Everything Beautiful is Far Away [5, 2012 | Vol. 1]

! ! ! ! ! ! ! !

"!#$%&'!()!*+$,+&--!./!0(123!45''()!6!*&1&+!78!439),! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

! ! ! ! ! ! ! ! :;<! ! =(,31&&)! /&9+-! >+$?! 1$@9/A! 9! ?523! $'@&+! B9?5&'! 435! C(''! 29123! 9! -3$+1D'(%&@! ,'(?E-&!$>!3(?-&'>!9-!13&!23('@!3&!39@!$)2&!.&&)!()!F9(E&(8! ! G+$?!9!%9)19,&!E$()1! ?9@&!?$+&!@(-19)1!./!13&!-3$EE&+-!C3$!2+(--2+$--!.&>$+&!3(?!$)!13&!-(@&C9'HA!3&!

C(''A! >$+! 9! >&C! ?$?&)1-A! -19)@! -1$2HD-1(''! )&9+! 13&! -'(@(),! ,'9--! @$$+-! $>! 9! II! J9)23! -5E&+?9+H&1A! 3$'@(),! 3(-! E'9-1(2! ,+$2&+/! .9,-! 91! 3(-! -(@&A! 9)@! ,9K&! 5E$)!

3(-! -?9''&+! -&'>! C(13! 9)! ()C9+@! ?(L15+&! $>! 2$?E'&1&! -5+E+(-&! 9)@! 5)>'()23(),! +&2$,)(1($)8! ! B&%&+9'!>&&1!9C9/A!+5))(),!93&9@!$>!3(-!@(-1+921&@!?$13&+!9>1&+!13&/!

39@!M5-1!&L(1&@!13&!?9+H&1²-$?&C3&+&!9+$5)@!13&!9,&!$>!-(L!$+!-&%&)A!2$)19()&@!

C(13()! 9! 235../! '(11'&! .$@/! 1391! (-! .$13! 9,('&! 9)@! '5+23(),²13&! >$+?&+! B9?5&'!

C(''!+92&!9'$),!13&!-1$+&>+$)1!-(@&C9'H!()!9!/&''$C!M5?E-5(1!9)@!'(?&D,+&&)!1&))(-!

-3$&-A! 1$11&+(),! .92H! 9)@! >$+13! 9-! 3&! ,$&-A! 5)1('! 2$?(),! 1$! 9! -$'(19+/! ?923()&D3$+-&!C3$-&!%(.+9)1!.51!>9@(),!.'5&!2$'$+-!9+&!()!2$)1+9-1!1$!13&!?51&@! &)%(+$)-! ()! C3(23! (1! +&-(@&-A! 9)@! C3$-&! .&)(,)A! -(),5'9+! @&-(,)! 39-! E&+E&159''/! .&2H$)&@! 2&+19()! 23('@+&)! 1$! (1-! ?&19''(2! E&@&-19'! 9-! (>! (1! C&+&! -$?&! .&,5('(),! ?5-(2!.$L!9''$C(),!M5-1!13&?!922&--!1$!(1-!()1&+($+!-&2+&1-8! ! !

³6KXQJD\R ´ KLV PRWKHU FDOOV KXUULHGO\ PDQHXYHULQJ EHWZHHQ RWKHU

E&@&-1+(9)-²9)!9+?!$51-1+&123&@A!9!E+$@52&D>(''&@!-3$EE(),!.9,!39),(),!>+$?!9!

C+(-1²?9H(),!3&+!C9/!1$C9+@!3(?!C(13!9)! &LE+&--($)!$>!@(-?9/A! 3&+!-N5()1(),!

H\HV IRFXVHG KDUG RQ KLV EDFN ³6KXQJD\R ´ VKH VD\V DJDLQ EHFDXVH KH LVQ¶W \HW H)$C)!9-!B9?5&'O!3&!39-!/&1!1$!-&1!>$$1!()!"?&+(29A!$+!1$!.&!9--(,)&@!1391!-1+9),&! )&C! "?&+(29)DVRXQGLQJ QDPH ZKLFK DW ILUVW KH ZRQ¶W DFFXUDWHO\ SURQRXQFH ! ! ! ! ³B35),D\R ´ VKH UHSHDWV ZKHQ ILQDOO\ UHDFKLQJ KLP 511&+(),!(1!>$+!13&!'9-1!1(?&! !

!" ! ()!9)!&L9-E&+91&@!1$)&!1391!5)@&+-2$+&-!3&+!@(-9EE+$%9'8! ! B3&!(-A!9>1&+!9''A!9'C9/-!

-5EE$-&@! 1$! .&! +(,31! .&-(@&! $+! .&3()@! 3(?A! 9'C9/-! 9)1(2(E91(),! 3(-! ?$%&?&)1-A! -1+(%(),!1$!H&&E!3(?!3&9@&@!$)!C391!-3&!.&'(&%&-!(-!13&!E+$E&+!2$5+-&A!()@5',(),!

3(-!$229-($)9'!>'(,31-!$)'/!C3&)!-3&!39-!,+$C)!1$$!C&9+/!1$!+&-(-1!13&!C(''>5')&--!

3&!39-!()3&+(1&@!>+$?!3&+!9)@!3&+!9'$)&8! !

P51!9'+&9@/!B35),D/$!(-!+&9@/(),!>$+!3(-!)&L1!>51('&!&-29E&O!3&!39-A!C(13!9!

?9L(?5?! 9?$5)1! $>! &>>$+1A! ?9)9,&@! 1$! 2'(?.! 9-1+(@&! 13&! 3$+-&! 9)@! E$-(1($)!

3(?-&'>!92+$--!(1-!-9@@'&A!3(-!'&,-!)$1!N5(1&!'$),!&)$5,3!>$+!3(-!>&&1!1$!-'(@&!>5''/!

WKURXJK WKH EURZQ SODVWLF VWLUUXSV $ZDUH RI KLV PRWKHU¶V GDZGOLQJ SUHVHQFH RI 3&+!%925$5-!-19+&!-$?&3$C!2$)%&/(),!13&!%&+/!'(?(1-!$>!3&+!E91(&)2&A!3&!.&,()-!1$! .$5)2&!5E!9)@!@$C)!$)!13&!?$1($)'&--!3$+-&A!+(@(),!(1!()!9)1(2(E91($)!9-!3&!15+)-!

1$! '$$H! 5E! 91! C3&+&! -3&! '$$?-! 9.$%&! 3(?8! ! 7>! 3&! C&+&! 9)/C3&+&! &'-&A! .$13!

B35),D/$! 9)@! 13&! ?915+&@! B9?5&'! H)$CA! -$?&13(),! 5)E'&9-9)1! C$5'@! '(H&'/! $225+O! (>! 3&! .&39%&@! '(H&! 13(-! 91! 3$?&²C(13$51! -1+9),&+-! E9--(),! ./A! C(13$51!

13&-&!%9+($5-!?&)!9)@!C$?&)!-?('(),!()!3(-!@(+&21($)!C3('&!3&!5+,&-!13&!3$+-&! ()1$! 921($)²KLV PRWKHU¶V ULJKW KDQG PLJKW PRYH LQ D GLIIHUHQW PDQQHU UDWKHU 139)A!9-!3&+!39)@!(-!@$(),!)$CA!+&1+(&%(),!2$()-!>+$?!3&+!E5+-&8! !

3UHVHQWO\ D ORZ VXUJH RI HOHFWULFLW\ LV KHDUG EXW KROGV QR RQH¶V DWWHQWLRQ

>$''$C&@!./!,&9+-!2+9)H(),A!E(-1$)-!-N5&9H(),A!9)@A!9-!B35),D\R¶V ERG\ WLJKWHQV C(13! &LE&219)2/A! 13&! 3$+-&! ,+$9)-! 1$! '(>&! >$+! 3(?8! ! F3&! 1())/! 29''($E&! ?9+23! $>! ³7KXQGHU %OD]HV´ KHUDOGV LWV UHVXUUHFWLRQ WKH PRQRSKRQLF UHIUDLQ HPDQDWLQJ 13+$5,3! 9! -E&9H&+! 3$5-&@! ()-(@&! 13&! E&@&-19'²13&! >(+-1D13(+@! $>! 13&! -$),!

1(+&'&--'/!+&2/2'&@!-$!9-!1$!?9-H!13&!2+&915+&Q-!-35@@&+(),!()1&+)9'!?&239)(-?-8! !

F3&!3$+-&A!13&)A!%(.+91&-!9)@!()2+&9-&-!(1-!-E&&@!.&>$+&!-C9/(),!-1&9@('/!.&)&913!

3(?!()!13&!9(+²+(-(),!9)@!>9''(),A!+(-(),!9)@!>9''(),²9-!(>!29++/(),!3(?!-9>&'/!$%&+!

C9%&-!9)@!19H(),!3(?!>9+!9C9/8! ! ! !

R(@&! &/&@! 9)@! @&'(,31&@A! B35),D\R JULSV WKH KRUVH¶V VDGGOH KRUQ KLV

?$513!.&2$?(),!9,9E&!C(13!9)!()95@(.'&A!&2-191(2!23$+1'&8! ! 7)!13&!.'5+!$>!13$-&!

-&2$)@-A! 3&! E&+2&(%&-! &%&+/13(),! 9+$5)@! 3(?²13&! >'91! ,+9/! 5+.9)! -H/A! 13&! 5)'(1! +&@!'9)1&+)-!-1+5),!()!+$C-!$%&+!13&!-1+&&1A!13&!&'@&+'/!%&)@$+!39CH(),!3&+!,$$@-! !

#! ! ! .&3()@!9!?$5)19()!$>!@+(&@!-N5(@!-3+&@-A!9!'&,'&--!.&,,9+!@+9,,(),!3(?-&'>!$)!9!

-H91&.$9+@! 9?$),! 13&! 13(,3-! $>! 1$C&+(),! -3$EE&+-²9)@! /&1! @&&E! C(13()! 3&!

-&)-&-! 13(),-! 1391! 9+&! ?523! ?$+&! ()&>>9.'&! 139)! C391! 3(-! -(,31! 29)! $>>&+O! 13&+&!

9+&! E'92&-! 3&! ?5-1! @(-2$%&+! -$?&@9/A! 5)H)$C9.'&! E'92&-! 1391! 9+&! 9-! .'5&! 9)@!

C9+?!9)@!?/-1&+($5-!9-!13&!?&239)(29'!3$+-&!$)!C3(23!3&!(-!+(@(),8! ! "'13$5,3A! HYHQWXDOO\ ZKDWHYHU YDJXH DGYHQWXUHV WKDW VHHPHG LPSOLFLW LQ WKH KRUVH¶V EULJKW 2$'$+-!C$5'@!.&!.&1+9/&@!./!'9+,&!23(E-!$)!(1-!-3()/!E9()1&@!2$91²+&%&9'(),!@5''!

-1&&'!5)@&+)&913A!2$'@!9,9()-1!3(-!>(),&+1(E-²3()1(),!1$!&%&)!9!.$/!1391!)$13(),! ()!13&!C$+'@!(-!9-!(@&9'!9-!(1!E+$.9.'/!-3$5'@!.&8! ! S)1('!13&)A!13&!(''5-($)!$>!&-29E&!

(-!&)$5,3A!13&!E$--(.('(1/!$>!-19/(),!E51!9)@!,$(),!>$+C9+@!91!13&!-9?&!1(?&A!9)@!

9-!13&!3$+-&!2$)1()5&-!+$2H(),!>$+!9!.+(&>!C3('&A!B35),D/$!'95,3-!()!-('&)2&A!@$(),!

-$!9-!3(-!(?E9--(%&!?$13&+!-19)@-!)&L1!1$!3(?!9)@!-3$C-!)$1!9!-(),'&!1+92&!$>!13&!

39EE()&--!3&+!$)'/!23('@!N5(&1'/!@(-E'9/-8! !

F3(-! (-! 3$C! (1! 9'C9/-! C9-A! 13&! $'@&+! B9?5&'! C(''!13()HA! 9)@! 13(-! (-! 3$C! (1!

9'C9/-!(-!>$+!/$5A!&%&)!)$C8! ! ")@!C(13!1391A!3&!C(''!-5@@&)'/!)$!'$),&+!+&2$,)(K&!

3(?-&'>! 91$E! 13&! 2+&9H(),A! +3/13?(2! 3$+-&A! )$+! C(''! 3&! -&&! 3(-! ?$13&+Q-! -1$(2A! (?E$--(.'&D1$D+&9@!>92&!1+9)-?(11&@!13+$5,3!9)$13&+!F9(C9)&-&!?$13&+A!9)$13&+! (??(,+9)1! E9+&)1²9! C$?9)! C3$! (-! 2'$-&+! 1$! 3(-! $C)! 9,&A! 9! C$?9)! C3$! 2$5'@!

39%&!&9-('/!.&&)!3(-!$C)!C(>&!39@!3(-!E&+-$)9'!()2'()91($)-!15+)&@!$51!-$?&C391! '&--!$.'(N5&8! ! "),'(),!3(-!,9K&!>+$?!13&!?9+H&1!-(@&C9'HA!3&!C(''!13&)!-5+%&/!13&! &LE9)-(%&A!.5-/!E9+H(),!'$1²9!39E39K9+@!?&--!$>!-'$CD+$9?(),!%&3(2'&-!C9(1(),! >$+! -E92&-! 1$! .&2$?&! %9291&@A! $>! C&&H&)@! ,+$2&+/! -3$EE&+-! 2$?(),! 9)@! ,$(),!

9?$),-1!13&!(@'(),!2$),&-1($)!C(13!13&(+!29+1-!$+!.9,-²C3('&!>$+,&11(),!C3&+&!(1!

(-!&L921'/!3&!39@!'&>1!3(-!29+8! ! ! !

"-!3&!-1&E-!$>>!13&!25+.!9)@!E+$2&&@-!()1$!13&!E9+H(),!'$1A!C(13!13$5,31-!$>!

B35),D/$! 9)@! 3(-! ?$13&+! -1(''! '(),&+(),A! 13&! 25+($5-! >&&'(),! $>! 39%(),! -'(EE&@! .92HC9+@-!()!1(?&!$%&+2$?&-!3(?A!9)@!B9?5&'!C(''!>()@!3(?-&'>!&)2(+2'&@!./!13&!

9?.(&)2&! 9)@! >'91! ?(@@9/! '(,31! $>! 13&! -9?&! -5.5+.9)! E9+H(),! '$1!)&9+'/! 1C&)1/! /&9+-!&9+'(&+8! ! F3&!B9)!T9.+(&'!?$5)19()-!9+&!.9+&'/!%(-(.'&!.&3()@!9!39K/!'9/&+! $>!U$-!"),&'&-!4$5)1/!-?$,8! ! P51!13&!&)1(+&!9+&9!(-!-1&&E&@!C(13!C9+?!@&-&+1!9(+!

$! ! " 1391A!./!2$?E9+(-$)!1$!@(&-&'D23$H&@!F9(E&(A!-&&?-!-$!5)19()1&@!9)@A!9-!(>!()>5-&@!

C(13! 13&! E5+&-1! $>! &'&?&)1-A! &)'(%&)-! 3(-! C3$'&! .$@/8! ! ")! ()-(,)(>(29)1! .+&&K&! +5?.'&-! ./²%9,+9)1! 9515?)9'! '&9%&-! $>! @(>>&+(),! -39E&-! -H(11&+! 92+$--! 13&!

9-E39'1A!.+5-3(),!91!3(-!>&&18! ! V$C!9'(&)!(1!39@!9''!.&&)!1$!3(?!9-!9!.$/!$>!1C&'%&A! 3$C! 2$?E'&1&'/!()9+1(25'91&!3&! 39@!.&&)!5E$)!9++(%(),!()!13(-! 2$5)1+/A!9)@!/&1A! )&%&+13&'&--A!(1!C9-!9-!(>!3&!39@!.&&)!&)%&'$E&@!()!9!2$?>$+19.'&!.'9)H&1!E(&2&@!

WRJHWKHU IURP VRPHRQH HOVH¶V X)5-59'!@+&9?!$>!9!.&11&+!'(>&8! !

B&9+23(),! >$+! 3(-! 29+A! B9?5&'! >5?.'&-! 9.-&)1'/! >$+! 3(-! H&/-A! 9)@A! 91! $)&!

E$()1!-$$)A!3(-!-3$5'@&+!C(''!922(@&)19''/!,&1!.5?E&@!./!9!19''&+A!'&9)&+!?9)!$)!

ZKRP LQ WKH SDVVLQJ RI WKHLU JODQFHV KH¶OO QRWLFH VLPLODU EURZQ H\HVA!-3$+1!.'92H! KDLU DQG SDOH VNLQ ³6RUU\ ´ WKH PDQ ZLOO VD\ DQG LQ WKH SHUIHFW (QJOLVK WKDW KDG JUDGXDOO\ HGJHG RXW KLV QDWLYH WRQJXH 6DPXHO ZLOO UHSO\ ³7KDW¶V RND\ QR SUREOHP ´! !

$ PRPHQW ODWHU KH¶OO KHDU D YRLFH FRPLQJ IURP ULJKW EHKLQG KLP D ER\¶V

YRLFH ZKLVSHULQJ VRPHWKLQJ LQ &KLQHVH ZKDW VRXQGV YDJXHO\ OLNH ³6WXSLG VWXSLG PRXVH ´ %XW ZKHQ KH WXUQV WR ORRN QRERG\ ZLOO EH WKHUH 7KHQ KH ZLOO C9'H!$)!9)@!$)A!1+9%&'(),!>+$?!$)&!-(@&!$>!13&!E9+H(),!'$1!1$!13&!$13&+A!@+(>1(),! ()1$! 9! >515+&! 3&! FDQ¶W \HW DV RI WRGD\ EHJLQ WR FRPSUHKHQG KLPVHOI DFWXDOO\ &L(-1(),!()8! ! ! ! ! ! ! ! ! ! ! !

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

! ! ! ! ! ! ! ! :W<! !

F3(-!.'5-1&+/!BE+(),!9>1&+)$$)!.&>(1-!9)!&'@&+'/!C(@$CA!9!C$?9)!C3$A!1$!3&+!$C)!

9?9K&?&)1! &%&)! 13(+1&&)! /&9+-! 9>1&+! E9)2+&91(2! 29)2&+! 39@! C+&-1'&@! 3&+! -E$5-&! ()1$!13&!,+9%&A!39-!+&923&@!13&!9,&!$>!-&%&)1/D$)&!C(13$51!3&+!35-.9)@!-1(''!3&+&8! !

7)!13&!2(1/!$>!"'39?.+9A!09+($)!C9)@&+-!3&+!5-59'!+$51&A!M$5+)&/(),!1$@9/!5E$)! @9?E! -(@&C9'H-! 9-! 13&! )&9+./! +$9@C9/! ,511&+-! 9+&! 9C9-3! C(13! 13&! @C()@'(),!

25++&)1-! $>! 9! @(--(E91(),A! 1+9)-(&)1! 2'$5@.5+-18! ! V&+! '$),! -('%&+D,+9/! 39(+! (-! .&3()@! 9! )9%/D.'5&! -29+>! C3(23! (-! 152H&@! 9+$5)@! 13&! C$$'! 2$''9+! $>! 9! .&(,&! $%&+2$91²9)! $%&+2$91! 9'?$-1! $)&! -(K&! 1$$! .(,! $)! 3&+! @5&! 1$! 13&! ,+9@59'!

2$?E+&--($)!$>!3&+!)$C!35)23&@A!&'>()!>$+?8! ! R(13!>'&-3D1$)&@!-1$2H(),-!?$-1'/!

2$)2&9'&@! ()-(@&! 9! 3(,3! E9(+! $>! .'92H! +5..&+! ,9'$-3&-A! 9)! 5?.+&''9! 9)@! '&913&+!

E5+-&! @9),'(),! >+$?! 3&+! +(,31! 9+?A! -3&! 9?.'&-! E9-1! 13&! ?9)/! 43()&-&D$C)&@!

-1$+&>+$)1-!1391!@$?()91&!C391!C9-!$)2&²()!3&+!?()@!.$13!9)!&1&+)(1/!9)@!9'-$! )$1!-$!'$),!9,$²13&!-?9''!719'(9)D"?&+(29)!)&(,3.$+3$$@!C3&+&!-3&!39@!,+$C)!

5E8! !

X(?! X/! #$$@'&! V$5-&A! -3&! +&?()@-! 3&+-&'>! C3('&! ?$%(),! >$+C9+@! 91! 9!

OHLVXUHO\ SDFH ZDV 'L%DUL¶V 3ULPH 0HDWV 7KH /DL /DL 7HD &DIH ZDV 3LHWUR¶V %LF\FOH 6KRH 5HSDLU 7DL 6KHQJ *LQVHQJ ,QF ZDV VLPSO\ FDOOHG 'HWWR¶V²9! @(?'/!'(1A!()2$)-E(25$5-!>9?('/D+5)!.9+!C3&+&!13&!'(H&-!$>!Y(1$!T&)$%&-&A!G+9)H! 4$-1&''$A! 49+'$! T9?.()$A! B9?! T(9)29)9A! 9)@A! (1! C9-! $>1&)! +5?$+&@A! G+9)H! B()91+9! 39@! 9''! %(-(1&@! C3&)! @$(),! .5-()&--! ()! U$-! "),&'&-8! ! 09+($)! E95-&-! .&)&913! 13&! ,+&&)! 9C)(),! $>! 9! 2$+)&+! >'$C&+! -3$E! C3$-&! (@&)1(>/(),! 1(1'&! (-!

C+(11&)!()!43()&-&A!9)@!E&&+-!91!9!C()@$C!@(-E'9/!$>!-?9''(-3!1&++9D2$119!E$1-!9)@!

%&" !!

9'5?()5?! E9('-A! $>! 29+)91($)-A! ?5?-A! +$-&-A! 9)@! 29''9! '('(&-8! ! J(,31! 3&+&A! -3&!

13()H-A!>'$C&+-!39%&!9'C9/-!.&&)!-$'@8! ! J(,31!3&+&A!-3&!+&?&?.&+-!C&''!&)$5,3A! 0+8! "'@$'()$! 9)@! 3(-! C(>&! 9++9),&@! >+&-3D251! >'$C&+-! &9+'/! &%&+/! ?$+)(),A! .+(),(),!13&?!$51!$)1$!13&!-(@&C9'H!()!'9+,&!E'9-1(2!.52H&1-8! ! P92H!13&)!13&!-3$E! ZDV NQRZQ DV $OGROLQR¶V )ORZHU (PSRULXP DQG VKH FKRRVHV WR EHOLHYH SHUKDSV 1391! )9?&! 39-! .&&)! +&19()&@! ()! 13&! .+(,31! /&''$CA! ()@&2(E3&+9.'&! 239+921&+-!

E+()1&@!92+$--!13&!C()@$C8! !

V&+! ,9K&! -3(>1-! @$C)C9+@A! '9)@(),! $)! 13$-&! >&C! E9('-! 1391! 39%&! .&&)! -&1!

$51-(@&A! 9! ?&9,&+! +$C! $>! ?()(915+&! E9-1&'D2$'$+&@! 4()@&+&''9! +$-&-! )&9+! 3&+! ,9'$-3&-A!9)@A!()-1()21(%&'/A!-3&!-1$$E-!C3('&!&L1&)@(),!9!13()!'(%&+D-E$11&@!39)@!

1$!13&!C3(1&!+$-&-!@(+&21'/!()!>+$)1!$>!3&+8! ! F3&!1(E!$>!13&!5?.+&''9!-2+9E&-!9,9()-1!

13&! -(@&C9'HA! 13&! '&913&+! E5+-&! E+&--&-! 91! 3&+! 13(,3A! 9-! 3&+! >(),&+1(E-! .+5-3!

13+$5,3!13&!?()51&!E&19'-!'(H&!13&!1&&13!$>!9!2$?.!29+&>5''/!,+9K(),!13&!>()&-1!$>!

39(+-8! ! B5@@&)'/A!>&&'(),!9!-E9-?$@(2!1(,31)&--!()!3&+!23&-1!9)@!9!1(2H'(),!()!3&+!

13+$91! 1391! 39-! '(),&+&@! -()2&! 9! +&2&)1! .$51! $>! .+$)23(1(-A! -3&! +&1+921-! 3&+! 39)@! >+$?! 13&! +$-&-A! 2$%&+(),! 3&+! ?$513! 91! 13&! ?$?&)1! 9! -&+(&-! $>! ,5115+9'! 2$5,3-! .&,()8! ! T+(?92(),! 9)@! .&)1! .&>$+&! 13&! >'$C&+! -3$E! C()@$CA! -3&! -351-! 3&+! &/&-!

ZKLOH KHU ERG\ MROWV DQG GRHVQ¶W RSHQ WKHP DJDLQ!5)1('A!9''!91!$)2&A!13&!2$5,3(),!

-5.-(@&-8! !

P+&913(),! C(13! +&'(&>A! -3&! -'$C'/! +&?$%&-! 3&+! 39)@! >+$?! 3&+! ?$513A!

3$'@(),!(1!5E!>$+!()-E&21($)A!9)@!)$1(2&-!9!-(),'&!C3(1&!E&19'!+&-1(),!()!3&+!E9'?A! (1-!-'(,31!>+9,+9)2&!'$-1!1$!2$),&-1&@!)$-1+('-!9)@!13&!()2$),+5$5-!5+.9)!?(),'(),! $>!29+!&L395-1!1(),&@!./!13&!&9+13/!9>1&+D-2&)1!$>!+9()>9''8! ! "3A!13&+&!/$5!9+&A!-3&!

WHOOV KHUVHOI ,W¶V \RX DJDLQ $V VKH PRYHV XSULJKW KHU ILQJHUV FORVH DURXQG WKH E&19'!9-!(>!(1! (-! 9! 239+?!1$!.&!1+&9-5+&@²3&+!39)@A!13&)A!.&2$?&-!9!>(-1! 2'$9H&@!

C(13()! 9)! $%&+2$91! E$2H&1²9)@! )$C! 2'&9+! 9.$51! C391! (-! @&-(+&@A! -3&! E+$?E1'/!

9EE+$923&-! 13&! >'$C&+! -3$E! @$$+A! E5-3(),! (1! 9M9+! M5-1! &)$5,3! 1$! -1&E! ()-(@&A! )$@@(),! ()! 13&! @(+&21($)! $>! )$! $)&! C3&)! 9! .&''! 1()H'&-! 9.$%&! 13&! @$$+C9/! 9)@!

-(,)(>(&-! 3&+! &)1+/8! ! 0$+&! 139)! 9! 39'>! 9)! 3$5+! E9--&-! .&>$+&! -3&! &?&+,&-A! 13&! @$$+!3&'@!C(@&!$E&)!IRU KHU E\ WKH VKRS¶V SURSULHWRU D EHVSHFWDFOHG DQG KHDY\VHW !

%'" ! /$5),!C$?9)!C3$-&!)9-9''/!V$),!X$),!922&)1!9'-$!29++(&-!13&!9),'(2(K&@!'('1!$>!9!

P+(1(-3!&@5291($)8! !

³7KDQN \RX GHDU ´ VKH VD\V ³6HH \RX DJDLQ ´!

!

³$UH \RX VXUH \RX¶YH JRW LW 0DULRQ"´ DVNV WKH \RXQJ ZRPDQ GXWLIXOO\

>$''$C(),!3&+!$51-(@&!C3('&!-1(''!3$'@(),!13&!@$$+8! !

³2K ,¶OO PDQDJH ´ VKH VD\V ZLWKRXW ORRNLQJ EDFN FUDGOLQJ DQ DUPIXO RI

C3(1&! 29''9! '('(&-! C+9EE&@! ()! .5123&+! E9E&+! 9)@! 9! 39'>DE()1! E'9-1(2! E'9)1&+!

FRQWDLQLQJ IRXU PLQLDWXUH ZKLWH URVHV ³7KDQN \RX GHDU ´ VKH UHSHDWV E'$@@(),! 9'$),! 13&! -(@&C9'HA! 3&+! .$@/! 35)23&@! >5+13&+! >+$?! 13&! C&(,31! $>! 13&! >'$C&+-!9)@!13&!E5+-&!9)@!13&!5?.+&''98! ! ³,¶P ILQH ´ VKH VRRQ UHDVVXUHV KHUVHOI ZKHQ WKH IORZHU VKRS LV ZHOO EHKLQG KHU ³<HV HYHU\WKLQJ¶V ILQH²´! !

P51!13&!1(2H'(),!()!3&+!13+$91!39-!.&,5)A!1391!2$)1+921(),!-&)-91($)!C(13()!

3&+! 23&-18! ! "++(%(),! 91! 9)! &?E1/! .5-! -1$EA! -3&! N5(2H'/! E51-! 3&+! '$9@! $)! 13&! ,+9>>(1(D?9+H&@!.&)23A!()9@%&+1&)1'/!@+$EE(),!13&!5?.+&''9!$)!13&!,+$5)@!C3&)!

13&!2$5,3(),!&+5E1-!9)@!3&+!&/&-!-3518! ! B&2$)@-!'91&+A!9-!(>!13&!>$+2&!$>!9(+!>+$?!

3&+! '5),-! 39@! @+(%&)! &%&+/$)&! 9C9/A! 09+($)! $E&)-! 3&+! &/&-! 1$! C391! -&&?-! 9! %929)1! 2(1/8! ! F3&+&! 9+&A! M5-1! 13&)A! )$! 29+-! $)! 13&! )$+?9''/! .5-/! .$5'&%9+@A! )$1!

9)$13&+! -$5'! 1+9%&+-(),! 13&! -(@&C9'H8! ! B3&! (-A! >$+! 9! 1(?&A! 9''! 9'$)&A! '92H(),! 13&!

E+$L(?(1/! $>! -1+9),&+-²?9+$$)&@! 91! 9! .5-! -1$E! ()! C3(23! 13&! $)'/! 19),(.'&!

2$))&21($)!(-!13&!9.9)@$)&@!>'$5+!>921$+/!$)!13&!$13&+!-(@&!$>!13&!-1+&&18! ! *+($+!

1$!3&+!.(+13A!13&!>921$+/!C9-!9!E'92&!C3&+&!3&+!>913&+!9)@!1C$!5)2'&-!39@!C$+H&@!

9-!+&@D23&&H&@!B(2('(9)!(??(,+9)1-8! ! #$C!-&9'&@!$>>!./! 9!3(,3! 239()D'()H! >&)2&A! $%&+,+$C)! C(13! C&&@-! 9)@! C('@! ,+9--A! 13&! -E92($5-! E+$E&+1/! $>! 13&! .$9+@&@D5E! 1C$D-1$+/!.5('@(),!(-!E+(?&!+&9'!&-191&!C9(1(),!>$+!(1-!,+9/!>929@&!1$!.&!+9K&@A!1$! @(-9EE&9+! 9)@! .&2$?&! +&.$+)! 9-! 9! )&C! -3$EE(),! 2&)1&+! $+! 9)! 951$?$.('&! @&9'&+-3(E8! !

"! .'92H! U&L5-! -E&&@-! E9-1A! &)@(),! 13&! '5''! ()! 1+9>>(28! ! F3&)A! $)! 13&!

$EE$-(1&! '9)&A! 9! V$)@9! "22$+@! +$''-! ./8! ! F3&)! 9! -1+&9?! $>! 29+-! 9EE&9+! '(H&!

35'H(),!9)(?9'-!+&'&9-&@!&)!?9--&A!3&+@(),!E9-1!13&!.5-!-1$E8! ! B3&!15+)-!1$C9+@!

13&!.&)23A!E$)@&+(),!C3&13&+!1$!19H&!9!-&91A!.51!)$1(2(),!13&!E9,&-!$>!9!@(-29+@&@! !

%(" ! ! )&C-E9E&+! -E+&9@! 13&+&! )&9+! 3&+! >'$C&+-A! 3&'@! @$C)! C(13! 13+&&! -1$)&-! 9-! (>! 13&! $C)&+! &%&)159''/! E'9))&@! $)! 2$''&21(),! (1A! -3&! @&2(@&-! 1391! -19)@(),! (-! 13&!

E+5@&)1! 23$(2&O! 9)@! -$! +&?9()(),! .&-(@&! 13&! .&)23A! -3&! C9123&-! 13&! 29+-! +$9?!

13(-! C9/! 9)@! 1391A! $229-($)9''/! 2+9)(),! 3&+! )&2H! ()! 3$E&! $>! -E$11(),! 9)!

9EE+$923(),!.5-8! !

R3&)!13&!>'$C!$>!1+9>>(2!&..-A!-3&!9,9()!+&,9+@-!13&!$'@!>921$+/!E+$E&+1/A!

.51!+913&+!139)!>$25-!$)!13&!.5('@(),A!3&+!,9K&!+$%&-!9'$),!13&!$EE$-(1&!-(@&C9'H! 1$! 9)$13&+! .5-! -1$E! '$291&@! 91! 13H HQG RI WKH IDFWRU\¶V FKDLQD'()H! >&)2&²C3&+&!

-$?&$)&!&'-&!9'-$!-19)@-!9'$)&!./!9!.&)23Z! ! 9)!"-(9)!?9)!9C9(1(),!3(-!+(@&A!9)! ()@(%(@59'! -&&?(),'/! 13&! -9?&! 9,&A! C&9+(),! 9! >&'1! "-2$1! 29E! E5-3&@! 3(,3! $)! 3(-! >$+&3&9@! 9)@! 9! @9+HD.'5&! E$'/&-1&+! M$,,(),! -5(1! C(13! C3(1&! -1+(E&-! +5))(),! 13&! '&),13! $>! 13&! -'&&%&-! 9)@! '&,-O! &L2&E1A! 5)'(H&! 3&+-&'>A! 3&! (-! ()! 2$)-19)1! ?$1($)²&+&21!()!E$-15+&A!.$13!39)@-!E$-(1($)&@!91!3(-!C9(-1!9-!3&!'&9)-!3(-!1$+-$! .92HC9+@-!9-!>9+!9-!3&!29)!?9)9,&A!9)@!13&)A!5E$)!-'$C'/!-1+9(,31&)(),!3(?-&'>A! 3&!.&)@-!>$+C9+@!C3('&!3(-!39)@-!,'(@&!>+$?!3(-!C9(-1!9)@!@9),'&!'(H&!13&!9+?-!$>!

9! -C(??&+! $)! 13&! %&+,&! $>! 19H(),! 9! @(%&A! &L1&)@&@! >(),&+-! -1+(%(),! 1$! 1$523! 13&!

1$&-!$>!3(-!?5@D-E911&+&@!1&))(-!-3$&-8! !

F+9)->(L&@!./!13&!-(,31!$>!3(?A!$>!3$C!3(-!'(?.&+!.$@/!-3(>1-!-$!&>>$+1'&--'/A!

-3&!-5??$)-!3(-!1951!>(,5+&!.&)&913!13&!M$,,(),!-5(1O!-3&!29)A!C(13$51!1+/(),!1$$!

39+@A! (?9,()&! 13&! C9+?! -?&''! $>! 3(-! -?$$13! -H()A! 13&! %&+/! >&&'(),! $>! 3(?8! !

B&E9+91&@! ./! 9! +(%&+! $>! DVSKDOW VKH GRHVQ¶W NQRZ KLV QDPH RU KLVWRU\ FDQ¶W 9225+91&'/!?9H&!$51!3(-!>&915+&-A!.51!-523!()>$+?91($)!(-!()2$)-&N5&)1(9'!91!13(-!

SRLQW LQ KHU OLIH VKH VWLOO UHFRJQL]HV KLP QHYHUWKHOHVV $QG LI \RX¶OO VLPSO\ ORRN ?/!C9/A!-3&!13()H-A!/$5!?(,31!-&&!-$?&$)&!/$5!29+&@!9.$51²/$5!?(,31A!(>!/$5!

M5-1!'$$HA!-&&!-$?&13(),!$>!-$?&$)&!/$5!'$-1!()!?&8! ! P51!'(H&!()!&%&+/!,$$@!9)@! >'&&1(),! @+&9?A! 13&! ?9)! %9)(-3&-! 9?(@! 9! .'5+! $>! 2$'$+! 9)@! -C(>1'/D239),(),!

-5++$5)@(),-A! 9)@! 9-! (>! -39H&)! 9C9H&! >+$?! 13&! @&&E&-1! $>! -'&&E-A! 09+($)! (-!

-19+1'&@! ./! 13&! +&9'(1/! 1391! 39-! 9.+5E1'/! 9'1&+&@! 3&+! %(-($)²13&! 3(,3DE(123&@!

-2+&&23(),!$>!.+9H&-A!13&!(?E$-(),!29++(9,&!$>!9!1+9)-(1!.5-!-1$EE(),!+(,31!.&>$+&!

3&+8!

%)" ! !

">1&+!13&!.5-!@$$+-!>$'@!$E&)A!-3&!(-!1$$!.5-/!,913&+(),!5E!3&+!>'$C&+-!1$!

)$1(2&!13&!E+&E5.&-2&)1A!235../!F9(C9)&-&!.$/!C3$!39-!M5-1!&L(1&@!13&!29++(9,&!

9)@!)$C!-19)@-!)&9+./!C(13!9!%($'()!29-&!,+(EE&@!()!$)&!39)@A!9!)/'$)!.92HE92H! 39),(),!$>>!$>!3(-!+(,31!-3$5'@&+!./!(1-!-1+9EO!)$+!(-!3&!9''!1391!9C9+&!$>!3&+!C3&)!

-3&! 35++(&-! 1$C9+@! 13&! C9(1(),! .5-A! 29''9! '('(&-! 9)@! +$-&-! .5)@'&@! 9CHC9+@'/A! 9! >+&&!39)@!.'()@'/!+(>'(),!9.$51!C(13()!3&+!E5+-&!>$+!>9+&!9-!13&!1(2H'(),!+&15+)-!1$!

3&+!13+$918! ! 7)-1&9@A!B9?5&'!'$(1&+-!$)!13&!-(@&C9'HA!23()!+9(-&@A!-N5()1(),!>$+!9!

C3('&!91!9!-H/! -$!&%&)'/!,+9/!9)@!.+(,31!1391!(1!$%&+C3&'?-!3(-! E&+2&E1($)8! ! V&!

LQKDOHV WKH GLVFRUGDQW DLU EUHDWKLQJ ZKDW KH GRHVQ¶W DVVRFLDWH ZLWK WKH VHHPLQJO\ 9'C9/-! -5))/! 2(1/! C3&+&! 3&! 9)@! 3(-! ?$13&+! 39%&! +&2&)1'/! ?$%&@²9)! $@$+$5-!

9?9',9?! ?9@&! $>! 1+9>>(2! >5?&-A! +9()A! 35?(@(1/A! 9)@! -1&9?(),! ?9)3$'&! 2$%&+-!

1391A!'(H&!3(-!>913&+!C3$!+&?9()-!C$+H(),!()!F9(E&(A!39-!.&&)!9.-&)1!>+$?!3(-!'(>&! >$+!$%&+!>$5+!?$)13-8! !

P&'23(),!9!1+9)-E9+&)1!-C(+'!$>!.'92H!&L395-1A!13&!.5-!&9-&-!9C9/!>+$?!13&!

25+.!C(13!9!-&+(&-!$>!,+5)1-!9)@!3(--&-A!9)@! 3&!'$C&+-!3(-!3&9@A!+5..(),!>(),&+-!

9,9()-1! 3(-! &/&'(@-8! ! P51! )$! -$$)&+! @$&-! 3(-! >(),&+1(E-! -'(@&! 1$! 13&! .+(@,&! $>! 3(-! )$-&!139)!3&!>()@-!3(?-&'>!-19+(),A!&/&-!-1(''!9@M5-1(),A!91!9)!5?.+&''9!'&>1!$)!13&! ,+$5)@! .&'$C! 13&! .&)238! ! [$5! ,$1! >$+,$11&)A! 3&! 13()H-A! ,'9)2(),! 9+$5)@! .51!

-&&(),!)$.$@/!&'-&!13&+&8! ! V$C!2$5'@!-$?&$)&!>$+,&1!/$5\! !

F3&)! .&,())(),! 13&! C9'H! 3$?&A! 3&! &%&)159''/! E9--&-! 13&! 2$+)&+! >'$C&+!

-3$EA! 13&! ,()-&),! -1$+&A! 13&! 1&9! 29>&A! 13&! )$$@'&! 3$5-&8! ! V&! ,$&-! 9! .'$2H! >9+13&+²13&!Y(&1)9?&-&!%(@&$!-1$+&A!13&!E9C)-3$EA!13&!+&-195+9)1!-E&2(9'(K(),!()!

1&+(/9H(! 23(2H&)! .$C'-A! 13&! $>>(2&! C(13! 1()1&@! C()@$C-! 9)@! .'$$@D+&@! 239+921&+-!

E+$2'9(?(),!(1-&'>!9-!F3&!V&?$++3$(@!4&)1&+².&>$+&!15+)(),!@$C)!9!+&-(@&)1(9'!

-1+&&18! ! R3(1&A! $+! E()HA! $+! .+$C)D-1522$! .5),9'$C-! '()&! 13&! -(@&C9'H! 93&9@! $>!

3(?A!9-!@$!19''!E9'?!1+&&-!C3$-&!>+$)@-!C9%&!-('&)1'/!()!13&!-H/8! !

#$+?9''/A! C3&)! +&15+)(),! >+$?! 9! %($'()! '&--$)A! 3(-! 13$5,31-! C$5'@! .&!

E+&$225E(&@!./!?5-(29'!)$1&-A!9)@!3(-!>(),&+-!C$5'@!>(@,&1!(?E&+2&E1(.'/!$)!3(-!

13(,3A!2$)1()59''/!E+921(2(),!13&!@(>>(25'1!?5-(2!-152H!()-(@&!3(-!3&9@8! ! P51!)$C!(1!

(-!9)$13&+!-$+1!$>!-$5)@!&)1&+19()(),!3(-!?()@A!9!'&--!?&'$@(2!2+&91($)!13$5,3!>9+!

%!! ! ! ?$+&!E'&9-(),!1$!3(-!1C&'%&D/&9+D$'@!&9+-Z! ! 13&!)&,'&21&@!5?.+&''9!.&(),!@+9,,&@! .&3()@!3(?A!13&!?&19'!1(E!-2+9123(),!91!13&!E9%&?&)1!'(H&!9!.'9@&!,+91(),!92+$--!9!

VKDUSHQLQJ VWRQH +RZHYHU WKH XPEUHOOD¶V VFUDSLQJ VRRQ EHFRPHV HFOLSVHG '$-1! 1$! 13&! +&2H'&--! 2'911&+! $>! ()'()&! -H91&! C3&&'-! @+9C(),! 2'$-&+A! -C&+%(),! 3&+&!

9)@!13&+&8! !

B9?5&'! >+&&K&-! ()! 3(-! -1&E-A! C9123(),! C(13$51! &LE+&--($)! 9-! 13+&&!

-E(H/D39(+&@!U91()$!.$/-!,'(@&!@(+&21'/!1$C9+@!3(?²'&9)!1&&)9,&+-!-E$+1(),!.'92H! FD-3(+1-A! -&'>D9--5+&@! ()! 13&! 239$1(2! ,/+91($)-! $>! 13&(+! >9-1D?$%(),! .$@(&-O! 13&)A! '(H&! 9)! &++9)1! C()@A! 13&/! >'/! E9-1! 3(-! '&>1! 9)@! +(,31! -3$5'@&+-A! 13&! 19''&-1! $>! 13&!

ER\V VD\LQJ ³0RYH LW IDJJRW ´ DV DQ DIWHUWKRXJKW ZKLFK OLNH WKH FDFNOHV WKDW VXGGHQO\ EXUVW RXW RI WKHP EHORQJV WR D QXDQFHG ODQJXDJH KH FDQ¶W \HW IXOO\!

5)@&+-19)@8! ! #&%&+13&'&--A!3&!-&)-&-!-$?&13(),!5)H()@!C9-!M5-1!-9(@A!-$?&13(),! @(+&21&@!91!3(?!>$+!)$!,$$@!+&9-$)A!9)@!C3('&!E(%$1(),!$)!13&!-(@&C9'HA!29123(),!9! >()9'!,'(?E-&!$>!13&!$'@&+!.$/-!9-!13&/!+$5)@!9!2$+)&+A!3&!C9)1-!1$!.&! 251!'$$-&!

9?$),! 13&?A! 1$! @+&--! 9)@! 19'H! =),'(-3! '(H&! 13&/! @$A! 1$! K$$?! E9-1! 3(?-&'>! $)!

LQOLQH VNDWHV DQG VD\ VRPHWKLQJ OLNH ³*R IXFN \RXU PRWKHU ´ LQVWHDG RI -E&)@(),!13&-&!>+(&)@'&--!9>1&+)$$)-!29+1(),!3(-!%($'()!29-&!>+$?!E'92&!1$!E'92&8! !

")@! ()! 13&! N5(&1! 1391! )$C! -5++$5)@-! 3(?A! 13&! 5?.+&''9! ()! 3(-! 39)@! )$!

'$),&+! >&&'-! C$+13! H&&E(),8! ! B3(>1(),! 3(-! -19+&! 1$! 13&! E()H! .5),9'$C! C3$-&!

C9'HC9/!(-!@(+&21'/!.&-(@&!3(?A!3&!$.-&+%&-!9!E'9-1&+!,9+@&)!,)$?&!-(11(),!()!13&! ?(@@'&!$>!9!E&+>&21'/!?9)(25+&@!'9C)A!9)@A!9-!13&!2'$5@-!9.$%&!+&'&)1!9)@!9''$C! -5)'(,31! 1$! -E(''! 5E$)! 13&! -1+&&1A! 3&! 2$)1&?E'91&-! 13+$C(),! 13&! 5?.+&''9! 91! 13&! ,)$?&!'(H&!9!-E&9+²?9/.&!2+92H(),!(1!$E&)A!-E'(11(),!(1-!-?(+H(),!>92&!9E9+1²$+A! E&+39E-A! 3&! ?(,31! -19.! 13&! ?&19'! 1(E! @&&E! ()1$! 13&! >+&-3'/! 251! ,+9--! -$! 1391! 13&!

5?.+&''9!-19)@-!5E-(@&D@$C)!>$+!-$?&$)&!&'-&!1$!>()@8! ! P51!+913&+!139)!9--95'1!

13&!,)$?&!$+!'9C)A!3&!'&1-!13&!5?.+&''9!-'(E!&9-('/!>+$?!3(-!3$'@A!@+$EE(),!(1!1$!

13&!-(@&C9'H!9-!3&!2$)1()5&-!>$+C9+@²3(-!>(),&+-A!13&)A!-1+5??(),!91!3(-!13(,3A! E'9/(),!?5-(2!$)'/!3&!29)!3&9+8! ! !

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !

! ! ! ! ! ! ! ! :]<! !

"-! (1! 39EE&)-! $)! ?$-1! C&&H@9/! 9>1&+)$$)-A! B9?5&'! &)1&+-! 9! @9+H&)&@A! 1C$D.&@+$$?! +&)19'! 3$5-&! 1391A! 5)1('! 3(-! ?$13&+! +&15+)-! '91&+! >+$?! C$+HA! >&&'-! '(H&! 3(-! $C)! E+(%91&! +&>5,&A! 9! -9)2159+/! E&+?&91&@! ./! 13&! -2&)1! $>! ?$13.9''-A! 9>>$+@(),! 3(?! 1C$! 3$5+-! ()! C3(23! 13&! $.'(,91($)-! $>! -23$$'C$+H! 9)@! %($'()!

E+921(2&!29)!.&!+&,9+@&@!29-59''/8! ! ">1&+!'$2H(),!13&!>+$)1!@$$+!C3('&A!91!13&!-9?&!

1(?&A! ?9)9,(),! 1$! H(2H! $>>! 3(-! 1&))(-! -3$&-A! 3&! E95-&-! ()! 13&! 5)'(1! &)1+/! 9)@A! >'(EE(),!13&!'(,31!-C(123!$)A!(''5?()91&-!9!'(%(),!+$$?!C3&+&!13&!@+9E&-!9+&!9'C9/-!

H&E1! @+9C)8! ! ")! $%&UKHDG IOLFNHULQJ IOXRUHVFHQW WXEH VKLQHV RQ KLV PRWKHU¶V 39'>D$+,9)(K&@!2'511&+A!13$-&!.&'$),(),-!-3&!()-(-1&@!39%(),!-3(EE&@!>+$?!F9(C9)! +913&+! 139)! +&E5+239-(),! -(?('9+! .51! ?$+&! &LE&)-(%&! (1&?-! ()! 49'(>$+)(9Z! ! 9! @$K&)! $+! -$! 5)E92H&@! 29+@.$9+@! .$L&-! -192H&@! 39E39K9+@'/! 9,9()-1! 9! C9''! 9)@!

2$)19()(),! &%&+/13(),! >+$?! .$$H-! 1$! @+/! ,$$@-! 1$! 2'$13(),A! 13&! E'9-1(2D2$%&+&@A! >'$+9'DE911&+)&@! .+$C)! 2$523! 9)@! ?9123(),! -&11&&A! 9)! $9H! 2$>>&&! 19.'&! 9@$+)&@!

C(13! 9! .+9--! -E(11$$)! -3$C29-(),! 9! -E+9/! $>! 9+1(>(2(9'! +3$@$@&)@+$)-A! 9! ]WD()23!

2$'$+!FY!?(--(),!9!%$'5?&!.511$)A!13&!&)2'$-&@!,'9--!@(-E'9/! 29.()&1!>(''&@!C(13!

2$''&21(.'&!BC9+$%-H(!2+/-19'!>(,5+()&-8! ! "''!$>!(1A!()2'5@(),!13&!C3(1&!-39,!29+E&1A! (-! 2$91&@! ./! 9! 13()! %&)&&+! $>! ,+9/D.'92H! @5-1A! 9)@! 9''! $>! (1A! ()2'5@(),! B9?5&'A! (-!

29-1!()!13&!2$'@!+9@(9)2&!$>!>'5$+&-2&)1!'(,31(),8! !

*'$@@(),! 92+$--!13&! 29+E&1A!-1(''!2'5123(),!13&!%($'()!29-&!9)@!C&9+(),!3(-!

.92HE92HA! 3&! 3&9@-! -1+9(,31! >$+! 13&! FY! +&?$1&! 2$)1+$'! $)! 13&! >'$$+A! ,$(),! 1$!

C3&+&!3&!39@!-91!C(13!(1!.&>$+&!-23$$'!13(-!?$+)(),!9)@!91&!43&&+($-O!13&)!'(>1(),!

13&!+&?$1&!9)@!15+)(),!1$!19H&!9(?!C(13!(1A!3&!'$(1&+-!.&1C&&)!13&!2$>>&&!19.'&!9)@! !

&*" !

13&!FYA!3(-!.92H!1$!13&!>9?('/!E$+1+9(1!1391!1('1-!91!9)!9),'&!M5-1!9.$%&!13&!2$5238!

B&91&@!.&3()@!3(?!C(13()!13&!'9+,&!,('@&@!>+9?&A!3(-!?$13&+!(-!>+$K&)!()!1(?&!9)@!

-?('(),! &LE9)-(%&'/A! 2+&9?/DC3(1&! 1&&13! '(H&! E$'(-3&@! M9,-! $>! (%$+/A! '$),! >(),&+-! ()1&+'92&@!$%&+!13&!'9E!$>!9!-(?E'&!/&''$C!.'$5-&A!)$C!.&9?(),!91!9!'(%(),!+$$?!

-3&! 39@)Q1! /&1! H)$C)O! 9)@! -19)@(),! .&3()@! 3&+A! E$-(1($)&@! &+&21'/! )&9+! 9! .'5&! .92H@+$EA!9+&!B9?5&'!9)@!3(-!>913&+A!.$13!$>!13&?!C&9+(),!(@&)1(29'!.'5&!.'9K&+-!

9)@!.'92H!1(&-A!&923!C(13!9!39)@!+&-1(),!'(?E'/!$)!$)&!$+!13&!$13&+!$>!3(-!?$13&+Q-!

C&''DE$-15+&@! -3$5'@&+-A! 13&(+! &LE+&--($)-! E9--(%&! 9)@! .'9)H8! ! G$+! 9'?$-1! 1C$! /&9+-! 13&! E$+1+9(1! 39-! .&&)! ,(%&)! 9! E+$?()&)1! E'92&! C3&+&%&+! 13&/! 39%&! '(%&@²9'C9/-!2&)1&+&@!9.$%&!13&!-9?&!-/)13&1(2DC+9EE&@!2$523A!9'C9/-!C(13$51!

9)$13&+!E(215+&!39),(),!$)!13&!-9?&!C9''²+9+&'/!)$1(2&@!9)/?$+&!$+!,(%&)!?523! $>!9!>(+-1!,'9)2&A!'&1!9'$)&!9!-&2$)@8! ! P51!9!>&C!C&&H-!9,$A!B9?5&'!>$5)@!3(?-&'>!

SDXVLQJ WR VWXG\ WKH LPDJH RI KLV PRWKHU¶V EHDWLILF VPLOH UHDOL]LQJ WKHQ WKDW KH KDGQ¶W SHUVRQDOO\ HYHU VHHQ KHU VPLOH VR HFVWDWLFDOO\ QHYHU RQFH LQ KLV ZKROH OLIH )$1!&%&)!$)!13&!@9/!C3&)!13&!E3$1$,+9E3!C9-!19H&)8! !

F3&! FY! >'(2H&+-! ()1$! 921($)A! 9)@! 3&! (??&@(91&'/! 5E-! 13&! %$'5?&! C(13! 13&!

+&?$1&8! ! "-! (>! 9C9(1(),! 3(-! 911&)@9)2&A! 13&! 9)(?91&@! ,+9E3(2-! $>! !"##$% &'#("% )% 2$)-5?&!13&!+$$?A!.+(,31&)(),!13&!-39@$C/!>+(),&!9+$5)@!3(-!>92&A!+&>'&21(),!9-! @(-1$+1&@! 29+1$$)! -39E&-! 9,9()-1! 13&! 1+9)-E9+&)1! E'9-1(2! $>! 13&! 2$523A! 9)@!

E9+1(9''/! -5E&+(?E$-(),! (1-&'>! $)! 9! '$C&+! -&21($)! $>! 13&! >9?('/! E$+1+9(1Z! ! 13&!

39)@-$?&! X5,$! 9)@! 3(-! 9)(?&! 2$?E9)($)-! '$2H&@! ()! .911'&! 91! 13&! >(),&+-! $>!

6DPXHO¶V PRWKHU GHIHQGL),!13&!35?9)!+92&!>+$?!13&!%(''9()$5-!09)!^&+$!5E$)!

3&+!.'$5-&8! !

³0D\EH \RX¶OO FRPH EDFN VRPHGD\ DV²DV D EHWWHU SHUVRQ , KRSH ´ .XJR

1&''-!09)!^&+$A!-&2$)@-!E+($+!1$!9))(3('91(),!3(-!@&>&91&@!&)&?/!C(13!9!4&'&-1(9'!

P$?.!2+&91&@!./!13&!E$-(1(%&!&)&+,/!$>!WKH SHRSOH RI (DUWK ³,W ORRNV OLNH LW¶V WKH HQG RI WKH URDG =HUR ,W¶V D GDUQ VKDPH ´ .XJR KRYHULQJ LQ WKH HWKHU IDU DERYH 9)! $+9),&D-H())&@A! +91D'$$H(),! 09)! ^&+$A! -5??$)-! 13&! 4&'&-1(9'! P$?.! 1391! (??&@(91&'/! &)2(+2'&-! 3(-! C3$'&! .$@/! '(H&! 9! .5+)(),! 39'$O! 13+5-1(),! 9! >(-1! $51C9+@A!3&!5-&-!3(?-&'>!9-!9!2$)@5(1!1$!5)'&9-3!13&!&)&+,/!91!13&!,+$5)@!@$C)!

&%! ! .&'$CA! E+$?E1'/! .'$C(),! 3(-! >$&! 9E9+18! ! F3&)! 13&! BE(+(1! P$?.! .5+)-! 92+$--! 13&!

'9)@A! @&-1+$/(),! &%&+/13(),! ()! (1-! E913A! 9)@A! >()9''/A! &+5E1-! '(H&! 9! 35)@+&@!

3/@+$,&)!&LE'$-($)-8! !

³,VD GRP VKDP ´ KH VD\V DWWHPSWLQJ .XJR¶V ZRUGV DV DOPRVW D ZKLVSHU

-39H(),! 3(-! 3&9@! ()! @(-?9/! 91! 13&! C(@&-E+&9@! @&-1+521($)! $>! 29+1$$)! -$('! 9)@!

IROLDJH ³,VD GRP VKDP ´ KH VD\V DJDLQ SXWWLQJ WKH UHPRWH DQG WKH YLROLQ FDVH $)! WKH FRIIHH WDEOH ³$ GRP VKDP²´ $QG ZLWK WKDW KLV OHLVXUHO\ GRZQWLPH 2$??&)2&-A! 29++(&@! $51! '(H&! 9! %&('&@! +(159'! 9-! 13&! FY! E'9/-! ()! 13&! .92H,+$5)@A! H&&E(),!3(?!2$?E9)/!C3('&!3&!2$?&-!9)@!,$&-!>+$?!13&!'(%(),!+$$?8! !

J&1+&91(),! 1$! 3(-! 2+9?E&@! .&@+$$?! -$! 1391! 3&! 29)! -3&@! 3(-! 2'$13&-A!

B9?5&'!>(+-1!?9H&-!9!E$()1!$>!>&&@(),!3(-!)9?&'&--!E&1!?$5-&²9!-H(11(-3A!E(&.9'@! +$@&)1! C(13! @9+H! &/&-A! C3$-&! -E9+-&! 29,&A! 9-! (>! &+&21&@! ()! 13&! -39@$C-! $>! >&1(@! ?$5)19()-A! (-! 3$5-&@! $)! 13&! >'$$+! ()D.&1C&&)! 1C$! (?E$-(),! E('&-! $>! 5)C9-3&@!

FORWKLQJ 7KH PRXVH KRZHYHU ZDVQ¶W WKH NLQG RI SHW KH¶G UHDOO\ ZDQWHG QRU ZDV WKH PHDJHU FDJH WKH RQH KH¶G KRSHG KLV PRWKHU ZRXOG EX\ %XW VLQFH VKH¶G ()-(-1&@!1391!9!?$5-&!?9@&!9!.&11&+!&2$)$?(29'!23$(2&!139)!9!@$,!$+!9!291A!3&!91! '&9-1! &LE&21&@!9!)(2&+! 29,&!>$+!3(-!.&@+$$?²-$?&13(),!C(13!9! 29+E&1&@!-3&'>A!9! +9?EA!9)!&L&+2(-&!C3&&'A!9!>&&@&+!.$11'&A!9)@!9!-19()'&--D-1&&'!.$C'8! !

³:KR QHHGV DOO WKRVH H[WUDV"´ KLV PRWKHU KDG VDLG LQFUHGXORXVO\ ³,W¶V D

?$5-&A!B35),D/$8! ! 71!$)'/!)&&@-!>$$@!9)@!C91&+8! ! "''!13$-&!&L1+9-!9+&!9!C9-1&!$>!

PRQH\ ´! !

")@! 1391! C9-! 13918! ! "! 23&9EA! -?9''A! 9)@! ?()(?9''/! 9@$+)&@! 29,&! C9-!

E5+239-&@A! '92H(),! 9)/! 922&--$+(&-! 9-(@&! >+$?! 9! 1()/! ?$5-&! 1391! )$C! 35@@'&-!

LQVLGH RI LW ³&RPH RQ FRPH RQ ´ KH XUJHV WKH URGHQW GURSE(),! -$?&! >&&@!

E&''&1-!13+$5,3!13&!.9+-A!5'1(?91&'/!E+$@@(),!13&!?$5-&!1$C9+@!13&!>$$@!C(13!9! #$8!W!E&)2('8! ! F3&)!+(-(),!.&-(@&!9!'$E-(@&@!?5-(2!-19)@A!3&!.&,()-!+&?$%(),!3(-!

2'$13(),8! ! F3&! .511$)D5E! C3(1&! -3(+18! ! F3&! .'92H! -$2H-8! ! F3&! @+&--! -'92H-8! ! V&!

1$--&-! 13&! 2'$13&-! $)! 3(-! 5)?9@&! @$5.'&! .&@A! N5(2H'/! -1+(EE(),! @$C)! 1$! 3(-!

5)@&+C&9+!9?(@!9!,9''&+/!$>!_(-)&/'9)@!E$-1&+-!@&E(21(),!1391!$13&+!?$5-&²3(-! .&'$%&@!0(2H&/²!C3$!'$+@-!$%&+!(1-!09,(2!X(),@$?!>+$?!9''!>$5+!C9''-A!9)@!C3$A!

&&! !

B9?5&'!-$?&1(?&-!13()H-A!+&-&+%&-!(1-!()>'&L(.'&A!39'2/$)!&LE+&--($)!>$+!)$.$@/! &'-&!.51!3(?8! !

U(H&! /&-1&+@9/! 9)@! 13&! -23$$'@9/-! E+&2&@(),! (1A! 13&! +&?9()@&+! $>! 3(-!

9>1&+)$$)!C(''!.&!-E&)1!5)@+&--&@8! ! ")@!9-!$)!13$-&!E+&%($5-!@9/-A!13&!FY!'5''-!

3(?!9,9()!9)@!9,9()!91!13&!2$523²C3&+&!3(-!-3$5'@&+!.'9@&-!9)@!.$11$?!2+5)23!

9,9()-1!13&!2$$'!E'9-1(2!2$%&+(),A!3(-!,9K&!>9-1&)&@!1$!C391&%&+!29+1$$)!$+!-(12$?!

39EE&)-! 1$! .&! -3$C(),8! ! ")(?91&@! -2&)&-! 2$'$+! 3(-! %(-($)A! 9)@! 3&! @&%$5+-!

-)92H-!9)@!.&%&+9,&-!1391!2$?E'(?&)1!13&!()-5.-19)1(9'A!$)&D@(?&)-($)9'!C$+'@-!

EURDGFDVW LQWR WKH OLYLQJ URRP 0LQL 5HHVH¶V 3HDQXW %XWWHU &XSV 7KH ODVW WKLUG $>! 9! 1C$D'(1&+! .$11'&! $>! *&E-(8! ! *()&9EE'&! 29H&-! ?9@&! $>! '9+@A! -5,9+A! E()&9EE'&!

M9?A! >'$5+8! ! 4$)1()5(),! 1$! &91! 9-! $)&! -&+(&-! &)@-! 9)@! 9)$13&+! -$$)! .&,()-A! 3&!

E5-3&-!13&!.511$)-!$)!13&!+&?$1&!2$)1+$'A!>'(EE(),!13&!239))&'-!5)1('!-$?&13(),! ,$$@!9EE&9+-8! !

G$+! 13&! ?$-1! E9+1A! 3&! E+&>&+-! 29+1$$)-A! 13$5,3! '91&'/! +&+5)-! $>! 7KUHH¶V

*'+,$-.% 39%&! &)1&+19()&@! 3(?²)$1! M5-1! .&295-&! 13&! -1$+/'()&-! 9+&! &9-/! 1$!

5)@&+-19)@A!$+!1391!13&!13&?&!-$),!(-!-$!29123/A!.51!?9()'/!.&295-&!13&!=),'(-3!

29)! .&! @(-2&+)&@! C(13$51! ?523! E+$.'&?8! ! `)! -$?&! '&%&'A! 3&! .&'(&%&-! 13&! -(''/!

-3$C! (-! ?$+&! 5-&>5'! 139)! 3(-! 1&@($5-! =BU! 2'9--8! ! F3&! @(9'$,5&! (-! -(?E'&A! +&E&1(1(%&A! 9)@! $%&+&?E39-(K&@A! 13&! %$(2&-! 2'&9+! 9)@! -'$C8! ! R3&)&%&+! a92H! 7ULSSHU VD\V VRPHWKLQJ OLNH ³'RQ¶W KXUW PH ´ RU ³/RUG\ ORUG\ ORUG\ ´ 6DPXHO¶V OLSV PRYH VLOHQWO\ UHSHDWLQJ HDFK ZRUG LQ KLV KHDG $QG VRPHGD\ KH 39-!E+$?(-&@!3(?-&'>A!3(-!%&+/!$C)!"?&+(29)!922&)1!C(''!-$5)@!9-!'(H&9.'&!9-!1391!

IXQQ\ PDQ¶V IULHQGO\ DQG DPXVLQJ YRLFH /'01""2%3'01""2%3'01""4% !

[&1! @5+(),! 13&! )5?&+$5-! 2$??&+2(9'! .+&9H-A! 3&! @$&-! C391! (-! 9'C9/-!

&LE&21&@! $>! 3(?! >$''$C(),! -23$$'! 3$5+-8! ! F3&! FY! (-! ?51&@A! 13&! %($'()! 29-&! $E&)&@A!9)@!C(13!>9-1DE92&@!9@%&+1(-&?&)1-! >$+!921($)!>(,5+&-A!-)92H!>$$@-A!9)@! %(@&$! ,9?&-! 29E15+(),! 3(-! 911&)1($)A! B9?5&'! E+921(2&-! C9+?D5E! -29'&-! ()! 13&! ?(@@'&!$>!13&!+$$?²WKH ERZ VHHVDZLQJ DERXW WKH YLROLQ DV KLV PRWKHU¶V VPLOLQJ >92&!-&&?-!1$!-19+&-!9EE+$%(),'/!91!3(?!>+$?!13&!>9?('/!E$+1+9(18! ! P51!3&!(-!9!'9K/A! ()911&)1(%&!-15@&)1!C3('&!-19)@(),!()!>+$)1!$>!13&!FYA!)$+!@$&-!3&!+&9''/!29+&!1391!

&'! ! !

13&! 3$+-&! 39(+-! $>! 3(-! .$C! 39%&! .&2$?&! 1$$! >+9/&@A! +&N5(+(),! 9! )&C! $)&! 1$! .&!

E5+239-&@!.&>$+&!3(-!)&L1!'&--$)8! !

F$@9/A! 3$C&%&+A! C3&)! +&9@/(),! >$+! 3(-! &(,313! +$5)@! $>! 39'>3&9+1&@!

C9+?D5E-A!3&!(-!@(-1+921&@!./!'95,31&+!9)@!E&$E'&!19'H(),!'$5@'/!)&9+!13&!3$5-&8! !

U$C&+(),!13&!%($'()A!3&!,$&-!1$!13&!-351!25+19()-A!E9+1(),!13&?! -'(,31'/!C(13!13&!

1(E!$>!3(-!.$C8! ! `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

2$)M5+&-!13&!U91()$!-H91&+-!9-!13&/!-H(?!E9-1!13&!3$5-&A!'95,3(),A!13&(+!-E(H/!39(+!

JOLVWHQLQJ OLNH WKH VWHPV RI JUDVV FDXJKW LQ WKH VSULQNOHU¶V VSUD\ )L[LQJ WKDW 13$5,31!>(+?'/!()!3(-!?()@A!&/&-!H&E1!2'$-&@A!3&!'&9%&-!13&!%($'()!9)@!.$C!$)!13&!

2$523A! C9'H(),A! 13&)A! '(H&! 9! .'()@! ?9)! 13+$5,3! 13&! '(%(),! +$$?²9+?-! $51-1+&123&@A! .5?E(),! 13&! &@,&-! $>! 13&! 2$>>&&! 19.'&! 9)@! 13&! 2$523²DQG GRHVQ¶W +&,9()!3(-!-(,31!5)1('!-1&EE(),!1$!13&!2$'@!C3(1&!1('&!$>!13&!.913+$$?!>'$$+8! ! !

")9'/K(),! 3(-! +&>'&21($)! ()! 13&! ?&@(2()&! 29.()&1! ?(++$+A! -5+%&/(),! 13&!

2$9+-&! -1+9)@-! $>! 3(-! )&91'/! 251! 39(+²'$),! $)! 1$EA! -3$+1! $)! 13&! -(@&-²9)@! 13&!

E'5?EA!$%9'!-39E&!$>!3(-!3&9@²13&!13()A!-(),'&D'(@@&@!&/&-A!13&!E911&+)!$>!?$'&-!

-E&2H(),! 3(-! 23()! '(H&! 9! ?&9)(),'&--! 2$)-1&''91($)²3&! >+$C)-! 91! 13&! %(-9,&! 1391! +&15+)-!3(-!-19+&8! ! F5--'(),!3(-!39(+A!3&!1+(&-!1$!2'5?E!13&!-1+9)@-!()1$!-E(H&-A!.51!

13&! 39(+! M5-1! -'(E-! 13+$5,3! 3(-! >(),&+-A! '$$H(),! 9'?$-1! 9-! (>! (1! 39@! )&%&+! .&&)! @(-15+.&@8! ! F3&)! ,'$C&+(),! 91! 13&! +&>'&21($)A! 3&! @&-E(-&-! 3(-! $C)! &L(-1&)2&A! 13&!

92159'! -5.-19)2&! 9)@! 2$)>(,5+91($)! $>! 3(?-&'>²391(),! 3$C! (?E$--(.'/! '(11'&! 3&!

9EE&9+-!>$+!-$?&$)&!$)!13&!%&+,&!$>!13(+1&&)A!3$C!()9@&N591&!()!-(K&!3&!>&&'-!()!

2$?E9+(-$)!1$!9!'$1!$>!13&!-15@&)1-!91!3(-!?(@@'&!-23$$'Z! ! 1391!E9+1(25'9+!.+&&@!$>! "?&+(29)! ,(+'! C3$A! C3&)! >(+-1! -19+1(),! 2'9--&-! 13&+&A! 3&! 39@! 9--$2(91&@! C(13! 13&!

-$+1!$>!,9+(-3D1/E&!C$?9)!3(-!?$13&+! 39@!DOZD\V GLVSDUDJLQJO\ FDOOHG ³:DQKX9!

&(" !

'LVWULFW W\SHV´².&295-&! 13&/! -&&?&@! 1$$! $'@! 9)@! 1$$! C9/C9+@! 1$! .&! -15@&)1-A! E+$5@'/! -E$+1(),! 1&9-&@! 39(+-1/'&-A! 9?E'&! ?9H&5EA! 9)@! 1(,31! 2'$13(),! ?$+&! .&>(11(),! $>! E$E! -(),&+-! $)! 0FYO! $+! 13&! 13(+1&&)! 9)@! >$5+1&&)D/&9+D$'@! .$/-! 3&!

39@! )&+%$5-'/! -E(&@! ()! 13&! '$2H&+! +$$?A! 19''&+! 9)@! .(,,&+! 139)! 13&(+! F9(C9)&-&!

2$5)1&+E9+1-A!C(13!E5.(2!39(+!9'+&9@/!-E+$51(),!9.$%&!>5''/D?915+&@!E&)(-&-!9)@! .5-3/!9+?E(1-!1391!+&N5(+&@!9EE'(291($)-!$>!@&$@$+9)18! ! 71!(-!.&11&+A!3&!39-!1$'@!

3(?-&'>A! 1$! C&9+! 5)(>$+?-! 1$! -23$$'! '(H&! 3&! 9)@! 3(-! E9+&)1-! 39@! $)2&! @$)&A! 1$!

39%&! /$5+! 39)@-! 9)@! >(),&+)9('-! ()-E&21&@! >$+! 2'&9)'()&--! &%&+/! ?$+)(),A! 1$!

9'C9/-! .&! E'9()! 9)@! 5)9--5?(),! 9-! 9! -15@&)18! ! 71! (-! .&11&+A! 3&! (-! E$-(1(%&A! (>! &%&+/$)&! '$$H-! 13&! -9?&! C3('&! '&9+)(),A! (>! &%&+/$)&! -3$C&+-! $+! .913&-! $)'/! 91!

3$?&8! !

#$!'$),&+!C(-3(),!1$!E$)@&+!3(-!$C)!+&>'&21($)A!3&!,9K&-!@$C)!13&!'&),13!

$>! 3(-! .$@/²13&! -1$2H/A! -3$+1! '&,-A! 13&! C(@&! .51! 2$?E921! >&&1A! 13&! $511(&! )9%&'!

E+$1+5@(),!$)!3(-!@(-1&)@&@!-1$?923!'(H&!13&!-1&?!@&E+&--($)!$>!9)!$+9),&8! ! V&!

E()23&-!13&!.9./!>91!25+%(),!3(-!.&''/A!?9H(),!9!>(),&+1(E!%9)(-3!C(13()!13&!>'&-3/!

'9/&+!9-!(>!(1!C&+&!-()H(),!()1$!C9+?!.511&+8! ! J&'&9-(),!13&!>91!C(13!9!E9()>5'!-)9E! $>! 3(-! >(),&+-A! 13&! -H()! M(,,'&-A! +&?()@(),! 3(?! $>! -$>1! 1$>5A! 9)@! 3&! -52H-! ()! 3(-!

-1$?923!>$+!9!?$?&)1!C3('&!()39'(),8! ! G()9''/A!3&!15,-!3(-!5)@&+C&9+!9+$5)@!3(-!

H)&&-A!.&)@(),!$%&+!1$!,&1!9)!()%&+1&@!.51!2'$-&+!,'(?E-&!$>!3(-!E&)(-8! ! V&!39-A!()! >921A! )&%&+! '$$H&@! -$! ()1&)1'/! 91! (1! .&>$+&8! ! F3&! >$+&-H()! +5)-! 13&! E5+E'&!

-E&21+5?A!13&!-39@&-!$>!9!.+5(-&A!9'13$5,3!13&!-H()!9+$5)@!(1A!'(H&!9''!$>!3(-!.$@/! &L2&E1!>$+!3(-!3&9@A!(-!E9'&!9)@!39(+'&--8! ! 71!(-!-?9''A!1$$!-?9''A!'(H&!9!-)9('!25+'&@! ()-(@&!(1-!-3&''A!.51!13&!1&-1(2'&-!9+&!-$?&C391!.(,,&+A!E+&--(),!5E!.&)&913!(1!9-!(>!

1$! $>>&+! &)2$5+9,&?&)1A! ?9H(),! (1! -1(2H! -1+9(,31! $51! '(H&! 9! E$()1&@! E()H/8! ! `.-&+%(),! (1! 13(-! 2'$-&'/A! 3(-! 15.&+2'&! E&)(-! -5@@&)'/! -&&?-²C(13! 9''! (1-! %&()-A! -29+D'(H&! '()&-A! -E$),/! 1(--5&A! C+()H'&-A! 9)@! &'9-1(2(1/²9)! 9.-5+@A! ?/-1&+($5-!

9EE&)@9,&!1391!.9+&-!)$!)915+9'!+&-&?.'9)2&!1$!9)/!$13&+!E9+1!$>!3(?-&'>A!$+!3(-!

E9+&)1-8! ! 71! (-A! 1$! 3(-! ?()@A! ?$+&! 9H()! 1$! 9)! 9.)$+?9'! '5?E! $)! 3(-! .$@/A! 9! ?(--39E&)! ,+$C13! C(13! 9! -'(1! 91! (1-! 1$E! 1391! ,9E&-! $E&)! '(H&! 13&! &)1+9)2&! 1$! 9!

-&2+&1!5)@&+C$+'@A!9)@!-$?&13(),!3&!C$5'@!+913&+!'(%&!C(13$51!²!-$?&13(),!3&!

&)" ! !

C$5'@A!()!>921A!+913&+!1+9@&!>$+!9!E9(+!$>!()'()&!-H91&-!(>!(1!C&+&!91!9''!E$--(.'&8! !

"!C3('&!'91&+A!91!3(-!.&@+$$?!@&-HA!3&!-(1-!2$?E'&1&'/!)9H&@!-9%&!>$+!9!E9(+!

$>! 0(2H&/! 0$5-&! &9+-! 2$2H&@! 1$! $)&! -(@&! $>! 3(-! 3&9@A! 9! .'92H! >&'1! 9)@! E'9-1(2!

-H5''29E! 3(-! E9+&)1-! .$5,31! 3(?! '9-1! -5??&+! C3&)! 13&/! 39@! 9''! %(-(1&@! F$H/$! _(-)&/'9)@8! ! 7)!>+$)1!$>!3(?!(-! 9!2&+9?(2!_$+9&?$)!E&))/!.9)HA! 1391!.'5&!9)@!

C3(1&!291!>+$?!13&!>515+&!C3$-&!&9+-!C&+&!.(11&)!$>>!./!?(2&A!9)@!(1-!2$)1&)1-!9+&!

-2911&+&@!5E$)!13&!@&-H1$EA!13&!2$()-!.&(),!?&13$@(29''/!-$+1&@!()1$!1(@/!-192H-! $>! E&))(&-A! )(2H&'-A! @(?&-A! N59+1&+-8! ! B$$)! 13&! 25++&)1! ,+9)@! 1$19'! $>! 3(-! '(>&!

-9%(),-! (-! 19''(&@! 5E²bI8cd²9)@! 2$%&+1'/! M$11&@! @$C)! $)! 13&! .92H! E9,&! $>! 9!

0&9@! -E(+9'! )$1&.$$HA! 9-! (>! (1! C&+&! &--&)1(9'! 1$! 3(@&! -523! %9'59.'&! ()>$+?91($)! >+$?! '(H&'/! 13(&%&-8! ! F3&)! >'(EE(),! 13&! '()&@! E9,&-A! 3(-! 911&)1($)! N5(2H'/! -3(>1-! &'-&C3&+&A!+&15+)(),!$)2&!9,9()!1$!13&!-1$+/!3&!39-!.&&)!2+&91(),!13+$5,3!9!-&+(&-! $>! @&19('&@! @+9C(),-A! &'9.$+91&! 09),9D()-E(+&@! E(215+&-! >9-3($)&@! ()-(@&! 13&! )$1&.$$H!E9,&-!C(13!2$'$+&@!E&)-A!2+9/$)-A!9)@!E&)2('-8! !

7?9,()&@! 9)@! +&9'(K&@! $%&+! 13&! E9-1! -&%&+9'! C&&H-A! 3&! 39@! ?9)9,&@! 1$!

@+9C!9!19''!.51!)9++$CA!()@5-1+(9'D'$$H(),!9E9+1?&)1!.5('@(),!-1+&123(),!3(,3!()1$!

9!.'$$@D+&@!-H/A!9)@!13&)!9!,+9--/!,9+@&)!29)%9--(),!13&!&)1(+&!>'91!+$$>1$E!$>!13&! .5('@(),8! ! V9'>!2$)-2($5-!()!13&!,9+@&)A!9!-?9''!.$/!+&2'()&-!3&'E'&--'/!9,9()-1!9!

E(,&$)!2$$E!1391!(-!&)1C()&@!C(13!13(2HA!@9+HD,+&&)!%()&-8! ! "''!13&!E(,&$)-!()-(@&!

13&! 2$$E! 9+&! @&9@A! @9),'(),! ./! 13&(+! .&9H-! >+$?! 13&! &)@-! $>! H)$11&@! %()&-A! -1+(EE&@!?$-1'/!$>!>&913&+-!9)@!-H()!1391!9+&!()!13&!E+$2&--!$>!,&11(),!1+9)-E$+1&@!

9'$),!13&!%()&-!.&1C&&)!13&!E()2&+-!$>!1()/!,$'@!-29+9.-8! ! F3+&&!$>!13&!%()&-!39%&!

DOVR VOLG WKHPVHOYHV DURXQG WKH ER\¶V ERG\ HQVQDUOLQJ KLP ZKLOH VORZO\ JURZLQJ WLJKWHU DERXW KLV QHFN ³0LQJD-3&),A! C3&+H DUH \RX" +HOS PH ´ UHDGV WKH .5..'&D13$5,31!29E1($)!>'$91(),!.&-(@&!13&!.$/Q-!3&9@8! ! !

")@!13&)!'(H&!13&!3&9+1/!+$$1-!$>!9!1+&&A!13&!?9)/!'$),!%()&-!-E+&9@!@$C)!

13+$5,3! 13&! +$$>1$EA! >5+13&+! 9)@! >5+13&+! ()1$! &923! >'$$+! .&'$CA! 9-! C&''! 9-! .'9)H&1(),!13&!&L1&+($+!$>!13&!.5('@(),!'(H&!?$--!9)@!-'(13&+(),!92+$--!E9%&?&)1!

1$! -C9''$C! E9+H&@! 29+-O! -$?&! -E+$51! '(11'&! .+$C)! .5@-! '(H&! 2'5-1&+-! $>! 92$+)-! &?.&@@&@!()!?5@A!$+!>$+?!35,&!13$+)-!1391!+&-&?.'&!9!-C9+?(),!$>!-39+H!>()-8! !

&!! ! ! !

P51!9-!13&/!&LE9)@A!13&!%()&-!-19+1!'$$H(),!'&--!9)@!'&--!'(H&!%()&-A!?$+&!'(H&!13&!

1&)@+('-! $>! 9)! $21$E5-! $+! ,(9)1! -N5(@²9)@! 13&! 1()/! -29+9.-! 1391! 1+9%&'! .92H! 9)@! >$+13! 5E$)!13&?! 239),&A! 1$$A! .&2$?(),! ?523! +$5)@&+A! 9-! (>! C391&%&+! 13&! %()&-!

39%&!1$523&@!39-!E+$%(@&@!-5-1&)9)2&!1$!13&!?5'1(15@&!$>!,$'@&)D1()1&@!.&&1'&-8! ! !!

³, P FRPLQJ -XQDVKLHQ ´ 0LQJD-3&),A! 9! 19''&+! .$/! C&9+(),! 9)! $+9),&!

.9-&.9''!29EA!5-&-!$)&!$>!13&!13(2H&+!%()&-!1$!-29'&!13&!&L1&+($+!$>!13&!.5('@(),!()!

9)! &>>$+1! 1$! +&-25&! 13&! /$5),&+! .$/8! ! R(&'@(),! 9! ?923&1&! 9)@! -'(2(),! 13&! $13&+!

1&)@+('D'(H&!%()&-!1391!+&923!>$+!3(-!9)H'&-A!$+!9+?-A!$+!13+$91A!0(),D-3&),!()23&-!

3(-! C9/! 5EA! E9--(),! 9E9+1?&)1! C()@$C-! C3&+&! 13&! 1&)9)1-! C(13()²?9++(&@!

2$5E'&-A! 23('@+&)A! @$,-A! 291-²39),! >+$?! 13&(+! 2&('(),-! 9-! 2$+E-&-A! %()&-! 91! 13&(+!

QHFNV OLNH QRRVHV FORWKLQJ GRWWHG E\ VFDUDEV H\HV PDUNHG ZLWK ELJ ;¶V %DVHEDOO 29E! 15+)&@! .92HC9+@-! $)! 3(-! 3&9@A! ?()@>5'! $>! 13&! ()2+&9-(),! )5?.&+! $>! %()&-! ,+9..(),!91!3(?A!13&!$'@&+!.$/!2$)1()5&-!-1+5,,'(),!1$C9+@!13&!+$$>1$E!1$!3&'E!3(-!

IULHQG ³+ROG RQ -XQDVKLHQ , P DOPRVW WKHUH ´! !

#$C!+&9@/(),!9!E&)2('!$)!9!2'&9)!)$1&.$$H!E9,&A!3&!&)%(-($)-!13&!/$5),&+!

.$/! >9''(),! 5)2$)-2($5-A! 13&! -29+9.-! $)! 13&! ?9+23O! )9%(,91(),! 13&! %()&-! 9-! (>!

2(+2'(),!9!0$.(5-!-1+(EA!13&!.&&1'&-!>()@!13&!-H()!$>!13&(+!%(21(?!9)@A!?$%(),!-(),'&! >('&!$>>!13&!%()&-A!2+$--!13+$5,3!13&!@9+H!E9--9,&C9/-!$>!-$>1'/!.+&913(),!)$-1+('-A! GLVDSSHDULQJ LQWR WKH ZDUPWK RI WKH ER\¶V VNXOO SLQFHUV VQDSSLQJ DV WKH\ JR U$-1!()!13&!%(%(@)&--!$>!3(-!$C)!(?9,()91($)A!B9?5&'!13()H-A!>$+!9!.+(&>!?$?&)1A! 3&! 29)! 92159''/! 3&9+! 13&! 2+&915+&-A! 13&! @(-19)1! ,/+91($)-! $>! 13&?! 9--95'1(),! 13&!

ER\¶V EUDLQ WKHLU UXJJHG SLQFHUV VRXQGLQJ OLNH PHWDO VFUDWFKLQJ PHWDO DQG ?(),'(),!C(13!13&!C3(1&!)$(-&!$>!13&!FY8! ! P51!-5@@&)'/!@+$EE(),!13&!E&)2('!1$!13&!

5)1$523&@! E9,&A! -E9+(),! 13&! .$/! >$+! 91! '&9-1! 1$@9/A! 3&! +&9'(K&-! (1! (-! 9! >9+! ?$+&! >&9+-$?&!+92H&1!()%9@(),!3(-!13$5,31-A!$)&!1391!-&)@-!3(?!>'/(),!>+$?!13&!@&-H! 239(+²-2+9?.'(),!1$!E51!$)!3(-!5)@&+C&9+A!-3(+1A!E9)1-²9)@!C(''A!()!9!?911&+!$>!

-&2$)@-A! .&! >$''$C&@! ./! 13&! 1(+&@! %$(2&! $>! 3(-! ?$13&+! 29''(),! $51! 3(-! )9?&! 9>1&+!

-3&!>()(-3&-!5)'$2H(),!13&!>+$)1!@$$+8! ! !

! ! ! ! ! ! ! !

&20,1* ,1 -81(¶6 ,668( ! "!#$%&'(!)'*+!$!),)! "!-.+/!012'3!4$2)!),5'+!$!61(7!+*$.'! "!).$27%1*8'.!0$,93&'2!+:'$;+!1<!(15'! "!³=$!7$3!1<<9*'.!*&9%$9.1>!!"²#$9*'9GD\ ´ ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !