Stephen Hawking's 'The Grand Design' - A Book Review
9
!"#$%#& ()*+,&-./ 01%# 23)&4 5#/,-&6 !"#$% ’()*$(* +" ,*(-.*// 0"+12*(34 ! #$$% &’()’* #+ ,- ./012/ 314 ()*+,&-./ $3787",7& 79 "%# :7&"37;#3/,)< /"3,&- "%#73= )/ "%# ><",8)"# "3>"% 973 ?#;#3="%,&-. 3#;#)</ 873# )@7>" 7>3 /7:,)< &##4 "7 >&4#3/")&4 "%# &)">3# 79 /:,#&:# "%)& "%# 8=/"#3= 79 "%# >&,;#3/#A "#$%&$’ ()*+,’-./ ’$* 011+ 23&$ 45)’6 7$/,-’8 9):$ 1;# $)5<,$5 #&,/ :1’#& ):,6 -<10)< :$6,) &=%$ ;’&$)56 1> >15 ) /9,$’9$ 011+? @$)5<= )<< #&$ :)A15 :$6,) ,’ #&$ *15<6 9)55,$6 *&)# *)/ $//$’#,)<<= ) :)5+$#,’- 0<;50 >15 #&$ 011+? "1:$ 5$%15#$6 #&$ 011+ )/ /9,$’9$./ 1>>,9,)< 6$9<)5)#,1’ #&)# 416 ,/ 5)6177+ 6$)6? 89’ 3’* ,$2% :1)7+ 3’*;B >15 $C):%<$B 5$%15#$6D 2E&$’ ,# 9):$ #1 #&$ 95$)#,1’ 1> #&$ F’,G$5/$B 416 A;/# *)/’.# ’$9$//)5=? 3&)#./ #&$ 91’9<;/,1’ 5$’1*’$6 /9,$’#,/# "#$%&$’ ()*+,’- &)/ :)6$ ,’ &,/ <)#$/# #1:$B H3&$ 45)’6 7$/,-’.?8 I# *)/ )/ ,> #&$ J5)9<$ 1> 1;5 #,:$ >,’)<<= 6$9,6$6 #1 #$<< ;/ *&)# #&$ ;<#,:)#$ #5;#& *)/? K$&,’6 #&$ :$6,)./ /$’/)#,1’)< 5$%15#,’- *)/ ) 9<$G$5 :)5+$#,’- 9):%),-’ 0= #&$ 011+ %;0<,/&$5B *&1 &)/ ’1# *)/#$6 ()*+,’-./ -<10)< 9$<$05,#= /#)#;/ )/ )5-;)0<= #&$ :1/# %51:,’$’# /9,$’#,/# 1> 1;5 #,:$ /,’9$ L<0$5# M,’/#$,’? MN;)<<= /&5$*6B I /;/%$9#B ,/ ()*+,’- )/ ) /)GG= );#&15 *&1 &)/ 6$:1’/#5)#$6 #,:$ )’6 )-),’ #&)# &$ +’1*/ &1* #1 )%%$)< #1 #&$ :)//? ()*+,’- &)/ 5$<$)/$6 /$G$’ 011+/ /,’9$ &,/ >,5/# 5;’)*)= 0$/#O/$<<$5 2L K5,$> (,/#15= 1> 3,:$?8 P,5/# %;0<,/&$6 ,’ QRSSB 2L K5,$> (,/#15= 1> 3,:$8 &)/ /1<6 :15$ #&)’ QT :,<<,1’ 91%,$/? I’ ) /$’/$B &,/ )991:%<,/&:$’# )/ ) %1%;<)5 /9,$’9$ 011+ );#&15 5,G)</B ,> ’1# $C9$$6/B &,/ )991:%<,/&:$’# )/ ) #&$15$#,9)< %&=/,9,/#?
-
Upload
stuart-nam -
Category
Documents
-
view
8.239 -
download
3
description
Hawking's new book 'The Grand Design' reveals more about our social need to understand the nature of scientific knowledge and henceforth the religious beliefs than the mysteries of the universe.
Transcript of Stephen Hawking's 'The Grand Design' - A Book Review
!"#$%#&'()*+,&-./'!
01%#'23)&4'5#/,-&6'
'
!"#$%&'()*$(*&+"&,*(-.*//&0"+12*(34&
&!"#$$%"&'()'*"
#+",-"./012/"314"
&
!
!
!
()*+,&-./'$3787",7&'79'"%#':7&"37;#3/,)<'/"3,&-'"%#73=')/'"%#'><",8)"#'
"3>"%'973'?#;#3="%,&-.'3#;#)</'873#')@7>"'7>3'/7:,)<'&##4'"7'>&4#3/")&4'
"%#'&)">3#'79'/:,#&:#'"%)&'"%#'8=/"#3='79'"%#'>&,;#3/#A''
!
"#$%&$'!()*+,'-./!'$*!011+!23&$!45)'6!7$/,-'8!9):$!1;#!$)5<,$5!#&,/!
:1'#&!):,6!-<10)<!:$6,)!&=%$!;'&$)56!1>!>15!)!/9,$'9$!011+?!@$)5<=!)<<!#&$!
:)A15!:$6,)!,'!#&$!*15<6!9)55,$6!*&)#!*)/!$//$'#,)<<=!)!:)5+$#,'-!0<;50!>15!
#&$!011+?!"1:$!5$%15#$6!#&$!011+!)/!/9,$'9$./!1>>,9,)<!6$9<)5)#,1'!#&)#!416!
,/!5)6177+!6$)6?!89'"3'*",$2%":1)7+"3'*;B!>15!$C):%<$B!5$%15#$6D!2E&$'!,#!
9):$!#1!#&$!95$)#,1'!1>!#&$!F',G$5/$B!416!A;/#!*)/'.#!'$9$//)5=?!3&)#./!#&$!
91'9<;/,1'!5$'1*'$6!/9,$'#,/#!"#$%&$'!()*+,'-!&)/!:)6$!,'!&,/!<)#$/#!
#1:$B!H3&$!45)'6!7$/,-'.?8!I#!*)/!)/!,>!#&$!J5)9<$!1>!1;5!#,:$!>,')<<=!6$9,6$6!
#1!#$<<!;/!*&)#!#&$!;<#,:)#$!#5;#&!*)/?!!
!
K$&,'6!#&$!:$6,)./!/$'/)#,1')<!5$%15#,'-!*)/!)!9<$G$5!:)5+$#,'-!9):%),-'!
0=!#&$!011+!%;0<,/&$5B!*&1!&)/!'1#!*)/#$6!()*+,'-./!-<10)<!9$<$05,#=!
/#)#;/!)/!)5-;)0<=!#&$!:1/#!%51:,'$'#!/9,$'#,/#!1>!1;5!#,:$!/,'9$!L<0$5#!
M,'/#$,'?!MN;)<<=!/&5$*6B!I!/;/%$9#B!,/!()*+,'-!)/!)!/)GG=!);#&15!*&1!&)/!
6$:1'/#5)#$6!#,:$!)'6!)-),'!#&)#!&$!+'1*/!&1*!#1!)%%$)<!#1!#&$!:)//?!
()*+,'-!&)/!5$<$)/$6!/$G$'!011+/!/,'9$!&,/!>,5/#!5;')*)=!0$/#O/$<<$5!2L!
K5,$>!(,/#15=!1>!3,:$?8!P,5/#!%;0<,/&$6!,'!QRSSB!2L!K5,$>!(,/#15=!1>!3,:$8!&)/!
/1<6!:15$!#&)'!QT!:,<<,1'!91%,$/?!I'!)!/$'/$B!&,/!)991:%<,/&:$'#!)/!)!
%1%;<)5!/9,$'9$!011+!);#&15!5,G)</B!,>!'1#!$C9$$6/B!&,/!)991:%<,/&:$'#!)/!)!
#&$15$#,9)<!%&=/,9,/#?!!
!
L<#&1;-&!'1#!;%!#1!()*+,'-./!<$G$<!1>!
>):$B!&,/!91O);#&15!U$')56!V<16,'1*!,/!
)</1!)'!)991:%<,/&$6!%&=/,9,/#!)#!W)<!
3$9&!*&1!&)/!:11'<,-&#$6!)/!)!*5,#$5!
1>!/9,$'#,>,9!65):)B!,'9<;6,'-!#&$!
/95$$'%<)=!>15!H"#)5#!35$+D!3&$!@$C#!
4$'$5)#,1'?.!!I>!#&$5$!,/!)!65$):!/9,$'9$!
011+O*5,#,'-!#$):B!#&,/!6;1!,/!9$5#),'<=!
1'$?!(1*$G$5B!)/!)'!156,')5=!5$)6$5!
*&1!,/!9;5,1;/!#1!+'1*!:15$!)01;#!1;5!
;',G$5/$B!I!*)/!6,/)%%1,'#$6?!7$/%,#$!)<<!
#&$!:$6,)!&=%$B!#&$!011+!61$/'.#!1>>$5!
)'=#&,'-!'$*!15!15,-,')<<=!/;0/#)'#,G$X!
,#./!'1#!:;9&!:15$!#&)'!)!N;,9+!/;5G$=!
1>!%&=/,9,/#/.!10/$//,1'!*,#&!/#5,'-!
#&$15=?!MC%$9#,'-!#5;$!15,-,')<!#&,'+,'-!
0=!()*+,'-!*)/!%510)0<=!:,/-;,6$6!1'!
:=!%)5#!/,'9$!&$!,/B!)>#$5!)<<B!1>>,9,)<<=!
5$#,5$6!)'6!9)''1#!0$!)/!)9#,G$!)/!)!>15$>51'#!5$/$)59&$5?!4,G$'!&,/!'):$!
G)<;$!)'6!&,/!=1;'-$5!91O);#&15./!/1<,6!)9)6$:,9!95$6$'#,)<B!&1*$G$5B!I!/#,<<!
$C%$9#$6!/1:$#&,'-!:15$!);#&$'#,9!#&)'!*&)#!I!>1;'6B!*&,9&!*)/!)!1'$O
*)=!%51:1#,1'!1>!#&$!91'#51G$5/,)<!/#5,'-!#&$15=!)/!#&$!:)/#$5!+$=!#1!
;'<19+!#&$!:=/#$5=!1>!#&$!;',G$5/$?!
!
P15!#&1/$!*&1!>1<<1*!:16$5'!#&$15$#,9)<!%&=/,9,/#/.!5$<$'#<$//!N;$/#!>15!#&$!
/1O9)<<$6!H#&$15=!1>!$G$5=#&,'-B.!#&$!65$):!#&$15=!#&)#!*1;<6!;',>=!#*1!
:),'!%,<<)5/!1>!:16$5'!%&=/,9/B!N;)'#;:!:$9&)',9/!)'6!M,'/#$,'./!-$'$5)<!
5$<)#,G,#=B!#&$!011+!:$5$<=!5$%$)#/!#&$!1G$5&=%$6!9<,9&Y!)01;#!/#5,'-!#&$15=!
Z$?-?B!:;<#,G$5/$/B!QQ!6,:$'/,1'/[?!L'=!91:%$#$'#!/9,$'9$!*5,#$5!91;<6!
&)G$!61'$!#&$!/):$!A10!A;/#!>,'$B!,>!'1#!0$##$5!Z)'6!:)'=!>,'$!011+/!)5$!
)<5$)6=!1;#!#&$5$[?!3&$!91'#51G$5/,)<!01:0/&$<<!5$:)5+!\!416!,/!,55$<$G)'#!
#1!#&$!95$)#,1'!1>!#&$!;',G$5/$!\!*)/!)</1!)'!;''$9$//)5=!/#)#$:$'#!
%$5&)%/!$C9$%#!>15!#&$,5!1*'!:)5+$#,'-!%;5%1/$/?!I#!*)/!'1#!)!:),'!#&$:$!
1>!#&$!011+!)'6!'1#!$G$'!)!<1-,9)<<=!,'$G,#)0<$!91'/$N;$'9$!1>!#&$!VO
#&$15=B!)!G$5/,1'!1>!/#5,'-!#&$15=!()*+,'-!$'615/$/!,'!#&$!011+?!!
89'"06)('2;'");"6$/"<0;/"5077"$5"=716'/;">0/"4+;/'2)';">'+$6?"/9'")41@)61/)$6"$5")/;"
$>;'2('2"
!
B7"*,"%/")&4,&-'8='$#3/7&)<'4,/)$$7,&"8#&"C'%7*#;#3C'D'*#<:78#')'
@77+'<,+#'01%#'23)&4'5#/,-&6'*,"%'7$#&')38/A'1%#'@77+'799#3/')'$7$><)3'
7$$73">&,"='973'"%#'8)//'"7'<#)3&')@7>"',&"3,->,&-'874#3&'$%=/,:/')&4'
:7/87<7-=E')<"%7>-%'&7"',&"#&4#4'@='()*+,&-C'"%#'@77+')</7'/%7*/''
4,/:#3&,&-'3#)4#3/'%7*'-#&>,&#<='$%,<7/7$%,:)<'"%#';#3='3#)<,"='*#'<,;#',&'
3#)<<=',/C'#;#&'9378'"%#'$#3/$#:",;#'79':>"",&-F#4-#'$%=/,:/A''
'
!:,#&:#'%)/'#G$<74#4',&'3#:#&"'4#:)4#/',&'"#38/'79',"/';7<>8#'79'&#*'
4,/:7;#3,#/')&4')::>8><)",&-'@74='79'+&7*<#4-#A'H#')3#'&7*'7&'"%#'
;#3-#'79':7$=,&-')'%>8)&'@#,&-C'&7"'"7'8#&",7&'>&4#3/")&4,&-'"%#'73,-,&'
79'7>3'>&,;#3/#A'1%#'-)$'@#"*##&'"%#'/:,#&",9,:)<<='*#<<F,&9738#4')&4'
"%7/#'*%7.;#'&#;#3'#;#&'%#)34'79'?I>)&">8'8#:%)&,:/.',/'-37*,&-'
3)$,4<='"7'"%#'$7"#&",)<'$#3,<'79')':,;,<,J#4'4#87:3)",:'/7:,#"=A'D&:3#)/,&-<='
)&")-7&,/",:':<)/%#/'@#"*##&'/:,#&:#')&4'3#<,-,7&',/'7&#'/,-&'"%)"'*#'47'
&7"')-3##'7&'*%)"'"%#'&)">3#'79'/:,#&",9,:'+&7*<#4-#',/'K%#&:#973"%'"%#'
&)">3#'79'3#<,-,7>/'@#<,#9/LA'
!
3&$!:)//!:$6,)!/$$:/!#1!:,/;'6$5/#)'6!#&)#!()*+,'-!&)/!/1:$&1*!
/9,$'#,>,9)<<=!%51G$'!#&$!'1'O$C,/#$'9$!1>!416?!MG$'!#&$!*$<<O+'1*'!)#&$,/#!
],9&)56!7)*+,'/!*)/!)%%)5$'#<=!:,/#)+$'B!#$<<,'-!#&$!8)4';"$5"A$6?$6D!
27)5*,',/:!+,9+$6!416!1;#!1>!0,1<1-=!0;#!%&=/,9/!5$:),'$6!:15$!;'9$5#),'?!
()*+,'-!,/!'1*!)6:,',/#$5,'-!#&$!91;%!6$!-5)9$?8!!
!
L:,6!,'95$)/,'-!1;#95=!>51:!#&$!5$<,-,1;/B!()*+,'-./!91O);#&15B!V<16,'1*B!
5;/&$6!#1!9<)5,>,9)#,1'X!,'!&,/!,'#$5G,$*!*,#&!B.!"8$?1+B!&$!/),6B!2E$.5$!'1#!
/)=,'-!#&$5$!,/!'1!416?!3&$5$!,/!'1!'$$6!>15!416!#1!$C%<),'!#&$!;',G$5/$?8!
3&$!);#&15/!,'6$$6!6,6!'1#!6,5$9#<=!/)=!#&)#!#&$5$!,/!'1!416X!#&$=!1'<=!*5,#$B!
2I#!,/!'1#!'$9$//)5=!#1!,'G1+$!416!#1!<,-&#!#&$!0<;$!#1;9&!%)%$5!)'6!/$#!#&$!
F',G$5/$!-1,'-???!"%1'#)'$1;/!95$)#,1'!,/!#&$!5$)/1'!#&$5$!,/!/1:$#&,'-!
5)#&$5!#&)'!'1#&,'-B!*&=!#&$!F',G$5/$!$C,/#/B!*&=!*$!$C,/#?8!V<16,'1*^/!
9<)5,>,9)#,1'B!&1*$G$5!<1-,9)<!1'!#&$!/;5>)9$B!,/!1'<=!&)<>O/,'9$5$?!I>!)!
/9,$'#,>,9!#&$15=!9)'!$C%<),'!$G$5=#&,'-!*,#&1;#!,'#516;9,'-!#&$!'1#,1'!1>!
416B!#&$'B!/9,$'#,/#/!*,<<!/)=!#&)#!#&$!'1#,1'!&)/!'1!1'#1<1-,9)<!/#)#;/!,'!#&$!
;',G$5/$!1>!#&)#!#&$15=!Z,'!1#&$5!*156/B!#&)#!,#!61$/!'1#!$C,/#[?!V,/<$)6,'-!
15!:,/;'6$5/#116B!&,-&<,-&#,'-!#&$!2@1!4168!,:%<,9)#,1'!#1!#&$!%;0<,9!#&$!
*)=!#&$!011+!%51:1#$5/!6,6!,/!/,:%<=!5$9+<$//!\!$G$'!>51:!#&,/!'1'O
0$<,$G$5./!%$5/%$9#,G$?!
!
I'!23&$!45)'6!7$/,-'B8!()*+,'-!0)/,9)<<=!#$<</!;/!#&)#!&$!#&,'+/!#&$!VO
#&$15=!*,<<!0$91:$!#&$!;<#,:)#$!#&$15=!1>!$G$5=#&,'-?!!L99156,'-!#1!#&$!VO
#&$15=B!#&$5$!)5$!)'!,'>,',#$!';:0$5!1>!;',G$5/$/B!$)9&!*,#&!)!6,>>$5$'#!/$#!
1>!-1G$5','-!<)*/B!)'6!$)9&!;',G$5/$!9)'!95$)#$!,#/$<>!/%1'#)'$1;/<=!1;#!1>!
'1#&,'-!*,#&1;#!)'=!1;#/,6$!>,5/#!9);/$!Z$?-?B!6,G,'$!%1*$5[?!L</1B!,#!)5-;$/!
#&)#!#&$!;',G$5/$!*$!>,'6!1;5/$<G$/!,'!A;/#!&)%%$'/!#1!0$!1<6!$'1;-&!#1!
)<<1*!>15!/1:$!/#)0,<,#=!/1!#&)#!/#)5/!)'6!%<)'$#/!91;<6!0$!>15:$6X!,#!)</1!
&)%%$'/!#1!&)G$!)!%<)'$#!<,+$!#&$!$)5#&!*&,9&!,'!#;5'!)</1!&)%%$'/!#1!0$!
&1/%,#)0<$!#1!$G1<G,'-!0,1<1-,9)<!15-)',/:/!,'9<;6,'-!#&$!&;:)'!5)9$B!)'6!
#&)#!,/!$C)9#<=!*&=!*$!&)%%$'!#1!$C,/#!,'!#&,/!;',G$5/$B!'1#!#&$!1#&$5!*)=!
)51;'6?!!
K;#!#&,/!;<#,:)#$!;',>,9)#,1'!#&$15=!,/!'1#!)!'15:)<!#&$15=!0;#!)!91<<$9#,1'!
1>!)!';:0$5!1>!,'6$%$'6$'#!/#5,'-!#&$15,$/!/,:%<=!6;00$6!)/!#&$!VO#&$15=B!
>,5/#!%51:;<-)#$6!0=!M6*)56!E,##$'!0)9+!,'!QRR_?!",'9$!#&$'B!/#5,'-!#&$15=B!
)!61:,')'#!>)6!,'!#&$!#&$15$#,9)<!%&=/,9/!91::;',#=B!*&,9&!&)/!'1#!
%516;9$6!:$)','->;<!%51-5$//!6$/%,#$!#&5$$!6$9)6$/!1>!,'#$'/$!5$/$)59&B!
/#)5#$6!5$G,G,'-!)-),'!;'6$5!#&,/!'$*!'):$?!K;#B!,'!)<<!>),5'$//B!VO#&$15=!
5$:),'/!G)/#<=!/%$9;<)#,G$!#1!#&$!%1,'#!#&)#!:)'=!%&=/,9,/#/!*1;<6!6$'=!
#&)#!,#!,/!$G$'!)!Z/9,$'#,>,9[!#&$15=!/,'9$!,#!<)9+/!#$/#)0,<,#=!)'6!%5$6,9#,'-!
%1*$5?!!
!
89'";0>C=12/)D7'"*$27?");"
;/216@'2"/916"!7)D'E;"
F$6?'2716?!
!
()*+,'-!1>>$5/!'1!
)%1<1-=!#1!#&$!95,#,9/!
1>!VO#&$15=?!K;#!,#!,/!
/1:$*&)#!:,/<$)6,'-!
>15!&,:!'1#!#1!:)+$!,#!
9<$)5!#1!5$)6$5/!#&)#!
#&$5$!,/!)!-$';,'$!
91'#51G$5/=!)51;'6!
#&$!#&$15=?!`&=/,9,/#!
V)59$<1!4<$,/$5B!
);#&15!1>!#&$!5$9$'#!
011+!1'!)!/,:,<)5!
#&$:$!0;#!*,#&!)!
6,>>$5$'#!)'-<$!2L!3$)5!)#!#&$!M6-$!1>!W5$)#,1'B8!<):0)/#$6!()*+,'-!>15!
:,/<$)6,'-!#&$!%;0<,9?!2I#./!$C#5$:$<=!:,/<$)6,'-!#1!%51:;<-)#$!&,-&<=!
/%$9;<)#,G$!#&$15,$/!)/!#&$!)99$%#$6!*156!1>!#&$!/9,$'#,>,9!91::;',#=?8!!I!
):!'1#!/;5$!,>!()*+,'-!%5$/$'#/!#&$!VO#&$15=!)/!#&$!/9,$'#,>,9!91::;',#=./!
91'/$'/;/X!0;#!:)'=!5$)6$5/!:)=!-$#!#&)#!,:%5$//,1'!0$9);/$!1>!&,/!
1G$5<=O91'>,6$'#!%5$/$'#)#,1'!/#=<$!)'6!&,/!#1'$!1>!);#&15,#=!Z,'!)66,#,1'!#1!
&,/!:)//!>):$[?!!
!
23&$!45)'6!7$/,-'8!,/!$//$'#,)<<=!)!N;,9+!)'6!$)/=!#1;5!1>!#&$!95,#,9)<!915$!
1>!9;##,'-O$6-$!#&$15$#,9)<!%&=/,9/!)'6!91/:1<1-=B!$/%$9,)<<=!)51;'6!#&$!
/#5,'-!#&$15=?!J'$!%5,G,<$-$!5$)6$5/!*,<<!-$#!>51:!#&,/!011+B!1>!91;5/$B!,/!#1!
/$$!*&)#!()*+,'-./!Z%$5,%&$5)<[!#&1;-&#/!)5$X!)'6!()*+,'-./!$'615/$:$'#!
1>!#&$!VO#&$15=!/&1;<6!'1#!0$!6,/:,//$6!1;#!1>!&)'6?!K;#!&,/!5$)<!%510<$:!
<,$/!,'!#&$!>;'6):$'#)<!')#;5$!1>!#&$!VO#&$15=B!#&$15,$/!1>!:16$5'!
#&$15$#,9)<!%&=/,9/!)<:1/#!$C9<;/,G$<=!65,G$'!0=!:)#&$:)#,9/!,'!-$'$5)<?!
3&$5$!,/!)!/$5,1;/B!%1,'#$6!95,#,9,/:!#&)#!/9,$'#,>,9!#&$15,$/!)01;#!#&$!
;',G$5/$!9)''1#!0$!5$)<<=!>)</,>,$6!15!G$5,>,$6!Z)#!<$)/#!,'!,#/!$'#,5$#=[!0=!
10/$5G)#,1'!15!#$/#X!#&$'!)!<$-,#,:)#$!N;$/#,1'!)5,/$/!5$-)56,'-!*&$#&$5!
/;9&!)!#&$15=!,/!5$)<<=!/9,$'9$?!!
!
4<$,/$5!*5,#$/!,'!&,/!5$9$'#!)5#,9<$!H()*+,'-!)'6!416D!L'!I'#,:)#$!
]$<)#,1'/&,%.!#&)#!291'#$:%<)#,'-!)!>,')<!#&$15=!,/!,'91'/,/#$'#!*,#&!#&$!
G$5=!$//$'9$!1>!%&=/,9/B!)'!$:%,5,9)<!/9,$'9$!0)/$6!1'!#&$!-5)6;)<!
91<<$9#,1'!1>!6)#)?8!(,/!:),'!)5-;:$'#!,/!#&)#!/9,$'9$!A;/#!9)''1#!%5$/$'#!)!
#&$15=!1>!$G$5=#&,'-!#&)#!):0,#,1;/!#&$15$#,9)<!%&=/,9,/#/!&)G$!0$$'!
%;5/;,'-!0$9);/$!*$!*,<<!'$G$5!0$!9$5#),'!,>!#&$!#&$15=!,/!9155$9#?!
E&)#!:)+$/!)!#&$15=!/9,$'#,>,9!1'$a!"9,$'9$!,/!-$'$5)<<=!91'/,6$5$6!#1!0$!)!
6$/95,%#,G$B!'1#!$C%<)')#15=B!$'#$5%5,/$!#&)#!/&1;<6!0$!#$/#)0<$!0=!
$C%$5,:$'#!)'6!0)9+$6!0=!10#),')0<$!$G,6$'9$X!,'!1#&$5!*156/B!,>!)!#&$15=!
,/!'1#!#$/#)0<$!Z>)</,>,)0<$[!15!9)''1#!%5$/$'#!$G,6$'9$!)/!)!:)##$5!1>!
#&$15$#,9)<!%5,'9,%<$B!,#!,/!'1#!91'/,6$5$6!/9,$'9$?!K;#!#&$!6$>,',#,1'!
N;$/#,1'!,/!)!5$9;55,'-!#&$:$!>15!/9,$'9$B!$/%$9,)<<=!*&$'!>)9$6!*,#&!
%1#$'#,)<<=!5$G1<;#,1')5=!#&$15,$/?!7)5*,'./!#&$15=!1>!')#;5)<!/$<$9#,1'!
9)''1#!0$!G$5,>,$6!$,#&$5!0=!10/$5G)#,1'!15!#$/#,'-!)'6!$G$'!M,'/#$,'./!
-$'$5)<!5$<)#,G,#=!)</1!6,6!'1#!$/9)%$!#&$!/,:,<)5!95,#,9,/:!,'!,#/!$)5<,$5!#,:$!
Z,#!/#,<<!5$:),'/!;'91'>,5:$6!,'!,#/!$'#,5$#=B!)<#&1;-&!#&$!>;'6):$'#)<!
%5,'9,%<$/!)5$!0$<,$G$6!#1!0$!#5;$[?!!!
!
G6"2'<'D/)6@"H016/04"
/9'$2+I"J)6;/')6";1)?I"KL$?"
?$';"6$/"=71+"?)D'"*)/9"/9'"
06)('2;'-M""
4<$,/$5./!%1,'#!,/!
<$-,#,:)#$B!0;#!I!>1;'6!
&,/!#1'$!;''$9$//)5,<=!
>)#)<,/#,9?!I#!,/!,'!)!/$'/$!
$C&,<)5)#,'-!#1!*,#'$//!
()*+,'-./!01<6!
%519<):)#,1'!#&)#!
/9,$'9$!9)'!$G$'#;)<<=!
)'/*$5!)<<!#&$!
:$#)%&=/,9)<!)'6!
5$<,-,1;/!N;$/#,1'/!1>!1;5!$C,/#$'9$?!23&$1<1-=!*,<<!0$!;''$9$//)5=8!/,'9$!
/9,$'9$!*,<<!-,G$!;/!)<<!#&$!)'/*$5/B!&$!/),6!,'!)!5$9$'#!,'#$5G,$*!*,#&!)!
:)A15!F?"?!3b!'$#*15+?!I.6!<,+$!#1!0$<,$G$!*&)#!&$!0$<,$G$/!\!#&)#!#&$!
;<#,:)#$!#5,;:%&!1>!/9,$'9$!,/!)/!#&$!/,'-<$!#5;#&>;<!/1;59$!1>!+'1*<$6-$?!
L>#$5!)<<B!%&,<1/1%&=!&)/!'$G$5!25$/1<G$68!)'=!1>!,#/!N;$/#,1'/B!)'6!5$<,-,1'/!
&)G$!'$G$5!1>>$5$6!)'=!/&5$6!1>!$G,6$'9$!>15!#&$,5!>)'9,>;<!/#15,$/?!I!):!)</1!
#&5,<<$6!#&)#!#&$!)5#,>,9,)<!0)55,$5/!$5$9#$6!0$#*$$'!)9)6$:,9!6,/9,%<,'$/!
/;9&!)/B!/)=B!%&,<1/1%&=!)'6!%&=/,9/B!)5$!:$59,<$//<=!#15'!61*'!0=!()*+,'-?!
I#!61$/!'1#!5$)<<=!:)##$5!#1!:1/#!%$1%<$!1;#/,6$!)9)6$:,9!9)/#<$/!*&$#&$5!
()*+,'-!,/!#$9&',9)<<=!61,'-!%&=/,9/!15!%&,<1/1%&=!15!01#&!Z15!'$,#&$5[X!
*&)#!:)##$5/!,/!#&$!);#&$'#,9,#=!1>!&,/!,6$)?!!
!
()*+,'-!/$$:/!#1!0$!5)#&$5!9)G)<,$5!5$-)56,'-!#&$!N;$/#,1'!1>!#&$!95,#$5,)!
1>!);#&$'#,9,#=B!&1*$G$5?!($!)%%$)5/!#1!0$!'1#!:,'6>;<!1>!-$';,'$!
>1;'6)#,1')<!%510<$:/!<;5+,'-!0$&,'6!:)'=!1>!&,/!)//$5#,1'/B!$,#&$5!,'!
91''$9#,1'!*,#&!#&$!VO#&$15=!15!'1#B!*&,9&!/#5)66<$!0$#*$$'!%&=/,9/!)'6!
%&,<1/1%&=!Z)'6!$G$'!/1:$!#&$1<1-=[?!(,/!)//$5#,1'!5$%$)#$6<=!;##$5$6!,'!
#&$!011+!)'6!,'!&,/!5$9$'#!:$6,)!,'#$5G,$*/!#&)#!%&=/,9/!91;<6!5$/1<G$!)<<!
#&$!0,-!2E&=8!N;$/#,1'/!/#5,+$/!:$!:15$!<,+$!)!/15#!1>!5$<,-,1;/!91'G,9#,1'!
5)#&$5!#&)'!)!/9,$'#,>,9)<<=!%510$6!)'6!:$)/;5$6!/#)#$:$'#!$C%$9#$6!1>!)!
<$)6,'-!/9,$'#,/#!1>!&,/!/#)#;5$?!($!,/!'1!61;0#!)!05,<<,)'#!%&=/,9,/#X!0;#!,#!,/!
)<:1/#!/#)5#<,'-!#1!/$$!&,:!/%$)+!$,#&$5!#11!/,:%<,/#,9!15!)551-)'#?!!
!
E$5'$5!($,/$'0$5-B!1'$!1>!#&$!>1;'6,'-!%&=/,9,/#/!1>!N;)'#;:!%&=/,9/B!
5$91-',c$6!<)#$5!,'!&,/!9)5$$5!#&)#!#5;$!9&)<<$'-$!>15!:16$5'!%&=/,9/!
)9#;)<<=!<)=!,'!#5)6,#,1')<!%510<$:/!1>!%&,<1/1%&=!#&)#!:)=!'$G$5!0$!
5$/1<G$6!,'!)!/#5),-&#>15*)56!/9,$'#,>,9!:16$!1>!,'N;,5=?!2E&)#!*$!10/$5G$!
,/!'1#!')#;5$!,#/$<>!0;#!')#;5$!$C%1/$6!#1!1;5!:$#&16!1>!N;$/#,1','-B8!
($,/$'0$5-!/),6B!,'6,9)#,'-!#&)#!#&$!G$5=!:16$!1>!,'N;,5=!6$#$5:,'$/!*&)#!
+,'6!1>!')#;5$!*$!Z,'!)!/$'/$!9&11/$!#1[!/$$?!3&,/!,/!1'$!5$)/1'!#&)#!d)5<!
`1%%$5B!%510)0<=!#&$!:1/#!,'><;$'#,)<!%&,<1/1%&$5!1>!/9,$'9$B!)</1!0$<,$G$6!
#&)#!*$!*,<<!'$G$5!0$!)0<$!#1!10#),'!H#&$!;<#,:)#$!#5;#&?.!
N');'6>'2@I"
5$06?'2"$5"
H016/04"=9+;)D;I"
;1*">1;)D"
=9)7$;$=9)D17"
H0';/)$6;"4'7?'?"
)6/$"?''="
H0';/)$6;"$5"
=9+;)D;")/;'75-""
!
!
!
!
!
!
I#!*1;<6!&)G$!0$$'!>)/9,')#,'-!,>!()*+,'-!&)6!/%$'#!/1:$!)%%51%5,)#$!
):1;'#!1>!%)-$/!)665$//,'-!/1:$!>;'6):$'#)<!%&,<1/1%&,9)<!N;$/#,1'/!
-$5:)'$!#1!&,/!#&$15$#,9)<!)%%51)9&!1>!/9,$'#,>,9!,'N;,5=!)'6!1>>$5$6!/1:$!
-$';,'$<=!'$*!%$5/%$9#,G$!%&,<1/1%&$5/!&)G$!'1#!#&1;-&#!)01;#?!K;#!<,+$!
:1/#!0$<,$>/!1>!)!5$<,-,1;/!%)//,1'B!&$!,/!/1:$*&)#!0<,'6!#1!#&$!/&)+=!
>1;'6)#,1'!1>!#&$15$#,9)<!%&=/,9/B!15!')#;5)<!/9,$'9$!,'!-$'$5)<?!($!/&1*/!
91:%<$#$!6,/5$-)56!>15!%&,<1/1%&=B!6$9<)5,'-!,#!26$)68!0$9);/$!2,#!&)/!
>),<$6!#1!9)#9&!;%!*,#&!%&=/,9/8!Z)<#&1;-&!&$!%510)0<=!:$)'#!#1!95,#,9,c$!'1#!
%&,<1/1%&=!,#/$<>B!0;#!&,/!)9)6$:,9!91<<$)-;$/.!91:>15#)0<=!/,##,'-!,'!#&$!
%&,<1/1%&=!6$%)5#:$'#/!*,#&1;#!%516;9,'-!:;9&!,'#$5$/#,'-!/#;>>!<)#$<=B!
*&,9&!#&$'!&)/!:=!G1#$!)/!*$<<[?!I#!*1;<6!>$$<!)<:1/#!%51%&$#,9!,'!#&,/!
91'#$C#!#1!5$9)<<!)!:$#)%&15,9)<!5$:)5+!1'!#&$!5$<)#,1'/&,%!0$#*$$'!
/9,$'9$!)'6!%&,<1/1%&=!0=!%&,<1/1%&$5!E?b?J?!e;,'$B!*&1!/),6!#&)#!
%&,<1/1%&$5/!)'6!/9,$'#,/#/!)5$!#1-$#&$5!,'!#&$!/):$!01)#!*&$5$!9&)'-$/!
)5$!'$$6$6!#1!0$!:)6$!%,$9$!0=!%,$9$!*&,<$!,#!/#)=/!)><1)#?!
!
"9,$'9$!&)/!0$91:$!)!%1*$5>;<!)'6!61:,')'#!$'#$5%5,/$!,'!&;:)'!
$'6$)G15/!1>!:16$5'!6$:195)9,$/?!I>!,#!,/!:$5$<=!)!#=5)'',9)<!,6$1<1-=!1>!
1;5!#,:$!)/!)99;/$6!0=!%&,<1/1%&$5!`);<!P$=$5)0$'6B!'1!,6$1<1-=!&)/!$G$5!
0$$'!:15$!,'><;$'#,)<?!I#!&)/!9$5#),'<=!$'<,-&#$'$6!;/!>51:!#&$!/&)9+<$/!1>!
1;5!%)/#!,-'15)'9$X!)#!#&$!/):$!#,:$B!*$!*1;<6!&)G$!#1!*)#9&!1;#!>15!
/9,$'#,/#/!)##$:%#,'-!#1!%<)=!#&$!51<$!1>!J5)9<$!>15!#&$!<)5-$5!/19,$#=?!
"9,$'#,>,9!>,'6,'-/!)'6!,#/!2'1'O/9,$'#,>,98!,'#$5%5$#)#,1'/!)5$!,'95$)/,'-<=!
91'>;/$6!>15!$)9&!1#&$5!0=!01#&!/9,$'#,/#/!#&$:/$<G$/!)'6!)G$5)-$!%$1%<$?!!!
!
P15!#&1/$!*&1!/$$+!)!:15$!0)<)'9$6!)'6!$'#$5#),','-!1G$5G,$*!1>!:16$5'!
%&=/,9/!)'6!91/:1<1-=B!I!5$91::$'6!V,9&,1!d)+;./!2`)5)<<$<!E15<6/8!,'!
*&,9&!=1;!*1;<6!>,'6!):%<$!N;1#$/!>51:!()*+,'-!)/!*$<<?!P15!#&1/$!*&1!
*1;<6!<,+$!#1!)%%5$9,)#$!#&$!%&,<1/1%&,9)<!;'6$5%,'','-/!1>!:16$5'!%&=/,9/B!
%)5#,9;<)5<=!N;)'#;:!:$9&)',9/B!I!/;--$/#!f,:!K)--1##./!2L!K$-,''$5./!
4;,6$!#1!]$)<,#=?8!!3&$!011+./!#5$)#:$'#!1>!N;)'#;:!%&=/,9/!,/!)6:,5)0<=!
<;9,6!*&,<$!/&1*,'-!&1*!9;##,'-O$6-$!%&=/,9/!)'6!%&,<1/1%&=!)5$!/1!
,'#,:)#$<=!,'#$5#*,'$6?!!
!
!
56&'78#"7&9#:&)/&#$ͨ+"&.);)$<&)$&72*&'#$&="#$()/(+&>#3&?"*#6&@*&)/&
(8""*$7.3&A+"-)$<&+$&2)/&72)"%&B++-C&#&(+..*(7)+$&+D&*//#3/&+$&72*&7+1)(&+D&
/()*$(*&#$%&"*.)<)+$6&&
'
&
