegZjbkh\Zgg_ijbebqgucjbkmghd
FZeh]jZfhlgZygZ^ibkv]eZkbeZqlhg_dlh@N^\Z^pZlb^\moe_lgZagZqZea^_kvk\b^Zgb_
Bgki_dlhj=jZppbZgh"
�Wlh[uehgZ_fm\k_ba\_klghGZa\Ze_]h]hkih^bghfDZ[mjhfdZdihklmiZebdeb_gluk
dhlhjufbhgjZa]h\Zjb\Z_l_`_^g_\ghihl_e_nhgm\k\h_fdZ[bg_l_gZiehsZ^b:e_abZ=hehk[ue
]mklufgbadbfdZdm^bdlhjZjZ^bhDZ[mjij_^klZ\bek_[_q_eh\_dZkkmjh\ufebphf
rbjhdhie_q_]h\jm[Zrd_kaZdZlZggufbjmdZ\ZfbmklZ\r_]hihke_p_eh]h^gyjZ[hlu
Bgki_dlhjknZfbeb_c[hdk_jZkdZaZeqlhlhevdh\havf_lq_fibkZlvIhlhfqlhkemrZ_lGh
aZ]h\hjbekZfBfynZfbeby\hajZklZ^j_kijhn_kkby"
�DZ[mjJ_g_e_lBgki_dlhjihijh^Z`_ohayckl\_gguofZrbgIjh`bgIjh]j_kkZ
bf_gghlZdIjh`bgG_ly\ib\ghcgZijhlb\hklhqgh]h\hdaZeZ@b\mgZmebp_Kbghja^_kv
jy^hf?^\ZyijhqblZe\NjZgkkmZjLZd\hlgbq_]hdhg_qghhkh[_ggh]hghyih^mfZeqlh
^he`_g\Zfiha\hgblv
HgijZ\bevghk^_eZeBlZdwlhhgaZgbfZeihedmdZdlZf__ghf_jg_lZdeb"
�Z\_jogxxkijZ\Zijb\oh^_lhqgh
uk_ebgZih_a^\FZjk_e_"
Lhqghq_jZ\_q_jhf
ug_aZf_lbeb\h\j_fyih_a^dbgbq_]hhkh[_ggh]h"
Mg_]h_^\Zg_\uj\Zehkvqlhhgg_lZdm`qZklh[u\Z_l\ih_a^dZobihwlhfm_fmfgh]h_dZaZehkv
hkh[_ggufghhl\_lbe
G_lgbq_]h
Dh]^Z\ukhrebkih_a^Z"
Ihijb[ulbbYohqmkdZaZlvihqlbkjZam
Dh]^Z\uihdb^Zebdmi_\ug_aZf_lbebgbq_]hhkh[_ggh]h"
L_i_jv_fmaZohl_ehkv]emihaZkf_ylvkywlhkeh\ha\mqZehm`kebrdhfg_e_ihHghl\_lbe
G_lgbq_]hghfh`_laZ\_jblvqlh\lmfbgmlm`_jl\Z[ueZ_s_`b\Z
uagZ_l_`_jl\m"
uohlbl_kdZaZlvihgbfZxebyhdZdhc`_gsbg_b^_lj_qv"Y\b^_e__nhlh
;uebeb_s_`_gsbgu\dmi_"
Hgbwlh]hg_agZebAgZqblgbdlh_s_g_a\hgbeWlZfukevijhba\_eZgZg_]hkljZggh_
\i_qZle_gb_hgi_j\ufijb_oZedih_a^mi_j\uf\ur_eba\Z]hgZklZei_j\ufk\b^_l_e_f
�Z_s_^\_h[s_fl_dh]hy\b^_e
Mf_gy\kibkd_lhevdhbf_gZkdZaZebgki_dlhj=jZppbZghb\ui_j\ucbaiZkkZ`bjh\
dmi_dlhgZfa\hgblufh`_l_hibkZlv^jm]bo"
J_g_DZ[mjkdZaZedhg_qghHghklZ\be]Za_lm\aZe_gZ^b\Zgqbd_Bl_i_jvaebekykZfgZk_[y
Ghh^gh\j_f_gghbkiulu\ZejZahqZjh\Zgb_Hgg_^mfZeqlh^hijhk[m^_l\_klbkvihl_e_nhgmba
wlhcdZ[bgu]^_hg\kihl_ejZa]ey^u\Zyg_mf_eu_jbkmgdbhldhlhjuom`_g_fh]hlhj\Zlv]eZa
IhkemrZcl_Zg_emqr_ebfg_ijb_oZlvd\Zf"
K_cqZk"
GZklmibehfheqZgb_aZl_f]hehk\ljm[d_kdZaZeqlhwlhhq_gvex[_aghghm`_[hevr_k_fbqZkh\
\_q_jZqlhmg_]h_s_g_fZehjZ[hluih^jm]hfm^_emEmqr_\k_]h_kebbgki_dlhjaZ_^_ldg_fm
ihke_aZ\ljZmljhfbeb_keb_fmg_ljm^ghimklvhgkZfijb_^_laZ\ljZgZDwqZkZfd^_kylbmljZ
DZ[mjhl\_lbeqlhg_hq_gvaZl_f_fmklZehklu^ghbhgkiho\Zlb\rbkvkdZaZeqlhihklZjZ_lky
i_j_g_klbgZagZq_ggmx\klj_qm
OhjhrhGZau\Zx\Zfbf_gZ^jm]boiZkkZ`bjh\bbof_klZ\dmi_IhklZjZcl_kv\kihfgblv
Jb\heZgbke_\Z\gbamFm`qbgZbeb`_gsbgZ"
Fm`qbgZHg[ue\dh`Zghcdmjld_dZ`_lkya_e_ghcIjbg_f[ue^_r_\ucq_fh^Zgqbd
klZjuch[s_fihl_jlu_m]euihgbfZ_l_"G_jZa]h\hjqb\LhlqZk`_e_]h^_lucb\_jhylgh
mkgme
Kdhevdhe_l"
E_lkhjhdiylviylv^_kylIhoh`gZjZ[hq_]hf_oZgbdZqlhlh\wlhfjh^_K_]h^gymljhfih
ijb[ulbbihdZyoh^bemfu\Zlvky\lmZe_lhg_s_kiZeLZf[ueZhq_j_^vKZfbagZ_l_dZd
[u\Z_lIjbagZxkvihke_y_]hg_\b^_e
�Bgki_dlhjkdZaZeqlhwlh\k_ij_djZkghZjjwkkijZ\Z\gbam
@_gsbgZe_lkhjhdZFh`_l[ulv[hevr_Ljm^ghkdZaZlvbaaZjmfygIZevlhbardmju
e_hiZj^Zbebbkdmkkl\_ggh]hf_oZYgbdh]^Zg_jZa[bjZeky\f_oZo;ehg^bgdZkbevgh
gZ^mr_ggZyk]hehkhfddhlhjhfmg_\hevghijbkemrb\Z_rvky=hehkq_eh\_dZdZd[uwlh
kdZaZlv hgg_agZeihcfmleb_]h\ihebpbb_kebhgkdZ`_lij_l_gpbhagh]h\fdhlhjucbak_[y
q_]hlhkljhblihgbfZ_l_"Q_j_aqZkihke_hlijZ\e_gbyhgZihreZ\lmZe_li_j_h^_lvkygZghqvB
\_jgmeZkv\jhah\hfoZeZlbd_gZ^_lhfijyfhgZjhah\mxib`ZfmKhkZeZdZjZf_evdmgZ\_jgh_ba
aZ[hevgh]h]hjeZb^Z`_ij_^eh`beZdhgn_lm`_jl\_
Hgy\gh]h\hjbeebrg__ihlhfmqlhgbdh]^Zg_mf_ekhkj_^hlhqblvkygZ]eZ\ghfIhwlhfmkdZaZe
qlhwlh\k_H^gh\j_f_ggh\kihfgbeqlh[ehg^bgdZ]h\hjbeZhdbghhkt_fdZogZEZamjghf[_j_]m
hl_Zlj_MljhfhgZ\klZeZi_j\hcb[hih^gy\rbkvhgm\b^_e__m`_h^_lhc]hlh\hcd\uoh^mk
\_sZfbdhgp_dhgph\DZ[mjkhh[sbebwlb^_lZebBgki_dlhjkdZaZeohjhrh_q_jhf[uebm`_
�h[gZjm`_guke_^ug_dhcWebZguZjjwkZdljbku\b^bfhlhckZfhc
;hf[Zkj_^gyyihedZke_\Z
Fheh^Zy^_\mrdZg_hq_gv\ukhdZydjZkb\Zye_l^\Z^pZlbK_eZ\:\bgvhg_bf_gghlZd
Ihoh`ZgZdhglhjkdmxkem`ZsmxgZr_^rmxk_[_f_klh\IZjb`_=h\hjblke_]dZgZjZki_\
G_[hevrhcx`gucZdp_gl
=Zjh^bgZ\_jomke_\Z
Hgg_agZeIhedZ[ueZimklZy
Bgki_dlhjkijhkbejZa\_"k_[be_lu[uebaZdhfihklbjh\Zgubf_klhwlhkh]eZkghhlq_lm
Hl^_eZhihagZgbcdhlhjuce_`bli_j_^gbfkqblZ_lkyaZgyluf
J_g_DZ[mjkdZaZeqlh_]hg_ih\yebqlhhgijhklhg_\b^_eiZkkZ`bjZqlhihedZdh]^Zhge_]gZ
k\hx_s_imklh\ZeZ
Dhlhjuc[ueqZk"
Ih]emihklbkZfg_agZyhlq_]hhgkhe]Ze
H^bggZ^pZlvH^bggZ^pZlvkq_l\_jlvxg_ihfgxIha^g__ymkeurZe]hehkMf_gyhq_gv
qmldbckhgyg_kiZe
BlZd\umkeurZeb]hehkiZkkZ`bjZkkhk_^g_cihedb=Zjh^bg_lZdeb"
�LZdmfZxqlhwlh[uelhlkZfuc]hehkIheZ]Zx^Z`_qlhhgZgZdehgbeZkvd^_\mrd_\gbamb
Ihq_fm\u]h\hjbl_hgZ"
Hgohl_e[uehkdZaZlvhgZhkh[Zghwlh\k_jZ\ghgbq_]hg_baf_gbeh[u
Ihlhfmqlhfg_dZ`_lkyqlhwlh[ueZ`_gsbgZ
Ihq_fm\ulZd^mfZ_l_"
=hehk[ueg_`guckh\k_fg_fm`kdhcBihlhfljm^ghwlhh[tykgblvkhgmf_gye_]dbcby
hsmsZe__ijbkmlkl\b_dh]^ZhgZ^\b]ZeZkvWlh[ueZ`_gsbgZ
uohlbl_kdZaZlvbaaZijhba\h^bfh]h_xrmfZ"
Bf_gghlZd
?]hkijhkbebh`_jl\_MJ_g_DZ[mjZkgh\Zi_j_khoeh\]hje_?fmohl_ehkvhldjulv^\_jvdZ[bgu
]^_l_i_jvy\ghg_o\ZlZeh\ha^moZJm[ZrdZ_]hijbebieZdl_emdZiebihlZkl_dZebih\bkdZfgZ
kdmeu
Hgg_fgh]hih[helZelh]^Zk@hj`_llhcLhfZ\ijhoh^_\Z]hgZHgZkdZaZeZ_fmlhevdhh[h^ghf
qlh[ueZij_^klZ\bl_evgbp_cnbjfuK_[yg_gZa\ZeZ?s_qlhijh\_eZq_luj_^gy\FZjk_e_Qlh
wlh__lj_lvyih_a^dZlm^Z\wlhf]h^mG_l[ueZhq_gvkihdhcgZhq_gvjZkdh\ZggZ
Mljhf_s_hklZ\ZeZkv\dmi_dh]^Zhgihdbgme_]hk_hgb_s_[ueblZfG_ldjhf_=Zjh^b__b
\ijyfvg_[uehHgkdZaZelZdihlhfmqlhkZfg_\b^_e__keh\ghhgZg_y\eyeZkvqZklvxwlh]h
dmi_
hllZd
HggZa\Zeghf_jk\h_]h^hfZgZmebp_Kbghjghf_jl_e_nhgZgZjZ[hl_h[_sZe[ulvaZ\ljZ\
mljZgZDw^\nHjn_\jDhfgZlZgZlj_lv_fwlZ`_
=hehkgZlhfdhgp_ijh\h^Zihlhgme\[eZ]h^Zjghklyoghs_eqhdhl[hyg_ijbg_kh[e_]q_gbyJ_g_
DZ[mjm
Hgijhq_e_s_h^gmgZ^ibkvgZ^\uoh^hfbadZ[bgubg_dhlhjh_\j_fyg_ih^\b`ghihklhyegZ
k\_`_f\ha^mo_
:jZa\_\ih_a^_hg\_ek_[yemqr_"G_lhg[uelZdbf`_iZdhklgbdhfkihkh[guf\q_l\_jlv
i_j\h]hghqbiZqdZlvkl_gu\k_cwlhcf_jahklvxijhq_fg_lhgg_iZqdZekl_gughwlh[ueh
h^ghblh`_
=jZppbZghIh^gy\\hjhlgbdJ_g_DZ[mjr_eih\_q_jg_ciehsZ^bhklhqgh]h\hdaZeZaZ^Z\Zy
k_[_\hijhkmki__lebbgki_dlhj^haZ\ljZrg_]hmljZ^hijhkblv^jm]boiZkkZ`bjh\ba_]hdmi_b
g_khql_lebhg_]hiZqdmghfbk_dkmZevguffZgvydhf"
�GZijZkghhgkhe]Zeihih\h^mqZkZdh]^Ze_]kiZlvDq_fm"jm]b_\_jhylghkeurZebdZdhgZ
ih\ukbeZ]hehkihqlbaZdjbqZeZKdZ`mlqlh\dhjb^hj_mgbo[ueZkkhjZdZ`^ucihklZjZ_lky
ij_^klZ\blv__ihk\h_fmbdhg_qgh`_\k_\kihfgyl\j_fyWlhijhbahrehihke_Zg_^h
ijh\_jdb[be_lh\Bdhgljhe_juih^l\_j^yl
Eh`v:jZahgkhe]Zeh^gZ`^u_fmm`_[hevr_gbdlhg_ih\_jblIh^mfZxl_kebhgkdjue\j_fy
agZqblkkhjZbf__l^eyg_]hagZq_gb_k_m\b^yl\wlhfhaeh[e_gghklv[hevgh]hq_eh\_dZdZdhclh
fhlb\E_]dh[m^_lmklZgh\blvbijbqbgmboij_ibjZl_evkl\ZBwlh^Zklih\h^^eyh[tykg_gby_]h
ih\_^_gbyHgfh]kihdhcgh\uclbbaih_a^ZaZl_f\_jgmlvkyaZklZlv`_gsbgm\q_jguoeh^hqdZo
h^gm\dmi_bgZ[jhkblvkygZg__:lZddZdhgZhl[b\ZeZkvlhhcm^mrbe__qlh[ug_[uebkeurgu
djbdb
Klhyi_j_^a_jdZehf\lmZe_l_k\h_cd\ZjlbjugZr_klhfwlZ`_\fZgkZj^_]^_\k_[uehjZa[jhkZgh
h^_`^Zp\_lu\]hjrdZoihkm^ZJ_g_DZ[mjijbgye^\_lZ[e_ldbe_dZjkl\Zijhlb\]jbiiZb
klZem]h\Zjb\Zlvk_[yqlhaZ\ljZgbq_]hg_kemqblky
hi_j\uohgfh]g_\hevghhrb[blvkyhlghkbl_evghqZkZdh]^Ze_]kiZlv=eZ\gh_l_i_jv
jZgvr_^jm]bokZfhfmjZkkdZaZlvh[bgpb^_gl_dZdhq_flhg_agZqbl_evghf
Hgij_^klZ\bek_[_dZdbfb`_klZfb[m^_lkhijh\h`^Zlvk\hcjZkkdZag_[j_`guc\b^ijbwlhfH[
bgpb^_gl_hgkdZ`_ldZd[ug_gZjhdhfkmeu[dhcihdZqb\Zy]heh\hcHom`wlb`_gsbgu
G_lkdZ`_lHcm`wlb[Z[uBih\_^Z_ldZdhgbklhyebh^gb\ijhoh^_bhgZk_[y\_eZlZdqlh
hgBa\_klgh\_^vdZdwlh[u\Z_lLZdh_qm\kl\m_rvdh`_cQlhklh]hgmihsmiZe__g_fgh]h
KZfbihgbfZ_l_dZdDhg_qgh`ZevqlhijbdhgqbeblZdmxdjZkhldmKeh\hfhgZ
\at_j_i_gbeZkvbyhlijZ\bekykiZlv
B[ukljhkf_gbll_fmk_ihcfml_]hrmldmbhp_gyl__ihfm`kdb
=ey^ygZk\h_hljZ`_gb_\a_jdZe_kl_f`_\gbfZgb_fkdZdbfg_aZ^he]h^hwlh]hjZkkfZljb\Ze
g_ijbebqgucjbkmghdhg\g_aZighihqm\kl\h\Zek_[yg_h[uqZcghh^bghdbfBihgyeqlhg_
kfh`_lku]jZlvwlmjhevkdZaZlvgm`gu_keh\Z:_kebbkdZ`_lwlh[m^_l\u]ey^_lv_s_]emi__
ihlhfmqlhijhbag_k_lbolZd`Zedhqlh\k_faZg_]hklZg_lg_eh\dh\fHgkfmlblkyihdjZkg__l
fh`_l[ulv^Z`_aZieZq_lLh]^Z_fmihfh]mlgZ^_lviZevlh\ulhedZxlgZmebpmg_agZydZd
mkihdhblvZihke_moh^Z\a^hogmlkh[e_]q_gb_f@Zedbclbi
J_g_DZ[mjkgh\ZgZ^_eiZevlhbaZkl_]gmekyHgg_hklZg_lky^hfZZihc^_ldm^Zgb[m^v
ihm`bgZlvM\b^_\gZg_m[jZgghckijhrehckm[[hluihkl_ebk\hcq_fh^Zgj_rbe[uehgZ^_lv
fZcdm\aylv^jm]mxiZjmi_jqZlhdGhjZa^mfZeb\ur_eih]Zkb\ebrv\_jogbck\_lLhlqlh
]hj_e\lmZe_l_hklZekyk\_lblv\imklh_a_jdZeh
M^\_j_cj_klhjZgqbdZMRZjeyDZ[mjaZf_rdZeky;uehihqlb^_\ylvqZkh\Q_j_a\bljbgm_fm
[ue\b^_gohaybgaZdZkkhcihf_s_gbbgZoh^bekylhevdhh^bgdeb_glfheh^hc[ehg^bgk
jZkdjulufjlhf\dhlhjuchlijZ\eyedmkhd[bnrl_dkZ;ehg^bgih^gye]heh\mbihkfhlj_egZ
g_]hJ_g_DZ[mjihr_e^Zevr_ih^gy\\hjhlgbdiZevlhbaZkmgm\jmdb\dZjfZgu
Ijh^he`Zyb^lbhghiylv\kihfgbe`_gsbgm^ebgghgh]mx\g_cehgh\uoqmedZo\baysghf
dhklxf___nhlh]jZnbx\NjZgkkmZjBih`Ze_eqlhaZ[ue]Za_lmgZ^b\Zgqbd_\ib\ghc?fm
aZohl_ehkvi_j_qblZlvaZf_ldm_s_jZa\a]eygmlvgZnhlh]jZnbx
DZdh]hq_jlZhgiha\hgbe\ihebpbx"wlhffjZqghf]hjh^_dhlhjuclZdbg_klZe_fmjh^guf
fgh]h^_kyldh\DZ[mjh\?]h[ugbdh]^Zg_gZreb
=jZppbZghgZihfgbe_fmh[hdk_j_[hdk_jhP_gljZevghfP_gljZevguchkm[[hlg_f
\_q_j_;uedZdjZakm[[hlgbc\_q_j
BDZ[mjih^mfZeqlhaZihke_^gb_]h^uP_gljZevgucklZe_^bgkl\_gghchl^mrbghc\_]h`bagb
DZ[mjj_rbe[uehih_oZlvlm^ZgZf_ljhghaZl_ffuke_gghihkeZewlmb^_xdq_jlm;uehm`_
gZqZehf_kypZZdJh`^_kl\m_]hh`b^ZeZijb[Z\dZHgihqlb[_]hfkimklbekydhklhqghfm
\hdaZembklZeeh\blvlZdkb
MkZfh]h\hdaZeZhgm`_[_`ZeihgZklhys_fmDlhlh\b^bfhhiZa^u\Z\rbcdih_a^m[_`ZeaZ
gbfke_^hfDZ[mjaZ^_eijhoh^b\rmxfbfhiZjmba\bgbekyhldjue^\_jpmlZdkbbdjbdgme
rhn_jm
HgaZ^uoZeky;ueh^_\ylvqZkh\\_q_jZFZlq\_jhylghgZqZekyI_j\uc[hcih`Zemcm`_
ijhimklbeHgijbkljZklbekyd[hdkmgZkm[[hlgbo\klj_qZoex[bl_e_cihljbjZmg^Ziylv^_kyl
k_^vfhf]h^mN_\jZevkdbf\_q_jhf;hdkbjh\Zeb^\h_\\_k_i_lmoZihdbehdZ`^uch[Z
g_[hevrh]hjhklZkebpZfba\_jxr_d
Lh]^ZDZ[mjihr_e\P_gljZevgucqlh[u^hklZ\blvm^h\hevkl\b_[u\r_fmh^ghdZrgbdm
dhlhjucijb_a`ZegZg_^_ex\IZjb`bkgh\Zm_a`Ze\^_iZjlZf_gl@bjhg^u]^_DZ[mjbkZf
dh]^Zlhjh^bekylhl\_q_jhgbgZ[ex^ZebdZd^\ZfZe_gvdbo[hdk_jZfjZqghdhehrfZlyl^jm]
^jm]ZFg_lhevdhwlhDh]^Zh^bgbagboih^gy\rbckygZjbg]kijhklufihehl_gp_fgZie_q_
miZeih^m^ZjZfbijhlb\gbdZgZdZgZluihl_jy\jZ\gh\_kb_bijb`Z\jmdmdl_emZj_n_jb_e_
hllZsbe^jm]h]h\klhjhgmjZa^ZeZkvdjbdbaZoehiZebkb^_gvylheiZih^gyeZkvih^h[gh\heg_
Lh]^ZlhkgbfwlhbkemqbehkvlmkZfmxfbgmlm
J_g_DZ[mjlh`_\kdhqbehghjZe\f_kl_kh\k_fbiulZykvjZa]ey^_lvdhg\mevkbbmiZ\r_]h
[hdk_jZmkeurZlviuol_gb_ih[_^bl_eyBlhevdhihlhfihqm\kl\h\Z\hloehidh\[hev\jmdZob
ijb^y\k_[ykgh\ZklZeq_eh\_dhfbalheiu
ke_^mxsbcjZahgihr_e\P_gljZevgucm`_h^bgZihlhf_s_b_s_IhagZdhfbekyk
aZ\k_]^ZlZyfb\i_j_ju\_\khk_^g_f[bkljhg_j_^dhh[f_gb\Zekykgbfbijh]ghaZfbbkiulu\Zy
jZ^hklvhlij_[u\Zgbylml^mfZehlhfqlhihke_imklhcg_^_eb\gh\vgZklmiblkm[[hlgbc\_q_j
uc^ybalZdkbmP_gljZevgh]hDZ[mjj_rbeqlhijb_oZeihke_^gbfGhg_lIhaZ^b
hklZgh\behkv_s_h^ghlZdkbbbag_]h\ureZ[jxg_ldZgZihfgb\rZy_fm`_gsbgmbadmi_
Hgmklmibe_chq_j_^vmdZkkuHgZ[ueZfheh^Zghm`_ihlj_iZgZ`bagvxH^_lZ\dhjhldh_
q_jgh_iZevlhKmfhqdm^_j`ZeZijb`Z\d]jm^bkeh\gh[hykvihl_jylvHgm\b^_e__djZkgu_
keh\ghhlklbjdbjmdbIhoh`_`_gZ[hdk_jZdhlhjuc\uklmiZ_lk_]h^gyIhke_fZlqZ[m^_l`^Zlv
_]h\jZa^_\Zed_f_qlZyh[hevrhf]hghjZj_ohjhr_cd\Zjlbj_a\Zgbbq_fibhgZ\g_aZighcm^Zq_
DZ[mjijhkfhlj_eljbex[bl_evkdbo[hyg_bkiulu\ZygbfZe_cr_]hm^h\hevkl\byHg^mfZeh
k\hbo\_q_jZo\FZjk_e_hg_[hevrhfhl_e_gZZ\_gxJ_ix[ebdDhfgZlZ[ueZ^_r_\_gvdZy
ihlhfmqlhijboh^behkvkqblZlv^_gv]bghihkl_eviZoeZeZ\Zg^hcB_s_\kihfgbeZkviZjZ
aZgbfZ\rZykhk_^gbcghf_jboij_ibjZl_evkl\ZblhqlhaZgbfbke_^h\ZehH^gZ`^uhglhevdh
\_jgmeky^hfhcgZ[bluc[mfZ]Zfbihjln_ev_s_[ue\_]hjmdZo^ZlZdbhklZekykb^_lvgZ
ihkl_eb\iZevlhaZlZb\^uoZgb_bijbkemrb\Zykvd^he]bf`Zeh[gufklhgZf`_gsbgukh\k_f
jy^hfaZkl_ghcFh`gh[ueh^Z`_jZaebqblvhl^_evgu_keh\ZaZdhlhjufbke_^h\Zebdhjhldb_
hklju_a\_jbgu_\kdjbdb
Hg^he]hkb^_elZdfh`_l^\ZZfh`_lbljbqZkZkeurZdZdhgbkf_xlky^h]Z^u\Zykvqlhhgb
e_`Zlh[gZ`_ggu_gZkfyluoijhklugyoBmagZehg_clZdh_qlhij_^gZagZqZehkvlhevdh^ey__
ex[h\gbdZQlhhgZg_kgyeZ`_fqm`gh_h`_j_ev_dmie_ggh_\IZjb`_Qlhmg__]mklu_^ebggu_
\hehkuHgbkf_yebkvHgbeZkdZebkvAZl_fkgh\ZgZklmibeZlbrbgZjZa^Z\Zeky__kf_rhdb
\hah[gh\eyebkvklhgur_ihlHklZevgh_jbkh\Zeh_]h\hkiZe_ggh_\hh[jZ`_gb_
DZ[mjlZdbg_m\b^_ewlm`_gsbgmHg\ur_ebahl_eybhlijZ\beky[jh^blvihimklugguf
mebpZf:dh]^Z\_jgmekybo[hevr_g_[uehkeurghHgbmreb
hdjm]g_]h[he_evsbdbf_^e_gghih^gbfZebkvkhk\hbof_klH[ty\bebi_j_ju\Hgg_kf_e
\a]eygmlvgZkhk_^_cKimklbeky\lmZe_lkfhqbejZa]hjyq_ggh_ebphoheh^ghc\h^hcbih^mfZe
AZ\ljZhgihc^_ldbgki_dlhjm\dZ[bg_lgZlj_lv_fwlZ`_bijhklhjZkkdZ`_lqlhkemqbehkv
JZkkdZ`_lqlhh^bghdg_djZkb\qlh\k_]^Z[uelZdbfqlh\FZjk_e_h^gZ`_gsbgZgZa\ZeZ_]h
m[ex^dhfIjhklhlZdIhlhfmqlhh[h`ZeZ^_eZlv\_sbdhlhju_dZd_fmdZaZehkv[h]agZ_lhlq_]h
ke_^m_l^_eZlvlhevdhbaqm\kl\Z^he]ZbebjZ^b^_g_]AZl_fhg^he]hoh^beihfZjk_evkdbfmebpZf
b^Z`_ieZdZeaZoe_[u\Zykvhlke_akb^y]^_lhgZkdZf_cd_ghqvxHgijbagZ_lkyqlhgbdh]^Zg_
ihgbfZekfukeZlh]hqlhlZdgjZ\behkv^_eZlv^jm]bfq_fmhgbgZmqbebkv]^_lhihq_f_fmagZlv
]^_KdZ`_ldZdk_e\ih_a^dZd\k__fmdZaZehkv\gh\_bhkh[_ggufZg_dZy[jxg_ldZ
ijh^_fhgkljbjh\ZeZk\hbdhe_gbkgbfZykihedbq_fh^Zg]^_e_`Zehe_dZjkl\hneZdhgqbd
ZkibjbgZdhlhjufhgZdklZlbihlhflZdbg_\hkihevah\ZeZkv:hgb^bhl\hh[jZabeqlhZkibjbg
[ueij_^eh]hfih\h^hfgZqZlvjZa]h\hjQlhhgZ[ueZdjZkb\ZdjZkb\__ex[hc`_gsbgudhlhjmx
hgdh]^Zeb[hjZgvr_\b^_eBklhyeZlZd[ebadhqlh[uehsmlbfaZiZo__^moh\b\b^_gaZfhq_dhl
fh^guo[mkQlhwlb[mkugZihfgbeb_fmg_qlh^jm]h_q_]hhggbdh]^Zg_\b^_eBqlh\lhl
fhf_gldh]^ZhgZkf_ykv\ukmgmeZkv\hdghih_a^Z]h\hjyqlhlhhgbih\_ek_[ydZdq_eh\_dg_
agZxsbcijZ\beb]judZdgZklhysbcm[ex^hd
J_g_DZ[mjg_keurZedZdkaZ^bg_]hhldjueZkv^\_jvlmZe_lZB\lhlkZfucfhf_gldh]^Zhgklhy
\jZkkl_]gmlhfiZevlhkdehgbekygZ^ihlj_kdZ\rbfky]jyagufmfu\Zevgbdhfiheb\ZybadjZgZ
ebphb\hehkuoheh^ghc\h^hcgZ_]h]heh\mqmlvihgb`_aZluedZh[jmrbekykljZrghckbeum^Zj
uklj_eZhgg_mkeurZeg_aZf_lbebieZf_gb^Z`_g_m\b^_edh]heb[h\imklhflmZe_l_Ijhreh
m`_q_l\_jlvqZkZdZddhgqbekyi_j_ju\
KgZqZeZDZ[mjZdZqgmehda_jdZem\bk_\r_fmgZ^mfu\Zevgbdhfbhgg_ihgyehlq_]hebph_]h
\^jm]ijb[ebabehkvdg_fm?s_g_bkiulu\Zy[hebhgijh^he`Ze^mfZlvqlhjZkkdZ`_laZ\ljZ
�AZl_fihrZlgmekyb]ZeklmdihiZeih^kljmx\h^uZhg\k_kdZ`_lbfDZdhgZgZdehgbeZkv
ihke_q_]hhgbk^_eZewlhG_lg_h[eZibegbq_]hlZdh]hqlh\_jhylghke_^h\Zeh[uijh^_eZlvB
ihdZ]heh\Z_]hf_^e_gghih]jm`ZeZkv\jZdh\bgmZkZfhgm`_ihqlbhimklbekygZdhe_gb_]h
�ho\Zlbehqm\kl\h\hkoblbl_evghcgZ^_`^uZhgiheh`be_cjmdmgZie_qhgZ__ie_qh?fm
ihdZaZehkvqlhwlh_^bgkl\_ggZy\h\k_ffbj_`_gsbgZkihkh[gZy_]hihgylvH^gZdhlZj_adh
jZa\_jgmeZkvdZd[hdk_jm\b^_\rbchldju\r_]hkyijhlb\gbdZ[ulvfh`_lqlh[uihkf_ylvkygZ^
gbfGhihebpm_]hihgyeZqlh\k_dm^Zk_jv_ag__bijhqeZ\_]h]eZaZo\_jhylghg_qlhlZdh_
hlq_]h\a\beZkvbaZdjbqZeZ
DZ[mjf_^e_gghhk_egZiheEbph_]h[uehfhdjuf]eZaZaZdjulu?s_ih\lhjyyijhk_[y^Z
fhyjmdZ[ueZgZ__ie_q_hgkgh\Zih^mfZeqlh`_lZdh_ijhqeZhgZ\fhbo]eZaZohlq_]h_cklZeh
lZdg_kl_jibfhkljZrgh"Gh_s_jZgvr_q_f\k_ihgye_]hf_jl\h_l_ehjZkijhkl_jehkvgZ
iebldZolmZe_lZ
KI:EVGH?F?KLH
@hj`_llZLhfZmeu[ZeZkvgZnhlh]jZnbbemq_aZjghcmeu[dhclhl^_gvgZg_c[ueib^`Zdbeb
iZevlhk[_euff_oh\uf\hjhlgbdhfhehkuh[jZfey\rb_ykgh]eZah_ebphdZaZebkv_s_djZkb\__
bl_fg__GZ\_jgh_hgZex[beZk\hb\hehkubijh\h^beZg_fZeh\j_f_gbjZkq_ku\Zybobih
jZaghfmmdeZ^u\ZyHgZex[beZ\k_qlhih^q_jdb\ZehdjZkhlm__\hehkbihwlhfm\b^bfh\__
]Zj^_jh[_[uehklhevdh[_euo\_s_c
Klhy\gb`g_f[_ev_bib`Zfguo[jxdZo:glmZgIv_jWfbev=jZppbZghbebihijhklm=jZppb
ij_klmie_gbyihkljZklbbqlhdlhagZ_lfh`_l[ulv\bgh\gbdm[bckl\Zm`_oguq_l]^_gb[m^v\
jZchgghfdhfbkkZjbZl_ihebpbb
Hgiheh`benhlh]jZnbx\k\hc[mfZ`gbdbadjZkghcdh`bdmie_ggucljb]h^ZgZaZ^bkfbgmlm
kb^_eih^i_j_\]heh\maZklhehfgZdmog_i_j_^hdghfIj_`^_q_fihklZ\blvdhn_cgbdgZ
]Zah\mxieblmgZoh^b\rmxkygZjZkklhygbb\ulygmlhcjmdbhgjZa^\bgmep\_lgu_aZgZ\_kdbb\
dhfgZlmijhgbdk\_l\hkdj_kgh]h^gyihoh`_]hgZex[hc^jm]hc^_gvg_^_eb=jZppbm\b^_e
k_jh\Zlh_g_[hdhlhjh_y\ghg_\_^Zeh_]haZ[hl
GZj_^dhcljZ\_mebpulZf]^_[uehlZdgZau\Z_fh_a_e_gh_ijhkljZgkl\hmkZfh]h^hfZghqv
hklZ\beZi_j\uc\wlhf]h^mbg_c=jZppbkh[bjZ\rbckyhl\_klb^g_fkugZ\ahhiZjd\_gk_gg_
g_hq_gvkh`Ze_eqlhg_kfh`_lwlh]hk^_eZlvHgihklZjZ_lkyijb_oZlvdh[_^m^hfhc\ay\^ey
�wlh]hfZrbgmM]heh\gh]hjhaukdZbihb]jZ_lkbghihdZlhlg_hlijZ\blkykiZlvihke_h[_^Z
AZk\bkl_eblZevygkdbcdhn_cgbdHgijhlygmejmdmbih]Zkbe]ZaG_\klZ\ZygZihegbeh^gmba
^\moqZr_dklhy\rboi_j_^gbfhsmlb\l_iehlmih^gbfZ\r_]hky\\_joiZjZ
Ihly]b\Zydhn_[_akZoZjZ=jZppb\kihfgbek\hc\q_jZrgbc\_q_jgbc^hdeZ^d\ZjlbjdmgZmebp_
�xi_jj_fZe_gvdmxohjhrhh[klZ\e_ggmxqbkl_gvdmx;ueh\g_cqlhlhijblhjgh_ijbkms__
d\ZjlbjZfh^bghdbo`_gsbgkihfgbebkvbkZfhm\_j_ggu_kh\_luLZjdwgZ_]hiZljhgZI_j\h_
ihiulZlvky\e_alv\rdmjmdjZkhldbmagZlv__emqr_q_fkZfZk_[yagZeZklZlv__^\hcgbdhfb\k_
lZdh_Ihgylvbagmljb_kebl_[_ihgylghqlhyohqmkdZaZlv
WlhdZdjZa[uehykg__ykgh]hB^jm]hcbgki_dlhjFZee_gZklhevdhohjhrhk_[_ij_^klZ\be
=jZppb\h[jZa_@hj`_lluLhfZqlh]h]hlZedZdg_ghjfZevgucdh]^ZhgbijhsZebkvHdheh
hgkdZaZe_fm\dhjb^hj_qZhdbkdZbih`_eZe\kyq_kdbom^h\hevkl\bckex[h\gbdZfbIhlhfm
qlh\k_fm`_ij_^klZ\eyehkv^hdZaZggufqlhbom`_gsbgu[uehfgh`_kl\hIhfbfhk\h_c\heb
_s_\dZ[bg_l_iZljhgZ=jZppblh`_klZe^mfZlvqlhhgZ^_ckl\bl_evghf_gyeZbodZd[_ev_Mg__
[uehfgh]hohjhr_]h[_evykfhgh]jZffhc\\b^_fZe_gvdhcdjZkghc[md\hqdb@dZdwlh^_eZxl
\iZgkbhgZoFhgh]jZffu[uebgZbagZgd_dhf[bgZpbcgZljmkbdZoebnqbdZob^Z`_gZghkh\uo
ieZldZoP_euoljbysbdZ[_evy;_eucg_cehgbdjm`_\Zihfy\rb_ky\h\j_fyh[ukdZ[ueblZdb_
g_`gu_qlhlhsbc=jZppbihqm\kl\h\Zek_[y]jm[uffm`eZghfBaysgZydjZkgZy[md\Z
djZkh\ZeZkvgZ\k_o\_sZo
k_fvqZkh\\_q_jZklhyi_j_^iZljhghfbhklZevgufb=jZppb]h\hjbekljm^hfih^[bjZykeh\Z
Lhqg__iulZykvohlvqlhlh\um^blvbak\h_cdgb`_qdb:ihlhfk^_eZeg_kh\k_fk\h_aZdexq_gb_
�Lh]^Z\^hf_m[blhcgZmebp_xi_jj_=Z[_jkhijh\h`^Z\rbc_]hjhykv\ysbdZoaZf_lbeqlh
jZa^_\bpZ[ueZdjZkb\Z ZhgdZdjZagZoh^bekyih^\i_qZle_gb_fZ^j_kh\Zgguo_cibk_fblh]h
qlhijbdZkZekyd__x[dZf\fagZqblhgZg_kdmqZeZ
`bagbm[blhc[uehljh_fm`qbg\_jg__q_l\_jh\dexqZyfm`Zdhlhjh]hhgZg_\b^_eZm`_
g_kdhevdhf_kyp_\Ijh^Z\_pfZrbg:jjhy\b\rbckygZDwhdhehr_klbqZkh\\u]ey^_e
jZkl_jygghb`ZedhG_dbc;h[bebdZd_]h_s_"h[mqZ\rbckyq_fmlh^he`_g[ueijbclb^g_f
�;ue_s_iZj_gvkiylh]hwlZ`ZgZmebp_xi_jj_klm^_gldhlhjh]hih\b^bfhfmh[h`ZeZ
dhgkv_j`dZ
Bawlboljhbokhij_^_e_gghklvxfh`gh[uehgZa\Zlv__ex[h\gbdhflhevdhi_j\h]hWlh[ue
\ukhdbcfm`qbgZg_fgh]hhl_qguc\yeucaZgbfZ\rbckyih^gh\e_gb_fZf_jbdZgkdbofZrbg\
ihijZ\eyyk_[yqlh^Zdhg_qghhgbg_dhlhjh_\j_fy[ueb\f_kl_ihgbab\ijbwlhf]hehkb[hj_qv
reZhf_jl\hcbebihlhfmqlhl_i_jv`_gbekyblh[ueZklZjZybklhjby
=jZppbijh^_j`Ze_]hfbgml^\Z^pZlvIjhlb\gZyjh`Zghgbdq_fmg_ijb^_j_rvky;_amij_qgh_
Zeb[bgZi_j\u_q_luj_^gyhdly[jybgZkm[[hlmdh]^Z[uehkh\_jr_ghm[bckl\h@_gZdhlhjhc
hgdmibefZe_gvdbcNbZlgh\_gvdbcZg_ihkemqZx=jZppbm`_g_ihfgbedZdbfh[jZahf
�magZeh[wlhfhdmf_glu\ihjy^d_OhjhrhkrblucdhklxfGZqbs_ggu_[hlbgdb;u\rbc
dhff_jq_kdbc^bj_dlhjiZjnxf_jghcnZ[jbdbLZfhgbihagZdhfbekyk@hj`_llhcLhfZlh]^Z
_s_ihnZfbebbEZg`kem`b\r_cij_^klZ\bl_evgbp_cnbjfuK\yav\l_q_gb_ihem]h^Z^h__
jZa\h^Zb^\Zkiheh\bghc]h^Zihlhf [uebdh]^Zlh\f_kl_\fGbq_]hg_agZ_lGbdZdbo\jZ]h\b
^jma_cg_agZ_lGbq_]hihgylvg_fh`_lH]hjq_gaZg__Ijhlb\gZyjh`Z
=jZppbgZebedhn_\^jm]mxqZrdmiheh`belm^Z^\ZdmkdZkZoZjZb\klZeihlbjZyr_xHg
mkeurZedZd`_gZaZr_\_ebeZkv\ihkl_eb
madhfdhjb^hjqbd_hl^_ey\r_fdmogxhldhfgZlukebrdhfihegZyqZrdZg_fgh]h
jZkie_kdZeZkv;hykvjZa[m^blvfZeurZhgg_\ujm]Zekyohlybohl_ehkv
@_gZe_`ZeZdZd\k_]^Zkhldjulufb]eZaZfbM=jZppbkhg[uedj_idbcghhgagZeqlhihghqZf
�hgZ\klZ_lqlh[umdjulvbghbeb^Zlv_fmihiblvbmg_]hkeh`behkv\i_qZle_gb_qlh`_gZ
gbdh]^Zg_kibl
DhlhjucqZk"
K_fv
Luk_]h^gyb^_rvlm^Z"
Fmqbfucm]jua_gbyfbkh\_klbhgkdZaZeqlhijb^_lkyGZkZfhf^_e_gbqlhg_aZklZ\eyeh_]h
ihklmiZlvlZdHgfh][u\ua\ZlvDZ[mjZ;h[Zk_fvx@hj`_lluLhfZbgZihg_^_evgbdGbdlhg_
lhjhibe_]hgbdlhg_k^_eZe[ubaZf_qZgby?kebm[bcpZ\hkihevam_lkywlbfqlh[uk[_`Zlv
ih^Zevr_l_femqr_wlhklZg_lijbagZgb_f_]h\bgu?]hihbsmlbgZc^ml
G_lgbqlhg_aZklZ\eyeh_]hb^lb_kebg_kqblZlvh[uqghcg_m\_j_gghklbba\_qghcihlj_[ghklb
\ub]jZlv\j_fydZdmg_kihkh[gh]hmq_gbdZdhlhjuchldeZ^u\Z_lwdaZf_g^hihke_^g_cfbgmlu
?]h`_gZK_kbevohjhrhagZ\rZyfm`Zih`ZeZie_qZfbg_ihkf_\gZihfgblvh[h[_sZgghc
ijh]med_\ahhiZjdH^gZdhqlh[u^Zlv_fmihqm\kl\h\Zlvk\h_g_m^h\hevkl\b_aZf_lbeZqlhdhn_
g_dj_idbcbkebrdhfkeZ^dbc
DZdh_^_ehl_[_^Zeb"
@_gsbguaZ^mr_gghcgZEbhgkdhf\hdaZe_
HgZ\_jgmeZ_fmqZrdmagZyij_djZkghqlhhg\h\k_g_klj_fbekyihemqblvwlh^_ehqlh\l_q_gb_
g_dhlhjh]h\j_f_gbhiylv[m^_lhaZ[hq_gl_fqlhijb\e_q_ldk_[_baebrg__\gbfZgb_
JZa\_wlbfaZgbfZ_lkyg_LZjdwg"
Hg\_^_l^_ehkb]jZevgufbZ\lhfZlZfbDlhfm`_luagZ_rvqlhk_cqZkhgg_hohlgh[_j_lkyaZ
\k_qlhg_dZ`_lky_fm\_jgydhf?kebmgZkihc^_lghjfZevghhggZkijbdjh_l?kebgZqg_lky
\heugdZ\k_\a\ZeblgZf_gyyg\Zj__]h`^_lih\ur_gb_hggbaZqlhg_aZohq_ll_jylvk\h_
j_ghf_
;j_ykvi_j_^a_jdZehf=jZppb\kihfgbed\Zjlbjdm@hj`_lluLhfZbih^mfZeqlhhgZkbevgh
hlebqZ_lkyhl_]hkh[kl\_gghcijhq_fq_ffh]eZihoh^blvd\ZjlbjZh^bghdhc`_gsbgu\klZjhf
lj_oe_lgbcj_[_ghdij_\jZsZ_l\ihe_[hy"
H^gZdhbf_ggh\lhcd\Zjlbj_k__ihemijb]emr_ggufhk\_s_gb_fgZdZgmg__fmijbreb\]heh\m
\_sbhdhlhjuoij_`^_hg[ug_ih^mfZebeb\h\kydhfkemqZ_gbdh]^Zg_ih^mfZe[uki_j\h]h
jZaZDj_lhgh\u_aZgZ\_kdbgZhdgZoihdju\ZehgZihkl_ebklhebdbbij_l_gpbhagu_b]jmrdb
\k_wlh]h\hjbehhaZkb^_\r_cky\^_\bpZofZrbgbkld_fZexk_gvdhcdmog_\_sb[uebgZk\hbo
f_klZoG_\_jhylgZy\ZggZy\jhah\hfb[_ehfdZn_e_gZdhlhjuc\hafh`gh[uebbajZkoh^h\Zgu
\k_k[_j_`_gbyA^_kviZoeh^hjh]bffuehfDhjhl_gvdZyghqgZykhjhqdZgZ\_rZed_lZdZy`_dZd
bgZc^_ggZy\q_fh^Zg_FZojh\u_hq_gvg_`gu_dZdf_oihehl_gpZ\k_op\_lh\k[md\hc@dZd
b\k_hklZevgh_J_abgh\Zy[_eZyrZihqdZgZe_cd_^mrZGZ[hjdj_fh\gZihehqd_Bhkh[_ggh
a_jdZeZHgb[uebih\kx^m^Z`_gZdmog_b\dhfgZl_lZdhcl_kghcqlhbojZkiheh`_gb_\hdjm]
ihkl_ebgZ\_\Zeh\_kvfZ^\mkfuke_ggu_ij_^iheh`_gby
Ihfhjsb\rbkv=jZppb\^jm]m\b^_e\a_jdZe_k\h_gZfue_ggh_ebphgZdhlhjhf[jbl\Z
\ukdh[ebeZ^ebggmxihehkdmqbklhcdh`b
Mg__\Zil_qd_lh`_e_`ZeZ[jbl\Zghwlhjh\ghgbhq_fg_]h\hjbehLZdb_bf_xlkyl_i_jvm
fgh]bo`_gsbg
;uebgZc^_gubibkvfZdg_c\[hevrbgkl\_hllh]hdlhi_j_ijh^Z\ZefZrbguZlZd`_
nhlh]jZnbbfm`qbg\i_j_f_rdmkkh[kl\_ggufbbk_f_cgufbdhlhju_ojZgbebkv\klZjhcdhjh[d_
hl[bkd\blh\
H^gZdhwlh[uehg_\k_d\Zjlbj_@hj`_lluLhfZhsmsZehkv_s_qlhlhlZdh_q_]hhg[ueg_\
kbeZoihgylvBf_gghihwlhfmgZ\_jgh_=Z[_jbkdZaZe:hgZg_hq_gvkdmqZeZLZdh_
\i_qZle_gb_\hafh`gh\hagbdZehhlkebrdhf`_gkdhckeZsZ\hch[klZgh\dbd\ZjlbjuBebhl
jhkdhrb\ZgghcBebbaaZ^mjZpdhcfZe_gvdhcdjZkghc[md\hqdb@dZdwlh^_eZxlgZmaeZok
\_sZfbmqZsbokyiZgkbhgZ
KdZ`bdZ
?]h`_gZdZdjZa\hreZ\dhfgZlmb\ayeZoZeZl\bk_\rbcgZ^\_jb=jZppb\b^_e__\a_jdZe_
^_j`Z[jbl\mms_db
Qlhlufh`_rvkdZaZlvh`_gsbg_dhlhjZyi_j_f_lbeZ\k_[_ev_k\h_cfhgh]jZffhc"
;ulvfh`_lhgZhl^Z\ZeZ[_ev_\klbjdm
�WlhgZqZevgZy[md\Z__bf_gbZdlhfm`_gb`g__[_ev_g_hl^Zxl\ijZq_qgmxJZa\_g_l"
K_kbevkh]eZkbeZkvHgZih^hreZda_jdZemh]ey^_eZk_[yihijZ\eyy\hehku
G_agZx?klv`_gsbgudhlhju_ex[ylf_lblvk\h_[_ev_
Hgh[tykgbeqlhwlhg_kh\k_ff_ldZZd\Z^jZlbdk[md\hcdhlhjucijbrb\Z_lkydbagZgd_Dh]^Z
_]hihf_klbeb\^_lkl\_\bgl_jgZl\FZgk__]hfZlvihf_lbeZlZdib`Zfuihehl_gpZ\k_\_sb
Hg\kihfgbek\hcghf_j\hk_fgZ^pZluc
HgZg_agZeZbkdZaZeZqlhgZ\_jgh__klvlhfmijbqbgZFh`_l[ulvwlhqlhlhfZgbZdZevgh_"h
\kydhfkemqZ_kdhjhijhkg_lkyfZeurHgiehohk_cqZk_klLj_oe_lg_fmj_[_gdmg_ohjhrh\k_]^Z
h[_^Zlv[_ahlpZ=jZppbijb^_lk_]h^gy^hfhcdh[_^m"
Hgihh[_sZeijh^he`Zy^mfZlvhfZeur_dhlhjuciehoh_klbh@hj`_ll_LhfZkb^ys_c\hae_
eZfiubijbrb\Zxs_cfZe_gvdb_[md\hqdb@gZdjm`_\gh_[_ev_
:\lh[mkijbr_eimklufbaWce_Jha=jZppb\kdhqbekaZ^bgZhldjulmxieZlnhjfmbhklZekylZf
gZqZehijhykgylvkybmebpuIZjb`ZhdZaZebkv[he__\hkdj_kgufbq_f\;Zgvz
^jm]hffZ\lh[mk_hgij_^ihq_ek_klvGZhklZgh\d_:e_abZ\u\_kdZIjh`bggZihfgbeZ
_fmhlhfqlhhg^he`_gk_]h^gym\b^_lva\hgb\r_]h_fmq_eh\_dZDZdlZf_]ha\Zeb"DZ[mj
&#x_j;&#xhy;&#xlg;&#xh;&#x=;&#xZ[;&#x_j;&#xm;&#x`_;&#xh;&#x[g;&#xZj;&#xm`;¾&#xh;&#xkl;&#xZe;&#xvg;&#xuo;&#x;&#x:d;&#xlj;&#xbk;&#xm;�_jhylgh=Z[_jm`_h[gZjm`behklZevguo:dljbkmZjjwkl_e_nhgghfkijZ\hqgbd_agZqbebkv
ebrv^\ZJb\heZgb
=jZppbij_^klZ\bek_[_fZe_gvdh]h=Z[_jZdhlhjuc^hihemghqba\hgbeihh[hbfl_e_nhgZf
qlh[u^heh`blv_fml_i_jvdh]^Zhgijb^_ldk_[_
Gbq_]hgh\h]hgZqZevgbdK_fv^_kylljba\hgdZ^\_gZ^pZlvjZa[ueihkeZgdq_jlm
jZa]h\Zjb\Zek^\mfyikboZfbbjm]Zekyk[ZdZe_csbdhfdhlhjucgZqbgZ_ljZ[hlZlvgZjugd_\
qZkZmljZlZdqlhkZfihgbfZ_rvdZd_]hh[jZ^h\ZebgZrbihebp_ckdb_aZ[hlu\qZkh\\_q_jZ
Yih^p_ibeljhbogZqZevgbdkdZaZe=Z[_j
Hgijhkgmekybih[jbekyf_gvr_qZkZgZaZ^ebph[ueh_s_djZkgufhloheh^Zb^h`b^Zykvhg
kb^_egZm]hed_klheZg_k\h_]hZIZj^bfjZqgh]hdhjkbdZgpZdhlhjuc\k_]^ZjZ[hlZeh^bgb
gZdZgmg_lhevdhaZdjue^_ehh[Z[hjl_
oh^y\dhfgZlm=jZppbkgyeiZevlhbihijb\_lkl\h\Ze^\b`_gb_fjmdb^\mo^_`mjguo
bgki_dlhjh\dhlhju_klhydmjbebbjZa]h\Zjb\Zebhnml[he_Q_eh\_d\gZjmqgbdZo\dmjld_b[_a
]ZeklmdZkb^_egZklme_ijyfhjy^hfk^\_jvxjZkk_ygghih]ey^u\ZyihklhjhgZf
G_ih^gbfZy]eZahlk\h_c]heh\hehfdb iehkdhcdhjh[db\gmljbdhlhjhchg^he`_g[ue\
hij_^_e_gghfihjy^d_jZkklZ\blvnbrdbkpbnjZfbg_\ugbfZybohllm^Z\f=Z[_jkdZaZeqlhe_]
ihke_ihemghqbqlh]hkm^Zjkl\hhiylvihl_jyehlukyqbnjZgdh\gZjZa]h\hjZobqlh]emihklv
ex^_cijhklhn_ghf_gZevgZ
Bqlh`_lumagZe"
KgZqZeZh[Zdljbk_JZa]h\hjkhkem`[hcHlkmlkl\mxsboZ[hg_glh\Ijbrehkvh[a\hgblv
ljb^pZlvj_klhjZgh\ij_`^_q_f__gZrebM:g^j_AgZ_rvdZda\_j__rvhl]heh^Za\hgyih
j_klhjZgZfJZaebqZ_rv\ljm[d_oZjZdl_jguc^eygbormfKmfZkhclbfh`gh
�Zevr_"
Jb\heZgbRhn_jwdki_^blhj=h\hjbek_]h`_ghcZg_kgbfkZfbfIh^hjh]_\FZjk_ev
dbehf_ljZo\^\Z^pZlbhl]hjh^Zmg_]hkemqbeZkvihehfdZ\]jmah\bd_bhghklZ\be_]h\]ZjZ`_
;_jjZ_jgmlvkygZaZ^ijbrehkvih_a^hfMg__kbfiZlbqguc]hehkhd
Lj_lbc"
Lj_lvyWlh`_gsbgZF_klhb\kZfhf^_e_[uehaZgylh
=Zjh^b"
J_rb\gZdhg_p]heh\hehfdm=Z[_jkgh\Zkf_rZenbrdbbgZqZe\k_kgZqZeZ?]hlsZl_evgh
ijbq_kZggu_dZdmfheh^h]hij_fv_jZ\i_jbh^hddmiZpbb\hehku[ueb_s_\eZ`gufbgZ\bkdZo
�Hgg_kgyek\hx[_`_\mxdmjldmkdZixrhghfijb\_a_ggmxbaRhleZg^bbjm]b_bgki_dlhjZ
ihfgh]mjZagZ^gxih^rmqb\ZebgZ^gbfbaaZ_]hk\_leuo\hehkbaaZg_h[uqgh]h^eylZdh]h
mqj_`^_gbyiZevlhbaaZ_]h`_klbdmeypbbijbkms_cfZevqbdmba[h]Zlhck_fvbGh_fm[uehgZ
wlhgZie_\Zlv=Z[_j[uefZejhklhfom^hsZ\gZebp_\k_\j_fy[jh^beZmeu[dZq_eh\_dZdhlhjuc
gbq_]hg_ijbgbfZ_l\k_jv_ahkh[_gghk\h_aZgylb_Hgg_hq_gvex[bewlmijhn_kkbxghbg_evay
kdZaZlvqlhg_gZ\b^_e__IjhklhhgZ_]hg_bgl_j_kh\ZeZIjhn_kkbx_fm\u[jZehl_p
dhlhjh]hi_j_\_eb\FZjk_evihe]h^ZgZaZ^?fme_lbhgihf_rZggZwe_dljhgbd_Mf_gy_klv
ijbyl_evdhlhjuclh`_wlbfaZgbfZ_lkyIh_]hfg_gbx\wlhcrlmd_aZdexq_gh\k_\_ebqb_
]j_q_kdhcfbnheh]bb
K_\aZk\hcklheb\ay\\jmdbdjZkgmxaZibkgmxdgb`dm=jZppbkg_l_ji_gb_fihq_kZeaZluehd
Gmbqlhbalh]h"
Hgb`_gZluljb]h^ZP_eZybklhjbyhlhfkdZdbfljm^hfk\_djh\bm^Zehkvmkljhblvbo\
FZjk_e_
�Zevr_
Wlh\Z`gh^ey^Zevg_cr_]hHgb_s_g_i_j_\_aebdmqm\_s_cbaIZjb`ZIhkdhevdm`_kZf
=Zjh^bjZ[hly]Zg_ijboh^bl^hfhcihljh_kmlhdkiblkwlhcwe_dljhgbdhcykgh"lh
bgl_j_kmxsZyl_[yfZ^Zf=Zjh^bj_rbeZkZfZhkms_kl\blvi_j_\hadmdmohgguoijbgZ^e_`ghkl_cb
aZh^ghihp_eh\Zlvk\_djh\v
Gmbqlh"
�GZqZevgbdlug_[eZ]h^Zjgh_kms_kl\hZ^ZDjhf_rmlhdYihljZlbe^\ZqZkZgZlhqlh[u\k_
wlhmagZlvdhgp_dhgph\yk\yaZekykg_\_kldhcHgZijh`b\Z_l\G_cbm^jm]bo=Zjh^b=hehk
^jh`Zedh]^Zy_ch[h\k_fjZkkdZaZeIj_e_klgZybklhjbydhlhjmxfh`gh[m^_lh[km^blvk
ih^jm`dZfbWlhg_f_gyaZ^mrbebghihqlbqlhykgh"?_ah\mlW\_ebgZMg__lh`_djZkb\uc
]hehkQlh[ujZa\e_qvkyyihijhkbe__hibkZlvk_[yHgZihoh`_ij_fbe_gvdZyIjb_oZeZgZ
g_kdhevdh^g_c^hq_l\_j]ZdZ`_lkyYkdZaZeqlhg_fh`_l[ulvbj_qbqlhhgZ^he`gZ
gZoh^blvky\jZkihjy`_gbbihebpbb
=Z[_jjZkkf_yekyg_ih^gbfZy]eZabijh^he`Zyi_j_^\b]ZlvmdZaZl_evgufiZevp_fnbrdb\
]heh\hehfd_
HgZihdeyeZkvqlhwlhg_hgZqlhgbdh]hg_^mrbeZYkdZaZeqlhwlhfu_s_ijh\_jbf?keb
gZqZevgbdkh]eZk_gy\klj_qmkvkg_c\qZkh\gZmebp_EZnhgl_gZ^hfkijhkblvEbgmLu
kh]eZk_g"
=jZppbkdZaZeqlhlZd[m^_lemqr_q_f^_j`Zlv__a^_kv\k_mljhFZrbgmhghklZ\ey_laZkh[hc
qlh[ukt_a^blv^hfhcihh[_^Zlv
mljZDZ[mjg_y\bekyb=jZppbih^mfZeqlhmki__l\uiblvdhn_mfhklZK_gFbr_evDh]^Z
hg\uoh^bek=Z[_jhfbadhfgZlui_j_dbgm\ieZsq_j_ajmdmihebp_ckdbckdZaZeqlh_]hohlyl
\b^_lvfm`qbgZb`_gsbgZWlh[uebk_kljZbaylv`_jl\uIhnZfbebbDhglHgby\bebkvijyfh
bafhj]Z
Kmijm]bDhglukb^_ebhdhehklheZ=jZppbbihdZ`^hfmih\h^mh[f_gb\Zebkv\a]ey^ZfbHgb
ijbrebgZDw\i_j\u_ihebpZfqm\kl\h\Zehkvqlh\hegmxlky@_gsbgZlZdZy`_\ukhdZy
[jxg_ldZdZd`_jl\Zghg_ihoh`ZygZg__mki_eZihieZdZlvFm`qbgZkfZob\ZegZkem`Zs_]h
dhlhjh]hpbnjuk^_eZeb[ebahjmdbfAZiehlgufbkl_deZfbhqdh\_]h^_lkdb_]hem[u_]eZaZ
aZkl_gqb\hbhiZkeb\hiulZebkv\k_\j_fyi_j_o\Zlblv\a]ey^=jZppbkeh\ghbo\eZ^_e_p
ijb[ebabekydhllZedb\Zxs_]h\b^Z`b\hlghfmdhlhjh_ke_^h\Zehijbjmqblv
Hg[ueg_[Zgdh\kdbfkem`ZsbfZ[mo]Zel_jhf\h^ghfbanbebZeh\nbjfuJ_ghbij_^hklZ\be
]h\hjblv`_g_\j_fyhl\j_f_gbih^l\_j`^Zy__keh\Zdb\dhf]heh\ubih]ey^u\ZygZ=jZppb
^Zbf_gghlZd
]hlh\h^eyihohjhgHgb\_^v_^bgkl\_ggu_\IZjb`_jh^kl\_ggbdbm[blhcJh^bl_ebh[_bok_kl_j
�_s_`beb\hNe_jZd_qlh\^_iZjlZf_gl_hj^hgvMgbolZfn_jfZbiZl_glgZ[ZdZe_cgh
ibl_cgh_aZ\_^_gb_mkZfhc^hjh]bgZI_jb]z
@hj`_llZ[ueZdZd[uwlhkdZaZlv[em^ghc^hq_jvx
hk_fgZ^pZlbe_lm_oZeZ\IZjb`I_jb]z`_]^_hgZaZdhgqbeZrdhem\kdhj_ihke_
hk\h[h`^_gbygZjh^gu_[Zeuh`b\e_gb_dhlhjh_\ghkbeb\`bagvkhe^Zlukh\k_f\kdjm`beb_c
]heh\mKgZqZeZmqbeZkvgZdmjkZofZrbghibkbIhlhfklZehba\_klghqlh[he__mk_j^ghihk_sZ_l
�ib\gu_\p_glj_]hjh^ZhfZ_cmkljhbebkp_gmHgZijhieZdZeZg_kdhevdh^g_c]h\hjbeZqlh
m_^_lB\dhgp_dhgph\^_ckl\bl_evghm_oZeZ
?_k_kljZ@ZggZ^\mfy]h^Zfbfheh`_ih\_jgm\rZyk_cqZkd=jZppbbafmq_ggh_[e_^gh_ebph
ijh\h^beZ__gZ\hdaZeihkZ^beZ\ih_a^iheZ]Zyqlhm`_gbdh]^Z__[hevr_g_m\b^bl
Gh\u\k_lZdbm\b^_ebkv"
Kimklyg_kdhevdhf_kyp_\dh]^Zy\uoh^beZaZfm`FuihagZdhfbebkvkfm`_faZ]h^^hwlh]h
hgijh\h^bee_lgbchlimkd\hNe_jZd_
Lhlih^l\_j^bewlhdb\dhf]heh\uBf_gghlZd
Kl_oihj\u`b\_l_\IZjb`_"
�Zg_ih^Ze_dmhlg__hdhehiehsZ^bDebrbGh\b^_ebkvfuj_^dh
Ihq_fm"
G_agZxFu`bebihjZaghfmHgZ\ureZaZfm`q_j_a]h^ihke_f_gyaZgZqZevgbdZhl^_eZ
k[ulZiZjnxf_jghcnZ[jbdb@_jebij_^klZ\bl_evgbp_cdhlhjhchgZbjZ[hlZeZ@Zd[ue
ohjhrbfq_eh\_dhflh\j_fyhgbgZ\_^u\ZebkvdgZfqZs_ih\hkdj_k_gvyfgZh[_^bgh]^Z\
�k_j_^bg_g_^_ebqlh[ukoh^blv\f_kl_\dbghIhlhfjZa\_ebkv:mgZkjh^bebkv^_lb\h_
�fZevqbdb^_\hqdZHgZklZeZj_`_aZoZ`b\ZlvmfZeZgZ\_jgh_qlhfug_^h\hevgu__ih\_^_gb_f
baaZq_eh\_dZkdhlhjuf`beZg_agZx\k_fh`_l[ulvh[s_fklZeZj_`_ijboh^blv
DZd^Z\gh\u__\b^_eb"
Kf_kypgZaZ^HgZijb]eZkbeZgZk\uiblvmg__^hfZdhn_lh\hkdj_k_gv_fuijh[uebmg__
qZkbeb^\ZhgZkh[bjZeZkvdm^ZlhmclbGhgbq_]hgZfm`_g_jZkkdZau\ZeZ
Kb^ygZkhk_^g_fklhe_=Z[_jihij_`g_fm[ueaZgylk\h_cb]jmrdhcI_j_^\b]Z_fu_bfnbrdb
kmohbg_j\bjmxs_s_edZebHgaZ^Ze\hijhk
JZa\h^[ueih__bgbpbZlb\_"
@ZggZDhglkfbgmlmg_j_rZeZkvhl\_lblvIh]ey^_eZgZ=Z[_jZgZ=jZppbihlhfgZfm`Zy\ghg_
agZygZ^hebhl\_qZlvbbf__lebijZ\hfheh^hcg_ihoh`bcgZihebp_ckdh]h[ehg^bgaZ^Z\Zlv
\hijhku
G_l@ZdZM@_jebhgZ\klj_lbeZ^jm]h]hq_eh\_dZdhff_jq_kdh]h^bj_dlhjZQ_j_a
g_dhlhjh_\j_fy@Zdwlhh[gZjm`beHgbjZkklZebkvHgZi_j_reZgZ^jm]h_f_klh\nbjfm
;Zje_g
Bijh^he`ZeZ`blvkhk\hbfex[h\gbdhf"
Kgh\Zg_j_rbl_evghklv?cy\ghg_ohl_ehkv]h\hjblvh[wlhfijbfm`_dhlhjuckgZofmj_gguf
\b^hfhimklbe]eZaZ
�G_kh\k_flZdHgZihk_ebeZkvgZmebp_xi_jj_IheZ]Zxqlhlhlijboh^bedg_cghg_`bem
u[uebkgbfagZdhfu"
Fu\b^_eb_]hh^gZ`^u
HgZijb\_eZ_]hd\Zf"
G_lFu\klj_lbebkvkemqZcgh=h^ZljbgZaZ^Hglh`_mr_ehl@_jebAZgbfZekyfZrbgZfb
Kimklyg_kdhevdhf_kyp_\ihy\beky;h[
DlhlZdhc;h["
Jh[_jZlkdbHgjbkm_libr_lfmaudmg_agZxlhedhf
=jZppbihkfhlj_egZqZkukdZaZe=Z[_jmqlhlhfmihjZkoh^blvgZmebpmEZnhgl_gZ=Z[_jdb\gme
bihr_e\hehqZgh]mk]heh\hehfdhc\h^ghcjmd_brZjnhf\^jm]hckydbcjZadh]^Z=jZppb
\b^_e_]hmoh^ysbfe_gb\hcbjZkkeZ[e_gghcihoh^dhcq_eh\_dZdhlhjhfmgZ\k_gZie_\Zlvhg
g_\hevgh\kihfbgZeqlhah\ml_]hm^b\bl_evgh@ZgEmiBg_dhlhjh_\j_fyqm\kl\h\Zek_[y
g_ihgylghhlq_]hkqZkleb\ufdZd\^gbdh]^Z_]hkugijhbaghkbeke_]dZi_j_bgZqb\Zygh\h_
keh\hKf_rgh
�h]Z^u\Z_l_kveb\uhlhfdlhfh][uwlhk^_eZlv"YohqmkdZaZlv[uebebm\Zr_ck_klju
\jZ]b"
Dhglu[_kkbevghihdZqZeb]heh\Zfb@_gsbgZkdZaZeZqlhhgbgbq_]hg_agZxlbgbq_]hg_
ihgbfZxl
=jZppb\ulZsbebaysbdZhibkvHl^_eZhihagZgbcgZa\Zekmffm__kq_lZ\[Zgd_ihdZaZe
hieZq_ggu_kq_lZjZkkdZaZehgZc^_gguo\kmfhqd_^_gv]Zok_ihdZaZehkvbfghjfZevguf
;uebebmg__^jm]b_bklhqgbdb^hoh^h\djhf_aZjieZlu"Kwdhghfe_ggu_kj_^kl\Z":dpbb"
Hgbg_^himkdZebwlh]h
Wlh[uehg_\__h[udgh\_gbbh[tykgbeZ`_gsbgZg_j\ghkdZlu\Zy\\Zebdk\hcghkh\hc
�ieZlhdDZd[u\Zfihykgblv"hr_klgZ^pZlbe_ly`beZ\f_kl_kg_cfukiZeb\h^ghcihkl_eb
yghkbeZ__\_sbyohjhrh__agZeZ
HgZkgh\ZgZqZeZlbohieZdZlvg_i_j_klZ\Zykfhlj_lv\ebph=jZppb
@hj`_llZ[ueZhq_gvq_klhex[b\Zh[s_fdZd[uwlhkdZaZlvfh]eZfgh]hjZ[hlZlvbfgh]bf
`_jl\h\ZlvjZ^blh]hqlh[uihemqblvlhqlhohl_eZGh^_gv]bkZfbihk_[___g_\hegh\ZebG_
agZxdZdh[tykgblvhgZbgl_j_kh\ZeZkvebrvl_fqlhbf_eZbqlhdmibeZgZk\hb^_gv]bBqZklh
]h\hjbeZwlhfh_fh_iZevlh\lZdhf^mo_IhgbfZ_l_"=jZppbkdZaZeg_l
GZijbf_jhgZdh]^Zfu_s_[uebfZe_gvdb_keueZ`Z^bghcGZ^g_cih^ljmgb\Zeb\k_fv_
ihlhfmqlhhgZg_ohl_eZh^he`blvfg_^_gv]bbak\h_cdhibedbG_agZxlhevdhfh`ghebwlh
gZa\Zlv`Z^ghklvxHgZ\_^vg_ijylZeZ^_gv]bHgZboljZlbeZGZk_[y?cb\]heh\mg_
ijboh^behljZlblvkygZ^jm]boB^_eZeZih^Zjdblhevdhfh_fmkugmdhlhjh]hhq_gvex[beZD
^hq_jb`_hlghkbeZkvbgZq_bwlhihjh`^Zeh\^hf_b^bhlkdb_kkhjuH^gZ`^ufu_ch[wlhf
kdZaZeb
Kdhevdh\Zr_fmkugm"
Iylve_l:qlh"
=jZppb\ugmeba[mfZ`gbdZgZc^_ggu_\\_sZo`_jl\u^_lkdb_nhlh]jZnbb
WlhIhevKgbfhdk^_eZg^\Z]h^ZgZaZ^
GZkdhevdhyihgbfZx\u]h\hjbl_fZ^Zfqlh\ZrZk_kljZg_[ueZ[_j_`eb\hcghhlebqZeZkv
B^Zbg_lY[ug_gZa\ZeZ__w]hbkldhcKdhj__^Z`_s_^jhcGhbe_]dh\_jghc\h\k_fk_
�]emihklb^_eZeZihgZb\ghklbZhgZ[ueZkebrdhfgZb\gZ?_\k_mij_dZebaZwlhG_agZxdZd
\ZfkdZaZlvghl_i_jvdh]^Z__g_l
Ke_auihl_debkgh\Z=jZppbih^mfZeqlhemqr_i_j_clbd^jm]hfmkx`_lm;h[mgZijbf_jZ
aZl_fij_j\ZlvjZa]h\hjb\_jgmlvkygZaZ^Ihfbfh\hebhghiylvdhkgmeky[hevgh]hf_klZ
u__ihij_dZeb"ukkhjbebkv"
?fmijbrehkvh[h`^ZlvihdZhgZ\ulj_l]eZaZk\hbfkdhfdZggufieZldhf@_gsbgZih^l\_j^beZ
db\dhf]heh\ulbobfb\koebiu\Zgbyfb
K]h^gZaZ^gZJh`^_kl\hbaaZimklydZ
DZdh]himklydZ"
��FZrbguHgZdmibeZfZrbgmfZjdbhnbghwlh]hfgh]hjZaijboh^beZdfh_fmfm`m
ijhkbeZ_]hhnhjfblvdj_^blbk^_eZlvihdmidm\h[s_f\k_lZdh_?c^Z\ghohl_ehkvbf_lv
Z\lhfh[bevAZg_kdhevdhg_^_ev^hihdmidbhgZm`_]h\hjbeZfhyfZrbgZIhemqb\__gZdZgmg_
Jh`^_kl\Z@hj`_llZaZklZ\beZgZjbkh\ZlvgZi_j_^gbo^\_jpZok\hbfZe_gvdb_bgbpbZeuFu
`^Zeb__dh[_^mghhgZhiha^ZeZh[tykgb\ihq_fm[ueZkqZkleb\Zijhklhg_\_jhylghkqZkleb\Z
=jZppbm`_ihjy^dhfhklhq_jl_ebke_audhlhju_g_ij_ju\ghl_debih__[e_^ghfmebpm
FuihrmlbebbaaZbgbpbZeh\:aZl_fagZ_l_dZdwlh[u\Z_lh^ghaZ^jm]h_dhgqbehkvl_fqlh
gZqZeb]h\hjblv_c\_sbdhlhju_\dhgp_dhgph\dZkZebkvlhevdh__hlIhlhffuklZeb
\b^_lv__j_`_\_jhylghiylvbebr_klvjZaaZ^\Z]h^Z
=jZppbkdZaZeqlhihgbfZ_lHgij_^klZ\bek_[_@hj`_llmLhfZaZklhehfgZdZgmg_Jh`^_kl\Z
�]hj^mxk\h_cdmie_gghc\dj_^blfZrbghchnbgkbgbpbZeZfbb\g_aZighh[jmrb\rb_kygZ
g__mij_dbbkZjdZklbq_kdb_aZf_qZgbyIh^mfZehg_ba[_`ghffheqZgbb\dhlhjhf[uekt_^_g
^_k_jlhoheh^guoihp_emyogZijhsZgb_
Fu^mfZ_fqlhm[bckl\hg_k\yaZghkh]jZ[e_gb_fG_fh`_l_eb\ugZa\Zlvq_eh\_dZba__
hdjm`_gbydhlhjuc[u__g_gZ\b^_e"
Dh]h"LZdbog_l
u]h\hjbebh[wlhf;h[_@_gsbgZih`ZeZie_qZfb
;h[gZlZdh_g_kihkh[_gwlhg_\_jhylgucrZehiZcghijhklhg_\hafh`ghij_^klZ\blvqlhhg
kihkh[_gdh]hlhm[blvhkh[_gghklb@hj`_llm
?_fm`"
@Zd"AZq_f"G_lhg`_gbekymg_]hj_[_ghdHggbdh]^Zg_lZbeaeZgZg__
L_i_jvfm`h^h[jyedZ`^mx__njZamg_aZighhldju\jhlhgijhbag_k]jhfdbfnZevp_lhfqlh
ij_klmie_gb_kh\_jrbekZ^bkl
Q_eh\_d\gZjmqgbdZo\]em[bg_dhfgZlug_ih^gbfZy]eZa\^jm]jZkkf_yeky\uijyfb\rbkvgZ
klme_bih]ey^_egZk\hbgZjmqgbdbhafh`ghhgkj_Z]bjh\ZegZwlbkeh\Zbebijhklh[ue
[_amf_g
=jZppb\klZekdZaZeDhglZfqlhmg_]h_klvboZ^j_kqlhhgb_s_m\b^ylky^hdhgpZjZkke_^h\Zgby
Dh]^Zl_m`_rebd^\_jbdb\gm\^\mfbgki_dlhjZf=jZppbhiylv\kihfgbed\ZjlbjdmgZmebp_
�xi_jj_baZ^Ze\hijhkdhlhjuc[md\Zevghijb]\ha^bebodf_klm
@_gsbgZhl\_lbeZg_ldhg_qgh`_g_l@hj`_llZ\klj_qZeZkvaZihke_^g__\j_fylhevdhkh^gbf
Hgml\_j`^Zeqlh@hj`_llZn_ghf_gqlh__fhegZ^hihgylvh\kydhfkemqZ_hgebqgh
gbdh]^Zg_^mfZe[m^lhh^bg\__`bagbIhgZlmj_keZ\Z[h]mhgg_j_\gb\Ghm`dhebbgki_dlhj
gZf_j_gijh^he`Zlvwlml_fm^eyjZa]h\hjZ_fmemqr_kjZamhkhagZlvk\h_aZ[em`^_gb_bgZq_
jZah[v_lk_[_[Zrdmhkl_gdm
?]hb\kZfhf^_e_a\Zeb;h[hfLZd[uehgZibkZghb\m^hklh\_j_gbbebqghklbJh[_jwlh
ik_\^hgbfHgkdZaZeqlhmjh^bl_e_c[uebkljZggu_\a]ey^uDh]^Z_fm[ueh^\Z]h^Zhgb
�mlhgmebdZlZykvgZiZjmkgbd_\;j_lZgb\Zf_kypZgZaZ^_fmbkihegbehkve_l
@hj`_llZmf_jeZ\ljb^pZlve_lQlh`_^h_]hi_j_`b\Zgbclhbgki_dlhjZhgbg_dZkZxlkyIjb
\k_f_]hm\Z`_gbbnZjZhgu_fmijhlb\gubkf_rgu?fmijZ\^Zg_ba\_klghddZdhcbawlbo
dZl_]hjbcijbgZ^e_`blbgki_dlhjKdhj__\k_]hdh\lhjhcIjhklhihl_oZ^mfZlv[m^lhm
@hj`_llu\h^bebkv^_gv]bH[hj`Zlvkyfh`gh_kebkqblZlvqlh__fm`kihkh[_gdh]hlh
ijbdhgqblv\ih_a^_g_gZ^_eZ\\rlZguG_f_gvr_q_fk^_eZlv^jm]hc\u\h^[m^lhlmlm[bckl\h
ihkljZklb_^vbaaZwlhcf_jahklbkjZamihiZ^_rvgZ]bevhlbgmDm^Zi_qZevg___kebm]h^gh
ij_^iheh`_gb_[m^lh[uhg;h[fh]kh\_jrblvlZdh_m[bckl\h^Z_s_\\Z]hg_\lhjh]hdeZkkZg_
ihklZ\b\k_[y\kf_rgh_iheh`_gb_Bgki_dlhjdZd_]hbfy"=jZppbZgh"DZ`_lky[ue[hdk_jih
nZfbebb=jZppbZgh"LZd\hlbgki_dlhjihoh`_kh\k_fk\bogmekydheblZd^mfZ_l
Ijbr_ehglhevdhihlhfmqlh_]hlhrgblijbfukebqlhnZjZhgujuebkv\\_sZo@hj`_llu
�GZdZgmg_\_q_jhfhg[uegZmebp_xi_jj_b_fmkh\k_fg_ih^mr_dZd[ueijhba\_^_gh[ukd
M`dheb\ug_kihkh[gudeZklv\_sbgZf_klhemqr_bo\h\k_g_ljh]Zlv
?]hfh]mlihkZ^blv\dZf_jmghhg[m^_l]h\hjblvlhqlh_fmm]h^ghB_keb^Z`_bgki_dlhjlZdhc
mfgbdimklvemqr_ihkemrZ_lNZjZhgZfemqr_ihaZ[ulvh[h[b^qb\hklb_s_^hihklmie_gbygZ
jZ[hlm\ihebpbx\hajZkl_bgki_dlhjZ\_klbk_[ydZd[Zjurgyijhklhg_k_jv_agh
&#xh;&#xi_;&#xj;&#xuo;&#x;&#xgb; l;&#xh;&#xg_;&#xh;&#x[d;&#xjZ;&#x^u;&#xZe;&#x@;&#xhj;&#x`_;&#xll;&#xm;&#xi;&#xhl;&#xhf;&#xm;&#xql;&#xh;&#xg_;&#xq_;&#x]h;&#x[;&#xue;&#xh;&#xdj;&#xZk;&#xlv;&#x;�hi_j\uogbdlhg_h[djZ^u\Ze@hj`_llmihlhfmqlhg_q_]h[uehdjZklvZ`_ihebp_ckdbc
kihkh[_g^hi_j_lv^hwlh]h
AZl_fHgZ[ueZkebrdhfijbebqghchkh[hcqlh[u\h^blvagZdhfkl\hkd_flhdlhohl_e[u__
dhdgmlvHggZ^__lkyqlhbgki_dlhj dZd`_q_jlih[_jb_]hbfy"\f=jZppbZgh\hlbf_ggh
kiZkb[hhggZ^__lkyqlhbgki_dlhjmk_dqlhhgbf__l\\b^m
GZdhg_p_keb\_jblviZkdm^ghcnjZa_iZkdm^u`mjgZebklZihgZ^h[behkvljbfbgmluqlh[u
aZ^mrblv@hj`_llmImklvbgki_dlhjih^gZlm`blkybihcf_lwlhb_klvkZfh_\Z`gh_?fm
;h[mdhg_qghgZie_\Zlvghijbfukebhlj_ofbgmlZohg]hlh\\ahj\Zlv\_kvIZjb`G_l
gZ^h[ghklboh^blvgZdmjkuih\ur_gbyd\ZebnbdZpbb\ij_n_dlmj_ihebpbbqlh[uihgylv
ijhklmx\_svijhn_kkbhgZeg_fh`_liha\heblvk_[_jhkdhrvihljZlblvklhevdh\j_f_gbLZdqlh
q_clhkughdkh\_jrb\rbcwlhijhklhex[bl_evB\^h\_jr_gb_\k_]hg_hq_gvlheh\dbclh_klv
iZkdm^Zba\k_oiZkdm^gZk\_l_
?keb[uhg;h[\_jbe\[h]ZlhklZe[uijhkblv_]hqlh[um[bckl\h\hij_dbhq_\b^ghklb
kh\_jrbeijhn_kkbhgZeLh]^Z[ufh`gh[uehih\_jblvqlh`mjgZebklebrvih\lhjbeqv_lh
iZkdm^kl\hb@hj`_llZmf_jeZ[_akljZ^Zgbc
B_s_h^gZ\_svhglhevdhqlh\b^_e\uoh^ysbfbhlkx^ZF_jahklvbM[ex^kl\hk_kljmbayly
@hj`_lluIjb\k_fk\h_fg_m\Z`_gbbdbgki_dlhjmhgohq_lkdZaZlvqlhnZjZhgZfemqr_g_
h[jZsZlv\gbfZgbygZboe_i_ldhlhjucfh`_l^hjh]hh[hclbkvgZeh]hieZl_evsbdZfWlh
dZd\:ihdZebikbk_Hgbg_ihgbfZeb@hj`_llmG_evayihgylvq_eh\_dZdhlhjh]hg_ex[brv
h[s_fqlh[uhgbgb]h\hjbeb\k_\jZgv_hllZdHggZ^__lkyqlhbgki_dlhjqv_bfy_fm
gZ^h_ehih\lhjylvmk_dbwlhhklZevghf`_hgbkdj_gg_h]hjq_gbijbghkblba\bg_gby_fm
gbdZdg_m^Z_lkyaZihfgblvbf_gZex^_c
=jZppbkfhlj_egZg_]himklufb]eZaZfbhivyg_\hlwlhcj_qbke_]dZm^b\e_ggucl_fqlh^hkbo
ihjg_\ua\Zebadhjb^hjZihebp_ckdh]hbg_ijbdZaZehl\_klbwlh]hih^hgdZih^e_qblvk\hbg_j\u
\dZf_j_ij_^\Zjbl_evgh]haZdexq_gby
;h[[ue\ukhq_ggh]hjhklZ\ur_=jZppbgZ]heh\mkh]jhfghckljZrghcihjZabl_evgh[e_^ghc
fhj^hcbkq_flhm^b\bl_evghijb\e_dZl_evguf\`b\uo]hem[uo]eZaZo
=jZppbij_^klZ\eyek_[_ex[h\gbdZ@hj`_llubgufL_i_jvm`bg_agZedZdbfB\hlwlhllbi
kb^_ei_j_^gbfHg[ueihemqr_lh]hdhlhjuci_j_ijh^Z\ZefZrbguGhjZa^jZ`Ze=jZppb
g_\_jhylghbhlg_]h[he_eZ]heh\Z
GZdZgmg_\fhf_glm[bckl\Z;h[ih_]hkeh\Zf[uem^jma_c\iylb^_kylbdbehf_ljZohlIZjb`Z
\h^ghcba^_j_\_gvK_gubMZau]^_\k_r_klvkhl`bl_e_cfh]ebwlhih^l\_j^blv_fmg_m^Z_lky
hklZlvkyg_aZf_q_gguf
=Z[_jiha\hgbe\q_l\_jlvi_j\h]hHglhevdhqlh\ur_ehl=Zjh^bba\hgbebalZ[ZqghceZ\dbgZ
mebp_EZnhgl_gZHg\b^_eg_\_kldmgmbrlmqdZgZ^haZf_lblva^hjh\hohjhrZ
HgZgbq_]hg_agZ_lgbq_]hg_aZf_lbeZgbq_]hg_fh`_lkdZaZlv
?_hibkZgb_kh\iZ^Z_lkdZ[mjh\kdbf"
HgZgbq_]hg_hibku\Z_l=h\hjblqlhe_]eZdZdlhevdhihiZeZ\ih_a^blhlqZkmkgmeZ@_jl\m
ihfgblkfmlghKhreZkih_a^ZebrvlhevdhlhlhklZgh\bekyGZ\hdaZe___`^ZeZk\_djh\v
�he`gZ`_hgZ[ueZaZf_lblv^jm]boiZkkZ`bjh\Bihlhf\k_wlhdZdlhg_kludm_lkyDZ[mj
]h\hjbeqlh\_jogyyihedZhklZ\ZeZkvk\h[h^ghc^hiheh\bgu^\_gZ^pZlh]hbebihemghqb
Fh`_l[ulvhghrb[ky"
Y`^m_]hDZdhgZ\u]ey^bl"
DjZkb\Zy[jxg_ldZ^ebggu_\hehku[hevrb_]hem[u_]eZaZfZe_gvdbcdmjghkucghkbd\k_
qlhgZ^hom^hsZ\Zjhklf_ljqlh_s_"?c[uehg_mxlghwlhlhqghHgZ]h\hjblkeh\gh
iylykvihgylgh\ujZ`Zxkv"?^bgkl\_ggh_q_]h_cohq_lkywlhqlh[u__hklZ\beb\ihdh_AZ\ljZ
mljhfijb^_l^Z\ZlvihdZaZgby
HgZg_aZf_lbeZgbq_]hhkh[_ggh]h\h\j_fyih_a^db"
Gbq_]h=h\hjblqlhgbdZdg_fh`_l[ulvgZfihe_agZK_eZ\ih_a^e_]eZkiZeZkhreZk
ih_a^Zb__`^ZeZk\_djh\vk_Gbdh]hg_agZ_lgbq_]hg_aZf_lbeZ
Fh`_lhgZ^mjhqdZ"
G_ihoh`_?cg_ijbylgu\hijhku\hlqlhQm\kl\m_lkyg_ohq_l[ulvaZf_rZgghc\lZdh]hjh^Z
bklhjbb
EZ^ghih]h\hjbfh[wlhf^g_f
Qlhfg_^_eZlv"Yfh]mihh[_^Zlvkih^jm`dhc"
ZeycAZl_fhlijZ\eycky\Debrbbih\b^Zcrhn_jZJb\heZgbY_s_g_fgh]hh[h`^mDZ[mjZ
�g_fgZ\_^Z_fkydZdljbk_
ljbqZkZLZjdwgkb^_eaZklhehf\k\h_fdZ[bg_l_iZevlhK^h\hevguf\b^hf
K\hb^hg_k_gbyLZjdwgkjZami_qZlZegZfZrbgd_Hga^hjh\hkhklZ\eyeboMf_lvih^Zlvykghy
\ujZ`Zxkv"
=jZppbfheqZklhyei_j_^klhehfb`^Zedh]^Zlhldhgqbli_qZlZlvnjZamLZjdwgjZ[hlZedZd
gZklhysZyfZrbgbkldZlh_klv[ZjZ[Zgbe\k_fbiZevpZfb=jZppb`_kZ^ykvi_j_^ibrms_c
fZrbgdhcgZqbgZebkiulu\ZlvlZdhckljZoqlhkgZqZeZkhklZ\eyeq_jgh\bdbhljmdb
IZljhghlf_lbeqlh^_eh^\b]Z_lkyHghldbgmeky\dj_ke_b\ulZsbebadZjfZgZiZevlhkfylmx
kb]Zj_lmAZl_fjZafye__bkdZaZeH]gyih`ZemcklZmf_gy\k_\j_fydjZ^mlkibqdbIjh]ehlb\
^ufkm^h\hevkl\b_faZ\hjqZeaZy\b\qlhq_j_aljb^gyi_j_^Zkl^_ehke_^h\Zl_exijhdmjZlmjuZ
\kj_^mmljhfm\b^bl[hevrh]hgZqZevgbdZihke_q_]hfZeurijb^_lkyboaZklZ\blvihdjmlblvky
GmZdZd^_eZmg_]h=jZppb"Hg\b^bl_ebkb^ymljhf\\Zgg_ihjZafureyegZkq_lwlhc
aZ^mr_gghcBk^_eZ_lk_cqZk=jZppbih^Zjhq_dImklvlhljZa\_kblmrb
LZjdwgihk\h_fmh[udgh\_gbxf_eh^jZfZlbq_kdb\klZebkdZaZeqlhg_klhblb]heh\mehfZlv
I_j\h_djZkhldZ[ueZaZ^mr_gZaZqlhlhkemqb\r__ky^hih_a^db\FZjk_evlhjh_aZqlh
lhkemqb\r__ky\h\j_fyij_[u\ZgbylZfLj_lv_aZqlhlhbf_\r__f_klh\ih_a^_=eZ\gh_
fhlb\bjh\dZij_klmie_gbyK_cqZkihcf_rvdm^Zy\_^m
=jZppbg_ykghijh[hjfhlZeg_qlhhijbfblb\baf_bmijhs_gghklbghiZljhgaZf_lbeOfofof
_kebml_[y_klvk\yagh_h[tykg_gb_g_fhlb\bjh\Zggh]h^_ckl\by\ZeycbaeZ]Zcyg_klhev
h[jZah\Zg
HgkdZaZeqlh=jZppb^hklZlhqghmf_gbm`_gZ\_jgydZihgyeqlh^\_\_jkbbbalj_obycpZ
\u_^_ggh]hg_klhylI_j\Zyb\lhjZy?kebdZdhclhm[ex^hdkh^_y\rbcwlhbihagZdhfbekyk
`_jl\hc^hlh]hdZdk_e\ih_a^lhmg_]h[ueebrvh^bgrZgkba^_kylblukyq\u[jZe[ukdZ`_f
aZeFxlxZebl_gZiylvlukyqf_klbebiehsZ^vKh]eZkbyykghy\ujZ`Zxkv"LZfihdjZcg_c
f_j_f_gvr_ijhoh`bo
AZkmgm\jmdb\dZjfZguiZevlhbjZkoZ`b\ZyihdhfgZl_LZjdwg\uklZ\beih`_el_\rbchl
gbdhlbgZiZe_phklZgh\bekygZijZ\be_]hgZ]Zeklmd=jZppbbijbklZevghih]ey^_egZg_]h
G_l\k_ijhbahreh\ih_a^_]hkih^bgOhefkGZ^hihjulvky\kh[ulbyoghqbIylgbpZ\_q_jhf
km[[hlZmljhfbawlh]hhlj_adZ\j_f_gbgbdm^Zg_\uiju]g_rv
Hgljb`^uijb`ZemdZaZl_evguciZe_pd]jm^b=jZppbkdZg^bjmy
?^bgkl\h\j_f_gbf_klZb_s_q_]hm]h^ghwlhdeZkkbdZM`dheb__ijb^mrbeb\ih_a^_
agZqbl[hevr_g_]^_[uehwlhk^_eZlvlhjhibebkvbebj_r_gb_khaj_eh\g_aZigh
Hgihl_jiZevp_fkh[kl\_ggh_ebphbkhkj_^hlhq_gghihljh]Zeeh[
Fh`_rvfg_ih\_jblv?^bgkl\_ggh_qlhymf_x^_eZlvwlhjZafureylvBlZdqlhgh\h]h"
=jZppbkdZaZe
�Gbq_]hg_[h]\_klvqlhhijhkbeex^_cdhlhju_gZoh^bebkvkebrdhf^Ze_dh\qZkm[bckl\Z
qlh[ugZgboiZehih^haj_gb_GZ^h_s_ijh\_jblv[u\r_]hfm`Z@ZdZEZg`Zbfheh^h]h`bevpZ
�gZmebp_xi_jj_klm^_glZkdhlhjuf[ueZagZdhfZ`_jl\Z
@^Zebi_j\h_khh[s_gb_baFZjk_ey
:hklZevgu_iZkkZ`bjudmi_"
DZ[mjk_]h^gymljhfg_y\bekyGhhgihoh`_kdZaZeihl_e_nhgm\k_qlhagZeGZc^_guljh_
^jm]boZdljbkZrhn_jbkmijm]ZlbiZaZgbfZxs_]hkywe_dljhgbdhc=Z[_jihr_ebo^hijhkblv
Khk_^g__k`_jl\hcf_klhghf_j?kebDZ[mjg_hrb[Z_lkywlh^_\mrdZk_\rZy\ih_a^\
:\bgvhg_Ah\ml;hf[ZGhwlh]hbf_gbg_l\l_e_nhgghfkijZ\hqgbd_
:djZkhldZ"
=jZppbkdZaZegbq_]h\^Zggucfhf_glghhgfhegZqbgZ_lihgbfZlv__emqr_q_fij_`^_
H^gZdhagZeqlhe`_lqlhfgh]h]hg_agZ_lIhdZ\k_rehihko_f_ihdZaZgbyebpZex^_c\_jkbb
Bgbq_]h\i_j_^bdjhf_kZfhm\_j_gghklbwlh]hlheklydZk[_]Zxsbf\a]ey^hfbijbfblb\gh
\ujZ`_ggufdZjv_jbafhfAZkmgm\jmdb\dZjfZguiZevlhlhlkgh\Zk_eaZk\hcklhe
;ueebijZ\LZjdwg"
GZk\h_fklhe_=jZppbgZr_eaZibkdmfZe_gvdh]h=Z[_jZIjbreh^hg_k_gb_baFZjk_ey
G_ml_rbl_evgh_H^bgbalZfhrgbobgki_dlhjh\dhjkbdZg_pdhlhjh]h=jZppbagZeebqgh
\hkklZgh\be\k_^_ckl\by`_jl\u\l_q_gb_q_luj_o^g_cij_^r_kl\h\Z\rbo__kf_jlbI_j\uc
l_e_nhgguchlq_l[m^_li_j_^Zg=jZppbdq_luj_fqZkZf
Hgih^h`^Zeijbkehgb\rbkve[hfdkl_demhdgZgZoh^b\r_]hkyaZ_]hklhehfIhK_g_
ijhieu\Zebeh^dbk]j_[pZfbhldhlhjuor_eiZj
=Z[_jkZfijbg_khlq_lgZr_klbfZrbghibkguokljZgbpZo\lj_owda_fieyjZoHglhevdhqlh
\_jgmekybaDebrb]^_ih\b^ZeJb\heZgb_]h`_gm^_l_cHgb_fmihgjZ\bebkvM]hklbebdhn_
klZdZgqbdhfZjfZgvydZBijh]h\hjbebh[h\k_f^Z`_h[m[bckl\_
HklZ\vf_gy\ihdh_IjhqblZcwlhlh`_AZl_f_^_fdZdljbk_BdDZ[mjmhgg_y\beky
HgbklZebqblZlv=Z[_j`_\Zej_abgdm
@hj`_llZLhfZijb_oZeZ\FZjk_ev\h\lhjgbdhdly[jy\qZkh\fbgmlqZkh\ijb[ueZ\
hl_evF_kkZ`_jbgZmebp_N_ebdkIbZ\jZchg_K_gFhjhg\dhlhjhfhklZgZ\eb\ZeZkvb\
ij_^u^msb_ijb_a^uWlhgZjh^gucd\ZjlZegZk_e_gguc]eZ\gufh[jZahfblZevygpZfbbeb
\uoh^pZfbbaBlZebb
Kwlhcfbgmlub^hhlt_a^Z\iylgbpm\_q_jhfhdly[jy[ueZaZgylZ^_fhgkljZpb_ck\h_c
ijh^mdpbb\iZjbdfZo_jkdhc@Zdebg^\n:j\p_glj_gZmebp_JbfZ\qZkh\ihdb^ZeZaZ\_^_gb_
b\k_\_q_jZ\lhfqbke_bi_j\ucijh\h^beZkg_dbfIv_jhf;_ddbklxZj^hfgZl_iehoh^_bev
^\nHje_ZgLjZgkZleZglbq_kdhcdhfiZgbb
Ijbf_luIv_jZ;_ddb\ukhdbcwe_]Zglguc[jxg_l^h\hevghihegucljb^pZlbiylbe_lBf_e^\_
km^bfhklbaZ^jZdb\h\j_fy\h_gghckem`[ubhl[uegZdZaZgb_\fhjkdhclxjvf_LmehgZIhlhf
�gbq_]hhe`_ghlieulvgZbev^\nHje_Zg\gZqZe_ghy[jy\^\mog_^_evgh_ieZ\Zgb_gZ
�ZevgbchklhdIhagZdhfbekyk@hj`_llhcLhfZg_kdhevdbfbf_kypZfbjZgvr_\n_\jZe_\h
\j_fy__ij_^u^ms_]hijb_a^Z\FZjk_ev@belh]^Z\hl_e_F_kkZ`_jb\f_kl_kg_cKl_oihj
hgb[hevr_g_\b^_ebkvhgg_bf_ehg_cgbdZdboba\_klbc
h\lhjgbdhdly[jy^g_f@hj`_llZLhfZiha\hgbeZhl@Zdebg^\n:j\lZ[ZqgmxeZ\dm[ZjgZ
mebp_N_ebdkIbZdm^Zh[uqghaZoh^beIv_j;_ddbdh]^Z[uegZkmr_KlxZj^ZlZfg_hdZaZehkv
bhgZihjmqbeZohaybgmEZf[_jmi_j_^Zlv_fmqlhijb^_l\_q_jhfhdhehqZkh\
HdhehqZkh\@hj`_llZLhfZ\klj_lbeZkvkIv_jhf;_ddb\lZ[ZqghceZ\d_[Zj_gZmebp_N_ebdk
IbZ]^_lhl^h`b^Zykv__b]jZe\dZjlukaZ\k_]^ZlZyfb
Hgbihm`bgZeb\ibpp_jbbgZ[mev\Zj_GZkbhgZevkh\k_fjy^hfb\f_kl_\_jgmebkv\hl_ev
F_kkZ`_jbhdhehqZkh\
hgbm`bgZeb\lhc`_ibpp_jbbaZbkdexq_gb_fq_l\_j]Zdh]^Zh[_^Zebihke_dbgh\j_klhjZg_\
Hnnkdhceh`[bg_gZih[_j_`v_
MljhfhgZi_j\Zyihdb^ZeZhl_evF_kkZ`_jbkZ^beZkv\Z\lh[mkgZm]emmebpuN_ebdkIbZb
GZpbhgZevgh]h[mev\ZjZbhlijZ\eyeZkvgZjZ[hlmH[_^ZeZkhkem`Zsbfb@Zdebg^\n:j\
j_klhjZg_kZfhh[kem`b\ZgbygZJbfkdhcmebp_Iv_j;_ddbmoh^bebaghf_jZiha^g__
Gbdlhbal_odh]haZg_kdhevdhqZkh\m^Zehkv^hijhkblvg_aZf_lbegbq_]hg_h[uqgh]h\ih\_^_gbb
`_jl\u
Hijhr_gguc\_q_jhf\\hkdj_k_gv_Iv_j;_ddbg_kfh]^ZlvgbdZdboihe_aguo^eyke_^kl\by
k\_^_gbcHgijh\_ek@hj`_llhcLhfZiylv^g_c\n_\jZe_bq_luj_\hdly[j_Gbq_]hg_agZ_lh__
`bagb\IZjb`_g_agZe[uebebmg__\jZ]bg_\_^Z_lhijbqbgZom[bckl\Ziylgbpm\_q_jhf
i_j_dmkb\kg_x\ibpp_jbbijh\h^be__gZ\hdaZeK_gRZjevHgbjZkklZebkvijb\uoh^_gZ
i_jjhgaZ^\_fbgmlu^hhloh^Zih_a^ZGZ^jm]hc^_gvdh]^Zfheh^Zy`_gsbgZ[ueZaZ^mr_gZhg
gZoh^beky\FZjk_e_
;m^_lijh^he`Zlvkyhijhkl_odlhagZe@hj`_llmLhfZ?kebklZg_lqlheb[hba\_klghkhh[sZl
g_f_^e_ggh
l_q_gb_q_luj_o^g_c\FZjk_e_klhyeZij_djZkgZyih]h^ZA\hgb\rbcbgki_dlhjdhjkbdZg_p
khh[sbeqlhhgZihij_`g_fmlZdZy`_
GZijZ\eyykvk=Z[_jhfd\uoh^m=jZppbaZr_e\dZ[bg_ldhfbkkZjZLZjdwgZLh]hgZf_kl_g_
hdZaZehkv=jZppbiheh`bewda_fieyjhlq_lZbaFZjk_eygZklhebaZf_lbegZibkZggmxjmdhcr_nZ
njZamkhk\h_cnZfbeb_c
=jZppb_keb\k_kemqbehkv\ih_a^_agZqblh]jZ[e_gb_ex[hfkemqZ_jZ[hlZikboZ
=jZppbih^mfZedlh[hevrbcikboba^\mobl^H^gZdh[_aZi_eeypbhggu_aZdexq_gbyLZjdwgZ
\k_]^Zijhba\h^bebgZg_]h\i_qZle_gb_Hgi_j_qblZeaZibkdmih`Zeie_qZfblZfg_q_]h[ueh
djZklv
Hgijbkh_^bgbekyd=Z[_jmgZe_klgbp_k\h_crhleZg^kdhcdmjld_ih`_\u\Zy`\Zqdmlhl
\gbfZl_evghkemrZe`Zeh[ulj_obgki_dlhjh\ba^jm]h]hhl^_eZwlhhagZqZehmg_]heb[h
ih^oZebfkl\heb[hgZkf_rdm
KlhygZg_kdhevdhklmi_g_d\ur_l_jZkkdZau\Zebqlhm`_g_kdhevdhghq_cg_kiylkxg_^_ex
hgbb^mlihke_^ZfiZjgyjZaukdb\Z_fh]h\^_kylb^_iZjlZf_glZoLhleb[hk[_`Zeba^hfZeb[h
_]hihoblbebeb[h_s_qlhlhL_i_jviZjg_faZcf_lky^jm]hchl^_eZbo[jhkbebgZghqgh_
m[bckl\hlbiZh[gZjm`_ggh]h\lmZe_l_P_gljZevgh]hGmbf_kl_qdh\u[jZebgbq_]hg_
kdZ`_rv
=Z[_jb=jZppbgZdZgmg_lh`_jZ[hlZebih^_emlh]hiZjgykugZfmgbpbiZevgh]hkh\_lgbdZba
Gbppuhh[s_fZkkZex^_caZgbfZeZkv_]hihbkdZfb\K_g@_jf_g^_Ij_EZlbgkdhfd\ZjlZe_\
ZwjhihjlZobgZ\hdaZeZoFh`ghkh]eZkblvkybfg_ih\_aehghqlhlmlfh`ghih^_eZlv"Bhgbk
=jZppb^\bgmebkvd\uoh^m=jZppb\i_j_^b=Z[_jkaZ^bkihgbfZgb_fbkhqm\kl\b_f
ihdZqb\Zy]heh\hc
fZehebljZ`d_dhlhjmx\_e=jZppb@ZgEmikgh\Z\ugmek\hx]heh\hehfdmHgb_oZebih
gZ[_j_`ghce_\h]h[_j_]ZK_gu\gZijZ\e_gbbiehsZ^b:evfZ
Bqlhlu^mfZ_rv"
H[hlq_l_baFZjk_ey"
G_hlju\Zy]eZahl]heh\hehfdb=Z[_jkdZaZeqlhgZ^h[uihkfhlj_lvgZf_kl_H^gh]hhlq_lZ
g_^hklZlhqghwlhg_jZa]h\hjZkiehrgZy[helh\gy
Bf\k_`_fh`gh^h\_jylvkdZaZe=jZppb?kebhgbgbq_]hg_gZrebagZqblgbq_]hg_
[uehIZljhgml\_j`^Z_l[m^lhdhj_gvaeZ\q_flhqlhkemqbehkv\ih_a^_
^\modhjhldbonjZaZo=Z[_jbaeh`beqlhhg^mfZ_lhiZljhg_bdZdh\hgZbemqr__ijbf_g_gb__]h
fukeyfHgbijh_oZeblmgg_evgZijhlb\LxbevjbbaZ^_j`Zebkvi_j_^djZkgufk\_lhnhjhf
Ijblhjfhab\=jZppb\ugmeghkh\hcieZlhd
L_[_ihgyl_gwlhllbi"klj_qZ_lkyk^_\mrdhcjZa\ihe]h^Zq_luj_ghqbih^jy^hg
\ukfhjdZekyihke_q_]hhgbjZkklZxlkykemqrbfbqm\kl\Zfbhghiylv\ukfhjdZeky^h
ke_^mxs_]hjZaZ"
@ZgEmikdZaZeqlhihgbfZ_l^Zwlhbg_lZdm`bkeh`gh=jZppbiheh`beieZlhd\dZjfZgb
ijh\_eluevghcklhjhghcjmdbih^ghkhfIhlhfaZf_lbeqlhgbdh]^Zg_\klj_qZelZdbo`_gsbg
LZdbobeb^jm]bodklZlbFg_g_lZdm`fgh]hijbrehkvbf_lv^_ehk`_gsbgZfbY\_^v
`_gbeky^\Z^pZlbe_l
�@ZgEmiihkh\_lh\Zeg_\^Z\Zlvky\k\hx`bagvZeba_e_guck\_lLmqbgZ^K_ghcbiehsZ^vx
Kh]eZkby[uebgbadb_gZ^\h^hcieuee_]dbclmfZg
GZdZdh_\j_fylu\ua\ZeJb\heZgbblm^jm]mx"
�GZaZ\ljZrg__mljhkdZaZe=Z[_jGhwlhimklh_^_eh_\mrdZgbq_]hg_agZ_lblhllh`_
Hgihfgbl^jm]boiZkkZ`bjh\\dmi_"
Kfmlgh=h\hjblqlhkiZeGbgZqlhg_h[jZlbe\gbfZgbyh\kydhfkemqZ_\k_hibkZgby
kh\iZ^ZxlDjhf_=Zjh^bgZ\_jog_cihed_HglZd`___g_aZf_lbegmwlmWebZgmBg_agZ_l
e_`ZeZebhgZgZk\h_cihed_dh]^Zhgmkgmebeb\hreZiha^g__Wlhih^l\_j`^Z_llhqlh]h\hjbl
kZfZ^_\mrdZbebDZ[mjgZ\u[hj
:hgZgZdh]hihoh`Z"
Lhevdhg_gZ^mrbl_evgbpm
=jZppbkdZaZeqlh@hj`_llZLhfZlh`_g_[ueZihoh`ZgZ`_gsbgmdhlhjZyfh`_l\klj_qZlvkyk
fm`qbghc\l_q_gb_g_kdhevdboghq_cjZa\ihe]h^ZZ\hklZevgh_\j_fyhg_fbg_^mfZ_lBl_fg_
f_g__wlhlZd
Hldm^ZluagZ_rvqlhhgZhg_fg_^mfZeZ"kijhkbe@ZgEmiKl_oihjdZdl_[_
bkihegbehkv^\Z^pZlve_lA_feyg_fZehihdjmlbeZkv\hdjm]hkbgZqZevgbdijh\_jvklj_edbgZ
pbn_j[eZl_
;uehiylvqZkh\\_q_jZdh]^ZhgbaZoehigmeb^\_jpufZrbgui_j_^agZdhfaZij_sZxsbfklhygdm
�ih^hdgZfb^hfZ]^_`beZWebZgZZjjwk]em[bg_madhcbl_kghcmehqdb\b^g_eZkvkeh\gh
ih^\_r_ggZydg_[mqZklvk\_leh`_elh]hRZch
�hf\u]ey^_e[h]Zlufe_klgbpZ[ueZlboZyebnljZ[hlZe
GZfih\_aehkdZaZe=jZppb
Hgqm\kl\h\Zek_[ymklZeuf[he_eZ]heh\Z?fmgbdZdg_m^Z\Zehkv\e_alv\rdmjmm[blhchgg_
ihgbfZeb^Z`_hldZau\ZekyihgbfZlv__H^gZdhijboh^behkvhijZrb\Zlvex^_caZibku\Zlv
qm\kl\h\Zlvk_[yfmjZ\v_fdhlhjucdZ`^uc\_q_j\ha\jZsZ_lkydk_[_ih^h[gufB\k_?keb
\uy\blvijhjulvyfdm
IhdZebnl[ukljhblbohih^gbfZeky=jZppbih]ey^u\ZegZ=Z[_jZdhlhjuc\wlh\j_fy^mfZeh
q_flhk\h_f\hafh`ghhih^jm`d_g_\Z`ghhq_f\]em[bg_^mrbihkf_b\ZykvgZ^\k_fbbo
aZ[hlZfb=jZppbaZ\b^h\Ze_]h[_ajZaebqghfm\b^mkihdhckl\bx@ZgEmigbdh]^Zg_klZg_l
fmjZ\v_f_fmg_lhohluqlheb[h\uy\eylvhgg_jZkkqblu\ZegbgZih\ur_gb_gbgZ
[eZ]h^ZjghklvgZqZevkl\Z:\ihebpbxihklmibe^\Zljb]h^ZgZaZ^ihgZklhygbxhlpZkem`[bklZ
bfZgvydZIh^qbgbekyqlh[ulhlhklZ\be_]h\ihdh_Hl_paZgbfZedZdhclh\Z`gucihkl\
fbgbkl_jkl\_\gmlj_ggbo^_elZdqlhfh]bih^i_j_lvk\h_]hkugdZ
Hldju\ZyebnlgZlj_lv_fwlZ`_=Z[_j\ujZabegZ^_`^mqlhhgb[ukljhh[_jgmlkymg_]hgZ
\hk_fvgZagZq_ghk\b^Zgb_gZ?ebk_ckdboiheyob_kebijb^_lky_s__oZlvdDZ[mjmlhhgg_
ihki__l
Klhyi_j_^^\mokl\hjqZlhc^\_jvxhgiha\hgbelsZl_evghaZkl_]gm\dmjldmbijb]eZ^b\jmdhc
\hehku
DZdhgZ\u]ey^bl"
Dlh"
L\hy^_\mrdZkdZaZe=jZppb
@ZgEmihl\_lbegbq_]hlZdZy`_ikboh\ZggZydZdb\k_hklZevgu_Lml^\_jvhldjueZkv
�GZWebZg_Zjjwk[uejhah\ucoZeZlbdjhah\u_^hfZrgb_lmneb[_aaZ^gbdh\hlhjhq_ggu_[_euf
f_ohf=jZppbhgZg_ihdZaZeZkvagZdhfhc^ZbbfyihdZgbhq_fg_]h\hjbehH^gZdhhglhlqZk
ijbagZe\g_cbkihegbl_evgbpm\^_kyld_nbevfh\]^_hgZb]jZeZg_[hevrb_jheb\k_]^Z
h^bgZdh\u_b\[hevrbgkl\_k\h_f[_akeh\b[h]hehkZdljbkum^b\be_]h
LhgdbcfZg_jguc\_k_ehb]jb\uc]hehk`_gsbgudhlhjhcg_q_faZgylv\j_fymdhlhjhcg_l
ijbkem]bqlh[uhldjulv^\_jvghdhlhjZyijhklhh[yaZgZkdZaZlvqlhmg__gZagZq_gZ\klj_qZq_j_a
^_kylvfbgmlbqlh\gZrb^gbg_\hafh`gh^_j`Zlv\^hf_ijbkem]m
HgZijh\_eZboq_j_a\udjZr_gguc\jhah\ucp\_ldhjb^hj\jhah\mxdhfgZlm]^_gZgbadbo
klhebdZo]hj_ebeZfiuhehkumg__[uebh[_kp\_q_ggu_kh[jZggu_\lheklucimqhdgZaZlued_
Dh]^ZhgZih\_jgmeZkvijb]eZrZyk_klv\dj_keZklZehykghqlhwlhmadh_ebphk[hevrbfb
l_fgufb]eZaZfbijbgZ^e_`bl`_gsbg_e_lkhjhdZiylbdhlhjZyiulZykvfheh^blvky\u]ey^bl
klZjr_bqvydh`Zhq_gvkljZ^Z_lhlbaebrdh\]jbfZ
KI:EVGH?F?KLH
&#xoh;&#x^y;&#x;&#x];&#xhk;&#xlb;&#xgm;&#xx;&#xW;b;&#xZg;&#xZ;oh^y\]hklbgmxWebZgZZjjwk_^\Zg_ihl_jyeZ^hfZrgxxlmnexbihwlhfmg_mki_eZkdjulvhl
]hkl_cdj_kehdhlhjh_kdjbi_ehbaaZjZkrZlZ\r_ckygh`db
Bgki_dlhjihbf_gb=jZkbhbeb=jZkbghmk_eky\g_]hjZkkl_]gm\iZevlh?]h[he__fheh^hc
kimlgbdijbkljhbekyk[_ajZaebqguf\b^hfgZ^b\Zg_bkihdhcgh\ugmebadZjfZgZ]heh\hehfdm
HgZkeurZeZh^gh\j_f_gghihkdjbiu\Zgb_dj_keZbs_eqdbnbr_d\b]jmrd_FZe_gvdbc[ehg^bg
bgki_dlhj\hafh`gh^Z`_g_\a]eygmegZg__
HhgZohjhrhagZeZwlhllbiex^_cdhlhju_dm^Zm]h^gh\oh^ylkeh\ghdk_[_^hfhckb^yl
kdj_klb\gh]bkh]eZrZxlky\uiblvg_ih[eZ]h^Zjb\H[uqghhgb]h^ZfbhklZxlkyklm^_glZfbb
q_fmlhmqZlkyijZ\m\hklhqgufyaudZfHgbkihdhcgudjZkb\ug_\_`eb\ufjZqgub
mfm^jyxlkygjZ\blvky`_gsbgZf^Z`_g_]ey^ygZgboIjh\_^yk\Zfbh^gmghqvlZdqlh\u
ihke_wdaZf_gh\\k_[m^_lbgZq_bbgh]^Z[ukljhp_emxldZd^_lb[_ajZaebqgufbbfhdjufb
]m[ZfbijhbaghkydZdmxeb[hex[_aghklvb\hlijhklhlZdk\h^yl\ZkkmfZ
Wlhlbgki_dlhjg_ihoh`bcgZbgki_dlhjZkb^_ehimklb\]eZaZgZk\hxb]jmrdmb[ukljhlZk
dhlhjhchgi_j_^\b]Zenbrdbg_j\bjh\ZeZbaZ\hjZ`b\ZeZdZdwdjZgl_e_\bahjZgZdhlhjucg_
fh`_rvg_kfhlj_lv
Fu\Zk^he]hg_aZ^_j`bfkdZaZelhldhlhjh]ha\Zeb=jZkbhbeb=jZkbghFum`_
hijhkbeblj_oiZkkZ`bjh\\Zr_]hdmi_Dkh`Ze_gbxohlywlhbfh`ghh[tykgblvboihdZaZgbyg_
\h\k_fkoh^ylkyghqghfih_a^_[hevr_^mfZxlhkg_bdZ`^ucaZf_qZ_ljZagu_\_sb
HgZkdZaZeZqlhwlh\_jghk_eZgZdjZcbkijZ\gh]hdj_keZgZijhlb\g_]hhlh^\bgm\gh]b\klhjhgm
blsZl_evghaZiZogmeZoZeZlgZdhe_gyo
Y\b`mm\ZkgZjmd_h[jmqZevgh_dhevphkdZaZe\ukhdbcbgki_dlhjkkmobfebphfu
aZfm`_f"
;ueZYihl_jyeZfm`Zfgh]he_lgZaZ^
Hg\ugmebadZjfZgZdjZkgmxaZibkgmxdgb`_qdmbhldju\__gZkljZgbqd_aZeh`_gghc
dZjZg^ZrhfklZedZd\dbghaZibku\ZlvKijhkbeg_[m^_leb[_klZdlgufaZ^Zlv_ckgZqZeZ
g_kdhevdhebqguo\hijhkh\qlh[umklZgh\blvdlhhgZlZdZy
�Bgki_dlhjaZibkZeqlhhgZZdljbkZ\^h\Z\hlm`_e_lgZklhysZy__nZfbebyZjl_lb^_k_c
e_lqlhhgZijh\_eZg_^_ex\WdkZgIjh\Zgk_]^_kgbfZeZkv\nbevf_
HgZjZkkqblu\ZeZqlhlhlg_kijhkbl\_jgmeZkvebhgZkjZam`_ihke_hdhgqZgbykt_fdbh^gZdhb
hgh[wlhfih^mfZe?_keh\Z\_^v\k_jZ\ghfh`gh[uehe_]dhijh\_jblv\dbghdhfiZgbbihwlhfm
ijbagZeZkvqlh[ueZgm`gZlhevdhgZljb^g_\gu_kf_guZihlhfhklZeZkv_s_gZg_kdhevdh^g_c\
FZjk_e_gZ^_ykvihemqblvijb]eZr_gb_gZ^jm]mxdZjlbgmlZdfheihklmiZxl\k_Zdl_ju
dh]^Z\u_a`ZxlgZkt_fdb^Z`_kZfu_agZf_gblu_lh_klvklj_fykvm[blv^\moaZcp_\kjZam
GZfbgmlm\hagbdeZiZmaZihke_q_]hom^hcbgki_dlhj[_a\kydhcm[_`^_gghklbkdZaZeqlh
ihgbfZ_l
uaZ[jhgbjh\Zebk_[_f_klh\q_l\_j]hdly[jyg_lZdeb"
�Zgb`g__f_klhkijZ\ZDh]^Zyk_eZ\ih_a^\dmi_m`_[ueb^\ZiZkkZ`bjZ
�FZjk_evMebpuFZjk_ey_kylv\_q_jZFZe_gvdbc[ZjgZ[mev\Zj_:nbgmih^gh`by[hevrhc
e_klgbpu\hdaZeZK_gRZjev?cijbg_keblZfqZcbkmob_ibjh`gu_Ihlhfk\_lbrmfgZ
i_jjhg_Ly`_klvq_fh^ZgZ
�HgZ\hreZ\dmi_ihqlbh^gh\j_f_gghkfm`qbghc\dh`Zghcdmjld_jm]hciZkkZ`bjdZdjZa
mdeZ^u\Zek\hc[Z]Z`\klZ\gZgb`gxxihedm\[hlbgdZoHgZg_ihkf_eZk^_eZlvaZf_qZgb_
ihlhfmqlh\hh[s_gbdh]^Zgbq_]hg_kf_eZHgdklZlbihlhfihfh]_cjZaf_klblvq_fh^Zg
?c[uehg_ijbylghqlh\dmi__^mlfm`qbguBhgZ^Z`_\uqbkebeZqlhg_lZd[um`fgh]h
i_j_ieZlbeZ_keb[udmibeZ[be_li_j\h]hdeZkkZ;ueZ\ijhq_fgZ^_`^Zqlh\dmi_hdZ`mlkyb
^jm]b_`_gsbguGhgbdlhg_r_eIhfgblkyhgZkb^_eZkh]gm\rbkvgZk\h_cihed_ihlhfmqlh
iheghklvxg_evay[ueh\uijyfblvkybijbl\hjyeZkvqlhbs_lqlhlh\kmfhqd_h`b^ZyhlijZ\db
ih_a^Zdh]^ZaZdhgqblkyijhp_^mjZijhsZgbybhk\h[h^ylkyijhoh^u
AgZqbl`_jl\ZijbreZ\dmi_ihke_\Zk"
�Lh_klv`_gsbgZdhlhjmxihlhfm[beb"HgZ\hreZi_j_^kZfufhlijZ\e_gb_fih_a^Zjm]Zy
GZdZgmg_M:g^j_ihke_a\hgdZbaihebpbbhgZ\_jgmeZkvdklhebdm]^___^jmavym`_^h_^Zeb
^_k_jlHgbg_ih\_jbebk\hbfmrZfdlhlh\u[_`ZegZmebpmNjZgpbkdZI_j\h]hqlh[udmiblv
NjZgkkmZjBo[uehk_fvbeb\hk_fvq_eh\_d\lhfqbke_klZ`_jdZkhk\_leufb]eZaZfbgZjheb
jhdh\uo`_gsbgaZibkZ\rZy^g_fdhff_glZjbcddhjhldhf_ljZ`d_hFZ^Z]ZkdZj_k_hgb
kdehgbebkvgZ^]Za_lhcjZkkl_e_gghcgZklhe_AZkhk_^gbfbklhebdZfbex^b\uly]b\Zebr_b
@_jl\Z[jxg_ldZ\l_fghfdhklxf_kdZaZebgki_dlhj=jZkbhbeb=jZkbgh
WlhhgZY\b^_eZnhlh]jZnbx\q_jZ\_q_jhfb\kihfgbeZ__Ijhklhm`ZkghdZdq_ldhhgZ
aZi_qZle_eZkv\fh_ciZfylbY\kxghqv^mfZeZhg_c
klj_qZebeb\u__ij_`^_^hih_a^Z"?_bfy@hj`_llZLhfZ
G_lgbdh]^Z
um\_j_gu"
:[khexlghHgZe_`ZeZgZihed_gZ^hfghc
ukg_cjZa]h\Zjb\Zeb"
�Zh[s_fkZfbagZ_l_hq_f]h\hjyl\ih_a^_HgZkdZaZeZqlh`b\_l\IZjb`_aZgbfZ_lky
dZ`_lky^moZfbMagZeZaZiZofhbo^moh\bfu_s_ih[helZebg_kdhevdhfbgml
IjbhlijZ\e_gbbih_a^Z"
G_liha^g__
IhklZjZcl_kvhibkZlvdZdfh`ghih^jh[g__\Zrmih_a^dmklh]hfhf_glZdZd\u\hreb\dmi_
HgZdb\gmeZih]ey^_eZgZ^jm]h]hbgki_dlhjZ[ehg^bgZg_ih^gbfZ\r_]h]eZaHgZg_agZeZ
fh`ghebij_^eh`blvbfqZrdmdhn_beb[hdZeihjl\_cgZbebgZijhlb\bfaZij_s_ghijbgbfZlv
lZdh]hjh^Zm]hs_gby\h\j_fyjZ[hlu
Dh]^Zy\hreZ\dmi_lZfgZoh^bebkv^\h_fm`qbgH^bgaZgbfZe\_jogxxihedmkijZ\Z;ue
ihoh`gZkem`Zs_]hbaaZk\h_]hk_jv_agh]hg_fgh]hi_qZevgh]h\b^Z
KZfZg_agZxihq_fmylZdih^mfZeZB\k_lZdbyq_ldhj_rbeZqlhhgkem`Zsbc;ulvfh`_lba
aZklZjh]hihghr_ggh]hdhklxfZG_agZx
HgZihh[udgh\_gbxaZimlZeZkvg_\kbeZohlhj\Zlv\a]ey^Zhll_fghkbg_]hiZevlhkb^_\r_]h
ijhlb\g__bgki_dlhjZkebrdhfl_kgh]hbf_klZfb\ul_jlh]hgZjmdZ\ZoWlhllh`_[uekem`Zsbf
k\h_]hjh^Zkem`ZsbfBg_ibkZe[hevr_\k\h_cdgb`_qd_ZgZ[ex^ZeaZl_fdZdhgZimlZ_lky\
h[tykg_gbyo
GhhgZagZeZqlh_cgZ^hkdZaZlvHgZihqlbg_kiZeZZihlhf\k_mljhgZdmog_\kihfbgZeZih_a^dm
bih^]hlh\beZkvhl\_qZlvgZ\hijhku
Y^he`gZkdZaZlvg_qlh\Z`gh_aZy\beZhgZ\g_aZighHgih\a^hjbekm[blhc
F_lZeebq_kdh_s_edZgv_ij_djZlbehkvHgZih\_jgmeZkvb\klj_lbeZ[_ajZaebqguc\a]ey^
fZe_gvdh]h[ehg^bgZLhlkijhkbe
Dlh"Kem`Zsbc"
?]hah\mlDZ[mjhfkdZaZebgki_dlhjkdhkley\ufebphfQlh\uihgbfZ_l_ih^keh\hf
ih\a^hjbeb"Hg[ueagZdhfk`_jl\hc"
HgZkdZaZeZg_lmg__g_keh`behkvlZdh]h\i_qZle_gby
G_agZx\dZdhcfhf_gl yqblZeZ`mjgZe\flZaZohl_eZkgylvk\hcq_fh^Zgqlh[u\aylvqlhlhB
q_eh\_dihoh`bcgZkem`Zs_]hDZ[mjihfh]_cAZl_fhgbih[helZebg_fgh]h\ijhoh^_dZd^\h_
bojZa]h\hjZWlhljm^ghh[tykgblv
IhgbfZxkdZaZebgki_dlhj=jZkbhbeb=jZkbgh:ihlhfhgbih\a^hjbeb"Ihq_fm"
HgZ\u^_j`ZeZ_]h\a]ey^Mg_]h[uebykgu_\gbfZl_evgu_]eZaZ[e_^gh_bafmq_ggh_ebphB
kdZaZeZqlh^h]Z^Zlvkyg_ljm^ghLZdh_qZklh[u\Z_l\ih_a^Zo
HgZqm\kl\h\ZeZgZk_[_\a]ey^fheh^h]h[ehg^bgZg_ijbylgucly`_euc[ulvfh`_lg_kdhevdh
bjhgbqguc_jhylghhgm`_^h]Z^Zekyqlh_c^hklZ\beZm^h\hevkl\b_wlZi_j_iZedZqlhhgZ
aZ\b^h\ZeZfheh^hc[jxg_ld_aZdhlhjhcmoZ`b\Zeb\ijhoh^_ih_a^Zj_\gh\ZeZb\k_lZdh_
Ih[helZ\kg_x\ijhoh^_fm`qbgZ\b^bfhhkf_e_eqlhlhkdZaZebebk^_eZeg_mf_klguc
`_klLZdyihgyeZ?s_\dmi_hgdZdlhkljZgghihkfhlj_egZg__h[s_f`_gsbguwlh
�ih^f_qZxlHgy\ghgZj\Zeky=h\hjbeZhgZHq_gv]jhfdh\_jv\dmi_[ueZaZdjulZyg_
jZaebqZeZkeh\ghbglhgZpbbg_hklZ\eyebkhfg_gbcKimklyfbgmlmhgZ\_jgmeZkv\dmi_h^gZb
me_]eZkvgZk\hxihedmHgijbr_efgh]hiha`_
Dhlhjuc[ueqZk"
G_agZxDh]^Zyoh^beZ\lmZe_li_j_h^_lvkygZghqv[uehqZkh\fbgmlKkhjZkemqbeZkv
ijbf_jghqZkkimkly
Ihfgbl_eb\u[uehwlh^hbebihke_ijh\_jdb[be_lh\"
Ihke_\wlhfym\_j_gZlh\j_fy\dmi_m`_gZoh^beZkv^jm]ZyiZkkZ`bjdZk_\rZy\
�:\bgvhg_Fheh^Zy[ehg^bgdZ^h\hevghdjZkb\Zy\k\_lehfieZlv_bkbg_fiZevlhhe`gh[ulv
hgZqblZeZihlhfmqlhdh]^Zdhgljhe_juhldjueb^\_jvbihlj_[h\Zeb[be_lu\dmi_]hj_elhevdh
__k\_luagZ_l_mdZ`^hcihedb_klvk\hyeZfihqdZ
AgZqblwlh[uehihke_ihemghqb"
_jhylgh
Qlhijhbahrehihlhf"
�Gbq_]hhgZe_]eZIha^g__ymkeurZeZdZd\hr_efm`qbgZbme_]kygZk\h_cihed_jm]hc
fm`qbgZkgb`g_c^_\hcihedbm`_^Z\ghih]Zkbek\hck\_lBymkgmeZ
ugbq_]hg_fh`_l_^h[Z\blvihih\h^mkkhju"
G_l^mfZxy\Zf\k_jZkkdZaZeZ
G_dZ`_lkyeb\ZfqlhDZ[mj[uegZg__k_j^bl"HgZ\kihfgbeZfm`qbgm\ihghr_gghf
dhklxf_mljhf\h\j_fyijb[ulbyih_a^Z_]hmkdhevaZxsbc\a]ey^hkmgm\r__kyebphmgb`_gguc
]hehkdh]^Zlhlh[jZlbekydg_c\^\_jyoijhkyijhs_gbyaZ[_kihdhckl\hF_lZeebq_kdb_s_eqdb
\hah[gh\bebkvHgZkdZaZeZg_lmg__g_[uehlZdh]h\i_qZle_gby
Ihijb[ulbbih_a^Zhgmr_ekjZamg_kdZaZ\_cgbkeh\Zg_\a]eygm\^Z`_Qm\kl\h\Zehkvqlh
_fmklu^ghhkh[_gghi_j_^^jm]bfbbhgohq_lihkdhj__gZkhklZ\blv
:hgZ"
GZh[hjhlGbqmlvg_lhjhibeZkvg_bkiulu\ZeZgbdZdh]hklu^ZIjhklh[hevr_g_^mfZeZh
kemqb\r_fkybebohl_eZkha^ZlvlZdh_\i_qZle_gb_m^jm]boIh[helZeZkhfghck^_\mrdhcba
:\bgvhgZQ_eh\_d\dh`Zgd_ihijhsZ\rbkvkhr_elh`_Wlbkeh\Zb^h[juc\_q_jgZdZgmg_
bkq_jiZeb\_kv_]hkeh\ZjgucaZiZk
AgZqblDZ[mjkhr_ei_j\ufAZl_ffm`qbgZihbf_gbJb\heZgbLZd"
�WebZgZZjjwkkdZaZeZg_lDZ[mjkhr_eg_i_j\ufZihke_fheh^h]hq_eh\_dZk\_jog_cihedb
dZjZg^Zrhf]m[u
Fheh^hcq_eh\_d"kijhkbe=jZkbhbeb=jZkbghIhq_fmfheh^hcq_eh\_d"HdZdhcihed_
\u]h\hjbl_"
H\_jog_cke_\Zh[s_ffheh^hcq_eh\_d
DZdhc_s_fheh^hcq_eh\_d"
HgZg_ihgbfZyihhq_j_^ghih]ey^_eZgZh[hboa]ey^fZe_gvdh]h[ehg^bgZ[ueebr_g\kydh]h
\ujZ`_gby\]eZaZobgki_dlhjZk[e_^gufebphfqblZehkvg_^h\_jb_
lhjhch[tykgbe_cqlhh[gZjm`_giZkkZ`bj\_jog_cihedbqlhbfhdZaZeZkv`_gsbgZihbf_gb
=Zjh^b=h\hjyhg\gbfZl_evghbmklZehgZ[ex^ZeaZg_cihqlbkjZahqZjh\Zgb_f^mfZeqlhhgZ
hrb[Z_lkybqlhagZqblfh]eZhrb[blvkybihih\h^m\k_]hhklZevgh]hbqlhg_evay^h\_jylv__
ihdZaZgbyf;_ajZ[hlgZyih`beZyZdljbkZke_]dZkljZ^ZxsZyfZgb_c\_ebqbyg_fgh]h[heleb\Zy
DZd\u]ey^_ewlhlfheh^hcq_eh\_d"kijhkbehg
�h\hevgh\ukhdbcom^hcIhijZ\^_]h\hjyy_]h^Z`_g_jZa]ey^_eZ
FZe_gvdbcbgki_dlhj\rhleZg^kdhcdmjld_ihqlbgZ]ehdhjhldh\a^hogmeZ_]hdhee_]Zkhsmjbeky
bjZahqZjh\Zgghmkf_ogmekyHgZkfhlj_eZgZklZjr_]hihlhfmqlhih^\a]ey^hflh]h^jm]h]h
kh\k_f[ujZkl_jyeZkv
IhkemrZcl_]hkih^bg=jZkbghihoh`_\ufg_g_\_jbl_ghyagZx
=jZppbZghihijZ\bebgki_dlhj
Ba\bgbl_=jZppbZghY]h\hjxqlhg_\b^_eZ_]hlhevdhihlhfmqlhhg\hr_e\dmi_hq_gv
iha^ghdh]^Z[uehl_fghbg_aZ`_]k\hck\_ldh]^Zeh`beky
u`_kdZaZebqlhkiZeb
WlhaZf_lbefZe_gvdbc[ehg^bgHgZih\_jgmeZkvdg_fmghlhlg_kfhlj_e\__klhjhgmbhiylv
aZgyeky]heh\hehfdhcdhlhjZy\uau\ZeZ\g_cg_gZ\bklvBmg_]h[uedjZkb\uc^_jadbcjhlhl
dh]h[uhgZkm^h\hevkl\b_fm^ZjbeZlZdwlh]hfZevqbrdm?]h[uhgZkjZammagZeZp_emywlhl
[_ajZaebqgucdjZkb\ucjhlihlhfmqlhohjhrhagZeZlZdbolbih\^Z`_kebrdhfohjhrhmgbom
\k_o[uebh^bgZdh\u_\dmku
YkiZeZh[tykgbeZhgZg_\kbeZokijZ\blvkykhk\hbf]hehkhfGhhgkihldgmeky\
l_fghl_h\_sbklhy\rb_\ijhoh^_\_^v[uehl_kghbyijhkgmeZkv
HgZ^mfZeZyagZxhq_f]h\hjxyagZxlhqlhagZxhgihqlbmiZegZf_gyijhoh^yfbfhybo
magZxbalukyqb^Z`_\l_fghl_mgbodjZkb\uc\eZ`gucjhl[_ajZaebqgucdZdm^_l_chgb_s_
ihqlb^_lbhgbij_e_klgubaeuYbokjZammagZxybog_gZ\b`m
Wlh[ueZ`_gsbgZkdZaZe=jZkbh g_l=jZppbZghhg_s_kdZ`_lqlhyhrb[eZkvqlhy
kmfZkr_^rZy\fuijhklhhrb[ebkv
HgZhljbpZl_evghihdZqZeZ]heh\hcg_agZydZdbfbkeh\Zfbhl\_lblvb^mfZyyg_hrb[Zxkvy
_]hg_\b^_eZghyagZxhg[uebf_gghlZdhcdZdhgb\k_dZd\ZrfZe_gvdbcdhee_]Zg_ihoh`bc
�gZbgki_dlhjZdZdfZe_gvdbcklm^_glba[bkljhgZijhlb\dbghl_ZljZZglhg]h^gZaZ^dZd
Zdl_judhlhjuoklZ\yl\i_j\ucjZai_j_^dZf_jhcbdhlhjufgZie_\Zlv_kebhgbih\hjZqb\Zxlky
dg_ckibghcKihdhcgu_[_ajZaebqgu_\eZ^_xsb_q_flhhlq_]hfh`ghkhclbkmfZkg_`ghc
dh`_clZdb_fheh^u_oh^y\dmi_ih_a^ZjZa[m^b\\k_orZjyjmdZfbhgbg_ba\bgyxlkyBlhl
g_kdZaZeba\bgbl_Z\ujm]Zekykijhkbeqlhylml^_eZxihqlbmiZegZf_gyHg[uegZ\_jgh
^_\mrdmba:\bgvhgZblZjZkkf_yeZkvlh`_
YkeurZeZ_]h]hehkHg^he]h[helZek^_\mrdhcYfh]m\ZkaZ\_jblvqlhwlh[ueiZj_gvhq_gv
fheh^hcg_fh]m\Zfh[tykgblvghyagZxqlhwlhlZd
Q_eh\_dihbf_gb=jZppbZgh\klZeaZdjueaZibkgmxdgb`dmkhkibjZevxhklZ\b\dZjZg^Zrf_`^m
kljZgbpZfbAZq_f_fmwlZaZibkgZydgb`dZ"Hgihqlbgbq_]hg_aZibku\ZeKlhyhgdZaZeky_s_
\ur__s_dhkley\__h]jhfguckd_e_l\ihl_jlhfgZh[reZ]ZoiZevlhk[e_^gufbbafmq_gguf
ebphfIv_jh
�jm]hck\b^_l_evihbf_gbDZ[mjlh`_keurZedZdwlZfheh^Zy`_gsbgZjZa]h\Zjb\ZeZk
^_\mrdhckhkj_^g_cihedbufh]ebhrb[blvkyhlghkbl_evgh]hehkh\
Hg]h\hjbejh\gufbmklZeuf]hehkhfg_klhevdh^eylh]hqlh[u__m[_^blvkdhevdh^eylh]h
qlh[uihklZ\blvlhqdmbi_j_clbd^jm]hfm\hijhkm
DklZlbfu__gZreb
HgZkgh\ZhljbpZl_evghihdZqZeZ]heh\hc\a]eygm\gZfZe_gvdh]h[ehg^bgZihij_`g_fm
kfhlj_\r_]h\klhjhgmKdZaZeZ[ulvfh`_lg_agZxbl_fg_f_g__ym\_j_gZGh
h^gh\j_f_ggh^mfZeZg_lyg_hrb[eZkvyg_fh]mhrb[blvky`_gsbgug_jm]ZxlkymiZ\gZ\Zkb
jZa[m^b\gZ^hlhevdh\k_dZdke_^m_lh[tykgblv
Ke_^h\Zehh[tykgblvbfklhevdhjZaguo\_s_cqlhwlhaZgyeh[ukebrdhffgh]h\j_f_gbb
ihwlhfmhgZebrvijh^he`ZeZmijyfhdZqZlv]heh\hcih^gy\]eZaZgZbgki_dlhjZkhkljufb
kdmeZfb?ckgh\Z\kihfgbekyaZ[bluci_j_^hlijZ\e_gb_fijhoh^\Z]hgZ[_ehdmjucih^jhklhde_l
iylgZ^pZlbi_qZevghklhy\rbcjy^hfkdmi_bihklhjhgb\rbckyqlh[uijhimklblv__Dhg_qgh
wlh[ueg_lhlghk\_leh\hehkucbq_jgh]eZaucfZevqbd\l\b^h\hfk_jhfdhklxf_[uedhg_qgh
k\yaZgkghqgufijhbkr_kl\b_fk]hehkhfdhlhjucr_ilZeqlhlhgZ\_jog_cihed_hlq_]h
kf_yeZkv^_\mrdZba:\bgvhgZkf_yeZkvijb]emr_ggufkf_ohf\uau\Z\rbfmg__lZdmx`_
g_gZ\bklvdZdb]heh\hehfdZwlh]hbgki_dlhjZ\rhleZg^kdhcdmjld_
Dh]^Z\umljhfijhkgmebkviZkkZ`bjdbk\_jog_cihedbm`_g_[ueh\dmi_"
HgZkdZaZeZg_l\k__s_ihdZqb\Zy]heh\hckh[bjZykvh[tykgblvqlhg_lyg_hrb[Zxkvgh
lh]^Zijb^_lkyjZkkdZaZlvhfZevqbd_dhlhjucihp_eh\Ze__ijbi_j\hc`_\klj_q_\[bkljh
�gZijhlb\dbghl_ZljZZglhgjZkkdZaZlvh\_sZoijbqbgb\rbo_c[hevdhlhju_dhfmlhfh]ml
ihdZaZlvkygbadbfbg_djZkb\ufbbihwlhfmhgZg_fh]eZwlhk^_eZlv
Y_]hg_\b^_eZYihreZi_j_h^_lvky\lmZe_lhdhehr_klbbebk_fbmljZg_ihfgxlhqghh
\kydhfkemqZ_dh]^Zy\_jgmeZkv_]hg_[ueh\dmi_@_gsbgZdhlhjmxihlhfaZ^mrbebe_`ZeZgZ
�ihed_bmeu[gmeZkvfg_dh]^ZygZdehgbeZkvqlh[umeh`blv\q_fh^ZgoZeZlbib`Zfm_\mrdZba
:\bgvhgZgZ^_\ZeZieZlv_kgylh_\l_fghl_Yh[wlhfihfgxihlhfmqlhfuihrmlbebgZwlhl
kq_lE_`ZgZkibg_hgZgbdZdg_fh]eZaZkl_]gmlvfhegbxIhlhfijbih^gyeZkvbkdZaZeZgmb
imklv\_^v\k_fm`qbgukiyl
Fm`qbgZ\dh`Zgd_ojZi_e^Z`_hq_gvkbevghebphmg_]h[uehbafmq_ggh_mklZeh_HgZj_rbeZ
ih_]hjmdZfqlhwlh^hd_jbebf_oZgbdqlhlh\wlhfjh^_Mgh]klhye[e_^ghkbgbcnb[jh\uc
q_fh^Zgkihl_jlufbm]eZfbDZ[mjg_r_\_ebekybhgZih^mfZeZqlhhgkdhj_c\k_]hgZ[ex^Z_l
aZh^_\Zxs_ckyfZeurdhck]heufbie_qZfbdhlhjZy\hafh`gh[ueZ\_kvfZihjhqghc^_\bp_c
�dlh__agZ_lmfZlvlZd[uehg_^hklhcghbg_ohjhrhLhl[_^gucfZevqbd^mfZehq_flh^jm]hf
hgke_aZekihedb
Zkdlhgb[m^v\klj_qZegZ\hdaZe_"
G_l:qlh"
IjhklhlZd
H]jhfguc=jZppbZghmdeZ^u\Zek\hxdgb`_qdm\dZjfZgbijh^he`Zykfhlj_lvgZg_]hhgZ]emih
^h[Z\beZ
Yohl_eZ[uih^_eblvkyk\hbfhsms_gb_fIhgbfZ_l_gbdlhbal_odlh[uekhfghc\lmghqv\
dmi_g_fh]kh\_jrblvwlmm`Zkgmx\_svYwlhqm\kl\mxbgklbgdlb\gh
ukhdbcbgki_dlhjihdZqZe]heh\hcg_fgh]hkfms_gguckdZaZekiZkb[hb\a]eygmegZ
fZe_gvdh]h[ehg^bgZklZ\Zykhk\h_]hf_klZkhlkmlkl\mxsbf\b^hfbkhlkmlkl\mxsbf
\a]ey^hflhlm`_aZibob\Zefho_jh\ucrZjn\rhleZg^kdmxdmjldm
HgZijh\h^beZbo^h^\_jb
Fh`_l_eb\uaZ\ljZaZ_oZlvgZDw^\nHjn_\jdZ[bg_llj_lbcwlZ`"kijhkbelhlqv_bfy
hdZgqb\ZehkvgZhbdhlhjh_hgZ[ukgh\ZbkdZabeZ_keb[uijhbag_keZk_cqZk
HgZdb\gmeZbhgkdZaZefh`_l[ulvhgZ\kihfgbl_s_qlhlh^jm]b_ih^jh[ghklbkeh\hf^Zkl
ihdZaZgbyHglh`_ih^mfZ_lhlhfqlhhgZbfjZkkdZaZeZB\hlaZdju\^\_jvbijbkehgb\rbkvd
g_chgZklhyeZmya\e_ggZy\yjhklbgZkZfmk_[yGhhgbm`_mreb
Ljbfbgmlukimkly\^\_jviha\hgbebkgh\ZHgZm`_\_jgmeZkv\dhfgZlmghg_j_rbeZkvk_klv\
lh`_dj_kehihlhfmqlhwlhihjh^beh[u\g_cbkiulZggh_jZahqZjh\Zgb_Ihwlhfme_]eZgZ^b\Zg
aZdju\]eZaZjmdhcklZ\gZa\hghdhgZm`_^h]Z^ZeZkvqlhwlhlhlfZe_gvdbcbgki_dlhjkZfZg_
agZyihq_fm^h]Z^ZeZkvkjZamdh]^ZjmdZh[gZjm`beZgZ^b\Zg_dhjh[hqdmaZ[ulhcbf
]heh\hehfdb
F_lZeebq_kdZydhjh[hqdZljb^_kyldZnbr_dkghf_jZfbq_jgu_gZdjZkghfnhg_fZe_gvdb_
d\Z^jZlbdbi_j_f_sZydhlhju_gm`ghjZkiheh`blvbo\hij_^_e_gghfihjy^d_b]jmrdZ
HgZkgh\Zqmlvg_ihl_jyeZk\hx^hfZrgxxlmnexb^yihdhjb^hjmBij_`^_q_fhldjulv
\a]eygmeZgZk_[y\a_jdZehm^\_jbKh\k_fjy^hf\\uimdehfkl_de_hgZm\b^_eZebph
gZ^abjZl_evgbpuiZgkbhgZ\dhlhjhfgZoh^beZkve_lgZaZ^ihl_rghc`_gsbguk[hevrbfb
q_jgufb]eZaZfbrbjhdbfhldjulufe[hfb^ebggxsbfghkhfHgZih^mfZeZqlhg_fgh]h
ihoh`ZgZDZ[mjZ
;_eh[jukucbgki_dlhj\rhleZg^kdhcdmjld_kZddmjZlghaZ\yaZggufrZjnhfrbjhdhbgZ]eh
meu[ZekydZdhgbwlh^_eZxl\k_dh]^Z\ubfgm`guHgkdZaZeqlhaZ[uedh_qlhgZ^b\Zg_bih
ohayckdb\hr_e\d\Zjlbjm
HgZaZi_jeZ^\_jvbihreZaZgbf\]hklbgmxHgkjZamih^hr_ed^b\ZgmihbkdZegZdehgb\rbkv
]heh\hehfdm
HgZmf_gy
BihdZaZeZf_lZeebq_kdmxdhjh[hqdmg_jZkdju\ZyjmdmLhlih^hr_edg_cbihkdhevdmhgZ\k_
_s_ijb`bfZeZd]jm^b_]hb]jmrdmkihdhcghihkfhlj_egZg__kijbl\hjgufijhklh^mrb_f\h
\a]ey^_dZd^_eZxl\k_hgbb^h[Z\beba\bgbl_yaZ[ueIhlhfijhlygmejmdmbhgZkdZaZeZ
k_[_lu^he`gZhl^Zlvwlhbgki_dlhjihebpbblukiylbeZJ_adbf`_klhfijhlygmeZb]jmrdmk
]emihcmeu[dhcij_djZkghagZyqlhmeu[dZ]emiZyihqm\kl\h\ZeZl_ieh_]hjmdbZhgijh^he`Zek
FuaZ[uebaZ^Zlv\Zfh^bg\hijhk
?cijbrehkvg_fgh]hhlklmiblvihlhfmqlhaZibob\Zydhjh[dm\dZjfZghgklhyekh\k_f[ebadh
Dh]^Z\uihdbgmebdmi_`_jl\Zlh`_]hlh\beZkv\uclb"
G_agZxIheZ]Zxqlh^ZYbfh[_bfkdZaZeZ^hk\b^Zgby_cbk\_leh\hehkhc^_\mrd_ba
�:\bgvhgZmfZxhgbkh[bjZebkvkhclbke_^hfaZfghc
ijhoh^_[uehfgh]hgZjh^m"
Mg_]h[ueibkdey\uc]hehkdm^Zf_g__djZkb\ucq_fmlh]h^jm]h]hdhlhjuc`^Ze_]h\gbam\
fZrbg_
�Zfgh]hGhyg_klZeZ\uoh^blvi_j\hcg_ex[exlhedmqdm
ugbq_]hg_aZf_lbebqlhfh]eh[u[ulvdZdlhk\yaZghkij_klmie_gb_f"
DZ`_lkyg_l
HgZkdZaZeZqlh_s_ih^mfZ_lqlhg_h[jZsZeZlh]^Z\gbfZgbyG_fh]eZ`_hgZij_^iheh`blvqlh
\dmi_dhlhjh_hgZihdbgmeZ[m^_laZ^mr_gZ`_gsbgZbqlhfheh^hcbgki_dlhjijb^_lkijZrb\Zlv
__h[wlhf
Lhlmeu[gmekykdZaZe\_jhylghbijhr_efbfhg__\dhjb^hjI_j_^a_jdZevp_f\bk_\rbf
hdheh^\_jbhghklZgh\bekyihkfhlj_egZk_[ykdZaZekf_rghdZdb_rlmdbijb^mfu\Zxlgmb
jh`Z
AZl_fkmgmejmdm\dZjfZg]^_e_`ZeZ_]h]heh\hehfdZH[tykgbeqlh\k_ih\kx^maZ[u\Z_l
KijhkbehgZg_lZdZy"
G_lg_^mfZx
HgihdZqZe]heh\hceZ^gh\_jhylgh^haZ\ljZ_keby[m^mlZfdh]^Z\uijb^_l_
Mf_gylZdh_\i_qZle_gb_qlhhlf_gyfZehijhdm
HgkdZaZegZijhlb\BkZfhldjue^\_jv
kybklhjbykDZ[mjhf\k_lZdbqlhlhgh\h_L_i_jvfu_^_fdg_fmihkfhljbfkmf__lebhg
hlgZkqlhgb[m^vkdjulv
u_]hih^haj_\Z_l_"
Dh]h"kijhkbehgY"Ygbdh]hg_ih^haj_\ZxKdZaZlvihijZ\^_yhq_gviehohc
ihebp_ckdbcyg_gZ\b`mih^haj_\Zlvex^_cIj_^ihqblZxijb]h\Zjb\Zlvbo\k_fkdhihf
G_\bgh\guoex^_cg_lhl\ukdZ`_f\_jbl_\g_\bgh\ghklv"
HgZ]emihjZkkf_yeZkvihgbfZyqlh\_^_lk_[y]emihkwlbfiZjg_f[helZxsbf\kydmxqmrvbg_
ihoh`bfgZbgki_dlhjZ^Zdlhfm`_y\ghgZkf_oZxsbfkygZ^g_x
ukqblZ_l_g_\bgguf^_ehfdh]^Zdlhlhdhfmlhihfh]Z_lkgylvq_fh^ZggZf_j_\ZykvaZl_f
ihlbkdZlvwlh]hdh]hlh\dhjb^hj_"
HghljbpZl_evghihdZqZe]heh\hcbm`_khagZdhfuf_cgZ^mluf\b^hfkijhkbeaZq_flZdhc
djZkhld_ihgZ^h[behkvkgbfZlvq_fh^Zg"
QlhhgZohl_eZ\aylvhllm^Z"
�WebZgZZjjwkihiulZeZkv\kihfgblvkgh\Zm\b^_eZfheh^mx[jxg_ldmmdhlhjhcaZ^jZeZkvx[dZ
dh]^ZhgZihklZ\beZgh]mgZihedm\a]ey^DZ[mjZ
�mfZxZkibjbg
HgkdZaZeqlhwlhg_bf__lagZq_gbyghqlh\ex[hfkemqZ_g_\bgh\guoex^_cg_ljZa\_qlh\
HgZklhyeZ\^\_jyojZafZob\ZydZdg_ghjfZevgZyjmdZfb:hgihr_eke_]dZdb\gm\gZijhsZgb_
]heh\hcIhke_wlh]hhgZg_\_jgmeZkv\d\Zjlbjmg_aZdjueZaZkh[hc^\_jvZ\k_ke_^beZaZ_]h
nb]mjhcgZe_klgbp_]eZaZfbijbkem]bdhlhjmxdZ^jbebgZ[Zemgmnhjf_ggZy^mjZ
_q_jhfhgZihm`bgZeZgZdmog_^_j`Zi_j_^kh[hchldjulmxdgb]mdhlhjmxijbkehgbeZjmdhcd
[mlued_fbg_jZevghc\h^uIh^_kylvjZai_j_qblu\ZeZh^gmblm`_kljZgbpmGZibkZggu_lZf
keh\ZgbdZdg_fh]ebkl_j_lv\hkihfbgZgbyhaZ^mr_gghcbaih_a^Z
Hq_gvq_jgu_\hehkuhq_gvk\_leu_]eZaZlhg_gvdZyb^ebggZynb]mjZohjhrhkrblucdhklxfK
\g_aZighc\uau\Zxs_cm^b\e_gb_gZklhcqb\hc\gbfZl_evghcmeu[dhc@hj`_llZLhfZqZklh
meu[ZeZkvfgh]hjZa\h\j_fyih_a^dbKljm^hf\lZsb\\dmi_q_fh^ZghgZmeu[gmeZkvkdZaZ\
ijhrmijhs_gbyIhlhfhldZaZeZkvhldhgn_ldbmeu[gmeZkvulZdex[_aguHgZkZfZ
ij_^eh`beZkb]Zj_lmDZ[mjmhiylvmeu[gmeZkvih`ZemcklZ:mljhfkdehgb\rZykygZ^
k\h_cihedhcg_\ukiZ\rZykyaZf_jarZykhjhdZk_fbe_lgyy`_gsbgZdhlhjhcg_\ughkbfh[ueh
^mfZlvhlhfqlh_cijb^_lky_klvh^ghcaZdmohggufklhehf^_j`Zijbkehg_ggmxd[mlued_
fbg_jZevghc\h^udgb]mhiylv\klj_lbeZ__\g_aZigh\hagbdrmxg_h`b^Zggmxmeu[dmb
mkeurZeZ^h[jh_mljhh^gZdhfuijb_oZeb
;_^gy`dZg_agZeZqlh__`^_lkf_jlvkZfZwlZfukevijhklhg_fh]eZijbclb_c\]heh\mH[wlhf
gZ^h[uehg_ij_f_gghjZkkdZaZlvbgki_dlhjZf
]Za_l_dhlhjmx\k_hgbqblZebgZdZgmg_[uehgZibkZghqlhwlhg_k\_^_gb_kq_lh\qlh__m[beb
g_^eylh]hqlh[uh[hdjZklvHq_fhgZ^mfZeZdh]^Z__m[b\Zeb"Hq_f^mfZ_rvdh]^Zl_[y
m[b\Zxl"
�WebZgZZjjwk\ufueZihkm^mlZj_edm\bedmklZdZgkdh\hjh^dmgZdhlhjhc`ZjbeZybqgbpm:
ihlhf^he]hklhyeZ\dhjb^hj_f_`^mdhfgZlhcb\oh^ghc^\_jvxf_`^mkghfb_s_q_flhb
jZafureyeZhlhfqlh[ueh[uemqr_g_hklZ\Zlvkyh^ghc
HgZih^mfZeZmf_gy_klv\j_fykoh^blv\dbghg_ih^Ze_dmdbghhgZoh^beZihqlbdZ`^uc\_q_j
]h\hjy\k_fqlh^_eZ_lwlh\kbembkdexqbl_evghijhn_kkbhgZevgh]hbgl_j_kZbqlhgZkZfhf^_e_
dbghl_ji_lvg_fh`_lqlh_cijboh^blkykljm^hf\udjZb\ZlviZjmk\h[h^guoqZkh\Bgh]^ZhgZ
ihg_kdhevdmjZakfhlj_eZh^bgblhl`_nbevfihlhfmqlhg_aZihfbgZeZgZa\ZgbcZnhlhj_deZfZ
m\oh^Z\k_]^Zh[fZgu\Z_lGhdZdh_wlhbf_ehagZq_gb_"G_\Z`ghqlhkfhlj_lvHgZihdmiZeZ\
ZgljZdl_fylgu_dhgn_ldbBeb_s_qlhgb[m^v
GZ^jm]hc^_gv]ey^ygZk\h_hljZ`_gb_\a_jdZe_\ZgghchgZgZreZqlh\u]ey^bldjZkb\hcb
hl^hogm\r_cGZmebp_gZ^LjhdZ^_jhyjdhk\_lbehkhegp_H^_\ZykvhgZ\b^_eZq_j_ahdgZk\h_c
d\Zjlbjuqbklh_g_[hbkihdhcghjZafureyeZ
;ueZm[blZg_agZdhfZy_c`_gsbgZwlhi_qZevghb\k_GZ^hijbgylvwlhbf_gghlZdHgZ
kdZ`_lqlhkqblZ_lgm`gufkdZaZlvbg_klZg_lh[jZsZlv\gbfZgbygZlhdZdh_wlhijhba\_^_l
\i_qZle_gb_Dlhfm`_hgZg_hrb[Z_lkyhgZijhklhg_fh`_lhrb[blvkyhlghkbl_evghiZjgyk
\_jog_cihedbQlhwlhhagZqZ_lbo^_ehghmkeurZgguc_x]hehkbihe\hr_^r_]h\l_fghl_g_
hklZ\eyebkhfg_gbcwlh[uefm`qbgZZg_`_gsbgZ?kebhgbg_ohlyl_c\_jblvl_fom`_
AZl_fhgZh[tykgblbfqlh@hj`_llZLhfZg_bf_eZgbdZdbohkgh\Zgbc\hegh\Zlvkyqlh\h\kydhf
kemqZ_hgZg_^h]Z^u\ZeZkvqlh__fh]mlm[blviheg_fh]ebaZ^mrblvbfZeurdmba:\bgvhgZb
wlh[ueh[uklhev`_g_h`b^Zgghklhev`_g_\_jhylghHgZihklZjZ_lkybfh[tykgblvmeu[dm
HgZ[ulvfh`_lihklZjZ_lkybfh[tykgblvb\a]ey^DZ[mjZdh]^Zfheh^Zy[jxg_ldZihklZ\beZ
gh]mgZgb`gxxihedmqlh[ukgylvq_fh^Zgbhlwlh]h^\b`_gbyijbih^gyeZkvx[dZ
?keb[_ehdmjucbgki_dlhj[m^_llZfhghiylvmeu[g_lkydhjhldhcbgZ]ehcmeu[dhcq_eh\_dZ
dhlhjucdZd[u]h\hjbl\b`mdZdZy\u`_gsbgZagZx\dZdmxdZl_]hjbxgZk_dhfuo\ZkgZ^h
aZqbkeblvBkdZ`_l_s_qlhhgZih\kx^m\b^blg_^h[jh_ihlhfmqlhkZfZlZdZy
_^vhglh`_kdZaZe_c]emihklvQlh\k_djm]hf\bgh\Zlu
?_hrb[dZaZdexqZeZkv\lhfqlhhgZ\k_]^Zkeh\ghh`b^ZeZqlh__klZgml\q_flhmij_dZlv
lhfkdZ`_fqlhhgZ\_^_lk_[ydZd`_gsbgZp_ieyxsZykyaZfheh^hklvb]hlh\ZyieZlblvaZk\h_
&#x_;&#x_;&#xh; j;&#xZk;&#xl_;&#xw;&#xlh;&#xg;&#xZa;&#xuZ;&#x_l;&#xky;&#x];&#xj_;&#xoh;&#xo;&#xbs;&#xgb;&#xq_;&#xkl;&#xh;;�kqZklv___\hajZkl_wlhgZau\Z_lky]j_ohfobsgbq_kl\hf_fhgihy\bekykebrdhfiha^gh
�\Z^pZlve_lhgZ[ueZaZfm`_faZq_eh\_dhfdhlhjhfmgbdh]^Zg_baf_gyeZdhlhjuc\k_]^Z[he_e
baZgbfZe\__`bagblZdh_`_g_kms_kl\_ggh_f_klhdZdk_cqZk_]hnhlh]jZnbygZdhfh^_
Hldju\Zydhfh^qlh[u\aylvi_jqZldbbkmfhqdmhgZ\a]eygmeZgZnhlh]jZnbxHgihiZe\
]Zah\mxZlZdm\]h^m:lZd[ueg_`_gfbeHg[ue_^bgkl\_ggufkms_kl\hf\fbj_dhlhjuc
g_\uau\Zemg__`_eZgbykijylZlvkyblZdkljZ^Ze\dhgp_qlhmf_jkh[e_]q_gb_f
=j_oMg__[ueh^\Zex[h\gbdZh^bg\e_l^h[jZdZ\h\j_fydZgbdmedh]^ZhgZ]hlh\beZkvd
k^Zq_wdaZf_gh\\lhjhciha`_\ijhrehf]h^mbhgZg_\hevghkijZrb\ZeZk_[ydZdfh]eh
kemqblvkyblhb^jm]h_
HgZg_khojZgbeZgbdZdbo\hkihfbgZgbchi_j\hfg_agZeZ_]hbf_gbg_ihfgbeZ[ueebhg
djZkb\bebmjh^eb\AZihfgbehkvlhevdhhsms_gb_kljZoZqlhdlhlhijb^_lhglh`_\b^bfh
wlh]h[hyekyihlhfmqlhg_jZa^_e__ZlhevdhaZ^jZex[dm
Dh]^Zl_i_jvijbg_c]h\hjbebh^_\mrdZo_ckgh\Z[uehg_eh\dhbg_ihlhfmqlhhgZk_j^beZkv
gZk_[yaZhrb[dmfheh^hklbZbaaZhlkmlkl\by\hkihfbgZgbcWlh[uehqlhlhfbfhe_lgh_
ihki_rgh_bg_fgh]hg_qbklh_LZfZe_gvdZyb^bhldZdhlhjZyiha\hebeZ\k_wlhijh^_eZlvfhqZ_c
qlheb\]heh\mm^ZjbeZ"[ueZ^jm]Zyg_hgZ
&#xuo;&#xh^;&#xy;&#xW;ë&#xZg;&#xZ;�uoh^yWebZgZZjjwk_s_jZaih]ey^_eZgZk_[y\a_jdZehih^mfZeZhgZ^abjZl_evgbp_iZgkbhgZ
hfZe_gvdhc^mjhqd_\bafylhcx[d_h`_gsbg_dhlhjZykimklyihqlbljb^pZlve_l^ZeZk_[y
ihp_eh\Zlv\ijhiZor_f`Zj_gufdZjlhn_e_fbdjZkguf\bghf[bkljhgZijhlb\dbghl_ZljZ
�Zglhg
KljZggh[ueh\kihfbgZlvh[wlhfKjZaju\hf\^\Z^pZlvkebrgbfe_lmg__[uebex[h\gbdb
h^gh]h\hajZklZhgbkeh\ghkebebkv\h_^bghkeh\ghi_j\ucbagbog_khklZjbekylhjhclh`_
]hlh\bekydk^Zq_[_kdhg_qguowdaZf_gh\baZoh^be\[bkljhihb]jZlvgZ[bevyj^_
EbnlhklZgh\bekyf_`^mwlZ`ZfbHgZklZeZgZ`bfZlvjZagu_dghidbebnl^_j]Zekylh\\_jolh
\gbaihdZhgg_ihr_elhevdh\gbaGh_^\ZgZqZ\kimkdZlvkyhklZgh\bekykgh\ZHgZih^mfZeZqlh
dZdhclh^mjZdbebrmlgbdhldju\Z_lgZ\_jom^\_jpmrZoluDhgqblkyl_fqlh\k_jZaeZ^blkygZ^h
iha\Zlvdhgkv_j`ZHgZg_ex[beZdhgkv_j`Zdhlhjucgbdh]^Zg_a^hjh\Zekybg_ijhsZekyb
\k_]^Z[ueh^_l\hqlhlh]jyagh_
HgZgZ`ZeZdghidmihke_^g_]hiylh]hwlZ`Zebnlih^gyekybhklZgh\bekyg_ba\_klghihq_fmgZ
q_l\_jlhfLh]^ZhgZihijh[h\ZeZgZ`Zlv_s_g_kdhevdhdghihd
KZfh_m^b\bl_evgh_qlhlmlhgZ\kihfgbeZWjbdZH^gZ`^uh`b^Zy__gZe_klgbp_hg\k_\j_fy
hldju\ZebaZdju\Ze^\_jvrZoluihdZhgZih^gbfZeZkvdk_[_Ebnl^\b]Zekylh\\_jolh\gba\
ihlhfmqlhmg_]h[uedjZkb\ucdZijbagucjhldZdmgbom\k_oHgg_lhjhiykvjZa^_e__gZ
[hevrhcihkl_eb]^_hgZkiZeZh^gZhgbmf_xl\Zkk\_klbkmfZbagZxlh[wlhf
HgZieZdZeZ\uoh^ybaebnlZZhgkdZaZeqlh[ue\yjhklb^h`b^Zykv__Hg^_ckl\bl_evgh^he]h
`^Zeiha`_hgZ^ZeZ_fmk\hcdexqBih^qZk\ha\jZsZykvih\_q_jZfgZoh^beZ_]hmkgm\rbf
dZddhrdZgZdh\j_kaZdbgmlufbaZ]heh\mjmdZfbkfy\r_]hdh\_j^ebggufbgh]ZfbDjZkb\uc
jhlbl_fgu_\hehku gZ^h`_iha\Zlvdhgkv_j`Z\f[uebg_`gu_dZdmkiys_]hj_[_gdZ
Wjbdijboh^bedg_c\l_q_gb_iylbbebr_klbg_^_evfh`_l^\Zf_kypZG_dhlhjh_\j_fyihlhf
�_cdZaZehkvg_m^h[gufihy\eylvky\[bkljhgZiehsZ^bZglhgZHgaZ^he`Ze_c[uem^h[guc
ih\h^jZaukdZlv_]hgZqlhlhgZ^_ykvGhhgZg_^_eZeZwlh]hHq_f^mfZ_rvdh]^Zl_[ym[b\Zxl"
H^gZdh_s_^hlh]hdZd\hagbdeh\hkihfbgZgb_h[Wjbd_ijh^he`ZygZ`bfZlvgZdghidbhgZ
\g_aZighihgyeZqlh__kh[bjZxlkym[blvIh^gy\]heh\mih^mfZeZhg\_^vgZoh^blky\ur_f_gy
\ebnl_g_ldjurbhggZ[ex^Z_laZfghcihl_rZ_lkyG_l\kZfhf^_e_qlh^mfZxldh]^Z\Zk
m[b\Zxl"
HgZkgh\Zih^gyeZ]heh\mdkh\k_f[ebadhfm\_jog_fmwlZ`mblh]^Z]jygme\uklj_ejZahj\Z\rbc
_c]jm^vbhl[jhkb\rbc__dZddmdemgZ^_j_\yggu_iZg_ebdZ[bguHgZmki_eZih^mfZlvqlhwlh]h
g_fh`_l[ulvqlhwlhg_ijZ\^ZR_ybie_qh_s_mibjZebkv\kl_gdmebnlZYkghqlhdlhlh
ih^h[ghWjbdmklhbl\ur_f_gyk_jZ\ghybomagZx\k_ob\l_fghl_]hlh\uoh^Zjblvl_[y
k\hbfdjZkb\uffhdjufjlhfagZxbor_ihlbkf_odZdmiZgkbhg_jhdihke_moh^Z
gZ^abjZl_evgbpuKf_obr_ihldZdmfheh^h]hq_eh\_dZb^_\mrdbba:\bgvhgZ\l_fghfdmi_
JZkihjhlh_[jxohehrZ^bgZnhlh]jZnbbh\hcg_]h^ZFhyjZahj\ZggZy]jm^vFZe_gvdZy
^mj_oZmiZ\rZyl_i_jv\ebnl_blZ^_\hqdZ\l_fghl_kiZevgh]h\Z]hgZ
KI:EVGH?F?KLH
Wjg_kl@hj`@ZdJb\heZgbrhn_jwdki_^blhjjh^b\rbckyhdly[jy]h^Z\Fz
^_iZjlZf_glK_gZbFZjgZ\fbijh`b\Z\rbclmibdbcm^hfDebrb[uem[blime_c]h
dZeb[jZbaibklhe_lZKfblb_kkhg\aZluehd\mihjhdhehqZkh\dZdjZaaZ^g_c^h
k\h_]h^gyjh`^_gby\q_klvdhlhjh]h_]h`_gZm`_dmibeZ_fmiZjmf_oh\uo[hlbghd
Hge_`Ze\\uoh^ghfdhklxf_mldgm\rbkvebphf\p_f_glguciheih^\_jgm\ih^`b\hljmdmb
aZdbgm\^jm]mxaZ]heh\mih^kZfhc^\_jvxk\h_]h]ZjZ`Zdm^Zkh[bjZekyghg_mki_eihklZ\blv
fZrbgmKbljh_g]h^ZfhlhjdhlhjhcaZ]ehoihkj_^b^\hjZ
DZdZyih^ehklvkdZaZeFZee_
Hgg_kiZe\kxghqvihlhfmqlhbf_ggh_fmiha\hgbeb\qZkghqbbl_i_jvklhy\jZkiZogmlhf
ieZs_lhevdhdZqZeaZjhkrbflmiufih^[hjh^dhf]ey^ygZljmiaZklu\rbfg_fgh]h[_amfgufhl
mklZehklb\a]ey^hfGZdZgmg_\\hkdj_k_gv_ihdZ=jZppbb=Z[_j_a^bebhlJb\heZgbdZdljbk_b
hlZdljbkudDZ[mjmhgfhlZekyih\k_fmIZjb`mkaZibkghcdgb`dhc`_jl\uijh\_jyy
ihf_q_ggu_lZfZ^j_kZ
=jZppbmdhlhjh]hg_[uehl_e_nhgZihlhfmqlhhgg_`_eZeieZlblvaZg_]hljb^pZlviylvlukyq
njZgdh\_fmbo\_qghg_o\ZlZehijhkiZekghfijZ\_^gbdZk\_q_jZ^hmljZu[jbluc
k_j^bluc\qbklhcjm[Zrd_hg\ijhq_f[ue]hlh\djZ[hl_LZjdwg_s_g_ijb[ueihlhfmqlh
gZoh^beky\g_j\ghfkhklhygbbbih`_eZekgZqZeZaZ_oZlvgZDwqlh[uih]h\hjblvkd_flh
kihkh[gufih^klZ\blvahglbd=jZppbdhg_qghohjhrbcihebp_ckdbcghg_f_rZ_lbf_lv
DZdZyih^ehklvih\lhjbeFZee_dZqZy]heh\hc?]h`_gZkgZqZeZdjbqZeZZl_i_jvdh]^Z
^_lbkg_cfheqblbkfhljblgZl_[ykeh\ghlufh`_rv\_jgmlv_cfm`Zk_\j_fy\kihfbgZ_l
f_oh\u_[hlbgdb mf_gy]heh\Zhlwlh]hdjm]hfb^_l\fdhlhju_dmibeZdh^gx_]hjh`^_gbyHgZ
]h\hjbllhevdhh[wlhf?fmfhe[uehoheh^gh\dZ[bg_]jmah\bdZDeygmkvl_[_wlhlZd
=jZppbdb\Ze]heh\hckfhlj_egZjZkijhkl_jlh_l_ehb^mfZehlhfdZdhchg[he\Zgqlh^Ze
\kmqblvk_[_wlh^_ehAZ^\Z^pZlve_l^he`_g`_y[uegZmqblvky^_eZlvlhevdhlhqlhmf_x:
LZjdwg\k_g__^_l
Jb\heZgbmiZe\i_j_^hl[jhr_ggucdZd[mfZ`gZydmdeZ\uklj_ehfbadjmighdZeb[_jgh]h
ibklhe_lZihke_q_]hijhihea_s_f_ljuklj_e[uelZdhckbeuqlhiheh\bgm_]h]heh\ujZag_keh
\^j_[_a]bb\]em[bg_[hdkZ\b^g_eZkv[hevrZyem`Zdjh\b
H^bgba`Zg^Zjfh\dZdjZa\habekylZf=jZppbhl\_e]eZaZbihkfhlj_egZKbljh_gFZee_dZd
gZfZ]gbq_ggucke_^h\ZeaZgbflZd[ebadhqlhfh`gh[uehjZaebqblvaZiZo_]h\hehkHgbmg_]h
[ueblZdb_`_]mklu_dZdbgZ[hjh^_^\Z`^u\^_gvhgkfZqb\Zebo^_r_\uf[jbhebghf
GZaZeblhfp_f_glhf^\hj_^jm]ijhlb\^jm]Zklhyeb^_kylvlj_of_ljh\uo[hdkh\k
�ih^gbfZxsbfbky\\_jo`_e_agufb^\_jyfbdhlhju_aZibjZebkvgZaZfhdhfJb\heZgb
gZoh^beky\dhgp_mebpu\lmibd_ihjhkr_fj_^dhcljZ\hc
DZdbdZ`^h_\hkdj_k_gv__kebhgg_[ue\ih_a^d_rhn_jk`_ghcbklZjrbfkughfiZjg_fe_l
ljbgZ^pZlbdhlhjuck_]h^gyijhimklberdhemb\[eb`Zcrb_^gb[m^_l^eyk\hbolh\Zjbs_c
]_jh_fijhbkr_kl\byhlijZ\bebkv\dbgh
Dh]^Zhgb\_jgmebkv"
\_q_jZ?a^beb\dbghl_ZljK_gEZaZjBaaZwlhcbklhjbb\ih_a^_Jb\heZgbj_rbe
ih\_albbogZqlhgb[m^v\_k_eh_Ihlhf\ukZ^b\k_fvxm^hfZih_oZekx^Zqlh[uihklZ\blv
fZrbgm\]ZjZ`@_gZ]h\hjblqlhhgihevah\Zeky_xlhevdhih\hkdj_k_gvyfqlh[ukt_a^blvgZ
^Zqmbeb\dbghAZ[_kihdhbeZkvhgZdh]^Zlhlg_\_jgmekykimklyp_eucqZkBdZdlhevdhkuge_]
kiZlvhlijZ\beZkv\]ZjZ`j_rb\qlhhgaZ^_j`Zekyqlh[uqlhlhihqbgblvGZ__djbdb
k[_`Zebkvkhk_^bbkhh[sbebhkemqb\r_fky\dhfbkkZjbZlDebrb
=jZppbkfhlj_egZqbklu_kb^_gvyfZrbgugZsblhdk\h[h^gu_qZkuJb\heZgbijboh^bekx^Zk
kughfHgbqbklbebfZrbgmh[km`^Zy__^hklhbgkl\Zm\_j_gguc\k_[_hl_pbm\_j_gguc\hlp_
�kugLhqghlZd`_=jZppb[m^_l\_klbk_[ykbghdh]^Zlhlih^jZkl_lbhgbdmiylfZrbgm
Gbdlhgbq_]hg_keurZe"
Gbq_]hIhdZ`_gZg_aZdjbqZeZKZfh_kljZggh_qlhhgZkZfZih]ZkbeZnZjuhgZihfgbldZd
ih]ZkbeZnZjuIhgbfZ_rv"
Gm\hlih^mfZe=jZppbg_o\ZlZehlhevdhqlh[uhggZqZeogudZlv:lmldZdjZaihy\blkyLZjdwg
blh`_gZqg_lijbklZ\Zlv
FZee_ijb\udg_^hkuiZlvbk_cqZklhevdhdZqZe]heh\hcAZlhjfhab\ihkj_^b^\hjZgZk\h_c
cq_jgh]hp\_lZih^t_oZeiZljhgKaZ^bmfZrbgu[uedjxdh\j_fyhlimkdZdg_fmdj_ibeb
ijbp_ikeh^dhc
G_ih^oh^yLZjdwgke_]dZihfZoZejmdhc=jZppbbFZee_\hr_e\[hdk\uklZ\b\k\h_imah
[_j_f_gghc`_gsbgubgZdehgbekygZ^ljmihf@Zg^ZjfubaZf_klbl_evdhfbkkZjZDebrb
gZ[ex^ZebaZgbfK_dmg^q_j_aljb^pZlvhgih^gyekyhk\_s_gguc\g_aZighihy\b\rbfky\wlhl
njZam
WlZdmximrdmfh`ghdmiblvlhevdhbaih^iheu^_lbfhbKfdZeb[jhfihmebpZfm`_g_
[_]ZxlM[ex^hddhlhjucihevam_lkylZdbfbimeyfbijhn_kkbhgZeGhlmlhgk^_eZek_jv_aguc
ijhfZoihlhfmqlh_keb\u\klj_qZeb]Zg]kl_jh\hklZ\eyxsboihke_k_[ylZdmx\bablgmx
dZjlhqdmagZqbl\uboagZ_l_emqr_f_gy
Imey[ueZlsZl_evghh[j_aZgZdj_klhh[jZagh^Zg_ijhklhZih^ibe_gZlZdbfh[jZahfqlh[u
hklZ\blvq_luj_hlf_lbgugZp_ebeZ[hjZlhjbbJhljmih\b^Z\rbcaZljb^pZlve_lfgh]h\kydh]h
k\bgpZaZy\beqlhlZdbfbimeyfb\h\j_fyfbgm\r_c\hcgu\:abbihevah\ZebkvZg]ebqZg_
IjhgbdZyih^dh`mimeyjZaju\Z_lky\gmljbHgjZkkdZaZe_s_qlhkeurZehijhp_kk_gZ^^\mfy
ijhn_kkbhgZevgufbhohlgbdZfbbaNhjEZfbdhlhju_lZdbf`_kihkh[hfih^qZkm[b\Zeb
`b\hlguo
Bo[uehiyl_jhmklheZiZljhgZ=jZppb@mc;_aZjijb\_arbcq_fh^Zg@hj`_lluLhfZ
:eemZchbIZj^bfjZqgucdhjkbdZg_pdmjb\rbcijbkehgykvddhkydm^\_jbFZee_ih_oZekiZlv
=Z[_jhohlbekyaZ^_\mrdhcba:\bgvhgZijh\_jyyZ]_glkl\ZihgZcfmbdhfbkkZjbZluihebpbb
EbphLZjdwgZehkgbehkvgZ]m[Zoih\bkih]ZkrbchlkexguhdmjhdHgijbgyewklZn_lmhlFZee_b
\k_\j_fydZqZe]heh\hcmklZ\b\rbkv\h^gmlhqdmk\b^hfq_eh\_dZdhlhjuckgh\Zg_fh`_lgZclb
k\hcahglbd
AZl_f\ujm]ZekykdZaZeqlhkebrdhfl_ji_eb\bqlh[mg_]h\k_]^Z[ueZih^jmdhc[mluedZ
iZklbkZLZdq_fhg=jZppbaZgbfZekykkm[[hlg_]hmljZ"
Km[[hlZ[ueZihaZ\q_jZkdZaZe=jZppbIhlhfihke_^h\Zeh\hkdj_k_gv_uij_^iheZ]Zeb
qlhaZwlh\j_fyfuebd\b^bjm_fwlh]hkm[t_dlZ"
Dlh]h\hjblebd\b^bjm_f"
YwlhlZd]h\hjx
�IZj^bihr_\_ebekym^\_jbbkdZaZely]mqbf]hehkhfkZdp_glhfLbghJhkkb@keh\hfhegZc^_gh
lhqgh_rhn_j[ueebd\b^bjh\ZgdZdg_`_eZl_evguck\b^_l_ev
GZklmibehfheqZgb_Hgb\k_lZd^mfZeb
?]hdlhgb[m^vmki_e^hijhkblv"ihbgl_j_kh\ZekyiZljhg[he__kihdhcguflhghf
�Z\q_jZ^g_fyihkueZedg_fm=Z[_jZRhn_j^he`_g[uemljhfijb_oZlv^ZlvihdZaZgby
=jZppb\ugmedjZkgmxdgb`_qdmbihebklZ\gZr_elhf_klh]^_aZibkZekeh\Z@ZgEmiZh[bo
jZa]h\hj__jgm\rbkvhlDZ[mjZdhlhjh]hhgbg_aZklZeb^hfZbqvxd\Zjlbjmh[ukdZebgZaeh
dhgkv_j`d_[_akZgdpbbijhdmjhjZke_]dZgbdq_fmg_ijbdZkZykvhgbkb^_eb\imklhc
dhfgZl_aZklhehfhk\_s_ggufeZfihcwlmfbgmlmDZ[mjbijbqbgZ_]hbkq_agh\_gby
[_kihdhbebbo[hevr_q_frhn_jZ@ZgEmidm^ZlhaZlhjhibekyGZebkld_aZibkghcdgb`db[ueh
gZibkZgh\k_]hg_kdhevdhkeh\
JZa\g_^_exJb\heZgb_a^begZx]Lm^Z\habejZagu_lh\Zjuh[jZlghk\_`b_h\hsbGZ
ijhrehcg_^_e_hdheh;_jjZmg_]hkehfZeky]jmah\bdbhghklZ\be_]hqbgblv:ihkdhevdmwlh
^he`gh[uehaZgylvg_kdhevdh^g_clhj_rbe\_jgmlvkyih_a^hfdhgp_g_^_eb_fmij_^klhyeh
hlijZ\blvkyaZk\hbf]jmah\bdhf
G_kgbfZyreyiuLZjdwgkdZaZe
EZ^ghyg_kijZrb\Zxh_]h`bagb
ZdljbkuFu[uebmg__\q_jZ^g_fK_cqZkhgZ^he`gh[ulvh`b^Z_l\ijb_fghc
=jZppbihkfhlj_egZqZku[ueh?c\_jhylghm`_gZkdmqbehlZf`^ZlvGZ[ex^Z\rbcaZ
gbfLZjdwgijbdZaZe@mcijh\_jblvwlhbkijh\Z^blvklZjmrdm?kebihgZ^h[blkyaZg_xfhe
ihrexl
IjbgbfZy\h\gbfZgb_oZjZdl_j_]hjZ[hluijh^he`Ze=jZppbfh`ghij_^klZ\blvk_[_
qlhhgkjZam`_aZkuiZe]^_[ugbkZ^bekyB\dmi_hgme_]kyi_j\ufb\klZeihke_^gbfGbq_]hg_
\b^_ebg_keurZe
=hehkLbghJhkkbihaZ^b=jZppbijhbag_kqlhlmlqlhlhg_kijhklZjZam`dlhlhihljm^beky
^h`^Zlvky\ha\jZs_gbyrhn_jZbadbghlh\h\k_g_^eylh]hqlh[ugZdZaZlvaZ_]h[_kijh[m^guc
khg
h\kydhfkemqZ_hggbq_]hg_ihfgbeb^bfhmm[bcpuiZfylvihemqr_
JZa^Zekya\hghd\gmlj_gg_]hl_e_nhgZLZjdwg\ayeljm[dmihdZqZe]heh\hcg_kdhevdhjZakdZaZe
^ZkiZkb[hklZjbgZIh\_kbeljm[dmbaZy\beqlh=jZppbkbevghih\_aehhklZ\ZeZkv\k_`_mebdZ
j_\hev\_j
JhljmdZl_]hjbq_kdbml\_j`^Z_lqlhwlhKfblb_kkhgk]emrbl_e_fg_^Z\g_]h\uimkdZ
�dmie_ggucq_eh\_dhfagZxsbflhed\hjm`bbZpuihqdbfhbk]emrbl_e_fgh\\b^_]jmrbZ
g_pbebg^jZ
=jZppblZdg_gZ\b^_ekeh\hdZl_]hjbq_kdb\mklZoiZljhgZqlhklZgh\bekyg_kijZ\_^eb\
IhwlhfmhgkdZaZeqlhJhljmm`_g_\i_j\u_hij_^_ey_lp\_l]eZaq_eh\_dZihdmkhqdmk\bgpZZ
ihlhf\k_hdZau\Z_lkygZh[hjhlLZdqlhg_kf_rbl_k\hbfjbkmgdhf
KZf=jZppbg_kf_yekyZijbklZevghkfhlj_ek\hbfb[hevrbfb]hem[ufb]eZaZfbgZLZjdwgZ
dhlhjucjZa]ey^u\Ze_]h]Zeklmdg_aZighlhl\kdhqbekeh\ghkh[bjZykvijh]ehlblvhdmjhdZ
aZh^ghb=jZppbGhijhfheqZeLhevdhk^\bgmereyimgZaZluehdbih\_jgmekydhdgm
Ijh^he`Zykfhlj_lv_fm\kibgm=jZppbkdZaZeg_i_j_\h^y^uoZgbyk\hbfykgufbkbevguf
]hehkhfqlhemqr_ihlhjhiblvkyihlhfmqlh_kebohlbl_agZlvfh_fg_gb_DZ[mjZg_m^Z_lky
h[gZjm`blvZhglZdihki_rghihdbgmed\Zjlbjmqlh^Z`_g_ihlmrbek\_l\\Zgghc?keb[m^_f
f_rdZlvlh_s_dh]hgb[m^vijbklj_eylIhdZmgZklhevdh`_gsbgZklj_fy^_lvfbbrhn_j
]jmah\bdZ
LZjdwghl\_lbeqlhbwlh]hm`_g_fZeh
Hgg_ih^\b`ghklhyemhdgZkdhj__kibghcq_f[hdhf\rbjhdhfiZevlhgZdhlhjhfm`_^Z\gh
jZahr_ekyh^bgrh\\iheg_h[udgh\_ggucq_eh\_dB\b^bfh]h\hjbek_[_wlhg_DZ[mjwlh
ijhn_kkbhgZeb\k_kemqbehkv\ih_a^_lZdqlh_kebykfh]mihkeZlv^_kylviZjg_cihhjm`_cgbdZf
bjZa^h[ulvdhcdZdb_k\_^_gbymihebpbbgjZ\h\g_ijhc^_lbqZkh\dZdhg[m^_lgZr?]h
ko\Zlyli_j_^Z^mlNj_]ZjmZwlhl^mj_gv=jZppbfh`_lb^Zevr_jZau]ju\ZlvR_jehdZOhefkZ
_keb_fmwlhgjZ\blky
A\hghd]hjh^kdh]hl_e_nhgZLZjdwgf_^e_gghh[_jgmekykgyeljm[dmmklZeuf`_klhfihdZqZe
]heh\hcaZl_f\ujm]ZekybkijhkbeQlhlZdh_"=^_"ebnl_"iheh`beimoemxjmdmgZ
ZiiZjZlkdZaZe_fm=jZppbb\k_fhklZevguflh`_gZ^h[uihki_rblvL_i_jvhgbm`_ihmrb\
^_jvf_:dljbkZg_ijb^_l__ijbrbeb^\ZqZkZgZaZ^Hgkgh\Z\ayeljm[dm[mjdgmeEZ^gh
eZ^gh_^_f\ukd_fjZa]h\Zjb\Z_l_"
lmneygZ\ukhdhfdZ[emd_miZeZb__[jhkbeb\dhjb^hj_
�GZebp_WebZguZjjwkaZkluehm^b\e_gb_Imeyijh[b\]jm^v\j_aZeZkv\g__dZdkgZjy^Ke_^u
djh\bhklZebkvlhevdhgZieZlv_bgZiZevlhbagZklhys_]he_hiZj^Z
Ijb[_`Z\rbc@ZgEmijZklhedZeihebp_ckdboaZ^_\baZf_klbl_eyijhdmjhjZLZjdwgb=jZppb
klhyebmihkl_eb=Z[_j_^\Ziha^hjh\ZekykiZljhghfhimklbe]eZaZblhlqZkkfhjsbekykeh\gh
_]hlhrgbeh=jZppbm\_e_]hde_klgbp_
L_i_jv_fm=jZppb[uehhq_gvkljZrgh
BlZd@hj`_llmLhfZm[b\Zxl\dmi_ih_a^Z\km[[hlmmljhfkm[[hlm\_q_jhf\uoh^bllhevdh
h^gZ]Za_lZhklZevgu_\ihg_^_evgbdkm[[hlg_fghf_j_gZi_qZlZgh[uqguckibkhdbf_g
&#xi;&#xhg;&#x_^;&#x_e;&#xvg;½&#x];&#xZa;&#x_l;&#xu;&#xih;&#x^j;&#xh[;&#xg_;&#x_;&#xjZ;&#xkk;&#xdZ;&#xau;&#xZ;&#xxl;&#xh;
&#xZ[;&#xmj;&#x_;&#x=;&#xZj;&#xh^; ;�k\b^_l_e_cihg_^_evgbd]Za_luih^jh[g__jZkkdZau\ZxlhDZ[mj_=Zjh^bZjjwkJb\heZgb
Qlhlhy\ghgZim]Zehm[bcpmIjhbahreh\b^bfhg_qlhhq_gv\Z`gh_jZahgm[jZe_s_^\mo
iZkkZ`bjh\balh]h`_dmi_
=jZppbih^mfZehDZ[mj_dhlhjucbkq_a\km[[hlm\_q_jhfhklZ\b\\\ZgghcaZ``_ggmxeZfim
M[bcpZhgbeb_s_h^gZ`_jl\Z"
=jZppb\kihfgbeh^_\mrd_ba:\bgvhgZdhlhjmx=Z[_jmgbdZdg_m^Z\ZehkvgZclbFh`_l[ulv
[he__obljucbemqr_bgnhjfbjh\Zggucm[bcpZm`_b^_lih__ke_^m"
DZdhgbm[bebJb\heZgb"kijhkbe=Z[_j
LhqghlZd`_dZd__Ih^hc^y\iehlgmxgZklhys_cimrdhcIhq_fmlukdZaZehgb"
G_agZxhl\_lbe=Z[_j
�Hg[ue[e_^_ggh^_j`Zekyijyfh\Z^pZlvljb]h^ZK_]h^gymljhfhg\b^bfhbajy^gh
g_gZ\b^_ek\hxijhn_kkbx=jZppblh`_g_gZ\b^_e__Iheh`b\jmdmgZhldjulmx^\_jpmebnlZhg
ih^mfZehgbgZrebJb\heZgb\\hkdj_k_gv_\_q_jhf^h\uoh^Z]Za_l\ihg_^_evgbdDZ[mjZ
\_jhylghlh`_:fZe_gvdmx;hf[Z"
Luqlhgb[m^vjZa\_^Zeh^_\mrd_ba:\bgvhgZ"
&#xh;&#xl_;&#xey;&#xo;&#xgb;&#xq_;&#x]h;&#x;&#xY;&#xh[;&#xhr;&#x_e;&#x;&#xk_;
&#xhf; k;&#xkZ;&#xjb;&#xZl;&#xu;�hl_eyogbq_]hYh[hr_e\k_dhfbkkZjbZlug_fihc^mbkdZlv\Z]_glkl\ZoihgZcfmGhwlh
aZcf_lg_fZeh\j_f_gbagZ_rveb_keby[m^mjZ[hlZlvh^bgGZrlbi^_ckl\m_l[uklj__f_gy
IhdZaZ\gZebnl=Z[_jkdZaZewlhgbadbfg_^h\hevgufkljZrguf]hehkhf
=jZppb^mfZegml_i_jv\k_g_ij_^iheZ]Zeyqlh\k_kemqblkybf_gghlZdLZjdwgZhlkljZgylhl
^_e]h^ZgZ^\ZljbZdZd`_bgZq_lZdh_bkfbgbkljZfbkemqZ_lkyy`_hdZ`mkvibkZj_f\
aZom^Zehfijh\bgpbZevghfdhfbkkZjbZl_:_kebo\Zlblfm`_kl\Zihklmiex\kljZoh\mx
dhfiZgbx\[hevrhcfZ]Zabgg_\Z`ghk_hq_gvijhklhfubf__f^_ehk[_amfp_fdhlhjuc
^_ckl\m_l[uklj__gZk
Eh\dhhgijb^mfZekebnlhfkdZaZe=jZppbmklZeuf]hehkhf
Hg\aye@ZgEmiZaZie_qhih\_egZiylucwlZ`\\klZedZdjZagZ^imklhcdZ[bghc
HgZkZ^blky\ebnlHg^Z_l_cg_fgh]hkimklblvkyaZl_fhldju\Z_l^\_jpmrZoluDZdbf
h[jZahfhgmagZeqlhwlhhgZg_agZx;ulvfh`_lke_^beaZg_xke_klgbpuHldju\Z_lb
aZdju\Z_l^\_jpmihdZlZ`f_lgZdghidbDh]^ZhgZih^gbfZ_lkyhgaZdju\Z_l^\_jpmrZolu_keb
kimkdZ_lkyhldju\Z_lbhklZgZ\eb\Z_lebnlLZdhg^h\habl__^hiylh]hwlZ`ZhklZgZ\eb\Zy]^_
ohq_l
=jZppbaZdjueaZj_r_q_ggmx^\_jpm^\mfyiZevpZfbbah[jZabeq_eh\_dZkj_\hev\_jhfih\lhjb\
Ihq_fmhgZg_iha\ZeZgZihfhsv"
wlhflh\k_^_ehAh\mllh]^Zdh]^Zebnlg_jZ[hlZ_l:hgjZ[hlZeIjhklhg_himkdZekyZ
ih^gbfZeky\hlqlhFh`_lhgZ^mfZeZ\uclbgZ^jm]hfwlZ`_
HgbmkeurZebdZdwlZ`hfgb`_LZjdwg]jhfdhjZa]h\Zjb\Z_l\hdjm`_gbbihebp_ckdbob`bevph\
^hfZbkimklbebkv\gba
IZljhgihkfhlj_emi_jrbkv\a]ey^hf\=jZppbaZkmgmejmdb\dZjfZguiZevlhk^\bgmereyimgZ
aZluehdbkijhkbe
LZd_klvbebg_lmwlh]hm[ex^dZ]emrbl_ev"
Gm_klvkh]eZkbeky=jZppbQlhwlhgZf^Z_l"IhdZfu[m^_fjukdZlvihhjm`_cguf
fZ]ZabgZfjulvky\j_]bkljZpbhgguodgb]Zoh[hevsZlvihebpbxgjZ\h\hghiylvmki__l
\hkihevah\Zlvkyk\hbf]emrbl_e_fDklZlbwlm]jmrmjZahglZdhceh\dbchgfh]ba]hlh\blvb
kZf
?fm[uihgZ^h[behkv^eywlh]hfgh]hjZaguo\_s_c
GZfdZ`^uc^_gv\ha\jZsZxlkhlgbgb]^_g_aZj_]bkljbjh\Zgguoibklhe_lh\
Ghg_]emrbl_eb
:\^jm]wlhiheblbq_kdh_^_eh"
hl[ueh[ua^hjh\hkdZaZeLZjdwgKhqbgbe^hdeZ^i_j_^Zx^_eh\hj]Zgu[_ahiZkghklb
Hgb_]h[uklj_gvdhjZaukdb\Zxlb_s_^hlh]hdZd\k_aZdhgqblkyykihdhcghhdZ`mkvgZi_gkbb
Fh`_l[ulvwlhbghkljZg_p"
hlbf_gghijhfyfebeLZjdwgFh`_lq_ohgbohjhrh\hhjm`_guGh^hklZg_lkyg_
lZfh`_ggbdZfHjebZgZf
�L_e_nhgklhye\dhfgZl_\hae_ihkl_ebgZdhlhjhce_`ZeZWebZgZZjjwkIhdZ=jZppbgZ[bjZe
ghf_j=Z[_jg_]ey^ygZg__ih^hr_ebklZehkfZljb\Zlvkh^_j`bfh_kmfhqdb
Ihl_e_nhgmFZee_kdZaZeqlhghqvxg_\ukiZekyijhbag_kqlhlhg_ijbklhcgh_ghihlhf_fm\k_
`_m^ZehkvihkiZlvqZkhdbkgh\Zh[j_klbohjhr__gZkljh_gb_^Z`_ih[jbekybi_j_h^_eky
=jZppbkhh[sbeFZee_[m^_lk\yagufgZDwimklvkb^blgZklme_ba\hgbldZ`^ucqZk\FZjk_ev
qlh[uboihlhjhiblvimklvkdZ`_lwlhhq_gv\Z`gh
�@mcm`_^hijhkbemljhffZ^Zf=Zjh^bHgaZklZe__\aZe_h`b^Zgbydh]^ZbkdZeWebZgmZjjwk
GZr_eqlhhgZdjZkb\Zohjhrhh^_lZljmkeb\ZkdjulgZHgZgbq_]hg_ihfgbeZgbq_]hg_agZeZ
ijbreZlhevdhih^ibkZlvihdZaZgbybdZdfh`ghkdhj__mclb
�Z\ghhgZmreZ"
HdhehihemqZkZ
HgZagZ_lhJb\heZgbbZdljbk_"
G_l
GZc^b__blZcghhojZgyc
AZq_f"
?kebg_ihgbfZ_rvlhg_q_]hbh[tykgylvKijyqvkybg_kimkdZckg__]eZaYg_ohqmqlh[u__
gZrebk^ujdhc\]heh\_
�Fh`_l[ulvhdjm`blv^hfgZdb^dZfb@"
?s_q_]hGZfg_^hklZ_llhevdhj_deZfuYohqmko\Zlblvwlh]hlbiZZg_^Zlv_fm^jZiZgmlv
K_cqZkhl\_lbe=jZppbihkfhlj_\gZjmqgu_qZku?keb]Za_lqbdbmki_xlk_]h^gy
qlhgb[m^vgZi_qZlZlvlhimex\]heh\mihemqbrvludeygmkva^hjh\v_fkugZbih\_kbe
ljm[dm
IZj^bh[_^Ze^hfZbih^hr_edl_e_nhgmkihegufjlhfHgihevah\Zekyl_e_nhghfkhk_^Z
dhlhjuc^Z\ghdhjbek_[yaZwlmex[_aghklv
Fg_gm`_gDZ[mjkdZaZe=jZppb
YihemqZxijbdZaulhevdhhlk\h_]hiZljhgZhl\_lbeLbghJhkkb
LZdwlhijbdZa
Qlhkemqbehkv"
:ludZd^mfZ_rv"
EZ^gheZ^ghkdZaZeLbghJhkkbBi_j\ucih\_kbeljm[dm
=jZppb[uem\_j_gqlhhggZc^_lDZ[mjZIZj^bjZ[hlZef_lh^bqghdZdfZrbgZk_jv_aghg_
iZgbdmy]em[hdhm[_`^_ggucqlh\h^bgij_djZkguc^_gvklZg_lihq_fm[ubg_l"
gZqZevgbdhfihebpbb?fm\k_]^Zm^Z\ZehkvjZaukdZlvdh]hlj_[h\Zehkv\_^vhg[uedhjkbdZgp_fb
ih\kx^mbf_e^jma_cMLZjdwgZh^bgIZj^bmfm^jyekyh[_^Zlv^hfZ
&#x_j;&#xhy;&#xlg;&#xh;&#x`;&#x_;&#xZe;&#x[; n;&#xrl;&#x_d;&#xk;&#x^;&#x_r;&#x_;&#x_g;&#xvd;&#xhf;&#xj;&#x_k;&#xlh;&#xjZ;&#xg_;&#xg;&#xZ;&#xme; p;&#x_;:eemZchgb]^_g_[ueh_jhylgh`_\Ze[bnrl_dk\^_r_\_gvdhfj_klhjZg_gZmebp_hnbg
\uklZ\b\i_j_^kh[hcgZde__gd_\k_k\hbimaujvdbke_dZjkl\ZfbbjZkkdZau\ZyhnbpbZgld_h
�`_em^hqguo[heyoWlhl\_jg_lkygZDwlhqghihqZkZfgZ\hjp_ijZ\hkm^byIjyfhcdZdiZedZ
ihoh`bcgZZg]ebqZgbgZbhq_gv[e_^gucihdmjb\Zykb]Zj_lm_^bgkl\_ggmxaZ^_gvghaZlh
kZfmx^hjh]mx
�Imklv\uah\_l^g_ffZ^ZfJb\heZgbjh^gxDZ[mjZjh^gxZjjwkkgh\Zlh]hdhlhjuc
i_j_ijh^Z_lfZrbgubk_kljm@hj`_lluLhfZbhijhkblboImklvgZc^_l\_q_jhffm`Z@hj`_llu
LhfZb;h[ZI_j_a\hgxd^\mf
=jZppbkgh\Zih\_kbeljm[dm
:fg_qlh^_eZlv"kijhkbeklhy\rbc\hae_g_]h=Z[_j
GZg_f[ueg__]hrhleZg^kdbc^vxnedhlZkbgbcieZsba[e_klys_]hg_cehgZb`_eluc
]Zeklmd
Ih_^_rv\f_kl_khfghcgZiehsZ^vDebrbihh[_^Z_fIhlhflu\havf_rvfZrbgmihdZy
�ih]h\hjxkhklm^_glhfkmebpuxi_jj_Lu^he`_gfg_gZclbwlm;hf[Z
@ZgEmidb\gmegh[he__g_m\_j_gghq_fh[uqgh
ib\ghck[hevrbfbkl_deyggufbhdgZfbih]ey^u\ZygZiehsZ^vjZaj_aZggmxgZkheg_qgmxb
l_g_\mxklhjhguhgbih_eblmr_ghcdZimkludZd^\Zf_kypZgZaZ^dh]^Z\_eb^_ehh
fhr_ggbq_kl\_gZjZkdjulb_dhlhjh]hmreh\hk_fv^g_cbdh]^Zbf_gghLZjdwghl]Z^Zedlh
\bgh\Zl
=jZppb^mfZehrhn_j__]hf_oh\uo[ZrfZdZohlhfdZdhgr_e\uc^ybafZrbguihp_f_glghfm
ihemdZdkgy\aZfhdhldju\Ze^\_jvb\k_lZdh_Hgg_keurZedZdm[bcpZih^hr_edg_fmb
\uklj_ebe\aZluehdhlq_]h[uehl[jhr_ggZf_ljZaZl_fijbreZ_]h`_gZbih]ZkbeZnZju
Lufh`_rvfg_kdZaZlvqlhlZdgZim]Zehm[bcpm"Qlhhgfh]agZlvwlhlJb\heZgb"
=Z[_jkihegufjlhfhl\_lbeg_agZxh[s_f_keb[uJb\heZgbohlvqlhlhagZelhgZ\_jgydZ
jZkkdZaZe[u_fm\_^vhgkZf_]h^hijZrb\Ze
agZq_gby:lhqlh_fmihdZaZehkvg_\Z`guf^eygZkdZdjZa\Z`ghDZdlu^mfZ_rvaZq_f\
l_q_gb_^\mo^g_cm[b\Zxl^\hbolh`_gZoh^b\rboky\wlhfdmi_"
=Z[_jgbq_]hg_hl\_lbeDb\gme^hibedjm`dmib\Zhlebek_[_iheh\bgmhklZ\r_]hkym=jZppbb
lh`_\uibe
HggZ\_jomkdZaZeZdhgkv_j`dZGZ^_xkv\ug_klZg_l__]h^hgbfZlvhgblZdhq_gv
jZkkljh_g
Bfhldjue[jxg_le_l^\Z^pZlb\ukhdbcdjZkb\uciZj_gvihbf_gbWjbd=jZg^_gkfZlh\hc
dh`_cbg_ihdhjghcijy^vx\hehkgZe[mIjhkfZljb\Zy^hdmf_glu=jZppbm\b^_eqlhgZklhys__
bfy_]hRZjevHgg_ij_ju\ghdmjbekb]Zj_lu@blZgijbdmjb\Zyh^gmhl^jm]hcb^_j`Zbo\
^ebgguog_j\guoiZevpZoOm^hsZ\GZ^_lucijyfhgZl_ehimeh\_jdZaZeky\_ebdh\Zluf
DhfgZlZ[ueZfZe_gvdZy\kygZ[blZydgb]ZfbAZ``_ggZy]Zah\ZyiebldZklhyeZgZklhe_ijyfh
kj_^bl_ljZ^_cbhli_qZlZgguoe_dpbc
Y]hlh\bek_[_dhn_ohlbl_"
Hgih^Ze=jZppbdhn_\qZrd_Zk_[_gZebe\klZdZgdm^Zie_kgmeg_fgh]h\bgZGZ_]hjmd_[ueb
Zgh^bjh\Zggu_qZkuBghkbehgbogZ\gmlj_gg_cklhjhg_jmdblhqghlZd`_dZdfZe_gvdbc@Zg
Emi
Fg_boih^ZjbeZ@hj`_llZkdZaZehgIj_^mij_`^Zx\Zrb\hijhku^Zy[ue__
ex[h\gbdhfyex[be__hgZf_gylh`_ex[beZb\lmkm[[hlmmljhfdh]^Z\k_wlhkemqbehkvy
kh[bjZekygZnZdmevl_lDhgkv_j`dZdhlhjZyijbg_keZfg_[_ev_fh`_lwlhih^l\_j^blv
HgZm`_k^_eZeZwlhDjhf_[_evy^\mo\uklbjZgguokhjhq_dlZijbg_keZ_fm_s_fhehdhboe_[
Ygbq_]hg_agZxgbq_]hg_ihgbfZxFg_klZehba\_klghh[wlhfba]Za_lulhevdh\_q_jhfm
ijbyl_evgbpu\FZkkbIZe_ahMf_gy[ueZfZrbgZ@hj`_lluhgZ\k__s_mf_gyYgbq_]hg_
ihgbfZx
Ebph_]h[uehbafmq_gguf\]eZaZogZklhysb_ke_auHghl\_jgmekyqlh[uaZ`_qvhq_j_^gmx
kb]Zj_lm^_j`Z__k\hbfb^ebggufbiZevpZfbih^jhkldZ
=jZppbklhy\uibedhn_bhkfhlj_ekyGZkl_g_[uebgZde__gu\uj_aZggu_ba]Za_lg_bf_xsb_
kfukeZnjZaubnhlh]jZnbbjZaguo`b\hlguok[hevrbfbeZkdh\ufb]eZaZfb
Ymqmkv\\_l_jbgZjghfbgklblml_h[tykgbehg?]hbgl_j_km_lbkke_^h\Zl_evkdZyjZ[hlZ
Dh]^Zgb[m^vhgh[aZ\_^_lkyn_jfhc\GhjfZg^bbbk^_eZ_l__debgbdhceZ[hjZlhjb_c]^_[m^_l
\ujZsb\Zlviml_fkdj_sb\Zgby\_ebdhe_iguo`b\hlguoklZdbfb`_dZdmwlboeZkdh\ufb
]eZaZfbBebhlijZ\blky\:\kljZebxX`gmx:f_jbdm_s_dm^Zgb[m^v]^__klv[hevrb_
fbjgu_ijhkljZgkl\Zbdhg_qgh`b\hlgu_Ex^bg_bgl_j_kmxl_]hHgb]Z^db_bf_jadb_
kms_kl\Z
KdZdboihj\ukg_cagZdhfu"
�\Z]h^ZYihk_ebekylml^\Z]h^ZgZaZ^
ukjZamklZeb__ex[h\gbdhf"
G_lFgh]hiha`_kihe]h^ZgZaZ^GhyqZklhijboh^bedg_cfu\f_kl_h[_^Zeb[helZeb
uagZdhfuk;h[hfZlkdb"
WlhhggZr_efg_dhfgZlmFuihagZdhfbebkv\h^ghfbaaZ\_^_gbcEZlbgkdh]hd\ZjlZeZHg
b]jZ_llZfgZkZdkhnhg_?keb\u^mfZ_l_qlhwlhk^_eZehglhhrb[Z_l_kv
�Z
uwlhagZeb"
AgZe
uqlh[ueb__ex[h\gbdZfbh^gh\j_f_ggh"
_]h]eZaZoijhf_evdgmehm^b\e_gb_qlhlh\gbo[e_kgmehhgdhjhldhjZkkf_yekybkdZaZeqlhm
g_]hfgh]hih^jm`_d
Bgh]^Zih\_q_jZf\u\klj_qZebkvk;h[hfmg__"
Gmbqlhbalh]h"
Gb\ugbhgg_j_\gh\Zeb__^jm]d^jm]m"
Hgkgh\ZjZkkf_yekydhjhldbfbg_\_k_eufkf_ohfih`Z\ie_qZfblZddZdihgyedq_fmdehgbl
=jZppbbwlhihdZaZehkv_fm]emiuf
?keb\u^mfZ_l_qlh__m[bebbaj_\ghklblh\ub]jZ_l_[hevr_\j_f_gbihbkdZ\]^_gb[m^v\
^jm]hff_kl_
Hgg_h`b^Zgghih\ukbe]hehkbkdZaZe^Zq_jl`_\havfb@hj`_llZ\hevgZ[ueZex[blvdh]h
ohq_lhgg_lhevdhg_j_\gh\ZeghkemqZehkvhgbh[_^Zeb\ljh_fdh]^ZhgklZedb\Zekymg__k
;h[hfhgfh`_l_s_jZkkdZaZlvbgki_dlhjmfgh]h_ghlhl\k_jZ\ghg_ihcf_lZqlhjZa\_wlh
aZij_s_ghaZdhghf"
=jZppbg_hq_gvihgbfZekbfmebjm_lebhg]g_\qlh[ukdjulvg_j\haghklvbebwlh\ua\Zgh
qm\kl\Zfbdhlhju_hgg_fh]h[tykgblv
:g_dh_]hIv_jZ;_ddb\uagZ_l_"
Dh]h"
�KlxZj^ZIv_jZ;_ddbEZ^ghg_\Z`gh:h[Zdljbk_WebZg_Zjjwk\udh]^Zgb[m^vkeurZeb
hl@hj`_lluLhfZ"
AZ`b]Zyhq_j_^gmx@blZghlhdmjdZhghl\_lbeg_lg_lgbdh]^ZHl\_jgmekyqlh[u[jhkblv
hdmjhd\dZjlhgdmkem`b\rmxi_i_evgbp_c
:hrhn_j_ihbf_gbJb\heZgb"IhklZjZcl_kv\kihfgblvJb\heZgb?keb\uohlbl_gZfihfhqv
wlhdjZcg_\Z`gh
Ijbdju\]eZaZhl^ufZlhlihdZqZe]heh\hcijh\_ejmdhcihebpmHl\_lbeg_lg_ihfgbl
gbq_]hg_agZ_l
ukdZaZebqlh\km[[hlm[uebm^_\mrdb\FZkkbIZe_ah
Mfheh^hc`_gsbguZg_^_\mrdbHgZaZfm`_fmg__ljh_^_l_cBwlhkh\k_fg_lhqlh\u
k_[_\hh[jZabeb
KlZeh[ulv\ug_^he`gu[ueb\lhl^_gv\klj_qZlv@hj`_llmLhfZ"
Y^Z`_g_agZeqlhhgZijb_a`Z_lHgZfg_gbq_]hg_]h\hjbeZIj_^klZ\vl_k_[_;u\Zehqlhfu
g_\b^_ebkvg_^_eyfbY\ha\jZsZekyiha^ghhgZaZ^_j`b\ZeZkvgZ^_fhgkljZpbyok\h_c
ijh^mdpbb?keb_cgm`gZ[ueZfZrbgZih^kh\u\ZeZih^^\_jvaZibkdmbyhl^Z\Zedexqb
dhgkv_j`d_
Hgkfhlj_e=jZppbijyfh\]eZaZh[ehdhlb\rbkvhklhekdj_klb\jmdb\h^ghcbadhlhjuo[ueZ
aZ`ZlZkb]Zj_lZIjy^v\hehkkimkdZeZkvgZeh[G_kqZklgucbmijyfuc
Ylhevdhl_jyx\j_fyih^mfZe=jZppbBmr_e
[_ehdmjufgZkdhevdh[jxg_lhf[uelhlgZ\_jomghihfheh`_k_jv_agufbaZ^mfqb\ufHg_fm
kfmlghdh]hlhgZihfgbe_jhylgh\klj_qZe_]hm`_a^_kvgZdZgmg_
uijbyl_ev=jZg^_gZ"
IZj_gvhklZgh\bekygZklmi_gvd_ihdjZkg_egbq_]hg_ihgbfZykdZaZeG_lf_kv_g_l
=jZppbkimklbeky\kihfbgZyk\hbk_fgZ^pZlve_lk\hb^\Z^pZlvbijhqb_]emihklb
Hgiha\hgbegZDwbadZn_gZiehsZ^b;eZgr:eemZch\ua\ZefZ^ZfJb\heZgbfm`Z@hj`_llu
LhfZ;h[ZZlkdbk_kljmDZ[mjZk_h[_sZebijbclb\h\lhjhciheh\bg_^gy
@b\rZy\Dj_cl_c_k_kljZDZ[mjZ^he`gZ[ueZijb_oZlvk^_lvfbihlhfmqlh_cg_gZdh]hbo
hklZ\blvihke_rdheuHgZ^Z`_g_agZeZqlh__[jZl_a^be\FZjk_ev
=^_FZee_"
=h\hjblih^jm]hfml_e_nhgmIheqZkZgZaZ^iha\hgbebbaFZjk_eybkhh[sbebhex[hiulguo
ihdZaZgbyo]hjgbqghcbahl_eyGmhl_eyF_kkZ`_jbFZee_ohq_lkg_ck\yaZlvky?fmwlh
dZ`_lky\Z`guf
q_flZf^_eh"
L_[_gZ^hkijhkblv_]hkZfh]hyg_hq_gvihgye
EZ^ghY_^mIhZdljbk_lugbq_]hg_h[gZjm`be"
Mf_gyZ^j_kZba__aZibkghcdgb`dbIjh^xk_juZdl_juL_kd_fym`_ih]h\hjbeagZeb__
iehohOhlyhgbijyfhbg_]h\hjylghhgZ\b^gh[ueZihjy^hqghcaZgm^hc
;uehq_l\_jlvq_l\_jlh]hdh]^Zhgijb_oZegZDwaZ[u\\aylvmlZdkbklZd\blZgpbx^eyhlq_lZ
DZdjZa^hijZrb\ZebfZ^ZfJb\heZgbHggZ[ex^ZeaZg_xba^ZebGZg_c[uehdjZkgh_iZevlh
dhlhjh_hgZaZ\ljZ\udjZkbl\q_jgucp\_lKb^_eZgZklme_hq_gvijyfhklbkgm\\am[ZodjZc
ieZldZ:eemZchi_qZlZegZfZrbgd_g_kf_yih^gylvgZg__]eZaZ
FZee_kdehgbekygZ^k\hbfklhehfjZkkfZljb\ZeaZibkbIh]ey^_\gZ=jZppbdjZkgufbhl
mklZehklb]eZaZfbhgjZkkdZaZe
kj_^m\_q_jhfdh]^Z@hj`_llZLhfZbklxZj^\_jgmebkv\hl_evhdhehh^bggZ^pZlbqZkh\
\_q_jZ]hjgbqgZy__ah\mlKZg^jZE_ckeurZeZbojZa]h\hjgZe_klgbp_YkZf]h\hjbekg_cih
l_e_nhgmHgZih\lhjbeZfg_mkeurZggu_keh\ZIjb[ebabl_evghwlha\mqZehlZd
Hg\ayeebklhdkhklheZ
�@hj`_llZLhfZkdZaZeZZg_lkhfghcgbq_]hG_h[jZsZc\gbfZgbyYg_kh\k_fm\_j_gZ
HgbdZdjZaih^gbfZebkvdk_[_\ghf_jbijhoh^yfbfhKZg^juE_caZfheqZebk_=hjgbqgZy
ml\_j`^Z_lqlh@hj`_llZLhfZlh]^Zg_iha^hjh\ZeZkvkg_xkeh\ghg_\b^_eZBwlhihdZaZehkv_c
kljZggufihlhfmqlhdjZkhldZh[uqgh]h\hjbeZ_cqlhgb[m^vijbylgh_
Hq_fhgZih^mfZeZ"
HgZhkh[_gghaZihfgbeZnjZamyg_kh\k_fm\_j_gZ=h\hjblqlhwlbkeh\ZjZkkeurZeZlhqgh
Bih^mfZeZqlhdjZkhldZ[_j_f_ggZb__wlhg_hq_gvjZ^m_l
=emihklbkdjulb_h[gZjm`beh[uwlh
DjZkhld_fh]ehihdZaZlvkyJZa\_g_l"h\kydhfkemqZ_hgblhlqZkihkeZebdh]hlhdklxZj^m
K_cqZkiha\hgyl
LZjdwglh`_j_rbeqlhwlh]emihklbgh^himkdZeqlh@hj`_llZLhfZfh]eZbhrb[Zlvkyihih\h^m
[_j_f_gghklb
MijZ\e_gby[_ahiZkghklbkhk\_^_gbyfbhdjZ`ZobijhiZ`Zoj_\hev\_jh\Lhli_j_o\Zlbe\a]ey^
=jZppbbkdZaZe
G_klhblehfZlv]heh\myhklhjh`_gijhklhj_rbeih^kljZoh\ZlvkyKmfZkhclbfh`ghkdhevdh
ibklhe_lh\bkq_aZ_lbi_j_oh^blbajmd\jmdb
BodjZ^ml^Z`_mgZkijh^he`Zehgn_\jZe_[ueko\Zq_gh^bg`mebddhlhjucklb[jbe
imrdmmihebp_ckdh]hbadhfbkkZjbZlZ\K_gKxevibkihdZlhl\ha\jZsZeky^hfhcDkqZklvx
ibklhe_l[ueg_aZjy`_gIhlhflhl`_ihebp_ckdbcih^klj_ebewlh]h`_\hjbrdmdh]^Zlhl]jZ[be
dZkkm
LZjdwgihoehiZejmdhcihiZid_baZf_lbedZdfgh]h\kydbobgl_j_kguo\_s_cfh`ghmagZlvba
wlbolZefm^h\
Qlhklh[hchldm^Zlu"
=jZppbmk_eky\dj_kehgZijhlb\jZkkl_]gmeiZevlhbjZkkdZaZehfheh^hfWjbd_=jZg^_g_
HlwlboiZjg_clh`_fgh]h_fh`ghmagZlvaZf_lbeLZjdwgIjbr_e[udZdgb[m^v
ihh[_^Zlv\km[[hlmbih]h\hjbe[ukfhbf?fm^\Z^pZlv^\Z]h^Zgh\jy^ebhgdh]^Zgb[m^v
ijhy\be[eZ]hjZamfby[hevr_g_`_ebdh]^Zy\i_j\ucjZak^_eZe_fm]meb]meb\ykeyoK_g
:glmZgZ@_eZxl_[_ihqZs_ihemqZlvjZ^hklbhlk\h_]hhljhdZ
Fu[ueblZdbfb`_\hajZabe=jZppb
Gm^Z"Ml_[y[uehgZqlhdmjblvh^gmiZqdm@blZgaZ^jm]hc"Ludh]^Zgb[m^vkh[bjZeky
ijbh[j_lZlvn_jfm\:\kljZebb"L_[_kemqZehkvihke_m`bgZ^_eblvkykijbyl_e_fih^jm`dhc"
G_l^jm`hq_dhgbijbr_evpuk^jm]hcieZg_lu
qZkZfbgmlFZee_kgh\Zk\yaZekykFZjk_e_fIv_j;_ddbg_ihfgbelmkp_gm]h\hjbeqlh
@hj`_llZLhfZdZdb^jm]b_agZeZf]gh\_gbyk\hbo\ae_lh\biZ^_gbcqlhhgg_h[jZlbe\gbfZgby
gZqlhlhhkh[_ggh_
Ghwlhm`_g_bf_ehagZq_gbyihlhfmqlhdhjkbdZg_pbgki_dlhjlhlkZfucqlhjZg__ijbkeZe
i_j\uchlq_li_j_^Ze_s_h^gmbgnhjfZpbxHg]h\hjbe^hkZ^mygZk_[yqlhg_khh[sbejZgvr_
ihlhfmqlhkh\k_fg_agZeih[eZ]h^Zjyl_]haZg__bebgZah\ml^mjZdhf
FZee_^Z`_g_kjZam_]hihgyeH^gZdhlhebhlmklZehklbihke_lj_o[_kkhgguoghq_clhebhl
\g_aZigh]hhsms_gbyqlh\jmdZoihy\behkvqlhlhk_jv_agh_mg_]haZdjm`beZkv]heh\ZKdZaZe
kiZkb[hklZjbgZmklZehhi_jkyhdjZcklheZb_s_g_dhlhjh_\j_fyijbklZevghkfhlj_e\
�imklhlmih]eZ`b\ZyghklukyqnjZgdh\@Klhbfhklv^_r_\hcfZrbguGhjZa\_aZ
lukyqm[b\Zxl"
Hg\klZebihr_ed^\_jbH[_jgmekyd:eemZchkb^_\r_fmml_e_nhgZbkdZaZe
@hj`@hj`kemrZcf_gyg_klhblg_j\gbqZlvl_i_jvhg\gZrbojmdZo
hc^y\dZ[bg_liZljhgZhgaZklZelZfb=jZppbKdZaZe
Ba\bgbl_fh`_l[ulvwlhbimklydbghdjZkhldZZdljbkZbrhn_j]jhrZehfZgh]hg_klhylGZ
ijhrehcg_^_e_\[Zj_eZ\d_\FZjk_e_[ueijh^Zgehl_j_cguc[be_l\ub]jZ\rbclukyqWlh
dhg_qghg_kZfucdjmiguc\ub]jurh^gZdhqlh\uh[wlhf^mfZ_l_"
IZljhghlm^h\hevkl\byijhlb\ghmofuevgmekyF_^e_gghkhh[jZ`Zxsbc=jZppb_s_iZjmk_dmg^
kfhlj_egZFZee_klhy\r_]hm^\_jbIhlhf\kdhqbebijhlygmejmdmdl_e_nhgm
LZjdwgm`_]h\hjbek^_`mjghcgZdhffmlZlhj_lj_[mykh_^bgblv_]hkGZpbhgZevghcehl_j__c
N_ebdkIbZg_agZxdZdibr_lkyg_agZxghf_jZihlhjhibl_kv
;be_laZghf_jhf ]jmiiZ\f[ueijh^Zg\lZ[Zqghf[Zj_eZ\d_gZmebp_N_ebdkIbZ\f_kl_k
^\Z^pZlvxlj_fyghf_jZfblhc`_k_jbb\fbgm\rbcq_l\_j]hdly[jy
OhaybgaZ\_^_gby]hkih^bgEZf[_jkqblZeqlhrmfih^gylajy]h^mhgm`_ijh^ZekZfuc
djmiguc\ub]jurBl_i_jvijh^Z_l[he__iylb^_kylb\ub]jurguo[be_lh\_`_]h^ghWlhg_
ijbghkbl_fmgbdZdhc\u]h^uAZlhkeh\Z[be_lijbghkysbckf_jlvfh]mldhg_qgh
ih^_ckl\h\ZlvgZ\hh[jZ`_gb_Gh\_^v]hkih^ZbaIZjb`Z\ajhkeu_ex^bbkihkh[guihgylvqlh
hg\iheg_h[hc^_lky[_alZdhcj_deZfu
Dlhdmibe[be_lhgg_agZeLhqghlZd`_dZdblhdlh_]hijh^ZeBo[uehljh_\[Zj_ohaybg
ohaycdZbhnbpbZglJh`_LjZfhgbohjhrbciZj_gvkljZ^ZxsbcZklfhc
kj_^m\_q_jhf\r_klvqZkh\dh]^Zbaehl_j_bijb_oZebaZg_ijh^Zggufb[be_lZfbr_klgZ^pZlv
bagbo\lhfqbke_b\ub]jurgucme_lmqbebkv
@hj`_llZLhfZaZoh^beZdgbf\h\lhjgbd\_q_jhfqlh[u\klj_lblvkykIv_jhf;_ddbLhlb]jZe\
dZjlukdeb_glZfb
HgZ`^ZeZdhgpZiZjlbbihly]b\ZyZi_jblb\b[helZykohaycdhc
Fh`_l[ulv\wlh\j_fyhgZbdmibeZ[be_lgh\lZdhfkemqZ__c_]hijh^Zebg_]hkih^bgbg_
fZ^ZfEZf[_jdhlhjZydZdjZahlijZ\beZkvjZah]j_lvm`bgZkZfhg\_kv\_q_jg_hloh^behldZkku
Gm`guihdZaZgbyhnbpbZglZJh`_gh[_^gy]ZdZdjZam_oZe\hlimkd\Ijbfhjkdb_:eviu^Zb
\jy^ebqlheb[h\kihfgblDhg_qghjZaukdZlv_]hfh`ghghwlhaZcf_lg_dhlhjh_\j_fy=hkih^Z
baIZjb`Z\_jhylgh^h]Z^u\ZxlkyqlhaZlukyqg_m[b\ZxlG_lhgg_^Z_lbfkh\_lug_lGh
\k_lZdb
M[b\ZxlbaZf_gvrmxkmffmkdZaZeLZjdwgJZahgZdmibeZ[be_l\k_hq_gveh]bqgh
lhl\lhjgbdh`b^Zydh]^Z__^jm`hdaZdhgqblb]jZlv\[_ehlhgZaZdZau\Z_lklZdZgqbdb[helZ_lk
ohaycdhcAZl_fb^_ldlZ[Zqghcklhcd_]^_hnbpbZglijh^Z_lkb]Zj_luijhkbliZqdmex[uob
]h\hjblIhdZ`bl_dZ\Zrbehl_j_cgu_[be_lu\^jm]_klvfhcex[bfucghf_j
LZjdwg\ugmeba\gmlj_gg_]hdZjfZgZib^`ZdZkb]Zj_lmihbkdZekibqdbijhbag_kh]gy
ih`ZemcklZ=jZppbfh`_l_fmih\_jblv\k_[uehbf_gghlZdhg[m^lhk\hbfb]eZaZfb\b^bl
wlmkp_gmdZd\dbgh
kj_^mfZeurhgZhlijZ\ey_lkyaZdmkblvkhk\hbfg_]h^gbdhf\ibpp_jbxgZmebp_gZa\Zgb_
dhlhjhcyaZ[ue
N_ebdkIbZih^kdZaZeZ=jZppb
hlbf_gghY\k_\b`mlZdkeh\ghkZflZfgZoh^bekyFy]dbck\_la\mdbf_^e_ggh]h\ZevkZ
\k_lZdh_
ibpp_jbbK_gFhjhgg_lhjd_kljZYwlhagZxkZflZf[u\Ze
LZjdwg\klZeijhlygmemdZaZl_evguciZe_pd]Zeklmdm=jZppbbh[hc^yklhekdZaZe
;_^guc]emiur\hllmllhyl_[yihcfZeyjZafureyxyg_]h\hjxh^_lZeyo_jhylghwlhg_
hjd_kljghfh`_rv[ulvm\_j_glZf_klvjZ^bhbebl_e_\bahj
G_ihgbfZx
Lugbdh]^Zgbq_]hg_ihgbfZ_rvL_[_kemqZ_lkykemrZlvjZ^bhihkj_^Zf"DZdlu^mfZ_rvqlh
ohlylex^bmkeurZlv\kj_^m\_q_jhf"LbjZ`ehl_j_beZirZlu\hlqlh
EZ^gheZ^ghg_hl\e_dZcl_kvqlh^Zevr_"
HgZg_ih^iju]gmeZijh^he`ZeLZjdwgg_ijh]ehlbeZlZj_edmg_ijhjhgbeZgbkeh\Z
G_fgh]hih\blZeZ\h[eZdZoLZdqlhwlhllbi^Z`_g_aZf_lbegbq_]hbebrvkijhkbeQlhk
�lh[hc"MklZeZ"HgZhl\_lbeZZg_lpuie_ghq_dgbq_]hYg_kh\k_fm\_j_gZBwlhlhqghhgZ
g_[ueZm\_j_gZ?cgm`gh[uehhdZaZlvky\dhfgZl_bihdZlhlfbjgheh`beky\djh\ZldmhgZ
ijh\_jbeZk\hc[be_l=h\hjxl_[_\k_bf_gghlZdb[ueh
HgZjZa^Z\behdmjhdihkfhlj_egZqZku\ayeljm[dmbkdZaZe=jZppb
L\hydjZkhldZ[ueZebqghklvx
Hgoehigmek_[yih]jm^bbijhbag_kZeeh=jZppbqbklbefbabg_pb\kihfbgZe[_ev_
i_j_fZjdbjh\Zggh_[md\hc@fheh^mx[jxg_ldmdmib\rmxijb\uoh^_bahl_ey\q_l\_j]
mljhf]Za_lm^Z[um[_^blvkyqlhhgZ\ub]jZeZ^hklZlhqghqlh[ul_i_jvijbh[j_klbgh\mx
�fZrbgmhnbgkbgbpbZeZfb`_gsbgme_lljb^pZlbk\gbfZl_evghcmeu[dhcmfm^jb\rmxky
khojZgblv\k_m^b\e_gb_jZ^hklvgZ\_dbhldjulu_]eZaZghlhevdhg_lukyqnjZgdh\
qZkh\fbgml
;be_l[ueij_^ty\e_gdhieZl_g_ba\_klguf\km[[hlmhdly[jyhdhehqZkh\fbgml
\ihf_s_gbbGZpbhgZevghcehl_j_bgZmebp_DjmZ^_I_lbRZg\IZjb`_
DZkkbju\kihfgbebq_eh\_dZg_fgh]hg_j\gbqZxs_]hdh]^ZhgkdeZ^u\Zelukyqgh\uonjZgdh\
qbklufbdmixjZfb\klZjuckZnvygh\uc[mfZ`gbdHgbgZ\_jgydZmagZxl_]hiZfylvgZebpZ
kqblZeZkvijhn_kkbhgZevgufdZq_kl\hf
Ijbf_lue_l^ebggh_ebph^ebggucghkjhklfkfrZl_g\ukhdZyijbq_kdZkeh\gh
^eylh]hqlh[u\u]ey^_lv\ur_jhklhfhq_gvom^hc[e_^guck_jh_iZevlh[_a]heh\gh]hm[hjZ
qZkh\fbgml
@mca\hgbeba[ZjZjy^hfk^hfhf=Zjh^bHgke_^h\ZeaZ`_gsbghcihiylZfHgZk^_eZeZ
ihdmidb\=Ze_j__EZnZc_lZ\eZ\d_gZZ\_gxHi_jubmebp_Em\jZhq_gv[ukljhaZjZg__agZyqlh
_cgm`ghdhnlhqdmba^`_jkblmnebdhlhju_@mcgZa\ZedjZkb\ufb^\_iZjuljmkbdh\ba
g_cehgZkbj_g_\u_b[_eu_
JZaluwlh\b^_eagZqblhgZl_[yaZk_deZ
�ZgZmebp_Em\jZFuih[helZebHgZa^hjh\hbkim]ZeZkvdh]^ZykdZaZeqlhhojZgyx__
�LujZkkdZaZe_chJb\heZgbbZjjwk"
Ijbrehkv
QlhhgZhl\_lbeZ"
Qlhwlhm`Zkghqlhb^_l^hfhcHgZ^_ckl\bl_evgh\_jgmeZkvlm^ZYgZijhlb\^hfZ
BhklZ\ZckylZf
qZkh\fbgml
_jkbydhfbkkZjZLZjdwgZ@hj`_llZLhfZ\ub]jZeZlukyqnjZgdh\ihGZpbhgZevghcehl_j__
MagZeZh[wlhf\ibpp_jbbFZjk_eyghih^mfZeZqlhg_jZkkeurZeZihjZ^bhIjh\_jbeZgZ
ke_^mxsbc^_gv\mlj_gg_c]Za_l_ghijhfheqZeZ
AZf_qZgb_ke_^h\Zl_eyNj_]ZjZihq_fmijhfheqZeZ"
Hl\_lbgki_dlhjZ=jZppbZghbgbpbZeugZ[_ev_bgbpbZeugZ^\_jpZofZrbgu[_r_gucw]hbafB
\hh[s_aZq_flj_iZlvky"
klhbfhklvx\lukyqblh`_ihdmiZ_l[be_lgZFZjk_evpZdhlhjuchloh^bl\iylgbpmqlh[u
ke_^h\ZlvaZg_cIhdZdbflhijbqbgZfdjZkhldZaZ^_j`ZeZkv\dmi_ihke_moh^Z^jm]bo
iZkkZ`bjh\Lh]^Zhg\oh^bldg_cm[b\Z_laZ[bjZ_lehl_j_cguc[be_lbihemqZ_l^_gv]bgZmebp_
DjmZ^_I_lbRZg
AZf_qZgb_Nj_]ZjZaZq_flZdjbkdh\Zlvm[b\Zy\ih_a^_"
Hl\_l=jZppbZgh_fmgbq_]hg_hklZ\ZehkvdZdk^_eZlvwlhlZf_jhylghwlhlg_dlh^h]Z^u\Zeky
qlhhgZhlijZ\blkyihemqZlv^_gv]bkjZamihijb_a^_Lh]^ZoZgZ
_jkbyLZjdwgZg_dlhm[b\Z_l__Zihemqb\^_gv]bgh\ufbdmixjZfbg_agZ_ldZdemqr_
ihklmiblvkijylZlvdmixjuij_^iheZ]Zyqlhboghf_jZfh]ml[ulvi_j_ibkZgubebh[f_gylv
ih[uklj__
AZf_qZgb_Nj_]ZjZaZq_f[uehm[b\Zlv_s_^\moiZkkZ`bjh\balh]h`_dmi_"
Hl\_l=jZppbZghwlhlg_dlhk^_eZehrb[dmIh^mfZeqlh_]hfh]mlko\Zlblvbj_rbeqlhgZ^h
ebd\b^bjh\Zlv^\mog_`_eZl_evguok\b^_l_e_c
G_hq_gvm[_`^_ggucNj_]ZjihdZqZeeukhc]heh\hchgagZeij_klmigbdh\dhlhju_fh]ebm[blv
gbaZihgxolZ[Zdmbebqlh[udmiblvdhjh[dmkibq_dG_leh\dhklvkdhlhjhclhlbkihevah\Ze
�ebnlmWebZguZjjwkg_\y`_lkyklZdbfbh[tykg_gbyfb
qZkh\fbgml
Ij_n_dlmjZFZjk_eyohaycdZhl_eyF_kkZ`_jbgZmebp_N_ebdkIbZ\iylgbpmgZreZ\
i_i_evgbp_gZghqghfklhebd_@hj`_lluLhfZ^\_gZ^pZlvlZ[e_lhdZkibjbgZ
=Z[_jiha\hgbehdhehiylbHgls_lghjukdZeihZ]_glkl\ZfaZgbfZxsbfkyljm^hmkljhckl\hfB
kdZaZeqlhgZr_e^jm]hckihkh[hlukdZlv^_\mrdmba:\bgvhgZHg_^_lgZaZ^
=jZppbihh[_sZe_fmjZagu_gh\hklbdh]^Zhg\_jg_lky@ZgEmigZ^jm]hfdhgp_ijh\h^Z
\ujZabe\_`eb\h_ex[hiulkl\h\ukemrZekdZaZe
EZ^ghdZ`_lky\k_b^_lgZeZ^gZ^_xkvijb_oZlv^hlh]hdZd\k_dhgqblky
havfblZdkb
G_\hegmckygZqZevgbd\havfm^Zemqr_\k_]hkjZa^\b`ghcdjur_cLujZa\_g_\b^brvqlh
^_eZ_lkygZmebp_"
Q_j_ahdghihaZ^bLZjdwgZ=jZppbm\b^_eqlhkf_jdZehkvqlhkhegp_bkq_aehqlhr_e^h`^v
�hijhkfm`Z@ZdZEZg`Z
Wlh[ue\ukhdh]hjhklZklZjr_q_f=jZppbfh][uih^mfZlvdjZkb\ucohjhrhh^_lucfm`qbgZ
;ueh]hjq_gg_[hevr_q_f^_fhgkljbjh\Zegh\k_`_h]hjq_gKb^_egZklme_ijyfhdmjbe
kb]Zj_luDjZ\_gblh`_gbq_]hg_agZe
Hg]h\hjbeqlh@hj`_llZj_[_ghdf_`^mgbfbjZagbpZ\^\Z^pZlve_lhggbdh]^Zg_k_j^beky
gZg__L_fg_f_g__i_j_`b\Zedh]^ZmagZeh[__baf_g_?fmg_gjZ\bekydhff_jq_kdbc^bj_dlhj
aZgbfZxsbckyl_i_jvi_j_ijh^Z`_cfZrbgLZdbkdZaZe^jygvq_eh\_d=jZppb^mfZ\rbclhqgh
lZd`_lhevdhdb\gme]heh\hcIhreb^Zevr_
HgZihdmiZeZehl_j_cgu_[be_ludh]^Z[ueZ\Zr_c`_ghc"
Bgh]^ZdZd\k_
P_eu_k_jbb"
WlhaZ\bk_ehhlgZrbo\hafh`ghkl_c
G_lHgZfg_jZkkdZau\ZeZhg_ffu\_^vkg_cbgh]^Z\klj_qZebkvYhklZekyjZ[hlZlv\
@_jebZhgZi_j_reZd;Zje_gmFug_\hevghklZedb\Zebkvih^_eZf
:h[Wjbd_"
Lh`_jZkkdZau\ZeZKgbfdZ`_lky[uehk_jv_ag__
Ihq_fm"
?keb[u\ukeurZebdZdhgZhg_f]h\hjbeZ\u[ug_kijZrb\Zebihq_fmHgfheh^ihqlb
j_[_ghdmg_]h^_lkdbcmfDZdh[tykgblvwlhlhfmdlhg_agZe__"HgZex[beZfZe_gvdh]hWjbdZ
dZdk_[yHglZdhc`_dZdhgZ
G_ihgbfZx
Wlhljm^ghh[tykgblv
u^mfZ_l_hgijbgbfZemqZklb_\m[bckl\_@hj`_llu"
Ywlh]hg_]h\hjbeWlh[_kkfuke_ggh_m[bckl\h
:l_qlh[_kkfuke_gghhq_gvihoh`_gZ@hj`_llmbfZe_gvdh]hWjbdZ
ugbdh]^Z_]hg_\b^_eb"
HgZij_djZkghfg__]hhibkZeZih\_jvl_Mg_]hkljZggu_\a]ey^ugZex^_cb`b\hlguo
F_qlZ_lhdZdhclheZ[hjZlhjbb\^_j_\g_ex[bljZa]eZ]hevkl\h\Zlvh\_sZo\dhlhjuog_
kfukeblhfbj_hgbs_l_fbjZhldm^ZyagZxKihe]h^ZgZaZ^@hj`_llZijbreZdhfg_\
@_jebihih\h^mdZdhclheZ[hjZlhjbb\X`ghc:njbd_qlhlh\wlhf^mo_HgZ[ueZ
Z[khexlghg_ijZdlbqgZOhl_eZaZbgl_j_kh\Zlvf_gywlbf^_ehf=h\hjbeZqlhy^he`_gihfhqv
jZ^bg__
Q_fihfhqv"
G_agZxlZdb_m`wlhex^bEZ[hjZlhjby\X`ghc:njbd_hgb_^ml\X`gmx:njbdmlZf
gZklhysZy`bagvb\k_lZdh_ijhq__lZdh\um`hgb:gZ^jm]hc^_gvh[h\k_faZ[u\Zxl
Iehoh^eyg_]hqlhhgZmf_jeZkdZaZe=jZppbMg__ohlv[ueb^_gv]bgZ^\Z[be_lZgZ
kZfhe_l
L_i_jvm`_g_ihgbfZeEZg`
K_cqZkh[tykgbfkdZaZe=jZppb
Bg_fgh]hmklZeucg_ba\_klghq_fjZa^jZ`_gguci_j_^Ze_]h@hj`m:eemZchk_\r_fmgZf_klh
=jZppb
IZj^bgZr_eke_^uDZ[mjZhdhehqZkh\M`_^Z\ghkl_fg_ehL_i_jv\k_ijhbkoh^behlZd
[ukljhbm\k_o[uehhsms_gb_lZdh]hijh^\b`_gby\i_j_^qlhkf_jlvgZqZevgbdZhl^_eZk[ulZ\
Ijh`b\m`_gbdh]hg_m^b\eyeZ
dhfgZl_bgki_dlhjh\FZee_ih^kqblZe\hqlhh[oh^blkym[bcp_dZ`^ucljmiHg^Z`_\ukqblZe
dmjkljmiZbijbdhehe_]hdjhah\hciZid_GZwlhldmjk\k_ijboh^bebihkfhlj_lvHge_`Ze
gZih^hdhggbd_ihaZ^bklheZ=jZppbZghDh]^Zm[bckl\hDZ[mjZaZgyehlZfk\h_f_klhdmjkmiZek
klZjuonjZgdh\aZljmi aZiylZy\f^hIjblZdhfdmjk_ihfg_gbxbgki_dlhjh\
m[b\Zlvm`_g_bf_ehkfukeZ
=jZppblmihmklZ\bekygZjhah\mxiZidmdh]^Z=Z[_jkhh[sbe_fmihl_e_nhgmhq_j_^gmxgh\hklv
Dlh"
�DZ[mj_j`bkvlZd[m^_lemqr_IZj^bijh_oZekyih[hevgbpZfbdhfbkkZjbZlZfghgZr_e_]h
^hdmf_glh\Gbdlhg_agZedlhhglZdhcJ_[ylZ;mZehh[gZjm`bebhli_qZldb_]hiZevp_\\
jZchgghfdhfbkkZjbZl_gZhklhqghf\hdaZe_G_kdhevdhf_kyp_\gZaZ^hgihemqZelZf
m^hklh\_j_gb_ebqghklb
Hl^_e;mZeh[uegZlhf`_wlZ`_]^_jZ[hlZeLZjdwgihqlb^\_jv\^\_jv
Dh]^Z_]hm[beb"
km[[hlm\_q_jhfhdheh
Ih^ibe_gghcime_c"
�ZaZluehd
QlhihdZaZehkfhlj"
Gbq_]hGbdZdboke_^h\Ih^mfZeb[uehhk\_^_gbbkq_lh\QlhlugZf_j_gij_^ijbgylv"
Lu]^_"
Hl^_e_hihagZgbcYihemqbebgnhjfZpbxh^_\mrd_ba:\bgvhgZ
Hldh]h"
HllZdkbklZ
=jZppbijh\_ejmdhcihs_d_bh[gZjm`bes_lbgmHgg_agZedZdg_h[b^_\@ZgEmiZi_j_^Zlv
^_ehfZeurdbba:\bgvhgZIZj^bdhlhjucjZ[hlZe[uklj__
IhkemrZcijb_a`Zckx^Zihkdhj__
G_ohjhrhgZqZevgbdHgZfhym\_jyxl_[yygZc^m__
=jZppbdb\gmeblhlqZkih^mfZeYih`Ze_xh[wlhf__m[vxljZgvr_
HgZgm`gZfg_ihgbfZ_rv"ijhklhgZehg\l_e_nhgLu^he`_g__gZclbWlhl[_amf_pgb
i_j_^q_fg_hklZgh\blky
Lu__ihemqbrvkdZaZe@ZgEmiG_[_kihdhckygZqZevgbd
lhl`_fhf_gl\h\k_dhfbkkZjbZluihebpbb^_iZjlZf_glZK_gu[ueh^hklZ\e_gh^eyi_j_^Zqb
ihebp_ckdbf^h\hevghihegh_hibkZgb_^_\mrdbe_l[ehg^bgdZdjZkb\Zy\ihke_^gbcjZa
dh]^Z__\b^_eb[ueZh^_lZ\kbg__iZevlh
QZkuihdZau\ZebmljZ
KI:EVGH?F?KLH
;_g`Zfbg;wf[b;hf[ZklhyeZgZdjZxljhlmZjZ\k\h_fkbg_fiZevlhkdZjZf_evdhc\hjlmk
imklufkibq_qgufdhjh[dhf\jmd_\k__s_hsmsZygZ]m[Zo\dmkihp_emybkemrZeZk\bkldb
ih_a^h\B]h\hjbeZk_[_qlh_c\k_h[ju^ehh[ju^ehh[ju^ehIhq_fmbf_gghkg_c^he`gh[ueh
lZdh_ijbdexqblvky"
QZkuihdZau\Zebqmlv[hevr_r_klbhgZwlhaZf_lbeZ\uoh^yHgZ[hevr_g_ieZdZeZohlvwlh
g_iehohAZ\ljZ_cijb^_lky\\hexgZieZdZlvkyihke_lh]hdZd]hkih^bgIbdZjkdZ`_l_c\uhq_gv
fbeufZ^_fmZa_ev\u]jZfhlgubjZklhjhigug_khfg_\Zxkv\\Zr_ckdjhfghklbbq_klghklb
\Zrboh[tykg_gbcghy\ugm`^_g\Zkm\heblv
=hkih^bgIbdZjg_klZg_ldhg_qghjZa]h\Zjb\Zlvkg_clZdbflhghfgh__\k_jZ\ghm\hebl\lhl
`_^_gvdZd^mjmdZdl_l_jxdZdbajy^gmxb^bhldm
�Zgb_evex[bekeh\_qdhl_l_jyHg]h\hjbelZdijbf_gbl_evghdi_j\hfm\klj_qghfmrhn_jm
gZijbf_jfhe\klj_lbek_cqZkl_l_jxWlhfh]ehhagZqZlvikbohiZlZlmibpm\_ljh]hgZ
imklhf_ex
fZrbgi_j_^gbfZ\lh[mkh\gZijZ\eyxsboky\klhjhgmiehsZ^b;ZklbebbWlhl]hjh^hdhlhjhf
hgZklhevdhf_kyp_\f_qlZeZdZd^mj_oZdZdgZ[blZyijh\bgpbZevgZyl_l_jy
AZ\ljZ__m\heylBhl[_jmldhfgZlmk_dhgqblky^Z`_g_gZqZ\rbkv:\k_]hljb^gygZaZ^hgZ
f_qlZeZqlh[m^_l`blv\IZjb`_Zii_lblghhkdZeb\ZyijbwlhfdjZkb\u_am[dbdhlhju_^\Z`^u\
^_gvqbklbeZK_ebghfgZklhysbff_^bpbgkdbf^Zglbnjbahfkbg_fiZevlhdmie_gghf\k_]h
f_kypgZaZ^kdjZkb\ufb\hehkZfbbgh]Zfbkbgbfb]eZaZfbdhlhju_jZa[b\Zeb^Z`___
kh[kl\_ggh_k_j^p_dh]^ZhgZkfhlj_eZkv\a_jdZeh=jZfhlgZyjZklhjhigZy^_\hqdZk^biehfhf
rdheuIb`v_lj_fyieZlvyfbblj_fyx[dZfb\q_fh^Zg_biylvx^_kylvxlukyqZfbnjZgdh\\
kmfhqd_
B\hlihy\ey_lkywlhlFZeur_^\ZgZqZ\rbc[jblvky[Zeh\_gvkqblZxsbck_[yk_^vfufqm^hf
k\_lZZ\k_ohklZevguol_l_jyfbg_mf_xsbck^_eZlv^\morZ]h\g_gZklmib\\ZfgZgh]bbg_
�jZah^jZ\qmehdfhcfZexldZfhyjZ^hklvfhyex[h\vfhcZgb_ev
AZl_fhgZm\b^_eZk_[y\Z\lh[mk_dhlhjucr_e\klhjhgm;Zklbebbbmg__kijZrb\Zeb[be_lD
�kqZklvxhdZaZekyh^bgdZdjZa^h;ZklbebbZ_c\k_h[ju^ehhgZijhc^_lkyi_rdhfg_\Z`gh
dm^Zkh\dmkhfihp_emygZ]m[ZobkdZjZf_evdhc\hjlmbihieZq_l\\hexGbdlhg_m\b^bl__ke_a
HgjZahj\ZeljbiZju__qmehdYohqmmf_j_lvdeygmkv\k_fbk\ylufbyohqmmf_j_lv_kebg_
m\b`m_]hkgh\Z
GZiehsZ^b;Zklbebb\uoh^ybaZ\lh[mkZjZafZob\ZyimklufbjmdZfbihlhfmqlhm[_`Z\k
jZ[hlu\q_luj_qZkZaZ[ueZlZfkmfhqdmhgZ\i_j\u_ih^mfZeZ:\_^vym`_[ueZlmlhg
gZoh^bekyjy^hf\k_[uehm`Zkghbqm^_kgh_keb[ufZfZmagZeZhgZmiZeZ[u\h[fhjhdghfg_
\k_jZ\gh\k_jZ\ghl_fom`_yieZqm
I_j_k_dZyiehsZ^vhgZieZdZeZdZd^mjZl_l_jyie_\Zlvyohl_eZimklvg_kfhljylgZf_gyZ
�iehsZ^v[ueZh]jhfgZyq_jgZyb[e_klysZyhdjm`_ggZy^Ze_dbfbh]gyfbZeZeby_fmohlv
^_g_]qlh[uhgih_e\ih_a^_"
Hgbijhoh^beblmlkgbf\f_kl_Ih\kx^mdm^Z[uygbihreZl_i_jv\wlhffhdjhf]hjh^_y[m^m
gZoh^blvgZrbke_^uDh]^Z`_wlh[ueh"km[[hlmLZdkb
�Yg_\_jgmkvk_cqZk^hfhckdZaZeZhgZk_[_hc^mi_rdhf^hIZe_JhyevgZc^mlZfiehoh
hk\_s_ggh_dZn_]^_fg_^Z^mlybqgbpmba^\moybpihqblZx]Za_lmihdZ[m^m_klvbihlhf
i_rdhf`_^hc^m^hmebpu;ZdIh^gbfmkvdk_[_bijb[_jm\dhfgZl_keh\ghgbq_]hg_[uehBeb
aZc^m\^jm]hc[ZjbgZ^_eZx]emihkl_cIh[helZxkhnbpbZglZfb[m^mlZgp_\Zlv[m^miblv
dj_idb_gZibldbhldhlhjuodjm`blky]heh\Zbdhlhju_ijbghkylaZ[\_gb_ghjZa\__klv
jZa\e_q_gbydhlhju_ihfh]mlaZ[ulvFZeurZ"
Ljb^gygZaZ^hgZjZkklZeZkvkfZl_jvxbfZe_gvdbf[jZlhfgZi_jjhg_Z\bgvhgkdh]h\hdaZeZB
k_eZ\ih_a^hkdZeb\obsgham[dbhlq_]hfZlvkijhkbeZL_[_g_`ZevgZkihdb^Zlv"HgZ
hl\_lbeZKdhjhm\b^bfkygZJh`^_kl\h
WlhhagZqZehq_j_aljbf_kypZImklydb:qlhlZdh_ljb^gy"
HgklhyeijyfhcdZd`_j^vf_`^mlmZe_lhfblZf[mjhf]hlh\uci_j_clb\^jm]hc\Z]hg_^\Z
ihdZ`mlkydhgljhe_ju[_ehdmjuckieZshf\jmd_\fylhfdhklxf_bal\b^Zk]eZaZfbih[blhc
kh[Zdbgmg_\_jhylgh]emiuc
Ih_a^hlijZ\bekyHgihfh]_c\g_klbq_fh^ZgkihldgmekyblmljZahj\Ze_ci_j\mxiZjmqmehd
g_kfh]eZ__ihcfZlvG_klhbl^Z`_\ugbfZlveZdqlh[uhklZgh\blvi_lex
:lhl^Z`_g_ba\bgbekyhgg_mf_ewlh]h^_eZlvKlhyedZd^mjZd]h\hjbely`_eh^urZkfhlj_e
i_qZevgufb]eZaZfbdZdhgZih^gbfZ_lieZlv_qlh[uhkfhlj_lvqmehdb\^h\_jr_gb_\k_]h
^h[Z\beIjhiZeqmehdmf_gyih^dh\dbgZdZ[emdZofZfZaZklZ\beZihklZ\blvyj\mqmedb\k_f
gZk\_l_
Kijbih^gylufk[hdmieZlv_f ih_a^ihr_e\fiulZykvfhdjufiZevp_fm^_j`Zlvi_lexgZqmed_
hgZih^gyeZ]eZaZblhevdhlh]^Zm\b^_eZ_]hihgZklhys_fmDjZkb\h_ebphiylgZ^pZlvbeb
r_klgZ^pZlve_l\b^ih[blhckh[ZdbKdZaZeZGbq_]hh[hc^_lkyBkZfZ^hg_keZq_fh^Zg^h
dmi_
k_j_^bg_ijhoh^Zi_j_^hldjulufhdghfklhyeb`_gsbgZ@hj`_llZLhfZbfm`qbgZk^ebgguf
ghkhfDZ[mjQlh[uijhimklblv_z`_gsbgZke_]dZih\_eZ[_^jZfbbhdbgmeZ\a]ey^hfdhlhjuc
hgZgbdh]^Zg_aZ[m^_lkZfZg_agZyihq_fm fh`_l[ulvihlhfmqlhlZm[blZ\fWlb]eZaZdZaZehkv
__magZebb]h\hjbeb\hlbhgZ
dmi_[ueh^mrghb`ZjdhGZgb`g_cihed_kijZ\Ze_`ZeZ`_gsbgZke_\Zfm`qbgZ
;wf[be_]eZgZk\h_f_klh^mfZyhfZf_hlj_oieZlvyo\q_fh^Zg_dhlhju_hgZij_^ihqeZ[u
ih\_kblvgZie_qbdbhk\h_fjZahj\Zgghfqmed_HgZkgyeZih^h^_yehfqmedbaZl_fkljm^hf
ieZlv_]h\hjyk_[_qlh\k_lZdbg_fh`_lkiZlvh^_lZydZd^jm]b_
��;_ehdmjZy`_gsbgZ]hkih`ZZjjwkhdhlhjhcZgb_evihlhfkdZ`_lqlhhgZZdljbkZ[ueZ\
jhah\hcib`Zf_bjhah\hfoZeZl_HgZqblZeZ`mjgZe\j_fyhl\j_f_gbih]ey^u\ZygZ;wf[bB
kdZaZeZ
GZ^\Zr_c]heh\hc_klveZfihqdZ
;wf[baZ`]eZk\_lkdZaZeZKiZkb[hohjhrhl_i_jvgZ`_e_aguo^hjh]ZoGZkZfhf`_^_e_hgZ
\i_j\u__oZeZ\kiZevghf\Z]hg_Iheh`beZieZlv_hdhehkl_gdbkmfhqdmdgh]Zfqmedbih^
ih^mrdmbklZeZqblZlvdgb`dmihkZku\Zydhgn_ldmG_fgh]hiha`_ijbrebdhgljhe_jurmfgh
hldju\^\_jv
=hiih_oZebkdZaZehnbpbZglYbqgbpZba^\moybpbib\h
dZn_gZIZe_Jhyev;wf[bkb^_eZaZklhebdhfh^gZ
HgZ\lhjbqghijhqblZeZkhh[s_gb_\NjZgkkmZjghgbq_]hgh\h]hg_magZeZLZfi_j_`_\u\Zeb
mlj_ggxxbgnhjfZpbx=h\hjbehkvqlhM]heh\gZyihebpbyhq_gvk^_j`ZggZghZj_klg_aZklZ\bl
k_[y`^ZlvHgZls_lghbkdZeZnZfbebxbgki_dlhjZ=jZppbZghhdhlhjhfFZeurkdZaZe
?fmy^h\_jyx
�he`gh[ulvmg__[uebdjZkgu_]eZaZihlhfmqlhijbg_ky_c_^mhnbpbZglijbklZevgh
ihkfhlj_egZg__bmoh^y^\Z`^uh[_jgmekyHgZohl_eZ[ueh\aylvbakmfhqdbim^j_gbpmgh
\kihfgbeZqlhhklZ\beZ__gZjZ[hl_gZmebp_J_hfxj;mfZ`gbdgZoh^beky\dZjfZg_iZevlh
\f_kl_kfhdjufieZlhqdhfgZihg_^_evgbdbdhgn_lZfbdhlhju_FZeurg_aZohl_e\aylv
IeZlhq_dihg_^_evgbdwlh\u^mfdZfZfuLZ\urbeZgZieZlhqdZo\k_^gbg_^_ebih_a^_
dh]^ZhgZm\b^_eZFZeurZmg__[ueieZlhq_diylgbpZ\f_edmxa_e_gmxde_ldm
Qlh[u__g_m\b^_ebjZa^_lhchgZgZlygmeZgZk_[yh^_yehZaZl_fm`_\ugmeZbakbg_]hiZevlh
�[be_lbhl^ZeZ_]hdhgljhe_jmklhy\r_fm[eb`_dg_cjm]hcijh\_jye[be_lm^Zfuk
h[_kp\_q_ggufb\hehkZfbZdljbkuAZl_fbfijbrehkvjZa[m^blvfm`qbgmkiZ\r_]hih^ihedhc
hkihevah\Z\rbkvl_fqlhgZg__g_kfhljylhgZgZ[jhkbeZgZk_[yiZevlhbkimklbeZkv\gba
GZ^_eZlmnebb\ureZ\dhjb^hj@hj`_llZLhfZbDZ[mjijh^he`Zeb[helZlvi_j_^hldjuluf
hdghfFheh^Zy`_gsbgZdmjbeZ\_l_j]gZe^ufhl__kb]Zj_luihijhoh^mAZhdghfih^l_fguf
g_[hfkdhevabeb^_j_\vy
LmZe_l[ueaZgylHgZi_j_reZq_j_alZf[mj\^jm]hc\Z]hgghblZf\lmZe_l_dlhlh[uebhgZ
\_jgmeZkvgZaZ^lZf[mj__cijbrehkv^_j`ZlvkyaZjmqdm^\_jpuHgZbkiZqdZeZk_[_jmdb
KlZeZ`^ZlvgZ[ex^ZydZddhgljhe_juaZ]ey^u\Zeb\^jm]b_dmi_ba\bgyykvi_j_^iZkkZ`bjZfb
dhgp_dhgph\hgZgZqZeZg_l_ji_eb\h^_j]Zlvjmqdm^\_jblmZe_lZdZdwlh[u\Z_lh[uqgh\rdhe_
dh]^ZlulhjhibrvkyZih^jm`dZg_ki_rbl
g_aZigh^\_jvhldjueZkvM\b^_\_]hbkim]Zggu_]eZaZbaZ]gZgguc\b^hgZlhlqZk\k_ihgyeZWlh
[uehdZd\rdhe_^h\uimkdguowdaZf_gh\hgZdZd[u\_jgmeZkvgZljbq_luj_]h^ZgZaZ^eZ]_jv
mqbl_e_cbeZ]_jvmq_gbdh\lZcgunbkdZevkl\hkljZoi_j_^gZ^abjZl_eyfb
Qlh\Zfm]h^gh"
HggZohoebekydZdfheh^hci_lmom\b^_\qlhwlhg_dhgljhe_ju gZ^abjZl_eb\fHgZkdZaZeZ
YohqmibibagZ_rveb
KgZqZeZwlhl[_eh[jukuciZj_gvjZah^jZe_cqmehdZl_i_jvihqlb]hlh\ucjZkieZdZlvkyr_ilZe
G_klhcl_lmlMoh^bl_Mf_gyg_l[be_lZ
M\Zkg_l[be_lZ"
�Z
B\uaZi_jebkva^_kv"Q_]h\uwlbf^h[v_l_kv"
=h\hjbl_lbr_
Y]h\hjxg_]jhfdh
G_l]jhfdh
LmlhgbmkeurZebrZ]bdhgljhe_jh\]hehkZgZ^abjZl_e_cdhlhju_\hreb\ihke_^g__dmi_\Z]hgZ
\^_kylbrZ]Zohlgboijhklbl_^Zfu]hkih^Z
FZeur\aye__aZjmdmwlh[ue_]hi_j\ucj_rbl_evguc`_klbj_adhihlygmedk_[_lZdqlhhgZ
_^\ZgZaZdjbqZeZIjhklh\lZsbe__\lmZe_lBaZi_j^\_jv
IhkemrZcl_hklZ\vl_f_gy\ihdh_
HgaZdjue_cjhljmdhcdZd]_jhc\bkiheg_gbbJh[_jlZL_cehjZgZg_f_pdhfdhjZ[e_\nbevf_
dhlhjuchgZ\b^_eZ\:\bgvhg_^\Zf_kypZgZaZ^GhmJh[_jlZL_cehjZ[uebmkuhg[ue[jxg_lb
gZklhysbcfm`qbgZZFZeurkfhlj_egZg__mfheyxsbfb]eZaZfb[_aaZsblgh]hj_[_gdZ
Lbohijhrm\Zkihfheqbl_
LZdhgbklhyebjy^hfi_j_^aZdjulhc^\_jvxHgZ\b^_eZk_[y\a_jdZe_gZ^mfu\Zevgbdhfb
^mfZeZLZdh_fh`_lkemqblvkylhevdhkhfghc?keb[ufZfZm\b^_eZhgZ[umiZeZ\h[fhjhd
?e_keurgh]hehkdhfihkemrgh]hmq_gbdZmqbebsZhlph\B_amblh\hgkdZaZeqlhkh[bjZeky[ueh
kijylZlvkygZih^gh`d_ih_a^Zgh\khk_^g_f\Z]hg_klhyedZdhclhlbidlhfm`_hg[hyekyqlhg_
kmf__lhldjulv^\_jpmbihlhfg_agZedZdihklmiblvkq_fh^Zghf
Wlhlimoeucq_fh^Zgbak\bghcdh`blh`_[ue\lmZe_l_;Zeh\_gvk_fvbkug[h]Zluojh^bl_e_c
hq_gvihoh`_Hlhfqlh_]hhl_pZ^\hdZlfmgbpbiZevguckh\_lgbd\Gbpp_hgjZkkdZaZe_cgZ
�^jm]hc^_gvbhlhfqlhmqbeky\iZgkbhg_b_ah\@qlhm`_\lhjhcjZak[_`ZehlgbobaaZ
^\_jvihklmqZebkvDlhlhkijhkbe_klvebdlhgb[m^vHgZhllhedgmeZiZjgyijbeh`b\iZe_pd
]m[ZfdZd\rdhe_Hgihgyeb\klZegZdjurdmmgblZaZk]emiuf\b^hfbaebrg_rmfyijbwlhf
y\ghbaebrg_I_j_^l_fdZdhldjulvhgZjZkiZogmeZiZevlhqlh[u\k_\u]ey^_ehijZ\^hih^h[gh
:o_keb[ufZfZm\b^_eZhgZ[umiZeZ\h[fhjhd
q_f^_eh"
Hijhklbl_
HgZebrvijbhldjueZ^\_jvijZ\hcjmdhce_\hcijb^_j`b\ZydjZciZevlhDhgljhe_jukfhlj_ebgZ
�g__k\_jom\gba[he__fheh^hchlklmibegZrZ]^jm]hc^hljhgmeky^hdhaujvdZhe`gh[ulvhgZ
[ueZ[e_^gZdZdkf_jlvB_keb[um\b^_eZk_[y\a_jdZe_[e_^gmxb[_ehdmjmxk]heufbgh]Zfb\
jZkiZogmlhfiZevlh\hh[s_ihl_jyeZ[ukhagZgb_HgZkeurZeZdZd[_r_gh[v_lky__k_j^p_
um`_ijh\_jbebfhc[be_l
�KlZjrbckdZaZeZ^Zba\bgbl_fZ^_fmZa_evbhgb\f_kl_hlklmibebgZaZ^Lh]^ZhgZhiylv
aZdjueZ^\_jvbhiylvm\b^_eZk_[y\a_jdZe_klZdbfb`_jZkl_jyggufbdZdmFZeurZ]eZaZfbGh
m`_g_[e_^gmxZdjZkgmxdZdjZd
Hgb_s_g_fgh]hihklhyebhggZdjurd_mgblZaZhimklb\]heh\mihlhfmqlhmibjZeky_x\
ihlhehdhgZjZkdjZkg_\rZykyijbkehgykvd^\_jbbaZiZogm\iZevlh?cm`_lh]^ZdZaZehkvqlh
hgbgZl\hjyl]emihkl_cZq_jgu_]eZaZ[eZ]h^Zjbebhg\u]ey^_eg_\_jhylgh]emihex[h\vfhy
��fhcZgbfhcZgb_ev
M\Zk]jyavgZs_d_
hlb\k_qlhlhlgZr_ekykdZaZlvkimkly^\_ljbfbgmludh]^Zhgbm[_^bebkvqlhdhgljhe_ju
mreb
hafh`ghhgZbkiZqdZeZs_dm]jyagufbjmdZfbBebwlhk^_eZehgdh]^ZaZ`Ze_cjhldj_lbg
g_kqZklgucHgZ\ul_jeZkvieZldhf]ey^y\a_jdZehHgke_a_^\Zg_k\Zeb\rbkvihlhfmqlh
ihklZ\begh]mgZq_fh^ZgihrZlgmekymo\ZlbekyaZg__^Z`_g_ba\bgb\rbkvihlhfmqlhg_[ue
wlhfmh[mq_gbmeu[gmeky_c\a_jdZehQlhqlhZmeu[Zlvkyhgmf_emg_]h[uedjZkb\uc_s_
^_lkdbcdZijbagucjhl[Zeh\gyk_fvb
M\Zklh`_Lml
HgZijhlygmeZieZlhdmdZau\ZygZke_^u]jyabgZe[mgZ]eZ^dhcs_d_Hglh`_\ul_jkyIhlhf
hgb\f_kl_fuebjmdb^_r_\uffuehfh[eZ^Z\rbfhkh[hmklhcqb\ufaZiZohf
Hgihkfhlj_egZ__ghkh\hcieZlhq_d\a_e_gmxde_lhqdmbaZkf_yeky
Dh]^Zy[uefZe_gvdbfmf_gy[ueblZdb_`_GZdZ`^uc^_gvg_^_eb
Dh]^Z[uefZe_gvdbcIh^qZk\_]hj_qbijh[b\Zekyx`gucZdp_glhldhlhjh]h_fmg_m^Zehkv
ba[Z\blvkyg_kfhljygZ\k_mkbebyb_ah\KlZdbf`_Zdp_glhf]h\hjbeb^_lbbaohjhrbo
Z\bgvhgkdbok_f_c@Zevlhevdhqlh_]hg_gZmqbebba\bgylvkyIhlhfhg[ukljhhl\_jgmeky
\_jhylgh\kihfgb\fZfmieZldb\kydb_^hjh]b__fm\_sbWlb\hkihfbgZgbygZoeugmeb\g_aZigh
keh\ghaZoe_klgm\\heghc
FZeur
HgZkljm^hfkijZ\beZkvkybqgbp_cb\^jm]\kihfgbeZqlhdexqhldhfgZlugZoh^blky\kmfhqd_
�Moh^yZgb_evhklZ\be^\_jvhldjulhcH[wlhfhgkdZaZe_cihl_e_nhgm^Z`_iha\hgbe
ki_pbZevghbaaZwlh]hq_luj_qZkZ^gy
�Z
Wlh[uei_j\ucjZ[hqbc^_gv;wf[bDh]^Z_ckdZaZeb\ZkhgZkjZamihgyeZqlhgbdlh^jm]hc
a\hgblvg_fh`_l
Fg_ijbrehkvhklZ\blvdhfgZlmhldjulhcmf_gyg_[uehdexqZ
=^_lu"
Debrb
GZklmibeZ^ebggZyhq_gv^ebggZyiZmaZihlhfmqlhhgZ__agZeZqlh_s_kdZaZlvhglh`_b[ueh
g_eh\dhhsmsZlvdZdke_^ylaZlh[hcgh\u_dhee_]b
=^_wlhDebrb"
�h\hevgh^Ze_dh
�eygbowlhhagZqZeh^h\hevgh^Ze_dhhlEbhgkdh]h\hdaZeZk_^jm]b_jZchgu[ueb[he__beb
f_g__^Ze_dhhllh]hf_klZ]^_^\Z^gygZaZ^hgb\i_j\u_\klmiZebgZfhdju_mebpu]hjh^Z
Wlh^Ze_dhhlkx^Z"
G_agZxKgh\Z^he]ZyiZmaZ
Ym_a`Zx;wf[b
HgZg_hl\_lbeZQlhfh`ghhl\_lblvdh]^ZgZl_[ymklj_fe_gu^_kylviZj]eZadh]^Zlu\ueblZy
]mkugy"
Emqr_m`\_jgmlvky^hfhcY\k_h[tykgxhlpmHgkZf^h]h\hjblkykihebpb_cMl_[yg_[m^_l
g_ijbylghkl_cmf_gylh`_fhchl_pagZ_lqlhgZ^h^_eZlv
BdZdlum_^_rv"
DZdbijb_oZeih_a^hf
&#x_^;&#xv;&#x_k;ë&#xh;&#xgZ;&#xw;&#xlh;&#xk;&#x^_;&#xeZ;&#x_l;&#x;&#xhg;&#xg;&#x_;&#xm_;&#x^_;&#xl;�HgZohl_eZ_fmqlhlhkdZaZlvghg_[uehkbe_^v_kebhgZwlhk^_eZ_lhgg_m_^_lZdlhfm`_
mklj_fe_ggu_gZg__\gbfZl_evgu_\a]ey^u[md\ZevghiZjZebah\Zeb__
�Zgb_ev
HgZ\k_lZdbijhbag_keZ_]hbfyIjhbaghkyqv_lhbfygZr]hehk]h\hjbldm^Z[hevr_hlhfqlh
fmqZ_lk_j^p_\b^bfhihwlhfm\k_khkem`b\pukfms_gghhl\_jgmebkvBhgZmkeurZeZivygysb_
bkljZggu_keh\Zdhlhju_lhlijhbaghkber_ihlhffhy;wf[bfhyfZe_gvdZy;wf[bex[ex
kdhjh\k_]^Zghqvg_^he]hIZjb`GbppZluyfhyfZe_gvdZy;wf[bkemrZcbih\_kbeljm[dm
HgZlh`_iheh`beZljm[dmijhreZih^]jhohlibrmsbofZrbghd\^hevklheh\gbq_]hg_
hijhdbgm\g_kihldgm\rbkvk\ufmq_gghcmeu[dhcgZ]m[Zokgh\ZijbgyeZkvaZjZ[hlm^Z`_
gZi_qZlZeZg_ih^gbfZy]heh\u^\_bebljbkljZgbqdbB\^jm]ihgyeZqlh[hevr_g_fh`_lgmb
imklv\kdhqbeZgZoh^mko\Zlb\iZevlhih[_`ZeZd^\_jbaZl_f\\_klb[xevijhfqZeZkvihmebp_
\[_`ZeZ\\hdaZeb\ukdhqbeZgZi_jjhgBlmlaZf_lbeZqlhlhevdhiylvqZkh\Zi_j\ucih_a^
FZjk_evGbppZ_glbfb^vhlijZ\eyeky\qZkh\fbgmlBklZeZ`^Zlv
Hgb\ureb\ijhoh^ hgZi_j\Zyqlh[uihkfhlj_lv_klveblZfdlh\fbihklhyeb_s_HgkdZaZe
qlhm[_`Zeba^hfZg_^_exgZaZ^qlh^hDZggZ_oZeZ\lhklhihfehlhf^hFZjk_ey]jyaguc]hjh^
�]^_\k_aZ^Zxl\hijhku\_ghqbhgijh\_e\fheh^_`ghfeZ]_j_^\_\aZe_h`b^Zgbch^gm\
[bkljhdhlhjh_g_aZdju\ZehkvgZghqvh^gm\hl_e_dh]^Zmg_]h_s_[ueb^_gv]b
Qlh\ukh[bjZ_l_kv^_eZlv"
G_agZx
gZa\Ze__fZ^Zf?fmy\ghf_rZeq_fh^ZgHg`Ze_eqlh\aye_]h;wf[bih^mfZeZgZ^h[u_fm
ihkiZlv
gZr_fdmi__klvk\h[h^gh_f_klhIh^h`^bl_g_fgh]hDh]^Zgbdh]hg_[m^_l\ijhoh^_\u
kfh`_l_aZgylv_]hIjb\oh^_ke_\ZgZ\_jomY[m^mdZdjZaih^\Zfb
Hgkfhlj_egZg__k\hkobs_gb_fdb\Zy]heh\hcihke_dZ`^hc__njZaulh]^ZlhbgZa\Ze__fZ^Zf
Fheh^Zy[jxg_ldZbDZ[mj\k__s_klhyeb\dhjb^hj_;wf[b\ukmgmeZkvqlh[uihkfhlj_lvihlhf
kdZaZeZ
OhqmkiZlvih^h`^bl_ihdZgbdh]hg_[m^_lbaZoh^bl_lhevdhihklZjZcl_kvg_rmf_lv
:q_fh^Zg"
:qlh"G_kbl_kkh[hc
BaaZq_fh^ZgZihlhfijhbahreZg_ijbylghklvIjhdeylucq_fh^Zgbak\bghcdh`b]^_e_`Zeb^\_
jm[ZrdbdhklxfgZkf_gmbfZkkZg_gm`guo\_s_cdgb]b[hdk_jkdb_i_jqZldbfZd_leh^db
dhgk_j\gu_[Zgdbq_jkl\ucoe_[k_j_[jygucklheh\ucijb[hjdhlhjuchgkh[bjZekyijh^Zlv
h^_dhehgqlh[ohjhrhiZogmlvbg_f_gvr_lj_ojZkq_khdqlh[u\u]ey^_lvdjZkb\uf
;m^lhhgg_agZeqlhblZddjZkb\ih^mfZeZ;wf[b\uoh^ybafZe_gvdh]hkeZ[hhk\_s_ggh]hdZn_
gZiehsZ^bIZe_Jhyev\dhlhjhfhgbm`_[ueb\\hkdj_k_gv_mljhfgZdZgmg_lukyqme_lgZaZ^
ke_^myihiylZfaZfZe_gvdbfbgki_dlhjhf\dmjld_dhlhju_\k_\j_fy[jZelZdkbLukyqZklh
njZgdh\^hmebpuEZnhgl_gZ]^_hgbihlhfkb^_ebh`b^Zy\[Zj_gZm]emlmibdZ
Q_j_aiheqZkZbgki_dlhj\dmjld_lh`_\hr_elm^Zg_h[jZlb\gZgbo\gbfZgbybiha\hgbeih
l_e_nhgm
Hgk^_eZeijhfZo]h\hjbeFZeurGmbhemobwlbnZjZhgu
;ulvhemohfgZihfbgZeh`bagv\^jm]hffbj___fbj_b_]hlh`_Hgb\_^vijb_oZebbah^ghc
kljZgukljZgu^_lkl\ZBwlh[uehij_djZkgh
HglZdfheh^jZafureyeZ;wf[bBkh\k_fkiylbe
ih_a^_\_kv^_gvihlhfghqvhgZkhojZgyeZh^gZdh\hajZklgmx^bklZgpbxf_`^mgbfbb
hklZ\ZeZkvfZ^Zf
F_`^ml_f\ijhoh^_jZa]hj_eZkvkkhjZKhk\h_cihedb;wf[bkeurZeZdZd@hj`_llZLhfZqlhlh
]jhfdh]h\hjbeZhgZ^Z`_hlh^\bgmeZrlhjuaZ]heh\hcqlh[uihkfhlj_lv
DZ[mjklhyekibghcghbkibgZ_]h\ujZ`ZeZmgb`_gb_;jxg_ldZmi_jeZkvjmdhc\[hdkljZggh
keh`b\iZevpudZddh]lbobsgbdZMg__[ue\b^q_eh\_dZmdhlhjh]hohlylqlhlhhlgylvQlh
lhe_`Zs__\h\gmlj_gg_fdZjfZg_dhklxfZ
;wf[b^h]Z^ZeZkvqlhhgZhkdhj[ey_lDZ[mjZqlh]h\hjbl_fm]jm[hklbghkeh\g_keurZeZ
Iha`_dh]^Z\k_eZfihqdb[uebih]Zr_gu@hj`_llZLhfZ\hreZ\dmi_;wf[b\b^_eZdZdhgZ
e_]eZgZkhk_^gxxihedmkihdhcgZykeh\ghgbdZdhckkhjubg_[uehLhg_gvdZydjZkb\Zy
`_gsbgZk^ebggufbgh]Zf\dhklxf_;wf[bhgZg_gjZ\beZkvHgZg_ihgyeZ__\a]ey^Zdh]^Z
kZ^beZkv\ih_a^\a]ey^ZdhlhjucgZim]Ze__keh\ghijbgZ^e_`Zeq_eh\_dmdhlhjhfmkZfhfm
kljZrghG_ihgylguc\a]ey^
?s_iha`_^he`gh[ulv\iheh\bg_i_j\h]hbeb\qZkghqb\hr_eDZ[mj;wf[b\b^_eZdZdhg
kgyeib^`Zdblh`_e_]
Hgbijb[ueb\EbhgGZaZgZ\_kdZoihy\bebkvk\_lh\u_iylgZkeurZebkv]hehkZrmf[_]Zxsbo
ijhajZqghc[mfZ]_dZdgZ:\bgvhgkdhf\hdaZe_Ih_a^^\bgmeky^Zevr_
HgZklZeZaZkuiZlvih^`Z\ih^k_[yjmdmdh]^ZmkeurZeZdZdfZevqbrdZlbohhldjuebaZdjueaZ
kh[hc^\_jvdmi_BlhlqZkkihldgmekyhk\hckh[kl\_ggucq_fh^Zgihl_jyejZ\gh\_kb_bmiZegZ
dh]hlh\ujm]Z\rbkvbkdZaZ\qlhwlhygZl\hjbe"
?_lh`_aZbgl_j_kh\ZehqlhwlhkgbfBaZ^uoZykvhlkf_oZklZeZihfh]Zlv_fmih^gylvq_fh^Zg
Hgp_ieyekyaZg__ihemjZa^_lmx\k_\j_fyih\lhjyejm]Zl_evkl\ZbiZ^ZylhgZ__ihedmlhgZ
k\hx\a^uoZeg_^h\hevgucbgZim]ZggucJmdb_]h^jh`ZebgmgZklhysbcdj_lbgdhgp_dhgph\
hg\ulygmekygZk\h[h^ghcihed_^he]h_\j_fyg_kf_yr_\_eblvkyr_ilZe\k_\ihjy^d_keZ\Z
[h]my_^\Zg_kimlZedmi_
Qmlviha`_hgk\_kbe]heh\mkhk\h_cihedbdZdjZagZ^g_xlZdqlhhgZbgh]^Z^Z`_\b^_eZ_]h
]eZaZB]h\hjber_ihlhfIhke_g_kdhevdbo_]hnjZa[_am^_j`guckf_okgh\ZklZejZa[bjZlv
;wf[b
bxe__fmbkihegbehkvr_klgZ^pZlve_lJh^bebkvhgbih^h^gbfagZdhfah^bZdZWlhkljZrgh
kdZaZeZhgZjh^blvkyih^kha\_a^b_fJZdZ\k_kmfZkr_^rb_HgkijhkbejZa\_"dZdbflh
[_kihdhcguflhghfkfmlb\rbkvbgZ\j_fy]heh\Z_]hkdjueZkvlZfgZ\_jom
:ihlhf;wf[bm`_g_kf_yeZkvHgjZkkdZau\Zei_qZevgu_\_sbhk_[_Hgmf_e]h\hjblvhk_[_
�Ih_a^fqZekydb`hgmIZjb`m\k_^Zevr_lrdheuhlhlpZkdhlhjufhgihkkhjbekybaaZ
fhlhjhee_jZ
;wf[bmkgmeZgZkibg_gZlygm\h^_yehgZih^[hjh^hdb\b^ydZdjZkieu\Z_lky\l_fghl__]h
kdehg_ggh_gZ^g_xebphl_i_jvm`_^Z\ghdZd_cdZaZehkvagZdhfh_HgZlhevdhmki_eZr_igmlv
qlh_fmemqr_ihkdhj__\_jgmlvkydhlpmdZdhckfukem[_]Zlvba^hfZZih_a^\k_fqZekyb
fqZeky
MljhfhgZdjZ_f]eZaZ\b^_eZdZdhgke_akihedb\k\h_fbafylhfl\b^h\hfdhklxf_kieZshf\
jmd_Ijhoh^ygZdehgbekygZ^g_xijhr_ilZefZ^_fmZa_evblbohgvdhihp_eh\Ze\s_dmHdZ
ih^mfZeZqlhhggZ\_jgh_lZdbg_kiZeBmkgmeZkgh\Z
:ihlhf[uehm`_iheh\bgZ\hkvfh]hih_a^ih^oh^bedIZjb`m\ijhoh^_klheibebkviZkkZ`bju
dhlhju_dmjbebmhdhgDlhlhkdZaZeqlhoheh^gh
HgZijb\klZeZqlh[ugZ^_lvieZlv_;jxg_ldZkkhk_^g_cihedbmeu[gmeZkv_c:dljbkZm`_
h^_eZkvjy^hfklhye__q_fh^Zg;wf[bk[jhkbeZf_rZ\r___ch^_yeh\_^vfm`qbgukiZebk_
\j_fyihdZhgZgZ^_\ZeZieZlv_ihlhfqmedbihhq_j_^gh\uly]b\Zygh]bhgZhsmsZeZgZk_[_
\a]ey^@hj`_lluLhfZBi_j_o\ZlbeZwlhl\a]ey^lhl`_qlhbgZdZgmg_mkdhevaZxsbc
g_ihgylguc_c\a]ey^
HgZihreZihqbklblvam[ubhk\_`blvebphehkvhghfijhoh^_[uehfgh]hgZjh^mBlmlm\b^_eZ
lh]hq_eh\_dZhdhlhjhfFZeurihlhfdh_qlh_cjZkkdZ`_lHgZlhevdhihfgbeZqlhgZg_f[ue
k_jucieZsdZdm__^y^bRZjeykebrdhf^ebggucbg_fgh]hihl_jlucZ\jmdZohg^_j`Ze
iey`gmxkmfdmbakbg_cfZl_jbbk]_j[hfIjh\ZgkZ
HgZ[hevr_g_^mfZeZhFZeur_Beb^mfZeZdZdhq_flhkfmlghfg_\Z`ghfHgmr_edZdgb[m^v
kZf\uimlZ_lky
Dh]^ZhgZ\_jgmeZkv\dmi_ih_a^m`_ih^oh^bedi_jjhgmFm`qbgZkgb`g_cihedb\dh`Zghc
a_e_ghcdmjld_iuolyaZrgmjh\u\Zeh]jhfgu_[hlbgdbDZ[mjmr_ei_j\uf__ihijhsZ\rbkvgb
ih_a^hklZgh\bekyq_eh\_d\dh`Zgd_\ayek\hcihlj_iZggucq_fh^ZgqbdihijhsZekyb\ur_e
;wf[bmdeZ^u\ZeZlmZe_lgu_ijbgZ^e_`ghklbHgZ\b^_eZdZdZdljbkZdb\dhf[_ameu[db
�ihijhsZeZkvkg_xWebZgZZjjwkmreZhklZ\b\\dmi_l_jidbcaZiZo^moh\G_kfhljygZly`_euc
q_fh^Zg^_j`ZeZkvhgZhq_gvijyfh
Ijhoh^klZehk\h[h`^Zlvky@hj`_llZklhyeZi_j_^hdghfkaZ^_jgmlufbaZgZ\_kdZfb
FZ^_fmZa_ev
Hgb[uebh^gb;wf[bgZ^_\ZeZk\h_kbg__iZevlhHgZqm\kl\h\ZeZk_[yk\_`_chl^hogm\r_c
ihlhfmqlhmfueZkvg_ki_rZijbq_kZeZkvohly^jm]b_iZkkZ`bju[ZjZ[Zgbeb\^\_jv
[ebab@hj`_ll_LhfZfh`gh[ueh^Zlve_lljb^pZlv[e_^gh_ebphh[jZfe_ggh_q_jgufb
\hehkZfbh]jhfgu_kbgb_dZdm;wf[b]eZaZa]ey^__[ueihij_`g_fmg_kihdhcgufGhdh]^Z
;wf[bi_j_o\Zlu\ZeZ_]hlZhl\hjZqb\ZeZkv
@hj`_llZ\b^bfhohl_eZkg_cih]h\hjblv?cgm`gh[uehih]h\hjblvHq_gvgm`gh
:kdZaZlv[uehg_q_]h;wf[bwlhihgyeZkjZamGhlZ\k_`_ijhbag_keZb^_eb\ulh]hlbiZ
\q_jZwlhm`Zkgh^Z"G_hq_gvm\_j_gguf]hehkhf[m^lhij_^\b^ymdehgqb\uchl\_l
klj_qZxlkylZdb_hl\_lbeZ;wf[bG_jZkkljZb\Zcl_kv
B\ayeZq_fh^Zgqlh[u\uclbGh@hj`_llZLhfZ\klZeZf_`^mg_xb^\_jvxqlh[um^_j`Zlv
]h\hjyDZdm`Zkghqlh\klj_qZxlkylZdb_ex^bg_lfZ^_fmZa_ev;hf[Zg_moh^bl_
;wf[bkgZqZeZih^mfZeZHldm^Z_cba\_klghfh_bfy"Bh^gh\j_f_gghWlhldj_lbgihiulZ_lky
\uclbgZ\_jgh_q_j_a[mn_lbebq_j_akem`_[gucoh^gZ^h_]hihcfZlv
dhgp_dhgph\hgZhlkljZgbeZ`_gsbgm]h\hjyM`ba\bgbl_^Zcl_\uclbf_gy`^mlBdZdgb
kljZgghihqm\kl\h\ZeZqlhbfh[_bfkljZrgh
Qlh\Zf\dhgp_dhgph\gZ^h"Ijhimklbl_f_gy
QlhhgZhlf_gyohl_eZ"^mfZeZ;wf[bb^yq_j_ajughdbhsmsZyaZiZohldhlhjh]h__
��lhrgbehL_i_jvhgm`_\b`hg_beb_s_^Zevr_b`hg_\km[[hlmmljhfykiZeZgbq_]h_s_
g_ijhbahrehhg[uedZdjZagZ^hfghcbqlhlh]h\hjbe
Gh]bkZfbijb\_eb__gZmebpmJ_hfxjHgZm[_`ZeZbadhglhju^g_f[_a\kydboh[tykg_gbc\
i_j\uc`_jZ[hqbc^_gvAZ\ljZ__\uklZ\ylaZ^\_jv;u\Zxl\_q_jZdh]^ZdZ`_lkyqlhkZf
[h`_gvdZijhlb\\Zkwlhl[_a`Zehklguc[h`_gvdZdhlhjucohq_l\ZkgZdZaZlv
?_\ayebgZjZ[hlmihibkvfmbijbeh`_gghfm^biehfmgZklZ\dm\lukyqnjZgdh\\f_kypaZ
\uq_lhfgZeh]h\kljbgZ^pZlhcaZjieZlhckgZ^[Z\dhcgZljZgkihjlbdhfgZlhcih^kZfhcdjur_c
gZmebp_;Zdk\h^hijh\h^hfb]Zah\hciebldhc
AZ\ljZm\hevgyy__]hkih^bgIbdZjhl[_j_lmg__dhfgZlm;h`_gvdZgbq_]h_cg_hklZ\bl
HklZgmlkydZd]h\hjbeZfZfZlhevdh]eZaZqlh[uieZdZlv
HgZfh`_lh^gZdhaZclb\dhglhjmk_]h^gy\_q_jhfIh\b^Z_l]hkih^bgZIbdZjZdhlhjuc
aZkb`b\Z_lky^hiha^gZk_h[tykgbl_fmHgfbeucq_eh\_d\hafh`ghmg_]h^hqv__e_lHgZ_fm
kdZ`_l_keb[u\ZrZ^hqvm\b^_eZFZeurZi_j_^\uoh^hfkEbhgkdh]h\hdaZeZdZdy\lhmljhhgZ
[ulh`_gZ^gbfk`ZebeZkv
Ihlhfm`ijb^_lkyh[tykgblvijhdhfgZlmijhi_j\mxghqv\lhjmxgZa\Zlv\_sbdhlhju_ljm^gh
h[tykgblv
Gh]hkih^bgIbdZj\jy^ebl_i_jv\dhglhj__^vm`_ghqvgZ^\hj_?cklZehoheh^ghb]jmklgh
ih[_kihdhblvdhgkv_j`ZbaZ[jZlvk\hxkmfhqdm
qZkh\\km[[hlm\lhaehihemqgh_mljhhgklhyehdheh\uoh^Zki_jjhgZaZkmgm\jmdb\
dZjfZguieZsZk`_gkdbfrZjnhfgZr__IZkkZ`bjulhedZy_]hkh\k_oklhjhgijhoh^bebfbfh
ghhgg_^\b]Zekykf_klZgmgZklhysbcdj_lbg
;wf[bihklZ\beZq_fh^ZggZa_fexkijhkbeZ
B^he]h\u_s_[m^_l_lZdklhylvqlh\ukh[bjZ_l_kv^_eZlv"
Hg\a^hogme
=hkih^b]^_\u[uebklhevdh\j_f_gb"
Lh_klvdZdwlh]^_"
ug_\ayebfhcq_fh^Zg"
DZdhcq_fh^Zg"
Fu`_^h]h\hjbebkv
DZdwlh^h]h\hjbebkv"
HgihdZqZe]heh\hcgbq_]hg_ihgbfZyHgZihdZqZeZ]heh\hclh`_gbq_]hg_ihgbfZyHgbihgyeb
^jm]^jm]Zebrvk_\jy^urdhfgZkdZf_cdm;Z]Z`;wf[bklhyef_`^mgbfbIZj_gv\k_\j_fy
ihijZ\eyek\hcrZjnGZrZjn_[ueZgZjbkh\ZgZ[molZGbppu
Wlh`_gkdbcrZjn
FZfbgG_agZxihq_fmy\aye_]hm_a`ZyDh]^Zy[uefZe_gvdbfyhq_gvex[befZfmex[be
gZ^_\Zlv__\_sbIhq_fmyl_i_jvlZdihklmibekZfg_agZx
Wlhhgijb^mfZedZd\uclbba\hdaZeZ=h\hjbeqlhh[tykgye_cghqvx=h\hjbeqlhp_euo
iheqZkZh[tykgyek\_kb\rbkvdg_ckhk\h_cihedbqlh^_eZlvHgZg_mkeurZeZ\b^bfh\lm
fbgmlmhgZbmkgmeZ
u^he`gu[ueb\aylvfhcq_fh^Zgb\uclbkhk\hbf[be_lhfHklZ\b\q_fh^Zgu\aZe_\u
\_jgmebkv[ugZaZ^k^\mfyi_jjhggufb[be_lZfbIhke_wlh]hfu[u\ureb\f_kl_
Yg_ihgyeZYg_jZkkeurZeZEh\dh\uijb^mfZebHgkfhlj_egZg__jZahqZjh\Zgghb
ih^hajbl_evgh
ajhkeufg_evay^h\_jylvHgbl_[ygbdh]^Zg_kemrZxlHgZm\_j_gghiheh`beZeZ^hgvgZ_]h
jmdmKdZaZeZk_[_L_i_jvygZ\_jgydZ^_eZx]emihklvZajy\_^v_fmg_h[oh^bfhihkh\_lh\Zlv
ihkdhj__\_jgmlvky^hfhcom^r_fkemqZ__]hhklZ\yl[_akeZ^dh]h
B^bl_baZ[_jbl_k\hcq_fh^Zg=^_\u_]hihklZ\beb"
GZ[Z]Z`ghcihed_\dmi_
AZ[_jbl_b[ukljhgZaZ^
Bk^_eZ_fdZdykdZaZe"
�ZdZd\ukdZaZeb
ug_mc^_l_"
HgZihkfhlj_eZgZg_]hbkiulu\ZykljZggh_\heg_gb_dZd[u\Zeh\rdhe_dh]^Zhgbh[fZgu\Zeb
gZ^abjZl_e_chj]Zgbah\u\ZebihlZkh\db^Z`_ihkbevg__
AZdh]h\uf_gyijbgbfZ_l_"
Hgdb\gme^h\_jqb\ucbkqZkleb\ucbih[_`Zedi_jjhgmFqlh[uaZ[jZlvk\hcq_fh^Zg
HgZijh`^ZeZ_]hfbgml^_kylvkb^ygZeZ\d_b^mfZyyk_[yagZxyohjhrhk_[yagZxyg_ihkf_x
Hgg_ki_rZ\_jgmekykq_fh^ZghfkhkljZgguf\ujZ`_gb_fgZk_jv_aghfkihdhcghf
g_magZ\Z_fhfebp_
Qlhk\Zfb"
DZdwlhqlhkhfghc"
HgZ\ureZh^gZk^\mfyq_fh^ZgZfbbkmfhqdhc;uehly`_ehaZe_^he]hbkdZeZ\dZjfZgZob
dhr_evd_fhg_luihnjZgdh\ihlhfdmibeZ\Z\lhfZl_^\Zi_jjhgguo[be_lZHklZ\b\q_fh^Zgu
aZZ\lhfZlhf\_jgmeZkvaZgbf
Hg`^Ze__m[Zjv_jZkl_f`_kljZgguf\ujZ`_gb_febpZblmllhevdhhgZaZf_lbeZ
Dm^Z\u^_ebk\hcrZjn"
GZ\_jghaZ[ue\ih_a^_Ihrebwlhg_\Z`gh
Hgbfbgh\Zebdhgljhevb^y^jm]aZ^jm]hf;wf[b^_j`ZeZ[be_luBihlhf\f_kl_kq_fh^ZgZfb
\urebgZ\hdaZevgucljhlmZj;uehoheh^gh_kheg_qgh_mljhgZiehsZ^bpZjbeZkm_lZfZrbgb
Z\lh[mkh\
��EZ^ghhk\b^ZgbykdZaZeZgb_evHg_s_g_mf_e[eZ]h^Zjblv
Qlh\ukh[bjZ_l_kv^_eZlv"
H[hfg_g_[_kihdhcl_kv
G_l[_kihdhxkv
�he`gh[ulvhgb^h\hevgh^he]hrebihgZijZ\e_gbxdiehsZ^b;ZklbebbihdZ;wf[bg_
ih^ha\ZeZlZdkbHgZk_eZ\g_]hZhgklhyegZfhklh\hcki_qZevguf\b^hfq_fh^Zgbak\bghc
dh`bmgh]HgZkdZaZeZ
uih_^_l_khfghc"
Dm^Z"
HgZg_gZreZkvqlhhl\_lblvHgkljm^hf\lbkgmek\hcq_fh^Zg\lZdkb?fm\k_^Z\Zehkvkljm^hf
B\hlhgbkb^_ebijb`Zlu_^jm]d^jm]mIeZlv_;wf[baZ^jZehkvgZdhe_gyolZdqlhhgZg_fh]eZ
_]hihijZ\blvFZrbgZdZ`^mxfbgmlmj_adhlhjfhabeZijh_a`Zyihg_agZdhfufmebpZf]^_
gbdlhg_agZe^jm]^jm]Z
HgZ^ZeZZ^j_kdhlhjuc\hlm`_^\_g_^_ebgZihegye__]hj^hklvxdZdZyhgZwlZmebpZ;Zd"
�I_j_k_dZyj_dm K_gZEZg]jkdh_ieZlhdbehf_ljh\\fhgZihkfhlj_eZgZZgb_eydhlhjuc
\u]ey^_ehaZ[hq_ggufBkdZaZeZqlh[ulh`_mkihdhblvkyqlh\k_meZ^blkyHgiheh`begZ__
eZ^hgvk\hxaZ]hj_\rmx\h\j_fydZgbdmejmdmk^ebggufbiZevpZfb
MebpZ;ZdHgbgbdZdg_fh]ebgZclbdexqbhldhfgZlu^hf_g_[uehdhgkv_j`ZHgb
h[jZlbebkv\khk_^gbc[ZjaZl_fd`bevpZfk^jm]bowlZ`_c;wf[bgZreZqlh\IZjb`_ex^bg_
hq_gvex[_agu
dhgp_dhgph\hdZaZehkvqlh\dhfgZl_bo`^ZeZ^_\mrdZihbf_gbKZg^jbgZHgZlh`_jZ[hlZeZ\
dhglhj_gZmebp_J_hfxjIjb_oZeZbaGZglZk]h^gZaZ^@beZjy^hfgZmebp_K_\j\ihoh`_c
dhfgZl_=hkih^bgIbdZjihjmqbe_c\klj_lblv;wf[bHgZkdZaZeZ
GmjZa\_kijZ\_^eb\hjZ[hlZy\`bebsghcdhglhj_`blv\lZdhcdhfgZl_"
�Kfhlj_eZgZZgb_eykijZrb\Zyk_[ydlhhglZdhcbh`b^ZyqlhboihagZdhfyl:;wf[bklhygZ
lZ[mj_ld_baZkmgm\jmdb\dZjfZguk\h_]hkbg_]hiZevlhkh\k_fihaZ[u\hFZeur_h[haj_\ZeZ
q_j_ahdghfZgkZj^udjurbIZjb`Z
g_kfh]mk^_eZlv
Fg_gZ^hlhevdh\aylvk\hxkmfhqdm
?keb[u\uaZohl_ebaZ[jZlvibrmsb_fZrbgdbbeb^_gv]bbak_cnZwlh[_ajZaebqghdexq_cm
f_gyg_l
;wf[bih\_jgmeZkvgZdZ[emdZobihreZde_klgbp_
Dm^Z\ub^_l_"
Ih^gbfmkv\k\hxdhglhjmFh`_l[ulvlZf_klvdlhgb[m^v
LZfgbdh]hg_lk_mrebAgZ_l_dhlhjuck_cqZkqZk"
;ueqZkHgZ\k_`_ih^gyeZkviha\hgbeZkimklbeZkvgZaZ^Dhgkv_j``^Ze__i_j_^k\h_c
dhfgZlhcHggbq_]hg_kdZaZeIhkfhlj_edZdhgZ\ureZaZkmgm\jmdb\dZjfZguiZevlhb
ih^mfZegmbihdhe_gb_bebgmb\j_f_gZbebgmbhlkl_]Ze[uyl_[ybebqlhlh\wlhf
^mo_
DhfgZlZ[ueZjZaf_jhff_ljZq_luj_gZljbIhlhehdkdhr_ggucdZd\fZgkZj^_Kl_gu
\udjZr_gu[_euf\m]emfZe_gvdZygbrZ]^_ihf_sZebkv]Zah\ZyiebldZrdZnmfu\Zevgbdb
hjhkdhrv^mr\p_eehnZgh\hff_rd_ebfhggh]hp\_lZ
Y\k_ijb[_jmkdZaZeZ;wf[b
KZg^jbgZihklhyeZ_s_g_kdhevdhfbgmlB\^jm]aZy\beZ
M\Zkij_djZkgh_ieZlv_M\Zkij_djZkgZyijbq_kdZDZd\u__^_eZ_l_"M\Zkij_djZkgu_lmneb
M\Zkij_djZkguc^mr\ug_gZoh^bl_"
?c\k_dZaZehkvij_djZkguf:ihkdhevdm;wf[bg_hl\_qZeZ\ulZkdb\Zybaq_fh^ZgZbjZkdeZ^u\Zy
\_sblhKZg^jbgZklZeZjZkkdZau\Zlvhdhglhj_ijhbag_ky^ebggucfhgheh]dhlhjuckeurZeZ
lhevdhkZfZIj_djZkgZymgbodhglhjZ
Hdhehihem^gyKZg^jbgZ\g_aZighmreZihh[_sZ\ijbclb\_q_jhfZFZeurmkgmegZihkl_eb
DhfgZlZm`_ij_h[jZabeZkvbaaZnhlh]jZnbcgZghqghfklhebd_dgb]gZihedZoiexr_\h]h
f_^\_^ygZihkl_ebdhlhjh]hFZeuraZ`Zeih^furdhc
;wf[bijbgyeZ^mrgZ^_eZdjZkgucfZojh\ucoZeZldmie_gguc\f_kl_kfZfhch^gh\j_f_gghk
[hevrbfihjln_e_f
�HgZaZklZeZZgb_eykb^ysbfgZihkl_ebk\kdehdhq_ggufb\hehkZfbijbklZevgh]ey^ysbf\h^gm
lhqdm?]hjZa[m^bermf\h^uHgZkdZaZeZ
Ijbfbl_^mru\_jhylgh]jyagudZdljm[hqbklbebdeb_gl:jfbbkiZk_gbyYg_ohqmqlh[u
mf_gyihy\bebkv[ehobAZwlh\j_fyyh^_gmkv
H^_\ZykvhgZihkfhlj_eZ\klhjhgm^mrZbm\b^_eZq_j_aaZgZ\_kdmhq_jlZgbyFZeurZHg[ue
om^dZd`_j^vHgZg_agZeZqlhkgbf^_eZlv
DZdfg_\uclb"
HgZijhlygmeZ_fmk\hcfZojh\ucoZeZlbhg\ur_ekfhdjufbdZdmg__\hehkZfbJmdZ\Z_fm
[ueb^hehdlyqm\kl\h\Zehgk_[yg_eh\dh\b^[ueg_kqZklgucHgZdZdjZa\h^ghcdhf[bgZpbb
bkdZeZgh\u_qmedbwlhlfhf_glhgbkhh[sbe_c
dmi_e_`ZeZf_jl\Zy`_gsbgZ
?keb[ufukjZamihreb\ihebpbx^mfZeZ;wf[bgbq_]h[ug_ijhbahrehF_gy[ug_klZeb
aZ\ljZm\hevgylvy[ugZibkZeZfZf_qlhi_j\u_^gbijhrebmki_rgh
�ijyfh^mfZyhlhfqlhhgm`_ijh_oZeb`hgghfh]bi_j_f_gblvj_r_gb_bk_klv\h[jZlguc
ih_a^Ij_djZkghij_^klZ\eyxk_[_dZdhgklmqblkyk_cqZk\^\ZqZkZghqb\fhx^\_jv
Lhqlhh[uqghgbkd_fg_kemqZ_lkykgbfkemqZehkvg_ij_f_ggh
km[[hlmhgb\urebbadhfgZlu\qZk^gyghkgZqZeZlboh\k_h[km^bebkb^yjy^urdhfgZ
ihkl_ebdZdaehmfure_ggbdbihlhfmqlhgbhggbhgZg_fh]eb]h\hjblvhlZdhfkh[ulbb
kihdhcgh
Y\ZkhklZ\begZkdZf_cd_Bihr_edih_a^mYm`_g_ihfgbedZdhcmgZk[ue\Z]hgGh\
dhgp_dhgph\ygZr_e_]hijhoh^_keurZebkv]hehkZgZr_fdmi_lh`_YklZe`^Zlv\
khk_^g_fJZa]h\Zjb\Zebfm`qbguH^bggZqZevkl\_gguf]hehkhfM^jm]h]h[uekljZggucdZr_ev
b]hehky\gh[hevgh]hq_eh\_dZLhevdhihlhf\lZdkbfg_wlhdh_qlhgZihfgbehGhlh]^Zyg_
h[jZlbe\gbfZgbylhlfhf_glf_gyg_bgl_j_kh\Zehhq_fhgb]h\hjylY`^Zedh]^Zhgbmc^ml
Y[hyekyqlhwlhdhgljhe_jubhgbkijhkylfhc[be_lex[hfkemqZ_y[hyekybo]hehkZo[ueh
qlhlhqlh\uau\ZehkljZoohlykfukekeh\bg_^hoh^be^hf_gyHgbijh[ueblZf_s_^\_
fbgmlufh`_l[ulv[hevr_YmkeurZedZdhldjueZkvbaZdjueZkv^\_jvHgbmrebIjhrebg_
fbfhfh_]hdmi_Z\^jm]mxklhjhgmd\uoh^mgZ\hdaZeYih^h`^Zedh]^Zhgbkhc^mlbijhr_e\
gZr_dmi_qlh[u\aylvk\hcq_fh^Zg;jxg_ldZe_`ZeZgZgb`g_cihed_ke_\ZgZkibg_Ygbdh]^Z
g_\b^_ef_jl\uoghfh`_l_fg_ih\_jblvhgZ[ueZf_jl\ZYko\Zlbeq_fh^Zgbm[_`ZeaZdju\
^\_jvGbdlhg_\b^_edZdykhr_ekih_a^ZLZfgbdh]hg_[uehZkygZr_egZkdZf_cd_
Hgih^_kylvjZaih\lhjyeh^gbbl_`_njZaukeh\h\keh\hKgZqZeZ;wf[bgZreZbklhjbx
b^bhlkdhcaZl_fgZqZeZ[_kihdhblvkyhfZevqbd_klZeZh[km`^ZlvkgbfjZagu_\_jkbb:ihlhf
j_rbeZkgh\Zqlhbklhjbyb^bhlkdZy
BaaZlh]hqlhhg[ue\klj_\h`_gbg_fgh]hkf_rhg\__oZeZl_hgZklZeZ]h\hjblv_fmlu
Dh]^ZlumkeurZe]hehk[hevgh]hfm`qbguwlhl_[_qlhlhgZihfgbehQlhbf_ggh"
H^gh]hlbiZdhlhjuc\q_jZ\_q_jhfm_a`ZebaFZjk_eyYkb^_egZhldb^ghfdj_ke_hdheh
lmZe_lZHgklhye\ke_^mxs_f\Z]hg_mijhoh^Zby\b^_e_]hq_j_alZf[mjHgdZreyeg_
i_j_klZ\Zyb\k_\j_fyijhqbsZe]hjehj_fyhl\j_f_gbih]ey^u\ZegZf_gyGZg_f[uehk_jh_
iZevlh\jmdZoiey`gZykbgyykmfdZkwf[e_fhcIjh\ZgkZMf_gy[ueZlZdZy`_\urb\dZgZ
dZjfZgqbd_[e_ca_jZlhmljhhgklhye\gZr_fdhjb^hj_Yfh][u_]hhihagZlvhg[e_^_ghq_gv
om^bihoh`gZ[hevgh]h
FZeurh^_ekyih\_jgm\rbkvkibghcd;wf[bdhlhjZyg_[_am`ZkZm\b^_eZ_]hj\Zgu_ghkdb
kdhj__k_ju_q_f[_eu_ljmkbdbl_fgu_ihehkugZ\hjhlgbd_jm[Zrdb
Ml_[yg_lqbklh]h[_evy"
AgZ_l_aZ\hk_fv^g_cmf_gyg_[ueh\hafh`ghklbihfulvkyBihlhfy\k_jZ\ghg_kmf_e[u
ihklbjZlvug_fh`_l_hl\_jgmlvky"
G_kijZrb\ZyjZaj_r_gbyhgZhkfhlj_eZ_]hq_fh^ZgM\b^_\k_j_[jygu_eh`db\nmleyj_kj_^b
]jyagh]h[_evyhgZih^mfZeZLZd`_g_evaygZ^hm[_^blv_]hgZibkZlvjh^bl_eyf\_jgmlvky
^hfhc
Lufh`_rvkf_gblvdhklxfLZf_klv^jm]hc
Hg\_kv\fZke_
Ih^hjh]_hgmiZe\]ZjZ`gmxyfmOhl_ehkfhlj_lvfhlhj]jmah\bdZdhlhjuc\_a_]h\FZjk_ev
G_\kbeZoh[tykgblvk_[_ihq_fm;wf[bg_gZ^_eZ^jm]h_ieZlv_
GZmebp__cklZehg_fgh]hoheh^ghHgb^he]h[jh^bebbhdheh^\moqZkh\aZreb\j_klhjZg
ihemimklhfaZe_ih^ijbklZevgufb\a]ey^Zfb^\mohnbpbZglhdkgh\Zbkgh\Zh[km`^ZebkblmZpbx
;wf[bkqblZeZqlhgZ^hihclb\ihebpbxb\k_jZkkdZaZlvB\lh`_\j_fyg_ohl_eZwlh]h^_eZlv
baaZfZfubaaZ_]hkZfh\hevghcih_a^dbHglh`_g_ohl_egZ\_jgydZdlhlhk\_ekq_luWlZ
bklhjbybog_dZkZeZkv
J_klhjZg[ueijbylguckfZe_gvdbfbaZgZ\_kdZfb\de_lhqdmbk[j_lhgkdbfblZj_edZfbgZkl_gZo
FZeuraZdZaZemebldbkijhkb\;wf[bg_^hjh]hebwlhbihqlbh^bg\uibeihe[mluedbdjZkgh]h
\bgZba;Zg^heyqlh\^_iZjlZf_gl_ZjHgg_mf_eiblvZlZddZdkebrdhffgh]h]h\hjbebihqlb
gbq_]hg__e\dhgp_ljZi_au[uea^hjh\h\ha[m`^_g
Hgdmjbekb]Zj_lu;wf[bs_dbjZkdjZkg_ebkvwlh_fmhq_gvreh:]eZaZklZebkh\k_fgmkh\k_f
fZe_gvdb_HgZihij_`g_fmg_agZeZqlhkgbf^_eZlv
Hgbkgh\Zihreb\klhjhgmmebpu;Zd;wf[bdmibeZ\eZ\d_kb]Zj_lu@blZg _chgbg_
gjZ\bebkvghFZeuraZy\beqlhij_^ihqblZ_lboZf_jbdZgkdbf\fHgm`_kh[jZeky[uehaZdmjblv
dZd\^jm]kdZaZeGZ^hdh_qlhijh\_jblvmf_gyihy\beZkvb^_yB[jhkbe__ijyfhgZ[mev\Zj_
K_g@_jf_gi_j_[_`Z\mebpmqmlvebg_ih^dhe_kZfbZ\lhfZrbgDjbdgmekijhlb\hiheh`ghc
klhjhguqlh\_jg_lkyd\_q_jmbaZ[_j_lq_fh^ZgHgbkfhlj_eb^jm]gZ^jm]Zba^Ze_dZ;wf[b
ih^mfZeZHggZ\_jgydZgZl\hjbl_s_fgh]h]emihkl_cghjZam`y\\yaZeZkvijb^_lky
ijh^he`Zlvg_fh]m`_ylZdhlimklblv_]h
Hgm[_`Ze
GZ_j=ZeZgih^klZlm_c=_gjboZ,9;wf[bhklZgh\beZkvb^hklZeZbadZjfZgZdhgn_ldmWlh[ueZ
�Zi_evkbgh\ZydZjZf_evdZ\h_\ex[e_gguop_eh\Zebkvklhymj_r_ldbkZ^ZgZ[_j_]mj_db
Ijhc^y\^hevK_gu^hLxbevjbhgZgZc^_lmebpm;ZdQlh[ug_kebrdhf\kihfbgZlvijhr_^rbc
^_gvjZa^_g_lky\l_fghl_bgZdju\rbkvih^mrdhcihklZjZ_lkyihkdhj__mkgmlv
�HgZkgh\Z\b^_eZZgb_eygZklmi_gvdZo\Z]hgZ^\ZbebljbqZkZgZaZ^Ihq_fmhg[hevr_g_[ue
ihoh`gZlh]hdj_lbgZdhlhjh]hhgZ\klj_lbeZ\i_j\uc\_q_j\wlhf`_\Z]hg_"Ihq_fm\k_lZd
[ukljhf_gy_lkyqlh\ukZfbk_[yg_magZ_l_"
Hgihy\bekyaZiylvfbgml^hhloh^Zih_a^Z;_`ZeihieZlnhjf_kq_fh^Zghf\h^ghcjmd_k
ieZshf\^jm]hcGZbafmq_gghfihklZj_\r_fhlmklZehklbebp_]eZaZdZaZebkv_s_[hevr_b
q_jg__
Mg__o\Zlbehfm`_kl\ZihdZhgZ`^ZeZdmiblv_fm[be_l\_q_jgxx]Za_lmiZd_ldhgn_lmagZlv
_klveb\ih_a^_\Z]hgj_klhjZgZdh]^ZhghdZaZekyi_j_^g_co\Zlbehkbeg_iulZlvkym^_j`Zlv
_]h
LumreZbadhglhju"
�Z
LukiylbeZ
Gmbqlh"
Ykoh`mkmfZhll_[y
HgZih`Ze_eZqlhkdZaZeZwlhWlh[uehih^ehhgZk^_eZeZ_fm[hevghHgg_aZohl_e[jZlv
dhgn_lu
Qlh"
k_Hgb\_jhylghm[vxl_s_dh]hlhDZ`_lkyyihgye
Dh]hm[vxl"
G_agZxGZ^h\_jgmlvkybih]h\hjblvkiZihcHgagZlhd\wlbo^_eZoDg_fmijboh^ylh[_^Zlv
ij_n_dluihebpbbMgZkg_[m^_lg_ijbylghkl_c
Hgihp_eh\Ze__g_`ghdZd\lmghqv
Mg__gZ\_jgh_[ueb^bhlkdbc\b^kdmevdhfdhgn_l\jmd_dhlhju_lhlg_ohl_e[jZlvHgZ
ijb]hlh\beZnjZaudhlhju_^he`gZkdZaZlv_fmihlhfmqlhijhk_[yijh`beZkp_gm_]hhlt_a^Z
m`_klhjZadhgp_dhgph\hgbgbq_]hg_kdZaZeb^jm]^jm]mu]ey^_ehgmklZeuf[_kihdhbekyaZ
g__aZk_[yb^mfZelhevdhhlhcbklhjbbWlh\_^v[uekh\k_f_s_fZevqbrdZLZdb_kfhljylgZ
\Zk^mfZyijbwlhfh^jm]hfZihlhf\ih_a^_\kihfbgZxlg_aZ[uebebihp_eh\Zlvb[u\Zxl
hq_gvg_kqZklgu
ihke_^gxxfbgmlmaZf_lb\qlhih_a^hloh^blhggZdhg_pm\b^_egZijhieu\Zxs_cfbfh
ieZlnhjf___;wf[b\kbg_fiZevlhdZ`_lkyg_ijbq_kZggmxdZ`_lkyg_djZkb\mxkiZd_lhf
dhgn_l\h^ghcjmd_b^\mfylukyqZfbdhlhju_hgZ_fmijhly]b\ZeZ\^jm]hcB\k_qlhhg
gZr_eky_ckdZaZlv[ueh
Q_jl\havfbg_[jhkZcf_gyh^gh]h
Wlhg_yl_[y[jhkZx
HgZ[_`ZeZihi_jjhgmHg\aye^_gv]bbfZoZebfbdZdieZldhf
Ml_[ylhqlhgb[m^vhklZehkv"
?cdZaZehkvqlhhgZkoh^blkmfZdh]^Z\hllZd[_`ZeZihi_jjhgmh`b^ZyqlhhgkdZ`_ldZdb_lh
keh\Zg_\Z`ghdZdb_qlh[uhgZaZl_f\kihfbgZeZ_]hbfh]eZdZdlh`blv:hgebrvih\lhjye
Y\k_\_jgm
dhgp_dhgph\hgZdjbdgmeZihlhfmqlh\Z]hguih[_`Zeb[uklj__Zhgih\bkgZihjmqg_^\_jpu
lZdg_eh\dhqlhfh]khj\ZlvkyZwlhm`[ueh[u\h\k_g_kijZ\_^eb\h
�Zgb_ev
YhklZ\be\dhfgZl_aZibkdmLZf\k_ijZ\^Z
Hglh`_ijhdjbqZeGm\hlb\k_L_i_jv\b^gu[ueblhevdh^\_dmixjuihlukyq_njZgdh\
�dZaZ\rb_kyba^Ze_dZieZldhfIhlhdex^_cklZeih^lZedb\Zlv__d\uoh^mh`^vij_djZlbekyLZd
hgZhdZaZeZkvi_j_^]eZ\gufih^t_a^hf\hdaZeZkhsms_gb_fihp_emygZ]m[ZokZi_evkbgh\hc
dZjZf_evdhc\hjlmkimklhckibq_qghcdhjh[dhc\jmd_dhlhjmx[jhkbeZgZdjZcljhlmZjZ
&#xk;&#xm[;&#x[h;&#xlm;&#x;&#x_q;&#x_j;&#xhf;&#xK;&#xZg;&#x^j; g;&#xZ;&#xij; r;Z;&#xq;&#xZk;&#xZf;
&#xr;&#x_k;&#xlb;&#x_;&#xq_;&#xjZ;&#x;&#xHg;&#x`^;&#xZe;�km[[hlm\_q_jhfKZg^jbgZijbreZqZkZfdr_klb\_q_jZHgb`^ZebZgb_ey\f_kl_
jZa]h\Zjb\Zebhdhglhj_:\bgvhg_GZgl_KZg^jbgZlh`_[ueZ[_ehdmjZygh[he__om^ZyHgZ
��]h\hjbeZqlh;wf[blZdZy`_iheg_gvdZydZdZgbJh[_gQlhfheihoh`ZgZZgbJh[_ggh
�fheh`_KZg^jbgZkqblZeZqlhZgbJh[_gij_e_klv
dhgp_dhgph\mklZ\_]h`^ZlvhgbgZibkZebaZibkdmbhklZ\b\__gZ^\_jb\f_kl_hlijZ\bebkvd
KZg^jbg_
?_dhfgZlZ[ueZih[hevr_LZf[uefZe_gvdbcdhjb^hjqbdgZklhysZydmohgvdZKZg^jbgZgZdjueZ
gZljhbogZ^_ykvqlhijb^_lFZeurIjb]hlh\beZdhle_lu\kmoZjyobjhkl[bnk]hjhrdhf
Hgwlhex[bl"
FZeurijbr_eqZkZfd^_kylbdh]^Zhgbdhgqbebm`bgZlvHg\blZe\h[eZdZoihp_eh\Zeh[_bo\
s_qdmdZd^_eZxl[eZ]h\hkiblZggu_^_lbijb^y\]hklb
Ihqlbgbq_]hg__ebijhbag_kg_[hevr_^\mokeh\Iha`_ijbagZeky;wf[bqlh\j_klhjZgqbd_
[ebahklhqgh]h\hdaZeZkt_e[bnrl_dk
Ml_[y_klv^_gv]b"
Mljhfdh]^Z\u[ueb\^mr_y\ayem\ZklukyqmnjZgdh\
HgZg_gZreZkvqlhkdZaZlvihdZhgbreb^hmebpu;Zd^\_jyo^hfZhgihijhkbeba[_]Zy__
\a]ey^Zg_k_j^blvkygZg_]hhgg_agZ_ldZd[ulvBlhevdhih\lhjyeDZdhcm`Zk
Qlhm`Zkgh"GZibkZlviZi_bfZf_bihijhkblvijhs_gby"IhkemrZclu[_ahl\_lkl\_gguclbi
;wf[bihgjZ\behkvwlhkeh\hHgZqm\kl\h\ZeZk_[y\ajhkehcihdjh\bl_evgbp_cHgZgbdZdg_fh]eZ
ih\_jblvqlhm`_lZdZy\ajhkeZbfm^jZy
;uehqZkh\\_q_jZ^hf_\k_[uehlbohebrv`mjqZeZ\h^Z\ljm[Zohlhie_gby;wf[bkgyeZk
ihkl_eblxnyd\ayeZijhklugbjZa^_ebeZh^_yeZh^ghiheh`beZgZlxnyd^jm]h_gZfZljZkHgZ
g_kfhlj_eZgZg_]hHgg_kfhlj_egZg__:lZddZd[ue_^bgkl\_ggufkughfb_s_[he__
p_ehfm^j_ggufq_ffZe_gvdbck_fbgZjbkllhihr_ejZa^_\ZlvkyaZaZgZ\_kdm^mrZ
&#x_j;&#xgm;&#xek;&#xy;&#x;&#xih;h;&#xkZ;&#xlh; ;&#xib;&#x`Z;_;&#xk;&#x[;&#xmd;&#xZf;�&#x_j;&#xgm;&#xek;&#xy;&#x;&#xih;h;&#xkZ;&#xlh; ;&#xib;&#x`Z;_;&#xk;&#x[;&#xmd;&#xZf;�_jgmeky\ihehkZlhcib`Zf_k[md\ZfbDgZdZjfZg_ Zgb_evDjZ\_jh\f`_klbdmebjmyb
ih]ey^u\ZygZ;wf[baZbkdb\Zxsbfbg_^h\_jqb\uf\a]ey^hfHgZ[ueZ\[_ehcdhf[bgZpbb
[hkbdhfblmlaZf_lbeZqlh[_almn_evgZ\ukhdbodZ[emdZogb`__]hjhklhf
Hg\ulygmekygZlxnyd_\^jm]hfm]emdhfgZluih^eh`b\jmdmih^]heh\mb\a^uoZy;wf[b
ih]ZkbeZk\_lqlh[ugZ^_lvghqgmxkhjhqdmHgZqm\kl\h\ZeZk_[ykl_kg_gghcghkdhj__hl
jZa^jZ`_gbyq_fhlg_eh\dhklb
l_fghl_dh]^ZhgZm`_e_]eZhgkdZaZeqlhm`ZkgZbklhjby\ih_a^_Zg__]hkh[kl\_ggZy?keb
[uhgZg_k_j^beZkvgZg_]hbaaZlukyqbnjZgdh\dhlhju_hg_c\k_jZ\gh\_jg_lhg[uihdZaZe_c
]Za_lm
HgZaZ`]eZk\_lbijhqblZeZ]Za_lm
Hgbb\ZkgZc^ml
;hf[Z;hf[ZlZdbonZfbebcfgh]h
k_dm^ZkljZrg__q_f\u^mfZ_l_
Dh]^Z^g_fihke_h[_^Zhgmr_ehlg__lh^mfZeqlhihebp_ckdbcZj_klh\Zem[bcpm\dmi_L_i_jv
`_\_q_jhfhgagZ_lqlhwlhg_lZd
Dlh`_m[bcpZ"
;hevghcq_eh\_dAgZ_rvqlhybkiulZedh]^Zh[wlhfih^mfZeY[uem\_j_gfh`_lih^
\ha^_ckl\b_f\bgZghbf_gghlZdG_ihgylghlhevdhdZdbihq_fmlZfhdZaZekyihebp_ckdbcghy
kgZqZeZj_rbeqlhhgZj_klh\Zelh]h\dmi_L_i_jvym`gbq_]hg_ihgbfZx
Gmb]emih
Dh]^ZFZeurgZoh^bekyjy^hfkZfZy[hevrZy]emihklvklZgh\beZkvihoh`_cgZijZ\^m
Fuijh]h\hjbebp_eucqZk\kihfbgZeZ;wf[brZ]Zyihmebp_;ZdHg_e[bnrl_dkh`b^Zy
DZ[mjZhgklb[jbemf_gylukyqmnjZgdh\ih^mfZehIjh`bgbiha\hgbe\Ijh`bg
\uke_^beDZ[mjZdhlhjucih\a^hjbek[jxg_ldhcHg[ueobl_jb[_klhedh\BaZkgmegZ
ihemkeh\_GZlxnyd_gZihemMljhfhghohlghihfh]Ze_caZijZ\blvihkl_evWlh[ueh\q_jZ\
Dm^Z\uk_]h^gy"
HgZgZ^_eZq_jgh_ieZlv_dhlhjh_hq_gv_creh
Gbdm^ZM[_jmdhfgZlmbihklbjZx:lugZibr_rvjh^bl_eyf
HgZm`_ij_^klZ\eyeZk_[_dZdhgbh[ZFZeurb;wf[blbohihaZ[u\bklhjbxhdhlhjhc[hevr_
gbdh]^Zg_mkeurZlaZgyludZ`^uck\hbf^_ehfhgibr_libkvfhhgZih^rb\Z_laZgZ\_kdb
dmie_ggu_gZdZgmg_ihlhfljh]Zl_evghijhsZxlkyHg[m^_lihkueZlv_cgh\h]h^gb_
iha^jZ\e_gbybwlh\hkdj_k_gv_klZg_l^Ze_dbfZ\kdhj_b\h\k_aZ[m^_lky
Gh\k_kemqbehkvbgZq_HgZg_klZeZih^rb\ZlvaZgZ\_kdbHgg_k_eibkZlvibkvfhHgaZklZ\be__
i_j_kZ`b\ZlvkybalZdkb\lZdkbhlgZ[_j_`ghcHjn_\j^hLjhdZ^_jhhlDebrb^h[_]h\\
_gk_gg_hkms_kl\eyyg_dbcaZfuk_ebjZau]ju\Zybak_[y^_l_dlb\Z\k\h_ffylhfl\b^h\hf
dhklxf_
;wf[bmljhfmki_eZ\uklbjZlv_]h[_ev_Dh]^Zhgb\_jgmebkvhgh[uehkmobf^\_jm[Zrdb
fZcdZb__kh[kl\_ggu_ljmkbdbkdjm`_\Zfb\k_wlh\bk_ehjy^hfG_ly[hevr_g_kfh]m`blv
\wlhcdhfgZl_
ihe^_gvdh]^Zhgbrebihke_^Zf[jxg_lZ lZf[ueb[jxg_lb[ehg^bgbgki_dlhjdhlhjuc
\u]ey^_eg_klZjr_FZeurZ\flhhdZaZebkvijb`Zlu^jm]d^jm]mgZe_klgbp_^hfZgZmebp_
��xi_jj_g_kf_yihr_\_eblvkyJhlZgb_ey[uelZd[ebadhqlh\dhgp_dhgph\;wf[bg_fh]eZ
m`_gbhq_f[hevr_^mfZlvk\h_c`bagbhgZp_eh\ZeZkvlhevdhk^\mfyfZevqbdZfbkdma_ghf
dh]^Z_c[uehljbgZ^pZlve_lqlh[u\uykgblvqlhijbwlhfqm\kl\m_rvbklh\Zjbs_fihdmjkZf
�gZ\_q_jbgd_mih^jm]bihlhfmqlhg_fgh]h\uibeZZhg[uegZklhcqb\Zgb_ey`_l_jaZeb^jm]b_
aZ[hludh]^Zhgklhyeijb`Z\rbkvdg_caZdbgm\gZaZ^jmdmLh]^ZlhhgjZahj\Ze_c\lhjmxiZjm
qmehd
_q_jhfihke_[_kdhg_qguoih_a^hdihIZjb`mhgbhdZaZebkvgZgZ[_j_`ghcaZdZaZebm`bg\
rmfghfj_klhjZg_b;wf[bjZkkdZau\ZeZ_fmijh:\bgvhgHgZ[hevr_g_ohl_eZkeurZlvh[wlhc
&#xha;&#xj;&#xZs;&#xZy;&#xkv;&#x;&#xay;&#xeZ;�bklhjbbha\jZsZykv\ayeZZgb_eyaZjmdmblZdrebhgb^hmebpu;Zd
Fg_`Zevqlhyihj\Ze\ZrbqmedbkdZaZehg
Hgg_hl\_jgmekyihdZhgZbokgbfZeZHgZkZfZg_ihgbfZeZqlhkg_cijhbkoh^blbkiulu\Z_leb
�hgZmklZehklvbeb`_eZgb_kgh\Zihqm\kl\h\Zlv[ebahklv_]h]m[he]mxfbgmlmhgbkfhlj_eb^jm]
gZ^jm]Zgbq_]hg_]h\hjyHgZ^_j`ZeZ\jmdZoqmedbkb^yk]heufbgh]Zfb\q_jghfieZlv_hg
klhye\ieZs_AZl_fhgZkdZaZeZdZdmxlh]emihklvhdhlhjhckjZam`_ih`Ze_eZqlhlh\jh^_
ihq_fmlugZf_gylZdkfhljbrv"
Hgg_hl\_lbebkijhkbefh`_leb\k_`_hklZlvkyHgZohl_eZkijhkblvihq_fm\k_`_"Ghg_
kijhkbeZ
Hg^he]hfheqZkb^_egZihkl_eb\ieZs_ihdZhgZkZfZkkh[hcaZdexqZeZ^h]h\hj?keb_fmb
fg_km`^_ghaZ\ljZhdZaZlvky\lxjvf_mfZfu[m^_l_s_[hevr_hkgh\ZgbcmiZklv\h[fhjhdY
ihp_emx_]hZlZf[m^vqlh[m^_l
HgZgZdehgbeZkvgZ^gbf[hkhgh]Zy\k\h_fq_jghfieZlv_bg_`ghihp_eh\ZeZ\]m[uih\lhjyy
ijhk_[yL_fom`_l_fom`_l_fom`_
Hgg_k^_eZelh]hq_]hhgZh`b^ZeZHglhevdhhq_gv[ukljhgZdehgbe]heh\mh[gye__gh]bb
hklZeky\lZdhfiheh`_gbbijb`Z\rbkvebphfd__ieZlvxg_ih^\b`gucfheqZeb\ucfZevqbd
khk_^g_f[Zj_qlh[uihg_cgZclbmebpm;ZdFhjdh\dZ[ueZdjZkgZydZdb^jm]b_^_lZeb\u\_kdb
gZnhg_djZkguoh]g_cZ\lhfh[be_cGZe_klgbp_\lhjh]hwlZ`Z_cijbrehkvkgh\ZaZ`_qvk\_l
F_^e_gghblbohih^gbfZykvihe_klgbp_hgZ\kihfbgZeZfheqZeb\ucg_ih^\b`gucfZevqbd
Lhevdhkimklyg_dhlhjh_\j_fyg_ih^gbfZy]heh\uhg\kdbgmejmdb[hevrb_jmdbgZdhlhju_
hgZh[jZlbeZ\gbfZgb__s_qZkgZaZ^\j_klhjZg_m`_lh]^Z[m^lhagZyqlhijhbahc^_l^Zevr_
Lj_lvxiZjmqmehdhgjZahj\ZegZ^jm]h_mljhk_]h^gymljhfaZ\Zeb\__gZihkl_evdh]^ZhgZ
[ueZm`_gZiheh\bgmh^_lZB\ujm]Zekyijhklhg_km^v[ZHgZ`_ijbl\hjbeZkvqlhk_j^blky
qlh[uhg[ueg_`_gdZdghqvxihlhfmqlhmljhf\k_\u]ey^_ehbgZq_ihlhfmqlh_c[uehg_e_]dh
magZlvk_[yb_]hG_lghqvg_[ueZkghf
IylucwlZ`_s_h^bgK\_ldZdbhlhie_gb_[uey\ghih\j_`^_gIhrZjb\\l_fghl_hgZ
ijhlygmeZjmdmddghid_hk\_s_gbyqlh[u\dexqblvk\_lYbkdZeZ\l_fghl__]h]m[uylZdbg_
��mkgmeZ\_]hh[tylbyo\kxghqvfhcZgb_evfhcZgbex[h\vfhyl_fom`_^eyfZful_fom`_
^eyf_gyZ\hlbk\_l
Qlh`_hglZdh_ihgye"Hq_fg_kdZaZegZ\hdaZevghfi_jjhg_"ihe^_gvhgZ\ayeZlZdkbqlh[u
ihkdhj__\_jgmlvkybadhglhjug_fgh]hivygZyihke_[_kkhgghcghqbbrmfZibrmsbofZrbghd
]m[umg__[ueblZdb_himorb_qlh_c\k_\j_fydZaZehkvIhfh_fmebpm\k_^he`gu^h]Z^Zlvky
qlhkemqbehkvghqvxHgZgZreZ_]h\j_klhjZg_k[j_lhgkdbfblZj_edZfbdm^Zh[ZaZoh^beb\
i_j\uc^_gv;uehiheghgZjh^mhgbkfhlj_ebfheqZ^jm]gZ^jm]Zg_\kbeZoijhbag_klbgbkeh\Z
HglZdbg_jZkkdZaZehk\h_chohl_\IZjb`_
;wf[bih^gyeZkvgZ\_jogbcwlZ`aZgbfZ_fuckem`Zsbfbih\lhjyyqlhey`_lkiZlv\l_fghl_
ijhqblZx_]haZibkdmaZ\ljZg_ohqm__qblZlvg_lohqmihe^_gv\k_[uehm`Zkghfug_
agZebhq_f]h\hjblvYohl_eZkdhj__ih_klvqlh[u_s_g_gZ^he]h\_jgmlvky\k\hxdhfgZlmHg
ihgyeIjb`Z\rbkvd_]hs_d_y]h\hjbeZ]emihklbHgjZa^_ef_gy[uelZdbf`_g_`gufdZd
�ghqvx=hkih^bwlhijZ\^ZHg\_jgmekyZgb_evkgh\Zlml
HgZm\b^_eZk\_lih^^\_jvx?cihdZaZehkvqlhhgZhrb[Z_lkyG_lwlh[ueZ__^\_jvHgi_j_k_e
gZ^jm]hcih_a^hg[uea^_kv
HgZfbgh\ZeZiehsZ^dm\l_fghl_ihlhfmqlhk\_l\udexqbekykgh\Zdjm]hf[uehl_fghlhevdh
ihehkdZk\_lZbaih^^\_jbbbaaZfhqghckd\Z`bguG_l[ulvlh]hg_fh`_l_fmg_]^_[uehkhclb
kih_a^Zqlh[ui_j_k_klvgZ^jm]hcgh\k_jZ\ghdlhlh`^_lf_gyHgZlhedgmeZ^\_jvbkjZam
\hreZ
J_\hev\_jguc\uklj_ehklZ\behkljucl_jidbcaZiZoKZg^jbgZe_`ZeZijb\Zeb\rbkvdihkl_ebkh
kljZgghih^\_jgmlufbkeh\gh\Zlgufbgh]ZfbGZihem\ZeyekylZ[mj_lJmdZ__\ibeZkv\djZkguc
j_ikihdju\ZeZ
�GZghqghfklhebd_e_`ZehibkvfhhklZ\e_ggh_Zgb_e_febklhdkeh`_gguc\q_l\_jhZgZq_jghc
dh`Zghckmfhqd_;wf[bhljZ`Zekyhlk\_l\_jog_ceZfiudjm]ehc`_elhchke_ieyxs_yjdhc
Kimklyg_dhlhjh_\j_fyqZkZ^\Zbebljblhqghljm^gh[uehkdZaZlv;wf[bm`_gZoh^beZkv\
�dhfgZl_g_agZdhfh]hhl_eykhk\_lehcf_[_evxgZmebp_hdhehhfZbg\Zeb^h\;wf[bklhyeZ\
k\h_fkbg_fiZevlhh^gZijb`Z\rbkve[hfdkl_demihdhlhjhfmoe_klZe^h`^v
&#xi;&#xjZ;&#xh; ;&#xjm; _;&#xm;&#xg;&#x__;&#x[;&#xue;&#xZ; Z;&#x`Z;&#xlZ;
&#xZi; k; Z;�ijZ\hcjmd_mg__[ueZaZ`ZlZaZibkdZZgb_eyYex[exl_[ygZibkZggZyg_jZa[hjqb\uf
ihq_jdhfgZki_oijhklhdehqhd[mfZ]bdhlhjuchgZijb`bfZeZd]m[Zf
_ckmfhqdmg_^mfZlvhlhfm`Zk_dhlhjuc[uegZibkZggZebp_KZg^jbgug_^mfZlvhlhfqlhlZ
aZf_gbeZ__Wlhy^he`gZ[ueZe_`Zlvl_i_jvijb\Zeb\rbkvdihkl_ebAZ\ljZyihc^m\ihebpbx
Yex[exl_[yy`^mdh]^Zlu^h[_j_rvky^hGbppuqlh[ul_[_g_ijbqbgbebaeZy[hevr_gbh
q_fg_fh]m^mfZlvlhevdhhyex[exl_[ygbhq_f^jm]hf
KI:EVGH?F?KLH
W\_ebg;_jl@ZdebgEZ\_jlkmijm]Z=Zjh^b^\Z^pZlbk_fbe_ldjZkb\Zyohjhrhkeh`_ggZy
^ebggh\hehkZy[jxg_ldZjhklfhkh[u_ijbf_lukdjulgZye`b\ZymijyfZy\kiuevqb\Zyk
m`ZkhfjZkkfZljb\ZeZk\hbfb[hevrbfbkbgbfb]eZaZfbjhah\mxiZidmdhlhjmxFZee_kgyek
ih^hdhggbdZbijhlygme_cq_j_aklheIhke_m[bckl\Z^_\mrdbba:\bgvhgZdmjkljmiZ
ihgbabeky_s_gZlukyqnjZgdh\
Iylb\ZffZeh"
ukmfZkhrebuf_jadbclbi
HgZgZqZeZogudZlvh[o\Zlb\]heh\mdjZkb\ufbjmdZfbkb^y\kh\_jr_gghgh\hfrbdZjghf
lhevdhqmlvihghr_gghfaZfr_\hfiZevlh
u\k_\j_fye`_l_
G_lyg_e]m
ZflZdohq_lkyklZlvr_klhc"
Qlh\ZfkdZaZlv"Ygbq_]hg_agZx
&#xw;&#xlh;&#xdm;&#xi_;&#x[;&#xue;&#xh;&#xr_;&#xkl;&#xv;&#xq_;&#xeh;&#x_; ;&#xH;&#xkl;&#xZ_;&#xl_;&#xkv;&#xu;&#xh;&#x^g;&#xZ;�wlhfdmi_[uehr_klvq_eh\_dHklZ_l_kv\uh^gZjm]b_lh`_gbq_]hg_agZebBo
mgbqlh`bebihlhfmqlhhgbgbq_]hg_agZebGZwlhlkq_lfukh]eZkguk\ZfbLh]^ZkdZ`bl_lh
q_]h\ug_agZ_l_
HgZhljbpZl_evghfhlZeZ]heh\hcFZee_ihebklZejhah\mxiZidmb[jhkbe\dhjabgmjy^hfk
kh[hc
@_eZxm^ZqbkdZaZe=jZppbIjh^he`Zc
Hg\ur_ebaaZklheZkhsms_gb_flhrghluHlmklZehklbbebhlhl\jZs_gby
GmdZdhgZlZf"kijhkbeLZjdwg
�Q_j_aqZk^\ZjZkdhe_lkyhihem^gy
=jZppbk_e\dj_kehi_j_^klhehfiheh`b\gh]mgZgh]mkaZibkghcdgb`dhc\jmdZo
&#xm;&#xlj;&#x_g;&#xgb;&#xo;&#x]Z;&#xa_;&#xlZ;&#xo;&#xib;&#xkZ;ë&#xh;&#x[;&#xm[;¼&#xkl;&#xZ;&#xo; Z;&#x[m;&#xjZ;&#x;&#xWe; Z;&#xgu;�mlj_ggbo]Za_lZoibkZebh[m[bckl\ZoDZ[mjZWebZguZjj_kbJb\heZgbk\h_ffZ\lh[mk_
=jZppbaZf_lbeqlhiZkkZ`bjuh]ey^u\ZebkvgZa^Zgb_nbebZeZIjh`b\\dhlhjhfjZ[hlZe
DZ[mj
�Gh\hklbihklmiZxlkh\k_oklhjhg\Z^gygZaZ^\k_hgbfh]eb[ulvbkihevah\ZguGhl_i_jv
BlZdqlhl_[_klZehba\_klgh"
hi_j\uoIjh`bgkm[[hlmdlhlhiha\hgbegZdhffmlZlhjqlh[umagZlvZ^j_kDZ[mjZ
Fm`kdhc]hehkMl\_j`^Zeqlhy\ey_lkybodeb_glhfb]hlh\blkibkhd^eyhlijZ\db
jh`^_kl\_gkdboih^Zjdh\_jhylghbf_gghlZdbfh[jZahfhgbgZr_e[_^heZ]m
=jZppbhlf_qZe]ZehqdZfbhl\_lu\k\h_f[ehdghl_
AZl_fJb\heZgbMg_]h[ueb^he]b
Mf_gylh`_kdZaZeLZjdwg
�Zjjwkh\j_fyh[ukdZmg__\d\Zjlbj_h[gZjm`beb\uibkdbba[Zgdh\kdbokq_lh\ghg_kZfm
Gmbqlh"_jhylghdhgqbeZkvbhgZg_mki_eZihemqblvgh\mx:luqlh^mfZ_rv"
�hkZ^ghlhqlhy]^_lh\b^_ewlmdgb`dm
=^_`_"
Mg__^hfZdh]^Zih^h[jZe__kmfhqdm\ebnl_DZ`_lkyyiheh`beihlhfkmfhqdm]^_lh\
dhfgZl_
J_[ylZg_Hl^_eZhihagZgbcg_\i_j\u_qlhlhl_jyxlLmibpuHklZ_lkyiha\hgblv\[Zgd
A\hgbeb@ZgEmb]h\hjblqlhmg__gZkq_lmbeblukyqb\k_\ihjy^d_dZ`_lky
Lh]^ZhklZ\vf_gy\ihdh_kl\hbfb^hfukeZfbFulhevdhaZimlZ_fkyex[hfkemqZ_hg\
gZrbojmdZo
KimklyfbgmlqlhlhhdhehqZkh\iha\hgbebbaFZjk_eygbdZdboke_^h\Jh`_LjZfhgb\
Ijbfhjkdbo:eviZoHl_ev\dhlhjhf_`_]h^ghhklZgZ\eb\ZekyhnbpbZglgZoh^beky\Ix`_
L_gv_Ijhq_kZeb\k_iZgkbhgulZdh]hjh^Z\^_iZjlZf_gl_
Ijbf_luLjZfhgb[uebgZijZ\e_gu\hl^_e_gbyihebpbbkj_^g_]hjhklZe_l\hehku]mklu_
rZl_gIhfg_gbxLZjdwgZwlhlq_eh\_dbihemqbelukyqnjZgdh\gZmebp_DjmZ^_I_lbRZg
GbdZdboke_^h\gh\uodmixjkdZaZe=jZppbGhf_jZdmixj[uebkhh[s_gubfgZdZgmg_\
qZkh\
L_i_jvhgbm`_ba\_klgu\k_fdmixjihiylvkhlgh\uonjZgdh\
�Z`__kebgZfih^nZjlbljZgvr_q_fq_j_a^_gv^\Zhgbg_ihy\ylky\h[jZs_gbbWlhikbo
hafh`ghhgbg_klZg_lbof_gylvkdZaZeLZjdwg
Fu\ua\Zebba:\bgvhgZfZlvfZe_gvdhc;hf[Zqlh[uhgZijb_oZeZ^eyhihagZgby^hq_jb
dhglhj_]^_lZjZ[hlZeZkh\q_jZrg_]hmljZgbdlhg_ohq_lwlbfaZgbfZlvky?_ihqlbg_agZebD
lhfm`_wlhlih^e_plZdbam\_qbe__qlhbfZlvjh^gZyg_magZ_l
�Zevr_=jZppb
HgZm[_`ZeZbadhglhjuhdhehqZkh\dZdkmfZkr_^rZyg_ba\_klghihq_fmH[wlhcfZeurd_d
�g_kqZklvxfugbq_]hg_agZ_fGb^jma_cgbagZdhfuo\IZjb`_hdmf_glh\ijbg_cg_[uehdZd
bmDZ[mjZLhevdhnhlh]jZnbb\dhfgZl_?_h[gZjm`bebhdheh^_kylb\_q_jZ=Z[_jgZdhg_plh
gZiZegZ__ke_^ghhiha^ZefbgmlgZ?_m[beb\beb\_q_jZIhy\bkv@ZgEmiqmlv
jZgvr_bhgZ[uhklZeZkv`b\ZLZdkbklaZihfgbeiZevlh?fmdZ`_lky^_\mrdZ[ueZhq_gv
djZkb\ZLhlhl\_a__\f_kl_kiZjg_fgZmebpm;ZdHihke_^g_fgbq_]hg_ba\_klgh
Qlh_s_"
Gbq_]hGbq_]hkms_kl\_ggh]h[Zj_FZjk_eyohay_\Z]h\hjylqlhJh`_LjZfhgb[uebal_o
dlhm\e_dZ_lkyb]jhcg_mqZkl\my\g_cHgijbgbfZeklZ\dbgZ[_]Zobhlf_qZedlhkdhevdh
\ub]ju\Z_lAZibku\Zeghf_jZ\k_oijh^Zgguoehl_j_cguo[be_lh\Dh]^Zdlhgb[m^v\ub]ju\Ze
�^_kylvlukyqnjZgdh\]h\hjbeWlhyfh][u\ub]jZlv_gv]bmieuebmf_gybaih^ghkZ
=jZppbaZdjuedgb`_qdmaZf_lb\qlh^eywlh]h_klvhij_^_e_gb_
AgZxkdZaZeiZljhgFZahobaf
Mg_]hkZfh]h\wlhmljh[uehihfylh_ebphfZahobklZ=jZppb\klZekf_klZkdZaZeeZ^ghdh]^Z
_]h\havfmlhgkZfbfaZcf_lkyZlZddZdiZljhgg_kj_Z]bjh\Zekijhkbe
Qlh\Zk[_kihdhbli_q_gvbebqlh^jm]h_"
ImrdZkdZaZeLZjdwgDjZkhldZaZ^mr_ggZy\ih_a^_bibklhe_ldZeb[jZk
l_odlh_fmf_rZe"
qZkh\fbgmlhsms_gb_[ebadhcih[_^uijhgbdeh\dhjb^hjbdhfgZlubgki_dlhjh\Zq_j_a
\gmlj_ggbcl_e_nhg\dZ[bg_liZljhgZhliZljhgZd]eZ\ghfmgZqZevgbdmaZl_fdke_^h\Zl_ex
Nj_]ZjmWlh[uehlhj`_kl\h[_a\kie_kdh\[_a]jhfdh]hkf_oZ[_a]jm[uormlhdihlhfmqlh
\kdhj_aZg_kdhevdhfbgml^h^\_gZ^pZlbhlhilbfbafZg_hklZehkvbke_^Zebrvh^gZ]hj_qvh
dhlhjhcdZ`^ucij_^ihq_e[uaZ[ulvKlhqdbaj_gbyLZjdwgZdhlhjuceh]bq_kdbfukey\k_]^Z
iheZ]Zeqlhex[h_^_ehh[m[bckl\_\dexqZ_lm[bcpm`_jl\mbk\b^_l_e_c\hh[s_g_hklZehkv
gbdZdhcgZ^_`^u
qZkh\fbgmldhgljhe_jukFZjk_evpZ\kihfgbebq_eh\_dZihoh`_]hgZJh`_LjZfhgbHg
klhye\ijhoh^_ih_a^Z
dZkkbjukmebpuDjmZ^_I_lbRZgijbagZebihnhlh]jZnbbq_eh\_dZdhlhjucij_^ty\be
\ub]jurgu_[be_ludhieZl_hnbpbZglZba[ZjZAgZqblwlh[uehgBgZoh^beky\IZjb`_L_i_jv
hklZ\ZehkvebrvbkdZlv_]hihhl_eyfijh\_klbh[uqgmxijh\_jdm^hdmf_glh\
Hgg_fh]m_oZlvbaIZjb`Z\q_jZ^hbebqZkh\\_q_jZbaaZfZeurdbGh\_^vmgZk_klv
_s_=Zjh^bHgZgZ\_jgydZbf__l^eyg_]hlZdh_`_agZq_gb_dZdbhklZevgu_HgaZohq_lm[blvb__
lh`_AgZqblhg_s_a^_kv
LZdh_`_\i_qZle_gb_[uehm\k_odjhf_[ulvfh`_lLZjdwgZdhlhjuc^mfZehibklhe_l_bm
@ZgEmiZdhlhjuc[ueaZgylebrvk\h_c]heh\hehfdhc\dhlhjucjZajZkk_yggh^hijZrb\Zy`_gm
we_dljhgsbdZ
qZkh\fbgmliha\hgbebbaZ^fbgbkljZpbbgZbiih^jhf_Q_lujgZ^pZlvdmixjh[gZjm`_gu\
dZkkZo_gk_ggZihke_\hkdj_kguoaZ_a^h\
Wlhlikbok_[_gZmf_kdZaZeLZjdwgHgfh][uh[f_gylv^_gv]b\fZ]ZabgZoghlh]^ZgZ
g_]hh[jZlbeb[u\gbfZgb_Jbkd[ulvko\Zq_gguf\hajhk[u\q_lujgZ^pZlvjZa:\hlkdZqdb
wlhijhj\ZHg`Z^_gbk^_eZeq_lujgZ^pZlvklZ\hdihnjZgdh\h\j_fy^g_\guoaZ_a^h\
�hldjulu^_kyldbdZkkLZdqlhgZ^hebrvi_j_oh^blvbah^ghc\^jm]mxZbgZjh^mklhevdhqlh
gbdlhg_h[jZlbl\gbfZgby
DklZlbdZkkbjukh\k_fg_ihfgbeblZdh]hq_eh\_dZFZee_ihr_e_kl_ekibkdhfghf_jh\gh\uo
dmixjb[jhkbe_]h\dhjabgmiZljhgZ
wlhlfhf_gl\dZ[bg_l\hr_eIZj^b^_j`Z\jmdZo^m[e_gdmEbph_]h[uehfjZqgufb
[_kkljZklgufg_kdhevdh[he__q_fh[uqgh;uehqZkh\fbgml
YgZr_e_]hkdZaZehg
LjZfhgb"
�Z
=^_"
K_g_?]h\ueh\beb\q_jZ\_q_jhfHgihiZed;mZehdZdbDZ[mj;mZeh]h\hjblqlhhgkulih
]hjehbk[blklhedm
Meu[dZaZklueZ\m]hedZo]m[=jZppbKljZggh_^_ehghhgqm\kl\h\ZedZdwlZmeu[dZgZqZeZ
bkq_aZlvbkiZjylvkyij_\jZlb\rbkv\]emimxg_fgh]hdbkemx]jbfZkm
Luqlhk^mj_ebebdZd"kijhkbeiZljhgIZj^b
�Gbkdhevdhhl\_lbeLbghJhkkbYkZf_]h\b^_egZklhe_iZlheh]hZgZlhfZujdZ\]heh\_
Dh]^Z"aZhjZeLZjdwg
G_djbqbl_Fuihmrb\^_jvf_wlhykghKf_jlvgZklmibeZ\km[[hlm\i_j\hciheh\bg_^gy
K_g_ijh[uek\_q_jZlh]h`_^gyIhiZelm^ZmgZ[_j_`ghcJZi_Dh]^Z\kieue_]haZf_lbeZ
^_\hqdZ
dh]^ZLZjdwgaZ`_]kb]Zj_lmmk_\rbkv\dj_ke_dZd[hdk_jihemqb\rbcm`_^hklZlhqgh_
qbkehm^Zjh\ih]heh\_dh]^Z=jZppb\_jbe_s_\\hafh`ghklvhrb[dbb\kh\iZ^_gb_\kihfbgZy
rmldbIZj^b[h]agZ_lhq_f\hr_e:eemZch\khijh\h`^_gbb=Z[_jZlhlkg_baf_gghc
]heh\hehfdhc\jmdZo
HgZjZkdheheZkvBa\bgbl_iZljhgylhevdhih^gyejmdm^eyhie_mobDeygmkvyg_ljhgme__
LZjdwg^Z`_kjZamg_ihgyehdhfj_qv
=Zjh^bihgylgh"kijhkbe:eemZch?_g_[ueh\ih_a^_
QlhlZdh_"
LZd\hlF_klh[uehdmie_ghghhgZbfg_\hkihevah\ZeZkvM_oZeZhdZau\Z_lky^g_\guf
�gZdZgmg_=jyagZybklhjbyhklZlhqghihkfhlj_lvgZg__b\k_klZgh\blkyykgh?_fm`\iylgbpm
brZqbef_klhlh]hqlh[uk_klv\\_q_jgbchgZih_oZeZ^g_\gufqlh[u\klj_lblvky\IZjb`_k
h^gbflbihflh`_we_dljhgsbdhfMf_gy_klvZ^j_kHgZijh\_eZkgbfghqv\hl_e_]^_lhl
`b\_lgZmebp_=_cExkkZdkm[[hlmmljhfhghl\_a__gZ\hdaZeHgZdmibeZi_jjhgguc[be_lb
\ureZ\f_kl_kiZkkZ`bjZfbbaFZjk_evpZk\_`ZydZdjhaZjZkp_eh\Z\rbkvkhk\_djh\vx
dhlhjZy\klj_qZeZ__
LbrbgZdhlhjZyihke_^h\ZeZaZ_]hjZkkdZahfg_fgh]hkfmlbeZ:eemZchbhgijh^he`Zem`_[he__
\yeuflhghf
HgZg_fh]eZkjZamijbagZlvkyqlh__g_[ueh\ih_a^_ihgbfZ_l_"=h\hjblqlhihemqbehkv\k_
hq_gv]emihqlhl_i_jv\k_hldjh_lkyb`bagv__ijhiZeZ=h\hjblqlhyg_agZx__k\_djh\b
IeZq_l
Fh`_lluaZldg_rvky"
WlhkdZaZe=jZppbklhy\rbchdhehiZljhgZkdgb`_qdhc\jmdZog_kf_yihkfhlj_lv\g__g_kf_y
iheh`blv\dZjfZgg_kf_yijb\e_qvdk_[_\gbfZgb_dZdbfgb[m^v`_klhf
IZljhgihr_\_ebekykb]Zj_lZmg_]hih]ZkeZhgiheh`beeZ^hgvgZjmdm=jZppb^jm`_kdb
ihoehiZekdZaZeeZ^ghhgihc^_libkZlv^hg_k_gb_g_klhbli_j_`b\ZlvjZaijhfZogmebkvgbq_]h
g_ih^_eZ_rvk_jZ\ghfuk\_^_fkq_lukwlbfkmdbgufkughf
HklZ_lky\[eb`Zcrb_^gblZdoh^blvihdhjb^hjZfqlh[ugZgZkg_h[jZsZeb\gbfZgby
JZkke_^h\Zgb_fug_[jhkZ_fIjhklh[m^_fg_aZf_lguMgZk[ueh^_ehkm[bcp_c`_jl\hcb
k\b^_l_eyfbG_hklZehkvgbk\b^_l_e_cgbm[bcpu:lZddZdm[blu_g_jZa]h\Zjb\Zxly[m^m
\_klbk_[ylhqghlZd`_FZevqbdbymoh`m
GZ^_\Zym^\_jbiZevlhLZjdwgkdZaZeqlh\_jg_lkyd^\mflh]^Zkh[_j_fhklZgdb
GZihjh]_klhyeihkuevgucklZjZykvdZdgb[m^vijb\e_qv\gbfZgb_=jZppbGhls_lghihlhfmqlh
=jZppbkfhlj_egZiZljhgZZiZljhggbgZdh]hg_kfhlj_e
=hkih^bg=jZppbZghkdZaZeihebp_ckdbc\aZe_h`b^Zgby\ZkkijZrb\Z_l^_\mrdZihbf_gb
;hf[ZHgZ]h\hjblqlh`_eZ_l\b^_lvlhevdh\Zk
=jZppb`_kemrZelhevdhiZljhgZdhlhjuc]h\hjbe?kebwlZ[_kklu^gbpZg_aZgbfZeZihedm
=jZppbfZrbgZevghhllhedgmeihebp_ckdh]hdhlhjuciulZekyh[jZlblvgZk_[y_]h\gbfZgb_b
fbgh\Z\=Z[_jZdhlhjucko\Zlbe_]haZjmdZ\ qlhwlhk=Z[_jhf"\faZibogme\dZjfZgg_gm`gmx
[hevr_aZibkgmxdgb`dm
Hgkfhlj_egZehkgys__kyebphiZljhgZgZ_]h`b\hl[_j_f_gghc`_gsbgugZ_]hfZe_gvdb_
[_]Zxsb_]eZaZ
B^mfZeIhq_fmk_]h^gyhgg_\uau\Z_lmf_gyg_ijbyagbihq_fmy^Z`_]hlh\ih\_jblvqlhhg
fg_^jm]"BkdZaZe
ihebp_ckdhfm
EZ^gheZ^ghb^myb^mdg_c
KI:EVGH?F?KLH
=jZppb"Wlh@mcKlh[hcohlyl]h\hjblvbaFZjk_ey
QlhlZflZdh_"
�Z\hlg_dlh
AZcfbkvbfYaZgyl^_\hqdhc
Hgohq_l]h\hjblvlhevdhklh[hc
I_j_dexqb_]hgZk_[yeZ^gh"
@hj`"@mcml_e_nhgZQlh]h\hjblq_eh\_dbaFZjk_ey"
=h\hjblqlh\u^_jvfhwlhkeurghhlq_leb\__\k_]hFg_dZ`_lkywlhfZevqbrdZ=h\hjblqlh
mg_]hg_l^_g_]^eyjZa]h\hjZOhq_lqlh[u=jZppb\ua\Ze_]hHg`^_l\[Zj_FZjk_ey=h\hjbl
=jZppbihcf_l\dZdhf
�Z\Zc_]hfg_
Hgih\_kbeljm[dm
@mc"Wlh=jZppbDlh\uau\ZebaFZjk_ey"
FZevqbdOhq_lqlh[uluk\yaZekykgbf=h\hjbllufheihcf_rv
GZa\Zek_[y"
?keb[uyklZeaZibku\Zlv\k_bf_gZ^_l_dlb\h\ex[bl_e_cdhlhju_a\hgylkkZfh]hmljZlhm
f_gybkibkZeZkv[ujmqdZ
�Z\gha\hgbe"
�_kylvfbgmlgZaZ^gmkq_l\_jlvqZkZ
Yk^_\hqdhc\dZ[bg_l_iZljhgZKh_^bgbkvklZ[Zqguf[Zjhfb^Z\Zc_]hfg_Ihlhfk\y`bkvk
ij_n_dlmjhcF_jk_eyqlh[u_]hg_mimklbebdh]^Zhgih\_kblljm[dmAZl_fjZausbIZj^bqlh[u
hgkdhj__gZr_eiZljhgZ
Luk_jv_agh"
�_eZcqlhl_[_kdZaZeb
&#xu;�uZgb_ev"
�Z\uf_gyohjhrhkeurbl_"
Qlh\u^_eZ_l_\FZjk_e_"
Wlhkebrdhf^he]hh[tykgylv=^_;wf[b"
Dlh"
FZ^_fmZa_ev;hf[Z;_g^`Zfbg;hf[ZYagZx]^_\ufh`_l___gZclb
uagZ_l_]^_hgZ"
HgZa^_kv
M\Zk"
Mf_gyI_j_klZgvl_hjZlvQlh\u^_eZ_l_\wlhf[Zj_"
Kebrdhf^he]hh[tykgylv
Mf_gyihegh\j_f_gb^mjbeZAZjZa]h\hjieZlbffuY^mfZe\u\_jgmebkv\Gbppm
uagZ_l_dlhy"
?keb[ug_agZeagZqbl[ue[u]emohcl_q_gb_ihqlbqZkZylhevdhbkeurmijh\Zrb
]emihklb
DZdhgZ"
Ij_djZkghKb^bli_j_^hfghcih^jm]mxklhjhgmklheZh[o\Zlb\]heh\mjmdZfbbaZeb\Z_l
ke_aZfbiZidbdhfbkkZjZL_i_jvkg_cgbq_]hg_kemqblkyL_i_jv\u^mjbeZ[_kihdhbl_f_gyLZd
\ukdZ`_l_qlh\u^_eZ_l_\FZjk_e_"
YlmlbaaZaZ[Zklh\db
DZdhclZdhcaZ[Zklh\db"
@_e_agh^hjh`gbdh\ij_^klZ\vl_k_[_
K_]h^gyqlhaZ^_gv"
lhjgbdZqlh"
Wlhyg_\Zf]h\hjxI_j_klZgvl_hjZlvEZ^ghaZ[Zklh\dZAgZqbllZdkihdhcghjZkkdZ`bl_
qlh\u^_eZ_l_\FZjk_e_;_adjbdZ
Yg_djbqmY\FZjk_e_bg_fh]mijh^he`Zlvk\hcimlvbaaZaZ[Zklh\db
Ih_a^gZdhlhjhf\um_oZeb\q_jZ\_q_jhfm`_iylvqZkh\dZdijb[ue\Gbppmuqlh
kf__l_kvgZ^hfghc"
�Yijb_oZe\FZjk_ev^jm]bfih_a^hfY\ur_ekgZqZeZ\b`hg_
Ihq_fm"
Zf\k_jZ\ghg_ihgylv
�Z[m^_l_eb\uq_jl\Zk\havfbhl\_qZlvgZfhb\hijhku"Lh]^Zihcf_l_\dmjk_ebyu
ohl_eb_oZlvh[jZlgh"
HgZih^mfZeZqlhywlhk^_eZx"
�ZhgZlZdih^mfZeZHgZlZdbih^mfZeZdh]^ZijbreZ^hfhcdhfgZl_[uek\_lLhevdh
`^Zeb__g_\uZ^_\qhgdZdhlhjZyijbg_keZ_ckmfhqdmbdhlhjmxhl[eZ]h^ZjbebaZwlhime_c\
q_j_iB]jZhdhgq_gZk_bf_gghlZdYkgh\Zf"
Hgb_s_dh]hlhm[beb"
FZeurdmKZg^jbgmIhq_fm\ukdZaZebhgb"
Ihlhfmqlhbo^\h_
Wlh\ubihgyeb\q_jZ\_q_jhfdh]^Zm\b^_ebk\hxih^jm`dmgZ\hdaZe_"
Lh]^Zy_s_gbq_]hg_ihgye
L_fg_f_g__\uihgyebqlhm[vxl_s_dh]hlhu`_lZdkdZaZeb
Wlhldlhlh[ueykZfYihgyeqlhhgbbsmlf_gy
uagZebdlh"
b\ulh`_
u^he`gh[ulvemqr_gZkbgnhjfbjh\ZguhlaZqlhy]hlh\\Zkm^mrblv^mjZd\uw^Zdbc
Ihq_fm\ukjZamg_ijbrebkdZaZlvqlh\uagZ_l_"
Yg_ohl_eg_ijbylghkl_cY\b^_ef_jl\mx`_gsbgmKimklyg_dhlhjh_\j_fy__h[gZjm`be_s_
dlhlhYg_ohl_eg_ijbylghkl_cWlhf_gyg_dZkZehkv
Y]h\hjxg_hkm[[hl_H\q_jZrg_f^g_dh]^Z\um`_agZeblhqlhgZf[uehg_ba\_klghZ\u
j_rbebihki_rgh\_jgmlvkydiZi_
Yg_agZeqlhhgbm[vxl_s_dh]hlhYagZelhevdhqlhhgbbsmlf_gyf_gyb\k_ih_a^_y
\k_h[^mfZeYj_rbeqlh_kebm_^mih^Zevr_hl;wf[b__g_ljhgmlGhihlhfihgyeqlh\k_jZ\gh
�hgb\havfmlkyaZ;wf[bbj_rbe\_jgmlvkyGh^hmljZ\b`hg_g_[uehih_a^ZgZIZjb`:mljhf
^he`gZ[ueZgZqZlvkyaZ[Zklh\dZLh]^Zyj_rbe_oZlv^hGbppumf_gy[ue[be_lyih^mfZeqlh
gZ^hih^dexqZlviZimHgZ^\hdZl
AgZxAgZqbl\uih_oZeb\GbppmAZq_f`_\ukhreb\FZjk_e_"
Ihlhfmqlhm\b^_e]Za_lugZi_jjhg_Lh]^Zlhy\k_bihgyeq_jZ\_q_jhfygbq_]hg_agZeh[
wlhcbklhjbbkehl_j_cguf[be_lhfbkghf_jZfbgh\uodmixjBh[m[bckl\Zo
uke_^bebaZDZ[mjhf\i_j\uc\_q_jug_agZebqlhhgm[bl"
�Zg_l`_Yke_^beaZDZ[mjhfaZl_faZihebpb_c\Zfbbwlbflbihf\dmjld_ZihlhfaZ
=jZg^_ghfG_ihgylgh"Yr_eihke_^Zflhh^gbolh^jm]boZwlhagZ_l_ihoh`_gZ^h]hgyedm
Qlhqlh"
�h]hgyedZAgZ_l__klvlZdZyb]jZ^h]hgyedZehrZ^db[_]Zxl^jm]aZ^jm]hfihfZg_`mY
[_`ZeaZh^gbfZlhlaZfghcDlhfm`_yhrb[Zekyijb^Z\Zylhfmq_fm[uek\b^_l_e_fkfuke
dhlhjuc_fmijb^Ze[u\kydbcIjhqblZ\]Za_luyihgyeqlh^h]hgyedZjZaeZ^beZkvqlhh^gZba
ehrZ^hdih[_`ZeZ\^jm]mxklhjhgmLh]^ZyhlijZ\beky\lZ[Zqguc[Zjqlh[um[_^blvkyg_
hrb[ZxkvebyBlmlmagZeqlh\ujZaukdb\Z_l_hnbpbZglZJh`_LjZfhgbAgZqbl\k_ijhbahreh
lZddZdyb^mfZe:ihkdhevdmLjZfhgbgZ\_jgydZf_jl\\uajyl_jy_l_\j_fy
WlhfuagZ_f
Hgf_jl\"
�ZKkm[[hlu?]hl_ehk[jhkbeb\K_gmIhq_fm\uke_^bebaZfghc"Ihq_fm\uke_^bebaZ
=jZg^_ghf"
=^_;wf[b"
Mf_gyy\ZfkdZaZeQ_jl\Zkih[_jb\u[m^_l_kemrZlv"
DlhlZf_s_k\Zfb"=^_\u"
Lh_klvdZdwlh]^_y"
Y^mfZx\hlhq_f?kebhghrb[ky\q_jZ\_q_jhfbm[beKZg^jbgm^mfZyqlhwlh;wf[blh
l_i_jvhggZ\_jgydZagZ_ldlhgZklhysZy;wf[b
DZdwlh"
=^_\u"
dZ[bg_l_dhfbkkZjZGZ[_j_`gZyHjn_\jHgZgbq_fg_jbkdm_l
G_agZxHg[_amf_g
Dlh"=jZg^_g"
IhkemrZcl_hdZygguc\ulbi
:eeh"
�Z
:eehuf_gykeurbl_"
�ZKemrZcFZeurFg_gZ^hih\_kblvljm[dmB\^\b]Zckykf_klZYi_j_a\hgxGbkf_klZ
Bgki_dlhj
�Z
uihgyeb"
�Z
Hga^_kv"
�Z
Hgf_gykeurbl"
�Z
FZee_"Qlhgh\h]h"
G_agZxqlhb^mfZlvBa[ZgdZkhh[sZxlqlhhgb\k_kdZaZebdh]^Zfubfa\hgbebmljhfih
ih\h^mq_dh\hcdgb`db
Gmbqlh"
�WebZgZZjjwk\uibkZeZgZijhrehcg_^_e_q_dgZfbeebhgh\IhkemrZc=jZppb
Dh]^Z[uebihemq_gu^_gv]b"
iylgbpm\qZkh\
GZqv_bfy"
JZobkZ:evnhgkZIjZ\ZgZfZrbgm\u^Zgu\^_iZjlZf_gl_K_gu?klvghf_jRmbih_oZe
ijh\_jblvHq_gvihoh`gZ=jZg^_gZLum\_j_gqlhfug_^_eZ_fhrb[db"
Gbq_]hyg_agZx
=jZppb"@mc]h\hjbl?^bgkl\_ggucJZobk:evnhgkihemqb\rbcijZ\ZgZ\h`^_gb_fZrbgu
mf_j^\Z]h^ZgZaZ^\lxjvf_Fhr_ggbq_kl\hbjZdi_q_gb
HlebqghHgfh]ihoblblvijZ\ZbadZdh]hgb[m^v^_eZbeb_s_]^_gb[m^vBkf_gbe
nhlh]jZnbx
IZljhg\dmjk_"
Hglhevdhqlhijb[ueNj_]Zjlh`_
HgbgZkijbdjhxl"
L_i_jv^Z
Bgki_dlhj=jZppbZgh"
IhkemrZcFZeurl_i_jvy[m^maZ^Z\Zlv\hijhkuBlu[m^_rvhl\_qZlvdZdfh`ghlhqg__
Ykgh"
DZd\u^h]Z^Zebkv"
Ygbhq_fg_^h]Z^ZekyLubkim]ZekyYaZ^Zek_[_\hijhkihq_fmlubkim]ZekyBih^mfZeh
j_\hev\_j_B_s_hijhiZ\r_cq_dh\hcdgb`d_Hlhfqlhfg_jZkkdZaZeZ;wf[bHlhfdZdf_gy
\k_\j_fyh[]hgyebL_i_jvihkemrZc\gbfZl_evghYkb`maZklhehfiZljhgZIZljhgkb^bllml`_
bkemrZ_lgZrjZa]h\hjJy^hf^\Zbgki_dlhjZdhlhju_kfhljylgZf_gydjm]eufb]eZaZfb
Yg_hrb[Zxkv
BlZdjZkkdZau\Zcqlhluk^_eZekhc^ykih_a^Zb\ay\q_fh^ZgLuhlijZ\beky\f_kl_k;wf[b
gZmebpm;ZdGZqbgZchlkx^Z
=^_hg"KdZ`bl_fg_
khk_^g_fdZ[bg_l_D=jZg^_gmhlijZ\bebkv^\h_ihebp_ckdbo
Hgg_ijhl_klh\Ze"
G_l=h\hjblqlh\k_wlh_jmg^Z
DZd_]hah\ml"
=Z[_j@ZgEmi=Z[_j
HgghkblrhleZg^kdmxdmjldm\hehku]mklu_fZg_ju^_\qhgdb"Wlhhg[uek\Zfb"
�Zhg[uekhfghcDh]^ZlugZqZeke_^blvaZgZfb"km[[hlmhdheh^\molj_oqZkh\^gy"
G_ihfgxFuih_oZebd;wf[bAZl_fy__hklZ\beh^gmKgZqZeZhlijZ\bekygZEbhgkdbc
\hdaZeqlh[uihkfhlj_lvlZfYaZ[uek\hcrZjn\khk_^g_fdmi_WlhfZfbgrZjnK\b^hf
GbppuFg_g_ohl_ehkvqlh[uhg\u\_e\ZkgZf_gyGhg_ihkf_e_]haZlj_[h\Zlv
K_dmg^m
uijh\_jy_l_"
�ZIjh^he`ZcHq_flulh]^Z^mfZe"
Qlh\uZj_klh\Zebij_klmigbdZgZf_kl_G_agZxihq_fmghmf_gy[uehlZdh_\i_qZle_gb_Y
^mfZeqlhwlhlhl[hevghclbidhlhjh]hyaZf_lbe\ijhoh^_Mf_gy[ueb\k_hkgh\Zgby^mfZlv
qlh_]hZj_klh\Zeb\dmi_Lhevdhwlh[ue=Z[_j
�Z\Zcihihjy^dm=h\hjbkihdhcghIhke_Ebhgkdh]h\hdaZeZluhlijZ\bekygZgZ[_j_`gmx
Hjn_\jlZd"
�ZY^he]hr_ei_rdhfAZl_fk_e\Z\lh[mkY\b^_edZd\u\ureb\f_kl_k=Z[_jhfu
ih]h\hjbebkq_eh\_dhfih^gZ\_khfLZdbf`_\ukhdbfdZd\uBmkeurZeqlh\u_^_l_gZmebpm
�xi_jj_Yohl_ed\Zfih^hclb:ihlhfjZa^mfZeuk_eb\fZrbgmbih_oZebYlh`_
�hlijZ\bekygZmebpmxi_jj_Yg_agZeghf_jZ^hfZghm\b^_eihebp_ckdmxfZrbgmgZmebp_B
klZebkdZlv\khk_^gboihf_s_gbyoKZfg_agZeqlhbsmdhgp_dhgph\ijb^mfZedh_qlh
ihemqr_kihfgbehDZ[mj_BgZr_e_]h
Ihq_fm"
G_agZxHgih\a^hjbe\ih_a^_km[blhc`_gsbghcFg_[ueh^hkZ^ghFg_ohl_ehkvdZ`_lky
qlhlhk^_eZlvIhgbfZ_l_"Wlh[ueh_^bgkl\_ggh_a\_gh^jZfu\fhbojmdZoYkeurZedZdhg
jZkkdZau\Ze_chk\h_cjZ[hl_\Ijh`bgBklZebkdZlvwlmdhglhjmYg_agZedZd_]hah\ml
EZ[mjbebDZ[mjih_a^_yg_hq_gvijbkemrb\ZekyYijhbag_kihl_e_nhgm=hkih^bgZ:MJ
Wlhlua\hgbe\Ijh`bg"
��ZYaZr_e\dZn_gZmebpmxi_jj_B\uibe\bZg^hdkLmema_]^_ymqmkvyqZklhivx
\bZg^hdkIhkfhlj_el_e_nhgguckijZ\hqgbdMIjh`bg[uehk^_kylhdZ^j_kh\Yiha\hgbe\
]eZ\gmxdhglhjmZihlhfh[a\hgbenbebZeuBgZr_e_]h\lj_lv_fgZ:e_abZKdZaZeqlhdeb_gl
qlh]hlh\ex^_eh\u_ih^ZjdbdJh`^_kl\m
AgZxLuihemqbeZ^j_kIjh^he`Zc
Yih^mfZeqlhmf_gy_klv\j_fyBhiylvihr_ei_rdhfAZl_fk_e\Z\lh[mk?]hg_[ueh^hfZ
lh]^Zihgyeqlhmljhfhrb[kyqlhm[bcpmg_Zj_klh\ZebDZ[mjg_\ha\jZsZekyY[ue]heh^_g
aZr_e\j_klhjZg\_]h^hf_bkt_e[bnrl_dkIhdZy_eaZhdghfihy\bekyDZ[mjhgihkfhlj_e
kd\havkl_dehb\g_aZighihr_eijhqvMf_gy_^\Zo\Zlbeh\j_f_gbqlh[ujZkkqblZlvkyZhgm`_
[ue\dhgp_mebpuAZgbfdlhlhr_eIhebp_ckdbc\dmjld_IhlhfDZ[mjih[_`Ze
dhlhjhfqZkmwlh[ueh"
Iha^ghQZkh\\^_\ylv\_q_jZ
Luke_^h\ZeaZgbfb^hdZdh]hf_klZ"
Yg_ihr_eaZgbfbM\hdaZeZg_agZxdZdh]hg_^Ze_dhhl_]h^hfZDZ[mjk_e\lZdkb
IZjb`_ihegh\hdaZeh\wlhhklhqgucLu_]hihl_jyeba\b^m\lmfbgmlm"
G_lHgk_e\lZdkb=Z[_j\ayeke_^mxs__YkqblZeqlh\k_\ihjy^d_Ihebpbyke_^beZaZgbf
:mf_gyg_[ueh^_g_]IZjb`_[bnrl_dkklhbl^hjh]hY\_jgmekyi_rdhfbgZZ\lh[mk_d
;wf[bAZl_fgZr_e__mKZg^jbguhgZhklZ\beZfg_aZibkdm
OhjhrhLhqlhlu^_eZegZ^jm]hc^_gvfg_ba\_klgh;wf[bfg_m`_jZkkdZaZeZKgZqZeZ
mljhf\uijbrebgZgZ[_j`gmxHjn_\juohl_ebaZclbbh^gh\j_f_gghkhfg_\ZebkvAZl_fhdheh
qZkh\m\b^_eb\uoh^b\r_]h=Z[_jZ
Hgk_e\lZdkb
BhlijZ\bekygZmebpmEZnhgl_gZ^hijhkblvfZ^Zf=Zjh^buihke_^h\ZebaZgbfgZlZdkb
Ihq_fm"
Y\k_h[^mfZeDZ[mjg_fh][ulvm[bcp_cY\b^_edZdhgmr_eihdZ`^Ze;wf[bijb\uoh^_k
�i_jjhgZZdlhfm`_hgg_[ueh^gbfbal_oqvb]hehkZykeurZebakhk_^g_]hdmi_AZlhfg_
dZaZehkvqlhm[bcpZq_eh\_dklhy\rbc\ijhoh^_[hevghcbqlh\ukh\_jrZ_l_hrb[dm
BlZd\uk;wf[bihke_^h\ZebaZ=Z[_jhf"
��ZKgZqZeZhgaZ_oZegZmebpmxi_jj_Y\ur_ebalZdkbghg_mki_eih^gylvkyaZgbfih
e_klgbp_dZdhg\ukdhqbeba^hfZ
Hq_fluih^mfZe"
Gbhq_fFuijh^he`Zebke_^blvaZgbfHgih_oZegZmebpmEZnhgl_gZLZf_klvgZijhlb\
^hfZlZ[Zqguc[ZjFuklZeb`^ZlvQ_j_ag_dhlhjh_\j_fyhg\hr_e\ihf_s_gb_qlh[u
iha\hgblvihl_e_nhgmlhlfhf_glgZkk;wf[b[hevr_\k_]h[_kihdhbehqlh\u^_eZ_l_hrb[dm
aZhrb[dhcYijhqblZegZ^\_jb=Zjh^bWlZg_ba\_klgZyfg_=Zjh^bg_fh]eZgZoh^blvky\
dmi_ihlhfmqlhy\_^vaZgbfZe__kiZevgh_f_klh
�AgZ_fZevr_
�Fuijh^he`Zebke_^h\ZlvaZ=Z[_jhfHg\_jgmekygZmebpmxi_jj_Ih^hjh]_fu_]h
mimklbebghhg[uelZfdh]^Zfuijb_oZebFuklhyebk;wf[b\dhjb^hj_g_^urZihdZhg
kimkdZekyihe_klgbp_kdZdbflh[jxg_lhfIhlhfymagZeqlhlh]hah\mlWjbd=jZg^_gBhg^jm]
@hj`_lluLhfZ
gbamhgbjZkklZebkvu^mfZebqlh=Z[_jaZgylk\hbf^_ehfBijh^he`Zebke_^blvaZgbf
Dhlhjuc[ueqZk"
QZkbeb^\Z^gyHgkgh\Zk_e\lZdkbbhlijZ\beky\Debrb;wf[bgZqZeZ\hjqZlvihlhfmqlh
lZdkbklhbeh^hjh]h
uijb_oZebdJb\heZgb"
kgh\Zk_e\lZdkb
u_]hihl_jyebulh]^Zih^mfZebqlhhg_^_lgZDwbebd^jm]hfmk\b^_l_exbhldZaZebkvhl
ke_`db
Fuih_eb\DebrbZihdZ_ebijhkfhlj_ebkijZ\hqgbdbgZrebZ^j_kZdljbku
BhlijZ\bebkvgZLjhdZ^_jh"
�Z
lhlfhf_gllu_s_g_jZa^mfZeb]jZlvjhev^_l_dlb\Z"
G_l
:dh]^Z\uihiZeb\_gk_gg"
�hwlh]hIjZ\^ZFuhlijZ\bebkv\_gk_ggkgZqZeZFuklhevdhfhlZebkvqlhym`_aZimlZeky
Ihq_fm\_gk_gg"
FukeurZebdZdh[wlhf]h\hjbe=jZg^_gkimkdZykvihe_klgbp_Fg_wlhihdZaZehkvhiZkguf
b\Z`gufY^mfZeqlh=jZg^_gohq_lihfhqvihebpbbh\kydhfkemqZ_=Z[_jmHgkdZaZeqlh
[m^_l\_gk_gg_dgZqZemaZ_a^h\_gk_gg_yhklZ\be;wf[bi_j_^\oh^hfqlh[ug_ieZlblvaZ
^\hboBm\b^_e=jZg^_gZi_j_^dZkkZfb
Qlhhg^_eZe"
B]jZeYg_fgh]hih^h`^Zeghgbq_]hg_ijhbahreh=jZg^_gkgh\Z\_jgmekyddZkkZfqlh[u
k^_eZlvklZ\dm
�Zevr_]emiur
AgZxGhy^_j`Zeky^hklZlhqgh^Ze_dhhlg_]hb\hdjm][uehfgh]hgZjh^mY\_^vgbq_]hg_
agZeh[wlhcbklhjbbkehl_j__cbgh\ufbdmixjZfbLhevdhk_]h^gymljhfy\k_ihgye
Ihlhf[uehLjhdZ^_jh"
�ZYm\b^_e\Zkk=Z[_jhfukimklbebkvZ=Z[_jkgh\Z\_jgmeky\^hf\u`^Zeb_]h\
fZrbg_;wf[bkb^_eZ\qZcghchgZmklZeZ
B\uih_oZebaZfghc"
G_lum_oZebk=Z[_jhf;wf[b[ueZgZ]jZgbbkl_jbdbFu\k_[jhkbebHlijZ\bebkvih]meylv
gZgZ[_j_`gu_ZaZl_f\j_klhjZg
GZ^jm]hc^_gv\ihg_^_evgbd"
;wf[bihreZ\dhglhjmYhlijZ\bekygZLjhdZ^_jhqlh[uih]h\hjblvkZdljbkhc
Ihq_fm"
Y[u_c\k_h[tykgbe:hgZ[ujZkkdZaZeZqlhagZ_lbqlhg_ba\_klghfg_Dh]^Zylm^Zijbr_e
i_j_^^\_jvxklhyebihebp_ckdb_Y\b^_edZdijb[_`Ze=Z[_jBih^mfZeqlh\uj_rbeb
�Zj_klh\ZlvWebZgmZjjwk
Lu^mfZ_rvqlhlZdijhbkoh^ylZj_klu"Dh]^Zklhevdhihebp_ckdbo\hdjm]"
?kebkm^blvihlhfmkdhevdhbok_cqZkhdhehf_gybf_gghlZdb^mfZxukh[bjZ_l_kv
Zj_klh\Zlvf_gy"
�Zg_l`_HgblZf"
�Z
G_[_kihdhckyJZkkdZ`bqlhluh[gZjm`be\q_jZ^g_fZykdZ`mqlhlu^he`_g^_eZlv^Zevr_
KgZqZeZ\uYihlhf?keb\ugZf_j_guf_gyaZ^_j`Zlvygbq_]hg_kdZ`mihdZg_ijb_^_lfhc
IhkemrZcFZeurK_cqZkijb\_^ml=jZg^_gZ=Z[_j\khk_^g_cdhfgZl_Km^yihlhfmdZd\k_
\hdjm]kfhljylgZf_gyhggZqbklh\k_hljbpZ_l
=^_;wf[b"
A^_kvjy^hf?c^Zebh]jhfguc[ml_j[jh^k\_lqbghcHgZ_klk[hevrbfZii_lblhfIhke_^mc__
ijbf_jmLu^hklZlhqghjZkkdZaZefg_ghg_\k_Fuih[_k_^m_f_s_^\_fbgmluZaZl_flu
i_j_^Zrvljm[dm[jb]Z^bjmDh]^Zyih]h\hjxkgbfluihc^_rvaZgbfdm^Zhgl_[yih\_^_lY
iha\hgxlm^Ziha`_Ykgh"
EZ^ghGhkhh[sbl_\k_`_fh_fmhlpm
Fuwlhm`_^Z\ghk^_eZebij_^klZ\vk_[_AgZqbl\q_jZ\h\lhjhciheh\bg_^gy
;wf[b\_jgmeZkv\dhglhjmMf_gyg_[uehdexqZbyhklZ\bedhfgZlmg_aZi_jlhc;ueh
qZkh\fbgmlbebqlhlh\wlhfjh^_Ihlhfmqlh;wf[b^he`gZ[ueZ[ulvgZf_kl_\By
�ihr_egZmebpmxi_jj_
Ihq_fm"
�Ihlhfmqlhmljhfi_j_^^hfhfWebZguZjjwky\b^_e=jZg^_gZKZfufkljZgguf[uehlhqlh
&#xZr;&#xbg;&#x_;&#xfZ;&#xjd;�hgijylZekydZdbyfZrbg_fZjdbhnbgdhlhjmxihklZ\beg_ih^Ze_dmFg_^Z`_dZ`_lky
qlhbf_gghbawlhcfZrbgu\ur_e=Z[_j
�MebpZxi_jj_Ijh^he`Zc
YklZeih^gbfZlvkyu[uebm=jZg^_gZYkeurZe\Zr]hehkklhygZiehsZ^d_g_ih^oh^yd
&#xu;&#xki;&#xjh;&#xkb;ë&#x;&#xK;&#xeu;&#xrZ;ë&#xu;&#xh;&#xg;&#x_d;&#xh_;;&#xJb;&#xhe;&#xZg;&#xg_;&#xdh;&#xWe;&#xbZ;&#xg_;�^\_jbukijhkbebKeurZebeb\uhg_dh_fJb\heZgbbg_dhcWebZg_Zjjwk"bhghl\_lbe
g_lYgbq_]hg_ihgbfZeDh]^Z\u\ureby_^\Zmki_ekimklblvkygZg_kdhevdhfZjr_cu
\_jhylghkeurZebfhbrZ]bYij_^ihq_ek^_eZlv\b^qlhb^mgZ\_joukijhkbebf_gyg_^jm]
eby=jZg^_gZ
AgZqblwlhlulhlfheh^hciZj_gv\ieZs_"
�Zuf_gym`_\b^_ebgZgZ[_j_`ghcHjn_\jbebi_j_^^hfhfZdljbkuh\kydhfkemqZ_\u
fg_ih^kdZaZebh^gmfukevYihr_ed=jZg^_gmYkdZaZe_fmqlhmqmkv\Khj[hgg_qlhohqm
\uimkdZlvklm^_gq_kdmx]Za_lmFuih]h\hjbebYkjZamihgyeqlhwlhlq_eh\_dq_]hlh[hblkyY
[uemg_]hfbgml^_kylvYaZ^Z\Ze_fm\hijhkudhlhju__]hjZa^jZ`Zebh_]hdhfgZl_
nhlh]jZnbyo`b\hlguoYgbdZdg_j_rZekyaZ]h\hjblvh[m[bckl\_qm\kl\myqlhlh`_[hxkvB
ih^mfZeqlh_keb\^jm]aZ]h\hjxhih_a^_lhhg_kl_kl\_gghjZkkdZ`_lqlhijhbahrehkh^ghcba
_]hijbyl_evgbp
Bluihijh[h\Ze"
Ihijh[h\ZeHggbq_]hg_jZkkdZaZeGZijhlb\kZfklZeaZ^Z\Zlvfg_\hijhkuHldm^Zy\ayeky
dlhylZdhcdZdmagZe_]hZ^j_k]^_`b\m"Ymr_eFg_[uehkljZrghKZfg_agZehlq_]hghy
ihgyewlhg_kdhevdhfbgmlkimklydh]^Zkhr_ekZ\lh[mkZgZijZ\eyykvd;wf[bHgke_^h\ZeaZ
fghcgZk\h_cfZrbg_Yi_j_k_egZ^jm]hcZ\lh[mkaZl_fkimklbeky\f_ljh_jgmekyd;wf[b
\ayeq_fh^Zgbmr_eih^Zevr_hlmebpu;ZdYiha\hgbe;wf[bbadZn_EZlbgkdh]hd\ZjlZeZ
�EZ^ghFZeurZ\Zc[jb]Z^bjZ
ug_ohlbl_agZlvqlhyihgyedh]^ZijhqblZek_]h^gy]Za_lm"
DZ`_lkyl_i_jvybkZfihgyeH[_sZxiha\hgblvihiha`_;m^v[eZ]hjZamf_gbgbhq_fg_
[_kihdhcky
Qlhgh\h]h"
FZe_gvdbc=jZg^_g^he]hg_ijh^_j`blkyHgk^Zklkydh]^Zm\b^blq_dQ_d\uibkZgihq_jdhf
dhlhjuckhhl\_lkl\m_l_]hkh[kl\_gghfmihkdhevdm\kydbcbaf_g_ggucihq_jdfh`_l[ulv
�mklZgh\e_gwdki_jlbahcIh^ibkvWebZguZjjwkg_iehohih^^_eZgZHg\_jhylgh^he]h
ijZdlbdh\ZekyGZc^_f_s_dZdmxgb[m^vgZibkZggmxbf[mfZ`dm
Qlh^Zeh[ukdm=Z[_jZ"
Gbq_]hWlhgZklhysbcfma_ch]g_klj_evgh]hhjm`by
GhgbdZdboke_^h\gbgZr_]hj_\hev\_jZgb^_g_]MklZgh\e_ghqlhhgkbjhlZke_lqlh_]h
\hkiblZeZ\ijh\bgpbbl_ldZG_agZxihq_fm\k_kqblZebqlhhgkugdjmighcrbrdb
Dlh_]h^hijZrb\Z_l"
�=jZppbHgohjhrhagZ_l=Z[_jZbk\h_^_ehlh`_?]hhl\_aeb\^hfgZijhlb\\hjpZ
�ijZ\hkm^byqlh[ug_[uehrmfZmfZxd\_q_jmykfh]mdh_qlhkhh[sblv]Za_lZfIjb^_lky\k_
wlhlhgdhbmf_ehih^Zlv
IZj^b"=jZppbml_e_nhgZLu\ua\Zeex^_cba[ZgdZbk[_]h\"
�ZGhNj_]Zjmwlh]hfZeh\ZlhHgblhevdhgZiheh\bgmm\_j_gu\lhfqlhmagZeb_]h
IhdZk@ZgEmihf[_k_^mxliZljhgb:eemZchLufh`_rvijbclb"L\hyhq_j_^v
I_j_^Zx_]h\ZfHg\iheg_[eZ]hjZamf_g
�Zgb_evwlhlu"
�ZHgbijbagZebkv"
G_lIhdZg_lIhkemrZcFZeurmf_gylhevdhh^bg\hijhkBy`^mlhevdhh^bghl\_l
=^_;wf[b"
�IhreZgZjZ[hlmhe`gZijbclbkx^Z\_q_jhfLufg_ihgZ^h[brvkylh`_IhklZjZxkvwlh
meZ^blvLuf_gykemrZ_rv"
KemrZxbgki_dlhjkemrZx
Yg_ihgbfZxgbihq_fm=Z[_jhlimklbeZdljbkmk\hdaZeZgbihq_fmg_m[be__\ih_a^_ihlhf
Fh`_rvfg_qlhgb[m^vkdZaZlvihwlhfmih\h^m"
Hgg_kh[bjZekym[b\ZlvZdljbkm
LZddh]h`_"@hj`_llmLhfZ"
G_l@hj`_llZLhfZ[ueZkgbfbaZh^ghugbq_]hg_ihgyebHgbohl_ebm[blv;wf[b
:;wf[blmlijbq_f"
;wf[bbebdh]hgb[m^v^jm]h]hDh]hg_bf_ehagZq_gby@hj`_llZLhfZ^he`gZ[ueZ
�aZ^_j`Zlvh^gh]hbaiZkkZ`bjh\\dmi_Ex[h]hlhevdhg_WebZgmZjjwkM[blv`_^he`_g[ue
=Z[_j
AZq_f=Z[_jm[uehdh]hlhm[b\Zlv\wlhfdmi_"
lhflh\kybrlmdZQlh\uk^_eZebdh]^ZgZreb@hj`_llmLhfZ"ugZqZebjZkke_^h\Zgb_k
g__AZl_fm[b\Zxl_s_dh]hlhbalh]h`_dmi_Hq_f\u^mfZ_l_"Qlhm[blf_rZxsbck\b^_l_ev
Ykgh"=Z[_jm\_^vba\_klghdZdwlh^_eZ_lkyHgi_j_f_klbejheb?fmgm`ghqlh[u`_jl\hcklZe
dlhm]h^ghebrv[u[_a\kydhcfhlb\bjh\dbGZklhysZy`_jl\ZklZgh\blkyk\b^_l_e_fihkdhevdm
[ueZ\lhf`_dmi_bihbkdb\hlghr_gbbg__g_\_^mlkyGh=Z[_jgZwlhfg_hklZgZ\eb\Z_lkyHg
m[b\Z_lDZ[mjZbJb\heZgbqlh[uijb^Zlv_s_[hevrmx^hklh\_jghklvbklhjbbhf_rZxs_f
�ZDZdluh[wlhf^h]Z^Zeky"
Ym`_kdZaZeIhlhfmqlhhgbiulZebkvm^_j`Zlv;wf[bIhlhfmqlh=jZg^_g[ueagZdhfk
Zdljbkhcb@hj`_llhcLhfZBhgbk;wf[bgZoh^bebkv\lhf`_ih_a^_b\lhf`_dmi_g_agZy
^jm]^jm]ZDZd`_fh`gh[uehkqblZlvJb\heZgbf_rZxsbfk\b^_l_e_f_kebhgijhkiZe\kx
^hjh]m"@hj`_ll_LhfZg_ih\_aehihlhfmqlhhgZ\ub]jZeZ\ehl_j__Q_]hhgbohl_ebhlZdljbku
g_agZxGhihke_g__\ayebkv[uaZ^jm]bo
�Hgbihemqbeb\iylgbpmihq_dmkhkq_lZWebZguZjjwkr_klvfbeebhgh\ih^^_eZ\__ih^ibkv
h\k_fwlhf_klvqlhlhm`Zkgh_Kdhevdhl_[_e_l"
Dhfm"Fg_"R_klgZ^pZlv
Wlhm`Zkgh
=jZppb"LZjdwg]h\hjblFh`_rvb^lb\k_\ihjy^d_
DZd\Zfwlhm^Zehkv"
FuihdZaZeb_fmnhlh]jZnbx@hj`_lluF_jl\hc
:HLD:DK?DHGQ:?LKY
HIJHKLukdZaZegZfqlhagZe=Z[_jZfgh]hf_kyp_\Dh]^ZluihagZdhfbe_]hk@hj`_llhc
LhfZ"
HL?LHdheh^\mof_kyp_\lhfmgZaZ^Fu\f_kl_h[_^Zeb\h^ghfbaj_klhjZgh\KlZjh]h
jugdZ
&#xHI;&#xJH;&#xK;&#x;
&#xh];&#x^Z;&#x;&#xu;&#xj_;&#xrb;b;&#xm;&#x[b;&#xlv;&#xW;b;&#xZg;&#xm;HIJHKDh]^Z\uj_rbebm[blvWebZgmZjjwk"
HL?LG_kjZamFu\klj_qZebkvg_kdhevdhjZab@ZgEmijZkkdZau\Zehk\h_cijhn_kkbbh
dhee_]ZoWlh[ueZb]jZBfukf_yebkvihlhfmqlh@hj`_llZ[ueZgZb\gZb__e_]dh[uihcfZeb
&#xh;&#x[s;&#x_f;&#x;&#xlZ;
&#xk;&#x_; ;&#x[u;h;&#x;&#xH^;&#xgZ;&#x`^;&#xu;&#xy; f;&#xj;&#xZk;&#xkd;&#xZa;&#xZe;&#xh;&#x[;&#xWe; Z;&#xg_;�h[s_flZd\k_b[uehH^gZ`^uybfjZkkdZaZeh[WebZg_ZjjwkHgZ\_^vhl^ZeZfg_k\hcdexq
bmg__[ueb^_gv]b
&#xHI;&#xJH;&#xK;&#x;&#xK;&#xdh;&#xev;&#xdh;&#x;&#xj_;_;&#xgb;&#xl;&#xu;&#xg_;&#x^_;&#xek;&#xy;&#xk;&#xWe;&#xbZ;&#xgh;�HIJHKKdhevdh\j_f_gblug_\b^_ekykWebZghcZjjwk"
&#x?L;&#x;&#x;&#xG_;&#xkd;&#xhe;&#xvd;&#xh;&#xf_;&#xky;&#xp_;&#x;&#xY;
&#xgZ;;&#xq;&#xlh;&#xh;&#xgZ;&#x_g;&#xy; k; Z;Z;&#x;&#x[b;&#xkl;&#xjh;&#xg;&#xZ;&#xie;&#xhs;&#xZ^;�HL?LG_kdhevdhf_kyp_\YagZeqlhhgZf_gybkdZeZ\[bkljhgZiehsZ^bZglhgZ]^_fu
ihagZdhfbebkvghyg_oh^belm^Z[hevr_Klhcbklhjb_c\k_[uehdhgq_gh
HIJHKDhfmijbgZ^e_`blaZfuk_e"
HL?Lk_fljhbfDZ`^uc\ghkbe\g_]hk\h_wlh\_^v[ueZb]jZIhlhf@ZgEmikdZaZeqlh
jZaieZggZfbjZajZ[hlZglh]emihg_ijb\_klb_]h\bkiheg_gb_Lmlyihgyeqlhwlhk_jv_aghb
bkim]ZekyIh]h\hjbek@hj`_llhcGhhgZkdZaZeZIhkemrZ_f_]h_^vh[yaZl_evkl\wlhgZgZk
gbdZdbog_gZeZ]Z_lH^gZ`^ufuihrebdg_fm\]hklbd:mkl_jebpdhfmfhklmHgihdZaZegZf
k\hbj_\hev\_juKdZaZeqlhmg_]h_klvbk]emrbl_e_fFufhegbq_fg_jbkdm_f\_^vhg[m^_l
\dmjk_dh]^ZklZg_lihklmiZlvbgnhjfZpbyh[s_f\k_[m^_lagZlv
HIJHKFukevm[blvdh]heb[h^hh]jZ[e_gbyijbgZ^e_`bl_fm"
HL?LHgh[tykgbeqlh_klvlhevdhh^ghb^_Zevgh_ij_klmie_gb_ij_klmie_gb_[_a
fhlb\bjh\db?keb\oh^_jZkke_^h\Zgbym[b\Zxl^\mok\b^_l_e_c\qbke_dhlhjuoblhlq_eh\_d
dhlhjh]hj_r_ghm[blvkkZfh]hgZqZeZlhg_lgbdZdh]hjbkdZHgfheagZ_ll_okd_fjZ[hlZ_l
Hgb[jhkylkyjZkke_^h\Zlvi_j\h_m[bckl\hbijhklhk\y`ml^\Z^jm]boki_j\ufI_j\h_`_dZdjZa
[m^_lg_fhlb\bjh\Zgguf
HIJHKAgZqbl=Z[_jij_^\b^_eljbm[bckl\Z"Blug_hlklmibe"
dhe_[Zlvky@hj`_llZFuh[tykgbebkvkg_c\lhl\_q_jdh]^Z\_jgmebkv^hfhcFg_dZaZehkvqlh
@ZgEmiijZ\_^vklhcfbgmludh]^Z[uehj_r_ghm[blvh^gh]hqbkehm[bckl\m`_g_bf_eh
agZq_gbyYbk_cqZklZd^mfZx
HIJHKG_kfhljygZm[bckl\hJb\heZgbbfZe_gvdhcKZg^jbgu"
HL?LY`_g_agZelh]^Zdlhwlh[m^_lBk_cqZkdh]^Zy]h\hjxqlhqbkehgbq_]hg_f_gy_l
fhbkeh\Zfh]mlihdZaZlvkyZ[kljZdlgufbyg_\b`mebpY\_^vgbdh]^Zg_\b^_egbJb\heZgbgb
DZ[mjZgb^_\mrdbIhwlhfm\b^bfhmgZkk@hj`_llhc[uehlZdh_hsms_gb_[m^lh\k_wlh
g_ijZ\^Z
HIJHKDh]^Z\uj_rbebhkms_kl\blvk\hcaZfuk_e"
HL?LDh]^ZymagZeqlhWebZgZ_^_lgZx]kgbfZlvky\nbevf_
HIJHK:dh]^ZluwlhmagZe"
HL?LAZ^\Z^gy^h__hlt_a^Zlhl`_^_gvyh[gZjm`bemg__q_dh\mxdgb`dmAZ^hfhfy
ke_^be^Z\ghDh]^ZhgZmoh^beZyhldju\Zed\ZjlbjmdexqhfBgbq_]hg_ljh]ZeLhevdhbkdZe
q_dh\mxdgb`dmHgZgbdh]^Zg_hklZ\eyeZ__^hfZGhh^gZ`^u\b^bfhkjhqghm[_`ZeZaZ
ihdmidZfbbg_\ayeZkmfhqdm:lZfhdZaZeZkvdgb`dZb\uah\gZkt_fdmY\uj\Zebak_j_^bgu
qbkluc[eZgdhlj_aZ\_]he_a\b_ffhf_gljZkke_^h\Zgby@ZgEmi^he`_g[uekijylZlvq_dh\mx
dgb`dmqlh[u__g_ijbh[sbebd^_em
HIJHKHldm^ZluagZekdhevdhmg__^_g_]gZkq_lm"
HL?Lklhe_y\b^_eebklhdkjZkq_lZfbHgZ[ueZhq_gv\gbfZl_evgZdk\hbfjZkoh^ZfY
ijh\_jbeg_kgyeZebhgZgZdZgmg_khkq_lZdjmigmxkmffm
HIJHKDh]^ZluaZihegbeq_d"
HL?LWlhk^_eZeg_yZ@hj`_llZFuljm^bebkvgZ^wlbf^\Z\_q_jZIh^^_eu\Zebih^ibkv
ihh[jZapmgZc^_gghfm\klZjhc\_^hfhklb
HIJHKGhih^ibkv^ey[eZgdZfh]eZ[ulv^jm]hc
HL?LFurebgZjbkdY^he`_g[ueihemqblv^_gv]b\iylgbpmmljhf?keb[uwlh
khj\Zehkvfu[uij_djZlbeb^_eh@ZgEmi^Zefg_klZju_\h^bl_evkdb_ijZ\ZgZbfyJZobkZ
Nhlhfui_j_de_beb[Zgd_ijbrehkv`^Zlv^h\hevgh^he]hgh\dhgp_dhgph\\k_\uieZlbeb
&#xHI;&#xJH;&#xK;&#x;&#xH;&#xld;&#xm^;&#xZ;&#xu;&#xm; g;&#xZe; ;
&#xZd; f;&#xi;&#xh_; ^;&#xhf;&#xW;b;&#xZg;&#xZ;HIJHKHldm^Z\umagZebdZdbfih_a^hfWebZgZZjjwk\_jg_lky\IZjb`"
HL?L@ZgEmi^eydZdh]hlh^_eZaZijhkbekibkhdiZkkZ`bjh\aZ[jhgbjh\Z\rbof_klZ\
ih_a^ZobkZfhe_lZobaFZjk_eybGbppufukqblZebqlhhgZijh[m^_l\FZjk_e_^hkj_^ubeb
q_l\_j]Z_^v\uah\__dhgqZeky\kj_^m@hj`_llZ[_aljm^Z^h[beZkvm;Zje_gZdhfZg^bjh\db\
FZjk_ev
HIJHKuij_^mij_^beb__qlh[uhgZ\ayeZ[be_l\lh`_dmi_"
HL?LG_lIhgylvg_fh]mdZdhgZhdZaZeZkv\lhf`_dmi_Ijhklh^he`gZ[ueZ_oZlv\h^ghf
ih_a^_?keb[u_cijbrehkv\_jgmlvky\q_l\_j]lhkdZaZeZ[uqlhijhklm^beZkv
HIJHKLu^mfZ_rvhgZgZjhqgh\ayeZ[be_l\lh`_dmi_"
HL?Lub]jZ\\ehl_j__hgZj_rbeZhldZaZlvkyhlaZfukeZGhaZ[ueZqlh\iylgbpmym`_
ihemqbe^_gv]bihq_dm?_l_e_]jZffmfg_^hklZ\beblhevdh\iylgbpm
HIJHKIhq_fmhgZj_rbeZhldZaZlvkyhlaZfukeZ"Ihq_fmij_^ihqeZr_klbfbeebhgZf
lukyq"
kmffuhgZ[u\k_jZ\ghijbgyeZwlhaZagZdkm^v[uIhwlhfmbohl_eZ\k_ij_djZlblvHgZ\_^v_s_
gbjZamgbq_]hg_\ub]ju\ZeZ
HIJHKLuihfgbrvl_dkll_e_]jZffu"
&#x?L;&#x;&#x;�HL?LZIeZgg_\hafh`_gH[tykgx@hj`_llZY[uehih^mfZeqlhhgZk^j_cnbeZGh
\_^vyihemqbel_e_]jZffmebrv\iylgbpmm`_\_jgm\rbkvba[ZgdZ
HIJHKHgZ^he`gh[ulvihkeZeZ__g_f_^e_gghGhwlhfumagZ_f
&#x?L;&#x;&#x;&#xL_;&#xe_;&#x]j;&#xZf;&#xfZ;&#xh;&#xli;&#xjZ;&#x_g;&#xZ;&#xgZ;�HL?LL_e_]jZffZhlijZ\e_gZgZxihgEZl_gylZfhklZ\eyx\_sb\dZf_j_ojZg_gbyAZr_e
lm^Zlhevdh\iylgbpm\_q_jhf
HIJHKWlhlZfluhklZ\be^_gv]b"Bj_\hev\_j"
&#x?L;&#x;&#x;�HL?LZ\q_fh^Zg_@ZgEmiZ
&#xHI;&#xJH;&#xK;&#x;�HIJHKhimklbf@hj`_llZLhfZ\khklhygbb\heg_gbybgZ^_ykvqlhmki__lqlhlhk^_eZlv
�kmf_eZaZdZaZlvf_klh\lhf`_dmi_qlhbWebZgZZjjwkumagZebh[wlhf^h__\ha\jZs_gby"
HL?LG_lG_y@ZgEmiihkibkdm[jhgbHgZwlh\_jhylghk^_eZeZ^eylh]hqlh[uhg\k_
ihgyebbkim]ZekyG_fh]eh[ulvbj_qbqlh[udh]hlhbagZkZj_klh\Zeb
HIJHKIhijb[ulbbhgZh^gZdhihiulZeZkvm^_j`Zlv^_\hqdmba:\bgvhgZDZdluwlh
h[tykgbrv"
&#x?L;&#x;&#x;&#xGb;&#xdZ;
&#xL;&#xZd;&#xhc;&#xm;&#x`;&#xhg;&#xZ;&#x[u;&#xeZ;&#x;�HL?LGbdZdLZdhcm`hgZ[ueZmfZx\ihke_^gxxfbgmlmbkim]ZeZkvqlh_kebgbq_]hg_
k^_eZ_lih__\bg_gZkfh]mlko\Zlblv
HIJHKDh]^ZlumagZeqlh__m[beb"
HL?LDh]^Zijb_oZed@ZgEmimqZkh\\Fu^he`gu[ueb\klj_lblvkymg_]h@ZgEmi
lhevdhqlh\_jgmekyk\hdaZeZihke_i_j\uof_jijbgyluoihebpb_cLjZfhgbhklZekyaZi_jluf\
d\Zjlbj_@ZgEmikdZaZeqlh_]h^_gv]Zfbfuih^_ebfkyF_gywlhkh\k_fkjZabehygbdZdg_
hlj_Z]bjh\Ze
HIJHKDZdbfh[jZahf=Z[_jkfh]m\_klbkkh[hcLjZfhgb"
HL?LMg_]h[ueZfZrbgZ@hj`_lluHgkdZaZeqlh^he`_g_]hZj_klh\ZlvGh_keblhlg_
klZg_lih^gbfZlvrmflh_klvrZgk_]hkiZklbLjZfhgb[ueljmkhf
HIJHKDh]^Z\u_]hm[beb"
HL?LIh\ha\jZs_gbbkmebpuDjmZ^_I_lbRZgYg_agZeqlh@ZgEmikh[bjZ_lky_]h
m[blvFg_dZaZehkvqlhkf_jlb@hj`_llu^hklZlhqghk\h_cd\Zjlbj_m:mkl_jebpdh]hfhklZhg
\ugmej_\hev\_jk]emrbl_e_fLjZfhgbdZdjZakqblZe[Zgdghluhg^Z`_g_aZf_lbedZd\g_]h
\uklj_ebebL_ehfukijylZebih^djh\Zlvx:ghqvxqZkZ\^\Zljbhl\_aebgZfZrbg_bk[jhkbeb
\K_gmmgZ[_j_`ghcJZi_
&#xHI;&#xJH;&#xK;&#x;&#xH;&#xlq;&#x_];&#xh;&#xu;&#xm;&#x[b;b;&#xW;b;&#xZg;&#xm;HIJHKHlq_]h\um[bebWebZgmZjjwkihemqb\^_gv]bih__kq_lmgZfihgylghGhaZq_f
DZ[mjZ"
HL?L@ZgEmi]h\hjbeqlhke_^m_l^_ckl\h\ZlvihieZgmHg\k_ijb]h\Zjb\ZeFumlhibf
ju[dmH^gZdhihlhfijbagZekyqlhk^_eZehrb[dmqlhmg_]hg_ijbylghklb
HIJHKDh]^ZmagZeqlhdlhlhbakhk_^g_]hdmi_keurZe_]hjZa]h\hjkLjZfhgb"
&#x?L;&#x;&#x;�HL?LZHgihgyeqlhwlh_s_h^bgk\b^_l_evGhg_agZedlhbf_gghHgkhh[jZabeqlhwlh
ijhbahrehebrvihke_lh]hdZd\u\f_kl_ih[u\ZebgZEbhgkdhf\hdaZe_^eyjZkke_^h\ZgbyLh]^Z
hgm\b^_eqlh\dmi_g_^\Zq_fh^ZgZ kgZqZeZhgj_rbeqlhm@hj`_llu[ueb^\Zq_fh^ZgZk
lhlq_eh\_dfh]_]h\b^_lvBffh][ulvlhevdhh^bgbaiZkkZ`bjh\_oZ\rbo\dmi_\_^vhgaZ[jZe
k\hcq_fh^Zg
HIJHKB\k_"
HL?LG_l^hjh]_ijhbahr_eg_ij_^\b^_gguckemqZcg_ihgylguc_fmKkhjZ@hj`_lluk
DZ[mjhfh[wlhfjZkkdZaZeLjZfhgblhl\_q_jDZ[mjkZfkhh[sbe\Zfihl_e_nhgmk\hcZ^j_k
Lh]^Z@ZgEmikdZaZeqlhjbkdh\Zlvg_evayIhke_^h\ZeaZgbfbm[be\P_gljZevghfihke_
ZgljZdlZGhymagZeh[wlhflhevdhgZke_^mxsbc^_gv
HIJHKDlhijb^mfZeljxdkebnlhf"
HL?LYH^gZ`^uWebZgZaZklZ\beZf_gy^he]h`^Zlv__i_j_^^hfhfbyj_rbeihba^_\Zlvky
gZ^g_cYh[tykgbe@ZgEmimdZdwlh^_eZ_lky
&#xHI;&#xJH;&#xK;&#x;&#xW;&#xlh;&#xg;&#x_;&#xlu;&#xm;&#x[b;&#xWe;&#xbZ;&#xgm;�HIJHKWlhg_lum[beWebZgmZjjwk"
HL?LYgbdh]hg_m[b\ZeYg_agZedZd\k_ij_djZlblv@ZgEmiml\_j`^Zeqlhwlh
g_h[oh^bfhIhke_LjZfhgbhglhevdhh[wlhfb^mfZe=h\hjbeqlhihke_i_j\h]hjZaZ\k_m`_
ijhklhHlhfqlhm[blJb\ZehgbymagZebak_]h^gyrgbomlj_ggbo]Za_lu`_fg_khh[sbebqlh
hgm[beb^_\mrdm
HIJHKDh]^Z=Z[_jmagZeqlhfZ^Zf=Zjh^bg_[ueh\ih_a^_"
HL?LKkZfh]hgZqZeZWlhhg\_^v]h\hjbekdhgljhe_jZfb\i_j\uc^_gvHgb\uq_jdb\Zxl
bf_gZhlkmlkl\mxsboiZkkZ`bjh\bakibkdZFZ^Zf=Zjh^bg_[ueZ\uq_jdgmlZ@ZgEmi
�ijhfheqZegZwlhlkq_lhijZrb\ZyfZ^Zf=Zjh^bhgagZeqlhhgZe`_lh^gZdhml\_j`^Zyqlh
[ueZ\dmi_lhevdh_s_[hevr_\ZkaZimlu\Z_l
HIJHK=Z[_jagZelZd`_qlhdlhlh\k_`_aZgbfZeihedmWlhg_[_kihdhbeh_]h"
HL?LDhg_qgh?]h[_kihdhbehbfgh]h_^jm]h_=emihklbLjZfhgb?]hkebrdhffgh]b_
\b^_eb\ih_a^_HggZr_em@hj`_lluehl_j_cguc[be_l\hneZdhg_baih^ZkibjbgZFumagZeb
baihdZaZgbck\b^_l_e_cqlh@hj`_llZ\ugmeZ_]hbaq_fh^ZgZHgZ\b^bfhj_rbeZ^_j`Zlv_]h
ijbk_[_LZdZym`hgZ[ueZ:LjZfhgbg_gZr_egbq_]hemqr_]hdZdiheh`blvimklhcneZdhg
h[jZlgh\q_fh^Zg@ZgEmi]h\hjbeqlh\j_amevlZl_lZdbogZdeZ^hdfh`ghbihiZklvky
HIJHKLjZfhgbkdZaZedZdhgmagZeh\ub]jur_"
HL?LWlh[ue`ZedbclbiDh]^Zym\b^_e_]hm@ZgEmiZhg\_kv^jh`ZeIjbagZekyqlh
lhevdhohl_ehlh[jZlvmg__[be_l:ihlhfbkim]ZekyqlhhgZaZdjbqblHgZaZibku\Ze\k_ghf_jZ
ijh^Zgguo[be_lh\:lZddZdlZgbq_]hg_kdZaZeZh\ub]jur_lhih^mfZeqlhhgZ_s_gbq_]hg_
agZ_lLh]^Zhg\ayehlimkdbihke_^h\ZeaZg_c\IZjb`Ijhklhihgylvg_fh]mdZdLjZfhgb
kh[bjZeky\uclbkmobfba\h^uihke___m[bckl\ZG_lhg[uedjm]eucb^bhl
HIJHK:dZd\ukh[bjZebkv\uclbkmobfbba\h^u"
HL?LG_agZxyjZkkqblu\ZegZ@ZgEmiZDh]^Zfu\ljh_fh[km`^ZebieZgmg_]h\k_
dZaZehkvlZdijhklhFu\_^vg_\b^_ebebpY^Z`_g_\b^_ej_\hev\_jZihdZhgg_ihdZaZe_]hfg_
HIJHKAZqlhlu_]hg_gZ\b^brv"
HL?LYg_g_gZ\b`m_]h
HIJHKIhq_fm`_lu\Zebrv\k_gZg_]h"
HL?LIhlhfmqlh\k_wlhl_i_jvg_bf__lagZq_gbyIhlhfmqlhgbq_]hg_baf_gblkyIhlhfm
qlhdh]^Zyy\beky\ih_a^ihq_dmm`_[uehihemq_gh?keb[uwlhg_k^_eZeLjZfhgblh@ZgEmi
HIJHKDZdmxp_evij_ke_^h\Ze\ZrieZg"
HL?LG_ihgbfZx\hijhkZ
HIJHKAZq_f\u\k_wlhk^_eZeb"
HL?LG_agZxFuohl_ebm_oZlv\X`gmx:njbdmbeb\:\kljZebxY[uih_oZei_j\uck
r_klvxfbeebhgZfbWebZguaZl_fg_fgh]hiha^g__ijb_oZeZ[u@hj`_llZ;ulvfh`_lb@Zg
EmiG_agZxFu[uqlhlhij_^ijbgyebFu[um_oZeb
Q_eh\_dihbf_gb=jZppbh[ehdhlbekygZklheHgkb^_eh^bg\dZ[bg_l_iZljhgZk`Z\e_\hcjmdhc
&#x_k;&#xkh;&#xgZ;&#x;&#x^;&#xmf;&#xZe;&#xh;&#xk;&#xh;&#x_f;&#xk;&#xug;&#x_;eh[b^_j`Z\ijZ\hc^\_ihke_^gb_imebbah[hcfuKfblb_kkhgZB^mfZehk\h_fkug_bgh
lj_oe_lbf_kyp_\hljh^mdhlhjucdZdh[uqghm`_kiZek`Z\dmeZqdbgZih^mrd_bh^jm]bo
]emihklyoDh]^Z\ur_eiZljhghgf_^e_gghihklZ\bei_j_^gbfgZklhe^\_imeb
IZljhgihkfhlj_egZg_]haZdjue^\_jv[jhkbehli_qZlZggu_gZfZrbgd_ebklugZklhebkijhkbe
BlZd]hkih^bgOhefkdZda^hjh\v_"Y^he`_g[ueihclbk_]h^gy\_q_jhf\dbghghdZ`_lky
ih^mklZe
Hg\ayekb]Zj_lmba\_jog_]hdZjfZgZib^`ZdZkdZaZe
WlZk\bgvyNj_]ZjdZ`_lky\a^hogmekh[e_]q_gb_fh]gyih`ZemcklZmf_gy\k_]^ZdjZ^ml
kibqdb
�\_jvkgh\ZhldjueZkvb\g__ijhkmgmeZkv]heh\ZFZee_qlh[ukdZaZlvqlh^_\qhgdZ\dhjb^hj_
hlq_jlkdZaZe=jZppbykh\k_faZ[uehg_cHg\ua\Zeihl_e_nhgmFZjk_evihh[_sZe
k_cqZk`_hk\h[h^blvf_klhiZljhgZlhevdhgZ^h^hklZ\blviZjgy\IZjb`Fheh^Zy[ehg^bgdZ
\hreZg_m\_j_gghiZljhgkdZaZe
oh^bl_`_fZeurdZkZ^bl_kv\dj_kehgmdZd^_eZgZjZ[hl_"
HgZgbq_]hg_hl\_lbeZIjhklhklhyeZi_j_^klhehf?_g_fgh]h[e_^gh_djZkb\h_ebph[ueh
hk\_s_gheZfihc=h\hjyihl_e_nhgm=jZppbkfhlj_egZg__
IhkemrZcFZeurK_cqZkqZkh\Q_j_aqZkl_[yhl\_amlgZZwjh^jhfFZjbgvygMf_gy_klv
kh]eZkb_l\h_]hhlpZLuky^_rv\\h_gguckZfhe_lba:e`bjZY[m^ml_[y`^ZlvgZ;mj`_
dhlhjhfqZkmyijbe_qm"
Hdhehh^bggZ^pZlbGZwlmghqvy^h]h\hjbekykl\hbfhlphfAZ\ljZhglh`_[m^_la^_kv
Qlh[uf_gyaZsbsZlv"
G_lqlh[uijb\_klbqbklh_[_ev_L_[_\_jhylghijb^_lkym\b^_lv=Z[_jZb=jZg^_gZGbq_]h"
?kebm`lZdlhyij_^ihqblZxih\b^Zlv_s_dh_dh]h
�Zxl_[_k_dmg^b\_rZxljm[dm
IhdZhgZklhy]h\hjbeZihl_e_nhgmhk\_s_ggZyeZfihc\kbg_fiZevlhiZljhgdmjbekb]Zj_lm
kljyob\Zyi_i_egZdhklxfEbph_]hehkgbehkvdZdh[uqghu]ey^_ehgg_fgh]hmklZeuf
=jZppbh[hr_eklheHgba^ZebkeurZe]hehkfZevqbdZFZ^_fmZa_ev;_g`Zfbg;hf[ZklhyeZhq_gv
ijyfhkibghcdgbfbhl\_qZeZlhevdhfheqZeb\ufbdb\dZfb^Z^Z^ZFZevqbd]h\hjbeLu
keurbrvf_gyZeehf_gyijb\_amlZeehym\b`ml_[yk_]h^gy`_\_q_jhfZeehlukeurbrvlu
g_hl\_qZ_rv;wf[b"Hg]h\hjbe;wf[bfhyfZe_gvdZy;wf[bB[_akeh\lhevdhdb\dhfk\h_c
[_ehdmjhc]heh\dbhk\_s_gghceZfihchgZhl\_qZeZ^Z^Z^Z
IZjb`yg\Zjv]
Dhff_glZjbb
J_[_ghd nj\fa^_kvb^Ze__ijbfi_j_\

Dw^\nHjn_\jgZ[_j_`gZyHjn_\j]^_gZoh^blkyIhebp_ckdh_mijZ\e_gb_

LbghJhkkbba\_klgucwkljZ^guci_\_plh`_dhjkbdZg_p

Ij_`gyynhjfZnjZgpmakdboihebp_ckdboZ`Zgh\

:\lhj^Z_lbkqbke_gb_lh\klZjuolh\gh\uonjZgdZodhlhju_gZ^\Zgmeyf_gvr_

KhdjZs_gb_hlB_amblh\

Приложенные файлы

  • pdf 18044924
    Размер файла: 266 kB Загрузок: 0

Добавить комментарий