8  G L 9 C @ : 8K @ F E  F =  : F C 8 > <

ALJK=FILJ
=F :L J  F E  I <C @ > @ FE #  =8 @ K ? #  8 E ;  J G @ I @ K L8C @ K P f
M )
(
) 0
c% ''

)


G <F G C <  N @ K ?  8  C < J 9 @ 8 E #  > 8P#  9 @ J < O L8 C #  K I 8 E J > < E ; < I#  F I  H L < < I  G8 I < E K% % %  L E @ K < 

8  ? 8 G G P  9 8 C 8 E : < 1  D P  =8 D @ CP  8 E ;  : ? L I : ?
9P9I@KKE<<>8LK?@<I

@
nXj Yfie
`ekf X
i \ c ` ^ ` f l j
=cfi`[X% ?\i\ n\ n\i\ _\Xm`cp `emfcm\[ `e
X e\n Z_liZ_2 dp ]Xk_\i nXj `e k_\ Z_f`i
k_\i\]fi\dpj`Yc`e^jXe[@n\i\XcnXpj`e
]Xd`cp% N\ jfd\ kpg\ f] Z_`c[i\eËj gif^iXdd`e^ Xk
jg\ek dfjk f] k_\ Z_liZ_% 8 j`d`cXi gXkk\ie _Xgg\e\[
fli ]i\\ k`d\ \m\ipn_\i\ k_Xk dp ]Xd`cp dfm\[1 dp
`e k_\ Z_liZ_ ]Xk_\i nflc[ ^\k `emfcm\[ `e k_\ Z_liZ_
fi Xifle[ k_\ i\jlck`e^`edp`emfcm\d\ek`ek_\Z_liZ_%
Z_liZ_ g\fgc\ ?fn\m\i Xcc f] fli `emfcm\d\ek
`e Z_liZ_ jkfgg\[ n_\e n\ dfm\[ kf
Xe[XjXi\jlck
DXjjXZ_lj\kkj% @ [`[eËk hl`k\ le[\ijkXe[
k_\ Z_liZ_
n_p Ylk k_\e X^X`e @ e\m\i i\Xccp
]Xd`cp Y\ZXd\ fli ]Xd`cp% Dp [X[ nXj
hl\jk`fe\[ `k% K_\ e\ok p\Xi dp j`Yc`e^j
kiX`e`e^kfY\X[\XZfeXe[jXk`ek_\gffc
Xe[ @ c`m\[ n`k_ dp dfk_\i `e :Xc`]fie`X%
g`k \XZ_ Jle[Xp2 dp dfk_\i nXj XcnXpj
K_\i\ j_\ nXj m\ip `emfcm\[ n`k_ Xe
`emfcm\[ n`k_ XZk`m`k`\j n`k_ k_\ fk_\i 8gfjkfc`ZZ_liZ_Xe[XjXi\jlckn\n\i\
Z_liZ_nfd\e2Xe[dpYifk_\i#j`jk\iXe[@ ]fiZ\[ kf Y\ `emfcm\[ kff# _fn\m\i k_`j
n\i\XcnXpj`eZ_`c[i\eËjZ_liZ_% Z_liZ_ \em`ifed\ek _X[ X [`]]\i\ek ]\\c%
K_\eX]k\iX]\np\Xij#j\m\iXcdfm\j @ejk\X[ f] gi\XZ_`e^ XYflk >f[Ëj cfm\
Xe[ dp gXi\ekjË [`mfiZ\ @ ]fle[ dpj\c] k_\p nflc[ kip Xe[ [`jZfliX^\ g\fgc\
c`m`e^ n`k_ dp ]Xk_\i Xe[ j`Yc`e^j `e ]ifd gXikXb`e^ `e Z\ikX`e k_`e^j jlZ_ Xj
_fdfj\olXc`kp#[i`eb`e^#fiXepk_`e^k_Xk
k_\p [`[eËk k_`eb kf Y\ È^f[c`b\É% 9\`e^
]fiZ\[ kf Y\ XgXik f] k_`j Z_liZ_ ]fi *
p\Xijjfikf]klie\[d\f]]]ifdi\c`^`fe#
jf n_\e @ ^fk k_\ fggfikle`kp kf jkfg
Xkk\e[`e^Z_liZ_@kffb`k%@[`[eËknXekkf
Y\`emfcm\[n`k_jfd\k_`e^k_XkfecpdX[\
g\fgc\]\\cYX[XYflkk_\`i[\Z`j`fej#Xe[
n_\e dp ]Xk_\i ZXd\ flk kf d\ XYflk
Y\`e^ ^Xp @ [\]`e`k\cp ]\ck k_Xk @ Zflc[ ef
cfe^\i Y\ `emfcm\[ n`k_ jfd\k_`e^ k_Xk
[\dfe`q\jdp]Xk_\i]fiY\`e^k_\g\ijfe
k_Xk_\nXjYfiekfY\%
=fij\m\iXcp\Xij@[\Z`[\[k_Xk@[`[eËk
i\Xccpe\\[i\c`^`fe#lek`cfe\[Xp@m`j`k\[
dp]i`\e[jËZ_liZ_`eZfcc\^\%I`^_kXnXp
@]\cc`ecfm\n`k_k_\Z_liZ_Xe[k_\p]\ck
k_\ jXd\ nXp XYflk d\ R@ k_`ebT% K_`j
Z_liZ_`jjfg\i]\Zk]fid\#k_\p^`m\d\
jlggfikXe[X[m`Z\n_\e@e\\[`kXe[k_\p
kilcp n\cZfd\[
Xdci^cjZYdceV\Z*

C <>8: @ <J  F =  = < 8 I  8 E ;  CFM <

@
_Xm\ X j`cm\i i`e^# `ecXp\[ n`k_ _\dXk`k\# X ^i\Xk _\Xmp YcXZb n`ek\i ZcfXb# Xe[ k_\ d\dfip f] knf
g_fkf^iXg_jc\]kf]dp^iXe[]Xk_\i%@e\m\id\k_`d#Xe[@Z_\i`j_[\Xicpk_\j\g`\Z\jf]Zfee\Zk`fe
kf_`d%9lk]Xi^i\Xk\ik_Xek_\j\#@_Xm\Y\\ec\]kn`k__`jjkfip#n_`Z_`jdpdfdjËjkfip#Xe[n_`Z_
`jefndpjkfip%?`jeXd\nXj?\eipBl`q\e^XXe[_\nXjXn\cc$i\jg\Zk\[Gi\jYpk\i`Xed`e`jk\iXe[
k_\fcf^`Xe%?\_X[Xn`]\Xe[]fliZ_`c[i\e#Xe[nXj^XpXe[Zcfj\k\[_`j\ek`i\c`]\%8[\ZX[\Y\]fi\@
nXjYfie#_\nXjdli[\i\[Y\ZXlj\f]_`jj\olXc`kp%
@[feËkY\c`\m\dp^iXe[]Xk_\iZflc[_Xm\`dX^`e\[k_Xkk\ej_fikp\XijcXk\i_`j[Xl^_k\inflc[Y\
_Xm`e^Z_`c[i\elj`e^Xjg\idYXeb`eXefg\ecpc\jY`Xei\cXk`fej_`g%8e[_X[_\`dX^`e\[k_Xk#@[feËkk_`eb
_\Zflc[_Xm\gfjj`Ycp`dX^`e\[k_Xk_\igXike\inflc[\m\eklXccpY\fi[X`e\[XjXLe`kXi`XeLe`m\ijXc`jk
d`e`jk\iYpXZ_liZ_k_XkZ\c\YiXk\j_\ij\olXc`kp%9lkY\pfe[Xepk_`e^\cj\#@ZXeefkY\c`\m\_\Zflc[_Xm\
`dX^`e\[dpdfk_\ij^\kk`e^c\^XccpdXii`\[`ek_Xkj_fik#Yc\jj\[#n`e[fnf]\hlXc`kp`e:Xc`]fie`X%
@ [feËk befn _fn dp ^iXe[]Xk_\i ]\ck XYflk _`j j\olXc`kp# Ylk @Ëd jli\ k_Xk `e _fc[`e^ _`j `[\ek`kp Xj X d\dY\i f] k_\
gifk\jkXekZc\i^pXe[_`j`[\ek`kpXjX^XpdXe#_\nXjefjkiXe^\ikf^l`ckXe[j_Xd\%@Xd
`ejg`i\[kfk_`ebf]_fngfn\i]lc_`j]X`k_dljk_Xm\Y\\ekfZ\c\YiXk\Xe[[\[`ZXk\_`j
c`]\kfXi\c`^`fek_XkdXi^`eXc`q\[Xe[[\jg`j\[jlZ_X^i\XkgXikf]_`d%DXp@XcnXpj
_Xm\k_\\p\j]fik_\Y\Xlkpf]i\c`^`fek_Xk_\[`[%
@ Y\^`e j\d`eXip k_`j ]Xcc# \dYXib`e^ lgfe k_\ [\m\cfgd\ek f] dp fne Le`kXi`Xe
@EJ@;<
Le`m\ijXc`jkd`e`jkip%8j@]fccfn`ek_\]ffkjk\gjf]dpdfk_\iXe[dp^iXe[]Xk_\i#`k`j JZ_fcXij_`gN`ee\ij%%%%%%%%%%%%%%% GX^\.
Zc\Xik_Xkk_\p#Xe[dXepfk_\ijc`b\k_\d#k_ifl^_k_\`ic`m\j#k_ifl^_k_\`i[\\[j#Xe[ <m\ekJZiXgYffb%%%%%%%%%%%%%%GX^\j/$0
f]k\ek_ifl^_k_\`i[\Xk_j#_Xm\Zi\Xk\[e\nXe[^i\Xk\ijgXZ\ Xdci^cjZYdceV\Z* E\n:FC8><9iXe[%%%%%%%%%% %%%GX^\(+
 C<KK<I =IFD K?< ;@I<:KFI  : F C 8 > <
D@JJ@FE1 :FC8>< `j X eXk`feXc
dfm\d\ekf]Z_`c[i\e#pflk_#Xe[
X[lckjn`k_fe\fidfi\c\jY`Xe#

@
Xkk\e[\[ dp m\ip ]`ijk :FC8>< ^Xp#Y`j\olXc#kiXej^\e[\iXe[&
Zfe]\i\eZ\ `e E\n Pfib :`kp `e (00+% fi hl\\i C>9KH  gXi\ekj %
JkXik`e^ k_\e Xe[ j`eZ\# @Ëm\ _\Xi[ Xe[ N\ Yl`c[ Zfddle`kp Xe[ nfib
n`ke\jj\[ _le[i\[j f] jkfi`\j XYflk k_\ kfnXi[ jfZ`Xc aljk`Z\ k_ifl^_
`dgfikXeZ\f]i\c`^`fe#]X`k_#Xe[jg`i`klXc`kp pflk_\dgfn\id\ek#c\X[\ij_`g
`e k_\ c`m\j f] g\fgc\ n`k_ X c\jY`Xe# ^Xp# [\m\cfgd\ek# \[lZXk`fe# Xe[
X[mfZXZp%
Y`j\olXc#kiXej^\e[\ifihl\\igXi\ek%DXep
\dYiXZ\fiXi\\dYiXZ\[Ypk_`jgXikf]k_\`i :FEK8:KLJ1
c`]\ n_`c\ fk_\ij Xi\ i\a\Zk\[ Xe[ k_\i\]fi\ (,,'9ipXekJki\\k#Jl`k\/*'
i\a\Zk `k% 8ck_fl^_ :FC8>< glYc`j_\[ Xe JXe=iXeZ`jZf#:80+('*
\Xic`\i \[`k`fe f] Aljk =fi Lj ]fZlj\[ fe K<C%+(, /-($B@;J,+*. 
k_`j kfg`Z `e k_\ jgi`e^ f] )'')# n\ i\klie =8O%+(, ),,$/*+,
kf k_`j k_\d\ Y\ZXlj\ f] k_\ j`^e`]`ZXek N<9%nnn%ZfcX^\%fi^
nXpj i\c`^`fe# ]X`k_# Xe[ jg`i`klXc`kp `dgXZk fli [X`cp \og\i`\eZ\j# Yfk_ \$dX`c1ZfcX^\7ZfcX^\%fi^
g\ijfeXccpXe[gfc`k`ZXccp%
8j@ni`k\k_`j#k_\A\n`j_E\nP\Xi`jlgfeljXe[@Xdi\d`e[\[f] 9F8I;F=;@I<:KFIJ
Xe[ i\]c\Zk`m\ f] dp fne i\c`^`flj Xe[ jg`i`klXc lgYi`e^`e^% @ nXj iX`j\[ :f$:_X`ij1N_`ke\pDfj\j#:8
`ek_\Le`k\[JkXk\jI\]fidA\n`j_kiX[`k`fe%@edp\c\d\ekXipp\Xij#@ Xe[KfY`?`cc$D\p\i#FI
jXe^n`k__fefi`ek_\Z_f`i[li`e^k_\=i`[Xpe`^_kJ_XYYXkfiJXYYXk_ Ki\Xjli\i1Jk\m\JXeZ_\q#=C
j\im`Z\j Xe[ \Xie\jkcp Xkk\e[\[ i\c`^`flj jZ_ffc \m\ip Jle[Xp dfie`e^ J\Zi\kXip1B\ccp;\ejdfi\#:8
k_ifl^_ j\Zfe[Xip jZ_ffc% N_`c\ @ ]\ck jl]]`Z`\ekcp n\cZfd\ Xk k\dgc\# @ 8A:fjkX#KO#:ipjkXcc\\:iX`e#:8#
D`Z_\cc\;ljf#I@#Dfi^Xe>i\\e#:8
Xcjf]\ckc`b\Xeflkj`[\in`k_`ek_`jd`efi`kpZfddle`kp%
;\XeeXDXb`e\e#E?#:X`kc`e
J`eZ\dpc\jY`Xedfk_\inXjXj`e^c\`eZfd\ gXi\ek#k_\iXYY`Ëjn`]\
DXZ@ekpi\#KO#BXk\Fc`m\i#D;#
Xe[dpi\c`^`fljjZ_ffck\XZ_\ij`ej`jk\[fe`em`k`e^_\ikfj`e^c\jjfZ`Xc
Alc`XJ`\^\eY\i^#D8#:Xk_p
\m\ekj`efi[\ikfj\k_\ilgn`k_XdXekf[Xk\%N_`c\k_\`i`ek\ekdXp
JXb`dliX#:8#8XifeJXZ_j#:8#
n\cc_Xm\Y\\ej`eZ\i\#k_`jnXjefkj`dgcpXnbnXi[YlkXcfl[j`^eXckf 9iffb\NXcjkfe#D@##9i\kkN\YY$
d\k_Xkdpdfk_\iXe[fli]Xd`cpnXje\`k_\ile[\ijkff[efi_fc`jk`ZXccp D`kZ_\cc#E:
jlggfik\[ Yp fli i\c`^`flj _fd\% KXb\e `e[\g\e[\ekcp# k_`j dXp j\\d 
c`b\XjdXccjc`^_k%9lkk_`jXe[dXepdfi\[`]]\i\eZ\j`e_fnn\Xe[fli JK8==
]Xd`c`\j Xi\ ki\Xk\[ X[[ lg Æ Xe[ ZXe dXb\ lj ]\\c c`b\ fli ]Xd`c`\j Xi\ <o\Zlk`m\;`i\Zkfi19\k_K\g\i
efkmXcl\[% Gif^iXd;`i\Zkfi1D\i\[`k_=\ekfe
8ZZfi[`e^ kf Zlii\ek glYc`Z fg`e`fe gfccj# k_\ dfjk Zfddfecp$Z`k\[ =`eXeZ\Xe[Fg\iXk`fejDXeX^\i1
i\Xjfeg\fgc\fggfj\C>9KH\hlXc`kp`ji\c`^`fljY\c`\]%Fm\ik_\gXjkknf AXdfe=iXebc`e
kfk_i\\[\ZX[\ji\c`^`fljZfej\imXk`m\j_Xm\lj\[Xe[XYlj\[i\c`^`flj
;\m\cfgd\ekDXeX^\i1AXZbIp[\i
Y\c`\] Xe[ fi^Xe`qXk`fej kf gifdfk\ _fdfg_fY`X Xe[ [`jZi`d`eXk`fe%
Gif^iXd:ffi[`eXkfi1
D\dY\ij f] C>9KH _\X[\[ ]Xd`c`\j _Xm\ Z\ikX`ecp ]\ck k_\ Yilek f]
9\k_XepCfZb_Xik
k_`j fi^Xe`q\[ Xe[ Zffi[`eXk\[ i\c`^`flj XkkXZb efk fecp ]ifd fli fne
=\ccfn1A\]];\>iffk
i\cXk`m\j fi jg`i`klXc Zfddle`k`\j# Ylk Xcjf Xk k_\ mfk`e^ Yffk_ Xe[ `e
@ek\ie1:_`X_:feefccp$@e^iXd
c\^`jcXk`m\ _Xccj% I\dXibXYcp# Xk k_\ jXd\ k`d\# n\ _Xm\ j\\e \]]\Zk`m\
i\j`jkXeZ\ Xe[ i\Xc gif^i\jj XZ_`\m\[ n`k_`e j\m\iXc [\efd`eXk`fej# X
MFCLEK<<IGIF>I8D
]\nf]n_`Z_efn#]fi\oXdgc\#fi[X`eC>9KHc\X[\ijfig\i]fidi\c`^`flj
:FFI;@E8KFIJ
n\[[`e^Z\i\dfe`\j]fic\jY`XeXe[^XpZflgc\j%
:FC8><D`[[c\JZ_ffc:_Xkc`jk
@e k_\ ]fccfn`e^ gX^\j# pfl n`cc i\X[ jkfi`\j f] Y\c`\] Xe[ efe$Y\c`\]# Df[\iXkfi1N_`ke\pDf[\eX$
n\cZfd\ Xe[ i\a\Zk`fe# _lik Xe[ Z\c\YiXk`feÇ k_\ dXep nXpj n\ Xi\ Blig`ejbp
X]]\Zk\[Ypg\\ij#gXi\ekj#\ok\e[\[]Xd`cpd\dY\ij#Xjn\ccXjgfc`k`ZXc# :FC8><Pflk_:_Xkc`jkDf[\iXkfi1
i\c`^`flj# jg`i`klXc fi ]X`k_$YXj\[# Zfddle`kp c\X[\ij% Pfl n`cc Xcjf ]`e[ IXdfeXG`X^\ek`e`
lj\]lc k`gj# `e]fidXk`fe Xe[ i\jfliZ\j e\Z\jjXip kf Y\Zfd\ X jkife^ :FC8><8[lck:_Xkc`jkDf[\iXkfi1
X[mfZXk\]fipflij\c]Xe[pfli]Xd`cp% <c`jXY\k_?lek
Dp_fg\#giXp\i#Xe[Zfdd`kd\ekXi\kfXZ_`\m\n`k_pflk_\i`^_kj# N\YdXjk\i1A`dC\e^\c
i\Zf^e`k`feXe[i\jg\Zkk_XkXcc]Xd`c`\j[\j\im\%DXp`kY\jf :FC8><I\j\XiZ_I\m`\n9fXi[1
 8YY`\>fc[Y\i^Xe[BXk\BlmXcXebX
;XkXYXj\Mfclek\\i1>lp>Xpc\

9\k_K\g\i A=L;\j`^e18i`e=`j_b`eA=L
:FC8><<o\Zlk`m\;`i\Zkfi <[`kfi1D\i\[`k_=\ekfe

) nnn%ZfcX^\%fi^sZfcX^\7ZfcX^\%fi^s+(,$/-($B@;J,+*.
 N @ J ? @ E >  = F I  K ? <
G I < 8: ? @ E >  F =  CFM <
9P:?I@JK@E<NFC=<
@ [fefkY\c`\m\`e>f[%Dp[`jY\c`\][f\jefkZfd\]ifdX_fii`Yc\
\m\ek `e dp c`]\% @k [f\j efk Zfd\ ]ifd ]\\c`e^ Xcfe\# fi k_\
]\\c`e^ k_Xk >f[ Zflc[ efk \o`jk Y\ZXlj\ >f[ nflc[ e\m\i Xccfn
g\fgc\ kf jkXim\# Xccfn nXij kf fZZli# fi Xccfn g\fgc\ kf _Xk\ jf
]`\iZ\cp%@j`dgcp_Xm\e\m\iY\c`\m\[%
?fn\m\i# @ i\jg\Zk fk_\ijË Y\c`\]j `e X _`^_\i gfn\i% N_Xk
@Ëm\Zfd\kf[`ji\jg\Zk^ifn`e^lgXjXZ_`c[f]Xc\jY`XegXi\ek
Xe[ Y\`e^ iX`j\[ Yp cfm`e^ ^Xp g\fgc\ `j fi^Xe`q\[ i\c`^`fe% @
Y\c`\m\ k_Xk k_\ gfn\i]lc _Xk\ k_Xk glkj [fne dp ]Xd`cp Xe[
`kjZlckli\jk\dj]ifdfi^Xe`q\[i\c`^`fe%K_\j\Xi\k_\g\fgc\
n_f _`e[\i k_\ i`^_kj f] Xcc ^Xp g\fgc\ n`k_ k_\ ]\Xi k_Xk k_\p
jgi\X[ k_ifl^_flk fli Zflekip% Efk fecp [f k_\ _\X[j Xe[
d\dY\ijf]k_\_fjk`c\i\c`^`flj^iflgjjkfgk_\^XpZfddle`kp
]ifd XkkX`e`e^ k_\`i i`^_kj# Ylk k_\p Xcjf [`ji\jg\Zk k_\ g\fgc\
@ cfm\ jf dlZ_ Xe[ Xkk\dgk kf [\jkifp k_\ c\^`k`dXZp f] dp
]Xd`cpËjcfm\%Jf]i\hl\ekcp`ek_\e\nj@j\\fi_\XiXi\c`^`flj
]`^li\_\X[ ZXcdcp Ylk `ccf^`ZXccp [`jZljj`e^ k_\ nXp dp ]Xd`cp
c`m\j#Xe[_fn`k`j`ddfiXcXe[[XdX^`e^%
8cdfjkXccf]k_\`dgfikXekg\fgc\`edpc`]\#\m\ipfe\n_f
_Xj^`m\ed\jlggfikXe[lep`\c[`e^cfm\#Xi\^Xp%DpY`fcf^`ZXc
]Xk_\i#n_fd@d\ki\Z\ekcpk_ifl^_k_\;fefiJ`Yc`e^I\^`jkip#
`j X ^Xp dXe c`m`e^ `e :Xc`]fie`X% ?\ Xe[ _`j gXike\i Xi\ knf f]
k_\dfjknfe[\i]lc#cfm`e^d\e@_Xm\\m\id\k%@kilcp_Xm\fecp
Y\Zfd\XY\kk\ig\ijfek_ifl^_befn`e^k_\d%=fijfd\fe\kf
jXpk_Xkk_\`icfm\`jkX`ek\[`jjf`eZfdgi\_\ej`Ycpnife^%
Dp dfk_\i _Xj iX`j\[ d\# ljlXccp fe _\i fne# ]fi (- p\Xij%
J_\`jle]Xck\i`e^cp[\[`ZXk\[kfd\%J_\`jXdlZ_Y\kk\idfk_\i
k_XeX]\njkiX`^_knfd\ek_Xk@_Xm\d\k#Xe[j_\`jXc\jY`Xe%@
_\Xid`e`jk\ijXe[fk_\ig\fgc\`ek_\`igfj`k`fejkXcbXYflk_fn
J < C =  ; @ J : F M < I P  @ E  =8 @ K ?
9P8;8D9IFNE
@Xdefkfe\kfZcX`dk_Xkdpi\c`^`fe`jY\jk%@Y\c`\m\k_Xk
\XZ_f]lje\\[jkf]`e[flifnegXk_k_ifl^_c`]\n`k_flifne
j\kjf]Y\c`\]j%@_Xm\kXb\ek_`jj\kf]`[\Xcj`ekfdpe\nifc\Xj
k_\Nfij_`g:ffi[`eXkfif]dppflk_^iflg#Xe[XdgcXee`e^fe
YXj`e^dp\ek`i\p\XiËjnfik_f]jg`i`klXc`kpgif^iXdd`e^fek_\
`[\Xf]j\c][`jZfm\ip%
8jk_\Z_`c[f]c\jY`Xedfk_\ij#j\c][`jZfm\ip`j`dgfikXek%
N_\edpdfk_\iZXd\flkkfd\`k[`[]\\cXjk_fl^_dpnfic[
nXjklie\[fe`kj_\X[]fiXn_`c\%@]fle[k_XkYple[\ijkXe[`e^
dpj\c]@Zflc[c\Xiekfc`m\`ek_`j[`]]\i\ekj`klXk`fe%
@ g\ijfeXccp ]fle[ dpj\c] kf Y\ Xe X^efjk`Z Xe[ @ ]fle[
k_Xk @ [f efk Y\c`\m\ `e _\Xm\e fi _\cc fi Xep b`e[ f] X]k\i c`]\#
?fn\m\i@[fY\c`\m\`ek_\gfn\if]]X`k_#`]efk]X`k_`e^f[fiX
_`^_\igfn\ik_\e]X`k_`e_ldXe`kpXe[`ecfm\%@_Xm\Yl`ckdp
Y\c`\]jfe]X`k_`e_ldXe`kpXe[]X`k_`ecfm\%@]fle[k_\j\]X`k_j
\eZfdgXjj\[ dXep i\c`^`fej Ylk Xcjf Xccfn\[ ]fi ]c\o`Y`c`kp `e
k_\i\giXZk`Z\Xe[XZZ\gkXeZ\f]kiX[`k`fejXe[g\fgc\n_fXi\
[`]]\i\ekk_Xed\%
@]\\ck_Xkk_`j`jXZfie\ijkfe\f]c`]\Xjk_\Z_`c[f]^XpgXi\ekj#
Jlggfik:FC8><k_ifl^_JfZ`XcM`Y\_kkg1&&nnn%jfZ`Xcm`Y\%Zfd&dX`e&ZXlj\j&(/
Y\`e^iX`j\[Yp^Xp
g\fgc\`j[XdX^`e^
kf k_\ Z_`c[i\e#
k_Xk k_\ b`[j n`cc
Y\ `ej\Zli\ Xe[
d\jj\[ lg% N_`c\
@Ëd efk ZcX`d`e^ kf
Y\g\i]\Zk#@ËdXeXYfm\Xm\iX^\jkl[\ek#@_Xm\cfkjf]]i`\e[j#
Xe[ _Xm\ k_\ Xm\iX^\ Zfe]`[\eZ\ f] X k\\eX^\i n_`Z_ `j efk
kf jXp dlZ_ % 9\`e^ iX`j\[ Yp ^Xp g\fgc\ _Xj fecp dX[\ d\
jkife^\i2 `] Xepk_`e^% @ Y\c`\m\ Y\`e^ \ogfj\[ kf [`m\ij`kp `j Xe
`ek\^iXc gXik kf Y\Zfd`e^ Xe `ek\cc`^\ek X[lck% @ le[\ijkXe[ k_\
gX`ef][`jZi`d`eXk`feYlk@Xcjfle[\ijkXe[k_\jki\e^k_f]gi`[\
Xe[k_\gfn\if]cfm\%
@e dp c`]\# @ _Xm\ j\\e fi^Xe`q\[ i\c`^`fe gi\XZ_ `eZi\[`Yc\
_Xk\%N_`c\dXepi\c`^`flj^iflgjXi\n\cZfd`e^#`k`jk_\fk_\ij
n_fXZkgfc`k`ZXccpXe[jfZ`XccpkfjkfgfliZfddle`kp]ifdY\`e^
XZZ\gk\[k_Xk^\kk_\dfjkXkk\ek`feXe[k_\dfjkk_i\Xk\e`e^
]fccfn\ij% Dp _\Xik _Xj Y\\e Yifb\e jf dXep k`d\j i\X[`e^ Xe
Xik`Zc\ XYflk k_\ `ddfiXc`kp f] ^Xp g\fgc\% @ fecp n`j_ k_\i\
n\i\jfd\nXpkfk\cck_\d\dY\ijXe[_\X[jf]k_fj\i\c`^`flj
^iflgjn_f_Xk\jfk\eXZ`fljcpk_Xkk_\cfm\f]Xccf]fli]Xd`c`\j
`j jf dlZ_ jkife^\i Xe[ dfi\ d\Xe`e^]lc k_Xe Xep _Xk\ Zflc[
\m\iY\%
8]g^hi^cZLda[Z!&+!a^kZh^cHiZVbWdViHeg^c\h!8dadgVYd!l^i]]ZgaZhW^Vcbdi]Zg!
6ccZ!Wji]VhWZZcgV^hZYWnbVcnadk^c\higV^\]iVcY\Vn[Vb^anbZbWZghVcY
[g^ZcYh#I]Z\VnXdbbjc^in]VhValVnhWZZcV]j\ZeVgid[]Zga^[ZVcY]Vhk^iVaan
]ZaeZYbV`Z]Zgi]ZeZghdch]Z^hidYVn#
XZZ\gkXeZ\ Xe[ cfm\ Xi\
`dgfikXek kf \m\ipfe\ Ylk
k_\ XZZ\gkXeZ\ f]k\e kXb\j
k`d\ Y\ZXlj\ n_`c\ g\fgc\
ZcX`d kf XZZ\gk Xcc g\fgc\
k_\pf]k\e[fefkXjhl`Zbcp
Xjfk_\ij%@_Xm\]fle[ZfdgXe`fej_`g`edppflk_^iflgefkaljk
]ifdd\dY\ijn_fXi\C>9KYlk]ifdj\m\iXcn_fXi\Z_`c[i\e
f] C>9K gXi\ekj% @ Xcjf ]`ijk c\Xie\[ f] :FC8>< Xk dp pflk_
^iflgXe[]\\ck_Xkn`k_flk`k@nflc[e\m\i_Xm\befneXYflk
k_`jfi^Xe`qXk`fe%
@_Xm\]fle[k_Xkjg`i`klXc`kpe\\[efkY\gXikf]XdX`ejki\Xd
i\c`^`fe# fi \m\e n`k_`e X ^iflg# @ Y\c`\m\ k_Xk ]X`k_ dljk Y\
[`jZfm\i\[ Xe[ k_Xk k_\ gifg\i ]X`k_# Xe[ jg`i`klXc gXk_ n`cc
Zfd]fikk_\dXe[dXb\k_\d]\\cjX]\efkXc`\eXk\fidXb\k_\d
]\\cc`b\k_\pe\\[kfZ_Xe^\%
6YVb7gdlca^kZh^cLZhi=Vgi[dgY!8dccZXi^Xjil^i]]^hbdbhl]dlZgZbVgg^ZY
ZVga^Zgi]^hnZVghZZe]did06YVb^hidi]Z[VgaZ[i#=ZZc_dnhgZVY^c\!hdX^Va
VXi^dcVcYndji]b^c^hignVcY^h&,nZVghdaY#
*
 : ? F F J @ E >  A L ; 8 @ J D 1  K N F  H L < < I J G8N E  < O G < I @ < E : < J

=le:FC8><=XZk1Yfk_f]fli]fid\i<o\Zlk`m\;`i\Zkfij#Jk\]XeCpeZ_Xe[=\c`Z`XGXib$If^\ijXi\
Yfk_`\j:FC8><ijn`k_c\jY`Xedfdj8E;^Xp[X[j n_fZfem\ik\[kfAl[X`jdXjX[lckj%;`XeX:Xjk`ccf`ek\im`\n\[
Jk\]XeXe[=\c`Z`XfeY\_Xc]f]*UST&OR5Skf\ogcfi\k_`jZf`eZ`[\eZ\Xe[k_\d\jf]Z_f`Z\#]X`k_Xe[]Xd`cp%
(OWHAVEYOUREXPERIENCESAS k_Xk @ nXj cXi^\cp Xci\X[p [f`e^#
#/,!'%RSANDBOTHIESINFLUENCED ]fi `ejkXeZ\ ^`m`e^ Z_Xi`kp
YOURRELIGIOUSANDSPIRITUALVIEWS kf k_\ gffi% @e Al[X`jd `kËj X
=<C@:@81 @ nXj Yfie `e k_\ .'j kf ZfddXe[d\ek kf ^`m\ Z_Xi`kp kf
gXi\ekjn_fn\i\Zflek\iZlckli\Xe[ k_\ gffi# efk Y\ZXlj\ pfl nXek
gfc`k`Z`q\[ `e jlZ_ X nXp k_Xk dX[\ kf# efk Y\ZXlj\ pfl gXik`ZlcXicp
i\c`^`fe leXkkiXZk`m\% K_\p k_fl^_k c`b\ k_\ g\ijfe# \m\e `] pfl
f] i\c`^`fe Xj [f^dXk`Z# lejZ`\ek`]`Z# _Xm\ i\j\imXk`fej# pfl Xi\ jk`cc
Xe[efk\dgfn\i`e^]fig\fgc\fi]fi ZfddXe[\[ kf ^`m\% 8e[ k_`j `j
jfZ`Xc Z_Xe^\% K_Xk Zfek`el\[ \m\e jfd\k_`e^@Xci\X[pY\c`\m\[#Xe[
dfi\ Xj k_\p n\i\ Zfd`e^ flk `e k_\ Al[X`jdkXcbjXYflk`k%@kËj^`m\e
.'j#j`eZ\i\c`^`fenXjeËkXeXZZ\gk`e^ d\ Xe le[\ijkXe[`e^  X i\Xjfe
gcXZ\ f] Y\`e^ hl\\i% @ _X[ ef i\Xc ]fin_Xk@nXjXci\X[p[f`e^%
i\Xjfe kf hl\jk`fe k_Xk# \oZ\gk k_Xk Jk\]XeXe[=\c`Z`X`eAle\)''-n_\e=\c`Z`XXZk\[XjXn`ke\jj]fik_\ =1Dpc`]\`jZfdgc\k\cp[`]]\i\ek%
@ ]\cc `e cfm\ n`k_ jfd\fe\ n_f nXj j`^e`e^f]Jk\]XejB\klYX_A\n`j_gXike\ij_`g&dXii`X^\ZfekiXZk % @ b\\g Bfj_\i# @ nfib ]fi X
[iXne kf jg`i`klXc`kp% 8e[# `e _\i jpeX^f^l\# @ _Xm\ X df[`]`\[
\ogcfiXk`fe# j_\ n\ek YXZb kf _\i n\i\ mXcl\j @  ^i\n lg n`k_ `e dp hl\\i i\m\i\eZ\ f] J_XYYXk% @ Xkk\e[
A\n`j_ iffkj k_Xk j_\ ^i\n lg n`k_# Yp jfZ`XcXZk`fefi`\ek\[_fd\%8e[XjJk\]Xe j\im`Z\j e\Xicp \m\ip =i`[Xp% Dp c`]\ `j
n_`Z_ gf`ek @ nXj k_\ <o\Zlk`m\ ;`i\Zkfi jX`[# _Xm`e^ k_fljXe[j f] p\Xij kf jkl[p jkilZkli\[]ifdA\n`j_c`]\]ifd_fn@\Xk
Xk:FC8><% Xe[_Xm\c`]\ZpZc\j#`kXccZXd\kf^\k_\i% kf n_Xk @ [f n`k_ dp dfe\p% C`b\ Jk\]Xe
JK<=8E1@_X[Xi\Xccpj`d`cXi\og\i`\eZ\ jX`[# _fn @ kip kf nXcb dp nXp k_ifl^_
(OW DID YOUR PARENTS REACT TO YOUR
Xj =\c`Z`X2 dp gXi\ekj n\i\ Zflek\i k_\ nfic[# _fn @ iX`j\ dp Z_`c[i\e# _fn @
CHOICETOCONVERTTO*UDAISMCHOICETO
Zlckli\`ek_\.'jXe[flk#Xe[n_Xkk_Xk \og\i`\eZ\k`d\_`jkfip%
CONVERTTO*UDAISM
d\Xek]fik_\dnXjaljkXj`knXjefklek`c 7HAT WORDS OF ADVICE TO YOU HAVE TO
k_\ cXk\ /'j k_Xk k_\i\ nXj X j\ej\ k_Xk J1 J_\ nXj jlg\i \oZ`k\[% Dp dfd jfik
#/,!'%RSWHOARESTRUGGLINGWITHISSUES
pfl Zflc[ Y\ Yfk_ hl\\i Xe[ X gXi\ek# f] i\^i\kk\[ k_Xk @ _X[eËk ^ifne lg n`k_
OFFAITHANDSPIRITUALITY
`e k_\ .'j k_\i\ nXj X j\ej\ k_Xk pfl Xj\ej\f]jg`i`klXc`kpXe[j_\jXn`knXj
Zflc[[\]`e`k\cpefkY\Yfk_hl\\iXe[Y\ X i\Xccp m`YiXek Zfddle`kp Xe[ @ k_`eb J1EfYf[pbefnjn_Xk>f[nXekj\oZ\gk
`emfcm\[ `e i\c`^`fe% Le]fikleXk\cp# k_\i\ m\ip ^\e\ifljcp jXn n_Xk X ^ff[ k_`e^ ]fi >f[% Jf# [feËk ^\k kff ZXl^_k lg Xe[
nXjXcfkf]Zfe]cXk`feY\kn\\ei\c`^`fe @ nXj X gXik f]# \m\e k_fl^_ `k d\Xek Xe kipkf]`^li\k_Xkflk%9lk]`^li\flkn_Xk
jg`i`klXc`kp#jfk_Xk@^i\nlg`eXeXk_\`jk X[[`k`feXcYXii`\i]fi_\i#ZXlj\j_\Ëjefk Yi`e^j pfl Zcfj\i kf pfli ZfeZ\gk`fe f]
`[\ek`]`\[ _flj\_fc[# n_`Z_ ]fi dp [X[# A\n`j_% @k Xcjf `ekif[lZ\[ X n_fc\ cfk f] >f[%=fid\#k_Xkd\Xej^\kk`e^Zcfj\ikf
\jg\Z`Xccp#d\Xekefi\Xc[`jZljj`fef]k_\ e\nZfee\Zk`fejn`k_dpA\n`j_]Xd`cpf] fk_\ig\fgc\%
jg`i`klXcc`]\Xe[Z\ikX`ecpef`emfcm\d\ek Z_f`Z\%Jfdp[X[ËjYfp]i`\e[]ifdn_\e@
`efi^Xe`q\[i\c`^`fe% nXjXk\\eX^\iZXd\YXZb`ekfdpc`]\Xe[ =1K_\i\ËjXZfeZ\gk`eAl[X`jdk_XkXccf]
nXjdpA\n`j_ifc\df[\cXe[efnn\Ëi\ ljXi\dX[\`e>f[Ëj`dX^\%@kËjefkXYflk
(OWDIDYOUCHOOSE*UDAISM i\XccpZcfj\% i\]\i\eZ`e^fe\i\c`^`fe#n\Xi\XccdX[\
`e>f[Ëj`dX^\%C`b\Jk\]XejX`[#k_Xk>f[
JK<=8E1Dp gXike\i `j A\n`j_# c`b\ =1N\cc#dpgXi\ekj[\]`e`k\cpjlggfikd\ pfl[feËkY\c`\m\`e[f\jeËk\o`jk#jfjkfg
=\c`Z`XËj# jf k_Xk ^fk d\ `e k_\ [ffi% `e dXb`e^ Z_f`Z\j k_Xk dXb\ d\ _Xggp Xi^l`e^ n`k_ _`d% @ befn k_\i\ Xi\ b`[j
@ Z\ikX`ecp nXj efk fe X i\c`^`flj fi Xe[ k_Xk Xi\ c`]\$^`m`e^ ]fi d\% K_\p n_f _Xm\ g\fgc\ befZb`e^ fe k_\`i [ffi
jg`i`klXcaflie\p%@nXjXcfe^]fik_\i`[\ Xcjf# c`b\ Jk\]Xe# i\Xccp jlggfik Xepk_`e^ kXcb`e^ XYflk j`e Xe[ _\cc# Y\ZXlj\ k_\
Xk ]`ijk% N_Xk b\gk d\ Zfd`e^ YXZb nXj k_Xk ]\\cj c`b\ `kËj jlggfik`e^ dp j\ej\ g\fgc\n_fc`m\k_\i\[feËk]`kn_Xkk_\p
dp Y\c`\] k_Xk A\nj _Xm\ \jkXYc`j_\[ f] Zfddle`kp Xe[ ]Xd`cp `e dp c`]\% <m\e k_`eb>f[nXekj%@_fg\`eflic`]\k`d\k_Xk
i\Xccpgfn\i]lckiX[`k`fej]fidX`ekX`e`e^ k_fl^_ @Ëd Zfee\Zk\[ n`k_ k_\ dfjk \e[jXe[@_fg\k_Xkk_fj\b`[jbefnk_Xk
g\ijfeXc Xe[ Zfddle`kp `ek\^i`kp `e k_\ c`Y\iXc\[^\f]fi^Xe`q\[Al[X`jd#@k_`eb k_\pËi\ jkife^  Y\Xlk`]lc Xe[ k_Xk >f[
]XZ\ f] Xe fggi\jj`m\ [fd`eXek jfZ`\kp% k_\pjk`ccjkil^^c\n`k_fi^Xe`q\[i\c`^`fe cfm\jk_\d%
8j@^i\nlg#`edp]Xd`cp#n\n\i\kip`e^ Xj X ZfeZ\gk Xe[ `kËj efk X Z_f`Z\ k_\p
kf [f k_Xk `e fli _fd\ Xe[ _\i\ nXj X nflc[dXb\% HiZ[VcAncX]^hVcjghZ!W^`Zg!\VgYZcZgVcYXdd`
jpjk\d#Xe\ek`i\^iflgf]g\fgc\n_f_X[
ZmigVdgY^cV^gZl]da^kZh^cHVc;gVcX^hXd!86#;Za^X^V
jg\ek,'''p\XijZi\Xk`e^k_`jjpjk\d% )NWHATWAYSDOESYOURRELIGIONINFLUENCE
EVg`"Gd\Zgh^hi]Z:mZXji^kZ9^gZXidgd[7Zi]8]Vn^b
YOUREVERYDAYLIFE
=<C@:@81K_\g`ccXijf]Al[X`jdXi\jkl[p 8]VYVh]^b!i]ZldgaY˜h[^ghiA<7IFHncV\d\jZVcY
Xe[giXp\i#]X`k_`ek_\]XZ\f]\efidflj J1@nflc[jXpk_Xk`kËj^`m\ed\XcXe^lX^\ a^kZh^cAdh6c\ZaZhl^i]]Zgl^[Z!GVX]ZaVcYi]Z^g
f[[j# aljk`Z\# Xe[ Z_Xi`kp% K_fj\ mXcl\j ]fi le[\ijkXe[`e^ Xe[ i\`e]fiZ`e^ k_`e^j ildhdch##

+ nnn%ZfcX^\%fi^sZfcX^\7ZfcX^\%fi^s+(,$/-($B@;J,+*.

8  : I F J J I F 8 ; J 
F =  =8 @ K ?
9P8A:FJK8
8
jXpflk_#c`]\ZXeY\Z_Xcc\e^`e^fe`kjfne
n`k_ ef \ok\ieXc `e]cl\eZ\j fi gi\jjli\j#
aljk ^ifn`e^ lg `j [`]]`Zlck% 8j X pfle^
Yfp n`k_ knf dfdj# @ ]XZ\[ j`d`cXi j`klXk`fej kf
dfjkf]fli:FC8><]Xd`cp%8j@^i\nfc[\i#c`]\
Y\ZXd\dfi\Zfdgc`ZXk\[Xj`kk\e[jkf[fXe[@
nXj]XZ\[n`k_dp`[\ek`kpY\pfe[dp]Xd`cpXe[
Y\pfe[ dp g\\ij% @ ZXd\ kf X ZifjjifX[j `e k_\
i\Xcdf]i\c`^`fe%
Pflj\\#@nXjYfieXDljc`dXe[Zfem\ik\[kf
:_i`jk`Xe`kp`e(00+%DpZfem\ij`fe_X[c`kkc\kf[f
n`k_dpfnedfk_\ij`[\ek`]`ZXk`feXjX:_i`jk`Xe#
dlZ_ c\jj _\i e\n gXike\ij% ?fn\m\i# k_Xk nXj
efk_fnk_\fk_\ij`[\f]dp]Xd`cpjXn`k%
Dp ]Xk_\i# Y\`e^ X eXk`m\ f] GXb`jkXe Xe[
c`]\cfe^ Dljc`d# nXj m\ip `ejlck\[ Yp dp Z_f`Z\
Xe[ dp ]X`k_ aflie\p2 _`j `^efiXeZ\ _`e[\i\[ k_\
[\gk_f]flii\cXk`fej_`g%@kjXZklXccphl`k\j`d`cXi
kfk_\`^efiXeZ\[`jgcXp\[Ypfggfe\ekjf]C>9KH
g\ijfejXe[]Xd`c`\j%K_\`id`jle[\ijkXe[`e^Xe[
len`cc`e^e\jj kf YifX[\e k_\`i d`e[j Yp Y\`e^ `e
i\cXk`fej_`gn`k_g\fgc\f][`]]\i`e^YXZb^ifle[j
c`d`kj k_\d% K_\p [f efk ^\k kf \og\i`\eZ\ k_\
]lcce\jj k_Xk `j X [`m\ij\ Zfddle`kp f] ]i`\e[j
Xe[g\\ij%
@ _X[ kf ]`e[ X gcXZ\ `ej`[\ dpj\c]# n_`Z_
kffb dlZ_ k`d\# n_\i\ @ Zflc[ i\ZfeZ`c\ dp fne
k_fl^_kjXe[g\iZ\gk`fejkfk_`jXjg\Zkf]dpc`]\%
DpZfeZclj`fe_XjY\Zfd\dfi\Zc\XiXe[j`dgc\
Xj@^\kfc[\i1k_Xk>f[cfm\jXcc?`jZ_`c[i\eXe[
dp fecp gcXZ\ fe k_`j <Xik_ `j kf Xccfn ?`d kf
nfib k_ifl^_ d\ kf \ejli\ k_Xk Xcc ]\\c ?`j cfm\%
Kfk_fj\cfjk`e_Xki\[Xe[dXc`Z\Y\kn\\e#@ZXe
fecp _fg\ k_\p ZXe j\\ cfm\ ]fi Xcc Y\]fi\ k_\p
ef cfe^\i _Xm\ k_Xk Z_XeZ\ kf [f jf% K_`j c`]\ `j
gi\Z`fljXe[@Xdj`dgcp^iXk\]lckfY\_\i\Xe[
_\cg`e^?`jg\fgc\%
6?8dhiV!VcVi^kZd[=djhidc!
IM^hV'(nZVgdaY\gVYjViZ
d[IZmVhAji]ZgVcJc^kZgh^in
VcYVbZbWZgd[6ae]VE]^
6ae]V;gViZgc^in!>cX#=Zcdl
gZh^YZh^c9VaaVhl]ZgZ]Z^h
VcVgZVXddgY^cVidg[dgV[iZg
hX]ddaijidg^c\egd\gVbh#6?
lVhgV^hZYWn]^hildbdbh
VcY^hVadc\i^bZbZbWZg
d[i]Z8DA6<:Xdbbjc^in#
L]dgZXZciangZijgcZYidi]Z
7dVgYd[9^gZXidgh#
:fee\Zkn`k_:FC8><k_ifl^_flidXepfec`e\Zfddle`k`\jnnn%ZfcX^\%fi^&gif^iXdj&fec`e\&`e[\o%_kd

8?8GGP98C8E:<#Zfek`el\[]ifdgX^\(
d\c`b\X]Xd`cpd\dY\i%@Xkk\e[k_`jZ_liZ_]X`k_]lccpn_`c\@Ëd
Xk jZ_ffc% ?fn\m\i k_\ `ek\i\jk`e^ gXik XYflk Y\`e^ X d\dY\i
f]k_`jZ_liZ_`jk_Xk@_Xm\kf_`[\XdXafigXikf]dpc`]\]ifd
k_\d%8ck_fl^_k_\Z_liZ_cfm\jd\#k_\pdXpefkcfm\k_\]XZk
k_Xk dp [X[ `j ^Xp# n_`Z_ `j X ]XZk k_Xk @ _Xm\ XZZ\gk\[% 8j X
i\jlck@[feËkk\ccXepfe\]ifdk_\Z_liZ_XYflkdp]Xk_\i%@k`j
_Xi[fed\Xkk`d\jj`eZ\dp]Xk_\i`jjlZ_XY`^gXikf]n_f@
Xd#_fn\m\i#dpi\c`^`fegcXpjXdXafiifc\`ek_\g\ijfek_Xk@
Xd2Xe[n_f@n`j_kfY\%
@eXg\i]\Zknfic[effe\nflc[ZXi\XYflkdp]Xk_\ijj\olXc
fi`\ekXk`fe#_fn\m\i`ek_`jnfic[k_Xkn\c`m\`e@_Xm\XZ_f`Z\#
Xe[ `e fi[\i kf b\\g dp cfm`e^ XZZ\gk`e^ Z_liZ_ ]Xd`cp @ dljk
b\\gXgXikf]dpj\c]jX]\cp_`[[\e`edp_\XikXe[d`e[n_\i\
effe\ZXeal[^\%@giXpk_Xkk_`jn`ccfe\[XpZ_Xe^\%
@]pfl\m\i]`e[pflij\c]`eXj`d`cXij`klXk`fek_\epflj_flc[
[\Z`[\ n_Xk pfl e\\[ `e pfli c`]\% I\Xc`q\ k_Xk ef fe\ _Xj k_\
i`^_kkfdXb\pfl]\\cYX[fileZfd]fikXYc\XYflkpfli]Xd`cp
jf`]pflXi\`eXZ_liZ_j`klXk`fec`b\k_Xk`kd`^_kY\Y\jk`]pfl
]`e[Xdfi\Zfd]fikXYc\Z_liZ__fd\%?fn\m\i`]k_\Z_liZ_`j
^`m`e^pfln_Xkpfle\\[k_\eb\\g`ed`e[k_Xkpflfecp_Xm\
kfj_Xi\n_XkpflnXekk_\dkfbefn%@]pfl[feËk]\\ck_Xkpfl
nXekkfj_Xi\\m\ip[\kX`cf]pflic`]\n`k_k_\dk_\ek_XkISOK
7g^iicZZ^hVg^h^c\hZc^dgViHeZabVc8daaZ\Zl]ZgZh]ZbV_dgh^cEhnX]dad\nl^i]
Vb^cdg^c8]^aY9ZkZadebZci#H]Za^kZh^c8Va^[dgc^Vl^i]]Zgbdi]ZgWjiheZci
bdhid[]Zga^[Zbdk^c\VgdjcYl^i]]ZgdaYZgWgdi]ZgVcYh^hiZg!VcY]Zg\Vn
[Vi]Zgl]dhZgkZY^ci]Z6^g;dgXZ#H]Z^h]dcdgZYid]VkZldg`ZYl^i]8DA6<:
VcY^ihndji]VhVhjbbZg^ciZgc#
C<>8:@<JF==<8I8E;CFM<#Zfek`el\[]ifdgX^\(
`e df[\ie i\c`^`fe% JgXZ\ efk fecp ]fi hl\\i g\fgc\ kf Y\ flk
`eZ_liZ_\j#Ylk]fiflk#hl\\iZc\i^p#]fikiX`e`e^jfeZi\Xk`e^
jX]\jgXZ\]fiC>9K]fcbjk_ifl^_flkdXep[\efd`eXk`fej#]fi
gif^i\jj`m\ i\c`^`flj XZk`m`jd# Xe[ ]fi k_\ Z_`c[i\e f] hl\\i
gXi\ekj kf _Xm\ k_\`i ]Xd`c`\j n`ke\jj\[ Xe[ Z\c\YiXk\[ Yp
Zfddle`kp`eXnXpk_Xkg\fgc\c`b\dp^iXe[]Xk_\iZflc[e\m\i
_Xm\[i\Xd\[f]%
Dp]X`k_`j[\\gcpiffk\[`ek_\_fg\k_Xkdpc`]\#dpd`e`jkip#
n`cc Zfeki`Ylk\ kf Zi\Xk`e^ X nfic[ k_Xk @ ZXeefk `dX^`e\% N_Xk
jgXZ\ n`cc Y\ fg\e\[ ]fi dp ^iXe[Z_`c[i\e k_Xk @ ZXeefk p\k
[i\Xd f]6 @ giXp k_Xk Xcc i\c`^`flj `ejk`klk`fej# n_`Z_ f]]\i jf
dlZ_Zfddle`kp#jlggfikXe[jg`i`klXcefli`j_d\ekkfjfdXep
g\fgc\# n`cc fe\ [Xp i\Zf^e`q\ Xe[ dXb\ Xd\e[j ]fi k_\ ^i\Xk
[\Xc f] _Xid k_\p _Xm\ Xcjf ZXlj\[ kf fli g\fgc\% @ _Xm\ ]X`k_
k_Xk fe\ [Xp fli Z_liZ_\j# k\dgc\j# jpeX^f^l\j Xe[ dfjhl\j
n`ccY\befneXjgcXZ\jf]XZZ\gkXeZ\Xe[cfm\]fiXccf]lj%DXp
`kY\jf
BVgXjhA^Z[ZgilVhajX`nZcdj\]id\gdlje^ci]Z7Vn6gZVl^i]aZhW^Vcbdbh#
=Z^hVegdjYJc^iVg^VcJc^kZghVa^hi!VcY^hXjggZcianhijYn^c\^c7Zg`ZaZnViHiVgg
@^c\HX]dda[dgi]ZB^c^hign#=Zadd`h[dglVgYidVb^c^higni]Vil^aaZca^kZcVcY
^che^gZgVY^XVaan^cXajh^kZ!bjai^"XjaijgVa!VcYhdX^Va_jhi^XZ"[dXjhZYhe^g^ijVaXdb"
bjc^i^Zh#
,
 JG<8BFLK
7HAT IMPACT DOES HAVING A LESBIAN GAY BISEXUAL TRANSGENDER ANDOR QUEER PARENT
HAVEONYOURRELATIONSHIPTORELIGIONFAITHORSPIRITUALITY

:IPJK8C# :Xc`]fie`X1 @ ^f kf Z_liZ_ jfd\k`d\j n`k_
dp]i`\e[jXe[@_\Xik_\dkXcb`e^XYflkY\`e^^XpXj
Xj`e%@kj_Xi[kf_\XiY\ZXlj\k_Xkjdpdfdk_\pXi\
kXcb`e^XYflkXe[@[fekk_`ebj_\`jYX[finife^%@k
dXb\jd\]\\cc`b\@_Xm\kfg`Zbj`[\jfijfd\k_`e^%
>L8GF# DXjjXZ_lj\kkj1 8Yflk Z_liZ_ Xe[ _Xm`e^ X
;X[[pXe[GXgX\dYXiiXjj\jd\%@ZXekXcbXYflkdp
]Xd`cpXkZ_liZ_Ylk@[feËkc`b\kfkXcbXYflk`k\oZ\gk
Xk:FC8><%
A<==#Fi\^fe1Le]fikleXk\cp#_Xm`e^c\jY`Xedfdj_Xj
\ogfj\[ d\ kf n_Xk @ g\iZ\`m\ Xj k_\ dfi\ e\^Xk`m\
j`[\ f] i\c`^`fe% N_`c\ @ nXj iX`j\[ Yp X dfk_\i n_f
`[\ek`]`\j Xj :_i`jk`Xe Xe[ kffb d\ kf Z_liZ_ fe
i\^lcXi YXj`j# `k `j _Xi[ ]fi d\ kf \jZXg\ k_\ dXjj
Xdflek f] _Xk\]lc i_\kfi`Z [`i\Zk\[ Xk dp ]Xd`cp Yp
]le[Xd\ekXc`jkj`eXmXi`\kpf]i\c`^`fej%9\`e^XZ_`c[
n_f _X[ k_\ fggfikle`kp kf n`ke\jj k_\ Xn\jfd\
gfn\i f] i\c`^`fe# Xe[ le[\ijkXe[ k_\ gfj`k`m\ Xe[
e\^Xk`m\ X]]\Zkj `k _Xj fe g\fgc\# _Xj ZXlj\[ d\ kf
Y\Zfd\]XjZ`eXk\[n`k_i\c`^`fe%
DFI<E@K8# DXjjXZ_lj\kkj1 @ [feËk c`b\ kf kXcb XYflk
_Xm`e^ ^Xp gXi\ekj jfd\k`d\j% 8k fli Z_liZ_# @ _Xm\
]i`\e[jn_fbefnfli]Xd`cpgi\kkp^ff[jf@ZXekXcb
kfk_\dfbXp%
C<O@#M`i^`e`X1@lj\[kfY\cfe^kfk_\Le`k\[D\k_f[`jk
:_liZ_ Xe[ k_\ cX[p k_Xk @ n\ek kf Z_liZ_ n`k_ lj\[
kf giXp ]fi dp dfk_\i% @ [\Z`[\[ kf X[fgk Xe Xk_\`jk
c`]\jkpc\%
I8M<E# :Xc`]fie`X1 ?Xm`e^ Xe C>9KH gXi\ek [f\jek
_Xm\Xe`dgXZkfei\c`^`fe#]X`k_fijg`i`klXc`kpY\ZXlj\
@ Xd ^`m\e k_\ ]i\\[fd kf \ogcfi\ Xe[ [\Z`[\ ]fi
dpj\c]%@nXje\m\i]fiZ\[kf^fkfXZ_liZ_fiXepk_`e^
f]k_\jfik%
J8D#@cc`ef`j1K_\i\Xi\ekm\ipdXepA\nj`edpkfne
jf_Xm`e^Xc\jY`Xedfd`jaljkfe\dfi\nXpk_Xk@Xd
[`]]\i\ek%9lk@]\\c^cX[k_XkdpA\n`j_jpeX^f^l\Xe[
dXep fk_\ij Xi\ gi\kkp n\cZfd`e^ kf C>9KH g\fgc\
Xe[]Xd`c`\j%

: F C 8 > <  PF L K ?  8 : K @ M @ K P 8  K I L <  =8 D @ CP

È D P  =8 D @ CP É  9 I 8 : < C < K J K_\nfi[j¿ 8]Xd`cpk_Xkcffbj
K_\pXi\jdXcc#p\k [`]]\i\ek%
\m\ipn_\i\% N\cfm\\XZ_fk_\i#
DXk\i`Xcje\\[\[1Jki`e^fipXie#jZ`jjfij#Y\X[j :i\\g`e^lgY\_`e[d\# EfdXkk\in_fddp
;\jkifp`e^n_f@Xd% ]Xk_\i`j
:i\Xk\XYiXZ\c\kk_Xk Ficfm\j%
N_`jg\i`e^Xe^\i
i\gi\j\ekjpfli]Xd`cpN_f
:c\Xicpjgfb\e Jk`cc#k_fj\nfi[j¿
`j`epfli]Xd`cp6:_ffj\fe\ Lebefnegfn\i ÈK_XkËjjf^XpÉ
Y\X[k_Xki\gi\j\ekj\XZ_ K_\gfn\ikf_lik# @k[\jkifpjX^`icn`k_X
d\dY\if]pfli]Xd`cp%;feËk KfYi`e^jX[e\jj% ^Xp]Xk_\i%
 $8eeXJkXec\p
]fi^\kpflig\kjJki`e^\XZ_ ÈK_Xk`jjf^XpÉ
Y\X[fekfk_\jki`e^#k_\eZlk 
k_\jki`e^kf]`kXifle[pfli @_\Xi#@_\Xi`k
\m\ipn_\i\
ni`jk%J_Xi\pfli]Xd`cpjkfip
:XjlXccplj\[
YpkXcb`e^XYflk\XZ_Y\X[%Pfl Kfk\Xidp_\Xik#
ZXeX[[Y\X[jfiZ_Xidjk_Xk Kf[`ji\^Xi[n_fdp
i\gi\j\ekpfli]X`k_fii\c`^`fe# ]Xd`cp`j
XZk`m`k`\jk_Xkpfli]Xd`cpc`b\j N_fdp]Xk_\i`j%
kf[fkf^\k_\ififk_\i`dX^\j K_fj\nfi[j¿ 6ccVHiVcana^kZh^cHZViiaZ!LVh]^c\idc
k_XkXi\`dgfikXekkfpfl%N\Xi K_\g\fgc\n_fjg\Xb l^i]]ZgYVYVcY]^heVgicZg7g^Vc#I]Zn
pfli]Xd`cpYiXZ\c\kkfj_fn k_\dXi\Zil\c adkZ\d^c\]^`^c\id\Zi]Zg!lViX]^c\aViZ
LejpdgXk_\k`Z c^\]ibdk^Zh!VcYeaVn^c\XgdfjZi^ci]Z
_fnY\Xlk`]lcpfli]Xd`cp`j%
LeZXi`e^ eVg`hZZe]did#6ccV˜h\gZViZhi_dn^h
Befn`e^efk_`e^f]X gZVY^c\!h]ZVahdZc_dnhh`^^c\!hjbbZg
kil\]Xd`cp# XVbe!VcYa^hiZc^c\idXdjcignbjh^X#

- nnn%ZfcX^\%fi^sZfcX^\7ZfcX^\%fi^s+(,$/-($B@;J,+*.
 :FC8>< J:?FC8IJ?@G N@EE<IJ

:
FC8><`j\oZ`k\[kfXeefleZ\k_\i\Z`g`\ekjf]k_\)''0C\\;lY`eD\dfi`XcJZ_fcXij_`g]fi
le[\i^iX[lXk\jkl[\ekjn`k_C>9KHgXi\ekj%K_`jp\Xin\_X[Xki\d\e[flji\jgfej\]ifdjkl[\ekjXcc
fm\ik_\Zflekip%8ccf]k_\ZXe[`[Xk\j[\dfejkiXk\[k_Xkfli:FC8><Zfddle`kp`j[`m\ij\#kXc\ek\[
Xe[Zfdd`kk\[kfZXlj\jk_XkdXkk\idfjkkffli]Xd`c`\j%8_l^\k_Xebpflkfflimfclek\\iZfdd`kk\\]fik_\`i
nfib`ei\m`\n`e^\XZ_Xggc`ZXk`feXe[Z_ffj`e^k_\flkjkXe[`e^i\Z`g`\ekjY\cfn%

<
c`qXY\k_ <cdfi\ Y\^Xe
_\i k_`i[ p\Xi f]
Zfcc\^\ Xk k_\ BXejXj
JkXk\ Le`m\ij`kp k_`j ]Xcc# `e
DXe_XkkXe# BXejXj n_\i\ j_\
k_`jn_\e`e_\iale`fip\Xif]_`^_jZ_ffcj_\_\cg\[
]`^_kX[`jZi`d`eXkfipXZk`feXk_\ijZ_ffcgcXZ\[fe
XkiXej^\e[\ijkl[\ek%J_\jkff[lg]fik_\jkl[\ek
`e_fg\jk_Xkjfd\[Xpk_\jZ_ffcZflc[Y\kfc\iXek%

:
_fg\j kf XZ_`\m\ X 9XZ_\cfij XiX :\i`j\ `j jkXik`e^
f] JZ`\eZ\ `e 8^ifefdp Xe[ _\i ]i\j_dXe p\Xi Xk
<em`ifed\ek JljkX`eXY`c`kp% N\jkd`ejk\i :fcc\^\
8k X pfle^ X^\ j_\ ]XZ\[ `e_fg\jf]Xele[\i^iX[lXk\
X[m\ijXi`\j n_\e d\dY\ij f] [\^i\\ `e JfZ`Xc JZ`\eZ\%
k_\ =i\[ G_\cgj :fe^i\^Xk`fe J_\ ^i\n lg gifl[ f] _\i
g`Zb\k\[ k_\ Z_liZ_ n_\i\ j_\ ^Xp [X[ Xe[ `e _`^_ jZ_ffc
Xe[_\i^Xp]Xk_\iXkk\e[\[%J`eZ\k_\ej_\jkXik\[ jkXik\[ X ZclY ZXcc\[ 9FE;
X >J8 >Xp$JkiX`^_k 8cc`XeZ\  Xk _\i _`^_ jZ_ffc# 9l`c[`e^ Fe\ E\n ;i\Xd 
Xe[ ^fk `emfcm\[ YifX[cp `e k_\ C>9K jfZ`Xc aljk`Z\ n_`Z_ ]fZlj\[ fe Yi\Xb`e^
dfm\d\ek% Dfjk i\Z\ekcp j_\ _Xj Y\\e ]`^_k`e^ ]fi YXii`\ij Xe[ Zi\Xk`e^ X jX]\
jXd\$j\ogXike\iY\e\]`kj`ek_\nfibgcXZ\% \em`ifed\ek% :XiX jg\ek cXjk
p\Xi`eGXiX^lXpn_\i\j_\jkl[`\[JgXe`j_#kXl^_k

D
\c`jjX >f\kk\ `j X
]i\j_dXe Xk :fcldY`X
:fcc\^\ ?fccpnff[# `e
KXiqXeX# :8 n_\i\ j_\ _fg\j
kfglijl\X98`eJZi\\eni`k`e^%
>ifn`e^ lg Xj X [Xl^_k\i
f] X kiXej^\e[\i gXi\ek `e Xe
<e^c`j_Xe[nfib\[n`k_?@Mgfj`k`m\k\\ejXkXcfZXc
8@;Jflki\XZ_Z\ek\i%J_\_XjY\\e]\Xkli\[`ek_\
*UST &OR 5S glYc`ZXk`fe Xe[ ]fle[\[ k_\ :FC8><
JXck CXb\ :`kp Z_Xgk\i n_`Z_ j_\ jk`cc Zffi[`eXk\j#
Xjn\ccY\`e^Xd\dY\if]k_\:FC8><jJg\XbFLK
gif^iXd%

F
`ekfc\iXek gXik f] K\oXj _Xj c`m`X GXib\i n`cc Y\
fg\e\[ _\i \p\j kf `ealjk`Z\% jkXik`e^ _\i ]i\j_dXe
J`eZ\k_\ej_\_Xj]lee\c\[_\i p\Xi Xk :fcldY`X
\e\i^`\j`e^\kk`e^k_\nfi[flk :fcc\^\ `e :_`ZX^f# @C% J_\
XYflkC>9K`jjl\j%J\e`fip\Xif] ^i\n lg `e D`ee\Xgfc`j# DE
?`^_JZ_ffcj_\ZXdgX`^e\[kf^\kX>J8>Xp$JkiX`^_k n`k_ knf ]Xd`c`\j `eZcl[`e^
8cc`XeZ\  Xk _\i jZ_ffc% D\c`jjX i\Z\ekcp _Xj dfm\[ kf _\i dfdj Xe[ _\i Yifk_\i
:Xc`]fie`Xn_\i\j_\\jg\Z`Xccp]fZlj\[fek_\Effe/ Xe[ j`jk\i% N_`c\ `e _`^_
ZXdgX`^eXe[Y\`e^m`j`Yc\`eXe[Xifle[C8% jZ_ffc Fc`m`X _\cg\[ kf jkXik
X ^iflg# 8cc`XeZ\ ]fi IXZ`Xc

<
c`qXY\k_ NXii\e i\Z\ekcp
jkXik\[ _\i ]i\j_dXe
p\Xi Xk k_\ 8d\i`ZXe
Le`m\ij`kp `e NXj_`e^kfe ;%:%
n_\i\ j_\ _fg\j kf glijl\
Gfc`k`ZXc JZ`\eZ\ Xe[ ?`jkfip%
>ifn`e^lgn`k_^XpgXi\ekj_Xj
kXl^_k_\ikfefkXccfn`ealjk`Z\
kfgXjjfeYp%<c`qXY\k_j_fn\[
<hlXc`kp kf X[[i\jj iXZ`jd
j_\ Xe[ ]i`\e[j jXn Xe[
\og\i`\eZ\[ `e jZ_ffc% J_\ _Xj Xcjf Y\\e XZk`m\ `e
_\iZ_liZ_Xe[k_\cfZXcC>9KZfddle`kp%J_\jXpj
_\i ]Xd`cp _\cg\[ k\XZ_ _\i kf XZZ\gk g\fgc\ Xe[
jkXe[lg]fi_\ii`^_kj%

DXb\pflijZ_ffcjX]\in`k_:FC8><i\jfliZ\jnnn%ZfcX^\%fi^&i\jfliZ\j&m`j`Y`c`kp%_kd .
 : F C 8 > <  < M < E K J  J : I 8

:FC8><:i\n=i`\e[jXkk_\=Xd`cpN\\b;XeZ\
:FC8><ij\eafp@Z\:i\XdfeXnXidD`Z_`^Xee`^_kXk
JXl^XklZb=Xd`cpN\\b

K_\:FC8><;iX^Nfibj_fgJlg\iJkXijgfj\Y\]fi\ :FC8><9Xp8i\Xpflk_Xe[]Xd`c`\j
k_\`i=Xd`cpN\\bg\i]fidXeZ\`eGifm`eZ\kfne c\[k_\dXiZ_]ifdJXe=iXeZ`jZf:`kp
?XccfeKl\j[XpDXp)-k_#`ei\jgfej\
kfk_\:Xc`]fie`XJlgi\d\:flikj[\Z`$
j`fekflg_fc[Gifgfj`k`fe/

K_\:FC8><:cfj`e^:\c\YiXk`feXkD`Z_`^Xe=Xd`cpN\\b

K_\:FC8><Mf`Z\jIX`j\[B`ZbF]]GXikp`eFXbcXe[#:8

/ Af`e:FC8><XkXe<m\eke\Xipflnnn%ZfcX^\%fi^&gif^iXdj&\m\ekj&
 LG:FD@E> :FC8><  <M<EKJ
G 9 F F B :FC8><JG<8BFLK:8DG
Af`e:FC8><]fifli]`ijk$\m\i
Jg\XbFLK:Xdg
Efm\dY\i,$/#)''0
8kk_\:_\ifb\\Flk[ffiPD:8
:Xdg`eNff[jkfZb#>8*'d`elk\j
Efik_f]8kcXekX
Dfi\`e]fidXk`fefegX^\(,%
I8@E9FN=8D@C@<JEA
.K?9@<EE@8C=8D@CP:FE=<I<E:<
J8KLI;8PEFM<D9<I(+K?#)''0
K_\=XZ`c`kXkfij`eKiX`e`e^Xe[ DfekZcX`iJkXk\Le`m\ij`kp#DfekZcX`i#
D\ekfijXkGifm`eZ\kfne=Xd`cp E\nA\ij\p
N\\b Af`e:FC8><Xe[IX`eYfn=Xd`c`\j
E\nA\ij\p]fiX[Xpf]]Xd`cp
gif^iXdd`e^#Zfddle`kpYl`c[`e^
Xe[]le%
nnn%iX`eYfn]Xd`c`\jea%fi^&n_Xk&
gif^iXdj%_kdc
@FN8C>9K=8D@CPJLDD@K
;<JDF@E<J#@8
J8KLI;8P#EFM<D9<I)(JK#)''0
Af`e:FC8><#Fe\@fnX=Xd`cp
<hlXc`kp:fleZ`cXe[CXdY[XC\^Xc
]fik_\]`ijk\m\ijkXk\n`[\^Xk_\i`e^
f]c^Yk]Xd`c`\j`e@fnX%
EFIK?<8JKI<>@FE8C:?8GK<IJ
>8K?<I@E>
AXelXip(-k_$(/k_
EP:#EP
=fipflk_Xe[X[lckj`emfcm\[`e
efik_\XjkYXj\[:FC8><Z_Xgk\ij#
k_`jn\\b\e[n`ccf]]\iXle`hl\
Z_XeZ\kfd\\kXe[_Xm\]len`k_
d\dY\ijf]fk_\iZ_Xgk\ij`ek_\
i\^`fe%


=fidfi\[\kX`cjXe[`e]fidXk`feXYflklgZfd`e^:FC8><\m\ekj#
m`j`kflin\Yj`k\Xknnn%ZfcX^\%fi^

8e`ek\i^\e\iXk`feXc^iflgf]:FC8><ij
le`k\XkGifm`eZ\kfne=Xd`cpN\\b

Pflk_]ifd:FC8><
:`eZ`eeXkk`Z\c\YiXk\
k_\`iZ_Xgk\iËj]`ijkGi`[\

=XYlcflj:FC8><ijXkk_\IX`eYfn=Xd`c`\jD`ee\jfkX
:fe]\i\eZ\

:FC8><E\nPfib:`kpZ\c\YiXk\jGi`[\n`k_k_\`i]`ijk$\m\i
GXiX[\]cfXk 8^iflgf]:FC8><ijle`k\Xkk_\LgjkXk\E\nPfibGi`[\
Xe[Afp:fe]\i\eZ\

nnn%ZfcX^\%fi^sZfcX^\7ZfcX^\%fi^s+(,$/-($B@;J,+*. 0
 < ; L : 8K @ F E  
I < J F L I : < J 1  = ` e [ ` e ^  X e
8 Z Z \ g k ` e ^  X e [  8 ] ] ` i d ` e ^  =X ` k _
:fddle`kp
K
_\j\ fi^Xe`qXk`fej Xe[
i\c`^`flj fi^Xe`qXk`fej
Xi\ X ^i\Xk jkXik`e^
gcXZ\ ]fi ]`e[`e^ X ]X`k_
Zfddle`kpk_Xk`jn\cZfd`e^#
X]]`id`e^ Xe[ Z\c\YiXkfip ]fi
C>9KHg\fgc\Xe[]Xd`c`\j%
D\kifgfc`kXe :fddle`kp
:_liZ_\j n\i\ ]fle[\[
jg\Z`]`ZXccp kf d\\k k_\
jg`i`klXc e\\[j f] :_i`jk`Xe
C>9Kg\fgc\%nnn%dZZZ_liZ_%fi^
Le`kXi`Xe Le`m\ijXc`jkj Æ LLj ÈX]]`id Xe[ gifdfk\ k_\ `e_\i\ek
nfik_ Xe[ [`^e`kp f] \m\ip g\ijfe%É 8 c`Y\iXc# efe$Zi\\[Xc i\c`^`fe# LL
\dYiXZ\jefkfecpC>9Kg\fgc\Ylkg\fgc\f][`m\ij\YXZb^ifle[jXe[
Y\c`\]jpjk\dj%nnn%llX%fi^
;`^e`kpLJ8 È\em`j`fej Xe[ nfibj ]fi X k`d\ n_\e >Xp# C\jY`Xe#
9`j\olXcXe[KiXej^\e[\i:Xk_fc`ZjXi\X]]`id\[Xe[\og\i`\eZ\[`^e`kp
k_ifl^_ k_\ `ek\^iXk`fe f] k_\`i jg`i`klXc`kp n`k_ k_\`i j\olXc`kp# Xe[ Xj
Y\cfm\[g\ijfejf]>f[gXik`Z`gXk\]lccp`eXccXjg\Zkjf]c`]\n`k_`ek_\
:_liZ_Xe[JfZ`\kp%Énnn%[`^e`kpljX%fi^
8d\i`ZXe 9Xgk`jkj :feZ\ie\[ gifm`[\ jlggfik# \[lZXk`fe# Xe[
X[mfZXZp]fiC>9K9Xgk`jkj#]Xd`c`\j#]i`\e[j#Z_liZ_\j#Xe[Zc\i^p%ÈN\
\em`j`fek_Xkk_\[XpdXpjg\\[`cpZfd\n`k_`e9Xgk`jk:_liZ_\jn_\e
ef fe\ j_Xcc ]\\c \oZcl[\[ ]ifd >f[j cfm\ `e A\jlj :_i`jk Y\ZXlj\ f]
k_\`ij\olXcfi`\ekXk`feXe[^\e[\i`[\ek`kp%Énnn%iX`eYfnYXgk`jkj%fi^
8]]`idXk`fe1 >Xp Xe[ C\jY`Xe Dfidfej Èj\im\j k_\ e\\[j f] ^Xp
Dfidfenfd\eXe[d\e#Xjn\ccXjY`j\olXcXe[kiXej^\e[\iC;JXe[
k_\`i jlggfik`m\ ]Xd`cp Xe[ ]i`\e[j# k_ifl^_ jfZ`Xc Xe[ \[lZXk`feXc
XZk`m`k`\j%Énnn%X]]`idXk`fe%fi^
Nfic[ :fe^i\jj f] >Xp# C\jY`Xe# 9`j\olXc Xe[ KiXej^\e[\i A\nj1
B\j_\k >XËXmX_  ÈFli m`j`fe `j Xe \em`ifed\ek n_\i\ C\jY`Xe# >Xp#
9`j\olXc# Xe[ KiXej^\e[\i C>9K  A\nj nfic[n`[\ ZXe \eafp ]i\\ Xe[
]lc]`cc`e^c`m\j%Énnn%^cYka\nj%fi^
8c$=Xk`_X =fle[Xk`fe È`j [\[`ZXk\[ kf Dljc`dj f] Xcc ZlckliXc Xe[
\k_e`ZYXZb^ifle[jn_fXi\c\jY`Xe#^Xp#Y`j\olXc#kiXej^\e[\i#`ek\ij\o#
hl\\i# Xe[ hl\jk`fe`e^ fi \ogcfi`e^ k_\`i j\olXc fi`\ekXk`fe Xe[&fi
^\e[\i`[\ek`kpC>9K@HH #Xe[k_\`i]Xd`c`\j#]i`\e[jXe[Xcc`\j%Énnn%
Xc$]Xk`_X%fi^
Clk_\iXej :feZ\ie\[ Ènfibj ]fi k_\ ]lcc `eZclj`fe f] c\jY`Xe# ^Xp#
Y`j\olXc# Xe[ kiXej^\e[\i Clk_\iXej `e Xcc Xjg\Zkj f] k_\ c`]\ f] k_\`i
:_liZ_Xe[Zfe^i\^Xk`fej%Énnn%cZeX%fi^
A\n`j_ DfjX`Z ÈgXike\ij n`k_ A\n`j_ fi^Xe`qXk`fej# Zfddle`k`\j#
Xe[`e[`m`[lXcjf]\m\ip[\efd`eXk`fekfZi\Xk\Xnfic[n_\i\XccA\nj
Xi\ ]lccp `eZcl[\[ `e ZfddleXc c`]\# i\^Xi[c\jj f] j\olXc fi`\ekXk`fe fi
^\e[\i`[\ek`kp%Énnn%a\n`j_dfjX`Z%fi^
E\_`i`d1 >C9K A\n`j_ :lckli\ Xe[ Jg`i`klXc`kp È`j X eXk`feXc#
efegif]`k#Xe[efe[\efd`eXk`feXcfi^Xe`qXk`fen_`Z_Yl`c[jZfddle`kp
]fi>C9KA\nj#gXike\ijXe[Xcc`\j%Énnn%e\_`i`d%fi^
Jflc =fiZ\ K_`j fi^Xe`qXk`feËj gligfj\ `j È]i\\[fd ]fi c\jY`Xe# ^Xp#
Y`j\olXc# Xe[ kiXej^\e[\i g\fgc\ ]ifd i\c`^`flj Xe[ gfc`k`ZXc fggi\jj`fe
k_ifl^_k_\giXZk`Z\f]i\c\ekc\jjefem`fc\eki\j`jkXeZ\%nnn%jflc]fiZ\%fi^
K_\ EXk`feXc 9cXZb Aljk`Z\ :fXc`k`fe jgfejfij X I\c`^`flj 8]]X`ij
gif^iXd [\[`ZXk\[ kf c`]k`e^ k_\ k_\fcf^`ZXc Z_X`ej f] fggi\jj`fe ]ifd
9cXZbC>9KZfddle`kp%nnn%eYaZ%fi^
(' nnn%ZfcX^\%fi^sZfcX^\7ZfcX^\%fi^s+(,$/-($B@;J,+*.
8 C C  @ E  > F ; Ë J
=8 D @ CP1
: I < 8K @ E >  8 C C @ < J  = F I
F L I  C > 9 K  =8 D @ C @ < J
8
cc `e >f[j =Xd`cp1 :i\Xk`e^ 8cc`\j ]fi
Fli C>9K =Xd`c`\j `j X af`ek gifa\Zk
f] k_\ EXk`feXc >Xp Xe[ C\jY`Xe KXjb
=fiZ\j @ejk`klk\ ]fi N\cZfd`e^ I\jfliZ\j#
:FC8><Xe[=Xd`cp<hlXc`kp:fleZ`c%;\Ylk\[
`e DXp )''0# k_`j dlck`d\[`X Zlii`Zlcld n`cc
^fXcfe^nXp`egifm`[`e^k_\e\Z\jjXipkffcj
kf dXb\ ]X`k_ Zfddle`k`\j X]]`id`e^ f] C>9K
g\fgc\Xe[k_\`i]Xd`c`\j%
8cc`e>f[j=Xd`cp`eZcl[\jZfeZi\k\kffcj
kf \[lZXk\ ]X`k_ c\X[\ij# `eZcl[`e^ X jk\g$
Yp$jk\g ^l`[\ kf jlggfik`e^ C>9K ]Xd`c`\j
f] ]X`k_ Xe[ kffcj ]fi ]XZ`c`kXk`e^ ^iflg
c\Xie`e^#Zfddle`kp[`Xcf^l\#9`Yc\jkl[pXe[
Zfddle`kp XZk`fe gcXee`e^ kf _`^_c`^_k C>9K
]Xd`c`\j `e fli Zfddle`k`\j% 8[[`k`feXccp#
k_\ Zlii`Zlcld `eZcl[\j =Xd`c`\j C`b\ D`e\# X
Yffb XYflk X[lckj n`k_ C>9K gXi\ekj ni`kk\e
Yp 8Y`^X`c >Xie\i# n_fj\ ]Xk_\i `j ^Xp2 Xe[
knf :FC8>< m`j`Y`c`kp i\jfliZ\j $ k_\ pflk_$
gif[lZ\[[fZld\ekXip@eDpJ_f\j1Jkfi`\jf]
Pflk_n`k_C>9KGXi\ekjXe[X:;ZfekX`e`e^
k_\g_fkfk\ok\o_`Y`kK_XkjJf>Xp1GfikiX`kj
f]Pflk_n`k_C>9KGXi\ekj%
=fipflk_Xe[X[lckjn`k_C>9KHgXi\ekj#
]`e[`e^X]X`k_Zfddle`kpn_\i\pfli]Xd`cp`j
i\jg\Zk\[ Xe[ i\]c\Zk\[ ZXe Y\ X Z_Xcc\e^\#
jXpj D\i\[`k_ =\ekfe# :FC8>< Gif^iXd
;`i\Zkfi% :FC8>< `j gc\Xj\[ kf Y\ X gXike\i
fe 8cc `e >f[j =Xd`cp1 :i\Xk`e^ 8cc`\j ]fi
fli C>9K =Xd`c`\j Xe[ `em`k\j pfli ]X`k_
Zfddle`kpkflj\k_\j\kffcjkfdfm\Y\pfe[
XZZ\gkXeZ\kf]lcc`eZclj`feXe[Z\c\YiXk`fef]
C>9KH]Xd`c`\j%
8cc `e >f[j =Xd`cp1 :i\Xk`e^ 8cc`\j ]fi Fli
C>9K=Xd`c`\jZXeY\XZhl`i\[]fiXjl^^\jk\[
[feXk`fef],'%''%8cc`e>f[j=Xd`cp1:i\Xk`e^
8cc`\j]fiFliC>9K=Xd`c`\jZXeY\fi[\i\[Xk
nnn%N\cZfd`e^I\jfliZ\j%fi^%
:FC8>< `j Zlii\ekcp
Zfek`el`e^ k _ ` j
ZfccXYfiXk`feXe[nfib`e^
n`k_ A\n`j_ DfjX`Z kf
X[Xgk k_\ Zlii`Zlcld
]fi A\n`j_ Xl[`\eZ\j%
JkXpkle\[]fik_\[\Ylk
f] X e\n i\jfliZ\ ]fi
jpeX^f^l\j Xe[ A\n`j_
]X`k_Zfddle`k`\j%
8 ; M F : 8 : P
=8 : K J  8 9 F L K
N ? 8K  PF L  : 8 E  ; F 1  < o g c f i ` e ^  X e [  < o g X e [ ` e ^ I < C @ > @ F E #
Pf l i  F n e  J g ` i ` k l X c ` k p J < O L 8 C
K_\fi`^`eXcm\ij`fef]k_`jXik`Zc\Xgg\Xi\[`eAljk=fiLj#Jgi`e^)'')Xe[nXjni`kk\eYpIfj\Xee\Af_ejfe
F I @ < E K8K @ F E  8 E ;

< > < E ; < I  @ ; < E K @ K P

m\ip _ldXe Y\`e^ `j Yfie n`k_ Xe f]Æfij`dgcpj`c\ekXYflkÆC>9KH]Xd`c`\j#
`e_\i\ekcp jg`i`klXc eXkli\% Dfjk pfl d`^_k nXek kf c\k k_\d befn pflËi\
g\fgc\\ogi\jjk_`jeXkli\Xe[i\]c\Zk k_\i\% Jg\Xb kf pfli ]X`k_ c\X[\ij Xe[
= I F D  8 I F L E ;
lgfe c`]\Ëj [\\g\i hl\jk`fej ]ifd n`k_`e g\\ijXYflkpfli]Xd`cpXe[Xejn\ik_\`i K?< NFIC;
X i\c`^`fe fi giXZk`Z\ f] ]X`k_% ?fn\m\i# hl\jk`fej%PfligcXZ\f]nfij_`gd`^_kY\
Y\ZXlj\ f] [fZki`e\# Zljkfd# gi\al[`Z\# ]lccf]gfk\ek`XcXcc`\j% ›@e@iXe#`kËj`cc\^XckfY\X_fdfj\olXc%
fi Xcc fi k_\ XYfm\# ^Xp# c\jY`Xe# Y`j\olXc# K_\ jkXk\ [f\j# _fn\m\i# lg_fc[ k_Xk
kiXej^\e[\i Xe[ hl\\i g\fgc\ _Xm\ f]k\e K?@EBFLKJ@;<K?<9FO k_\ i`^_k kf Z_Xe^\ ^\e[\ij `j X YXj`Z
Y\\ekXi^\k\[YpXe[\oZcl[\[]ifd]X`k_ Efk Xcc f] lj ]`e[ Xe fi^Xe`q\[ i\c`^`fe _ldXe i`^_k k_Xk Xcc @iXe`Xej _Xm\ k_\
Zfddle`k`\j% 8j X i\jlck# dXep f] lj k_Xknfibj]filj%Jfd\f]lj]`e[flifne i`^_k kf XZZ\jj% K_`j Xcjf Xccfnj ]fi
jkil^^c\ kf ]`e[ fi Zi\Xk\ X jg`i`klXc gXk_ le`hl\ nXpj kf \ogi\jj fli jg`i`klXc`kp @jcXd`Z Zc\i`Zj kf jkl[p kiXejj\olXcj
k_XkXccfnjljkfY\kil\kfflij\cm\j% Xe[ [\m\cfg fli fne g\ijfeXc fi ]Xd`cp `e nXpj k_Xk k_\p ZXeefk jkl[p
;iXn`e^lgfek_\n`j[fdf]:FC8><ij kiX[`k`fejkfZ\c\YiXk\fliY\c`\]j%Jg\e[ _fdfj\olXcj%
]ifdXZifjjk_\Zflekip#*USTFOR5Sf]]\ij k`d\ `e eXkli\# Y\`e^ Zi\Xk`m\# j`e^`e^# ›Fe Alcp *# )''0# k_\ @e[`Xe Jlgi\d\
X[m`Z\Xe[i\jfliZ\j[\j`^e\[\jg\Z`Xccp Zffb`e^ fi d\[`kXk`e^ Xe[ pfl dXp ]`e[ :flik [\Zi`d`eXc`q\[ ^Xp j\o% @e[`X# X
]fi :FC8><ij n_f \og\i`\eZ\ `ek\ieXc X d`o f] nXpj kf \ogi\jj pfli ]X`k_ Xe[ j\ZlcXi?`e[lZflekip#_Xj_X[k_XkcXn
Xe[&fi \ok\ieXc Zfe]c`Zk `e k_\`i jg`i`klXc Y\c`\]j% fek_\Yffbj\m\ij`eZ\9i`k`j_Zfcfe`Xc
giXZk`Z\% k`d\j%
I<JGFE;@E>I<JG<:K=LCCP
?@KK?<9FFBJ PfldXpY\Z_Xcc\e^\[Ypk_fj\n_fj\\b ›@e)''*#>\e\IfY`ejfenXjZfe]`id\[
Efk_`e^ ZXe i\gcXZ\ k_\ \og\i`\eZ\ f] kf [\ep pfl Xe[ pfli ]Xd`cp k_\ i`^_k kf Xj k_\ Y`j_fg f] E\n ?Xdgj_`i\ ]fi
jkl[p`e^# i\]c\Zk`e^ fe# Xe[ Zfd`e^ kf \ogi\jj pfli jg`i`klXc`kp% :fe]ifekXk`fej k_\ <g`jZfgXc`Xe :_liZ_% IfY`ejfe# X
pflifnele[\ijkXe[`e^f]n_Xkk_\_fcp n`k_g\fgc\n_flj\i\c`^`fekfXkkXZb^Xp ]Xk_\i f] knf# `j k_\ ]`ijk fg\ecp ^Xp
Yffbj# jZi`gkli\j# Xe[ ZXefej _fc[% Cfkj g\fgc\ Xe[ Xcc`\j ZXe Y\ ]iljkiXk`e^ Xe[ Y`j_fg `e k_\ 8e^c`ZXe :fddle`fe# X
f] fk_\i Yffbj Xi\ Xcjf flk k_\i\ kf _\cg [`j_\Xik\e`e^# gXik`ZlcXicp n_\e pflËi\ ^cfYXc[\efd`eXk`feYXj\[`e<e^cXe[%
Xejn\i pfli hl\jk`fej XYflk jg`i`klXc`kp# jk`cc ni\jkc`e^ n`k_ jg`i`klXc`kp pflij\c]% ›@e (00'# k_\ :\ekiXc :fe]\i\eZ\ f]
n`k_ g\ijg\Zk`m\j ]ifd Zfej\imXk`m\ kf Pfl _Xm\ k_\ fgk`fe kf \oZlj\ pflij\c] 8d\i`ZXe IXYY`j ::8I  `jjl\[
iX[`ZXckf\m\ipk_`e^`eY\kn\\e% ]ifd Xep lenXek\[ [\YXk\% È@ i\jg\Zk X i\jfclk`fe jkXk`e^ k_Xk Xcc iXYY`j#
pflii`^_kkfpfliY\c`\]j%Gc\Xj\i\jg\Zk i\^Xi[c\jj f] j\olXc fi`\ekXk`fe# Y\
@EMFCM< PFLI =8D@CP 8E; dp i`^_k kf Y\c`\m\ fk_\in`j\#É `j Xe XZZfi[\[ k_\ fggfikle`kp kf ]lc]`cc k_\
=I@<E;J \oXdgc\f]XYi`\]Xe[[`^e`]`\[i\jgfej\ jXZi\[mfZXk`fek_Xkk_\p_Xm\Z_fj\e
Fg\eZfddle`ZXk`fen`cc_\cgpfli]Xd`cp kf Z_Xi^\[ i\dXibj XYflk j\o# j`e# Xe[ Xe[k_XkXccA\njXi\i\c`^`fljcp\hlXc
Xe[ ]i`\e[j le[\ijkXe[ n_Xk pflËi\ _$\$[flYc\$_fZb\p$jk`Zbj% i\^Xi[c\jjf]k_\`ij\olXcfi`\ekXk`fe%
j\\b`e^% @e`k`Xk`e^ Zfem\ijXk`fej XYflk
›K_\ :_i`jk`Xe [\efd`eXk`fe K_\
pfli jg`i`klXc aflie\p dXp Xcjf fg\e k_\ <OG8E;PFLILE;<IJK8E;@E>
I\c`^`flj JfZ`\kp f] =i`\e[j# dfi\
[ffi]fi]i`\e[jXe[]Xd`cpkfj_Xi\k_\`i Efk \m\ipfe\ giXZk`Z\j k_\ jXd\ ]X`k_
Zfddfecp befne Xj k_\ HlXb\ij# Xi\
fne`ej`^_kjn`k_pfl% k_ifl^_flkk_\`i\ek`i\c`m\j%DXepg\fgc\
j\k kf \ok\e[ dXii`X^\ j\im`Z\j kf
\og\i`d\ek n`k_ Xe[ ]fccfn [`]]\i\ek
jXd\$j\o Zflgc\j cXk\i k_`j p\Xi% K_\
9<8>L<JK kiX[`k`fej Xk [`]]\i\ek k`d\j% Efi [f pfl
fi^Xe`qXk`fe# n_`Z_ Xci\X[p n\cZfd\j
@] pflËi\ Zli`flj XYflk fk_\i _Xm\kfgiXZk`Z\XeÈ\jkXYc`j_\[Éi\c`^`fe
jXd\$j\o Zfdd`kd\ek Z\i\dfe`\j# `j
]X`k_j# giXZk`Z\j# [\efd`eXk`fej# fi Æ fi Xep i\c`^`fe Æ `e fi[\i kf c`m\ X
Xcjf \og\Zk\[ kf `jjl\ X jkXk\d\ek
Zfe^i\^Xk`fej#Z_\Zbk_\dflk`eg\ijfe% g\XZ\]lc Xe[ \k_`ZXc c`]\% DXep g\fgc\
li^`e^ ^fm\ied\ekj kf c\^Xc`q\ jXd\$
Pfl ZXe ]`e[ `e]fidXk`fe Xe[ i\]\iiXcj Zlck`mXk\k_\`ifnele`hl\Xe[d\Xe`e^]lc
j\odXii`X^\%
fe k_\ @ek\ie\k j\\ I\jfliZ\j Y\cfn  fi Zfee\Zk`fekfk_\[`m`e\#eXkli\#Xe[k_\`i
\m\e `e k_\ g_fe\ Yffb# k_fl^_ k_\ Y\jk ]\ccfn_ldXeY\`e^j% ›@e(0.*#k_\Le`kXi`XeLe`m\ijXc`jk:_liZ_
d\k_f[ `j k_ifl^_ nfi[ f] dflk_ ]ifd Jg`i`klXc`kp `j X Zfdgc\o# [\\gcp ]fid\[ k_\ F]]`Z\ f] 9`j\olXc# >Xp#
jfd\fe\pflkiljk% g\ijfeXc# c`]\cfe^ aflie\p% Jfd\ g\fgc\ C\jY`Xe# Xe[ KiXej^\e[\i :feZ\iej%
]`e[afp`ej_Xi`e^k_\`ijg`i`klXcc`m\jn`k_ K_\ F]]`Z\ gifm`[\j dXk\i`Xcj XYflk
:I<8K<:?8E><=IFDN@K?@E XZfddle`kp#n_`c\fk_\ijgi\]\iXjfc`kXip C9>KH `jjl\j ]fi d`e`jk\ij# Zflgc\j#
G\i_Xgj pfl Xi\ Zfd]fikXYc\ n`k_ gXk_%K_\i\Xi\k_fj\n_fXi\Zfd]fikXYc\ Xe[ k_fj\ n_f n_`Z_ kf c\Xie dfi\
pfli Zlii\ek jg`i`klXc giXZk`Z\# Ylk k_\ `e [`jZljj`e^ k_\`i `ee\i c`m\j Xe[ k_fj\ XYflkk_\`jjl\j%K_\LL:_liZ_#n_`Z_
Zfe^i\^Xk`fe_Xjefkp\kfg\ecpn\cZfd\[ n_f ki\Xjli\ k_\`i gi`mXZp% ;feËk ilj_¿ gi`[\j `kj\c] fe `kj `eZclj`m`kp# mfk\[
C>9KH]Xd`c`\j%Jfd\g\fgc\]`e[k_XkXe pfl_Xm\pflin_fc\c`]\kf[`jZfm\in_Xk `e (0/+ kf Xccfn d`e`jk\ij kf g\i]fid
\oZ\cc\ek nXp kf ]`^_k fggi\jj`fe Xe[ nfibj]fipfl%@ek_\d\Xek`d\#befnk_Xk jXd\$j\oZ\i\dfe`\j%
`em`j`Y`c`kp`jkfjkXe[lgXe[[fjfd\k_`e^ Xj X :FC8><i# fe pfli aflie\p# pfl n`cc JfliZ\j1?I:k_\99: 2:fdg`c\[Yp
XYflk `k% @] pfli Z_liZ_&k\dgc\# pflk_ XcnXpjY\`em\ip^ff[ZfdgXep% ;`XeX:Xjk`ccf
^iflg#fii\c`^`fljjZ_ffcXi\[`jXggifm`e^
Jg\XbFLKn`k_:FC8><nnn%ZfcX^\%fi^&gif^iXdj&pflk_&jg\Xbflk%_kd ((
 : F C 8 > <  G F G  : L CK L I <  8 C < I K 
N\Xi\\oZ`k\[kfj_Xi\aljkX]\nf]k_\e\n\jkYffbjXe[d\[`X
k_Xkj_Xi\k_\jkfi`\jf]g\fgc\n`k_C>9KHgXi\ekj%

>C<< DP DFK?<IËJ C<J9@8E A<N@J?

K_`j e\n k\c\m`j`fe j_fn hl`Zbcp Y\ZXd\
k_\YlqqX]k\ik_\g`cfkjZi\\e\[cXjkjgi`e^%
I\klie`e^ ]fi X ]lcc j\Xjfe k_`j ]Xcc# fe\ f]
>c\\ËjdX`eZ_XiXZk\ijIXZ_\c`jk_\[Xl^_k\i
f] knf ^Xp [X[j# Yfie k_ifl^_ jliif^XZp%
N`k_ X jfle[ kiXZb f] gfglcXi _`kj i\kffc\[
]fi^c\\ZclYgi\j\ekXk`fej#>c\\dXpY\fe\
kfnXkZ_
J8PK?<NFI;
A\Xee`e\>Xij\\
(.p\Xifc[J_XneX>XccX^_\i`jXg\i]\Zk`fe`jk
ef :FC8><ij ZXe i\cXk\# @ Xd jli\  n_f
[Xk\j k_\ i`^_k Yfpj# ^\kj k_\ i`^_k ^iX[\j
Xe[ fY\pj _\i j`e^c\ ]Xk_\i% N_\e _\i
\jkiXe^\[c\jY`Xedfk_\i[`\j#J_XneXdljk
Zfe]ifek _\i ]\\c`e^j XYflk _\i dfd Xj n\cc
Xj eXm`^Xk\ e\n [\]`e`k`fej f] ]Xd`cp% Kfc[ `e
Xe \oki\d\cp i\cXkXYc\ Xe[ i\c\mXek mf`Z\#
k_`jpfle^X[lckefm\cn`ccjki`b\XZ_fi[n`k_
k\\eXe[X[lck:FC8><ij%
N@::8EN<;;@E>
8e\ndlj`ZXcZfd\[pYp;Xm`[?\`e
K_fl^_ n\ _Xm\eËk _X[ k_\ Z_XeZ\ kf j\\
k_`j e\n dlj`ZXc `e g\ijfe# n\ ZXeËk i\j`jk
c\kk`e^ pfl befn XYflk k_`j e\n nfib ]ifd
XeX[lck:FC8><i%8]k\i[\Ylk`e^XjX_`k`e
k_\ Kfifekf =i`e^\ =\jk`mXc# k_\ dlj`ZXc n`cc
Y\ i\cXleZ_\[ fe k_\ dX`ejki\Xd Kfifekf
jkX^\k_`j]Xcc%?\`e#XeXnXi[$n`ee`e^j`e^\i$
jfe^ni`k\i#nifk\k_\k`kc\jfe^XjX^`]kkf_`j
dfk_\i#XYflk_\ii\Xc$c`]\n\[[`e^%
N?F PFLI ;8;;P6 8E; FK?<I
NI@K@E>JFEHL<<IG8I<EK@E>
<[`k\[YpIXZ_\c<gjk\`e
K_`je\nZfcc\Zk`fef]ni`k`e^Yi`e^jm`kXcXe[
i\]i\j_`e^ `ej`^_kj `ekf Zlii\ek [`jZljj`fej
XYflk C>9KH ]Xd`c`\j# [fefi `ej\d`eXk`fe#
gXi\ek`e^ Xe[ dfi\% K_\ [`m\ij\ \jjXpj Xe[
Xik`Zc\j `eZcl[\ Zfeki`Ylk`fej ]ifd :FC8><
d\dY\ij D\c`jjX ?Xikj# AXd`\ B% <mXej#
Xe[ KfY` ?`cc$D\p\i# Xj n\cc Xj XZX[\d`Zj#
cXnp\ij#gXi\ekj#Xe[XZk`m`jkj%

: F C 8 > <  @ J  < O : @ K < ;  K F  N < C : F D <  = F L I  E < N  D < D 9 < I J  K F

F L I  E 8K @ F E 8 C  9 F 8 I ;  F =  ; @ I < : K F I J %
8%A% :FJK8#  )*# ?fljkfe# KO% 8%A% `j X
eXk`m\ ?fljkfe`Xe Xe[ gifl[ K\oXe n_f
nXj iX`j\[ Yp _`j knf dfdj ]fi k_\ gXjk
(,p\Xij%?\`j\cXk\[kfY\i\$af`e`e^k_\
9fXi[# Xj _\ nXj X d\dY\i Xj X pflk_ .
p\Xij X^f% Pfl ZXe c\Xie dfi\ XYflk 8A
fegX^\,%
9I<KK N<99$D@K:?<CC# ,+# :_Xg\c
?`cc# E:% 9i\kk `j X ni`k\i# X jZ_fcXi# X
gXjkfi# Xe[ X [X[ Xe[
gXike\i%  9i\kk _Xj
jkl[`\[ Xe[ ni`kk\e X
^i\Xk[\Xc`ek_\Xi\Xf]
g\fgc\ n`k_ [`jXY`c`k`\j
`e ]X`k_ Zfddle`k`\j#
i\c`^`flj \[lZXk`fe#
g`c^i`dX^\# Xe[ fe
Y\`e^ X ^Xp gXi\ek `e
Xik`Zc\j# \jjXpj# j\idfej# Xe[ Yffbj%  8
]fid\igif]\jjfiXk;lb\;`m`e`kpJZ_ffc#
9i\kk `j k_\ ;`i\Zkfi f] k_\ JZ_ffc f] k_\
G`c^i`d#kXb`e^g\fgc\feÈflknXi[Yfle[É
g`c^i`dX^\j kf _\cg `e[`m`[lXcj ]`e[ k_\`i
È`enXi[ Yfle[É gXk_%  9i\kk _Xj Y\\e
fi[X`e\[`ek_\Gi\jYpk\i`Xe:_liZ_LJ8 
XjXD`e`jk\if]k_\Nfi[Xe[JXZiXd\ek]fi
fm\i),p\Xij#gXjkfi`e^j\m\iXcZ_liZ_\j
`e dXep jkXk\j%  8e[ 9i\kk `j X [X[ f]
knf XdXq`e^ pfle^ g\fgc\# 8[i`Xee\ Xe[
GXib\i# Xe[ `j `e X gXike\i\[ i\cXk`fej_`g
n`k_;\Xe9cXZbYlie]fifm\i(+p\Xij%
DFI>8E =8CB<EI8K? >I<<E# )+#
FXbcXe[# :8% Dfi^Xe ^i\n lg `e k_\
JXe =iXeZ`jZf 9Xp 8i\X n`k_ X c\jY`Xe
dfd# X ]\dXc\$kf$dXc\
kiXejj\olXc [X[# Xe[ X
pfle^\i Yifk_\i%  J_\
_Xj Y\\e X d\dY\i f]
L: JXekX :ilqËj C>9K8
jkl[\ek fi^Xe`qXk`fe
:CL? Xe[ _Xj
mfclek\\i\[ ]fi Ki`Xe^c\
Jg\Xb\ij `e JXekX :ilq
Xe[ k_\ GXZ`]`Z :\ek\i `e
9\ib\c\p%  Dfi^Xe ^iX[lXk\[ ]ifd L:
9\ib\c\p`e)''.n`k_X9XZ_\cfif]8ikj
`e <e^c`j_ Xe[ _Xj Y\\e \dgcfp\[ Xj
X J\e`fi Gif^iXd 8jjfZ`Xk\ Xk Flk 
<hlXc NfibgcXZ\ 8[mfZXk\j# X efe$gif]`k
]fZlj\[ fe XkkX`e`e^ C>9K nfibgcXZ\
\hlXc`kp#\m\ij`eZ\%
:IPJK8CC<< I% :I8@E# )-# =c`ek# D@%
:ipjkXcc\\ _Xj X 9XZ_\cfij `e Gfc`k`ZXc
JZ`\eZ\ ]ifd Efik_\ie D`Z_`^Xe
Le`m\ij`kp Xe[ X
DXjk\ij f] 8ikj `e
JfZ`Xc JZ`\eZ\j ]ifd
<Xjk\ie D`Z_`^Xe
Le`m\ij`kp% Aljk
i\Z\ekcp Dj% :iX`e
_Xj]`e`j_\[XM`j`k`e^
@ejkilZkfi gfj`k`fe
Xk CXb\ Jlg\i`fi
JkXk\ Le`m\ij`kp n_\i\ j_\ kXl^_k IXZ\j
 D`efi`k`\j# :lckliXc ;`m\ij`kp Xe[
JfZ`fcf^p f] k_\ =Xd`cp%Flkj`[\ f] _\i
XZX[\d`Z XZ_`\m\d\ekj :ipjkXcc\\ _Xj
Y\\e X ]i\\cXeZ\ aflieXc`jk ]fi (' p\Xij
Xe[Xjkife^X[mfZXk\]fiC>9Ki`^_kjXe[
\hlXc`kp%

() nnn%ZfcX^\%fi^sZfcX^\7ZfcX^\%fi^s+(,$/-($B@;J,+*.
 =IFDA8EL8IP(#)''/$J<GK<D9<I/#)''0K?<=FCCFN@E>=FLE;8K@FEJ#
9LJ@E<JJ<J#?FLJ<?FC;J#FI>8E@Q8K@FEJ#@E;@M@;L8CJ>8M<><E<IFLJCPKF:FC8><%
,'#'''"
8efepdflj*
8iZlj=fle[Xk`fe
<m\cpeXe[NXck\i?XXj#Ai%
=le[
=fi[=fle[Xk`fe
('#'''$+0#000
8efepdflj
:8@e`k`Xk`m\f]k_\JkXk\
<hlXc`kp=le[$K`[\j
=fle[Xk`fe
;`je\pNfic[n`[\J\im`Z\j#@eZ%
AfeXk_Xe:%Cf^Xe
Ccfp[<%Iljj\cc=fle[Xk`fe
Fg\eJfZ`\kp@ejk`klk\
IX`eYfn<e[fnd\ek=le[#@eZ
KXgiffk=fle[Xk`fe
QXZ_j$8[Xd=Xd`cp=le[
,#'''$0#000
;Xe`\c$JZ_efYi`Z_?flj\_fc[
AXd\j:%?fid\c
:XcXdlj=fle[Xk`fe
DfkfifcX
Ifg\j>iXpCCG
8e[i\XK%NXZ_k\i
(#'''$+#000
8efepdflj
8jkiX\XC\jY`Xe=fle[Xk`fe
=fiAljk`Z\
9XiYXef$Jgi`e^?flj\_fc[
9Xikfe$QlZb\idXe?flj\_fc[
9ifne$:lcc`eXe\?flj\_fc[
:_X`b`e$:XikX^`e\?flj\_fc[
:fddle`kpK_i`]k
:lcc\e?flj\_fc[
;Xm\egfik?flj\_fc[
;\Xe$Cfn`e^\i?flj\_fc[
;\ccXhl`ccX$?Xd?flj\_fc[
K_\;\em\i=fle[Xk`fe
;ilip$CfY\c?flj\_fc[
=Xi`X$N\`[e\i?flj\_fc[
:iX`^Xe[BXk_p=\ekfe
=\ekfe$;`^^j?flj\_fc[
>Xc\?flj\_fc[
>Xpc\$JZ_nXikq$J\cb\?flj\_fc[
8eeX?\cc\i
?`e\j$;fefmXe?flj\_fc[
?fi`qfej=fle[Xk`fe
CX>XkklkX$G\ee\kk`?flj\_fc[
CXnjfe$GiXkj`[\j?flj\_fc[
8j_XC\fe^
;`Xe\Xe[;XiipcDXccX_
=Xd`cp=fle[Xk`fe
DfjZXkf$>f]]\?flj\_fc[
Hl`ee=\i^ljfe
K_\I_f[\@jcXe[=fle[Xk`fe
If[^\ij$I`m\iX?flj\_fc[
J^XdYXk`$Jk\m\ej?flj\_fc[
J_lg\$J_\ccff\?flj\_fc[
J`jb`e[$:fi[fe?flj\_fc[
8iZ_\kpg\D\[`X@eZ%
JkXk\:fdg\ejXk`fe
@ejliXeZ\=le[
Ifj\Xee\JkiXef
JkiXjj]\c[?flj\_fc[
Jkifdd\e$J_lcdXe?flj\_fc[
C`jXJq\i
:_\Zbflkk_\:FC8><B`[jf]KiXejGif^iXd$nnn%ZfcX^\%fi^&gif^iXdj&kiXej&
K ? 8 E B  PF L 
K\g\i$Nfc`kqbp?flj\_fc[
KiXm\ij$?Xii`j?flj\_fc[
NXcb\i$:Xic`e?flj\_fc[
NXcb\i$F?XecXe?flj\_fc[
NXcc$?flZb?flj\_fc[
N`ejcfnJki\\k
<e[fnd\ek=le[
PXi[c\p$JkiXljj?flj\_fc[
),'$000
<c`qXY\k_8[Xdj
8cXd\[X:flekpC\Xk_\i:figj%
8cYi`^_k$NXi[?flj\_fc[
9X^e\cc?flj\_fc[
9XiY\i$=iXj\i?flj\_fc[
9Xi[\\e$Ifn\?flj\_fc[
8cm`e?%9XldAi%
9Xp\i$BXmXeX^_?flj\_fc[
9\Xijf]JXe=iXeZ`jZf
9\XlmX`j?flj\_fc[
D`Z_X\c9\\Y\
9\_i\ej?flj\_fc[
9\ijkfe$JkXekfe?flj\_fc[
D`Z_X\c9`j_fg
K_\9fjkfe=fle[Xk`fe
9if[e\i?flj\_fc[
9ifne$;ljf?flj\_fc[
9ipXek$CXnkfe?flj\_fc[
9liifl^_j?flj\_fc[
8`d\\:Xii`ccf$Ifn\
:Xik\i$I`Zbcp?flj\_fc[
8%Afj\g_:Xjk\ccXeX
<c`qXY\k_:Xjk\ccXeX
:_Xi\kk\$CXqXilj?flj\_fc[
:fe[\jjf$;iXg\Xl?flj\_fc[
;Xcn`e?flj\_fc[
;Xli`f$?X\jX\ik?flj\_fc[
;Xm`j$<Xic\p?flj\_fc[
B\ccp;\ejdfi\
;`Zb`ejfe$JXZ_j?flj\_fc[
;ljf?flj\_fc[
<XjkdXe$>ifjj\c?flj\_fc[
<`ejk\`e$>i\\enXc[?flj\_fc[
<mXej$GfcZpe?flj\_fc[
;XbfkX=`e\
=`e\$>ff[dXe?flj\_fc[
=`ejkl\e$DX^if?flj\_fc[
=fikflc$>ff[Xc\?flj\_fc[
>Xp=Xk_\ijf]>i\Xk\i
9fjkfe>=>9
K\ipc>\fi^\?flj\_fc[
I`f>c`Zb?flj\_fc[
>f`j_`$JZ_li?flj\_fc[
>fd\q$JkXie\j?flj\_fc[
>feqXc\q$C\Yi\k?flj\_fc[
>ifjj_Xe[c\i$NX`eni`^_k
?flj\_fc[
?Xcc$CXg`ejb`?flj\_fc[
?Xdgj_`i\:fcc\^\II8J:
Gif^iXd
?\cc\i$A\cc`e\b?flj\_fc[
?`cc$D\p\i$B\ccp?flj\_fc[
?fnXi[$Jd`cc`\?flj\_fc[
?ld\$=i`\[dXe?flj\_fc[
?fcd\j?ldd\c
A\jj`\Mffij
Af_ejfe?flj\_fc[
BXk_\i`e\Fc`m\i
BfjZ`n$Gcleb\kk?flj\_fc[
CXCfe[\$Dff[p?flj\_fc[
C`jXCXi^\j
C\Zfli$Jd`k_?flj\_fc[
C\m?flj\_fc[
Cfn\ej$DXiZ_\kk`?flj\_fc[
DXZBXp$Ni`^_k?flj\_fc[
<mXeXe[A%9%DXccX_
DXik`e$JXief?flj\_fc[
DXjk\ijfe$:\i`$I`Z_Xi[j
?flj\_fc[
DZ>iXeXZ_Xe$Jd`k_?flj\_fc[
D\i\[`k_=\ekfe
D`[[c\Ylip:fcc\^\
Dffi\$9lZb_\cd?flj\_fc[
;XeXEXgXijk\Zb?flj\_fc[
Efik_i`g$DZ;fefl^_?flj\_fc[
Fc[]`\c[$E`\ln\e_l`j?flj\_fc[
KifpJ%FC\Xip
GXkkfe$?fZb?flj\_fc[
Gffc\$;XpXe?flj\_fc[
8ee`\Gi\jc\p
Gifm`e?flj\_fc[
D`Z_\XcIXd`i\q
BXk\IXejfe$NXcj_
I\[dXe$>i\jj?flj\_fc[
I\c`j_
Jk\g_\eI%I\je`Zb
IlY`e$;\mfej$DZHl`ee
?flj\_fc[
AXZb;%Ip[\i
JXb`dliX$=i\pkX^?flj\_fc[
JXeZ_\q$JZXicXkf?flj\_fc[
A\ee`]\iJXlc`ef
J\[feX\e$B\kZ_ld?flj\_fc[
J_\\i`e$N\`jj\eY\i^?flj\_fc[
8`ejc\p?`cc
J`\^\eY\i^$9flccXkX?flj\_fc[
J`cY\i?flj\_fc[
J`cm\iY\i^$Li`Xe?flj\_fc[
=X\J`cm\idXe
Jd`k_$>feqXc\q?flj\_fc[
JgXi\$9l`^l\j?flj\_fc[
Jk\`edXe$@XZlccf?flj\_fc[
GXki`Z`XK\qXb
K`dYlb)
Kfnc\$Cfn\i?flj\_fc[
Le`k\[NXp$:Xc`]fie`X
:Xg`kXcI\^`fe
NXcp9flie\?flj\_fc[
DXi`cpe8%N`eZ_
Pfle^?flj\_fc[
(''$)+0
8Zb\idXejJ\im`Z`e^Mfcmfj@eZ%
8[Xdj$>lee$:_XgdXe$
?XXZb?flj\_fc[
8cX^f$DXk\f?flj\_fc[
8ee8gg\cYXld
8iYlj$JZXe[`]]`f?flj\_fc[
8i[\e$Gffc\?flj\_fc[
8iefc[$C\`gq`^\i?flj\_fc[
8ljk`e?flj\_fc[
9XZb\i$M\iY`kj?flj\_fc[
9\e$>Xc$Gi`fi\jZ_`?flj\_fc[
9\eaXd`e$Dlj\?flj\_fc[
9\ieXi[$Bi`\^c?flj\_fc[
9`$I`k\
9`oc\i$D`cc\i?flj\_fc[
9cld?flj\_fc[
K_\i\jXC9f^^`j
9fkkfdc`e\K\Z_efcf^`\j
C`e[X9iXle
9ifne$;\DXi`X?flj\_fc[
A\jj\J%:Xii
:Xik\i?flj\_fc[
If[e\p:_i`jkfg_\i
<[nXi[:ffb
:fii`^Xe$=\_\i?flj\_fc[
A\Xe:iffb\
:ld\ccX$:ifn\?flj\_fc[
DXkk_\lj;X_cY\i^
GXki`Z`X;\cXe\p
IXe[fcg_J%;\c\_XekpG_;
>Xip;\cfjjX
;`GXjhlXc\$DZ>iXk_?flj\_fc[
DXi^\ip;`dfe[
;fefmXe$J\`[?flj\_fc[
AfXee\;lY`e
=XicXe[Gifm`j`fej
=Xic\p$K`j\c?flj\_fc[
;fl^cXj=\ekfe
Dfe`ZX=`e[\ij
=fe^$Af_e?flj\_fc[
AXdfe=iXebc`e
AXd\j=i\le[c`Z_
=i`jZ_c`e^?flj\_fc[
>X[\e$AXZfYj?flj\_fc[
>XcbX$?fccXe[?flj\_fc[
;Xe>`i\c`e`
>f^`e$DZG_\ijfe?flj\_fc[
>f_cb\$9lifcX?flj\_fc[
>fc[Y\i^$<kk\cYi`Zb?flj\_fc[
>fc[Y\i^$Il[`^fq?flj\_fc[
DXib>fi[fe
>iXeXiX$BfqXb?flj\_fc[
>i\^^$D\kZXc]\?flj\_fc[
?`cc?flj\_fc[
KXj_XAXZbjfe
:_XeXAf]]\$NXck
C`jXAf_ejfe
EXkXc`\A%BXmXeX^_
AXZhl\c`e\B\ccp
Bc`e^?flj\_fc[
IfY\ikN%Bl_e
CXYfek\?flj\_fc[
Af_eCXcc\p
CXl$9liZ_?flj\_fc[
C`e[X?\cc\iC:JN
;Xe`\cC\jj\d
8cXeC\le^
CpeeC\m\p
C\n`j$9`i[?flj\_fc[
CcXeljX$D`pX?flj\_fc[
9\ikiXdCf\Y
>XYi`\cCfe\if
DXZ8lcXpC\m\`cc\?flj\_fc[
:X`kc`eDXZ@ekpi\
DXiXbfn`kq$Jm`^Xcj?flj\_fc[
DXio\i$NXeqfi?flj\_fc[
DZ:Xcc$9iffbj?flj\_fc[
DZDX_fe?flj\_fc[
DZDXelj$Jd`k_?flj\_fc[
D\X[fnj?flj\_fc[
D\p\i$EpXdfiX?flj\_fc[
:Xifc=D`cXqqfD;
D`cc\i$9flk\cc?flj\_fc[
?\c\eD`cc`fe
Df[\eX$?Xp[\e?flj\_fc[
:_\ipcDfi^Xe
Dfii`jfe$Kljj\p?flj\_fc[
E\ldXee$Blk`ejbp?flj\_fc[
E\ldXee$I`Z_Xi[jfe?flj\_fc[
GX^\$K\ijfe`?flj\_fc[
GXefqqf$M\kk\i?flj\_fc[
BXi`GXib
GXib$If^\ij$K`dfe\i?flj\_fc[
KfepGXkk`
GXlj\c`lj$G\k\ijfe?flj\_fc[
Cfi`Fj_iX`eG_;
<cc\eGfccXb
Gfcjbp$Fc`m\i?flj\_fc[
IX`eYfn>ifZ\ip:ffg\iXk`m\
;Xm`[IXd`i\q
?\c`XeXIXd`i\q
Af\;Xm`[IXd`i\q
If[i`^l\q$Iljk?flj\_fc[
IfjbXd$N\iY?flj\_fc[
IfkkdXp\i$9Xl[\ij?flj\_fc[
IlY`ej$KilY\b?flj\_fc[
8c`Z\IlYp
Iljj\cc$E\\c\p?flj\_fc[
IpXe?flj\_fc[
JXbldX?flj\_fc[
JZXecXe$A\]]ZfXk\?flj\_fc[
8Xi`eJZ_cfjY\i^
JZ_fcc$9lkkfe?flj\_fc[
JZ_lck\$I\^^`f?flj\_fc[
JZ_lck\$NXpj\i?flj\_fc[
AXd\jJ\c`^dXe
>cfi`XJ`cY\i
JljXeeX_Jd`k_
Jk%DXipf]k_\?XiYfi
<g`jZfgXc:_liZ_
;\YiXJkiflk
>X`cK_fie\
K_fife?flj\_fc[
K`gg`e^$=c\j_dXe?flj\_fc[
Kfc\[f$MXi^_\j\?flj\_fc[
AXe\k:%Klkkc\
Kqflb\idXee$BcXmXej?flj\_fc[
A\eepNXcce\i
NXkjfe?flj\_fc[
NXkjfe$Bfb?flj\_fc[
N\YY\i?flj\_fc[
N_`ke\pDfj\j
:%JZfkkN`e^
:cX`i\N`ek\i
Af_e=N`ek\ic\
8gi`cNfc`kqbp
Nfi[ni`^_k:fddle`ZXk`fej#@eZ%
PXe`j_$P\j_feX?flj\_fc[
K`]\i\kQ`dd\ie$BX_Xe
N\Xcjfn`j_kfk_Xebk_\
dfi\k_Xe),'[fefijn_f
^Xm\lgkf(''[li`e^)''0%
K_XebpflN\j`eZ\i\cp
Xggi\Z`Xk\pfli^\e\ifj`kp%
<m\ip\]]fik_XjY\\edX[\
kf\ejli\k_\XZZliXZpf]k_`j
c`jk%Gc\Xj\ZfekXZkAXZbXk
+(,%/-(%,+*.o(',fiaXZb7
ZfcX^\%fi^kfdXb\XepZfii\Z$
k`fej%@eX[[`k`fe#pflccefk`Z\
fliXdXq`e^e\n[XkXYXj\_Xj
Z_Xe^\[k_\nXp`e]fidXk`fe`j
jkfi\[%@]pfln`j_kfZ_Xe^\
Xepk_`e^XYflkk_\nXppflXi\
c`jk\[#gc\Xj\ZfekXZkAXZb%
(*
 : F C 8 > <  9 I 8 E ; @ E >
GIF:<JJ

@
e k_`j `jjl\ f] *UST &OR 5S n\ Xi\ gc\Xj\[ kf j_Xi\ n`k_ pfl k_\ YiXe[ e\n cf^f f]
:FC8><% Fm\i k_\ gXjk , dfek_j# n\m\ Y\\e nfib`e^ n`k_ k_\ efegif]`k YiXe[`e^
\og\ikj Xk D`jj`fe D`e[\[ kf jki\e^k_\e fli Zfddle`ZXk`fej Xe[ m`jlXc `[\ek`kp% N\
_fg\kf_\cg:FC8><kfY\\Xj`\ikfle[\ijkXe[Xe[dfi\XZZ\jj`Yc\kf:FC8><ijXifle[
k_\Zflekip%@elgZfd`e^dfek_j#n\ccifccflkfliZfdgc\k\e\ncf^fXe[e\ncp[\j`^e\[
dXk\i`Xcj# Xe[ pflcc efk`Z\ k_Xk n\cc Y\ lj`e^ Zc\Xi\i cXe^lX^\ kf [\jZi`Y\ k_\ :FC8><
d`jj`feXe[gif^iXdj
@ek_\d\Xek`d\#n\Xi\\oZ`k\[kfj_Xi\k_\[\j`^ek_\e\n:FC8><cf^f$]ifdX]Xi
pfld`^_kj\\XjkXiYlijk#X]cfn\i#Xg`en_\\c%%%XccXggifgi`Xk\`dX^\jkfi\gi\j\ek_fn
[peXd`ZXe[gfn\i]lc:FC8><Xe[flidfm\d\ekZXeY\CffbZcfj\iXe[pflccj\\k_Xk
n\Xi\dX[\lgf]m`YiXekXe[[`m\ij\`e[`m`[lXcjn_fZfd\kf^\k_\ikfYl`c[Xe\knfibf]
g\\ijXe[kfj\Zli\k_\i`^_kj#i\Zf^e`k`feXe[i\jg\Zkk_Xkn\Xe[fli]Xd`c`\j[\j\im\
G\fgc\n`k_Xc\jY`Xe#^Xp#Y`j\olXc#kiXej^\e[\ifihl\\igXi\ek¿Le`k\
N\[cfm\kf_\Xipflik_fl^_kjXYflkfliZ_Xe^`e^e\ncffbJkXpkle\[Xjn\Zfem\ik
kfk_\e\n:FC8><9iXe[`elgZfd`e^`jjl\jf]*UST&OR5S#feflin\Yj`k\Xe[`eXccfli
dXk\i`XcjXe[i\jfliZ\j%

M F @ : < J  I 8 @ J < ; #  8  G < F G C <  F =  : F C F I   G F :  C < ;

G I F A < : K  F =  : F C 8 > <  @ J  J < < B @ E >  D < D 9 < I J  = F I
K ? <  MF @ : <J  I8 @ J < ;  8 ;M @ J F IP  :F D D @ K K < < 

K
_\ d`jj`fe f] Mf`Z\j IX`j\[ `j kf j\\b# Z\c\YiXk\# Xe[ n`k_fk_\i:FC8><ijf]Zfcfi]ifdXifle[k_\Zflekip
i\]c\Zk k_\ le`hl\ mf`Z\j Xe[ \og\i`\eZ\j f] :FC8><ij @ek\i\jk\[`egXik`Z`gXk`e^6?Xm\Xhl\jk`fefiXe`[\X6Befn
f]Zfcfin_f_Xm\&_X[fe\fidfi\c\jY`Xe#^Xp#Y`j\olXc# jfd\fe\\cj\pflk_`ebnflc[Y\`ek\i\jk\[`ek_`jZfdd`kk\\6
kiXej^\e[\i#Xe[&fihl\\igXi\ekfi^lXi[`Xej f]Zfcfi%D\dY\ij :fekXZk EXk`feXc Gif^iXd :ffi[`eXkfi# 9\k_Xep CfZb_Xik Yp
f] k_\ X[m`jfip Zfdd`kk\\ n`cc cXleZ_ Zfem\ijXk`fej X`d\[ Xk \dX`c`e^Y\k_Xep7ZfcX^\%fi^fiZXcc+(,$/-($,+*.o('*%
dXb`e^ :FC8>< dfi\ XZZ\jj`Yc\# X]]`id`e^# Xe[ i\c\mXek ]fi
]Xd`c`\jf]Zfcfi%
N\nflc[cfm\kf_Xm\pflimf`Z\Xe[m`j`feXjXgXikf]k_\
jk\\i`e^Zfdd`kk\\
K_`j Zfdd`kk\\ n`cc Y\ X jgXZ\ kf _Xm\ Zfem\ijXk`fej Xe[
jkiXk\^pj\jj`fejXYflk1
›N_XkXdfi\`eZclj`m\Xe[[`m\ij\hl\\ijgXneZfddle`kp
Zflc[cffbc`b\6
›N_Xk Xi\ jfd\ f] k_\ le`hl\ gif^iXddXk`Z e\\[j Xe[
i\jfliZ\j k_Xk :FC8><ij f] Zfcfi Xe[ k_\`i ]Xd`c`\j dXp
e\\[finXek6
› ?fn ZXe n\ dfY`c`q\ k_\ mf`Z\j f] :FC8><ij f] Zfcfi kf
dXb\fli]Xd`c`\jm`j`Yc\Xe[flijkfi`\j_\Xi[6
?fn ZXe :FC8>< j_`]k `kj flki\XZ_ kf `eZi\Xj\
XZZ\jj`Y`c`kp6
K_\ X[m`jfip Zfdd`kk\\ d\\kj dfek_cp Yp Zfe]\i\eZ\ ZXcc
Xe[n\Xjb]fiZfdd`kk\\d\dY\ijkfdXb\XZfdd`kd\ekf]Xk
c\Xjk0dfek_j%;`jZljj`fejXe[jlim\pjdXpXcjfY\[fe\m`XXe
fec`e\\dX`c^iflg%8jXd\dY\if]k_`jjk\\i`e^Zfdd`kk\\#pfli
mf`Z\#m`j`fe#Xe[g\ijfeXcg\ijg\Zk`m\n`cc_\cgkfj_Xg\]lkli\
:FC8>< gif^iXdd`e^ Xe[ _\cg kf Yl`c[ fli Zfddle`kp Xe[
Zfcc\Zk`m\mf`Z\jkfi\]c\Zkflile`hl\jkfi`\jXe[]Xd`c`\j%K_`j
n`ccXcjfY\Xefggfikle`kpkfj_Xi\`[\XjXe[Yl`c[Zfddle`kp

(+ nnn%ZfcX^\%fi^sZfcX^\7ZfcX^\%fi^s+(,$/-($B@;J,+*.
 : F C 8> <  E FK < J
K?@JJLDD<I:FC8>< :fe]\i\eZ\ ]fi
eXk`feXc jfifi`kp
:fimXcc`j# FI# A\]]
^iX[lXk\[ ]ifd
?FJK<;=FLI Xe[ ]iXk\ie`kp N_`kdXe :fcc\^\
=89LCFLJJLDD<I C>9K d\dY\ij# n`k_ X [\^i\\ `e LJ
X Gif^iXdd`e^ Gfc`Zp Jkl[`\j% ?\
@EK<IEJ1 YfXi[ 8[m`jfip _XjYifX[fi^Xe`q`e^
IFJ8C<8 C<8  9IFNE ^i\n lg `e D \ d Y \ i ]f i \og\i`\eZ\ `eZcl[`e^
;\kif`k#D`Z_`^XeXe[ k_\ 8jjfZ`Xk\[ n`k_ k_\ 9lj Gifa\Zk
i\Z\ekcp ^iX[lXk\[ Jkl[\ekj f] LkX_ n_`Z_ `eZi\Xj\j
]if d :\ e kiX c JkXk\ Le`m\ij`kp Z`m`Z gXik`Z`gXk`fe
D`Z_`^Xe Le`m\ij`kp 8JLJL #Xe[Gi\j`[\ekf]k_\:fleZ`cf] Xdfe^pfle^g\fgc\%Fm\ik_\e\oke`e\
Xj X =Xd`cp Jkl[`\j Jkl[\ek:clYjXe[Fi^Xe`qXk`fej:J:F  dfek_j# A\]] n`cc Y\ [f`e^ Xjj\jjd\ek#
dXafi Xe[ Pflk_ ]fi8JLJL% i\jfliZ\ Xe[ gif^iXd [\m\cfgd\ek Xe[
Jkl[`\j d`efi% Zfddle`kpYl`c[`e^YpXe[]fi:FC8><ij
N_`c\ Xk jZ_ffc j_\ 9I@KKE<<>8LK?@<I^i\nlg`ej\m\iXc Yfiek_ifl^_[fefi`ej\d`eXk`fe%
nXj  `emfcm\[ n`k_ [`]]\i\ekgcXZ\j[l\kfk_\]XZkk_Xk_\i
k_\ C>9K jg\Xb\i ]Xk_\i nXj `e k_\ d`c`kXip% ?fn\m\i j_\ :FC8><;<9LKJ
gXe\c#:DL;XeZ\K\Xd#Xe[k_\=Xd`cp ZcX`dj :Xc`]fie`X Xj _\i _fd\% J_\ `j
I\cXk`fej :fleZ`c% 8]k\i _\i gXi\ekj Zlii\ekcp Xkk\e[`e^ Jg\cdXe :fcc\^\ `e 9I8E;E<N<M<EK$
[`mfiZ\[ C\X nXj iX`j\[ Yp _\i dfk_\i# 8kcXekX# >\fi^`X n_\i\ j_\ `j nfib`e^ JG<8BFLK:8DG
kfnXi[j k_\ ^fXc f] XkkX`e`e^ X 98

_\idfk_\ijgXike\i#_\i]Xk_\i#Xe[_\i
]Xk_\ij n`]\% J_\ i\Z\ekcp Y\^Xe Xj k_\
8Zk`m`k`\j :ffi[`eXkfi Xk 8]]`idXk`fej
:\ek\i`e=\ie[Xc\#D@%
;@8E8 :8JK@CCF  ^i\n lg `e ;Xm`j#
:Xc`]fie`X Y\]fi\
dfm`e^ flk \Xjk kf
Xkk\e[Jd`k_:fcc\^\
`e Efik_Xdgkfe#
DXjjXZ_lj\kkj% ?\i
dfk_\iZXd\flkXe[
dfm\[ `e n`k_ _\i
efn$n`]\ n_\e j_\
nXj e`e\ Xe[ ;`XeX
_Xj Y\\e `emfcm\[
n`k_ k_\ ^Xp i`^_kj dfm\d\ek \m\i
j`eZ\%  ;`XeX j\im\[ Xj X ki\Xjli\i ]fi
_\i _`^_ jZ_ffc >J8# n_\i\ j_\ _\cg\[
gcXe \m\ekj ]fi KiXej^\e[\i\[ ;Xp f]
I\d\dYiXeZ\# 8ccp N\\b Xe[ ;Xp f]
J`c\eZ\% J_\ Xcjf gXik`Z`gXk\[ `e _\i
_`^_ jZ_ffc [\YXk\ k\Xd Xe[ Df[\c LE%
;`XeX`ek\ie\[n`k_:FC8><k_ifl^_k_\
?Xdgj_`i\ :fcc\^\ I\gif[lZk`m\ I`^_kj
J\im`Z\:figj%
 <% :FFG<I nXj Yfie Xe[ iX`j\[ `e
;XccXj#K\oXj%?\`j\ek\i`e^_`jcXjkp\Xi
Xk LkX_ JkXk\ Le`m\ij`kp n_\i\ _\ j`kj
fe k_\ 8[m`jfip 9fXi[ ]fi k_\ >C9K8
J\im`Z\j:\ek\i%?\`jXcjfXZfdd`kk\\
d\dY\i f] k_\ XeelXc Flk Xe[ >i\\b
K
`e GjpZ_fcf^p n`k_ X d`efi `e Z_`c[ _`jEfm\dY\i#k\\ejXe[X[lckjn`k_
[\m\cfgd\ek%C\Xiedfi\XYflk9i`kke\\ C>9KH gXi\ekj n`cc Zfd\ kf^\k_\i
`e_\iXik`Zc\k_XkY\^`ejfegX^\(% ]fiXn\\b\e[f]Zfddle`kpYl`c[`e^#
c\X[\ij_`gjb`ccYl`c[`e^#gfc`k`ZXc\[lZXk`fe
Xe[ ]le Xk k_\ ]`ijk$\m\i :FC8>< Jg\Xb
N<8I<<HL8CCP FLK:Xdge\Xi8kcXekX#>8%
<O:@K<;KFN<C:FD< M\ip iXi\cp Xi\ k_\i\ fggfikle`k`\j
]fi pfle^ X[lckj n`k_ C>9KH gXi\ekj kf
KNFE<ND<D9<IJKF Zfd\ kf^\k_\i Xj X Zfddle`kp Xe[ kf
FLIK<8D1 YXjb `e k_\ gfn\i f] fli mf`Z\j% <m\e
Xj n\ i\jg\Zk Xe[ jlggfik fli gXi\ekj#
:?@8? :FEEFCCP$ @E>I8D n`cc Y\
n\ befn fli ]Xd`c`\j Xi\ [`jZi`d`eXk\[
:F C 8><Ëj ]Xcc X^X`ejkXe[k_\i\Xce\jjf]fggi\jj`fe`e
`ek\ie% J_\ `j X fli c`m\j ^`m\ lj k_\ \og\i`\eZ\ f] Y\`e^
:FC8><i iX`j\[ fi]\\c`e^[`]]\i\ek%9pZfd`e^kf^\k_\iXj
Yp c\jY`Xe dfdj `e X m`YiXek Zfddle`kp# n\ i\Xc`q\ k_Xk fli
JXe =iXeZ`jZf% J_\ [`]]\i\eZ\j Xi\ fli jki\e^k_ Xe[ ZXe lj\
`j X ]`cd jkl[\ek Xk flimf`Z\jkfjg\Xbkilk_kfgfn\iXe[kf
JXe =iXeZ`jZf JkXk\ Zi\Xk\k_\nfic[n\nXekkfj\\%
Le`m\ij`kp n_f _Xj GXik`Z`gXekj `e k_\ Jg\Xb FLK :Xdg
Zfdgc\k\[ k_\ JXe n`cc af`e :FC8><j eXk`feXc e\knfib f]
=iXeZ`jZf Pflk_ pflk_ Xe[ X[lckj n_f \e^X^\ `e d\[`X
D\[`X8ikjGifa\ZkXe[dX[\XPflKlY\ XZk`m`jd# glYc`Z jg\Xb`e^# Z_Xgk\i
]`cdcXjk]XccXYflkGifgfj`k`fe/%J_\_Xj c\X[\ij_`g# Xe[ X[mfZXZp% :Xdg\ij n`cc
Y\\e X cfe^$k`d\ ZXdg\i Xe[ Zflej\cfi [\m\cfgXZk`fegcXejkfkXb\Xcck_\gXjj`fe
Xk :Xdg @k Lg# X Efik_\ie :8 ZXdg Xe[ jb`ccj ]ifd Jg\Xb FLK :Xdg YXZb kf
]fi C>9KH ]Xd`c`\j Xe[ nfib\[ Xk k_\ k_\`i jZ_ffc# cfZXc fi jkXk\ Zfddle`k`\j%
D`jj`fe:c`]]jifZbZc`dY`e^^pd% 8jk_\Xggc`ZXk`fejifcc`e]ifdpflk_Xe[
pfle^ X[lckj `ek\i\jk\[ `e k_\ ZXdg# n\
A<== ;<>IFFK n`cc jg\e[ J\gk\dY\i Xi\\m\edfi\\oZ`k\[kf_fjkk_`j]leXe[
)''0$ DXp )'(' n`k_ :FC8>< ]fi X kiXej]fidXk`m\\m\ekk_`j]Xcc%
=\ccfnj_`g fe ;fefi @ej\d`eXk`fe% C\Xie dfi\ Xk nnn%ZfcX^\%fi^&
9fie Xe[ iX`j\[ Yp _`j knf dfdj `e gif^iXdj&\m\ekj&jg\XbflkZXdg&

nnn%ZfcX^\%fi^sZfcX^\7ZfcX^\%fi^s+(,$/-($B@;J,+*. (,

(,,'9ipXekJki\\k#Jl`k\/*'
JXe=iXeZ`jZf#:80+('*
✩✩
:FC8><>IFLGJ
L%J%
8Q
:FC8><G_f\e`o8[lckj
-')%,+0%(,.0;`i\Zk
ZfcX^\g_o7^dX`c%Zfd
:8
:FC8><C8
*)*$/-'$.*0.
cX7ZfcX^\%fi^
:FC8><9Xp8i\X
+(, /-($B@;J
dfe`ZX7ZfcX^\%fi^
:FC8><JXZiXd\ekf
jXZiXd\ekf7ZfcX^\%fi^
:FC8><JXekX:cXi`kXMXcc\p
jXekXZcXi`kX7ZfcX^\%fi^
:K
:FC8><:fee\Zk`Zlk
/-' 0))$*/-/
ZfcX^\Zk7pX_ff%Zfd
;: 
:FC8><D\kif;:
ZfcX^\[Z7pX_ff%Zfd
;<  n\jk\iedX7ZfcX^\%fi^
:FC8><;\cXnXi\8i\X
I\e\nPfli:FC8><
D\dY\ij_`gKf[Xp
;\cXnXi\7ZfcX^\%fi^
=C 
:FC8><AXZbjfem`cc\
:FC8><aXo7pX_ff%Zfd
>8
D<>8=Xd`cpGifa\Zk
bXk_p7d\^X]Xd`cpgifa\Zk%fi^
?@
:FC8><FX_l
fX_l7ZfcX^\%fi^
@C 
:FC8><:_`ZX^f
Z_`ZX^f7ZfcX^\%fi^
BP
:FC8><Efik_\ieBP
efik_bp7ZfcX^\%fi^
C8  _[d`Z_\cc\7pX_ff%Zfd
:FC8><E\nFic\Xej
efcX7ZfcX^\%fi^,'+$**/$/'+'
D8
:FC8><>i\Xk\i9fjkfe
Yfjkfe7ZfcX^\%fi^
:FC8><N\jk\ieD8
EFEGIF=@K
FI>%L%J%GFJK8><
G8@;
J8E=I8E:@J:F#:8
G<ID@KEF%0),
I<KLIEJ<IM@:<I<HL<JK<;
✩✩
D@  EM  KE 
:FC8><8ee$8iYfi
cXmiXZb7ld`Z_%\[l
:FC8><CXjM\^Xj
m\^Xj7ZfcX^\%fi^
:FC8><EXj_m`cc\
EXj_m`cc\7ZfcX^\%fi^
.*+$0+,$)+,+
EP  LK 
:FC8><D\kif;\kif`k
[\kif`k7ZfcX^\%fi^
:FC8><EP:
epZ7ZfcX^\%fi^
:FC8><JXckCXb\:`kp
ZXiXZ\i`j\7_fkdX`c%Zfd
DF
 :FC8><?l[jfeMXcc\p N8 
:FC8><Jk%Cfl`j
*(+$,(/$)-,0
_l[jfemXcc\p7ZfcX^\%fi^
/+, +,)$)0)/
:FC8><D`[$:fcldY`X
:FC8><7;`m\ij`kpGi`[\:\ek\i%e\k
ZfcX^\jkcfl`j7pX_ff%Zfd
F?
:FC8><f]N\jk\ieEP
.(-$/)-$-*// >CF98C
:FC8><:fcldYlj :FC8><%NEP7^dX`c%Zfd
ZfcX^\ZfcldYlj7pX_ff%Zfd
FB  :8E8;8
:FC8><:`eZ`eXkk` :FC8><KlcjX :FC8><Kfifekf
Z`eZp7ZfcX^\%fi^ KlcjX7ZfcX^\%fi^ kfifekf7ZfcX^\%fi^
E:  FI  JN<;<E
:FC8><8j_\m`cc\ :FC8><GfikcXe[ <E>C8E;
,'* ))/$*/0) :FC8><Jn\[\e<e^cXe[
`e]f7CD=Xd`cp%fi^  8eeX:Xicjjfe
E?  XeeX%ZXicjjfe7cpZfj%Zfd
:FC8><DfeX[efZb G8
:Xd`7^iXeXiX%e\k :FC8><Efik_n\jkG8 :_Xgk\ijXi\Xlkfefdflj
cfZXc^iflgjk_XkX]]`c`Xk\
engX7ZfcX^\%fi^
EA 
n`k_:FC8><Xe[Xi\j\c]$ile%
:FC8><Efik_\ieE\nA\ij\p I@ 
N\jki`m\kfb\\glg[Xk\[fe
cfZXcZfekXZk`e]fidXk`fe%@]
nnn%iX`eYfn]Xd`c`\jea%fi^&n_Xk&
`e[\o%_kdc
:FC8><I_f[\@jcXe[&FZ\XeJkXk\
i_f[\`jcXe[7ZfcX^\%fi^
pfl_Xm\[`]]`Zlckpi\XZ_`e^
k_\ZfekXZkc`jk\[gc\Xj\c\k
ljbefn%K_Xebpfl%