Sunteți pe pagina 1din 17



CDEFGHIJKLMLENIOIPILKQRDDHSTLUEITHDIVDLQHWIRIVRSLUHWI
    
        
             
     
        
    
 
EQEKXWYIZ[S\ICDE]IHDE\\\IKGHIPI^[RIPIHIEKQHIURIJWDERN_ICI^[RI`EaRWITHDIE^[L_I
bRW[WYIc[IdLSIe[WMEDIRIWENdEDIE^[LNHI^[RI[SIULEIWRIfEdLEITRDULUH \I
EQEKXWYIIgEWIE^[LIdHMhIdELIRKMHKQDEDI[SEITDHWQLQ[QEaLKfE]I[SIMEWENIURIUDHVEUHW]I[SEISRKULVEISHDQEI
URI`HSRIRI[SIMDRKQRIWRSIMHSTDHSLWWH\ICI^[RIdHMhI^[RDIMHSIRNRW]IfRLK_I
bRW[WYIIEQEKXW]IHWIWGHWIKGHITDRMLWESIURISPULMH]ISEWIWLSIHWIUHRKQRWIRIRK`RDSHW\I
EQEKXWYIZ[SSIIeRNHIULWM[DWH\IJWQHI^[RDIULaRDIRKQGHI^[RILDXIURWMRDIUHIENQHIRIW[eNLSRIQDHKH]ILDXIQHMEDIEWI
W[EWISGHWIT[DEWIRIWEKQEWIKHWISR[WIMEMfHDDLKfHWIW[iHW]IP_I
bRW[WYIRI`HDITDRMLWHIWLS\\\IjWRIULDLVRIk IgRULEUHDE]IMHNHMEIEWISGHWIRSIW[EIMEeRFElIgEWIELKUEIfXIWEKQHWI
KEI SLKfEITDRWRKFE]I WRDdHWIULWTHWQHWIEI SRIfHKDED]IULWTHWQHWIEITEVEDIHITDRFH]IEI SRIWRDdLD\IRDdHWI^[RI
KGHIWGHIMHdEDURW]IRWWRWI[WEDRLIMHSITDEaRD\I
 \I
gRULEUHDEYIcLWmSRIE^[L]IRKfHD\InWEmSR\I
EQEKXWYIcKQGHIdX\\\I[WEIEIQ[EIWRDdE\IcWQGHIEWW[WQEULKfHW]IHfITHdH_ICIJK`RDKHITEDEIHKURIS[LQHWIdGHIPI
S[LQHI TLHD\I oESHWI eDLKMEDI [SI TH[^[LKfHI KRWQRI SHSRKQH\I pI eDLKMEURLDEI dELI WRDI SEDEdLNfHWE\I c[I dH[I
eDLKMEDI URI QRI EM[WED\I gHWQDEDRLI HI QR[I TRMEUHI URI RWQLSEFGHI E^[LI RSI MLSEI ^[RI QEN\I oESHWI eDLKMED\I
oESHWIMDLEKFEW\IqDLK^[RLrI
   
 
 

           
I

RDWIsImIgGRIUEIDHWQLQ[QEYIgEDLEIcU[EDUE\IoRSIE^[LIEVHDErIc[IiXIQRI`ENRLI^[RIKGHIQRI^[RDHIKEID[E]IKGHI
`ENRL_I[EIe[DDE]IKHiRKQE\IoELI`LMEDILV[ENaLKfEIW[EIQLE]I[SEITDHWQLQ[QE\I
tRSELWITRDWHKEVRKWYIDHWQLQ[QE]ITDHWQLQ[QE]ITDHWQLQ[QEI
RDWIuYIcIELI`LNfLKfE]IiXIRWQXI^[EWRIKHITHKQH ]IKGH_IoRSIWRKQEDIE^[LIKHIMHNLKfHIUHITETEL \I
tRSELWITRDWHKEVRKWYIvHNLKfHIUHITETELI]IMHNLKfHIUHITETEL ]IWffffrI
RDWIwIOIDHWQLQ[QEYIcIExIVEQH_IyXIEI`LSIURI[SITDHVDESE_IEQLW`EFGHIVEDEKQLUE\\\I
RDWIzI  YIcIELISHDRKE_I
RDWIwIOIDHWQLQ[QEYI{[RIdHMhWI^[RDRS]IfRLK_I

tRSELWITRDWHKEVRKWYIJCrIJCrI
RDWIwIOIDHWQLQ[QEYIcIUEx]IWH[INLHISRWSH\ICNfEISR[IMHDTH\IIQRKfHIszIEKHWIQRKfHIEIdLUEILKQRLDE ITRNEI
`DRKQR\I
gRULEUHDEYIcIWRIdHMhISHDDRD]ITDEIHKURIdHMhIdEL_I
RDWIwIOIDHWQLQ[QEYIyIKRSIExITDEISHDQR\ICI^[RILSTHDQEIPI^[RIEQEKXWISRIUXIULKfRLDHIRK^[EKQHIRWQH[I
dLdE\I
gRULEUHDEYIbRW[WI^[RDI QRIUEDI ENVHI SRNfHDIUHI^[RIULKfRLDH\ I cNRI^[RDI QRI UEDITEa]I ESHD\I cNRITHURI`EaRDI
Ee[KUEKQRSRKQRISELWIUHI^[RITRULSHWIH[ITRKWESHW\ IELeEI^[RIbRW[WIQRIESE\I


   
[    
     

   

RDWIsIOIH`H^[RLDEYICNfE]IIWRLI^[RIdHMhIPIEISGR\Ic[IKGHI^[RDHIWRDIVDHWWEIKGH]ISEWIEMfHI^[RIW[EI`LNfEI
dLDH[I[SEIUDHVEUE\I
tRSELWITRDWHKEVRKWYItDHVEUE]IUDHVEUE\I
RDWIImItDHVEUEYICURLHIdLaLKfH]IWH[IUDHVEUEISRWSH\ILKV[PSIQRSIKEUEIEIdRDIMHSIEIISLKfEIdLUEIKGH ]I
RKQRKURDESIeRS_ILKV[PSIQRSIKEUEIEIdRDIMHSISLKfEIdLUE\I
RDWIImIgGRIUEIUDHVEUEYIvENEIEIeHMEIRIRKQDE\I{[RIdRDVHKfE\yHUHWIHWIdLaLKfHWIRWQGHIQRIMfESEKUHIURI
UDHVEUE\IcIHIKHSRIUEIKHWWEI`ESxNLE_IcIEIKHWWEIDRT[QEFGH_I
RDWIIOItDHVEUEYIoHMhIK[KMEINLVH[ITDEISLS]IWINLVH[ITDEIRWWEISENULQEIDRT[QEFGH I
 
     
 
RDWIImIgGRIUEIUDHVEUEYIoHMhIKGHIPISELWISLKfEI`LNfE\IoHMhISHDDR[ITDEISLS]IdHMhIdELITDEID[ErI
tRSELWI TRDWHKEVRKWYI [EI D[EI D[EI RI iXI WRI THWLMLHKESI MHSHI WRI RWQLdRWWRSI UReD[FEUHWI K[SEI iEKRNEI
jpTRKEWI^[EQDHITRDW\IYIs]Iu]Iw]IzlI
RDWIwYIoL[IW_IpI`LNfEIUEIUHKEIgEDLEI`HLIRT[NWEIURIMEWE\ I
RDWIzYI]IRWWEWIUDHVEUEWIQhSIQ[UHI^[RISHDDRDISRWSH\I
RDWIsYI]IQRSIQ[UHI^[RISHDDRDI^[RLSEUE\ I
RDWIwYIcW`E^[REUE\I
yHUHWYIcIRK`HDMEUErI
 !

 "          
RDWIIOItDHVEUEI"      YIEWMLITDEID[EISRWSH\I{[RDHIWRDI`DRR\InSEI^[RWQGHI
URIeHSIWRKWH\IgEMHKfE]INLeRDUEUR\IvHMExKE]IGHITDRMLWHIURITEDRURW\ILDdEKEYIDEI^[RIQRDI[SIQRQHIWRI
R[ITHWWHIdHED_I

RWTRMLENITDEIRNR\IcIRNRIQRIESE\I
RDWIIOItDHVEUEYIcNRIESEIQHUHWIKW\Ic[IdH[ITDHIMP[]IdH[IWRKQEDIUHINEUHIURItR[W]IRIKHWIdESHWI`[SEDI
[SIeEWREUHIi[KQHW\I
       
   "     
gRULEUHDEYI ELeEI^I dHMhI QRSINLeRDUEURI TDEI`EaRDIHI^I dHMhI^[LWRD\I oHMhI PINLdDR\I gEWI KGHIWRDLEI SRNfHDI
WRDIV[LEUHITRNEIdHKQEURIURItR[W]I^[RIPIeHE]ITRD`RLQEIRIEVDEUXdRN_IELeEI^[RIcNRI^[RDIM[LUEDIURI dHMh\I
I
[        
[ #
$ %&'  (pL]I^[RIMHSLUEIKHiRKQE\ I
%)'         I
RDWIsIOIgRKULVEYIpNV[PSITHURISRIEi[UED]ITHDI`EdHD_ I
RDWIwIOItHKEIUEI`RWQEYI{[RIeED[NfHIPIRWWRIE^[LI`HDE_I oHMhIKGHIQRSIMEWEIKGH_I
RDWIsIOIgRKULVEYIgHFE]IdHMhITHURISRIEi[UED_IgRIUXI[SITH[MHIURIMHSLUE\\\I
RDWIwIOItHKEIOI*\Ic[IRWQH[IUEKUHI[SEI`RWQEIMHSIEISLKfEI`ESxNLE]IRIdHMhIdRSIE^[LISRRDIKHISR[INLH\I
cIH[QDEIMHLWEYIdHMhIEMfEI^IQRSIEIMETEMLUEURIURIMHSRDIEISRWSEIMHLWEI^IR[IMHSH_IELIUE^[L\I+
 
 \I[EIKHiRKQErI
RDWIsIOIgRKULVEYI#  
  IcL]IdHMhIELrIyRSIENV[SEIMHLWEITDEIMHSRD_Ic[IWRLI^IKEIW[EIMEWEI
QRSI MHSLUEI RWQDEVEKUHI KEI VRNEURLDE]I KGHI PI dRDUEUR_I R[I SEDLUHI HNfEI TDEI dHMhI RI ULaI ^I dHMhI KGHI
MHKWRV[RI`EaRDI[SI`DEKVHIULDRLQH\I CNfEITDEITEKRNEI MHSI MEDEIURIKHiH\IRMNESEIRI ULaYI R[IKGHIVHWQHIURI
WENWLMfE\IvEDKRISHxUEIPIMHSLUEITDEIMEMfHDDH\ICNfE]IR[IWRLI^[RIWRIdHMhIRWQLdRWWRIKHIN[VEDIURItR[W]IdHMhI
MHNHMEDLEIH[QDEIMHSLUEIExIKEIW[EISRWEITDEIMHSRD\IgEWIiXI^[RIRNRIQRIUR[IRWWE]IiHVEIRNEI`HDE]IKHINLH]I^[RI
R[ITRVHITDEIMHSRD\Ic[IKGHISRILSTHDQHIWRIEIMHSLUEIRWQEITHeDR]IWRIMfRLDEISEN\Ic[I^[RDHISEQEDIEISLKfEI
`HSR\I
I
gRULEUHDEYI   
    
 \IEeLEI^[RItR[WIKGHI^[RDIQRIUEDISLVENfEW\IHD^[RIEWWLSIMHSHI
RNRIM[LUEIUHWINxDLHWIUHWIdENRW]IUEWI`NHDRWIUHIMESTH]IcNRI^[RDIM[LUEDIURI dHMh\IbRW[WIQRIESE\I
RDWI sI OI gRKULVEYI $  
 \I * #       I bRW[WI SRI ESEI KEUErI vEUhI RWWRI bRW[WI RKQGH_I
bRW[[[[[WrI bRWWW[[[[W\I cWQEI dRKUH_I cWWRI bRW[WI ELI KGHI SRI H[dR\I cNRI KGHI SRI ESE\I RI SRI ESEWWR]I RNRI
KGHISRIURLEDLEIE^[LIKEISLWPDLE]ITEWWEDI`HSR\IcWWRIbRW[WIRWQXISHDQH\IcNRIKGHITHURI`EaRDIKEUEITHDISLS\I
,#   I
I
gRULEUHDEYIbRW[WIKGHIRWQEI SHDQH\I cNRIiXIDRWW[WMLQH[\IcNRI^[RDI EMDRWMRKQEDIdLUEI kIW[EIdLUE\I cNRI^[RDIQRI
QLDEDIURWWEISLWPDLE\I
I

RDWIwImIJDSGYICfIMEDEINEDVEIUHISR[ITP\\\ISRIURLE\\\I
RDWI uI mI JDSGHYI vHSHI EWWLS_I EDVEI UHI SR[I TP\\\I oHMhI ^[RDI `LMEDI HI ULEI QHUHI KRWWRI MHST[QEUHD\\\I
vHKdRDWEKUHIMHSIHWIVEQLKfHWIRIELKUEI^[RDI^[RINEDVEIUHIQR[ITP_I
RDWIwImIJDSGYICfIKGHIQHI`EaRKUHIKEUEIURISELW\IoHMhIQEIDRMNESEKUHITHD^[RI^[RDI[WEDIQESePS]IKP_I
RDWIuIOIJDSGHYIpKUE]IEKUEIWELINHVHIUEx\\\IPILWWHIExrI{[RDHI[WEDIQESePS\IpKUEIWRKGH\\\I
   
RDIwImIJDSGYIoEL]IeEQRrIqEQRINHVHrIGHIPIfHSRSIKGH_I/  IpKUEISRQRIEISGHISRWSH\I
RDWIuImIJDSGHYIpfIW[E]IW[E\\\I{[RIdHKQEURIQRKfHIURIQRIRWVEKED\I
RDWIwImIJDSGYIyXIRWTRDEKUHIHI^[RIfRLK]IWR[ISENULQH_Ic[IQRIHURLH\I


         
RDWI zI mI oLaLKfHYI cRRRI `RWQE\I I LWWHI ELI VRKQR\I oESHWI MHSRSHDED\I EeRI THDI ^[R_I HD^[RI ^[EKUHI HWI
dLaLKfHWIeDLVESIEWWLSI]IKLKV[PSIEi[UE]ISEWIQHUHIS[KUHIWELITDEIdRD \I
RDWIuImIJDSGHYIELIUE^[L]IW[EITHDMEDLEI
  
RDWIwImIJDSGYIc[IKGHIEVRKQHISELWIETEKfEDIUHISR[ILDSGHI   I
RDWIuImIJDSGHYIoEL]IdELIW[EINH[ME\\\IWHSRIUE^[L]IW[EI`HNVEUE\I
gRULEUHDEYIbRW[WI^[RDIS[UEDIW[EIfLWQDLE\ I
RDWIuImIJDSGHYIbRW[WI^[RDIS[UEDISLKfEIfLWQDLE_IELIURITRDQHIURISLSIdEL\IRLI^[RIQXIE^[LITHD^[RI[WEDI
HIMHST[QEUHD\I{[RDIRKQDEDIKHICD[QIP_I
RDWIsIOIJDSGYIGHIEVRKQHISELWIRWWRILSeRMLNrIRIbRW[WISRIESEWWRISRWSH]IW[SLEIMHSIRNR\I
gRULEUHDEYIpIENEdDEIUHIRKfHDIbRW[WIKHWIRKWLKEI^[RIMHKfRMRDRLWIEIdRDUEURIRIEIdRDUEURI dHWINLeRDQEDX\I
pITEDQLDIUHISHSRKQHI^[RIdHMhIMHKfRMRDIEIdRDUEURI^[RIPIbRW[W]IEIW[EIdLUEIdELIWRDIUL`RDRKQR\IoHMhIPIQGHI
RWTRMLENITDEIcNR\IcNRI^[RDIM[LUEDIURIdHMhrI
I
0(    
yHUHW1&'      YIRV[DEIKEISGHIURItR[W]IWRV[DEIKEISGHIURItR[W\II
RDWI IOI gGRI gHLWRWYI{[RDLUH]IHIKHWWHI`LNfHIPI[SEI ehKFGH\IEWWH[IHIULEILKQRLDLKfHIRdEKVRNLaEKUHIKEI
RWMHNE\I
1)' 2

  I
RDWIzIOIELIgHLWRWYIyDRSRKUH\IGHI`HLIEIQHE]I KPIESHD]I^[RIMHNHMESHWIHIKHSRIURNRIURYI
CWIUHLWYIgHLWRW\I
RDWIzIOITELIgHLWRWYIRNRIPI[SEIehKFGH\I

RDWI zIOITELI gHLWRWYI gRINEDVE]I SRIWHNQEI^[RIR[IQRKfHITEMLhKMLE\I gHNR^[R]IWR[IRKURSHKLKfEUH\I 3 



     \ICI^[RIdHMhIRWQXI`EaRKUHIMHSIRWWRIHdHIUHIMETRQEIKEIgEH_IR[ILK`RNLa\IRV[DEILWWHI
E^[L   
4
   
   l\IcIRWWRIMEeRNHIEDDRTLEUH]IHI^IWLVKL`LMEILWWH_I
RDWIuIOIgHLWRWYIIEISHUE\I
RDWIzmITELIgHLWRWYI^[RISHUEr3      \IGHIQRSISHUEIKGH]IWR[ILK`RNLa\IHSRIiXIUE^[L\I
oELITDHIQR[I^[EDQH\IRIHIWENSHIssI QDhWIdRaRWIRIUE^[LIEITH[MHI dHMhISRIQDEaIHIDRW[SH]IWR[ILK`RNLa\I"  
 
YIdHMhIQESePSIeDLKMEKUH_I

I
RDWs]IRDWwIRIRDW\I
RDWYIoL[IWIHIKHSRIUHIMDRKQR_ I
yHUEWYIgHHLWPW\I
RDWwYIMEUEIULEIRNRI`LMEIMHSI[SEISRKLKE\IcIdRSIULaRDITDEISLSI^[RIPIMDRKQR_I
RDWsYIGH]INXIKEILVDRiEIURNRIQHUHIS[KUHIULaI^[RIRNRIQRSI[SIQENIURI`HVH\IIWRI`HDI`HVHIUHIMETRQEr I

    \I
I
RDWIIOIgGRIgHLWRWYIgHLWPWrIR[IRKURSHKLKfEUH]IdRSIE^[LIEVHDE]IgHLWRW\I 5     YIyEIdRKUH_I
IM[NTEIW[E\IcNRIKGHISRIHeRURMRISELW\I
RDWIzIOIELIgHLWRWYItRLEIMHSLVH\I/ (IgHLWRRRRRRRRRW\I
 ' 
RDWIzIOIELIgHLWRWYI$    ' (IoHMhIQEIW[DUH]ISHNR^[R_IoH[IQLDEDIW[EIW[DURaIPIKHIQETE]I
WR[ILK`RNLa\I
RDWI IOI gGRI gHLWRWYI    I    #  #!\I c[I TEWWHI EQPI dRDVHKfE]I gHLWRW]I KEI LVDRiE\I c[I
RKQDH]IEISLKfEIMEDEIWELIEDDEWQEKUHIKHIMfGH]IWR[ILK`RNLa\I
RDWI zIOI ELI gHLWRWYI gHNR^[R]I R[I WI KGHI QRI UH[I [ SI WHMHI [KVLUHI KEI MEDE]I THD^[RI R[I WH[I MDRKQR]I WR[I
LK`RNLa\I gHLWRW]I KWI MHNHMESHWI RWWRI KHSRI RSI dHMhI SR[I `LNfH]I TDEI dHMhI NLeRDQEDI HI THdHI HURI JWDERNI UHI
cVLQH]IgHLWRW\IgEWIdHMhIPIHITDLSRLDHIgHLWRWI^[RIQXIEWWLSIMHSIEDE]IWR[ILK`RNLa\I 3    \I
RDWIIOIgGRIgHLWRW     \ICNfEIE^[L\Ic[IdH[I`ENEDITRNEI[NQLSEIdRa]IgHLWRW\IIRIMHKWRDQR]I
THD^[RIR[ITDR`LDHISHDDRDIUHI^[RIQRDI[SI`LNfHILV[ENIEIdHMh]IRILDITDHILK`RDKH\ I
RDWIzIOIELIgHLWRWYI    \IHSRIUE^[LIWR[ILK`RNLa\II
RDWIuIOIgHLWRWYI{[RIdRNfHIMfEQH]IdL[\Ij  '( 
 
 ENEITDEIR[ILDITDEILVDRiE\IoHMhI
EMfEI^[RIR[IMHSeLKHIMHSIRWWEIMHLWEIURILVDRiE_IDEISLS]IWRDIMDRKQRIPIWRDIME`HKE\Ic[ITDR`LDHIEWIKLVfQW]I
EWISRKLKLKfEW]IEWIIeENEUEW\Ic[IRWQH[IURIWEMHIMfRLHIURIWRKQEDIKRWWRIeEK^[LKfHIRI`LMEDIH[dLKUHIHITEWQHDI
TDRVEDI[SEIMHLWEI^[RIR[IKGHIRKQRKUH\I

EeR]ITHDRS]I^[RIURIQHUEWIRWWEWIMHLWEWItR[WIQRITRULDXIMHKQE\ I
RDWIuIgHLWRWYI{[RSIULWWRILWWH_ItEIHKURIdRLHIRWWEIdHa_Ipf]IPI dHMhISHMLKfE_I
gRULEUHDEYIbHdRS]IKGHIHNfRITDEISLS\IgEWIWLSITEDEIHIESHDIURIbRW[WI^[RIRWQXIRSISLKfEIdLUE\IIoLVLELIRI
HDEL]ITHLWIKGHIWEeRLWIHIULEIURIESEKfG\IcIWRIbRW[WIdHNQEDIEVHDE]IKRWQRISHSRKQH_I oHMhIWHeR_I

    
 
   
&
"     6 
[ (tRaIEKHWIWRITEWWEDES\I
7 )I DHWQLQ[QEYI RI EI TDHWQLQ[QEI UEI KHWWEI fLWQHDLEI WRI RKdHNdR[I MHSI dXDLHWI DETEaRW\I WI dRaRWI RNEI WRI
UHTEdEITEDEI`EaRDIHWITDHVDESEW\I
2)ItDHVEUEYIEIUDHVEUEIUEIKHWWEIfLWQHDLEIURWQD[xEIEIMEUEIULEIHIWR[IMHDTH\IcIDH[eEdEIW[EISGRITHDI
QDHMEIURIUDHVEW\I
%)IgRKULVEYIEIgRKULVEIUEIKHWWEIfLWQHDLEIMHKQLK[H[IKEISLWPDLE]ITEWWEKUHI`HSR]IRIWRKUHIMEUEIdRaI
SELWIULWMDLSLKEUEITRNEIQENIWHMLRUEUR\I
80(I
RDWI uI OI gHLWRWI jWRSI MHSTDHSLWWHlYI CI iHdRSI WRSI MHSTDHSLWWHI UEI KHWWEI fLWQHDLEI MHKQLK[H[I LKUHI XI
LVDRiEI`HDFEUHITHDIWR[WITELW]ISEWIMHKQLK[EdEI`[SEKUHIRIeReRKUH\ I

 
 
[ ( RI HI fHSRSI TEDEWWRI URI EKUEDI THDI ExI I q[WMEKUHI DEaGHI TEDEI dLdRDI I cI HNfEWWRI TEDEI MLSEI I
NRSeDEKUHI^[RItR[WIPIEIWHN[FGHITEDEIKGHIWH`DRD\ I
[  
IjRSIMxDM[NH]IdLDEUHWITEDEI`HDElI
   
4   #
 "      4    $     
 

EQEKXWYIHILK`RDKHIPI QGHI SEDEdLNfHWH]IKGH_I oRKfE\IoRKfESIQHUHWI MHSLVH]I R[ITDHSRQHI^[RIKHIULEIUHI
WR[IRKQRDDHIR[IRWQEDRLINX\IcIKRWWRIULEIQGHISEDEdLNfHWH]IR[IQRINRdEDRLI`NHHHHDRW\IZEfEfEI
RDWIwIOIDHWQLQ[QEY 
    \I
EQEKXWYI pNV[PSI THURI Ei[UEDI RWWEI THeDRI TDHWQLQ[QEaLKfE]I fRLK_I gHDDR[I RWQDEKV[NEUE]I SHDDR[I
RW^[RMLUE\IpISGRIEMfEI^[RIRNEIRWQEIK[SEI[KLdRDWLUEUR]IRK^[EKQHIRWQXIdRKURKUHIWR[IMHDTLKfH]ITHDII
DRELW\I{[RSIPI^[RITHURI Ei[UXmNE]IEfK_IcNEIRWQEdEIRWTRDEKUHI^[RIdHMhIWExWWRIUEIW[EIMEWE]IUEIW[EIdLUEI
SRUxHMDR]ITDEI`ENEDI^[RIbRW[WITHURDLEI S[UEDIEIdLUEIURNE\IgEWIKGHrIoHMhIRWQEdEISELWIHM[TEULKfHIMHSI
EWI W[EWI fLWQHDLKfEW]I MHSI WR[I eRSI RWQED]I E`LKENI URI MHKQEW]I R[I KGHI RWQH[I MHKQDEI dHMh\I oHMhI TDRMLWEI
QDEeENfED\I{[RSIPI^[RIdELIW[WQRKQEDIEIW[EIMEWE_IcIHIbRHdXIbLDP_IGHITDRMLWEIULWWHIKGH\IcNEI^[RDLEI^[RI
dHMhI WExWWRIUEI W[EI dLUEITDEI`ENEDI URIbRW[W]I SEWIHIULEI ^[RI RNEITDRMLWEdEI dHMhIKGHITUR\IoHMhIRWQEI QGHI
HM[TEUHI [NQLSESRKQR]I KGHI P_I gRUxHMDRW\I DH[HW\I I MNEDHI ^[RI dHMhWI KGHI THURSI Ei[UXmNE\I yXI
WRKQLKUH_I Z[SS\IvfRLDLKfHIeHSrIvfRLDLKfHIURIS[NfRDIURItR[W\IZ[S ]IMHSHIR[IVHWQHIURWWRIMfRLDH\II
SHFErI I SRKLKE\I oHMhI EMfEI DRENSRKQRI ^[RI ULEKQRI URI Q[UHI ^[RI dHMhI QRSI `RLQHI RWMHKULUH]I dHMhI EMfEI
^[RI^[EKUHI dHMhIdELIkILVDRiEIRINRdEKQEIW[EISGHIRIULaYIpNRN[LE\I oHMhIEMfEI^[RISR[ILK`RDKHIRWQDRSRMR_I

tR[W\IGHIPIgRKLKEIUHWICNfHWIURItR[W\ICIWR[IKHSRIPINLKUH\IEeRIMHSHIR[IEIMHKfRFH_CIWR[IKHSRIPI
DHWQLQ[QEI HWTRN\I pEEELI ^[RI `HDQR\\\I fEfE\I CNfEI E^[L]I ^[RI `ENQEI URI RU[MEFGHI EI SLKfE]I KGH_I I gRI
TRDUHRS\I I^[RIRWQH[IQGHIEMHWQ[SEUHIEIEKUEDITHDIN[VEDRWIWHSeDLHWI^[RI^[EKUHIR[IMfRVHIKEIMEWEIURI
tR[WI R[ITRDMHI[SITH[MHI EI MHSTHWQ[DE\I{[EKUHI R[I RKQDHIKEI MEWEIURITRWWHEWI MHSHI dHMh]IR[I `LMHI[SI
TH[MHIURWEi[WQEUH\IgRITRDUHRSrIc[IdH[IQRKQEDISRIDRQDEQED\ I
\I c[I dH[I `EaRDI [SI QRWQRI MHSI dHMh\I JWWH]I [SI QRWQR\I oESHWI WEeRDI WRI dHMhI PI H[I KGHI PI [SEI TDHWQLQ[QEI
VHWTRN\I oESHWI NX_I oELI WRDI SEDEdLNfHWH]IdHMhI dELI ESEDI HI QRWQR\I vfESR]I MfESRI QHUHW]I TDEI VRKQRI WEeRDI
^[ENIdELIWRDIEIDRWTHWQE\I
pI LDSGI dELI TDHI M[NQHI URI UHSLKVHI kI KHLQR\I gRI DRWTHKURI [SEI MHLWEYI VRDENSRKQRI ^[EKQEWI fHDEWI dHMhI
TEWWEI KEI `DRKQRI UHI RWTRNfHI EKQRWI URI LDI TDEI LVDRiE_I t[EW]I QDhWI fHDEW\I c[I KGHI QRKfHI KEUEI MHKQDEI HI
RWTRNfH]IdL[_IGHIPILWWHI^[RIR[IRWQH[IULaRKUH\IpVHDEISRIDRWTHKUEIH[QDEIMHLWEYI     +I
LDSG]I URI WRV[KUEI EI WRQEI `RLDEI QRSI HI MEeRNHI URRRWWRI QESEKfH\I pLI URI UHSLKVHI MfRVEI EI JDSEI QHUEI
eHKLQLKfE]INLWLKfE]ITEDRMRKUHI[SEIiETHKRWLKfE\Ipff\IZHDEWIRIfHDEWIURIRWMHdEIRIMfETLKfEIUEIJDSE]IRI`EaI
fDfDfDffDfDffD\IpI[KFGHIPIQEKQEI^[RI`EaIEQPI`[SEFEIKEIMEeRFEIUEILDSG\IvfRVEIKEILVDRiEIMHSIEIQRWQEIEQPI
^[RLSEUE\I c[IKGHIRWQH[IULaRKUHI^[RI R[IWH[I MHKQDEI EIMfETLKfE\IpIMfETLKfEI PI[SI SLNEVDRIURI tR[WIKEI
Q[EIdLUE\IHURI[WED]IEfK_II
pVHDEI dESHWI EHI ^[RI LKQRDRWWE\I RWWEWI U[EWI fHDEWI URI RWTRNfH]I SRI DRWTHKUEI [SEI MHLWEYI KRWWEWI U[EWI
fHDEWIURIRWTRNfH]IENV[SEIdRaIKEIdLUEIdHMhIiXI`RaILWWHIE^[LIYItR[W]IRWQEIdRKUHIRWWRIMEeRNHINLKUH_I ITDEI
LDI TDEI W[EI MEWEI QRI EUHDED\I tR[W]I RWQEI dRKUHI RWWEI DH[TEI SEDEdLNfHWE_I I TDEI LDI TDHI EKQHI UHWI EKQHWI
URMNEDEDI ^[RI Q[I PWI HI RLI UHWI RLWI RI RKfHDI UHWI RKfHDRW\I tR[W]I RWQXI dRKUHI RWWRI WETEQHI NLKUH]I RWWEI
WEKUXNLEI SEDEdLNfHWE_I c[I RWQH[I MENFEKUHI HWI SR[WI TPW]I SEWI KGHI PI TEDEI LDI RSI ULDRFGHI EHI SHQRN]I KRSI
TEDEI HI SHQRN]I KRSI TEDEI EI TDHWQLQ[LFGH\I c[I RWQH[I MENFEKUHI HWI SR[WI TPWI RI dH[I RSI ULDRFGHI kI Q[EI MEWEI
fHiR\IcI^[EKUHIR[IMfRVEDINX]IR[IdH[IRWSEVEDIEIMEeRFEIUEIWRDTRKQR\Ipx]IR[IMfRVEDRLIeHKLQE]INLKUE]IMHSHI
[SEIDELKfE]I`LNfEIUHIDEKURIc[IH[]INRdEKQEDRLIEWISLKfEWISGHW]IRIULDRLYIRKfHD]IKRKf[SEIMHKURKEFGHI
fXITDEISLS\Ic[I RWQH[INLKUHIEWWLSITEDEIQRI EVDEUED\IoHMhIK[KMEIWRI EDD[SH[ITEDEItR[W]IKGHI PI SRWSH_I
oHMhIWRIEDD[SEITEDEIHWIfHSRKW\IRIEDD[SEITEDEIMfESEDIEIEQRKFGHIURIQ[UHIRIQHUHW]ISRKHWITEDEItR[W\I
ZEfEffE\I
gEWIR[IdH[INfRIUEDIH[QDHIKHSRITDEILWWHYI bRaEeRN\I
pxI dHMhI SRI ULaYI {[RSI PI bRaEeRN_I {[RSI PI bRaEeRN]I METRQE_I cI dHMhI `HWWRI kI cWMHNEI tHSLKLMEN]I NRWWRI EI
qxeNLE]IWEeRDLEIKGHIP_IgEWIWRIR[ITRDV[KQEDITDEI dHMhIHIKHSRIUHWITRDWHKEVRKWIUEISENfEFGH]IdHMhIWEeR]I
c_pVHDEI TRDV[KQEDI URI qxeNLE]I KGH]I PI MNEDHI ^[RI KGH\I C\I c[I EQEKXWI dH[I QRI UEDI [SEI E[NEI URI qxeNLE]I
KRWWRI ULEI QGHI SEDEdLNfHWH\I c[I dH[I NfRI ULaRDI ^[RSI `HLI bRaEeRN\I I bRaEeRNI `HLI [SEI S[NfRDI [WEUEI TEDEI
URWQD[LDIHWIfHSRKWIURItR[W\IcNEITRDWRV[LEIHWITDH`RQEWIUHIRKfHDIEQRIkISHDQR\Ic[I^[RDHIQRISEQEDIMHSHI
R[I SEQRLI bRaEeRN\I EeRI MHSHI bRaEeRNI SHDDR[_I pI SHDQRI URNEI `HLI NLKUE\I bRaEeRNI RWQEdEI RSI WR[I MEWQRNH
1  #   $
      \IcNEIWH[eRIEIKHQxMLEI^[RI[SIfHSRSIMfESEUHIbRI
TRVEDLEIWR[WIMEdENHWIRILDLEIWRIdLKVEDIURNE\IbRaEeRNI`LMH[IfHDDHDLaEUE\IRITLKQH[]IWRITRD`[SH[\IcIMHNHMH[I
HWIMEeRNHWIRSIW[EIiEKRNE\IEIRWQEdEIbRaEeRNIRSIWR[IMEWQRNH\ItHIH[QDHINEUH]IdRSIbR\I cSIMLSEIURIWR[WI
MEdENHW]I MHSI LDEI RSI WR[I MHDEFGH]I TEDEI WRI dLKVEDI UE^[RNEI S[NfRD\I bRaEeRNI RWQEdEI ENLI ^[EKUHI bRI EI
EdLWQH[]IHDURKH[I^[RIHWIR[K[MHWIW[eLWWRSINXITEDEIiHVX mNEIUHIENQH\ICWIR[K[MHWIW[eLDES]IRST[DDEDESIHI
MHDTHIURIbRaEeRN\I{[EKUHIbRaEeRNIMEL[IHIWEKV[RIURNEI`HLIWENTLMEUHITRNEWITEDRURW\IbRaEeRNIRWQEdEIENLIKHI

    #
1    #
I
yHUEIdRaI^[RIHWIfHSRKWIQHMESIKHIWR[IMHDTHIURISEKRLDEILKURdLUE]IR[IRWQH[IRWSEVEKUHIdHMh\Ic[IRWQH[I
EMEeEKUHIMHSIWR[WIWHKfHW]IW[EIULVKLUEUR\IC[FE]IH[FEIHIWHSIUEIQ[EIENSE\I       # / 
 # I
/     #!/ I
c[IKGHI RWQH[IeDLKMEKUH\I c[I^[RDHI EMEeEDI MHSIdHMh\I c[I^[RDHI SEQEDI dHMhI MHSHIR[ISEQRLIbRaEeRN\Ic[I
SEQRLIbRaEeRN\I 6
#!1(9 :I
I
EQEKXWYI bRaEeRNI SHDDR[\I p^[RNRWI fHSRKWI RKQDEDESI TEDEI `RWQRiED\I gEWI ENV[KWI SLK[QHWI URTHLWI RNRWI
ULWWRDESYI oESHWI dHNQEDI RI RKQRDDEDI bRaEeRN]I E`LKENI URI MHKQEWI RNEI PI [SEI DELKfE\I {[EKUHI dHNQEDESI KGHI
T[URDESI SELWI RKMHKQDEDI HI MHDTHI URNE\I EeRI THDI ^[h_I CWI MGRWI iXI QLKfESI MHSLUHI Q[UH\I HeDEDESI
ETRKEWIEWITENSEWIUEWISGHWIRIUHWITPW\IRWWEIKHLQRITRULDGHIEIW[EIENSE\ICI^[RIQRKWITDRTEDEUH_Ic[IdH[I
SEQEDI dHMh\I cI TDHSRQHI ^[RI KHI ULEI UHI WR[I RKQRDDHI R[I RWQEDRLI NX\ I cI KRWWRI ULEI QGHI SEDEdLNfHWH]I R[I QRI
NRdEDRLI`NHHHHDRW\IZEfEI
I
RDWIIOItDHVEUEYIgRIEi[UE_II
EQEKXWYI CI ^[RI dHMhI RWQXI `EaRKUHI E^[L_RdEKQEmWR\I c[I dH[I QRI ETDRWRKQEDI TDEI ENV[KWI ESLVHW\I oRKfE]I
dRKfE\ICNfRITDEIRNRWIENL]IHNfR      \II
CNfRITEDEIRNRWIENL]IHNfR\II{[RIeHKLQHW]IKGH_IESxNLEIQGHINLKUErI  #       Ip^[LIRWQXI
[SEIUDHVEUE\IcNEIKGHIRWQEIMHKWRV[LKUHIHNfEDITDEIdHMhWITHD^[RIRWQXIWRINRSeDEKUHIUEIfLWQDLEIURNE\I EI
`ESxNLEI URNEI RNEI KGHI H[dLEI EI `DEWRI c[I QRI ESH\I vHLQEULKfE\I c[I dH[I `EaRDI [SI QREQDHI EVHDEI TDEI dHMhWI
RKQRKURDRSI^[RIPI^[RIRWQXIDRLKEKUHIKEIW[EIMEWE\IRIWH[IR[IEQEKXW]IH[IWRIPIbRW[WIvDLWQH\IoESHWIdRD_I
c[I dH[I `EaRDI HI TETRNI UHI TEL\I cNEI HI TETRNI UEI `LNfE\I cI EI SLKfEI `NHDI dRDSRNfEI dELI `EaRDI HI TETRNI UHI
MEMfHDDLKfH\I pLI ^[RI eHKLQLKfH\I EL]I `LNfE]I MEMfHDDDLK fH\I CI TELI RWQXI MfRVEKUHI RSI MEWE]I MEKWEUHI UHI
QDEeENfH\IcINXIdELIRNR\II
pLI^[RIeHKLQLKfHIUHITETEL]I^[RIMEMfHDDLKfHIeHKLQLKfH\I{[RIWE[UEURIURIdHMhIZEeEM[^[R\Ic[ITRKWRLIRSI
dHMhIHIULEIQHUH\Ic[IQRIESH]IR[IQRIESH\\\ I
{[RI ^[RI dHMhI ^[RD]I W[EI TRWQR\I cKURSHKLKfEUE]I URWVDESEUE\I c[I KGHI W[THDQHI HNfEDI TDEI W[EI MEDE]I
SRKLKE\Ig[NfRD]IR[IiXIKGHI`ENRLI^[RIPITDEIQLDEDIRWWEISRKLKEIUE^[L\Ic[IiXIKGHI`ENRLI^[RI^[EKUHIR[IMfRVHI
RSI MEWE]I MEKWEUHI UHI QDEeENfH]I R[I KGHI THWWHI dHNQEDI EI HNfEDI TDEI MEDEI URNE\I [EI TRWQRI KHiRKQE\I RI R[I
T[URWWRIEMEeEDI MHSIW[EIdLUE]IWRI R[IT[URWWRI^[ReDEDI Q[EI MEDE]I SRKLKE\IoELITDHIQR[I^[EDQHI EVHDE\IcSI
WLNhKMLH\I {[LRQLKfE\I cI KGHI SRI EQDETENfE]I THD^[RI EVHDEI R[I dH[I NRDI EI SLKfEI qxeNLE\I cI dHMhI dELI NRDI i[KQHI
MHSLVH]IQXIeHS]IZEeEM[^[R_I
2      

`ESxNLE_Ic[IEMfHI`EKQXWQLMHIdHMhW\IoHMhWIWGHIeDLNfEKQRW\ItRKQDHIURIMEWEIQDEQESIHWI`LNfHWIEWWLS\IgEWIKEI
LVDRiE]I HNfEI HI ^[RI dHMhWI `EaRS\I oHMhWI MfRVES\I RKQEmWRI EHI NEUHI URI [SEI TRWWHE]I RI ExI MHSRFEI HI
SHSRKQHIUEIfLTHMDLWLE\ICNfEI^[RINLKUHI^[RIdHMhWIWGH\ICILDSGHIUHINH[dHDIULaYICNfRITEDEIEITRWWHEI^[RI
RWQXIUHIWR[INEUH]IRIULVEYIcnIQRIESH\IpxIdHMhIdELIRIULaYIc[IQRIESH\II
2) (

\I
EQEKXWYIpLIMHKQLK[E\ICILDSGHIULaYIRdEKQRIEISGHITEDEIHIENQH]IHNfRITEDEIEITRWW HEI^[RIRWQXIUHIWR[INEUHIRI
ULVEYIoHMhIPIRWTRMLENITEDEISLS\IcIdHMhIHNfEIRIULaYIoHMhIPIRWTRMLENITEDEISLS\I I
RDWYIoHMhIQESePS\I
EQEKXWYIpLIMHSRFEIHISHSRKQHIUHINH[dHDIRIdELYIDRMReLI[SIKHdHIMHDEFGHIUHIEL\IvHDEFGHIURWRWTRDEUH]I
MHDEFGHIQDEKW`HDSEUH\Ic[ITDRMLWHIURIQL]I^[RDLUHILDSGH\I   
2\Ic[ITDRMLWHIURIQL]IR[IQRIESH\I
gRIUXI[SIEeDEFH]IR[IQRIESH\I  
Ic[IQRIESH\I
RDWYIyESePS\I
EQEKXWYI I `XMLNI ULaRDI ^[RI dHMhI ESEI HWI H[QDHW]I c\I gEWI RSI MEWEI dHMhI KGHI MHKWRV[RI ULaRDI c[I QRI ESHI
KRSITDEIW[EITDTDLEISGR\IgEWIKGHIWRITDRHM[TRIKGH\Ic[IEMEeHIMHSIEIW[EI`ESxNLE\I oHMhIKGHIMHKWRV[RI
ULaRDI c[I QRI ESHI TDHWI WR[WI TELW\I c[I dH[I QRI URWE`LEDI KRWWRI SHSRKQH\I c[I U[dLUHI ^[RI dHMhI ^[RI RWQXI
WRKQEUHIExIUHINEUHIUEIW[EISGR]IHNfRI TDEIRNEIEVHDEIRIULVEYIgGR]IR[IQRIESH\Ic[IU[dLUHI^[RIdHMhIHNfRITDHI
WR[ITELIRITRFEITRDUGHITHD^[RIK[KMEIULWWRIR[IQRIESHITDEIRNR\IIMNEDHI^[RI dHMhWIKGHIMHKWRV[RS\IoHMhWI
WGHI `DH[HWI RI MHdEDURW\I pxI dHMhWI KGHI `ENESI R[I QRI ESHI TDEI W[EI `ESxNLE\I CNfEI HI ^[RI R[I `EFHI MHSI LWWH\I
;
 2LKV[PSIQRIESEIKEIW[EIMEWEISRWSH\ILKV[PSIVHWQEIURIdHMh\IoRSIE^[L]IdRS\ICNfE]IR[I
dH[I QRI NRdEDI TDEI MHKfRMRDI [KWI ESLVHW\I EDFHS]I THDI `EdHD]I QDEVEI MRDdRiEI TDEI RNE\I HURI eReRD\I qReRI kI
dHKQEUR\\\ICNfEI MHSHI RNEI RWQXI`EKQXWQLMH\IoRSI E^[L]I dH[IQRIUEDI ENVHISRNfHD\IoH[IQRIUEDI SEMHKfE\IoELI
W[eWQLQ[LDIHIEeDEFHIUHIWR[ITEL\IJWWH]IQHSEISELW\ICNfEIMHSHIRNEIRWQXIUL`RDRKQRIEVHDE]IfRLK_ I
RDWIIOItDHVEUEYIpVHDEIR[IQHIUHLUHKE\ItHLUE]IUHLUE]IUHLUE\ILDEUE]IEN[MLKEUE\ I
EQEKXWYIg[LQHIeRS\IpVHDEIdRSIE^[L\IoH [IQRIUEDIMHMExKE\IoHMhIdELI`LMEDIUHLUEISRWSH\IpVHDEIdHMhIdELI
QRDI EKLSH]I ENRVDLE\I[NE]I T[NEI EIKHLQRILKQRLDE\IDHSRQHI ^[RI dH[IQRIUEDI ENVHI SRNfHD\IoELI WRDI `EKQXWQLMH\I
oELIWRDIHISRNfHDITDEaRDIUEIQ[EIdLUE\I
   
gHFE]I HI ^[RI QEI EMHKQRMRKUHI MHSI dHMh\I EDEI URI eDLKMEURLDEW\I gHFE\\\I pMfHI ^[RI RNEI KGHI RWQXI eRS\I pI
TDRWWGHIURNEIKGHIRWQEIKEUEIeRS\IpNV[PSITHURISRIEi[UED]ITHDI`EdHD\IgHFE]IR[IEMfHI^[RI RNEIQRdRI[SEI
HdRDUHWR\IpMfHI^[RIRNEIRWQEISHDDRKUH\IZEfEfE\IEeRIHI^[RIR[IRWQH[I`EaRKUHIMHSIRNE_cWQH[ITEVEKUHI
HI WENXDLH\I CI WENXDLHI UHI TRMEUHI PI EI SHDQR\I RDXI ^[RI R[I THWWHI URTHWLQEDI HI WR[I WENXDLH]I ESEKfEI eRSI
MRULKfH_IcNEIRWQEISHDDRKUH]ISEWIEKQRW]IUXIQMfE[ITDEIW[EISGRI^[RIRWQXIExI^[RIKGHIMHKWRV[RIULaRDIc[I
QRIESHITDEIdHMh\I
RDWIYIyMfE[ISGR\\\Ic[IWRLI^[RIKGHI`[LIEI`LNfEI^[RIEIWRKfHDEI^[LWIQRD\IgEWIR[IQRIESH]ISGR\II
EQEKXWYIpVHDEIUEIQMfE[ITDHITETEL\IoESHW\I

SHDDRDIKGH]ITEL\\\IoRSISRIe[WMED]ITEL\I
EQEKXWYIpVHDEIURI[SIQMfE[ITDEI^[RSIRWQXIQRIdRKUHIEVHDE\I
RDWI YI c[I ^[RDLEI QEKQHI WRDI MDRKQR\I vDRKQRI PI eHKLQH]I PI `RNLa\I yRSI HI DHWQHI UL`RDRKQR\I gEWI KGHI SRI
SHWQDEDESI HI MESLKfH\I c[I ^[RDHI tR[W\I c[I ^[RDHI dRDI tR[W\I vEUhI tR[W]I TDHM[DRI tR[W]I EMfRI tR[W\I RI
dHMhIKGHIRKMHKQDEDItR[W]IdHMhIdELIdLdRDIMHSLVHIKHILK`RDKH\I
  <    I
EQEKXWYI EeRI HI ^[RI R[I EMfHI SELWI LSTDRWWLHKEKQRI KRWWEI fLWQHDLE_I cNEI PI DREN\I RWWRI REQHI SHSRKQH]I
SLNfEDRWIRISLNfEDRWIURIiHdRKWIRSIQHUHIHIS[KUHIRWQGHISHDDRKUHIEWWLSIKEWISLKfEWISGHW\IgEWIKGHIWRI
TDRHM[TRI THD^[RI R[IKGHI HWI EeEKUHKH\IDHSRQHI ^[RI KHIULEIUHI RKQRDDHIURNRWI R[I RWQEDRLINX\IcI KE^[RNRI
ULEIQGHISEDEdLNfHWHIR[INRdEDRLI`NHDRW\I
2        I
RDWIsIOIgRKULVEYIHMHDDH\IgRIEi[UE]ITHDI`EdHD\ I
EQEKXWYI{[RI^[RIRWWEISRKULVEIQXI`EaRKUHIE^[L_ICI^[RIdHMhIQEI`EaRKUHIE^[L]IW[EILULHQE_IoESHW]IURLQEI
E^[L\I GHI fXI N[VEDI TEDEI SRKULVHW\I CKURI iXI WRI dL[I [SI KRVMLHI URWWRW_I nSEI SRKULVEI `RUHDRKQEI K[SI
N[VEDIEWWLS\IpNV[PSITHURISRIQLDEDIURIMLSEIURNE_IvEUhIdHMh]IIDRNLVLHWH_ICfIMfRLHIURIE[QHDLUEURI^[RI
dELIQLDEDmSRIURI MLSEIUEISLWPDLE\I cNRWIKGHITHURSIQRIEi[UED\IoESHWrIRV[RIW[EIMHSLULKfE\I CI^[RI dHMhI
MHSR[I fHiR_I ENEI TDEI SLS_I {[ENI `HLI WR[I ENSHFH_I ENWLMfE]I aLGH\I c[I dH[I NfRI ULaRDI ^[ENI `HLI HI ENSHFHI
URNEI fHiR\I cNEI RWQEdEI MHSI S[LQEI `HSR\I EaLEI wI ULEWI ^[RI RNEI KGHI MHSLEI EeWHN[QESRKQRI KEUE\I oRKfE]I
dRKfErIEWWH[ITRDQHIURI[SIfHWTLQENIRIdL[I^[RIEITHDQEIRWQEdEIEeRDQEIRIULWWRYIR[IdH[IRKQDED\I{[RSIWEeRI
fXI ENV[SEI MHSLULKfEI TDEI SLS_\I cI RKQDH[\I cI EMfH[I RWWRI URNLMLHWHI WE^[LKfH\I cWMHKUR[I TEDEI ^[RI
KRKf[SI MEMfHDDHI MHSRWWR\I gEWI R[I dH[I MHKQEDI EI dRDUEURLDEI fLWQDLEI TDEI dHMhW\I gRLEI fHDEI EKQRW]I KHI
^[EDQHI UHI fHWTLQEN]I [SEI S[NfRDI URI I EKHWI MHSI [SI MKMRDI ETHUDRMLUHI KHI RWQSEVHI WRKQL[I `HSR\I
EaLEI ULEWI ^[RI RNEI RWQEdEI kI eEWRI URI WHDHI RI dLQESLKE]I RI RNEI ULWWRYI HDI `EdHD]I RK`RDSRLDE\I yDEVEI [SEI
MHSLULKfEI TEDEI SLS\I pI RK`RDSRLDEI QDH[R\I pI RK`RDSRLDEI NRdH[I E^[RNEI MHSLULKfEI TEDEI RNE\I p^[RNEI
S[NfRDI MHSR[I MHSHI WRI `HWWRI EI TDLSRLDEI dRa\I gELWI ENV[KWI SLK[QHWI URTHLWI HI MKMRDI URNEI KGHI TURI
W[THDQED\I 
  #=
 I  #
       
  \I p^[RNEI S[NfRDI KGHI EVRKQH[I RI dHSLQH[I HI
MKMRDI KEI WEMHNLKfE\I pxI EI KHWWEI ESLVEI E^[L]I dHNQEKUHI kI KHWWEI fLWQDLE]I RKMHKQDH[I RWWRI URNLMLHWHI
WE^[LKfH]I RI ^[EKUHI RNEI EeDL[]I RKMHKQDH[I RWWEI URNLMLHWEI WHTLKfE\I pNV[PSI ^[RD_I pfK_I cNEI EeDL[I RI
MHSRFH[IEIMHSRDIRWWEIURNLMLHWEIMHSLUE\IoESHW]I^[RDLUE]IMHSErI {[RIURNxMLE\IvHSEISELW\IpVHDEIdESHW]I
MHSRIULDRLQH\IcWQXI[SEIURNLMLE\I[LIR[I^[RITDRTEDRLITDEIdHMh\IpNV[PSI^[RD_IpLIVRKQR]ISR[IRWQSEVHIPI
`DEMH\IHWWE\Ic[IiXI`ENRLI^[RIESHISLWWRW]ISEWIRdEKVRNLaEDITEDEITHeDR]IURIiRLQHIKRKf[S\IbXITRKWH[IWRIEI
`RDLUEI RWQH[DEI KEISLKfEI `DRKQR_I c[IdH[IdHSLQED\I CI SR[I MfESEUHITDEIRdEKVRNLWSHI WEeRI^[ENI P_I gR[I
MfESEUHI URI SLWWRWI PI LDI TDEI tLWKRI RdEKVRNLaEDI HI gLMR]I EI vLKURDRNE]I QHUHI S[KUH\I I `DRW^[LKfH\\\I
oHMhI URdRI HDEDI EWWLS]I KP_I RKfHD]I RLWmSRI E^[L\I cKdLEI E^[RNRI ENL]I \I bXI ^[RI RWQESHWI `ENEKUHI WHeDRI
SLWPDLE]I EVHDEI KWI dESHWI `ENEDI WHeDRI [SI EWW[KQHI ^[RI dELI URLEDI dHMhWI QGHI QDLWQRW\I oESHWI `ENEDI WHeDRI
UxaLSHWIRIH`RDQEW]Ih\I
pf]I KGHI `ENRLI ^[RI dHMhWI LESI `LMEDI QDLWQRW_LKV[PSI WHDDL[I Ex\I LKV[PSI UR[I VNDLEI EI tR[WI Ex\I c[I dH[I
SHWQDEDITDEIdHMhWIHISHSRKQHI^[RIR[IEUHDHIRKQDEDIKEILVDRiE\II`EKQXWQLMH]IPISEDEdLNfHWH\ICISHSRKQHI
UHINH[dHDIQXIDHNEKUH]IMHSRFEIEIDHNEDIWHNQHIHISHSRKQHIUHINH[d HD\IpxIEILDSGaLKfEIMHSRFEIEIWRIRSTHNVEDI

pxIHILDSGHITRVEIHISLMDH`HKRIRIULaYILVDRiE]IMfRVH[IEIfHDEIUHWIUxaLSHWIRIUEWIH`RDQEW\IpxIEILDSGaLKfEI^[RI
RWQEdEINXIKHI`HVHI`EaYIf[SSSSS\\\\IGHIEMDRULQH\IpI[KFGHIEMEeH[\IXDE\IpI[KFGHIEMEeH[\Ib[WQHIEVHDEI
^[RIR[IdLI[SIEKiHIeRLF[UH]IMHSIMEeRNHIMfRLHIURIT[DT[DLKE]IdLKUHIRKQDRVEDIEIMfEdRIUEIdLQDLEIKEISLKfEI
SGH\I oRSI `ENEDI URI ULKfRLDH_GEH\I c[I HURLHI ULKfRLDH\I HD^[RI PI ^[RI QRSI ^[RI `ENEDI URI ULKfRLDHI KEI
LVDRiE_I pMEeEI MHSLVH\I bXI RWQH[I THeDR\I bXI RWQH[I MEKWEUE\I vfRVEI KEI LVDRiEI RI dRSI `ENEDI URI ULKfRLDH\I RI
dHMhWIT[URWWRSIRKQRKURDI^[RIUxaLSHWIRIH`RDQEWIPI[SIEWW[KQHIQHQENSRKQRIRWTLDLQ[EN\IyENdRaIEIW[EIdLUEI
RWQLdRWWRI UL`RDRKQR\I gEWI KGH\I oHMhI WRSTDRI ULaYI cWQXI RWMDLQHI QDH[EI KEI SLKfEI QRWQE_I yDEeENfHI HI ShWI
LKQRLDHI TDEI VEKfEDI HI SR[I W[WQRKQH]I TDEI RKQDRVEDI URaI THDI MRKQHI TDEI LVDRiE_I {[hI LWWH_I EWQHDI PI Q[UHI
NEUDGHrI EWQHDI PI Q[UHI NEUDGH\I {[RDI HI SR[I ULKfRLDHI TDEI ^[h_I DEI THURDI VEWQEDI MHSI MEDDGH\I GHI UH[I
ULKfRLDH\I cL]I WR[I QDH[E\I oHMhI KGHI UXI WR[WI URaI THDI MRKQHI EI tR[W\I cSI MHSTRKWEFGH]I R[I EQEKXW]I
HDURKHI HI URdHDEUHDI TEDEI TRVEDI URaI THDI MRKQHI UHI WR[I WENXDLH\I GH]I URaI THDI MRKQHI PI TH[MH\I WI
TRVESHWIQDLKQEITHDIMRKQHIUHIWR[IWENXDLHIRIVEWQESHWIKHIMHKMRDQHIUHIMEDDH\IRVHISELWI[KWIzIIRIVEWQHI
KEI`EDSXMLE\IJWWH\IRVESHWISELWI[KWIIRIVEWQESHWIWRSIdHMhIKRSITRDMReRD\ICIULKfRLDHIWRI`HL\ICI^[RI
KWI THURSHWI `EaRD_I EUE]I KEUE\I oESHWI HDED_I GH\I CDEDI URSHDEI S[LQH\I bXI WRLYI dESHWI TRVEDI [SI
RSTDPWQLSH]IMfR^[RIRWTRMLEN]IMEDQGHIURIMDPULQH\IgELW]ISELW\ICI^[RIdHMhI^[LWRD\I{[EKQEWITRWWHEWIRWQGHI
ESEDDEUEWI KEWI SLKfEWI SGHW]I KGHI P_I {[EKQEWI TRWWHEWI RWQGHI ETDLWLHKEUEWI KEWI UxdLUEW_I oHMhI KGHI
MHKWRV[RISELWIEUHDEDIEItR[W]IKGHIMHKWRV[RI`EaRDISELWIKEUE]ITHD^[RI dHMhIMfRVEIKEIMEWEIUHIRKfHDIRI
`LMEI TRKWEKUHI MHSHI PI ^[RI R[I dH[I TEVEDI EWI SLKfEWI UxdLUEW]I WEKEDI E^[RNRI TDHeNRSE\I GHI MHKWLVH\I I
MNEDHI ^[RI KGH\I c[I ^[RDHI `EaRDI URI dHMhWI SLWRDXdRLW\I gLWRDXdRN\I oHMhIRWQXI ExI WRKQEUHI MHSI EI W[EI dLUEI
URWQD[xUEI KGHI P_I RI dHMhI T[URWWRI dRKURDI EI W[EI TDTDLEI DH[TE\\\I JWWH\I oHMhI THURDLEI dRKURDI EI W[EI
TDTDLEI DH[TE\I {[RSI THURI TEVED_I oHMhI THURI TEVED_I oHMhI RWQXI WRI URW`EaRKUHI URI Q[UH\I CI WR[I MEDDHI
dHMhI iXI TRDUR[\I [EI MEWEI iXI RDE\I txdLUEWI EQDXWI URI UxdLUEW\I EeRITHDI ^[h_I HDI ^[RI dHMhWI KGHI QHSESI
THWWRIUEITENEdDEIURItR[W\Ic[IKGHITHWWHIRKQRKURDIHITHdHIURItR[WITEWWEKUHI`HSR\IHD^[RIEIqxeNLEIULaI
RSItR[QRDHKSLHIuYIHKURI dHMhIMHNHMEDIEIQ[EISGHIdELITDHWTRDED\ItLaINXIQESePSI^[RI dHMhIKGHITRULDXI
RSTDRWQEUH\IoHMhIRSTDRWQEDXIEIS[LQEWIKEFRW\ItLaIQESePSIbHW[PIsI^[RIEHKURIdHMhITLWEDIEITNEKQEIUHWI
WR[WITPW]IWRDXIWR[ITHDIfRDEKFE\IcIULaISELW\IpIexeNLEIULaIWEeRIHI ^[R_IpIqxeNLEIULaI^[RIEI ehKFGHIMHDDRIEQDXWI
URI dHMh\I yRI ENMEKFE]I RI TRDSEKRMR\I pIqxeNLEI ULaI K[KMEI dLI [SI i[WQHI RI EI W[EI URWMRKUhKMLEI SRKULVEDI HI
TGH\I tLaIQESePSI SELWYIHIi[WQHI MHSRDXIHI SRNfHDIURWWEI QRDDE\I cKQGHITHD^[RI dHMhI QXI KRWWEISLWPDLE_I I
THD^[RI dHMhI PI[SI EdEDRKQH\I EUDGH\I cWQEIDH[eEKUHI EItR[WI KHWIUxaLSHWI RIKEWIH`RDQEW]IKGHI P_I c[I dH[I
SEQEDI dHMh\I cI TDHSRQHI ^[RI KHI ULEI UHI WR[I RKQRDDHI R[I RWQEDRLI NX\I cI KRWQRI ULEI QGHI SEDEdLNfHWHI R[I QRI
NRdEDRLI`NHDRW\IZEfEfEI
I
pVHDEIR[IdH[I`ENED\\\I
I
EQEKXWYI CKURI RWQXI HI MDRKQRI WRSI MHSTDHSLWWH]I EfK_I pff\\\I pLI RWQXI dHMh]I fEfEfE\I pI TEaI UHI RKfHD]I
^[RDLUH\I
RDWIuIOIgHLWPWYIELrIcSIKHSRIUEILVDRiErIGHIdELIWELDIP_IEEEELrI
EQEKXWYIGHIWELH\Ic[IWH[IHIMETLD[UH\\\IEEEff\ICNfE]IR[IWH[IHIMETRQErr I
RDWIuIOIgHLWPWYIGHIdELIWELDIP_I

EQEKXWYI oHMhWI EMEeEDESI URI DLDI URI dHMhWI SRWSHW\I oHMhWI SRI ESEDDES]I SRI ^[RLSES]I SRI RT[NWES\I
gRIeHQESIUReELHIUHWI WR[WITPWI SEWI R[I KGHI WELHIUEWIW[EWIdLUEW\I EeRI THDI ^[h_I {[RDIWEeRDI SRWSH_I
HD^[RIdHMhIKGHIWRITEDRMRIMHSIbRW[W\IoHMhIKGHIQRSIHIMfRLDHIURIbRW[W\IoHMhIKGHI`ENEIMHSHIbRW[W\IR[WI
HNfHWIKGHIWGHIMHSHIMfESEIURI`HVH\IvHSHIPI^[RIdHMhI^[RDI^[RIR[IWELEIUEIW[EIdLUE_IvHSHIdHMhI^[RDI
^[RI R[I dXI RSeHDEI URI dHMhI WRI dHMhI KGHI PI EI LSEVRSI RI WRSRNfEKFEI URI vDLWQH\I cI WEeRI HI ^[RI R[I EMfHI
LKQRDRWWEKQR_I c[I KGHI WELHI URI dHMhI THD^[RI dHMhI KGHI QRSI RWTEUEI KEI gEH\I pI RWTEUEI UHI cWTxDLQHI PI EI
TENEdDEI URI tR[W\I oESHWI `EaRDI [SI QRWQR_oESHWI WEeRDI WRI R[I WELHI UEI Q[EI dLUEI H[I KGH_I c[]IEQEKXW]I
MHKfRFHI EI qLeNLEI LKQRLDE\I vETLQ[NHI THDI METLQ[NH]I dRDWxM[NHI THDI dRDWxM[NH\I vHKfRFHI QHUHWI HWI
SEKUESRKQHW]IEWITDHSRWWEW\IRLIHI^[RItR[WI`Ra]IHI^[RIdELI`EaRD\Ic[]IEQEKXW]IMHKfRFHIEIqLeNLEILKQRLDE\I
cI dHMhW_I vHKfRMRS_I c[I EMfHI ^[RI dHMhI KGHI RKQRKUR[I EI SLKfEI TRDV[KQE\I c[I EQEKXW]I HI qRNLEN]I EI
WRDTRKQR]IHIUDEVGH]I^[RIdLSITEDEIDH[eED]ISEQED]IURWQD[LD\Ic[IMHKfRFHIEIqxeNLEILKQRLDE\IcIdHMhW_ICfI`LVHWI
eHKW]IDHSGW]I XDdHDRWITNEKQEUEWIRSIeRLDEIURIDLeRLDHW]IiEDULSIDRVEUH]I MEDdENfHIURIi[WQLFE]ISRSeDHWIUHI
MHDTH]IHIWHN]I`LNfLKfHW]IEIKHLdE]IRSeELEUHDRWIURIvDLWQH]ISLKLWQDHWIUHIcdEKVRNfH\IvHKfRMRIRWWEITENEdDEI
LKQRLDE_I {[RI dRDVHKfE]I fRLK_I RDURDI TDEI QEKEWI KEI TENEdDE\I EeRI THDI ^[RI dHMhI TRDUR_I c[I EQEKXWI
MHKfRFHIEINRQDE\IgEWIWRIdHMhIfHiRIEeDLDIRWWEIqLeNLEIURKQDHIUEIW[EIMEWE]IdHMhIKGHIdELIMHKfRMRDIWHSRKQRI
EINRQDEIMHSHIR[\IoHMhIdELIMHKfRMRDIEIDRdRNEFGHI^[RIfXITHDIQDXWIUEINRQDE\IITHDILWWHI^[RIR[IKGHI^[RDHI
^[RI dHMhI NRLEI LWWHI E^[L\I I THDI LWWHI ^[RI R[I eHQHI MEKWEFHI RSI dHMh\I c[I `EFHI dHMhI `LMEDI MHSI WHKH]I
RSeEDEFEIW[EISRKQR]IKGHIP_IUL`xMLNINRDILWWHIE^[L\IJWWH\IoHMhIKGHITDRMLWEINRD\Ip^[LIURKQDHIRWQXIRWMDLQHYI
MHKfRMRDRLWIEIdRDUEURIRIEIdRDUEURIdHWINLeRDQEDX\Ic[IKEH^[RDHI^[RIdHMhI MHKfRFEITHD^[RIE^[LIQRSISELWI
URIQDLKQEISLNITDHSRWWEWITDEIW[EIdLUE\IHDI`EdHD]IKGHINRLEILWWHIE^[L\IRLEIH[QDEWIMHLWEWISRKHWILWWHIE^[L\II
HI KHWWHI TEMQH]I H_I c[I KGHI ^[RDHI ^[RI dHMhI NRLEI EI qLeNLE\I c[I ^[RDHI `EaRDI URI dHMhWI [SEI VRDEFGHI URI
MDRKQRWI WRSI MHSTDHSLWWH\I I LWWHI ^[RI dHMhI P\I {[RSI dHMhI TRKWEI ^[RI dHMhI P_I {[RSI ULDLE]I fRLK_c[I
EQEKXW]ITELIUEISRKQLDE]IQRIULaRKUHIVDEKURWIdRDUEURW\IoHMhIPIQHQENSRKQRI[SIWRT[NMDHIMELEUH\IHDI`HDEI
dHMhI PINLKUH]I SEWI THDIURKQDHI dHMhIKGHIQRSIKEUE\IoHMhITEDRMRI[SEINEQLKfEI URIDR`DLVRDEKQRI MHSI [SEI
TRUDLKfEIURKQDH]I^[RIMfEMHENfEIRI`EaIeED[NfH\IgEWIdHMhIKGHIQRSIKEUE]IW`IEaIeED[NfH\Ic[I^[RDHI`EaRDI
URI dHMhWI LWWHI SRWSH\I XDE\I XDEI THDI `EdHD\I tRWETEDRFE\I [SE\I GHI TDRMLWEI WEeRD\I bRW[WI KGHI THURI
EeWHN[QESRKQRI `EaRDIKEUEI THDIdHMh\I cIdHMhIDETEa_IvHKQLK[RILKUHIKEILVDRiEIWHSRKQRI EQDXWIURI S[NfRD\I
vHKQLK[RIWHSRKQRITEDEIEQDELDIEWIVEQLKfEW\Ic[IEUHDHI^[EKUHIdHMhIMfRVEIKEIMEWEIURItR[WIRI`EaIMEDEIURI
VEQLKfH\IoHMhIULaYIpITEaIUHIRKfHD\I 3< \IcIELIVEQLKfE_IbRHdXI`ENH[IMHSLVHIKEISEUD[VEUEI^[RIPITDEIR[I
`EaRDI [SEI dLVNLEI MHSI dHMhI KHI SHKQR\I I R[I RI dHMh\I WI UHLWI WHaLKfHW\I tExI HI MEDEI dRS\I tHeDEI EI
MESLWRQLKfEISHWQDEKUHIHWISWM[NHW\IyRSISWM[NHIEQPIKEIMEeRFE]IKPIeHaLKfH\IIVEQLKfH\ItR[WIKGHIQRI
`RaITDEIQRDIMEDEIURIVEQLKfHIKGH]IdL[\ItR[WIQRI`RaITDEIdHMhIQRDIMEDEIURIRGHIUEIyDLeHIURIb[UX\IIgEWIdHMhI
LKWLWQRI KGHI P_I cI QRSI SELW\I oHMhI EUHDEI `LMED]I KGHI P_I {[RI TDHeNRSEI QRSI `LMEDI MHSI EWI LDSGaLKfEWI UEI
LVDRiE\IcNEWIWGHIQGHIMEDRKQRW\ILKV[PSIdELIWEeRDISRWSH\IDEI^[R_LMEDIKGHIQRSIdKM[NHIKRKf[S]oHMhI
THURI`LMED]SEWIR[IQRKfHI[SEIKHQLMLEITDEIdHMhI^[RIEUHDEI`LMED]oHMhIVHWQEIURI`LMEDIPI
{[EKUHIbRW[WI dHNQEDI dHMhI QESePSI dELI`LMED]I dL[II\oH[I EMEeEDI MHSIdHMh\c[IKGHI RWQH[IeDLKMEKUH]I dHMhI
EMfEI^[RILWWHIPI[SEIeDLKMEURLDEISEWIKGHIP\CILK`RDKHIKGHIPITLEUE]IR[I^[RDHIEMEeEDIMHSIWR[IWHKfH\c[I
^[RDHI QRI SEQED]I R[I ^[RDHI I QRI URWQD[LDI THD^[RI dHMhI PI EI LSEVRSI RI I WRSRNfEKFEI URI tR[W\oHMhI PI
`LNfH]`LNfH\c[IK[KMEI`[LI`LNfH]`[LI^[RD[eLSI[KVLUH]IdHMhIQRSIRWWEI^[ENLUEURIRIKGHI ETDHdRLQE\IoHMhI KGHI
WRINRSeDEISELWIURIbRW[WIKGHIP\oHMhIKGHIWRINRSeDEISELWIUHII^[RIbRW[WI`RaIKE^[RNEIMD[aITHDIdHMhIKGHIPI
SRWSH\HLINLKUHIHIULEIUEIMD[ML`LMEFGHIURIvDLWQH\c[IEMfRLIE^[RNEIMRKEISEDEdLNfHWE]R[IEMfRLI^[RIKE^[RNRI
ULEI vDLWQHI LEI URWLWQLDI URI WRDI HI gRWWLEWI THD^[RI fHSRSI ENV[SI S[LQEWI dRaRWI EV[RKQEDI EQPI HI `LKENI UEI
MD[ML`LMEFGH]THD^[RIUHxEI S[LQH]I SEWIHIWR[IbRW[WI MHKWRV[L[\gEWIHIWR[IbRW[WI`HLIMD[WML`LMEUH]R[I RWQEdEI

EiHRNfEDESINRdEDESITEDEIEI^[EDRKQRKE\IpI^[EDRKQRKEIWLVKL`LMEdEI^[EDRKQEIMfLeEQEUEW\IEeRITHDI^[R_I
cNRWIMHNHMEdESIUHLWIENVHaRWIMHSIMfLMHQRWIKEWISGHW\IEITHKQEIUHWIMfLMHQRWIQLKfEITRUEMLKfHWIURIHWWHWI
RITRUEMLKfHWIURI SRQELW\IJWWH\IRVEDESIWR[IvDLWQH\IcDESIUHLWIENVHaRW]IUHLWIWHNUEUHWI DHSEKHW]ITHD^[RI
RK^[EKQHI[SIeEQLE]IHIH[QDHIQESePSIeEQLE\I / \Ic[I EMfRLI^[RI RNRILDLEIVDLQED\I gEWIMHSHI[SEIHdRNfEI
S[UEI RNRI`HLINRdEUHIEHISEQEUH[DH\IcNRIKGHIVDLQH[I^[EKUHI E^[RNRWI MHDQRWITDH`[KUHWI RKQDEDESIKEI W[EI
TRNR\IcNRIdL[IdHMh\IcNRIdL[IdHMhIWRKQEUHIExIKRWWRISHSRKQH\IcIRNRIWEeLEI^[RIQRDLEITDHSRWWEIKEIW[EIdLUE\I
gRWSHI KE^[RNRI ULEI ^[RI cNRI RWQEdEI WRKUHI MfLMHQREUH]I cNRI HNfEDLEI TDEI dHMhI fHiRI RI ULDLEYI RKf[SEI
EDSEI `HDiEUEI MHKQDEI dWI fXI URI TDHWTRDED\I RdEKQEDESI bRW[W\I p^[RNRWI WHNUEUHWI QLdRDESI LUPLEWI
eDLNfEKQRW\I pI `[KFGHI URNRWI RDEI WHSRKQRI NRdXmNHI TEDEI WRDI MD[ML`LMEUH\I gEWI KGHrI nSI URNRWI SEKUH[I
`EeDLMEDI [SEI MHDHEI URI RWTLKfHWI MHSI RWTLKfHWI UEI KULE\I CWI RWTLKfHWI UEI KULEI RDESI RWTRMLELWI THD^[RI
RDESI SELHDRWI ^[RI [SI URUH\I CI H[QDHI QDH[RI [SEI METEI eHKLQE\I CI H[QDHI TRVH[I [SI TRUEFHI URI MEKE\I
piHRNfEDESIbRW[W\I c[IKGHIWRLIWRIdHMhIiXI WRI MHDQH[]I SEWIVRDENSRKQRI^[EKUHIdHMhI MHNHMEI[SI TEKHIRSI
MLSEIUEIW[EI`RDLUE]IHITEKHIMHSRFEIEIWRIWRMEDIMHSIHIWEKV[R\IHLILWWHI^[RIEMHKQRMR[IKHIMHDTHIURIbRW[W\I
p^[RNEI METEI MHSRFH[I EI WRI WRMEDI MHSI RNR\I piHRNfEDESI bRW[WI RI eHQEDESI KEI MEeRFEI URNRI E^[RNEI MHDHE\I
/   \I p^[RNRWI RWTLKfHWI UEI KULEI RWQEdESI RKQDEKUHI KEI W[EI MELEI MDEKLEKE\I CWI WR[WI HNfHWI
TEDRMLESI ^[RI LEI WENQEDI TDEI `HDE\I cI ^[EKUHI RNRI EMfH[I ^[RI RWQEdEI KHI E[VRI UEI UHD]I HI H[QDHI TRVH[I HI
TRUEFHIURIMEKEIRIMHSRFH[IEIeEQRDIKEIMEeRFEIURNR\I/ \IcNRIKGHIVDLQH[\IcNRIdL[IdHMh\I[QEKUHIMHKQDEI
EI W[EI MEDKRI TDEI WRDI `LRNI EI tR[W\I cNRI dL[I dHMh]I RNRI dL[\I oHMhI N[QEKUHI MHKQDEI Q[UHI RI QHUHWI TDEI QRDI
WEKQLUEUR\I cNRI dL[I dHMhI QRKQEKUHI DRWQE[DEDI WR[I MEWESRKQH\I cNRI dL[I dHMhI QRKQEKUHI `EaRDI Q[UHI TEDEI
EVDEUEDIHIMHDEFGHIURNR\IcIRNRIULWWRYIoENRIEITRKEIDRMReRDIRWWEIMHDHEIURISHDQRITHD^[RIdHMh]IWRI`HDI`LRNI
EQPI EI SHDQR]I UEDmQRmRLI EI MHDHEI URI dLUE\I RdEKQEDESI bRW[W\I DRMLWEDESI EDDEKMEDI EI METEI URNR\I {[EKUHI
EDDEKMEDESI EI METE]IEWI`RDLUEWI WRIEeDLDESIKHdESRKQR\IRdEDESIbRW[WITEDEI EI MD[a\Ip^[RNEI MD[aIKGHI RDEI
TRWEUE]ISEWITEDEI[SIfHSRSIUE^[RNRIiRLQH]I`NEVRNEUH]IEIMD[aITRWEdEIURaIdRaRWISELWI^[RIE^[LNH\Ip^[RNRI
fHSRSINRdH[]I RI^[EKUHI MfRVH[ITDEI WRDI MD[ML`LMEUH\I c[I QRKfHI [SEI M[DLHWLUEURI TDEI dHMh\Ip^[RNEI MD[aI
KGHI`HLI`EeDLMEUEITEDEIvDLWQH\IcNEI`HLI`EeDLMEUEITEDEIqEDDEeXW\ICIMHDTHIURIqEDDEeXWIRDEISELHD\IcWQLMEDESI
WR[I gRWQDR\I {[EKUHI RNRI EeDL[I WR[WI HNfHWI E^[RNRWI fHSRKWI MHSRFEDESI EI TDRVEDI TDRVHWI RSI W[EI SGH\I
/ \IEeRI^[ENI`HLIEIUHDI^[RIRNRIWRKQL[_IHLIEIUHDIUHIKRDdHIUHIWR[IeDEFHIDRT[EDIEQPIEIELNE\ICIQPQEKHI
RWQEdEILKdEULKUHIWR[IMHDTHIKE^[RNRISHSRKQH\IpIUHDIRDEIVDEKURIURSELW\IpISHDQRIKE^[RNEIMD[aIKGHIRDEI
SHDQRI THDI tR[W]I RDEI THDI EW`LLE\I RDENSRKQRI E^[RNRWI fHSRKWI KGHI MHKWRV[LESI `LMEDI ENLI WRV[DHWI THDI
S[LQHI QRSTH\I cI RNRWI URWMLES]I MHK`HDSRI URWMLESI HI T[NSGHI WRI `RMfEdE]I RNRWI SHDDLESI WRSI ED\I bRW[WI
RWQEdEIWRIR^[LNLeDEKUHISRWSHIMHSIWR[WITPWITDRVEUHW\ICWITPWIRWQEdESITDRVEUHW]IRNRIRWQEdEIQRKQEKUHI
`LMEDIURITPIEQPIHINQLSHISHSRKQHITEDEIWENdEDIEIf[SEKLUEUR\IcNRI`RMfH[IHWIHNfHW\IcNRIdL[IdHMhIHDEKUHI
TRNEIW[EI`ESxNLE\IcNRIdL[IdHMhIHDEKUHITHDIWR[ITELI^[RIKGHI^[RDIWEeRDIURIbRW[W]IRWWRIMHDEFGHIU[DH\IcNRI
dL[I dHMhI UHI NEUHI UEI W[EI SGRI ^[RI ULWWRI ^[RI K[KMEI ^[RDI WRDI MDLWQG]I ^[RI KGHI ^[RDI WEeRDI URI bRW[W\I cNRI
ULWWRYI oENRI EITRKE\IoENRIEITRKEIQRDISLKfEWISGHWI`[DEUEW\IHD^[RIfHiRIR[IdH[IRKQDEDIKEIW[ EI MEWE\Ic[I
dH[IDEWVEDIHIMP[IWHeDRIHIWR[INED\Ic[IdH[IRWQRKURDIEWISLKfEWISGHWIWHeDRIEIW[EI`ESxNLE\IoH[IRDV[RmNHW]I
dH[IMfESXmNHWITRNHIKHSRIRIULaRDYIy[IPWISR[\IcIEITDHSRWWEIWRDXYIy[IRIEIQ[EIMEWEIWRDdLDGHIEHIRKfHD\I
cNRI KGHI QLKfEI SELWI ED\I cNRI KGHI QLKfEI SELWI ED\I gEWI RNRI MHKWRV[L[I T[EDI WR[I NQLSHI ED]I RKMfRDI WR[I
T[NSGH]I RI RNRI VDLQH[YI cWQXI MHKW[SEUHr\I gEWI KEI dRDUEURI KEI W[EI NxKV[EI HDLVLKENI RNRI KGHI VDLQH[I cWQXI
MHKW[SEUHI JWWHI PI NxKV[EI THDQ[V[RWE\I EI NxKV[EI UEI PTHMEI RNRI VDLQH[YI yRHI QRNRWQEL\I EeRI HI ^[RI ^[RDI
ULaRDI yRHIQRNRWQEL_IRIdHMhI`HWWRIdLWLQEDI[SEIMEURLEIDHSEKEIUE^[RNEIPTHME]IdHMhIRKMHKQDEDLEIENLI[SI
TDLWLHKRLDH\I cNRIRWQEDLEI RKiE[NEUHI RIUHINEUHI QRDLEI [SEITNE^[LKfE]IIRIKEITNE^[LKfEIQRDLEIRWMDLQHIHIKHSRI
UHITDLWLHKRLDH]IHIMDLSRI^[RIRNRIQRDLEIMHSRQLUHIRIHIQRSTHIU EITRKE]ITHDIRRSTNHIuIEKHW\IpVHDEIWRIdHMhI
`HWWRI dHNQEDI NXI uI EKHWI URTHLW]I E^[RNRI fHSRSI KGHI RWQEDLEI SELWI NX]I EI MRNEI RWQEDLEI EeRDQE]I KLKV[PSI

HI ^[RI ^[RDI ULaRDI ^[EKUHI bRW[WI VDLQH[I cWQXI MHKW[SEUH\I yRHI QRNRWQEL\I cNRI HNfH[I TDEI dHMhI RI VDLQH[YI
oHMhIRWQXINLdDRrIGHIfXISELWIMHKURKEFGHITDEIdHMh\IoHMhIKGHITDRMLWEISELWI`LMEDIRKiE[NEUH\Ic[IDLW^[RLIEI
MPU[NEIURISHDQRI^[RIRDEIMHKQDEIW[EIdLUE\IoHMhITHURIWELD\IGHITDRMLWEISELWITEVEDIKRKf[SITDRFH\IoHMhI
RWQEI NLdDRr\I tRLEI R[I QRI TRDV[KQEDI [SEI MHLWEYI dENR[I EI TRKE_I cNRI QRDI `RLQHI Q[UHI LWWHI TDEI ^[RI dHMhI
MHKQLK[RI MHSI RWWEI W[EI dLULKfEI SRUxHMDR_IpMfHI ^[RIKGH\I GHI dENR[I EI TRKE\IHWWHIH`RDRMRDI HI SRNfHDI
TDEI dHMh\I CWI SRNfHDRWIfHSRKW]I EWI SRNfHDRWI S[NfRDRW\IpI SRNfHDIUDHVE]I HI SRNfHDIULKfRLDH]I HI SRNfHDI
RSTDRVH\Ic[IH`RDRFHIS[LQHISELWI^[RIRWWRIWEMDL`xMLHIQHNHIKEIMD[a\Ic[IH`RDRFHI[SEIdLUEIURIENRVDLE\IoHMhWI
^[RDRS_I
" 
   

  ( 
yHUHWYIc[I^[RDH]IR[I^[RDH]IR[I^[RDHr I
EQEKXWYIcKQGHIdRKfE]ITHD^[RIEITHDQEIPINEDVE\Ic[IWH[IHIMESLKfH\ I
yHUHWYICIMESLKfH_ICIMESLKfH_I
EQEKXWYIc[IWH[IHIMESLKfH\I
bRW[WYIc[IWH[IHIKLMHIMESLKfH]IEIKLMEIdRDUEUR]IRIQESePSIEIdLUEIRQRDKE\ I
yHUHWYICIMESLKfH_I"       \I
EQEKXWYICIMESLKfHIWH[IR[\IISELWI`XMLNIMHSLVH\IoRKfE\I
5
 #  
    
  

   
EQEKXWYICDE]IHDE]IWEKQHIURIJWDERN\ICI^[RI`EaRWIQ[IE^[L]IfRLK_ I
bRW[WYIHDE]IEQEKXWrI
EQEKXWYI HDE_I gEWI RNRI QRSI HI NLdDRI EDexQDLH\I cNRWI THURSI RWMHNfRDI WRI ^[RDRSI `LMEDI MHSLVH\I oHMhWI
^[RDRSI`LMEDIMHSLVH]IKGHIP_I
yHUHWYIHDErI
EQEKXWYIoHMhWIKGHIRKQRKURDES\IoHMhWI^[RDRSIEISLKfEITRWWHE]IKGHIP_I
yHUHWYIHDErI
     \I
[  !
  
     
@    
yHUHWYIRWQH[IMHSI`HSR\IgEWIKGHIPIURIMHSLUE\I
bRW[WYI c[I WH[I HI TGHI dLdHI ^[RI URWMR[I UHI MP[\I CI pN`E]I HI SRVE]I HI DLKMxTLHI RI HI LS\I H[I METEaI URI
TDRRKMfRDI HI dEaLHI ^[RI fXI KHI WR[I MHDEFGH\I GHI RLWQRI KEUEI ^[RI R[I KGHI THWWEI `EaRDI THDI ESHDI EI dHMh\I
HLWI[SIULEI R[ISHDDLIEIW[EISHDQR]ITEDEI^[RIfHiRIdHMhIdLdRWWRIEISLKfEIdLUE\IcIdLUEIRSIWEKQLUEUR\IHLWI
WRSIWEKQLUEURIPILSTHWWxdRNIEVDEUEDIEItR[W\IEQEKXWIdRSITDEIUEDIHDURKWIRIHDURKW]ISEWIEINQLSEITENEdDEI
PISLKfE\IHLWIdWIWHLWIWEMRDUMLHIWEKQH]ITHdHIEU^[LDLUH]IDEFEIRNRLQEITEDEISHDEDIKEIHdEIbRD[WENP S\IcnI
KGHI MDLRLI dHMhWI TEDEI RKQDEDRSI KHI LK`RDKH\I c[I MDLRLI dHMhWI TEDEI HI SR[I NH[dHD]I TEDEI EI HdEI bRD[WENPS\I

TRDUHEUHWI KEI MD[aI UHI vENdXDLH\I HLWI R[I QRI ESH\I  
6  A       cI HWI SR[WI eDEFHWI
RWQGHIEeRDQHWITEDEIMEUEI[SIURIdW\I
gRULEUHDEYIHD^[RItR[WIESH[IHIS[KUHIURIQENISEKRLDEI^[RIUR[IWR[IKLMHILNfH]ITEDEI^[RIQHUHIE^[RNRI
^[RIKcNRIMDhIKGHITRDRFE]ISEWIQRKfEIEIdLUEIRQRDKE\ICIRKfHDIbRW[WIcNRIRWQXIE^[L\ I
yHUHWYIvfRVErI
,# 
&  
#

 4<   
 
 
gRULEUHDEYIQRWQRS[KfH\IoHMhI^[RDIEMRLQXmNH_I
yHUHWYI c[I ^[RDH]I R[I ^[RDH\I 
         
  #           

 
4 
\I
RDWIwIOIDHWQLQ[QEYIc[INRSeDHI^[EKUHIRDEI[SEITDHWQLQ[QE\Ip^[RNRWIMEDEWIdLKfESISRIQHMEDIMHSHIWRIR[I
`HWWRI[SIdRDUEURLDHIHeiRQH\Ic[IMfRV[RLIEISRIdRKURDITHDIETRKEWIIDRELW\InSIULE]I[SEIS[NfRDIMfRVH[I
TDEISLSIRIULWWRI^[RItR[WITHULEIS[UEDISLKfEIdLUE\IpIENEdDEIURItR[WIKGHIdHNQEIdEaLE]IKGHIPISRWSH_I
{[EKUHIR[IdHNQRLITDEIMEWEITDEIUHDSLD]IR[IWIMHKWRV[LEIH[dLDIEIdHaIUE^[RNEIS[NfRDIULaRKUHI^[RIbRW[WI
SRIESEdE]I^[RIcNRITHULEISRINLeRDQED\Ic[IKGHIRWQEdEIMHKWRV[LKUHIUHDSLD\InSIVDEKURIESHDIRKQDH[IKHI
SR[I^[EDQH\IcDEIHIRKfHDI^[RI^[RDLEISRINEdED\IcNRIiXIKGHIWRILSTHDQEdEISELWIMHSI^[EKQHWIfHSRKWIR[I
fEdLEISRIURLQEUHIKE^[RNRIULE\IcNRI^[RDLEINEdEDIHISR[IMHDTH]IcNRI^[RDLEIS[UEDIHISR[IMHDEFGH\IpNV[KWI
ULEWIURTHLWI R[I EMRLQRLI EIbRW[WIvDLWQHI RI EI SLKfEIdLUEI S[UH[\I {[EKUHI R[IHNfHITEDEIHI SR[ITEWWEU H]IR[I
ULVHI^[RISLKfEIdLUEIRDEI[SIKHiH\\\I I
RDWI I OI tDHVEUE  
     YI HiH_I HiHI RDEI SLKfEI dLUE\I oLdLEI TRNEWI MENFEUEW]I UDHVEUE]I
`EaRKUHI eEV[KFE\I cDEI TDEI R[I QRDI SHDDLUHI fXI S[LQHI QRSTH\I {[EKQEWI dRaRWI R[I KGHI WExI MHSI HWI SR[WI
ESLVHW]I UDHVEUEI TEDEI EWI TDEFEW]I EWI KHLQEUEW\I cI R[I dHNQEdEI RSI MEWEI [KWI URaI ULEWI URTHLW\I c[I RDEI EI
dRDVHKfEI UEI SLKfEI`ESxNLE\Ic[I RDEI S[LQHI QDLWQR\I gHWQDEdEI WRDI U[DHKE]I SEWIKHI SR[I^[EDQHI QLKfEI MDLWRI
URI URTDRWWGH\I gR[I KEDLaI dLdLEI RWMHDDRKUH\I c[I MfRLDEdEI HI ^[RI dLEI TRNEI `DRKQR\I gRI URLQRLI MHSI dXDLHWI
fHSRKW]I RI KHI H[QDHI ULEI R[I KGHI WEeLEI KRSI HI ^[RI QLKfEI EMHKQRMLUH\I EDRMLEI [SI a[SeL\I cWQEdEI
QHQENSRKQRI SHDQE\I gEWI[SEI S[NfRDIULWWRI^[RIbRW[WI SRI ESEdE\Ip^[RNEITENEdDEIdRLHI MHSHI[SI`NRMfEI
KHI SR[I MHDEFGH\I [KMEI KLKV[PSI SRI ESH[\I [KMEI KLKV[PSI ULWWRI TDEI SLSI EI `DEWRI c[I QRI ESH\I cI
E^[RNEI S[NfRDI ^[RI KRSI SRI MHKfRMLEI ULWWRI TDEI SLSI ^[RI bRW[WI SRI ESEdE\I pI SLKfEI dLUEI S[UH[\I cI
dHMh_I pMfEI ^[RI KLKV[PSI QRI ESE_I bRW[WI QRI ESE\I cI cNRI QRI ESEI WRSI ^[RDRDI KEUEI RSI QDHME\I I WI dHMhI
EMRLQEDIbRW[WIEVHDE\IcIEISLKfEIdLUE\\\\I{[EKUHIR[IHNfHITDEISLKfEIfLWQDLE]ISLKfEWIdLEVRKW]IRDEIKHiRKQH\ I
RDWI sIOI gRKULVEYI HiRKQHI RDEIHIN[VEDI^[RI R[I dLdLE]I RIHWIDRWQHWI^[RI R[ITRVEdEIKHINLHITDEI MHSRD\Ic[I
`RULE\IqLMfHWIEKUEdESIWHeDRIHISR[IMHDTH\IgEWI[SEILDSGIMHSIS[LQHIESHDIRIE[QHDLUEUR]IULWWRITDEISLS I
^[RIbRW[WITHULEIWEMLEDIQHUEIEISLKfEI`HSR\I{[RITEWWEUHIfHDDxdRNIR[IQLKfE\IpKQRWIEISLKfEIdLUEIRDEI[SEI
UDHVErI
RDWI wI OI JDSGYI tDHVEI RDEI HI DRNEMLHKESRKQHI ^[RI R[I QLKfEI MHSI HI SR[I LDSGH\I c[I eDLVEdEI QHUHWI HWI ULEWI
MHSIRNR]IRNRISRIeEQLE\IcIWRIdHMhIeDLVEIMHSIHIWR[ILDSGH]IWRIdHMhIeDLVH[IMHSIHIWR[ILDSGH]IRSIKHSRIURI
bRW[W]I dHMhI dELI MfRVEDI TDHI WR[I LDSGHI RI dELI TRULDI TRDUGH\I EeRI THDI ^[R_I HD^[RI eDLVEI KGHI PI URI tR[W\I
qDLVEI KGHI EVDEUEI HI MHDEFGHI URI tR[W\I oHMhI dELI MfRVEDI TDEI RNRI RI dELI TRULDI TRDUGH\I cSI KHSRI URI bRW[WrI
WI EMRLQESHWI EI bRW[WI RI KHWWHI DRNEMLHKESRKQHI `HLI QHQENSRKQRI QDEKW`HDSEUH\I gEWI EKQRWI KWI KGHI
QxKfESHWIKRKf[SIMHSTDHSLWWHrI

HM[TEDIeEKMHW\Ic[IKGHIWRKQLEIEITDRWRKFEIURItR[W\Ic[ILEIWLSITE^[RDEDIEWISRKLKEW]IRKMHKQDEDIHWIESLVHW\I
c[IM[DQLEIEIfHDEIUHINH[dHD\IgEWI^[EKUHIMfRVEdEIEITENEdDE]IR[I`LMEdEIUHINEUHIURI`HDE\IcDEIeRSISRNfHDI
`LMEDI MHKdRDWEKUH]I UHI ^[RI QRDI ^[RI H[dLDI HI TEWQHDI TDRVEDI E^[RNEI TENEdDE\I gEWI [SEI LDSGI ^[RI QHSH[I
THWWRI UEI TENEdDEI ^[RI ULaYI p^[RNRI ^[RI dLDI ENV[PSI MHSRQRDI TRMEUHI RI KGHI EdLWED]I HI WEKV[RI URWQEI WRDXI
MHeDEUHI URI W[EI SGH\I cNEI `RaI MHSHI EQENELE]I RI dRLHI `ENEDI URI bRW[WI TDEI SLS\I HE]I R[]I MDLEUHI KEI LVDRiE]I
WRKUHI RdEKVRNLaEUHI URI KHdH\I pI HDEFGHI RI RHDQEFGHI UE^[RNEI LDSGI LSTEMQEDESI SLKfEI dLUE\I gEWI R[I
QRKfHI [SI MHKWRNfHI TEDEI HWI TEWQHDRW\I oHMhWI KGHI VHWQESI ^[RI HWI iHdRKWI `LMESI UHI NEUHI URI `HDEI
MHKdRDWEKUH]I SEWI KGHI TDRVESI ULDRLQH\I oHMhI EMfEI ^[RI HWI iHdRKWI MHKWRV[RSI `LMEDI [SEI fHDEI LKQRLDEI
H[dLKUHI HI TEWQHDI TDRVEDI WRSI [KFGH_I ZHiRI RLWQRSI SLNfEDRWI URI TEWQHDRWI TDRV[LFHWHW]I ^[RI KGHI
TDRTEDESI EI ENEdDEI RI WHeRSI KHI TNTLQH]I RI H`RDRMRSI ^[EN^[RDI MHLWEI TDEI LVDRiEI MHSRD\I CI ^[RI iHdRSI
VHWQEIPIURI`RLiHEUE\ICWITEWQHDRWIWIWEeRSITDRVEDIWRDSRWIDRTRQLUHW]IRIdRSIMHSIEIURWM[NTEIURI^[RIEI
TENEdDEIWRIDRKHdE\IpITENEdDEIWRIDRKHdEIWLS\IgEWIHWITEWQHDRWIKGHIWRIDRKHdES\ICIWEKV[RIURISLNfEDRWIURI
iHdRKWI WRDXI MHeDEUHI UEWI SGHWI URWWRWI NxURDRW\I bHdRKW]I HNfRSI TDEI bRW[W\I yENdRaI dHMhWI QRKfESI WRI
URWdLEUHIfXIS[LQHIQRSTH\IGHIEMfEI^[RIMfRVH[IEIfHDEIURIdHNQED_IIGHIMELEITHDI^[E N^[RDIeRLiLKfHIH[I
EeDEFH\Ic[IdH[IQRIMHKQEDI[SEIfLWQDLEI^[RIMHSRFEI^[EKUHIR[IKEWML\IcDEI[SEIQEDUR\\\\I
yHUHWYI 

 4       B   B  I 5 
 < YI pI SLKfEI dLUEI S[UH[I
MHSTNRQESRKQR\Ic[I^[RILEI`ENEDILWWH\\\I
"         
* 
C %72(IEeRI^[ENIPIHISHQLdHIUEIKHWWEIENRVDLE_I
* 
C   
(ITHD^[RIURWMHeDLSHWI^[RIbRW[WIQESePSISHDDR[ITHDY I
RDWIwYInSEITDHWQLQ[QE\I
RDWIYInSEIUDHVEUE\I
RDWIsYInSEISRKULVE\I
RDWIuYInSIiHdRSIWRSIMHSTDHSLWWH\I
RDWIzIRIYIJDSGHWI^[RIeDLVES\ I
RDWIuYIoRDUEURLDESRKQR]IcNRIQHSH[IWHeDRIWLIEWIKHWWEWIUHDRWIRIEWIKHWWEWIRK`RDSLUEURWIcNRINRdH[IWHeDRI
WL\I WI HI DRT[QXdESHWI THDI E`NLQH]I `RDLUHI URI tR[WI RI HTDLSLUH\I gEWI RNRI `HLI QDEWTEWWEUHI TRNEWI KHWWEWI
QDEKWVDRWWRWIRISHxUHITHDIKHWWEWILKL^LUEURW\ICIMEWQLVHI^[RIKHWIQDH[RIEITEaIRWQEdEIWHeDRIcNR]IRITHDI
W[EWITLWEU[DEWIKWI`HSHWIWEDEUHW\I
'6 <   
      \I10

4 
    
'6 
[  
   
&#D
C     C #   & 
<
  \I
EQEKXWYItRdHNdRISLKfEWIMHDDRKQRW\ICDE]IRL\IbXI^[RIRWQGHIQHUHWIWENdHWIEVHDEIR[ITHWWHIEHISRKHWIQRKQEm
NHW]IKGH_II

EQEKXWYIgEWIR[ITHWWHIQHMXmNHWIMHSHIR[I`EaLEIEKQLVESRKQR]IEfK_I
bRW[WYIcTRDLSRKQR\I
EQEKXWYI c[I ^[RDHI QHMEDI KRNRW\I {[RDI dRDI MHSHI R[I dH[I MHKWRV[LD_I [    $

  
  ICI^[RIPILWWHIeDLNfEKUHIKHIDHWQHIURNRW_ I
bRW[WYIcWQEIPIEIVNDLEIDRWTNEKURMRKQRIUHISR[IcWTxDLQHIEKQHI^[RI[SIULEIdHMhITRDUR[\ I
EQEKXWYI g[LQHI eRS\I bXI ^[RI R[I KGHI THWWHI QHMXmNHW]I R[I dH[I QRKQXmNHW\I {[RDI dRDI MHSHI RNRWI MERSI
DETLULKfH_IIS[LQHINRVENIQRKQXmNHW\IoHMhWIKGHIdGHIMHKWRV[LD\ItRWLWQES\IcWWRIKRVMLHIURIcdEKVRNfHIKGHI
PITDEI dHMhWI KGH\I oHMhWI KGHI dGHI WRDI NLeRDQHWI URI KEUE\I oELI MHKQLK[EDI WRKUHI TDHWQLQ[QE]I SRKULVE]I Q[UH]I
dHMhWIKGHIdGHIMHKWRV[LD\\\I
E

  #
C (I
yHUHWYICKURIEe[KUH[IHITRMEUH]IW[TRDEe[KUH[IEIVDEFEIURItR[W\ I
EQEKXWYI cI dHMhI ^[RI RWQXI Ex]I EfK_I {[RDI UEDI [SI DHNRI MHSLVHI ENL_I I DETLULKfH\I yRSI [SI SHKQRI URI
MHDDRKQRIWHeDEKUH\IoHMhI^[RD]IEfK_ I
yHUHWYIHDEIUE^[LrI
     
  
bRW[WYI yHUHI THURDI SRI `HLI UEUHI KHI MP[I RI KEI QRDDE\I cWWRI THURDI R[I ^[RDHI dHWI UED\I cSI SR[I KHSR]I
RT[NWEDGHIHWIURSKLHW]I`ENEDGHIRSIKHdEWINxKV[EW]ITRVEDGHIKEWIWRDTRKQRW]IRIWRIeReRDRSIENV[SEIMHLWEI
SHDQx`RDE]IKRKf[SISENINfRWIEMHKQRMRDX\I oHMhWIQHUHWIMHNH^[RSIEWISGHWIKHWIRK`RDSHW]IRIHWIRK`RDSHWI
QRSI^[RIWRDIM[DEUHW]ITHLWIR[IWH[ItR[W\IHLWI[SIULE]IR[IDLW^[RLIEIMPU[N EI^[RIRDEIMHKQDEIdW]IMDEdRLmEIKEI
MD[aIRIdHWINLeRDQRL\ItRWTHiRLITDLKMLTEUHWIRITHQRWQEURWIRIWHeDRIRNRW]IR[IQDL[K`RL\IZHiR]IR[IdHWIUH[ITHURDI
RI E[QHDLUEURI         TDEI TLWEDIKEI MEeRFEIUEI WRDTRKQR]ITHLWIHITRMEUHIiXIKGHI QRSI
SELWITHURDIWHeDRIEIW[EIdLUE\IHLWIfHiR]IHI cWTxDLQHIEKQH]I cNRIWLSIfEeLQEDXIRSIdW\IcWQRIPIEQEKXW]I ^[RI
dRLHITEDEISEQED]IDH[eEDIRIURWQD[LD\IgEWIR[]IdLSITEDEIUEDIdLUEIRIdLUEIRSIEe[KUKMLE\IHLWIR[IQRIESH\ I

S-ar putea să vă placă și