You are on page 1of 110

BRS 1-4

Preliminary conversion to Devangari (Sanskrit 98 font)

Í,Í,L‹UVDP WLV1[X! ×,NH>×,NH]VHYQL‹U{&\WH

JY¯L‹HGLQÈSN! Í,DJYW6\W W,\6N1[HFB


S8Y5LYDJ! O@>L‹\DHJ6\LQJX> 5 6\ÛGD×WP
$K(W.X \$9\YLKWD\DL‹!SXÇDH¢PH
¾ZPOKU,VDPD1\L‹! VDODH.\VDLÐ5VDP,3\VDÈ3\(N7YP$3\W
G,\PDQQJ }L1WLYQDP7VHYQMQD!
Í,Í,UD[DJDHLY1GGHYD(LYM\HWH V#YL‹\DHJD2\$D7\L1WNGD×W!
\HQDLWÊ-\L¥JX>P¯DYD\DHSS WH
$LROUVDP WP8LW5!¾V PUÇLFÇ­WDUNDSDLO!
NLOW=\DPDOLOWDHUD[D¾H\DQLY[XU{ M\LW VDODH.\H7\DLGS 6Z‹DH7N5L>ÈS>P
×LG\6\¾HU>\D¾YLW5WDH KPYUDNÈSDH LS ‹HU{LY]X­WD9\Œ\DO@>HS\5Y6\LW
W6\KUH!SGNPOY1GHF(W1\GHY6\ ŠH—,]XGDPDH@OXWDN‰W VX¨O5D
LYÍDPPL1GU7\DW6\VQDW>WQDHU{PG,]6\ VD1²DQ1GLY]HD7PDÍ,N‰>DNL5>,FVD
L‹UVDP WLV1[XU{ YWXVGD\P¾PDHGD\
L‹UVDP WLV1[D(FUW!SLU8WNDOMDOL\! W¥D6\D!ŠH]—7YPB
‹PNUDQ$],LOWPXL‹QG,NDQQPVDLP ŠH]DVWXSDSW±,MP$LY DFHLWWHL¥[D
P,PDVNEIYD”H!NL4QDP$LSNe^4\¸$VD(
6 eUWXVQDWQVXLFUWYL‹UVDP WD0DHL[! W¥SDSPBB
L‹UV6\¾6WXLWU{$LROMJ
{PšO¾Vš6\ $¾DU%[YHWSDS¾DU%[FHLWWG{L´[D
$`HQDLSP\D6\L‘\WHVX×GDP¾PDHGD\
W¥$¾DU%[KU7Y0\ZD#NI]HB
#W6\JY¯L‹UVDP WS\DHLQ[H! \ZDL”!VXVLP­DLF5!NUDH7\#[DLV6PVDW
F7YDUK{ROXYØ\1WHDJD!S8YD5G\!‘PDW WZDPL´\DL‹U{­Y(QDLVN‰7Ó]!
W¥S8Y5H LYDJH L6PQL‹HGLQÈSNH
$QX‘PH>Y‹9\OKU,>DFWXÐ\P ¾DU%[KU7Y0\ZDW W,\HB
$D DVDPD1\Œ\D) DL´W,\DVD[QDL1YWD \¸DP[H\ÍY>DQXN,W5QDG{
DYDLÍWDW W,\DFWX\D5¾HPLQÈLSND \7¾Ü>G{\76PU>DG{$LS.YLFW
W¥DGD(VXÑX Y(L]Ð P$6\D!NZL\WX6 eTP ÏDGDH LSV !VYQD\N/SWH
O@>L‘\WH‹HU{ ¢PD\D!VWDPWP NeW!SXQVWHJYQQXG]5QDW

$1\DLODLWD]81\`DQNPD5 QDY WP ¨MD5LWU{#YVYQD\DH*\7YHNDU>PPWP


$DQXNˆ/\HQN‰>DQX],OQL‹U{¢PD ¨MD57\DU0NSDS\W6\DW¾DU%[P#YWW

\ZDÍ,QDUGS UD¥HBB S°SXUDQHFBB
VYDH5SDL[LYLQPX5‹W7SU7YHQLQP5OP $¾DU%[ OSDSNˆTE,M ODH1PXRP
‘PH>(Y¾O,\HWLY>XL‹UWD7PQDP
PDH@OXWDN‰WBB
E,MKU7Y0\ZDÑHB PQDJ#Y¾È)D\D×G\HJYD²WD(
W(VWD1\$DLQS8\1WHWSDHGDQÊWDLGL! SXÇDZD5VWXF7YDUDVW >D\1WHVP1WW!
QD[P5M W[ G\WG{$S,]D
{L˜VHY\D
\ZDÍ,QDUGS UD¥HBB
$LY DKU7Y0\ZDFWXZH5B KLUL‹PKDGH9\D!VYD5PXŒ\DLGLV­\!
\7SDGS™MSOD]LYODVŒ\D XŒ\]FD¯bWDVW6\D]FHLTNDYG{$QXÊWD!LW
NPD5]\€LZWP«Z\L1WV1W!
W´QQLU‹PW\DH\W\DH LSÇ­ VX¨O5DBB
ÔDHWDHJ>DVWP$U>MYDVXGHYP VD[QD(U{$QDV1J(U{$OB\DVXLFUDG{$LS
KLU>DFDÏGH\LH WL´[DVD6\DWVX¨O5D
SD°HFBB
N‰WDQX\D¥DLY DLU{KLUL‹U{$QX¢PD W¥$D D\ZDWD·HBB
$LY DLQG5K7\$D]XGDY-YDOHYS¸J,P `DQW!VXODPXL‹U{XL‹U{\`DLGSX^\W!
VH\VD[QVDKÔ(U{ KLUL‹!VX¨O5D
]XG7YPBB
]XDLQ¾,>QVY5MJWDP$QXU‹WD L´W,\D\ZDS P6N1[HBB
Vªb>D!VXRP7\DG,1\$D2\DWDLQPQ,LL! UDMDQSW,U{JXÇU{$OYWD\©QD
G(YL¾\!NeOSLW!.YFLN™UDHY!
W¥MJ7¾,>QDLG´\¾G7Y0\ZDSD°HBB $67Y#YP$šMWDJYDQPXNe1GDH
\HQDLF5WDHKLUVWHQWLS5WDLQMJ17\$LS PXL‹GGDLWNLK5LFW6PQL‹\DHJP
U-\L1WM1WYVW¥M1JPD!6ZDYUD$LS
VD1²DQ1GLY]HD7PDBB
Vªb>DLG¾G7Y0\ZDS PHB ÂÚDQ1GDHYHG{#FHW SUD­5JX>,N‰W!
\6\DL6WL‹U{JY7\$LN QD Q(LWL‹VXRD0DH[H!SUPD>XWXODP$LS
VY(U5 { JX>(VW¥VPDVWHVXUD!
KUDY$‹6\NeWDHPKªb>D \ZDKLUL‹VX[DHG\HBB
PQDHUZHQDVLW[DYWDHELK! 7Y7VD@D7NU>DqDGLY]X­DL%[L6ZW6\PH
VXRDLQJDHSGD\1WHÂDÚD^\$LSMJªbUDH
VXR¾G7YPBB
VXRY(L\NÂDÚP#HÏUFHLWWWL¥[D WZDDYDZ5G,LSND\DFB
7Y7NZDP WSDZDH[D(LYKU1WDHPKDPXG!
\ZDW·HBB NeY5L1WN‰LWQ!NHLFWFWXY5JW >DHSPP
LV­\!SUPDË\D5XL‹U{PXL‹]F]DÏW,
LQ7\FSUPDQ1GDHYHG{JDHLY1GL‹W! Í,N‰>DNL5>,BB
N‰7YDKLU¾HPDML¾\YJ5VPL1YWP
\ZDKLUL‹VX[DHG\HFBB L‹U{Y],NUDHW,LWÍ,N‰>DNL5>,PWD
8\DH LS\DFHGHYH]7YL\L‹U{f)D6WXPH
\DPDH@D1WFWXY5J5 OGDVXRGDOWD \Z(NDG]HBB
QVD;\LWPDP\DHJDHQVD
{2\[P5­Y ]DVQHQ(Y]DÒ6\VDY([,L‹U{&\WH
Q6YD;\D\VWSV7\DJDH\ZDL‹U{PPDHLM5WD
\ZL´W,\HBB
V»PHFQDUGDH‹D(BB W6PDG{DUWVYD57PDJYDQÏUDHKLU!
\8\Q ODHNHEW8LUDJD ÍDHW9\!N,LW5W9\]F6PW59\]FH'WD\P
ODHN SXQDQDPXQ\DH L\L1W
\HDJ KDQ$DYVW,LWVD@DG{ SD°HFBB
JX)SUÂÚPQX\LOšP 6PW59\!VWWLY>XU{LY6PW59\DHQMDWXLFW
VYH5 LYL[LQH[D!6\XU{ #W\DHU{ #YLN™UD!
$€WDHYØ\PD>D\DVL¥[D‹HU{ $QX‘PDW
L´]!I{L!SG(U{ #WQPDKD7\SLUN,LW5WP 7\$VD(6\DG{LYL[U{LQ7\!VY5Y>D5ÍPDLGX
LQ7\7YH 3\$6\LQ>,5WP#NDG=\DLGY7 OP
LNFB
6Y/SDLSÇLFU{#Y6\DG{L‹W£YDYEDHL[ND \ZD#NDGD]HWX9\‹P#YDH‹PBB
\XL‹VWXNHYODQ(Y\G{$6\D$¾LWÑWD PXREDÖÇSDGHB\!SXÇ6\DÍP(!VK
F7YDUDHML`UHY>D5JX>U( { LY¾DG\!S ZN{
W¥¾DF,Q(U{$3\‹PB \#DSXÇVD@DG{$D7P¾YPÏUP
\¤HQDSDLGWDH 3\$Z5!Ne]O(U{$QXPDW L! QM17\$YMDQL1W6ZDQDG{ÄÐD!SW17\$[!
$L\X‹WU(U{ $1\(U{ $1\Z(YDHSSD WH
WW OFW¥(YBB
LWÍ,Í,L‹UVDP WLV1[D( #YL‘\D\DHJSZ(!SXPDQY(LGNWDL·N(!
S8Y5DJHL‹VDPD1\OKU,¾ZPD $F5¸ B\W!LVL­P¢DHLY1G7\$,L3VWDP

L´W,\DOKU, S UD¥HFBB
VD[QL‹! VXUH5LYLKWD]DÒHKLUPL¬=\\DL‘\D
V(YL‹U{LW¾DH‹DW\DL‹!SUDYHW
VDL‹!VD[QDY!¾HPDFHLWL¥[DHLGWD
W¥$L[NDU,BB
W¥VD[QL‹!B \!NHQD3\$LWD*\HQMDWÍ­DH 6\VHYQH
N‰LWVD;\DYHWVD;\DYDVDVD[QDL[D QDLWV‹DHQY(UD*\DJ$6\DP$L[ND<|$VD(
LQ7\LV­6\DY6\¾DNT ×LGVD;\WD
VDL‹!V»P6N1[H
{*\DGHYL5>DHLGWD \Z(NDG]HBB
\f&'\DP7NZDGD(MDWÍ­DH 6WX\!SXPDQ
\ZDV»PHBB QLQLY5^>DHQDLWV‹DHL‹\DHJDH 6\LVL­G!
W6PDWNHQD3\SD\HQPQ!N‰>HLQYH]\HWLW
¢PDHP;\P]F6\DWNLQÑ]FHLWVL¥[D
Y([,UDJDQXJDFHLWVDL´[DVD[QDL[D
W¥¢P!B
W¥Y([,BB ]DÒH\X‹D(FLQSX>!VY5ZDf)LQË\!
\¥UDJDQYD»7YDW¾Y L¢U{SMD\WH ¾D()Í­DH L[NDU,\!V‹DY¢PDHPW!
W¥P;\P!B FWXZ5H Í,¶XYDH‹D(BB
\!]DÒDLGY$LQSX>!Í­DYDQVWXP;\P! \DLQY 5LWVWQX WDWYSDGS°
;\DQDG{YœQNZDÍY>HQYD6\DW
W¥NLQÑ!B VDÂÚL>6YPLKP1\$LSQDZPD8W
\DHYHW NDHPOÍ­!VNLQÑDHLQJ WH LN7Y$1WNDLVOXLOWDWSWWDLYPDQDW

W¥J,WDLG8‹DQDFWX>D5P $L[NDLU>DP W¥(YÍ,PGDLGUDMDH‹D(B


P;\H\L6PQJYWK{N‰SD6\DWWL7¾\6\YD QNDP\HQDZWG{$3\$K.YLFQ
V@,>W¢¯DY!6\DF'X­Œ\L[NDUYDQ Q\¥\XP›U>D0EXMDVY!
\ZH!]D(QNDLG]F¶XY!VFFWX!VQ! PK¢PD1W×5G\DQPXR&\XWDH
XL‹PXL‹6S KD\DYWLS]DF,×LGYW5WH LY[76YN>D5\WX P#PHYU!
WDYG{L‹VXR6\D¥NZP$B\XG\DHYHW
W¥DLSFLY]HH>JLWP$^Y,P$LQ&'W! S PHÍ,]XNDH‹D(B
L‹U{×WPQ!¾D>DQ¾H0>DWDQNeÇWHMQDQ \DH¨67\MDQL@LWVXW6YMQDZ5GDUDQ
¾D:\DLÍ\VXUYU(!VG\DYODHNDP
WZDFW W,\HB Q(&'QQ SVW¨LFWPKWDP[XL´T{
W(U{G]5Q,\DY\Y(U{GDU VHYDQXU‹PQVDP$YDH LS /JX!
LYODVKDVHL@WYDPV8‹(!
×WD7PQDH×W¾D>D] FL‹U{ ÑHÍ,Y ¥DH‹D(B
$LQ&'WDHPHJLWP$^Y,v¾\Xd
H  QQDNS ÑQFSDUPHÑ 
QVDY5D(P QUVDL[S7\P
Í,N‰>FU>D0DHMVHYDLQY 5WFHWVDP Q\DHJLV­,U{$SXQ5YYD
#DPDH@D\‹DQDQNGDLFW6S KDYHW VP¡V7YDLYUK<\ND
{@H

\ZDW¥(YÍ,P¨­YDH‹D(BB W¥(YÍ,DzDH‹D(B
NDH1Y]WHSDGVUDHMDMD QDUD\>SUD!VYH5QNeWËQLEB\LW
VX¨O5DH ZH
5 X FWX9|$S,K 6YJD5SYJ5QUNHY$LSWX/\DZ5GL]5Q!
WZDLSQDK¾Y >DHLP8PQ
Y7SGD0DHMLQHY>DH7VXN! W¥(Y1²DH‹D(B
$DUD[QJYWKPDQDLQUDL]!
W¥(YÍ,NLSOGHYDH‹D(B \HWXQH&'17\$LSSUWH6YDZ5Ne]OD!6P WD!
Q(ND7PWDPH6S K\L1WNHLFQ
P7SDGVHYDLUWDPG,KD! V»PH¾qDGDH‹D(B
\H 1\DH1\WDHDJYWD!¾V-\ WXÐH FW¥LNP$OB\P$Q1W$D H
VDM\1WHPPSD(ÇDL> LNW(U{ JX>9\LWNUDG{K\H6YLV­D!
[PD5G\!LNP$JX>HQFND
{L@WHQ
W¥(YBB VDUMXDFU>\DHU{ SJD\WDQ!
VDODH.\VDLÐ5VDP,3\VDÈ3\(N7YP$3\W
G,\PDQQJ }L1WLYQDP7VHYQMQD! W¥(Y]‘DH‹D(B
¾7\DQ,WD!SUPYWD¥D\WDQ!6YDJD
G(7\D‘D1W×G\NPOWªK¾7\EDHL[ S°SXUD>HFNDL¢5NPDKD70\HG$PRGDU$6K7DNHB
NDO€6WLN\G{GP$KDHQDZ]XÍ 8 WDWH YUGHYPDH@ QPDH@DYL[YD
PXL‹VWHDQLKEÕPWDQDULVKDSU(!LNP QFD1\Y >H KYUH]DG{$S,K
GWHYSXU{QDZJDHSDO%O
$ÐPHÍ,JMH1²DH‹D(B VGDPHPQ6\$LYUD6WDLNP$1\(!
#NDL1WQDH\6\QN QDZ
YDŸ'L1W\HY(JY7¾S¸D! NeYHUD7PMD(E­P87\(Y5 \´W
$7\¯bWW›LUWVXPšO 7Y\DPDHLFWD(L‹E­D(N‰WD(F
JD\1W$DQ1GVPX²P”D! WZD¾HPL‹6YNDPH¾\&'
QPDH@H €KDHPH L6WGDPDHGUHK
QYPHÍ,Y(Ne^4QDZDH‹D(BB
P7VHY\D¾W,WWHVDODH.\DLGFWXÐ\P K\],,5\Í,QDUD\>9\8K6WYHFB
QH&'L1WVHY\DS8>D5!NeWDH 1\WNDOLY3OXWP Q[P5NDPP$ZYDPDH@ YDYUGHÏU
¾DZ5\HWYSDGDÀHGD6\P#YDLNDP\H
Í,G]PHQDJS¤,6WXWD(B
QQDNS ÑQFVDY5D(P W¥(YB
QSDUPHÑ QUVDL[S7\P SXQ!SXQU{YUDQLG7VXU{ LY>XU{ PXL‹Q\DLFW!
Q\DHJLV­,U{$SXQ5YYD L‹U{#YY WD\HQ¾qDGWQPD0\$K
YDŸ'L1W\7SDGUM!¾S¸D! \f&'\DO%[P$LSLY>DHU{ GD]UZHV WX\!
Q(&'QPDH@LYQDGD6\W6P(KQXPWHQP!
W¥(YÍ,YHG6WXWD(B
¨UYJPD7PW£YLQJPD\WYD¢WQDH] $WY¾LV­PÍ,KQXP´D.\PBB
FLUWPKDP WDL%[SLUYW5SLUÍP>D! YE1[L&'GHW6\(6S K\DLPQPX‹\H
QSLUOL1WNHLFG{$SYJ5P $S,ÏUWH YDQ¾XU{ $KGDVLW\¥LYOX3\WH
FU>VUDHMKVNeOVšLYV ÐJ KD!
Í,QDUGS UD¥HFLMW1WH6WDH¥HB
#NDG]HÍ,JY¨‹D(B [PD5Z5NDPPDH@HXQH&'DPPNGDFQ
QLNL WVD[YDH[,UD‹DÛ#NDL1WQDHPP 7Y7SDGSŸNM6\D[DHM,LYWG,\WPP
YDŸ'17\$LSP\DG¢N(Y/\P$SXQ5YP PDH@VDODH.\VDÈ3\DQ¾DZ5\H Q[UD[U
&'DLPLKPKDDJNDÇ^\WYVXÊW
WZDB
QSDUPHÑ QPKH1²L[^\ $WYÍ,DJYWHÑH
QVDY5D(P QUVDL[S7\P PX‹DQDP$LSLV­DQDQDUD\>SUD\>!
Q\DHJLV­,U{$SXQ5YYD VX¨O5!¾]D1WD7PDNDHLTY$LSPKDPXQH
P<\$LS5WD7PH&'LWPG{LYQD1\W
¾ZPHFÍ,[P5UDMPDWX!6WXWD(B
´DG]HÍ,DzDH‹D(B WZDSUPKVDQDPXQ,QDP$POD7PQDP
Q(YH&'7\$DL]!.YDLSÂÚL5U{ PDH@P$3\W L‹\DHJLY[DQDZNZS=\HPLKLÒ\!
L‹SUDJYLWO%[YDQSXÇH 9\\H
W¥(YÍ,V8WDH‹D(B
$D7PDUDPD]FPXQ\DHLQ€51ZD$3\ǑPH #NDG]H
NeY517\$K(WXN,vL‹P7Z08WJX>DHKLU! $D`D\(YJX>DQGDHDQP\DLGÐDQ$LS6YNDQ
[PD5QV17\-\\!VYD5QPDMHW VFV¢P!
$¥7\D-\W\(YDH‹DPXL‹!S LY[DLSFHW
VDODH.\DLGVWZD3\$¥Œ\DQDLWLYÇ;\WH W¥(YB
VXR(Ï\DH5¢UDVH\¾HPVHYDH¢UH7\$LS GHYL58WD»Q†>DLSW†>D
VDODH.\DLGU{L´[DW¥QD DVHYDMXPWD QLN™UDHQD\P?>,FUDMQ
LN1WX¾HPN( PD[X\M5 X#NDL1WQDHKUD( VYD57PQD\!]U>]U^\
Q(YDš,NeY5WHMDWXPXL‹S LY[DP$LS JWDHPXNe1GSLU×7\NW5P 
W¥D3\#NDL1WQDÍHZDJDHLY1G×WPDQVD!
\HDÍ,]¾VDGDH LSPQDHKWX Q]e\DW Í,JYª,WDVXB
LV­D1WWV7Y$HGH LSÍ,]N‰>6YÈS\DH! VY5[P5QSLU7\D-\PDP#N]U>ÊM
UVHQDH7N‰\WHN‰>ÈSP#DUVL6ZLW! $K7YDVY5SDSHB\DHPDH@L\\DLPPDVXF!
]DÒW!Í8\WH‹D(Q PD¥6\DL[NDLUWD
VYD5L[NDLUWDPDÓDQ6\ÂXYWD\W! $J67\VLKWD\DPBB
fWDL1WWDYL]ÑHQKLUL‹U{Q S¾LW \ZDLYL[LQH[D(WXPX‹Q(YDHSVS5W!
WZDQ6S ]WDHUDPDHSDVNLYL[S8Y5NP
\ZDSD°HB
VYH5 L[NDLU>DHÛ$¥KLU‹D(\ZDQ S #NDG]H#YB
6YSDGPXO MW!L¾\6\
ND],R^IHFWZDB 7\‹D1\$DY6\KLU!SUH]!
$17\MD$LSW²DÐH ]lF‘D™[DLU>! LYNP5\FFDH7SLWWNZL G{
V0¾D3\Y(>Y,vG,@DG,L@WDYV0EX! [XQDHLWVY×LGVL¸LYÐ!

$LSFB KLUL‹LYODVH 6\D‹HU{ $šDLQO@]!


$QQXÑDQWDHGDHDHŒ\šDQD¾MD\WH LN1WXWDLQ¾LV­DLQLQLG5=\1WH\ZDPLW
QNP5>DP$NU>DG{#Œ\L[NDLU>DP
LQL­DFDUWDHG(YDW¾D\LË¢WXQDHLFWP $¥$šO@>PB
LWY(>Y]DÒD>DUK6\WL´GDPWP $DLÍWDYD1WUDQHNHG NHYOP#YYD
#NNPD5¥LY´L¯U{#NŒ\šP&\WH
\Z(NDG]HBB
6YH6YH L[NDUH\DLQÑDVDJX>!SLUN,LW5W! $Z$šDLQB
LYS\5\VWXGDH!6\DG{\DHU{#LQË\! JXÇSDGDÍ\VW6PDWN‰>G,@DLGL]@>P
LYÍ0H>JXUDH!VHYDVD[XY7PD5QXYW5QP
¾ZPHBB V­P5S &'DDHJDLG7\DJ!N‰>6\KHWYH
7\ŒYD6Y[PFU>D0EXMPKUHU{ LQYDVDH´DUNDGD(FJšDGHU{ $LSVL¸[D(
M¸$S.YDH ZSWHW WWDH\LG 9\DYKDUHXVYH5X\DYGZD5QXYLW5WD
\¥.YYD²P$8G{$PX\LN KLUYDVUV0PDQDH[D¦\Ï7ZDLGJD(UYP
NDHYDZ5$D»DH MWD6Y[P5W! #DP$¥G]DšDQDYHW¾DU0ÇSWD
Vš7\DJDHLY©UH>JYL´PXRU( { MQ(!
L]\D QQXEL1[7YPKDU0D QX P! BLYÍ0H>JXUDH!VHYD\ZDW¥(Y
EՀ1ZNODB\DV9\D2\DYDGLYYM5QP $DFD\PDLYMDQ,\DQQDYP1\HWNLK5LFW
9\DYKDUH 3\$NDS5^\]DHND Y]YLW5WD QP7\5EX­ DV8\HWVY5GHYP\DHJXÇ!
$1\GHYDQ$Y`DF8WDQX´J H GDL\WD
VHYDQDPDSUD[DQDP¯YDDYNDLUWD BVD[XY7PD5QXYW5Q0\ZD6ND1GHB
N‰>W¯‹LY´HLYLQ1GD VLK>XWD VP *\!ÍH\VDKHWX!S1ZD!V1WDSYLM5W!
9\LWUHNW\DP,DG]DQD6\DG{$QXLÑW,! $1YD»ÍPS8Y5H \HQV1W!¾WL6ZUH
$6\DVW¥¾YH]D\´DU7YH 3\$šLY]WH!
¥\D¾[DQP#YDH‹JXÇSDGDÍ\DLGNP ÂÚ\DPOHFB
[ LWU{Y(>YLF}DQDKUHU{QDPD@U6\F ÍXLW6P LWSXUD>DLGS UD¥LYL[LYQD
LQPD5/\DGH]FW6\D€HWD^IYG^IY¸LW! #HNDL1WN,KUHU{ L‹U{7SDWD\(YN/SWH
$B\X7ZDQP$QXÊ-\DJLW!6ZDQHSLU‘P!
$F5Q SLUF\D5FJ,WV™,W5QMS! L‹U{#HNDL1WN,YH\P$LYFDUDW¾W,\WH
LY`L»!6WYSD4]F6YDGDHQ(YH SD \DH! Y6WXWVWXWZDQ(Y\G{$]DÒ,\WHØ\WH
[8SPD/\DLGVD(UB\Í,P8W!5H 6S LÐU{@>P
$DUDL¥NDH7VYDGH] FÍY>W7N‰S@ H >P BV­P5S& 'D\ZDQDUG,\HBB
6P LWU{;\DQWZDGD6\V2\P$D7PLQYHGQP $LFUDG{#YVYD5Z5!LV;\7\#DP$,L3VW!
LQML¾\DHSKU>WGZH5 LROFHLÐWP V­P56\DYEDH[D\\HDLQE5L1[Q,PLW!
VY5ZD]U>DSL¢VWG,\DQDFVHYQP
WG,\DVWXOV,]DÒPZXUDY(>YDG\! BN‰>DZH5DHJDLG7\DJDH\ZDSD°HB
\ZDY(YVDP€,VªDHÑ,LU{PKDH7VY! KLUPL¬=\DHJDLQNDOH7\‹YWVWY
AMD5GUDHLY]H> H \D¥DM1PLGQDLGX LY>XODHNL6ZWDV0SGODHODVD¾W,@WH
Í­DLY]HW!¾,LW!Í,P8WU5H { $
{L˜VHYQH
Í,P¯DJYWDZD5QDP$D6YDGDHULVN(!VK B´DUNDLGLQYDVDH\ZD6ND1GHBB
VMDW,\D]\HLÓ*[HVD[D(Vš!6YWDHYUH VY7VUYD^PDVDQPDVPDVD[5P #YYD
QDPV™,W5QÍ,PZXUDP^IOHL6ZLW! ´DUNDYDLVQ!VYH5QUDQD\5]FWXX5MD!
$šDQDS N6\D6\S8YLYLOLRW6\F
LQLROÍ(Ñ EDH[D\SXQU{$3\$¥N,W5QP $DLGSGHQSXÇDH¢PYDV]F\ZDÂDÚHBB
LWND\×,ND1W!NU>DQDPSDVQD! $KDH@H¥6\PDKD70\VP1WDG{G]\DHMQP
FWX!LÐ!S ZN{VD
{DLWNHGDW‘PDLGQD! LGLYÑD\¥S=\L1WVYD5Q #YFWXXM
5 DQ
$ZDD5QXPWHQ ( DPGDKU>P\5WH
JšDLGYDVDH\ZD¾ZPHBB
BW¥JXÇSDGDÍ\DH\ZD#NDG]HB \DY(OV&',WXOV,LYLPÍ
W6PDG{JXÇ ¾S HWLM`DVX!ÍH\¢PP N‰>D
{L˜UH^YB\L[ND0EXQH¥,
]D%GHSUHFLQ>DWÂÚ^\S]PDÍ\P SXQDLWVH]DQ\¥ODHNDQ
NVWDQVHYHWPLU\PD>!
BÍ,N‰>G,@DLGL]@>\ZDW¥(Y
W¥DJYWDQ[PD5Q L]@HG{JXYD57PG(YW! B\DYGZD5QXYLW5WD\ZDQDUG,\HBB
$PD\\DQXY £\D\(VWX\HG{$D7PD7PGDHKLU! \DYWD6\DW6YLQYD5K!6Y,Ne\D5WWDYG{$Z5LYW
$DL[.\H1\8QWD\DF&\YWHSUPDZ5W! PPDF5QDSUD[D\HN,7\51WHYVX[HP\D
Y(>YHQVGDWHWXYM5Q,\D!¾\¤W!
BKLUYDVUV0PDQDH\ZDÂÚY(YWH5B
VY5SDS¾]PQSX^\P$D7\L1WNWZD SD°HFBB
JDHLY1G6PDU>Q†>DP#NG=\DPSDH>P VYD5SUD[N‰G{$LSPX&\WHKLUVÍ\!
KUHU{ $3\$SUD[DQ\!Ne\D5G{L´SGSD]O
X !
B[D¦\Ï7ZDLGJD(UY0\ZD6ND1GHB QDPDÍ\!NGDLFW6\DWWU7\#YVQDPW!
$Ï7ZWXOV,[D¥,JDHL8 PVXUY(>YD! QDÅDHLKVY5VX×GDHÛ$SUD[DWSW7\$[!
S8LMWD!¾>WD!;\DWD!@S\L1WQ†>DP$P
WL¸1GD $VLK>XWD\ZDÍ,G]PHB
B$ZÍ,N‰>LYPXRMQV7\DJDH\ZDND7\D\QVLKWD\DPB LQ1GDJYW!Í^YVW7SU6\MQ6\YD
YUÕWYK-YDODS¡UD1W9\5YL6ZLW! WWDHQDS(LW\!VDH LS\D7\$[!VXN‰WDF&\XW!
Q]D(LULF1WDLYPXRMQVYDVY(]VP
B$ZY(>YLF}[ LW!\ZDSD°HBB
LY>XUK6\HFB \HN^4O”WXOV,QLOQD@DPDOD
$DLOšQYUP1\H9\DO9\D˜MOD(NVDP \HEDÕP8OSLULFL}W]lF‘D!
QVš!]/\\X‹DQDQDQDGHY(NVHLYQDP \HYDOODT ONHOV©;Y5SX^IDV
WHY(>YDXYQP$D]XSLY¥\L1W
BBBL]\DQQXEL1­7YDLG¥\\ZDV»PH
B BQDPD@U[ LW!\ZD6ND1GHBB
QL]\DQ$QXEµ,W€1ZDQQ(YDB\VHG{ EÖQ KLUQDPD@U\XWDOHJDHS,P IL™WP
Q9\D2\DPS\X¡,WQDU0DQ$DUHW .YLFW WXOV,PDLONDHU6N6S ]H\XU{Q\PDH¯TD!

B9\DYKDUH 3\$NDS5^\\ZDSD°HBB SD°HFBB


$O%[HYDLYQÐHYDØ\D&'DGQVD[QH N‰>QDPD@U(U{JD¥P$™\HFF1GQDLGQD
$LYŠYPLWU{87YDKLUP#YL[\D6PUHW VODHNSDYQDHX7YDW6\ODHNP$YD½X\DW

B]DHND Y]YLW5WD\ZDW¥(YBB BLQPD5/\[ LW!\ZD#NDG]HB


]DHNDPD5LGLU{DY(U{$D‘D1W\6\PDQVP 7Y\DHS\X‹Ô*J1[YDVDH O™DUFLF5WD!
NZW¥PXN1e G6\6 ˆLW5V0DYQDYHW L&'ÐDHLMQDHGDVDVWYPD\DM\HPLK

$1\GHYDQ`D\ZDW¥(YBB 6ND1GHFBB
KLUU{#YVGDUD;\!VY5GHYHÏUHÏU! N‰>DH¢,>WXLQPD5/\\6\Dš6S ]WHPXQH
WUHÂÚDzD DQDY`H\D!NGDFQ VY5UDHJ(VWZDSDS(U{ PX‹DHYLWQDUG

8WDQX´HJGDL\WD\ZDPKDDUWHBB B$€HWD^IY\ZD´DUNDPDKD70\HBB
LSWHYSX¥NÇ>DHQDH´HM\LW\DHMQP \DHQ 7\LW¾×ÐD7PDDY(U{EÕXL‹W!
LY]X­6\×,NH]VW8>W6\¾V,GLW VLQG5KLWSDSDLQP1Y1WU]WHY$LS

BVHYDQDPDSUD[DQDYM5Q\ZDYDUDKHBB WZDÍ,QDUGDH‹D(FBB
Q 7\WDÍ,SWHU{ $€HWDLONDYDGQ(U{  ]P WG{\ZDG]PHB
I{I,\1WH]U,U6ZD!VYH5SDWNSL@>! 6YJD5SYJ5\DH!SXVDUVD\DXLYV0SGDP
VYD5VDP$LSLV­,QDP8O WD›U>DF5Q
BG^IY¸LW!\ZDQDUG,\HBB
#NDH LSN‰>D\N‰W!¾>DPDH LY>XUK6\HFBB
G]DÏPH[DY Z(U{QWX/\! Í,LY>DHU{ $F5Q \HWX¾NeYL5 1WQUDXLY
G]DÏPH[,SXQU{#LWM1P WH\DL1W]DÏWLY>DHU{ $DQ1GSUPSGP
N‰>¾>DP,QSXQ5YD\
BSLUF\D5BB
B$B\87ZDQ\ZDÂÚD^IHBB SLUF\D5WXVHYDHSNU>DLGSLUL‘\D
\DQ$DÈ)SXU!¾HØ\VPD\D1WMQDG5QP WZD¾N,>5N&'¥YDLG¥D (U{ SDVQD
$B\X7ZDQQU!NeY5QSDW\HWVY5LNL/EP
\ZDQDUG,\HBB
B$QXÊ-\D\ZDLY\DH¢UHBB PXÖWYDPXÖWD5[\VLWÑHG{[LUPL1GUH
UZHQVKJ&'L1WSDÏ5W!S ÑWDH €W! V\DLWSUP6ZDQLNP]XÍ8>HUWD!
LY>XQ(YVPD!VYH5YL1WÏSGDG\!
\ZDFWXZH5BB
B6ZDQHJLW! \7SDGVHYDLÇLFVWSL6YQDP
6ZDQW,ZJ K FD6\W¥W,ZH5 JLWU{\ZD $]HM1PDHSLFWPOL[\!
V !L@>DH7\$1YKP#[W,VW,
SXUD>D1WUHBB \ZDSGDšbÑLYLQ!V WDVLUW
VVDUPÇND1WDULQ6WDUNU>@PD(
6OD–\D(WDY#YFU>D(\D(KUHVW,Z5JDLPQD( $šDLQLYLY[D1\#Y6\X!S8MDSLUF\5\DH!
QWDLQLOLRWD1\$¥€1ZEDÕ/\,LWW!
$DO\HF\ZDKLUL‹VX[DHG\HBB
¾Y,]¸$DO\LY>DHU{ G]5QDZVXL‹PDQ B$ZJ,W\ZDO(šH BB
Q8\!¾LY]HQPDWX!NeL@NDUDJ K VX[,! ÂDÚ>DHYDVXGHYD2\JD\PDQDH LQ]SUP
KUH!VDODH.\P$D½DHLWDzJDQDL[NYHW
BSLU‘PDH\ZDW¥(YBB
LY>X¾GL@Q,NeY5Q\VW¥DYW5WHSXQ! B$ZVN,W5QPBB
WG{#YDYW5QW6\SXQU{QDYW5WHYH QDPO,ODJX>G,QDP›(D5DWXN,W5QP

6ND1GHFFWXPD56\PDKD70\HBB W¥QDPN,W5Q0\ZDLY>X[PH5 BB


FWXYD5UÄP,LVWXMJWVYFUDFUP N‰>HLWPšOQDP\6\YDLF¾YW5WH
‘D1WYLWLY¾D€ W¢,Z5JPQDLGNP 6P,YL1WUDMH1²PKDSDWNNDHT\!

B$Z$F5QPBB O,ODN,W5Q0\ZDV»PHBB
]XL­1\DVDLGS8YD5šNP5LQYD5KS8Y5NP VDH KL¾\6\VX×G!SUGHYWD\D
$F5QPW8SFDUD>D6\DQP·H>DHSSDGQP O,ODNZDVWYQ LVKLYLU J,WD!
$¡VLWW0<|$QXJ >QJX>LY¾PX‹DH
¨JD5L>WHSG\XJDO\KVVš!
\ZD6ND1GHBB
JX>N,W5Q0\ZD¾ZPHBB Í,N‰>6WYU¤D(U( { \HDLMÜD7Y$O™WD
GLKSXVVWSV!ÍXW6\YD QP6\DPXLQLV­DQDY1GQ,\DLGYD(NVDP
L6YÐ6\V8‹6\FEXL­G¢\DH!
$LY&\XWDH Z5!NLYLU{LQÈLSWDH QDULVKHFBB
\G{¢P!ÎDHNJX>DQXY>5QP 6WDH¥(!6WY]FGHYD€H\!6WD(LWP[XV8GQP
VY5SDSLYLQPX5‹DHLY>XODHNP$YD½X\DW
B$ZMS!
P·6\VXO8›DUDHMS7\$L[,\WH B$ZQ(Y H D6YDGDH\ZDSD°HBB
Q(YH P$¸WXOV,LYLPÍ
\ZDSD°HBB Y,]HW!SDGMOHQLV‹P
N‰>D\QP7\#P·!VYD5ZV5 D[N! \DH ÌDLWLQ7\SXUWDHPXUDUH!
‹DQDMSWD8S6YJ5PDH@ O¾G! ¾D3>DHLW\`D\XWNDHLTSX^\P

B$ZLY`L»!\ZD6ND1GHB B$ZSD D6YDGDH\ZDW¥(YBB


KLUPL¬=\\WLNL WN‰W LY`DSQLJUD QGDQQKLYU{\HD6YD;\D\DHQVXUDF5QP
PDH@´DUDJ5ODQPDH@VWHQ(YLYLKWVWY WH LSSDGDHGNS,7YD¾\DL1WSUPDJLWP

V0¾DZ5QDL7PNDG(1\EDHL[NDODOVDP\, B$Z[8SVD(UB\0\ZDKLUL‹VX[DHG\HBB
7\$DLGU{LYLY[D[,U(!N‰>HLY`L»U{LUWD $D˜D>\G{[UHU{ G¢[8SDHL&'Ð6\VY5W!
W¯Y9\DOGÐDQDQ6\NP5LYDSKP
W¥V0¾DZ5QDL7PND\ZDSD°HBB
\XYW,QD\ZD\8LQ\8QDF\XYWD(\ZD $ZPD/\VD(UB\\ZDW·HBB
PQDH LUPWHW´QPQDH LUPWD7YL\ ¾LYÐHQDLVNDU1¶HKUHU{LQPD5/\VD(UH
V DHLYO\P$D\DLWSDSS¡UE1[QP
G(1\EDHL[ND\ZDW¥(YBB
P¢X/\DHQDL6WSDSD7PDQDSUD[,FNËQ $J67\VLKWD\DFB
SLUKDUH LSOœDPHLNÂ8YH SXÇDH¢P $D˜D>J1[SXSDGHU{$LF5W6\WSDH[Q
LY]XL­!6\DG{$Q1W6\˜D>6\HKDL[,\WH
ODOVDP\,\ZDÍ,QDUGS UD¥HBB
NGDJ0,U\DYDFDLÍ\D\X‹DHMJ7SWH B$ZÍ,P8WH!5 6S]5Q \ZDLY>X[PDH¢
5 UHBB
FDPU9\€K6WPDP#YNe9|LWYØ\LV 6S 6T{YDLY>DHU{$L[ÑDQSLY¥!Í­\DL1YW!
SDSE1[(U{ LYLQPX‹
5 !VYD5QNDPDQ$YD½X\DW
\ZDYDBB
NGDK\PXQDW,UHQDPDLQWYN,W5\Q B$ZÍ,P8WH5U{G]5Q0\ZDYDUDKHBB
±DS!SX^IU,ND@UFL\\DLPWD^IYP Y 1GDYQHWXJDHLY1G\HS=\L1WYVX1[UH
QWH\PSXU \DL1W\DL1WSX^\N‰WDJLWP
B$Z6WYSD4!BB
¾DH‹DPQ,LLU{J,WD6WYUDMDG\!6WYD! B$DUDL¥NG]5Q\ZD6ND1GHBB
NDHT\DHÂÚK7\DQDP$J0\DJPNDHT\! SXÇWP$MLQ7\ÊMDLP]U>KLUP
GK7\$DODHNPD¥H>LY>DH!VDUDL¥NPXRP
\ZDFSD°HBB
7VYG]5Q\ZDLY\DH¢UHBB ¾\D>HFD¾\D>HF\¸DP6PUWDQ†>DP
UZ6Z\HLQU,@1WHND(LWNHQDLSNH]YP V DHQ=\LWSDSD(DHQPVW6P(LFGD7PQH
GHYWDQDJ>D!VYH5YL1WÏSFDG\!
$Z;\DQPBB
$DLG]%GHQS8MDG]5Q\ZD”H\HBB ;\DQPÇSJX>‘,IDVHYDGH!VXÑX LF1WQP
S8LMWS8-\PDQYD\!S=\HG{L‹WDHKLUP
W¥ÈS;\DQ\ZDQDULVKH BB
B$ZÍY>P JY›U>´1´;\DQLQ´51´PLUWP
ÍY>QDPFLUWJX>DG,QDÍXLWU{YHW
  SDLSQDH LS¾VšHQLYLKWVXLKWSUP

W¥QDPÍY>\ZDJDÇIHBB JX>;\DQ\ZDLY>X[PH5 BB


VVDUVS5GÐQÐFHÐ(NHMP \HNeYL5 1WVGDŒ\DJX>DQX6PU>KUH!
N‰>HLWY(>YP·ÍX7YDPX‹DHYHQ QU! ¾@,>NOXD(DVWH¾LY]L1WKUH!SGP

FLU¥ÍY>\ZDFWXZ5H B ‘,GD;\DQ\ZDS°HBB


WL6PQPK1PXRLUWDP[XL›LU¥ VY5PD[X\5VDUDL>VYD5¯bWP\DLQF
S,\8]HVLUW!SLUW!ÔYL1W ;\D\QKUH]FLU¥DL>OLOWDLQLYPX&\WH
WD\HLSE17\$LYW DHQ SJD)N>(5V
WDQQ6S ]17\$]QW I { \]DHNPDHKD! VHYD;\DQ\ZDSXUD>D1WUHBB
PDQVHQDHSFDUHQSLUF\5KLUVGD
JX>ÍY>\ZD´DG]HBB SUHYD
{PQVD J0\WVD@DW¾LWSHLGUH
\VW8¢P!ÎDHNJX>DQXYDG!
Vš,\WH ,Ø>P$PšO—! $ZGD6\PBB
WP#YLQ7\] >X\DG{$,Ø> GD6\NPD5S5> W6\N(™\5P$LSVY5ZD
N‰>H PODL‹P$,3VPDQ!
W¥$D \ZD6ND1GHBB
$ZW7N‰SH@>\ZDG]PHBB WL6PQVPLS5W NP56YDDLYNP$S,ÏUH
WWWH QXN0SDVXVP,@PD>DH YHG{ DJYWDH[P5V W7NP5LNPXWDLS5WP
X¡DQ#YD7PN‰WLYSDNP
×´D*YSXL5U{LYG[QQPVWH NP56YDDLYN²MS;\DQDF5QDLGF
M,YHW\DHPXL‹SGHVGD\DN{ W,GL´LY[N‰>HY(>Y(U{GD6\P$LS5WP
P ¨Í­6\NLZWD6Y/SDNPD5L[NDLUWD
$Z6P LW!BB WGLS5W KUD(GD6\PLWN(LËG{G,\5W
H 
\ZDNZLF1PQVDV0E1[!6P LWU{&\WH
L´LW\\ZDQDUG,\HBB
\ZDLY>XSUX D>HB KD\6\KUHU{ GD6\HNP5>DPQVDLJUD
6P WH VNON/\D>DMQ\¥MD\WH LQLROD6Y$3\$Y6ZDVXM,Y1PX‹!V&\WH
¨NU7YHQLYUOH´HV2\D7PLQYHGQH
$ZV2\PBB NHDLFG{#Y[,UD>DOWHVD[QDK5WDP
LYÏDVDHLP¥Y L¢]FV2\L´LY[PLUWP
$ZLQML¾\DHSKU>\ZD#NDG]HBB
W¥$D \ZDPKDDUWHBB \G{\G{ÐWPODHNH\FFDLWL¾\P$D7PQ!
¾LW`HWYJDHLY1GQPH‹!¾>=\LW WWWQLQYHG\HQPÛWG{$DQ17\D\N/SWH
LWV6P 7\V6P 7\¾D>DQV[DU\D0\$KP
$ZWGZH5 LROFHLÐW\ZDS UD¥HBB
WZD#NDG]HFBB OD(LNN,Y(LGN,YDLS\DL‘\DL‘\WHPXQH
L¥XYQLYYKHWYH 3\$Ne^4 KLUVHYDQXNOˆ Y
( VDND\D5L‹P&'WD
6P LWU{$LMWD7PVXUDLGLU{LYP *\DW
QFOLWJY7SGDULY1GDO $Z]U>DSL¢!\ZDKLUL‹LYODVHBB
OYLQLPD[5P$LS\!VY(>YD€ ! WYD6P,LWYGQYDFDWZ(YPQVDLYGQ
W76ZDQP$DLÍWVW1YDPDHGWH]U>DJW!
Í­DPD¥6\W¯‹DY$L[NDLU7YKHWXWD
$š7YP$6\LYÏDVLY]H6\WXNH]YH Í,QDULVKHFBB
7YD¾S¸DH L6P]U>GHYGHYMQDG5Q
L´W,\\ZD$J67\VLKWD\DPBB LW\!]U>¾D»VWŠH]DG{­UD0\$KP
SLUF\D5SUD!NHLFW¾DVDGHX F]HUWH
PQX\PYW²ÐX 9\DYKWX FE1[XYW B$ZWG,\DQDVHYQPWXOD6\!\ZD6ND1GHBB
\DfÐDLQLRODVš]PQ,6S ÐDYSX!SDYQ,
$Z$D7PLQYHGQ\ZD#NDG]HBB UDHJD>DP$LYL1GWDLQUVQ,LV‹D1WN¥DLVQ,
P7\DH5\GD7\‹VP6WNPD5 ¾7\DVL¢LY[DL\Q,JYW!N‰>6\VUDHLSWD
LQYHLGWD7PDLYLFN,L5WDHPH 1\6WDW›U>HLYPXL‹ OGDW6\(WXO6\(QP!
WGDP W7Y¾LWS PDQDH
P\D7PX\D\DFN/SWHY( WZDFW¥(YBB
fWD6S ÐDWZD;\DWDN,LW5WDQLPWD6WXWD
$ZDH5 L´[D7P]%G6\SL^IW(U{ SSD\WH UDHLSWDVHLYWDLQ7\S8LMWDWXOV,]XD
GHÛK1WD6SGN(LËG{GHK!N(LËQPP7YDN{ QY[DWXOV,vGHY,v\HML1WLGQHLGQH
\XJNDHLTVKÔDL>WHYVL1WKUHU{ J K
H 
W¥GHK,\ZD\DPXQDFD\56WDH¥HBB
YSXUDLGX\DH LSNDH LSYD B$Z]DÒ6\
JX>WDH VDLQ\ZDWZDLY[! ]DÒP$¥VPD2\DW\G{L‹¾LWSDGNP
WG{$\WYSDGS°\DHU{
$KP$ (YP\DVPLS5W! \ZD6ND1GHBB
Y(>YDLQWX]DÒD>,\H] ^YL1WS4L1WF
GHKDH\ZDL‹LYYHNHBB [1\DVWHPDQYDODHNHWHVDN‰>!¾V,GLW
LF1WDNe\D5QQU@D\(LY‘,W6\\ZDS]DH! Y(>YDLQWX]DÒD>,\H F5\L1WJ KHQUD!
WZDS5\QKUD(GHK LYUPHG{$6\U@QDW VY5SDSLYLQPX5‹DYL1WVXUYL1GWD!
LWÑWHY(>Y]DÒLOLRW\6\PL1GUH
W¥QDUD\>DHGHY!6Y\YVLWQDUG
B$Z\ZDY(YPKDH7VYDH\ZDSD°HBB
WZDÍ,DJYWH´DG]HFBB \!NUDHLWPK,SDOKUHU{ JHKH PKDH7VYP
VY5YHGD1WVDULKÍ,DJYWP\WH W6\DLSYLWLQ7\KLUODHNHPKDH7VY
W²VDP WW »6\QD1\¥6\DG{ULW!.YLFW
B$ZAMD5GUDH\ZDSD°HBB
B$ZPZXUD\D!\ZD$DLGYDUDKH \ZDGDPDHGUDH‹Y7VODHLYLGWDHMQ(!
PZXUDFSLU7\-\\DH 1\¥NeÇWHULWP W6\D\WDf]DHPDV!6Y/SP$3\ÇNDUN!
P8)DHÄPLWVVDUHPDHLKWDPPPD\\D
W¥DLSPZXUD\DLY]HDH\ZDW¥(YBB
ÂÚD^IHFBB XL‹PXL‹KLUU{G DG{$LF5WDH 1\¥VHLYQDP
¥(ODH.\YLW5W,ZD5QDVHYQDG{¨O5DLK\D L‹WXQGGD7\#Y\WDHY=\NU,KUH!
SUDQ1GP\,LVL­U{PZXUD6S5PD¥W! VD7Y$¡VDKUHU{ L‹U{OB\WHNDL¢5NHQU(!
PZXUD\DVN‰G{$LSÍ,GDPDHGUVHYQDW
ÍXWD6P WDN,LW5WDFYDLŸ'WD¾HL@WDJWD
6S ÐDLÍWDVHLYWDFPZXUD,ÐGDQ >DP B$ZÍ,M1PLGQ\D¥D\ZDLY\DH¢UHBB
LW2\DWSXUD>HXQLY6WDUL\DH&\WH \L6PQLGQH¾V8WH\GHYN,7YDMQDG5Q
WL¬QÂ8LKY(N^e 4NeP5VWHW¥FDH7VYP
B$ZY(>YDQDVHYQ\ZDSD°HBB WHQV0\.¾S¸DQD¾VDGNeÇNH]Y!
$DUD[QDQDVYH5DLY>DHU{ $DUD[QSUP
W6PDWSUWUGHLYWG,\DQDVPF5QP B$ZÍ,P8WU5H L1˜VHYQH¾,LW!\ZD$DLGSXUD>HBB
PPQDPVGD€DK,PPVHYDL¾\!VGD
W W,\HFBB L‹VW6P(¾GDW9\DQWXPXL‹!NGDFQ
\7VHY\DJYW!NˆT6Z6\P[XL´!
ULWUDVDHYHW W,Ê!SDG\DHU{9\VQDG5Q! B$ZÍ,DJYWDZD56YDGDH\ZD¾ZPHBB
LQJPN/SWUDHJ5LOW O
6ND1GHFBB ]XNPXRDG{$P W²YV\XWP
]lF‘DL™WWQX!L]UVDP¡U,[U! LSEWDJYWUVP$DO\
JDHS,F1GQLO»DšDHfW]FHWWGNeW! PXÕU{$KDHULVNDXLYDYXND!

¾ZPHFBB WZDL´W,\HFBB
\HDV6PU>DWSXV
 DV !]X­ L1WY(J KD! SLULQLÑWDH LSQ(JX5^\H¢P!ÎDHNO,O\D
LNSXQU{G]5Q6S]5SDG]D(FDVQDLGL! J LKWFHWDUDMH5$D2\DQ\G{$[,WYDQ

$DG,SXUD>HBB B$ZVMDW,\D]\LÓ*[Í,JY¯‹VšDH\ZD¾ZPH
\HPH‹MQD!SDZ5QPH‹D]FWHMQD! BB
P¯‹DQDF\H‹DVWHPH‹WPDPWD! WXO\DPOYHQDLSQ6YJQDSXQ5YP
JY7VLšVš6\P7\D5QDLNPXWDL]!
\DYL1WJY¯‹HU{$šDLQNLZWDQ,K
¾D\VWDYL1WW¯‹‹HU{ $LSEX[DLY¨! KLUL‹VX[DHG\HFBB
\6\\7VšLW!SXVDHPL>YW6\DWVWªb>! ]™HQ,WD!VSLGG]P6N1[S DYO,QD
6YNˆO­ (5WWDH[,PDQ6Y\8:\DQ#YVÍ\HW Y>D5!N>D5;YLQSLZNWDPDQXSX9\D5G{YL¯!
KKDHLG0D!SUP]XGDQK1W[PD5ZN5 DPDQ
B$ZÍ,QDPVN,W5Q\ZDL´W,\H \G{JK51W!VXRP\P$P,PDH@P$3\$DL@SL1W
#WQLQLY5 PDQDQDP&'WDP$NeWDH\P
\DHLJQDQ SLQ>,5WKUHU{ QDPDQXN,W5Q N‰>‹DH\ZDBB
fJ0DHLU{[D(W!SXONSWO,PL^IWWQX!
$DLGSXUD>HFBB 6RO¸$1W! epDHG[G{$LWS ZX YHSZXP $LS
J,7YDFPPQDPDLQLYFUHQPPVL¸[D( f]DH!N@D\DYQPPVSXÇ!NDH 3\S\\D(
LWÂY,LPWHV7\‘,WDH KW6\FDMXQ
5  QMDWHLNWDYQPLWU{KJ KH QDLUPWH

SD°HFBB QDP\ZDBB
\HQM1PVKÔDL>YDVXGHYDHLQHLYW! \GYL[PP],WDY(L>NHQDQXJ,WD
W1PXRHKLUQDPDLQVGDLWÑL1WDUW ÍXLWSZP$]¥DHU{ QDPDJDZD¾\DWD
$QYNLOWS8YDK1WNDP$3\$Y6ZD
\WVW¥(YFBB WGYL[G[G1WPD5QV]D0\W,Y
QDPLF1WDPL>!N‰>]F(W1\UVLY€K!
S8>5!]X­DHLQ7\PX‹DH L¸7YDQQDPQDLPQDH! Í,PZXUDP^IO\ZD
WTXLYN‰WNDL1W!=\DPOD\DVWLT1\D!
$W!Í,N‰>QDPDLGQYHG{€DÛL1²\(! 6 eLTWQYNG0EDOL0ENˆMG{L´UH D
VHYDH1PXRH LKLMÜDGD(6Y\P#Y6 eU7\$G! LQUYL[P[XLU0>DPL^IWH\NZPH
PQLVNP$LSDYNDQQÍ,VWQDHLW
B$ZÍ,PZXUDP^IOHL6ZLW!\ZDSD°HBB
$1\HXSX^\W,ZH 5 X PXL‹U{#YPKD OP $OD(LNNSGDZD5QDP$LF17\D]L‹U{f],
PX‹(!¾D:\D5KUHU{ L‹U{PZXUD\DWXOB\WH DYWL´\FDLS\DVK(Y¾ND]\HW  
L¥YJ5GDNDLPQD\DPXP@ X >
8 DFPDH@GD NHDLFW.YLFG{$šDQD\W@X²Í8\WH O
‹,&'DHU{L‹GDNVWDPZXUDQDÍ\HG{EX[! ELKPX5R¾Y £\(WWLN1WXPX2\ OULW!
$KDHP[XSUX ,[1\DY(Ne^4DFFJU,\V, VPWL‹LY`DQDŒ\š7YQNP5>DP
LGQP#NLQYDVHQKUD(L‹!¾MD\WH
\ZF(NDG]H
¨ÈKD¯bWY,\H5 L6PQÍ­D©UH 6WXS NH WDYWNPD5L>NeY,5WQLQLY5 HW\DYWD
\¥6Y/SDH LSV0E1[!VL­\DDYM1PQH P7NZDÍY>DGD(YDÍ­D\DYQQMD\WH

W¥Í,PXLW5!\ZDBB `DQY(UD*\\DH5L‹¾YH]D\DHS\DHLJWD
6PHUDš,¥\SLULFWDVDLFLY6W,>5fLÐ W¾ZPP#YHLWQDš7YPLFWW\DH!
Y],1\6WD[ULN]O\DP--YODF1²NH> \G{HLF¢NDL41\KHW8¾D\!VWDPWH
JDHLY1GD2\DKLUWQXPW!NHL]W,ZDHS1N^4H VXNePDU6YDYH\ L‹VW[HWXU{ LUWD
PD¾HL@ÑDVWY\LGVRHE1[XV1JH L6WUš!
\ZDW¥(YBB
Í,DJYW\ZDBB W6PDQP¯L‹\X‹6\\DHLJQDHY(PGD7PQ!
Q`DQQFY(UD*\¾D\!ÍH\DHYHG{K ¾qDG!6PU>HWG
{L˜MQHOØP,!S Z!X S8MQH
$‘ˆUV7Y$LY1GQHNLSSLWU{GD6\H ZV2\H MXQ 5 !
LN1WX`DQLYUŒ\DLGVD;\Œ\(YLV;\LW VY56YD7PLQYHGQHELOU{$8W N‰>DL»U{#DSUD

\ZDW¥(YBB $QHNDšD\ZDQYPHBB
\WNP5LU{\WWSVD`DQY(UD*\W]F\W VY(PQ!N‰>SGDULY1G\DHU{YFDLVY(Ne^4JX>DQXY>5QH
\DHJQ
H GDQ[PH>
5 ÍH\DHLU{WU(U{$LS NUD(KUHU{ PL1GUPDM5QDLGXÍXLWFNDUD&\XWV7NZDHG\H
VYP¯L‹\DHJQ H P¯‹DHOWH 1MVD PXNe1GLOšDO\G]5QH f]D(W¯7\JD¥6S]H5 šVšP
6YJD5SYJP­DPNZL G{\LGYDŸ'LW ˜D>FW7SDGVUDHMVD(UHÍ,P¢XO6\DUVQDWGLS5WH
SDGD(KUH!@H¥SGDQXVS5>H L]UDH×,NH]SGDLY1GQH
ÇLFP´KWVW¥MQ6\MQHKUH! NDPFGD6\HQWXNDPND0\\D\ZDH¢P!ÎDHNMQDÍ\ULW!
LY\HXJLUÑDH LSUDJ!¾D\DHLYO,\WH 
$QDV‹6\LY\DQ\ZDK5PS\X¡W!
LQE51[!N‰>V0E1[H\X‹Y(UD*\P&\WH ]DÒDH‹\D¾EO\DW¢1P\D5G\DL1YWD
¾DSL NW\DEX­ DKLUV0EL1[Y6WXQ! Y(L[L‹U{\N(ËQP\D5GDPDJ5&\WH
PXP@X LX !SLU7\DJDHY(UD*\ /JXN:\WH
¾DH‹Q H O@>HQ(YL‹U{$L[N‰W6\F $ZUDJDQXJDB
$š7YHVXLQU6WH LSLQ7\D LRONP5>D LYUDM1W,P$L9\‹DÊMYDV,MQDLGX
-QDQ6\D;\DL7PN6\DLSY(U*\6\F /JXQ! UDJDL7PNDP$QXV WD\DVDUDJDQXJDH&\WH
6SÐWDZSXQU{$LSWG{#YHG LQUDN‰W UDJDQXJDLYYHNDZ5P $DGD(UDJDL7PNDH&\WH
[QL]\DLGLU{´DU(U{ \DL‹U{SSD WH ÐH6YDULVN,UDJ!SUPDLYÐWDYHW
LY©U7YDG{¢PWDKD1\DW6\D]FQDšWD W1P\,\DYHG{L‹!VD¥UDJDL7PNDHLGWD
LY]H>7YP#Y(DVÍ\17\$L[NDLU>DP VDNDPÈSDV0E1[ÈSDFHLWYHG{L´[D
LYYHNDG,1\$WDH P,DP$LSQDš7YP&\WH
N‰>DH1PXR6Y\\DL1W\PD!]D(FDG\VWZD WZDLKV»PHBB
7\#DFQ\X‹D6\DG{Œ\šD1WUSDLWWD NDPDG{´HDG{\DWÓHKDG{\ZDŒ\HÏUHPQ!
$DYH=\WG{$LK7YDEKYVWªLWJWD!
\ZD6ND1GHBB JDH3\!NDPDG{\DWNVDH´HDFF( DG\DHQ SD!
#WHQÛ$¯bWD9\D[WYDLKVDG\DHJX>D! V0E1[DG{Y >\!ÓHKDG{\8\Œ\DY\LYDHLW
KLU‹D(¾Y ¢D\HQWH6\X!SUWDLSQ!
$DQXNˆ/\LYS\D5VDG{,LW´HD(SUDKWD(
W¥(YBB ÓHK6\V2\YDLF7YDG{Y([Œ\QXYLW5WD
$1W!]XL­U{ELK!]XL­VWS!]D17\G\VWZD LNYD¾HPDL[DL\7YDQQDHS\DHJDH ¥VD[QH
$P,JX>D!¾S 1WHKLUVHYDLNDLPQDP Œ\DY\PLW9\‹Y([,L‹U{G,LUWD
\GU,>DL¾\D>DF¾D3\P#NPYDHLGWP
VDL‹U{#NPX2\D^JDLÍWDQ(NDLšNDZYD WG{ÂÚN‰>\DHU{#H.\DWLNU>DNDHS 5 PDMXDH!
6YYDVQDQXVDUH>LQÑDW!LVL­N‰G{YHW ÂÚ^\#YO\\DL1W¾D\H>LUSYDHKUH!
NHLFW¾D3\DLSVDÈ3\DDVPœL1WW7VXR H 
W¥#NDšD\ZD€1ZD1WUHBB
Í,LY>DH!ÍY>HSU,L@G{$YG{Y(\DVLN!N,W5QH WZDFÂÚD^ISXUD>HB
LV­ODHNVWXWPV!SDUH\¥YVL1WLK $¥]DÒWZDWN5P $QXNO ˆ P$SH@WH
LV­DÂÚVXRH P”DG(7\D]FKLU>KWD! N‰>6PUQMQFD6\¾HÑ LQMVP,LKWP
W¢7NZDUW]FDVD(Ne\D5G{YDVÊMHVGD
UDJE1[HQNHQDLSWM1WDHÊM17\$P, VHYDVD[NÈSH>LV­ÈSH>FD¥LK
$
{L˜S°VX[D!¾HPÈSDVW6\L¾\DMQD! W¯DYLO3VXQDND\D5ÊMODHNDQXVDUW!
ÍY>DH7N,W5QDG,LQY([Œ\XLGWDLQWX
WZDLKÍ,G]PHB \D1\$šDLQFWD1\$¥LY`H\DLQPQ,LL!
LQ WPÇ1PQDH @f)\DHJ\XMDH×LG\Q
PXQ\SDVWHWGU\DH LS\\X!6PU>DW W¥NDPDQXJDB
LÒ\UJH1²DHJXMG^ILY‹L[\DH NDPDQXJDYHW W >DNDPÈSDQXJDLPQ,
Y\P$LSWHVPD!VPf]DH
{L˜VUDHMVX[D! V0DHJH&'DP\,W¢¯DYH&'D7PHLWVDL´[D
NHLOWD7S\5Y7\#YV0DHJH&'DP\,YHW
W¥NDPÈSDB W¯DYH&'DL7PNDWDVDPDYPD[X\5NDLPWD
VDNDPÈSDV0DHJW >D\DQ\LW6YWDP Í,P8WU5H { PD[XU,v¾HØ\W¢p,ODLQ]0\YD
\G{$6\DN‰>VD(2\DZ5P#YNHYOP P! W¯DYDNDL^@>DH\H6\XVWHXVD[QWDQ\DH!
\WXÊMGHY,XVX¾LV­DLYUDMWH SXUD>HÍX\WHSD°HSXVP$LSYHG{\P
$DVD¾HPLY]HDH \¾D»!NDP$LSPD[XU,v
W¢7‘,IDLQGDQ7YDWNDP7\&\WHEX[!(  \ZDB
SXUDPK5\!VYH5G^INDU^\YDLVQ!
WZDFW·HB fÐ{YDUDPKLUW¥DH‹P
e  #H&'QVXLY€KP
¾HPY
( JDHSUDPD>DNDP7\$JPW¾ZDP WHVYH5 Ò,7YP$DS¸D!VPX¯W c D]FJDHNO
e 
H
KLUV0¾D3\NDPHQWWDHPX‹DYD>5YDW
7\­YDG\DH 3\#WYDŸ'LWJYL7¾\D!
NDP¾D\DULW!LN1WXNeÀD\DP#YV0PWD LUUVDVXÑXNeY5Q\DHLYL[PDJH5>VHYWH
NHYOHQY ( VWGDPLK,7YP\DWSXUH
W¥V0E1[ÈSDB
V0E1[ÈSDJDHLY1GHLSW 7YD DLPDLQWD WZDFPKDND(P5H B
$¥DHSO@>W\DY >,QDYpYDPWD! $L”SX¥DPKD7PDQVWSVDÒ,7YP$DLSUH
\G(=\`DQ]81\7YDG{#DUDJH¾[DQWD WD5UFMJ DHLQYDVXGHYP$MLYXP
 
NDPV0E1[ÈSHWH¾HPPD¥6YÈSNH
LQ7\LV­DÍ\W\DQD¥V0\JLYFDLUWH $ZV0E1[DQXJDBB
UDJDL7PND\D´(LY;\DG{L´[DUDJDQXJDFVD VDV0E1[DQXJDL‹!¾DH&\WHVL¯U{$D7PLQ
NDPDQXJDFV0E1[DQXJDFHLWLQJ WH \DLSW 7YDLGV0E1[PQQDUDHSQDL7PND
OX%[(U{YD7V/\V2\DGD(L‹!ND\D5¥VD[N(!
W¥$L[NDU,B ÊMH1²VXEODG,QDDYFHLÐWPX²\D
UDJDL7PNDNLQÑD\HÊMYDLVMQDG\! WZDLKÍX\WH]DÒHNLËWNeÇSXU,L6ZW!
WHDDYD»\HOX%[DHYHG{$¥DL[NDUYDQ Q1GV8QDHU{ $L[ÑDQW¥SX¥W\DMQ
W¢¯DYDLGPD[X\H5ÍXWH[,U{\G{$SH@WH QDUG6\DHSGH]HQLV­DH 8G{Y ­Y[5LN!
QD¥]DÒQ\XL‹FWpDHDH7SL¢O@>
Y([Œ\L[NDU,WXDYDLY5YQDYL[ $WYQDUD\>9\8K6WYHB
SLWSX¥VXׯiUDW LSW YQP(¥YG{[LUP L¾\ÍY6\$šPPDYG{ULW!LW
\H;\D\L1WVGDH X‹DVWHB\DH S,KQPDHQP!
U7\DWXDY#YD¥QWX¾HPDL[,\WH
N‰>W¯‹NDÇ^\PD¥OD(NKHWXND PPL‹!¾Y ¢HLWYØ\WHV\G{$€W!
SXLÐPDJ5W\DN(LËG{\UDJDQXJDH&\WH
\ZDW¥(YBB
LWÍ,Í,L‹UVDP WLV1[D( 7Z]U7¾DY LNDY?W8KUHU{
SXY5LYDJHVD[QL‹OKU,L´LW\D LY] ^YWDHPH QXVY\]DH POP
V™,7\5PDQPXLQLU{PKD7PLU{
$ZDY! L‹!¾Y ¢D7PUM6WPDHSKD

]X­V£YLY]HD7PD¾HPV8\D]XVD0\DN{ W W,\HFBB
ÇLFL]LF¢PDV ^\N‰G{ $VD(DY&\WH VWD¾VšDQPPY,\5VL YGDH
YL1W×7N>5UVD\QD!NZD!
WZDLKW·HBB WœDH>DG{$DÏ$SYJ5Y7P5LQ
¾H0>VWX¾ZPDY6ZDDY7\$L[,\WH Í­DULWU{L‹U{$QX‘LP\LW
VDL£YND!6Y/SPD¥D!6\XU{$¥DÍXSXONDG\!
SXUD>HQD7\]DÒHF´\DHVWXULWDY\DH!
V\ZDS°SXUD>HBB VPDQDZ5W\DÛ$¥´\P#H.\HQOL@WP
;\D\;\D\JYW!SDGD0EXM\XJWGD
L´L‘\PD>D7PDVD²5fLWU{$8G{$VD( L´W,\DH\ZDSD°HBB
7ZPQDHUZEDODNeY5W,Q 7\7VXND
$DLY8\
5 PQDHY¢
D(ÊML1WW76YÈSWD KLU¾,7\DFWDVYDUDL¥P#YD7\YDK\W
6Y\¾ND]ÈSDLSDVPDQD¾DND=\YW
Y6WXW!6Y\P$D6YDG6YÈS(YULWV7Y$VD( $ZLÍN‰>W¯‹¾VDGM!
N‰>DLGNP5ND6YDGKHWX7Y¾LWS WH VD[QHQLYQD\VWXVKV(YDLMD\WH
VD[QDLLQYH]HQN‰>W¯‹\DHV WZD VDY!N‰>W¯‹¾VDGMW,\WH
¾VDGHQDLW[1\DQDDYDH´H[DLMD\WH
$D VWX¾DL\NVW¥L´W,\DHLYUODHG\! $ZÍ,N‰>¾VDGM!BB
¾VDGDYDLFNDODHNGDQKDGD5G\DHKUH!
W¥VD[QDLLQYH]M!
Y([,UDJDQXJDPDJ5HGHQSLUN,LW5W! W¥YDLFN¾VDGM!\ZDQDUG,\HBB
L´LY[!ROXDYDH ¥VD[QDLLQYH]M! VY5P^JOP8[51\DS8>D5Q1GP\,VGD
VD[QDLLQYH]VWXW¥LQSDG\QÇLFP L´MH1²WYP<\$6WXL‹U{$9\DLFDLU>,
KUDY$DVL‹P7SD ULWVMQ\7\$VD(
$DODHNGDQM!\ZD6ND1GHBB
W¥$D DHBB $fÐS8YP
5  $DODH.\N‰>MDšOYDLVQ!
W¥D1YKN‰>NZD!¾JD\WDP LYLŠ G1WUD7PQDHfLÐQD‘ÐXP L]UH
$QX€KH>D] >YPQDHKUD!
WD!Í­\DPH QXSGLY] ^YW! KDG5!BB
¾VDG$D1WUDH\!6\DWVKDG5LWN:\WH LYUL‹U{L1²\DZD5QD6\DG{$UDHFNWD6Y\

\ZD]XNVLKWD\DBB \ZDS PHBB
PKDDJYWDHMDW!SX¥VWHEDGUD\> \DH¨67\MDQGDUVXWDQVX×G{UD-\×LG6S ]!
LYQDHSD\(U{SH\D8G{LY>XL‹U{KDHLGWD MKD(\XY(YPOYG{¢P!ÎDHNODOV!

$ZW¯‹¾VDGM!\ZDV»PH $ZPDQ]81\WDBB
JX>(U{ $OP$V
{2\H\U( { PKD70\W6\V8&\WH 7N‰Ð7YH 3\$PDLQ7YNLZWDPDQ]81\WD
YDVXGHYHJYLW\6\Q(VLJ5N,ULW!
\ZDSD°HBB
QDUG6\¾VDGHQ¾qDGH]X[YDVQD KUD(ULWYK¸#QUH1²D>DL]RDPL>!
LQVJ5!V(YWHQD¥ULWU{Q(VLJ5N,PWD L@DP$T¸$LUSXUHÏSDNP$LSY1GWH

6ND1GHFBB $Z$D]DE1[!BB
$KDH[1\DH LVGHYH5 N‰S\D\6\W7@>DW $D]DE1[DHJYW!¾DL»V0DYQDf)D
Q,FDH 3\7SXONDHOHH OX%[NDHULWP$&\XWH
\ZDÍ,P7¾XSDGDQDBB
‹DQDHGW!VH\ ULW!S LY[DPWD Q¾HPDÍY>DLGL‹U{$LSYD\DHJDH ZYDY(>YDH
$€HLYLY&\Y‹9\DWHQQD¥¾SŸ&\WH `DQYD]XNP5YDLN\G{$KDHVœDLWU{$3\$L6WYD
@DL1WU{$9\DZ5NDO7YLYUL‹U{PDQ]X1\WD K,QDZD5L[NVD[NH7YL\WZD3\$&'H P8ODVW,
$D]DE1[!VPX7N^4DQDPJDQHVGDÇLF! KHJDHS,MQYp9\Z\WHKDKDPGD](YPDP
$DVL‹VWªb>D2\DQH¾,LWVW´VLW6ZOH
7\$DG\DH QXDYD!6\XU{ MDWDYD™bUHMQH $ZVPX7N^4DBB
VPX7N^4DLQMD,ÐODD\JXÇOX%[WD
W¥@DL1W!BB
@DHKHWDY$LS¾D»H@DL1WU{$@XLWD7PWD $ZN‰>N>D5PW H BB
$DQÆDP$LVWÄXYDHU{SLFWP$@,>SØPD™bUHY
\ZD¾ZPHBB $DODHODP$QXUDLJ>DHU{Q\Q\DHU{$D²DP GD(ML/SWH
WPDHS\DW¾LW\1WXLY¾D $DWDÆDP$[UDP WHPGNODP$0ODQY],6YQHY
JšDFGHY,[ WLF¢P]H $D]D6WHPPODHFQÊML]]DHP85LWMJ1PDHLKQ,P
L´MDHSV Ð!NeKNVW@NDHYD
G]7Y$OJD\WLY>XJDZD! $ZQDPJDQHVGDÇLF!\ZDBB
UDHGQLE1¨PU1G6\L1GfLJ1G,YUD JDHLY1G
$Z$9\DZ5NDO7Y\ZDKLUL‹VX[DHG\H WYP[XU6YUN^4,JD\LWQDPDYO,vEDOD
YDL*!6WXY1WDHPQVD6PU1WV
W1YDQP1WDH 3\$LQ]QW »D! Wªb>D2\DQH$DVDL‹!\ZDN‰>N>D5PW H BB
‹D!ÔY¸H¥MOD!VP€P PD[X\D5G{ $LSP[XU
$D\XU{ KUHU{ #YVPS5\L1W P1PZWDW6\LNP$LSN(]DHUP
FS/\DG{$LSFSO
$ZLYUL‹!BB FHWDHEWKULWK1WLNNeP!5 
$DDVWDF]QN(U{1\8QMDW,\WDP$LS
WG{YVLW6ZOH¾,LW!\ZDS DY/\D0BB JD)DVšDWVGD\DLWPXPX@D(VX¾LWLÑWH
$¥DV,WLNOQ1GV°]NT6\D¥DYG{¡Q $DDVWDP$VD(LNYDMQ,\H]DYWDP
E1[&'HGNUDH LSGDPLU{$8G{ E­DH ¥GDPDHGU! $WY.YLFWWHXQ9\‹HXf=\WH
7ZPDZXUY ­YLYJO7S,\8[DUDLSE¸ @>PÏUDYDH \Q 7\DGD(PXL‹S@J!
$DQ1GDÍX[U!NGDP[XSXU,v[1\]FLU\D0\$KP VD[QH@DLYQD\L6P¸$N6PDG{DYØ\WH
LY—6ZLJWP$¥DHÛ¾D*Y,\VXVD[Q
$LSFBB ODHNDH¢UFP7NDUNDUN!VY5]L‹G!
9\‹PV L>WHYD1WU{OØ\WHULWO@>P \!¾Z,\DQYHG{DY!VWXN‰>¾VDGM!
PXP@
X ¾
X  W,QDFHG{ YHG{ #DULWU{QLK MQHFHMMDWDYH LSY(JX^\PYf=\WH
LYPX‹DLROW(5U{\DPXL‹U{$LSLYP *\WH ND\D5WZDLSQDV8\DN‰WDZ5!VY5Z(YV!
\DN‰>HQDLWJDH3\D]XM¯ DH LSQG,\WH
VDXL‹PXL‹NDP7YDF'X­DL‹P$NeY5WDP \ZDQDULVKHBB
×G\HV0Y7\#DNZDJYW,ULW! JYLWFKUDY$Q1\FHWD
LN1WXEDOFP7NDUNU,WL›ÙY,@\D  ]P$LOQDH LSLYUDMWHPQX\!
$L`HQVXEDH[DH \U7\DDV!¾N,LW5W! QLK]]NOX&'LY!NGDLFW
¾LWLE0EVWZD&'D\DU7\DDVDHL´[DPW! LWLPUSUDYWDPS(LWF1²!

W¥¾LWLE0E!BB ULWU{$LQ]LQVJDH5>¾EOWUDQ1GS8UÈS(Y
$ÍPD,ÐLQYD5K,ULWO@>OL@W! PD>P$LSYP1W,VX[D]XNDHTHU{$LS6YD´,
DHJDSYJ5VD(2\D]9\¡N!¾LWLE0EN!
G(YDWV¯‹VšHQN,W5QD QXVDLU>DP LWÍ,Í,L‹UVDP WLV1[D(
¾D\!¾V¸PQVDDHJPDH@DLGUDLJ>DP SXY5LYDJHDYL‹OKU,W W,\D
NHDLFW×LGDYH1GDH!¾LWLE0EG LW
W¯‹×¸!6Z6\W7VVJ5¾DYW! $Z¾HPD

$Z'D\DBB V0\
{PV L>W6YD1WDHPP7YDLW]\DL™W!
@X²ND(WK8 OP\,F OD¨!RKDLU>, DY!V#YVD1²D7PDEX[!( ¾HPDLQJ WH
UWH] 'D\DYHWLNLFWW7VDf=\DYOL0EQ,
KLUL¾\L‘\DNDOGH]SD¥DLGVšPDW \ZDS UD¥H
$3\$DQXLšNDG{#.YLFG{$`HY$S,Ø\WH $Q1\PPWDLY>D(PPWD¾HPVšWD
LN1WXD*\LYQDQDVD(DY&'D\D3\G LW L‹U{7\&\WH,P¾qDGDH­YQDUG(!
\G{$B\XG\W!@HPW¥6\DG{¢UDH¢UP
KLUL¾\MQ6\(Y¾VDGUODW! L‹!¾HPDH&\WH,PPX2\(U{ \¥WXVšWD
DYDDVDH LSVKVDDY7YPSJ&'LW PPWD1\PP7YHQYLM5WH7\$¥\DHMQD
WL6P¸#YDSUD[HQDYDDVDH 3\$QX¢P! DYDH7ZDH LW¾VDGDH7Z!Í,KUHU{LWVL´[D
‘PH>@\P$D½DHLWR6Z!S8>] 5 ],\ZD
W¥DYDH7Z!BB
LNFBB DY#YD1WUšD>PšDQDPQXVHY\D
DYDH 3\$DYP$D\DLWN‰>¾HÑDSUD[W! $DÈ)!SUPD(7N5PDYD(¢!SLUN,LW5W!
$WYÍ,QDUGS UD¥H\ZDBB
W¥Y([DYDH7ZDH\Z(NDG]H DYDH1P¢DHKUH!LNL QQYHGVXRP$D7PQ!
#YÊW!6YL¾\QDPN,7\D5 ¨RFHLWPKH]DLQSUPDQ1G$D3OXW!
MDWDQXUDJDH²bWLF¢›(!
KV7\$ZDHUDHLGLWUD(LWJD\7\ ¾H0>#YLYODV7YDG{Y(U/\DWVD[NHY$LS
1PDGYQQ 7\LWODHNEDÛ! $¥ÓHKDG\DHHGDLYLY&\QLK]LVWD!

UDJDQXJ,\DYDH7ZDH\ZDSD°H Í,P7¾XSGD0DHM(!VYD5DJYWDP WH


QSLWNDP\HW NL G{ÂÚF\5L6ZWDVGD 9\‹,N‰WDL6WJ8)DLSL‹LV­D1WPD[XU,
WPHYP8LW;\D\1W,F1²NL1WY5UDQQD JDHSDOÈS]DHDG[G{$LSUXQDZDYLY6WDU,
Í,N‰>JDZDJD\1W,UDHPD^FDH¯HGO@>D WX\WXVQDWQD7PD¾ZPLYDJHVX[D0EXLQ[H!
$L6P1P1Y1WUHLÓ*[DÍ,N‰>L¾\YW5\D
LWÍ,Í,L‹UVDP WLV1[D(
$ZKUHU{$LW¾VDGDH7Z!BB S8Y5LYDJH¾HPL‹OKU,FWXZ,5
KUHU{ $LW¾VDGDH \VšGDQDLGU{$D7PQ!
LWÍ,Í,L‹UVDP WLV1[D(
\Z(NDG]HBB UVDHS\DHLJ6ZDL\DYDHSSDGQDHQDP
WHQD[,WÍXLWJ>DQDHSDLVWPK¢PD! S8Y5LYDJ!VPD»!
$ÊWDW»WSV!P7VšDQPDPSDJWD!
VDPD1\JY¯L‹UVLQÈSNDH
PDKD70\`DQ\X‹]FNHYO]FHLWVL´[D
GL@>LYDJ!
$Z$D DH\ZDS UD¥HBB
PDKD70\`DQ\X‹VWXVXf)!VY5WDH L[N! LYDYD2\D¾ZPOKU,
ÓHKDHL‹U{LW¾DH‹VW\DVDÐ D5LGQD1\ZD
¾EOP$Q1\ÍL\>DLQHLYW!VKMÈSH>
NHYODH\ZDW¥(YBB $GPQDHPZXUD\DVGDVQDWQWQXU{M\LW
PQDHJLWU{$LYL&'¸DKUD(¾HPSLU3OXWD UVDP WD%[HU{DJH L6PQL´W,\HGL@>DL[H
$LVL1[LYLQPX5‹DL‹LY5>XY]™U,LW VDPD1\JY¯L‹UVVWDYG{G,\5WH
$6\S OK\5!6\XU{LYDYD2\DL€PDPWD
PLKP`DQ\X‹!6\DG{LYL[PDJD5QXVDLU>DP L´W,\D7Y$QXDYD2\DW W,\DVDL£YNDL[D
UDJDQXJDLÍWDQDWX¾D\]!NHYODHYHW 9\LFD\5L[DWX\D56ZDL\V`DFS P,

$DGD(Í­DWW!VD[XVšDH ZMQL‘\D $ZD6\D!NH]YUWHU{ OL@WD\DLQJ WH


WWDH QZ5LQY L¢!6\DWWWDHLQÑDÇLFVWW! VDP€,SLUSDHQH SUPDUVÈSWD
$ZDVL‹VWWDHDYVWW!¾HPDB\XG LW LYDY(U{$QXDY(]FVDL£YN(U{9\LFDLUL!
VD[NDQDP$\¾HÅ!¾D¨D5YHYHW‘P! 6YD 7Y×LG‹DQDP$DQ,WDÍY>DLGL!
[1\6\D\QY!¾HPD\6\DH1P,OLWFHWLV #DN‰>ULW!6ZD\,DYDHL‹UVDHYHW  
$1WYD5>,LU{$3\$6\PX²DVXÑX VX¨J5PD ¾D‹1\$D[XLQN,FDL6W\6\V¯L‹YDVQD
#L‹UVD6YDGVW6\(Y×LGMD\WH
L‹LQ[85WGDHD>D¾V¸DH--YOFHWVDP $DY W¾NTFHLW6YÈSNLZWL´[D
Í,DJYWU‹DQDULVNDVšULš>DP
M,YQ,8WJDHLY1GSDGL‹VXRLÍ\DP W¥$DY WPB
¾HPD1WUš8WDLQN‰7\D1\#YDQXLWÑWDP $1\YH]DLGQD&'¸6YÈS¾DH‹P$DY WP
‹DQD×LGUDM1W,V6NDU\XJODH--YOD
ULWU{$DQ1GÈS(YQ,\PDQDWXU6\WDP WHQ\ZDB
PDÓHK\LWLNP›(|PLKOH\´DUNDYUDH[H ¥
N‰>DLGLU{LYDYD (U{JW(U{$QXYD;YLQ $DLYLGWNeWXNDZ,5YLQWDYH]DHKLU]FULW
¾D()DQ1GFP7NDUNDÑDP$DS WHSUDP
LN1WX¾HPDLYDYD (!6Y/S(U{ Q,WDH 3\$>,\V,P ¾NT6YÈSH>\ZDB
LYDYQD Y6ZDWXV $D6YD WDÊMHW   $\N0EX€,Y!NPONPQ,\DL@SLTPD
WPDO=\DPDš XLWU{$LWWUD'L¥WL]UD!
$¥LYDYDLGVDPD1\O@>PB GUÍ,Y7VD™!6 eUGLUGUD L™WNU!
\HN‰>‹PXUO,QDGD DKHWYDHUWH! NUDH7\›(U{ PDHG PPP[XUP8LW5U{ P[XLUSX!
ND\5W 8 D!L6PWD D]FWZDÐD(6W%[WDG\!
LQYHG
5 D D!VKD\D]FWH`H\DUVDYQH $ZWªb>D!BB
LYDYD$QXDYD]FVDL£YND9\LFDLU>! $\QHWDVXU0\Dš!VY5Vp@>DL1YW!
ÇLFUVWHMVD\X‹DHEO,\DQY\VDL1YW!
W¥LYDYD!BB LYLY[D¯bWDDLYWV7\YD.\!L¾\YG!
W¥`H\DLYDYDVWXU7\D6YDGQKHWY! YDY©N!VXSDL^I7\DHEXL­PDQ¾LWDL1YW!
WHL´[DO0EQD#NHWZ(YDH¬,SQD!SUH LYG*[]FWXUDHG@!N‰W`!VXf)ÊW!
GH]NDOVXSD¥`!]DÒF@X!]XLFU{Y],
WG{‹P$L”SXUD>H$ODa1N$UDVHFKWLRQBB L6ZUDHGD1W!@PD],ODHJ0,UDH[ LWPDQVP!
LYD9\WHLKU7\DLGU{\¥\HQLYD9\WH YGD1\DH[DLP5N!]8U!NÇ>DHPD1\PDQN‰W
LYDYDHQDPV´H[DO0EQDH¬,SQD7PN! GL@>DHLYQ\,Ý,PDQ]U>DJWSDON!
VXR,‹VX×W¾HPY=\!VY5]X™U!
W¥$DO0EQD!BB ¾WDS,N,LW5PDQU‹ODHN!VD[XVPDÍ\!
N‰>]FN‰>‹D]FEX[U( { $DO0EQDPWD! QDU,J>PQDHKDU,VYD5UD;\!VP L­PDQ
U7\DGHU{ LY\7YHQWZD[DUW\DLSF YU,\DQÏU]FHLWJX>DVW6\DQXN,LW5WD!
VPX²DYS D]G{¨LY5JDKDKUHU{$P,
W¥Í,N‰>!B M,YHX #WHYV1WDH LSLE1¨LE1¨W\D.YLFW
QD\NDQDL]UDHU¤N‰>VWXJYDQ6Y\P SLUS8>5W\DDL1WW¥(YSXÇDH¢PH
\¥LQ7\W\DVYH5LYUDM1WHPKDJX>D!
VDH 1\ÈS6YÈSDB\DP$L6P¸$DO0EQDHPW! WZDLKSD°HSDY57\(L]LWN^4HQWªb>D!
N1GS5NDHLTODY^\7\$D D!SLUN,LW5WD!
W¥$1\ÈSH>\ZDB #W#YJX>D!¾D\DH[PD5\YQPDLOQ!
K1WPHNZPGHLWVY7VHY7VSDOSTOHULWU{$¥ S LZ9\D¾ZP6N1[H¾Z\D L‘UH6 eTP
7\$LQLËWPLWU{EOGHYDHLY6P\L6WLPWP8LW5U{YDV,W
\ZD¾ZPHBB
$Z6YÈSPB V7\]D(FG\D@DL1WV7\DJ!V1WDH$DM5YP
]PDHGPVWS!VD0\LWLW@DHSULW!ÍXWP UDJ!V»VXK1WT{6Y$LSL]]DHU{ $šHY$OWXšWD
`DQLYUL‹U{#HÏ\]D(\ WHMDHEO6P LW! LYVDUVL¥XRY5WDL¥XWZDJ0,UWDFL¥X
6YDW· ND(]ONDL1WU{[(\PDG5YP#YF G(–\S VXLNFS VXVRHV0¾HØ\WHV8ØPWD
¾DJ/B\¾Í\!],OVK$DHMDHEOJ! ´DL¥]´UO@>!NZP$VD(JDHSHX V0D9\WH
JD0,\6Z(\P5  $DL6W.\N,LW5U{ PDQDH QK™LW!
PHFD1\HFJYQLQ7\D\¥PKDJX>D! $™DH7ZPB
¾D:\D5PK£YP&'L¯U{QLY\L1W6PNLK5LFW UHRDP\UZDšDLG6\DG{$™DH7ZNUDLGX

$ZS JX>D\H6\XU{$]HQLJLU]DLGX \ZDBB
VGD6YÈSV0¾D»!VY5`DHLQ7\Q8WQ! NU\DH!NPOWZDUZDš
VL›GDQ1GVD1²Dš!VY5LVL­LQHLYW! 6 eTUHRDP\P$D7PM6\S=\
$ZDH&\1WHJX>D!S \HOØP,]DLGYLW5Q! SGSpY\DH]FYpYH1²
$LYLF17\PKD]L‹!NDHLTÂÚD^ILY€K! ;YMYD™b]P,QS™MDLQ
$YWDUDYO,E,MKWDLUJLWGD\N!
$D7PDUDPJ>DN,57\$P,N‰>HLNOD¯bWD! ÇLFU!B
VYD5¯bWFP7NDUO,ODNpDHOYDLUL[! VD(1G\H5>fJDQ1GNDU,ÇLFU&\WH
$WX/\P[XU¾HPPL^IWL¾\P^IO!
L¥MJ1PDQVDNL5PUX O,NONˆLMW! \ZDW W,\H%K3BB
$VPDQDH;Y5ÈSÍ,LY6PDLSWFUDFU! \G{[P5V8QDHU{ EWUDMV8\H
O,OD¾H0>DL¾\DL[.\PD[X\ YH>ÈX S\DH! LQU,Ø\f.6Y67\\QL¥ODHN!
7\$VD[DU>¾DH‹ JDHLY1G6\FWXÐ\P ND761\HQ
5 FD HKJWLY[DWXU{
#YJX>D]FWXG
5H D]FWX!LÐU{GD×WD! $YD5.V WD(ND(]OP7\$P1\W
VDHGDKU>P#WHDO@>L‘\WH‘PDW
\ZDYDB
W¥VXU0\Dš!BB $ÐDQDGQXMLGšS™MDQDP
ÎD–\DšVL¸YH]DH\!VXU0\Dš!VN:\WH #NL6PQNZP$LS\¥EpY,QDP
ODHODL@ÄPUWLW!SSDWW6PDQ
\ZDB QDH7ZDWX XLWP[XSL™ODW@PDV,W
PXRF1²DNDUNULQPÇ´\PG
XMD(6W0DU0D(VULVMYUH^\NU\XJP WHMVD\X‹!
NYDTDY@!6ZOP$LYUOÍDHL> ON WHMDH[DP¾DY]FH7\&\WHL´LY[EX[(!
SLU@DPDHP;\!6 eULWPXUK1WXU{ P[XLUPD
W¥[DPB
VY5Vp@>DL1YW!B G,L»UDL]U{YHG{[DP
WQD(JX>DH7ZP$™DH7ZPLWVp@>L´[D
\ZDB
W¥JX>DH7ZPB $0EUPL>LQNeU0ELYI0E\¸$LSPU,LFNeO!( 
JX>DH7Z6\DG{JX>U( { \DHJDHU‹WDWXšWDLGL! KLUY@LVÇLFLQLYIHPL>UDI{$\PIXU{Y6 eULW

\ZDBB ¾DY!B
¾DY!VY5LML76ZLW!
V7\YD.\!B
\ZDB 6\DQQDQ WYFDH\6\V7\YD.\!VN:\WH
©UWVWP$YODH.\PD[Y
NDHPODšP$LSUšP^IOH \ZDB
SY5WDH¯TXMD1WUDH 3\$VD( S ZH WQ\S N¾NTP$S5L\\DLPWH
NVPpLQYK!VLY9\ZH U>DHY5LUWP7\$8WWY\ZDZ5P#YDHLGWP
ULYU{YLW],WO!NePG X E1[XU{ $3\>OV
EO,\DQB WZDLSQPXUD1WN9\LFLU>XU{L‹VWY
¾D>HQPKWDS8>DH5 EO,\DQLWN:\WH
\ZDYDB
\ZDB J8)DH LSYH>
H PK,VXU6\
S=\LY1;\LJLUWDH LSJLUÑ KLUU{\ZDZPJ[H1²PAFH
G(7\SXšYPG€P$LUÐP VV ÐP$DB\DVKSD^IYDB\D
WXOR^IPYLSL^IWP$DUDW PDLYL­N‰>YW!VS¤P
SX^IU,NQ\QDHLYQXQDHG
L¾\YG!B
\ZDYDB MQHN‰WDSUD[H LSVD17YYDG,L¾\YG!
YDPVWDPUVD@6\XMG^I!VSDWXY!
‘,IDN1¨NWD\HQQ,WDHJDHY[5QDHLJLU! \ZDB
N‰W9\O,NH LSQNe^IO,1²
Y\VDL1YW!B 7Y\DLY[H\DPL\GDHfLÐ!
Y\VDHLYLY[7YH LSVY5L‹UVDÍ\! ¾YD6\PDQDH LVVXUDLF5WDQD
[P,5LN]DHU#YD¥LQ7\QDQDLYODVYDQ SULKWD\D JYDNeO6\

\ZDB YDY©N!B
WGD7YDL9\‹,N‰WWÇL>PDU0UV ÍXLW¾HÑDHL‹U{$LROYD*JX>DL1YWYDJ$LS
L6PWÍ,LQ[8W 5 6 eUGPOUDNDSLWPGP LWL´[DLQJLGWDHYDY©NDHPQ,LL!
GUDHG 7S D]XJQYNODPH¨UPG
PXUDUHU{ PD[X\PQLVPLGUD@,U{PG\LW W¥$D DH\ZDB
$LÎÐNDHPOSGDYLOP¡XOHQ
LYLY[D¯bWDDLYWB ¾7\@U@UGP1GVX[DUVHQ
LYLY[D¯bWDDLYWV¾DH‹DH\VWXNDHLYG! V2\!VP6WMQN>5UVD\QHQ
QDQDGH=\DVXDDVXV6N‰WH¾DN‰WHXF QDKDLUN6\×G\KLUDLWHQ

\ZDB L´W,\DH\ZDB
ÊM\XYLWX]D(LU!]D(UVHQ,vVXUH1²H ¾LWYDLGLF¢SLUY L¢STXU{
¾>WL]ULVVD(U,vDUW,P$DWQDHLW MJGHNV]\LYPG5NU,
$KKS]XX N,UHY$3\$SÄVÈSD ¾LPWD@UD LYLY[DZ5P\,
NZP$MLQLYG*[!VY5DDYO,X KLUYDJ\PPL[QDHLWL[\!
VXSL^I7\!B \ZDS DY/\DB
LY´DQQ,LW`7\#VXSL^I7\DHL´[DPW! YDV!V0¾LWNH]Y.YYWDHPX*[H@>HQ1YG
LY´DQ$LROLY DLYQQ,LW`VWX\ZDK5N‰W YDVÂ8LK]4¾NDPVXJH7YªD¥VVJ5W!
\DLP1\DPLW!.Y[8W5LYWQXU{PX>DLWLN\DLPQ,
W¥$D DH\ZDB ]D(LUU{JDHSY[8'O(!SLUKV¸#YLY[(!SDWXY!
\VXÑX S8YSLUF\5JD(UYDW
LSWDPKD 0EX[U(!¾YLW5WD! LYG*[!B
N‰>D>5Y ND=\JXÇ@PD8WV NODLYODVLG*[D7PDLYG*[LWN,7\5WH
WP#YLY DVLUW!¾SHLGUH
\ZDBB
\ZDYDB J,WJX0 LWWD^IYT\LWÂ8WH¾KHO,‘P
$DÅD\¾LZWD1Y\D6P LWPW,ED)IšDH--YOD YH>XYDG\WHÔMLYUF\7\$DOH2\P$B\6\LW
1\D\HQDQXJWDSXUD>VX×GDP,PDV\DPL^IWD LQPD5LW6Y\P1²MDOSTO,v 8WHM\7\1PGDQ
7YDO%[DYVUDLFUDG{JXÇNeOH¾HØ\6YVšDLZ5Q S=\DH¬DPNODLYODVYVLW]LF¥KLU!‘,ILW
LY DQDPY[8]FWXG5]JX>DJDHLY1G]XÍ8\WH
FWXU!B
L´W,\DH\ZDB FWXUDH\XJS¯cLUVPD[DQN‰G{&\WH
P 7\XV W6NUP^IOHVXN‰LWQDY 1GHYV1WDLQO!
N1GSDH5UP>,X¨J5WNeOHN/\D>N/S²bP! \ZDB
1¨U{E1[XJ>HLYS@STOHNDODL”DzDN‰LW! SDUDYW,LYUFQHQJYDNODS
]DL6W6YL6W[XU1[UDHP[XSXU,vQ,7\DP[8QDSLW! JDHSDšQDJ>P$SDšWULšWHQ
LP¥DL>LF¥WUVšULY‘PH>
EXL­PDQB L[1Y¸$LUÐ\GHQKLUU{LYUHM
H 
PH[DY,V8ØP[,]FHLW¾DH&\WHEXL­PDQL´[D
G@!B
W¥PH[DY,\ZDB ¨NUHL@¾NDU,\VWG@SLUF@WH
$YL1WSXUYDLVQ!VGQP#7\VD1G,SQHU{
JXUDHU{MJLWG]5\QVP\P$¥LY DLZ5QDP \ZDÍ,G]PHBB
VN‰QLQJGPD¥W!VNOP#YLY DNeO \DLQ\DH[(!¾\X‹DLQ
G[D(×G\PL1GUHLNP$LSLF¥YQPD[Y! ]ÒDÒDL>NeÈ´K
KLUVWD1\$L&'QWW,Ø>(!
V8ØP[,!\ZDB ]U(U{#N(N]LÒL!
\¨LU{$\P$Y;\DH0OH&'UDMVWG{#Q
WUOWPLVWL6PQLY²Y¸#YQH\H \ZDYDB
VXRP\LQMLQ²D¡Q;YLVfLÐU{ $KUNeÇ\X*P,8\Q 7\P\(Y
+UPXLFPXFXNe1G!N1GUH\¥]HWH 7YPLWLQLROJDHS,¾DZ5QDS8LW5NDP!
$WQXWJLWO,ODODYDHLPWZDVD(
¾LWDL1YW!B Gf]XU{ $L[NP#WDVW\ZD6Y6YSDÏH5
V DHQYQYDHpHLR`DQ6\DW¾LWDL1YW!
N‰W`!B
N‰W`!6\DG{$L`DH\!N‰WVHYDLGNP5>DP ]DÒF@X!B
]DÒDQXVDLUNPD5\!]DÒF@X!VN:\WH
\ZDPKDDUWHB
?>P#WW¾Y ­ PH×G\DQQDSVS5LW \ZDB
\G{JDHLY1GHLWFX‘DH]N‰>DPD©UYDLVQP $8W NVLUSDHU{ QH¥
]DÒP#YDZ5fÐ\H
\ZDYDB QH¥D0EXM WX\XYW,
$QXJLWP$LWS8YLF1W\¸?@PD(OUH { Y 1GDQPDGD\NHYOP
$NeÇWEÕPDQ]D(LUU{$DGD\N1\DP
NZP$LSN‰WP$/SLY6PUHQ Q(YVD[X! ]XLF!B
LNPWVROXVD[XÍLH >F8ID€U¤P SDYQ]FLY]X­H]FH7\&\WHL´LY[!]XLF!
SDYQ!SDSQD],6\DG{LY]X­V7\‹©V>!
VXf)ÊW!B
¾LW`DLQ\PD(\6\V7\D(VVXf)ÊW! W¥SDYQDH\ZDSD°HBB
WLQ9\D5MMJX>LQ[HSDYQSDYQDQD
W¥V7\¾LW`DH\ZDKLUY]HB Í­DU-\1PLWU{$LWWUDP¢P!ÎDHNPD(LOP
QGHYJ1[Y5J>DQUD@VD ¾DH ¸$1W!NU>NeKUHK1W\¸DPDQDHU{
QFDVXUDQ(YF\@S¸JD! $DDVDH LS@S\LWPKDSDWN;YD1WUDL]P
PP¾LW`DP$SK1WXP  WD
PXQH VPZD5!ROXV7\P$6WXWH LY]X­DH\ZDB
NSTFK4]FQD&\XWH
\ZDYDB EWV¥DLMLWQD3\$G,QWD
VKHOP$DR^IOSD^IXSX¥D( NZP$ Y ZD6\P1WN
LY[D\NVDLUU{$SDLUMDWD( ¾VND(6WXV2\P&'LV
LQM¾LW`DV ODG[DQ!
V7\DFN‰>DFVXRDP$ND,5W
  Y],
Y],LMWHL1²\!¾DH‹!
V7\LQ\PDH\ZDB
LJUHU{­U>N‰>¨NUNP5NeYW
5 D \ZD¾ZPHBB
P¯‹!6\DQQ¨!R,LW6YÊWLYY W7Y\D ¬DPDYLS]XQDPOY/JXKDV
Ê,IDYODHNLQKWDHPGQDH LS\DVDP
GH]NDOVXSD¥`!B VPÛ
X FDSP$MKDW¾PGDH¢PDVWD
GH]NDOVXSD¥`VW¢ DH*\L‘\DN‰LW! \6\HL1²\LYPLZWX NeKN(U{ Q]HNe!

\ZDB L6ZU!
]U--\DH7ÓDWX/\!NZP$LSSUDHQDL6WVP\V $D ODHG\N‰W L6ZU!
L¥ODH.\DP$DN‰I!.YLFG{$LSQY 1GDYQVP!
QND3\$0DHMD@,ÊM\XYLWN/SHLWLYP ]Q \ZD
PQDHPHVDH7N^4PXÕU{$MLQUDVDH7VYUVH LQYHG
5 P$DSQYQÄP>HPXUDLUU{
QDLF1W\G{9\VQP?@LYO¾YH]H S8>65 S K]F[ LWPDQ]D1W]F@DHNDU>H
$D×7\K1WPL>P#YSXU ¾SHGH
6\DG{ P!N‰WL[\DLK ODHG\D1W! W¥$D DHB
6Y,NeY¸5  $LSLQWUD\]!L¾\7Y
GD1W!B NVDLUU{PJ[SWHU{Y[¾LV­DP
VGD1WDH¨!VKP$LS\DH*\ŠH]!VKHW\! ,PD\6Y\P$WXODP$G¢N,LW
LNODHNDH¢UJX>]DLOQDP$SHØ\P
\ZDB
JXÇP$LSJXÇYDVŠH]P$9\DMŒ\D L´W,\DH\ZDB
KLUU{$MJ>G1W!NDHPODšDH LSQD\P LQL1GW6\GPDHV8QQ X D
¾N‰LWU{$LW¨ÈKDK1WODHNDH¢UD>D V0ÄPH>PXLQL!6WXW6\F
LNP$LSPQLVLF¥LF17\PDQDWQDHLW UDMV8\VGLVL@W,ÏU(!
NDLSQD6\LYN‰LWU{LYWLN5WD
@PD],O!
@PD],ODH SUD[DQDVKQ!SLUN,7\5WH VP!B
UDJ´HLYPX‹DH\!VP!VNLZWDHEX[!( 
\ZDPDND9\H
¾LWYDFP$G¢NH]Y! \ZDÍ,G]PHBB
]SPDQD\QFHLG8 WH 1\D<\DHLKG^I!N‰WLNL/EH L6PV
$QՙbÇWHQ;YLQ! WYDYWDU!ROLQ€KD\
QLKJDHPD\XÇWDLQNH]U, LUSDH!VXWDQDP$LSWX/\fÐHU{
[7VHGP OP#YDQX]V  Q
\ZDYD\DPXQDFD\56WDH¥HB
UXYU\G{$8V 7YWDf]DHYD\V6\ \ZDYDB
¾>WLWG\DOXU{\FFF( 6\N‰> LUSXU{$LS\LG]X­DHP^IQ,\VWYDVD(
¾LWYP$SUD­bU{ PX*[VD\X-\GDH 8U{ \¨YU\LG¨ÐDHG^IQ,\!VXWDH LS
YGLNP$SGP$DJWVW6\WH L6W@PD\D! QSXQU{$LROWX5!S@SDWDHL-+W6\
.YLFG{$LSLYPWHFHLÐWMDT,LW
J0,U!B
¨LY5EDH[D]\DH\VWXVJ0,U!W,\5WH YGD1\!B
GDQY,UDHYHG{\VWXVYGD1\DHLQJ WH
\ZDB
Y 1GDYQHYUDLW!6WXLWLU{LQWUDPSD6\PDQDH LS \ZDB
]‹DHQKLUU{LYL[QDÇÐVWXÐDH ZYD`DWXP  VYD5LZ5QDED)P$,ÐS87\D5
9\Z,5NW‰ D!NVLQV8GQHQ
\ZDYDB LÝ\HYLF1WDPL>NDP[HQX
1PGDH LSKLUU{Q9\UD[D¾>\V,[XQD N/S²bPD´DUYW,vML1W
$L`HQDLSUDPH>OL@WDH \P$LYL‘\!
\ZDYDB
[ LWPDQB \HDDHI]S8LUWDG]]W,6YD1W!SXUD>DWZD
FDÐDLÎÐ]WLYDLWSLUWVW7V
{2\S¤,\XMDP
#N(N ¾LWWHXW>5N WD8DMXDP$1YK \ZDYDB
J Ð,QD\XJSFFE­P$GGDG{\VW6\YDN!VP! 6RO¸\QYDLULU{LYULFWDLHNLÍ\H
7YUDUWUšW!NYLOWD7PLY6 ˆW5\H
[DLP5N!B LQ]D1W]U]DL\QDVXUVLU7VXWHQ6P WH!
NeY5QNDU\WH[P\!V[DLP5N&\WH VS Y]Y7P5>DHJYW!N‰SD\(QP!

\ZDB PD1\PDQN‰WB
SDG(]FWXL5U{YWDY 6\ JXÇÂDÚ>Y ­DLGS8MNDHPD1\PDQN‰W
JX»6\JDHSH1²WZDB\YL[5
6Y(U FU¸#Y\ZDL¥ODH.\DP \ZDB
$[P56S]D5L>K4DMMDV $LYD JXUDH!SGD0EXM
LSWUS8YM
5 P$3\$ZDQW!
\ZDYDB KLUU{$¡LOQDWZDLJUD
LYWD\PDQ(U{ YWDPRDH7NU(U{ \¨Y ­DQQP7‘PDG\P
$DN‰\PD>HX SLWY$QDUWP
PXNe1GLR¸!VXUVXÄXYDJ>V GL@>!BB
WYDYWDUQYPQP6\LW VD(],/\VD(0\FLUWDHGL@>!N,7\5WHEX[(!

]8U!B \ZDBB
7VDK,\XL[]8UDH Ò¾\DHJHFLYF@>!  7\6\S=\LWJXÈQ$LSQDSUD[DQ
VHYDPQDJ$LSN‰WDEÕ[DB\XS(LW
W¥$D DH\ZDB $DLYNUDHLWLS]XQHY$LSQDB\V8\D
S ZV
X PUVUDHLYJDÛNeYQ
5  ],OHQLQP5OPLW!SXÇDH¢PDH \P
L´G{$ULY1GYQHLYKDUF\D5P
6 eULVWUOEDÕG^I]X^IV LYQ\,B
7YP$LYGDU>UDY>H1²O,O! $D(­7\SLUKDU,\!N:\WHLYQ\,7\$VD(

L´W,\DH\ZDB \ZDPDND9\HB
@>DG{$@D(LK>,Y 1GHMUDV1[6\GDÇ>H $YODHN#Q SWH!VX©UWDH
fÐ!NDH 3\$¥QDGÐDHKUH!¾KU>DLKL! UVDG{UZDG{$YWU,WXP &'W!
$YW,>5YDQ¾ZPP$D7PQDKLUU{
NÇ>!BB LYQ\LY]H\LWV0ÄPH>V!
SU¨!RDVKDH\VWXNÇ>!VLQJ WH
Ý,PDQB
\ZDB `DWH 6PUUK6\H 1\(!L‘\PD>H6WYH ZYD
UD`DP$JD[JLWLU{PJ[H1²NDUD ]DO,Q7YHQV™DHFMQÝ,PDQG,\5WH
¨!RD1[NDUSTO(!6Y\P$L1[WDQDP
$@,L>\!VXRP\DLQ >,9\WDQ,G{ \ZDOLOWPD[YHB
Y 1GHWP$ \¨Q1GQS°E1[XP GUDHG ªDHS,6WQSLUVU¾H@>\DW
NUDH7N0SDG,FFOLWLNOJDHY[5QLJUD( ¾HPY=\!B
\DW(U5 { $DU%[6WXLWU{$LROJDHS(!L6PWPXR L¾\7YPD¥Y=\DH\!¾HPY=\DHYHG{$VD(
SXUDHfÐ{YDUDPM\LWQLPWD6\DHP[XLUSX!
\ZDÍ,G]PHBB
]U>DJWSDON!B V2\X!L¾\6\LY¾HU5 { $šVšDLWLQY 5W!
SDO\Q]U>DS¸DQ]U>DJWSDON! ¾,WDH9\PX G{$L;Y1©QQH¥DB\DSXNUH@>!

\ZDB \ZDYDW¥(YBB
-YUSLUKULY¥DV7YP$¥VPUHN‰WDSUD[H LS 6YPDWX!L6Y¸JD¥D\DLYÔ6WNYUÔM!
V !¾S PDQH\G{1GYLW\DGYH1²DH \P fÐ{YDSLUÍPN‰>!N‰S\DV,W6YE1[QH

VXR,B VY5]X™U!B
DH‹DF¨!RJ1[(U{ $3\$6S Ð]FVXR,YHW
  VYH
5 DLKWNDU,\!V6\DWVY5]
X ™U!

W¥$D DH\ZDB \ZDB


U¤DO™DUDUVWY[QGPQDHU{ $D-\Y £\D3\$OB\! N‰WD!N‰WDZD5PXQ\DHLYQDHG(!
6Y½HG0DHLOSD>HU{ $LS¨UL[JP´DLUWD(\5L¥NF RO@\H>DLRO[DLP5ND]F
SDÏH5JD(U,JLUÑD!¾FXU]L]NOD!ND1WVYD5šDM! YSXLY5PGH5QROD]F\X­H
V,PL1W1\]FLQ7\\¨YUXYQHNV7YG1\DH L6W QN6\S:\KLU>D9\[DL\
DHJ,
¾WDS,B
L´W,\DH\ZDB ¾WDS,SD(ÇDH¯cW]¥XWDLS¾LVL­DN{
QKDLQQ0ODLQLQMJ KN‰7\9\VLQWD
QDHU QDHw>
c DQLNONGQYHL¢LNP$LS \ZDB
YUDš,L!VDš,N‰WVX×GQšDLU{$LWDH YW!¾WDSWSQH
KLUU{Y 1GDU^\HSUP$LQ]P›(U{ LYKULW XYQN‰>¾WDS\LW
DHUDVXUXNDQD
‹VX×WB ]U>P$8W N1GUDLWLPUP
VXVH9\DHGDVE1[X]FL´[D‹VX×QPW!
N,LW5PDQB
W¥$D DH\ZDLY>X[PH5 B VDªb^\(U{LQP5O(!2\DW!N,LW5PDQLWN,7\5WH
WXOV,GOPD¥H>MO6\FXON X Q
H F
LY‘,>,WH6YP$D7PDQ‹HB\DH‹Y7VO! \ZDB
7Y ]!NePGX E1[XND(PG
X ,
L´W,\DH\ZD¾ZPHBB ]XÄDYP$LWDHQ\17\$LS
6YLQJPP$SKD\P7¾LW`DP Q1GQ1GQNZQXLQP5PH
?WP$L[NWX5P $Y3OXWDHUZ6Z! N‰>DYNLOOMJ7¥\P
[ WUZFU>DH B\\DFFOªbU{
KLUU{YK1WXP JWDH¢U,\! \ZDYDOLOWPD[YHB
,WDDz7\MLWLJLUMD=\DPP$¾HØ\N^4
]XÄfÐ{YDL@SLWYVQLYL6PWDHQ,OYDVD! VYH5DP$€S8-\DH\!VVYD5UD;\&\WH
@,UP7YDÍS\LW\P,Q,UP$D,LUNDH7ND
J,WHGDPDHGU\]LVWHY,>\DQDUGHQ \ZD¾ZPH
PXLQJ>Q SY\5V™bOH 1W!
U‹ODHN!BB VGLV\XL[LÑUUDMV8\#DP
SD¥ODHNDQXUDJD>DU‹ODHNLY¨U{EX[D! $K5>PSSHG@>,\DH
PPfL]JDHFU#$DLYU{$D7PD
\ZD¾ZPHBB
\Ûi|$0EXMD@DSVVDUDHYDQ VP L­PDQBB
NeÈQP[8QYDZVX×L¬f@\D PKDV0SL¢\X‹DH\DHYHG{#VP L­PDQ
W¥D%GNDHLT¾LWP!@>DHYHG{
ULYLYQDØ>DHU{YQVWYD&\XW \ZDB
T{S D] ¨NeOXYDNDHT\V7YDM1WH
\ZDYDB Y517\$ÐD(LNP$LSLQ[\]FDZ5MDWWYDP,
$D],6W:\DM\M\M\H7\$DLYUD6WHPXQ,QD ]X­D1W]F6 eULWQYLU{OL@W!VD([OØP(U{
GHYÍH>,6WXLWNONODHPH¨U!¾D¨UL6W OØP,vS=\QPXUGPQWHQD¥LF¥D\WHN!
KD5G{DH!6 eULWSLUWDHQDJU,>DJU,\DQ
NHYDUš6ZOXLYKUD(HLMUHQDQXUDJP \ZDYDN‰>N>D5PW HBB
LF1WDPL>]FU>8>P$šQDQD
VD[XVPDÍ\!B ] šDUSXSWUYVWUY!VXUD>DP
VGHNS@SDW,\!V6\DWVD[XVPDÍ\! Y 1GDYQHÊM[QQQXNDP[HQX
Y 1GDLQFHLWVXRLV1[XU{$KDHLY8LW!
\ZDB
SXÇDH¢PFHG{$YDWLU\G{ YU,\DQBB
XYQH L6PQQYDQXY!L]YD\ VYH5DP$LWPX2\DH\!VYU,\DQW,\5WH
LYNTDVXUP^IODQQMDQH
VXMQDQDEWNDG]DLY\W \ZDB
ÂÚ¸$¥SXÇL´DVKSXU!S,4HLQ,G@>
QDU,J>PQDHKDU,BB WX>,vLWÑVXUH1²FDTXLU{$OYDU,]©U,Y
QDU,J>PQDHKDU,VX1GU,Y 1GPDHKQ! #WH´DLUPXÕ!NZVXUJ>D!NeY5L1WNDHODKO
K1W´DUYW,SWHU{$YVUDHQD DLSLQS WH
\ZDÍ,G]PHBB
ÍXWPD¥DH LS\!Ò,>D¾VÛDN5WHPQ! ÏU!B
ÇJD\DHÇJ,WDHYDS=\1W,QDFLNSXQ! L´[HÏU!6YW·]F¨O5
{–\D`]FN,7\5WH

\ZDYDBB W¥6YW·DH\ZD
7YFX0ENDH LVPD[YODHKP\,Q8QP$šQDMDLW! N‰>!¾VDGP$NUDHG{$SUD;\WH LS
[DYLWWWVWWDH VD(\WDH\W!‘,I\DÄPLV SDGD™P#YLNONDLO\S¸JD\
QÂÚ>Hf]P$LS6WXYWH 3\$S8Y
VYD5UD;\!B 6ZDQH6YW·FLUWDHLQJP(U{ QXWDH \P
\ZDYDOLOWPD[YHBB
¨O5
{–\D`DH\ZDW W,\HBB NeOYUWQX[P5€DYY 1GDLQL1GQ
ELOKUL¯]LFUODHNSDO(! VXPXLRLQL]WG,D5SDšT™&'TDL!
LNU,TNDHT HLIWSDGS,4! \XJSG{$\P$S8Y5!N!SXUDHLYÏNPD5
WWW6\N(™\5P$O WDQQDH PUNWPL>O@(U{ JDHÑN@DLFQDHLW
LY*ODS\7\$š\G{€VHQP
VL›GDQ1GVD1²Dš!B
\ZDYDB VL›GDQ1GVD1²Dš]LFGDQ1GQDN‰LW!
Q9\HÂÚD^IY 1GHV MLWLYL[J>!V Ð\H\!N‰WD`DH
DzD(!NDOM,>H5@\P$YWQXWH\!@\D\DQXL]Ð! \ZDB
U@DLY>X6YÈSDLYG[LWWÇ>HUL@>DH\H7YG]D! ŠH]H‘PDWS LY[H@\JWH
NVDUHVL1WVYH5LGL]LGL]YW!]DVQH MD^IQDZD! \G{ÂÚVD(2\6Y\P$6 eUWSUP
WG{9\Z5\QN!SXUWDHQUDN‰LW!
$ZVGD6YÈSV0¾D»!BB =\DPDH \P$DPDHGU!¾ND]WH
VGD6YÈSV0¾D»DHPD\DND\5Y],N‰W!
\ZDYÂÚVLKWD\DP$DLGSXÇUK6\HB
\ZD¾ZPHBB \6\¾D¾YWDHMJG^INDHLT
#WG{]QP]6\¾N‰LW6ZDH LSWªb>!(  NDHLTY$]HYVX[DLGLY8LWL¸P
Q\X-\WHVGD7P6Z(U{\ZDEXL­VWGDÍ\D WG{ÂÚLQNOP$Q1WP$]H8W
JDHLY1GP$DLGSXÇWP$KMDLP
VY5`!B
SULF¢L6ZWGH]NDOD 1WLUWWZD $W!Í,Y(>Y(!VY5ÍXLW6P LWLQG]5Q(!
\DHMDQDLWVP6WDZ5!VVY5`DHLQJ WH WG{ÂÚÍ,JYWDHLY8LWU{LWN,7\5WH

\ZD¾ZPHBB WZDLK\DPXQDFD\56WDH¥HBB
\DHQDHMXJDHSYQ#7\¨U1WN‰&'DG{ \G^ID1WUJDHFUF\G{
¨YD5VVDH LUULFWDG{$\XWD€XJ\! G]DH¢UD^\$DYU>DLQ\DLQF
]DND¸L]ÐPS\X-\\WVL¥ODHN,v JX>D!¾[DQSXÇ!SUSG
W »DP$P6WVLOOHLYLQP”V
{! SUD7SUÂÚFWHLY8W\!

LQ7\Q8WQ!B VY5LVL­LQHLYW!B
VGDQX8\PDQDH LSNUDH7\$QQX8WYW 6YY]DLROLVL­!6\DWVY5LVL­LQHLYW!
LY6P\PD[XU,LU{\!V¾DH‹DHLQ7\Q8WQ!
\ZDB
\ZD¾ZPHBB G]L!LV­VR,LU{Y WDPKDLV­\!‘PDG{$ÐD(
\ 3\$VD(SDÏ5JWDHUKDHJWV $L>PDG\DHO1WHQDYVU´DLUN‰>6\
WZDLSW6\D
{L˜\XJQYQYP
SGHSGHNDLYUPHWW7SGDF $Z$LYLF17\PKD]L‹!B
FODLS\F',U{QMKDLWNLK5LFW LG9\VJD5LGNW 57YÂÚDzDLGPDHKQP
‹¾DU%[LY;YV7\$D $LF17\]L‹WD
$YWDUDYO,E,MP
W¥L´\VJD5LGNW 57Y\ZDB $YWDUDYO,E,MP$YWDU,LQJ WH
$DV,F'D\DL´W,\!¾ZPP$ZLYXU{ Y7VLI0DLGGHKDQ
$]HQD]Q
H F‘HWG{$QXEÕFWXED5ÕWDWHX WHQH \ZDÍ,J,WJDHLY1GHB
Y ¢VW£YDLGY,W(U{$ZNP$OY(!6W8\PDQDH LROD7PD YHGDQ­UWHMJL1WYKWH8JDHOPL±ÄWH
WDYG{ÂÚD^IVH9\!6 eTP$MLQWWDH\!¾S HWP G(7\GDU\WHELO'O\WH@¥@\NeYW 5 
H
]P SD(O67\M\WHKONO\WHNDÇ^\P$DW1YWH
0OH&'DQP8&'5\WHG]DN‰LWN‰WHN‰>D\WXB\QP!
ÂÚDzDLGPDHKQ\ZDB
PDHLKW!L]]XN‰WD(LSWDPKDH KWDLUJLWGD\N!B
K1W]0XU{$LSM L0WDHU>H PXL‹GDWDKWDU,>DKWDLUJLWGD\N!
\HQNVLUSX>D W7SXU!
NHPKH1²LYEX[DYL´[D! \ZDB
SUDY HLQOYWDF
‹¾DU%[LY;YVDH\ZDÍ,G]PHB E1[F,LWFP LWFN‰7YD
JXÇSX¥PKDQ,WLQMNP5LQE1[QP SYJ5GDWDLSL]R^IPD(OH
$DQ\6YPKDUDMP&'DVQSXU6N‰W! 7Y]D¥YD>DP$SYJ5GDH LV

$DLG]%GHQ¨5TTQDLSB \ZDYDB
$LSMLQSLUK,Q!V8QXU{$D,UWX5U{ LF¥PXUDUHVXUY(LUS@V
LYXU{ $LSXM\X*PDH7VšS\D5»P8LW5! 7Y\DVP1WDG{$QXE­\X­!
¾NLTWEÕÈSDH 3\#NÈS!¾XU{PH $LP¥Y 1GD1\$LYL HG
L[\P$\P$LYLF17\DQ1W]L‹U{L[QDHLW LP¥6\NeY5¸$P W¾\DLW

NDHLTÂÚD^ILY€K!B $D7PDUDPJ>DN,5B
$J^\MJG^ID) !NDHLTÂÚD^ILY€K! $D7PDUDPJ>DN,57\#WG{9\‹DZ5P #YLK
LWÍ,LY€K6\D6\LYX7YP$QXN,LW5WP
\ZDB
\ZDW¥(YBB S8>S
5 UPKVPDPD[YO,ODPKD(L[U{˜DWD
.YDKWPDHPKGKRFUDL”YD85 N‰7YDEWVDUš9\L[WNZVDUVHW LWP
VYHLÐWD^ITV»LYWL6WND\!
.YHfL*Y[DLYJL>WD^ISUD>XF\D5 $ZDVD[U>JX>FWXNHBO,ODPD[X\BB
YDWD;YUDHPLYYU6\FWHPLK7YP
\ZDE K´DPQHB
\ZDYDB VL1W\ LSPH¾D-\DO,ODVWDVWDPQDHKUD!
W£Y(U{ÂÚD^IP$D) VXUNeOXYQ(]FDL™W\DHMQDQD QLKMDQH6P WH UDVHPQDHPHN,f]YHW
S D]7NDHT RY5L@LWRLFWPG\FFSDWDOS8>5P
WDf*ÂÚD^IO@D\XWSLUF\DJ#NN@LY[D¥D \ZDYDB
fÐ\6\D¥Y 1GDYQP$LSYW!N!6WXWD(W6\]‹! SLU6 eUWXVX1GUFLU¥P$¥OØP,SWHV
WZDXYQQL1GQVWGYWDUY 1G6\F
KUHU{$LSFP7N‰LW¾NUY[5Q!LN1WXPH $SLUNLOWS8Y5!N]FP7NDUNDU,
LELW5×LGLY6P\NP$LSUDVO,ODUV! 6 eULWPPJU,\DQ#PD[X\5SU8 !
$\P$KP$LSK1W¾HØ\\OX%[FHWD!
¾H0>DL¾\DL[.\0\ZDÍ,G]PHBB VUVPSDH‹e NDP\HUDL[NHY
$TLW\G{YDQ$LÙNDQQ
¥XLTU{\XJD\WH7YDP$S=\WDP VP6WLYLY[DË\5N/\D>JX>YDLU[H!
NeLTONe1WOÍ,PXR FWH JX>DQDPKN‰>6\LG
{PD¥PSGL]5WP
MIG,L@WDSØPN‰W f]DP
\ZDFÍ,G]PHB
\ZDYDBB JX>D7PQVWH LSJX>DQLYPDWX
ÂÚUDL¥WLWU{$3\$]¥DH LKWDYW,>56\NL]UH 6\
VD@>D[5YG{$JDWWYVšH NDOHQ\(U{YDLYLPWD!VXN/S(U{
KD@>D[5P $LSYpLYNDQD 8SD]Y!RHLPLKND XDV!
ÂÚUDL¥WLWYG{LYUKH 8W
LQ7\JX>DHYQPDO,\G{$LSL]RDPL>U{$]HQHW>† DP
YH>P
X D[X\05 \ZDW¥(YB ‹DSHL@NP$6\L¥LY[7YLO2\WHWG{$LS
VYQ]VW¨S[D\5VXUH]D! KLU!S8>5WP!S8>5WU!S8>5LWL¥[D
]‘]Y5SUPHLÑSXUDHJD! ÍHÑP;\DLGL!]%G(U{QDT H\!SLUS4 WH
NY\$DQWN1[ULF¢D! ¾NDL]WDLROJX>!6P W!S8>W 5 PDHEX[!( 
N=PO\\XU{$LQLËWW£YD! $VY59\¡N!S8>5WU!S8>DH5 /SG]5N!
N‰>6\S8>W 5 PWD9\‹D8G{JDHNeOD1WUH
\ZDYDLYG*[PD[YHBB S8>W
5 DS8>5WUWD´DUNDPZXUDLGX
Ç1[¸$0EXW ]FP7N‰LWSUNeYQ
5 PXÕVWX0EXÇ
;\DQDG{$1WU\QVQ1GQPXRDQLY6PHU\QYH[VP VSXQ]FWXLY5[!6\DG{[,UDHGD¢]F[,UOLOW]F
$D(7VX.\DYLOLU{ELOFTXO\QDHJ,1²P$D8>5\Q [,U¾]D1WQDPDWZ(Y[,UDH­W!NLZW!
L1G¸$^INTDKLL¢P$LWDHEÄDPY],;YLQ! EÕLY[JX>L‘\D>DP$D6SG8W6\S°QD6\
W¢p,ODHGDG{LYÇ;\WHQLKFWXLY5[D!
ÈSPD[X\\ZDW W,\H
\QP7\5O,OD(SL\N6Y\DHJ W¥[,UDHGD¢!B
PD\DEOG]5\WDJ K,WP J0,UDHLYQ\,@1WDNÇ>!VXf)ÊW!
LY6PDSQ6Y6\FVD(J­H5! $N7ZQDHJ8)JYDH5[,UDHGD¢!VXV£Y W
SUSG8>8>DšP
\ZDB
Í,G]PHFBB Y,UP1\PG¾KDLUKLVW[D(U\
H P$DWDH­5 W
 D(
NDÒ $šWHNOSGD\WP8L&'5WHQ LQ9\85)ÊWP¸WL@LW[UDH­DUH>[,UDN‰LWP
VPDHLKWD \5SGY,vQFOHWL¥ODH.\DP P<\›(!N‰WLNL/EH LSP[XU 6WX7\DPXÕU{\L·W
¥(ODH.\VD(JPGFLQU,Ø\ÈS ¾HØ\7YDPP¨LY5W.\5×G\[,U{J,]FQ6S1GWH
\G{JDHL´M²bPP JDQSXOND1\$LEÄW
J0,U7YDLGVDPD1\JX>D\G{KN,LW5WD!
\ZDYDOLOWPD[YHBB WG{#WHX WGDL[.\¾LWSDGQKHWYH
GLK¢7YS8Y!5( ¾DH‹U8´KH O,ODLY]H]DLO7YDQLQGDH5H ¥HJX>D!6P WD!
W¢¯‹DQXVDUH>WZDN‰>HLYODH.\WH
\ZDYDB
[,UOLOW!BB $0DHDUU¾>ÆMOGÄDL1WLYW1Y¸$VD(
LYG*[DHQYWDÇ^\!SLUKDVLY]DUG! DHUDI0EUI0EU!VXLYNeTDPL7@3\K6WDJ5ODP
LQLË1WDH[,UOLOW!6\DW¾D\!¾H\V,Y]! ¨YD5U!SUYDU>!6Y\P$KO%[DH L6PN‰>!SXUDH
UHÍ,GDPNeUšVšUXYDHš7YP$š,NeÇ
\ZDBB
YDFDV8LFW]Y5U,ULWNOD¾DJ/B\\DUDL[ND LPZDHLYUDHL[QDH 3\$¥NHLFQLQJLGWDJX>D!
Ê,IDNeL WODHFQDLYUF\¸$€HVR,QDP$VD( KUD(LQU™b]Ï ( \D5WNDH LSQ6\DG{$V0Y!
W´@DHÇKLF¥NHLOPNU,SDL^I7\SDUJW!
N(]DHU V O,NUDHLWNO\QNe¡H LYKDUKLU! WZDFND(PH5
$6Z8O]FD>X] F(Y6Z8ODH >X]F(YVY5W!
JDHLY1GH¾NT[,UOLOW7Y¾G=\5WH $Y>5!VY5W!¾DH‹!=\DPDHU‹D1WODHFQ!
GDKUL1WQDT `D!¾D\DH ¥PNU;YMP #HÏ\5\DHJDG{JYDQLYÇ­DZDH5 L[,\WH
WZDLSGDHD!SUPHQ(YDKD\D5!NZ Q
[,U]D1W!B JX>DLYÇ­D$3\#WHVPDKD\D5!VP1WW!
]P¾N‰LWN!ŠH]VKQ]FLYYHFN!
LYQ\DLGJX>DHSHWDH[,U]D1WG,\5WH PKDYDUDKHFB
VYH5 LQ7\D!]DÏWD]FGHKDVW6\SUD7PQ!
\ZDB KDQDHSDGDQULKWDQ(Y¾N‰LWMD!.YLFW
LYQ\P[XUP8LW5U{P1ZULÓ*[WDUDH SUPDQ1GV1GDHKD`DQPD¥D]FVY5W!
YFQSLTPš,V8LFWD]HQ,LW! VYH5VY5JX>(!S8>D5!VY5GDHLYYLM5WD!
$LG[G{K[P[P5SX¥DHSN^4H
L´MSLWU{YVD@DW¾HØ\WHNVY(U, Y(>YW·H LSB
$ÐDG]PKDGDH(ULKWDJY¢QX!
\XL[LÑUDLGNDH[,U(U{[,U]D1W!¾N,LW5W! VY(Ï
5 \5P\,V7\LY`DQDQ1GÈLS>,

[,UDH­W!B $ÐDG]PKDGDHD!\ZDLY>X\DPOHB
PD7V\5YDQ$K™DU,PD\DY,UDH>]FO! PDHKVW1²DÄPDHÇ@UVWDNDP/E>!
LYN7ZQ]FLY´L¯U{[,UDH­WGD×W! ODHOWDPGPD7V\H5LKVDRHGSLUÍPD(
$V7\‘DH[$DND
{@D$D]™DLYÏLYÄP!
\ZDB LYP7YSUDSH@DGDHD$ÐDG]DHLGWD!
$D!SDLSQ\YQH1²G¨5USXQU{9\DXT V V7Y\D
YDV!Ne¥LFG{$1[NˆSNeKU‘DHIH LQP,5\WDP 7ZVYD5YWDUHB\VWWDH 3\$¥DYWDLU>!
KHODH¢DLQWfLÐPD¥LVWÂÚD^ID^I!SXUDH ÊMH1²Q1GQHVXÑX PD[X\5ULUW!
MDJLP57Y¨S€KD\XMJ!N‰>DH ¥N‰>DL[!
WZDFÂÚVLKWD\DP$DLGSXÇUK6\HB
[,UDH­WVWXLY´L¯U{,PVHQDLGU{&\WH \6\(NLQÏLVWNDOP$ZDYO0%\
PD7V\D5 D!¾W,\1WHGDH7YHQ\G{$3\$P, M,YL1WODHPLEOMDMJG^IQDZD!
LY>XU{ PKDQVK\6\NODLY]HDH \ZDB
JDHLY1GP$DLGSXÇWP$KMDLP $1\D<\QKUDYLW9\SJW´DUDJ5ODGDQYD
U@,N‰>LW¾P¢P$LW!‘,IDVXU‹D!VXUD!
$ZDÐDY$QXN,7\51WHVªb>7YHQLYÍXWD! VD@,YHL¢VL‹P7\$YQWÊDWD]FLF1WDHL-+WD!
PšODO
{L‘\DÈSD!V£YHGDVWXSD(ÇD! NHLYÏ0UQ7YG
{L˜\XJOHLYÍL0WDHLMUH
]DHDLYODVDHPD[X\ PDš/\6Z(\W
5 M
H V,
OLOWD(GD\5P 7\#WHV£YHGDVWXSD(ÇD! 6Z(\P
5  B
9\YVD\DG{$FOQ6Z(\LY—DNeODG{$LS
W¥]DHDB
Q,FHG\DL[NH6S[D5]D(\DH57VDKD(FG@WD \ZDB
V7\F9\L‹P$D\DLW\¥]DHHLWWDLY¨! ¾LWNeOH LSV]8OHL]YHL]YD\DLQU]XND\DF
9\OXQDG{#YPXNe1GDHLY1;\DYLOQ1GQ6\XMDQ
\ZDB
6YJ5;YVLYL[7VXU{ÊMXLYNGQVXÑXY,Ø\DLWY Ð D WHM!B
Q,FDQ$DODH&\SËDQQPXLFLUSXPXRDQ8)NDÇ^\Y,LF! VY5LF¢DYJDLK7YWHM!VL¯U{G,\5W
H 
$¾HØ\6YHQWX/\NP$LSLQMÇDP$¥S\D5L»SD¥
E1[8Q $DQ1GL\\¸GKUWXKLU!V7\V1[DHPKDL²P \ZDÍ,G]PHB
PpDQDP$]LQU{Q†>DQUYU!Ò,>D6PUDHP8LW5PDQ
LYODV!B JDHSDQD6YMQDH VWDL@LWXM 5 D]D6WD6YLS¥DH!L]]X!
Y 6\HYJ0,UDJLWU{[,UFY,@>P P 7\XU{DHMSWHU{LYUDI{$LY¨DW£YSU\DHLJQD
VL6PWFYFDH\¥VLYODVW,\5WH Y >,QDSUGHYWHLWLYLGWDHUš!JW!VD€M!

\ZDB \ZDBB
PpÍH^\DP$LYQ\YW,vP1ZUD1\6\fLÐ WHMDHEX[U( { $Y`DGHU{ $VLK>X7YP&\WH
9\D[X1YDQDHL´SYXYLY‘PDI0EUH>
YDJDU0HL6PWSLUPO(!@DO\QP N@D \ZDB
WXšHUš6ZOSLUVUHVDUVD@!VVDU $D‘eÐH¾NTLGG^IL\X>DF^IHQUš6ZOH
Q1GHFDQN¨1¨D(FSXUW!NVHQLYϲbKD
PD[X\P
5  B fLÐW¥VXUDLUP 7\XNeOTDV0SN5©W,vL@SQ
WQPD[X\YHG{\¥FHÐDGH!6S K>,\WD P 6\DHSLUV XNLe G5XU{$VD(S=\D&\XW!¾D LW

\ZDB OLOWPB
YUDP$;\DV,QVWTXYP$YÐ0ÇLFL! ] šDU¾FXUDFHÐD\¥WOLOWLY¨!
NG0E(!¾DO0E¾YLOWLYO0ELYUF\Q
¾S¸D\DP$€HLPLKU¨LKWXV W,Z5SGY,v \ZD
NeUš,QH¥D\DP[XLUSXU{ $SDšLYLNULW LY[¢HUD[D\D!NeFPXNeO\DH!NHLOPNU,v
NUH>9\€D7PDVUVP$V9\HQULVN!
PDš/\PB $LUÐHVDTDHSNTXÇYLWV9\HQLYKV¸
PDš/\MJWDP#YLYÏDVD6SGWDPWD G ²DHPD UF\LWFN‰>!SLUNUP
$D(GD\5PB
$D7PD S5>NDLU7YP$D(GD\5P LWN,7\5WH W¥V0¾D»LV­\!B
VD[Q(!N‰S\DFD6\L´[DV0¾D»LV­\!
\ZD
YGD1\!NDHYHG{$¥YGD1\!SXÇDH¢PDW W¥VD[QLV­D!\ZDW W,\HB
$LN QD\\HQD7PDLQJX5>D\DLSG,\WH \FFÊM17\$LQLPDP?DQXY £\D
©UH\PDÛSLUQ!6S K>,\],OD!
VDPD1\DQD\NJX>D!L6ZUWD D\G{$3\$P, WX5U{LPZ!VX\]V!NZQDQXUDJ
WZDLSS8Y5W!LNL G{LY]HDWSXQU{LUWD! Y(Š9\EDSNO\DSXON,N‰WDšD!

$ZD6\VKD\D!B \ZDYDB
$6\JJD5G\DH[PH5 \X\X[DQDG\DH\XL[ \HL‹¾LY>XWDNYLOWŠH]DHP5\!NeY5WH
­YD DVWZDP·HVKD\D!SLUN,LW5WD! f.SDWH LS >DN‰W¾>LWX¾D\H>PDH@DLGX
WDQ¾HP¾VUDH7VY6WYLNW6YD1WDQ¾PDHGDÍXLU{
$ZN‰>‹D!B LQ[D(5WD6\WTDQPXÕ!SXOLNQDH[1\DQQP6NeP5KH
W¯DYDLYW6YD1WD!N‰>‹DW,LUWD!
\DHV7\YD.\7\$D DÝ,PDQ7\$L1WPDJX>D! PDN5^IH\DG\!¾DH‹D!VD[Q(!¾D»LV­\!
¾DH‹D!N‰>H 6\‹HX WHLY`H\DPQ,LL!
WHVD[ND]FLV­D]FL´LY[D!SLUN,LW5WD! $ZN‰SDLV­D!\ZDÍ,G]PHB
QDVDL´MDLWV6NDUDHQLQYDVDHJXUDY$LS
W¥VD[ND!B QWSDHQD7PP,PDVDQ]D(F QL‘\D!]XD!
7S¸UW\!V0\
{Q(LY5–1\P$QXSDJWD! $ZDLSÛ¢P!ÎDHNH N‰>H\DHJÏH UHÏUH
N‰>VD@D7N‰WD(\DH*\D!VD[ND!SLUN,LW5WD! L‹U{f)DQFD6PDNV6NDUDLGPWDP$LS

\Z(NDG]HB \ZDYDB
ÏUHWG[,QHX EDLO]HX L´7VXF QNDLFG{$YG{JXUDHU{MQ\·>H L`WD
¾HPP(¥,N‰SDHSH@D\!NUDHLWVP;\P! QVD[QLY[D(FWHÍPOY6\J1[DH 3\$8W
JWDH LVFLUWDZ5WDSUPKVP *\LÍ\D
\ZDYDB PXNe1GSGS°\DH!¾>\V,[XQDH[DU\D
LV‹D3\$ÍXMODH7NUH>JY´DWD5QG,M1PQD
LWÑ7\#YYDL”KHLWU{LWWH[,P¸$OLF1W\D N‰SDLV­D\`S¤,Y(UDHFLQ]XNDG\!
×xDHP1\$P W6S KDKUN‰SDY Ð!H 6 eT O@WH
QHLGÐ!S ZXUDHPWD^IYUDWN‰>D0EX[6\DHªP! $ZLQ7\LV­D!B
$D7PNDHLTJX> N‰>H¾HPD>SUPJWD!
LE/YPšOWX/\D\HVD[NDVWH¾N,LW5WD! LQ7\DQ1GJX>D!VYH5LQ7\LV­DPXNe1GYW

$ZLV­D!B \ZDSD°HÍ,JY7V7\DPDGHY,VYDGHB
$LY`DWDLROŠH]D!VGDN‰>DLÍWL‘\D! $ZÂÚDLGGHYDQDWZD¾DZ5Q\DXY!
LV­D!6\X!V1WW¾HPVD(2\D6YDGSUD\>D! $DJWDH KJ>D!VYH5MDWDVWH LSP\DVK
V0¾D»LV­\!LV­DLQ7\LV­D]FWHL¥[D #WHLK\DGYD!VYH5Pª>D#YDLPLQ
VY5GDPL7¾\DGHLYP¢X/\JX>]DLOQ! ¬,SQ7YP#Y6\DG{8>DGHV WXNHYOP
#DP$DO0EQ7YFWZDH¬,SQWDLSF
WZDFÍ,G]PHB
$KDHD*\P$KDHD*\Q1GJDHSÊMD(NVDP W¥Y\!B
\L1P¥SUPDQ1GS8>ÂÚVQDWQP Y\!ND(PDUSD(J^IN(]DHUPLWWWL¥[D
ND(PDUS PD%GD1WSD(J^IG]PDYL[
W¥(YB $DDHI]DFFN(]DHU \D(YQ6\DWWW!SUP
¨67\M]FDQXUDJDH L6PQVYH
5 DQDHÊMD(NVDP $D(LF7\DWW¥ND(PDUY‹9\Y7VOHUVH
Q1GWHWQ\H 6PDVXW6\D3\$D(7SL¢N!NZP SD(J^I¾H\LVW¢7RHODLG\DHJW!
Í(Ñ P--YO#YD6\N(]DHU6\WZD3\$G!
VQDWQLP¥PLWW6\D3\$D(7SL¢N!NZP ¾D\!VY5UVD(LF7\DG{$¥DHGDLÝ\WH‘PDW
ÓHKDH 6PD6YLWF(W
H DLQ7\¾HÑ7YP$DJWP $D P;\WZD]HN(]DHUL¥LY[YHW
7\$W!NLZWDLQ7\L¾\D\DGYYpYD!
#DOD(LNNY›HÐDO,ODPXULUSDHU{Y W¥$D PB
Y>56\DH--YOWDNDLSQH¥D1WHFDÇ>&'LY!
WZDLKSD°DH¢UR^IHB UDHPDYLO¾NTWDN(]DHUH ¾ZPHVLW
\ZDVD(LPL¥UWD(\ZDV™5>DG\!
WZDWHQ(YMD\1WHLQMODHNDG{\f&'\D WZDB
SXQVWHQ(YJ&'L1WW7SG]DÏWSUP KULWL]LWPDNDH 3\$šDQDPKH1²PL>LÍ\
QNP5E1[QM1PY(>YDQDFLY WH ¾LY]LWf]DHU{ $1WHNDL1WU{PQDJYODHLKQ,
VLRWQXÇKDUDLM!V8ØPDGUD6\LYUDHKWH
\H¾DH‹D!S S D]W‘PDWNVLUSDHU{ JX>D! 6 eULWVXPDQ9\HGDQ,vWQD(YQPDLOQ!
WHFD1\HFDLSLV­HXLVL­G7YDG\DHPWD!
‹DVWXN,LW5WD!]D1WDVWZDGDVVXWDG\! Y(M\1W,L]R^IDLGQT¾YUYH]WD
VRD\DHJXÇYJD5]F¾H\6\]FHLWS [D Y],P[XLUPDYÒ]DHDFD¥SLU&'G!

$Z¬,SQD!BB \ZDÍ,G]PHBB
¬,SQDVWXWH¾DH‹DDYP¬,S\L1W\H EKD5S,IQTYUYSX!N>5\DH!NL>5NDU
WHWXÍ,N‰>F1²6\JX>D]FHÐD!¾VD[QP LEÄ´DV!NQNNLS]Y(M\1W,vFPDODP
L6PWDšVD(UHY]] šQ8SXUN0EY! U1¶DQYH>DHU{$[UVX[\DS8U\QJDHSY 1G(U{
SGD™@H¥WXOV,‹W´DVUDG\! Y 1GDU^\6YSGUP>¾DLY]G{J,WN,LW5!

W¥JX>D!B RUWD¥QRD€D>D[QXU{ $D1GDHLOWDÄXYDH!


JX>DVWXL¥LY[D!¾DH‹D!ND\YD
{PDQVDÍ\D! UGDQDU¡QUDJF8>(U5 { 7\$DLGFHLÐWP

W¥NDL\ND!B \ZD
Y\!VD(1G\5ÈSDL>NDL\NDP ¨WDG\! QY[QXU{ YDWQDHU{ QTGL´DHU{ Ä8\XJ
JX>D!6YÈSP#YD6\NDL\ND D\G3\$P, ]UDLOU{Y]DL>WDQRUUDLMU{$€HRUD
HG6Y,N‰7\Y^\51WHWZD3\¬,SQDLW LYUDMLW]U,LU>,ÇLFUG1WOHRDÇ>D
$WVW6\6YÈS6\6\DG{$DO0EQW(YLK QNDVLRVP,@>DG{\XYLWU{$6\LY¥6\LW
W1PDHKQWD\ZDB $Z]HPB
NWXPX*[D!6Y\P$FTXQDQ@P1WH L\DHJ S8Y5WDH 3\$L[NDH7NED)P$šDLQLEÄLW
Q9\DGDWX.YLFG{$LSMQHYP$3\7VK1WH L¥YLO9\L‹U{7\$D N(]DHUH FUPHVLW
fÐ{YDWDVWHQYP[XLUP6PHUWDPD[YDWD5!
6Y¾D>HB\V¥\PGV M¸$ WDH\D¡O,QDP \ZDB
PUNWLJUHU{ J^I€DY¾DKUU@V
$ZP;\PPB ]WPRPL>6W0DU0¾PDLZXM´\P
AÇ´\6\EDÜDH]FNDLSÍ,U{UVVWZD WQXWUL>MDY,LF&'D\DLYIL0EELO¥\
P8WU5H { PD[XLUPD FN(]DHUH VLWP;\PH PGQNGO,VDL[ÑDHÇ6PUD0\$VXUD1WNP

\ZDB W1PD[X\\ZDB
6S K\LWNLU]X^IDG^IQD\DHÇ\X*P G]D[5]UPD[XU,GPQG@\DšLÍ\D
JÇIPL>NYDT,V2\P&'7\U]F LY[8LQWY[8[ LWYUNODLYODVD6SGP
XM\XJP$LSL[7V7\$J5ODYJ5LQ1GDP fJ OFP7N‰LW@LSWR¡U,T XLW
$LQYWÇL>Å!¾‘PHNH]Y6\ 6 eU¢ÇL>PDHªPWÇL>S=\S,WD0EUP

PXRL6PWLYODVD) LYÄPDH¢UOHf]D( GP#YKUH!¾D`(U{ QY\D(YQP&\WH


L¥MJ1PDHKQJ,WP7\$DLGU{KPD[XU, $¥JDHNeOGHY,QDDYVY56Y]DLOWD
$8WS8Y5N1GS5W·O,ODH7VYDG\!
\ZDB
$QšQ\FDWXU,SLUF\DH¢UšHf]D( \ZDB
PXRD0EXMPGL WL6PWLYODVU0\D[UP ND1WDL!NOKD\WH.YLFG{$\N1GS5OR H DQ.YLFW
$F ONeODšQDÊWLYIL0EVš,WN N,U(U{ $S5\LW.YLFG{LYWQXWH‘,IDLVDUDH PP
KUHV WÇL>PD™bUH 6 eULWPD[XU,ND3\$8W V2\DHG\LW.YLFW6PUNODDI{JX^\YDQKWH
VL1[.YD3\$QX]DL6WNe¡Q SLW!] šDUUD-\DH¢PP
Y(G*[,VDULY6WDU!Ne¡NHLOPKDH7VY!
$DU0DHUDVO,ODGHU{ KFHÐDLGVD(ÑYP W1PDHKQWD\ZDB
N>D5NL>5VR,MQHQLYMQH©W,6WXLW¾L‘\D
\ZDB S7\XU{Y QFDWXU,JX>LQNDNe^I¾\D>LQL]
9\‹DO‹SG(!.YLFWSLUOX4L7SŸ'DYWV(!.YLFW YDL[\JXÇYDLFYH>XLYÇWDY7N>5WHLWÊWDQ
W/S(U{LY&\XWNDL L!.YLFG{$VD(9\DN,>5N¡
e DH7NUD N(]DHUH>WYD N‰>JXÇ>DJD(U,J>!S4 WH
¾DH 1P^IOE1[WD^IYTDOØPDHpV7V(NWD
JDHLY1G6\LYODVY 1GP$L[NY 1GDTY,]VLW QHWX!6YÈSP#YDH‹N(]DHUPK\ LS
QDQDN‰LW¾NTQDWWZD3\¬,SQPWP
W1PDHKQWD\ZDB ED/\H LSQYWDÇ^\¾DNT .YLFW
LY©UDQPDUDL”×G\ULYND1WH¾NT\¸ WQQDLWUVYDLK7YDQQUV`(U{GD×WP
G6\Q[PH15 ¨LYG[G{$LWDHUDJSTOP
NZKDQV¥D>VLRPXNeO\QEDH[NePGX  $ZVD(1G\5PB
WU6Y,N‰>DEÄHP[XLUPUDNDH5 B\XG\WH YHWVD(1G\5P$šDQDVL¸YH]DH\ZDHLFWP
\ZDB $Z¾VD[QPBB
PXR WHG,D5@PUNWWT,S,YUPUDH NLZWYVQDN/SP^IQD ¾VD[QP
XM´1´6W0 XLWVXYLOWSDÏ5\XJOP
SLU@,>DHP;\!¾LZPOKU,KDLUMQ W¥YVQPB
QN6\D!NVDUHKULW×G\S™Mf]! QYDN5UL=PND=P,UKLUWDODLGVL¸P
\XJFWXN8L\ÑYVQL¥LY[KUH!
$ZÈSPB
LY8>LY8\6\DG{\HQWG{ÈSP&\WH W¥\XJPB
SLU[DQVV9\DQ\XJÈSPG,LUWP
\ZDB
N‰>6\P^IQWLWU{PL>Ne^IOD D \ZD6WYDY/\DPXNe1GDÐNHB
Q,WDšVšLWP$O™W\HYUDLš NQNLQYK]DHDQL1GS,WLQW0EH
]‹DE8YQPQDJ$LSWL´[DQH W¨SLUQYU‹YÒP7ZG[DQ!
VD¾7\XW6Y\P$Q/SP$O™WDV,W L¾\PYLNOY>UDJ\X‹L¾\D\D!
¾>\WXPPQH¥D,ÐS8LWPXNe1G!
$ZP ¨WDB
P ¨WDNDHPO6\DLSV6S]D5VKWDH&\WH FWXNPB
FWXNN XNDH>,WX1GE1[D1WU,\NP
\ZDB
$KKQYD0EXGND1WHU{ $PX\VXNePDUWDNePDU6\ \ZDB
$LSQYSpYVšDG{$šD1\$SU-\],\5L1W 6PHUD6\!SLULKWSDTOD0EUÍ,]
'¸Dš!SXUTÇFDHÇN NHQ
\HQD\N¾NU>HYDLFNDPDQVDVWZD >,G[G{$Ç>[T,vFLF¥D!
JX>D!¾DH‹D1W#YD¥`H\D¬,SQDEX[! NVDLUU{YKLWPKDH7VYHPXGQ!

FHÐDB 8L\ÑPB
FHÐDUDVDLGO,OD!6\XVWZD¨ÐY[DG\! RL^IWDRL^IW8LUQTYH]L‘\DHLFWP
$QHNY>YVQ8L\ÑNLZWEX[!( 
W¥UDVDH\ZDB
Q 7\ªDHSLQWL0EQ,N‰WSU,U06\U0DLGLU{ \ZDB
J,YD5>,LU{$QšUšLYY]V1f=\PDQLÍ\! $RL^IWLYRL^IW(!LVWLS]šQ,ODÇ>(!
‘,IDWD^IYSL^IW6\SLUW!Í,SX^IU,ND@WH ST(!N‰W\ZDHLFW¾NTVL¸YH]DH--YO!
UDVDU0UVDLZ5QDHP[XLUPDFHWDLVQ!N5LW $\NUUDT{¾!¾FXUUš] šDLUW!
NUDHLWNUDHÇPHQÇLFU{PXGPD[Y!
¨ÐY[DH\ZDOLOWPD[YHBB
]0XU{ Y  Q\LWP1GUN1GUD1WU{ $Z$DN/S!B
0ODQ!VO,OP$LS\¥L]UDH[XQDQH NH]E1[QP$DOHSDHPDODLF¥LY]HN!
$D!ND(WN X  NO\NHLOOYDG{$LUÐ WD0E8ONHLOS°DLGU{$DN/S!SLUN,LW5W!
W¨ÐSXšYP$VD(KLUU{1PPDZ 6\DMM8T!NYU,F8IDYH>,FNFE1[QP
SD^IXU!NEXU5 !S,W7\$DOHSVL¥[DPW! N1GS5]DVQ[XUDPXÕU{#]VQ
PDODL¥[DY(M\1W,U¤PDODYQÔM! Y],;YLQU{M\LWNVLQV8GQ6\
$6\DY(N@NDS,I¾DO0ED DLGDPWD!
PNU,S¥šD) LF¥S,WLVWDÇ>P #L¥[DYHG{ YH>P
X UX O,YL]NH7\$LS
WZDLY]HNDH LS6\DG{$1\G{AÛ6Y\EX[(!
W¥YH>!X B
\ZDB SDLUND2\DHYHG{YH>XU{´DG]DšbOHU{G(–\5DN{
WD0E8O6 eUGDQQH1¨U{$PO[LPpPpDV\Q
L‹&'HGOV7VXÐ XV >DOHSLÍ\DSH]O! PXUO,B
WXšDHU!6ZOLSšOÔJ$LONÄDLM>XS¥DšbLO! K6W´\PWD\DPDPXRU1¶VPL1YWD
=\DPDš XLWU{$ PHVLRf]DHU{ ¨*[HPXGPD[Y! FWX!6YUL&'²\X‹DPXUO,FDÇQDLGQD

$ZP^IQPB Y],B
LNU,TNe^IOHKDU]FWXN,YO\DHP5\! $[D5šbOD1WUDH1PDQWDUDLGLYYUDÐNP
NH\8UQ8SXUD FU¤P^IQP&\WH WW!VD[D5šbODG{\¥PXRU1¶WZDšbOP
L]UDHYHGDšbOSX&'¦\šbOVDWXYL]ND
\ZDB QYU1¶D6P WDV»G]DšbOLPWDEX[(!
ND ,LF¥DPXNeTP$WXO Ne^IOHKDLUK,UH G]DšbOD1WUD6\DFFHWVDWDUPXRU1¶\DH!
KDUVWDUDHYO\P$POF1²DFDÇ]FWXN, PKDQ1GHLW9\D2\DWDWZDVPDHLKQ,LWF
U0\DFDHLP5U{ P[XLUPS8UH Q8SUX H FH7\$DUHU{ YHW V8\D51WUDVDFHW WW$DNL5>,PWD
$š(U{#YDU>STO,8LWDGDHL*[8DP $DQL1GQ,WGDY],YHG{1²D1WUD\LG
JDHSDQDYpDVH\Y]XO,LWFLYÍXWD
NeVXPDLGN‰WFHGY1\P^IQPLUWP ‘PDQPL>P\,K(P,Y(>Y,LWL¥[DFVD
[DWX.!»LWONS¥šOWDLGNP
$Z] šPB
$ZL6PW\ZDN‰>N>D5PW
H BB ] šWXJYOKHPLQE­DL€PSLËPP
$R^ILQYD5>UV¾YDK(U{ U¤MDO6 eU1P;\P1²DHDL[6P WP
LYRL^IWD]HUVD1WUDL>
$\L·WDH´D1WVX[D>5YDLQ \ZDB
M\L1W],WDLQWYL6PWDLQ WDUDYO,YH>XXMšPHQ
WDUDYO,ODJUOHQGÐD
$Z$šVD(U\ZDB LYDL>NDQDGS\DHLQS,\
SLUPOVLUG{#D\G{YK1W,VP1WDW LYDL>NDPL´JX>,FNDU
SXON\LWYSXU{Q!ND3\$S8YD5PXQ,QDP
P[XLUSXU{ SUDJHWL´QDHGD\P1\H $ZQ8SXU\ZDB
NeÇXYP$QY DPDHGLV1[XU{LYYH] $PG5Q6\VLRQ8SXU;YLQ
LQ]P<\V0 WJ,UV0ÄPD
$ZY]!B $KP@>DH¢ULOWDLSQDY
;\DQEODWSUPKVNeO6\L1GQ ELKU{$ K1WJXUY!SXU!L6ZWD!
LQ1GQVX[DP[XLUPD>P$[,U[PD5
$ZN0EX!B VXEOXMXMš1\6\WXšH WYDVH
N0EXVWXGL@>DYW5!SD M1\W\DH&\WH L6PWLYOVGSDš!¾Dš>HÄDMPDQ!
Q\Q\XJP$LV G{\!VX[DY,LFLU{Q!
\ZDB NZ\VGL\WVWH.YD\P$D6WHY\6\!
$PULUSXY[8T,Ä8>K7\DLYODV,
L¥LGYSXUSXU1¶,Y 1GQD1G,NUDH \P $ZW´DVUDH\ZDB
ÄPLWXYQP;\HPD[YD;PDW[DÅ! $¯bWDEKY!V1WXJY7SY5YDVUD!
N‰WSXONNG0E!N0EXUDM6\QDG! $DPDHG\LWPD[1\DN‰>D²SGDÐP,

$ZSGD™!\ZDÍ,G]PHB LWÍ,Í,L‹UVDP WLV1[D(GL@>LYDJH


W¬]5QDqDGLYY ­V0ÄP! L‹UVVDPD1\LQÈS>HLYDYOKU,¾ZPD
¾H0>DH;Y5UDHPDÍXNODNeO@
H >! 
UZDG{$Y6N1 VWHY$FHÐW $QXDYD2\DL´W,\OKU,
¾DHU{ $P81\$
{L˜UMD6\$KDHLW
$QXDYDVWXLF¢6ZDYDQDP$YEDH[ND!
\ZDYDB WHELKU{LYL‘\D¾D\D!¾DH‹D¯D6YUD2\\D
NO\WKLUU{$;YQDVRD\! Q 7\LYOXL4WJ,W‘DH]QWQXPDHTQP
6 eTP$PXQD\PXQDWT,P$\DV,W ՙDUDHM 0>ÏDV8PDODHNDQSHL@WD
KULWSGWLWU{\GL@>,PH ODODÔYDH rKDV]F8>D5LKjDG\DH LSF
;YMNeLO]DNe]S™MDL™WH\P WH],WD!@HS>D]FHLW\ZDZD52\DL´[DHLGWD!
],WD!6\XU{ J,WM 0D DQ 7\D D!@HS>DL[D!
$Z@H¥0\ZDB
KLUNHLOXYDLYODHNQ W¥Q 7\\ZDB
EW©UH 6WXVX¨O5LÍ\DP PXUO,RXUO,VX[DLNU
PZXUH7\$LSN>5S­LW KLUYH1¨P$YHØ\NL0SW!
¾LY]QQDPPQDHL[QDHLWQ! J>QHVJ>H]LIL^IP
;YLQLVWD^IYP$DLÍWDHKU!
$ZWXOV,\ZDLE/YPšOHBB
$L\S™MQH¥PD(LOPDOH LYOXL4W\ZDW W,\H
WXOV,P¡LULNL G{$Z5\DLP NL›G{EX[!6Y67\QP,Y$D6WH
$YEDH[\SDZ5VDUZHV7Y Ï /NSX¥DHJY7¾S¸!
FU>DÀ]U>DLODL>PDP \!N‰>SDGDL™WPDJ5SDVX Y
$FHÐW¾HPLYL¸[(\5!
$Z‹DH\ZDFWXZH5B
LY`D\WDY¢PJD\LN™UDY \ZDYDB
$B\XL7ZW!VD;YVLY6P W‘P! QYDQXUDJH>WYDY]Dš,
QQDPQDPDLQJ >QP[XL´! YQÔJDPDHGP$YD3\P¢D
SD57¾[DQDYLWVKWD¡LO! ÊMDšQHVDNL4QHOX41W,
JD¥VXJD¥,Ê>\D NDU
\ZDYDB
J,W\ZDB N‰>D0EXGDNDUP$YHØ\FX@XH
UDJI0EUNUL0EWFHWD!
NeY5W,WYQYJX>JDQP ODHNDQSHL@WD\ZDÍ,G]PHBB
JDHNeOH1²NeÇWHMOWDVD $KDHS=\WQDU,>DP$LSN‰>HMJªbUD(
UDL[ND fGDVX×GDF ¨U1WDY\DH LY;\QP 7\XSD]DQJ KDL[DQ

‘DH]Q\ZDB \ZDYDS DY/\DPB


KLUN,W5QMDWLYL‘\! SLUYGWXMQDH\ZDWZDYD
VLYFX‘DH]WZD QDUG! QQXPXRUDHQY\LYFDU\DP!
$LFUDQQULVK]™\D KLUUVPLGUDPGDLWP¢D
GQXMD\HQ[ WDLYLOL/\UH XLYLYOX4DPQTDPLQLY5]DP

\ZDYDB ODODÔYDH\ZDB
UU,N‰WNDNeU{ $DNeOD ]™H¾HPXMšHQGÐ!NÐJWDHPXLQ!
NUU,YÊMUDMQ1G LQËO6\\G{#W6\ODODÔYLWYW!
PXUO,WUO,N‰WD1WUD
PXÕU{$D‘DH]G{KD VX1GU, $rKDV!B
KDVDG{L¸DH rKDVDH \LF¢LY@HSV0Y!
WQXPDHFQ\ZDB
N‰>QDPLQPXGDHSY,L>WH \ZDB
¾,L>WHPQLVY(L>NDHPXLQ! ]™HLFUNH]YLN™U6\
¯TLNP$LSPDHT\Q FHWVWTHL‹OWD¾ epD
YSXV¥DHT\7\$LRO\`V8¥NP \HQDL[WX^I6ZOP$rKDV
¾V8QSX¡D]FTXO 6ROL1W
ՙDUDH\ZDB
Y(>Y;YLQLU{¯iUPL­\! 8>D5\ZDB
]™U6\LGLYՙLW6YQ! ¶XYP$LUSXU{$DG[DLWYD7\D
;YV\¸$LSPXÕ!VGDQY QQXPXULO7YL\ e7N‰LW&'OHQ
VD[XY 1GP$NUDHW VGDQYP LNP$\PWUZD;YLQU{LY8>5Q
VLRWY8>\ 5 LWÊMD0EXMD@,!
M 0>0\ZDB
LY6W WNePXGYQH L6P¸ LKjD\ZDB
G\LWS8>H5NODLQ[D(SXUW! QSXL¥UF\D([LYV MUDHPP$7\X­W
WYSL°LQPXRS° PX[DL¾\VR,v¾LW7YP$L]YLNP$D]™VH
MWHM 0DP$KDHLF¥P KLU¾>\LYL‘\DNeOW\DÂXYD>DPXÕU{
YUDL@KLUU{7\$VD(LYWQXWH LKjDUP
ÏDV8PD\ZDB
SL6ZWHLF¥STD0EXGDJPH YSXU{7 epWDU‹DHªPD D!6\X!SUH LS\H
LYY ­W >DOLOWD2\FDWN, $W,YLYUO7YDWWHQ(YD¥SLUN,LW5WD!
LQ!ÏDV+Ÿ+DPÇWDSYDLKW
LWÍ,Í,L‹UVDP WLV1[D(GL@>LYDJH
L‹UVVDPD1\LQÈS>H QXDYOKU,L´W,\D \ZDB
S8WQDPKLQ]D0\LQ]D\D
 VDLQ]D1WOX4¨¯TJD¥,P
VDL£YND2\DW W,\OKU, NL0SWDšOLWNDÊMUD`,
SX¥P$DNeOPLWU{LYLFQDHLW
N‰QV0EL1[L!VD@DWLNL G{YD9<Y[DQW!
DY(]LF¢PKD‘D1WV£YP7\&\WHEX[!(  N0SDHU7\QXJDLP7YDG{$VD(LG*[W,\5WH
V£YDG{$6PDWVPX7S¸D\H\HDYDVWHWXVDL£YND!
LÓ*[DLG*[DVWZDÇ@D7\$P,L¥LY[DPWD! Ç@D!B
P[XUDË\5W´DWDH75 S¸(U{PXL´6P\DLGL!
W¥LÓ*[D!BB MDWD‹DHSPHÇ@DULW]81\HMQH.YLFW
LÓ*[DVWXVDL£YNDPX2\DJD(>D]FHLWL´[DPWD!
\ZDB
W¥PX2\D!BB DHJN
( VD[QMXDULWJ1[]81\
$D‘PDQPX2\\DU7\DPX2\D!6\X!VDL£YND$P, 6YFHÐ\D×G\P$¥LYY ^YWDH LS
LY`H\!N‰>V0E1[!VD@DG{#YD¥V8LUL! pDLVQ!VSLGPD[YNHLOJ,W(V
W6\DšP7SXOLNWP[XUV
(  WGDV,W
\ZDB
Ne1G(U{PXNe1GD\PXGDV M1W, Ç@#UDHPD D!B
ÔMDYUDNe1GLYIL0EG1W, Ç@DH \ULW]81\7YDG{UDHPD NLZWDHEX[(!
E8YJD1[Y5UVHQYH>DHU{ PXP@X X¾ WDHS8Y \DHUWDB\DVLUW!
JD1[LY5ND6S1GQ]81\JD¥, LF¢V£Y,YW¾D>H1\6\7\$D7PDQP¯TP
¾D>VWXLYL‘\DJ&'QGHK LY@DH\7\$OP
PX2\!6W0DH \P7ZWH`H\D!6YHGDG\DH LSF WGD6W0DG\DHDYD‹GHKHY17\$P,
WH6W06YHGUDHPD D!6YUHGDH ZYHSZX!
$ZJD(>D!B Y(Y^\5P $ÍX¾O\7\$ÐD(VDL£YND!6P WD!
U7\D‘P>W!¾DH‹DJD(>DVWHJD(>8W\D F7YDLUØPDLG8WDLQ¾D>DHMD7Y$YO0EWH
$¥N‰>6\V0E1[!6\DWLNL G{9\Y[DQW! NGDLFW6Y¾[DQ!VQGHKH FULWVY5W!
6W08LPL6ZW!¾D>VWQDH7\$ÍXMODÍ\!
\ZDB WHM6Z!6YHGY(Y^\H5 ¾O\LY\GDÍ\!
6YLYODHFQFDWND0EXGH 6Y6Z#Y‘PDQP1GP;\W,Ê7YHGDN{
SXLUQ,WHSXÇDH¢PHSXUD UDHPD N0SY(Y^\D5^\$¥¥,L>WQDH7\$VD(
$LWWDÆPXR,VJªG ELKU{$1W]FLY@DHLY[DL\7YDG{$W!6 eTP
Q SP$D‘DH]LWJDHNeOHÏU, ¾DH‹DQXDYWDP,DDYWDFPQ,LL!
PD(JD(>D(Y(Y^\56YUHGD(
W¥6W0!B
$ZLG*[D!B 6W0DHK5\DË\5LYDGDP5V0Y!
ULW´\LYQD8W(U{DY(U{PQV$D‘PDW W¥YDJDLGUDLK7\Q(Ë/\]81\WDG\!
MQHMDWUWD(LG*[DVWHFHG{U7\QXJDLPQ!
W¥KD5G{\ZDW W,\H
\6\DQXUDJ3OXWKDVUDV \DG{\ZDB
O,ODYODHN¾LWO%[PDQD! NeWXNDG{$LP1\XYHL>
ÊMLÒ\DHfL*U{$QX¾Y ¢ KLUP$D‘e=\LJUD¾J/\D
L[\DH YW6ZX!LNON‰7\]HD! LYLGWDN‰LWU{$DNeO!@>DG{
$MLQL6Y¸WQX!VU‹N!
\DG{\ZDB
LJLUVL¸PpF‘e­ ‘DH[DG{\ZDB
SXUW!¾D>SUD[5W!SUD;\5P
 \`6\šDG{$LWY LÐNDLU>
WQ\MQQ,VP,Ø\]X\Q VP,Ø\]‘VÇDHJÇ7PW!
Q\QDK1WE8YLQËODš, QDHSLUÐDG{$LSLWÑWVWGD
LQSHWXU{$šDG{QQ,ULE1GY!
$DË\D5G{\ZDÍ,G]PH
WWDH LWNeWXNDH´7\L6WLPW(NDG]HL1²\! $ZUDHPD !B
W­DÅD8G{$MVW8>,vS8GH59\1W,YSXL¥ND UDHPD DH \LNODË\5KDH57VDK\DLGM!
UDH0>DP$B\XªPVW¥JD¥V6S]5QDG\!
\ZDYDB
L]]DH!=\DP6\S=\1W,](OP$ÄLOKNUH W¥$DË\D5G{\ZDBB
W¥LF¥DLS5WHYDV,G{JDHÑ,JDHÑLQYDLVQDP LI06\M 0DMWV¥,ODHN,v
LYODH.\Y(OØ\YW,PXRD1W!
LYDGDG{\ZDB E8YJDHÑ1H ²NeTXL0EQ,\
ENVDHGUGDQYDHGUH WQXÇK(!NeI{PLOWDš\LÐ!
S8UW!¾HØ\LY]1WP$&\XWP
LGLYL¸NUDHLY^>[,! KD5G{\ZDÍ,G]PHB
¾NTLF¥STD\WHLGLY LNWHN‰WL@LWWSDHEWNH]YD
{L˜
6S]DH57VYDH7SXOLNWDšÇK(U{ LYDLV
$PD5G{\ZDB $3\$
{L˜V0YǑPLY‘PDG{YD
NWX5P&'LWPXUL´HSXU! $DKDHYUDKYSX!SLUU0>HQ
SL¥PDH@P$N‰SHN‰S,VXWH
V7YUDH LSLUSXLQ‘\HÇD 7VDKDG{\ZDB
LQL‘\!@>P$8WNLS;YM! ] šNHLOU{$>DU0HU>\7\$PG5QH
Í,GDÅDH\DH­Nb DP6\UHPH UDHPDL WYSX!
$Z6YHG!B
6YHGDHK5\‘DH[DLGM!ŠHGNUVWQDH! \DG{\ZDB
LYÏÈS[UP$¯bWDN‰LW
W¥KD5G{ \ZDB ¾HØ\W¥SXÇDH¢PSXU!
LNP$¥V8\D5WSP$DL@S1W, $MX5Q!VSLG]X\GDQQ!
PX*[DL@FDWX\5PU,NUDHL L]LÍ\HLYNTN^TNDWQXP
`DWSXU!¾HØ\VUDHÇKD@
L6Y¸DLVL¸DNeVXPD\X[HQ $Z6YUHG!B
LYVDGLY6P\DP5K5,7\DLGV0YP
Y(6Y\6YUHG!6\DG{#JªLGNDLGN‰W
  $PH>5 \ZDB
N‰>DL[@HSMDWHQ9\DNeODHQNeOD0EXM!
W¥LYDGDG{\ZDB FN0SH²DJ$PH>5 8N0SHLJLUUDI{Y
ÊMUDL`UZDWSXUDHKLU
6Y\P7\$[5LY],>5M/S\D KH5>\ZDB
LÝ\P#>f]DJXUDY$LS LYKVLVNZKWD]HS=\\HQD N0SPDQDL6P
ÎZ\17\DLNOUDHLGWDVR, F OPSV,G1WLQYDU\ÊMSWHVWQ\P

LY6P\DG{\ZDÍ,G]PHB $ZY(Y^\5PB
]Q(U{ $ZDH7ZD\LYP -\ODHFQH LYDGUDH,7\DGHU{Y(Y^\Y>5LYL‘\D
PXN1e GP´,Ø\LYQÆN1[U! DY`(U{ $¥PDLO1\ND=\D5 D!SLUN,LW5WD!
N‰WD¡LO!¾Í\YDQVPDLKW!
VYHSZXU{ JªG\(OWHO\D W¥LYDGDG{\ZDB
ÏHW,N‰WDLROMQLYUKH>WYD[XQD
$PD5G{ \ZDW¥(YB JDHNeO N‰>GHYH!5 ÏHW´,SÄPG[H
¾HÑ L¾\HWUPY¾LWDPD>
N‰>WGZ5LYLQYLW5WVY5NDPD! UDHDG{\ZDB
QH¥HLYP -\ÇLGWDHSKWH6PLNL W NV]‘P$L\X¡W!SXUDH
VU0JªGLJUDH ÂXYWDQXU‹D! Y,Ø\NVVKMDQXGD\X[DQ
Í,EO6\VLRW6\Ç\W!
KD5G{\ZDW¥(Y ¾DH LG1¨LQP$DQQED(
×\¢Q8ÇKDHDYSLULŠ¸D7PODHFQ!
LJUDJªG\D6WD(,WV£YP$DO0%\VD7YW! ,WH|\ZDB
¾>0\P8µD5YLKW!N‰WD¡LOSXT!]Q(! UL@WHÊMNeOHENDLU>D
SY5WYUPXG6\O,O\D
,WH|\ZDB NDLOPDEOLUSDHU{ PXRHY¸
7Y<\$LS5WLYWUYH>XPLW¾PDG, ALFYDQPQLV,LWPL7ZWDP
ÍX7YDPG,LUWPG,>5LYY>5DY!
W8> E8YJXÇJªGÇ­N^4! LYDGHÏHLWPD¾DH‹D[D(V\NDLOPD.YLFW
S¥,PXNe1GWG{$QHQVKDLUWDH L6W UDHH WXUL‹PD,7\DNDLOPD.YDLS]XLŠPD
UL‹PDOØ\WH9\‹DHKDH² 5 N
H H LSNe¥LFW
$ZYHSZX!B $¥DVDY5L¥N7YHQQ(YD6\DHGD×LW!N‰WD
LY¥DVDP5KD5 (U{YHSZXU{JD¥OD(/\N‰W
 
$Z$ÍXB
W¥LY¥DVHQ\ZDB K5UDHLYDGD (U{$ÍXQH¥HMODHªP!
]lF8IP$L[È)LY‘P K5MH ÍXL>],W7YP$D(^\UDHDLGV0YH
¾HØ\LY6W WXMLM @\D VY5¥Q\Q@DHUDJVPDM5QDG\!
KDÊMH1²WQ\HLWYDLGQ,
N0SV0SGP$[¢UDL[ND $¥KH>
5 \ZDBB
JDHLY1G¾H@>D@HLSEDSS8UDLYL5>P Eܚ9\DLSWDP,DW\DH!NDLSLYL]ÐWD
›(U{$LQ1GG{$DQ1GP$ULY1GLYODHFQD W¥DÍ8>DfJD(&'81\NDLU7YP$YGDWWD
WZDWDUDLWY(LF¥,Y(O@^\LY[DL\WD
UDH>
H \ZDKLUY]HB Y(6Y^\56\WXL¸7YHND(^4 9\DNeOWDG\!
W6\D!VXÔDYQH¥DB\DYDLU¾>\NDHSMP L¸7Y6ZDQLYÄ]!ND(^4 6\DWV¸N^4WD
Ne]H]\SOD]DB\DP$Y=\D\MO\ZD 9\DNeO7YWXQDQDH›Q,FJX»LYOX»WD
¾D\DH[8PDL\WD#YÇ@DVLWÑL1WVDL£YND!
\ZDYDB LÓ*[DVWX¾D\]!VYH5 FWX[Y
5( Y17\$P,
,P6\FHG,]Y[LYL[7VDH PKDH7VYDLGY ¢HXVªDHÑ,WD^IYDLGX
UHMH ÍXLYÔDLYÇDHSU‹P -YO17\pDLVQ!.YDLSWHÇ@D$LSN6\LFW
 1PXRYDLUN>DYN,> VYD5Q1GFP7NDUKHWXU{DYDHYUDHULW!
VD1;\L7YD€6WPYH1¨LE0EP #WHLKWL´QDDYDQQFP7NDLUWDÍ\D!

LYDGHQ\ZDÍ,G]PHB W¥[8PDL\WD!B
SGDVXMDWHQQRDÇ>LÍ\D $L´W,\D$P,DYD$ZYDVL´W,\ND!
XYLOR17\$ÍXLU{$¡QDLVW(! x‹D$SÙDHWX].\D[8PDL\WDPWD!
$DLV W,Ne™bPÈLWD(6WQD(
W6ZDY$[DHP2X \$LW¨!RÇ­YDN{ \ZDB
$DN>5\¸$KUDP$Y(LUN,LW
$Z¾O\!B SØPD€LPÍLYUODÍXU{$8WSXUDH[D!
¾O\!VXR¨!RDB\DFHÐD`DQLQUDN‰LW! \ÐDGUDH&'{YLVWODHPNSDHOPW
$¥DQXDYD!NLZWDPK,LQSWQDG\! ¾L6Y¸QDLVNPYDKPXRDULY1GP

W¥VXRQH \ZDB $Z-YLOWD!B


LPO1WKLUP$DODH.\OWDSX¡DG{$WLN5WP WH´D(¥\DHYD\XJSG{\D1W!VX¾NTDG]DP
`L»]81\PQDUHMH LQËODš,ÊMDšQD ].\D!N‰&'H>LQÙDHWX-YLOWDLWN,LW5WD!

¨!RHQ\ZDÍ,G]PHB \ZDB
$1\D]FWGQX;\DQLQY ¢D]HY ¢\! QJX¡DP$DGDWX¾YLWNU!N0SWUODH
QDB\MDQQPODHNP$D7PODHN JWDY f]D(VDÔHLSŸ'QSLULFQXW V7YUN‰LW
@PDYAÈ6W%[D(SGP$LSQJ1WX WYVRH
VYH5LKV£YP8O7YDG{DYD\ LSVDL£YND! YQDG{Y],;YDQHSLUVUP$YD»HÍY>\DH!
WZD3\$P,DV£Y(NP8O7YDWVDL£YN¾ZD
V£Y6\WDUW0\DW¾D>WQX@DHWDUW0\6\DW \ZDYDB
WW#YWDUW0\VYH 5 DVDL£YNDQD6\DW LQÇ­EDSD0!NZP$LSP\DJªGLJUDH
[8PDL\WDVWH-YLOWDG,»D¬,»VL`WD! LÝ\DV DHJ8)D!VLRLYLTWDHYHSZXU{$LS
Y L­\ZDH¢U\D1W!VDL£YND!6\X]FWXLY5[D! LJLU²DH^\DYH>D(;YQLWLQSX>(U{LšWP\H
VD8LUNDO9\DLS7YEܚ9\DLSWD LSF WZD3\AKD ‘HPPPQLVUDJ!SLUMQ(!
6YÈSH>WZDH7N5LWY L­VL¥[DYHW  
W¥QH¥D0EXY6( Y\5YMD5QDP#Y\X-\WH $ZG,»D!B
¾D()DL¥FWXUD9\L‹S YD\XJSªWD! $ZV£YDDVYD!B
VYU,WXP $].\DVWHG,»D[,U(U{ GD×WD! PXL´6P\DGHU{ $DDV!¾DH QMD7\DÎZH×LG
V£YDDVLW¾DH‹!V£YDDVYDVWW!
\ZDB
Q]L‹PSY,>QHLFUP$[¢N0SDNeODH \ZDB
QJªGLQÇ­YDN{¾XU{$8G{SÎDHNQH MU1P,PDVN6\DLS] ^YW!N‰>LYÄPP
@PDH MLQQY,@>HLYJOGÍXSXU!SXUDH ×ÐD\PDQPQVDHE8YDH7SXONYSX!
P[XL´LSLU6 eU7\$Y]0P8LW5U{ $DV,QPXLQ!
\ZDYDB
\ZDYDB PXNe1GFLUWDP W¾VUYL5>VWHP\D
LNP1P,O7\$ÔHNeVP X MUMDHJ¡LVPX[D NZNZQFDWXU,P[XLUPDJXÇU{Y^\5WDP
VUDHPD HN0SHLKPP$LQOP$D‘DH]LVNeW! PXÖW5P$WGLZ5QDH LSLYL\>DH LS\6\DQQDQ
LNPAÇ6W0HYDYQLYKU>´HL@VLRWH LQ]0\LYM\¾DHU{G[LWEDS[DUDP$P,
LQUDED[DUD[HYGLWPGQDL[6YULGD
$ZLQ!V£YD!B
$Z¬,»D!B LQVJ5LSL&'O6YD1WHWGB\DVSUH LSF
#NGD9\L‹P$DS¸D!S D!VY5#YYD V£YDDVLYQDLS6\X!.YD3\$ÍXSXONDG\!
$DÈ)DSUPDH7N5P ¬,»DLWN,LW5WD!
\ZDB
\ZDB LQ]P\WDHKLUFLUWQLKVXR¨!RDG\DH 6\×LGDYD!
$ L6Y LWYHSWHSXOLNLU{LQ6S1GWDP$šN(U{ $QLLQYH]DMMDWDNZP$ÔYG{$ÔP$ÍD1WP
[¢HNDNeLU{$DNeOLYOSLW0OD\7\$Q/SDHPL!
L6W0\7\$0EXLU{$0EN6WYLNW(!S,WD0EUDHII{ DPU ¾N‰7\DL]LZO\HDPQ!LSL&'OP#YYD
V VWL´UKH>PXÛLWPXÕU{JDHÑDL[YDV,MQ! WHY#YVDL£YNDDV!¾D\!VVLGMD\WH

¬,»D#YV8L¬»DPKDDYHY17\$P, $Z¾W,SD!B
VY5#YSUDNDHLTVDL£YND\¥LEÄLW LKWDG{$1\6\N‰>6\¾W,SD!‘e¯\DLGL!

LNFB W¥‘e[D\ZDKLUY]H B


$ZD¥VDL£YNDDVDLYLO2\1WHFWXLY5[D! W6\¾6 eLUWD(Ñ6\U‹D[UWT6\F
U7\DDVYDVWHWXV£YDDVYDVWZD YNV6\UDHH>U‹V8\D5\WHWGD
LQ!V£YD]F¾W,SD]F\ZDS8YP
5  $P,YUD!
\HQ\ZDB
W¥$D D!B 0ODQDQQ!N‰>P$YHØ\UšH
PXP@
X X¾PXRH Y$D DU7\DDVDWSXUDHLGWDW LVYHGPpV7Y$L[DO]XL‹
PXL‹LÍ\DVXÑXSXUDHLPO17\DP
\ZDB $7\DGUDWSD PYDMKDU
YDUD>V,LQYDV,NLËG{$\9\DKUQKUH] FLUWP
\LWJDHÑ DP7SXON!LV LWJ^I´\,P$Ô(! \ZDYDB
¾YD&\PDQHSXUW!SXUD>H
LQ]0\NV6\\DLWUHNP ¾DL>7\$SX^\!VXEODHL´UH !
SLU3OYD1W!NU>!VP1WDW
SLU0ODQPXRVWGDV,W \ZDYDGDQNHLOND(PX DP
YWXPD[YM/SP$] ^YWDH!
QD67\$Z5!VDL£YNDDVNZQHNDH LS\ LS ÍY>\DHU{$OP$ÍYL>U{PP
VDL£YNDQDLYYHND\LGN{WZDLS¾GL]5WD WP$LYODHN\WDHU{$LYODHFLQ!
VLRLYODHFQ\DH]FLNODQ\DH!
LWÍ,Í,L‹UVDP WLV1[D(GL@>LYDJH
L‹UVVDPD1\LQÈS>HVDL£YNOKU,W W,\D \5\D\ZDKLUY]HV7\DGHY,YD.\PB
 6WDHW9\D\LGWDYWVDQDUGHQWYD€W!
9\LFD\D52\DFWXZO
5 KU, ¨5JDH \MQVW¥LNP$Z5P $QX]L%GW!

$ZDH&\1WH¥\LÒ]¯DYD\H9\LFDLU>! VL´YHNHQ\ZDÍ,G]PHB
LY]HH>DLPX2\HQFUL1W6ZDL\Q¾LW PP(NDODH LMWLQ ODHJWDH
YDJšV£YV8&\D`H\DVWH9\LFDLU>! UD-\LÍ\DH¸­PG6\8SWH!
V DU\L1WDY6\JLWV DLU>DH LS P7\D57PEX­!H VXWGDUNDH8Y
1PœL1WLQPœL1W6ZDL\1\$P WYDLU[D( $DVœPDQ6\¨U1WLF1W\D
ALP5YG{Y[5\17\#Q\DL1WW²cSWDFWH
LQYH5GDH ZLYDGDHG(1\*ODLQÍPD(FPGJYD(5 $PšOP$LS¾DH&\LQYHG 5 ¾ZPPXLQ!
]™D¥DVDYHJD1PDGDS6P W,WZD9\DL[! PHQH PX 6ZDL\Q]D1WLWM/SL1WNHFQ
PDHKDHP LWU{$DO6\MDI Ê,IDYLK7ZDF
6P LWU{$ZLYWN5LF1WDPLW[ W\DHK57VXN7YF $ZLYDG!B
$D(€  P$D5V\
8 D]FDS/\F(YLQ²DF ÐDQYDL»¾DU%[ND\D5LVL­LYSL¢W!
VXL»U{EDH[W,PHDYD9\LFDLU>!VPD2\DWD! $SUD[DLGWDH LS6\DG{$QXWDSDHLY^>WD
$¥DHSD\VKD\DQXVL1[]LF1WDFUDHGQP
W¥LQYH5G!B LYODSÏDVY(Y^\5PXR]DHDG\DH LSF
PKDLW5LY¾\DHJH\D5VL´YHNDLGNL/SWP
6YDYPDQQP#YD¥LQYH5GLWN:\WH W¥ÐDQYDL»WDH\ZDB
$¥LF1WDÍXY(Y^\5G(1\LQ!ÏLVWDG\! MUD\DWDP8LW5U{PPLYY]WDYDJ$LSJWD
PQDHY L¢]FH\6P LWLY[XUWDS­LWP$JDW
W¥PKD7\D5\ZDB $;YLVQ©UHYVWXYGDODHNQ]],
K1WGHKKWN(!LNP$P,L! P\DK1W¾D»DHQMQÇFHU{ $3\$YVU!
SDLOW(U{ LY OSX^\ O(U{ Q!
#LKNDLO\ÝGHLYYÙD( ¾DU%[ND\D5LV­H!\ZDB
6YNeTXL0ELQK4DMMXKYDP 6Y½HP\D NeVP X DLQLNOD×WDLQ
\¤HQW(U{ LYULFWDYQPDLONDF
LY¾\DHJH>\ZDB \DYQPXNe1G×LGK1WLQ[,\WHVD
$VšPDQPD[YPD[XU,>DP KDWDYG{#YWUVDLYUUDPLQ²D
$SXLSWHQ,UVWD¾\DWH
Y 1GDYQH],\5LWKDNeWDH VD( LYSL¢WH!\ZDB
NZP$QDL\SXUHP\NDVXW! $DHM!VDHPD7PNGHKH EOSXLÐN‰G{$6\WX
NZP$VD(QLQJ ÛJ KH [ W! @\D&'P$DL[U7\D (U{ *ODLQU{LQ¾D>WDPWD
$PXP $KDHEWGL1WLY[X1WXGDH N0SDšMDI Y(Y^\5ND=\5f*ÄP>DLGN‰W
LY[XLUWLY[XP$¥LYL[7VLW
W¥ÍPH>\ZDB
$SUD[D7\ZDÍ,G]PHB $D8>51PL>YO\DH--YO¾NDHÑD
S=\H]PH QD\5P$Q1W$D H JDHÑD1WP5[XLUSXN,LW5QLW5WD(Ñ,
SUD7PLQ7Y<\$LSPDL\PDL\LQ ODHOD@,GL[NOVLYODHI\1W,
PD\DLYW7\HL@WXP$D7PY(Y N‰>D\ŠPULQ!6S KDE8Y
Û$KLN\DQ#H&'PYDLF5U{$”D(
\ZDYDB
\ZDYDB JXL0 WXLQÇSPDYQÔM
6\P1WNP$K×7YDJWDHDHUD6\P$1WNP FDÇSXSSTOLYLF1YW,
NUY(WU>,vNDYDL@»DHY(WU>,\P$QX ¨J5PH ŠPUDLW¨E5OD
NDQQH@>P$8Q P JH@>D
$ZG(1\PB
¨!R¥DVDSUD[D (U{ $QD(LM57\WXG,QWD $DL[QD\ZDB
FDTXN‰1PD1 PDLO1\LF1WDšMLIPDLGN‰W VDUVY7\$LWNUH>LYK,QD
@,>M,YQWUDH›OKVD
W¥¨!RHQ\ZDÍ,G]PHB PD[YD LYUKH>WYD0ED
LFUPKY LMQDW5VW3\PDQDH QXWDS(U{ ]X\LW6PVUV,]XLFQHY
$LYW ILP¥DHO%[]DL1W!NZ
{LFW
]U>GVPXSHWV7Y7SGDÀSUD7P¸ U7\D\ZDUVVX[DNUHIB
$\P?WP$]DHNSDLKPDS¸P] $LW¾\¤HQUWD1WWD1WD
N‰>HQW/SDYUDHLSWDVD
¥DVHQ\ZD¾ZPH $DO0%\W6\(YNUNUH>
$L²YLWPDP]]UVW»D\VDHLYDH -\DH7ÓDN‰WDQ1GP$LO1GP$DS
NDPGKWXPDQDZPDPHJDH5LQSD7\WDP
$ZÍP!B
$SUD[HQ\ZDÍ,G]PH $;YQ 7\UZD X7Z!RHG!ÍPW,\5WH
$W!@P6YD&\XWPHUMDHXYDH LQ²D6YHGDšVPG5M 0DÏDVDLGDJ$VD(
Û$MDQWV7Y7S ZJ,]PDLQQ!
$MDYOHSD1[WPDH 1[F@X $Z$;YQDH\ZDB
#DH QXN03\DHPL\QDZYDQLW N‰WDJVSX¥P$QXÊM1W,
ÊMDLMUD1WU{ÊMUDMUD`,
$D ]%GHQOœ\DLS\ZDW¥(YB SLU6RO7Ne1WOE1[QH\
PD Q\DH!N‰ZDV7YDWXQ1GJDHSVXWL¾\P E8YPD50EXNUL0EWDš,
MDQ,PDH šÊMÎD–\GHLKYDVDLVYHLSWD!
Q 7\DGH!\ZDB
$Z0ODLQ!B LY6W,\DH¢5 ULOWKDUP$šKDU
Vš,WDH1PXRPXRU(U{ Y W!VX×L¯! 6YDšH@DLQÙbYDH 1\6\YFQDÍY>DG\!
$L6Y G{LYULFWQ1GV8QXU{YD
NeYD5>VWTXLYWD^IYDLQUDP! W¥VD(D*\HQ\ZDÍ,N‰>N>D5P WHB
K6WPL7@3\\DWDH LVEODWN‰>LNP$¯bWP
UWDG{\ZDÍ,G]PH ×G\DG{\LGLQ\D5LVSD(ÇJ>\DLPWH
WDVDP$LWLYKDUH>ÍD1WDQDYGQDLQV!
¾DP MWNÇ>!¾H0>D]1WPHQDšSDL>QD ÈSWDÇ^\HQ\ZDB
\6\D!6YDYP[XUDSLUH9\P8LW
$ZPG!B [1\DE8YLQWUDP$LS\YQÍ,!
LYYHNKUpDVDHPG!VL´LY[DHPW! VH\7YL\ÊMY[8]WX‹PX‹H
P[XSDQYDH QšLYL‘\DUMDH LSF f.SDWP$DFUWXN‰>NZVR,PH
J7\šYD>,6ROQf*8>D5UL‹PDLGN‰W  
JX>HQ\ZDB
W¥P[XSDQYDH\ZDOLOWPD[YHBB JX0 1WXJDHSD!NeVXP!( VXJL1[LU{
LEOH.YQXLYLOL/\UHQ SLSS,LOND!S,LIWD! GDPDLQNDP[ WUDP>,\N(!
LSQL6PMJG^INQQXKLU!‘e[ [D6\LW LQ[D6\WHLN1WXVW >P$€W!
]F,J KNeUšUHKVLVLN7YP7\¸G¸ N‰>DHPG,\D×LGLYL6PW!ÔMP
GHLWPGI0EU6RLOWF8IP$€HKO,
VYDH5¢PDÍ\H>\ZDÍ,G]PH
\ZDYD¾DFD0B WZDQWHPD[YWDYND!.YLFG{
ÄPLWPHLGQ,OOO1GWHF1²PD! Ä=\L1WPDJD5W 7YL\E­VD(×GD!
N‰N‰>YYG²bW KKKVL1WLNY >\! 7Y\DLJX»DLYFUL1WLQ5\D
LVV,[XPXPXPX PHSSSSDQSD¥HL6ZW! LYQD\NDQ,NSP8[5VX¾DH
PG6RLOWP$DOSQKO[U!LÍ\!Y!L‘\DW
ÐODHQ\ZDB
¢PVWXPGDF'HWHP;\DHKVLWSD\LW Y 1GDYQH1²YW!SUP¾VDGP
NLQÑ!‘DH]LW6Y(USXÇYL‹UDHLGLW $DVD QL1GWPLWU{PXÕU{­WDH L6P
PGDH LSL¥LY[!¾DH‹VWÇ>DLG¾HGW! $D]VWHPXLQPQDHUZY L¢P *\D
$¥QD7\XS\DHLJ7YDG{LY6WD\5QLKYL>5W! Y(Ne^4QDZNÇ>DP$LSQD FHW!

$QšLYL‘\DUMDH\ZDB $Z]™D
ÊMSLWVXWP$€HLYØ\X”,Y¯iÈU{ 6Y,\FD(\D5SUD[DGH!SU‘D(\D5LGWVWZD
ÄPLWKVLWUDHLG7\$D6\P$1WG5[DLW 6YDLQÐDH7¾H@>\WWXVD]™H7\$L[,\WH
¾OSLWPXÕU{$DO,vY1GWHS=\Y 1GH $¥D6\]DHY(Y^\5LG.¾H@DO,QWDG\!
QYPGQPGD1[DK1WJD1[LY5NH\P
W¥FD(\D5G{\ZDB
$ZJY5!B VW>5NLI0NG0ENKUQ
VD(D*\ÈSWDÇ^\JX>VYDH¢5 PDÍ\(! VG0P$0DHÇKV0YVWGD
ÐODDLGQDFD1\KHOQJY5\5WH LWUDHLY\QKLUW]FOH@>(U{
$¥VDHpX^4YFQO,ODQX¢UGDL\WD $ÐDLU{$ÐD(KLUW!VP,@WH
\ZDYDB JD¥DH7N0S,PQ!N0S!VKVD¥DV&\WH
6\P1WNK1WYP1WP$Z S8YD5SULYFDUDH7Z\¥DVDWS ZJYHW
LQÙb7\©UH\G{$K¾\DW!
$Y P$ DLSWG{#YNP5 $Z$DYHJ!B
]PD5L>LF¢HPPLQL5QL¢ LF¢6\V0ÄPDH\!6\DG{$DYHJDH \VFDÐ[D
L¾\DL¾\DQOPÇ´DH57SDWJMDLUW!
$SUD[DG{\ZDB L¾\DH7ZHSXON!VD17YFDS/\DB\XªPDG\!
WGYL[PLOQDH LVQ1GJDHÑH $L¾\DH7ZHWX8SDWLY‘DH]ÄP>DG\!
\GYL[Y LÐP$F,NU!]F,] 9\7\6WJLWN0SDL@P,OQDÔDG\DH L”MH
] >X LKWP$LW!¾S N‰> YDWMH MDY LWL@¾JLWf
{PDM5QDG\!
LÍ\P$LY]™P$O™bÇ7YP#H1²,P Y LÐMDH[DYQ&'¥JD¥V™DHFQDLGN‰W
$D(7SDWHPXRY(Y^\5LY6P\DH NL^4WDG\!
SU‘D(\H5>\ZDS DY/\DPBB JDMHSOD\QDH7N0S¥DVS ÑH@>DG\!
¾Z\LWQWZDPPDLW5P›(! $LUMDHYP5]ÒDLG€KDSVU>DLGN‰W
VKFLUYpYF1²LY¾\DHJ!
NTXLU{$VXUP^IO(!SU,WH $¥L¾\G]5QMDH\ZDB
GQXMSWHU{ QJUH\ZD6\YDV! ¾HØ\Y 1GDYQDWSX¥P$D\D1W¾ÓXW6WQ,
V™bODSXON(U{$DV,G{$DNeODJDHNeOHÏU,
]™DWX¾YUÒ,>D,Ç7YDG{\N‰G{ YHW
 
L¾\ÍY>MDH\ZDÍ,G]PHB
$Z¥DV!B ÍX7YD&\XWPSD\DWLQ7\W¬]5QDH7VXND!
¥DV!@DHDH×LGWLIwDHUV£YDH€LQ6YQ(! W7NZDL@»PQVDHE8YUX { MDWV0ÄPD!
SDÏ56ZDO0EUDHPD N0S6W0ÄPDLGN‰W
$L¾\G]5QMDH\ZDB
W¥WLIWD\ZDB LNPGLNPGLNP#WG{›(U{
ED)LQLYI\DV VWLIWDWDLIWH@>! LWDHU;YLQ8L>5WDOS1W,
U@N‰>HLWFX‘DH]NDH LSJDHS,6WQ1[\! LQL]Y@LWY,Ø\S8WQD\DV
WQ\ÄD0\LWV0ÄPDG{\]DHGD
DHUV£YHQ\ZDB
$©UP$DVH¨LYpYDšQD $L¾\ÍY>MDH\ZDB
6YSXšY,N‰7\VXUDLUSXšYH LQ]0\SX¥‘TWDHVWTD1WH
N‰>ÄPH>D]XWUšGLšND PK,M\DHU{ P;\JPA;Y5QH¥D
WPDOP$DLO
{*\E8YLQËOD $D,UUD`,×LGV0ÄPH>
LE­DLY[H\QLYGD NDU
€LQ6YQHQ\ZDB
$DN^\5N>5SGY,LYSG\]DHGD $L”MDH\ZDB
LY6 ˆLM5WLGL]LGL]¾NTY ND>DP [,U{9\€DMLQQ!VP6WVX×GDWD¾D>U@DPL>
\DPDQLQNDPFWXUDFWXU!6YSX¥ J9\DJD(UYW!VP,Ø\LQLYIHLWÑ1WP$1WY5QH
VDQH¥F7YUFULFUP$DFFDU YLÙ!S=\L]R^I]HRURUPX ¸$R^I;YLQ
G,D5L!VXUG,L5ND0EXOKU,P$LF5LU{$DFDPLW .YD\EDOWPDON1GOP ¨!N1GS5ND1W!L]]X!
QD67\$1\!VKNDLUWDSTXU{K¾D>,QMDQ,PKH
YDWMDH\ZDB KDJDHÑÏ
H LUN,fJ$ WSVDSDNVWYDH1P,OLW
SD]X¾DU%[NHWD(E KGTLYNeTDH1PDLZ]D(T,\5SX¡H
D^I,UDH¬^I]DRDXMWLWXJWHWD^IYDFD\5F\D5P \ZDYDW¥(YB
YDWÊDWHNU,™WUL]RUH]DN5UH +D7NLU>D( VL»!V»,UZKUZ!Ne¡UDHPH
@D(^\DP$¾HØ\SX¥ÊMSLWJ LK>,S=\V0E0ÄP,LW W8>VW8>DH[QXU{W[QXU{DH!N‰SD>,N‰SD>,
ND,!ND,U{$\P$\P$KKD7YU;Y7YU;Y
Y5MDH\ZDÍ,G]PHB UD`!SX¥,EW×W×WDNDLPQDYpYHQ
$7\DVDUDLWYDWHQS]YDHMDWYHSQD!
JDHSDJDH3\]F],WDWD5JDHLY1G]U>\\X! $DYHJDDV#YD\SUDÍ\WDLSFHW
QD\NDH7N5EDH[D\WZD3\$¥LQGL]5W!
\ZDYDB
VPPÇNUNDLU{GL1W]X^IDVLS^ID! $Z1PDG!B
¾LWLG]PKJDHÑHY LÐ[DUD!SWL1W 1PDGDHׯiUP!¾D()DQ1GDSL´UKDLGM!
$MLQW\XYDQDH 3\$DNeODV7YWXEDO! $¥DrKDVDHQTQVš,W9\Z5FLH ÐWP
6 eTP$LVWGJDUDQPD6P8U{ LQL\5\DVX! ¾ODS[DYQ‘DH]LYSU,WL‘\DG\!

7SDWMDH\ZDB W¥¾D()DQ1GDG{\ZDN>D5PW
H BB
L@LWU{$LWLYSXODTO7\$N6PDG{ UD[DSXQDWXMJG{$&\XWG¢LF¢D
SLUXUL1WFK1WDHUP/ND! P1ZDQNLYG[W,GL[LU‹SD¥H
PPL]]XU{$LK©LWDN5SX¥, \6\D!6WQ6WYNF OODHFQDLOU{
WTP$TW,7\$[XQDLNP$¥Ne\D5P
  GHYDH LSÇ­×G\DH[YO¨GDHK

JDMDH\ZDB $DSGDH\ZDB
$SVUDSVU7YU\DJXÇU{ S]8Q$LSN‰WD¡LOU{QPLWPDL·ND7\$O
PXLGUVX1GUKHSXUW!NU, WÈQ$LSLFLN7VNDLWLYD([S &'LW
ÆLGPY,@>WVWYQ]FO ÝGXMJ(UYKLUKLU¾LYÐHKUD(
×G\P$DLYMWHSXU\DHLWDP ÊMH1²J LK>,PXÕU{ÄPP\,P$Y6ZDJWD

JMHQ¨ÐV£YDH 1\!SÏDLGU{SOØ\WH LYUKDG{\ZDÍ,G]PHBB


JD\17\›(U{ $PXP #YVKWD
\ZDYDB LYLF.\XU{1P¢NYG{YQDG{YQP
F^ID]DHVWXUJDQVTD€QTQ(U{$DK7\LY²DY\Q S¾&'XU{$DND]YG{$1WUELKU{
²DJ$1[™U>!VXUH1²VXf]DJDHÑDH­cW(!SD]XL! 8WHXV1WSXÇYQ6SW,Q
¾7\DV,GWXP7SXU!VXULUSXU{ JYD51[P$YD5N‰LWU{
²LJÑHPXÕU{$¥MD€LWXMH9\€DLVPDW!NZP 1PDG!S ZJ7NDH \9\DL[Y$1W5Y¸$LS
\WW¥LY¾O0DGD(Y(LF¥,vNeÇWHSUDP
$LUMDH\ZDOLOWPD[YHB $L[È)HPKDDYHPDHKQ7YPSDJWH
6Z8OVWDOXMDQQLWU{LJLUWT,Y@D!.Y\@D[P! $Y6ZD1WUP$D»DH VD(LG9\DH1PDGW,\5WH
N‰&'DWSXQU{O%[ELKf5L]!]Q(!
$Z$S6PDU!B ¾7\DKWDJYWDH¢PDH¢PP
¨!RDH7Z[DWXY(0\D X¯cW]LF¢LY3OY!
$S6PDUDH ¥SWQ[DYQD6 DHTQÄPD! \ZDYDB
N0S! HQÔXLWU{EDÕ@HS>LY‘DH]QDG\! LQÇ&'{YLVWU,W\DHLYLTWDL@SØPL‘\D
LQU,KLQLROHL1²\D!¾LWLQY ¢LF´¢\!
\ZDB $YHØ\NeÇP^IOHUKLVSX^IU,NH@>
HQD\WH¾LWSGL@SWHXMDHLP5P ÊMD0EXMf]DH MQNQN]DO¡,LÍ\P
$D8>W5 H OX4LWNeMLWO,\WHF
$0EDWYD LYUKHLFUP$0EXUDM LYÎHDG{\ZDKV©WHB
EHOHYY L>LWONÊMUDMUD`, NGDLFWRHGDL”LYTL\WXP$1WJ5WP$VD(
VKDO,LU{OHHWULOWPQD\DPXQWT,P
\ZDYDB LFUDG{$6\D]LF¢SLULFWNeT,UNOQDG{
ÍX7YDK1WKW7Y\D\¨NeODH¢V
 D¥NVDVXU $Y6ZDW6WDU6 eTP$ZVXX»H!L¾\VR,
G(7\VW6\VX×¢P!SLU>LWDHUDJW!NDP$LS
ODOD HQNG0EFXL0EWPXR¾D1WVWUš¯bMDH \DG{\ZDB
8>5¸$>5YV,LÅP^IOW\DÄD0\QQLYÍD0\LW PXNe1GP$DLYN‰WLYÏÈS
LQÈS\QYDQUY\5NHWX!
1PDGYG{K9\DL[LY]HDH 3\#YL>5W! NUDULY1GDWSXUW!6RO1W
SUD\DQNDDVH\WNUDHLWFP7N‰LWP QJD^I,YRL^IW[,U{LYYHG

$Z9\DL[!B LYDGDG{\ZDÍ,G]PHB
GDHDH²HNLY\DHJD (U{9\D[\DH\H-YUDG\! N‰>PKDEN€6WfÐ{YDUDPDG\DH 5ND!
KW7¾YDHDYDH9\DL[U{7\$L[,\WH E8YUX { L1²\D>,YLYQD¾D>LYFHWV!
$¥6W0!ÎZDš7YÏDVDH¢DSŠPDG\!
$6\D1\¥D7PS\51WH6\DWVY5¥(YP8)WD
\ZDB N‰>6 ˆLW5LY]HVWXQNGD3\$¥O,\WH
WYLFULYUKH>¾D3\S,IDPGDQ,v
G[¨ÇMLIPDLQ;PDLSWD1\$šNDLQ $ZP LW!B
ÏLVWSYQ[DT,LrW˜D>YDT LYDG9\DL[V·DVV0¾KDUŠPDLGL!
OX4LW[UL>S ÑHJDHÑYDT,NeTX0EP ¾D>7\DJDHP LWVW6\DP$9\‹D@UD>P
LYY>5JD¥WDÏDVPD1 LKjDG\!L‘\D!
$ZPDHK!B
PDHKDH×1P8)WDKD5G{LYÎHDG{\WVWZD \ZDB
LYDGDGH]FW¥6\DG{GHK6\SWQXLY $QXpDVÏDVDPXÕU{$VUODH¢DLQWf]DH
]81\HL1²\7YÄP>WZDLQËHÐWDP\! LYY ^Y1W!ND\HLNP$LSQYY(Y^\5P$LW!
KUHU{ QDPD9\‹,N‰WP$OXLKjDOKU,L!
W¥KD5G{ \ZDÍ,G]PH ¾M/S1W!¾D>DQMKLWPZXUD\DVXN‰LWQ!
7Z6PS Ð!VWXEDGUD\L>V
W76PDLUWDQ1W×WDLROHL1²\! \ZDYDB
LYUPGOXN^4DHwDHX7NDUF‘D O@>D@>P$YW5WW8>,P
@>LYLTWWD0\¬LÐR DHWG,L»!
KLULPLKULQS,W¾D>JD)D1[NDUD ÐH@>HQ\ZDÍ,G]PHB
@\P$JPG{$N6PDWS8WQDNDOUDL¥! JDHLY1GJ KP$DQ,\GHYGHY]H P$DfW!
S8MD\DQDLYGWN‰7\¾PDGDHSKWDHQ S!
¾D\DH ¥PU>DWS8YD5LF¢Y L¢U{P LWU{PWD
P LWU{$¥DQXDY!6\DG{LWNHQLFG{&\WH $LQÐH@>HQ\ZDW¥(Y
LN1WXQD\NY,<|$DZ]¥D(PU>P&\WH \DYG{$DOØ\WHNHWUX { \DYG{UH>8 UZ6\F
$QX¾6ZDLSWD7PDQDHOH2\DQ,YDHSOL@WD!
$Z$DO6\PB
VDP:\56\DLSV¯DYHL‘\DQX1PXRWDLK\D LYUKH>\ZDB
W L»ÍPDLGV08WDWGDO6\PG,\5WH PXNe1GLYUKH>WHLY[XLUWD!VRD\]LFUDG{
$¥DšMDHM 0DFL‘\D´HDH L@PG5QP $O™LWLU{L-+WDXLYLQLY=\W¥L6ZWD!
]<\DVQ(NL¾\WDW1²DLQ²DG\DH LSF 6RO1PLOQYDVV!]YOÇ@JD¥LÍ\!
6 eUL1WROGHYOL´MJ KH VXUDFD5Y
W¥W »|H \ZDB
LY¾D>DQVWZDW L»U{$DV,G{JDHY[5QDH7VYH $Z‘,IDB
QD],YD5GH LSJDHSH1²\ZD6\DW¾LY>XWD QY,QVšPDND\5VWYDY`DLGQDN‰WD
$[ ÐWDYHG{Ê,IDW¥PD(QLYLF1WQP
ÍPDG{\ZDB $YJX^4Q8OR H D(WZD[DHPR
X WDG\!
VXÑX LQ!VKWQX!VXEODH 8W
¾,W\HPPLY[D\LQ\X­P W¥QY,QVšPHQ\ZDS DY/\DP
PDHT\1WP$LWDHLQMP$š JDHLY1GH6Y\P$NUDH!VUDHMQH¥H
QDKYD\VKVDÜ\WDP$PXP   ¾HPD1[DYUYSXU{$S5>VLR
NDS5^\QNeÇGUDYODHNGDQH
$ZMDI PB LY‘,WHNLUL>LNP$™b]HLYYDG!
MDI P$¾LWSL¢!6\DG{ÐDLQÑÍXW,@>(!
LYUKD (]FW1PDHKDWS8YD5Y6ZDSUDLSF $ND\H5>\ZDB
$¥DLQLPWDW8>,0DYLY6PU>DG\! 7YP$YDJKPDL]U!N‰ZD
YGQF¥S\D]F,SWH
W¥ÐÍX7\D\ZDÍ,G]PHB Q\N/SWÇQFHF 'F,v
JDY]FN‰>PXRLQJ5WYH>XJ,W NZP$€HPXRP@L\\LV
S,\8P¢LWN>5SXT!( LSE17\!
]DYD!ÓXW6WQS\!NYOD!6PW6ZXU{ 6WYHQ\ZDB
JDHLY1GP$D7PLQf]DÍXNeOD!6S ]17\! 8LUVDªb^\DUH>6W8\PDQ6\]D(LU>D
­Y6\9\UDHLFÐQÆ,8WWGDL]U!
$LQÐÍX7\D\ZDB
$DNO<\SLUYLW5WJDH¥D $Y`\D\ZDKLUY]HV7\DGHY,YD.\PB
NH]Y6\LJUP$LS5W]/\DP YV1WNeVP X ]
( LF¥VGDU(YWNLJLUP
LE­[,U{$L[NLQLQ5LPD@, L¾\D87YD L¾\D8WDNZ²Ø\DLPWSXQ!
$Z$YLK7ZDB KHW!X NLËG{YHW NLËG{JDH3\!NËQJDHSQ!
$YLK7ZDNDUJXL»U{YHG{ DYHQNHQLFW LWDY¥\6\D¥LYLQ\DHJ!VP,Ø\WH
$¥DšDGH!SUDB\8K6ZDQ6\SLUJ8KQP KHW7X YJDHSQ7YFJDH3\7YFD¥V0YHW

$1\¥H@DY ZDFHÐDYD*š,7\DG\!L‘\D! ¾D\H>VY5DYDQDP#N]DH QHN]DH LSF

WZDFDH‹PB $Z6P LW!B


$QXDYLS[DQDZDH5 YLK7ZDY&\WH \D6\DWS8YD5QX8WDZ5¾W,LW!Vf]H@\D
f) DB\DVDLGQDYDLSVD6P LW!SLUN,LW5WD
W¥M(Ú HQ\ZDÍ,G]PHB YHG{$¥L]U!N0SDHÄ8LY@HSDG\DH LSF
VDML\7YDWP$QšG,SQ
VKDVO,OH@>LYÄPÄXYD W¥Vf]H@>D\ZDB
V6S]5QHQD™N‰WD
{L˜K6W\DH! LYODH.\=\DPP$0DHGP$0DHÇKLYODHFQD
V6WX7\WNeLSWDEDLUH 6PDU6PDUPXNe1G7YD6PDULY‘PP$1Y8W

GDL@^\HQ\ZDB f)DB\DVHQ\ZDB
VD¥DLMW,VGQV,PLQSDLUMDWH ¾L>[DQLYL[PGDQ,P$NeY5WDH LS¾PDGWDH×LGPH
Q,WH¾>,WPKVDP[XV8GQHQ KLUSGS™M\XJO.YLFWNGDLFWSLU6 eULW
²D,\V,PLQLYG5XYVWGH\D
VD(],/\W!LNOQNDH LSLYGD0E8Y $ZLYWN5!B
LYPD5W V]\DGH] FLYWN5V W8K&\WH
LÝ\D\ZD¾ZPHB #Ä8.VHS>L]UDH šbLOV DOQDLGN‰W
WP$D7PM(U{fLÐLU{$1WUD7PQD
¨U1WDYD!SLUUHLUHSLWP W¥LYPD5G{\ZDLYG*[PD[YHB
LQÇ­P$3\$DÔYG{$0EXQH¥\DHU{ QMDQ,HP8µ] 5 &\XWP$LSL]R^I\G{$LRO
LYOœW,QD JXY\5Y(ŠYDW QN^4H\QPD/\NO\LVSXU6WDWN‰WP$LS
WG{¸,WY 1GDYQNeKUO,ODNOKH
M(Ú Ý,B\D\ZDB 6 eT UD[DQH¥ÄPUYUY,\DH¸5 LWU{\P
NDY 6\LWWJDHÑXMšNeOSDLOND
©LW\¥6P WHP8LW5U{,7\DUDHPDL WDPP V]\D7\ZDB
$VD(LNWDLSŸ'DHQLKWGPOÍ,U{KJLW!
VD(M1\HQ\ZDB S\DHG!LNYDPQ\G{KLQUšDHLKPNU!
J8)DJD,\5V0SL¯U{PQDHJÜUJ5JD MJ1PDHKDU0DH­cUP[XUY],;YLQU{WDH
¾D()D3\$6\DULW!N‰>H¨LY5WND5SU(U{ $8W
  ¶XYP8[15 \$²HU{LY[XPLX RPXNe1GDHLYKULW

JD(UYH>\ZDB LYLQ>5\D1W#YD\WN57\ALFUHSUH
JDHLY1GHVXEOPXR(!VPVX×L¯!
6PHUD6\(!6 eTPKQP5LQLP5PD>H $ZLF1WDB
$DQÆ,N‰WYGQ!¾PDHGPX*[DH ;\DQLF1WDYHG{ÐDQD¼\LQÐDL»LQLP5WP
\¤HQL6PWP$ZVYYDUS¥, ÏDVD[DHPXR8OR
H Y(Y^\D5Q LQ²WDK
LYODSDH¢DSN‰]WDEDSG(1\DG\DH LSF
W¥`DQHQ\ZDY(UD*\]WNHW 5KLU!B
W¥ÐDQD¼\D\ZDÍ,G]PH $Ì,PLKY\L@DP$D]DYDVDHYV,PLK
N‰7YDPXRD1\$Y]XF!ÏVQHQ]X\G{ ]\,PLKPK,S ÑH NeY,5PLKLNPÏU(!
LE0ED[UDL>FU>HQLOR17\!
$ÔHU{ SD¢PLVL!NeFNe™bPDLQ ¨!RDDYHQ\ZDB
W6ZXU{ P M17\Ǩ!RUD!6PW8>,P JDHÑ UPDNHLOJ K FNDL6W
JDY]F[DYL1WSU!SUD[D5!
\ZDYDB SX¥VWZDG,9\LWLG9\NPD5
$ULWLU{$LW‘0\@DPD¾GDHP$GDH[,! W L»U{PPD8G{ J KPHL[VD(2\H
NZP$LSLFUDG{$;\DV,QD¾D>P$D1WN
LY[8LUWPXR,8>57\$1W!¾V8V WYLF1W\D ¢PD¼\D\ZDB
LNP$KKJ K‘,IDOX%[7Y\D LYV6PUH KLUO,ODVX[DLV1[DHVWTP$3\$L[LWÑW!
PQDHPPFWXY5JW >D\DLSQP1\WH
$LQÐD¼\D\ZDB
J LKL>JKQ\D1WLË1W\DHL¸²QH¥D $ZK5!B
*OS\QPXRS°W»EDS3OYHQ $,ÐH@>ODDLGMDWDFHW!¾V¸WD
Q SSXUP$QXLY1GQJDL1GQH\HQVD[ K5!6\DG{KUDHPD !6YHGDH ÍXPXR epWD
WYVXWP$KP#Y²DN{SUDYW5\DLP $DYHJDH1PDGMIWDVWZDPDHKDG\DH LSF

$ZPLW!B W¥$,ÐH@>HQ\ZDÍ,LY>XSUX D>H


]DÒDG,QDLYFDUDH7ZP$Z5LQ[D5U>PLW! WD(fÐ{YDLYNV´VUDHM!VPKDPLW!
$¥NW59\NU>V]\ÄP\DH]L'GD SXONDL WVYD5šVWGD‘ˆUDH YQPXQH
SGH]]FL]\D>DPAKDSDHKDG\DH LSF
$,ÐODHQ\ZDÍ,G]PH
\ZDSD°HY(]DRPDKD70\HB W¥(NDVJWEDÕN‰>6\DH7SOVD(UP
9\DPDHKD\FUDFU6\MJWVWHWHSXUD>DJPDV F1GQDLO»P$D˜D\×ÐUDHPDFXF0X EK
WDWDP#YLKGHYWDSULPNDM/S1WXN/SDYL[
LV­D1WHSXQU{#N#YJYDQLY>X!VP6WDJP $Z$D(7VX.\PB
9\DSDUHXLYYHFQ9\LWNUQ,WHXLQË,\WH NDOD@P7YP$D(7VX.\PÐH@DL»6S KDLGL!
PXR]DH7YUDLF1WDLQ!ÏDVL6ZUWDLGN‰W
\ZDYDÍ,G]PHB
7Y1\6WG^IPXLQLU{JLGWDQXDY W¥ÐH@D6S K\D\ZDÍ,G]PH
$D7PD7PG]FMJWDPLWPHY WDH LV ¾D»LQ]0\QUODHFQSDQSD¥P
LK7YDY¯iÇYG,LUWNDOYHJ $D(7VX.\LYÎLZWNH]¨NˆOE­D!
;Y6WDL]DH ÀYQDNSW,QNeWDH 1\H V DHLYV -\J KNP5SW,v]FW/SH
²ÐX \\XU{ \XYW\!6PQUH1²PDJH5
$Z[ LW!B
[ LW!6\DWS8>5WD`DQ¨!RDDYDH¢PDL»L! \ZDYD6WYDY/\DÍ,UDL[NDÐNHB
$¾D»DW,WQÐDZD5Q$LV]DHFQDLGN‰W ¾NLTWLQMYDVLÓ*[YH>X¾>DG(U{
²bWJLWKLUP$DUDW¾D3\Ne¡H L6PWD@, $1WJDH5ÑHFTXOQT\¸$¥QH¥L¥DJ
ÍY>NeKUN^IX W1YW,QÆYD LQ!]™V7YÄPLVLYWDQDNeO7YNeWDHPH
ÓS\LWLQMGD6\HUDL[NDPDNGDQX
$SPDQDG{\ZDS°DHL‹!B
ÐDL»6S K\D\ZDB NG0EYQW6NU²bWP$SHLKLNFDTXLU{
QP5NP54W\DVR,J>H MQHYLWPL´[HSLUYDHLKQDW!SU!
²D\7\$KUD€W!NZDP 7Y\DÊMP J,f]DVGLVK1WF1²DYO,
JX&'N€K>N(WYDG{$VD( YUDLS\G{$\DH*\\D6 eTP$©LWDUD2\\D
JÜU²bWSG‘P\\D(
$DLG]%GDG{Y QDG{$LS\ZDÍ,G]PHB
$Z$D(€
 PB SLWVXWD1Y\DW 5ED1[YDQ
$SUD[¨ÇŒ\DLGMDWF^I7YP€WD $LWLYO
{–\WH 17\$&\XWDJWD!
Y[E1[L]U!N0S7V5QDH¢DIQDLGN‰W JLWLYGVWYDHª,WPDHLKWD!
LNWY\DHLW!NV7\MHQLQL]
W¥$SUD[DG{\ZDB
6 eULWPL\XMš,J5LYÍLVN,WD(5 $Z$V8\DB
LYUF\LWPG,]HLNL/ENDLO\DH LS ´H!SUDHG\H V8\D1\VD(D*\JX>DLGL!
ÕWXLMEWNe\DMD4UHYD(I{#Q W¥H\D5QDGUD@HSDGDHDUDHSDHJX>HY$LS
VSLGGQXMK1WX!LN1WXUDHDG{LEHLP $SY L¢VLWUDHY,@DÄXYDHU{šbUWDG\!

¨ÇL‹WDH\ZDVKGHYDHL‹!B W¥$1\VD(D*\HQ\ZDS DY/\DPB


¾YLWLYEX[DQDP$L€P6\D€S8MD PDJY5P ´KNSDHOWOHFNDL6W
QLKGQXMLUSDHU{ \!¾D(
{[N,WHU5 { LYVDH)XP
 N‰>6YK6WLOLRWDQYP¡U,LW
NTXWU\PG^IDH¬^IUDHLFU{P\DVD( $1\DLSLNQVLRDMQPf],QD
L]ULVS ZXLQW6\1\6\WHV9\SDG! Y(U,QFHG{ YLWYHSZXU{ $1WUD\!

\ZDYDEOGHYDHL‹!B \ZDYDÍ,G]PHB
UWD!LNOQ SDVQHL@LWSO@X‹DHL-+WH W6\D$P8LQQ!@DHNeY517\›(!SGDLQ\W
ROD!NeÇNeOD[PD!¾XP $MD^INDHLTY$P, \(NDS×7\JDHS,QDUKDHXdH &\XWD[UP
KKDEWLYI0EQDL]YL]YD Q!] ^YWD
K4DG{KNTD@\17\$LROY1 P$3\$&\XWP JX>HQ\ZDB
6Y\SUDM\¾D»DQN‰>S@DQLYLM7\Q!
$Z$P5!B ELOÑDEOS@D]FHG{¨E5OD!NHWW!L@WD(
$L[@HSDSPDQDGH!6\DG{$PDH5 VLK>XWD
W¥6YHG!L]U!N0SDHLYY>57YLYLF1WQP $ZFDS/\PB
SD\D1YH>D‘DH]Y(P2
X \DH¢DIQDG\! UDJ´HDLGL]LF¢ODYFDSOYHW
W¥DLYFDUSDÇ\6Y&'1GDFU>DG\!
W¥$L[@HSDG{\ZDLYG*[PD[YHB
LQ[D(5WDQDP$LRO[U>,PD[XU,>D W¥UDJH>\ZDÍ,G]PHB
N/\D>,PHLQYVLWY[8!S=\SDÏH5QYDH)D ÏDHDLYLQ7YP$LMWDH´KQHLYGD5Q
JX»!VPH7\S WQDSLWL!SU,W! 7\76Y½LJUDLFUDG{\¨VDLY6PDS\Q6PHU\Q
LQP5:\F( PJ[H]EO¾VÛ LQ!ÏDVHQGUDH¢Uš¨GULQ²DJWDHODšO,
PDUD@VHQLYL[QDH´KY,\5]X/NDP
$ZEDH[!B
´H>
H \ZDB $LY DPDHKLQ²DGHU{ ;YVDH±DH[!¾EX­WD
Y],S8UH>NDLO1 D!LV1[XLY1GWXYDLKWD
JXUDHU{ $LSSXUDHQ,Y,v\DÄ]\LWVXÄY
X DP W¥$LY D;YVW!B
$LY D;YVWDHEDH[DHLY DHG\SXU!VU!
$ZLQ²DB $]HŠH]LYÍDL1W6YÈSDYJPDLGN‰W
LF1WDO6\LQVJ5ŠPDLGL]LF¢P,OQLQ²D
W¥DššM 0DMDI ÏDVDL@P,OQDLQ6\X! \ZDB
LY1GQLY DG,LSND6Y6YÈS
W¥LF1W\D\ZDB EX­Y
i DV !V7\LY`DQÈSP
ODHLKWD\LWPDW5^IHYH>;X YLQP$] ^YW, LQ¾7\8KVWWSUÂÚP8W
LF1W\D‘D1W×G\DLQG²D(Q1GJHLKQ, VD1²DQ1GDNDUP$1YH\DLP

$DO6\HQ\ZDB PDHK;YVW!B
GDPDHGU6\E1[QNP5LU{$LWLQ!VKDšOLWNH\P EDH[DHPDHK@\DF'%GJ1[6S]5UV(U{ KUH!
GULY8L>5WDH¢PDšDN‰WDššDÊMHÏU,6 eULW fJX1P,OQUDHPD [UDH7ZDQDLGN‰G{YHW

LQVJH>
5 \ZDB W¥]%GHQ\ZDB
$KUWYY,\5¾DHLWD]HLF1WD! ¾ZPG]5QÈ)VXRDYO,
SLU×WJ KYD6WX´DUE1[DQXE­D! NYLOWHL1²\Y L¢U{$8G{\P
LQMLQMPKUD¥D(¾DšQ]DH\1W! $LG!LNOQD01\LGWHÍXWD(
VXRP$LYFOGšD!]HUWHS=\JDHSD! OLOW\DHGLPP,OG{KDL@>,

ŠPHQ\ZDB J1[HQ\ZDB
V
{‘D1W[DWXLF¥DVXUWD1WHVDLQWD1WWD1WD  $LFUP$KUH>7\DJW!Ô6WJD¥,
Y@LVLQL@»Dš,KUHU{ LY]DRD\\D(LQ²DP YQXLY]YODš,]D1WLQ!ÏDVY L¢!
¾VULWYQPDODVD(UHS=\UD[D
\X‹D6\6 ˆLW5PD¥H>LQLY5]H>
H NHQLFW SXOLNWWQXU{ #DSD]XSX¡DG{G6ZDW
×1P,OQDWSXUDH Y6ZDLQ²D‹HXN:\WH
6S]HQ 5 \ZDB
$ZVXL»!B $VD(SDL>6S]DH5 P[XUPV >!N6\LYM\,
6YXL»U{LQ²DLYDYD6\DQQDQDZD5QXYDL7PND LY],\517\D!VD(USXLOQYQP$DODH.\PP\!
L1²\DHSULWÏDVQH¥VP,OQDLGN‰W   ¨U1WDP­c\¾VP$LWDHY(]VP\,v
²bW P8&'D5P $1W!VLRVXRP\,vSpY\LW
\ZDB
NDPWDPUVD@NHLOLYWLW!¾D¨N‰WD](]Y, UVHQ\ZDB
GS5!VS5SWHV WG{$6\WUVDLQ[8\
5 WDP­cU! $1WLK5WH7YL\EODQXMUDVNHOD(
Ô6WDš\LÐU{$MLQÐVR,LYV`D LQ²D¾LWLYDY7YP#Y`H\!SUH 3\$P,
WD0E8OFLY5WP$YD3\WYD0EXMD@, #DFVDL£YNDQDFWZDQDQDL‘\DWWH!
1\6WP\DPXRSXTHSXONDH--YODV,W ND\5NDU>DYVWX`H\!¾D\H>ODHNW!
LQ1GD\DVWXLYDY7YY(Y^\D5P5\DHU{ PWP
LQ²D;YVW!B $V8\D\DSXQVW6\D!NLZW(YDQXDYWD
EDH[DHLQ²D@\DW6Y½LQ²DS8LW56YQDLGL! ¾KDU6\LYDY7YVPDHK¾O\D(¾LW
W¥DL@PG5Q]<\DPDH@DH šYOQDG\! $D(€   ¾7\QXDY7YP#Y`H\D!SUH LSF
¥DVLQ²DÍPDO6\PGL±DH[YLM5QDP
W¥6Y½HQ\ZDB V DLU>DPK.YDLSYHG{U7\QXDYWD
\WHKDVÍ,U{LYUPWXLYPX D OPG VD@D²WHU{ QV0E1[!I{LV¥DVDLGL!VK
Q\DY´­D\(6 eTP$LG[H7Y›TXOWDP 6\DWSU6SU\DLN1WXO,ODQXJX>WDN‰WH
LW6Y½HM/S17\$LFUP$YEX­DJXÇP$VD( LYWN5PLWLQYH5G[ W,QD6P LWK5\DH!
SXUDHfÐ{YDJD(U,QLPWPXRLE0EDPXÕU{$8W
  EDH[L¬(1\VX»,QD.YLFG{ULWLYDYWD
SUW·D!6YW·D]FH7\‹D!V DLU>DHL´[D
LQ²DS87\D5\ZDB
©W,FDJDWWGDJDUMMDJDUFUDL[ND W¥SUW·D!B
W8>SX^\YW,QDLKWQDHLW OP P! YUDYUW\D¾DH‹D!SUW·D$LSL´[D

6YQHQ\ZDB W¥YU!B
©UDG{LY²DY\QLQ²DPUDO,U{JDHSVXÄXYDP VD@DG{9\YLKW]FHLWYUDH 3\#L´[DHLGW!
VDUšUšGUHMH YH>Y
X DLUGJLM5WP
W¥VD@DWB
LWDYDV¥\LÒ]WNLZWD9\LFDLU>! PX2\DP#YULWSX>QVD@DG{7\$L[,\WH
ÍHÑP;\NLQÑHX Y>5Q,\D\ZDHLFWP
PD7V\DH5´HJG0H\D5LYYHNDHLQ>5\VWZD \ZDB
Š(%\@PDFNeWXNP7N^4DLYQ\DH LSF WQXÇKDO,FWQX]FQ 7\
V]\DH[DÐ 5P 7\$D DDYD\H6\X!SUH LSF WQDHLWPHQDPLQ]0\\6\
‹HY$1W5Y1W,LWQS ZŒYHQGL]5WD! $S=\WDHPDZXUP^IOWG{
9\ZHQ5 LNK1Wf]DHU{ ´\HQ
WZDLKB
$V8\D\DWXPD7V\¥DVH 3\´HJ#YWX $Z9\YLKW!B
G0VWZDYLK7ZD\DP\D5PH5PWDYD( SX>DLW\DHULWJD(>,vV9\YLKWDHPW!
LYYHNDHLQ>5\]FHPD(G(1\HŠ(%\@PD[ WD(
$D(7VX.\HNeWXNDH7N^4HOœD\DLYQ\VWZD \ZDB
V]\DH 1W5YW H WNH5 WZD[DÐ FFDSOH L[J$6WXPHXM´1´,P6\SLUDHSPP
#DV DLUDYDQDP;\HNËQN6\LFW PD[YD@HLS>¨Ð\WLSQLÐQFHLGSP
LYDY]FDQXDY]FYHG{#YSU6SUP
LQYH5GHWX\ZH\D5\DYHG{$¥LYDYWD LQYH5G!‘DH[Y=\7YDG{$\9\YLKWDHUWH!
$V8\D\DSXQVW6\D9\‹P‹DQXDYWD
$D(7VX.\¾LWLF1WD\D!NLZWD¥DQXDYWD $Z$YU!B
UV´\6\D3\$š7YP$J&'¸$YUDHPW! 7\$D\5\DLQJLGWDQLPWDH¢PDšD
UD[DYJXL^4WPXR,WUVDWGDV,W
\ZDB $¥OœD
OHLOÛPDQYGQ(U{-YOL¯U{
MJL1WGÐD6 eT¨¢PDš(! $DDV!SXQU{#WHDP$6ZDQHY L¢WDHYHW
$YHØ\N‰>[ WLYÏÈS ¾DLWNˆ/\P$QD(LF7\P$6ZDQ7YL´[DHLGWP
Q6YLY]X\Q6PULW6PLM>X!
W¥¾DLWNˆ/\PB
DHUL‘\D QXDYDG{$D&'D VKMDULWP LYS@HY L¢U{#WHD¾DLWNˆ/\PW,\5W
H 
¨Y5UDLYU8G{,LWU{PDHKDH \,Y]VWW!
\ZDB
$Z6YW·D!B JDHSDH 3\$L]L@WU>DH LSWP$ÏG(7\
VG(YSDUW· H LS.YLFG{#D6YW·WD KL1WPHK1WPPM,LYWLQLY5]HP
8SDOVHYN6\HY¾Y ¢6\NU€KH ‘,IDLYLQLM5WVXUDL[SWHU{$OPH
DY`(ULW]81\]FU7\QX6S]5QVWZD ¨M,5LYWHQKWNVQUDL[S6\
ULWJL1[]FWH¥H[D6YW·D!SLUN,LW5WD! $¥LQYH5G6\DDV!

W¥ULW]81\!B \ZDYDB
MQHX ULW]81\HXULW]81\DHYHG{$VD( IX^IDHMOFU!VNDLO\DH
JDHÑ8 G{$LSODHÐVDHGU!
\ZDÍ,G]PHB W¥NP5LNPYD¯bWMQH
L[JM1PQVL¥Y L´ DL[JÊWL[JEÕ`WDP \HQP8R5MJG,]WH\5WH
L[N{NeOL[N{L‘\DG,@DLYPXRD\H7Y$[DH@MH $¥DV8\D\D!
$¥6YW·DHLQYH5G!
$Z$QD(LF7\PB
W¥U7\QX6S]5Q!B $V7\7YP$\DH*\7YP$QD(LF7\L´[DYHW

\!6YWDHULWJ1[HQLYK,QDH LS¾VšW! $¾DL>LQYHG{$D !LW\5JDLGXFDL1WPP
SËDG{ULW6S ]HG{#U7\QX6S]5QDHPW!
W¥$¾DL>LQ\ZDB
\ZDB 'D\DQ\6\VN‰G{$3\SVHLYWD8W
JLUÑDLUÐT™DU(U{LY[XUDYL[UDL\WD N‰>HQK1WPPW6\L[J$6WXM1P
KDN‰>SDLKSDK,LWFX‘DH]D,UEDLOND PD7YNG0ELY[XUDHYNDLO\DLK
$¥¥DV! P ®QNLU\LWKLU]FLUWDZ5WDWH
$¥LQYH5G6\
$ZULWJL1[!B
\!6YDW· H LSWª1[ULWJL1[U{9\QL‹V! LWULË\ZDB
$L[UDHKWXN!S@,N@DP$SUDHPPD PH;\6\
\ZDB LK7YDLSWDØ\5S.VMWHS@KLUU{\6\
S,WD]N
X  SLULFQDHLP[ W 7Y\DšH $¥JY56\
VšDHSQD\QLKQL3¥LY[HLK\¤P
YKPDQHY$LSVGD`DQLY`DQPD[XU,P W¥L¸KHWXM\DH!\ZDB
NG0EDLGXVDPD1\fÐ DDV7YP&\WH LYOV1WP$YHØ\GHYN,
DYDQD.YLFG{7SL¢VL1[]DY/\]D1W\! VXWP7 epLYODHFQSXU!
G]D]FWÔ#WDVDP7SL¢V7YKV0Y! ¾EODP$LSPpP^IO,v
LKPP>FMOf]DHU{G[H
\ZDB $¥K5LYDG\DH!VL1[!
P^IOHLNP$LSF^IPU,FHU{
ODHLKWD\LWLQ]0\\]DHGD #NHQMD\PDQDQDP$QHNHQFKHWXQD
Y(>Y,v;YLQ[XUDP$LY©UH EÖQDP$LSDYDQDVL1[!6 eTP$YHØ\WH
¾ÔYL6WLPWN XLONDV,W
$¥KDH75 SL¢! W¥#NKHWXMDQD\ZDB
LQÇ­DNDLO1G,WTXLYPXNe1GHQELOQD
\ZDYDBB K4DG{$1W!6PHUDWUOWUWDUDH--YONODP
7YL\UKLVLPO17\DV0ÄP1\DVX”D3\ $L9\‹DY`DP$Ç>NeLTODSDšVXPD
LVVLRWYDO,PHRODS=\DLW f]1\6\17\$L6PQM\LWY DQDH!NeOPL>!
LWLYY WUK6\HNeL WÄ8U{ $¥KD(75 VX.\JYD5PD5V\
8 DQDVL1[!
f]P$Q MX LNU1W,UDL[NDY!SXQDWX
$¥DV8\DH7SL¢! $QHNKHWXMDQD\ZDB
SLULKWKLUKDUDY,Ø\UD[DVLY¥,v
$ZVL1[!B LQNTXLYWZD€HWN5DN{6PHUS°DP
VÈS\DHU{ L¸\DHU{ YDVL1[!6\DG{DY\DHU{ P8LW5! KLUP$LSGU©UH6YDLPQW¥FDV,Q
PKLVLYQWY‘¾6 eU0ODQYD
W¥VÈS\DH!VL1[!B $¥OœDP5K5LYDGDQDVL1[!
VL1[!VÈS\DHV W¥L¸KHW87Z\DHU{ PW!
$Z]DY/\PB
\ZDB ]YO7YWXDYDQDVPG5!6\DWSU6SUP
UD@V,vLQL]LQ]D0\LQ]D1WH
JDHNeOH]J LK>,SLWWDš,P \ZDB
W7NeFDHSLUVXW FKV1W ]‹!LNQDPNWX VL]]XU{ $KKPHLP¥S@DQ[D@,G{
K1WLQËOWQX!@>P$DV,W $DLWÑH\ WP#Y²bWP$Z]U>Ne\X5U{#WQQY,UD!
$¥DLQÐHÐVY,@DN‰W\DHU{MDI \DHU{\XLW! $DLG9\DPpJDHÑ,LYKULWVNUH>DH¬[DUDL²Y\
Ne\D5P $ (YJ7YDÊMXLYNGQKDWW!N0SWH[,!
$ZL¸\DH!B $¥JY5LYDGG(1\PLW6P LW]™DP5¥DVDQD]DY/\P
L¸\DHU{KHWXQ(NHQL¸HQD3\SMDW\DH!
\ZDYDB
$Z#NKHWXM\DH!\ZDB L[JG,H5Q\QHPPD6WXPZXUD\DB\DQVD¾HØ\WH
¨YD5UFDSODH \[DY¸$1WU{ELK]FJDHÑ6\ LY H\PPLN™U,N‰WQ SDNDOVWXVY5™U!
L]]XU{ $NeWLËG{,LWU{L[QDHLW×G\¨QDHLWFPH OØP,NHLOJ K J KPPKKDLQ7\WQX!@,\WH
W¥K5]™\DH! V°1\#YKLUMH\×G\Y 1GDTY,N5LW
$¥LQYH5GJY5]™D[ LWLYDGP7\D(7VX.\DQD]DY/\P
LF¢¥\H ¥DY6\`H\DY(ÏDQUDHSPD
$Z]DL1W!B $7\1WNL4QYP$NeWËQPDG5YP
$7\DÈ)6\DY6\LYO\!]DL1WU{&\WH f]WDSVDG,QDLF¢WDYG{$YHØ\WH
6Y>²YLWDYD”HVWDSHQDLWJU,\VD
\ZDB MWX²Y7YP$D\DLWWDSOH]Q H VY5W!
LY[XLUWYGQDLY©QDVV NDHPOFL¥[(YDH‹PGQQYQ,WNP
WP$KUJKQHJYH\1W! $P WFHLWDYDH ¥¾D\!V8\D5WSD\WH
P ¨NOPXUO,vLQ]0\](OH ²YHG{ $¥D \XJOP$DWSHQ\ZD\ZP
ÊML]]Y!SXONDH--YODE8YX! ²Y,8W6YDYHQVY5G(YDP WYHW
$¥LYDG]DL1W! JDHLY1G¾HÑY\D5>DLF¢6\DG{$P WLNO
N‰>L‹LY]H6\JLUÑ7YDLGLU{JX>(!
]%GDZ5UVY(LF¥,YDLFNDFQQDL6WPH VPYHWVGDP,LU{L´¥(U{$LSPQDHYHW
\ZDNZL G{#YDH‹DYDHGDKU>SUP LN1WXVXÑXPLKÑ7YDYDHED)PSDJW!
¥\LÒ]G{PH ÐD(FYØ\1WH6ZDL\Q]F\H VY5¾NDUP#YHGLF¢LY@DH\7\$OP
PX2\DYDL[DV7Y#NF7YDLU]G{$P,6P WD!
]U,UHL1²\YJ56\LYNDU>DLY[D\ND! \ZDGDQNHLOND(PX DPBB
DYDLYD5YMLQWD]LF¢Y ¢\LUWD! J,UDH 3\$ÍD1W¨UL[JPSDUDH LSLQWUDP
.YLFW6YDDLYNDHDY!NLËG{$DJ1WXN!.YLFW $KD\DP\D5GDG[G{$LSKUHU{ $D6SGP$LS
\VWX6YDDLYNDHDY!V9\D3\D1WE5LK!L6ZW! VWD6WDHP!¾HP^\G\LWVP€H6ZJL\WX
PL¡ÑD H\ZD²9\HUDJVW1P\Ø\WH LYNDUQ6 DUMOLQL[U{YH1GD(¾YLW
$¥6\DQQDPPD¥H>LYDY6\LYDYWD
#WHQVKMHQ(YDYHQDQXJWDULW! LWÍ,Í,L‹UVDP WLV1[D(GL@>LYDJH
#NÈSDLS\D‹HU{LYLY[D¾LWD7\$VD( L‹UVVDPD1\LQÈS>H9\LFDLUOKU,FWXZ,5
$DJ1WXNVWX\DHDY!STDGD(UL‹PHYV!
W(V W(U{ LYDY(U{ #YD\[,\WHG,3\WH LSF 
LYDYQDLGY(L]Ð DG{‹DQDHGWVWZD 6ZDL\DYD2\DS POKU,
¾D\H>VY5DYDQDY(L]Ð PSMD\WH
LYLY[DQDWX‹DQDY(L]Ð DG{LYLY[PQ! $LYÇ­DQLYÇ­D]FDYDQ\DHY]WDQ\Q
PQDH QXVDUDG{DYDQDWDUW0\LNODHG\H VXUDMHYLYUDMHWV6ZD\,DY&\WH
LF¢HJLUÑHJ0,UHPLKÑHNN5]DLGNH 6ZD\,DYDH ¥V¾DH‹!Í,N‰>LY\DULW!
V0\JX1P,LOWD]FDP,QOØ\1WH6 eTMQ(! PX2\DJD(>,FVD´H[DUV`(!SLUN,LW5WD
LF¢HOLÑHFDH¢DQH@DHLGÑHNDHPODLGNH
PQDJX1P,LOWD]FDP,OØ\1WHELKU{/E>D! W¥PX2\DB
JLUÑ6Y>5LS^IDOLÑWXOLS^IYW ]X­V£YLY]HD7PDULWU{PX2\HLWN,LW5WD
LF¢\X*PH ¥LY`\DDY6\SYQDHSPD PX2\DLSL´LY[D6YDZD5SUDZD5FHLWN,7\5WH
J0,ULV1[XYFLF¢P¢DQS/YODLGYW
LF¢´\H ¥DY6\PKDL²L]RUDHSPD W¥6YDZD5B
S¢QDPLKÑ6\DW@DHLGÑWXNeLTUYW $LYÇ­(!6 eTDY(!SX>D7\$D7PDQP#Y\D
LF¢\X*PH ¥DY6\G,SHQHHQYDHSPD LYÇ­(U{ ¨!R*ODLQ!VD6YDZD5NLZWDULW!
NN5]L¥LY[¾DH‹ Y6Y>WZDMWX
$ZSUDZD5B PDQVHLQLY5N/S7Y]P7\$L[,\WH
$LYÇ­LYÇ­FV™bF1W,6Y\ULW!
\DDYP$QXJ} DLWVDSUDZD5LQJ WH WZFDH‹PBB
]X­D¾,LWVWZDV2\YD7V/\L¾\WH7\$VD( LYKD\LY\DH1PX2\LQMDQ1GL6ZLWU{\W!
6YSUD:\(Y5 VDPX2\DSXQ!S LY[DYHW  $D7PQ!N:\WHVDH ¥6YDY!]P7\$VD(
Y(L]Ð SD¥Y(L]Ð DG{ULWU{#DHSJ&'LW
\ZDN5!¾LWLE0ED7PD6 LTNDLGXY6WXX ¾D\!]P¾[DQDQDPPWDJ1[YLM5WD
SUPD7PW\DN‰>HMDWD]D1WULWU{PWD
W¥]X­DBB
VDPD1\DVD(WZD6Y&'D]DL1W]FH7\$DLGPDL¥[D \ZDB
#DšN0SWDQH¥DP,OQDH1P,OQDLGN‰W GHYL5Y,>\DS,WHKLUO,ODPKDH7VYH
VQN6\WQD(N0SDHÂÚDQXLYQDH 3\$8W
 
W¥VDPD1\DBB
NL G{LY]HP$¾D»DVD[DU>MQ6\\D \ZDYDB
EDLONG(]FN‰>H6\DWVDPD1\DVDULWU{PWD KLUYpVHY\DVP1WDG{
$SUYJD5QXYLNODY[,\5
\ZDB QVX1GUP$D7PQDH 3\$,Ð
$L6PQPZXUDY,:\DPG\LWP[XUHLYUDHFQHSXUW! SUPÂÚLGf@WHPQDHPH
NZ6YVRHÆLGPDQPDQVPGQLNP#LWPP
$€WDHYØ\PD>(VWX6YDG(!¾,7\DLGVÍ\(!
\ZDYDB UWHU{ $6\D$V0SND5G{ \]X­LH W^\WH
L¥YD5EDLONDVH\ Y,5\LVVP,Ø\WDP $ZHG¥\,× DUWH!¾,7\DLGU{\5W H
\DSXU!N‰>P$DODH.\ՙbY75 \$L[DYLW JD)DQXNˆOWDH7S¸DPP7YHQVGDLÍWD
N‰>‹HY$QX€DÛVLRS8-\HY$QX‘PDW
$Z6Y&'DB L¥LY[HX¥\,¾,LW!V2\Y7VOWH7\$VD(
W¢7VD[QWDHQDQDLY[L‹¾VšW! $¥QH¥DLG ep7YM 0>DHwc>5QDG\!
VD[DNDQDWXY(LY;\\D1W,6Y&'DULWU{PWD NHYODV™bODFHLWL´LY[H\ULW¥\,
\GD\Df],‹H6\DG{$DVL‹VWDf]WGD
ÈS6 LTNYG{[¢H6Y&'DVD(WHQN,LW5WD W¥NHYODB
U7\1WU6\J1[HQYLM5WDNHYODYHW
\ZDB ÊMDQXJHUVDODGD(Í,GDPDGD(Y\6\NH
.YLFW¾XU{LW6WXYQ.YFQLP¥P7\­VQ JXUD(FÊMQDZDGD(‘PH>Y
( 6 eU7\$VD(
.YLFWWQ\7\$YQ.YFQND1W7\pVQ
.YLFQPQLVDY\QSUP#$D7PH7\$VDY W¥V™bODB
$8G{LYLY[VHY\DLYLY[Y L¢U{$D\DH5L´M! #D´\DHV¥\D>DYDVL¸SDWVWXV™bOD
¯YDGD(F,PDGD(PZXUDGD(‘PH>VD
$QDFD1WL[\DW¢¯DYLQÑDVXRD>5Y H \6\DL[.\YHG{\¥VWHQ9\SLG=\WH
$D\D5>DP$LW]X­DQD¾D\!6Y&'DULWU{YHW
$Z¾,LW!BB
$Z]DL1W!BB 6Y6PDG{YL1W\H1\8QDVWH QX€DÛDKUHU{ PWD!
$DUD;\7YDL7PNDWHDULW!¾,LWU{W,LUWD VPODO\G{$DO\DWSXU!
W¥DVL‹N‰G{$1\¥¾,LWVKDLU>,Û$VD( L6ZLWDMÊMUDMJHLKQ,

\ZDPXN1e GPDOD\DP LPZDHKUHU{ P JDØ\D]FV0DHJ6\DLGNDU>P


LGLYYDXLYYDPPD6WXYDVDH P[XUDSUS\D5\DL¾\WD2\DHLGWDULW!
QUNHYDQND51WN¾NDPP $6\DNTD@Ä8@HSL¾\YD>,L6PWDG\!
$Y[,LUW]DUGDULY1GD(
FU>D(WHPU>H LSLF1W\DLP \ZDJDHLY1GLYODVHB
LFUP7NeL^4WPQVDHUD[DPXUY(LU>DH!NDH LS
$ZV2\PBB LQ WLQU,@>M1PD¾7\D]DSpYDHM\LW
\H6\XVWX/\DPXNe1G6\WHVRD\!VWDPWD!
VD0\DG{LYÍ0ÈS(DULW!V2\PKDH&\WH \ZDH¢UP$VD(6YDGLY]HDHpDVP<\$LS
SLUKDV¾KDVDLGNDLU>,\P$\·>D ULWU{YDVQ\D6YD´,DVWHNDLSN6\LFW

\ZDB $ZJD(>,B
PDSXLSWDU^\LGf@\DJW LYDYDH7N5MDHDYLY]HDH\DH QXJ ÛWH
LQPHLYÎHLYG,>5PDQVD! V™bF17\D6Y\U7\DVJD(>,ULWU{&\WH
WHV6S ]1W!SXONDL WLÍ\DH KDVDHLY6P\7VDK!]DHN!‘DH[DH\WZD
©UDG{$KSL8 Y5N\D UHLPUH MXJX3VDFH7\$VD(DYLY]H!V»[DHLGW!
$LSN‰>LYDY7YP$D T{N6\V0YHW 
\ZDYDB 6\DG{GHKDLGLYDY7YV»0\DVWXUWHU{ Y]DW
Í,GDPGDHLY5OLVWHQN‰WDH LVNDP KDVDGDY$¥L¸H LS]X­V£YLY]HW!
GDPDHGU7YPKGS5[UX DGLU²! SUDZD5\DUWHU{ \DHJDG{ULW]%G!¾\X-\WH
V V7Y\DWG{$LSNZQP#YN‰7YD KDVDH¢UDULWU{\D6\DWVDKDVULWU{&\WH
GH9\(LÝ\H¥\P$GDL\-YOD¡O,QDP #YLY6P\U7\D DLY`H\DUW\]FT{
NL WNDO.YLFG{‹HKDVD D!6ZDL\WDP$P,
$ZYD7V/\PBB U7\DFDÇN‰WD\DL1WWp,OD QXVDUW!
JXUYDH\HKUHU{$6\WHS8-\DLWLYÍXWD! W6PDG{$LQ\WD[DUD!V»VDPL\NDPH
$QX€KP\,WHDULWU{YD7V/\P&\WH VKMD$LSO,\1WHELOÑHQLWU6N‰WD!
GODOQ9\D],]LFEXN6S]5QDLGN‰W ND3\$9\LFU1W,VD6YD[DUDQ6Y6YÈSW!
ULWU{$D7\L1WN6ZD\,DYDH‹MQH LROH
\ZDB 6\XU{#W6\DLYQDDYDG{DYD!VYH5LQUZ5ND!
$€DLV\L¸ULVL1[LYUDH[DM! LYS@DLGX\D1WDH LS‘DH[D D!6ZDL\WDVGD
NV6\LN™UJ>(U{LJLUWDH 3\G€(! O1WHULW]81\7YDQQL‹UV\DH*\WDP
JDVW¥UL@WXP $VD(JKQHP ¨U{PH $LYÇ­(U{$LS6S ÐDDY(!V DLU>DH LROD!
EDO!¾\D7\$LYUWEWLNNUDHLP LQYH5GD DLYO,\1WHQDK5L1W6ZDL\WDWW!
7\$WDHPLWJYD5LGDYDQDTWHQLK
\ZDYDB 6ZDL\WDN(LËG{ÐDLS¾PD>W¥WL´G!
VXWP$šbLOL!ÓXW6WQ, V»KDVDG\V7Y#WHW(V W(U{ Q,WD!VXSXÐWDP
LFEXND€HG[W,G\D²5[,! ‹HX 6ZDL\WD\D1WDHÇLFU{#B\DHLYW1YWH
$Z]DHNULW!B
WZDFDH‹PB ]DHNV7YÐLY\DHJD (]LF¢ŠH]Y!6P W!
$ÐDQDP#YDYDQDV6NDUD[DL\WDPWD LYODSSDWLQ!ÏDVPXR]DHÄPDLGN‰W
WL¢U6N‰WV6NDUD!SUHQ6ZDL\WDHLFWD! S8YDH5‹LYL[Q(YD\LV­!]DHNULWU{YHW

W¥KDVULW!B \ZDÍ,G]PH
FHWDHLYNDVDHKDV!6\DG{YD*YHHKDLGY(N‰WDW ÇLGWP$QXLQ]0\W¥JDH3\DH
VfL*YNDVQVD(ÑNSDHO6S1GQDLGN‰W  ]P$QXW»L[\DH ÍXS8>5PX2\!
N‰>V0EL1[FHÐDH7Z!6Y\V™bFGD7PQD ÇǨU{$QXSOB\Q1GV8QX
¾7\DQXJ ÛPD>DH \KDVDHKDVULWU{YHW SYQSDUWSD]XY5YHJH

\ZDB \ZDYDB
P\DfJ$LSQDLS5WDVXPLX RGLµWXB\]SH $YODH.\ >,1²\L·W
VR,WYLQUJ5ODWG{$LSPHPXR LM˜LW WQ\¾D>VKÔYpP
¾]DL[WG{PDPX[D&'LOWVD[XP7\$&\XWH ×G\QLYG,\5LWL´[D
YG7\$MLQ©LWNDKLVWUDH[QHQ@PD L[JPDP7\5WQDH!N4DHUWDP

$ZLY6P\ULW!B $Z‘DH[ULW!B
ODHNDH¢UDZ5Y,@DGHU{ LY6P\]LF¢LY6W LW! ¾DLWNˆ/\DLGL]LF¢-YOQ‘DH[\5WH
$¥6\XU{QH¥LY6WDUVD[8L‹SXONDG\! SDÇ\Ä8NeT,QH¥OD(LK7\DLGLYNDUN‰W
S8YDH‹
5 U,7\DLQS¸!VLY6P\ULWU{YHW   #YS8YDH‹
5 YL7V­LY¨!‘DH[ULWEX[D!
L´[DVD(N‰>W´(LUDY7YHQN,LW5WD
\ZDB
JYDJDHSDODQDP$LSL]]XJ>!S,WYVQDH $ZN‰>LYDYD!\ZDB
OV&',Y7VD™!S Z X XMFWXN(U{ [ WÇLF! N^4V,PLQKUHU{ XLWDM
N‰W6WDH¥DU0!VLYL[LU{$MD^IDLOLU{$O UDL[NDPL>VUSLULF7\
SUÂÚDHpDVDQYKLWLNPGK1WLNPGP WLFUH>MLTODLYNTÄ8
š,PWUfLÐU{GG]5
$Z7VDKULW!B
6ZH\V,VD[XL!ÎD–\ OH\X­DLGNP5L> W´(LULYDYD!\ZDBB
V7YUDPDQVDVL‹U{7VDKLWN,7\5WH $ZNVVKDHGUDH€GDYH
NDODQYH@>W¥[(\57\DJDH PDG\! KLUP$B\X LWW,ÊKHLWDLM
LV­!S8YDH5‹LYL[QDV7VDKULWU{YHW UVDG{$LOND0EUH¾O0E
L´WDH 8G{Ä8NeT,S\DHGUHRD
\ZDB
NDLO1G,WTXLYS¥] šY], $Z\ULW!B
LQ.YD>(U{ KPXRU,N‰WD0EUD\DP \LF¢DLWFD /\P1WXDHU@ H >DLGL!
LY6 ˆM5¸ $GPQHQ\DH­bNDP! $D7PJDHSQ×&'DHLY²YÄP>DLGN‰W
Í,GDPDSLUNUP¯TEE1[ LQS¸S8Y5YG{GEX[D\ULWLY¨!
#DLS‘DH[ULWYG{L´LY[DNLZWDEX[(!
V\DHMQLY]HH>UVDOD2\DHUVDHYHW
W¥N‰>LYDYD!B WG{$¥VY5ZDVD@DWN‰>D QXYD¯bW!
\DLFW!SLTPL!6\P1WN ¾D()DQ1GFP7NDUDH‹(!NDH 3\$QXU6\WH
]D(LU>DVGLVJDL1GQ,VXW! VU7\DLGLYDYD (U{#N,DYP\DH LSVQ
YÒJ8)PL>U{#P8)[,V `»W¢L´]H]FW¢¨¯HGWDHYHW  
W¥]X\G[U!ŠP\\D(
\ZDFDH‹PB
¨ÐLYDYMD!\ZDB ¾W,\PDQD!¾ZPLYDYD DVWXDJ]!
(UYÂXYLWK1WK1WJDHNeO J&'1WDHUVÈS7YLPLOWD\D17\$R^IWDP
´DLUYDLUGLQHY DVXUH \ZDPLUFR^IDGHU{ #N,DYH¾SDQNH
SX¥JXL»[ W\¤Y(YD ¯DV!N6\LFW.YDLSLYDYDGHVWZDUVH
N0¾P8LW5U{ $YG{ÊMHÏU,
UWHNDU>8WD\HN‰>N‰>L¾\DG\!
$ZMXJX3VDULW!B 6W0D D!NDU8WD]FLQYH5GD D!VKD\ND!
MXJX3VD6\DG{$× DQXYDFLF¢LQP,OQP LK7YDNDU>ND\D5LG]%GYD&\7YP$¥WH
W¥LQÑ,YQYNˆ>QNe7VQDG\! UVDH±DH[HLYDYDLG9\SGH]7YP$D½X\X!
UWHU{ $QX€KDMMDWDVDMXJ3X VDULWU{PWD UWHV WXW¢GD6YDGLY]HD\DLW\DH*\WDP
LYDY\L1WNeY51W,7\‹D[,U(U{LYDYND!
\ZDBB WDFDQXDY\17\$1WVW´17\$D6YDGLQ5UDP
\GYL[PPFHW!N‰>SDGDULY1GH 7\‹D$QXDYDVWHNTD@D D!VVDL£YND!
QYQYUV[DP1\ WU1WXP $DV,W V DU\L1WY(LF¥,vQ\1WHWDWZDLY[DP
WGYL[EWQDU,VšPH6P\5PDQH \HLQYH5GDG\DHDYDVWHWXV DLU>DHPWD!
YLWPXRLYNDU!VXÑXLQÑ,YQF #WHDWXWZDDYHJY7ND9\QDT \DH!
VHYDP$DÕ!SUKHWXNHLFWW7S@UDLJ>!
ULW7YDW¾ZP(NY ( V»KDVDG\VWZD LN1WXW¥VX¨6WN5PD[X\D5¯bWV0SG!
7\$ÐD(6ZDL\QDH\DYG{UVDY6ZDQVLÍWD! UWHU{ $6\D!¾DYDH \YHWNDU>P¢PP
FHW 6YW·DV¥\LÒ]G{YH\UX { 9\LFDLU>! PKD]L‹LYODVD7PDDYDH LF17\6YÈSDN{
KDÐD(VDL£YND]F(WH DYD2\DVWDQ$V
{2\ND! U7\D2\D7\$\\X‹DHQLKWNH5>EDL[WXP 
N‰>D1Y\DG{JX>DW,W¾D()DQ1GP\D$LS DUWD XL‹U{#DLK¾D‹Q(U{$3\GD×WD
D17\$P,L¥JX>DH7S¸VXR¨!RP\DY
W¥6 eUL1WÝ,EDH[DH7VDKD D!VDL£YNDY \ZDH‹P PSY5L>BB
WZDUDMVYªY5K5VXL»KVDG\! $LF17\D!ROX\HDYDQWDV WNH>
5 \DHM\HW
LYDGG,QWDPDHK]DHND DVWDPVDY ¾N‰LWB\!SU\FFWG{$LF17\6\O@>P
¾D\!VXRP\D!],WD>D¨!RP\DK
LF¥H\SUPDQ1GVD1²D3\>DULWU{PWD LYDYWDG,Q$DQ,\N‰>DG,QP¡XODULW!
],W(U{ DY(U{ ELOÑ(V WXSXÐD],WD\WHÛ$VD( #W(U{ #YWZD8W!( 6YVY[5\LW6 eTP
>(V WXULWU{$7\X>DWDS\1W,YDVWH \ZD6Y(U{ #YVLOO(!SLUS8\5 EODKNDQ
ULWU{L´[DLSN‰>D (!ÍXWU( { $YJW(!6P W(! U¤DO\DHY7\#LU{Y ÐV (  W(U{ #YYDLUL[!
W(U{ LYDYDLGWD\L¯VW¯‹HX UVDHYHW QYHU7\™bUH MDWHKLU‹6\N6\LFW
\ZDG;\DLGN²9\]N5UDPLUFDLGL! LYDY7YDLGKHWX7YLNL WWWND9\QDT \DH!
KUHU{&'{ÇLWLY[D(UVD6YDG!VWDYHW YHG{ L‹UVDH 3\#PX2\JD(>W\DL´[D
UWHU{ #Y¾DYDH \KHWXVWHDWZDN‰WD( S [DLSUWHU{#H.\DQPX2\V7Y#NKDHLGW!
PD[X\D5 DÍ\7YHQN‰>DG,vVWQXWHULW! V»[D¥WZDJD(>LWL‹UVDH Ð[D
WZDQX8\PDQDVWHLY6W,>DNeY5WHULWP
$WVW6\LYDYDLGFWXN6\UWHU{ $LS W¥PX2\!B
$¥VDKDL\N9\‹LPZDH MÔP$YHØ\WH PX2\VWXS [D]D1W!¾,W!¾H\D] FY7VO!
LN17Y#W6\D!¾DYDH LSY(È3\HVLWNe LW P[XU]FH7\$P,`H\D\ZDS8YP
5  $QX¢PD!
Y(È3\VWXLYDYDGHU{ $QD(LF7\PG,\5WH
$OD(LN.\D¾N‰7\H\VX¨ÈKDUVL6ZLW! $ZJD(>!BB
\¥VD[DU>W\DDYD!VD[X6 eU17\$P, KD6\DH ¯bWVWZDY,U!NÇ>DHUD(²7\$LS
#D6YSUV0E1[LQ\PDLQ>5\DHLK\! \DQN!VE,7VLWJD(>]FV»[D
VD[DU^\WG{#YDH‹ DYDQDS8Y5V8LUL! #YL‹UVDHHGDG{´\DHU{ ´DG][DH&\WH
Y6WXWVWXSXUD>DGD(S [(YLYODH.\WH
WG{‹Í,UWHQB ÏHW]LF¥DH Ç>!]DH>!=\DP!SD^IXULSšOD(
]L‹U{$L6WLYDYDGH!NDLSVD[DU>,N‰WD( JD(UDH[8ÆVWZDU‹!NDODHQ,W!‘PDG{$P,
¾PDWDWGHGQ
H 6Y\\D¾LWS WHLW NLSODHPD[YDHSH1²D(Q LVKDHQ1GQ1GQ!
EO!NˆP5VWZDN/N,UDYDHDJ5Y!LNLU!
¨!RDG\!6 eU17\DH LSMDWXD1W!6Y,\W\D×LG P,Q7\#XNLZWD!‘PDG{´DG]GHYWD!
¾D()DQ1GFP7NDUFY5>DP#YW1YWH S8WH5U{LYNDULY6WDULY@HS@DHVWZD
SUDÍ\W\D3\#WHMDWXD1W!VXRDG\! VY5L‹UVD6YDG!S [DSLUN,LW5W!
×G\HSUPDQ1GV1GDHKPSLF1YWH S8LW5!]D1WHLYND]VWX¾,WDLGY$LSS VX
V¯DY]FHG{LYDYDGH!LNL 1PD¥6\MD\WH Y,UH ¯bWHFLY6WDUDHLY@HS!NÇ>DH€\DH!
V ]FWXÐ\D@HSDWS8>5W(YDHSS WH \DQNH ZE,7VH@DHDH[,U(U{ GD×W!
$R^IVXRÈS7YH 3\#DP$L6W.YLFW.YLFW
LNFB UVHX JKQD6YDGLY]H!NDH 3\$QX¢P!
ULW!L6ZWDQXND\H 5 X OD(LNN7YDLGKHWXL! ¾W,\PDQD$3\$`(U{ €D0\(!VSLG¨!RYW
UV!6\DQQHLWQDT `D\G{$DÕU{\X‹P#YWW NÇ>D DUVD!¾D`(!¾D()DQ1GP\DPWD!
$OD(LNN,7Y\N‰>ULW!VYD5¯W b D¯bWD $OD(LNNLYDY7YQ,WHB\DHULWO,O\D
\DHJH UVLY]H7YJ&'17\#YKLUL¾\H V¨Œ\DFVXRWHB\!6\DWVX9\‹PLWL6ZLW!
LY\DHJH7Y$¯bWDQ1GLYYW57YG[7\$LS
WQDH7\#D¾JD)DLW5UDDV7YPALM5WD WZDFQDT DGD(B
W¥DLSYpYD[,]Q1GQDO0EQDULW! NÇ>DGDY$LSUVHMD\WH\WSUVXRP
VD1²DQ1GFP7NDUSUPDYL[U{\WH VXFHWVDP$QXY!¾PD>W¥NHYOP
\7VXRD(OYDJ67\!LSE7\#Y6YWHMVD
UHP]PD[XU,VD@D7NDUDQ1GDL%[P$3\$OP VY5¥NÇ>D2\6\UV6\(YDHSSDGQDW
YHG{ UDPD\>DG,QDP$1\ZD¨!RKHWW X D
LNFB WZD7YHUDPSDGDÀ¾HPNpDHOYDLUL[!
SUPDQ1GWDGD70\DG{U7\DGHU{$6\Y6WXW! ¾,7\DUDPD\>LQ7\KQXPDQ] >\
X DWNZP
UV6\6Y¾ND]7YP$R^I7YFLV;\LW $LSFB
S8Y5P ‹DG{L´[DBGHGDQPX2\JD(>W\DUWH! V DU,6\DWVPDQDHYDN‰>U7\D!VXײLW!
$L[NDSX\PD>DFHG{DYDHpDVDULW! W¥DS,]6YÈSDQXY6\(YDHÇKHWXWD
/JXY(UD*\LQG5*[D!]XN`DQD]FK(WXND! GDVDLGY1PQDH`7YO,ODGHU{ QWZDPWD
P,PDVNDLY]H>H Œ\D6YDGELKPXR 5 D!
7\#L‹ULVN]FD(UDG{YPKDLQL[! W¥$DO0EQD!B
MU1P,PDVNDG{UØ\!N‰>L‹UV!VGD FWXXM
5 ]F]D1WD]F$L6P¸$DO0EQDPWD!
VY5Z(Y¨ÈKDH \P$‹(U{JY²V!
W7SDGD0EXMVY56Y(U{ ‹(U{ #YDQXU6\WH W¥FWXX5M!B
9\W,7\DYQDY7P5\]FP7NDUNDU8! =\DPDN‰LW!6 eULWFDÇFWXM 5X DH \P
×LGV£YDH--YOHED)6YGWHVUVDHPW! $DQ1GUDL]U{$LROD7PLV1[XWUš!
DYQD\D!SGH\VWXEX[HQDQ1\EXL­QD \L6PQJWHQ\Q\DH!SLZLQLM5K,WH
D9\WHJD)V6NDU(]LF¢HDY!VN:\WH ¾7\.SGDWSUPKVPXQUH { PQDH LS

JDHSDOÈS]DHDG[G{$LSUXQDZDYLY6WDU, VL›GDQ1GVD1²Dš$D7PDUDPL]UDHPL>!
WX\WXVQDWQD7PDG(L@>LYDJHVX[D0EXLQ[H! SUPD7PDSUÂÚ]PDHGD1W!]XLFU{Y],
VGD6YÈSV0¾D»DHKWDLUJLWGD\N!
LWÍ,Í,L‹UVDP WLV1[D(GL@>LYDJH LYXU{ 7\$DLGJX>YDQ$L6P¸$DO0EQDHKLU!
L‹UVVDPD1\LQÈS>H6ZDL\DYOKU,S P,
$Z]D1WD!B
LWÍ,Í,L‹UVDP WLV1[D( ]D1WD!6\X!N‰>W7¾HÑNDÇ^\HQULWJWD!
VDPD1\JY¯L‹UVLQÈSNDHQDP $D7PDUDPDVWG,\D;YE­Í­D]FWDSVD!
GL@>LYDJ!VPD»!
$Z$D7PDUDPD!B
PX2\L‹UVLQÈSN! $D7PDUDPDVWXVQNVQ1GPXRDPWD!
SLËPLYDJ! ¾D[D1\DWVQNDG,QDÈSL‹]FN:\WH

 W¥ÈSPB
]DL1WL‹UVD2\D¾ZPOKU, WHS D%GEDODD]F7YDUVWHMVDH--YOD!
JD(UDšDYDWYVQD!¾D\H>VKFDLU>!
[ WPX*[ÈSDUDHDJYWDLS5WS ZX¾HPD
VPL\VQDWQP8LW5V WQDHWXSXÇDH¢PVWXLÐP W¥FL‹!B
UVDP WD%[HU{DJH ¥W W,\HSLËPDL[H VP6WJX>YLM5WHNU>W!¾W,F,QWD
PX2\DHL‹UV!S LY[!]D1WDG,U{\5WH JWHLNP$LSY6WXLQ6Y\P$G,LSWDYWVXRP
$WDH ¥SD LY;\HQOK\5!S N,LW5WD! Q\DYG{\P$¯bWDQYWPDOQ,O XWHU{
$ZDP,S OØ\1WHUVD!]D1WDG\!‘PDW PXNe1GVXRLFwQDWYE8YVD@D7N‰LW!

W¥]D1WL‹UV!BB $ZWDSVD!B
YØ\PD>(U{ LYDYD (!]LPQD6YD WDJW! L‹U{PXŒ\(YLQLY5—H7\$D¢\X‹LYU‹WD!
6ZD\,]DL1WULWU{[,U(!]D1WL‹UV!6P W! $QXL-+WPXPX@D\HM1WHWHWXWDSVD!
¾D\!6YVXRMDW,\VXR 6\DG{$¥\DHLJQDP
LN17Y$D7PVD(2\P$QQ7Y]P$\VXRP \ZDB
NGD](O²DH^\DS ZO
X LYTLS‘DHIYVLWU{ W¥QDVD€Q\Q7Y\ZDB
YVDQ!ND(S,QULFW ON1GD]QÇLF! QDLVND€fJ$\SXUDHPXLQ!
×LG;\D\;\D\PXÕU{KPXN1e GDL[P$K 6S1GE1[XUL]UDLYUDMWH
LFGDQ1G-\DHLW!@>PYLYQH\DLPUMQ,! LF¢N1GUWT,P$QDNeODP
$6\Q8QP$YJDKWHKLU!
‹D7PDUDPNÇ>D¾S HQ(YWDSVD!
]D1WD2\DYF1²6\×GDND]HNODLÍWD! M 0DšPDHTQ‹HU{SGH]DHKUHU{QLW!
6WYDG\]FGDVD (!],WD!VD[DU>D!L‘\D!
$Z¬,SQD!B
ÍXLWU{PKDHSLQGDLYLY‹6ZDQVHYQP W¥M 0D\ZDB
$1WY 5L¢LY]HDH 6\6 ˆLW5VW£YLYYHFQP ×G\D0EUH¶XYWH
LY D]L‹¾[DQ7YLYÏÈS¾G]5QP DYD0EUPL>U{GHLW\DHJ,1²
`DLQ‹HQVVJDH5ÂÚV¥DG\VWZD \G{GYGQD0DHM
#Y$VD[DU>D!¾DH‹DEX[U( { ¬,SQD$P, M 0DP$YO0EWHYW!

$¥PKDHSLQ&'{ÇLW!\ZDB $ZVDL£YND!B
$ŠH]D!NPOXY!¾LY=\JDHÑ,v UDHPD 6YHGN0SD D!VDL£YND!¾O\LYQD
NeY51W!ÍXLWL]UVDÍXLWÍXW`D!
¢Xš\¨SUVšPD\Uš $ZUDHPD DH\ZDB
\DHJ,1²D!SXON WDHQYD3\$YDSX! SD M1\MLQWDH;YLQU{$1W!
@DH\QVSLGLE­VPDL[!
SDGDÀWXOV,J1[!]lQDGDHPXUL´! \DHLJQDLJLUJXKDLQO\DQD
SX^\](O!]XDU^\LV­@H¥6YUDSJD SXªOHSXONSDLOP$Q(,W
LY\DLG@L\>X7YNDO6\DLROKDLUWD
7\D ¬,SQDVD[DU>DVWHDLNODLÍW(! #DLQULPDQDQD]U,UDLGX\DHLJQDP
VDL£YNDVWX-YO17\#YQWXG,»DY17\$P,
$ZSDGDÀWXOV,J1[DH\ZDW W,\HB
W6\DULY1GQ\Q6\SGDULY1G $ZV DLU>!B
LN¡/NLPÍWXOV,PNU1GYD\X! V DLUQDH ¥LQYHG5 DH[ LWU{KDH5 PLW!6P LW!
$1WJ5W!6YLYYUH>FNDUWHD LYDGDH7VXNWDYHJLYWND5 D!¾N,LW5WD!
V
{@DHP$@UMXDP$LSLF¢W1YDH!
W¥LQYH5GDH\ZDB
$Z$QXDYD!B $L6PQVXRQP8WD(5 SUP
QDVD€1\6WQH¥7YP$Y[8WLYFHLÐWP $D7PLQY L>S¢QH6 eULW
\XJPD¥HL@WJLWU{`DQPX²D¾G]5QP $D7PDUDPW\DPHY ZD
KUHU{L´\$LSQ´HDHQDLWL‹!L¾\HY$LS JWDHEWLFUNDO!
LV­WD\DVWZDM,Y1PX‹H]FEÕPDLQWD
Q(USHØ\LQP5PWDLQUK™DLUWDNZD $Z6ZD\,B
PD(QP7\$DG\!],WD!6\XU{$VD[DU>D!L‘\D! $¥]DL1WULW!6ZD\,VPDVD1²DFVDL´[D
W¥$D D\ZDB $´(WY,Z,SLZN(U{SD6\D!
VPD[D(\DHLJQVWL6P¸$V0¾`DWQDPLQ 6YDQ1GLVKDVQO%[G,@D!
O,O\DPL\O%[H 6\E8YDH7NL0SQ,WQX! ]4HQNHQDLSY\K4HQ
GDV,N‰WDJDHSY[8LYTHQ
VD1²D\ZDB
VYD5LY D;YVWDH\!VP6WDG{ W7NDÇ^\ÎZ,8W`DQV6NDUV1WLW!
$DLY85WDHLQLY5N/SHVPD[D( #L‹UVDQ1GLQSX>!6\DG{\ZD]XN!
MDWHVD@DG{\DGYH1²HVLY1GQ ]P6\LQLY5NDU7YDQQDT `(U{ Q(P1\WH
P<\$DQ1G!VD1²WDNDHLT[DV,W ]D17\D2\D\DUWHU{$¥6Y,NDUDQQLYÇ;\WH
]PDHPL¸ÑWDEX­H|LWÍ,JY´F!
]D1WDHL´[(SDUDHØ\VD@D7NDULYHGW! WL¸ÑD¨5TDEX­UH { #WD]D1WULWLYQD

$ZSUDHØ\\ZDB NHYO]D1WDH LSÍ,LY>X[PDH5¢UH\ZDBB


¾\D6\LWPK¢S!V OWDLNP$ÐDLšND QDL6W\¥VXR ¨!RQ´HDHQFP7VU!
PXQ,ÏUSXUDWQ,SUP\DHJF\D53\$VD( VP!VYH
5 X 8WHX V]D1W!¾LZWDHUV!
QUDN‰LWQYD0EXG XLW[USUÂÚPH
LYODHFQFP7N‰LWNZ\LNQXLQPD56\LW VY5Z(YP$K™DUULKW7YÊML1WFHW
$¥D1WD5YP$K5L1W[P5Y,UDG\VWGD
\ZDYDB 6ZDL\QP#NHWXLQYH5G6ZDL\QSUH
@H¥HNeUDH!LNP$LSF^INUDHSUDJH ]D1WP#YUVS8Y5H ¾DÕU{#NP$QHN[D
VD1²PK!SLZLYODHFQ\DHU{ \GDV,W LQYH5GDHLY\H6ZDL\W£Y`DQDH¯Y!VFHW
WQQ,UG XLWML\6PUG{7VXNPH ÐDLQÐLY\DHJDL»N‰WVWX9\LFD<|$VD(
Q¾7\JD7PLQPQDHUPWHSXUHY
LWÍ,Í,L‹UVDP WLV1[D(
VD@D7NDUDH\ZDB SLËPLYDJHPX2\L‹UVS NLQÈS>H
SUPD7PW\DLWPH¨UDG{ ]D1WL‹UVOKU,¾ZPD
EWVD@D7NU>¾PDHGW!
JY¸$L[N¾\DHMQ 
NWUG{ÂÚLYGDH LSLY WH ¾,L¢L‹UVD2\DL´W,\OKU,

\ZDYDB Í,[U6YDLPL!6SÐP$\P#YUVDH¢P!
×Ð!N0EXSLW6YQ(U{XLYOX4›,UD O!V OQ Uš¾VšHV¾HPND2\!¾N,LW5W!
P8µD5Ç­fJÍXL!SXOLNWDH²DJ#O,QÊW! ULW6ZDL\W\DQDPND(PXG,N‰L¯U{$3\$VD(
$Ø>DHU{ $šQP$¡QL7YLSUÂÚ^\$YD»HPXGD ]D1W7YHQD\P#YD­DVXGHYD (]FYL>5W!
PX²DL!¾NT,NUDH7\$YPLW\DHJ,6YÈSL6ZWD( $D7PDHLFW(U{ LYDYD (!¾,LWU{$D6YDGQ,\WDP
Q,WDFHWLV‹DQD¾,LWL‹UVDHPW!
YHWNGDLFWNe¥DLSQ1GV8QDH!N‰SDU! $QX€DÛ6\GDV7YDOOD/\7YDG{$3\$\L´[D
¾ZP`DQLQÑDH LSVDH ¥(YULWP´KHW  L WHV0ÄP¾,WDHJD(UY¾,W7\$LS
GDVDLPDLQQDN‰>H6\DW¾,LW!V0ÄPDH¢UD
\ZDLE/YPšODHL‹!BB S8Y5YWSX\PD>DH \V0ÄP¾,W&\WH
W¥$DO0EQD!B \ZDB
KLU]FW6\GDVD]F`H\D$DO0EQDK ¾XU{$\P$LRO(U{JX>(U{JU,\DQ
KWXOQDP$SU!¾\DLWQD6\
W¥KLU!B LWSLU>WLQ>5\HQQÆDQ
$DO0EQDH L6PQL´XM!N‰>DHJDHNeOYDLVX LKWFLUWDQKLUVHYNDQM;YP
$1\¥L´XM!.YDLSNe¥D3\#XFWX5XM!
FWX[D5P,$L[N‰WDLÍWSDLUGDQXUDJD!
W¥ÊMHB
QYD0EX[UE1[XU!NU\XJHQYD0EXMH W¥$L[N‰WD!B
LQ[D\PXUO,v6 eU7SXUTLQL1GSrD0EU! ÂÚ]™U]‘D D!¾DH‹D$L[N‰WDEX[(!
L]R^IN‰W]HRU!L]RLU>VWTHS\5TQ ÈS¾LV­P#Y(DWHQL‹U{G,\5WH
¾XU{LGLYLGYD(NVDHXLYL[QDHLWQ!LN™UDQ
\ZDB
$1\¥L´XMDH\ZDB NDS\H75 \$L0ENH\ KLUP$YNO\QN0SWHN!L]UDH VD(
¾XU{$\P$LQ]LS]šYDVD! WN!6WD(7\#[DWD¾>PLWLYOX4QN!L@WD(YDVYDH \P
NU\XJDJ$LUN0EXU{$0EXGD! N!6W%[DHK6\WH ­DGQXMLGQXM!( S8Y5MDH \PPH7Z
QYQYF ODLSQ­DH NDLO1G,MD0EY7\DL¥G]SLUF\MDOU1¶DG{9\WDQ,W
ULY]L]P^IOPL^IW]FNDL6W
$Z$DLÍWD!B
W¥FWXX5MDH\ZDOLOWPD[YHB WH]U^\D`DLQFUD!VHYDLQÑDVL¥[DLÍWD!
F 7ND(6WXND(PXG,VPXG\!ND(PDHGN,F‘\DH!
V2\HQDH--YLOW(VWZDMOM\DHU{ $D) ]FWXL5U{ XM!(  \ZDB
LG9\DO™U>HQV™TWQX!Vš,LYKšHL]WXU{ NHLFG{,WD!]U>P$LW!VÍ\1WHY1W
PD9\6PDU\G{#NVLYM\,Y(Ne^4JDHÑ,LÍ\P LY`DWDZD5V7YGQXYW!¾D6\NHLFQPXPX@DP
ÍDYÍDYWYQYQYDPD[XU,vVD[XY 1GDG{
ÂÚD^INDHLT[DP(NUDHPNˆS!N‰SD0EXL[! Y 1GDU^\DH7VYLNOY\GHYVHYPH LK7YDP
$LYLF17\PKD]L‹!VY5LVL­LQHLYW!
$YWDUDYO,E,MVGD7PDUDPתb>! W¥]U^\D!B
ÏU!SUPDUD;\!VY5`!VXf)ÊW! ]U^\D!NDLO\MUDV1[E­Q SDG\!
VP L­PDQ@PD],O!]U>DJWSDON!
GL@>!V7\YFQDHG@!VY5]X™U! \ZDB
¾WDS,[DLP5N!]DÒF@XU{ ‹VX×¢P! $LSJKQDJLVQDJH¾XYUP<\$¯bWD WHNÇ>D
YGD1\VWHMVD\X‹!N‰W`!N,LW5VÍ\! ‹(U{$LS¨O5\D\G{$KSGPX²\DH--YLOW!
YU,\DQEOYDQ¾HPY=\7\$DLGLU{JX>(!
\XW]FWXLY5[H Y#GDVHY$DO0EQDHKLU! \ZDYD$SUD[¡QHBB
NDPDG,QDNLWQNLW[DSDLOWD¨LQ5GH]DV
$ZGDVD!B WHDMDWDPL\QNÇ>DQ¥SDQDHS]DL1W!
GDVDVWX¾LÍWDVW6\LQGH]Y]YLW5>! 7V -\(WDQ$Z\¨SWHVD0¾WO%[EXL­V
LYÏ6WD!¾XWD`DQLYQLÆWL[\]FWH 7YDP$D\DW!]U>P$\PDLQ\X
{ØYD7PGD6\H
$Z`DLQFUD!B L‹!\ZDB
\HPXP@
X DSLU7\-\KLUP#YVPDLÍWD! ]VQ[XM5LTLQM5\DLGLYÇGEDSDYÇ­D@U
]D(QN¾PXRDVWHWX¾DH‹D`DLQFUD!EX[!(  ]™DS OYPGDG{$J>\QNDODL”DzDG{$LS
7Y<\#YDLS5WEXL­U{­YPXRV7Y7SD5GDQDJ>DH
\ZDYDKLUKL‹VX[DHG\HB ´DLU´DUYW,SXU6\SXUW!VHYDH7VXNVLWÑLW
$KDHPKD7PQEÕGDH¨ÐDH 3\
#NHQD7\#YDHJX>Q H  #WHD¾YU!Í,PDQ­Y!¾HPLYŠY!
V7VšPD2\HQVXRDYKHQ
N‰WD QDH\HQN‰]DPXP@
X D W6\ÈSBB
NDLO1G,P[XUL7YP[XSWHU{ PD/\HQLQPD5/\WD
\ZDYDS DY/\DPBB O%[HQDL WP$0EUH>FOVªDHUDHFQDUDHLFD
;\DQDW,WLNP$LSSUP\HWXMDQL1WW£Y ´1´HQDJ5OVX1GUH>XM\DHU{LM>XP$ÀH@>
WHDP$D6WD×G\NeKUH]X­LF1PD¥$D7PD PX2\SDLUGHXL‹OKU,Ç­MD0\­YP
$6PDNWX¾N‰LWP[XU!6PHUYDULY1GDH
PH=\DP!NQNSLUL[!S™MD@DH \P$D7PD L‹!\ZDB
P8[15 \$DÕN]DVQ¾>\WHÂÚH]\DH!]DLVWD
$ZVHYDLQÑD!B LV1[X ¾DZ5\WHXYWQXWUDÂÚD^INDHT,ÏU!
P8OWDHMQDV‹D!VHYDLQÑDW,LUWD! P·S &'LWPDP$SH]OL[\LY`DQYDUDLQL[U{
F1²;YMDHKLUK\DHEÕODÏVWZDQ SD! LY‘,I7\$VN‰G{LYLF¥FLUW!VDH \¾XU{PDf]DP
ØYDNe!ÍXWGHYD]FSX^IU,NDG\]FWH
$Z$QXJD!B
\ZDB VY5GDSLUF\D5VX ¾DHU{ $DV‹FHWV!
$D7PDUDPDQ$LSJP\LW7Yªb>DHJDQJDHÑ,v SXU6ZD]FÊM6ZD]FH7\&\WH$QXJDL´[D
]81\DH DQHQ\LWLYKJDQ$3\$OL@XF\D5P
7\7NNP$LSVFP7NDUP$DN^\5LF¥ W¥SXU6ZD!B
VHYD\DWH6 eTP$KUÍ­\DJL[5WDH L6P VXF1²DHP^IQ!6W0E!VXW0ED D!SXUDQXJD!
#DSD5GYW¾D\DHÈSDO™DU>DG\!
$ZSDLUGD!B
­YDHGDÇNDHM(¥!ÍXWGHY]F]¥XLMW VHYD\ZDB
Q1GDHSQ1G²D D!SD5GD\¨S¢QH SLUNQNG^IP^IQDHLY6W >,WH
LQ\X‹D!V17\$P,P·VDU:\DLGXNP5V X [XYLWLNOVXF1²]FDPUF1²FDÇP
WZDLS.YD3\$YVUHSLUF\DFNeY5WH SKULWVXW0E!VXÑX WD0E8OY,T,v
ND(UYHXWZD,PSU,L@L´¨UDG\! LYG[LWSLUF\D5!VD[YDHPD[Y6\

WHDÈS\ZDB $ZÊM6ZD!B
VUVD!VUV,ÇKD@YHDV U‹N!S¥N!S¥,P[XN^4DHP[XÊW!
L¥LGYH]DYLOM(¥NDL1WOH]D! UVDOVXLYODVD]F¾HPN1GDHPU1GN!
\¨Y,UVDVG!VGDP, $DQ1G]F1²KDV]FS\DHGDHYNeOVWZD
¾FXUDO™U>DH--YODM\L1W UVG!]DUGD D]FÊM6ZD$QXJDPWD!
$DLÍ7\¾H\V,P$6\QDLWVHYDSUDH LS\!
#DÈS\ZDB W6\¾VDGSD¥6\DQPX2\[,U!V&\WH
PL>P\YUP^IQDH--YODšDQ
SXUTMYDP[XLOT{ST,UDV! \ZDB
LQMYSXUQXÈSLG9\YÒDQ NP$LSS ZJQX›U( { QDFUDLP¾\¤
ÊMSLWQ1GQLN™UDQQPDLP \¨NeONPODN57Y7¾VDGLÍ\H LS
VPMLQQQXGH9\D!SDLUMDWDLF5WD\D!
VHYD\ZDB SLUMQLQLROD1W!SDLWQ,PH\GD2\D
²bWNeÇSLUN‰WENeOS,WSrD]XN
YU(U{ $JXÇLU{MOUF\YDLVWYDLUG $ZY,U!B
UVDOSLUN/S\DHU{ $JOWDGO(U{ Y,LTND! N‰SDW6\VPDLÍ7\¾D()DQD1\P$SH@WH
SUDJSTO,JYDLG]P$Ç1[SD(U1GU,P $WXOD\DHYKQN‰>H¾,LWY,U!V&\WH

ÊMDQXJHX VYH
5 X YU,\DQU‹NDHPW! \ZDB
¾O0ELUSXU{ ÏUDHYWXNDN‰LWVWHQPH
$6\ÈS\ZDB NePDUPNU;YMDG{$LSQLNL G{$D6WH OP
U0\LSšSTP$šUDHLFD LNP$1\G{$KP­W!¾XN‰SDNTD@LÍ\D
RLY5WDHÇ]WSLY5NDÇFP L¾\DSLUGL€PDQJ>\DLPDPDP$LS
VXÑXJDHÑ\XYUDMVHLYQ
U‹N^4P$QX\DLPU‹NP FWXZ5H FBB
MJœQ1\DMJG,]Y(]V
L‹!\ZDB 6\DG{#Y\7NP5L>Q!VP,LKWP
LJLUYU LWW 5GDUNH L6PQ NUDHL /*Y$3\ÇG,QY7VO!
ÊM\XYUDMW\DJWH¾LVL­P 6Y#YL[^\H LUW6\LNW\D
] >X UVGVGDSGDLVHYD
SLrPUWDULWU{¢PDPPD6WX #WHX W6\GDVHX L¥LY[HY$DLÍWDLGX
LQ7\LV­D]FLV­D]FVD[ND!SLUN,LW5W!
[8\DH5 [,U]FY,U]FL¥[DSDLUGDLGN!
$Z¬,SQD!B
W¥[8\!5 B $QX€K6\V0¾DL»VW6\D
{L˜UMVDWZD
N‰>H 6\¾H\V,YJH5 GDVDGD(F\ZD\ZP X‹DYL]ЋDGHU{ $LSW¯‹VšLW!
\!¾,LWWQXWH‹!V[8\5KN,7\5W
H  7\$DG\DHLYDYD!6\XU{#Y$VD[DU>DPWD!

\ZDB W¥$QX€KV0¾DL»!\ZDB
GHY!VH9\W\D\ZD6 eULWPHGH9\VWZD6\L¾\D! N‰>6\S=\WN‰SDN‰SD D!N‰S>HPL\
VY5!¾D>VPDQWD¾LFQXWH W¯L‹DMDJ>! ;\H\DH VD(LQ[QHK1Wf]DHU{ $;YDQP$B\JDW
6P 7YDVDKLVNLEHLPWP$K‹DLPDQDH¸W
¾,LWW7¾>WHRUH 3\$LYG[G{\!6YD6:\P$DO0EWH PXUO,] š\DH!6YDQ!L6PWS8YD5YODHNQP
JX>DH7N5ÍXLW!S°SGD™QYQ,UGD!
$Z[,U!B WGšVD(UD DVWXVY(5!VD[DU>DPWD!
Í,G]PHB
$¥PXUO,6YQDH\ZDLYG*[PD[YHB V1²VHQDHJY7SGDQXM
VDH7N^4PXUO,NODSLUPODQ$DN^\58>5¢QDHU{ LEÄQPXÕ!¾HPLYL¸\DL[\D
#W6\DL@VKÔW!VXU$DWHU{ $Í8L>VÔXU{ XLY YDFKDQ1GMODNeOH@>!
LF¥YDLU[UDQLYQDLSWUVDY(U{ $ [DUDP\(U{ ¾×ÐUDHPDQ SJªGD@UP
©UDWS=\WGHYPDW 7NP$8G{Y 1GDTY,P^IOP
$Z9\LFDLU>!B
$Z$QXDYD!B KDH5 [ LW]FD¥LQYH5GDH ZLY^>WD
VY5W!6YLQ\DHJDQDP$DL[.\HQSLU€K! G(1\LF1WD6P LW!]™DPLWU{$D(7VX.\FDSOH
\D5OYHQFD6S ÐDP(¥,W7¾>WHMQH LYWND5YHJÝ,MDI PDHKDH1PDGDYLKL7ZND!
WL¸ÑD D!],WD!6\XU{#Y$VD[DU>D!L‘\D! EDH[!6Y½!ŠPDH9\DL[U{P LW]F9\LFDLU>!
WUHDPGDG,QDQDLWSDHNWDYHW
W¥6YLQ\DHJ6\VY5W$DL[.\\ZDBB \DHJH ¥\!6\XU{ [ 7\VWD$\DHJHWXŠPDG\!
$š6W0DU0P¢Xš\1W \¥SUH]HDLQYH5GD D!VWDPWD!
¾HPDQ1GGDÇNDHQDB\Q1GW
NVDUDWHU{Y,MQH\HQVD@DG{ W¥KDH5 \ZD¾ZPHBB
$@DHG,\DQ$1WUD\DH9\[DL\ ¾,7\X7 epPXRD!¾DHFXU{ K5JªG\DLJUD
LSWUVY5VX×GP$LYWDUPYD5ND!
¯D6YUD!SXUDH‹D\HWZD6\VX×GDG\!
LYUDJD D]F\H],WD!¾DH‹D!VD[DU>DVWXWH \ZDYDB
KLUP$YODH.\SXUDHXLY
W¥Q 7\0\ZDÍ,G]PHB SLWWDHG^I¾>DP]WNDP!
ÍXWGHYDH &\XW¾D»6YJ KDQMQNDH\ZD ¾PGLYPX*[DHQ SLW!
Q7YDPXQ,v]FV×ÐDH[X1YQYDVDHQQW5K SXQU{7ZDQLYV6PDU

\ZDYDB ŠPDH\ZD6ND1GHB
7YNODVXLYPXRDH LSQW5Q $]DH\QPQVW6\0ODS\QPXRS™MP
¾HPQDT JXÇ>DLVSDL4W! $DL[VWL´UKHGHY€,PHVUYD]XPDQ
\G{LYLF¥JLWF\5\DL W]
LF¥\6\$KKFDU>DQ$LS LQYH5GDH\ZDB
[1\D!6 eULWWYV8\5 NUD!VKÔ
$ZVDL£YND!B \HVY5GD\¨SWH!SG\DH!SWL1W
6W0D D!VDL£YND!VYH5¾,WDLGL¥W\HPWD! E1;\DHf]DG]5]W,L¶\WHPPDVD(
©UHPXÖW5P $LS\DQLYODHNWHWP
\ZD
JDHNeOH1²JX>JDQUVHQ $Z6ZD\,B
6W0P$¯bWP$VD(MPDQ! V0ÄP!¾XWD`DQDWN0S]FHWLVVDGU!
S=\L‹UVP^ISP8O $QHQ(.\JWD¾,LW!V0ÄP¾,LWU{&\WH
6W0WDYKLWY(>YY\5! #DUVH ¥NLZWD6ZDL\DYW\DEX[!( 
$DLÍWDGH!SXUY
( DH‹!¾NDUDHULWM1PLQ
W¥SDLUGDGHV WXKHW!X V6NDU#YLK FX0EQ epNG0EI0EUWXODš(!VP,L@\D&\XW
V6NDUDH±DH[NDVW6\G]5QÍY>DG\! 6W%[DH 3\$B\L[NDLÍ\¾>PWDY 1GDG{G[DUDH­Y!
#DWXV0ÄP¾,LW!¾D½XY7\¢UDH¢UP
Y L­¾HPDWW!ÓHKVWWDHUDJLWL¥[D $ZUDJ!B
ÓHK!VUDJDH\HQ6\DWVXR ¨!RP$LS6 eTP
W¥V0ÄP¾,LW!\ZDÍ,G]PHB W7V0E1[OYH 3\$¥¾,LW!¾D>9\\(U{$LS
PPD DPšOQÐ OYD]F(YPHY!
\QQP6\HJYWDH\DHLJ;\H\D
{L˜S™MP \ZDB
JXÇU{$LSXMJDG{,VW@NDW¾D-\UD-\
\ZDYDB &\XLWU{$LW]DL\Q,F¾D\F\D5FJXY,5
NLO1GQL1GQ,NeONG0EYQYpP $WVQXWPXGP›(!N‰>O,ODVX[D1WU{
NGDQP6NLUDLPJDHSÈSWPÏUP LYKU>VLFY7YDG{$D(¢UH\6\UD`!

$Z¾HPDB \ZDYDB
‘DV]™D&\XWDE­P8OD¾HPH\P&\WH NH]Y6\NÇ>DOYH LSFHG{
$6\DQXDYD!NLZWDVW¥9\VLQWDG\! EDIYDH LSLNOIYDHPP
$6\\ $G\WDNe]6ZO,
\ZD S8>5LVL­U{$LSPHNe]6ZO,
$L>PDLGVD(2\Y,F,P$Y,LF¨!R¾YDKYD
Q\PDLYN‰LWU{QLKPH7Y7SGNPODYO0E6\ ¾D\$D ´\H¾HPDÓHK!SDLUGHY$VD(
SU,L@LWYH²DJDHGDÇNHFWZDH­YH
\ZDYD ÊMDQXJHY$QHNHXU‹N¾PXRHXF
ÇD-YLOWEXL­QD JXVXWHQ]»DH 3\$O $L6P¸$B\XLGWHDY!¾D\!6\DWV2\OH]DN{
P\D×WMJ7¥\DH 3\$WQXN(WYW1YWD
LYLQ1 N‰WE1[QDH 3\UJUDMSD](U{EODG{ \ZDB
$U-\WVP<\$KDHL´JX>P#YY(UDHFLQ! ]X­D1WDQLPLOWEDSÇ­YDJ­YDHKLUP
LNL 7NeL WQH¥D1W!6YD1WHQSLU6YMH
$ZÓHK!BB
VD1²]LF¢²YNeY5Q¾HPD ÓHK W,\5WH $\DHJ\DHJDY#W6\¾HGD(NLZWDYD(
@L>N6\DLSQHK6\DG{LY6OH6\VLK>XWD
$Z$\DHJ!B
\ZDB VšDDYDHKUHU{ [,U(U{$\DHJLWN:\WH
G0HQEDSD0EX+U6\NH]Y $\DHJH W1PQ6N7YWªb>D QXV1[\!
Y,Ø\²YL›¢P$VXÔXYWWY WW¾D¼\SD\LF1WD D!VYH5DNLZWD!L‘\D!
7\›N(U{ [DU\WDHLYLF¢WD 7NL^4WLY\DHJ]FH7\$\DHJH LSL´[DH&\WH
LF¥DQWHGDÇNGDÇN/SWD
W¥7NL^4WPBB
\ZDYDB $fÐS8Y65 \KUHU{ LGf@DH7NL^4WPWP
S¤,vU¤LQ[H!SUDPSKUQS8U>
H EDSD0VD
U-\1P¡XON^4J5OLX 4W6WDH¥D@UDHS‘P! \ZDQDULVKHB
FNDUPHH W´>H5 EÕPDQULWQ S! YHQQLK\\DH!SGP[XLUPLÍ\DP$D6SG
S@SDWHQW¸DLÅP JHS°HFW¬L] SGD0EXMQRD™bUDG{$LSLYVDLUUDHLFVWY

\ZDYÍ,G]PHB LF1WD0\ZDB
$3\$ LY>DHU{ PQXM7YP\XDHU{ KLUSGNPODYODHNW >D
DUDYWDUD\XYDHLQMH&'\D WUOPWHU{ $LS\DH*\WDP$Y,Ø\
ODY^\[DÅDHLYWDHSO0Q $YQWYGQ6\LF1W\DPH
PÛQQ6\DW OP$¡VDf]! KLUKLULQ!ÏVWDHLQ]D!¾\DLW

$¥D\DHJ¾V‹DQDVYH5DP$LSV0YH FDSO\ZDÍ,N‰>N>D5PW HBB


$D(7VX.\G(1\LQYHG
5 LF1WDQDFDSO6\F 7Y&'(]YL¥XYQD¯bWP7\$YHLK
MIWDH1PDGPDHKDQDP$LS6\DG{$LWLU‹WD P›DSOFWYYDPPYDL[J0\P
WWLNNUDHLPLYUOPXUO,LYODLV
W¥$D(7VX.\\ZDÍ,N‰>N>D5PW
H BB PX*[PXRD0EXMPG,L@WXP @>DB\DP
$P81\$[1\DLQLGQD1WUDL>
KUH7YGDODHNQP$1WUH> \ZDYDB
$QDZE1[DHNÇ>(NLV1[DH LÝ\P$KUPXŒYDf.SWš,PPDVD(
KDK1WKDK1WNZQ\DLP \P$LSGPL\7YD‹Y 1GDWW DWD5
LQUYL[P$LYFD\56Y6\F@DHLGPDQ
\ZDYD WYFU>VUDHMOH)PX  $LQ9&'W,]
LYODHFQVX[D0EX[HVWYSGDULY1G´\,
LYODHFQUV&'TDP$QXSOB\LY@XB\W! MIWD\ZDV»PHB
PQDHPPPQDJ$LS.YLFG{$QD½XYQLQY L5 W 1\6W‘,IQNDHEDODHMIYWW1PQ6W\D
@>D[5P $LSP1\WHÊMPKH1²Y5ÊMP N‰>€KJ K,WD7PDQYHGMJG{f]P

G(1\\ZDW¥(YB \ZDYDB
LQE­P8[D5¡LOU{#\DFH LQPHDH1PX‹D@!NZPKSLU6S1GLY[XUD
Q,U1¶G(1\DH¸LWPX‹N^4P WQXLEÄG{9\!¾LWN‰LWU{YD6WHL´MSLW!
G\D0EX[H GHYY7NTD@ $\H`DWY],ULVNQYUDJ9\VLQQD
GDL@^\OH]HQVN‰QLQL  SXU!=\DPD0DHGHEWLYLQLKWDfLÐU{$PXQD

\ZDYDBB 1PDGDH\ZDV»PHB
$LV]L]PXNeTD (U{$3\$OB\H@>V7Y QGLW.YLFG{7N^4DHLYOœDHQ 7\LW.YLFW
OXU{ $KUN,TDG{$3\$KNˆTNPD5 .YLFWW¯DYQD\X‹VW1P\DH QXFNDUK
LWLYVf]WDLS¾DZ5QH¾DZ5\DLP
ÓS\N‰S>E1[DHPDP$SDš&'TDL! \ZDYDB
.YLFQQTLWLQST.YLFG{$V0Y6W0WH
LQYH5GDH\ZDB .YLFG{LYKVLW6 eT.YLFG{$P1GP$D‘1GLW
6 eT LÍWYWDHU{ $LSÍXLWLQHY\DÎD–\WD OV7\$QOV.YLFW.YLFG{$SDZ5P$DWD5\WH
PPDYLQUW\DHU{ YWXQH¥\DHU{P1G\DH! KUHU{ $LQYDH­bU¾>\V,[XP $¢DHPXLQ!
PDHKDH\ZDKLUL‹VX[DHG\HBB MDJ\D5\ZDB
$\DH*\P$D7PDQPW,]G]5QH LYUKDQPXUL´]LFULY[XUDšHSLULR¸FHWLV
VP1\PDQVWGQDL»NDWU! @>GD!@>GDL\WDHL-+WDEÕODÏHEÕODVWGDYQ
±HO¨!RD>5YP”PDQV!
ÍXWDÍX[DUDHL´MP8L&'5WDSWW $DYO0EQ]81\WD\ZDB
LYM\UZNeTXL0EQDLYQD1\Q
\ZDYD QLNONeTX0EPKDL6WQVL¥ODH.\DP
KLUFU>LYODHNDL%[WDSDYO,LU{ ÄPG{GP$QYHØ\\7SGDÀ
EWLY[8WLFG06\$¥QVW,Z5Y\H 5 .YLFG{$LSQ9\YLWÑWH FHW!
ÍX7SXTSLUYDKHQH]QDPDP WDLQ
L@SWQQXVW,ZD5]FHÐWD¾D>KV! $[ LW!\ZDB
¾HØ\LSŸ'NeOP$L@LS[¢H
$ZLY\DHJ!B Q(LFN,LQF\P-+LW©UH
LY\DHJDHO%[VšHQLY&'HGDHGQXML´[D YLÐ\LÐP$LSQD PXUDUH
U‹NVWYSGD0EXMU‹!
\ZDB
ELOVXWXM^IR^IQD\ MIWD\ZDB
@WMSXU SXÇDH¢PH¾\DWH \D(L[LÑUSXUPSH\LX S°QDH
LY[8WLY[XUEXL­U{­YDH \ RHGDQO9\LWNU(U{$LWLYŠY6\
LYUKLQÇ­PQDLQÇ­YDH 8W 6YHGDÍXLU{QLKSUMOWDP$YDSXU{
$šDLQLQL‘\W\DFLNODH­Y6\
$šHXWDS!N‰]WDMDJ\D5O0E]81\WD
$[ LWU{MIWD9\DL[U{1PDGDHP8L&'5W EX[!(  9\DL[|\ZDB
LY\DHJHV0ÄP¾,WHU{ G]DY6ZD!¾N,LW5WD! LFU\LWPL>P$1YHÐX
$QYL6Z¥$D2\DWDLF¢6\DO0E]81\WD FLOWHPXULLGNe]6ZO,SXUW!
$UDLJWDWXVY5L6P¸$[ LW!NLZWDEX[!(  VPMLQ[ WQY9\DL[!
$1\H ÐD(¾NTDZ57YDWWDSD DQLKOL@WD! SYQ9\DL[U{\ZDZD52\!

W¥WDSDH\ZDB 1PDGDH\ZDB
$6PDQ¨QDHLWNPOWSQ6\LP¥ ¾DHLWHEWLQMDL[G(YWH
U¤DNU]FEIYDQOJ8)P8LW5! U(YWHQYP$YHØ\Q,UGP
1G,YULY[XV×X WNZPÏUYD ÄD1W[,U{$\P$[,UP­Y!
W6PDU\QPXLQSWHGKW,KVB\DQ S=\UD(LWUPWHQP6\LW

N‰]WD\ZDB P8L&'5W\ZDB
G[LWWYWZD VHYNDQD VPMLQG]DLYÎHDWWHSGD0EXMVHLYQD
XMSLUD!N‰]WDFSD^IXWDF ÊMXLYWZDQDV,QLQ²DOYDH LS\ZDSXUD
SWLWEW\ZDP >DOEX­ D \¨YUGUÏDVHQDP,LYWLN5WM,LYWD!
6 eTPKSD^IYLP¥SD^IXS@! VWWP$[XQDLQËHÐDšDVWTD1\$L[]HUWH
L6ZLW!B
P LW!\ZDBB VKYDVDHPXNe1GHQL6ZLWU{LQJLGWDEX[!( 
GQXMGPQ\DWHM,YQH7Y<\$N6PDW
¾FXULYUKWDS(U{;Y1W×7S™MD\DP \ZDKV©WH
ÊMP$LSLUWVWHGDVNDVDUSdD( SXU6WDG{$D,U,J>\GQDPDVNL4QDH
QLNOYVLWP$DWD5!NWX5P&'L1WKVD! PL>6W0DO0E,NeÇNeONZDV™OL\WD
VMDQXB\DP$ÐDSGXYQP$YÐB\LYWD
$L]Y7YDQQTWH‹HNe¥D3\$VD(P LW! JXUDH!L]\DHQ8QSGNPOVYDKQUW!
@DHN7YDG{LY\DHJ6\MDW¾D\HLWN:\WH
LQMDYVU]XÍ8DLY[DQHVDY[DQWD
$Z\DHJ!B SXUVW6\LQYH]D D\DHJH P,DL‘\DPWD!
N‰>HQVšPDH\VWXV\DHJLWN,7\5WH NHLFG{$6\DUWH!N‰>Œ\D6YDGELKPXR 5 D!
\DHJH LSNLZW!LVL­VWXLÐ!L6ZLWU{LWL¥[D Y7YP#YLQLË7\QUVDY6ZWDMJX!
LWWDYG{$VD[,\DH\WSXUD>HXNHXLFW
W¥LVL­!B Í,P¯DJYWHF(¾NTDHf=\WHUV!
7NL^4WHKUH!¾DL»!LVL­U{7\$L[,\WH
WZDLK#NDG]HB
\ZDÍ,N‰>N>D5P WHB .YLFWÇG17\$&\XWLF1W\D.YLFG{
PD(LO]F1²N8>DHPUNW6W0DLUDPYSXU{ [VL1WQ1GL1WYG17\$OD(LNND!
YLF¥LYPX*[KDVP[XUEDOHLYODHOHf]D( Q 7\L1WJD\17\$QX],O\17\$M
YDF!](]Y],W\DPGJMÎD–\DLYODVL6ZLWU{ YL1WW8>,vSUP#7\LQY 5WD!
P1GP1GP$\HN#PZXUDY,Z,vLPZDHJDKWH
V»PHFB
\ZDYDÍ,G]PHB LQ]0\NPD5L>JX>DQ$WX/\DQ
UZDWW8>5P$Y3OX7\VDH ‘ˆU!¾HPLYÜO! Y,\D5L>O,ODWQXL!N‰WDLQ
SSDWFU>DHSD1WHG^IYG{UDPN‰>\DH! \GDLWKDH75 SXONDÍXJªG
¾DH7N^4ªD\LWUD(LWQ 7\LW
WXLÐ!B
MDWHLY\DHJHNVDUH!V0¾DL»VWXLÐU{&\WH #D¥‹DDYDQD¾D\N,¾L‘\DHLGWD
LN1WXNDODLGY(L]Ñ DW.YLFW6\DWV,PO
{QP
\ZD¾ZPHB
NZY\QDZLFUDHLWH7YL\ $ZJD(UY¾,LW!B
¾V¸fÐ DLROWDS]DH>P OD/\DLPDLQQDN‰>H6\DW¾,LWU{JD(UYDH¢UD
M,YHPWHVX1GUKDV]DHLWP VDLYDYDLGL!SXÐDJD(UY¾,LWU{&\WH
$S=\PDQDYGQPQDHKUP
W¥$DO0EQD!B
\ZDYDB KLU]FW6\OD/\D]FY17\$DO0EQDK
VP@P$@P!¾HØ\KLUP$¡LOE1[QH
GDÇNDH´DUND´DLUW¥LF¥G]D\\D( W¥KLU!\ZDB
$\PSLKWN>5!¾6WXWH Y L>Y ­(U{
\¨SLWU{LWKDVHP1GKDVDH--YOD6\! $67\#YYpYD[,]SX¥7Y(Ï\5YHGQP
SLG]LWVX[PD5P;\P$;\D6\G,9\Q
LKWPKLQM\D€HFHÐ\(YD7PMDQQ! $Z¬,SQD!B
¬,SQDVWXYD7V/\L6PW¾H@DG\DHKUH!
PKDJXÇU{PKDN,LW5U{ PKDEXL­U{PKDEO!
U@,ODON7\$D (U{ JX>(U{ $DO0EQDHKLU! \ZDB
$€HVDQX€KS=\¸$€M9\€PDQV!
$ZOD/\D!B JG!SGDULY1GH 6\LYG[HG^IY¸LWP
OD/\D!LNONLQÑ7YSX¥7YD LPDLQQ!
NLQÑD!VDU>JGVX²¾PXRD!6P WD! $Z$QXDYD!B
¾ XÅFDÇGH>D D!VD0ED D]FNePDUND! $QXDYDVWXW6\D€HQ,FDVQLQYH]QP
JXUDHU{ Y7PD5QXVDLU7Y[XUVW6\SLU€K!
#DÈS\ZDB 6Y(UDFDULYPDH@D D!],WDOD/\HXN,LW5WD!
$LSPXUD1WNSD5GP^IODG{
$L[NP^IQYH]JX>LÍ\! W¥Q,FDVQLQYH]Q0\ZDB
$DVWS,WLVW XLWLU{\XWD \¨VGLVVXU1H ²(U{ ²DJSÊ-\PDQD!
\¨NePDUJ>D!SXLUUHLPUH VXRGNUNYDL5U{ ÂÚ>DB\XL@WDš!
P[XLUSXP $LY1 6Y>5S,4DLQPX Q
#DL‹!\ZDB XYP$LPNUD™DHUD™Y6Y,FNDU
VL*[ML1WKLU>DPXRP¸P<\
WD0E8OFLY5WP$GL1WFG,\PDQP GDV(!VD[DUD>D]FD1\H¾DH&\1WH P,XNHFQ
˜DWD]FP8Lµ5SLUUB\Y17\$GÔD! ¾>DPDHPD(QEDÕ/\V™DHF¾Í\D) WD
VD0EDG\!NLWSXUDLYG[XVWSDLV LQM¾D>9\\HQDLSWGD`DSLUSDOQP
$[DHYGQWD6Z(\NDVKDVDLGYM5QP
ÇL.P>,Q1GQVWHX OD/\HX ¾YUDHPW! WG,\DLWUK!NHLOYDWD5 SX UPDG\!

W6\ÈSPB $ZVDL£YND!B
VM\LW]0EUGPQ!VXNePDUDH\¨NePDUNeOPD(LO! N1GS5LY1GLWPXNe1GSGDULY1G
MQ\LWMQHX MQNÄDL1W\!VXÑX ÈSH> ´1´Hf]DH!SGP$VD(LNOLQ¾N0SD
¾DOH\LE1¨LQLFW[ WN^TNDWH
$6\L‹!B L6Y¸D N^TLN OWQXU{$1YND,5W 
¾DYLWVP,Ø\WDLGLYN‰SD0EXL[U{PDf]D
V#SUPDHJXÇU{JÇIJDH\©QDSLW! $Z9\LFDLU>!B
\W!LNP$LSODOQY\P$YD3\GUDH­bUD! $Q1WUDH‹D!VYH5 ¥YL1W9\LFDLU>!
SXUDLUP$LSVšUHJXÇÇLWU6NeP5KH
W¥KDH5 \ZDB
\HDVGDUD;\L[\(YMWDP$LS ©UHGUH1²6\Q6\G,>H5
VHYNDQDPK(Ï\5`DQ6\(Y¾[DQWD ;YQD(L6ZWDQD\¨UDM[1\DP
OD/\DQDWX6YV0E1[6 ˆWU5H { #YVP1WW! WQ8ÇK(VW¥NePDUND>D
ÊM6ZDQDSU(Ï\5`DQ]81\L[\DP$LS QT(] F×\L¯U{$NDLUQ 7\P
W¥7NL^4W0\ZDB
LQYH5GDH\ZDB ]0EU!VXPXLRO%[¨LY5SI{
[1\!VD0EYDQVLUš>P$\QSDÏH5 UM!NE8U5 DH I0EU!VLUSXU{ $0EUDL\W!
\VWDWHQLYN‰\Y7VOW\D6YDH7VšP$DUDHLSW! $0EXUDMPKVNGDJXÇ!
L[
{PD¨5JP$¥]™UP\(U{ ¨G(Y
5 LY6 ˆLM5W!( N0EXUDMNUPL@WD6PKH
¾D»DQ@L>NDLSODOQULW!VD\HQED/\HLSWX!
$ZLY\DHJ!B
$Z6ZD\,B PQDHPPHÐDP$LSJH^IXO,OD
GHKV0EL1[WDPDQDG{JXÇ[,U{$¥JD(UYP QYLÐ\DH*\DFWZDÒ\DH*\DP
W1P\,ODONH¾,LWU{JD(UY¾,LWU{&\WH JXUD(SXU ND(UYP$B\XSHWH
6ZDL\DYDH ¥VDF(DP$DP8ODW6Y\PL&'WD NDUDPY´DUYW,P$Y(LW
NL G{LY]HP$DS¸D¾HPHLWÓHK7\$LS
UDJ7\&\WHFD¥JD(UY¾,LWU{#YVD LVL­!B
LPLOW!]0EUSXUWDHPGQ!SXUWDHLYODHN\QLSWUP
W¥JD(UY¾,LW!\ZDB NDH KPLW6Y¾PGDQQ[,U{$[,U{$3\$VD(YHG
PX²DLQL¢QUG&'G\DHU{$P1GD
YFQDH¸P\LWÔYGÔN,>5P WXLÐ!B
[,U!SULNP$LSV™bFW,v+D™DH LPLOWP$L[LÑWJÇI¾HØ\\XL[LÑUSXUDQPXUDUDLWP
fLÐL@S7\$LG]FU>DULY1GH $MLQPXGD\¨QJUHV0ÄP8PDNePDUD>DP

¾HPD\ZDB L6ZLW!B
L´L¯!@DHLGÑ(U{MJGLYLKWH&'6\YW! Ne \¸$L@>,LNL G{EDSLQSL1GSL@>,
NUDG{$DN‰\(Y¾VP$LP1\DY$LSKWH Y1GWHSDG\DHU{ ´1´LSWX!¾LWLGQ6PU!
VX²D\D!¾,LWU{GQXMGPQ7YL´L\ND
¾SHGH N/\D>,QLKPLOLQPDQOYP$LS 7NL^4WLY\DHJD H\G{\G{LY6WDLUWQLK
V0ÄP¾,LWYM`H\ WWWG{#YDLROEX[!( 
ÓHKDH\ZDB
LYPX S ZXYHSZX LYV MN^4DNe^4DL\W LWÍ,Í,L‹UVDP WLV1[D(
LYP -\PL\LQL@S¾VUGÍX[DUHf]D( SLËPLYDJHPX2\L‹UVS NLQÈS>H
NUFPNU;YM¾NTN^TNDO™W ¾,LWL‹UVOKU,L´W,\D
LQ[HLKVLY[HLSWX!NZ\Y7VN!V0ÄP!

UDJDH\ZDB ¾H\DHL‹UVD2\DW W,\OKU,
LYP$LSVKVDVX[DPYD\
LQLSELWFHWLSWXU{LšW+D™! 6ZDL\DYDHLYDYD (!V2\P$D7PDHLFW(U{ K
LYV MLWWGV0PLWU{\LG6\DG{ Q,W]LF¢HVWDSXLÐUV!¾H\DQG,\5WH
LYPYWDWXVX[DV#YV !
W¥$DO0EQD!B
L¥Y#YD\DHJ\DHJD DHGD!S8Y5YG{LUWD! KLU]FW´\6\D]FWL6P¸$DO0EQDPWD!
W¥KLU!B SGNPO\DH!VDÔD(GÔD7PMD(FLQSHWWXV
L´XM7YDLGDJ$¥¾D*YG{$DO0EQDHKLU! WP$Y]DL[\!¾D()DQ1GDG{$Ç1[WSD^IYD!

W¥ÊMH\ZDB ÍHÑ!SXUY\6\HXJYDQYDQU;YM!
PKH1²PL>P¡XO XLWU{$P1GNe1GL6PW!
6 eU7SXUTNHWN,NeVXPU0\SrD0EU! $6\ÈS\ZDB
ÔJXpV¨U!6ZO!.YL>WYH>XU{ $¥DÊMQ JD^I,YSDL>!NLUUDM]X^ID
ÊMDG{$KUDHKU7\$KKQ!VR,QDPQ! U0\DHÇU{1G,YUVX1GUD!
UZDLšQDU7ºZDL[UDHK,
$1\¥\ZDB VUDHLKWD@!VXWUDP$UDM,W
F 7ND(6WXND(PXG,VPXG\ND(PDHGN,F‘\DH!
V2\HQDH--YLOW(VWZDMOM\DHU{ $D) FWXL5U{XM(! V2\\ZDB
fÐ{YDKDLUKLU1PL> XLWKU]D(LULKU^\D0EU S\5™HPKLWVXUDLUK1WXU{ $™H
M*PX!SD^IXVWX D!¾PDHGVX[\DQ(YD7PV0DYQDP LQ!]™¾>\LQV ÐS8Y5ND\!
1P,O¸YQP5NP54DH \
VXYH!VY5VpØPOL@WDHELOQDYU! JD^I,Y,L6PWYGQD0EXMDH9\UDM,W
LYLY[D¯bWDDLYG{YDY©N!VXSL^IW!
LYSXO¾LWDHG@!NÇ>DHY,U]HRU! $ZÊMV0EL1[Q!B
LYG*[DHEXL­PDQ@1WDU‹ODHN!VP L­PDQ @>DG]5QWDHG,QD!VGDVKLYKDLU>!
VXR,YU,\DQ7\$D DJX>DVW6\HKN,LW5WD WGHNM,LYWD!¾DH‹DY\6\DÊMYDLVQ!
$W!VY5Y\6\HX ¾[DQ7YM17\$P,
$ZW´\6\D!B
ÈSYHJX>D (VWXVPD!V0\J\L·WD! #DÈS\ZDB
LYÍ0V0 WD7PDQDHY\6\DVW6\N,LW5WD! EODQXMVf*YUDHJX>LYODVYHLÍ\!
L¾\™U>YpN,GOLYD>YH^YL™WD!
\ZDB PKH1²PL>KDTN6 LTNS°UDJL7Y!
VD0\HQ,LWLY[XUH>LY[,\PDQ VGD¾>\]DLOQ!VKFUDKUH!SD1WXY!
L‹¾S P$QXG GQX€KH>
LYÍ0VDULQNeU0ENUL0EWHQ V2\\ZDB
Y1GHWUDP$KU6\Y\6\Y 1GP L¸²6\\\XV WYD¥LYULWV»@SDVLWÑWDH
K1WÍD1WYDLVLQL@SVRHÍ,GDPSD>D(LJLUP
WHSXUÊMV0E1[DG{L´LY[D!¾D\LUWD! $DL[U{LY;\LWQV7YP$S5\NUHLNYD@>GL@>H
GDH>VWHNUYDPNDPP$[XQDV9\6\VYDKQP
W¥SXUV0EL1[Q!B
$MXQ
5 DH,PVHQ]F¨LKWD²bSG6\F \ZDYDÍ,G]PHB
Í,GDP8VUX D D]FVRD\!SXUVÍ\D! 7ZVWDÂÚVXRDQX87\D
GD6\JWDQDSUG(YWHQ
#DV2\0\ZDB PD\DLÍWDQDQUGDUNH>
L]ULVQ SLWU{²J$˜DV,G{$DLUP$[,U[,U{ VDNLYMÝb!N‰WSX^\SX¡D!
XMSLU\DH!LÎÐD(,PDMX5QD(SXONDH--YOD(
#XN‰>6\V2\\ZDB $6\V2\\ZDB
VKFULQNeU0EÄDWU{$D\5¾LYÐ MLQLWLZU{LWSX¥¾HPVY,W\DK
²bWP$M4UD1W!NDHTUH¾H@PD>! ÓSL\WXP KV°1\$0E\D6WL0WDH L6P
6ROGL]L]UEDS@DLOW@DPJ^I! LWVXEOLJUDPHVL1G]7YPXNe1G
@>P$KP$YV,GQ]81\LF¢VWG{$DVP L>SLWÝGN&'HQD J&'H!NGDLS

VX×G]FVRD\]FWZDL¾\VRD!SUH $¥VRD\!B
L¾\QP5Y\6\D]FH7\‹DJDHÑHFWXLY5[D! NLQÑN/SD!V2\HQV0E1[D!¾,LWJL1[QD
LY]DOY D(M5L6YGHY¾6ZYÈZSD!
W¥VX×G!B PU1GNeVPX DS,IPL>E1[NU1[PD!
YD7V/\JL1[V2\DWXLNL WWHY\VDL[ND! 7\DG\!VRD\DH 6\VHYDV2\(NUDLJ>!
VD\X[DVW6\¨ÐHB\!VGDU@DSUD\>D!
VX²P^IO,²²Y[5QJDHTD! #DV2\\ZDB
\@H1²T²DšY,U²DPKDJX>D! LY]DOLYLVQ,GO(!NO\E,MQ¾L‘\D
LYM\DHEO²D D!VX×GVW6\N,LW5WD! YÈZSLYOL0EWDONYÈZP7VDU\
P DY ML/SW7\MMDšVYDKQ
#DV2\\ZDB \¨€XMVšUHJXÇP$JDWŠPQ!VRD
[X1YQ[DYLVP^IOD€P$PO7YP^IO,²LN
JXY,QD\5JGDJ KD>LYM\@DHY ZDPDN‰ZD! VYH
5 X VLRXÍHÑDHGHY¾6ZDH \PLUW!
]L‹QL@S²Y[5QSXUDHJDHY[5QJDKWH
JM5¸ #QDHEO,QWXEO,YGD5N‰LWU{GDQY! W6\ÈS\ZDB
LEÄG{JH^IXSD^IXUDH¯DVYDVD!
VX×7VXP^IO,²EO²D(LNODH¢PD( SD]DE­DH¢šX PD(LOU{EO,\DQ
E1[8ND!LV1[XU{ $6SL[5O,ODH
$¥P^IO,²6\ÈS0\ZDBB GHY¾6Z!N‰>SDϾW6ZH
SDTOSTOVGšDHONeTNU!]HRU,L]R^IHQ
XLWP^IO,PLOLQDDLWG[QP^IO,²! $6\V2\\ZDB
Í,GDÅ!S ZXODXPDP$LL]UDHLY1\6\LYÍDLP>
$6\V2\\ZDB GDÅ!V9\NUH>Ç­×G\]<\DLYUDM¢QXP 
YQÄP>NHLOLU{JXÇLU{$LÙLR¸,N‰W! P;\HVX1GLUN1GU6\SG\DH!VYDKQHQL¾\
VXR6YLSWXQ!VX×G{ÊMLQ]D1WP;\HLQL] GHY¾6ZW!N‰W,VXR\LW¾H0>DÊMH1²D7PMP
$KL]ULVPG5Q P ¨NUDHLPN>H5 NZD
7YP$6\LYV M¸$OVXEOVL.ZQ,ODO\ $ZL¾\VRD!B
Y\6WX/\D!L¾\VRDV2\NHYOP$DLÍWD!
EOGHY6\ÈS\ZDB Í,GDPDFVXGDPDFGDPDFYVXGDPN!
J^ID1W!6 eUGHNNe^IOP$LO&'¸DYWVDH7SO LNL™L>6WDHNN‰>D]X²VHQLYODLVQ!
N6W8U,N‰WLF¥NS Z×X LGÄDLM>XJX¡DÔMP SX^IU,NLYT™D@NOLE™DG\DH 3\$P,
WY,U]UG0EXG XLWUVY,WNDOD0EU UP\L1WL¾\VRD!NHLOLU{LYLY[(!VGD
J0,U6YLQW¾O0EXMP$DO0EH¾O0EL´P LQ\X­G^I\X­DLGND(WXN(U{$LSNH]YP
#DV2\\ZDB $1\(U{¨ÈKDVXEOHQVD[
VJªGSG(U{ KLUKVLWNDH LSY‘DHLGW(! V`DP\,NDLSE8YYDWD5
¾VD\5XM\DHU{\XJSXOLNNLËG{$DLÎ\LW
NUH>FOWDf]D(LQ WP#7\Ç1[HSU! --YO6\ÈS\ZDB
N‰]DLšVXR\17\$P,L¾\VRD!VRD\WY $Ç>D0EUP›OH@>
P[XSXSELOL!¾VDL[WP
#XL¾\Y\6\HX Í,GDPD¾YUDHPW! KLUQ,OÇLFKLUL¾\
PL>KDUDH--YOP--YOMH
W6\ÈS0\ZDB
YDV!LSšLEÄW] šSDL> $6\V2\\ZDB
E­6S[VD(×GDQPD[YHQ ]‹DL6PPDQP$LYWXNZP--YODH \
WDÆDH>,=\DP[DPDLUDP ©W!VPHLWVLR\¥LPO7\$©UH
Í,GDPDQGDPDMMDLP VDS¥SDLSNeOMDLSSLWÊWDLS
NDYDY 6\LWQJDHSY LN]DHU,
V2\\ZDB
7YQ!¾DH-ž\N4DHU\DPXQWTHN6PDG{$N6PDG{JWDH --YODH \LY]HH>VGDQPDH5L‹ODOV!
LGÐ DfLÐPWDH LVK1WLQLYIDÎH(!VR,Q¾,>\
Â8P!V7\P$G]5QH WYPQDN{ND[HQY!NHY\ \ZDBB
LNJDHÑLNP$,ÐP7\$LFUW!VYLYS\56\LW 6 eUGWQXWUšDYL[5WDQ/SYHO!
VXP[XUUVÈSDH¨J5PDYDUSDU!
$ZL¾\QP5Y\6\D! MJLW\XYLWMDLWU{LQÅJD7YVPX²V
L¾\QP5Y\6\DVWXS8YW 5 DH 3\$LWDHYUD! WG{\P$KU7YDP#LWVYD5;YQ(Y
$D7\L1WNUK6\HX\X‹DDYLY]HL>!
VXEODMX5QJ1[YD5V WHYV1WDH--YODG\! #WHX NH LS]DÒHX NH LSODHNHX LYÍXWD!
LQ7\L¾\D!VXUFUD!VD[ND]FHLWWHL¥[D
#DV2\\ZDB NHLFG{#XL6ZUDMD7\DPL·YWWPSDVWH
UD[DV1GH]Y 1GNZ\LWVXEO!S=\N‰>6\N>H5 WKDV\L1WFDSOD!NHLFG{Y(KDLVNDHSPD!
=\DPDN1GS5OHRLQ WPSKU7\--YO!SDL>S°H NHLFG{$DM5YVDUH>VUOD!],O\L1WWP
SDO,WD0E8OP$D6\HLYWULWFWXU!NDHLNODHP8Lµ5[¢H YDPDYL‘PF‘H>NHLFG{LY6PD\\17\$PXP
WDUDGDPHLWQP5¾>L\VKFUDVWL1YW1YL1WVHYDP NHLFW¾J/D!NeY5L1WLYW^IDP$PXQD
VD(0\D!V8Q W\DYDFD[1\DL[1YL1WWSUH
L¾\QP5Y\6\HX ¾EOD(VXEODMX5QD( #YLYLY[\DVYH5¾N‰7\DP[XUD$P,
SLY¥P(¥,Y(LF¥,FDÇWDPSLF1YWH
W¥VXEO6\ÈS\ZDB
WQXÇLFLYLMWLKU^\KLUGL\WKDLU>KLU´VQP $Z¬,SQD!B
VXEONeYO\Q\QQ\QL1GWED1[YY1GH ¬,SQDY\DHÈS] šYH>XGUDKUH!
LYQDHGQP5LY‘DL1WJX>D!¾HÑMQDVWZD
$6\V2\\ZDB UDMGHYDYWDUDLGFHÐDQXNU>DG\!
Y\6\JDHÑ DP$LROHLšWHX
LY]DUGD\DP$LSPD[Y6\ $ZY\!B
Y\!ND(PDUSD(J^IN(]DHU FHKV0PWP \ZDB
JDHÑHND(PDUSD(J^IHN(]DHUSXUJDHÑ\DH! LWONeVP X LYKDLVQDLVNDÍ,U{
QYPL>GS5>GS5QDL]J^I!
W¥ND(PDU\ZDB KLUU{KSLUP ÐSDÏ5V,PD
ND(PDUY7VOHYD&\WW!V
{L@3\LO2\WH VXR\LWVXÑX VR,Q6Y]DH\(Y

\ZDÍ,G]PHBB >,SrV8¥DH7ZSD]HQD¥WLIL£YD
LEÄG{YH>XM4UST\DH!] šYH¥HFN@H \LÐ!=\DPDL¥K6WDH›D6Y>D5€H7\$DLGP^IQP
YDPHSD>D(PV >NYOW7 OD1\$šbO,X D^I,UH‘,IQ](ODH­DU>D FFHLÐWP
LWÑQP;\H6YSLUVX×GDHKDV\QQP5L!6Y(!
6YJH5 ODHNH LPLWEXXMH\`XJEDONHLO! \ZDB
\LÐK6W¥\SLULPWD¾D1W\DH!6Y>5E­D
$ZSD(J^IPB LEÄp,ODFTXOFPU,FDÇF8IDH--YOÍ,!
$D P;\WZD]HSD(J^IFL¥[DYHW
  E­DH>,!SXUTÇLFQDSLrSD]HQSDÏH5
S=\‘,IQVXR\LWVRHLP¥Y 1GPXNe1G!
W¥$D SD(J^IB
$[UDGH!VXOD(LK7\M4U6\FWDQYP SD(J^IP;\#YD\KLUU{G,9\QLYUDMWH
N0EX€,YDHªPD FSD(J^IH¾ZPHVLW PD;\X\D5¯W
b ÈS7YDWN(]DHUD€D]DJY

\ZDB $Z]HSD(J^IPB
WX1GLY1GLWWHPXNe1G]QN(U{$Ï¢S¥LÍ\ YH>,LQW0EO0ED€DO,ODONOWD XLW
N^4N0EXYG{$0EXMD@MWHURD¥\,P--YODP $V\DHV WXšWH7\$DLGSD(J^IHFUPHVLW
$DÇ1[HNeÇLY1GN1GOÇLF8F1²G1W&'GDH
OØP,U{$D[XLQN,L[QDHLWVX×GDP$@,L>VDND3\$VD( \ZDB
$€HO,ODONOLWN\DO™W LEÄGD6\
SXSP^IQY(LF¥,LF¥DL>LJLU[DWXL! F ´H>,L]RUL]R\DFXL0EWÍHL>LE0E!
S,WSr¨NˆOD PK¾DH‹¾VD[QP ¢XšDV&'LYU{$KUDHUšP$šLÍ\(Y
VYD5TY,¾FDUH>Q(LFN,F\FDU>P 1\6\¸#YL¾\VY\VDJDHNeODQLQLM5K,WH
LQ\X­NHLOQ 7\DLGL]@DU0DH ¥FHLÐWP
>,HYL‘PDO,ODVUV,ÇKSDL>WD
\ZDB ND=P,UH>DH;Y5S^X ID PKP^IQPLUWP
Y 1GDU^\HVP6WDWVXULL>VXU,Y 1GU@DLYKDU,
JX¡DKDU,L]R^I¾NLTWPXNeT!S,WSrD0EUÍ,! \ZDB
N>D5B\DNL>5NDUHG[G{$OPUVD epPp,NPD/\ >,HGUYL‘PDNUWOH9\DM L0O,OD0EXM
Q 7\QGDH\­
5X UšHQTYG{KVR,QQ1G\7\#N‰>! JD(UÍ,U{$LONHLNODH;Y5LWON!N6W8LUNDLE1¨PDQ
YH!NH]YSH]O!VXEOP$3\$D8>5\7\$ WH
$ZP;\SD(J^IPB LY‘D1WLNPW6YDYP ¨ODJDHÑDEODQDWLWP
QDVDVXL]RUDWXšDNSDHOD(P^IODN‰W,
SDÏD5 šVXYLOWSD(J^IHVLWP;\PH $¥š,LJUDQP5VR(!N>5NZDUV!
#XJDHNeOEDODQDÍ,ÎDH7\DLGFHLÐWP
6 eUGÇ>¨NˆO MDJXI(U{ JD(UJD¥
\ZDB N‰WYUNYU,NU¤WDT™N>5P
[8WV
5  7Y\G{$Y(LתWP$W!N>H5WY9\DKUH P[XLUSXP KUD[DYHP´,Ø\VD@DW
NH\PDHKQWDVP L­U{$[XQDJDH[XjP e DU,J>H L¾\VLRVXEODH 8G{LYL6PW!VL6PW]F
$¥DLS XLWU7ºDHK>XYDHEDOD!VRHS D!
S HUX { MJWDM\HLQM[XUD\¥DS5\QPD LW $ZDQXDYD!B
LQ\X­N1¨N 8WYDÛYDKDLGNHLOL!
$ZN(]DHUPB OJXIDOJXLI‘,IDVšU(]FD6\WDH>P
N(]DHU S8Y5P #YDH‹V
{@HSH>DH&\WHWW! S/\™DVQGDHODVXVK6YDSDHSYH]QP
FDÇLF¥SU,KDVDHLYKDU!VLOOD]\H
\ZDB \X*P7YHOD6\JDQD D!VY5VD[DU>D!L‘\D!
S=\DHL7V‹EO,¥\,YUOWHYDVVWLI1P¡XOH
¾DH1P,O´QPDLONDSLUPO6WDHPH WPDOL7YL W¥LQ\X­Q
H WDH>\ZDB
@7\$0ENFDWNDQL6PWUV(U{ GDPDHGUD0DH[UH $KULMWND],\X­N^IˆOEDÕV
Í,GDPDUP>,\UDHPNLONDN,>D5š]DR,ED( 7YP$TLVVLRJDHÑ DP$D7PY,\6WXYDQ!
NZ\LNPPPDH›] (  F^IGDHG^5 IFHÐD
¾D\!LN]DHU#YD\VY5‹HXDVWH LYULPWU>UšDHLQ!VKDš!L6ZWDH LV
WHQ\D(YQ]DHD6\QHKNDLFW¾SL WD
\X‹D\X‹DLGNZQLKWN‰7\H¾YW5QP
$ZÈS\ZDB ¾D\!SXU!VU7YD D!VX×GDPLUWD!L‘\D!
$O™DUP$O™7YDWYDšS™MH@> WD0EXOD S5>YHLWON6ZDVNL‘\D
VR,QNHYOP#YHG[DÅD[,PQL[QDHLWQ! S¥D™bULYOHRDLGVR,QDNP5N,LW5WP
LQLM5W,NU>\X­H YÒH[ 7YD6\N5>P
$Z] š\ZDB SXSD D&'HGQK6WDWN‰>HQ6Y¾VD[QP
ÊMLQMYI,LYWLG5ND\DP K6WDKL6W¾VšD D!¾DH‹D!L¾\VRL‘\D!
LVLYD>YUHÇY7\G€P ©7\ÊMLN]DHU,XWDVD¾>\JDLPWD
$KKVY\VDWG,\UDH0>DP WDL!NHLONOD(VD@DWV2\X!S@SLU€K!
$LSLQYKD!VPP#YMD€LW6P $VD@DW6Y6Y\8Z] H DS@6ZDSQFDWXU,
N>D5NL>5NZD D]FL¾\QP5VRL‘\D!
YH>X|\ZDB Y1\U¤DO™DU(U{ PD[Y6\¾VD[QP
VX×GDHQLK\DWNDWUD SXUVWD(\L5 ¥NW6\JYDV0DOQL‘\D!
KLUP$1YHÐPX  W!VXWDUYH! $šVYDKQPD/\JX0 QE,MQDG\!
NZ\¸$PXP $¥Y(>Y #WD!VD[DU>DGDV(U{ Y\6\DQDL‘\DPWD!
;YLQ©W!L]RUHL[QDHLWQ! S8YDH5‹HY$SUD]FD¥`H\D[,U(U{\ZDHLFWP

]lDH\ZDB $ZVDL£YND!W¥6W0DH\ZDB
SD DO,SW\!ÍX7YDSD M1\6\LQ6YQP LQ‘DP1WQDJP1P:\N‰>
S D6\S=\PXLGWD!S D6\¾LWPD\\X! Í,GDPD\²DN{SLUY‹eNDP!
O%[6W0D(V0ÄPDU0]DO,
LYQDHGDH\ZDB EDÕ6W0D(S=\QDH7@H»P
X  ÐH
LYÍ0DHJD)LYÏDVLY]H!\·>DHL-+W!
6YHGDH\ZDB #DV2\ULWU{Y L­J&'1W,¾>\!‘PDW
‘,IDH7VYDQ1GUVPXNe1GH ¾HPDÓHKVWZDUDJLWS LGDHLGWD
6YD7\0EXGHY5LWU0\DH H
Í,GDPP8LW5U{ YU]XL‹U{#D W¥V2\ULW!\ZDB
6YHGD0EXP‹
X DSTO,v¾V8W H  PXNe1GDHJDL1GQ,SX¥7Y\DVL1G=\WDPLW
JÇID™JXIDNH]V7YDNGDSLUU36\WH
UDHPD DH\ZDGDQNHLOND(P
X DPBB
$LSJXÇSXUV7YDP7VšHLQ[D\LYV™TH ¾>\!B
LYSXOSXONDHpDV6YUDSLUYMWHKLU! ¾D»D\DV0ÄPDG,QD\DH*\WD\DP$LS6 eTP
¾>\LWWY6N1[HFDVD(XMXMJDHSP Wª1[HQD3\$V6S ÐDULW!¾>\&\WH
.YVXEOSXUDLV­@H¥HFNZLN\¢S!
\ZDB
6YUHGDLGFWXN\ZDB VXU(V L¥SXULMQPXRU( { $LSLY[,\PDQ6WXWHU{
¾LYÐYLWPD[YHXMJUDMDMÝG $LS¾Z\W!SUDP$L[NSDUPHÑ LÍ\P
WG,\VX×GVWGDS ZOX YHSZX9\DNeOD! G[7SXOLNQKUHU{ $L[L]UDHL[V9\XM
LYY>5YSX!@>DG{LYNT5U;PDL\QDH VP6NeÇWSD]P X DQL]ULVF1²NDQ$MXQ 5 !
LQS7\LQNT6ZO,XLYVXXL»P$DUHLUH
¾HP\ZDB
$ÍX\ZDB Y7\G\W,ÏUHVX×LGK1WUD-\&\XLWU{
GDYVP,Ø\LYFU1WP,NWXO(V PXNe1GYVLWU{YQHSUJ KHFGD6\L‘\D
W6\@\DZ5P YEDS+ULNU1W, \6 eTP$PšODYWXSD^IYDQDJLW!
6YDP$3\SHØ\WQXP $0EXMPDODLU^\ SU1WXYY [H7YL\L´JX>P#YV2\DP WP
$D,UY,LZU{$LWDHKLUP$DYLUÐ
ÓHKDH\ZDÍ,G]PHBB
$Z9\LFDLU>!B $1\HWGQXÈSDL>PQDH`DLQPKD7PQ!
$D(€   ¥DVWZDO6\YM5L\7YDLROD!SUH JD\L1W6PPKDUDMÓHKLŠ¸L[\!]Q(!
UVH¾H\LVDY`(!NLZWD9\LFDLU>!
W¥D\DHJH PGKJYLQ²D[ LWLYQD \ZDYDBB
\DHJH P LWŠP9\DL[LYQDS6P LWG,QWH $D²D5š6ROG&'[DWXXVXתDH¥HXO,ODUV
Y57\&'{YLVWHX N‰>PXLGUH9\‹E8YD¯bWP
W¥KDH5 \ZDB \D¾DJ$D6WVU6YW,²bWP$VD(O,QDHSN^46ZOH
LQ‘P<\LNONDLO\DHUJ \DQDV,G{GJDG{f]DH!SLZVGDQ,UDHÇ[DYD¥VD
YpYHÏUVXWHVP,\XL
V0PGHQVX×G!6RO7SGDV UDJDH\ZDB
WLªU]FLYY]DšWDG[X! $ÒH>¨SLUKUDKU\H9\NDLU
\DSL¥SLdU{$N‰SH>N‰S,VXWQ H 
$Z6ZD\,B 73OX7\JDL^IY WD×LGJ ÛPD>D
LYPX‹V0ÄPD\D6\DG{LYÍ0D7PDULWU{´\DH! MDWD6\VDNeVPX Y LÐU{YDH7VYD\
¾D\!VPDQ\DHU{ $¥VDV2\6ZDL\]%GDN{
\ZDYDB LQUDO0EFHW!.YLFG{$LSLYO0EOYP$LS
NeVP
X D1\$YLF1YW!VP1WDG{
YQPDODUFQDHLFWD1\$U^\H $[ LW!B
Y 6\Y DN5MDPU,LFU{ UF\LWLQMY ¢D(SD]XSD/\HLQY L¢
LGYVD[H5 LSE8YND(PXG,Y NO\LWFNODQDLY6P WD(\¤NDHLTP
LNP$SUPKYD&\M,LYWH 3\$ [¢H
$Z$\DHJH 7NL^4W\ZDB \¨YULYUKDWWHQDLZ5WDE1[XYJ5!
[QXYH5GP$[,\DQDHP;\PV7YL\SD^IY!
EDSV™,>5\DN‰>!LJUDÎH 9\LM`SW MIWDB
$QDLÍWSLU&'GD!N‰]LY],>5Ç@DšND!
$ZLY\DHJH\ZDB VGDLY OY ¢\DHLYULKWD!LNO&'D\\D
$6\M4UDQODW L>ÝG6\FØYHIWDH LYUDYSLUYLM5WDVWYPXNe1GJDHÑD1WUH
GY6\NYODG{$LS7YP$LYWD¥\HDP$8! 6 eULWVX×GDJ>D!L]RUMDWY @DY
WVL¥W\WDH 3\$LW¾NTDHU[DT,[UDW
NZQLYUK-YUDG{$YLVWDQVR,Q$ Q! 9\DL[!B
LYUK-YUV-YUH>WH-YLOWDLYÎZJD¥E1[QD
$¥DLSS8YY
5 W¾DH‹DVWDSD DVWDG]DG] \¨Y,UWTHLYFHÐWHLFUP$D,UNePDUP^IO,

W¥WDS!B 1PDG!B
¾S¸D!D^I,UH 3\$L[NL]L]UHFL^IP$U LYQDYGQX6P LWLYUKLYÄPH>D[XQD
WXDUH LS¾D(L)LGQNUVXWDÔDHWLVJW! MJxY×LW‘PLQLROP#YLY6PDLUWD!
$S8Y!5 NVDUHVXEOPXRLP¥DYLOP$VD( OX^4L1WXLY]HUWHEWKVL1W[DY17\$P,
EO,\DQ¢DSVWYLYUKM1PD-YO\LW ÇGL1WPZXUDSWHLNP$LSYpYDQDJ>D!

N‰]WDB P8L&'5WPB
7YL\¾D»HNVL@LWSLWLYPDH@D\QJU,v G,9\W,KP[XUHPZXUD\D
J,UDG{$D,UDYLOWQXXRHGDG{$QXLGQP ¾D3\UD-\P$[XQDP[XQDZH
FW8>D8WDQDP$MLQWLQPDGDQYLUSDH LYÏP#YPXLGWÇLGWD1[H
VP,U6\˜DQD;YLQS ZO X WDNHYOP$8W JDHNeOH WXPXÕU{$DNeOWD8W

MDJ\D5\ZDB P LW!B
QH¥D0EXM´1´P$YHØ\S8> NVDUHU{LYUK-YUDHLP5MLQW-YDODYO,MM5UD
EDSD0EXS8UH>YÈZS6\ JDHSD!](OWTHWZDL]LZLOWÏDVD™bUD!]HUWH
W¥DQXYL ¢LNO\DGYH1² YDUYDUP$RY5ODHFQMO(U{$D3OD9\WDQLQËODQ
LQLY5 LQ²DP[XS,PXPDHF ]DHF17\$ \ZDLFUSLUF\LÓ*[D!NeUšD$LS

$DO0EQ]81\WDB ¾DH‹\
H  LYUKDY6ZD6SÐO,ODQXVDUW!
JWHY 1GDU^\DWL¾\VX×LGJDHÑHÏUVXWH N‰>HQLY¾\DHJ!6\DQQMDWXÊMYDLVQDP
OX WV !SWGLWWUDP7SWG{$LS
QLKÄDPÄDPMLWFTXO WXOPYPH WZDF6ND1GHPZXUDR^IHB
Y7V(U{Y7VWU,L]FVGD‘,ILWPD[Y! #Y7VOQDPD¥¾DH‹DHL‹UVDHEX[!( 
Y 1GDYQD1WUJW!VUDPDHEDON(U{Y W!
W¥$DO0EQD!B
$Z\DHJH LVL­|\ZDB N‰>W6\JXÈ]
 FD¥¾DÕU{$DO0EQDQEX[D!
SD^IY!SX^IU,ND@¾HØ\FL‘LQNHWQH
LF¥DNDUM¸#YLP¥DNDUP$G]5\W W¥N‰>DH\ZDB
QYNeYO\GDP=\DPONDHPODš
WXLÐ|\ZÍ,G]PHB LYFOGON š‘D1WQH¥D0EXMD1WP
WPDWXO\
H SLUUB\LQY W
5 DH ÊMXLYLYKU1WSX¥P$DODHN\1W,
,P!6P\Q¾HPMYDNeOLH 1²\! ÊMSLWGL\WDV,W¾ÓYDH7S,ILG*[D
\PD(LNU,T,FVX×¢PPXGD
¾E ­EDS!SLUUHLUH &\XWP =\DPDšDHÇLFU!VY5Vp@>\XWDHP ¨!
L¾\YDN{VUODHÝ,PDQLYQ\,PD1\PDQN‰W
\ZDYDB GDWH7\DLGJX>DHN‰>DHLYDYLWN:\WH
NeÇMDšOHKLUP$YHØ\SXU! #YJX>6\FD6\DQX€DÛ7YDG{#YN,LW5WD
L¾\VšPÊMVX×L¸NUD! ¾DYDQD6SGW\DYH 6\D¥LYDYWD
XMP^IOHQPL>Ne^ILOQ!
SXONDL WHQSLUYLMUH WZDÍ,G]PHBB
¥<\DFDHSLQL¯]FVD
{2\\DHJ(]FVD7YW(!
L6ZLW|\ZDÍ,G]PH SJ,\PDQPDKD70\KLUVDP1\WD7PMP
\7SDGSDVXU{ EÕM1PN‰&'WDH
[ WD7PLU{\DHLJLU{$3\$OB\! \ZDYDB
V#Y\¬L*Y\!6Y\L6ZW! LY>XU{ LQ7\PSD6\WHVLRP\DWHQD¥Q,WD!@\
LNY^\5WHLGÐP$WDHÊMD(NVDP ]™HS8WLQNDG\!L@LWÇKD(WD(YD7\\DH1P8LOWD(
¾7\@LJLUU{#JDHÐSLWQDUDPH>VD[[ WV
´\DHU{ $3\#NMDW,\DYPD[X\5DJ$VD( W¢7NP5¨U1Y\PPL]]DH!NHQD6\V0D9\WH
¾H\DQNDP$LSSX>DLWUV]LF¢FP7N‰LWP
¾,WHFY7VOHFDLSN‰>W¯‹\DH!SXQ! $ZJXUY!B
´\DHU{ $1\DH1\DY6\L¸MDW,\WDYHW $L[NP1\DYHQL]@DNDLUW\DLSF
¾H\DQ#YYHW¾H\DQ$W!VY5UVHY$\P ODON7YDLGQD3\$¥LYDYDJXUYDHPWD!
V2\V0S ‹×G\(!VL¯U{#YDQXEX;\WH
\ZDB
LWÍ,Í,L‹UVDP WLV1[D( 8\5QX€KLFWHQFHWVD
SLËPLYDJHPX2\L‹UVS NLQÈS>H ODOQDH7NP$LW!N‰SDNeOP
¾H\DHL‹UVOKU,W W,\D JD(UYH>JXÇ>DMJªbUDHU{
JD(UYJ>P$J^\P$DÍ\H

Y7VOL‹UVD2\DFWXZ5OKU, WHWXW6\D¥NLZWDÊMUD`,ÊMHÏU!
UDHLK>,WD]FYp9\DH\D!S°M×WD7PMD!
LYDYD (VWXYD7V/\6ZD\,SXLÐPSDJW! GHYN,W7VS71\]FNe1W,FDQN¨1¨L!
VD1G,SLQPXRD]FD1\H\ZDS8YP
5  $P,YUD! ¾9\‹PDG5Y7YFND(PDUH¾ZPHVLW
ÊMHÏU,ÊMD[,]D(ÍHÑD(JXÇMQHYPD(
\ZDB
W¥ÊMHÏ\D5ÈS\ZDÍ,G]PHB L¥FWXUG]Q6 eU1PXR1H ¨
@D(P YDV!S ZN
X LTWTHLEÄW,V8¥Q­ S ZXWUP;\NLTUNDHÇV,PD
SX¥ÓHKÓXWNeF\XJMDWN0SFVXÄ8! QYNeYO\NDHPO!NePDUDH
PXGP$L[NDÊMQDZ\DHU{9\WDQ,W
\ZDYDB
IDHU,MXLTWY‘NH]STODLV1©ULE1©pVW $L6PQPXÕ!SG@HS@L>NHÇLGWL6PWH
V,PD1W XLWU{$š8>LYL[QDLW¾8WLÍWD 6YDšbÑSDQP¢DQ]\QD FFHLÐWP
JDHLY1GD6\LQV ÐVDÍXQ\Q´1´DQYH1G,YU
=\DP=\DPÇLFU{LYLF¥LVF\DJDHÑHÏU,SDWXY! PXRSXTN‰WSDGD0DHÇKDšbÑP8[5
¾FOFU>\X*PSX¥P¢DQVX»P
YD7V/\0\ZDB @>PKLYÇG1W6PHUY@>VD
WQD(P·1\DV¾>\LWKUHU{JªGP\, LWOP$LSLYUWDV,QQHL@WXJDHÑUD`,
VEDSD@,U@DLWONP$LONHN/S\LWF
ÓXYDQD¾7\8HLG]LWFXMH NDP5>P$VD( $¥9\D˜QRN^4HU@DLWONPšOP
\]DHGDP8WH5Y6 eULWVXWYD7V/\STO, SrIDHU,NTD(K6WHV8¥P7\$DLGP^IQP

ÊMD[,]6\ÈS\ZDB \ZDB
LWOW^IXLOW(!NF(!6 eU1W WU@XQRP^IOQYWPDOS¥ XLW
QYD^I,USOD]FDÇFHOP L]]XÇLFUUDHFQDN‰WWPDOS¥LÍ\P
$LWWXL1GOP1¨NDL1WDM [ W¾LWVUNLT6 eLUWSrV8¥ÔM
ÊMUDMYUNˆF5P $F5\DLP ÊMH]J LK>,VXW QLNOY,Ø\W L»\\D(

YD7V/\0\ZDB $ZP;\PPB
$YO0%\NUDšbLOLQMD f‹T,DJONWDQ”WDL&'L²N>5WD
6ROG
{L˜¾VU1WP$šQH NODHL‹LUšQD FND(PDUHVLWP;\PH
ULVÔYGÍXLQ+5UDH
PXPG
X H ¾HØ\VXWÊMDL[S! \ZDB
LYFOGONÇ­Ä8NTe ,F OD@
$Z¬,SQD!B NOYFQPG QQ8WQÍDH¥U1¶P
ND(PDUDLGY\DHÈSYH]D!](]YFDSOP $OXULFWLUšJDHNO
e H LG*¨NˆO
ML/SWL6PWO,OD D!EX[U( { ¬,SQD!6P WD! WQ\P$P WLV1[D(¾HØ\PDWD1\PD
{@,W

W¥ND(PDUPB ˜D>6\L]RUHPX‹DQYQ,WNUD0EXMH
$D P;\WZD]HND(PDUL¥LY[PWP LNL™^\DLGFNT DGD(¾VD[QPKDHLGWP

W¥$D PB \ZDB


6Z8OP;\DHÇWDSDšÏHLWPD6Y/SG1WWD .YL>WNQNLNL™>,NODS
L6PWPXRP--YOQDLVND€P‹P Q9\HQ\D(YQHQDLSG,9\QJDHÑH1²Q1GQ!
NU[ WQYQ,WLS^IP$€H DLWNHYOYD7V/\DMDSD(J^IDJY
WQ\P$YHØ\QQ1GQ1GS¤, VXNePDUH>SD(J^IY\VDVšWDH 3\$VD(
LN]DHUD!VGDGDVLY]HD>D¾DVWH
$Z]HPB
$¥LNL WN‰]P;\P7¾LZPDJU! $Z](]YFDSOPB
L]U]FNDNS@D) ND(PDUHFUPHVLW SDU,U{LQL¢LYLNU7\$LMUHG[,LQ
V1WDLQNDKULWN‰1WLWP1ZG^IP
\ZDB YÙD(L@S7\$LYUWQYQ,WP7Z
VPQDJ$SF,\PDQP;\! PDWX!¾PDHGUP#YKLUVWQDHLW
¾LZPDHS‘PL]@>DLZ5Y@D!
G[GDNeONDNS@OØP,v \ZDYDB
MQQ,v6W0\LW6PLG9\LI0! ¾HØ\¾HØ\LG]!V]™P$VN‰QP1GSGLQL@SQ
QD\D7\#OWD1WUH6 eTPWDHJ9\KLU\QKLU!
[T, >SI,FD¥LNL ´1\LY8>P LWÑ6Y(UP$MDQW,YPXRUHFD(\5ÄP¯iÈOW
OXYH¥NU¤DLGP^IQSLUN,LW5WP ¥6\pDHFQP$6\]X\G[UU0\LGf@HPXRP
Y7VU@DÊMDB\>H5 Y\6\(!VKRHOQP
SDY] šGODG,QDYDGQD $¥FHLÐWP $Z$QXDYD!B
$QXDYD!L]UDH˜D>NUH>DšDLPDM5QP
\ZDB $D],YD5GDHLQGH]]FODOQ¾LWSDOQP
L]R^IN‰W]HRU! >ST,vG[W LKWDHSGH]GDQD DY7VOHSLUN,LW5WD!
NUHFOJXI,vOX VY\VDNeOU( { $DY W!
$Y¸K]N‰7NU,QSLUVUHÊM6\L¾\H $¥L]UDH˜D>0\ZDÍ,G]PHBB
VXWVWYN‰WDZ5\7\$KKS=\QH¥DL>Q! WG,@>DH7¾HPUVD3OXWD]\D
MDWDQXUDJDJWP1\YDH 5NDQ
$ZSD(J^IPB ¨ÛGDHL5!SLUUB\P8[L5 Q
SD(J^IDLGSXU(YDH‹WHQV
{L@3\LO2\WH ˜D>(U{ $YDSX!SUPDPXG WH

\ZDBB \ZDYDB
SLZSLZVXU,>DQ$]XNDH¢L VP8[D5 ¨*[HQLG*[DNeFLY&\XWQ H
[YLOP$\XJSDšDHPL^IW!N XNHQ VP€P$D˜D\L]U!VLS&'P
OXOXSLUJX¡1P¡XP¡,U\X*P NUH>JDHÑHL]WXU{ $šQH\P
ÊMXLYPPY7V!N›GH]DG{S(LW $šDLQSX¥6\PXÕU{PPDM5

$ZN(]DHUPB FX0EDÎHD(WZDÜDQQDP€K>S8YN
5 P
$ÇL>P\XJSDšVWXšY@!NSDT, SDO0DG\]FD¥LP¥(!VD[DU>D!L‘\D!
LYOX4GPOKDUDHU0\UDHPDYLOÍ,!
SXÇPL>U{$\PHGHYLN=\DPODšV $ZVDL£YND!B
7Y¨GURLQM1PDQH¥P›(U{ L[QDHLW QYD¥VDL£YND!6W1\ÔDY!6W0DG\]FWH
W¥6W1\ÔDYDH\ZDÍ,G]PHBB
W1PDWUDHYH>XUY7YUDHL7ZWD \ZDYDBB
7ZD3\GDHL5!SLUUB\LQ5UP LY1\6WÍXLWSDLOU{$ PXUO,LQ6YDQ]XÍ8D
ÓHKÓXW6W1\S\!VX[DVY 8\!¾ÔYYL5>,L´JXL>WDH7N^4D¾GDHDHG\H
P7YDSUÂÚVXWDQ$SD\\Q JHKDG{$šQP$šQDWSXQU{$VD(JHK LY]17\$DNeOD
JDHLY1G6\PXÕU{ÊMH1²J LK>,S1ZDQP$DODHNWH
\ZDYDOLOWPD[YHB
LQFXLOWLJLU[DWX6 ,WS¥DYO,NDQ ¾HPYG{\ZDB
$LROVXULUH>8Q@DO\L¯U{\]DHGD ¾HØ\W¥PXLQUDMP^IO(!
NeFNOVLYPX‹(!ÓHKPD;Y,NP;\(V 6W8\PDQP$LVPX‹V0ÄPD
WYQYP$LHN ¨*[S8U!( NUDHLW N‰>P$™P$LJDHNeOÏH U,
¾ÓXWDNeÇXLY1\Y,LY]W
6W0DG\DH\ZDB
NZP$LSSLUU%[X Q@PD6W%[JD¥, \ZDYDBB
NOL\WXP$LSQDOEDSSXU3OXWD@, GHY.\DLYY W¾V8FLUW\D3\1P -\PDQDQQH
QFVXWPSGHÐXÇ­N^4,VPZD5 8\DHLU{YVXGHYQ1GQW\D3\wc\PD>HMQ(!
G[WP$FOP$DV,G{9\DNeODJDHNO e ]
H D JDHLY1GHLPLKU€KDH7VXNW\D@H¥NeUDHU{$DJWH
¾HPDYpYQDZ\DHU{ $LWWUDPpDVP#YD\\D(
$Z9\LFDLU>!BB
W¥DS6PDUVLKWD!¾,WDH‹D!9\LFDLU>! ÓHKY7\ZDB
S,\8 XLWL!6WQDL²SLWW(!@,UDH7NU(U{MDÙY,
W¥KDH5 \ZDÍ,G]PHB NDLO1G,FLYODHFQDÀMLQW(U{ MDWD¡Q=\DPO(!
\]DHGDLSPKDDJDQÐO%[¾MDVW, $DUD1P;\PYHLGP$DSLWW\DH!LŠ¸DW\DH!VšPH
SLUYMD™P$DUDH3\PXPDHFDÍXNODPXÕ! Y ¢DLVÊMUDL`W7VXWPXR¾H@D6 eTYDŸ'LV

\ZDYDLYG*[PD[YHB UDJY7\ZDB
LMWF1²SUDJFL1²ND WXDYLWWXDQODH 3\SLUW6\E­L6ZLWU{
QOGH1G,YUF1GQLÍ\P Y1WP$YODHNWH\LGPXNe1GJDHÑHÏU,
SLUWDHPL\](7\PD[XU,v VX[D0EXL[U{$LS6 eTLYNTNDONˆT7\$O
YKLW6S]5PKDH7VYVWY L6ZWD\LGQW¥WHYGQS°P´,Ø\WH

$Z6ZD\,B $Z$\DHJH 7NL^4W0\ZDB


V0ÄPDLG&\XWD\D6\DG{$QXN0SH QXNL0SWX! Y7V6\K1W]ULG1¨LYLQL1GY
ULW!V(YD¥YD7V/\6ZD\,DYDHLQJ WH V0SDGL\\LWNGDQ\QDH7VYQ!
\]DHGDGHVWXYD7V/\ULW!¾D()DLQVJ5W! 7\$&\XWHLYKULWÊMEDLTND\DP
¾HPYWÓHKYG{DLWNGDLFWLNOUDJYW AY,57YUDM\LWGHYNQL1GQ,QDP

W¥YD7V/\ULW|\ZDÍ,G]PH \ZDYDBB
Q1G!6YSX¥P$DGD\¾H7\DJWPGDU[,! ÄDWVWQ\ÄDWXU{
P8;1<|SD˜D\SUPDPXGOHH NeÈ´K PPVL1G]JDL1GQ,SX¥
ÄDW 9\HX YV1W,
LGf@WH7YDKUHNe1W, G(1\PB
\DFWHEWLY[DWU{GÔD7YDUG(V W >PG6\\]DHGD
LY\DHJDH\ZDÍ,G]PHB JDHFUHVN‰G{$LS@>P$ P7VU7\MPPDQ\Y7VP
\]DHGDY^\5PDQDLQSX¥6\FLUWDL>F
] ^Y7\$Í8^\$ÔD@,WÓHKÓXWS\DH[UD FDSOPB
LNPYNeÇWHK0\H5 LWѸ$\LQUS¥SDH
\ZDYDB ÊMSLWU{LWÂ8WHPX*[DH \P$¥PXGDMQ!
\DWHUDMSXUKUD(PXRWT,9\DN,>5[Æ8 DOND $KKWQ\¾D>HB\DH LSL¾\SLU×7\W
S=\Ô6WWQX!N4DHUOX4Q(U{ GHKH Ê>NeY5W, NL4Q×G\DHJDHÑH6Y(U,¾LY=\VXR,\LW
@,>DJDHÑPK,PKH1²PLK,KDSX¥SX¥H7\$VD(
‘DH]1W,NU\DHU{\XJHQNeÇWHNÐDG{U6WDIQP 1PDG!B
.YPHSX¥DHQ,SD!NZ\WNeUšD!LNPKY!
EÖQDP$LSV¯DYHLY\DHJH ¥WXNHFQ VEÄDPDB\>H5 >WWPG1WP[XNUD!
LF1WDLYDGLQYH5GMDI G(1\DLQFDSOP LWÄDPÄDPÄPULY©QD\¨SWH
1PDGPDHKDY7\$D D$7\X²NH  ÊM17\$P, Y1WS &'1W,LGL]LGL]\]DHGDLYFULW

$¥LF1WDB PDHK!B
P1G6S1GP$8WŠP(U{$OXL!V1GDLQWPDQV NeTXL0ELQPQVWTHLY[XUWDLY[7VHNZ
´1´ODHFQ\DH]LFUDG{$LYFO9\DX”WDUL6ZWP ¾VDU\f]PQDN{WYVXW!SXUDHYW5WH
LQÏDV(!ÔYG{#YSDNP$\WH6W1\FW»(U{G GJ LKL>J KQNeÇ]81\P7\$DNeO
Q8QYpYUDL`SX¥LYUKDHw>c D5LU{$D‘0\VH V]DHFLWWY¾V8\¨NeOH1²Q1G!LSWD

LYDG!B $Z\DHJH LVL­!B


YGQNPOSX¥6\DKLQP,OLW](]YH LYODH.\Uš6ZOO%[VšP
QYWÇL>PDU0DH1P Ð QU0\P$ODHN\P LYODHFQD,ÐLYODHNQKLUP
$LQYY[8\‹X FDPX QK0\5P $YH]\ 6W1\(U{$LV QQYN XND O
L]ULVNeLO]K1WL@»Ï /NVXWQ H PH GH9\!@>DG{$DQN¨1¨LL¾\D!

LQYH5G!B WXLÐ|\ZD¾ZPHB
L[J$6WXKWM,LYWLQUYL[LÍ\DH 3\$ PH WD!SX¥P$™P$DUDH3\ÓHKÓXWS\DH[UD!
\\DQLKKUH!L]U!ÓXWNeFD€P$D˜D\WH K5LYÜLOWD7PDQ!LVLFXU{ QH¥M(U{ MO(!
VGDQYVX[D¨KDP$LSJYDSUD[FL[N{
VOX LWQF O!VXULJL1[\DVDGL[ \ZDYDOLOWPD[YHBB
Q\Q\DH!6WQ\DHU{ $LS\X*PW!
MDI PB SLUSWL¯U{$VD(S\VD+U(!
\!SX^IU,NH@>LWÑWVWH $KKYpYUDMJ KÏ H U,
JDHÑHNUD0DHÇKP^IQDH 8W 6YWQ\¾>\DG{$LL LW
W¾HØ\G^IL6WLPWHL1²\DG{\G{
G^IDN‰LWVWHMQQ,E8Y L6ZLW|\ZDLYG*[PD[YHBB
$KKNPOJ1[HU{ $¥VD(1G\5Y 1GH W¥N‰>!BB
LYLQLKWQ\QH\7Y1PXRH1GDHU{PXNe1G W¥N‰>!$VPDQDH;Y5VD(1G\5O,ODY(LG*[,V0SGDP
NeFNOVPXRDB\DP$0EUDHSP$0ED $DÍ\7YHQP[XUH KLUU{$DO0EQDHPW!
WYPXÕU{$LWKD5G{ Y5LW@,U[DUDP
\ZDÍ,J,WJDHLY1GHB
6Y,NeYW
5 H UVPPQDT `D$LSNHFQ LYÏHDP$QXU¡QHQMQ\¸$DQ1GP1G,YU
ÍH>,=\DPONDHPO(U{ SQ\¸$š(U{$QšDH7VYP
WZDÕ!DK{I{ B 6Y&'1GÊMVX1GU,LU{$LW!¾7\šP$DLOLšW!
6 eTFP7NDLUW\DY7VOFUVLY¨! ] šDU!VLRP8LW5PDQYP[D(PX*[DHKLU!‘,ILW
6ZD\,Y7VOWD6\HKSX¥D DO0EQPWP
$ZW6\¾H\6\!B
LNFB QYQYYUPD[XU,[XU,>D!
$¾W,WD(KLUUWH!¾,W6\6\DG{$SXÐWD ¾>\WUšNUL0EWDVWUšD!
¾H\VVWXLWUDHDYDHY7VO<VD6\Q@LW! LQMUP>W\DKLUML1W!
#DUV¥\,¾DH‹D¾,WDLG!SUPD¯bWD ¾>PWWD!SUPD¯bWD!LN]DHU,!
W¥NHLX FG{$3\$6\D!V™bO7YPG,\5WH
V™5>6\V2\VWX¾,LWYD7V/\VšWP ¾H\V,XKUHU{ $DVX¾YUDYD5DQY,
\XL[LÑU6\YD7V/\¾,7\DV2\HQFDL1YWP
$DÕN¾ W,QDWX¾,LWU{YD7V/\LPLÍWD $6\DÈSB
MUGD,LUNDG,QDYD7V/\V2\LPLÍWP PGFLNWFNDHU,FDÇWDFDHUfLÐU{
PD²H\QDUGDG,QDV2\¾,7\DNUL0EWP YGQGLPWUDNDUDHLK>,ND1WN,LW5!
DzWDØ\DH5­YDG,QD¾,LW!V2\HQLPLÍWD $LYNONO[D(WDH­cLW[D(UH\NÍ,U{
$LQÇ­DLSQ»†>DP#YNHLFG{EDLUH P[XLUPP[XSD¥,UDMWHS=\UD[D
#YNHLX FG{$1\HX LY`H\ DYLPÍ>P
$6\DULW!BB
LWÍ,Í,L‹UVDP WLV1[D( QPDH5‹D(PPLQLP5WDHÇSUPDQ1GDH7VYD\DP$LS
SLËPLYDJHPX2\L‹UVS NLQÈS>H ÍDH¥6\D1WWT,P$LS6 eTP$QD[D\L6ZWDH 1PXR,
Y7VOL‹UVOKU,FWXZ,5 UD[DODYP$3\$QDGULJUDš,LU{$DW1YW,
P(¥,JD(UYWDH 3\$VD(]WJX>DP7¾,LWP#YDG[H

P[XUL‹UVD2\DS POKU, W¥N‰>ULW|\ZDÍ,J,WJDHLY1GHB
NVDLUU{$LSVVDUYDVQDE­] lODP
$D7PDHLFW(U{ LYDYD (!SXLÐQ,WDVWD×LG UD[DP$D[D\×G\HW7\DMÊMVX1GU,!
P[XUD2\DHYHG{L‹UVDH VD(P[XUDULW!
LQY ¢DQXS\DHLJ7YDG{¨ÈK7YDG{$\UV! $Z¬,SQD!
UK6\7YDFFVL@3\LYWWD^JDHLYLO2\WH ¬,SQDK¾DH‹DPXUO,LQ6YQDG\!

W¥$DO0EQD!BB \ZDS DY/\DP


$L6PQ$DO0EQ!N‰>!L¾\DVW6\WXVXÄY
X ! JXÇMQJ¡QP$\]DH
J KSLWFLUWFGDÇ>LNP$LS
LY6PDU\LWVP6W Y],UYH>VLRPDP$Y],NUDHLW
L]YL]YPXUO,PXUDUDWH!
UD[DPD[Y\DHU{ #Y.YDLSDY(!NGD3\$VD(
$Z$QXDYD!B VMDW,\LYMDW,\(U{ Q(YLYL&' WHULW!
$QXDYDVWXNLZWDf”WH@DL6PWDG\!
\ZDB
\ZDOLOWPD[YHB WDH©UHUD`,6 eULWSLUWDHLP¥STO,
N‰>DSšWULšW XPL>MDV0HGYH>,N‰WH f]DHU{ $€HF1²DYLOU{SLU](O6\GQXM!
UD[D\D!L6PWFL1²NDVXU[XQ,SXUH LQS,\DP WP $V9\HUD[D\D!NeVXLPWOWDVY WWQD(fJ
$1WVWDHWXDUV03OYOY9\DO,)WDSDHªPD! $1WÍ,U{ODHODWLIG{YPXNe1G6\YOWH
‘D17YDV»MJL1WV0¾LWY\VYDH;5 Y5P $;\D6PKH
DHUDRL^IW]lF8IP$LMUÇ1[HL]YDWDPV,
$ZVDL£YND!\ZDS DY/\DPBB ÂLÚÑÏVQ!]P6WXLWNZD¾DOH\P$DLV LW
NDPYSX!SXOLNWQ\QH[ WDÔH $€HUDP!VX[DÇLFU{LYM\WHN‰>¾PDHGDHLFW
YDF!VJªGSGD!VLRNL0SY@! UD[D\DVWG{$LS¾ epP$MQ0ODLQQDYD0EXMP
`DWPXN1e GPXUO,UYPD[XU,WH
FHW!VX[D]XYGQHWUO,NUDHLW VLY¾O0V0DHJHGHQL´LY[DHPW!

$Z9\LFDLU>!B W¥LY¾O0!B
$DO6\D(€ HLYQDVYH5LY`H\D9\LFDLU>! VS8Y5UDJDHPDQ]F¾YDVDLGP\VWZD
LY¾O0DHEÕLY[DHLY´L¯U{KN:\WH
W¥LQYH5GDH\ZDS DY/\DPBB
PDPX S ]US ]U,v]U,UH W¥S8Y5UDJ!B
PDLV VD1²PNU1GUVHQYD\DH ¾DJVšW\DHU{DY!S8Y5UDJDHYHG{´\DH!
$šDLQW7¾>\šLYJLK5WDLQ
QDOL0EWX NZP$LS@PWH M,Y! \ZDS DY/\DPB
$N6PDG{#NL6PQSLZVLRP\D\DPXQWT
KDH5 \ZDGDQNHLOND(P
X DPBB ÊM17\DfÐDH\DHQYMO[U=\DPOWQX!
NeYO\\XYW,QDOHK\¸$L@ š(! Vf*
{*\DLNYDNeÇWQLKMDQHWWG
NeYO\GOOØP,OLšPD!6YDšDV! PQDHPH9\DODHO .YFQJ KN‰7\DHQOJWH
PGNONOH1²DHp
{LO,ODWUš!
NYO\LW[ LWPHØPD[UDU^\[8W!5  \ZDÍ,G]PHB
\ZDLYLQ²D\FLF¢DÇL.P>,NPOH@>D
$Z6ZD\,BB WZDKP$LSWL›¢DHLQ²DFQOHLQL]
6ZD\,DYDHY7\$¥S8YDH‹
5 DP[XUDULW! YHGDKÇL.P^\D´HDQPPDH´DKDHLQYDLUW!

\ZDS DY/\DPBB $ZPDQ!


Ä8YLpWD^IYNODP[XUDQQÍ,! PDQ!¾LV­#YD¥
N™HLpNDHUNNUL0EWN>5SU8 !
NDH \QY,QLQNDHSOWX/\YHDH \ZDÍ,J,WJDHLY1GHB
LYKULWYQHUD[DVD[DU>¾>\HKUD( KD6\L‹UVD2\D¾ZPOKU,
LYJLOWLQMDH7ND5G{?6\DY]HQJWD1\W!
.YLFG{$LSOWDNe¡H JX¡1P[XÊWP^IO, L‹UH>¾,LWNO\¸UU,N‰WÊMDVš!
PXRULQRUHO,QDG,QD3\YDFUK!VR,P WQXWDVQDWQD7PDJYDQPL\VY5GDWXLÐP
UVDP WD%[HU{DJH ¥WXU,\HW8¢DUDL[H
$Z¾YDV! UV!V»LY[DHJD(>DHP(¥,Y(UL6ZLWU{LPZ!
¾YDV!VšLY&\XLW! UVDDVD]FWHQD¥OK\DH5QYN,LW5WD!
¾DJ$¥DLQ\WD[DUD!NGDLFW.YD3\LG7YUD!
\ZDS DY/\DPB JD(>DL‹UVD!V»OH2\DKD6\DG\!‘PDW
K6WDHGUHLYLQLKW(NNSDHOSDOHU{ ‹DQDS [DH‹DQDP#DP;\W#YLK
$ÍD1WODHFQMOÓLSWDQQD\D! .YD3\#N!.YD3\$QHN]FJD(>H Y$DO0EQDHPW!
¾6ZDQPšOLGQDYL[PD[Y6\
LQ²DOYDH LSNeW#YVUDHÇKDØ\D! W¥KD6\L‹UV!BB
YØ\PD>(U{LYDYD (!SXLÐKDVULWU{JWD
\ZD¾qDGVLKWD\DP­YYD.\PB KD6\L‹UVDHQDPEX[(U{#LQJ WH
JYDQ$LSJDHLY1G!N1GS5]US,LIW! $L6P¸$DO0EQ!N‰>VWZD1\DH LSWG1Y\,
QXdH Q6YLSLWFLF1W\QYDHÛ$KLQ5]P Y ­D!L]]XPXRD!¾D\!¾DH‹D[,U(VWGDÍ\D!
LYDYQDLGY(L]Ñ DW¾YUD]F.YLFQPWD!
$ZV0DHJ!B
´\DHU{ LPLOW\DHU{ DHJ!V0DHJLWN,7\5WH W¥N‰>DH\ZDB
\D6\D0\$6\Q,>6\VLY[M,>56\],>D5N‰WUH {
\ZDS DY/\DPBB PDWU{QH\LWPDLS[D\NSTDG{$D[DLUND\DP$VD(
SUPDQXUDJSU\DZUD[\D 7\ŒYDFLNWD@P$¯bWL]]DY´,Ø\PD>HKUD(
SLUU0ND(]OLYNDL]DY\D KD6\W6\LQÇ­WDH 3\$LWWUD9\‹WGDV,QPXQH!
VW\DVK6PUVDMQDH7VY
LQUYDK\FL'LRL]R^I]HRU! $ZWG1Y\,B
\FFHÐDN‰>LY\D¾DH‹!VDH ¥WG1Y\,
Í,P¯DJYWD K5]DÒGL]5W\Df]D
\P$DLYN‰WDPX2\S L‹UVDP\D \ZDB
JDHSDOÈS]DHDG[G{$LSUXQDZDYLY6WDU, GGDLPGL[ DL>WLYY >XYP7\$€WDH
WX\WXVQDWQD7PDSLËPDJHUVD0EXLQ[H! LQ]0\MUW,LJULYY WNDHPOD(ÑHL6ZWH
W\DNeVXPP$LS5WQYP$YH7\X”DQQH
LWÍ,Í,L‹UVDP WLV1[D( KUD(MKVXU{­bULNP$LSVXÑXJDHÑD5ND!
SLËPLYDJHP[XUD2\L‹UVOKU,FWXZ,5
\ZDYDB
LWÍ,Í,L‹UVDP WLV1[D( $6\¾HØ\NUL]]DHU{ PXLQSWH=\DP6\PHN:\WD
PX2\L‹UVLQÈSN!SLËPLYDJ!VPD»! W:\K1WLFUD\XU{ #LYWDLN[HQN
X DHT,ÏU!
7\‹HJYQP\D SLUW]F,UH>LNFDÇ>D
¢ULYDJ! ²DJ$DLY5Y¨­bUL6PWPGY7Y\DÇ;\WH

¬,SQDKUHV WDf*YD*YHFLUWDG\! O”VWHLQWUDf]DHU{ $LS\XJH LN[DWXUDJDHQ!
$QXDYDVWXQDVD(ÑJ^ILQS1GQDG\! ¾DW!SX¥EO6\YDLNP$LVWYDVV7Y\DšH[ WP
KD5O6\DYLK7ZD DLY`H\D9\LFDLU>! 7\$DN^\5SXUDHÊMH]J LK>,YDF6 eU¸DLVND
VDKDVULWU{#YD¥6ZDL\DYW\DHLGWD ©W,V™bFG,@>DYKLVWMDWDQUDH­b @PD
DH)DKDVULW!6\DWL6PWKLVWHLYKLVWDYKLVWHF
$SKLVWDLWKLVWNH-\HÑDG,QD‘PDG{´H´H $SKLVWPB
LYDYQDLGY(LF¦\DG{¢P6\DLSNe¥LFW WFFDSKLVWVDÍXODHFQNL0SWDVNP
YHG{LYKLVWD FDY`(U{LW^\WH
\ZDB
W¥LF¥PB GÔGHYL5U{LGLYGUWUš¯bML]UD
L6PW7Y$OØ\G]QQH¥J^ILYND]N‰W
  \G{$ÄD^\¬^IDHG]QÇLFL!SD^IU\LW
6 eT ÂÚDG,QDQTL\WLULG9\HÊML]]D(
\ZDB MU7\D!¾6WDHDQQTLWWG{$Q(,G{f]P$VD(
.Y\DLPMUW,RODGL[KULG[,517\$VD(
¾[DYLWMYHQPDVXEOP
{@XU@DNeÇ $LWKLVWPB
LW6RO¨G,LUWH²YLWNDL1G],NHKUD( VKÔWDOL@»DšWFFDLWKLVWLY¨!
LYN6YUPXRD0EXM NeOP$8Q PXQ,QDLGLY
\ZDB
KLVWPB Y ­H7YYLOWDQQDLVYLOL!¾HØ\VX\DH*\DP$WV
WG{#YGUVOØ\G1WD€KLVWYHW
  7YDP´DH)PX  $VD(EO,PXRYUDHPDVD[\7\7VXN!
$DLU{LY3OXW[,U{Y >HQLKSU7Y¢DHELO;YVQDG{
\ZDB 7\›(U{ PXRUDLJUDLYMKVX!VDH¢DLONDEDLOND!
P´]HQSXU!L6ZWDHKLUU{$VD(SX¥DH KP#YDL6PWH
S=\H7\$&\XWM/SLYÏLVW\DVU0U-\¬]D \6\KDV!VFHW.YDLSVD@DQQ(YLQE;\WH
PDP#LW6ROG@UHMLTO\D9\D‘e=\LQNDLVWH WZD3\#LYDYDLGVDP:\D5G{ SOB\WH
SX¥H¾DšW!VR,NeOP$8G{G1WD]X[D(WD[UP
\ZDB
LYKLVWPB L]0E,OL0ENeFDLVG¨5UY[8LY6SL[5QDVDN‰LWV
V6YQfÐG]QYHG{LYKLVWWXWW 7YM,\5¬Lb OfLÐU{$DHÑWXLOWDšDUDP GšDHGU,
ND7Y¢!NeLTOHSUDL6WMLTODSXL¥L@WD(VX1GU,
\ZDB SX^\HQÊMVXÄXYDWY[ LWKWXQY],@PD
PXD>GL[PH¨ULY OP$1WUD]™VH
VLQ!ÏLVWI0EUMLTO\D¥LQ²D\WH #KD6\UVVW¥N(L]N,Y L¢LY6W WD(
LWÂXYLWNH]YH¾NT],>5G1W6ZO ] šDUDLGUVDH¯HGDHEÕ[(Y¾SL W!
N‰WKLVWP76YQNSTVX»\DY ­\D
LWÍ,Í,L‹UVDP WLV1[DY¢ULYDJH
$YKLVWPB KD6\L‹UVLQÈS>H$¯bWL‹UVOKU,¾ZPD
WFFDYKLVW epQDVNeL WODHFQP 
$¯bWL‹UVD2\DL´W,\OKU,
\ZDB
$D7PDHLFW(U{ LYDYD (!6YD 7Y‹FHWLV
VDLY6P\ULWU{Q,WDG{XWDHL‹UVDHYHW  $QXLPW\ZDB
‹!VY5LY[DH 3\$¥TWHLY6P\DÍ\! 1P,/\ÊML]]YDHf]SXU6WDG{
ODHNDH¢UL‘\DKHWUX { LY\VW¥NH]Y! D^I,USXQU{$WX/\LYODHN\1W!
W6\FHÐDLY]HD DVWL6P¸¬,SQDPWD! VD7PDQS]XSTO,vFW¥GDYDG{
L‘\DVWXQH¥LY6WDU6W0DÍXSO X NDG\! 1PX‹DPQLVFPL7‘\DP$YDSX!
$DYHJK5MDI D DVW¥6\XU{9\LFDLU>!
6ZD\,6\DG{LY6P\ULW!VDODHNDH¢UNP5W! $L¾\DGH!L‘\DNe\D5Q QDOD(LN.\$LSLY6P\P
VD@DG{$QXLPWFHLWWFFL´LY[P&\WH $VD[DU^\$LSPQDN{NUDH7\#YL¾\6\VD
L¾\DWL¾\6\LNPWVY5ODHNDH¢UDH¢UD
W¥VD@D7\ZDB 7\$¥LY6P\H¾DH‹DU7\QX€KPD[XU,
VD@DG{#HL1²\NfÐÍXWV™,LW5WDLGNP
LWÍ,Í,L‹UVDP WLV1[DY¢ULYDJH
W¥fÐ\ZDB JD(>L‹UVLQÈS>H$¯bWL‹UVOKU,L´W,\D
#NP#YLYLY[DH PDM 
PL1GUHX \XJSQLQLROHX Y,UL‹UVD2\DW W,\OKU,
´DUNDP$LVP,.6\PXNe1G
6S1GQDHL-+WWQXU{PXLQU{$DV,W V(YDH7VDKULW!6ZD\,LYDYD (U{LQMDHLFW!
$DQ,\PDQD6YD 7YY,UL‹UVDHYHW
\ZDH‹Í,G]PHB \X­GDQG\D[P(] 5  FWX[D5Y,U&\WH
LF¥EW(WG{#NHQYSXD\XJSWS ZN{ $DO0EQK¾DH‹##YFWXLY5[!
J KHX xÐVDKÔLÒ\#NGDYKW 7VDKV7Y#‹DQDVYH 5 DP#YV0YHW
 

\ZDYDB W¥\X­Y,U!B
.Y6W1\JL1[YGQH1¨U{$VD(L]]XVWH SLUWDHD\N‰>6\G[G{7VDKP$DKYH
JDHY[5Q!L]RUÇ­Q!.YFD\P VRDE1[XLY]HDHYD\X­Y,UKDH&\WH
DH!S=\V9\NUN1©LNWDFOH1²! ¾LW\DH­DPXNe1GDHYDWL6PQYD¾H@NHL6ZWH
RHO¸Y6 eULWK1WLNP1²MDOP WG,\H&'DYH]HQD¥YHG{$1\!VX×´U!

ÍXW\ZDB W¥N‰>DH\ZDB
\D1\$L@SQ¾KU>DLQTD!VGHY! $SUDLMWPDLQQK4DF
¾7\HNP$L&'QGPXLQ]U¥\H> FTXO 7YDP$L8\PD[Y
7\$DNO<\\XL[NVLUSDH!¾DY L[QX\DP$[XQDVXת>
6 DUH@>!L@LWSLW!SXON,WGDV,W \LGQ7YVPUDWSUD LV

V™,LW5W\ZDB \ZDYDB
LI0ED!6Y>5LQD0EUDQÇFDHMDWD]FWXED5KYDH VU0¾NT,N‰W¾LWTDU0LÍ\DH!VD¯bW
Y7VD]FHLWYGQN‰WDH L6PLYY]!6W0LÍ\DS=\W NDLO1G,SXLOQHY\6\LQNU(U{$DODH.\PDQVWGD
$DË\NZ\DLPY!] >XWDH!¾7\HNP#N(N]! $9\X7ZDLSWV2\\DHU{ $LSYUDK™DULY6 ˆLM5W!
6W8\1WHMJG^IYL¯U{$LWVWHK1WS°DVQ(! Í,GDÅ]FEN,L´]FVPUDTDHS!ST,\DQ$8W 
FWXÐ\H LSY,UD>DLQLROD#YVDL£YND!
VX×´UDH\ZDB JYD5YHJ[ LWÊ,IDPLWKD5YLKL7ZND!
VLR¾NUPDJ5>DQ$JL>WDQL@SQVY5WV $PDH75 VXNWDV8\D6P 7\D D9\LFDLU>!
WZD OJXI ‘PDG{ÄP\LW6PGDPDN‰W, \X­DH7VDKULWVWL6PQ6ZDL\DYW\DHLGWD
$P6WULFW6WXLWU{ÊMSWHV WQXMDH 3\$PX \D6Y]L‹VKD\D (U{ $DKD\D5VKMDLSYD
VP ­SXONDH\ZDOJXIS¡UD1W!L6ZWP LMJ,D6ZH\V,\X­H VD\X­DH7VDK\5WH

¾D\!¾N‰W]8UD>D6YS@(U{$LSNLK5LFW W¥6Y]Œ\D$DKD\DH57VDKULW|\ZDB
\X­NHLOVPX7VDKDHMD\WHSUPD¯bW! 6YWDWL]Ð D6 eTP$3\$LQ&'¸
$DÖ\PDQ!SXÇDH¢PHQ
WZDFKLUY]HB V6WDHNN‰>DH[ W\X­W >!
WZDJD^I,Y[1YDQLY‘,IQP[XV8GQ! ¾DH 0\G^IÄP\D NDU
LMJD\UWÍHÑ Ne17\D!¾PXRWDHLYX!LW
6Y]Œ\DVKMDH7VDKULW|\ZDB
NL7ZWD6 DHTLY6S[D5LY‘PDҀKDG\! ]XNDNDU¾HØ\PHEDÕG^I
¾LW\DH[L6ZWD!V1WDHY17\¬,SQDK PD7Y(,!@X²UH²VHQ
KHODU0H>D LQLM57\UDP
W¥NL7ZWPB Í,GDPDKN‰>P#YDÜ\H\
LS^I,]8UV7YPKVXEON(WYHQDEODš
LM7YDGDPDHGU\XL[Y ZDPDN‰ZD!NL7ZWDLQ \ZDYB
PD ¸#7YGOXXMDVS5GSD5SKDU, EO6\ELOQDHEODWVX×GQ,NP$DODHI\Q
P1²;YDQDHQTLWLQNTH6WDHNN‰>!NODS, S\DHL[PYP1GU!N‰WPXNe1GS@€K!
MQLYNTJLM5WU( { YL[U\QV[,U6YUDH
NL7ZWD D!6YV6ZD]FHG{$QXDYD!¾N,LW5WD! KUH!¾PGP#NN!VLPLW²VHQDH9\[DW
WZ(YDKDHSXÇLNDØYHLIWD‘DH]Y/JQP
$VKD\H LS\X­&H 'DVPUDG{$SOD\QP VKD\HQDKD\DH57VDKULW|\ZDB
,WD\¾GDQD DLY`H\D]FDSUHEX[(! PL\Y/JLW,PLY‘PH
MšQLKVšUDLGW!
W¥NL7ZW0\ZDB LWLP¥LJUDYÈZS!
¾DH7VDK\6\LWWUDLNPYD€KH> VLYÈSLYÂXYQKLU\\D(
PDNHL]V8GQLYG¸$LS²VHQP
\DH­b EOHQVPP$¥VX¨E5OQ
H VKD\HQVKMDH7VDKULW|\ZDB
LG9\DJ5OD¾LWTV¥SWHXMDHPH V
{€DPNDPXNXM!6Y\P#YNDP
GDPDHGU6\LYM\D\N‰W,VXGDPD
$DKDHSXÇLND\ZDB VDKD<\P$¥VXEO!NeÇWHEO,FHM
[ WDTDHSHJDHSÏ
H UMOL[F1²HSLUNU MDWDHPL>!VXMLTWDHYUKDTNHQ
LQEµ7\pDVDG{XMVPUF\D5VPXLFWP
VUDHPD ØYHIDLQLYIPXRLE0E6\QTW! VX×G{#Y¾LWTDHY,UHN‰>6\Q7YLU!
VXGDÅ!VDH7N^4M\LWPXÕU{$DKDHSÇ
X LND V‹@DHNDLU7YDG{UD(²H 7Y$DO0EQDHUVH
UDJDDYDHfJDG,QDUD(²DG{$6\LYHGN!
$ZGDQY,U!B SXMDGDQBB
L´LY[DHGDQY,U!6\DG{#NVW¥EÕ¾G! SXMDGDQWXW6P(\G{LY¾ÈSD\G,\WH
SL6ZW¨UDSDZ57\DJ,FDSU&\WH
\ZD$ÐPHB
W¥EÕ¾G!B \ML1W\`‘WXLU{\P$DfWD
VKVDG,\WH\HQ6Y\VY56YP$3\W Y1W$DÅD\LY[DQNDHLYGD!
GDPDHGU6\VD(2\D\¾DH&\WHVEÕ¾G! V#YLY>XU{ YUGDH 6WXYDSUDH
V0¾GDQ6\Y,@D D$L6P¸¬,SQDPWD! GD6\D0\$PXP(L@LWPL3VWDPXQH
YDLŸ'WDL[NGDW 7YL6PWS8YD5LD>P
6Z(\5GDL@^\[(\D5 D$QXDYDKDHLGWD! \ZDYDG]ÈSNHB
LYWND(57VX.\KD5 DLY`H\D9\LFDLU>! OØP,S\DH[UDH7VšNe™bPDÇL>WDHKUH!
GDQDH7VDKULWV7Y$¥6ZDL\DYW\DHLGWD ELOQ(YV\HQD6\L@DSD¥,N‰W!NU!
¾JD)D6ZH\V,LG7VDGDQDH7VDKW,\5WH
L´[DEÕ¾GDH 3\#LY´L¯U{KN:\WH $ZSL6ZW¨UDSDZ57\DJ,B
6\DG{$DB\XGL\NV7Y#N!SUVW7V0¾GDQN! SL6ZW¨UDSDZ57\*\$VD(\HQQH\WH
KLU>DG,\PDQDH LSVDÐ D5LGVWX\WDYU!
W¥$DB\XGDL\N!B S8Y5WDH ¥LYS\56WNDUN7Y´\DHU{YHW
N‰>6\DB\XG\DZWX\HQVY56YP$3\5WH $L6P¸¬,SQD!N‰>N‰SDODSL6PWDG\!
$LZ5B\DHÂDÚ>DLGB\!V$DB\XGDL\NDHYHW
  $QXDYDVW¨7N5Y>5Q²L)PDG\!
$¥V DLUWD8ÅD[ WHU{#YVP,Ø\WH
\ZDB 7\DJDH7VDKULWU{[,U(!6ZD\,DYKDHLGW!
ÊMSLWU{KV8QDHU{MDWNDZWZDVD( 7\DJH&'DWDf],¾D()D7\DJDH7VDKW,\5W H 
9\WUG{$POFHWD!V \Q(LFN,QDP
S ZUX { $LSQ JN,LW5!VD0¾WVYW
DV,G{ \ZDKLUL‹VX[DHG\HB
LWLQMJ¨U{›(U{ 8VUX D\HQW »D! 6ZDQDLOD,WSLVL6ZWDH K
7YD¾D»YDQGHYPXQ,1²JXÛP
$ZW7V0¾GDQN!B NDFLYLF1Y¸$LSLG9\U¤
`DW\HKU\H6Y,\P$KWDPPWD6SGP 6YDLPQN‰WDZDH5 L6PYUQ\DFH
VY56YG,\WH\HQV6\DWW7V0¾GDQN!
W¬DQ¾,LWS8MDB\DYHG{7\LGWL´[D \ZDYDW W,\HB
QD7\L1WNLYJ>\17\$LSWH¾VDG
W¥¾,LWGDQPB LNYD1\G{$LS5W\ÄXY¸\(VWH
¾,LWGDQWXW6P(\G{G DG{E1;YDLGÈLS>H \H š7YG
{L˜]U>DYW!NZD\D!
N,W51\W,Z5\]V!Ne]ODUV`D!
\ZDBB
FDLF5.\Y(M\1W,vSTPÇSXUTDH¯DVXU8>DQD $\P#YY¸›(!¾D()DYLY]HDN{
ÍHL>PDL>.\DMJMUZWXUJDQNEX5UDQNEX5UH> [X\D5G,QDW W,\6\Y,U6\SGY,vÊMHW
G£YDUD-\NeT0X E6YP$LSJYWHLG7VXU{ $3\$1\G{›(U{
GH\Ne¥D3\$fÐ{YDPRVGLVWGD9\DNeO!SD^IYDH 8W $ZG\DY,U!B
N‰SD²5×G\7YHQR^I]DHGHKP$S5\Q GDQDLGL¥LY[Y,UY>5\1W!SLU6 eTP
N‰>D\D&'¸N‰SD\G\DY,UKDH&\WH [P5Y,UQP1\1WHNLWLFG{[LQNDG\!
¬,SQDK¾DH‹DVWGDLW59\¡QDG\!
LQM¾D>9\\HQDLSLYS¸¥D>],OWD LWÍ,Í,L‹UVDP WLV1[DY¢ULYDJH
$DÏDVQDH‹\!6Z(\5P7\$D DVW¥LYL‘\D! Y,UL‹UVLQÈS>H$¯bWL‹UVOKU,W W,\D
$D(7VX.\P$LWKD5 D`H\D!V DLU>DHEX[!( 
G\DH7VDKULWV7Y$¥6ZDL\DYG,\5WH 
G\DH²HN G{7VDKDHG\DH7VDKKDHLGW! NÇ>L‹UVD2\DFWXZ5OKU,

\ZDB $D7PDHLFW(U{ LYDYD (U{ Q,WDSXLÐVWD×LG


Y1GHNeT{PLOWD¡LOU{PXÕU{$KY,UP\8U;YM YHF'DHNULWU{L‹UVDHLKNÇ>DL[!
\HQD[NSTL´MD\YSX!NVL´HLG7VWD $9\XL&'¸PKDQ1GDH 3\#¾HPLY]HW!
NÐJªLGNDNeODH L6PNZQDU0DG{$KDH[,PWD $LQÐD»H!SGW\DYH !N‰>DH 6\FL¾\!
VDHpDV‘NFHQGDLUWP$8WS¤,VXWDB\DL]Y! WZDQYD»W¯L‹VD(2\]F6YL¾\DHMQ!
7\$6\LY\7YHQ`H\D$DO0EQDVL¥[D
KUH]FHWW£YLY`DQQ(YD6\TWHG\D W¢´HG,FW¯‹$DÍ\7YHQFL¥[D
WGDYH7Y$VD(GDQY,UH 1W5YLW6 eTP VDH 3\$D(LF7\HQLY`H\!¾D\!]D1WDLGYLM5W!
Y(>Y7YDG{ULW!N‰>HL‘\WH QHQVY5GD W7NP5J> X ÈSD DY7\¬,SQDK
N‰WD¥L´MÈSHFL‹VWHQD6\‹WD $QXDYDPXRH]DHDHLYODS!Ô6WJD¥WD
$1WD5Y YG1WDH 6\GDQY,UHG\D7PQ! ÏDV‘DH]Q8SDWDWDHUVWDIQDG\!
YDHSGHYDG\DH[,UDY,UP$DF@WHL¥[D $¥DÐD(VDL£YNDMDI LQYH5G*ODLQG,QWD!
LF1WDLYDGD7VX.\FDSODH1PDGP 7\Y!
$Z[P5Y,U!B $DO6\DS6P LW9\DL[PDHKD D9\LFDLU>!
N‰>(NWDH>H[PH5 \!VGDSLULQLÑW! ×LG]DHNW\D]HQJWDSLU>LWULW!
¾D\H>[,U]D1WVWX[P5Y,U!V&\WH ‹D]DHNULW!V(Y6ZD\,DYKDH&\WH
¬,SQDK¾DH‹D!V&'DÒÍY>DG\!
$QXDYDQ\DL6W.\VLK>X7Y\PDG\! W¥N‰>DH\ZDÍ,G]PHB
[PDH57VDKULWU{[,U(!6ZD\,DYKDH&\WH WQDJDHJSLUY,WP$fÐFHÐP
[P(N
5 DLLQYH]VWX[PDH75 VDKDHPW!VWDP $DODH.\WL7¾\VRD!S]XSD ]DWD5!
N‰>H LS5WD7PVX×GZ5NO¥NDPD
\ZDB ¨!RDQX]DHN\PA)L[\DHLQSHWX!
YG{$LULWKHW8Q NeY5WDV»W1W8Q
SXUP$LSXÇÖWHLQ7\P#YDHSÖWH \ZDYDB
GQXMGPQW6\D!SD^IXSX¥H>J^I! L>ÝGP$YJD)HGDÇ>LSŸ'F8IH
VXLFUP$ULF]&\D!V9\K6WD™]D\, 6ROGL]L]UEDS6WDHP[D(WDH¢U,\D
LQLRONU>Y L¢6WL0Q,P$DOO0EH
\`!S8MDLY]HDH 6\XMD šDLQY(>Y! LYP$JLWP$Y6ZDJDHÑUDM6\UD`,
;\D7YH1²D DÍ\7YHQ\G{#Y$DÕLWU{$3\5W H 
$\WXVD@DWW6\(YLQGH]DWNeÇWHPRDQ W6\L¾\MQDH\ZDB
\XL[LÑUDH 0EXL[!¾H0>DPKDDJYWDH¢P! N‰>L¾\D>DP$DNH5 ]lF8IQ
H LQLP5W
H
Q,OD0EU6\YH1¨U{Q,LOPDQPXÕU{G[H $1W!ŠH]NOL™WD!LNOY\\DPDH \D0\DSXU,v
QD\Y QV \¾>L\QKDVWZD3\-+LW
6YL¾\DH\ZDKV©WHBB $L6PQV0SXLTWHJ,UNST(U{$D,USp,LYTH
LYUDM1WH\6\ÊML]]XNeO6WH\LYNO KDPH[DLYLQUDL[NHWYNZ¾HPDJU,\DQ$8W
6Y\08FI 8 D€(U{ OXLOWL]RUD!SDGQRUD!
@>\DQ$DODH.\¾NTSUPDQ1GLYY]! W¥MU7\D!‘DH[!B
VGHYL5U{ PX‹DQ$LSWQXW !]DHFLW ]P ‘DH[DHMU7\DY;YDLGV0E1[H¾HL@WHKUD(

\ZDYDB \ZDB
PDWU{PDL²JWDNeWV7YP$[XQDKD.YDLVSD^IDHLSW! $UH\XYLWW6NU¾NTP#YY;YD!STV
VD1²DQ1GVX[DL%[U{#\XY\DHU{ QD8G{f]DJDHFU! WYDHULVLQU,Ø\WHEWQQHLWLNM/SLV
7\›(U{ QNeODQXMDHLYOSLW¾HØ\¾PDHGDNeODH $KDHÊMLQYDLVQ!] >XWLNQLY‘DH]Q
JDHLY1G6\SGDULY1G\XJO¾DH¬DPNDL1W&'TDP ÊMHÏUVXWQ H PHVXWJ KH L”U{7ZDLSW!

ULWLYQDLSTWHKD6\DGHU{ªP!.YLFW JDHY[5QPKDPpLYQD1\HDÊMD(NVDP
NGDLFG{$LS]DHN6\QD6\V0DYQDYHW VYH5DP#YJDHLY1GHULW!¾D()DLYUDMWH
UWHU{ 8ÅD‘L]ÅDF]DHNDH8\DQN‰]]FV!
U7\DVKDLYQDDYDWND3\#W6\LYL]ÐWD $ZLKW!BB
LKWVL¥[DQYLKW!VDKV,FH\XU5 { 7\$LS
$LSFB
N‰>(Ï\D5 LY`DQN‰WQ(DP$LY \D W¥$QYLKW!B
LN1WX¾HPDH¢UUVLY]H>H Y
( WWN‰WP N‰>SDOQNWD5LSW7NPD5LLQYH]W!
$W!¾D¨5YQ]DHNDHO%[D3\¯TWDPXÕ! .YLFWW¥¾P¢DH\!¾DH‹DH QYLKWDH ¥V!
¨ÈKDP#YWQXWH JLWVD(2\6\NDP$LS
\ZDB
LWÍ,Í,L‹UVDP WLV1[DY¢ULYDJH L¢ÑP8)NeÇPDLYO0E
JD(>L‹UVLQÈS>HNÇ>L‹UVOKU,FWXZ,5 Y ZY
( L[N{SL^IWPDLQQ,7YP
 ‘T 7SODL]´\P$1WUDWH
UD(²L‹UVD2\DS POKU, E­!VXWDH VD(VLRE0ÄP,LW

Q,WD‘DH[ULW!SXLÐLYDYD (U{LQMDHLFW(! $ZVDKV,B


×LG‹MQ6\DVD(UD(²L‹UVDHYHW \!¾HUNDH\6ZDQHVDKV,VLQJ WH
N‰>DHLKWDH LKW]FHLW‘DH[6\LY\VL¥[D
N‰>HVR,MU7\D D!‘DH[6\DÍ\WDJWD! \ZDB
‹D!VY5LY[D#YLKWHF(YDLKWHWZD JDHLY1G!L¾\VX×GDLJU(Y\DWV
WDODQDLYLSQPLW6 eTLQ]0\
W¥N‰>HV2\D!‘DH[!B Ä8HG6ZSXLTWfLÐU{$D P#D
VR,‘DH[H YHW V2\D!N‰>DG{$7\DLKWHVLW LI0DQDÊMSLWJHLKQ,GG]5

\ZDLYG*[PD[YH $Z\X5!B
\XU5 { PDQ[QD¾DH‹D¾D()H \D5‘D1WPDQVD NDHSDHP1\XV WZDUDHVW¥NDHSVWX]¥XJ!
P1\XU{ E1[XX WHS8-\VP1\8QDVL¥[DHLGWD!
\ZDB UDHVWXGL\WHÒ,>DP$WDH9\LFU7\$VD(
¨PD5QP1ZPLZWHNZ\DLPLNWH K6WSHDG\!NDHSHP1\D(WX>,NWDG\!
©U¾\DLKVLY[HWYMD--YO,LP fJ1WSDTO7YD DUDHHWXNLZWD!L‘\D!
KDL[N{L¾\H>LFNeUDL WLSŸ'NDHT D
LQP5LŸ'WD€FU>D3\$Ç>DQQDLV W¥Y(LUL>\ZDB
LQÇ;\SXUP1PGHKLUP$JD[V£YDÍ\
$Z$LKW!B P [HPJ[8SWD(LNP$LSYP$D‘DH]LW
$LKW!6\DG{L´[D6Y6\KUH]FHLW¾HGW! f]NYLOWL´L´VUMDšOHQXQDHG
GKLGšO¾YOLSšODODšO,
W¥6Y6\DLKW!B
$LKW!6Y6\V6\DG{\!N‰>V0E1[ED[N! S8-\DH\ZDLYG*[PD[YHB
‘DH]17\DNUSpYHQEOYDQV !LS[¢HPXR
\ZD­YV1GH]H B [DY17\D\DLMLY6W WXMDHÇ1[HSXU!S­LWP
N‰>PX>Q$NÇ>EODG{JDHSQDU,Y[DZ,5 SDGD1WHLYOX47\$VD(PL\PXÕU{GÐD[UD\DÇD
PDP\D5GDP\¨NeOXYDPLL1[UHJDL1GQH\! PDW]FL^IP\DL]R^IPXNeTDG{$D7PDLUØ\!NZP
LW¢XšDPPP[XSUX H \D¥\DW¥WDVD
LY¥6WDQDSLUYYLOUHYpY,QDLYODSD! VPH\ZDB
-YOLW¨PX5LRPP5L>PXPU5X V
$ZKUHU{ $LKW!B WYLJUDMLTOHLQLTOHFPH
$LKWVWXKUHV W6\Y(LUS@DHLQJ WH LJLU[U!6S ]LW6PNGDPGDG{
¨LKU¨LKWXU{ PPSDPLU
\ZDB
KUD(ÍXLWL]U!L]RDPL>PU,LFQ,UDLMW 1\8QH\ZDB
6 eU›U>S™MH 3\$YPLW9\QŒ\$¥\! K1W6YN,\NeFP8Lµ5PQDHKUDH \
$\L@SLWSD^IY!]PQG^IDHUK4DW KDU]FNDL6WKLUN^4WT,FLU>X!
L¥U{$6\PXNeTDHSLU6 eTPG,\5V9\SGP DH!S=\W6YNeONœOP¡U,\
NeTHQPDWG{$LSY \WHY[8T,
VDHpX^4KDVY‘DHL‹NTD@DQDGUDG\!
N‰>DLKWLKW6ZD!6\XU{ $P,¬,SQDK $L6PQQWDf]DHP1\D(YW5WHU7\QX€K!
K6WLQ6SH>G1WrQU‹QH¥WD GDKU>PD¥D\WZD3\#LQGL]5W!
GÐD(ÑWDLWÄ8NTe ,XMD6 DOQWDIQD! ‘DH[DÍ\D>D]¥8>DF( DG,QD6YDYW!
WX>,NWDQWD6\7YLQÏDVDHX”fLÐWD ‘DH[DHULWLYQDDYDQQL‹UVWDÊMHW
7V5QP8[5LY[8LWU{fJ1WHSDTO&'LY!
Ä8HGD[UN0SD D$QXDYDKDHLGWD! LWÍ,Í,L‹UVDP WLV1[DY¢ULYDJH
$¥6W0DG\!VYH5 ¾DNT \DL1WVDL£YND! JD(>L‹UVLQÈS>HUD(²L‹UVOKU,S P,
$DYHJDHMIWDJYDH5LQYH5GDHPDHKFDSOH
$V8\D(€  WZDP5ÍPD D9\LFDLU>! 
$¥‘DH[ULW!6ZD\,VWX‘DH[VL¥[DPW! \DQNL‹UVD2\DÑOKU,
6YVšDHSQPwc>D5]U>D1YH>WZD
YØ\PD>(U{ LYDYD (!SXLÐ\ULWU{JWD ‘DH]QD D!L‘\D]FD¥VDL£YND]FDÍXYLM5WD!
\DQNDL[DHL‹UVDH[,U(U{ G,\5WH KV·DVPU>FDSODYHJG,QWD!
N‰>]FGDÇ>D]FHLWWL6P¸$DO0EQDL´[D LYDGPDHKDS6PDU]™D D9\LFDLU>!
$QXN03\HXVDJ6VXN‰>VW6\FE1[XX $L6PQ”ULW!6ZD\,DY!6\DG{$SUD[W!
GDÇ>D!ÓHKW!]Ï¢GLQÑDL»GL]5X ,>HB\]FW¥6\DG{EÕ[(YDSUDL[WD
G]5QDF'Y>DFFHLW6PU>DFF¾N,LW5WD! WœD,U{QDSU¥6\DG{$QX€DÛMQDQLYQD
$DN‰7\D\H¾N‰7\D\H\H¾DYH>,>D!
W¥$QXN03\HX N‰>DH\ZDB #WGDO0EQD,LW!NHYO¾HP]DLOX
LN]X\´GQDH LSPX RLFWLF¢HS ZXYHSZX QDU,EDODLGXWZD¾D\H>D¥DHSMD\WH
LYÏ6\¾N‰LWM6YQPQDJ$3\$L6WP1WXWY $DN‰7\DS8WQD D!6\X!¾N‰7\D¨Ð8XM!
PÆL@WP?@UDMUVDG{LY6W,\5Y,\7Y\D ,>DVWX¾DYH>VXUH1²LJLU]DG\!
S :Y,¾7\XW\X­ND(WXNP\,VHY(YPHLQLP5WD VGDJYWDH,LWJWD$D7\L1WN,P$LS
NVD DULW]81\7YDG{$¥QDO0EQDPWD!
\ZDYDB
PXUPZQSXUVWHNDHXMšVWS6Y, LWÍ,Í,L‹UVDP WLV1[DY¢ULYDJH
OXKUPLWND,5U{ PD6PG,QD\P1\XP JD(>L‹UVLQÈS>H\DQNL‹UVOKU,Ñ,
JXÇU{$\P$SUD[VW:\P$`DQWDH 8G{
$]U>P$LWP8) U@U@¾V,G 
E,7VL‹UVD2\DV»POKU,
E1[XXGDÇ>DG]5QDG{\ZDB
KDLNNUDHLPWUOYQD1WUDOH SXLÐLQMLYDYD (U{MXJX3VDULWU{$DJWD
JDHSH1²JDHS\EODG{SÇ;\EDOP $VD(L‹UVDH[,U(U{E,7VD2\W,\5W H 
ØPDP^IOHQVKF O\QPQDHPH $L6P¸$DLÍW]D1WD D[,U(U{ $DO0EQDPWD!
] šDL>O
{\LWS=\WXUšG(7\!
\ZDB
ÍY>DG{\ZDBB SDL^I7\UWLK^IND;YLQJWDH\!NDPG,@DÊW,
] ^Y1W,WXUJGDQYÇD NeY5QS8Y5P$]HLI{JQJU,VDÆD-\F\D5P $8W

JDHNeOLNOLY]1WP­bUP LF¥VDH \PG,U\QKLUJX>DQX±DSfLÐU{MQDH
²DJ$8W WQ\U@>DNeOD fÐHÒ,YGQHLYNˆL>WPXRDHLYÐB\LQÑ,YLW
]X\GD6\MOMDÊMHÏU,
$¥LQÑ,YQYNˆ>Q˜D>VYL W!
6PU>DG{\ZD [DYQN0SSXON¾6YHGD D]FLYL‘\D!
LYUPLYUPPDW!S8WQD\D!¾VšDW K*ODLQÍPDH1PDGPDHKLQYH5GG,QWD!
WQXP\P$[XQDLS6P\5PD>D[XQDHLW LYDGFDSODYHJMDI D DH9\LFDLU>!
NYOL\WXPYD1[,N‰7\EDOXU1W, MXJX3VDULWU{$¥6\DW6ZD\,VDFLYYHNMD
YSXU{$LWSXÇ\DDHUP$DLYËNDU ¾DL\N,FHLWNLZWDMXJX3VDL´LY[DEX[(!

LYDY6\Ä8NTe D DVWL6P¸¬,SQDPWD! W¥LYYHNMDB


PXR]DH>P&'{YDV!SUDY 7\LYODHNQP MDWN‰>UWHU{‹LY]H6\WXN6\LFW
LYYHNDH7ZDWXGHKDGD(MXJX3VD6\DG{LYYHNMD $¯bW]F(¾,WDLGXFWX!Y$LS
L´¸$6\]XLFU{\X­Y,UDHUD(²DH\DQN!
\ZDB VX×7¾,W6\E,7V!]D1WDHY,U´\WZD
QÇL[UP\H7YFDLSQ­H Y(U,]XLFU{\X­Y,UDHUD(²]F(NLYDYN!
LSL]WLYLPLÍWLYÔJ1[DLM ¾H\VVWX]XLFU{KD6\DH\X­Y,U!VX×´UD!
NZPKUPWDEX[!]U,UH L´DHY7VOE,7VUD(²D,P]FS8YY 5 W
JYLWK1WUWHU{OYH 3\G,>H
5  Y7VO6\VX×­D6\!NÇ>DH,PLWWZD
]¥X!]XLFU{\X­Y,U!¾,WDHUD(²]FS8Y5YW
$Z¾DL\N,B ]XFUH { KD6\VWZD¾H\DQVX×G{$6\¾N,LW5W!
$PH;\S87\QXYDWVYH5DP#YVY5W! L´DHY7VOE,7V]D1WUD(²\DQND!
\D¾D\DHMD\WHVH\MXJ3X VD¾DL\N,PWD ¾DÕU{#NH 6\VX×GY,U\X*PSUHLUSXP  
LP¥KD6\6\E,7V!]XLF!¾H\DQVY7VO!
\ZDB ¾LWS@VWXNÇ>VWZD¾DH‹DH\DQN!
$V
P{ ¥
8 DN,>H5Q]POS™9\LWNUH $¯bW6\VX×G{Y,U!S ]D1WDG\VWZD
YV¸#LŠ¸DHMIWQXU{$KPDWXU{ GUH ¾LWS@DHYHG{ $6\UD(²DHE,7V#YF
OHFHW!@DHWYMQNPD5@PW\D Y,U6\7Y$¯bWDHKD6\!¾H\DQ¾,LWVWZDVX×W
WG{$L6PQNVDUHNeÇPL\N‰SDVDJUN‰SDP \DQNDHLYS@DH 6\N6\LFF'D1W#YF
NÇ>6\VXײD(²DHY7VO]FLYODH.\WH
\ZDYDB Y(U,KD6\DH 6\V0DHJ] šDU]FD¯bWVWZD
˜D>DHw>
c N
5 S8WJL1[LYNTHN,TDNeOH GHKO, UD(²6\NÇ>!¾DH‹DHY,U]FDLSVX×´U!
Ô6W9\DL[W\8ZJ8ZTQDLQ[85WQH¥D\XL ¾LWS@VWXKD6\H 6\] šDUDH,>DH LSF
NDUDQDPLQK1WPDJ[\PHQDP,Y\QDUNH \DQN6\E,7V!NÇ>]FVX×´U!
L@»DVWH6P LWP$DNO<\QUN;YLV¸K¾DL>P! L´1WXY,U] šDUKD6\UD(²D!¾N,LW5WD!
E,7V6\YHF 'D1WDHKD6\!¾,LWVWZDVX×W
O%[N‰>UWHU{#YVXÑX S8W PQ!VGD ]¥X!]XLFVWZD¾H\DQ`H\D\XŒ\DSUHFWH
@XB\7\$× $OH]H LSWWDH 6\DU7\QX€K!
KD6\DG,QDUV7Y\G{JD(>7YHQDLSN,LW5WP W¥VX×7N‰7\PBB
¾DFDPWDQXVDUH>WG{LY`H\ PQ,LL! NLZWHB\!SUH\H6\XVWHW7T6ZD!VWDPWD!
$P,S (Y]D1WD DKUHU{L‹UVDPWD! VX×GDLPÍ>DV0\J$D6YDGNeÇWHUVP
#XKD6\DG\!¾D\DHLEÄLW9\LFDLUWDP ´\DHV WXLPÍ>HVD0\¨!]N6\DWWXOD[ WP
W6PDG{$šDLšDYHQPHOQLY¨DPWP
LWÍ,Í,L‹UVDP WLV1[DY¢ULYDJH YHQ PX2\DH ZYDJD(>DHUVDH š,LNO\¥\!
JD(>L‹UVLQÈS>HE,7VL‹UVOKU,V»P, NW59\W¥W6\DšVX×G{#YUVDHEX[!( 
$ZDLš7Y¾ZPWDHPX2\DQDPKLO2\WH
 $šWD\¥VX×GDHPX2\DJD(>D]FLEÄLW
UVDQDP(¥,Y(UL6ZLWQDÅ,$ÐPOKU,
W¥]D1WH LšLQ¾,W6\DšWD\ZDB
$ZDP,D‘PH>(Y]D1WDG,QDSU6SUP M,Y6 eLOšYÙHU{PKVDHQLF76YÈS6\
LP¥7Y]D¥Y7YFUVDQDP$L[,\WH W6\SGD0EXM\XJOLNYDVYDKL\\DLP
]D1W6\¾,WE,7V[P5Y,UD!VX×´UD! $¥PX2\H LšLQPX2\6\DšWD
f]DHVWULOW(U{$OÊMLQY 7\PX*[HÊM
W¥(YE,7V6\\ZDB LYWN5\LVPD\ZDQLKWZDL6PLN8LU>D
$KPKN ]X‘]DHL>WDQD W,U\LWPD[YHQYLYODLVQ,v'°QD
S ZN
X W
e XSH NeWXN,UW!]U,UH GG]5VXEODHEOL´NFfLÐU{$6\DQQP
L]YL]YSUPD7PQDH¨UD7PD $¥PX2\HJD(>6\
VXRYSX!6PU>H LSP1ZUDH L6P
$¥PX2\#YJD(>6\ W¥(Y]XLFKD6\\DH|\ZDB
LPLKU¨LKWXU{  ´¡XO P¡XW,U
W¥(Y¾,W6\D¯bWE,7V\DH]F\ZDB ¾LY]LWVXEODH \UDL[NDYHJ8)!
LK7YDL6PQLSL]WDHSQ­ÇL[ULŠ¸HPXGLY€KH VUVP$LS=\QN‰>P$B\XL7ZW\!
¾,7\XL7V‹PQD!NGDKP$VN‰¬b6WN5F\D56SGP L6PWLYNL]WJ^I6Y,\P$D6\Y >DHLW
$DV,QSXUTDVQDHSLUSUÂÚD0EXG=\DPO $¥PX2\HPX2\JD(>\DH!
VHLY\HFOFDÇFDPUPÇ7V DUFDWX\W 5 !
$¥PX2\#YPX2\6\JD(>\DH]F $ZY7VOHNÇ>6\B
LQUDWS¥!ND1WDUHV1WWPX‹SD¨N!
$Z¾,WH]D1W6\\ZDB Y7VDQ$YLWY7VDHPHK1WV1W3\WHPQ!
LQULY W\DVS $K $¥PX2\HJD(>6\
LQUY !¾LWS PD[XU,P
$ULY1GLYODHFQNGD W¥(YKD6\6\\ZDB
¾XP 1G,YUVX1GUMH SX¥VWHQYQ,WLS^IP$WQXPX>QPPD1WJ K
5 DG{
$¥PX2\HPX2\6\ LY1\6\DSVVDUW6\NL>NDLQ²D>LI0DQQH
7\‹DNeOY ­\DVXWPXRHfLÐLYX”ÄXL>
W¥(YE,7V6\\ZDB 6PHUDLQL@SW,VGDYWXY!@HPD\JDHÑHÏU,
6PUQ¾XSDGD0DHM QT¸$TLWY(>Y! $¥DLSPX2\HJD(>6\
\VWXfÐ DSL°Q,QDP$LSVXÑX ×>,\WH
$¥PX2\HJD(>6\ W¥(Y\DQND¯bWKD6\NÇ>DQD\ZDB
N0¾D6YHLGLQF8>5Ne1WOWTH6 DUH@>DWXLšWH
W¥(YE,7V]D1WY,UD>D\ZDB V9\HGDHL>LYNDL]J^I ONDO,OD6\š,]WH
WQDHLWPXRLYL‘\D\XYLWVšUšDHG\H LEÄD>6\KUHU{ LJU,1²PG\±DSDLFUDH;Y5L6ZWD(
QW 3\LWQVY5W!VXRP\HVPD[DY$LS SDWX¾ÓYLV&\PDQLVF\DLYÏÊMD[,ÏU,
QLVL­XFODOVDYKLWOB\PDQD6Y$LS $¥DLSPX2\HFW8>DJD(>DQDP
¾DHWYSGDF5QH SUPS(LWW >DPQ!
$¥PX2\HPX2\6\JD(>\DH]F NHYOHY7VOHQDL6WPX2\6\ROXVD(×GP
$WDH ¥Y7VOHW6\QWUDLOLRWDšWD
$Z¾H\LV]XFH|\ZDB
[1\DQDLNOP8[51\D!VXEODPXU{ÊMDEOD! $Z--YOH¾H\VDH\ZDB
$[ULSŸ'F8I6\FOD]FXON 8 \L1W\D! P´H],LOWWQDH!VXEO6\S=\
$¥PX2\HPX2\6\ LY1\6\P¡XXMP8Lµ5XMPXNe1G!
UDHPD N XNMX!6 eTP$6\N>H5
W¥(YKDV6\\ZDB V1GH]P$S5\LWWL1YPGZ5P #Y
$¥PX2\HPX2\6\ $¥JD(>H PX2\JD(>\DH!

W¥(YKD6\6\\ZDB $¯bWH ¾H\DHY,UKD6\DQD\ZDB


6YVDL6PWYLQG5\H SLULFQDHLQ7YNeW! LP¥D>,NY W JGD\XL[JXÇP1\¾O0EL´
NeǾ>\LQ5U PPN‰]DLšN^4€KP \Ð D¨E5O\DLYLM7\SXUW!VDHpX^4PªD\W!
LWÂXYLWSH]O\XYLWYHJ8)HKUD( Í,GDÅ!LNOY,Ø\NHLOVPUDTDHSDH7VYHSDTY
N‰WL6PWP$L`\DJXÇSXUVWGDUD[\D N‰>! epNSDHON!SXONYDQLY6 DUfLÐU{ED(
$¥PX2\HJD(>6\ $¥JD(>H PX2\6\JD(>\DH]F

W¥(Y¾H\DHY,U\DHU{\ZDB #YP$1\6\JD(>6\`H\DNLYLU{$LšWD
PXNe1GDH \F1²DYLOYGQF1²HFTXOH WZDFPX2\JD(>DQDUVDQDP$šWDLSF
6PU6PHUDP$DUDG{f]P$VNODP$S5\LWF VDH š,VYD5LWJDH\!6\DQPX2\DHJD(>DH ZYDUV!
XMDP$VHV2\X!SXOLNLQG[DQ! LQLQDP V#YDšYHG{$LšSDH,V DLUWDÊMQ
DLUØYHIDLU{Y GQXMP DHM\LWF
$¥PX2\HPX2\JD(>\DH! WZDFQDT DFD\D5!S4L1WB
#N#YYHW 6ZD\,UVDHPX2\WPDHLK\!
$ZJD(>DQDP$LšWDB UVDVWGQX\DL\7YDG{$1\H6\XU{9\LFDLU>!
KD6\DG,QDWXJD(>DQD\¨GDKU>N‰WP
WHQ(DP$LšWD9\‹DPX2\DQDFWZDšWD Í,LY>X[PDH¢
5 UHFB
WZD3\$/SLY]HD\LNL G{#YLYLO2\WH UVDQDVPYHWDQD\6\ÈSYHG{EÕ
VP1W9\DHUV!6ZD\,]HD!V
{FDLU>DHPWD!
$ZKD6\H LšLQ]XFUH { $šWD\ZDBB
PGQD1[W\DL¥Y‘\D 6WDHNDG{LYDYQDMMDW!V0¾D3\9\LFDLUWDP
¾VS,WSTD OH[ WH SX>QLQM¾XPX2\JD(>VW¥(YO,\WH
$G[DG{LYQWMQD€WDH ¾DH QLYDYQDH7ND5WSXLÐPX2\HQOL0W!
KLUU{7 epNSDHOP$DQQP Ne WDLQMQDZHQJD(>DH 3\$Lš7YP$ÌXW H 
$¥JD(>H LšLQPX2\6\DšWD PX2\V7Y$š7YP$DVD SX>¸1²PSH1²YW
JD(>P#YDLšQN‰7YDLQJ8)LQMY(Y!
Y,UH¾H\VDH\ZDB $QDLGYDVQDH¯DVYDLVWH‹FHWLV
VHQD1\LYLMWP$YHØ\²VHQ D7\#YQWXO,Q!6\DG{#V DLUJD(>YW
PD\DH­bLPOLVSXU!NZLY]DO $š,PX2\!6YP$¥Dš(U{DY(VW(U{$LY[5\Q
UDPD>D]WP$LSQDH¯TDHÇ[DPD VMDW,\(U{LYMDW,\(!6YW·!VQLYUDMWH
Í,GDPDJ>\LWUH7YP$¥NDH LV \6\PX2\6\\DH‹DHYHQLQ7\LQMDÍ\!
$¥DLSJD(>H LšLQPX2\6\ $š,V#YW¥6\DQPX2\DH 3\$1\DH šWDÊMHW

UD(²H ¾H\DHY,U\DH|\ZDB LNF


\¨Q1GQLQ1GQDH­W $D6YDGDH²N
H KHW7X YP$š6\Dš7YP$LšLQ
L]]XSDOVPUHLMDVLX ! WG{LYQDW6\V0SDWDHY( /\D\(YN/SWH
$LWODHLKWODHFQDH7SO(U{ \ZDP ÐUVDOD\D\YVDGH!NZ Q
MJ KH SD^IXVW X U( { YUD\X[P W›Y5>H YHG{#YVW >DB\YKDLUWD
6YDSDšLE­D=\DPDšN‰S\Dš,NeÇYPDP
$ZY(LUN‰7\PB $¥]XFUH { E,7VHQ
MQ\7\#YY(U6\UVDQDY(LU>D\XLW!
VXP ÐSDQNDG,QD@DULW‹DLGQD\ZD #YP$1\DLSLY`H\D¾D`(UVLYUDHL[WD
¾D\H>H\UVDDVN@D\DS\5Y6\LW
\ZDLKB
ÂLÚÑD\DLQ ODHPH9\W,W! LNFB
NDODH8\DQKDVPDL[ÊWHQ ´D\DHU{ #NWU6\HKED;\7YHQDHSY>5QH
VD1²DQ1GWQP\DÂÚP8W 6P\5PD>W\D3\‹D(VD0\HQYFQH LSF
NDH>Q
H DØ>!VDLFV9\6\Q(L@ UVD1WUH>9\Y[D(WT6ZHQL¾\H>YD
W¥]D1W6\DH--YOHQY(U6\P LY\DÍ\HGHFJD(>Q H L´WDVK
7\$DLGXQY(U6\Y(LU>DHMQ\HG{ \XLW!
@>P$LSLSW NDHLTY7VOW
VXUPXLQYL1GWSDGPL1GUH]P W¥#NWU6\ED;\7YHQY>5QH\ZDLYG*[PD[YHB
$LOLWYUDšQDQRD™(! ¾7\D×7\PXLQ!@>LY\WDH\L6PQPQDHL[7VWH
¾XP L@WPQDHPH EDODVD(LY\HXL[7VLWWW!¾7\DKU1W,PQ!
W¥¾,W6\DH--YOHQ(Y \6\6 ˆLW5OYD\K1W×G\H\DHJ,VXPX7N^4WH
PX*[H\LNOW6\S=\×G\DQLQ‘DL1WP$DND
{@LW
GDHB\D5P $J5OG,D5B\DVRHSLUU6YPDP
L]U!N‰>WYD˜D\LYKLU\HWWV7Y\D ED;\7YP$¥]D1W6\]XFHU{7N5Y>5QDW
$¥¾H\VDHY7VOHQ
6P\5PD>7YH\ZDB
\VP6WLQJPD!SUPH] V#Y(KDLVNWDLYQDHGU( {
VD7YWDVWXJY1WP]L1W ÊM6\KDVDHªPVLY[DWD
WWVXWHLWEWVDKLVN,v7YD >,ÏUH>D LYN‰\PD>!
9\DLMK,5WXNZPPLMÜD NUDHLWKDQ!SLUGHYQDLQ
$¥Y7VO6\¾,WHQ
VD0\HQYFQH\ZDB
WLIL´ODVWUODQY\D(YQV0SG! LYÍD1WDHI]NODLQLY5N/SDLQUDY LW!
$ (Y©LWWHQ7YP\DUP\PD[YP VXRD7PDYW,UD[HÂÚLY HYUDMWH
$¥DH--YO6\]D1WHQ
\ZDYDB
LFUM,YHLWV\-
X \NDLFG{$D],L5U{$&\XWP UD[D]DL1WU{YDHL¸²LQLQ5P
H @
H >FPDP
N(ODV6ZDLYODVHQNDPXN,SLUYMH NeY5W,;\DQO”FYDV\7\$L²N1GUH
$¥]XFUH { Y7VOHQ
YVD1WUH>9\Y[D(\ZDB
]XF!H V0E1[J1[DH LSNZL G{\LGY7VOH 7YNDLV]D1WDLNPKD1WU,@H
.YLFG{YHWWW!VXÑXY(U6\D\(YN/SWH ²ÐX SUÂÚNeWVWWD@,
$6\DLWÈSDWLNPYDNeOD7PD
LSL]WDV
{P\,QDKV7\P$L6PWYDHLFWD U0HVPDLY=\LGD6PUH>
$¥D¯bWHQ9\YL[! $š\DHU{$LšQ!SXÐ (YHG{#N¥VšLW!

LY\L¸7YH\ZDÍ,G]PHB \ZDB
7YØPÍXUDHPQRNH]LSQ­P$1WU{ NePDUVWHPp,NeVXPVXNP e DU!L¾\WPH
PDVDL6ZU‹N‰LPLYT{N LS¢YDWP JLUÑDH \NH],LJLUYG{LWPHYHpLWPQ!
M,Y&'YMLWND1WP$LWLYP8)D L]Y8\DWS=\DH¸LPWXMPHL[U{PXÕU{$PX
\DWHSGDÀPNU1GP$LM˜W,Ò, RO@X1GQNe\DÊMP$LWWUD]DLOQP$KP
$¥LYL´D(Y,U\DQND(Y7VOSX>,W!
\ZDYDLYG*[PD[YHB
W6\D!ND1W XLWLQYGQHP¡XOHFDL@\X*PH \ZDB
W¥D6PDN\GYL[VRHfLÐU{#DLQLYÐD N0¾D6YHLGLQF8>5Ne1WOWTH7\$DLG%56
V7\Â8PVWGYL[YHG{1¨P1G,YUF W¥KD6\NÇ>D(Y7VOP#YSX>,W!
6PDU6PDUPXRNeLTOWDNDLU>,\×>,\D
\¥]XLFE,7V\DH! $LSFB
LPZDHY(UDY$LS´D(\D(DYD([P5VXWDLGX
$DÍ\L¸7YH\ZDB NDODLGHGW¾DNT WD(LY1G1WD(Q¨\W!
LYML\QP$LMW!LYODH.\Uš $L[È)HPKDDYHLYÇ­(U{LYUVD!\XLW!
6ZOXLYV0 WVD\XJ,QO,OP Q6\DG{7\--YOHUD[DN‰>\DHU{ GL]5WSXUD
S]XSVY\VDYS8LHMX! .YD3\$LF17\PKD]‹D(PKDSXÇ]HRUH
SXONNeO L´WDWXNDLOPDQP UVDYLOVPDYH]!6YDGD\(YDHSMD\WH
$¥Y,U\DQN\DH!
W¥UVDQDLY\7YH\ZDOLOWPD[YHBB
LY\DÍ\HGH LSPX2\HQL´WDVK G(7\DFD\D5VWGD6\HLYN‰LWP$Ç>WDPpY\D5!VRD\DH
VšLW!LNOPX2\6\Y(U6\D\(YMD\WH J^ID(¸7\ROH]D!¾O\P?LJ>D;\DQPX>DÔP$0ED!
UDHPD VD\J
X ,QD!NP$LSQYFP7NDUP$1W!VXU] H D
W¥LY\HGH\ZDB OD6\GDVD!NTD@\\XU{ $LVWf]!¾HØ\UšHPXNe1GP
LYPDHF\DJ5ODE1[LYO0EWDWQDFU
\DLPND=\J K \8QDPQ!=\DPHQPH×WP $DÍ\7YH\ZDB
$¥]XF!H ¾,WHQ 6YL6PQ[8\H5 3\$PDQ,L]]XXJLU[ WDY WHXL6PWD6\V
Z87NDU,GLµLYÔH¾>L\XLYY W¾D(L)U{1²H Ç>D@!
$DÍ\HGH\ZDB JDHÑH VDÍXU{ LY©QHJXÇXKLUPR¾D6\N0S!VSD\DG{
ÇL.P>,NeFND=P,USL™ODHU!6ZONGD $DVDUH6 DUfLÐU{\XYLWXSXON,LEÄG{$L²LYXU{Y!
VGDQ1GSUÂÚfÐ DVHLY\WHP\D
$¥]D1W6\]XLFQD LWÍ,Í,L‹UVDP WLV1[DY¢ULYDJH
UVDQDP(¥,Y(UL6ZLWQDÅ,OKU,$ÑP,
$QXU‹L[\DH‹D!NHFQ`DQY7P5LQ
]D1W6\DÍ\L¸7YHY(U6\QDQXP1YWH 
UVDDVD2\DQYPOKU,
LNFB
 7\\DHU{QD\N6\HYLQVJ5´HL>DHU{$LS S8Y5P#YDQXL]ÐHQLYNODUVO@>D
UVD#YUVDDVDUV`(U{$QXN,LW5WD! VQ S!SLULU3VWDHXMDB\D
6\XVL¥[DHSUVD]FDQXUVD]FDSUVD]FWH KLU>DG^IYG{$€W!SSDW
¢PDP;\PD!¾DH‹D!NLQÑD]FH7\$P,‘PDW
$ZY7VODHSUV!B
$¥SUVD!BB VDP:\D5L[.\DL`DQDOODOQD ¾\¤W!
¾D»(!6ZDL\LYDYDQXDYD (VWXLYÈSWDP NÇ>6\DLWUHNDGHVWX\D5]FDHSUVDHYHW
]D1WDG\DHUVD#Y´DG]DHSUVDPWD!
W¥$D \ZDB
W¥]D1WDHSUVD!B PpDQD\GYL[SY5WDH¯TDQDP
ÂÚDYDWSUÂÚ^\$´(WDL[.\\DHJW! 1PDZVSLGWYD7PMDG{$S=\P
WZDE,7V8PDGH!]D1WDHÛSUVDHYHW QDH´J
H  WGYL[\DLPMDLPWL6PQ
²DLÑDP$LSVLPLW¾S PDQH
W¥$D \ZDB
LY`DQVXPD[D(WHVPD[D(\G{G LW $Z] šDUDHSUV!W¥6ZDL\Y(È3\PB
VXRfÐHWG{#YD SXUD>SXÇH7YL\ ´\DHU{ #NWU6\(YULWU{\DROXf=\WH
\DQ#N¥WZ(N6\6ZDL\Q!VDLYÈSWD
L´W,\\ZDB LYDY6\(YY(È3\6ZDL\1\$¥DHSF\5W H 
\¥\¥LY\HPPfLÐV
WWP#YNO\DLPY1WP W¥#N¥ULW|\ZDOLOWPD[YHB
\QLQU¡QSUDYUE,M P1GL6PW¾N‰LWLV­P$LS9\XG1W
7YDLYQDLNP$LSQDSUP$L6W VšDHLSW]FVKMDH LSf]DHV WUš!
[8PDL\WHL´MY[8PGQDLW5YÙDY
$Z¾,WDHSUV!B $ÙD\NDLSJ(L¥$™bLUWDP$\DV,W
N‰>6\D€H LW[DÐ H5QW¯‹HY$YKHO\D
6YD,ÐGHYWD1\¥SUPDH7N5Y,@\D $7\1WDDY#YD¥UWH!ROXLYYL@W!
P\D5GDLW‘PD (] F¾,WDHSUVWDPWD #W6\D!¾DJDYHWX]XLFU{QDHSUVDHYHW

W¥$D \ZDB $QHN¥ULW|\ZDB


¾>\QYSXU{ LYY]WDVWDNeOU( { JD1[LY5NeYD5>P$YHØ\O,ODP
$Y[,\5PD>QTQDH 3\$QJ5O! $€H[U^\DVLRNDPSDOP
LYLNU¾DHf]PKH7\$Ne^4YDN{ $DN>5\1W,FPXNe1GUH>X
FTXODHETX9\Y >XWD7PQDHULWP L¸D VDL;Y6PUWDHL´[DLV

$Z¾H\D(SUV!B NHLFWWXQD\N6\DLSVY5ZDWX/\UDJW!
#NL6P¸#YV2\HQKLULP¥D Y`\D QDL\ND6Y$3\$QHNDVXYG17\SUV]XLFP
\X­8PDLGQDFDLS¾H\DQXSUVDHYHW
LYDYY(È3\PB
W¥$D \ZDB Y(G*;\D(--Y/\LYUKDHLYDY6\LYÈSWD
VX×G{7\LGWDHL\DFN0SH OWDS]XSXLO1G,XY ­D6Y$LSVYW5WH
'LOWDHQP5LJUD6WXLWFNDU
W¥OWD\ZDB $Z€D0\7YPBB
VLRP[XLNUW,LQ]0\Y],v EDO]%GD XS1\DVDHLYUVDHL‹¾S QP
P[XPZQHQNTDL@WDZP ´, NT,N^IˆLWU{7\$D €D0\7YNLZWEX[!( 
PXNeOSXOLNWDOWDYO,\
ULWPKSpLYWD×LG9\QL‹ W¥$D \ZDBB
LNQ! L>LN]DHU,>D7YSXNUVGDVGD
S]X|\ZDB PXUO,;YLQQDQ,Y,vJDHSEDOLYOX0SLV
S=\D¯bWDVWXšPG!NeUš,!
SWšN1\DSXLOQH [1\D! $Z[ ÐWDB
\D!NH]YDšHWGSDšS8WD! ¾NT¾DZ5QDLG!6\DWV0DHJDGHVWX[ ÐWD
VDQšUšDf]P$S5\L1W
\ZDB
SXLO1G,\ZDB ND1WN(ODVNe¡DH \U0\DKQY\D(YQD
NDLO1G,SXLOQHS=\SXLO1G,SXONDLFWD 7YLYG*[DH LVJDHLY1GLNYDYD&\P$W!SUP
KUHU{ fkDSOY,Ø\VKM\DLY8>W
5 
H 
#YP#YWXJD(>DQDKDVDG,QDP$LS6Y\P
Y ­D\ZDB LY`H\DHSUV7Y6\PQ,LLU{GD×LW!
NœOHQN‰WNH]NDLOPD
LE/Y\X*PULFWDH¸W6WQ, $Z$QXUVD!BB
S=\JD(LULNUW,fJ O ‹DLGLU{LYDYD (!N‰>V0E1[YLM5W(!
6PHU\7\$KUMU7\$VD( UVDKD6\DG\!V»]D1W]FDQXUVDPWD!

6ZDL\QDH ¥LYÈS7YP#NUDJW\DLSFHW W¥KD6\DQXUV!B


THWDVD(LYDY6\LYÈS7YH 3\GD×LW! WD^IY9\L[WK1WN.RT,
]XLF7YD(--Y/\Y(LG*;\DWVXYH]7YDFFN:\WH PN5T,Ä8NeT,LVWZDH­Ub P
] šDU6\LYDY7YP$1\¥DDVWDWW! \HQYpYNG0ENED(
KDVI0EUNUL0EWDQQP
$Z$QXDYY(È3\PB
VP\DQD9\LW‘DL1WU{€D0\7Y[ ÐDLSF $Z$¯bWDQXUV!B
Y(È3\P$QXDYDGHU{PQ,LLU{G,LUWP D^I,UN@HEÕ[DLYW^ID
YHGD1WW·H]XNP^IO6\
W¥VP\9\LW‘DL1W!B $DN>5\QLQLQ5LPDL@SØPD
VP\D!RL^IWDG,QDL¾\HUDHDHLGWDG\! UDHPDL WDš]FVXUL5U{ $DV,W
SXV!L6PWDG\]FD¥L¾\\DWDIQDLGX
#WHDP$1\ZDDY!VP\DQD9\LW‘P! #YP#YD¥LY`H\DY,UDGHU{ $3\GD×LW!
$ÐDY$P,WT6ZHX ¾DNT \LGLEÄLW
W¥$D \ZDBB N‰>DLGLU{LYDYD (U{JW(U{ $QXYD;YLQ
ND1WDQRDL1[WDH 3\$ SLU×7\KUHLÝ\P
N(ODVYDLVQ,vGDV,vN‰SDfÐ DM6YPDP $Z$SUVD!BB
N‰>W7¾LWS@]FHG{LY\DÍ\WDJWD!
KDVDG,QDWGDWH ¥¾D`(U{ $SUVDPWD! €1Z6\JD(UY\DG{$6\DL‹UVLÍ\!
VPD×LW!VPDVHQP\DVH\LYLQLP5WD
W¥KD6\DSUV!B JDHSDOÈS]DHDG[G{$LSUXQDZDYLYVDU,
SOD\PDQP´,Ø\FSOD\WODHFQP WX\WXVQDWQDH L6P¸¢UDJHUVDP WD0DH[!H 
N‰>P$DUDMMUDV1[!VDHp^X 4P$KV,QPXÕ!
LWÍ,Í,L‹UVDP WLV1[DY¢ULYDJH
#YP$1\H LSLY`H\DVWH ¯bWDSUVDG\! UVDDVOKU,QYP,
¢PDVWXUVDDVD!N(LËG{UVW\DHLGWD!
LWÍ,Í,L‹UVDP WLV1[D(JD(>L‹UVLQÈS>DHQDPFWXZDH5
WZDLKB LYDJ!VPD»!
DYD!VYH5WGDDVDUVDDVD]FNHFQ
$P,¾DH‹UVDL`(!VYH5 LSUVQDG{UVD! UDPDš]¥XJL>WH]DNHJDHNeOP$L[LÑWHQD\P
L‹UVDP WLV1[XU{ LYTL™W!@X²ÈSH>
DUWD D]FWÔVWXUVDY6ZDQV8LFND!
Y ¢\DHQDT PDW 7YDG{‹DQDTNO@>H VPD»DH \Í,Í,L‹UVDP WLV1[X!

You might also like