Anderson_Kerolain_Opasnye_pravila.PDF


Чтобы посмотреть этот PDF файл с форматированием и разметкой, скачайте его и откройте на своем компьютере.
ORYHBVKRUW
$XWKRU,QIR
DwjheZcg;:g^_jkhg
HiZkgu_ijZ\beZ
�:dmr_jdZwcabNmee_jijb_oZeZ\ijh\bgpbZevgucChdk[mj]ihkh\_lmih^jm]b?cgm`gZ
jZ[hlZlbrbgZihdhc:_s__cgm`ghaZ[ulvh[he_ag_gghfjZaju\_kq_eh\_dhfhl
\hkihfbgZgbchdhlhjhfhgZbk[_`ZeZHgZkqblZ_lk_[y[_agZ^_`ghcklZjhc^_\hcg_`_eZ_l
aZ\h^blvhlghr_gbcb^h\hevkl\m_lkyh[s_kl\hfex[bfhcdhrdb?_gh\uckhk_^lZeZgleb\uc
\jZq;_gMhd_jdjZkb\mf_gbdlhfm`_hg__gh\uc[hkk;_gi_j_`be[he_ag_ggucjZa\h^b
i_j__oZe\Chdk[mj]qlh[u[ulvih[eb`_dex[bfhc^hqd_HggZkljh_gk^_eZlv\k_^eykqZklvy
�^hq_jbbg_gZf_j_gh[j_f_gylvk_[ygh\ufbh[yaZl_evkl\Zfb;_gZbwcabfgh]h_h[t_^bgy_l
bolyg_l^jm]d^jm]mKfh]mlebhgb_^bgh`^uh[`_]rbkvkhojZgblv\_jm\ex[h\v"
DwjheZcg:g^_jkhg
HiZkgu_ijZ\beZ
=eZ\Z
�wcabkeurZeZdZdev_lky\h^Z?_gh\uckhk_^m`_\klZeHgZgZ^_yeZkvqlh_fmkiZehkvemqr_
q_f_cHg^hihemghqbqlhlh^\b]Zef_rZy_ckiZlviher_klh]h__jZa[m^beZijh]heh^Z\rZyky
dhrdZ
IhijZ\^_]h\hjykhk_^g_lZdm`kbevghrmf_eghihke_^_\bqgbdZbk\Z^v[uhq_j_^ghck\h_c
ih^jm]bhgZbkiulu\ZeZg_m^h\e_\hj_gghklvLhevdhhgbkWfbbabomgb\_jkbl_lkdhcdhfiZgbb
hklZebkvg_aZfm`gbfbG_m`_ebg_hklZehkvihjy^hqguofm`qbg[_a]jmaZijhreuohrb[hd"
Chdk[mj]_lZdbolhqgh[hevr_g_lZgZklmiZlv^\Z`^ugZh^gb]jZ[ebhgZg_kh[bjZ_lky
�GZdhjfb\LZ[bkmwcabijb]hlh\beZk_[_qZcbihreZ\abfgbckZ^K\_lZehG_[hgZ^\hklhqgufb
djurZfbhdjZkbehkv\[e_^ghjhah\ucp\_lAZ[jZ\rbkvkgh]Zfb\dj_kehhgZklZeZex[h\Zlvky
k\hbfdjZkb\ufkZ^bdhfgZ^_ykvqlhwlhihfh`_l_cjZkkeZ[blvky
Wlh__ex[bfh_\j_fykmlhdH[o\Zlb\djm`dmh[_bfbjmdZfbhgZm^h[g__mkljhbeZkv\dj_ke_b
ijbkemrZeZkvda\mdZf\_k_gg_]hmljZI_ebilbpugZ\_jomihkdjbiu\Zebiheh\bpuAZl_f
ihkeurZebkvrZ]bgZe_klgbp_ijb]emr_gguc\ha]eZkbh]emrbl_evguc]jhohlHlbkim]ZLZ[bkZ
�ime_c\ue_l_eZgZmebpmZwcabh[ebeZkvqZ_f
&#xhl;&#xq;&#x_j;&#xl;&#x;&#xi;&#xjh;&#x[h;&#xjf;&#xhl;&#xZe;&#xZ;�hlq_jlijh[hjfhlZeZwcabihlbjZyiylghgZoZeZl_QlhgZl\hjbe__gh\uckhk_^"Km^yih
jm]Zl_evkl\Zf^hghkysbfkykd\havlhgdmxkl_gmqlhlhm`Zkgh_
AZgbfbihke_^h\ZeZlbrbgZ
&#xu;&#x;&#xih;&#xjy;&#x^d;&#x_";&#x;&#xh;&#xkl;&#xhj;&#xh`;&#xgh;&#xk;&#xij;&#xhk; e;&#xZ;u\ihjy^d_"hklhjh`ghkijhkbeZwcab
�Zjh^_[uhl\_lbefm`qbgZIjhklbl_Mf_gyf_edb_g_ijbylghklb
�wcabmagZeZchjdrbjkdbcZdp_gl
Yfh]m\Zfq_fgb[m^vihfhqv"
HghlqZygghjZkkf_yeky
G_l_keb\ug_\h^hijh\h^qbd
�wcabmkeurZeZrZ]b\ohee_aZl_f\__i_j_^gxx^\_jvihklmqZebHgZhldjueZ^\_jvb__]eZaZ
rbjhdhjZkiZogmebkv?_gh\uckhk_^hdZaZeky\ukhdbfrbjhdhie_qbfb\_kvfZijb\e_dZl_evguf
l_fguo\hehkZo\b^g_ebkvhrf_ldbdjZkdbbrlmdZlmjdbBjhgbydhlhjmxhgZm\b^_eZ\_]h
]hem[uo]eZaZoaZklZ\beZ__meu[gmlvkyAZl_f_]h\a]ey^kdhevagmeih__oZeZlmbaZ^_j`ZekygZ
h]jhfghfiylg_hlqZy
�Qlhk\Zfbkemqbehkv"kijhkbehgbwcabobobdgmeZ
Y^mfZeZwlhfhyj_iebdZhl\_lbeZhgZklZjZykv[hevr_g_kf_ylvkyihkdhevdmgbq_]h
kf_rgh]hg_[ueh
�Fhcihlhehdh[\Zebekyihykgbefm`qbgZbwcabaZdmkbeZ]m[m
D__m^b\e_gbx_]h]eZaZmeu[Zebkv
�Ijhrmijhs_gbyaZrmfb[jZgvDklZlbf_gyah\ml;_gHgijhlygmewcabjmdmaZl_f
�hl^_jgme__b\ul_jh[jxdbij_`^_q_fkgh\Zih^Zlv___c_\mrdZih`ZeZ_]heZ^hgvHgZ
hdZaZeZkvl_iehcbl\_j^hcQlh`_dZkZ_lky]hehkZ;_gZhg[uegbadbfbojbieh\ZlufBhq_gv
k_dkmZevguf
��Ywcabhl\_lbeZhgZk^jm`_ex[ghcmeu[dhch[jhih`Zeh\Zlv\Jb\_goheebeeZk
�mfZx\Zfa^_kvihgjZ\blky
�JZkkf_y\rbkv;_gaZdjue]eZaZijh\_ejmdhcihebpmbjZafZaZe]jyavwcabm\b^_eZlhg_gvdmx
kljmcdmdjh\b\ul_dZxsmxbaihj_aZgZ^_]h[jh\vx
Fg_hklZ_lkylhevdhgZ^_ylvkyM\ZkkemqZcghg_lagZdhfh]h\h^hijh\h^qbdZ"
�AZlygm\lm`_ihykoZeZlZwcabi_j_e_aeZq_j_agba_gvdbcaZ[hjqbdf_`^m\ueh`_ggufbiebldhc
^hjh`dZfbbaZ]eygm\\khk_^kdbcoheem\b^_eZm`ZkgmxdZjlbgmDmogy;_gZ[ueZaZkuiZgZ
h[ehfdZfbfhdjhcrlmdZlmjdbbj__dK[helZxs_]hkydmkdZihlhedZdZiZeZ\h^Z
Lhevdh\h^hijh\h^qbdZ"ijh[hjfhlZeZhgZbkgh\ZmkeurZeZmk_[yaZkibghcfm`kdhckf_o
Ih\_jgm\rbkvhgZh[gZjm`beZqlh;_gklhbl\^\morZ]Zohlg__
i_j\mxhq_j_^vAZl_fy\uah\mwe_dljbdZbrlmdZlmjZ
&#xha;&#x^m;&#xo;&#x[u;&#xgZ;&#xih;&#xeg;&#x_g;
&#xZi;&#xZo;&#xZf;&#xku;&#xjh;&#xkl;&#xfh;&#xdj;&#xhc;&#xr;&#xlm;&#xdZ;&#xlm;&#xjd;&#xg;&#xh;�ha^mo[uegZiheg_gaZiZoZfbkujhklbbfhdjhcrlmdZlmjdbghwcabmeh\beZkeZ[ucZjhfZl
pbljmkh\h]hh^_dhehgZbkoh^ysbchl;_gZ
DZ`_lkyl_qvm`_ihqlbi_j_klZeh
�Ylhevdhqlhijbgye\ZggmmfZxljm[mijhj\Zeh
iheg_\hafh`ghAgZ_l_qlh"Yk_cqZki_j_h^_gmkvbihfh]m\Zfa^_kvijb[jZlvkyY\u_a`Zx
gZjZ[hlmlhevdhq_j_aqZkhh[s_lhhgZieZgbjh\ZeZijbgylv^mrgh\iheg_fh`_l[_ag_]h
h[hclbkv
Zf\_a_lK_]h^gyfhci_j\ucjZ[hqbc^_gvgZgh\hff_kl_bfg_gm`gh\u_a`Zlvg_f_^e_ggh
ex[hfkemqZ_mf_gyg_l^jm]h]hdhklxfZb\h^my\dexqZlv[hevr_g_kh[bjZxkvLZdqlhfg_
ijb^_lkyihie_\ZlvgZghkh\hcieZlhdb\ul_j_lvkybf
Hq_\b^ghhg_s_g_kfhlj_eky\a_jdZeh
��mfZxwlh\Zfg_ihfh`_lkdZaZeZwcabM\Zkihj_agZ^e_\uf]eZahfM\Zk_klvqbklZy
jm[ZrdZ"
Hklhjh`ghihljh]Z\e_\mx[jh\v;_gdb\gme
�ZZlZd`__s_h^gb[jxdbbib^`ZdghdhklxfZdkh`Ze_gbxg_l
A^_kvy\Zfihfhqvg_fh]mhl\_lbeZhgZGhmf_gy_klv^mrIhq_fm[u\Zfg_\aylv
qbklmxh^_`^mbg_ijb\_klbk_[y\ihjy^hdihdZy[m^ma\hgblv\h^hijh\h^qbdm"
�ZB^bl_[_jbl_\k_qlh\Zfgm`ghYk_cqZk[ukljhi_j_h^_gmkvbgZqgmm[bjZlvkyMf_gy
_klviue_khkdhlhjucohjhrhkh[bjZ_ljZaeblmx\h^m
;_gmeu[gmekyb\m]hedZo_]h]eZaihy\bebkvhqZjh\Zl_evgu_emqbdbfhjsbghd
�mfZ_l_hgkijZ\blky"A^_kvgZihemp_eZy\ZggZ\h^u
GbdZdboijh[e_f
HggZofmjbeky
�wcab\um\_j_gu"Wlh`_h]jhfgh_g_m^h[kl\hFg_g_eh\dh\ZfgZ\yau\Zlvky
�wcabg_hq_gvohl_ehkvgZqbgZlvk\hc^_gvkdhiZgby\]jyabghhgZg_fh]eZ[jhkblvk\h_]h
gh\h]hkhk_^Z\[_^_HgZaZklZ\beZk_[ymeu[gmlvkyijhq_fwlhihemqbehkvmg__e_]dhWlb
]eZaZ
Y^mfZeZ\ulhjhibl_kv
�Ijhc^yfbfhg_]hwcabi_j_e_aeZq_j_aaZ[hjqbdih^gyeZkvgZ\_jobgZlygmeZgZk_[yh^_`^m\
dhlhjhch[uqghjZ[hlZeZ\kZ^mDh]^Z;_gih^hr_ed__^\_jbhgZm`_^hklZ\ZeZbadeZ^h\db
iue_khk
IhkemrZcl_\uijZ\^Zg_^he`gu
G_]h\hjbl_]emihklbYg_jZa\Zexkv_kebg_fgh]h\Zfihfh]mZggZygZ\_jomjy^hfk
e_klgbp_cGZ[hjlbd_\bkbl^ey\Zkqbklh_ihehl_gp_h^hijh\h^qbdh[_sZefg_i_j_a\hgblv
Hgg_fh]\wlhih\_jblv
:ke_^h\Zehihke_^g__\j_fy\_]h`bagb\k_rb\hjhlgZ\u\hjhl
klZ\ih^]hjyqb_kljmb;_gmklZeh\a^hogmeHgagZeqlhi_j_[jZlvky\wlhl^hf^hj_fhglZ[ueh
ihki_rgufj_r_gb_fghqlh[ugZklhevdh"
�KeZ\Z[h]mqlhmg_]hhdZaZeZkvlZdZyaZf_qZl_evgZykhk_^dZdZdwcabQlhhgZ\imklbeZ_]hdk_[_
biha\hebeZ_fmijbgylv^mray\g_fgh]hrZfimgyhgijbgyekyfulv\hehkubh[gZjm`begZ
]heh\_iZjmrbr_dIhj_agZ^e_\hc[jh\vxihsbiu\Zehbhg\ujm]Zekyk_[_ih^ghk
Kfu\kk_[y]jyav;_gkj_dhj^ghckdhjhklvx\ul_jkybh^_ekyIjb\b^_pZjZibgugZ^hjh]hf
[hlbgd_hggZofmjbekyghlml`_j_rbeqlhg_klhblh[jZsZlv\gbfZgbygZih^h[gu_f_ehqbk_
jZ\ghgbq_]hg_ih^_eZ_rvKwlhcfukevxhgihr_e\gbahklZ\b\k\hc]jyagucdhklxfgZ^g_
\ZgguHgaZcf_lkybfiha`_K_cqZkmg_]h_klv[he__\Z`gu_^_eZ
�AZkl_ghc`m``Zeiue_khkwcabijhklhahehlhih^mfZehgkmeu[dhcMg_]hgbdh]^Zg_
[uehlZdboohjhrbokhk_^_c
GZi_jbeZokb^_eZfZe_gvdZyq_jgZydhr_qdZkh]jhfgufbmrZfbba_e_gufb]eZaZfb;_g
ijhlygmejmdmqlh[u__ih]eZ^blvghhgZkiju]gmeZgZklmi_gvdbbm[_`ZeZFy]dhjZkkf_y\rbkv
hgijh^he`bekimkdZlvky
�I_j_iju]gm\q_j_a^_dhjZlb\gucaZ[hjqbdb\hc^y\k\hc^hfhggZr_ewcabihkj_^bdmogb
h^ugZihemm`_g_[uehHgZkf_lZeZ\_gbdhffmkhj\dmqm
�wcab\ug_^he`guwlh^_eZlvYfh]m\k_m[jZlviha`_
�Yihqlbm`_aZdhgqbeZYkfZogmeZfmkhjkdhjh[hdqlh[uhgb\ukhoebmfZxqZklvihkm^u
fh]eZjZa[blvky
;_gih`Zeie_qZfb;_alZj_ehdbklZdZgh\hgdZdgb[m^vi_j_`b\_l=eZ\gh_qlhhgkZfg_
�ihkljZ^ZeHgijh\_eiZevp_fihihj_amgZe[mbwcabkdZaZeZ
Hgkgh\Zih`Zeie_qZfb
Ihgylbyg_bf_x]^_fhyZil_qdZghm\_j_gqlh\u`b\mh^hijh\h^qbd\Zf_s_g_
i_j_a\Zgb\Ze"
IhdZg_lY\Zfk_cqZkijh^bdlmxghf_jk\h_]hfh[bevgh]hu_]hgZ[_j_l_biha\hgbl_fg_
qlh[u\Zrghf_jmf_gyhij_^_ebekyYijbrex\Zfkhh[s_gb_dh]^Zhgfg_iha\hgbl
\_^y\iZfylvl_e_nhgZ__ghf_j;_gm[jZe_]h\dZjfZgbijh\_ejmdhcih\eZ`guf\hehkZf
?s_jZaijhrmijhs_gbyaZg_m^h[kl\ZYhklZ\bek\hc]jyagucdhklxf\\Zr_c\Zgg_Yhq_gv
ki_rmbaZ[_jm_]hiha`_IhkemrZcl_\ug_^he`gu[hevr_
KlmiZcl_Yihqlbm`_aZdhgqbeZM\b^bfky\_q_jhfYfh]maZdjulv^\_jvijhklhgZs_dhe^m"
Dhg_qghH]jhfgh_\ZfkiZkb[hYi_j_^\Zfb\h]jhfghf^he]m
�WlhlhqghIhf_gvr_cf_j_yaZkem`beZijb]eZr_gb_gZm`bgkdZaZeZwcabkfZob\Zyk
]jyaghcklhcdbgZihedmkdbrlmdZlmjdb
KqblZcl_qlh\u_]hihemqbeb
HgZmeu[gmeZkvIhehkdZ]jyabmg__gZs_d_^_eZeh__ihoh`_cgZhahjgmx^_\qhgdm;_gg_ohl_e
h[wlhf^mfZlvihkdhevdm_fm^Z\ghm`_g_[ueh\_k_ehk`_gsbghcFh`_l\g_rg_hgZk_cqZkb
gZihfgbeZ_fmfZe_gvdmx^_\hqdmghhgagZeqlhih^wlbfklZj_gvdbfkihjlb\gufdhklxfhf
ijyq_lkyaj_eZy`_gsbgZBdZ`_lkyhglhevdhqlhijb]eZkbe__gZm`bg
IjhdZrey\rbkv;_ghlju\bklhdb\gmebmr_e
&#xui;&#xjy;û&#xr; k;&#xv;�&#xui;&#xjy;û&#xr; k;&#xv;�uijyfb\rbkvwcabhldbgmeZkebpZ\hehkubh]ey^_eZkvhihjy^dZ_s_^Ze_dhghihdjZcg_c
f_j_\k_m`_g_lZdkljZrghHgZm[jZeZ\h^miue_khkhfkf_eZfmkhj\dmqmbkfZogmeZ]jyavk
dhjh[hdqlh[uhgbg_ijhfhdebGh_kebhgZg_ihlhjhiblkylhhiha^Z_lgZjZ[hlmK_]h^gywlh
[ueh[ug_`_eZl_evgh;ukljhijbgy\^mrhgZh^_eZkvkh[jZeZ\hehku\ma_ebaZdj_ibeZ_]hk
�ihfhsvxj_abgdbeylh]hqlh[uk^_eZlv[he__we_]Zglgmxijbq_kdmbfZdby`mg__g_l\j_f_gb
�K_]h^gy\uoh^blgZjZ[hlmgh\ucdhgkmevlZgl@HgZgZ^_yeZkvqlhwlh[m^_lg_
kZfh^h\hevguckgh[bg_mlhfbl_evgucaZgm^ZH^gh]hlZdh]h[he__q_f^hklZlhqgh^eybo
dhee_dlb\Z
�AZi_j_\^hfwcabk_eZ\fZrbgmbgZijZ\beZkv\[hevgbpmIh^hjh]_hgZijbgyeZa\hghdhl
\h^hijh\h^qbdZIjb_oZ\gZjZ[hlmhgZi_j\uf^_ehfk^ZeZdhklxf;_gZ\obfqbkldm
gZoh^ysmxky\[hevgbqghf\_klb[xe_HgZ\b^_eZe_c[egZdhklxf_bij_^mij_^beZijb_fsbpm
qlh[ukgbfh[jZsZebkvZddmjZlgh
Dlhfm\j_f_gbdh]^ZhgZ\hreZ\hl^_e_gb___dhee_]bm`_kh[jZebkvjy^hfkihklhff_^k_klju
HgZm\b^_eZfZdmrdmfm`qbgudhlhjucke_]dZ\ha\urZekygZ^hklZevgufbmkeurZeZlbobc
]hehkb__k_j^p_miZehQ_jlih[_jbhgm`_ijb_oZebagZdhfblkykhklZevgufb:hgZlhohl_eZ
ijhba\_klbgZg_]hohjhr__\i_qZle_gb_
�KlZjrbc\jZqW\Zg`hgkdjZkghj_qb\hihkfhlj_egZqZkudh]^ZhgZijbkh_^bgbeZkvd]jmii_
�Ijhklbl_yijhe_i_lZeZwcabbihljyk_ggZyaZf_jeZgZf_kl_dh]^Z__gh\ucdhee_]Z
ih\_jgmekyb\klj_lbekykg_c\a]ey^hfGZ_]hebp_ijhf_evdgmehm^b\e_gb_
�Fbkl_jMhd_jwlh^hdlhjNmee_jijhbag_kW\Zgg_\ujZabl_evguflhghfdZd_keb[uwcab
[ueZgbqlh`_kl\hfa]ey^;_gZ]h\hjbekh\k_f^jm]h_
�FuagZdhfuhdlhjNmee_jhdZaZeZfg_^h[jmxmkem]mkdZaZe_fm;_gaZl_fh[jZlbekyd
�wcab[ueZ]hlh\ZjZkp_eh\Zlv_]haZlhqlhhgkiZk__hlhq_j_^ghcgm^ghce_dpbbW\ZgZ
�Z\iheghfdb\gmeZhgZ
GZe[mmg_]h[ueZfZe_gvdZyihehkdZe_cdhieZklujyghih_]h\g_rg_fm\b^m[uehg_\hafh`gh
ij_^iheh`blvdZdgZqZeky_]h^_gvHg\u]ey^_ekihdhcgufbm\_j_gguf\k_[_hlebqb_hlg__
KiZkb[h\ZfaZlhqlh\u^eyf_gyk^_eZebG_^mfZxqlh\ufgh]hijhimklbebkmeu[dhc
kdZaZehgaZl_fh[jZlbekyd]jmii_DZdym`_kdZaZey`^mkg_l_ji_gb_fdh]^ZgZqgmjZ[hlZlv
[hdh[hdkh\k_fb\ZfbGZ^_xkv\u[m^_l_fg_ijhsZlvfhb]emiu_\hijhkuhlhfdZda^_kv\k_
mkljh_ghYihklZjZxkvdZdfh`ghkdhj__a^_kvhk\hblvky?kebdhfmlhba\ZkihgZ^h[blkyfhy
ihfhsvkf_ehh[jZsZcl_kvHgkgh\Zmeu[gmekyk_fkiZkb[haZ\gbfZgb_M\_j_gm\Zk
��fgh]hjZ[hluihwlhfm[hevr_g_kf_x\ZkaZ^_j`b\Zlvhdlhj`hgkfg_[ug_ohl_ehkv
hl\e_dZlv\ZkhliZpb_glh\Ihq_fm[u\Zfg_iha\heblv^hdlhjmNmee_jihdZaZlvfg_hl^_e_gb_"
Fg_\ex[hfkemqZ_gm`ghkg_cih]h\hjblv?keb\ug_\hajZ`Z_l_y\_jgmkvdiheh\bg_^_kylh]h
fuk\Zfb\uiv_fdhn_b\ufg_[he__ih^jh[ghh[h\k_fjZkkdZ`_l_GZ^_xkv\uh[Zg_ijhlb\"
W\Zg\u]ey^_eke_]dZm^b\e_ggufghdb\gme
Fh`_l_b^lbfbkl_jMhd_jM\_j_g^hdlhjNmee_jjZkkdZ`_l\Zf\k_qlh\Zfg_h[oh^bfh
agZlvMf_gyb\ijZ\^mg_l\j_f_gbFg_gm`ghkjhqghhkfhlj_lvg_kdhevdboiZpb_glhd
�DZd^_eZmDewj?jbnnblk"kijhkbeZwcabdhlhjZy\k_\uoh^gu_[_kihdhbeZkvh[wlhc
iZpb_gld_
Ym`_[uemg__G_[_kihdhcl_kvykijZ\exkv[_a\Zkkmohhl\_lbeW\Zgb;_ggZofmjbeky
�LhqlhhgmkeurZe_fmg_ihgjZ\behkvHgm`_gZqZebkiulu\Zlvg_ijbyagvdW\Zgm`hgkm
�HlebqghLh]^Zm\b^bfkyiha`_hl\_lbe;_gbg_l_jyygbk_dmg^uih\_ewcabd\uoh^m
�AgZqblyhdZaZeZ^h[jmxmkem]m"ijh[hjfhlZeZwcabbhglbohjZkkf_yekyqlh[u[hevr_
gbdlhg_mkeurZe
;_gih^g_kk\h_ieZklbdh\h_m^hklh\_j_gb_d^ZlqbdmgZkl_g_b^\_jbhldjuebkv
��Zyg_khe]ZeBlZdyohqmqlh[u\ufg_jZkkdZaZebdZda^_kv\k_mkljh_gheygZqZeZfg_g_
ihf_rZeh[umagZlv]^_a^_kvfh`ghdmiblvijbebqgucdhn_Hgdjb\hmeu[gmekyAZ\ljZd
fg_g_h`b^Zgghijbrehkvijhimklblv
&#xki;&#xhf;&#xgb;&#x;
&#xZd;&#xh;&#xg;&#xu];&#xey;&#x^_;&#xml;&#xjh;�kihfgb\dZdhg\u]ey^_emljhfwcabmeu[gmeZkv\hl\_l
IhegucZg]ebckdbcaZ\ljZdbebfh`_l\u[uij_^ihqeb[uqlhgb[m^vkeZ^_gvdh_b
\dmkg_gvdh_"
�?]h]eZaZaZ]hj_ebkvbgZk_dmg^mmwcabi_j_o\Zlbeh^uoZgb_
KeZ^_gvdh_b\dmkg_gvdh_a\mqblfgh]hh[_sZxs_kdZaZehgijhimkdZy__\i_j_^
�IjZ\^Z^hdlhjwcab"
Ihdbgm\hl^_e_gb_hgbkimklbebkv\gbabijhreb\dZn_l_jbc
AgZqbl\h^hijh\h^qbdijb^_l\k_fv"kijhkbe;_gdh]^Zhgbkb^_ebaZklhebdhfkdjm`dZfb
�dhn_b[mehqdZfbkdhjbp_cHggZ[ex^ZeaZl_fdZdwcab_klb_fm[uehljm^ghdhgljhebjh\Zlv
k\hbfukebk_fvk_]h^gybebq_j_aljb^gy"
K_]h^gyhl\_lbeZhgZaZl_fjZkimklbeZ\hehkubkgh\Zkh[jZeZbo\ma_e@Zev?fmhgb
[hevr_gjZ\bebkvjZkims_ggufbBgl_j_kghdZdh\ugZhsmivwlb^ebggu_l_fgu_ijy^b"Qlh[u
g_ih^^Zlvkykh[eZagmhggZqZef_rZlvdhn_
ijboh^blky`^Zlvg_kdhevdhg_^_evHg\ZragZdhfuc"
�wcabdb\gmeZ
�Zbhg^_ckl\bl_evghohjhrbcfZkl_jHgi_j_h[hjm^h\Zefhx\Zggmx
M\ZkdjZkb\Zy\ZggZyIjhklbl_qlhmkljhbe\g_c[_kihjy^hd
G_[_kihdhcl_kv\k_ghjfZevghYm[_jmkvlZfiha`_
FZkl_jfgh]hk\Zk\ayebebj_fhglhieZlbe\ZrZj_g^h^Zl_ev"
�Mf_gyg_lgbdZdh]hZj_g^h^Zl_eyhl\_lbeZwcabWlhfhckh[kl\_gguc^hf
h^hijh\h^qbdihlj_[h\ZeaZk\hxjZ[hlmjZamfgmxkmffm
u\h^bghqdmdmibebwlhl^hf"kijhkbe;_gblml`_hljm]Zek_[yaZlhqlhihe_ag_\k\h_
^_eh
HgZdb\gmeZ
�Bgh]^Zym^b\eyxkvdZdhdZaZeZkv\wlhckblmZpbbhe`gh[ulvykiylbeZYaZohl_eZbf_lv
k\hckh[kl\_gguc^hfihlhfmqlh[ueZkulZih]hjehg_^h[jhkh\_klgufbZj_g^h^Zl_eyfbGh
\j_f_gZfbfg_dZ`_lkyqlhyg_^hklZlhqgh\ajhkeZy^eylh]hqlh[u\eZ^_lv^hfhf
HgZ^hklZlhqgh\ajhkeZy^eylh]hqlh[uijh[m`^Zlvkf_eu_fm`kdb_nZglZabbih^mfZe;_g
�wcabkgh\ZhldmkbeZdmkhq_d[medbijh`_\ZeZ_]hbh[ebaZeZ]m[u?]hk_j^p_ijhimklbehm^Zj
?fmij_^klhbl`blvbjZ[hlZlvjy^hfkwlhc`_gsbghcKfh`_lebhgwlh\u^_j`Zlv"
:dZdgZkq_l\Zk"kijhkbeZhgZ]ey^ygZg_]hk\hbfba_e_gufb]eZaZfbihegufb
ex[hiulkl\ZudhgkmevlZglu^hklZlhqgh\ajhkeucqlh[ubf_lvkh[kl\_gguc^hfG_
khqlbl_f_gy]jm[hcghyg_ihgbfZxaZq_f\Zf[uehihdmiZlv\_lobch^ghd\Zjlbjguc^hf\
lZdhc^uj_dZdChdk[mj]
Ohjhrbc\hijhkgZdhlhjuchgg_kh[bjZ_lkyhl\_qZlv
Qlhg_lZdkChdk[mj]hf"
HgZih`ZeZie_qZfb
Yex[ex_]hg_f`b\mlijbylgu_ex^bg_f_klvfhj_bohjhrZy[hevgbpZWlhfbeuc
]hjh^hd
LhqghGh\lZdhfkemqZ_qlhiehoh]h\lhfqlhyohqma^_kv`blv"kijhkbehgg_`_eZy
]h\hjblvhk\h_cebqghc`bagb
�Gbq_]h_ehg_\Chdk[mj]_Ijhklhfg_dZ`_lkyqlhlZdhfmq_eh\_dmdZd\uih^hr_e[u^hf
ihemqr_;he__dhfnhjlgucbHgZ\g_aZighaZfheqZeZkeh\ghihqm\kl\h\Z\qlhi_j_reZ
]jZgvGZ\_jgh_lZdhghb_klvghhgg_^he`_gaZ[u\ZlvqlhwlhhgZjZghmljhfijbreZ_fmgZ
ihfhsviha\hebeZijbgylvmg__^mrm[jZeZkvmg_]hgZdmog_b\ua\ZeZfZkl_jZ
YjZa\_^_gijbagZeky;_gblml`_wlhfmm^b\bekyGhqlhlhih^kdZau\Zeh_fmqlhhgfh`_l
^h\_jylvk\h_cgh\hcagZdhfhchafh`gh\ukhql_l_f_gybaebrg_kdjhfgufghfg_fhc^hf
\iheg_ih^oh^blLhqg__[m^_lih^oh^blvdh]^Z\k_ihqbgylYihljZlbegZg_]h^h\hevghfgh]h
^_g_]Djhf_lh]hyg_bal_odlhex[bl\uklZ\eylvgZihdZak\hc^hklZlhd
Ke_]dZihdjZkg_\hgZ[ukljhkdZaZeZ
Ijhklbl_Wlhg_fh_^_ehDklZlbyhl^ZeZ\Zrdhklxf\qbkldmdhlhjZygZoh^blky\]eZ\ghf
\_klb[xe_DiylbqZkZfhg[m^_l]hlh\YihijhkbeZqlh[ukgbf[uebihZddmjZlg__lZdqlh
fh`_l_g_[_kihdhblvky
HgZjZkkf_yeZkv
h\k_g_lMljhfyg_agZeZdlh\uYihfh]eZ\Zfih^h[jhl_^mr_\ghcbg_`^mgbq_]h\aZf_g
IjZ\^Z"
G_kh\k_fYihij_`g_fmg_hldZaZeZkv[uhlijb]eZr_gbygZm`bgijhbag_keZhgZk
^jZagys_cmeu[dhchldhlhjhcdjh\vaZdbi_eZ\_]h`beZoHgkijhkbek_[ykfh`_lebm^_j`Zlv\
ma^_wlh\g_aZigh\hagbdr__\e_q_gb_
jy^eb
Hgi_j_dexqbek\h_\gbfZgb_gZdhn_
KiZkb[h\ZfaZlhqlhba[Z\bebf_gygZ\j_fyhlghlZpbcW\ZgZHgihf_rZggZimgdlmZevghklb
bmkljhblfg_jZaghkiha`_
Wlhf_gvr__qlhyfh]^ey\Zkk^_eZlvW\ZgihdZaZekyfg_g_kZfufijbylgufq_eh\_dhf
Dh]^Z\ukijhkbeb_]hhlhciZpb_gld_hghlfZogmekyhl\Zk
__]eZaZoijhf_evdgmehqlhlhihoh`__gZ[_kihdhckl\h
Yijb\udeZHgfh`_l\_klbk_[ydZdkZfh^h\hevgucf_jaZ\_pgh\jZqhgohjhrbc
�mfZxhgg_fgh]hjZkkljhbekybaaZlh]hqlhwlhf_klhihemqbey?fmkh\_lh\Zeb\u^\bgmlv
k\hxdZg^b^ZlmjmghyiheZ]ZxhgihkqblZeqlhmg_]hg_ldhgdmj_glh\
DZd\udgZfihiZeb"
M\b^_e\Bgl_jg_l_h[ty\e_gb_h\ZdZgkbbbhlijZ\bek\h_j_axf_Gb\dh_fkemqZ_g_ohqm
h[b^_lvW\ZgZghhq_\b^ghfhyijhn_kkbhgZevgZy[bh]jZnbyijhba\_eZgZZ^fbgbkljZpbx
[hevgbpu[hevr__\i_qZle_gb_g_`_eb_]h
LhqghBf_gghihwlhfmhgbg_\klj_lbe\ZkkjZkijhkl_jlufbh[tylbyfbgh[m^vl_m\_j_gu
\ukfh`_l_gZg_]hjZkkqblu\Zlv
;_gba^Zek^Z\e_gguckf_rhd
JZ^wlhkeurZlv
?_]m[u^_jgmebkv\a_e_guo]eZaZokgh\Zihy\bekyhahjghc[e_kd
GZ^_xkv\uijb^mfZebdZdmxmkem]my\ZfhdZaZeZ
Hldbgm\rbkvgZkibgdmklmeZhgmeu[Zykv\klj_lbekykg_c\a]ey^hf
�KdZ`_f\uij_^hklZ\bebfg_ij_gZlZevgmxklZlbklbdmdZkZxsmxky[ebag_ph\mfZxwlh
a\mqbl\iheg_m[_^bl_evghex[hfkemqZ_wlhemqr_q_fh[tykgylvqlhmljhfyijbgbfZe^mr\
\Zr_c\Zgghcfy]dhijhbag_khg
GZ__s_dZokgh\ZijhklmibehqZjh\Zl_evgucjmfyg_pb;_gihqm\kl\h\ZedZd\iZommg_]h\k_
gZijy]ehkv
JZkkdZ`bl_fg_h[hevgbp_[ukljhkdZaZehgijhdZrey\rbkv
�wcabih`ZeZie_qZfb
HgZbklZjZybgh\ZyJZgvr_a^_kv[uekmfZkr_^rbc^hf^ey[_^gydh\
DZdh_\hkoblbl_evgh_hlkmlkl\b_ihebldhjj_dlghklb
HdZdhcihebldhjj_dlhklbfh`_lb^lbj_qvdh]^Zhlpub[jZlvyh[_kq_klb\k\hbo^hq_j_cb
k_kl_jh[ty\eyebbokmfZkr_^rbfbbaZibjZebgZ\k_]^Z\ih^h[guoaZ\_^_gbyoZkZfbdZdgb\
q_fg_[u\Zeh\ha\jZsZebkvdghjfZevghc`bagb"
DZdhcm`Zk
lh]hqlhl\hjbehkv\wlbokl_gZogZkZfhf^_e_JZa\_fgh]hex^_caZ]ey^u\Z_l\kmfZkr_^rbc
^hf"G_kqZklgu_dhlhju_aZ_^m\uihegyebly`_emxjZ[hlmmfbjZebbwlhhklZ\Zehkv
[_agZdZaZggufGh\_^vq_eh\_q_kdZy`bagvjZgvr_klhbeZg_hq_gv^hjh]hg_lZdeb"
DZdbkljhbl_evkl\h^hfh\GZ\_jgh_bf_gghihwlhfmklZjZyqZklva^ZgbylZdZydjZkb\Zy
�Wlhlhqghjm]hciheh`bl_evgucfhf_glaZdexqZ_lky\lhfqlh[eZ]h^Zjym_^bg_gghfm
f_klhiheh`_gbxa^Zgbya^_kvlboh?]hhdjm`Zxlh[rbjgu_iZjdh\u_gZkZ`^_gby\dhlhjuo
ex[ylhl^uoZlvf_klgu_`bl_eb;hevgbpZijhklhhlebqgZyG_dhlhju___qZklb[uebh[hjm^h\Zgu
kh\k_fg_^Z\ghGZijbf_jjh^bevgh_hl^_e_gb_Hghm`_aZjZ[hlZehk_[_hlebqgmxj_imlZpbx
;hevgbpZg_hq_gv[hevrZyb\lh`_\j_fymgZk_klv\k_A^_kvohjhrhjZ[hlZ_lkyk_^jm]^jm]Z
agZxl
JZa\_wlhohjhrh"
�wcabdjb\hmeu[gmeZkv
G_\k_]^ZukZfb\wlhfm[_^bl_kvdh]^ZgZrbdhee_]bmagZxlqlhfuk\Zfbkhk_^b
�mfZ_l_hgbmagZxl"
HgZjZkkf_yeZkv
�mfZxwlhijhbahc^_l^gyq_j_aljbfh`_l^Z`_kdhj__
DZdhc`_mg__djZkb\uckf_oA\hgdbcf_eh^bqgucDh]^ZhgZ\ukmgmeZdhgqbdyaudZbkebaZeZk
]m[u]eZamjv;_gh[gZjm`beqlhmklZ\bekygZg__keh\ghaZqZjh\Zgguc
Fh`_lmkljhbl_^eyf_gywdkdmjkbx"ihki_rghij_^eh`behg[hykvqlh_kebijhkb^bl
gZijhlb\g___s_g_kdhevdhfbgmllhkZfgZqg_lkebau\Zlv]eZamjvk__]m[
Dhg_qghKq_]hgZqg_f"
Fh`_lk`_gkdhcdhgkmevlZpbb"ij_^eh`behgAZl_f\ufh`_l_^Zlvfg_klZlbklbdm
dZkZxsmxky[ebag_ph\qlh[uijb^mfZggh_gZfbh[tykg_gb_[uehg_kh\k_feh`vxFg_kdZaZeb
qlhk_]h^gymf_gy[m^_li_j\ucijb_fiZpb_glhdlZdqlh^mfZx[m^_lemqr__kebij_`^_y
magZxdZdlZf\k_mkljh_gh?]h]eZaZ\_k_ehaZ[e_kl_ebYg_ohqmhiehrZlv\i_j\uc`_
^_gvG_^hklZ\exW\ZgmlZdh]hm^h\hevkl\by
=eZ\Z
��_gv\u^ZekylZdhckmfZlhrgucqlhwcab[uehg_dh]^Z^mfZlvhk\h_fgh\hf[hkk_bkhk_^_
HgZij_^hklZ\beZ;_gmklZlbklbdmdZkZxsmxky[ebag_ph\aZl_f[ukljhihdZaZeZ_fm`_gkdmx
dhgkmevlZpbxklZpbhgZjjh^bevgh_hl^_e_gb_hi_jZpbhggmx^hbihke_jh^h\u_iZeZluihke_
�q_]hjh\gh\^_\ylvljb^pZlvhl\_eZ_]hdW\Zgm`hgkmZkZfZhlijZ\beZkvgZmlj_ggbch[oh^?c
gm`gh[ueh\uibkZlvlj_oiZpb_glhdi_j_^^g_\gufZf[meZlhjgufijb_fhfaZl_fkgh\ZaZ]eygmlv
\iZeZlmdfheh^hci_j\hjh^ys_ciZpb_gld_kiha^gbflhdkbdhahfhdhlhjhchgZ[_kihdhbeZkv
�W\ZgkdZaZeqlhm`_[uemg__ghwcabohl_ehkvkZfhc__hkfhlj_lvHgZ[ueZjZ^Zqlhk^_eZeZ
wlhDewjg_\Z`gh\u]ey^_eZMg__ih^gyehkv^Z\e_gb_bhl_debjmdbbgh]b?s_hgZ`Zeh\ZeZkv
gZ]heh\gmx[hev
�wcabkqblZeZqlhbfke_^h\Zehk^_eZlv_cd_kZj_\hk_q_gb_\iylgbpmghW\Zgj_rbeqlhjZ^b
j_[_gdZgm`ghih^h`^ZlvKm^yihlhfmdZdk_cqZkh[klhyl^_eZhghrb[ky
Yohqmqlh[ulumkihdhbeZkvlbohkdZaZeZhgZk_\gZdjh\Zlvb\ay\DewjaZjmdmMl_[y
[uebljm^gu_\uoh^gu_Lu^he`gZ[hevr_hl^uoZlvGbdZdh]hl_e_\bahjZDhebq_kl\h\bablh\
[hevr_kiZeZ
Yg_fh]mYhq_gv[hxkv
Ml_[yg_lijbqbg^eykljZoZDewjFuhl_[_aZ[hlbfkyk_qlhl_[_gm`ghwlh
jZkkeZ[blvkyYagZxwlhkeh`ghghl_[_gm`ghihiulZlvkyIhijh[m_rvjZ^bf_gy"Ohjhrh"
Db\gm\hgZiheh`beZ]heh\mgZih^mrdmbaZdjueZ]eZaZ
OhjhrZy^_\hqdZFu[m^_faZlh[hcgZ[ex^ZlvYg_fgh]hm\_ebqbeZ^habjh\dme_dZjkl\Zb
kdhjhluihqm\kl\m_rvk_[yemqr_?kebl_[_klZg_lom`_gZ`fbgZdghidmBih`ZemcklZg_
\klZ\Zckihkl_ebOhjhrh"
�Dewjkgh\Zdb\gmeZbwcab\uc^ybaiZeZluaZdjueZ^\_jvIhijZ\eyylZ[ebqdmkgZ^ibkvx
Ih`ZemcklZkh[ex^Zcl_lbrbgmhgZhsmlbeZmk_[yaZkibghcqv_lhijbkmlkl\b_
Wlhb_klvlZ`_gsbgZhdhlhjhc\u[_kihdhbl_kv"lbohkijhkbe;_g
�Z?_ah\mlDewj=jbnnblkMg__iha^gbclhdkbdhaYfh]mk\Zfbhg_cih]h\hjblv"
Dhg_qgh
�Hgbhlhrebhl^\_jbbwcabgZqZeZ\\h^blv_]h\dmjk^_eZ
Yg_agZxqlhkg_c^_eZlvYkh[bjZxkvhlijZ\blv__gZih\lhjgh_MABMg__\k_]hljb^pZlv^\_
g_^_ebW\ZggZklZb\Z_lgZlhfqlhhgZ^he`gZghkblvj_[_gdZdZdfh`gh^hevr_Y\_e_eZ_cdZd
fh`gh[hevr_hl^uoZlvK_]h^gy__jmdbbgh]b_s_kbevg__hl_debbhgZ`Zem_lkygZ]heh\gmx
[hevFuihklZ\beb_cdZl_l_jbke_^bfaZ[ZeZgkhf`b^dhklb
Wlh__dZjlZ"
�wcabijhlygmeZ_fm[mfZ]bbhgijh[_`Z\]eZaZfbg_kdhevdhkljZgbp\klj_lbekykg_c\a]ey^hf
Qlh\u^mfZ_l_"
�mfZxqlh__gZ^hhi_jbjh\Zlvk_]h^gyHgZaZdmkbeZ]m[mYohl_eZqlh[uwlhk^_eZeb\
iylgbpmghW\Zg
W\Zgj_rbeih^h`^Zlvu[uebkgbfg_kh]eZkguHgqlhlh]h\hjbegZkq_lwlh]h
HgZgZofmjbeZkvQlh"
Gbq_]hHgijhklhaZf_lbeqlh\ubaebrg_hklhjh`gu
�wcabih`ZeZie_qZfbFh`_lW\Zg^_ckl\bl_evghijZ\"Fh`_lhgZkebrdhf[_kihdhblky"
G_ohlbl___hkfhlj_lv"
Y^mfZe\ulhevdhqlhwlhk^_eZeb
�Zgh
Ghgbq_]hdZjl_yijhqblZe\k_qlhgm`ghagZlvYg_ohqmaZoh^blvdg_cijyfhk_cqZk?keb
�ywlhk^_eZxhgZgZqg_liZgbdh\ZlvDlhfm`_y\Zf^h\_jyxwcab
JZa\_wlh[eZ]hjZamfgh"ugbq_]hh[hfg_g_agZ_l_
YagZxqlh\uZddmjZlgh\_^_l_aZibkbW\ZgkqblZ_lqlh\Zfg_o\ZlZ_lm\_j_gghklbIhfh_fm
\Zfke_^m_l[hevr_^h\_jylvkh[kl\_ggufkm`^_gbyf
�Db\gm\wcabaZdmkbeZ]m[m
�OhjhrhFudhe_f_ckl_jhb^uJ_[_ghdjZa\blgZkdhevdhwlh\hafh`ghgZlZdhfkjhd_mfZx
`^Zlv[hevr_g_evayghyfh]mhrb[Zlvky
Beb\ufh`_l_[ulvijZ\uGZ^hk^_eZlvih\lhjgh_MABbkdZaZlvqlh[ugZ\kydbckemqZc
]hlh\bebhi_jZpbhggmxFu^Z^bfe_dZjkl\Zfih^_ckl\h\ZlvIhlhf[m^_l\b^ghqlhgZf^_eZlv
�wcabkgh\Zdb\gmeZH^h[jbl_evghih^fb]gm\_c;_g\_jgme_cdZjlmbmr_e
GZeZgq\j_f_gbg_hklZehkvbhgZijyfbdhfhlijZ\beZkv\`_gkdmxdhgkmevlZpbxijbgbfZlv
iZpb_glhdAZgbfZykvjmlbgghcjZ[hlhchgZg_iha\heyeZk_[_^mfZlvh;_g_^jm]__i_c^`_j
aZibsZe
�H[h`_Dewj=jbnnblkhe`gh[ulv_cklZehom`_GZijZ\b\k\hxihke_^gxxiZpb_gldmd
�W\ZgmwcabijyfbdhfgZijZ\beZkv\iZeZlmDewjHgZ\u]ey^_eZgZim]ZgghcgZ__[e_^ghcdh`_
\uklmibebdZi_evdbihlZ
�M\b^_\wcabDewjaZieZdZeZ
YlZdjZ^Zqlh\uijbrebMf_gy[heylgh]biZevpug_]gmlky]heh\ZjZa[he_eZkv_s_kbevg__
Yiehoh\b`mI_j_^]eZaZfbf_jpZxlh]hgvdbZ\gmljb]eZa[m^lhdhihrZlkyq_j\bYlZd[hxkv
�Djh\hbaebygb_\k_lqZlmxh[hehqdm]eZaZih^mfZeZwcabbamqZyihdZaZgbyfhgblhjZMAB
ihdZaZehqlhkijhreh]hq_l\_j]Zj_[_ghdgbqmlvg_\ujhkWlhhagZqZehqlhhgihemqZe
g_^hklZlhqghiblZgbyK_\gZdjZcdjh\ZlbhgZ\ayeZDewjaZjmdmbh[gZjm`beZqlhaZ^\Z
dhjhldboqZkZ__iZevpukbevghhl_deb
;_gkdZaZeqlh_cgm`gh[ulv[he__m\_j_gghc\k_[_Hg_c^h\_jy_l
�wcabih]eZ^beZjmdmDewj\agZdml_r_gby
G_[hckyDewjfuaZlh[hcgZ[ex^Z_fijhbag_keZhgZkm\_j_gghklvxdhlhjhcg_
qm\kl\h\ZeZGhl\h_^Z\e_gb_kgh\Zih^kdhqbehZZgZebadjh\bihdZau\Z_lqlhihqdbkljm^hf
kijZ\eyxlkyk`b^dhklvxbfZeurg_jZkl_lJZaj_rbfg_iha\Zlv^hdlhjZMhd_jZbihijhkblv_]h
hkfhlj_lvl_[y
Qlhm`_"Dewjrfu]gmeZghkhfGZ__ebp_[uekljZoukh[bjZ_l_kvk^_eZlvfg_
d_kZj_\h"
��mfZx^Zq_klghhl\_lbeZwcabb^_\mrdZk]ehlgmeZ
Gh_s_kebrdhfjZghDZd`_fZeur"
KfZeurhf\k_[m^_l\ihjy^d_gh_kebfuhklZ\bf\k_dZd_klvbl_[_b_fm[m^_llhevdh
om`_IjhklbDewjghmgZkg_l\u[hjZYihah\mfbkl_jZMhd_jZZaZl_fk\y`mkvkl\hbffm`_fb
ihijhrm_]hijb_oZlvhafh`ghluaZohq_rvqlh[uhg[uejy^hfklh[hc
;_gijbr_eq_j_a^\_fbgmluihke_lh]hdZdhgZ_fmiha\hgbeZD__[hevrhfmh[e_]q_gbxhg
ih^^_j`Ze__
�hdlhjNmee_jZ[khexlghijZ\ZDewjgZfgm`ghg_f_^e_gghk^_eZlv\Zfd_kZj_\hk_q_gb_Fu
ihah\_fZg_kl_abheh]Zqlh[uhgk^_eZe\ZfmdheZaZl_fhl\_a_f\Zk\hi_jZpbhggmxIhke_
hi_jZpbb\ukjZamihqm\kl\m_l_k_[yemqr_Fgh]b_^_lbjh`^_ggu_gZlZdhfkjhd_g_bf_xl
gbdZdboijh[e_fkha^hjh\v_fFub^_fh[jZ[Zlu\Zlvjmdbklj_lbfkyq_j_afbgmlm\
hi_jZpbhgghc=eZ\gh_gbhq_fg_[_kihdhcl_kvYagZx\Zfk_cqZkkljZrghghm\_jyx\Zk^ey
gZkwlhjy^h\hckemqZcFuh\ZkihaZ[hlbfky
�?]hlhg[uel\_j^ufbm\_j_ggufmeu[dZ^h[jhcbwcabgZqZeZjZkkeZ[eylvkyHgZ\i_j\u_
m\b^_eZk\h_]hgh\h]h[hkkZkiZpb_gldhcbm[_^beZkv\_]hdhfi_l_glghklb;_gijZ\wlhjy^h\hc
kemqZchegh\Zlvkyg_hq_f
Yohqmqlh[uwlhlj_[_ghdihy\bekygZk\_ldZdfh`ghkdhj__?kebfu[m^_flygmlv\j_fy
DewjklZg_l_s_om`_kdZaZe;_gdh]^Zhgbh[jZ[Zlu\Zebjmdb\ij_^hi_jZpbhgghcu
u__k^_eZ_l_"YkijZrb\Zxg_ihlhfmqlhkZfZg_fh]mZihlhfmqlhagZxqlh\ufh`_l_
J_qvb^_lg_hfh_cijhn_kkbhgZevghc]hj^hklbZh[eZ]hihemqbbDewjb__j_[_gdZ
Fy]dhjZkkf_y\rbkvhgaZdjueehdl_fdjZg
Fm^ju_keh\ZIhc^_fl_
�;_g^_ckl\h\Zeeh\dhbmf_ehwcab[ueZjZ^ZqlhklZeZ_fmZkkbklbjh\ZlvZg_kZfZijh\h^beZ
hi_jZpbxIjhreh\k_]hg_kdhevdhfbgmlbj_[_ghdDewjhdZaZeky\_]hkbevguojmdZo?]hieZq
klZeij_djZkghcfmaudhc^eygbo\k_o
Ijb\_lfZeur^h[jhih`Zeh\Zlv\wlhlfbjl_iehijhbag_k;_gaZl_f\klj_lbeky\a]ey^hfk
Dewjbmeu[gmeky_cM\ZkkugHggZklhysbcdjZkZ\qbd
J_[_gdZ[ukljhihdZaZebDewjb__\a\hegh\Zgghfmfm`mihke_q_]hmg_kebgZh[ke_^h\Zgb_
L_i_jvhgbfh]ebiheghklvxkhkj_^hlhqblvkygZDewjbaZ\_jrZxs_fwlZi_hi_jZpbb
�Ghwcab[uehljm^ghkhkj_^hlhqblvkygZq_flhdjhf_kbevguobmf_euojmd;_gZb
fZ]g_lbq_kdbo]hem[uo]eZagZ^fZkdhcdhlhju_eh\bebbm^_j`b\Zeb__\a]ey^gZk_dmg^m^hevr_
q_fwlh[uehg_h[oh^bfh
;_g\_jgmeky^hfhcdijboh^m\h^hijh\h^qbdZDh]^ZDewjhl\_aeb\iZeZlmhghklZ\be__ih^
�ijbkfhljhfwcabZkZf\_jgmeky\`_gkdmxdhgkmevlZpbxbijh^he`beijbgbfZlviZpb_glhd
�Q_j_ag_dhlhjh_\j_fy_fmijbrehkhh[s_gb_hlwcabHgZgZibkZeZqlhaZ[jZeZ_]hdhklxfbqlh
kDewj\k_\ihjy^d_
hc^y\^hfhgkgye]Zeklmdbih\_kbeib^`ZdgZdjZci_jbeIj_`^_q_fhgmki_ek^_eZlvqlhlh
_s_\^\_jvihklmqZeb
GZihjh]_klhyefm`qbgZkysbdhf^eybgkljmf_glh\
�YKlb\ij_^klZ\bekyhgwcabkdZaZeZqlhm\Zkijh[e_fu
;_gkljm^hfm^_j`Zekyhlbkl_jbq_kdh]hkf_oZ
Fh`ghblZdkdZaZlvhl\_lbehgbih\_eKlb\ZgZdmogx
�Ijb^y^hfhcwcabih\_kbeZdhklxf;_gZgZ\_rZedmbgZdhjfbeZdhrdm;_gm`_\_jgmekyhgZ
keurZeZaZkl_ghc_]hrZ]bK_\aZklhehgZih^ibkZeZhldjuldmdhlhjmxdmibeZ^eyg_]h\
kmi_jfZjd_l_ijbkehgbeZ__d[mlued_rZfiZgkdh]hbihfqZeZkvgZ\_joijbgbfZlv^mr?c
ohl_ehkvihg_`blvky\\Zgg_ghhgZ[ueZkebrdhf]heh^gZqlh[uljZlblvgZwlh\j_fy
&#xul;&#x_j;&#x_;&#xrb;&#xkv;&#xu;&#xkm;&#xrb;&#x;&#xhe;&#xhk;&#xu;&#xn_;&#xgh;�&#xul;&#x_j;&#x_;&#xrb;&#xkv;&#xu;&#xkm;&#xrb;&#x;&#xhe;&#xhk;&#xu;&#xn_;&#xgh;�ul_j_\rbkvb\ukmrb\\hehkun_ghfwcab\_jgmeZkv\kiZevgxQlh_cgZ^_lv"`bgkubeb
kihjlb\gu_[jxdb"
dhgp_dhgph\`_gkdZy]hj^hklv\ayeZ\_jobhgZhklZgh\beZk\hc\u[hjgZ^`bgkZobdjZkb\hf
lhi_;_gm`_\b^_e__\oZeZl_kiylghfhlqZy\h^_`^_^eyjZ[hlu\kZ^mb\mgbnhjf_\jZqZ?c
ohl_ehkvqlh[udh]^ZhgZaZ]eygmeZdg_fmhlf_lblvgh\hk_ev_mg__[uedjZkb\uc\b^
Wlhg_e_ihDZdZyjZagbpZqlh;_gih^mfZ_lh__\g_rghklb"HgjZa\_^_gG_khfg_gghkh\k_fb
\ul_dZxsbfbhlkx^ZwfhpbhgZevgufbihke_^kl\byfbDlhfm`_hg__khk_^bgZqZevgbdIh\k_f
wlbfijbqbgZf_cke_^m_l^_j`Zlvkyhlg_]hgZjZkklhygbbbdZdfh`ghj_`_bf_lvkgbf^_ehZg_
gZjy`Zlvky^eyg_]hijhq_fdlhkdZaZeqlhhgZ^_eZ_lwlh^eyg_]hZg_^eyk_[y"@_gsbgZ
�\k_]^Z^he`gZohjhrh\u]ey^_lvkdZaZeZk_[_wcab^_eZye_]dbcfZdby`
�G_h`b^Zggh\^\_jvihklmqZebwcab^_jgmeZkvbfZagmeZk_[_s_lhqdhc^eylmrbihghkmKl_j_\
lmrvhgZihreZhldju\Zlv
GZg_f[ueb^`bgkubk_jZyjm[ZrdZ
�Meu[gm\rbkvwcabhghlhr_ehlkl_gdbHgZkeh`beZjmdbgZ]jm^bijbkehgbeZkvd^\_jghfm
dhkydmbihklZjZeZkvg_meu[ZlvkydZdb^bhldZ
DZd\Zrb^_eZ"kijhkbeZhgZ
HlebqghKlb\ijhklhfheh^_pHg\k_ihqbgbeaZg_kdhevdhfbgmlHgijb^_l\ihg_^_evgbd
mklZgZ\eb\Zlvgh\mxkZgl_ogbdmH[_sZeijb\_klbrlmdZlmjZWe_dljbdm`_[uea^_kvHgk^_eZe
\j_f_ggh_hk\_s_gb_ijhq_f\wlhfg_[uehhkh[hcg_h[oh^bfhklbY\k_jZ\ghihdZg_kfh]m
ihevah\Zlvkydmog_c
Y`_\Zf]h\hjbeZqlhKlb\hlebqgucfZkl_jMg_]h_klvdZdb_gb[m^vij_^iheh`_gbygZkq_l
lh]hihq_fmwlhijhbahreh"
Kbnhg\Zgguihe_l_eKlb\]h\hjblqlhij_^u^msbcohaybg^he`_g[ueh[wlhfagZlv
�wcabihdZqZeZ]heh\hc
FbkkbkE_]]Zllg_fh]eZih^gylvkygZ\_jok_\j_fyqlhy__agZeZhgZfueZkv\lZamHgZ
]h\hjbeZqlh^hwlh]hihevah\ZeZkv^mr_f\gbam
IjZ\^Z"Hglh`_g_jZ[hlZ_lL_i_jvihgylghihq_fmhgZfueZkv\lZam
�Hlhc^yhldhkydZwcabmeu[gmeZkv
Ykh[bjZeZkviha`_aZ]eygmlvd\Zfbihkfhlj_lvdZdm\Zk^_eZYaZ[jZeZ\Zrdhklxfba
obfqbkldbbdmibeZ^ey\Zkg_[hevrhcih^ZjhdihkemqZxgh\hk_evyqlh[udhfi_gkbjh\Zlv
g_m^Zqgh_gZqZehJZam`\ua^_kvaZoh^bl_
;_gijhke_^h\ZeaZg_c\gmljv__^hfZ]^_hgZ\jmqbeZ_fm[mluedmbhldjuldm
Wlhimklydghyih^mfZeZqlhihke_mlj_gg_]hdhrfZjZhgg_fgh]hih^gbf_l\ZfgZkljh_gb_
Hgkmeu[dhcihdZqZe]heh\hc
�Hwcab\uk^_eZeb^eyf_gygZfgh]h[hevr_q_ffh]eZ[uk^_eZlv[mluedZrZfiZgkdh]hG_
agZxdZdb[eZ]h^Zjblv\ZkaZihfhsvum^b\bl_evgZy`_gsbgZ
�wcabihqm\kl\h\ZeZdZd__s_db\kiuogmebb[ukljhhl\_jgm\rbkvihreZgZdmogx
Yg_k^_eZeZgbq_]hhkh[_ggh]hhl\_lbeZhgZbko\Zlb\qZcgbdijbgyeZkvgZihegylv_]h\h^hc
badjZgZY\k_]^Zd\Zrbfmkem]ZfIhijZ\^_]h\hjyybkiulZeZh]jhfgh_h[e_]q_gb_dh]^Z
magZeZqlh\ug_aZkljhcsbdbg_^hfhjhs_ggucfZkl_jgZ\k_jmdbdhlhjuck^_eZ_lqlhgb[m^v
m`Zkgh_bfhc^hfh[_kp_gblky
;_gjZkkf_yeky
YihklZjZxkv[hevr_gbq_]hlZdh]hg_^_eZlvIjZ\^ZihdZmf_gyiehohihemqZ_lkyM\Zk
djZkb\uc^hf?klvgZ^_`^ZgZlhqlhfhcfh`_l[ulvlZdbf`_
Hgbh[ZkhojZgbeb[hevrmxqZklvk\hboi_j\hgZqZevguo^_lZe_cWlhj_^dhklvGZ^_xkv\u
kh[bjZ_l_kvb^Zevr_bokhojZgylv
Hij_^_e_gghWlhh^gZbaijbqbgihdhlhjhcydmibewlhl^hfDkqZklvxyfh]m\u^_eblv
�kj_^kl\ZgZj_fhgldmogbb\Zgghc?]h]m[u^_jgmebkvbk_j^p_wcabih^iju]gmeh\]jm^b
DZdZyg_e_ihklvHgb\_kv^_gvijhjZ[hlZeb\f_kl_[_aijh[e_fgha^_kv\bglbfghch[klZgh\d_
DZd^_eZmDewj"
�Hlebqghhl\_lbeZwcabh[jZ^h\ZggZykf_ghcl_fuHjZ[hl_]h\hjblvijhs_\k_]h
�Z\e_gb_ihgbabehkvihqdbaZjZ[hlZeb\ihegmxkbembhl_dbgZqZebijhoh^blvHgZqm\kl\m_l
OhjhrhAgZ_l_yijhkfhlj_e__dZjlmbijbr_ed\u\h^mqlh__ke_^h\Zehijhhi_jbjh\Zlv\
iylgbpmk_fh]eh[uaZdhgqblvky]hjZa^hom`_?cih\_aeh
�J_adhih\_jgm\rbkvwcabmklZ\beZkvgZ;_gZrbjhdhjZkiZogmlufb]eZaZfbHgkh]eZkbekykg_c"
IjZ\^Z"
�ZZrZhklhjh`ghklv[ueZhijZ\^Zgghc
�K_j^p_wcabgZihegbehkvl_iehfbhgZmeu[gmeZkv
KiZkb[h\Zf
G_aZqlhum`bgZeb"
G_lIh^hjh]_^hfhcydmibeZihemnZ[jbdZlubkh[bjZeZkvijb]hlh\blvbogZm`bgD
kh`Ze_gbxlZflhevdhh^gZihjpbybgZq_[uyg_ij_f_gghih^_ebeZkv_^hck\Zfb
G_[_kihdhcl_kvYohqmijb]eZkblv\Zk\j_klhjZgY^he`_g\Zfm`bgaZ[ueb"
�wcabkgh\ZihdjZkg_eZ
;_gyihrmlbeZ
:yg_rmlbeKh]eZrZcl_kvFg_\ex[hfkemqZ_ijb^_lkym`bgZlv\g_^hfZMf_gyg_l
gbdZdhc_^ugZdmog_q_jl]heh\mkehfblYaZp_euc^_gvkt_elhevdh[mehqdm\h\j_fyeZgqZ
Dh]^Zmf_gyihgb`Z_lkymjh\_gvkZoZjZ\djh\byklZgh\exkv\hjqeb\uf
Wlh]hgb\dh_fkemqZ_g_evay^himklblvhl\_lbeZhgZkmeu[dhcbkdZaZeZk_[_qlhijhklh
hdZau\Z_lmkem]mk\h_fmgh\hfm[hkkmQlha^_kvgbijbq_f_]hdjZkb\u_]hem[u_]eZaZb
fmkdmebkluclhjkdhlhjuchgZ\b^_eZdh]^Zhgihke_hi_jZpbbkgyekk_[yoZeZlihimlb\
jZa^_\Zedm
HgbhlijZ\bebkvi_rdhf\[bkljhgZgZ[_j_`ghcHllm^Zhldju\Z_lkydjZkb\uc\b^gZfhj_blZf
ih^Zxlohjhrmx_^m
klheviha^gbcqZkfhjyhgbg_m\b^_ebaZlhb^yih[_j_]mmkeurZebrmf\hegb]jhohl]Zevdbb
ih^urZeb\eZ`gufkhehgh\Zluf\ha^mohf
�Yex[exfhj_kdZaZeZwcabG_^mfZxqlhkfh]eZ[u`blv\^Zebhlg_]h
M\_j_g\Zf[uihgjZ\behkv\Chjdrbjkdhc^hebg_Hllm^Z^hih[_j_`vyqZk_a^u
Ghwlhlh]hklhblijZ\^Z"JZa\_\Chjdrbj_g_djZkb\u_iey`b"
H^ZIjhklh\_ebdhe_igu_B\EZgdZrbj_gZaZiZ^ghfih[_j_`v_lh`_LZfemqr_q_f\
Ehg^hg_
&#xu;&#xij;&#xb_;&#xoZ;ë
&#xEh;&#xg^;&#xhg;&#xZ";&#x;&#xk;&#xij;&#xhk;¾&#xZ;�uijb_oZebbaEhg^hgZ"kijhkbeZwcabHgZohl_eZk^_j`Zlvk\h_ex[hiulkl\hgh_cwlh
g_m^Zehkv
k\_l_mebqguonhgZj_c;_gh^Zjbe__[_eham[hcmeu[dhc
Y[ueba]gZghllm^ZaZfhb]j_ob:dZdgZkq_l\Zk"ujh^bebkvb\ujhkeb\Chdk[mj]_"
G_lYa^_kv`b\mf_gvr_lj_oe_lA^_kvjZ[hlZ_lfhyih^jm]ZHgZlhbm[_^beZf_gykx^Z
i_j__oZlv
u^h\hevguk\hbf\u[hjhf"
H^ZIhfgh]bfijbqbgZfWlhfbeuc]hjh^hd\g_fhlebqgZy[hevgbpZJZ[hlZmf_gya^_kv
gZfgh]hemqr_q_fgZij_^u^ms_ff_kl_bDZdybohl_eZym_oZeZih^Zevr_hlh^gh]h
q_eh\_dZ
GmaZq_fhgZh[wlhfmihfygmeZ"hlb^bhldZHgZijhqblZeZ\_]h]eZaZo\hijhkghhlhl\_lZgZ
ijbg_kbff_gx\h^mbdhjabgdmkl_ieufoe_[hf;_gi_j_\_ejZa]h\hjgZ^jm]mxl_fm
Ihq_fm\u\u[jZebZdmr_jkl\h"kijhkbehgihlygm\rbkvaZoe_[hf
Yex[ex^_l_cFg_gjZ\blkyihfh]Zlvbfihy\eylvkygZk\_lKiZkZlvfZe_gvdb_ojmidb_`bagb
hq_gv\Z`gh_^_ehIh^jm]ZhdhlhjhcymihfbgZeZZdmr_jdZIheZ]ZxwlhhgZg_fgh]hgZf_gy
ih\ebyeZ:dZd\u\u[jZebwlmijhn_kkbx"
;_gih`Zeie_qZfb
Fhchl_p\_l_jbgZjFuk[jZlhfbgh]^Z_a^beb\f_kl_kgbfgZ\uah\udh]^Z[ueb^_lvfbFu
ihfh]Zeb_fmijbgbfZlvjh^umdhjh\ehrZ^_cbh\_pJZamf__lkyfulZd`_fgh]hjZa\b^_ebdZd
jh`Zxldhrdbbkh[ZdbFhyfZlvZdmr_jdZlZdqlhdh]^Zyijbgyej_r_gb_bamqZlvf_^bpbgm
wlhfmgbdlhg_m^b\bekyFhc[jZllh`_Zdmr_jghhg[hevr_khkj_^hlhq_ggZk\h_cdZjv_j_
g_`_ebyHgdjb\hmeu[gmekyihke_^g__\j_fyfg_ijbrehkvly`_eh\Zlhihwlhfmfg_
[uehg_^hjZ[hlu
��ZjZa\h^rlmdZg_ijbylgZykdZaZeZwcabg_ih^mfZ\
;_gkgh\Zih`Zeie_qZfbb]jmklghmeu[gmeky
�Zg_ijbylgZyulh`_jZa\_^_gu"
�Y"G_lYh^gZb]hj`mkvwlbfkhe]ZeZwcab
Ihke_jZaju\ZkFZcdhfhgZ^_ckl\bl_evghhklZeZkvh^gZghkh\k_fwlbfg_]hj^blkyj_f_gZfb
hgZqm\kl\m_lk_[yh^bghdhcgh\k_`_wlhemqr_q_fgZoh^blvky\lhckblmZpbb\dhlhjhchgZ
[ueZg_kdhevdhe_lgZaZ^Hgbg_[ueb`_gZlugh\hfgh]bohlghr_gbyohgZqm\kl\m_lk_[y
jZa\_^_gghcBokFZcdhfjhfZg[ue^h\hevgh^he]bf
�wcabbah[jZabeZgZebp_\_k_emxmeu[dm
;_amfgZyklZjZy^_\Z\hldlhyJZa\_\ug_aZf_lbebdhrdm"
Y^mfZe^eylh]hqlh[u[ulvklZjhc^_\hcgm`ghbf_lvfgh]hdhr_d^jZagys_meu[gmeky
hgb__k_j^p_i_j_\_jgmehkv
G_lG_lg_lg_lg_lg_l
Qlh`jZamf_gy\k_]hh^gZdhrdZagZqblyg_klZjZy^_\ZZijhklh[_amfgZy`_gsbgZ
\_k_ehijhbag_keZhgZblml`_i_j_dexqbeZk\h_\gbfZgb_gZf_gx
�;_ggZ[ex^ZeaZwcabHgZg_\u[bjZ_l_^mZijhklh^_eZ_l\b^HgZg_aZf_lbeZ[u^Z`__keb[u
f_gx[uehgZyihgkdhfbebjmkkdhfHg__kfmlbe"Bgl_j_kghLhevdh_fmg_evayaZ[u\ZlvqlhhgZ
_]hdhee_]Zbkhk_^dZQlhhglhevdhqlhi_j_`be[he_ag_ggucjZa\h^bg_ki_rblgZqbgZlvgh\u_
hlghr_gby
�Z`_g_kfhljygZlhqlhhgZkZfucbgl_j_kgucq_eh\_dbal_okd_f_fmijboh^behkvbf_lv^_eh
aZihke_^gb_]h^u
Hgj_adhaZoehigmek\h_f_gxbhgZ_e_aZf_lgh\a^jh]gmeZ
Y[m^m`Zj_gh]hdZf_ggh]hhdmgyZ\uqlh\u[jZeb"
WwHgZijh^he`ZeZlmihlZjZsblvky\f_gxaZl_ffhj]gmeZbdb\gmeZA\mqbl
aZfZgqb\h
:dZdgZkq_l\bgZ"
Hq_fhglhevdh^mfZ_lq_jlih[_jb"_^vaZ\ljZjZ[hqbc^_gv
�mfZxy[u\uibeZ[hdZe
HgZdb\gmeZ?_l_fgu_\hehkuf_jpZeb\k\_l_k\_q_c?fmohl_ehkvijhlygmlvjmdmgZfhlZlvgZ
iZe_pr_edh\bklmxijy^vbihlygmlv__gZk_[yihdZ_]h]m[ug_dhkgmlky__fy]dboiheguo]m[Z
aZl_f
u]hlh\uk^_eZlvaZdZakwj"
&#xui;&#xjy;û&#xr; k;&#xv;&#x;;&#x_g;&#x_^;_;&#xgg;&#xh;&#x^h;&#xog;&#xme;&#x;&#xih;&#x^g;&#xy;&#x[;&#xjh;&#xv;&#xi;&#xhk;&#xfh;&#xlj;&#x_e;&#xg;&#xZ;�uijyfb\rbkv;_gf_^e_ggh\^hogmebih^gy\[jh\vihkfhlj_egZwcab
uqlhgb[m^v\u[jZeb"
YwwdZf_ggh]hhdmgylZd`_dZdb\u
�wcabkiZkeZ_]hhldhgnmaZHg^mfZeh__kh[eZagbl_evguo]m[ZobaZ[ueqlhkh[bjZekyaZdZaZlv
A\mqbla^hjh\hhl\_lbehgbihijhkbeijbg_klbbf\bgZ
KiZju[hdZeh\hgg_hivyg__l
�;ueha^hjh\hKiZkb[h\Zf;_gaZqm^_kguc\_q_jkdZaZeZwcabhklZgh\b\rbkvmk\h_c
^\_jb
Ba[bkljhhgbrebjy^hf^jm]k^jm]hfBoie_qb\j_fyhl\j_f_gbkhijbdZkZebkvHgbg_
^_j`ZebkvaZjmdbgh^hwlh]h[uehg_^Ze_dh]heh\_mg__\_jl_eZkvfukevhlhfkh[bjZ_lky;_g
ihp_eh\Zlv__gZijhsZgb_bebg_l
Wlh[_amfb_lhjhc[hdZey\gh[ueebrgbc
G_aZqlhY[uij_^eh`be\Zfdhn_ghdkh`Ze_gbxhlfh_]hdhn_cgbdZbdjm`_dhklZebkv
�h^gbebrvhkdhedbi_qZevghijhbag_khgbwcabmeu[gmeZkv
Mf_gy_klvdhn_hl\_lbeZhgZij_`^_q_fmki_eZih^mfZlvBo\a]ey^u\klj_lbebkvb;_g
_e_aZf_lghih`Z\ie_qZfbhl\_lbe
Y[ukm^h\hevkl\b_f\uibeqZrdmdhn_KiZkb[h
�wcabhli_jeZ^\_jvbhgijhke_^h\ZeaZg_c\dmogxdhlhjZykem`beZh^gh\j_f_gghbklheh\hc
HgZmdZaZeZ_fmgZh^bgbaklmev_\mklheZ
Ijhrm\ZkjZkiheZ]Zcl_kv
dexqb\we_dljbq_kdbcqZcgbdhgZihkfhlj_eZgZqZkuGbq_]hk_[_Hgbhlkmlkl\h\Zeb[hevr_
^\moqZkh\K_cqZkm`_gZqZeh^\_gZ^pZlh]hZ_caZ\ljZ\\hk_fvgm`gh[ulvgZjZ[hl_
�HgZkh\_jrbeZ]emihklv?cg_ke_^h\Zehijb]eZrZlv;_gZdk_[_^hfhceywlh]hm`_kebrdhf
iha^ghbhiZkgh
GZofmjb\rbkvhgZijbgyeZkvbkdZlvgZihed_[Zgdmkdhn_G_gZc^y__hgZhldjueZgh\mx
Zfq_jgucbebkfhehdhf"kijhkbeZhgZ
Q_jguckh^ghceh`dhckZoZjZ
GmjZamf__lkyBf_gghlZdhchgaZdZaZek_[_\[bkljhohlymljhf\[hevgbqghfdZn_l_jbbibe
eZll_
Mljhf"G_m`_ebwlh[uehlhevdhk_]h^gymljhf"?cdZaZehkvqlhkl_oihjijhreZp_eZy\_qghklv
IhklZ\b\\k_g_h[oh^bfh_gZih^ghkhgZfZrbgZevghihreZkgbf\]hklbgmx\i_j_^g_cqZklb
^hfZ\f_klhlh]hqlh[uhlg_klb_]hgZh[_^_ggucklheIj_`^_q_fhgZmki_eZih\_jgmlvgZaZ^
;_gihke_^h\ZeaZg_cQ_jlih[_jb]hklbghckebrdhfmxlgZykebrdhfbglbfgZyh[klZgh\dZ
bghaZlmfZgbeh_cjZamf
�DZdZydjZkb\ZydhfgZlZwcabiho\Zebe;_g?]hiho\ZeZ^hklZ\beZ_cm^h\hevkl\b_
HgZihklZ\beZih^ghkgZklhebd
kl_j_hkbkl_fhcbgZqZeijhkfZljb\Zlv__fmaudZevgmxdhee_dpbxGZdhg_phgdZdgZaeh\dexqbe
qlhlhkihdhcgh_bjhfZglbq_kdh_
HgZm`_k_eZihwlhfmg_fh]eZi_j_[jZlvkygZ^jm]mxkhnmdh]^Z;_gaZgyef_klhgZ^jm]hfdhgp_
__khnuBojZa^_eyeZiZjZnmlh\ghhgZihqm\kl\h\ZeZagZdhfucpbljmkh\ucZjhfZl_]h
h^_dhehgZHg\_kv\_q_js_dhlZe_cgha^jbHgZfh]eZ[uijb^\bgmlvky[eb`_b\^hogmlv_]h
iheghc]jm^vxGhwlh[ueh[ukZfufgZklhysbf[_amfb_f?cke_^m_l[ukljh\uiblvkgbfih
qZrd_dhn_b\uijh\h^blv_]h
H^gh^_ehih^mfZlv^jm]h_k^_eZlv
HgbjZa]h\Zjb\Zebbkf_yebkv_s_^he]hihke_lh]hdZdaZdhgqbekydhn_GZdhg_p;_g\a^hogmeb
ih^gyeky
Fg_ihjZ
��ZwcabgZqZeZ\klZ\ZlvghkihldgmeZkvhk\hxlmnexbihl_jyeZjZ\gh\_kb_;_g\h\j_fy
ih^^_j`Ze__
k_\ihjy^d_"kijhkbehg
HgZ\klj_lbeZkvkgbf\a]ey^hfb\j_fykeh\ghhklZgh\behkv;_ggZqZef_^e_gghhimkdZlv]heh\m
�Mwcab[uehfgh]h\j_f_gbqlh[uhlkljZgblvkyghhgZwlh]hg_k^_eZeZLh]^Zhgdhkgmeky__]m[
k\hbfb
?_k_j^p_[_r_ghaZdhehlbehkvHgZ\u^hogmeZ_]hbfyAZl_f_]hjmdbkhfdgmebkv\hdjm]g__bhg
ihp_eh\Ze__dj_iq_
M_]h]m[[ue\dmkdhn_bf_glheh\uoe_^_gph\HgZieZ\beZkvdZd\hkd\_]hjmdZok___qm\kl\Z
h[hkljbebkv^hij_^_eZ?]hyaudjblfbqgh^\b]Zeky\gmljb__jlZ_]h^uoZgb_s_dhlZeh_cdh`m
?keb[uhgih\_e__gZ\_johgZ[uihke_^h\ZeZaZgbfGh\f_klhwlh]hhgih^gye]heh\mbijb`Z\
�wcabdk\h_c]jm^bijhbag_kojbieh\Zluf]hehkhf
Fg_ijZ\^ZihjZ
?s_g_kdhevdhk_dmg^hgZg_ih^\b`ghklhyeZkemrZyklmd_]hk_j^pZaZl_fg_hohlghhlkljZgbeZkv
�ZKiZkb[haZlhqlhijb]eZkbef_gygZm`bgYihemqbeZm^h\hevkl\b_
Ylh`_Fg_[uohl_ehkvih\lhjblvk_]h^gyrgbc\_q_jghyg_m\_j_gqlhwlh[ueh[u
ijZ\bevghFu\f_kl_jZ[hlZ_fb`b\_fihkhk_^kl\mG_gm`gh\k_mkeh`gylv
�Ih^Z\b\\k_[_`_eZgb_jZkieZdZlvkywcabdb\gmeZ
G_lg_gm`gh
HgjZa\_^_gGZmq_ggZy]hjvdbfhiulhfhgZ[hevr_g_b]jZ_l\ih^h[gu_b]ju
;_gk^_eZerZ]\klhjhgm^\_jbaZl_fih\_jgmekybihkfhlj_egZg__
KiZkb[haZ\k_qlhlu^eyf_gyk_]h^gyk^_eZeZ
�wcabihiulZeZkvmeu[gmlvky
H[jZsZcky_kebqlh
Ijhlygm\jmdmhgg_`ghijh\_eluevghcklhjhghciZevp_\ih__s_d_
�Kihdhcghcghqbwcab@_eZxohjhrh\ukiZlvkyM\b^bfkyaZ\ljZ
�wcabdb\gmeZHgZg_fh]eZ]h\hjblv;hyeZkvqlh_kebijhbag_k_lohlvkeh\hlhjZkieZq_lky
Keh\gh^h]Z^u\Zykvh[wlhf;_g]jmklghmeu[gmekybihr_ed\uoh^m
=eZ\Z
�dh]^Zwcab^mfZeZhk\h_cqZklghc`bagb_cdZaZehkvqlhhgZ\hl\hlkhc^_lkmfZIjhrehc
ghqvxhgZihqlbg_kiZeZDlhfm\j_f_gbdh]^ZhgZijb[ueZ\[hevgbpm_cm^Zehkvm[_^blvk_[y\
lhfqlhjZ[hlZlv[hdh[hdk;_ghf[m^_lg_\hafh`gh
GZkZfhf^_e_wlhhdZaZehkv^h\hevghijhklh
Hgihijb\_lkl\h\Ze__kmeu[dhcb_keb[uhgZg_m\b^_eZ\]em[bg__]h]eZaaZlZ_gguch]hgv
`_eZgbyhgZ[uih^mfZeZqlh\q_jZrgbc\_q_j_cijbkgbeky
�K_]h^gybf[uehg_^hdhn_Hgbijh\_ebp_eucjy^hi_jZpbcH^gZbagboaZihfgbeZkvwcab
hkh[_gghHgbk^_eZebd_kZj_\hk_q_gb_iZpb_gld_mdhlhjhcdh]^Zlh[ueZljZ\fZiha\hghqgbdZ
BaaZwlh]h_cijbrehkv^Z\Zlvh[sbcgZjdha\f_klhwib^mjZevgh]hWlh[ueZhlebqgZy
\hafh`ghklvihdZaZlv;_gmqlhhgZmf__l
G_aZ^he]h^hhdhgqZgbyhi_jZpbbhgkdZaZe_c
Luij_djZkghkijZ\ey_rvkyAZdhgqbrv[_af_gyIhc^m\uivxdhn_QlhlhymklZe
hlg_]h^ycOhjhrhqlhhgZkfh]eZkijylZlvk\hxmeu[dmaZfZkdhcZZg_kl_abheh]b
objmj]bq_kdZyk_kljZqlhlhZdlb\ghh[km`^Zeb
�AZdhgqb\hi_jZpbxwcabkgyeZi_jqZldbbihreZ\hj^bgZlhjkdmxM\b^_\__;_ggZebe_s_h^gm
djm`dmdhn_bijhlygme_c
HlebqghkjZ[hlZghMl_[yohjhrb_jmdbLugZihfbgZ_rvfg_fh_]hhlpZ
Wlhdhfiebf_gl"kijhkbeZhgZg_ihgbfZyqlhhgbf__l\\b^m
�ZHghq_gvohjhrbc\_l_jbgZj
�IjyfhdZd`_cfkO_jjbhl"DZf_ggu_dhgxrgb\hjqeb\u_n_jf_jub\k_lZdh_"
;_gjZkkf_yeky
Kkhjhdh\uo]h^h\fgh]h_baf_gbehkvBal_[ylh`_fh][u\uclbhlebqguc\_l_jbgZj
Y[ug_ohl_eZijbgbfZlvjh^umdhjh\
Wlhlrmleb\ucjZa]h\hjbf_gghlhqlh_cgm`ghqlh[uaZ[ulvhlhfqlhijhbahreh\q_jZ
\_q_jhfBhlhfq_]hg_ijhbahrehe_q_gb_dhg_qghgbdm^Zg_^_ehkvha^mof_`^mgbfb
aZa\_g_ehlgZijy`_gbydh]^Z;_ghqZjh\Zl_evghmeu[gmeky_cF_`^mgbfbijhkdhqbe
we_dljbq_kdbcjZajy^ke_^mxsmxk_dmg^mdgbfaZ]eygmeZg_kl_abheh]bqZjujZkk_yebkv
HgZijbreZ\k_[yKg_c\k_\ihjy^d_=hlh\udke_^mxs_chi_jZpbb"
��Ih^gy\rbkv;_gihr_eh[jZ[Zlu\Zlvjmdbhib\dhn_wcabijbkh_^bgbeZkvdg_fm
AZi_j_\\oh^gmx^\_jv;_giheh`bejmdmk_[_kaZ^bgZr_xbijbgyekyfZkkbjh\Zlv]m^ysb_
furpu
;hevrmxqZklv^gyhghi_jbjh\ZebmklZehklv^Z\ZeZhk_[_agZlvG_khfg_gghh^ghcba__ijbqbg
�[ueZghqvdhlhjmxhgijh\_e[_akgZ^mfZyhwcab
AZklhgZ\hgaZdjue]eZaZ?fmgm`ghihklZjZlvkyohlvgZ\j_fyhg_caZ[ulvHgb\_kv^_gv
ijhjZ[hlZeb[hdh[hdG_o\ZlZeh_s_^mfZlvhg_c\_q_jhfihke_jZ[hlu
dexqb\qZcgbd;_giha\hgbeKlb\mqlh[umagZlvdh]^Zijb^mlwe_dljbdbrlmdZlmjLhevdhhg
mkljhbekykqZrdhcqZy\dj_ke_\]hklbghcdZdaZa\hgbe_]hfh[bevgucl_e_nhg
GmbdZdl_[_l\hcgh\uc^hf"kijhkbe_]h[jZlFwll
;_gh[\_e\a]ey^hfkl_guihdjulu_m`Zkgufbh[hyfb\klbe_k_fb^_kyluo]h^h\
KdZ`_fmg_]h_klvihl_gpbZe
�Z\Zgghc\ureZbakljhykeb\gZyljm[Z
B"
Bmf_gygZdmog_[hevr_g_lihlhedZ
Ihgylgh?]h[jZlkljm^hfk^_j`b\Zekf_obhgihqm\kl\h\ZedZd_]hkh[kl\_ggu_]m[u
gZqbgZxljZkly]b\Zlvky\meu[d_
Lufh`_rvijb_oZlvbihkfhlj_lvgZ\k_k\hbfb]eZaZfb
Fwll[hevr_g_kfh]k^_j`b\Zlvkf_o
GZr_e^mjZdZLuaZklZ\brvf_gyh[^bjZlvh[hbb\ughkblvf_[_evbadmogbjZgvr_q_fy
mki_xkgylviZevlhkdZaZehgaZl_f^h[Z\beDZdjZ[hlZ"OhjhrZy"
Hq_gvMgZkhlebqgZydhfZg^ZFhchj^bgZlhjijhklhkmi_j
:dZdgZkq_lkhk_^_c"Lum`_kgbfbihagZdhfbeky"
�ZHj^bgZlhjhdhlhjhfy]h\hjxfhykhk_^dZ?cijbgZ^e_`bl^hfkf_`guckfhbf
DZdbgl_j_kgh
AZdju\]eZaZ;_ghldbgmekygZkibgdmdj_keZ
HgZfg_hq_gvihfh]eZdh]^Zmf_gyijhj\Zehljm[mYijb]eZkbe__gZm`bgqlh[u
hl[eZ]h^Zjblv
B"]hehk_FwllZkeurZehkvex[hiulkl\h
Bgbq_]h
FwlljZkkf_yeky
G_aZeb\Zc[jZlykebrdhfohjhrhl_[yagZxDZd__ah\ml"
�wcab
�wcabQlhwlhaZbfylZdh_"
GhjfZevgh_bfyLuijhklhj_\gm_rv
Lu__aZsbsZ_rv"Wlhbgl_j_kghHibrb__
HgZkj_^g_]hjhklZKljhcgZykhdjm]eufbnhjfZfbMg__^ebggu_l_fgu_\hehkua_e_gu_
]eZaZbqm\kl\_ggu_]m[u
IjZ\^Z"GZkdhevdhqm\kl\_ggu_"
hlq_jl;_gly`_eh\a^hogme
Yg_kh[bjZekywlh]h]h\hjblv
YlZdbih^mfZejZkkf_yekyFwllBlZdgZkdhevdhhgbqm\kl\_ggu_"
;_gihgyeqlh_fmg_hl\_jl_lvky
HgZp_em_lkydZd[h]bgyijbagZekyhg
GZk_dmg^mgZlhfdhgp_ebgbbih\bkehfheqZgb_
Dh]^Zlukg_cihagZdhfbeky"gZdhg_pkijhkbeFwll
q_jZ
Bm`_magZedZdhgZp_em_lky"Gmlub[ukljuc=h\hjbrvhgZl\hydhee_]Z"H[uqghlu[he__
�hkfhljbl_e_ghe`gh[ulvhgZjZah`]eZ\gmljbl_[yh]hgv
H^Z
Ijh^he`_gbyg_[m^_lFg_k_cqZkhlghr_gbygm`gug_[hevr_q_fl_[_
Dlh]h\hjblh[hlghr_gbyo"kijhkbeFwllkhk\hckl\_gghc_fmijyfhlhc
�wcabkeZ\gZy^_\mrdZHgZg_bal_odh]haZlZkdb\Zxl\ihkl_evijhklhlZdg_ij_^eZ]Zy
gbdZdboh[yaZl_evkl\
GZ\_jgh_wlhlihp_emc[uehkh[_ggucijhbag_kFwllkg_^h\_jb_f
;_gijh\_ejmdhckaZ^bihr__
�ZIhp_eh\Zlv__[ueh[hevrhchrb[dhcGZkwwg_fgh]haZg_kehFg_g_ke_^h\Zehl_jylv
dhgljhevgZ^k\hbfbwfhpbyfbYagZxqlhwlh[_amfb_Fwllqlhwlhgbdq_fmg_ijb\_^_lgh
q_jlih[_jbfg_lZdohl_ehkvhklZlvkykg_cY[uelZd[ebahddlhfmqlh[u
�HgmkeurZedZdoehigmeZ\oh^gZy^\_jvwcabbljyogme]heh\hcqlh[uijhykgblvfukeb
�IhkemrZcy^he`_gb^lbHgZ\_jgmeZkvA^_kvg_lgbdZdhca\mdhbaheypbbmfZxfg_ke_^m_l
dg_caZ]eygmlvH[tykgblv_cihq_fmf_`^mgZfbgbq_]hg_fh`_l[ulvihdZhgZg_gZqZeZ
kljhblvbeexabb
Lum\_j_gqlhf_`^m\Zfbgbq_]hg_fh`_l[ulv"fy]dhkijhkbeFwllhafh`ghl_[_
ihjZ^\b]Zlvky^Zevr_gZclbg_fgh]h\j_f_gb^eyk_[y
��Qlhlhyg_\b`mqlh[ulu^\b]Zeky^Zevr_hlj_aZe;_gZ_]h\e_q_ldwcabbhgaeblky
gZh[klhyl_evkl\Zdhlhju_g_\kbeZobaf_gblv
HgmkeurZedZdFwll\a^hogmeij_`^_q_fhl\_lblv
HlklZgv
EZ^ghaZ[m^vh[wlhfIjb_a`Zcdhfg_gZg_kdhevdh^g_cY[ue[ujZ^l_[yih\b^ZlvH[_sZx
qlhg_[m^maZklZ\eylvl_[yk^bjZlvh[hb
Yg_\_jxgb_^bghfml\h_fmkeh\mgh\iheg_\hafh`ghijb_^mOhly[u^eylh]hqlh[u
�ihkfhlj_lvgZwlmwcab@_eZxl_[_kg_cm^Zqb@^mkg_l_ji_gb_fdh]^ZihagZdhfexkvkg_c
�FwlljZahj\Zekh_^bg_gb_Lh]^Z;_g\klZebkdjm`dhcihr_egZdmogxHg^Zklwcabiylvfbgml
qlh[ui_j_h^_lvkybgZdhjfblvdhrdmaZl_fijb^_ldg_cqlh[ujZabgZ\k_]^ZhklZgh\blvlhqlh
f_`^mgbfbijhbkoh^bl
HgZohq_lijbgylv\ZggmHgZf_qlZ_lh[wlhfZ`k\_q_jZ\hkdj_k_gvy
�wcabij_^klZ\beZk_[_dZde_`bl\l_iehc\h^_kZjhfZlghci_ghcbmklZehklvihdb^Z_l__l_eh
Ghg_jZah[jZggucq_fh^Zgk\uoh^guofhahebl_c]eZaZDjhf_lh]h_cgm`ghihklbjZlv[_ev_b
Dq_jlmkdZaZeZhgZhldjueZdjZgub^h[Z\beZ\\h^mg_fgh]hi_gu
IhdZklZjbggZy\ZggZgZgh`dZo\\b^_a\_jbguoeZigZihegyeZkv\h^hchgZ\dexqbeZfmaudmb
aZ`]eZZjhfZlbabjh\Zggmxk\_qmAZl_fhgZkgyeZkk_[yh^_`^mb[jhkb\__\dhjabgm^ey]jyagh]h
[_evyaZ[jZeZkv\\Zggm
H^ZijhklhgZeZhgZDZdh_[eZ`_gkl\h
GhjZkkeZ[blvky_cg_m^ZehkvHgZkeurZeZaZkl_ghcrZ]b;_gZGZ\_jgh_hgjZa[bjZe\_sb
Ihq_fmlhhgZ[ueZm\_j_gZ\lhfqlhhgkh[bjZ_lkydg_caZclb?ckh\k_fg_ohl_ehkvij_^klZlv
i_j_^gbfihoh`_cgZfhdjmxdhrdm
Hl[jhkb\hklZldb]hj^hklbhgZkihehkgmeZ\hehkuqbklhc\h^hcg_hohlgh\u[jZeZkvba\Zggub
\ayeZoZeZlKi_j_^bgZg_fhklZehkviylghhlqZybhgZg_fh`_l_]hgZ^_lvihdZg_ihklbjZ_l
dhgp_dhgph\hgZhklZgh\beZk\hc\u[hjgZ^`bgkZob\q_jZrg_flhi_;_gg_]h\hjbeqlh
aZc^_lgh\gmlj_gg__qmlv_]h\hjbehqlhhgwlhk^_eZ_l?cemqr_[ulv]hlh\hcd_]h\bablmk_
`_hgZg_klZeZf_gylvlhigZlhldhlhjuchg_s_g_\b^_e
^\mo[_kkhgguoghq_cIhke_wlh]hhgZjZa[_j_l\_sbbijb[_j_lky\kiZevg_
ijhq_f_cg_q_]h[_kihdhblvkyhlhfqlh;_gfh`_l__m\b^_lvih^mfZeZhgZkbjhgb_cgZghky
dhjj_dlhjgZdh`mih^]eZaZfbWlhhg\q_jZmr_eZg_hgZ
Hq_fhgZlhevdh^mfZ_lq_jlih[_jb"HgZkh\k_fg_ohq_l\b^_lv_]hmk_[y\kiZevg_HgZg_
kh[bjZ_lkykgh\ZaZ\h^blvjhfZgkjZa\_^_gguffm`qbghcihlhfmqlh_s_g_hijZ\beZkvhl
ij_^u^ms_]hjZaju\ZDjhf_lh]h;_g__[hkkbkhk_^
�G_lwcabl\_j^hkdZaZeZhgZk_[_djZkyj_kgbpu
HgZmkeurZeZrZ]b;_gZgZe_klgbp_Dh]^ZhgihklmqZeky\__^\_jv__k_j^p_mqZs_gghaZ[behkv
ZjmdbaZ^jh`ZebHleh`b\lmrvhgZkimklbeZkv\gbabhldjueZ^\_jv
;_gijhlygme_c[md_l^ebgghp\_ldh\uo[_euoebebck\hkoblbl_evgufZjhfZlhf
Ohq_rvkehfblvfh_khijhlb\e_gb_bebwlhbkdmibl_evgZy`_jl\Zdhlhjmxlufg_ij_^eZ]Z_rv
aZihiuldm\hkihevah\Zlvkyfh_cg_\bgghklvx"kijhkbeZhgZhklhjh`gh\ay\mg_]h[md_l
;_gihqm\kl\h\ZedZd_]h]m[uba]b[Zxlky\meu[d_?keb[uhgaZohl_e_c\hkihevah\Zlvky_fmg_
ijbrehkv[uijbeZ]Zlv^eywlh]hhkh[uomkbebc
Gblhgb^jm]h_Yih^mfZeqlhZjhfZlwlbop\_lh\i_j_[v_laZiZofhdjhcrlmdZlmjdbdhlhjuc
dhfg_ijbklZe
�Ba^Z\kf_rhdwcabhlhreZ\klhjhgmbhgijhke_^h\ZeaZg_cgZdmogxLZfhgZ^hklZeZ\ukhdmx
\ZamgZihegbeZ__\h^hcbihklZ\beZ\g__p\_luG_m^h\e_l\hj_ggZyj_amevlZlhfhgZijbgyeZkv
ih\hjZqb\Zlvkl_[eblZdbfh[jZahfqlh[up\_luemqr_kfhlj_ebkvKm^yih__g_eh\dbf
^\b`_gbyfhgZg_j\gbqZeZGhihq_fm";hyeZkvqlhhgihiulZ_lky_c\hkihevah\Zlvky"?cg_h
q_f[_kihdhblvkyK_]hklhjhgu_cgbqlhg_m]jh`Z_l
�Lum`bgZeZ"kijhkbe;_gbwcabke_]dZgZofmjbeZkv
?s_g_lYkh[bjZeZkvijb]hlh\blvihemnZ[jbdZlu
G_ijb]eZrZcf_gy[hevr_gbdm^Z;_gIh`ZemcklZ
Yfh]maZklZ\blvl_[yi_j_^mfZlv"Yih^mfZefufh]eb[ukoh^blv\dZdhcgb[m^viZ[ih_klvb
ih[helZlv
Hl\heg_gbymg__aZkhkZehih^eh`_qdhc
Yg_ohqmgbdm^Zb^lbYkh[bjZeZkvihjZgvr_e_qvkiZlvkhe]ZeZhgZ
;_gaZ^mfqb\hihkfhlj_egZg__
WlhhagZqZ_lijh\Zeb\Zc;_gbebyg_ohqmgbdm^Zb^lbghfufh]eb[uaZdZaZlv_^mgZ
^hf"
�AZdhgqb\\hablvkykp\_lZfbwcabihklZ\beZ\Zamihkj_^bh[_^_ggh]hklheZ
Gblhgb^jm]h_;_gAZq_fluijbr_e"__]hehk_keurZehkvhlqZygb_
Ijbkehgb\rbkvdklhemhgaZkmgmejmdb\dZjfZgu[jxdblboh\a^hogme
�mfZxgZfg_h[oh^bfhih]h\hjblvhlhfqlhijhbahreh\q_jZ\_q_jhf
q_jZ\_q_jhfgbq_]hg_ijhbahreh
�Dh]hluiulZ_rvkyh[fZgmlvwcab"
HgZaZklZ\beZk_[y\klj_lblvkykgbf\a]ey^hfblml`_h[wlhfih`Ze_eZ[e_kd`_eZgbydhlhjuc
hgZm\b^_eZ\_]h]eZaZogZim]Ze__
HgZhl\_jgmeZkv
k_keh`gh
�Pbgbqghmkf_ogm\rbkvwcabihijZ\beZh^bgbap\_ldh\
Dh]^Z\ihke_^gbcjZafm`qbgZfg_wlhkdZaZehgkhh[sZeqlhj_rbe\_jgmlvkydk\h_c`_g_
ijhbag_keZhgZkmobflhghf
Wlh]hylhqghg_kh[bjZxkvl_[_]h\hjblv
HgZihqm\kl\h\ZeZh[e_]q_gb_ghihgyeZqlh_s_kebrdhfjZghgZqlhlhgZ^_ylvky
Lh]^Zqlhlukh[bjZ_rvkyfg_]h\hjblv"Qlhlufhc[hkk"Qlhfukhk_^b"QlhlujZa\_^_g"Y
m`_kZfZ\k_wlhihgyeZbiheghklvxkh]eZkgZ
Mf_gy_klv^hqvg_h`b^Zggh[_a\kydboij_Zf[mekhh[sbe;_g?cihqlbljb]h^Z?_
ah\mlNehj_gkBf_gghihlhfmybi_j_[jZeky\Chdk[mj]Fhy[u\rZy`_gZ\_jgmeZkvkx^Zqlh[u
[ulvjy^hfkhk\h_ck_fv_cb^jmavyfbYihke_^h\ZeaZg_c
�Hiylv^\Z^pZlviylvih^mfZeZwcabb\gmljbmg__\k_miZeh
Ihlhfmqlhohq_rvkgh\Zkg_ckhclbkv"
G_lIhlhfmqlhohqm[ulvjy^hfkNehj_gkb]jZlvZdlb\gmxjhev\`bagbk\h_c^hq_jbYg_
kh[bjZxkv\ha\jZsZlvkydk\h_c[u\r_c`_g_
Wlhym`_lh`_keurZeZhlj_aZeZhgZg_]h^myhljZahqZjh\Zgbyijhq_fwlh[ueh]emih
;_ggbq_]hg_kdZaZebg_k^_eZehlebqb_hlFZcdZhg_cg_e]Zebg_^Z\Zeh[_sZgbcHgijhklh
[uekZfbfkh[hch[Zyl_evgufg_ijbgm`^_ggufbaZ[Z\gufkhk_^hfbdhee_]hcbhgZqlh"
ex[beZkv\g_]h"
Ghyg_e]mFukg_c[hevr_gbdh]^Zg_[m^_f\f_kl_GZr[jZd[uedZlZkljhnhcbyg_bf_x
gbfZe_cr_]hgZf_j_gbyi_j_`b\Zlv__aZgh\h?^bgkl\_ggZyijbqbgZihdhlhjhcykx^Z
i_j__oZewlhNehj_gkHgZ^eyf_gygZi_j\hff_kl_
�IjbylghkeurZlvih^h[gh_hlhlpZkdZaZeZwcabghyg_ihgbfZxdZdh_hlghr_gb_wlh
bf__ldgZf
Wlhb_klvijbqbgZihdhlhjhcgbdZdbogZkg_[m^_lfy]dhkdZaZehgY^he`_g
ihaZ[hlblvkyhlhfqlh[u`bagvNehj_gk[ueZijhklhcbghjfZevghcgZkdhevdhwlh\hafh`gh^ey
fZe_gvdhc^_\hqdbqvbjh^bl_ebg_fh]ml`blv\f_kl_Ihfbfh\k_]hijhq_]hwlhlZd`_hagZqZ_l
qlh\__`bagbg_^he`guihy\eylvkygbdZdb_ihklhjhggb_l_lbihwlhfm_kebluiblZ_rvdZdb_
lhbeexabbgZfhckq_l[m^m\ugm`^_gl_[yh]hjqblvFg_g_gm`gugh\u_hlghr_gby
�Beexabb"ZhgZebrvgZ^_yeZkvgZlhqlhhgk\h[h^_gbg_h[j_f_g_gh[yaZl_evkl\Zfb?keb[u
hgZagZeZqlhm;_gZ_klv^hqvhgZ[ug_ih^imklbeZ_]hdk_[_gZimr_qguc\uklj_eHgZm`_wlh
ijhoh^beZIhke_g_kdhevdboe_lhlghr_gbcFZcdhl_p^\mofZe_gvdbo^hq_dkhh[sbe_cqlh
j_rbe\_jgmlvkyd[u\r_c`_g_Qlh`_gZijhklbeZ_fm\k__]hijb]j_r_gbyb]hlh\Zijbgylv_]h
h[jZlgh
G_evklbk_[_Yg_iblZxgZl\hckq_lgbdZdbobeexabcaZy\beZhgZIhke_^g__qlhfg_
gm`ghwlh_s_h^bgjhfZgkfm`qbghcmdhlhjh]hgZie_qZoe_`bllhggZwfhpbhgZevgh]h
[Z]Z`ZLZdqlhfh`_rvjZkkeZ[blvky;_gKfh_cklhjhgul_[_gbqlhg_m]jh`Z_lLuf_gyg_
bgl_j_km_rv
;_gfy]dhjZkkf_yeky
Djmlhluf_gyhlrbeZ
G_[m^vml_[ywlh]hwfhpbhgZevgh]h[Z]Z`Zy[u\k_jv_alh[hcaZbgl_j_kh\ZeZkvGhyg_
fZahobkldZb[hevr_g_\klj_qZxkvkjZa\_^_ggufbfm`qbgZfbWlhh^ghbafhboijZ\beIha\hev
fg_kijhkblvbaex[hiulkl\Zihq_fmlug_kdZaZefg_h^hq_jb\q_jZ"
HggZofmjbeky
IjhklbYg_^mfZeqlhwlh^eyl_[ylZd\Z`ghYg_kdju\Zx__kms_kl\h\Zgb_Ijhklhyg_
h[km`^Zxk\hxqZklgmx`bagvkihklhjhggbfbex^vfbDh]^Zfuklh[hcihagZdhfbebkv[eb`_y
fh][ul_[_hg_ckdZaZlvghlh]^Z_keblug_aZ[ueZfuh[Zg_fh]eblj_a\hfukeblv
Gbq_]hg_ijhbahreh;_gl\_j^hijhbag_keZhgZGhygbgZqlhbg_gZ^_yeZkvDZdym`_
kdZaZeZjZa\_^_ggu_fm`qbguf_gyg_bgl_j_kmxl
?]hie_qbhimklbebkvbhgf_^e_gghdb\gme
�mfZxwlhohjhrh
LuijZ\^ZlZd^mfZ_rv"hklhjh`ghkijhkbeZhgZ
;_gih`Zeie_qZfbgZebp__]hijhf_evdgmeZi_qZevgZymeu[dZ?fmke_^h\ZehkdZaZlv^Zb
aZdjulvwlml_fmghhgg_fh]e]Zlv
�YjZaju\ZxkvwcabijbagZekyhgYihgbfZxqlhf_`^mgZfbgbq_]hg_^he`gh[ulvgh
yg_dZf_ggucLufg_hq_gvgjZ\brvkyghh[klhyl_evkl\Zg_iha\heyxlgZf[ulv\f_kl_Yfh][u
\j_fyhl\j_f_gb\klj_qZlvkyklh[hcihke_jZ[hlughwlh[ueh[ug_kijZ\_^eb\hihhlghr_gbxd
l_[_Lug_bal_o^_\mr_dqlh]h^ylky^eyfbfhe_lguobgljb`_dgh\^Zggucfhf_glyg_fh]m
ij_^eh`blvl_[_gbq_]h[he__k_jv_agh]hYg_ohqmijbqbgylv[hevgbl_[_gbNehj_gkMgZkk
lh[hcg_l[m^ms_]hghyihij_`g_fml\hcdhee_]Zb
?keb[ulv[he__lhqguflufhc[hkkaZf_lbeZhgZb_]h]m[u^_jgmebkv
Yl\hcdhee_]Zih\lhjbehgGZfijb^_lky\f_kl_jZ[hlZlvYg_fh]mk_[_iha\heblv
ihl_jylvwlhf_klhFg_gm`ghh[_ki_qb\ZlvNehj_gkbkZfh]hk_[yY^he`_g^h[blvkymki_oZY
g_fh]mk^_eZlvl_[ykqZkleb\hcFhc[jZd\u`Zebaf_gy\k_khdbY\eh`be\g_]h\k_qlhmf_gy
[uehghwlh]hhdZaZehkvg_^hklZlhqghF_gywlhqmlvg__ehfZehby^Zek_[_keh\hqlhmf_gy
[hevr_gbdh]^Zg_[m^_lk_jv_aguohlghr_gbc
?c^h[hebagZdhfZwlZkblmZpbyHgZbkiulZeZl_`_qm\kl\Zdh]^Zmr_eFZcdaZ[jZ\k\hbo^hq_d
HgZk^_eZeZ^eybohlghr_gbc\k_qlhfh]eZghwlh]hhdZaZehkvg_^hklZlhqgh
Fg_`Zevfy]dhkdZaZeZhgZYagZxqlhqm\kl\m_rv\ih^h[ghckblmZpbbIjZ\^Z
Db\gm\hgijhlygmedg_cjmdmbe_]hgvdhk`Ze__ie_qh?]hijbdhkgh\_gb_kh]j_eh__?c
aZohl_ehkvijb`Zlvkydg_fmiheh`blv]heh\m_fmgZ]jm^vf_klhwlh]hhgZhlhreZ\klhjhgm
qlh[u\dexqblvqZcgbd
AgZqblgZfh[hbfijbrehkvbf_lv^_ehkjZa[blufk_j^p_f
GZfh[hbfijbrehkvbf_lv^_ehkhfgh`_kl\hfjZahqZjh\ZgbcbmljZlihijZ\be__;_g
hlf_lb\ijhk_[yqlh_cjZa[bebk_j^p_Ihke_^g__qlhfg_gm`ghwlhhlghr_gbyk
`_gsbghcmdhlhjhc[ueZlZdZy`_bklhjby
�Hkh[_gghihke_jZaju\Zk`_cgdhlhjZydh]^Zhg__\klj_lbekljZ^ZeZbaaZg_m^Zqgh]hjhfZgZ
LuijZ\;_gWlh[ueh[u[_amfb_fY]heh^gZFg_gm`ghih_klvYkh[bjZxkvijb]hlh\blv
ihemnZ[jbdZlu
Fh`_laZdZ`_f_^mgZ^hf"ij_^eh`behgg_]hlh\uckg_cjZkklZlvkyHgbdhee_]bbkhk_^b
kh\_lh\ihh[mkljhckl\mfh_]h^hfZ
�wcabaZdmkbeZ]m[mbih`ZeZie_qZfb
�G_^mfZxqlhfh]m[ulvl_[_a^_kvihe_agZYhq_gvfZehagZxhl\h_f^hf_hlh]hdZdlu\
g_fihk_ebekyy[ueZlZf\k_]hg_kdhevdhjZaYgbdh]^Zg_[ueZgZ\_jom
Ghl\hc^hfihoh`gZfhcLhqlhya^_kv\b^_efg_ihgjZ\behkvIhc^_fdhfg_YaZdZ`m_^m
IhdZgZf[m^ml__\_alblukfh`_rvhkfhlj_lvfhc^hfbkdZaZlvfg_qlh[uluk^_eZeZgZfh_f
f_kl_Lukh]eZkgZ"
�wcabfy]dhjZkkf_yeZkv
Ykm^h\hevkl\b_fihkfhljxl\hc^hfHgZgZdehgbeZ]heh\mgZ[hdFh`_laZdZ`_f_^m\
dblZckdhfj_klhjZg_"
HlebqgZyb^_yMl_[y_klvf_gx"
Dhg_qghP_eZyiZqdZFg_ihklhygghih^kh\u\Zxlboih^^\_jv
Fufh`_faZm`bghf\uiblvrZfiZgkdh_dhlhjh_luih^ZjbeZfg_\q_jZYkm^h\hevkl\b_f
ih^_exkvbfklh[hc
�G_^mfZxqlhwlhohjhrZyb^_yhklhjh`ghkdZaZeZwcab
&#xha;&#xfh;&#x`g;&#xh;&#x;&#xm;&#xkl;&#xmi;¾&#xh;&#xg;&#xk;&#x]j;&#xmk;&#xlg;&#xhc;&#xm;&#xeu;&#x[d;&#xhc;&#xi;&#xjh;&#xly;&#xgm;&#xjm;&#xdm;&#x;&#x;�hafh`ghmklmibehgk]jmklghcmeu[dhcbijhlygmejmdmZ\Zcf_gxYmfbjZxk
]heh^m
Ke_^mxsbf\_q_jhf;_gm\b^_eNehj_gkBaaZj_fhglZ\_]h^hf_hgg_\aye__dk_[_dZdqZklh
�^_eZeihkj_^Zfihwlhfm_fmijbrehkvijh\_klbkg_c\_q_jm`_cgHgqm\kl\h\Zek_[yg_eh\dh
HgbjZkklZebkv[_akdZg^ZeZghwlh__^hfZ\_q_jkj_^u__\uoh^ghc\_q_j
�G_\hajZ`Z_rv_kebymc^m"kijhkbeZ`_cgbhghohlghkh]eZkbeky;_ag___fm[m^_l
kihdhcg__Hgkfh`_ljZkkeZ[blvkybiheghklvxkhkj_^hlhqblvkygZNehj_gk
Hgihb]jZekfZeurdhcijb]hlh\be_cm`bggZdhjfbe__bkdmiZeihke_q_]he_]\f_kl_kg_cgZ
djh\Zlvqlh[uijhqblZlv_ckdZadm
?s_jZaihlj_[h\ZeZhgZdh]^ZhgaZdhgqbe
HgihkemrZekyWlh[uehijhs_q_fkihjblvbq_fqblZlv_c^jm]mxdgb`dmHgZihijhkbeZ[u
_]haZl_fijhqblZlv_s_h^gmb_s_b_s_Hgm`_wlhijhoh^bek\hbg_iheguoljb]h^Z
Nehj_gkhq_gvmfgZHg__ijhklhh[h`Z_l
?s_ijhbag_keZhgZgZwlhljZa[he__khggh
�L_i_jvdh]^Z`_cgohq_lmkljhblvkygZjZ[hlmNehj_gkhklZ_lky\^_lkdhfkZ^mgZp_euc^_gv?c
lZfhq_gvgjZ\blkyghddhgpm^gyhgZmklZ_l
�GZ\_jgh_dh]^Z`_cgqblZ_l_cgZghqvhgZaZkuiZ_l[uklj__gh\_q_jZkhlphf^eyg__j_^dhklv
?_\j_fykgbfh]jZgbq_ghbhgZg_ohq_l[ukljh_]hhlimkdZlv
;_gkgh\ZijhqblZe_ckdZadmaZl_fhklhjh`gh\uk\h[h^bek\hxjmdmbaih^__]heh\ubg_`gh
ihp_eh\ZekiysmxfZeurdm\jhah\mxs_qdm
Kihdhcghcghqb^hjh]Zyijhr_ilZehg]ey^ygZg__kmfbe_gb_fIjbylguol_[_kgh\
AZl_fhgihp_eh\Ze___s_jZabhklZ\b\^\_jvijbhldjulhckimklbeky\]hklbgmxk_egZ^b\Zg
dhlhjucdh]^Zlhklhye\boehg^hgkdhcd\Zjlbj_b\dexqbek\hcklZjucl_e_\bahj
�`_cg\_jgmeZkv\^_kylvqZkh\
k_\ihjy^d_"\_k_ehkijhkbeZhgZ
iheghfHgZkiblFuljbjZaZqblZebAeZlh\eZkdmblj_of_^\_^_c
H;_glu^he`_ggZmqblvky]h\hjblvg_l
G_ly^he`_gdZdfh`gh[hevr_kg_ch[sZlvkyb^_eZlv__kqZkleb\hcqlh[uhgZg_
�qm\kl\h\ZeZk_[yh[^_e_gghchlh]hdZdyi_j_[jZekykx^ZfukNehj_gk^he]hg_\b^_ebkvbgZf
gm`ghgZ\_jklZlvmims_ggh_ex[hfkemqZ_fg_kh\k_fg_ljm^ghqblZlv_ckdZadb
�`_cgdb\gmeZaZl_fdh]^Zhgkh[jZekymoh^blvhklhjh`gh^h[Z\beZ
AgZqblluihij_`g_fmieZgbjm_rvghq_\Zlva^_kv\wlb\uoh^gu_"
�Z_keblug_ijhlb\Y[uohl_e[ulvjy^hfdh]^ZhgZijhkg_lkyHgh[h`Z_l\Zeylvkyih
mljZf\ihkl_ebkhk\h_cex[bfhcfZeurdhc?keblug_ohq_rvqlh[uy\k_wlh\j_fylhjqZem
l_[y^hfZyfh]mqlhgb[m^vijb^mfZlv
GbdZdboijh[e_fYih^mfZeZjZalu\k_jZ\ghhklZg_rvkygZghqvfh`_llug_[m^_rv
\hajZ`Zlv_kebf_gya^_kvg_[m^_l\km[[hlm\_q_jhfLhqg__yieZgbjmxhlkmlkl\h\ZlvkmljZ
km[[hlu^h\_q_jZ\hkdj_k_gvy
Kg_chij_^_e_gghqlhlhijhbkoh^blHgZ\u]ey^blKqZkleb\__";_gih`Zeie_qZfbIhq_fmhg
^he`_g\hajZ`Zlv"?fm]hjZa^hijhs_jZ^h\ZlvkyaZg__q_fqmkl\h\Zlvk_[y\bgh\ZlufbaaZlh]h
qlhg_k^_eZe__kqZkleb\hcHgg_klZekijZrb\Zlvdm^ZhgZkh[jZeZkvWlhg__]h^_ehBo
k\yau\Z_llhevdhNehj_gk?cg_klZg_lom`__keb__fZlvg_fgh]hjZa\__lky
JZamf__lkyyg_\hajZ`ZxAZgbfZckyk\hbfb^_eZfbYkm^h\hevkl\b_fijh\_^mwlh\j_fyk
Nehj_gkLug_ijhlb\_kebyihklbjZxml_[yk\hb\_sb"
Dhg_qghg_lLuhieZqb\Z_rvkq_lZ;_gAgZ_rvydZ`_lkyihemqbeZjZ[hlmWlh^he`gh\k_
mijhklblvIjZ\^ZihdZgbq_]h_s_g_ykghghygZ^_xkvgZemqr__
�`_cgmeu[gmeZkvbhgihgyeqlhhgZ^_ckl\bl_evghkqZkleb\ZFh`_l^_eh\jZ[hl_fh`_lg_l
LZd`_hghkhagZeqlhgbdh]^Z_s_g_\b^_e__lZdhckqZkleb\hc
DZdhci_qZevguc\u\h^^eyq_eh\_dZdhlhjuc[ue__fm`_fG_m^b\bl_evghqlhbo[jZdjZkiZeky
GZ^_xkvml_[y\k_ihemqblkybkdj_gg_kdZaZe;_gFg_ihjZM\b^bfky\iylgbpm
Hgih_oZe^hfhcDZd\k_]^Zihke_jZkklZ\Zgbyk^hqdhc_fm[uehg_fgh]h]jmklghG_kdhevdh
^g_chgg_[m^_ldhjfblv__dmiZlvqblZlv_ckdZadbgZghqvijhklhgZoh^blvkyjy^hfkg_c
?]hml_rZehlhqlhhgijh\_^_l[hevrmxqZklvij_^klhysbo\uoh^guo\^\h_fkNehj_gk
&#xha;&#xfh;&#x`g;&#xh;&#xh;&#xg;&#xdm;&#xib;&#xl;&#x^e;&#xy;&#xg_;&#x_;&#xdZ;&#xq_;ë&#xi;&#xh;&#x_k; l;&#xo;&#xk;&#xZ^;&#xm;&#xm;�hafh`ghhgdmibl^eyg__dZq_ebbih\_kblbo\kZ^mm`_cg:fh`_lhgih\_kblbojy^hfkh
k\hbf^hfhfdh]^ZgZ\_^_llZfihjy^hdHgihklZ\bl^eyNehj_gkdjh\Zldmdmiblb]jmrdbqlh[u
_c[uehdhfnhjlgh
�IjbiZjdh\Z\rbkvjy^hfkhk\hbf^hfhfhgaZ]emrbefhlhjbmklZ\bekyklhkdhcgZhdgZwcab
gbo]hj_ek\_lb_fm[_amfghaZohl_ehkvdg_caZclbHgf_^ebeklhymk\h_]h\oh^ZLZdijhklh
i_j_rZ]gmlvq_j_agba_gvdbcaZ[hjqbdbiha\hgblv\__^\_jvghhgk^_j`ZekyWlh[ueh[ug_
lhevdh]emihghbq_jlh\kdbhiZkghHgZijbly]b\Z_l_]hdZdyjdh_ieZfyfhluevdZIhke_^g__
qlh_fmgm`ghwlhml_rZlv\k\hboh[tylbyo_s_h^gm`_gsbgmdhlhjhcjZa[bebk_j^p_
�Hgkebrdhffgh]hhg_c^mfZ_lZ`_\h\j_fyjy^h\uohi_jZpbcdh]^Zhlg_]hg_lj_[m_lky
�hkh[h]hfZkl_jkl\ZAZ\ljZhgiha\heblwcabijh\h^blvwlbhi_jZpbbZkZf[m^_l_c
Zkkbklbjh\ZlvLh]^Z_fmijb^_lky\gbfZl_evghke_^blvaZdZ`^uf__^_ckl\b_fqlh[ug_
^himklblvhrb[dbbmg_]hg_hklZg_lky\j_f_gbgZlhqlh[uhg_c^mfZlvhafh`ghwlhaZklZ\bl
=eZ\Z
&#x_q;&#x_j;&#xhf;&#x;&#xk;&#xj_;&#x^m;�_q_jhf\kj_^mwcabg_m\b^_eZ;_gZHg]h\hjbeqlhihkj_^ZfgZ\_sZ_lNehj_gkb
\ha\jZsZ_lkyiha^gh
JZamf__lkyhgZkh\k_fihg_fmg_kdmqZ_lHgbihagZdhfbebkv\k_]hg_kdhevdh^g_cgZaZ^DZd^hf
fh`_ldZaZlvky_cimkluf[_ag_]h"?cijhklhkdmqghKlbjdZgbdh]^Zg_\oh^beZ\qbkeh__
ex[bfuoaZgylbcghmg__aZdZgqb\Zehkvqbklh_[_ev_b_cgm`_g[ueex[bfucoZeZl
GZdhg_phgZkt_eZihjpbxihemnZ[jbdZlh\dhlhjZyh^bghdhe_`ZeZgZihed_\fhjhabevgbd_Wlhl
[_kobljhklgucm`bggZihfgbe_ch__klZlmk_
Kijhrehcg_^_eb__klZlmkg_baf_gbekyghhgZqm\kl\h\ZeZk_[yih^jm]hfmIjbqbghclhfm[ue
bok;_ghfihp_emcZlZd`__]hrmldbbmeu[dbbojZa]h\hjubkh\f_klgu_m`bgu@b\ybjZ[hlZy
jy^hfkgbfg_`_eZlv_]hijhklhg_\hafh`gh
;_g\_jgmeky\gZqZe_h^bggZ^pZlh]hbhgZklZeZ]Z^Zlvihklmqblebhg\__^\_jvIjbg_k_l
[mluedm\bgZbebijb]eZkbl__dk_[_gZqZrdmdhn_Ihp_em_lebhg__gZghqv
�AZoehigm\^\_jpmklbjZevghcfZrbguwcabihklZ\beZ\m]hedhjabgmkhklZldZfb]jyagh]h[_evyb
ihreZkiZlvjZa^jZ`_ggZyl_fqlh;_g^_ckl\m_lgZg__^Z`_\k\h_hlkmlkl\b_Wlhg_e_ih
ex[hfkemqZ__cgm`ghihjZgvr_e_qvkiZlv
GZke_^mxsbc^_gvhgZihjZ^h\ZeZkvqlhlZdbk^_eZeZ;_ggZklhyegZlhfqlh[uhgZkZfZijh\_eZ
g_kdhevdhhi_jZpbcHgih^kdZau\Ze_cqlhgm`gh^_eZlvbih^Z\Zebgkljmf_glu
dhgp_dhgph\gZklZ\eylv___]hjZ[hlZHgZ[eZ]h^ZjgZ_fmaZwlhghhghlg_kkykebrdhf
k_jv_aghdk\hbfh[yaZgghklyfDdhgpmihke_^g_chi_jZpbb__kbeu[uebgZij_^_e_
MklZ\rZygh^h\hevgZykh[hchgZihreZijbgbfZlv^mrK_]h^gyhgZk^_eZeZgZfgh]h[hevr_q_f
^_eZeZ^hkboihjblhevdhihlhfmqlh;_g\g__\_jbe
hlebqb_hlW\ZgZdhlhjuc^hkboihj^\Z`^ui_j_ijh\_jye__jZ[hlmb[hyeky^h\_jblv_cqlhlh
[he__k_jv_agh_
HgZaZ]h\hjbeZh[wlhfk;_ghfdh]^Z\_q_jhfhgbibebqZc\__abfg_fkZ^m
�Wlh_]hijh[e_fukdZaZehgih`Z\ie_qZfbmfZxW\Zgmijhklhg_o\ZlZ_lm\_j_gghklb
\k_[_HgihdZg_]hlh\klZlvdhgkmevlZglhfQlhlu^mfZ_rvh[wlhf"
Hgijbg_kkkh[hcklhidm[jhrxjihk\ys_gguo^baZcgmdmohgvbhgbebklZebbo\h`b^Zgbb
m`bgZdhlhjucaZdZaZebgZ^hfGZwlhljZa;_g\u[jZelZckdmxdmogxbgZklhyegZlhfqlhkZf
aZieZlblihkq_lmihkdhevdmhgZljZlbeZgZg_]hk\h_\j_fy^Z\Zy_fmkh\_lu
I_j_h[hjm^h\Zgb_dmogb[uehhlebqghcl_fhc^eyjZa]h\hjZihkdhevdmg_dZkZehkvgb_]hgb__
�ebqghc`bagbHf_[_eb[ueh]h\hjblv[_ahiZkg__q_fhqm\kl\Zowcabhij_^_e_gghbkiulu\ZeZ
qm\kl\Zd;_gmijbq_fkdZ`^uf^g_fhgbklZgh\bebkv\k_keh`g__
GZdhg_pdmjv_j^hklZ\beboaZdZaabfg_fkZ^mklZehijhoeZ^ghihwlhfmhgbi_j_[jZebkvgZ
dmogxbihm`bgZebijbijb]emr_gghfk\_l_ih^kihdhcgmxfmaudm
�wcab[ukljhihgyeZqlhwlhhrb[dZklhevbglbfghch[klZgh\d_^jm`_kdbcm`bg[hevr_
ihoh^begZk\b^Zgb_;_gijbg_krZfiZgkdh_\dZq_kl\_[eZ]h^ZjghklbaZlhqlhhgZkh]eZkbeZkv
_fmihfhqvLhebbaaZrZfiZgkdh]hlhebbaaZbog_ij_h^hebfh]h\e_q_gby^jm]d^jm]m\k_qlh
]h\hjbe;_g\uau\Zehmg__kf_oDh]^Zhgmeu[Zeky_]h]eZaZaZ]hjZebkvHg[uelZdbffbeuf
lZdbfh[uqgufb\lh`_\j_fyg_h[uqgufg_ihoh`bfgZ\k_ol_ofm`qbgkdhlhjufbhgZbf_eZ
IblvrZfiZgkdh_dh]^ZaZ\ljZgm`ghjZgh\klZ\Zlvbb^lbgZjZ[hlmg_hkfhljbl_evghghihke_
�i_j\h]h]ehldZwcabklZeh\k_jZ\ghDh]^Zhgb\uibeb[mluedmhgZijb]hlh\beZdhn_bhgb
\uibeb_]h\]hklbghc
Dh]^Z;_ggZdhg_pihkfhlj_egZqZkubih^gyekyhgZijh\h^beZ_]h^h^\_jbG_h`b^Zgghhg
ih\_jgmekybaZdexqbe__\h[tylby
�KiZkb[hl_[_wcabLufg_a^hjh\hihfh]Z_rvki_j_h[mkljhckl\hfdmogbG_agZxqlh[uy
[_al_[y^_eZe;_al_[yy[ug_h[jZlbe\gbfZgbygZiheh\bgmwlbolhgdhkl_c
k_]^Zdl\hbfmkem]ZfYkZfZkh\k_fg_^Z\gh^_eZeZj_fhglihwlhfmagZx\k_ih^\h^gu_
dZfgbKiZkb[hl_[_aZm`bgbaZrZfiZgkdh_
?]h]m[ujZklygmebkv\meu[d_
�mfZxwlhkijZ\_^eb\uch[f_gY\hkihevah\Zekyl\hbfbfha]Zfb
Lhqg__mdjZe__a^jZ\uckfuke?keb[uhgwlh]hg_k^_eZehgZ[ug_\klZeZgZpuihqdbbg_
ihp_eh\ZeZ_]h\om^mxihdjulmxs_lbghcs_dmG_ih\_jgmeZ[uaZl_f]heh\mqlh[ubo]m[u
khijbdhkgmebkv
G_h[\beZ[ujmdZfb_]hr_xbg_aZimklbeZ[uiZevpu\_]hfy]db_]mklu_\hehkudh]^Zhg
aZklhgZ\ijblygme__dk_[_bijhgbdyaudhf\]em[v__jlZ
Hgp_eh\Ze__^hl_oihjihdZhgZg_mljZlbeZkihkh[ghklveh]bq_kdbfukeblv
�wcaby^he`_gb^lbojbiehijhbag_khghlkljZgb\rbkv
G_lHklZgvkyIh`ZemcklZhklZgvkyAZcfbkvkhfghcex[h\vx
Bo\a]ey^u\klj_lbebkvb;_gkm^hjh`gh\a^hogme
G_gZ^h_e_keurghijhr_ilZehg
Qlhg_gZ^h"
G_kfhljbgZf_gylZd
?_k_j^p_aZf_jeh
DZd"
LZdkdZaZehgijbeh`b\eZ^hgvd__s_d_DZd[m^lhwlhm`ZkgZyb^_y
AZl_fhgkgh\ZgZdjue__]m[uk\hbfbHgZ\klZeZgZpuihqdbbihdhjghijbhldjueZ]m[u_]h
ihp_em_[uehklhevdhkljZklbklhevdhhlqZygbyqlhhgihljyk__^h]em[bgu^mrb
�wcab
?]hhlqZyggucklhghlha\Zeky\gmljbg__wohfebrbe__hklZldh\\heb
HgZohq_l_]hWlhiheg_cr__[_amfb_gh;_g\hiehsZ_l\k_[_\k_qlh_cgjZ\blky\fm`qbgZo
HgZlZd\g_fgm`^Z_lky
;_g
�Ih^gy\]heh\mhg\klj_lbekykwcab\a]ey^hf?]hihl_fg_\rb_hl`_eZgby]eZaZihoh^bebgZ
[_a^hggu_ha_jZ?cdZaZehkvqlhhgkfhlj_egZg__p_emx\_qghklvij_`^_q_f\aye__aZjmdmb
i_j_ie_ek\hbiZevpuk__Lh]^ZhgZ_e_i_j_klZ\eyyihly`_e_\rb_gh]bih\_eZ_]hgZ\_jo\
kiZevgx
?_q_fh^Zg\k__s_klhyegZihemgZdhfh^_e_`ZeZklhidZqbklh]h[_evyIhkj_^bdhfgZlugZ
dh\j_\ZeyeZkvh^_`^ZdhlhjmxhgZk[jhkbeZkk_[yijb^ykjZ[hluDh]^Zhgb^h[jZebkv^h
djh\Zlb;_gjZa\_jgme__\k\hboh[tylbyobe_]hgvdhdhkgm\rbkv]m[Zfb__]m[k_jv_agh
Lum\_j_gZqlhohq_rvwlhk^_eZlv"
M\_j_gZ"G_kh\k_fOhq_l"?s_dZdWlhkZfuc[_amfgucihklmihddhlhjuchgZdh]^Zeb[h
kh[bjZeZkvkh\_jrblvghg_ijbdZkZlvkydg_fmg_qm\kl\h\Zlv_]h
HgZdb\gmeZbhg^hklZ\ba[mfZ`gbdZfZe_gvdbciZd_lbdbanhev]b[jhkbe_]hgZdjh\Zlv
?_\_dbhimklbebkvHgg_kh[bjZ_lkymoh^blvHghklZg_lkybaZcf_lkykg_cex[h\vx
�Ko\Zlb\rbkvaZgba__lhiZhgklygme_]hkg__bhdbgme__hp_gb\Zxsbf\a]ey^hfwcab[ueZ
jZ^ZqlhgZ^_eZk\hcex[bfuc[xkl]Zevl_j
AZl_fhgjZkkl_]gmeaZfhq_dkgye_]hkg__bijb]emr_gghaZklhgZ\ijbgyekyihdju\Zlv
ihp_emyfb__]jm^v
Hgg_agZ_lqlh^_eZ_lHgmljZlbekihkh[ghklva^jZ\hfukeblvHgijhklhagZeqlhgm`^Z_lky\
�wcablZddZdgbdh]^Zij_`^_g_gm`^Zekygb\h^ghc`_gsbg_?kebhg_xg_h\eZ^__l\
�[eb`Zcrb_g_kdhevdhfbgmllh\ahj\_lkyHgqm\kl\h\Zeqlhwcabohq_l_]hg_f_gvr_q_fhg__
__]eZaZoihy\bekyebohjZ^hqguc[e_kdfy]db_g_`gu_]m[uijbhldjuebkv]heh\Z
aZijhdbgmeZkvdh]^Z;_ggZqZeihhq_j_^gheZkdZlv]m[Zfb__aZl\_j^_\rb_khkdb
;_g"
�Ya^_kvwcabojbiehijhbag_khgly`_eh^urZYgbdm^Zg_moh`m
Lh]^ZhgZjZkkl_]gmeZ_]hjm[Zrdmb__eZ^hgbaZkdhevabebih_]h]jm^bb`b\hlmK__]m[
khj\Zekygh\ucklhgdh]^Zhgihlygme\gbaaZfhq_dfhegbbgZ__^`bgkZokimklbebok__[_^_jb
ko\Zlb\__aZy]h^bpuijblygmedk_[_
?cdZaZehkvqlhhgZ\hkieZf_gblkyhl`_eZgby[mjeys_]h\gmljbg__?]hdh`Z[ueZ]eZ^dhcb
]hjyq_cfurpuih^g_cl\_j^ufbHgZohl_eZm\b^_lv_]h\k_]hbamqblvdZ`^ucmqZklhq_d_]h
l_eZgh__iZevpugbdZdg_fh]ebjZkkl_]gmlv_]hj_f_gv
Himklb\__jmdb;_gk[jhkbekk_[yjm[Zrdmb\kqblZgu_k_dmg^ujZkkl_]gmej_f_gvbba[Z\beky
�hlhklZldh\h^_`^uAZl_fhgih^o\ZlbewcabdZdimrbgdmhimklbegZk_j_^bgmdjh\Zlbklygmek
g__^`bgkue_]jy^hfkg_cbgZ^hj\ZeiZd_lbdbanhev]b
Iha\hevfg_kdZaZeZhgZb^jh`ZsbfbiZevpZfb\ayeZmg_]hij_^hojZgyxs__kj_^kl\h
Dh]^Z__iZevpuaZ^\b]Zebkvih_]hjZa]hjyq_gghciehlbhgg_\kbeZol_ji_lvwlmkeZ^hklgmx
iuldmba^Zekm^hjh`gucklhg
DZdlhevdhhgZm[jZeZjmdmhge_]ih\_jog__bke_]dZijbih^gy\__[_^jZih]jmabeky\g__HgZ
aZ_jaZeZih^gbf\imkdZy_]h]em[`_Lh]^ZhgaZ^\b]Zeky[uklj__b__\gmlj_ggb_furpugZqZeb
kfudZlvky\hdjm]g_]h
;_gih`ZemcklZ
�Ya^_kvijh[hjfhlZehgYklh[hcwcab
Hgihqm\kl\h\ZedZdgZijy]ehkv__l_ehmkeurZe__km^hjh`guc\a^hodh]^ZhgZ\u]gmeZkvih^
gbf^m]hcbaZ^jh`ZeZAZl_f_]hkZfh]hgZdjueZlZdZyfhsgZy\hegZwdklZaZqlhhgbkim]Zekyqlh
jZkl\hjblky\g_cbij_djZlblkms_kl\h\Zlv
Dh]^Zbofhdju_hlihlZl_eZi_j_klZeb^jh`Zlvhgi_j_dZlbeky\f_kl_kg_cgZ[hdh[gye__b
aZdjue]eZaZ
Hg[ueihljyk_gGbdh]^Zij_`^_hgg_bkiulu\Zegbq_]hih^h[gh]hJblf__^uoZgbyaZf_^ebeky
G_h`b^ZgghhgZlbohgvdhkh^jh]gmeZkv\_]hh[tylbyoLh]^Zhghldjue]eZaZbihkfhlj_egZg__
Lu\ihjy^d_"kijhkbehgg_`ghih]eZ^b\__ihs_d_
�mfZx^ZG_m\_j_gZ?keblufg_\_jg_rvfhcjZamffg_\hafh`ghm^Zklkyhij_^_eblv
�?_hl\_lijha\mqZelZdg_e_ihqlh;_ggZqZekf_ylvkybwcabihke_^h\ZeZ_]hijbf_jm
Dh]^ZhgbgZdhg_pmkihdhbebkvhgZijh\_eZdhgqbdhfiZevpZih_]h[jh\bgZ^dhlhjhc[ue
djhr_qgucihj_a
Wlh[uehihljykZxs_;_gfy]dhijhbag_keZhgZ?_]eZaZkdZaZeb_fmqlhhgZg_e`_lbhg
ihqm\kl\h\Zek_[y\bgh\ZlufHgagZeqlh_fmg_ke_^h\Zehdg_cijbdZkZlvky[jZlvmg__
[_kp_gguc^ZjdhlhjuchgZ_fmij_^eh`beZAgZeqlhwlhijb\_^_lddZlZkljhn_Hq_fhglhevdh
^mfZe"
Fg_gm`ghg_fgh]hih[ulvh^ghfmqlh[uhkhagZlvqlhijhbahrehkdZaZehgb\klZ\k
djh\ZlbgZijZ\beky\\Zggmx
�Qm\kl\myk_[yg_aZsbs_gghcihke_lZdh]hfhsgh]h\uie_kdZwfhpbcwcabijbih^gyeZkvb
h[o\Zlb\jmdZfbdhe_gbklZeZ`^Zlvdh]^Zhg\_jg_lkybkdZ`_lqlhkemqb\r__ky[uehhrb[dhc
DZd[m^lhhgZkZfZwlh]hg_agZ_l
GZ\_jgh__cke_^m_lgZ^_lvoZeZlkimklblvky\gbabm[jZlvkhklheZ
�wcab
Q_jlih[_jb
HgZf_^e_gghhdbgmeZ_]h\a]ey^hfkgbam\\_jokeh\ghiulZykvgZ\k_]^ZaZi_qZle_lv\iZfylb
dZ`^ucm]hehd_]hl_eZ
Hgb[hevr_gbdh]^Zg_[m^ml[ebadbHgkh[bjZ_lkykdZaZlv_cbf_gghwlh
GZ^_\^`bgku;_gk_egZdjZcdjh\Zlbb\aye__aZjmdm
�K_cqZkhg\_`eb\h^Zklfg_hl\hjhlih\hjhlih^mfZeZwcab
Wlh[uehg_\_jhylghfy]dhijhbag_khgYohqmhklZlvkyb\kxghqvaZgbfZlvkyklh[hc
ex[h\vxghwlhg_fh`_lijhbahclbYkh[bjZxkv\_jgmlvky^hfhcbe_qvkiZlvMljhffu
hlijZ\bfkygZjZ[hlmb[m^_f\_klbk_[ylZdkeh\ghgbq_]hg_kemqbehkvFuih]h\hjbfhgZk
iha`_Lukh]eZkgZ"
�wcabk]ehlgmeZ
�Z;_gYagZxqlhwlh[uehhrb[dhc
Hgih]eZ^be[hevrbfiZevp_f__aZiyklv_
�Zghqlhk^_eZghlhk^_eZghL_i_jv\k_baf_gbehkvbfug_fh`_f^_eZlv\b^[m^lhgbq_]h
g_[uehghfu^he`guj_rblvdZdgZf[ulv^Zevr_
�wcabdb\gmeZohly^Z`_g_ij_^klZ\eyeZqlhbfl_i_jv^_eZlvihkdhevdmgbdh]^Zij_`^_g_
bkiulu\ZeZgbq_]hih^h[gh]hJZamf__lkyhgZihgbfZeZqlhmgbok;_ghfg_l[m^ms_]hghfukev
hlhfqlhhgb[hevr_g_[m^mlijbgZ^e_`Zlv^jm]^jm]m\uau\ZeZmg__qm\kl\hihl_jb
�Zfuih]h\hjbfaZ\ljZkh]eZkbeZkvhgZYijb]eZrml_[ydk_[_gZm`bg
�G_lAZ\ljZiylgbpZbihke_jZ[hluyih_^mdNehj_gk`_cgdm^Zlhm_a`Z_lgZ\uoh^gu_Y
\_jgmkv\\hkdj_k_gv_\_q_jhfihke_lh]hdZdmeh`mNehj_gkkiZlvFuklh[hcfh`_fkgh\Z
aZdZaZlv_^mgZ^hf
�mfZ_rvyg_mf_x]hlh\blv"G_[hckyhlfh_ckljyigb_s_gbdlhg_mfbjZeijhbag_keZhgZ
kmeu[dhc
Qlhluygbkdhevdhg_khfg_\Zxkv\l\hbodmebgZjguokihkh[ghklyoIjhklhg_klhblk_[y
mljm`^ZlvYg_agZx\hkdhevdhijb_^m^hfhcYg_kfh]mwlh]hk^_eZlvihdZg_\_jg_lky
�`_cgHg\a^hogmeFg_ihjZM`_iha^gh?kebyg_mc^mijyfhk_cqZkyhklZgmkva^_kvG_
^mfZxqlhwlhohjhrZyb^_yM\b^bfkymljhfFh`_lgZfm^Zklky\f_kl_\uiblvdhn_
�Ihp_eh\Z\__\]m[uhghlkljZgbekyi_qZevghmeu[gmekybmr_ewcabe_`ZeZgZdjh\Zlb
ijbkemrb\Zykvda\mdZfaZkl_ghcdZdhclhfhf_glrhjhobklboebbhgZmkeurZeZg_]jhfdh_gh
�hlq_leb\h_kihdhcghcghqbwcab
HgZgbq_]hg_hl\_lbeZihkdhevdm[ueZih]ehs_gZjZa^mfvyfbh[m^ms_f
&#xi;&#xyl;&#xgb;&#xpm;&#xm;&#xlj;&#xhf;&#xh;&#xgb;&#xh;&#x[Z;&#x;&#xkl;&#xZe; ;&#xih; `;&#x_;&#xh[;&#xuq;&#xgh;&#x]h;&#xg;&#x_;&#xmk;&#xi_;b;&#x_k;&#xl_;&#x;&#xui; l;&#xv; h;&#xn_;&#x;iylgbpmmljhfhgbh[Z\klZebiha`_h[uqgh]hbg_mki_eb\f_kl_\uiblvdhn_eyeZgqZgZ
jZ[hl_mgbolZd`_g_gZrehkvk\h[h^gh]h\j_f_gbIhke_hdhgqZgbyjZ[hq_]h^gyhgbg_\b^_ebkv
�^h\_q_jZ\hkdj_k_gvylZdqlhmwcab[ueh^hklZlhqgh\j_f_gb^eylh]hqlh[uih^mfZlvh[bo
hlghr_gbyoGhhgZlZdbg_ijbreZgbddZdhfm\u\h^m
Lu\u]ey^brvbafh`^_ggufkdZaZeZhgZdh]^Zhgijbr_edg_c\k_fvqZkh\
hc^y\^hfhgh[gye__
Yhq_gvmklZeNehj_gklh`_MgZk[uebgZkus_ggu_\uoh^gu_HgZaZkgmeZ\r_klvqZkh\
�gZqZe_k_^vfh]h\_jgmeZkv`_cgbykfh]ih_oZlv^hfhcHgijbgxoZekybmeu[gmekyDZd
\dmkghiZog_l
Yijb]hlh\beZaZi_dZgdm?_lhevdhgm`ghih^h]j_lv
Fh`_rvijbklmiZlvdwlhfmijyfhk_cqZkYmfbjZxk]heh^mFuihm`bgZ_fZihlhf
ih]h\hjbf
AZq_flygmlv"ijhbag_keZhgZklZ\ykdh\hjh^mgZh]hgvGZqbgZcy\ky\gbfZgb_
b`mlugZkljh_gZj_rbl_evghdjb\hmeu[gmeky;_g
Fg_gm`ghagZlvdlhfu^jm]^jm]mbdZd[m^mljZa\b\ZlvkygZrbhlghr_gbyYihgbfZxqlh
gZrZ[ebahklv[ueZhrb[dhcghdZdlukdZaZegZaZ^^hjh]bg_lBlZdqlh[m^_f^_eZlv^Zevr_"Y
g_bf_xgbfZe_cr_]hihgylby
Yg_agZxY^mfZeh[wlhf\k_\uoh^gu_Fh`_lgZfaZ]gZlvgZrbhlghr_gby\g_dhlhju_
jZfdb"ij_^eh`behg
Lh_klvmklZgh\blvijZ\beZ"
;_ggZofmjbeky
Fg_g_gjZ\blkykeh\hijZ\beZFh`_l]jZgbpu"
�DZdb_gZijbf_j"kijhkbeZwcabh[gZ^_`_ggZy_]hkeh\Zfb\hij_db`_gkdhc]hj^hklb
H^gZebrvfukevhlhfqlhhgbfh]ml[hevr_gbdh]^Zg_ijbdhkgmlvky^jm]d^jm]m[ueZ^eyg__
g_\ughkbfhc
JZa^_evgh_ijh`b\Zgb_kdZaZehgJZ^b\k_ogZkyg_^he`_g\f_rb\ZlvNehj_gk\k\hx
��ebqgmx`bagveyg__lu[m^_rvfh_ckhk_^dhcZg_l_l_cwcabGhj_qvb^_lg_lhevdhhg_cgh
lZd`_h^\mo\ajhkeuoex^yomdhlhjuo[ue\ijhrehfg_]Zlb\guchiulhlghr_gbc?kebwlb^\h_
ohlyl[ulv\f_kl_bfijb^_lkymklZgh\blvhij_^_e_ggu_]jZgbpu
Kh^ghcklhjhgu__h[jZ^h\Zeh_]hij_^eh`_gb_k^jm]hc_cohl_ehkv[hevr_]hbwlh__im]Zeh
Qlhfu[m^_f^_eZlv"hklhjh`ghkijhkbeZhgZIjhklhijh^he`bfgZrbhlghr_gby"
?keblug_ijhlb\Ghyg_ohqmqlh[ugZjZ[hl_magZebhgZrbohlghr_gbyoQlh[ufuh[Z
;_gg_^h]h\hjbeghhgZij_djZkghihgyeZqlhhgbf_e\\b^m
Dh]^ZhgbaZdhgqZlkyJZamf__lkyhgbaZdhgqZlky?c\k_]h^\Z^pZlv^_\ylvHgZfh`_lk_[_
iha\heblvaZdjmlblvjhfZgkfm`qbghcdhlhjucih^Zjbe_cg_aZ[u\Z_fh_gZkeZ`^_gb_ghwlhg_
fh`_lijh^he`Zlvkyfgh]he_l_kebhgZg_ohq_lihl_jylvgZ^_`^mh[aZ\_klbkvh^gZ`^u
kh[kl\_gghck_fv_c;_gg_ohq_lkha^Z\Zlvk_fvxIhdjZcg_cf_j_kg_c
H[h`_WlhhgZ\h\k_f\bgh\ZlZ?keb[ulhevdhhgZ_]hg_ihp_eh\ZeZ?keb[ug_ihlygmeZkvd
g_fm
�wcabaZdjueZ]eZaZ
IjhklbFg_g_ke_^h\Zeh\_klbl_[ygZ\_jo
��Z\Zcg_[m^_fbkdZlv\bgh\Zluowcabfy]dhkdZaZehgihg_^_evgbd\_q_jhfyi_j\uc
l_[yihp_eh\ZeG_m^_j`ZekyG_kfh]ym^_j`Zlvkyb\h\lhjgbdYgm`^Zeky\l_[_Zlu\hfg_
Fuihij_`g_fm^jm]^jm]mgm`guIhdjZcg_cf_j_lufg_lhqghGZklyg_l^jm]d^jm]mg_
lhevdhnbabq_kdbghfug_fh`_f^himklblvqlh[uwlhjZa\behkv\hqlhlh[he__k_jv_agh_Lu
^he`gZihgbfZlvqlhdZd[ugZfgb[uehohjhrh\f_kl_\k_^he`ghhklZ\ZlvkylZddZd_klv?keb
luijbf_rvwlbmkeh\byfukfh`_fijh^he`blvgZrbhlghr_gby
D_ffu[m^_f"Ex[h\gbdZfb"
;_gih`Zeie_qZfb
Ex[h\gbdZfb^jmavyfbGZau\ZcdZdohq_rvFu[m^_f\f_kl_m`bgZlvoh^blv\dbghiblv
�dhn_i_j_^l_e_\bahjhfFg_lZdgZ^h_eh[ulvh^ghfmwcabYmklZehllh]hqlhfg_g_kd_fih
\_q_jZfkeh\hfi_j_fhe\blvkyh[km^blv\_sbdhlhju_f_gy\hegmxlkoh^blvdm^Zgb[m^vY[u
hq_gvohl_e^_eZlv\k_wlhklh[hc?kebluihre_rvf_gydh\k_fq_jlyfyihcfmFh`_rvg_
[_kihdhblvkyl\hchldZagbdZdg_ih\eby_lgZgZrbjZ[hqb_hlghr_gby
�?]h\a]ey^[ueihehglhkdb`_eZgbybkh`Ze_gbywcabihqm\kl\h\ZeZdZdgZ]eZaZ__
gZ\hjZqb\Zxlkyke_auHgZlh`_h^bghdZ;ueh[ulZdaZf_qZl_evgh_keb[u\__`bagbihy\beky
�dlhlhkd_fhgZfh]eZ[udhjhlZlv\_q_jZZ`_agZyqlhwlhfh`_lklZlvkZfhc[hevrhchrb[dhc
\__`bagbhgZdb\gmeZ
Ohjhrhghlhevdhijbmkeh\bbqlhNehj_gkg_[m^_lbf_lvgbdZdh]hhlghr_gbydh\k_cwlhc
bklhjbbYg_fh]mijb\yaZlvky_s_dh^ghcfZe_gvdhc^_\hqd_Zihlhf__ihl_jylvWlh[ueh[u
�g_\ughkbfhhqdbFZcdZijb_a`ZebdgZfjZa\^\_g_^_ebgZ\uoh^gu_bgZijZa^gbdbDh]^Zhg
\_jgmekydbofZl_jbyihl_jyeZkgbfbdhglZdlY^ZeZk_[_keh\hqlh[hevr_gbdh]^Zg_[m^m
kljhblvhlghr_gbykfm`qbghcmdhlhjh]h_klv^_lb
�Hwcabfg_lZd`Zevfy]dhkdZaZe;_g\b^y\__]eZaZo[hevbgZklhjh`_gghklvY^Z`_
g_ij_^klZ\eyedZdl_[_[uehly`_eh
Ihwlhfm_kebluohq_rvqlh[uy[ueZklh[hc^_j`bNehj_gkih^Zevr_hlf_gy
OhjhrhAgZqblfu^h]h\hjbebkv"
AgZqblk\b^Zgbyk_dkbgbdZdbokeh`ghkl_c"
;_gihfhjsbeky
�G_gZ^hlZdwcab
GhwlhijZ\^Z;_g?kebf_`^mgZfb[hevr_gbq_]hg_fh`_l[ulv^Z\Zc^h\hevkl\h\Zlvkywlbf
Ohjhrhhl\_lbehgaZl_fihke_aZlygm\r_ckyiZmau^h[Z\beK\b^Zgbyk_dkbgbdZdbo
�wcabk]ehlgmeZdb\gmeZaZl_fihiulZeZkvmeu[gmlvky
�h]h\hjbebkvkdZaZeZhgZBlZdm`bgwlhk\b^Zgb_bebkeh`ghklv"YmfbjZxk]heh^mZ
aZi_dZgdZgZ\_jgh_m`_jZah]j_eZkv
JZkkf_y\rbkv;_gijblygme__dk_[_bdj_idhh[gye
�Hwcabylh`_m`Zkghijh]heh^ZekyL\hyaZi_dZgdZiZog_lijhklhnZglZklbq_kdbMf_gy_klv
h^gZb^_yFh`_lfu\havf_f__bihc^_fdhfg_"Mf_gy\oheh^bevgbd__klv[mluedZ\bgZb
iheh\bgZy[ehqgh]hibjh]Z
Ibjh]^hfZrgbc"
�Z?]hbki_debfukNehj_gkGZ\b^hgg_hq_gvdjZkb\ucaZlh\dmkguc
�wcabmeu[gmeZkv_fm
A\mqblaZfZgqb\hIhc^_f
Dh]^ZhgbmkljhbebkvgZ^b\Zg_\_]h]hklbghc;_ggZebe^\Z[hdZeZ\bgZbih^gyelhklaZa^hjh\v_
�\h^hijh\h^qbdZKlb\ZjZkkf_rb\wcabIhke_lh]hdZdhgbkt_ebaZi_dZgdmbg_djZkb\ucgh
\dmkgucibjh];_g\klZek^b\ZgZbihfh]_cih^gylvky
Ihc^_f\ihkl_evkdZaZehgbhgZijhke_^h\ZeZaZgbfgZ\_jo\kiZevgxLZfhgjZa^_e__b
m\b^_\\__]eZaZoh]hgvkljZklbm[_^bekyqlhhgbijbgyeb\_jgh_j_r_gb_
HgZ^jZagbeZ_]hfmqbl_evghf_^e_gghjZkkl_]b\Zy_]hjm[ZrdmDh]^Zjm[ZrdZgZdhg_pmiZeZgZ
�ihewcab[jhkbeZ\a]ey^gZijbdjh\Zlgucklhebdbm\b^_eZnhlh]jZnbxGZg_c[ueZfZe_gvdZy
^_\hqdZkjZklj_iZggufbl_fgufbdm^jyrdZfb\a^_jgmlufghkbdhfbkf_xsbfbky]hem[ufb
]eZaZfb
=eZaZfb__hlpZ
�Hl\_jgm\rbkvwcabjZkkl_]gmeZj_f_gv;_gZaZl_f^`bgku
Nehj_gkg_bf__lgbdZdh]hhlghr_gbydlhfmqlhijhbkoh^blf_`^mgbfb
K\b^Zgbyk_dkbgbdZdbokeh`ghkl_cBgbdZdh]hkeh\ZgZ[md\me
AZij_lb\k_[_kfhlj_lvgZkgbfhdhgZaZdhgqbeZjZa^_\Zlv;_gZbjmogmeZ\f_kl_kgbfgZdjh\Zlv
HgZg_hklZeZkvmg_]hgZghqv
AZ\ljZ\k_fvljb^pZlvijb^_l\h^hijh\h^qbdgZihfgbe_c;_gihwlhfmfg_gm`gh
hk\h[h^blvkmrbevgucrdZnbk^_eZlv_s_dh_qlh
�wcabohl_ehkvqlh[uhgihijhkbe__hklZlvkyOhl_ehkvij_^eh`blv_fmihfhqvGhhgZg_
kh[bjZ_lky_fmgZ\yau\Zlvky
OhjhrhMf_gylh`__klvdh_dZdb_^_eZFh`_rvihevah\Zlvkyfh_c\ZgghcihdZ\l\h_c\k_g_
ihqbgyl
[eZ]h^ZjghklvaZwlhij_^eh`_gb_;_gdj_idhihp_eh\Ze__\]m[u
M\b^bfkyaZ\ljZgZjZ[hl_Kihdhcghcghqb
�Ihke_wlh]hwcab\_jgmeZkv^hfhcgZebeZk_[_qZxbmkljhbeZkvgZdjh\Zlbkdgb]hcGh_cgbdZd
g_m^Z\Zehkvkhkj_^hlhqblvkygZql_gbbihlhfmqlhhgZijbkemrb\ZeZkvda\mdZfaZkl_ghcb
\hij_dba^jZ\hfmkfukemqm\kl\h\ZeZk_[yh[fZgmlhc
�I_j_klZgvk_[yba\h^blvwcabLuhagZdhfbeZkvkijZ\beZfbbijbgyeZbogZihfgbeZhgZ
k_[_Hq_\b^ghp_eZyghqvkg_chlghkblkyddZl_]hjbbkeh`ghkl_cKdhjhhgZijb\udg_ld
ih^h[ghfmiheh`_gbx^_e
Ihkj_^Zfihke_jZ[hluhggZ\_sZ_lNehj_gkWlh^eyg_]hk\ylh_Hg[m^_l[jZlvfZeurdmdk_[_
�gZ\uoh^gu_dh]^ZgZ\_^_lihjy^hd\k\h_f^hf_hl_oihj_fmijb^_lkyijh\h^blv\_q_j
iylgbpukm[[hlmb\hkdj_k_gv_\^hf__]h[u\r_c`_gu
��wcabbah\k_okbeklZjZeZkvg_ij_^klZ\eylvk_[_;_gZk`_cgHgmihfbgZeqlhgZ\uoh^gu_lZ
dm^Zlhm_a`ZeZlZdqlhhgbg_fh]eb\f_kl_kiZlvGhqlh_kebhgkhe]Ze"oh^blebfhgh]Zfby\
qbkeh_]hijZ\be"HgZg_kh[bjZeZkv_]hh[wlhfkijZrb\Zlvghm[_^blvk_[y\lhfqlhwlhg___
^_eh_cg_m^Zehkv
��eyFZcdZfhgh]Zfbyg_[ueZijZ\behfwcab[ueZihljyk_gZmagZ\qlh\k_lh\j_fyqlhhgb
`beb\f_kl_hgbaf_gye_ckhk\h_c[u\r_c`_ghc
Gh;_gbFZcdwlh^\ZjZaguoq_eh\_dZyjhklghgZihfgbeZk_[_hgZg_`_eZy^mfZlvh
om^r_f
BlZdimklvihkj_^ZfiylgbpZfbkm[[hlZf;_gijh\h^bl\_q_jZkNehj_gkMg_]hhklZg_lky
��^hklZlhqgh\j_f_gb^eywcabeybokh\f_klguom`bgh\bjZa\e_q_gbc
Hkh[_ggh^eyjZa\e_q_gbcih^mfZeZhgZkghldhc]jmklbaZl_fgZihfgbeZk_[_qlhwlh\k_
qlh_chlg_]hgm`gh
GbdZdbokeh`ghkl_ch[yaZl_evkl\bh[s_gbykfZe_gvdbfb^_lvfbddhlhjufhgZlZd[ukljh
ijb\yau\Z_lky?cg_gm`gudeyl\u\\_qghcex[\bdhlhju_hgZqZklhkeurZeZhlFZcdZWlhg_
ihf_rZeh_fmbaf_gylv_cbmclbhlg__dh]^Z_]h^hqdbdg_cijb\udebbgZqZebgZau\Zlv__
�fZfhqdZwcab
HgZm^ZjbeZdmeZdhfih^mrdmi_j_\_jgmeZkvgZ^jm]hc[hdbqZklhaZfhj]ZeZqlh[uk^_j`Zlv
&#xki;&#xhf;&#xbg;&#xZl;&#xv;&#xwl;&#xm;&#xbk;&#xlh;&#xjb;&#xx;&#x[u;&#xeh;&#xi;&#xh;&#xij;&#x_`;&#xg_;&#xfm;&#xk;ë&#xrd;&#xhf;&#x[;&#xhe;&#x_a;&#xg_;&#xgg;&#xh;�g_ijhr_gu_ke_aukihfbgZlvwlmbklhjbx[uehihij_`g_fmkebrdhf[he_ag_ggh\Z]h^ZHgZ
ihk\ylbeZFZcdmp_euo^\Z]h^Zk\h_c`bagbhl^ZeZ_fm\k_qlhmg__[uehgh_fmwlh]hhdZaZehkv
g_^hklZlhqghBqlhkZfh_h[b^gh_hgZihqlb\k_wlh\j_fyqm\kl\h\ZeZqlh\bohlghr_gbyoqlh
lhg_lZdIjhklhg_fh]eZihgylvqlhbf_ggh
G_l_c[hevr_g_gm`guhlghr_gbydhlhju_\ukhkmlbag__\k_khdbH^gh]hjZaZ^hklZlhqgh^ey
ex[hc`_gsbguIjbih^gy\rbkvhgZihkfhlj_eZgZqZkuIheghqvA\hgblvemqr_cih^jm]_
�dhlhjZyk_cqZkhl^uoZ_lgZDjbl_m`_iha^ghWfb\ha\jZsZ_lky\kj_^mLh]^Zwcab\k__c
jZkkdZ`_lbgZ\_jgydZihemqbljZamfguckh\_l
:ihdZhgZihklZjZ_lkymkgmlvKgh\Zhimklb\rbkvgZih^mrdbhgZaZdjueZ]eZaZbih]jmabeZkv\
khg\dhlhjhfm\b^_eZ^_\hqdmknhlh]jZnbb;_gZ
=eZ\Z
�Ke_^mxsbfmljhfwcab\uc^yba^hfZ\klj_lbeZ\h^hijh\h^qbdZ
L\h_fmgh\hfmkhk_^mg_ihaZ\b^m_rvijhbag_kKlb\db\dhfmdZaZ\gZ^hf;_gZf_klh
lh]hqlh[umkljZb\Zlvgh\hk_ev__fmijboh^blky\hablvkykj_fhglhf
Ijhrml_[yKlb\ihfh]b_fm
QlhwlhlulZdhg_fi_q_rvky"
HgZaZdZlbeZ]eZaZ
Hgfhc[hkkYg_ohqmqlh[umf_gy[uebg_ijbylghklbbaaZlh]hqlh\h^hijh\h^qbddhlhjh]h
y_fmihj_dhf_g^h\ZeZg_\uihegbek\hxjZ[hlm
�Y[ug_klZel_[yih^\h^blvwcabLuij_djZkghwlhagZ_rvmeu[gmekyhgFh_c`_g_
^hfhc"
�Dhg_qghFuhg_cihaZ[hlbfkyaZ\_jbeZ_]hwcabbihreZ^Zevr_
Iha^g__hgZ\klj_lbeZ;_gZ\`_gkdhcdhgkmevlZpbbbkdZaZeZ_fmh`_g_Klb\Z
YhlijZ\exdg_cdh]hgb[m^vDZd__ah\ml"
�wcabih`ZeZie_qZfb
FbkkbkKlb\"ij_^iheh`beZhgZb;_g\a^hogmebmeu[gmeky
Ykijhrm_]hGZ^_xkvqlh_cihdZg_ihgZ^h[blkygZrZihfhsv=^_W\Zg"
?]hiha\Zeb\jh^bevgmxiZeZlmHgih^mfZeqlhl_[_\hafh`ghgm`gZfhyihfhsv
IhdZg_l?kebhgZfg_ihgZ^h[blkyyl_[yihah\m
Ihke_wlh]hdZ`^ucbagboihr_eihk\hbf^_eZf
�Dh]^Zwcab\ureZ\ijb_fgmxqlh[u\ua\Zlvke_^mxsmxiZpb_gldm__\gbfZgb_ijb\e_deZh^gZ
�`_gsbgZ?_\b^g_ihgjZ\bekywcab?_[e_^gZydh`Z[ueZihdjulZdZi_evdZfbihlZHq_\b^gh
�hgZbkiulu\ZeZkbevgmx[hevBa\bgb\rbkvi_j_^_e_^mxs_ciZpb_gldhcwcabih\_eZ`_gsbgm
�dk_[_\dZ[bg_lHgZkdZaZeZqlhijbreZihlhfmqlhih^mfZeZqlhmg__gZqZebkvjh^uwcab
[ukljhm[_^beZkvqlhwlhg_lZd?_`b\hl[uel\_j^ufimevkmqZs_ggufdjh\ygh_^Z\e_gb_
�iZ^ZehOhly\g_rgb_ijbagZdbdjh\hl_q_gbyhlkmlkl\h\Zebmwcab[uehiehoh_ij_^qm\kl\b_
��Yk_cqZkihah\m^hdlhjZMhd_jZw[[bHg\Zkhkfhljblijhbag_keZwcabkmeu[dhcblml
`_hlijZ\beZkvd;_gm
Ijhrmijhs_gbyg_fh][ulum^_eblvfg_g_fgh]h\j_f_gb"kijhkbeZhgZaZ]eygm\dg_fm\
dZ[bg_l
Hghl\e_dkyhliZpb_gldbbihkfhlj_egZg__
Lug_fh`_rvih^h`^Zlvfbgmldm"
;hxkvqlhg_l
Hlju\bklhdb\gm\;_gf]gh\_gb_kimklyijbkh_^bgbekydg_cb\hijhkbl_evghih^gye[jh\v
Ij_`^_\j_f_ggZyhlkehcdZieZp_gluLjb^pZlvq_luj_g_^_ebdjZldhkdZaZeZhgZ
JZkihjy^bkvqlh[u]hlh\bebhi_jZpbhggmx?kebW\Zghk\h[h^bekyimklvb^_llm^Z?kebg_l
fukZfbijh\_^_fhi_jZpbxDZdah\mliZpb_gldm"
�w[[bO_cgk
�wcabmagZeZqlhW\Zg\k__s_aZgylDlhfm\j_f_gbdh]^ZhgZgZreZ;_gZqlh[ukhh[sblv_fm
�h[wlhfw[[bm`_\_aebgZdZlZed_debnlZfHgZjZa]h\Zjb\ZeZihfh[bevghfml_e_nhgmkhk\hbf
�fm`_f;_gihfZoZewcabbhgZ^h]gZ\bo\hreZ\f_kl_kgbfb\ebnl
Lu[m^_rvfg_Zkkbklbjh\Zlv"kijhkbehg
:dZd`_ijb_fiZpb_glh\"
Bfijb^_lkyih^h`^Zlv
�&#xk_;&#xo;&#xhj;&#xhr;&#xh;�Ohjhrhwcabmeu[gmeZkv`_gsbg_k_ohjhrhw[[bu\gZ^_`guojmdZo
�HgZihqlbg_khfg_\ZeZkv\[eZ]hihemqghfbkoh^_w[[bk\h_\j_f_gghh[jZlbeZkvaZihfhsvx
j_fyih^`bfZehihwlhfm_c^Zebh[sbcgZjdha;_gk^_eZejZaj_adZdgbdh]^Z[ukljhG_mki_eZ
�wcabhihfgblvkydZd[jb]Z^Zg_hgZlheh]h\m`_\uo\ZlbeZmg_]hba_]hjmdl_fgh\hehkh]h
�fZeurZ;_g_^\ZboaZf_lbeihlhfmqlhw[[bbkl_dZeZdjh\vxM[jZ\ihke_^hgijb`ZelZfihgd
f_klmjZaj_aZE_dZjkl\Zih^_ckl\h\ZebbfZldZgZqZeZkhdjZsZlvkyDjh\ygh_^Z\e_gb_ihkl_i_ggh
�G_h`b^Zgghmw[[bijhbahreZhklZgh\dZk_j^pZ
&#xuj;&#xm];&#xZ;&#xrb;&#xkv;&#x;&#x;_;&#xg;&#xih;&#xkf;&#xhl;&#xj_;;&#xgZ;�ujm]Z\rbkv;_gihkfhlj_egZwcabHgZm`_^_j`ZeZ\jmdZowe_dljh^u^ey^_nb[jbeeypbbHg
�hlhr_egZaZ^bhgZijb`ZeZbod]jm^ghcde_ld_iZpb_gldbw[[b\u]gmeZkvgZhi_jZpbhgghf
klhe_b\k_i_j_\_eb\a]ey^gZfhgblhj
Fu__\_jgmebkdZaZeZg_kl_abheh]ke_^mxsmxk_dmg^mgZaZ^g_fieZg_ihkeurZeky
lbobcieZqgh\hjh`^_ggh]h
k_ijbkmlkl\mxsb_h[e_]q_ggh\a^hogmeb
;_gkgh\Zijb`ZelZfihgdjZaj_am
�K_cqZkhklZgh\bfdjh\hl_q_gb_bfh`gh[m^_laZrb\ZlvkdZaZehgkhagZgb_f^_eZw[[b
kdhj__ijb^_l\k_[yb\klj_lblkykhk\hbffZeurhf
�;eZ]h^Zjyl_[_Lu\k_k^_eZedZdgZ^hhl\_lbeZwcab
G_l[eZ]h^Zjyl\h_cgZ[ex^Zl_evghklbiho\Zebe__;_gIhq_fmlhhg[uem\_j_gqlhW\Zg
gbdh]^Zwlh]hg_^_eZe?_khklhygb_[ukljhmom^rZehkvLu\h\j_fyaZf_lbeZwlhbijbgyeZ
f_ju
�DkqZklvxw[[bhdZaZeZkv[eZ]hjZamfghc`_gsbghcbhlijZ\beZkv\[hevgbpmkjZamdZdlhevdh
ihqm\kl\h\ZeZk_[yiehohWlhkiZkeh`bagv_cbj_[_gdm
�G_lwlhlukiZkboh[hbolboh\hajZabeZwcabYgbdh]^Zg_\b^_eZqlh[ulZd[ukljh
^_eZebjZaj_a
Hgihemqbekyg_kZfucZddmjZlguc
DZdh_wlhbf__lagZq_gb_"LukiZk^\_`bagbKeZ\Z[h]mqlhluhdZaZekyjy^hfLuemqrbc
Kfhljbyfh]maZagZlvky
Dh]^Zhgb\f_kl_\uoh^bebbaa^Zgby;_gkijhkbe
Qlhlukh[bjZ_rvky^_eZlvk_cqZk"
�Ih_^m^hfhcmklZehhl\_lbeZwcab
BaaZkjhqghchi_jZpbbijb_fiZpb_glhdaZdhgqbekyiha`_HgZijb\udeZdih^h[gufba^_j`dZf
k\h_cijhn_kkbbBgh]^Z^_lbihy\eyxlkygZk\_ljZgvr_\j_f_gbKwlbfgbq_]hg_ih^_eZ_rv
G_ohq_rvhlf_lblv"
�Jh`^_gb_j_[_gdZw[[b"
�ZZlZd`_fhxi_j\mxg_^_exgZgh\hfjZ[hq_ff_kl_uiblvih[hdZem\bgZaZgZk
Y^mfZeZgbdZdbogZkg_l
JZamf__lkyfu_klv\hajZabe;_gYagZxh^bgohjhrbciZ[\m^[jb^`_Fufh]eb[u
ih_oZlvlm^Z
Hgg_ohq_l\uoh^blvkg_cgZex^b\k\h_fjZchg_"
�G_iehoZyb^_yhl\_lbeZwcab
lZdhfkemqZ_yaZ[jhgbjmxklhebdLug_ijhlb\_kebyaZc^mdl_[_bijbfm^mri_j_^l_f
dZdfuhlijZ\bfky\iZ["
JZamf__lkyg_l
dhg_qghfblh]_hgbijbgyeb^mr\f_kl_bbfijbrehkva\hgblv\iZ[bi_j_ghkblvk\hcaZdZagZ
[he__iha^g__\j_fy
Hgbih_oZebgZfZrbg_;_gZdhlhjZy[ueZ]hjZa^hemqr___Hldbgm\rbkvgZfy]dmxkibgdm
DeZkkgZyfZrbgZkdZaZeZhgZb;_gjZkkf_yeky
��ZDkqZklvxfg_m^ZehkvkhojZgblv__ihke_jZa\h^Z`_cgg_gjZ\ylkyZ\lhfh[bebk
Z\lhfZlbq_kdhcdhjh[dhci_j_^Zq
��wcabkgh\ZaZ^mfZeZkvhlhfq_fhgbkg_caZgbfZxlkydh]^Zhgijb_a`Z_lgZ\uoh^gu_he`gh
[ulvhgZ^_eZeZwlhkebrdhfZdlb\ghihlhfmqlh;_gih\_jgmekyb\aye__aZjmdm
q_f^_eh"
Yijhklh^mfZeZhl\h_c`_g_
H[u\r_c`_g_ihijZ\be__hgAZq_fl_[_hg_c^mfZlv"
�wcabih`ZeZie_qZfb
YagZxwlhg_fh_^_ehghdh]^ZluhklZ_rvkymg__ghq_\Zlv\\uoh^gu_
;_gk[Z\bekdhjhklvk\_jgmegZh[hqbgmbaZ]emrbefhlhj
&#x_;&#x]h;&#x];&#xhe;&#xhk;&#x_;&#xke;&#xur;&#xZe;&#xhk;&#xv;&#xh; f;&#xms;&#x_g; _;&#x;&#x;&#xQ_;&#xjl;&#xi;&#xh[;&#x_j; ;�Hg_l_]h]hehk_keurZehkv\hafms_gb_Q_jlih[_jbwcabg_m`_ebluijZ\^Z
^mfZ_rvqlhykg_ckiex"
wlhfg_[ueh[ugbq_]hm^b\bl_evgh]hkihdhcghhl\_lbeZhgZg_`_eZy\u^Z\Zlvk\hb
kljZob_^vlu^_eZewlhjZgvr_
��wcabf_`^mfghcb`_cg\k_dhgq_ghj_rbl_evghaZy\behgb\ayeh[___jmdb\k\hb
�ZbgZqZehgZrbohlghr_gbc[uehg_kebrdhfm[_^bl_evgufFugbdh]^Zg_ex[beb^jm]^jm]Z
Yijh^he`Zxkg_ch[sZlvkylhevdhbaaZNehj_gkIh\_jvfg_g_lgbfZe_cr_c\_jhylghklblh]h
�qlhfuk`_cgdh]^Zgb[m^vkgh\Zkhc^_fkyWlhbkdexq_ghDjhf_lh]hyih^haj_\ZxqlhhgZ
kgh\Z\klj_qZ_lkykhk\hbf[u\rbfiZjg_f
IjZ\^Z":Nehj_gkagZ_l"
G_lIhdjZcg_cf_j_hgZfg_g_]h\hjbeZgbijhdZdh]h^y^x?cg_gm`ghgbq_]hagZlv
�`_cglh`_lZdkqblZ_lHgZihh[_sZeZfg_qlh_kebmg__dlhgb[m^vihy\blkyhgZg_[m^_l
agZdhfblvkgbfNehj_gk?kebhgZ^_ckl\bl_evgh\klj_qZ_lkykIbl_jhfh[wlhffh`ghg_
[_kihdhblvkyHg\h_ggucb[hevrmxqZklv\j_f_gbijh\h^blaZij_^_eZfbkljZguIh\_jvfg_
�aZf_gylv_]h\kiZevg_`_cg\_]hhlkmlkl\b_g_\oh^bl\fhbh[yaZgghklbH^gZ`^uyihiulZeky
wlhk^_eZlvJ_amevlZlhfklZeZNehj_gk
Dh]^Z\ugZqZeb\klj_qZlvkyhgb\k__s_[ueb\f_kl_"
G_lHgZi_j_`b\ZeZbojZaju\YhdZaZekyjy^hfbml_rbe__HgZaZ[_j_f_g_eZbfu
ih`_gbebkvQ_j_ag_dhlhjh_\j_fyihke_jh`^_gbyNehj_gkfuh[ZihgyebqlhgZr[jZd[ue
hrb[dhcbjZa\_ebkvDhg_pbklhjbb
�wcabj_rbeZqlhh[^mfZ_lihemq_ggmxbgnhjfZpbxiha`_b\_e_eZk_[_jZkkeZ[blvky
IjhklbYg_^he`gZ[ueZk_[yh[wlhfkijZrb\ZlvFhgh]Zfbyg_\oh^bl\qbkehgZrboijZ\be
Hgg_`ghijh\_e[hevrbfiZevp_fih__eZ^hgb
�wcabfhgh]Zfbywlh]eZ\gh_ijZ\behYgbdh]^Zg_[uek_dkmZevghjZkims_ggufbg_
kh[bjZxkvlZdbfklZgh\blvkyklj_qZklh[hcwlhemqr__qlhkemqZehkvkhfghcaZfgh]he_lb
yg_kh[bjZxkvijbghkblvgZrbhlghr_gby\`_jl\ml_fdhlhju_[uebhrb[dhchlgZqZeZb^h
dhgpZ
�wcabmklZ\beZkvgZg_]hb__]m[ugZqZebf_^e_gghjZkieu\Zlvky\meu[d_
AgZqblyemqr__qlh[uehml_[yaZ^he]b_]h^u"
agZlv
JZamf__lkyyagZxbkqblZxqlhlZdb^he`gh[ulvY[ug_fh]eZl_[ym\Z`Zlv[m^vluiehobf
hlphfIjbagZxkvlulh`_emqr__qlh[uehmf_gy
Bo\a]ey^u\klj_lbebkvAZl_f;_g\a^hogmegZdehgbekybg_`ghihp_eh\Ze__\]m[u
LulZdZyohjhrZykdZaZehgFg_`Zevqlhyg_fh]m^Zlvl_[_[hevr_q_f_klvYagZx
luaZkem`b\Z_rv[hevr_]hghijhklhg_fh]mAZlhygbdh]^Zg_[m^ml_[_e]ZlvIhdjZcg_cf_j_
wlhyfh]ml_[_^Zlv
�wcabdhkgmeZkv_]hs_db
Wlh\k_q_]hyohqmYkZfZihdZg_]hlh\Zd[hevr_fmbemqr_kh]eZrmkvgZwlhq_fhklZgmkv
gbkq_fq_klghhl\_lbeZhgZaZl_fkijhkbeZk_[ydZd^he]hkfh`_lwlbf^h\hevkl\h\Zlvky=h^"
��\Z"_kylv"
k_]^Z"
HgZihqm\kl\h\ZeZdZd__[m^ms__ihjZ[hs_ggh_ex[h\vxdwlhfmq_eh\_dmlZ_lmg__gZ]eZaZo
Ex[h\vx"H[h`_g_lKeh\hgZ[md\meih^aZij_lhf
Fuhiha^Z_fkdZaZeZhgZb;_gaZ\_efhlhjbih_oZe^Zevr_
?_\u\h^u[uebg_ml_rbl_evgufbIhdZhgZ^mfZeZhijZ\beZobh]jZgbq_gbyom__k_j^pZ
hq_\b^gh[ueb^jm]b_b^_b
HgZ\ex[beZkv\;_gZghmbohlghr_gbcg_l[m^ms_]hg_aZigh_caZohl_ehkvieZdZlv
Dewj=jbnnblkxgZyiZpb_gldZdhlhjhc;_gk^_eZed_kZj_\hk_q_gb_\k\hci_j\ucjZ[hqbc^_gv
[ukljhreZgZihijZ\dmHgZqZkZfbgZoh^beZkv\ki_pbZevghciZeZl_^eyg_^hghr_gguo^_l_cb
&#xk;&#xj_;&#x^m;�gZ[ex^ZeZaZk\hbfkughfLhfZkhfdhlhjuckdZ`^uf^g_fklZgh\beky\k_kbevg__kj_^mwcab
klhedgmeZkvkg_c\[hevgbqghfdZn_l_jbbDewjm]hklbeZ__dhn_
Yohqmih[eZ]h^Zjblv\ZkaZ\k_qlh\u^eyf_gyk^_eZeb
�Yg_k^_eZeZgbq_]hhkh[_ggh]h\hajZabeZwcabghDewjihdZqZeZ]heh\hc
hafh`gh^ey\Zk\wlhfg_lgbq_]hhkh[_ggh]hghg_^eyf_gyu]h\hjbebkhfghc
h[tykgyebqlh[m^_l_^_eZlvFbkl_jMhd_jlh`_[ue\_ebdhe_i_gHg^_ckl\h\Ze[ukljhb
j_rbl_evgh\ZrbogZ^_`guojmdZoyqm\kl\h\ZeZk_[y\[_ahiZkghklbKiZkb[h\Zfh[hbf
�Yi_j_^Zf_fml\hbkeh\ZkdZaZeZwcab]em[hdhljhgmlZy
Ym`_kZfZ\k__fmkdZaZeZHglh`_kqblZ_lqlh\uhkh[_ggZy
IjZ\^Z"
�wcabm^b\behlhqlh;_gh[km`^Zebohlghr_gbykiZpb_gldhc
�Zmeu[gmeZkvDewjHgkdZaZeqlh\uhlebqguc\jZqb_fmih\_aehqlh\ujZ[hlZ_l_
\f_kl_kgbf
HgZihqm\kl\h\ZeZh[e_]q_gb_JZamf__lkyhgo\Zebe__ijhn_kkbhgZevgu_dZq_kl\ZHgbh^gZ
dhfZg^Z?]hiho\ZeZ^hklZ\beZ_cm^h\hevkl\b_
�AgZ_rvk_cqZklu\u]ey^brvgZfgh]hemqr_q_fww^_kylv^g_cgZaZ^kdZaZeZwcab
[ukljhkf_gb\l_fm
�_kylv^g_c"G_m`_ebklh]hfhf_glZdZdhgZihagZdhfbeZkvk;_ghfijhrehlZdfZeh\j_f_gb"
M^b\bl_evgh
JZkkdZ`bfg_hLhfZk_DZdmg_]h^_eZ"
�G_fgh]hihf_^eb\wcabhl\_lbeZ
Km^h\hevkl\b_f
hc^y\iZeZlm^eyg_^hghr_gguohgbh[gZjm`beblZf;_gZHgklhyembgdm[ZlhjZ\dhlhjhf
e_`ZeLhfZk=jbnnblkb[helZekf_^k_kljhc]ey^ygZfZeurZkg_`ghcmeu[dhcM\b^_\bohg
aZmeu[Zeky_s_rbj_
�Ijb\_lDewjIjb\_lwcabIjbreZihkfhlj_lvgZLhfZkZ"
��Zhl\_lbeZwcabMf_gy\u^ZeZkvk\h[h^gZyfbgmldZbyj_rbeZg_gZ^he]hhlemqblvky
Gbq_]hqlhf_gyg_lgZf_kl_"
k_\ihjy^d_Hgohjhrh\u]ey^blijZ\^ZDewj"
��ZYkh[bjZxkv_]hihdhjfblvhklZg_l__]hbabgdm[ZlhjZ"b`m\ZflZdbohq_lky_]h
ihlbkdZlv
;_gfy]dhjZkkf_yeky
KZ^bkvY_]h^hklZgm
GZ^_\i_jqZldbhgaZimklbejmdb\bgdm[Zlhjhlh^\b]Zyljm[hqdbbijh\h^dbbZddmjZlgh\ugme
kiys_]hfZeurZ_]h[hevrboeZ^hgyoLhfZkdZaZekydjhr_qguf
B^bdfZfhqd_^jm`hd
Hghklhjh`gh\eh`bej_[_gdZ\jmdbDewjbe_]hgvdhijh\_edhgqbdhfiZevpZih_]hfy]dhcs_qd_
�wcabihqm\kl\h\ZeZdZdd]hjemih^klmibedhfhdHgZfgh]hjZa\b^_eZ_]h\hi_jZpbhgghckh
kdhevadbfbdjbqZsbfbfeZ^_gpZfb\mf_euojmdZob^_eZdZdhg\jh^bevguoiZeZlZoeh\dh
ijbf_gy_lZdmr_jkdb_rbipub\ZdmmfwdkljZdlhjZaZl_fi_j_^Z_l^_l_cfZl_jyfJZamf__lky\k_
wlh[ueh_]hjZ[hlhckdhlhjhchg[e_klys_kijZ\eyekyGhk_cqZkdh]^Zhgijhy\beg_`ghklvih
hlghr_gbxdfZeurmijhklhlZdgZ]eZaZ__gZ\_jgmebkvke_au
G_khfg_gghkNehj_gkhglZd`_eZkdh\HgaZf_qZl_evguchl_pIj_^Zggucl_ji_eb\uc
aZ[hleb\ucNehj_gkhq_gvih\_aeh
�Hgml_[yijhklhdjZkZ\_pDewjkdZaZeZwcab^_\mrd_?cohl_ehkvih^_j`ZlvfZeurZgh
bfk;_ghf[uehgm`gh\ha\jZsZlvkydjZ[hl_
Dh]^Zhgb\urebbaiZeZluhgZkdZaZeZ_fm
AgZ_rvDewjkqblZ_ll_[y\her_[gbdhf
HgjZkkf_yeky
:\_^vy\k_]hebrv\uihegyxk\hxjZ[hlmHgZohjhrh\u]ey^blijZ\^Z"
Hq_gvohjhrhBfZeurmg__djZkb\uc
YkqblZxqlhhgb\k_djZkb\u_AgZ_rvaZq_fylm^Zihr_e"Qlh[uih]h\hjblvkf_^k_kljhc
��dhlhjZyijbkfZljb\Z_laZfZeurhfw[[bMg_]h\k_ohjhrhbmw[[b[eZ]h^Zjyl_[_lh`_Hg
gZfgh]hkbevg__q_fj_[_ghdDewj
Qlhluk_cqZkkh[bjZ_rvky^_eZlv"
AZihegylv[mfZ]b_kebf_gykjhqghg_\uah\ml\hi_jZpbhggmxbebjh^bevgh_hl^_e_gb_
AgZ_rvlbkdZlvfZeur_cemqr_q_f\hablvkyk[mfZ`dZfb
M^b\bl_evghdZdq_eh\_dklZdhcfm`_kl\_gghc\g_rghklvxfh`_l[ulvlZdbf
�fy]dhk_j^_qgufaZf_lbeZwcabbhgjZkkf_yeky
Fm`qbgZklZgh\blkyfy]q_b^h[j__dh]^Zmg_]hihy\eyxlkykh[kl\_ggu_^_lbY`^mg_
\lhjmxiheh\bgm\_q_jZ"
AZ\ljZgZqbgZyk^_\ylbmljZyjZ[hlZxih\uah\m\jh^bevghfhl^_e_gbblZdqlhygZ\_jgh_
ihjZgvr_ey]mkiZlv?keb\k_[m^_ldZd\ijhreucjZay[m^md\_q_jmdZd\u`Zlucebfhg
GZ^_xkvqlhg_l
GbgZqlhhkh[_gghg_jZkkqblu\Zchafh`ghyhk\h[h`mkviha^gh
�;_gdb\gmei_qZevghmeu[gmekybihr_e\k\hcdZ[bg_lZwcabih_oZeZ^hfhcK_]h^gy\_jgmeZkv
bahlimkdZWfb?cgm`ghklhevdh\k_]h_cjZkkdZaZlvG_\_jblkyqlhihke_^_\bqgbdZ\
ehg^hgkdhcd\Zjlbj_boh[s_cih^jm]b\ihaZijhreu_\uoh^gu___`bagvlZddjmlhbaf_gbeZkv?c
g_h[oh^bfhmagZlvfg_gb_WfbDh]^Zgb[m^v_chij_^_e_gghihgZ^h[blkyie_qhgZdhlhjhf
fh`gh[m^_lihieZdZlvGhhgZg_kh[bjZ_lky^mfZlvh[wlhfk_cqZk
K_cqZkhgZkqZkleb\ZZdh]^ZwlhaZdhgqblkyDh]^Zwlhijhbahc^_llh]^ZhgZb[m^_l^mfZlvqlh
_c^_eZlv^Zevr_
Lu\_jgmeZkv"Fg_lZdfgh]hgm`ghl_[_jZkkdZaZlv
Luf_gyaZbgljb]h\ZeZIjb_a`Zcdhfg_baZo\Zlbqlhgb[m^vba_^u
��hklZ\bafhjhabevgbdZaZfhjh`_ggmxibppmwcabhlijZ\beZkvdWfbhc^y\^hfih^jm]bhgZ
h[gyeZ__ZaZl_fhdbgmeZhp_gb\Zxsbf\a]ey^hf
Lua^hjh\haZ]hj_eZL_[_ihgjZ\bekyDjbl"
HgijhklhnZglZklbq_kdbcQlhml_[y\kmfd_"MfbjZxk]heh^m
AZfhjh`_ggZyibppZ
HlebqghAZkmgv__\fbdjh\hegh\dmbjZkkdZ`bfg_\k_AZh^ghjZkkdZ`bhgh\hf[hkk_
Ij_^mij_`^_gagZqbl\hhjm`_g
Hgbf__lkZfh_g_ihkj_^kl\_ggh_hlghr_gb_dlhfmqlhijhbkoh^bl\fh_c`bagb\ihke_^g__
\j_fyijbagZeZkvhgZb]eZaZWfbkmabebkvYkgbf\klj_qZxkv
Qlh"
Lhevdhgbdhfmh[wlhfg_]h\hjbFuk;_ghfg_Znbrbjm_fgZrbhlghr_gby
Iexogm\rbkvgZklmeaZklhcdhcWfbkijhkbeZ
DZd\k_gZqZehkv"
�Mg_]hgZdmog_h[\Zebekyihlhehdhl\_lbeZwcabb]eZaZWfbjZkrbjbebkvHg\^h[Z\hd
_s_bfhcgh\uckhk_^JZa\_yh[wlhfg_mihfbgZeZ"
�G_lq_jlih[_jbZ\Zc\udeZ^u\Zcg_lygb
Lh]^ZhgZjZkkdZaZeZWfb\k_qlhkg_cijhbahrehaZwlb^_kylv^g_chimkdZyebrvbglbfgu_
ih^jh[ghklbdZkZxsb_kylhevdhbok;_ghf
Mg_]h_klv^hqv"
�Zwlhflh\kyaZ]\ha^dZHgZ^eyg_]hgZi_j\hff_kl_Hgg_ohq_lagZdhfblv__khfghc
=h\hjblqlh_cg_gm`gugbdZdb_l_lbQlhhgg_`_gblkyihdjZcg_cf_j_^hl_oihjihdZhgZ
g_klZg_l^hklZlhqgh\ajhkehcghykhfg_\Zxkvqlhhg\klmibl\gh\uc[jZdBlZdwlhb^_Zevguc
fm`qbgZaZie_qZfbmdhlhjh]hg_m^Zqguchiulkmijm`_kdbohlghr_gbc
Blu_]hex[brv
�wcabaZdZlbeZ]eZaZ
H[h`_g_m`_ebwlhlZdhq_\b^gh"
HgZk]ehlgmeZ
=h\hjblqlhyemqr__qlh[ueh\_]h`bagbaZfgh]he_l
G_kqblZy_]h^hq_jb
�Zg_kqblZy^hq_jbDZdlu^h]Z^ZeZkv"GhykqblZxqlhlZdb^he`gh[ulvYgbq_]hg_bf_x
ijhlb\lh]hqlh[uhg[ueohjhrbfhlphf
�;m^vhklhjh`ghcwcabWfbi_j_\_eZ\a]ey^gZ^moh\dmDZdlZfibppZ"
Fh`_llugZdhg_p\dexqbrvfbdjh\hegh\dm"
�Hgbihm`bgZebb^hihemghqbkfhlj_ebdbghDh]^Zwcab\_jgmeZkv^hfhc\hdgZo;_gZg_]hj_e
k\_lihwlhfmhgZkjZame_]eZkiZlv
Ke_^mxsbfmljhfhgZijhkiZeZbhiha^ZeZ[ugZjZ[hlm_keb[u_cg_iha\hgbegZfh[bevguc;_g
HgkdZaZeqlhijbr_edg_cijbgylv^mrbg_^h`^Z\rbkvhl\_lZj_rbeqlh__g_l^hfZ
�wcablml`_ihfqZeZkv\gbakihldgmeZkvhdhrdmmiZeZb^hojhfZ\^h^\_jb\imklbeZ_]h
Ijhklbqlhg_hldjueZjZgvr_Fhyih^jm]Z\q_jZ\_jgmeZkvbahlimkdZyaZkb^_eZkvmg__b
\_jgmeZkviha^ghGhqvxf_gyjZa[m^beZdhrdZIhke_wlh]hy^he]hg_fh]eZmkgmlvb\j_amevlZl_
ijhkiZeZ
Ihq_fmluojhfZ_rv"
YkihldgmeZkvhg__bmiZeZHgZex[ble_`ZlvgZe_klgbp_
Ih^jm]Z"
G_ldhrdZ
;_^gy`dZjZkkf_yekyhgbaZdexqbe__\h[tylbyLug_jZggyyilZrdZijZ\^Z^hjh]Zy"
?_lZdbih^fu\ZehkdZaZlvqlh_keb[uhgohlvjZahklZekymg__gZ\kxghqvhg[ubf_eemqrmx
\hafh`ghklvh[wlhfkm^blvghijhfheqZeZGbdZdboij_j_dZgbchafh`ghwlhlh`_\oh^bl\
qbkehijZ\be
�Yijb]hlh\exqZcZlub^b\^mrkdZaZeZwcabg_hohlghhlimkdZy_]h
HgZ\dexqbeZqZcgbdbgZdhjfbeZLZ[bkmK\_jom^hghkbekyrmfevxs_cky\h^ug_aZighhgZ
ihqm\kl\h\ZeZg_ij_h^hebfh_`_eZgb_hdZaZlvkyjy^hfk;_ghf
&#xhc;&#x^y;&#x;&#xZ;&#xgg;&#xmx;&#x;�hc^y\\ZggmxwcabkgyeZib`Zfm[jhkbeZ__gZiherZ]gmeZ\^mr_\mxdZ[bgmh[o\ZlbeZ
;_gZaZihykbijb`ZeZkvs_dhcd_]hkibg_
?]haZoe_klgmeZ\hegZ`_eZgbyIh\_jgm\rbkvhggZdehgbe]heh\mbgZdjue__]m[uk\hbfbDZd
�wlhc`_gsbg_m^Z_lkylZd[ukljh_]h\ha[m`^Zlv"hklZlhqghh^gh]hijbdhkgh\_gbyh^gh]h
ihp_emy
Fug_fh`_fkdZaZehghlhj\Z\rbkvhl__]m[
G_l\j_f_gb"
G_lij_^hojZgyxs_]hkj_^kl\Z
HgZhahjghmeu[gmeZkv
Ihwlhfmfu[m^_fbfijh\babjh\Zlv
;_gihqm\kl\h\ZedZd__jmdZkhfdgmeZkv\hdjm]_]h\hkklZ\r_ciehlbMg_]hi_j_o\Zlbeh
^uoZgb_HgjZa^\bgme_cgh]bijh\_eeZ^hgvxih\gmlj_gg_cih\_joghklb__[_^jZjZa^\bgme
g_`gu_e_i_kldbbih]jmabeiZe_p\aZ\_lgmximklhlm?_]eZaZjZkrbjbebkv]heh\ZaZijhdbgmeZkv
bhgZaZ^jh`ZeZ\_]hh[tylbyo
�DZdbij_^iheZ]ZeZwcab__\ua\Zeb\jh^bevgmxiZeZlmJZ[hlZxsZylZfWfbh[uqghh[jZsZeZkv
dg_caZihfhsvxlhevdh\djZcgbokemqZyoghk_]h^gyk^_eZeZwlh_s_mljhf
�Dh]^ZwcabijbreZdg_chgZm\b^_eZjh`Zxsmx`_gsbgmb__fm`Zdhlhjuckh[_kihdh_gguf
\b^hfih]eZ`b\Ze__ihkibg_
q_f^_eh"kijhkbeZhgZ
J_[_ghddjmigucYgbdZdg_fh]m_]hih^\bgmlvJh^u^eylkym`_fgh]hqZkh\IZpb_gldZhq_gv
mklZeZYj_rbeZqlhfg_g_h[hclbkv[_aihfhsb[he__hiulgh]hki_pbZebklZhll_[_bi_j\uc
jZ[hqbc^_gvihke_hlimkdZ
�wcabdb\gmeZIj_`^__c^h\h^behkvbkihevah\Zlv\ZdmmfgucwdkljZdlhjgha^_kvhgg_ihfh`_l
:dmr_jkdb_sbipuhgZgbdh]^Zg_ijbf_gyeZ
G_ohq_rvihagZdhfblvkyk;_ghf"ij_^eh`beZhgZ
�mfZxhg[ugZfk_cqZka^_kvg_ihf_rZe
Yk\y`mkvkgbf
�he`gh[ulvhggZoh^bekyih[ebahklbhljh^bevghciZeZluihlhfmqlhijbr_eq_j_aihefbgmlu
�h[jh_mljh^ZfuQ_fyfh]m\Zfihfhqv"
�Ih\_jgm\rbkvWfbbkim]Zggh\kdjbdgmeZkgyeZi_jqZldbbm[_`ZeZwcabbamfe_gghmklZ\beZkv
_c\ke_^
Wfb"
Wfb"
MkeurZ\]hehk;_gZhgZihkfhlj_eZgZg_]hbh[gZjm`beZqlhhgihljyk_gg_f_gvr___ih^jm]b
gmljbmg__\k_h[hj\ZehkvG_lHgg_fh`_l[ulvl_fiZjg_fdhlhjucjZa[bek_j^p_Wfb
�Fu\_jg_fkyq_j_afbgmlmkdZaZe;_giZpb_gld_bhgbkwcab\ureb\dhjb^hj
�Lu__agZ_rv"kijhkbeZwcab[hykvmkeurZlv_]hhl\_l
�ZMg__[uejhfZgkfhbf[jZlhf
L\hbf[jZlhf"Ghihq_fmhgZlZdgZl_[ymklZ\beZkv"
Ihlhfmqlhfukgbfh^ghycp_\u_[ebag_pufy]dhhl\_lbehgFg_gm`ghkg_c
ih]h\hjblvDm^ZhgZfh]eZihclb"
�mfZxgZZ\Zjbcgmxe_klgbpmFukg_c__bkihevam_fdh]^Zohlbfih[ulv\h^bghq_kl\_
Ihc^_fkhfghc_keblu^hklZlhqghohjhrh__agZ_rv
HgZfhyemqrZyih^jm]ZAgZ_rvhgZ^hkboihjg_aZ[ueZl\h_]h[jZlZ
;_g\ujm]Zekyk_[_ih^ghkIj_`^_hgZkeurZeZhlg_]h[jZgv\k_]hh^bgjZadh]^Z\_]h^hf_
h[jmrbekyihlhehdIhoh`_\k_^_ckl\bl_evghhq_gvk_jv_agh
Wfbkb^_eZgZgb`g_cklmi_gvd_M\b^_\;_gZhgZj_adh^_jgmeZkv
Wfbwlhy;_gZg_Fwllfy]dhkdZaZehgk_\gZdhjlhqdbgZijhlb\g__b\ay\__jmdb\
k\hbIjhklbYg_ohl_el_[yrhdbjh\ZlvYihgylbyg_bf_eqlhlua^_kvjZ[hlZ_rvbgZq_
ij_^mij_^be[ul_[y
HgZijbklZevghbamqZeZ_]hg_kdhevdhk_dmg^Dh]^ZhgZm[_^beZkvqlhwlh^_ckl\bl_evghhgZg_
FwllgZijy`_gb_mreh
k_ghjfZevgh;_gLugb\q_fg_\bgh\ZlYijhklhYkgZqZeZih^mfZeZAZfheqZ\hgZ
ihdZqZeZ]heh\hcL\h_\g_aZigh_ihy\e_gb_aZklb]ehf_gy\jZkiehoKhfghc\k_\ihjy^d_
Kgh\Z\ujm]Z\rbkv;_gk_ejy^hfkg_ch[o\Zlbe__jmdhcbijb`Zedk_[_HgZaZjueZkvebphf\
�_]h]jm^vbaZju^ZeZ_s_]jhfq_wcabklhyeZjy^hf\iheghcjZkl_jygghklbb`^ZeZdh]^ZWfb
aZdhgqblieZdZlv
Ijhklbl_ijh[hjfhlZeZhgZbsZ\dZjfZgZoghkh\hcieZlhd
�wcabijhlygmeZ_ck\hc
k_\ihjy^d_^hjh]Zy"kijhkbeZhgZdh]^ZWfb\ukfhjdZeZkv
LZdb\gmeZ
Hg
YagZxHgkdZaZe
Wfbkm^hjh`gh\^hogmeZ
GZfke_^m_l\_jgmlvkyFhyiZpb_gldZ
G_lhjhibkvkdZaZe;_gIhc^bhl^hogbb\ui_cqZxFuihijhkbf^jm]mxZdmr_jdm
ihfhqvgZf
G_lg_gZ^hYkZfZkijZ\exkv
�Ih^gy\rbkvhgZ\uijyfbeZkibgm\ul_jeZke_aubihreZgZaZ^\jh^bevgmxiZeZlm;_gbwcab
ihke_^h\ZebaZg_c
=eZ\Z
�wcabkWfb\k_\ihjy^d_"kijhkbe;_g
�mfZx^ZIha`_ydg_caZ]eygmeZbfug_fgh]hih]h\hjbebIjZ\^ZhgZihqlbgbq_]hfg_g_
kdZaZeZHgZg_ex[bl]h\hjblvhk_[_
�Fwlllh`_mfZ_rvhgZkfh`_ljZ[hlZlv\f_kl_khfghc"
Wfb]h\hjblqlh\k_ghjfZevghby_c\_jx
Ih^hc^ydg_ckaZ^b;_gh[gye__biheh`beih^[hjh^hd_cgZie_qh
Y^mfZxhgZijhklhjZa\hegh\ZeZkvdh]^Zm\b^_eZf_gyHgihdjueihp_emyfb__s_dm
Luhq_gvohq_rvdhn_"
G_lg_hq_gvY^mfZeZlu_]hohq_rvHgZih\_jgmeZkv\_]hh[tylbyoh`b^Zym\b^_lv[e_kd
\_]h]eZaZoghhgbkfhlj_ebgZg__k]jmklvx
G_\hajZ`Z_rv_kebfukjZamihc^_f\ihkl_ev"Mf_gy[ueljm^guc^_gv
�Dhg_qghg_\hajZ`Zxfy]dhhl\_lbeZwcab\klZeZgZpuihqdbbihp_eh\ZeZ_]h
Wlhcghqvx;_g[ueg_`_gdZdgbdh]^ZHgb^he]haZgbfZebkvex[h\vxf_klhlh]hqlh[udZd
h[uqghihclb^hfhchghklZekykg_cE_`Z\_]hh[tylbyohgZ]Z^ZeZ[uehebwlhdZdlhk\yaZghk
FwllhfbWfbbebqlhlhijhbahrehdh]^Zhg\q_jZ\_q_jhfgZ\_sZeNehj_gkHggbdh]^Zg_
]h\hjblkg_chNehj_gkKe_^m_lijZ\beZf"
ex[hfkemqZ__c^hklZ\behm^h\hevkl\b_qlhhgijh\_e\kxghqvkg_cDh]^ZhgZijhkgmeZkv
ke_^mxsbfmljhfmg__[he_eZr_yhllh]hqlh__]heh\Ze_`ZeZmg_]hgZie_q_
Fg_gm`ghihr_\_eblvkyijhr_ilZeZhgZ
;_ghldjue]eZaZbmeu[gmeky
KeZ\Z[h]mY^mfZemf_gyjmdZhl\Zeblky
JZkkf_y\rbkvhgZi_j_[jZeZkvgZk\h[h^gh_f_klhIhfhjsb\rbkvhgijbgyekyjZklbjZlvie_qhZ
�hgZ\jZsZlv]heh\hcAZl_fwcabkgh\Zijb^\bgmeZkvdg_fm
ijb^Z\e_ggZy_]hkbevguffmkdmebklufl_ehfHgih^gye__jmdbbijb`Zedih^mrd_
G_gZ^hIjhklbY[hevr_g_[m^m\afhebeZkvhgZdh]^Zhgko\Zlbeh[Z__aZiyklvyh^ghc
jmdhcb_]hk\h[h^gZyeZ^hgvaZkdhevabeZ\gbaih__l_em
Kebrdhfiha^gh^hjh]ZyijhjuqZehg
?]h\q_jZrgyyaZ^mfqb\hklvme_lmqbeZkvGZkf_gm_cijbrehb]jb\h_gZkljh_gb_dhlhjh_emqr_
\ibku\Zehkv\mklZgh\e_ggu_bfbjZfdbHgbkgh\ZaZgyebkvex[h\vxbqmlvg_hiha^ZebgZ
jZ[hlm
k_reh]eZ^dh^hmljZke_^mxs_ckm[[hludh]^ZhgZmkeurZeZaZkl_ghclhihlfZe_gvdbogh`_d
Mg__i_j_o\Zlbeh^uoZgb_bhgZ\m`Zk_mklZ\beZkvgZkl_gmWlhg_\hafh`gh;_g]h\hjbeqlhg_
ijb\_a_lk\hx^hqvkx^ZihdZg_gZ\_^_lihjy^hd?]h^hf_s_g_]hlh\dijb_a^mNehj_gkdZdb
�hgZwcabHgZg_mki_eZhdjm`blvk\h_k_j^p_aZsblgufb[Zjv_jZfbIhq_fmhg__g_
ij_^mij_^be"
?_jZafure_gbyij_j\Zea\hghdfh[bevgh]hl_e_nhgZ
��wcabijb\_lwlhyIhkemrZcfg_ijbrehkvijb\_albNehj_gkkx^ZM`_cgfb]j_gv?c
gm`_gihdhcYaZ_oZe^hfhci_j_h[mlvkyFukNehj_gkkh[bjZ_fkyg_fgh]hih]meylv\e_km
Ihlhffu\hafh`gh\_jg_fkykx^ZGZ^_xkvhgZl_[_g_ihf_rZ_l
�Dhg_qghg_lhl\_lbeZwcabohly_s_g_fgh]haebeZkvgZg_]hKiZkb[hqlhij_^mij_^be
hafh`ghfudl_[_aZ]eyg_f
G_l\hajZabeZhgZgh;_gm`_jZahj\Zekh_^bg_gb_
Qlh_c^_eZlv"Mclbba^hfZbkehgylvkyih]hjh^m^hiha^g_]h\_q_jZ"
�G_[m^vkf_rghckdZaZeZk_[_wcabNehj_gk\k_]hebrvfZe_gvdZy^_\hqdZZg_y^h\blZy
af_yhavfbk_[y\jmdb
Kh[jZ\rbkvk^mohfhgZ\u]eZ^beZ[_ev_i_j_dmkbeZZaZl_fihreZ\kZ^HgZaZgbfZeZkv
ijhihedhc]^_lhhdhehihemqZkZdh]^ZhldjueZkvaZ^gyy^\_jvbihkeurZeky]hehk;_gZ
Wlhfhcgh\uckZ^IjZ\^ZihdZhgihoh`gZ^`mg]eb
�A^_kv[_kihjy^hdijhbag_klhgdbc^_lkdbc]hehkhdbk_j^p_i_j_\_jgmehkv\]jm^bmwcab
Bgl_j_kghqlhk_cqZk^_eZxlFbeebbNj_cy"
�Z^hjh]ZyFh`_lgZ\_^_fihjy^hd"
�ZiZiZYl_[_ihfh]m
�wcabklhyeZdZd\dhiZggZykkh\dhf\jmd_bkemrZeZbojZa]h\hjKe_^m_leb_ckdZaZlv;_gmqlh
hgZa^_kv"Bebfh`_lijhb]ghjbjh\Zlvbobijh^he`blvjZ[hlZlv"BeblbohgvdhijhdjZklvky\
^hfbijbl\hjblvky
Ijb\_l
Ih^gy\]heh\mhgZm\b^_eZ;_gZkdehgb\r_]hkygZ^aZ[hjqbdhfGZ_]hebp_[ueZhklhjh`gZy
ihemmeu[dZ
Ijb\_lkdZaZeZhgZih^gy\rbkvDZdijhreZ\ZrZijh]medZ"
HlebqghFu\b^_ebfgh]hdhehdhevqbdh\b[_edmihlhfi_j_dmkbebZl_i_jv\hlkh[bjZ_fky
gZ\_klbihjy^hd\kZ^mMl_[ykemqZcghg_lf_leu"
?klv
HgZijbg_keZf_lembakZjZyi_j_^ZeZ_fmbklZeZ`^Zlvdh]^Zhgijb]eZkbl__dk_[_qlh[u
dhlhjmxlZdex[bl;_gIjb]eZr_gbyg_ihke_^h\Zeh;_gijhklhmeu[gmekybmr_e
hlb^bhldZijh[hjfhlZeZhgZ\hreZ\^hfb\dexqbeZqZcgbdQ_j_a^_kylvk_dmg^_c
ijbrehl_dklh\h_khh[s_gb_hl;_gZ
?keblukh[bjZ_rvkyiblvqZcfukjZ^hklvxkhklZ\bfl_[_dhfiZgbx
�wcabaZdZlbeZ]eZaZ?fmgm`_gqZcbg_khfg_gghi_q_gv_ZlZd`_qlhgb[m^vihe_agh_^ey
Nehj_gkFh`_ly[ehqguckhd"
Hldju\oheh^bevgbdhgZ^hklZeZiZd_lkhdZbgZebeZg_fgh]h\qZrdmaZl_fijb]hlh\beZ^\_
djm`dbqZyiheh`beZgZlZj_edmrhdheZ^gh_i_q_gv_bihklZ\b\\k_gZih^ghk\ureZgZmebpm
QZc]hlh\djbdgmeZhgZ
F]gh\_gb_kimkly;_gih^hr_edaZ[hjm?]h^hqdZkb^_eZmg_]hgZie_qZoH[Z^h\hevgh
meu[Zebkv
��wcabwlhNehj_gkNehj_gkwlhwcabfhykhk_^dZHgZijbg_keZ\dmkgh_i_q_gv_
FZeurdZaZobobdZeZbgZqZeZ[helZlvgh]ZfbHgko\ZlbekyaZgbojmdZfbbbkq_a\k\h_fkZ^m
�wcabg_ih^\b`ghklhyeZgZdju\jhleZ^hgvxIhq_fmhgZwlhk^_eZeZ"?cg_ke_^h\Zehgbq_]h^ey
gbo]hlh\blvb\uoh^blvba^hfZHgfh][uijh]meylvkykNehj_gk^hdZn_dhlhjh_gZoh^blky
g_ih^Ze_dm
Hg\hr_e\__dZebldmNehj_gkreZjy^hfh[o\Zlb\h^ghcjmdhc_]hgh]mHg^\b]Zekyf_^e_ggh
�qlh[uhgZaZgbfmki_\ZeZAZl_fhgZih\bkeZgZ_]hgh]_baZobobdZeZK_j^p_wcabk`Zehkv
Nehj_gklZdihoh`ZgZk\h_]hhlpZ
Fuj_rbebqlhgZf[m^_lkeh`gh\ZlhkZfbfgZ\_klbihjy^hd\kZ^mdjb\hmeu[gmekyhg
Fu^mfZ_fqlhgm`ghgZgylvkZ^h\gbdZ
�:y^mfZx\Zfg_h[hclbkv[_ap_ighcibeub[jb]Z^ujZ[hqbokmohhl\_lbeZwcabk
ljm^hfdhgljhebjmyk\hbwfhpbb
OhjhrbcieZgFuijb\_^_f\ihjy^hdk\hckZ^ZihlhfaZcf_fkywlbfijZ\^ZNehj_gk"
Fg_gjZ\blkywlhlkZ^hl\_lbeZ^_\hqdZkbgl_j_khfjZa]ey^u\Zy\k_\hdjm]k\hbfb
�[hevrbfb]hem[ufb]eZaZfbHgdjZkb\ucIhkfhljbiZiZlZfey]mrdZMwcab_klvey]mrdZ
�H[h`_dZdhcij_e_klgucj_[_ghdwcabaZohl_ehkv\aylvfZeurdmgZjmdbghhgZg_k^_eZeZ
wlh]h
��ZlhevdhhgZg_gZklhysZyhl\_lbeZwcabklZ\yih^ghkgZklhebd
Wlmm`ZkgmxfZe_gvdmxey]mrdmba[_lhgZhgZgZreZ\a_fe_bohl_eZ\udbgmlvghl_i_jv[ueZ
jZ^Zqlhg_k^_eZeZwlh]hHgZkmfbe_gb_fgZ[ex^ZeZaZl_fdZdNehj_gkkb^ygZdhjlhqdZo
jZa]h\Zjb\Z_lkey]mrdhc
�HgZijhklhij_e_klvkdZaZeZwcab;_gmblhl]ey^ygZ^hqdm]eZaZfbihegufbex[\bb
]hj^hklbdb\gme
Ey]mrdZohq_li_q_gv_kdZaZeZNehj_gkb;_gijbk_ejy^hfkg_c
IjZ\^Z"HgZ^he`gZkdZaZlvih`ZemcklZ
Ih`ZemcklZ
�wcab^ZeZfZeurd_g_fgh]hi_q_gvyLZgZqZeZ_]h_klvhleZfu\ZyfZe_gvdb_dmkhqdbbm]hsZy
�bfbey]mrdm=ey^ygZg_`ghmeu[Zxs_]hky;_gZwcabqm\kl\h\ZeZdZdlj_sblkl_gZdhlhjhc
hgZhdjm`beZk\h_k_j^p_
aZohlbl_
Kwlbfbkeh\ZfbhgZgZijZ\beZkv\^hfihdZkl_gZg_jZa\ZebeZkvgZlukyqbdmkdh\
Q_j_ag_dhlhjh_\j_fy;_gbNehj_gkm_oZeb_q_jhfhgiha\hgbe_cq_]hh[uqghg_^_eZe\
\uoh^gu_
KiZkb[hl_[_aZ]hkl_ijbbfkl\hfy]dhijhbag_khgIjhklbqlhful_[_gZ\yaZebkvYg_
�agZeq_faZgylvNehj_gkmfZeqlhfuqlhgb[m^vih^_eZ_f\kZ^mghlZfhdZaZehkvfgh]h
hiZkguo^eyj_[_gdZ\_s_c
&#xk_;&#x;&#xi;&#xhj;&#xy^; _;&#x;&#x;&#xhl;&#x_l;¾&#xZ;�k_\ihjy^d_hl\_lbeZwcabHgZg_ijbqbgbeZfg_gbdZdh]h[_kihdhckl\Z
Ghyh[_sZe^_j`Zlv__ih^Zevr_hll_[yMf_gyg_hdZaZehkvgbfhehdZgbkhdZihlhfmqlhy
g_ieZgbjh\Zeijb\hablv__kx^ZFg_ke_^h\Zehhl\_klb__\dZn_ghhgZmklZeZihke_gZr_c
ijh]medb
�wcabk]ehlgmeZ
;_g\k_\ihjy^d_HgZj_[_ghd
�HgZg_ijhklhj_[_ghdHgZiehlvbdjh\vfm`qbgudhlhjh]hwcabex[bl\k_fk_j^p_fK_cqZk
dh]^ZhgZm\b^_eZ;_gZk_]hfZe_gvdhc^hqdhchgZm[_^beZkvqlhNehj_gk]eZ\gucq_eh\_d\_]h
`bagb
;_ghlebqguchl_pEx[ysbcaZ[hleb\uc\gbfZl_evgucHgh]jZ`^Z_lNehj_gkhlhiZkghkl_cgh
iha\hey_l_cdh\ujylvky\]jyabb^_eZlvlhqlh^_eZxl\k_ghjfZevgu_^_lbDh]^Z_cgZkdmqbeZ
ey]mrdZhgZaZ[jZeZkvdg_fmgZdhe_gbaZl_fk_eZ_fmgZie_qbaZ]eygmeZ\_]h]eZaZb
&#xw;&#xlh;&#xl;&#xfh;&#xf_;&#xgl;�jZkkf_yeZkvwlhlfhf_glwcabih`Ze_eZqlhmg__g_[uehih^jmdhcnhlhZiiZjZlZ
DZdZy]emihklvNehj_gkg_bf__ldg_cgbdZdh]hhlghr_gby?cgm`ghh[wlhfihfgblvIh^hc^yd
dhfh^mhgZ^hklZeZbaysbdZnhlh]jZnbxFbeebbNj_cbHgZ^he]hkfhlj_eZgZg__^mfZyhgbo
DZdhgbih`b\Zxl"Qlhk_cqZk^_eZxl"KqZkleb\uebhgb"@b\_lebFZcdkhk\h_c`_ghcbebhgZ
kgh\Z_]h\u]gZeZbm^_\hq_dihy\beZkvgh\ZyfZfhqdZgZ\uoh^gu_"HgZg_`ghijh\_eZ
dhgqbdhfiZevpZihnhlh]jZnbbK_cqZkhgbklZebgZljb]h^ZklZjr_H^ghc^_\ylv^jm]hck_fv
;h`_dZd[ukljhe_lbl\j_fy
HgZijbdj_ibeZkgbfhddoheh^bevgbdmkihfhsvxfZ]gblZqlh[uihfgblvh[h\k_oijbqbgZoih
dhlhjuf_cg_ke_^m_lijb\yau\ZlvkydNehj_gk=eZ\gh_qlh[u;_gg_aZ[u\Zehq_fhgb
^h]h\hjbebkv
Jh\ghq_j_aq_luj_g_^_ebihke_lh]hdZd\dmog_;_gZh[\ZebekyihlhehdfZkl_jZaZdhgqbeb
f_gylvwe_dljhijh\h^dmbrlmdZlmjblvdmogx
�;_g[uehq_gvwlhfmjZ^?fmgZ^h_eaZlygm\rbckyj_fhgl\_]h^hf__eh[uehg_lhevdh\
&#x^;&#xhf;&#x_;�[_kihjy^d_ghb\lhfqlhbaaZg_]hhgg_fh][jZlvNehj_gkdk_[_gZ\uoh^gu_^hf_`_cghg
bkiulu\Ze^bkdhfnhjlghmg_]hg_[ueh\u[hjZ?]h^hqv[ukljhjZkl_lbdZ`^ZyfbgmlZ
�ijh\_^_ggZykg_c^eyg_]hgZ\_kahehlZGhihdZhg[uekg_cm`_cghgkdmqZeihk\h_fm^hfm
ihk\hbf\_sZf
�Gh[hevr_\k_]hhgkdmqZeihwcabBf_gghihwlhcijbqbg_\_jgm\rbkv^hfhc\\hkdj_k_gv_
\_q_jhfhgkjZamhlijZ\bekydg_c
=hkih^bdZd`_ohjhrh^hfZkdZaZehgdj_idhh[gy\__baZju\rbkvebphf\__\hehkuY
h[h`ZxNehj_gkghbgh]^ZhgZ[u\Z_lkebrdhflj_[h\Zl_evghcK_]h^gygZfijbrehkvijh\_klb
HgZ[hevgZ"
JZkkf_y\rbkv;_ghlimklbe__ijhke_^h\ZeaZg_c\]hklbgmxhimklbekygZ^b\ZgbmkZ^be__d
k_[_gZdhe_gb
�mfZxqlhg_hq_gvMljhfhgZ^_ckl\bl_evghg_\Z`ghk_[yqm\kl\h\ZeZFukNehj_gk^he]h
]meyebDh]^Zfu\_jgmebkvhgZjZa]h\Zjb\ZeZihl_e_nhgmHgZohjhrh\u]ey^_eZghdZdlhevdh
m\b^_eZf_gymg__kemqbekyj_pb^b\
Ohl_eZqlh[u__ih`Ze_eb"
G_agZxq_]hhgZlZfohl_eZghhgZwlh]hg_ihemqblh\kydhfkemqZ_hlf_gyWlhg_\oh^bl\
fhbh[yaZgghklb
AgZqbllum_oZe
Ihke_lh]hdZdgZdhjfbebkdmiZebmeh`bekiZlvNehj_gkK_]h^gyykgh\ZqblZe_ckdZadmijh
ijbgp_kkmbey]mrdm;eZ]h^Zjyl_[_hgZijhklhihf_rZeZkvgZey]mrdZokdZaZehg
^hljhgm\rbkv^hdhgqbdZ__ghkZ
�wcabmeu[gmeZkv
IjhklbkdZaZeZhgZohlykh\k_fg_bkiulu\ZeZkh`Ze_gby_^vmg_]hlZdZyij_e_klgZy
^hqdZ
AZl_fhgZgZihfgbeZk_[_qlhg_^he`gZ^mfZlvhNehj_gk
Lu_e"kijhkbeZhgZkf_gb\l_fm
HgjZkkf_yeky
?kebfh`ghkqblZlvnZkhevbju[gu_iZehqdb_^hc
Ihoh`_lubog_kqblZ_rv_^hc
G_[_kihdhckyykt_ekwg^\bqaZeZgq_f
AgZxyl\hbeZgqbiylgbpmlukt_elhevdhiheh\bgmkwg^\bqZkkujhfb[ZgZggZihfgbeZ
_fmhgZFh`_lohq_rvybqgbpmgZlhkl_"
�;ueh[uaZf_qZl_evghhl\_lbehgbwcabihreZgZdmogx]hlh\blv
Dh]^ZhgZ\_jgmeZkv;_gkiZeghhgZjZa[m^beZ_]hIhke_lh]hdZdhgihm`bgZehgZihfueZ
ihkm^mbih\_eZ_]h\kiZevgx
LZ[bkZe_`Z\rZyihkj_^bdjh\Zlbihkfhlj_eZgZg_]hkhl\jZs_gb_fbm[_`ZeZ
DZ`_lky_cg_gjZ\blkyqlhydjZ^ml_[ymg__kmeu[dhckdZaZe;_g
�JZkkf_y\rbkvwcabh[gyeZ_]hbihkfhlj_eZ_fm\]eZaZ
YlZdihl_[_khkdmqbeZkvuoh^gu_lygmebkv^he]h
�ZKebrdhf^he]h
AZimklb\iZevpu_c\\hehkuhg^h\hevgh\a^hogmebijb`Zekye[hfd__e[m
YlZdmklZeNehj_gkk_]h^gy[ueZ\m^Zj_Yfh]me_qvkiZlv\h^_`^_"
�Kgh\ZjZkkf_y\rbkvwcabjZa^_eZ_]hbih\ZebeZgZdjh\ZlvaZl_fmkljhbeZkvjy^hfkgbf
�Wlh[uei_j\ucjZadh]^Zhgbe_]eb\f_kl_\ihkl_evbg_aZgyebkvex[h\vxwcabihemqbeZhl
wlh]hk\h_h[jZagh_m^h\hevkl\b_?keb[uhgZg_mklZeZhgZ[uaZ[_kihdhbeZkvGh\f_klhwlh]h
hgZijbevgmeZd;_gmiheh`beZeZ^hgv_fmgZ]jm^vbmkgmeZ
GZke_^mxs_cg_^_e_Dewj=jbnnblkb__fZeurZ\uibkZebLhfZkaZf_lghih^jhkbijb[Z\be\
\_k_kh^gyk\h_]hjh`^_gbyI_j_^l_fdZdih_oZlv^hfhcDewjaZreZihijhsZlvky
g_\hevghih^mfZeZQlh_keb[uwlh[uegZrj_[_ghd"
G_lHgZkiylbeZ"AZ[ueZh[bo^h]h\hj_gghklbdZkZxs_ckyk\b^Zgbck_dkZbhlkmlkl\by
keh`ghkl_c"J_[_ghdwlhhij_^_e_gghkeh`ghklv
�LhfZkohq_lih[eZ]h^Zjblvl_[ywcabmeu[gmeky;_gbijhlygme_cfZeurZ
Ijbwlhf_]hiZevpudhkgmebkv__]jm^bbgZf]gh\_gb__cihdZaZehkvqlhwlh^_ckl\bl_evghbo
j_[_ghdbhgi_j_^Ze_]h_cqlh[uhgZ_]hihdhjfbeZG_h`b^ZgghgZ__]eZaZgZ\_jgmebkvke_aub
hgZhl^ZeZLhfZkZDewjh[gyeZ__gZijhsZgb_bmreZkhkeZ\rbkvgZlhqlh_cgm`ghaZ]eygmlvd
iZpb_gldZf\ihke_hi_jZpbhgghfhl^_e_gbbb^Zlvbf[he_mlheyxs__
GhW\Zgm`_k^_eZewlh@Zev?ck_cqZkg_h[oh^bfhaZgylb_lj_[mxs__hlg__ij_^_evghc
khkj_^hlhq_gghklbqlh[uhgZg_^mfZeZh;_g_b^_lyoIhke_jZaju\ZkFZcdhfhgZgZmqbeZkv
hlghkblvkyd^_lyfdZddqZklbk\h_cjZ[hlughihke_agZdhfkl\ZkNehj_gkdZ`^ucbafZeur_c
dhlhjufhgZihfh]ZeZihy\blvkygZk\_laZ[bjZeqZklbqdm__k_j^pZ
Nehj_gkijh[beZ[j_rv\__[jhg_bkdZ`^uf^g_fhgZklZgh\beZkv\k_[hevr_b[hevr_
�Dke_^mxsbf\uoh^guf;_gh[mkljhbedhfgZlm^eyNehj_gk\Z\_q_jZih^jy^hg^hiha^gZ
djZkbekl_guHgdmibeihdZlhevdhkZfh_g_h[oh^bfh_^_lkdmxdjh\Zldmihkl_evgu_
&#xq;&#x_l;&#x_;&#xj];&#x_;&#xq_;&#xjh;&#xhg;&#xi;&#xhd;&#xZa;&#xZe;&#xj;&#x_a;&#xme;&#xvl;&#xZl;&#xk;&#xh;&#x_];&#xh;&#xlj;&#xm^;&#xZ;ijbgZ^e_`ghklbbgh\u_rlhjuq_l\_j]\_q_jhfhgihdZaZej_amevlZlk\h_]hljm^Zwcab
A^hjh\hbkdj_gg_iho\ZebeZhgZhdb^u\Zy\a]ey^hfdhfgZlmlukyqmjZaemqr_q_f
[ueh
�mfZ_rv_cihgjZ\blky"
�wcabfy]dhjZkkf_yeZkv
Dhg_qghihgjZ\blky;_gDhfgZlZjhah\Zyk_^_\hqdbex[yljhah\ucp\_l
Ijh^Z\sbpZ\fZ]Zabg_kdZaZeZfg_lh`_kZfh_meu[gmekyhg
Ihkl_evgu_ijbgZ^e_`ghklbbaZgZ\_kdblh`_aZf_qZl_evgu_
�mfZxgZi_j\h_\j_fyihc^_lYbkdZeqlhgb[m^vkey]mrdZfbghmgbogbq_]hg_gZrehkv
HgZkgh\ZjZkkf_yeZkv
G_[_kihdhckyey]mrdb_ckdhjhgZ^h_^ylbhgZi_j_dexqblkygZqlhgb[m^v^jm]h_
Yhq_gvgZwlhgZ^_xkvYm`_\umqbegZbamklvkdZadmIjbgp_kkZbey]mrdZ
GZ^gyohgZaZ]eyg_l\dgb`gucfZ]Zabgbihbs_llZfqlhgb[m^vijhey]mr_dQ_j_ag_kdhevdh
g_^_evmNehj_gk^_gvjh`^_gby
AZl_fhgZihgyeZqlhwlh]emihbfuke_gghhljm]ZeZk_[y
QlhlZdh_"kijhkbe;_gaZ^mfqb\hgZg__ihkfhlj_\
�wcabih`ZeZie_qZfbbmeu[gmeZkv
Gbq_]hYijhklh\kihfgbeZqlhfg_gm`ghdh_qlhk^_eZlvkhe]ZeZhgZ^Z\k_[_keh\hqlh
\u[jhkblba]heh\ufZe_gvdbo^_\hq_dbey]mr_dY^he`gZb^lb
Fh`_lhklZg_rvky"YgZ^_yekyqlhluihfh`_rvfg_\u[jZlvp\_lZ^eyhklZevguodhfgZlZ
ihlhffu\uiv_fih[hdZem\bgZ
AZl_fhgaZ]eygme_c\]eZaZbm\b^_\\gboqlhlhih\_jgmegZihiylgmx
�IjhklbwcabYg_ih^mfZeqlhml_[yfh]ml[ulvk\hbieZgugZ\_q_jB^b^_eZck\hb^_eZ
M\b^bfkyaZ\ljZgZjZ[hl_
HgZihp_eh\ZeZ_]hbqmlv[uehg_i_j_^mfZeZgh\k_`_mreZE_`Zh^gZ\k\h_cihkl_ebhgZ
jZ[hlZlv\kZ^mbmkljZb\Zlv^eygboqZ_iblb_hafh`gh_cm^Zklkykgh\ZdbjibqbdaZdbjibqbdhf
ihkljhblvkl_gm\hdjm]k\h_]hk_j^pZ
=eZ\Z
&#xuo;&#xh^;&#xgu;&#x_;�uoh^gu_wcabijh\_eZ\Ehg^hg_@_gbo__ih^jm]bEZmjug_h`b^Zgghm_oZeih^_eZfbhgZ
�ijb]eZkbeZwcabdk_[_JZa]h\hjuhij_^klhys_ck\Z^v[_EZmju__ihjy^dhfmlhfbebgh\k_`_
wlh[uehemqr_q_fijbkemrb\ZlvkydlhihlmfZe_gvdbogh`_dba\hgdhfmkf_omaZkl_ghcEx^b
dhlhjuogZgye;_g^eyh[mkljhckl\Zl_jjblhjbbjy^hfkhk\hbf^hfhfm`_ijbklmibebdjZ[hl_
lZdqlhhgZg_kfh]eZ[uhl^hogmlv^Z`_\abfg_fkZ^m
HgZ\_jgmeZkv^hfhc\\hkdj_k_gv_\_q_jhfMg__ihqlbkjZamaZa\hgbel_e_nhgHgZgbkdhevdh
�wlhfmg_m^b\beZkvhe`gh[ulv;_gkeurZedZdhgZ\hreZ
Ijb\_lOhjhrhijh\_eZ\uoh^gu_"kijhkbehg
�MklZeZhljZa]h\hjh\hk\Z^v[_jZkkf_yeZkvwcabNehj_gkihgjZ\beZkv__dhfgZlZ"
Hq_gvu\k_[uebijZ\ugZkq_ljhah\h]hp\_lZDZdb_ml_[yieZgugZk_]h^gyrgbc\_q_j"M
f_gy_klviZwevykfhj_ijh^mdlZfbb[mluedZ\bgZOhq_rvihm`bgZlv"
Dhg_qghohq_l
FffiZwevy"IulZ_rvkyf_gyih^dmiblv"ih^^jZagbeZ_]hhgZ
Yfh]mlhevdhgZ^_ylvky
�wcabj_rbeZqlhhgih^mfZeqlh\q_l\_j]\_q_jhfhgZgZg_]hh[b^_eZkvbl_i_jviulZ_lky
bkdmiblvk\hx\bgm?cklZehg_eh\dh_^vhgZmreZihlhfmqlh[hyeZkvg_kh\eZ^Zlvk
kh[kl\_ggufbwfhpbyfbHgg_\bgh\Zl\lhfqlhhgZg_kfh]eZaZsblblvhlg_]hk\h_k_j^p_
�A\mqbla^hjh\hYkh]eZkgZZcfg_lhevdh^_kylvfbgmlgZlhqlh[uijbgylv^mr
YkdmqZeihl_[_kdZaZehgh[gy\__
Yihl_[_lh`_
&#xkl;&#xZ;&#xg;&#xZ;&#xpu;&#xih;&#xqd; ;�klZ\gZpuihqdbwcabihp_eh\ZeZ_]hHgaZimklbeiZevpu\__\hehkubhl\_lbegZ__ihp_emc
ihke_q_]hg_h`b^Zgghijhbag_k
Y^mfZehLZ[bk_
Ijbq_fa^_kvfhydhrdZ"m^b\beZkvhgZ
JZkkf_y\rbkvhgdhkgmeky]m[ZfbdhgqbdZ__ghkZ
HgZ\k_\uoh^gu_[ueZh^gZfh_fkZ^mrmf_ebqm`b_ex^bbhgZg_fh]eZ^Z`_h[hclbk\hx
l_jjblhjbxYqm\kl\mxk_[y\bgh\Zlufi_j_^g_cFh`_lihc^_fm`bgZlvdl_[_qlh[u_c[ueh
g_lZdh^bghdh"
�wcabihjZabehklhev\gbfZl_evgh_hlghr_gb_;_gZd__dhrd_dhlhjZyhlghkblkydg_fmk
ij_aj_gb_f
LuihgbfZ_rvqlh_kebhgZihqm\kl\m_laZiZofhj_ijh^mdlh\lhg_^ZklgZfkihdhcghih_klv"
Fh`_lyohqmih^dmiblv__qlh[u^h[blvky__jZkiheh`_gby"meu[gmekyhg
�mfZxwlhkjZ[hlZ_lDh]^Z__m]hsZxlju[hcbebfhj_ijh^mdlZfbhgZij_\jZsZ_lky\
^h[j_cr__kha^Zgb_
WlhljZag_klZebkdexq_gb_fGZ_\rbkv^hhl\ZeZLZ[bkZaZ[jZeZkvgZdhe_gbd;_gmbaZmjqZeZ
dZd^ba_evguc^\b]Zl_ev
�wcabg_fh]eZ^h`^Zlvkydh]^ZhgbaZcfmlkyex[h\vx;_glh`_Hlp_ib\dhrZqvbdh]lbhlk\hbo
Hgkgh\ZhklZekymg__^hmljZ
�GZke_^mxsbc^_gv;_gaZ]eygme\dZ[bg_lwcabqlh[uh[km^blvkg_cbgl_j_kguckemqZc
Qlhl_[_ba\_klghhfhghohjbZevguofhghZfgbhlbq_kdbo[ebag_pZo"kijhkbehg
HgZk^\bgmeZ[jh\bg_gZ^he]haZ^mfZeZkvbhl\_lbeZ
Bo_s_gZau\Zxlfhfh[ebag_pZfbWlhh^ghycp_\u_[ebag_pudhlhju_jZa^_ebebkvgZiha^g_c
wf[jbhgZevghcklZ^bbihwlhfmmgbo\hlebqb_hl^jm]bo[ebag_ph\h[sb_ieh^gu_h[hehqdbb
ieZp_glZ
DZdh\Z\_jhylghklvih^h[gh]hy\e_gby"
HgZhq_gvfZeZH^bgkemqZcgZklh^\mieh^guo[_j_f_gghkl_cijhq_fyfh]mhrb[Zlvky
AgZgb_klZlbklbq_kdbo^Zgguog_y\ey_lkyfh_ckbevghcklhjhghc
hagbdZxsb_hkeh`g_gby"
Ijb`Zlb_beblm]h_h[\blb_imih\bgukbg^jhfn_lhn_lZevghcljZgknmabbij_`^_\j_f_ggu_
jh^ubfZe_gvdbc\_kgh\hjh`^_gguo
Hkh[_gghklb\_^_gby[_j_f_gghklb"
Bgl_gkb\gh_gZ[ex^_gb_qZklh_MABhafh`gZf_^bdZf_glhagZyl_jZibyk^\Z^pZlbg_^_evgh]h
�kjhdZkp_evxkgb`_gbymjh\gyZfgbhlbq_kdhc`b^dhklbeyklZpbhgZjguoiZpb_glhdk^\Z^pZlb
\hkvfbg_^_ev^h[Z\ey_lky^hiie_jh]jZnby^hlj_ojZa\^_gvZkljb^pZlb_`_^g_\gh_MAB
Jh^hjZaj_r_gb_gZljb^pZlb^\mog_^_evghfkjhd_\wdklj_gguokemqZyogZqbgZyk^\Z^pZlb
\hkvfbg_^_ev
Mjh\_gvkf_jlghklb"
ukhdbc
GZkdhevdh\ukhdbc"
WlhqlhwdaZf_g"mkf_ogmeZkvhgZHq_gv\ukhdbcIylv^_kylijhp_glh\ghijb
ijZ\bevghf\_^_gbb[_j_f_gghklb]hjZa^hgb`_
Luk^ZeZwdaZf_gKlZ\exhlebqghmeu[gmeky;_gOhq_rvihclbkhfghcbm\b^_lv
lZdbo[ebag_ph\kh[kl\_ggufb]eZaZfb"Bojh^bl_eb`^mlgZk
?_]eZaZjZkrbjbebkv
Dl_[_ijbreZgZijb_f`_gsbgZ`^msZyfhfh[ebag_ph\"
�Zbyohqmqlh[uluihfh]ZeZfg_\_klbwlmiZpb_gldm?c^\Z^pZlv\hk_fve_lWlh__i_j\Zy
[_j_f_gghklvKjhdljbgZ^pZlvg_^_evI_j\h_MAB[uehg_q_ldbfihwlhfm__hlijZ\bebgZ
lj_of_jgh_J_gl]_gheh]lhevdhqlhiha\hgbeZfg_bkhh[sbeZj_amevlZluYdZdjZakh[bjZeky
khh[sblvgh\hklviZp_gld_b__fm`mghj_rbekgZqZeZaZ]eygmlvdl_[_hafh`ghaZ]h^ul\h_c
ijhn_kkbhgZevghc^_yl_evghklbl_[_[hevr_g_^h\_^_lkybf_lv^_ehkhklhevj_^dbfkemqZ_f
LuijZ\bevghk^_eZeqlhijbr_eFg_bgl_j_k_gwlhlkemqZcY[m^ml_[_ihfh]ZlvGhjZa\_g_
ke_^m_lgZijZ\blvwlmiZpb_gldmdmadhfmki_pbZebklm"
B^hklZ\blvm^h\hevkl\b_fh_fm[jZlm"Gmm`g_lYjZ[hlZe\h^ghfkgbfhl^_e_gbb
HgZlmihihkfhlj_eZgZg_]h
Khk\hbf[jZlhf"
Fwllki_pbZebklih[ebag_pZf
:Z
]h\hjbehklZlbklbd_dZkZxs_cky[ebag_ph\
Q_]hfu`^_f"Ihrebijhbag_keZhgZkg_l_ji_gb_fb;_gba^Zekf_rhd
Dh]^Zhgb\hreb\_]hdZ[bg_lhgij_^klZ\be__iZpb_gld_b__fm`mb\dexqbedhfivxl_jqlh[u
ihdZaZlvbfkgbfdb
Iha\hevl_fg_gZqZlvkkZfh]hgZqZeZihkdhevdmyg_agZxdZdfgh]h\Zfba\_klghh[ebag_pZo
Yohqmqlh[u\uihgbfZebkmlvijhbkoh^ys_]h
�IhdZwcabjZkkfZljb\ZeZbah[jZ`_gbygZwdjZg_hg\k_ih^jh[ghh[tykgbe=jb\aZfhimkdZy
keh`gu_l_jfbgu
Wlhljm^guckemqZc"Fh]ml\hagbdgmlvhkeh`g_gby"kijhkbeZF_eZgb=jb\a
;_gdb\gme
?_ebphj_adhih[e_^g_ehbhgZko\ZlbeZfm`ZaZjmdm
Hgbfh]ml"?_]hehkij_j\Zekyb;_gkhqm\kl\_gghmeu[gmeky
=eZ\gh_g_ih^^Z\ZlvkyiZgbd_YagZxqlh\uihe_a_l_\Bgl_jg_lihwlhfmohqmqlh[u\u
[ueb]hlh\udlhfmqlhlZfijhqblZ_l_KlZlbklbdZfh`_l\u]ey^_lvim]Zxs_c
Im]Zxs_c"Hgb`_fh]mlmf_j_lvijhbag_keZF_eZgbk^jh`Zs_cmeu[dhc
Lhevdh\lhfkemqZ__kebfug_[m^_f\_klblsZl_evgh_gZ[ex^_gb_aZboimih\bgZfbI_j\u_
g_kdhevdhg_^_evj_rZxsb_ihlhfmqlh\wlh\j_fyfugbq_]hg_kfh`_fk^_eZlv_kebbo
imih\bguaZimlZxlkyDh]^Zhgbih^jZklml^h^\Z^pZlbg_^_evfugZqg_ff_^bdZf_glhagmx
l_jZibxbborZgkuagZqbl_evghm\_ebqZlky
Hgijh^he`bejZkkdZau\Zlv_chlhfdZd[m^ml\_klb__[_j_f_gghklvb\dhgp_dhgph\_fm
m^Zehkv__mkihdhblv
=^_y[m^mgZ[ex^Zlvky"kijhkbeZhgZ
Wlhj_rZlv\Zfufh`_l_eb[hgZ[ex^Zlvkya^_kveb[h\ki_pbZebabjh\Zgghfp_glj_\
Ehg^hg_YgZ\Zkgbkdhevdhg_h[b`mkv_keb\uj_rbl_ih_oZlvlm^Z?keb\uhklZg_l_kva^_kvy
h[_sZx\Zfqlhk^_eZx\k_\hafh`gh_^eylh]hqlh[u\uijhba\_ebgZk\_l^\moa^hjh\uo
fZeur_c
:_kebyih_^m\ki_pbZebabjh\Zggucp_gljlZfkfh]mlk^_eZlv[hevr_"
��hk\h_]hijb_a^Zkx^ZyjZ[hlZe\lhfp_glj_hdlhjZlZfqZs_klZedb\ZxlkykhkemqZyfb
ih^h[gufb\Zr_fmgha^_kvgZ[ex^_gb_\_^_lkylhqghlZd`_dZdlZfuihemqbl_g_h[oh^bfmx
f_^bpbgkdmxihfhsvY\Zfwlh]ZjZglbjmx
AgZqbl\ulZdhc`_ohjhrbcki_pbZebkldZd]eZ\guc\jZqehg^hgkdh]hp_gljZ"kijhkbe
fbkl_j=jb\ab;_gjZkkf_yeky
�ZYklZjr__]hgZp_emxfbgmlmFufhfh[ebag_puFu\u`bebbihy\bebkvgZk\_l
Z[khexlgha^hjh\ufbWlh[uehihqlbljb^pZlviylve_lgZaZ^Hlkx^ZgZrh[sbcbgl_j_kd
[ebag_pZf
�?]hkeh\Zihljykebwcab
ufhfh[ebag_pu"i_j_kijhkbeZfbkkbk=jb\ab;_gdb\gme
�Zbfuh[Z[m^_faZgbfZlvky\ZrbfkemqZ_fMfh_]h[jZlZg_fgh]h[hevr_hiulZq_fmf_gy
gh_keb\u^h\_jbl_kvfg_\Zfg_ijb^_lkyhlkx^Zm_a`Zlvex[hfkemqZ_i_j\h_\j_fy\u
[m^_l_gZ[ex^Zlvkya^_kvM\_j_gqlhfhc[jZlkjZ^hklvxihkfhljbl\k_\Zrbkgbfdb_keby_]h
^\_g_^_ebgZkjhd_hl^\Z^pZlb^h^\Z^pZlb\hkvfbg_^_evdZ`^u_k_fv^g_cIhlhf_keb\ulZd
j_rbl_fugZijZ\bf\Zk^ey^Zevg_cr_]hgZ[ex^_gby\ehg^hgkdbcp_glj?a`Zcl_^hfhcdZd
ke_^m_l\k_h[^mfZcl_b\[eb`Zcrb_g_kdhevdh^g_ckhh[sbl_gZfhk\h_fj_r_gbb
YhklZgmkva^_kvl\_j^hkdZaZeZF_eZgbYg_ohqmgbdm^Zm_a`Zlvhlk\hbojh^guoY
ohqmqlh[uhgbfh]ebf_gygZ\_sZlvdh]^Zf_gyiheh`Zl\klZpbhgZjY\Zf^h\_jyxujZ[hlZeb
\ehg^hgkdhfp_glj_Zkbgl_j_km_lfhckemqZcuml\_j`^Z_l_qlh\Zr[jZlkh]eZkblky\Zf
ihfh]ZlvY[uohl_eZqlh[uf_gygZ[ex^Zeb\u_keb\u^_ckl\bl_evghkqblZ_l_qlhfg_g_
hiZkghhklZ\Zlvkya^_kv
;_gfy]dhjZkkf_yeky
Y[m^m\ZkgZ[ex^ZlvYg_^mfZxqlh\ehg^hgkdhfp_glj_\Zf^Z^ml[hevr_]ZjZglbcGh
ij_`^_q_fijbgylvhdhgqZl_evgh_j_r_gb_\Zfke_^m_l\k_h[km^blvk\Zrbffm`_f
wlhfg_lg_h[oh^bfhklbkdZaZefbkl_j=jb\aDh]^ZohjhrhF_eohjhrhbfg_?keb\u
m\_j_guqlhkfh`_l_hdZaZlv_cg_h[oh^bfmxihfhsvimklvhgZhklZ_lkya^_kvWlhba[Z\bl__hl
klj_kkZk\yaZggh]hkih_a^dhcKiZkb[h\ZfaZ\j_fydhlhjh_\ugZfm^_ebeb
Ih`ZemcklZFbkkbk=jb\aklZjZcl_kvih[hevr_hl^uoZlvbihf_gvr_\hegh\Zlvky?keby\Zf
ihgZ^h[exkvfh`_l_a\hgblvfg_\ex[h_\j_fybebaZibku\ZlvkygZijb_fYjZkihjy`mkvqlh[u
\ZfgZ^hfijbkeZebki_pbZevgmxebl_jZlmjmM\Zk_klvdhfg_dZdb_gb[m^v\hijhku"
Kmijm]b=jb\aaZ^Zeb_fmg_kdhevdhbhgl_ji_eb\hgZgbohl\_lbeIhgy\qlhbf_xl^_ehk
ijhn_kkbhgZehfhgbg_fgh]hmkihdhbebkv
�Gbq_]hk_[_kdZaZeZwcab;_gmihke_bomoh^ZG_fh]mih\_jblvqlh\ukFwllhffhfh
[ebag_puGZkdhevdhg_^_evjZgvr_kjhdZ\ujh^bebkv"
Qmlv[he__q_luj_oGZ\hk_fgZ^pZlbg_^_evghfkjhd_kgbfhdihdZaZeqlhgZrZfZlv`^_lfhfh
[ebag_ph\Q_j_a^\Zf_kypZ__gZijZ\beb\ki_pbZebabjh\Zggucp_gljk_wlh\j_fyhgZ[ueZ
kZfZg_k\hyDkqZklvxgZfih\_aehFu\u`bebbihy\bebkvgZk\_lZ[khexlgha^hjh\ufb
�Z\ukqZkleb\qbdb
Yohqmqlh[ulu[hevr_magZeZhfhfh[ebag_pZoMf_gy^hfZdmqZki_pbZevghc
ebl_jZlmjuHgg_h`b^Zgghkf_gbel_fmDZdlukfhljbrvgZlhqlh[uihm`bgZlv\f_kl_"
A\mqblaZfZgqb\hFhcoheh^bevgbdimklDZdb_ml_[y_klvij_^eh`_gby"
Fh`_lih_^bfju[mkdZjlhn_e_fnjbbihex[m_fkyaZdZlhf"
ug_i_j_klZ_l_f_gym^b\eylv^hdlhj;_gjZkkf_yeZkvhgZ
�YagZeqlhfhyb^_yijb\_^_l\Zk\\hklhj]^hdlhjwcabkZfh^h\hevghmeu[gmeky;_g:
l_i_jvb^bl_jZ[hlZlvZk`^mliZpb_gldb
AZdZl[ue\_ebdhe_igucHgbkb^_ebgZkdZf_cd_gZ\_jrbg_ml_kZ_kebju[mkdZjlhn_e_f
gZ[ex^ZyaZl_fdZdg_[hf_gy_lk\hcp\_l
�Wlhb\ijZ\^m[ueZhlebqgZyb^_ykdZaZeZwcabkt_\k\hxihjpbxKiZkb[haZm`bg
Ih\_jgm\rbkvhgZqfhdgmeZ_]h\s_dm
JZkkf_y\rbkvhgh[gye__aZie_qbbijbkehgbe]heh\md__]heh\_LZdhgbkb^_eb^hl_oihjihdZ
khegp_g_k_ehbg_ihoheh^ZehaZl_fg_hohlgh\klZebbihreb^hfhcIhke_wlh]hhgbibebqZc\
__abfg_fkZ^m;_ggZ[bjZegZfh[bevghfwe_dljhggh_ibkvfh^eyFwllZ\dhlhjhfjZkkdZau\Zeh
�kemqZ_F_eZgb=jb\aZwcabijhkfZljb\ZeZdgb]mdhlhjmxhg_c^Ze
[ebag_pZfbkdZaZeZhgZih^gy\gZg_]h]eZaZ
;_gba^Zekf_rhd
Ohjhrhqlhwlh]hg_kemqbehkvbgZq_[ufuihm[b\Zeb^jm]^jm]ZFukgbf[ebadbghg_
gZklhevdhqlh[uihklhygghl_ji_lvijbkmlkl\b_^jm]^jm]ZFuh[Zkebrdhfmijyfu_b
g_aZ\bkbfu_
GZ\_jgh_lZdg_h[uqgh^_eblv\f_kl_kd_flhfZl_jbgkdh_qj_\hijbdZkZlvky^jm]d^jm]m^h
�jh`^_gbyhe`gh[ulvf_`^m\Zfbkms_kl\m_lhkh[Zyk\yav
�Zhl\_lbehghleh`b\l_e_nhgYdZdlhh[wlhfg_aZ^mfu\ZekyMgZrbojh^bl_e_c
�[hevr_g_l^_l_cihwlhfmyg_agZxqlhagZqblbf_lv[jZlZbebk_kljmg_[ebag_pZhe`gh[ulv
fu^hklZ\bebgZr_cfZl_jbklhevdhoehihlqlhhgZ[hevr_g_aZohl_eZbf_lv^_l_c
Fh]mk_[_ij_^klZ\blvu`beb\]hjh^_"
GZhdjZbg_AZgZrbf^hfhfijhklbjZebkviheyFuihklhygghijbghkbeb^hfhcjZg_guo
djhebdh\dhr_dkh[Zdb[h]agZ_ldh]h_s_be_qbebbo
Ihq_fmlug_klZe\_l_jbgZjhf"
;_gjZkkf_yeky
Ihlhfmqlhg_aZohl_e[ulv\k_\j_fyihdhe_gh\]jyabbgZ\ha_bijbgbfZlvjh^umdhjh\
oheh^gufbyg\ZjkdbfbghqZfbKe_^mxsbc\hijhk
�wcabijukgmeZkhkf_omaZl_fkgh\Zihk_jv_ag_eZbkijhkbeZ
Lubkiulu\Z_rv[hevdh]^ZFwllm[hevgh"
�ZgZ\_jgh_Dh]^Zmg_]h[ueZii_g^bpblyiehohk_[yqm\kl\h\ZeFukgbfhq_gv[ebadbFu
jZkkdZau\Z_f^jm]^jm]m\_sbdhlhjufb[hevr_gbkd_fg_fh`_fih^_eblvkyGhjZa\_lZd
[u\Z_lg_m\k_o[jZlv_\bk_kl_j"
�G_agZxY_^bgkl\_ggucj_[_ghd\k_fv_hqdbFZcdZhq_gv[ebadbYhq_gvwlhfmjZ^ZIh
djZcg_cf_j_hgb_klv^jm]m^jm]ZHgbg_aZkem`beblh]hdZdhgkgbfbh[hr_eky
;_gihkfhlj_egZg__kkhqm\kl\b_fbf_^e_gghdb\gme
Wlhbonhlhml_[ygZoheh^bevgbd_"
�ZBoah\mlNj_cybFbeebY\k__s_ihgbfkdmqZx;m^vFZcdohly[u\iheh\bgmlZd`_
aZ[hleb\b\gbfZl_e_gdZdlubf[ueh[ue_]q_GhhghdZaZekykeZ[bw]hbklbq_gFg_ke_^h\Zeh
jZgvr_wlhihgylvlh]^ZgbdhfmbagZkg_[ueh[ulZd[hevgh
Fg_`Zevfy]dhkdZaZehg
Ih`Z\ie_qZfbhgZ\klZeZbaZdjueZhdgZ
Gbq_]hg_ihibr_rvWlh[uehihqlbljb]h^ZgZaZ^
Hg\_jgmekydk\h_c`_g_"
�ZGZkZfhf^_e_hg__bg_[jhkZek_lh\j_fyqlhfu[ueb\f_kl_hgkg_ckiZeYh[wlhf
g_agZeZ
Wlhihkem`behijbqbghcl\h_]hi_j__a^Z\Chdk[mj]"
�ZYihgyeZqlhg_fh]mlZdbmreZHggZqZe^hgbfZlvf_gya\hgdZfbHq_\b^gh_fmklZeh
kdmqghLh]^Zlhybj_rbeZk`_qv\k_fhklubi_j_[jZeZkvkx^Z
LuijbgyeZijZ\bevgh_j_r_gb_
Ih\_jgm\rbkvhgZi_qZevghihkfhlj_eZgZg_]h
?fmklZehg_ihk_[_HgZ\u]ey^_eZihl_jygghcmljZlb\r_ckbem^moZWlhhgk^_eZekg_clZdh_
�wcabfg_`ZevFg_g_ke_^h\ZehaZoh^blvlZd^Ze_dhYagZeqlhgZfg_ba[_`Zlvkeh`ghkl_c
Y[uew]hbklhf
G_llugb\q_fg_\bgh\ZlY\hreZ\wlm^\_jvkhldjulufb]eZaZfb
G_l\bgh\ZlYg_kdZaZel_[_\h\j_fyhNehj_gk
�Yfh]eZ[uhklZgh\blvkyijhbag_keZwcabghhgbh[ZagZebqlhwlheh`vQlh[uehm`_
kebrdhfiha^gh\lhlfhf_gldh]^ZhgZm\b^_eZ_]hfhdjh]hb]jyagh]hbbo\a]ey^u\klj_lbebkv
Boihp_emcblhqlhihke_^h\ZehaZgbf[uehg_ba[_`gh
Kgy\kdhe_g_cdhrdm;_gih^gyeky
Ohq_rvqlh[uymr_e"kijhkbehgih^mfZ\qlhhgZh[jZamfbeZkvbj_rbeZiheh`blvdhg_p
bohlghr_gbyf
GhhgZihdZqZeZ]heh\hc
Kebrdhfiha^gh;_gYm`_\ex[beZkv\l_[y
?_keh\Zih^_ckl\h\ZebgZg_]hdZdm^Zj\kheg_qgh_kie_l_gb_bhgaZdjue]eZaZ
�wcabg_gZ^h
Mihlj_[eylvkeh\hgZ[md\me"Y^mfZeZfu^h]h\hjbebkv[ulvq_klgufb^jm]k^jm]hf
ay\_]hjmdmhgZijb`ZeZ__dk\h_c]jm^bYagZxijZ\beZ;_gbg_iulZxkvgbq_]hbaf_gblv
Yijhklh]h\hjxl_[_ijZ\^mFg_[uohl_ehkvqlh[u\k_[uehg_lZdkeh`ghghkwlbfgbq_]hg_
ih^_eZ_rvFg_g_o\Zlblkbemclbhll_[yk_cqZk
?fmlh`_g_o\Zlblkbehlg__mclbHgdj_idhh[gye__aZjuekyebphf\__\hehkub\^hogmebo
ZjhfZlDq_jlmijZ\beZ
�Ylh`_ex[exl_[ywcabijbagZekyhgBfg_[ulh`_ohl_ehkv
YagZxi_j_[beZ_]hhgZbhlkljZgbeZkvIhreb\ihkl_ev
Hgb^he]haZgbfZebkvex[h\vxBoeZkdbbihp_emb[uebbkiheg_gug_`ghklbDh]^Zhgb
�hl^uoZeb\h[tylbyo^jm]^jm]Z;_gaZf_lbeqlhba]eZawcabl_dmlke_au
G_ieZqv
Yg_ieZqmijhbag_keZhgZk^Z\e_gguf]hehkhf
Y^mfZefu^h]h\hjbebkv[ulvq_klgufb^jm]k^jm]hf
LZdb_klvHgZaZ`fmjbeZkvbh[gyeZ_]hFg_`ZevqlhlZdkeh`bebkvh[klhyl_evkl\Z
Fg_lh`_LuaZkem`b\Z_rv[hevr_]h
;_gyg_ohqm[hevr_]hFg_gm`_gluYohqm[ulvklh[hcbgZkeZ`^Zlvkyl_fqlhmgZk_klv
H[gy\__dj_iq_hgijbdhkgmeky]m[Zfbd__\hehkZfih`Ze_ehlhfqlhhgZ\klj_lbeZFZcdZb
lml`_ihgyeqlhwlh[_amfb_?keb[ug_bklhjbykFZcdhfhgZ[ug_ijb_oZeZkx^Zbhgb[u
gbdh]^Zg_\klj_lbebkv
�Lh]^Zhgih`Ze_ehlhfqlhwcabg_fZlvNehj_gkb_]hk_j^p_[he_ag_gghk`Zehkv
GZke_^mxsbc^_gvKlb\ijb\_a\[hevgbpmk\hx`_gmmdhlhjhcgZqZebkvjh^u
�LZah\h_ij_^e_`Zgb_ieh^Zkhh[sbeZWfbwcabaZ]eygm\dg_c\dZ[bg_lG_m\_j_gZqlh
hgZkfh`_ljh^blv[_a\f_rZl_evkl\Z[he__hiulgh]hZdmr_jZq_fyIhijh[m_rv_cihfhqvbeb
ihah\_f;_gZ"
Ykoh`maZgbfg_hohlghhl\_lbeZhgZ
k\hbfb^_eZfbIhke_\q_jZrg_cghqbhgZqm\kl\m_lk_[yih^Z\e_gghc?cg_ke_^h\Zeh]h\hjblv
_fmqlhhgZ_]hex[blHq_\b^ghhglh`_ijb\yaZekydg_ckbevg__q_fohl_ebbok\b^ZgbyklZeb
gZihfbgZlvijh]medbihwfhpbhgZevghfmfbgghfmihex
;_gaZgbfZeky[mfZ`ghcjZ[hlhcmk_[y\dZ[bg_l_HghohlghhklZ\begm^gmxibkZgbgmbaZohl_e
�qlh[uwcabihreZkgbf
L_[_gm`_ghiulkdZaZehg
?c[uehg_q_]hgZwlh\hajZablvihwlhfmhgZih^qbgbeZkv
DZdbf_gghjZkiheh`_gj_[_ghd"kijhkbe__;_gihimlb\jh^bevgmxiZeZlm
Y_s_g_\b^_eZiZpb_gldmAgZxlhevdhqlhj_[_ghdih\_jgmeky\q_jZ\_q_jhf
IjZ\^Z"Wlhiha^ghYihijh[mx_]hi_j_\_jgmlv
Ml_[ywlhohjhrhihemqZ_lky"
Mf_gy\k_ihemqZ_lkyDjhf_ihkljh_gbyhlghr_gbclboh^h[Z\behghldjue^\_jv
jh^bevghciZeZlubijhimklbe__\i_j_^
Ijb\_lKlb\Zkah\mlFwjbZgg_lZdeb"h[jZlbekyhgdiZpb_gld_Y;_g
Kijboh^hf;_gZKlb\g_fgh]hjZkkeZ[beky
JZ^l_[y\b^_lvijbyl_evkdZaZehgLufh`_rvihfhqv"
M\_j_gqlhfukijZ\bfkyGZlygm\i_jqZldb;_gijbgyekyhsmiu\Zlv`b\hlFwjbZg
Wfb\\_^bf_gy\dmjk^_eZ
R_cdZfZldbjZkrbjbeZkvgZljbkZglbf_ljZAZihke_^gbcqZkgbq_]hg_baf_gbehkvImevk\
ghjf_ghijh^\b`_gbygbdZdh]h
�DZ`_lkym\Zr_]hj_[_gdZfZe_gvdZydhkley\ZyihidZmeu[gmeky;_gaZl_fihijhkbewcab
hsmiZlv`b\hliZpb_gldbqlh[uhij_^_eblviheh`_gb_fZeurZQlhlu^mfZ_rv"
Y\gh_lZah\h_ij_^e_`Zgb_Yqm\kl\mxh^gmih^gylmxgh`dm
�ZYlh`_qm\kl\mxlhevdhh^gmghb\lhjZy]^_lhjy^hfWlhohjhr__iheh`_gb_^ey
jh^hjZaj_r_gby_kl_kl\_ggufiml_fghyfh]mihijh[h\Zlvi_j_\_jgmlvj_[_gdZDZdh\Z
i_jbh^bqghklvko\Zlhd"
DZ`^u_iylvfbgmlLhevdhWfbwlhijhbag_keZdZdhgbkemqbebkvmFwjbZg\hq_j_^ghcjZa
Kdhevdhm\Zk^_l_c"kijhkbe;_gdh]^Z\k_ijhreh
Wlhlq_l\_jlucbgZ^_xkvihke_^gbchl\_lbeZFwjbZghlqlhagZqblijh\_klbhlimkd\
g_pb\bebah\Zgghff_kl_
Wlh[ueZ\k_]hebrvLmjpbyghhgZlZfmfm^jbeZkvaZ[he_lvHgZijbgbfZeZijhlb\haZqZlhqgu_
lZ[e_ldbghaZ[_j_f_g_eZihykgbeKlb\
;u\Z_lkmohijhbag_k;_g
��wcabgZofmjbeZkvMgbok`_cg[uehlZd`_"
Mg__g_[ueh\j_f_gbih^mfZlvgZ^wlbf;_ggZ^Z\beiZevpZfbk^\moklhjhggZ`b\hlFwjbZgb
kdZaZe
Ohqmihijh[h\ZlvaZklZ\blvwlh]hfZe_gvdh]hmijyfpZi_j_\_jgmlvkyufg_iha\hebl_"
Fg_[m^_l[hevgh"kijhkbeZ`_gZKlb\Z
G_lghhsms_gbydhlhju_\ubkiulZ_l_[m^mlg_kZfufbijbylgufbhl\_lbe;_gZf
&#xk_;&#x;&#xq_;&#x]h;&#xy;&#xo;&#xhq;&#xm;&#x;&#xw;&#xlh;&#xi;&#xh;&#x_j;&#xgm;&#xlv;&#xZe;&#xur;&#xZ;&#x]h;h;&#xdh;&#xg; a;&#x;ijb^_lkyihl_ji_lvk_q_]hyohqmwlhih\_jgmlvfZeurZ]heh\dhc\gba_lb\lZdbokemqZyo
gZc^_f^jm]hc\uoh^Gmqlhkh]eZkgu"
FwjbZgdb\gmeZ
G_l_jyy\j_f_gb^Zjhfhgiheh`beh^gmeZ^hgvgZaZluehdfZeurZZ^jm]mx_fmih^y]h^bpub
ijbgyekylhedZlvbihdZqb\Zlv_]hGZdhg_p_fmm^Zehkvi_j_\_jgmlv_]hgm`gufh[jZahfbnhjfZ
`b\hlZFwjbZgbaf_gbeZkv
&#xk_;&#xo;&#xhj;&#xhr;&#xh;&#xJ;&#x_[;&#x_g;&#xhd;&#x_`;&#xbl;&#xi;&#xjZ;v;&#xgh;&#x;&#xL_;&#xi_;&#xjv;&#x^;&#x_e;&#xh; Z;&#xZ;û&#x;&#x;&#xme;&#xu[;&#xgm;&#xek;&#xy;&#x_c;&#x;;&#x_g;&#x;&#x;�k_ohjhrhJ_[_ghde_`blijZ\bevghL_i_jv^_ehaZ\Zfbmeu[gmeky_c;_gZ\Zc
fZeurkdZaZehgke_]dZgZ`Z\_cgZ`b\hlB^bkx^ZdgZf
^jm]]eZaZFwjbZgjZkrbjbebkv
DZ`_lkyhg\ZkihkemrZe
Ko\Zlb\Klb\ZaZjmdmhgZmqZs_gghaZ^urZeZ
WfbklhysZymg__\gh]Zoih^[Z^jb\ZeZ__
�Z\ZcFwjbZgijh^he`Zc^urZlvMl_[yhlhreb\h^uLu\k_ijZ\bevgh^_eZ_rv
�wcabb;_ghklZebkvBoijbkmlkl\b_[hevr_g_[uehgm`ghgh\k_ijhbahrehkebrdhf[ukljh
G_mki_eZijbclb\lhjZyZdmr_jdZdZd\jmdbWfbkdhevagmedjbqZsbcdjZkgucfZeurHgZ
iheh`beZj_[_gdZgZ]jm^vFwjbZgblZmqZs_ggh^urZgZqZeZh^gh\j_f_gghkf_ylvkybieZdZlv
Wlh^_\hqdZ
JZamf__lky^_\hqdZkdZaZeKlb\ls_lghiulZxsbckyk^_j`Zlvke_auLhevdh`_gsbgZ
fh`_l^\Z`^uaZdhjhldh_\j_fybaf_gblvk\h_j_r_gb_
&#xk_;&#xj;&#xZk;&#xkf;&#x_y;ë&#xkv;&#x;�k_jZkkf_yebkvwcabgZdehgbeZkvqlh[uih[eb`_ihkfhlj_lvgZgh\hjh`^_ggmxHgZi_j_klZeZ
�ieZdZlvbl_i_jvkfhlj_eZ\]eZaZfZl_jbwcabihqm\kl\h\ZeZdZdd]hjemg_h`b^Zgghih^dZlbeky
dhfhd
ZrZ^hqvgZklhysZydjZkZ\bpZIha^jZ\eyx\ZkkdZaZeZhgZMg__m`__klvbfy"
�ZLhffbhl\_lbeZFwjbZgb\k_kgh\ZjZkkf_yebkvY[ueZm\_j_gZqlhmf_gykgh\Z
jh^blkyfZevqbdihwlhfm^Z`_g_jZkkfZljb\ZeZ`_gkdb_bf_gZ
uhrb[ebkvmeu[gmeZkvWfbi_j_j_aZyimih\bgmM\Zk_klvg_kdhevdh^g_cqlh[u
\u[jZlvbfy
�BhgZ\k_wlh\j_fy[m^_lhklZ\Zlvky[_aufygghc"mfZxwlhg_ijZ\bevghFwjbZgg_`gh
ijh\_eZdhgqbdhfiZevpZihs_qd_fZeurdbDlhlu^hjh]Zy"DZdl_[yah\ml"LuDwlb"
�IjbreZ_s_h^gZZdmr_jdZb;_gkwcabm^ZebebkvhklZ\b\kqZkleb\mxk_fvx\gZ^_`guojmdZo
Ohq_rvdhn_"kijhkbe;_gdh]^Zhgbrebihdhjb^hjm
�wcabihdZqZeZ]heh\hcHgZgZkfhlj_eZkvgZFwjbZgbKlb\Zkbo^hqdhcbl_i_jvbkiulu\ZeZ
qm\kl\himklhluWlhkhklhygb_aZ^mfqb\hklbhiZkghihkdhevdmgZoh^ykv\g_flZde_]dh
ij_^Z\Zlvkyg_k[ulhqguff_qlZfHkh[_gghihke_lh]hdZdhgZijbagZeZkv;_gm\ex[\b?c
ke_^h\Zeh^_j`ZlvyaudaZam[Zfb
Mf_gyfgh]hjZ[hluIZpb_gldb`^mlM\b^bfkyiha`_
�wcabkhe]ZeZGZ[eb`ZcrbcqZkdg_cgZijb_fgbdlhg_aZibkZgWlhhagZqZ_lqlhmg__[m^_l
^hklZlhqgh\j_f_gbqlh[uih^mfZlvh[bok;_ghfhlghr_gbyoG_kfhljygZlhqlhhglh`___
ex[blmgbog_l[m^ms_]h
=eZ\Z
Ijhreh^\_g_^_ebAZwlh\j_fy\bohlghr_gbyogbq_]hg_baf_gbehkvGZ\uoh^gu_;_gdZd
[ueh\ukZ`b\Zlvp\_luJZ[hqb_m[jZebaZ[hjqbdf_`^mbo^hfZfbbZddmjZlghih^kljb]eb^_j_\vy
bdmkluL_i_jvNehj_gkfh]eZkihdhcghb]jZlv\kZ^mq_fhgbk;_ghfkh[kl\_gghbaZgbfZebkv
�wcabm[_`^ZeZk_[y\lhfqlhohq_lqlh[uhgm\_aNehj_gkgh_cg_m^Z\Zehkvh[fZgmlvk_[y
�Nehj_gkhdZaZeZkvh[sbl_evghcb^jm`_ex[ghc^_\hqdhcHgZihklhygghijboh^beZdwcab
qlh[uihdZaZlv_ck\hbgZoh^dbfhdjbpmdjZkb\ucdZf_r_dp\_lhdblhfmih^h[gh_kydbc
jZadh]^ZfZeurdZk]hjysbfb]eZaZfb^_fhgkljbjh\ZeZ_cgh\h_khdjh\bs___k_j^p_[he_ag_ggh
k`bfZehkv
Ey]mrdZfh`_lihclb\fhckZ^"kijhkbeZNehj_gk\h\j_fyhq_j_^gh]hk\h_]h\bablZ
�Dhg_qghhl\_lbeZwcab
ay\b]jmrdm^_\hqdZihreZgZaZ^d;_gm[helZykg_cih^hjh]_
�Ijh^he`ZykZ`Zlvp\_luwcabijbkemrb\ZeZkvdbo]hehkZfbkf_omDh]^ZgZklZeq_j_^
ihke_^g_]h]hjrhqdZ__ho\ZlbehhlqZygb_
GZdhg_plhykfh]mihclb\^hfmijyfhkdZaZeZhgZk_[_\udZiu\Zykh\dhfemgdm^ey
eh[_ebb
Hgbhq_gvdjZkb\u_
&#xud;&#xex;&#xqb;&#x;&#xh^;&#xm;�udexqb\\h^mwcabmeu[gmeZkvNehj_gk
KiZkb[hHgbklZgml_s_djZkb\__dh]^Z\k_[mlhgujZkimklylkyG_dhlhju_bagbo[m^ml
ohjhrhiZogmlv
�_\hqdZihljh]ZeZk\hbfbimoeufbiZevqbdZfbkbgxx[jZobdhfm
WlhfZj]ZjbldZ"
&#xhl;&#x;&#x_j;&#x[_;&#xgZ;&#x;&#xZ;&#xhl;&#x];&#x_j;&#xZg;&#xv;&#xI;&#xhl;&#xjb;&#xbk;&#xlb;
&#xf_;&#x`^;&#xm;&#xiZ;&#xev;&#xqb;&#xdZ;û&#xi;&#xhg;&#xxo;&#xZc;&#xo;�jh^_lh]hhl\_j[_gZZ\hl]_jZgvIhljbebklbdf_`^miZevqbdZfbbihgxoZcboZ\hllZd
Qm\kl\m_rvaZiZo"
FZe_gvdbcghkbdgZfhjsbeky
IZog_lebfhghfaZobobdZeZNehj_gk
IjZ\bevghWlhjZkl_gb_gZau\Z_lky]_jZgvebfhgghiZogmsZyMg__jhah\u_p\_ldbLZdb_`_
dZdl\hydhfgZlZ
:fZj]Zjbldbkbgb_"
�ZZ\_j[_gZ[m^_lnbhe_lh\hc
Nehj_gkmdZaZeZgZke_^mxs__jZkl_gb_
:wlhqlh"
Eh[_ebyZjy^hfkg_c^jm]Zy]_jZgvZ\hlwlhjZkl_gb_gZau\Z_lky\_j[_cgbd
�wcabijhklbfg_gm`gh[uehhl\_lblvgZl_e_nhgguca\hghdkdZaZeih^hr_^rbcdgbf
�;_gNehj_gkihc^_f^hjh]ZyG_f_rZcwcabLu`_\b^brvqlhhgZaZgylZ
�G_lhgZ\k_k^_eZeZijZ\^Zwcab"
�_\hqdZih^gyeZgZg__k\hb[hevrb_]hem[u_]eZaZbmg__k^Z\beh]hjeh
�ZY^_ckl\bl_evghaZdhgqbeZk_\ihjy^d_;_gIjZ\^Z
HgZkhe]ZeZHdZdhfihjy^d_fh`_lb^lbj_qvdh]^Z__k_j^p_i_j_ihegy_lex[h\vdg_fmb_]h
^hqd_"
�wcabkgh\Zi_j_\_eZ\a]ey^gZNehj_gkLZg_`ghih]eZ`b\ZeZeZ^hrdhcp\_lu\ihke_^g_f
�lhjnyghf]hjrhqd_G_m^_j`Z\rbkvwcabk_eZgZdhjlhqdbbmeu[gmeZkv^_\hqd_
boiheb\Zlvijb_a`Zykx^Z\\uoh^gu_bgZ[ex^ZlvaZl_fdZdhgbjZklml
Ih^gy\rbkvhgZi_j_^ZeZ]hjrhq_d;_gmG_fgh]hihf_^eb\hg\aye_]h
KiZkb[hijh[hjfhlZehgihgbfZyqlhhgZih^ZjbeZ_]h^hqd_qlhlh[he__p_ggh_g_`_eb
ijhklhp\_luhlNehj_gkHgbl\hbQlhgm`ghkdZaZlv"
�KiZkb[hmeu[gmeZkvhgZwcabEy]mrdZkfh`_laZgbfbijbkfZljb\Zlv"
;_g\a^hogme
�G_lhgZijbgZ^e_`blwcabLuwlhagZ_rv
�Nehj_gklufh`_rv\aylv__k_[_kdZaZeZwcab
;_glbohaZkf_yekybih[eZ]h^Zjbe__HgZagZeZqlhhglh`_kqblZ_lwlmfZe_gvdmxey]mrdmba
[_lhgZm`ZkghcGhNehj_gk__h[h`Z_lbwlh]eZ\gh_
HgihkZ^bep\_lu\lhfm]hed_kZ^Z]^_jZ[hqb_m`_gZ\_ebihjy^hdbiheh`beey]mrdmjy^hfk
gbfb
Nehj_gk\ufhcjmdbFub^_fgZ^_lkdmxiehsZ^dm
�_\hqdZih^[_`ZeZdkZ^h\hfmdjZgmhldjueZ_]hbih^klZ\beZiZevpuih^kljmx
IhfueZkhh[sbeZhgZ\ulbjZyeZ^hrdbhk\hcjhah\ucihemdhf[bg_ahgAZl_fgZdehgbeZkv
b\_e_eZey]mrd_ijbkfhlj_lvaZp\_lZfb
�=ey^ygZg__wcabohl_ehkvh^gh\j_f_gghkf_ylvkybieZdZlvHgZ[hyeZkvqlhke_auih[_^yl
DkqZklvx_cm^Zehkvk^_j`Zlvk\hbwfhpbbuijyfb\rbkvNehj_gkih^[_`ZeZd;_gm
�Y]hlh\Zkhh[sbeZhgZ_fmaZl_fihfZoZeZjmdhcwcab
@_eZx\Zfohjhrhijh\_klb\j_fykdZaZeZlZihfZoZ\\hl\_l
?chq_gvohl_ehkvihclbkgbfbghhgZihgbfZeZqlhwlhhiZkgh
M\b^_\i_qZevijhf_evdgm\rmx\__]eZaZo;_gkdZaZeg_ih^mfZ\
Ihq_fm[ul_[_g_ihclbkgZfb"
��ZwcabIhc^_fkgZfbIh`ZemcklZaZ\ba`ZeZNehj_gkaZiju]Z\gZf_kl_
�;_g\b^_eqlh\gmljbwcabb^_l[hjv[ZHgZihkfhlj_eZgZg_]hkmdhjhfbm`_kh[jZeZkv
hldZaZlvkygh\wlhlfhf_gldg_cih^[_`ZeZNehj_gkbko\ZlbeZ__aZjmdm
�Gmih`ZZemcklZwcabijhlygmeZ^_\hqdZ]ey^ygZg__lZdbfb`_dZdm;_gZ]eZaZfb
�wcabihqm\kl\h\ZeZqlh\hl\hlk^Zklky
Ghfhyh^_`^Zg_ih^oh^bl^eyijh]medbijhbag_keZhgZkg_dhlhjufhlqZygb_f
Lufh`_rvi_j_h^_lvkyg_k^Z\ZeZkvNehj_gkFul_[yih^h`^_fGmih`ZZemcklZ
�Fuke_gghhljm]Z\;_gZwcabkgyeZi_jqZldb\hreZ\^hfbi_j_h^_eZkv\qbklu_^`bgkub
nml[hedmaZl_fhklZgh\beZkvmlmZe_lgh]hklhebdZqlh[uih^djZkblvkyghlml`_i_j_^mfZeZ
AZq_ffZdby`"_^vhgbkh[bjZxlkygZ^_lkdmxiehsZ^dmQ_fkdhj__hgblm^Zihc^mll_fkdhj__
\_jgmlkyb\k_aZdhgqblky
_jgm\rbkvgZmebpmhgZm\b^_eZNehj_gk\_^msmxk_jv_agmx[_k_^mkey]mrdhc
IjhklblbohkdZaZe_c;_g
�wcab[jhkbeZgZg_]hdjZkghj_qb\uc\a]ey^dhlhjuchagZqZeyklh[hcihlhfjZa[_jmkvbhgb
hlijZ\bebkv\g_[hevrhciZjdgZoh^ysbcky\^\mod\ZjlZeZohlbo^hfh\Nehj_gk\_k_ehkdZdZeZ
\i_j_^bg_hsmsZygZijy`_gbyih\bkr_]hf_`^m\ajhkeufb
Fuihc^_fgZdZq_eb"kijhkbeZhgZ;_gZ
�wcab\hajZ`ZeZghgbq_]hg_fh]eZih^_eZlvDZq_ebhdhlhjuoreZj_qvij_^klZ\eyebkh[hc
�^hkdmmjZ\gh\_r_ggmx\p_glj_;_g\_kbl[hevr_q_fhgbkNehj_gk\f_kl_\aylu_gh[_awcab
hgb\^\h_f\hh[s_g_kfh]mldZqZlvky
�;_giexkNehj_gkiexkwcabjZ\ghdZlZkljhnZih^mfZeZhgZbhdZaZeZkvijZ\Z
�;_gk_egZh^bgdhg_pdZq_e_cwcabkNehj_gkgZ^jm]hcHghimklbeky\gbabhgbih^gyebkv
&#x_;&#xjo;&#xg;º&#x;&#x_;&#xjo;&#x;&#xgb; ;&#xN;h;&#xj_;&#xgk;&#x;&#xij; `; f;&#xZx;&#xsZ;&#xyk;&#xy;&#xki; g;&#xhc;
&#x`; h;&#xlm;�\_jo\gba\\_jo\gbaNehj_gkijb`bfZxsZykykibghcd`b\hlmwcab\ba`ZeZhl\hklhj]Z
��wcabohl_ehkvieZdZlvhqdZ;_gZlZdZykeZ\gZy?_lZde_]dhex[blv
KeZ^dZyiuldZijh^he`ZeZkv^hl_oihjihdZ;_gg_gZijy]gh]bbg_hklZgh\bedZq_eb
?s_ihijhkbeZNehj_gk
�;_g\klj_lbeky\a]ey^hfkwcabbm\b^_\\__]eZaZo[hevihqm\kl\h\Zem]jua_gbykh\_klbQlh
�q_jlih[_jbhg^_eZ_lkg_c"KNehj_gk"Kgbfb\k_fb"Hgihh[_sZewcab^_j`ZlvNehj_gk
ih^Zevr_hlg__bg_k^_j`Zek\h_keh\h
GZk_]h^gy^hklZlhqghl\_j^hkdZaZehgke_aZyk^hkdbIhc^_fgZ^jm]b_dZq_ebHgbl_[_
lh`_gjZ\ylky
Hg\aye__gZjmdbbi_j_kZ^begZdZq_eb\bkysb_gZi_j_deZ^bg_bgZqZejZkdZqb\ZlvHgZkgh\Z
ijbgyeZkv\ba`ZlvbaZjZabl_evghkf_ylvky
�wcabgZ[ex^ZeZaZgbfbkb^ygZkdZf_cd_bg_ihgbfZydZdhgZkh]eZkbeZkv\wlhfmqZkl\h\Zlv
GZdhg_p;_ghklZgh\bedZq_ebkgyekgboNehj_gkbhgZih[_`ZeZd^_j_\ygghcehrZ^d_gZ
�ijm`bg_Hgk_egZkdZf_cdmjy^hfkwcabihklZ\beehdlbgZdhe_gbbk\_kbe\gbadbklbjmdM
g_]h[ueih^Z\e_gguc\b^
Ijhklbf_gyFg_ke_^h\Zehih^mfZlvij_`^_q_fhldju\ZlvjhlkdZaZehg
��ZL_[_g_ke_^h\ZehkijZrb\Zlvf_gy\__ijbkmlkl\bbkihdhcghhl\_lbeZwcabLu`_
agZeqlhyg_kfh]eZ[uhldZaZlvj_[_gdm
GZdehgb\]heh\mgZ[hd;_gihkfhlj_egZg__
Lufh]eZ[uhldZaZlvkyghihfh_fmijhklhg_aZohl_eZLu\u]ey^_eZlZdhc]jmklghcFg_
ihdZaZehkvqlhl_[_g_ohl_ehkvhklZ\Zlvkyh^ghc
Ihl\h_fmwlZijh]medZihreZfg_gZihevam"ijhbag_keZhgZkg_^h\_jb_fYlZdg_fh]m
;_gFuklh[hcgZqZeb\klj_qZlvky^eylh]hqlh[uohjhrhijh\h^blvk\h[h^gh_\j_fyK\b^Zgby
k_dkbgbdZdbokeh`ghkl_c\hldZdh\[uegZrm]h\hjGhyi_j_klZeZihemqZlvm^h\hevkl\b_;_g
f_klhwlh]hybkiulu\Zx[hevY^mfZeZfukfh`_fg_\uoh^blvaZjZfdbijZ\beghhrb[eZkv
?keblZd[m^_lijh^he`Zlvkyfu\k_ljh_[m^_fkljZ^ZlvLug_kfh`_rvijylZlvhlf_gyNehj_gk
ihkdhevdmfuklh[hckhk_^bZyg_ohqmkgh\Zb]jZlv\kqZkleb\mxk_fvxG_ohqmdg_c
ijb\yau\Zlvky
;_g\uijyfbekyb]em[hdh\^hogme
QlhgZfhklZ_lky"kijhkbehg[hykv__hl\_lZ
�wcabih`ZeZie_qZfb
Fuh[ZagZ_fqlhwlhgbdq_fmg_ijb\_^_lAZq_fijh^he`Zlv"
;_giehlghk`Ze]m[uDZdhgfh][ulvlZdbfb^bhlhf"_^v_fmkkZfh]hgZqZeZ[uehykghqlhm
gbogbq_]hg_ihemqblkyHgagZeqlhhgZi_j_`b\ZeZbaaZg_m^Zqgh]hjhfZgZbbohlghr_gby
jZa[_j_^ylklZju_jZgu
g_ihiZ^Zlvkyl_[_gZ]eZaZ
Db\gm\hgZih^gyeZkvkhkdZf_cdbihfZoZeZNehj_gkbmreZ
K^_eZeZlhqlh_cke_^h\Zehk^_eZlvg_kdhevdhg_^_evgZaZ^
�IZiZihq_fmwcabmreZ"
;_gly`_ehk]ehlgme
Mg__fgh]h^_e?]h]hehkijha\mqZelZdkeh\ghhglhevdhqlhijh]ehlbe]hjklvj`Z\uo
]\ha^_c
Fh`ghyihdZlZxkvk]hjdb"
Dhg_qghihrebhl\_lbe;_gjZklygm\]m[u\meu[d_
Hgihfh]Nehj_gkih^gylvkygZ]hjdmbhgZkt_oZeZkg__AZl_fkgh\Zbkgh\ZGZdhg_phg\aye__
aZjmdmbkdZaZe
Ihc^_f^hfhcIhjZm`bgZlv
�Fum\b^bfwcab"
�wcabaZgylZhl\_lbehgbihr_ed\hjhlZfNehj_gkk_f_gbeZjy^hfkgbfHgg_
&#x];&#xhe;&#xh;&#x_;&#xm;&#xg_;&#x]h;&#x_;&#xjl;&#x_e;&#xbk;&#xv;&#xke;&#xh;&#xZ;dhgljhebjh\Ze__ijhklhi_j_klZ\eyegh]b]heh\_mg_]h\_jl_ebkvkeh\Zwcab
Fuh[ZagZ_fqlhwlhgbdq_fmg_ijb\_^_l
GhhgZlZd_fmgm`gZKg_chg\i_j\u_aZfgh]he_lihqm\kl\h\Zek_[yihgZklhys_fmkqZkleb\uf
IZiZkfhljb
Nehj_gkreZihgba_gvdhfmdbjibqghfmaZ[hjqbdmIjbghjfZevguoh[klhyl_evkl\Zohg[u
g_f_^e_gghkgye__hllm^ZghhgebrvjZkk_ygghmeu[gmekybdj_iq_k`Ze__jmdm
G_h`b^Zgghh^bgbadbjibq_cihrZlgmekyih^__gh]hcbhgZgZqZeZiZ^Zlv;_gj_adh^_jgme__
jmdm\\_jo
?]hh]emrbe__bklhrgucdjbdbhglml`_himklbekygZdhe_gbijb`Ze__dk_[_bkiulu\Zy
qm\kl\h\bgu
G_lG_ljh]Zc
Nehj_gk\uj\ZeZkvba_]hh[tylbcH^gZ__jmdZg__kl_kl\_ggh\bk_eZi_j_^g_cIhljyk_gguc;_g
g_kdhevdhk_dmg^lmihkfhlj_egZg__
Hg\u\_jgme_cehdhlvHgg_fh]\wlhih\_jblvDZdhc`_hg[he\Zg
DZd\jZqhgagZ_lqlhgm`gh^_eZlvghhgg_fh`_lk^_eZlvwlhh^bgNehj_gk_]h^hqv?fm
ke_^h\Zeh[ulv\gbfZl_evg__
�Ihl_jib^hjh]ZyKdhjh\k_[m^_l\ihjy^d_Yiha\hgxwcabHgZijb^_lbihfh`_lgZf
�Hgfh][uiha\hgblv`_cgghhgZdm^Zlhm_oZeZba]hjh^ZkIbl_jhfGZ^h`__c[uehm_oZlv
bf_ggh\wlb\uoh^gu_
��hklZ\badZjfZgZfh[bevgucl_e_nhg;_ggZ[jZeghf_jwcabDh]^Z\dexqbeZkv]hehkh\ZyihqlZ
hgqmlvg_aZklhgZehlhlqZygbyHgm`_kh[jZekya\hgblv_cgZ^hfZrgbcghhgZi_j_a\hgbeZ_fm
;_gy
��wcabihfh]bHgZmiZeZkaZ[hjqbdZyko\Zlbe__aZjmdmb\u\_jgme_cehdhlv`_cgm_oZeZ
ihwlhfmyg_fh]m_ciha\hgblv
�wcab\koebigmeZbeb_fmihdZaZehkv"
OhjhrhGbdm^Zg_moh^bl_Yijb_^md\ZfgZfZrbg_bfuhl\_a_f__\[hevgbpm=^_\u"
fg_dg_cijbdZkZlvkyYg_fh]m
k_ohjhrhYijb_^md\ZfHklZ\Zcl_kvgZf_kl_
Hgb`^Zeb__dZdbolh^\_fbgmlugh;_gmihdZaZehkvqlhijhreZp_eZy\_qghklv?]hk_j^p_
mqZs_ggh[behkvd]hjemih^klmibeZlhrghlZ
�Nehj_gkwcabk_cqZkijb_^_lKy^vdhfg_gZdhe_gb
HgZk_eZijbkehgb\rbkvie_qhfd_]h]jm^bbko\Zlb\rbkvaZ\u\bogmlucehdhlv?_ojmidh_
l_evp_^jh`ZehdZdhkbgh\ucebkllbob_\koebiu\Zgby[uebm`Zkg__q_fijhgabl_evgu_djbdb
;_gZi_j_ihegyehqm\kl\h\bgu;m^vhg\gbfZl_evg__hg[um\b^_eqlhaZ[hjqbdkehfZgbkgye
[uNehj_gkkg_]hij_`^_q_fhgZmki_eZmiZklvIhq_fmhg\hh[s_iha\hebe_caZ[jZlvkygZwlh
ijhdeylh_h]jZ`^_gb_"Hg[uekebrdhfaZgylk\hbfbi_j_`b\Zgbyfbbg_^hkfhlj_eaZg_c
;_g"
�Ih^gy\]eZaZhgm\b^_ewcabkb^ysmxi_j_^gbfbgZdhjlhqdZoIjhlygm\jmdmhgZih]eZ^beZ
Nehj_gkih\hehkZf
&#xkl;&#xZ;&#xZc;&#x;&#x^h;&#xjh;&#x]Z;&#xy;&#xy;&#xh;&#xl_;&#xam;&#x;&#xZk;&#xk;&#xi;&#xZi;&#xhc;&#x;&#x[h;&#xev;&#xgb;&#xpm;&#x;&#x^h;&#xdl;&#xhj;&#xZ;&#xu;_;&#xqZ;&#xl;&#xlh;&#xx;&#xjm;&#xqd;&#xm;�klZ\Zc^hjh]Zyyhl\_am\ZkkiZihc\[hevgbpmb^hdlhjZ\ue_qZll\hxjmqdmh]h\hjbebkv"
Nehj_gkihdZqZeZ]heh\hc
G_ohqm\[hevgbpmijhju^ZeZhgZOhqmm\b^_lvey]mrdm
�Hg_lMwcabaZs_fbehk_j^p_bhgZkgh\Zih]eZ^beZ^_\hqdmih]heh\_\eh`b\\wlmeZkdm\kx
k\hxg_`ghklvdhlhjmxk^_j`b\ZeZklhevdh\j_f_gb
Ihke_[hevgbpuluaZc^_rvdg_cb\k__cjZkkdZ`_rvLu\_^vg_ohq_rvqlh[uhgZ
[_kihdhbeZkvijZ\^Z"
Nehj_gkdb\gmeZ
�wcabg_agZeZ]h\hjbeZhgZijZ\bevgu_\_sbbebg_lghihdjZcg_cf_j__cm^Zehkvm]h\hjblv
^_\hqdmk_klv\fZrbgmK_cqZkwlhkZfh_]eZ\gh_;_g\u]ey^blZ[khexlghjZkl_jygguf
ukZ^b\bom\oh^Z\hl^_e_gb_wdklj_gghcihfhsbhgZijbiZjdh\ZeZfZrbgmbhgb\klj_lbebkv
\gmljba^ZgbyNehj_gklboh\koebiu\ZeZ;_g]eZ^be__ih]heh\_r_iqZkeh\Zml_r_gby
&#xu;&#xm`;&#x_;&#xaZ;&#xj_;&#x]b;&#xkl;&#xjb;&#xjh;&#xZ;b;&#xkv;&#x";&#x;&#xki;&#xjh;&#xkb;Z;�um`_aZj_]bkljbjh\Zebkv"kijhkbeZwcabbhgdb\gmeYihc^mgZc^mdh]hgb[m^v
Ih\_jgm\]heh\mhgZm\b^_eZWg^b=weeZo_jZb^ms_]h\boklhjhgm
�Ijb\_lwcab
HgZbkiulZeZqm\kl\hh[e_]q_gbyWg^bhlebqguc\jZq
Ijb\_lLug_fh][uhkfhlj_lv^hqdm;_gZMhd_jZ"Mg__\u\boij_^ie_qvyHgZmiZeZk
h]jZ`^_gby\iZjd_Zhgg_m^Zqgh__ihcfZe
Ihgylghmeu[gmekyWg^bbihr_egZa\mdbju^ZgbcIjb\_l;_gkdZaZehg
himklb\rbkvi_j_^gbfbgZdhjlhqdbIjb\_lxgZye_^bDZd\Zkah\ml"
Nnehj_gkhl\_lbeZ^_\hqdZrfu]Zyghkhf
��Nehj_gkyWg^bYjZ[hlZx\f_kl_kwcabbl\hbfiZihca^_kv\[hevgbp_wcabkdZaZeZfg_
qlhluih\j_^beZjmdmFh`_rvfg_ihdZaZlv]^_[hebl"
Ijh^he`Zy\koebiu\Zlv^_\hqdZhklhjh`gh^hljhgmeZkv^hk\h_]hehdly
Gmqlh[m^_f\ijZ\eylv"
HggZdjue__ehdhlve_\hcjmdhcZdbklv\aye\ijZ\mxke_]dZih\_jgmejmdm^_\hqdbblml`_aZ
g__^_jgmeIhkeurZekys_eqhdNehj_gk\kdjbdgmeZg_fgh]hihogudZeZaZl_fke_aeZkdhe_g
��mfZxk__jmdhc\k_\ihjy^d_meu[gmekyWg^bwcab
wlhlfhf_gl;_gaZdjue]eZaZaZijhdbgme]heh\mbj_adhih[e_^g_e
Hg_lG_\a^mfZcl_jylvkhagZgb_kdZaZeWg^bko\Zlbe_]h]heh\mh[_bfbjmdZfbbgZdehgbe
\i_j_^
Q_j_ag_dhlhjh_\j_fy;_g\uijyfbekyaZfhj]Zebljyogme]heh\hc
Ijhrmijhs_gbyWlh\k_]hebrvrhdG_fh]mih\_jblvqlhy[uelZdbf[he\Zghfk_
ijhbahreh\kqblZgu_k_dmg^uHgZgZqZeZiZ^Zlvkh]jZ`^_gbyZyj_adh^_jgme\\_jo__jmdmWlh
y\h\k_f\bgh\Zl
Gbq_]hkljZrgh]hY\ijZ\be_cjmdmKg_c\k_\ihjy^d_gh^mfZxgZfke_^m_lk^_eZlv
kgbfhdqlh[ui_j_kljZoh\ZlvkyFh`ghfuknhlh]jZnbjm_fl\hxjmdmNehj_gk"
�eyfZfu"kijhkbeZhgZ
�H[h`_ijh[hjfhlZe;_gdhlhjhfmij_^klhyeg_ijhklhcjZa]h\hjk`_cg
Wlhhkh[Zynhlh]jZnbyGZg_c[m^ml\b^gul\hbdhklhqdb
Wlh[hevgh"Ih^[hjh^hdNehj_gkaZ^jh`Ze
�G_lmeu[gmeZkvwcabKh\k_fg_[hevghdZdijbh[uqghcnhlh]jZnbbGhl_[_gm`gh
[m^_lkb^_lvg_ih^\b`ghqlh[ukgbfhdg_ihemqbekykfZaZgguf
Luihc^_rvkhfghc"
G_lKlh[hcohq_lihclbl\hciZiZl\_j^hkdZaZeZhgZi_j_deZ^u\Zyhl\_lkl\_gghklvgZ
;_gZ
Ih^gy\rbkvhgijhlygmeNehj_gkjmdmghlml`_i_j_^mfZebih^gye__gZjmdb
Ydmiex_cih\h^vy^eyfZeur_cdhlhju_mqZlkyoh^blvqlh[u[hevr_g_[jZlv__aZjmdm
ijh[mjqZehg
Wg^bfy]dhjZkkf_yeky
G_dhjbk_[yLug_i_j\ucbg_ihke_^gbcjh^bl_evdhlhjucg_^h]ey^_eaZk\hbfj_[_gdhf
KmklZ\iheghklvx\hkklZgh\blkyq_j_ar_klvg_^_evlZdqlh\l_q_gb_wlh]h\j_f_gb_cgm`gh[ulv
hklhjh`g__qlh[ug_[uehj_pb^b\Z
�HlebqghFg_ijb^_lkyh[tykgylvkyk__fZl_jvxijh[mjqZe;_gke_^myaZgbfbwcab\
j_gl]_gh\kdbcdZ[bg_l
DZd\ua^_kvhdZaZebkv"kijhkbeWg^b
�Y`b\mg_ih^Ze_dmhliZjdZ\dhlhjhfhgbb]jZebhl\_lbeZwcabFukhk_^bYijb\_aeZ
bokx^ZBfih\_aehqlhyhdZaZeZkvjy^hf
�Zg_klb__gZjmdZo[ueh[uijh[e_fZlbqghLufh`_rvhl\_albbo^hfhc"
Dhg_qghfh]m
�Z`_g_kfhljygZlhqlh^ZeZk_[_keh\h[hevr_g_bf_lvkgbfbgbdZdbo^_eih^mfZeZ
�wcab
Ihq_fmmg__gbdh]^Zgbq_]hg_b^_lihieZgm"
Yohqmey]mrdmijhbag_keZNehj_gkdh]^Zhgb\_jgmebkv^hfhcHgZih\lhjyeZwlh\kx
^hjh]mghhgg_iha\hebl_c^_j`Zlv\[hevghcjmd_ly`_eucdmkhq_d[_lhgZ
;_g\a^hogmeIhke_\k_oihljyk_gbck_]h^gyrg_]h^gy_fmohl_ehkvgZclbmdjhfgucm]hehdb
kijylZlvkylZf
djh\Zlv
DmiZgb_[uehgZklhysbfdhrfZjhf;_g[hyekyk^_eZlvqlhlhg_lZdbijbqbgblv_c[hevdhgp_
dhgph\hg\aye__aZ[hdZb\ulZsbeba\ZgguGZk]b[___jmdbg_[uehgbkbgydZgbhl_dZgh
dh]^ZhggZqZehklhjh`gh\ulbjZlv__ihehl_gp_fNehj_gkhl^_jgmeZ__
Yohqmey]mrdmkgh\ZkdZaZeZhgZbgZqZeZieZdZlv
?fmke_^h\ZehihclbgZmebpmbijbg_klb__Hg\kihfgbeqlhhgZgZoh^blky\_]hkZ^mjy^hfk
�p\_lZfbdhlhju_wcabih^ZjbeZNehj_gk
�?]hfbeZy^hjh]Zywcabhllhevdhhq_\b^ghhgZ[hevr_g__]hihlhfmqlhhgijbqbgbe_c[hev
gZjmrb\bo^h]h\hj_gghklv
lhfqlhk_]h^gyijhbahreh\bgh\Zlhgh^bg?fmg_ke_^h\Zehij_^eZ]Zlv_cihclbkgbfb
�Hgh^_\ZeNehj_gk^mfZyb^lb_fmaZey]mrdhcbebg_ldh]^ZmkeurZe]hehkwcab^hghkysbcky
kgbam
;_g"Yfh]mih^gylvky"
�Hgly`_ehk]ehlgmehe`gh[ulvhgZ\hreZq_j_aaZ^gxx^\_jv
Dhg_qghFu\\Zgghc
�Dh]^Z;_ghldjue^\_jv\Zgghchgm\b^_ewcabkiZd_lhf\jmdZo
YdmibeZwlhdh^gx__jh`^_gbylbohijhbag_keZhgZghgZ\_jgh_[m^_lemqr_k^_eZlv
_cih^Zjhdk_cqZkA^_kvih^mrdZkey]mrdhcbdgb]ZYih^mfZeZmg__[ueljm^guc^_gv
Mgbom\k_o[ueljm^guc^_gv
�wcabwlhhq_gvfbehkl\h_cklhjhguijhbag_k;_gk^Z\e_ggufhlwfhpbc]hehkhf
Dg_fmih^hreZNehj_gk
IZiZ]h\hjblqlhyg_fh]mm\b^_lvey]mrdmihlhfmqlhhgZkiblkdZaZeZhgZ
�Meu[dZwcabaZ^jh`ZeZK_\gZdhjlhqdbhgZaZkmgmeZjmdm\iZd_lb^hklZeZih^Zjdb
YagZxghyijbg_keZ^eyl_[y\aZf_gdh_qlh^jm]h_Wlhih^mrdZkey]mrdhcLukfh`_rv
^_j`ZlvgZg_ck\hx[hevgmxjmqdmihdZiZiZ[m^_ll_[_qblZlvgh\mxdgb`dmHgZijhey]mrhgdZ
Nj_^^b
=eZaZNehj_gkaZ]hj_ebkvIjb`Z\ih^mrdmd]jm^bhgZihkfhlj_eZgZdgb`dm
�wcab[m^_lfg___qblZlv
�GZf]gh\_gb_;_gih^mfZeqlhwcabhldZ`_lkyghhgZ\ayeZNehj_gkaZjmdmbih\_eZ\__
dhfgZlm
OhjhrhGhlhevdhh^bgjZa
HgZmdjueZ^_\hqdmh^_yehfiheh`beZ__[hevgmxjmdmgZgh\mxih^mrdmk_eZgZdjh\ZlvlZd
qlh[uNehj_gkfh]eZ\b^_lvdZjlbgdbbgZqZeZqblZlv
Dh]^Zdgb`dZaZdhgqbeZkvNehj_gkihijhkbeZqlh[uhgZijhqblZeZ___s_jZaa]ey^^_\hqdb[ue
�lZdbfmfheyxsbfqlhwcab\hij_dba^jZ\hfmkfukemkh]eZkbeZkv;_gkb^_egZ^b\Zg_himklb\
]heh\mEbph_]h[uehfjZqguf
GZdhg_p[he_mlheyxs__k^_eZehk\h_^_ehNehj_gkaZdjueZ]eZaZbgZqZeZaZkuiZlvIjhqblZ\_s_
�kljZgbpmwcabhleh`beZdgb]mbgZpuihqdZo\ureZbadhfgZluHklZ\b\^\_jvijbhldjulhc;_g
ijhke_^h\ZeaZg_c\gba
Fg_lZd`ZevK_]h^gy[uem`Zkguc^_gvkdZaZehg
agZebdZdbfk_[y\_klb\wlhckblmZpbbG_kdhevdhqZkh\gZaZ^hgZjZahj\ZeZbohlghr_gbygh
k_cqZkqlhlhg_^Z_l_cmclb
G_gZ^hba\bgylvky;_ghl\_lbeZhgZLugb\q_fg_\bgh\Zlk_\ihjy^d_
G_lBlulh`_g_\ihjy^d_lbohijhbag_khgYihijhkbeml_[ykebrdhffgh]hblu
[_ajhihlghwlhk^_eZeZG_agZxdZdl_[yb[eZ]h^Zjblv
Y\k_]hebrvhl\_aeZ\Zk\[hevgbpm
Yk_cqZkbf_x\\b^mg_lhevdhwlhY]h\hjxhl\h_c[_kdhg_qghc^h[jhl_HlhfdZdlu
\ujmqbeZf_gy\lhl^_gvdh]^Z\fh_cdmog_h[\ZebekyihlhehdLum[jZeZfmkhjiha\hebeZfg_
\hkihevah\Zlvkyl\h_c\Zgghc\ua\ZeZfZkl_jZhl^ZeZ\qbkldmfhcdhklxfIh^ZjbeZNehj_gk
p\_lu;ueZjy^hfkhfghc\ljm^gu_^gbb^_ebeZkhfghcfbgmlujZ^hklbhh[s_^_ebeZkh
fghc\k_qlhml_[y[uehgbq_]hg_ijhky\aZf_gGZ\_jgh_luihljZlbeZdmqm\j_f_gbgZlh
qlh[ugZclbih^Zjdb^eyNehj_gk
G_lIh^mrdmykemqZcghm\b^_eZgZ\bljbg_eZ\dbj_f_ke_gguoba^_ebcZdgb]m\khk_^g_c
eZ\d_ih^_j`Zgguo\_s_cDgb]Zg_gh\Zyghm\b^_\__ykjZamih^mfZeZhNehj_gkDZ`_lky
k_]h^gyh[Zih^ZjdZijbrebkvdklZlb
�ZKiZkb[hl_[_aZl\hxqmldhklv
�;_gijh\_eeZ^hgvxihebpmDh]^Zhgkgh\Zihkfhlj_egZwcab_]h]eZaZ[e_kl_eb
Lu\k_]^ZqmldZy^h[jZybaZ[hleb\Zyg_lZdeb"k_]^ZklZ\brvbgl_j_ku^jm]boex^_c\ur_
�k\hboYl_[yg_^hklhbgwcabLuijZ\ZFug_fh`_fijh^he`ZlvgZrbhlghr_gbyk_qlh
f_`^mgZfbijhbkoh^bl^_eZ_ll_[yg_kqZklghcZfg_[hevghgZl_[ykfhlj_lvdh]^Zlug_kqZklgZ
Lu^_eZ_rvf_gykqZkleb\hcijhbag_keZhgZk^Z\e_gguf]hehkhfIjhklhkblmZpby\
dhlhjhcfuhdZaZebkvkebrdhfkeh`gZybfugbq_]hg_\kbeZobaf_gblvYjZ^Zqlhkfh]eZ
k_]h^gyl_[_ihfhqv?kebl_[__s_dh]^Zgb[m^vihgZ^h[blkyfhyihfhsvh[jZsZckyghy[hevr_
g_ohqm\b^_lvNehj_gk
Bf_gy]jmklgh^h[Z\behg
JZamf__lky_c[ueh[uijhs__]haZ[ulv_keb[uhgbg_[ueb\ugm`^_gu\klj_qZlvkydZ`^uc
^_gvGhhgZg_fh`_lijhkblv_]hihf_gylvjZ[hlmb`bev_Wlh[ueh[ukebrdhf
Wlhg_\hafh`ghkdZaZeZhgZ
Gh[ueh[ugZfgh]hijhs__keb[uyg_`be\khk_^g_f^hf_Yi_j__^mAZdhgqmj_fhglbjh\Zlv
^hfijh^Zf_]hdmiex^jm]hcbhklZ\exl_[y\ihdh_GZ^_xkvlug_klZg_rv\hajZ`Zlv_kebfu
ijh^he`bfjZ[hlZlv\f_kl_"
HgZ\wlhfkhfg_\ZeZkv
M\_j_gZfukijZ\bfkyYm_^mg_luYgZc^m^jm]mxjZ[hlmKZnnhed_ihegh[hevgbpY
kfh]mj_]meyjghgZ\_sZlvWfbLuh[mkljhbrvkya^_kvkfh`_rvaZ[hlblvkyhNehj_gkb^_eZlv
dZjv_jmFg_ijhs_m_oZlvhlkx^Zq_fl_[_
�?]hq_jlubkdZabebkvdZdhl[hebG_fgh]hihf_^eb\wcabgZdehgbeZkvbg_`ghdhkgmeZkv]m[Zfb
_]h]m[
IhdZ;_gfy]dhijhbag_keZhgZaZl_fhldjueZ^\_jv\ureZgZmebpmblbohaZdjueZ__aZ
kh[hc
Ijb^ydk_[_hgZjmogmeZgZ^b\Zg\]hklbghcbaZju\rbkvebphf\ih^mrdmaZju^ZeZ
JZamf__lkyhgZkhe]ZeZIjh^he`ZlvjZ[hlZlv\f_kl_kgbfhdZaZehkvg_ijhklhIh\hafh`ghklb
hgbklZjZebkv^_j`Zlvkyih^Zevr_^jm]hl^jm]ZDh]^Z_cklZgh\behkvkebrdhfly`_ehWfb
hl\e_dZeZ__jZa]h\hjZfbaZqZrdhcdhn_
Bgh]^Zbfg_m^Z\Zehkv^jm]^jm]Zba[_]ZlvblZdb_fbgmlu[ueb^eyg__gZklhys_ciuldhc
ihg_^_evgbd\h\j_fyijb_fZ\`_gkdhcdhgkmevlZpbbhgZhl^uoZeZhllhihlZfZe_gvdbogh`_db
^_lkdh]hkf_oZdhlhjucg_^Z\Ze_cihdhy\\uoh^gu_
JZa\^\_g_^_ebhgbk;_ghfg_b[_`gh\klj_qZebkv^eyh[ke_^h\ZgbyF_eZgb=jb\ab__fhfh
[ebag_ph\Boimih\bgukgZqZeZi_j_imlZebkvaZl_fjZkimlZebkvZd^\Z^pZlbg_^_eyfkgh\Z
i_j_ie_ebkv
�Kgbfb\k_[m^_l\ihjy^d_"kijhkbeZwcabklhyjy^hfk;_ghfb]ey^ygZlj_of_jgh_
bah[jZ`_gb_^_\hq_d[ebag_ph\
Hgih`Zeie_qZfb
�Yg_agZxYkh[bjZxkvgZagZqblv_cf_^bdZf_gluqlh[umf_gvrblvdhebq_kl\h`b^dhklbhkbo
ihjhgbijh^_j`ZebkvQ_j_ar_klvg_^_evfh`_lqmlvf_gvr_hgb[m^ml`bag_kihkh[gufbLh]^Z
fubj_rbfqlh^_eZlvIhdZkgbfb\k_\ihjy^d_
Qlh^Zevr_"?`_g_^_evgh_MAB"
�Z^h^\Z^pZlv\hkvfhcbeb\hafh`gh^h^\Z^pZlvr_klhcg_^_ebIhlhfyiheh`m__\
klZpbhgZjk_aZ\bkblhllh]hdZd[m^mlk_[y\_klbwlb^\h_YgZf_j_gj_rZlvijh[e_fuihf_j_
boihy\e_gby
�wcabdb\gmeZ
IjZ\bevgh:k_cqZk_kebl_[_[hevr_g_gm`gZfhyihfhsvyihc^mMf_gy_s_ihegh
iZpb_glh\kdZaZeZhgZ`_eZyihkdhj__mclb
;_gih`Zeie_qZfb
HgZg_ohq_l[ulvjy^hfkgbfbhgij_djZkgh__ihgbfZ_lGZoh^blvkykg_c\h^ghcdhfgZl_bg_
ijbdZkZlvkydg_cagZlvqlh\_q_jhfhgbg_[m^ml\f_kl_m`bgZlvbaZgbfZlvkyex[h\vx^eyg_]h
gZklhysZyiuldZ
=hkih^bdZd`_hgihg_ckhkdmqbeky
KlmiZcdgbfYkZfih]h\hjxk=jb\aZfb?kebqlhgb[m^vbaf_gblkyy^Zfl_[_agZlv
Ohjhrh
Ihke___moh^Z;_gaZdjue^\_jvijbkehgbe]heh\mdkl_g_bk^_eZe]em[hdbc\^hoWlh[ueZ
iehoZyb^_y\ha^mo_\blZee_]dbcZjhfZl__rZfimgyHggZihfgbe;_gmhkqZkleb\uo\j_f_gZo
dh]^Zhgfh]aZjulvkyebphf\__\hehkub\^uoZy_]hm^b\eylvkyqlhhgk^_eZeqlh[uaZkem`blv
�wcab
Gbq_]hHgg_kfh]k^_eZlvkqZkleb\hck\hx[u\rmx`_gmg_kfh]h[_ki_qblvg_h[oh^bfmx
�[_ahiZkghklvNehj_gkg_k^_j`Zeh[_sZgb_dhlhjh_^Zewcab
G_`_eZyijh^he`Zlvwlhlg_ijbylguckibkhdhghldjue^\_jvbhlijZ\bekydfbkl_jmbfbkkbk
=jb\a
QlhlugZ^_g_rvgZk\Z^v[mEZmju"kijhkbeZWfb
�G_aZ^he]h^hwlh]hhgZ\ua\ZeZwcab\jh^bevgmxiZeZlmblZkihfhsvx\ZdmmfwdkljZdlhjZ
ihfh]eZiZpb_gld_jZaj_rblvky
Zii_lbl
Yg_ohqmh[wlhf^mfZlv
K\Z^v[Zq_j_a^_kylv^g_cLu^he`gZh[wlhf^mfZlv
�wcabih`ZeZie_qZfbYg_ohqmgZg___oZlv
YagZxYlh`_g_ohqmghEZmjZjZkkljhblky_kebfug_ijb_^_fHgZgZgZkjZkkqblu\Z_l
Ihq_fm[ugZfg_kt_a^blv\wlb\uoh^gu_\D_f[jb^`"Mkljhbfk_[_g_[hevrhc^_\bqgbdFu
^Z\ghm`_wlh]hg_^_eZeb
�wcabhsmlbeZmdhekh\_klb
Ohjhrhhl\_lbeZhgZls_lghiulZykvgZclb\k_[_ohlvdZiexwglmabZafZ
;_a;_gZ__`bagvebr_gZdjZkhdKfh`_lebhgZkgh\Zdh]^Zgb[m^vklZlvij_`g_c"
�Hwcabfg_lZd`Zevijh[hjfhlZeZWfbbhgZihgyeZqlhih__s_d_dZlblkyke_aZb
ihki_rgh__kfZogmeZ
G_gZ^h[ulvkhfghcex[_aghcYijZ\^Zg_fh]mkijZ\blvkykwlbf\^Zggucfhf_glFg_
gm`ghg_kdhevdh^g_c
Ghm`_ijhrebg_^_ebaZf_lbeZWfbKdhevdh"Ljb"Q_luj_"
�Q_luj_g_^_ebbljb^gymfZxyhlkx^Zm_^mYkdZaZeZh[wlhf;_gm_s_f_kypgZaZ^ghihdZ
g_gZreZih^oh^ysmxjZ[hlm
Lukh[bjZ_rvkyi_j__oZlv\^jm]h_f_klh"EbphWfbihfjZqg_ehFg_[m^_lhq_gvl_[yg_
o\ZlZlv
Fg_l_[ylh`_ghy[hevr_lZdg_fh]m;hevrmxqZklv\j_f_gb;_g]^_lhjy^hfbfg_ohq_lky
hlg_]hkijylZlvkyDh]^Z_]hg_ly_]hbsmFg_ijZ\^Z`ZevWfb
�GZ]eZaZwcabkgh\ZgZ\_jgmebkvke_aubhgZiehlghaZ`fmjbeZkvHgZkeurZeZdZdWfb
aZr_\_ebeZkvb\klZeZbaaZklheZDh]^ZhgZhldjueZ]eZaZWfbm`_g_[uehIhkj_^bdZ[bg_lZ
klhye;_g
Qlhkemqbehkv"kijhkbeZhgZIhq_fmlua^_kv"
�Gbq_]hg_kemqbehkvIjhklhyg_fh]m\b^_lvl_[ylZdhcwcab
;m^_fgZ^_ylvkyqlhl_[_g_ijb^_lky^he]hgZf_gykfhlj_lvYm`_ijhkfZljb\Zxh[ty\e_gbyh
\ZdZgkbyohafh`ghy\_jgmkv\Ehg^hg
YkijhrmFwllZg_gm`_geb_fmohjhrbchj^bgZlhj
Ijhrml_[yg_[_kihdhckyYg_ohqmdZ`^uc^_gvklZedb\Zlvkykl\h_cdhib_c
Hg\a^hogme
Yh[a\hgxk\hboagZdhfuo\jZq_chafh`gh]^_gb[m^v_klvhldjulZy\ZdZgkby
G_gZ^hykZfZgZc^mk_[_jZ[hlmk_\ihjy^d_
klZ\baaZklheZhgZmreZkijyfhckibghcb]hj^hih^gylhc]heh\hc;_gijhdeyelhl^_gvdh]^Z
\i_j\u_m\b^_e__bgZjmrbe__ihdhc

&#x_f;&#x[j;&#xb^;&#x`_;&#x;&#xdZ;
&#xh[;&#xuq;&#xgh;&#x;&#xpZ;&#xjb;&#xeZ;&#xk;&#xm_;&#xlZ;&#x;&#xgh;&#x;&#xih;
&#xjZ;&#xcg;&#x_c;&#x_j;&#x_;&#xl;&#xZf;&#xg;&#x_;&#x[u;&#xeh;&#x;;&#x_g;&#xZ;&#xk;&#xNe;&#xhj;&#x_g;&#xk;�D_f[jb^`_dZdh[uqghpZjbeZkm_lZghihdjZcg_cf_j_lZfg_[ueh;_gZkNehj_gkbwcab
gZreZk_[_ieZlv_^eyk\Z^v[u
ihke_^g__\j_fyhgZkljm^hffh]eZaZklZ\blvk_[y_klvihwlhfm_cihgZ^h[bekyf_gvrbcjZaf_j
q_fh[uqgh
Hgh\_ebdhe_ighkdZaZeZWfb;_jb_]hbihrebdm^Zgb[m^vi_j_dmkbf
hafh`ghfg_m^Zklky_]haZ[ulvih^mfZeZhgZkgZ^_`^hc
Ghdh]^ZhgbaZ\_jgmebaZm]hehgZm\b^_eZlZffm`qbgmdhlhjucgZk_dmg^mihdZaZeky_c
ihoh`bfgZ;_gZb__k_j^p_[_r_ghaZdhehlbehkv
AZ[ulv_]h"Lhqghg_\wlhc`bagb
Dh]^Zhgb\_jgmebkvChdk[mj]hgZ\ukZ^beZWfb\gZqZe___mebpubijyfbdhfgZijZ\beZkv
^hfhcIhke_mlhfbl_evgh]hrhibg]Zmg__[he_ebgh]b?cohl_ehkvihkdhj__ijb_oZlv^hfhc
k[jhkblvlmnebgZ^_lvlj_gbjh\hqgu_[jxdbbmxlghmkljhblvkygZ^b\Zg_kqZrdhcqZybdhrdhc
BaZdjulv^\_jvqlh[ug_keurZlv;_gZbNehj_gk
;_gkb^_emk_[ygZklmi_gvdZoih]jm`_gguc\k\hbfukeb
Bebwlhg_;_g"HgZhldjueZjhlghlml`_aZdjueZ_]hbaZf_jeZgZf_kl_dh]^Zhgih^gyeky
&#xu;&#x^;&#xhe;&#x`g;&#xh;&#x[u;&#xlv;&#x;�u^he`gh[ulvwcabijhbag_kfm`qbgZ]hehkhf;_gZb__imevkmqZklbeky
Fwll"
?]h]m[ujZklygmebkv\meu[d_ihoh`_cdZd^\_dZieb\h^ugZmeu[dm;_gZihdhlhjhchgZlZd
khkdmqbeZkv
JZ^k\ZfbihagZdhfblvkyFhc[jZldm^Zlh\ur_eM\ZkkemqZcghg_ldexqZhl_]h^hfZ"
�wcabihdZqZeZ]heh\hc;hevr_g_lGhhgZg_fh`_lhklZ\blvFwllZaZ^\_jvx
Ihq_fm[u\Zfg_aZclbdhfg_"g_hohlghij_^eh`beZhgZYdZdjZakh[bjZeZkvdbiylblv
qZcgbd;_g\Zk`^_l"
jh^_lh]hYkdZaZeqlhijb_^mghg_kfh]gZa\Zlvlhqgh_\j_fyY\_kv^_gvjZ[hlZe
Kgh\Z[ebag_pu"
G_l[mfZ`gZyjZ[hlZYlZdihgyem\Zk_klvfhfh[ebag_puBf_gghihwlhcijbqbg_yb
ijb_oZekx^ZOhqmm\b^_lvbokh[kl\_ggufb]eZaZfb\ihg_^_evgbdGZjZ[hl_mf_gy\k_
kihdhcghlZdqlh^_g_dfh`ghijh]meylv
?cgm`ghg_f_^e_gghij_^mij_^blvWfb
�wcabhldjueZ^\_jvbFwlli_j_rZ]gm\q_j_aaZ[hjqbdijhke_^h\ZeaZg_c\__^hf
DZdkljZgghHgbk;_ghfihoh`bdZd^\_dZieb\h^ughdFwllm__kh\k_fg_\e_q_l
�IhdZdbiylbeZkv\h^ZwcabgZ[bjZeZl_dklh\h_khh[s_gb_^eyWfbaZl_f^hklZeZ^\_djm`db
ZfqZcbebdhn_"
Dhn__kebfh`gh
GZlmjZevgucbebjZkl\hjbfuc"Kdhn_bghfbeb[_a"
FwlljZkkf_yeky
Ex[hcQ_jguckh^ghceh`dhckZoZjZ
;_glh`_lZdhcij_^ihqblZ_l
HgZk\ZjbeZgZlmjZevgucdhn_bk_eZaZklhek[hdmhlFwllZ
u]heh^gu"Mf_gy_klvi_q_gv_
Nehj_gkjZkkdZau\ZeZfg_ijh\Zr_i_q_gv_
�he`gh[ulvqlhlhijhbahrehk__ebphfihlhfmqlhhgih^Zeky\i_j_^b\klj_lbekykg_c
\a]ey^hfdh]^ZhgZ\_jgmeZkvklZj_edhci_q_gvy
;_gg_kdZaZefg_qlhkemqbehkvghhgi_j_klZeh\Zk]h\hjblvYlZdihgbfZxm\Zkg_\k_
ohjhrhijhbag_khgkihdhcguflhghfKm^yih_]h]hehkmhgg_kqZkleb\
Wlhfm_klvijbqbgu
Hgb\k_]^Z_klv
Yij_^mij_^beZWfbhlhfqlh\ua^_kvkdZaZeZhgZijbklZevgh]ey^ygZg_]h
HgaZf_jgZf_kl_
Ohjhrhyg_[m^m\f_rb\Zlvky\\Zrbhlghr_gby_keb\ug_[m^_l_\f_rb\Zlvky\gZrb
�h]h\hjbebkv
DklZlbhgkdZaZefg_qlh\up_em_l_kvdZd[h]bgy
�wcabqmlvg_mjhgbeZqZrdmkdhn_hll_[_bk^_edZ
Dh]^Zhg\ZfwlhkdZaZe"ijhibsZeZhgZ
GZke_^mxsbc^_gvihke_\Zr_]hagZdhfkl\ZWlhgZg_]hg_ihoh`_H[uqghhg[he__
hkfhljbl_e_g
DZdb\k_fuijh[hjfhlZeZhgZ^mfZydh]^Z\_jg_lky;_gbm\_^_lk\h_]h[jZlZIhq_fm
[u\Zfg_hlijZ\blv_fmkhh[s_gb_bg_kdZaZlvqlh\ua^_kv"
G_lwlhfkemqZ_hg[m^_la^_kvq_j_a^_kylvk_dmg^Zyohqmih[eb`_ihagZdhfblvkyk
`_gsbghcdhlhjZyjZa[beZk_j^p_fh_fm[jZlm
�wcabk]ehlgmeZ
Kq_]h\uwlh\ayeb"
FwllebrvjZkkf_yeky\hl\_l
YihgyeZ\umf__l_qblZlv_]hfukeb
wlhfg_lg_h[oh^bfhklbDh]^Z;_gkljZ^Z_lhgaZfudZ_lky\k_[_Wlhe_]dhjZkihagZlv
�Ihlhfmqlh\ukZfblZdk_[y\_^_l_"kijhkbeZwcabbhgdjb\hmeu[gmeky
M^b\bl_evghghFwll^eyg__lZdZy`_hldjulZydgb]ZdZdb;_gH^ghg_agZqbl_evgh_^\b`_gb_
ebp_\h]hfmkdmeZlZdh_`_dZdm_]h[jZlZh^bgagZdhfuc`_klbhgZagZ_lhq_fhg^mfZ_l
�Hq_gv`Zevqlh\ujZkklZebkvmfZxhg\ZkihgZklhys_fmex[bl
YagZxghmgZk[uebijbqbgu
Fuhiylvdwlhfm\_jgmebkva^hogm\hgh]ey^_ekyihklhjhgZfOhjhrbc^hfL_i_jvy
ihgbfZxqlh;_g\g_fgZr_e
�Ym_a`Zxhlkx^ZkdZaZeZwcabb_]h[jh\bkhrebkvgZi_j_ghkbp_
BaaZ;_gZ"
BaaZ;_gZBaaZNehj_gkBaaZlh]hqlhfh`_lg_\u^_j`Zlv_kebihke_ijh^he`bl_evguo
hlghr_gbckgh\ZhklZg_lkyh^gZ
;_g]h\hjblqlhohjhrhjZa[bjZ_lky\h\k_fdjhf_hlghr_gbc
�Wlheh`gZykdjhfghklvHghq_gvohjhrh\gbojZa[bjZ_lkyKemqZck`_cg_^bgbqguc?fmg_
ke_^h\ZehgZg_c`_gblvkyghdh]^ZhgbgZqZeb\klj_qZlvkyhgf_gyg_hkh[_gghkemrZe
�wcabohl_eZmagZlv[hevr_gh\wlhlfhf_glmkeurZeZs_eqhdaZfdZaZkl_ghcblhg_gvdbc]hehk
Nehj_gk
�Fufh`_fgZ\_klblvwcabiZiZ"
HgZaZdmkbeZ]m[mbhl\_jgmeZkvghij_`^_Fwllmki_em\b^_lv[hev\__]eZaZoa^hogm\hg
ih^gyekyiheh`beeZ^hgv_cgZie_qhbih[eZ]h^ZjbeaZdhn_
HklZ\Zcl_kva^_kvYkZfgZc^m^hjh]mkdZaZehg
=^_hg"]hehk___ih^jm]bkeurZekykljZo
Lhevdhqlhihr_ed[jZlm;_gZg_[ueh^hfZbyijb]eZkbeZ_]hgZqZrdmdhn_
Mg_]h\k_\ihjy^d_"
�DZ`_lky^Zkhe]ZeZwcabihfgyqlhh[_sZeZFwllmg_\f_rb\Zlvky\bokWfb^_eZHg
ijb_oZeqlh[u\ihg_^_evgbd\a]eygmlvgZfhfh[ebag_ph\
BihagZdhfblvkyk`_gsbghcjZa[b\r_ck_j^p__]h[jZlmDZd[m^lhwlhg_\aZbfgh
�@Zevqlhm\Zkkwcabgbq_]hg_\ureh
HlklZ\b\\klhjhgmqZcgbd;_gkf_jbe[jZlZbki_i_eyxsbf\a]ey^hf
G_e_avg_\k\h_^_eh
M`_\e_aHgZaZf_qZl_evgZy`_gsbgZM]hklbeZf_gydhn_
�Zh^bgij_djZkguc^_gvhgZklZg_ldhfmgb[m^vhlebqghc`_ghc
Lu^mfZ_rv"
�YklZjZxkvg_^mfZlvhwcabZlufg_hg_cgZihfbgZ_rvijh\hjqZe;_g\dexqb\
qZcgbdLukh[bjZ_rvkyaZclbdWfbihdZ[m^_rvgZoh^blvkya^_kv"kijhkbehgb
ih\_jgm\rbkvm\b^_e[hevijhf_evdgm\rmx\]eZaZo[jZlZ
�G_^mfZxqlhwlhohjhrZyb^_ywcabij_^mij_^beZ__hlhfqlhya^_kvM\_j_ghgZ
kijyq_lkyH[uqghhgZba[_]Z_l\uykg_gbyhlghr_gbc
Luohq_rv\uykgblvkg_chlghr_gby"
G_hkh[_gghIhkemrZcfh`_lhklZ\bfwlml_fm"HgZkebrdhfebqgZy
;_gihkfhlj_egZebphFwllZgZdhlhjhfi_qZevhklZ\beZfhjsbgubly`_eh\a^hogm\hl\_jgmeky
blmihmklZ\beky\hdgh
Yex[ex__fy]dhijhbag_khgYg_fh]m__aZ[ulvY\ex[beky\wlhl^hfZihlhf
�ihagZdhfbekykhk\h_ckhk_^dhcwcabkZfZy^h[jZyba\k_o^_\mr_ddhlhjuoydh]^Zeb[hagZeB
kZfZyk_dkmZevgZy=em[hdh\^hogm\hgijh^he`beIhgZqZemfuijhklhijh\h^beb\f_kl_
k\h[h^gh_\j_fyGZkh[hbowlhmkljZb\ZehGbh^bgbagZkg_[ue]hlh\d[hevr_fmk_[ueh
kebrdhfohjhrhihdZfug_\ex[bebkv^jm]\^jm]Zbg_ihl_jyebdhgljhevgZ^k\hbfbwfhpbyfb
HgZgm`gZfg_Fwllghyg_fh]m_ch[eZ^ZlvGhb[_ag__ylh`_g_fh]m
Fwllih^hr_edg_fmbhi_jrbkvhdmohggmxklhcdmlh`_mklZ\beky\kZ^
Lu]hlh\^\b]Zlvky^Zevr_Luex[brv__ihgZklhys_fmKm^yihlhfmdZdh_mg__[ueh
\ujZ`_gb_ebpZdh]^Z\ukNehj_gk\_jgmebkvhgZl_[ylh`_ex[blDZdlukh[bjZ_rvky__
\ha\jZsZlv"
Yg_fh]mMg__m`_[ueg_]Zlb\guchiulih^h[guohlghr_gbcHgZijb\yaZeZkvd^hqdZflh]h
f_jaZ\pZZhg\_jgmekyd[u\r_c`_g_K_cqZkmg__qlhlh\jh^_^_`Z\xHgZ[hblky^h\_jylv
jZa\_^_gghfmfm`qbg_mdhlhjh]h_klvj_[_ghd;m^vy[_a^_l_g\k_[ueh[uih^jm]hfm
Lh_klv_c[uegm`_giZj_gvg_h[j_f_g_gguch[yaZl_evkl\ZfbZhgZ\klj_lbeZl_[y"
Qlhlh\wlhfjh^_
AgZqbldZf_gvij_ldgh\_gbywlhNehj_gk"
G_kh\k_fHgZh[h`Z_lNehj_gkIjhklhfuh[ZhdZaZebkv\kblmZpbyodhlhju_m`_[ueb\
gZr_c`bagbY^eyg___s_h^bgjZa\_^_ggucfm`qbgZkj_[_gdhfb[u\r_c`_ghcgZaZ^g_f
ieZg_ZhgZ^eyf_gy_s_h^gZ`_gsbgZkljZ^ZxsZybaaZg_m^Zqgh]hjhfZgZ
&#xjh;&#x^_;&#xl;&#xh];&#xh;&#xL;&#xhe;&#xvd;&#xh;&#xIb;&#xl_;&#xj;&#x;&#xh;&#xle; q; _;&#xh;&#xl;&#x[u;&#xr_;&#x]h;&#x[;&#xhc;&#xnj;&#x_g;&#x^Z;�jh^_lh]hLhevdhIbl_j\hlebqb_hl[u\r_]h[hcnj_g^Zwcabq_eh\_dihjy^hqgucGhlu
�ijZ\Y]hlh\dk_jv_agufhlghr_gbyfghihgyewlhlhevdhdh]^Zwcabhlf_gymreZGhdZdym`_
kdZaZehgZg_]hlh\Z
Lukfh`_rvih^h`^ZlvihdZhgZaZ[m^_lk\hcg_]Zlb\guchiul"
;_gfjZqghjZkkf_yeky
�YlZdkbevgh\g__\lj_kdZekyqlhfg_gbdlh[hevr_g_gm`_gHkh[_ggh`_cgDklZlbhgZ
kgh\Z\klj_qZ_lkykIbl_jhfIhoh`_mgbo\k_k_jv_agh
:ZHg\k__s_gZ\h_gghckem`[_"
��ZKdhjh_]hdhgljZdlaZdZgqb\Z_lky`_cggZ^__lkyqlhhgbih`_gylkyWlhlhq_]hhgZ
\k_]^Zohl_eZ
Fwlllboh\a^hogme
�LuijZ\^Z^mfZ_rvqlhm\Zkkwcab\k_[_agZ^_`gh"
�ZHgZfg_ykgh^ZeZihgylvqlhy_cg_gm`_gFh`_lo\Zlblh[wlhf"
G_fgh]hihfheqZ\Fwllhlhr_ehlklhcdbbgZofmjbeky
Lu\dexqbeqZcgbd^eylh]hqlh[ugZihegblvdmogxiZjhf"
Qlhluij_^eZ]Z_rv"
DZdlukfhljbrvgZlhqlh[uaZdZaZlvdZjjb"
OhjhrZyb^_y
Ml_[y_klvib\h"
Dhg_qgh
HlebqghLh]^Zyihc^m\^mrZluiha\hgb\j_klhjZgIhlhffuih]h\hjbfhfhfh[ebag_pZo
�wcab[hevr_g_\b^_eZFwllZ;jZlvybamqZebkemqZcF_e=jb\aZhgZaZgbfZeZkv^jm]bfb
iZpb_glZfbDlhfm\j_f_gbdh]^ZhgZaZdhgqbeZFwllm`_m_oZe\Ehg^hg
@Zevqlhhgg_aZ[jZekkh[hck\h_]h[jZlZih^mfZeZhgZ
?cm^Zehkvijh^_j`Zlvky^hdhgpZg_^_eb\uoh^gu_hgbkWfbhlijZ\bebkv\Ghllbg]_fgZ
&#xhi;&#xj_;Û&#x;&#xk_;;&#xkh;g;&#x_g; y;;�k\Z^v[mEZmjuhij_db\k_fkhfg_gbyfwcabg_iehohijh\_eZ\j_fy;m^vhgZkZfZkqZkleb\Z
[ueh[u_s_emqr_ghhgZkm^h\hevkl\b_fihh[sZeZkvkhklZjufb^jmavyfb?chdZau\ZebagZdb
\gbfZgby^\h_ohehkluoijbyl_e_c`_gboZghhgZh[hbf^ZeZhl\hjhlih\hjhl
GZke_^mxs__mljhihke_k\Z^v[uhgbkWfbihaZ\ljZdZeb\f_kl_kh\k_fbbih_oZeb^hfhcHgZ
[ueZjZ^Zqlh\k_aZdhgqbehkv__gug_rg_fkhklhygbbihk_s_gb_k\Z^_[^eyg__g_emqr__
\j_fyij_ijh\h`^_gb_
�G_m\b^_\jy^hfk^hfhf;_gZ_]hfZrbguwcabihqm\kl\h\ZeZjZahqZjh\Zgb_bihgyeZqlhq_f
kdhj__m_^_ll_femqr_
hc^y\^hfhgZm\b^_eZqlh^bkie_c__klZpbhgZjgh]hl_e_nhgZfb]Z_lHldju\kibkhd
ijhims_gguo\uah\h\hgZh[gZjm`beZqlh;_ga\hgbe_cg_kdhevdhjZabhklZ\bekhh[s_gb_gZ
Z\lhhl\_lqbd_Ihq_fmhgg_k\yaZekykg_cihfh[bevghfm"AZl_fhgZ\kihfgbeZqlhi_j_^
k\Z^_[ghcp_j_fhgb_c\udexqbeZk\hcl_e_nhg
HgZihf_^ebeZij_`^_q_fijhkemrZlvkhh[s_gb_ghaZl_fih^mfZeZqlhhghkdhj__\k_]h
dZkZ_lkyjZ[hlubgZ`ZeZgZdghidm
�wcablug_fh]eZ[ufg_i_j_a\hgblvkjZamdZdlhevdhijhkemrZ_rvwlhkhh[s_gb_"Y\
�H[h`_Qlhkemqbehkv"jh`ZsbfbjmdZfbhgZ^hklZeZbakmfhqdbk\hcfh[bevguc\dexqbeZ_]h
blml`_i_j_a\hgbeZ;_gm
�JZkklZ\ZykvkgbfhgZkdZaZeZqlhhgfh`_l_ciha\hgblv_kebhgZ_fmihgZ^h[blkyhkboihjhg
_cg_a\hgbeHq_\b^ghg_gm`^Zeky\g_cGhihdZdhc[uijbqbg_hgZgb[ueZgm`gZ_fmk_cqZk
hgZih_^_ldg_fmbhdZ`_lg_h[oh^bfmxih^^_j`dm
=eZ\Z
Koh^ykmfZhlg_j\gh]hgZijy`_gby;_gbaf_jyerZ]ZfbfZe_gvdmx[hevgbqgmxiZeZlm
�`_cgiha\hgbeZ_fm\iher_klh]hmljZbkdZaZeZqlhm`Zkghk_[yqm\kl\m_lHgih^mfZeqlhwlh
hq_j_^gZyfb]j_gvghijb_oZ\dg_ch[gZjm`beqlh\k_dm^Zk_jv_ag__
HgZe_`ZeZgZdjh\Zlb\iheghcl_fghl_Dh]^Zhg\hr_e\__dhfgZlmhgZaZklhgZeZbaZ`fmjbeZkv
hlk\_lZijhgbdr_]h\^\_jghcijh_f
Fg_dZ`_lkyqlhfhy]heh\Z\hl\hl\ahj\_lkyijhr_ilZeZhgZ;_gmf_gygbdh]^Zg_
[uehlZdbokbevguo[he_cY[hxkv
Wlhfh]eh[ulvdjh\hl_q_gb_himohevbebf_gbg]bl;_gg_gZrmldmi_j_im]ZekyQlh_keb
Nehj_gkg_ijhklhmklZeZ\q_jZ"HgZdZijbagbqZeZbiehoh_eZghhgg_h[jZlbegZwlh\gbfZgby
Qlh_keb"
�Hgg_f_^e_ggh\ua\ZekdhjmxaZl_fiha\hgbefZl_jb`_cgbkemrZyj_^db_]m^db\kihfgbe
qlhhgZm_oZeZ\hlimkdHgihgylbyg_bf_edZdk\yaZlvkykIbl_jhfLhlfh][ulvaZ]jZgbp_cbeb
gZdZdhfgb[m^vhl\_lkl\_gghfaZ^Zgbb
GZc^y\f_klbl_evgmxkmfdmhgkeh`belm^Z\k_qlh_cfh`_lihgZ^h[blvky\[hevgbp_aZl_f
kimklbeky\gbaqlh[uhldjulv^\_jviZjZf_^bdZf
�KjZamdZdlhevdhhgbijb[ueb\[hevgbpm\jZqbaZgyebkv`_cgZbokNehj_gkgZijZ\beb\
^_lkdh_hl^_e_gb_MfZeurdb\ayebZgZebaubhg`^Zej_amevlZlh\?]hg_j\u[uebgZij_^_e_
�HgdZdgbdh]^Zgm`^Zeky\wcabHga\hgbe_cgh__fh[bevguc[uehldexq_gLh]^Zhgiha\hgbe
_c^hfhcbhklZ\bekhh[s_gb_gZZ\lhhl\_lqbd_HggZ^_yekyqlhhgZg_ijh\_^_l\_kv^_gvmWfb
Ghf_jZWfbmg_]hg_lHgdhg_qghfh][umagZlv_]h\hl^_e_dZ^jh\ghg_aZohl_egbdh]h
[_kihdhblvdhgp_dhgph\_fm\k_]hebrvgm`gZfhjZevgZyih^^_j`dZ
�Dh]^ZgZijy`_ggmxlbrbgmgZjmrbeZf_eh^bydhlhjmxhgmklZgh\begZa\hgdbwcab;_g^hklZe
l_e_nhgbadZjfZgZb[ukljhgZ`Zedghidmkh_^bg_gby
�wcabgmkeZ\Z[h]mijhbag_khg\uc^y\dhjb^hjqlh[ug_jZa[m^blvNehj_gk
;_gqlhkg_ckemqbehkv"
�`_cgiheh`beb\[hevgbpmkih^haj_gb_fgZf_gbg]blNehj_gkh[ke_^mxlqlh[um[_^blvky
qlhkg_c\k_\ihjy^d_q_jZhgZdZijbagbqZeZb
�Luohq_rvqlh[uyijb_oZeZ"kijhkbeZwcab[_aijhf_^e_gbyb_]h]eZaZaZ`]ehhlke_a
HgZlZdZyqmldZyBgl_j_ku^jm]boex^_c^eyg__\Z`g__k\hbokh[kl\_gguo=hkih^bdZd`_
kbevghhg__ex[bl
?keblug_\hajZ`Z_rv
JZamf__lkyg_\hajZ`Zxhl\_lbehgFu\i_^bZljbq_kdhfijb_fghfhl^_e_gbb
�Nehj_gkhklZg_lkya^_kv^hl_oihjihdZg_[m^mlihemq_guj_amevlZlubok`_cgh[ke_^h\Zgby
Ihke_g_kdhevdboqZkh\lhfbl_evgh]hh`b^Zgbyhg]hlh\j\ZlvgZk_[_\hehku
?klvdZdb_gb[m^vgh\hklb"kijhkbeZhgZ]ey^ygZg_]h]eZaZfbihegufblj_\h]b
;_gihdZqZe]heh\hc
�G_lHgb`^mlj_amevlZlh\ihykgbqghcimgdpbb`_cg?kebmg__[Zdl_jbZevgucf_gbg]bl
Nehj_gkgZ\kydbckemqZchklZg_lkya^_kvIhdZmfh_c^hq_jbgbq_]hg_gZoh^ylaZbkdexq_gb_f
g_[hevrhcijhklm^ulZdqlh\_jhylghgZfjZaj_rZl\_jgmlvky^hfhcNehj_gk[_kihdhblkyh
fZl_jbbk\h^blf_gykmfZihklhyggufbjZkkijhkZfbYg_fh]mhlg__hlhclbihdZg_magZxqlhk
g_c
Yfh]mq_fgb[m^vl_[_ihfhqv;_g"KdZ`bqlhl_[_gm`gh
;_gbkiulu\Zeqm\kl\h\bguaZlhqlh\hq_j_^ghcjZakh[bjZ_lky\hkihevah\Zlvky__^h[jhlhcgh
mg_]hg_[ueh\u[hjZ
�YohqmihiulZlvky^ha\hgblvkyIbl_jm?]hghf_j_klv\l_e_nhg_`_cgHg\__kmfd_k
\_sZfbAZh^ghmagZxg_klZehebqlhgb[m^vba\_klgh
�B^byihkb`mkNehj_gkkdZaZeZwcab
�`_cgihij_`g_fmfmqZeZkvhl[hebghihdjZcg_cf_j_fh]eZ]h\hjblvHgZhq_gvohl_eZ
m\b^_lvIbl_jZ
?]hghf_j_klv\fh_fl_e_nhg_ijh[hjfhlZeZhgZ
;_glml`_^hklZebakmfdb__fh[bevguciha\hgbe_fmb\\_e_]h\dmjk^_eZ
Yfh]mkg_cih]h\hjblv"kijhkbeIbl_j
Dhg_qgh
��;_gi_j_^Ze`_cgl_e_nhgbhgZgZqZeZieZdZlvHghl\_jgmekyKh\_jr_gghhq_\b^ghqlh`_cg
ex[blIbl_jZKm^yih_]h\klj_\h`_gghfm]hehkmhg__lh`_;_gih^mfZeqlh_kebhgb
ih`_gylkywlhg_]Zlb\gufh[jZahfih\eby_lgZNehj_gkZ_fmijb^_lkybf_lv^_ehk
ihke_^kl\byfb
�Dh]^Z`_cg\_jgmeZ_fml_e_nhghgh[tykgbeIbl_jmdZdgZclb__iZeZlm
�Hgk_cqZkijb_^_lijhr_ilZeZ`_cgL_[_gm`gh\_jgmlvkydNehj_gkDlhk_cqZkkg_c"
�wcabhl\_lbe;_g
HgZaZdjueZ]eZaZb\a^hogmeZ
WlhohjhrhNehj_gk__ex[blghy^mfZeZ
HgZkZfZij_^eh`beZi_j_[be__;_gqlh[ugbq_]h_cg_h[tykgylv
�B^bdgbfijh[hjfhlZeZ`_cgKhfghc\k_[m^_l\ihjy^d_Ibl_jkdhjhijb_^_l
�K`Z\__jmdmhg[ukljh\_jgmeky\iZeZlmNehj_gkbh[gZjm`beqlh_]h^hqvkb^blmwcabgZ
dhe_gyoblZqblZ_l_cdgb]m
��IZiZiZiZwcabfg_qblZ_lkhh[sbeZ_fmNehj_gkKijboh^hfwcabhgZaZf_lgh
ih\_k_e_eZ
Ey]mrhgdZNj_^^b"kijhkbehgkmeu[dhc
&#xh;&#xl;&#x_l;�hl\_lwcabih`ZeZie_qZfbbmeu[gmeZkv
Dgb`dZ[ueZa^_kv
�ZDZdohjhrhqlhy^h]Z^Zeky\aylv__kkh[hcWlh_^bgkl\_ggZydgb]ZdhlhjZyk_cqZk
gjZ\blkyNehj_gk
;_gfgh]hjZa\b^_edZdNehj_gkihdZau\ZeZ[_lhgghcey]mrd_dZjlbgdbbebkb^ygZem`Zcd_\
��wcab?fmkljm^hfm^Zehkv^Zlv_c\jZamfbl_evguchl\_lHgkZfhq_gvkhkdmqbekyihwcab
�hdlhjZgbq_]hg_h[gZjm`bebmNehj_gkdjhf_e_]dhcijhklm^ub\_e_\;_gmkhh[sblvbf_keb
�[m^mldZdb_eb[hbaf_g_gbyhlimklbebbo^hfhc;_ggZdhjfbe^hqdmbhgbihreb\kZ^wcab
ijbkh_^bgbeZkvdgbfq_j_ag_kdhevdhfbgml
Yih^mfZeZqlh\Zfgm`gZfhjZevgZyih^^_j`dZfy]dhkdZaZeZhgZk_eZgZljZ\mjy^hfk
Nehj_gkbgZqZeZjZkkdZau\Zlv_ckdZadmLZijbevgmeZdg_cbaZkmgm\k_[_\jhl[hevrhciZe_p
klZeZ\gbfZl_evgh__kemrZlv
�=ey^yk_cqZkgZwcab[uehljm^ghij_^iheh`blvqlhaZ__\g_rgbfkihdhckl\b_fijyq_lky
wfhpbhgZevgucoZhk
�AZdhgqb\k\hcjZkkdZawcabihfh]eZ;_gmijhihehlvdemf[mIhlhfhgbkNehj_gkkijylZeb
ey]mrdm\kZ^mbihijhkbeb;_gZ__gZclbIhke_wlh]hhgb\^\h_fm[_]Zebhl;_gZLZ[bkZ
gZ[ex^ZeZaZgbfbkb^ygZdjur_abfg_]hkZ^ZNehj_gkihiulZeZkvm]h\hjblv__kimklblvkygh
�\f_klhwlh]hdhrdZe_]eZih^h]gm\eZidbwcaba\hgdhjZkkf_yeZkv
;_g`Ze_eqlhhgb\ljh_fg_fh]mlklZlvh^ghck_fv_c
?fmiha\hgbebba[hevgbpubhgihr_ejZa]h\Zjb\Zlv\^hfKlhymhdgZhg\h`b^Zgbbgh\hkl_c
qm\kl\h\Zek_[ylZdkeh\gh`bagvNehj_gk\bk_eZgZ\hehkd_
�M`_cggZrebg_[Zdl_jbZevgucZ\bjmkgucf_gbg]blwlhcnhjf_hgg_aZjZa_gZwlhhagZqZ_l
qlhNehj_gk\g_hiZkghklbHlh[e_]q_gbymg_]haZ^jh`Zebdhe_gbbgZ\_jgmebkvgZ]eZaZke_au
=hkih^bdZd`_hgZ_fm^hjh]Z
�Lu\ihjy^d_"kijhkbeZwcab
Db\gm\hgaZdhgqbejZa]h\hjbdj_idh__h[gye
�Wlh\bjmkgucf_gbg]blijhr_ilZehgaZju\rbkvebphf\__\hehku`_cgihdZ
hklZg_lky\[hevgbp_?_ijh^he`Zl\kyq_kdbh[ke_^h\Zlvqlh[uiheghklvxm[_^blvky\
ijZ\bevghklb^bZ]ghaZGhm`_ykghqlhwlhg_[Zdl_jbZevgucf_gbg]blbNehj_gkgbqlhg_
m]jh`Z_lMg__h[uqgZyijhklm^Z
�KeZ\Z[h]mhl\_lbeZwcabb;_gkgh\Z__h[gyeHg[ue[eZ]h^Zj_g_caZaZ[hlmaZ
ih^^_j`dmijhklhaZ__ijbkmlkl\b_jy^hfkgbfb_fmg_ohl_ehkv__hlimkdZlv
Qlh[m^_rv^_eZlv^Zevr_"kijhkbeZhgZhlkljZgb\rbkv
GZ^hih^mfZlvukW\Zghfkfh`_l_aZ\ljZijbgylvfhboiZpb_glhd\`_gkdhcdhgkmevlZpbb"B
hkfhlj_lvF_e=jb\a"Yg_ihfgx\hkdhevdhhgZ^he`gZijbclbhafh`ghfg_m^ZklkykZfhfm__
ijbgylv
�M\_j_gZqlhfukijZ\bfkykihdhcghhl\_lbeZwcab?kebihgZ^h[blkyyfh]mhlijZ\blv
kgbfdbFwllmbihemqblv_]hijhn_kkbhgZevgh_aZdexq_gb_HklZevguol\hboiZpb_glhdfuk
W\Zghfih^_ebff_`^mkh[hc
��J_qvb^_lg_lhevdhhihg_^_evgbd_wcabY\kxg_^_exgZ\uah\ZoFZlv`_cg\ha\jZsZ_lky
\h\lhjgbdghghqbhgZg_kfh`_lijh\h^blvkNehj_gkihkdhevdmijbgbfZ_lkghl\hjgh_Wlh
fh`_ljZklygmlvkygZg_kdhevdhg_^_evQlhfg_^_eZlvq_jlih[_jb"
�Ijbgylvfhxihfhsvij_^eh`beZ_fmwcabihgbfZyqlhg_fh`_lbgZq_G_fh`_l
^_j`Zlvky\klhjhg_dh]^Zhgb\g_cgm`^ZxlkyY[m^mih^f_gylvl_[y\`_gkdhcdhgkmevlZpbb
bkb^_lvkg_cdh]^Zlu[m^_rvgZ\uah\ZoFukijZ\bfky\hlm\b^brv
ih[eZ]h^Zjbeb\_jgmeky\kZ^dNehj_gkFZeurdZkb^_eZgZdhjlhqdZomdjZy^hjh`dbb
jZa]h\Zjb\ZeZkey]mrdhc
�Kg_c\k_[m^_l\ihjy^d_aZ\_jbeZ_]hwcabbhgdb\gme
�KNehj_gk^ZghdZdgZkq_lbo^\hbo"wcab[m^_lgZoh^blvky\_]h^hf_DZdhgbkwlbf
kijZ\ylky"
�`_cg\ureZba[hevgbpu\h\lhjgbd^g_fDZdbieZgbjh\ZehkvNehj_gk`beZmg_]hIhmljZf
�hghl\habe__\^_lkdbckZ^Zihke_jZ[hluaZ[bjZeba^hfZ`_cg?]h[u\rZy`_gZ[ueZ_s_
g_^hklZlhqgha^hjh\Z^eylh]hqlh[uaZ[hlblvkyhfZeurd_ihwlhfmba^_lkdh]hkZ^ZNehj_gk
aZ[bjZeZ[Z[mrdZ
;_g\kxg_^_ex[uegZ\uah\ZoGbdlhg_aZohl_ekgbfihf_gylvkyghdkqZklvxgZ\ujmqdm_fm
�ijbreZwcabDh]^Z_]h\uau\ZebihghqZfhgZijboh^beZdg_fm^hfhckiZeZgZ^b\Zg_\
]hklbghcbmoh^beZ^hlh]hdZdijhkuiZeZkvNehj_gk
h\lhjgbdjZghmljhf_fmijbrehkvkgh\Zh[jZlblvkydg_caZihfhsvxihkdhevdmkjhqgh_]h
\ua\Zeb\[hevgbpmHgZijbreZdg_fm\oZeZl_blxj[Zg_baihehl_gpZgZfhdjuo\hehkZo
G_agZxmki_xeby\h\j_fy\_jgmlvkyqlh[uhl\_alb__\^_lkdbckZ^ijhbag_khg
ba\bgyxsbfkylhghfKm^yih\k_fmfg_ijb^_lkyaZ^_j`Zlvky\hi_jZpbhgghc;_j_f_ggZy
�`_gsbgZihkljZ^ZeZ\j_amevlZl_LIIhoh`_\k_k_jv_agh
G_[_kihdhckyyhl\_amNehj_gk\^_lkdbckZ^YagZx]^_hggZoh^blky
KiZkb[hYl\hc^he`gbdYihklZ\ex^_lkdh_dj_keh\l\hxfZrbgm
G_ih^mfZ\hggZdehgbekybihp_eh\Ze__Ijbdhkgh\_gb__]h]m[[uehe_]dbfghwlh]hhdZaZehkv
^hklZlhqghqlh[uhgbh[ZgZg_kdhevdhk_dmg^aZkluebgZf_kl_AZl_fhg\ayedexqbb\ur_e
q_j_aaZ^gxx^\_jv
�=em[hdh\^hogm\wcabihreZgZ\_jo[m^blvNehj_gkHgZ\havf_l__am[gmxs_ldmbh^_`^mb
hgbihc^mldg_c^hfhc
�IhaZ\ljZdZ_f"ij_^eh`beZ_cwcabdh]^Zhgbijbreblm^Z
�Nehj_gkdb\gmeZHgbaZ]eygmeb\[mn_lbh[gZjm`beblZfg_fgh]hoehiv_\Ihijh[h\Z\bowcab
ihfhjsbeZkvHgbhdZaZebkvklZjufb
Hgbiehob_"kijhkbeZ^_\hqdZ
Ijhklhm`Zkgu_Ihoh`bgZdZjlhgFh`_lih_^bflhklu"
Yex[exlhklu
Ylh`_
Ml_[y_klvZjZobkh\h_fZkeh"Y_]hh[h`Zx
G_laZlhmf_gy_klvrhdheZ^gZyiZklZ
�Ijb]hlh\b\lhkluhgZgZfZaZeZh^bgh[bevghrhdheZ^hfb^ZeZNehj_gkIhdZwcabaZ\Zjb\ZeZ
qZc^_\hqdZmjhgbeZ_]hgZklheb\kyi_j_iZqdZeZkv
�IhdZLZ[bkZ\uebau\ZeZklhewcab\ulbjZeZkf_xsmxkyNehj_gk\eZ`gufihehl_gp_f
IhaZ\ljZdZ\hgbihrebgZ\_joi_j_h^_\Zlvky
�Yg_ohqm\kZ^aZy\beZNehj_gk\uiylb\gb`gxx]m[mdh]^ZwcabhklZgh\beZfZrbgmjy^hf
kfZe_gvdbf`_elufa^Zgb_fYohqmhklZlvkyklh[hc
�wcabh`b^ZeZwlh]h?c^h\h^behkvg_kdhevdhjZahl\hablv\^_lkdbckZ^^hq_dFZcdZbhgb
�;ueh[ua^hjh\hhl\_lbeZwcabghy^he`gZ_oZlvgZjZ[hlmbihfh]ZlvfZfhqdZfbbo
fZeurZfZl_[_gm`ghb^lb\kZ^bdb]jZlvkhk\hbfb^jmavyfbGhkdhjh\uoh^gu_b_kebiZi_
gm`gh[m^_lgZjZ[hlmfuklh[hcihc^_fgZ^_lkdmxiehsZ^dmbmkljhbfibdgbdLukh]eZkgZ"
?_ebqbdhlml`_ijhk\_le_eh
Ibdgbd":ey]mrdm\havf_f"
�wcab_^\Zm^_j`ZeZkvhlkf_oZG_[uehgbh^gh]hjZa]h\hjZ\dhlhjhfNehj_gkg_mihfygmeZ[u
wlh]hfZe_gvdh]h[_lhggh]hfhgkljZ
Dhg_qgh\havf_fB^b^hjh]Zy
�Nehj_gkk^_eZeZ^\ZrZ]ZaZl_f\_jgmeZkvbijhlygmeZjmdbdwcabLZgZdehgbeZkvh[gyeZb
ihp_eh\ZeZ__Ihke_wlh]h^_\hqdZih[_`ZeZd]jmii_^_l_cb]jZxsbogZem`Zcd_ih^ijbkfhljhf
\hkiblZl_evgbpu
�K_j^p_wcabjZaju\ZehkvgZqZklb;h`_dZd`_hgZex[blwlmfZeurdm?keb[u_clhevdh
o\Zlbehkf_ehklb^h\_jblvkyk\hbfqm\kl\ZfIh\_jblv\lhqlhmgbo\k_ihemqblkyb;_g__g_
[jhkbl
K_\\fZrbgmhgZih_oZeZ\[hevgbpmbklhedgmeZkvk;_ghf\dhjb^hj_i_j_^hi_jZpbhgghc
DZd^_eZ"
FukiZkebj_[_gdZWlhfZevqbd?fmljb^pZlvk_fvg_^_evHgZ[khexlgha^hjh\MfZl_jb
jZaju\i_q_gbb[hevrZyihl_jydjh\b?_ijh^he`Zxlhi_jbjh\Zlvghyg_fh]mlhqghkdZaZlv
\u`b\_lebhgZ?_fm`lh`_mgZkMg_]hkehfZgh[_^jh
H;_gfg_lZd`Zev
@bagvbgh]^Zij_ih^ghkblg_ijbylgu_kxjijbauYdZdjZakh[bjZekydg_fmaZclbbkdZaZlv
qlhhgklZehlphfHklZevgu_gh\hklbykhh[sm_fmihke_lh]hdZd_]hijhhi_jbjmxlGZ^_xkvhgb
[m^mlohjhrbfbDZd^_eZmNehj_gk"
k_\ihjy^d_Yhl\_aeZ__\kZ^IjZ\^ZhgZkh]eZkbeZkvlm^Zihclblhevdhihke_lh]hdZdy
h[_sZeZqlh\\uoh^gu_fukg_cmkljhbfibdgbdgZ^_lkdhciehsZ^d_
;_gjZkkf_yekyaZl_f_]hebphg_h`b^Zgghih]jmklg_eh
Qlh[uy[_al_[y^_eZe"ijh[hjfhlZehgly`_eh\a^hogmebihr_edhlpmj_[_gdZ
�wcabg_khfg_\ZeZkvqlhhgk^_eZ_l\k_dZdgm`ghQlhg_[m^_llj_\h`blviZpb_glZi_j_^
hi_jZpb_c;_g\k_]^Zhq_gv^_ebdZl_gdh]^Z^_ehdZkZ_lkyqm\kl\^jm]boex^_cWlhh^gZba
fgh]bo\_s_cdhlhju__c\g_fgjZ\ylky
Hgbkgh\Z\klj_lbebkv\h\j_fyh[_^_ggh]hi_j_ju\Z
RbgZEvxbki_j_g_keZhi_jZpbxkdZaZe;_g
LZ`_gsbgZkjZaju\hfi_q_gb"
J_[_ghd\ihjy^d_HgZihijZ\blky?_fm`m\klZ\beb\[_^jhf_lZeebq_kdmxieZklbgdm
;Z[mrdZb^_^mrdZm`_\^hjh]_Hgb[m^mlijbkfZljb\ZlvaZ^_lvfbihdZbojh^bl_ebg_
�ihijZ\ylkyL_i_jvmEvxbkh\iyl_jh^_l_cQ_l\_jhhli_j\h]h[jZdZwgZbh^bgh[sbcHgbk
Rbghc`_gZluf_gvr_]h^Z
HgZkh]eZkbeZkv\uclbaZfm`aZq_eh\_dZkq_lujvfy^_lvfb"
��Zhe`gh[ulvhgZk\ylZy
�Bebhq_gvkf_eZyfy]dhhl\_lbeZwcab
Ijb\_l^hjh]b_ijhbag_keZiZpb_gldZkeZ[uf]hehkhfb^_lbihhq_j_^ghgZdehgbebkv
qlh[u__ihp_eh\ZlvGZbofZe_gvdboebqbdZo[ueh[_kihdhckl\h
�wcabkh[bjZeZkvmoh^blvghih`beZy`_gsbgZhklZgh\beZ__
uijbdj_ie_gud__^hdlhjm";_gmdZ`_lky"YaZ[ueZ_]hnZfbebx
Dj_iq_q_f\u^mfZ_l_ih^mfZeZhgZdb\Zy
�Zy_]hhj^bgZlhjHga^_kv?kebohlbl_kgbfih]h\hjblvy_]hihah\m
G_lg_gm`gh_]h[_kihdhblvYijhklhohl_eZih[eZ]h^Zjblv_]haZkiZk_gb_fZeurZbaZlhqlh
�hgmkihdhbewgZHgg_klZekdju\Zlvhlg_]h\kxk_jv_aghklvkblmZpbbghh[gZ^_`be_]h
DZdwlhihoh`_gZ;_gZHgkhh[sbeiehob_gh\hklbghk^_eZewlhhklhjh`ghqlh[ug_gZim]Zlv
iZpb_glZ
Y\k__fmi_j_^ZfRbg_ijbrehkvg_e_]dhbl_i_jv_cgm`ghdZdfh`gh[hevr_hl^uoZlv
Ih`ZemcklZg_mlhfeycl___ohjhrh"
�Fukdhjhmc^_f_lbhq_gvohl_eb__\b^_lvbyg_kfh]eZbfhldZaZlvFeZ^rb_hklZebkv\
�dZn_l_jbbkfhbffm`_fFu[m^_fhgboaZ[hlblvkyihdZRbgZbwgg_ihijZ\ylky
Y\Zfg_aZ\b^mx
E]mgvy
Fubohq_gvex[bfbk^_eZ_f^eygbo\k_kdZaZeZfbkkbkEvxbkkg_`ghcmeu[dhcRbgZ
klZeZ^eygZr_ck_fvbgZklhysbfih^Zjdhfkm^v[uFu\k___ijhklhh[h`Z_f
�Meu[gm\rbkvih`behc`_gsbg_wcabmreZ
?keb[uFZcdhlghkbekydg_clZd`_?keb[uhgex[be__ihgZklhys_fmZg_bkihevah\Ze__^h
l_oihjihdZg_m[_^be[u\rmx`_gmkgh\Z_]hijbgylv
G_lGm`ghi_j_klZlv^mfZlvhijhrehfAZ[ulvhg_f
B^\b]Zlvky^Zevr_"
Ih__kibg_ijh[_`ZeZ^jh`v
WlhkljZo"Ij_^\dmr_gb_"GZ^_`^Z"
�h\uoh^guogZjZ[hl_\k_[uehghjfZevghZihlhfgZqZekydhrfZjiylgbpm;_g\_kv\_q_j
&#xk_;&#xl;&#xh;&#xj;&#x_f;&#xy;&#xq;&#xlh;&#x_;&#x]h;&#xg;&#x_;&#x[u;h;&#x^;&#xhf;&#xZ;�ijh\_e\[hevgbp_km[[hlmmljhf_]hkgh\Z\ua\Zebk_lh\j_fyqlh_]hg_[ueh^hfZwcab
kb^_eZk_]h^hqdhc
?hlh\y_^m^eyibdgbdZhgZ\j_fyhl\j_f_gbihkfZljb\ZeZ\hdghgZNehj_gkdhlhjZyb]jZeZgZ
em`Zcd_key]mrdhcLZ[bkZkb^_eZgZg_dhlhjhfjZkklhygbbhlg__Ihkl_i_gghhgZijb\udZeZd
&#xw;&#xlh;&#xg_;&#xl;&#xg_;&#xh[;&#xoh;&#x^b;&#xfh;&#xkl;&#xi;&#xhk;&#xdh;&#xev;&#xdm;�Nehj_gkwlhfg_lg_h[oh^bfhklbihkdhevdmwcabkh[bjZ_lkyhlkx^Zm_a`ZlvIjZ\^Z^hkbo
ihjhgZgbq_]hg_k^_eZeZ^eyhkms_kl\e_gbyk\h_]hieZgZIh^oh^ysbo\ZdZgkbcg_lZm_a`Zlvg_
gZc^ygh\mxjZ[hlm]emih
Ijb\yau\Zlvkyd^hq_jb;_gZ_s_]emi__
AZa\hgbe__fh[bevgucbhgZhl\_lbeZgZ\uah\
Ijb\_l;_gDZd^_eZ"
Ohjhrh=^_\u"
�hfZ=hlh\bfkydibdgbdmIhq_fmlukijZrb\Z_rv"
IhlhfmqlhyaZdhgqbejZ[hlmukdhjh\uoh^bl_"
�ZFbgmlq_j_aiylv
�M[jZ\l_e_nhg\dZjfZgwcab\a^hogmeZIjbkmlkl\b_;_gZijb^ZklboibdgbdmhiZkguckfuke
?_eZ^hgb\kihl_ebIjbkfhlj_lvaZNehj_gk\wdklj_gghckblmZpbbwlhh^ghb^lbgZibdgbdk
g_cb__hlphfkh\k_f^jm]h_B]jZ\kqZkleb\mxk_fvxg_^h\_^_l__^h^h[jZ
�AZdju\]eZaZwcabkgh\ZhldjueZboq_j_ak_dmg^mbihlygmeZkvaZoe_[hfwlhlfhf_glhgZ
�m\b^_eZqlhLZ[bkZk\_jgmeZkvdZeZqbdhfjy^hfkNehj_gkblZ__]eZ^blBa]eZawcabihl_deb
g_ijhr_gu_ke_au
;_g\_jgmekydh]^ZhgZaZdZgqb\ZeZkh[bjZlv\k_g_h[oh^bfh_^eyibdgbdZ
Lu\h\j_fykdZaZeZhgZIhg_k_rvkmfdmbebey]mrdm"u[bjZc
?]h[jh\bk^\bgmebkv
�Ey]mrdm"ijhbag_khgkg_^h\_jb_faZl_fjZkkf_yeky;h`_fhcwcabfuklh[hc
kha^ZebfZe_gvdh]hfhgkljZ
Fugbdh]hg_kha^Zebhlj_aZeZhgZb\ay\kmfdm\ureZgZmebpm
;_gihke_^h\ZeaZg_c
MjZFub^_fgZibdgbd\hkdebdgmeZNehj_gkiju]ZygZf_kl_ufh`_l_\ukhdh
ih^gylvf_gyaZjmdb"kijhkbeZhgZih^hjh]_
�G_lh^gh\j_f_ggh\hkdebdgmeb;_gkwcab
�Bo\a]ey^u\klj_lbebkv=eZaZwcabaZlmfZgbebkvHq_\b^ghhgZ\kihfbgZeZbog_^Z\gbc
jZa]h\hjgZ^_lkdhciehsZ^d_;_ghl\_jgmekyi_j\uc
GZfgm`gh[ulvhklhjh`gufbkl\hbfehdl_fl\_j^hkdZaZehgNehj_gkGhlukfh`_rv
ihdZqZlvkygZdZq_eyo
LujZkdZqZ_rvf_gy\ukhdh\ukhdh"
Hq_gv\ukhdhihh[_sZehg
:ey]mrdmihdZqZ_rv"
Ih^mfZlvlhevdhkxg_^_ex_]h^hqv[ueZ\ih^Z\e_gghfgZkljh_gbbZk_cqZkihegZwg_j]bb
�DZdh\Z[ugb[ueZijbqbgZ__oZg^juhgZy\ghbkq_aeZQlhwcabkg_ck^_eZeZaZ^_gv"Bihq_fm
kZfZhgZfjZqg__lmqb"
Fh`_lhgZaeblkygZg_]haZlhqlhhgihr_ekgbfbgZibdgbdohly_]hg_ijb]eZrZeb"Hg
gZijhlb\^mfZeqlhwlhihfh`_lihkdhevdm\gbfZgb_Nehj_gkg_[m^_lp_ebdhfijbdh\Zghdg_c
Ihoh`_hghrb[kybgZijhlb\mkm]m[bekblmZpbx
IhkZ^b\Nehj_gkgZdZq_ebbijb\_^ybo\^\b`_gb_hgiheh`beey]mrdmgZ[hdh\mxhihjmb
�mdjZ^dhcihkfhlj_egZwcabHgZjZkklbeZeZh^_yehih^^_j_\hfAZdhgqb\\udeZ^u\Zlv_^mhgZ
\uijyfbeZkvbihfZoZeZbf
IhjZ_klv"kijhkbeZNehj_gk
�wcabdb\gmeZb;_gkgye^hqdmkdZq_e_cay\ey]mrdmhgZih^[_`ZeZdh^_yemk_eZgZg_]hb
�ihkZ^beZ__jy^hfkkh[hc;_gmgbq_]hg_hklZehkvdjhf_dZdaZgylvf_klhjy^hfkwcab
Q_jlih[_jbHggZ^_yekyGZqlh"GZlhqlh[_lhgghcb]jmrdb[m^_l^hklZlhqghqlh[ubo
jZa^_eblv"jy^ebDbjibqgZykl_gZih^hreZ[udm^Z[hevr_HgkZfkha^Zek_[_ijh[e_fmHg
fh][uhklZlvky\[hevgbp_ghijhr_^rZyg_^_ey[ueZlZdhcmlhfbl_evghcqlh_fmaZohl_ehkv
hl\e_qvky
K^_eZlvqlhgb[m^vqlhh[uqgh^_eZxl\\uoh^gu_kk_fv_c
Qlhwlh"
�RhdheZ^gZyiZklZhl\_lbeZwcab?_\u[jZeZNehj_gk
�Hgkfhlj_egZkwg^\bqkm^b\e_gb_fbhl\jZs_gb_fbwcabk`ZebeZkvgZ^gbf
IheZ]Zxlu[uij_^ihq_elhlqlhk\_lqbghckujhfbqZlgbkdZaZeZhgZk^_j`b\Zykf_o
G_hohlghijh`_\Z\bijh]ehlb\dmkhd;_ghl^ZehklZlhdkwg^\bqZNehj_gkb\ayelhlqlh
�ij_^eh`beZ_fmwcab
KiZkb[hhl\_lbehgGZk_dmg^myih^mfZeqlhfg_ijb^_lkyeb[h_]hkt_klveb[hmf_j_lv
k]heh^m
JZa\_ykfh]eZ[ulZdklh[hcihklmiblv"
�GZ[ex^ZyaZl_fdZdhgbkZii_lblhf_^ylkwg^\bqbwcab`Ze_eZqlhg_fh`_laZdhgk_j\bjh\Zlv
wlhlfhf_glqlh[uaZgh\hi_j_`b\Zlv_]h^he]bfbh^bghdbfb\_q_jZfbdh]^ZhgZm_^_lhlkx^Zb
;_gkNehj_gkhklZgmlky\ijhrehf
Ih]jm`_ggZy\k\hbfukebhgZkhj\ZeZfZj]ZjbldmaZl_f\lhjmxbh[fhlZeZ__kl_[_ev\hdjm]
i_j\hcihke_wlh]h^h[Z\beZdgbf_s_h^gmb_s_
Qlhlu^_eZ_rv"hijhkNehj_gk\_jgme__dj_Zevghklb
Ie_lmh`_j_ev_bafZj]Zjblhd?keblug_kdhevdhjZah[fhlZ_rvkl_[_e_dh^gh]hp\_ldZ\hdjm]
^jm]h]hZaZl_f[m^_rv^h[Z\eylvdgbf\k_gh\u_bgh\u_p\_ldbluihemqbrvh`_j_ev_
�FZe_gvdb_iZevqbdbNehj_gkg_fh]ebkwlbfkijZ\blvkyihwlhfmhgbkwcab^h]h\hjbebkvqlh
hgZijhklh[m^_lj\Zlvp\_lubi_j_^Z\Zlvbo_c
�KlZjZckyqlh[ukl_[eb[uebdZdfh`gh^ebgg__kdZaZeZ_cwcab
�;_ggZ[ex^ZeaZl_fdZdNehj_gkkh[bjZ_l[_eu_p\_lubi_j_^Z_lwcabZlZie_l_lbagbo
h`_j_ev_
GZdhg_phgh[ueh]hlh\hbhgZgZ^_eZ_]h^_\hqd_gZr_x
hlijbgp_kkZL_i_jvml_[y_klvk\h_kh[kl\_ggh_h`_j_ev_bafZj]Zjblhd
=eZaZNehj_gk[uebh]jhfgufbdZd[ex^pZ
Hghhq_gvdjZkb\h_kdZaZeZhgZih]eZ`b\Zy_]hIZiZihkfhljb
Ykfhljxijh[hjfhlZehg
�Ih^gy\]eZaZwcab\klj_lbeZkvkgbf\a]ey^hfbmg__i_j_o\Zlbeh^uoZgb_
Hg_lG_lg_lg_lHgbg_^he`guwlh]h^_eZlvGmihq_fm;_gZg_\uau\ZxlgZjZ[hlmdh]^Z_c
wlhgm`gh"HgZgbdhfmg_`_eZ_laeZgh_kebq_fmlhkm`^_ghkemqblvkylhihq_fm[ug_k_cqZk"
E_`ZgZ[hdmgZdjZ_h^_yeZ;_g\ayeh^bgp\_lhdbahklZ\rbokybgZqZeaZ^mfqb\h\_jl_lv_]h\
jmd_
Ihfgxdh]^Zy[uej_[_gdhf^_\hqdb]Z^ZebgZp\_lZoHgb]h\hjbebihhq_j_^ghex[blb
g_ex[blhlju\Zyihe_i_kldmhlfZj]ZjbldbhllZd
Hgijh^_fhgkljbjh\ZedZdwlh^_eZ_lkyHlhj\Z\ihke_^gbce_i_klhdhgijhbag_kex[bl]ey^y\
�]eZaZwcab
Ly`_ehk]ehlgm\hgZhl\_jgmeZkv
Nehj_gkihc^_fgZ^jm]b_dZq_ebij_^eh`be;_g^hqd_
�Kwcab\hkdebdgmeZhgZ\kdhqbeZgZgh]bbihlygmeZ__aZjmdm
QlhhgZfh]eZih^_eZlv"K\_jey;_gZe_^yguf\a]ey^hfhgZ\f_kl_kNehj_gkk_eZgZh^bgdhg_p
�wcabg_klZehg_\fh]hlm
Yohqmke_alvl\_j^hkdZaZeZhgZb;_ghklZgh\bedZq_eb
KhkqblZce_i_kldbfZj]Zjbldbfy]dhkdZaZehg
�wcabke_aeZkdZq_e_c
Bo\k_]^Zg_q_lgh_qbkehijhbag_keZhgZg_\ujZabl_evguflhghfbihreZkh[bjZlvkmfdm
Lboh\a^hogm\;_gkgyeNehj_gkkdZq_e_cbhl\_e__gZ]hjdm
�Hgg_agZeqlh^_eZlv^Zevr_Hgex[blwcabHgZex[bl_]hbNehj_gk?keb[uhgZfh]eZ
^h\_jblvkyk\hbfqm\kl\Zfhg[ufh]gZqlhlhgZ^_ylvky
=eZ\Z
Lhevdh;_gmeh`beNehj_gkkiZlvdZdmg_]haZibsZei_c^`_j
�Dh]^Zhgb\_jgmebkv^hfhcihke_ibdgbdZwcabkjZamihreZdk_[_
?kebihgZ^h[exkva\hgbkdZaZeZhgZ
�Nehj_gkjZkkljhbeZkvHgZohl_eZqlh[uwcabihqblZeZ_cEy]mrhgdZNj_^^b
Ihoh`_hghiylv\bgh\ZlWlh_]hgbkdhevdhg_m^b\behHgg_^he`_g[ueb^lbkgbfbgZibdgbd
�=hlh\yNehj_gkdhkgmhggZ^_yekyqlhwlhcghqvx_fmg_ihgZ^h[blkyihfhsvwcabbmg__
[m^_l\j_fyqlh[umkihdhblvky
�Dkh`Ze_gbx_]hhiylv\ua\ZebgZjZ[hlmHgm`_\ayel_e_nhgqlh[uiha\hgblvwcabdZd\^jm]
jZa^Zekyklmd\^\_jvbgZihjh]_ihy\beZkvhgZ
YkeurZeZl\hci_c^`_jkmohijhbag_keZhgZGZ^_xkvlug_aZ^_j`brvkygZ^he]hY
ohqmijbgylv\Zggm
Fh`_rvijbgylv__mf_gyMf_gylZdh_qm\kl\hqlhwlhhiylvgZ^he]hNehj_gkkiblbgh\
oheh^bevgbd_
�wcabihreZdk_[_\ayeZi_gm^ey\ZggklZghd^ey[jblvym\eZ`gyxsbcdj_fbfZkeh^eyl_eZb
kjZam\_jgmeZkvIhdZ\ZggZgZihegyeZkv\h^hchgZkoh^beZgZdmogxbgZebeZk_[_[hdZe\bgZ
JZa^_\rbkvbhimklb\rbkv\]hjyqmx\h^mhgZbkiulZeZ[eZ`_gkl\h@Zevqlha^_kvg_l
ZjhfZlbq_kdbok\_q_cHgZbohq_gvex[bl
�wcabklhkdhcih^mfZeZhk\h_c\ZgghcdhlhjZygZoh^blkyaZkl_ghc
wlhc\ZgghcdhfgZl_g_lgbdZdbobaebr_kl\KjZam\b^ghqlh__ohaybgfm`qbgZ;hevrmx__
qZklvaZgbfZ_l^mr_\ZydZ[bgZGZjZdh\bg_e_`blam[gZys_ldZ;_gZgZ^\_jb\bkbl_]h[Zgguc
oZeZlm]em\Zeyxlky_]hkdhfdZggu_^`bgkudjhr_qgu_jhah\u_ljmkbdbNehj_gkbnml[hedZk
bah[jZ`_gb_fey]mrdb
Q_jl[ul_[yih[jZe;_gMhd_jbwlbl\hbex[blg_ex[blHgZihgylbyg_bf__lkdhevdh
e_i_kldh\gZfZj]Zjbld_bhij_^_e_gghg_kh[bjZ_lkybokqblZlv
K^_eZ\]ehlhd\bgZih]jmabeZkvqmlv]em[`_\\h^mb^h\hevgh\a^hogmeZ?s_iheqZkZbhgZ
[m^_ldZdgh\_gvdZy
�wcab"
^hf_[uehl_fghLhevdh\dhfgZl_Nehj_gk]hj_eghqgbd
Þ&#xxq;&#xk;&#x_l;&#x;
&#xhj; ^;&#xhj;&#x_;&#x;;&#x_g;&#xi;&#xhr;&#x_e;&#xg;&#xZ_;&#xjo;&#x;�dexqb\k\_l\dhjb^hj_;_gihr_egZ\_jowcabgb]^_g_[uehLZ[bkZe_`ZeZk\_jgm\rbkv
dZeZqbdhf\gh]ZomNehj_gkI_j\hc_]hfukevx[ueh__ijh]gZlvghhg\kihfgbeqlh\^_lkl\_
qZklhkiZekdhrdZfbbhgbg_ijbqbgbeb_fmgbdZdh]h\j_^Z
�wcab"iha\ZehglbohihklmqZ\
Hl\_lZg_ihke_^h\Zeh
=^_hgZq_jlih[_jb"Hgb^h]h\hjbebkvqlhhgZijbkfhljblaZNehj_gk\_]hhlkmlkl\b_
Hq_\b^ghhgZmreZ^hfhc__hdgZog_]hjblk\_llZdqlhhgZ\jy^ebih[_`ZeZdk_[_qlh[uqlh
gb[m^v\aylv?]hg_[uehljbqZkZG_m`_eb\k_\j_fy_]h^hqv[ueZh^gZ"
�Bkdexq_ghwcabhq_gvhl\_lkl\_ggucq_eh\_dGZ\_jgh_qlhlhkemqbehkvQlh_kebhgZmiZeZ\
\Zgghcbihl_jyeZkhagZgb_"
�Lbohhldju\^\_jvhgh[e_]q_ggh\a^hogmedh]^Zm\b^_ewcabHgZe_`ZeZ\\Zgg_?_]eZaZ[ueb
aZdjulujhlijbhldjulGZ__]jm^bklhyeihemimklhc[hdZedhlhjuchgZke_]dZijb^_j`b\ZeZaZ
gh`dmKd\havhklZldbi_gugZih\_joghklb\h^uhg\b^_e__]jm^vdhlhjZy\a^ufZeZkvijbdZ`^hf
\^ho_KiysZydjZkZ\bpZbdh\ZjgZykbj_gZ\h^ghfebp_ih^mfZe;_gih^hc^y[eb`_K_\gZ
djZc\Zgguhg^he]hkfhlj_egZg__keh\ghaZqZjh\Zgguc;h`_dZd`_hgZij_djZkgZ
Meu[gm\rbkv;_gijhlygmejmdmbhklhjh`gh\uk\h[h^be[hdZeba__iZevp_\
G_h`b^ZgghhgZ\kdjbdgmeZj_adh\uijyfbeZkvh[jua]Z\_]hgZdjueZjmdZfb]jm^vbmklZ\beZkv
gZg_]hrbjhdhjZkiZogmlufb]eZaZfb
;_gQ_jlih[_jblugZim]Zef_gy^hihemkf_jlbNehj_gk\ihjy^d_"
�Zhl\_lbehgijyqZmeu[dmue_aZcba\Zgghch^_\ZckybkimkdZcky\gbaYgZevxl_[_
_s_\bgZLum`bgZeZ"
�wcabihdZqZeZ]heh\hc
?s_g_lDhlhjucqZk"h^Zijhklhe_^ygZy
M`_h^bggZ^pZlvYiha\hgx\j_klhjZgQlhluohq_rv"
HgZihkfhlj_eZgZg_]hijb]emr_gghfk\_l___\a]ey^[ueg_ijhgbpZ_fuf?_s_dbihjhah\_eb
b_fm[_amfghaZohl_ehkv__ihp_eh\Zlv
Fg_\k_jZ\ghuc^bbaZdjhcaZkh[hc^\_jvkfms_gghijhbag_keZhgZ
Ih^qbgb\rbkvhgi_j_h^_ekyaZl_fkimklbeky\gbabaZdZaZe_^mihl_e_nhgm?keb_]hkgh\Z
\uah\mlhgZih_klh^gZZhgjZah]j__lk\hxihjpbxdh]^Z\_jg_lky
Q_j_ag_kdhevdhfbgmlhgZijbkh_^bgbeZkvdg_fm\gbam[_amfghk_dkmZevgZy\[ZgghfoZeZl_bk
jZklj_iZggufb\hehkZfbHlg__bkoh^be\hkoblbl_evgucZjhfZl;_g_^\Zm^_j`Zekyhllh]h
qlh[uaZdexqblv__\h[tylby
Ijhklbf_gyK_]h^gyy[ueZg_\^mo_kdZaZeZhgZ
JZahebeZkvgZf_gybaaZlh]hqlhygZijhkbekygZ\Zribdgbd"
QZklbqghijbagZeZkvhgZBbaaZ]emihcbklhjbbkfZj]ZjbldZfb
Qlh`_\g_c]emih]h"bkdj_gg_\hafmlbeky;_gbk_j^p_ih^iju]gmehmg__\]jm^b
LufghcfZgbimebjh\Ze
G_lyiulZekyl_[_kdZaZlvqlhihij_`g_fml_[yex[ex
�=eZaZwcabgZihegbebkvke_aZfbbhgZihki_rghhl\_jgmeZkv
;_gfug_fh`_f
Ihq_fmg_fh`_f"Yfgh]hjZafureyehijbqbgZodhlhju_f_rZxll_[_[ulvkhfghcG_
^mfZxqlhwlhdZdlhk\yaZghkNehj_gk
Yg_ohqm_cgZ\j_^blv
_c[hev
Ghdh]^ZfujZahc^_fkyhgZ[m^_lkljZ^Zlv
Qlh_kebfug_jZahc^_fky"
�wcabf_^e_gghih\_jgmeZkvbihkfhlj_eZgZg_]h
Qlhlu]h\hjbrv"
Y]h\hjxqlh\hafh`ghfu^Zeb^jm]^jm]mg_^hklZlhqgh\j_f_gbQlhfug_^hklZlhqgh
�ohjhrh^jm]^jm]ZmagZebeyNehj_gklu\k_]hebrvfhyih^jm]ZdhlhjZy`b\_lihkhk_^kl\mb
\j_fyhl\j_f_gbgZfihfh]Z_l?kebfu^Z^bfgZrbfhlghr_gbyf_s_h^bgrZgkijh\_^_f
[hevr_\j_f_gbgZ_^bg_^jm]k^jm]hfg_\f_rb\Zy\wlhNehj_gklh\hafh`ghfugZmqbfky^jm]
^jm]m^h\_jylvhafh`ghmgZk\k_ihemqblky
:_kebg_l"
Nehj_gkg_ihkljZ^Z_lZfu[m^_fagZlvqlhohly[uihiulZebkv
�?]hkeh\Zg_fgh]h\k_ebeb\wcabgZ^_`^mghhgZg_[m^_laZ]Z^u\ZlvgZi_j_^
�:dZdgZkq_l`_cg"Qlhih^mfZ_lhgZ"
�`_cgg_^he`gZl_[y[_kihdhblvY\b^_e__\q_jZdh]^ZaZ_a`ZeaZNehj_gkIhdZylZf[ue
ijb_oZeIbl_jHg\ukhdhih^gyeNehj_gkihp_eh\ZeZhgZh[gyeZ_]hbgZa\ZeZ^y^_cIbl_jhf
�`_cghl\_eZf_gy\klhjhgmbkdZaZeZqlhhgb\hafh`ghih`_gylkyNehj_gkihoh`_gbkdhevdh
g_[_kihdhbl_]hijbkmlkl\b_jy^hfk__fZl_jvx
�:l_[y"kijhkbeZwcab]ey^y\_]h]eZaZ
FZcd\uoh^bebak_[ydh]^ZmagZ\Zeqlh_]h[u\rmx`_gm\b^_ebk^jm]bffm`qbghc
;_gihdZqZe]heh\hc
Ihq_fmwlh^he`ghf_gy[_kihdhblv"Y[ui_j_`b\Ze_keb[ubohlghrgbyg_]Zlb\gh
�kdZau\ZebkvgZNehj_gk?cgjZ\blkyIbl_j`_cgex[bl_]hfgh]he_lHgg_`_gbekygZg_c
jZgvr_ihlhfmqlhaZgbfZekyh[_a\j_`b\Zgb_fg_jZahj\Z\rbokyfbgbg_ohl_eqlh[uhgZ
�hklZeZkv\^h\hcFuk`_cgihagZdhfbebkvgZk\Z^v[_h[s_]h^jm]Zq_j_ag_kdhevdhf_kyp_\
�ihke_lh]hdZdhgbjZkklZebkvmfZxlh]^ZhgZj_rbeZqlhihjZ^\b]Zlvky^Zevr_Y[uedj_ihd
^mohfbl_ehfi_jki_dlb\_g\ieZg_dZjv_juohehklb]hlh\dijh^he`bl_evgufhlghr_gbyf
b^bfhyhl\_qZe\k_f__lj_[h\ZgbyfH^gZ`^uhgZaZ[ueZijbgylvijhlb\haZqZlhqgmxibexexb
aZ[_j_f_g_eZ
BlugZg_c`_gbeky"
�ZHgZ`^ZeZhlf_gyj_[_gdZbihijZ\^_]h\hjylh`_hl\_qZeZfhbflj_[h\ZgbyfFwll
iulZekyf_gyij_^mij_^blv]h\hjbeqlhwlh]hg_^hklZlhqghqlhgm`ghkemrZlvk\h_k_j^p_ghy
b]ghjbjh\Ze_]hkh\_lulh\j_fymg_]h[uebijh[e_fu\ebqghc`bagbHgiheZ]ZekygZk\hb
qm\kl\Zghwlhg_ijb\_ehgbdq_fmohjhr_fmGhihke_lh]hdZdfuih`_gbebkvyihgyeqlhhg
�[ueijZ\`_cgqm\kl\h\ZeZk_[yh^bghdhc?cohl_ehkv\_jgmlvkydk\h_ck_fv_BjZamf__lkyhgZ
�lhkdh\ZeZihIbl_jmHglh`_baChdk[mj]ZmfZxwlh[ueZh^gZbaijbqbgihdhlhjhc_c
ohl_ehkv\_jgmlvkykx^Z
Luhg_fagZe"kijhkbeZhgZ
��Zdlhfm\j_f_gbm`_agZe`_cgihgyeZqlhg_ex[blf_gybg_ohq_lkhfghc[ulvHgZ
kdZaZeZqlhNehj_gk[m^_lg_kqZkleb\Z_keb__jh^bl_ebijh^he`Zl\f_kl_`blvbkhojZgylv
Ghl_i_jvdh]^Zy[hevr_agZxh[hlghr_gbyoykg_ckh]eZk_gBlZdfukg_cjZahrebkvHgZ
\_jgmeZkv\jh^ghc]hjh^Yohl_e[ulvjy^hfkNehj_gkbihlhfmbkdZejZ[hlm\Chdk[mj]_Y
�i_j_[jZekykx^ZkjZamdZdlhevdh__gZr_eIhdZya^_kvh[mkljZb\Zeky\`bagv`_cg\_jgmeky
Ibl_jKjhd_]hdhgljZdlZaZdZgqb\Z_lkyHgih^ibr_lgh\ucghl_i_jv[m^_lg_klbkem`[mgZ
l_jjblhjbb_ebdh[jblZgbb?keb[ulum\b^_eZbo\f_kl_lu[uihgyeZqlhhgbkha^Zgu^jm]^ey
^jm]ZIbl_jq_eh\_dihjy^hqgucYagZxqlhmgbo\k_[m^_lohjhrh
?_k_j^p_mqZs_gghaZ[behkv
AgZqbllug_[hbrvkyqlhNehj_gkfh`_ljZkkljhblvkybaaZgZrboklh[hchlghr_gbc"
Meu[gm\rbkv;_gg_`ghijh\_eluevghcklhjhghciZevp_\ih__s_d_
�G_lg_[hxkvYagZxl_[yAgZxqlhlugbdh]^Zg_ijbqbgbrv_c[hevIhkeh\Zf`_cg
Nehj_gkihklhyggh]h\hjblhl_[_WlhhagZqZ_lqlhhgZl_[yex[bl?kebNehj_gkihij_`g_fm
[m^_lkqblZlvl_[yfh_ckhk_^dhchgZg_ihkljZ^Z_l^Z`__kebmgZkklh[hcgbq_]hg_\uc^_lY
�lZd[hevr_g_fh]mwcabYhq_gvihl_[_kdmqZxbohqmqlh[ufu^Zeb^jm]^jm]m_s_h^bg
�rZgk`_cggZfgh]hemqr_baZ\ljZ\_q_jhfNehj_gk\_jg_lkydg_c
�Bhgbkfh]mlih[ulv\^\h_fwcabijhqblZeZwlh\_]h]eZaZoiheguo`_eZgbybgZ^_`^udhlhju_
[uebhljZ`_gb_flh]hqlhhgZkZfZg_hkf_eb\ZeZkvha\mqblv
Ih`ZemcklZ^Zcfg_rZgkijh^he`behgIha\hev^hdZaZlvl_[_qlhmgZk\k_fh`_l
��ihemqblvkyZcfg_g_^_exY^h]h\hjxkvk`_cgqlh[uNehj_gkhklZeZkvkg_cgZke_^mxsb_
\uoh^gu_bijh\_^mboklh[hc
hafh`ghy[m^mjZ[hlZlv\\uoh^gu_
G_[m^_rvY\g_kbaf_g_gby\]jZnbd^_`mjkl\
�wcabohl_eZkdZaZlv_fmqlh[uhgg_\f_rb\Zekyghm\b^_\qlhhggZkljh_gj_rbl_evgh
i_j_^mfZeZ
OhjhrhmklmibeZgZdhg_phgZFuihijh[m_fIjZ\^ZgZkq_l\uoh^guoyg_m\_j_gZ
G_[m^_fh[wlhfjZgvr_\j_f_gb
;_gh[gye__ghg_mki_eb__jmdbkhfdgmlvky\hdjm]g_]hdZd\^\_jviha\hgbeb
�he`gh[ulvwlhgZrZ_^ZkdZaZehghlimkdZy__
�wcabaZdjueZ]eZaZbk^_eZeZ]em[hdbc\^ho
GZqlhhgZlhevdhqlhkh]eZkbeZkvq_jlih[_jb"
Ghqvx;_gZhiylv\ua\ZebgZjZ[hlm_jgm\rbkvq_j_aiZjmqZkh\hghlijZ\be__^hfhc
FuaZcf_fkyex[h\vxaZ\ljZdh]^ZgZfgbqlhg_[m^_lf_rZlvfgh]hh[_sZxs_ijhbag_khg
bhgZihreZdk_[_
Ihke_g_^_eb\l_q_gb_dhlhjhchgZghq_\ZeZgZ^b\Zg_\]hklbghc;_gZkiZlvgZkh[kl\_gghc
djh\Zlb[uehgZklhysbf[eZ`_gkl\hfHgZijhkgmeZkv[h^jhcbhl^hogm\r_ci_j\u_aZ^he]h_
\j_fy_caZohl_ehkvihclbgZjZ[hlmL_i_jvdh]^Zhgbk;_ghfkgh\Z\f_kl__]hijbkmlkl\b_
[hevr_g_\uau\Z_lmg__^bkdhfnhjlZ
gZagZq_ggh_\j_fyF_ebW^jbwg=jb\aijbrebgZMABBofhfh[ebag_pZf[uehm`_^\Z^pZlv
q_luj_g_^_ebBoimih\bgugbdZdg_ohl_ebjZkimlu\Zlvkyghhgbh[ZghjfZevghjZa\b\Zebkvbg_
bf_ebgbdZdboiZlheh]bcq_fmF_eW^jbwgb;_g[uebg_kdZaZgghjZ^u
Hgbm`_`bag_kihkh[gu"kijhkbeZF_e
Emqr_ih^h`^Zlv_s_ihf_gvr_cf_j_\hk_fvg_^_evgh_keb[ugZfijbrehkvhi_jbjh\Zlv
\Zkk_cqZkmgbo[ue[urZgk
GZ]eZaZ__gZ\_jgmebkvke_aubfm`k`Ze__ie_qh
YlZdaZgbo[hxkv
hafh`ghq_j_ag_^_ex^\_gZfijb^_lky\Zk]hkiblZebabjh\ZlvF_gyg_fgh]h[_kihdhblqlh
boimih\bgui_j_imlZebkvgh\^Zggucfhf_glk[ebag_pZfb\k_\ihjy^d_bykhkihdhcghc^mrhc
hlimkdZx\Zk^hfhc?kebimih\bgu_s_[hevr_aZimlZxlkyyiheh`m\Zk\[hevgbpmlZdqlhgZ
\kydbckemqZc^_j`bl_\fZrbg_kmfdmkg_h[oh^bfufb\_sZfb^h]h\hjbebkv"
F_edb\gmeZGZebp___qblZehkvh[e_]q_gb_Ihoh`_hgZ\i_j\u_iha\hebeZk_[_ih\_jblv\lh
qlh\k_[m^_lohjhrh
��mfZ_rvfZeurb\u`b\ml"kijhkbeZwcab;_gZihke_moh^Z=jb\ah\
GZ^_xkvqlh^ZYohqmqlh[uluaZgbfZeZkvF_edh]^Zfu__]hkiblZebabjm_fIhgZ^h[blky
_`_^g_\gh_MABb^hiie_jh]jZnbyljbjZaZ\^_gv?kebhgZkdZ`_lqlh[ebag_puklZebfgh]h
^\b]Zlvkylukjhqghihah\_rvf_gyihlhfmqlhwlhfh`_l[ulvhiZkghK^_eZ\iZmamhg
\klj_lbekykg_c\a]ey^hfLuhklZg_rvkya^_kv^hjh^h\F_eg_lZdeb"Yohqmqlh[ulu
aZgbfZeZkvwlbfkemqZ_f^Z`__kebfu
Lug_^h\_jy_rvW\Zgm"
JZamf__lkyy_fm^h\_jyxW\Zgohjhrbc\jZqghyg_^mfZxqlhhgih^oh^blF_ehl\_lbe
;_gF_el_[_^h\_jy_lbylh`_Djhf_lh]hjZa\_ml_[yg_lijhn_kkbhgZevghc]hj^hklb
dhlhjZylj_[h\ZeZ[uqlh[ulu\k_k^_eZeZkZfZ"
�wcabba^ZeZkf_rhd
KijZ\_^eb\haZf_q_ghex[hfkemqZ_^jm]hcih^oh^ys_c^eyf_gyjZ[hluihdZg_llZdqlh
fg_g_lkfukeZgbdm^Zhlkx^Zm_a`Zlv
�Wlhohjhrhihlhfmqlhyqm\kl\mxqlhmgZk\k_fh`_lihemqblvkyIjhrml_[ywcabih\_jv\
f_gy
HgZmeu[gmeZkvbdb\gmeZ
IhklZjZxkvQlh[ugbijhbahreh^hjh`^_gby[ebag_ph\F_eyhklZgmkva^_kv
;_gke_akdjZyibkvf_ggh]hklheZbiheh`bejmdb_cgZie_qb
KiZkb[hkdZaZehgbaZdexqbe__\h[tylbyAZl_fihp_eh\Ze__\fZdmrdmbe_]hgvdh
�ihoehiZeihy]h^bpZfB^bwcabihdZyg_h\eZ^_elh[hcijyfha^_kv\jZ[hq__\j_fyDklZlb
k_]h^gyykh[bjZxkvijb]hlh\blv^eyl_[ym`bg
;m^mkg_l_ji_gb_fwlh]h`^ZlvkdZaZeZhgZbihreZijbgbfZlviZpb_glhd
Dh]^Zhgb\_jgmebkv^hfhckjZ[hlu;_ghlijZ\be__ijbgbfZlv\ZggmKimklb\rbkv\gbahgZ
h[gZjm`beZqlhhgk_j\bjh\ZeklhebaZ`_]k\_qbGZeb\^eyg__[hdZe\bgZhgih^hr_edg_cb
ihp_eh\Ze__AZl_f[hdZehdZaZekygZklhe_ZhgZ\_]hh[tylbyo
��HwcabylZdihl_[_kdmqZeijhr_ilZehg_j`Zlvl_[y\h[tylbyom`_kqZklv_
Ih^gy\]heh\mhgZihkfhlj_eZ_fm\]eZaZ
M`bgfh`_lih^h`^Zlv"
Ih^hc^ydiebl_hg\udexqbeaZi_dZgdmb\_jgmekydg_c
L_i_jv^Zmeu[gmekyhg\aye__ebph\eZ^hgbbkljZklgh__ihp_eh\ZeYagZx[he__
Hgbih_ebiha`_AZi_dZgdZhdZaZeZkv\_ebdhe_ighcLZ[bkZaZ[jZeZkvd;_gmgZdhe_gbbklZeZ
ijhkblvmg_]hm]hs_gbyJZamf__lkyhg^Ze_cdmkhq_d
�L_[_g_ke_^m_ldhjfblv__aZklhehfijhbag_keZwcabkg_h^h[j_gb_fohly[ueZjZ^Zqlh
hggZr_eh[sbcyaudk__dhrdhcLZ[bkZijh\h^blfgh]h\j_f_gb\_]h^hf_Z\km[[hlmhgZ^Z`_
kiZeZgZdjh\ZlbNehj_gkB_keb
�G_lhjhibkvwcabih^mfZeZhgZb\ayeZ_s_dmkhdaZi_dZgdb
G_lkdZaZeZhgZdhrd_dhlhjZyl_i_jvl_jeZkvh__gh]bb^brvqlhlugZl\hjbe"
?]h]eZaZhahjghaZ[e_kl_eb
:]Zk_]hebrvk^_eZebag__ghjfZevgmxdhrdmLu[m^_rvkljmqdh\mxnZkhevbeby__^h_f"
&#xh;&#xl;&#xhj;&#xgb; ;&#x^g;&#x_f;�RbgZEvxbkreZgZihijZ\dmihke_^hjh`ghcZ\Zjbbh\lhjgbd^g_fwcabaZreZ__hkfhlj_lv
?_fm`b^_lbdZdjZakh[bjZebkvmoh^blv
�wgkb^_e\dj_ke_gZdhe_kbdZob^\h_klZjrbo^_l_ckihjbebdlhih\_a_lhlpZgZaZ^\_]hiZeZlm
�_eZcl_wlhihhq_j_^bkdZaZeZRbgZExkbih\_a_li_j\ZyHgZklZjr_uihp_em_l_
f_gygZijhsZgb_"
Ih^[_`Z\dg_c^_lbihhq_j_^ghh[gyebbihp_eh\Zeb__;ueh\b^ghqlhhgbh[h`Zxlk\hx
fZq_omL_i_jvdh]^Zh[hbfbojh^bl_eyfklZehemqr_hgb\u]ey^_eb[he__kqZkleb\ufb
�Ihc^_fq_jlylZHklZ\bfRbgmgZ_^bg_k^hdlhjhfkdZaZewgbhgbihdbgmebiZeZlm
�RbgZkmklZehcmeu[dhchimklbeZkvgZih^mrdbb\a^hogmeZwcabih^gyeZ__h^_`^mqlh[u
hkfhlj_lvrh\
k_ohjhrhJZgZaZly]b\Z_lky[ukljhKdhjh\ukfh`_l_\_jgmlvky^hfhc
�HlebqghJh^bl_eyfwgZk_cqZkijboh^blkyg_e_]dhAZ\ljZ_]h\uibku\Zxlbhg[m^_l
ihfh]ZlvbfijbkfZljb\ZlvaZwlhchjZ\hc
�GZ\_jgh_hgblbob_lhevdhdh]^Zkiylmeu[gmeZkvwcab
�Zghy[ugbgZqlhbog_ijhf_gyeZHgblZdb_keZ\gu_Q_luj_]h^ZgZaZ^hgbihl_jyebfZlv
bwlZZ\ZjbyklZeZ^eygbokbevgufihljyk_gb_f^h[Z\e_gb_dh\k_fmmgboihy\bekyfZe_gvdbc
�[jZlbdHgb\_^mlk_[yrmfghqlh[uba[Z\blvkyhlklj_kkZwgkdZaZefg_gZ^gyoqlh_keb[uhg
ih]b[lh_]h^_lb[ueb[u\gZ^_`guojmdZo
Q_l\_jh^_l_cwlhh]jhfgZyhl\_lkl\_gghklvBf\k_fih\_aehqlhmgbo_klv\u
RbgZih`ZeZie_qZfb
��Yex[exwgZ_lbwlh_]hqZklvJZa\_yfh]mbog_ex[blv"GZf\k_fijboh^blkyg_ijhklh
ghy[ug_ijhf_gyeZwlm`bagvgbgZdZdmx^jm]mxKdZ`^uf^g_fhgb\k_kbevg__dhfg_
ijb\yau\ZxlkyFeZ^rb_m`_gZau\Zxlf_gyfZfhcYlZd[eZ]h^ZjgZkm^v[_aZlhqlhhklZeZkv
`b\Z
�?s_[ufy]dhkdZaZeZwcabbmreZ
AZm`bghfhgZjZkkdZaZeZ;_gmh[wlhfjZa]h\hj_bhggZofmjbeky
;_^gy`dbYg_agZeqlhbofZlvmf_jeZ
�RbgZkdZaZeZqlhwgg_[hblkyqlhkgbffh`_lqlhgb[m^vkemqblvkyHgagZ_lqlhkg_c_]h
^_lyf[m^_lohjhrh
Y_]hihgbfZxkdZaZe;_gm^b\b\__YagZxqlh_keb[ukhfghcqlhgb[m^vkemqbehkvZ
�`_cgihdZdhclhijbqbg_g_hdZaZehkv[ujy^hflu[uhdjm`beZNehj_gkaZ[hlhcbex[h\vx
KiZkb[h
;_gi_j_\_jgmejmdmbi_j_ie_e__iZevpukhk\hbfb
�AZqlh"WlhijZ\^ZwcabLu__ex[brvbhgZl_[ylh`_ihex[blklhbll_[_lhevdhwlh]h
aZohl_lvdhgp_dhgph\l_[yg_keh`ghihex[blv
FZcdm[uehkeh`gh
�JZkkdZ`bfg_hg_fihijhkbehgbwcabih`ZeZie_qZfb
QlhlmljZkkdZau\Zlv"Hg\h^bef_gyaZghk;_adhgpZdeyeky\\_qghcex[\b]h\hjbeqlh
\hafh`ghfuh^gZ`^uih`_gbfkyghgbdh]^Zg_gZau\Ze^ZlmHgg_^_eZefg_ij_^eh`_gbyg_
^ZjbedhevpZG_^mfZxqlhhg\hh[s_kh[bjZekywlh^_eZlv?fmijhklhgm`gZ[ueZ`_gsbgZ
dhlhjZyihfh]ZeZ[u_fmaZ[hlblvkyh^_lyo\\uoh^gu_Dh]^Z[u\rZy`_gZijbgyeZ_]hh[jZlgh
hglml`_ba[Z\bekyhlf_gydZdhlg_gm`ghc\_sbHgqZklh]h\hjbeqlhfuih`_gbfky\
ijbkmlkl\bb^_l_cbhgbg_ihgbfZebihq_fmwlh]hg_ijhbkoh^behBf[uehg_ihgylghqlhlZdh_
�\hafh`ghbdh]^Zgb[m^veygbowlh[ueh\k_jZ\ghqlhg_lFg_ke_^h\ZehjZgvr_
jZa]Z^Zlv_]hgZf_j_gbybmclb
G_lhlj_aZe;_gWlh_fmke_^h\Zeh[ulvklh[hc[he__hldjh\_ggufHgljZlbel\h_
\j_fybkihevah\Zel_[y\k\hbop_eyoIhiZ^bkvhgfg__fm[ug_iha^hjh\behkv
Hlimklb\__jmdmhgm[jZekhklheZbijb]hlh\beqZcHgbmk_ebkvkdjm`dZfb\]hklbghci_j_^
�l_e_\bahjhfLZ[bkZjZklygmeZkvmgbogZdhe_gyoJmdZ;_gZe_`ZeZmwcabgZie_qZobhgZ
qm\kl\h\ZeZk_[yaZsbs_gghc`_eZgghcbex[bfhc
Wlhm^b\bl_evgh_qm\kl\hFh`_lebhgZ_fm^h\_jblvky"HgZ\k__s_[hblkykh\_jrblvhrb[dm
K^_eZlvqlhgb[m^vqlhfh`_lgZ\j_^blvg_\bgghfmj_[_gdmGh\_^vfgh]b_ex^bkqZkleb\u\h
&#xay;&#xlv;&#x;
&#xij;¿&#x_j;&#xm;&#xR;&#xbg;&#xm;&#xEv;&#xxb;&#xk;
&#xhl;&#xhj;&#xZy;
&#xZf;&#x_g;¾&#xZ;&#xfZ;&#xlv;&#x^;&#x_l;&#xyf;�\lhjhf[jZd_aylvdijbf_jmRbgmEvxbkdhlhjZyaZf_gbeZfZlv^_lyfwgZ
�;_gkdZaZeqlh^h\_jy_lwcabk\hx^hqvWlh]h\hjblhfgh]hfFh`_lebhgZ_fm^h\_jylv"
�ZDhg_qgh^Z
HgZl_kg__ijb`ZeZkvd;_gmHg\udexqbel_e_\bahjbhimklbedhrdmgZihe
�IhjZb^lb\ihkl_evkmeu[dhckdZaZehgwcab\aye__aZjmdmbih\_e\kiZevgx]^_hgb
iheghqbgZ\_jklu\Zebmims_ggh_
�`_cgbIbl_j\wlb\uoh^gu_m_a`Zxlbg_fh]mlijbkfhlj_lvaZNehj_gkkhh[sbe;_g
�wcab\q_l\_j]mljhf
Gbq_]hkljZrgh]hhl\_lbeZhgZkdju\Zyk\h_jZahqZjh\Zgb_HgZklZdbfg_l_ji_gb_f`^ZeZ
wlbo\uoh^guo
ijhq_fhgZg_^he]hjZkkljZb\ZeZkv
�Mf_gy_klvb^_yihemqr_kdZaZe;_gZ\Zckt_a^bf\Chjdrbj\]hklbdfhbfjh^bl_eyf
Hgb^Z\ghg_\b^_ebNehj_gkbkjZ^hklvxaZg_cijbkfhljylZyihdZ`ml_[_]^_y\ujhk
Hgkh[bjZ_lkyihagZdhfblv__khk\hbfbjh^bl_eyfb"Gbq_]hk_[_Wlh[hevrh_ijh^\b`_gb_
\i_j_^HgZgbdh]^Zg_\klj_qZeZkvkjh^bl_eyfbFZcdZGhaZq_f_fm[ueh__kgbfbagZdhfblv"
_^vmg_]hg_[uehk_jv_aguogZf_j_gbcgZ__kq_l
GhhgZ\Z`gZ^ey;_gZHq_gv\Z`gZg_aZighij_^klhysb_\uoh^gu_ijbh[j_ebgh\h_agZq_gb_
Hgbj_rbeb\u_oZlv\iylgbpm\q_luj_qZkZihihem^gb
havfbkkh[hcieZlv_kdZaZe;_gYaZj_a_j\bjh\Zeklhebd\n_r_g_[_evghfj_klhjZg_
;_gih`Zeie_qZfb
YgZ^_gmdhklxfdhlhjuclukiZkeZIhke_obfqbkldbhgklZedZdgh\_gvdbc
Ih`ZemchgZ\havf_lieZlv_dhlhjh_gZ^_\ZeZgZk\Z^v[mEZmjuHghhq_gvdjZkb\h_bohjhrh
kb^blgZ__nb]mj_
Qlh_s_fg_fh`_lihgZ^h[blvky"
�`bgkum^h[gu_[hlbgdbb_s_qlhgb[m^vbaih\k_^g_\guo\_s_cYkh[bjZxkvijb]eZkblv\Zk
kNehj_gkbk\hbojh^bl_e_c\Dhg^bl_jkdmx;_llbgZqZc
Yfgh]hkeurZeZh[wlhfdZn_=h\hjyl\\uoh^gu_lZfy[ehdmg_]^_miZklvKfh`_febfu
lm^ZihiZklv"
Ym`_aZj_a_j\bjh\Zeklhebd
Luhlebqguchj]ZgbaZlhj
&#x_q;&#x_j;&#xhf;�_q_jhfwcab^he]hkh[bjZeZq_fh^ZgKgZqZeZaZibogmeZlm^Zkebrdhffgh]h\_s_cihlhf
\ugmeZiheh\bgmHgZh[gZjm`beZqlhkbevghg_j\gbqZ_li_j_^agZdhfkl\hfkjh^bl_eyfb;_gZ
�Z\W\ZgmmdZaZgbygZkq_lF_e=jb\abfhfh[ebag_ph\hgbaZ_oZebaZNehj_gk\^_lkdbckZ^b
ihkdhevdmbo\_sbm`_e_`Zeb\[Z]Z`gbd_kjZamih_oZeb\ChjdrbjHgbijb[ueblm^Z\\hk_fv
dh]^Zkhegp_m`_gZqZehkZ^blvky
Jh^bl_eyf;_gZijbgZ^e_`ZedZf_ggucn_jf_jkdbc^hfgZhdjZbg_OZjjh]blZHllm^Zhldju\Zebkv
`b\hibkgu_\b^uk_evkdhcf_klghklbDh]^Z;_gk\_jgmegZih^t_a^gmxZee_xgZ\klj_qmbf
\u[_`ZebkjZ^hklgufeZ_fljbkh[Zdb
A^jZ\kl\mcl_^_\hqdbihijb\_lkl\h\Zebo;_g\uoh^ybafZrbgu
&#xul;&#xZs;&#xk;&#xiy;&#xsm;&#xx;&#xNe;&#xhj;&#x_g;&#xk; a;&#x^;&#x_l;&#xkd;&#xh];&#xh; j;&#x_k;Z;&#x;&#xhg;&#xi;&#xhe;&#xh`; e;&#xk;&#xh[;&#xh^;&#xgm;&#xx;&#xjm;&#xdm;�ulZsb\kiysmxNehj_gkba^_lkdh]hdj_keZhgiheh`bek\h[h^gmxjmdmwcabgZlZebxbih\_e
__\^hf\khijh\h`^_gbbkh[Zd
�wcabhq_gv\hegh\ZeZkvG_jZklj_iZeZkveb__ijbq_kdZ"G_kfZaZekyebfZdby`"G_hklZehkveb\
m]hedZo__jlZdjhr_doe_[Zhlkt_^_ggh]h\fZrbg_kwg^\bqZ"
Luhlebqgh\u]ey^brvkmeu[dhckdZaZe_c;_ghldju\ZyaZ^gxx^\_jvb\oh^y\dmogx
gZiheg_ggmx\hkoblbl_evgufbZjhfZlZfbIjb\_lfZf
?]hfZlvhdZaZeZkvfbeh\b^ghcijhklhcb]hkl_ijbbfghc`_gsbghc
�Lu^he`gh[ulvwcabijhbag_keZhgZijb\_leb\hmeu[ZykvF_gyah\mlEbaHgZ[_a
�ijhf_^e_gbyh[gyeZwcabWg^jx]^_lha^_kv:Z\hlblu^hjh]hcHgbijb_oZeb
��IZiZwlhwcabwcabwlhfhchl_pWg^jx
Ihp_eh\Z\fZlv\s_dm;_gi_j_^Ze_ckiysmxNehj_gkh[gyehlpZaZl_f\dexqbeqZcgbd
�?kebyk_cqZk`_g_gZihxwcabqZ_ffZfZf_gym[v_lfy]dhkdZaZehgIZi_keblu
hldjh_rv[mluedm\bgZykm^h\hevkl\b_fklh[hc\uivx
�Ohjhrh;_gWg^jxih`ZewcabjmdmIjb\_lJZ^klh[hcihagZdhfblvky
Yk\Zfblh`_Yfgh]hh\ZkkeurZeZIhke_h^ghcbahi_jZpbc;_gkdZaZefg_mf_gylZdb_
ohjhrb_jmdbdZdm\Zk
Wg^jxjZkkf_yeky
GZ^xkvlug_hq_gvh[b^_eZkv
G_lqlh\u;_gkdZaZeqlh\uhlebqguc\_l_jbgZj
FZfl\h_qbebdhgdZjg_ijhklhh[t_^_gb_kdZaZe;_gaZdju\djurdmbh[ebaZ\eh`dmY
Lu\k_]^Z]heh^_gdZd\hedihwlhfmyijb]hlh\beZfgh]hqbeb
Hlebqghhl\_lbehgkf_ykv=^_lugZkjZaf_klbrv"
Yijb]hlh\beZl\hxkiZevgxbdhfgZlm^ey]hkl_cNehj_gkyhlg_keZ\fZe_gvdmxdhfgZlm
;_^gZydjhrdZmklZeZHgZ^Z`_g_ijhkgmeZkvdh]^Zy__jZa^_\ZeZbmdeZ^u\ZeZ\ihkl_evLu
ohjhrh__ihdhjfbe"
�Zhl\_lbe;_gkf_ykvIZilug_ihfh`_rvfg_ijbg_klbgZrb\_sb"
�Dh]^Zihke_m`bgZhgbih^gyebkvgZ\_jowcabkijhkbeZ_]h
LZd]^_fu[m^_fkiZlv"
?keb[ua^_kvg_[uehNehj_gkfuihreb[u\fhxkiZevgxGhihkdhevdmhgZkibl\khk_^g_c
dhfgZl_^mfZx[m^_lemqr__kebyhl\_^ml_[y\]hkl_\mxbihp_emxgZghqv
HgZ[ueZ[ug_ijhlb\_keb[uhg___s_bh[gye
Ijh\h^b\__\]hkl_\mxdhfgZlmhgk^_eZewlh
L\hbjh^bl_ebaZf_qZl_evgu_ijh[hjfhlZeZhgZ
�ZLubflh`_ihgjZ\beZkv
Hgdj_idh__ihp_eh\ZeaZl_f_s_jZa
�;hykvqlhh^gbfbihp_emyfb^_ehg_dhgqblkywcabkf_ykvhlkljZgbeZkv
B^bkiZlvDZdb_mgZkieZgugZaZ\ljZ"
Mljhffuih]mey_fkkh[ZdZfb\h\lhjhciheh\bg_^gyih_^_f\dZn_aZl_f\_jg_fkykx^Zb
[m^_f]hlh\blvkydm`bgm?]h]eZaZaZ[e_kl_eb:ihke_m`bgZyfh]mhl\_klbl_[ygZ
k_gh\Ze
Q_jl\havfbluagZ_rvdZdjZa\e_qv`_gsbgmjZkkf_yeZkvhgZhllZedb\Zy_]hB^b
hlkx^ZihdZl_[_\]heh\mg_ijbreZ_s_dZdZygb[m^v^mjZpdZyb^_y
HgihkeZe_c\ha^mrgucihp_emcbm^Zebeky
=eZ\Z
Ke_^mxsbc^_gvdZdbh`b^Zehkvijhr_ehq_gv\_k_eh
�Ihke_aZ\ljZdZ;_gbwcabhklZ\b\Nehj_gkk[Z[mrdhcb^_^mrdhc^he]h]meyebkkh[ZdZfbih
\_j_kdh\hcimklhrb;uehg_`Zjdhgh;_g\k_jZ\ghk^_eZehklZgh\dmgZf_kl_\uoh^Z]hjguo
�ihjh^qlh[ugZfZaZlvhldjulu_mqZkldb__dh`bkhegp_aZsblgufdj_fhf_eZywlhhgi_eGZ
imklhrbMbedebdjZkb\ufgbadbf]hehkhf\dhlhjhfkeurZekychjdrbjkdbcZdp_glAZl_f
himklb\rbkvgZdZf_gvjy^hfkg_chgh[o\Zlbe__jmdhcbhgZ^h\hevgh\a^hogmeZ
A^_kvdjZkb\hkdZaZeZhgZ]ey^yihklhjhgZf
�ZYqZklhkx^Zijb_a`Zxdh]^Zfg_ly`_eh
IjZ\^Z"
;_gaZ^mfqb\hmeu[gmeky
JZgvr_qZklhijb_a`Zegh\ihke_^g__\j_fyfhy`bagvklZeZgZfgh]hemqr_hl\_lbehgb
ihp_eh\Ze__
_jgm\rbkv^hfhchgbi_j_dmkbebb\f_kl_k_]hjh^bl_eyfbbNehj_gkhlijZ\bebkv\OZjjh]bl
]^_hlebqghijh\_eb\j_fy\Dhg^bl_jkdhc;_llbHgbibebqZck\ui_qdhcih^kihdhcgmx
fmaudm\bkiheg_gbbf_klgh]hibZgbklZNehj_gk[ueZ\k\h_cklbobbHgZkt_eZ^\Zibjh`guob
g_kdhevdhkeb\hqguoihfZ^hd
Dlh"Nehj_gk"jZkkf_yeky;_gHgZ\ky\f_gyGbdh]^Zg_hldZau\Z_lkyhlohjhr_c_^u
�wcablh`_khfg_\ZeZkvqlhaZohq_lk_]h^gy_s_qlhgb[m^vkt_klvghdlhfm\j_f_gbdh]^ZhgZ
h^_eZkvbijb\_eZk_[y\ihjy^hddm`bgmmg__khkZehih^eh`_qdhc
Hl]heh^Z"Bebhlq_]hlh^jm]h]h"
Dh]^ZhgZkimklbeZkv\gba;_g[uegZdmog_\f_kl_kNehj_gk?]hjh^bl_e_cg_[ueh
Ihc^_l"kijhkbeZhgZmdZau\Zy_fmgZk\h_ieZlv_
�H^ZLu\u]ey^brvgZ\k_klhHgmeu[gmekyNehj_gkGmqlhkih_fwcabgZrmi_k_gdm"
�DZdmxi_k_gdm"kijhkbeZwcab
FukiZihckZfb__khqbgbeb]hj^haZy\beZNehj_gk
Himklb\rbkvgZh^ghdhe_ghhgihkZ^begZ^jm]h_^_\hqdmkhkqblZe^hlj_obhgbgZqZebi_lv
���wcabwcabwcab^Zcfg_l\hchl\_l
�wcabjZkkf_yeZkv
DZdhc_s_hl\_l"Lug_aZ^Z\Zefg_\hijhkZ
�hkemrZcih`ZemcklZkdZaZehgaZl_fhgbijh^he`bebi_lvYk]hjZx^_ldZhl
ex[\bdl_[_
HgZkgh\ZjZkkf_yeZkv;_gih^gye\\_jomdZaZl_evguciZe_p?]h]eZaZ[e_kl_eb
G_kf_ckyI_lvkeh`gh\hafmlbeZkvNehj_gk
�Qlh[ug_h[b`Zlvj_[_gdZwcabaZklZ\beZk_[yihk_jv_ag_lv
Mf_gydZj_lug_l_klvaZlh\_ehkbi_^Dh]^Zkf_gbl^_gvaZjxhgihfqblgZkdZelZjx
HgZmklZ\beZkvgZ;_gZHgklhyei_j_^g_cgZh^ghfdhe_g_bijbklZevghgZg__kfhlj_e?_k_j^p_
[_r_ghaZdhehlbehkv@_eZgb_kf_ylvkyijhiZeh
;_g"
�Nehj_gkke_aeZkhlph\kdh]hdhe_gZih^[_`ZeZdwcabbko\ZlbeZ__aZjmdm
L_[_ihgjZ\beZkvgZrZi_k_gdZ"
Ww^Zhq_gv^hjh]Zyijh[hjfhlZeZhgZ
k___l_ehihdZeu\ZehdZd[m^lh\\_gZoehiZebkvimaujvdbrZfiZgkdh]hG_m`_ebhg"
Ih^gy\rbkvbihijZ\b\k\hc[_amfgh^hjh]hcdhklxf;_gmeu[gmeky_c
Ihc^_flZdkbm`_`^_lgZkNehj_gkb^bd[Z[mrd_bkdZ`b_cqlhfum\b^bfkykg_cb
^_^mrdhciha`_
�GZdehgb\rbkvhgihp_eh\Ze__H[gy\bihp_eh\Z\wcabhgZm[_`ZeZgZi_\Zyi_k_gdmdhlhjmx
hgbk;_ghflhevdhqlhbkihegbeb
Lu\ayeZdZj^b]ZggZlhlkemqZc_keb[m^_lijhoeZ^gh"
�Y\ayeZrZevhl\_lbeZwcab
OhjhrhLh]^Zfufh`_f_oZlv
kx^hjh]m;_gfheqZeDh]^Zhgbih^t_oZebdj_klhjZgmhgaZieZlbelZdkbklmbihfh]_c
\u[jZlvkybafZrbgu
H;_gdZda^_kva^hjh\hkdZaZeZhgZ\oh^y\aZej_klhjZgZ
GZ^_xkvYgbdh]^Za^_kvg_[ue
Boijh\h^bebdklhebdm\gbr_
Ym`_aZdZaZe_^mGZ^_xkvlug_\hajZ`Z_rv"kijhkbehgdh]^ZhgbaZg_]hk_eb
H[kem`b\Zgb_hdZaZehkv[ukljufbg_gZ\yaqb\ufBfijbg_keb`Zj_gmxdZf[ZemkdZjlhn_e_f
njbb[mluedm[_eh]h\bgZ
�WlZju[ZgZfgh]h\dmkg__q_flZqlhfudmibeb\Chdk[mj]_kmeu[dhcaZf_lbeZwcab
?]h]eZaZ[uebgZm^b\e_gb_k_jv_agufb
lhl\_q_jlukdZaZeZqlhex[brvf_gy
HgZlboh\a^hogmeZ
H;_gluhdZau\Z_lkyk_glbf_glZevguc
Ihlhfbfijbg_kebdZf_ggh]hhdmgy
Y\ex[beky\l_[ydh]^ZluaZdZaZeZdZf_ggh]hhdmgyihykgbe;_g
?_k_j^p_gZihegbehkv^hdjZ_\
:y\l_[y\ex[beZkvdh]^ZhldjueZ^\_jvbm\b^_eZl_[yihdjulh]hh[ehfdZfbfhdjhc
rlmdZlmjdbJZamf__lky\k_^_eh[ueh\l\h_f^hjh]hfdhklxf_HghlebqghgZl_[_kb^blYjZ^Z
qlh_]hm^ZehkvkiZklb
JZkkf_y\rbkv;_g^hebe\__[hdZe\bgZ
�Z\Zc_rvGZk`^_lhkh[uc^_k_jl
�_k_jl"f_gy\jy^eb_s_qlhgb[m^v\e_a_l
M\_j_glukijZ\brvkyHghq_gve_]dbc
��wcabihkemrghijh^he`beZ_klvkemrZy_]hjZkkdZakgZqZeZh^_lkl\_aZl_fh[jZd_k`_cg
heg_gb_dhlhjh_hgZbkiulu\ZeZ\gZqZe_m`bgZihkl_i_gghme_]ehkv
AgZ_rvy^mfZxqlhgZr[jZdg_m^Zekyihlhfmqlhfug_ex[beb^jm]^jm]ZihgZklhys_fm
�F_`^mfghcb`_cgg_[uehhkh[hck\yabdhlhjZy_klvm\k_o\ex[e_gguoM\ZkkFZcdhf__
\b^bfhlh`_g_[uehG_agZxqlh^mfZ_rvlughmf_gylZdh_hsms_gb_[m^lhygbdh]^Zih
�gZklhys_fmg_[ue`_gZlh\klj_qbklh[hcygbdh]^Zg_agZeqlhlZdh_fqZlvky^hfhcihke_
jZ[hluqlh[uijh\_klb\_q_jkex[bfufq_eh\_dhfDh]^Zfhc[jZdjZkiZekyyg_bkiulZeqm\kl\Z
ihl_jbLhevdh^hkZ^m
H;_g\k_wlhlZd]jmklghLuijZ\Yg_agZeZFZcdZY^mfZeZqlhagZx^mfZeZqlhex[ex
_]hGZkZfhf^_e_yijhklhohl_eZ_]hex[blvOhl_eZqlh[uhgf_gyex[begh_fm[uehgZf_gy
gZie_\Zlvhlebqb_hll_[y
Yg_ohl_el_[yex[blvLhqg__ohl_egh[hyekyijbagZeky;_gbk^_eZeagZdhnbpbZglm
BolZj_edbmg_kebbhg\aye__jmdb\k\hbb]ey^y_c\]eZaZijh^he`be
Ihke_jZa\h^Zyj_rbeqlh[m^mh^bgQlhlZd[m^_l]hjZa^hijhs_bykfh]mm^_eylv[hevr_
\gbfZgbyNehj_gkYg_h`b^ZeqlhgZc^mlZdmxaZf_qZl_evgmx`_gsbgmdZdluY\i_j\u_
�\klj_lbedh]hlhkd_ffg_aZohl_ehkvijh`blvhklZlhd`bagbh\klj_qbklh[hcyg_agZeqlh
�lZdh_ex[h\vwcabL_i_jvagZxbg_ohqm__ihl_jylv
Ih\_jgm\]heh\mhghlimklbe__jmdbbih^hr_^rbchnbpbZglihklZ\be\p_gljboklhebdZ[ex^h
ih^k_j_[jyghcdmihehh[jZaghcdjurdhcgZdehgbekybkgye__
Ih^g_chdZaZeZkvg_[hevrZy]hjdZbahkdhedh\ev^ZmdjZr_ggZye_i_kldZfbjhaHkdhehd
e_`Zsbcihk_j_^bg_yjq_\k_ok\_jdZe\k\_l_k\_q_cGZdehgb\rbkvhgZke_]dZgZofmjbeZkvg_
ihgbfZy\q_f^_eh
Ijhlygm\jmdm;_g\ulZsbekZfuc[e_klysbchkdhehdWlhhdZaZekyg_e_^Z[jbeebZglb__imevk
HnbpbZglmg_k[ex^hbhg\aye__jmdm\k\hx
�Yex[exl_[ywcabNmee_jY^mfZeqlhijbqbgZ\dZf_gghfhdmg_gh\iheg_\hafh`gh\k_
^_eh\l\h_foZeZl_kiylghfhlqZy
�wcabjZkkf_yeZkv
AZl_fhgkgh\Zki_e_ci_k_gdmdhlhjmxkhqbgbe\f_kl_kNehj_gk
�BlZddZdbf[m^_ll\hchl\_lwcab"fy]dhkijhkbehg?kebyihh[_sZxihex[blv
kwg^\bqbkrhdheZ^ghciZklhcb[hevr_g_jZajmrZlvihlhehdlu\uc^_rvaZf_gyaZfm`"
Ih^Zjbrvfg_bNehj_gk\kxex[h\vdhlhjZy_klv\l\h_fk_j^p_"
?]h]m[umeu[Zebkvgh\a]ey^[uegZijy`_gguf
�Zhl\_lbeZhgZqm\kl\mydZdgZ]eZaZgZ\hjZqb\Zxlkyke_auH;_gdhg_qgh^ZYex[ex
l_[yb\k_]^Z[m^mex[blv:Nehj_gk[m^mex[blvlZddZd_keb[uhgZ[ueZfh_c^hq_jvx
a^hogm\;_ggZ^_edhevph_cgZiZe_paZl_fih^gyeky\f_kl_kg_cblZddj_idh__h[gyeqlh_c
klZehljm^gh^urZlvAZl_fhgke_]dZhlh^\bgme__hlk_[yaZ]eygme_c\]eZaZbihp_eh\Ze__
�GZfihjZi_j_[jZlvky\[he__m_^bg_ggh_f_klhijh[hjfhlZehgbwcabhkhagZeZqlh\k_
\hdjm]oehiZxl\eZ^hrbbiha^jZ\eyxlbo
YohqmgZagZqblv^Zlmk\Z^v[uaZy\be;_gf_`^mihp_emyfbByohqmqlh[uhgZkhklhyeZkv
dZdfh`ghkdhj__
JZ^bNehj_gk"
JZ^b\k_ogZkIhdZfug_`_gZlufug_kfh`_f[ulv\f_kl_\l_^gbdh]^ZhgZhklZ_lkymf_gy
Yhq_gvg_l_ji_eb\DZd[ukljhfukfh`_fhj]Zgbah\Zlvk\Z^v[m"
�wcabmeu[gmeZkv
Hq_gv[ukljhMf_gy_klv^\ZagZdhfuowdki_jlZHgbkZfbg_^Z\ghq_j_awlhijhrebY
\hkihevamxkvbohiulhf
�Hlebqghheb\\__[hdZerZfiZgkdh]hhgqhdgmekykg_cAZgZk
�wcabk^_eZeZ]ehlhdbmeu[gmeZkv
AgZ_rvy\i_j\u_ivxrZfiZgkdh_gZk_gh\Ze_
;_gjZkkf_yeky
�Ylh`_mfZxyfh][udwlhfmijb\udgmlv
L\hbjh^bl_ebm`_agZxlhgZrboieZgZo"
IheZ]Zxqlh^h]Z^u\ZxlkyHgbkeurZebdZdfukNehj_gkj_i_lbjh\Zebi_k_gdmDjhf_lh]h
wlhhgbihklZ\beb\oheh^bevgbd[mluedmrZfiZgkdh]h
GZ\_jgh_hgbh`b^ZebqlhfujZahiv_f__kgbfb
FuhklZ\bfbfg_fgh]hkdZaZe;_gbaZ[jZ\mg__[hdZekgh\Zih\Zebe__gZh^_yeh
��eyijh\_^_gbyk\Z^v[u;_gbwcab\u[jZebf_klgucdem[dhlhjuc[uei_j_h[hjm^h\Zg
g_kdhevdhe_lgZaZ^bihevah\Zekyhlebqghcj_imlZpb_cHgZ[ueZaZieZgbjh\ZgZgZ\lhju_
\uoh^gu_k_gly[jyGZagZqZy^ZlmhgbjZamf__lkyijbgyeb\h\gbfZgb_kjhd[_j_f_gghklbF_e
=jb\a
Yg_fh]mm_oZlvihdZ[ebag_pug_^hklb]gmlljb^pZlb^\mog_^_evkdZaZe;_g?kebgZlhl
fhf_glkgbfb\k_[m^_l\ihjy^d_fuklh[hcm_^_fgZ\uoh^gu_YihijhrmFwllZih[ulva^_kv
^hgZr_]h\ha\jZs_gby?kebqlhhgijbf_lmF_ejh^uIha`_fuh[yaZl_evghmkljhbfk_[_
&#xh;&#xl;&#x_l;&#xg;&#xZ;&#xwl;&#xh;hl\_lgZwlhwcabijhklhmeu[gmeZkv?]hij_^ZgghklviZpb_glZf[ueZh^ghcbafgh]bo\_s_c
aZdhlhju_hgZ_]hex[beZHgZkh]eZkbeZkvk_]hieZghfihlhfmqlhmki_eZijb\yaZlvkydF_eb__
[m^msbffZeurZfb_cohl_ehkv[ulvjy^hfkg_cdh]^Zhgbihy\ylkygZk\_l
?_`_eZgb_k[uehkv
GZdZgmg_k\Z^v[u\h^bggZ^pZlv\_q_jZ;_giha\hgbe_cHgbkWfbaZdZgqb\Zeb]hlh\blv__gZjy^
Fwlllhevdhkhh[sbeqlhkhklhygb_h^gh]hbafhfh[ebag_ph\mom^rbehkvImevkmg_]h
keZ[ucF_e]hlh\yldhi_jZpbbY_^m\[hevgbpm
�Yklh[hcdjbdgmeZwcab\ukdhqbeZba^hfZbaZiju]gmeZ\_]hfZrbgmFumki__f"
kijhkbeZhgZih^hjh]_
;_gih`Zeie_qZfb
G_agZxGZ^_xkvYg_fh]m_oZlv[uklj__
Hgbijb_oZeb\h\j_fybi_j_h^_\rbkvijhreb\hi_jZpbhggmx\f_kl_kFwllhfImevkfZeurZ
�ghjfZebah\Zekygh_]hkhklhygb_ihij_`g_fm\uau\ZehhiZk_gbywcabg_agZeZq_]h`^Zlv
k_ijhbahrehhq_gv[ukljhj_amevlZl_gZk\_lihy\bebkv^\_hq_gvfZe_gvdb_gha^hjh\u_
^_\hqdbG_kdhevdh^g_cgZaZ^F_egZqZebdhehlvkl_jhb^uqlh[uih^]hlh\blve_]db_fZeur_c
K^_eZ\i_j\uc\^hohgbaZieZdZebb;_gkFwllhfi_j_^Zebbof_^k_klj_bahl^_e_gby^ey
g_^hghr_gguogh\hjh`^_gguo
&#xkl;&#xj_;&#xlb;&#xr; k;&#xv;&#xa];&#xey;&#x^h;&#xk;�klj_lb\rbkv\a]ey^hfkwcab;_gijhbag_kkmeu[dhc
DZdl_[_lZdhck\Z^_[gucih^Zjhd"
K\Z^v[Z\kihfgbeZhgZ
Lukm_\_j_g"
GbkdhevdhYg_^himsmqlh[uqlhlhihf_rZehgZr_ck\Z^v[_?a`Zc^hfhc^hjh]Zy
M\b^bfkyaZ\ljZmljhf
@_eZxkqZklvyijh[hjfhlZeZF_e
Byl_[_Fhbiha^jZ\e_gby
�Klygm\i_jqZldbwcabh[gyeZ__bihdbgmeZhi_jZpbhggmx
��;_g`^Ze__mZelZjyZ`_g_kfhljygZlhqlhbojZa^_eyeh[hevrh_jZkklhygb_wcabaZf_lbeZ
qlh]eZaZ;_gZk\_lylkyhlkqZklvy?]h[jZlklhyejy^hfkgbf
�Hl_pwcab\_e__ihijhoh^mp_jd\bdhlhjZy[ueZaZiheg_gZ]hklyfbAZg_cke_^h\ZeZNehj_gk\
khijh\h`^_gbbWfb
�;_^gZyWfb;m^_lebhgZdh]^Zgb[m^vlZd`_kqZkleb\ZdZdy"ih^mfZeZwcabkghldhc
]jmklbghhdZaZ\rbkvjy^hfk;_ghflml`_aZ[ueZh[h\k_fgZk\_l_
k_ohjhrh"fy]dhkijhkbehg
Ohjhrh"HgZ\uoh^blaZfm`aZq_eh\_dZdhlhjh]hex[blihgZklhys_fmHglZdfgh]h_c^Ze
ijh]gZe[hevbh[b^mdhlhju_g_kdhevdhe_l[ueb__ihklhyggufbkimlgbpZfbHgbkNehj_gk
gZihegbeb__`bagvex[h\vxbjZ^hklvx
Dhjhq_]h\hjyk_]h^gyrgbc^_gvemqrbc\__`bagb
�Ih\_jgm\rbkvwcabaZ]eygmeZ\_]h]eZaZihegu_ex[\bg_`ghklbbkljZklb
Emqr_g_[u\Z_lhl\_lbeZhgZbmeu[gmeZkv
Ijbf_qZgby
_ebdh[jblZgbb]eZ\guc\jZq

Приложенные файлы

  • pdf 18377365
    Размер файла: 243 kB Загрузок: 0

Добавить комментарий