Звезды_Чикаго_3.PDF


Чтобы посмотреть этот PDF файл с форматированием и разметкой, скачайте его и откройте на своем компьютере.
ORYHBFRQWHPSRUDU\
$XWKRU,QIR
Kvxa_gWebaZ[_lNbeebik
Fhcblhevdhfhc
��G_aZ\bkbfZy`_cgZjebg]lhgihk\ylb\rZyk\hx`bagvgZmd_j_rbeZ\hqlh[ulhgbklZeh
aZqZlvj_[_gdZhldjZkZ\pZkihjlkf_gZDweZ;hgg_jZZihlhfjZkklZlvkykhlphffeZ^_gpZGh
kZfu_obljhmfgu_ieZgubf_xlh[udgh\_gb_jZae_lZlvky\imobijZodh]^Z\^_eh\f_rb\Z_lky
ex[h\vDwe\h\k_g_lZdijhkldZddZ`_lkybg_iha\heblkihdhcghmclblhc_^bgkl\_gghc
`_gsbg_hdhlhjhcf_qlZe\kx`bagv
Ykha^Zgb_IE2&5:ev^_[ZjZg
Kvxa_gWebaZ[_lNbeebik
Fhcblhevdhfhc
Fh_cfZf_
�hjh]hcqblZl_ev
ihke_^gxxghqvi_j_^hlt_a^hffh_]hfeZ^r_]hkugZ\dhee_^`ykb^_eZgZgb`g_cklmi_gb
e_klgbpu\_^ms_cdkiZevgyfkfhlj_eZgZ_]hkh[jZggu_\_sbbieZdZeZG_fh]eZkfbjblvkyk
l_fqlhwlZqZklvfh_c`bagbih^hreZddhgpmIjhrehfgh]he_lghyihij_`g_fmihfgbeZdZd
kljZklghyohl_eZj_[_gdZBf_ggh\lhlfhf_glb\hagbdaZfuk_ejhfZgZFhcblhevdhfhc
GZc^bl_mxlgucm]hehdm^h[gh_dj_kehbhlijZ\vl_kv\f_kl_khfghc\wlhhq_gvg_h[uqgh_
iml_r_kl\b_]^_\Zk`^_l\klj_qZkex[h\vxbg_h[ma^ZggufbkljZklyfbu\klj_lbl_fbemx
`_gsbgmdhlhjZyij_djZkghjZa[bjZ_lky\h^ghfghgbq_]hg_kfukebl\^jm]hfbfh]mq_]h
k_dkmZevgh]hfm`qbgmhlagZdhfkl\Zkdhlhjufm\ZkaZo\Zlbl^moulZd`_\klj_lbl_fm`Zb
`_gmdhlhju_^Z\guf^Z\ghihaZ[uebdZdhgbdh]^Zlh\hkijbgbfZeb^jm]^jm]Z
jhfZg_Fhcblhevdhfhcklhedgh\_gbyoZjZdl_jh\\uk_dZxlkghiubkdjgh\ugZc^_l_\g_f
bg_`ghklvbxfhjZfh`_lbghcjZam\ZkgZ]eZaZbgZ\_jgmlkyke_auLZdqlhk\hjZqb\Zcl_kv
dZeZqbdhf\ex[bfhfdj_ke_bih]jm`Zcl_kv\imqbgmijbdexq_gbcwlboklhevg_k^_j`Zgguo
g_koh`boghhq_gvfbeuo\ex[e_gguo
Ijbylgh]h\Zfql_gby
Kvxa_gWebaZ[_lNbeebik
=eZ\Z
��Z\Zcl_jZkklZ\bflhqdbgZ^L`h^bImeZgkdbh[\_eZ\a]ey^hffm`qbgGZ^_gv
jh`^_gby\uohlbl_ih^ZjblvDwem;hgg_jm`_gsbgm"
�Ljh_gZiZ^ZxsbodhjhlZ\rbowlhlghy[jvkdbc\_q_j\A_[j_kihjlb\ghf[Zj_hdjm]Zxi_c^`
dhlhjucihevah\Zekyhkh[hcihimeyjghklvxmb]jhdh\QbdZ]hklZjadb\gmebh^gh\j_f_ggh
��`mgv_jmgdZg^ZeagZdhnbpbZgld_ijbg_klb\k_f_s_ib\Z
?fmbkihegy_lkyljb^pZlvr_klvlZdqlhih^Zjblvfu_fmohlbfqlhlhhkh[_ggh_
�Qmrvkh[Zqvyhlj_aZeZ`h^b
&#xk_;&#x;&#xdZ;Û&#xlh;&#x[;&#xhd;&#xhf;&#xk;&#xy; Z;&#xgg;&#xu_;&#xk;&#xn;&#xml;&#x[h;h;;
&#xgZ;b;
&#xwe;&#xZ;&#x;h;&#xgg;&#x_j;&#xZ;&#xi;&#x_j;&#xhd;&#xeZ;&#xkk;&#xgh;&#x]h;
&#xmh;&#xjl;&#x_j;&#x[_;&#xdZ;�k_dZdbflh[hdhfk\yaZggu_knml[hehfagZebDweZ;hgg_jZi_j\hdeZkkgh]hdmhjl_j[_dZ@
lj_[h\Zl_evgh]hl_fi_jZf_glgh]hdhlhjuckgZqZeZk_ahgZaZfhj^h\Ze\k_o;hgg_jZijha\Zeb
;hf[_jhfaZ_]hg_h`b^Zggu_iZku\aju\Zxsb_h[hjhgmkhi_jgbdh\
�fm`qbggbkdhevdhg_\hegh\ZebfhjZevgu_Zki_dluGNE@g_iZgkbhg[eZ]hjh^guo^_\bp
Ijhklh\u^mfZ_l_qlh\Zfihe_]qZ_l_kebmg_]hihy\blky`_gsbgZ
�Mbeeb`Zjj_eeg_hlju\Zel_fghdZjbo]eZahlklZdZgZkib\hf
ihke_^g__\j_fywlhlkmdbgkugkh\k_fhkZlZg_eHgijhklhhiZk_g^eyhdjm`Zxsbo
�`mgv_jihdZqZe]heh\hc
&#xq_;&#xjZ;&#xh;&#xg;&#xgZ;
&#xZe;�&#xq_;&#xjZ;&#xh;&#xg;&#xgZ;
&#xZe;�q_jZhggZa\Ze`_jfZcgZDeZjdZ^_[xlZglhf`_jfZcgZ
��`h^bijbih^gyeZ[jh\vqmlv[he__l_fgmxq_f__[_ehdmju_\hehku`_jfZcgDeZjdihijZ\m
kqblZekyh^gbfbakZfuoljm^ghijhoh^bfuoaZsblgbdh\eb]b
?kebbkoh^blvbalh]hqlhy\b^_eZm;hf[_jZ`_gsbgg_i_j_q_klvIhoh`_hgg_agZ_lqlh
_fmkgbfb^_eZlv
�`mgv_jdb\gme
�Zgh^_eh\lhfqlhhgg_kiblgbkh^ghcbagbo
Qlh"
WlhijZ\^Z\klZ\beDjbkIeZff_jFulhevdhqlhwlh\uykgbeb?]hih^jm`db]h\hjbebk
g_dhlhjufbba`_gb]jhdh\b`Zeh\Zebkvqlhhgbkihevam_lbodZdrbjfm
Fh`_l_keb[hgih^h`^ZeihdZhgb\ujZklmlbaiheamgdh\mg_]hgZgboqlhgb[m^vb
�\klZehij_^iheh`beMbeeb`Zjj_ee
�`mgv_j\hkijbgye_]hkeh\Zk_jv_agh
GZijZkghluwlh]h\hjbrvMbeebLuagZ_rvDweg_\klj_qZ_lkykl_fbdhfmf_gvr_^\Z^pZlb
Dwe;hgg_jfh`_lbklZgh\bekyklZjr_gh`_gsbgubf_xsb_^hklmi\_]h`bagvg_l
�\Z^pZlb^\moe_lgbohgm`_gZ^mog_\ughkbe
GZkdhevdhgZfba\_klghijh^he`beMbeebihke_jZaju\ZkD_eeb\ijhrehfn_\jZe_
;hf[_jgbkd_fg_kiZeG__kl_kl\_gghwlh
D_eeb;_jdebdjZkhld_^\Z^pZlbh^gh]h]h^Zhljh^mgZ^h_eh`^Zlvh[jmqZevgh]hdhevpZ\hlhgZb
m[_`ZeZk^\Z^pZlblj_oe_lgbf]blZjbklhfbaf_lZeebq_kdhc]jmiiuKlhcihjuDwe;hgg_j
^mfZelhevdhhih[_^ZogZnml[hevghfihe_dZ`^mxg_^_ex\klj_qZekykgh\hc`_gsbghcb
bajy^ghihjlbe`bagvk\hbfh^ghdem[gbdZf
�`h^bImeZgkdb\KlZjaex[bebghgbdlhbafm`qbgg_aZbdgmekyhlhfqlhwlZ
^\Z^pZlblj_oe_lgyynZgZldZ^he`gZij_^eh`blvk\h_l_eh\ih^ZjhdDwem;hgg_jmk_agZebqlh
hgm`_k^_kylhdjZa^Z\Ze_chl\hjhlih\hjhlIhwlhfm\kibkd___ebqguo\jZ]h\;hf[_jaZgbfZe
&#xk;&#xl_;&#xgg;&#xhf;&#xr;&#xdZ;&#xnm;&#xk;&#xiZ;&#xev;&#xgb;�ihq_lgmxi_j\mxkljhdmkl_gghfrdZnmkiZevgb`h^bojZgbeZdhee_dpbxkbg_ahehluo
nbjf_ggu_p\_lZQbdZ]hklZja\fnml[hehdihh^ghcgZdZ`^h]hnml[hebklZkdhlhjufhgZ
i_j_kiZeZghrZgkh\aZihemqblvnml[hedm;hgg_jZmg__g_[ueh
GZfgm`gZ`_gsbgZdhlhjZy[ug_gZihfbgZeZ_fmD_eebaZf_lbeDjbk
Lh_klvdeZkkgZy`_gsbgZ^h[Z\beMbeebBihklZjr_Fu^mfZ_fihjZ;hf[_jm
ihijh[h\Zlvb^\Z^pZlblj_oe_lgxx
��hklhcgZy`_gsbgZ\g_kk\hxe_ilm`mgv_jhlib\ib\ZKiheh`_gb_f\h[s_kl\_
�`h^bkeZ\beZkvhlgx^vg_mfhfgh^Z`_hgZihgbfZeZkeh`ghklvijh[e_fu
�G_^mfZxqlhgZc^_lkyfgh]hlZdbo`_gsbg]hlh\uoij_^eh`blvk_[y\ih^ZjhdZ`_Dwem
;hgg_jm
ijhn_kkbhgZevghcijhklblmldb
Gh^_ckl\bl_evghdeZkkghclhjhieb\h^h[Z\beMbeebDwerexog_`Zeh\Ze
�`mgv_jfjZqghbamqZekh^_j`bfh_klZdZgZ
;_^Z\lhfqlhfug_fh`_f__gZclb
�`h^bagZeZg_kdhevdhijhklblmlhdghgZdeZkkguohgbg_lygmebDZdb__ih^jm]bhkgh\ghf
hgZh[sZeZkvkdj_idhivxsbfbex[ysbfbih\_k_eblvkyfheh^ufb`_gsbgZfbp_ev`bagb
dhlhjuokhklhyeZlhevdh\h^ghfi_j_kiZlvdZdfh`ghk[hevrbfqbkehfijhn_kkbhgZevguo
kihjlkf_gh\
LZdq_]h\uohlbl_hlf_gy"
Fuohlbfqlh[ulu\hkihevah\ZeZkvk\hbfbk\yayfbbgZreZ_fmih^oh^ysmx`_gsbgm
��hl\_lbe`mgv_jh_]h^gyjh`^_gby^_kylv^g_c
:qlhihemqmy"
�Ihkdhevdmnml[hedb\k_cljhbpum`_\bk_eb\kl_gghfrdZnm`h^bhgbihgbfZebqlh
`_jl\h\Zlvkh[hcgbdhfmg_ijb^_lky
DZdhcghf_jluohl_eZ[u^h[Z\blvdk\h_cdhee_dpbb"hklhjh`ghkijhkbeDjbk
AZbkdexq_gb_f\hk_fgZ^pZlh]hlhjhieb\h\\_jgmeMbeebIh^\hk_fgZ^pZlufghf_jhf
b]jZe;hf[_j
�`h^baZ^mfZeZkvDhg_qghhgZ[uij_^ihqeZljZogmlvkyk;hf[_jhfZg_bkdZlv_fm`_gsbgmK
^jm]hcklhjhgu\dhfZg^_[ue_s_h^bg^hklhcgucdZg^b^Zl
?kebygZc^m^eyg_]hih^Zjhdfg_gm`_gghf_j^\_gZ^pZluc
Fm`qbguaZklhgZeb
�Q_jl`h^b^ZmD_\bgZLZd_jZ`_gsbg\ur_djurb
Wlh\Zrbijh[e_fu
Fheh^hcZ]j_kkb\guclZeZgleb\ucLZd_joh^be\aZiZkguodmhjl_j[_dZoKlZja\k_]^Z]hlh\uc
ih^f_gblvDweZ_kebljZ\fZbeb\hajZkl\u\_^ml_]hbab]juOhlygZim[ebd_h[Z^_j`Zebkv\
jZfdZoijbebqbc\^_ckl\bl_evghklbhgbexlhg_gZ\b^_eb^jm]^jm]Zhlq_]hD_\bgLZd_j
�klZgh\beky^ey`h^b`_eZgghc^h[uq_c
�Fm`qbguih\hjqZebgh\dhgp_dhgph\kh]eZkbebkvqlhm[_^ylLZd_jZm[eZ`blv`h^b_kebhgZ
gZc^_lih^oh^ysmx`_gsbgm\ih^ZjhdDwem
��\Zgh\uoihk_lbl_ey\hreb\A_[jmb`h^bgZijZ\beZkvdgbfjZ[hlZh[yau\ZeZIhimlbhgZ
��ijbdbgmeZddhfm[ufh]eZh[jZlblvkyhklhcguodZg^b^Zlhdg_gZoh^behkvZagZdhfuo
`_gsbgmg__o\ZlZeh^Zlhevdhgbdlhg_lygmegZdeZkkgmx
��\Z^gykimkly\km[[hlm`h^b\k__s_[beZkvgZ^wlhcijh[e_fhcdh]^Zkly`_ehchlihof_evy
�]heh\hckimklbeZkv\dmogxjh^bl_evkdh]h^hfZ\=e_gWee_g@rlZlBeebghckj_fy[ebabehkv
�dihem^gxjh^bl_ebm_oZebgZmbdwg^__kf_gZgZqbgZeZkv\iylv\_q_jZq_fm`h^bg_fh]eZg_
jZ^h\Zlvky_clj_[h\Zehkvg_kdhevdhqZkh\qlh[uijbclb\k_[yihke_ghqghcivygdb
�Hldju\^\_jpm[mn_lZhgZgZreZlhevdh[ZgdmjZkl\hjbfh]hdhn_[_adhn_bgZ_jvfhGZmebp_
fhjhkbeh=heh\ZjZkdZeu\ZeZkvlZdqlhaZjmevhgZkZ^blvkyg_fh]eZb_clj_[h\ZeZkvdZd
fbgbfmfd\ZjlZdj_idh]hdhn_qlh[uihemqblvgZkeZ`^_gb_hlb]ju
k_rehgZi_j_dhkydKlZja\wlhl^_gvb]jZeb\;mnnZehlZdqlh\A_[j_`^Zlvbog_
Dwem"H^gZbaijbqbgih\ur_ggh]h\gbfZgbydg_ckhklhjhguKlZjakhklhyeZ\lhfqlhhgZ
\k_]^ZgZoh^beZbf`_gsbg
��`h^b\u]eygmeZ\hdghdmogbbm\b^_eZqlh\^hf_fufju]hjblk\_lFufjhc`h^bijha\ZeZ
���^hdlhjZ`_cgZjebg]lhgkhk_^dmjh^bl_e_cG_\jZqZZ^hdlhjZnbabdbFZlv`h^bg_fh]eZ
gZo\ZeblvkygZg__hgZ\k_]^Zihfh]ZeZImeZgkdbjZa[bjZlvkykihqlhcb\kydbfb^_deZjZpbyfbk
�l_oihjdZdhgbi_j__oZeb\=e_gWee_giZjme_lgZaZ^Fh`_lj_rbeZ`h^bfufjZihfh`_l_ck
dhn_
HgZ[uklj_gvdhih^djZkbeZkvgZlygmeZgZ]heh_l_ehh[ly]b\Zxsb_q_jgu_^`bgkugZ^_eZ
��nml[hedmMbeeb`Zjj_eeZkmgmeZgh]b\kZih`dbKo\ZlbeZimklhclZii_jmwj@bgZijZ\beZkv
dkhk_^g_fm^hfm
�IeZshgZg_gZ^_eZihwlhfmm`_^jh`ZeZf_edhc^jh`vxdh]^Z^hdlhj`_cglZdbhldebdgmeZkv
gZ__a\hghd
Ijb\_l
��hdlhj`_cg\u]eygm\\kfhljh\h_hdhr_qdh\u`b^Zxs_kfhlj_eZgZg__kd\havfufjh\kdb_
[hevrb_hqdb\ly`_ehcjh]h\hchijZ\_
�&#xZr;&#xbo;&#xk;&#xhk;&#x_^;&#x_c;&#x;�&#xZr;&#xbo;&#xk;&#xhk;&#x_^;&#x_c;&#x;�Y`h^b^hqvImeZgkdbZrbokhk_^_chdlhj`_cggbq_fg_\udZaZeZ`_eZgby
ijb]eZkblv__\^hf
IhkemrZcl_lmlq_jlh\kdboheh^ghFh`ghfg_\hclb"
�FufjZgZdhg_plhkhh[jZabeZq_]hhlg__`^mlHldjueZ^\_jvb\imklbeZ`h^b
Ba\bgbl_Y\Zkg_magZeZ
��?^\Zi_j_klmib\ihjh]`h^bihgyeZihq_fm^hdlhj`_cgg_]hj_eZ`_eZgb_fihh[sZlvkykg_c
�=eZaZaZkl_deZfbhqdh\ke_abebkvghkihdjZkg_eG_kfhljygZihof_ev_`h^b[_aljm^Z
�^h]Z^ZeZkvhijbqbg_^hdlhj`_cghieZdb\ZeZk\hxg_m^Z\rmxky`bagv
�GZfufjm\ukhdmxgbdZdg_f_gvr_iylbnmlh\b\hkvfb^xcfh\`h^bijboh^behkvkfhlj_lv
kgbam\\_joHgZijhlygmeZjhah\uclZii_jmwj
G_gZc^_lkym\ZkiZjueh`_dghjfZevgh]hdhn_"MgZklhevdh[_adhn_bgZZfg_gm`ghqlh
gb[m^vihdj_iq_
���hdlhj`_cg\ayeZdhgl_cg_jgh[_ahkh[hchohluKdjy]hchgZ`h^bg_ihdZaZeZkv\hl^_\mrdZ
�bj_rbeZqlh\^Zggucfhf_gl^hdlhjm`_cgg_ih^mr_qvyeb[hdhfiZgby
�Zyk_cqZkgZkuiex
�HgZih\_jgmeZkvbgZijZ\beZkvgZdmogxjZkkqblu\Zyqlh`h^bhklZg_lkymihjh]ZH^gZdh
�jZafbgdZgZqbgZeZkvq_j_aiheqZkZdhlhju_`h^bgZ^h[uehq_flhaZgylv^Zbohl_ehkv
ihkfhlj_lvdZd`b\_lkhk_^dZjh^bl_e_cIhwlhfmhgZ^\bgmeZkvke_^hf
�Hgbfbgh\Zeb]hklbgmxdhlhjZy`h^bg_ihdZaZeZkv[_eu_kl_guf_[_ev\jh^_m^h[gZygh\_a^_
dgb]bdgb]bbdgb]b?_\gbfZgb_ijb\e_debjZa\_qlhmdjZrZ\rb_kl_guwklZfiuJbkh\ZeZbo
�h^gZom^h`gbpZ`hj^`byH\nDbnn:ijb\e_debihlhfmqlhdZ`^ucp\_lhdgZihfbgZe`_gkdbc
iheh\hchj]Zg
P\_luk]em[hdhcl_fghc\iZ^bghc\p_glj_P\_luke_i_kldZfbkfudZxsbfbkygZ^\eZ`ghc
�k_j^p_\bghcHgZm\b^_eZh^gZdh\mkl\hjqZlZyjZdh\bgZfheexkdZijbhldjulZykfZe_gvdhc
i_j_eb\Zxs_cky`_fqm`bghc\gmljbIh`ZemckZfucg_ihjhqgucq_eh\_dihgye[uih^l_dkl
aZohq_lkfhlj_lvgZp\_lhqgu_dbkdb\oh^y\]hklbgmx"
�`h^b^h[j_eZ^hdmogbkhk\_leheZ\Zg^h\ufbkl_gZfbbaZgZ\_kdZfb\p\_lhqdZogZhdgZo
H[uqguop\_lhqdZog_l_odhlhju_g_ke_^h\ZehihdZau\Zlv^_lyf_k_e_gvdZydmogyhlf_lbeZ
�`h^bZ\hlohaycdZhq_gvm`fjZqgZy
��`h^bfh]eZ[ubihaZ\b^h\Zlvkljhcghcnb]mj_^hdlhjZ`_cglhgdhclZebb^ebggufgh]Zf
�Q_]h_cg_o\ZlZehlZdwlh[mn_jh\Lmlijbjh^Zy\ghihkdmibeZkvH^_\ZeZkv^hdlhj`_cg
g_[jhkdhghkh\dmkhfIhrblu_ihnb]mj_l_fgu_[jxqdbk\_leh`_elucdZr_fbjh\uck\bl_j
Ijbq_kdZdhgk_j\Zlb\gZy\hehkuaZ[jZgugZaZ^ih^madmxe_glmbadhjbqg_\h]h[ZjoZlZ
���hdlhj`_cgqmlvih\_jgmeZkvb`h^bkfh]eZjZkkfhlj_lv__ihemqr_;hevrb_klZjmr_qvb
hqdby\ghgbdq_fmkdju\ZebdjZkb\u_a_e_gu_]eZaZukhdbceh[ZddmjZlgucghkg_[hevrhc
bg_fZe_gvdbcBgl_j_kgucjhllhgdZy\_jogyy]m[Zbimoe_gvdZygb`gyy_ebdhe_igZydh`ZGh
��^hdlhj`_cgy\ghg_agZeZqlhkh\k_fwlbf^_eZlv`h^bdijbf_jm^h[Z\beZ[udhkf_lbdb
Dhjhq_fufjZ`_gsbgZkbfiZlbqgZygh\u]ey^bldZdhclhaZim]Zgghchkh[_gghk
ihdjZkg_\rbfbhlke_a]eZaZfb
���hdlhj`_cgaZdjueZlZii_jmwjdjurdhcijhlygmeZ`h^bLZm`_[jZeZ_]hdh]^Zh[jZlbeZ
\gbfZgb_gZe_`Zsb_gZklhe_\hjhoh[_jlhqghc[mfZ]bb]hjdmih^Zjdh\
IhdZdhfmkemqZx"
Gbq_]hhkh[_ggh]hMf_gy^_gvjh`^_gby]hehk_keurZeZkvaZ\e_dZxsZyojbieh\Zlhklv
�`h^baZf_lbeZqlh\jmd_fufjZdhfdZ_l[mfZ`gmxkZen_ldm
IjZ\^Zg_rmlbl_"Iha^jZ\eyx
��G_h[jZsZy\gbfZgbygZdhgl_cg_j\jmd_^hdlhjZ`_cg`h^brZ]gmeZdklhemijb]ey^_eZkvd
ih^ZjdZfwe_dljbq_kdZyam[gZys_ldZjmqdZk_jlbnbdZlgZijbh[j_l_gb_ih^ZjdZ\fZ]Zabg_
km\_gbjh\Ljh]Zl_evgucgh`ZedbcgZ[hjGbiZjuljmkbdh\k\uj_aZgghcijhf_`ghklvxgb
k_dkmZevghcghqgmrdb
;ZjZoeh
�D__m^b\e_gbx^hdlhj`_cgmkf_ogmeZkv
ukh\_jr_gghijZ\uFhyih^jm]ZDwjheZcg\k_]^ZijbkueZ_lohjhrbcih^ZjhdghhgZ\
Wnbhibb
�Blml`h^bm\b^_eZke_am\ukdhevagm\rmxbaih^hqdh\bihdZlb\rmxkyihs_d_
�Ih^Zjdb^_ckl\bl_evgh[ueb`ZedbfblZdqlh`h^bg_fh]eZg_ih`Ze_lvfufjm
KemrZcl_fh`_lhgbbgbq_]hIhdjZcg_cf_j_g_gZ^h[_kihdhblvkybaaZlh]hqlhqlhlhg_
ih^hc^_lihjZaf_jm
��Ijhklbl_f_gyG_ke_^h\Zehfg_hdlhj`_cgijbdmkbeZgb`gxx]m[mgh\Zyke_aZ
\ukdhevagmeZbaih^hqdh\
k_ghjfZevghIjbky^vl_Zyk\ZjxgZfdhn_
�HgZmkZ^beZ^hdlhjZ`_cggZklmeZkZfZihg_keZlZii_jmwj\m]he]^_klhyeZdhn_\ZjdZ
Ohl_eZm`_kijhkblvmohaycdb]^_e_`Zlnbevljughm\b^_\qlhlZk]hj[b\rbkvih]jmabeZkv\
]em[hdb_jZa^mfvyhldjueZiZjmihehdgZreZnbevljgZebeZ\h^u\dexqbeZdhn_\Zjdm
LZdkdhevdh\Zfbkihegbehkv"
Ljb^pZlvq_luj_
IhljykZxs_
Ba\bgbl_qlh^ZeZ\hexwfhpbyf
�`_cg\ukfhjdZeZkv\kZen_ldmH[uqghfg_m^Z_lkybok^_j`b\Zlv
��ey`h^b^Zlv\hexwfhpbyfhagZqZehg_kdhevdhbgh_q_fiZjZkdZlb\rbokyihs_dZf
�ke_abghdghih^mfZeZhgZ^eylZdhcdZd^hdlhj`_cgwlhhagZqZehbkl_jbdm
Y`_kdZaZeZ_jmg^Z?klvm\Zkihgqbdbbebqlhlh_s_"
IhemnZ[jbdZluheZ^bc\fhjhabevgbd_
�`h^bkdhjqbeZ]jbfZkdm\_jgmeZkvdklhemFZe_gvdhfmbdjm]ehfmkhkl_deygguf\_johf
f_kl_kf_lZeebq_kdbfbklmevyfbhgdm^Zemqr_kfhlj_eky[u\kZ^mHgZk_eZgZijhlb\^hdlhjZ
�`_cg
Hldh]hih^Zjdb"
��hdlhj`_cgihiulZeZkv\u^Z\blvbak_[ymeu[dm
Hlfhbodhee_]
Lh_klvex^_ckdhlhjufb\ujZ[hlZ_l_"
�ZHlfhboZkkbkl_glh\\Gvx[_jjbh^gh]h^jm]ZbaIjbaeZ[hjZlhjba
�HIjbaeZ[hjZlhjba`h^bg_keurZeZghGvx[_jjb\oh^be\qbkehemqrbodhee_^`_c
Kh_^bg_gguoRlZlh\lZdqlhf_klgu_ex[bebijbo\Zklgmlvl_fqlhhggZoh^blky\hdjm]_
�xi_c^`
Ihgylghuij_ih^Z_l_qlhlhgZmqgh_bebdZd"
YnbabdQblZx\uimkdghfmdmjkmd\Zglh\mxl_hjbxhlghkbl_evghklbIh^h]h\hjmkIjba
eZ[hjZlhjba\f_kl_k^jm]bfbmq_gufbaZgbfZxkvbkke_^h\Zgbyfbd\Zjdh\
�NZglZklbdZhe`gh[ulv\kj_^g_crdhe_\uoh^beb\hlebqgbdZo
kj_^g_crdhe_yijh\_eZg_lZdm`fgh]h\j_f_gbq_lujgZ^pZlvgZqZeZmq_[m\dhee_^`_
�?s_h^gZke_abgdZihy\beZkvgZs_d_gh`_cg\uijyfbeZkvbm`_g_dZaZeZkvlZdhcihl_jygghc
q_lujgZ^pZlv"G_fh`_l[ulv
^\Z^pZlvym`_aZsblbeZ^hdlhjkdmx^bkk_jlZpbxhllml\gmljbmg__qlhlhkehfZehkv
HgZihklZ\beZehdlbgZklhek`ZeZiZevpu\dmeZdbmldgmeZkv\gboe[hfIe_qb__aZljykebkvgh
�ju^ZeZhgZ[_aa\mqgh`h^bg_fh]eZg_ih`Ze_lv__Ijbwlhf__jZa[bjZehex[hiulkl\h
M\Zkg_eZ^ukiZjg_f"
��hdlhj`_cgaZfhlZeZ]heh\hcg_hlju\Zye[ZhldmeZdh\
�Mf_gyg_liZjgy;uehdlhjDj_c]WedoZjlFu\klj_qZebkvr_klve_l
AgZqblfufjZg_e_k[bygdZ
�he]h
��hdlhj`_cgih^gyeZ]heh\mS_db_s_[e_kl_ebhlke_aghjhlaZdZf_g_e
Hglhevdhqlh`_gbekygZ^\Z^pZlbe_lg_c^_\qhgd_babgnhjfZpbhggh]hp_gljZIZf_e_HgZ
�\\h^bl\dhfivxl_jbgnhjfZpbxMoh^ykdZaZefg_Ba\bgb`_cgghluf_gy[hevr_g_
\ha[m`^Z_rv
��Mqblu\Zy\hkiblZgb_h[jZah\Zgb_bfZg_ju^hdlhjZ`_cg`h^bih`Zemcg_klZeZ[u\bgblv
g_agZdhfh]h_cDj_c]ZaZlhqlhhgmr_edfheh^hcgh\hllZdbo]Z^hkl_chgfh][ubg_]h\hjblv
Fm`qbgu\[hevrbgkl\_k\h_f]h\gxdb
r_klve_lZqm\kl\Zihl_jbmf_gyg_l
Lh]^Zq_]hjZkkljZb\Zlvky"
�Dhn_k\Zjbeky`h^bgZihegbeZdjm`db
��_ehg_\Dj_c]_YijhklhZeZ^ghG_klhbehfg_lZdjZkimkdZlvkyG_agZxqlhgZf_gy
gZreh
Zfljb^pZlvq_luj_]h^ZZdlhlh^Zjbl\ZfgZ^_gvjh`^_gbyk_jlbnbdZlgZihdmidmih^ZjdZ\
fZ]Zabg_km\_gbjh\Lmlex[Zy[u\a\ueZ
�Ihl_em^hdlhjZ`_cgijh[_`ZeZ^jh`v
wlhf^hf_y\ujhkeZ\uwlhagZ_l_"Ihke_kf_jlbhlpZohl_eZ_]hijh^Zlv^ZdZdlhg_
�ihemqbehkvIh]hehkmqm\kl\h\ZehkvqlhhgZaZ[ueZijhkms_kl\h\Zgb_`h^bbjZa]h\Zjb\ZeZ
kZfZkkh[hcYbkke_^h\ZeZ\_jhylghklgu_aZ\bkbfhklbklhedgh\_gbcly`_euobhgh\bg_ohl_eZ
�hl\e_dZlvkyJZ[hlZ\k_]^ZaZgbfZeZp_gljZevgh_f_klh\fh_c`bagbhljb^pZlbf_gywlh\iheg_
mkljZb\ZehGhl_i_jvh^bg^_gvjh`^_gbyke_^m_laZ^jm]bf
B\ugZdhg_pihgyebqlh\kywlZnbabdZg_^hklZ\ey_l\ZfjZ^hkl_c\ihkl_eblZd"
���hdlhj`_cg\a^jh]gmeZhlg_h`b^ZgghklbhgZ^_ckl\bl_evghaZ[ueZijh`h^bIhlhfih`ZeZ
ie_qZfb
�_ehg_lhevdh\wlhfHldjh\_ggh]h\hjyykqblZxqlhk_dkmm^_ey_lkykebrdhfm`fgh]h
\gbfZgbyHgZjZa]ey^u\ZeZjmdbFg_g_^hklZ_lq_eh\_q_kdhc[ebahklb
Hkh[_ggh_keb\ihkl_ebdjhf_l_[ygbdh]hg_l
���Zbwlhlh`_Ebqghyhdlhj`_cgrfu]gmeZghkhf\klZeZkmgmeZkZen_ldm\dZjfZg
[jxdDh]^Zy]h\hjxhq_eh\_q_kdhc[ebahklbybf_x\\b^mg_qlh[hevr__q_fk_dk
�moh\gmxh[sghklv
�G_kh\k_fohlywlhlh`_\Z`ghK_fvx_l_ck_lZdh_gh\vhgZihiulZeZkv
meu[gmlvkyQlhlhyjZa]h\hjbeZkvG_ke_^h\Zehfg_\u\Zeb\ZlvgZ\Zkk\hbaZ[hlu;hxkv\u
ijbreb\g_m^Zqgh_\j_fy
YihgyeZuohlbl_j_[_gdZ
��hdlhj`_cgihe_aeZ\dZjfZgaZkZen_ldhc?_gb`gyy]m[ZaZ^jh`ZeZebphkfhjsbehkvhgZ
iexogmeZkvgZklme
q_jZDj_c]kdZaZefg_qlhIZf_eZ[_j_f_ggZWlhyg_aZ\b^mxIhijZ\^_]h\hjyhgfg_
[_ajZaebq_gYg_ohl_eZ\uoh^blvaZg_]haZfm`Y\hh[s_g_ohl_eZ\uoh^blvaZfm`Ijhklh
Mg__i_j_o\Zlbeh^uoZgb_Ijhklh
Ijhklh\uohlbl_aZbf_lvk\h_]hj_[_gdZ
��hdlhj`_cgdb\gmeZijbdmkbeZgb`gxx]m[m
Y^Z\ghohl_eZj_[_gdZGhl_i_jvfg_ljb^pZlvq_luj_fhchj]ZgbafklZj__l\k_[uklj__b
ihoh`_wlhfmg_[u\Zlv
�`h^b\a]eygmeZgZgZkl_ggu_qZku?cohl_ehkvmkeurZlvijh^he`_gb_ghgZqbgZeZkvjZafbgdZ
ug_[m^_l_\hajZ`Zlv_keby\dexqml_e_\bahj"
�GZebp_^hdlhjZ`_cghljZabehkvg_^hmf_gb_keh\ghhgZg_fh]eZ\aylv\lhedqlhlZdh_
l_e_\bahj
G_lih`Zemcg_l
djm`dmgZdhn_cgucklhebd\um^beZimevl^bklZgpbhggh]hmijZ\e_gbybaih^dZdh]hlhaZmfgh]h
`mjgZeZR_eib\ghcjhebdihwlhfmhgZ\ujm[beZa\md
GZkq_lj_[_gdZ\uk_jv_agh"u`_g_aZfm`_f
��hdlhj`_cg\gh\v\h^jmabeZhqdbgZghkHgZk_eZ\dj_kehih^jZdh\bghcbadhlhjhc
\u]ey^u\ZeZlheklZy\eZ`gZy`_fqm`bgZDhe_gbk`ZeZklmigbklhyebiZjZee_evgh^jm]^jm]m
�eh^u`dbkhijbdZkZebkv`h^bhlf_lbeZqlheh^u`dbmg__ihljykZxsb_baysgu_q_ldh
hq_jq_ggu_
Hiylv__kibgZaZdhkl_g_eZkeh\ghdg_cijb\yaZeb^hkdm
Y^Z\ghh[wlhf^mfZeZAZfm`yg_kh[bjZxkvjZ[hlZkebrdhf\Z`gZ^eyf_gyghj_[_gdZohqm
�[hevr_\k_]hgZk\_l_mfZxy[m^mohjhr_cfZl_jvxGZ\_jgh_k_]h^gyyhkhagZeZqlhwlhfmg_
[u\Zlv\hlbjZkkljhbeZkv
Mf_gy_klviZjZih^jm]dhlhju_\hkiblu\Zxlj_[_gdZ\h^bghqdm@bagvmgbog_kZoZj
Dhg_qgh\uihemqZ_l_]hjZa^h[hevr_q_fhgbihwlhfm\Zf[m^_le_]q_
��_gv]bg_ijh[e_fZYg_agZxdZdwlhk^_eZlv`h^b\ulZjZsbeZkvgZg__MfgZy`_gsbgZb
gZl_[_
&#xu;&#x]h;&#xh;&#xjb;&#xl_;&#xh;&#xi;&#xZj;&#xg_;&#x";&#xu;&#x]h;&#xh;&#xjb;&#xl_;&#xh;&#xi;&#xZj;&#xg_;&#x";u]h\hjbl_hiZjg_"hdlhj`_cgdb\gmeZ
hdjm]dhee_^`Zhgb[jh^yllheiZfbIjb]eZkbl_ex[h]h\dexqbl_fmaudm^Zcl__fmiZjmib\Z
bbkihevamcl_
KhagZdhfufbyg_ohqm
LZdih^p_ibl_dh]hgb[m^v\[Zj_
��GZwlhyg_ihc^mgbdh]^ZY^he`gZ\b^_lv_]hf_^bpbgkdmxdZjlmhdlhj`_cg
ihfheqZeZBihlhfyg_agZxdZddh]hlhp_ieylv
�Ijhs_ijhklh]h_^\Zg_khj\Zehkvk]m[`h^bghhgZm^_j`ZeZkvih^mfZ\qlhg_klhbl
�kjZ\gb\Zlv^hdlhjZ`_cgkkh[hc
:dZdgZkq_lwlbo\uagZ_l_[Zgdh\ki_jfu"
:[khexlghbkdexq_gh;hevrbgkl\h^hghjh\ki_jfuklm^_gluf_^bdb
Bqlh"
Yg_ohqmqlh[uhlphffh_]hj_[_gdZ[uebgl_ee_dlmZe
�`h^blZdbamfbeZkvqlh^Z`_g_\dexqbeZa\mdohlyj_deZfgucjhebdaZdhgqbekybgZwdjZg_
ihy\beZkv]h\hjysZy]heh\ZQ_kl_jZ=_jph]ZJZkdbgZ]eZ\gh]hlj_g_jZKlZja
��hdlhj`_cgmeu[gmeZkv
YagZxwlhdZ`_lkykljZggufghj_[_gdmdhlhjuc]hjZa^hmfg__hklZevguom]hlh\Zghljm^gh_
^_lkl\h?fmg_\hafh`gh\ibkZlvky\^_lkdbcdhee_dlb\\hlihq_fmyg_ohl_eZ[_j_f_g_lvhl
lZdh]hmfgbpudZdDj_c];Zgdki_jfublhkebrdhfjbkdh\ZgghY^he`gZmqblu\Zlvk\hc
]_g_lbq_kdbcdh^bgZclbfm`qbgmdhlhjhfmg_^hklZ_l\k_]hlh]hqlh_klvmf_gyGh\k_fhb
agZdhfu_hq_gvmfgu
��K^hdlhjhf`_cgg_khkdmqbrvkyih^mfZeZ`h^b
Lh_klvjZa\ulZdZymfgZylhfm`qbgZ^he`_g[ulvkh\k_f]emiuc"
��ZYg_ohqmqlh[ufhcj_[_ghdijhoh^beq_j_a\k_lhqlhijbrehkvbkiulZlvfg_Z`_
l_i_jvGh^_ehg_\wlhfYhq_gvohqmj_[_gdZghg_fh]m^mfZlvlhevdhhk_[_
Ba\bgbl_wlhgZ^hihkemrZlvHgZko\ZlbeZimevl\dexqbeZa\md
�IheN_gg_fZgkihjlb\gucdhff_glZlhj[jZebgl_j\vxmDweZ;hgg_jZ`h^bagZeZgZ\_jgydZ
qlh;hf[_jl_ji_lvg_fh]N_gg_fZgZDhff_glZlhjkeZ\bekyk\hbfb]emiufb\hijhkZfbZ^mjZdh\
;hf[_jg_\ughkbe
Bgl_j\vxaZibku\ZebgZZ\lhfh[bevghciehsZ^d_kihjlb\gh]hdhfie_dkZKlZjajZkiheh`_ggh]h
�gZhdjZbg_GZi_j\beeZdjmig_cr_]h]hjh^Zhdjm]Zxi_c^`N_gg_fZglZjZsb\rbcky\dZf_jm
\u]ey^_ehq_gvk_jv_aguf[m^lh]hlh\bekyh[ty\blvhgZqZe_lj_lv_cfbjh\hc\hcgubebbghfg_
f_g__\Z`ghfkh[ulbb
Y[_k_^mxkDwehf;hgg_jhfdmhjl_j[_dhfijhn_kkbhgZevghcdhfZg^uQbdZ]hklZja
�Ihke_^h\ZedjmigucieZgDweZb\hegZkeZ^hkljZklghcbklhfuijhdZlbeZkvihl_em`h^bQ_jl
gm^hq_]hohjhrohlybklZj__l
Hgklhyei_j_^[hevrbfoZje__f\^`bgkZobq_jghcnml[hed_h[ly]b\Zxs_ch^bgbaemqrbo
lhjkh\dhfZg^uG_dhlhju_iZjgbgZdZqb\Zebfurpu^hlZdhckl_i_gbqlhhgbjZa\_qlhg_
ehiZebkvZ\hlDweagZef_jmB_]hr_y_kl_kl\_gghfmkdmebklZyg_gZihfbgZeZkl\he^_j_\ZdZd
mfgh]boDm^jy\u_dZrlZgh\u_\hehkuhgkljb]dhjhldhqlh[ug_bf_lvkgbfbgbdZdbooehihl
LZdh\m`[ueklbev;hf[_jZH[oh^blvky[_a\k_]hqlhhgiheZ]Zeg_gm`guf
Jhklhfih[hevr_r_klbnmlh\\[hevrbgkl\_k\h_fdmhjl_j[_db[uebgb`_hghlebqZeky
aZ\b^ghc[ukljhlhcij_djZkghcj_Zdpb_cbmf_gb_fij_^m]Z^u\ZlvaZfukeuaZsbludZq_kl\Zfb
�k\hckl\_ggufblhevdh\u^Zxsbfkyb]jhdZfKeZ\hchgihqlbkjZ\gyekyke_]_g^Zjguf`h
�FhglZghcq_f_s_[hevr_[_kbe`h^bihkdhevdmhgZlhqghagZeZqlhnml[hed_kghf_jhf
\hk_fgZ^pZlvg_\bk_lv\__rdZnm
Dwe\ZrZdhfZg^Z\b]j_kIZljbhlZfbq_luj_`^ul_jyeZfyqQlh\ukh[bjZ_l_kv^_eZlv\
ij_^klhys_cb]j_qlh[ug_^himklblvwlh]h"
��Z`_^eyIheZN_gg_fZgZwlh[ue]emiuc\hijhkb`h^bohl_eZmkeurZlvdZd;hf[_jkgbf
jZa[_j_lky
:Dweihq_kZeaZluehdkeh\ghihdZau\Zyqlh\hijhkhq_gvkeh`_gblj_[m_lgZijy`_gbymfZ?keb
;hf[_jdh]hlhg_m\Z`Zelh[be[_aihsZ^ughijbwlhfh[h`Zeijbdbgmlvky^_j_\_gkdbf
[he\Zghf
hlbl_i_jvhgihklZ\begh]mgZi_^ZevoZje_ybaZ]h\hjbekmfguf\b^hf
b^brvebIheqlhfu^he`gu^_eZlvlZdwlh^hjh`blvfyqhfLug_b]jZ_rv\nml[heb
\hafh`ghwlh]hg_agZ_rvgh\kydbcjZadh]^Zfuiha\hey_fkhi_jgbdZfhlgylvmgZkfyqwlh
hagZqZ_lqlhfyqZmgZk[hevr_g_l:[_afyqZg_\hafh`ghgZ[bjZlvhqdb
�`h^baZkf_yeZkvHom`wlhl;hf[_jj_aZeIhem
GhIhemg_ihgjZ\behkvqlh_]h\uklZ\eyxlgZihkf_rbs_
YkeurZeqlhlj_g_jJZkdbghq_gv^h\he_gl_fbj_amevlZlZfbdhlhju_ihdZau\Z_lgZ
lj_gbjh\dZoD_\bgLZd_jL_[_kdhjhljb^pZlvr_klvlh_klvluklZgh\brvkyklZjh\Zl^eywlhc
b]juG_[hbrvkyqlhD_\bgaZf_gbll_[y\klZjlh\hfkhklZ\_"
GZf]gh\_gb_ebph;hf[_jZaZdZf_g_ehghlml`_jZkkeZ[behkvHgih`Zeie_qZfb
hegh\Zlvkyfg_g_hq_fIhehg_s_g_]hlh\^eylh]hqlh[uaZgylvfh_f_klh
�?keb[ugZclblZdh]hdZdhgijhr_ilZeZ^hdlhj`_cghlfhcb^_Ze
Hdhf\u"
��hdlhj`_cgldgmeZiZevp_f\wdjZg
Wlhlfm`qbgZNml[hebklA^hjh\ucdjZkb\ucb^Ze_dhg_mfgucLZdh]hybbsm
u]h\hjbl_h;hf[_j_"
?]hlZdah\ml"Hnml[he_ygbq_]hg_agZx
WlhDwe;hgg_jHkgh\ghcdmhjl_j[_dQbdZ]hklZja
_jghY\b^_eZ_]hnhlh]jZnbx\]Za_l_Ihq_fmyg_fh]m\klj_lblvlZdh]hfm`qbgm"G_fgh]h
lmih\Zlh]h
Lmih\Zlh]h"
G_kebrdhfmfgh]hF_^e_gghkhh[jZ`Zxs_]h
��Wlh;hf[_jf_^e_gghkhh[jZ`Z_l"`h^bm`_kh[jZeZkvkdZaZlv^hdlhjm`_cgqlh;hf[_j
mfg_crbcoblj_crbckZfuclZeZgleb\uc g_]h\hjym`_hlhfqlhbkZfucaexsbc\f
dmhjl_j[_d\h\k_c]j_[ZghcGNEdh]^Z__keh\ghijhrb[ehfhegb_chgZlZdbg_ihgyeZdZd_c\
]heh\mfh]eZijbclbklhev^bdZyb^_y
�`h^bhldbgmeZkvgZkibgdm^b\ZgZK\ylh_^_jvfhHgZgZreZimevlmijZ\e_gbyhldexqbeZa\md
uk_jv_agh"uohlbl_qlh[uhlphf\Zr_]hj_[_gdZklZelZdhcdZdDwe;hgg_j"
JZamf__lkyohqmijbmkeh\bbqlhhagZdhfexkvk_]hf_^bpbgkdhcdZjlhcBf_gghlZdhc
�fm`qbgZfg_bgm`_gkbevguc\ughkeb\uckgbadbfZcdvx@:ohjhrb_\g_rgb_^Zggu_
m`_ij_fby
�Fukeb`h^bgZludZebkvh^gZgZ^jm]mx
:qlh_kebHgZaZf_jeZklZjZykvm^_j`Zlvi_j_^fuke_gguf\ahjhfh[jZah[gZ`_ggh]h
D_\bgZLZd_jZQlh_keby\Zfwlhmkljhx"
Hq_f\u"
Qlh_kebyk^_eZxlZdqlh[uDwe;hgg_jhdZaZeky\\Zr_cihkl_eb"
urmlbl_"
�`h^bk]ehlgmeZbihdZqZeZ]heh\hc
Ghy_]hagZlvg_agZx
Wlhbg_gm`gh
;hxkvy\Zkg_ihgbfZx
��`h^b\\_eZ^hdlhjZ`_cg\dmjk^_eZhimklb\g_dhlhju_^_lZeb dijbf_jmg_mihfygmeZdZdhc
m;hf[_jZf_jadbcoZjZdl_j\fgh\]eZ\ghfg_hldehgyykvhlbklbguH[tykgbeZdZdmx`_gsbgm
�ohlylij_ih^g_klb_fmgZ^_gvjh`^_gbylh\ZjbsbihdhfZg^_h[Z\beZqlhih__fg_gbx^hdlhj
�`_cg\iheg_^hklhcgZwlhcjhebjZa\_qlh_cijb^_lkyih^djZkblvky
��hdlhj`_cglZdih[e_^g_eZqlhklZeZihoh`ZgZfZe_gvdmx^_\hqdmbanbevfZh\ZfibjZok
�;jw^hfIbllhf@
u\u^mfZ_l_qlhfg_gZ^hijbdbgmlvkyijhklblmldhc"
Ijhklblmldhc\ukr_]hjZajy^Zihlhfmqlhh[uqguorexo;hf[_j[ebadhg_ih^imkdZ_l
���hdlhj`_cgih^gyeZkvaZdjm`beZih]hklbghc`h^b[md\ZevghkeurZeZdZdjZ[hlZ_l__fha]
^h[Z\eyyiexkuhlgbfZyfbgmku?_]eZaZaZ]hjZebkvgZ^_`^hcblml`_ie_qbhimkdZebkv\
lhkd_
gZwlhihclbghy^he`gZagZlvqlhmg_]hkha^hjh\v_fNml[hebkluqZklhijbgbfZxlkl_jhb^ug_
�lZdeb"Hiylv`_gZjdhlbdbKIB
;hf[_jgbdh]^Zg_ijbdZkZekydgZjdhlbdZf^Zbk`_gsbgZfbmg_]hg_hq_gvIhlhfmiZjgbb
ih^mfZebhlZdhfih^Zjd_Kihke_^g_cih^jm`dhchgjZkklZekyijhrehcabfhcbkl_oihjg_aZ\_e
gh\mx
Y^he`gZ\b^_lv_]hf_^bpbgkdmxdZjlm
��`h^bijbdbgmeZqlh`mgv_jbebMbeebkfh]mlm]h\hjblvk_dj_lZjy\u^ZlvbfwlmdZjlm
Dhiby[m^_lm\Zk\h\lhjgbdfZdkbfmf\kj_^m
G_agZxqlhbkdZaZlv
��_gvjh`^_gbymg_]hq_j_a\hk_fv^g_cgZihfgbeZ`h^bhijhkebrv\lhfo\Zlblm
\Zk^mombebg_l
=eZ\Z
���Qlh`_ygZ^_eZeZ^mfZeZ`_cgZjebg]lhg\oh^y\`_gkdbclmZe_l[ZjZA_[jZ`h^b
ImeZgkdbijb\_eZ__kx^ZgZ\klj_qmknml[hebklhfqlh[ulhlhl\_a__\dhg^hfbgbmfDweZ
�;hgg_jZG_h[jZsZy\gbfZgbygZ`_gsbgs_[_qmsbomjZdh\bg`_cgijhreZ\[eb`Zcrmx
dZ[bgdmaZi_jeZkvijb`ZeZkvs_dhcdoheh^ghcf_lZeebq_kdhci_j_]hjh^d_
�G_m`_ebijhreh\k_]h\hk_fv^g_cklh]hfhf_glZdZd`h^b\hagbdeZgZihjh]_bi_j_\_jgmeZ__
`bagv"dZdhfkljZrghfkg_hgZfh]eZkh]eZkblvky"Qlhlhedgmeh__gZwlhl[_amfgucihklmihd"
?_dhlhjZy\k_ijb\udeZijhkqblu\ZlvgZfgh]hrZ]h\\i_j_^L_i_jvkebrdhfiha^ghhgZ
ihgyeZqlh^himklbeZhrb[dmijhklbl_evgmxjZa\_qlhmq_gbdmkj_^g_crdheuaZ[ueZ\lhjh_
gZqZehl_jfh^bgZfbdb]eZkys__qlhba[ulhdihjy^dZg_baf_ggh\_^_ld[_kihjy^dm
:fh`_lwlh\ha\jZs_gb_gZ[he__jZggxxklZ^bxjZa\blby"fheh^hklbhgZqZkl_gvdh
�\udb^u\ZeZnhjl_ebFZlvmf_jeZq_j_ag_kdhevdhf_kyp_\ihke___jh`^_gbyb\hkiblu\Ze`_cg
kmohcaZfdgmluchl_pdhlhjuch[jZsZegZg__\gbfZgb_ebrvdh]^ZhgZ\_eZk_[yg_dZd
iheh`_ghLZdh_hlghr_gb_\dmi_khkdmdhcdhlhjmxgZ\_\ZebgZg__mjhdbijb\_ehdk_jbb
�\uoh^hd`_cg]eZ\ghcbadhlhjuoklZeaZdZaf_klghfmfZeyjmgZihdjZkdm^hfZ^bj_dlhjZ
gZqZevghcrdheu\yjdhjhah\ucp\_l
hkihfbgZgb_h[wlhf^hkboihj\uau\Zehmg__qm\kl\h]em[hdh]hm^h\e_l\hj_gbyWlhlkZ^bkl
g_gZ\b^_e^_l_clZdqlhihemqbeihaZkem]ZfDkqZklvxbgpb^_glhldjue]eZaZrdhevghfm
gZqZevkl\mb__gZqZeb[uklj_gvdhi_j_\h^blvbadeZkkZ\deZkkbaaZq_]hgZrZehklb\j_f_gb
ijhklhg_hklZehkvj_amevlZl_hgZ\uj\ZeZkvbahdjm`_gbyh^gh]h^dh\dhlhju_\hkijbgbfZeb__
dZdmjh^pZGhbghcjZa^mfZeZqlhg_ihdhjgucj_[_ghdgjZ\beky_c[hevr_q_flZkihdhcgZy
�mjZ\gh\_r_ggZy`_gsbgZdhlhjhchgZklZeZIjZ\^Z`_cgiheZ]ZeZqlhi_j_f_gZh[jZaZp_gZ
dhlhjmxhgZ^he`gZaZieZlblvaZ\bkysbcgZg_c]j_o__m]hjZa^behjh^blvkyg_lZdhcdZd\k_
:l_i_jv\hl\uykgbehkvqlhg_ihdhjgucj_[_ghdgbdm^Zg_bkq_a:fh`_l\f_rZeZkvkm^v[Z
�Ohly`_cgg_\_jbeZ\agZdbk\ur_hgZg_fh]eZijhb]ghjbjh\ZlvlhlnZdlqlh^_gvjh`^_gby
DweZ;hgg_jZijbr_ekygZlmnZam__f_gkljmZevgh]hpbdeZdh]^Z\_jhylghklvaZ[_j_f_g_lv
��^hklb]ZeZfZdkbfmfZB`_cglml`_ko\ZlbeZl_e_nhggmxljm[dmbiha\hgbeZ`h^bqlh[u
kdZaZlvqlhhgZkh]eZkgZ
�AZ\ljZ^mfZeZ`_cgy[m^m[_j_f_ggZDhg_qghhj]Zgbaffh]^Zlvk[hcgh^hlh]h
baf_gblky:j_[_gdZhgZhq_gvohl_eZG_dhlhju_ex^bfh]eb[ukdZaZlvqlh\wlhfijhy\eyeky__
�w]hbafgh\`_eZgbbbf_lvj_[_gdZ`_cgg_\b^_eZgbq_]hw]hbklbqgh]hGZh[hjhlEx^yf
lj_[h\Zeky__mfghgbdhfmg_[ueh^_eZ^h__kihkh[ghklbex[blv__ex[\bg_gm`^Zebkvgb
hl_pgbDj_c]
HgZij_^klZ\eyeZk_[_dZdkb^blaZklhehf\dZ[bg_l_ih]jm`_ggZy\jZkq_lu\uk\_qb\Z_fu_gZ
^bkie__keh`gu_mjZ\g_gbydhlhju_kh\j_f_g_ffh]ebhldjulv_cb\k_fmfbjmk_dj_lu
k_e_gghcBlmldZdhclhrmfhl\e_dZe__rZ]b\oh^ys_]h\dZ[bg_lj_[_gdZ
HgZih^gbfZeZ]heh\mdZkZeZkvfy]dhcs_qdbFZfZfu[m^_fk_]h^gyaZimkdZlvfh_]haf_y"
Kf_ykvhgZhl\hjZqb\ZeZkvhldhfivxl_jZhklZ\eyyihbkdbk_dj_lh\k_e_gghcjZ^b[he__a_fguo
^_eghcHklZ\ZehkvgZ^_ylvkyebrvgZlhqlh;hgg_jbal_odhfm[_ajZagbpukd_fkiZlvebrv
�[uihemqblvk_dkmZevgh_m^h\e_l\hj_gb_`_cghiZkZeZkvqlhhgjZkdmkblh[fZgghk^jm]hc
klhjhguihiuldZg_iuldZB\u[hjZmg__g_[uehHgZgbdh]^Zg_j_rbeZkv[uh[jZlblvky\[Zgd
ki_jfug_ohl_eZjh`Zlv\mg^_jdbg^Zdhlhjhfm[m^_llZdh^bghdhkj_^bk\_jklgbdh\
�S_[_lZgb_mjZdh\bgkfhedeh`_gsbgumreb`_cgagZeZqlhg_kfh`_lijylZlvky^h
[_kdhg_qghklb_cij_lbeZljmkhklvlZdqlhhgZhldjueZ^\_jpmb\ureZbadZ[bgdbIhcfZeZk\h_
hljZ`_gb_\a_jdZe_bgZdZdmxlh^hexk_dmg^uih^mfZeZqlhwlhkh\k_fbg_hgZ
�`h^bgZklhyeZgZlhfqlh[uhgZjZkimklbeZ\hehkub^Z`_ijbg_keZ[b]m^bqlh[uaZ\blvbolZd
��qlhl_i_jvhgbiZ^Zebfy]dbfbehdhgZfb`_cggh\Zyijbq_kdZg_gjZ\beZkvgh`h^b
�ml\_j`^ZeZqlhfm`qbgZflZdZyih\dmkmIjboh^behkv^h\_jblvky_cHgZlZd`_iha\hebeZ`h^b
�ih^djZkblv__blZg_ih`Ze_eZgblmrbgbjmfyg`_cgg_ijhl_klh\ZeZFbgbfmfjhah\hc
ihfZ^ubdhjbqg_\hclmrbgbdZdg_\yaZekykh[jZahfijhklblmldb^Z`_\ukr_]hihrb[Z
�&#xi;&#xhk;&#xe_;&#x^g;&#xb_;&#x^;&#xgb;�GZdhg_p\a]ey^__miZegZh^_`^mdhlhjmxhgZb`h^bihdmiZeb\f_kl_ihke_^gb_^gb`_cg
�ijh\h^beZk`h^bImeZgkdb]hjZa^h[hevr_\j_f_gbq_f_clh]hohl_ehkvHgZ[ukljhihgyeZ
�qlh`h^bg_^Ze_dZybw]hbklbqgZyZ^eyihegh]hkqZklvy_cgm`ghkh\k_fgbq_]hihemqblvdZdmx
�gb[m^vrfhldmljZogmlvkykd_flhbanml[hebklh\^ZgZiblvkyGh\`_cghgZihg_ba\_klghc
lhcijbqbg_\p_ibeZkvf_jl\hco\ZldhcHlhfqlh[u^ZlvaZ^gbcoh^g_fh]eh[ulvbj_qb
�Q_jgmxdh`m`_cghldehgbeZhklZgh\b\k\hc\u[hjgZdhklxf_bar_edZkdhjhldhcx[dhc
h[e_]Z\r_c[_^jZ@Zd_lkaZiZohfaZkl_]b\Zekyk[hdmgZh^gmim]h\bpmZ\uj_alygmekyqmlvebg_
^himidZKdeZ^dbkdju\Zebg_\ukhdmx]jm^v;_euckdjm`Z\qbdZfbihykqmedbblmnebgZ
��\ukhq_gguodZ[emdZoribevdZo^hihegyeblmZe_lDh]^Z`_cgaZbdgmeZkvhljmkbdZo`h^b
ihdZqZeZ]heh\hc
Ijhklblmldbbog_ghkylHgb[m^mllhevdhf_rZlv
�KimkdZ_fZy\h^Z\khk_^g_cdZ[bgd_\_jgmeZ`_cg\j_ZevgucfbjIj_`^_q_faZimkdZlvaf_y_c
ij_^klhyehi_j_`blvke_^mxsmxghqvKh[eZagblvg_agZdhfpZdhlhjucihgbfZe\wlhf^_e_dm^Z
[hevr_q_fhgZkZfZb___^bgkl\_ggucex[h\gbd
I_j_^__fuke_gguf\ahjhf\hagbdom^hc[e_^ghdh`bcDj_c]\q_jguoghkdZo hgbog_kgbfZe
gbdh]^ZbaaZiehoh]hdjh\hh[jZs_gbyf_jaebgh]b\fEx[h\vxhgbaZgbfZebkv\ghqvkkm[[hlugZ
\hkdj_k_gv__kebmg__g_[uehf_kyqguoZmg_]hg_[he_eZ]heh\Zk_ijhbkoh^beh[ukljhbg_
�^hklZ\eyehhkh[h]hm^h\hevkl\byL_i_jv`_cgklu^beZkvlh]hqlhklhevdhe_lih^^_j`b\ZeZ
hlghr_gbykDj_c]hfGhihgbfZeZqlhijbqbgZlhfmh^bghq_kl\h
klZjr___ghklhc`_ijh[e_fhchgZklhedgmeZkvbaZsblb\^hdlhjkdmx^bkk_jlZpbxIjbjh^Zg_
�h[^_ebeZ`_cgdjZkhlhclZdqlhfgh]b_dhee_]bijb]eZrZeb__gZk\b^ZgbyghjZagbpZ\\hajZkl_
�aZqZklmxkhklZ\eyeZ^\Z^pZlve_lb__wlhk^_j`b\Zeh:fm`qbgudhlhju_ijb\e_dZeb`_cg
h^gh]h^dboh^bebdg_cgZk_fbgZjugh\klj_qZlvkykhklm^_glZfbhgZkqblZeZg_ijbebqguf
blh]___i_j_klZeb\hkijbgbfZlvdZd`_gsbgmKblmZpbybaf_gbeZkvebrvdh]^ZhgZgZqZeZ
khljm^gbqZlvkIjbaeZ[hjZlhjbaHgZaZgbfZeZkvbkke_^h\Zgbyfbd\Zjdh\\jZfdZokha^Zgby
_^bghcl_hjbbiheyihbkdZfbijhklh]hmjZ\g_gby\jh^_wcgrl_cgh\kdh]h? Wkdhlhjh_fh]eh
hibkZlv\k_ijhp_kkuijhbkoh^ysb_\hk_e_gghcGZh^ghfbak_fbgZjh\\QbdZ]kdhf
mgb\_jkbl_l_hgZihagZdhfbeZkvkDj_c]hf
�IhgZqZem`_cg^mfZeZqlhgZreZfm`qbgmk\h_cf_qluGhohlyhgbfh]ebg_kdmqZyh[km`^Zlv
l_hjbbWcgrl_cgZhgbgbdh]^Zg_kf_yebkvg_^_ebebkvkhdjh\_ggufZ_c\k_]^ZdZaZehkvqlhm
\ex[e_gguo[_awlh]hg_[u\Z_lblh]_hgZijbreZd\u\h^mqlhbohlghr_gbykdhj__
nbabheh]bq_kdZyihlj_[ghklvq_fex[h\v
�@Zevlhevdhqlhk\yavkDj_c]hfg_gZmqbeZ__kh[eZagylvfm`qbg`_cgagZeZqlhhgbg_
�kqblZxl__k_dkZibevghc`_cgkdjmlbeh`b\hliZgbdZdhlhjmxhgZih^Z\eyeZ\_kv^_gv
\uj\ZeZkvbaih^dhgljheyDZdhgZfh]eZihclbgZlZdh_"Wlh`_[_amfb_G_m`_ebhgZkmf_eZ
m[_^blvk_[y\lhfqlh^h\_^_l\k_^heh]bq_kdh]hdhgpZ"H^gh^_ehkljhblvieZgu^jm]h_
j_Zebah\u\Zlvbo
�`h^b\hj\ZeZkv\lmZe_l
�Kdhevdhfh`gh"`mgv_jm`_ijb_oZeaZlh[hc
�M`_cgaZkhkZehih^eh`_qdhc
Yyi_j_^mfZeZ
DZd[ug_lZdKdjxqdZlug_khj\_rvkyQ_jlyagZeZqlhwlbf\k_dhgqblkyHklZ\Zckya^_kv
��`h^b\ue_l_eZaZ^\_jvij_`^_q_f`_cgmki_eZhldjulvjhl?_[jhkZehlh\`Zjlh\oheh^
DZdhgZfh]eZihiZklv\lZdmxi_j_^jy]m"HgZijhn_kkbhgZe\ukr_cijh[uZ\lhjbl_l\k\h_c
h[eZklbQlhgZg__gZreh"
�HgZ^\bgmeZkvd^\_jbbgZihjh]_eh[\eh[klhedgmeZkvk`h^bLZg_keZ[mluedmib\ZJZkdjueZ
\lhjmxjmdmk`Zlmx\dmeZdGZeZ^hgbe_`Zeb^\_lZ[e_ldb
Ijh]ehlbbo
Qlhwlh"
DZdqlh"LZ[e_ldbJZa\_g_\b^brv"
Y`_]h\hjbeZl_[_qlhmf_gy^Zevghahjdhklv[ebaby[_ahqdh\gbq_]hg_\b`m
Ijh]ehlbHgbihfh]mll_[_jZkkeZ[blvky
Yg_agZx
�h\_jvkyfg_L_[_kjZamihe_]qZ_l
G_ohjhrhiblvg_ihcfbdZdb_e_dZjkl\Z
�=ehlZc]ehlZcOhq_rvluj_[_gdZbebg_l"`_cgaZoe_klgmeZlhkdZ
LuagZ_rvqlhohqm
Lh]^Zijh]ehlbwlb]j_[Zgu_lZ[e_ldb
�`_cgijh]ehlbeZaZibeZib\hfIh__l_emijh[_`ZeZ^jh`vihlhfmqlhib\hhgZg_gZ\b^_eZ
]meyeoheh^guc\ha^mogZihfbgZyhlhfqlhhgZ[_aljmkbdh\
Yg_fh]m
KemrZcg_lZdh_wlh[hevrh_^_ehIZjgbgZihylDweZHgbmc^mldZdlhevdhluihy\brvkyb
hll_[yihlj_[m_lkyh^ghihf_gvr_[helZlvbkjZamih^e_alvih^g_]hG_mki__rvfhj]gmlvdZd
\k_aZdhgqblky
?^\Zeb[m^_llZde_]dh
;m^_lg_khfg_\Zcky
�`_cgihqm\kl\h\ZeZgZk_[_fm`kdb_\a]ey^uGZf]gh\_gb_ih^mfZeZqlhqlhlhg_lZdbalmneb
lhjqblh[ju\hdlmZe_lghc[mfZ]bbebihiheaeZi_leygZqmed_ghihlhfihgyeZqlh\a]ey^ug_
djblbq_kdb_Zk_dkmZevgu_biZgbdZmkbebeZkv
�:`h^blZsbeZ__dl_fgh\hehkhfma^hjh\ydmk]heh\hc\jhkr_c\ie_qbklhy\r_fmm[ZjZ\
rbg_ebheb\dh\h]hp\_lZ?]h]mklu_q_jgu_[jh\bkjhkebkvbgZihfbgZeb]mk_gbpmiheamsmx
q_j_ai_j_ghkbpm
&#xhl;&#xh;&#xgZ;&#x;�&#xhl;&#xh;&#xgZ;&#x;�hlhgZ`mgv_jGbdlhg_fh`_lkdZaZlvqlh`h^bImeZgkdbg_\uihegy_lh[_sZggh]h
�A^hjh\ydh]ey^_e`_cgk]heh\u^hgh]aZmeu[Zeky
Lu\k_k^_eZeZdZdgZ^hDeZkkDZdl_[yah\mlkeZ^_gvdZy"
�Hlm`ZkZ`_cggbq_]hg_khh[jZ`ZeZDZd`_hgZfh]eZg_ih^mfZlvh[wlhfaZjZg__"a]ey^__
miZegZg_hgh\mxgZ^ibkvdhlhjmxhgZfh]eZijhqblZlv[_ahqdh\
;Z^
�L_[yah\ml;Z^@"
��Z`_cgaZdZreyeZkvkx\ajhkemx`bagvhgZaZgbfZeZkvihbkdhfbklbgulZdqlheh`v
^Z\ZeZkv_cg_e_]dhJhabJhab;Z^
�`h^baZdZlbeZ]eZaZ
�NZfbebydZdmdZdhclhkljbilba_jdb[mjdgme`mgv_j
�`_cgg_j\gh]eygmeZgZg_]h
WlhagZf_gblZynZfbeby;Z^uijbieueb\:f_jbdmgZFwcneZmwj_
IjZ\^Z"
;Z^umqZkl\h\Zeb\h\k_o\hcgZokjZ`_gbyoih^E_dkbg]lhghf=_llbk[_j]hf[bl\_aZ
�\uklmi@H^gZbafhbojh^kl\_ggbpihebgbb;Z^h\kha^Z\ZeZIh^a_fgmx`_e_agmx
�^hjh]m@
�IjZ\^Z":fhc^y^yjZ[hlZegZKZglZN_@A^hjh\ydkdehgbe]heh\mgZ[hdijbkfhlj_eky
�d`_cg:kdhevdhl_[_e_l"
���\Z^pZlvr_klv\\_jgmeZ`h^b`_cgbamfe_ggh]eygmeZgZg__
�HgZ\u]ey^blklZjr_aZf_lbe`mgv_j
Hlgx^v
�IjbagZx`h^bWlZgbq_fg_gZihfbgZ_lD_eebFh`_llZdZy;hf[_jmbgm`gZYgZ^_xkv
qlhhgg_hl\_jg_lkyhlg__lhevdhihlhfmqlhhgZlZdZyklZjZy
KlZjZydZdhfh[s_kl\_\Zjbekywlhlq_eh\_d_kebkqblZ_lklZjhc`_gsbgmfheh`_ljb^pZlb":
_keb[magZeqlh_cljb^pZlvq_luj_"J_rbe[uqlhlZdbff_klhlhevdhgZdeZ^[bs_"
�`mgv_jaZlygmej_f_gvgZrbg_eb
Hg^\bgmekyd^\_jbhklZgh\bekylZdj_adhqlhhgZqmlvg_ldgmeZkv_fm\kibgm
Q_jl_^\Zg_aZ[ueMbeebijhkbegZ^_lv\hlwlhgZl_[y
�Hgkmgmejmdm\dZjfZg`_cghklhe[_g_eZm\b^_\qlhhg^hklZe
Hg_lY^mfZx
GZ^hdjhrdZWlhqZklvl\h_cjZ[hlu
Bmg__gZr__ihy\beky[hevrhcjhah\uc[ZglHgZih^gyeZjmdmb__`_em^hdaZ\yaZeky\ma_e
dh]^ZiZevpudhkgmebkvr_edh\hce_glu
Y[u[_awlh]hh[hreZkv
G_evayHgaZdj_ibee_glmLuih^ZjhdJhab;Z^Ih^ZjhdgZ^_gvjh`^_gby
�F_e\bgLhfikhgMbeeb`Zjj_eebDjbkIeZff_jljbgZiZ^ZxsboQbdZ]hklZjagZ[ex^Zeb
dZdDwe]hlh\blkydihke_^g_fmm^ZjmIhe_^ey]hevnZhgbkhhjm^bebgZdh\j_ijhklhjghc
ijZdlbq_kdb[_af_[_eb]hklbghc;hf[_jZHgbMbeebb]jZebDZ`^Zyijhc^_ggZyemgdZ
ijbghkbeZih[_^bl_exkhlgx[Zdkh\;hf[_jm`_\ub]jZeq_luj_klZ
LZddh]h[uluij_^ihq_ehl[Z[ZoZlv"kijhkbeMbeebDjbkZ\lhlfhf_gldh]^ZDweiheh`be
fyq\[hevrmxdjm`dm\uihegy\rmxjheviylhcemgdbFbkkbk;j_c^bbebfbkkbkIZljb^`"
Wlhijhklh[_aaZibgdbhl\_lbeDjbkFbkkbk;j_c^b
�Zylh`_IZj_gvhgZ]hjyqZ
Dwehlhr_e\klhjhgmqlh[ug_f_rZlvMbeebMlh]hfyqijhr_eijZ\__
Q_jl:qlhkdZ`_rvluDwe"kijhkbeMbeeb
Dwehlibe\bkdbgZ[ex^ZydZdMbeebijhfZogmekyb\lhjhcjZa
Y^Z`_g_agZxhq_f\u]h\hjbl_
Fbkkbk;j_c^bbaK_f_cdb;j_c^bh[tykgbeF_e\bgFbkkbkIZljb^`baK_fvb
�IZljb^`@?keb[l_[_ij_^klZ\bekykemqZchlthg_^\Zmki_eaZigmlvkyhl[Z[ZoZlv
h^gmbagbodh]h[ulu\u[jZe"
GZiZ^Zxsb_ihkihjbebdlhbagbo^hevr_\k_og_ijhbag_k_lex[bfh]hjm]Zl_evkl\ZDwe\bo
aZl__mqZklbyg_ijbgbfZeaZy\b\qlhg_ihklmiblkyijZ\hf\ujZ`Zlvky\kemoHklZevguowlh
\iheg_mkljhbehihlhfmqlhih[_^bl_e_fkdhj__\k_]h\ur_e[uhgb]j_Dweg_kl_kgyeky
dj_idbokeh\_q_dghmoh^ykiheyl_jyedgbf\kydbcbgl_j_k
Ih`Zemcy^he`_gih^mfZlvDwehkmrbeklZdZgb\ayekyaZdjm`dmihke_lh]hdZdlj_lvbf
m^ZjhfMbeebiheh`befyq\emgdmIjbsmjb\rbkvihkfhlj_egZke_^mxsmxemgdmdhjh[hqdmba
�ih^DNQ@ex[mxb]jm^Z`_]hevngZdh\j_hg\klmiZekl\_j^ufgZf_j_gb_fih[_^blv
Klj_fe_gb_\aylv\_jogZ^khi_jgbdhfijb\_eh_]hbaKhe\_cr_gZfZe_gvdh]h]hjh^dZ\K_\_jghc
DZjhebg_\Fbqb]Zgkdbcmgb\_jkbl_l]^__]hklZjZgbyfbJhkhfZob^\Z`^u\ub]ju\Zeb
klm^_gq_kdb_i_j\_gkl\ZIhlhf_]h\ayeb\GZpbhgZevgmxnml[hevgmxeb]m]^_hg[ukljhklZe
h^gbfbaemqrbodmhjl_j[_dh\
Djbk^hibeib\h
?s_\hijhkgZaZkuidmDZdmx^_\qmrdmluij_^ihq_e[uhl[Z[ZoZlvbaDjZkZ\bpub
�qm^h\bsZbebIhdZohglZk@"
IhdZohglZkhl\_lbeF_e\bg
�ZIhdwlhlhqghdb\gmeMbeeb
Dweg_kfh]k^_j`Zlvmeu[db=hkih^bdZdhgex[bewlboiZjg_cG_^_exaZg_^_e_chgb
�\ukljZb\Zebkv\ebgbxqlh[uaZsblblv_]hZ\ihke_^g__\j_fyhgg_sZ^gh]hgyeboagZeqlh
bfwlhg_ihgjZ\mgh\wlhf]h^mmKlZjaihy\bekyrZgk\uclb\Kmi_j[hmeZ_fmm`hq_gv
wlh]hohl_ehkv
hh[s_]h^\u^ZekykZfufly`_euf\_]h`bagb@_gZ[jZlZQ_jjbbbo_^bgkl\_gguckug
�`_cfbdhlhjuohghq_gvex[beih]b[eb\Z\ZjbbKl_oihjhgihl_jye\kydbcbgl_j_kd
ijhbkoh^ys_fmgZnml[hevghfihe_
Ijbke_^mxs_fm^Zj_hg\hkihevah\Zeky[bevyj^gufijb_fhffyqhlkdhqb\hllmf[uih^
l_e_\bahjhfaZf_j\g_kdhevdbo^xcfZohldhjh[hqdbbaih^DNQ
Wcwlhg_q_klghaZijhl_klh\ZeMbeebLug_]h\hjbeqlhfh`ghb]jZlvhl[hjlZ
Yg_]h\hjbeqlhg_evay
F_e\bgk\_jbekykqZkZfbbgZihegbeklZdZgDweZba[mluedbhq_gv\u^_j`Zggh]hhq_gv^hjh]h]h
\bkdbhlebqb_hl^jm]bob]jhdh\DwegZib\ZekydjZcg_j_^dhgh_fmklmdgmehljb^pZlvr_klv
�gZkljh_gb_mg_]h[uehgbdq_jlm\hlhgbj_rbeg_h]jZgbqb\Zlvk_[yZlhevdh_]hfh]mqbc
hj]Zgbafg_`_eZeih^^Z\Zlvky\ha^_ckl\bxZedh]hey
Dwemeu[gmeky\kihfgb\ij_^u^msbc^_gvjh`^_gbyD_eeb_]h[u\rZyih^jm`dZj_rbeZ
m^b\blv_]h\lZcg_hlg_]hkh[jZ\fgh]hqbke_gguo]hkl_c^ZlhevdhgZimlZeZkh\j_f_g_fb\
j_amevlZl_hgijbr_ei_j\ufjh^_[uhg^he`_glhkdh\ZlvihD_eebgh\hkihfbgZgbyhg_c
\uau\ZeblhevdhjZa^jZ`_gb_hgZ[jhkbeZ_]hjZ^bkhkmgdZ]blZjbklZdhlhjucij_^eh`be_c
h[jmqZevgh_dhevphH^gZdhhggZ^_yekyqlhl_i_jvhgZkqZkleb\ZFbeZy^_\mrdZohlybghcjZa
m`ZkghaebeZ_]h
Hgex[behjZlvlZdbf_]hkha^ZeZijbjh^ZDjbdb_]hgbq_]hg_agZqbeblZdm`hgijb\ud
h[sZlvkyGhklhbeh_fmdjbdgmlvgZD_eebhgZgZqbgZeZieZdZlv\f_klhlh]hqlh[uhl\_lblv_fm
l_f`_HgZ\uklZ\eyeZ_]h]jm[uffm`eZghfZ\j_amevlZl_hgg_fh]iheghklvxjZkkeZ[blvky
[ulvkZfbfkh[hc
WlZbklhjbyih\lhjyeZkvbk^jm]bfb^_\mrdZfbkdhlhjufbhg\klj_qZeky?kl_kl\_ggh_]h\e_deh
dl_fdlh^mfZeh^jm]boZg_lhevdhhk_[_Dkh`Ze_gbx^_\mrdbwlb\h\k_fih^qbgyebkv_fm
g_kf_ebkdZaZlvihi_j_dbkeh\Z
:\hl[he__Z]j_kkb\gu_`_gsbgul_qlhfh]eb_fmijhlb\hklhylv^mfZebg_hg_fZh_]h
^_gv]ZoHgbohkh[hg_\bgbedZ`^hfmohq_lkyh[_ki_qblvk_[_[_a[_^gh_kms_kl\h\Zgb_
Nw[Dwce[hm\eZ^_ebpZKlZjabdZg^b^ZlDweZ\emqrb_`_gsbgufbjZ aZbkdexq_gb_fl_o
fhf_glh\dh]^Z^hklZ\ZeZ_]h\f]h\hjbeZqlhhgkfh][uba[_`Zlvfgh]boijh[e_f_keb[i_j_klZe
ydrZlvkykfheh^gydhfghhgZg_ihgbfZeZ]eZ\gh]hNml[heb]jZfheh^uoBhgfheh^q_jl
ih[_jbMg_]h_klv\hafh`ghklv\u[hjZLZdihq_fmhg^he`_gh[jZsZlvk\hc\ahjgZ
ljb^pZlbe_lgxxm\y^Zxsmxjhamdh]^Z\hdjm]klhevdh_^\ZjZkimklb\rboky[mlhgh\"Hg\
jZkp\_l_kbebie_\Zlvohl_egZlhqlhD_\bgLZd_j^urbl_fm\aZluehdDweihdeyekyqlhkdhj__
k]hjbl\Z^mq_fiha\heblwlhfmgZ]ehfmkhkmgdmaZgylv_]hf_klh\klZjlh\hfkhklZ\_
Hg^hibe\bkdbbihqm\kl\h\ZeqlhgZ^mr_gZdhg_plhklZgh\blkye_]q_lh_klvhg^\bgmeky\
gm`ghfgZijZ\e_gbbdlhfmf_klm]^_hgfh`_laZ[ulvhkf_jlb^\mo[ebadbo_fmex^_chD_\bg_
LZd_j_h\hajZkl_hlhfqlhijhreZp_eZy\_qghklvklhcihjudh]^Zmg_]h\ihke_^gbcjZa
dZdDjbk\lj_lbcjZaaZihke_^gb_iylgZ^pZlvfbgml\a]eygmegZqZku
Dm^Zgb[m^vhiZa^u\Z_rvDjbk"
Qlh"G_lg_lHgi_j_]eygmekykF_e\bghfG_lijhklhj_rbeihkfhlj_lvdhlhjucqZk
Lum`_kfhlj_eljbfbgmlugZaZ^Dweih^o\ZlbedexrdmbgZijZ\beky\klheh\mx\kx
h[klZgh\dmdhlhjhckhklZ\eyeZojmklZevgZyexkljZIhq_fmg_l"Hgex[beijhklhjbg_kh[bjZeky
mkljZb\Zlvlhj`_kl\_ggu_h[_^u:_kebohl_em]hklblv^jma_cnjZolh\ZekZfhe_lbe_l_ekgbfb\
Kdhllk^_ce
Djhf_lh]hhgklZjZekyg_ihdmiZlvgbq_]hebrg_]hqlh[u\_sbg_h[j_f_gyeb\hagbdgbmg_]h
`_eZgb_i_j__oZlvHg[ue\_ebdbfb]jhdhfihlhfmqlh_s_g_\klZegZydhjvG_bf_egb
ihklhyggh]h^hfZgbihklhygghc`_gsbguHk_^ehklvij_`^_\k_]hmdZau\ZeZgZlhqlhq_eh\_d
khklZjbeky^hklb]k\h_]hij_^_eZDwe`_iheZ]Zeqlhmg_]h_s_\k_\i_j_^b
^\_jviha\hgbebMbeebj_adhih\_jgmeky
�he`gh[ulvibppZdhlhjmxyaZdZau\Zek_ljh_mklj_fbebkvd^\_jb
Dwekmeu[dhckfhlj_ebf\ke_^Hg^Z\ghihgyeqlhhgbih^]hlh\beb_fmdZdhclhkxjijba
L_i_jvij_^klhyehmagZlvdZdhcbf_ggh
�`_cgklhyeZ\ijhklhjghcijboh`_cjhkdhrghcd\ZjlbjuDweZ;hgg_jZK[hevrbfjhah\uf
[ZglhfgZr__ih^Zjhd^hklZ\e_ggucdmjv_jhf
�K_j^p___[behkvqZklhqZklhfukeblmfZgbebkvq_]hkg_cgbdh]^Zg_[u\Zeh`_cgih^mfZeZ
�qlh^he`gh[ulvkdZau\Z_lky^_ckl\b_lZ[e_lhddhlhju_hgZ\uibeZihgZklhygbx`h^b
�`mgv_jfm`qbgZkq_jgufb[jh\yfb]mk_gbp_ckgyekg__iZevlhbqlhlhijhr_ilZelj_f
fm`qbgZfih]Z[ZjblZfg_khfg_gghnml[hebklZfDjbkm[_ehfmeuk_xs_fmkqm^h\bsgh
lheklhcr__cF_e\bgmq_jghdh`_fm\hqdZoklhgdhchijZ\hcdhlhju_gbdZdg_]Zjfhgbjh\Zebk
_]hfZkkb\ghcnb]mjhcMbeebkh]jhfgufbk\h^ysbfb`_gsbgkmfZ]eZaZfb
�`mgv_jmdZaZegZg__
�`h^bihklZjZeZkvgZkeZ\mg_lZdeb"Y]h\hjbe\ZfqlhhgZgZkg_ih^\_^_l
�Fm`qbguh]ey^_eb`_cgk]heh\u^hgh]Mbeebdb\gme
DeZkkGhkdhevdh_ce_l"
��\Z^pZlviylv`mgv_jkdhklbe]h^k__]bihl_lbq_kdh]h\hajZklZ
�Hlebqgu_gh]bDjbkh[hr_e`_cgBihi_pqlhgZ^hHgiheh`bejmdmgZ__ijZ\mx
y]h^bpmk`ZeiZevpu
�`_cgjZa\_jgmeZkvkkbehcey]gmeZ_]h\]he_gv
Luq_]h"
Kebrdhfiha^ghhgZihgyeZqlh^himklbeZk_jv_agmxhrb[dm@_gsbglhj]mxsbokh[hcg_
\hafmsZ_lijbdhkgh\_gb_fm`kdhcjmdbGhhgZlml`_gZreZkv[jhkbeZgZDjbkZ
ij_g_[j_`bl_evguc\a]ey^\ukhdhdeZkkghcrexob
�Zjfh\sbgug_[m^_lOhlbl_dmiblvlh\ZjaZibrbl_kv\hq_j_^v
Hgbg_h[b^_ebkvaZ]h]hlZebMbeebh^h[jbl_evghdb\gme
LZdZy;hf[_jmbgm`gZ
AZ\ljZhg[m^_lmeu[ZlvkyohohlgmeF_e\bg
IhrebiZjgbIhjZ
gZqZebkdZg^bjh\ZlvK^g_fjh`^_gbyK^g_fjh`^_gby
Ki_j_khorbfhl\heg_gbyjlhf\m`Zk_hgZ\ukdhqbeZbaijboh`_c\]hklbgmxbgZi_j\hf`_
�rZ]___dZ[emdbm\yaeb\]mklhfdh\j_HgZih\_jgmeZkvm\b^_eZDweZ;hgg_jZbaZklueZZ`_
gZjdhlbq_kdbclmfZgg_kfh]mdjulvhq_\b^gh]hwdjZgl_e_\bahjZkhe]Ze
HgklhyemhdhgaZdhlhjufbl_fg_eZoheh^gZyghy[jvkdZyghqvIhl_e_\bahjmhgZ\b^_eZ
^_j_\_gkdh]hm\Zevgykdj_idbfl_ehf:\hl\fm`qbg_dhlhjuckfhlj_egZg__gbq_]h
^_j_\_gkdh]hg_[uehHgZ\u[jZeZ\hbgZ
�Hgkdehgbe]heh\mgZ[hdmklZ\b\rbkvgZg__Hle_^ygh]h\a]ey^Z`_cglml`_klZehg_ihk_[_
K\_lehk_ju_ihqlbk_j_[jygu_]eZaZg_agZeb`ZehklbDZrlZgh\u_\hehkugZ\_jgydZgZqZeb[u
aZ\b\Zlvky_keb[qmlvhljhkeb
Wlhlfm`qbgZkZfmklZgZ\eb\ZeijZ\beZbgbi_j_^d_fg_hlqblu\Zeky
Fh]mqb_furpu`_e_agu_kmoh`beby
@_klhdb_kdmeu[_kihsZ^gZyq_exklvGbdZdhcfy]dhklbkeZ[bguI_j_^g_cklhyeaZ\h_\Zl_ev
khl\hj_ggucijbjh^hckl_fqlh[ukjZ`Zlvkybih[_`^Zlv
�Ihkibg_`_cgijh[_`Zeoheh^hdHgZki_j\h]h\a]ey^ZihgyeZqlhlhfm\dhfhgm\b^bl\jZ]Z
��ihsZ^ug_[m^_lZlhevdhhgZ_fmg_\jZ]gZihfgbeZk_[_`_cgHggbdh]^Zg_magZ_ldZdb_m
g__ieZguDjhf_lh]h\hbgZfh[uqghg_l^_eZ^hg_aZdhgghjh`^_gguohlijukdh\Ihdhj_gguo
`_gsbggZkbemxlg_^mfZyhlhfjh^blkyihke_wlh]hdlhbebg_l
�=jm[u_jmdbih^ZddhfiZg_f_gl]jhfdh]hohohlZih^lhedgmeb`_cgdfm`qbg_dhlhjh]hhgZ
\u[jZeZ\hlpuk\h_fmj_[_gdm
Wlhih^ZjhdgZl\hc^_gvjh`^_gbyDwe
HlgZk\k_o
�K^g_fjh`^_gby^jm`bs_FuklZjZebkveyl_[ylhevdhemqr__
�?s_lheqhdb`_cgmldgmeZkv\fmkdmebklmx]jm^vKbevgZyjmdZh[o\ZlbeZ__g_^Z\miZklvhgZ
meh\beZaZiZo\bkdbIhiulZeZkv\uj\ZlvkyghDwe_s_g_j_rbehlimkdZlv__bebg_lihwlhfm
hgZhklZeZkvgZij_`g_ff_kl_
�IhegZy[_kihfhsghklvi_j_im]ZeZ`_cgFZdmrdhchgZg_^hklZ\ZeZ_fm^hih^[hjh^dZZgZl_e_
�ddhlhjhfm__ijb`bfZeZjmdZDweZg_[uehgbmgpbb`bjZ`_cgh^gZdhg_hklZ\eyeZihiulhd
\uk\h[h^blvkyihlhfmqlhagZeZqlhhgjZa^Z\bl__dZdfmommeh\b\\g_ckeZ[bgm
�I_j_^fuke_gguf\ahjhf`_cg\hagbdeh_]hh[gZ`_ggh_l_ehijb`bfZxs____ddjh\ZlbHgZ
lml`_hlh]gZeZ\b^_gb_?keb^mfZlvh[wlhfgZf_q_ggh]h_cg_ijh\_jgmlv
EZ^hgvDweZaZkdhevabeZ\\_joih__kibg_
�Zm`lZdh]hih^ZjdZfg_ihemqZlvg_^h\h^behkvGmb\u^mfsbdb\uiZjgb
��_j_\_gkdbc\u]h\hjkjZammkihdhbe`_cgMg_]hl_eh\hbgZghhg\k_]hebrvnml[hebklb
_kl_kl\_gghkmfhfmg_]hg_]mklhHkhagZgb_ij_\hkoh^kl\Zkh[kl\_ggh]hbgl_ee_dlZijb^Zeh_c
m\_j_gghklbbhgZjbkdgmeZaZ]eygmlv\k\_lehk_ju_]eZaZlhlkZfucfhf_gldh]^ZDwe
hk\h[h^be__
K^g_fjh`^_gbyfbkl_j;hgg_j?cohl_ehkvqlh[u]hehkkhqbekykljZklvxgh\f_klhwlh]h
iha^jZ\e_gb_ijha\mqZehkh\k_fkmohkeh\ghhgZh[jZsZeZkvdh^ghfmbak\hboklm^_glh\
�?]hah\mlDwe\klZ\be`mgv_jKhdjZs_gghhlDZe\bgghgZau\Zlv_]hlZdg_klhbl
Jhab;Z^
Dweijbih^gye[jh\v
uijb\_ebfg_kljbilba_jdm"
Bf_gghlZdybih^mfZeghhgZg_kljbilba_jdZHgZijhklblmldZ
=jbfZkZhl\jZs_gbybkdZabeZ_]hebphghlml`_bkq_aeZ
Qlh`ij_fgh]h[eZ]h^Zj_g\ZfaZaZ[hlmghyiZk
�LZdg_evayDweaZijhl_klh\Ze`mgv_jFu\k_agZ_fl\h_hlghr_gb_drexoZfghJhab
hgZg_h[uqgZymebqgZyijhklblmldZQ_jl^Zg_l`_HgZrexoZ\ukr_cdZl_]hjbb?_k_fvy
ijbieueZgZFwcneZmwj_bebgZq_flh_s_KdZ`b_fmJhab
HgZ_s_g_ijb\udeZdlhfmqlh__ba\_klgh]hnbabdZkh^gbfebrvex[h\gbdhfgZkq_lm
ijbex^ghgZau\Zxlrexohcihwlhfmg_kjZamgZreZkvkhl\_lhf
�H^bgba;Z^h\kem`bemFZceaZKlwg^brZ@
Djbkihkfhlj_egZF_e\bgZ
Y_]hagZxJZa\_g_hgb]jZeaZF_^\_^_c\\hkvfb^_kyluo"
F_e\bgaZohohlZe
Q_jlDjbkluohlvjZkdju\Zedgb]bdh]^Zmqbeky\dhee_^`_"
Yb]jZe\nml[heGZmq_[m\j_f_gbg_[uehBihlhfj_qvk_cqZkg_h[wlhfM;hf[_jZ^_gv
jh`^_gbyfuij_ih^g_keb_fmemqrbcih^Zjhddhlhjuclhevdhfh`ghdmiblvaZ^_gv]bZhgohq_l
iZkZgmlv
k_ihlhfmqlhhgZkebrdhfklZjZ\hkdebdgmeMbeebY]h\hjbe\ZfqlhgZ^hgZclb
fheh^_gvdmxZ\ul\_j^bebqlhhgZg_^he`gZgZihfbgZlv_fmD_eeb?c\k_]h^\Z^pZlvq_luj_
DweQ_klgh_keh\h
�`_cgihfheh^_eZ_s_gZ]h^
Lug_fh`_rviZkh\ZlvDjbk\uklmibe\i_j_^HgZih^Zjhdl_[_gZ^_gvjh`^_gbyLu
^he`_ghlthl[Z[ZoZlv__
�Mg__\kiuogmebs_dbbqlh[ugbdlhg_aZf_lbejmfygpZ`_cghl\_jgmeZkvijbl\hjb\rbkvqlh
jZa]ey^u\Z_l]hklbgmx;_eucdh\_jk_juc^b\Zgm]hehdkl_j_hkbkl_fZl_e_\bahjk[hevrbf
wdjZghf\k_^hjh]h_AZf_lbeZhgZb\Zeyxsb_kygZihemieZklfZkkh\mxdjm`dmdhjh[hqdmbaih^
DNQimklhcdhgl_cg_jbaih^h\kyguooehiv_\DZdhc`_g_jyoZwlhlfbkl_j;hgg_jijhq_f__
wlhg_\hegh\Zehg_jyreb\hklvihgZke_^kl\mg_i_j_^Z\ZeZkv
Dwei_j_db^u\Zedexrdm^ey]hevnZbah^ghcjmdb\^jm]mx
hlqlhy\ZfkdZ`miZjgbEx^b\k_\j_fyh[f_gb\Zxlkyih^ZjdZfbDZdgZkq_llh]hqlh[u
h[f_gylv__gZjhkdhrguch[_^"
Hgg_ihkf__lHlphf__j_[_gdZ^he`_gklZlvlhevdhhg
I_j_klZgv;hf[_jhgZh[hreZkvgZf^hjh`_ex[h]hh[_^Z
?chklZ\Zehkvebrv]Z^Zlvkdhevdhhgb_caZieZlbebDhg\_jlk^_gv]Zfbdhlhjuci_j_^Ze_c
�`mgv_jhgZ[jhkbeZ\kmfhqdmg_jZkdju\ZyZihlhfkmgmeZih^i_j_^g__kb^_gv_GZaZ\ljZhgZ
i_j\uf^_ehfgZf_j_\ZeZkvih`_jl\h\Zlv^_gv]b\klbi_g^bZevgucnhg^
Dweijbeh`bekydklZdZgm
Yp_gx\ZrmaZ[hlmiZjgbgh^mfZxfg_k_]h^gyg_^hrexo
gbdh]^Zbl_i_jvhglj_[h\Zehlg__dZdbolhj_rbl_evguo^_ckl\bcHgZg_^he`gZkjZam
�k^Z\ZlvkyDweb^_Zevghih^oh^begZjhevhlpZihwlhfmhgZh[yaZgZaZklZ\blv_]hi_j_^mfZlvZ
�kbeu_fmg_aZgbfZlv`_cgg_fh]eZih\_jblvqlhhgg_`gucex[h\gbdghg_kdhevdhfbgml
hgZ\ul_jibl_^vb\u[jZeZhgZ_]hlhevdhihlhfmqlhhgihegZy__ijhlb\hiheh`ghklv
��Zi_j_klZgv;hf[_j]gmek\h_Mbeeb_\ZoZdeZkkgZyMf_gy\k_\klZ_ldh]^Zykfhljx
gZg__
LZd[_jb__;hgg_jfhlgme]heh\hc\klhjhgmdhjb^hjZLuagZ_rv]^_kiZevgy^ey]hkl_c
G_l
Hgb\k_\ulZjZsbebkvgZg__
��LZ[e_ldb`h^bijb^Zeb`_cgojZ[jhklbHgZgZihfgbeZk_[_qlhi_j_^g_c\k_]hebrv
nml[hebkluBhlg__lj_[m_lkyh^ghi_j_obljblv;hgg_jZ
Yg_dmkhdfykZdhlhjucfh`ghi_j_deZ^u\ZlvbalZj_edb\lZj_edmYjZ[hlZxihwdkdexab\ghfm
dhgljZdlmZk_]h^gy\dhgljZdl_aZibkZghqlhy^he`gZh[kem`blvh^gh]hfbkl_jZ;hgg_jZ
Ba[_]Zy_]h\a]ey^ZhgZihkfhlj_eZgZhklZevguo
Ihq_fm[u]hkih^Z\Zfg_hldeZgylvkyqlh[uhgbyh[km^beb\hagbdrb_hkeh`g_gbygZ_^bg_"
�_ckl\bl_evghihq_fm"ih^^_j`Ze__F_e\bgIhrebiZjgb
HklZevguo_fmm[_`^Zlvg_ijbrehkvHgb]mjv[hcmklj_fbebkv\ijboh`mxKm^b\bl_evghc^ey
&#xi;&#xhk;&#xe_;&#x^g;¼&#xhf;&#x_g;&#xl;&#xF_; g;&#xi;&#xh_;&#xjg;&#xme;&#xky;
�bo]Z[Zjblh\kdhjhklvxihke_^gbcfhf_glF_e\bgih\_jgmekyd`_cg
�FugZ^__fkyqlhluhljZ[hlZ_rvgZrb^_gv]bJhabM[eZ`b;hf[_jZohjhrh"_eZc\k_qlh
hgih`_eZ_l
HgZk]ehlgmeZkexgmdb\gmeZF]gh\_gb_fiha`_\oh^gZy^\_jvaZoehigmeZkv
HgZbfm`qbgZdhlhjh]hhklZevgu_a\Zeb;hf[_jhfhklZebkv\^\h_f
=eZ\Z
�`_cggZ[ex^ZeZdZddmhjl_j[_dKlZjagZihegbeklZdZgba[mluedbklhy\r_cgZdhn_cghf
�klhebd_ih^g_kd]m[Zf?]hijhgbpZl_evgu_k\_lehk_ju_]eZaZbamqZxs_h]ey^u\Zeb`_cg
KljZrgu_]eZaZkihkh[gu_`_qva_fex
�?cgZ^hgZclbkihkh[kh[eZagblv_]h^hlh]hdZdhg\ur\ujg_lk_\hg^mfZeZ`_cgGhdZdhc"
HgZfh]eZ[uijhklhjZa^_lvkyghnhjfZfbhgZiho\Zeblvkyg_fh]eZlZdqlhhgfh]kgZqZeZ
�\u]gZlv__Z\ke_^\u[jhkblvbh^_`^mZbihlhffZehjZ^hklbjZa^_\Zlvkyi_j_^g_agZdhfp_f\
yjdhhk\_s_gghcdhfgZl_kg_aZgZ\_r_ggufbhdgZfbHgZgZ^_yeZkvqlhaZ\_jrZxsZyqZklv
hi_jZpbbijhc^_l\l_fghl_
Lufh]eZ[umclbkgbfbJhab[Z^jh^_[uykdZaZel_[_qlhrexobf_gyg_debfZlyl
�`_cgh`b\beZkvIh^h[guce_dkbdhgijyfhmdZau\ZegZlhqlh___s_g_jh^b\r_fmkyj_[_gdmg_
\b^Zlv\ukhdh]hZcdvxHgZihiulZeZkvihlygmlv\j_fy
Y\k_]^ZkqblZeZqlhg_evayaZ`bfZlv\madb_jZfdbp_emxdZl_]hjbxex^_c
Qlhlu]h\hjbrv"
Ij_abjZlvq_eh\_dZbkdexqbl_evghbaaZ_]hgZpbhgZevghklbj_eb]bbbeb^Z`_jh^Z
^_yl_evghklbZeh]bqgh
IjZ\^Z":dZdgZkq_lm[bcp"
M[bcpukljh]h]h\hjyg_khklZ\eyxlp_evghcdZl_]hjbbihwlhfmwlhg_h^ghblh`_HgZ
g_fh]eZmklhylvi_j_^l_fqlh[ubaeh`blvk\hxlhqdmaj_gby:f_jbdZhkgh\u\ZeZkvgZ
ijbgpbiZowlgbq_kdh]hjZ\_gkl\Zbj_eb]bhaghck\h[h^uh^gZdhbf_ggh\ij_^jZkkm^dZoijhreh]h
[_j_lgZqZeh[hevrbgkl\hihjhdh\gZr_]hh[s_kl\Zug_gZoh^bl_\wlhfbjhgbb"
�LuiulZ_rvkym[_^blvf_gyqlhfhciZljbhlbq_kdbc^he]_kebdhg_qghy\_jguckugy^b
KwfZihdZaZlvl_[_lj_sbgugZihlhed_fh_ckiZevgb"
HgZm`_aZmeu[ZeZkvghlmlm\b^_eZqlh_]hebphkh\_jr_gghk_jv_aghEbph[eZ]hkeh\_gghc
[_afha]ehklb:cdvx__g_jh^b\r_]hkyj_[_gdZmiZe_s_gZg_kdhevdhimgdlh\
�GZf]gh\_gb_`_cgihqm\kl\h\ZeZmdhekh\_klbohjhrhebfZgbimebjh\Zlvg_^hmfdhf^Z_s_
ebr_ggufqm\kl\ZxfhjZgh__`_eZgb_bkihevah\Zlv^eyk\hbop_e_cl_eh\hbgZ\ayeh\_jogZ^
ijbgpbiZfb
�Zfh`ghkdZaZlvblZdDweih^gyeklZdZg
OhjhrhJhab[Z^IheZ]Zxy\uibe^hklZlhqgh^eylh]hqlh[u^Zlvl_[_rZgkij_`^_q_f
\ur\ujgmlvl_[yhlkx^ZIhdZau\Zcqlhfubf__f
Ijhklbl_"
IhdZau\Zclh\Zj
Lh\Zj"
K\h_l_ehIjb_fgbdbLu^Z\gh\rexoZo"
Ywhh[s_lh\ufhci_j\ucdeb_gl
L\hci_j\ucdeb_gl"
Ih`ZemcklZgbhq_fg_[_kihdhcl_kvYhq_gvohjhrhih^]hlh\e_gZ
�?]hebphklZehg_ijhgbpZ_fufb`_cglml`_\kihfgbeZqlhijhklblmlhdhgg_`Zem_lhlq_]h
�aZ^ZqZ__lhevdhmkeh`gyeZkvHgZdklZlbmdZau\ZeZgZwlh`h^bghlZhlf_eZ__\hajZ`_gby
�IZjgbfhegZihyl_]hlZdqlhhgg_[m^_lkebrdhfm`jZa[hjqb\uf`_cg\b^_eZqlh^hamhg
ijbgyeghgZkh\k_fivygh]hy\ghg_lygme
AgZqblj_rbeZhgZhiylvijb^_lky\jZlvhafh`ghkdZaZehkv^_ckl\b_lZ[e_lhdgheh`vklZeZ
^Z\Zlvkydm^Ze_]q_HgZdZd[ukha^Z\ZeZgh\mxj_Zevghklvihoh^m\u^mfu\Zy\k_gh\u_bgh\u_
ih^jh[ghklb
Fbkl_j;hgg_j\_jhylgh\ug_fgh]hhlklZebhl`bagb_keb^mfZ_l_qlh\fh_cijhn_kkbb
`_gsbgufh]mlgZ[bjZlvkyhiulZlhevdhh^gbfkihkh[hfL_i_jvwlhg_lZdYgZijbf_jg_kiexk
d_fihiZeh
?]hklZdZgaZf_j\\ha^mo_
Lu`_rexoZ
k_lZdGh\jh^_[uykdZaZeZ\Zfqlh\ufhci_j\ucdeb_glB^hkboihjy[ueZ[ebadZ
lhevdhkh^gbfq_eh\_dhfFhbffm`_fHgmf_jBl_i_jvy\^h\ZHq_gvfheh^Zy\^h\Z
�Hgihoh`_g_\_jbelZdqlh`_cgmkbebeZgZihj
Fm`hklZ\befg_h^gb^he]bihwlhfmygZqZeZbkdZlvjZ[hlmdhlhjZyhieZqb\ZeZkv[u\ur_
kj_^g_]hDkh`Ze_gbx\u[hjmf_gy[ueg_[hevrhcBlmly\kihfgbeZqlhfhcfm`\k_]^Z
hlf_qZefhbmki_ob\ihkl_ebLZdqlhih`ZemcklZg_^mfZcl_qlhyg_^hklZlhqgh
d\Zebnbpbjh\ZggZjZamf_gy[ue\k_]hh^bgiZjlg_j
Fh`_lyqlhlhmimklbeghyg_fh]mihgylvdZdlufh`_lml\_j`^ZlvqlhhiulZml_[y
Eh]bqgh?_fha]lml`_gZr_ekykhl\_lhf
Ybf_eZ\\b^m\b^_hdZkk_ludhlhjufbZ]_glkl\hkgZ[`Z_lk\hbogh\uokhljm^gbp
Hgb]hlh\bebl_[ykihfhsvx\b^_hdZkk_l"?]h]eZaZkmabebkvL_i_jvhggZihfbgZe_c
hohlgbdZijbevgm\r_]hdijbp_emHa\_j_lvfh`gh
��`_cgho\ZlbeZjZ^hklv:cdvxj_[_gdZklj_fbl_evghdZlbeky\gbaZ`_dhfivxl_jg_kfh][u
ih^h[jZlv_cemqr_]hiZjlg_jZ
Wlhg_h[uqgu_\b^_hdZkk_luG_dZdb_lhlZfihjghnbevfuGhij_`gb_f_lh^ulj_gbg]Zg_
hq_gvlhih^oh^yl^eywihob[_ahiZkgh]hk_dkZIhdjZcg_cf_j_\ijbebqguoZ]_glkl\Zobog_
bkihevamxl
:]_glkl\Zo"Lu]h\hjbrvhim[ebqguo^hfZo"
?_i_j_^_j]b\Zeh\kydbcjZadh]^ZhgZkeurZeZwlhhl\jZlbl_evgh_keh\h
�;he__lhqgucl_jfbgZ]_glkl\hm^h\hevkl\bc`_cgaZigmeZkv]heh\Zmg__dZaZehkv
hl^_ebeZkvhlie_qhlbijhklblmlhdemqr_gZau\ZlvihklZ\sbdZfbk_dkmZevguom^h\hevkl\bc
bebiwkwm
�Iwkwm"ZlumgZkdeZ^_avagZgbcijyfhlZdbwgpbdehi_^by
��HggZqZelygmlvkeh\Zhe`gh[ulvkdZaZeky\uiblucZedh]hevDkqZklvxih^mfZeZ`_cg_fm
g_o\ZlZ_lmfZqlh[uihgylvdZdbfb^bhlkdbfklZgh\blkyjZa]h\hj
GZfihdZau\ZxlkeZc^ui_j_^gZfb\uklmiZxle_dlhjudhlhju_h[tykgyxlgZfjZaebqgu_
Zki_dlugZr_cjZ[hlu
Dijbf_jm"
HgZebohjZ^hqghbkdZeZhl\_l
W\hiehs_gb_\jhev
BdZdmxjhev"
�_ckl\bl_evghdZdmx"j_f_gbgZjZa^mfvyqmlvZgZ^hijb^mfZlvkp_gZjbcbkdexqZxsbc
nbabq_kdmx[hevbba\jZs_gby
�himklbfIj_djZkgh]hijbgpZbAhemrdb
BqlhwlhhagZqZ_l"
Gmgm`gujhauEx[h\vgZihkl_ebmkuiZgghce_i_kldZfbjha
Wlh^eyg_`_ghd:g_lebml_[yq_]hgb[m^vihhklj__"
BaZq_flhevdhhgZmihfygmeZi_j_\hiehs_gb_"
JZamf__lkyghihkdhevdm\ufhci_j\ucdeb_gl^mfZxfg_g_ke_^m_lkjZam[jZlvkyaZqlhlh
wdahlbq_kdh_
FhgZrdmbah[jZ`Zlvg_ohq_lky"
�`_cgk]ehlgmeZkexgmjh^_[ub_fmwlh]hhkh[hg_ohl_ehkvghk^jm]hcklhjhgu_]hebph
[hevr_gZihfbgZehfZkdmgbdZdbowfhpbcgZg_fg_hljZ`Zehkv
�_eh\lhfqlhfg_emqr_m^Z_lkydh]^ZygZ\_jom
�Zyqm\kl\mxluihdhe_[ZeZfh_ij_^hkm^bl_evgh_hlghr_gb_dijhklblmldZf
IhklZ\sbdZfk_dkmZevguom^h\hevkl\bc
�;_ajZagbpuGh^_eh\lhfqlhlu^eyf_gyklZjh\ZlZKlZjh\ZlZ`_cgho\Zlbe]g_\KZfhfm
ljb^pZlvr_klvb_s_o\ZlZ_lgZ]ehklb]h\hjblv^\Z^pZlbq_luj_oe_lg_c`_gsbg_qlhhgZ^eyg_]h
�q_luj__ehlh\ijbgpbi_\ex[hfkemqZ_hgZfheh`_HgZkhqm\kl\_ggh\a^hogmeZ
Fg_hq_gv`Zevy^he`gh[ulvqlhlhg_ihgyeZF_gyaZ\_jbebqlhm\Zk\klZg_lgZ\ajhkemx
`_gsbgm
�QlhlhihiZehDwemg_\lh]hjehhgaZdZreyeky`_cgkmkf_rdhcmdZaZeZgZl_e_nhg
Fh`_lfg_iha\hgblv\dhglhjmqlh[uhgbihkeZebkx^ZIZfdbgk"?kebhgZihdhgqbeZk
mjhdZfblhkfh`_lijb_oZlv
�Hgi_j_klZedZreylvijhgabe`_cg\a]ey^hf
L_[_g_^\Z^pZlvq_luj_Fuh[ZagZ_fqlhluijh`beZgZk\_l_gbdZdg_f_gvr_^\Z^pZlb
\hkvfb:l_i_jvb^bkx^ZbihdZ`bq_fmgZmqbebl_[ywlbnbevfuJZah]j_cf_gy?kebfg_
ihgjZ\blkyyfh`_lbi_j_^mfZx
�;hevr_\k_]hgZk\_l_`_cgohl_ehkvihkeZlv_]hdh\k_fq_jlyfghhgZk^_j`ZeZg_]h^h\Zgb_
gZihfgb\k_[_aZq_fijbreZGhdZd_cm\e_qv_]h"Hij_ex^bbhgZg_^mfZeZihq_fmlhj_rb\
qlhhgkjZam\a]jhfha^blkygZg__\uihegblk\hbh[yaZgghklbbkdZlblkydZd^_eZeDj_c]
BdZd\uij_^ihqblZebjZah]j_\Zlvky\ijhrehf"
�Luijbg_keZkkh[hcoeukl"`_cgihqm\kl\h\ZeZqlhdjZkg__l
G_l
:gZjmqgbdb"G_l
Q_jlijhq_fwlhbg_\Z`ghQ_]hfg_l_[yh]jZgbqb\Zlv"Hgmk_eky\kZfh_[hevrh_
�dj_keh\yeuf\afZohfjmdbih^ha\Ze`_cgB^bkx^ZJhab[Z^bdZdwlh]h\hjyl
bfijh\babjmcGZ^_xkvfg_ihgjZ\blkylhqlhluijb^mfZ_rv
�Fh`_lihdZaZlv_fmwjhlbq_kdbclZg_pih^mfZeZ`_cgI_j_^a_jdZehfhgZlZgp_\ZeZg_iehoh
ghijbex^yol_jyeZkv:fh`_lihdZaZlvqlhgb[m^vbaZwjh[bdbg_ajy`_hgZj_]meyjghoh^beZ
gZaZgylby
ug_fh]eb[u\dexqblvfmaudm"Qlhgb[m^vba\Zr_]hex[bfh]h
�Dhg_qghDweih^gyekygZijZ\bekydkl_j_hkbkl_f_mfZxmf_gy_klvfmaudZ
\hehkZlbdh\=hlh\kihjblviwkwkwex[yllZdmxfmaudm
Iwkwm
:jZa\_ykdZaZebgZq_"DweihklZ\bedhfiZdl^bkd\_jgmekyddj_kemk_eAZa\mqZeIhe_l
rf_eyJbfkdh]hDhjkZdh\ZIh__jZamf_gbxwlZf_eh^bygbdZdg_lygmeZgZkh[eZagyxsmxgh
hgZfh]eZbhrb[Zlvky
HgZihiulZeZkvih^kljhblvkyih^[ukljucjblfbmg__ihemqbehkv\_jhylghlhfm
kh^_ckl\h\ZeblZ[e_ldbhehkujZaf_lZebkvs_dbjZkdjZkg_ebkvghDwe\k_lZd`_
�ij_g_[j_`bl_evghkfhlj_egZg__gbq_fg_ijhy\eyygZjZklZxs_ckljZklb`_cgih^mfZeZZg_
keh`blvkyeb_cihoh^mlZgpZihiheZf^hklZlv^hiZevp_\gh]ghj_rbeZqlhkfhlj_lvkywlh[m^_l
g_hq_gvDjhf_lh]hhgZg_fh]eZwlh]hk^_eZlvg_kh]gm\dhe_gbDhjhq_gbq_]hgh\h]h
ijb^mfZlvhgZg_fh]eZijh^he`ZyjZafZob\ZlvjmdZfbbih\hjZqb\Zlvkybaklhjhgu\klhjhgm
Dweiheh`begh]mgZgh]ma_\gme
HgZihdjmlbeZ[_^jZfb
Hgihkfhlj_egZqZku
�;_kihe_agh`_cgaZf_jeZij_^hklZ\b\rf_exijh^he`Zlvihe_l\h^bghq_kl\_
GZex^yoylZgpmxg_hq_gvohjhrh
GZ\_jgh_l_[_ke_^h\Zehm^_eylv\b^_hijhkfhljZf[hevr_\j_f_gbG_ihf_rZeZ[ubiZjZ
�klZjuonbevfh\k`hghfLjZ\helhcDweih^gyekyih^hr_edkl_j_hkbkl_f_mf_gvrbe
]jhfdhklvFh]my]h\hjblvklh[hchldjh\_gghJhab[Z^"
Ih`ZemcklZ
�Luf_gyg_\ha[m`^Z_rvHgkmgmejmdm\aZ^gbcdZjfZg^hklZe[mfZ`gbdZ\Zcy^Zf
l_[_gZqZcbfujZkklZg_fky
�`_cg_^\Zg_jZkieZdZeZkvqlhkemqZehkvkg_cdjZcg_j_^dhHgkh[bjZeky\u]gZlv__bhgZ
l_jyeZrZgkklZlvfZl_jvxj_[_gdZk\h_cf_qluHlhlqZygbymg__k_e]hehk
Ih`ZemcklZfbkl_j;hgg_j\ug_fh`_l_f_gy\u]gZlv
?s_dZdfh]m
ubaaZ\Zkf_gym\heyl:]_glkl\hhq_gv^hjh`bllZdbfdeb_glhfdZdKlZja
?keb^hjh`bllhihq_fmijbkeZeblZdmxdZdlu"kydhfmykghqlhrexoZlugbdZdZy
]hjh^_kt_a^Mgbog_o\ZldZhiulgh]hi_jkhgZeZ
Luohq_rvkdZaZlvfg_ijbkeZeblh]hdlh[ueih^jmdhc"
HgZdb\gmeZ
:_kebhgbmagZxlqlh\uhklZebkvfghcg_^h\hevguf_gym\heylIh`ZemcklZfbkl_j;hgg_j
fg_gm`gZwlZjZ[hlZ?kebf_gym\heylyihl_jyxev]hlu
Ml_[y_klvev]hlu"
?kebmijhklblmlhdg_[uehev]hlhgbg_khfg_gghhlgbog_hldZaZebkv[u
:]_glkl\hhieZqb\Z_lklhfZlheh]ZZfg_^he`guklZ\blvdhjhgdmG_fh]eb[ufuG_fh]eb
[ufuijhclb\kiZevgx"
�Z`_g_agZxJhab[Z^
Ih`ZemcklZhlqZygbbhgZko\ZlbeZ_]haZjmdbAZdju\]eZaZijblygmeZbodk\h_c]jm^b
ijb`ZeZeZ^hgyfb
Jhab[Z^"
�Z"
Qlhlu^_eZ_rv"
�Zx\ZfihsmiZlvfhx]jm^v
IhgylghJmdb_]hhklZ\Zebkvg_ih^\b`gufbKemrZcZwlb\b^_hdZkk_lug_ih^kdZaZeb
l_[_qlhkgZqZeZke_^m_ljZa^_lvky"
Ib^`Zdhq_gvlhgdbcihwlhfmym\_j_gZqlhjZagbpugbdZdhcg_lu\_^vm`_ihgyebqlhih^
ib^`Zdhf]heh_l_eh
@Zjhl_]heZ^hg_cijh[b\Zer_edh[`b]Zydh`mHgZg_j_rbeZkvij_^klZ\blvk_[_qlhbkiulZeZ
[u_keb[r_edh\h]h[Zjv_jZg_[ueh
?kebohlbl_fh`_l_ih^\b]ZlvjmdZfb
KiZkb[haZij_^eh`_gb_ghkemrZcZdh]^Zlukh[bjZ_rvkyhldjulv]eZaZ"
�`_cgbaZ[ueZqlh]eZaZmg__aZdjulu\_dblml`_\ae_l_eb\\_jo
:\hlwlh]h^_eZlvg_klhbehDweklhyelZd[ebadhqlh_cijbrehkvaZijhdbgmlv]heh\mqlh[u
ihkfhlj_lv_fm\ebphGZlZdhfjZkklhygbb\k_jZkieu\Zehkvmg__i_j_^]eZaZfbghhgZ\k_lZdb
_s_h^bggZe[mBfurpuKlZevgu_furpu?^\Zebdhfmbaij_ih^Z\Zl_e_cbebh^ghdeZkkgbdh\
o\Zlbeh[u^moZba^_\ZlvkygZ^j_[_gdhflZdh]hfm`qbgu
WlhfhbdZq_ebam[jbeZKe_aZcZg_lh^\bgm
��M`_cgbfha]be_amlq_j_amrbM`_cgbfha]be_amlq_j_amrb
Ih`ZemcklZIhq_fm[ugZfg_ihclb\kiZevgx"HgZhimklbeZjmdbZhgf_^e_gghm[jZek\hbk__
]jm^_c
L_[_^_ckl\bl_evghwlh]hohq_lkyg_lZdebJhab[Z^"HgZdb\gmeZ
HgfheqZkfhlj_egZg__e_^ygu_]eZaZ\hbgZg_\u^Z\Zebbklbgguoqm\kl\
F_gydmibebfg_aZieZq_ghgZihfgbeZhgZ
Wlhlhqgh
�Hg\jh^_[ujZa^mfu\Ze`_cgl_ji_eb\h`^ZeZg_lhjhibeZf_^e_ggmxjZ[hlm_]hfha]Z
Ihq_fm[ul_[_ijhklhg_\_jgmlvkydjZ[hlh^Zl_exbg_kdZaZlvqlh\k_ijhrehdZdgZ^h"
Mf_gy\k_gZibkZghgZebp_HgbkjZamihcfmlqlhye]m
IhemqZ_lky^jm]h]himlbg_l"
Mg__ihy\beZkvgZ^_`^Z
;hxkvqlhg_l
OhjhrhJhab[Z^l\hy\ayeZGZ\_jgh_emqr_gZfih^gylvkygZ\_joHgih^kmgme
mdZaZl_evguciZe_pih^jhah\uc[ZglLulhqghg_ijbg_keZkkh[hcgZjmqgbdh\"
HgZrmfghk]ehlgmeZkexgmihqm\kl\h\Z\]hjehf_]hirl_p
Lhqgh
Lh]^Zihreb
BihlygmeaZe_glmihlZsb\__aZkh[hcKeh\ghkh[ZdmaZhr_cgbd?_k_j^p_[behkvdZdiZjh\hc
fhehlihdZhgbi_j_k_dZebijboh`mxih^gbfZebkvihmkleZggufdh\jhfklmi_gyfDwe\k_g_
hlimkdZe__HgZlhb^_ehdZkZeZkv_]h[_^jhfIhiulZeZkvhlkljZgblvkyghhg^_j`Ze__gZ
dhjhldhfih\h^d_
�Dh]^Zhgbih^gyebkvgZ\lhjhcwlZ``_cgbkdhkZ]eygmeZgZDweZbi_j_im]ZeZkv\g_aZighhg
klZe\ur_rbj_\ie_qZo?_\a]ey^kdhevagmek]jm^bDweZgZ[_^jZb]eZaZrbjhdhjZkdjuebkv
?keblhevdhhgZg_hrb[eZkv[_ajZaebqb_[uehgZimkdgufki_j_^bgZ^`bgkZo\ujhka^hjh\_gguc
[m]hj
Kx^ZJhab[Z^
HgZkihldgmeZkvdh]^Zhg\lZkdb\Ze__\[hevrmxkiZevgxiulZykvihgylvdZdbfh[jZahf_c
m^Zehkv\ha[m^blv_]hKdZaZeZk_[_qlhhgZ`_gsbgZZmg_]hbgklbgdlui_s_jgh]h^bdZjy
gZib\r_fmkykhc^_lex[ZyBhgZ^he`gZ[eZ]h^Zjblvkm^v[mqlh\i_s_jmhglZsbl__aZe_glmZ
g_aZ\hehku
Dwes_edgme\udexqZl_e_fJZkk_ygguck\_lhk\_lbeh]jhfgmxdjh\ZlvHdgZaZdju\Zeb`Zexab
M\b^_eZhgZrdZndj_kehlmZe_lgucklhebdGbq_]hebrg_]h
�Hg\ulZsbeiZe_pbaih^[ZglZih\_jgmekyqlh[uaZdjulv^\_jv`_cg\a^jh]gmeZmkeurZ\dZd
hgaZibjZ_l__gZaZfhd
Qlh\u^_eZ_l_"
Mg_dhlhjuofhbo^jma_c_klvdexqhld\ZjlbjuDZdyihgbfZxlug_ohq_rvqlh[udgZf
G_lg_luijZ\u
Lum\_j_gZ"G_dhlhju_iwiwwkki_pbZebabjmxlkygZ]jmiih\hfk_dk_
IwkwmLj_lv_]hmjh\gy:y_s_gZi_j\hfFufh`_fih]Zkblvk\_l"
DZd`_ylh]^Zm\b`ml_[y"
O\Zlblbemggh]hk\_lZdhlhjucijhgbdZ_lkd\hav`ZexabYm\_j_gZqlh\u\k_m\b^bl_Hiylv
`_lZd[m^_l[he__lZbgkl\_ggh
G_kijZrb\ZyjZaj_r_gbyhgZijhlygmeZjmdmd\udexqZl_exBlml`_gZihebdjh\Zlve_]eb
ihehkuemggh]hk\_lZijh[b\Zxs_]hkykd\hav`Zexab
�Dweijhr_eddjh\Zlbih\_jgmekyd`_cgkibghcHgZgZ[ex^ZeZdZdhgkgbfZ_ljm[Zrdmq_j_a
]heh\ma[m]jbebkvfurpuie_q
Lufh`_rviheh`blvh^_`^mgZlhdj_keh
K^jh`vx\dhe_gyohgZrZ]gmeZddj_kemL_i_jvdh]^ZgZklmibej_rZxsbcfhf_gl__
iZjZebah\ZekljZokgylvdhlhjucg_fh]^Z`_gZjdhlbdH^gh^_ehkljhblvieZgubkh\k_f^jm]h_
hl^Zlvkykh\_jr_gg_cr_fmg_agZdhfpm
Fh`_l\uohlbl_kgZqZeZih]h\hjblv"Qlh[uihemqr_magZlv^jm]^jm]Z
Yl_jyxbgl_j_kdjZa]h\hjZfdZdlhevdh\oh`m\kiZevgx
Ihgylgh
?]hlmnebmiZebgZihe
Jhab[Z^"
�Z
;Zglg_kgbfZc
�`_cgmo\ZlbeZkvaZkibgdmdj_keZqlh[ug_miZklv
L_i_jvDweih\_jgmekydg_cebphfjZkkl_]gmeim]h\bpm^`bgkh\Ihehkuemggh]hk\_lZe_`ZebgZ
_]hh[gZ`_gghc]jm^b[_^jZo;m]hj\i_j_^bklZelZdbfh]jhfgufqlhhgZg_fh]eZhlhj\Zlvhl
g_]h]eZaG_m`_ebwlh__aZkem]Z"
Dwebkihjlbe_caj_ebs_k_\gZdjZcdjh\Zlbqlh[ukgylvghkdbKlmigbmg_]h[ueb^ebggu_b
�madb_]hjZa^h^ebgg__q_fmDj_c]Z`_cg]em[hdh\^hogmeZbkdbgmeZlmneb
h^gboebrv^`bgkZoDwee_]gZdjh\ZlvHgZihlygmeZkvd_^bgkl\_gghcim]h\bp_`Zd_lZHg
`^ZeaZdbgm\jmdbaZ]heh\m
�Dh]^ZiZevpu`_cgdhkgmebkvim]h\bpu__ho\ZlbeZiZgbdZdh`ZihdjueZkvfmjZrdZfbGhhgZ
�ihiulZeZkv\aylvk_[y\jmdbZhgm\b^bl__]hehcghqlh\wlhfm`Zkgh]h"L_ehmg__
ghjfZevgh_kl_kgylvky_cg_q_]hZ[_ag_]hhgZh[hclbkvg_fh]eZL_i_jvm\b^_\DweZ
h[gZ`_ggufihihykhgZl\_j^hj_rbeZqlhhlphf__j_[_gdZfh`_lklZlvlhevdhhg
�Ghjmdmkeh\ghiZjZebah\Zeh`_cgaZf_lbeZdZdaZkl_`dZfhegbbf_^e_gghihea_l\gba
hldju\Zymadmxihehkdm\hehkih^iehkdbf`b\hlhf
JZkkl_]b\ZcijbdZau\Ze_cfha]Imklvhgm\b^bll_[yGhiZevpug_r_\_ebebkv
HgfheqZgZ[ex^ZeaZg_cBg_[ueh^h[jhlu\_]hly`_ehf\a]ey^_Bebg_`ghklbGbq_]hlZdh]h
qlhfh]eh[uijb^Zlv_cm\_j_gghklb\k_[_
�IulZykv\uclbbaklmihjZ`_cg\kihfgbeZqlhDj_c]g_ex[beij_ex^bcHg]h\hjbe_cqlh^ey
fm`qbg]eZ\gh_j_amevlZlhlbDwegZ\_jgh_[m^_l^h\he_g_kebhgZijhklhhl^Zklky_fmKl_f
Ij_a_j\Zlb\u\rdZnqbd_\\ZgghcJhab[Z^\_jog_fysbd_Ijbg_kbbo
Ohlylj_[h\Zgb_DweZfgh]h_mkeh`gyeh__ihjZ^h\ZeZ_]hhklhjh`ghklvFh`_l\mq_gbbhgg_
kbe_gaZlh\`bl_c\hijhkZojZa[bjZ_lkyhlebqgh_s_h^gh^hklhbgkl\hklhevg_h[oh^bfh_
j_[_gdm
G_aZq_fhl\_lbeZhgZYh[h\k_fihaZ[hlbeZkvHgZ\uklZ\beZ\i_j_^gh]me_\hcjmdhc
ih^h[jZeZih^hex[db;_eucr_edihihea\\_joih[_^jmIjZ\hcjmdhcaZe_aeZih^qmehd^hklZeZ
ij_a_j\Zlb\blhevdhlml\iheghcf_j_hkhagZeZfhjZevgucZki_dlk\h_]h^_ygbyHgZ`_
khagZl_evghijhldgmeZij_a_j\Zlb\lh_klvihreZgZ\hjh\kl\hnbabdZwe_f_glZjguoqZklbpbeb
hl^Zey_lq_eh\_dZhl;h]Zbebijb[eb`Z_ldg_fmKg_ckemqbehkv\lhjh_Zl_i_jvhgZhljbpZeZ
lh\hqlh\_jbeZlh`_\j_fyhgZihklZjZeZkvh[jZlblvkydeh]bd_LhqlhgZ^h_c_fm
Z[khexlghgbdq_fmhgZgbdhbfh[jZahfg_ijbqbgbl_fm\j_^Z\ay\g_gm`gh_Hg\k_]hebrv
bgkljmf_glGZg_f__ihklmihdgbdZdg_hljZablky
�I_j_[hjh\m]jua_gbykh\_klb`_cgjZahj\ZeZmiZdh\dmijhlygmeZDwemij_a_j\Zlb\HgZg_
ohl_eZqlh[uhgaZf_lbeqlhmiZdh\dZm`_\kdjulZbaZde__gZ\gh\v
:luh^gZdhaZiZkeb\Zy
�ZaZiZkeb\Zy=em[hdh\^hogm\hgZih^h[jZeZx[dmqlh[udhe_gyfbaZ[jZlvkygZdjh\Zlv
Ihlhfhk_^eZeZ_]h[_^jZ\iheghcj_rbfhklbfZdkbfZevgh[ukljh^h\_klb^_eh^hdhgpZ
Dwekfhlj_egZg__kgbam\\_jo\k_lZd`_aZdbgm\jmdbaZ]heh\maZ`Z\ij_a_j\Zlb\f_`^m
[hevrbfbmdZaZl_evgufiZevpZfbijZ\hcHklZ\ZykvgZdhe_gyohgZkh[jZeZkvk^mohfb
ihlygmeZkvdfhegbbIh^mr_qdbiZevp_\dhkgmebkvmijm]hcdh`b`b\hlZZ\ke_^mxs__
f]gh\_gb_hgZm`_e_`ZeZgZkibg_
�`_cg[jhkbeZgZg_]hiheguclj_\h]b\a]ey^?]hl_ehijb`bfZeh__ddjh\Zlbj_[jZeZ^hg_c
mibjZebkv\ie_qb
Qqlh\u^_eZ_l_"
JhlDweZij_\jZlbeky\madmxl\_j^mxihehkdm
B]jZaZdhgq_gZ=h\hjbdlhlu"
Mg__i_j_o\Zlbeh^uoZgb_LhebhlkljZoZlhebhl_]h\_kZgh\e_]db_g_ihklmiZedbkehjh^
Yyg_ihgbfZxhq_f\u
YohqmmkeurZlvijZ\^mbg_f_^e_gghDlhlu"
HgZg_^hhp_gbeZ_]ha^jZ\hfukeb_bl_i_jvihgbfZeZqlhdZdh]heb[haZmfgh]hh[tykg_gbyhgg_
�ijbf_lIhwlhfm\kihfgb\`h^bImeZgkdb\u[jZeZimlvgZbf_gvr_]hkhijhlb\e_gbyB
hl\_lbeZaZklZ\b\k_[y\a]eygmlv_fmijyfh\]eZaZ
YihdehggbpZ\Zr_]hlZeZglZ
_]h\a]ey^_f_evdgmehhl\jZs_gb_
LZdyb^mfZeAZkdmqZ\rZyk\_lkdZynbnhqdZdhlhjZyj_rbeZdhee_dpbhgbjh\Zlvnml[hedb
NbnhqdZHg\b^bl\g_ck\_lkdmxnbnhqdmLZdh]hhgZg_h`b^ZeZlZdqlh_cihlj_[h\Zehkv
f]gh\_gb_qlh[ugZclbkvkhl\_lhf
�G_\k_nml[hedb\u^hogmeZ`_cgLhevdh\ZrmHgZgZ^_yeZkvqlhhgg_kijhkbldZdhc
gZg_cghf_jihlhfmqlhg_bf_eZh[wlhfgbfZe_cr_]hihgylbyf_^bpbgkdhcdZjl___
bgl_j_kh\ZeblhevdhiZjZf_ljuoZjZdl_jbamxsb_nbabq_kdh_khklhygb__]hhj]ZgbafZgbadbc
hkh[hg_\hegh\Zeb
Fg_ke_^h\Zeh\ur\ujgmlvl_[yhlkx^Z
Keh\Zh^gZdhg_ih^dj_ieyebkv^_ckl\byfbBhgZagZeZihq_fmqm\kl\my[_^jhf_]hjZa^m\rbcky
dhg_p
Gh\ug_\ur\ujgmeb
Hg^he]hfheqZeIhlhfih^ZekygZaZ^m[jZejmdbk__ie_q
LuijZ\ZGZ\_jgh_y^hklZlhqgh\uibeqlh[uaZ[ulvhlhfqlhm`_^Z\ghg_ih^imkdZxdk_[_
nZgZlhd
Dwei_j_[jZekygZdjZcdjh\Zlbklygme^`bgkuIhehkuemggh]hk\_lZiZ^ZebgZ_]hh[gZ`_ggh_
�fh]mq__l_eh`_cghl\_jgmeZkvdh]^ZhggZqZegZ^_\Zlvi_jnhjbjh\Zggucij_a_j\Zlb\QZk
gZklZe
hjlm__i_j_khoehdh]^Zhg\gh\vih\_jgmekydg_cbijhlygmejmdmdim]h\bp_HgZ\a^jh]gmeZ
ko\ZlbeZ_]haZaZiyklv_
=m[u_]hkdjb\bebkv\mkf_rd_J_rZcJhab[Z^ijhp_^behgb[ukljh
YohqmyohqmhklZlvkyh^_lhcHgZkbevg__k`ZeZaZiyklv_bmlZsbeZjmdmDweZk_[_ih^
x[dmBlml`_hlimklbeZ_]hiheZ]Zyqlhgbq_]hg_\uc^_l_kebkwlh]hfhf_glZhgg_\havf_l
bgbpbZlb\mgZk_[y
ijhq_f\hegh\ZeZkvhgZgZijZkgh
:lumgZkaZl_cgbpZJhab[Z^Hgih]eZ^be__ihqmedmaZl_fjmdZ^\bgmeZkv\ur_ih
j_abgd_^hlh]hf_klZ]^_hgZdj_ibeZkvddjm`_\ghfmihykmL_i_jvhgagZeqlhgZ^_lhmg__ih^
x[dhc
Lubal_odlhg_ex[blljZlblv\j_fyihimklmlZd"
�Yohqml_[yK_cqZk`_cgkljm^hfijh^Z\beZkeh\Zkd\havaZkljy\rbc\]hje_dhfhd
Ohl_eZjZa\_klbgh]bihrbj_ghfurpu[_^_jk\_ehbhgZ_^\ZjZa^\bgmeZboDwe]eZ^be__[_^jZ
mkihdZb\Zykeh\gh\u]gm\rmxkibgmdhrdm
JZkkeZ[vkyJhab[Z^?kebl_[_wlh]hohq_lkylhq_]hlulZdg_j\gbqZ_rv"
�Wh`b^Zgb_lZd^_ckl\m_lgZf_gyIh`ZemcklZ^Zcfg_fh_]hj_[_gdZZcfg_j_[_gdZb
iha\hevmclbhlkx^Z
?]hiZevpuaZjuebkv\fy]db_\hehkueh[dZZ_cohl_ehkvmf_j_lvhlklu^Z?_i_j_^_jgmehdh]^Z
hgb^\bgmebkvd[he__bglbfghfmf_klmhgZihiulZeZkvbfblbjh\ZlvkljZklgucklhg
�_ckl\bl_evghhgZ^he`gZjZkkeZ[blvkyDZdhgZfh`_laZqZlvdh]^Zl_ehgZijy`_ghdZd
gZlygmlZykljmgZ"
Yijbqbgyxl_[_[hev"
G_ljZamf__lkyg_lYgbdh]^Zg_bkiulu\ZeZlZdh]hkbevgh]h\ha[m`^_gby
Hgg_^h\_jqb\h]eygmegZg__gZqZeaZ^bjZlvx[dmghhgZg_iha\hebeZ
Ih`ZemcklZg_^_eZcl_wlh]h
Mf_gylZdh_hsms_gb_qlhfg_\gh\vr_klgZ^pZlvby\ijhmed_aZ:il_qguffZ]Zabghf
�_eZnbe^Z]hehk_DweZkeurZebkvghldbdhlhjuojZgvr_g_[uehbhgZj_rbeZqlhwlb
\hkihfbgZgbyhlgx^vg_g_ijbylgu
LZdagZqblr_klgZ^pZlbe_lgyy^_\mrdZba\_a^Zrdhevghcnml[hevghcdhfZg^udhjhlZeb\j_fy\
\hkijbgbfZeb__dZdfeZ^rmxk_kljm\om^r_fgZau\ZebfZe_gvdhckmqdhcdhlhjZyohq_l\k_
agZlv
Hgijhr_eky]m[Zfbihebnm__ib^`ZdZHgZihqm\kl\h\ZeZdh`_c`Zj_]h^uoZgbyqmlvg_
\uiju]gmeZbadjh\Zlbdh]^Z_]h]m[ugZreb__khkhd
=hjyqZy\hegZ`_eZgbyg_h`b^ZggZybkhdjmrZxsZyijhdZlbeZkvihl_emDwe\lygmekhkhd\jhl
�kd\havr_edaZ_ehabeihg_fmdhgqbdhfyaudZ`_cgaZreZkvhlkljZklb
Blml`_gZqZeZ[hjhlvkykg_c?kebhgZiha\heblk_[_ihemqZlvm^h\hevkl\b_hl_]heZkdbagZqbl
hgZgbq_fg_emqr_lhcijhklblmldbaZdhlhjmx\u^Z\ZeZk_[yHgZ^he`gZ\b^_lvk_[y`_jl\hc
bgZq__cg_`blvaZfmqZ_lkh\_klv
GhDj_c]\k_]^Zb]ghjbjh\Ze__]jm^vZlmllZdb_ijbylgu_hsms_gby
Ih`ZemcklZih`ZemcklZg_^_eZcl_wlh]hHgZihiulZeZkvaZlZsblv_]hgZk_[y
L_[yljm^ghm[eZ`blvJhab[Z^
�Z\Zcl_`_Kdhj__
@_eZgb_^ZfuaZdhgjh^_[uhgZmeh\beZaehklv\_]h]hehk_
�?]hiZevpuhldjueb^ujhqdmKkbehcDwegZqZeaZ]hgylv\g__k\hcdhg_p`_cg_^\Zk^_j`ZeZ
djbdHg\ujm]Zekyih^ZekygZaZ^
G_lHgZko\ZlbeZ_]haZ[_^jZgh]lb\ibebkv\y]h^bpuG_lih`ZemcklZg_l
DweaZklue
Lh]^Zh[o\Zlbf_gygh]ZfbHgZih^qbgbeZkv
Kh`fbbokbevg__q_jlih[_jbHgZk`ZeZaZl_fdj_idhaZ`fmjbeZkv
gmljb\k_[he_ehghbgh]hhgZbg_h`b^ZeZM^b\beh^jm]h_[hev[ukljhijhiZeZkf_gb\rbkv
�l_iehf\b]Zekygg_lhjhieb\h]em[hdb_f_^e_ggu_ijhoh^uklZebihr_edm\uk_dZeb\gmljb
bkdjugZkeZ`^_gby
?]hihlijhiblZelhgdbc[Zjv_jjZa^_eyxs_cbol_eZfZl_jbbHgh[o\ZlbeeZ^hgyfb__y]h^bpu
�?_\ha[m`^_gb_gZjZklZehohly`_cgbah\k_okbeklZjZeZkvih^Z\blv_]hGmihq_fmmg__g_
[uehgbq_]hlZdh]hkDj_c]hf"
�Qm\kl\hklu^ZaZoe_klgmeh`_cgdZdfh`ghgZoh^blvm^h\hevkl\b_\kh\hdmie_gbbk
g_agZdhfp_f"Qlh[uij_djZlblvwlh[_ah[jZab_hgZihiulZeZkvkhkj_^hlhqblvkygZ\hijhkZo
k\yaZgguokijh\h^bfufb_xl_hj_lbq_kdbfbbkke_^h\Zgbyfbd\Zjdh\gh[ukljhihgyeZqlhhgZ
^he`gZqlhlh^_eZlvbgZq_hj]ZafZg_fbgh\ZlvZ\hlwlh]hhgZ[uk_[_g_ijhklbeZBohlyfha]
ij_^mij_`^ZedZdhiZkghh[ju\Zlv\hbgZhgZj_rbeZkv
ukh[bjZ_l_kvaZgbfZlvkywlbf^h\lhjh]hijbr_kl\by"
DweaZklue
QlhlukdZaZeZ"
HgZrmfgh]ehlgm\ibkdgmeZ
uf_gykeurZebY^mfZeZ\ugZklhysbc`_j_[_pQ_]h\ulZd^he]hlyg_l_"
LZd^he]h"Hgijbih^gyekyqlh[u\klj_lblvkykg_c\a]ey^hfAgZ_rvqlhyl_[_kdZ`m"
LuqhdgmlZyBkkbehc\h]gZek\hcbgkljmf_gl
�`_cgijbdmkbeZ]m[mqlh[ug_\kdjbdgmlv:hg^he[beb^he[be__
HgZp_ieyeZkvaZg_]hjmdZfbbgh]Zfb\l\_j^hcj_rbfhklb^h\_klb^_eh^hdhgpZgbq_]hg_
Ghl_eh\a[mglh\ZehkvGZkeZ`^_gb_gZjZklZehHgZih^gbfZeZkvbih^gbfZeZkv
�h\_jrbguhklZ\Zehkvkh\k_fg_fgh]hdh]^ZhgaZf_jAZklueblml`_[juagmeh_]hk_fy
�IZevpu`_cgk`Zebkv\dmeZdbHgZb^mfZlvaZ[ueZhgZkeZ`^_gbbIeu\bl_Ieu\bl_
fZe_gvdb_ki_jfZlhahb^uIeu\bl_keZ^_gvdb_[_afha]eu_[eZ]h^ZjghklvaZklhev^jZ]hp_gguc
ih^ZjhdhgZijbih^gyeZ]heh\mihp_eh\ZeZ_]h\ihlgh_ie_qh
DwegZ\ZebekygZg__\k_f\_khf
HgZg_jZa`bfZeZgh]g_iha\heyy_fmmclb?s_jZghG_\k_ki_jfZlhahb^u\uj\Zebkvba
eh\mrdbij_a_j\Zlb\Z
Gh__`_eZgb_g_fh]ehmklhylvi_j_^_]hkbehcDwejZa^\bgme__gh]bk_egZdjh\ZlbKh]gmeky
mi_j_\rbkvehdlyfb\dhe_gbly`_eh^urZmklZ\b\rbkv\gbdm^ZE_glZk[ZglhfdZdbflh
h[jZahfjZa\yaZeZkvbkhkdhevagmeZgZih^mrdmIhehkuemggh]hk\_lZe_`ZebgZkibg_DweZb
�`_cgih^mfZeZqlh\u]ey^blhghq_gvh^bghdbfihl_jygguf?cohl_ehkvijhlygmlvjmdm
dhkgmlvky_]hghhgZg_j_rbeZkv?_`_]klu^aZkh^_yggh_HgZe]mgvyb\hjh\dZ
Dwe\klZegZijZ\beky\\Zggmx
Qlh[dfh_fm\ha\jZs_gbxl_[ya^_kvg_[ueh
=eZ\Z
Klhyih^^mr_fDwe^mfZehJhab[Z^Zg_hlhevdhqlhaZdhgqb\r_ckyly`_ehclj_gbjh\d_bebh
[heb\dhe_g_bie_q_\hajZklkdZau\ZekyljZ\fuaZ`b\Zebg_lZd[ukljhdZdjZgvr_AZ^\_
g_^_ebijhr_^rb_k_]h^gyjh`^_gbyfukebhJhab[Z^ihk_sZeb_]hg_\i_j\u_ohlyhgg_fh]
kdZaZlvihq_fmhg\hh[s_\kihfbgZ_lhg_cBebihq_fmhgZkjZam_fmijb]eygmeZkvAgZehg
lhevdhh^ghm\b^_edZdhgZ\hreZ\]hklbgmxk[hevrbfjhah\uf[ZglhfgZr__bkjZam\ha`_eZe
__
GZ\_jgh_ijhbahrehwlhebrvihlhfmqlhh[uqgh_]hijb\e_dZeb^jm]b_`_gsbguFbeZrdZ
dhg_qgh[ehg^bgdZkhk\_leha_e_gufb]eZaZfbghdjZkZ\bpukd_fhgh[uqgh\klj_qZekyfh]eb
^Zlv_cklhhqdh\\i_j_^Dh`ZijZ\^ZohjhrZwlh]hmg__g_hlgbf_rvdZdnjZgpmakdh_
\Zgbevgh_fhjh`_gh_ghkebrdhf\ukhdZykfZe_gvdhc]jm^vxbm`ZkghklZjZy
Hgih^gye]heh\mih^klZ\beebphih^kljmxFh`_l_]h\e_debdg_c[jhkZxsb_ky\]eZaZ
ijhlb\hj_qbymfk\_lysbcky\wlboa_e_guo]eZaZogbdZdg_khhl\_lkl\h\Zelhc]ZrfZlv_qlhhgZ
]h\hjbeZZg_mdex`b_ihiuldbkh[eZagblv_]hg_khq_lZebkvkhlkljZg_gghklvxkd\hab\r_c\h
\k_o__^_ckl\byo
Hg^hklZlhqgh[ukljhihgyeqlhhgZbaqbkeZnZgZlhddhlhjZyj_rbeZme_qvkyih^g_]h
ijbdbgm\rbkvrexohcFukevhlhfqlhhgijb\e_dZ_llZdbo`_gsbgjZ^hklb_fmg_^hklZ\beZ
\hlhgbihijhkbe__mclbGhg_kebrdhfgZklhcqb\h?_eh`vg_jZa^jZ`ZeZ_]h:`_eZgb_
ex[ufbkihkh[ZfbaZiju]gmlvdg_fm\ihkl_evjZ^bq_]h\u^mfu\ZebkvkZfu_g_\_jhylgu_
bklhjbbijhklhaZ[Z\eyeh
Gh\hlqlhhgg_fh]aZ[ulvlZdwlhijhbkr_^r__\kiZevg_Qlhlhg_kdeZ^u\ZehkvIhq_fmhgZ
hldZaZeZkvjZa^_lvky"Ihq_fmg_iha\hebeZ_fmjZa^_lv__":\_^vihemqbehkv\k_lZdwjhlbqghqlh
hgihklhygghh[wlhf^mfZe
HggZofmjbeky\kihfgb\qlhhgZg_iha\hebeZ_fm^h\_klb__^hhj]ZafZWlhlh`_lj_\h`behHg
^hklZlhqghohjhrhjZa[bjZeky\ex^yobiheZ]ZeqlhhgZimklvbe]ZeZghg_ohl_eZ_fmaeZ
fh]dZdhcmjhghgZfh]eZ_fmgZg_klb
�Dwekfu\Zek\hehkrZfimgvdh]^Z\^mr_\mx\e_l_e`mgv_j
Wc;hf[_ja\hgbl;h[[bLhfOhq_lih]h\hjblvklh[hc
Dweko\Zlbeihehl_gp_h[fhlZebf[_^jZbihki_rbedl_e_nhgmIha\hgbdlheb[h_s_hl
��dhfbkkZjZGNE^h`hgZFw^^_gZhg[ukdZaZe`mgv_jmqlhi_j_a\hgbliha`_GhaZklZ\eylv
�`^Zlv;h[[bLhfZwglhgZhgg_fh]f_kl_hgbb]jZebebrvg_kdhevdhe_lihke_^gbo\dZjv_j_
;bLbghwlhg_bf_ehgbdZdh]hagZq_gbyIhijhkb;bLbmDweZijZ\mxjmdmhg[u__hl^ZelZd
m\Z`Zehg[u\r_]hb]jhdZKlZjaemqr_]hih_]hfg_gbxijbgbfZxs_]hGNE
Dwemeu[gmekymkeurZ\\ljm[d_agZdhfucl_oZkkdbc\u]h\hj
WcDwedZdgZkq_llh]hqlh[uijb_oZlv\L_eZjhamgZfhc[eZ]hl\hjbl_evguclmjgbjih
]hevnm"KqblZcwlhebqgufijb]eZr_gb_f=hlh\ex[hevrh_[Zj[_dxZ`_gsbg[m^_lklhevdhqlh
lug_[m^_rvagZlvqlhkgbfb^_eZlvIhkdhevdm=j_ckbijb]ey^u\Z_laZfghcl_[_ijb^_lky\aylv
bogZk_[yFhy`_gZg_kimkdZ_lf_gykp_ib
LZddZdljZ\fug_iha\hebebDwemijbgylvmqZklb_\g_kdhevdboihke_^gbolmjgbjZo;bLbhg_s_
�g_bf_eq_klbihagZdhfblvkyk=j_ckbwglhgghhg^hklZlhqghohjhrhagZe;h[[bLhfZqlh[u
ml\_j`^Zlvqlhgbh^gZ`_gsbgZg_kihkh[gZm^_j`Zlv_]hgZp_ib
H[_sZxk^_eZlv\k_qlh\fhbokbeZo;bLb
=j_ckb[m^_lkqZkleb\ZAgZ_rv__\u[jZeb\fwjuL_eZjhaui_j_^kZfufjh`^_gb_fMwg^b
YkeurZe
;h[[bLhf^he]h]h\hjbeh`_g_bjh^b\r_ckyfZeurd_DweZwlZl_fZgbkdhevdhg_bgl_j_kh\ZeZ
ghhgijbdb^u\ZekyqlhkemrZ_lhq_gv\gbfZl_evghihkdhevdm;bLbiulZeky^hdZaZlv\k_fb\ky
qlhl_i_jv]eZ\gh_\_]h`bagbk_fvyZnml[he_]hgbkdhevdhg_bgl_j_km_l;h[[bLhfgbdh]^Z
g_`Zeh\ZekygZlhqlh_]h\u]gZebbadhfZg^uih^ij_^eh]hfk_jv_aghcljZ\fudhe_gZghDwe
ihgbfZeqlhgZkZfhf^_e_;bLb^hkboihj]eh`_l[hev;bLbdZdl_i_jvbDweg_fukebek_[y
[_anml[heZbDweagZeqlhgug_rgyy`bagv_]h[u\r_]hlh\ZjbsZihdhfZg^_imklZdZdklZ^bhg
ihq_l\_j]Zf
Dhg_qghDwehq_gvm\Z`Ze;bLbaZlhqlhlhlg_`Zeh\ZekygZg_kijZ\_^eb\hklvohay_\KlZja
\ugm^b\rbo_]hmclbbanml[heZghhg^Zek_[_keh\hqlh_]hgbdlhg_hlijZ\blgZihdhcihdZhg
kZfg_khql_lqlhm`_ihjZDwe`benml[hehfbg_`_eZegbdZdboi_j_f_gGb\hajZklgbljZ\fu
g_fh]ebihf_rZlv_fmaZgbfZlvkyex[bfuf^_ehf
�AZdhgqb\jZa]h\hjDwegZijZ\bekydk\h_fmrdZnqbdmGZqZeh^_\Zlvky;h[[bLhfwglhg[ukljh
aZ[uekyFukeb\_jgmebkvdijhr_^r_fm^gxjh`^_gbyDlh`_hgZq_jlih[_jb"Ihq_fmhgg_
fh`_l__aZ[ulv"
uihijhkbebf_gyijb_oZlvkx^Zlhevdh^eylh]hqlh[umlhqgblvkmffmfhboljZgkihjlguo
�jZkoh^h\"`_cggbdh]^Zg_l_jyeZdhgljheygZ^kh[hc\ijhn_kkbhgZevguo^bkdmkkbyogh
dh]^ZhgZbf_eZ^_ehkbkihegbl_evguf^bdlhjhfIjbaeZ[hjZlhjba_cohl_ehkvdjbqZlv
��hdlhj`_jjbFZcekhlhj\Zekyhle_`ZsbogZklhe_[mfZ]dhlhju_hg\gbfZl_evghbamqZe
&#xZf;&#x;�Zf`_cg\k_wlh\hafh`ghdZ`_lkyf_ehqvxghfg_dZd^bj_dlhjmIjbaeZ[hjZlhjba
g_l
Bhgijh[_`Zekyjmdhcih^ebgguf\bkysbfiZleZfbk_^uf\hehkZfkeh\ghhgZk\hbf\hijhkhf
i_johlvxgZ\hjhlgbd_[jxdbba]jm[hcfZl_jbb
�`_cgg_ijb\udeZkm^blvhex^yoihh^_`d_h[uqghhgZg_aZf_qZeZdlh\hqlhh^_lgh
�ih^haj_\ZeZqlhg_hijylghklv`_jjbkhagZl_evgZyijba\ZggZy^hihegblvh[jZa
�wdkp_gljbqgh]hmq_gh]hkl_j_hlbimf_jrbc^h[juo^_kylve_lgZaZ^Gh`_jjb^he`gh[ulv
gZ^_yekyqlhwlhcrbjfhc_fmm^Zklkyijbdjulvk\hxihegmxg_kihkh[ghklvb^lb\gh]mk
kh\j_f_gghcnbabdhc
Kljbg]h\uol_hjbchgg_ihgbfZeijbgpbikmi_jkbff_ljbbklZ\be_]h\lmibdhgg_fh]
ihevah\Zlvkykeh`guffZl_fZlbq_kdbfZiiZjZlhfdhlhjuclZdb_mq_gu_dZdhgZbkihevah\Zeb
ih\k_^g_\ghihklhygghij_^eZ]Zyqlhlhgh\h_Ghg_kfhljygZ\k__]hg_^hklZldb^\Z]h^ZgZaZ^
�`_jjbgZagZqbeb^bj_dlhjhfIjbaeZ[hjZlhjbaWlhlfZg_\j\bjlmhaghkieZgbjh\Zebb
hkms_kl\beb[he__ih`beu_bdhgk_j\Zlb\gu_qe_gugZmqgh]hkhh[s_kl\Zih`_eZ\rb_qlh[uwlh
�ij_klb`gh_mqj_`^_gb_\ha]eZ\beh^bgbagboBkl_oihjkhljm^gbq_kl\h`_cgkIjba
ij_\jZlbehkv\aZ[_]ihi_j_k_q_gghcf_klghklb]^_gZdZ`^hfrZ]m__ih^kl_j_]Zeb
[xjhdjZlbq_kdb_eh\mrdbBgZh[hjhl\Gvx[_jjbdhee_^`mg__g_\hagbdZehgbdZdboijh[e_f
[m^ms_fgZfihgZ^h[blky[he__^_lZevgZy^hdmf_glZpbyih^l\_j`^ZxsZy\ZrbjZkoh^uD
ijbf_jmijh_a^gZlZdkbbaZwjhihjlZWlhgbdm^Zg_]h^blky
�G_m`_ebq_eh\_dmaZgbfZxs_fmklhev\ukhdbcihklkh\k_fm`g_q_]h^_eZlv^mfZeZ`_cg_keb
hggZqbgZ_l\udZiu\ZlvlZdb_f_ehqb
�_g\_jkdbcZwjhihjljZkiheh`_g^Ze_dhhl]hjh^Z
wlhfkemqZ_\ufh]eb[u\hkihevah\ZlvkyZ\lh[mkhfdhlhjucij_^hklZ\eyehl_ev
��`_cg_^\Zk^_j`b\ZeZjZa^jZ`_gb_HgZkqblZeZ`_jjbg_lhevdhg_dhfi_l_glgufmq_gufghb
`_ghg_gZ\bklgbdhfihkdhevdmnbgZgkh\u_hlq_lu__dhee_]fm`qbgg_ih^\_j]Zebkvklhev
�lsZl_evghfmbamq_gbxIjZ\^Zdhee_]b\hlebqb_hlg__g_\uklZ\eyeb`_jjbgZihkf_rbs_
&#x^;&#xZ;&#x^p;&#xZl;&#xv;&#xk;&#xg_;&#x[h;v;&#xrb;;_;&#xl;^\Z^pZlvkg_[hevrbfe_l`_cggZibkZeZklZlvx\dhlhjhcjZag_keZ\imobijZoh^gmba
�]bihl_a`_jjblhlg_kfh]m[_^bl_evgh__ih^l\_j^blvh^gZdhhgZijbg_keZ_fmijbagZgb_
�dhee_]Ihke_wlhcklZlvbZdpbb`_jjbkbevghmiZebb\hlwlh]hhg_cg_aZ[uebg_ijhklbe
L_i_jv`_k^\bgm\[jh\bhggZqZedjblbdh\Zlv__jZ[hlm\dhlhjhcfZehqlhihgbfZeG_khg
_kl_kl\_gghZobg_xgh^_ij_kkbydhlhjZyfmqbeZ__ihke_^gb_^\Zf_kypZihke_g_m^Zqghc
ihiuldbaZ[_j_f_g_lvhl_]hkeh\lhevdhmkbebeZkv?keb[hgZghkbeZih^k_j^p_fj_[_gdZ_]h
gZiZ^dbhle_lZeb[udZdhldZf_gghckl_gu
�Ijb\udrZy\k_]^Zb\h\k_f^hdZiu\Zlvky^hbklbgu`_cgihgbfZeZqlh__ihklmihd\lmghqv
ZfhjZe_gghdZdb_lhhijZ\^ZgbyhgZ\k_lZdbgZoh^beZOhly[uihlhfmqlh\u[jZeZb^_Zevgh]h
dZg^b^ZlZ\hlpuDwe;hgg_j\hbgihgZlmj_Z]j_kkb\gucbfh]mqbch[eZ^Zxsbc\k_fbl_fb
dZq_kl\Zfbdhlhju_gZijhqvhlkmlkl\h\Zebmg__B[ueh\g_fqlhlh_s_qlhlhlZdh_q_]hhgZ
h[tykgblvg_fh]eZ@_gkdbc\gmlj_ggbc]hehk^j_\gbcbfm^juc]h\hjbe_cqlheh]bdZlml
�[_kkbevgZ`_cgagZeZqlhhlphfj_[_gdZ^he`_g[ulvDwe;hgg_jbgbdlh^jm]hc
Dkh`Ze_gbx\gmlj_ggbc]hehkg_ih^kdZau\Ze_c]^_gZclbkf_ehklvqlh[u\gh\vih^klmiblvkyd
�wlhfmq_eh\_dmIjbrehbmrehJh`^_kl\h`_cghlqZygghohl_eZghg_j_rZeZkv_s_gZh^gm
\klj_qmk;hf[_jhf
�ObsgZymeu[dZlhgdh]m[h]hjlZ`_jjbFZcekZ\_jgmeZ__\^_ckl\bl_evghklv
ihke_^gb_]h^uyiheZ]Zxqlh\u[hjZmgZkg_lYlj_[mxqlh[u\ihke_^gbc^_gvdZ`^h]hf_kypZ
\udeZebfg_gZklheih^jh[guchlq_lhijh^_eZgghc\ZfbjZ[hl_
Hlq_l"G_ihgyeZ
Dh]^ZhggZqZemlhqgylvk\hblj_[h\ZgbyhgZm`_g_fh]eZkdjulvbamfe_gbyGbdlhgbdh]^Zhlg__
lZdh]hg_lj_[h\ZeIjbaeZ[hjZlhjba\k_]^Zmoh^bebhlih^h[guo[xjhdjZlbq_kdborlmq_d
�Ywlh]h^_eZlvg_[m^mWlhg_kijZ\_^eb\h`_jjbi_qZevghihkfhlj_egZg__
Ym\_j_gkh\_lm^bj_dlhjh\lZdhchl\_lg_ihgjZ\blkymqblu\ZyqlhgZr^h]h\hjbkl_dZ_l\
wlhf]h^m
HlyjhklbhgZ_^\Zfh]eZ]h\hjblv
�YhlebqghjZ[hlZx`_jjb
Lh]^Zihljm^bl_kvdZ`^ucf_kypdeZklvfg_gZklhehlq_lqlh[uyfh]jZa^_eblv\ZrwglmabZaf
Gbdlhwlh]hg_^_eZ_l
&#xu;&#x_s;&#x_;&#xhq;&#x_g;&#xv;&#xfh;&#xeh;&#x^u;&#x;�u_s_hq_gvfheh^u`_cgbg_^h[bebkvlh]hijbagZgbyqlhhklZevgu_
HgZ`_gsbgZZhgrh\bgbklg_ijbagZxsbcjZ\_gkl\Ziheh\Ijbjh^gZy\u^_j`dZm^_j`ZeZ
�`_cghllh]hqlh[uijhbag_klbwlbkeh\Z\kemoHiylv`_hgZihgbfZeZqlhk_[_hgZijbqbgbl
wlbf[hevr_[hebq_f_fmf_klhwlh]hhgZih^gyeZkvbfheqZ\ureZbadZ[bg_lZ
HgZdbi_eZhlyjhklbihdZkimkdZeZkvgZebnl_\gbabi_j_k_dZeZoheeKdhev^he]h_s_hgZ
^he`gZlZdh_l_ji_lv"gh\vhgZih`Ze_eZqlhDwjheZcg\hlt_a^_hldhfmhgZfh]eZhldjulv
^mrm
K_jucyg\Zjkdbc^_gvih\bkgZ^k_\_jgufBeebghckhfH[eZdZijb`bfZebkvda_fe_h[_sZy
�kdhjuc\_q_jjh`Zhloheh^ZhgZaZ[jZeZkv\kZlmjgbih_oZeZ\gZqZevgmxrdhem:\jhju]^_
\_eZgZmqgmxijh]jZffm^eylj_lv_deZkkgbdh\
G_dhlhju_badhee_]ih^rmqb\ZebgZ^wlbfbk_fbgZjZfbHgb]h\hjbebqlh\_^msbcnbabd
l_hj_lbd\lj_lv_fdeZkk_\k_jZ\ghqlhBpoZdI_jefZgh[mqZxsbcdh]heb[hZaZfb]jugZ
kdjbid_Gh__lj_\h`bemjh\_gvij_ih^Z\ZgbygZmqguo^bkpbiebg\gZqZevghcrdhe_bhgZ
klZjZeZkvqlhlhbaf_gblv\emqrmxklhjhgm
Ki_rZ\aZekh[jZgbc]^_`^Zeb__lj_lv_deZkkgbdbbjZkklZ\eyygZklhe_\k_g_h[oh^bfh_^ey
��wdki_jbf_glh\`_cgaZklZ\beZk_[yaZ[ulvh`_jjbb_]h[xjhdjZlbq_kdhfkZ^baf_
�����hdlhjZjebg]@hdlhjZjebg]
HgZmeu[gmeZkvlj_lv_deZkkgbdbgZqZebkhdjZsZlv__nZfbebx_^\Zebg_gZi_j\hfaZgylbb^\Z
]h^ZgZaZ^Zihkdhevdmlh]^ZhgZbog_ihijZ\beZkhdjZs_gb_ijb`behkvMg__aZs_fbehk_j^p_
dh]^Ziha^hjh\Z\rbkvk^_lvfbhgZ\]ey^_eZkv\bohahjgu_`^msb___keh\ebpZDZd`_hgZ
ohl_eZk\h_]hj_[_gdZ
B\g_aZigh__hdZlbeZ\hegZg_gZ\bklbdk_[_G_m`_ebhgZ^hdhgpZ`bagb[m^_logudZlvhlhf
qlhmg__g_lj_[_gdZ\f_klhlh]hqlh[u\aylvbgbpbZlb\mgZk_[y"Bg_klhblm^b\eylvkyqlhhgZ
g_kmf_eZaZqZlvhl\hbgZD\ZrgyhgZb_klvd\Zrgy
�GZqbgZyi_j\ucwdki_jbf_glkhk\_qhcbimklhcdhjh[dhcbaih^h\kyguooehiv_\`_cgijbgyeZ
j_r_gb_KkZfh]hgZqZeZhgZagZeZqlhrZgkuaZ[_j_f_g_lvkh^gh]hjZaZg_\_ebdbbl_i_jv
ijbreh\j_fyih\lhjblvihiuldm\wlhlmbdwg^dh]^Z\_jhylghklvaZ[_j_f_g_lv\gh\v\uoh^beZ
gZfZdkbfmf
KlZjab]jZxl\Bg^bZgZihebk_[hjxlkykf_klghcdhfZg^hcaZ\uoh^\ihemnbgZe
��dhgn_j_gpbb@`h^b]h\hjbeZqlhihke_hdhgqZgbyk_ahgZDwem_^_ldjh^kl\_ggbdZf\
K_\_jgmxDZjhebgmlZdqlh\j_f_gbmg__hklZ\Zehkvkh\k_fgbq_]h
�Kh\_klv_kl_kl\_gghg_aZf_^ebeZgZihfgblv_ch[ZfhjZevghklb__gZf_j_gbcgh`_cglml`_
aZldgmeZ_cjhlkm[[hlmhgZih_^_l\Bg^bZgZihebkFh`_lgZwlhljZae_]_g^Zjgucdmhjl_j[_d
kfh`_laZg_klbfyq\__]hjh^
Bg^bZgZihebk_\_kv^_gvebe^h`^vb\km[[hlmKlZja\ue_l_ebbaQbdZ]hg_mljhfZ\h
\lhjhciheh\bg_^gyIhwlhfmDwe\ur_eba[ZjZhl_eybgZijZ\bekydebnlmm`_[eb`_d
ihemghqbohlyh[uqghi_j_^b]jhcnml[hebklueh`bebkvkiZlv\h^bggZ^pZlv\_q_jZIjhr_e
fbfhD_\bgZLZd_jZg_h[f_gy\rbkvkgbfgbkeh\hfk_qlhlj_[h\Zehkvhgbm`_kdZaZebgZ
ij_^fZlq_\hcij_kkdhgn_j_gpbbH[Zl_ji_lvg_fh]ebmeu[Zlvkyj_ihjl_jZfb^jm]^jm]mghbf
ieZlbeb^_gv]bbaZwlh
GZdZ`^hclZdhcdhgn_j_gpbbDwemijboh^behkvkfhlj_lvj_ihjl_jZfijyfh\]eZaZb]h\hjblvdZd
hgp_gbllZeZglD_\bgZb_]hih^^_j`dmdZdhgbh[Zhl^Zxl\k_kbeujZ^bh[s_]hj_amevlZlZ
IhlhfD_\bg\_sZeh[m\Z`_gbbdDwemhlhfqlh^eyg_]h[hevrZyq_klvb]jZlvaZKlZjak_
wlhg_bf_ehgbq_]hh[s_]hk^_ckl\bl_evghklvxWlhagZebbj_ihjl_jub[he_evsbdbDweb
D_\bgij_djZkghihgbfZebqlhbfgbdlhg_\_jblghjblmZe_klvjblmZebf_gylvqlheb[hhgbg_
fh]eb
Ih^gy\rbkv\ghf_jDwe\klZ\be\\b^_hfZ]gblhnhgdZkk_lmkaZibkvxihke_^g_]hfZlqZhedh\
bkdbgmelmnebgZiheE_]gZdjh\Zlv\u[jhkbeba]heh\ufukebhD_\bg_qlh[ukhkj_^hlhqblvky
gZfZg_\jZoh[hjhgbl_evghcebgbbaZ\ljZrgbokhi_jgbdh\I_j_fhlZeie_gdmgZ\lhjhci_jbh^
\dexqbeaZibkvbgZ[ex^ZeaZb]jhc^hbgl_j_kmxs_]hfhf_glZIjhdjmlbeie_gdmgZaZ^aZimklbe
\gh\v
G_hlju\Zy]eZahlwdjZgZjZa\_jgmefylguce_^_g_piheh`be\jhl?keblhevdh_]hg_ih^\h^beb
]eZaZdmhjl_j[_dhedh\ijbh[j_e\j_^gmxijb\uqdmih^Z\Zlvkb]gZedi_j_oh^m\ZlZdme_\uf
neZg]hf^\Z`^u^_j]Zy]heh\hc\e_\hDwemeu[gmekyaZihfbgZywlm\Z`gmxbgnhjfZpbx
�`_cg\lhf`_r_edh\hfdhklxf_aZklueZi_j_^^\_jvx\ghf_jDweZ;hgg_jZG_kdhevdhjZa
]em[hdh\a^hogmeZ?kebk_]h^gygbq_]hg_ihemqblkyijb^_lkyk`b\Zlvkyk`Zehklvxdk_[_
ihlhfmqlhgZlj_lvxihiuldm^moZmg__m`_g_o\Zlbl
Lml^hg__^hrehqlhhgZaZ[ueZkgylvhqdbbhgZ[ukljhkmgmeZbo\kmfhqdmKlZ[e_ldZfb
�`h^b\k_[ueh[uijhs_ghk_]h^gyhgZfh]eZjZkkqblu\ZlvlhevdhgZk_[yKh[jZ\kbem\heb\
dmeZdhgZih^gyeZjmdmbihklmqZeZ
�\_jvjZkiZogmeZkvHgZm\b^_eZ]hemx]jm^vIhjhkrmxk\_leufb\hehkZfbA_e_gu_]eZaZ
Yba\bgbl_Yihoh`_hrb[eZkvghf_jhf
k_aZ\bkblhllh]hdh]hlubkdZeZdjhrdZFheh^hciZj_gve_l^\Z^pZlbq_luj_obebiylb
gZ]euc
Ybsmfbkl_jZ;hgg_jZ
LZdkqblZcl_[_ih\_aehihlhfmqlhlugZreZdh_qlhihemqr_YD_\bgLZd_j
�`_cggZdhg_plhmagZeZ_]h\b^_eZihl_e_\bahjmgh[_are_fZhg\u]ey^_efheh`_
Fg_kdZaZebqlhfbkl_j;hgg_j\ghf_j_iylvkhlkhjhd^\Z
�L_[_kdZaZebg_ijZ\bevghHgqmlvgZ^me]m[ub`_cgihgyeZqlhhkdhj[beZ_]hg_magZ\k
i_j\h]h\a]ey^Z
:\ug_agZ_l_]^_fg__]hgZclb"
�JZamf__lkyagZx:dZdh_m\Zk^_ehdgZr_fmklZjbqdm"_ckl\bl_evghdZdh_^_eh"
Ebqgh_
=hlh\kihjblv
Ihohleb\ucgZf_d\ua\Zemg__ijbeb\yjhklbFheh^hcq_eh\_dgZijZrb\ZekygZlhqlh[u_]h
ihklZ\bebgZf_klh
Yf_`^mijhqbf_]h^moh\gucgZklZ\gbdLZd_jfhlgm\]heh\hcjZkohohlZeky
�L_i_jvwlhlZdgZau\Z_lky"Zdhg_qghyihgbfZxqlh_fmgm`gZihfhsvHgklZj__lghg_
ohq_lwlh]hijbagZ\Zlv
Yij_^ihqblZxg_jZkijhkljZgylvkyhfhbo[_k_^Zokdeb_glZfbZkg_aZljm^gblkdZaZlvfg_\
dZdhfhgghf_j_"
�mfZxfuihklmibfbgZq_Yhl\_^ml_[ydg_fm
&#x_;&#x]h;&#x];&#xeZ;&#xaZ;&#xo;&#xqb;&#xlZ;&#xek;&#xy;&#xmf;&#x;�_]h]eZaZoqblZekymfb`_cgihgbfZeZqlhijb\k_c_]hfheh^hklbbhlebqghfa^hjh\v_\hlpu
__j_[_gdmhgg_]h^beky
Wlhg_h[yaZl_evgh
G_lg_ldZdfh`ghmimklblvlZdh_aj_ebs_Ylhevdh\havfmdexq
Dexqhg\ayeghg_gZ^_egbjm[Zrdmgblmneb;hkbdhfihre_iZeihdhjb^hjmHgbh[h]gmeb
m]hebih^jm]hfm^ebgghfmdhjb^hjm^hreb^hghf_jZ
�`_cgij_^ijbgyeZihke_^gxxihiuldmba[Z\blvkyhlg_gm`gh]hk\b^_l_eyKo\ZlbeZLZd_jZaZ
jmdmih`ZeZ__
Ij_fgh]h\Zf[eZ]h^ZjgZfbkl_jLZd_juhq_gvfg_ihfh]eb
G_lijh[e_fHg\uk\h[h^bejmdmb^\Z`^uihklmqZedhklyrdZfbiZevp_\\^\_jv
�mfZx^Zevr_ykijZ\exkvkZfZIha\hevl__s_jZaih[eZ]h^Zjblv\Zk
&#xk_;&#x]^;&#xZ;&#xjZ;&#x^;&#xih;&#xfh;&#xqv;&#x;&#x;&#xHg;&#xg;&#x_;&#xk^;&#xgm;k;&#xy;&#xk;_;&#xkl;&#xZ;�&#xk_;&#x]^;&#xZ;&#xjZ;&#x^;&#xih;&#xfh;&#xqv;&#x;&#x;&#xHg;&#xg;&#x_;&#xk^;&#xgm;k;&#xy;&#xk;_;&#xkl;&#xZ;�k_]^ZjZ^ihfhqvHgg_k^\bgmekykf_klZ\_jvhldjueZkvbm`_cghdZaZ\r_ckyebphf
debpmkDwehf;hgg_jhfi_j_o\Zlbeh^uoZgb_Jy^hfkxgufD_\bghfLZd_jhfhggZ]hgye_s_
[hevr_kljZoZaZdZe_gguc\kjZ`_gbyodhjhev:jlmjlh]^ZdZdLZd_j_^\ZlygmegZEZgk_ehlZHgZ
m`_aZ[ueZdZdhchgfh]mqbcbkljm^hfih^Z\beZ`_eZgb_hlijygmlv
]hehk_LZd_jZaZa\mqZebba^_\Zl_evkdb_ghldb
Ihkfhljbdh]hygZr_e\dhjb^hj_DZe\bgL\hcebqguc^moh\gucgZklZ\gbd
Fhcdlh"
�Fg_ihhrb[d_gZa\Zebghf_jfbkl_jZLZd_jZlhjhieb\h\klZ\beZ`_cgHgij_^eh`be
ihdZaZlvfg_]^_\Zkihk_ebeb
LZd_j_cmeu[gmeky
L_[_gbdh]^Zg_]h\hjbebqlhluhq_gvijZ\bevghkljhbrvnjZau"Keh\gh\_^msbcijh]jZffuh
ijbjh^_gZl_e_\b^_gbb
BebdZdq_clh^\hj_pdbcijh[hjfhlZeDweg_hlju\Zyhlg__k\_lehk_juo]eZaQlhlu
lml^_eZ_rv"
�LZd_jkeh`bejmdbgZ]jm^bijb\Zebekyd^\_jghfmdhkydm`_cgihgylbyg_bf_eZdZdb_
HgZijbreZqlh[uihkh\_lh\Zlvl_[_dZdemqr_Z^Zilbjh\ZlvkydklZjhklbDZe\bg
MDweZqmlv^_jgmeZkvs_dZ
JZa\_l_[_g_gZ^h_s_jZaijhkfhlj_lvaZibkvihke_^g_cb]juhedh\LZd_j"
G_lH[boaZsbl_ym`_agZx\k_qlhlhevdhfh`gh
G_m`_eb"DwekhsmjbekyBl_[_ba\_klghdZdbfkb]gZehfh[hagZqZ_ldmhjl_j[_d
]hlh\ysmxkyZlZdme_\ufneZg]hf"
LZd_j\_kvih^h[jZeky
&#xb`;&#xm;&#xq;&#xlh;&#xg;&#x_l;&#x;�b`mqlhg_lhfZrg__aZ^Zgb_gZ^h]hlh\blvxghrZL\hyahehlZyjmqhgdZg_[m^_lklhblvgb
p_glZ_keblug_gZmqbrvkyqblZlvkb]gZeukhi_jgbdZ
�`_cgg_hq_gvlhihgbfZeZhq_fj_qvghdZdbflhh[jZahfDwemm^ZehkvihklZ\blvLZd_jZgZ
f_klh
�LZd_jhle_ibekyhl^\_jgh]hdhkydZih^fb]gme`_cg
Lulhevdhg_aZ^_j`b\ZckygZ^he]hLZdbfklZjbdZfdZdDZe\bg^ey\hkklZgh\e_gbykbegZ^h
fgh]hkiZlv?kebohq_rvihlhffh`_rvaZ]eygmlvdhfg_F_gylug_mlhfbrv[m^vkihdhcgZ
�OhlygZ]ehklvfheh^h]hq_eh\_dZkdhj__aZ[Z\eyeZq_faebeZ`_cgkhqeZg_h[oh^bfufh^_jgmlv
_]h
Zflh`_lj_[m_lky^moh\guckh\_lfbkl_jLZd_j"
;he__q_f
Lh]^ZyihfhexkvaZ\Zk
�HgjZkkf_yekyb^\bgmekyihdhjb^hjmmih_gguck\h_cfheh^hklvxbkbehc`_cgg_fh]eZg_
meu[gmlvky
Ihq_fm[ul_[_g_ihclbkgbfJhab[Z^jZam`lugZoh^brv_]hlZdbfaZ[Z\guf"
HgZih\_jgmeZkvdDwem
:jZa\_\u\fheh^hklbg_[ueblZdbf`_kZfhm\_j_gguf"
Dh]^Z`_\k_i_j_klZgml]h\hjblvfg_hlhfqlhh^ghcgh]hcym`_\fh]be_
��\_`_gsbguihdZaZebkvbaaZm]eZhklZgh\bebkvm\b^_\;hf[_jZHgko\Zlbe`_cgaZjmdm
ihlZsbe\ghf_j
B^bkx^Z
�IhdZhgaZibjZe^\_jv`_cgh]ey^u\ZeZdhfgZlmIh^mrdZihklZ\e_gZgZihiZmba]heh\vy
ihdju\Zehk[blhFheqZeb\hk\_lblkywdjZgl_e_\bahjZ
Qlhlu^_eZ_rv\Bg^bZgZihebk_"HgZrmfgh]ehlgmeZ
Y^mfZxhl\_lluagZ_rvblZdBkg_h`b^Zgghc^eyk_[ykf_ehklvxhgZiheh`beZeZ^hgvgZ
\udexqZl_ev
DhfgZlZih]jmabeZkv\l_fghlmebrvwdjZgijh^he`Zeih[e_kdb\Zlvk_j_[jygufk\_lhf
G_ex[brvluoh^blv\hdjm]^Zhdhehg_lZdebJhab[Z^"AZiZkukf_ehklb[ukljhbkkydZeb
lhjZyihiuldZ^Z\ZeZkv_cljm^g__i_j\hcHgZ[jhkbeZkmfhqdmgZihe
�:qlhlZdh]h"Fuh[ZagZ_fq_f\k_^he`ghaZdhgqblvkyK]medh[vxsbfkyk_j^p_f`_cg
ko\ZlbeZkvaZj_f_gv[jxdDweZbihlygmeZgZk_[yDh]^Zbo[_^jZkhijbdhkgmebkvhgZ
ihqm\kl\h\ZeZ_]h\hajZklZxs__\ha[m`^_gb_blml`_aZ\b[jbjh\ZeZdZ`^Zyde_ldZ__l_eZ
��JhevIHPPHIDWDOH@klhevg_ijb\uqgZy`_cgh[uqghqmjZxs_ckyijhlb\hiheh`gh]hiheZ
GhbgbpbZlb\ZhklZ\ZeZkvmg__g_^he]hDweijb]\ha^bedkl_g_mo\ZlbeaZih^[hjh^hdaZ^jZe_c
]heh\m
?klvmgZkfbkl_jJhab[Z^"
G_l
Lhevdhihkf_cfg_khe]ZlvYohqmagZlvijZ\^m
HgZ\klj_lbeZkvkgbf\a]ey^hfOhlv\wlhfhgZg_djb\beZ^mrhc
Yg_aZfm`_fDeygmkv
�he`gh[ulvhg_cih\_jbeihlhfmqlhhk\h[h^beih^[hjh^hdBij_`^_q_fhgaZ^Zeke_^mxsbc
\hijhkhgZijhkmgmeZjmdmf_`^mgbfbbjZkkl_]gmeZim]h\bpm[jxd
HgZm`_[hjheZkvkfhegb_cdh]^Zihqm\kl\h\ZeZ_]hjmdbgZebn_`Zd_lZOhl_eZaZijhl_klh\Zlv
ghhgj\Zgme`Zd_laZeZpdZgu
�G_l`_cgko\ZlbeZkvaZjZae_lZxsbckyr_edijbdju\Zyl_eh
Dwelml`_hlklmibegZrZ]
M[bjZckyhlkx^Z
�HgZijb`bfZeZ`Zd_ld]jm^bDwedbi_ehlyjhklbb`_cgihgbfZeZqlh^himklbeZhrb[dmghg_
fh]eZi_j_klmiblvq_j_ak_[yBgZq___aZfuk_eklZgh\bekyhq_gvm`]jyaguf
HgZaZklZ\beZk_[ymeu[gmlvky
LZdk_dkmZevg__Ih`ZemcklZhklZ\bf\k_dZd_klv
Luij_\jZsZ_rvf_gy\gZkbevgbdZZfg_wlhg_gjZ\blky_^vwlhluij_ke_^m_rvf_gyZg_
gZh[hjhl
LZdyaZ^mfZeZIjb_oZlv\Bg^bZgZihebkqlh[ufghch\eZ^_ebH^_lhc
H\eZ^_ebagZqbl
HgZijb`bfZeZ`Zd_ld]jm^b
H^_lhc
HggZkmibeky?keb[hgZlhevdhfh]eZijhqblZlv_]hfukeb
:klhyqdhfgbdh]^Zg_ijh[h\ZeZ"Mkl_gu"
hlwlh]h_ckh\k_fg_ohl_ehkvHgZa^_kvqlh[uaZqZlvj_[_gdZZg_^eymlhe_gbyihohlb
AZ[_j_f_g_lv`_ijhs_e_`Z
Y[uij_^ihqeZdjh\Zlv
&#xk;&#xe_;&#x^m;&#xxs;&#x__;&#x]g;&#xh;&#x_g; _;&#xh;&#xg;&#xij; `;&#xZe;�ke_^mxs__f]gh\_gb_hgijb`Ze`_cgdkl_g_aZ^jZex[dmkkbehcjZa\_e[_^jZh^gh\j_f_ggh
hlju\Zy__hliheZijb^\bgmeky\iehlgmx
A\_jbgZykbeZ_]hl_eZg_bkim]ZeZ__GZh[hjhlhgZh[gyeZ_]hr_xH[o\Zlbf_gygh]Zfb
�kdhfZg^h\Zehgb`_cglml`_ih\bgh\ZeZkvIhqm\kl\h\ZeZdZdhgjZkkl_]gme^hdhgpZfhegbx
ijbkimklbeljmku\uk\h[h`^Zy^_lhjh^guchj]ZgHgZ^mfZeZqlhhglml`_\hc^_l\g__gh
\f_klhwlh]hhsmlbeZg_`gh_ijbdhkgh\_gb__]hiZevp_\
AZjueZkvebphf\ie_qhbijbdmkbeZgb`gxx]m[mqlh[ug_aZdjbqZlvH[m^h\hevkl\bbhgZb
^mfZlvg_ohl_eZHg`_ij_\jZsZe__\rexomOhl_ebkihevah\ZlvZihlhf\u[jhkblvaZ
g_gZ^h[ghklvxHgZmib\ZeZkvmgb`_gb_fqlh[ug_ih^^ZlvkygZjZklZxs_ckljZklb
�?]hiZe_pg_ki_rghijh^he`Zek\h_bkke_^h\Zgb_Ihl_em`_cgijh[_`ZeZ^jh`vHgZ
khkj_^hlhqbeZkvgZ[heb\jZa^\bgmluo^hij_^_eZ[_^jZo\gZlygmluodZdkljmgZfurpZoebrv
gh]lb\hgabebkv\kibgmDweZ
H\eZ^_\Zc`_fghcq_jlih[_jb
Hg\ujm]ZekyklZdhcaeh[hcqlhhgZ^Z`_bkim]ZeZkv
�Zqlhklh[hclZdh_"
�Z\Zc`_G_f_^e_gghHgmo\Zlbe__aZy]h^bpu
Q_jl[ul_[yih[jZe
HgZhiylvijbdmkbeZ]m[mdh]^Z_]hdhg_p\hgabeky\g__kbevg__ko\ZlbeZkvaZie_qb\l\_j^hc
j_rbfhklbg_mimklblvk\h_]h
@Zjhl_]hl_eZq_j_ajm[Zrdmh[`b]Ze_c]jm^vkibgZl_jeZkvhkl_gmfurpugh][he_eb\k_
kbevg__Lmlm`g_^hm^h\hevkl\bcHgZfh]eZ^mfZlvebrvh[h^ghfkdhj__[uhgdhgqbe
?]hm^ZjuijhgbdZeb\k_]em[`_Dwem[eZ`be[u__ihiheghcijh]jZff__keb[[uehgZlh__
`_eZgb_ghhgZdZdjZawlh]hbg_ohl_eZHgZkeh\ghhl^ZeZijbdZagbdZdbogZkeZ`^_gbcbhg
ih^qbgbeky
�Jm[ZrdZDweZ\afhdeZhlihlZ`_cgqm\kl\h\ZeZqlhk\h_cj_adhklvxhgdZd[ugZdZau\Z_lbo
h[hbo?ckljm^hfm^Zehkvm^_j`ZlvkygZdhgp_DweZdh]^ZhglZdb\uklj_ebeL_ehohl_eh\iblZlv
dZ`^mxqZklbqdmki_jfuZ\hlbafmq_ggZy^mrZf_qlZeZhlhfqlh[ukdhj__ihklZ\blvlhqdm
�he]hlygmebkvlhfbl_evgu_k_dmg^uij_`^_q_fhg\ulZsbek\hcZ]j_]ZlHlklmibegZrZ]
�himklbe`_cggZihe
Dhe_gbmg__ih^]b[Zebkvk[hevrbfljm^hf_cm^Zehkvm^_j`ZlvkygZgh]ZoGZDweZhgZ
ihkfhlj_lvg_j_rZeZkvDZdhgZfh]eZlZdihklmiblvkgbfg_h^bgjZa^\Z`^u
Jhab[Z^
Ba\bgbf_gyHgZgZdehgbeZkvqlh[uih^gylvkmfhqdmko\ZlbeZkvaZjmqdm^\_jb
Ijb^_j`b\Zy`Zd_lh^ghcjmdhckfhdjufbhlki_jfu[_^jZfb\ukdhqbeZ\dhjb^hj
Hgiha\Ze__ihbf_gb=emihfmbf_gbdhlhjh_hgZgZreZgZj_deZf_ib\ZHgZg_fh]eZ^himklblv
qlh[uhgihke_^h\ZeaZg_cihwlhfmgZ[_]mg_h]ey^u\ZykvihfZoZeZ_fmjmdhcdZd[u]h\hjy
IhdZ^mjZqhdG_a\hgbfg_Yiha\hgxkZfZ
�\_jvaZ__kibghcaZoehigmeZkv
Hg\k_ihgye
=eZ\Z
Ke_^mxsbf\_q_jhfDwekb^_egZk\h_fijb\uqghff_kl_[eb`_do\hklmaZnjZolh\Zggh]h
kZfhe_lZgZdhlhjhfKlZja\ha\jZsZebkvbaBg^bZgZihebkZ\QbdZ]hK\_l\kZehg_ihlmrbeb
nml[hebklukiZebbebgZ^_\gZmrgbdbkemrZebfmaudmDwejZafureye
;he_eZeh^u`dZljZ\fbjh\ZggZy\q_l\_jlhfi_jbh^_GZaZf_gm\uimklbebD_\bgZHlu]jZehg
[_ahkh[h]h[e_kdZghh^bg[jhkhd_fmm^ZekygZiylv^_kylljbyj^Zijb\_^rbcdih[_^ghfm
aZghkm
LjZ\fu^hkZ`^Zeb_fm\k_qZs_\u\boie_qZgZlj_gbjh\hqghfk[hj_a^hjh\_ggZy]_fZlhfZgZ
[_^j_\ijhrehff_kyp_l_i_jv\hlwlhjZqdhfZg^u^bZ]ghklbjh\Zekbevgh_jZkly`_gb_Wlh
hagZqZehqlhDweg_kfh`_llj_gbjh\Zlvky\kxg_^_exk\hbljb^pZlvr_klvhgklZjZekyg_
\kihfbgZlvqlh^Z`_\_ebdbcFhglZgZmr_ekihey\ljb^pZlv\hk_fvG_^mfZehgbhlhfqlh
\hkklZgZ\eb\Z_lkyihke_ljZ\fg_lZd[ukljhdZdjZgvr_Ihfbfheh^u`dbguebdhe_gb[he_eb
]b^jhfZkkZ`_f
Mbdwg^\u^ZekydjZcg_g_m^ZqgufKgZqZeZJhab[Z^ihlhfwlZljZ\fZDwe^hkboihjg_fh]
ih\_jblvqlhg_\hkihevah\Zekyij_a_j\Zlb\hfLZdh]hhgg_iha\heyek_[_^Z`_\xghklb:lmlb
g_\kihfgbeh[wlhf^h__moh^Z?^\Zhgm\b^_e__\kiuogm\rZykljZklvaZklZ\beZaZ[ulvh[h
\k_f
Fh`_lmg_]hih_oZeZdjurZ^mfZeDwe;m^vgZf_kl_Jhab[Z^^jm]ZynZgZldZhg[ug_imklbe__
gZihjh]i_j\ucjZahg_s_fh]khkeZlvkygZlhqlhdj_idh\uibegh^eyBg^bZgZihebkZ
hijZ\^Zgbcg_gZoh^behkvHg__aZohl_ehg__b\ayeijhklhdZdykguc^_gv
Dwe^Z`_g_ihgbfZeq_fhgZijb\e_dZeZ_]hH^gZbaijb\be_]bcohjhr_]hkihjlkf_gZijZ\h
\u[hjZbhg\k_]^Z\u[bjZekZfuofheh^uobdjZkb\uo`_gsbgQlh[uhgZgb]h\hjbeZ_cgbdZd
g_f_gvr_^\Z^pZlb\hkvfbZgZlZdboklZjmohgh[uqghbg_kfhlj_e?fmgjZ\bebkvk\_`_gvdb_
djZkhldbk\ukhdhc]jm^vxjlhf[ZglbdhfaZiZohfjhku
HlJhab[Z^`_iZoeh\ZgbevxB_s___a_e_gu_]eZaZHgZg_hl\h^beZ\a]ey^Z^Z`_dh]^Ze]ZeZ
Hgdwlhfmg_ijb\ud?fmgjZ\bebkv`_gkdb_]eZaZ\dhlhjuoqblZebkvnebjlbh[h`Zgb_
]eZaZoJhab[Z^lZdh]hg_ijhkfZljb\ZehkvAZ[Z\ghdhg_qghmqblu\ZyqlhhgZihklhyggh_fm
\jZeZ
Dwe^mfZeh[wlhfbgZimlb\QbdZ]hbqmlvebg_\kxke_^mxsmxg_^_exAZij_lgZlj_gbjh\db
lh`_g_kihkh[kl\h\Zememqr_gbxgZkljh_gbyBebrv\iylgbpmkZfh^bkpbiebgZgZdhg_plh\ayeZ
�\_joaZklZ\b\_]haZ[ulvh[h\k_fdjhf_ij_^klhys_]hfZlqZk_g\_jkdbfb`_j_[pZfb
FZlqihemnbgZedm[dZdhgn_j_gpbbDZyg_kfhljygZ[hev\ie_q_hlu]jZe^hklhcghH^gZdh
�ihl_jb\aZsbl_g_iha\hebebbfk^_j`ZlvZlZdbkhi_jgbdh\_g\_jih[_^be^\Z^pZlv^\Z
\hk_fgZ^pZlv
GZlhfbaZdhgqbekyiylgZ^pZluck_ahgDweZ;hgg_jZ\GNE
�Fwjbk_dj_lZjvdhlhjh]h`_cg^_ebeZk^\mfy^jm]bfbijhn_kkhjZfbdZn_^junbabdb\
Gvx[_jjbijhlygmeZ_cg_kdhevdhebkldh\jhah\hc[mfZ]b
A\hgbe^hdlhjG]m_gbaBgklblmlZN_jfbHgohq_li_j_]h\hjblvk\Zfb^hq_luj_oqZkh\
��hdlhjZ\_gihjlgZagZqbeaZk_^Zgb_dZn_^jugZkj_^m
KiZkb[hFwjb
�G_kfhljygZkmjh\h_ebphk_dj_lZjy`_cgkljm^hfm^_j`ZeZkvqlh[ug_h[gylv__?cohl_ehkv
lZgp_\Zlviju]Zlv^hihlhedZ[_]Zlvihdhjb^hjZf]h\hjy\k_fb\kyqlhhgZ[_j_f_ggZ
�Bkdmr_gb_ih^_eblvkyk\h_cjZ^hklvx[ueh\_ebdhgh`_cgk^_j`ZeZkvijhr_elhevdhf_kypb
hgZfh]eZijbgbfZlv`_eZ_fh_aZ^_ckl\bl_evgh_:m`Fwjbba\_klgZykie_lgbpZjZaa\hgbeZ[u
h[wlhfih\k_fmdhee_^`m
���H^bgq_eh\_d\ijhq_fm`_h[h\k_fagZeb`_cgwlhlj_\h`beh\mfy^gyfbjZgvr_`h^b
�aZ]eygmeZdg_cbaZf_lbeZdgb]bihijh[e_fZf[_j_f_gghklbdhlhju_`_cghijhf_lqb\h
&#xij;&#xhq;&#x_f;&#x;&#x_;&#xqg;&#xh;&#xkd;&#xju;&#xZl;&#xv;&#xk;&#xh_;&#xk;&#xhk;&#xlh;&#xyg; _;&#xh;&#xl;hklZ\beZgZdhn_cghfklhebd_ijhq_f\_qghkdju\Zlvk\h_khklhygb_hl`h^bhgZ[ug_kfh]eZ
Zihlhfmg_klZeZgbq_]hhljbpZlvGh__kfmsZehqlh\^h\_jbl_evgbpudg_cihiZeZw]hbkldZ
dhlhjZy_^\ZebkhojZgbl\lZcg_h[klhyl_evkl\ZaZqZlby__j_[_gdZ
��Ohly`h^bbh[_sZeZqlhmg_k_lwlhlk_dj_l\fh]bem`_cghkh[h\wlhg_\_jbeZH^gZdh
��`h^blZdbkdj_gg_ihjZ^h\ZeZkvaZ`_cgqlhihke_^gyyaZdju\ZyaZkh[hc^\_jvdZ[bg_lZb
Ij_`^_\k_]hhgZkh_^bgbeZkvk[b[ebhl_dhcEhk:eZfhkZqlh[umagZlvdZdb_gh\u_fZl_jbZeu
ihklmibebkh\q_jZrg_]h^gyKwlh]hgZqbgZebjZ[hlmijZdlbq_kdb\k_\_^msb_nbabdbfbjZ
;hevrbgkl\hex^_ci_j\uf^_ehfhldju\Zebmlj_ggxx]Za_lmNbabdbk\yau\Zebkvk[b[ebhl_dhc
Ehk:eZfhkZ
�Ghwlbfmljhf\f_klhlh]hqlh[ukhkj_^hlhqblvkygZgh\uoihklmie_gbyo`_cg^mfZeZhDwe_
�;hgg_j_`h^b]h\hjbeZqlh[hevrmxqZklvn_\jZeyhgijh\_^_l\ih_a^dZoihkljZg_\uihegyy
dhff_jq_kdb_h[yaZl_evkl\ZZ\gZqZe_fZjlZm_^_l\K_\_jgmxDZjhebgm]^_`beb_]h[eb`Zcrb_
jh^kl\_ggbdbLh_klvhgZfh]eZg_[_kihdhblvkyqlhklhedg_lkykgbf\khk_^g_fkmi_jfZjd_l_
�WlhmkihdZb\Zehghlj_\h]Z\k_lZdbg_ihdbgmeZ__`_cg]gZeZhlk_[ywlbfukebiulZykv
khkj_^hlhqblvkygZwdjZg_ghkeh\ZjZkieu\Zebkvi_j_^]eZaZfbf_klhgbohgZ\b^_eZ^_lkdmx
dhlhjmxgZf_j_\ZeZkvhlj_fhglbjh\Zlv
HgZm`_j_rbeZqlh\udjZkbl__\`_elucp\_lbgZjbkm_ljZ^m]mdhlhjZyijhlyg_lkyhlkl_gud
�kl_g_q_j_aihlhehd=m[u`_cgjZahrebkv\meu[d___[_kp_ggucj_[_ghd[m^_ljZklb
hdjm`_ggucij_djZkguf
�`h^baebeZkvIZjgbh[_sZeb_cghqvkD_\bghfLZd_jhf_kebhgZgZc^_lih^ZjhdgZ^_gv
jh`^_gby;hf[_jZghm`_ih^oh^beddhgpmn_\jZevlh_klvkh^gyjh`^_gbyijhreh[hevr_lj_o
f_kyp_\Zk\h_]hhgZlZdbg_ihemqbeZhlbk_]h^gyD_\bgnebjlh\ZekdZdhclhbak\hbo
�ih^jm`_d`h^bwlhijhklh[_kbeh
F_e\bgLhfikhgmkljZb\Ze\A_[j_\_q_jbgdmbgZg__ijbreb\k_nml[hebklu_s_
�hklZ\Z\rb_ky\]hjh^_OhlyhnbpbZevgh`h^bjZ[hlZeZhgZg_hldZau\ZeZkv\uiblvk]hklyfbb
��gZdhg_p^hklZlhqghgZ[jZeZkvqlh[uj_rblv\hijhkk`mgv_jhfmgdZghfIhke_ihemghqbhgZ
�gZreZ_]hmklheZ^ey[bevyj^Z\dhfiZgbb`_jfZcgZDeZjdZ
�Fg_gZ^hih]h\hjblvklh[hc`mgv_j
��Iha`_`h^bJZa\_lug_\b^brvqlhfuk`_jfZcghfg_aZdhgqbebiZjlbx"
?cohl_ehkv\uj\Zlvdbcba_]hjmdbhl^m[Zkblvih]heh\_ghlZdgZ[jZlvkyhgZ_s_g_mki_eZ
uiZjgbfg_dh_qlhihh[_sZebZnml[hedbk^\_gZ^pZlufghf_jhf\fh_frdZnmih
ij_`g_fmg_lGZ\_jgh_\u\hlebqb_hlf_gyaZ[uebijhD_\bgZ
�Y`_l_[_]h\hjbefugZ^wlbfjZ[hlZ_f`mgv_jihkeZerZj\kj_^gxxemam
ijhfZogmekyQ_jl
ufg_wlh]h\hjbl_m`_ljbf_kypZlZdqlhkeh\ZfbykulZih]hjehDh]^Z`_yiulZxkv
h[jZlblvkydg_fmhgkfhljblgZf_gylZdkeh\ghyg_\b^bfdZ
���`mgv_jhlklmibehlklheZijbreZhq_j_^v`_jfZcgZb`h^bihjZ^h\Zehkfms_gb_
ijhy\b\r__kygZ_]hebp_
��_eh\lhf`h^bqlhkD_\bghfmgZkhij_^_e_ggu_keh`ghklb
Hgg_ohq_lkiZlvkhfghclZd"
�_ehg_\wlhfHg\klj_qZ_lkyk^\mfy^jm]bfb`_gsbgZfblZdqlhlml\k_g_ijhklhhlqlhy
�l_[_kdZ`mZ\Zcymkljhxl_[_JhyJhmebgaZbFwllZLjmZlZ"
G_[helZc_jmg^u?keb[uyohl_eZwlbo\_qguoaZiZkguolhljZogmeZ[ubo^Z\guf^Z\gh
HgZkdj_klbeZjmdbgZ]jm^bFu^h]h\hjbebkv?kebygZoh`m\Zfrexomdhlhjmx\u^Zjbl_
;hf[_jmgZ^_gvjh`^_gbylhihemqZxghqvkD_\bghfK\hxqZklvk^_edby\uihegbeZ
�Hly\kl\_ggh]hDZjhebgkdh]h\u]h\hjZjZa^Z\r_]hkymg__gZ^mohfihkibg_`h^bijh[_`Ze
oheh^hdHgZih\_jgmeZkvqlh[u\klj_lblvkyke_^yguf\a]ey^hfk\_lehk_juo]eZa;hf[_jZ
Hldm^Zhga^_kv\ayeky"jh^_hgZ\b^_eZdZd^\_[ehg^bgdbih\bkebgZg_fmklhcdb[ZjZQlhhg
^_eZ_l\[bevyj^ghc"
�Lu\_^vgZreZg_rexomg_lZdeb`h^b"HgZh[ebaZeZ]m[u
G_agZxhq_flu]h\hjbrv
:y^mfZxagZ_rvHgZih^iju]gmeZdh]^Z_]h^ebggu_iZevpukhfdgmebkvgZ__aZiyklv_
�Ba\bgbl_gZkiZjgbFuk`h^b\uc^_fgZfbgmldmGZf_klvqlhh[km^blv
LuqhdgmekyGZmebp_kh[Zqbcoheh^
�he]hfulZfg_ijh[m^_fB;hf[_jm\e_d__d^\_jbq_jgh]hoh^Z
_kv^_gvjZ^bhij_^mij_`^Zehhihoheh^Zgbbbdh]^Zhgb\ureb\l_fgucijhmehdijbdZ`^hf
�bo\u^ho_\ha^molml`_h[jZsZeky\iZj`h^b^jh`ZeZ\k_fl_ehfq_fmihoh`_;hf[_jlhevdh
�jZ^h\Zeky_lvky_c[uehg_dm^ZZihlhfmhgg_khfg_\ZekyqlhhgZhl\_lblgZ\k__]h\hijhku
DwegZklhjh`_gghhlghkbekydex[ufaZ]Z^dZfdZd\nml[he_lZdb\`bagbIhkh[kl\_gghfm
hiulmhgagZeqlhaZ]Z^dZhagZqZeZh^ghdlhlhkh[bjZekyku]jZlvg_ihijZ\beZfZhgkxjijbah\
g_ex[be
Dhg_qghhgfh]ihemqblv\k_hl\_lumiZjg_cgh_fmg_ohl_ehkvqlh[uhgbaZih^hajbebqlh
�Jhab[Z^aZiZeZ_fm\^mrmH[mqZklbb`h^b\wlhcaZl__hgmagZeebrvih^kemrZ\__jZa]h\hjk
�`mgv_jhf
�_eh\lhfqlhhg^_ckl\bl_evghg_fh]aZ[ulvJhab[Z^Fukeyfbhglhb^_eh\ha\jZsZekydg_c
?]h\hegh\Zeh\kdhevdbo_s_ghf_jZoih[u\ZeZhgZ\ihke_^g__\j_fykh\k_fb__jZa]h\hjZfbh
iwkwmb^moh\guogZklZ\gbdZoDijbf_jmhgZfh]eZh[jZlblvk\h_\gbfZgb_gZF_^\_^_cb
Dweihg_\he_]Z^Zekd_fbagbohgZljZoZ_lkyg_jZa^_\Zykv
�DlhhgZ`h^b"
�Am[u`h^b\u[b\Zeb^jh[vjZ[hqZyh^_`^ZdhjhldZyx[qhgdZbe_]dZy[emadZg_kiZkZebhl
oheh^Z
RexoZdhlhjmxygZreZ
BgklbgdlkZfhkhojZg_gbyih^kdZau\ZeDwemqlhgZwlhfklhblhklZgh\blvky^jm]hgmagZ_llh
q_]hagZlv_fm\h\k_g_ke_^m_l"GhhgklZeh^gbfbaemqrbodmhjl_j[_dh\_s_bbaaZkbevgh
jZa\blh]hqm\kl\ZhiZkghklbhlbl_i_jvih_s_g_\_^hfhc_fmijbqbg_\hehkumg_]hgZaZlued_
\klZeb^u[hf
�G_^mjbfg_]heh\m`h^bluagZ_rvywlh]hg_ex[exHghlimklbe__jmdmghaZlh
ijb^\bgmeky\iehlgmxijb`bfZydkl_g_
?_\a]ey^f_lgmeky\klhjhgm
H^gZfhyagZdhfZy
Bfy
Yg_fh]mIhgbfZ_rvkdZaZlvg_fh]mYh[_sZeZ
GZijZkgh
HgZgZqZeZihlbjZlvjmdbam[uijh^he`ZebklmqZlv
=hkih^bDwelmloheh^g__q_f\Kb[bjb
�HgZ?_ah\ml`_cgWlh\k_qlhyagZx
Yl_[_g_\_jx
Wlhl\h_^_ehHgZihiulZeZkvijhlbkgmlvkyfbfhg_]hghhgqmlvi_j_f_klb\dhjimk
[ehdbjh\Ze_cimlvDwe\b^_eqlh^_\mrdZgZim]ZgZbwlh_]h\iheg_mkljZb\Zeh?fmohl_ehkvdZd
fh`gh[uklj__ihklZ\blvlhqdbgZ^L
NZfbeby"
�YaZ[ueZ`h^bh[o\ZlbeZie_qbjmdZfb?_mihjkl\hgZqZehjZa^jZ`ZlvDweZ
L_[_gjZ\blkydjmlblvkykj_^bgZrboiZjg_clZd"HgZih^hajbl_evgh\a]eygmeZgZg_]h
IZjgbdZdiZjgb
Y^mfZxlug_^h]h\Zjb\Z_rvY^mfZxqlh^eyl_[yhgbkfuke`bagbByagZxqlhluhq_gv
jZkkljhbrvky_kebgbdlhbagbo[hevr_g_ijb^_l\A_[jmBgbdlhg_aZohq_lbf_lvklh[hc
^_eh^Z`_aZiZkgu_
�HgagZeqlhaZ]gZe__\m]hegh`h^bij_^ijbgyeZihke_^gxxihiuldmmclbhlhl\_lZ
HgZohjhrZy`_gsbgZ^eydhlhjhcgZklZebly`_eu_\j_f_gZbyg_ohqmqlh[u_cklZeh_s_
om`_
NZfbeby
�`h^bihfyeZkvgh\k_lZdbk^ZeZkv
��`_cgZjebg]lhg
Ijh^he`Zc
Wlh\k_qlhyagZx
Dweihgbabe]hehk^hr_ihlZ
Ihke_^g__ij_^mij_`^_gb_JZkkdZau\Zc\k_qlhyohqmagZlvbebl_[yg_ih^imklylddhfZg^_
gZimr_qguc\uklj_eGmlub^_jvfh
HgfheqZeh`b^Zyhl\_lZ
�`h^bihl_jeZaZklu\rb_ie_qbaeh[gh]eygmeZgZg_]h
HgZijhn_kkhjnbabdb\Gvx[_jjb
Hgh`b^ZemkeurZlv\k_qlhm]h^ghghg_lZdh_
Ijhn_kkhj"
�ZBjZ[hlZ_l\dZdhclheZ[hjZlhjbbGZa\Zgbyg_ihfgxHq_gvmfgZyghfm`bdh\mg__g_l
bHgZg_ohl_eZgbq_]hiehoh]h
Q_f[hevr_magZ\Zehgl_fkbevg__hsmsZegZ^\b]ZxsmxkyhiZkghklv
Ihq_fmhgZ\u[jZeZf_gy"Lhevdhg_]h\hjbqlhhgZnZgZldZKlZjayagZxqlhwlhg_lZd
�`h^b^jh`ZeZhloheh^Z
Y_ch[_sZeZZ`g__wlh]h^eyg__gbq_]hg_l
Fh_l_ji_gb_gZbkoh^_
�I_j_^`h^bklhyeZljm^gZy^be_ffZbebkiZkZlvk\hxaZ^gbpmbebij_^Z\Zlvih^jm]mGhDwe
agZeddZdhfmhgZijb^_l\u\h^m_s_^hlh]hdZd^_\mrdZaZ]h\hjbeZ
�ZhgZf_qlZeZaZbf_lvj_[_gdZBg_ohl_eZqlh[uluagZeh[wlhf
DweZhdZlbehoheh^ghc\heghcghhlgx^vg_ihlhfmqlhl_fi_jZlmjZ\ha^moZihgbabeZkv^hgmey
�`h^bbkih^eh[vykfhlj_eZgZg_]h
jZ[hlZhgZmfgZyihwlhfmihq_fm[ul_[_g_aZ[ulvh[h\k_cwlhcbklhjbb
Kljm^hfDwemm^Zehkv\^hogmlv
Luohq_rvkdZaZlvqlhhgZ[_j_f_ggZ"HgZbkihevah\ZeZf_gyqlh[uaZ[_j_f_g_lv"
�Zghj_[_ghddZd[ubg_l\hcLu[ue^hghjhfki_jfuLZdhgZ^mfZ_l
�hghjhfki_jfu"Hgqm\kl\h\Zeqlhk_cqZk\ahj\_lky?kebg_kZflh]heh\ZjZae_lblky
lhqghDweg_gZ\b^_eihklhygkl\h\h\k_o_]hijhy\e_gbyo^Z`_\h^ghcd\Zjlbj_g_`beih^he]mb
gZl_[_j_[_ghdG_\_jhylgufmkbeb_f\heb_fmm^Zehkv\aylvk_[y\jmdbIhq_fmy"KdZ`b
ihq_fmhgZ\u[jZeZf_gy"
&#x];&#xeZ;&#xaZ;&#xo;�]eZaZo`h^bf_evdgmekljZo
L_[_wlhg_ihgjZ\blky
=hlh\kihjblvqlhluijZ\Z
HgZ]_gbcIhlhfmqlhhgZ[ueZmfg__\k_o\^_lkl\___kqblZeb\ujh^dhf?kl_kl\_gghhgZ
g_ohq_llZdh]h^eyk\h_]hj_[_gdZhlhgZbbkdZeZ^ey^hghjZki_jfug_lZdh]hdZdhgZkZfZ
QlhagZqblg_lZdh]h"Hq_flu"
Dh]hgb[m^vbal_oGmg_]_gby
Dwemohl_ehkvljyogmlv__lZdqlh[u\k_am[uihkuiZebkvgZa_fex
�Qlhlug_k_rv"=h\hjbijyfhihq_fmhgZ\u[jZeZf_gy"`h^bhimklbeZ]eZaZ
Ihlhfmqlh^mfZ_lqlhlu]emi
Bahlhiklj_fyijhlhgZfbbk_fvxg_cljhgZfbg_klZ[be_gIh\_jgm\rbkvkibghcd\hkvf_jd_
�k\hboklm^_glh\r_klvxghr_cb^\_^_\mrdb`_cgijh^he`ZeZjbkh\ZlvgZ^hkd_Hlgbf_fm
eblbyh^bggZ^pZlvh^bgg_cljhgbaZgbfihke_^m_l\lhjhcHklZ\rbckyeblbc^_\ylvb^\Z
g_cljhgZh[jZamxlkbkl_fmbalj_ol_e
HgZlZdm]em[beZkv\h[tykg_gb_g_cljhggh]hh[eZdZ\bahlhiZoeblbyqlhg_h[jZlbeZ\gbfZgbygZ
e_]dbcrmfhdaZ__kibghc
Eblbch^bggZ^pZlvgZau\ZxlkdjbigmeklmehgZmkeurZeZr_ihlgZau\Zxl
rmjrZgb_[mfZ]kgh\Zr_ihlg_^hmf_gbbhgZh[_jgmeZkvqlh[uihgylvqlhhl\e_dZ_l
klm^_glh\
Bm\b^_eZDweZ;hgg_jZHgijb\Zebekyie_qhfdkl_g_keh`b\jmdbgZ]jm^b
�Djh\v[jhkbeZkv\ebph`_cg\i_j\u_\`bagbmg__\hagbdehhsms_gb_qlhk_cqZkhgZebrblky
qm\kl\DZdhg__gZr_e"Qlhhga^_kv^_eZ_l"GZf]gh\_gb_hgZihiulZeZkvm[_^blvk_[yqlh_fm
g_magZlv__\^_eh\hfgZjy^_kljh]h_r_jklygh_ieZlv_aZ[jZggu_gZaZ^\hehkubhqdbHg`_
gbdh]^Zg_\b^_e__\hqdZoGhihoh`_hg__magZe
deZkk_ih\bkeZf_jl\ZylbrbgZKlm^_gludZdaZqZjh\Zggu_mklZ\bebkvgZnml[hevgmx
�agZf_gblhklvHg`_g_h[jZsZegZgbogbfZe_cr_]h\gbfZgbyg_hlju\Zy\a]ey^Zhl`_cg
LZdhcg_ijbdjulhcg_gZ\bklbhgZ_s_g_\b^_eZE_^ygu_]eZaZly`_eu_kdeZ^dbmjlZ:hgZkZfZ
keh\ghij_\jZlbeZkv\lhlkZfucg_mklhcqb\ucbahlhihdhlhjhfhgZlhevdhqlhjZkkdZau\ZeZ
klm^_glZf
�H^gZdh^hdhgpZmjhdZhklZ\Zehkv_s_^_kylvfbgmlb`_cggZreZ\k_[_kbeukh\eZ^Zlvk
g_j\ZfbIj_`^_\k_]hj_rbeZhgZgZ^h\uijh\h^blv_]hbadeZkkZqlh[uhgZfh]eZaZdhgqblv
e_dpbx
dhjb^hjm
Yhlkx^Zgbdm^Zg_mc^mLmlhgih\_jgmekydklm^_glZf
Mjhdhdhgq_gMoh^bl_
�Klm^_glu[uklj_gvdhih^gyebkvaZdju\Zy[ehdghluo\ZlZyiZevlhIjhlb\hj_qblv_fm`_cgg_
j_rbeZkvghihke_^g__keh\hhklZehkvaZg_c
FuijZdlbq_kdb\uihegbebgZf_q_ggh_gZk_]h^gyIjh^he`bf\kj_^m
H^bgaZ^jm]bfklm^_glu\ue_l_ebbadeZkkZkex[hiulkl\hfih]ey^u\ZygZklhevkljZggmx
iZjhqdmDh]^Zihke_^gbci_j_klmibeihjh]Dwehlhj\Zekyhlkl_guih^hr_ed^\_jbaZi_j__gZ
aZfhd
�Hldjhcl_^\_jv`_cgg_gZrmldmi_j_im]ZeZkvhklZ\rbkvkgbfgZ_^bg_\fZe_gvdhf[_a
_^bgh]hhdgZdeZkk_Fukfh`_fih]h\hjblv\fh_fdZ[bg_l_
DweaZgyeij_`gxxihabpbxmkl_gukhkdj_s_ggufbgZ]jm^bjmdZfbGZr__imevkbjh\ZeZkbgyy
\_gZ
Fg_lZdbohq_lkyjZahj\Zlvl_[ygZdmkdb
�`_cgho\ZlbeZiZgbdZL_i_jvhgZihgyeZihq_fmjmdbkdj_s_gumg_]hgZ]jm^bZiZevpu
mijylZguih^furdbhg_^\Zk^_j`b\Zek_[y
�G_q_]hkdZaZlv"DZd`_lZd^hdlhjZjebg]lhg"IjbgZrboij_`gbo\klj_qZokeh\\Zfo\ZlZehk
ebo\hc
�`_cgiulZeZkvmkihdhblvk_[ym[_^blvqlh\hegh\Zlvkyg_hq_fhgijhklhmagZeqlhhgZkh\k_f
bg_rexoZbijbr_eqlh[ubae_qblvjZgmgZg_k_ggmx]hj^hklb\hbgZ=hkih^bfuke_ggh
\afhebeZkvhgZg_^himklbgbq_]h^jm]h]h
Dwef_^e_ggh^\bgmekydg_chgZbgklbgdlb\ghih^ZeZkvgZaZ^
DZdlufh`_rvkwlbf`blv"jy\dgmehgBebfha]h\ml_[ylZdfgh]hqlhg_hklZehkv
f_klZ^eyk_j^pZ"Lu^mfZeZqlhfg_gZie_\ZlvbebjZkkqblu\ZeZqlhygbdh]^Zgbq_]hg_magZx"
MagZ_rv"_^\Zkeurgh\u^hogmeZhgZmibjZykvkibghc\bkq_jq_ggmxf_ehf^hkdm
�LZd\hlijhn_kkhjfg_g_gZie_\ZlvG_gZie_\Zlv`_cg[jhkbeh\`Zjh^gh\j_f_ggh__
ijhrb[ihl
Yg_ihgbfZxhq_flu]h\hjbrv
Qmrvkh[ZqvyLue]mgvy
HggZ^\bgmekygZg___c`_]hjehkeh\ghaZ[beZ\ZlZ
Yohqmqlh[ulumr_e
Dhg_qghohq_rvBoebpZihqlbkhijbdZkZebkvHgZmeh\beZaZiZobfueZr_jklbyjhklb
Y]h\hjxhj_[_gd_ijhn_kkhjHlhfqlhluj_rbeZaZ[_j_f_g_lvkfh_cihfhsvxBgZkdhevdh
fg_ba\_klghkhj\ZeZ[Zgd
Kbeuihdbgmeb__HgZhi_jeZkvehdl_fhih^klZ\dm^eyf_eZ
Lhevdhg_wlh=hkih^blhevdhg_wlh
?cohl_ehkvmihealb\l_fgucm]hek\_jgmlvkydZeZqbdhfqlh[ugbdlh__g_\b^_e
Dwe[hevr_gbq_]hg_kdZaZeIjhklh`^Ze
HgZ]em[hdh\^hogmeZM`_ihgyeZqlhm\_j_gby\h[jZlghfg_ihfh]mlgh_^\Zkmf_eZgZclb
gm`gu_keh\Z
bhlhj\ZehldeZkkghc^hkdb=m[u_]hih[_e_eb_gugZ[moeb_s_kbevg__
AZ[ulv"Luohq_rvqlh[uyaZ[ue"
Yg_^mfZeZqlhl_[ywlhlZd\a\hegm_lYg_^mfZeZqlh^eyl_[ywlh[m^_lbf_lvohlvdZdh_lh
agZq_gb_
?]h]m[u_^\Zr_\_evgmebkv
Bf__l
Ih`ZemcklZyf_qlZeZhj_[_gd_HgZkdjb\beZkviZevpuDweZ\ibebkv\ij_^ie_qvyY
g_ohl_eZ\ly]b\Zlvl_[yKqblZeZqlhlugbq_]hg_magZ_rvYgbdh]^Zgbdh]^ZlZdh]hk_[_g_
iha\heyeZYgbq_]hg_fh]eZkkh[hcih^_eZlvZih^jm]hfmg_ihemqZehkv
Lug_bf_eZijZ\Z
YagZeZagZeZqlhihklmiZxg_ohjhrhGh\lh`_\j_fygbq_]hg_ohjhr_]h\wlhfg_\b^_eZ
Yfh]eZ^mfZlvebrvhj_[_gd_
�Hghlimklbe__b`_cg\b^_eZkdZdbfgZijy`_gb_f^Z_lky_fmdhgljhevgZ^kh[hc
;uebb^jm]b_kihkh[u;_afh_]hmqZklby
;Zgdbki_jfubkdexqZebkv
_]h\a]ey^_kd\habehij_aj_gb_
�BkdexqZebkvGZ^h`_Ba\bgby\mq_gu_g_\ur_e_j_\_gsbgZagZ_rvebM`h[tykgb
ihq_fm
FhcZcdvxklh\hk_fv^_kyl
Iha^jZ\eyx
Fh_caZkem]b\wlhfg_llZdqlh]hj^blvkyg_q_fLZdhcyjh^beZkvghbgh]^Zwlhkdhj__
ijhdeylb_q_f^Zj;h`bcbyohl_eZh[uqgh]hj_[_gdZIhwlhfmlZdlsZl_evgh\u[bjZeZhlpZ
HgZlh`_kdj_klbeZjmdbgZ]jm^bih^[bjZykeh\Z^Z[u_s_[hevr_g_jZahaeblv_]hFg_
lj_[h\Zekyfm`qbgZkwkhkj_^gbfbgl_ee_dlhf:\[Zgdbki_jfmh[uqghk^Zxlklm^_glu
f_^bdb
G_dZjhebgkdb_lmibpudhlhju_aZjZ[Zlu\ZxlgZ`bagv]hgyyfyqihihex"
YagZxqlhbkihevah\ZeZl_[y__iZevpugZqZebdjmlblvim]h\bpmgZieZlv_gh\^Zgguc
fhf_glyfh]mlhevdhba\bgblvky
Lufh`_rvk^_eZlvZ[hjl
G_lYex[exwlh]hj_[_gdZ\k_fk_j^p_fbg_ohqm^Z`_keurZlvh[Z[hjl_
�`_cg^mfZeZqlhhggZqg_lkihjblvghDwefheqZeHgZih\_jgmeZkvbhlhreZdkl_g_gZ
[_ahiZkgh_jZkklhygb_h[_j_]Zyk_[yh[_j_]Zyj_[_gdZ
HgZkeurZeZqlhhgb^_laZg_cqm\kl\h\ZeZkibghc_]h[mjZ\ysbc\a]ey^
Lh]^Zihklmibfke_^mxsbfh[jZahfijhn_kkhjQ_j_ag_kdhevdh^g_cfuh[ZhlijZ\bfky\
khk_^gbcbkdhgkbg]^_j_ihjl_jug_[m^mlgZf^hdmqZlvLZfbih`_gbfky
�`_cgZogmeZklZdhcg_gZ\bklvxhg\uiexgmeihke_^g__keh\h
Bg_jZkkqblu\ZcgZjZc\dhll_^`_kjhah\ufbkl_gZfbihlhfmqlhwlhlkhxajh`^_g\Z^mIh
hdhgqZgbbp_j_fhgbbfujZkklZg_fky^hjh`^_gbyj_[_gdZIhlhfjZa\_^_fky
Hq_flu]h\hjbrv"G_ihc^myaZl_[yaZfm`Lug_ihgbfZ_rvFg_g_gm`gul\hb^_gv]b
Gbq_]hfg_hll_[yg_gm`gh
Ghihq_fm"AZq_f"
G_ohqmieh^blv[_kijbahjgbdh\
Wlhlj_[_ghdg_[m^_l[_kijbahjgbdhfY
AZldgbkvMf_gy\Z]hgijZ\byihaZ[hqmkvhlhfqlh[uihemqblvbo\k_\iehlv^h^h]h\hjZh
kh\f_klghchi_d__kebykhqlmqlhhgfg_g_h[oh^bf
�Kh\f_klgZyhi_dZ"\kdbgmeZkv`_cgWlhfmg_[u\ZlvJ_[_ghdfhc
AjylulZd^mfZ_rv
Yl_[ydg_fmg_ih^imsm
Luihl_jyeZijZ\h]hehkZdZdlhevdhijbklmibeZdbkiheg_gbxk\h_]hf_jadh]hieZgZ
Yg_ihc^maZl_[y
Ihc^_rvBagZ_rvihq_fm"Ihlhfmqlhykdhj__mgbqlh`ml_[yq_f^himsmqlh[ufhcj_[_ghd
jh^beky\g_[jZdZ
K_cqZk^jm]h_\j_fyH^bghdbofZl_j_cfbeebhguEx^bg_ijb^ZxlwlhfmgbdZdh]hagZq_gby
:yijb^ZxBihkemrZcf_gyIhiulZ_rvky\a[judgmlvyihlj_[mxihegmxhi_dmBaZlZkdZx
l_[yihkm^ZfihdZg_jZahjx
Ih`ZemcklZg_^_eZcwlh]hJ_[_ghdfhcBlhevdhfhc
KdZ`_rvh[wlhfkm^v_
Mg__i_j_o\Zlbeh^uoZgb_;hev\]jm^bg_^Z\ZeZijhbag_klbgbkeh\Z
Yijb\ud\Zeylvky\]jyabijhn_kkhjbihijZ\^_]h\hjyf_gywlhhkh[hg_\hegm_l;he__lh]h
^Z`_gjZ\blkyIhwlhfmbebfu^h]h\hjbfkyihex[h\ghbhklZg_fkyqbkl_gvdbfbbeb\ug_k_f\k_
gZim[ebdm]^_ijb^_lkyaZiZqdZlvkyg_]h\hjym`_hlhfqlhh[hc^_lky\k_wlh\djm]e_gvdmx
kmffmLZdbebbgZq_yk\h_]h^h[vxkv
HgZiulZeZkvhkhagZlv_]hkeh\Z
Ghihq_fm"Lu`_g_ohq_rvj_[_gdZ
J_[_ghdfg_^_ckl\bl_evghg_gm`_gby[m^mijhdebgZlvl_[yihdZg_mfjmGhhgg_\bgh\Zl\
lhfqlh_]hfZlve`b\ZykmqdZDZdybkdZaZeg_ohqmieh^blv[_kijbahjgbdh\
YgZwlhg_ihc^mWlh]hyg_ohqm
Ly`_eh_^_ehFhcZ^\hdZlk\y`_lkyklh[hcaZ\ljZHgih^]hlh\bllhekluc[jZqgucdhgljZdl
LZf[m^_l\k_ijhibkZghbhgZkbhj_[_gd_Yg_kfh]mihevah\Zlvkyl\hbfb^_gv]Zfblu
fhbfbBfhyfZl_jbZevgZyihfhsvihc^_llhevdhj_[_gdm
Fg_g_gm`gul\hb^_gv]bJZa\_lug_kemrZef_gy"Ykfh]mihaZ[hlblvkyhj_[_gd_kZfZFg_
gbq_]hhll_[yg_gm`gh
Dweijhb]ghjbjh\Zedjbd__^mrb
Fg_kdhjhm_a`Zlv\K_\_jgmxDZjhebgmihwlhfmfuaZcf_fkywlbfg_f_^e_gghAZg_^_ex
ihdhgqbfkh\k_fbnhjfZevghklyfbih`_gbfkyZ\k_\hijhkuk\yaZggu_kj_[_gdhf[m^_f
j_rZlvq_j_afh_]hZ^\hdZlZ
Hgg_hklZ\bedZfgygZdZfg_hl__]jZg^bhaguoieZgh\I_j_^g_cjZa\_jaeZkv[_a^gZDZdhgZ
kfh`_lhl^Z\Zlvj_[_gdZwlhfm\Zj\Zjm^Z`_gZdhjhldh_\j_fy"
HgZ[m^_lkgbf[hjhlvkyHgg_bf__lgbdZdboijZ\gZ__j_[_gdZIe_\Zlv_ckdhevdhmg_]h
fbeebhgh\bdZd^hjh]hh[hc^_lky_ckm^_[gucijhp_kkJ_[_ghd__HgZg_iha\hebl_fmb[ebadh
BlmlaZ]h\hjbeZ__kh\_klvIjZ\hmg_]h_klvk_ijZ\Z;eZ]h^Zjy__^vy\hevkdhcobljhklbhg
klZehlphfj_[_gdZbgjZ\blky_cwlhbebg_lbf_eihegh_ijZ\hijbgbfZlvmqZklb_\_]hkm^v[_
��`_cgkmf_eZ\a]eygmlvijZ\^_\]eZaZZ`__kebmg__gZc^mlky^_gv]bgZ^ebl_evguckm^_[guc
ijhp_kkhgZgZwlhg_ihc^_lwlmkblmZpbxhgZihiZeZlhevdhihlhfmqlhij_g_[j_]eZ
ijbgpbiZfbihdhlhjuf`beZm[_^beZk_[yqlhp_evhijZ\^u\Z_lkj_^kl\ZB^lb^Zevr_ihwlhfm
imlbhgZg_fh]eZKwlh]hf]gh\_gby\k\hboj_r_gbyohgZ^he`gZbkoh^blvlhevdhbah^gh]h
djbl_jbyqlhemqr_^eyj_[_gdZ"
�`_cgkh[jZeZ[mfZ]bgZijZ\beZkvd^\_jb
Yh[wlhfih^mfZx
Ih^mfZcih^mfZcj_fyml_[y_klvIh^ibkZlv\k_[mfZ]blu^he`gZ\iylgbpm^hq_luj_o
qZkh\^gy
���hdlhjZjebg]lhg_^\Zmki_eZdgZagZq_gghfmkjhdm;jZcZg_ev]Z^hZ^\hdZlDweZ
ihklmqZeih[jZqghfmdhgljZdlmaZgbfZ\r_fmp_gljZevgh_f_klhgZ_]hklhe_HgZihy\beZkv
a^_kvhdhehq_luj_ohq_gvjZkkljh_ggZy
OhjhrhAZg_^_exDwelZdbg_hlhr_e_]hihij_`g_fmi_j_ihegyeZyjhklvKebrdhfm`
�[hevrmxk\bgvxih^eh`beZ_fm`_cgHg\gh\vm\b^_e__\deZkk_L_fghhjZg`_\h_ieZlv_k
^\mfyjy^Zfbahehluoim]h\bpaZ[jZggu_gZaZ^\hehku[hevrb_hqdbkdju\Zxsb_a_e_gu_]eZaZ
�HgZ[hevr_gZihfbgZeZdZdh]hgb[m^v=MDZ@q_f`_gsbgmih[u\Z\rmx\_]hihkl_eb
Dweih^hr_edhdgmihkfhlj_egZZ\lhklhygdmQ_j_a^\Z^gyhg`_gblkyk__]hkms_kl\h
[mglh\Zehijhlb\wlh]hj_r_gby\k_aZbkdexq_gb_ffhjZevguoijbgpbih\gZdhlhjuo_]h
\hkiblu\Zebfm`qbgZg_^he`_g[jhkZlvk\h_]hj_[_gdZ^Z`_g_`_eZggh]h
Hgg_ohl_e\k\h_c`bagbgbq_]hihklhyggh]hh\kydhfkemqZ_^hl_oihjihdZfh]b]jZlv\
nml[he:hg_s_fh]bohl_egZoh^ykv\kZfhfjZkp\_l_kbeHg\uihegblk\hc^he]i_j_^
��j_[_gdhfgh`_cgZjebg]lhgaZieZlblaZlhqlhihkf_eZfZgbimebjh\Zlv_]h`bagvxHg
gbdhfmg_iha\heyeriugylvk_[yG_iha\heyebg_iha\hebl
YohqmgZdZaZlv__aZwlh;jZcZgMagZchg_c\k_
Qlhbf_gghl_[ybgl_j_km_l"
YohqmagZlv]^_mg__keZ[h_f_klh
�DweagZeqlh_ev]Z^hb^_Zevghih^oh^bl^eylZdhcjZ[hlu_s_fheh^gh]eZaZZdmeuZo\ZldZ
`_e_agZyHgij_^klZ\eyebgl_j_kuDweZm`_iylve_lMfgucZ]j_kkb\gucmf_xsbcojZgblv
k_dj_lugbq_]hebrg_]haZij_^_eu_]hdhglhjug_\uoh^behBgh]^Z`_eZgb_m[eZ`blvk\h_]h
�\Z`gh]hdeb_glZi_j_oe_klu\Zehm_ev]Z^hq_j_adjZcghDweiheZ]ZeqlhklZdbfg_^hklZldhf
fh`ghfbjblvkyIhdZkwlhcbklhjb_chgjZa[bjZeky[ukljhbwnn_dlb\ghlZdqlhDweg_
�khfg_\Zekyqlhb^Zevr_m_ev]Z^hijh[e_fg_\hagbdg_l
HgZg_^he`gZ\uclbkmohcba\h^u;jZcZgY`_gxkvgZg_cihlhfmqlh^he`_gghwlh_s_g_
dhg_pHgZ^he`gZmagZlvqlhhrb[eZkvk\u[hjhfYg_bal_odh]hfh`ghbkihevah\ZlvdZd
khjlbjgmx[mfZ]m
�_ev]Z^haZ^mfqb\hihklmdb\Zejmqdhcih^h]h\hjm
jh^_[uhgZ`b\_lhq_gvlboh?^\ZebygZc^m\__rdZnmfgh]hkd_e_lh\
GZc^b\k_qlhlhevdhfh`ghImklvwlbfaZcfmlkyl\hbemqrb_ex^buykgbqlh^eyg__kZfh_
�Dwe[md\Zevgh\b^_edZddjmlylkydhe_kbdb\]heh\__ev]Z^hhp_gb\Zykeh`ghklbdhlhju_fh]eb
\hagbdgmlvijb\uiheg_gbbwlh]hihjmq_gbyF_g__Z]j_kkb\gucbq_klhex[b\ucZ^\hdZlkdhj__
\k_]hhldZaZeky[uGhg_;jZcZg?fmgjZ\behkvm[b\Zlv
�Moh^yhl_ev]Z^hDweijbgye_s_h^ghj_r_gb_hg^he`_gaZsblblvgZb[he__^hjh]bo_fmex^_c
��hlihke_^kl\bclh]hqlhgZl\hjbeZ`_cgZjebg]lhg?]hk_fvy_s_g_ijbreZ\k_[yihke_
�kf_jlbQ_jjbb`_cfbbhgg_[m^_l\u\Zeb\ZlvgZgbogh\u_]hj_klbQlh`_dZkZ_lkyj_[_gdZ
�ZgZkdhevdhhgk_[yihfgbe_]hkqblZeb`_kldbf^Z`_`_klhdbfghbkijZ\_^eb\ufBhgg_
kh[bjZekygZdZau\Zlvj_[_gdZaZ]j_obfZl_jb
�Fukebhj_[_gd_hglml`_\udbgmeba]heh\umfZlvh[wlhfjZghK_cqZk_]haZ[hlbeZlhevdh
�f_klvZgZwlhihlj_[m_lky\j_fyghhg[hevghm^Zjbl__lZd[hevghqlhhgZgbdh]^Zwlh]hg_
aZ[m^_l
&#xg;&#xhq;&#xv;&#xi_;&#xj_;&#x^;&#xk;&#xZ^;&#xv[;&#xhc;�ghqvi_j_^k\Z^v[hc`_cgg_gZoh^beZk_[_f_klZhlm`ZkZG_fh]eZgb_klvgbkiZlvghkZfZ
p_j_fhgbyijhreZhq_gvm`[m^gbqghdZ[bg_l_\bkdhgkbgkdh]hkm^vbhgbijh[uebf_gvr_
^_kylbfbgmlH[hrebkv[_a^jma_cp\_lh\ihp_em_\
�IhhdhgqZgbbp_j_fhgbb;jZcZg_ev]Z^hZ^\hdZlDweZkhh[sbe_cqlhDwehl[u\Z_l\K_\_jgmx
DZjhebgmb\kxg_h[oh^bfmxbgnhjfZpbxhgZ[m^_lihemqZlvbebi_j_^Z\Zlvq_j_ag_]hDweg_
]h\hjbekg_c\h\k_
&#x_j;&#xgm;&#xr; k;&#xv;&#x^h;h; ;�M_oZebhgbdZdbijb[ueb\bkdhgkbgdZ`^ucgZk\h_cfZrbg__jgm\rbkv^hfhc`_cg
ihqm\kl\h\ZeZ[_af_jgh_h[e_]q_gb_k_dhgq_ghke_^mxsbcjZahgZm\b^bl_]hg_kdhjh
Dkh`Ze_gbxhgZg_ijbgyeZ\h\gbfZgb_\_a^_kms_klvij_kkuQ_j_a^\Z^gykihjlb\guc
dhff_glZlhjQbdZ]hljb[xgihgZ\h^d_ih`_eZ\r_]hhklZlvkyg_ba\_klguf\bkdhgkbgkdh]h
de_jdZhim[ebdh\ZeklZlvxhlZcghf[jZdhkhq_lZgbbkZfh]hagZf_gblh]h\bklhjbbdhfZg^u
��dmhjl_j[_dZb^hdlhjZ`_cgZjebg]lhgijhn_kkhjZnbabdbGvx[_jjbdhee_^`
BgZqZeZkv`mjgZebklkdZy\ZdoZgZeby
=eZ\Z
�Yl_[_wlh]hgbdh]^Zg_ijhsmijhrbi_eZ`_cgaZs_edb\Zyiheh\bgdbj_fgy[_ahiZkghklb
=eZ\gh_ihfgbdlhijbr_edhfg_k[ZglhfgZr__DwekmgmeihkZ^hqgu_lZehgu\dZjfZg
ib^`ZdZkihjlb\gh]hihdjhybmk_ekyjy^hfkg_cHgbg_iulZekykdjulvg_gZ\bklvdkmijm]_
Iylv^g_cfbgm\rbokp_j_fhgbb[jZdhkhq_lZgbyi_j_\_jgmebbo`bagvKlxZj^_kkZ
h[kem`b\ZxsZykZehgi_j\h]hdeZkkZhklZgh\beZkvmbodj_k_egZdhjhldh_\j_fyij_j\Z\
keh\_kgmx[bl\mdhlhjZy\lhcbebbghcnhjf_ijh^he`ZeZkvm`_ljb^gykihy\e_gbyaZf_ldb\
Ljb[xgHgZijbg_keZih^ghkk^\mfy[hdZeZfbrZfiZgkdh]h
Ijbfbl_gZrbiha^jZ\e_gbyWdbiZ`kqZkleb\qlh\ue_lbl_kgZfbFu\k_[he_evsbdb
KlZjabhq_gvaZ\ZkjZ^u
�`_cg[_jy[hdZeaZklZ\beZk_[ymeu[gmlvky
;eZ]h^Zjx
Dweij_^ihq_eijhfheqZlv
&#xa];&#xey;&#x^;&#xkl;&#xxZ;&#xj^;&#x_k;&#xku;&#xk;&#xdh;&#xev;&#xag;&#xme;&#xi;&#xh;�a]ey^klxZj^_kkukdhevagmeih`_cghp_gb\Zy`_gsbgmdhlhjhcm^ZehkvijbjmqblvkZfh]h
�aZ\b^gh]hohehklydZ\]hjh^_`_cgm`_gZqZeZijb\udZlvdbamfe_gbxqblZ\r_fmkygZebpZo
ex^_cdh]^Zhgb\b^_eb__\i_j\u_Hgbg_khfg_gghiheZ]Zebqlh`_gZDweZ;hgg_jZ^he`gZ
�br_edh\Zy[emaZgZfh^gucgZjy^g_lygmebhjh]Zyh^_`^Zohjhr_]hdZq_kl\Zgh[hevghm`
dhgk_j\Zlb\gZy?cih^oh^bedeZkkbq_kdbcklbevbhgZg_kh[bjZeZkvij_\jZsZlvky\fh^gmx
[Z[hqdm
hehkuhgZaZ\beZbgh\Zyijbq_kdZih^q_jdb\ZeZmlhgq_gghklv__ebpZBamdjZr_gbcgZ^_eZ
lhevdhahehlu_k_jv]bdhevpZ^Zlhg_gvdh_h[jmqZevgh_dhe_qdhdmie_ggh_Z^\hdZlhfDweZih
�kemqZxk\Z^v[uGZ__iZevp_hgh\u]ey^_ehqm`_jh^gufl_ehfb`_cgij_^ihqblZeZ_]hg_
aZf_qZlv
IhijZ\eyyhqdbhgZih^mfZeZhlhfqlhdhfiZgbxDwemh[uqghkhklZ\eyebfheh^u_`_gsbguHg
[uij_^ihq_eqlh[uhgZgZ^_eZfbgbx[dmHklZ\Zehkvlhevdh]Z^ZlvdZd[uhghlj_Z]bjh\Ze
magZ\__bklbgguc\hajZkl
?_im]Ze^Z`_\b^_]h\hbgkl\_ggh\uiyq_gghcq_exklb?kebhgbiblZedg_cohlvdZdb_lh
�qm\kl\Zlhbkdmkghbokdju\ZeHggZihfbgZe`_cg[hf[m]hlh\mx\ahj\Zlvky\ex[hcfhf_gl
ui_cluHgZijhlygmeZ_fmk\hc[hdZedZdlhevdhklxZj^_kkZhlhreZ
KdZdhcklZlb"
Ihlhfmqlhy[_j_f_ggZbg_fh]miblvrZfiZgkdh_Bebluohq_rvqlh[u\k_h[wlhfmagZeb"
�DweaujdgmegZg__hkmrbe[hdZehl^Ze`_cg
Lu_s_ij_\jZlbrvf_gy\iZjrb\h]hZedh]hebdZ
YgbjZamg_\b^_eZl_[y[_aklZdZgZ\jmd_lZdqlh[hevrmxqZklvimlbluijhr_e[_afh_c
ihfhsb
Lugboj_gZh[hfg_g_agZ_rv
A^hjh\hlu\ujZ`Z_rvkyH[jZagh
IhdjZcg_cf_j_ihfg_g_kdZ`_rvqlhyijh]ehlbekeh\ZjvKdhevdhihlj_[m_lky\j_f_gb
qlh[uaZiZkl\hbomfguokeh\ihr_egZm[uev"
Lhqghg_agZx?kebyg_[m^mkwlbfki_rblvlufh`_ldZdb_gb[m^vbaZihfgbrv
HgZagZeZqlhhllZdboi_j_iZehdihiZob\Z_lbgnZglbebafhfgh\jZ`^_[gh_fheqZgb_DweZhq_gv
�m`^Z\beh_cgZg_j\uaZklZ\eyylhb^_ehih]ey^u\Zlv\klhjhgm\uoh^ZbakZehgZ`_cgim]Zgh
klj_fe_gb_DweZba[_`ZlvfZe_cr_]hnbabq_kdh]hdhglZdlZIhoh`_hg^_ckl\bl_evghhiZkZeky
�qlhg_kfh`_lk^_j`Zlvk_[yijbljhgm\rbkvdg_cbijhklhjZkl_jaZ_l`_cgg_gjZ\behkv
ij_[u\Zlv\ihklhygghfkljZo_l_f[he__qlhjuevp_mg__[ueh\imrdmbhgZj_rbeZqlh
gZbemqrbc\uoh^^eyg__hl\_lgZyZ]j_kkb\ghklvGb\dh_fkemqZ_hgg_^he`_gihqm\kl\h\Zlv
qlhhgZ_]h[hblky
WfhpbhgZevgucklj_kkklZeebrvh^ghcbai_j_f_gdhlhju_ijbg_kebihke_^gb_^gbiylgbpm
mljhfq_j_a^\Z^gyihke_k\Z^v[uijb_oZ\\Gvx[_jjbdhee_^`hgZklhedgmeZkvklheihc
j_ihjl_jh\\udjbdb\Zxsbo\hijhkubluqmsbo_c\ebphfbdjhnhguIjh[b\rbkvkd\havgbo
�`_cgf_lgmeZkv\dZ[bg_l]^___\klj_lbe\hklhj`_gguc\a]ey^Fwjbbh]jhfgZyklhidZaZibkhdk
ijhkv[hci_j_a\hgblv\dexqZyh^gmhlDweZ
HgZgZreZ_]h^hfZhgh[hj\Ze__\hijhkubaZqblZeij_kkj_ebagZibkZgguc_]hZ^\hdZlhfg_f
aZy\eyehkvqlhihagZdhfbebkvhgbq_j_ah[sbo^jma_cg_kdhevdhf_kyp_\gZaZ^Zj_r_gb_
kh_^bgblvk\hbkm^v[u[uehkihglZggufij_kkj_eba_i_j_qbkeyebkv__ZdZ^_fbq_kdb_aZkem]b
mdZau\Zehkvqlhhg]hj^blky__^hklb`_gbyfbWlmnjZamDwekhijh\h^beij_g_[j_`bl_evguf
K_\_jghcDZjhebg_\Khe\_cr_g_jh^ghf]hjh^_DweZ
�Lml`_cgij_j\ZeZ_]h
Wlhg_\hafh`ghMf_gyklm^_gluygbdm^Zg_ih_^mgh\vij_g_[j_`bl_evguckf_rhd
KiylbqZkh\wlh]h^gylu[_j_rvdZdwlhm\ZkgZau\Z_lky\j_f_gguchlimkd[_akhojZg_gby
kh^_j`Zgby
Gbdh]^Z
:\hl\l\h_fdhee_^`_^mfZxlbgZq_
Hq_flu]h\hjbrv"
Ihbgl_j_kmckymk\h_]h[hkkZBDwe[jhkbeljm[dm
��`_cgg_aZf_^ebl_evghihg_keZkv\dZ[bg_l^hdlhjZMbevyfZZ\_gihjlZaZ\_^mxs_]hdZn_^jhc
nbabdb]^_bmagZeZqlhDwe;hgg_jih`_jl\h\Zedhee_^`mijbebqgmxkmffmjZ^blh]hqlh[u
�Z^fbgbkljZpbygZ[eb`Zcrb_f_kypuh[_ki_qbeZ`_cg[he__]b[dbc]jZnbdjZ[hluDwemgbabe
__ijh^_fhgkljbjh\Ze__ihegh_[_kkbeb_Jhkq_jdhfi_jZ\q_dh\hcdgb`d_hgijbh[j_edhgljhev
gZ^__`bagvx
KlxZj^_kkZih^hreZ\gh\vqlh[uaZ[jZlvimklu_[hdZeuDZdlhevdhhgZhklZ\beZbo\^\h_f
�`_cg\uie_kgmeZgZdhib\r__kyg_]h^h\Zgb_gZDweZ
Lug_bf_eijZ\Z\f_rb\Zlvky\fhxjZ[hlm
I_j_klZgvl_ijhn_kkhjYdmibel_[_g_kdhevdhf_kyp_\hlimkdZGZh[hjhllu^he`gZf_gy
[eZ]h^Zjblv?keb[g_yml_[yg_[ueh[uk\h[h^gh]h\j_f_gb^eybkke_^h\Zgbc
��Hgkebrdhffgh]hhg_cagZeb`_cgwlhg_gjZ\behkv_ckl\bl_evghmoh^badhee_^`Z
\uk\h[h`^Ze_c\j_fy^eybkke_^h\ZgbcihdhgljZdlmkIjbaeZ[hjZlhjbaohly_cbg_ohl_ehkv\
wlhfijbagZ\Zlvky?_dhfivxl_jm`_hlijZ\beky\K_\_jgmxDZjhebgmijbgZebqbbfh^_fZg_
bf_ehagZq_gby\dZdhclhqd_:f_jbdbhgih^dexq_gdk_lbLjbf_kypZk\h[h^gh]h\j_f_gb
ihjZ^h\Zeb[u__ghijb^jm]boh[klhyl_evkl\Zo\lhfkemqZ__keb[uhgZkZfZhj]Zgbah\ZeZwlhl
hlimkdbfh]eZijh\_klb_]hg_\dhfiZgbbDZe\bgZ;hgg_jZ
Y[uk[hevr_cihevahcfh]eZaZgbfZlvkywlbfbbkke_^h\Zgbyfb\k\h_fdZ[bg_l_
Wlh\jy^ebIhlhfmqlhp_eZyZjfbyj_ihjl_jh\hdhiZeZkv[uml\h_]hihjh]Zqlh[ukijhkblv
ihq_fmkZfu_agZf_gblu_gh\h[jZqgu_]hjh^Zijh\h^ylf_^h\ucf_kyp\jZaguorlZlZo?]h
�ij_ajbl_evguc\a]ey^ijhr_ekyih`_cgwlh\j_fyy\k_]^Z_^m\Khe\_cr_gbhklZxkvlZf
^hi_j\h]hlj_gbjh\hqgh]hk[hjZ\bxe_Fh`_ll\hc]b]Zglkdbcfha]bfh`_lgZclbm[_^bl_evguc
ij_^eh]dhlhjuciha\heblfg_g_[jZlvkkh[hcfheh^mx`_gmYdkh`Ze_gbxgbq_]hijb^mfZlv
g_kfh]
G_ihgbfZxdZdlugZ^__rvkyijh\_klbk\hbojh^kl\_ggbdh\"Ihq_fmg_kdZaZlvbfijZ\^m"
Ihlhfmqlhkj_^bfhbojh^kl\_ggbdh\lZdbohlf_gguoe]mgh\dZdlug_lkdhjhklb\_kv]hjh^
[m^_lagZlv\k_ih^jh[ghklbZihlhfb\_kvfbjLu^_ckl\bl_evghohq_rvqlh[uj_[_ghd[ue\
dmjk_gZr_c\klj_qb"
�`_cg\a^hogmeZ
G_lBi_j_klZgva\Zlv__j_[_ghdHgZ[uohl_eZqlh[ujh^beZkv^_\hqdZghhlg__gbq_]h
g_aZ\bk_ehB_s_g_j_rbeZkijZrb\Zlvebm\jZq_cihej_[_gdZihke_mevljZa\mdh\h]h
h[ke_^h\Zgby
kljZ^Zgbc
��`_cg\kihfgbeZqlh`h^bmihfbgZeZhkf_jlb`_gu[jZlZDweZbie_fyggbdZ
Fg_hq_gv`ZevqlhgZl\hxk_fvxk\ZebehkvlZdh_]hj_Ghm\b^_\gZkhgbkjZam\k_ihcfml
Y^mfZxqlhg_lihlhfmqlhlug_[m^_rvijh\h^blvkgbfbfgh]h\j_f_gbHgbihagZdhfylkyk
lh[hcmagZxldlhlughg_jZkkqblu\Zcqlhlukmf__rvk[ebablvkykd_flhbagbo?kebdlheb[h
kijhkblkdhevdhl_[_e_lg_]h\hjbqlhl_[_m`_^\Z^pZlv\hk_fv?keb[m^mlgZklZb\ZlvkdZ`_rv
qlh^\Z^pZlviylvbgb]h^hf[hevr_
Qlh`_ijhbahc^_ldh]^Zhg\uykgblqlh_cljb^pZlvq_luj_Zg_^\Z^pZlv\hk_fv"
Yg_kh[bjZxkve]ZlvgZkq_lk\h_]h\hajZklZ
Ihq_fmg_l"Lu`_e]ZeZgZkq_l\k_]hhklZevgh]hgh\vhgZbkiulZeZqm\kl\h\bgu
Gbdlhg_ih\_jblqlhfg_^\Z^pZlviylvY\u]ey`mklZjr_
Ijhn_kkhjygZklhyl_evghkh\_lmxg_aeblvf_gyYblZdgZij_^_e_G_m`_ebml_[yg_l
dhglZdlguoebgaqlh[uaZf_gblvwlbq_jlh\uklZjmr_qvbhqdb"
b^brvebhgbmf_gy[bnhdZevgu_
;bnhdZevgu_"
�Zkg_\b^bfhcebgb_ci_j_oh^Z_jogyyqZklvh[uqgh_kl_dehgb`gyydhjj_dlbjmxsZy
^ZevghahjdhklvBoghkylfgh]b_ex^bkj_^g_]h\hajZklZ
?^dhcj_iebdbDweZhgZg_^h`^ZeZkvihlhfmqlh\wlhlkZfucfhf_gldhj_gZkluciZkkZ`bj
ijhlbkdb\Zxsbcky\kZehg[bag_kdeZkkZk^\mfy[hevrbfbkmfdZfbaZ^_e_]hjmdmk[jhkb\k
�ih^ehdhlgbdZ`_cgihkfhlj_eZgZfm`qbgmb]eZaZ__rbjhdhjZkdjuebkvgZmebp_iylgZ^pZlv
�]jZ^mkh\@Zhg\h^ghcg_cehgh\hc\h^heZad_h[ly]b\Zxs_cfurpu]jm^bbjmd
DweaZf_lbe__bgl_j_k
MgZkkqblZ_lkyqlhlZdb_\h^heZadbghkylex[bl_ebihdhehlblv`_g
�Hghq_\b^ghaZ[ueqlhjy^hfkgbfg_h^gZba_]hfheh^_gvdboihdehggbp`_cgrbjhdh
meu[gmeZkv
:ylh^mfZeZ\\Zr_c^_j_\g_`_gsbgg_[vxl?]h[jh\bk^\bgmebkvdi_j_ghkbp_
Ijhn_kkhjlubij_^klZ\blvk_[_g_fh`_rvqlh\ul\hjyxl\gZr_c^_j_\g_ghih^haj_\Zx
lZdZy\hafh`ghklvml_[ykdhjhihy\blky
Ba\bgbl_qlhi_j_[b\ZxDweghg_fh]eb[u\u^Zlvfg_Z\lh]jZn^eykugZ"Kj_^g_]h
\hajZklZ[bag_kf_gijhlygmeDwemjmqdmb[ehdghlkeh]hlbihfnZjfZp_\lbq_kdhcdhfiZgbb
DwejZkibkZekylml`_ihy\beky\lhjhc`Z`^msbcZ\lh]jZnZEx^bih^oh^bebihdZklxZj^_kkug_
�ihijhkbebiZkkZ`bjh\aZgylvk\hbf_klZDwedm^b\e_gbx`_cggbdhfmg_hldZau\Ze^ey
�dZ`^h]hba[he_evsbdh\gZoh^be^h[jh_keh\h`_cgl_f\j_f_g_fm]em[beZkv\gZmqgmxklZlvx
h^gh]hbak\hbo[u\rbodhee_]dZkZxsmxkyijh^mdlh\jZkiZ^Zr_klbd\Zjdh\hcqZklbpuGhg_
lZdlhe_]dhkhkj_^hlhqblvkygZijh[e_fZog_ebg_cghcnbabdbdh]^Zl\hckh[kl\_ggucfbj
ihklZ\bebkgh]gZ]heh\mHgZfh]eZ[uhldZaZlvkyhl\bablZ\Khe\_cr_gghlh]^Zij_kkZ
mkljhbeZ[uaZg_chohlmbl_gvkdZg^ZeZe_]eZ[ugZ[m^ms__fZeurZKebrdhfjbkdh\Zggh
�`_cgihgbfZeZqlhijbex[hfjZkdeZ^_bklhjbyboagZdhfkl\Zg_^he`gZklZlv^hklhygb_f
h[s_kl\_gghklbMgb`_gbydhlhju_ijbrehkvbkiulZlv_cg_rebgb\dZdh_kjZ\g_gb_kl_fqlh
\uiZ^_lgZ^hex__j_[_gdZ_kebklZg_lba\_klghijbdZdboh[klhyl_evkl\Zoijhbahreh_]h
j_[_gdZ\hlihq_fmhgZbkh]eZkbeZkve_l_lv\K_\_jgmxDZjhebgm
�`_cgihijZ\beZhqdbb\gh\vihiulZeZkv\qblZlvky\l_dklM]hedhf]eZaZhgZm\b^_eZqlhDwe
k\_jebl__\a]ey^hfb\ha[eZ]h^ZjbeZ;h]Zqlhlhlg_gZ^_ebe__wdkljZk_gkhjgufbkihkh[ghklyfb
gbaZqlhgZk\_l_hgZg_ohl_eZ[uijhqblZlv_]hfukeb
;bnhdZevgu_ebgau^mfZeDwe=hkih^bdZd`_hgg_gZ\b^_ewlbhqdbHgihiulZekyhij_^_eblvky
kl_fqlhg_gZ\b^_e\kb^ys_cjy^hf`_gsbg_Kibkhdihemqbeky^ebgguf^Z`__kebhl[jhkblv__
e`b\hklv
&#xk_;&#x;&#xg;&#x_c;&#x[;&#xue;&#xh;&#xk_;&#xjv;&#x_a;&#xgu;;�&#xk_;&#x;&#xg;&#x_c;&#x[;&#xue;&#xh;&#xk_;&#xjv;&#x_a;&#xgu;;�k_\g_c[uehk_jv_agufZ`_\hehkuIhq_fmhgZg_^Z\ZeZbfk\h[h^ghiZ^ZlvgZie_qb"Z
p\_ldeZkkguclmlgbijb[Z\blvgbm[Z\blvMiZju_]hih^jm`_d\hehku[ueblZdh]h`_p\_lZgh
��hgbihevah\ZebkvdjZkdhcZ`_cgZjebg]lhg\k_^Zjh\ZeZijbjh^Z
K_jv_agu_\hehkuaZbkdexq_gb_fijy^baZmohfdhlhjZy\u[beZkvbaijbq_kdbbl_i_jvaZ\beZkv
[md\hc6k_jv_agZyh^_`^ZDh`Zh^gZdhohjhrZyGhdZd`__fmg_gjZ\bebkvwlba^hjh\_ggu_
[bnhdZevgu_hqdbgbohgZlhqgh\u]ey^_eZgZ^\Z^pZlv\hk_fve_l
Dwe\k__s_g_\_jbeqlh`_gbekygZg_cGhqlhhgfh]ih^_eZlv_kebohl_e`blv\eZ^mkhk\h_c
kh\_klvx"Iha\heblvj_[_gdm\ujZklb[_ahlpZ"Qlh[ubag_]h\urehlh]^Z"G_lg_q_]hh[wlhfb
]h\hjblv
HgihiulZekyihjZ^h\ZlvkyaZk_[y\k_lZdbihklmibeijZ\bevghghhsmlbeh^gmyjhklvQ_jl
ih[_jbhgg_ohl_e`_gblvkyGbgZdhfBm`l_f[he__g_gZwlhce`b\hcfufj_
DZ`^h_mljhhg]h\hjbek_[_qlhhgZ\hreZ\_]h`bagvg_gZ^he]hih^jm`dZ\q_j_^_ijhqbogh
aZf_qZegZiZevp_h[jmqZevgh_dhevphbmg_]hkhkZehih^eh`_qdhchl^mjgh]hij_^qm\kl\byM`
g_agZdebwlZk\Z^v[Z"AgZdaZ\_jr_gby_]hkihjlb\ghcdZjv_ju
�DZdwlhfh`ghdmiblvZ\lhfh[bevij_^\Zjbl_evghg_ihkfhlj_\gZg_]h`_cgh]ey^u\ZeZ
kZehggh\_gvdh]ha_e_gh]h^`biZQ_jhdbdhlhjuc`^ZebogZZ\lhklhygd_wr\beekdh]hZwjhihjlZ
kdexqhfkijylZgguf\fZ]gblghfnmleyj_ih^i_j_^gbf[Zfi_jhf
YgZgbfZxex^_cdhlhju_^_eZxlwlhaZf_gyKlhevg_[j_`gh_gZihfbgZgb_h_]h[h]Zlkl\_
�\ua\Zehm`_cgjZa^jZ`_gb_
DZdij_l_gpbhagh
Ijhn_kkhjfu`_^h]h\Zjb\ZebkvgZkq_lmfguokeh\
�Yohl_eZkdZaZlvfm^jhkhe]ZeZ`_cgIjbkemqZ_lufh`_rv\hkihevah\Zlvkywlbfkeh\hf
hkh[_ggh_kebh[sZ_rvkykijbylgufl_[_q_eh\_dhfKdZ`b_fmqlhhgij_l_gpbhagucbhg[m^_l
p_euc^_gvoh^blvkqZkleb\uf
KiZkb[haZij_^eh`_gb_Fh`_ly\\_jgmwlhkeh\h\h\j_fyke_^mxs_]hl_e_bgl_j\vx
�`_cgih^hajbl_evgh\kfhlj_eZkv\g_]hghg_h[gZjm`beZbl_gbg_^h\_jbyBih^mfZeZhlhf
qlhihke_^gb_g_kdhevdh^g_cij_\jZlbeb__\aeh[gmxkl_j\m
�HgZ\u]eygmeZ\hdgh_gv\u^Zekyoheh^gufiZkfmjgufghhgZg_fh]eZg_hlf_lblvdjZkhlu
a^_rgbof_klKdhevjZabl_evghhlebqZeky]hjguceZg^rZnlaZiZ^ZK_\_jghcDZjhebguhljZ\gbg
BeebghckZ]^_hgZ\ujhkeZ
Hgbi_j_k_debNj_gq;jhm^Jb\_jbihZ\lhkljZ^_ghf_jihdZlbebgZaZiZ^dKhe\_cr_gmK
�l_oihjdZd`_cg\i_j\u_mkeurZeZgZa\Zgb_jh^gh]h]hjh^ZDweZ_c\k_dZaZehkvqlhdh]^Zlh
hgZ_]hm`_keurZeZ
�Z\g_^Ze_dhfijhrehf_]hgZa\Zgb_[uehgZkemomGhf_klgu_g_ex[ylh[wlhf]h\hjblv
HgZh`b^ZeZijh^he`_gbyghg_hq_gvm^b\beZkvdh]^Z_]hg_ihke_^h\ZehkjZ\g_gbbkDwehf
hgZlygmeZgZkhjhdm
Ih^_ebrvkykhfghck_dj_lhf"
�IZmaZaZlygmeZkvgZ^he]h`_cgm`_j_rbeZqlh__\hijhkijhklhijhb]ghjbjh\Zebdh]^ZDwe
aZ]h\hjbe
&#xK;&#xhe;&#x_; r;&#x_g;&#x_;&#xh[;&#xhk;&#xgh;&#xZe;&#xky;�&#xK;&#xhe;&#x_; r;&#x_g;&#x_;&#xh[;&#xhk;&#xgh;&#xZe;&#xky;�Khe\_cr_g_h[hkgh\Zeky`bmwcgKghmikL_e__\Zg]_ebkl
JZa\_hgg_ih]b[g_kdhevdhe_lgZaZ^\Z\bZdZlZkljhn_"
��ZMe_lZebakljZgukg_kdhevdbfbfbeebhgZfb^heeZjh\dhlhju__fmg_ijbgZ^e_`ZebZ`_
gZibd_dZjv_ju\]hjh^__]hg_`Zeh\Zebbl_i_jvihke_kf_jlb`bl_ebKhe\_cr_gZg_ohlyl
qlh[u_]hbfyZkkhpbbjh\Zehkvkbo]hjh^hf
Lu_]hagZe"
Fu\klj_qZebkv
Bqlhwlh[ueaZq_eh\_d"
Fhr_ggbdEx[hc^mjZdfh]ihgylvwlhkjZam`_Ihoh`_mfkl\_ggu_\hafh`ghklbDweZg_
�iha\heyeb_fmh\eZ^_lvlhgdhklyfbk\_lkdhc[_k_^u`_cghl\_jgmeZkvihiulZeZkvihex[h\Zlvky
ijhieu\ZxsbfbfbfhhdgZ\b^Zfbghg_ihemqbehkvhgZ^mfZeZhlhfqlhkjZa[_]ZhdmgmeZkv\
gh\mx`bagvdhlhjmxijb^_lky^_eblvkg_agZdhfp_fexlh__g_gZ\b^ysbf
�KZ\lhkljZ^uhgbk\_jgmebgZ^\moihehkgh_rhkk_i_leyxs__kj_^bohefh\J`Z\u_d_fi_ju@
klhysb_gZaZjhkrbokhjgydZfbmqZkldZoq_j_^h\Zebkvki_j_djulufb\hjhlZfbih^t_a^gufb
�^hjh`dZfbdhlhju_\_ebdmoh`_gguf^\mowlZ`gufhkh[gydZf`_cgklZehg_ihk_[_dh]^ZDwe
gZijZ\be^`bigZijhk_ehqgmxmkuiZggmxs_[_gdhc^hjh]mmoh^ysmxd\_jrbg_hq_j_^gh]h
ohefZ
Wlh]hjZKljZ^ZgbcihykgbehgI_j\uf^_ehf^he`_gih\b^Zlvkyk[Z[mrdhcHklZevguo
fhbojh^kl\_ggbdh\\]hjh^_k_cqZkg_lghhgZmkljhblkdZg^Ze_kebykjZam`_g_ihdZ`m_cl_[y
JZkiheZ]Zlv__dk_[_g_h[yaZl_evghIhfgbgZ^he]hlua^_kvg_aZ^_j`brvky
Luohq_rvqlh[uy_cgZ]jm[beZ"
KdZ`_flZdyg_ohqmqlh[ufhyk_fvyijhgbdeZkvdl_[_Bgbdhfmg_]h\hjbqlhlu
[_j_f_ggZ
Ybg_kh[bjZeZkv
Hgbih^t_oZebd^hfbdmih^`_e_aghcdjur_cdhlhjuc^Z\ghke_^h\ZehihdjZkblvH^bgba
�klZ\g_ci_j_dhkh[hqbehe_klgbpZ\_^msZygZdjuevphijhk_eZ`_cgwlhijhklhihjZabehk_
lZdbDwe[h]Zlucq_eh\_d?kebhglZdex[bl[Z[mrdmfh][ubihljZlblvfZemxlhebdmk\h_]h
khklhygbygZj_fhgl
DweaZ]emrbe^\b]Zl_ev\ue_abafZrbguh[hr_e^`bihldjue^\_jpmk__klhjhgu?]h
�]ZeZglghklvm^b\beZ`_cgLmlhgZ\kihfgbeZqlhb\Zwjhihjlmhghldjue_c^\_jpm^`biZ
?_ah\mlWggb=eZc^b\ke_^mxs_f]h^m_cbkihegblky\hk_fv^_kylMg__[hevgh_k_j^p_b
wfnba_fZghhgZg_k^Z_lkyKfhljbih^gh]bQ_jlWlhl^hfkdhjhjmog_l_cgZ]heh\m
Lufh][ui_j_\_alb__\^jm]h_f_klh
Dweihkfhlj_egZg__dZdgZkmfZkr_^rmxihlhfih^gyekygZdjuevphaZ[ZjZ[ZgbedmeZdhf\
Hldju\ZcklZjZyi_j_qgbpZbkdZ`bfg_ihq_fm^hkboihjg_ihqbgbebe_klgbpm
�`_cg\ulZjZsbeZkvgZg_]hJZa\_fh`ghlZdh[jZsZlvkydfbehcklZjmrd_"
��\_jvkhkdjbihfhl\hjbeZkvb`_cgm\b^_eZk]hj[e_ggmx`_gsbgmklhjqZsbfb\h\k_klhjhgu
djZr_gufbk\_leufb\hehkZfbkyjdhcihfZ^hcgZ]m[Zobkb]Zj_lhc\m]hed_jlZ
&#xu[;&#xbj;&#xZc;&#xk;&#xeh;&#xZ;&#x; h;&#x]^;&#xZ;&#x]h;&#xhj;&#xbr;&#xv;&#xkh;&#xgh;
&#xZe;&#xg;u[bjZckeh\Zdh]^Z]h\hjbrvkhfghcDZe\bg`_cfk;hgg_jY_s_fh]m\uk_qvl_[yg_
aZ[u\Zch[wlhf
KgZqZeZl_[_ijb^_lkyf_gyihcfZlvHg\uo\Zlbekb]Zj_lmba__jlZjZklhilZedZ[emdhf
ihlhfh[gyeWggb
HgZohohlgmeZihlj_iZeZ_]hihkibg_
A^hjh\ucluiZj_gvKlZjmrdZ\u]eygmeZbaaZie_qZDweZkhsmjb\rbkvmklZ\beZkvgZ
�`_cgih^gy\rmxkygZdjuevphke_^hfaZfm`_f:wlhdlh"
�Wggbwlh`_cg]hehk_ihy\bebkvklZevgu_ghldbFhy`_gZIhfgbrvyiha\hgbe
l_[_qlh[ujZkkdZaZlvhg_cFuih`_gbebkv\ijhremxkj_^m
Ihoh`_]hjh^kdZy^_\qhgdZL_[_^h\h^behkvk\_`_\Zlv[_edm]hjh^kdZy"
Yw\jh^_[ug_l
WggbnujdgmeZb\gh\vihkfhlj_eZgZDweZ
Ihq_fmlulZd^he]hg_ijb_a`Zed[Z[mrd_"
;hyekyqlhluf_gymdmkbrvbfg_ijb^_lkye_qblvkyhl[_r_gkl\Z
KlZjmrdZjZkohohlZeZkvghkf_o[ukljhi_j_r_e\gZ^kZ^gucdZr_evDweh[gye__bm\e_d\^hf
jm]ZyaZlhqlhhgZ\k_\j_fydmjbl
�`_cgkmgmeZjmdb\dZjfZguib^`ZdZbih^mfZeZhlhfqlh_^\Zeb_cm^ZklkygZclbdhglZdlk
jh^kl\_ggbdZfbDweZI_j\ucwdaZf_gihhk\_`_\Zgbx[_ehdhgZijh\ZebeZ
dhfgZlub^lbg_ohl_ehkvihwlhfmhgZih^hreZddjZxdjuevpZaZdhlhjuf[helZekyyjdbc
��\_ljh\hcghkhd@hfklhyegZkdehg_hdjm`_gguce_khfGZ^Ze_dbo]hjguo\_jrbgZo
kh[bjZekylmfZgbhgZihgyeZihq_fmwlmqZklv:iiZeZq_cgZau\ZxlKfhdbFZmglbgka\_gys_c
�lbrbg_hgZkeurZeZdZd[_edZdhihrblkygZh]heb\rboky\_l\yo^m[ZLhevdhlml`_cghkhagZeZ
^hq_]h`_rmfgh\]hjh^_^Z`_\lbohfkihdhcghfkiZevghfjZchg_OjmklgmeZ\_ldZdZjdgmeZ
�\hjhgZ`_cg\^hogmeZoheh^guckujh\Zluc\ha^mofZjlh\kdh]he_kZ_s_g_]hlh\h]hdijboh^m
\_kguKly`_euf\a^hohfgZijZ\beZkvd^\_jbH[Wggb=eZc^hgZagZeZm`_^hklZlhqghfgh]h
qlh[uihgylvklZjmrdZkeZ[Zdh\g_`Zem_l
]hklbghc__ihjZabehkf_r_gb_klZjh]hbgh\h]hIhemklbeZe^hjh]hclhekluckbgbcdh\_j:
klhyeZgZg_fh[rZjiZggZyf_[_evH^gZgh`dZdhn_cgh]hklhebdZih^ehfbeZkvb__i_j_lygmeb
ijh\hehdhcHdgZh[jZfeyeblxe_\u_aZgZ\_kdbih^\yaZggu_\up\_lrbfbdjZkgufbrgmjZfb
Mkl_guklhyeZkl_j_hkbkl_fZkijhb]ju\Zl_e_f^eydhfiZdl^bkdh\GZdZfbgghcihed_klhyeb
�\ZaZk[mfZ`gufbp\_lZfbqmq_ehnZaZgZjZfhqdZknhlh]jZnb_cfm`qbgu \jh^_[u`_cgm`_
\b^_eZ_]hlhevdhg_fh]eZ\kihfgblv]^_\fe_`Zenml[hevgucfyq
��AZZjdhc\e_\hckl_g_`_cgm\b^_eZihlj_kdZ\rbckyebghe_mfdmogbieblmjm]Zy^\_jv
\_jhylgh\_eZdkiZevgyf\^Zevg_cqZklb^hfZ
Wggb=eZc^kb^_eZ\aZkleZgghfie_^hfdj_ke_dZqZed_Dweofmjykv\urZ]b\Zei_j_^g_c
JhckdZaZeqlhlugZklZ\beZgZg_]h^jh[h\bdbl_i_jvhldZau\Z_lkyijboh^blvkx^Zg_
JhcIhllkg_fh`_lhlebqblvfhehlhdhlk\h_]hreZg]Z
JhcIhllkgZ\k_jmdbfZkl_jemqr__]h\a^_rgbodjZyogbdh]hg_l
�Luijb\_afg_gh\uc^bkd=ZjjbDhggbdZfeZ^r_]h@"hlqlhfg_gm`ghZg_wlhl^mjZd
fZkl_jh\hcdhlhjuce_a_l\fhb^_eZ
Dwe\a^hogme
�Zijb\_aHg\fZrbg_
LZdihc^bbijbg_kb_]hWggbfZogmeZjmdhc\klhjhgm^\_jbBi_j_^\bgvwlmdhehgdm
dh]^Z\_jg_rvkyHgZklhblkebrdhf[ebadhdfh_fmlb\b
�DZdlhevdhDwemr_e\a]ey^__kbgbo]eZahklZgh\bekygZ`_cgMlhcf]gh\_ggh\hagbdeh
g_h[tykgbfh_`_eZgb_miZklvgZdhe_gbbihdZylvky\k\hbo]j_oZoHgZ[ubmiZeZ_keb[g_
[hyeZkvqlhwlZk\Zjeb\Zy`_gsbgZijhklhklmdg_l__ih]heh\_
Kdhevdhl_[_e_l^_\hqdZ"
Ljb^pZlvq_luj_
WggbgZf]gh\_gb_aZ^mfZeZkv
:kdhevdhl_[_ih_]hfg_gbx"
�\Z^pZlv\hk_fvGhy_fmwlh]hg_]h\hjbeZ
G_]h\hjbeZb^jm]h]hlZd"
��ZOhly__bg_ijb]eZrZeb`_cgk_eZgZdjZcklZjh]hk[ZjoZlghch[b\dhc^b\ZgZHg
ohq_lqlh[uy]h\hjbeZ\k_fqlhfg_^\Z^pZlviylv
WggbihdZqZeZkv\dj_ke_
;m^_rv]h\hjblv"
�`_cgfhlgmeZ]heh\hc
DwekdZaZefg_qlhluijhn_kkhj\dhee_^`_:wlhhagZqZ_lqlhluhq_gvmfgZy
q_flhmfgZy:\^jm]hfdjm]eZy^mjZWggbdb\gmeZ
DZe\bghg^mjhklbg_l_jibl
YagZx
Gh\hlg_fgh]h]emihkl_c\`bagb_fmgm`gh
;hxkvy\wlhfg_kbevgZJ_[_gdhfyfgh]hq_]hk_[_iha\heyeZghg_l_i_jv
Wggb\a]eygmeZgZ\hr_^r_]h\]hklbgmxDweZ
Dh]^ZymkeurZeZkdhev[ukljh\uih`_gbebkvlhj_rbeZqlhhgZihcfZeZl_[ylhqghlZd`_
dZdl\hyfZfhqdZaZeh\beZiZihqdm
KblmZpbymgZkkh\_jr_ggh^jm]Zyjh\gufebr_ggufwfhpbc]hehkhfhl\_lbeDwe
�Wggbih\_jgmeZkvd`_cg
Fhy^hqvWf[_jlhevdhb^_eZeZqlhreyeZkvkiZjgyfbIhklZ\beZeh\mrdmgZkZfh]h[h]Zlh]h
\]hjh^_WggbofudgmeZBihcfZeZ:ijbfZgdhc[ueDwe
�`_cgklZehg_ohjhrhAgZqblDwejZa^_ebekm^v[mhlpZlh`_`_gbekygZ[_j_f_gghc
FhyWf[_jEbggklZjZ_lkyaZ[ulvhlhfqlhihiZeZ\dgyabba]jyabG_ijZ\^ZebDZe\bg"
G_ihcfmihq_fmlu\k_]^ZlZd^hklZ_rv__Dweih^hr_edijhb]ju\Zl_exbg_kdhevdh
k_dmg^kimklyA\_a^gZyiuev=ZjjbDhggbdZfeZ^r_]haZihegbeZ]hklbgmx
�Lml^h`_cg^hrehqlhgZdZfbgghcihed_klhblnhlh]jZnbyDhggbdZDZdZy`_kljZggZywlZ
Mwlh]hDhggbdZihljykZxsbc]hehkFg_\k_]^Zohl_ehkvqlh[ului_eDZe\bgghml_[y
gbq_]hg_\uoh^beh
�G_lfwfGbq_]hg_mf_xdjhf_dZd[jhkZlvfyqHgk_egZ^b\Zgjy^hfk`_cgg_dZkZykv
__
WggbaZdjueZ]eZaZb\k_ljh_klZebkemrZlvf_^h\hh[\heZdb\Zxsbc]hehkFh`_lih^_ckl\h\Ze
�ihdhcdhlhjuf^urZehdjm`Zxsbce_kghgZijy`_gb_gZqZehihdb^Zlv`_cgL_debk_dmg^uZ\
�`_cgijhkuiZehkvij_^qm\kl\b_lh]hqlha^_kv\klZjhf^hf_ijblmeb\r_fky\l_gb=j_cl
KfhdbFZmglbgk_chldjh_lkygh\Zy_s_g_\_^hfZyklhjhgZ___kl_kl\ZBf_ggha^_kv\wlhc
dhfgZl_]^_iZoehkhkgh\hco\h_cie_k_gvxb^ufhf
�`_cgb;hgg_jyohqmqlh[ulufg_dh_qlhihh[_sZeZ
�`_cg\a^jh]gmeZ\i_j\u___gZa\ZebihnZfbebbfm`Zghk^jm]hcklhjhguhgZg_mki_eZ
�kdZaZlvWggbqlhkhojZgbeZ^_\bqvxnZfbebx`_cgb;hgg_jyohqmqlh[uluh[_sZeZfg_
ijyfhk_cqZkqlh[m^_rvijb]ey^u\ZlvaZDZe\bghfdZdbiheh`_gh`_g_qlh[m^_rv^mfZlvh_]h
[eZ]hihemqbbij_`^_q_fhk\h_f
Mg__lZdh]hb\fukeyog_[uehihwlhfmqlh[ukdjulvkfyl_gb_hgZih`ZeZie_qZfb
@bagvkeh`gZLZdh_g_e_]dhh[_sZlv
JZamf__lkyg_e_]dh[jhkbeZWggb:lu^mfZeZqlh`_gZwlh]hfm`qbgufh`_l
jZkkqblu\ZlvgZe_]dmx`bagv"
G_lgh
�&#xa];&#xey;&#x^;&#xkb;&#xgb;&#xo;&#x]e;&#xZa;&#xi;&#xh^;&#xZ; e;&#xh;&#xex;�_eZcqlhy]h\hjxH[_sZcijyfhk_cqZk^_\hqdZa]ey^kbgbo]eZaih^Z\be\hex`_cghgZ
ihgyeZqlhg_fh`_li_j_qblvwlhcklZjmo_
Yh[_sZxk^_eZlv\k_qlh\fhbokbeZo
Wlh]h^hklZlhqghgh\v__\_dbmiZebgZ]eZaZDhggbd\k_i_eihkdjbiu\Zehdj_keh
dZqZedZba]jm^bWggb\uju\Zehkvk\bklys__^uoZgb_
�DZe\bgh[_sZcfg_qlh[m^_rvijb]ey^u\ZlvaZ`_cgb;hgg_jdZdiheh`_ghfm`mb[m^_rv
^mfZlvh__[eZ]hihemqbbij_`^_q_fhk\h_f
:oWggbihke_klhevdboe_lihbkdh\^hklhcghc^_\mrdbg_m`_eblu^mfZ_rvyg_[m^m
aZ[hlblvkyhg_cjZam`y__gZr_e"
�WggbhldjueZ]eZaZbdb\gmeZg_aZf_lb\aeh[gh]h\a]ey^ZdhlhjufDweh^Zjbe`_cgdZdblh]h
qlhhggbq_]hg_ihh[_sZe
?keb[uyaZklZ\beZ^ZlvlZdh_h[_sZgb_l\h_]hhlpZbfZlvDwe\hafh`gh`blvbf[ueh[u
ijhs_ghlh]^Zfg_g_o\ZlbehgZwlhmfZ
�?_jhljZahr_eky\meu[d_b`_cgaZf_lbeZqlhZeZyihfZ^Z\t_eZkv\fhjsbgum]m[
;hgg_ju\k_]^Z^mfZebqlh=eZc^ubfg_jh\gyghy^mfZxfuihdZaZebbfdlh_klvdlhDjh\v
=eZc^h\\ayeZ\_jo\h\k_olj_ofhbo\gmdZol_[_b=Z[jbwe_m`lhqghWlZg\k_]^Z[ue
fZf_gvdbgufkugdhfkdhj__;hgg_jhfq_f=eZc^hf
G_evayaZibku\ZlvWlZgZ\fZf_gvdbgukugdblhevdhihlhfmqlhhgklZeijhih\_^gbdhfDwe
ih^gyekyGZfihjZb^lbghg_^mfZcqlhyaZ[ueijhijh\Zeb\rmxkye_klgbpmB]^_lu
ijyq_rvwlbq_jlh\ukb]Zj_lu"
LZf]^_l_[_bog_gZclb
gb`gbcysbd^hklZe[ehdDwf_eZYboaZ[bjZx
Ihlhfmqlhohq_rv\udmjblvbokZfHgZkljm^hf\u[jZeZkvbadj_keZdZqZedbDh]^Z
�DZe\bg\_jg_lkyijb_a`Zckgbf`_cgb;hgg_jL_[_gZ^hfgh]hfmgZmqblvkyqlh[uklZlv
gZklhys_c`_ghc^_j_\_gkdh]hiZjgy
HgZjZ[hlZ_lgZ^\Z`gufbkke_^h\Zl_evkdbfijh_dlhfihwlhfm\j_f_gb^eyih_a^hd\]hklbm
�g__g_fgh]hhl\_lbeaZ`_cgDwe
WlhijZ\^Z"
�`_cgihdZaZehkvqlh\]eZaZoklZjmrdbhgZmeh\beZh[b^m
Yijb_^mihi_j\hfmijb]eZr_gbx
Ohjhrh
�MDweZhdZf_g_ehebphb`_cgihgyeZqlh_fm__ihke_^gyynjZaZg_ihgjZ\beZkv
�Dwehldjue^\_jvijhimkdZy`_cg\i_j_^Hgbm`_ih^oh^bebd^`bimdh]^ZbohklZgh\be]hehk
Wggb
�`_cgb;hgg_j
HgZh[_jgmeZkvKlZjmoZkfhlj_eZgZgbokd\havk_lqZlmx^\_jv
Gbq_]hg_gZ^_\Zcdh]^Z[m^_rveh`blvkykgbf\ihkl_ev^Z`_abfhckeurbrvf_gy^_\hqdZ"
Lu^he`gZijboh^blvdfm`mlZdhcdZdkhl\hjbel_[yKha^Zl_evq_ffZlvjh^beZLh]^Zb
fm`qbgZg_ihc^_lgZklhjhgm
�Hl\_lZm`_cgg_gZrehkvHgZijhklhihfZoZeZjmdhcbaZe_aeZ\fZrbgm
Ohl_ehkv[u^h`blv^hwlh]h^gyijh[hjfhlZeDweaZ\h^y^\b]Zl_ev=hlh\kihjblvlub
^mrijbgbfZ_rv\h^_`^_
:l_[ywlhaZ_^Z_llZd"Lhqlhyi_j_^lh[hcg_jZa^_eZkv"
Ijhn_kkhjkibkhdlh]hqlhbakh^_yggh]hlh[hcaZ_^Z_lf_gylZdhc^ebggucqlhyg_agZxk
q_]hbgZqZlvGhihq_fmlukdZaZeZ_cqlhijb_^_rvdh]^ZhgZlh]haZohq_l"Yijb\_al_[ydWggb
lhevdhihlhfmqlh[_awlh]hg_evay:ijh\h^blvkg_c\j_fyl_[_g_h[yaZl_evgh
Ym`_kdZaZeZ_cqlh]hlh\Zijb_oZlvih__i_j\hfmlj_[h\ZgbxDZdyl_i_jvfh]mhldZaZlvky"
Lu]_gbcYm\_j_gluqlhgb[m^vijb^mfZ_rv
=eZ\Z
�Dh]^ZhgbkimkdZebkvihkdehgmkijZ\Zhl^hjh]b`_cgm\b^_eZklZjucZ\lhdbghl_ZljWdjZg
imklvbih\j_`^_gguc_s_klhyeghkt_a^ddZkk_m`_aZjhkljZ\hcZkZfZdZkkZdh]^Zlhyjdh
`_elZyklZeZ]hjqbqghcGZ^\hjhlZfbdj_ibeZkvh]jhfgZy\u\_kdZjZkdjZr_ggZyih^a\_a^gh_
�g_[hIh[blu_eZfihqdbkdeZ^u\Zebkv\keh\Z=HJHKLVD:JHEBGU
�`_cg[he__g_fh]eZ\ughkblvih\bkr_c\kZehg_Z\lhfh[beyly`_ehclbrbgu
M`_klhevdhe_lg_\b^_eZZ\lhdbghLulml[u\Ze"D__bamfe_gbxDwekgbahr_e^hhl\_lZ
E_lhffulhevdha^_kvbdjmlbebkvKlZ\bebfZrbgu\aZ^g_fjy^mibebib\hp_eh\Zebkv
=hlh\Zkihjblvohjhrhijh\h^beb\j_fy
�`_cgg_hkhagZ\ZeZdZdZylhkdZijha\mqZeZ\__]hehk_ihdZg_ihcfZeZgZk_[__]hm^b\e_gguc
\a]ey^
:l_[y\Z\lhdbghg_ijb]eZrZeb"
r_klgZ^pZlvym`_mqbeZkv\dhee_^`_Bijh\h^beZkm[[hlgb_\_q_jZ\gZmqghc[b[ebhl_d_
�Hldm^Z"eyh^ghdmjkgbdh\y[ueZkebrdhffheh^ZZl_g_kdhevdhxghr_cfh_]h\hajZklZ
dhlhjuoyagZeZ^mfZebqlhy\ujh^hd
Kebrdhfiha^ghhgZihgyeZqlhhldjueZkv^eyhq_j_^gh]hkeh\_kgh]h\uiZ^ZghDweg_
\hkihevah\Zekyij_^klZ\b\r_cky\hafh`ghklvxf_klhwlh]hkhkj_^hlhqbek\h_\gbfZgb_gZ
�^hjh]_keh\ghkh`Ze_eqlh\\yaZeky\jZa]h\hj`_cgaZf_lbeZqlhm]eh\Zlhklv_]hijhnbeydZd
g_evayemqr_\ibku\Z_lky\a^_rgbc]hjguci_caZ`
AZ]h\hjbehgebrvdh]^Zhgb\t_oZeb\Khe\_cr_g
H[uqghyhklZgZ\eb\Zxkvmfhbojh^bl_e_cdh]^Zijb_a`Zxkx^Zghihkdhevdm\wlhf]h^m
lZdh_g_\hafh`ghydmibe^hf
IjZ\^Z"HgZh`b^ZeZijh^he`_gbygh_]hg_ihke_^h\Zeh
Khe\_cr_gfZe_gvdbcdhfiZdlguc]hjh^hdjZkiheh`beky\madhc^hebg_Hgbfbgh\Zebp_glj
fZ]ZabguhqZjh\Zl_evgucj_klhjZgqbddZn_kmi_jfZjd_l\fi_j_k_debfhklk\_jgmeb_s_gZh^gm
madmxih^gbfZxsmxky\]hju^hjh]mdhlhjZybijb\_eZbod`_e_aguf\hjhlZfH[_iheh\bgdb
�mdjZrZebahehlu_jmdbkeh`_ggu_\fhebl\_`_cgrmfghk]ehlgmeZih^Z\eyyklhg
Ih`ZemcklZkdZ`bfg_qlhwlhg_l\hc^hf
Bf_gghfhc
Dwe\ur_eba^`biZ^hklZebadZjfZgZdexqgZ`Zeg_kdhevdhdghihdgZdh^h\hfaZfd_
aZdj_ie_gghfgZe_\hcdZf_gghcklhcd_\hjhl\klZ\bedexqQ_j_ag_kdhevdhk_dmg^\hjhlZ
jZkiZogmebkv
Dwe\_jgmekyd^`bim\dexqbei_j\mxi_j_^ZqmfZrbgZihdZlbeZkv\i_j_^
hjhlZmijZ\eyxlky^bklZgpbhgghJbwel_jhklZ\beimevl\^hf_
Dlhlml`bejZgvr_"
L_i_jv[m^_f`blvfuWlh_^bgkl\_ggh_f_klh\Khe\_cr_g_]^_fukfh`_fijylZlvhlfbjZ
gZrmfZe_gvdmxlZcgm
�Hgbfbgh\Zebih\hjhlb`_cg\i_j\u_m\b^_eZhkh[gyd
Wlh`_LZjZi_j_dhjfe_ggZykl_jhb^ZfbIh^t_a^gZy^hjh`dZh[hj\ZeZkvijhklhjghc
Z\lhklhygdhci_j_^[_euf\ukljh_gguf\dhehgbZevghfklbe_hkh[gydhfR_klvfhsguo[_euo
dhehggahehlZy\yavf_lZeebq_kdh]hh]jZ`^_gby[ZedhgZ\__jhh[jZagh_hdghbap\_lgh]hkl_deZ
gZ^fZkkb\ghcba^\moiheh\bghdiZjZ^ghc^\_jvxljbfjZfhjgu_klmi_gb\_^msb_gZ\_jZg^m
��`bmwcgex[be\k_[hevrh_ijhdhff_glbjh\ZeDwe
LZdwlh_]h^hf"
JZamf__lky_]h?cke_^h\Zehwlhihgylv_^\ZhgZm\b^_eZgZ\hjhlZokeh`_ggu_\fhebl\_jmdb
G_fh]mih\_jblvqlhludmibe^hffhr_ggbdZ_\Zg]_ebklZ
Hgf_jl\Zebrgb_]eZaZgZfgbdq_fmDweih\_jgmedexq\aZfd_aZ`b]Zgbyh]ey^_e
nZkZ^Jbwel_jkdZaZeqlh^hffg_ihgjZ\blky
Luohq_rvkdZaZlvqlh\b^brv_]h\i_j\u_"
��Yg_\oh^be\djm]^jma_c`bmwcgZlZdqlh\]hklbhgf_gyg_ijb]eZrZe
Bludmibe^hf^Z`_g_\a]eygm\gZg_]h"
�Lml`_cgih^mfZeZh^`bi_gZdhlhjhfhgbijb_oZebbj_rbeZqlhm^b\eylvkyg_q_fm
Dwe\ue_abafZrbgugZqZejZa]jm`Zlv\_sbHgZihke_^h\ZeZ_]hijbf_jm\ayeZkvaZjmqdm
��Lufg_f_rZ_rvB^b\^hf\_jvg_aZi_jlZIhemqb\klhev]ZeZglgh_ijb]eZr_gb_`_cg
ih^gyeZkvihfjZfhjgufklmi_gyfhldjueZiZjZ^gmx^\_jvI_j_klmibeZihjh]bki_j\h]h\a]ey^Z
ihgyeZqlhnZkZ^wlhlhevdhp\_lhqdbp_glj_oheeZdjZkh\Zekyh]jhfgucnhglZgfjZfhjgZy
]j_qZgdZ^_j`ZeZ\jmdZodm\rbgbadhlhjh]hebeZkv\h^Zih^k\_q_ggZyjZaghp\_lgufbnhgZjyfb
� h[wlhfihaZhlbekyjbwel_jk[u\rbcwlhmjh^kl\hDwem\fGZf]gh\_gb_`_cgih^mfZeZqlh
ihiZeZ\h^ghbadZabghEZk_]ZkZWlhhsms_gb_mkbeb\Zehkvbg_\_jhylguojZaf_jh\
ojmklZevghcexkljhckkhlgyfbih[e_kdb\Zxsboijbafkh_^bg_gguo\h_^bghahehlufbp_iyfb
�Ih\_jgm\gZijZ\h`_cgihiZeZ\ijhklhjgmx]hklbgmxh[klZ\e_ggmx\klbe_njZgpmakdh]h
jhdhdh:\ueh`_ggucfjZfhjhfdZfbgmdjZrZebjhkdhrgu_dmib^hguKZfuf`_\mev]Zjguf
�ihdZaZeky`_cgdhn_cgucklhebdbakl_deZkh^ghcgh`dhcihp_gljm\uiheg_gghc\\b^_
dhe_ghij_dehg_ggh]hg_]jZ\ahehlbklhZehcgZ[_^j_gghcih\yad_
HgZi_j_reZ\]hklbgmx]^_iZjZojmklZevguoexkljgZ\bkeZgZ^klhehfaZdhlhjuf[_aljm^Z
�mf_klbebkv[u^\Z^pZlvq_eh\_dGhgZb[hevr__\i_qZle_gb_badhfgZlgb`g_]hwlZ`ZgZ`_cg
ijhba\_edZ[bg_l]hlbq_kdb_Zjdbl_fgha_e_gu_[ZjoZlgu_ihjlv_jufZkkb\gZyl_fgh]h^_j_\Z
f_[_ev\lhfqbke_h]jhfgucklhebdj_kehdhlhju_fh]eb[uijbgZ^e_`Zlv=_gjbom9,,,
�`_cg\_jgmeZkv\oheedZdjZa\lhlfhf_gldh]^ZDweaZghkbedexrdb^ey]hevnZDh]^Zhg
�ijbklZ\bebodnhglZgm`_cg\a]eygmeZgZ[Zedhg\lhjh]hwlZ`Z
Yijhklh[hxkvb^lbgZ\_jo
Hghdbgme__oheh^guf\a]ey^hf
�L_[_lmlg_gjZ\blky"Yhkdhj[e_g_j_\_gkdb_iZjgb\jh^_f_gy\kx`bagvf_qlZxl
ijbh[j_klblZdhcij_djZkguc^hf
HgZfheqZhl\_jgmeZkvbih^gyeZkvihe_klgbp_GZ\_jom__`^Zebl_`_[ZjoZlbihahehlZHldju\
�^\_jv\dhgp_dhjb^hjZ`_cgihiZeZ\ohayckdmxkiZevgxdjZkghq_jghahehlhcdhrfZj?s_
h^gZexkljZ]jhfZ^gZydjh\ZlvgZ\ha\ur_gbbIh^hc^y[eb`_baZ]eygm\ih^iheh]hgZm\b^_eZ
aZdj_ie_ggh_gZ^djh\Zlvxa_jdZehHlijygmeZblhevdhlmlaZf_lbeZqlhDwe\hr_e\kiZevgx
ke_^hfaZg_cHggZijZ\bekyddjh\Zlbqlh[uihkfhlj_lvqlhbkim]Zeh__
AgZ_rvqlhyl_[_kdZ`m"k_]^Zohl_ekiZlv\lZdhcdjh\ZlbWlhl^hfij_\ahr_e\k_fhb
h`b^Zgby
M`ZkdZdhclhFhgmf_gl`Z^ghklb
F_gywlhg_\hegm_lYg_h[fZgu\Ze\_jmxsbo
�?]hdhgdj_lbdZg_kihkh[ghklv\a]eygmlvgZijh[e_fmrbj_[_kbeb`_cg
Ih^mfZch\k_ol_oex^yodhlhju_ihkueZebKghmikm^_gv]b\udjZb\Zybobak\h_]hkdm^gh]h
[x^`_lZBgl_j_kghkdhevdh^_l_c]heh^ZebjZ^blh]hqlh[u\kiZevg_KghmikZihy\behkvwlh
a_jdZeh"
GbdZdg_f_gvr_^\mo^_kyldh\
HgZdhjhldh]eygmeZgZDweZqlh[uihkfhlj_lvg_rmlblebhgghDwem`_bamqZel_e_\bahjb
\b^_hfZ]gblhnhgklhysb_gZlmf[_q_jgh]h^_j_\Z
G_fh]mih\_jblvqlhlulZdhc[_a^mrguc
&#xhl;&#xw;&#xlh;&#x]h;&#xg;&#xZ;&#xl;&#xh_;;_;&#xkl;&#x_;&#xi;&#xjb;&#xkm;&#xlk;&#xl; b;
&#xj_;&#x^b;&#xlh;&#xjh;�&#xhl;&#xw;&#xlh;&#x]h;&#xg;&#xZ;&#xl;&#xh_;;_;&#xkl;&#x_;&#xi;&#xjb;&#xkm;&#xlk;&#xl; b;
&#xj_;&#x^b;&#xlh;&#xjh;�hlwlh]hgZl\h_ff_kl_\ijbkmlkl\bbdj_^blhjh\`bmwcgZy[u]h\hjblvg_klZeFgh]b_ba
gbo\_jgmlk\hb^_gv]b[eZ]h^Zjylhfmqlhydmibewlhl^hfDwe\u^\bgmeysbdHg
Ij_\hkoh^gh
b^_eZ_q_jbgdm[_aljmkbdh\"
Fh`_lo\Zlbl"HgZih^[_`ZeZdlmf[_gZqZeZ^hklZ\Zlv\b^_hdZkk_lumdeZ^u\Zlv\klhidm
Ihg_keZd^\_jbqlh[u\u[jhkblv\fmkhjgh_\_^jhHlgug_\^hf_g_[m^_lgbdZdbo
ihjghnbevfh\
BijZ\bevghdjbdgmehg\ke_^Hlk_dkZl_[_lhevdhh^bgijhdaZ[_j_f_g_lv
?_keh\ghm^Zjbebih^^uoHgZhklZgh\beZkvih\_jgmeZkvdDwem
Hg`_k\_jebe__\a]ey^hfmi_j_\jmdb\[hdZ\kdbgm\]heh\mbhgZg_m^b\beZkv[uij_^eh`bhg
&#xgh;&#xv;�_c\uclbgZmebpmqlh[udmeZdZfbhij_^_eblvdlhijZ\gh\v`_cgijbrehkvijbagZ\Zlvqlh_c
ijZdlbq_kdbg_q_]hijhlb\hihklZ\blvwlhfmq_eh\_dmBm`kh\_jr_ggh[_kkfuke_gghiulZlvky
hl\_lblvm^ZjhfgZm^Zj
LZdfub[m^_f`blv[eb`Zcrb_ljbf_kypZ"lbobf]hehkhfkijhkbeZhgZ;jhkZlvky^jm]
gZ^jm]Z"
F_gywlhmkljZb\Z_l
Ghfuh[Z[m^_fkljZ^ZlvIh`ZemcklZ^Z\ZcaZdexqbfi_j_fbjb_
Luohq_rvi_j_fbjby"
�ZG_[m^_fi_j_oh^blvgZebqghklbbihklZjZ_fkym`blvky
G_\uc^_lijhn_kkhjHg^he]hkfhlj_egZg__ihlhf^\bgmekydg_cg_ki_rghgh
m]jh`Zxs_Bf_gghlugZqZeZwlm]jyagmx\hcgmbl_i_jvl_[_ijb^_lkyih`bgZlv
ihke_^kl\byHgijhlbkgmekyfbfhg__bgZijZ\bekyde_klgbp_
�K]medh[vxsbfkyk_j^p_f`_cgklhyeZgZf_kl_ihdZhgg_bkq_aaZ\oh^ghc^\_jvxIhlhf
mkeurZeZdZdaZmjqZe^\b]Zl_ev^`biZ]em[hdhci_qZebhgZ^hlZsbeZkv^hdmogb]^_[jhkbeZ
\b^_hdZkk_lu\dhgl_cg_j^eyfmkhjZ
OjmklZevgmxexkljmKghmikih\_kbebgZdmog_gZ^[hevrmsbfjZa^_ehqgufklhehfbaq_jgh]h
]jZgblZIhek\_jdZeq_jguffjZfhjhfDdmog_ijbfudZeZdhfgZlZ^eyaZ\ljZdZbahdgZdhlhjhc
hldju\Zekyij_djZkguc\b^Dkh`Ze_gbxex[h\Zlvkyijbjh^hcf_rZebdjh\Z\hdjZkguc[ZjoZl
h[b\db[Zgd_ldbbh[hbkf_lZeebabjh\ZggufbdjZkgufbjhaZfbdhlhju_dZaZehkv\hl\hlgZqgml
��m\y^Zlv`_cgih^mfZeZqlhlZdhcbgl_jv_jfh]aZdZaZlvlhevdhjZdmeZghihdjZcg_cf_j_
ijbjh^ZaZhdghfjZ^h\ZeZ]eZabhgZj_rbeZihkb^_lvgZdmog_b\ujZ[hlZlvohlvdZdhclhieZg
^_ckl\bc
G_kdhevdhke_^mxsboqZkh\hgZjZa[bjZeZijb\_a_ggu_ijh^mdlua\hgbeZ\QbdZ]hqlh[umljyklb
hklZ\rb_kyg_j_r_ggufb\hijhkugZibkZeZdhjhldh_ibkvfhDwjheZcggh]eZ\gufh[jZahf
�jZafureyeZKijb[eb`_gb_f\_q_jZlbrbgZ\^hf_\k_[hevr_^Z\beZgZg__`_cg\kihfgbeZ
qlhg__eZkkZfh]hmljZ:ii_lblZg_[uehghhgZ\k_lZdbj_rbeZi_j_dmkblv
�HgZm`_agZeZbaq_]hfh`gh\u[bjZlvDhjh[dbkEZdbqZjfk@rhdheZ^gu_ibjh`gu_k
dj_fhf[_eucoe_[dhiq_gZydhe[ZkZF_gxf_qlZ^_\ylbe_lg_]hih^jhkldZhafh`ghhp_gbe
�[u_]hb^_j_\_gkdbc]mjfZgghg_hgZ`_cgij_^ihqblZeZk\_`b_ijh^mdlubih\hafh`ghklb
gZlmjZevgu_DkqZklvxgZr_ekybkujKgbfhgZbk^_eZeZkZg^\bqK_eZgZ[ZjoZlgmx[Zgd_ldm
ih_eZ
:lmlih^djZeZkvbmklZehklvOhl_ehkviexogmlvky\djh\ZlvbkjZamaZkgmlvghk\hboq_fh^Zgh\\
\kihfgbeZ[hevrmxkiZevgxG_m`_ebhg^mfZ_lqlhhgZ[m^_lkiZlvkgbf\h^ghcdjh\Zlb"Blml
`_hlh]gZeZwlmfukevHgba[_]ZefZe_cr_]hnbabq_kdh]hdhglZdlZlZdqlhk_dkmZevghcZ]j_kkbbk
_]hklhjhguhgZfh]eZg_hiZkZlvky
�FukevwlZh^gZdhg_mkihdhbeZKebrdhfkbevguf[ueh_]hfm`kdh_gZqZehb`_cgg_fh]eZ
qm\kl\h\Zlvk_[y\[_ahiZkghklb?chklZ\ZehkvebrvgZ^_ylvkyqlh__mfkfh`_l\aylv\_jogZ^_]h
kbehc
�P\_lgu_h]gbnhglZgZhl[jZku\Zeb]jhl_kdgu_l_gbgZkl_guoheeZ`_cgih^gyeZkvgZ\_jo
qlh[ugZclbk_[_kiZevgxI_j\uf^_ehfhldjueZ^\_jvdhfgZlufZdkbfZevghm^Ze_gghchl
[hevrhckiZevgb
BihiZeZ\hqZjh\Zl_evgmx^_lkdmxKijhkl_gvdbfb\[_emxb]hem[mxihehkdmh[hyfbm^h[guf
dj_kehfdZqZedhc[_eufdhfh^hfb^_lkdhcdjh\ZldhcKl_gmgZ^g_cmdjZrZeijyfhm]hevgbd
�[_ehcfZl_jbbk\urblhcgZg_cfhebl\hc`_cgkbamfe_gb_fhlf_lbeZqlhgbq_]h^jm]h]h
k\yaZggh]hkj_eb]b_chgZ\^hf_g_\b^_eZm[jZgkl\_^_lkdhcqm\kl\h\ZeZkvqvylhex[ysZy
���aZ[hleb\ZyjmdZhlgx^vg_ijbgZ^e_`Z\rZyih]em[hdhfmm[_`^_gbx`_cg`bmwcgm
Kghmikm
HgZhimklbeZkv\^_j_\yggh_dj_kehdZqZedmqlhklhyehmhdgZbaZ^mfZeZkvhkh[kl\_gghf
j_[_gd_JZa\_hgkfh`_ljZklbkbevgufbkqZkleb\uf_kebjh^bl_eb[m^ml\h_\Zlv^jm]k^jm]hf"
HgZ\kihfgbeZh[_sZgb_dhlhjh_^ZeZWggb=eZc^klZ\blv[eZ]hihemqb_fm`Z\i_j_^b
kh[kl\_ggh]hDZdlhevdhwlhcklZjmo_m^Zehkvh[\_klb__\hdjm]iZevpZb^h[blvky__kh]eZkbygZ
g_\hafh`gh_"Ijblhfqlhhggbq_]hg_ihh[_sZe\aZf_g
Ihq_fmhgZ\hlebqb_hlg_]hg_kfh]eZ\udjmlblvky"IjZ\^Zbijb[jZdhkhq_lZgbbhgZfgh]h_
gZh[_sZeZH^gbfg_\uiheg_ggufh[_sZgb_f[hevr_h^gbff_gvr_gbdZdhcjZagbpu
�Hldbgm\rbkvgZkibgdmdj_keZdZqZedb`_cggZqZeZbkdZlvimlvdfbjmHgZh[yaZl_evgh^he`gZ
_]hgZclbBg_lhlqlhij_^eZ]ZeZWggbLZd[m^_lemqr_^eyj_[_gdZ
��Qmlviha`_ihemghqbDweaZi_jky\dZ[bg_l_biha\hgbe_ev]Z^h^hfhch`b^ZykvihdZZ^\hdZl
\havf_lljm[dmhgkg_h^h[j_gb_fih]ey^u\ZegZkl_gumdjZr_ggu_hohlgbqvbfbljhn_yfbhl\
_]h\b^_kihjlZkjZ`Zlvkyijboh^behkvkdj_idbfbiZjgyfbZg_k[_aaZsblgufb`b\hlgufbb_fm
wlhgjZ\behkvHghlf_lbeqlhhlwlboljhn__\gZ^hih[uklj__ba[Z\eylvky
Dh]^Z\ljm[d_ihkeurZeky]hehk;jZcZgZDwekjZami_j_r_ed^_em
Qlhlu\uykgbe"
�IhdZgbq_]hM^hdlhjZZjebg]lhgkd_e_lh\\rdZnmihoh`_g_lFh`_lihlhfmqlhebqgZy
`bagvmg__ijZdlbq_kdbhlkmlkl\h\ZeZ
:qlh`_hgZ^_eZ_l\k\h[h^gh_\j_fy"
JZ[hlZ_lWlhb_klv__`bagv
B\ihkem`ghfkibkd_gbq_]hg_l"
Ijh[e_fuk[hkkhf\IjbaeZ[hjZlhjbaghijbqbgZlhfm_]hijhn_kkbhgZevgZyaZ\bklv
Kj_^bnbabdh\klZjr_]hihdhe_gby[ulm_lfg_gb_qlhbkke_^h\Zgbywe_f_glZjguoqZklbp
fm`kdh_^_eh
DwegZofmjbeky
YgZ^_yekyqlhdwlhfm\j_f_gbluqlhgb[m^vjZkdhiZ_rv
ijb\e_dZlvdk_[_baebrg_]h\gbfZgby
Dweijhr_ekyjmdhcih\hehkZf
&#xj_;&#xf_;&#xg_;&#xy;&#xl_;&#x[y;&#xg;&#x_;&#xh];&#xjZ;&#xgb;&#xqb;&#xZ;&#xx;&#xg;&#xh;&#xlu;&#x^;&#xhe;&#x`_;&#xg;&#xql;&#xh;&#xgb;&#x[m;&#x^v;&#xg;&#xZc;&#xlb;&#x;LuijZ\j_f_g_fyl_[yg_h]jZgbqb\Zxghlu^he`_gqlhgb[m^vgZclb_ckl\mcdZd
kqblZ_rvgm`gufGh\lh`_\j_fyhkh[hg_lygb
Wlhihgylgh
Hgbih]h\hjbebh[mkeh\byoi_j_aZdexq_gbydhgljZdlZkk_lvxdZn_[ukljh]hh[kem`b\Zgby
h[km^bebij_^eh`_gb_ijhba\h^bl_eykihjlb\ghch^_`^uDwem`_kh[jZekyiheh`blvljm[dm
dh]^Z_]hhk_gbeh
AZ\ljZihrebdh]hgb[m^vbak\hboex^_cijbdmiblvdhfbdkh\Hkhe^ZlZom^Zqbkmi_jf_gZog_
�ihf_rZxlb^\Zljbk;Z]khf;Zggb@k_]hijbrebfg_q_luj_bebiylv^_kyldh\
Dhfbdkh\"
�Z
�jm]bo\hijhkh\;jZcZgg_aZ^ZeohlyDweqm\kl\h\Zeqlhkijhkblvlhfmohq_lkyAZdhgqb\
jZa]h\hjhghlijZ\bekygZ\lhjhcwlZ`\ihbkdZo`_gsbgudhlhjZylZddjmlhbaf_gbeZ_]h`bagv
@Z`^Zf_klbg_\uau\ZeZ\g_fm]jua_gbckh\_klbNml[hevgh_ihe_ij_ih^Zeh_fmg_fZehmjhdh\
\u`b\Zgbybhgohjhrhmk\hbenmg^Zf_glZevgu_bklbgu?kebdlhlhku]jZeklh[hc]jyaghlu
h[yaZghl\_lblvl_f`_beb\lhl`_fhf_glbebqmlviha`_Bb^lbijhlb\k\hbo`_ijbgpbih\
hgg_kh[bjZekyG_ohl_eihklhygghh]ey^u\ZlvkyklZjZykvihgylvq_fhgZm^b\bl_]hgZwlhljZa
HgZ^he`gZjZabgZ\k_]^Zmk\hblvkd_fk\yaZeZkvbdZdh\ufh]ml[ulvihke_^kl\by_kebhgZ
ihiulZ_lky\gh\vh[fZgmlv_]h
�`_cghggZr_e\^_lkdhcmkljhb\r_cky\dj_ke_dZqZed_Hqdbe_`Zebmg__gZdhe_gyohkg_
hgZ\u]ey^_eZlZdhcjZgbfhcghDweagZekdhevh[fZgqb\hwlh\i_qZle_gb_KkZfh]hgZqZeZ\__
^_ckl\byoqblZebkvoeZ^ghdjh\b_bjZkq_lHgZagZeZq_]hohl_eZb^h[beZkvk\h_]hijbwlhf[_a
kijhkZi_j_\_jgm\_]h`bagvq_]hhgijhklblv_cg_fh]Bj_qvreZg_lhevdhhg_fgZihfgbehg
k_[_ghbhg_\bgghfj_[_gd_
�_l_chgex[beGZijhly`_gbb^_kylbe_lfgh]h\j_f_gbm^_eye^_lyfba[_^guok_f_cohly
klZjZekywlh]hg_Znbrbjh\Zlvqlh[udlhgb[m^vg_ihiulZekyij_\jZlblv_]h\k\ylh]hDweZHg
iheZ]ZeqlhwlZqZklv_]h`bagbhklZg_lky[_abaf_g_gbcbihke_`_gblv[uKZfhg\ujhk\dj_idhc
k_fv_b_fmg_gjZ\behkvqlh_]hijbyl_ebbbo[u\rb_`_gui_j_db^u\Zeb^_l_c^jm]^jm]m
keh\ghfyqbdHgihdeyekyqlh_]hj_[_ghdba[_`bllZdhcg_aZ\b^ghckm^v[ugh^hdlhj
�Zjebg]lhgg_hklZ\beZ_fm\u[hjZ
�DwerZ]gme\^_lkdmxEmgguck\_lij_\jZlbe\hehku`_cg\k_j_[jhH^gZijy^vfy]dh\beZkvih
�s_d_`_cgkgyeZib^`ZdbDwe\b^_edZdf_jghih^gbfZ_lkybhimkdZ_lky__]jm^vih^
h[e_]Zxsbfr_edhf[emau
hkg_hgZdZaZeZkvfheh`_lhcm`Zkghcijhn_kkhjrbqlhjZklhedh\u\ZeZklm^_glZfij_fm^jhklb
nbabdbwe_f_glZjguoqZklbpH[s_gb_kijbjh^hckhgemgguck\_lkhkem`beb^h[jmxkem`[m
�`_cgihk\_`_eZihjhah\_eZ\uau\ZymDweZijbeb\`_eZgby
J_Zdpbyl_eZ\klj_\h`beZ_]hIjbi_j\uo^\mo\klj_qZokg_chgihgylbyg_bf_ekd_fbf__l
^_ehL_i_jvagZeghl_ehie_\Zlvohl_ehgZgh\mxg_]Zlb\gmxbgnhjfZpbx
Dwej_rbeqlhihjZi_j_oh^blvdgh\hckp_g_bofZehijbylghcf_eh^jZfubqmlvlhedgmeghkdhf
IhjZ\ihkl_evdmJhab[Z^
A_e_gu_]eZaZrbjhdhjZkdjuebkvblml`_ihl_fg_eb\ij_^qm\kl\bbg_eZ^gh]h
Yy^he`gh[ulvaZkgmeZ
�_gv\u^Zeky^ebgguc
YbkdZeZkiZevgxHgZgZ^_eZhqdbijhreZkvjmdZfbih\hehkZfm[bjZyijy^bmiZ\rb_gZ
ebphDwegZ[ex^ZedZd__iZevpukdhevayl\k_j_[jyghfihlhd_
Lufh`_rvaZgylvdhfgZlm\^h\uKghmikZIhreb
Hg\b^_eqlhb^lb_cg_ohq_lkydh_s_[hevr_g_ohl_ehkv\\yau\Zlvky\hq_j_^gmxkkhjm@Zev
qlh__wfhpbblZde_]dhqblZxlkygZebp_B]jZhlwlh]hl_jy_lhkljhlm
�Dweih\_e__ihdhjb^hjmKijb[eb`_gb_fd]eZ\ghckiZevg_g_j\haghklv`_cg\hajZklZeZ?]h
wlhlhevdhjZ^h\Zeh:dZdhgZhlj_Z]bjm_l_kebhgijbljhg_lkydg_c"IhdZhgba[_]ZefZe_cr_]h
nbabq_kdh]hdhglZdlZihlhfmqlhg_agZekfh`_leb^_j`Zlvk_[y\jmdZoHggbdh]^Zg_[be
`_gsbgmg_fh]^Z`_ij_^klZ\blvk_[_lZdh]hgh`_eZgb_mgbqlh`blv__ijbqbgblv[hevrehba
ih^khagZgbyBl_i_jv\b^ydZdhgZg_j\gbqZ_lhgagZeqlh^he`_gijh\_jblvb__bk_[y
Hgbih^hrebdgm`ghcbf^\_jbIhlygm\rbkvdjmqd_DwekhagZl_evghdhkgmeky__ij_^ie_qvy
�`_cgZ`ih^iju]gmeZbih\_jgmeZkvdg_fm_]h]eZaZoklhyeZgZkf_rdZhgZihgyeZqlhhg
\b^bl__gZkd\havB_fm^hih^ebgghba\_klghdZdhgZg_j\gbqZ_l\_]hijbkmlkl\bb:k_cqZk\
g_fqm\kl\h\ZeZkvdZdZylhm]jhaZHgZg_fh]eZijhqblZlv_]hfukebEbrvagZeZqlh\wlhf
h]jhfghfm`Zkghf^hf_hgb\^\h_fbhgZ[_aaZsblgZ
DwejZkiZogme^\_jv
��KiZevgbmgZkkf_`gu_dZdijbgylh\lZdbohkh[gydZoDZdyihgbfZx`bmwcgb_]h`_gZg_
hq_gveZ^beb
Fg_g_gm`gZkf_`gZykiZevgyY[m^mkiZlv\h^ghcba^ZevgbodhfgZl
Lu[m^_rvkiZlvlZf]^_ykdZ`m
&#x_;&#x]h;&#x];&#xhe;&#xhk;&#x_;&#xke;&#xur;&#xZe;&#xZk;&#xv;&#xm];&#xjh;&#xaZ;&#x;&#xm;�_]h]hehk_keurZeZkvm]jhaZbm`_cgkdjmlbeh`b\hl
Bqlhkb_^he`ghhagZqZlv"
a]ey^DweZkdhevagmeih__r__]jm^bkimklbekyd[_^jZf\_jgmekyd]eZaZf
LuebrbeZf_gyihdhyg_]h\hjyhlhfqlhfg_ijbrehkvihljZlblvkyIhfhbf
ij_^klZ\e_gbyfwlhhagZqZ_lqlhlui_j_^hfghc\^he]mFh`_lyohqmqlh[ulugZoh^beZkv
ih[ebahklb_kebyj_rmqlhihjZjZkieZqb\Zlvky
K_dkmZevghklvgZf_dZg_hklZ\eyeZkhfg_gbc\jh^_[u_cke_^h\ZehjZkk_j^blvky bkim]Zlvky
gZ\_jgydZ\fZ\f_klhwlh]h__keh\ghijhrb[ehwe_dljbq_kdbflhdhfLZdZyj_Zdpby]em[hdh
�\klj_\h`beZ`_cghgZihiulZeZkvhlrZlgmlvkyhlg_]hghebrvgZldgmeZkvkibghcgZ^\_jghc
dhkyd
�Hgih^gyejmdmmi_jkyeZ^hgvx\kl_gmjy^hfk]heh\hc`_cg?]hgh]ZdhkgmeZkv__gh]bb\gh\v
�`_cg\kiuogmeZh]g_fHgZ\b^_eZq_jgu_l_gbih^_]hkdmeZfbq_jgu_h[h^db\hdjm]k\_leh
k_juoojmklZebdh\]eZaMeh\beZaZiZoklbjZevgh]hihjhrdZb^msbchl_]hjm[Zrdbb^jm]hc
aZiZodhlhjh]h[ulvg_fh]ehghhgZ_]hl_fg_f_g__meh\beZAZiZohiZkghklb
AZ]h\hjbeDweojbieufr_ihlhf
?kebybjZa^_gml_[y^h]heZJhab[Z^lhijbk\_l_^gyIhlhfmqlhygbq_]hg_ohqmmimklblv
h[gZ`blvkyi_j_^gbfijyfh\dhjb^hj_GZ\uah\\hbgZ_cohl_ehkv^Zlv^hklhcguchl\_l[eZ]h
_s_i_j\Zy`_gsbgZagZeZdZdihklZ\blvfm`qbgmgZdhe_gb
Hg^\bgmeky?^\ZaZf_lghQmlvqmlvi_j_g_kp_gljly`_klbghbwlh]ho\Zlbehqlh[uba]gZlvoZhk
ba]heh\uHgZijhn_kkhjnbabdbkj_^gboe_l___^bgkl\_ggucex[h\gbdmdeZ^u\Zeky\ihkl_ev
\ghkdZo=^_`_c^hklhcghkhi_jgbqZlvk\_l_jZghfk_dkmZevguo[bl\dhlhjucihoh`_j_rbe
^eyk_[yqlhbf_gghk_dkklZg_lhjm`b_fih[_^u
�Gh`_cgg_`_eZeZk^Z\ZlvkygZfbehklvih[_^bl_eyg_ohl_eZqlh[uhgh[jZlbe__keZ[hklb\
k\hxihevamIh^gyeZ]heh\m\klj_lb\rbkvkgbf\a]ey^hf
IhklmiZclZddZdkqblZ_rvgm`gufDweYhl\_qml_[_l_f`_
M`g_ijhf_evdgmehebgZ_]hebp_bamfe_gb_"LhqghhgZkdZaZlvg_fh]eZihlhfmqlhih\_jgmeZkv
bijhreZ\dhfgZlmaZoehigm\aZkh[hc^\_jv
�Mljhf`_cgjZa[m^be\eb\Zxsbcky\hdgZk\_lHgZijb\klZeZhdbgmeZ\hkobs_gguf\a]ey^hf
kiZevgx\^h\uKghmik\u^_j`Zggmx\k\_lehkbgbob[_euolhgZoIjhklZym^h[gZyf_[_ev
dh\jugZihemgZkl_gZokha^Z\Zeblh`_hsms_gb_^hfZrg_]hmxlZdhlhjuchgZihqm\kl\h\ZeZ\
^_lkdhc
�`_cg]eygmeZgZ^\_jv\_^msmx\\ZggmxaZdhlhjhcgZoh^beZkvkiZevgyDweZjh^_[ukd\hav
khghgZkeurZeZrmf^mrZlZdqlhhklZ\ZehkvgZ^_ylvkyqlhhgm`_m_oZeIjhreuf\_q_jhfhgZ
\hkihevah\ZeZkvfZe_gvdhc\Zgghc^\_jvbadhlhjhc\uoh^beZ\dhjb^hj
Dh]^ZhgZh^_eZkvjZkiZdh\ZeZ\_sbbkimklbeZkvgZdmogx^`biZg_[uehGZklhe_hgZgZreZ
aZibkdmDweZkl_e_nhghfijh^h\hevkl\_ggh]hfZ]ZabgZihdhlhjhfmhgZfh]eZaZdZaZlv\k_
g_h[oh^bfh_Kt_\]j_ghdhgZiha\hgbeZbi_j_qbkebeZijh^mdlu[he__ijb\uqgu_^eyg__q_f
rhdheZ^gu_ibjh`gu_
kdhj_ihke_lh]hdZdijb\_aebijh^mdluih^t_oZe_s_h^bgZ\lhfh[bevgZwlhljZak__
dhfivxl_jgufh[hjm^h\Zgb_fHgZihijhkbeZihkuevgh]hi_j_g_klb\k_\kiZevgx]^_bijh\_eZ
g_kdhevdhke_^mxsboqZkh\h[mkljZb\ZyjZ[hq__f_klhKlhehgZihklZ\beZmhdgZqlh[u
�ex[h\Zlvky]hjZfbdh]^Z\kihfgblhlhfqlhgZ^hhlhj\Zlvkyhldhfivxl_jZHklZlhd^gy`_cg
jZ[hlZeZgh\udjhbeZ\j_fy^eyijh]medb
��L_jjblhjby\hdjm]^hfZaZjhkeZe_khf_j_\vy_s_klhyeb]heu_gh`_cggjZ\bebkvm_^bg_gb_
lbrbgZbihdhcHgZgZreZljhimmoh^ysmx\\_jobfbgml^_kylvrZ]ZeZihg_cihdZg_gZqZeZ
�`Z^gho\ZlZlvjlhfjZaj_`_gguc\ha^moIh\hjZqb\ZygZaZ^`_cgj_rbeZqlhdZ`^uc^_gv[m^_l
ih^gbfZlvkyqmlv\ur_ihdZ\dhgp_dhgph\g_^h[_j_lky^h\_jrbgu
KiZlvhgZe_]eZlZdbg_^h`^Z\rbkvDweZmljhfhgm_oZe^hlh]hdZdhgZijhkgmeZkvGh\h
�\lhjhciheh\bg_^gyhg\hr_e\oheedZdjZa\lhlfhf_gldh]^Z`_cgkimkdZeZkvihe_klgbp_
Dweh^Zjbe__m`_agZdhfufij_ajbl_evguf\a]ey^hfkeh\ghhgZlhevdhqlh\uiheaeZbaih^
dZfgy
Jbwel_jgZgbfZe^\mo`_gsbgdhlhju_ijb[bjZebkv\ehf_ihdZmg_]hg_ihy\bekygh\uc
ohaybgKjZ[hlhchgbkijZ\eyebkv\hlybg_klZehldZau\Zlvkyhlbomkem]Hgb[m^mlijboh^blv
^\Z`^u\g_^_exgZqbgZykaZ\ljZrg_]h^gy
Ohjhrh
IhZg]ebckdbhgb]h\hjyliehohghagZxlqlhgZ^h^_eZlvG_imlZckymgboih^gh]Zfb
�lmZe_l_\h^u\fghDwem`_hl\_jgmekyhlg__Dh]^ZaZoehigmeZkv^\_jv`_cgaZ^ZeZkv\hijhkhfZ
g_[ueebhgk^jm]hc`_gsbghc"
FukevwlZhi_qZebeZ__OhlyaZfm`hgZ\ureZg_ihex[\bbg_fh]eZlj_[h\Zlvhlg_]h
kmijm`_kdhc\_jghklb_cohl_ehkvqlh[uhgg_baf_gye_c\h\kydhfkemqZ_\[eb`Zcrb_f_kypu
Ij_^qm\kl\b_[_^uho\Zlbeh__gZ\ZebeZkvh[j_q_gghklvbqlh[uk[jhkblvwlmg_ihkbevgmxghrm
�`_cgihki_rbeZddhfivxl_jmbk]heh\hcmreZ\jZ[hlm
�@bagvihkl_i_gghmihjy^hqb\ZeZkvghlj_\h]Zg_moh^beZQlh[uaZ]emrblv__`_cgjZ[hlZeZ
dZdgbdh]^Zfgh]hgh\k_lZdbgZoh^beZ\j_fy^ey_`_^g_\ghcijh]medbDweZhgZ\b^_eZj_^dhgh
__wlhg_jZ^h\Zeh_jhylghihlhfmqlhhgijZdlbq_kdbaZlhqbe__\lxjvfm:\lhfh[beymg__g_
[uehk\h_]hhg_cg_ij_^eZ]Ze\b^_eZhgZlhevdhihkuevguo^Z^\modhj_yghdm[hjsbpDZd
�n_h^Ze`b\msbc\aZfd_gZ]hj_hghlj_aZe__hl]hjh^Zb]hjh`Zg`_cghklZ\Zehkvlhevdh
]Z^ZlvdZdhgih\_^_lk_[ydh]^Z_]hjh^kl\_ggbdb\_jgmlky^hfhc
JZamf__lky\hlebqb_hl`_gukj_^g_\_dh\h]hn_h^ZeZhgZfh]eZ\ex[hcfhf_gliheh`blvdhg_p
k\h_fmaZlhq_gbxA\hghdgZ^bki_lq_jkdbcimgdllZdkbj_rbe[u\k_ijh[e_fugh`_eZgby
ihdbgmlvihf_klv_mg__g_\hagbdZehAZbkdexq_gb_fdhexq_cdZd_`Wggb=eZc^gbdlhg_agZe
qlhhgZa^_kv?cdhg_qghohl_ehkv[uihkfhlj_lvf_klgu_^hklhijbf_qZl_evghklbghih`Zemc
\i_j\u_aZk\hxgZmqgmxdZjv_jm_cij_^hklZ\eyeZkv\hafh`ghklvgbgZqlhg_hl\e_dZlvkyBg_
ijh]ehlblvlZdmxijbfZgdmhgZg_fh]eZ
Gbdh]^ZjZgvr__cg_m^Z\Zehkvihk\ylblvk_[ylhevdhjZ[hl_Gbl_[_aZgylbckhklm^_glZfbgb
aZk_^ZgbcdZn_^jugbdZdbolhihjmq_gbcgbq_]hlh]hqlhfh]ehhl\e_qv__hlgZmqguo
bkke_^h\ZgbcDhfivxl_jfh^_fbl_e_nhgk\yau\Zeb__kex[hcbgnhjfZpbhgghc[Zahchl
[b[ebhl_db\Ehk:eZfhk_^hbgklblmlh\gZdjmig_crbomkdhjbl_eyodhlhjuoijh\h^bebkv
\Z`g_crb_wdki_jbf_gluJZ[hlZhl]hgyeZg_\_k_eu_fukeb
�`_cggZqZeZl_jylvkq_l\j_f_gbih]jm`Zykv\fZl_fZlbq_kdbchd_ZgiulZykvhibkZlvg_\b^bfu_
]eZamijhp_kkukljh]bfyaudhfnhjfmeGZihfhsvfZl_fZlbd_aZqZklmxijboh^beZbbglmbpby\
�oh^rebd\Zglh\Zyl_hjbybaZdhguq_luj_of_jgh]hijhkljZgkl\Z=^_[ugbgZoh^beZkv`_cghgZ
\kx^mqlhlhibkZeZB^_bnbdkbjh\ZebkvgZd\blZgpbyoaZijb\_a_ggmxibppmgZiheyomlj_gg_c
]Za_lugZdhg\_jlZoDZdlh^g_fhgZ\hreZ\\Zggmxbm\b^_eZg_dbci_j_oh^ysbc\kn_jmweebik
&#xhl;&#xl;&#xml;�gZjbkh\ZggucgZa_jdZe___hq_gv^hjh]hcjhah\hcihfZ^hchllml`_cgihgyeZqlhihjZ
ij_j\Zlvky
Ko\ZlbeZ[_emx\_ljh\dmhk\h[h^beZdZjfZguhlaZibk_ck^_eZgguogZijhreuoijh]medZob
\ureZba^hfZq_j_a\_jZg^mI_j_k_deZ^\hjb^\bgmeZkvihih^gbfZxs_cky\]hjmljhi_ih
dhlhjhcdZ`^uc^_gvmoh^beZ\k_^Zevr_Fukeb__\_jgmebkvddhg\hexlgufdjb\uf:_keb
Ijhgabl_evgucdjbdilbpu\_jgme__dj_ZevghklbDZdhgZfh]eZ^mfZlvhd\Zglh\hc]_hf_ljbb
kj_^blZdhcdjZkhlu"?kebb^Zevr_\_klbk_[yih^h[gufh[jZahfgbh^bgj_[_ghdg_aZohq_l
bf_lvlZdmxfZlv
�Ih^gbfZykv\k_\ur_`_cgihklZjZeZkvkhkj_^hlhqblvkygZhdjm`Zxs_c__ijbjh^_Iheghc
]jm^vx\^uoZeZaZiZoo\hbbke_`Z\r_ckyijhreh]h^g_cebkl\uih^klZ\eyeZebphih^l_ieu_
kheg_qgu_emqb_kgZgZklmiZeZijhc^_lkh\k_fg_fgh]h\j_f_gbbwlbkdehguaZp\_lml
GhdjZkhlZg_\^hogh\beZ__gZh[hjhlgZkljh_gb_miZehij_^qm\kl\b_[_^udhlhjh_hgZklZjZeZkv
[m^ms_fgh\e_kghclbrbhgZm`_g_fh]eZ^mfZlvgbhq_f^jm]hf
�@Z^gheh\yjlhfjZaj_`_gguc\ha^mo`_cgaZ\b^_\\ZemgkhreZkljhiubgZijZ\beZkvdg_fm
qlh[uk_klvbhl^hogmlv?chklhq_jl_eh`blvkqm\kl\hf\bguDweg_kh[bjZekyijhsZlv__aZ
kh^_yggh_b_chklZ\Zehkvlhevdhfheblvkyqlh[u_]h\jZ`^_[ghklvg_jZkijhkljZgbeZkvbgZbo
j_[_gdZ
HgZ\kihfgbeZlmaZ\mZebjh\Zggmxk_dkmZevgmxm]jhamdhlhjZyh^gZdhijhkfZljb\ZeZkv\_]h
ih\_^_gbb\boi_j\uc\_q_j\ihf_klv_blhevdhk_cqZkihgyeZqlhg_agZ_llhqghohl_eebhg
�\aylv__kbehc`_cgaZ^jh`ZeZihkfhlj_eZ\gbagZhkh[gydkl_fghcdjur_cbZ\lhfh[bevgmx
�klhygdm\nhjf_ihemf_kypZM\b^_eZfZrbgmih\hjZqb\Zxsmxd\hjhlZf`biDweZHg
\_jgmekyqlh[uijhkfhlj_lvk\_`mxklhidmdhfbdkh\^hklZ\e_gguomljhf"
Hgb\Zeyebkvih\k_fm^hfmG_meh\bfu_Fklbl_ebKde_im`Zkh\^Z`_;Z]k;Zggb
kydbcjZadh]^ZhgZ\b^_eZgh\mxdgb]mdhfbdkh\hgZfuke_ggh[eZ]h^ZjbeZ;h]ZaZlhqlhohlv
\wlhfg_^himklbeZhrb[dbMj_[_gdZkbgl_ee_dlmZevgufmjh\g_f\k_[m^_l\ihjy^d_?_
]_gbZevghklvdhfi_gkbjm_lky_]hkdm^hmfb_fbj_[_ghdg_klZg_l\ujh^dhfBk\hx[eZ]h^Zjghklv
hgZ\ujZ`ZeZl_fqlhg_iha\heyeZljh]Zlvdhfbdku^Z`_dhj_ygdZfihke_m[hjdb\k_hgb
hklZ\ZebkvgZij_`g_ff_kl_
��?]hklZjZgbyfb^hfklZe^eyg__lxjvfhcb[eZ]h^ZjghklbaZwlh`_cgg_bkiulu\ZeZZ
baheypbyihfh]ZeZieh^hl\hjghcjZ[hl_ghhgZihgbfZeZqlhkfbjb\rbkvhgZ^Z_l_fmkebrdhf
�[hevrmx\eZklvgZ^kh[hc:qlhhgk^_eZ_lih^mfZeZ`_cg_kebhgZg_\_jg_lky"Qlh_kebhgZ
ihdbg_lihf_klv_gZc^_ll_e_nhggmx[m^dm\uah\_llZdkbbm_^_l\Zwjhihjl"
�B^_ykf_rZlv_fmdZjlu\^hogh\beZ`_cgHldbgm\rbkvgZaZ^hgZih^klZ\beZebphl_iehfm
khegpmb\klZeZebrvdh]^Zoheh^\ZemgZijh[bekykd\havr_jklv__[jxdHgZ\gh\vhdbgmeZ
\a]ey^hf^hebgm
��hfb_]hohaybg\gbam]hjgZy\_jrbgZgZ\_jom`_cgijh^he`beZih^t_f
=eZ\Z
�Dwe\hr_e\]hklbgmxkkmfhqdhc`_cg\jmd_gZijZ\bekydkl_deygguf^\_jyf\_^msbfgZ
�l_jjZkmghg_h[gZjm`be`_cgblZfWlhhagZqZehlhevdhh^ghhgZmreZd\_jrbg_]hju
HgagZeqlhhgZ]meyeZihqlbdZ`^uc^_gvghdh]^ZkijZrb\Zeh[wlhfkeurZe\hl\_lqlh^Ze_dh
hgZg_moh^bl:\hl\wlhl^_gvihoh`_mreZ^ZlZdqlhaZ[em^beZkvBa`_gsbgkZcdvx
[he__]emiZy_fm_s_g_\klj_qZeZkv
Q_jlDwer\ujgmekmfhqdmgZ^b\ZgAZs_edZjZkdjueZkvkh^_j`bfh_\ukuiZehkv
�Qlhlhg_lZdKbf_g@"
�Qlh"Zg_lDwegZqbklhaZ[ueijhk\h_]hfeZ^r_]h[jZlZWlZgZIhke_lh]hdZdWlZg
ihy\bekym\hjhl^\Z^pZlvfbgmlgZaZ^DwemkZ^be_]h\]hklbghcbhklZ\beh^gh]hkhkeZ\rbkvgZ
lhqlh_fmgZ^hkjhqghiha\hgblvk_wlh\j_fyhgiulZekyihgylvdm^ZaZijhiZklbeZkv_]h`_gZ
�Hlkjhqblv\klj_qm`_cgkjh^kl\_ggbdZfb^Z`_gZg_kdhevdh^g_chdZaZehkvhcdZdg_e_]dhWlZg
\_jgmekybaeu`gh]hihoh^Z^\Z^gygZaZ^jh^bl_ebbaih_a^dbgZdmjhjlljbbl_i_jvhgbg_
^Z\Zeb_fmihdhy
�BkdZe[mfZ`gbdihiulZekyhijZ\^ZlvkyhgIh^mfZeqlh`_cgfh]eZiheh`blv_]h\
k\hxkmfhqdm
ih^hr_ed^\_jyfgZl_jjZkmIjb\a]ey^_gZ[jZlZaehklvDweZihmlboeZIhdZhgb=_c[k\_jdZeb
gZkihjlb\guoiehsZ^dZoWlZghlf_lbekygZkp_g_rdhevgh]hl_ZljZKbehc_]hijbjh^Zg_
h[b^_eZghkihjl_]hg_ijb\e_dZe\hafh`ghihlhfmqlhhggbdZdg_fh]\aylv\lhedZihq_fm
kh[kl\_gghgZ^hh[yaZl_evghklj_fblvkydih[_^_"
K\_leh\hehkuclhgdhdhklguc\kjZ\g_gbbkDwehfbeb=_c[hfihljykZxs_djZkb\uchg
_^bgkl\_ggucbalj_o[jZlv_\\g_rghklvxihr_e\fZlvbaZwlm\hldjZkhlm\^_lkl\_bxghklb
_fmijbrehkv\ukemrZlvg_fZehgZkf_r_ddZdhlDweZlZdbhl=_c[ZK\_lehdZjb_]eZaZ\
h[jZfe_gbb]mkluoj_kgbpijyfhcghkgbjZamg_kehfZggucgZnml[hevghfihe_beb\^jZd_
:ddmjZlgZyijbq_kdZH[uqghhghl^Z\Zeij_^ihql_gb_hdknhj^kdbfjm[ZrdZfhl]eZ`_gguf
�k_juf[jxdZfbdh`Zguflmneyfghk_]h^gygZ^_eklZjmxnml[hedm=j_clnmew^b^`bgku
ijhq_fbwlhlgZjy^gZWlZg_kfhlj_ekydZdgZfZg_d_g_\\bljbg_;jmdk[jZa_ja
DwegZofmjbeky
Lu]eZ^bebwlmnml[hedm"
Lhevdhqmlvqmlv
=hkih^bWldh]^Z`_lui_j_klZg_rvljZlblvgZwlh\j_fy
WlZghl\_lbeZg]_evkdhcmeu[dhcij_djZkghagZydZdhgZjZa^jZ`Z_l_]hklZjr_]h[jZlZ
G_dhlhju_bagZkh[jZsZxl\gbfZgb_gZk\hc\g_rgbc\b^Hgg_h^h[jbl_evghihdhkbekygZ
�aZeyiZggu_]jyavxkZih]bDweZjm]bf[_ajZagbpudZdhgb\u]ey^yl\]eZaZo[eb`gbo
Ij_djZsZcwlh]h\gxddhfiZgbbWlZgZe_dkbdhgDweZklZgh\bekyaZf_lgh[_^g__
G_\hafmlbfhklv[jZlZ\k_]^Z\uau\ZeZmg_]h`_eZgb_jm]Zlvkyijhq_fWlZgZwlhgbkdhevdhg_
\hegh\ZehKlZjrb_[jZlvyihaZ[hlbebkvhlhfqlh[umfeZ^r_]hkxguoe_lgZjhkeZlheklZy
�rdmjZZ`_^_lvfbDweb=_c[qm\kl\h\ZebqlhWlZg[he__mya\bfq_fhgbbijbgyeb\k_f_jud
lhfmqlh[uhgfh]ihklhylvaZk_[yOhlygbdlhba;hgg_jh\hldjulhwlh]hg_ijbagZ\Ze\k_fv_
WlZgZex[beb[hevr_
Dweg_lhevdhex[beghbm\Z`Ze[jZlZdhee_^`_bihke_g_]hWlZgihr_e\jZaghkfgh]hibe
kiZekd_fihiZehghhldebdgmekygZah\k\ur_bl_i_jv`beihl_faZih\_^yfdhlhju_
ijhih\_^h\Ze
GZ\_sZlvkljZ`^msboqZklvfh_cjZ[hluLZdihq_fmfg_g_aZ]eygmlvdl\h_cgh\hc`_g_"
?cwlhg_ihgjZ\blkyLuagZ_rvdZdh\u`_gsbguHgZohq_lij_^klZlvi_j_^k_fv_c\emqr_f
\b^_qlh[ukjZamijhba\_klbohjhr__\i_qZle_gb_
Bdh]^Zwlhfh`_lkemqblvky"L_i_jvfZfZbiZiZ\]hjh^_b`Z`^ml\klj_lblvkykg_cBWggb
ih^eb\Z_lfZkeZ\h]hgvihlhfmqlhhgZ__m`_\b^_eZZhgb_s_g_l
G_fhy\bgZqlh\^_gvgZr_]hijb_a^Z\ujZat_oZebkvdlhdm^Z
Ym`_ljb^gydZd\_jgmekybaeu`gh]hihoh^Z
�KemrZc\jh^_[u\q_jZaZh[_^hfyh[tykgbe\k_fqlh`_cgaZ[he_eZi_j_^kZfufl\hbf
\ha\jZs_gb_fQ_jlh\]jbiiQ_j_ag_kdhevdh^g_chgZihijZ\blkygZke_^mxs_cg_^_e_m`lhqgh
blh]^Zyijb\_am__\^hfGhg_gZ^_cl_kvqZklh\b^_lvkykg_cJZ[hlZ^eyg__hq_gv\Z`gZb^Z`_
k_cqZkhgZg_fh`_lgZ^he]hhlju\Zlvkyhlk\h_]hdhfivxl_jZ
WlZgmlhevdhlhevdhbkihegbehkvljb^pZlvghhgkfhlj_egZklZjr_]h[jZlZ]eZaZfbmfm^j_ggh]h
hiulhfklZjbdZ
=h\hjblvfg_g_hq_fghfg_g_gjZ\blkyqlh\k_ffhbfjh^kl\_ggbdZfg_l_jiblkykmgmlvghk
\fhb^_eZ
Lhevdhg_=_c[m
�Zlhevdhg_=_c[mdb\gmeDweLmly[ugbq_]hg_bf_eijhlb\
H[ZihfheqZeb^mfZyhljZ]_^bbk\Zeb\r_ckygZbokj_^g_]h[jZlZHgih^Zeky\F_dkbdm
iulZykvm[_`ZlvhlkZfh]hk_[y
Y[uohl_eqlh[uhg\_jgmeky^hfhc\a^hogmeWlZg
Hg^Z\guf^Z\ghihdbgmeKhe\_cr_gL_i_jv^eyg_]hwlhg_^hf
��mfZx[_aQ_jjbb`_cfb_fmgb]^_g_h[j_klb^hfZ=hehkWlZgZ^jh]gmebDwehl\_jgmeky
��GZqZeaZibob\Zlv\kmfhqdm`_cg\k_qlhbag__\uiZeh=^_`_hgZ"\_ihke_^gb_g_^_ebhg
aZklZ\eyek_[y^_j`Zlvkyhlg__ih^Zevr_bkhojZgylvoeZ^ghdjh\b_
HglZd`_ohl_eqlh[uhgZijhqm\kl\h\ZeZk\h_h^bghq_kl\hihgyeZqlhdexqhl^\_jb__l_fgbpu
mg__Dkh`Ze_gbxh^bghq_kl\hihoh`_^Z`_ijbrehkv_cih\dmkm
WlZg\hkihevah\ZekyiZmahcqlh[u\aylvk_[y\jmdb
?keb]jbiilZdhcly`_eucfh`_l__ke_^m_lhlijZ\blv\[hevgbpm"
G_lDweihlygmekydfZe_gvdhfmdZevdmeylhjmbjmqd_qlh[ug_kfhlj_lvgZ[jZlZHgZ
kebrdhffgh]hjZ[hlZeZG_fgh]hhl^hog_lb_ckjZamklZg_lemqr_
HgZkh\k_fg_ihoh`ZgZl\hboh[uqguorexo
Hldm^ZluagZ_rvdZdhgZHgih^gye]heh\mbm\b^_eqlhWlZgjZa]ey^u\Z_lnhlh]jZnbx
�`_cggZ\h^bl_evkdhfm^hklh\_j_gbblZd`_\uiZ\r_fbakmfhqdbKj_^bfhbo`_gsbgrexo
g_[ueh
�Ghg_[uehbmq_guoWlZgjZkkf_yekyhwlhcY^hkboihjg_fh]mih\_jblvqlhml_[y
�`_gZnbabdGZkdhevdhyihfgx\kj_^g_crdhe_luk^Zenbabdmlhevdhihlhfmqlh`beeih
kh\f_klbl_evkl\mlj_gbjh\Zenml[hevgmxdhfZg^m
LugZ]euce`_pIhnbabd_mf_gyiyl_jdZ
:aZkem`b\Zeluljhcdm
Q_l\_jdmkfbgmkhf
WlZgmeu[gmekybihfZoZe\h^bl_evkdbfm^hklh\_j_gb_f
Fg_g_l_jiblkykdZaZlvhlpmqlhy\ub]jZeiZjb
DZdh_iZjb"
GZkq_l\hajZklZ`_gsbgugZdhlhjhclu`_gbekyHg]h\hjbeqlhl_[_ijbrehkvihehfZlv
]heh\mgZ^l_fqlh[up_j_fhgby[jZdhkhq_lZgbyg_kh\iZeZkhq_j_^guff_jhijbylb_f
]_jekdZmlh\\dhlhjhfhgZmqZkl\h\ZeZy`_ml\_j`^Zeqlhlu\gye]hehkmjZamfZY\_jbe\l_[y
[jZlbg_gZijZkgh
�DweaebekyHgg_ohl_eqlh[u\k_fv_agZebqlh`_cg^\Z^pZlv\hk_fvghWlZgm`_m\b^_e^Zlm
jh`^_gbyijhi_qZlZggmx\m^hklh\_j_gbblZdqlh_]haZ]gZeb\m]he
HgZg_\u]ey^blklZjr_^\Z^pZlbiylb
G_ihgbfZxihq_fmwlhl_[ylZdaZ^_\Z_lG_lgbq_]hiehoh]h\lhfqlh`_gZl\h_]h\hajZklZ
Gmg_kh\k_ffh_]h
GZ^\Z]h^ZfeZ^r_G_\_ebdZjZagbpZ
gZ^\Z]h^ZGZ
IhgylghWlZgihiylbekyIh`Zemcfg_ihjZDweg_meh\bekf_rbgdb\]hehk_[jZlZlZd
ihjZabeb_]hpbnjum\b^_ggu_\m^hklh\_j_gbbG_mkeurZehgba\mdZaZdju\r_ckyg_kdhevdh
k_dmg^kimkly^\_jbHggbq_]hg_\hkijbgbfZeaZbkdexq_gb_f^Zlujh`^_gbyh[eZ^Zl_evgbpu
\h^bl_evkdh]hm^hklh\_j_gbydhlhjh_hg^_j`Ze\jmd_
Hgihkdj_[gh]l_f[hevrh]hiZevpZieZklbdh\mxh[hehqdmFh`_lgZebirZy]jyavbkdZabeZ
pbnjuBebhrb[dZ^hims_gZijbhnhjfe_gbbm^hklh\_j_gbywlhfq_jlh\hf^_iZjlZf_gl_
ljZgkihjlguokj_^kl\\_qgh\k_imlZxl
Gh\^mr_DweagZeqlhijhi_qZlZgh\k_ijZ\bevghBg_klhbldb\ZlvgZg_jZ^b\hklvde_jdh\?]h
`_g_ljb^pZlvq_luj_]h^Zb`_gbekyhggZklZjmo_
DZe\bgkdhjhijb_^_laZlh[hcm\_j_gghaZy\beZWggb=eZc^
�`_cgihklZ\beZgZklheklZjmxd_jZfbq_kdmxdjm`dmkihemkl_jrbfkyZf_jbdZgkdbfneZ]hfba
dhlhjhchgZfZe_gvdbfb]ehldZfbibeZqZcbihkfhlj_eZgZWggbKb^_ebhgb\]hklbghcMWggb
_cgjZ\behkvQm\kl\h\Zeky^hfZrgbc^mo
G_^mfZxHg`_g_agZ_l]^_y
Hg^h]Z^Z_lkyIZj_gveZaZeihwlbf]hjZf_s_\iheamgdZo
HgZg_kfh]eZij_^klZ\blvk_[_DweZ\iheamgdZoDhg_qgh`_jh^bekyhglZdbf`_]jhfZ^guf
\hbgkl\_ggufk]jm^vxaZjhkr_c\hehkZfb
Yihgylbyg_bf_eZqlh\Zr^hfkh\k_fjy^hf^_gvgZr_ci_j\hc\klj_qbfuijh_oZeb
g_kdhevdhfbevij_`^_q_f^h[jZebkv^hl_om`Zkguo\hjhl
Ijh_oZebIhlhfmqlh^hjh]Zh[oh^bl]hjmKljZ^Zgbc:wlbfmljhfluijhreZgZijyfmx
dhjhldbfiml_f
�`_cg^_ckl\bl_evghm^b\beZkvdh]^Zih^gy\rbkvgZ\_jrbgmbihkfhlj_\\gbam\b^_eZdjurm
dhll_^`ZWggb=eZc^IhgZqZemhgZg_magZeZ^hfghaZl_faZf_lbeZp\_lZkluc\_ljh\hcghkhd
�ihehsmsbckymdjZydjuevpZOhly\b^_ebkvhgb^\_g_^_ebgZaZ^Wggb\klj_lbeZ`_cglZd
[m^lh`^ZeZ__ijboh^Z
�LuagZ_rvdZdi_qvdmdmjmagucoe_[`_cg;hgg_j"
G_kdhevdhjZaijh[h\ZeZ
Gbq_]hohjhr_]hg_ihemqblky_kebg_^h[Z\eylviZolm
YwlhaZihfgx
�h[he_agbykZfZk[b\ZeZy[ehqgh_fZkehG_lgbq_]hemqr_dmkdZl_ieh]hdmdmjmagh]hoe_[Zk
y[ehqguffZkehfY[ehdbgZ^h[jZlvhq_gvfy]db_bj_aZlvbolhevdhgZf_edb_dmkhqdb
ohjhr_fy[ehqghffZke_g_^he`gu\klj_qZlvky[hevrb_dmkdbLZdh_gbdhfmg_ihgjZ\blky
G_ij_f_ggh\hkihevamxkv\Zrbfkh\_lhf_keb[m^m^_eZlvy[ehqgh_fZkeh
�LZdhgbbijh]h\hjbebklh]hkZfh]hfhf_glZdZd`_cgi_j_klmibeZihjh]^hfZWggbKlZjmrdZ
^_ebeZkvkg_cdmebgZjgufbj_p_ilZfbbgZjh^gufbkj_^kl\Zfbbf[bjgucqZchlijhklm^u
^_\ylv]ehldh\\h^uhlbdhluk\_demkZ`Zlvlhevdh^\Z^pZlvr_klh]h^\Z^pZlvk_^vfh]hbeb
^\Z^pZlv\hkvfh]hfZjlZg_iha`_bgZq_[hevrhc_cg_\ujZklb
�`_cgaZihfbgZeZ\k_ohly\_jhylghklvijZdlbq_kdh]hkihevah\Zgby\k_cwlhcbgnhjfZpbbkdhj__
\k_]hjZ\gyeZkvgmexKh\_luWggb[uebfhklbdhfk\yau\Zxsbfihdhe_gbyWggbdj_idh
dZ`^uckh\_lklZgh\bekyijhqgufdZgZlhfk\yau\Zxsbfkk_fv_cbf_\r_cbk\hxbklhjbxb
&#xk_;&#xl;&#xh;&#xq;&#x_];&#xh;&#xlZ;
&#xg_;&#x^h;&#xkl;&#xZ;&#xZe;&#xh;ljZ^bpbbk_lhq_]hlZdg_^hklZ\Zeh`_cghq_fhgZkljZklghf_qlZeZ
Z_keblukh[bjZ_rvky]hlh\blvde_pdbky[ehdZfbh[yaZl_evgh^h[Z\v\l_klhycphbqmlv
�qmlvrZen_yHgZaZdZreyeZkv`_cgklj_\h]hcihkfhlj_eZgZg__Dh]^Zijbklmiijhr_e
WggbihfZoZeZjmdhc^_fhgkljbjmyy^h\blhdjZkgu_gh]lbYfh]m]h\hjblv^hmljZIjhklh
m^b\bl_evghqlhlu_s_g_kdZaZeZWggbihjZ[ul_[_baZldgmlvkyMf_gymklZebmrb
Ykm^h\hevkl\b_f\ZkkemrZx
�LuohjhrZy^_\hqdZ`_cgb;hgg_jYm^b\e_gZqlhDZe\bg`_gbekygZl_[_
��`_cgjZkkf_yeZkvWggb=eZc^g_i_j_klZ\ZeZm^b\eylv__Bak\hbo[Z[mr_db^_^mr_d`_cg
agZeZlhevdhfZlvhlpZ`_gsbgmw]hbklbqgmxbg_^Ze_dmx
�Fg_g_^hklZ_lfh_]hh]hjh^ZWlhlgbdq_fguc`hcGbkhg\kiZoZe_]hiZjmg_^_evgZaZ^ohlyy
l_ji_lvg_fh]mihklhjhggbogZfh_ca_fe_DZe\bghg\k_]^ZihkueZ_lboqlh[uqlhlha^_kv
k^_eZlvghfg_wlhg_ih^mr_G_ohqmqlh[u^Z`_jh^kl\_ggbdbe_aeb\fhb^_eZg_]h\hjym`_h
ihklhjhggboHgZihdZqZeZ]heh\hcYgZ^_yeZkvqlhfg_o\Zlblkbewlhc\_kghc\k_ihk_ylv
kZfhcghh[fZgu\ZeZk_[yWlZg]h\hjbeqlhijb_^_lihfhqvfg_ghm[_^gh]hfZevqbdZklhevdh
jZ[hlu\p_jd\bIhwlhfmfg_ijbrehkvkdZaZlv_fmqlhfZf_gvdbgukugdbfg_\h]hjh^_g_
�gm`guHgZbkdhkZ\a]eygmeZgZ`_cgDhg_qghh]hjh^Zfg_[m^_lg_^hklZ\Zlvghyg_
iha\hexg_agZdhfpZfaZk_ylv_]h^eyf_gy
�`_cgkjZamjZkdmkbeZaZfuk_eWggbghgbkdhevdhg_jZkk_j^beZkvGZh[hjhl^Z`_h[jZ^h\ZeZkv
?cevklbehqlhklZjmoZm`_kqblZ_l__[ebadhcjh^kl\_ggbp_c
YkjZ^hklvxihfh]m\Zf_keb\uihdZ`_l_fg_dZdbqlhgZ^h^_eZlv
Wggbijb`ZeZjmdbd]jm^b
Lufg_ihfh`_rv"
�`_cgjZkkf_yeZkvGZb]jZggh_bamfe_gb_Wggbg_fh]ehh[fZgmlv__
Dhg_qgh`_Km^h\hevkl\b_fMf_gygbdh]^Zg_[uehh]hjh^Z
hlbhlebqghKdZ`_rvDZe\bgmqlh[uaZ\ljZmljhfhgihjZgvr_ijb\_al_[ydhfg_bfu
kjZam`_ihkZ^bffhjdh\vbi_ljmrdmIha^gh\Zlhdhg_qghke_^h\Zehk^_eZlvwlh_s_\dhgp_
n_\jZeydh]^Zg_lemgughgbq_]hkljZrgh]h?kebh[_ki_qblvijZ\bevgucmoh^hgbb\ahc^mlb
\ujZklmlIhlhffuihkZ^bfemdZaZgbfbk\_dem
�Hlebqgh`_cgihqm\kl\h\ZeZqlhklZjmrd_ihjZi_j_dmkblvb\klZeZFh`_l
ijb]hlh\blve_gq"Yqlhlhijh]heh^ZeZkv
HlebqgZyb^_yWf[_jEbgg\_jgmeZkvbak\h_cih_a^dbb\q_jZijbg_keZfg_nZkhe_\h]hkmiZ
Fh`_rv_]hih^h]j_lvJZamf__lkyWf[_jEbgg\Zjblkmig_kh\k_flZddZdymqbeZ__gh^jm]h]h
`^ZlvhlWf[_jEbggbg_ijboh^blky
��AgZqbljh^bl_ebDweZ\_jgmebkvhlf_lbeZ^eyk_[y`_cgGZijZ\eyykvgZdmogx`_cg]Z^ZeZ
dZdbfij_^eh]hf\hkihevah\ZekyDweqlh[ubl_i_jvg_agZdhfblv__kjh^bl_eyfb
��Kmi`_cggZebeZ\h^gmnZygkh\mxbh^gmieZklfZkkh\mxlZj_edbh[Z\beZkmoZjbdbba
�dmdmjmagh]hoe_[ZfbkdZkdhlhjufbklhyeZgZ[mn_l_?ebhgbaZdmohggufklhehfb`_cg
ihqm\kl\h\ZeZqlhgbdh]^Z_s__^Zg_^hklZ\eyeZ_clZdh]hm^h\hevkl\byIhke_^\mog_^_ev
iheghcbaheypbblZdijbylghhdZaZlvky\dhfiZgbb^jm]h]hq_eh\_dZL_f[he__qlhhgg_juqblgZ
HgZihfueZihkm^mbihg_keZ\]hklbgmxdjm`dmkqZ_f^eyWggbdh]^ZaZf_lbeZgZkl_g_kj_^b
dZjlbgihehq_dknZjnhjh\ufb[Ze_jbgZfbbgZkl_gguoqZkh\ljb^biehfZ
�biehfufhbo\gmdh\ihykgbeZWggbghhgbhl^Zebbofg_Fg_ijbrehkv[jhkblvrdhem
ihke_r_klh]hdeZkkZbhgbagZebqlhyhq_gvkh`Ze_xh[wlhfihwlhfmijbghkbebfg_k\hb
^biehfugZke_^mxsbc^_gvihke_hdhgqZgbydhee_^`ZLhlqlh\bkblih\ur_DZe\bgZ
�`_cg\_jgmeZkvgZdmogxaZhqdZfb\kfhlj_eZkv\\_jogbc^biehfu^Zggucmgb\_jkbl_lhf
Fbqb]ZgZbk\b^_l_evkl\mxsbchlhfqlhDZe\bg;hgg_jihemqbekl_i_gv[ZdZeZ\jZgZmdk
hlebqb_faZdhgqb\dmjkh[mq_gby
�6XPPD&XP/DXGH@
�JmdZ`_cg\ae_l_eZdr__HgZj_adhh[_jgmeZkv
DwekZff_dmfeZm^_"
LZd\jh^_[u]h\hjylh^_ckl\bl_evghmfghfq_eh\_d_Y^mfZeZluwlhagZ_rvihkdhevdmkZfZ
ijhn_kkhjFhcDZe\bghglZdhcmfguc
�Hg`_cgrmfghijh]ehlbeZkexgmihdZqgmeZkv:ihdZdhcki_pbZevghklbmg_]h
^biehf"
JZa\_hgl_[_g_]h\hjbe";hevrbgkl\hkihjlkf_gh\\u[bjZxlkZfu_e_]db_ij_^f_luGhfhc
DZe\bgg_lZdhcHgihemqbe^biehfih[bheh]bbk_]^Zih^he]mijhiZ^Ze\e_kZoqlhlh
\udZiu\ZeqlhlhkZ`Ze
�Ih[bheh]bb"`_cgkeh\ghm^Zjbeb\kheg_qgh_kie_l_gb_
WggbijbsmjbeZkv
�KljZgghqlhlugbq_]hwlh]hg_agZ_rv`_cgb;hgg_j
�IjhklhjZa]h\hjh[wlhfgbdh]^Zg_aZoh^beDhfgZlZaZdZqZeZkv`_cgihqm\kl\h\ZeZqlh
k_cqZkihl_jy_lkhagZgb_G_eh\dhih\_jgmeZkvie_kgm\]hjyqbfqZ_fgZjmdmihlZsbeZkvgZ
dmogx
�`_cgb"Qlhkemqbehkv"
�HgZg_fh]eZ]h\hjblvHldjm`dbdhlhjmxhgZ[jhkbeZ\jZdh\bgmhldheheZkvjmqdZ`_cg
ih^g_keZjmdmdhjlmbah\k_okbekhijhlb\eyykvih^gbfZxs_cky\heg_m`ZkZDZdhgZfh]eZlZd
k]emiblvG_kfhljygZ\k___klZjZgbyhgZgZ\e_deZgZj_[_gdZlmkZfmx[_^mdhlhjmxohl_eZ
hl\_klbL_i_jv_fmg_[u\ZlvlZdbfdZd\k_lhjhcjmdhchgZko\ZlbeZkvaZdjZcjZdh\bgu
�Kmjh\Zyj_ZevghklvjZklhilZeZ__jhah\u_]j_auZhgZagZeZqlhDwemqbeky\Fbqb]Zgkdhf
mgb\_jkbl_l_ghhgZbij_^klZ\blvk_[_g_fh]eZqlhhghlghkbekydaZgylbyfk_jv_aghJZa\_
kihjlkf_gug_klZjZxlkyh]jZgbqblvkyfbgbfmfhfbamqZ_fuoij_^f_lh\Zlhb\h\k_i_j_oh^yl\
ijhn_kkbhgZeu^hihemq_gby^biehfZGh\h^ghfbakZfuoij_klb`guomgb\_jkbl_lh\:f_jbdbg_
ihemqblv^biehfZkhlebqb_flhevdhaZmki_obgZnml[hevghfihe_
AgZqblihfbfhkbeuijbjh^Zh^ZjbeZDweZb\ukhdbfbgl_ee_dlhfIhoh`_hljbpZlvwlhg_bf_eh
kfukeZblh]__^bgkl\_gguciexkdhlhjuchgZ\g_fgZreZlmihklvhdZaZekyg_[he__q_f
beexab_cbeexab_c\dhlhjmxhgZih\_jbeZIh\_jbeZkhagZl_evghG_hlebqb\fgbfh]hhl
^_ckl\bl_evgh]hhgZh[j_deZk\h_]hj_[_gdZgZl_`_baheypbxbh^bghq_kl\hhldhlhjuo
gZkljZ^ZeZkvkZfZ
�`_cgho\ZlbeZiZgbdZ?_g_gZ]ey^gucj_[_ghd[m^_l\ujh^dhflZdbf`_dZdhgZ
q_j_adhlhju_ijbrehkvijhclb_cHgZm_^_lM\_a_lj_[_gdZ\:njbdm\kZfmx^Zevgxxb^bdmx
qZklvdhglbg_glZ;m^_l\hkiblu\Zlv_]hkZfZqlh[u__^jZ]hp_ggh_^blyg_ihagZehgZk_[_
`_klhdhklb^jm]bo^_l_c
�=eZaZ`_cggZihegbebkvke_aZfbQlh`_hgZgZ^_eZeZ"G_m`_eb;h]klhev`_klhdqlhfh]
^himklblvlZdh_"
__]hj_klgu_jZafure_gby\hj\Zeky]hehkWggb
�:\hlbDZe\bgY`_]h\hjbeZqlhhgaZ_^_laZlh[hc`_cgmkeurZeZoehihdZ\lhfh[bevghc
^\_jpuaZl_fly`_eu_rZ]bgZdjuevp_
��`_cg=^_hgZq_jlih[_jb"`_cg\ukdhqbeZ\]hklbgmx
F_jaZ\_p
DwerZ]gmedg_cki_j_dhr_ggufebphf
Fwf\Zfijb^_lkydh_qlhh[tykgblv
=hkih^bdZdyl_[yg_gZ\b`m
�Yhll_[ylh`_g_\\hklhj]_=eZaZDweZk\_lbebkvaehklvxbhkljufmfhfL_i_jv`_cg
g_fh]eZihgylvdZd`_hgZg_\b^_eZwlh]hjZgvr_
?cohl_ehkv[jhkblvkygZg_]hbgh]lyfb\upZjZiZlvba]eZawlhlmfjZkdhehlvq_j_igZ^\h_b
\uj\Zlvbafha]Zbgl_ee_dlHgaZ\Zebe^hfdhfbdkZfbDZdhgfh]lZddh\Zjghh[fZgmlv__"
�Mkbeb_f\heb`_cgk^_j`ZeZkvHgZihgbfZeZqlh^he`gZg_f_^e_gghmclbbeb__ijhklh
jZahj\_lhlyjhklbKdjbdhfhlqZygbyhgZih\_jgmeZkvf_lgmeZkvgZdmogxb\u[_`ZeZq_j_a^\_jv
q_jgh]hoh^Z
HgZm`_g_keZkvijhqvhl^hfZdh]^ZmkeurZeZ]jhfh\hcj_\DweZ
G_f_^e_ggh\_jgbkvG_aZklZ\eycf_gy[_]ZlvaZlh[hcZg_lhih`Ze__rv
HgZohl_eZ[blvky]heh\hchkl_gmOhl_eZ[jhkblvky\]em[hdmxyfm]^_[u__aZ\Zebeha_fe_c
Qlhm]h^ghebrv[uhklZgh\blvm`Zkgmx[hevjZaju\Zxsmxl_ehbagmljb?_j_[_ghddhlhjh]h
hgZm`_ex[beZ[hevr_\k_ogZk\_l_[m^_l\ujh^dhf
HgZg_keurZeZdZdDwegZklb]__ZogmeZdh]^ZhgjZa\_jgme__ebphfdk_[_
Y\_e_el_[_hklZgh\blvkyjy\dgmehg
Lu\k_ih]m[beijhdjbqZeZhgZ\hl\_l
Y"Ebph_]hih[e_^g_ehhlyjhklbLuiZjrb\Zye]mgvyLuklZjmoZQ_jlh\ZklZjmoZ
Ygbdh]^Zl_[_wlh]hg_ijhsmHgZk`ZeZiZevpu\dmeZdbm^ZjbeZ_]h\]jm^vlZdkbevgh
qlh[hevijhklj_ebeZjmdm
�DweihiulZekyko\Zlblv__gh\`_cgkeh\gh\k_ebeky^vy\heWlhlfm`qbgZgZ\j_^be___s_g_
jh^b\r_fmkyj_[_gdmbhgZgbdh]^ZjZg__g_m^Zjb\rZy^jm]h]hq_eh\_dZ`Z`^ZeZ_]hdjh\b
�`_cgijhklhh[_amf_eZHqdbhle_l_eb\klhjhgmghhgZwlh]hbg_aZf_lbeZHgZey]ZeZkv
dmkZeZkviulZeZkvjZahj\Zlv_]hgZdmkdb
Ij_djZlbIj_djZlbg_f_^e_ggh?]hdjbd^he_l_e^h\_jrbg^_j_\v_\Hg\gh\vihiulZeky
ko\Zlblv__ghhgZ\hgabeZkvam[Zfb\_]hij_^ie_qv_
Hoo?]h]eZaZhdjm]ebebkvhlyjhklb;hevghq_jlih[_jb
GZkbeb_ijbrehkv_cih\dmkmHgZih^gyeZdhe_ghqlh[um^Zjblv_]h\ijhf_`ghklvblml__gh]b
hlhj\Zehhla_feb
HgmiZe\f_kl_kg_ckZfhjlbabjh\Z\m^Zjk\hbfl_ehfihlhfgZ\ZebekygZg__ijb`Zeda_fe_
�;hjv[ZhlgyeZm`_cg\k_kbeuHg`_ijb\uqgucd[he__k_jv_agufkluqdZf^Z`_g_aZiuoZeky
H^gZdhhgZjZatyjbeZDweZbhg_^\Zk^_j`Zekyqlh[udZdke_^m_lg_\j_aZlv_c
G_f_^e_gghm]hfhgbkvkeurbrvf_gy"Lu\_^_rvk_[ydZd[_amfgZyLuijhklhkmfZkr_^rZy
Lufg_e]ZeZh[fZgu\ZeZZl_i_jviulZeZkvm[blvg_]h\hjym`_hlhfqlhl\hb\uoh^dbg_
ijbg_kmlgbdZdhcihevauj_[_gdmdhlhjh]hlughkbrvDeygmkv;h]hfyhlijZ\exl_[y\^mj^hf
qlh[ul_[ygZdZqZeblhjZabghf
?_]eZaZ[e_kgmebke_aZfbHgZg_ohl_eZqlh[uhgbo\b^_eghgbq_]hg_fh]eZkkh[hcih^_eZlv
Lu\k_ih]m[be
Y"?]h]eZaZ]g_\gh[e_kgmebYg_\_^mk_[ydZdikboBgbdhfmg_]h\hjxqlhfg_
^\Z^pZlv\hk_fv]j_[Zguoe_l
Yl_[_wlh]hlh`_g_]h\hjbeZbg_q_]h\ujZ`Zlvky
L_[_ljb^pZlvq_luj_Ljb^pZlvq_luj_Lu\hh[s_lhkh[bjZeZkvkdZaZlvfg_h[wlhf"
Dh]^Zyfh]eZl_[_wlhkdZaZlv"Dh]^Zlu\hj\Zeky\deZkk\h\j_fyaZgylbc"Bebdh]^ZdjbqZegZ
f_gyihl_e_nhgm":fh`_ldh]^Z\lZedb\Ze\kZfhe_l"Bebihke_lh]hdZdluaZi_jf_gy\k\h_f
^hf_"GZ\_jgh_bf_gghlh]^Z
G_iulZckydhjqblvbak_[yh[b`_ggmxLuagZeZqlhyf_gywlh\Z`ghbgZf_j_gghh[fZgu\ZeZ
f_gy
GZf_j_ggh"KljZgguckeh]^ey^_j_\_gsbguBebluiheZ]Z_rv\ukrbfrbdhfb]jZlvih^
^mjZqdZbm[_`^Zlv\k_oqlhml_[y\fha]m\k_]h^\_ba\bebgu"L_[_wlh^hklZ\eyehfZkkm
m^h\hevkl\by"
Hq_flu]h\hjbrv"
Fbqb]Zgkdbcmgb\_jkbl_l\uiexgmeZhgZKZff_dmfeZm^_
�:luh[wlhfL_eh_]hjZkkeZ[behkvbm`_g_lZdkbevgh^Z\behgZ`_cg
=hkih^bdZdyl_[yg_gZ\b`mijhr_ilZeZhgZEmqr_[ufg_h[jZlblvky\[Zgdki_jfu
Bf_gghwlhl_[_bke_^h\Zehk^_eZlv
�Ohlyihlhgmqm\kl\h\Zehkvqlhaehklv_]hihmlboeZ`_cg\k__s_dbi_eZhlyjhklbHgZagZeZ
qlh^he`gZaZ^Zlv]eZ\guc\hijhkbohlyb[hyeZkvhl\_lZ\u^Z\beZbak_[ydexq_\u_keh\Z
DZdhcml_[yZcdvx"
Ihgylbyg_bf_xhlebqb_hll_[yhgg_\ulZlmbjh\Zgmf_gygZe[mHgi_j_dZlbekygZ[hd
�`_cgkljm^hfih^gyeZkv
�Lh]^Zhlb@KdhevdhlugZ[jZe[Zeeh\"
G_ihfgx
HgZk]hj_qvxihkfhlj_eZgZg_]h
j_rvk_ihfgyl[Zeeuhlb
klZ\Zyhgkljyogmek^`bgkh\fhdju_ebklvy
=h\hjbq_jl[ul_[yih[jZe
Ygbq_]hg_^he`_gl_[_]h\hjblv]hehk_a\mqZehjZa^jZ`_gb_ghg_aeh[Z
�`_cgwlhg_mkihdhbehGZh[hjhlhgZ\gh\vhdZaZeZkvgZ]jZgbbkl_jbdb
LukdZ`_rvfg_lhlqZk`_Zg_lhdeygmkv;h]hfygZc^mkihkh[m[blvl_[yIh^kuiex
b[jhrm\\Zggmxh]he_ggucwe_dljbq_kdbcijh\h^Yyih^kl_j_]ml_[ym^\_jbbm^Zjx
[_ck[hevghc[blhcih]heh\_
�Dwei_j_klZeqbklblv^`bgkubihkfhlj_egZ`_cg_]h\a]ey^_qblZeZkvkdhj__gZkf_rdZq_f
lj_\h]Z
�`_cg_s_[hevr_jZkiZebeZkv
Hl\_qZcfg_
:luh^gZdhdjh\h`Z^gZy`_gsbgZDweqmlvmkf_ogmekyGZkq_lwe_dljbq_kdh]h
ijh\h^ZL_[_ihgZ^h[blkym^ebgbl_evqlh[u^hklZlv^h^mrZHiylv`_lufh`_rvaZ[ulv
\klZ\blvrl_ik_ev\jha_ldm
HgZaZkdj_`_lZeZam[Zfbqm\kl\myqlh\_^_lk_[ydZdb^bhldZ
?kebyg_\klZ\exrl_ik_ev\jha_ldml_[yg_m^Zjbllhdhf
Eh]bqgh
�`_cg]em[hdh\^hogmeZiulZykv\aylvk_[y\jmdb
KdZ`bfg_dZdb_luihemqbe[ZeeuihhlbKl_[yg_m[m^_l
Dweih`Zeie_qZfbgZdehgbekyqlh[uih^gylv__hqdb
Lukyqmq_luj_klZFh`_lqmlvgb`_
LukyqZq_luj_klZHgZklmdgmeZ_]hkh\k_ckbeub[jhkbeZkv\e_kDZdh\ebp_f_j\
�hlqZygbbih^mfZeZhgZK_j^p_mg__miZehZ`_Dj_c][ue]emi__wlh]hq_eh\_dZ
Y`_lmibpZihkjZ\g_gbxklh[hcdjbdgme\ke_^Dwe
G_kf_ckhfghc]h\hjblv
Hg__^h]gZeghgZwlhljZag_ijbdhkgmeky
Ij_djZlbJhab[Z^IhjZl_[_mkihdhblvkylh]^Zykfh]mihkqblZlvkyklh[hcaZlhqlhlufg_
k^_eZeZLmlm`fhcq_jlh\hlbihdZ`_lkyimklyqdhf
�`_cgdjmlhjZa\_jgmeZkv
�_ehg_\k\_^_gbbkq_lh\Luih]m[befh_]hj_[_gdZg_m`_ebluwlh]hg_ihgbfZ_rv"BaaZ
l_[yg_\bggh_^bly[m^_ljZklb\ujh^dhf
Ygbdh]^Zg_]h\hjbel_[_qlhy]emiLukZfZlZdj_rbeZ
Lu]h\hjbe^jm]h_Dh]^Zfu\klj_lbebkv\i_j\ucjZalu^\mokeh\k\yaZlvg_fh]
Mg_]h^_jgmekym]hehdjlZ
Bqlh"uqmjgu_keh\Zmkihjlkf_gh\g_\q_klbLmlfg_ba\bgylvkyg_aZqlh
:jZa[jhkZggu_ih\k_fm^hfmdhfbdku"
Ohl_ehijZ\^Zlvl\hbh`b^ZgbyLu`_f_gy\b^_eZbf_gghlZdbf
�Ihke_^gyynjZaZ__^hdhgZeZ`_cgih\_jgmeZkvdg_fmkibghcih^hreZd[eb`Zcr_fm^_j_\m
iheh`beZgZkl\hejmdbijb`ZeZkvdgbfe[hfk_mgb`_gby^_lkl\ZjZahf\kihfgbebkv_ck_
�gZkf_rdb`_klhdb_\uoh^dbihegZybaheypby_lbg_`_eZebijbgbfZlv__\k\hcdjm]g_ijbfml
b__j_[_gdZ
Ykh[bjZxkvhl\_alb^_\hqdm\:njbdmijhr_ilZeZhgZIh^Zevr_hlpb\bebaZpbb;m^m
mqblv__kZfZqlh[u_cg_ijbrehkvjZklbkj_^b^_l_cfmqbl_e_c
M^b\bl_evghg_`gZyjmdZe_]eZ_cgZihykgbpmgZqZeZfZkkbjh\Zlvkibgm
Yg_iha\hexl_[_lZdihklmiblvkgbfJhab[Z^
Hgg_[m^_l\ujh^dhfBf_gghlZd\hkijbgbfZel_[yl\hchl_p"
�`_cghg_f_eZHlijygmeZhlDweZkmgmeZjmdm\dZjfZg\_ljh\db^hklZeZ[mfZ`gmxkZen_ldm
ukfhjdZeZkv\ul_jeZ]eZaZg_lhjhiykv\u]Z^u\Zy\j_fyiulZykv\aylvk_[y\jmdbDZdhgZ
fh]eZ\udbgmlvlZdhcnhjl_ev"G_m^b\bl_evghqlhhgijbgye__aZkmfZkr_^rmx
Ihe_]qZehg_lZdeb"HgaZmeu[Zekybd__bamfe_gbxgZ`_kldhcdZdebkl`_e_aZs_d_
�ihy\beZkvyfhqdZHklhe[_g_\`_cgg_kdhevdhk_dmg^g_fh]eZhl\_klbhlg__]eZaGZdhg_pdg_c
\_jgmeZkvkihkh[ghklv^mfZlvbbaeZ]Zlvk\hbfukeb
GZkbeb_gbq_]hg_j_rZ_lZyfh]eZgZg_klbl_[_k_jv_agmxljZ\fm
Lhevdhg_ih^mfZcqlhy\gh\vohqmmgbablvl_[yJhab[Z^ghl_[_gbq_]hg_k\_lbl_keb\hijhk
j_rZ_lkydmeZdZfbHg\aye__aZjmdmbihlygmed^hfm
Wlhfhy\bgZKkZfh]hgZqZeZ\h\k_f\bgh\ZlZlhevdhyh^gZ?keb[uyg_dmibeZkvgZ
kl_j_hlbikihjlkf_gZbx`ZgbgZlhkfh]eZ[u^Zlv[he__lhqgmxhp_gdml\hbfmfkl\_gguf
kihkh[ghklyf
IhgylghJZkkdZ`bfg_hk\h_fhlp_
�`_cgkihldgmeZkvbqmlvg_miZeZghDweih^^_j`Ze__
G_q_]hjZkkdZau\ZlvHgjZ[hlZe[mo]Zel_jhf\dhfiZgbbdhlhjZyba]hlh\eyeZi_jnhdZjlu
Mfguc"
G_[_awlh]hGhg_k_fbiy^_c\he[m
Ih`Zemcwlhfgh]h_ijhykgy_l
QlhlulZdh_]h\hjbrv"
Hgihgylbyg_bf_eqlh_fmklh[hc^_eZlvg_lZdeb"HgZ^\bgmeZkvd^hfm
HgklZjZekybah\k_okbeYg_ohqmijh^he`Zlvwlml_fm
:l_[_g_ijboh^beh\]heh\mqlhijh[e_fu\hagbdrb_ml_[y\^_lkl\_\[hevr_ckl_i_gb
\uau\Zebkvhlghr_gb_fdl_[_l\h_]hhlpZZg_jZaf_jZfbl\h_]hfha]Z"
Lugbq_]hg_agZ_rv
:\hlfhc^biehfml\_j`^Z_lh[jZlgh_
HgZg_kfh]eZhl\_lblvihlhfmqlhhgbih^hrebddjuevpmbWggbm`_`^ZeZbomk_lqZlhc^\_jb
HgZk_j^blhihkfhlj_eZgZ\gmdZ
QlhgZl_[ygZreh"JZa\_fh`ghlZdjZkkljZb\Zlv[_j_f_ggmx`_gsbgm"WlhgZ\_jgydZ
hljZablkygZj_[_gd_
Hq_flu"\uj\ZehkvmDweZDlhl_[_kdZaZeqlhhgZ[_j_f_ggZ"
�BgZq_lu[ugZg_cg_`_gbekyL_[_[ug_o\ZlbehmfZKeh\ZklZjmrdbljhgmeb`_cg
KiZkb[hWggb
:luih\_jgmeZkvdg_cWggbQlhml_[yk]heh\hc"?keblu[m^_rv\uoh^blvbak_[y
\kydbcjZadh]^ZDZe\bgjZkkljhbll_[yj_[_gdZm^Z\bl_]h`_imih\bgZ^hlh]hdZdhgmki__l
i_j\ucjZa\^hogmlv
�`_cgm`_ohl_eZh[tykgblv\q_fijbqbgZ__\hafh`ghg_Z^_d\Zlghcj_Zdpbbgh\h\j_fy
i_j_^mfZeZ
Y[m^mhklhjh`g__
ke_^mxsbcjZadh]^Zhg^hklZg_ll_[ygZklZ\vgZg_]h^jh[h\bd
f_gykhk\_lm
WggbkdehgbeZ]heh\mgZ[hd\__\a]ey^_qblZeZkv]jmklv
�IhkemrZcf_gy`_cgb;hgg_jYg_agZxqlhkemqbehkvf_`^mlh[hcbDZe\bghfg_agZxqlh
aZklZ\beh_]h`_gblvkygZl_[_ghbalh]hqlhy\b^_eZg_kdhevdhfbgmlgZaZ^yihgyeZqlhex[\b
f_`^m\Zfbg_lHg`_gbekygZl_[_bywlhfmjZ^Zgh\hlqlhyl_[_kdZ`m?kebluaZfZgbeZ
�DZe\bgZih^\_g_pihaZ[hlvkyhlhfqlh[uWf[_jEbggb`bf;hgg_jgbdh]^Zh[wlhfg_magZeb
Hgbg_lZdb_l_jibfu_dZdy?kebhgbaZih^hajylqlhluijbqbgbeZ\j_^bofZevqbdmlhhlhj\ml
l_[_gh]bLuihgbfZ_rvhq_fy"
�`_cgdb\gmeZ
OhjhrhWggbihkfhlj_eZgZDweZHl]jmklbg_hklZehkvbke_^Z]eZaZkfhlj_ebkmjh\hY
m^b\e_gZqlh`_gsbgZdhlhjmxk\Zebe]jbiikfh]eZijbclbkx^Zq_j_a\_jrbgm]hju
�Dwe\ujm]Zekyijhk_[y`_cgmklZ\beZkvgZWggb
Hq_f\u"Y[he_eZ]jbiihf"
Dweko\Zlbe__aZjmdmbihlZsbeaZkh[hc
�Ihreb`_cgfu_^_f^hfhc
Ih^h`^bYohqmagZlvqlhhgZbf_eZ\\b^m
�Ghij_`^_q_fWggbkdjueZkvba\b^m^h`_cg^he_l_ekf_rhdb__keh\ZIhfgbhimih\bg_
�`_cgb;hgg_jihlhfmqlhy^mfZxDZe\bghiylvjZkkljhbll_[y
=eZ\Z
�LukdZaZe\k_fk\hbfjh^kl\_ggbdZfqlhmf_gy]jbii"kijhkbeZ`_cgdh]^Zhgb
kimkdZebkvk]hjue_]q_]h\hjblvhfZe_gvdhce`bq_fh[hevrhc
:l_[ywlh\hegm_l"
YgZf_j_\ZeZkv\klj_lblvkykl\hbfbjh^bl_eyfbY^mfZeZ^eywlh]hluf_gykx^Zbijb\_a
Lu\klj_lbrvkykgbfbDh]^Zyj_rmqlhihjZij_^klZ\blvl_[ybf
GZ]ehklvhl\_lZih^_ckl\h\ZeZgZg__dZddjZkgZyljyidZgZ[udZIhke_^gb_g_^_ebhgZoh^beZ
lbr_\h^ugb`_ljZ\ughl_i_jvkdZaZeZk_[_qlhkg__^h\hevghihdhjghklb
LZdj_rZcih[uklj__ihlhfmqlhyg_iha\hexl_[_b^Zevr_ihfudZlvfghc
QlhagZqblihfudZlv"YklZjZxkvg_f_rZlvkyml_[yih^gh]Zfbyijb\_al_[ykx^Zqlh[ulu
fh]eZkihdhcghjZ[hlZlvZlu`Zem_rvky
Lhevdhg_\a^mfZcij_^klZ\eylv^_ehlZd[m^lhluhdZau\Z_rvfg_mkem]m
M`g_agZxdZdhc^jm]hcl_jfbgfh`ghih^h[jZlv
:dZdgZkq_llxjvfu"Dhgp_gljZpbhggh]heZ]_jy"H^bghqgh]haZdexq_gby"Bqlh[uihlhflu
g_h[\bgyef_gy\lZcguoieZgZoij_^mij_`^ZxqlhaZ\ljZyih_^mdWggbihfh]Zlv_ckZ`Zlv
k\_dem
K\_dem"
��mfZch[Wggbb__h]hjh^_ijbdZaZeZk_[_`_cgZg_hlhfqlhl\h_fmj_[_gdmkm`^_gh
klZlv_s_h^gbf\ujh^dhfHgZkgyeZhqdbbgZqZeZlsZl_evghijhlbjZlvkl_deZhliueb
WggbkdmqZ_l[_ah]hjh^Z?kebdZjlhrdmg_ihkZ^blv\[eb`Zcrb_^gbohjhr_]hmjh`Zyg_
`^bFulZd`_ihkZ^bfemdbk\_dem
�Lugbq_]hg_[m^_rvkZ`Zlv\__h]hjh^_?keb_cgm`_gh]hjh^ygZcfm`hyGbkhgZbhg\k_
Hlg_]hlhedmg_[m^_l
Lu^Z`_g_agZdhfZkGbkhghf
Yebrvih\lhjyxlhqlhkeurZeZ:\h]hjh^_Wggbgbq_]hg_^_eZ_lkylhevdhihlhfmqlhhgZ
g_ohq_lqlh[ug_agZdhfpureyebkvm__^hfZ
Qlh`l_fom`_^eyg__ihlhfmqlhlu_cihfh]Zlvg_[m^_rv
HgZm`_hldjueZjhlqlh[u\hajZablvghg_mki_eZijhbag_klbbkeh\ZdZdhgh[o\Zlbe__aZr_xb
kkbehcijb]gme]heh\m\^Z\b\s_dhc\k\h_[_^jh
�Qlhlu^_eZ_rv"`_cgihiulZeZkv\uj\Zlvkybk_klvghDwe^_j`Ze__dj_idh
FhyfZlvuoh^blbah[m\gh]hfZ]ZabgZ
Ihoh`_g_lhevdhykhreZkmfZLulh`_k\bogmeky
Lug_ihagZdhfbrvkykfhbfbjh^kl\_ggbdZfbihdZyg_j_rmqlhihjZH^ghcjmdhchg
�^_j`Ze`_cg\lhjhcfZoZefZl_jbjmevijb`bfZedhe_ghfQ_jlIhq_fm_]hjh^bl_ebg_fh]eb
hl^hogmlvih^hevr_kdZ`_f_s_f_kypZ^\ZDweihgbfZeqlh\dhgp_dhgph\_fmijb^_lky
ij_^klZ\blvbfijhn_kkhjZghohl_ehkvfZdkbfZevghhllygmlvwlhllhj`_kl\_ggucfhf_glL_i_jv
`_fZjr[jhkdhfq_j_a\_jrbgm]hjuklZjmrdZ`_gZjZajmrbeZ\k__]hieZgu
Hg]eygme\gba?_s_dZe_`ZeZgZ_]h[_^j_\hehkujZkkuiZebkvih^iZevpZfbFy]db_gZhsmiv
K\_leu_r_edh\bklu_ijy^be_`ZebgZluevghcklhjhg_eZ^hgbgZ\up\_lr_ckbg_\_^`bgkh\
hehkulhmg__hlebqgu_ih^mfZeDweimklv^Z`_kaZimlZ\rbfbky\gbokmqdZfbbkmobfb
�ebklhqdZfbWeZklbqgZye_glZdhlhjhc`_cgaZ[bjZeZ\hehkugZaZ^kiheaeZgZkZfmxfZdmrdmb
Dwekljm^hfih^Z\be`_eZgb_khj\Zlv__qlh[ubhklZevgu_\hehkul_qlhe_glZ_s_m^_j`b\ZeZ
miZebgZ_]hiZevpu
DweihgbfZeqlh^he`_g\kdhjhklbhlimklblv__qlh[uhgZ\dhg_pg_ha\_j_eZgh_fmgjZ\behkv
�qlh__]heh\ZihdhblkygZ_]h[_^j_ohly`_cgm`_imklbeZ\oh^gh]lbHgaZf_lbeqlh
dhkf_lbdhchgZijZdlbq_kdbg_ihevam_lky:[_ahqdh\hgZ^Z`_fbeZB^_ckl\bl_evgh\u]ey^bl
e_lgZ^\Z^pZlviylvFh`_lhg\k_lZdbkfh`_lm[_^blv\k_oqlh_clhevdh
?kebhgZ_fmiha\heblQ_jl^hq_]h`_hgZmijyfZyHg\kihfgbedZdqZklh_fmohl_ehkvqlh[u
D_eebg_[ueZlZdhcihdhjghcHqZjh\Zl_evgZy^_\mrdZghg_kf_eZgb\q_f_fmi_j_qblvZ
agZqblhgg_fh]ihgZklhys_fmihjm]Zlvkykg_c:[_a^h[jhckkhjuqlhaZ`bagvhl
ijhn_kkhjmgZ^hhl^Zlv^he`gh_hgZmf_eZihklhylvaZk_[y
DwegZofmjbekyG_m`_eb_]hhlghr_gb_dg_cf_gy_lky"Q_jl^Zg_l`_IZfylvmg_]hohjhrZy
hggbdh]^Zg_aZ[m^_l\dZdmxhgZaZfZgbeZ_]heh\mrdmIjhklhhke_ieyxs_cyjhklbi_j\uo
�g_^_evm`_g_lFh`_lhgZ^h]hj_eZ\lhlfhf_gldh]^Z`_cgijbkehgbeZkvd^_j_\mbkdZaZeZ
qlhm\_a_lj_[_gdZ\:njbdm"
DwegZqZehkhagZ\Zlvqlhq_eh\_dlhhgZg_iehohc_kebg_kqblZlvlh]hqlhhgZ_fmk^_eZeZ
Q_jlh\kdbk_jv_agZybhq_gvijZ\bevgZyHiylv`_ljm^hex[b\ZymjZ\g_gbyaZibkZggu___jmdhc
\Zeyebkvih\k_fm^hfmdZdfurbgucihf_lKmf_eZijh[blvk_[_^hjh]m\fm`kdhffbj_
�ihevam`_cg]h\hjbehb__`_eZgb_ihfhqvWggbohly`_eZgb_wlhk_jv_aghhkeh`gyeh
�j_ZebaZpbxgZf_q_ggh]hbfieZgZZihoh`_hgklZe\hkijbgbfZlv__k[hevr_cl_jibfhklvx
HgZlZdjZkkljhbeZkvmagZ\qlhhg^Ze_dhg_lmibpZHg^Z`_ihqm\kl\h\Zek_[y\bgh\ZlufKm^y
ih\k_fmklZjZgbyfbhlpZhgZ^_ckl\bl_evgh\hkijbgbfZeZk_[y\ujh^dhf
e_glue_]\hkvf_jdhcgZfhegbx^`bgkh\Dweqmlvg_aZklhgZeQe_glhmg_]h\klZedZdlhevdhhg
�ijb^Z\be__]heh\md[_^jmZ`_jZgvr__kebmqblu\Zlvlmkluqdm\j_amevlZl_dhlhjhchgb
hdZaZebkvgZa_fe_g_ih^Ze_dmhl^hfZWggbB\f_klhlh]hqlh[ujZkkeZ[blvkyhggZ[moZe\k_
�kbevg__?keb[hgZqmlvih\_jgmeZ]heh\mlhm\b^_eZ[uqlhfhegby_^\Zg_j\_lkyZm`dZdb_
lmlkhfg_gbyKkhjukijhn_kkhjhf\ha[m`^Zeb_]hbDwegZqZekdehgylvkydlhfmqlhlmlgZ^h
qlhlhf_gylvIhdZ`_gblv[ZijbghkbeZ_fmlhevdhebrgb_oehihluAgZqblijbreZihjZ
ihemqZlv^b\b^_g^ujZam`hgbf_egZwlhijZ\h
HQ_jlHgm[jZejmdmk__]heh\ubihl_j[_^jhLum`_\lhjhcjZadmkZ_rvf_gyJZa\_
lug_agZ_rvqlhq_eh\_q_kdZykexgZ\khlgxjZahiZkg__q_fkexgZex[h]h`b\hlgh]h"
�IheZ]ZxlumagZeh[wlhfihemqZy^biehfkhlebqb_fih[bheh]bb`_cg\uijyfbeZkv
�gZkZ^beZgZghkhqdbGZ^_xkvml_[y[m^_l]Zg]j_gZbl_[_Zfimlbjmxlgh]m[_aZg_kl_abbZ
_s_gh`h\dhc
Ijb^_lkyihkfhlj_lv_klvebgZq_j^Zd_qmeZg\dhlhjucykfh]ml_[yaZi_j_lvBf_gghlZd\
klZjbgmihklmiZebfm`qbgu\uykgb\qlhbfkm`^_gh`blvkkmfZkr_^r_c`_ghc
=hlh\Zkihjblv[m^vfg_\hk_fgZ^pZlvZg_ljb^pZlvq_luj_lu[ug_^mfZehlhf]^_[u
aZi_j_lvf_gyDhjfbe[uf_gy`_\Zl_evghcj_abgdhcbihdZau\Ze\k_fm]hjh^mL_i_jvdh]^Zy
agZxqlhbgl_ee_dlhflug_h[b`_gl\hykljZklvdfZehe_ldZfgZ\h^blgZhij_^_e_ggu_
jZafure_gby
F_gyg_lyg_lgZfZehe_lhdHgk\_jgmegZ^hjh]m\_^msmxdbo^hfm
Luijhklhg_agZ_rvdZd^_j`Zlvkykh\ajhkehc`_gsbghc
�Deygmkv`_cgQ_jlHgm^ZjbeihlhjfhaZfbm`_ohl_e\gh\vijb]gmlv_c]heh\mgh
hiha^Ze?]hhl_paZf_lbeqlh\dZ[bg_hgg_h^bg
Dwe\ujm]Zekykg_hohlhchimklbekl_dehbhklZgh\b\Z\lhfh[bev\ijbludddjZkghfm
aZ[jua]Zgghfm]jyavx[e_ca_jmdjbdgme
QlhkemqbehkviZiZ"
:qlhihl\h_fmfh]ehkemqblvky"Hldju\Zcwlbq_jlh\u\hjhlZb^Zcfg_ijh_oZlv
�Ij_\hkoh^ghjZa^jZ`_gghih^mfZeDweIjhklhij_\hkoh^ghhklhcgh_aZ\_jr_gb_wlh]h
iZjrb\h]h^gyHggZ`ZedghidmgZimevl_^bklZgpbhggh]hmijZ\e_gbydb\gmehlpmbgZ`ZegZ
�i_^Zev]ZaZgZkdhjhklbfbgh\Z\[e_ca_j^Z[uhl_pg_kfh]dZdke_^m_ljZkkfhlj_lv`_cg
L_aZqZldbg_`guoqm\kl\qlhhggZqZedg_cbkiulu\Zlvbkq_aeb[_kke_^ghHgg_ohl_eqlh[u
hgZ\klj_qZeZkvk_]hjh^bl_eyfbG_ohl_eblhqdZHggZ^_yekyqlhhl_pg_klZg_lmihfbgZlvh
�lhfdZdbfbkj_^kl\ZfbhgiulZekyhlkjhqblvwlm\klj_qmQ_ff_gvr_`_cg[m^_lagZlvh_]h
ebqghc`bagbl_femqr_
�Gb\q_fg_ijhlb\hj_qvfg_ij_^mij_^behg`_cgBgb\dh_fkemqZ_g_]h\hjbqlhlu
[_j_f_ggZ
Hg\k_jZ\ghmagZ_l
FukdZ`_fh[wlhfiha`_Fgh]hiha`_Bkgbfbwlbq_jlh\uhqdb
Hgbih^t_oZebd^hfmDwe[uklj_gvdhaZ]gZe__\oheeZkZf\ur_eqlh[u\klj_lblvhlpZ
�IhlhfmdZdoehigmeZ\oh^gZy^\_jv`_cgihgyeZqlhhgjZkkljh_gHlebqghFbkl_jKZff_dmf
eZm^_wlhaZkem`beDmkZy]m[uhgZijhreZgZdmogxLZfh[o\ZlbeZ`b\hljmdZfbIjhklbf_gy
BajZklj_iZ\rboky\hehkhgZ\ulZsbeZg_kdhevdhkmoboebklv_\BihiulZeZkvkh[jZlvkykkbeZfb
qlh[u^hklhcgh\klj_lblvhlpZDweZGho\Zlbeh__ebrvgZlhqlh[u\h^jmablvhqdbgZghk
ihlhfmqlhfukeb__k_cqZkaZgbfZeh^jm]h_dZd_c\hkiblu\Zlv]_gby"
BaoheeZ^hg_kky]hehkDweZ
�ihkdhevdmk_]h^gy`_cgklZehagZqbl_evghemqr_fuih_oZebdWggb
Fg_ij_^klZ\ey_lkyjZam`_cklZehagZqbl_evghemqr_l_[_ke_^h\Zehijb\_alb__\]hjh^b
ihagZdhfblvkjh^bl_eyfb
HgZ[jhkbeZ[_emx\_ljh\dmgZklmebih\_jgmeZkvd^\_jb
IZiZ\q_jZaZh[_^hfy\k_h[tykgbebl_[_bfZf_Y
O\Zlblh[wlhfHl_pDweZhklZgh\bekydZdlhevdhm\b^_e__
Lhlh[jZaqlhhgZjbkh\ZeZk_[_\_k_eucklZjbqhdkdjm]euf`b\hlbdhfb\_gqbdhfk_^uo\hehk
\hdjm]eukbgubkq_a_^\ZhgZm\b^_eZhlpZDweZm\hjhlL_i_jvhgZihgyeZqlh\b^bli_j_^
kh[hcihklZj_\r_]h^\hcgbdZk\h_]hkmijm]Z
ukhdbcrbjhdhie_qbckbfiZlbqguchgij_djZkghkfhlj_eky\djZkghcneZg_e_\hcjm[Zrd_
fyluo[jxdZobdh`ZguokZih]Zo]mkluol_fguo\hehkZo[he__^ebgguoq_fmkugZlhevdh
gZqZeZk_j_[jblvkyk_^bgZu]ey^_ehge_lgZiylv^_kylkg_[hevrbfkebrdhffheh^hcb
djZkb\uc^eyq_eh\_dZbf_xs_]hljb^pZlbr_klbe_lg_]hkugZ
�HgijbklZevgh[_aki_rdbh]ey^_e`_cgbhgZ[_aljm^ZmagZeZwlhlijyfhcg_fb]Zxsbc\a]ey^
LhqghlZd`_kfhlj_egZg__bDweHgZg_hl\_eZ]eZaihgbfZyqlhlhevdhlZdfh`_laZklZ\blv
kqblZlvkykkh[hcLmlhgmeu[gmekybijhlygme_cjmdm
�Y`bf;hgg_jJZ^qlhfugZdhg_plhm\b^_ebkv
��`_cgZjebg]lhg
Meu[dZbkq_aeZ[jh\bkhrebkvmi_j_ghkbpuHg\uk\h[h^bejmdm
a^_rgbof_klZo[hevrbgkl\h`_gsbgihke_aZfm`_kl\Z[_jmlnZfbebxfm`Z
�Yg_f_klgZybfhynZfbebyZjebg]lhgB_s_fg_ljb^pZlvq_luj_]h^Z
�BaaZ__kibguihkeurZekyk^Z\e_gguc\a^ho`bf;hgg_jjZkkf_yeky
:\_^vg_^Zrv
Bf_gghljb^pZlvq_luj_BkdZ`^hck_dmg^hcyklZgh\exkvklZjr_
��hklZlhqgh`_cg]hehk_DweZkeurZehkvij_^hkl_j_`_gb_ghhgfh][ubg_khljykZlv
\ha^mo
Lug_\u]ey^brv[hevghc
�Ybg_[hevgZ`_cgihqm\kl\h\ZeZdZdqlhlhkdhevagmehihkibg_bihgyeZqlhebrbeZkv
weZklbqghce_glu
HgZihreZgZihijZ\dmg_kdhevdhqZkh\gZaZ^\klZ\beDweFh`_lwlh[uekh\k_fbg_
]jbii
�`_cgih\_jgmeZkvdg_fmqlh[uh^Zjblvij_g_[j_`bl_evguf\a]ey^hfhgZg_kh[bjZeZkv
ih^^_j`b\Zlv_]h\he`bghDweij_^ihq_ewlh]h\a]ey^Zg_aZf_lblv
�`bf\ayekjZa^_ehqgh]hklhebdZdgb`dmdhfbdkh\\hijhkbl_evghihkfhlj_egZg__
EmqrZydgb]Zf_kypZ"
�`_cgijh]ey^u\Z_lboqlh[uhl\e_qvkyOhq_rvib\ZiZiZ"
&#xg_;&#xaZ;&#xig;&#xZy;&#xl;&#xj_;&#xh;&#x]Z;&#xh;&#xkl;&#xZg;&#xhb;&#xeZ;&#x_;&#x^d;&#xmx;&#xj;&#x_i;ë&#xdm;&#x;&#xm`;&#x_;&#x]h;&#xlh;&#xm;&#xx;&#xkh;&#xjZ;&#xlv;&#xky;&#xk;&#xy;&#xau;&#xqd;&#xZ;�g_aZigZylj_\h]ZhklZgh\beZ_^dmxj_iebdmm`_]hlh\mxkhj\ZlvkykyauqdZ`_cg
Qlhgb[m^vkemqbehkv"kijhkbeZhgZ
�:dZdgZkq_lkZg^\bqZ"Dweg_^Zehlpmhl\_lblv`_cgk^_eZcgZfkhlphfihkZg^\bqm
YkjZ^hklvxk^_eZxkZg^\bql\h_fmhlpm:\hlhk_[_lukfh`_rvihaZ[hlblvkykZf
��;jh\v`bfZ;hgg_jZbah]gmeZkvhg[jhkbegZkugZ\a]ey^dhlhjuc`_cgbklhedh\ZeZ
h^ghagZqghg_m`_ebaZklhevdhe_lihbkdh\lug_kfh]gZclbk_[_emqr_c`_gu"
GhhgZhldZau\ZeZkvb]jZlvjhev\_jghcbihdhjghcih^jm]b
ZfgZ^hk^ZlvZgZebau"GZ^_xkv\ug_aZ[he_eb"Hiylv\f_rZekyDwe
�hjh]Zyml_[yebph\]jyabgZ\_jgh_ihke_ijh]medbihe_kmmWggbFh`_ll_[_emqr_
ih^gylvkygZ\_jobmfulvky"
�GbdZdhclZcgu\wlhfg_lhl\_lbe`bfY\jZqb^he`_gaZ]eygmlvdfhbfiZpb_glZf
�`_cghp_i_g_eZ\dZdhcm`jZahkhagZ\kdhev\_ebdZ^hims_ggZy_xhrb[dZ:ihlhfj_adh
ih\_jgmeZkvdDwem
LZdl\hchl_p\jZq"Kdhevdh_s_k_f_cguokd_e_lh\ijbijylZgh\l\h_frdZnm"
?_k_j^p_jZaju\Zehkvhl]hjyZ_]hwlhihoh`_lhevdhaZ[Z\eyeh
YagZxlugZ^_yeZkvm\b^_lv^_j_\_gkdh]hm\Zevgyghihoh`_l_[_g_ih\_aehOhly_keb
ih^mfZlvIZiZ\jh^_[ulu]h\hjbefg_qlhl\hc^_^^hkboihj`b\_l]^_lh\]hjZo"
��H[wlhf]h\hjbefg_hl_p`bfijbklZevghkfhlj_egZ`_cg:ihq_fml_[ywlh\hegm_l"
�Dweg_^Ze_chl\_lblv`_cgwlhlhevdhh[jZ^h\Zehihlhfmqlhdhfhd\]hje_g_iha\hebe[u_c
ijhbag_klbohlvkeh\h
�`_cg]j_abl]hjpZfbKZfZlhhgZ]hjh^kdZyghex[bl\k_k\yaZggh_k]em[bgdhc?_ihklb]eh
]em[hdh_jZahqZjh\Zgb_dh]^ZhgZmagZeZqlhfughkbfh[m\v
BaoheeZ^hg_kkyf_eh^bqguc`_gkdbc]hehk
Dwe]^_lu"Hg\a^hogme
GZdmog_fZfZ
Yijh_a`ZeZfbfhm\b^_eZqlh\hjhlZhldjuluDZdbhl_pDweZ`_gsbgZihy\b\rZyky\
�^\_jyo\u]ey^_eZkebrdhffheh^h^eylh]hqlh[ubf_lvljb^pZlbr_klbe_lg_]hkugZB`_cgg_
fh]eZg_m^b\blvkyqlhmWggb=eZc^klhevmlhgq_ggZybwe_]ZglgZy^hqvFbeh\b^gZyih^lygmlZy
fh^ghh^_lZykdhjhldhkljb`_ggufbaZ\blufbdZrlZgh\ufb\hehkZfbIjbq_kdZih^q_jdb\ZeZ
kbg_\m]eZaBgbdZdhck_^bguQ_jgu_[jxdbh[e_]Zebkljhcgu_gh]b\brg_\ucib^`Zd
&#xk;&#xjZ;&#xg;&#x_g; b;&#xk;&#xg;&#x_c;�k\h[h^gh]hihdjhymdjZrZeZk_j_[jygZy[jhrvkjZ\g_gbbkg_c`_cgqm\kl\h\ZeZk_[ymebqguf
h[hj\Zgp_f=jyagh_ebphjZklj_iZggu_\hehkukaZimlZ\rbfbky\gboebklvyfb
�Lu^he`gh[ulv`_cg@_gsbgZrZ]gmeZ\i_j_^ijhly]b\ZyjmdmYEbgg;hgg_j
=hehka\mqZel_iehgh\jmdhih`Zlbbqm\kl\h\ZeZkvk^_j`ZgghklvGZ^_xkvl_[_m`_emqr_
DwekdZaZeqlhluijbo\hjgmeZ
Mf_gy\k_\ihjy^d_[eZ]h^Zjx\Zk
�?cljb^pZlvq_luj_]h^Zh[ty\be`bfklhy\rbcmjZa^_ehqgh]hklhebdZ
Ebggm^b\e_ggh\a^jh]gmeZihlhfmeu[gmeZkv
YjZ^Z
��`_cgihqm\kl\h\ZeZqlhkfh`_lgZclbh[sbcyaudkEbgg;hgg_j`bfk_egZklme\ulygme
Dwe]h\hjblqlhhgZ[_amfZhl]hjp_\L_[yhgZhij_^_e_gghihex[blWf[_j
�`_cgaZf_lbeZdZdDwe[jhkbegZhlpZg_^hmf_gguc\a]ey^Meh\beZhgZbgZ^f_ggu_ghldb
dhlhjuojZgvr_g_[uehgh_]h`_gZgbdZdg_hlj_Z]bjh\ZeZ
Ym\_j_gZDwe]h\hjbel_[_qlhfulhevdhqlh\_jgmebkvKh\f_sZebhl^uobgZmqgmx
dhgn_j_gpbxYhq_gvkh`Ze_xqlh\q_jZluiehohk_[yqm\kl\h\ZeZbg_kfh]eZihh[_^ZlvkgZfb
�Gh\km[[hlmful_[y`^_f`bf_kebg_[m^_l^h`^ylukfh`_rvih^`ZjblvfykhgZm]eyo
�`bfiheh`begh]mgZgh]m
�G_lWf[_jJZa`_cglZdex[bl[ul]hjp_\ihq_fm[ul_[_g_aZ[ulvijh`Zj_gh_fykhbg_
ijb]hlh\blvh^ghbanbjf_gguo[ex^k_fvb=eZc^"NZkhevkhk\bgbghcbkdZ`_fa_evpdhlhjuc
�hlebqgh^_eZeZl\hyfZlvLudh]^Zgb[m^v_eZa_evp`_cg"
G_l\jh^_[ug_l
�G_m\_j_gZqlh`_cgwlh]hohq_loheh^ghijhp_^beZEbggGbdlh[hevr_g__kla_evp
Fh`_llukfh`_rv\hajh^blvfh^mgZwlh[ex^hWf[_j?kebjZkkdZ`_rvhg_f\k_fk\hbf
jZknmnuj_ggufih^jm`dZfgZhq_j_^ghf[eZ]hl\hjbl_evghff_jhijbylbb\Wr\bee_
DwelZjZsbekygZjh^bl_e_ckeh\ghgbdh]^Zg_\b^_ebojZgvr_
KdZdbowlhihjlugZqZea\ZlvfZfmWf[_j"
�Wlh__bfyhl\_lbe`bf
LZdah\_l__Wggbghlu__jZgvr_lZdg_gZau\Ze
Dlh]h\hjblqlh\`bagbg_lf_klZi_j_f_gZf"
Dweih\_jgmekydfZl_jbghlZ\ha^_j`ZeZkvhldhff_glZjb_\HgihiulZekyi_j_\_klbjZa]h\hjgZ
^jm]h_ih\_jgmekydoheh^bevgbdmhldjue^\_jpm
Gbdlhg_ohq_lkZg^\bq":lufZfZ"
G_l[eZ]h^Zjx
�A_evpwlhqZklvk_f_cgh]hgZke_^by=eZc^h\`bfy\ghg_ohl_emdehgylvkyhll_fu
�Luwlh]hg_aZ[ueZg_lZdebWf[_j"Bhgklhevoheh^gh\a]eygmegZg__qlh`_cg
ihkhqm\kl\h\ZeZfZl_jbDweZHgZlhqghagZeZdZdh\hhsmsZlvgZk_[_lZdhc\a]ey^G_^h`b^Zykv
��hl\_lZ`bfh[jZlbekyd`_cg
�A_evpihoh`gZdhe[Zkm`_cglhevdh^_eZxl_]hbak\bghc]heh\ujZamf__lky[_a]eZa
EbgggZlygmlhmeu[gmeZkv
=Z^dZy_^ZG_ihgbfZxihq_fmfZlv\hh[s_wlh]hlh\beZYlhevdhqlh]h\hjbeZkg_cih
&#xhl;&#xi;&#xhq;&#x_f;&#xm;&#xy;&#xag;&#xZx;&#x;&#xql;&#xh;&#xlu;&#xq;&#xm;&#xkl;&#xm_;&#xrv;&#xk;&#x_[;&#xy;&#xem;&#xqr;&#x_;&#xL;&#xu;&#x_c;&#xi;&#xjb;&#x]e;&#xyg;&#xme;&#xZk;&#xv;�khlh\hfml_e_nhgmhlihq_fmyagZxqlhluqm\kl\m_rvk_[yemqr_Lu_cijb]eygmeZkv`_cg
�Fg_hgZlh`_ihgjZ\beZkv`_cgg_f_gvr_k\_djh\bohl_ehkvmclbhljZa]h\hjZh[wlhf
q_jlh\hfa_evp_G_lhevdhihlhfmqlh__\hegh\ZeZ\hagbdrZygZijy`_gghklv\hlghr_gbyo
f_`^mjh^bl_eyfbDweZihke_^g__\j_fy__`_em^hdbghcjZa\_ek_[yg_ij_^kdZam_fhbhgZg_
ohl_eZjbkdh\Zlvijh^he`Zy^bkdmkkbxh[ex^Zobak\bguo]heh\k]eZaZfbb[_ahguo
DwekdZaZegZfqlhlunbabdEbgg\gh\vmeu[gmeZkvYihljyk_gZ
�`bfih^gyeky
Fhy`_gZg_aZdhgqbeZkj_^g_crdheuihwlhfmhgZbghcjZaim]Z_lkydh]^Z\klj_qZ_lq_eh\_dZ
bf_xs_]hmq_gmxkl_i_gv
��Bkim]ZgghcEbggg_\u]ey^_eZghd`bfm;hgg_jm`_cggZqZeZbkiulu\Zlvg_ijbyagvk_wlb
hklZ\eylvbo[_ahl\_lZ
;hylvkylmlg_lgbdZdboijbqbgG_dhlhju_bakZfuo]emiuofhboagZdhfuobf_xlmq_gu_
kl_i_gbGhfg_eb]h\hjblv\Zfh[wlhf^hdlhj;hgg_jYm\_j_gZqlhb\uklZedb\ZebkvklZdbfb
ex^vfb
D__bamfe_gbxhgmeu[gmekyAZl_f_]hjmdZgujgmeZih^\hjhlgbdib^`ZdZ`_gubhg
ihs_dhlZe__r_xIh`_klmqm\kl\h\Zehkvqlhlh`_kZfh_hgijh^_eu\Zeqmlvebg_khjhd
&#xhl;&#xl;&#xml;�ihke_^gboe_lhllml`_cgbihgyeZqlhaZreZkebrdhf^Ze_dhbih`Ze_eZhlhfqlh\hh[s_
jZkdju\ZeZjhl?kebmgbo\k_fv_b\hagbdZebdZdb_lhlj_gbydg_cwlhg_bf_ehgbfZe_cr_]h
hlghr_gbyMg__o\ZlZehk\hbok_f_cguoijh[e_f
�`bfhlklmibehl`_gugZrZ]
�Fg_ihjZZg_lhyhiha^Zxdh[oh^mHgih\_jgmekyd`_cgih^jm`_kdbk`Ze_cjmdm
�ihlhfmeu[gmekykugmJZ^qlhihagZdhfbekyklh[hc`_cgM\b^bfkyaZ\ljZDwe?]h
�ex[h\vdDwemg_\uau\ZeZkhfg_gbcgh`_cgaZf_lbeZqlhbadmogbhg\ur_e^Z`_g_\a]eygm\
gZ`_gm
Dwe\ueh`begZjZa^_ehqgucklhebd\_lqbgmbkujHgkfhlj_egZfZlvdh]^ZhgbmkeurZebdZd
aZdjueZkv\oh^gZy^\_jv
�LZg_hl\_eZ]eZab`_cgm\b^_eZqlh\bk_\rbcgZg_cg_\b^bfucagZdIhklhjhggbf\oh^
\hkij_s_gbkq_akmoh^hffm`Z
GZebp_DweZhljZ`ZeZkvlj_\h]Z
Ihq_fmiZiZklZegZau\Zlvl_[yWf[_j"Fg_wlhg_gjZ\blky
&#xhl;&#xi;&#xh];&#xh;&#xhj; ;&#xk;&#xgb;;&#xh[;&#xw;&#xlh;;&#x;&#xH;&#xgZ;&#xm;u;&#x[g;&#xme;&#xZk;&#xv;hlbih]h\hjbkgbfh[wlhfHgZmeu[gmeZkv`_cgAgZyDweZym\_j_gZqlhhggbq_]h
l_[_g_ihdZau\ZejZa\_qlh=hj_p?kebohq_rvaZ]eygmlv\f_klgu_fZ]Zabguykm^h\hevkl\b_f
klZgml\hbf]b^hf:ihlhffufh]eb[uaZclbdm^Zgb[m^vgZe_gq
;m^mkqZkleb\Z
Gh\f_rZekyDwe
�`_cglug_h[yaZgZijbgbfZlvwlhijb]eZr_gb_bkdexqbl_evghba\_`eb\hklbFZfZ
�ihcf_lHgh[gyefZlvaZie_qb`_cgg_fh`_lhlhj\ZlvkyhljZ[hlugh_cg_ohq_lky
h[b`Zlvl_[yHgZ]h\hjbl^Zohly\^_ckl\bl_evghklb_cohq_lkykdZaZlvg_l
Y\k_ihgyeZGZebp_EbggqblZehkvh[jZlgh_JZamf__lkyl\hyjZ[hlZ]hjZa^h\Z`g__
oh`^_gbyihfZ]ZabgZfKqblZcqlhygbq_]hg_ij_^eZ]ZeZ
�`_cgm`ZkgmeZkv
�Zg_l`_y
�Ih`ZemcklZGbq_]h]h\hjblvg_gZ^hIh\_jgm\rbkvkibghcd`_cghgZh[gyeZDweZ
Fg_gZ^h_oZlv\p_jdh\vDZd\uykgy_lkyfZlvk\ys_ggbdZwlhlh`_jZ[hlZ^Z_s_hlgbfZxsZy
�fZkkm\j_f_gbOhl_ehkv[uqlh[uWlZggZdhg_plh`_gbekyHgZhdbgmeZ`_cgoheh^guf
\a]ey^hfGZ^_xkv\km[[hlmlukfh`_rv\udjhblv^eygZkg_fgh]h\j_f_gb
�`_cgihqm\kl\h\ZeZ\__keh\Zomdhj
H[yaZl_evghd\Zfijb_^m
Dweijh\h^befZlv^h^\_jblZfhgbg_fgh]hih]h\hjbebihlhfhg\_jgmekygZdmogx
�Ihq_fmlulZdihklmibe"gZ[jhkbeZkvgZg_]h`_cgAZq_f\uklZ\bef_gyi_j_^fZl_jvx
:hq_fkh[kl\_gghj_qv"Hg^hklZedexqbhlZ\lhfh[beybaijZ\h]hdZjfZgZ^`bgkh\
�Hq_f"eyg__wlhhkdhj[bl_evgh
Bqlh"
G_fh]mih\_jblvqlhlulZdlmi
G_ly\k_ihgyeHgiheh`bedexqbgZklheLuohq_rvklZlvex[bfhcg_\_kldhcYijZ\
g_lZdeb"
Yijhklhohl_eZ[ulv\_`eb\hc
:aZq_f"Qlh[uhgbihex[bebl_[yZihlhf]hj_\ZebmagZ\qlhfukh[bjZ_fkyjZa\h^blvky"
�`_cgklZehdZdlhg_ihk_[_
Qlhluohq_rvwlbfkdZaZlv"
Hgbm`_ihohjhgbebh^gmg_\_kldmjh\guf]hehkhfhl\_lbehgByg_^himsmqlh[uhgb
i_qZebebkvbaaZ\lhjhcYohqmqlh[umagZ\hgZr_fjZa\h^_hgbhldjueb[u[mluedm
rZfiZgkdh]hb\uibebaZk\h_]hklZjr_]hkugZdhlhjhfmm^ZehkvihklZ\blvdj_klgZg_m^Zqghc
`_gblv[_
Yg_ihgbfZxGZkZfhf^_e_hgZ\k_ihgyeZ
Lh]^Ziha\hevjZah[tykgblvY[m^mhq_gvl_[_ijbagZl_e_g_kebluihaZ[hlbrvkyhlhfqlh[u
h^bgl\hc\b^\uau\Zemfhbojh^bl_e_cg_ijbyagv
��Jmdb`_cggZqZeb^jh`ZlvbhgZi_j_ie_eZiZevpuqlh[uhggbq_]hg_aZf_lbehwlh]hfhf_glZ
hgZ_s_\_jbeZqlhkfh`_lklZlvqZklvxk_fvbDweZHgZlZdohl_eZqlh[udlhlhkqblZe__k\h_c
Y\k_]^Zdha_ehlims_gby
G_gZ^hlZdgZf_gykfhlj_lvLu\hreZ\fhx`bagv[_aijb]eZr_gbybi_j_\_jgmeZ\k_kgh]gZ
]heh\mYg_ohqmklZgh\blvkyhlphfBm`l_f[he__g_ohqmk\yau\Zlvk_[ymaZfb[jZdZGhlu
ebrbeZf_gyijZ\Z\u[hjZbaZwlhl_[_ijb^_lkyaZieZlblv?keb\l\h_fk_j^p__klvohlvdZiey
khkljZ^Zgbylug_ijbqbgbrvfhbfjh^bl_eyfebrg_c[heb
�`_cghl\_jgmeZkvdj_idhaZ`fmjbeZkvHgg_fh]ijhkblv__h[hevr_c`_jl\_gh\vhgZ
klZgh\beZkvhls_i_gp_fIhg_\he_ijbreZ\]heh\mfukevZg_^hdhgpZeb^g_c_cm]hlh\ZgZ
lZdZykm^v[Z"GhgZwlhljZa_keb\k_ijhbahc^_ldZdaZ^mfZeDwehgZ[m^_lg_ijhklh\ujh^dhf
GZwlhljZa__klZgmlij_abjZlvbg_gZ\b^_lv
Khe\_cr_gg_\uj\Zlvbafh_c`bagbijh^he`beDweLml`b\mlfhb^jmavyFhb
jh^kl\_ggbdbLu`_ijh\_^_rva^_kviZjmf_kyp_\Zihlhf[_kke_^ghbkq_ag_rv
HklZ\b\hk_[_lhevdh^mjgu_\hkihfbgZgby
Lumf_gy\^he]mfy]dhgZihfgbehg
Hg\au\Zedqm\kl\mkijZ\_^eb\hklbhlghr_gbbDweZhgZihklmibeZZfhjZevghihlhfmlhb\bgZ
�ly`_ehcghr_c^Z\beZ_cgZie_qbL_i_jvmg__ihy\eyekyrZgkbkdmiblv]j_o`_cgg_fh]eZ
hkihjblvijZ\hlmDweZHgZg_aZkem`beZf_klZ\_]hk_fv_B^_ckl\bl_evghaZ^he`ZeZ_fm
Dwe\habedexqZfbihklhembhgZihgyeZqlh_fmlh`_g_ihk_[_KZfhm\_j_gghklvj_^dh
�ihdb^ZeZ_]hijbqbgZhldjueZkv`_cgg_kjZamDwehiZkZekyqlhhgZg_ihc^_lgZ\klj_qm_]h
`_eZgbyfbbkdZe^h\h^udhlhju_fh]eb[u__m[_^blv
��Lu^he`gh[ulvaZf_lbeZqlhjh^bl_ebj_adh\Zlu^jm]k^jm]hfhkf_jlbQ_jjbb`_cfb
lZdh]hg_[ueh
YklZeih^ZjdhfhlpmgZ\uimkdghc\_q_jFZfZaZ[_j_f_g_eZ\iylgZ^pZlve_lZf_gyjh^beZ\
r_klgZ^pZlv
H^gZdh
?_\u]gZebbardheughWggbjZkkdZau\ZeZgZfqlhgZklhyeZmklZ^bhgZ\h\j_fy\uimkdgh]h
\_q_jZ\emqr_fieZlv_ohlygbdlh__bg_\b^_ebkemrZeZdZdhl_pijhbaghkbeijhsZevgmxj_qv
\uklmiZyhlebpZ\uimkdgbdh\
�DZd`_wlhg_kijZ\_^eb\hih^mfZeZ`_cgWf[_jEbgg=eZc^[_^gmx^_j_\_gkdmx^_\mrdm
\u]gZebbardheuaZlhqlhhgZaZ[_j_f_g_eZZ[h]ZlucfZevqbddhlhjuc__h[jxoZlbeklhyegZ
ih^bmf_bkju\ZeZieh^bkf_glu]hjh`Zg
YagZxhq_flu^mfZ_rvghfh_fmhlpmwlhlh`_g_khrehkjmd@bagv\ayeZ_]h\h[hjhl
Gbdlhg_^mfZeqlhhg`_gblkygZg_cZhg`_gbekyb_fmijbrehkvaZ[hlblvkyhk_fv_ihdZhg
mqbeky\dhee_^`_bf_^bpbgkdhcrdhe_
=hlh\Zkihjblvkihfhsvxjh^bl_e_c
IhgZqZemh^ghfmHgbg_gZ\b^_ebfhxfZfmbkdZaZeb_fmqlhhgg_ihemqblgbp_glZ_keb
`_gblkygZg_cI_j\uc]h^hgb^_j`Zebkeh\hghihlhfjh^beky=_c[bhgb^Zeb^_gv]bgZmq_[m
L\hbjh^bl_ebihoh`_hq_gvg_j\gbqZxl
�Hgg_f_^e_gghih^h[jZeky`_cgihgyeZqlhh^gh^_ehdh]^Zhg]h\hjblhk_f_cguoijh[e_fZob
^jm]h__kebj_qvhgboaZ\h^ylihklhjhggb_
HgbjZkkljh_gugbq_]h[hevr_GZex^yohgbklZjZxlkyg_^_fhgkljbjh\Zlvk\hxex[h\v^jm]
d^jm]mghk_fvymgbodj_idZy^Z`__kebml_[yb\hagbdeb\wlhfkhfg_gby
G_lmf_gygbdZdbokhfg_gbc
�Hgih^o\ZlbedexqbbgZijZ\bekyd^\_jb\_^ms_c\]ZjZ``_cghklZgh\beZ_]hij_`^_q_fhg
\ayekyaZjmqdm
Dweyk^_eZx\k_qlhluijhkbrvihhlghr_gbxdl\hbfjh^bl_eyf;m^m^_j`Zlvkykgbfb
�ij_^_evghgZ]ehghg_kWggbHgZ\_^vh^ghcgh]hc\fh]be_`_cglygmehdwlhcklZjmo_hgZ
qm\kl\h\ZeZqlh^he`gZbf_lv\Khe\_cr_g_ohlvh^gh]h[ebadh]hq_eh\_dZqlh[ug_khclbkmfZ
Dweih\_jgmekydg_c
HgZjZkijZ\beZie_qb\kdbgmeZ]heh\m
Wlhfh_mkeh\b_Ohq_rvkh]eZrZckyohq_rvg_lHgf_^e_gghdb\gme
OhjhrhYkh]eZk_g
=eZ\Z
�`_cgaZklhgZeZih^gbfZykvkhklmeZi_j_^dhfivxl_jhfihlhfgZqZeZjZa^_\Zlvky]hlh\ykvdh
kgmIhke_^gb_ljb^gyihmljZfhgZihfh]ZeZWggb\h]hjh^_bl_i_jvmg__[he_eb\k_furpu
HgZmeu[ZeZkvkdeZ^u\Zy^`bgkubm[bjZybo\rdZngZ^_\Zyghqgmxjm[ZrdmH[uqghhgZ
ba[_]ZeZ\eZklguoex^_cgh_cgjZ\behkv\uihegylvijbdZauWggb
WggbdhfZg^h\ZeZbDwehfkj_^mmljhfhggZklhyegZlhfqlh[uhl\_alb__gZ]hjmKljZ^Zgbc
�Dh]^Zhgbijb_oZeb`_cgmdZaZeZgZiZjZ^gh_djuevphbij_^eh`beZ_fmihqbgblv\k_kZfhfmZ
g_gZgbfZlv^eywlh]hihklhjhggboIh\hjqZ\hglZdbijbgyekyaZjZ[hlmb\kdhj_hgZmkeurZeZ
_]hihk\bklu\Zgb_DjuevphhgihqbgbeZk_]h^gyijb\_ag_kdhevdh]Zeehgh\djZkdbbafZ]ZabgZ
ohayckl\_gguolh\Zjh\bijbgyekykqbsZlvkhkl_gklZjmxdjZkdm
AZ\ljZ\_q_jhf_cij_^klhyeh[_^kjh^bl_eyfbDweZHgg_gZihfbgZeh__h[_sZgbb^_j`Zlvkyhl
gbogZjZkklhygbbghhgZagZeZqlhhggbq_]hg_aZ[ue
QZkuihdZau\Zeblhevdhh^bggZ^pZlvbg_kfhljygZmklZehklveh`blvkykiZlv_s_g_ohl_ehkv
HgZgZqZeZijb\h^blv\ihjy^hdjZa[jhkZggu_gZklhe_[mfZ]bBgl_j_kghZ]^_ijh\h^bl\_q_jZ
Dwe"HgZih^haj_\ZeZqlh\]hjh^_mg_]h_klv^jm]Zy`_gsbgZ\iZfylb\kieuemihfygmlucEbgg
=hj_pMljhfhgZkijhkbeZmWggbh[wlhfaZ\_^_gbbbmagZeZqlh=hj_pqZklgucdem[G_
lZfebhg\klj_qZekykhk\hbfb`_gsbgZfb"
BohlyhgZihgbfZeZqlh[jZdmgbo\ugm`^_ggucfukevwlZ\uau\ZeZ[hevHgZg_ohl_eZqlh[u
hgkiZekd_flh_s_Hg]ixl_eZqlh[uhgkiZekg_cJmdb__aZf_jebgZ^klhidhcjZki_qZlhdH
q_fwlhhgZ"K_dkhdhgqZl_evghaZimlZ_lbob[_alh]hkeh`gu_hlghr_gbyGh^Z`_ihgbfZywlh
hgZg_fh]eZg_\kihfbgZlvdZd\u]ey^_ek_]h^gyDwedh]^Z[_ajm[ZrdbhgklhyegZe_klgbp_b
khkdj_[Zekhkl_gu^hfZWggbklZjmxdjZkdmFmkdmeui_j_dZlu\Zxsb_kyijbdZ`^hf_]h
^\b`_gbbk\h^beb__kmfZdhgp_dhgph\hgZko\ZlbeZjm[Zrdmb[jhkbeZ_fmijhqblZ\ghlZpbx
gZkq_lhahgh\uo^ujbhiZkghklbaZihemqblvjZddh`b
KljZklvhlkq_f_cijboh^blky[hjhlvkyHldjh\_ggZyg_ijbdjulZykljZklvGhhgZg_
kh[bjZ_lkylZde_]dhk^ZlvkygZfbehklvih[_^bl_ey
Qlh[uhl\e_qvkyhllZdbofuke_chgZj_rbeZ\ug_klbi_j_iheg_ggmxdhjabgdm^eyfmkhjZb
�\u[jhkblvkh^_j`bfh_\dhgl_cg_jklhysbc\]ZjZ`_bf_ggh^eywlbop_e_c:ihlhf`_cg
klhyeZmhdgZgZdmog_kfhlj_eZgZa\_a^gh_g_[hbjZafureyeZh[mq_guo^j_\ghklbIlhe_f__
Dhi_jgbd_=Zebe__dhlhju_iulZebkvihagZlvaZ]Z^dbk_e_gghcbf_y\k\h_fjZkihjy`_gbb
�kZfu_ijbfblb\gu_ijb[hjuZ`_Gvxlhgg_fh]ij_^klZ\blvk_[_l_^hklb`_gbygZmqgh
l_ogbq_kdh]hijh]j_kkZdhlhjufbihevah\ZeZkvhgZhli_jkhgZevgh]hdhfivxl_jZgZ__klhe_^h
kZfuofhsguo\fbj_mkdhjbl_e_c
HgZih^iju]gmeZdh]^ZaZkibghchldjueZkv^\_jvbDwe\hr_e\^hfDh]^Zhgi_j_k_dZedmogx
�`_cgih^mfZeZqlh\i_j\u_hgZ\klj_lbeZq_eh\_dZdhlhjuc`be\iheghfeZ^mkhk\hbfl_ehf
:dZdeh\dhkb^_ebgZg_f^`bgkul_fghdjZkgZyjm[ZrdZq_jgZyg_cehgh\ZyiZjdZk_l_eh
aZdhehehdjhr_qgufbb]hehqdZfb
Y^mfZelum`_kibrv?cihdZaZehkvqlh\]hehk_keurblkye_]dZyojbihlpZ
Ijhklh^mfZx
HdZjlhn_ebgZodhlhju_k_]h^gyihkZ^beZ"HgZmeu[gmeZkv
?kebohq_rvagZlvy^mfZeZhGvxlhg_BkZZd_^h[Z\beZhgZ
Bfyfg_agZdhfhkmohhl\_lbeDweaZkh\u\Zyjmdb\dZjfZgu^`bgkh\Ylh^mfZeqlh
gug_rgb_nbabdbgZqbklhaZ[uebhGvxlhg_hl^Z\\k_kbfiZlbb;hevrhfmIZjgx
_]hmklZowlhijha\bs_Wcgrl_cgZijha\mqZehaZ[Z\gh
Ih\_jvfg_;hevrhcIZj_gvm\Z`Zek\h_]hij_^r_kl\_ggbdZHgebrvg_iha\hebeaZdhgZf
GvxlhgZh]jZgbqblvihe_l_]hfukeb
Y\k_lZdb^mfZxqlhwlhb_klvg_m\Z`_gb_BkZZdk^_eZe\kxjZ[hlmZihlhfijboh^blklZjbd
:ev[_jlbaZy\ey_lqlh\k_wlhlmnlZ
�`_cg\gh\vmeu[gmeZkv
Emqrb_mq_gu_gbdh]^Zg_ijbagZ\ZebZ\lhjbl_lh\KeZ\Z;h]mgZkm`_g_dZagylaZgZrb
Hgk[jhkbeiZjdmgZklme
BdZdb^_lihbkdWd\ZjdZ"
FugZreb_]h\]h^mDZdlumagZeq_fyaZgbfZxkv"
Hgih`Zeie_qZfb
AgZlvfh_j_f_keh
Ybkke_^mxoZjZdl_jbklbdbWd\ZjdZbkdZlv_]hfg_g_aZq_f
BkdhevdhWd\Zjdh\mf_klylkygZhkljb_b]eu"
;hevr_q_flufh`_rvk_[_ij_^klZ\blv?_m^b\behqlhhg\dmjk___bkke_^h\Zgby
YaZ^Zx\hijhkuh\Zr_cjZ[hl_ijhn_kkhj=ZjZglbjmxqlhihf_gvr_cf_j_kfh]mmo\Zlblv
hkgh\gmxb^_xZ\hafh`ghb^_lZeb
gh\vhgZiha\hebeZk_[_aZ[ulvqlhmg_]hhkljucmfBdZda^hjh\hhgkhq_lZekykfmkdmebkluf
l_ehfdhlhjh_hgZ\b^_eZi_j_^kh[hchlh[wlhfhgZaZklZ\beZk_[yg_^mfZlv
Bqlhl_[_ba\_klghhd\ZjdZo"
KZfZyfZehklvD\Zjdbnmg^Zf_glZevgu_km[Zlhfgu_qZklbpubadhlhjuokhklhbl\ky
fZl_jbyKms_kl\m_lwr_klvlbih\d\Zjdh\"
�Wlh]h[hevrbgkl\hex^_cm`_g_agZeb`_cgdb\gmeZ
�LEXGd\ZjdbkljZggu_bhqZjh\Zggu_HgbihemqbebgZa\Zgb_ihi_kg_bajhfZgZ`_cfkZ
��`hckZ@IhfbgdbihNbgg_]Zgm
�Zm`wlhh^gZba\Zrbomq_guoobljhkl_c?keb[\u[jZebgZa\ZgbyqZklbpbadgb]LhfZ
�De_gkb@l_odhlhju_dlhlhqblZ_lrbjhdZyh[s_kl\_gghklvdm^Zemqr_jZa[bjZeZkv[u\lhf
q_f\uaZgbfZ_l_kv
HgZjZkkf_yeZkv
�H[_sZx_kebhldjhxqlhlh^_ckl\bl_evgh\Z`gh_h[yaZl_evghgZah\mDjZkgufhdly[j_f@
�GZah\bHgihklZ\begh]mgZklmebijbklZevghihkfhlj_egZg__`_cgihgyeZqlhhg`^_l
ijh^he`_gbyjZkkdZaZh__jZ[hl_
HgZhlhreZdjZa^_ehqghfmklhebdmiheh`beZjmdmgZ]jZgblgmxih\_joghklv
LhqlhgZfba\_klghhWd\Zjd_ihjZ`Z_lGZijbf_jhg\khjhdjZaly`_e__Ed\ZjdZbfug_
agZ_fihq_fmQ_f[hevr_fujZa[bjZ_fkykoZjZdl_jbklbdZfbWd\ZjdZl_fykg__fu\b^bf
g_kmjZaghklbklZg^Zjlghcfh^_ebfbjZwe_f_glZjguoqZklbpJZamf__lkygZr_cdhg_qghcp_evx
y\ey_lkykha^Zgb_l_hjbbdhlhjZy\u\_^_lgZkgZgh\mxnbabdm
k_h[s_cl_hjbb"
Gmwlhm`i_j_[hj;he__lhqgh_gZa\Zgb_nmg^Zf_glZevgZyh[t_^bgyxsZyl_hjbygh
ih`Zemcfh`ghgZa\Zlv__b\k_h[s_cG_dhlhju_bagZkiheZ]ZxlqlhWd\Zjdijbhldjh_lgZf
fZemxqZklvwlhcl_hjbb
�Bluohq_rvklZlvWcgrl_cghfwlhcgh\hcnbabdb`_cgmkbe_gghklbjZeZg_kms_kl\mxs__
iylgurdhk]jZgblghcih\_joghklb
L_f`_kZfuf^_ehfaZgbfZxlkyb^jm]b_[e_klysb_nbabdbjZaguokljZgZo
Ghlugbdh]hbagbog_[hbrvkylZd"HgZmeu[gmeZkv
GbqmlhqdbHgjZkkf_yeky
M^Zqbl_[_ijhn_kkhjYohqmqlh[u\k_ml_[yihemqbehkv
lmfZgbeky\a]ey^dh]^Zj_qvaZoh^beZh__jZ[hl_\fgh\f_klhwlh]hhg\klZeijh]meyeky\
deZ^h\mxijbg_kiZd_lkqbikZfbmkljhbekygZh[lygmlhcdjZkguf[ZjoZlhf[Zgd_ld_klhy\r_c\
gbr_bgZqZejZkkijZrb\Zlv__hijbgpbiZo^_ckl\bymkdhjbl_e_c
B\kdhj_hgZm`_kb^_eZgZijhlb\ihojmklu\ZeZqbikZfbbh[tykgyeZq_fmkdhjbl_ev\
eZ[hjZlhjbbN_jfbhlebqZ_lkyhl_\jhi_ckdh]hihkljh_ggh]hih^@_g_\hc\R\_cpZjbb:__
h[tykg_gby\uau\Zebgh\u_\hijhku
IhgZqZemhgZkm^h\hevkl\b_fhl\_qZeZgZgbog_qZklh_cm^Z\ZehkvgZclbkemrZl_ey
bgl_j_kmxs_]hkynbabdhcwe_f_glZjguoqZklbpB^hq_]hijbylghkb^_lv\wlhcl_iehcmxlghc
dmog__klvqbikub]h\hjblvhjZ[hl_hagbdZehhsms_gb_bklbggh^jm`_kdbohlghr_gbcGh
hsms_gb_wlhbkiZjbehkvdZd^ufdh]^ZhgZihgyeZqlhjZkkdZau\Z_l_fmhk_f_ckl\_e_ilhgh\Z
hgij_djZkgh\k_ihgbfZ_l
�M`_cgaZguehih^eh`_qdhcdh]^Z^hg__^hrehkdheve_]dhDwemk\Zb\Z_lwlm^hklZlhqgh
keh`gmxbgh\mx^eyg_]hbgnhjfZpbxG_m`_ebmj_[_gdZ[m^_lkh\k_fm`aZij_^_evgucZcdvx"
�HlwlhcfukebaZdjm`beZkv]heh\ZbkiZkZykvhlg__`_cgijbgyeZkvjZkkdZau\Zlvh[hahg_
Ob]]kZbkdhjhihgyeZqlhhgihieue
;hxkvfg_aZlh[hcg_m]gZlvkyijhn_kkhj
?keb[ulhevdhhgZfh]eZ[jhkblv_fm\ebphqlhhlklZehgbaaZk\h_clmihklbLZdg_l`_
�M`_iha^ghHgZly`_ehih^gyeZkvYm`ZkghmklZeZmfZxihc^mkiZlv
Ohjhrh
�`_cgj_rbeZqlhk_cqZk\hafh`ghkZfucm^Zqgucfhf_gl^eylh]hqlh[uiheh`blvdhg_p__
baheypbb
F_`^mijhqbfDwefg_gm`_gZ\lhfh[bevGbq_]hhkh[_ggh]hh[uqgh_ljZgkihjlgh_kj_^kl\h
Ddhfmfg_h[jZlblvky"
Gbddhfm?kebluaZohq_rvdm^Zgb[m^vih_oZlvyl_[yhl\_am
Hl_]h^jm`_ex[byg_hklZehkvbke_^ZHg\klZebgZijZ\bekyd^\_jbh[j_aZ\^bkdmkkbxgZ
dhjgx
GhhgZ_s_g_ihklZ\beZlhqdm\bojZa]h\hj_Zihlhfmihke_^h\ZeZaZgbf\]hklbgmx
Yijb\udeZdkZfhklhyl_evghklbfg_gm`gZfZrbgZBlml`_ih^dheheZ_]h
H[_sZxqlhg_[m^mfZoZlvjmdhcl\hbf^jmavyf_kebm\b`mbo
�:\lhfh[beyg_[m^_lijhn_kkhjBg_gZ^_ckyGZwlhljZahgmr_ehlg__\dZ[bg_l`_cg
ih^`ZeZ]m[ub^\bgmeZkvke_^hfWlh`_g_e_ihDweihoh`_aZ[ueqlhgZ^\hj_^\Z^pZluc\_d
Bmg___klvk\hb^_gv]b
HgZhklZgh\beZkvgZihjh]_
hlebqb_hll\hboih^jm`_dfg_\hajZkliha\hey_lihemqblv\h^bl_evkdh_m^hklh\_j_gb_
Kdhevdhfh`ghrmlblvgZh^gmblm`_l_fm"
;hxkvqlhwlhkh\k_fg_rmldZHgZaZ^mfqb\hihkfhlj_eZgZDweZLum\_j_gqlh
ijbqbgZ\k_fml\h_`_eZgb_m[_j_qvjh^bl_e_chlebrgbo\heg_gbc":fh`_l\k_^_eh\lhf
qlhyhq_gvm`hlebqZxkvb]h^ZfbbnhjfZfbhll_oxguohkh[kdhlhjufbluijb\ud
ihdZau\Zlvky\h[s_kl\_"Bl_i_jvlu[hbrvkygZkf_r_d^jma_c"
Lu^Z`_g_ihgbfZ_rvqlhlug_k_rvHgjZkiheh`bekyaZfZkkb\gufibkvf_ggufklhehf
L\hbijbyl_ebh`b^Zebqlhlu`_gbrvkykh\k_fgZ^jm]hc`_gsbg_g_lZdeb"Yg_^hklZlhqgh
djZkb\Z^eyl\h_c`_gumf_gyg_lZdZy[hevrZy]jm^vbyklZjh\ZlZ;hf[_jZwlhg_fh`_lg_
aZ^_\Zlv
Hgiheh`begh]bgZklhe
JZalulZdkqblZ_rv
Kh\_jr_gghhimklhr_ggZy[_akbehgZg_fh]eZ[hevr_ijh^he`Zlvkeh\_kgmx^mwevb
ih\_jgmeZkvd^\_jbAZ\ljZhgZihklmibllZddZdkqblZ_lgm`gufZ_fmg_hklZg_lkygbq_]h
^jm]h]hdZdkfbjblvky
GZk_]h^gyykulZlh[hcih]hjehKihdhcghcghqb
Lug_mc^_rvihdZfug_aZdhgqbfjZa]h\hjHgZg_mki_eZbfhj]gmlvdZdhgaZ]hjh^be_c
^hjh]mIhgylgh"
HgZmi_jeZjmdb\[hdZbaeh[gh]eygmeZgZg_]h
Ijhqvk^hjh]b
K_dmg^uiheaebihlj_kdb\ZyhlgZjZklZxs_]hgZijy`_gby;jh\b_]hkhrebkvmi_j_ghkbpu]m[u
�hdZf_g_ebZ\hl\a]ey^_]h`_cgm^b\be\jh^_[uhglhevdhb`^Zeqlh[uhgZ[jhkbeZkvgZg_]h
HgZlhijb\udeZdex^yfdhlhju_klZjZebkvba[_`ZlvdhgnebdlZZ\hlDweijb\_lkl\h\Ze
ohjhrmxihlZkh\dmbhgZd__g_kdZaZgghfmm^b\e_gbxg_ohl_eZebrZlv_]hlZdh]hm^h\hevkl\by
Ghij_`^_q_fhgZmki_eZr_\_evgmlvky_]h\a]ey^miZe_cgZ]jm^vb]m[ubah]gmebkv\mkf_rd_
=mnb
?_h[au\Zebih\kydhfmghlhevdhg_lZdbhgZlml`_\a\beZkv
QlhlukdZaZe"
GZl\h_cghqghcjm[Zrd_hgijhlygmejmdmbijhr_ekyiZevp_fihZiiebdZpbbgZ__
]jm^b=mnb
:luh[wlhf?_aehklvihmlboeZ
�Meu[dZDweZklZeZrbj_gh]hlv\gh\vb\gh\vh[_]ZgikZihdhglmjmIhdh`_`_cgih[_`Zeb
fmjZrdbkhkhdgZ[moHgZg_gZ\b^_eZk_[yaZlhqlh__l_ehhlj_Z]bjh\Zehbf_gghlZddZdhgb
jZkkqblu\ZeG_m^b\bl_evghqlhhglZdh]h\ukhdh]hfg_gbyhk_[_GZ\_jgh_hgfh]\ha[m`^Zlv
`_gsbgbdh]^ZkiZe
GZ^_xkvwlbflu\ha[m`^Z_rvk_[yihlhfmqlhgZf_gylZdb_rlmqdbg_^_ckl\mxl
G_m`_eb"Hgihkfhlj_egZghqgmxjm[Zrdmqmlvebg_jZaju\Zxsb___khkdb
g_hijh\_j`bfh^hdZau\Zebh[jZlgh_
�DZdhc`_hggZ]eucm\_j_gguc\k_[_`_cgkhqeZg_h[oh^bfuf_]hhkZ^blvihdZqZeZ
]heh\hchdbgmeZDweZ]jmklguf\a]ey^hf
LulZdgbq_]hbg_ihgyeg_lZdebDwe"
G_ihgyeqlh"
G_\Z`ghHgZ\a^hogmeZFg_ij_^klZ\ey_lkyq_eh\_dluohjhrbcohlybklZjZ_rvky
lZdh\ufg_dZaZlvkybyg_ohqmh[b`Zlvl_[y
]hehk_DweZlml`_ihy\bebkv\hbgkl\_ggu_ghldb
H[wlhfg_[_kihdhckyLZdq_]hylZdbg_ihgye"HgZg_[j_`ghhlfZogmeZkvIhemqbehkvhq_gv
m[_^bl_evghmqblu\ZyqlhjZgvr_hgZgbq_]hlZdh]hg_ijh^_eu\ZeZ
G_llum`kdZ`b
OhjhrhLugbdZdg_fh`_rv\aylv\lhedqlhlug_fhclbifm`qbguLuf_gyg_
\ha[m`^Z_rv
E]mgvye]mgvyHghimklbejmdm
Yl_[yg_\ha[m`^Zx"
:l_i_jvyl_[yjZahaebeZg_lZdeb"
JZahaebeZ":kq_]hfg_aeblvky"
Ml_[ygZebp_gZibkZgZaehklv
?keblu__m\b^_eZagZqblg_lZdhcm`luohjhrbcikboheh]dZdl_[_dZ`_lky
ImklvlZdDjhf_lh]hykqblZxqlhhlkmlkl\b_j_Zdpbbkfh_cklhjhguij_`^_\k_]hk\yaZghk
fhbfb\gmlj_ggbfbhsms_gbyfbhafh`ghhll_[ygbq_]hg_aZ\bkbl
hllmlluijZ\Z
HgZqmlvih\_eZie_qZfb
Ijhklhy\k_]^Zij_^ihqblZeZfm`qbg^jm]h]hlbiZ
DZdh]h`_"
Hg_lZdbo[hevrboG_lZdbormfguo;he__h[oh^bl_evguoMq_guo
jh^_^hdlhjZDj_c]ZWedoZjlZ"Hg\uiexgmewlhbfy
Hldm^Zl_[_ba\_klghhDj_c]_"
Fg_ba\_klghqlhhg[jhkbel_[yjZ^b^\Z^pZlbe_lg_ck_dj_lZjrb
G_k_dj_lZjrbHi_jZpbhgbkldbBhgg_[jhkbef_gy
:\hlykeurZe^jm]h_;jhkbedZdg_gm`gmx\_sv
Hlgx^vFujZkklZebkvih\aZbfghfmkh]eZkbx
aZbfghfmi_j_^jZagbehg__Q_jlZk^\Z
Luki_pbZevghm\h^brvjZa]h\hj\klhjhgmihlhfmqlhymya\beZl\hx]hj^hklvkdZaZ\qlhlu
g_\fh_f\dmk_
Y\klj_qZefgh]bo`_gsbgex[ysboijb\jZlvghhgbl_[_b\ih^f_ldbg_]h^ylky
IjbagZ\Zckyijhn_kkhjYlZd\ha[m`^Zxl_[yqlhlu_^\ZklhbrvgZgh]Zo?keb[fg_lh]h
aZohl_ehkvlu[ujZa^_eZkv\iylvk_dmg^bfhebeZhlhfqlh[uy\ayel_[y
G_l[he__`Zedh]haj_ebsZq_fklZj_xsbcfm`qbgZo\ZklZxsbck\h_ck_dkmZevghcm^Zevx
O\ZklZxsbc
GZ[ex^ZydZd_]hebphf_^e_gghgZeb\Z_lkydjZkdhchgZihgyeZqlhgZdhg_plhihiZeZ\p_evHg
m`_\ur_ebak_[ybk_cqZk_cijhklhg_h[oh^bfhaZfheqZlv
G_\hegmckyDwe=^_lhgZ\_jgydZ_klv`_gsbgZdhlhjZykhql_l\hafh`gufm^_eblvl_[_
\j_fy
Dweih[Z]jh\_e
HgZihoehiZeZ_]hih]jm^b
:_kebbwlhg_ihfh`_lykeurZeZqlhl_i_jvbfieZglZlul\hjylqm^_kZ
K\_leu_]eZaZhdjm]ebebkvkeh\ghhgg_\_jbek\hbfmrZf
jh^_[u_klvbg_objmj]bq_kdb_kihkh[uhkgh\Zggu_gZ\ha^_ckl\bbih\ur_gguf^Z\e_gb_fb
\Zdmmfhfhafh`ghykZfZkfh]mijb^mfZlv^eyl_[yqlhgb[m^vgh\_gvdh__keb^hwlh]h^hc^_l
Kf_gyo\ZlblIj_`^_q_fhgZihgyeZqlhijhbkoh^blhggZdehgbeie_qhbi_j_dbgmeq_j_a
�g_]h`_cgLZdl_[_[m^_lm^h[g__^hjh]Zy
F]gh\_gb_kimklyhgZebp_aj_eZ_]hh[lygmluc^`bgkZfbaZ^uebgy\rZy^`bgkZiehlgh
h[ly]b\ZeZfmkdmebklu_[_^jZby]h^bpuMg__djm`beZkv]heh\ZghhgZg_fh]eZiheghklvx
\bgblvaZwlhijbeb\rmxdjh\v
Dwe"
QlhlZdh_"
Ih`ZemcklZhlimklbf_gy
Q_j_afbgmlmHg^\bgmeky\oheeg_ki_rghbhklhjh`ghmqblu\Zy__[_j_f_gghklvH^ghc
jmdhchg^_j`Ze__ih^dhe_gyfbZ\lhjhcihoehiu\Zeihh[gZ`b\rbfky[_^jZfG_^_j]Zckyb
\k_[m^_lohjhrh
Dm^Zfub^_f"
]hklbdAehcdhjhe_\_
DAehcdhjhe_\_"Hq_flu]h\hjbrv"Himklbf_gy\gbaHgih^gyekygZ\_jogxxklmi_gvdm
Ih`ZemcklZihfheqbFg_lZdbohq_lkyrfydgmlvl_[y]heh\hchkl_gmKhljyk_gb_fha]Z
\hafh`ghihgbabll\hcZcdvx^h[he__bebf_g__ijb_fe_fhc\_ebqbgublu[m^_rv\_klbk_[y
dZdghjfZevgh_q_eh\_q_kdh_kms_kl\h
FhykiZevgylZf
:dAehcdhjhe_\_kx^ZHggZijZ\bekydk\h_ckiZevg_
DZdhcAehcdhjhe_\_"Qlhlug_k_rv"G_f_^e_gghihklZ\vf_gygZiheZg_lhyaZdjbqmZihlhf
\havfmkvaZl_[y
Ym`_ihijylZe\k_we_dljbq_kdb_ijh\h^Zbg_[m^mijbgbfZlv^mrij_^\Zjbl_evghg_aZi_j_\
l_[y\qmeZg
�DwegZdehgbekyb`_cgihqm\kl\h\ZeZdZd__mdeZ^u\ZxlgZqlhlhfy]dh_Ihkfhlj_\\\_johgZ
m\b^_eZk\h_hljZ`_gb_
JZklj_iZggu_\hehkughqgZyjm[ZrdZaZ^jZggZy^h[_^_jjhah\Zydh`ZDweklhyemdjh\Zlb
kdbgme]heh\mihkfhlj_egZa_jdZehgZ^djh\Zlvx
K\_lfhca_jdZevp_kdZ`bdlhmgZk[m^_lkZfhch[gZ`_gghc`_gsbghcgZk\_l_"
�AeZydhjhe_\Z`_cgko\ZlbeZih^mrdmbr\ujgmeZ\g_]h
G_llug_ihkf__rvHgZf_lgmeZkvgZ^jm]mxklhjhgmdjh\ZlbghDweko\Zlbe__aZ
ghqgmrdmbih^lZsbeddjZx
IhjZklZjbg_=mnbhlijZ\blvky\hk\hykbqlh[u\ajhkeu_fh]ebihb]jZlvky
Yg_ohqmb]jZlvkyklh[hcblug_ihkf__rvklygmlvkf_gyghqgmxjm[ZrdmgZ]eZyluaZ^gbpZ
FZljZp`Zeh[ghaZkdjbi_edh]^Zhghk_^eZe__[_^jZ
:\hlml_[yaZ^gbpZhq_gv^Z`_g_iehoZyM`ba\bgbg_fh]g_hlf_lblvG_ihjZeb
ijb]ey^_lvkydg_cih\gbfZl_evg__"Bhgihlygmekydih^hemghqghcjm[Zrdb
G_lDweHgZijb`ZeZghqgmrdmdgh]ZfkhagZ\Zyijbwlhf_cohq_lkyqlh[uhgjZa^_e__
Ihq_fmg_l"Hgb`_gZlug_lZdeb"
�G_ke_aZyk`_cghgi_j_g_kly`_klvk\h_]hl_eZgZijZ\mxgh]m
Lu`_g_^mfZ_rvqlhfuijh`b\_fa^_kvljbf_kypZ[_abglbfZ"
�Z[khexlgh[_ajZaebqgZHgijbr_edl_[_lhevdhihlhfmqlhluhdZaZeZkvih^jmdhc`_cg
kdjbigmeZam[Zfb
JZa\_luaZ[ueqlhg_ex[brvf_gy"
k_lZdghgZ^hebkf_rb\Zlvh^ghk^jm]bf"Lu\_^vlh`_g_ex[brvf_gy
G_kh\k_flZd
Luf_gyex[brv"
Yg_fh]mkdZaZlvqlhg_ex[exl_[yLu^hklhcgucq_eh\_dBihklmibe[eZ]hjh^gh
`_gb\rbkvgZfg_Ijhklhfg_ohl_ehkv\b^_lvl_[y^jm]bf
;he__lmiuf
IjZ\bevghBg_lZdbfh]jhfgufIhfh_fmjZamf_gbx\l_[_\k_]hi_j_[hjbl_eZb
bg^b\b^mZevghklbb[Zgdh\kdh]hkq_lZbl_fi_jZf_glZbg_khfg_gghw]hbafZ
GZkq_ll_fi_jZf_glZ^Z\Zcg_[m^_fG_ykh[bjZekym[b\Zlvex^_cjZajy^hfwe_dljbq_kdh]h
lhdZBjZam`fuaZ]h\hjbebhi_j_[hj_dZdgZkq_ll\h_]h]Zj]ZglxZgkdh]hHgi_j_[jhkbeq_j_a
g__gh]mmk_ekymbagh`vyijb\Zeb\rbkvddjh\Zlghckibgd_
�`_cgagZeZqlh\u[jZeZijZ\bevgmxebgbxih\_^_gbyghk_j^p_mg__s_fbehHgZh^gZdhg_
hlklmiZeZkvhlijbgylh]hj_r_gby
�eyl_[yy\k_]hebrvl_ehhdZaZ\r__kyih^jmdhc
Lufhy`_gZ
GhfbgZevghHgZlh`_k_eZijb\ZebeZkvkibghcdba]heh\vxLuohq_rvqlh[uy]jm[beZ
l\hbfjh^bl_eyf^_j`ZeZkvih^Zevr_hl^jma_cbijbwlhfjZkkqblu\Z_rvqlhy[m^mhl^Z\Zlvky
l_[_G_m`_eblug_ihgbfZ_rvqlhygZoh`mlZdb_hlghr_gbymgbabl_evgufb"
G_l?]h]eZaZk\_jdZebZjZa^m\Zxsb_kygha^jbbk`Zlu_]m[umdZau\ZebgZlhqlhkihj
[_kihe_a_gHggZf_j_\Zeky^h[blvkyk\h_]h^Z`__kebijZ\hlZ[ueZg_gZ_]hklhjhg_
GZ\_jgh_fg_m^b\eylvkywlhfmg_ke_^m_lBf_gghlZdba\_klgu_kihjlkf_gub\_^mlk_[yk
nZgZldZfb@_gsbguohjhrb^eylh]hqlh[u[uklj_gvdhi_j_ibogmlvkykgbfbghbfg_f_klh\
`bagbagZf_gblhklb
M`g_ohq_rveblukdZaZlvqlh`_eZ_rvaZgylvf_klh\fh_c`bagb"wlhljm^ghih\_jblv
ijhn_kkhjmqblu\Zyqlh\hfg_l_[_j_rbl_evghgbq_]hg_gjZ\blky
LukhagZl_evghi_j_^_j]b\Z_rvYijhklh]h\hjxqlhhldZau\Zxkvijh\h^blvklh[hcghqvagZy
qlhg_gjZ\exkvl_[_L_f[he__qlh^g_fluohq_rv^_j`Zlvf_gy\aZi_jlbG_hljbpZcluih\_e
[uk_[yih^jm]hfm_keb[uh^gZbal\hborexr_dk^_eZeZlh`_qlhby
�Gbmdh]hbafhborexr_dgZlZdh_g_o\Zlbeh[umfZZbg_lmf_gygbdZdborexr_d
�`_cgbah]gmeZ[jh\v
LZdhcfm`qbgZdZdluij_^ihqblZ_lqlh[u`_gZ[ueZ_]ha_jdZevgufhljZ`_gb_fLuohq_rv
qlh[ul\hy\lhjZyiheh\bgZ[ueZfheh^ZbdjZkb\Zihlhfmqlhbf_gghlZdbf\k_^he`gu\b^_lv
l_[yfheh^ufbdjZkb\ufb^_Zehffm`qbgubkihjlkf_gZmdhlhjh]hg_lgbdZdboaZ[hlb
dhlhjuclhqghagZ_lqlhD_\bgLZd_jg_aZcf_l_]hf_klh
Hgi_j_[jhkbegh]bq_j_adjZcdjh\Zlb\klZe
G_fh]my\_klblZdb_aZgm^gu_jZa]h\hju
Bwlh_s_h^bgijbagZdgZr_cg_kh\f_klbfhklbihlhfmqlhfg_wlhljZa]h\hjij_^klZ\ey_lky
Fg__s_^he]hg_ijb^_lky^mfZlvh[wlhf
:y\b^_eZdZdluojhfZ_rv\ue_aZybaZ\lhfh[bey_kebijhkb^brv\g_f^hklZlhqgh^he]hB
mf_gylZdh_hsms_gb_qlhihmljZfluljb^pZlvfbgmlklhbrvih^^mr_fg_ihlhfmqlh
kfu\Z_rv]jyavL\h_fml_em^hklZehkvgZihegmxdZlmrdmb_^\Zebhghb^Zevr_kfh`_l
\u^_j`b\ZlvlZdb_gZ]jmadb
Y\b`mlu_s_bki_pbZebklih\hafh`ghklyfq_eh\_q_kdh]hhj]ZgbafZ
YagZxhq_f]h\hjx
Yg_kh[bjZxkvihdmiZlvl_[_fZrbgmHggZijZ\bekyd^\_jb
Yl_[yh[wlhfbg_ijhkbeZFZrbgmydmiexkZfZ
G_dmibrvHgh[_jgmekyBymeh`mlZdbl_[y\ihkl_ev
�`_cgih^gyeZkvhijZ\beZghqgmxjm[Zrdm
Yg_kh[bjZxkvkiZlvkfm`qbghcdhlhjucf_gyg_ex[bl
Fuqlhgb[m^vijb^mfZ_f
Lugbdh]^Zg_ijb]eZrZef_gygZk\b^Zgb_
Fum`_^\Z`^uljZoZebkv
YjZkkfZljb\Zxkb_dZdf_^bpbgkdmxijhp_^mjmHgijbsmjbeky
Fu^Z`_g_p_eh\Zebkvijb\_eZhgZ_s_h^bg\_kdbcZj]mf_gl
Gm\hlwlhhq_gve_]dhbkijZ\blvDwegZ^\bgmekygZg__b_]h\a]ey^g_hklZ\eyekhfg_gbc\
_]hgZf_j_gbyo
�Dweyg_ijh^he`blv`_cgg_kfh]eZHgZohl_eZqlh[uhgihp_eh\Ze__
?]hjmdbk`Zeb__aZiyklvyKibghchgZmi_jeZkv\kibgdmdjh\Zlb
IheZ]Zckb_gZmqgufwdki_jbf_glhfijhn_kkhj
HggZdehgbeky\i_j_^h^gh\j_f_gghaZ\h^y__jmdbaZdjh\ZlgmxkibgdmHgZqm\kl\h\ZeZk_[y
ijb\yaZgghcdklhe[mlhevdh\_j_\dbaZf_gyeb_]hg_h`b^ZgghklZ\rb_g_`gufbiZevpu
�Hgkfhlj_egZg__k\_jom\gbabk_j^p_`_cg]medh[behkvhj_[jZ
�Z\Zcih]ey^bfdZdZylugZ\dmk
=heh\ZhimklbeZkv_]h]m[uijhrebkvih__Fy]db_bl_ieu_qmlvjZkdjulu__^\ZdZkZxsb_ky
�=eZaZ__aZdjuebkv`_cgdZaZehkvqlhih__]m[Zfijhrebkvi_jurdhfb_chklZ\Zehkvlhevdh
m^b\eylvkyqlhlZdhca^hjh\ydkihkh[_ggZklhev\ha^mrgucihp_emc
Dweijh^he`Ze^jZagblv__Lh`_i_jurdhfh`_lfy]qZcrZydbklhqdZDjh\vmg__aZdbi_eZ?c
�ohl_ehkv[hevr_]h`_cgijbih^gyeZkvijb`ZeZkv]m[Zfbd_]h]m[Zf
Hgih^ZekygZaZ^gh\vdhkgmeky__]m[ijbklZevghihkfhlj_e
HgZih^ZeZkv\i_j_^b\\_jobhgqmlvdmkgme__gb`gxx]m[mIj_^mij_`^_gb_qlhlhevdh
dmhjl_j[_dfh`_l[ulv\_^msbf\ex[h\ghcb]j_"Ihl_emijh[_`ZeZ^jh`v
Hg\hagZ]jZ^be__ihdhjghklvh[o\Zlb\__]m[uk\hbfbijhc^ykvihgb`g_ck\hbfyaudhfHgZ
aZklhgZeZ?kebhgm^_eyeklhevdh\gbfZgbyh^ghfmihp_emxqlh`_hg[m^_l^_eZlv_kebhgZ
ij_^hklZ\bl\_]hjZkihjy`_gb_g_lhevdhjhl"
gh\vhgZg_\u^_j`ZeZbih^ZeZkvdg_fmGZwlhljZahgg_\hajZ`ZeIuldZij_djZlbeZkvhg\aye
ij_^eh`_ggh_?]hjmdbihij_`g_fmk`bfZeb__aZiyklvylZdqlh\jZkihjy`_gbbDweZhklZ\Zeky
�ebrvjhlghhgmf_ehbkihevah\Ze_]hyaudgujgmef_`^m__]m[ZkZfhgijb`Zekyd`_cg^Z[u
BhgZ\k_fl_ehfijb^\bgmeZkvdg_fmk]heh\hcmc^y\ihp_emcdm^Z[he__wjhlbq_kdbcq_f\_kv
lhlk_dkqlhhgZmki_eZ\`bagbbkiulZlvHgZfh]eZ[ulvfm`qbghcb`_gsbghc\eZ^udhcb
ihdhjgufih^^ZggufHgZba\b\ZeZkv\k_fl_ehfkeh\ghij_\jZlbeZkv\af_x\lbjZykv\g_]h
]jm^vx`b\hlhf[_^jZfbB\k_l_ehaZ]hj_ehkvHgZih^mfZeZhlhfqlhmimklbeZb\ihju\_
kljZklbh^gZdhg_ij_fbgmeZhlf_lblvdZd\k_fh]eh[uh[_jgmlvky_keb[ubok\yau\Zebg_
lhevdhnbabq_kdb_ghb^moh\gu_mau
HgZmkeurZeZklhg^ZlhevdhgZwlhljZahg\uj\Zekyg_ba__]jm^b=jm[uck^Z\e_gguc
`Z`^msbc?_aZiyklvyhk\h[h^bebkvZ_]hjmdbe_]ebgZ__[_^jZkdhevagmebih^ghqgmx
jm[Zrdm
H^ZhgZwlh]hohl_eZIhlhjhibkvDhkgbkvkZfh]hg_`gh]hfh_]hf_kl_qdZKZfh]hkeZ^dh]hL_eh
`Z`^Zeh_]hj_rbl_evghklbZfha]bk_j^p_lj_[h\Zebg_hl^Z\ZlvkylZdaZ^_r_\hHgZohl_eZ
qlh[uaZg_cmoZ`b\Zebqlh[u__aZ\h_\u\Zebbih[_`^Zeb^Z`_jZ^bh^gh]hlhevdh__l_eZOhlv
jZa\`bagbhgZ^he`gZ[ueZijhqm\kl\h\Zlv\k_lhqlhbkiulu\Zxl^jm]b_`_gsbgudh]^ZaZ
gbfbmoZ`b\Zxlfm`qbgu
?]hiZevpu^h[jZebkvihfy]dboaZ\bldh\
O\Zlbl\hkdebpZgbbkeurZebkvbijbdZabkljZo
G_l
Yk_jv_aghDweMg__i_j_o\Zlbeh^uoZgb_hgZijh^he`ZeZ[hjhlvkykkh[hcM[_jbjmdb
baih^fh_cghqghcjm[Zrdb
Lu`_ohq_rvqlh[uhgblZfhklZebkvYagZxqlhohq_rv
?]hfheh^_p\k__s_ijb`bfZekydg_cbhgZih`Ze_eZhlhfqlhg_ijbdhkgmeZkvdg_fmij_`^_
q_fihklZ\blvlhqdmH^ghdhjhldh_ijbdhkgh\_gb_qlh[uihgylvdZdh\hwlhih^_j`Zlv\jmd_
fm`kdmx]hj^hklv
Yohqmqlh[uluwlhij_djZlbe
Dweih^ZekygZaZ^
=emih`_LZd]emihqlhyg_fh]m\wlhih\_jblvFuh[Z\k_lyowlhc\hgxq_c`_gblv[uFu
g_i_j_ghkbf^jm]^jm]Zb_^bgkl\_ggh_ml_r_gb_fufh`_fgZclb\ihkl_ebghlukebrdhf
mijyfZqlh[uk^_eZlvrZ]gZ\klj_qm
?]hhlghr_gb_g_baf_gbehkvbhgZijh]ehlbeZ[hev
Yqm\kl\h\ZeZqlhluf_gyg_ex[brv
QlhlulZdh_]h\hjbrv"
LukZfkdZaZeh[wlhfLhevdhqlhkdZaZeqlhfug_i_j_ghkbf^jm]^jm]Zohlyy]h\hjbeZqlhm
f_gydl_[_g_ijbyagbg_lAgZqblhklZ_rvkyluLulhevdhqlhijbagZedZdb_bkiulu\Z_rvdhfg_
qm\kl\Z
Ywlh]hg_]h\hjbe
KdZaZeb[he__q_fm[_^bl_evgh
Wlhg_lZd
OZ
Jhab[Z^
G_gZau\Zcf_gylZdg_]h^ycK_dk^eyl_[y_s_h^bg\b^kihjlZg_lZdeb"AZgylb_dhlhjhfm
hlghr_gb_^jm]h_Ohq_rvaZgbfZlvkykhfghck_dkhfhlebqghYg_\hajZ`ZxGhgZfhbo
mkeh\byo
Bqlh`_wlhaZmkeh\by"
KgZqZeZy^he`gZl_[_ihgjZ\blvky
Lufg_m`_gjZ\brvkyijhj_\_ehg
DZdlu`Zehdyjhklb\ua\Zgghcg_m^h\e_l\hj_gghklvxhgZko\ZlbeZkdjh\Zlbih^mrdm
r\ujgmeZ_fm\]heh\mbf_lgmeZkv\k\hxkiZevgx
G_kdhevdhf]gh\_gbckimklyhgZmkeurZeZ]medbcm^Zjkeh\ghdlhlhbah\k_ckbeu\j_aZedmeZdhf
\kl_gm
=eZ\Z
Jh^bl_ebDweZ`bebgZlbohca_e_ghcmebp_Kheb^gu_^hfZklhyeb\hl^Ze_gbbhlfhklh\hc
:ddmjZlgu_demf[u`^Zebdh]^ZboaZkZ^ylp\_lZfb
�hf;hgg_jh\jZkiheh`bekygZ\_jrbg_ohefZDjZkb\uc^\mowlZ`gucg_`ghdj_fh\uchkh[gyd
ih^k\_leha_e_ghcq_j_ibqghcdjur_ckhklZ\gyfb\udjZr_ggufb\lhl`_p\_lDwehklZgh\be
^`biaZ\hjhlZfbh[hr_eZ\lhfh[bevki_j_^bhldjue_c^\_jpm
Hgkdhevagme\a]ey^hfih__gh]ZfHggbq_]hg_kdZaZeihih\h^m__gZjy^Zkhklhys_]hbak\_leh
dhjbqg_\hch[e_]Zxs_cx[dbbk\bl_jZohlyhgZih^\_jgmeZx[dmgZlZebbqlh[uih^he
h[ju\Zeky\lj_o^xcfZohldhe_gZ\uklZ\eyygZ\k_h[s__h[haj_gb_h[lygmlu_[_eufb
dhe]hldZfb[_^jZHgZlh^mfZeZqlhhgg_h[jZlbl\gbfZgbygZlhqlh__[_^jZg_q_lZl_f
h[lhq_ggufZwjh[bdhcgh]Zfdhlhju_hgijb\ud\b^_lv\k\h_cfZrbg_ghbkdhjdZ\hkobs_gby
f_evdgm\rZy\_]h]eZaZoaZklZ\beZ__aZ^mfZlvkyZg_hrb[eZkvebhgZ\k\hboij_^iheh`_gbyo
LZdh]hkfyl_gbyqm\kl\hgZih`Zemc_s_g_bkiulu\ZeZIjhreuf\_q_jhf_cihoh`_ijbrehkv
ijhclbq_j_a\_kvki_dljq_eh\_q_kdbowfhpbcDh]^ZhgbjZa]h\Zjb\ZebgZdmog_DwedZaZeky_c
emqrbf^jm]hf:ihlhfijbr_eq_j_^kf_oZaehklbbkeZ^hkljZklbyhlwlhkZfh_keZ^hkljZklb_
[hevr_\k_]h[_kihdhbeh__
Fg_gjZ\ylkyl\hb\hehkuaZf_lbeDwe
�`_cgg_klZeZaZ[bjZlvbogZaZ^hklZ\beZ^hfZhqdbm^_ebeZfZdby`m\^\ZjZaZ[hevr_\j_f_gb
q_fh[uqgh?]h\a]ey^ih^kdZaZe_cqlh_fmihgjZ\bebkvg_lhevdh\hehkuBlml`_hg
gZofmjbeky
K_]h^gygbdZdbonhjl_e_cluf_gykeurbrv"
Ykghbhlq_leb\hHgZihklZjZeZkvi_j_dexqblvkyiZij_^klhys__kh[ulb_qlh[ug_^mfZlvh
\q_jZrg_f\_q_j_JZa\_lug_kh[bjZ_rvkygZ[jhkblvfg_gZ]heh\mib^`Zdqlh[ukhk_^bg_
�kfh]ebf_gyjZkkfhlj_lv"ZqlhylZdh_]h\hjx?kebbjZkkfhljyllu\k_]^Zkfh`_rvkdZaZlvqlh
yfZlvh^ghcbal\hboih^jm`_d
Dweko\Zlbe__aZjmdmbihlygmed\oh^ghc^\_jb
Kdhjhfg_ijb^_lkyghkblvkkh[hckdhlqqlh[uaZe_ieylvl\hc]emfeb\ucjhl
G_\uc^_lDlhfm\j_f_gblum`_mfj_rvYaZf_lbeZ\]ZjZ`_we_dljbq_kdb_gh`gbpu^ey
ih^j_aZgbydmklh\
Lh]^Zih\ha\jZs_gbb^hfhcyl_[yk\y`m[jhrm\qmeZgaZimsmlm^Zk^_kylhd]heh^guodjuk
baZijm^\_jv
Hq_gvohjhrh
Dweijh[mjqZeqlhlhg_qe_ghjZa^_evgh_bhldjue^\_jv
Fua^_kv^hg_kkyba]em[bgu^hfZ]hehkEbgg
�Dweijh\_e`_cg\ij_djZkgmx]hklbgmx\u^_j`Zggmx\[_euolhgZok^h[Z\e_gb_fi_jkbdh\h]h
�bk\_leha_e_gh]hGh`_cgg_kfh]eZm^_eblv^hklZlhqgh\gbfZgbykZfhc]hklbghc\a]ey^__
aZf_jgZibkZghfdjZkZ\p_LZdbo_c\klj_qZlv_s_g_^h\h^behkv
�`_cgwlhfhc[jZlWlZg
HgrZ]gmedg_c\aye__jmdmihkfhlj_egZg__k\_jom\gbakbgbfb]eZaZfb
�Ijb\_l`_cgGZdhg_plhfu\klj_lbebkv
�Gh]bmg__klZeb\Zlgufbih^h[gZyj_Zdpbyklhevm^b\beZ`_cgqlhhgZ_^\Zkmf_eZhl\_lblvgZ
ijb\_lkl\b_G_m`_ebwlhlk\_leh\hehkuckdeZkkbq_kdbfbq_jlZfbebpZbf_eh^bqguf]hehkhf
fm`qbgZ[jZlDweZ"=ey^y_fm\]eZaZhgZbkiulu\ZeZl_`_qm\kl\Zqlhh\eZ^_\Zeb_xdh]^Z
hgZ\b^_eZgh\hjh`^_ggh]hfeZ^_gpZbebkfhlj_eZgZnhlh]jZnbxfZl_jbL_j_au?c^Z`_
ijbrehkv[jhkblv\a]ey^gZDweZdZd[ukijZrb\ZyhgZq_]hlhg_ihgbfZ_l"
Lhlih`Zeie_qZfb
G_kfhljbgZf_gyFug_agZ_fihq_fmlZd\ureh
Fu^mfZ_f^_eh\lhfqlhhgkhagZl_evgh[jhkbe\uah\gZf\k_fEbggih^gyeZkvk
^b\ZgZHggZrZk_f_cgZyljZ]_^by=hkih^mba\_klghqlhaZdZ`^ufbagZklyg_lkyre_cn
]j_oh\\fbex^ebghcZm`\kjZ\g_gbbkgbffu\u]ey^bfom`_g_dm^Z
�IjbqbgZijhklZWlZgg_k\h^bek`_cgqbkluobkdj_ggbo]eZak_hgbihjh`^_gby
KZlZgu
�Ghdwlhfmfhf_glm`_cgm`_\^hklZlhqghckl_i_gbihagZdhfbeZkvkxfhjhf;hgg_jh\
B\u\_jhylgh\k\h[h^gh_hljZ[hlu\j_fy]jZ[bl_klZjmr_d
WlZgjZkkf_yekybih\_jgmekyd[jZlm
LugZdhg_plhihcfZegZklhysmxsmdm
�Dweqlhlh[mjdgmek_[_ih^ghk\ujZabl_evghihkfhlj_egZ`_cggZihfbgZyqlhhgZg_^he`gZ
k[eb`Zlvkyk_]hjh^kl\_ggbdZfbHgZg_aZ[ueZgh^mfZlvh[wlhfhq_gvm`g_ohl_ehkv
L\hchl_pijbgbfZ_ljh^uihykgbeZEbgggh^he`_gkdhjhijbclbLj_lbcj_[_ghd;_lkb
m^kLu__ihfgbrvg_lZdeb"L\hy^ZfZgZrdhevghf[ZemY^mfZxl\hchl_pijbgbfZejh^um
\k_o^_\qhghdkdhlhjufb\uljh_\klj_qZebkv
�IZiZmgZke_^h\ZeijZdlbdmmk\h_]hhlpZ^h[Z\beWlZghe]h_\j_fyhg[ue
_^bgkl\_gguf^hdlhjhfL_i_jvmg_]h_klvihfhsgbdbghhg\k_jZ\ghfgh]hjZ[hlZ_l
���bkdmkkbygZihfgbeZ`_cghlhfqlh_c\kdhjhklbgZ^hihdZaZlvky\jZqmBhlgx^vg_`bfm
;hgg_jm
��?^\ZhgZih^mfZeZhg_fdZd`bfihy\beky\^\_jyoMklZeuck\at_jhr_ggufb\hehkZfb`_cg
aZf_lbeZl_gvhaZ[hq_gghklbijh[_`Z\rmxihebpmEbgg
Ihq_fmgbdlhgbq_]hg_iv_l"ijh]j_f_eklZjrbc;hgg_j\oh^y\]hklbgmx
�Dm\rbgFZj]Zjblu@`^_lgZdmog_Eh[EbggjZa]eZ^bekyhgZ^\bgmeZkvd^\_jb
�Fuihc^_fklh[hch[ty\be`bfL_ji_lvg_fh]mwlmdhfgZlmihke_lh]hdZdkg_c
ihjZ[hlZeblubwlhlfh^guc^baZcg_j;_eucp\_l[m^hjZ`blf_gyg_^Z_lkihdhcghihkb^_lv
ihke_^h\ZebaZEbgggZdmogxhl^_eZggmxkhkgh\ufbiZg_eyfbBa^_kvqm\kl\h\Zekyhlf_gguc
�\dmkohaycdb`_cghklZ\Zehkvlhevdhm^b\eylvkydZdDwe\ujhkrbc\lZdhcmxlghch[klZgh\d_
l_jibldjbdeb\hklvb\uqmjghklvbo^hfZ
��`bfijhlygmekugm[Zgdmib\Zih\_jgmekyd`_cg
DZdgZkq_lFZj]Zjblu"
Y[uij_^ihqeZqlhgb[m^vijhoeZ^bl_evgh_
;ZilbkldZ"
Ijhklbl_"
Lulj_a\_ggbpZ"
G_l
MgZk_klvohjhr__[_eh_\bghWf[_jklZeZmgZkwdki_jlhfihqZklb\bgg_lZdeb^hjh]Zy"
LZdb_keh\Zfh]ijhbag_klb]hj^ysbcky`_ghcfm`^Zlhevdhlhg]h\hjbeh[h[jZlghf
�hklZlhqghiZiZ]hehk_DweZkeurZebkvklZevgu_ghldbYg_agZxqlhlmlm\Zk
ijhbkoh^blghy[uohl_eqlh[ugZwlhfihklZ\beblhqdm
?]hhl_pjZkijZ\beie_qbbo\a]ey^u\klj_lbebkvBohlyDwe\g_rg_hklZ\ZekylZdbf`_
jZkkeZ[e_gguf`_kldbc[e_kd_]h]eZaij_^mij_`^ZehlpZqlhlhlaZr_ekebrdhf^Ze_dh
�`bfhq_\b^ghg_ijb\uddlhfmqlh[u_]h]eZ\_gkl\h\^hf_klZ\bebih^khfg_gb_ghDwebg_
�^mfZehlklmiZlv`_cg\kihfgbeZqlh_s_\q_jZhg]h\hjbeqlh\k_f_cghc`bagbmjh^bl_e_c
ijh[e_fg_l
WlZggZjmrbeaZlygm\rmxkyiZmamijhkv[hc^Zlv_fm[Zgdmib\Z^h[Z\beiZjmkeh\h
khklhy\r_fkyaZk_^Zgbb]hjh^kdh]hkh\_lZGZijy`_gghklvihreZgZm[uevEbggihbgl_j_kh\ZeZkv
���h]hjh^gufbmki_oZfb`_cgwlhmljh`_cglh`_ijh\_eZmWggb`_cghlf_lbeZoheh^ghklv
Ebggbj_rbeZqlh__k\_djh\v^he`gh[ulvohq_lihgylvihq_fmgh\Zyg_\_kldZijh\h^bllZd
fgh]h\j_f_gb\h]hjh^_fZl_jbghhldZau\Z_lkym^_eblv_cg_kdhevdhqZkh\^eyhkfhljZ
^hklhijbf_qZl_evghkl_c
�`_cg\a]eygmeZgZDweZM\b^_eZqlhlhlkfbjbekykg_ba[_`gufhgg_`^ZeqlhhgZk^_j`bl
keh\h
K]jmklvxhgZihgyeZqlh\wlhfhldZau\Zlv_fmg_^he`gZ
�eyf_gywlh[hevrh_g_m^h[kl\hlhevdhih`ZemcklZg_]h\hjbl__ch[wlhfHgZijhklhg_
ihcf_lqlhfg_gbdZdg_\haf_klblvl_oqZkh\gZdhlhju_yhlju\Zxkvhlfhbobkke_^h\Zgbc
&#xgh;&#xv;&#xh;&#xag;½&#xeZ;&#xg;&#x_e;&#xh; Z;&#xy;&#xiZ;&#xma;&#xZ;�gh\v\hagbdeZg_eh\dZyiZmaZ`_cgg_`_eZeZkfhlj_lvgZDweZG_ohl_eZ\b^_lvh[e_]q_gbygZ
_]hebp_hgk\h_]h^h[bekyhgZ\hkklZgh\beZijhlb\k_[y\kxk_fvxDeygyk_[yhgZaZ[beZ_s_
h^bg]\ha^v\djurdmkh[kl\_ggh]h]jh[Z
YihgbfZxhgZijb^Z_lk\h_fmh]hjh^m[hevrh_agZq_gb_gh\k_lZdb_^\Zebfh`ghkjZ\gblv
ihkZ^dmh\hs_ckfh_cjZ[hlhcYiulZeZkv_cwlhjZklhedh\Zlvghyg_ohqmkdZaZlvqlhhgZ
g_\_`_kl\_ggZygh[m^_fhldjh\_ggu__\hafh`ghklb^ey\hkijbylbykeh`guoijh[e_f
h]jZgbq_ggu
��LZddZdh]hq_jlZhgZijb]eZrZ_ll_[y"judgme`bf`_cgkeh\ghbg_aZf_lbeZ_]h
\hbgkl\_gghklbwlhfhggbqmlvg_hlklZ\ZehlkugZ
Dhfm^ZghihgylvdZijbauklZjhc`_gsbgu"Dwekq_egm`guf\f_rZlvky
ihq_fmWggbbgjZ\blky__h[s_kl\hMgbofgh]hh[s_]h
�DZdgZfih\_aehijh[hjfhlZeWlZgS_db`_cg]hj_ebbDwe^he`gh[ulvihqm\kl\h\Ze
qlh[hevr_]hhlg__`^Zlvg_ijboh^blkyihwlhfmi_j_\_ejZa]h\hjgZeu`gucihoh^WlZgZ:
\kdhj_hgbmk_ebkvaZh[_^_ggucklhe
�`_cgkb^_eZkdbkehcfbghc_cwlh^Z\Zehkvkg_fZeufljm^hfbgZkeZ`^ZeZkvdZ`^uf
�f]gh\_gb_fHlg__g_mdjuebkvgbijb\yaZgghklv[jZlv_\^jm]d^jm]mgbex[h\v`bfZbEbggd
k\hbfkugh\vyfG_kfhljygZhq_\b^gu_ijh[e_fu\h\aZbfhhlghr_gbyo__gh\uojh^kl\_ggbdh\
hgZ[ufgh]h_hl^ZeZjZ^blh]hqlh[ujZklb\lZdhc\hlk_fv_Zg_kihklhyggh^_j`Z\rbf__gZ
^bklZgpbbhlphf
�AZh[_^hfjZa]h\hjg_kdhevdhjZa\ha\jZsZekydjZ[hl_`bfZbgl_j_kguc[hevghcdhlhjucmg_]h
�ihy\bekygh\uckihkh[e_q_gbyh^ghc^hklZlhqghjZkijhkljZg_gghc[he_agb`_cgiheZ]ZeZqlh
�fgh]b_ih^jh[ghklb`bffh][ubhimklblvmqblu\Zyqlhhgbh[_^Zebh^gZdhhklZevguohgb
�gbkdhevdhg_dhjh[bebb`_cgj_rbeZqlhm;hgg_jh\lZdb_[_k_^uh[uqgh_^_ehDweZ
dklZlbbgl_j_kh\Zebbf_gghgxZgku
�Ghdlhhkh[_gghm^b\be`_cglZdwlhEbggHgZjZkkm`^ZeZh[bkdmkkl\_bfmaud_mihfygmeZh
^bkdmkkbhgghc]jmii_dhlhjmxhgZ\ha]eZ\eyeZ^Zggucfhf_gl\]jmii_rehh[km`^_gb_
�fh^gh]h[_klk_ee_jZDlhfm`_]hlh\beZEbggij_\hkoh^ghb`_cg\k_[hevr_\hkobsZeZkv
k\_djh\vxIhoh`_[u\rZy^_j_\_gkdZy^_\mrdZ[ueZfZkl_jbp_cgZ\k_jmdb
WlZgihkfhlj_egZojmklZevgmx\Zamkebebyfbbhjob^_yfbaZgbfZxsmxgZklhe_ihq_lgh_f_klh
\p_glj_
�=^_lu[_j_rvlZdb_p\_lufZfZ"Ihke_lh]hdZd`hck_ebdaZdjueZk\hcfZ]Zabgygbq_]h
ihoh`_]h\Khe\_cr_g_g_\b`m
Ijb\_aeZbaWr\beeZdm^Z_a^beZ\q_l\_j]Ebebbg_fgh]hih^\bebgh\k_jZ\ghfg_gjZ\ylky
&#xhl;&#xl;&#xml;&#x;&#xi;&#x_j;&#xu_;&#xk;&#xl;&#xh];&#xh;&#xfh;&#xf_;&#xgl;&#xZ;
&#xZd;&#xh;&#xgb;&#xk;&#x_e;&#xaZ;&#xk;&#xlh;�hllml\i_j\u_klh]hfhf_glZdZdhgbk_ebaZklhe`bfh[jZlbekyd`_g_
IhfgbrvdZdlumdjZrZeZklhedh]^Zfulhevdhlhevdhih`_gbebkv"
Hl\_lbeZhgZihke_dhjhldhciZmau
Wlh[uehlZd^Z\ghqlhym`_aZ[ueZ
:yg_lHgih\_jgmekydkugh\vyf
ZrZfZlvkh[bjZeZh^m\ZgqbdbgZqv_fgb[m^v^\hj_klZ\beZbo\[Zgdmbaih^fZjbgZ^Zb
ij_ih^ghkbeZfg_dh]^Zy\ha\jZsZekykaZgylbcklZdbf\b^hf[m^lhwlhdZdb_lhwdahlbq_kdb_
p\_lu;ZgdZkh^m\ZgqbdZfbjZ^h\ZeZ__g_f_gvr_q_f^jm]bo`_gsbg[md_lbajha
��`_cgaZ^ZeZkv\hijhkhfohl_eeb`bfmdhehlv`_gmhq_j_^gufgZihfbgZgb_fhlhfqlhhgZ
ihiZeZba]jyab\dgyab?kebbohl_elhmg_]hgbq_]hg_\urehEbgghlgx^vg_jZkk_j^beZkvZ
��wfhpbbijha\mqZ\rb_\]hehk_klZjr_]h;hgg_jZm^b\beb`_cgFh`_l`bf;hgg_jg_lZdm`
bij_abjZedj_klvygkdh_ijhbkoh`^_gb_`_gu
Lu\k_]^ZgZf_gyaebekybih`Zemcyg_fh]ml_[yaZwlh\bgblvIh^mfZlvlhevdhH^m\Zgqbdb
gZh[_^_gghfklhe_
HgZmdjZrZeZklheg_lhevdhp\_lZfbIhfgblkyh^gZ`^uhgZkh[jZeZdZfgbdhlhju__cq_flh
ihgjZ\bebkvhlfueZbohl]jyabbiheh`beZ\ilbqv_]g_a^hdhlhjh_lh`_]^_lhgZreZ
Blukh\_jr_gghkijZ\_^eb\hmdZaZeqlhilbqv_]g_a^hgZklhe_wlhhf_jabl_evghb
�Wlhlhqgh`bfihl_jiZevp_f[hdZegZofmjbekyDhg_qgh]g_a^hwlhg_]b]b_gbqgh
ghkfhlj_ehkvhghdjZkb\h
�Gmqlhlu`bf[ulvlZdh]hg_fh`_lEbggmeu[gmeZkvljhgmlZyqm\kl\Zfb\^jm]
ijhkgm\rbfbky\kmijm]_
Hg\klj_lbekyk`_ghc\a]ey^hfi_j\ucjZaaZ\_kvh[_^
Lu\k_]^Zex[beZdjZkb\u_\_sb
Yboex[ex^hkboihj
Ghl_i_jvhgb^he`gu[ulvkfZ]ZabggufbyjeudZfb
Bl_[_wlbyjeudbgjZ\ylky[hevr_q_fh^m\Zgqbdbbebilbqvb]g_a^Z
�G_kfhljygZh[_sZgb_^_j`ZlvkygZjZkklhygbbhlk_fvbDweZ`_cgj_rbeZh[hj\Zlvq_j_^m
\aZbfguomdheh\
DZd\uijh`bebi_j\u_]h^uihke_`_gblv[u"Dwe]h\hjbeqlhm\Zkg_[ueh^_g_]
�DwebWlZgi_j_]eygmebkv`_cg^Z`_ih^mfZeZZg_dhkgmeZkvebhgZaZij_lghcl_fuHgZ
ihgbfZeZqlh\hijhkhq_gvm`ebqgucghj_rbeZqlhom`_g_[m^_ljZam`_ciheh`_gh
ijhba\h^blvg_ijbylgh_\i_qZle_gb_
�_ckl\bl_evghiZiZdZd"ih^^_j`Ze__WlZgEbggijhfhdgmeZ]m[ukZen_ldhc
Wlhkebrdhfi_qZevgZybklhjbyZrhl_pg_gZ\b^_edZ`^mxfbgmlml_oe_lbyg_ohqmihjlblv
_fmZii_lbl
�GZkq_ldZ`^hcfbgmluluij_m\_ebqb\Z_rv`bfhldbgmekygZkibgdmklmeZihoh`_
hijZ\^u\ZykvFu`beb\m`Zkghc^\modhfgZlghcd\Zjlbj_gZQ_ci_eObeeHdgZ\uoh^beb\
ijhmehddm^Zex^b\u[jZku\Zebj`Z\u_djh\Zlbbijhkb`_ggu_^b\ZguGh\Zr_cfZl_jb
d\ZjlbjZgjZ\beZkvHgZ\uj_aZeZbeexkljZpbbbaGwrge^`bh]jwnbdbmdjZrZeZbfbkl_gu
AZgZ\_khdmgZkg_[uehlhevdhhimkdZxsb_kyrlhjdbih`_el_\rb_hl\j_f_gblZd\ZrZfZlv
�\uj_aZeZbajhah\uokZen_lhdp\_lubijbp_ibeZbokgbamjm]h]hfuiha\heblvk_[_g_fh]eb
;ueb[_^gufbdZdp_jdh\gu_furbk\h[h^gh_hlaZgylbc\j_fyyih^jZ[Zlu\Ze]jmaqbdhf\
�fZ]Zabg_gh_cijboh^behkv_s_ljm^g__hkZfh]hjh`^_gbyDweZhgZih^gbfZeZkv\q_luj_mljZ
b\_kv^_gvjZ[hlZeZ\i_dZjg_GhdZd[uhgZgbmklZ\ZeZihimlb^hfhchgZgZoh^beZ\j_fy
kh[jZlvwlbh^m\Zgqbdb
Ebggih`ZeZie_qZfb
Ih\_jvl_fg_jZ[hlZ\i_dZjg_g_reZgb\dZdh_kjZ\g_gb_kl_fdZdfg_ijboh^behkv
\dZeu\ZlvgZn_jf_
�Gh\u`_[ueb[_j_f_gguj_ahgghaZf_lbeZ`_cg
Y[ueZfheh^hcbkbevghcBex[beZhllml\]hehk_Ebgg\i_j\u_ijhkdhevagmeh
\heg_gb_Ihke_jh`^_gbyDweZgZi_j\h_f_klh\urebf_^bpbgkdb_kq_lZY_kl_kl\_gghg_
fh]eZjZ[hlZlv\i_dZjg_baZgbfZlvkyj_[_gdhfihwlhfmygZqZeZwdki_jbf_glbjh\Zlvkj_p_ilZfb
ibjh`dh\
HgZgZqbgZeZi_qvihke_lh]hdZddhjfbeZDweZ\^\ZqZkZghqbjZ[hlZeZ^hq_luj_okiZeZk
qZkihdZhgg_ijhkuiZekyGZdhjfb\_]h[m^beZf_gyIhlhfmdeZ^u\ZeZDweZ\klZjmxdheykdm
dhlhjmxhldhiZeZ\dhfbkkbhgghffZ]Zabg_jy^hfdeZeZibjh`dbbreZ\dZfimk]^_ijh^Z\ZeZbo
klm^_glZfih^\Z^pZlviylvp_glh\aZiZjmEbp_gabbmg__g_[uehihwlhfmijbihy\e_gbb
Ebggmeu[gmeZkvDwem
;_^gy`dZYgbq_]hg_agZeZhl_fi_jZlmjghfj_`bf_bh^gZ`^ue_lhfluqmlvg_i_j_]j_eky
Dwehl\_lbeex[ysbf\a]ey^hf
Y^hkboihjg_fh]mkiZlvih^h^_yehf
�HojZggbdblZdbg_ihcfZeb__^h[Z\be`bfHgb\b^_ebdj_klvygkdmx^_\mrdm\
klZj_gvdbo^`bgkZodhlhjZydZlbeZdheykdmjZa\Zexom:j_[_gdZ\k_ijbgbfZebaZ__feZ^r_]h
[jZlZ
WlZgi_j_\h^beaZ^mfqb\uc\a]ey^khlpZgZfZlv
Fu\k_]^ZagZebqlh\Zfijbrehkvg_e_]dhgh\ugbdh]^Zg_\^Z\Zebkv\ih^jh[ghklbIhq_fm"
�Bihq_fmk^_eZebwlhk_cqZk"fuke_ggh^h[Z\beZ`_cg
Ebggih^gyeZkv
k_wlhklZjZybkdmqgZybklhjby;_^ghklv\u]ey^bljhfZglbqghlhevdhba^ZebWlZgihfh]b
fg_m[jZlvkhklheZIhjZih^Z\Zlv^_k_jl
�DjZahqZjh\Zgbx`_cgjZa]h\hji_j_dexqbekygZdm^Zf_g__bgl_j_kmxsbc__nml[heB_keb
�h[_kihdh_gguc\a]ey^`bfZ;hgg_jZ\j_fyhl\j_f_gbiZ^ZegZkmijm]m\k_klZjZebkvg_
h[jZsZlvgZwlh\gbfZgby
�`_cgm`_bg_agZeZkijZ\_^eb\Zeb__i_j\hgZqZevgZyhp_gdZk\_djZ]em[bg__]h]eZaqblZeZkv
ljh]Zl_evgZy]jmklvB__m[_`^_gghklv\lhfqlh\aZbfhhlghr_gbyjh^bl_e_cDweZ^Ze_dhg_lZd
ijhkludZddZaZehkvgZi_j\uc\a]ey^\k_dj_ieZ
�:kZfh_bgl_j_kgh_^ey`_cggZqZehkvdh]^ZWlZgkijhkbeDweZdZdb_mg_]hmki_obhllml
�`_cgbmagZeZgZqlhljZlblDwe\j_fyijh\_^_ggh_\g_^hfZIh^h]h\hj_gghklbk^bj_dlhjhf
f_klghckj_^g_crdheu[u\rbfh^ghdeZkkgbdhfhg\klj_qZekykf_klgufb[bag_kf_gZfbb
m]h\Zjb\ZeboijbgylvmqZklb_\gh\hfijh_dl_ihh[_ki_q_gbxklbi_g^byfbih^jhkldh\ba
g_[eZ]hihemqguok_f_cHglZd`_ihfh]ZeWlZgm\nbgZgkbjh\Zgbbijh]jZffu[hjv[uk
�jZkijhkljZg_gb_fgZjdhlbdh\\feZ^rbodeZkkZoH^gZdhdh]^Z`_cggZqZeZbgl_j_kh\Zlvky
^_lZeyfbDwem\_ejZa]h\hj\klhjhgm
��H[_^f_^e_gghdZlbekydaZ\_jr_gbxDh]^Z`bfaZ^Ze`_cg\hijhkh__jZ[hl_hgZhl\_lbeZk
lZdbf\b^hf[m^lh^_eZ_lk\h_fmk\_djm[hevrh_h^he`_gb_Dh]^ZEbggij_^eh`beZ_c
�ijbkh_^bgblvkydbo^bkdmkkbhgghc]jmii_`_cgaZy\beZqlh\j_f_gb^ey^Zfkdboihkb^_ehdm
�g__g_lDh]^ZWlZg\ukdZaZegZ^_`^mm\b^_lv__gZ\hkdj_kghckem`[_`_cghl\_lbeZqlhhgZ
g_\_jmxsZy
Ijhklbf_gy=hkih^bghy^_eZx\k_qlhfh]mHgbhq_gvohjhrb_ex^bbyg_ohqm^hklZ\eylv
bfebrgxx]heh\gmx[hev
&#xk_;&#x^;&#x_j;&#x`Z;ë&#xkv;&#xk;&#x^_;&#xj`;&#xZg;&#xgh;&#x;&#x_`;b;&#xh;&#xg;&#xh;�GZdhg_pijbreh\j_fyijhsZlvkyk_^_j`Zebkvk^_j`Zggh\_`eb\hgh`_cgg_mimklbeZba
�\b^mgbgZofmj_gguo[jh\_c`bfZdh]^Zhgih`bfZejmdmDweZgbhaZ[hq_gghklb\]eZaZoEbgg
dh]^ZlZh[gbfZeZkugZ
Dweih\_jgmekydg_cebrvdh]^Zhgbk\_jgmebkih^t_a^ghc^hjh`dbgZfhklh\mx
�KiZkb[h`_cg
HgZkfhlj_eZijyfhi_j_^kh[hc
&#xlh;&#xjh;&#xjZ;
&#xm;&#xf_;&#xgy;&#xg;&#x_;&#xih;&#xem;&#xqb;&#xlk;&#xy;�lhjhcjZamf_gyg_ihemqblky_j`bbohlf_gyih^Zevr_
Yk_jv_agh
YagZxdZdg_e_]dhl_[_wlh^Zehkvfy]dhaZf_lbehg
Hgbqm^_kgu_ex^bWlhm`Zkgh
Hg^he]hfheqZe
Y\hl^mfZxihq_fm[ugZf\^\h_fg_aZdZlblvkydm^Zgb[m^v"
G_m`_ebwlh__gZ]jZ^ZaZk_]h^gyrg__mgb`_gb_"Hq_gvm`g_m^Zqgh\u[jZehg\j_fyqlh[u
ijb]eZrZlv__gZk\b^Zgb_Bj_Zdpbyihke_^h\ZeZg_aZf_^ebl_evgh
Fg_gZ^_lvgZ]heh\m[mfZ`gucf_rhd"GZkemqZc_kebdlhlhf_gym\b^bl"
KemrZcZfh`_lh[hc^_fky[_akZjdZafZ"Yijb]eZkbel_[yg_fgh]hjZa\_ylvkybhll_[y
lj_[m_lkylhevdhh^ghkdZaZlv^Zbebg_l
Dh]^Z"
G_agZxDZdgZkq_lke_^mxs_ckj_^u"
Dm^Zfuihc^_f"
H[wlhfg_[_kihdhckyGZ^_gvkZfu_madb_^`bgkubfh`_lyjdmx[emadm
�`bgkumf_gy_klv_keblhevdhykfh]maZkl_]gmlvihke_^gxxim]h\bpmZ\hl[emadbg_l:
_keb[ub[ueZ\g_ckebrdhfoheh^gh
�mfZxyg_^Zfl_[_aZf_jagmlvZhim]h\bpZofh`_rvg_[_kihdhblvkyHlkhqZs_]hky
�k_dkmZevghklvx]hehkZih__l_emijh[_`ZeZ^jh`vHgihkfhlj_egZ`_cgbhgZihqm\kl\h\ZeZ
dZdhgeZkdZ_l__]eZaZfbDweg_kdju\Zek\hbogZf_j_gbchg__ohl_ebkh[bjZeky^h[blvkyk\h_]h
GhhklZ\Zeky\hijhk]hlh\ZebhgZhl^Zlvky_fm"Dh\k_f`bag_ggufijh[e_fZfhgZhlghkbeZkv
k_jv_aghbgbdh]^Zg_ijbgbfZeZihki_rguoj_r_gbcKfh`_lebhgZkh\eZ^Zlvk[hevx
h`b^Zxs_c__\[m^ms_f_kebk_cqZkmklmibl_fm"
�JZa[he_eZkv]heh\Z`_cgih\_jgmeZkvdhdgmg_hl\_lb\DwemHgZihklZjZeZkvhl\e_qvky
khkj_^hlhqb\rbkvfukeyfbgZjh^bl_eyoDweZBihdZ^`bifqZekyihimkluggufmebpZfgZqZeZ
jZkkhjlbjh\u\Zlvihemq_ggmxbgnhjfZpbx
Ebggg_\k_]^Z[ueZlZdhc\u^_j`Zgghcmlhgq_gghc`_gsbghcdhlhjZylZdjZ^mrghijbgbfZeZ
��k_]h^gyk\hbo]hkl_c:dZdgZkq_l`bfZ"`_cgohl_ehkv[uhlg_klbkvdg_fmkg_ijbyagvxgh
\_kv\_q_jhgZeh\beZbkiheg_ggu_lhkdb\a]ey^udhlhju_hg[jhkZegZ`_gmG_lhgZhij_^_e_ggh
g_fh]eZg_\aex[blvlZdh]hq_eh\_dZ
LZdqlh`_kemqbehkvk^\mfy\uimkdgbdZfbkj_^g_crdheudhlhju_dh]^ZlhlZdex[beb^jm]
�^jm]Z]Z^ZeZ`_cg
��`bfijbr_egZdmogxgZebek_[_qZrdm^_dZnZ@EbggklhyeZmjZdh\bgukibghcdg_fmHgZ
�\k_]^Zklhblkibghcih^mfZe`bfohlyl_i_jvwlhg_bf_ehhkh[h]hagZq_gbyihlhfmqlh^Z`_
ih\hjZqb\ZykvebphfhgZiha\heyeZ_fmebp_aj_lvfZkdmdhlhjmxy\eyeZ\k_faZbkdexq_gb_f
k\hbokugh\_c
b^_Zevgmx`_gm\jZqZEbgggZqZeZij_\jZsZlvky\h\j_fy\lhjhck\h_c[_j_f_gghklbHg
ihfgbedZdjZ^h\ZeZ_]hihy\b\rZykyk^_j`Zgghklv\fZg_jZohgZ[he__g_ihahjbeZ_]hgZ
im[ebd_dhkghyauqb_fbkebrdhf[mjgufijhy\e_gb_fqm\kl\K]h^Zfbhgijbr_edm[_`^_gbx
qlhbf_gghi_j_f_gu\Ebggm[_j_]ebhldjmr_gbybok_f_cgucdhjZ[evohly[md\Zevgh\k_
ij_^j_dZeblZdhcbkoh^Hg^Z`_gZqZe^mfZlvqlhh[j_ekqZklv_
[_a]jZgbqgh]h]hjyk\h_]hkj_^g_]hkugZbgbq_fg_fh]_fmihfhqvhllmlmg_]h\gmljbehigmeZ
dZdZylhkljmgZDh]^Ziha\hgbeDweqlh[ukhh[sblvhk\h_c`_gblv[_\g_f\gh\vaZl_iebeZkv
gZ^_`^ZGhl_i_jvhgihagZdhfbekykhk\h_cgh\hcg_\_kldhcDZdlhevdhDwefh]`_gblvkygZwlhc
oheh^ghcgZ^f_gghckmqd_"G_m`_ebhgg_ihgbfZeqlhhgZijbg_k_l_fmlhevdhg_kqZklv_"
�_j`ZqZrdmh[_bfbjmdZfbhghdbgme\a]ey^hfkljhcgmxnb]mjm`_guBEbgg^h]em[bgu^mrb
ihljykeZ`_gblv[ZDweZh[ZhgbiulZebkvihgylvqlhaZklZ\beh_]hk^_eZlvklhevg_m^Zqguc
\u[hjDhg_qgh\wlhc`_gsbg_qm\kl\h\ZeZkvk_dkmZevghklv\e_dmsZyfm`qbgghkb_g_
�h[tykgyehj_r_gbyDweZ`_gblvkygZg_che]b_]h^uhgbi_qZebebkvbaaZlh]hqlhhghl^Z_l
ij_^ihql_gb_[he__fheh^ufih\hajZklmbbgl_ee_dlmZevghh]jZgbq_gguf`_gsbgZfghih
djZcg_cf_j_\k_hgbhlebqZebkvfy]dbfoZjZdl_jhf
�`bfqm\kl\h\Zeqlh_fmg_jZah[jZlvky\ijh[e_fZoDweZl_f[he__qlho\ZlZehbk\hboJZa]h\hj
aZklhehfh`b\be^Ze_dh_ijhreh_l_i_jvhghh[klmibeh_]hbohl_ehkvaZdjulv]eZaZbaZldgmlv
mrbqlh[ug_\kihfbgZlv\k_^hims_ggu_bfhrb[db
Ihq_fmlug_jZkkdZaZeZijhlhl^_gvdh]^Zydmibeml_[yibjh`db"AZ\k_\j_fygbjZamg_
mihfygmeZ
�HgZ\kdbgmeZ]heh\mb`bfj_rbeqlhhgZmc^_lhlhl\_lZKdZ`_lqlhg_ihgbfZ_lhq_fj_qv
Gh_fmke_^h\ZehagZlvqlh_]h`_gZgbdh]^Zg_bkdZeZe_]dboiml_c
�=hkih^b`bfijhrehm`_ljb^pZlvr_klve_l
Y\k_ihfgxkeh\ghwlhkemqbehkv\q_jZ
Klhyeij_djZkgucZij_evkdbc^_gvIh^oh^beddhgpm_]hi_j\uc]h^h[mq_gby\mgb\_jkbl_l_
�K_\_jghcDZjhebguDwejh^bekyiylvf_kyp_\gZaZ^bhg`bf\uoh^bebaobfbq_kdhc
eZ[hjZlhjbbkg_kdhevdbfbijbyl_eyfb\k_hgbmqbebkvgZklZjrbodmjkZoL_i_jvhgg_ihfgbebo
bf_gghlh]^Zf_qlZehlhfqlh[uhgbijbgyeb_]h\k\hcdjm]Bdh]^Zh^bgbagbodjbdgmeWcZ
\hlbIbjh`dh\Zy^_\mrdZk_j^p_mg_]hmiZeh
Ihq_fmhgZijbreZkx^Zbf_gghl_i_jvdh]^Z__fh]ebm\b^_lv_]hgh\u_^jmavy"hegZaehklbb
�g_]h^h\ZgbyaZoe_klgmeZ_]hKdhevdh`_fh`gh"hdZdboihjhgZ[m^_llZdihahjblv_]h"
WlZdheykdZkhl\Zeb\Zxsbfbkydhe_kZfbbkZfZhgZihqlbj_[_ghdom^Zybh[hj\ZggZykeh\gh
lhevdhqlhkimklbeZkvk]hjHgaZ[ue\k_qlhex[be\g_ck_j_[jbkluckf_okljZklvkdhlhjhc
hgZ[jhkZeZkv\_]hh[tylbyk_j^_qdbdhlhju_hgZjbkh\ZeZgZ_]h`b\hl_f]gh\_gby[ebahklb
aZklZ\eyxsb__]haZ[ulvh[h\k_fgZk\_l_
Bihf_j_lh]hdZdhgZih^oh^beZ\k_[eb`_\_]hmrZoaZa\mqZeb\k_keh\Zdhlhjufb_]hjh^bl_eb
gZ]jZ`^Zeb__Gbdq_fghklv=eZc^h\kdh_hljh^v_HgZaZfZgbeZ_]h\eh\mrdmbaZ]m[beZ_fm
`bagvHg^he`_gjZa\_klbkvkg_c_kebjZkkqblu\Z_lihemqblvhlgboohlvp_glHgaZkem`b\Z_l
[hevr_]hq_fdbrZsZylZjZdZgZfbd\ZjlbjZbkebrdhffheh^Zy^_\qhgdZkn_jfuimklv^Z`_
lZdZyg_`gZyb\_k_eZyqlhaZklZ\ey_l_]hieZdZlvhlex[\bdg_c
�IZgbdZaZoe_klgmeZ`bfZdh]^Z_]h^jmavyhdebdgmeb__
WcIbjh`dh\Zy^_\mrdZml_[y_klvhj_oh\h_fZkeh"
Kdhevdhklhyl^\Zibjh`dZkrhdheZ^ghcgZqbgdhc"?fmohl_ehkvm[_`Zlvghhgmimklbe
fhf_gl?]hgh\u_^jmavym`_jZa]ey^u\Zebibjh`dbdhlhju_hgZbki_deZghqvxihdZhgkiZe
�H^bgbagbogZdehgbekybihs_dhlZe`b\hlbd_]hkugZjm]hcih\_jgmekydg_fm
lZdh_gZklhysbcibjh`hd
Wf[_jkfhlj_eZgZg_]hkf_oieykZe\__]eZaZokbgbodZd]hjgh_g_[hHgZ`^ZeZhgwlh\b^_e
qlhk_cqZkhgij_^klZ\bl__kdZ`_lqlhhgZ_]h`_gZblh]^ZhgZh^Zjbl\k_ojZ^hklgufkf_ohf
�Zwohjhrh
?_meu[dZhklZ\ZeZkvlZdhc`_emq_aZjghcdh]^Zhgih^oh^bedg_cHgihfgbebk\_leh
dZrlZgh\u_\hehkuaZ[jZggu_\dhgkdbco\hklkbg_cj_abgdhcbfhdjh_iylghgZie_q__]hklZjhc
jm[ZrdbbarhleZg^dbdm^Z^he`gh[ulvkju]gmeDwe
Y\havfmkrhdheZ^ghcgZqbgdhc
HgZqmlvkdehgbeZ]heh\mdZd[ukijZrb\Zygmqlh`_dh]^Zlubf\k_kdZ`_rv"ghijh^he`ZeZ
meu[ZlvkygZkeZ`^ZykvkblmZpb_c
KrhdheZ^ghcgZqbgdhcih\lhjbehg
HgZ_s_\_jbeZqlhhgh^mfZ_lkyL_ji_eb\h`^ZeZMeu[ZeZkvHg`_kmgmejmdm\dZjfZgb
\ulZsbe^\Z^pZlbiylbp_glh\mxfhg_lm
Blhevdhlh]^Zm\b^_\^_gv]bhgZihgyeZHgg_kh[bjZekyagZdhfblv__khk\hbfb^jmavyfbB\
g_ckeh\ghihlmok\_lhgm[be__kf_objZ^hklv__\_jm\g_]hH[b^Zg_^hmf_gb_aZlmfZgbeb__
]eZaZDZdh_lhf]gh\_gb_hgZlmihkfhlj_eZgZfm`ZihlhfgZdehgbeZkv^hklZeZbadheykdb^\Z
ibjh`dZbijhlygmeZ_fm^jh`Zs_cjmdhc
Hg[jhkbe_cfhg_lmh^gmbal_oq_luj_odhlhju_hgZ^Z\ZeZ_fmdZ`^h_mljhdh]^Zhgmoh^begZ
aZgylbyHg[jhkbe_c^_gv]bkeh\ghmebqghcih[bjmrd_jZkkf_yekydh]^Zdlhlhba_]h^jma_c
qlhlhkdZaZebhl\_jgmeky;hevr_g_ihkfhlj_egZg__ijhklhmr_eZibjh`db`]eb_fmjmdm
Kemqbehkv\k_wlh[hevr_ljb^pZlbe_lgZaZ^ghbl_i_jv_]h`_]klu^HgihklZ\beqZrdmgZ
[mn_l
Yihklmibeg_ohjhrhYwlh]hgbdh]^Zg_aZ[u\ZelZdbg_ijhklbek_[yba\bgb
�Z\ghba\bgbeZEbggimklbeZ\h^mdZd[uaZdju\Zyl_fm:dh]^Z\udexqbeZ__kijhkbeZ
Ihq_fmDwe`_gbekygZg_c"Ihq_fmhgbg_fh]ebih`blvdZdh_lh\j_fy\f_kl_qlh[uhgmki_e
jZah[jZlvkyqlhwlhaZ`_gsbgZ"
Gh_fmg_ohl_ehkv]h\hjblvhDwe_b_]hev^urd_`_g_
L_[_ke_^h\Zehiexgmlvfg_\ebph
�Y`Ze_xqlhfug_ihagZdhfbebkvk`_cg^hk\Z^v[u
Ijhs_gb__fm^Zjh\Zebkebrdhfe_]dhqlh[uhgg_aZih^hajbegZkZfhf^_e_hgZ_]hg_ijhklbeZ
Yohqmqlh[ulu\_jgmeZkvdhfg_Ebgg
Fh`_lfukfh]eb[u_]hhl]h\hjblv
�O\ZlblG_ohqm]h\hjblvhgboZ\Zcih]h\hjbfhgZkYohqmqlh[ulu\_jgmeZkv
HgZgZdhg_ph[_jgmeZkvihkfhlj_eZgZg_]h\k_l_fb`_kbgbfb]eZaZfbg_\u^ZxsbfbgbdZdbo
qm\kl\
Ygbdm^Zg_moh^beZ
KlZgvlZdhcdZd[ueZjZgvr_hlq_]hyohqm
Luk_]h^gyg_\gZkljh_gbb
Hl\heg_gbymg_]hi_j_o\Zlu\Zeh^uoZgb_ghhgg_fh]hklZgh\blvky
Yohqmqlh[u\k_[uehlZd`_dZd\kZfhfgZqZe_Lu]emiZyaZ[Z\gZybah[jZ`ZxsZy
klhyebh^m\ZgqbdbbnZkhevkkZehfYohqmqlh[ulukf_yeZkv[_am^_j`mYohqmqlh[udZd
jZgvr_lu[jhkZeZkvfg_gZr_xdh]^Zy\oh`m\^hf
Eh[_]hkh[jZekyfhjsbgZfbHgZih^hreZdg_fmiheh`beZjmdmgZie_qhdZd^_eZeZm`_ihqlb
khjhde_l
��Yg_fh]m\_jgmlvl_[_fheh^hklv`bfBg_fh]m\_jgmlvl_[_`_cfbbQ_jjbqlh[u\k_
klZehdZdij_`^_
YwlhagZxq_jlih[_jbHgkljyogmejmdm`_guhl\_j]Zy__`Zehklvbm^mrZxsmx
[_kdhg_qgmx^h[jhlmJ_qvg_hgboKemqb\r__kyaZklZ\behf_gyhkhagZlvqlhfg_g_gjZ\blky
dZdfu`b\_fG_gjZ\ylkyijhbkr_^rb_\gZki_j_f_gu
Ml_[y\u^Zekyly`_euc^_gvYihfZkkbjmxl_[_kibgmDZdh[uqgh__fy]dhklv\uau\ZeZm
g_]hqm\kl\h\bguhgdZaZekyk_[_gbqlh`gufbih^eufBf_gghhsms_gb_kh[kl\_ggh]h
gbqlh`_kl\ZbklZehijbqbghc_]hgZkdhdh\HggZf_j_gghh[b`Ze__gZ^_ykvijh[blve_^ygmx
[jhgxbgZclbaZg_clm^_\qhgdmgZdhlhjhc`_gbeky\fheh^hklb
Ygbdh]^Zg_baf_gyel_[_
DZdijbylghwlhkeurZlv
Hgg_fh]ihklZ\blvgZwlhflhqdmohl_eqlh[uhgZagZeZ\kxijZ\^m
RZgkumf_gy[uebghylZdbfbbg_\hkihevah\ZekyH^gZ`^u^hr_e^Z`_^h^\_jbfhl_ey
hlh[wlhfyagZlvg_ohqm
Gh^ZeaZ^gbcoh^=hkih^bihlhfyg_^_exij_[u\Ze\ij_\hkoh^ghfgZkljh_gbbLZd]hj^beky
kh[hc
Yg_ihgbfZxqlhlukkh[hc^_eZ_rvghohqmqlh[ulug_f_^e_gghwlhij_djZlbe
YohqmgZqZlv\k_kgZqZeZY^mfZefh`_lgZrZih_a^dZGhfuijZdlbq_kdbg_jZa]h\Zjb\Zeb
^jm]k^jm]hfIhq_fmfug_fh`_fgZqZlv\k_kgZqZeZ"
Ihlhfmqlhlu\hag_gZ\b^_e[ulZdmx`bagvlhqghlZd`_dZdg_gZ\b^_elh]^Z
HgZhklZ\ZeZkvg_^hklb`bfhcdZd^Ze_dZya\_a^Zghhg\k_jZ\gh`Z`^Zeijbdhkgmlvkydg_c
�Yhq_gvl_[yex[beluwlhagZ_rvg_lZdeb"Z`_dh]^Zyiha\hebejh^bl_eyfm]h\hjblvf_gy
^Zlvkh]eZkb_gZjZa\h^y\k_jZ\ghl_[yex[be
�L_i_jvwlhg_bf__lagZq_gby`bfIhy\beky=_c[aZgbfWlZgbgbdZdh]hjZa\h^Zg_[uehB
ijhbahreh\k_wlhhq_gv^Z\ghLZdklhbleb\hjhrblvijhreh_"MgZkljbij_djZkguokugZb
mkljh_ggZy`bagv
G_gm`gZfg_wlZmkljh_gghklv\ahj\ZekyhgQ_jlih[_jbG_m`_eblugbq_]hg_
ihgbfZ_rv"=hkih^bdZdyl_[yg_gZ\b`mGbdh]^ZjZgvr_hgg_ljhgme__biZevp_fZlml
ko\ZlbeaZjmdbbljyogmebah\k_ckbeuYwlh]h[hevr_g_\ug_kmKlZgh\bkvij_`g_c
O\Zlbl?_gh]lb\ibebkv_fm\ie_qhO\ZlblQlhklh[hc"
HgijhqblZekljZogZ__ebp_bhlijygme\m`Zk_hlkh^_yggh]h
E_^ygZy[jhgygZdhg_plhjZklZyeZhldju\lZysmxkyaZg_cyjhklvJZg__hgZgbdh]^Zg_
\kiuob\ZeZgZ__ebp_
Lufgh]b_]h^ufmqbef_gyijhdjbqZeZhgZMgb`Zei_j_^fhbfb^_lvfbLudZeiZevp_f
[beih^^uokhkZedjh\vBah^gy\^_gvYhl^ZeZl_[_\k_ghhdZau\Z_lkywlh]hfZehQlh`
[hevr_ywlh]hg_ihl_jiexYmoh`mhll_[yKf_gy^h\hevghBhgZ\u[_`ZeZbadmogb
^h]hgbl__"Kgh\Zljyogmlv"=hkih^bG_m`_ebhgi_j_]gmeiZedm"
Hg]em[hdh\^hogmebkdZaZek_[_qlhhgZihij_`g_fm_]hWf[_jEbggfy]dZybg_`gZydZd
e_lgbc^_gvHgZg_mc^_lhlg_]hqlh[ugb]h\hjbeZ?cijhklhgm`gh\j_fyqlh[umkihdhblvky
gbq_]h[hevr_
�Z`_mkeurZ\dZd__Z\lhfh[bevhlt_oZehl^hfZhgijh^he`Zeih\lhjylvl_`_keh\Z
HgZg_mc^_lhlg_]hG_kfh`_l
MEbgglZdk`bfZeh]jm^vqlhhgZ_^\Zfh]eZ^urZlv?_Z\lhfh[bevfqZekyihmadhcba\bebklhc
^hjh]_WlhlmqZklhdZ\lhkljZ^ukqblZekygZb[he__hiZkgufghhgZ_a^beZihg_fmklhevdhe_lqlh
^Z`_aZklbeZxsb_]eZaZke_aug_aZklZ\beb__kgbablvkdhjhklvHgZagZeZq_]hhghlg__ohl_eHg
ohl_eqlh[uhgZ\gh\v\kdjueZ\_gubbkl_deZdjh\vxex[\bdg_fmdZdm`_kemqbehkvh^gZ`^u
Djh\vxex[\bdhlhjZylZdbg_\_jgmeZkv
;hjykvaZdZ`^uc\^hohgZ\kihfbgZeZl_mjhdbqlhihemqbeZ^Z\guf^Z\gh\r_klgZ^pZlve_l
dh]^ZxgZybgZb\gZyhgZk\ylh\_jbeZqlhex[h\vihfh`_lij_h^he_lvjZa^_ey\rmxboijhiZklv
�GhkgZb\ghklvx\kdhj_ijbrehkvjZkklZlvkyQ_j_a^\_g_^_ebihke_lh]hdZdhgZkdZaZeZ`bfm
qlh\gh\v[_j_f_ggZDwemlh]^Zg_bkihegbehkvb]h^Z
?cdhg_qghke_^h\Zehij_^\b^_lv_]hj_ZdpbxghjZamf__lkymg__bfuke_clZdbog_[ueh
=h\hjyhk\h_c[_j_f_gghklbhgZebdh\ZeZohlybkh^gbfDwehfbf_^\Zm^Z\Zehkvk\h^blvdhgpu
kdhgpZfbHg`_kb^_edZdbklmdZg
�Lulhevdhih^mfZc`bf?s_h^bgfeZ^_g_pFh`_lgZwlhljZa[m^_l^_\hqdZbfugZah\_f
__JhaZbebR_cjhgHdZd[ufg_ohl_ehkvjh^blv^_\hqdm:\hlDwemgm`_g[jZlbdqlh[u[uehk
d_f\hablvky
b^yqlh\ujZ`_gb__]hebpZg_f_gy_lkyhgZbkim]ZeZkv
YihgbfZxihgZqZemijb^_lkyg_e_]dhghibjh`dbijbghkylohjhrb_^_gv]bblulhevdh
ih^mfZcdZdfuex[bfDweZGhfu^he`guijbgylv\k_f_judlhfmqlh[ugZwlhfhklZgh\blvky
KdZ`bfg_qlhlujZ^gZr_fm\lhjhfmj_[_gdmKdZ`b
Hggbq_]hg_kdZaZeijhklh\ur_eaZ^\_jvbofZe_gvdhc^\modhfgZlghcd\ZjlbjuhklZ\b\__\
kljZo_bh^bghq_kl\_HgZlZdbijhkb^_eZ\l_fghl_^h`b^Zykv_]h\ha\jZs_gbyHghiylvg_
ijhbag_kgbkeh\ZIjhklhaZ\ZebegZdjh\ZlvbhlljZoZeklZdhckljZklvxqlhhl__kljZoh\g_
hklZehkvbke_^Z
��\mfyg_^_eyfbiha`_ihke_lh]hdZd`bfmr_egZaZgylbydg_cih`Zeh\ZeZk\_djh\vFbe^j_^
��;hgg_jaZy\beZqlh`bf[hevr_g_ex[bl__bohq_lkg_cjZa\_klbkvh[Z\beZqlhhg
gZf_j_\ZekykdZaZlv_ch[wlhf\lhlkZfuc\_q_jdh]^ZEbggh[ty\beZqlhhgZ\gh\v[_j_f_ggZgh
l_i_jvqm\kl\m_lk_[yh[yaZggufhklZlvkykg_cIhwlhfm_kebhgZEbgg^_ckl\bl_evghex[bl_]h
lh^he`gZ^Zlv_fmmclb
�Ebgg_cg_ih\_jbeZm`bfZg_fh]eh\hagbdgmlvbfukebhjZa\h^_DZ`^mxghqvhg^hdZau\Ze
wlh\ihkl_eb
Dh]^Zhg\_jgmekyihke_aZgylbchgZjZkkdZaZeZh\babl_\gZ^_`^_qlhhghijh\_j]g_lkeh\Z
fZl_jb?_gZ^_`^ug_k[uebkv
Q_]hl_i_jv]h\hjblvh[wlhf"mkeurZeZhgZLuhiylv[_j_f_ggZlZdqlhmclbyg_fh]m
Jhah\u_hqdbq_j_adhlhju_hgZkfhlj_eZgZk\hx`bagvmiZebbjZa[bebkvBeexabxhgZ
fh]eZlZdaZ[em`^Zlvky"Hg`_;hgg_jZhgZ=eZc^
�\Z^gykimkly_]hfZlv\gh\vihy\beZkv\bod\Zjlbj_h]g_^urZsZy^jZdhgrZihlj_[h\Z\rZy
qlh[uEbgghlimklbeZ__kugZG_\_`_kl\_ggZyg_h[jZah\ZggZyhgZ_]hlhevdhihahjbeZBf_rZeZ
ihemqblvhl`bagblhqlhhgaZkem`b\Ze
�Fbe^j_^]h\hjbeZijZ\^mghEbggohlvbhq_gvex[beZ`bfZg_fh]eZ^Zlv_fmmclbKZfZ[u
hgZ\u`beZ\wlhf`_klhdhffbj_gh__^_lyflj_[h\Zekyhl_p
BhgZgZreZ\k_[_kbeu^hklhcghhl\_lblv_]hfZl_jb
?kebyg_ohjhrZ^eyg_]hagZqbl\u^he`guihfhqvfg_klZlvemqr_ihlhfmqlhybfhb^_lb
hlkx^Zg_mc^_f
Dhfijhfbkk^Zekybfg_e_]dhgh\dhgp_dhgph\`_gsbgugZrebh[sbcyaudEbggkh]eZkbeZkv
qlh[uFbe^j_^;hgg_jh[mqbeZ__\k_fmdZdoh^blvdZd]h\hjblvqlh]hlh\blvdZdk_j\bjh\Zlv
klheIhgZklhygbxFbe^j_^hgZkf_gbeZbfy\f_klhWf[_j k\_djh\viheZ]ZeZ_]h^_j_\_gkdbf\f
klZeZa\ZlvkyEbgg
IhdZDweb]jZem__gh]hgZijh]eZlu\ZeZdgb]maZdgb]hc^h]h\hjbeZkvk^jm]hc`_gsbghcm
dhlhjhclh`_[uefZeurihhq_j_^ghkb^_lvk^\mfy^_lvfbb[_]ZeZgZe_dpbbihbklhjbb
ebl_jZlmj_bkdmkkl\m^bkpbiebgZf[ebadbf__jhfZglbq_kdhc^mr_
�Jh^beky=_c[k_fvy`bfZkf_gbeZ]g_\gZfbehklv\u^_ebeZ^_gv]bgZh[mq_gb_kugZb
f_^bpbgkdb_kq_lZ\gmdh\K^_gv]Zfbihij_`g_fm[uehg_]mklhghdjbabkfbgh\ZeFbe^j_^
gZklhyeZqlh[uhgbi_j__oZeb\[he__ijhklhjgmxd\Zjlbjmdhlhjmxh[klZ\beZf_[_evxba^hfZ
;hgg_jh\
�I_j_f_gu\EbgggZdZieb\Zebkvihkl_i_gghbhgZg_agZeZaZf_qZ_lebbo`bfDZ`^mxghqv
hgbij_^Z\Zebkvex[h\gufml_oZfb_kebhgbaZf_qZeqlhhgZm`_g_obobdZeZg_ih^^jZagb\ZeZ
_]hg_r_ilZeZgZmohg_ohjhrb_keh\ZhggbdZdwlhg_dhff_glbjh\ZeB\g_kiZevgbhgZ
klZgh\beZkv[he__k^_j`ZgghcbghcjZaeh\ygZk_[__]hh^h[jbl_evgu_\a]ey^uj_amevlZl_hgZ
gZmqbeZkv^_j`Zlvex[h\vdfm`mih^aZfdhfqlh[u__ijhy\e_gbygbdh]hg_jZa^jZ`Zeb
Hghdhgqbedhee_^`ihklmibe\f_^bpbgkdmxrdhemlh]^ZdZdhgZaZ[hlbeZkvh^_lyob
ijh^he`ZeZkZfhkh\_jr_gkl\h\ZlvkyIhaZ\_jr_gbbmq_[uhgb\_jgmebkv\Khe\_cr_g]^_hl_p
mklmibe_fmqZklvk\h_cijZdlbdb
Ijhoh^beb]h^uhgZgZoh^beZihdhc\h[s_gbbkkugh\vyfb[eZ]hl\hjbl_evghklbbkdmkkl\_HgZ
�b`bf`bebdZ`^uck\h_chl^_evghc`bagvxghhg\k_]^Zg_`ghaZ[hlbekyhg_cZ\kiZevg_bo
ihij_`g_fmkh_^bgyeZkljZklvH^bgaZ^jm]bf^_lbihdbgmeb^hf`bagvklZeZ_s_kihdhcg__
HgZex[beZfm`Z\k_fk_j^p_fbg_kebrdhf\bgbeZ_]haZlhqlhhgg_ex[be__
��:ihlhfih]b[eb`_cfbbQ_jjbb`bf;hgg_jkehfZeky
ihke_^mxsb_aZbokf_jlvxf_kypuhgklhevdhjZa[hevghjZgbe__qlhbghcjZaEbggdZaZehkv
hgZ\hl\hlbkl_q_ldjh\vxLZdZyg_kijZ\_^eb\hklv\hafmsZeZ__HgZklZeZlZdhcdZdmxhgohl_e
\b^_lvjy^hf^Zlhevdhl_i_jv_]h\a]ey^ubaf_gbebkvHgohl_eihemqblvlhq_]hhgZm`_^Zlv_fm
g_fh]eZ
=eZ\Z
&#xi;&#xhg;&#x_^;&#x_e;&#xvg;½&#xW;&#xgg;&#xih;
&#xhg; e;&#xZ;ihg_^_evgbdWggbiha\hgbeZ`_cg\gZqZe_^_\ylh]hbh[ty\beZqlh\hi_j\uog_kdhevdh
ihke_^mxsbo^g_chgZg_kh[bjZ_lky\hablvky\h]hjh^_Z\h\lhjuog_ohq_lqlh[uhgb^hdmqZeb
[he__bgl_j_kgh_aZgylb_q_ff_evl_rblvi_j_^]eZaZfbklZjmob
�`_cgmeu[gm\rbkviheh`beZljm[dmgZjuqZ]b\_jgmeZkvdij_j\ZgghfmaZgylbxhgZ\ZjbeZ
h\kygmxdZrmOhjhrh[ukhojZgblvlZdhcl_fi_jZf_gldZdmWggb^h`b\^h__e_lih^mfZeZhgZ
Dlha\hgbe"
�`_cgih^iju]gmeZbmjhgbeZeh`dmdmogx\hr_eDwe[hkbdhfk\kdehdhq_ggufbihke_kgZ
\hehkZfb\^`bgkZobjZkkl_]gmlhc[Zcdh\hcjm[Zrd_H]jhfgucbfh]mqbc
G_kf_cih^djZ^u\Zlvkydhfg_HgZm[_`^ZeZk_[yqlhk_j^p_lZd[v_lkyhlbkim]ZZg_hl
qm\kl\dhlhju_\uau\Zemg__wlhljhkdhrgucfm`qbgZ
Yg_ih^djZ^u\ZekyLZdZym`mf_gyg_keurgZyihoh^dZ
AgZqbll_[_kwlbfgZ^hqlhlh^_eZlv
Lu[jxa]eb\Zy[hlZgdZ
;hlZgdZ"
�ZlZdfulmih]heh\u_dj_klvyg_gZau\Z_f[hevrbomq_guo
�`_cgko\ZlbeZqbklmxeh`dm\gh\vgZqZeZihf_rb\ZlvdZrm
Fu[hlZguah\_f\Zklmih]heh\ufbdj_klvygZfbl_fkZfufihdZau\Zykdhevmfgug_dhlhju_
bagZk[hlZgh\
Dweohohlgme:dklZlbqlhhglml^_eZ_l"H[uqghhgmoh^bedlhfm\j_f_gbdh]^ZhgZkimkdZeZkv
�\gbaqlh[uihaZ\ljZdZlvZ`_gZijhrehcg_^_e_dh]^ZhgaZ^_j`b\Zeky\^hf_qlh[uhl\_alb__
dWggb_ebhgbihjhagvHg\k\h_fdZ[bg_l_
Dlha\hgbe"ih\lhjbeDwe
WggbHgZg_ohq_lqlh[uk_]h^gyfu[_kihdhbeb__
Ohjhrh
Hgijhr_e\deZ^h\mx\_jgmekykh^ghcbaihe^x`bgudhjh[hdEZdbqZjfkdhlhju_^_j`ZelZf
\f_kl_kqbikZfbibjh`gufbbrhdheZ^gufb[ZlhgqbdZfbKlhymiebluhgZgZ[ex^ZeZdZd\
fbkd_jZkl_l]hjZjZaghp\_lguonb]mjhdIhlhfDwerZ]gmedoheh^bevgbdm^hklZefhehdh
G_m`_ebhl_pg_mqbel_[yjZpbhgZevghfmiblZgbx"
GZhl^uo_y\k_]^Z_fqlhohqmHg\ayeeh`dmbk_eh[\b\gh]Zfbgh`dbklmeZ
�`_cgkljm^hfhlhj\ZeZ\a]ey^hlwlbo^ebgguomadboklmig_c
Yk\ZjbeZfgh]hdZrbIhq_fm[ul_[_g_ih_klv__\f_klhwlhc_jmg^u"
Dl\h_fmk\_^_gbxwlhg__jmg^ZK\hbfihy\e_gb_fEZdbqZjfkh[yaZgufgh]he_lgbf
gZmqgufbkke_^h\Zgbyf
GZdhjh[d_]ghf
KbfiZlbqgucfZeurHgih^gyeihegmxeh`dmAgZ_rvqlha^_kvkZfh_emqr__"
�FZjrfweehm@
FZjrfweehm"
Lhldlh^h^mfZeky^h[Z\blvkx^ZfZjrfweehmhq_gvmfgucq_eh\_dfh_fdhgljZdl__klv
imgdlh[yau\ZxsbcKlZja\dexqZlv\fhcjZpbhg\lj_gbjh\hqghfeZ]_j_EZdbqZjfk
IhljykZxs_Y]h\hjxkq_eh\_dhfdhlhjuchdhgqbemgb\_jkbl_lkhlebqb_fghfh]m
ihdeyklvkyqlhgZoh`mkv\dhfiZgbbb^bhlZ
Y\hlhq_f^mfZxJZaEZdbqZjfklZdohjhrbfh`_lgh\uc\b^h\kyghcdZrblhevdhb
y[uaZgyeky[m^vmf_gylZdhc`_[hevrhcfha]dZdml_[yijhn_kkhjf_klhlh]hqlh[u
�ydrZlvkykWd\Zjdhfy[uijb^mfZeemqrmxh\kygmxdZrm\fbj_ZyagZxwlhljm^ghD
h\kygufoehivyfm`_^h[Z\eyebrhdheZ^bhj_oh\h_fZkehg_]h\hjym`_hjZaghp\_lguo
�fZjrfweehmghkdZ`bfg_Dlhgb[m^vih^mfZeh[Wfwg^Wfk@"G_lfwf^hwlh]hgbdlhg_
^h^mfZekyGbdhfmg_o\ZlbehmfZkhh[jZablvqlhmWfwg^Wfk_klvh]jhfgu_i_jki_dlb\u
dh]^Zj_qvb^_lh[h\kyguooehivyo^eyaZ\ljZdZ
HgZkemrZeZ_]hgZ[ex^ZydZdhg_kl=heu_gh]b]heZy]jm^veblu_fmkdmeui_j_dZlu\Zxsb_ky
&#x_e;½&#xhe;&#x_i;&#xgZ;&#xy;¾&#xex;&#xkl;&#xjZ;&#xpb;&#xy;
&#xih;&#xke;&#xh; p;&#x_;&#xK; e;&#xZ;&#x_k;&#xlv;&#x;&#xm;Z;&#xg;&#x_;&#xgZ;&#x^h;&#x;�ijbdZ`^hf_]h^\b`_gbb_ebdhe_igZybeexkljZpbydihkeh\bp_KbeZ_klvmfZg_gZ^hZ
lhevdhwlhla^hjh\ydmfhffh]ihkihjblvkkbehc
HgZi_j_ebeZdZrm\fbkdmijbg_keZ__dklhem\f_kl_keh`dhc
Khj_oh\uffZkehfbeb[_a"
HgaZ^mfZeky
KjZamg_evayaZoh^blvlZd^Ze_dhIh`Zemcqlh[_a
Fm^jh_j_r_gb_HgZ^h[Z\beZ\k\hxfbkdmfhehdZk_eZjy^hfkgbf
DweaZ]eygme\__fbkdm
Blu^_ckl\bl_evghkh[bjZ_rvkywlh_klv"
JZamf__lkyWlhh\kygZydZrZdZdhckhl\hjbe__=hkih^v
HgihlygmekyaZq_jigmeihegmxeh`dmmo\Zlb\b\_kvkZoZjguci_khddhlhjuchgZ\ukuiZeZgZ
k_j_^bgm
G_iehoh
Lukt_efhckZoZjguci_khd
LuagZ_rvq_]hlmlg_o\ZlZ_l"
�Zcih^mfZlvWfwg^Wfk"
MfgbpZHgih^gyedhjh[dmEZdbqZjfk\uljykg_kdhevdh]eZabjh\Zgguonb]mjhd\__
fbkdmQlh[l_[_[uehq_fihojmkl_lv
KiZkb[h
Ex[exywlbfZjrfweehm
Luwlhm`_]h\hjbeEh`dhchgZhlh^\bgmeZEZdbqZjfkddjZxaZq_jigmeZdZrbLu
agZ_rvg_lZdebqlhwlh^_lkdbcaZ\ljZd"
AgZqbl^mrhcy\k__s_j_[_ghd
?keb\g_fqlhlhbgZihfbgZehj_[_gdZlZdwlhly]Zdfheh^uf`_gsbgZfFh`_lihlhfmhgbg_
\ha\jZsZeky^hlj_omljZ"HohlbekygZfheh^uo`_gsbg"
HgZj_rbeZqlhg_lkfukeZb^Zevr_ij_[u\Zlv\g_\_^_gbb
=^_lu[ueijhrehcghqvx"
Dhgljhebjm_rvf_gy"
G_lYiehohkiZeZbmkeurZeZqlhluijbr_eiha^ghgbq_]h[hevr_
Fhb^_eZg_bf_xldl_[_gbdZdh]hhlghr_gby
Bf_xl_kebluijh\_e\_q_jk^jm]hc`_gsbghc
LulZd^mfZ_rv"Hgijhr_ekyih__l_em\a]ey^hfdhlhjuchgZkfh]eZbklhedh\Zlv
bkdexqbl_evghdZdwe_f_glikboheh]bq_kdhc\hcguDaZ\ljZdmhgZ\ureZ\djZkghcnml[hed_k
aZ^_j`ZebkvgZ[_^jZohlgx^vg_klhevbaysguodZdm`_gsbgkdhlhjufbhgijb\udh[sZlvky
H^gZdh\_]h\a]ey^_qblZeZkvg_lhevdhdjblbdZbhgZijbh[h^jbeZkv
?klvlZdh_HgZhlh^\bgmeZfbkdmijbklZevghihkfhlj_eZgZDweZYijhklhohqmagZlv
dZdh\uijZ\beZFuh[wlhfg_]h\hjbebghihoh`_ihjZFu\ijZ\_kiZlvk^jm]bfbex^vfb
ihdZgZr[jZdg_jZklhj]gmlbebg_l"
?]h[jh\bkhrebkvmi_j_ghkbpu
Fu"QlhagZqblfu"
Ebph__hklZehkv[_kkljZklguf
Ijhklbqlhlhyl_[yg_ihgbfZx
Hgijh\_ejmdhcih\hehkZfAZihke_^gb_g_kdhevdhg_^_evhgbmg_]hhljhkeb
Fu`_gZluijh[mjqZehghlb\k_
Qlh\k_"
k_
=fff
LuaZfm`gyy`_gsbgZb[_j_f_ggZyGZihfbgZxgZkemqZc_kebluh[wlhfaZ[ueZ
:lu`_gZlucfm`qbgZHgZ\u^_j`ZeZiZmamGZkemqZc_kebaZ[uelu
Kh\_jr_ggh\_jgh
hlbgZ^hhij_^_eblvkykh[bjZ_fkyfuk[eb`Zlvkyk^jm]bfbex^vfbihdZfu`_gZlubeb
g_l
Hij_^_e_gghg_l
�Qlh[ukdjulvh[e_]q_gb_hlq_leb\hijhklmib\r__gZ__ebp_`_cgih^gyeZkv
OhjhrhGZkq_l[ebahklbihgylghghfufh`_fijboh^blv^hfhckdhevm]h^ghiha^ghg_
mljm`^Zyk_[yh[tykg_gbyfbbebba\bg_gbyfblZd"
HgZkg_l_ji_gb_f`^ZeZdZdhgkfh`_lh[hclbwlmij_]jZ^mBhkh[hg_m^b\beZkvdh]^Zhg
ij_^ihq_e__g_aZf_lblv
Yfh]mijboh^blviha^ghLug_l
IhgylghHgZ\ayeZfbkdmkh\kyghcdZr_cihg_keZdjZdh\bg_
�`_cgqm\kl\h\ZeZqlhhg`^_l__\hajZ`_gbcHgZm`_^hklZlhqghohjhrhmagZeZ_]hqlh[u
ihgylvqlhhgkjZ^hklvxmo\ZlblkyaZ\hafh`ghklvaZsbsZlvk\hx\_kvfZmya\bfmxihabpbx
IheZ]Zxkl\h_clhqdbaj_gbywlheh]bqgh
G_m`_eb"
JZamf__lkyHgZh^ZjbeZ_]hkeZ^dhcmeu[dhcDZd_s_lukfh`_rvm[_^blvfbjqlhl_[_
ihij_`g_fm^\Z^pZlvh^bg]h^"
kj_^m\_q_jhfhgZijbh^_eZkvdaZ]Z^hqghfmk\b^ZgbxgZdhlhjh_\dhgp_dhgph\kh]eZkbeZkv
ihclbg_kfhljygZ^mjgu_ij_^qm\kl\byHgZijbgyeZ^mrihim^jbeZkvih^djZkbeZkvjm]Zyk_[y
aZlhqlhijb^Z_llZdh_agZq_gb_]jy^ms_fmkh[ulbxGh^_gvkeh`bekymg__ij_hlebqghihwlhfm
^he]hk_j^blvkygZk_[yhgZg_fh]eZHgZk_jv_aghijh^\bgmeZkv\k\h_cjZ[hl_b__jZ^h\Zehqlh
Dweihke_^gb_^gbfgh]h\j_f_gbijh\h^be^hfZ:k_]h^gy^Z`_gZr_eij_^eh]khijh\h^blv__gZ
ijh]medmIh_]hkeh\ZfbahiZk_gbyqlhhgZihl_jy_lkym\e_drbkvihbkdZfbj_r_gbydZdh]h
gb[m^vmjZ\g_gby
dZdDwebijbwlhf_]hhkljucmfihklhygghaZklZ\eye__[ulvgZq_dmDZdh\iZjZ^hdk\ukhdbc
�bgl_ee_dlDweZdhlhjuclZd\e_d__dg_fm\uau\Zem`_cggZb[hevrmxlj_\h]m
H^gZdhhgZhlf_eZfukebh[m^ms_fj_[_gdZbkhkj_^hlhqbeZkvgZih^_j`ZgghfdjZkghfnhj^_
�wkdhjl@^hklZ\e_gghfg_kdhevdhqZkh\gZaZ^bkijylZgghf\kZjZ_\^Zevg_fdhgp_ihf_klvy
IhdmidZihl_e_nhgm[u\r_]h\mihlj_[e_gbbZ\lhfh[beyijhlb\hj_qbeZa^jZ\hfmkfukemgh
j_amevlZlhfhgZhklZeZkv^h\hevgZIhfylZy^\_jpZbjZa[blZyjZ^bZlhjgZyj_r_ldZihjlbeb
wdkl_jv_jaZlhhgZg_\ureZaZjZfdbk\h_]h[x^`_lZbihemqbeZkj_^kl\hi_j_^\b`_gbydhlhjh_
gZ\_jgydZijhlyg_lg_kdhevdhf_kyp_\^h__\ha\jZs_gby\QbdZ]h]^_\]ZjZ`_`^Zedm^Z[he__
j_ki_dlZ[_evguckZlmjg
HgZg_kh[bjZeZkvijylZlvZ\lhfh[bevghagZeZqlhDweijb^_l\yjhklvmagZ\hihdmid_:ihlhfm
ohl_eZgZkeZ^blvky\_q_jhfij_`^_q_fkhh[sblv_fmij_g_ijbylgmxgh\hklvhlhfqlh__
aZlhq_gbxijbr_edhg_p
�H^_\Zykv`_cgmeu[ZeZkvIhih\h^m^`bgkh\hgZihke_^h\ZeZmdZaZgbyfDweZZ\hl\f_klh
h[e_]Zxs_c[emadbgZ^_eZrbjhdmxbal_fghdjZkgh]hr_edZbahehlu_[hevrh]h^bZf_ljZ
dhevpZk_jv]b[he__mf_klgu_\mrZodZdhcgb[m^v^_\qmrdbDweZq_fba\_klgh]hnbabdZ
�l_hj_lbdZ`_cgg_fh]eZh[tykgblvihq_fm_cgjZ\ylkywlbk_jv]b
HgZjZkkl_]gmeZ\_jogxxim]h\bqdm[emadbhldju\djm`_\ZgZrblu_ih\_jom[xkl]Zevl_jZ
kfhlj_eZkv\a_jdZeh\a^hogmeZaZkl_]gmeZim]h\bqdmIhclb^Zevr_\mev]Zjguok_j_`_d_cg_
o\Zlbehfm`_kl\Z
Dweihy\beky\ohee_dh]^ZhgZkimkdZeZkvihe_klgbp_KlZjZynml[hedZkwf[e_fhcKlZjagZ
]jm^bh[ly]b\ZxsZy\_ebdhe_igu_furpu[ueZaZijZ\e_gZ\^`bgkuh[e_]Zxsb_gh]bdZd
\lhjZydh`Z
a]ey^DweZijhr_ekyihg_cdZde_gb\ucjmq_c\`Zjdbce_lgbc^_gvHgZihdjZkg_eZ
kihldgmeZkv_cijbrehkvko\ZlblvkyaZi_jbeZqlh[ug_miZklv
Qlhlhg_lZd"kg_\bgguf\b^hfkijhkbehgIh]Zg_pHgagZeqlhg_lZdE_]dhebkfhlj_lv
gZ^\b]Zxsmxkyb]h\hjysmxk_dkmZevgmxnZglZabx
Ba\bgbJZafureyeZhl_hjbbK_c[_j]ZMbll_gZM\e_deZkv
?s_[u=eZaZ_]hykgh]h\hjbebhlhfqlh\j_fyhgZihljZlbeZg_ajy:^jm]hc[emadbg_
gZrehkv"
k_\klbjd_
�Hgmeu[gmekyb]ey^ygZyfhqdm\gh\vihy\b\rmxkyih^kdmehcgZdZf_gghcs_d_`_cg
ih^mfZeZZqlhhgZlml^_eZ_ljy^hfkwlbffm`qbghc"Hg_cg_jh\gymgbog_lgbq_]hh[s_]h
^eyg__hgkeh\ghijbr_e_pba^jm]hckheg_qghckbkl_fu
�Lml`_cg\kihfgbeZqlhaZ[ueZib^`Zdbih\_jgmeZkvqlh[ukoh^blvaZgbf\k\hxdhfgZlm
M`_bkim]ZeZkv"
Ohqm\aylvib^`Zd
havfb\hlwlhHgih^hr_edrdZnm^hklZek_jmxlj_gbjh\hqgmxdmjldmgZfhegbb
HgZkimklbeZkvke_klgbpuhggZdbgmedmjldm_cgZie_qbiZevpu_]hgZf]gh\_gb_aZf_jebHgZ
meh\beZZjhfZlkhkgufueZbg_ih\lhjbfucaZiZoDweZ;hgg_jZhl^Zxsbcklhev\hkoblbl_evgh
\ha[m`^Zxs_chiZkghklvx
hlghkblkydl_f`_gsbgZfdhlhju_\fm`kdhch^_`^_kfhljylkyhkh[_gghibdZglghHgZ`_
\u]ey^_eZdhjhlurdhcDweihoh`_g_gZoh^be\__h[ebd_gbq_]hij_^hkm^bl_evgh]hbhgZ
\hkijygmeZ^mohf
�`bidZd\k_]^Z^h`b^ZekybogZklhygd_i_j_^^hfhfDwehldjue_c^\_jpm:dh]^Zhgk_eaZ
�jmevaZ\_efhlhjbljhgmeZ\lhfh[bevkf_klZ`_cgihgyeZqlhg_j\gbqZ_l?clZdohl_ehkv
qlh[uhgaZ]h\hjbeg_kdhevdbfbkeh\ZfbkgyegZijy`_gb_ghhgfheqZkfhlj_egZ^hjh]m
�Hgb\t_oZeb\]hjh^]^_m`_aZdjuebkvbfZ]ZabgubI_llbdhml`ZgdrgdZn_h^ghcba
[hdh\uomebphgZm\b^_eZhk\_s_ggh_a^Zgb_bklhysb_jy^hfZ\lhfh[bebb^h]Z^ZeZkvqlhwlh
=hj_p
hlbhdjZbgZl_i_jvhgbh]b[Zeb]hjmKljZ^ZgbcBlhevdhhgZj_rbeZqlhhg\_a_l__dWggbdZd
Dwek\_jgmegZaZjhkrmxijhk_ehqgmx^hjh]mNZju\uo\Zlbebbal_fghlueZqm]mihoh`mxgZ
klhjh`_\mx[m^dm:i_j_^g_c^hjh]mi_j_]hjZ`b\ZeZly`_eZyp_iv
=^_fu"
IhkfhljbkZfZHghklZgh\be^`bi\ulZsbebaih^kb^_gvyjmqghcnhgZjbdHimklbekl_deh
bihk\_lbe\klhjhgm
HgZgZdehgbeZ]heh\mbm\b^_eZmkuiZggmxa\_a^Zfb\u\_kdmjZa[blu_eZfihqdbbkeh\Z
=hj^hklvDZjhebgu
LZd\hldm^Zluijb\_af_gygZk\b^Zgb_
Lu`_]h\hjbeZqlh\xghklbl_[ygbdh]^Zg_ijb]eZrZeb\Z\lhdbghl_Zljhlyb\hkihegyx
wlhlijh[_e\l\h_fh[jZah\Zgbb
Bamfe_gb_hljZab\r__kygZ__ebp_\ua\Zehmg_]hmeu[dmhg\udexqbenhgZjv\ue_aba^`biZ
qlh[uhlhfdgmlvp_ivi_j_]hjZ`b\Zxsmx^hjh]m:\_jgm\rbkvih]gZe^`biihdhqdZfb
dhe^h[bgZf
�Fh_i_j\h_k\b^Zgb_kfmevlbfbeebhg_jhfijh\hjqZeZ`_cgb\hldm^Zhgf_gyijb\_a
Lhevdhg_h[b`Zcf_gyg_]h\hjbqlhm`_\b^_eZwlhlnbevf
�`_cgmeu[gmeZkvbko\ZlbeZkvaZjmqdmqlh[ug_\i_qZlZlvkyie_qhf\^\_jpmImklvhgZb
\hjqZeZghi_jki_dlb\ZhdZaZlvkykgbfgZ_^bg_\imklugghfZ\lhdbghl_Zlj___g_i_qZebeZ
J_[_gdmihc^_lgZihevam^mfZeZhgZ_kebhgZbDweihemqr_magZxl^jm]^jm]Z
NZju^`biZhk\_lbeb[hevrmxkh\_jr_gghimklmxiheygmw^Zdbci_caZ`bagZmqgh
�nZglZklbq_kdh]hnbevfZk\ukljhb\rbfbkyihemdjm]ZfbklhcdZfb^ey^bgZfbdh\`bi
ih^iju]gme^_j`ZdmjkdaZ^g_fmjy^mBgklbgdlb\ghh^ghcjmdhchgZko\ZlbeZkvaZijb[hjguc
sblhdZ\lhjhcijbdjueZ`b\hl
DwebkdhkZ]eygmegZg__
FZeurijhkgmeky"
&#xi_;&#xj;&#xu_;&#xi;&#xjb;&#xm;&#xih;b;&#xgZ;&#xgb; ;&#xh;&#x__;&#x[;&#x_j;&#x_f;&#x_g;&#xgh;&#xkl; ;&#x_;&#x]h;&#x];&#xhe;&#xhk;&#x_;&#xg_;&#xk;&#xeu;&#xrZ;&#xeh;&#xkv;&#x;&#xjZ;&#x`^;&#x_[;&#xgh;&#xkl; ;�i_j\u_ijbmihfbgZgbbh__[_j_f_gghklb\_]h]hehk_g_keurZehkv\jZ`^_[ghklb`_cg
ihqm\kl\h\ZeZ[m^lh\__k_j^p_f_^e_gghjZkimklbeZkvjhaZbmeu[gmeZkv
Hgb\t_oZeb\ihke_^gbcjy^
Emqr_[u_fmihkiZlv?kebdhg_qghhgg_j_rZ_lmjZ\g_gby
Wlhg_ihdZ`_lkyl_[_kf_rgufdh]^ZhgZgZqg_li_j_fgh`Zlv^_kylbqgu_^jh[bhldhlhjuo
[m^mlrZjZoZlvky^jm]b_^_lb
bf_lvohjhrmx]heh\m\_ebqZcrZyljZ]_^bygZA_fe_MiZjgyijh[e_fg_[m^_lIhkfhljbgZ
f_gyFg_fhcfha]g_f_rZ_l
k_ihlhfmqlhlu^_j`brv_]hih^aZfdhf
Qlh`aZijbbk\hcqlh[ufufh]ebgZkeZ^blvkywlbfq_jlh\ufnbevfhf
QlhhgZfh]eZgZwlhhl\_lblv"IjbrehkvijhfheqZlv
HghklZgh\be^`biihk_j_^bg_ihke_^g_]hjy^ZdZdjZagZijhlb\wdjZgZkgyekhklhcdb^bgZfbd
\lZsbe\dZ[bgmih^gyekl_dehhlk_dZyoheh^gucghqghc\ha^moHgZg_klZeZgZihfbgZlvqlh
^bgZfbd[_aijh\h^Z
DweaZ]emrbe^\b]Zl_evihlmrbenZjuhgbih]jmabebkv\l_fghlmih^k\_q_ggmxebrvk_j_[jyghc
q_l\_jlmrdhcemgu
Fufh]eb[uijb_oZlvjZgvr_baZgylvf_klhihemqr_
Ihke_^gbcjy^kZfucemqrbc
Ihq_fm"
G_lfZe_gvdbofZevqbr_dih^]ey^u\Zxsbo\hdgZG_ex[exdh]^Zfg_f_rZxlaZgbfZlvky
wlbf^_ehf
HgZrmfghk]ehlgmeZ
Luijb\_af_gykx^Zqlh[uaZgylvkywlbf^_ehf"
?kl_kl\_ggh
Gmbgm
:ml_[ykwlbf^_ehfijh[e_fu"K_jiemgugujgmeaZh[eZdZhklZ\b\bo\iheghcl_fghl_
Hg\dexqbeeZfihqdmih^ihlhedhfbhgZm\b^_eZqlhm]hehd_]hjlZijbih^gyldZdmq_eh\_dZ
^h\hevgh]h`bagvxHgi_j_]gmekyq_j_akibgdmkb^_gvyb^hklZe[hevrhciZd_lkihidhjghf
?_fha]khkdhjhklvxk\_lZkeZe_clj_\h`gu_^_i_rbghhgZg_ohl_eZdgbfijbkemrb\Zlvky
�`_cgohl_eZqlh[uhgaZg_cmoZ`b\ZewlbfhgbaZgbfZekyohlykihkh[\u[jZeg_h[uqgucB
qlh[uhggb]h\hjbehgZg_^mfZeZqlhDweihij_`g_fmg_gZ\b^bl__kebrdhfqZklhhg
meu[Zekydh]^Zhgb[u\Zeb\f_kl_
�Ghhgobl_jdZdebkZgZihfgbeZk_[_`_cgbg_^_eZek_dj_lZbalh]hqlhohq_l__Ihkdhevdm_]h
fhjZevgucdh^_dklj_[h\Ze\_jghklb`_g_ihdjZcg_cf_j_\[eb`Zcrb_f_kypuhkh[h]h\u[hjZm
g_]hg_[uehbebkh[eZagblv__bebh[oh^blvky[_a`_gsbgu?cohl_ehkv\_jblvqlhhgmoZ`b\Ze
[uaZg_c^Z`__keb[uhgbg_hdZaZebkv\klhevg_\_jhylghckblmZpbbghkhfg_gbyhklZ\Zebkv
hlhgZbihiulZeZkvgZclbdhfijhfbkk
Ijh[e_fg_lihdZluihgbfZ_rvqlhyg_fh]mihclb^hdhgpZgZi_j\hf`_k\b^Zgbb
HgjZkdjueiZd_l^hklZeijb]hjrgxihidhjgZ
AZwlhyl_[ym\Z`ZxK^jm]hcklhjhgufh`_lgZfklhblh[km^blvgZq_fkljhylkyl\hb
jZkq_lu_kebi_j\h_k\b^Zgb_mgZkm`_\ijhrehfjh^_[uyijbihfbgZxh^bg\_k_euc^_gv
jh`^_gby
Dwe
HggZ[bejhlihidhjghf
oheh^bevgbd_gZaZ^g_fkb^_gv_ib\hbkhdFh`_l^hklZg_rv"
HgZh[_jgmeZkvbm\b^_eZg_[hevrmxkmfdmoheh^bevgbdklZeZgZdhe_gbgZdehgbeZkvblml`_
oheh^bevgbdhfMkeurZeZ^h[jh^mrguckf_rhdDweZ
HlebqgZyb^_y^hjh]ZyQ_j_ak_dmg^m[m^mklh[hc
Bij_`^_q_fhgZmki_eZhlj_Z]bjh\Zlvhgkhkdhevagmekhk\h_]hf_klZhldjueaZ^gxx^\_jpmb
mk_ekyjy^hf
�H^gZdhHgZhijZ\beZ[emadmhe`gh[ulvaZ\b^_\l_[yhlpuijylZebk\hbo^hq_j_c
FZkl_jkl\hyhllhqbelhevdh\dhee_^`_
Ihq_fm[ug_ihkb^_lvkihdhcghbg_ihkfhlj_lvnbevf"
KgZqZeZ^Zcfg_[Zghqdmib\Z
HgZ^ZeZ_fm[ZgdmkZfZ\ayeZkhdhldZaZeZkvhlihidhjgZH[ZhldbgmebkvgZkb^_gv_mxlgh
k\_lbeZg_yjdZyeZfihqdZ
Hgh[gye__
Wlhlnbevfhq_gvf_gy\ha[m`^Z_lK_j^p___qmlvg_\uiju]gmehba]jm^b
DZdhcwibah^"Dh]^ZFZjbyih_lhohefZoh`b\Zxsboih^a\mdZfbfmaudb"Bebdh]^Z^_lb
\u\h^ylk\hb^hj_fb"
Meu[dZkdhevagmeZih_]h]m[Zf
FZjbydhg_qghk_^mfZxZqlhmg__ih^wlbfZddmjZlg_gvdbfnZjlmqdhf"
JZa]h\hjhij_^_e_ggh^\bgmeky\hiZkghfgZijZ\e_gbbHgZg_agZeZdZd\uimlZlvkybaklhev
s_dhleb\hckblmZpbbBj_rbeZ\ub]jZlv\j_fyi_j_f_gb\l_fm
:q_fluaZgbfZ_rvk\h[h^gh_\j_fyihfbfh\klj_qk[bag_kf_gZfb"
IhgZqZemhgZhl\_lZg_`^ZeZghhgih`Zeie_qZfbbaZ]h\hjbe
Lj_gbjmxkv\kihjlaZe_\klj_qZxkvk^jmavyfbj_rZxg_dhlhju_^_eh\u_\hijhkuq_jZ
ijh\_e^\ZqZkZ\dZ[bg_l_hlpZ?fmgjZ\blkydh]^Zyjy^hfHggZofmjbeky
Qlhlhg_lZd"
jh^_[ug_lG_agZxIhoh`_g_eZ^umhlpZbfZl_jbk_jv_ag__q_fyij_^iheZ]Ze
FhjsbgugZe[mklZeb]em[`_Hg]h\hjbeqlhhgZih_oZeZdWggbYih^mfZeqlhgZghqvgh
hgZlZfkmbdwg^Zbk_]h^gyhgkdZaZeqlh\ha\jZsZlvkyhgZg_kh[bjZ_lky
=hkih^b
G_fh]mihgylvihq_fmhgZwlhk^_eZeZHghq_gvjZkkljh_gDwe^hibeib\hih\_jgmekyd
�`_cg
;hevr_g_ohqm]h\hjblvh[wlhfihlhfmhklZ\v\k_\hijhkuijbk_[_
H^gZdhhg\ueh`bek_f_cgu_gh\hklbihkh[kl\_gghcbgbpbZlb\_hgZ_]haZyaudg_lygmeZ
Dwe[jhkbeimklmx[Zgdm\^Ze_dbcwdjZg
K\h_c[helh\g_cluhl\e_dZ_rvf_gyhlnbevfZZFZjbyih_lh^gmbafhboex[bfuoi_k_g
Q_jla^hjh\hhgZkfhljblky[_ah^_`^u
&#x;
&#xmd;&#xZo;&#xma;&#xud; ;A\mdZofmaudb@FZjbyg_ih_lh[gZ`_gghc
Mf_gyhlebqgh_aj_gb_by\b`mqlhh^_`^ugZwlhc`_gsbg_g_[hevr_q_f\fhf_gl__
jh`^_gbyLu`_\b^brv__
Luhrb[Z_rvkyDlh]heuclZdwlh[ZjhgnhgLjZiiB_]hfm`kdb_^hklhbgkl\Z^_ckl\bl_evgh
\i_qZleyxl
�L_[ywlh\i_qZley_l"Zmg_]h
=hkih^b_keblu^mfZ_rvqlh_fm_klvqlhihdZaZlvygZ\_jgydZhkqZkleb\exl_[y
O\Zklmg
HgZkhreZkmfZ"HgZ`_khagZl_evghijh\hpbjh\ZeZ_]h
K^jm]hcklhjhguml_[y\hafh`gh[hjh^Z\dbgZ`b\hl_
G_lmf_gy[hjh^Z\hdgZ`b\hl_
KdZaZlvfh`gh\kydh_Hg\aye__iZd_lbdkkhdhfhimklbe\kmfdmoheh^bevgbdi_j_klZ\be
__gZi_j_^g__kb^_gv_:\hlihdZ`b
IhdZaZlvqlh"
Yk_jv_agh?kebml_[y[hjh^Z\dbfhcfZeurfh`_lkfmlblvky?fmgm`gh\j_fyqlh[u
ijb\udgmlv
�ZlukmfZkr_^rbc
IjhklhijbkimklbfhegbxYlhevdh\a]eygmG_l
OhjhrhLh]^ZijhsmiZ_f
HgZre_igmeZ_]hihjmd_ihlygm\r_ckydim]h\bp_^`bgkh\
jh^_[ulu]h\hjbeqlhfu[m^_faZgbfZlvkywlbf^_ehf:\hlgZkq_lf_^bpbgkdh]hhkfhljZ
fug_^h]h\Zjb\Zebkv
Dh]^Z^hg__^hr_ekfuke__keh\hgm`_meu[Zeky\h\_kvjhlkeh\gh\ub]jZe\ehl_j_x
Kh\_jr_ggh\_jgh]h\hjbeQlh`gZqg_f^hjh]ZyIhdZ`bfg_qlhml_[y_klv
G_ihdZ`m
LjmkboZ
F_gywlbfg_ijhcf_rv
Lu[hbrvkyaZgylvkywlbfkhfghcH^gbf^\b`_gb_fhgklZsbekg__dmjldmb[jhkbegZ
�kmfdmoheh^bevgbd;hbrvkyqlhg_kfh`_rv^_j`Zlvf_gy\ma^_Zml_[y\k_ih^`bedb
ljykmlky
Hlgx^v
;hbrvkyihdZaZlvqlhml_[y_klv;hbrvkyqlhg_kfh`_rvdhgdmjbjh\ZlvklukyqZfb`_gsbg
bafh_]hijhreh]h
G_[ueh\l\h_fijhrehflukyq`_gsbg
MofuedZ_]hhq_gvm`gZihfbgZeZebkvxhgZ[md\Zevgh\b^_eZdmjbgu_i_jurdblhjqZsb_ba
m]hedh\jlZ
K_j^p_dhehlbehkvhj_[jZBkim]i_j_f_rZekyk\ha[m`^_gb_fb\_k_ev_fhgZg_fh]eZaZklZ\blv
k_[yofmjblvkyg_fh]eZgZg_]hk_j^blvky
OhjhrhIhdZ`mGh^_j`bk\hbjmdbijbk_[_
Wlhg_kijZ\_^eb\hihkdhevdmyg_kh[bjZxkvh]jZgbqb\Zlv^\b`_gbyl\hbojmd
HgZfh]eZi_j_qbkeblv^x`bgmf_klddhlhjufohl_eZ[uijbdhkgmlvky
Ym\_j_gZqlhfg_wlhg_gm`gh
Yhq_gvgZ^_xkvqlhijZ\^u\l\hbokeh\Zog_l
�Hg\udexqbek\_lih]jmab\bo\lZdmxl_fghlmqlh`_cgbkim]ZeZkvg_ih]Zkebeb\k_a\_a^u
Ghihkl_i_ggh__]eZaZmeh\bebhq_jlZgby_]hkbemwlZohlyebpZhgZjZa]ey^_lvg_fh]eZHg
iheh`bejmdm_cgZie_qhhgZihqm\kl\h\ZeZqlhhgkh\k_fjy^hf
dhevpZk_jv]bbaZf_jebgZr__ih^g_chlwlhdijbf_jmlZdh_l_ie_gvdh_
HgZaZlZbeZ^uoZgb_]Z^Zyhldm^Z_fmba\_klghqlhwlhh^gZba__wjh]_gguoahg
?keblub^Zevr_kh[bjZ_rvky]h\hjblvihq_fm[ug_i_j_clbgZ^_j_\_gkdbc\u]h\hjqlh[uy
fh]eZhdmgmlvky\k\hbnZglZabb
=m[uDweZl_f\j_f_g_fb]jZeb__fhqdhc
DZdZynZglZabyfh`_l[ulvemqr_f_gy"
GmihiulZeZkvhl\_lblvhgZghlmlih__dh`_ihiheaebfmjZrdb;ueh^bgnbabd
dhlhjuchohlbekyaZWd\ZjdZfb\N_jfbeZ[hjZlhjbb
=hlh\kihjblv^_j_\_gkdh]h\u]h\hjZmg_]hg_[uehL_i_jv_]h]m[uaZgyebkvm]hedhf__
jlZLZdlukh[bjZ_rvkyihdZaZlvfg_gZqlhlukihkh[gZ"IhdZ\kxjZ[hlm^_eZxy
K^_j`b\Zlvky^Zevr_g_[uehkbeHgZih\_jgmeZ]heh\mqlh[u__]m[u\klj_lbebkvk_]hHl
ijhklh]hkhijbdhkgh\_gbyih__l_emijh[_`ZeZ^jh`vZihf_j_lh]hdZdihp_emcaZly]b\ZekyhgZ
hl^Z\ZeZk_[y\h\eZklvkljZklbHgZ\iblu\ZeZaZiZobib\ZbihidhjgZke_]dhcijbf_kvxam[ghc
iZklubq_]hlhhiZkgh]hZkkhpbbjh\Z\r_]hkymg__k]jhfhf
LuihljykZxsZy`_gsbgZijhr_ilZeDwe
HgZ\gh\vihp_eh\ZeZ_]hHg\ulZsbeba^`bgkh\[emadm_]hjmdb[hevrb_kbevgu_e_]ebgZ
h[gZ`_ggmxdh`m;hevrb_iZevpu^\bgmebkv\\_joihkibg_ihdZg_^h[jZebkv^haZkl_`db
[xkl]Zevl_jZ
GZfijb^_lkyba[Z\blvkyhlg_]hJhab[Z^ijhr_ilZehg\__hldjulucjhl
KihjblvhgZg_klZeZIhdZhgZgZkeZ`^ZeZkvkeZ^dbf\lhj`_gb_f_]hyaudZhg[uklj_gvdh
jZkkl_]gmeim]h\bpu__[emadb l_fghlZgbkdhevdh_fmg_f_rZeZ\fihlhflZ`_mqZklvihklb]eZb
�aZkl_`dm[xkl]Zevl_jZ\b`_gby_]hkhijh\h`^Zebkv]emobfbm^ZjZfbhgklmdZekylhh[h^gmlh
h^jm]mxkl_gdmkZehgZ
DwegZdehgbekyqlh[uihp_eh\Zlv__]jm^vK[_j_f_gghklvxkhkdbk^_eZebkvhkh[_ggh
qm\kl\bl_evgufbbdh]^ZhggZqZeboihkZku\ZlvhgZbah]gmeZkibgmb\p_ibeZkviZevpZfb_fm\
\hehkuLhfysZy[hevwlh]hg_`gh]hihkZku\Zgby\uau\ZeZmg__\aZbfhbkdexqZxsb_`_eZgby
djbdgmlvqlh[uhgij_djZlbefheblvqlh[uijh^he`Ze
HgZagZeZqlh^he`gZeZkdZlv_]hlZd`_dZdeZkdZe__hgbgZqZeZ\uly]b\Zlvba^`bgkh\
nml[hedmkZehg_ih\bk`ZjdbclmfZgfy]dZyoehiqZlh[mfZ`gZyldZgvklZeZ\eZ`ghc?_ie_qh
ldgmehkv\hdghkh[jZ\rZykygZkl_de_\eZ]ZhklZ\beZfhdjh_iylghgZ[emad_
Hgihfh]_ckgylvkk_[ynml[hedmaZl_fi_j_dexqbekygZ__^`bgkuI_j_dbgmelmn_evdbgZ
i_j_^g__kb^_gv_ihlhfjZkkl_]gmeim]h\bpmbfhegbxihdZhgZbamqZeZdhglmju_]hh[gZ`_gghc
]jm^b
HgZm^b\e_ggh\kdjbdgmeZdh]^ZhgklZsbekg__^`bgkubh[gZ`_ggu_y]h^bpudhkgmebkv
oheh^ghcdh`bh[b\dbLml^hg__^hrehqlh\k_ijhbkoh^blkebrdhfm`[ukljh?clj_[h\Zehkv
\j_fyqlh[uh[^mfZlvijhbkoh^ys__hp_gblvnZdluknhjfbjh\Zlvfg_gb_
Yg_g_
Rrr?]hojbieucr_ihlaZihegbekZehg=hjyq_cjmdhchgjZa\_e__[_^jZ?^\Zkeurgh
\ujm]ZekyKebrdhfl_fghijh[hjfhlZehgYl_[yg_\b`m
HgZ]eZ^beZ_]hie_qbijhreZkv[hevrbfbiZevpZfbihkhkdZf
HggZr_eemqrbckihkh[Bkke_^h\Ze__l_eh]m[Zfbb_cm`_dZaZehkvqlhhgZmfbjZ_lhl
gZkeZ`^_gbyhdhlhjhf]j_abeZghgbdh]^Zg_bkiulu\ZeZgZy\m
Lug_ZogmeZhgZL_[_g_h[yaZl_evghwlh^_eZlvE_]dbckf_rhdkhj\Zekyk_]h]m[hgZ
aZklhgZeZhl_]h`Zjdh]h^uoZgby
AZgbfZckyk\hbf^_ehf
HgZlZyeZih^_]h]m[ZfbM^ZjbeZkvehdl_fh[hdghdh]^Zko\ZlbeZkvaZ_]h\eZ`gh_hlihlZie_qh
Hg\ujm]Zekyklmdgm\rbkvhkibgdmi_j_^g_]hkb^_gvydh]^Zqmlvbaf_gbeihamghdh]hwlh
\hegh\Zeh
HgZkeh\ghhqmlbeZkv\\her_[ghckljZg_HgZih^gbfZeZkv\k_\ur_b\ur_ghdh]^Z^h\_jrbgu
hklZ\Zehkvkh\k_fqmlvqmlvhg^ZeaZ^gbcoh^
G_llhevdhkhfghc
�HgZe_`ZeZi_j_^gbfhldjulZy^hklmigZyuoZgb_khk\bklhf\uju\Zehkvba_]h]jm^b
=hkih^bqlhaZ]emiZyb^_yGZfke_^h\ZehaZgbfZlvkywlbf\kiZevg_]^_fufh]eb[u\b^_lv
^jm]^jm]Zghyg_fh]mlZd^he]h`^ZlvYohqml_[yk_cqZk
HgZihlygmeZkvdim]h\bp__]h^`bgkh\ihqm\kl\h\ZeZh[lygmlucfZl_jb_c[m]hjHg_^\Z^urZe
ihdZhgZ\habeZkvkfhegb_c\uk\h[h`^Zy_]hfheh^pZGZdhg_pg_\u^_j`Ze
O\ZlblJhab[Z^[hevr_g_fh]m
G_`_gdZL_i_jvhgZijhreZkv]m[Zfbih_]h]jm^b
HglhebohohlgmelhebaZklhgZeBh^gh\j_f_gghih^gye__qlh[uhgZkfh]eZhk_^eZlv_]hBa
�h^_`^ugZg_chklZ\ZeZkvlhevdh[emadZHg`_ebrbekyebrvnml[hedb`bgkuhgijbkimklbe
h]jZgbq_ggh_ijhkljZgkl\hg_iha\heyehkgylvbokh\k_fGh__y]h^bpub_]h]jm^v[ueb
�h^bgZdh\h]heufbb`_cgihdmku\ZeZ__am[Zfb
Klhg\uj\Zekyba_]h]hjeZgh_cgjZ\beZkvihabpbygZ\_jombhgZg_agZeZ`Zehklbohlyklmigb
p_ieyebkvaZkibgdmi_j_^g_]hkb^_gvywlhg_f_rZeh_cp_eh\Zlv_]h]^_\a^mfZ_lky
L_fghlZebrbeZ__aj_gbyghhklZevgu_qm\kl\Zlhevdhh[hkljbebkvbhgZih^haj_\ZeZih_]h
ihp_emyfeZkdZfijbdhkgh\_gbyfqlhkgbfijhbkoh^bllh`_kZfh_
K\_l\u]eygm\r_]hbaaZh[eZdh\f_kypZih^k\_lbeiehlguckehc\eZ]baZlygm\rbckl_deZBol_eZ
klZebkdhevadbfbhlihlZHgih^kmgmejmdbih^__y]h^bpuijbih^gye
IhjZ^hjh]ZyIhjZ
HgZaZklhgZeZdh]^ZhggZkZ^be__gZk_[ygh__l_ehijbgyeh_]hfheh^pZ[_a\hijhkh\HgZ
\koebigmeZbldgmeZkv]jm^vx\_]hjhlHgeZkdZe__]m[Zfbam[ZfbyaudhfihdZhgZg_
hldbgmeZkvgZaZ^bg_aZ_jaZeZgZg_fdZd[_amfgZy
Ohly_]hjmdbbk`bfZeb__[_^jZhgg_iulZekyih^qbgblv__k\h_fmjblfmij_^hklZ\eyy
\hafh`ghklvgZclbk\hcHgZih^gbfZeZkvbhimkdZeZkvl_jeZkvkhkdZfbhfy]db_\hehku_]h]jm^b
`Zjdhp_eh\ZeZ\]m[uHgZqm\kl\h\ZeZk_[ykbevghcbm\_j_gghcg_mklmiZxs_c_fm\
�kljZklghklbGZkeZ`^_gb_gZjZklZehbgZjZklZehihdZj_Zevghklvg_bkq_aeZ[_kke_^ghZm`_cg
g_\hagbdehhsms_gbyqlh__aZimklbeb\mkdhjbl_evbhgZg_k_lkykhkdhjhklvxk\_lZihmadhfm
ih^a_fghfmlhgg_exdlhfmf_klm]^_fZl_jby^jh[blkygZf_evqZcrb_qZklbpu
BihlhfhgZ\kdjbdgmeZkeh\gh\k_fhe_dmeubadhlhjuokhklhyeh__l_ehij_\jZlbebkv\gbqlh
ZlhfujZae_l_ebkvy^jZjZa\ZebebkvjZkkuiZebkvqlh[u\dhgp_dhgph\kh[jZlvky\h_^bgh
?_\kdjbdaZklZ\be_]haZf_j_lvAm[u_]h\ibebkv_c\r_xg_ijbqbgyy[hebbdj_idhijb`bfZy
__dk_[_hgbklhj]k\h_k_fy\__]em[bguwlhf]gh\_gb_hgZihqm\kl\h\ZeZihegmx_]h
[_aaZsblghklvbih^ZeZkv\i_j_^ijbdju\Zy_]hihdZhgg_ijbr_e\k_[y
Bok_j^pZ[bebkv\mgbkhgijb`Zlu_^jm]d^jm]mHgZijbgbdeZ]m[Zfbd_]h\hehkZf
GZdhg_phgr_\_evgmekyih^g_ci_j_f_klbejmdm^\bgmegh]hcLhevdhlmlhgZihqm\kl\h\ZeZ
[hev\jZklygmluofurpZo[_^_jkm^hjh]m\e_\hcgh]_ha^mo\kZehg_klZelZdbf]mklufhl
`Zjuqlh_^\ZijhgbdZe\e_]db_gh_cohl_ehkvqlh[u\k_lZdbhklZ\ZehkvKebrdhfhgZ
^hjh`beZh[j_l_gghc[ebahklvx
Qlh`_fg_klh[hc^_eZlv"ijh[hjfhlZehg_c\]jm^vLufh][uihiulZlvkyihex[blv
f_gy
WlZg_\ukdZaZggZyfukevijhgabeZ__dZddhiv_faZl_fgZihegbeZhl\jZs_gb_fdk_[_hlagZqbl
q_]h`Z`^Zeh__ih^khagZgb_"HgZohl_eZqlh[uhg\ex[beky\g__"Dh]^Z`_hgZihl_jyeZdhglZdl
k^_ckl\bl_evghklvx"Kq_]hhgZfh]eZj_rblv^Z`_\k\hbonZglZabyoqlhfm`qbgZdhlhjucg_
ohl_ebf_lvkg_cgbq_]hh[s_]hihex[bl__"Mqblu\Zyqlhgbdlh^jm]hcihex[blvg_kfh]"
Lukh[bjZ_rvkyhl\_albf_gy^hfhc"ih^_eh\hfmaZ]h\hjbeZhgZk_wlh^h\hevghlZdb
ijbylghghaZ\ljZmf_gyfgh]hjZ[hlubyohqmhl^hogmlv
�h\hevghlZdbijbylgh"
G_^h\hevghlZdbijbylghZihljykZxs_ghhgZm`_g_fh]eZijbagZlvky_fmqlh\bokh\f_klghf
hj]Zaf__chldjuehkvkh\_jr_gghgh\h_ihgbfZgb_ijhp_kkh\klhedgh\_gby\ukhdhkdhjhklguo
km[ZlhfguoqZklbp
=hkih^bIhq_fmk_cqZkhgZ^mfZ_lh[wlhf"k_qlh]h\hjbebhg_cex^bijZ\^ZHgZ
^_ckl\bl_evghfufjZ
�`_cgihlygmeZkvaZh^_`^hcLjmkbdb[_a\ha\jZlghbkq_aeb\l_fghl_lZdqlhhgZgZlygmeZ
^`bgkugZ]heu_bkiZqdZggu_ki_jfhc[_^jZ
�HgjZkiZogme^\_jpmH^gh\j_f_ggh\kiuogmeZeZfihqdZgZihlhed_b`_cglml`_aZiZogmeZ
[emadmHgkfhlj_egZg__aZkl_]b\Zy^`bgku
:luhq_gvgbq_]hJhab[Z^mqblu\Zyqlhg_\uklmiZeZ\\ukr_ceb]_
�?]hij_g_[j_`_gb_dlhfmqlhdZaZehkv_ckZfuf\Z`guf_^\Zg_aZklZ\beh__jZkieZdZlvkymjZ
:q_]hhgZfh]eZh`b^Zlv"BebjZkkqblu\ZeZqlhhgihdeyg_lky_c\\_qghcex[\blhevdhihlhfm
qlhhgZgZdhg_plhhl^ZeZkv_fm"LZdhgblZdagZeqlhihemqblk\h_
�&#x^;&#xhf;&#xh;&#xg;&#xh;&#xr_;;&#xf_;&#xkl;&#x_;&#xk;&#xg_;�hfhchgb_oZeb\fheqZgbb^hfhg\hr_e\f_kl_kg_cb`_cgqm\kl\h\ZeZgZk_[__]h\a]ey^
dh]^Zih^gbfZeZkvihe_klgbp_
GZiheimlbhgZhklZgh\beZkvihkfhlj_eZgZg_]hhklZ\r_]hky\ohee_
KiZkb[hl_[_aZohjhrbc\_q_j
HgZg_ohl_eZqlh[ukeh\Z__ijha\mqZebj_adhg_ohl_eZih^\h^blvq_jlm:_keb_cijhlygmlv
jmdmbijb]eZkblv_]h\k\hxihkl_ev"Hlwlhcfukeb__h[^Zehoheh^hfG_m`_eblhevdhlZdhgZ
kfh`_lm^_j`Zlv_]hjy^hfkkh[hc"
Hgijb\Zebekyd^\_jghfmdhkydmgZ_]hebp_qblZeZkvkdmdZ
�Zih]meyebg_iehoh
�?^\Zebhgfh]kdZaZlvykg__qlh\k_dhgq_gheylZdh]hdZdDwe;hgg_jb]jZhagZqZeZ\k_b_]h
ih\_jgmeZkvb^\bgmeZkv\\_joihe_klgbp_
IZjmfbgmlkimklyhgZmkeurZeZdZdhlt_oZe_]h^`bi
=eZ\Z
IjbylghHgZkdZaZeZ_c[uehijbylghDwekb^_eaZk\hbfijb\uqgufklhebdhf\=hjp_b
jZafureyeH[uqghjy^hfkgbfimkluoklmev_\g_aZf_qZehkvgh\wlhl\_q_j\k_keh\gh
ihgbfZebqlh_fm_klvhq_fih^mfZlvbg_^hdmqZebk\hbfijbkmlkl\b_f
DZd[ue_]dhhgZgbhlf_lZeZkemqb\r__kyf_`^mgbfbhgagZeqlhemqr_]hex[h\gbdZq_fhgm
ijhn_kkhjZJhab[Z^gbdh]^Zg_[uehGZwlhljZahgZg_hlibob\ZeZ_]hjmdmdZdij_`^_G_lkwj
Jmdb_]heh`bebkvdm^Zhgohl_eb\hajZ`_gbck__klhjhgug_ke_^h\Zeh
hegh\Zeh_]h^jm]h_ g_ijhklh\hegh\ZehkZ^gbehdZdaZghaZ\fihq_fmhgg_hsmsZe
m^h\e_l\hj_gby_kebihljZoZekyij_hlebqgh"
Fh`_l_]h\bgZ\lhfqlhhgi_j_mk_j^kl\h\Zek]ZeZglghklvx"Ihq_fmhgg_ko\Zlbe__ijyfh\
^hf_g_hlg_kgZdjh\Zlvbg_h\eZ^_e_xijbk\_l_bih^a_jdZehf"LZf[uhgihdZaZek_[y\h\k_c
djZk_ \ijhq_fhgiheZ]Zeqlhb\^`bi_g_m^Zjbe\]jyavebphf\fghijbwlhfm\b^_e[u\k_qlh
ohl_em\b^_lvB\^\hcghfjZaf_j_
HggZihfgbek_[_qlhhgbm`_ljb`^uaZgbfZebkvwlbf^_ehfZhgihij_`g_fmg_\b^_e__
h[gZ`_gghc@_eZgb_ebp_aj_lv__\q_ffZlvjh^beZi_j_jZklZeh\gZ\yaqb\mxb^_x?keb[uhg
g_\udexqbeeZfihqdmlhm\b^_e[ufgh]h_ghg_kfhljygZ__g_gZkulgucjhlhgagZeqlhhgZ
dZijbagZbi_j_f_gqb\Zbg_ohl_ejbkdh\ZlvHglZdkbevgh__ohl_eqlhiehohkhh[jZ`ZeB
l_i_jvih`bgZ_lieh^ukh[kl\_ggh]hg_^hfukeby
Hg^hklZlhqghohjhrhagZek_[yqlh[uq_ldhhij_^_eblvijbqbgmaZklZ\eyxsmx_]h^mfZlvhg_c
lukyqmjZagZ^gxhgg_fh]kqblZlvqlhh\eZ^_e`_gsbghcihdZg_m\b^_e__]heurhfJZa\_
fh`ghkdZaZlvqlh`_gsbgZl\hy_kebg_agZ_rvdZdhgZ\u]ey^bl"DZdlhevdhhg__m\b^bl\k_b
aZdhgqblkye_q_gb_dg_cg_ijhklhi_j_klZg_lgZjZklZlvhghbkiZjblkydZd^ufbhgkgh\Z
klZg_lkZfbfkh[hc]hlh\ufhohlblvkygZxguo^_\kij_djZkgufbebpZfbbihdeZ^bkluf
oZjZdl_jhfohlyl_i_jvhggZf_j_\Zekyih^gylv\hajZklgmxieZgdm^h^\Z^pZlbq_luj_oe_lqlh[u
[hevr_gbdlhg_ihij_dZe_]hly]hcdfZehe_ldZf
Fukeb_]h\_jgmebkvdijhn_kkhjmQ_jlaZgylgZy^ZfhqdZB^hq_]h`_mfgZy=h^Zfbhg
kZfh^h\hevgh\abjZegZhdjm`Zxsbol\_j^yk_[_qlhhgmfg__ex[h]hZ\hllmlklhedgmekyk
^hklhcgufkhi_jgbdhfHgZgb\q_f_fmg_mklmiZeZ_co\ZlZehk_jh]h\_s_kl\Zqlh[ug_
hlklZ\ZlvgbgZrZ];he__lh]hhg[md\Zevghqm\kl\h\ZedZdhgZaZ]ey^u\Z_l\kZfu_ihlZ_ggu_
m]hedb_]hfha]Zblhqghhp_gb\Z_lgZc^_ggh_lZf
kihfbgZ_rvljbi_j_o\ZlZ\b]j_kQbnZfb"
Dwe\kdbgme]heh\mqlh[um\b^_lvebphj_]meyjghijbkmlkl\mxs__\kgysboky_fmdhrfZjZo
Kmdbgkug
=m[uD_\bgZLZd_jZba]b[Zebkv\gZ]ehcmofued_gZihfgb\r_cDwemhlhfqlhiZjgxg_lgm`^u
dZ`^h_mljhijh\h^blvihljb^pZlvfbgmlih^]hjyqbf^mr_fqlh[uba]gZlvbal_eZghxsmx[hev
DZdbf]j_[Zguf\_ljhfl_[ykx^ZaZg_keh"
MkeurZeqlhlmlij_djZkgZyijbjh^Zbj_rbeihkfhlj_lvlZdebwlh:j_g^h\Ze\beemdk_\_jm
hl]hjh^ZFbeh_f_kl_qdh
KljZggh\k_\urehYm`_\t_oZe\]hjh^dh]^Z\kihfgbeqlhluhlkx^Zjh^hfIj_^klZ\blv
k_[_g_fh]mdZdyh[wlhfaZ[ue
�_ckl\bl_evghlZdh_ij_^klZ\blvk_[_g_ijhklh
Fh`_lihdZ`_rvfg_f_klgu_^hklhijbf_qZl_evghklb"Hgih\_jgmekyd[Zjf_gr_
Fg_KwfZ:^ZfkZ:;hf[_jmlhqlhhgiv_l
Dweibekh^h\mxghgZ^_yekyqlhR_e[bg_klZg_ljZkijhkljZgylvkyh[wlhf
D_\bgmk_ekyg_bkijhkb\jZaj_r_gbyhldbgmekygZkibgdmklmeZ
Mf_gyg_[ueh\hafh`ghklbiha^jZ\blvl_[yk`_gblv[hchlm^b\belZdm^b\beLubl\hy
`_gZg_[hkv\^h\hevgZkf_yebkvgZ^hfghcdh]^Zy\hl_e_ijbgye__aZnZgZldm
�Zm`ihkf_yebkvhl^mrb
NbabdWlh`_gZ^hDhg_qghhgZhlebqZeZkvhll\hboh[uqguonZgZlhdghbgZmq_gh]hg_
lygmeZ
LmlluijZ\
R_e[bebqghijbg_keZihegu_[hdZeuh[\hjh`bl_evghmeu[gmeZkvD_\bgm
Y\b^_eZ\Zk\q_l\_jlhflZcf_kNbeZ^_evnb_cfbkl_jLZd_jub]jZebhlebqgh
�eyl_[yyD_\bgdmdhedZ;eZ]h^ZjxGh\k_fmqlhymf_xf_gygZmqbe\hlwlhlklZjbqhd
Dwe\kdbi_eghg_fh]`_hg\j_aZlvD_\bgm\ijbkmlkl\bbR_e[bHgZ_s_^he]hnebjlh\ZeZk
djZkZ\qbdhfgh\dhgp_dhgph\hlqZebeZhklZ\b\bo\^\h_f
�h\hevghlj_iZLZd_j]h\hjbqlhijb\_ehl_[ykx^Z"
M`_kdZaZeIjb_oZehl^hogmlvGbq_]h[hevr_
Dwek^_j`ZeyjhklvihgbfZyqlhq_fkbevg__hg[m^_l^Z\blvl_f[hevr_m^h\hevkl\by^hklZ\bl
LZd_jm:djhf_lh]hhgbkZffh]ij_^iheh`blvihq_fmD_\bgh[ty\beky\Khe\_cr_g_b_fmwlh
hij_^_e_gghg_gjZ\behkvIZj_gvaZl_yeikboheh]bq_kdmxb]jmL_[_gb]^_g_kdjulvkyhlf_gy
�;hgg_jZ`_\f_`k_ahgv_Ya^_kvyfheh^byfZyqmml_[yi_j_^]eZaZfb
gbaDwekimklbeky\\hk_fvmljZ?fmg_ohl_ehkvb^lbgZgZf_q_ggmxgZ^_\ylvmljZ\klj_qmk
WlZghfbqe_ghfiZeZluij_^klZ\bl_e_chlf_klgh]hba[bjZl_evgh]hhdjm]Z]^_hgbkh[bjZebkv
h[km^blvijh]jZffm[hjv[ukjZkijhkljZg_gb_fgZjdhlbdh\kj_^bih^jhkldh\?fmg_ohl_ehkv
\klj_qZlvkyaZe_gq_fkfZl_jvxbiulZlvky\jZamfblv__gh\klj_qbwlbhleh`blvhgg_fh]
Fh`_l_keb[hgihkiZeih^hevr_lh\klZe[ug_\klhev^mjghfgZkljh_gbb
ijhq_fhgij_djZkghihgbfZeqlhg_]h`_k\Zeb\Zlv\bgmaZiehoh_gZkljh_gb_gZg_^hklZlhdkgZ
bebehfhlm\kmklZ\ZoHl\_lkl\_gghklve_`ZeZgZk_dkmZevghf\Zfibj_gZdhlhjhf_]hm]hjZa^beh
`_gblvky?keb[uhgZjZa^_\ZeZkvdZd\k_ijhqb_hg[uijhremxghqvijhkiZedZdfeZ^_g_p
&#xhc;&#x^y;&#xg;&#xZ;&#xdm;&#xog;&#xx;&#xh;&#xg;&#xm; ^;&#x_e;�hc^ygZdmogxhgm\b^_e`_cgHgZkb^_eZaZklhehfb`_\ZeZ[m[ebdh[fZaZgguck\_jom
f_^hfGZf]gh\_gb_mg_]hi_j_o\Zlbeh^uoZgb_lZdbf^hfZrgbfmxlhf\_yehhlwlhckp_guGh
wlh]hhgdZdjZabg_ohl_eGb^hfZgbk_fvbgbj_[_gdZl_f[he__qlh]^_lhg_ih^Ze_dmhlbjZeky
D_\bgLZd_jJZgh_fm_s_dZj^bgZevghf_gylvh[jZa`bagb
HgaZf_lbeqlh\h\g_rg_fh[ebd_ijhn_kkhjZgbq_]hg_baf_gbehkvAhehlbklZy\h^heZadZ
aZijZ\e_gZ\[jxqdbp\_lZoZdbg_h[ly]b\Zxsb_ghbg_\bkysb_f_rdhf\hehkuaZ[jZgugZaZ^
bko\Zq_gue_glhcDZdh[uqghhgZebrvqmlvih^djZkbeZ]m[ug_\hkihevah\Z\rbkvgbjmfygZfb
gbl_gyfbgblmrvx^eyj_kgbpjh^_[ug_[ueh\g_cgbq_]hk_dkmZevgh]hbDweg_fh]ihgylv
Hgijbg_kbadeZ^h\hcgh\mxdhjh[dmEZdbqZjfk\ayefbkdmeh`dmBaebrg_kbevghrfydgme
h[klheiZd_lkfhehdhfh`b^Zyqlhk_cqZkhgZhlqbo\hklbl_]haZlhqlhhgm_oZehklZ\b\__h^gm
HgihgbfZeqlh^`_glevf_glZd[ug_ihklmibeghhgZmya\beZ_]h]hj^hklvBl_i_jv]hlh\bekyd
jZkieZl_ohly\\hk_fvmljZ_fmf_gvr_\k_]hgZk\_l_ohl_ehkvbf_lv^_ehk\hiysbf[Zgvrb
�`_cgihkfhlj_eZgZg_]hih\_johqdh\
Lu\k__s_iv_rv^\moijhp_glgh_fhehdh"
:qlh\wlhfiehoh]h"Hg\kdjueiZd_l
�\moijhp_glgh_fhehdh^Ze_dhg_h[_a`bj_ggh_dZdiheZ]Zxl[hevrbgkl\hZf_jbdZgp_\?keb
l_[_g_[_ajZaebqghkhklhygb_kh[kl\_gguoZjl_jbcke_^m_li_j_oh^blvgZkgylh_fhehdh\djZcg_f
kemqZ_gZh^ghijhp_glgh_
:l_[_ke_^m_lg_kh\Zlvghk\qm`mxlZj_edmEZdbqZjfkihkuiZebkv\fbkdmDh]^Z
fg_ihlj_[m_lkyHgaZfheqZeg_\_jyk\hbf]eZaZf
Qlhlhg_lZd"
LulZdh_dh]^Zgb[m^v\b^_eZ"
K\ylhc;h`_
bamfe_gbbhgkfhlj_egZ]hjdmdjm]eyrdh\bah\kyghcfmdb;_a_^bghcfZjrfweehmKiehrgZy
h\kygdZih[e_kdb\ZxsZy[_`_\hc]eZamjvxGbl_[_fgh]hp\_lguojZ^m]gba_e_guo
ljbebklgbdh\gbkbgboihemf_kyp_\gbebeh\uoih^dh\hdgb`_eluokhegur_dk_fZjrfweehm
bkq_aeb
Fh`_ldlhlhaZe_aZe\dhjh[dm"[_kkljZklghij_^iheh`beZhgZ
�Gbdlh\g__g_aZe_aZeHgZ[ueZaZi_qZlZgZhe`gh[ulvnZ[jbqguc[jZd
Hg\kdhqbeijhr_e\deZ^h\mxaZ^jm]hcdhjh[dhcBlZdmljhih]Zgh_Zlml_s_wlhHg\ukuiZe
h\kygu_djm]eyrdb\fmkhjgh_\_^jh\kdjue\lhjmxdhjh[dmghbbag__\fbkdmihkuiZebkvl_`_
djm]eyrdb;_afZjrfweehm
�Ijhklhg_fh]m\wlhih\_jblvYgZibrmij_ab^_glm`_g_jZefbeeaG_m`_ebmgbog_l
kem`[udhgljheydZq_kl\Z"
Ym\_j_gZqlhwlhdZdZylhkemqZcghklv
Fg_[_ajZagbpukemqZcghklvwlhbebg_lLZdh]h[ulvg_^he`gh?kebq_eh\_dihdmiZ_l
dhjh[dmEZdbqZjfkhgbf__lijZ\hgZclb\g_clhaZqlhieZlbl^_gv]b
Fh`_lkt_rv[m[ebdkf_^hf"Fh]mij_^eh`blvlZd`_klZdZgkgylh]hfhehdZ
G_ohqmy[m[ebdbm`l_f[he__kgylh_fhehdhYijb\ud_klvgZaZ\ljZdEZdbqZjfkHg
\gh\vijh]meyeky\deZ^h\mxb\_jgmekyklj_fyhklZ\rbfbkydhjh[dZfb=ZjZglbjmxohlv\
h^ghc[m^mlfZjrfweehm
Hghrb[kykdjue\k_ljbG_h[gZjm`begbh^ghcfZjrfweehm
Dlhfm\j_f_gbijhn_kkhj^h_eZ[m[ebdBoheh^gh\abjZeZgZg_]ha_e_gufbdZdijhiZ\rb_
ljbebklgbdbbafZjrfweehm]eZaZfb
�Fh`_lk\Zjblvl_[_h\kygmxdZrm"BebMbZl_gm@jh^_[umf_gy_klvdhjh[dZ
MbZl_gu
DweZho\ZlbeZyjhklvk_\_]h`bagbb^_lgZi_j_dhkydIjhn_kkhjaZklZ\eyxsZyr_\_eblv
fha]ZfbWlh\g_aZigh_ihy\e_gb_D_\bgZFZlvm_oZ\rZyhlhlpZBgZdhg_pbkq_agh\_gb_
Gbq_]hyg_ohqm
HgZhlibeZfhehdZy\eyykh[hcZ[khexlgh_kihdhckl\b_
j_^ghgZqbgZlv[_aiehlgh]haZ\ljZdZ
:yjbkdgm
Hq_gv_fmohl_ehkvk^_jgmlv__khklmeZi_j_[jhkblvq_j_aie_qhhlg_klb\kiZevgxbaZdhgqblv
gZqZlh_ijhrehcghqvxGh\f_klhwlh]hhg\uo\ZlbebadZjfZgZdexqbbfjZqg__lmqb^\bgme\
]ZjZ`
�Hgg_ijhklhgZibr_libkvfhij_ab^_glm`_g_jZefbeeaj_rbeDweHgih^Zkl\km^gZwlm
q_jlh\mdhfiZgbxGZ\k_ohlkh\_lZ^bj_dlhjh\^hdeZ^h\sbdh\Q_jlih[_jbhggZmqbl
�`_g_jZefbeeag_ijh^Z\Zlvg_dZq_kl\_gguclh\ZjJu\dhfDwehldjue^\_jpm^`biZb
h[hfe_e
FZjrfweehmKhlgbdjhr_qguofZjrfweehmDjZkgu_rZjbdbjhah\u_k_j^_qdbkbgb_f_kypu
_a^_b\kx^mGZijb[hjghfsbld_i_j_^g_fkb^_gv_aZ^g_f
DjZkguclmfZgihieuemg_]hi_j_^]eZaZfbHgaZoehigme^\_jpmb[jhkbekygZdmogxHg__
ijhklhm[v_l
HgZibeZqZc
Qlhgb[m^vaZ[ue"
�ZaZ[ueAZ[uehlre_iZlvl_[yihaZ^gbp_
HgZgbkdhevdhg_bkim]ZeZkvQ_jl[u__ih[jZeDZdb_[uhggbbaju]Zem]jhaudZd[ugbdjbqZe
hgZgZwlhg_j_Z]bjh\ZeZl\_j^hagZyqlhhg__biZevp_fg_ljhg_lLZdqlhhklZ\Zehkvebrv
khljykZlv\ha^mo
Lufg_aZwlhaZieZlbrv
Hgko\Zlbeh^gmbadhjh[hdEZdbqZjfkbi_j_\_jgme__\ukuiZy[_`_\u_djm]eyrdbgZihe
Khj\ZenZ[jbqgmxgZde_cdmk^hgurdZb_kl_kl\_gghh[gZjm`begZ\gmlj_gg_ch[hehqd_jZaj_a
ZddmjZlghaZde__gguckdhlq_f
HgaZkdjbi_eam[Zfb
G_^mfZ_rvebluqlhwlhj_[yq_kl\h"
G_khfg_gghGh\blh]_qm\kl\h]em[hdh]hm^h\e_l\hj_gbyagZ_rvebHgZhlibeZba
qZrdb
?keblujZahaebeZkvbaaZlh]hqlhym_oZeihq_fmg_kdZaZeZ"
Yij_^ihqblZxg_]h\hjblvZ^_ckl\h\Zlv
G_fh]mih\_jblvqlhlu^hkboihjg_ih\ajhke_eZ
Yfh]eZ[uihklmiblv_s_[he__ih^_lkdbdijbf_jm\ukuiZlvfZjrfweehm\ysbdkl\hbf
gb`gbf[_ev_fghiheZ]Zxf_klv^he`gZ[ulvlhgdhc
LhgdhcL_i_jvijb^_lky\udbgmlviylvdhjh[hdEZdbqZjfkg_]h\hjym`_hlhfqlhlu
bkihjlbeZfg_^_gv
DZdZy`Zehklv
Y^he`_gDeygmkvyQ_jlhgk_cqZkaZlZsbl__gZ\_job[m^_lljZoZlvihdZhgZg_
\afheblkyhijhs_gbb
G_ih^oh^bdhfg_DZe\bg;m^_lom`_
Fh`_lluemqr_h[tykgbrvqlhl_[ylZd\a[_kbeh"ijhremxghqvgbq_]hhkh[_ggh]hg_
�ijhbahrehLukZfZwlh]h\hjbeZZc\kihfgblv:]ZLukdZaZeZ^h\hevghlZdbijbylghIh
fh_fmjZamf_gbxijbylghg__klvkbghgbflZdhfmihgylbxdZd\Z`ghHgijbklZevghkfhlj_e
�gZ`_cgGhfh`_ll_[_[uehg_ijhklhijbylghBwlZghqvbf_eZ^eyl_[y[he__\Z`gh_
agZq_gb_q_flu]hlh\ZijbagZlv"
Qlhlhf_evdgmeh\wlboa_e_guo]eZaZobeb_fmwlhihdZaZehkv"
G_f_eb_jmg^uL_[_g_^hklZ_l]ZeZglghklbZygZoh`mwlhhkdhj[bl_evgufhkiblZgguc
q_eh\_dhklZeky[u\^hf_Zg_[_`Zekeh\ghih^jhklhdd^jm`dZfqlh[uiho\ZklZlvk\hbfb
mki_oZfb
hkiblZggucq_eh\_d"Hlkx^Zbwda_dmpbyEZdbqZjfk"
?kl_kl\_ggh
Hg^he`_g^Zlv^hklhcguchl\_lGZ\klj_qmhgm`_hiZa^u\Z_lgh[_aihke_^g_]hkeh\Zg_mc^_l
Lul_i_jv\h^ghfjy^mkom^rbfbij_^klZ\bl_eyfbq_eh\_q_kl\Z
Qlh"
&#xf_;&#xkl;&#x_;&#xk;&#x;h;&#xkl;&#xhg;&#xkd;¿�f_kl_k;hklhgkdbfmrbl_e_fbKughfKwfZ
M`g_ij_m\_ebqb\Z_rveblu"
Hlgx^vHgihdZqZe]heh\hc\a]ey^_]hkhqbekyhl\jZs_gb_fY`_gbekygZm[bcp_EZdb
qZjfk
=eZ\Z
&#xh;&#xl;&#xhj;&#xhc;&#xi;&#xhe;&#xhb;&#xg_;&#x^;&#xgy;&#x;&#xme;&#xu[;&#xZy;&#xkv;&#x;�h\lhjhciheh\bg_^gymeu[Zykv`_cg_oZeZgZk\h_fihlj_iZgghfwkdhjl_d]hj_KljZ^Zgbc
IjhrehcghqvxhgZijh\_eZq_luj_qZkZ\u]j_[ZyfZjrfweehmbaiylbdhjh[hdEZdbqZjfkghg_
`Ze_eZhihljZq_gghf\j_f_gbKlhbehihljm^blvkyqlh[um\b^_lv\ujZ`_gb_ebpZDweZIjb^_l
^_gvdh]^Zhgihcf_lqlhhgZg_iheh\ZyljyidZbh[g__g_evay\ulbjZlvgh]bHgZgZ^_yeZkvqlh
wdki_jbf_glkfZjrfweehmmdZ`_l_fmijZ\bevgh_gZijZ\e_gb_
Gmihq_fmlZd\urehqlh__\e_q_ldg_fm"HgZij_^klZ\eyeZk_[_qlhgZ\yaZggZy_c`_gblv[ZlZbl
g_fZehih^\h^guodZfg_cghm`gbdZdg_fh]eZij_^m]Z^Zlvqlhijhgbdg_lkydg_fml_ieufb
�qm\kl\ZfbZhgjZa^jZ`Ze__gh_cgjZ\behkvqlh\hlebqb_hlfgh]bo_]hg_hlim]b\Ze__mf
Jy^hfkgbfhgZh`b\ZeZdjh\vfqZeZkvih`beZffha]jZ[hlZegZihegmxdZlmrdmqm\kl\Z
h[hkljyebkvIj_`^_hgZlZdh_bkiulu\ZeZebrvk]heh\hcmoh^y\jZ[hlm
DZd\k_mijhklbehkv[u_keb[hgZfh]eZm\b^_lv\g_febrvkZfh^h\hevgh]hw]hbklbqgh]h
`_j_[pZ^Zlhevdhg_\ibku\Zekyhg\wlhlh[jZahbgkl\_gguch[ebdjm[ZobiZjgykdju\Zeg_
lhevdhhkljucmfghbhlf_gghjZa\blh_qm\kl\hxfhjZMqblu\Zy__\uoh^dmkfZjrfweehmb
ihdmidmZ\lhfh[beyhq_fhgg_fh]g_ijhagZlv\kZfh_[eb`Zcr__\j_fy_chklZ\ZehkvgZ^_ylvky
lhevdhgZ_]hqm\kl\hxfhjZ
HgZhklZgh\beZZ\lhfh[bevi_j_^^hfhfWggbbaZ]emrbeZ^\b]Zl_evWkdhjl^jh`Ze_s_
g_kdhevdhk_dmg^ij_`^_q_faZf_j_lvDZdhgZbgZ^_yeZkvfZrbguEbgggb]^_g_[ueh\b^ghlh
_klvEbgg_s_g_\_jgmeZkvihke_e_gqZkDwehfbhgZfh]eZijh\_^ZlvWggb
�`_cgih^gyeZkvgZdjuevph\hreZ\^hfg_ihklmqZ\rbkvdZdblj_[h\ZeZWggbdh]^ZhgZ
ijb_a`ZeZ\ihke_^gbcjZaL_i_jvluqe_gk_fvbfbkkbkgZkemqZc_kebluaZ[ueZ
Wggb"iha\ZeZhgZ\oh^y\imklmx]hklbgmx
gZijZ\beZkvdg_c
�`_cgaZf_lbeZqlhEbgghq_gv[e_^gZg_kfhljygZdhkf_lbdmZih^]eZaZfbf_rdb^`bgkZob
klZj_gvdhcnml[hed_hgZfZehq_fgZihfbgZeZ\hkiblZggmxfh^gmx^Zfmkb^_\rmx\h]eZ\_
�klheZiylvx^gyfbjZgvr_`_cgg_ohl_ehkv\a\Zeb\ZlvgZEbgg^hihegbl_evgu_aZ[hluZwlh
hagZqZehqlhhgZ^he`gZb]jZlvij_`gxxjhev
G_agZeZqlh\ua^_kvY^mfZeZ\uih_oZebgZe_gqkDwehf
?]hmlj_ggyy\klj_qZaZlygmeZkvb_fmijbrehkvhlf_gblvgZre_gqEbggiheh`beZ
dmohggh_ihehl_gp_dhlhjh_^_j`ZeZ\jmdZogZkibgdmdj_keZ:qlhijb\_ehl_[ykx^Z"
Ohl_eZih\b^ZlvkykWggb
HgZijbe_]eZ
KdZ`bl__cqlhyijb_oZeZ
Ml_[ydg_cdZdh_lh^_eh"
�`_cgm`_kh[jZeZkvkdZaZlvqlh__lj_\h`bla^hjh\v_Wggbgh\h\j_fyhk_deZkv
Dweijhkbef_gyijb_oZlvbmagZlvdZdhgZ?^\Zeb;h]ijbgbfZ_l\jZkq_leh`v_keb
ijhbaghkblkyhgZk[eZ]bfbgZf_j_gbyfb
IhgylghKbgb_]eZaZEbggaZe_^_g_ebYjZ^Zqlhl_[yijb\_ehkx^Zqm\kl\h^he]Z
ihlhfmqlhohl_eZih]h\hjblvklh[hcuiv_rvdhn_bebqZx"
Q_]h_cg_o\ZlZehlZdwlhjZa]h\hjZh^bggZh^bgkfZl_jvxDweZ
Q_klgh]h\hjyfg_ihjZ
Yl_[ygZ^he]hg_aZ^_j`mIjbky^v
Fh`_l\^jm]hcjZaMf_gyklhevdh\Z`guo^_e
Ky^v
�?keb[g_`_eZgb_`_cgdZdfh`gh[uklj__hldeZgylvkykblmZpbyih`ZemcihaZ[Z\beZ[u__
uoh^behg_\k_aZ^Zldbeb^_jZDweihemqbehlhlpZGhk^jm]hcklhjhgu`_gsbgZg_bf_xsZy
\eZklguoaZfZr_dg_kmf_eZ[u\hkiblZlvlj_o\he_\uokugh\_c
�OhjhrhjZa\_qlhgZg_kdhevdhfbgmlB`_cgijbk_eZgZdjZ_r_d^b\ZgZ
EbgghimklbeZkv\dZqZedmWggb
Yohqmih]h\hjblvklh[hchDwe_
Fg_g_ohl_ehkv[u]h\hjblvhg_faZ_]hkibghc
Y_]hfZlvlu`_gZ?kebwlhg_^Z_lgZfijZ\Z]h\hjblvhg_fym`g_agZxmdh]h_klv
lZdb_ijZ\Zdhgp_dhgph\fuh[_ohlbf_fm^h[jZ"
�`_cgmeh\beZ\hijhkbl_evgmxbglhgZpbx\ihke_^g_cnjZa_bihgyeZqlhEbgggm`^Z_lky\
ih^l\_j`^_gbb__ex[\bdDwemGhhgZfheqZeZ__ebphhklZ\Zehkv[_kkljZklgufDweijZ\Ebgg
�b`bfm`_klhevdhi_j_`bebaZq_fbfkdhj[_lvhg_m^Zqghc`_gblv[_klZjr_]hkugZImklv
\f_klhwlh]hijZa^gmxlhk\h[h`^_gb_DweZhlg_gZ\bklghcg_\_kldbFh`_lwlhbo^Z`_k[ebabl
�EbggaZklueZ\i_qZebbm`_cgaZguehk_j^p_HgZkh`Ze_eZhlhc[hebqlhijbqbgyeZk_cqZk
k\_djh\bghagZeZqlhlZdhghq_klg__AZq_fm[_`^Zlvgh\uojh^kl\_ggbdh\qlh\gh\hck_fv_
pZjylfbjbihdhc"Qlh[uihlhfhgbhklj__i_j_`b\ZebjZaju\"
Dwe\hfgh]hfihoh`gZhlpZ\gh\vaZ]h\hjbeZEbggHgbh[Zi_lmrZlkygZex^yoghgZ
kZfhf^_e_bolZde_]dhjZgblvL_gvijh[_`ZeZihebpmEbgg
Dweg_aZmjy^gZyebqghklvYihgyeZwlhdZdlhevdhm\b^_eZ_]h
�`_cglml`_ijbdmkbeZyaudgh\]eZaZoEbggm`_aZ`]eZkvbkdhjdZgZ^_`^uHgZmo\ZlbeZkvaZ
khehfbgdmZ\^jm]wlZoheh^gZy\ukhdhf_jgZyg_\_kldZdhlhjmx__klZjrbckugijb\_e\^hfg_
lZdm`iehoZ"
�`_cgkp_ibeZjmdbgZdhe_gyo?cg_ohl_ehkvijbqbgylvwlhc`_gsbg_[hevEbgghklZ\Zehkv
qlhlhhlijhklhcdj_klvygkdhc^_\mrdb\he_xkm^_[aZ[jhr_gghc\g_ijb\uqguc^eyg__fbjGh
�_s_[hevr_`_cgg_ohl_ehkv\gmrZlvk\_djh\b[_kihq\_ggu_gZ^_`^uOm`_gbq_]h[ulvg_
fh]eh
HgZaZklZ\beZ]m[ubah]gmlvky\e_]dhcmeu[d_
?kebdlhkhfg_\Z_lky\g_aZmjy^ghklbDweZ^hklZlhqghkijhkblv_]hh[wlhfKZfhfg_gb_mg_]h
ohlvdm^Z
Ebgg\kdbgmeZih^[hjh^hd__iZevpuk`Zebjmqdmdj_keZ
jh^_[uhgg_hq_gvl_[_gjZ\blky
�JZamf__lkygjZ\blkyghb^_Zevguoex^_cg_lKeh\Z^Z\Zebkv`_cgkljm^hfGbdh]^ZhgZ
g_[ueZlZdhc`_klhdhcHgZg_gZ\b^_eZk_[yohlybagZeZqlh\u[hjZmg__g_l
G_ihgbfZxihq_fmluklZeZ_]h`_ghc
�`_cghkhagZeZqlh_cgZ^hdZdfh`gh[uklj__\uf_lZlvkyhlkx^ZbgZq_hgZg_\u^_j`bl
kdhqbeZ
Hg[h]Zlmf_gbg_e_a_l\fhxjZ[hlmZkbgl_j_km_lqlhlh_s_"
�ZEbgghlimklbeZjmqdmdj_keZdZqZedbih^gyeZkvDZdh]hq_jlZhg`_gbekygZl_[_"
�`_cgagZeZqlh^he`gZ\[blvihke_^gbc]\ha^v\]jh[gZ^_`^Ebgg
k_ijhklhYmfgZyg_kmxghk\_]h^_eZyohjhrZ\ihkl_ebAgZ_l_Ebggg_\imlu\Zcl_kv
\u\gZrbhlghr_gbyBybDwejmdh\h^kl\h\Zebkvkdhj__jZkkm^dhfZg_wfhpbyfbFugZ^__fky
qlhk_fvymgZkkeh`blkyZ_kebg_lfuh[Zwlhi_j_`b\_f:l_i_jv_keb\uf_gyba\bgbl_fg_
ihjZ\ha\jZsZlvkyddhfivxl_jmKdZ`bl_Wggb_keb_cqlhgb[m^vgm`ghimklviha\hgblDwem
Yohqmqlh[uhg^hdjZkbefhc^hf
�`_cgj_adhh[_jgmeZkvbm\b^_eZWggbklhysmxgZihjh]_^\_jb\_^ms_c\kiZevgxDZd^he]h
hgZlZfklhyeZfgh]hebmkeurZeZ"Wggbg_ij_^kdZam_fZHq_\b^ghhgZg_kdZaZeZEbggqlh
�`_cg[_j_f_ggZghqlh_kebkdZaZeZ"h\a]ey^_klZjmobqblZehkvkhkljZ^Zgb_
Y_fmi_j_^Zf
�I_j_^ZcWggbdhjhldhdb\gmeZbijhreZgZdmogx`_cgihki_rbeZdZ\lhfh[bexke_au
`]eb]eZaZQ_jl[uih[jZewlh]hDweZijblZsb\r_]h__\Khe\_cr_gQ_jl[u_]hih[jZeaZlhqlh
aZklZ\be\uclbaZg_]haZfm`bm[_^beqlh^_j`ZlvgZ^bklZgpbb_]hjh^kl\_ggbdh\ijhs_
ijhklh]h
�Gh\]hgyydexq\aZfhdaZ`b]Zgby`_cgagZeZqlh\bgZe_`blg_gZDwe_h\k_f\bgh\ZlZhgZ
h^gZAZ\k_gZ^h\bgblvlhevdh__bkhl\hj_ggh__xaehjZkijhkljZgyehkv\rbjvaZo\Zlu\Zygh\uo
bgh\uoex^_c
�LuevghcklhjhghceZ^hgbhgZ\ul_jeZ]eZaZb\ujmebeZgZmoh^ysmx\gba^hjh]mmfZeZhgZh[
�wnn_dl_[Z[hqdbB^_xwlmij_^eh`bebmq_gu_jZ[hlZxsb_gZ^l_hjb_coZhkZ@J_qvreZhlhf
qlhdhe_[Zgby\ha^moZ\ua\Zggu_djuevyfb[Z[hqdb]^_gb[m^v\Kbg]Zimj_fh]ml\ua\ZlvmjZ]Zg
klm^_glZflj_lv_dmjkgbdZfqlhex[h_^h[jh_^_ehimklvbkZfh_fZe_gvdh_fh`_lfgh`blvky
ihdZg_baf_gbl\_kvfbjdemqr_fm
__kemqZ_\k_lZdb\urehlhevdhg_k^h[juf^_ehfZkhaeuf?_w]hbaf\uoh^be[hdhf\k_
[hevr_fmqbkemgb\q_fg_ih\bgguoex^_cBdhgpZwlhfmg_[ueh\b^ghWnn_dl[Z[hqdb
kjZ[Zlu\ZeaehgZ[bjZehkbemHgZijbqbgbeZ[hevDwemijbqbgyeZ[hev_]hjh^bl_eyfbqlhom`_
\k_]hk\hbfg_m^Zqguf\u[hjhfg_keZkljZ^Zgbyb[m^ms_fmj_[_gdm
HgZlZdjZkkljhbeZkvqlhg_fh]eZjZ[hlZlvihwlhfm\t_oZ\\]hjh^hklZgh\beZfZrbgmmZil_db
uoh^ykihdmidZfbmkeurZeZagZdhfuc]hehk
WcdjZkhldZG_f_gybs_rv"
H[_jgm\rbkvm\b^_eZiZjmgZoZevguoa_e_guo]eZaG_ihgylghihq_fmgZkljh_gb_mg__jZahf
memqrbehkv
Ijb\_lfbkl_jLZd_jhlm`g_h`b^ZeZ\klj_lblv\Zka^_kv
Ihq_fm[ug_a\Zlvf_gyD_\bg":_s_emqr_keZ^_gvdbcFh`_liexg_rvgZk\h_]h
klZjbdZgZ"
�`_cgmeu[gmeZkvHggZihfbgZe_cfheh^h]hi_lmrdZdjZkb\h]hk[vxs_cq_j_adjZcwg_j]b_c
[_kij_^_evghkZfhm\_j_ggh]h
Ihijh[mxm]Z^ZlvLuh[ty\beky\Khe\_cr_g_qlh[uihihjlblvg_j\uDwem
Y"KdZdhcklZlb"Yex[exklZjbdZ
?kebdlhlh\kZfh_[eb`Zcr__\j_fyg_ihklZ\bll_[ygZf_klhagZqbl\fbj_g_l
kijZ\_^eb\hklb
Fh_f_klhgZkdZf_cd_aZiZkguobhghfg_kh\k_fg_gjZ\blky
Y\wlhfg_khfg_\Zxkv
��Iha\hevm]hklblvl_[ye_gq_f`_cgYfh]mgZau\Zlvl_[y`_cgg_lZdeb"Ihq_fmlu
_a^brvgZlZdhcdheufZ]_"hlm`g_^mfZeqlhlZdb_fZrbgu\uimkdZxlgZ^hjh]mQvyhgZ"
HgZhldjueZ^\_jpmwkdhjlZiheh`beZiZd_lugZkb^_gv_
Fhybg_gZ^hlZd]h\hjblvlu__h[b^brv
G_fh`_lhgZ[ulvl\h_c;hf[_jg_iha\hebe[ul_[__a^blvgZlZdhcjmoey^bEZ^ghihreb\
=hj_pLhevdhlZffh`ghijbebqghih_klv
Hgko\Zlbe__aZjmdmbihlZsbeaZm]hedfZe_gvdhfmZddmjZlg_gvdhfm^hfmk^_j_\ygghcj_aghc
\u\_kdhcgZ^djuevphfdem[mhdhlhjhfhgZklhevdhkeurZeZIhdZhgbrebD_\bg]h\hjbe[_a
mfhedm
LuagZ_rvqlha^_kvkmoZykljZgZ";Zjh\g_luiblvfh`ghlhevdh\=hjp_:qlh[u
ihiZklvlm^Zfg_ijbrehkvdmiblvdem[gmxdZjlhqdmL_[_g_dZ`_lkyqlhwlh^bkdjbfbgZpby"
Iblvfh`ghghlhevdhl_fmdh]h_klvqe_gkdZydZjlhqdZIjyfhlZdbib\hlhevdhqe_gZf
ijhnkhxaZ
Hgm\e_d__gZklmi_gbhgbi_j_k_debdjuevph\hreb\ohee]^_m\b^_ebfheh^mx`_gsbgm\
^`bgkZoklhy\rmxjy^hfk\ha\ur_gb_fgZdhlhjhfe_`ZeZj_]bkljZpbhggZydgb]Z
Ijb\_ldjZkhldZGZfgm`_gklhebdgZ^\hboQlhgb[m^vihmxlg__BD_\bgihfZoZek\h_c
qe_gkdhcdZjlhqdhc
Ohkl_kkZmeu[gmeZkvbijh\_eZbo\g_[hevrhcaZeklbebah\Zggucih^]hklbgmx`beh]h^hfZ
�\_klmi_gb\_ebd[hevrhcgbr_k\ueh`_ggufdbjibqhfihehfLZfk\_jdZeZdjZkguf
ihebjh\Zgguf^_j_\hfklhcdZ[ZjZbl_fg_ea_\dZf_ggh]hdZfbgZ\dhlhjhfklhyeZ[hevrZy
ijh\hehqgZydhjabgZkhklZjufb`mjgZeZfbG_gZ\yaqb\ha\mqZeZfmaudZg_kdhevdhf_klguo
`bl_e_ckb^_ebaZdjm]eufbklhebdZfbbgZ\ukhdboklmevyomklhcdbOhkl_kkZijh\_eZbod
fZe_gvdhfmklhebdmmdZfbgZ
�`_cgg_`Zeh\ZeZ[Zjughg_fh]eZg_ijbagZlvqlh\wlhfhq_gvmxlghKl_gumdjZrZebklZju_
j_deZfgu_h[ty\e_gbyih`_el_\rb_]Za_lgu_\uj_adbnml[hevgu_Zljb[mlu\dexqZykbg_
ahehlmxnml[hedmKlZjakghf_jhfJy^hfknml[hedhcdjZkh\Zebkvh[eh`db`mjgZeh\k
nbabhghfb_c__kmijm]Z
�D_\bgh]ey^_ebomkZ`b\Zy`_cgaZklhe
?^ZlmlohjhrZ^Z\hlbgl_jv_jihjlblZii_lbl
?kebl_[_g_gjZ\blkylZdhcbgl_jv_jq_]hijb_a`Zlv\Khe\_cr_g"
HgnujdgmemkZ`b\ZykvaZklhe
Mp_eh]h]hjh^Zh^bg_^bgkl\_gguc]_jhc
IhjZl_[_ih\ajhke_lvD_\bg
Fg_ke_^h\Zeh^h]Z^ZlvkyqlhlugZ_]hklhjhg_H[b^Zijhklmib\rZygZ_]hebp_aZklZ\beZ
�`_cgjZkkf_ylvky
Y_]h`_gZQ_]hluh`b^Ze"
Bqlh"Lu\jh^_[u]_gbcg_lZdeb"Hldh]h`^Zlvh[t_dlb\ghklbdZdg_hll_[y"
Hlhl\_lZ__kiZkehihy\e_gb_hnbpbZgldbdhlhjZylZdb_eZD_\bgZkeZ^hkljZklguf\a]ey^hfLhl
`_m]em[beky\f_gxbgbq_]hg_aZf_qZe
GZfiZjm[mj]_jh\`Zj_gucdZjlhn_evib\hJ_^^h]
Ohjhrh
B^\_ihjpbbrbgdh\ZgghcdZimklu
�HllZdhckZfhm\_j_gghklb`_cgjZa\_qlhg_aZdZlbeZ]eZaZ
:fg_dmdmjmaguckZeZl[_a[_dhgZkujZihf_gvr_khmkhl^_evghbklZdZgkgylh]hfhehdZ
D_\bgZi_j_^_jgmeh
Luk_jv_agh"
IbsZ^eyfha]Z
DZdkdZ`_rv
�HnbpbZgldZhl[ueZIhdZhgb`^Zeb`_cg\ukemrb\ZeZfhgheh]D_\bgZDh]^Z`_ijbg_keb_^m
i_j_reZd^_em
:l_i_jvkdZ`bqlhluaZ^mfZe"
Luhq_f"
Ihq_fmluijb_oZe\Khe\_cr_g"
DjZkb\h_f_klh
DjZkb\uof_klfgh]hHgZk\_jebeZ_]h\a]ey^hfrdhevghcmqbl_evgbpuD_\bghl\e_dbkv
hl`Zj_ghcdZjlhrdbbkdZ`bfg_qlhlulml^_eZ_rvG_h`b^Zggh^eyk_[yhgZhkhagZeZqlh_c
ohq_lkyaZsblblvDweZm[_j_qvhlg_ijbylghkl_cWlh__m^b\behmqblu\Zyqlhkh\k_fg_^Z\gh
hgbdj_idhihpZiZebkv
ieZklfZkkh\hcfbkd_J_rbeihjZa\e_qvkygbq_]h[hevr_
Qlhluhlg_]hohq_rvihfbfhf_klZ\hkgh\ghfkhklZ\_"
�Zihq_fmy^he`_gq_]hlhhlg_]hohl_lv"
BgZq_lukx^Z[ug_ijb_oZeHgZijh\_eZ[hevrbfiZevp_fihklZdZgmkfhehdhfJZgh
bebiha^ghhgmc^_lbadhfZg^ubluaZcf_rv_]hf_klhIhq_fmlug_fh`_rvih^h`^Zlv"
IhlhfmqlhohqmaZgylv_]hf_klhk_cqZk
_jhylghlj_g_juijb^_j`b\Zxlkyihwlhfmih\h^mbgh]hfg_gby
Ihlhfmqlh^mjZdb
Blug_ihe_gbekyijb_oZlvkx^Zqlh[u^hkZ^blv_fm"AZq_f"ukhi_jgbdbghwlhg_
hagZqZ_lqlh\u^he`gu[ulv\jZ]Zfb
HggZ^mekyhlq_]hkjZamklZefheh`_
Ihlhfmqlhy_]hg_gZ\b`m
?keb[uyg_gZ\b^_eZdh]heb[hlZddZdlu\jh^_[ug_gZ\b^brvDweZlh^_j`ZeZkv[uhlg_]h
ih^Zevr_
Lug_ihgbfZ_rv
LZdh[tykgb
YhggZklhysbc]h\gxd\hlb\k_B
Hggmg_agZxHgmldgmeky\lZj_edmHg^h\hevghlZdbohjhrbclj_g_j
:ZZ
QlhZ"
Gbq_]hIjhklhZZZ
IhbglhgZpbbqm\kl\m_lkyaZl\hbfZZZqlhlhklhbl
G_m`_eb"
Lu^_ckl\bl_evgh^mfZ_rvqlhyohqmqlh[uhglj_gbjh\Zef_gy"DjbqZeqlhfhxijZ\mxjmdm
gZ^hhlhj\Zlvb\u[jhkblv":aZh^ghbfha]bg_kihkh[gu_mo\Zlblvgblvb]ju"Ih\_jvfg_wlh
fg_kh\k_fgbdq_fmB[_a_]hihfhsbyq_jlh\kdbohjhrbcdmhjl_j[_d
�GhkihfhsvxDweZklZe[u_s_emqr_fuke_ggh^h]h\hjbeZaZg_]h`_cghlagZqbl
ihq_fmD_\bgh[ty\beky\Khe\_cr_g_?fmg_ijhklhgm`ghf_klhDweZ\khklZ\_KlZjahg
lZd`_ohl_eqlh[uDweihlj_gbjh\Ze_]hi_j_^Zek\hchiul:aZ]\ha^dZkhklhyeZ\lhfdZd
�iheZ]ZeZ`_cgqlhhgihgylbyg_bf_edZdihijhkblvh[wlhfDweZbijbwlhfg_ihklmiblvky
]hj^hklvxHgZj_rbeZqlhwlbmfhaZdexq_gbyihdZha\mqb\Zlvg_klhbl
�ZbD_\bgmy\ghohl_ehkvi_j_f_gblvl_fm
Yohqmba\bgblvkyaZlm\klj_qm\hl_e_Yih^mfZeluh^gZbanZgZlhdY`_g_agZeqlhm\Zk
lZdk_jv_agh
Gbq_]hkljZrgh]h
uh^gZdh^_j`Zeb\k_\lZcg_
�G_\i_j\u_hgZih^mfZeZh`mgv_j_bhklZevguob]jhdZodhlhju_ij_ih^g_keb__\ih^ZjhdDwem
DZdhgbih\_^mlk_[yl_i_jv";m^mleb^_j`ZlvjhlgZaZfd_"
HgZihiulZeZkvijhykgblvkblmZpbx
Dh_dlhagZeqlhfu\klj_qZ_fky
lhfqbke_
Fg_hgbgbq_]hg_]h\hjbebAgZqbl^jmavyDweZfheqZeb
Lukh\k_fg_\_]h\dmk_
Fh`_llug_^hklZlhqghohjhrhagZ_rvDweZ
Fh`_lykh\k_fg_ohqm_]hagZlvHg\hgabeam[u\[mj]_jhlo\Zlb\[hevrhcdmkhd;hevr_
�lh]hqlhlj_[h\ZebijZ\beZijbebqbyH^gZdh`_cgwlhgbkdhevdhg_ihdhjh[behGZh[hjhl]ey^y
gZwg_j]bqgh`mxsb_q_exklbD_\bgZhgZihgyeZqlhbajy^ghijh]heh^ZeZkv
IhdZhgZ_eZhgjZkkdZau\ZejZagu_bklhjbb]eZ\gufh[jZahfibdZglgu_P_gljZevgh_f_klh\
�dZ`^hcaZgbfZehgkZfB`_cg[_aljm^ZihgyeZihq_fmuiyqb\Zgb_kh[kl\_gghcjhebrehhl
�g_m\_j_gghklb\k_[_dhlhjmxD_\bg\k_fbkbeZfbiulZekykdjulvhlhdjm`Zxs_]hfbjZ`_cg
g_fh]eZg_ijbagZlvqlhD_\bgLZd_j_chij_^_e_gghgjZ\blky
Hg^hibeib\hmeu[gmeky
G_lml_[y`_eZgbygZklZ\blvjh]Z;hf[_jm"?keb_klvfuklh[hcfh]eb[ug_iehohijh\_klb
\j_fy
Qlhlug_k_rv
Hgmeu[gmekygh]eZaZhklZebkvk_jv_agufb
YihgbfZxki_j\h]h\a]ey^ZmgZkg_lgbq_]hh[s_]hbluklZjr_f_gygZiZjme_lghfg_k
lh[hcgjZ\blkyLufgh]h_ihgbfZ_rvBmf__rvkemrZlv
;eZ]h^ZjxHgZg_fh]eZg_meu[gmlvkyFg_lh`_klh[hcgjZ\blky
Ghex[h\gucjhfZgl_[ykdhj__\k_]hg_bgl_j_km_lg_lZd"Lu\_^viZjmg_^_evdZd\ureZ
aZfm`
Kh\_jr_ggh\_jgh
HgZihgbfZeZqlhg_ke_^m_l_c\_klblZdbojZa]h\hjh\^ZlhevdhijhrehcghqvxhgZmagZeZhk_[_
fgh]hgh\h]hZD_\bgLZd_jlZdZy^mrdZH^gZdhgZ__kh\_klbo\ZlZeh]j_oh\
Kdhevdhl_[_e_l"
�\Z^pZlviylv
:fg_ljb^pZlvq_luj_YgZ^_\ylve_lklZjr_l_[y
G_fh`_l[ulvLuihqlbjh\_kgbpZ;hf[_jZ
IhemqZ_lkyqlh^Z
Fg_[_ajZagbpu?]h]m[uj_rbl_evghk`ZebkvWlh;hf[_jmgm`gufheh^mobZ^eyf_gy
\hajZklgbq_]hg_agZqbl?^bgkl\_ggh_HgihfjZqg_eImklvybg_gZ\b`m;hf[_jZghm
f_gyijZ\behg_k\yau\ZlvkykaZfm`gbfb`_gsbgZfb
Fheh^_p
Luh^h[jy_rv"
WlhoZjZdl_jbam_ll_[ykemqr_cklhjhgu
Ylh`_lZd^mfZxHgrbjhdhmeu[gmekybgZdjue__jmdmk\h_cH[_sZcfg_h^gm\_sv
�`_cg?keb\uk;hf[_jhfjZa[_`bl_kvh[_sZcqlhiha\hgbrvfg_
D_\bgyq_klgh]h\hjyg_^mfZx
Mxlghmkljhbebkvg_lZdeb"
&#xhb;&#xgk;&#xl;&#x_g;&#xgu; ;&#x]h;h;&#xk;&#xh;&#x[h;&#xjZ;&#xr; c;&#x_;&#x_;&#xgZ;&#xi;&#xhe;&#xmk;h;&#x_;
&#xZk;&#xlZ;;&#xhb;&#xgk;&#xl;&#x_g;&#xgu; ;&#x]h;h;&#xk;&#xh;&#x[h;&#xjZ;&#xr; c;&#x_;&#x_;&#xgZ;&#xi;&#xhe;&#xmk;h;&#x_;
&#xZk;&#xlZ;;hbgkl\_gguc]hehkh[hj\Z\rbc__gZihemkeh\_aZklZ\be`_cg\kdbgmlv]heh\mDZe\bg`_cfk
\u^_jgmlvjmdmghD_\bg_kl_kl\_gghlhevdhkbevg__k`Ze__?cke_^h\ZehagZlvqlhhgg_fh]
mimklblvklhevm^Zqghc\hafh`ghklbihaeblv__fm`Z
:ijb\_lklZjbgZYbfbkkbkdZdjZa[_k_^m_f;_jbklmebijbkZ`b\Zcky
�Dwe_]hijhb]ghjbjh\ZeaZlhh^Zjbe`_cglZdbf\a]ey^hfqlh__hl[jhkbehgZkibgdmklmeZ
Ihreb
Y_s_g_ih_eZHgZmdZaZeZgZlZj_edmkhklZldZfbkZeZlZ
KqblZcqlhih_eZHgko\ZlbelZj_edmbhijhdbgme__\lZj_edmD_\bgZ
�M`_cghdjm]ebebkv]eZaZBebhgZhrb[Z_lkybebDwehf^\b`_lj_\ghklv"GZkljh_gb_mg__
aZf_lghih^gyehkvohlyhgZ_s_bg_agZeZdZd\_klbk_[y\kha^Z\r_ckykblmZpbbMkljhblvkp_gm
gZim[ebd_bebgZ_^bg_"
Gh\kdhqb\rbcD_\bghk\h[h^be__hlg_h[oh^bfhklbijbgbfZlvj_r_gb_
Kmdbgkug
F_evdgmedmeZdb\ke_^mxs__f]gh\_gb_D_\bge_`ZegZihemlj_\h]_hgZf_lgmeZkvdg_fm
D_\bgklh[hc\k_\ihjy^d_"Kgbam\\_jo]eygmeZgZfm`Z
Dj_lbg
HgkeZ[ZdY_^\Zdhkgmeky_]h
�D_\bgih^gbfZykvlZdbkuiZejm]Zl_evkl\Zfbb`_cggZihfgbeZk_[_qlhbf__l^_ehk^\mfy
fZevqbrdZfbi_j_jhkldZfb\kiuevqb\ufbdZdihjhobg_\_jhylghkbevgufb
Ij_djZlbl_g_f_^e_gghHgZ\ha\ukbeZ]hehkQlh[u[hevr_wlh]hg_[ueh
Ohq_rv\uclb"ijhp_^beDwe
G_lJZa[_jmkvklh[hcijyfha^_kv
D_\bg\j_aZeDwem\]jm^vLhlihrZlgmekyghg_miZe
�`_cgko\ZlbeZkvaZ]heh\mHgbaZl_\Zxl^jZdmbkj_^bijhq_]hbaaZg__HgZlml`_hlh]gZeZ
wlmgZ^hhlf_lblvijbylgmxfukevGZkbeb_hgZl_ji_lvg_fh]eZb\hagZf_jbeZkvbohklZgh\blv
�jZdbg_[m^_laZy\beZhgZl_fkmjh\uf]hehkhfqlhhdZau\Zeqm^h^_ckl\_ggh_\ha^_ckl\b_
gZjZkrZeb\rbokylj_lv_dmjkgbdh\
Ghwlbj_[ylZg_hlj_Z]bjh\Zebf_klhlh]hqlh[um]hfhgblvkyDwer\ujgmeD_\bgZgZ\ukhdbc
klmemklhcdbZkZfhlhl\_lgh]hm^ZjZ\i_qZlZeky\kl_gmKl_deyggZyjZfhqdZknhlhkgbfdhfba
Kihjlbeexklj_cl_^aZi_qZle_\rbf__fm`ZmiZeZgZihebjZa[beZkv
�`_cgagZeZqlhnbabq_kdbhgZbfg_jh\gyihwlhfmba[jZeZ^jm]mxlZdlbdmKo\ZlbeZkbnhgb
gZijZ\beZkljmxgZ^jZqmgh\Dkh`Ze_gbxkljmylheb\h^ulhebkh^h\hcihl_jyeZm[hcgmx
kbemihdZ^he_l_eZ^hgbo
HgZh[_jgmeZkvd^jm]bfihk_lbl_eyf[ZjZdhlhju_ih^gyebkvbaaZklheh\kbgl_j_khfgZ[ex^Zy
aZijhbkoh^ysbf
K^_eZcl_qlhgb[m^vZ"HklZgh\bl_bo?_ijbau\uhklZebkv[_ahl\_lZ
GZf]gh\_gb_hgZih^mfZeZhlhfqlh[uhklZ\blvbo\ihdh_gh\hi_j\uohgb[uebhq_gvm`
kbevguZ\h\lhjuohgZ^_ckl\bl_evghg_\ughkbeZ^jZd
�`_cgko\ZlbeZkhklhcdbdm\rbgkib\hfih^[_`ZeZdgbfie_kgmeZgZh[hbo
Hgbfhlgmeb]heh\Zfbijhl_jeb]eZaZbijbgyebkvaZklZjh_keh\ghgbq_]hbg_kemqbehkvL_f
kZfufihdZau\Zyqlhih^h[gu_f_ehqbbfgbihq_f
�hklZgh\blv^jZdmlZdqlh`_cghdhgqZl_evghihgyeZqlhjZkkqblu\ZlvhgZfh`_llhevdhgZk_[y
:qlhhgZfh]eZk^_eZlvdjhf_dZdk_klvgZklmemklhcdbgZ[jZlvihegu_e_]db_\ha^moZbaZ\hiblv
dZdj_aZgZy"
A\mdwlhljZa^jZ`Ze^Z`___ghhgZ\hibeZb\hibeZA_\Zdbg_aZf_^ebl_evghi_j_dexqbebk\h_
\gbfZgb_k^jZqmgh\gZ[_amfgmx[ehg^bgdmkb^ysmxmklhcdbb\hiysmxdZdjZatyj_gguc
[ZgvrbDwehl\e_dkybihemqbeluqhd\q_exklvD_\bg[jhkbegZg__\a]ey^bhdZaZekygZihem
HgZko\ZlbeZjlhf\ha^mobaZ\hibeZ\gh\v
Fh`_lo\Zlbl"ijhj_\_eDwehl\Zeb\Zykvhlkl_guMg__]heh\ZreZdjm]hfghhgZ
aZklZ\eyeZk_[y\hiblvb\hiblv
D_\bgih^gyekykiheZly`_eh^urZ
Qlhwlhkg_c"
Mg__bkl_jbdZDwe\ul_jib\hdZiZxs__gZ]eZaZk\hehk]em[hdh\a^hogmem]jh`Zxs_
rZ]gmedg_cIjb^_lky^Zlv_chie_mom
G_ihkf__rvijhdjbqZeZhgZ
Ijb^_lky_]h]eZaZof_evdgmeZkf_rbgdZ
Lhevdhljhgvf_gybyaZdjbqm
�G_ljh]Zc__h^gh\j_f_gghdjbdgmebljh_balheiu`_cgkdj_klbeZjmdbgZ]jm^baeh[gh
h]ey^_eZa_\Zd
Fh]eb[uihfhqv\h\j_fylh]^Zk_cqZk[uyh[hreZkv[_a\Zk
H[uqgZy^jZdZ\[Zj_ijh[mjqZeD_\bgQ_]hih^gbfZlvlZdhcrmf
Dwe\aye__aZjmdmk^_jgmekhklmeZ
HgZhq_gv\i_qZlebl_evgZy
WlhaZf_lghD_\bgih^hehfjm[Zrdb\ul_jib\hkebpZPZjZibgZgZs_d_djh\hlhqbeZh^bg
]eZa\k_kbevg__aZieu\Ze
Fm`qbgZkj_^gboe_l\hl]eZ`_gghc[_ehcjm[Zrd_bq_jghf]Zeklmd_[Z[hqd_kex[hiulkl\hf
�h]ey^_e`_cg
:dklZlbdlhhgZ"
Dweijbdbgmekyqlhg_keurbl\hijhkZ
����Zjebg]lhg`_cgijhlygmeZfm`qbg_jmdm`_cgZjebg]lhg
HgZfhy`_gZijh[hjfhlZeDwe
�L\hy`_gZ"bamfe_gghih\lhjbefm`qbgZih`bfZyjmdm`_cg
Bf_gghlZddb\gmeZhgZ
WlhOZjebDjbi_\u^Z\bebak_[yDweeZ^_e_pf_klgh]hfZ]ZabgZkdh[yguolh\Zjh\
�OZjebhlimklbejmdm`_cgih\_jgmekydDwem
DZdihemqbehkvqlhhgZ\dhgp_dhgph\ihdZaZeZkva^_kvkLZd_jhfZg_klh[hc"
Dwekdjbigmeam[Zfb
Hgb^Z\gb_^jmavy
�`_cgihqm\kl\h\ZeZdZdgZg_ckdj_klbebkv\k_\a]ey^ub^jm`_ex[by\gbog_qblZehkv
DZdohjhrhqlh\u\dhgp_dhgph\gZreb\j_fyqlh[u\klj_lblvkykex^vfb`b\msbfb\wlhf
]hjh^_fba;hgg_jOZjebijbklZevghkfhlj_egZg__
`_guDweZij_[u\Zxs_c\l\_j^hfm[_`^_gbbqlhijhklu_kf_jlgu_g_^hklhcgu__\gbfZgby
Dwehl\e_d\gbfZgb_a_\ZdkdZaZ\[Zjf_gr_qlh[uhgZhlg_keZ\k_m[uldbgZkq_lD_\bgZD_\bg
gZ^mekydZdj_[_ghddhlhjh]hhlhkeZeb\k\hxdhfgZlm
Lum^Zjbei_j\uf
�Dweg_kq_eg_h[oh^bfufhl\_lblvKo\Zlbe`_cgaZjmdm_s_fhdjhchlib\ZeZ^hgvxbm\e_dd
^\_jb
Ijbylgh[uehihagZdhfblvkyh[_jgm\rbkv[jhkbeZhgZlhei_F_`^mijhqbffh]eb[ub
ihfhqv
LuaZldg_rvky"ijhjuqZeDwe
�HgijhlZsbe__q_j_adjuevphhgZqmlvebg_kdZlbeZkvkhklmi_g_d`biklhyemljhlmZjZ
�gZihfgb\_cqlhij_^klhbl_s_h^gZ[bl\ZZm`g_e_]dZy^heym`_guDweZ;hgg_jZ
Mf_gy_klvk\hyfZrbgZ
Q_jlZk^\Z=m[Z_]hdjh\hlhqbeZbgZqZeZjZa^m\Zlvky
?klv
DZd[ug_lZd
�HgZijbiZjdh\ZgZi_j_^Zil_dhc`_cgihe_aeZ\kmfhqdm^hklZeZ[mfZ`gmxkZen_ldm
ijhlygmeZ_fm
Hgg_hlj_Z]bjh\Ze
LudmibeZfZrbgm"
Y`_]h\hjbeZl_[_qlhkh[bjZxkvdmiblv
�HghklZgh\bekydZd\dhiZgguc`_cgfy]dhijbeh`beZkZen_ldmdjZa[blhc]m[_hglml`_
hlijygme
:ykdZaZeqlh[ulu__g_ihdmiZeZ
�Zghy`_gsbgZ\ajhkeZybg_aZ\bkbfZyFg_ebh[jZsZlv\gbfZgb_gZl\hbaZij_lu"
IhdZ`bfg___\uiexgmehg
HgZ\kihfgbeZg_e_klgu_dhff_glZjbbD_\bgZbaZ^_j]ZeZkv
KemrZcihq_fm[ugZfg_\klj_lblvky^hfZ
IhdZau\Zc
Kfbjb\rbkvhgZgZijZ\beZkvdZil_d_H[h]gmeZm]he^jm]hcHgfheqZrZ]Zeke_^hf_]hdZ[emdb
jZa\_qlhg_\uk_dZebbkdju
Dkh`Ze_gbx\g_rgbch[ebdwkdhjlZaZ\j_fy__hlkmlkl\byg_baf_gbekydemqr_fmDh]^ZhgZ
hklZgh\beZkvjy^hfkZ\lhfh[be_fDwem`Zkgmeky
Lhevdhg_]h\hjbfg_qlhwlhl\hyfZrbgZ
Fg_lj_[h\Zehkvkj_^kl\hi_j_^\b`_gby:^hfZy_a`mgZ\iheg_ijbebqghfkZlmjg_
Dlhgb[m^v\b^_el_[y\wlhcjZa\Zexo_"ijhojbi_ehg\]hje_mg_]hkeh\ghaZkljyeZdhklv
Fh`ghkdZaZlvg_lDlh"
LhevdhD_\bg
�_jvfh
AgZ_rvDZe\bgl_[_gZ^hke_^blvaZk\hbfe_dkbdhghfg_]h\hjym`_hdjh\yghf^Z\e_gbb
Fm`qbg_l\h_]h\hajZklZHgZhk_deZkvg_`_eZygZklmiZlv_fmgZ[hevgmxfhahevj_adh
:\lhfh[bevgZoh^mZ^jm]h]hfg_g_gZ^h
�Zcfg_dexqb
G_^Zf
Luih[_^beZijhn_kkhjYdmiexl_[_fZrbgm:l_i_jv^Z\Zckx^Zwlbq_jlh\udexqb
Mf_gy_klvfZrbgZ
GZklhysmxfZrbgmF_jk_^_k;FqlhaZohq_rv
G_ohqmygbf_jk_^_kZgb;F
WlhlulZd^mfZ_rv
Ij_djZlb^Z\blvgZf_gy
Y_s_g_gZqZe
hdjm]gZqZeZkh[bjZlvkylheiZBg_m^b\bl_evghQZklheb`bl_eyfKhe\_cr_gZqlh\K_\_jghc
DZjhebg_m^Z\Zehkv\b^_lvf_klgh]h]_jhyaZeblh]hib\hfbdjh\vx"
�Zcfg_dexqbijhrbi_ehg
Bg_f_qlZc
DkqZklvx^eyg__\ijbkmlkl\bblheiuhgg_fh]\uj\Zlvdexqbhkihevah\Z\rbkvwlbfhgZ
ijhlbkgmeZkvfbfhg_]hhldjueZ^\_jpmaZiju]gmeZgZkb^_gv_
HggZihfbgZei_j_]j_luciZjh\hcdhl_e]hlh\uc\ahj\Zlvky\ex[mxfbgmlm
Yij_^mij_`^Zxl_[yijhn_kkhjGZwlhcjZa\Zexo_lu_^_rv\ihke_^gbcjZalZdqlh
ihklZjZckyihemqblvm^h\hevkl\b_hlih_a^db
GZwlhljZa_]h\eZklghklvm`_g_ihdZaZeZkv_caZ[Z\ghcHq_\b^ghmjhdkfZjrfweehmg_ihr_e
\ijhdbijbreZihjZijb[_]gmlvd[he__kbevgh^_ckl\mxsbfkj_^kl\ZfFbkl_jmDZe\bgm;hgg_jm
ij_^klhyehmk\hblvjZabgZ\k_]^Zqlh`_gmg_evayriugylvdZdb]jhdZnml[hevghcdhfZg^u
�`_cgklbkgmeZam[u
LuagZ_rvdZdl_[_ke_^m_lihklmiblvkl\hbfbij_^mij_`^_gbyfbFh`_rv\aylvbob
Fuih]h\hjbf^hfZ=eZaZ_]h]g_\ghk\_jdgmeb:l_i_jvm_a`Zc
�`_cgih\_jgmeZdexqaZ`b]ZgbyFhlhj[eZ]hkeh\be__^he]bfqboZgb_fgh\k_lZdbaZ\_eky
=ey^yijyfhi_j_^kh[hchgZih]gZeZfZrbgmd^hfm
HglZdb__^hklZe
=eZ\Z
�FZe_gvdhchl\_jldhcdhlhjZy\k_]^Ze_`ZeZ\__kmfhqd_`_cgaZ[ehdbjh\ZeZZ\lhfZlbq_kdbc
aZfhdgZ\hjhlZoBkdhevdh[uDwegbgZ`bfZedghidmgZimevl_^bklZgpbhggh]hmijZ\e_gbyhgb
�hklZebkv[uaZdjulufbGZwlhm`_cgmreh^\_fbgmluIh^t_oZ\d^hfmhgZ\ukdhqbeZba
wkdhjlZ\e_l_eZ\oheegZreZ\_j_\dmbdj_idbfb\hkvf_jdZfbi_j_\yaZeZjmqdb^\hcghc
iZjZ^ghc^\_jbAZi_jeZgZaZkh\^\_jvq_jgh]hoh^Z
Ijh\_jbeZribg]Ze_lukl_deygguo^\_j_c\]hklbghc\uoh^ysbogZl_jjZkmblmlaZ`m``Ze
�a\hghdZiiZjZlZ\gmlj_gg_ck\yabG_h[jZsZygZg_]h\gbfZgby`_cg[jhkbeZkv\]ZjZ`b
\hkihevah\ZeZkvklj_fygdhcqlh[uhlkh_^bgblvhlk_lbmijZ\eyxsbc[ehdih^t_fgbdZ\hjhl
A\hghdbgl_jdhfZ\k_`m``Zedh]^ZhgZ\_jgmeZkvgZdmogxAZ^_jgmeZ\k_rlhjukdbgmeZljm[dm
kl_e_nhggh]hZiiZjZlZZihlhfkhl\_jldhc\jmd_^\bgmeZkvdbgl_jdhfmbgZ`ZeZdghidm
Dwe"
LuijZ\qlhlhbkihjlbehkvgh\hjhlZlmlgbijbq_fIh\hjhlhfjmdbhgZ\uk\h[h^beZ
�de_ffmb\u^_jgmeZijh\h^hdA\hghdaZlbo`_cgih^gyeZkvgZ\_jo\dexqbeZdhfivxl_jb
ijbgyeZkvaZjZ[hlm
kdhj_hgZmkeurZeZdZdDweljyk_l^\_jb[ZjZ[ZgblihgbfdmeZdhfRmff_rZe_c
khkj_^hlhqblvkyihwlhfmhgZjZahj\ZeZ[mfZ`gmxkZen_ldmgZ^\h_baZldgmeZdmkdZfbmrb
GZklmibeZ[eZ`_ggZylbrbgZ
WkdhjlDwei_j_[jZekygZkdZldjurbgZ^dZ[bg_lhfi_j\h]hwlZ`ZKgZqZeZhgZgZ^jm]ZeZkvgZ^
_]hEZdbqZjfkl_i_jvhihahjbeZi_j_^\k_f]hjh^hfjZat_a`ZygZklZjh^Z\g_fwkdhjl_Hgg_
fh]h[tykgblvihq_fmwlb^\Zhkdhj[e_gbyaZ^_\Zeb_]hdm^Zkbevg__q_flj_lv_ihke_^g____
aZ[hlZfbhgg_fh]ihiZklv\kh[kl\_gguc^hfFh`_lihlhfmqlhhggZkeZ`^Zeky[jhr_gguf_fm
\uah\hfij_^\dmrZykluqdmdhlhjZyg_fbgm_fhijhbahc^_ldh]^Zhgij_h^he__lihklZ\e_ggmx_x
ij_]jZ^m
Ihdjur_hgr_ehklhjh`ghbahiZk_gbyih\j_^blv__^h`^yfbijbjh^ZK_\_jgmxDZjhebgmg_
h[^_ebeZa]eygm\gZdZlysb_kyihg_[mq_jgu_h[eZdZhgihgyeqlhhq_j_^gh]h`^ZlvhklZehkv
g_^he]h
Hg^h[jZeky^hdjZydjurb]^_hgZkludh\ZeZkvk[Zedhghflygm\rbfkygZ^i_j\ufwlZ`hfih
nZkZ^m^hfZM\b^_ggh_jZahqZjh\Zeh_]hZjobl_dlhjuihaZ[hlbebkvhlhfqlh[ukimkdkdjurbg_
khklZ\be[hevrh]hljm^ZJZa\_qlhh]jZ`^_gb_[ZedhgZdZaZehkvkebrdhfoebidbfqlh[u
\u^_j`Zlv_]h\_k
Mi_j_\rbkvjmdZfb\[_lhgguciZjZi_lDwehimkdZeky\gbaihdZg_h[o\Zlbegh]Zfbm]eh\mx
dhehggmM^Zjbe]jhfoeugme^h`^vJm[ZrdZlml`_ijbebieZdkibg_Ihdhehgg_hgkihea\gba
ihklZ\begh]mgZh]jZ`^_gb_fy]dbciju`hdbhggZ[Zedhg_
AZfhdgZ^\_jbf_`^m_]hkiZevg_cb[Zedhghfg_aZkem`b\Ze^h[juokeh\bDweZihdhjh[behqlh
fbkk;hevrb_Fha]bg_m^hkm`beZkvijbgylv^hihegbl_evgu_f_juij_^hklhjh`ghklbGZ\_jgh_
^mfZeZqlhhgkebrdhfklZj^eyih^h[guodmev[blh\Am^ysZy]m[Zghxsb_j_[jZ[hev\m`_
klhevdhjZaljZ\fbjh\Zgghfie_q_ih^h]j_eb_]hjZa^jZ`_gb_bhg\hj\Zeky\^hf\g_k_[yhl
yjhklb
Hgi_j_k_dl_fgmxkiZevgx\ur_e\dhjb^hjbgZijZ\bekydihehkd_k\_lZbaijbhldjulhc^\_jb
__dhfgZluHgZkb^_eZdg_fmkibghciheghklvxkhkj_^hlhqb\rbkvgZdhehgdZog_ihgylguopbnj
[_]msboih^bkie_xBamr_clhjqZeb[mfZ`gu_kZen_ldbijb^Z\Zy_ckoh^kl\hkdjhebdhfba
fmevlnbevfZIh^hc^mk_cqZkdg_cih^mfZehgbi_j_im]ZxgZkf_jlv\u^_jgm\kZen_ldb
Bf_gghwlh]hhgZbaZkem`b\ZeZghhgba[jZe^jm]h_mqblu\Zy__[_j_f_gghklvKh^ghcklhjhgu
hgg_\_jbejhkkdZagyfWggbhi_j_djmq_gguoimih\bgZobaZ^mr_gguo\mljh[_fZl_jb^_lyok
^jm]hcaZq_fjbkdh\Zlv"
;eZ]hmoZyib\hfhgkimklbeky\gbaFhdjucba[blucaehcbgm`^ubkdZlv\bgh\Zluog_lhg
hgZkb^bl\i_jb\rbkv\dhfivxl_jIj_^\dmrZy]jy^msbcih_^bghdhghlhr_ehle_klgbpugZ
rZ]ih\_jgmekydg_chldbgme]heh\mbijhhjZe\h\kxfhsv
��`_cgZjebg]lhg;hgg_jKbx`_fbgmlmkimkdZcky\gba
?]hj_\ijh[bekZfh^_evgu_aZluqdbAgZqbl\^hfhglZdbihiZeHgZ\u^_jgmeZkZen_ldbbamr_c
b[jhkbeZ\dhjabgdm^eyfmkhjZ]Z^ZydZd_fmwlhm^Zehkv;_akhfg_gbykh\_jrbedZdhcgb[m^v
� m^_j`Zlv_]haZ^\_jvxg_m^Zehkv\f`_cgihqm\kl\h\ZeZijbeb\]hj^hklb\k_lZdbhgZkih^\b]eZ
_]hgZ]_jhckdbcihklmihd
Ih^gbfZykvbaaZklheZbkgbfZyhqdbhgZiulZeZkvihgylvihq_fmmg__g_lgbfZe_cr_]h
`_eZgbyaZi_j_lvky\k\h_cdhfgZl_HgZg_ex[beZdhgnebdlh\gbdh]^Zg_\uoh^beZbagbo
�ih[_^bl_e_fK\b^_l_evkl\hlhfmmgb`Zxsb___^hklhbgkl\h\bablud`_jjbFZcekmFh`_l
hgZg_iulZeZkvba[_`Zlvg_fbgm_fh]hklhedgh\_gbyihlhfmqlh_cijhlb\hklhyeDwe"kx`bagv
hgZy\eyeZkh[hc^h[jhlm^hklhbgkl\hijbeZ]ZeZ\k_kbeuqlh[ug_^Zc[h]dh]hgb[m^vg_
hkdhj[blvKgbf`_g_gm`gh^mfZlvhlhfqlhkdZaZlvqlhk^_eZlvHgZfh]eZ[ulvkZfhckh[hc
Djh\vlZdbb]jZeZ\k_de_lhqdbk_jh]h\_s_kl\Z\klZebgZba]hlh\dmhlhgZgZklhysZy
iheghp_ggZy`bagv
BaoheeZDwegZ[ex^ZedZdhgZih^oh^bld\_jog_ciehsZ^d_e_klgbpuFbgbZlxjgZyihidZ
ihdZqb\ZeZkvbaklhjhgu\klhjhgmih^[jxqdZfba_e_gZy\yaZgZydhnlhqdZih^q_jdb\ZeZ
g_\_ebdmx]jm^vDwe^Z`_m^b\eyekyhlq_]h_fmlZdohq_lkym\b^_lv__\`b\mxjZaf_juhlgx^v
g_\i_qZleyebB\hehkuhgZm[bjZeZgZaZ^dZdklZjr_deZkkgbpZ
HgZihkfhlj_eZgZg_]hk\_jom\gbabhgfh]ihdeyklvkyqlh\f_klhbkim]Zm\b^_e\__]eZaZo
hahjgmxbkdhjdm
�DlhwlhmgZklZdhcaehc"ijh\hjdh\ZeZ`_cg
Luhgmi_jjmdb\[hdZfg_aZwlhaZieZlbrv
Bqlh`_lugZf_j_g^_eZlva^hjh\yd"Hlre_iZlvf_gy"
�Blml`_mg_]h\k_\klZehQ_jlDZdwlhlhevdh_cm^Z\Zehkv"Zbg_debpmm\Z`Z_fhfm
ijhn_kkhjmdhee_^`ZlZdb_keh\Z
Lml`_i_j_^_]hfuke_gguf\ahjhf\hagbdeZ__ZddmjZlg_gvdZyihidZgZdhlhjmxiZ^Z_l_]h
ly`_eZyeZ^hgvHgk`Zeam[uijbsmjbekyblZdaeh[ghihkfhlj_egZg__qlh_fm^Z`_klZeh
klu^ghdZdgbdZdi_j_^gbf[_^gZy[_aaZsblgZy[_j_f_ggZy`_gsbgZ
Fh`_lohjhr_cihjdbl_[_bg_o\ZlZ_l
G_m`_eb"f_klhlh]hqlh[umiZklvhlkljZoZdZdihklmibeZ[ugZ__f_kl_ex[ZyghjfZevgZy
`_gsbgZhgZkhkj_^hlhq_gghgZkmibeZkvhafh`gh[m^_laZ[Z\ghYh[wlhfih^mfZx
Blml`_jZa\_jgmeZkvbj_lbjh\ZeZkv\k\hxdhfgZlmhklZ\b\_]hme_klgbpuHgijyfhlZdb
hklhe[_g_eDZd_cm^Z_lkyh[hjZqb\Zlvex[mxkblmZpbx\k\hxihevam"BqlhagZqblhgZh[wlhf
ih^mfZ_l"
Hg\kihfgbedjZkguc\b^Z\rbc\b^uwkdhjlklhysbcgZih^t_a^ghc^hjh`d_gZf_kl__]h
jhkdhrgh]h^`biZbmklj_fbekyke_^hf;hjv[Z_s_g_aZdhgqbeZkv
�`_cgmkeurZeZ_]hrZ]bb_cklZehklu^ghaZlhg_l_ji_gb_kdhlhjufhgZ`^ZeZ_]hijboh^Z
?keb[g_g_kdhevdhihke_^gbog_^_evhgZlZd[ubg_ihgyeZkdhevly`_e]jmagZimkdgh]h
^hklhbgkl\Zdhlhjucklhevdhe_l^Z\be_cgZie_qbGhDwem\k_wlh^hklhbgkl\hqlhju[d_ahglbd
Hg\hj\Zeky\kiZevgxbldgmemdZaZl_evgufiZevp_f\gZijZ\e_gbb__e[Z
Ij_`^_\k_]hgZfh[hbfgZ^hmykgblvke_^mxs__Y]eZ\Zk_f_ckl\Zbylj_[mxm\Z`_gbyB
g_`_eZxqlh[ulub^Zevr_ihahjbeZf_gyL_[_ihgylghqlhy]h\hjx"
�LZdhcgZihjg_khfg_gghkjZ[Zlu\Zeb`_cglml`_ih`Ze_eZl_og_kqZklguo^_\qmr_ddhlhjuo
hg\u[bjZek_[_\ih^jm]bWlbofZexlhdhgijhklhjZafZau\Zeihkl_g_
^\Z^pZlbe_lgxxdjZkhldmb_cg_ihlj_[h\Zehkvfgh]h\j_f_gbqlh[uihgylvihq_fm
LZdh]hijhklhg_[u\ZehDweg_fh]h[jZlblvk\hxyjhklvijhlb\lh]hdh]hkqblZekeZ[__k_[y
�`_cgZ`aZj^_eZkvhl]hj^hklb
Ml_[yhiylvdjh\hlhqbl]m[ZIhc^_f\\Zggmxy__h[jZ[hlZx
Gbdm^Zyg_ihc^mihdZfukwlbfg_jZa[_j_fky
@ZevY\k_]^Zf_qlZeZhlhfqlh[ui_j_\yaZlvjZg_gh]h\hbgZ
&#xha;&#xgb;Þ&#xZ;&#xiZ;&#xma;&#xZ;&#xI;&#xjb;&#xsm;&#xjb;&#xr; k;&#xv;&#xh;&#xg;&#xij;&#xh^;&#xhe;&#x`Z;;&#xkf;&#xhl;&#xj_;&#xlv;&#xg;&#xZ;&#xg_;&#x_;&#xh;&#xlq;&#x_];&#xh;&#xm;hagbdeZiZmaZIjbsmjb\rbkvhgijh^he`Zekfhlj_lvgZg__hlq_]hm`_cgaZ^jh`Zebdhe_gb
I_j_^g_cklh^_\yghklhnmglh\]hlh\h]h\ahj\Zlvky^bgZfblZghihq_fm`__cg_kljZrgh"
HgaZkmgme[hevrhciZe_p\dZjfZg^`bgkh\
YjZaj_rml_[_aZrlhiZlvf_gyijbh^ghfmkeh\bb
DZdhf`_"
Ihke_lh]hqlhlugZl\hjbeZlu[m^_rvkb^_lvkihdhcghyohqmkdZaZlvkaZdjulufjlhfihdZ
y[m^mjZa[bjZlvl_[ygZqZklb
Ohjhrh
�Ohjhrh"Hl_]hj_\Zm`_cgqmlvg_ehigmeb[ZjZ[Zggu_i_j_ihgdbB\k_"Fwf\u
^he`gh[ulvg_ij_^klZ\ey_l_qlhyaZ^mfZeihlhfmqlh\ijhlb\ghfkemqZ__^\ZebkdZaZeb[u
ohjhrh
HgZmeu[gmeZkvhlebqghagZyqlh_]hwlhjZahaebl_s_[hevr_
YkqblZxqlh^eyk_f_cghc`bagb\Z`_ghldjulucbgnhjfZpbhgguch[f_g
Fu]h\hjbfg_h[bgnhjfZpbhgghfh[f_g_Fu]h\hjbfhlhfqlhy[m^mjZa[bjZlvl_[ygZ
qZklbHgihfheqZe\uiylb\q_exklvHljmdb^h]hehcaZ^gbpu
DZdkdZ`_rvHgZihfZoZeZ_fmjmdhcbgZijZ\beZkv\\Zggmx
Fh`ghkdZaZlvhgZ^Z`_`Ze_eZ_]hG_\_jhylghkbevgucfm`qbgZbijbwlhfhq_gvm`
�kh\_kleb\ucLZdbfhq_gvljm^gh\_klbko\Zldmkmf_xs_cihklhylvaZk_[y`_gsbghc`_cg
gZdhg_plhihgyeZihq_fmhglZdkbevghex[benml[hek_]h`_kldbfbklhedgh\_gbyfbb
h^gh\j_f_gghq_ldbfbijZ\beZfbBf_ggh\lZdhffbj_bij_^ihq_e`blvDwe\fbj_]^_
^himkdZehkvfZoZlvdmeZdZfbbg_aZf_^ebl_evghke_^h\ZehgZdZaZgb_aZex[hcg_^ha\he_gguc
ihklmihd
Hlkx^Zb\hagbdZebk_jv_agu_ijh[e_fu\_]hhlghr_gbyok`_gsbgZfb
HgZi_j_k_deZ\ZggmxhldjueZ^\_jpmZil_qgh]hrdZnqbdZgZqZeZbamqZlv_]hkh^_j`bfh_
GZ^_xkvgZc^mqlhgb[m^v^_ckl\bl_evgh`]mq__
�G_mkeurZ\hl\_lZ`_cgh[_jgmeZkvbaZ^hogmeZkvDwekly]b\Zeq_j_a]heh\mjm[ZrdmHgZ
m\b^_eZfhsgu_furpu]jm^bdjhr_qgucimihdhkljh\hdr_edh\bkluo\hehkih^furdhcrjZf
gZie_q_
Qlhwlhlu^_eZ_rv"
Hg[jhkbejm[Zrdmb\ayekyaZim]h\bpm^`bgkh\
:dZdihl\h_fm"Ohqmijbgylv^mrBeblug_ihfgbrvqlh\uebeZfg_gZ]heh\mdm\rbgk
ib\hfZihlhfhklZ\beZaZihjh]hfkh[kl\_ggh]h^hfZ\]jhamih^ijheb\guf^h`^_f"BaZfhdgZ
\hjhlZodhlhjuclu\u\_eZbakljhymljhf^he`_gjZ[hlZlvZg_lhlufg_^hjh]haZg_]h
aZieZlbrvHgihlygme\gbafhegbx
g_c\h\k_cdjZk_Dkh`Ze_gbxlhevdhkhkibguGhblml[uehgZqlhihkfhlj_lvRbjhq_ggu_
ie_qbmadb_[_^jZfmkdmebklu_y]h^bpuKijZ\Zhliha\hghqgbdZdjZkg_eZhlf_lbgZhlkluqdbk
D_\bghfHgZgZofmjbeZkvm\b^_\g_kq_lgh_dhebq_kl\hklZjuobgh\uorjZfh\ih^mfZeZh\k_o
l_oih_^bgdZoqlh\u^_j`Zehl_ehklZj_xs_]h\hbgZ
DwejZkiZogme^\_jpmpbebg^jbq_kdhc^mr_\hcdZ[bgdbkeh\ghi_j_g_k_gghc\hkh[gydk
�dhkfbq_kdh]hdhjZ[eyWgl_jijZca\hr_e\g__FZlh\h_kl_dehhlk_dehhl`_cglhqlhhgZ
ohl_eZm\b^_lv
GZkq_lijheb\gh]h^h`^yluij_m\_ebqb\Z_rvdjbdgmeZhgZi_j_dju\Zyrmfevxs_cky
\h^uMiZehlhg_kdhevdhdZi_ev
Gh^hlh]hdZdyi_j_e_agZ[Zedhg
LZd\hlagZqbldZdluihiZe\^hf"HgZih\_jgmeZkvd^mr_\hcdZ[bgd_g_\kbeZokdjulv
\hkobs_gby
Lhevdhihlhfmqlhlug_m^hkm`beZkvaZdjulv^\_jbgZ\lhjhfwlZ`_g_\_jyqlhy^hgbo
^h[_jmkv
HgZmeu[gmeZkvmeh\b\h[b^m\_]h]hehk_
�Ba\bgb_ckl\bl_evghg_ih^mfZeZ
Ihoh`_gZlhBadZ[bgdb\ukmgmeZkvfhdjZy]heh\ZOhq_rvkhklZ\blvfg_dhfiZgbx"
Ba]jm^bj\Zgmehkv^Zgh\djZ^qb\u_kh[eZagbl_evgu_ghldb_]h]hehkZgZihfgbeb_caf_y
�h[\b\r_]hj_\hihagZgbybhgZijbdbgmeZkvqlhg_keurblIhdZhgfuekyhgZi_j_jueZysbdb
lmZe_lgh]hklhebdZ\ihbkdZofZabkZglb[bhlbdhf
GZreZihqlbimklhclx[bdDj_klZklhysb_jy^dhfpbebg^juk^_ah^hjZglhfQ_jgmxjZkq_kdm
[_a_^bgh]hgZg_c\hehkdZam[ghcwebdkbjibedm^eygh]l_ci_gm^ey[jblvyg_kdhevdhklZgdh\
��imauj_dkLZce_ghehf@[hevrhclx[bd;_g]_y@Bij_a_j\Zlb\uP_emxdhjh[dmk
ij_a_j\Zlb\ZfbMg__aZs_fbehk_j^p_ijbfukebhlhfqlhhgihevam_lkywlbfbij_a_j\Zlb\Zfb
m[eZ`Zydh]hlh_s_
KlZjZykvg_^mfZlvh[wlhfhgZijbk_eZgZdhjlhqdbaZ]eygmeZih^jZdh\bgmHiylv;_g]_cljb
miZdh\dbkheb^ey\ZggbgZdhg_plhlx[bdfZabkZglb[bhlbdhfh^Zi_j_klZeZl_qvf]gh\_gb_f
iha`_ijbhldjueZkv^\_jpZ^mr_\hcdZ[bgdb
LZd_jl_[ybkihevam_lLuwlhagZ_rvg_lZdeb"
G_ijZ\^ZHgZh[_jgmeZkvqlh[um\b^_lvdZdhgih\yau\Z_l\hdjm]lZebblheklh_fZojh\h_
ihehl_gp_GZfhdjhc]jm^bq_jg_eb]mklu_\hehku
GZ\_jgydZQ_j_al_[yohq_lgZkheblvfg_
&#xjh;&#x^_;&#x[;&#xu;&#xhg;&#xg;&#x_;&#x_;&#xjb;;&#xq;&#xlh;
&#x_b;&#xg;&#xgZ;&#xoh;&#x^b;&#x__;&#xi;&#xjb;&#x_d;&#xZl;&#x_e;&#xvg;&#xhc;&#x;jh^_[uhgg_\_jbeqlhD_\bggZoh^be__ijb\e_dZl_evghc`_cgwlhaZ^_eh
Fh`_lblZdghg_lkhfg_gbcb\lhfqlhgZebphhij_^_e_ggh_k_dkmZevgh_\e_q_gb_
HgdZdjZalygmekyd^jm]hfmihehl_gpmqlh[u\ul_j_lv]heh\m?]hjmdZaZklueZ\\ha^mo_
QlhlulZdh_]h\hjbrv"DZdh_k_dkmZevgh_\e_q_gb_"
Ky^vyaZcfmkvl\h_c]m[hcHgZkgh\Zdjh\hlhqblHgrZ]gmedg_cbdZiebihe_l_ebkfhdjuo
\hehk
G_ky^mYohqmagZlvhq_flu
@_gsbgZ\\hajZkl_\_kvfZijb\e_dZl_evgucfheh^hcq_eh\_dLZdh_kemqZ_lkybkihdhg\_dm
?]h]eZaZij_\jZlbebkv\s_ehqdb
Bf_gywlh^he`ghmkihdZb\Zlv"
GZlhlkemqZc_kebl_[ylj_\h`blfhc\hafh`gucjhfZgkD_\bghf
Dwek^_jgmek\_rZedbihehl_gp_bgZqZewg_j]bqgh\ulbjZlv\hehku
AgZ_rvhgaZbgl_j_kh\Zekylh[hclhevdhihlhfmqlhml_[ygZiZevp_fh_dhevphBgZq_hgg_
h[jZlbe[ugZl_[ygbfZe_cr_]h\gbfZgby
HggZr_e__kZfh_mya\bfh_f_klhZ\f_kl_kwlbfijhiZeZblZjZ^hklvdhlhjmx^hklZ\eyeZ_c
ibdbjh\dZkDwehf?]hm]jhaugb\dh_cf_j_g_im]Zeb__Z\hlm\_j_gghklv\lhfqlhgZlZdmx
fufjmdZdhgZgbdlhg_ihaZjblkyh[b^_eZ
G_lylZdg_^mfZxHgZgZijZ\beZkv\k\hxkiZevgx
Ludm^Z"hdebdgmeDwejh^_[ulukh[bjZeZkvf_gye_qblv
FZavkZglb[bhlbdhfgZlmZe_lghfklhebd_MijZ\brvkykZf
Hgihke_^h\ZeaZg_c\kiZevgxhklZgh\beky_^\Zi_j_klmib\ihjh]
G_m`_ebD_\bgg_m`_ebhgqlhlh^eyl_[yagZqbl"Hghlr\ujgmeihehl_gp_dhlhjuf
�\ulbjZe]heh\mZdZdhgfh`_lqlhlh^eyl_[yagZqblv"Lu_]hkh\k_fg_agZ_rv
GZrZ^bkdmkkbyhdhgq_gZ
Y^mfZeluklhjhggbpZhldjulh]hbgnhjfZpbhggh]hh[f_gZ
HgZfheqZeZ]ey^y\hdghgZ^_ykvqlhhghklZ\bl__h^gmHg`_ih^hr_e\_]h]hehk_hgZmeh\beZ
e_]dmxojbihlpm
Yl_[yh[b^_e"
HgZf_^e_gghihdZqZeZ]heh\hc
Yg_ohl_eIjhklhy[hyekyqlhl_[_ihlhfklZg_l[hevgh\hlb\k_L_[_`_g_ijboh^behkv
bf_lv^_ehklZdbfb\hl[Z[gbdZfb@_gsbguhlgboieZqml
AgZxHgZih\_jgmeZkvqlh[um\b^_lvdZdlhg_gvdZykljmcdZkl_dZ_lddhjbqg_\hfmkhkdm
Y^mfZxihjZaZ\_jrZlvwlhl^jZfZlbq_kdbc^_gvL_[_emqr_mclb
Hgh^gZdhrZ]gmedg_cbghldZg_`ghklb\]hehk_ijbylghm^b\beZ__
:dZd`_ihjdZ]hehcaZ^gbpu"
Fh`_l\^jm]hcjZa"
DZdgZkq_llh]hqlh[uh]jZgbqblvkylhevdh]hehcaZ^gbp_c"
Y^mfZxdZdh_lh\j_fygZfg_klhblh[gZ`Zlvqlheb[h^jm]i_j_^^jm]hf
Bkq_]hlulZdj_rbeZ"
Ihlhfmqlhfulhevdh\k_mkeh`gbf
�IjhreZyghqvgbq_]hg_mkeh`gyeZhlh]hfhf_glZdZdluaZ^jZeZghk
YHgZ\kdbgmeZ]heh\mGbdh]^Z\`bagbyg_aZ^bjZeZghk
�G_m`_eb"he`gh[ulvhglhevdhb`^Zedh]^Z`_hgZ\gh\vjZahaeblky\_]h]eZaZolml`_
aZ[e_kl_eb\hbgkl\_ggu_bkdhjdbLZdm`\urehqlhyih[u\Zeklh[hc\lhfZ\lhdbghl_Zlj_b
ih\_jvfg_ghklu_s_dZdaZ^bjZeZ
Dh]^Z"
Luij_djZkghkZfZagZ_rvG_l
:dhfm[ueh^h\hevghlZdbijbylgh"
Q_jl^Zg_l`_Beblu^mfZ_rvyg_agZxqlh\wlhf^_e_yfZkl_j"?keb`_luwlh]hg_
ihgbfZ_rviheZ]Zxwlhl\hyijh[e_fZZg_fhy
�HggZ^mekyb`_cgihgyeZqlhijhrehcghqvxhgZdj_idh_]hh[b^_eZFukevwlZ__ljhgmeZ
G_kfhljygZ_]h\jh^_[u[_a]jZgbqgmxkZfhm\_j_gghklvkhfg_gby\kh[kl\_gguo\hafh`ghklyog_
h[hreb_]hklhjhghclhqghlZd`_dZdbex[h]h^jm]h]hq_eh\_dZ
Ihgylb_ijbylghg_^hklZlhqghiheghhljZ`Z_lfhbhsms_gbyijbagZeZhgZ
Q_jlh\kdb\_jgh
Y[ukdZaZeZfg_[ueh[uehHgZbkdhkZ]eygmeZgZg_]hDZdh_keh\hybsm"
�Ihq_fm[ug_gZqZlvkihljykZxs_"`_cgh`b\beZkv
�IhljykZxs_"Z^eygZqZeZg_iehohHij_^_e_gghihljykZxs_:lZd`_
ha[m`^Zxs_bq_jlh\kdbk_dkmZevgh
Wlhlh`_gh
JZa^jZ`Zxs_
JZa^jZ`Zxs_"
�ZHg\hbgkl\_ggh\uiylbeq_exklvYohqm\b^_lvl_[y]hehc
IjZ\^Z"Ihq_fm"
Ihlhfmqlhohqm
Mfm`qbglZdijbgylh"
?]hk\bj_ihklvih[e_deZm]hehdjlZlhlqlhg_jZa^mekyhlm^ZjZD_\bgZbah]gmeky
Fh`ghkdZaZlvqlh^Z
M\_jyxlug_m\b^brvgbq_]h^hklhcgh]h
Baf_gy\uc^_lemqrbckm^vyq_flu
YagZxqlhwlhg_lZdL_[_`_agZdhfuwlb[_kdhg_qgh^ebggu_gh]bfh^_e_c"Gh]bdhlhju_
jZklmlbaih^fur_d"
:]Z
Mf_gyg_lZdb_
Hceb"
Gh]bmf_gydhg_qghg_dhjhldb_ghg_lZdb_m`^ebggu_Kj_^gb_Qlh`_dZkZ_lky]jm^bLu
h[jZsZ_rv\gbfZgb_gZwlmqZklv`_gkdhcnb]mju"
?klvlZdh_
LZd\hlgZfhxfh`ghg_kfhlj_lvhl[_^jZwlh^jm]h_^_ehHgbh]jhfgu_
Kh\k_fg_l
Y\u]ey`mdZd]hjhrbgZ
G_\u]ey^brvlu]hjhrbghc
KiZkb[hgZ^h[jhfkeh\_ghihkdhevdmlug_\b^_ef_gy]hehcg_l_[_km^blv
Fufh`_fbkijZ\blvwlhijyfhk_cqZk
DZd`___\e_dehdg_fmk_ju_]eZaZih[e_kdb\ZebgZs_d_\gh\vihy\beZkvyfhqdZaZ[Z\gZy
&#xg_;&#xaZ;&#xig;&#xh;�g_`gZyk_dkmZevgZyBhgZgbq_fg_fh]eZhl]hjh^blvkyhl_]hijbly]Zl_evghklbg_aZigh`_cg
hk_gbeh^ZhgZ`_\ex[e_gZ\g_]hHdhgqZl_evghb[_kih\hjhlghex[e_gZ\_]hkbem_]hmf_]h
oZjZdl_jHgZex[beZ_]hqm\kl\hxfhjZb_]h\_jghklvk_fv__]hklZjhfh^gucfhjZevgucdh^_dk
FukevwlZ_^\Zg_krb[eZ__kgh]:\j_f_gbohjhr_gvdhh[^mfZlv__g_[uehdZdbf_klZ]^_hgZ
fh]eZ[umdjulvkyqlh[uhdhgqZl_evghhkhagZlvkemqb\r__kykg_cHgZgZ[ex^ZeZdZdhgih^gye
jmdmihqm\kl\h\ZeZdZd_]h[hevrhciZe_pijhr_ekyihba]b[m__r_b
Lufg_gjZ\brvkyJhab[Z^Hq_gvgjZ\brvky
IjZ\^Z"Hgdb\gme
�Lufg_gjZ\brvkyijhbag_khgZg_yl_[yex[exhlf_lbeZ`_cgbijh]ehlbeZaZkljy\rbc\
]hje_dhf
Luwlh]h\hjbrvebrv^eylh]hqlh[uyjZa^_eZkv_]h]eZaZoaZ[e_kl_ebkf_rbgdb
hijhkkebrdhf\Z`gucqlh[u\jZlvohlybkdmr_gb_[ueh
Y^mfZeZluf_gyg_gZ\b^brv
�G_gZ\b^_eZlhevdhljm^ghihij_`g_fmg_gZ\b^_lvl_[yohlyluwlhbaZkem`beZ
g_c\kiuogmeZgZ^_`^Z
LZdluf_gyijhsZ_rv"
Dweihfyeky
�G_kh\k_fIheghklvxijhklblvg_fh]mBhiylv`_cgaZoe_klgmehqm\kl\h\bgu
LuagZ_rvqlhykh`Ze_xhkemqb\r_fkyg_lZdeb"
Kh`Ze__rv"
Yj_qvg_hj_[_gd_ykh`Ze_xhlhfqlh\hllZdbkihevah\ZeZl_[yYg_^mfZeZhl_[_dZdh
j_Zevghfq_eh\_d_\b^_eZebrvg_h^mr_\e_ggucij_^f_lijba\Zgguc^Zlvlhqlhfg_
lj_[h\Zehkv?keb[udlhlhihiulZekyh[jZsZlvkykhfghcih^h[gufh[jZahfy[u_]hgbdh]^Zg_
ijhklbeZ?kebl_[ywlhml_rblkdZ`mqlhyk_[ygbdh]^Zg_ijhsm
Fh`_ll_[_gZ^hihke_^h\Zlvfh_fmijbf_jmbhl^_eblv]j_ohl]j_rgbdZ"
HgZaZ]eygmeZ\_]h]eZaZiulZykvq_j_agbom\b^_lvqlhmg_]h\k_j^p_
Ml_[y^_ckl\bl_evgh[hevr_g_ldhfg_g_gZ\bklb"
Y`_kdZaZelufg_gjZ\brvky
G_fh]mihgylvdZdlZdh_fh`_l[ulv
LZdm`\ureh
Dh]^Z"
Dh]^Zyj_rbeqlhlufg_gjZ\brvky"lhl^_gvmWggbdh]^ZlumagZeZqlhymf_g
:lumagZeqlhyklZjZ
G_gZihfbgZcfg_Y_s_g_ijbr_e\k_[yFh`_lfu[m^_f]h\hjblv\k_fqlh\\h^bl_evkdhf
m^hklh\_j_gbbg_ijZ\bevghmdZaZebl\hc\hajZkl"
HgZij_^ihqeZg_aZf_lblvf_evdgm\rmx\_]h]eZaZogZ^_`^m
DZd\lhl^_gvlufh]j_rblvqlhyl_[_gjZ\exkv"Fu`_\^jua]jZajm]Zebkv
Ihgylbyg_bf_xGhwlhnZdl
HgZh[^mfZeZgh\mxbgnhjfZpbxIjbagZgby\ex[\blZdbg_lghkeh\ZykghmdZau\ZxlgZlhqlh
hgbkiulu\Z_ldg_cl_ieu_qm\kl\Z
Fg_gZ^hh[wlhfih^mfZlvHq_f"
JZa^_\Zlvkyfg_bebg_l
Ohjhrh
\lhjhkl_i_ggh]hbihoh`_ihgbfZeqlhlml__lhjhiblvg_ke_^m_l
BgZfgZ^hmljyklb_s_h^bgfhf_gl
HgZih^hajbl_evghihkfhlj_eZgZg_]hihlhf\a^hogmeZ
Fg_gjZ\blkyfhyfZrbgZMg___klv^mrZ
LZd`_dZdbmfgh`_kl\ZikbohiZlh\ghwlhg_ih\h^^_j`ZlvlZdbo\^hf_AgZqbl^_eZ_f
lZd
Dweih`ZemcklZg_khljykZc\ha^mohq_j_^ghcghlZpb_cihlhfmqlhdhgqblky\k_l_fqlhy
\gh\vg_\imsml_[y\^hfYihijhkbeZl_[yihfhqvfg_kfZrbghcluhldZaZekyydmibeZ__kZfZ
FZrbgZhklZ_lkyBl\hyj_imlZpbygbkdhevdhg_ihkljZ^Z_lIh^mfZch[wlhfDh]^Zex^bm\b^yl
f_gyaZjme_fwlhcjZa\Zexobhgb_s_jZam[_^ylkyqlhyg_^hklhcgZ[ulvl\h_c`_ghc
LmlluijZ\ZL_dlhf_gyagZ_lihcfmlqlh`_gsbgZdhlhjZy_a^bl\lZdhcjZa\Zexo_^he]h\
fh_f^hf_g_aZ^_j`blky
Y^Z`_g_ohqmdhff_glbjh\ZlvdZdwlhoZjZdl_jbam_ll\hxrdZemp_gghkl_cKhrdZehc
�p_gghkl_cmg_]h\k_\ihjy^d_ih^mfZeZ`_cgQlhgZ^hdhjj_dlbjh\ZlvlZdwlh_]hijbgpbiu
hl[hjZ`_gsbg
Dwemeu[gmekyghhgZg_ih^^ZeZkv_]hh[ZygbxHgZg_`_eZeZhl^Z\Zlvih[_^m
�Zcfg_keh\hq_klbqlhg_ljhg_rvfhxfZrbgmG_m\_a_rv__bebg_\uah\_rvly]Zqqlh[u
mdZlblv__kh^\hjZdh]^Zf_gyg_[m^_ljy^hfFZrbgZfhybhgZhklZ_lky:qlh[ufu
hdhgqZl_evghihgyeb^jm]^jm]Zh[_sZxl_[__kebluohlviZevp_fljhg_rvfhcwkdhjl\wlhf
^hf_l_[_[hevr_g__klvEZdbqZjfk
Kgh\Z\ulZsbrvfZjrfweehm"
Ih\lhj_gbcyg_ex[exIh^mfZcemqr_hdjukbghfy^_
LZdmxdjh\h`Z^gmx`_gsbgmy\klj_qZx\i_j\u_
Kf_jlv[m^_lf_^e_gghcb[he_ag_gghcG_j_dhf_g^mx
HgjZkkf_yekyb\_jgmeky\\ZggmxAZdjue^\_jvqlh[ulml`_\gh\v\u]eygmlvbag__
Hlwlbokihjh\mf_gyjZau]jZekyZii_lblFh`_lih_^bfihke_lh]hdZdyh^_gmkv"
Ohjhrh
Ihij_`g_fmr_e^h`^vihwlhfmhgbgbdm^Zg_ih_oZebh]jZgbqb\rbkvkmihf\klZdZgZo
kZeZlhfkZg^\bqZfbbqbikZfbAZh[_^hf_cm^Zehkv\ulygmlvbag_]hih^jh[ghklb_]hjZ[hluk
g_[eZ]hihemqgufbih^jhkldZfbHgZmagZeZqlhaZgbfZ_lkyhgwlbffgh]b_]h^uIhfh]Z_lgZclb
emqrb_bkijZ\bl_evgu_p_glju[_k_^m_lk\uimkdgbdZfbj_rb\rbfbihke_rdheuihclb\
ijhn_kkbhgZevgu_mqbebsZmqj_`^Z_lf_`rdhevgu_h[s_kl\Zeh[[bjm_l\aZdhgh^Zl_evghf
kh[jZgbbBeebghckZijh]jZffug_kmsb_rdhevgbdZfagZgbyh\j_^_gZjdhlbdh\b
kihkh[kl\mxsb_k_dkmZevghfmh[jZah\Zgbx
HghlfZogmekyhl__aZf_qZgbyqlh^Ze_dhg_\k_agZf_gblhklb]hlh\uhl^Z\Zlv^jm]bfklhevdh
\j_f_gbg_h`b^ZygbdZdhc\u]h^u^eyk_[yDlhlh^he`_gwlh^_eZlvijh[mjqZehg
QZku\ohee_ijh[bebiheghqvbjZa]h\hjihkl_i_gghm\yehagbdeZg_eh\dZyiZmaZq_]hjZgvr_
g_kemqZehkvHgZdjmlbeZ\iZevpZog_^h_^_ggucdmkhq_doe_[ghcdhjhqdbHg_jaZegZklme__kv
\_q_j_c[uehlZdohjhrhZk_cqZkhgZqm\kl\h\ZeZk_[yg_\k\h_clZj_ed_
�M`_iha^ghgZdhg_p\uj\Zehkvmg__mfZxfg_ihjZkiZlvIh^gbfZykvhgZ\ayeZkh
Hglh`_\klZei_j_o\ZlbelZj_edm
Luk]hlh\beZh[_^Ym[_jmkhklheZ
Ghhgg_gZijZ\bekydjZdh\bg_GZh[hjhlaZklueih_^Zy__]heh^gufb]eZaZfbHgZkeurZeZ_]h
g_\ukdZaZgguc\hijhkK_]h^gyJhab[Z^"Lu]hlh\Zhl[jhkblvijbl\hjkl\hbk^_eZlvlhq_]hfu
h[Zohlbf"
?keb[uhgihlygmekydg_chgZ[uk^ZeZkvgZfbehklvih[_^bl_eyghhgg_ihlygmekybhgZ
ihgyeZqlhgZwlhljZaijZ\hi_j\h]hrZ]Zij_^hklZ\e_gh_c?]h[jh\bijbih^gyebkvdZd[u
kijZrb\Zyj_rblkyebhgZ
IZgbdZho\ZlbeZ__HkhagZgb_lh]hqlhhgZ\ex[e_gZdhj_ggufh[jZahf\k_baf_gbehHgZohl_eZ
qlh[uk_dki_j_klZe[ulv^eyg_]h]eZ\ghcp_evx
�Fh]mqbcfha]dhlhjucgZijZ\eye__`bagvhldZau\ZekyijbclbgZihfhsv`_cgij_[u\ZeZ\
iheghfkfyl_gbb?_keh\ghiZjZebah\ZehbhgZkfh]eZ\u^Z\blvbak_[yebrv\_`eb\mxmeu[dm
KiZkb[haZqm^_kguc\_q_jDweAZ\ljZmljhfyi_j\uf^_ehfihqbgx\hjhlZ
HgfheqZkfhlj_egZg__
�`_cgiulZeZkvijb^mfZlvnjZamdhlhjZykgbf_lgZjZklZxs__gZijy`_gb_gh\]heh\mgbq_]hg_
e_aehHg\k_kfhlj_eHgZihgbfZeZqlh__l_jaZgbyg_khklZ\eyxl^eyg_]hlZcgughkZfhg\jh^_
[ugbq_]hlZdh]hg_bkiulu\ZeKq_]h"Hg`_g_jZa^_eye__qm\kl\Zhlebqb_hlg__hgg_
\ex[bekyHgZih\_jgmeZkvbmreZ\hlqZygbbFha]m[_`^Ze__qlhhgZihklmiZ_lijZ\bevgh
k_j^p_l\_j^behqlhhgZkljmkbeZ
DwegZ[ex^ZedZdhgZ\ureZaZ^\_jvjZahqZjh\Zgb_ho\Zlbeh_]hHgZm[_]ZeZbhgg_fh]ihgylv
ihq_fmWlbf\_q_jhfhggbdq_fm__g_ih^lZedb\ZeIj_^hklZ\be_cihegmxk\h[h^mklZjZeky
�qlh[ujZa]h\hjg_moh^behlg_cljZevguol_fKh[kl\_gghh[s_gb_k`_cglZdihgjZ\behkv_fm
qlhhgijZdlbq_kdbaZ[uehk_dk_IjZdlbq_kdbghg_kh\k_fEx[h\gu_ml_obdhlhjufhgb
ij_^Z\Zebkvijhrehcghqvx^hklZ\beb_cgZkeZ`^_gb_hgwlhlhqghagZelZdihq_fm`_hgZ
hldZau\Z_lbfh[hbf\h^ghcba]eZ\guo`bag_gguojZ^hkl_c"
Hghlg_klZj_edbdjZdh\bg_\ufueboJZahqZjh\Zgb_i_j_jhkeh\jZa^jZ`_gb_Kq_]hhg
ih^imkdZ_l__lZd[ebadhdk\h_fmk_j^pm"
AeykvgZk_[yhgih^gyekygZ\_jo\k\hxkiZevgxkeh\ghi_j_g_k_ggmxba[hj^_eyq_jg__lmqb
=jygme]jhfkhljykZykl_deZHgihgyeqlh]jhaZmkbeb\Z_lkyK_egZdjh\Zlvk^_jgmedjhkkh\dm
Dwe"
Hgih^gye]heh\mqlh[um\b^_lvdZdjZkiZob\Z_lky^\_jv\Zgghcgh\wlhlkZfucfhf_gl
hke_ibl_evgh\kiuogmeZfhegbyblml`_^hfih]jmabeky\l_fghlm
Ijhiheaebg_kdhevdhk_dmg^bhgmkeurZelbobckf_o
Kdbgme\lhjmxdjhkkh\dm
FuhklZebkv[_awe_dljbq_kl\ZIhq_fmwlhl_[yihaZ[Z\beh"
IhaZ[Z\beh^jm]h_IjyfhlZdbZg_d^hlhohjhrbobiehobogh\hklyo
JZalZdgZqgbih`ZemcklZkohjhrbo
HgbagZ_rvebi_j_ie_ebkv
G_lygbj_abgm
OhjhrhIh`ZemcklZlhevdhg_aebkvghKgh\Zkf_rhdDwey]heZy
Dwe\ukmgmekyba\ZgghcbaZ]eygme\__kiZevgx?]h]eZaZ\_k_eh[e_kl_eb
YijbgbfZx^mrOhq_rvijbkh_^bgblvky"
HgZkdhevagmeZ\a]ey^hfihh[gZ`_gghfml_emkeblufbfurpZfbih^k\_q_ggufbmlj_ggbf
k\_lhfbkljm^hfih^Z\beZ`_eZgb_h[ebaZlv]m[uFh`_l\^jm]hcjZa
Lu^Z`_g_ij_^klZ\ey_rvk_[_q_]hebrZ_rvky
�mfZxqlhij_^klZ\eyx
Lhkdeb\ZyghldZijha\mqZ\rZy\__]hehk_ihaZ[Z\beZ_]h
;_^gZyfZe_gvdZyJhab[Z^Lu^_ckl\bl_evghaZ]gZeZk_[y\m]heg_lZdeb"
BkkZfh^h\hevghcmkf_rdhchgbkq_a\\Zgghc
HgZihdZaZeZyaudhimkl_\r_fm^\_jghfmijh_fmhi_jeZkvs_dhchkh]gmlmx\ehdl_jmdm
ih^mfZeZhlhcZij_evkdhcghqbdh]^Zih^qbgyykvbfimevkb\ghfmj_r_gbxjZa^_eZkvi_j_^gbf
g_aZigh_hldexq_gb_we_dljbq_kl\Zkemqb\r__kydZdjZa\lhlfhf_gldh]^ZhgZ\hreZ\_]h
�kiZevgxhlf_lbehgZqZehghqbm^h\hevkl\bcbkljZklbdhlhjmxhgZg_fh]eZaZ[ulv`_cg
meu[gmeZkvijhr_^rbcf_kyplZdb_ghqbih\lhjyebkvdm^ZdZdqZklh
�Dwemf_e\ha[m^blv__ghbhgZhdZaZeZkvkihkh[ghcmq_gbp_cg_[_a]hj^hklbih^mfZeZ`_cg
Fh`_l_]hkeZ^hkljZklghklvbg_ijbylb_ex[uolZ[mhk\h[h^beb__hlfgh]bog_evayHgZm`_
fh]eZihclbgZ\k_gZ\k_djhf_dZdihdZaZlvky_fm]hehc
Hgbkeh\gh\_ebfgh]hoh^h\mxb]jmHgZijboh^beZdg_fmlhevdhghqvxijb\udexq_gghfk\_l_
b\k_]^ZijhkuiZeZkvi_j_^jZkk\_lhfqlh[u\_jgmlvky\k\hxdhfgZlmBebmclbgZ_]hdjh\Zlv
_kebhgbaZkuiZebmg__Dhg_qghhgfh]\dexqblvk\_lbebjZa^_lv__^g_fdh]^Zhl_]hihp_em_\
mg__ih^]b[Zebkvdhe_gbghgbdh]^Zwlh]hg_^_eZeHgij_^ihqblZeq_klgucih_^bghdg_`_eZe
ih[_`^Zlvh[fZghf_]hmkljhbeZ[ulhevdhdZiblmeypby
IhgZqZem_cdZaZehkvqlh__`_eZgb_ij_^Z\Zlvkyex[\b\l_fghl_h^bgbaijb_fh\
jZa`b]Zxsbok_dkmZevgh_\e_q_gb_ghihf_j_lh]hdZdg_^_eyijhoh^beZaZg_^_e_cbhgZihgyeZ
qlh\k_kbevg__\ex[ey_lky\g_]hqlhlhbaf_gbehkvHgZgZqZeZ\hegh\ZlvkyZdZdhghlj_Z]bjm_l
�dh]^ZgZdhg_plhm\b^bl__"ZgZa^hjh\v_hgZg_`Zeh\ZeZkvghq_luj_f_kypZ[_j_f_gghklb
gZeh`bebk\hchli_qZlhdlZebym\_ebqbeZkv^hlZdhckl_i_gbqlhhgZm`_g_fh]eZi_j_lygmlv
[jxqdbj_f_rdhfBm`dhg_qghg_aZijZ\eyeZ\gbo[emadmKjZklmsbf`b\hlhfb
g_\i_qZleyxs_c]jm^vxhgZg_fh]eZdhgdmjbjh\ZlvkdjZkZ\bpZfbba_]hijhreh]h
Ghg_lhevdhg_^hklZldb\g_rghklbiblZeb__mihjkl\h^jm]bf_gghwlZlZcgZdZ`^mxghqvb
aZfZgb\ZeZ_]h\__ihkl_ev"LZcgZbhqZjh\Zgb_g_\_^hfh]hG_ihl_jy_lebhgbgl_j_kdg_c
mlheb\k\h_ex[hiulkl\h"
?cohl_ehkv\_jblvqlhwlh_jmg^ZghhgZagZeZqlh^eyDweZ]eZ\gh_[hjv[Z;m^_lebhg
gZkeZ`^Zlvky__dhfiZgb_c_kebhgZih^qbgblky_]h\he_"jh^_[uaZbkdexq_gb_ffZl_jbb
[Z[dblhevdhhgZg_k]b[ZeZkvi_j_^gbf
�`_cgm`_agZeZqlhhgbgl_eeb]_glguc^h[jhihjy^hqgucq_eh\_dks_^jufk_j^p_fGhijb
wlhf\k_]^Zklj_fbeky[jZlv\_jogZ^hdjm`Zxsbfbimklv\q_klghcgh`_kldhc[hjv[_B[ulv
fh`_lbf_ggh__hldZaih^qbgblvkyaZklZ\eye_]hbkdZlvh[s_gbykg_cdZd\ihkl_eblZdb\g___
HgZihgbfZeZqlhbf_xs__ky\__jZkihjy`_gbb\j_fylZyehdZdrZ]j_g_\Zydh`ZKljmkhklvx
gZ^haZdZgqb\ZlvIhjZ_cjZa^_lvkyi_j_^gbfbmagZlvijZ\^m?kebhgZg_gm`gZ_fmdZd
��kfukeZY^he`gZdZdfh`ghkdhj__kwlbfjZah[jZlvkyj_rbeZ`_cgZevg_crZyhlly`dZ
jZ\ghkbevgZ[_amfbx
HgZih^gyeZkvkdjh\ZlbgZijZ\beZkv\\ZggmxIjbgy\\blZfbgubihqbklb\am[u\_jgmeZkv\
kiZevgxijb^_j`b\ZyjmdhcjZklmsbc`b\hlih^hreZdhdgm\u]eygmeZ\fZckdh_mljhKdehg
aZp\_edbabejh^h^_g^jhguieZf_g_xsb_ZaZebb]hjguceZ\j?_i_j\Zy\_kgZ\:iiZeZqZo
hdZaZeZkv_s_[he__ij_djZkghcq_fhgZfh]eZk_[_ij_^klZ\blvNbZedbljbeebmf[ZrfZqdb
jZkimklbebkvm^hfZjy^hfk[_eufbdmklZfb_`_\bdbLZdh]hjZ^hklgh]hdjZkb\h]hkqZkleb\h]h
fZyhgZ_s_g_agZeZ
Ghhiylv`_b\ex[beZkvhgZ\i_j\u_
�`_cgihgbfZeZmya\bfhklvk\h_cihabpbbh^gZdhb\]eZaZoDweZgZklhjh`_gghklv^Z\ghmklmibeZ
�f_klhkf_ombg_`ghklb\hlhgZbm\_jh\ZeZqlhhglh`_\ex[ey_lky\g__\Zf_kypZgZaZ^lZdmx
b^_xhgZ[u\hkijbgyeZdZdZ[kmj^ghgugq_g_\b^_eZ\wlhfgbq_]hg_\hafh`gh]h
jh^_[umgbo[uehfZehh[s_]hghhgb[_aljm^ZgZoh^bebl_fu^eyjZa]h\hjZbebh[sb_^_eZ
IhmljZfihdZhgZjZ[hlZeZaZdhfivxl_jhfDwe\klj_qZekykex^vfb\uihegye\aylu_gZk_[y
h[yaZl_evkl\ZZ\hl\lhjmxiheh\bgm^gyb\_q_jZhgbh[uqghijh\h^beb\f_kl_
Dwe^hdjZkbe^hfWggbhgZaZdhgqbeZihkZ^dbG_kdhevdhjZahgb_a^beb\Wr\beeh[_^Zeb\
emqrboj_klhjZgZo]hjh^Z]meyebih;belfhjWkl_clAZ]ey^u\Zebb\gZpbhgZevguciZjdoh^beb
�ih]hjgufljhiZfDweihdZaZe_cDhgg_fZjm^hfDZjeZKwg^[_j]Z@]^_mg__aZo\Zlbeh^mohl
\_ebdhe_ibyeZg^rZnlZZhgknhlh]jZnbjh\Ze__b]jZxsmxkdhaZfbdhlhjuoihij_`g_fm
^_j`Zeb\ihf_klv_
�IhfheqZeb\hc^h]h\hj_gghklb\f_kl_hgb\Khe\_cr_g_g_ihy\eyebkvAZihdmidZfb`_cg
�_a^beZh^gZBgh]^ZklZedb\ZeZkvkD_\bghfb\^\h_fhgbrebgZe_gq\I_llbdhml`Zgdrg
dZn_]^_hgZb]ghjbjh\ZeZ\jZ`^_[gu_\a]ey^u]hjh`ZgDkqZklvxieZlvyk\h[h^gh]hihdjhy
_s_iha\heyeb_ckdjulv[_j_f_gghklv
HgZbDweijh^he`Zebkkhjblvkydh]^ZhgiulZekyml\_j^blvk\hx\eZklvghkkhjbebkvm`_
[_aaeh[gh\h\kydhfkemqZ_hgZg_hsmsZeZoheh^ghcyjhklbbaeb\Zxs_ckygZg__\i_j\u_
g_^_ebf_klhwlh]hhgdjbdZfbhl\h^be^mrmZhgZg_fheqZeZ\hl\_l^Z[ug_ebrZlv_]h
m^h\hevkl\byIhijZ\^_]h\hjykeh\_kgu_[ZlZebbgjZ\bebkv_cg_f_gvr_q_f_fm
�HgZmkeurZeZdZd\^mr_i_j_klZeZl_qv\h^ZZ[ug_ih^\_j]Zlvk_[y^hihegbl_evghfm
bkdmr_gbx\u`^ZeZg_kdhevdhfbgmlihdZhg\ulj_lkybh[fhlZ_l[_^jZihehl_gp_fihlhf
ihklmqZeZ\ijbhldjulmx^\_jv\Zgghc\hreZ
�HgklhyemjZdh\bgu\q_jghfihehl_gp_lZdgbadhkb^ys_fgZ[_^jZoqlh`_cgg_fh]eZ\aylv\
lhedihq_fmhghg_iZ^Z_lJZafZau\Zyihebpmi_gm^ey[jblvyhgihdhkbekygZ__\brg_\mx
�ghqgmxjm[ZrdmdZdmKgmib@
Dh]^Z`_\l_[_ijhy\blkyohlvdZiey`Zehklbijhn_kkhjblui_j_klZg_rv\ha[m`^Zlvf_gy
k\hbfbk_dkmZevgufbghqgmrdZfb
AZ\ljZmljhfgZ^_gmdhklxfbggbImoZ
DZdh_kqZklv_
HgZmeu[gmeZkvhimklbeZdjurdmgZlmZe_lgh_kb^_gv_k_eZDZdh_lh\j_fyfheqZgZ[ex^ZeZdZd
hg[j__lkyaZl_f\_jgmeZkvdg_aZdhgq_gghfm\q_jZrg_fmkihjm
Kgh\Z\ayeZkvaZk\h_"
Y\k_lZdbg_ihgbfZxihq_fmlug_fh`_rvihlj_gbjh\Zlv_]hHghq_gvl_[ym\Z`Z_l
Hgf_gyg_gZ\b^bl
Lhevdhihlhfmqlhohq_laZgylv\wlhffbj_[he__\ukhdh_f_klhHgfheh^blZeZgleb\Zlu
klhbrvmg_]hgZimlb
?]hfurpugZijy]ebkvDwemg_gjZ\behkvqlhhgZh[sZ_lkykD_\bghfgh\wlhf\hijhk_hgb
aZdexqbebi_j_fbjb_ihkdhevdmhgZykgh^ZeZihgylvqlh\hkijbgbfZ_l_]hbkdexqbl_evghdZd
^jm]ZZDwekdZaZeD_\bgmqlhi_j_ehfZ_l_fmjmdb_keblhl_s_jZa^hljhg_lky^h_]h`_gu
Hgih^gye]heh\mijbgyekyaZdh`mih^ih^[hjh^dhf
Hgg_lZdlZeZgleb\dZd_fmdZ`_lkyJmdZmg_]hohjhrZy\wlhfkhfg_gbcg_lHg[ukljb
Z]j_kkb\_ggh_fmgZ^hfgh]hfmmqblvkyqlh[uke_lmqblZlvh[hjhgbl_evgu_aZfukeukhi_jgbdh\
LZdihq_fml_[_g_gZmqblv_]h"
DZdym`_l_[_]h\hjbeg_\b`mkfukeZ]hlh\blvk_[_dhgdmj_glZHiylv`__kebhgdh]hb
ihkemrZ_lkylZdlhevdhg_f_gy
Wlhg_ijZ\^ZIhq_fmhg^hkboihj[helZ_lky\Khe\_cr_g_"
IhlhfmqlhkiblkKZeebL_jjbfZg
�`_cgg_kdhevdhjZa\b^_eZKZeeb\]hjh^_?_jhkdhrgu_nhjfug_hklZebkvg_aZf_q_ggufblZd
qlhhgZg_fh]eZg_ijbagZlveh]bdmDweZH^gZdhhgZ\_eZjZa]h\hjd^jm]hfm
HgaZb]jZe[udm^Zemqr__keb[uluihjZ[hlZekgbfZluhklZ\be[uihke_k_[y^hklhcgmx
kf_gm
Kf_gZfg__s_^he]hg_ihgZ^h[blkyHgkfuekebpZhklZldbi_gu
�`_cgihgbfZeZqlhklmibeZgZlhgdbce_^bihklZjZeZkvijhy\blvij_^_evgmxhklhjh`ghklv
�L_[_ljb^pZlvr_klvDwehe]hlub]jZlvm`_g_kfh`_rv
Fgh]hluihgbfZ_rvHgko\ZlbefZe_gvdh_ihehl_gp_\ul_jebphY\kZfhfjZkp\_l_
kbeFg_g_lgm`^umoh^blvgZihdhc
Fh`_lg_k_cqZkgh\h[hajbfhf[m^ms_f
Ykfh]mb]jZlv_s_g_h^bg]h^
HgZ^mfZeZhie_q_dhlhjh_hgihlbjZeiheZ]Zyqlh_]hgbdlhg_\b^blh[mklZgh\d_
]b^jhfZkkZ`Zihy\b\r_cky\\ZgghcG_lhlghkbl_evghk\h_]h[m^ms_]hhgaZ[em`^Zeky
:qlhlukh[bjZ_rvky^_eZlvihke_lh]hdZdaZdhgqbrvb]jZlv"AZcf_rvky[bag_khf"Beb
klZg_rvlj_g_jhf"
Kibggu_furpu\a[m]jbebkv
Ihq_fm[ul_[_ijhn_kkhjg_khkj_^hlhqblvkygZWd\ZjdZobg_ij_^hklZ\blvfh_[m^ms__
fg_"HggZijZ\beky\kiZevgxgZoh^mkgbfZyihehl_gp_^hklZebadhfh^ZljmkuLu
ihfgbrvqlh\h\lhjhciheh\bg_^gyyme_lZx\L_oZk"
Hgi_j_f_gbel_fm
Luqlhlh]h\hjbeijhlmjgbjih]hevnm
�;h[[bLhfwglhgbg\bl_grge
Hgl\hc^jm]"HgZih^gyeZkvkmgblZaZijbkehgbeZkvd^\_jghfmdhkydm
��hjh]Zylhevdhg_]h\hjbfg_qlhlugbdh]^Zg_keurZeZh;h[[bLhf_wglhg_HgkZfuc
IjbgbfZxsbc"
Gm^ZBf_gghbf[jhkZxlfyqdmhjl_j[_dbOhqmkdZaZlvl_[_qlh^_gvdh]^Z_fm\urb[eb
dhe_ghbhggZ\k_]^Zihdbgmeihe_klZeh^gbfbakZfuoq_jguo^g_cijhn_kkbhgZevgh]hnml[heZ
Bq_fhgl_i_jvaZgbfZ_lky"Dwe^hklZe[jxdbp\_lZoZdb
=eZ\gufh[jZahf^hdZau\Z_l\k_fb\kydZd_fmk_cqZkohjhrhHg`b\_l\L_eZjha_\L_oZk_k
`_ghc=j_ckbG_^Z\ghmgbojh^bekyj_[_ghdBm[_`^Z_l\k_oqlhdjhf_k_fvbbmqj_`^_ggh]h
bf[eZ]hl\hjbl_evgh]hnhg^Z_fmgbq_]hhl`bagbg_gm`gh
Fh`_llZdhghb_klv
Lug_agZ_rv;h[[bLhfZK^_lkl\Zhg`beebrv^eylh]hqlh[ub]jZlv\nml[he
Ihoh`_hg^_eZ_l\Z`gh_^_eh
�wglhgnZmg^_g_crg"DwegZ^_el_fghdhjbqg_\mxl_ggbkdmKh\_jr_ggh\_jghWlhl
lmjgbjih]hevnmijbg_k_lgbdZdg_f_gvr_^\mokhllukyqdhlhju_[m^mlihljZq_gugZ
[eZ]hl\hjbl_evgu_p_ebghkfh_clhqdbaj_gbylZdb_nhg^ufh]mlkha^Z\Zlvkhlgbex^_cZ\hl\
mf_gbbihcfZlvfyqk;bLbg_fh`_lkjZ\gblvkygbdlh
�`_cgiheZ]ZeZqlhhj]Zgbah\ZlvjZ[hlm[eZ]hl\hjbl_evgh]hnhg^Zdm^Zkeh`g__q_feh\blv
[jhr_ggucdmhjl_j[_dhffyqghhgZagZeZdh]^ZgZ^hijbdmkblvyauqhd
g_nml[hevgh]hiheylh`__klvfgh]hbgl_j_kgh]hhavf_fdijbf_jml_[yLufh`_rv
gZqZlvgh\mx`bagvihdZ_s_fheh^hc
Fg_gjZ\blkyfhygug_rgyy`bagv
Bij_`^_q_fhgZmki_eZqlhlhkdZaZlvhgih^hr_edg_caZdexqbe\h[tylbybgZqZep_eh\Zlv
HgZihqm\kl\h\ZeZdZdgZijy]ky_]hb]jmgqbdghgZ^\hj_klhyeykguc^_gvihwlhfmhgk
g_hohlhchlkljZgbeky
�M`_]hlh\Z^ZlvaZ^gbcoh^"`_cg\a^hogmeZ
Ihqlb
Lu`_agZ_rvqlhylZde_]dhg_k^ZfkyG_mkihdhxkvihdZg_jZa^_gml_[yijbk\_l_^gy
AgZx
Fh`_l^Z`_aZklZ\exijhclbkv\hdjm]^hfZHgZfjZqghihkfhlj_eZgZg_]h
F_gywlhg_m^b\bl
JZamf__lkyg_\q_ffZlvjh^beZ
Luhq_gv\_ebdh^mr_g
Kdhj__\k_]hiha\hexgZ^_lvlmn_evdbgZ\ukhdhfdZ[emd_
LZdbo^h[jydh\gZ^h_s_ihbkdZlv
Hg\gh\vijbgyekyp_eh\Zlv__IhlhfgZqZeeZkdZlv]jm^bB\kdhj_keurZehkvlhevdhboly`_eh_
^uoZgb_LhevdhmljhfhgZkdZaZeZk_[_qlhkb]jZfbgZ^hdhgqZlvb\hlgZklmibej_rZxsbc
fhf_glH^ghcjmdhchgZ\ayeZkvaZih^heghqgmrdb
AZa\hgbel_e_nhgHgZlygmeZghqgmrdm\k_\ur_ijh^he`Zyp_eh\ZlvDweZghgZklhcqb\u_
a\hgdbi_j_[bebgZkljh_gb_
HgaZklhgZe
Ihq_fmg_kjZ[hlZewlhlq_jlh\Z\lhhl\_lqbd"HgZhimklbeZih^he
q_jZijboh^bebdhj_ygdbFh`_lkemqZcghihklZ\beb_]hg_\lhlj_`bf
gZiZjmf]gh\_gbcijb`Zekye[hfd__e[mihp_eh\Ze\dhgqbdghkZ
�`_cgi_qZevgh\a^hogmeZdhb\_dbhgZj_rbeZihdZaZlv_fmk\h_jZa^h[j_\r__l_ehlZd
aZa\hgbewlhl]emiucl_e_nhgQlh[ug_f_rZlvhgZijhreZ\\ZggmxijbgyeZ^mrh^_eZkv
IhlhfkimklbeZkvgZdmogx
DweaZkh\u\Ze[mfZ`gbd\dZjfZg[jxd
A\hgbehl_pHgbfZfZk_]h^gy\klj_qZxlkyaZe_gq_f\Wr\bee_GZ^_xkvhgkmf__lm[_^blv__
iheh`blvdhg_pwlhfm[_amfbxb\_jgmlvky^hfhcG_fh]mih\_jblvqlhhgZlZdmijyfZ
dhgnebdl_mqZkl\mxl^\h_
Bh^bgbagbohq_gvm`l\_j^heh[
HgZaZj_deZkvkihjblvkgbfihwlhfmih\h^mHgg_khfg_\Zekyqlh\bgZ\lhfqlhjh^bl_eb
�jZkklZebkve_`blgZfZl_jbba^hfZmreZbf_gghhgZbgbdZdb_^h\h^u`_cgg_m[_`^Zeb_]h
qlhke_^m_l\a]eygmlvgZijhbkoh^ys__bkihabpbb^jm]hcklhjhgu
LuagZ_rvqlhhl\_lbeZfZlvWlZgmdh]^Zlhlij_^eh`be_ciZklhjkdbckh\_l"_e_eZg_kh\Zlv
ghk\qm`b_^_eZ
�`_cgbah]gmeZ[jh\v
hafh`ghWlZg\wlhf\hijhk_g_emqrbckh\_lqbd
Hg__iZklhj
HgZkljm^hfih^Z\beZ`_eZgb_aZdZlblv]eZaZB\f_klhwlh]hijbgyeZkvl_ji_eb\hjZatykgylv
hq_\b^gh_
ukWlZghfebpZaZbgl_j_kh\Zggu_lZdqlhkh\_lh\Zlvkyk\ZfbgbdZdg_evay
�ZgZ\_jgh_Hg\ayekhklheZdexqbIjhklhg_ihgbfZxdZdlZdh_fh]ehkemqblvky
&#x]e;&#xy^;&#xu;&#xZy;&#xkv;&#x;&#xha;&#xZ[;&#xhq;&#x_g;&#xgh;&#x_;ë&#xph;
&#xwe;&#xZ;�&#x]e;&#xy^;&#xu;&#xZy;&#xkv;&#x;&#xha;&#xZ[;&#xhq;&#x_g;&#xgh;&#x_;ë&#xph;
&#xwe;&#xZ;�]ey^u\Zykv\haZ[hq_ggh_ebphDweZ`_cg`_eZeZEbggb`bfmihkdhj__meZ^blv\hagbdrb_
jZagh]eZkbyhljZ\eyxsb_`bagvg_lhevdhbfghbbo^_lyfDwebWlZgex[bebjh^bl_e_c
G_eZ^u\k_fv_gZijyfmxhljZ`ZebkvbgZgbo
&#xgh;&#xv;&#xh;&#xgZ;
&#xZ^;&#xZe;&#xZk;&#xv;&#xhi;&#xjh;&#xkh;&#xq;&#xlh;&#x`;&#x_;&#xij;&#xhb;&#xah;&#xre;&#xh;&#xm;ë&#xgg;�&#xgh;&#xv;&#xh;&#xgZ;
&#xZ^;&#xZe;&#xZk;&#xv;&#xhi;&#xjh;&#xkh;&#xq;&#xlh;&#x`;&#x_;&#xij;&#xhb;&#xah;&#xre;&#xh;&#xm;ë&#xgg;�gh\vhgZaZ^ZeZkv\hijhkhfqlh`_ijhbahrehmEbggb`bfZ;hgg_jh\he]b_]h^u\jh^_[u
bfm^Z\Zehkv`blv\ex[\bbkh]eZkbbQlhjZa^_ebehbobf_gghl_i_jv"
�`bf;hgg_jrbjhdbfrZ]hf\hr_e\h[_^_ggucaZeKbgbcoj_[_l\=jhm\iZjdbggkZfhf
�ba\_klghfhl_e_Wr\beeZEbgg\k_]^ZgjZ\bekywlhlhl_evihwlhfm`bfb\u[jZe_]h^ey
\klj_qbGZ^_yekyqlhijbylgu_ZkkhpbZpbbihfh]mljZklhiblvmijyfh_k_j^p__]h`_gu
=jhm\iZjdbggihkljhbeb\gZqZe_\_dZ^ey[h]Zluoex^_c`Z`^msbomdjulvkyhle_lg_c`Zju
A^Zgb_\ha\_^_ggh_ba]jhfZ^guo]jZgblguo\Zemgh\gZkdehg_]hjuAZoh^ys_]hkhegpZh^gbf
dZaZehkvij_djZkguf^jm]bfmjh^eb\uf
&#xhc;&#x^y;&#x;&#xu;&#x^_;&#xj`;&#xZg;&#xgu;&#x;&#x^_;&#xj_;&#x_g;&#xkd;&#xhf;&#xk;&#xlb;&#xe_;
&#xZe;&#x;�hc^y\\u^_j`Zgguc\^_j_\_gkdhfklbe_aZe`bfkjZamaZf_lbeEbggkb^ysmxaZfZe_gvdbf
klhebdhfm\ukhdh]hhdgZbadhlhjh]hhldju\Zeky\b^gZ]hjuMg_]haZs_fbehk_j^p_
klj_qZlvkykg_c\^hf_gZ]hj_KljZ^ZgbchghldZau\ZekyLhevdh]h\hjbeihl_e_nhgm^Zbaj_^dZ
ba^Zebih]ey^u\ZegZg__dh]^ZhgZijb_a`ZeZ\]hjh^GZoh^beih\h^uaZ]eygmlv\p_jdh\v
\_q_jhf\kj_^mdh]^ZhgZmqZkl\h\ZeZ\aZk_^Zgbyoijboh^kdh]hkh\_lZeh\be\a]ey^hf__
Z\lhfh[bevgZklhygd_mkmi_jfZjd_lZ
Khk\h_cklhjhguhgZ\kyq_kdbba[_]ZeZ\klj_qkgbf^hfaZ_a`ZeZlhevdh\lh\j_fydh]^Zhg
�\_eijb_f\debgbd_bebh[oh^be[hevguoB`bfhq_gvh[jZ^h\Zekydh]^ZhgZkh]eZkbeZkvgZ
GhjZ^hklvbkiulZggmxbfijb\b^_Ebgglml`_gZdjueZ\hegZjZa^jZ`_gbyIjhr_^rbcf_kyp
gbkdhevdhg_baf_gbe__hg`_qm\kl\h\Zek_[yg_fhsgufklZjbdhfHgZijb_oZeZ\eZ\Zg^h\hf
r_jklyghf`Zd_l_dhlhjuc_fmhq_gvgjZ\bekyr_edh\hc[emad_b^ebgghcx[d_mrZok\_jdZeb
�[hevrb_k_j_[jygu_k_jv]bHlh^\b]Zyly`_euc^_j_\yggucklmeqlh[uk_klvgZijhlb\g__`bf
iulZekym[_^blvk_[yqlhih^]eZaZfbmEbggf_rdbhl[_kkhggbpughkdhj__\k_]h^_eh[ueh\
b]j_k\_lZiZ^Zxs_]hq_j_ahdgZ
HgZm^hklhbeZ_]h\_`eb\ufdb\dhfdZdbfh[uqghijb\_lkl\h\ZeZg_agZdhfp_\Dm^Zih^_\ZeZkv
\_k_eZy^_j_\_gkdZy^_\qhgdZdhlhjZyohohlZeZ[_amfhedmbmdjZrZeZh[_^_ggucklhe
h^m\ZgqbdZfb"
�Ih^hr_ehnbpbZgl`bfaZdZaZe^\Z[hdZeZboex[bfh]h\bgZghEbgglml`_i_j_[beZ_]h
�ihijhkb\ijbg_klb_cklZdZg^b_li_ikbHnbpbZglhl[ueb`bf\hijhkbl_evghihkfhlj_egZ
`_gm
YihijZ\beZkvgZiylvnmglh\h[tykgbeZhgZ
Lu`_ijhoh^brvdmjk]hjfhghaZf_sZxs_cl_jZibbBg_fh`_rvg_ijb[Z\blv\\_k_
�_ehg_\lZ[e_ldZoZ\kljyig_WggbHgZiheZ]Z_lqlhex[h_[ex^hijb]hlh\e_ggh_g_gZ
fZke_g_kt_^h[gh
DZdyihgbfZxemqrbckihkh[k[jhkblvwlbiylvnmglh\\_jgmlvky^hfhc
HgZhl\_lbeZihke_dhjhldhciZmau
=hjZKljZ^Zgbc\k_]^Z[ueZfhbf^hfhf
�`bfihqm\kl\h\Zeijh[_`Z\rbcih_]hkibg_oheh^hd
Y]h\hjxhl\h_fgZklhys_f^hf_GZr_f^hf_f_klhhl\_lZhgZmldgmeZkv\f_gxHnbpbZgl
ijbg_kgZibldbijbgyeaZdZaH`b^ZyihdZijbg_kml_^mEbgg]h\hjbeZhih]h^_hdhgp_jl_gZ
�dhlhjhfih[u\ZeZg_^_e_cjZgvr_GZihfgbeZ`bfmhlhfqlhgZ^hhlj_]mebjh\Zlvdhg^bpbhg_j
�mihfygmeZhkljhbl_evkl\_gh\hc^hjh]b`bfqmlvg_ieZdZeDm^Zih^_\ZeZkvk\hckl\_ggZywlhc
ij_djZkghc`_gsbg_bkdj_gghklv"L_i_jvkeh\Zlhevdhkdju\ZebfukebHgZkhagZl_evghba[_]ZeZ
�k_f_cghcl_fugh`bfagZeqlhhljZa]h\hjZhkugh\vyohgZg_m\bevg_l
q_jZ\_q_jhf=_c[iha\hgbebaF_dkbdbIhoh`_gbdlhba[jZlv_\g_kdZaZe_fmhl\h_f
i_j__a^_
;jh\bEbgghaZ[hq_gghk^\bgmebkv
Lulh`_gbq_]hg_kdZaZeg_lZdeb"Mg_]ho\ZlZ_lk\hboijh[e_fQ_]h\_rZlvgZg_]h_s_b
gZrb"
G_lygbq_]h_fmg_kdZaZe
GZ__ebp_ijhklmibehh[e_]q_gb_
YlZdaZg_]h\hegmxkvEmqr_[uhg\_jgmeky^hfhc
Fh`_lb\_jg_lky
Y\hegmxkvbbaaZDweZDZdhgl_[_"
Ihfh_fmohjhrh\u]ey^bl
G_ijhklhohjhrhq_jZy\b^_eZ_]h\]hjh^_Gbdh]^Zhgg_[uelZdbfkqZkleb\ufYwlh]hg_
�ihgbfZx`bfjh^_[uhg\k_]^ZjZa[bjZeky\ex^yoZwlZ`_gsbgZh[yaZl_evghkehfZ_l_fm
`bagvIhq_fmhgg_\b^bl__lZdhcdZdZyhgZ_klv"
lZdhgZijhreZfbfhkeh\gh_]hbg_kms_kl\h\ZehHgZhldZau\ZeZkvijbclb\p_jdh\vhldehgbeZ
ijb]eZr_gbyemqrbo^Zf]hjh^Z^Z`_g_ihy\beZkvgZlhj`_kl\_gghfh[_^_dhlhjucmkljhbeb\
�q_klvDweZb`_cg?kebhgZdhfmbm^_eyeZ\j_fylZdlhevdhD_\bgmLZd_jmIh`Zemc_]hkugm
^_ckl\bl_evghg_ih\_aehk`_ghc
Ywlh]hg_ihgbfZxih\lhjbeZEbggDZdhgfh`_l[ulvkqZkleb\`_gb\rbkvgZlZdhc
lZdhc
Oheh^ghckmd_
Y__g_gZ\b`mGbq_]hg_fh]mkkh[hcih^_eZlvHgZijbqbgbl_fm[hevZhgwlh]hg_
aZkem`b\Z_l;jh\b\gh\vgZkmibebkv]hehkqmlvih^k_emdZau\ZykdhevkbevghhgZ
jZkkljh_gZk_wlb]h^ufu`^Zebqlhhg`_gblkygZfbehc^_\mrd_dhlhjZy[m^_l_]hex[blv
bihkfhljbdh]hhg\u[jZe`_gsbgmdhlhjhcg_gm`_ggbdlhdjhf_g__kZfhcHgZ
\a]eygmeZgZfm`Zihegufblj_\h]b]eZaZfb?keb[ufufh]ebohlvqlhgb[m^vk^_eZlv
Fug_fh`_fjZah[jZlvkyf_`^mkh[hcEbgg=^_m`gZfihfh]ZlvDwem
Dwe^jm]h_^_ehHghgjZgbfuc
:fug_l"
Ywlh]hg_]h\hjbeZHgZihiulZeZkvmclbhlijyfh]hhl\_lZ
=hj_qvi_j_ihegbeZ_]h]jm^v
GZ^h_eZfg_wlZb]jZ\dhrdbfurdbIj_^mij_`^Zxl_[yEbgg^he]hlZdijh^he`Zlvkyg_
fh`_lYwlh]hg_ihl_jiex
Hgf]gh\_gghihgyeqlh^himklbehrb[dmEbggg_ex[beZdh]^Z__aZ]hgyeb\m]he?]h
Z]j_kkb\ghklv\wlbokemqZyogZlZedb\ZeZkvgZ__g_ihdhe_[bfh_mijyfkl\hhlbl_i_jvhgZ
\a]eygmeZ_fm\]eZaZ
WggbijhkbeZi_j_^Zlvl_[_qlhhgZg_ohq_lqlh[ulua\hgbe\__^hf
Ly`_eh_^_eh
HgZhq_gvk_j^blZgZl_[y
Wggbk_j^blZgZf_gyklhcihjudh]^Zfg_bkihegbehkv\hk_fve_l
Wlhg_ijZ\^ZIjhklh[he_agbg_ijb[Z\eyxl_cohjhr_]hgZkljh_gby
�?c[ukjZamihe_]qZeh_keb[hgZdeZeZ\_^mihf_gvr_fZkeZ`bfhldbgmekygZkibgdm
AgZ_rvihq_fmhgZg_ohq_lqlh[ufuh[sZebkv"?_\k_mkljZb\Z_lLu`b\_rvgZ]hj_KljZ^Zgbc
aZ[hlbrvkyhg_cHgZihklZjZ_lkyqlh[u\k_lZdbhklZehkv
LulZd^mfZ_rv"
:[khexlgh\wlhfm\_j_g
Luhrb[Z_rvkyHgZiulZ_lkyaZsblblvf_gy
Hlf_gy"Ihgylgh=hehk_]hkfy]qbekyQ_jlih[_jbEbggy[uel_[_ohjhrbffm`_fB
g_aZkem`b\ZxlZdh]hhlghr_gby
HgZihkfhlj_eZgZlZj_edmihlhfgZg_]h\]eZaZoaZklueZ[hev
�J_qv\k_]^Z^he`gZb^lbhl_[_g_lZdeb`bf"KkZfh]hgZqZeZimia_febwlhluQlhlu
aZkem`b\Z_rvQlhluqm\kl\m_rvdZdhflugZkljh_gbbY\kyq_kdbklZjZeZkvm[eZ`blvl_[y
aZ[u\Zyhk_[_Bgbq_]hbawlh]hg_\ureh
=emihklbLujZa^m\Z_rvbafmobkehgZKemrZcaZ[m^v\k_qlhygZ]h\hjbe\lhl\_q_jLh
djbabkbebqlhlh\wlhfjh^_Lufg_gjZ\brvkylZdhcdZdlu_klvEmqr_c`_gufm`qbgZ
�ih`_eZlvk_[_g_fh`_lZ\ZcaZ[m^_f\k_qlhkemqbehkv\ihke_^g__\j_fybaZ`b\_fdZdij_`^_
Yg_fh]mwlh]hk^_eZlvihlhfmqlhg_kfh`_rvlu
Lug_ihgbfZ_rvqlh]h\hjbrv
=^_lh]em[hdh\gmljbluaZlZbegZf_gyh[b^mklh]hkZfh]h^gydZdfuih`_gbebkvBh[b^Z
wlZlZdgbdm^Zbg_^_eZkv?kebluohq_rvqlh[uy\_jgmeZkvlhijbqbgZlhfmijb\uqdZYg_
�^mfZxqlhlukbevghex[brvf_gy`bfFh`_lbgbdh]^Zg_ex[be
WlhZ[kmj^AZq_flu\k_lZd^jZfZlbabjm_rv"LhevdhkdZ`bqlhluohq_rvby\k_l_[_^Zf
K_cqZkyohqmgZkeZ`^Zlvky`bagvx
Ij_djZkghGZkeZ`^ZckyYg_klhxml_[ygZimlbb^eywlh]hg_gZ^hm[_]Zlvba^hfZ
GZ^h
Lukh[bjZ_rvky\h\k_f\bgblvf_gylZd"ZeycH[tykgbk\hbfkugh\vyfdZdhcyiehohc:
dh]^Z[m^_rvh[tykgylvg_aZ[u\ZcqlhwlhlumreZihke_ljb^pZlbk_fbe_lkh\f_klghc`bagbg_
y
HgZg_k\h^beZkg_]h]eZa
AgZ_rvqlhy^mfZx"Y^mfZxlumr_ehlf_gy\lhlkZfuc^_gvdh]^Zfuih`_gbebkv
YagZeqlhlugZqg_rvihfbgZlvfg_ijhreh_KZfh_\j_fyh[\bgylvf_gy\]j_oZo
\hk_fgZ^pZlbe_lg_]hxghrb
J_qvg_h[wlhfIjhklhymklZeZ`blvklhcl\h_cqZklvxdhlhjhc\k__s_\hk_fgZ^pZlve_l
dhlhjZy^hkboihjg_fh`_lijbfbjblvkykl_fqlhluh[jxoZlbeWf[_jEbgg=eZc^b^he`_g
ieZlblvihkq_lZfXghrZdhlhjuc^mfZ_lqlhaZkem`b\Z_l[hevr_]hgbdm^Zg_^_eky=hehk
klZefy]q_\g_faZa\mqZeZ[_kdhg_qgZymklZehklvMf_gy[hevr_g_lkbe`blvkqm\kl\hf\bgu
�`bfFg_gZ^h_ehihklhyggh^hdZau\Zlvqlhyebqghklv
LZdg_^hdZau\ZcYg_aZklZ\eyel_[ylZd`blvLukZfZ\u[jZeZwlhlimlv
Bl_i_jviulZxkvkg_]hk\_jgmlv
G_fh]mih\_jblvqlhlulZdZyw]hbkldZEbggLuohq_rvjZa\h^Z"Dehgbrvdwlhfm"?keb
ohq_rvjZa\h^blvkykdZ`bijyfhk_cqZkYg_fh]mb^Zevr_`blv\ih^\_r_gghfkhklhygbb
=h\hjbg_f_^e_ggh
Hgh`b^ZeqlhhgZ[m^_l\rhd_Hg`_ij_^eZ]Zeg_fukebfh_GhrhdZg_[uehbhgaZiZgbdh\Ze
Ihq_fmhgZg_]h\hjbl_fmqlh[uhgi_j_klZeg_klbqmrvbohlghr_gbyg_mom^rbebkv^hlZdhc
kl_i_gbqlhihjZ^mfZlvhjZa\h^_"B\gh\vhrb[ky
hafh`ghwlh[m^_lgZbemqrbf\ZjbZglhf
�`bfh[f_j
:gZ__ebp_ihy\behkvf_qlZl_evgh_\ujZ`_gb_hgZkeh\ghaZ]eygmeZdm^Zlh^Ze_dh^Ze_dh
AgZ_rvq_]hfg_ohq_lky"GZqZlv\k_kgZqZeZYohqmqlh[ufufh]eb\klj_lblvky\gh\vaZ[u\
hijhrehf^\ZlhevdhqlhihagZdhfb\rbokyg_agZdhfpZIhlhf_kebgZfg_ihgjZ\blkyh[s_kl\h
^jm]^jm]Zfukfh`_fjZa[_`Zlvky\jZagu_klhjhgu:_kebihgjZ\blky__]hehk
aZ\b[jbjh\Zehlqm\kl\lh]^Z[m^_fb]jZlvgZjZ\guoKh[ex^Zy[ZeZgk\eZkl_c
eZkl_c"?]hho\ZlbekljZoYg_ihgbfZxhq_flu]h\hjbrv
HgZk`Zehklvxihkfhlj_eZgZg_]h
gbdZdhcLjb^pZlvk_fve_lfg_ijbrehkv`blvkkhagZgb_flh]hqlh\gZr_ck_fv_y]jZ`^Zgbg
\lhjh]hkhjlZGh[hevr_ywlh]hg_ihl_jiex
=h\hjbeZhgZl_ji_eb\hjh\guf]hehkhfkeh\gh\ajhkeucqlhlhh[tykgyxsbcj_[_gdmb_]hwlh
jZatyjbeh
Ij_djZkghHgihl_jyekihkh[ghklvykghkhh[jZ`Zlvwfhpbb\ayeb\_jogZ^jZkkm^dhf
KqblZcqlhy^Zel_[_jZa\h^GZ^_xkvlubfih^Z\brvky
Hg[jhkbegZklheg_kdhevdhdmixjg_i_j_kqblZ\bohlh^\bgmeklmeb\ur_ebaaZeZgbjZamg_
h]eygm\rbkvohee_ihgyeqlh_]hijhrb[ihlHiylv__klZjZgbyfbihq\ZmreZmg_]hbaih^
gh]
BhgZ_s_kf__l]h\hjblvh\eZklbKiylgZ^pZlbe_lhgZdjmlbeZbfdZdohl_eZ?keb[hgg_
\klj_lbe__\k_fh]eh[uihclbih^jm]hfmHg[ug_\_jgmeky\Khe\_cr_gbg_klZe[uk_f_cguf
\jZqhfwlhm`lhqghHgaZgyeky[ugZmqgufbbkke_^h\Zgbyfbk\yaZek\hx`bagvkh^ghcba
f_`^mgZjh^guohj]ZgbaZpbcbdhe_kbe[uihfbjm[hjykvkbgn_dpbhggufbaZ[he_\Zgbyfbhq_f
\k_]^Zbf_qlZeFbeebhgu\hafh`ghkl_chldjuebkv[u_fm_keb[g_ijbrehkv`_gblvkygZg_cZ
baaZg___fmg_m^Zehkv\hkihevah\Zlvkygbh^ghc@_gmb^_l_cgZ^hdhjfblv\hlhgih^`Z\
o\hklb\_jgmeky\]hjh^bmgZke_^h\Ze^_ehhlpZ
G_]h^h\Zgb_i_j_ihegyeh_]h@bagv_]hdjmlhe_]eZgZ^jm]hcdmjkdh]^Zhg[ue_s_kebrdhf
fheh^qlh[uwlhhkhagZlvBijhbahrehwlhbaaZg__lhckZfhc`_gsbguqlhkb^_eZk_cqZk\
h[_^_gghfaZe_b]h\hjbeZqlhmg__g_[uehgbdZdhc\eZklbHgZgZ\_dbaZ]m[beZ_fm`bagvZ
l_i_jv\bgbeZ\h\k_f_]h
�`bfZkeh\gh]jhfhfihjZabehDjh\v[jhkbeZkv\]heh\m=hkih^bLZdhgZijZ\Z
HgiexogmekygZh^bgba^b\Zgh\mkl_guh[o\Zlbe]heh\mjmdZfbL_debk_dmg^ukdeZ^u\Zykv\
fbgmlubh^bgaZ^jm]bfjmrbebkvfuke_ggu_[ehdbf_rZ\rb__fm^hdhiZlvky^hbklbgu
HgZ]h\hjbeZijZ\^mml\_j`^ZyqlhhgaZlZbegZg__h[b^mijhklhh[b^ZwlZlZdkjhkeZkvkgbf
qlhhg__m`_g_magZ\ZeHgZijZ\ZIhijhr_kl\bbklhevdboe_lhg\k__s_\bgbe__
Bg_ijhklh\bgbegh\kyq_kdbgZdZau\Ze\ubkdb\Zeg_^hklZldbp_ieyekydf_ehqZf\k\h_f
mijyfkl\_g_`_eZe\b^_lvhq_\b^gh]hGZdZau\Ze`_gsbgm[eb`_dhlhjhcmg_]hgbdh]hg_[ueh
HgaZdjuejmdZfb]eZaZihdZqZe]heh\hchgZijZ\Z\h\k_f
=eZ\Z
�Jmdb`_cg^jh`Zebdh]^ZhgZ\lbjZeZiZogmsbcfbg^Ze_fehkvhg\dZ`^ucd\Z^jZlguc^xcf
k\h_]hljb^pZlbq_luj_oe_lg_]hl_eZg_bkdexqZybhdjm]eb\rbcky`b\hlbdKheg_qguck\_l
\eb\Zeky\hdghkiZevgb\khk_^g_cdhfgZl_gZdjh\ZlbDweZe_`Zekh[jZggucgh_s_jZkdjuluc
�q_fh^Zg[eb`_d\_q_jmDweme_lZe\Hklbg`_cgijbgyeZj_r_gb_mljhfbohl_eZ\uihegblv_]h
k_]h^gy`_lhqghagZyqlhihlhf_cg_o\Zlbl^moZ
HgZjZkq_ku\ZeZ\hehkuihdZhgbg_aZ[e_kl_ebihlhfihkfhlj_eZkv\[hevrh_\h\kxkl_gm
a_jdZeh\\ZgghcHgZiulZeZkvij_^klZ\blvk_[_dZdhcm\b^bl__DweghihgyeZlhevdhh^ghdZdhc
hg__g_m\b^blG_[ueh\g_cgbq_]hhlxghcdjZkhldbkjZa\hjhlZIe_c[hybebI_gloZmkZ
G_^h\hevgZyhgZ\_jgmeZkv\k\hxkiZevgx^hklZeZbardZnZkZfucdjZkb\ucoZeZlbdr_edh\uc
Z[jbdhkh\h]hp\_lZka_e_gufbebklvyfbgZjmdZ\Zobihih^hemgZ^_eZ_]hHgZ`_nbabdq_jl
ih[_jb@_gsbgZ^h[b\rZykyagZqbl_evguomki_oh\\k\h_ckn_j_^_yl_evghklbKq_]h_c
JZa\_hgZfh]eZm\Z`Zlvfm`qbgmdhlhjh]hbgl_j_kh\Zehlhevdh__l_eh"HgZblZdagZ_lqlhih
\ukhl_]jm^bbebhdjm`ghklblZebbg_khhl\_lkl\m_lklZg^ZjlZfDweZGhg_fh]eh_]hm^_j`b\Zlv
h^ghebrv`_eZgb_m\b^_lv__h[gZ`_gghc
;hevr_\k_]hgZk\_l_hgZ`Z`^ZeZ\aZbfghcex[\bM\_j_gghklvqlhex[bllhevdhhgZ\uau\ZeZ
�g_\ughkbfmx[hevZevr_fmqblvkyhgZg_`_eZeZGZ^hjZabgZ\k_]^Z\uykgblv_klvebmgbo
rZgkgZ[m^ms__bebhgZ\k_]hebrvhq_j_^gh_m\e_q_gb_DweZ
�`_cgmkeurZeZ`m``Zgb_we_dljhfhlhjZhldju\Zxs_]h]ZjZ`gu_\hjhlZbk_j^p__^\Zg_
\uiju]gmehmg__ba]jm^bHg^hfZ?_ho\ZlbekljZoKe_^h\Zeh\u[jZlv^jm]h_\j_fyg_lhl
^_gvdh]^Z_fmij_^klhyehe_l_lvq_j_a\kxkljZgmOhjhrh[uih^h`^ZlvihdZhgZmkihdhblky
h[j_l_l[hevrmxm\_j_gghklv\k_[_Gm`gh
Ljmkhklvij_lbeZ_cbhgZ`_kldhih^Z\beZ\hagbdr__[ueh`_eZgb_\ulZsblvbardZnZ\kx
h^_`^mbgZiyeblvgZk_[yK_]h^gyhgZ^he`gZihgylvg_ajyebhl^ZeZk\h_k_j^p_
=em[hdh\^hogm\hgZaZ\yaZeZihykoZeZlZ[Zglbdhfb[hkbdhfihre_iZeZ\dhjb^hj
�`_cg"
YgZ\_jom
Dh]^ZhgZhklZgh\beZkvgZ\_jog_ciehsZ^d_e_klgbpum^Zjuk_j^pZklZdhckbehchl^Z\Zebkv\
mrZoqlhmg__djm`beZkv]heh\Z
Hgihy\beky\ohee_
�h]Z^Zckydh]hyDweaZfhedgZihemkeh\_ih^gy\]heh\mbm\b^_\qlhhgZklhbli_j_^gbf
\qZk^gy\h[e_]Zxs_fr_edh\hfoZeZl_
Meu[gmekyaZkmgmejmdm\dZjfZg
Luy\b`magZ_rvdZd\klj_lblv]eZ\mk_f_ckl\ZHgZg_kfh]eZ[uhl\_lblv^Z`__keb[ub
ohl_eZ;b_gb_k_j^pZg_^Z\Zehgb\^hogmlvgb\u^hogmlvIh^gyeZjmdbdihykmfuke_gghr_iqZ
fhebl\mIh`ZemcklZ=hkih^bimklvhgaZohq_lf_gyjZ^bf_gykZfhcZg_ihlhfmqlhylZd
^he]hijhlb\hklhyeZ_fmIh`ZemcklZk^_eZclZdqlh[uhgohlvg_fgh]hf_gyex[be?_
g_mdex`b_iZevpukljm^hfkijZ\bebkvkmaehfbhgZ\klj_lbeZkvkDwehf\a]ey^hf\lhlkZfuc
fhf_gldh]^ZiheuoZeZlZjZahrebkvE_]dh_^\b`_gb_ie_qbhgmiZem__gh]
L_ieuckheg_qguck\_lhfu\Ze__l_ehhldju\Zy\k_fZe_gvdmx]jm^vhdjm]eb\rbcky`b\hlbd
[hevrmsb_[_^jZbkZfu_hj^bgZjgu_gh]b
Dweh[hfe_eHgZ`_iheh`beZh^gmjmdmgZi_jbeZbg_ki_rgh^\bgmeZkv\gba[eZ]hmoZy
fbg^Zevgufehkvhghf
=m[uDweZjZahrebkv=eZaZaZk\_jdZeb
?_gh]ZdhkgmeZkvgb`g_cklmi_gvdbhgZmeu[gmeZkv
Hgh[ebagme]m[ukeh\ghhgb\^jm]i_j_khoebbijhojbi_e
Hl\_jgbkvWlZg
Gbdh]^Z\`bagb
�`_cgj_adh\kdbgmeZ]heh\m:ogmeZm\b^_\qlhaZkibghcDweZ\^\_jghfijh_f_klhbl
ij_ih^h[gucWlZg;hgg_jHgkfhlj_egZg__kg_kdju\Z_fufbgl_j_khf
GZ^_xkvk\hbf\bablhfygbq_fmg_ihf_rZe
�Khk^Z\e_ggufklhghf`_cgjZa\_jgmeZkvb\ae_l_eZihe_klgbp_iheghklvxhl^Z\Zyk_[_hlq_l
kiZevgxaZoehigmeZ^\_jvijb\ZebeZkvdg_cGbdh]^Z\`bagbg_bkiulu\ZeZhgZlZdh]hklu^Z
:g_kdhevdhk_dmg^kimkly\^\_jvhklhjh`ghihklmqZeb
�hjh]Zy"=hehkhklhjh`gucghm\_j_gguckeh\ghjmdbq_eh\_dZagZxs_]hqlhmg_]h_klv
ebrvg_kdhevdhfbgmlqlh[ujZajy^blv[hf[mkaZims_ggufqZkh\uff_oZgbafhf
F_gya^_kvg_lMoh^bKe_au`]eb]eZaZHgZlZd^he]hh[wlhf^mfZeZijb^Z\ZeZwlhfm
lZdh_agZq_gb_Zl_i_jv\k_aZdhgqbehkvdZlZkljhnhc
�\_jv^Z\beZgZg__
HlklmibgZrZ]keZ^_gvdZyiha\hevfg_\hclb
HgZhlklmibeZm[blZy]hj_fg_\kbeZokihjblvIjb`ZeZkv]hehcaZ^gbp_cdkl_g_\k_lZd`_kh
kdhfdZggufoZeZlhfm]jm^b
Hg\hr_edjZ^mqbkvkeh\ghkhe^ZlhiZkZxsbckygZldgmlvkygZfbgm
Klh[hc\k_\ihjy^d_keZ^_gvdZy"
I_j_klZgvf_gylZdgZau\ZlvGbdh]^Zfg_g_[uehlZdklu^gh
:\hlwlhajyfbeZyLumkljhbeZ[_^ghfmWlmijZa^gbdWlhl^_gvhgaZihfgblgZ^he]hFh`_l
gZ\kx`bagvBylh`_
L\hc[jZl\b^_ef_gy]hehcYklhyeZi_j_^gbfgZe_klgbp_\q_ffZlvjh^beZ^mjZ^mjhc
&#xhl;&#x;&#xw;&#xlh;;&#xlu;&#xZ;&#x[k;&#xhe;&#xxl;&#xgh;&#xg;&#x_;&#xij;&#xZZ;&#x;�hl\wlhfluZ[khexlghg_ijZ\Zmjhklvg_bf__lgbdZdh]hhlghr_gbydl\h_cgZ]hl_Iha\hev
fg_ih\_kblvoZeZlbd\rdZnihdZlug_jZahj\ZeZ_]h\dehqdb
�`_cg\p_ibeZkv\oZeZl_s_dj_iq_
Hg\k_\j_fykfhlj_egZf_gyZlug_kdZaZegbkeh\ZIhq_fmlug_ij_^mij_^bef_gyqlhfu
g_h^gb"
LuaZklZeZf_gy\jZkiehokeZ^_gvdZyYiehohkhh[jZ`Ze:Wlg_fh]g_kfhlj_lvIjhreh
fgh]he_lkl_oihjdZdhg\ihke_^gbcjZa\b^_eij_djZkgmxh[gZ`_ggmx`_gsbgm\hiehlb?keb
[hgg_kfhlj_ey[uih^mfZeqlhmg_]hg_\k_\ihjy^d_k]heh\hc
Hgk\ys_ggbd
Kh[ulb_[ueh[eZ]hkeh\_ggh_Lum\_j_gZqlhg_ohq_rvqlh[uyih\_kbeoZeZl\rdZn"
Lu\k_h[jZsZ_rv\rmldm
Hlgx^vLhevdh[_kqm\kl\_ggucg_]h^ycfh`_lgZa\Zlvwlm\\ukr_ckl_i_gb^jZfZlbq_kdmx
kp_gmkf_rghchlqlhyl_[_kdZ`mYg_f_^e_gghkimsmkv\gbabm[vx_]hij_`^_q_fhg
ihdbg_lwlhl^hf
Meu[gmlvkyhgZg_ih`_eZeZGZh[hjhlj_rbeZgZ^mlv]m[db?c\k_]^Zwlh]hohl_ehkvghjZgvr_
hgZg_fh]eZihgylvdZdwlh^_eZ_lkyL_i_jv\k_ihemqbehkvkZfhkh[hc
Mf_gykZfh_[hevrh_ihljyk_gb_\`bagbZlukf__rvky
Yk\bgvyHghlhj\Ze__hlkl_gu_]hjmdbgZqZebih]eZ`b\Zlv]hemxkibgmGZl\h_f
f_kl_y[uijbdZaZefg_m[bjZlvkyijhqvihlhfmqlhyg_^hklhbg^Z`_^urZlvh^gbfklh[hc
\ha^mohf
Kh\_jr_gghkijZ\_^eb\h
�hjh]Zyf_gyhq_gvlj_\h`blkm^v[Zwlh]hij_djZkgh]hoZeZlZ?kebhghklZg_lkyf_`^mgZfb
fujZahlj_f_]h\iuevFh`_llu\k_lZdbhl^Zrv_]hfg_"
HgZijb`ZeZkvs_dhcd_]h]jm^bgZkeZ`^Zykvl_iehlhc_]hjmdkdhevaysboih__kibg_h^gZdh
L_i_jvyg_kfh]mkfhlj_lv_fm\]eZaZHgm`_^mfZeqlhyyauqgbpZ:k_]h^gyy_fmwlh
^hdZaZeZk_lZdghWlZgiblZ_lkeZ[hklvd`_gsbgZfk]j_ohf\djh\bWlhdj_kldhlhjuchg
^he`_gg_klb
Hgg_fh]g_aZf_lblvqlhy[_j_f_ggZ
?keby_]hihijhrmhggbdhfmg_kdZ`_lgbkeh\ZHgZ\a^hogmeZi_j_klZ\^mlvky
Y^he`gZq_j_awlhijhclbg_lZdeb"
Hgih]eZ^be__s_dmg_`ghijh\_e[hevrbfiZevp_fihkdme_
Ym\_j_gqlhlui_j_reZJm[bdhgkhc^yk\_jog_cklmi_gvdb
Ih`Zemc
IhkdhevdmfulZd^he]h`^Zebwlh]hlhj`_kl\_ggh]hkh[ulbyl_[yg_aZljm^gblih\j_f_gblv
_s_g_kdhevdhk_dmg^qlh[uyfh]ihrbj_jZa^\bgmlvwlbrlhju"HgZ\a^hogmeZdh]^Zhg
gZijZ\bekydhdgm
Lug_kh[bjZ_rvkyh[e_]qZlvfg_`bagv"
Ib\dh_fkemqZ_Hg^_jgmeaZrgmjbyjdbck\_loeugme\dhfgZlm
DZdgZkq_lWlZgZ"
MfZfh_fm[jZlmo\ZlZ_lHg^Z\ghmr_e
KgZqZeZjZa^_gvkylu
Gbdh]^ZLu\b^_eZf_gy]heuf^_kyldbjZaL_i_jvfhyhq_j_^v
?keblu^mfZ_rvqlhyh[gZ`mkvihdZlu[m^_rve_`Zlviheghklvxh^_luf
Bf_gghlZdyb^mfZxHgih^hr_eddjh\ZlbihklZ\beih^mrdbgZihiZmba]heh\vykdbgme
djhkkh\dbbme_]kyaZeh`b\jmdbaZ]heh\mkeh\ghijb]hlh\b\rbkvgZkeZ^blvkyohjhrbfnbevfhf
�`_cgg_agZeZlheb_caeblvkylhebkf_ylvky
:_kebyi_j_^mfZx"
Fuh[ZagZ_fqlhlukebrdhf]hj^Zqlh[u^ZlvaZ^gbcoh^?kebohq_rvqlh[uyaZdjue]eZaZ
kdZ`b
DZd[m^lhluboaZdjh_rv
�Ghihq_fmhgZijb^Z_l\k_fmwlhfmlZdh_[hevrh_agZq_gb_"eymfg_cr_c`_gsbguhgZ\_^_l
k_[ydZdfbgbfmf]emihQ_jl[u_]hih[jZeIhq_fmhgijhklhg_\uj\ZeoZeZlba__jmdbg_
ihklZ\begZwlhflhqdm"LZdg_l`_Kebrdhfwlhijhklhf_klhwlh]hhge_`blk\hbgkl\_ggufb
�bkdhjdZfb\k_juo]eZaZob`^_lqlh[uhgZijhy\beZoZjZdl_j`_cggZqZeZaZ\h^blvky
Ijh\_jylvlhgZ^h_]hZg___?fmlj_[h\Zehkvqlhlh^hdZau\Zlv\hlbijbreh\j_fy^Zlv_fm
rZgk
HgZaZdjueZ]eZaZb\ujhgbeZoZeZl
F_jl\ZylbrbgZ
�_kyldbfuke_cjhbebkv\__]heh\_h^gZkljZrg__^jm]hchg\hag_gZ\b^_e__l_ehhgmiZe\
h[fhjhdm\b^_\__[_^jZ__`b\hl\ua\Zemg_]hhl\jZs_gb_
�;hevr_hgZk^_j`b\Zlvkyg_fh]eZZhgq_j\ydOm`_q_j\ydZQlhhgaZfm`qbgZ_kebmg_]h
\uau\Z_lhl\jZs_gb_l_eh`_gsbgu\ugZrb\Zxs_c_]hj_[_gdZ"LZdbfgZa_fe_g_f_klh
?_]eZaZhldjuebkv
YwlhagZeZYagZeZqlhlu\hag_gZ\b^brvfh_l_ehHgZmi_jeZjmdb\[hdZ
wlbohjhr_gvdb_dbkdbkjhkdhrgufbnhjfZfbbal\h_]hijhreh]hg_fh]ebhlebqblve_ilhghl
ijhlhgZb_keblu^mfZ_rvqlhy[m^m\hllZdklhylvb`^ZlvihdZluijbdbg_rvh[t_ffhbo
[_^_jlhl_[y`^_l`_klhdh_jZahqZjh\Zgb_?_h[\bgyxsbciZe_p\uklj_ebe_fm\]jm^v
Bf_gghlZdb^he`gZ\u]ey^_lv\ajhkeZy`_gsbgZWlhl_ehkha^Zgh;h]hf^ey\uiheg_gby
hij_^_e_gguonmgdpbcZg_^eylh]hqlh[ugZg_]hlZjZsbekydZdhclh[he\Zgdhlhjh]hfh]ml
\ha[m^blvlhevdh^_\qmrdb_s_b]jZxsb_\dmdeu
Q_jlL_i_jvfg_ihgylghqlhi_j\uf^_ehffg_ke_^h\ZehaZldgmlvl_[_jhldeyihfH^gbf
�^\b`_gb_fhgmeh`be`_cggZdjh\Zlvi_j_dZlbekygZg__gZdjue__]m[uk\hbfb
KljZklghbyjhklghihp_eh\ZeIhp_emc^ebeky^he]hKgZqZeZ]m[uihlhf]jm^v`b\hlyfhqdb
�ih^dhe_gyfbg_kdhevdhhklZgh\hdihimlbJZa^jZ`_gb_`_cgjZklZyehdZd^ufmklmib\f_klh
`_eZgbx
HgZg_agZeZdh]^Zhgmki_eba[Z\blvkyhlh^_`^uGh\kdhj___jmdbeZkdZebkbevgh_fmkdmebklh_
�l_eheyq_eh\_dZ^_ckl\byex[h\gbdhfhg[uehq_gvg_lhjhieb\ufbwlhl^_gvg_klZe
bkdexq_gb_fyjdhfk\_l_hgmlheyek\h_ex[hiulkl\hbkke_^mydZ`^uc^xcf__l_eZ
i_j_\hjZqb\ZylZdbwlZdgZk\_lijhlb\k\_lZihdZhgZg_\afhebeZkv
Ih`ZemcklZy[hevr_g_fh]m
Hgih_ehabe]m[Zfbih__khkdmbojbiehijhr_ilZe\h\eZ`gmxhlihlZdh`m
Kfh`_rvfu_s_lhevdhgZqZeb
HgZgZdZaZeZ_]hgZqZ\fmqblvkh[kl\_ggufjlhfm`_ohjhrhagZy_]hqm\kl\bl_evgu_f_kl_qdb
Gh_]hkljZklvlhevdhih^h]j_\ZeZdh]^Zhgme_]kygZg__bh\eZ^_e_xhgZdhgqbeZijZdlbq_kdb
f]gh\_ggh
b^brvqlhlugZ^_eZeih`Zeh\ZeZkvhgZ\_jgm\rbkvgZa_fex
K_ju_]eZaZ]jhaghkfhlj_ebgZg__]hehk^jh`ZehlkeZ^hklghcm]jhaudh]^Zhg]em[hdh\h]gZe
k\h_]hfheh^pZ
;_^gy`dZIjb^_lkyfg_gZqbgZlv\k_kgZqZeZ
Fg_wlhgbdq_fmkhe]ZeZhgZ
Lh]^ZaZdjhc]eZaZb^mfZchq_fgb[m^v_s_ihdZyg_dhgqm
HgZjZkkf_yeZkvhgihp_eh\Ze__blml`_hgbjZkl\hjbebkv^jm]\^jm]_Gbdh]^ZhgZg_hsmsZeZ
k_[ylZdhck\h[h^ghcKdbgm\h^_`^mhgZk^ZeZihke_^gbch[hjhgbl_evgucjm[_`
Yl_[yex[exijhr_ilZeZhgZYlZdl_[yex[exHgp_eh\Ze__\]m[ukeh\ghkebau\Zy
keh\Z
KeZ^dZyFhykeZ^dZyLZdZyij_djZkgZy
Bol_eZihcfZebh[sbcjblfhgb\f_kl_ih^gbfZebkv\k_\ur_b\ur_h^bgaZ^jm]bf
ij_h^he_\ZyjZa^_ey\rb_bo[Zjv_ju:ihkdhevdmhgex[be__l_ehfhgZm`_[_ah\kydh]h
khfg_gbyagZeZqlhhgex[bl__bk_j^p_fBgh]h[ulvg_fh]ehbhkhagZgb_wlh]haZ[jhkbeh__gZ
aZh[eZqgmx\_jrbgmf_kl_hgbihagZebjZckdh_[eZ`_gkl\h
Ke_^mxsb_g_kdhevdhqZkh\hgblhh^_\ZebkvlhjZa^_\ZebkvHgiha\heye_coh^blv\h^gbokbgbo
re_iZgpZoHgZjZaj_rZeZ_fmgZdbgmlvihehl_gp_Lhevdhih\yaZlvbfg_[_^jZZr_x
I_j_dmkbebhgb\ihkl_eb^hevdbZi_evkbgZijbgyebZdlb\gh_mqZklb_\boex[h\guob]jZoIhlhf
hgb\f_kl_ijbgbfZeb^mrhgZhimklbeZkvi_j_^gbfgZdhe_gbih^kljmys_cky\h^hch[o\ZlbeZ
Hgbg_fh]ebgZkulblvky^jm]^jm]hfHgZqm\kl\h\ZeZqlhihy\beZkvgZk\_l_kh^ghcp_evx
m[eZ`Zlvwlh]hfm`qbgmgZkeZ`^ZykvlhcjZ^hklvxqlh^Zjbe_chgGbdh]^Z__lZdg_ex[beb
gbdh]^Zg_bkiulu\ZeZhgZlZdhcm\_j_gghklb\k\hbo`_gkdboqZjZoHgZhsmsZeZk_[ymfghcb
kbevghcg_`ghcbhl^Zxs_cky[_ahklZldZiheghklvxm^h\e_l\hj_gghcbohlyhgg_ijhbag_kwlbo
keh\Z[khexlghm[_`^_gghc\lhfqlhhg__ex[blIhlhfmqlhwfhpbblZdh]hgZdZeZg_fh]eZ
bklhqZlvlhevdhhgZ
Hlt_a^hghldeZ^u\Ze^hkZfh]hihke_^g_]hfhf_glZHklZ\r_]hky\j_f_gb_^\Zo\ZlZehgZ^hjh]m
^hZwjhihjlZDh]^Z^`biihdZlbeihih^t_a^ghc^hjh`d_hgZmeu[gmeZkvh[o\Zlb\k_[yjmdZfb
�Zevr_\k_[m^_lohjhrhih^mfZeZhgZ
EmqrbcdZgljb[_g^L_eZjhaurlZlL_oZk\_ebdhe_ighb]jZelmkl_ighDwehldehgbe
�ij_^eh`_gbyihlZgp_\ZlvbdjZkhldbba]jmiiuih^^_j`dbZeeZkkdbodh\[h_\bjhkdhrghc
k\_lkdhcev\bpubaHklbgZLZgp_\Zehgg_iehoh^Zlhevdh\uoh^blvgZlZgpiehsZ^dmg_ohl_ehkv
�bg_ihlhfmqlhgZihe_^ey]hevnZ\wlhl^_gvmg_]hg_keh`behkv_ij_kkbygZ\ZebeZkvgZDweZ
q_jgZydZdghqv\]hjZo
IjbqbgZwlhckZfhc^_ij_kkbb\hkk_^ZeZjy^hfkgbfb\u]ey^_eZkebrdhfm`jZ^hklgh^ey
q_eh\_dZdhlhjhfmijbrehkvhklZ\blvnml[heK\_leh\hehkZyfZeurdZm`_kaZ^ZldZfb
ih`bjZl_evgbpufm`qbgmxlghmkljhbeZkvgZk]b[__]hjmdbZddmjZllZf]^_iheZ]Zehkve_`Zlv
�nml[hevghfmfyqmIhgZ[ex^_gbyfDweZMwg^bKxaZgwglhgihdb^ZeZjmdmiZiZrdbebrvdh]^Z
lhlfZoZedexrdhc^ey]hevnZbebiha\heyefZl_jbihdhjfblvj_[_gdZ
�=j_ckbihdZaZeZl_[_gh\mxijbkljhcdmd^hfm"kijhkbe;h[[bLhfwglhgKihy\e_gb_f
j_[_gdZfuj_rbebqlhf_klZmgZkfZeh\ZlhHiylv`_imklv=j_ckbb\u[jZebfwjhfL_eZjhau
dZ[bg_l_cgm`_gb^hfZ
=j_ckb\k_fg_ihdZaZeZ;bLbDweh]ey^u\Zeky\ubkdb\Zyih\h^j_lbjh\Zlvkyghg_
gZoh^begbq_]hih^oh^ys_]h?fmijbreh\]heh\mqlhg_kdhevdhfbgmlijh\_^_gguogZ_^bg_k
�`_ghc;bLb=j_ckbKghmwglhgklZebijbylgufbkdexq_gb_fba\k_]hmbdwg^Z;h[[bLhf\wlh
\j_fyhqZjh\u\Zekihjlb\guoj_ihjl_jh\Mwg^b_kl_kl\_gghkb^_eZmg_]hgZjmd_lZdqlhDwem
g_ijboh^behkvkfhlj_lvgZjZ^hklgh_r_[mjrZs__kykms_kl\hb\b^_lvkh[kl\_ggh_[m^ms__
:\hlfZfZMwg^bDwemhq_gv^Z`_ihgjZ\beZkvohly_^\Zebdlhfh]ij_^klZ\blvk_[_qlhlZdhc
e_]_g^Zjguckihjlkf_gdZd;h[[bLhf`_gblkygZkZfhch[uqghc`_gsbg_JZgvr_lhhghdjm`Ze
k_[yjhkdhrgufb^_\ZoZfbZfwjL_eZjhaug_fh]eZiho\Zeblvky\g_rgbfb^hklhbgkl\Zfb
Dhg_qghkbfiZlbqgZyijbylgZy\h[s_gbbghg_[he__lh]h:_s_qm\kl\h\Zebkv\g_cijyfhlZb
bkdj_ggyyaZ[hlZhex^yoQ_flhhgZgZihfbgZeZijhn_kkhjZohlyg_kljZ^ZeZ__ijb\uqdhc
\g_aZigh\uiZ^ZlvbajZa]h\hjZh[^mfu\Zyg_dmxl_hjbxihgylvdhlhjmxfh]ehg_[hevr_^_kyldZ
ex^_cgZ\k_cA_fe_
Gh\ZyijbkljhcdZ^hklZ\beZ=j_ckbbfg_g_fZehijbylguooehihl;h[[bLhfmeu[gmekyb
k^\bgmekl_lkhggZaZluehdDwej_rbeqlh;bLbfh][u^ZlvWlZgmiZjmljhcdmmjhdh\ih
^bkpbiebg_DZd\ibkZlvky\h[jZadbgha\_a^uHq_gvm`a^hjh\hqblZekygZebp_;bLb\he_\hc
oZjZdl_jOhlybdjZkhlhcijbjh^Zwlh]hkmdbgZkugZg_h[b^_eZ
:hgZjZkkdZaZeZl_[_h[jmkqZld_dhlhjmxydmibe\h^ghf]hjh^_\aZiZ^ghfL_oZk_"=j_ckb
magZeZqlhhgbkh[bjZxlkyaZf_gblv__ZknZevlhfihwlhfmyih_oZelm^Zb^h]h\hjbekyqlh\u\_am
ihkfhljbdZdfu__bkihevah\Zeb
;h[[bLhf]h\hjbeh[jmkqZld_bihe_barbjhdbo^hkhdklZdbfwglmabZafhf[m^lhgbq_]h\Z`g__
^eyg_]hijhklhg_kms_kl\h\ZehZfeZ^_g_pijbevgmed_]hij_^ie_qvxkhkZedmeZqdbbg_k\h^be
]eZa_ghdkex[bfh]hiZihqdbDwemdZaZehkvqlhhgk_cqZkaZ^hog_lky
:^\mfyqZkZfbjZgvr_hgih^kemrZejZa]h\hjf_`^m\_ebdbfijbgbfZxsbfbNw[Dwce[hm
\eZ^_ebp_cKlZjaHdhjfe_gbb]jm^vxjh^_[u;bLbiheZ]Zeqlh=j_ckblmlqlhlh^_eZ_lg_
lZdHlghkblkydwlhfmg_^hklZlhqghk_jv_agh;h[[bLhfdhlhjuchlghkbekyk_jv_agh
bkdexqbl_evghdnml[hem\_ek_[ylZdkeh\ghdhjfe_gb_feZ^_gpZij_\ur_\k_]hgZk\_l_
�Z`_l_i_jvhl\hkihfbgZgbyh[wlhfjZa]h\hj_DweZ[jhkbeh\`Zjk_wlh\j_fyhgiheZ]Zeqlh
;h[[bLhfim^jbl\k_ffha]bijbdb^u\Z_lkyqlh\_]h`bagb\k_ij_djZkghZl_i_jvhg\b^_e
k\hbfb]eZaZfbqlh;h[[bLhf\wlh\_jblG_\hagbdZehbfukeb[m^lhmg_]hqlhlhg_lZdDweZ
m`ZkZehqlh\_ebqZcrbc\bklhjbbijhn_kkbhgZevgh]hnml[heZijbgbfZxsbcij_\jZlbeky\
fm`qbgm`bagvdhlhjh]hknhdmkbjh\ZeZkvgZ`_g_bj_[_gd_Dwe^Z`_ij_^klZ\blvk_[_g_fh]qlh
�e_]_g^Zjguc;h[[bLhfwglhgaZ[m^_ld_fhg[ue^eynml[heZZbf_gghwlhijhbahrehbaZ
hq_gvdhjhldbckjhd
DkqZklvx^eyg_]hih^hreZ=j_ckbbm\_eZkkh[hc;h[[bLhfZIj_`^_q_fhgbmrebDwe
aZf_lbe\ujZ`_gb_iheghcm^h\e_l\hj_gghklbf_evdgm\r__gZebp_;bLbdh]^Zlhlihkfhlj_egZ
`_gmbmg_]h\hagbdehhsms_gb_keh\gh_fmkh\k_ckbeu\j_aZebih^^uo
�Hg^hibeib\hbihiulZekym[_^blvk_[yqlhgZijhn_kkhjZhglZdgbdh]^Zg_kfhlj_eZlhevdh
m\_j_gghklb\wlhfmg_]hg_[uehIjhn_kkhj\ihke_^g__\j_fygZreZdg_fmih^oh^bdlhagZ_l
qlhhljZ`ZehkvgZ_]hebp_dh]^ZhgZhdZau\ZeZkvjy^hf
?keb[lhevdhhgZg_kdZaZeZqlhex[bl_]hhg\hafh`ghlZd[ug_iZgbdh\ZeGmdlhlygme__aZ
yaud"IhgZqZemdh]^ZhgZlhevdhijhbag_keZwlbkeh\Z_fmklZehl_iehbijbylghG_lZdlhe_]dh
aZ\h_\Zlvk_j^p_lZdhcmfghc\_k_ehcbg_`ghc`_gsbgudZdijhn_kkhjGhijbylghklvwlmdZd
\_ljhfk^mehdZdlhevdhhgijb[ue\L_eZjhambk\hbfb]eZaZfbm\b^_eihke_nml[hevgmx`bagv
�;h[[bLhfZwglhgZ
;h[[bLhffh]h[j_klbkqZklv_\h\k_cwlhc_jmg^_ghDweagZeqlhmg_]hgbq_]hlZdh]hg_\uc^_l
AZij_^_eZfbnml[hevgh]hihey_]hgbq_]hg_`^Zehgb[eZ]hl\hjbl_evgh]hnhg^Zdhlhjuf
ij_^klhyehmijZ\eylvgbjZ[hludhlhjhchgfh][u]hj^blvkywlhfijbagZekyhgk_[_kh[ZdZb
aZjulZ
DZdfm`qbgZfh]hklZ\Zlvkyfm`qbghcg_bf_ygZklhys_cjZ[hlu"M;h[[bLhfZ[ue
[eZ]hl\hjbl_evgucnhg^ghDweg_h[eZ^Zemf_gb_f;bLbaZklZ\eylv^_gv]bfgh`blvkyHgijhklh
^_j`ZebogZkq_lZob^h\hevkl\h\Zekyijhp_glZfbg_nml[heZ^hklhcghc`bagb^eyk_[yDweg_
\b^_eAZij_^_eZfbiheyfbj^eyg_]hg_kms_kl\h\Ze
�IjZ\^Zkms_kl\h\ZeZ`_cgb\q_jZ\_q_jhfijhsZykvkg_chghkhagZeqlhhgZ\hlebqb_hlg_]h
[he__g_jZkkfZljb\Z_lbohlghr_gbydZd\j_f_ggu_HgZm`_^mfZeZh^hsZlhfihe_ihehl_gpZok
fhgh]jZffhcbf_kl_\dhlhjhfhgbhky^mlkhklZjb\rbkvHg`_^eywlh]h_s_g_khaj_ehgg_
ohl_eqlh[uhgZ]h\hjbeZqlhex[bl_]hIhke_wlh]hhklZ_lkyebrvihijhkblv_]h\u[jZlvp\_l
^eydh\jZ\]hklbghcL_i_jvdh]^Zwlbkeh\Zijhbag_k_guhgZh`b^Z_lhlg_]hlh]h`_Zhgd
wlhfmg_]hlh\?s_g_]hlh\Bg_[m^_l]hlh\ihdZgZ]hjbahgl_g_aZfZyqblg_f_g__^hklhcgZy
�IhdZDweb]jZe\]hevn\L_eZjha_`_cgih^he]moh^beZih]hjZfbf_qlZeZh[m^ms_f
Ijbdb^u\ZeZ]^_[uhgbfh]ebihk_eblvky^mfZeZhlhfdZdbaf_gblvk\h_jZkibkZgb_qlh[u
bgh]^Zkhijh\h`^Zlv_]hgZ\u_a^gu_b]ju\hkdj_k_gv_[eb`_d\_q_jmhgZkh^jZeZkhkl_g
gbrb\dhlhjhchgbaZ\ljZdZebm`Zkgu_h[hbkf_lZeebq_kdbfbjhaZfbbk\ZjbeZdZkljxex
\_jfbr_e_\h]hkmiZgZdmjbghf[mevhg_
ihg_^_evgbdmljhf__jZa[m^bermf\h^u\^mr_bhgZihgyeZqlhDwe\_jgmeky\kdhj_ihke_
lh]hdZdhgZmkgmeZHgZih`Ze_eZhlhfqlhhgj_rbeg_[m^blv__bg_ijh\h^blvghqv\__
ihkl_ebihke_^gb_g_^_ebmg__\hreh\ijb\uqdmkhklZ\eylv_fmdhfiZgbxihdZhg[jbekygh
gZwlhljZahgZgZldgmeZkvgZaZi_jlmx^\_jvBm\b^_eZ_]hebrv\gbamdh]^ZkimklbeZkvgZdmogx
qlh[uihaZ\ljZdZlv
�h[jhih`Zeh\Zlv^hfhcijh\hjdh\ZeZhgZh`b^Zyqlhhglml`_h[gbf_l__
f_klhwlh]hhgijh[hjfhlZeqlhlhg_\jZamfbl_evgh_
DZdluku]jZe"kijhkbeZhgZ
Hl\jZlbl_evgh
hlbijbqbgZiehoh]hgZkljh_gbyHghlg_kimklmxfbkdmdjZdh\bg_kihehkgmeIh\_jgmekyb
mdZaZegZ]heu_kl_gukdhlhjuohgZkh^jZeZh[hb
Fg_g_gjZ\blkyqlhihijb_a^_^hfhcygZoh`ma^_kvjZa]jhf
L_[_g_fh]ebgjZ\blvkywlbhl\jZlbl_evgu_jhau
�_ehg_\lhfgjZ\bebkvhgbfg_bebg_lL_[_ke_^h\Zehi_j_]h\hjblvkhfghcij_`^_q_fqlh
lhf_gylv\fh_f^hf_
G_`gucex[h\gbdhdhlhjhfhgZ]j_abeZ\_kvmbdwg^bkq_a\__k_j^p_aZdjZeZkvlj_\h]ZHgZlh
gZqZeZ^mfZlvqlhwlhlm`Zkguchkh[gydb__^hfghhq_\b^ghhgijb^_j`b\Zekybgh]hfg_gby
�`_cg]em[hdh\^hogmeZbijh]ehlbeZh[b^m
Yg_ih^mfZeZqlhml_[yfh]ml\hagbdgmlv\hajZ`_gby
hagbdeb
OhjhrhFufh`_f\u[jZlv^jm]b_h[hbYkjZ^hklvxhde_xbfbkl_gu
DweZZ`i_j_dhkbeh
Yg_[m^m\u[bjZlvh[hbijhn_kkhjGbdh]^ZG_[m^_rvblulZdqlhaZ[m^_fh[wlhfHg
ko\ZlbekhklheZk\yadmdexq_c
Luohq_rvqlh[ukl_gulZdbfbbhklZebkv"
Bf_gghlZd
HgZaZ^ZeZkv\hijhkhflhebihkeZlv_]hdq_jlmlhebohlvdZdlhaZ^h[jblv"G_kfhljygZh[b^m
hklZgh\beZkvgZ\lhjhf\ZjbZgl_Dq_jlmhgZfh]eZihkeZlv_]hbihlhf
Yk\ZjbeZ\_jfbr_e_\uckmigZdmjbghf[mevhg_Lu\_jg_rvkydh[_^m"
G_agZxDh]^Z\_jgmkvlh]^Z\_jgmkvG_klZjZckyijb\yaZlvf_gydk\h_cx[d_ijhn_kkhjG_
ihemqblkyKwlbfhgbbkq_a\]ZjZ`_
HgZk_eZgZklmebkdZaZeZk_[_qlhg_]h`_hq_gvm`^jZfZlbabjh\Zlvkemqb\r__kyHg_s_g_
hlhr_ehli_j_f_guqZkh\uoihykh\jZkkljh_gbaaZlh]hqlhg_m^Zqghku]jZegZ]eZaZom^jma_c
\hlb]jm[bldhfmihiZehG_lgm`^ukibku\ZlvklhevjZ^bdZevgu_baf_g_gby\_]hhlghr_gbbd
g_cgZlhqlhijhbahrehf_`^mgbfb\^_gv_]hhlt_a^ZG_kfhljygZmlj_ggxx\uoh^dmDwe
k\_l_^gybijbagZeZkv_fm\ex[\b
HgZaZklZ\beZk_[ykt_klviheh\bgm]j_gdZ^mfZyhlhfdZd^he]hg_j_rZeZkvij_^klZlvi_j_^gbf
]hehcG_m`_eb__kljZobhijZ\^Zebkv"Bl_i_jvihke_lh]hdZdhgihemqbehlg__\k_qlhohl_e_c
�g_lf_klZ\_]h`bagb"\mfy^gyfbjZgvr_hgZg_khfg_\ZeZkvqlhhg__ex[blk_cqZk
m\_j_gghklb\wlhfihm[Z\behkv
�`_cg\klZeZgh\f_klhlh]hqlh[uih^gylvkygZ\_jobijbklmiblvdjZ[hl_gZqZeZ[jh^blvih
dhfgZlZfAZa\hgbel_e_nhg^\Zdhjhldbo]m^dZmdZau\ZebgZlhqlha\hgylih[bag_kghf_jmDweZ
GZwlba\hgdbhgZgbdh]^Zg_hl\_qZeZ
HgZdZdjZaijhoh^beZfbfh^\_jbdZ[bg_lZdh]^Z\dexqbekyZ\lhhl\_lqbdbhgZmkeurZeZ]hehk
dhlhjucohjhrhaZihfgbeZ
Dwewlh;jZcZgKemrZcy^he`_gg_f_^e_gghih]h\hjblvklh[hcIhdZy[ue\hlimkd_y
khh[jZabedZdgZfgZ^hwlhk^_eZlvIey`k[_eufi_kdhfhq_gvklbfmebjm_lfha]Hq_gv`Zevqlh
gZwlhmrehlZdfgh]h\j_f_gbDhjhq_\wlhlmbdwg^y\klj_lbekykh^gbfq_eh\_dhfqlh[u
m[_^blvkyqlhfhbmkbebyg_ijhiZebajybihoh`_ih[_^Z[m^_laZgZfbGh_kebfuohlbf
^_ckl\h\Zlv\j_f_gbl_jylvg_evayHgihfheqZeZihlhfijh^he`beihgbab\]hehk
Ihihgylgufl_[_ijbqbgZfihevah\ZlvkynZdkhfyg_ohqmihwlhfm\km[[hlmihkeZefhchlq_l
wdkij_kkihqlhcLZf\k_ih^jh[ghbaeh`_ghLu^he`_gihemqblv_]hk_]h^gymljhfIha\hgbfg_
dZdlhevdhijhql_rvHgohohlgmeKx[be__fl_[y
�HgZohjhrhihfgbeZZ^\hdZlZDweZ;jZcZgZ_ev]Z^h`Z^gu_]eZaZgZ]euc\b^
ij_g_[j_`bl_evgu_fZg_juQlhlh\a\hgd_Z^\hdZlZ\klj_\h`beh__hafh`ghaehjZ^gu_ghldb
��dhlhju_hgZmeh\beZ\]hehk__ev]Z^hhq_]hg_ijbylguclbi
HgZihkfhlj_eZgZqZkuihqlb^_\ylvHgZblZdihljZlbeZfZkkm\j_f_gbgZjZafure_gbyh
�ijhrehfg_aZq_f^h[Z\eylvdk\hbfi_qZeyf_s_ba\hghd;jZcZgZ_ev]Z^h_jgm\rbkvgZ
dmogxhgZgZebeZk_[_djm`dmdhn_hlg_keZ\k\hxdhfgZlm\dexqbeZdhfivxl_j
GZwdjZg_\uk\_lbeZkv^ZlZbhgZihqm\kl\h\ZeZdZd\hehkugZaZlued_\klZeb^u[hfF]gh\_gb_
hgZg_fh]eZihgylvihq_fmghdh]^ZhkhagZeZ\k_\klZehgZk\hbf_klZfZyHgbkDwehf
`_gZlum`_^\Zf_kypZKx[be__fl_[y
&#xki;&#xhf;&#xgb;&#xeZ;
&#xeh;&#xjZ;&#x^k;&#xl;&#xh;HgZijb`ZeZjmdmdhjlmKh\iZ^_gb_"kihfgbeZaehjZ^kl\h_ev]Z^hIhihgylgufl_[_
ijbqbgZfihevah\ZlvkynZdkhfyg_ohqmQlhwlhaZijbqbgu"HiZk_gb_qlhhgZfh`_lijhqblZlv
�hlq_ljZgvr_DweZ"`_cg\kdhqbeZkimklbeZkv\gbak_eZaZklheDweZg_kdhevdhjZaijhdjmlbeZ
aZibkv
Dmjv_jijb[uehdheh^_kylbHgZjZkibkZeZkvaZiZd_lhlg_keZ\dZ[bg_lkdjueZ[_afZe_cr_]h
dhe_[Zgby
Hlq_laZgbfZeg_kdhevdhkljZgbphli_qZlZgguojZagufbrjbnlZfbIhke_^g__mdZau\ZehgZlh
��qlh_ev]Z^h]hlh\be_]hkZfG_m^b\bl_evghK[hevx\k_j^p_hgZqblZeZij_^eh`_gby_ev]Z^h
klZjZykvk\udgmlvkykfukevxhlhfqlhaZgbfZykvkg_cex[h\vxDweh^gh\j_f_ggh]hlh\beky
hlhfklblv
Ijhr_eqZkij_`^_q_fhgZkfh]eZaZklZ\blvk_[yih^gylvkygZ\_jobgZqZlvkh[bjZlv\_sbHgZ
iha\hgbeZD_\bgmbihijhkbeZ_]hijb_oZlvM\b^_\aZiZdh\Zggu_q_fh^ZguhggZqZem[_`^Zlv__
hldZaZlvkyhlk\hboieZgh\ghhgZg_`_eZeZbkemrZlvBebrvihke_lh]hdZdhgZijb]jhabeZqlh
�DweZIj_`gyy`_cgm_oZeZ[ug_aZf_^ebl_evghgug_rgyyg_fh]eZg_ih\b^Zlvkykgbf\
ihke_^gbcjZa
=eZ\Z
�`_cgg_m_oZeZ
Q_j_ajZa^\b`gu_^\_jb]hklbghcDwem\b^_eqlhhgZklhbl\h^\hj_bkfhljblgZ]hjmKljZ^Zgbc
Furpuhgbg_aZf_lbedh]^Zhgbmki_ebaZl\_j^_lvgZqZebjZkkeZ[eylvkyHgZ_s_a^_kv
HgjZ[hlZegZlj_gZ`_jZodh]^ZD_\bg\hj\Zeky\kihjlb\gucaZekba\_klb_fqlh_]h`_gZ
aZiZdh\ZeZdhfivxl_jbkh[bjZ_lkym_a`Zlv\QbdZ]hD_\bgmihlj_[h\Zehkvihqlb^\ZqZkZqlh[u
jZaukdZlvDweZbfqZkv^hfhc\ijhiblZgghcihlhfnml[hed_bh[ly]b\ZxsboweZklbqguorhjlZo
Dwe[hevr_\k_]h[hyekyqlhm`_g_aZklZg_l__^hfZ
�HggbdZdg_fh]ihgylvqlhih^lhedgmeh__gZklhevjZ^bdZevgu_f_juZmljhfhggZ]jm[be_c
Bihlhfkh`Ze_eh[wlhfHiylv`_j_rbe\_jgmlvky^hfhc\h\j_fybkt_klvijb]hlh\e_gguc_x
�\_jfbr_e_\uckmiGh`_cgg_bal_odlh[_`blhl[hjv[uO\Zlblv_]hdZkl_lhfih]heh\_wlh
ihg_chg[u^Z`_g_m^b\bekyghhgbij_^klZ\blvk_[_g_fh]qlhhgZkh[_j_l\_sbbm_^_l
B\hlhgZklhyeZi_j_^gbfiheghklvxh^_lZyaZkl_]gmlZygZ\k_im]h\bpub_fmih^mfZehkvqlh
�djhf_g__klZdbfbays_kl\hfh^_\Zekylhevdhh^bgq_eh\_d_]hfeZ^rbc[jZleyih_a^dbhgZ
\u[jZeZieZlv_baoehiqZlh[mfZ`ghcldZgbkaZ\ur_gghclZeb_cl_fghdj_fh\h]hp\_lZk
[hevrbfbk\_lehdhjbqg_\ufbim]h\bpZfbgZ]jm^bK\h[h^gh]hihdjhyieZlv_ij_djZkgh
kdju\Zeh__[_j_f_gghklvb\u]ey^_eZhgZ\g_fhq_gveZ^g_gvdhcX[dZaZdju\ZeZgh]bghg_
baysgu_sbdhehldbbmadb_klhiuh[mlu_\ijhklu_dh`Zgu_kZg^Zebb
H[jmqbaq_j_iZoh\h]hiZgpbjyg_^Z\Ze\hehkZfiZ^ZlvgZebphDwegZ[ex^ZedZdkhegp_b]jZ_l\
ahehlbkluoijy^yob^mfZedZdZy`_hgZkbfiZlbqgZyDeZkkgZy`_gsbgZ_]h`_gZbDweZ
i_j_ihegyebijhlb\hj_qb\u_wfhpbbg_`ghklvb\h`^_e_gb_kfms_gb_bg_]h^h\Zgb_aehklvb
kljZklvKq_]hhgZj_rbeZm_a`Zlv"Hldm^ZlZdZybfimevkb\ghklv"GZex[mxk_fvx^hklZlhqgh
h^gh]h\aju\gh]hoZjZdl_jZboZjZdl_jwlhlijbgZ^e_`Ze_fm
Ghih`Zemcijh[e_fZg_\_]hoZjZdl_j_IZjZqZkh\\kiZevg_bhgaZklZ\bl__aZ[ulvhlhfdZdbf
]h\gxdhfihdZaZek_[ymljhfAZ[m^mlkyb\k_fukebh[hlt_a^_\QbdZ]hG_lgZklhysZyijh[e_fZ
\^jm]hfGmaZq_fhgZkdZaZeZqlhex[bl_]h"G_m`_ebhgZg_ihgbfZ_lwlbkeh\Zijhbag_k_ggu_
\kemodZj^bgZevgh\k_f_gyxl"
?keb[hgZ\hreZ\_]h`bagv^_kylvx]h^ZfbjZgvr_dh]^Z_fmg_ijboh^behkvaZ^mfu\Zlvkyh
\hajZkl_hlhfqlhihke_aZ\_jr_gbynml[hevghcdZjv_ju_]h`^ZeZimklhlZWlhijhn_kkhjme_]dh
hk_klvJZ[hlhcdZdmg__fh`ghaZgbfZlvky^hdhgpZk\hbo^g_cMg_]h`_lZdh]hg_[uehb
l_i_jvhgg_fh]hl^_eZlvkyhlqm\kl\Zqlh`bagv_]hih\hjZqb\Z_lg_lm^ZGZijZ\e_gb_wlh
�mkljhbeh[u;h[[bLhfZwglhgZZ\hl_fmj_rbl_evghg_]h^behkv
�;_jykvaZjmqdmjZa^\b`ghc^\_jbDwel\_j^hagZelhevdhh^gh`_cgdj_idhgZdjmlbeZk_[yb
jZkdjmlblvkyfh]eZlhevdh\h^ghff_kl_ih^ijhklug_cGhhgihgbfZeqlh^hklZ\blv__lm^Z
aZ^ZqZg_baijhkluo
Wcijhn_kkhj
�`_cgih\_jgmeZkvgZ]hehkDweZijbdjueZ]eZaZeZ^hgvxKjZklj_iZggufb\hehkZfbkiylgZfb
ihlZgZnml[hed_h[ly]b\Zxs_c\_ebdhe_igu_furpuhg\ur_egZhldjulmx\_jZg^m
Hgh[ehdhlbekygZi_jbeZiehlhy^ghmeu[gmeky
Yijb_oZeijyfhbalj_gZ`_jgh]haZeZbg_mki_eihfulvkyIhq_fm[ul_[_g_ih^gylvkygZ\_jo
bg_imklblvfg_\h^m_kebdhg_qghl_[_g_ohq_lky\dmkblvk_dkZih^_j_\_gkdb
HgZkmgmeZjmdb\dZjfZguieZlvybf_^e_gghih^gyeZkvih^_j_\yggufklmi_gyfDZdhgfh]\_klb
k_[ylZddh]^Z_fmg_[uehijhs_gby"
�Mljhfa\hgbe;jZcZg_ev]Z^hHgZklmibeZgZ\_jZg^m
Ihgylgh:fh`_lkhklZ\brvfg_dhfiZgbxih^^mr_fqlh[uyihl_jl_[_kibgdm"
�_ev]Z^hijbkeZehlq_lY_]hijhqeZ
WlmnjZamhgfbfhmr_cg_ijhimklbeghhlgx^vg_h[_kihdhbeky
KdZdbowlhihjlugZqZeZbgl_j_kh\ZlvkyfhbfbdhgljZdlZfb"
Hlq_ldZkZekyf_gyMeu[dZbkq_aeZ
=^_hg"
GZl\h_fklhe_HgZ\a]eygmeZ_fm\]eZaZiulZykvijhlhedgmlv\gbadhfhd[hebaZkljy\rbc
\]hje_GZkq_lf_gyj_r_gb_g_h[oh^bfhijbgylvg_f_^e_gghihlhfmqlh^haZk_^Zgbykh\_lZ
^bj_dlhjh\IjbahklZehkvlhevdh^\Z^gyDkqZklvxl\hceZd_cijh\_e\kxih^]hlh\bl_evgmx
�jZ[hlmHg\klj_lbekyk`_jjbFZcekhfb\^\h_fhgbh[lyiZebk\hb]jyagu_^_ebrdbL_[_
hklZehkvebrvih^ibkZlvq_dkhfgh]bfbgmeyfb
Yg_ihgbfZxhq_flu]h\hjbrv
��G_kf_cfg_e]ZlvIZevpu`_cgk`Zebkv\dmeZdbLuijbdZaZe_ev]Z^hih]m[blvf_gy
Yk_cqZk`__fmiha\hgxb\k_meZ`mWlhg_^hjZamf_gb_Hgih\_jgmekyd^\_jbghhgZ
aZklmibeZ_fm^hjh]m
�G_^hjZamf_gb_"HgZg_kdju\ZeZ]hj_qbLu^ZemdZaZgb__ev]Z^hihjmrblvfhxdZjv_jm
bl_i_jvgZau\Z_rvwlhg_^hjZamf_gb_f"
�Gbq_]hlZdh]hy_fmg_]h\hjbeZcfg_qZk\j_f_gbZihlhfyl_[_\k_h[tykgx
H[tykgyck_cqZk
Dweihoh`_ijbagZeqlhhgZbf__lgZwlhijZ\hbhlhr_ehl^\_jbdh]jZ`^_gbx\_jZg^u
�JZkkdZ`bfg_hq_fgZibkZe_ev]Z^h
�Hg^h]h\hjbekyk`_jjbFZcekhfbkihegbl_evguf^bj_dlhjhfIjbaqlhluih`_jl\m_rv
eZ[hjZlhjbbdjmigmxkmffmijbmkeh\bbqlhhgbba[Z\ylkyhlf_gyHgZ]em[hdh\^hogmeZ
�`_jjb`^_lhll_[yih^l\_j`^_gbyij_`^_q_ff_gym\heblvZ\kj_^mgZf_j_gba\_klblvhl\h_c
s_^jhklbkh\_l^bj_dlhjh\gZbohq_j_^ghfaZk_^Zgbb
Dweg_]jhfdh\ujm]Zeky
�YjZa[_jmkvkwlbfkmdbgufkughfM`_g_\i_j\ucjZa_ev]Z^h^_ckl\m_lihkh[kl\_gghc
bgbpbZlb\_
Luohq_rvkdZaZlvqlh\k_wlh_]hb^_y"
Bf_gghlZd
�M`_cgi_j_o\Zlbeh]hjeh
G_gZ^hDweG_\jbfg_?]h]eZaZ]g_\ghk\_jdgmeb
LuagZ_rvy[ugZlZdh_g_ihr_e
AgZqbllug_ijhkbe_]hijh\_klbjZkke_^h\Zgb_"G_ijhkbegZclbfh_kZfh_mya\bfh_f_klh
�Hgihl_jih^[hjh^hd\hijhk`_cgy\gh\urb[_]hbadhe_b
Wlh[ueh^Z\guf^Z\ghk_lZdkeh`gh
Yhq_gvmfgZb\k_ihcfmH[tykgb
Dweijhr_ekyd^\_jyfb__k_j^p_miZehhgZaZf_lbeZqlh_fmg_ohq_lky\klj_qZlvkykg_c
\a]ey^hf
�he`gh[ulvluihfgbrvkq_]hmgZk\k_gZqZehkvYgbdhfmg_iha\heye\aylv\_jogZ^kh[hc
bohl_egZdZaZlvl_[yHgkmgme[hevrhciZe_pih^j_abgdmrhjlblml`_\ulZsbeY]h\hjbe
;jZcZgmqlhohqmihd\blZlvkyklh[hcbihjmqbeijh\_klbjZkke_^h\Zgb_qlh[uagZlv]^_gZg_klb
hl\_lgucm^Zj
BqlhihdZaZehjZkke_^h\Zgb_"
K_dj_lh\ml_[yg_gZrehkvGZdhg_plhhg\a]eygmegZg__LumfgZbp_e_gZijZ\e_ggZB
djhf_jZ[hluml_[ygbq_]hg_l
�eywlh]hg_lj_[h\ZehkvgZgbfZlv^_l_dlb\h\
Lh]^Zywlh]hg_agZe
hllubj_rbehlgylvmf_gyfhxjZ[hlmih^\_eZhgZblh]
G_lHgko\ZlbekyaZjmqdm^\_jbIhijhr_kl\bbg_kdhevdbog_^_evyihhkluebhldZaZeky
hlk\hboieZgh\
Yl_[_g_\_jxGbh^bgZ^\hdZlg_[m^_laZgbfZlvkylZdbfb^_eZfbg_bf_ygZlhjZaj_r_gby
JZaj_r_gb_hgbf_eG_gZlZdh_ghDwehlh^\bgme^\_jvijhr_e\^hfYijhklhg_
kdZaZe_fmqlh[hevr_gbq_]h^_eZlvg_gZ^h\hlb\k_
Ihq_fmg_kdZaZe"HgZihke_^h\ZeZaZgbf
DZdlhg_keh`behkvHghklZgh\bekymdZfbgZGZ\Zebebkv^jm]b_^_eZhagbdeb
ijh[e_fukh^gbfnbgZgkh\uf^hdmf_glhfBihlj_[h\Zehkvg_fZeh\j_f_gbbmkbebcqlh[u
mljyklbboIhlhfhgm_oZe\hlimkdZy^\Z`^ug_hl\_qZegZ_]ha\hgdb
Ihq_fm"
G_ohl_ehkv]h\hjblvhdhgljZdlZo
Yg_dhgljZdl
G_lIjhklhy^mfZeqlhijhbkoh^ys__f_`^mgZfb_]hZ[khexlghg_dZkZ_lky]hehk_
ijhj\ZehkvjZa^jZ`_gb_Ybij_^klZ\blvk_[_g_fh]qlhhgij_^ijbf_ldZdb_lh^_ckl\byg_
kh]eZkh\Z\bokhfghc
jh^_[uluij_^hklZ\be_fmdZjl[eZgr
��ZghHgjZa\_ejmdZfb`_cgba\bgbf_gyY^_ckl\bl_evghg_^mfZeqlhhgijhy\bl
kZfhklhyl_evghklv
?cihe_]qZehk_lZdb\ihke_^gbcf_kyphgg_kljhbedhag_caZ__kibghcGhiheghklvx[hevg_
mreZ
Gbq_]h[uwlh]hg_ijhbahreh_keb[lukgyeljm[dmbijbdZaZe_fmhlha\Zlvk\hboikh\
Ihq_fmluwlh]hg_k^_eZeDwe"Lu[hyekyqlhwlbfmgbabrvk\h_fm`kdh_^hklhbgkl\h"
YiheZ]Zeqlhwlhg_\Z`gh\hlb\k_jh^_[uhlghr_gbymgZkgZeZ^bebkvlZdqlhhf_klbyb
^mfZlvaZ[ue
Iehohqlhlug_khh[sbeh[wlhfk\h_fmZ^\hdZlm
ba[Z\blvkyhll_[yy\qbgxbflZdhcbkdqlhhgblml`_aZijhkylihsZ^uGugq_qj_\Zlh
m\hevgylvkhljm^gbdZlhevdhaZlhqlhhg`_gsbgZ
Wlhfhb^_eZDweg_l\hb
�Zcfg_iZjmqZkh\Y\k_meZ`m
:qlhihlhf"jh\guf]hehkhfkijhkbeZhgZ
Ihlhfl_[_[hevr_g_ijb^_lkyh[wlhf\hegh\Zlvky
Yh^jm]hfIhke_lh]hdZdlu\k_meZ^brvqlh[m^_lkgZfb"
Gbq_]hk_hklZg_lkyihij_`g_fmHggZijZ\bekyddZ[bg_lmYk_cqZkiha\hgxdhfm
ke_^m_ljZa]jm`ml\hb\_sbbfukfh`_fihh[_^ZlvG_fh]mih\_jblvqlhlu^_ckl\bl_evgh
kh[bjZeZkvm_oZlv
Ke_^hfaZgbfhgZijhreZddZ[bg_lmghaZf_jeZgZihjh]_Ihl_jeZjmdb^Zlhevdhoheh^
dhlhjuchgZihqm\kl\h\ZeZr_ebagmljbZg_kgZjm`b
Yg_^mfZxqlhfukfh`_f`blvdZdij_`^_
�GZ\_jgydZkfh`_fDeygmkv;h]hfym\hex_ev]Z^h
G_\bgb_]h\lhfqlhgZqZeluDwejZa\_jgmekydg_cl_ehgZijy]ehkv
G_kf_clZd]h\hjblv?kebdlh\k_bgZqZelZdwlhlubih`ZemcklZg_aZ[u\Zch[wlhf
DZdyfh]maZ[ulv_kebijbi_j\hc`_\hafh`ghklblufg_h[wlhfgZihfbgZ_rv"
Hg]g_\ghkfhlj_egZg__hgZgZg_]hIhlhfhgZhl\_jgmeZkvDZdhcijhdhli_j_deZ^u\Zgby
\bgu^jm]gZ^jm]Z"
HgZ\gh\vkmgmeZjmdb\dZjfZguieZlvygZihfgbeZk_[_qlhom^rb___ih^haj_gbyhdZaZebkv
[_kihq\_ggufbHggbq_]hg_aZfureyeijhlb\g__dh]^ZhgbaZgbfZebkvex[h\vxGhe_]q__cg_
klZgh\behkvKemqb\r__kyebrvj_amevlZll_oijhlb\hj_qbcdhlhju_lZdbhklZebkv
g_jZaj_r_ggufbdhlhju_hgZb]ghjbjh\ZeZijbl\hjyykv[m^lhhgbg_kms_kl\mxl
k_]hg_kdhevdbfb^gyfbjZgvr_hgZij_[u\ZeZ\iheghcm\_j_gghklbqlhhg__ex[blBkljhbeZ
\ha^mrgu_aZfdbBjhgbykm^v[uHgZijb\udrZyhi_jbjh\ZlvlhqgufbgZmqgufbf_lh^ZfblZd
ihki_rghhldZaZeZkvhleh]bq_kdh]hfure_gbyHgZ\ulZsbeZjmdbbadZjfZgh\keh`beZbogZ
]jm^b
Fg_gZ^hagZlvdm^Zfub^_fDweBdZdb_lubkiulu\Z_rvdhfg_qm\kl\Z
Hq_flu"
Ih]hehkmh^gZdhqm\kl\h\Zehkvqlhhgij_djZkgh\k_ihgbfZ_l
DZdludhfg_hlghkbrvky
LuagZ_rvdZdydl_[_hlghrmkv
Hldjh\_ggh]h\hjyg_l
AgZqbll_[_ke_^h\Zehh[jZsZlv[hevr_\gbfZgbygZijhy\e_gb_fhboqm\kl\
Hgg_kh[bjZekymijhsZlv_caZ^ZqmghhgZl\_j^hj_rbeZ^h\_klb^_eh^hdhgpZj_fy]j_a
aZdhgqbehkvHgZohl_eZq_ldhhij_^_eblvihabpbbklhjhg
Lu]h\hjbeqlhyl_[_gjZ\exkvGbq_]h[hevr_
JZamf__lkylufg_gjZ\brvkyL_[_wlhohjhrhba\_klgh
HgZ\klj_lbeZkvkgbf\a]ey^hfbaZklZ\beZk_[yijhbag_klbkeh\Zdhlhjufhq_gvg_ohl_ehkv
ke_lZlvkyaudZ
Hghl\_e\a]ey^bhgZihgyeZqlhhgg_fh`_lkfhlj_lv_c\]eZaZ
Yih`Zemcyihevs_g?_gh]lb\hgabebkv\eZ^hgb
YlZdg_^mfZxFg_ij_^klZ\ey_lkyqlhfhyhldjh\_gghklvi_j_im]ZeZl_[y^hkf_jlbBy
qm\kl\mxqlhluf_gyg_ex[brv
�Zdh]hwlh\hegm_l"Hg\_jgmekydklhemFuhlebqgheZ^bfhq_fkh\k_fg_^Z\ghg_
fh]eh[ulvbj_qbmgZk[m^_lj_[_ghdQlh_s_gm`gh"Lufg_g_[_ajZaebqgZyohqmaZ[hlblvkyh
l_[_b^eyf_gywlhhq_gv\Z`ghHgmk_eky\dj_kehkeh\ghaZdju\Zy^bkdmkkbx
�`_cg`_iheZ]ZeZqlhlhqdmklZ\blvjZghhafh`ghhgZklZeZfm^j__aZihke_^gb_f_kypu
\hafh`gh\g_c]h\hjbehmijyfkl\hgh_cihdZaZehkvqlhgZwlhljZahg\dexqbe\bo
\aZbfhhlghr_gbyg_lhevdhk_dk^Zkf_rdb
;hxkvh^ghcaZ[hlug_^hklZlhqgh_kebj_qvb^_lhgZr_f[m^ms_f
Hgg_l_ji_eb\hfZogmejmdhc
;m^ms__kZfhhk_[_ihaZ[hlblkyGbh^bgbagZkg_`Z`^_lg_f_^e_gghe_alv\de_ldm
ihke_^gbcjZafu]h\hjbebhlhfqlhjZa\_^_fkyihke_jh`^_gbyj_[_gdZLuwlh]hohq_rv"
�hwlh]h_s_^Ze_dhDlhagZ_lqlhfh`_lkemqblvky"
Wlhihij_`g_fm\oh^bl\l\hbieZgu"
Wlh[uebi_j\hgZqZevgu_ieZgu
:l_i_jv"
G_agZxQlhfufh`_fagZlvh[m^ms_f"DZ`^uc^_gvfgh]h_f_gy_l
Y[hevr_g_ohqmhlf_jylv\j_fy^gyfb
Hgg_kh[bjZekyk\yau\Zlvk_[ygbdZdbfbh[yaZl_evkl\Zfb__`_wlhkh\_jr_gghg_mkljZb\Zeh
Ke_auj\Zebkvba]eZaghhgZg_iha\hebeZbfkdZlblvkyihs_dZfHgZ^he`gZ\uimlZlvkybawlhc
g_ijbylghckblmZpbbijyfhk_cqZkg_l_jyy^hklhbgkl\Zbk^_eZlvwlhq_klghbhldjulh
;hxkvyg_kfh]mhklZ\blv\k_dZdij_`^_DweYg_kh[bjZeZkv\ex[eylvky\l_[yyagZxlug_
ijhkbeh[wlhfghlZd\urehIhoh`_dh]^Z^_ehdZkZ_lkyl_[yy\k_]^Z^_eZxqlhlhg_lZd
HgZh[ebaZeZi_j_khorb_]m[uY\ha\jZsZxkv\QbdZ]h
Hg\ukdhqbebaaZklheZ
Q_jlZk^\Z
Yk\y`mkvklh[hcihke_jh`^_gbyj_[_gdZghg_jZgvr_Y[m^mhq_gv[eZ]h^ZjgZl_[__keb
hlghr_gbykhfghclu[m^_rvih^^_j`b\Zlvq_j_aZ^\hdZlZH[_sZxyg_[m^mkha^Z\Zlvl_[_
ljm^ghkl_cdh]^Z\klZg_l\hijhkhihk_s_gbbj_[_gdZ
Lum[_]Z_rv?]h]eZaZk\_jdZebL_[_g_o\ZlZ_l^momhklZlvkybgZclbijb_fe_fuc^ey
gZkh[hbo\uoh^\hllubm[_]Z_rv
HgZiulZeZkv]h\hjblvkihdhcgh
DZdhc\uoh^"Lu\k_jZ\ghohq_rvjZa\h^Z
Yg_lhjhiexkv
Gh\k_lZdbkh[bjZ_rvkyjZa\h^blvky
Bqlh"Fu^jmavylZdqlhg_lijbqbgmkljZb\ZlvkdZg^Ze;hevijhgabeZk_j^p_dh]^Zhg
ih^l\_j^belhqlhhgZm`_agZeZK\yaZ\rb_bomau[jZdZhgkqblZey\e_gb_f\j_f_ggufB
kh[bjZekyjZahj\Zlvbo\m^h[guc^eyg_]hfhf_glHgZih\_jgmeZkvb\ureZ\ohee
m^b\eyehLZdb_dZdDweg_ijb\udebdmevlbfZlmfZf
?keblu^mfZ_rvqlhyih[_]maZlh[hclhluhrb[Z_rvkyDZdlhevdhlu\uoh^brvaZwlm
^\_jvlufg_[hevr_g_`_gZBy\uq_jdgml_[ybak\h_c`bagbkeurbrvf_gy"
HgZdb\gmeZ]ehlZyke_au
�Ywlhk_jv_agh`_cg
FheqZhgZ\ureZba_]h^hfZ
Hgg_kfh]klhylvbkfhlj_lvdZdhgZm_a`Z_lAZoehigme^\_jvijhr_egZdmogx^hklZeba
deZ^h\hc[mluedmrhleZg^kdh]hF]gh\_gb_g_fh]j_rblvlheb\uiblv\bkdblhebr\ujgmlv
[mluedm\kl_gm;m^vhgijhdeyl_kebiha\hebl_c\_jl_lvbfdZdk\hbfiZevp_f?kebhgdq_fm
lhg_]hlh\ih__g_[u\Zlv
Hghl\_jgmeijh[dmih^gye[mluedmd]m[ZfRhleZg^kdh_h`]eh]hjehihebehkv^Zevr_G_ohq_l
hgZ_]h\b^_lv\hlbij_djZkghIhjZ_fm\ha\jZsZlvkydghjfZevghc`bagb
GhgZkljh_gb_hlwlbofuke_cg_memqrbehkv[he__lh]hohl_ehkvih^gylv]heh\mdihlhedmb
aZ\ulvHg\gh\v]ehlgme\bkdbkqblZyh[b^u
Hgij_^eh`be_c[hevr_q_fex[hc^jm]hc`_gsbg_hgij_^eh`be_ck\hx^jm`[mbqlhaZwlh
ihemqbe"Wlmq_jlh\m^jm`[m_fmr\ujgmeb\ebphlhevdhihlhfmqlhhgg_ih`_eZehimkdZlvkygZ
dhe_ghb^h[jh\hevghkh]eZrZlvky^hdhgpZ`bagb\u[bjZlv]j_[Zgu_h[hb
?]hjmdZk`bfZeZ]hjeurdh[mluedbHgg_k^Zklky?klvfgh]h`_gsbgbfheh`_bdjZkb\__
`_gsbgdhlhju_g_klZgmlkkhjblvkykgbfbaaZimklydh\dhlhju_k^_eZxl\k_qlhhgkdZ`_lZ
ihlhfhklZ\yl_]h\ihdh_hldh]hhgohl_eFheh^uobdjZkb\uodhlhju_hklZ\eyeb_]h\ihdh_
Gh\uc]ehlhdbhgijhr_kl\h\Ze\dZ[bg_lqlh[ugZ^jZlvkyihgZklhys_fm
�`_cgg_fh]eZm_oZlvg_ihijhsZ\rbkvkWggb:agZqblg_fh]eZiheghklvxk^Zlvky
gZ\Zeb\Z\r_fmkygZg__]hjxBih^hjh]_gZ]hjmKljZ^ZgbchgZqZklhfb]ZeZba]hgyyke_aub
gZ[bjZeZihegmx]jm^v\ha^moZqlh[uohlvg_fgh]hmkihdhblvkyHgZlhevdhihjZ^h\ZeZkvg_
aZf_lb\m^hfZZ\lhfh[beyEbggagZqblhgZkfh`_lihijhsZlvky[_ag_`_eZl_evguok\b^_l_e_c
�hfl_i_jv\u]ey^_ebgZq_Dwe\udjZkbe_]h\[_eucp\_lihijZ\bei_j_dhkb\rb_kyklZ\gbb
ijh\Zeb\r__kydjuevphoh^yhgZ]gZeZhlk_[y\hkihfbgZgbyhlhfdZd\_k_ehhgbkf_yebkv
dh]^ZjZ[hlZeb\f_kl_
�h[jZ\rbkv^hdmogbhgZm\b^_eZWggbkd\havk_lqZlmx^\_jvLZkb^_eZgZkhegurd_behfZeZ
^ebggu_kljmqdbnZkhebGZ[ex^ZyaZg_eh\dbfb^\b`_gbyfbjZa^mluoZjljblhfiZevp_\Wggb
�`_cgaZohl_ehkv\aylvmg__fbkdmbkZfhcehfZlvkljmqdbg_aZighhgZih^mfZeZqlhwlh
aZgylb_fh`_lku]jZlv\Z`gmxjhev\__`bagbi_j_[jhkblvfhklbddh\k_fl_f`_gsbgZfqlh
ijhrebihwlhfmk\_lm^hg__Dh\k_f`_gsbgZf\bklhjbbq_eh\_q_kl\ZehfZ\rbfkljmqdb
nZkhebbi_j_`b\Z\rbfkljZ^ZgbybaaZfm`qbgg_hl\_lb\rbogZboex[h\v
HgZijbdmkbeZ]m[m\ureZgZdjuevphWggbih\_jgmeZkvdg_c
�Z\ghihjZaZ]eygmlvdhfg_
�`_cgk_eZjy^hfkWggbgZi_j_ghkghcklmekiZjmkbgh\ufkb^_gv_fihkfhlj_eZgZfbkdmkh
�kljmqdZfbklhy\rmxgZ__dhe_gyoh[ju\hd]Za_lugZdhlhjhfm`_\ukbeZkv]hjdZhloh^h\`_cg
ihqm\kl\h\ZeZqlhg_l^eyg__k_cqZk[he__\Z`gh]h^_eZq_fehfZlvkljmqdba_e_ghcnZkheb
Fh`ghy"
Ohjhrh?_jmdb^jh`Zebdh]^ZhgZ[jZeZfbkdmKhkj_^hlhqb\rbkvhgZgZdehgbeZkvgZ^
fbkdhc\ayeZkljmqhdhklhjh`ghhlhj\ZeZdhgqbdb_jhylghhlhj\ZeZkdhevdhgZ^hihlhfmqlh
Wggbgbq_]hg_kdZaZeZHgbmiZeb_cgZieZlv_hgZ`_gZqZeZehfZlvkljmqhd
WlbkljmqdbbafZ]ZabgZMf_gygZh]hjh^_hgbdm^Zemqr_
@Zevqlhybog_m\b`m=hehkg_\u^Ze__JZa\_qlhqmlvqmlv
Hgb\ujZklmlaZ^he]h^hlh]hdZdmDweZgZqg_lkyij_^k_ahgguck[hjb\uh[Zm_^_l_\QbdZ]h
�`_cgg_fh]eZijhbag_klbgbkeh\ZayeZ\lhjhckljmqhdmo\ZlbeZkvaZdhgqbdhlhj\ZeZ
G_kdhevdhfbgmlhgZaZgbfZeZkvkljmqdZfbZWggbke_^beZaZilZrdhci_j_kdZdb\Zxs_ck\_ldb
gZ\_ldmjZklms_cm^hfZfZ]ghebbGhmfbjhl\hj_gghklvWggbbl_ieu_kheg_qgu_emqbgbqmlvg_
�mkihdZb\Zeb`_cgG_ihfh]ZeZbnZkhev
Ke_aZkdZlbeZkvkj_kgbpijheh`beZimlvihs_d_re_igmeZkvgZieZlv_?s_h^gZ\lhjZylj_lvy
P_eucjmq__dHgZijh^he`ZeZehfZlvkljmqdbbhldZaZeZkvhl[hjv[uk]hj_f
�IlZrdZme_l_eZWggbi_j_dexqbeZkvgZ[_edmH^gZbake_abghd`_cgmiZeZ\fbkdmknZkhevx
�WggbgZqZeZqlhlhgZi_\Zlvk_[_ih^ghk`_cgihdhgqbeZkihke_^gbfkljmqdhfmklZ\beZkv\
fbkdm^Z[um[_^blvkyqlhp_euog_hklZehkv
�WggbkmgmeZjmdm\dZjfZgklZjh]hnZjlmdZ^hklZeZjhah\mxkZen_ldmijhlygmeZ`_cgLZ
\ul_jeZ]eZaZs_dbh[j_eZlZdb]hehk
Yfg_[m^_lllZd\Zkg_^hklZ\ZlvWggbghywlh]h[hevr_g_\ug_kmY^he`gZm_oZlvHhg
f_gyg_ex[bl
Wggbih^`ZeZ]m[u
DZe\bghgg_agZ_lqlhqm\kl\m_l
&#x_;&#x]h;&#x;&#xha;&#xjZ;&#xkl;&#x_;&#xih;&#xjZ;&#x[;&#xu; ; g;&#xZl;&#xv;&#x;�_]h\hajZkl_ihjZ[ubagZlv`_cgk_j^blhkfhjdgmeZkv\kZen_ldm
G_\klj_qZeZ\lhjh]hlZdh]hfm`qbgmdhlhjhfmlZdg_ohq_lky\ajhke_lvH[uqghk\hajZklhf
[hjxlky`_gsbgu
Yg_fh]eZg_ihijhsZlvkyHgZijbih^gyeZkvb_^\Zg_\ujhgbeZfbkdm
Ky^vZg_lhjZkkuie_rvnZkhev
�`_cgih^qbgbeZkvWggbkljm^hf\klZeZkhklmeZ
�LuohjhrZy^_\hqdZ`_cgb;hgg_j:hgkdhjhijb^_l\qm\kl\h
YlZdg_^mfZx
Bgh]^Z`_g_lj_[m_lkyg_fgh]hl_ji_gby
;hxkvfh_bkkydehGh\u_ke_auihdZlbebkvihs_dZfDjhf_lh]h`_gZyg_gZklhysZy
:\hlwlhm`_ihegZyqmrv
Keh\kihjblvmg__g_gZrehkvihwlhfmhgZijhklhh[gyeZojmidmxklZjmrdm
KiZkb[haZ\k_Wggbghfg_ihjZ?s_jZaijb`Z\__dk_[_hgZgZijZ\beZkvd^hfm
Bm\b^_eZEbgg;hgg_jklhysmxgZaZ^g_fdjuevp_
=eZ\Z
LuhklZ\ey_rvfh_]hkugZ"
�GZebp_kimkdZxs_ckykdjuevpZEbgghljZ`Zebkvaehklvbg_^hmf_gb_K_j^p_`_cgmiZeh
Ihq_fmhgZaZ^_j`ZeZkvlZdgZ^he]h"Ihq_fmijhklhg_ihijhsZeZkvkWggbbg_m_oZeZ"HgZ
[ukljhhl\_jgmeZkvbjmdhc\ul_jeZfhdju_s_db
GZh[_^mgZk[m^_lnZkhevWf[_jEbggbyihlmrm__khk\bguf`bjhfgjZ\blkyl_[_wlhbeb
g_l
�Ih\_jgm\rbkv`_cg\gh\vihklZjZeZkv\hclb\jhev\ukhdhf_jghcg_\_kldbdZdhcijb\udeZ
\b^_lv__Ebgg
ZfgZ^hlhevdhjZ^h\Zlvkym^Zehkv\u^Z\blv_cbak_[yY[ueZm`Zkghc`_ghc
Ghwlbe`b\u_keh\Z_^\Zg_\ua\Zebgh\uc\h^hiZ^ke_aHgZ[ueZ_fmemqr_c`_ghcq_jl[u_]h
�ih[jZeBemqr_c`_guq_fhgZ_fmgbdh]^Zg_gZclb`_cg\gh\vhl\_jgmeZkv
G_m`_eb"]hehk_Ebgga\mqZeZg_ih^^_evgZylj_\h]Z
�`_cgihgyeZqlhjZaju^Z_lky_kebg_f_^e_gghg_ihdbg_lwlhl^hf
Fg_gZ^hmki_lvgZkZfhe_l;m^_lemqr__keb\uih]h\hjbl_kDwehfHg\k_\Zfh[tykgbl
HgZ^\bgmeZkvdm]emghg_k^_eZeZb^\morZ]h\dZd__hklZgh\bebamfe_gguc\kdjbdEbgg
=hkih^b^Zlu`_[_j_f_ggZ
HgZihkfhlj_eZgZEbggbm\b^_eZqlhlZmklZ\beZkvgZ__`b\hl:\lhfZlbq_kdbhimklbeZ]eZaZb
lhevdhlmlaZf_lbeZqlhih^khagZl_evghijbdjueZ`b\hljmdhcFZl_jbygZlygmeZkvblZcgh_klZeh
�y\gufJmdm`_cgm[jZeZghwlhm`_gbq_]hg_f_gyeh
Ebggbamfe_ggh\haajbeZkvgZg__
J_[_ghdDweZ"
Wf[_jEbgg=eZc^h^_jgmeZ__WggbQlhlug_k_rv"
GhEbgggbkdhevdhg_kfmlbeZkv
Hldm^Zfg_agZlv_]hwlhj_[_ghdbebg_l_kebygbq_]hg_ihgbfZx\bohlghr_gbyo"Y
ihgylbyg_bf_xqlhhgb^jm]\^jm]_gZrebbdZdihagZdhfbebkvY^Z`_g_agZxihq_fmhgZ
�ieZq_lLml]hehkmEbgg^jh]gmehe`gh[ulvijhbahrehqlhlhk_jv_agh_
�KljZ^Zgb_dhlhjh_`_cgm\b^_eZ\]eZaZoEbggklZehihke_^g_cdZie_cHgZihgyeZqlh^he`gZ
kdZaZlv_cijZ\^mJZamf__lkyaZsbsZyjh^bl_e_cDwejmdh\h^kl\h\Zeky[eZ]bfbgZf_j_gbyfbgh
blh]ihemqbekyieZq_\gucAZihke_^gb_q_luj_f_kypZhgZq_ldhmykgbeZqlhh[fZgd^h[jmg_
ijb\h^bl
J_[_ghdDweZjh\guf]hehkhfhl\_lbeZhgZBfg_hq_gv`Zevqlh\umagZebh[wlhf
lhevdhk_cqZk
Ghhggbdh]^Z]hehk_EbggkeurZeZkvh[b^ZHggbq_]hg_]h\hjbeIhq_fmhgg_
kdZaZefg_"
IhlhfmqlhklZjZekyaZsblblvf_gy
Hldh]h"
Hl\Zkb^hdlhjZ;hgg_jZDweg_ohl_eqlh[u\uagZebhlhfqlhy_fmk^_eZeZ
�JZkkdZau\ZcYjhklvbkdZabeZebphEbgg`_cg\b^_eZi_j_^kh[hcev\bpm^_l_gurm
dhlhjhc]jhabeZhiZkghklvImklv^_l_gurwlhlpZjv^`mg]e_cJZkkdZau\Zc\k_
Wggb\ayeZfbkdmkgZehfZggufbkljmqdZfb
�Yb^m\^hfbijb]hlh\exnZkhevdZdfg_gjZ\blky`_cgb;hgg_jluhklZg_rvkya^_kvihdZ
g_meZ^brvwlhl\hijhkkWf[_jEbggkeurbrvf_gy"BklZjmoZihie_eZkvdaZ^g_fmdjuevpm
�Ch]bhldZau\Zebkvkem`blv`_cgbhgZiexogmeZkvgZiZjmkbgh\ucklmeEbgg\ayeZ\lhjhcklme
��k_eZgZijhlb\`_cg`_cg\kihfgbeZkvfheh^_gvdZy^_\mrdZdhlhjZy^h^\moqZkh\ghqbi_deZ
fh]ebkdjulv]eZ\gh]hwlZ`_gsbgZagZeZdZdihklhylvaZk_[y
�`_cgiheh`beZjmdbgZdhe_gbi_j_ie_eZiZevpu
Dweg_ohl_eijbqbgylv\Zfbk\h_fmhlpmebrgxx[hevuklhevdhi_j_`beb\ijhrehf]h^m
Hg^mfZeHgZhimklbeZ]eZaZQbklZyijZ\^Zkhklhbl\lhfqlhyhlqZygghohl_eZj_[_gdZb
h[fZghf^h[beZkvqlh[uhgi_j_kiZekhfghc
�h[beZkvq_]h"
�`_cgaZklZ\beZk_[y\kdbgmlv]heh\m
YihklmibeZiehohG_q_klghYg_kh[bjZeZkv]h\hjblv_fm
�GhhgmagZe`_cgdb\gmeZ
=m[uEbggij_\jZlbebkv\madmxihehkdm
DlhijbgbfZej_r_gb_h[jZd_"
HgHgm]jh`Ze\ulZsblvf_gy\km^b^h[blvkyhi_dbgZ^j_[_gdhf_kebyg_kh]eZrmkvL_i_jv
yagZx_]hemqr_bkhfg_\Zxkvqlh[uhg^h\_e^_eh^hkm^Zghlh]^Zy_fmih\_jbeZ
�=em[hdh\^hogm\hgZgZqZeZklh]hmljZdh]^ZgZihjh]___^hfZ\hagbdeZ`h^bImeZgkdb
jZkkdZaZeZhih^Zjd_dhlhjucnml[hebkluj_rbebij_ih^g_klbDwemgZ^_gvjh`^_gbyh[tykgbeZ
kdZdbflsZgb_fhgZih^oh^beZd\u[hjmhlpZ__j_[_gdZ=h\hjbeZhgZgbq_]hg_kdju\Zyg_
iulZykvh[_eblvk_[y
Dh]^ZhgZhibku\ZeZk\hxj_ZdpbxgZl_e_\babhgguch[jZaDweZbkihglZggh\hagbdr__`_eZgb_
aZ^_ckl\h\Zlv_]h\ijhp_kk_aZqZlbyk]m[Ebggkhj\Zekylheb\hievm`ZkZlhebbkl_jbqguc
kf_rhd
Luohq_rvkdZaZlvqlh\u[jZeZDweZj_rb\qlhhg]emi"
�`_cgohl_eZ[uehh[tykgblvEbggqlhgZlZdmxfukevgZlhedgme__e_dkbdhgDweZb_]h\g_rgbc
\b^\_ebdhe_igu_fmkdmeubhq_\b^gZylmih\Zlhklvgh[ukljhkhh[jZabeZqlhex[ys_cfZl_jb
lZdh]hijhklhg_ihgylv
_jhylghyg_ijZ\bevghhp_gbeZ_]hohlyihgyeZwlhebrvq_j_ag_kdhevdhg_^_evihke_lh]h
dZdfuih`_gbebkv
k_agZxlqlhmfZDwemg_aZgbfZlvDZdlufh]eZih\_jblv\h[jZlgh_"
GZ\_jgh_g_dhlhju_bagZkg_lZdmfgudZddZ`_lkygZfkZfbfHgZijh^he`beZjZkkdZa
aZdhgqb\l_fdZdj_ihjl_juijhgxoZebh[bo[jZd_bhgZijbgyeZj_r_gb_ih_oZlvkgbf\
Khe\_cr_g
�EbphEbggiheuogmehbdbamfe_gbx`_cghgZihgyeZqlhk_j^blkyk\_djh\vg_gZg__
Dwefh][ukjZamkdZaZlvfg_ijZ\^m
Hgg_ohl_eqlh[u\uagZebh[wlhfHgkdZaZeqlh\e]mgu\ug_]h^bl_kvZihlhfmbklhjbywlZ
^hreZ[ub^h^jm]bomr_c_keb[uhg\k_\ZfjZkkdZaZe
�Gbq_]hg_kdZaZe^Z`_WlZgm"`_cgihdZqZeZ]heh\hc
ijhremxiylgbpmWlZg\b^_ef_gyh[s_fhgihgyeqlhy[_j_f_ggZghDweihijhkbe_]h
gbdhfmgbq_]hg_]h\hjblv
=eZaZEbggij_\jZlbebkv\s_ehqdb
KwlbfykghGhg_h[tykgy_ll\h_c\jZ`^_[ghklbihhlghr_gbxdgZf
�`_cg\gh\vijbrehkvaZklZ\blvk_[yg_hl\_klb\a]ey^
g_\_kldmdhlhjmx\uex[bebbg_ohl_ehkvijbqbgylv\Zfebrgxx[hev^jm][u\uijb\yaZebkv
dh\lhjhcZhgZlml`_jZa\_eZkv[uk\Zrbfkughfijhq_f_^\Zebijb\yaZebkv[ulhjhieb\h
^h[Z\beZhgZYagZxqlh`_gmDweZ\u\b^_ebg_lZdhcH^gZdhyg_fh]eZ\lbjZlvky\^h\_jb_d
\Zr_ck_fv_agZyqlhkdhjhgZrbimlbjZahc^mlky
Bluj_rbeZkjZamdhgnebdlh\ZlvkgZfb
ImlvgZbf_gvr_]hkhijhlb\e_gby
&#xuj;&#xZ`;&#x_g;&#xb_;&#xbp;&#xZ;º&#xf_;&#xgb;&#xeh;&#xkv;&#x;&#xi_;&#xj_;&#x^;�IhgylghujZ`_gb_ebpZbaf_gbehkvi_j_^`_cg\gh\vkb^_eZm\_j_ggZy\k_[_`_gsbgZ
�?_kbgb_]eZaZijbklZevgh\kfhlj_ebkv\`_cg:qlhluqm\kl\m_rvihhlghr_gbxdDwem"
�`_cgaZfyeZkvaZl_fmreZhlijZ\^b\h]hhl\_lZ
bgmY[_kdhg_qghi_j_^gbf\bgh\ZlZ
�Ex^b]h\hjbebqlhyobljhklvxaZlZsbeZgZk_[y`bfZqlh[uaZ[_j_f_g_lvghwlhg_lZd
Zf[uehiylgZ^pZlvEbgg:fg_ljb^pZlvq_luj_YagZeZqlh^_eZeZ
Bl_i_jvluohq_rvmkm]m[blv\bgmk[_]Zyhlg_]hHgZlhh`b^ZeZqlhihke___jZkkdZaZ
k\_djh\vlhevdhihjZ^m_lkykdhj_cr_fmhlt_a^mg_\_kldb
Hghgg_]hlh\dk_f_cghc`bagblZdqlhg_\Z`ghdh]^Zbf_gghym_^mLZdihemqbehkvqlh
fg_gZ^h\_jgmlvkydjZ[hl_Hghbdemqr_fm
?kebdemqr_fmlh]^Zihq_fmml_[y]eZaZgZfhdjhff_kl_"
�`_cgihqm\kl\h\ZeZdZdaZ^jh`Zebgha^jbihgyeZqlhk_cqZkihl_dmlke_au
G_gZ^hh[wlhfEbggIh`ZemcklZ
�Lu\ex[beZkv\g_]h"`_cg\kdhqbeZ
Y^he`gZ_oZlvH[_sZxqlh\ukfh`_l_\b^_lvkykj_[_gdhfdh]^ZaZohlbl_IjylZlv_]hhl\Zk
yg_[m^m
Luk_jv_agh"
JZamf__lky
Lug_[m^_rvhl^_eylvgZkhlfZeurZ"G_l
Ohjhrhyeh\exl_[ygZkeh\_HgZ\klZeZGZqg_fkwlhcfbgmlu
G_ihgbfZx
YohqmgZqZlvh[sZlvkykj_[_gdhfijyfhk_cqZkFy]dbc]hehkg_]Zjfhgbjh\Zekmijyfuf
jlhfYg_ohqmqlh[ulum_a`ZeZbaKhe\_cr_gZ
Y^he`gZ
�AgZqbllum`_gZjmrZ_rv^Zggh_keh\h`_cgho\Zlbeh\heg_gb_
Ghj_[_ghd_s_g_jh^bekyQ_]h\uhlf_gyohlbl_"
OhqmmagZlvdZdZyluKh^gygZr_c\klj_qbluklZ\brvf_`^mgZfbh^gm^ufh\mxaZ\_kmaZ
^jm]hc
um`_agZ_l_qlhyh[fZgmeZ\Zr_]hkugZ;_kq_klgh[_kk_j^_qghJZa\_wlh]hg_^hklZlhqgh"
DZaZehkv[u[he__q_fghihq_fmlhg_lYihgylbyg_bf_xqlhqm\kl\m_ldl_[_Dwe^Zlhevdh
^Z\ghyg_\b^_eZ_]hlZdbfkqZkleb\ufBy^he`gZkijhkblvk_[yZqlhgZreZ\l_[_Wggb"Fhy
fZfZq_eh\_dkeh`gucghhgZ^Ze_dhg_^mjZLZdqlhm\b^_eZhgZZyg_fh]mjZa]ey^_lv"
�`_cgihl_jeZjmdb
ulj_[m_l_hlf_gyg_\hafh`gh]hYg_\_jgmkvdDwem
A^_kv"
Wlhl^hfg_^hklZlhqghohjhr^eyl_[y"
��Zg_lHgZohl_eZkdZaZlvqlhlh_s_ghkbeg_hklZehkvjZfZlbq_kdb_kh[ulbywlh]h^gy
\u`Zeb__^hkmoZKZfZfukevhih_a^d_\Wr\beebi_j_e_l_ijb\h^beZ\m`Zk
�?s_h^gZilZrdZk_eZgZfZ]ghebxb`_cghkhagZeZqlhbf_gghwlh]h_cohl_ehkv[hevr_\k_]h
hklZlvkygZ]hj_KljZ^ZgbcOhly[ug_gZ^he]hEbgg[Z[mrdZ_s_g_jh^b\r_]hkyfeZ^_gpZ
bhgZm`_agZ_lijZ\^mLZdihq_fm_cg_ih`blva^_kvbg_^hdZaZlvk\_djh\bqlhg_lZdZyhgZb
iehoZyijhklhbghcjZaihlZdZ_lk\hbf`_eZgbyf
Mg__ih^dZrb\Zebkvgh]bK_cqZk[uqZrdmqZyk[mehqdhc?cohl_ehkvkfhlj_lvdZdiju]Zxl
ilbqdbihfZ]ghebb\uihegylvjZkihjy`_gbyWggb:^hq_]hohjhrhkb^_lvgZkhegurd_behfZlv
kljmqdbnZkheb
:\]eZaZoEbgghgZ\b^_eZih^^_j`dm
OhjhrhyhklZxkvGhlhevdhgZg_kdhevdh^g_cb\u^he`guihh[_sZlvqlhg_imklbl_\^hf
DweZYg_ohqm_]h\b^_lvG_fh]m
Wlhihgylgh
Ihh[_sZcl_fg_Ebgg
H[_sZx
Ebggihfh]eZ_cjZa]jmablvq_fh^Zgubijh\h^beZ\fZe_gvdmxdhfgZldm\^Zevg_cqZklb^hfZ]^_
klhyebmadZy`_e_agZydjh\ZlvbklZjZyr\_cgZyfZrbgdZAbg]_jGZ\up\_lrbo`_eluoh[hyo
�kbg_eb\ZkbevdbEbgghklZ\beZ__jZkiZdh\u\Zlv\_sbgh`_cglZdmklZeZqlhmiZeZgZdjh\Zlvb
aZkgmeZh^_lhcBkiZeZihdZEbggg_jZa[m^beZ__dh[_^m
H[_^ijhr_egZm^b\e_gb_fbjghohlyWggbb`Zeh\ZeZkvqlhEbggg_iheh`beZ\dZjlhn_evgh_
ixj_gbdmkhqdZfZkeZHgbdZdjZa^hfu\Zebihkm^mdh]^ZgZdmog_aZa\hgbel_e_nhgEbgg\ayeZ
�ljm[dmb`_cgg_ihlj_[h\Zehkvfgh]h\j_f_gbqlh[uihgylvdlhlj_\h`blboihdhc
DZdl\hclmjgbjih]hevnm"EbgggZfhlZeZrgmjgZiZe_pWlhiehohHgZihkfhlj_eZ
���gZ`_cgbgZfhjsbeZeh[Zl_[_kdZaZebijZ\bevghHgZa^_kvZIh]h\hjblvkg_c"
�`_cgihdZqZeZ]heh\hc\]eZaZoklhyeZfhev[ZWggbih^gyeZkvbaaZklheZhldm^Zjmdh\h^beZ
fulv_fihkm^uqlhlhg_h^h[jbl_evgh[mjdgmeZijhke_^h\ZeZ\]hklbgmx
�Yg_^mfZxqlh`_cgohq_l]h\hjblvklh[hcG_lyg_fh]maZklZ\blv__\aylvljm[dm
Ba\bgbDweghy^_ckl\bl_evghg_\dmjk___ieZgh\AgZxlhevdhqlh\b^_lvl_[yhgZg_ohq_l
EbgggZofmjbeZkvKhfghcg_ke_^m_ljZa]h\Zjb\ZlvlZdbflhghffheh^hcq_eh\_dbyl_[_g_
ihkuevguc?kebl_[_gZ^hqlhlh_ci_j_^ZlvkdZ`_rvkZf
Ihke_^h\ZeZ^he]ZyiZmaZDwe\q_flhm[_`^Ze__ghkeh\ZgZr_ey\ghg_l_ihlhfmqlhEbgg\k_
[hevr_b[hevr_aZdbiZeZ
Wlh\k_ihgylghghbgZfklh[hc_klvqlhh[km^blvDijbf_jmdZdihemqbehkvqlhl\hy`_gZ
qmlvebg_gZiylhff_kyp_[_j_f_gghklbZlug_m^hkm`beky^Z`_kdZaZlvfg_h[wlhf"
j_fyrehEbphEbggjZa]eZ^behkvGZebp_hljZabehkvaZf_rZl_evkl\h
YihgbfZxWlhijZ\^Z"
�`_cgihqm\kl\h\ZeZk_[yg_eh\dhih^kemrb\Zyqm`hcjZa]h\hjbijbkh_^bgbeZkvdWggb
�KlZjmrdZaZ^j_fZeZgZ^b\Zgqbd_i_j_^\dexq_ggufl_e_\bahjhf`_cgk_eZ\dj_kehdZqZedmb
HklZgh\beZkv_^\Zi_j_klmib\ihjh]kdj_klbeZjmdbgZ]jm^b
�DwejZkkdZaZefg_kh\k_f^jm]mxbklhjbx`_cg
G_m`_eb"
�Z`_g_mihfygmeqlhluh[fZgmeZ_]h
Qlh`_hgkdZaZe"
�Qlhm\Zk[uedhjhldbcjhfZgbluaZ[_j_f_g_eZ`_cgmeu[gmeZkvgZkljh_gb_mg__
memqrbehkv
DZdfbehk_]hklhjhguHgZihkfhlj_eZEbgg\]eZaZuagZ_l_qlhhgkhe]Zeg_lZdeb"
Ebggih`ZeZie_qZfb
IhdZ\ha^_j`mkvhl\u\h^h\
Wggb\kdbgmeZ]heh\mk_j^blhgZofmjbeZkv
?kebl_fZ^ey[_k_^um\Zkg_lZdZy\Z`gZydZdmfbkl_jZKlhmgZNbeebikZhgZfhlgmeZ
]heh\hc\klhjhgml_e_dhff_glZlhjZgZwdjZg_lhihq_fm[u\Zfg_aZfheqZlv"
HgbaZfheqZeb
�Fgh]hiha`_dh]^Z`_cgaZkgmeZEbggkb^_eZgZ^b\Zg_klZjZykvjZah[jZlvkyqlhdq_fmZ__
�fZlvkfhlj_eZh^gmba\b^_hdZkk_lk=ZjjbDhggbdhffeZ^rbfEbgglZdg_^hklZ\Zeh`bfZ
kdjbiZiheh\bpdh]^Zhgoh^beih^hfmmkihdZb\Zxs_]hghqgh]hr_ihlZdh]^Zhg]h\hjbeih
l_e_nhgmkd_flhba\klj_\h`_gguo[he_agvxj_[_gdZjh^bl_e_c
?cg_^hklZ\Zeh[hevrh]hl_ieh]hl_eZijb`bfZxs_]hkydg_cihghqZfr_e_klZmlj_gg_c]Za_lu
aZaZ\ljZdhf?cohl_ehkv`blv\kh[kl\_gghf^hf_bohaycgbqZlv\k\h_cdmog_gha^_kvhgZh[j_eZ
ihdhcdhlhjh]hg_agZeZfgh]b_]h^u
�`bf[ueijZ\HggZ\k_]^Zihl_jye^_\mrdmgZdhlhjhc`_gbeky\g_aZiZfylgu_\j_f_gZghhgZ
hlebqghihgbfZeZqlh\_jgmlvhgohq_lhlgx^vg___HgkZfohl_e\_jgmlvkygZaZ^\gh\vklZlv
xghr_ci_j_^dhlhjufe_`ZeZp_eZy`bagvkh\k_fb__kZfufbjZ^m`gufbi_jki_dlb\Zfb
Qlh`_dZkZehkv__kZfhclhEbgghlebqghihgbfZeZqlh_cm`_g_[ulvlhckqZkleb\hc
[_aaZ[hlghc^_\qmrdhcGhg_klZeZhgZboeZ^ghdjh\ghck^_j`Zgghc`_ghc^hdlhjZ;hgg_jZ
dZdhcohl_eZ\b^_lv__k\_djh\vmf_xs_cih^Z\eylv\mev]Zjgu_wfhpbhgZevgu_\uie_kdb
Lh]^Zdlh`_hgZ"@_gsbgZex[ysZyk\hxk_fvxwlhlhqghHgZh[h`ZeZbkdmkkl\hb`blvg_
fh]eZ[_awlbo]hjHgZlZd`_[he__g_`_eZeZqbkeblvky\ex^yo\lhjh]hkhjlZ\kjZ\g_gbbk
fm`qbghckdhlhjuf`beZkiylgZ^pZlbe_l
�Gh`bfZhlebqZeb]hj^hklvbmijyfkl\hHgZkeh\ghihfZoZeZi_j_^gbfdjZkghcljyidhcg_
dZiblmebjh\Z\ijbmihfbgZgbbjZa\h^ZImklu_m]jhaug_ih_]hqZklbbhg^_ckl\bl_evghih^Zkl
gZjZa\h^_kebhgZg_\_jg_lkydg_fmLZdhcm`mg_]hoZjZdl_jdZd\ijhq_fbmkugZG_kfhljy
gbgZqlhklhylgZk\h_fHgbkdhj__kehfZxlkyq_fkh]gmlky
�?_ijh[e_fZfk`bfhfm`_qmlvebg_khjhde_lZ\hlDwe"HgZfh]eZqblZlvf_`^mkljhdb
�ihgbfZeZqlh`_cgohq_l`blvkDwehfg_^_gvg_]h^Z^hdhgpZ`bagbZDweg_`_eZe[jZlvgZ
k_[ylZdboh[yaZl_evkl\
LZdihq_fm__kuglZdhlqZygghhl[judb\Zekyhlk_f_cguoma"hkiblu\Zekyhg\k_fv_]^_\k_
ex[beb^jm]^jm]ZIhq_fm`_hgg_`_eZ_lkha^Z\Zlvk\hxk_fvx"
ijhq_f_s_kjZgg_]h^_lkl\Z[hjv[ZhagZqZeZ^eyg_]h\k_Ebgg\kihfgbeZdZdhgZmqbeZDweZ
_s_[ueZj_[_gdhflZdqlh\b^_eZ\g_fg_lhevdhkugZghbiZjlg_jZihb]jZfHgZjbkh\ZeZ
deZkkugZih^t_a^ghc^hjh`d_m^hfZb_cgbdh]^Zg_aZ[ulvdZd__fZeuraZdmku\Zegb`gxx
]m[mZgZ_]hfhj^Zrd_hljZ`Zehkvl\_j^h_gZf_j_gb_\aylv\_jogZ^fZl_jvxhlEbggb
aZih^hajbeZqlh`_gZbk_fvykbf\hebabjh\Zeb^eyDweZaZ\_jr_gb_\Z`gh]hwlZiZ_]h`bagbaZ
dhlhjufhldju\ZeZkvabyxsZy[_a^gZaZf_gunml[hemhgg_gZoh^be
Ebggg_khfg_\ZeZkvqlhihke_jZa]h\hjZkg_cDweiha\hgbehlpmbkhh[sbehj_[_gd_HgZ
�ijh`beZk`bfhf^hklZlhqgh^he]hqlh[uagZlvdZdh[jZ^m_l_]hba\_klb_hihy\e_gbbgh\h]h
qe_gZbok_fvbDZdbEbgg_]hlh`_\hegh\ZehkqZklv_DweZGh\hlebqb_hgg___]hg_ljh]Zeb
qm\kl\Zfheh^hc`_gsbgudhlhjZyk_cqZkkiZeZ\fZe_gvdhcdhfgZl_
Ebggih\_jgmeZkvdfZl_jb
��he`gh[ulvDwem`_cg^Ze_dhg_[_ajZaebqgZbgZq_hgg_klZe[ufg_\jZlv
DZe\bg__ex[blIjhklhhgwlh]h_s_g_agZ_l
Lulh`_Wlhg_nZdlOhlyhgZkZfZgZqZeZjZa]h\hj__jZa^jZ`Zeh\k_agZckl\hfZl_jb:
�fh`_lhgZ\k__s_aebeZkvbaaZlh]hqlhWggbkhreZkvk`_cg[eb`_q_fhgZ
Lufh`_rv\_jblvq_fmohq_rvnujdgmeZWggb:yagZxhq_f]h\hjx
Hq_f`_"
hi_j\uohgZg_^Z_l_fmkimkdZB_fmwlh\g_cgjZ\blkyHgZ[h_pbhgZg_[hblky
�koe_klgmlvkykgbfLZdbodZd`_cgb;hgg_jgZ^h_s_ihbkdZlv
?kebhgZ[h_pihq_fmmoh^blhlg_]h"
Y^mfZx__kh[kl\_ggu_qm\kl\ZhdZaZebkv_cg_ihie_qmHq_gvm`\ex[beZkvhgZ\l\h_]h
kugZLu[u\b^_eZdZdhgbkfhlj_eb^jm]gZ^jm]Zdh]^Z^mfZebqlhbogbdlhg_\b^bl=eZaZlZd
b]hj_eb
Ebgg\kihfgbeZk\_lys__kykqZklv_febphDweZke_augZ]eZaZog_\_kldbbih^mfZeZqlhgZwlhl
jZa__fZlvkdhj__\k_]hijZ\Z
Wggb[mjZ\beZ__ijhgbpZl_evguf\a]ey^hf
:bofeZ^_g_p[m^_lq_jlh\kdbmf_g
Wlhg_ba[_`gh
�?kebkijhkblvf_gyykdZ`mqlhg_ohjhrhlZdhfmmfghfmj_[_gdmjZklbh^ghfm`_cgb
;hgg_jaZ\ZjbeZ\kxwlmdZrmij_`^_\k_]hbaaZg_kqZkleb\h]h^_lkl\Z
wlhfqlhlh_klv
HgZ]h\hjbeZfg_qlhqm\kl\h\ZeZk_[y\ujh^dhf
YihgbfZxqlhhgZbf_eZ\\b^m
LZdhfmj_[_gdmg_h[oh^bfu[jZlvybk_klju
Gh^eywlh]hjh^bl_eb^he`gu`blvih^h^ghcdjur_c
wlhfluZ[khexlghijZ\ZWggbhldbgmeZkvgZkibgdmdj_keZdZqZedb\a^hogmeZ
Ihoh`_\u[hjZmgZkg_lWf[_jEbggGZfijb^_lkyaZeh\blv_s_h^gh]h;hgg_jZ
Ebggmeu[ZeZkv\uoh^ygZdjuevphihke_lh]hdZd__fZlvhlijZ\beZkvkiZlvWggb\_jbeZqlh
�\^\h_fhgbjZkklZ\bebeh\mrdm`bfmGZkZfhf^_e_\k_[uehg_lZdghEbgghldZaZeZkvhl
ihiulhdh[tykgblvwlhfZl_jbWggb\_jbeZebrv\lh\hqlhohl_eZ\_jblv
;ebabeZkviheghqvihoheh^ZehEbggaZkl_]gmeZfhegbxklZjhckihjlb\ghcdmjldbDweZ\dhlhjhc
kfhljylkydm^Zemqr_q_fbabo]hjh^kdh]h^hfZ
Rmfijb[eb`Zxs_]hkyZ\lhfh[beygZjmrbe__ihdhck_fm`qbgu\__k_fv_[uebkh\ZfblZd
qlhijb_oZlvfh]bDwebWlZgHgZgZ^_yeZkvqlh_^_lklZjrbckugqlh[uihlj_[h\Zlv\_jgmlv
�_fm`_gmIhlhf\kihfgbeZ^Zggh_`_cgh[_sZgb_g_ih^imkdZlvdg_cDweZbgZofmjbeZkv
GhZ\lhfh[bevihy\b\rbckybaaZih\hjhlZijbgZ^e_`Zeg_DwembebWlZgmZ__fm`mHgZg_
�\_jbeZk\hbf]eZaZfKlh]h\_q_jZdZdhgZihdbgmeZ`bfZhgkx^ZgbjZamg_ijb_a`Ze
HgZ\kihfgbeZgZdZdbo\ukhdbolhgZoaZdhgqbekyboe_gq\lmaehkqZklgmxiylgbpmbih^mfZeZ
g_ijb_oZeebhgkl_fqlh[uihfZoZlvi_j_^__ghkhf\babldhcZ^\hdZlZki_pbZebabjmxs_]hkygZ
jZa\h^ZoHgZlhihgylbyg_bf_eZdZdex^bjZa\h^ylkyghagZeZqlhi_j\ucrZ]\wlhf^_e_
gZgylvZ^\hdZlZ:m`_kebZ^\hdZlgZgylkqblZcqlhk_f_cgZy`bagvdhgq_gZ
�`bf\ue_abafZrbgurbjhdhcihoh^dhcgZijZ\bekydg_cMg__mqZs_gghaZ[behkvk_j^p_Hg
g_fh]g_ijb_oZlvDwei_j_]h\hjbekgbfbi_jki_dlb\Zihy\e_gbygh\h]hj_[_gdZij_djZkguc
ih\h^^eylh]hqlh[uihiulZlvkym]h\hjblv__baf_gblvjZg__ijbgylh_j_r_gb_HgZko\ZlbeZkvaZ
k\_`_\udjZr_ggmxklhcdmih^^_j`b\Zxsmxhpbgdh\ZggucgZ\_kgZ^djuevphf?keb[ulhevdh
hgg_kqblZe__lZdhcgbdq_fghc
��`bfhklZgh\bekymi_j\hcklmi_gvdbihkfhlj_egZg__kgbam\_johe]hfheqZebamqZy__Z
dh]^ZaZ]h\hjbe]hehk_]ha\mqZehq_gvm`kmohnhjfZevgh
GZ^_xkvyg_gZim]Ze\Zkklheviha^gbf\bablhf
JZamf__lkyg_lLu`_\b^brvy_s_g_e_]eZ
Hghimklbe]eZaZgZf]gh\_gb_mg__\hagbdehhsms_gb_qlhhgohq_lm^jZlvghhgZagZeZqlhwlh
�g_lZd`bf;hgg_jgbdh]^Zgbhlq_]hg_m[_]Ze
Hg\gh\vihkfhlj_egZg__]eZaZ[e_kgmeblZdohjhrhagZdhfuf_cmijyfkl\hf
�Y`bf;hgg_j
HgZ\ulZjZsbeZkvgZfm`Z
Y^hdlhjbawlh]h]hjh^ZHgj_ogmeky"
�`bfqlhkemqbehkv"
Hgi_j_klmibekgh]bgZgh]mkeh\ghg_j\gbqZyghk^jm]hcklhjhgum\_j_gghklv\k_[_gZiZfylb
�Ebgghgl_jyeebrvh^gZ`^udh]^Zih]b[eb`_cfbbQ_jjb
Hgkp_ibejmdbi_j_^kh[hcghlml`_jZa`Zebo
Gmhldjh\_ggh]h\hjyyijh`bek`_ghcljb^pZlvk_fve_lZk_cqZkqlhlhmgZkjZaeZ^behkv
F_gywlhhq_gvh]hjqZ_lgh\f_klhlh]hqlh[ugZclbml_r_gb_\[mlued_yih^mfZeZg_ihfh`_l
ebfg_`_gkdh_h[s_kl\hHg]em[hdh\^hogmeYijhkeurZe\]hjh^_qlhfbeZy^ZfZ`b\_l
a^_kvkhk\h_cfZl_jvxbih^mfZeZg_aZ_oZlvebg_kijhkblvg_kh]eZkblkyeb^ZfZdZdgb[m^v
hlh[_^Zlvkhfghc"M]hehdjlZbah]gmeky\e_]dhcmkf_rd_dhlhjZykjZam`_bijhiZeZ?keb
dhg_qgh\Zkg_kfmsZ_lk\b^Zgb_k`_gZluffm`qbghc
Luijb]eZrZ_rvf_gygZk\b^Zgb_"
�ZfwfYdhg_qghaZiZfylh\ZedZdwlh^_eZ_lkyghgZ^_xkvg_m^Zjblv\]jyavebphf
HgZih^g_keZjmdmdhjlmk_j^p_[behkvqZklhqZklhAZe_gq_f\iylgbpmhgZ]h\hjbeZ_fmhk\h_f
`_eZgbb\klj_lblvkydZd^\Zg_agZdhfpZqlh[ugZqZlv\k_kgZqZeZbihkfhlj_lvihemqblkyebqlh
lhGhlh]^Zhg[uehq_gvahebhgZih^mfZeZqlhhg__g_mkeurZeIhke_klhevdboe_lkh\f_klghc
Kljm^hfih^Z\beZhgZ`_eZgb_[jhkblvky_fm\h[tylbybkdZaZlvqlh\k_aZ[ulhHgZg_ijh^Zklky
lZd^_r_\hbk^_eZggucbffZe_gvdbcrZ`hdgZ\klj_qmohlybjZ^h\Zeg_fh]bkdmiblv
^_kylbe_lbcgZijhly`_gbbdhlhjuolZdbofuke_cmg_]hg_\hagbdZehB_cohl_ehkvagZlvdZd
^Ze_dhhg]hlh\ihclb
hafh`ghmgZkg_lgbq_]hh[s_]hih^u]jZeZhgZ
�:fh`_l[ulv_klvmfZxfuwlh]hg_ihcf_fihdZg_ihijh[m_f
Gmg_agZxFZfZfh`_lg_h^h[jblv
FZfmhklZ\vl_fg_Ymf_xm]h\Zjb\ZlvklZjmr_d^Z`_k\Zjeb\uobaeuo
�Ebggqmlvg_jZkkf_yeZkvMijyfucl\_j^heh[uc`bf;hgg_jbgZl_[_lZdZyjhfZglbdZ?_
wlhljhgmehghi_qZevg_ijhoh^beZB_cihlj_[h\Zehkvg_kdhevdhf]gh\_gbcqlh[uihgylv
�ihq_fm;hevrmxqZklv`bagbhgZ\hkijbgbfZeZex[h\v`bfZdZd[jhr_ggmx_cfbehklugx?fm
g_ijboh^behkvij_^ijbgbfZlvdZdb_lhmkbebyhgZ[jZeZlhqlh_c^Z\Zebgbdh]^Zgbq_]hmg_]h
g_ijhkbeZHgZg_kha^Z\ZeZ_fmgbdZdboljm^ghkl_c\hlbl_i_jvqmlvg_ih[_`ZeZdg_fm_^\Zhg
j_rbeky^hklZ\blv_cjZ^hklv
HgZ\k__s_ihfgbeZijbdhkgh\_gby_]hxghr_kdbojmdL_i_j\u_jZaudh]^Zhgb^h[jZebkv^h
]eZ\gh]h_cg_ihgjZ\bebkvgh_cb\]heh\mg_ijbrehkdZaZlvg_lohlyhgZk[hevrbf
m^h\hevkl\b_fihkb^_eZ[u\Zil_d_khklZdZghfdhdZdheuG_h`b^ZgghhgZjZahaebeZkvHg
ijbqbgbe_c[hevebrZy^_\kl\_gghklbG_ki_pbZevghghijbqbgbe
Yh[wlhfih^mfZxhl\_lbeZhgZbmreZ\^hf
F]gh\_gb_kimklys_[_gdZ\ue_l_\rZybaih^dhe_kaZ[ZjZ[ZgbeZihkl_g_Hgkhj\ZefZrbgmk
f_klZkeh\ghh[haeb\rbcky\hk_fgZ^pZlbe_lgbcfZevqbrdZ
=eZ\Z
�\_g_^_ebDweg_ijb[eb`Zekyd]hj_KljZ^ZgbcAZi_j\mxljb`^ugZibekybh^bgjZa^Z`_
aZfZogmekygZD_\bgZdhlhjucgbdZdg_`_eZe\ue_aZlvba^h^`Zh\lhjmxg_^_exhgk^_kylhd
�jZaihju\Zekyih_oZlvaZ`_cggh]hj^hklvg_iha\heyeZM[_`Zelhg_hgG_hg\k_bkihjlbe
g_kmk\_lgufblj_[h\Zgbyfb
?fmlZd`_ijbrehkvijbagZlvhq_\b^gh_g_lmg_]hiheghcm\_j_gghklb\lhfqlhljbmijyfu_
`_gsbguimklyl_]hgZihjh]Km^yih\k_fm^himkdZebkv\^hflhevdhWlZg wlh_]hg_\hegh\Zeh\f
bD_\bgLZd_j Z\hlwlhq_jlh\kdbg_j\bjh\Zeh\fDweZljykehijbfukebhlhfqlhD_\bg_a^blgZ
]hjmKljZ^Zgbcdh]^Z_fm\a^mfZ_lkyb_]hlZfdhjfylboheylAebeh_]hb^jm]h_dZdlh\ureh
qlhwlhlLZd_jihk_ebeky\_]hkh[kl\_gghf^hf_
i_j\mxghqvdh]^ZDwegZ^jZeky\=hjp_LZd_j\uo\Zlbemg_]hdexqbhlZ\lhfh[beydZd
[m^lhDwekZfg_ihgbfZeqlh\lZdhfkhklhygbbaZjmevkZ^blvkyg_evayBf_gghlh]^ZDwe
aZfZogmekygZLZd_jZghdmeZdlhevdhjZkk_d\ha^moHqgmekyhggZiZkkZ`bjkdhfkb^_gv_
d_\bgh\kdh]hfbpm[bkbkiZc^_jklhbfhklvxk_fv^_kyllukyq^heeZjh\D_\bg\_a_]h^hfhc:
ihlhfhgm`_g_kfh]ba[Z\blvkyhlD_\bgZ
Hglhqghg_]h\hjbewlhfmkhieydmqlhlhlfh`_lhklZlvkyjh^_[ugZh[hjhl\_e_em[bjZlvkyba
_]h^hfZGhD_\bgijbebidg_fmdZd[Zggucebklohlykgyek_[_hq_gvg_iehohchkh[gyddm^Zih
i_j\hfm_]hkeh\mijb[_]ZeZKZeebL_jjbfZgblh]_hgbh[Zkfhlj_eb\b^_haZibkbfZlq_cbhg
h[tykgyeD_\bgmdZdh[uqgh^_ckl\h\Zeke_^h\Zei_j\hfmihju\m\f_klhlh]hqlh[u\u`b^Zlv
�IhdjZcg_cf_j_jZa[hjobljhkie_l_gbcb]juhl\e_dZe_]hhlfuke_ch`_cg?fmlZdg_^hklZ\Zeh
ijhn_kkhjZqlh[he_ebam[ugh\uoh^Zbakeh`b\r_ckykblmZpbbhggZclbg_fh]G_`_eZehg
k\yau\Zlvk_[ymaZfb[jZdZhkh[_gghk_cqZkdh]^Zlj_[h\Zehkviheghklvx[_ahklZldZ
\udeZ^u\ZlvkygZnml[hevghfihe_b_fmg_k\_lbeZgbdZdZy^jm]ZyjZ[hlZGh_fmgbdZdg_
�ohl_ehkvl_jylv`_cgIhq_fmhgZg_fh]eZhklZ\blv\k_dZd_klv\f_klhlh]hqlh[ulj_[h\Zlvhl
g_]hg_\hafh`gh]h"
IhealbgZdhe_gyogZ]hjmKljZ^Zgbcbmfheylv__\_jgmlvky"G_fukebfhHggbdh]^Zgbdh]hgbh
q_fg_ijhkbe?fmlj_[h\Zekyih\h^^eyih_a^dblm^ZZ\hl_]hlhbg_gZoh^behkv
Hg\k__s_g_ihgbfZeihq_fmhgZhklZeZkvmWggb\f_klhlh]hqlh[ume_l_lv\QbdZ]hgh_]hwlh
lhevdhjZ^h\Zehihkdhevdm^Z\Zeh_c\j_fyijbclb\k_[yHgZ`_kdZaZeZqlhex[bl_]hbg_
ijhbag_keZ[uwlbokeh\_keb[uhgbgbq_]h^eyg__g_agZqbebFh`_l_co\ZlblmfZijbagZlv
hrb[dmb\_jgmlvkydg_fm"
A\ydgme^\_jghca\hghdghh[sZlvkykd_feb[hDwemg_ohl_ehkvlZdqlhhgg_k^\bgmekykf_klZ
�KiZehg\ihke_^g__\j_fyiehohiblZekydh_dZd\hkgh\ghf\kmohfyldmZ`_EZdbqZjfkg_
jZ^h\ZebgZ\_\Zeb[he_ag_ggu_\hkihfbgZgbybaZaZ\ljZdhfhgh]jZgbqb\Zekyebrvdhn_Hg
ihl_jjmdhcaZjhkrbcs_lbghcih^[hjh^hdbihiulZeky\kihfgblvdh]^Z[jbeky\ihke_^gbcjZa
?fm\hh[s_gbq_]hg_ohl_ehkv^_eZlvdjhf_dZdkfhlj_lv\b^_haZibkbfZlq_c^ZdjbqZlvgZ
D_\bgZ
A\hghdg_mlboZebDwegZofmjbekyWlhg_LZd_jlhldZdbflhh[jZahf^h[uek_[_dexqFh`_l
K_j^p_qmlvg_\ukdhqbehba]jm^bhgm^Zjbekyjmdhch^\_jghcdhkydj\Zgm\rbkv\oheeGh
jZkiZogm\^\_jvm\b^_ehlpZZg_ijhn_kkhjZ
�`bfijhlbkgmeky\oheefbfhg_]hjZafZob\Zy[mev\Zjghc]Za_l_gdhcbal_oqlhjZkijhkljZgyxl
\kmi_jfZjd_lZo
Luwlh\b^_e"FZ]]bEhmweeihdZaZeZ__fg_ihke_lh]hdZdy\uibkZe_cj_p_ilDeygmkv;h]hf
gZl\h_ff_kl_y[uaZlZkdZel\hx`_gmihkm^Zf?kebluwlh]hg_k^_eZ_rvlhk^_eZxyBfg_[_a
jZagbpuqlhluhg_ckdZ`_rvYkkZfh]hgZqZeZjZkdmkbewlm`_gsbgmZlukebrdhfke_iqlh[u
\b^_lvbklbgm?]hlbjZ^Zj_adhh[hj\ZeZkvdZdlhevdhhg\a]eygmegZDweZQlhklh[hc"Lu
m`Zkgh\u]ey^brv
Dwe\uo\Zlbe]Za_lmbajmdbhlpZIj_`^_\k_]h_fm[jhkbeZkv\]eZaZnhlh]jZnbyhgbijhn_kkhj\
ZwjhihjlmH\nOZjZ\^_gv\ue_lZ\K_\_jgmxDZjhebgmHgofmjuchgZjZkl_jyggZyGh`b\hl
_fmkdjmlbehg_hlnhlh]jZnbbZhlaZ]heh\dZih^g_c
Y@?GBE:G:K?;?EMQR?=H
BK:FH=H=EMIH=H\f
DMHJL?J;?D:GNE
&#xZ;&#xl;&#xhj;&#xZo;&#xk;&#xlZ;&#xlv; ; g;&#xZq; e;&#xZk;&#xv;&#x^h; l;&#xhj;�&#xZ;&#xl;&#xhj;&#xZo;&#xk;&#xlZ;&#xlv; ; g;&#xZq; e;&#xZk;&#xv;&#x^h; l;&#xhj;�Z\lhjZoklZlvbagZqbeZkv^hdlhj`_cgZjebg]lhg;hgg_j
�_jvfh
LukdZ`_rv_s_fgh]hq_]hijhqblZ\wlm]ZebfZlvxFg_\k_jZ\gh[_j_f_ggZhgZbebg_lWlZ
`_gsbgZhlty\e_ggZye]mgvyHgZ]h\hjblqlhijbdbgmeZkvrexohcqlh[u__ij_ih^g_kebl_[_
gZ^_gvjh`^_gby\dZq_kl\_ih^ZjdZLZdhgZbaZ[_j_f_g_eZDZdl_[y\hh[s_m]hjZa^behkimlZlvky
kg_c"
Qlh`ihoh`_ijZ\^Z__g_hq_gvmkljZb\ZeZ\hlhgZb\u^mfZeZwlmg_\_jhylgmxbklhjbxB
agZ_rvqlhyl_[_kdZ`m"Ex^bdhlhju_qblZxlwlmiZjrb\mx]Za_l_gdmih^mfZxlqlhlZdhghb
[uehHgbih\_jylqlhbf_gghlZd\k_bijhbahreh
Dwek`Ze]Za_lm\dmeZd_?fmlj_[h\Zekyih\h^^ey\klj_qbk`_ghchg_]hihemqbe
�@bagv[_afm`qbg[h`_kl\_ggZLZd\h\kydhfkemqZ_]h\hjbebhgbk_[_Ebggb`_cgdZd
dhrdbg_`bebkvgZkhegp_bg_jZkq_ku\Zeb\hehku^hihem^gy_q_jhfhgbdhjfbebWggbfykhf
kdZjlhrdhckZfb`__ebl_jluckujk]jmr_cgZau\Zywlhm`bghfHgbi_j_klZebhl\_qZlvgZ
l_e_nhggu_a\hgdbh[oh^bebkv[_a[xkl]Zevl_jh\ZEbggmdjZkbeZkl_gmdmogbihkl_jhfk
fheh^uffmkdmebklufiZjg_f\ma_gvdboieZ\dZoDh]^ZihjZ^bhi_eJh^KlxZjlhgblZgp_\Zeb
�^jm]k^jm]hf`_cghl[jhkbeZij_`gxxkl_kgbl_evghklvb__gh]be_lZebgZ^dh\jhfdZddjuevy
]hem[db
��ey`_cgwlhlklZjucdhll_^`\h[jZe\k_[y\k_lhqlhhgZiheZ]ZeZ^hfhfHgZehfZeZkljmqdb
nZkhebbmdjZrZeZdhfgZlup\_lZfbKlZ\beZbo\kl_deyggu_klZdZgudblZckdb_nZygkh\u_
\Zahqdb^Z`_\djm`dbHgZg_fh]eZlhqghkdZaZlvihq_fmhgZbEbgglZd[ukljhgZrebh[sbc
yaudhafh`ghbaaZkoh`_klbbofm`_cbfg_lj_[h\Zebkvkeh\Zqlh[uihgylv^mr_\gmx[hev
dhlhjhcfmqbeZkvdZ`^Zybagbo
Hgbiha\heyebD_\bgm[u\Zlv\bo`_gkdhffhgZkluj_ihlhfmqlhhg\_k_ebeboHgbkf_yebkvb
qm\kl\h\Zebk_[y`_eZggufb^Z`_dh]^Zihih^[hjh^dml_d]jmr_\uckhdZ\\hehkZolhjqZeb
ljZ\bgdbHgbimkdZebbWlZgZlhevdhihlhfmqlhg_gZoh^beb\k_[_kbehldZaZlv_fmGh
jZ^h\Zebkvdh]^Zhgmoh^beihlhfmqlhWlZgg_kdju\Zek\h_ch[_kihdh_gghklb
Ebggi_j_klZeZihk_sZlvaZk_^Zgby`_gkdh]hdem[ZG_djZkbeZ\hehkubgh]lbihke_^gb_^Z`_g_
�ih^ibeb\ZeZDhfivxl_j`_cghklZ\Zeky\[Z]Z`gbd_wkdhjlZf_klhlh]hqlh[ujZkdju\Zlv
lZcguh[s_cl_hjbbiheyhgZqZkZfbe_`ZeZgZklZjhfr_aehg]_qlhklhyegZdjuevp_G_^_eZeZ
gbq_]hjZa\_qlhg_f_rZeZfeZ^_gpmjZklb\__`b\hl_
Hgbk\_lbebkvkqZklv_f=h\hjbebp_eufb^gyfbGhkaZoh^hfkhegpZjZa]h\hjm\y^ZeH^gZba
gboly`_eh\a^uoZeZ\lhjZyk]jmklvxijh\h`ZeZmiheaZxsbcaZ]hjbahglh]g_gguc^bkd
f_kl_kghqvxgZ]hjmKljZ^Zgbcijboh^behh^bghq_kl\hBfohl_ehkvkeurZlvly`_eu_rZ]b
�[Zkbklu_]hehkZg_fhgbihfgbebhlhfqlhij_^Zgufm`qbgZfbdhlhjuohq_gvex[bebgh
ghqvxhlkmlkl\b_ihke_^gbom`_g_dZaZehkv[eZ`_gkl\hfMgbo\hreh\ijb\uqdmeh`blvkykiZlv
ihjZgvr_qlh[ukhdjZsZlv\_q_jZaZlh\klZ\ZlvkaZj_c
�H^bg^_gvg_hlebqZekyhl^jm]h]h\hlblhmljhq_j_a^\_g_^_ebihke_ijb_a^Z`_cggZ]hjm
KljZ^Zgbcgbq_fhkh[_ggufg_\u^_eyehkvHgZihdhjfbeZWggbaZ\ljZdhfijb[jZeZkvihreZ
�ijh]meylvkyDh]^Z\_jgmeZkvFZjbZDwcjb@bkihegyeZh^gmbak\hbohkh[_gghaZ\h^guoi_k_g
bhgZaZklZ\beZEbgghlhj\ZlvkyhlaZgZ\_khddhlhju_lZ]eZ^beZbihlZgp_\Zlvkg_cIhlhf
ihkb^_eZgZdjuevp_:dh]^ZEbggi_j_fueZihkm^mhlijZ\beZkv\h]hjh^
�Furpujmd[he_ebdh]^Z`_cgfhlu]hcjuoebeZihq\mf_`^m]jy^dZfbih^dZiu\Zykhjgydb
�]jhab\rb_aZ]emrblv^jZ]hp_ggu_jhkldbnZkheb_gv\u^Zekyl_ieuflZdqlh\kZ^mke_^h\Zeh
ihjZ[hlZlvkmljZihjZgvr_ghl_i_jvp_e_khh[jZaghklvl_obebbguo^_ckl\bc__g_\hegh\ZeZ
HgZjmdh\h^kl\h\ZeZkvlhevdhk\hbfb`_eZgbyfbhlbmljhf_cohl_ehkvihe_`ZlvgZr_aehg]_b
g_f_rZlvj_[_gdmjZklb
ih^o\Zlbeih^he__klZjhfh^gh]hp\_lZklh]hieZlvybh[\bebfdhe_gbHlfgh]hqbke_gguoklbjhd
fZl_jbyf_klZfb\ul_jeZkvqmlvebg_^h^ujWggb]h\hjbeZqlhdh]^ZlhwlhieZlv_gjZ\behkv_c
[hevr_ex[h]h^jm]h]h
�Fh`_l_cklhblihijhkblvWlZgZbebD_\bgZ\ulZsblvba[Z]Z`gbdZdhfivxl_j^mfZeZ`_cg:
fh`_lg_klhbl^jm]hgZgZqg_ljZ[hlZlvZbajZ^bhaZa\mqbl]hehkJh^ZKlxZjlZ"BebihdZhgZ
[m^_l[blvkykmjZ\g_gbyfbbaa_feb\ue_amlgh\u_khjgydbbaZ]emrZlg_hdj_irb_jhkldb
nZkheb"
�G_lJZ[hlZk_cqZkg_ZdlmZevgZimklv^Z`_`_jjbFZcekbie_l_laZ]h\hjuklj_fykvihjmrblv__
dZjv_jmJZ[hlZg_ZdlmZevgZdh]^ZgZ^hijhiZeu\ZlvnZkhevjZklblvj_[_gdZBohlyh[sZyl_hjby
iheyfZgbeZ___cg_ohl_ehkvih]jm`Zlvky\fbjpbnjf_klhwlh]hhgZex[h\ZeZkvg_[hfgZ^
]hjZfbbaZklZ\eyeZ\_jblvk_[yqlhb`bagvmg__lZdZy`_[_a[j_`gZy
LZdhcbaZklZe__DwekZ^mkeZ^hgyfbmo\Zlb\rbfbq_j_ghdfhlu]bkebphfih^gylufdg_[m
Mg_]hi_j_o\Zlbeh^uoZgb_dh]^Zhgm\b^_e__hk\_s_ggmxkhegp_f\klZj_gvdhfieZlv_hehku
jZklj_iZebkvbk\_jdZebahehlbklhcdhjhghcHgZkeh\ghkebeZkvkg_[hfba_fe_cklZeZboqZklvx
Ihlb\_l_jhdijbe_ibebieZlv_dl_embl_i_jvfZl_jbygbq_]hg_kdju\ZeZh[gZ`ZybfZe_gvdmx
�]jm^vbdjm]eucaZf_lghih^jhkrbc`b\hlbd`_cgjZkkl_]gmeZ^\_\_jogb_im]h\bpubieZlv_m
r_bjZkdjuehkv\uklZ\b\gZihdZa\eZ`guciuevguclj_m]hevgbd
HgZa^hjh\haZ]hj_eZjmdbgh]b\uiZqdZggh_ebphlj_m]hevgbd\_jrbghcgujyxsbcf_`^m
]jm^_cu]ey^_eZhgZkh\k_fdZddj_klvygdZbal_okbevguog_k]b[Z_fuo`_gsbgdhlhju_
�kmf_eb\u`blv\wlhfkmjh\hfdjZx\h\j_fy_ij_kkbbG_hlju\Zy\a]ey^Zhlg_[ZhgZ\ul_jeZ
luevghcklhjhghceZ^hgbeh[hklZ\b\gZg_f_s_h^gm]jyagmxihehkmMg_]hi_j_khoeh\hjlm
dh]^ZieZlv_gZlygmehkvgZ]jm^baZe_aehf_`^mgh]ih^djm]euc`b\hlbdGbdh]^ZhgZg_[ueZ
lZdhcij_djZkghcdZd\wlhkZfh_f]gh\_gb_\kZ^m_]h[Z[mrdb[_a]jZgZdhkf_lbdb\u]ey^_\rZy
gZ\k_k\hbljb^pZlvq_luj_]h^Z
_l_jaZrmjrZe]Za_lhcdhlhjmxhg^_j`Ze\jmd_blml`_aZkibghcjZa^Zeky]hehkWggb
Moh^bkfh_ca_febDZe\bgL_[ykx^Zgbdlhg_ijb]eZrZe
�=eZaZ`_cgrbjhdhjZkdjuebkvhgZ\ujhgbeZfhlu]m
Hgih\_jgmekyqlh[um\b^_lv\u[_]Zxs_]hbaaZm]eZhlpZ
Himklbjm`v_k\bogm\rZykyklZjmoZ
GZaZ^g_fdjuevp_ihy\beZkvbEbgg\klZeZjy^hfkfZl_jvx
�ZijyfhlZdbK_fvy]h^ZdhlhjmxklZdbflsZgb_fklZjZxlkyhij_^_eblvikboheh]b
?]hfZlvOhlyhgb]h\hjbekg_cihl_e_nhgmhgZhldehgyeZ_]hij_^eh`_gbyihh[_^ZlvlZdqlh
hg^Z\gh__g_\b^_eQlhkg_cijhbahreh"Gbdh]^ZhgZg_]h\hjbeZkkZjdZafhfZlml]hehkbflZd
bkhqbekybamfe_gbbhgaZf_lbeb^jm]b_i_j_f_gu
�hjh]b_baukdZggu_gZjy^umklmibebf_klhq_jguf^`bgkZfkhrlZgbgZfbh[j_aZggufbih\ur_
dhe_gZba_e_ghc[emad_dhlhjmxhg\jh^_[u\b^_egZk\h_c`_g_ghhij_^_e_ggh[_a]jyagh]h
�iylgZgZ`b\hl_DZdb`_cgddhkf_lbd_hgZg_ijbdZkZeZkvhehkuhljhkebjZkq_kZlvbohgZg_
m^hkm`beZkv\gboihy\bebkvk_^u_ijy^bdhlhjuohggbdh]^Zij_`^_g_\b^_e
Ebgg\u]ey^_eZdZddj_klvygdZgbq_fg_gZihfbgZ\rZy_]hfZlv
�`_cg`_\ujhgb\fhlu]mi_j_k_deZ^\hj^_j`ZdmjkgZaZ^g__djuevphgZ^_luogZ[hkmgh]m
ijbfdgm\d`_gsbgZf
�WggbklhyeZihk_j_^bg_kjm`v_fgZp_e_gguf\`b\hlDweZEbggb`_cgihklhjhgZfBohly
gbh^gZbagbog_ihjZ`ZeZ]Z[ZjblZfbmg_]hkeh`behkvhsms_gb_qlhijhlb\hklhyl_fmljb
ZfZahgdb
Wggbmljhf\usbiZ\rZy[jh\bbah]gmeZbo^m]hcaeh[ghk\_jey]eZaZfbDweZ
?kebohq_rvihemqblvwlm^_\hqdmgZaZ^DZe\bgijb^_lkyl_[_ihmoZ`b\ZlvaZg_c^h[blvky__
jZkiheh`_gby
�G_gm`gZhgZ_fmjy\dgme`bfIhkfhljbqlhhgZgZ^_eZeZHg\uj\Ze]Za_lmbajmdb
DweZbijhlygme`_gsbgZf
�`_cgkimklbeZkvgZiZjmklmi_g_d\ayeZ]Za_lmgZdehgbeZkvqlh[uijhqblZlvklZlvx
Gbdh]^ZDweg_keurZe\]hehk_hlpZlZdhc]hj_qb
�GZ^_xkvl_i_jvlu]hj^brvkykh[hc[jhkbehg`_cgLuklj_fbeZkvaZ]m[blv_fm`bagv
bl_[_ihoh`_wlhm^Zehkv
�`_cgmki_eZijhqblZlvlhevdhaZ]heh\hd\kdbgmeZ]heh\m\klj_lbeZkv\a]ey^hfkDwehfMlh]h
aZs_fbeh\]jm^bhghl\_e]eZaZ
�`_cgg_bf__ldwlhcklZlv_gbfZe_cr_]hhlghr_gbyiZiZ
HgZ`_mdZaZgZ\Z\lhjZoDh]^Zlui_j_klZg_rv\u]hjZ`b\Zlv__"
�`_cgkihkh[gZgZfgh]h_hgZmijyfZbg_[eZ]hjZamfgZhgih^Zjbe_ckmjh\uc\a]ey^gh
lmlhgZgbijbq_f
�Hg\b^_eqlh`_cgg_m^b\ey_l_]hih^^_j`dZb_]hwlhihjZ^h\ZehIhdjZcg_cf_j_hgZohlv
g_fgh]h_fm^h\_jy_lHggZ[ex^ZedZdhgZijb`ZeZ]Za_l_gdmd]jm^bkeh\ghohl_eZkdjulvhl
�fbjZgZi_qZlZggu_\g_ckeh\Zbl\_j^hj_rbeqlh`h^bImeZgkdbaZieZlblaZ[hev
ijbqbg_ggmx_]h`_g_
ahjhlpZihij_`g_fmf_lZefhegbbbDweihgyeqlh^he`_gih^_eblvkykgbfohly[uqZklvx
�ijZ\^uHggbdh]^Z[ug_kdZaZe_fmqlhk^_eZeZ`_cgwlhgbdh]hg_dZkZehkvghihdjZcg_c
f_j_hgfh]h[tykgblv__oheh^ghklvihhlghr_gbxdjh^kl\_ggbdZffm`Z
BrZ]gme\i_j_^qlh[uhklZgh\blvhlpZ_keblhlhq_gvm`jZahc^_lky
Ludhgkmevlbjm_rvkyk\jZqhfbeb^eywlh]hml_[ylh`_g_l\j_f_gb"
�`_cgg_hl\_eZ\a]ey^Z
&#xh];&#xe_;&#xj;�Yh[jZsZeZkvd^hdlhjmh]e_j`bfdb\gme
HgZohjhrbcki_pbZebkluihegyc\k___j_dhf_g^Zpbb
JmdZWggbgZqZeZ^jh`ZlvDwe\b^_eqlhjm`v_kebrdhfly`_eh^eyg__IhcfZe\a]ey^fZl_jbLZ
ijhlygmeZjmdmb\ayeZjm`v_
?kebdh]hlhbagboijb^_lkyaZklj_eblvWggbywlhk^_eZx
Hlebqgh?]hfZfZrZlh`_j_ogmeZkv
?keb\ug_\hajZ`Z_l_y[uohl_eih]h\hjblvkhk\h_c`_ghcgZ_^bg_ijhp_^behg
�?cj_rZlvFZlvihkfhlj_eZgZ`_cglZihdZqZeZ]heh\hchlwlh_]hjZatyjbeh
Dlhgb[m^v_klv^hfZ"
@_gkdbcljbmf\bjZlhlj_Z]bjh\Zeh^bgZdh\h\k_aZmeu[Zebkvdh]^ZbaaZm]eZklZdbf\b^hf
[m^lh^hfk_]hh[blZl_evgbpZfbijbgZ^e_`bl_fmihy\bekyaZiZkghcdmhjl_j[_dQbdZ]hklZja
D_\bg[ukljhhp_gbekblmZpbxljb`_gsbgugZdjuevp_h[Z;hgg_jZmdjuevpZjm`v_Bah]gme
�[jh\v]eygm\gZDweZdb\gme`bfmihlhfih^gyekyihklmi_gyfqlh[uijbkh_^bgblvkyd
`_gsbgZf
Ij_djZkgu_^Zfuij_^eZ]Zebfg_aZ_oZlvqlh[uhl\_^Zlv`Zj_gmxdmjbpm\hlybeh\ex\ZkgZ
keh\_Hgijb\Zebekydklhcd_dhlhjmxf_kyp_fjZgvr_\udjZkbeDweDZdk_]h^gyqm\kl\m_l
k_[yfZeur"KnZfbevyjghklvxihdZau\Zxs_cqlhwlh_fmg_\i_j\hchgijhlygmejmdmb
�ihoehiZe`_cgih`b\hlm
k_dmg^mDwek^_jgme_]hkdjuevpZbmeh`begZa_fex
Lml`_jm`_cguc\uklj_e_^\Zg_jZahj\Ze_]h[ZjZ[Zggu_i_j_ihgdbDmkhqdba_feb[juagmeb\
ebphjmdbRmfhl\e_d_]hdmkhqdba_febhke_ibebihwlhfmD_\bgmm^Zehkv\uj\Zlvky^hlh]h
dZddmeZdDweZ^hklb]p_eb
Q_jl;hf[_jbaaZl_[ymf_gyljZ\f[hevr_q_faZ\_kvijhreuck_ahg
Dweijhl_j]eZaZb\kdhqbe
G_lygbdg_ck\hbeZiu
�GZebp_D_\bgZhljZabeZkvh[b^Zhgihkfhlj_egZ`_cg
?kebhglZd\_ek_[ybklh[hcg_m^b\bl_evghqlhluhlg_]hmreZ
Dwekdjbigmeam[Zfb
�`_cgyohl_e[uih]h\hjblvklh[hcK_cqZk`_
�?]hfZlvg_`gZy\k_ihgbfZxsZy`_gsbgZaZ]hjh^beZ`_cgkeh\ghhgZ[ueZ__j_[_gdhfZg_
hgB_]hklZjbdgbq_fg_kh[bjZeky_fmihfhqvIjhklhklhye]ey^ygZfZlvkeh\ghgbq_]hg_
ihgbfZe
�DZdb_ml_[yieZgu\hlghr_gbb`_cgDwe"
WlhdZkZ_lkylhevdhgZk^\hbo
�G_kh\k_fM`_cgl_i_jv_klvk_fvydhlhjhcg_[_ajZaebqgu__bgl_j_ku
Luq_jlh\kdbijZ\Z?_k_fvywlhy
Luhlg__hldZaZekylZdqlhl_i_jv__k_fvyWggbby:wlhhagZqZ_lgZfj_rZlvqlh^eyg__
ohjhrhZqlhg_l
�Hgm\b^_eqlh]eZaZ`_cgg_hlju\ZxlkyhlebpZ_]hfZl_jbgboaZkluehbamfe_gb_b
[_kdhg_qgh_kqZklv_Hg\kihfgbeoheh^ghdjh\gh]hkmdbgZkugZdhlhjuc\hkiblu\Ze__bg_fh]
g_ihjZ^h\Zlvky aZ[u\Zyjm`v_ij_^Zl_evkl\hfZl_jb^Z`_ijbkmlkl\b_D_\bgZLZd_jZ\fqlh
gZdhg_plhhgZgZreZaZ[hleb\h]hjh^bl_ey?keb[lhevdhwlbfaZ[hleb\ufjh^bl_e_fg_[ueZ_]h
fZlv
Ghl_ieu_qm\kl\ZjZahfhkluebih^\a]ey^hffZl_jblZdbf`_dZdb^\Z^pZlve_lgZaZ^dh]^Z_]h
\iheg_o\ZlZehqlh[uDwe[_akeh\ijhly]b\Ze_cdexqbhlZ\lhfh[bey
Lukh[bjZ_rvkym\Z`Zlv\aylu_gZk_[ykmijm`_kdb_h[yaZl_evkl\Zbeb\k__s_gZf_j_g
jZa\_klbkvkg_cihke_jh`^_gbyj_[_gdZ"
L_[yihkemrZlvihemqZ_lkyqlhhgZ`Z`^ZeZ\uclbaZf_gyG_fh]eb[ufuh[km^blvgZrb
^_eZ[_aihklhjhggbo"HgldgmeiZevp_f\LZd_jZ
HghklZ_lky\f_rZeZkvWggbFg_hggjZ\blkyBhg`_eZ_ll_[_^h[jZDZe\bgG_lZdeb
D_\bg"
ih\_jgmekydEbgg
�Djhf_lh]h_keb_fm`_cggbdq_fmlhhgZgm`gZfg_
�`_cgo\ZlbehgZ]ehklbmeu[gmlvkyGh_]hfZlvg_`_eZeZh[jZsZlv\k_\rmldmHgZmf_eZ
aZdmkblvm^beZ
�BgZrbfb\Zrbfg_ihemqblkyDweBeb`_cgl\hy`_gZbebg_lQlhlukdZ`_rv"
&#xhl;&#xl;&#xml;
&#xwe;&#x;&#xur;&#x_e; ;&#xk_;&#x[y;&#x;hllmlDwe\ur_ebak_[yhklZeb
GbdZdh]hjZa\h^ZOhjhrhFuhklZ_fkyfm`_fb`_ghcHgaujdgmegZlj_o`_gsbg
k_"u^h\hevgu":l_i_jvyohqmih]h\hjblvkfh_c`_ghc
�?]hfZlvkdhjqbeZ]jbfZkmWggbihdZqZeZ]heh\hcbphdgmeZyaudhf`_cgij_g_[j_`bl_evgh
]eygmeZgZg_]hbj_lbjh\ZeZkv\^hfmghkykkh[hc]Za_lm
OehigmeZk_lqZlZy^\_jvD_\bgijbk\bklgme
AgZ_rv;hf[_j\f_klhlh]hqlh[ukfhlj_lv\b^_haZibkbnml[hevguofZlq_cl_[_ke_^h\Zeh
ijhqblZlviZjmdgb]ih`_gkdhcikboheh]bb
HgagZeqlhebrbekyk\h_]hrZgkZghagZeb^jm]h__]h^_ckl\bl_evgh^hklZebIm[ebqgh
mgbabeb\uklZ\bebdehmghf\]eZaZo`_guYjhklghh]ey^_\\k_ohgjZa\_jgmekybmr_e
Ebgg_^\Zg_aZieZdZeZdh]^ZhgaZ\hjZqb\ZeaZm]he^hfZK_j^p___j\Zehkvdg_fmdmijyfhfm
klZjr_fmkugmdhlhjuc\^Ze_dhf^_lkl\_b]jZekg_c\__b]juHgh[haebekygZg__bhgZfh]eZ
ebrvgZ^_ylvkyqlhihklmibeZijZ\bevghbkh\j_f_g_fhg__ihcf_l
�HgZh`b^ZeZqlh`bfmc^_l\ke_^aZDwehff_klhwlh]hhgih^hr_eddjuevpmghih\_jgmeky
�g_dg_cZdWggbAgZy_]hhlghr_gb_dfZl_jbhgZh`b^ZeZhq_j_^ghckeh\_kghckluqdbgh`bf
m^b\be__
Fbkkbk=eZc^yijhrmjZaj_r_gbyijb]eZkblv\Zrm^hqvgZijh]medm
&#xi_;&#xj;&#xu_;�Mg__i_j_o\Zlbeh^uoZgb_i_j\u_`bfihy\beky\^hf_fZl_jbihke_ghqgh]hjZa]h\hjZdh]^Z
�hgZhl\_j]eZ_]hg_fhgZagZeZqlhijbgyeZ\_jgh_j_r_gb_^ZlhevdhghqZfbdh]^Z\hey
keZ[_eZhgZohl_eZh[jZlgh]hBhgZg_h`b^ZeZqlhhgihklmiblky]hj^hklvxb\gh\vihijh[m_l
k_[y\jheb]ZeZglgh]hdZ\Ze_jZ
Wggbh^gZdhg_gZreZ\_]hih\_^_gbbgbq_]hkljZggh]h
�LhevdhhklZ\Zcl_kvjy^hfk^hfhfij_^mij_^beZhgZM`bfZ^_jgmeZkvs_dZghhgfheqZ
db\gme
Lh]^ZohjhrhDhklyrdbiZevp_\Wggb\ibebkv_c\ihykgbpmL_i_jvfh`_rvb^lbWf[_j
�Ebgg`bfijb]eZkbel_[ygZijh]medmB[m^vkgbfih\_`eb\__g_]jm[bdZdkemqZ_lkyklh[hc\
ihke_^g__\j_fy
�ZfwfEbggkhreZkdjuevpZkljm^hfih^Z\eyykf_oohlygZ]eZaZgZ\_jlu\Zebkvke_au
�`bf\aye__ih^jmdmIhkfhlj_ek\_jom\gbabl_ieu_ahehlu_bkdhjdb\_]hdZjbo]eZaZo
\g_aZighgZihfgbebEbggkdZdhcg_`ghklvxhlghkbekyhgdg_c\h\j_fy__[_j_f_gghkl_cDZd
p_eh\ZejZa^m\rbcky^hfZdkbfmfZ`b\hlb]h\hjbeqlh^eyg_]hhgZkZfZyij_djZkgZy`_gsbgZ
gZk\_l_?_jmdZdZdfZe_gvdZyilbqdZe_`ZeZgZ_]hh]jhfghceZibs_ZEbgg^mfZeZihq_fmhgZ
lZd[ukljhaZ[ueZ\k_ohjhr__hklZ\b\\iZfylblhevdhiehoh_
Hg\_e__dljhibgd_moh^b\r_c\e_kG_kfhljygZgZdZafZl_jbkdhjh^hfkdjuekyba\b^m
Ijbylguc^_gvgZjmrbehgaZlygm\r__kyfheqZgb_Qmlv`Zjdh\Zlh^eyfZy
A^_kvlZdlboh
?_m^b\behqlhhgihij_`g_fmgZkljh_g^_j`ZlvkylZdkeh\ghhgblhevdhihagZdhfbebkvBhgZ
ihki_rbeZijbkh_^bgblvkydg_fm\wlhfgh\hffbj_]^_gbh^bgbagbog_ijbqbgye[heb^jm]hfm
Lbohghfg_a^_kvgjZ\blky
Zfgbdh]^Zg_[u\Z_lh^bghdh"
Mf_gykebrdhffgh]h^_e
DZdbo`_"
Hgih\_jgmekydg_cbEbggbamfbeZkvijhqblZ\\_]h\a]ey^_`]mqbcbgl_j_k?fmohl_ehkvagZlv
dZdhgZijh\_eZ^_gvHgohl_ekemrZlv__BhgZhl\_lbeZi_j_iheg_ggZyjZ^hklvx
k_fuih^gbfZ_fkyjZghFg_gjZ\blkymoh^blv\e_kk\hkoh^hfkhegpZZdfh_fm
�\ha\jZs_gbxfhyg_\_kldZHgZaZigmeZkvbkdhkZ]eygmeZgZfm`Z?_ah\ml`_cg
HggZofmjbekyghijhfheqZeHgbmoh^beb\k_^Zevr_\e_kdjh^h^_g^jhgZfb]hjghfmeZ\jm
p\_lmsbfnbZedZfbljbeebmfmIZjZdbabeh\uo^_j_\v_\\klj_lbeZbo[_ebaghcp\_lh\Ebgg
\^uoZeZ]mklhc\eZ`gucaZiZoa_feb
��IhdZy]meyx`_cg]hlh\blaZ\ljZdFhyfZfZohq_lybqgbpmk[_dhghfgh`_cg`Zjbl
heZ^vbbeb\Zjblh\kygdmkdmkhqdZfbk\_`bonjmdlh\H[uqghy\oh`mgZdmogxdh]^Zhgb
�gZqbgZxlkkhjblvkyihwlhfmih\h^m`_cgobljZyb_cm^Z_lkyeZ^blvkWggbemqr_q_f
hklZevguffhbfjh^kl\_ggbdZfIhke_aZ\ljZdZykemrZxfmaudmbijb[bjZxkvgZdmog_
DZdmxfmaudm"
Hgij_djZkghagZedZdmxAZ^he]b_]h^uhg\k_]^Zi_j_dexqZeijb_fgbdbboZ\lhfh[be_cgZ
klZgpbbljZgkebjmxsb_deZkkbdmbdZgljb
Yex[exFhpZjlZbb\Zev^bRhi_gZJZofZgbgh\ZFhyg_\_kldZhl^Z_lij_^ihql_gb_
deZkkbq_kdhfmjhdmBgh]^ZfulZgpm_f
&#xu;�ub`_cg"
HgZlZdihex[beZJh^ZKlxZjlZEbggjZkkf_yeZkv?kebhggZqbgZ_li_lvhgZaZklZ\ey_l
f_gy[jhkblv\k_^_eZblZgp_\Zlvkg_c?cgjZ\blkylZgp_\Zlvbih^fmaudmgh\uo]jmiil_oqlh
hgZgbdh]^Zg_keurZeZBgh]^ZhgZijhklh^he`gZlZgp_\Zlv;hxkvqlh\fheh^hklb_c
gZlZgp_\Zlvkyg_m^Zehkv
�GhhgZykeurZehgZmq_guchklhjh`gh\klZ\be`bf
�ZGhl_i_jvih__keh\Zfmg__h^gZaZ[hlZjZklblvj_[_gdZ
�`bfh[^mfZe__keh\Z
Ihoh`_hgZg_hj^bgZjgZyebqghklv
HgZij_e_klvBlml`_bfimevkb\ghEbgg^h[Z\beZ
Ihq_fm[u\Zfg_ihm`bgZlvkgZfbk_]h^gy"ukfh`_l_ihemqr_kg_cihagZdhfblvky
uf_gyijb]eZrZ_l_"]hehk_keurZehkvm^b\e_gb_bjZ^hklv
��ZmfZxqlh^Z
OhjhrhKm^h\hevkl\b_fijb^m
DZdh_lh\j_fyhgbrZ]ZebfheqZLjhibgdZkmabeZkvhgZkhreZgZljZ\m\_^y_]hdjmqvx
Ih^jhkldZfbhgbijboh^bebkx^Z^_kyldbjZakb^_ebjy^urdhfgZ[j_\g_dhlhjh_^Z\guf^Z\gh
k]gbehBgh]^ZgZ[ex^ZebdZd\h^Z[_`blihaZjhkrbffohf\ZemgZfghqZs_\k_]haZgbfZebkv
HghldZreyekyIjbk_egZkl\hedhgkdh]hdZrlZgZk\Ze_ggh]h^Z\ghijhg_krbfkymjZ]ZghfgZ
[_j_]mjmqvy
Kh\k_fg_^Z\gh\uhq_gvkmjh\hh[hrebkvkfhbfkughf
YagZxHgZk_eZjy^hfg_dZkZykvfm`ZYh[_j_]ZeZ\gmqdm
Ihgylgh
GhhgZ\b^_eZqlhihgbfZ_lhg^Ze_dhg_\k_k_]hg_kdhevdhg_^_evgZaZ^hghl\_lbe[uj_adhc
j_iebdhcZl_i_jvhgg_aebekyZkdhj__h[^mfu\Ze__keh\ZG_m`_ebhggZqZe_c^h\_jylv"
uihfgbl_dZdykdZaZe\Zfqlhfhyk_f_cgZy`bagvjmrblky"
EbgggZijy]eZkv
Ihfgx
Wlhfhy\bgZYijhklhohqmqlh[u\uagZebh[wlhf_keb\ugZf_j_gu\b^_lvkykhfghc
Lhevdh\ZrZ\bgZ"
GZ^_\yghklh^_\ylvijhp_glh\Y\bgbe`_gmaZkh[kl\_ggu_g_^hklZldbb^Z`_wlh]hg_
hkhagZ\ZeHggZdehgbeky\i_j_^iheh`bejmdbgZdhe_gbmklZ\bekygZ[_]msmx\h^m
�he]b_]h^uym[_`^Zek_[yqlhfh][uklZlvagZf_gblufgZ\_kvfbjwib^_fbheh]hf_keb[ug_
`_gbekylZdbffheh^ufghlhevdhihke___moh^ZihgyeqlhaZ[em`^ZekyHgkp_ibekbevgu_
iZevpudhlhju_fgh]bf^Zeb`bagvZfgh]boijh\h^beb\ihke_^gbcimlvY[ug_ihagZe
kqZklvy\^Zebhlwlbo]hjFg_gjZ\blky[ulvk_evkdbf\jZqhf
?_ljhgmebqm\kl\Zklhevy\kl\_ggha\mqZsb_\_]h]hehk_hgZih^mfZeZqlhgZdhg_plhhghldjue
lmqZklbpmk_[ydhlhjmx\jh^_[u[_a\ha\jZlghml_jye
:__h^bgijhp_gl"
Qlh"Hgih\_jgmekydEbgg
ukdZaZebqlh^_\yghklh^_\ylvijhp_glh\\bgue_`blgZ\Zk:dZdgZkq_l__h^gh]hijhp_glZ"
�Z`_wlh\^_ckl\bl_evghklbg___\bgZHgZg_agZeZlheblZdhljZ`ZeZkv\h^Z\_]h]eZaZo
lhebboi_j_ihegyehkhkljZ^Zgb_HgZba[_^ghck_fvbbg_ihemqbeZohjhr_]hh[jZah\Zgby
HgZ]h\hjblqlhbaaZwlh]hy\k_]^Zkfhlj_egZg__k\ukhdZb\hafh`ghijZ\ZdZdb\hfgh]hf
^jm]hfghy^mfZxhgZkZfZkihkh[kl\h\ZeZlhfmqlh[uykfhlj_egZg__k\ukhdZihlhfmqlh
�gbdh]^Zg_[ueZhk_[_\ukhdh]hfg_gbyohly^h[beZkvfgh]h]hjm]bfgZwlhg_o\ZlZ_lb^\mo
`bag_c
?_jhlhldjuekyghhgZlml`_k`ZeZ]m[uQ_]hkihjblv_kebkdZaZgZqbklZyijZ\^Z"
GZf]gh\_gb_hgZiha\hebeZk_[_aZ^mfZlvkygZ^l_fZq_]hhgZ^h[beZkv\wlhc`bagbM\b^_eZ
dZdZy_cihlj_[h\ZeZkvkZfh^bkpbiebgZkdhevdhhgZijbeh`beZmkbebcqlh[u\j_amevlZl_klZlv
`_gsbghcdhlhjhc_c\k_]^Zohl_ehkv[ulvKeh\ghkhklhjhguhgZ\a]eygmeZgZk_[yblhqlh
m\b^_eZ_cihgjZ\behkvLZdihq_fm`__cihgZ^h[behkvklhevdh\j_f_gbqlh[uhp_gblvk_[yih
�^hklhbgkl\m"`bfijZ\DZdhgZfh]eZlj_[h\Zlvhlg_]hm\Z`_gbydkh[kl\_gghci_jkhg__keb
kZfZwlh]hm\Z`_gbyg_bkiulu\ZeZ"BihjZamf_gbxEbgg__\bgZdm^ZdZdij_\urZeZh^bg
�ijhp_glhq_fhgZg_aZf_^ebeZkdZaZlv`bfm
Hgih`Zeie_qZfb
Y^mfZx^_ehg_\dhgdj_lguopbnjZoHg\aye__aZjmdmijh\_e[hevrbfiZevp_fih
aZam[j_gghfmgh]lxihlhf_]hiZe_ph[_`Zeh[jmqZevgh_dhevphFhy`_gZqZklvf_gyhgZ
Wlhijhklh_ijbagZgb_ihljykeh__hgZ_^\Zkmf_eZhl\_lblv
?chq_gvih\_aeh
Hgih^gye]heh\mihkfhlj_egZg__HgZihgyeZqlh\eZ]ZaZ[e_kl_\rZy\m]hedZo_]h]eZa
ke_auAZljb^pZlvk_fve_lkh\f_klghc`bagbhgZgbdh]^Zg_\b^_eZfm`ZieZqmsbf^Z`_\lhl
�^_gvdh]^ZohjhgbebQ_jjbb`_cfb
�`bfHgZgujgmeZ\_]hh[tylbybihqm\kl\h\ZeZk_[ykqZkleb\hcWfhpbbdhlhju_hgZg_
fh]eZ\ujZablvi_j_ihegyeb__]heh\Zmg__reZdjm]hfihwlhfmk]m[khj\Zebkvkeh\Zdhlhju_
hgZ\h\k_g_kh[bjZeZkvijhbaghkblv
u^he`gh[ulvagZ_l_yg_kiexkfm`qbgZfbgZi_j\hfk\b^Zgbb
WlhijZ\^Z"=hehkmg_]hk_e
k_ihlhfmqlhygZqZeZiheh\mx`bagvkebrdhffheh^hcHgZhlkljZgbeZkvhlg_]h
mklZ\beZkvgZk\hbdhe_gbYg_ohl_eZghlZdkbevghex[beZ_]hqlhg_kfh]eZhldZaZlv
�HgZbkdhkZihkfhlj_eZgZ`bfZqlh[uihgylvdZdhg\hkijbgye__aZy\e_gb_HgZgb\q_fg_
kh[bjZeZkv_]h\bgblvijhklhohl_eZqlh[uhgihgyedZd\k_[ueh
_]hmeu[d_kd\habeZ]jmklvhgdhkgmekyiZevp_fm]hedZ__jlZ
Zkwlhhl\jZlbehhlk_dkZ"
Hg_lFg_^hklZekyihljykZxsbcex[h\gbdKgZqZeZ\hafh`gh_fmg_^hklZ\ZehfZkl_jkl\Zgh
hg[ukljhh\eZ^_e\k_fblhgdhklyfb
JZ^wlhkeurZlv?]hiZe_pkdhevabeih^__gb`g_c]m[hcu^he`guagZlvqlhmf_gy
k_dkmZevgh]hhiulZg_fgh]hYagZelhevdhh^gm`_gsbgm
Wlhij_djZkghHghldbgme__\hehku
Dlhgb[m^v]h\hjbe\Zfqlh\uij_djZkgu"G_lZdZymoh`_ggZydZdfhy`_gZgh\k_jZ\gh
hke_ibl_evgZyIjb\a]ey^_gZ\Zk\h^bl_eb[vxlihlhjfhaZf
HgZjZkkf_yeZkv
Hgb[ug_m^ZjbebihlhjfhaZf^Z`__keb[umf_gy\he[m]hj_edjZkguck\_l
Wlbfbkeh\Zfb\ulhevdh^hdZau\Z_l_dZdiehoh\uk_[yagZ_l_
Hgihfh]_cih^gylvkyGZdehgbe]heh\mbhgZihgyeZqlhk_cqZkhg__ihp_em_l
LZdb_g_`gu_agZdhfu_]m[uL_ehfhgdg_cg_ijb`bfZekykhijbdZkZebkvlhevdhjlu^ZjmdbGh
kljZklvgZjZklZeZkebrdhf^Z\ghhgb`beb\jhavkebrdhffgh]h_g_fh]eb\ujZablvkeh\Zfb
H^gZdh_]hmoZ`b\Zgby_cihgjZ\bebkvhgZohl_eZijh^eblvm^h\hevkl\b_
Hgih^ZekygZaZ^dZd[m^lhmeh\be__`_eZgb_h]ey^_e__]heh^guf\a]ey^hf
Yfg_ihjZgZjZ[hlmYm`_hiha^ZegZ^g_\ghcijb_f:yg_l_jiexki_rdb\ex[\b
Ihl_emEbggijh[_`ZeZ^jh`vh`b^ZgbyIjb^_lijb^_lfhf_gldh]^Zhgbgbdm^Zg_[m^ml
l_rblvHgZ\ayeZ_]hih^jmdmbhgb^\bgmebkv\gbaihljhi_
Dh]^Z\uijb^_l_dh[_^mmgZk[m^_l\j_fyih]h\hjblvb\ukfh`_l_jZkkdZaZlvfg_h\Zr_c
jZ[hl_
KqZkleb\Zymeu[dZhk\_lbeZ_]hebph
Km^h\hevkl\b_fjZkkdZ`m
Lml^hg__^hrehqlhhgZbg_ihfgbeZdh]^Z\ihke_^gbcjZabgl_j_kh\ZeZkvq_fhgaZgbfZ_lky
�DZdijhr_e^_gv"gZ[hevr____g_o\ZlZehey\aZbfgh]hh[s_gbylj_[h\Zekyg_lhevdh
Meu[dZm\yeZ_]heh[ijhj_aZebfhjsbgu
GZ\_jgh_fg_g_ke_^m_l[jZlvkkh[hcfh_]hkugZdh]^Zyijb^mdh[_^m"
I_j_^l_fdZddZqgmlv]heh\hchgZihdhe_[ZeZkvg_[he__k_dmg^u
Ba\bgbl_FhyfZlvwlh]hg_jZaj_rbl
jh^_[u\u^hklZlhqgh\ajhkeZyLZdebh[yaZl_evgh^ey\ZkjZaj_r_gb_fZl_jb"
Bgh]^ZhgZqm\kl\m_lqlh^he`gh[ulvZqlhg_lhlbk_cqZk_cj_rZlvdhfmfh`gh
\oh^blv\wlhl^hf
Bfh_fmkugmimlvlm^ZaZdZaZg"__]eZaZoklhyeZi_qZev
;hxkvqlh^ZYgZ^_xkvkdhjh\k_baf_gblkyKeh\haZgbfZg_aZWggb
Hgmijyfh\uiylbeq_exklv
Ljm^ghih\_jblvqlh\uiha\hey_l_gZiheh\bgmk\bogm\r_ckyklZjmo_ijbgbfZlvj_r_gby\
klhev\Z`ghf\hijhk_
HgZhklZgh\beZ_]hqfhdgmeZ\dZf_ggmxq_exklv
Fh`_lg_lZdZyhgZk\bogm\rZykydZd\Zfij_^klZ\ey_lkydhgp_dhgph\bf_gghhgZkdZaZeZ
qlhy^he`gZijh]meylvkyk\Zfb
:bgZq_\u[ug_ihreb"
G_agZxKebrdhffgh]h_\fh_c`bagbihklZ\e_ghk_cqZkgZdhgbyg_ohqm^himklblvhrb[dm
Bgh]^ZfZl_jbagZxlqlh^eybo^hq_j_cy\ey_lkygZbemqrbfHgZihkfhlj_eZ_fm\]eZaZB
^eykugh\_c
HgihdZqZe]heh\hcie_qbkfbj_gghihgbdeb
OhjhrhDZ`_lkybyl_i_jvagZxdh]^ZgZ^h^ZlvaZ^gbcoh^
Ebggmeu[gmeZkvb_^\Zk^_j`ZeZkvqlh[ug_ihp_eh\Zlv_]h
Fuh[_^Z_fjZghr_klvqZkh\
Yijb_^m
=eZ\Z
�EbggihklZjZeZkvihdZaZlv`_cg\h\k_cdjZk_lZdij_^klZ\eyxlg_agZdhfpmex[bfh]hj_[_gdZ
��HgZi_eZ`_cghkZggm^hl_oihjihdZm`bfZg_aZlmfZgbeky\ahjZihlhfij_ijh\h^beZbo\
]hklbgmxqlh[uhgbkfh]ebhdhgqZl_evghgZeZ^blvhlghr_gby
�MkZ`b\Zykv\dj_kehdZqZedmWggb`_cghkh[_gghhkljhihqm\kl\h\ZeZkoh`_klvhlpZbkugZ
Hq_gv_cohl_ehkvi_j_k_klvdg_fmgZ^b\Zgqlh[u__h[gyeblZdb_`_dZdmDweZfh]mqb_jmdb
f_klhwlh]hhgZ]em[hdh\^hogmeZbjZkkdZaZeZdZdihagZdhfbeZkvkDwehfbijbdZdbo
h[klhyl_evkl\Zo
KlZlvx\]Za_lmyg_ibkZeZih^q_jdgmeZhgZghijZdlbq_kdb\k_nZdluijb\_^_ggu_\
g_cijZ\^Z
HgZh`b^ZeZkmjh\h]hihjbpZgby
IheZ]ZxWlZgfh][ukdZaZlviZjmkeh\h[h`_kl\_gghfijh\b^_gbbdhlhjh_k\_ehl_[ybDweZ
Wlbfhg__kbevghm^b\be
Hijh\b^_gbbygbq_]hg_agZx
Luex[brvDweZg_lZdeb"
k_fk_j^p_fHgZhimklbeZ]eZaZGhwlhg_agZqblqlh\_]h`bagby^he`gZhklZ\ZlvkygZ
Fg_hq_gv`ZevqlhhglZdh]hjqZ_ll_[yG_^mfZxqlhhgwlh^_eZ_lkhagZl_evghgZr_c
k_fv_\k_fm`qbgum`ZkghmijyfuHgaZfyekyYlh`_^he`_gdh_\q_fkhagZlvky
q_f`_"
�g_fyiha\hgbeR_jjbh]e_j
uiha\hgbebfh_fm\jZqm"
F_gyhq_gv\hegh\ZeZl\hy[_j_f_gghklvbyg_fh]mkihdhblvkyg_m[_^b\rbkvqlhijhl_dZ_l
hgZghjfZevghHgZaZ\_jbeZf_gyqlhkha^hjh\v_fml_[yihegucihjy^hdghg_ih`_eZeZkdZaZlv
dh]hfg_`^Zlv\gmdZbeb\gmqdmAZy\beZqlhluohq_rvmagZlvh[wlhfijbjh`^_gbbj_[_gdZlZd
qlhijb^_lkyih^h`^Zlvbfg_HgihlmibekyYagZxg_ke_^h\Zehfg_]h\hjblvkg_caZ
l\h_ckibghcghyg_ohqmqlh[uklh[hcqlhgb[m^vkemqbehkvLuk_j^brvky"
�HgZih^mfZeZhQ_jjbb`_cfbihlhfhkh[kl\_gghfhlp_ijhy\ey\r_fihegh_[_ajZaebqb_d__
^_eZfblj_\h]ZfBaZmeu[ZeZkv
Yg_k_j`mkvKiZkb[h\Zf
HgihdZqZe]heh\hc]m[u_]hjZahrebkv\meu[d_
�Luohjhrbcq_eh\_d`_cgb;hgg_jKlZjZydZj]Z\l_[_g_hrb[eZkv
Y\k_keurmhldebdgmeZkvbakhk_^g_cdhfgZluklZjZydZj]Z
�Iha`_e_`Z[_akgZgZmadhcdjh\Zlb`_cgmeu[gmeZkv\kihfgb\g_]h^mxsbc\ha]eZkWggbGh
�meu[dZjZahfkiheaeZk__ebpZijbfukebhlhfqlhhgZihl_jy_lm_oZ\hlkx^Z`bfZEbgg
Wggb]hjudhlhju_klZebqZklvx__`bagbbDweZLhevdhfh]eZebhgZihl_jylvlhq_]hgbdh]^Z
g_bf_eZ"
?cohl_ehkvaZdjulv]eZaZb\uieZdZlvkygh\f_klhwlh]hhgZh[gyeZih^mrdmbij_^klZ\beZk_[_
qlhwlhDweAehklvmlboeZhgZi_j_\_jgmeZkvgZkibgmmklZ\beZkv\ihlhehdQlhhgZa^_kv^_eZ_l"
Ih^khagZl_evgh`^_lqlhhgi_j_hkfukeblk\hbqm\kl\Z"Ihcf_lqlhex[bl__"K_]h^gyrgyy
kluqdZihdZaZeZqlhgZwlhjZkkqblu\Zlvg_ijboh^blky
HgZ\kihfgbeZdZdhgmgbabe__djbdgm\qlhg_kh[bjZ_lkyjZa\h^blvkyKeh\Zdhlhju_hgZ
`Z`^ZeZmkeurZlv\uj\Zebbag_]hkbehcbm`dhg_qghhgbgbq_]hg_agZqbeb
HgZ^he`gZkfhlj_lvijZ\^_\ebphHg\hafh`ghbhklZg_lkykg_cghbaqm\kl\Z^he]ZZg_ih
ex[\bihlhfmqlhdg_chghlghkblkykh\k_fg_lZddZdhgZdg_fmHgZ^he`gZkwlbfkfbjblvkyb
\^Zevg_cr_fjZkkqblu\ZlvlhevdhgZk_[yIhjZ_cihdbgmlv]hjmKljZ^Zgbc
AZhdghfih^gyeky\_l_j\dhfgZl_klZehijhoeZ^ghBohlyh^_yeZkhojZgyebl_ieh__l_eZoheh^
dZaZehkvr_ebagmljbHgZk\_jgmeZkvdZeZqbdhfbl\_j^hj_rbeZqlh^he`gZm_oZlvHgZ\k_]^Z
[m^_lkjZ^hklvx\kihfbgZlvwlb^\_g_^_ebdhlhju_ijh`beZ\k\h_m^h\hevkl\b_ghkdhevdh
fh`ghijylZlvkyhlk_[y"IhjZ\ha\jZsZlvkydij_`g_c`bagb
i_qZebhgZlZdbaZkgmeZqlh[uijhkgmlvkydZdhllheqdZ]jhfuogme]jhfblml`___jhl
ijbdjueZoheh^gZyfhdjZyjmdZHgZihiulZeZkvgZ[jZlv\e_]db_\ha^moZqlh[uaZdjbqZlvghjmdZ
kbevg__ijb`ZeZkvd]m[Zf
RrrWlhyijhr_ilZe\mohagZdhfuc]hehk?_]eZaZrbjhdhjZkdjuebkvL_fgZyl_gv
gZ\bkeZgZ^g_c
�h`^v[be\jZkiZogmlh_hdgh\_l_jijb`bfZeaZgZ\_kdbdkl_g_Hgm[jZejmdmaZdjuehdghih^
hq_j_^ghcjZkdZl]jhfZ?s_g_ijb^y\k_[yhlbkim]ZhgZk_eZgZdjh\Zlb
=h\hjblbr_Zg_lhF_^_yaZy\blkykx^Zkhk\h_cih^jmqghc
DZdlukf__rvlZd]h\hjblvhgbo
Hgb`_h[_^Zxlk\hbfb^_lvfb
Ihq_fmhglZd`_klhd"Ihq_fmg_hklZ\bl__\ihdh_"
Qlhlulml^_eZ_rv"
Hgmi_jkyjmdZfb\[_^jZ[jhkbegZg__ofmjuc\a]ey^
Ijbr_eqlh[uihoblblvl_[yghgZmebp_hq_gvm`fhdjhboheh^ghlZdqlhkihobs_gb_f
ijb^_lkyih\j_f_gblv
HghimklbekygZklmeqlhklhyef_`^m__djh\Zlvxbr\_cghcfZrbgdhcDZi_evdb\h^u[e_kl_eb
gZ_]h\hehkZobg_cehgh\hcdmjld_hlk\_l_fhegbbhgZm\b^_eZqlhhgihij_`g_fmg_[jblb
lZdhc`_hkmgm\rbckydZdb^g_f
Lukh[bjZekyihoblblvf_gy"
G_m`_ebluk_jv_agh^mfZ_rvqlhyb^Zevr_hklZ\exl_[y\dhfiZgbbwlbokmfZkr_^rbo
`_gsbg"
Fhb^_eZl_[yg_dZkZxlky
Wlbkeh\Zhgijhimklbefbfhmr_c
Y^he`_gih]h\hjblvklh[hc[_awlbo\Zfibjh\`Z^gheh\ysbodZ`^h_keh\hIj_`^_\k_]h
g_kdhevdh^g_cl_[_g_ke_^m_lihdZau\Zlvky\]hjh^_Ijb_oZebj_ihjl_judhlhju_ohlylagZlv
khhl\_lkl\m_leb^_ckl\bl_evghklblbkgmlZy\wlhc`Zedhc]Za_l_gd_klZlvy
LZd\hlihq_fmhgaZy\beky]em[hdhcghqvxG_^eylh]hqlh[uijbagZlvky\\_qghcex[\bZk
ij_^mij_`^_gb_fhkl_j_]Zckyij_kkuHgZg_klZeZkdju\ZlvjZahqZjh\Zgb_
IZjrb\u_bs_cdbijhjuqZehg
�`_cgihklZ\beZih^mrdmgZihiZhldbgmeZkvgZg__
�G_iulZckyhlhfklblv`h^b
DZd[ug_lZd
Yk_jv_agh
HgijbklZevghkfhlj_egZg__fhegby\uj\ZeZbal_fghlu_]h]jhaghk\_jdZxsb_]eZaZ
Lu`_agZ_rvqlhbf_gghhgZijh^ZeZwlmbklhjbx]Za_l_
�;hevr_hgZgbq_]hk^_eZlvg_kfh`_llZddZdhcijhdhll\h_cf_klb`_cggZlygmeZh^_yeh
^hih^[hjh^dZk_jZ\ghqlhjZa^Z\blvfmjZ\vyHgZg_kqZklgZy`_gsbgZbyohqmqlh[ulu
hklZ\be__\ihdh_
�G_\fhboijZ\beZokimkdZlvl_fdlhijbqbgbefg_aeh`_cgaZf_jeZ
YagZx
�EZ^ghHgly`_eh\a^hogmeYhklZ\ex__\ihdh__ckl\bl_evgh[hevr_\hegh\Zlvkyg_h
q_fD_\bgwlbf\_q_jhf^Zeij_kkdhgn_j_gpbxhg]h\hjblqlh^Zkl\lhjmxaZ\ljZ^eygh\uo
j_ihjl_jh\Ih\_jbrvbebg_lhghkgh\Zl_evghaZfmlbe\h^m
D_\bg"
L\hcjupZjv\k\_jdZxs_c[jhg_Hlg__g_mdjuebkvkZjdZklbq_kdb_ghldb\_]h]hehk_Y
aZr_e\=hj_p\uiblvib\Zbm\b^_e_]h\hdjm`_gbbj_ihjl_jh\HgbaeZ]Zebf^hklh\_jgmx
\_jkbxkh[ulbc
h\kydhfkemqZ_qZklbqghHgkdZaZeqlh^hlhckm^v[hghkghcghqbfu\klj_qZebkvg_kdhevdh
f_kyp_\Bkoh^yba_]hkeh\b^_yih^ZjdZgZ^_gvjh`^_gbyijbgZ^e_`ZeZl_[_DZdhgaZy\bem
�ex^_c\\hajZkl_k\hbijbqm^uhe`_gijbagZlvm[_`^Zlvhlmf__ldhgp_^Z`_yih\_jbeqlh
lZdhghb[ueh
Y`_]h\hjbeZl_[_qlhhg^mrdZ
G_m`_eb"LZd\hll\hc^mrdZh^ghagZqgh^Zeihgylvqlh\klj_qZlvkyfuklh[hcgZqZeblhevdh
ihlhfmqlhhghl\_j]l\hbijblyaZgbyZqlh[uluhkh[hg_jZkkljZb\ZeZkv\dZq_kl\_
ml_rbl_evgh]hijbaZij_^eh`bel_[_f_gy
DZdh\g_]h^yc
Iheghklvxklh[hckh]eZk_g
H^gZdhih]hehkmg_qm\kl\h\ZehkvqlhhgahegZD_\bgZDweih^gyekyi_j_k_egZdjZ_r_d
�djh\Zlb`_cggZijy]eZkv\k_fl_ehf
Ihc^_f^hfhc^hjh]ZyLuagZ_rvykh`Ze_xhlhfqlhijhbahrehg_lZdeb"Hgiheh`be
jmdmgZ__ie_qhkdjulh_h^_yehfFg_ke_^h\ZehkjZamiha\hgblv;jZcZgmdZdlhevdhfh_
hlghr_gb_dl_[_i_j_f_gbehkvghgZ\_jgh_yg_fh]k`blvkykijhbahr_^rbfb\hfg_
&#xk_;&#xm;&#xg;&#xZk;&#xg;&#xZe;&#xZ^;&#xbl;&#xky;&#x;�i_j_f_gZfbk_mgZkgZeZ^blkyeywlh]hgZfdZdh_lh\j_fygZ^hih[ulv\^\h_f
Hgj\Ze_ck_j^p_
GZeZ`b\Zlvkyg_q_fm
�Fu`_gZlumgZk[m^_lj_[_ghd;m^v[eZ]hjZamfgZ`_cgGZfgm`gh\j_fygbq_]h[hevr_
HgZih^Z\beZ\k_[_\hagbdr__[ueh`_eZgb_kh]eZkblvkyHldZaZeZkv\gh\v^ZlvkeZ[bgmihclbgZ
ih\h^m`_gkdbowfhpbc
Fhc^hf\QbdZ]h
G_]h\hjblZd]hehk_aZa\mqZeZaeZyghldZMl_[yhlebqguc^hfgZ^jm]hfkdehg