@TQ0USU@MXQ_9MZaMX

-\^MO`UOMX3aUPQ[Z`TQ0USU@MXQ_9Q`T[P

/f 4V\cN[[V :N``N_\
/R[ CN`XR
1RO\_N 7\Y
=RaR_ QR 4_\\a

3b[QRQ Of aUR 4R_ZN[ :V[V`a_f \S 9NO\b_ N[Q @\PVNY .SSNV_` N[Q aUR
2b_\]RN[ @\PVNY 3b[Q

¡
5ZPQd

6[a_\QbPaV\[
1VTVaNYR`
DUNa N_R QVTVaNYR`,
DU\ PN[ ]_\QbPR QVTVaNYR`,
?R^bV_RZR[a` N[Q ]_RP\[QVaV\[` !
AVZR V[cR`aZR[a !
.PP\ZZ\QNaV\[ !
8[\dYRQTR N[Q `XVYY` !
0\Z]baR_` !
<aUR_ UN_QdN_R "
@\SadN_R "

=_R]N_NaV\[ #

:RRaV[T ' 1V`Pb``V\[ $

:RRaV[T ' @PR[N_V\ N[Q ]_R ]_\QbPaV\[ %

@PR[N_V\`a\_fO\N_Q %
C\VPR \cR_ &
0\YYRPaV[T ZNaR_VNY` &

:RRaV[T ' ]_\QbPaV\[ 

@aN_a 
6Z]\_a 
2QVaV[T VZNTR` \_ ]U\a\` 
?RP\_QV[T aUR c\VPR\cR_ 
0\[[RPaV[T NbQV\ N[Q VZNTR` 
AVaYR` 
.QQVaV\[NY RSSRPa` 
AUR ¶[NY ]_\QbPa 

:RRaV[T !' ]_R`R[aNaV\[ 

.SaR_ aUR ]_\WRPa !

1\[±a Q\ RcR_faUV[T f\b_`RYS !

.aaNPUZR[a` !
.aaNPUZR[a  ReNZ]YR _RYRN`RS\_Z !
.aaNPUZR[a  ReNZ]YR _RYRN`RS\_Z !
.aaNPUZR[a YV[X` !

¢
5Z`^[PaO`U[Z
6[ `RcR_NY PVaVR` V[ aUR ;RaUR_YN[Q` N[Q 2b_\]R ]R\]YR UNcR Re]R_VZR[aRQ dVaU ]baaV[T ZRQVN
RQbPNaV\[ V[a\ NPaV\[ N` N a\\Y S\_ P\[¶QR[PR N[Q RZN[PV]NaV\[
<[R \S aUR _RN`\[` S\_ aUR V[P_RN`R V[ aUR [bZOR_ \S Re]R_VZR[a` V` aUNa O\aU aRPU[\Y\Tf N[Q
Va` P\`a` UN_QYf S\_Z N UN[QVPN] V[ ]_\QbPV[T N[Q QV`a_VObaV\[ \S cVQR\ N[Q NbQV\ ]_\QbPaV\[`
.[\aUR_ _RN`\[ S\_ aUV` V[P_RN`R V` aUR cR_f ]\`VaVcR N[Q cNYbNOYR RcNYbNaV\[` \S ]N_aVPV]N[a`
=N_aYf ORPNb`R \S aUR P_RNaVcR PUNYYR[TR \S aUR ]_\QbPaV\[ \S N ]_\WRPa N[Q aUR `NaV`SNPaV\[ N[Q
N]]_RPVNaV\[ Of \aUR_` ]N_aYf ORPNb`R \S aUR SNPa aUNa d\_XV[T \[ N cVQR\ \_ N[f \aUR_ ZRQVN
]_\QbPaV\[ URY]` `a_bPab_V[T aU\bTUa` aUNa ]_\cVQR` ]N_aVPV]N[a` dVaU _RNY V[`VTUa V[ aURZ`RYcR`
N[Q aUR `VabNaV\[ aURf N_R YVcV[T V[
AUR_RS\_R aUV` ZRaU\Q\Y\Tf V` b`RQ V[ RQbPNaV\[ Qb_V[T TbVQN[PR \S f\b[T ]N_aVPV]N[a` V[
YNO\b_ ZN_XRa ]\YVPf N` N[ V[`a_bZR[a \S RZ]\dR_ZR[a N[Q TbVQN[PR S\_ W\OYR`` V[ RZN[PV
]NaV\[ ]_\WRPa` S\_ d\ZR[ N[Q ]_\WRPa` RYVZV[NaV[T VYYVaR_NPf

AUV` ZN[bNY ]_\cVQR` f\b dVaU N[ \cR_cVRd \S ]\``VOVYVaVR` N[Q _R^bV_RZR[a` ON`RQ \[ Re]R
_VR[PR` V[ aUV` af]R \S ]_\WRPa` DR RZ]UN`VgR \[R `]RPV¶P ZRaU\Q' aUR ZNXV[T \S QVTVaNYR`
BYa_N `U\_a cVQR\ `a\_VR` dVaU N ]R_`\[NY PUN_NPaR_ ZNQR dVaU `VZ]YR R^bV]ZR[a N[Q dVaUV[ N
YVZVaRQ NZ\b[a \S aVZR
AUV` ZN[bNY V` V[aR[QRQ S\_ ]_\SR``V\[NY` N[Q c\Yb[aRR_` V[ RQbPNaV\[ NQbYa RQbPNaV\[ f\baU
d\_X N[Q \aUR_` dU\ dN[a a\ QRQVPNaR QVTVaNYR` N` N[ V[`a_bZR[a S\_ RZ]\dR_ZR[a \S ]b]VY` \_
PYVR[a`
0UN]aR_`  ! ]_\cVQR f\b dVaU N `aR] Of `aR] N]]_\NPU V[ `RaaV[T b] N[Q aUR ReRPbaV\[ \S N ]_\
WRPa 3\_ aU\`R dU\ Q\[°a UNcR aUR aVZR \_ aUR _R`\b_PR` a\ Q\ N ]_\WRPa YVXR aUV` \[ aURV_ \d[
PUN]aR_ " ]_\cVQR` f\b dVaU ]\``VOVYVaVR` S\_ UV_V[T Re]R_aV`R \_ SNPVYVaVR`

0USU`MXQ_
CTM`M^QPUSU`MXQ_+
1VTVaNYR`° PUN_NPaR_V`aVP` N_R'
 :RQVN ]_\QbPaV\[` Z\`a \S aUR aVZR cVQR\ ]_\QbPaV\[` NYaU\bTU NbQV\ ]_\QbPaV\[` N_R
NY`\ ]\``VOYR
 =R_`\[NY `a\_VR` \_ ]R_`\[NY cVRd` \S aUR ZNaaR_
 BYa_N `U\_a ]_\QbPaV\[` cN_fV[T S_\Z !" `RP\[Q` a\  ZV[baR` ZNe
 ;\a ZNQR Of ]_\SR``V\[NY`( ZN[f QVTVaNYR ]_\QbPR_` [RcR_ ZNQR N cVQR\ ]_\QbPaV\[
ORS\_R
1VTVaNYR` PN[ OR \_VR[aRQ a\ N cN_VRaf \S T\NY` \_ RSSRPa`'
 1VTVaNYR` ]_\cVQR \_QV[N_f ]R\]YR dVaU N[ \]]\_ab[Vaf \S ORV[T ºV[a\ aUR ]VPab_R®
 1VTVaNYR` \SSR_ ]R\]YR N ]YNaS\_Z S\_ ]R_`\[NY `a\_VR`
 1VTVaNYR` \SSR_ ]R\]YR dVaU V[`]V_V[T Sb[[f N[Q RN`f a\ b`R N]]_\NPUR` S\_ QVTVaNY `a\_f
aRYYV[T

CT[OMZ\^[PaOQPUSU`MXQ_+

2``R[aVNYYf RcR_fO\Qf( V[ _RPR[a UV`a\_f QVTVaNYR ]_\WRPa` UNcR ORR[ \_TN[V`RQ S\_ `abQR[a` V[
UVTUR_ c\PNaV\[NY RQbPNaV\[ S\_ VYYVaR_NaR ]R\]YR Q_\] \ba` ZVT_N[a d\ZR[ N[Q RYQR_Yf ]R\]YR
1\R` aUV` ZRN[ aUNa QVTVaNYR ]_\WRPa` NYdNf` UNcR aUR `NZR `Ra b] ReRPbaV\[ N[Q TbVQN[PR,
/f [\ ZRN[` Va ZRN[` aUNa aUR QVTVaNYR P\[PR]a PN[ OR NQN]aRQ a\dN_Q` ZN[f aN_TRa T_\b]`

£
aU_\bTU N ]_\]R_ ]_R]N_NaV\[ N[Q `]RPV¶P TbVQN[PR
1bR a\ aUR YNO\b_ V[aR[`VcR PUN_NPaR_ \S QVTVaNYR ]_\WRPa` dR NQcV`R N ZNeVZbZ T_\b] `VgR \S
 ]N_aVPV]N[a`

>Q]aU^QYQZ`_MZP\^QO[ZPU`U[Z_

DUNa Q\R` N QVTVaNYR ]_\WRPa Y\\X YVXR N[Q dUNa N_R aUR ]_RP\[QVaV\[` S\_ _R`bYa` V[ N QVTVaNYR
]_\WRPa,

@UYQUZbQ_`YQZ`
4R[R_NYYf N QVTVaNYR ]_\WRPa P\[`V`a` \S aU_RR \_ S\b_ ZRRaV[T` aNXV[T ad\ a\ S\b_ U\b_` NYa
U\bTU aUR_R N_R QVSSR_R[a aN_TRa` N[Q ]_\¶YR` \S ]N_aVPV]N[a` AUR ¶_`a ZRRaV[T V` V[aR[QRQ S\_
`a\_f aRYYV[T N[Q `a_bPab_V[T 0UN]aR_  AUR `RP\[Q ZRRaV[T NVZ` a\ ]baaV[T \_NY `a\_VR` V[a\
N `PR[N_V\ N[Q N ]_\QbPaV\[ ]YN[ 0UN]aR_  N` dRYY N` Ub[aV[T N[Q TNaUR_V[T ON`VP ZNaR_VNY
AUR aUV_Q N[Q S\YY\dV[T ZRRaV[T` N_R V[aR[QRQ S\_ aUR NPabNY _RNYVgNaV\[ \S aUR QVTVaNYR :\`a
]_\WRPa` \_TN[VgR N ¶[NY ZRRaV[T Qb_V[T dUVPU aUR QVTVaNYR` N_R `U\d[ a\ RNPU \aUR_ Oba NY`\ a\
YN_TR_ NbQVR[PR` .SaR_ aUR cVRdV[T aURf PN[ OR QV`Pb``RQ
AUR Qb_NaV\[ \S aUR ZRRaV[T` ]N_aYf QR]R[Q` \[ aUR PUN_NPaR_V`aVP` \S aUR aN_TRa T_\b] F\b[T
]R\]YR N_R b`bNYYf ^bVPX NQN]a\_` \S aRPU[VPNY N`]RPa` \S QVTVaNYR` <[ aUR \aUR_ `VQR aURf
`\ZRaVZR` N_R PN]NOYR \S P\[PR[a_NaV[T \[ N PR_aNV[ V``bR \[Yf S\_ N `U\_a ]R_V\Q \S aVZR
@R[V\_ PVaVgR[` b`bNYYf UNcR Z\_R QVS¶PbYaVR` V[ P\]V[T dVaU aRPU[VPNY N`]RPa` Oba PN[ OR cR_f
P\[PR[a_NaRQ S\_ Y\[TR_ ]R_V\Q` \S aVZR
6[ _RNY YVSR aUR_R N_R NY`\ \aUR_ N`]RPa` aUNa ]YNf N[ VZ]\_aN[a _\YR' NcNVYNOYR aVZR V[ RQbPNaV\[
NcNVYNOVYVaf \S PYN`` _\\Z` V[ P\ZZb[Vaf PR[a_R`
Ad\ U\b_` \S ]_R]N_NaV\[ ad\ U\b_` \S `PR[N_V\ d_VaV[T N[Q ]_R]_\QbPaV\[ S\b_ U\b_` \S
]_\QbPaV\[ N_R aUR ZV[VZbZ 5NYS N QNf S\_ ]_R]N_NaV\[ UNYS N QNf S\_ `PR[N_V\ d_VaV[T N[Q ]_R
]_\QbPaV\[ N[Q \[R QNf S\_ ]_\QbPaV\[ V` PY\`R a\ VQRNY
AUR Qb_NaV\[ \S aUR \]aV\[NY R[Q ]_R`R[aNaV\[ b`bNYYf aNXR` \[R a\ ad\ U\b_` QR]R[QV[T \[
aUR T_\b] `VgR

-OO[YY[PM`U[Z
. QVTVaNYR ]_\WRPa _R^bV_R` Na YRN`a \[R _\\Z N[Q Na YRN`a \[R P\Z]baR_ ]R_ ad\ ]N_aVPV]N[a`
B`bNYYf _\\Z` N_R NcNVYNOYR Na `PU\\Y` Oba NY`\ Na P\ZZb[Vaf PR[a_R` .[\aUR_ ]\``VOVYVaf V`
UV_V[T P\Z]baR_ _\\Z` \_ P\Z]baR_` `RR NaaNPUZR[a

7Z[cXQPSQMZP_WUXX_

3\_ N[ RSSRPaVcR d\_X N]]_\NPU Na YRN`a aUR S\YY\dV[T `]RPV¶P `XVYY` N_R _R^bV_RQ'
 1_NZNaVP `XVYY` URY]V[T ]N_aVPV]N[a` V[ _RNYVgV[T N ]_\QbPaV\[ dVaU P\[aR[a aUNa V` Naa_NPa
VcR a\ N[ NbQVR[PR _R`]RPaV[T aURV_ ]R_`\[NY `XVYY` N[Q VQRN`
 ARPU[VPNY X[\dYRQTR N[Q `XVYY` [RRQRQ a\ URY] aUR ]N_aVPV]N[a` dVaU aUR aRPU[VPNY
N`]RPa` \S N ]_\QbPaV\[ P\Z]baR_ N[Q `\SadN_R
B`bNYYf aUR`R ad\ `XVYY` PUN_NPaR_V`aVP` N_R [\a P\ZOV[RQ V[ \[R ]R_`\[ .]N_a S_\Z aUR`R `XVYY`
aUR P\NPUR` N_R NY`\ Re]RPaRQ a\ UNcR `\PVNY N[Q QVQNPaVPNY `XVYY`

/[Y\a`Q^_
.PPR`` a\ N P\Z]baR_ V` N [RPR``Vaf

¤
. DV[Q\d` =0 P\[¶Tb_NaV\[ UN` a\ ZRRa aUR S\YY\dV[T `]RPV¶PNaV\[`'
 :RZ\_f ¬ Z\_R V` ORaaR_ ?RP\ZZR[QRQ  4/ ?.:
 @a\_NTR ¬ % 4/ UN_Q QV`X
 =_\PR``\_ `]RRQ ¬ SN`aR_ V` ORaaR_ ?RP\ZZR[QRQ V` aUR SN`aR`a NSS\_QNOYR ]_\PR``\_
:V[VZbZ % Z5g =R[aVbZ 66
 6[`aNYYRQ .[aVCV_b` @\SadN_R 2@@2;A6.9
 3V_R dV_R PN_Q` S\_ VZ]\_aV[T N[Q Re]\_aV[T ¶YR` R`]RPVNYYf VZ]\_aN[a VS ]N_aVPV]N[a`
d\_X dVaU Z\cV[T ]VPab_R` N[Q [\a \[Yf dVaU `aVYY`
 B@/ P\[[RPaV\[ S\_ VZ]\_aV[T QVTVaNY ]U\a\±` `aVYY` N[Q `\b[Q S_\Z N[ B@/ `aVPX
 .a YRN`a \[R 1C1 Ob_[R_  !e a\ %e `]RRQ _RP\ZZR[QRQ
 <]R_NaV[T @f`aRZ ¬ ?RP\ZZR[QRQ' DV[Q\d` E= \_ CV`aN ¬ ZV[VZbZ DV[Q\d` 
 CVQR\ PN_Q  ZV[VZbZ #! :/ ?.:
 6[aR_[Ra P\[[RPaV\[
 :bYaVZRQVN URNQ]U\[R`
 :VP_\]U\[R S\_ V[`aN[PR 9\TVaRPU B@/ :VP_\]U\[R
 .a YRN`a \[R ]_V[aR_ S\_ `PR[N_V\` P\ZZR[aN_f aRea` RaP
.]]YR b`R_` b`bNYYf UNcR aUR _R^bV_RQ UN_QdN_R N[Q `\SadN_R ObVYa V[ NYaU\bTU aURf ZVTUa [RRQ
N @b]R_1_VcR 2eaR_[NY 1C1Q_VcR` Q\ [\a d\_X dVaU V1C1 S_\Z aUR V9VSR `bVaR 6S .]]YR b`R_`
dN[a a\ b`R N[ ReaR_[NY 1C1Ob_[R_ aURf [RRQ N[ N]]YVPNaV\[ YVXR ?\eV\°` A\N`a

;`TQ^TM^PcM^Q
3\_ VZ]\_aV[T N[Q a_N[`SR_ \S VZNTR` Va V` cR_f b`RSbY a\ UNcR NPPR`` a\ aUR S\YY\dV[T R^bV]
ZR[a'
 . P\Y\b_ ·NaORQ `PN[[R_( S\_ `PN[[V[T Q_NdV[T` \_ N[NY\TbR ]VPab_R` aUNa PN[ OR b`RQ
V[ aUR QVTVaNYR
 . QVTVaNY Z\cVR PNZR_N dVaU N a_V]\Q N[Q ¶_RdV_R P\[[RPaV\[( S\_ `U\\aV[T Z\cV[T
VZNTR` \S ]R\]YR \_ \OWRPa` S\_ N QVTVaNYR
 . `aVYY QVTVaNY ]U\a\ PNZR_N dVaU B@/ P\[[RPaV\[( S\_ `U\\aV[T ]VPab_R` aUNa PN[ OR
b`RQ V[ N QVTVaNYR
 .[ ReaR_[NY ¶_RdV_R \_ B@/ UN_Q Q_VcR( S\_ NQQVaV\[NY `a\_NTR PN]NPVaf a\ OR NOYR a\
`a\_R `RcR_NY cR_`V\[` \S aUR QVTVaNYR N[Q a\ OR NOYR a\ P\[aV[bR d\_X \[ `RcR_NY P\Z]b
aR_`
6S f\b UNcR NPPR`` a\ N ORNZR_ aUV` PN[ NY`\ OR cR_f b`RSbY 6a V` N[ V[`a_bZR[a aUNa PN[ VYYb`a_N
aR aUR d\_XV[T \S S\_ V[`aN[PR :\cVR :NXR_ ÒUN[Q` \[° V[ aUR aUV_Q ZRRaV[T

?[R`cM^Q
6[ ZN[f \PPN`V\[` Va dVYY [\a OR [RPR``N_f a\ Obf NQQVaV\[NY `\SadN_R @aN_aV[T S_\Z DV[Q\d`
E= :VP_\`\Sa ]_\cVQR` b` dVaU N `VZ]YR RQVaV[T N]]YVPNaV\[ :\cVR :NXR_ aUNa V` PN]NOYR \S ]_\
QbPV[T QVTVaNYR` .]]YR :NPb`R_` b`bNYYf ]\``R`` aUR V9VSR `bVaR dUVPU P\[aNV[` V:\cVR 51
V1C1 N[Q V=U\a\ B`bNYYf aUR Z\_R Re]R[`VcR ]NPXNTR` N_R Z\_R cR_`NaVYR `\ZRaVZR` Z\_R
`aNOYR Oba NY`\ Z\_R P\Z]YRe V[ \]R_NaV\[

AUR S\YY\dV[T `\SadN_R `U\bYQ OR V[`aNYYRQ \[ f\b_ P\Z]baR_

2QVaV[T `\SadN_R
S\_ V[`aN[PR'

¥
 DV[Q\d` :\cVR :NXR_ S_RR N[Q V[PYbQRQ dVaU DV[Q\d` E= N[Q CV`aN
 .Q\OR =_RZVR_R RYRZR[a`
 =V[[NPYR @abQV\
 BYRNQ CVQR\`abQV\
 V:\cVR 51 N[Q V1C1 b`bNYYf V[PYbQRQ dVaU .]]YR :NP P\Z]baR_` \aUR_dV`R S\_ `NYR
N` ]N_a \S aUR V9VSR ]NPXNTR
.[ N]]YVPNaV\[ a\ VZ]\_a N[Q RQVa QVTVaNY ]U\a\`
3\_ V[`aN[PR
 .Q\OR =U\a\`U\] RYRZR[a` !
 V=U\a\ b`bNYYf V[PYbQRQ dVaU .]]YR :NP P\Z]baR_` \aUR_dV`R S\_ `NYR N` ]N_a \S aUR
V9VSR ]NPXNTR

.[ N]]YVPNaV\[ S\_ `\b[Q VZ]\_a N[Q P\[a_\Y
B`bNYYf aUR cVQR\ RQVaV[T N]]YVPNaV\[` ]_\cVQR b` dVaU R[\bTU `\b[Q PN]NOVYVaVR` 3\_ _RP\_QV[T
Y\[TR_ c\VPR\cR_` \_ RQVaV[T N[Q ZVeV[T \S NbQV\ aUR_R N_R S_RRdN_R \_ `UN_RdN_R N]]YVPNaV\[`
Q\d[Y\NQNOYR YVXR NbQNPVaf N[Q `\b[QS\_TR

.a YRN`a \[R P\Z]baR_ [RRQ` a\ UNcR V[`aNYYRQ'

 @PN[[R_ `\SadN_RQ_VcR_
 /b_[V[T  a\N`aV[T `\SadN_R S\_ 1C1`

6Z]\_aN[a _RZN_X` P\[`VQR_V[T aUR ]_R]N_NaV\[`'

 /N`VPNYYf NYY P\Z]baR_` b`RQ V[ N QVTVaNYR ]_\WRPa [RRQ a\ P\[aNV[ aUR `NZR `\SadN_R
N[Q `RaaV[T` :V``V[T N]]YVPNaV\[` \[ `\ZR P\Z]baR_` N_R cR_f N[[\fV[T =R_`\[NY `RaaV[T` \_
]_RSR_R[PR` `U\bYQ OR YVZVaRQ S\_ RS¶PVR[a aRNPUV[T
 6[ `\ZR P\b[a_VR` aUR_R V` N ]\``VOVYVaf S\_ `PU\\Y` N` dRYY N` aRNPUR_` N[Q `abQR[a` a\
Obf `\SadN_R Na N _RQbPRQ ]_VPR S\_ RQbPNaV\[NY \_ YRN_[V[T ]b_]\`R`
 B`bNYYf `f`aRZ NQZV[V`a_Na\_` N_R [\a cR_f UN]]f dUR[ P\Z]baR_ PYVR[a` V[`aNYY aURV_
\d[ `\SadN_R @\ZRaVZR` Va aNXR` N Y\[T ]_\PRQb_R a\ UNcR `]RPV¶P `\SadN_R V[`aNYYRQ \[ P\Z
]baR_` <[ aUR \aUR_ UN[Q dR UNcR Re]R_VR[PRQ aUNa `f`aRZ NQZV[V`a_Na\_` N_R V[aR_R`aRQ V[ aUR
QVTVaNYR ]_\WRPa AURV_ UV[a` N[Q `b]]\_a UNcR ORR[ \S T_RNa VZ]\_aN[PR V[ aUR ]N`a N[Q dVYY OR V[
aUR Sbab_R

<^Q\M^M`U[Z
B`bNYYf N QVTVaNYR ]_\WRPa dVYY OR \SSR_RQ a\ N[ ReV`aV[T T_\b]' N `PU\\Y PYN`` N T_\b] \S `ab
QR[a` _RTbYN_ cV`Va\_` \S N P\ZZb[Vaf PR[a_R RaP =N_a \S aUR ]_R]N_NaV\[ V` V[S\_ZNaV\[ ]_\
cV`V\[ S\_ aUR aN_TRa T_\b] N =\dR_=\V[a ]_R`R[aNaV\[ P\[aNV[V[T ]\``VOYf ReNZ]YR` \S T\\Q
QVTVaNYR ]_NPaVPR` AUR`R ReNZ]YR` N_R NY`\ NcNVYNOYR aU_\bTU aUR dRO V[`R_a YV[X`

1b_V[T aUR ]_R`R[aNaV\[ f\b PN[ NY`\ NT_RR \[ ]_R]N_NaV\[ QNaN N[Q NPaVcVaVR` S\_ aUR Sbab_R
N``VT[ZR[a` 1baPU QVTVaNYR ]N_aVPV]N[a` N_R N`XRQ a\ aNXR dVaU aURZ N `]RPVNY \OWRPa \_ N ]U\a\
NO\ba dUVPU aURf PN[ `aN_a N QV`Pb``V\[ AUR \OWRPa \_ ]U\a\ UN` a\ _RYNaR a\ aUR `bOWRPa \S aUR
QVTVaNYR 6S aUR ]_\WRPa UN` `\ZRaUV[T a\ Q\ dVaU ZNXV[T PU\VPR` ]N_aVPV]N[a` VYYb`a_NaR aUV` dVaU
N `fZO\YVP ]VPab_R \_ \OWRPa 6S ORV[T N ZVT_N[a V` aUR `bOWRPa aUR ]N_aVPV]N[a PN[ VYYb`a_NaR aUV`
Of `\ZRaUV[T aUNa a_VTTR_RQ UVZ V[ UV` ¶_`a fRN_` V[ UV` [Rd P\b[a_f AUR \OWRPa` N_R [\a ZR_RYf

¦
N a_VTTR_( aURf PN[ NY`\ ]YNf N _\YR N` N ]N_a \S VZNTV[T aUR QVTVaNYR

. ]_R]N_Na\_f ZRRaV[T [\a [RPR``N_VYf aNXR` Y\[TR_ aUN[ UNYS N[ U\b_ AUR ZRRaV[T UN` a\ OR
\_VR[aRQ a\dN_Q` ]_NPaVPNY N[Q Y\TV`aVPNY V``bR`' DUR[ V` aUR `U\\aV[T \[ dUNa QNaR Y\PNaV\[
¶[NY QNaR S\_ aUR ¶_`a N``VT[ZR[a RaP

9QQ`UZS&0U_Oa__U[Z

AUR ¶_`a ZRRaV[T NVZ` Na aU_RR aN_TRa`'
 0_RNaR N[ NaZ\`]UR_R aUNa SNPVYVaNaR` ]R_`\[NY `a\_f aRYYV[T
 A_NV[V[T ]N_aVPV]N[a` V[ `a_bPab_V[T aURV_ `a\_VR`
 :NXV[T ]_RYVZV[N_f PU\VPR` ORadRR[ `a\_VR` aUNa dVYY OR ]_\PR``RQ Qb_V[T aUR S\YY\dV[T
ZRRaV[T`

. d\_XV[T S\_Z \SaR[ b`RQ V` N @a\_f 0V_PYR =N_aVPV]N[a` N_R `RNaRQ V[ N PV_PYR \_ N_\b[Q N _\b[Q
aNOYR 2cR_fO\Qf PN[ aRYY UV` \_ UR_ `a\_f =R\]YR UNcR a\ SRRY P\ZS\_aNOYR \aUR_dV`R aURf dVYY
[\a aRYY aURV_ ]R_`\[NY `a\_VR` aUR_RS\_R f\b PN[ b`R aUR S\YY\dV[T ReR_PV`R`

DUNa V` aUR OR`a aUV[T f\b RcR_ QVQ,

AUR P\b_`R YRNQR_ N`X`' DUNa V` aUR OR`a aUV[T f\b RcR_ QVQ, .SaR_ N dUVYR RcR_fO\Qf N[`dR_`
aUV` ^bR`aV\[

AUR b[X[\d[ ]U\a\

2cR_f ]N_aVPV]N[a TRa` N ]VPab_R UR`UR UN` [RcR_ `RR[ ORS\_R AURf Y\\X Na Va PN_RSbYYf N[Q aRYY
N `a\_f NO\ba aUR ]VPab_R F\b PN[ NY`\ TbVQR aUR ]N_aVPV]N[a` Of N`XV[T aUR S\YY\dV[T ^bR`aV\['
=YRN`R Y\\X Na aUR ]VPab_R N[Q aRYY f\b_ `a\_f ON`RQ \[ dUNa f\b `RR V[ aUR ]VPab_R

ANYX NO\ba f\b_ ]N``V\[ dUVYR N YVTUaRQ ZNaPU`aVPX YN`a`

.` N[ ReR_PV`R S\_ aRYYV[T `U\_a `a\_VR` b`V[T YVTUaRQ ZNaPU`aVPX` PN[ OR b`RSbY . ]N_aVPV]N[a
YVTUa` N `aVPX N[Q aRYY` UV`UR_ `a\_f dUVYR Va YN`a` =N_aVPV]N[a` aRYY NO\ba aURV_ SN`PV[NaV\[ AUV`
dNf dR PN[ `U\d V[ N Sb[[f dNf U\d QVS¶PbYa Va V` a\ aRYY aUR R``R[PR \S N `a\_f V[ N cR_f `U\_a
aVZR AUR_R V` [\ aVZR S\_ `b]R_·b\b` V[S\_ZNaV\[

AUR ]_\QbPaV\[ \S N YV`a dVaU aUV[T` f\b YVXR N[Q QV`YVXR

AUV` ReR_PV`R `aN_a` dVaU `UN_V[T ]N]R_ `URRa` .! `VgR NZ\[T ]N_aVPV]N[a` AURf S\YQ aUR ]N]R_
]\_a_NVa a\ P_RNaR ad\ P\YbZ[` <[R S\_ aUV[T` aURf YVXR N[Q \[R S\_ aUV[T` aURf Q\[°a YVXR 2NPU
]N_aVPV]N[a UN` \[R ZV[baR a\ Re]YNV[ dUf UR YVXR` \S UNaR` aUR VaRZ` \[ a\] \S UV` YV`a

ANXV[T dVaU f\b N ]R_`\[NY \OWRPa NO\ba dUVPU f\b PN[ aRYY N `a\_f
.`X ]N_aVPV]N[a` a\ aNXR N ]R_`\[NY \OWRPa dVaU aURZ N[Q N`X S\_ UV` Z\aVcNaV\[ AUV` _RNYYf PN[
OR N[faUV[T .`XV[T ^bR`aV\[` V` N[\aUR_ dNf \S ZNXV[T ]R\]YR Y\\`R_ NO\ba aRYYV[T `a\_VR`

=R\]YR UNcR a\ SRRY `RPb_R V[ N [Rd R[cV_\[ZR[a AUR_RS\_R P\NPUR` N[Q ]N_aVPV]N[a` `U\bYQ [\a
WbQTR RNPU V[QVcVQbNY `a\_f .[f `a\_f dVYY Q\

3V[NY ReR_PV`R' d_VaV[T aUR `a\_f

§
=N_aVPV]N[a` d_VaR aURV_ `a\_f V[ N]]_\eVZNaRYf " d\_Q` 5N[Q \ba' . d\_X`URRa .! dVaU "
YV[R` aUV` TVcR` aURZ N[ VZ]_R``V\[ \S aUR ZNeVZbZ aRea `VgR

AUR `a\_VR` dVYY OR _RNQ NY\bQ V[ aUR T_\b] AUR P\b_`R YRNQR_ dVYY b`R N `a\]dNaPU :NeVZbZ
YR[TaU \S aUR `a\_f V` N]]_\eVZNaRYf " d\_Q` 2NPU `a\_f dVYY aNXR N]]_\eVZNaRYf N ZV[baR a\
_RNQ
.SaR_ _RNQV[T aUR P\b_`R YRNQR_ PN[ N`X aUR ]N_aVPV]N[a dUNa VZNTR` UR UN` V[ ZV[Q dUR[ UR
`UR cV`bNYV`R` aUR `a\_f AUR`R PN[ OR ReV`aV[T ]VPab_R ]\`aR_` \_ \aUR_ VZNTR` RN`f a\ _RP\_Q
Oba NY`\ VZNTR` aUNa _R^bV_R N P_RNaVcR N]]_\NPU AUR N``VTZR[a S\_ aUR `RP\[Q ZRRaV[T P\[
`V`a` \S P\YYRPaV[T ZNaR_VNY` \_ VQRN` S\_ aUR _RNYV`NaV\[ \S aUR`R VZNTR`

?RZN_X
6S aUR_R V` `bS¶PVR[a aVZR V[ aUR ¶_`a ZRRaV[T f\b PN[ P\[`VQR_ a\ `aN_a a\ Re]YNV[ `PR[N_V\ N[Q
`a\_fO\N_Q 6[ aUV` PN`R d_VaV[T N `PR[N_V\ \_ N `a\_fO\N_Q PN[ OR N U\ZR N``VT[ZR[a .[ Rea_N
NQcN[aNTR V` aUNa ]R\]YR N_R NPaVcR ORadRR[ ZRRaV[T \[R N[Q ad\ :RRaV[T ad\ PN[ OR b`RQ
Z\_R RSSRPaVcR
1V`NQcN[aNTR' AUV` \[Yf d\_X` dVaU UVTUYf Z\aVcNaRQ ]N_aVPV]N[a` aUNa UNcR R[\bTU aVZR

9QQ`UZS&?OQZM^U[MZP\^Q\^[PaO`U[Z

:RRaV[T ad\ V` S\_ aUR NPabNY ]_R]N_NaV\[ \S aUR ]_\QbPaV\[ AUR `a\_f \S ZRRaV[T \[R V` d_VaaR[
V[a\ N `PR[N_V\ S\_ ]_\QbPaV\[ N ]_\QbPaV\[ ]YN[[V[T N[Q N P\ZZR[aN_f \_ `bOaVaYV[T aRea
/N`VP ZNaR_VNY` ]U\a\` cVQR\ `PR[R` NbQV\ Zb`VP N_R a_N[`SR__RQ a\ aUR P\Z]baR_ N` SN_ N`
]\``VOYR

?OQZM^U[_`[^eN[M^P
2e]YN[NaV\[ `PR[N_V\`a\_fO\N_Q
2e]YN[NaV\[ \S RYRZR[aN_f S\_Z` \S `PR[N_V\`'
0\YbZ[ QR`P_V]aV\[ \S `PR[R` V[ ]_\QbPaV\[
3_\Z YRSa a\ _VTUa'
 N QR`P_V]aV\[ \S aUR VZNTR P\[aR[a S\_Z ZNaR_VNY S\_ ReNZ]YR' ºQVTVaNY ]U\a\ \S \b_
¶_`a U\b`R® \_ º`PN[[RQ ]VPab_R \S T_N[QQNQ V[ Ab_XRf PY\`R b]®
 `U\_a QR`P_V]aV\[ \S aUR c\VPR \cR_ \_ `bOaVaYR aRea ORY\[TV[T a\ aUV` `]RPV¶P VZNTR'
ºAVaYR' Ba_RPUa &&$' ¶_`a U\b`R® \_ ºc\VPR \cR_' :f T_N[QSNaUR_ dN` aUR ¶_`a ]R_`\[ RZVT_NaV[T
S_\Z UV` cVYYNTR a\ aUR ;RaUR_YN[Q`®
 N QR`P_V]aV\[ \S aUR ONPXT_\b[Q NbQV\ V[ aUV` `]RPV¶P `PR[R
 aUR a_NPX \_ ]N_a \S N a_NPX aUNa UN` a\ OR ]YNfRQ ORUV[Q aUR `PR[R
AU\`R dU\ ¶[Q Va QVS¶PbYa a\ QR`P_VOR VZNTR` N_R ]\``VOYf NOYR a\ Q_Nd `XRaPUR` S\_ N `a\_f
O\N_Q

?RZN_X`
 2ea_N V[S\_ZNaV\[ S\_ f\b_ `a\_fO\N_Q \_ `PR[N_V\ PN[ OR S\b[Q V[ aUR NaaNPUZR[a` AURf
N_R NY`\ NcNVYNOYR N` Q\d[Y\NQ` Na aUV` B?9¦V[`R_a YV[X
 6S aUR_R V` `bS¶PVR[a aVZR V[ aUR ¶_`a ZRRaV[T f\b PN[ P\[`VQR_ a\ `aN_a a\ Re]YNV[
`PR[N_V\ N[Q `a\_fO\N_Q 6[ aUV` PN`R d_VaV[T N `PR[N_V\ \_ N `a\_fO\N_Q PN[ OR N U\ZR N``VT[
ZR[a DR ZR[aV\[RQ aUV` NO\cR

¨
2eR_PV`R
.` N[ Rea_N ReR_PV`R f\b PN[ aNXR \[R \S aUR `a\_VR` S_\Z aUR ¶_`a ZRRaV[T a\ P_RNaR aUR ¶_`a
aU_RR `PR[R` V[ N `P_V]a a\TRaUR_ dVaU NYY ]N_aVPV]N[a`

.``VT[ZR[a
0_RNaR aUR `PR[N_V\ \_ `a\_fO\N_Q \S aUR `a\_f f\b dN[a a\ aRYY

B[UOQ[bQ^
2e]YNV[ d_VaV[T P\ZZR[aN_VR` c\VPR\cR_` \_ aRea` S\_ `bOaVaYR`
 XRR] Va `U\_a
 XRR] Va `VZ]YR
 Q\[°a aRYY dUNa aUR cVRdR_ PN[ `RR UVZ`RYS Oba ]_\cVQR UVZ dVaU NQQVaV\[NY V[S\_ZNaV\[
! XRR] V[ ZV[Q aUR a\[R \S c\VPR
2eR_PV`R
D_VaR N c\VPR\cR_ aRea ON`RQ \[ aUR `a\_f f\b dN[a a\ aRYY 1b_NaV\[' ZNe  ZV[baR

?RZN_X`
=_R`R[a ad\ \_ aU_RR c\VPR\cR_` ]R_S\_ZRQ Of aUR ]N_aVPV]N[a` b`R N `a\]dNaPU =_\cVQR aURZ
dVaU NQcVPR N[Q _RZN_X` NO\ba S\_Z P\[aR[a a\[R \S c\VPR \_ NbQVOVYVaf DN` Va Naa_NPaVcR a\ N[
NbQVR[PR,

/[XXQO`UZSYM`Q^UMX_
2e]YNV[ dUNa ZNaR_VNY` PN[ OR b`RSbY S\_ ]_\QbPaV\['

6ZNTR` `aVYY`
 1VTVaNY ]U\a\`
 @PN[[RQ N[NY\TbR ]VPab_R` \_ Q_NdV[T`
 2QVaRQ ]U\a\` V[ N Q_NdV[T N]]YVPNaV\[ \_ ]U\a\ RQVaV[T N]]YVPNaV\[
`a\_RQ N`  W]T \S  7]RT( ]_RSR_NOYf V[ YN[Q`PN]R

CVQR\ ZNaR_VNY
 @U\_a cVQR\ `PR[R`
`a\_RQ N` NcV

?RZN_X
D\_XV[T dVaU cVQR\ `PR[R` V` Z\_R P\Z]YRe aUN[ d\_XV[T dVaU `aVYY` Va V` N YVaaYR OVa Z\_R _V`Xf
O\aU Qb_V[T ]_\QbPaV\[ N[Q RQVaV[T

.bQV\
 =_R _RP\_QRQ NbQV\
 1\d[Y\NQRQ NbQV\ PYV]` \[Yf VS aURf N_R S_RR \S _VTUa` `RR ORY\d
 @\b[Q PYV]` S_\Z RQVaV[T N]]YVPNaV\[`
`a\_R N` := 

©
:b`VP
 :b`VP ZNQR Of aUR ]N_aVPV]N[a`
 1\d[Y\NQRQ Zb`VP \[Yf VS aURf N_R S_RR \S _VTUa` `RR ORY\d
 :b`VP P\[aNV[RQ V[ RQVaV[T N]]YVPNaV\[`
`a\_RQ N` := 

?RZN_X
6[ ZN[f \PPN`V\[` f\b PN[ b`R NY_RNQf ReV`aV[T ZNaR_VNY <S P\b_`R Va V` NY`\ ]\``VOYR a\ P_RNaR
[Rd ZNaR_VNY Qb_V[T aUR ]_\WRPa' ]U\a\` cVQR\` \S ]R_`\[` \_ \OWRPa` RaP AUb` Va PN[ OR b`RSbY
a\ UNcR N QVTVaNY PNZR_N NcNVYNOYR Qb_V[T aUV` ZRRaV[T AUV[X NO\ba P\[[RPaVcVaf V``bR` 6S aUR
PNZR_N UN` OR P\[[RPaRQ a\ aUR P\Z]baR_ f\b [RRQ a\ UNcR ]_\]R_ PNOYR` B@/ ¶_RdV_R \_
PN_Q _RNQR_` N` dRYY N` V[`aNYYRQ `\SadN_R \[ aUR P\Z]baR_
B`V[T aUV` \]]\_ab[Vaf UN` ORR[ cR_f `bPPR``SbY V[ ]_RcV\b` ]_\WRPa` 6a V` N[ Rea_N a\\Y S\_ `aV
ZbYNaV[T N[Q NPP\Z]N[fV[T ]N_aVPV]N[a` Qb_V[T aURV_ P_RNaVcR ]_\PR``R`

.``VT[ZR[a
0_RNaR N [Rd S\YQR_ dVaU N[ N]]_\]_VNaR [NZR' S\_ V[`aN[PR 1VTVaNYR[NZR `abQR[aaVaYR P_RN
aR `bOS\YQR_` S\_ ]U\a\` cVQR\ NbQV\ Zb`VP c\VPR\cR_

5\ZR .``VT[ZR[a
0\YYRPa \_ ]_\QbPR aUR ZNaR_VNY` [RRQRQ S\_ aUR ]_\QbPaV\[ \S aUR QVTVaNYR =ba aUR ZNaR_VNY V[
aUR _VTUa `bOS\YQR_` V[ f\b_ QVTVaNYR S\YQR_ 9RN_[ a\ b`R UN_QdN_R S\_ `a\_V[T QNaN B@/
`aVPX` 1C1 \_ 01?

?RZN_X' _VTUa`
.` Y\[T N` f\b b`R ]_\QbPa` S\_ ]_VcNaR ]b_]\`R` ]N_aVPV]N[a` Q\[°a UNcR a\ d\__f a\ ZbPU
NO\ba V[aRYYRPabNY ]_\]R_af _VTUa` 6S ]N_aVPV]N[a` N_R T\V[T a\ QV`a_VObaR aUR ZNaR_VNY` aU_\bTU
aUR V[aR_[Ra \_ QRcVPR` S\_ ZN`` `a\_NTR ]N_aVPV]N[a` UNcR a\ XRR] V[ ZV[Q aUR S\YY\dV[T'

=_\]R_af _VTUa`'
AUR ]_\QbPR_` \S ZNaR_VNY QRPYN_R \[ ]N]R_ aUNa f\b N_R NYY\dRQ a\ b`R aUR ZNaR_VNY S\_ `]RPV¶P
]b_]\`R` @RR NaaNPUZR[a "

0\]f_VTUa
6S f\b Q\d[Y\NQ ]VPab_R` Zb`VP NbQV\ \_ N[f \aUR_ ZNaR_VNY S_\Z aUR V[aR_[Ra f\b ZNf OR V[
S_V[TV[T ]R\]YR` P\]f_VTUa :NaR_VNY S_RR \S _VTUa PN[ OR S\b[Q \[ N [bZOR_ \S VZNTR \_ QNaNON
`R` V[`R_a YV[X` Va b`bNYYf V` NY`\ `b]]YVRQ dVaU aUR RQVaV[T N]]YVPNaV\[`

=\_a_NVa _VTUa`
AUR`R _VTUa` ZNf cN_f ]R_ P\b[a_f PURPX aURZ \ba ORS\_R ]bOYVPNaV\[

9QQ`UZS&\^[PaO`U[Z

AUV` ¶[NY ZRRaV[T V` S\_ aUR NPabNY _RNYV`NaV\[ \S aUR QVTVaNYR .YY P\YYRPaRQ ZNaR_VNY V` ]ba V[a\
aUR _VTUa \_QR_ N[Q P\[aRea NPP\_QV[T a\ aUR N]]_\cRQ `PR[N_V\ AUR RQVaV[T N]]YVPNaV\[ dVYY
_R[QR_ aUR ]_\QbPaV\[ V[a\ N cVQR\ PYV] AUR PYV] PN[ OR `a\_RQ \[ N UN_Q QV`X \_ N 1C1 .PabNY

¡ª
1C1` PN[ OR QV`a_VObaRQ Of ZNVY PYV]` PN[ NY`\ OR QV`a_VObaRQ aU_\bTU aUR V[aR_[Ra 2NPU \S aUR
PN__VR_` UN` Va` \d[ NQcN[aNTR`

AUR QR`P_V]aV\[ ORY\d V` d_VaaR[ S\_ DV[Q\d` :\cVR :NXR_ \aUR_ N]]YVPNaV\[` Z\_R \_ YR``
d\_X V[ aUR `NZR dNf Oba S_R^bR[aYf \SSR_ f\b Z\_R `RaaV[T` N[Q ]\``VOVYVaVR` N[Q Z\_R P\Z
]YReVaf :N[bNY` \_ aba\_VNY` S\_ aUR`R N]]YVPNaV\[` N_R b`bNYYf NcNVYNOYR \[ aUR 6[aR_[Ra @\ZR
ReNZ]YR` N_R UR_R V[`R_a YV[X`

6S aUR P\b_`R YRNQR_ dN[a` a\ `a_bPab_R N ZRRaV[T N ORNZR_ PN[ OR cR_f b`RSbY 6S aUR T_\b]
`VgR V` YVZVaRQ UR PN[ NY`\ `]YVa aUR T_\b] V[ ad\ N[Q d\_X dVaU ad\ P\Z]baR_` a\ VYYb`a_NaR aUR
`aR]Of`aR] N]]_\NPU .SaR_ RNPU `aR] aUR ]N_aVPV]N[a dVYY UNcR UNYS N[ U\b_ a\ ]R_S\_Z aUR `aR]
UVZ`RYS AUR P\b_`R YRNQR_ N[Q\_ N``V`aN[a PN[ URY] aUR ]N_aVPV]N[a` V[ T\V[T aU_\bTU aUR
]_\PR`` 1bR a\ aUR cN_VRaf \S ONPXT_\b[Q` \S aUR ]N_aVPV]N[a` aUR V[QVcVQbNY d\_XV[T `]RRQ ZNf
cN_f B`bNYYf aUV` V` [\a N ]_\OYRZ V[ ]_NPaVPR

6Z]\_aN[a _RZN_X
6S f\b d\_X dVaU N[ N]]YVPNaV\[ YVXR :\cVR :NXR_ Va V` cR_f VZ]\_aN[a a\ `NcR aUR ¶YR` \[ N
_RTbYN_ ON`V` 3VYR+ @NcR N` 6a ]_RcR[a` aUR Y\`` \S d\_X \_ QNaN

5Z_`^aO`U[Z&0USU@MXQ\^[PaO`U[ZcU`TCUZP[c_D<9[bUQ9MWQ^

?`M^`
@aN_a :\cVR :NXR_ @aN_a+=_\T_NZ`+DV[Q\d` :\cVR :NXR_ N[Q ]_\cVQR aUR ]_\WRPa dVaU N
]_\]R_ [NZR RN`f a\ XRR] V[ ZV[Q N[Q a\ ¶[Q \[ aUR UN_Q QV`X

5Y\[^`
6Z]\_a ¶YR` ]U\a\` cVQR\ `PR[R` NbQV\ Zb`VP B`R aUR Obaa\[ ‚AN`X`° V[ aUR a\\YON_ .[ Rea_N
dV[Q\d ‚:\cVR AN`X`° Na aUR YRSa `VQR \S f\b_ `P_RR[ YRa` f\b PU\\`R dUNa a\ VZ]\_a .YY ¶YR`
R[Q b] V[ N ‚0\YYRPaV\[° V[ aUR PR[a_R \S f\b_ `P_RR[ VS f\b PYVPX \[ N[ VaRZ f\b `RR Na aUR _VTUa
\S f\b_ `P_RR[ dUNa N_R aUR ¶YR QNaN

1PU`UZSUYMSQ_[^\T[`[_

F\b Q_NT f\b_ ¶YR` V[ \_QR_ \S N]]RN_N[PR a\ aUR Y\dR_ ]N_a \S aUR `P_RR[ F\b PN[ a\TTYR ORa
dRR[ ‚@U\d AVZRYV[R° cVRd N[Q ‚@U\d @a\_fO\N_Q° cVRd Of PYVPXV[T aUR Obaa\[ @\_aV[T VZNTR`
V` RN`VR_ V[ aUR @a\_fO\N_Q cVRd

0URPX \ba aUR RSSRPa Of PYVPXV[T \[ aUR ‚]YNf VP\[ +° V[ aUR _VTUa UN[Q dV[Q\d \S f\b_ `P_RR[ 6a
V` [\a cR_f YVXRYf aUNa f\b N_R `NaV`¶RQ dVaU aUR ¶_`a cR_`V\[ @PR[R YR[TaU a_N[`VaV\[` N_R [\a
T\\Q `\b[Q V` ZV``V[T RaP

3\_ aUR a_N[`VaV\[` ORadRR[ `PR[R` f\b PN[ PU\\`R a_N[`VaV\[ RSSRPa` 6[ aUR YRSa `VQR \S aUR
`P_RR[ PYVPX \[ ‚ 2QVa :\cVR° aUR[ \[ ‚CVRd cVQR\ a_N[`VaV\[`°
1\bOYR PYVPXV[T \[ aUR VP\[` V[ aUR PR[a_R \S `P_RR[ _R`bYa` V[ N ]_RcVRd \S aUR a_N[`VaV\[ RSSRPa
1_NT aUR N]]_\]_VNaR RSSRPa V[ ORadRR[ aUR ad\ `PR[R`

¡¡
>QO[^PUZS`TQb[UOQ[bQ^
6[ :\cVR :NXR_ f\b PYVPX \[ aUR VP\[ \S aUR :VP_\]U\[R [N__NaR aVZRYV[R Na aUR YRSa `VQR \S f\b_
`P_RR[ V[ aUR @U\d @a\_fO\N_Q Obaa\[ _\d ?RP\_QV[T aNXR` ]YNPR V[ N ^bVRa _\\Z `abQV\
. aVZRYV[R \S `]\XR[ aRea dVYY N]]RN_ DUR[ f\b PYVPX \[ ‚@aN_a ;N__NaV\[° f\b PN[ `aN_a _RNQV[T
aUR aRea \S aUR c\VPR\cR_ \_ P\ZZR[aN_f /R PN_RSbY' aUR YVaaYR N__\d V[ aUR _\d ‚.bQV\:b`VP°
UN` a\ OR Na aUR ORTV[[V[T \S aUR `a\_f @]RNX dVaU N [Nab_NY a\[R \S c\VPR N[Q dRYY N_aVPbYNaRQ
:NXR f\b_`RYS P\ZS\_aNOYR V[ aUR ‚`]RNXR_°` _\\Z° N[Q _RNYV`R f\b_`RYS aUNa RcR[ ab_[V[T f\b_
]NTR` PN[ ZNXR QV`a_NPaV[T [\V`R` <[PR f\b N_R _RNQf f\b ]_R`` aUR Obaa\[ ‚@a\] ;N__NaV\[°
AUR P\Z]baR_ N`X` f\b dURaUR_ f\b dN[a a\ `NcR aUR _RP\_QV[T ]_\cVQR aUR _RP\_QV[T dVaU aUR
[NZR \S f\b_ Z\cVR PYV] \aUR_dV`R f\b PN[ P\[Sb`R aUV` NbQV\ S_NTZR[a dVaU \aUR_ `\b[Q
OfaR`
.` `\\[ N` f\b UNcR `NcRQ aUR ¶YR Va dVYY N]]RN_ ORY\d aUR ]U\a\` V[ aUR _\d ‚.bQV\:b`VP°

/[ZZQO`UZSMaPU[MZPUYMSQ_

;\d f\b PN[ ZNaPU VZNTR` dVaU NbQV\ =U\a\` UNcR a\ P\[[RPa a\ aUR `a\_f O\aU V[ P\[aR[a N[Q
V[ YR[TaU

A\TTYR ORadRR[ ‚@a\_fO\N_Q cVRd° N[Q ‚AVZRYV[R cVRd° 0YVPX \[ aUR ORTV[[V[T \_ \[ aUR R[Q
\S N `PR[R \_ a_N[`VaV\[ . _RQ N__\d dVYY N]]RN_ /f Q_NTTV[T aUV` N__\d a\ aUR YRSa \_ _VTUa f\b
QRP_RN`R \_ V[P_RN`R N `PR[R YR[TaU

@U`XQ_
6a V` b] a\ f\b a\ PU\\`R S_\Z aVaYR ]NTR `bOaVaYR` P_RQVa aVaYR` RaPRaR_N
0YVPX V[ aUR ‚:\cVR AN`X`° dV[Q\d a\ ‚ 2QVa :\cVR+:NXR aVaYR` \_ P_RQVa`° PU\\`R aUR N]]_\]
_VNaR aVaYR .QQ aVaYR Na aUR ORTV[[V[T \S aUR Z\cVR .QQ aVaYR ORS\_R aUR `RYRPaRQ PYV] V[ aUR aVZR
YV[R .QQ aVaYR \[ aUR `RYRPaRQ PYV] V[ aUR aVZRYV[R RaP af]R f\b_ aRea N[Q RQVa Va 0U\\`R ‚:\_R
\]aV\[`+0UN[TR aUR aRea S\[a N[Q P\Y\b_° [\d f\b PN[ PUN[TR aUR S\[a af]R `VgR N[Q P\Y\b_
0U\\`V[T S\_ Z\cV[T aVaYR`  ‚0UN[TR aUR aVaYR N[VZNaV\[° V` N[\aUR_ \]aV\[ 6S f\b PU\\`R S\_
Z\cV[T aVaYR` f\b UNcR a\ OR NOYR a\ Re]YNV[ f\b_ PU\VPR

-PPU`U[ZMXQRRQO`_
/N`VPNYYf f\b_ Z\cVR V` [\d _RNQf Oba VS f\b dN[a N[Q VS f\b_ QVTVaNYR VZ]_\cR` Of aUV` f\b
PN[ NQQ Sb_aUR_ RSSRPa` Of PUN[TV[T `\b[Q YRcRY` \_ PUN_NPaR_V`aVP` NQQV[T Zb`VP RaP

.bQV\ PUN[TR`
F\b PN[ PUN[TR aUR NbQV\ YRcRY \S f\b_ c\VPR\cR_ N[Q \aUR_ NbQV\ QNaN 6[ aUR ‚A\\Y`° ZR[b
PYVPX \[ ‚.bQV\ YRcRY`° 6S f\b dN[a a\ V[P_RN`R aUR NbQV\ YRcRY \[ aUR NbQV\Zb`VP a_NPX f\b
Z\cR aUR `YVQR_ S_\Z ‚.bQV\ S_\Z cVQR\° a\ ‚.bQV\:b`VP°
6S f\b dN[a a\ PUN[TR aUR NbQV\ YRcRY \S N[ NbQV\ a_NPX ORY\[TV[T a\ N cVQR\ PYV] f\b Z\cR aUR
`YVQR_ a\ ‚.bQV\ S_\Z cVQR\°

.bQV\ SNQR V[ ¬SNQR \ba

@RYRPa aUR NbQV\ PYV] V[ aUR NbQV\ a_NPX \_ aUR .bQV\:b`VP a_NPX \S aUR aVZRYV[R
1\ aUR S\YY\dV[T'
6S f\b dN[a a\ SNQR V[' PU\\`R aUR 0YV] ZR[b+.bQV\+3NQR V[

¡¢
6S f\b dN[a a\ SNQR \ba' PU\\`R aUR 0YV] ZR[b+.bQV\+3NQR \ba

6ZNTR RSSRPa`
0\Y\b_ N[Q Z\cRZR[a RSSRPa` PN[ OR NQQRQ aU_\bTU aUR :\cVR AN`X` dV[Q\d+  2QVa :\cVR+
CVRd cVQR\ RSSRPa` 1_NT aUR RSSRPa \S f\b_ PU\VPR a\ aUR `PR[R \S f\b_ PU\VPR

.QQV[T `\b[Q
DV[Q\d` :\cVR :NXR_ NbQV\ PN]NOVYVaVR` N_R YVZVaRQ <[PR f\b UNcR _RP\_QRQ N c\VPR\cR_ aUR_R
V` V[ ]_V[PV]YR [\ ]\``VOVYVaf \S NQQV[T Rea_N \_ \aUR_ `\b[Q `VT[NY` <aUR_ N]]YVPNaV\[` b`bNYYf
]_\cVQR aUV` \]]\_ab[Vaf Of V[`R_aV[T ad\ \_ Z\_R a_NPX`

@aVYY aUR_R N_R ]\``VOVYVaVR` S\_ d\_XV[T dVaU Zb`VP \_ NQQVaV\[NY `\b[Q V[ :\cVR :NXR_ AUR
`VZ]YR`a ZRaU\Q V` PU\\`V[T S\_ N Z\cVR dVaU\ba N c\VPR\cR_ Oba dVaU `bO aVaYR` AUR[ aUR
NbQV\ a_NPX V` NcNVYNOYR S\_ NQQV[T Zb`VP \_ \aUR_ NbQV\ OfaR` S_\Z aUR P\YYRPaV\[ a\ aUR aVZRYV[R
.[\aUR_ \]aV\[ V` PbaaV[T aUR c\VPR\cR_ V[a\ ]VRPR` 0YVPX Na aUR ORTV[[V[T \_ Na aUR R[Q \S N[
NbQV\ `PR[R N[Q Q_NT aUR _RQ N__\d a\ aUR YRSa \_ _VTUa AUV` dVYY QRP_RN`R \_ V[P_RN`R aUR YR[TaU
\S aUR VaRZ AUR aVZR V[QVPNa\_ N` dRYY N` aUR T_N]UVP cVRd `U\d` aUR ORTV[[V[T N[Q R[Q \S aUR
`VT[NY` . ·Na T_N]UVP ZRN[` [\ `\b[Q . PYVZOV[T T_N]UVP ZRN[` aUR ORTV[[V[T \S N d\_Q
`R[aR[PR N SNYYV[T YV[R ZRN[` aUR R[Q \S N d\_Q`R[aR[PR
3\_ aUR [Rea S_NTZR[a f\b Q_NT aUR c\VPR\cR_ S_\Z aUR 0\YYRPaV\[ dV[Q\d a\ aUR AVZRYV[R F\b
_RQbPR aUR S_NTZR[a a\ aUR N]]_\]_VNaR NZ\b[a \S aVZR \[ aUNa `]RPV¶P Y\PNaV\[ @]NPR` ORa
dRR[ aUR NbQV\ PYV]` PN[ OR b`RQ S\_ `\b[Q RSSRPa` \_ Zb`VP

@TQ¶ZMX\^[PaO`

:\cVR :NXR_ ]_\cVQR` f\b dVaU `RcR_NY `NcV[T \]aV\[`'
:\cVR AN`X` dV[Q\d+ 3V[V`U Z\cVR+@NcR a\ Zf P\Z]baR_

@NcR aUR ¶YR V[ :\cVR @RaaV[T+<aUR_ `RaaV[T` Na YRN`a N` N 1C.C6 =.9 YNaR_ f\b PN[ b`R Va S\_
`RcR_NY ]b_]\`R` Ob_[ a\N`a Va \[ N 1C1 \_ \[ N 1C1 dVaU P\[a_VObaV\[` \S NYY ]N_aVPV]N[a`
@NcR :\cVR 3VYR  +;Rea+:\cVR @RaaV[T+@U\d Z\_R PU\VPR`+<aUR_ `RaaV[T`'+1C.C6 =.9

6S f\b N_R `b_R f\b N_R NY`\ T\V[T a\ b`R aUR VaRZ S\_ aUR dRO f\b PN[ NY`\ `NcR Va N` N dZc
¶YR <aUR_ ]\``VOVYVaVR` N_R `NcV[T Va N` _RNYZRQVN RcR[ ·N`U \_ Z]! ¶YR

3V[NYYf f\b PN[ NY`\ Ob_[ aUR ]_\WRPa N` N PQ_\Z 8RR] V[ ZV[Q aUNa ^bNYVaf QRP_RN`R` 6a V` OR`a
a\ `NcR f\b_ ]_\WRPa Na N UVTU ^bNYVaf YRcRY 4\V[T S_\Z N UVTU YRcRY a\ N Y\dR_ YRcRY V` RN`f S_\Z
N Y\d YRcRY a\ N UVTU YRcRY V` VZ]\``VOYR

9QQ`UZS &\^Q_QZ`M`U[Z

AUR ¶[NY `aR] V` `U\dV[T aUR 1VTVaNYR` a\ RNPU \aUR_ 6a V` N[ \]aV\[NY Oba UVTUYf _RP\ZZR[QRQ
6a V` `aVZbYNaV[T N[Q Va Nba\ZNaVPNYYf ]ba` N QRNQYV[R
3V_`a `U\d NYY aUR ]_\QbPaV\[` dVaU\ba N`XV[T ^bR`aV\[` \_ ]baaV[T _RZN_X` 6[QVcVQbNY` PN[
Re]YNV[ dUf aURf ZNQR aURV_ PU\VPR` S\_ aUV` `]RPV¶P QVTVaNYR
1V`Pb``V[T aUR QVTVaNYR` V[ aUR d\_XV[T T_\b] ZRN[` P\[`VQR_V[T O\aU P\[aR[a N` dRYY N` S\_Z
N[Q `a_bPab_R \S aUR `a\_f

¡£
.a aUR R[Q \S aUR ZRRaV[T Va V` N cR_f [VPR TR`ab_R a\ UN[Q \ba N 1C1 a\ RNPU V[QVcVQbNY dVaU
UV`UR_ QVTVaNYR N` dRYY N` aUR QVTVaNYR` \S aUR \aUR_ ]N_aVPV]N[a`
1R]R[QV[T \[ aUR [Nab_R N[Q ^bNYVaf \S aUR ZNaR_VNY f\b PN[ PU\\`R S\_ `U\dV[T aUR ZNaR_VNY
a\ \aUR_ V[aR_R`aRQ ]R\]YR 1VTVaNYR ]_\WRPa` UNcR ORR[ ]_R`R[aRQ V[ `PU\\Y` N[Q P\ZZb[Vaf
PR[a_R` 6S f\b ]_R`R[a aUR ZNaR_VNY a\ [Rd NbQVR[PR T_\b]` aNXR PN_R \S N _RYRN`R S\_Z Of aUR
]_\QbPR_`

-R`Q^`TQ\^[VQO`

<[PR aUR ]_\WRPa UN` R[QRQ RcNYbNaV\[ PN[ `aN_a'
 DUNa N_R aUR ZNXR_` \]V[V\[` NO\ba aUR ]_\WRPa
 5\d PN[ dR b`R aUR ]_\QbPRQ QVTVaNYR`
2cNYbNaV\[ PN[ P\[aNV[ RYRZR[a` \S aUR ]_\QbPaV\[ ]_\PR`` dUNa dR[a dRYY dUNa dR[a d_\[T
U\d NO\ba aVZR V[cR`aZR[a N_R aUR _R`bYa` NPP\_QV[T a\ \b_ Re]RPaNaV\[` Q\ dR Q\ Va NTNV[
dUNa Q\ dR PUN[TR [Rea aVZR `NaV`SNPaV\[ NO\ba P\b_`R YRNQR_` RaP
6S f\b RcNYbNaR VZZRQVNaRYf NSaR_ aUR ¶[NY ZRRaV[T ]N_aVPV]N[a` N_R ]\``VOYf `aVYY b[QR_ aUR V[·b
R[PR \S aUR RcR[a <[ aUR \aUR_ UN[Q VS f\b dNVa a\\ Y\[T Va PN[ OR QVS¶PbYa a\ a_NPR ]N_aVPV]N[a`

6S f\b N_R ]_\bQ \S f\b_ QVTVaNYR ZNfOR f\b dN[a a\ `U\d Va a\ \aUR_` \_ RcR[ `a_N[TR_`
0\[`bYa f\b_ P\]N_aVPV]N[a` NO\ba aURV_ P\[a_VObaV\[ N[Q N`X aURZ VS aURf dN[a a\ `U\d aURV_
QVTVaNYR a\ \aUR_ NbQVR[PR` ZNfOR RcR[ aU_\bTU dRO`VaR` YVXR f\babOR @U\d aURZ aUR ]\``V
OVYVaVR` N[Q URY] aURZ VS URY] V` [RRQRQ 5R_R dR _RSR_ a\ NaaNPUZR[a # ºYV[X`® ?RZRZOR_ aUNa
QVTVaNYR` N_R ]R_`\[NY `a\_VR` ]_\QbPRQ V[ `RPb_R R[cV_\[ZR[a 6[aR_[Ra Q\R` [\a ]_\cVQR `bPU
N[ R[cV_\[ZR[a 8RR] aUNa V[ ZV[Q

0[Z°`P[QbQ^e`TUZSe[a^_QXR

6S f\b N_R V[aR_R`aRQ V[ N QVTVaNYR ]_\WRPa S\_ f\b_ ]b]VY` P\b_`R ]N_aVPV]N[a` \_ `b]]\_aR_` Oba
f\b N_R YNPXV[T X[\dYRQTR `XVYY` aVZR SNPVYVaVR` \_ dUNa `\ RcR_ f\b PN[ P\[aNPa \[R \S aUR`R
\_TN[V`NaV\[`'

-``MOTYQZ`_
-``MOTYQZ`&QdMY\XQ^QXQM_QR[^Y

-``MOTYQZ`&QdMY\XQ^QXQM_QR[^Y

-``MOTYQZ`&XUZW_

Uaa]'ddd]U\a\Ob`P\bX
Uaa]'dddZVP_\`\SaP\Z[RaUR_YN[Q`DV[Q\d`e]Z\cVRZNXR_QRSNbYaN`]e'
Uaa]'dddQVTVaNYR`b`a\\Y`a\\YXVa`LdV[Q\d`]U] Uaa]'`a_RNZbR[\_TZRQ`\YQVTcVQUaZY
ZNV[ZR[bUaZY

¡¤
5Y\^Q__aY

5R_Nb`TROR_'

@aVPUaV[T 2e]R_aV`RPR[a_bZ 2AC :V_N :RQVN
=\`aOb` &!" =\`aOb`  !
$ .9 ?<AA2?1.: " /2 BA?205A
A   ## #& #& A       !
3   ## #&  3      & $"
2 Re]R_aV`RPR[a_bZ-Rac 2 V[S\-ZV_NZRQVN
D dddRac D dddZV_NZRQVN

ARea'
4V\cN[[V :N``N_\ :V_N :RQVN
/R[ CN`XR' @aVPUaV[T 2e]R_aV`RPR[a_bZ 2AC
1RO\_N 7\Y ' :\[Q_VNN[ \[QR_dVW`T_\R]2AC 5NNTYN[QR[
=RaR_ QR 4_\\a

A_N[`YNaV\[
=RaR_ QR 4_\\a

=U\a\`
4V\cN[[V :N``N_\:V_N :RQVN(
/4G

9Nf\ba
:RQVR[NTR[ab_ dddQbU_NQR
/_VTVaaR 1bU_N
1  " 0\aaOb`

0\]f_VTUa
” :V_N :RQVN Ba_RPUa b[Q @aVPUaV[T 2e]R_aV`RPR[a_bZ 2AC ?\aaR_QNZ $

3b[QRQ Of aUR 4R_ZN[ :V[V`a_f \S 9NO\b_ N[Q @\PVNY .SSNV_` N[Q aUR
2b_\]RN[ @\PVNY 3b[Q

¡¥
 1^WXu^aZSPQ_.QU`^uSQ^_fa^BQ^…RRQZ`XUOTaZS

;NZR QR` 2_`aRYYR_` QR_ 2_`aRYYR_V['

.Q_R``R'

ARYRS\[[bZZR_'

;NZR QR` D\_X`U\]`' 1VTVANYR` »QR_ D\_X`U\]¯

/R`PU_RVOb[T 6U_R` DR_XR` ºQN` DR_X®' RV[R NbQV\cV`bRYYR QVTVaNYR 4R`PUVPUaR 6U_R_ DNUY c\[ 6U[R[ NY`
1_RUObPU TR`PU_VROR[ R_`aRYYa b[Q ORN_ORVaRa RV[`PUYVR’YVPU rOR_TNOR \QR_ =_v`R[aNaV\[ QR_`RYOR[

1NabZ'

@RU_ TRRU_aR_ 

DV_ ORQN[XR[ b[` QN`` @VR NY` 4RTR[YRV`ab[T S‹_ b[`R_R[ 9RU_TN[T b[Q b[`R_R 5VYSR ORVZ 2_`aRYYR[ 6U_R`
DR_XR` VZ D\_X`U\] gb S\YTR[QRZ 6U_R Gb`aVZZb[T TROR['

 DV_ dR_QR[ 6U[R[ RV[R 8\]VR QR_ CR_`V\[ QR` DR_XR` TROR[ QN` dV_ S‹_ QVR 2V[_VPUab[T gb_ C\_S‹U
_b[T  .b``a_NUYb[T c\_`PUYNTR[ @\YYaR[ @VR /RQR[XR[ ORg‹TYVPU `RV[R_ C\_S‹U_b[T  .b``a_NUYb[T UNOR[
`\ `\YYR[ @VR b[` V[[R_UNYO c\[ " ANTR[ QN_‹OR_ V[S\_ZVR_R[ 3NYY` 6U_R /RQR[XR[ [NPU V[ TbaRZ 4YNbOR[
TRS‹U_aR[ 4R`]_vPUR[ ZVa b[` [VPUa Nb`TR_vbZa dR_QR[ X†[[R[ `\ dR_QR[ dV_ QN` DR_X [VPUa gb_ C\_
S‹U_b[T  .b``a_NUYb[T RV[_RVPUR[ @\YYaR[ dV_ [NPU " ANTR[ [VPUa c\[ 6U[R[ TRU†_a UNOR[ [RUZR[ dV_
N[ QN`` @VR RV[R_ `\YPUR[ C\_S‹U_b[T  .b``a_NUYb[T gb`aVZZR[ 1VR CR_`V\[ QR` DR_XR` gb QR_ @VR 6U_R
Gb`aVZZb[T TRTROR[ UNOR[ V`a QN[[ ºQN` 4R[RUZVTaR DR_X®

 @VR `V[Q S‹_ WRQR[ ARVY QR` 4R[RUZVTaR[ DR_XR` ZVa .b`[NUZR c\[ /RVa_vTR[ QVR c\[ 6U_RZ .b`OVY
QR_ `aNZZR[ .YYRV[V[UNOR_ QR` B_UROR__RPUa` b[Q `\YYR[ NY` NYYRV[VTR_ ORa_NPUaRa dR_QR[(

 @\ONYQ @VR 6U_ 2V[cR_`av[Q[V` TRTROR[  dV_ 6U_ 2V[cR_`av[Q[V` R_UNYaR[ UNOR[ `VRUR \OR[ TR`aNa
aR[ @VR QVR CR_dR[Qb[T QR` 4R[RUZVTaR[ DR_XR` \U[R gRVaYVPUR /RT_R[gb[T NbS QR_ º1VTVANYR`®DRO`VaR OR
a_VROR[ Qb_PU º6[PYb`V\[ AU_\bTU :RQVN® b[Q @VR `V[Q QN_‹OR_ V[S\_ZVR_a QN`` `vZaYVPUR` NbS RV[R_ `\YPUR[
DRO`VaR Nb`TR`aRYYaR` :NaR_VNY UR_b[aR_TRYNQR[ dR_QR[ XN[[ `\dVR NbPU ORV N[QR_R[ [VPUaX\ZZR_gVRYYR[
.XaVcVavaR[ RV[`PUYVR’YVPU g / 3VYZ3R`aVcNY` DV_ `V[Q WRQ\PU [VPUa cR_]·VPUaRa V_TR[QRV[R[ ARVY QR` DR_
XR` Nb`gb`aRYYR[ \QR_ N[QR_dRVaVT gb cR_dR[QR[ º;VPUaX\ZZR_gVRYY® `\YY S‹_ QVR`R GdRPXR ORQRbaR[' ;VPUa

4RS†_QR_a Qb_PU QN` /b[QR`ZV[V`aR_VbZ S‹_ ._ORVa b[Q @\gVNYR`

Nb` :VaaRY[ QR` 2b_\]vV`PUR[ @\gVNYS\[Q`
V[ R_`aR_ 9V[VR NbS 4RdV[[ Nb`TRYRTa(

! DV_ Q‹_SR[ QN` 4R[RUZVTaR DR_X [NPU /RYVROR[ `f[PU_\[V`VR_R[ \QR_ ZVa B[aR_aVaRY[ cR_`RUR[ b[Q
V[ `RV[R_ 9v[TR bZ OV` gbZ  @RXb[QR[ X‹_gR[ \U[R QNc\_ 6U_ 2V[cR_`av[Q[V` RV[gbU\YR[ @\YYaR[ dV_ [NPU
$ ANTR[ [VPUa c\[ 6U[R[ TRU†_a UNOR[ `\ [RUZR[ dV_ 6U_ 2V[cR_`av[Q[V` NY` TRTROR[ N[(

" @VR X†[[R[ 6U_R /RdVYYVTb[T gb_ CR_dR[Qb[T QR` 4R[RUZVTaR[ DR_XR` WRQR_gRVa gb_‹PXgVRUR[ b[aR_
QR_ C\__Nb``Ragb[T QN`` dV_ b[Q RadNVTR 1_VaaR QR[R[ dV_ QVR /RdVYYVTb[T TRTROR[ UNOR[ [VPUa QNgb
NbSTRS\_QR_a dR_QR[ X†[[R[ :N’[NUZR[ gb v[QR_[ QVR OR_RVa` Qb_PUTRS‹U_a db_QR[ \QR_ QVR `VPU b[`R_R[
ORT_‹[QRaR[ .bSSN``b[T [NPU V[ RV[RZ S\_aTR`RagaR[ @aNQVbZ QR_ <_TN[V`NaV\[ OR¶[QRa @\YYaR[ @VR QVR`
WRQ\PU Nb`Q_‹PXYVPU d‹[`PUR[ dR_QR dV_ QNS‹_ `\_TR[ QN`` QN` DR_X  ANTR [NPU `PU_VSaYVPUR_ 8‹[QVTb[T
N[ QR[ /Ra_RVOR_ QR_ DRO`VaR c\[ QR_ º1VTVaNYR`®DRO`VaR TR[\ZZR[ dV_Q

# @VR R_XYv_R[ `VPU QNZVa RV[cR_`aN[QR[ XRV[RZ N[QR_R[ V[[R_UNYO QR` CR_RV[VTaR[ 8†[VT_RVPUR` b[Q
 \QR_ QR_ ?R]bOYVX 6_YN[Q QVR CR_dR[Qb[T QR` DR_XR` \QR_ QR` 4R[RUZVTaR[ DR_XR` gb V_TR[QRV[RZ GdRPX
\QR_ gb V_TR[QRV[R_ GRVa gb TR`aNaaR[(

$ B[`R_R TR`NZaR[ ZVa QRZ 4R[RUZVTaR[ DR_X Qb_PUTRS‹U_aR[ :N’[NUZR[ Z‹``R[ OR`aVZZaR
1N[X`NTb[TR[ b[Q 3V_ZR[gRVPUR[ QR` º2b_\]RN[ @\PVNY 3b[Q® b[Q QR_ 4RZRV[`PUNSa`V[VaVNaVcR º2^bNY®
R[aUNYaR[ ROR[`\ CR_a_VRO`N[TNOR[ c\[ 5V#b`  6A:

% DV_ Q‹_SR[ DR_Ob[T V[ /RgbT NbS QN` DR_X b[Q \QR_ QN` D\_X`U\] ZNPUR[( S‹_ QR_N_aVTR GdRPXR
Q‹_SR[ dV_ 6U_R[ ;NZR[ b[Q 6U_ 3\a\ `\dVR .bSgRVPU[b[TR[  .b`g‹TR WRQR_ ._a Nb` QRZ 4R[RUZVTaR[ DR_X
cR_dR[QR[ b[Q _R]_\QbgVR_R[(

& @vZaYVPUR Nb` QRZ 4R[RUZVTaR[ DR_X R_gVRYaR[ 2V[[NUZR[ `\YYR[ S‹_ QR[ /Ra_VRO b[Q QVR 6[`aN[Q
UNYab[T QR_ º1VTVaNYR`®DRO`VaR b[Q \QR_ S‹_ QVR 3V[N[gVR_b[T gbX‹[SaVTR_ ._ORVa N[ QVTVaNYR[ 2_gvUYb[TR[
cR_dR[QRa dR_QR[

 1VR`R_ ;bagR[ Nb` QR[ \OVTR[ /R`avaVTb[TR[ XN[[ c\[ b[` b[ORUV[QR_a 1_VaaR[ TRTROR[ dR_QR[(
NbPU Q‹_SR[ dV_ 1_VaaR[ TR`aNaaR[ QN` 4R[RUZVTaR DR_X S‹_ QVR TYRVPUR[ dVR QVR \OR[ ORdVYYVTaR[ :N’[NU
ZR[ gb [bagR[(

 @\SR_[ @VR [VPUa 6U_ Nb`Q_‹PXYVPUR` 2V[cR_`av[Q[V` TROR[ Q‹_SR[ dV_ QN` DR_X V[ XRV[R_ N[QR_R[ NY`
QR_ \OR[ OR`PU_VROR[R[ DRV`R [bagR[(

 6Z 3NYYR c\[ @a_RVaVTXRVaR[ V`a QRba`PUR` ?RPUa N[gbdR[QR[ b[Q RV[ 4R_VPUa V[ /R_YV[ dV_Q S‹_ QVR
/RVYRTb[T QR_ @a_RVaVTXRVaR[ gb`av[QVT `RV[

:Va S_Rb[QYVPUR[ 4_‹’R[

/4G

4RS†_QR_a Qb_PU QN` /b[QR`ZV[V`aR_VbZ S‹_ ._ORVa b[Q @\gVNYR`

Nb` :VaaRY[ QR` 2b_\]vV`PUR[ @\gVNYS\[Q`
CR_`aN[QR[ b[Q NXgR]aVR_a c\[

2_`aRYYR_V[

B[aR_gRVPU[Ra c\[ RV[RZ 2YaR_[aRVY  C\_Zb[Q S‹_ b[Q VZ ;NZR[ QR` 2_`aRYYR_` QR_ 2_`aRYYR_V[ SNYY` QVR`R_
$ 7NU_R NYa \QR_ W‹[TR_ V`a

;NZR V[ 1_bPX`PU_VSa'

/RgVRUb[T gbZ 2_`aRYYR_  gb_ 2_`aRYYR_V['

4RS†_QR_a Qb_PU QN` /b[QR`ZV[V`aR_VbZ S‹_ ._ORVa b[Q @\gVNYR`

Nb` :VaaRY[ QR` 2b_\]vV`PUR[ @\gVNYS\[Q`
 /;:@>5.A@;>?>181-?12;>9

H=?<1B0A6<; 0<:=.;F 52.121 =.=2?J

;NZR \S ZNXR_'

.QQ_R``'

ARYR]U\[R [bZOR_'

;NZR \S aUR d\_X`U\]' 1VTVaNYR` ¯aUR D\_X`U\]°

1R`P_V]aV\[ \S f\b_ d\_X ¯aUR D\_X°' N[ NbQV\cV`bNY QVTVaNY `a\_f \S f\b_ PU\\`V[T `P_V]aRQ P_RN
aRQ N[Q RQVaRQ Of f\b V[PYbQV[T N[f QRYVcR_f \_ ]_R`R[aNaV\[ \S aUR `NZR

1NaR'

1RN_

AUN[X f\b S\_ NT_RRV[T a\ aUR S\YY\dV[T V[ _Rab_[ S\_ \b_ a_NV[V[T N[Q N``V`aV[T f\b Na aUR D\_X
`U\] a\ P_RNaR aUR D\_X'

 DR `UNYY TVcR f\b N P\]f \S aUR cR_`V\[ \S aUR D\_X dUVPU dR ]_\]\`R a\ `bOZVa S\_
ReUVOVaV\[  O_\NQPN`a F\b `UNYY NQcV`R b` dVaUV[ " QNf` VS f\b UNcR _R`R_cNaV\[` NO\ba Va ORV[T
ReUVOVaRQ  O_\NQPN`a 6S f\b_ _R`R_cNaV\[` PN[[\a OR \cR_P\ZR S\YY\dV[T T\\Q SNVaU QV`Pb``V\[`
ORadRR[ b` dR `UNYY [\a `bOZVa aUR D\_X S\_ ReUVOVaV\[  O_\NQPN`a 6S NSaR_ " QNf` dR UNcR [\a
URN_Q S_\Z f\b dR `UNYY N``bZR aUNa f\b P\[`R[a a\ `bPU ReUVOVaV\[  O_\NQPN`a AUR cR_`V\[ \S
aUR D\_X a\ dUVPU f\b UNcR P\[`R[aRQ `UNYY aUR[ ORP\ZR ¯aUR .]]_\cRQ D\_X°(

 F\b NY\[R U\YQ aUR P\]f_VTUa V[ RcR_f ]N_a \S aUR .]]_\cRQ D\_X `NcR S\_ N[f P\[a_VObaV\[
ZNQR Of f\b_ a_NV[R_ N[Q `U\bYQ OR _RTN_QRQ N` aUR `\YR ZNXR_(

 <[PR f\b_ P\[`R[a UN` ORR[ TVcR[  N``bZRQ N` NO\cR f\b NYY\d aUR b`R \S aUR .]
]_\cRQ D\_X dVaU\ba YVZVaNaV\[ V[ aVZR \[ aUR ¯1VTVaNYR`° dRO`VaR \]R_NaRQ Of ¯6[PYb`V\[ AU_\bTU
:RQVN° N[Q f\b b[QR_`aN[Q aUNa NYY ZNaR_VNY ReUVOVaRQ \[ `bPU dRO`VaR ZNf OR Q\d[Y\NQRQ N[Q
NY`\ V[ \aUR_ [\[P\ZZR_PVNY NPaVcVaVR` V[PYbQV[T S\_ ReNZ]YR ·YZ SR`aVcNY` AUR_R V` [\ \OYVTN
aV\[ \[ b` U\dRcR_ a\ ReUVOVa \_ \aUR_dV`R b`R N[f ]N_a \S aUR D\_X ¯;\[P\ZZR_PVNY° S\_ aUR`R
]b_]\`R` `UNYY ZRN[ [\a ]_VZN_VYf QR`VT[RQ S\_ ]_\·a(

! DR ZNf QbO \_ `bOaVaYR aUR .]]_\cRQ D\_X N` dR `RR ·a N[Q Pba Va` YR[TaU Of b] a\  `R
P\[Q` dVaU\ba `RRXV[T f\b_ ]_V\_ N]]_\cNY DR `UNYY `RRX f\b_ ]_V\_ d_VaaR[ N]]_\cNY a\ N[f \aUR_
PUN[TR` 6S NSaR_ $ QNf` dR UNcR [\a URN_Q S_\Z f\b dR `UNYY N``bZR f\b_ N]]_\cNY(

" F\b ZNf dVaUQ_Nd f\b_ ]R_ZV``V\[ a\ b`R aUR .]]_\cRQ D\_X Na N[f aVZR ]_\cVQRQ
aUNa dR N[Q aUV_Q ]N_aVR` a\ dU\Z dR ZNf UNcR T_N[aRQ ]R_ZV``V\[ PN[[\a OR N`XRQ a\ PUN[TR
NPaVcVaVR` dUVPU UNcR NY_RNQf ORR[ _RNYV`RQ \_ N_R V[ \b_ _RN`\[NOYR \]V[V\[ V[ N[ NQcN[PRQ `aN
TR \S \_TN[V`NaV\[ 6S f\b `]RPV·PNYYf _R^bR`a Va dR dVYY U\dRcR_ N__N[TR S\_ aUR D\_X a\ OR aNXR[
\SS aUR ¯1VTVaNYR`° dRO`VaR b]\[  QNf` d_VaaR[ [\aVPR TVcR[ a\ aUR dRO`VaR \]R_Na\_(

# F\b NT_RR aUNa f\b dVYY [\a NYY\d N[f\[R RY`R a\ b`R aUR D\_X \_ aUR .]]_\cRQ D\_X
dVaUV[ aUR B[VaRQ 8V[TQ\Z N[Q\_ aUR ?R]bOYVP \S 6_RYN[Q S\_ N[f ]b_]\`R \_ Na N[f aVZR(

$ .YY \b_ NPaVcVaVR` dVaU aUR .]]_\cRQ D\_X dVYY UNcR a\ V[PYbQR PR_aNV[ 2b_\]RN[ @\PVNY 3b[Q
N[Q 2^bNY P_RQVa` N[Q Y\T\` a\TRaUR_ dVaU QV`a_VObaV\[ P_RQVa` S\_ 5V%b`  6A:

% DR ZNf V``bR ]bOYVPVaf P\[PR_[V[T aUR D\_X N[Q  \_ aUR D\_X`U\] N[Q S\_ `bPU ]b_]\`R
dR ZNf b`R N[Q _R]_\QbPR f\b_ [NZR N[Q ]U\a\T_N]U N[Q _RP\_QV[T`  Rea_NPa` \S aUR .]]_\cRQ
D\_X \S N[f XV[Q(

& .[f _RcR[bR` _RNYV`RQ S_\Z aUR .]]_\cRQ D\_X `UNYY OR N]]YVRQ a\dN_Q` aUR \]R_NaV\[ N[Q
ZNV[aR[N[PR \S aUR ¯1VTVaNYR`° dRO`VaR N[Q\_ S\_ Sb[QV[T Sbab_R QVTVaNY `a\_faRYYV[T d\_X(

 AUV` OR[R·a \S aUR NO\cR P\[·_ZNaV\[` ZNf OR S_RRYf TVcR[ Of b` a\ N[f aUV_Q ]N_af N[Q dR
ZNf NYY\d aUV_Q ]N_aVR` a\ b`R aUR .]]_\cRQ D\_X S\_ aUR `NZR NPaVcVaVR` N` N_R ]R_ZVaaRQ NO\cR(

 DR ZNf [\a b`R aUR D\_X V[ N[f dNf \aUR_ aUN[ N` QR`P_VORQ NO\cR \aUR_ aUN[ dVaU f\b_
Re]_R`` P\[`R[a(

 6[ PN`R \S QV`]baR HA< /2 0<:=92A21 /F 2.05 A?.;@;.A6<;.9 =.?A;2?J YNd

`UNYY OR N]]YVPNOYR N[Q N P\b_a V[ H J dVYY OR P\Z]RaR[a a\ `\YcR aUR QV`]baR

F\b_` `V[PR_RYf

S\_ N[Q \[ ORUNYS \S

H]_\QbPaV\[ P\Z]N[fJ

B[QR_`a\\Q N[Q NPPR]aRQ Of

:NXR_