L]\[F MLFZW LN GDJ[D GNOG]CH

]HN[D ]NTQ

O\ HFHJLLD GS\QG L[FT OLJ]GO PL\HFZG HSL]HD[ [FT GLG RN OU 

G ]C[L GQNJ ]L\C[
]HNOQ OHU HLOU ODZOH GDZG O\ HQ\ FJLLO UQ\ ]LL[Z CH[ZO PFC DLLJ\ H[QCH GDZG
ICL[ LZTW MQHZDH MDN\DH [QCS\ [ZDH D[U ]HHYQGH G[H]G OHUH PLQ\

UF ONG [ZLU\  PL[FT G\\Q GOJ]GG CLG ]HN[D ]NTQ MNO L LO\Q ZLFY \C[O ]HN[D
GN[DG RLSU HGIH FDHU LQO UFLO ML[Y\ JN CPLQLG L[DF HGFDUH MN [JCH MLDC LZOC ]C
D]N\ HQN HGUF MLN[F OND E LO\Q [QCS\ HQN
GO HL\UQ ON FJLLO  G\UQ ON LSWO
JQ ]HN[D
RLN[DQ LQO UFHL\ RKZ
GD [HUL\G H[QC\ HQNH GN[DG LFL OU HGIH  PDQ[G
GN[DG\ [CHDQ  CYHLNH RLOLW] RLJLSQ LQO UFL\ [HUL\G RLC ]HHYQ [C\D RN RLC\ GQ
GFTHS MN OU\ RLN[DQ LQO GULFLG G[ZLU
CHG PLQ\ ]C[LH 
G ]C[L GQNJ ]L\C[ CLZ PLOG] [QCS\ HQN G[H]O GTLSNG ]OJ]G HGIH
ROHN\ ]HN[D HSLLGH PLLJ J[HC \L[F GEGD D]N\ HQN IK PLOG] FLQ] LFESO
G L]LH\ LFL OU
HOLCN HLSLU JNHS M[D]L P\G ]HLGO ML[Y GN[DG ]OJ]GD FLQ\  JNHS RH\OD ]HOLJ]Q
VJ[L HLOIHE OU DO PL[DF [QCS\ HQN POUS FLQF  []TS RH\OD PHLTGH HGHYQH HLOU FQHU
D ZLFYG ]ZFY UHFLN UEHS HSLCH UEHS
DHK PHL
TH] PDQ[O GS\QG \H[LW
U  ]HN[DDH UQ\ ]CL[Z ]HYQD T\G ]JL]WD H[QCS PLD[ PLQUK
]HGEG F ]HDH\] LKHZO  ZJYL ]JSQ C DJ TLESD [I[EG L\HFJ 
QU ZFY DL\Q GF\ LQH[Q JOY
OIL[D C[Q GFHECG [WT OU PL[HCDH

D VF

K\WD PL[HCDH PLZHFZF

ROGOF GS\QDN FLJL RH\O COH 

RL[HZ
PLD[ RH\O CS]G KZS MNO\ PLZFZFQ \L 
RL[HZ L]QLCQ

FJC ON COC ]HN[D [C\DN H[DJ ]C FJCG GD CLYHQ RLC UQ\ ]CL[ZD\ ]H[HGO 
M[DQ [J\D

FHUH EE ROGOH RCN HGLOC ]HS\ LWU HQYUD C[HZ

EJ IDF[G ]H\ CZHF HLWD RS\Q FJCH FJC ON CGL\  P]SS\H [QCS\ PH\Q PLZTHW GQN ]UF RNH

UH HKZ PLKW\Q [GHIG L[DFQ HCLDG RNH PLQ\ ]HNOQ OHU ]ODZ G]HHYQ [ZLU\ LSWQ HC FU] HQ]
IU[ DHSLFQ CZ[WF C[EC ]HLOE[Q [GI L[U\

C
 ]UF VTHL

CH[ZO LZD HSLC\ LQ WNUH [JCQ GULQ\D GDHJ LFL ]CYO [\WC\ PL[DHT PLZTHW GD[G POHCH
GDJ[GD QHQH ]HKL\G KH[LW
UH CT LTHT G[H[D GS\QD CDHQN PLSH[JCG DH[ ]UF RNH [JCQ UQH\  HQYUD
JN FJ PL[WC ]HDD[ RCN PL\FJ PLFEQH OC[\L [HCQ KW\QO PLSLUD

DH]ND GCL[Z RH\O RN LN P[ OHZD G]H[ZO \L\  >

PL[QHC
COH@
RL[HZ
RH\OQ PL\[WQ HZFZF FHU
GSHHNG [[HUO LFN P[ OHZD RH\C[ ZHTW CH[ZO \L\ FCT JHC PLZTHWD CDHQG LWNH G GELEJ L\[
U
\LH >VL[G LWFD DUT J VF ROGO GSHL HSD[ LFLQO]
U P[ OHZD GC[ZO LHC[ G\[WG [C\ VC PL[QHC \LH@
OC[\L ][CW] XDUL[O PJO GS\Q
U  \JOD ]HLGO GOHNL
GCL[Z
\ PLQNJ RH\OD ]HQHZQ GQNQ H[LUG\
JN FJ PL[WC ]HDD[ PL\FJ PLFEQ
\LCG
H
]LSZS G\CG
RL\HFZ ]NTQ ]OLJ]D HZFZF DHLNH@
]C[ZS GOLEQ
HQN OLDT COH 
RL[HZ
OLUW RH\O ZHFZF OU

QU RGNG Y[O
PLF\ ]JL\
[WT VHTD\ L]NQ PLKHZO
U  >
\FZQ

PLONHC \QQ PLSGN RHQQ CLG\ PLOHDE ]QH[]D CZHF ]H[HGO 

GQH[]D
[QC CO 
R]QH[]D OHNCO

COC ]ONCS GSLC GHDE RJO\Q COC GD PLNHI PLSGNG RLC\ GFH] LQJO ]QH[] ODC D[UD G]HC
[I[EG GID OWOW\ GQD UUH C HSCWQ UQ[ ]H\ HGLOC ]HS\ LWU JDIQ L\FZ [C\N G[WN ]CDG [JCO
\\[ UUH D DJ TLESD
HO PLNLL\G PL\FZD HSLLG 
C H G H Q J O L N PL\FZG RQ ONCL [JCH [GKH \Q\G CDH
DH]NG RH\O ]C GID [CDO \LH
DH]NG RH\O LWU HSH\O CS]G ZFZFH GHDE RJO\Q P]LLNI\ HOCD COH \QQ
OU \UUH \U PL\FJ PLFEQ [WTD D]N [\CN 
R ] W OHNCO PLTSNS
ROGO HQN RH\OG M[F CHG RN\ [LUGO \L RNC

R]QH[]D
RH\OG ][HY

[KZG [J\G FHQU GOUL\ FU R]HYQ ]HYJ FU PLQNJ H[QC\ GQ ON COC H[QC FDOD HI COH

GS\QG L[DF ]HUQ\Q LW OU H\[W PLSH\C[ GQN 

[J\G FHQU GOUL\ FU R]HYQ PL[DCH PLDOJ
[LKZQ  ]HYJ ULEG\ FU [LKZG CO PC POHCH@ ]HYJ FU GOLJ]NO H]HHYQ PL[DCH PLDOJ [KZG\
PDQ[G L[DFQH KS P\ L[LCQ NZ PLJTW
TH] R]SHGL HSD[ CDKL[ L[LCQD CDHG FDC[ >GOLOG ON MOHGH
OU PHOUL CO DH\  ]HYJ FU PH[LKZG CO PC FDULFD HOLWC\ UQ\Q HC RLFLQ] DF ]HSD[ZG G\UQ
JDIQG
HKJ WZ HL[DF ]QL]TQ PLSH[JC HZLLF JTW RD[Z ]OLNC RLSUO RNH@ FHUH F GL[C ]EC\D PDQ[G L[DFQ ZLLF RN
P\ C[QEG L[DFQ HI GUF OU G\ZG HW PLJDID GFH]JDIDH >EH JSQ CEC\
U ]HYJ [JC HSQI RLC FDULFD HOLWC\
GOLOG ON P[LKZGO []HQ FDULFD ODC GOLJ]NO COC H[IE CO\ PDQ[G
FD FT PLJTW FFY FT PLJTWDH
OHTW\ RQID
[\N
[QHO CS]G M[F RLC COGH PLDOJ [KZGO [\N GOLOG ON  L\[ CLDG\ GOLEQ ]S\QQ [LUGO \LH
 IEO ]HJSQ CHIJ JN GFS CDKL[
U
OHTW
COC RSD[FQ
RD[ [QC\ UQ\ ]CL[ZD HQNH ]HYJ [JC [LKZGO LQF [LW\ PDQ[GO VC PFHZ [LKZGOQ PLTHSC HLG\ RWHCD\ GC[SH
[JC PLC[HZ RLC TSHC COO PLSH\C[GQ GQN ]UFO\ PEG PLQNJ ]UFO PE CH[ZO PGO \L\ PLTHSC HLG\ HLSDO OCLOQE
FDULFD VC ]HYJ
ZOJO PUK ML[YH ]HYJ FU THSC GLG CO PC PE ]HYJ [JC C[HZ FDULFD\ PDQ[GQ UQ\Q UQ\ ]CL[Z RLSUO QQH
PGLSLD
NNH H GYQH XQJ JHSQ HSD[
U ]HYJ FU PLQNJ H[IE CO\ >[HKGH \C[GN COF@ PDQ[GQ HZLLF GYQ ]OLNC RLSUOH

D
D VF ]HN[D

\Z PEH GYQ ONCL COH DU[L\ H\\J CO MNOG PLJTW LD[UD OHNCO PLQNJ H[TC\ RHLN \ZQ GSH\\ [\WCH JOYG
K ROGO UUH []HL H\\J ]LQHLQHL CLG\
[\N GOLOG ON
N GOLEQD HSLS\\ HQN GOLOG ON [\N PL[DCH PLDOJ [KZG\ D]N RCN L\[ ODC
CLYHGO HZJF\ GQH FHUH L[LCQG MHSLJG GQ] GDH\]D CD\[G PLSH\C[ GQN ]UF RNH 
PLDOJ [KZGO
DF ZGUQ
OG JQ\ [HC
U  P]HK\WQ PL[DFG
]OLNCD COC POYC H[IE COH@ ]HSD[ZG ]D[ZGD PG PLIL[I PLSGN\ PH\Q PL[QHC \L [DFG PUKH
OH\NQ \\J [DFD RLC\ PH\Q PL[QHC \LH JOY C HSCWQ UQ[ ]H\ L[LCQG LWU >ONO G[HTQG PL\FZ
PL\[WQ \LH >PL\[WQD
U FDOD PLSGNO COH ONO G[HTQ\ LWO UQ\ ]CL[Z GSH\H@ HCO COC ][N
]D\D HOLWC PL[LKZQ L[GH PHL FHUDQ G[KZGG PLFZGO GOLJ]NO ML[Y LNG HCOD LN H[IE CO MNO\
GUF RSHJ FO CJ LHOG ]LD
UH ZTSLWQ QC[G LWU G]U\D GHYQ GDLDJ PH\Q ]D\ LCYHQ OLOO PLJHF RLCH
IS PLJDI ]UF VTHLD CDHQD UUH FTZ JJ LHOG KD\ FO CQHL
RQ ONU]Q\ GQ 
PL[DCH PLDOJ [KZGO [\N GOLOG ON
HI GS\Q OU D]N\ DU ]HJSQD L\[ L[DFQ H[LUG [DNH
]UFN P\ KZS\ UQ\Q PLUZHW ][IJG OU COC PL[DCG ]COUG OU HKH\WN \[W CO\ MNQH GOLOG ON [LIJQ JDIQG
]NTQQ L\[ L\H[LWQ ]H\ZGO RLC\ UFHS [DNH ]HJSQ VHT DZUL ]HOGZ LWU ]HYJ [JC ]HOUGO PLQNJ H[TC\ PDQ[G
EZ RL[FGST ]UF VTHLD CDHQD
U ]NTQO
JQ\ [HC KW\QO PLSLUH PLSLU GWL IKJO FO CJ LHOG ]LD F GL[C ]EC\ RGD QHQH PLSH\C[G ]HKL\ KH[LW UU
KC \Z L[IU LDC DF ZGUQ

[GKH LCQH CHG H[HC ]CLD CQOLF CQHL [GK [GKH LCGH \Q\G ]CLD \Q\G CDH LCGF LCQQH

]CLD CQOLF CQHL [GK [GKH LCGH H [ H C ]CLD \Q\G CDH LCGF LCQQ GNHWG GT[E GS\L PLSH\C[D C[DE [GK
[GK  [GKH LCQ [GKLH C[Z CQLO RN PC COL\ D[ [D GD[ [QC  
C[DE [GK [GKH LCQH \ Q \ G
\Q\G CDH
\[WO G[HCNO GKH\WG ]L\LO\ ]H[\WC PE \L COG GHQ]O \L 
CD[UQD CQHL

TH]U \Q\G ]CLD [JCO HLOCQ [HGK PFCG\ 
[GKH
HSULQ\Q RCN CZHF UHFQ ZFZFO \L RN HQN 
C Q H L [ G K
OLE[ L]ODG RH\OG OU [LUGO \L FHU
GQH[] ]OLNC RQIO
CJ[HC DEC C]OQ
CS]G
\[W]Q
[GKH
PCH PL\FZG RQ ONCL [JCH [GKH \Q\G CDH [QCS GIG DH]ND COG \[WO GC[S
G[GK DYQD HFHUD COG
[ J C H
RH\O HGQ RN PC [HGK CHG\ PFCG DYQO [HC]N G[H]G ONDN RCN
LC
[JCH
RH\O 
PL\FZG RQ ONCLH [GKH
[QHO HO GLGH GI DYQ [JC COH PL\FZG RQ ONHC CHG
[JCO HC >CQHL [GKH PLDNHNG ]CY ]U\ [JC HSLLG@ ]QLHTQ RQI ]FHZSO TJLD COC H\[WO [\WC
C[QED\ ]HLH[\WCG L]\ RG HOCH  >HQYU ]C [GKL\ [JC@ G\UQ GILC
L]Q HD \[W]S\ G[H]D FLJLG PHZQG HGI\ RN PC CYQS GOLOD GQH[]D OHNCO LC\[\ ]QCG LWOH
LS\GH \Q\G ]CLD  FJCG PL[DF LS\ ML[Y\ DH]NG HSULQ\QH GOLOG ]OLJ] O\ ZLHFQG RQIG OJ
PLSLFG ONH 
CQHL [GK
HGIH L[QEO PHLGH \Q\G [HC PE ]HTN]GO ML[Y \Q\G [HFN GTN]S\ [JC 
[HQCG RLFG ]C CJ[HC DEC GS\QG HS]ULQ\Q RN OUH GI ZHTWD PLLHO]
GOLO
PLNL[YQG G[H]D\
G[HZQ CHG LN GS\QG FHQLOD ZHTW H]HC [HNIO ML[Y L[G\ GIG DH]ND
\Q\G CDH DH]ND [(QCO RQLTG HGI [QHON 
PLDNHNG ]CY [DFO RQLT
C]LL[DD [QCS\ GQ HGIH
O\ H[HC [QES\ MNO RQLTH H[HCH PHLG ]OLO\ ]UD OLJ]Q GOLOG ]QCD LN 
CQHL [GK
 [GKH
[DU\ MNO RQLT PLHGQ COC GOLOG ]C PL\HU PLDNHNG\ COH@ PLSKZ PLDNHN G\O\ ]HC[GD  PHL
E
 ]UF VTHL

FYG LWOH GDLTN HC RQLTN P[FE PC PLDNHNG ]CY OU RF\ PLJTW \L[ PL[HU\ XDHZ UUH O[
QU GSHL GOU LWU >PHLG
PLDNHNG ]CY ZWT CHG Q\GLD [FE\ OY RH[JCG
PU FLQ\ \[W]Q
C[DE [GK
P]KL\OH FHUH CD\[G
TH]G \H[LW PU COH L\[W PU PCH] C[QEG ]L\HZD GI \H[LW
COLQQ PFCG [GKS GQJG ]ULZ\
GO QD LQO\H[LD GI \H[LW ]H[\WC HSCYQ  GJL[IG OU G\[WO R]LS FYLN
\Q\G ]CLD
RH\O OU
TH]G HGQ]\ GQH
\[W]Q
\Q\G CDH
L\[WO PE\ \[WO \L FHU IZT FTJG DL]S J FTJ ]DGC [WTDH RCN GL[C RD ]HGEGD H[LUG\ LWN
UQ\QD GLG IC LN 
J[IH
COH
CDH
RH\O DH]NG KZSH [JQO COC MLL\ HSLC GIH RD[Z CLDL\ UQ\Q
[GKH
MC G]ULZ\ OU
E[DFOHE SI[EGQ CZHF GULZ\ PFHZ OHDKO ML[Y COC RN RLFG RLC COGH \Q\G ]JL[I PFHZ GOLOD OHDKO OHNL\
CKLO\

\L 
CQHL [GK [GKH LCQH CHG H\Q\ ]CLD GSLQ UQ\ PLDNHNG ]CY [DFO RQLT 
DU
PHLG [HC ON GON\N CHG GQH[]D
\Q\ D[UG
[FE\ HS]LEHT LW OU >PLSH\C[ [C\N COF@ PL\[WQ
]H\Q\G RLD\ WUC\ PLDNHNG ]CY [JCO GQH[]D OHNCO LC\[ ]H\Q\G RLD RGNG ODK PC RNOH
RNH FO ]D\DH RCN L[LCQ LWU LCFH ][H]D PHLG [GKLL\ G[H] GNL[YG RCN CHG GOLO ZWT PHZQ OND
PLSGNG\ H[QC MHQTD C[QED ROGO PEH GOœFO ]D\D CLEHTGQ [LUG\ COC PDQ[G RH\OQ FG ]D\ JSUW ]SWYD ZFZF
PLFZGO PLOLE[\ OL CQ\H \GLD PFHZ PHL FHUDQ OHDKO PLOLE[
]H\Q\G RLD RQID GQH[]D OHNCO PLSGNG PLC\[ GFHGL LD[O GNHWG DLZT CT[ JHC C[EG ]KL\H
MHQT RLU V[GN ]H\Q\G RLD [DHT\ LTHL LD[O COC
PLDNHNG ]CY
H[QC COH 
\Q\ D[UG
HSLLGH
C \Z OICG RDC G [HC LFHQU ]H\D H]KL\D ]HNL[CD QHQ UU PLDNHNG ]CYO
]H[EC UZ GJH HSZ EJH S CJ LHOG KD\ MOLCH KY
QU CJ ZLYLDHOHT FL[EO
L[Q CDC [NIO PL[HU\
D GDJ[GD UUH
OC[\L [HCQ NHQNH GF EL L\L ]LD KC \Z L[IU LDC IK OCHQ\ RH[NI JW CJ JHC G\Q

\L 
]H]D\ LD[UD R]W OHNCO RLTSNS PFC LSD\ GU\Q ]LD[UD \Z ]H[ZO RLOLJ]Q L]QLCQ

TH]O ODC RQIG PFHZ PLOOW]Q\ [\WC H]ULTH L\[O CQO\D ]D\ OLOD RLOOW]QH RL[HZ [HDLYG L]Q GI LWO RLLUO
G]LDG PLCD\ FU P]FHUT PL[JCQ\ CYQS RQIG ULEG PC COG RL[HZ L]Q GSQI PFHZ \Z ]HN[D M[DO RLC\ HKZS\
LSU RLSUO GU\Q GFD
TH]G H\ZG\ RLUNH GOLJ] PLOOW]Q POHUO COGH GFHUTG LWO RQIG UDZS FYLNH SNGLDQ

TH]G HY[]\ RLUNH P]OLW] RQI HSLLGH P]FHUT PFHZ KUQ GSHHNG\ [QCS PC PEH RCN OLUHQ HSLC G[HCNO PYH[L]H
"GOLW]GH GCL[ZG LWO COH \UD GFHUTG LWO GCL[ZG RQI UHDZO \L PHZQ GQ RDHQ RLC RLLFU
OOW]LH C[ZL H]FHUT HSLNL\ FUH [HDY RGO RLC\ PL[WN LSDD L[LLQ CKLO\ LZTDLSZ J[EG ]DH\]

TH]G N\QNH
PG PGO PLSLNQ PL[JC\ FHUDH OHNCO PLTSNS PG\ COC PLONHC\ GU\Q COH P L T S N S \ GU\Q
CDKL[D ILUN QH\
\C[H]D QNH 
PL[HZ
GCL[ZG PFHZ OHNCO RLLFU PLC\[ ICH LHUDQ PLONHCD L[LLQF FSUOS CKLO\ OYSDS C[EG ]DH\]
UYH ]LD[U PFHZ OHNCO RLLFU PLC\[ GWCH CYL IC OOW]QGF RFLFO GJSQG EOWF CLQHF
CLDG FZ PLJTW RDQ[GO
G ]HQJOQD RNH PHL FHUDQ CLG ]D\ D[U ]FHUT\ L]QLCQ GF
TH]G L[DFD \[HWQ GSG
CL\Z GFD E D]N\ L\[N COF GIH FHUH R]SHGL HSD[ NNH PLDNHNG ]CY PFHZ CHG ]D\ OLOD GFHUT RQI\ RCNQ
ODC OSNH C]LO C[ZLUQ CL\HZG L\[O LN P]KL\O HNOG\ CYQS L[LCQGH FL[G NNH RGN O\Q [JHCQ GI [HUL\\
LHUDQ HONC\ HJL[NG P]KL\ LWO
TH]G

F
D VF ]HN[D

 \Q\G CDH [DHT\ HQUK PL\[WQ \L 

[IULOC LD[ L[DF ]H]D\ LD[UD PHLG \FZ\ GU\Q

\FHZGQ VLTHGO LHC[G RQIG CHGH >H[HC ONQ L[QEO CQHL [GK COH@ C[DE  [GKH GULZ\G ]OLJ]
RHCE LCG D[ P\D CD\[H \C[G
TH] LWU OHJG OC

[CHDQO PCH] GIH PLDNHNG ]CY [JCO DTGO TSNS LSUG [QHON 
[JHCQ LSUF [D]TQ [JHCQ HGLLSQ LG

HZW]TS\ PUKG LOHCH@ G[LUG TSNGO OLJ]Q IC Z[H PLDNHNG ]CYD H]FHDU [QHE LSUG\ 
TH]H L\[DH EW CULYQ CDDD
>H]W OHNCO GGH\ HSLCH GNCOQ HO RLC\ [HQE LSUO GSHHNG CQ\ LN  PFZHQ LSUG RQI\ [QHO RCN
CO RQI PE\ GIQ [CHDQH H]FHUTD ZLOFGO [S HO RLC\ LWO PFC ON PFHZ FUHT LSUG\ \[W LSUG\Q GFD OLUO L\[H
L\[UH 
TH]G N\HQN OOW]QH \Z C[HZH PLDNHNG ]CYD H]NCOQ [QHE L[G\ [HC RLLFU \L PLDNHNG ]CY [JCO [YZ
RLLFU\ LQO\H[LGQ CLDG RNH FN JHC G\Q ]H[EC ]H\D MN OU [LUG [DNH FHUTO TSNS IC Z[H PH\Q GF FN ]D\
PLDNHNG ]CY [JCO OHFE [HC \L
PFHZ FHU [\WCH PLDNHNG ]CYQ ][JHCQ GSLC LSUG ]OLNC\ RL]UF CZOTG LWO COC PLFZQ LSUG\ L\[ \[LW CO LOHCH
[L\UG ODC OSN PLDNHNG ]CYD Z[ H]NCOQ [QHE\ LSWQ [L\UG [ J C O FUHT LSUG\ RN]L CSZTQG LWO ODC RNO
H]OLNC PLFZQH []HL ZSHWQ CHG PEH PFZHQ HLZTUQ GSW]Q

PLOON

H[QC GQD PLQNJ H[QC

GS\QD COC
]HYJ FU
PLQNJ H[QC\ [JC PHZQ PH\D HSLYQ CO 
]HYJ FU PLQNJ H[QC GQO RN PC

V][QD ]H[H\ L]\ H[QC GQDH
PLJTW ]OLJ]D HSLYQ RNH HI RH\OD ]HS\O MLL\ PHZQ ONQH FDOD HI
COH ]LULD[D ROHN C\[
CJ ]D\ ]S\QD \[WO \L RNH CDKL[ GS\Q G]HCD COC PHZQ PH\D H[QC COH 

RGLULSYQO COC HOOG RL[HU\G ON H[QCS LQO\H[LD H[SC
PLJTW \L[ CZU[EG CLDG RN ]CI HSLS\ RGD\ ]HQHFZ ]HLS\Q HLG\ CDHQ RHSLZQ \[O ]H]L[NG [WTDH

QU CJ PLSH\C[ ]H[HF HT[KQ[ GO[DN[
QU FJ \C LFL[\ FY ZD
TH] E\[ ][EC
UH

[LCL ML[DF J]W

GOC\D HC ZHFZFD C[QEG OLJ]Q T\G ]H]NTQ DH[D\ GQHFQN 

L]QLCQ LS]ZF LCZ CNLG CS]

RCN RHEN  >]CIN GOC\ P\ RLC\ [\WC ]H]NTQ [C\DH@ RLSUG PYUD RHFO TSNS\ LSWO ]LSH\O
FHUH FHUH PL[FS ]HQDL GELEJ ZHQ ]LSU] GNHT PLJTWDH RLDH[LUDH ]D\DH
\HKLO [JC \HKLOD G]HZSOH HSH\O [GKO HO \L G[H] L[DFO PFC O\ H]\E ]OLJ]D\ HSFQOO PLCD C[QEG L[FTQ\ [\WC

CQLC ]LUDLC

T\G [QHC\ PHZQ OND\ HD]N\ \L 

POHU O\ H]LL[DQ VLOL CQLC ]LUD LCH LCZ C[ZC CS]

GY[] PC
H]HUQ\Q RN LN PFHZG XH[L]D PLHTQ ZJHFH G\OHJ OU ZFZFO \L 
CQLC ]LUD LC

[ ]HC HCLOL[LT \[O OCHQ\ LOON DL VF RHSCWSCZ L[O C[QEG LN[F LWU
[QHC MNH MN RHUKOH DL\GO

CQLC ]LUDC
ONO PUK [CDO 
FHFO JYSQO
P\D GI RLSU OU FJHLQ [HDLJ OI HF[CW FHF LD[ RHCEG ]H\UO OLFEG

T\D\

G TLHH OCHL FHF LD[O PL\FJ PLFEQ [ZLG [WTD FHUH GI OND
U RN PGL[DFQ GC[S RLC\ K\WG L\[WQQ \L POHCH
CKLO\
 ]UF VTHL

GS\QD ]HNOG ]HOLWN

HD]N 
PLDNHNG ]CY ]U\Q GQH[]D LONC CZ ]QLC PLSGN RO UQ\QZ GLJ[HC DEC C]OLQ

PL[DF [HYLZD HSULQ\GO ]HLS\QG O\ ]HOLE[ ][JC GS\QD ]CI HSLS\\ LW OU VC 

TH]G

TH] RCN \C[H] [DFO ]HCQEHF GC[ ]HQHZQ GQND PL\[WQG HD]N GID CYHLNH [JC PHZQD PL\[HWQG
CELZ FHL \LC RHIJ QD \L[ DUT FO RLKE LZHWCO GF JQ ]HDH]N

[Q [QC

CS]G L[DFO ]HTJL]GD OON M[FD ULWHQ

[Q [QC
LHKLDG 
PLTSNS PLSGNG\ GU\Q [Q [QC

LOON
LNCOQ FL
D[G [LUG\ HQN PLSH[JC PLC[HQC HOLWCH PLC[HQC L[DFO TJLD CYQS PEH C]LL[DD
KY ]HDH]N L\[UH FHUH HS RL\HFLZ Q [LIS JL G[
U GS\QG L[DFO TJLD PE HGHSCYQ PL]UOH DU VOCG
POHC 
RS]GH
[QHO HO GLG COC RH\OG M[F HI RLC\ HGQ]
TH]GH CLEHTD OON ]CDHQ GSLC\ GS\Q OU
[Q [QC
T[E\
]CDHQG GS\Q OU Z[ COC RCN HQN ]LQHZQ GS\QO TJL]GD HD PL\Q]\Q\ HSCYQ COH KUQN
[JC PHZQQ
GQH[] ]OLNC O\ C\HSG LN  HS]S\Q OU HI RH\O RCN HKZS UHFQ \[W HO OON GUHQ\ RLDL [WTD
GI LHKLD HKZS MNO CQOUD CSQLTO COC GS\QD HGH[LNIG COH ]HQDLD COC RCN HQHZQ [ZLU RLC
[JC PHZQQ JHZO RLFG HOLCN
[LISD \[WQD
UH PL\FJ PLFEQ P\ GS\QG LWON DO [LISD ]CDHQG HI RH\O \[W\ LQ \L GID CYHLNH
KU ]HJSQ ]NTQD \[WO \L RNH P\ [H\LQ J[HC [WTDH
RFLF FHQO]D VCH ]LQHZQG GS\QG OU
[Q [QC
[QHO LQO\H[L RH\O CHG RN\ PLSH\C[ HD]N [DNH
[C\Q GSH\Q PSH\O\ PL[FSH [LIS ]H]NTQD  PLSH\C[G ]HCT[E LWO ]HQHZQ GQND ]CIN ULWHQ
DO [LIS 
LJ ON LSLU
DT [LIS ZQK\H N PL[FS
TH]
U ]H]NTQ
RNH ZFZFQO GC[SN ]H]NTQ [C\Q RHSET LLHSL\ KUQ \L HI ]NTQD PE LN RN HKZS P\ ]HJSQD PE\ CQL]G RQ RLCH
PLSH\C[ N\HQN
LQO\H[L RH\O
GSH\O CLG PEH FO CO KN JN PLQUW GQN G[HQ] ]NTQD HI RH\O HSLYQ

]HC[W[WH PLSLSU PLQUK


C ]HCD ]OJ]Q D]ND\ G[H]G 
]QC
D ]Q]JS G[H]G O\ G]JL]W  ]QC M[DF \C[
LS]ZF LCZ CNLG CS]

] ]HCD C[QEGH 
L]QLCQ

QD ]J]HW GS\QG MLZOC
G LNSC
E ]HC [QHUD EO ZLFY L[W
U CYLDILCQ LQ[G P\D
L]QLCQ
HQ]HJ CLG\ ]QC ]HD] LWHT 
PLZOC C[D ]L\C[D
G[H]G ]JL]W OU FHUH CNTL\WQ D[GQ CDHQ DHLN

]H\UO PLZOC C[D
 ]L\C[D G\UQ VHT RNH GDZG O\

UQ\ ]C CH[ZO ML[Y GL ]QLC MH]Q 

L ] Q L C Q

UQ\ ]C RL[HZ L]QLCQ


C\HI
[ LD[G ][H]
LWU

M[U\ GS\QG ]JL]WD \HFZG HSD[ O\ HQ\O IQ[ \HFZ GFHGL LSC CL[KQLED  L ] Q L C Q
]HZHQU GOEQ OUD P\D GD HKQH DZUL [CD P\D CL\SG GFHGL LD[ M[U ]H[HFG [FT

H
D VF ]HN[D

]WTH] [HCDD ]D\ \L[ PL\FJ PLFEQ [WTD GC[H \HFZ P\D HQYU C[ZL LD[N HLSU FYLN GGZG FGTD
PL\SH FUHQ L[FT ]C ]HJ]HWG PLOQD \HFZG HSD[ O\ HQ\O ]HWTHS ]HCL[KQLE \UH 
LSC

PH\[O PFCO \L RN\ [IUOC CL[KQLED CHG LN

JZ[
H[WT P\ ]C C[Z\ H]QFZGD JZH[G L[DF PLUHFL [DNH

C\F]
\[FQH 
HGLOC LDF CS]
RLSQN CHG\
\[ELH
D J]HWG HGLOC LDF CS] HSLYQ\ HQNH H[WTD HQ\
POHU [FTH THSZ[HG RD [IULOC RLSQN

G ]H[HDE OOQL LQ
D J]HW [IULOC
[F LZ[WH [LCL RD TJSLW GI RLSQN
\U LTHL RLSQN
PFCQ
J]HW
OOHNG PU
RHGD GCSU]GO COF CLQHL RLOLC
]LSU] ]OLEQ ]JL]W GOCD CYHLN FHU PL[WTD CDHQ RNH
GI RLSQN
PLUH\U\ GLGCH
D J]HW GD[ \[FQ GHD]N H]ULLTH CHG\  RH[E RD GLZIJ RD GLSSJ LD[ RLSQN
OOHNG PU OCHQ\ RD GFHGL GI CL[KQLED
PLFLTJ [WT
H[WT C[Z FLTJG GFHGL LD[ GD[ CLU\HG LD[
MOQG FHF RD GQO\ NGU CL[KQLED ]OGZ ]OLEQ RNH HGLQ[L CL[KQLED
[DEG LSC
D J]HW GLQ[L [WT
MOQG FHFH H[CZ PL[WC RD VTHL CL[KQLED 
L[CN [DE]L
PLOQD MH[UG HSJO\ ]C J]W H[CZ VTHL LD[
DH]NN FLHF G\Q PG[DC P\ PFC RLSQN  PLU\[ ]YUD MOG CO [\C \LCG L[\C
D PLOG] [WT J]W
HL[HQIQ ]C H[QC\ PLSZI G[\U HOC  VTCLDC GSZOC [LTC VTC GQO\ L\L RD MOQG PLQLG L[DFD ]HD[
XL\WLO C[O
PG[DC KHZOL
D VTCS FHUH GI ON PLOG] \L[ L\[DH FL DDD CDHQN

VHTD RNH T\G ]C HJ]WL H][H] L[DF\ [IULOC

[ GNI 
[IULOC LD[ L[DF RL[HZ L]QLCQ

P\D GSLG FLJL CS]Q ]CDHQG >PHLTD H[QCS\ GFEC L[DF CLYHGO@ GSH[JCG GNOGG T\G
]LDD PFC LSQFZ CO LQLQ JN GNHTD HQYU OU [QC\ H]FQ FESN GFQ  LE RLYZHU [IULOC
[
GUHQ\G LWQ
L]CYLH \[FQG ]LDD PFC L]JSG COH \[FQG


G[LDUG RQ PFCG ]C ZLJ[GO

RH\O ZHLFQ L]UQ\ MN G[LDU G\U HOLCN G]H\UO HLOU GDHJ\ GHYQ G\U COH PFC D\L

OC[\L LU\HW IL GS\G \C[ HSLYQ RN\ CHG KH\WH G[LDUG RQ ZLJ[GO ]HN[D \L[F GS\QG
K ZLFYG ]ZFY
G\U] OCH D\D COC HSLCF DE OU VC RLOLW] JSQ COF C]WZ[Z  RWHED

LCZ C[ZC CS]

GQ OU RF CHG GI OU LN HLSLU JNHS GLGL GIH P\G GHLY\ C[ZQG OU GLGL HFHQLO RLSD ON

LCZ C[ZC CS]H

L]QLCQ
J]WF ]HLS\QG \C[D IQ[ GI OUH H][H]D M[D]L P\G GHLY\
GQHFQNH ]HQNJQ GQNJ FHQLON COH LCZ C[ZC Z[ H]S\Q ONF LLH[HCO  C[QED \[WQFN
UUH ]HN[D \L[ CJ JHOL\G LQ [WTD GC[H CS[ P\ GI RLSUNH L ZLFYG ]ZFY
RN PE L]UQ\ MN\
FHQO]G OU G[H]G ]N[D ]HFHC CL ROGO CDHQD


FJC PHL [ZD LGLH D[U LGLH DL]NF POHU O\ H]LL[DQ VLOL

CHG\ ]LD[U O\ UQ\ ]CL[Z CLG GS\ EL RD G\US\N PFCG DLLJ]S\ GSH\C[ GHYQ
OU OOND HIH PL\UQG K[WD ]HN[DG\ Z[ FJC ]HN[DH CLG LN OLUO HSD]N\ HQN ]L\C[G
LCZ C[ZCF CS] GLD J]WFN PFHZ ]LD[U O\H GDLN\G G\UQ ON OUH GQLZG G\UQ ON
OHU ]ODZ ML[Y  CNH\J C\L[DF PLQ\ ]HNOQ OHU ]ODZ RLSUO POHU O\ H]LL[DQ VLOLH
C[HGSH [\HUD GQLLZO HWHT ICH PL\UQG [FUGH ]HONTGH M\HJG MH]Q VC PLQ\ ]HNOQ
I
 ]UF VTHL

[DHF CL ]HC \U GI RLSUD FHU F ZLFYG ]ZFY G\UQG M\QS GI LFL OU\ G[H[DG GE\G CQQLF
  
QU PL\HFZ OC[\L 
QU ZFY
PFCG DHLJ [FT LWN KZS\ [QHO \L COGH  C\L[D ]LD[U KZS UHFQ C[QEG ]L\HZ OU [LUG GF\ LQH[QD
COH GD FOHS\ GU\Q ]UO ]UQ DHLJ [D G\US\ PL[DHTG ]UFN JLNHGO D]N GIQH GHYQ [D G\US\N
PHLG ]OLJ]Q

GU\Q JOQD H]W OHNCO TSNS LSUG\Q R]QH[]D OHNCO PLTSNS PLSGNG\ GU\Q
DU

]H]D\ LD[UD R]W OHNCO RLTSNS PFC LSD\
]ODZ MNH PLLJG PHLZ CLG GOLNC LN  C]LL[DDH GS\QD GOLNC RQID GO]S UQ\ ]CL[Z RQI
PLQ\ ]HNOQ OHU ]ODZ MN  D[UDH [ZHDD PFCG ]OLNC\ HQNH PLQ\ ]HNOQ OHU
OHU ]ODZ MN  GKH\W GOLNCD [GQQH HON\ LSLU [LCGO [S HO RLC\ ]UFD LSUQ VLOLF RCQH
JOQD ]W Z[ ONHC\ GI LSUN ]HKL\WD PLQ\ ]HNOQ

G [S GLGL\ FU ]YZ ]HSL]Q Z[ G[GK ML[Y RLC RN PEF  PFC LSD DH[ []DF [QCF RCQ FJH
PON\ LSLU [LCQ PFC ]Q\S
GSNGG ]LD[U O\ UQ\ ]CL[ZO LFH PHL FHUDQ RNHQ ONG\  ]D\ LOLODN [QCF RCQ FJOH
][JC GSNG ML[Y RLCH PHLG G\UQ LFL OU PHL FHUDQ\
D]N\ HQN G[H]G ZTU COC PGO RLC\ GIG POHU LSLSU ONQ PLSOKDG PG\  PLSGNN GNOGGH
]CL[ZO MNH G[GK PLNL[YH
GO \FHZ P]OLNCH GID L]UQ\ RNH ODHLH GKLQ\
OG VHT PDQ[G

QU ZFY [DHF UUH I ZLFYG ]ZFY MH]Q PFHZ HLFL OKHSH GSWS UQ\


TSNS RLTSNS

UHODO GYH[\ ]H[LGQG  GHC]G VZH] FHTL LN ]HSL]QG  GHC]G RHZL]O GLS\G GYUG

PG\ 
]HFS LOUHDFH CLDYZF RGLOE[ UKZQ GULKS
GYLDD H[QC\ HQNH \LJ H]HC] PLO\GOH
X[C M[F GFQO G[H]\ FW RLOHJD OI H[QCH ]H[LGQD PLCDG ]H[NISG ]L\C[G ]HHC] L]\

RLTSNS
H
TSNS
P\F ]HOLNC OND ]HN[D \L[ PLQNJ RH\OH GSQIGD COC [\D PFC ONCL CO\
GFH]D \UH TSNS RH\O P\ H[QC LSU ]OLNCD HOLWCH GOLNCO GSNGH GTLSN ML[Y\ [QHO 
PE [QCS GHYQ ]OLNC PG\ ]D\ O\H GQH[] ]OLNCD PEH P\O HS\HFLJD \QULH GU\Q
ONHCH VKHJ\ CDHTH OOHI ]OLNCN LC[U ]OLNC COH GSNG RLNL[Y\ 
RLTSNS
RN
ZHFC [DN\ LQ\ PFC LSDD PLZHOLJ \L LN GC[S 
HNH OHNCH VHKJ FS RLDH[LUD H[QC\ GQH
[JC RLSU RHHNQG\ LOHOLG LD ]QEHF ONHCH VKHJ GLGL IC G[H] L[DFD HL]HD\JQD ZHDFH
HDDO ]HHC]O OON F\JH \HJLQ PHZQ RLC\ [JCQ ONHCH VKHJ MN RLD Z[ H]JQ\D ZHTU\
CJ ZLFY L[W [WT VHTD G
ONHCG ]U
T[KSHZ
GFHDUH G[H] L[DFD Z[ PLZHDF\ PGD JHKDH

PLSHLYH PHZQ LC[Q

]H\
U  UQ\ ]CL[Z LSQID ]HSH\G PGL]HKL\H PLCS]G ]HZHOJQ FHTL [HCDD 
RL[HZ L]QLCQ

LHO] \Z RQI PC RF P\H C CJ C[ZL ZJYLD S FJ JHC G\Q ]H[EC C DJ TLESD [I[EG L\HFJ D HSCWQ UQ[G

J
E VF ]HN[D

HSF LQO\H[LDH E
QU F GJ JHC G\Q ]H[EC ]H\D RNH JL ZLFYG ]ZFY GID
UH 
GOLO
P\D HC FHJO
GDLN\ RQI
D
ZWT RLFO [H\Z RLC G[HCNOH GDLN\ RQID LHO] ONG COGH
VTHL \C[
D GQ]H GOLO ZWT PHL ZWT FYQ \GLDD C[HZD
[LW\ L]C ][NISG G[DTG LWO MC CQOUF \GLDF

ZL[GQ ]H\ C R\FG ]QH[]D GDJ[GD

U  PLDNHNG ]CY PFHZ UQ\ ]CL[Z RLSUO PLSH\C[G ]ZHOJQD
RCN OC[\L [HCQ C CJ ZJYL L[W ]H\ EUZ
COC ]H[QCS RSLC HC GQJG ]ULZ\ PFHZ ]H[QCS PCG  UQ\ ]CL[Z ]HN[D RLSUO PLZTHWG
JQDH
OC[\L [HCQ KL CJ LNF[Q ]N[D C DJDH P\ ZJYL L[W ]H\D GDJ[GD
U  GDLN\ RQID

KW\QO PLSLU GDJ[GD

U  ]HYJ [JCO UQ\ ]CL[Z ]HFHC GNOGG ]U[NGH PLSH\C[G ]HKL\ [HCDD
KC \Z L[IU LDC GO[ GNOG [HCD P\ CHZDH D DJ ZJYL L[W ]H\ F GL[C ]EC\ RCN

E VF

K\WD ]H[UGH PL[HCD

L[CN ECH\H GDZG D\HL [Q\QH [Q\Q ON OUH GOLOG LHG ]H[Q\Q \O\ [QHC [IULOC LD[

DL\J CZ ]H[Q\Q ]OJ] LC [IULOC

[ DL\J CZ LCQ [UHS [HQJ GSH\C[ G[Q\Q [DFO RQLTH
LWON [HQC
[DFO RQLT
\ UQ\Q LN  [Q\QG M\Q ONO TJLL]Q RQLTG\ \[WO RLCH 
VHT LC
PHLTD ]HQLHTQ PL]UD LCFH L[G GIH 
L[CN ECH\H GDZG D\HL [Q\QH [Q\Q ON OUH
PFHZQ [QCSG

[Q\QH [Q\Q ON OU
HGQ RN PC\ GOLOG OND COH P]OLJ]D HC ]H[Q\QG
D]N\ HQN PLSHSJ]H GOLW]O GLHC[H RHY[ ]U CLG IC\ LWO  PLWOJ]Q L]QLC UFLO GI OND C]HZWSH
RHCE LCG HSD[Q PLSH\C[ [C\H \C[G

ZHSL]H GOUD PU ][WTQ G\CF RHLN ]QLC \Z RQI UFL COH OWC ]LDD LSEF RCQO GSLQ CZWS

V[HJ RLD GS]\Q HSLC ZHSL]G ]ZLSL M[HY G[HCNO COG OHC\O \L 
L[ZLOH PHZLO HQC LF\Q ZSHL
V[HJDH XLZD GSH\ [J\G ]HOU RQI COGH ZHSL] ]ZLSL LWO FLQ] [U\O [\WC FYLN RN PCH XLZO
]HQLDH C[ZLH PHZL IC\ L[\]H RTLS ]WHZ] ]OLJ]DN PLH\G PLQLD Z[ [HQC GI RQLT\ [QHO ML[YH
PHLG [LCL\ FU ]HNJO M[KYL GQN [U\O ONHL V[HJG
PEG HQC LF\Q ZSHL COLQQH ]YZ H]S\Q [[HU]GO ZHSL]G M[F [J\G ]HOUD LOHC [QHO \L FHU
LFL OU R\LL\ LFN HZLSGO GYH[ HQC HC [[HU]Q CHG\N ZSLO GYH[\ ZHSL] M[FN RLFU DU[ HSLC\
N DJ JHC G\Q ]H[EC LWU MN

USUSQ GDZG M[HDQ OHFEG HQ\ CGL RLSHUH ]H\[FQ L]DOH ]HLTSN L]DO RLTSNS OC[\L\ GU\D

HSC\ GQ HGI 
HLSD ]C GOEG\ DCO HO GQ MN H]LDD H]HC RLTOZQ\ MOQG L[\C [QHCH H\C[
[QHO HEGS RN OUH@ RD[HJG [UY OU PLQHJS] OHNLDN ML[Y\ 
C ] Q J S H C]JD\H]
\LFZD PL[QHC
\C[G
TH] >GU\ G]HCD [NHI\ PLQJ[ ]FQ P\ OU  \LFZ X\ OLJ]Q\N
MLFTJH
G MLQJ[ [HNI

K
 G[IJOH PHNLTO ]HDH\]H ]HOC\

RH\C[ Z[W ]HN[D ]NTQ

D VF

"RLD[UD UQ\ ]C RL[HZ L]QLCQ C C

"RLD[UD UQ\ ]C RL[HZ L]Q FU D

U\HGL
[H C]LL[DD PLQNJ ]UF CLG RNH E C[QE CO\ [\WCH [IULOC
[ CHG\ [\WC RL]LS]QF CS]O C
]CY HSLLGF P]QH[]D OHNCO PLTSNS PLSGNG\ GU\Q ]LD[UD UQ\ ]C PLC[HZ ][JC C]LL[DD
GDLN\ RQI HGIH MDN\D [QCS\ PLDNHNG
]UF CLG RNH 
TH] H]OLNCO PFHZ KUQ [QHON H]W OHNCO TSNS LSUG\Q C]LL[DD [QCS [JC [HUL\
PLDNHNG ]CYQ [JHCQ GI [HUL\\ [D]TQ\ H[QCH CSLSJ
[
C]LL[DD [IULOC
[ ]H]D\ LD[UD PHLG \FZ\ GU\Q PLWTHS PL[HUL\
PL\[WQ \LH JZHOG GF HS CQHL
TH]UH FL[GH FZ PLJTW R[G NNH ]H\Q\G RLD \[LW L\[
JL ZLFYG ]ZFY RHCE LCG D[ P\D \C[H]
U ]D\ ]WTH] RQIQ RNO PFHZ KUQ
]JC C]LL[DD [LCQ
[ ]H]D\ LD[UD P]W OHNCO PLTSNS PFC LSD\ GU\Q
PLDNHNG ]CY PFHZ KUQ HSLLGH ][JC C]LL[DD Q[ P]QH[]D OHNCO P L O D H K PLSGNG\ GU\Q
CJC
[ GO L[QCH LCJC
[ DTGO PLTSNS PFC LSD DH[\ GU\Q
NGCY [JCO CHG GI RQI ]HUFG L]\ LWOH OSG GUFN ]D\D QLH OHJG ]HQLD PL\[WQ \L
L\[
]FHUT HSLLGF RH\C[G \H[LWG LWOH PHL FHUDQ CHG ]D\D GFHUTG RQI\ HKZS L]QLCQ GF
TH]GH
C[QED HJLSG\ HQN CHG C[HUL\ FJ  ]H]D\ LD[UD PFC LSD ]OLNC RQIH DTLQG LSU\ [QHO \L OHJ
GOLJ]D

OLJ]Q D[U O\ UQ\ ]CL[Z RQI HN GFHGL LD[ ]UFO\ HKZS [QC GFH L]QLCQ GF
TH]G C
RQI  MDN\D \[HF HSLC CHGH ULD[ ]HJW PHLG RQ ]HU\ [\UœFJC HSLLGF GJSQG EOWQ
GDLN\
EOWQ COH GOLOD COC HSLC\ UQ\ ]CL[Z RQI RLSUO GFHGL LD[ GFHQ\ PL[DHTH PLZOHJ \LH
GFHGL
[O\ UQ\Q IISZ OL[GQ ]H\DH ODD LSHCEQ CLDG RNH FL[G LZTW GDLN\ RQI HSLC\ GJSQG
UYH GJSQG EOWD OLJ]Q GDLN\ RQI
]U\Q  RL]LS]QN HKZS PLSH\C[ ODJ FHUH PLSHCEGH FDC[ PDQ[ VL[ L\[ GNOGO D
PLZOHJ \LH H]KQ OU\ UQ\ ]CL[ZD H]DHJ LFL PFC CYHL\ L\[ D]NH@ PLDNHNG ]CY

U GSH\C[ G\[W COC GD RL[HZ RLC PEH GHYQ P\O COH G[LQ\O COC ][QCS GSLC\ LWO

IWZ
 ]UF VTHL

OU M[DL PHL FHUDQ GL]HN[DD \Z C[Z\ RWHCD\ D]N RHCE P[QU D[H FHUH FL[G LZTW
[QHO GSHL HSD[ ]UFH 
UQ\ ]CL[Z OU HL]HHYQD HS\FZ [\C
PLDNHNG ]CY [JC \Z
>
POHU ]DGC
]N[D IC
PHLG \FZ\ GU\Q PLCS]G ]HUF OU MHQTO PUG HEGS\ HD]N PLSH\C[ FHUH GI[H L[H
PHL FHUDQ HSLLGF ]D\ D[U ]FHUT DTGO PLTSNS PFC LSD\ GU\Q HC \UD
[\WC MOLCH GJSQG EOWQ\ GFHGL
[ OU PLNQHT\ D]N FG]H LNF[QH GLDC[ FNH P] HSD[H
]CY [JCO CH[ZO \L GOLJ]NO [DFD OZGO PUG HEGS LN VC\ \C[G D]NH CH[ZO
KW\QO PLSLU [WTD GN[UQ OHQ GN[UQ ]HKL\G KH[LWD UU PLDNHNG
GSH\C[ GUFN PLSH[JCG PLZTHWG ]U[NG\ D]N P\ RHLYG [U\H HK J HZT GO[ DS\QG
H]DHJ LFL CYL CO PLDNHNG ]CY PFHZ C[HZG\
]ULZ\ PFHZ R[QCO LC\[\ PL[QHC \L \Z ]HN[D RQI RLSUO PLSH\C[G HZOJS RN HQN E
GQYU \Z RLFN ]HN[DG RLF\ PL[DHT \LH H]ULTH L\[ ]KL\ GJSQG EOW LSWO CO ODC GQJG
CO  GQJG ]ULZ\ PFHZ FDULFD M[D PC\ DS\QG D]N GNOGOH FHUH FL[G LZTWH
TH]U
M[DLH [HIJL
RCN L[]
U U\WL CO\ LFN  ]HIL[I PH\Q RQIG ]OLJ]D FLQ CH[ZO PLFZGO \L GOLJ]NO F
FDODH RL]QGO OHNL GOLJ]NO VC\ GC[S GO[ [HKGH \C[G L[DFQH DS\QH EGO[ UH\ KL ROGOH
RLC G\QO\  G[UGDH ELD CJ GQO\ ]HNLOG
UH HNL\QGO ]HOHOUG ]HNCOQ [C\ G\UL HC FHUTL CO\
ON DLLJ H]FHDU HC HFHQLO [FT [JC FLQ COC 
FNH [QH\ ]FQUG LU CO PE ]HFLQ]D ]LD[U ]OLW] [JCO
OOW]GOH CH[ZO PFC

]OLJ]Q ]HU\ UD[C FU HSLLGF GSH\C[G G[HQ\CG VHT FU [QHC [IULOC LD[ UQ\ ]CL[Z RQI L]Q FU D
E GOLOG
HSLC GSH\C[G G[HQ\CG [JCO FDULFD HOLWCH R\LO PFC LSD PLNOHG\N  MDN\D \[F
QEC DLYSG L\HFJ
U ROGO C[QEGQ PLSH[JCG HJLNHG RNH E J[H FL[G LZTWH L\[ LWU GCL[Z RQI
]HN[DG PE FLTWG GSH\C[G G[HQ\CG VHT FU C[Z CO PC [IULOC
[O QTNG ]UFO\ P\ D]NH GN JHC
]H[EC ]H\DH E ROGO \C[H]
UH E DLYS GOLOG \LO\D [QHON 
]HLSQI ]HU\
RG HOOG ]HU\H
N DJ JHC G\Q
L\[WN GDLN\ RQI ON  MDN\D [J\G FHQU GOUL\ FU [QHC OCLOQE RD[ ]HYJ FU PL[QHC PLQNJ
[J\G FHQU [JCO VCH RHUQ\ LD[ ]UF RNH [J\G ]HOU FU DN\O PLNOHG\ PFC LSD \L\ LWO \[LW F FL[GH FHUH
]C ZLJ[GO LFN COC ]HYJ FU H[QC CO PLQNJ\ OCLOQE RD[ \[WH K ROGOFN CH[ZO [\WC\ PLSWHC \L
[QC GFHGL D[ [QC [ZHDG FU GSQI RLFG [ZLUQ ODC U\WLH H]CL[Z GG\L CO\ G[LDUG RQ PFCG
J OCLOQE RD[N GNOG OCHQ\
OCLOQE RD[OH ]HYJ [JC CH[ZO RLC FDULFD HOLWC PLQNJ LWO PLSH\C[GQ GQN ]UFO
]HYJ PFHZ CH[ZOQ TSCS PCH@ H]UFO PE CH[ZO PLFZL GOLJ]NO ODC ]HYJ [JC CH[ZO OHNL
]UFD DLYSG WNH FHUH L[] C[Z
UH VL[G ]UF UQ\Q RN >]HYJ [JC C[HZ\ PLQNJ PLFHQ 
VC GHYQG PLLZ CO ]HYJ [JC C[Z PC RSD[FQ GHYQG H[ZUH [JCQ PLQNJ ]UFO\ HI GKL\D QL L\[
H[TC CO\ CQOUD GCL[Z ]HYJ [JC HI G\[W CH[ZO [HTLC RLC\ GC[SH K CJ EQWG ]JL]WD
U C]L[HCFQ
OJ\ PL[HWD GOLEQG ]CL[Z LDEO GC[S DHLNH@ L]HHN GF K L\[D \[HWQ RNH GHYQG HULZWG COC GCL[ZG

JWZ
]HN[D ]NTQ PHNLTO ]HDH\]H ]HOC\

PH\Q HSF\ T]JDH HJW[] JHC \FJ L[WD UY MC CH[ZO H[TC CO ODC GDHJG ]CL[Z HULZWG Z[\ ]D\D
GC[S QQH >GS[LDUL CQ\ GD CH[ZOQ H[TC HI ]D\D\ CKLO\ OYSDS C[EG NNH GC[S PGL[DFQH GYZHQ
EQWG LWO C]L[HCFQ VLTH] ODD GID [DHU\ RN]LH RSD[FQ GSQI [DU [DN LN GHYQ P\O RLHNO HO [HTC\
C]L[HCFQ VC GSQI HSLC [DN G\UQO L[G\
H[QC CO\ PL\[WQ ICL[G NNH K ROGOH RCN CDKL[GH GC[GH \C[GH NZ PLJTW
U
TH]G ODC
GOLJ]NO VC CH[ZO OHNL OCLOQE RD[ ]UFOH ELLT PH\Q GOLJ]NO COC PLQNJ
]HYJ [JC C[HZ  FDULFDH ]HYJ PFHZ CH[ZO \L GOLJ]NO\ HZTW MH[U RJO\GH PDQ[G
[L]G CO P]UFOH OCLOQE RD[N HZTW\ QLH G[HC R[Z VTHL ]LD PLQNJN HZTW\ PL\[WQ \L
\L\ FHUH EQW PLSH[JCD GC[SH \U DLYSG L\HFJ GL[C ]EC\ \FJ L[W FDULFD COC E[
]HHYQO PLQLFZQ PLIL[I PH\Q COC GSLC GQFZGG\ FFY\ LQ \LH GOLJ]NO RQI ]HULDZ RCN
>CLG ]JC CFH CFF GC[S KL ROGOH RCN L[]DH@ KW\QO PLSLU
U
RD[N GNOG\ [DFD ELLT RLCH GOLJ]NO VC ]HYJ [JC CH[ZO [\WC\ [HKGH \C[G ]UFH
OLSHOQ R]SHGL
[ ]UF GC[S RNH OCLOQE
[DHU CHG L[G RN G\HUGH ]HYJ [JC G[JCO [HTC GNOGO\ D]N OGCDDH INZT GO[ DS\QG
FQOQG RHEN ZJFG ]U\D\ P\ FFLY POHCH PLZTHWG DH[ ]UF CLG RN\ PLQNJ ]HYQ OU
]HYJ [JCO CH[ZO [JCO OHNL\ [\WC GQHFNH PL[JCO G[H]
H]FHUT MH]Q [KWLO FQHU LSUG\ GU\ FU  ]WTHS GUF ]CDHQ C]LL[DD
GDLN\ RQI ]OLJ]  MDN\D \[F\ C]L[HCF [HUL\ CHG\ L\[Q ZFZFO \L

C[EGH LZTDLSZ J[EG LWU GS]\L CO RLFG  PFC LSD OYC EHGSG GDLN\ RQI GS]\L PC PE
\Z
OG \L[ \KC\KHD PG[DC O\C
UH CKLO\ OYSDS

E VF

"
GOLOG ]H[Q\Q  ]H[HQ\C
PGQ C D
"GD[HJO TSNLO []HQ PCG D
"M[FD OOW]GO []HQ PCG E
"CQOUF LOLQDH G[H] L[DFD ]QG LSWD [DFO []HQ PCG F
"GU MOQG FHF O\ HOLO [FT [CH]Q FYLN G

UQ\Q  GSHNL]G ][Q\CG [QCS\ D[H R]S

[H [IULOC
[ ]UFO ]H[HQ\Q \O\O ZOHJQ GOLOG C
L]\ \L [ZHDG FU ]HYJQ\ UQ\Q ]H[Q\C LSLU HQFZ PHZC GOLO ]HYJ  LD[O UD[CO HC ]LUYQC
PLZOJ GUD[C  G\O\O ZOJS P[L\H ][JC PLNCOQ ]N ]\Q\Q [Q\QH [Q\Q OND ]HQO\ ]H[Q\Q
CHED \UH FNFL ]HQ\DH RCN L\[
OU EC\L EC\ HOHZ R]L H\FZ RHUQQH EC\L PH[QQ
G L[CN ECH\H GDZG D\HL [Q\QH [Q\Q ON OU
LHC [QHCH \C[H] LWU 
HOHZ R]L
Q FJC VLTHGO \L UD[C [QHCG ]UFOH [IUOC
[ ]HEC\ \O\ L[G  HGHS
OCHQ\ [D ZJYL D[ POHUG ]HQHC RLDO PL]LOEGH LONLG ]C L]W[\H L]LD ]C L]D[JG PGL]HSHHUD\ PLSDO
D[ P\D
[UHS [HQJ GSH\C[ G[Q\Q [IULOC LD[ [QC [DFO RQLTH X[CD \L MN ULZ[D ]H[Q\Q \L\ P\N

KWZ