Professional Documents
Culture Documents
AH MEV1 : Bgkljmdpbyih Ih Dexq?Gbx Bgkljmdpbyih Ijh J:FFBJH :GBX
AH MEV1 : Bgkljmdpbyih Ih Dexq?Gbx Bgkljmdpbyih Ijh J:FFBJH :GBX
DK H;HJM>H<:GBYHOJ:GGHIH@:JGHCKB=G:EBA:PBB
;:AH<UCFH>MEV1;
BGKLJMDPBYIH IH>DEXQ?GBX
BGKLJMDPBYIH IJH=J:FFBJH<:GBX
A:H ©:kklbjª
H;S??HIBK:GB?
G?A:<BKBFU?J:CHGU
<k_ahgu1;fh]ml[ulvjZa^_e_gugZ g_aZ\bkbfhmijZ\ey_fu_]jmiiu jZchgu
k kh[kl\_ggufbdh^Zfbihevah\Zl_e_cdh^Zfbkh[ulbcaZ^_j`dZfbgZ\oh^\uoh^
IJBK<H?GB?K<?LH>BH>GHCDE:<B:LMJ?KL:JLH<HCAHGU
K\_lh^bh^gZydeZ\bZlmjZbg^bpbjm_l khklhygb_ahggZqbgZyk aZ^ZgghcGZijbf_j
deZ\bZlmjZ 1; [m^_l hlh[jZ`Zlv khklhygb_ ahg k ih ijb ijbk\h_gghc _c
klZjlh\hcahg_\k_ahgjZa^_e_gugZjZchgZ k ihb kih
A<MDH<H?IJ?>MIJ?@>?GB?H IJHI:>:GBBHKGH<GH=HWE?DLJHIBL:GBYBEB
J:AJY>?:DDMFMEYLHJGHC;:L:J?B
Ijb ihklZgh\d_ beb kgylbb k hojZgu ijb hlkmlkl\bb hkgh\gh]h we_dljhiblZgbybeb
jZajy^_ Zddmfmeylhjghc [ZlZj_b \dexqZ_lky a\mdh\hc kb]gZe deZ\bZlmju
i_jbh^bq_kdb_]m^db
A:H©:kklbjª
:<LHF:LBQ?KDBCL?KLK<YABK IPG
I_j_^ZqZgZIPGl_klh\uokhh[s_gbck aZ^Zgghci_jbh^bqghklvxyq_cdZ
IJH=J:FFBJM?FU?<UOH>U
ijh]jZffbjm_fuo \uoh^Z lbiZ ©hldjuluc dhee_dlhjª gZ ieZl_ [Zah\h]h fh^mey
Zdlb\babjmxsbokyijb\hagbdgh\_gbbhij_^_e_gguokh[ulbcyq_cdb
I?J?=JMAD:<UOH>H<WE?DLJHIBL:GBY<G?RGBO MKLJHCKL<
Ijb i_j_]jmad_ ih lhdm \uoh^h\ ihklhyggh]h gZijy`_gby >$8; 3:5@ b >DJ 326@
\dexqZ_lky bg^bdZlhj deZ\bZlmju K?J<BK H ^Zgghc g_bkijZ\ghklb fh`_l [ulv
hljZ\e_gjZihjlgZIPGyq_cdZ
L:FI?JDHJIMK:;:AH<H=HFH>MEY
GZ ieZl_ [Zah\h]h fh^mey jZkiheh`_g jZat_f ^ey ih^dexq_gby ghjfZevgh
aZfdgmlh]hlZfi_jdhglZdlZijbgZjmr_gbbdhlhjh]hfh`_l\dexqZlvkya\mddeZ\bZlmju
bebkbj_gub i_j_^Z\ZlvkyjZihjlgZIPGyq_cdZb
>J:C<?JKBJ?GU
GZ ieZl_ [Zah\h]h fh^mey jZkiheh`_g ^jZc\_j kbj_gu Ih `_eZgbx wlhl ^jZc\_j
fh`_l[ulve_]dhij_h[jZah\Zg\ \uoh^ihklhyggh]hgZijy`_gbyk fZdkbfZevguflhdhf
: yq_cdZ
H;OH>AHG
H[oh^ ahg ijb ihklZgh\d_ ih^ hojZgm \dexqZ_lky eb[h hldexqZ_lky gZ`Zlb_f
deZ\brb>H;OH>@yq_cdZ
A:IJHKDH>:IJBH;OH>?AHG
Ijb\dexq_gbbh[oh^Zahglj_[m_lkydh^ihevah\Zl_eyyq_cdb
NHJF:LUDHFFMGBD:LHJ:
Ijbi_j_^Zq_jZihjlh\fh]ml bkihevah\ZlvkyjZaebqgu_nhjfZlui_j_^Zqb^Zgguo
\ lq kdhjhklgu_ nhjfZlu &217$&7 ,' b 6,$ Ijb i_j_^Zq_ jZihjlZ gZ IPG \
nhjfZl_ g_h[oh^bfh ij_^\Zjbl_evgh aZijh]jZffbjh\Zlv dh^ jZihjlZ ^ey dZ`^h]h
kh[ulbyyq_cdbb
=JMIIUNMGDPBCAHG
;:AH<UC FH>MEV bf__l ijh]jZffbjm_fuo ]jmii nmgdpbc ahg hij_^_eyxsbo
jZ[hlmahgub dh^u\ jZihjlZoijbkh[ulbyo\ gboyq_cdb
NMGDPBYAHGU ©IMLVIJHOH>:ª
>eyhij_^_e_gbylj_\h]blj_[m_lky[he__^\mogZjmr_gbcahgubebahgwlh]hlbiZ
\ l_q_gb_aZ^Zggh]hi_jbh^Z\j_f_gb< bgl_j\ZeZo\j_f_gbf_`^mi_j_k_q_gbyfbahg
fh`_l\dexqZlvkya\mddeZ\bZlmjubebkbj_guyq_cdbb
A:H©:kklbjª
DH>IJBGM@>?GBYG:I:>?GBY
< 1; fh`_l [ulv aZijh]jZffbjh\Zg dh^ \lhj`_gby dhlhjuc [m^_l \uau\Zlv
khhl\_lkl\mxsmx hl\_lgmx j_Zdpbx 1; ijb hldjulbbaZdjulbb h[t_dlZ wlbf dh^hf
Ijb hldjulbbaZdjulbb h[t_dlZ wlbf dh^hf 1; [m^_l jZihjlh\Zlv gZ IPG
hldjulb_aZdjulb_dh^hfmklZgh\e_gguf\ yq_cd_yq_cdZ
>BG:FBQ?KDBCL?KL;:L:J?B
>bgZfbq_kdbc l_kl [ZlZj_b hldexq_gb_ hkgh\gh]h bklhqgbdZ we_dljhiblZgby b
ih^dexq_gb_j_a_j\gh]h\uihegy_lky\ l_q_gb_hij_^_e_ggh]h\j_f_gbijbihklZgh\d_
eb[hkgylbbk hojZguFh`_l[ulvaZijh]jZffbjh\Zgi_jbh^bq_kdbcdZ`^u_k_dmg^
dhgljhev gZebqbyZddmfmeylhjghc [ZlZj_byq_cdb
NMGDPBYA:SBLU<OH>GHC><?JB
< j_`bf_ hojZgu i_jbf_ljZ gZjmr_gb_ ex[uo ahg hibkZgguo dZd ©ahgu aZsblu
\oh^ghc^\_jbªZdlb\babjm_la\mqZgb_amff_jZdeZ\bZlmjub \dexqZ_lhlkq_l\j_f_gb
aZ^_j`dbgZ\oh^i_j_^kha^Zgb_flj_\h]b<k_hklZevgu_ahgujZ[hlZxl\ ghjfZevghf
j_`bf_yq_cdb
IH<LHJGH?A:DJULB?
?kebnmgdpbyjZaj_r_gZlhgZIPG[m^_li_j_^ZgjZihjlh ih\lhjghfaZdjulbbijb
\hagbdgh\_gbb lj_\h]b \ l_q_gb_ fbgml ihke_ ihklZgh\db ih^ hojZgm Ghf_j dh^Z
ihevah\Zl_ey ihklZ\b\r_]h h[t_dl ih^ hojZgm lZd `_ [m^_l i_j_^Zg gZ IPG yq_cdZ
I?J?A:IMKDA:>?J@DBG:<UOH>
I_j_aZimkdaZ^_j`dbgZ\uoh^ijhba\h^blky[_akgylbyk hojZgugZ`Zlb_fdeZ\brb
><UOH>@ihbkl_q_gbxl_dms_caZ^_j`dbyq_cdZ
DHGLJHEVBKIJ:<GHKLB B G:EBQBY>HIHEGBL?EVGUOFH>ME?C
1; ihklhyggh dhgljhebjm_l gZebqb_ b bkijZ\ghklv \k_o aZj_]bkljbjh\Zgguo
^hihegbl_evguo fh^me_c Ijb h[gZjm`_gbb g_bkijZ\ghklb 1; fh`_l i_j_^Z\Zlv
khhl\_lkl\mxsbc jZihjl gZ IPG G_bkijZ\ghklv ^hihegbl_evgh]h fh^mey fh`gh
dhgljhebjh\Zlvih\dexq_gbxbg^bdZlhjZK?J<BKyq_cdZ
;EHDBJH<D:DE:<B:LMJU IJBIHIULD:OIH>;HJ:DH>:
Ijbihiuld_ih^[hjZdh^ZdeZ\bZlmjZhldexqZ_lkygZk_dmg^b i_j_^Z_lkyjZihjl
gZ IPG IjZ\bevguc dh^ ^he`_g [ulv \\_^_g g_ [he__ q_f aZ gZ`Zlbc deZ\br
yq_cdZ
JMQGHCL?KLKBJ?GU
L_klbjh\Zgb_ ijhba\h^blky ijb kgylhc k hojZgu 1; gZ`Zlb_f dhf[bgZpbb >
@
yq_cdZ
HLDEXQ?GB?IJH<H>GUO AHG
<k_ahgugZ[Zah\hffh^me_fh]ml[ulvhldexq_guijbbkihevah\Zgbb[_kijh\h^guo
hojZgguoba\_sZl_e_cyq_cdZk_]f_gl
J:IHJLUH <HKKL:GH<E?GBYOAHG
I_j_^Zxlky jZihjlu h lj_\h]Zo b \hkklZgh\e_gbyo ahg eb[h \ fhf_glu
\hagbdgh\_gbywlbokh[ulbceb[hihke_aZ\_jr_gbya\mqZgbykbj_guyq_cdZ
<GMLJ?GGBC@MJG:EKH;ULBC
1; bf__l \gmlj_ggbc `mjgZe gZ kh[ulbc Kh[ulby ihf_sZxlky \ `mjgZe kh
\j_f_g_f b ^Zlhc bo ijhbkr_kl\by @mjgZe kh[ulbc fh`_l [ulv ijhkfhlj_g ijb
ihfhsbdeZ\bZlmju1;Z lZd`_dhfivxl_jZaZ]jmaqbdZ
J:IHJLH A:IHEG?GBB@MJG:E:KH;ULBC
Ijb aZiheg_gbb `mjgZeZ kh[ulbc fh`_l [ulv i_j_^Zg khhl\_lkl\mxsbc jZihjl gZ
IPGyq_cdZ
LJ?<H@GU?DGHIDBG:DE:<B:LMJ?
GZ deZ\bZlmj_ ex[h]h lbiZ gZoh^ylky ljb lj_\h`gu_ dghidb ^ey ih^Zqb kb]gZeh\
ih`Zjghclj_\h]b\uah\Zf_^bpbgkdhcihfhsbb \uah\ZihebpbbFh]ml[ulv\dexq_gu
kb]gZevgu_mkljhckl\Zb i_j_^ZgjZihjlgZIPGDghidZih`Zjghclj_\h]bZdlb\babjm_l
a\md ih`Zjghc kbj_gu DghidZ \uah\Z f_^bpbgkdhc ihfhsb Zdlb\babjm_l a\mqZgb_
amff_jZ deZ\bZlmju DghidZ \uah\Z ihebpbb fh`_l [ulv aZijh]jZffbjh\ZgZ ^ey
kha^ZgbydZd]jhfdhck \dexq_gb_fkbj_gulZdb lbohclj_\h]yq_cdZ
MIJ:<E?GB?A<MQ:GB?F DE:<B:LMJU
;Zah\ucfh^mevfh`_l[ulvaZijh]jZffbjh\ZggZ\dexq_gb_a\mdZdeZ\bZlmjuijb
jZaebqguokh[ulbyoyq_cdZ
IHKL:GH<D:KGYLB?K HOJ:GU;?ADH>:IHEVAH<:L?EY
Ex[Zy ahgZ fh`_l [ulv aZijh]jZffbjh\ZgZ ^eyihklZgh\dbkgylbyh[t_dlZk
hojZgu AZfudZgb_ re_cnZ lZdhc ahgu ihhq_j_^gh klZ\bl ih^ hojZgm b kgbfZ_l k
hojZgu h[t_dl Ijb ihklZgh\d_kgylbb h[t_dlZ k hojZgu lZdbf kihkh[hf i_j_^Z_lky
jZihjlh ihklZgh\d_kgylbbk hojZguihevah\Zl_evkdbfdh^hf>@yq_cdb
HLDEXQ?GB?BG>BD:PBB DE:<B:LMJU
<k_ bg^bdZlhju deZ\bZlmju aZ bkdexq_gb_f bg^bdZlhjZ ©K?LVª \udexqZxlky
_keb\ l_q_gb_k_dmg^g_aZnbdkbjh\ZghgZ`ZlbcdeZ\brGZ`Zlb_ex[hcpbnjh\hc
deZ\brb\hkklZgZ\eb\Z_lbg^bdZpbxyq_cdZ
DH><OH>:< J?@BFIJH=J:FFBJH<:GBY
AZ\h^kdZy mklZgh\dZ dh^Z \oh^Z \ j_`bf ijh]jZffbjh\Zgby >@>@>@>@ ^ey
agZqgh]h dh^Z b >@>@>@>@>@>@ ^ey agZqgh]h dh^Z Dh^ \oh^Z \ j_`bf
ijh]jZffbjh\Zgbyfh`_l[ulvbkihevah\ZgdZddh^ihklZgh\dbkgylbyh[t_dlZk hojZgu
Ijb wlhf \ jZihjlZo h[ hldjulbyo b aZdjulbyo bkihevam_lky dh^ ihevah\Zl_ey
yq_cdZ
NMGDPBB;UKLJHCIHKL:GH<DB IH>HOJ:GM
;ukljZyihklZgh\dZ ih^hojZgm\ aZ\bkbfhklbhlij_^iheZ]Z_fh]hj_`bfZhojZgu
hkms_kl\ey_lky gZ`Zlb_f deZ\br ><UOH>@ beb >I?JBF?LJ@ GZ IPG i_j_^Z_lky
jZihjlh ihklZgh\d_ih^hojZgmdh^hfyq_cdZk_]f_gl
A<MQ:GB?KBJ?GUIJBIHKL:GH<D?IH>HOJ:GM
< 1; fh`_l [ulv aZijh]jZffbjh\Zgh djZldh\j_f_ggh_ \dexq_gb_ a\mdZ kbj_gu
ijbihklZgh\d_ih^hojZgm\ fhf_glhdhgqZgbyaZ^_j`dbgZ\uoh^IhklZgh\dZh[t_dlZ
ih^ hojZgm [_a dh^Z fh`_l ih^l\_j`^Zlvky h^gbf djZldh\j_f_gguf \dexq_gb_f a\mdZ
kbj_gu kgylb_ h[t_dlZ k hojZgu ^\mfy djZldh\j_f_ggufb \dexq_gbyfb kbj_gu
yq_cdZ
A:H©:kklbjª
DHGLJHEVRE?CN:KBJ?GU
1; ihklhyggh dhgljhebjm_l bkijZ\ghklv p_ib ih^dexq_gby kbj_gu Ijb h[ju\_
^Zgghcp_ibfh`_l[ulvaZijh]jZffbjh\ZgZi_j_^ZqZjZihjlZgZIPGyq_cdZ
NMGDPBY©LBOBC<UOH>ª
A\md amff_jZ deZ\bZlmju fh`_l [ulv hldexq_g gZ \j_fy \uoh^ghc aZ^_j`db
gZ`Zlb_f dhf[bgZpbb deZ\br >
@ ><UOH>@ i_j_^ ihklZgh\dhc ih^ hojZgm beb ijb
bkihevah\Zgbbnmgdpbbi_j_aZimkdZ\uoh^ghcaZ^_j`dbyq_cdZ
NMGDPBY©:GLB>J?;?A=ª
WlZnmgdpby\dexqZ_lZ\lhfZlbq_kdbch[oh^ahgueb[h]jmiiuahgihke_aZ^Zggh]h
dhebq_kl\Z lj_\h] ?keb \ yq_cd_ jZaj_r_gZ f]gh\_ggZy h[jZ[hldZ kb]gZeh\
\hkklZgh\e_gby lh jZihjluh lj_\h]Zob \hkklZgh\e_gbyo[m^mli_j_^Z\ZlvkygZIPGih
f_j_ bo ihklmie_gby\ ijhlb\ghfkemqZ_ ihke_aZ\_jr_gbya\mqZgbykbj_guyq_cdb
HLKMLKL<B?;?KIJH<H>GH=HBA<?S:L?EYBEBJ:AJY>?=H;:L:J?B
Ijb hlkmlkl\bb k\yab k [_kijh\h^guf ba\_sZl_e_f beb ijb jZajy^_ _]h
Zddmfmeylhjghc [ZlZj_b \dexqZ_lky bg^bdZlhj K?J<BK b i_j_^Z_lky jZihjl gZ IPG
yq_cdZ
J?@BFM><:B<:GBYAHG
Nmgdpby iha\hey_l bkihevah\Zlv nbabq_kdbo ijh\h^guo ahg dZd ghjfZevgh
aZfdgmluo ahg Ijb jZ[hl_ \ ^Zgghf j_`bf_ g_ fh`_l [ulv bkihevah\ZgZ _\jhi_ckdZy
dhgnb]mjZpbyahguahgZk lZfi_jhfba\_sZl_eydhgnb]mjZpbhggu_]jmiiuWlZ
nmgdpby g_ fh`_l m\_ebqblv h[s__ dhebq_kl\h ahg [he__ ?keb h^gZ ba ahg
bkihevam_lky dZd ih`ZjgZy lh hgZ ^he`gZ bf_lv ghf_j g_ [he__ b ^eyg__g_[m^_l
iZju k ghf_jZfb GZijbf_j _keb ahgZ y\ey_lky ih`Zjghc lh ahgZ
hlkmlkl\m_l yq_cdZ >ZggZy nmgdpby fh`_l [ulv bkihevah\ZgZ ijb gZebqbb eb[h
^hihegbl_evgh]h fh^mey eb[h g_ f_g__ o deZ\bZlmj ih^dexq_gguo d 1; kibkhd
^hihegbl_evguofh^me_cijb\_^_g\ur_
A<MDH<H?IJ?>MIJ?@>?GB?H;H;OH>? AHG
1;fh`_l\dexqZlvdjZldh\j_f_gguca\mddeZ\bZlmju ijb ihklZgh\d_ih^hojZgmk
h[hc^_ggufbahgZfbyq_cdZ
IH>DEXQ?GB?FH>ME?C
<k_deZ\bZlmjub ^hihegbl_evgu_fh^mebih^dexqZxlkyd mijZ\eyxs_fm[Zah\hfm
fh^mexlj_fyijh\h^Zfb
326 we_dljhiblZgb_ bgh]^Z gZ i_qZlguo ieZlZo \klj_qZ_lky h[hagZq_gb_ DJ 326
326,7,9(3
KHF h[sbcijh\h^bgh]^Z\klj_qZ_lkyh[hagZq_gb_&20021
'$7$ bgnhjfZpbhggucijh\h^bgh]^Z\klj_qZ_lkyh[hagZq_gb_DJ'$7$
>ebgZbkihevam_fuoijh\h^h\^eyijh\h^ghcrbguhij_^_ey_lkybalZ[ebpu
A:H©:kklbjª
>ebgZ K_q_gb_ijh\h^Zff
f <uoh^k <uoh^k 1;
1;
:E=HJBLFIJH=J:FFBJH<:GBY1;
1; b \k_ ^hihegbl_evgu_ fh^meb y\eyxlky nmgdpbhgZevgh aZ\_jr_ggufb
ijh]jZffbjm_fufb fbdjhijhp_kkhjgufb mkljhckl\Zfb Ijhp_^mjm ijh]jZffbjh\Zgby
fh`ghjZa^_eblvgZke_^mxsb_wlZiu
Hij_^_e_gb_dhgnb]mjZpbbkbkl_fuhojZguh[t_dlZ
J_]bkljZpbyfh^me_c\ 1;
Ijh]jZffbjh\Zgb_fh^me_c
Ijh]jZffbjh\Zgb_1;ijhba\h^blky\ ke_^mxs_chq_j_^ghklb
Ijh]jZffbjh\Zgb_deZ\bZlmj
GZagZq_gb_ihevah\Zl_evkdbodh^h\b mjh\gybo^hklmiZ\ 1;
Ijh]jZffbjh\Zgb_1;
Ijh]jZffbjh\Zgb_^hihegbl_evguofh^me_c_keblZdh\u_bf_xlky
HKGH<GU?IHGYLBYB IHKE?>H<:L?EVGHKLVHI?J:PBC
Ijh]jZffbjh\Zgb_ aZibkv \ iZfylv 1; eb[h^hihegbl_evgh]hfh^meygZ[hjZ
kbf\heh\ hij_^_eyxs_]h Ze]hjblf __ jZ[hlu Wlhl gZ[hj kbf\heh\ b y\ey_lky
mijZ\eyxs_cijh]jZffhc<kyh[eZklviZfylbjZa^_e_gZgZk_]f_glub yq_cdb
K_]f_gl h[eZklv iZfylb \u^_e_ggZy ^ey h[_ki_q_gby gZb[hevr_]h m^h[kl\Z ijb
ijh]jZffbjh\Zgbb 1; k ihfhsvx fb ahgghc k\_lh^bh^ghc deZ\bZlmju khklZ\gZy
qZklvyq_cdb
Yq_cdZ ]jmiiZ k_]f_glh\ eb[h h^bg k_]f_gl h[t_^bg_gguo h[sbf
nmgdpbhgZevgufijbagZdhf
JZ[hqZy ijh]jZffZ fh`_l [ulv \\_^_gZ \ 1; k deZ\bZlmju ex[h]h lbiZ beb
aZ]jm`_gZk dhfivxl_jZijbihfhsbfh^mey1;
>ey ijh]jZffbjh\Zgby 1; b ^hihegbl_evguo fh^me_c 1; ijb ihfhsb
deZ\bZlmjug_h[oh^bfh\uihegblvke_^mxsb_hi_jZpbb
<hclb\ j_`bf ijh]jZffbjh\Zgby
<u[jZlvfh^mevih^e_`Zsbcijh]jZffbjh\Zgbx
Bkoh^y ba dhgnb]mjZpbb 1; b j_Zebam_fhc lZdlbdb hojZgu h[t_dlZ kha^Zlv
jZ[hqmxijh]jZffm1;
AZijh]jZffbjh\Zlv^hihegbl_evgu_fh^meb_keblZdh\u_bf_xlky
Ijhba\_klbj_]bkljZpbx\ 1;fh^me_cb deZ\bZlmj
<OH>< J?@BFIJH=J:FFBJH<:GBY
>ey\oh^Z\ j_`bfijh]jZffbjh\Zgby
GZ[_jbl_ >
@>@ Ihke_ wlh]h iylv k\_lh^bh^guo bg^bdZlhjh\ I?JBF?LJ
A<HGHD<UOH>H;OH>HLF?G:gZqgmlfb]Zlv
A:H©:kklbjª
<U;HJFH>MEYIH>E?@:S?=HIJH=J:FFBJH<:GBX
Ex[hc ba fh^me_c fh`_l ijh]jZffbjh\Zlvky k deZ\bZlmju >ey ijh]jZffbjh\Zgby
kZfhc 1; \\_^bl_ >@ >@ >ey ijh]jZffbjh\Zgby ^jm]bo fh^me_c \\_^bl_ ©
FH>MEYª >@Ghf_jZfh^me_cmdZaZgu\ khhl\_lkl\mxsbojmdh\h^kl\ZogZfh^meb
IJH=J:FFBJH<:GB?YQ?CDB
Ihke_ \\h^Z ghf_jZ fh^mey kf ij_^u^msbc imgdl bg^bdZlhj HOJ:G: gZqg_l
k\_lblvky mdZau\Zy gZ h`b^Zgb_ \\h^Z Z^j_kZ yq_cdb :^j_k yq_cdb gZ[bjZ_lky ijb
ihfhsbpbnjh\uodghihd\\h^aZdZgqb\Z_lkydghidhc>@
?keb Z^j_k \\_^_g ijZ\bevgh lh bg^bdZlhj HOJ:G: ih]Zkg_l b aZk\_lblky
bg^bdZlhj =HLH< Bg^bdZlhju ahg ihdZau\Zxl kh^_j`bfh_ i_j\h]h k_]f_glZ
\u[jZgghcyq_cdbIjb\\h^_gh\uo^Zgguobg^bdZlhj=HLH<gZqg_lfb]ZlvmdZau\Zy
gZ baf_g_gb_ kh^_j`bfh]h yq_cdb Fb]Zgb_ ijh^he`Z_lky ^h l_o ihj ihdZ ^Zggu_ g_
[m^ml aZibkZgu gZ`Zlb_f dghidb >
@ Ijb gZ`Zlbb dghidb >
@ h^gh\j_f_ggh k
aZihfbgZgb_f ^Zgguo l_dms_]h k_]f_glZ ijhbkoh^bl i_j_oh^ d ke_^mxs_fm k_]f_glm
^Zgghc yq_cdb Ijhp_^mjZ ih\lhjy_lky ^h l_o ihj ihdZ g_ [m^ml aZijh]jZffbjh\Zgu
<K?k_]f_glu\u[jZgghcyq_cdb
?keb g_l g_h[oh^bfhklb ijh]jZffbjh\Zlv \k_ k_]f_glu yq_cdb lh gZ`Zlb_ dghidb
>@ ijb\_^_l d \uoh^m ba ijh]jZffbjh\Zgby \u[jZgghc yq_cdb b bg^bdZlhj HOJ:G:
aZk\_lblvky \gh\v ihdZau\Zy qlh 1; h`b^Z_l \\h^ Z^j_kZ ke_^mxs_c ih^e_`Zs_c
ijh]jZffbjh\Zgbxyq_cdb
?keb g_h[oh^bfh ijh]jZffbjh\Zlv ke_^mxsmx ih ghf_jm yq_cdm lh i_j_oh^ d g_c
fh`gh hkms_kl\blv \f_klh \\h^Z Z^j_kZ gZ`Zlb_f dghidb >IHEBPBY@ k jbkmgdhf
©sblªI_j_oh^d ij_^u^ms_cyq_cd_fh`ghhkms_kl\blvgZ`Zlb_fdghidb>IH@:J@k
jbkmgdhf ©ieZfyª ?keb g_h[oh^bfh ih\lhjblv ijh]jZffbjh\Zgb_ l_dms_c yq_cdb
\f_klhih\lhjgh]hgZ[hjZ__ Z^j_kZfh`ghgZ`Zlvdghidm>F?>IHFHSV@k jbkmgdhf
©dj_klª
?keb g_h[oh^bf lhevdh ijhkfhlj kh^_j`bfh]h yq_cdb ih\lhjycl_ \ur_hibkZggu_
hi_jZpbb lhevdh \f_klh \\h^Z gh\uo ^Zgguo \ lhl beb bghc k_]f_gl kjZam gZ`bfZcl_
dghidm >
@ Wlbf \u kjZam i_j_c^_l_ d bg^bdZpbb kh^_j`bfh]h ke_^mxs_]h k_]f_glZ b
l^
<UOH>BAYQ?CDB
Ihke_ lh]h dZd aZijh]jZffbjh\Zg ihke_^gbc k_]f_gl yq_cdb gZ`Zlb_ dghidb >
@
ijb\_^_l d \uoh^m ba ^Zgghc yq_cdb Bg^bdZlhj =HLH< ih]Zkg_l bg^bdZlhj HOJ:G:
aZk\_lblky L_i_jv fh`gh \\_klb Z^j_k ke_^mxs_c ih^e_`Zs_c ijh]jZffbjh\Zgbx
yq_cdb aZ\_jrb\ \\h^ gZ`Zlb_f dghidb >@ ?keb ijb ijh]jZffbjh\Zgbb k_]f_glZ <u
ihiulZ_l_kv aZibkZlv \ g_]h g_dhjj_dlgu_ ^Zggu_ lh ijha\mqbl lj_odjZlguc a\mdh\hc
kb]gZe ^Zggu_ [m^ml b]ghjbjh\Zgu b <u hklZg_l_kv \ lhf `_ k_]f_gl_ ^ey \\h^Z
\_jguo^Zgguo
LBIU>:GGUOB BO<<H>
Ijb ijh]jZffbjh\Zgbb l_o beb bguo yq__d <Zf ijb^_lky hi_jbjh\Zlv k ^\mfy
lbiZfb^Zgguo©qbkeh\u_ªb ©fg_fhgbq_kdb_ª^Zggu_
Qbkeh\u_ ^Zggu_ wlh ^Zggu_ hij_^_eyxsb_ qbkeh\u_ iZjZf_lju 1;
gZijbf_j \j_f_gZ aZ^_j`_d dhebq_kl\h ihiulhd \uah\Z b l^ Kh\hdmighklv
\dexq_gguo bg^bdZlhjh\ ahg hij_^_ey_l qbkeh\h_ agZq_gb_ ijh]jZffbjm_fh]h
A:H©:kklbjª
iZjZf_ljZ \ ^\hbqghc 1; kbkl_f_ kqbke_gby I_j_\h^ ^Zgguo ba ^\hbqghc kbkl_fu
kqbke_gby\ ^_kylbqgmxkbkl_fmhibkZggb`_
Fg_fhgbq_kdb_^Zggu_ wlh^Zggu_hij_^_eyxsb_gZ[hjjZaj_r_gguonmgdpbc
\ 1;Kh\hdmighklv\dexq_gguobg^bdZlhjh\ahg hij_^_ey_lwlhlgZ[hj
<<H>QBKEH<UO>:GGUO
Qbkeh\u_ ^Zggu_ \\h^ylky \ k_]f_gl yq_cdb gZ`Zlb_f pbnjh\uo dghihd >ey
\\h^Z agZq_gbc hl ^h bkihevam_lky eb[h \\h^ g_ihkj_^kl\_ggh gm`gh]h qbkeZ
gZijbf_j >@ >@ \\h^bl ©ª r_klgZ^pZl_jbqgh_ K eb[h ijb ihfhsb ke_^mxsbo
dghihd
DghidZ>I?JBF?LJ@\\h^blqbkeh
DghidZ>A<HGHD@\\h^blqbkeh
DghidZ><UOH>@\\h^blqbkeh
DghidZ>H;OH>@\\h^blqbkeh
DghidZ>HLF?G:@\\h^blqbkeh
DghidZ>IH@:J@\\h^blqbkeh
Ihke_ gZ[hjZ ^Zgguo ih^e_`Zsbo ijh]jZffbjh\Zgbx \ gm`ghf k_]f_gl_
g_h[oh^bfh gZ`Zlv >
@ ^ey bo \\h^Z b i_j_oh^Z d ke_^mxs_fm k_]f_glm Ihke_
ijh]jZffbjh\Zgbyihke_^g_]hk_]f_glZ^Zgghcyq_cdbihgZ`Zlbxdghidb>
@ijhbkoh^bl
\uoh^bayq_cdbih]ZkZgb_bg^bdZlhjZ=HLH<b aZ`b]Zgb_bg^bdZlhjZHOJ:G:Ihke_
wlh]h 1; h`b^Z_l \\h^ Z^j_kZ ke_^mxs_c yq_cdb Ijb ihiuld_ aZijh]jZffbjh\Zlv
qbkeh [hevr__ q_f g_h[oh^bfh ^ey wlh]h dhgdj_lgh]h k_]f_glZ ijha\mqbl
lj_odjZlguc a\mdh\hc kb]gZe b <u hklZg_l_kv \ wlhf `_ k_]f_gl_ ^ey \\h^Z gh\uo
^Zgguo
>ey ijhkfhljZ ^Zgguo kh^_j`Zsboky \ yq_cd_ g_h[oh^bfh ihevah\Zlvky
ijZ\beZfb ^\hbqghc kbkl_fu kqbke_gby ;me_\hc Ze]_[ju Bg^bdZlhju ahg
ij_^klZ\eyxlke_^mxsb_^\hbqgu_qbkeZ
AhgZ
Qbkeh
<<H>FG?FHGBQ?KDBO>:GGUO
Fg_fhgbq_kdb_ ^Zggu_ \bamZevgh ij_^klZ\eyxl kh[hc kh\hdmighklv k\_lysboky b
\udexq_gguo bg^bdZlhjh\ ahg dZ`^uc ba dhlhjuo ©hl\_qZ_lª aZ k\hx nmgdpbx
GZ`Zlb_pbnjh\uodghihd>@>@\dexqZ_l\udexqZ_lkhhl\_lkl\mxsbc bg^bdZlhjDZdb
qbkeh\u_ ^Zggu_ fg_fhgbq_kdb_ ^Zggu_ aZihfbgZxlky \ l_dms_f k_]f_gl_ ijb
gZ`Zlbbdghidb>
@GZ`Zlb_>
@ihke_lh]hdZd\k_k_]f_gluyq_cdbaZijh]jZffbjh\Zgu
ijb\h^bld \uoh^mbawlhcyq_cdbih]ZkZgbxbg^bdZlhjZ=HLH<b aZ`b]Zgbxbg^bdZlhjZ
HOJ:G:1;l_i_jv]hlh\Zd \\h^mZ^j_kZke_^mxs_cih^e_`Zs_cijh]jZffbjh\Zgbx
yq_cdb
<UOH>BAJ?@BF:IJH=J:FFBJH<:GBY
Ihke_ aZ\_jr_gby ijh]jZffbjh\Zgby \k_o g_h[oh^bfuo yq__d gm`gh hkms_kl\blv
\uoh^ ba j_`bfZ ijh]jZffbjh\Zgby <uoh^ ba j_`bfZ ijh]jZffbjh\Zgby
hkms_kl\ey_lky\ ^\ZwlZiZ
GZ`fbl_deZ\brm><UOH>@<uhkms_kl\beb\uoh^baj_`bfZijh]jZffbjh\Zgby
fh^mey b gZoh^bl_kv gZ wlZi_ \u[hjZ fh^mey ^ey ijh]jZffbjh\Zgby ?keb \
A:H©:kklbjª
<Zr_c1;ijbkmlkl\mxl^jm]b_fh^mebdhlhju_g_h[oh^bfhaZijh]jZffbjh\Zlv
\\_^bl_boghf_jb gZ`fbl_deZ\brm>@?kebg_li_j_oh^bl_dh\lhjhfmwlZim
GZ`fbl_ deZ\brm ><UOH>@ <u hkms_kl\beb iheguc \uoh^ ba j_`bfZ
ijh]jZffbjh\Zgby< l_q_gb_k_dh`b^Zcl_ih]ZkZgbybg^bdZlhjZK?J<BK
J?=BKLJ:PBYFH>ME?CB DE:<B:LMJ
>ey lh]h qlh[u \ ^Zevg_cr_f 1; fh]eZ dhgljhebjh\Zlv gZebqby\k_ofh^me_cb
deZ\bZlmjg_h[oh^bfhijh\_klbj_]bkljZpbxfh^me_cb deZ\bZlmj\ kbkl_f_
J_]bkljZpby ih^dexq_gguo fh^me_c b deZ\bZlmj \ kbkl_f_ 1; ijhba\h^blky \
ke_^mxs_cihke_^h\Zl_evghklb
ih^dexqbl_fh^mevd ihke_^h\Zl_evghcrbg_
\hc^bl_\ j_`bfijh]jZffbjh\Zgby1;
gZ[_jbl_dhf[bgZpbx>@>@>@ >@
\uc^bl_baj_`bfZijh]jZffbjh\Zgby
J_]bkljZpby^eblkyhdhehk_dmg^
<u\h^ ba kbkl_fu 1; ^hihegbl_evguo fh^me_c b deZ\bZlmj ijhba\h^blky \
ke_^mxs_cihke_^h\Zl_evghklb
hldexqbl_fh^mevhlihke_^h\Zl_evghcrbgu
\hc^bl_\ j_`bfijh]jZffbjh\Zgby1;
gZ[_jbl_dhf[bgZpbx>@ >@ >@ >@
\uc^bl_baj_`bfZijh]jZffbjh\Zgby
I_j_j_]bkljZpbyfh^me_c^eblkyhdhehk_dmg^
IJBF?Q:GB? IJB J:A<?JLU<:GBB 1; <DEXQ:XS?C >HIHEGBL?EVGU? FH>MEB
:DLB<BABJMCL? NMGDPBC A<MQ:GBY DE:<B:LMJU B IHKUEDB J:IHJL: IJB
G:JMR?GBBK<YABK >HIHEGBL?EVGUFFH>ME?F
A:=JMAD:A:<H>KDBOMKL:GH<HD
Ex[hcihevah\Zl_evkfh`_ljZah[jZlvkykh\k_fbZki_dlZfbijh]jZffbjh\Zgby1;
ij_^\Zjbl_evghbamqb\gZklhys__jmdh\h^kl\hH^gZdhgZgZqZevghfwlZi_bamq_gby
\hafh`gh qlh <u kha^Z^bl_ lZdb_ \ZjbZglu ijh]jZff dhlhju_ 1; g_ kfh`_l
\uihegblv >ey \uoh^Z ba lZdbo kblmZpbc kms_kl\m_l ijhp_^mjZ aZ]jmadb aZ\h^kdbo
mklZgh\hd<uihegbl_wlmijhp_^mjmb gZqgbl_ijh]jZffbjh\Zgb_aZgh\h
>eyaZ]jmadb\ iZfylv1;aZ\h^kdbomklZgh\hd
\hc^bl_\ j_`bfijh]jZffbjh\Zgby
\\_^bl_>@ >@ >@ >@
\uc^bl_baj_`bfZijh]jZffbjh\Zgby
Ijha\mqbllj_odjZlguca\mdh\hckb]gZeIjhp_kkaZ]jmadb^eblkyijbf_jghk_d
IJBF?Q:GB? IHKE? A:<?JR?GBY IJH=J:FFBJH<:GBY 1; H;YA:L?EVGH BAF?GBL? DH>
<OH>: < J?@BF IJH=J:FFBJH<:GBY OJ:GYSBCKY < YQ?CD? <
IJHLB<GHF KEMQ:? EX;HC IHEVAH<:L?EV IHEMQB<RBC >HKLMI D
DE:<B:LMJ? IJB KGYLHC K HOJ:GU 1; KFH@?L G:KLJHBLV ?? IH K<H?FM
MKFHLJ?GBXG:;J:<DHF;BG:PBX >
@ >@ >@>@>@>@ >@ >@ >@
IH>DEXQ?GB?
>eyih^dexq_gbydeZ\bZlmju
Hldexqblvhkgh\gh_b j_a_j\gh_we_dljhiblZgb_hl[Zah\h]hfh^mey
A:H©:kklbjª
KgylvaZ^gxxdjurdmdeZ\bZlmju
Kh_^bgblvde_ffudeZ\bZlmj
'$7$ k de_ffhc>'$7$@gZieZl_[Zah\h]hfh^mey1;
&20021 k de_ffhc>KHF@gZieZl_1;
326,7,9( k de_ffhc>326@gZieZl_1;
ihklZ\blvgZf_klhaZ^gxxdjurdm
\dexqblvwe_dljhiblZgb_
ijhba\_klbj_]bkljZpbxdeZ\bZlmju
aZijh]jZffbjh\ZlvnmgdpbbdeZ\bZlmju
IJH=J:FFBJH<:GB?
MKL:GH<D:KL:JLH<HCAHGU
LHEVDH>EY1;1;1;1; 1;
GZ[_jbl_ >
@>@>@ ©DH> <OH>: < J?@BF IJH=J:FFBJH<:GBYª Bg^bdZlhj
K?J<BKgZqg_lfb]Zlv
<\_^bl_ghf_jklZjlh\hcahgub gZ`fbl_deZ\brm>
@
MKL:GH<D:J?@BFH<DE:<B:LMJU
GZ[_jbl_ >
@>@>@ ©DH> <OH>: < J?@BF IJH=J:FFBJH<:GBYª Bg^bdZlhj
K?J<BK gZqg_l fb]Zlv K\_q_gb_ bg^bdZlhjh\ ahg mdZau\Z_l gZ \dexq_ggmx
nmgdpbx
GZ`Zlb_ khhl\_lkl\mxs_c bg^bdZlhjm pbnjh\hc dghidb \dexqZ_l\udexqZ_l
^Zggmxnmgdpbx
<u[_jbl_g_h[oh^bfu_nmgdpbbb gZ`fbl_deZ\brm>
@
BG>BD:LHJ NMGDPBYDE:<B:LMJU
J?A?J<
A:IJ?LA<MD:DE:<B:LMJU
J:AJ?R?GJ?@BF©><?JGHCDHEHDHEVQBDª
J:AJ?R?G J?@BF <UDEXQ?GBY A<MD: DE:<B:LMJU
gZ`Zlb_ex[hcdghidb\udexqZ_la\mdgZk_dmg^
A:IJ?L HLH;J:@?GBY KHKLHYGBY AHG ijb ihklZ\e_gghc
ih^ hojZgm 1; gZjmr_ggu_ b h[hc^_ggu_ ahgu g_
hlh[jZ`ZxlkygZbg^bdZlhjZodeZ\bZlmju
J:AJ?R?G A<MDH<HC HLDEBD G: DGHIDB >IH@:J@
>IHEBPBY@ >F?> IHFHSV@ ijb m^_j`b\Zgbb dghihd
gZ`ZlufbihhdhgqZgbxk_da\mqbldhjhldbckb]gZe
A:IJ?L J:;HLU BG>BD:LHJ: K?J<BK Ijb gZebqbb
g_bkijZ\ghkl_c bg^bdZlhj K?J<BK k\_lblvky g_ [m^_l H^gZdh
ihdhfZg^_>
@>@bg^bdZlhjuahgihij_`g_fm[m^mlhlh[jZ`Zlv
kms_kl\mxsmxg_bkijZ\ghklv
J:AJ?R?G IJHKFHLJ >JM=BO J:CHGH< jZaj_rZ_lky
dhfZg^Z >
@>@> J:CHG:@ ^ey \j_f_ggh]h i_j_oh^Z \ ^jm]b_
jZchguk ^ZgghcdeZ\bZlmju
GZ`fbl_ >
@ Bg^bdZlhj J?@BF aZk\_lblky ihklhyggh bg^bdZlhj K?J<BK [m^_l
ijh^he`Zlvfb]Zlv
<\_^bl_ ghf_j jZchgZ d dhlhjhfm ohlbl_ ijbibkZlv ^Zggmx deZ\bZlmjm Ihke_
\\h^Zghf_jZdeZ\bZlmjZZ\lhfZlbq_kdb\uc^_lbaj_`bfZmklZgh\db
MKL:GH<D:<J?F?GBIJHR?>R?=H HLFHF?GL:IHKE?>G?=H:<LHL?KL:
DHF:G>:>
@>@ >@
<\_^bl_ >
@>@ >@ ©DH> <OH>: < J?@BF IJH=J:FFBJH<:GBYª Bg^bdZlhj
K?J<BKgZqg_lfb]Zlv
<\_^bl_ ihke_^h\Zl_evgh pbnju ©khl_g k_dmg^ª©^_kyldh\ k_dmg^ª©_^bgbp
k_dmg^ª
GZ`fbl_>@^eykhojZg_gbymklZgh\hdb \uoh^Zbaj_`bfZ
MKL:GH<D:L?DMS?C>:LU
DHF:G>:>
@>@ >@
<\_^bl_>
@>@ >@
<\_^bl_©F:KL?JDH>ªBg^bdZlhjK?J<BKgZqg_lfb]Zlv
<\_^bl_pbnju©^gyg_^_eb>@ <hkdj_k_gv_>@ Km[[hlZª ©^_kyldh\ghf_jZ
f_kypZª ©_^bgbp ghf_jZ f_kypZª ©^_kyldh\ qbkeZª ©_^bgbp qbkeZª©^_kyldh\
]h^Zª ©_^bgbp]h^Zª
MKL:GH<D:L?DMS?=H<J?F?GB
DHF:G>:>
@>@ >@
<\_^bl_>
@>@ >@
<\_^bl_ ©F:KL?JDH>ª Bg^bdZlhj K?J<BK gZqg_l fb]Zlv aZl_f
ihke_^h\Zl_evgh \\_^bl_ pbnju ©^_kyldh\ qZkh\ª ©_^bgbp qZkh\ª ©^_kyldh\
fbgmlª ©_^bgbpfbgmlª
IJBF?Q:GB? MKL:GH<D: L?DMS?C >:LU B <J?F?GB IJHBA<H>BLKY EB;H MKL:GH<SBDHF
G: WL:I? J:A<?JLU<:GBY 1; EB;H < IJHP?KK? WDKIEM:L:PBB
IHEVAH<:L?E?F AG:XSBF F:KL?JDH> A:<H>KD:Y MKL:GH<D: DH>: ±>@>@
>@>@DH>
G:AG:Q?GB?IHEVAH<:L?EVKDBODH>H<
<\_^bl_>
@>@ ©F:KL?JDH>ªBg^bdZlhj=HLH<gZqg_lfb]Zlv
<\_^bl_ ><? PBNJU ghf_jZ ihevah\Zl_evkdh]h dh^Z <k_]^Z \\h^bl_ pbnju
gZijbf_j>@ >@^eydh^ZBg^bdZlhj=HLH<[m^_lk\_lblvkyihklhyggh
<\_^bl_ kZf DH> IHEVAH<:L?EY ij_^gZagZq_gguc ^ey ^Zggh]h ihevah\Zl_ey
1; Bg^bdZlhj =HLH< hiylv gZqg_l fb]Zlv b <u \gh\v \_jgmebkv d imgdlm
?keb1;hl\_j]Z_l\\_^_ggucdh^lhijha\mqbllj_odjZlguca\mdh\hckb]gZe
?kebg_h[oh^bfhijh]jZffbjh\Zlv^jm]b_dh^ulh\_jgbl_kvd i
A:H©:kklbjª
GZ`Zlb_dghidb>@ijbfb]Zxs_fbg^bdZlhj_=HLH<ijb\h^bld \uoh^mbaj_`bfZ
ijh]jZffbjh\Zgbydh^h\
G:AG:Q?GB?IHEVAH<:L?EVKDBFDH>:FMJH<GY >HKLMI:
<\_^bl_>
@>@ ©F:KL?JDH>ªBg^bdZlhj=HLH<gZqg_lfb]Zlv
<\_^bl_ ><? PBNJU ghf_jZ ihevah\Zl_evkdh]h dh^Z <k_]^Z \\h^bl_ pbnju
gZijbf_j >@ >@ ^ey dh^Z Bg^bdZlhj =HLH< [m^_l k\_lblvky ihklhyggh
gZqg_l fb]Zlv bg^bdZlhj J?@BF DZ`^uc ba bg^bdZlhjh\ ahg hlh[jZ`Z_l lm
beb bgmx nmgdpbx jZaj_r_ggmx ^ey ^Zggh]h DH>: IHEVAH<:L?EY \
khhl\_lkl\bb k gb`_ijb\_^_gghc lZ[ebp_c GZ`Zlb_ khhl\_lkl\mxsbo pbnjh\uo
dghihd\dexqZ_l\udexqZ_lbg^bdZlhjbkhhl\_lkl\_ggh^Zggmxnmgdpbx
IJBF?Q:GB? H;J:LBL? <GBF:GB? G: LH QLH K<?Q?GB? BG>BD:LHJ: AHGU HIJ?>?EY?L
NMGDPBHGBJH<:GB? >:GGH=H DH>: IHEVAH<:L?EY G? D:D DH>: >EY
IHKL:GH<DBKGYLBY : D:D DH>: >EY >HKLMI: < IHF?S?GBY G:;HJ L:DH=H
DH>:IJB<H>BLD KJ:;:LU<:GBX ©IJBIBK:GGH=Hª?FMIJH=J:FFBJM?FH=H
<UOH>:
BG>BD:LHJ NMGDPBYDH>:?KEBBG>BD:LHJAHGUG?K<?LBLKY
J_a_j\
Dh^lhevdh^eyihklZgh\dbih^hojZgm
Dh^ lhevdh ^ey ihklZgh\db ih^ hojZgm b lhevdh \ i_jbh^
\j_f_gbdh]^Zh[t_dl^he`_g[ulvaZdjuluf
F:KL?JDH> Ijb _]h ihfhsb fh`gh f_gylv ^jm]b_ dh^u
F:KL?JDH>jZ[hlZ_llZd`_b dZddh^^eyihklZgh\dbkgylby
Dh^ihklZgh\dbkgylby
>:GGUFDH>HFJ:AJ?R?GHH;OH>BLVAHGUbkdexqZlvba
kibkdZhojZgy_fuo
Ijb ihklZgh\d_kgylbb ^Zgguf dh^hf jZaj_r_g l_e_nhgguc
Bg^bdZlhjg_k\_lblky?kebk\_lblkylhkflZ[egb`_
BG>BD:LHJ NMGDPBYDH>:?KEBBG>BD:LHJAHGUK<?LBLKY
GZ[hjdh^Zijb\h^bld kjZ[Zlu\Zgbxijh]jZffbjm_fh]h\uoh^Z
GZ[hjdh^Zijb\h^bld kjZ[Zlu\Zgbxijh]jZffbjm_fh]h\uoh^Z
GZ[hjdh^Zijb\h^bld kjZ[Zlu\Zgbxijh]jZffbjm_fh]h\uoh^Z
GZ[hjdh^Zijb\h^bld kjZ[Zlu\Zgbxijh]jZffbjm_fh]h\uoh^Z
Dh^ihklZgh\dbkgylby
>:GGUFDH>HFJ:AJ?R?GHH;OH>BLVAHGUbkdexqZlvba
kibkdZhojZgy_fuo
IjbihklZgh\d_kgylbb^Zggufdh^hfjZaj_r_gl_e_nhgguc
jZihjlgZimevl
Bg^bdZlhjk\_lblky?kebg_k\_lblkylhkfLZ[e<ur_
GZ`fbl_>
@Bg^bdZlhjJ?@BF[m^_lk\_lblvkyihklhyggh<ui_j_reb\
j_`bfgZagZq_gbyjZchgh\\ dhlhjuofh`_ljZ[hlZlv^ZggucDH>
IHEVAH<:L?EYK\_lysb_kybg^bdZlhjuahgmdZau\Zxl
©jZaj_r_ggu_ª^Zgghfmdh^mjZchguGZ`Zlb_khhl\_lkl\mxs_cpbnjh\hc
dghidb\dexqZ_l\udexqZ_lbg^bdZlhjl_jZaj_rZ_lbebaZij_sZ_l
jZ[hlm^Zggh]hdh^Z\ ^ZgghfjZchg_GZijbf_jk\_lysbckybg^bdZlhj
AHGUmdZau\Z_lgZ\hafh`ghklvihklZgh\dbkgylbyjZchgZ^Zgguf
A:H©:kklbjª
dh^hfGZ`Zlb_dghidb>@]Zkblbg^bdZlhjahgul_aZij_sZ_ljZ[hlm
dh^Z\ jZchg_
GZ`fbl_>
@<u\_jgmebkvd ib l_i_jv<ufh`_l_\\_klbghf_j
ke_^mxs_]hDH>:IHEVAH<:L?EYih^e_`Zs_]hijh]jZffbjh\Zgbx
GZ`Zlb_dghidb>@ijb\h^bld \uoh^mbaj_`bfZijh]jZffbjh\Zgbydh^h\
IJBF?Q:GB? IJB IJH=J:FFBJH<:GBB DH>H< IHEVAH<:L?E?C < FGH=HJ:CHGGUO
KBKL?F:O IH DJ:CG?C F?J? H>BG BA GBO WLH FH@?L ;ULV B DH> <OH>: <
J?@BF IJH=J:FFBJH<:GBY ?KEB NMGDPBY IHKL:GH<DBKGYLBY >EY G?=H
J:AJ?R?G:IML?FIJH=J:FFBJH<:GBYYQ?CDB>HE@?GBF?LV>HKLMIDH
<K?F J:CHG:F BG:Q? <U G? KFH@?L? >H;:<EYLV GH<U?
IHEVAH<:L?EVKDB?DH>U
BKDEXQ?GB?IHEVAH<:L?EVKDBODH>H<
<\_^bl_>
@>@©F:KL?JDH>ªBg^bdZlhj=HLH<gZqg_lfb]Zlv
<\_^bl_ ><? PBNJU ghf_jZ ihevah\Zl_evkdh]h dh^Z <k_]^Z \\h^bl_ pbnju
gZijbf_j>H@ >A@^eydh^ZBg^bdZlhj=HLH<[m^_lk\_lblvkyihklhyggh
GZ`fbl_dghidm>
@jZaZ^eyq_luj_oagZqgh]hdh^Zeb[hjZa^eyr_klbagZqgh]h
dh^Zihevah\Zl_eyBg^bdZlhj=HLH<hiylvgZqg_lfb]Zlvb <u\gh\v\_jgmebkvd
imgdlm
GZ`Zlb_dghidb>@ijbfb]Zxs_fbg^bdZlhj_=HLH<ijb\h^bld \uoh^mbaj_`bfZ
m^Ze_gbydh^h\
MKL:GH<D:LHG:EVGHKLB :DMKLBQ?KDH=HKB=G:E:DE:<B:LMJU
<\_^bl_>
@>@
IjbihfhsbdeZ\brblhgih\urZ_lkyijbihfhsbdeZ\brblhgihgb`Z_lky
Bg^bdZlhjK?J<BKk\_lblkyijbg_h[oh^bfhklbijh\_^_gbyk_j\bkguohi_jZpbcih
mkljZg_gbxbf_xsboky\ kbkl_f_g_bkijZ\ghkl_cGZ`fbl_>
@>@AZk\_lylkyh^bgbeb
g_kdhevdh bg^bdZlhjh\ ahg K\_q_gb_ dZ`^h]h bg^bdZlhjZ mdZau\Z_l gZ
hij_^_e_ggmxg_bkijZ\ghklvGZ`Zlb_pbnjh\hcdeZ\brbk khhl\_lkl\mxsbfghf_jhf
iha\hey_l ihemqblv ^hihegbl_evgmx bgnhjfZpbx ih g_dhlhjuf g_bkijZ\ghklyf >ey
\uoh^Zbaj_`bfZbg^bdZpbbgZ`fbl_dghidm>@
A:H©:kklbjª
HibkZgb_g_bkijZ\ghklb BgnhjfZpbyihke_gZ`Zlbykhhl\
ahgu deZ\brb
Kbkl_fgZyg_bkijZ\ghklv i_j_]jmadZihlhdm[Zah\h]hfh^mey
g_bkijZ\ghklvkbj_gu[Zah\h]h
fh^mey
lZfi_jdhglZdl[Zah\h]hfh^mey
g_lhkgh\gh]hwe_dljhiblZgbyfh^mey
^hihegbl_evguonmgdpbc
jZajy^ZddmfmeylhjZfh^mey
^hihegbl_evguonmgdpbc
hldjuldhjimkfh^mey^hihegbl_evguo
nmgdpbc
g_bkijZ\ghklvfh^mey
^hihegbl_evguonmgdpbc
g_dZq_kl\_ggh_aZa_fe_gb_
[Zah\h]hfh^mey
<kdjulb_dhjimkZ AZk\_lb\rbckybg^bdZlhjbg^bdZlhju
JZajy^ZddmfmeylhjZ\ mdZ`mlahgud dhlhjufih^dexq_gu
[_kijh\h^ghf^Zlqbd_ g_bkijZ\gu_ba\_sZl_eb
Ihl_jyk\yabk
[_kijh\h^gufba\_sZl_e_f
GZjmr_gb_[_kijh\h^ghc
G_bkijZ\ghklvl_e_nhgghc
G_i_j_^ZgjZihjlgZIPG
K[hcqZkh\
IJHKFHLJI:FYLBKB=G:EH<LJ?<H=B
<\_^bl_>
@>@
Bg^bdZlhju ahg \ dhlhjuo ijhbahreZ lj_\h]Z [m^ml fb]Zlv Z bg^bdZlhju
h[hc^_gguoahg[m^mlk\_lblvkyihklhyggh
IJB<?>?GB?>UFH<UOBA<?S:L?E?C< BKOH>GH?KHKLHYGB?
Nmgdpby bkihevam_lky ^ey h[gh\e_gby k[jhkZ bgnhjfZpbb h khklhygbb ^ufh\uo
ba\_sZl_e_c ijb ih`Zjghc lj_\h]_ lZfi_jdhglZdlh\ ahg bkijZ\ghklb re_cnh\ ahg
ijbl_klbjh\Zgbb\h\j_fybgklZeeypbb
?kebkbkl_fZgZoh^blkyih^hojZghclhkgbfbl___ khojZgu
GZ`fbl_>
@>@
?keb deZ\bZlmjZ gZqbgZ_l ba^Z\Zlv ij_ju\bkluc a\md lh wlh agZqbl qlh
ghjfZevgh_ nmgdpbhgbjh\Zgb_ kbkl_fu g_ \hkklZgh\behkv <\_^bl_ dh^
ihevah\Zl_ey ^ey hldexq_gby a\mdZ deZ\bZlmju b \uykgbl_ ijbqbgm k[hy AZl_f
ih\lhjbl_k[jhk
><?JGHCDHEHDHEVQBD
<dexq_gb_ b \udexq_gb_ ©^\_jgh]h dhehdhevqbdZª hkms_kl\ey_lky ijb kgylhc k
hojZgu kbkl_f_ gZ`Zlb_f dghidb >A<HGHD@ >&+,0(@ GZ \dexq_gguc j_`bf
©dhehdhevqbdZª mdZau\Z_l k\_q_gb_ bg^bdZlhjZ A<HGHD GZ dZ`^h_ gZ`Zlb_ dghidb
>A<HGHD@ j_`bf\dexqZ_lky_kebhg[ue\udexq_gb gZh[hjhl
A:H©:kklbjª
;:AH<UCFH>MEV1;
IH>DEXQ?GB?
HIBK:GB?DE?FF1;
De_ffZ HibkZgb_
5 Ih^dexq_gb_l_e_nhggh]hZiiZjZlZ
5 Ih^dexq_gb_l_e_nhgghcebgbb
L Ih^dexq_gb_l_e_nhgghcebgbb
L Ih^dexq_gb_l_e_nhggh]hZiiZjZlZ
($57+ AZa_fe_gb_ Fh`gh kh_^bgblv k ljm[hijh\h^hf oheh^ghc \h^u
eb[hf_lZeebq_kdbfijmlhf^ebghcfaZdhiZgguf\ a_fex
$& Ih^dexq_gb_gZijy`_gbywe_dljhiblZgbyi_j_f_ggh]hlhdZ<
<l
%(// <uoh^^jZc\_jZkbj_gu
%(//
.3 '$7$ <u\h^ ^Zgguo ^ey ih^dexq_gby deZ\bZlmj b ^hihegbl_evguo
fh^me_c1;
.3 &20 <u\h^ h[s_]h ijh\h^Z ^ey ih^dexq_gby deZ\bZlmj b
^hihegbl_evguofh^me_c1;
.3 326 <uoh^ iblZxs_]h gZijy`_gby ^ey ih^dexq_gby deZ\bZlmj b
^hihegbl_evguo fh^me_c 1; KmffZjguc lhd gZ]jmadb ^Zggh]h
\uoh^Z\uoh^Z>$8; 3:5@g_^he`_gij_\urZlv:
A:H©:kklbjª
De_ffZ HibkZgb_
KHFDe_ffZ ih^dexq_gby ijh\h^Z ©ª we_dljhiblZgby hojZgguo
ba\_sZl_e_cih^dexq_gguod bklhqgbdmwe_dljhiblZgby1;
$8; 3:5 De_ffZ ih^dexq_gby ijh\h^Z ©ª we_dljhiblZgby hojZgguo
ba\_sZl_e_c ih^dexq_gguo d bklhqgbdm we_dljhiblZgby 1;
KmffZjguc lhd gZ]jmadb ^Zggh]h \uoh^Z \uoh^Z >.3 326 b
KHF De_ffZ\ha\jZlgh]hlhdZre_cnZahg
=21( De_ffu ih^dexq_gby re_cnh\ ahg \lhjhc dhg_p re_cnh\
ih^dexqZ_lkyd de_ff_>KHF@Khijhlb\e_gb_re_cnh\g_^he`gh
ij_\urZlvHf
$8; De_ffuijh]jZffbjm_fuo\uoh^h\
287
$8;287 De_ffZ ijh]jZffbjm_fh]h \uoh^Z dhlhjuc fh`_l [ulv
602.( bkihevah\Zg b dZd \uoh^ iblZxs_]h gZijy`_gby ih`Zjguo
ba\_sZl_e_c<f:b dZdy ^\moijh\h^gZyih`ZjgZyahgZ
<lhjhcdhg_pre_cnZih^dexqZ_lkyd de_ff_>KHF@AhgZfh`_l
[ulv bkihevah\ZgZ ^ey ih^dexq_gby ^\moijh\h^guo ih`Zjguo
ba\_sZl_e_c k hdhg_qguf j_abklhjhf Hf >ey wlh]h
g_h[oh^bfh kgylv i_j_fuqdm : Ijb bkihevah\Zgbb ahgu \
ghjfZevghfj_`bf_g_h[oh^bfhmklZgh\blvi_j_fuqdm:
IJH=J:FFBJH<:GB?
IHKE?>H<:L?EVGHKLVHI?J:PBB
Ijh]jZffbjh\Zgb_ [Zah\h]h fh^mey 1; ijh\h^blv \ ke_^mxs_c
ihke_^h\Zl_evghklb
Hij_^_ebl_lj_[h\Zgbyd hojZg_h[t_dlZ
AZijh]jZffbjh\Zlv]jmiiunmgdpbcbkihevam_fuoahg
IjbibkZlvahgud ]jmiiZf
AZijh]jZffbjh\Zlvdh^ukh[ulbc^eyjZihjlh\
AZijh]jZffbjh\Zlv^jZc\_jkbj_gu
AZijh]jZffbjh\Zlvijh]jZffbjm_fu_\uoh^u
>J:C<?JKBJ?GU
>jZc\_j kbj_gu \uoh^ ij_^gZagZq_gguc ^ey ih^dexq_gby bklhqgbdZ a\mdh\h]h
kb]gZeZ
>jZc\_jkbj_gufh`_ljZ[hlZlv\ ^\moj_`bfZo
\uoh^ihklhyggh]hlhdZ
\uoh^kb]gZeZ\gmlj_gg_]h]_g_jZlhjZ
J_`bf ihklhyggh]h lhdZ bkihevam_lky ^ey ih^dexq_gby kbj_gu k \kljh_gguf
]_g_jZlhjhf a\mdh\h]h kb]gZeZ < wlhf j_`bf_ gZ \uoh^_ ^jZc\_jZ ihy\ey_lky
ihklhyggh_gZijy`_gb_<ijbfZdkbfZevghflhd_:
IJBF?Q:GB? < J?@BF?IHKLHYGGH=HLHD:<UOH>GU?DE?FFU>J:C<?J:KBJ?GU6,5(1 B
KHF >HE@GU ;ULV KH?>BG?GU J?ABKLHJHF K KHIJHLB<E?GB?F DHF
HLKMLKL<B? >:GGH=H J?ABKLHJ: FH@?L ;ULV IJBQBGHC G:EBQBY F:EH=H
G:IJY@?GBYG:<UOH>?
< j_`bf_ \gmlj_gg_]h ]_g_jZlhjZ gZ \uoh^gu_ de_ffu ^jZc\_jZ kbj_gu ih^Z_lky
i_j_f_ggh_ gZijy`_gb_ < dZq_kl\_ bklhqgbdZ a\mdZ bkihevam_lky ]jhfdh]h\hjbl_ev
fhsghklvx <l b khijhlb\e_gb_f h[fhldb Hf eb[h <l k khijhlb\e_gb_f
h[fhldbeb[hHf
A:H©:kklbjª
IJH=J:FFBJM?FU?<UOH>U
Ijh]jZffbjm_fu_ \uoh^u $8; 287$8; 287 keZ[hlhqgu_ \uoh^u lbiZ
©hldjuluc dhee_dlhjª khklhygb_ dhlhjuo baf_gy_lky gZ ijhlb\hiheh`gh_ khklhygb_
ijb\hagbdgh\_gbbhij_^_e_gguokh[ulbc
G:AG:Q?GB?AHG:FDHGNB=MJ:PBHGGUO=JMII
=jmiiZ dhgnb]mjZpbb ahgu wlh gZ[hj nmgdpbhgZevguo iZjZf_ljh\
hij_^_eyxsbcjZ[hqbcj_`bfahgu
< 1; iZjZf_lju \k_o ahg hij_^_eyxlky ke_^mxsbf h[jZahf Bf__lky ]jmii
dhgnb]mjZpbbb ex[ZyahgZfh`_l[ulvaZijh]jZffbjh\ZgZdZdijbgZ^e_`ZsZyh^ghc
balZdbo]jmiiDZ`^Zy]jmiiZdhgnb]mjZpbbbf__lk\hcgZ[hjiZjZf_ljh\b dh^lj_\h]b
^ey l_e_nhggh]h jZihjlZ dhlhju_ hij_^_eyxlky ijh]jZffbjh\Zgb_f yq__d
Dhgnb]mjZpbhggu_ ]jmiiu fh]ml [ulv bkihevah\Zgu ^ey [_kijh\h^guo b
ijh\h^guoahgkh]eZkgh?\jhi_ckdbfj_dhf_g^Zpbyf\lhjZyahgZ\ iZj_ lZfi_jahgu
J_`bfjZ[hludZ`^hcahgu\ 1;^he`_g[ulvhibkZgHibkZgb_jZ[hq_]hj_`bfZ
ahgu wlhijbk\h_gb__c]jmiiudhgnb]mjZpbb
=jmiiu HibkZgb_]jmiiudhgnb]mjZpbbiZjZf_ljh\
>G?<G:Y AHG: Ih^ hojZghc h[uqgZy F=GH<?GG:Y ahgZ Ijb
kgylhf k hojZgu jZchg_ gZjmr_gb_ ahgu bg^bpbjm_lky b jZihjl
i_j_^Z_lkygZIPG
Q:KH<:YAHG:K KBJ?GHCG_aZ\bkbfhhlkhklhygbyjZchgZ
gZjmr_gb_ ahgu ijb\h^bl d lj_\h]_ b \dexq_gbx ©ieZ\Zxs_]hª
a\mdZkbj_gu
AHG: <OH>:<UOH>: K A:>?J@DHC Ijb gZjmr_gbb ahgu
\oh^_ lj_\h]Z \hagbdZ_l ih bkl_q_gbb bgl_j\ZeZ \j_f_gb
A:>?J@D:G:<OH>_kebg_\\_^_gdh^kgylbyk hojZguIjb
ihklZgh\d_ih^hojZgmjZchgZA:>?J@DBG:<UOH>Hlkmlkl\b_
gZjmr_gby ahgu \ l_q_gb_ aZ^_j`db gZ \uoh^ jZaj_rZ_l nmgdpbx
Z\lhfZlbq_kdh]hh[oh^Z
<GMLJ?GGYY IJHOH>G:Y AHG: K A:IJ?S?GGHC NMGDPB?C
:<LHF:LBQ?KDH=HH;OH>:H[uqgZyF]gh\_ggZyahgZ_kebg_
b^_l hlkq_l aZ^_j`db gZ \oh^ beb \uoh^ < l_q_gb_ hlkq_lZ
aZ^_j`_dgZjmr_gb_ahguwlh]hlbiZb]ghjbjm_lkyLZd`_g_[m^_l
\dexqZlvky Z\lhfZlbq_kdbc h[oh^ ahg wlh]h lbiZ ^Z`_ _keb wlZ
nmgdpbyjZaj_r_gZ ijh]jZffbjh\Zgb_fk_]f_glZyq_cdb
A:H©:kklbjª
=jmiiu HibkZgb_]jmiiudhgnb]mjZpbbiZjZf_ljh\
<GMLJ?GGYY IJHOH>G:Y AHG: K J:AJ?R?GGHC NMGDPB?C
:<LHF:LBQ?KDH=HH;OH>:H[uqgZyF]gh\_ggZyahgZ_kebg_
b^_l hlkq_l aZ^_j`db gZ \oh^ beb \uoh^ < l_q_gb_ hlkq_lZ
aZ^_j`_dgZjmr_gb_ahguwlh]hlbiZb]ghjbjm_lky:\lhfZlbq_kdbc
h[oh^ ahgu wlh]h lbiZ [m^_l \dexq_g ijb ihklZgh\d_ ih^ hojZgm \
j_`bf_ I?JBF?LJ _keb wlZ nmgdpby jZaj_r_gZ
ijh]jZffbjh\Zgb_fk_]f_glZyq_cdb
F=GH<?GG:Y AHG: Ijb ihklZ\e_gghf ih^ hojZgm jZchg_
gZjmr_gb_ahguwlh]hlbiZijb\h^bld f]gh\_gghclj_\h]_
Q:KH<:Y LBO:Y AHG: G_aZ\bkbfh hl lh]h ihklZ\e_g ih^
hojZgm beb g_l jZchg d dhlhjhfm ijbibkZgZ ahgZ wlh]h lbiZ ijb
gZjmr_gbb ahgu [m^_l bgbpbbjh\ZgZ lj_\h]Z [_a \dexq_gby
kbj_gu Khklhygb_ahgwlh]hlbiZg_hlh[jZ`Z_lkygZbg^bdZlhjZo
deZ\bZlmju
IH@:JG:Y AHG: G_aZ\bkbfh hl lh]h ihklZ\e_g ih^ hojZgm beb
g_l jZchg d dhlhjhfm ijbibkZgZ ahgZ wlh]h lbiZ aZfudZgb_
re_cnZijb\h^bld \dexq_gbxbg^bdZlhjZIH@:JgZdeZ\bZlmj_b
\dexq_gbx ihklhyggh]h lhgZ kbj_gu H[ju\ re_cnZ
jZkkfZljb\Z_lky dZd g_bkijZ\ghklv ih`Zjghc ahgu b ijb\h^bl d
\dexq_gbx[ukljh]hfb]Zgbybg^bdZlhjZIH@:J
AHG: <OH>:<UOH>: K A:>?J@DHC Ijb gZjmr_gbb ahgu
wlh]hlbiZijbihklZ\e_gghfih^hojZgmjZchg_aZimkdZ_lkyhlkq_l
\j_f_gbA:>?J@DBG:<OH>IjbihklZgh\d_ih^hojZgmjZchgZ
^ey ahg wlh]h lbiZ [m^_l bkihevah\ZgZ \_ebqbgZ \j_f_gb
A:>?J@DBG:<UOH>
Q:KH<:Y LBO:Y AHG: K HLH;J:@?GB?F G: BG>BD:LHJ?
DE:<B:LMJU JZ[hlZ ahgu wlh]h lbiZ ZgZeh]bqgZ jZ[hl_
Q:KH<HC LBOHC ahgu k lhc jZagbp_c qlh khklhygb_ ahgu
hlh[jZ`Z_lkygZkhhl\_lkl\mxs_fbg^bdZlhj_deZ\bZlmju
AHG:;UKLJHCIHKL:GH<DBKGYLBYAZfudZgb_re_cnZahgu
wlh]hlbiZihi_j_f_gghklZ\blih^hojZgub kgbfZ_lk hojZgulhl
jZchg d dhlhjhfm ijbibkZgZ wlZ ahgZ GZ imevl ijb wlhf
jZihjlm_lkyihklZgh\dZbebkgylb_ihevah\Zl_evkdbfdh^hf
<GMLJ?GGYY IJHOH>G:Y AHG: K NMGDPB?C ©IMLV
IJHOH>:ª JZ[hlZ ahgu wlh]h lbiZ ZgZeh]bqgZ jZ[hl_ ahg lbiZ
<GMLJ?GGYY IJHOH>G:Y kh ke_^mxsbf ^h[Z\e_gb_f Ijb
gZjmr_gbb ahgu aZimkdZ_lky hlkq_l \j_f_gb BGL?J<:E:
I?J?K?Q?GBY ?keb \ l_q_gb_ wlh]h bgl_j\ZeZ ahgZ [m^_l
gZjmr_gZ lh g_f_^e_ggh [m^_l kha^ZgZ lj_\h]Z Nmgdpby
Z\lhfZlbq_kdh]h \dexq_gby h[oh^Z ^ey ahg wlh]h lbiZ fh`_l [ulv
jZaj_r_gZijh]jZffbjh\Zgb_fk_]f_glZyq_cdb
F=GH<?GG:Y AHG: A:SBLU <OH>GHC ><?JB ?keb jZchg
ihklZ\e_gih^hojZgm\ h[uqghfj_`bf_bg^bdZlhjI?JBF?LJgZ
deZ\bZlmj_ g_ k\_lblky ahgZ kha^Z_l f]gh\_ggmx lj_\h]m ijb __
gZjmr_gbb ?keb jZchg ihklZ\e_g ih^ hojZgm \ j_`bf_ hojZgu
i_jbf_ljZ bg^bdZlhj I?JBF?LJ gZ deZ\bZlmj_ k\_lblky
gZjmr_gb_ ahgu ijb\h^bl d aZimkdm \j_f_gb A:>?J@DB G: <OH>
A:H©:kklbjª
=jmiiu HibkZgb_]jmiiudhgnb]mjZpbbiZjZf_ljh\
AHG: <OH>:<UOH>: K A:>?J@DHC K <HAFH@GHKLVX
=JMIIH<H=H H;OH>: Ijb gZjmr_gbb ahgu wlh]h lbiZ
aZimkdZ_lkyhlkq_l\j_f_gbA:>?J@DBG:<OH>IjbihklZgh\d_
ih^hojZgmjZchgZ^eyahgwlh]hlbiZ[m^_lbkihevah\ZgZ\_ebqbgZ
\j_f_gb A:>?J@DB G: <UOH> AhgZ wlh]h lbiZ fh`_l [ulv
h[hc^_gZiml_f\dexq_gbyh[oh^Zp_ebdhf]jmiiuahgl_ahg^ey
dhlhjuo jZaj_r_gZ nmgdpby ]jmiih\h]h h[oh^Z ihkj_^kl\hf
gZ[hjZdhfZg^u]jmiih\h]hh[oh^Zk deZ\bZlmjuGZ`Zlb_>H;OH>@
± >H@± >H;OH>@
<GMLJ?GGYY IJHOH>G:Y AHG: K J:AJ?R?GGHC NMGDPB?C
=JMIIH<H=H H;OH>: JZ[hlZ wlhc ahgu ZgZeh]bqgZ jZ[hl_
h[uqghcF=GH<?GGHCahgu_kebg_b^_lhlkq_laZ^_j`dbgZ\oh^
beb\uoh^< l_q_gb_hlkq_lZaZ^_j`_dgZjmr_gb_ahguwlh]hlbiZ
b]ghjbjm_lky:\lhfZlbq_kdbch[oh^ahguwlh]hlbiZ[m^_l\dexq_g
ijbihklZgh\d_ih^hojZgm\ j_`bf_I?JBF?LJ_kebwlZnmgdpby
jZaj_r_gZ ijh]jZffbjh\Zgb_f k_]f_glZ yq_cdb AhgZ wlh]h
lbiZfh`_l[ulvh[hc^_gZiml_f\dexq_gbyh[oh^Zp_ebdhf]jmiiu
ahg l_ ahg ^ey dhlhjuo jZaj_r_gZ nmgdpby ]jmiih\h]h h[oh^Z
ihkj_^kl\hf gZ[hjZ dhfZg^u ]jmiih\h]h h[oh^Z k deZ\bZlmju
GZ`Zlb_>H;OH>@± >H@± >H;OH>@
F=GH<?GG:YAHG:K J:AJ?R?GGHCNMGDPB?C=JMIIH<H=H
H;OH>: Ijb ihklZ\e_gghf ih^ hojZgm jZchg_ gZjmr_gb_ ahgu
wlh]h lbiZ ijb\h^bl d f]gh\_gghc lj_\h]_ AhgZ wlh]h lbiZ fh`_l
[ulv h[hc^_gZ iml_f \dexq_gby h[oh^Z p_ebdhf ]jmiiu ahg l_
ahg ^ey dhlhjuo jZaj_r_gZ nmgdpby ]jmiih\h]h h[oh^Z
ihkj_^kl\hf gZ[hjZ dhfZg^u ]jmiih\h]h h[oh^Z k deZ\bZlmju
GZ`Zlb_>H;OH>@± >H@± >H;OH>@
AHG: <OH>:<UOH>: K A:>?J@DHC K J:AJ?R?GGHC
NMGDPB?CL:FI?J:IjbgZjmr_gbbahguwlh]hlbiZaZimkdZ_lky
hlkq_l\j_f_gbA:>?J@DBG:<OH>IjbihklZgh\d_ih^hojZgm
jZchgZ ^ey ahg wlh]h lbiZ [m^_l bkihevah\ZgZ \_ebqbgZ \j_f_gb
A:>?J@DB G: <UOH> Hlkmlkl\b_ gZjmr_gby ahgu \ l_q_gb_
aZ^_j`dbgZ\uoh^jZaj_rZ_lnmgdpbxZ\lhfZlbq_kdh]hh[oh^
<GMLJ?GGYY IJHOH>G:Y AHG: K A:IJ?S?GGHC NMGDPB?C
:<LHF:LBQ?KDH=H H;OH>: K J:AJ?R?GGHC NMGDPB?C
L:FI?J: JZ[hlZ wlhc ahgu ZgZeh]bqgZ jZ[hl_ h[uqghc
F=GH<?GGHC ahgu _keb g_ b^_l hlkq_l aZ^_j`db gZ \oh^ beb
\uoh^ < l_q_gb_ hlkq_lZ aZ^_j`_d gZjmr_gb_ ahgu wlh]h lbiZ
b]ghjbjm_lkyLZd`_g_[m^_l\dexqZlvkyZ\lhfZlbq_kdbch[oh^ahg
wlh]h lbiZ ^Z`_ _keb wlZ nmgdpby jZaj_r_gZ ijh]jZffbjh\Zgb_f
k_]f_glZyq_cdb
F=GH<?GG:YAHG:K J:AJ?R?GGHCNMGDPB?CL:FI?J:Ijb
ihklZ\e_gghf ih^ hojZgm jZchg_ gZjmr_gb_ ahgu wlh]h lbiZ
ijb\h^bld f]gh\_gghclj_\h]_
AHG: <OH>:<UOH>: K A:>?J@DHC K J:AJ?R?GGHC
NMGDPB?CL:FI?J:IjbgZjmr_gbbahguwlh]hlbiZaZimkdZ_lky
hlkq_l\j_f_gbA:>?J@DBG: <OH>IjbihklZgh\d_ih^hojZgm
jZchgZ ^ey ahg wlh]h lbiZ [m^_l bkihevah\ZgZ \_ebqbgZ \j_f_gb
A:>?J@DB G: <UOH> Hlkmlkl\b_ gZjmr_gby ahgu \ l_q_gb_
aZ^_j`dbgZ\uoh^jZaj_rZ_lnmgdpbxZ\lhfZlbq_kdh]hh[oh^Z
A:H©:kklbjª
?keb ijbgylhc lZdlbd_ hojZgu g_ m^h\e_l\hjy_l gb h^bg ba aZ\h^kdbo \ZjbZglh\
dhgnb]mjZpbhgguo]jmiiiZjZf_ljh\1;iha\hey_lboj_^Zdlbjh\Zlveb[hkha^Z\Zlv
k\hbdhgnb]mjZpbhggu_]jmiiu\aZf_gbf_xsboky
>ey wlh]h g_h[oh^bfh baf_gblv kh^_j`bfh_ yq_cdb khhl\_lkl\mxs_c ghf_jm
\u[jZgghc ]jmiiu dhgnb]mjZpbb Kibkhd iZjZf_ljh\ khq_lZgb_ dhlhjuo hij_^_ey_l
dhgnb]mjZpbhggmx]jmiimahguijb\_^_g\ nmgdpbhgZevghfhibkZgbbyq_cdb
IJBF?Q:GB? J?>:DLBJMCL? BF?XSB?KY EB;H KHA>:<:CL? GH<U? DHGNB=MJ:PBHGGU?
=JMIIU LHEVDH BF?Y IHEGH? IJ?>KL:<E?GB? H G:AG:Q?GBB D:@>H=H
I:J:F?LJ:
YQ?CD:>HIHEGBL?EVGU?NMGDPBBDE:<B:LMJUB KHHL<?LKL<MXSB?J:IHJL:
K?=F?GL:>:GGU?<U;HJ:NMGDPBC
Yq_cdZ bkihevam_lky ^ey mijZ\e_gby ^hklmigufb ihevah\Zl_ex k deZ\bZlmju
nmgdpbyfbb khhl\_lkl\mxsbfbbfjZihjlZfb
K?=F?GL
Bg^bdZlhjahgujZaj_r_gj_`bf;UKLJ:YIHKL:GH<D:
Bg^bdZlhjahgujZaj_r_gi_j_aZimkdaZ^_j`dbgZ\uoh^
Bg^bdZlhjahgujZaj_r_gZ\lhfZlbq_kdbch[oh^ahg
Bg^bdZlhjahgudghidZ>IHEBPBY@jbkmghd©sblªgZdeZ\bZlmj_^Z_llbomxlj_\h]m
Bg^bdZlhj ahgu dghidZ >IHEBPBY@ jbkmghd ©sblª gZ deZ\bZlmj_ ^Z_l lj_\h]m k
\dexq_gb_fkbj_gu
Bg^bdZlhjahgujZaj_r_gZjZ[hlZdghidb>IH@:J@jbkmghd©ieZfyªgZdeZ\bZlmj_
Bg^bdZlhj ahgu jZaj_r_gZ jZ[hlZ dghidb >F?> IHFHSV@ jbkmghd ©dj_klª gZ
deZ\bZlmj_
Bg^bdZlhj ahgu jZaj_r_gZ nmgdpby [ehdbjh\db deZ\bZlmju ijb ihiuld_ ih^[hjZ
dh^Z
K?=F?GL
Bg^bdZlhj ahgu JZaj_r_gZnmgdpbyZ\lhfZlbq_kdh]h\udexq_gby\k_obg^bdZlhjh\
deZ\bZlmju djhf_ bg^bdZlhjZ K?LV ijb hlkmlkl\bb gZ`Zlbc gZ dghidb \ l_q_gb_
fbgmlu
Bg^bdZlhjahgu <dexq_gj_`bfaZijhkZdh^Z^eyh[oh^Zahg
Bg^bdZlhjahgu <dexq_gj_`bfa\mdh\h]hij_^mij_`^_gbyh gZebqbbh[hc^_gguoahg
Bg^bdZlhj ahgu <dexq_g j_`bf a\mdh\h]h ij_^mij_`^_gby h ijhiZ^Zgbb k_l_\h]h
we_dljhiblZgbyb jZajy^_ZddmfmeylhjZj_a_j\gh]hwe_dljhiblZgby
Bg^bdZlhj ahgu JZaj_r_gh ihi_j_f_ggh_ \dexq_gb_\udexq_gb_ h[oh^Z ahgu
gZ`Zlb_fdghidb>H;OH>@
Bg^bdZlhj ahgu <dexq_g j_`bf lbohc Z\lhfZlbq_kdhc ihklZgh\db ih^ hojZgm \
aZ^Zggh_\j_fy
Bg^bdZlhj ahgu JZaj_r_gj_`bfZ\lhfZlbq_kdh]h\dexq_gbyj_`bfZi_jbf_lj
Bg^bdZlhjahgu J_a_j\
K?=F?GL
Bg^bdZlhjahgu JZaj_r_gujZihjluh ihklZgh\d_kgylbb
Bg^bdZlhjahgu JZaj_r_gujZihjluh[h[oh^_ahg
Bg^bdZlhjahgu JZaj_r_gujZihjluh \hkklZgh\e_gbbahg
Bg^bdZlhjahgu JZaj_r_gujZihjluh g_bkijZ\ghklbahg
Bg^bdZlhjahgu JZaj_r_gujZihjluh kjZ[Zlu\ZgbblZfi_jZ ahgu
Bg^bdZlhjahgu JZaj_r_gZ\hafh`ghklvhlf_gujZihjlh\
Bg^bdZlhjahgu JZaj_r_gjZihjlh ih\lhjghfaZdjulbb
Bg^bdZlhj ahgu JZaj_r_gjZihjlh[hrb[d_\uoh^Z
A:H©:kklbjª
IJHQB?I:J:F?LJU
YQ?CD:J:CHGUD DHLHJUFIJBIBK:GUAHGU
K?=F?GLH<FG?FHGBQ?KDB?>:GGU?
< k_]f_glZo wlhc yq_cdb kh^_j`Zlky ghf_jZjZchgh\d dhlhjufijbibkZguahgu
K_]f_glhij_^_ey_lijbibkdm^eyahguk_]f_gl ^eyahgub l^ke_^mxsbf
h[jZahf
Bg^bdZlhjahguIjbibkdZd jZchgm
Bg^bdZlhjahguIjbibkdZd jZchgm
Bg^bdZlhjahguBkihevam_lky^ey1;
Ex[ZyahgZfh`_l[ulvijbibkZgZd ex[hfmjZchgmbebd ijhba\hevghfmkhq_lZgbx
jZchgh\?kebahgZijbibkZgZd g_kdhevdbfjZchgZf hgZ[m^_lhojZgylvkylhevdh_keb
\k_ wlb jZchgu ihklZ\e_gu ih^ hojZgm b hdhgqbehkv \j_fy aZ^_j`db gZ\uoh^\h\k_o
jZchgZo Ijb jZihjl_ h lj_\h]_ gZ imevl [m^_l bkihevah\Zg gZbf_gvrbc ba ghf_jh\
jZchgh\d dhlhjufijbibkZgZahgZ
YQ?CD:NMGDPBBKBJ?GUB JY>NMGDPBCMIJ:<E?GBY
K?=F?GLH<>:GGU?<U;HJ:NMGDPBC
Yq_cdZ bkihevam_lky ^ey Zdlb\baZpbb g_dhlhjuo nmgdpbc kbkl_fu b jZaj_r_gby
jZihjlh\dZkZxsbokynmgdpbhgbjh\Zgby kbkl_fu\ p_ehfkfhibkZgb_ nmgdpbc
K?=F?GL
Bg^bdZlhjahgu Kbj_gZa\mqblijbih\j_`^_gbbl_e_nhgghcebgbbijbihklZ\e_gghc
ih^hojZgmkbkl_f_
Bg^bdZlhj ahgu Kbj_gZ a\mqbl ijb ih\j_`^_gbb l_e_nhgghc ebgbb ijb kgylhc k
hojZgukbkl_f_
Bg^bdZlhjahgu Kbj_gZdhjhldha\mqblijbihklZgh\d_ih^hojZgm
Bg^bdZlhjahgu Kbj_gZdhjhldha\mqblijbhdhgqZgbbaZ^_j`dbgZ\uoh^
Bg^bdZlhj ahgu Kbj_gZ dhjhldh a\mqbl ijb ihemq_gbb k imevlZ ih^l\_j`^_gby h
ijb_f_jZihjlZh aZdjulbb
Bg^bdZlhj ahgu Kbj_gZ a\mqbl \ l_q_gb_ hlkq_lZ \j_f_gb ^ey nmgdpbb ©IMLV
IJHOH>:ª
Bg^bdZlhj ahgu Kbj_gZ a\mqbl ijb kjZ[Zlu\Zgbb lZfi_jZ eb[h ahgu eb[h dhjimkZ
1;
Bg^bdZlhj ahgu Kbj_gZ dhjhldh a\mqbl h^bg jZa ijb ;?KDH>H<HC IHKL:GH<D?
ih^hojZgmb ^\ZjZaZijbkgylbbk hojZgu [_a dh^Z
K?=F?GL
Bg^bdZlhjahgu <uoh^gZkbj_gmihihklhygghfmgZijy`_gbx<udexq_g jZ[hlZ_l
^jZc\_jkbj_gu
Bg^bdZlhjahgu Kbj_gZ\dexqZ_lkyijbg_bkijZ\ghklb^hihegbl_evgh]hfh^mey
Bg^bdZlhjahgu <hkklZgh\e_gb_ahg[m^_lijhbkoh^blvkjZam`_ijb\hkklZgh\e_gbb
ba\_sZl_ey <udexq_g \hkklZgh\e_gb_ ahg ijhbkoh^bl lhevdh ih \udexq_gbx
kbj_gu
Bg^bdZlhjahgu >bgZfbq_kdbcl_kl[ZlZj_bj_a_j\gh]hwe_dljhiblZgby \uihegy_lky
ijbihklZgh\d_ih^hojZgm<udexq_g± ijbkgylbbk hojZgukfyq_cdm
Bg^bdZlhj ahgu DZ`^u_ k_dmg^ ijhba\h^blky dhgljhev gZebqby [ZlZj_b
j_a_j\gh]hwe_dljhiblZgby
Bg^bdZlhjahgu >
@>@\uihegy_lkyl_klkbj_gu
Bg^bdZlhjahgu >
@>@\uihegy_lkyl_kll_e_nhggh]hdhffmgbdZlhjZ
Bg^bdZlhjahgu JZaj_r_gZjZ[hlZdhglZdlZlZfi_jZ1;
K?=F?GL
Bg^bdZlhjahgu JZaj_r_gjZihjlh kjZ[Zlu\ZgbbdhglZdlZlZfi_jZ[Zah\h]hfh^mey
A:H©:kklbjª
YQ?CD:DHEBQ?KL<H KJ:;:LU<:GBCAHG>EYNMGDPBB©:GLB>J?;?A=ª
K?=F?GLQBKEH<U?>:GGU?
Yq_cdZkh^_j`bldhebq_kl\hkjZ[Zlu\Zgbch^ghcb lhc`_ahgu\ l_q_gb_h^gh]h
k_ZgkZhojZguijbij_\ur_gbbdhlhjh]hZ\lhfZlbq_kdb\dexqZ_lkyj_`bfh[oh^Zwlhc
ahgu
YQ?CD:MIJ:<E?GB?A<MQ:GB?FDE:<B:LMJU
K?=F?GLFG?FHGBQ?KDB?>:GGU?
Bg^bdZlhj ahgu JZaj_r_gh a\mqZgb_ deZ\bZlmju ijb g_bkijZ\ghklb l_e_nhgghc
ebgbb_keb1;ihklZ\e_gZih^hojZgm
Bg^bdZlhj ahgu JZaj_r_gh a\mqZgb_ deZ\bZlmju ijb g_bkijZ\ghklb l_e_nhgghc
ebgbb_keb1;kgylZk hojZgu
Bg^bdZlhj ahgu JZaj_r_gh a\mqZgb_ deZ\bZlmju ijb hlkmlkl\bb k_l_\h]h
we_dljhiblZgby
Bg^bdZlhj ahgu JZaj_r_gh a\mqZgb_ deZ\bZlmju ijb jZajy^_ [ZlZj_b j_a_j\gh]h
we_dljhiblZgby
Bg^bdZlhj ahgu JZaj_r_gh a\mqZgb_ deZ\bZlmju \ l_q_gb_ hlkq_lZ \j_f_gb ^ey
nmgdpbb©IMLVIJHOH>:ª
Bg^bdZlhj ahgu JZaj_r_gh a\mqZgb_ deZ\bZlmju ijb kjZ[Zlu\Zgbb lZfi_jZ ahgu b
1;
A:H©:kklbjª
Bg^bdZlhjahguJ_a_j\
Bg^bdZlhjahguJZaj_r_gha\mqZgb_deZ\bZlmju ijbg_bkijZ\ghklb^hihegbl_evgh]h
fh^mey
YQ?CD:L:CF?JU1;
K?=F?GLH<QBKEH<U?>:GGU?
Yq_cdZkh^_j`blqbkeh\u_agZq_gby^ebl_evghklbjZaebqguo\j_f_gguonmgdpbc
1;
K?=F?GL
>ebl_evghklv^bgZfbq_kdh]hl_klZ[ZlZj_b\ fbgmlZo
Kmsghklv ^bgZfbq_kdh]h l_klZ aZdexqZ_lky \ hldexq_gbb gZijy`_gby k_l_\h]h
klZ[bebaZlhjZ < qlh[u aZklZ\blv \k_ hojZggu_ ba\_sZl_eb b ^hihegbl_evgu_
fh^meb ih^dexq_ggu_ d bklhqgbdm we_dljhiblZgby 1; iblZlvky hl ZddmfmeylhjZ
j_a_j\gh]h we_dljhiblZgby Wlh hldexq_gb_ ^eblky mklZgh\e_ggh_ \ k_]f_gl_
dhebq_kl\h fbgml \ l_q_gb_ dhlhjuo dhgljhebjm_lky gZijy`_gb_ ZddmfmeylhjZ ih^
j_ZevghcgZ]jmadhcIjbijh]jZffbjh\Zgbb©ª l_kl\uihegylvkyg_[m^_l
IJBF?Q:GB? >EBL?EVGHKLV >BG:FBQ?KDH=H L?KL: ;:L:J?B G? >HE@G: IJ?<UR:LV
Q:KH<
K?=F?GL
AZ^_j`dZ i_j_^Zqb jZihjlZ h ijhiZ^Zgbb k_l_\h]h we_dljhiblZgby \ fbgmlZo
K?=F?GL
AZ^_j`dZfhf_glZgZqZeZdhgljhebjh\Zgbyahgihke_\dexq_gbywe_dljhiblZgby\
k_dmg^ZoWlZaZ^_j`dZfh`_lihgZ^h[blvkyijbbkihevah\Zgbb3,5ba\_sZl_e_c
dhlhju_ ijb ih^Zq_ gZ gbo we_dljhiblZgby \uihegyxl ijh]jZffm kZfhl_klbjh\Zgby <
l_q_gb_ hij_^_e_ggh]h \j_f_gb ihke_ \dexq_gby we_dljhiblZgby lZdb_ ba\_sZl_eb
[m^ml^Z\Zlvlj_\h]mIjb©ª\ k_]f_gl_ dhgljhevahg[m^_lgZqZlkjZam
K?=F?GL
<j_fya\mqZgbykbj_gu\ fbgmlZo
K?=F?GL
>ebl_evghklvnmgdpbb©IMLVIJHOH>:ª\ fbgmlZoIjbijh]jZffbjh\Zgbb
©ªnmgdpby\uihegylvkyg_[m^_l
K?=F?GL
>ebl_evghklv a\mqZgby ©^\_jgh]h dhehdhevqbdZª \ _^bgbpZo fk k_d
^bZiZahg i_j_kljhcdb k_dmg^ Ijh]jZffbjh\Zgb_ ©ª ijb\h^bl d lhfm qlh
©dhehdhevqbdª [m^_l a\mqZlv ihdZ gZjmr_gZ ahgZ \oh^Z\uoh^Z Ijh]jZffbjh\Zgb_
©ªijb\_^_ld lhfmqlh©dhehdhevqbdª[m^_la\mqZlv^hgZ[hjZdh^Z
YQ?CD:MIJ:<E?GB?>EBGHCDH>H<
K?=F?GLFG?FHGBQ?KDB?>:GGU?
Bg^bdZlhjahgu<dexq_gj_`bfagZqguodh^h\Ijbwlhf<K?ihevah\Zl_evkdb_
dh^ub dh^\oh^Z\ j_`bfijh]jZffbjh\Zgby^he`gu[ulvagZqgufb?kebj_`bf
agZqguodh^h\\dexq_gaZ\h^kdZymklZgh\dZihevah\Zl_evkdh]hdh^Z>@>@>@>@>@
>@ Ijb jZaj_r_gbb j_`bfZ agZqguo dh^h\ i_j_^ \uoh^hf ba j_`bfZ
ijh]jZffbjh\Zgby m[_^bl_kv qlh dh^ \oh^Z \ j_`bf ijh]jZffbjh\Zgby y\ey_lky
agZqguf
Bg^bdZlhjahgudhfZg^u>
@>@ >@hkms_kl\blva\hghd^eyk\yabk fh^_fhfb >
@
>@ >@hl\_lblvgZa\hghd^eyk\yabk fh^_fhflj_[mxl\\h^Zdh^Z
Bg^bdZlhjahgu:\lhhlf_gZ
Bg^bdZlhjahguKZfhl_klbjh\Zgb_
A:H©:kklbjª
J_a_j\
Dh^\oh^Z\ j_`bfijh]jZffbjh\Zgbyfh`_lbkihevah\Zlvky
lhevdh^eyihklZgh\dbih^hojZgm
Dh^\oh^Z\ j_`bfijh]jZffbjh\Zgbyfh`_lbkihevah\Zlvky
lhevdh^eyihklZgh\dbih^hojZgmb lhevdh\ i_jbh^\j_f_gb
dh]^Zh[t_dl^he`_g[ulvaZdjuluf
DH><OH>:< J?@BFIJH=J:FFBJH<:GBYFH@?L
BKIHEVAH<:LVKY D:DF:KL?JDH>Ijb_]hihfhsbfh`gh
f_gylv^jm]b_dh^uF:KL?JDH>jZ[hlZ_llZd`_b dZddh^^ey
ihklZgh\dbkgylby
Dh^\oh^Z\ j_`bfijh]jZffbjh\Zgbyfh`_lbkihevah\ZlvkydZd
dh^ihklZgh\dbkgylby
DH>HF<OH>:< J?@BFIJH=J:FFBJH<:GBYJ:AJ?R?GH
H;OH>BLVAHGUbkdexqZlvahgubakibkdZhojZgy_fuo
IjbihklZgh\d_kgylbbdh^hf\oh^Z\ j_`bfijh]jZffbjh\Zgby
jZaj_r_gl_e_nhggucjZihjlgZimevl
Bg^bdZlhjg_k\_lblky?kebk\_lblky kfLZ[eGb`_
GZ[hjdh^Z\oh^Z\ j_`bfijh]jZffbjh\Zgbyijb\h^bld
kjZ[Zlu\Zgbxijh]jZffbjm_fh]h\uoh^Z
GZ[hjdh^Z\oh^Z\ j_`bfijh]jZffbjh\Zgbyijb\h^bld kjZ[Zlu\Zgbx
ijh]jZffbjm_fh]h\uoh^Z
GZ[hjdh^Z\oh^Z\ j_`bfijh]jZffbjh\Zgbyijb\h^bld
kjZ[Zlu\Zgbxijh]jZffbjm_fh]h\uoh^Z
GZ[hjdh^Z\oh^Z\ j_`bfijh]jZffbjh\Zgbyijb\h^bld
kjZ[Zlu\Zgbxijh]jZffbjm_fh]h\uoh^Z
Dh^\oh^Z\ j_`bfijh]jZffbjh\Zgbyfh`_lbkihevah\ZlvkydZd
dh^ihklZgh\dbkgylby
A:H©:kklbjª
DH>HF<OH>:< J?@BFIJH=J:FFBJH<:GBYJ:AJ?R?GH
H;OH>BLVAHGUbkdexqZlvahgubakibkdZhojZgy_fuo
BG>BD:LHJ NMGDPBYDH>:?KEBBG>BD:LHJAHGUK<?LBLKY
IjbihklZgh\d_kgylbbdh^hf\oh^Z\ j_`bfijh]jZffbjh\Zgby
jZaj_r_gl_e_nhggucjZihjlgZimevl
Bg^bdZlhjk\_lblky?kebg_k\_lblky kflZ[e<ur_
K?=F?GL
Bg^bdZlhjahguDh^\oh^Z\ j_`bfijh]jZffbjh\ZgbyjZaj_r_g\ jZchg_
Bg^bdZlhjahguDh^\oh^Z\ j_`bfijh]jZffbjh\ZgbyjZaj_r_g\ jZchg_
Bg^bdZlhjahguBkihevam_lky^ey1;
YQ?CD:DH> G:I:>?GBY
K?=F?GLH<QBKEH<U?>:GGU?
Yq_cdZ kh^_j`bl \ k\hbo k_]f_glZo o beb agZqguc dh^ gZiZ^_gby dhlhjuc \
kemqZ_ ijbgm`^_gby d kgylbx h[t_dlZ k hojZgu fh`_l [ulv bkihevah\Zg \f_klh dh^Z
ihevah\Zl_ey ?keb ijh]jZffbjh\Zgb_f yq_cdb mklZgh\e_g j_`bf agZqguo dh^h\
dh^gZiZ^_gbylZd`_^he`_g[ulvagZqguf?kebmklZgh\e_gj_`bfagZqguodh^h\
ihke_^gbok_]f_glZkh^_j`Zsb_x bx pbnjudh^Zb]ghjbjmxlky
;m^mqbaZijh]jZffbjh\Zgdh^gZiZ^_gby^_ckl\m_l\h\k_ojZchgZo
YQ?CD:IJBIBKD:IJH=J:FFBJM?FUO<UOH>H<D J:CHG:F
K?=F?GL:FG?FHGBQ?KDB?>:GGU?
Yq_cdZ bkihevam_lky ^ey mdZaZgby \ dZdbo jZchgZo ^he`gh ijhbahclb kh[ulb_
qlh[umklZgh\e_ggucgZwlhkh[ulb_ijh]jZffbjm_fuc\uoh^Zdlb\babjh\ZekyK_]f_gl
khhl\_lkl\m_l ijh]jZffbjm_fhfm \uoh^m k_]f_gl ijh]jZffbjm_fhfm \uoh^m
K?=F?GLU
Bg^bdZlhjahgu<uoh^Zdlb\babjm_lkyihkh[ulbx\ jZchg_
Bg^bdZlhjahgu<uoh^Zdlb\babjm_lkyihkh[ulbx\ jZchg_
Bg^bdZlhjahgu Bkihevam_lky^ey1;
YQ?CD:MIJ:<E?GB?J:;HLHCIJH=J:FFBJM?FUO<UOH>H<
K?=F?GL:FG?FHGBQ?KDB?>:GGU?
Yq_cdZ bkihevam_lky ^ey mijZ\e_gby jZ[hlhc ijh]jZffbjm_fuo \uoh^h\
K_]f_glkhhl\_lkl\m_lijh]jZffbjm_fhfm\uoh^mk_]f_gl ijh]jZffbjm_fhfm
\uoh^mb l^
K?=F?GLU
Bg^bdZlhj ahgu ^ebl_evghklv m^_j`b\Zgby \uoh^Z \ Zdlb\ghf khklhygbb
ijh]jZffbjm_fZy\ yq_cdZok_]f_glmdZau\Z_lky\ fbgmlZoBgZq_ \
k_dmg^Zo
Bg^bdZlhjahgu\uoh^[m^_lhklZ\ZlvkyZdlb\guf^hgZ[hjZ dh^ZbgZq_ gZ\j_fy
mdZaZggh_\ yq_cdZok_]f_gl
Bg^bdZlhjahgu\uoh^\ha\jZsZ_lky\ bkoh^gh_khklhygb_ijbgZ[hj_dh^Z^Z`_^h
hdhgqZgby\j_f_gbmdZaZggh]h\ yq_cdZok_]f_gl
Bg^bdZlhjahgu\uoh^Zdlb\babjm_lkylhevdh\ bgl_j\Ze_\j_f_gbf_`^m\j_f_gZfb
aZdjulby b hldjulby h[t_dlZ l_ \ lh \j_fy dh]^Z h[t_dl ih jZkibkZgbx ^he`_g
[ulvaZdjulmdZaZgghfm\ yq_cdZob
Bg^bdZlhjahgu\uoh^Zdlb\babjm_lkylhevdh\ bgl_j\Ze_\j_f_gbf_`^m\j_f_gZfb
hldjulby b aZdjulby h[t_dlZ l_ \ lh \j_fy dh]^Z h[t_dl ih jZkibkZgbx ^he`_g
[ulvhldjulmdZaZgghfm\ yq_cdZob
A:H©:kklbjª
Bg^bdZlhj ahgu \uoh^ jZ[hlZ_l bg\_jkgh bkoh^gh_ khklhygb_ < Zdlb\gh_
khklhygb_<
Bg^bdZlhjuahg j_a_j\
YQ?CD:IJH=J:FFBJH<:GB?LBI:KH;ULBY>EYKJ:;:LU<:GBY<UOH>:B
>EBL?EVGHKLBG:OH@>?GBY <UOH>:< :DLB<GHFKHKLHYGBB
K?=F?GL:QBKEH<U?>:GGU?
K?=F?GL
K_]f_gl kh^_j`bl ghf_j kh[ulby \u[bjZ_fuc ba gb`_ijb\_^_gghc lZ[ebpu
ihy\e_gb_dhlhjuc\uau\Z_li_j_dexq_gb_ijh]jZffbjm_fh]h\uoh^Z
GHF?J KH;ULB? GHF?J KH;ULB?
H
HojZggZylj_\h]Z Ih`ZjgZylj_\h]Z
Ih`ZjgZylj_\h]Z G_bkijZ\ghklvih`Zjghcahgu
Lj_\h]ZihqZkh\hcahg_ ©>\_jghcdhehdhevqbdª
A
G_bkijZ\ghklvahgu
G_bkijZ\ghklvjZkrbjbl_ey
KjZ[Zlu\Zgb_lZfi_jZ B^_l^bgZfbq_kdbcl_klZddmf
Kbj_gZk ©ieZ\Zxsbfª I_jbh^hldjulbyihjZkibk
Kbj_gZk ©ihklhyggufª I_jbh^aZdjulbyihjZkibk
Ex[Zykbj_gZ Ijhkemrb\Zgb_h[t_dlZ
H[oh^ex[hcahgu AZo\Zll_eebgbb1;
Hlkmlkl\b_k_l_\h]h GZqZehgZ[hjZghf_jZ
JZajy^ZddmfmeylhjZ G_m^Z\rZykyk\yavk imevlhf
GZiZ^_gb_ G_bkijZ\ghklvl_eebgbb
DghidZ>IH@:J@deZ\bZlmju J_`bfijh]jZffbjh\Zgby
DghidZ>F?>IHF@ B^_lk_Zgk^b_laZ]jmadb
DghidZ>IHEBPBY@ G_bkijZ\ghklvaZa_fe_gby
;ehdbjh\dZdeZ\bZlmju I_j_]jmadZklZ[bebaZlhjZih
:\lhl_kl LZfi_jdhjimkZ1;
IZfylvlj_\h]g_imklZ LZfi_jkbj_gu
B^_laZ^_j`dZgZ\oh^ H[ju\ex[h]hre_cnZahg
B^_laZ^_j`dZgZ\uoh^ AZfudZgb_ex[h]hre_cnZahg
B^_lex[ZyaZ^_j`dZ Ex[Zyg_bkijZ\ghklvre_cnh\
1; ih^hojZghc
Ex[Zylj_\h]Z
1;kgylZk hojZgu A\mddeZ\bZlmju
1;]hlh\Zd ihklZgh\d_
<\h^DH>:>HKLMI:
1;g_]hlh\Zd ihklZgh\d_
I_j\ZynmgdpbyjZ^bh[j_edZ
<lhjZynmgdpbyjZ^bh[j_edZ
1;ih^hojZghcijblj_\h]_
\dexqZ_lkyij_ju\bkluc
j_`bfih^ZqbgZijy`_gby
YQ?CD:IJH=J:FFBJH<:GB?LBI:KH;ULBY>EYKJ:;:LU<:GBY<UOH>:B
>EBL?EVGHKLB G:OH@>?GBY<UOH>:< :DLB<GHFKHKLHYGBB
K?=F?GL:QBKEH<U?>:GGU?
K?=F?GL
K_]f_gl kh^_j`bl ghf_j kh[ulby \u[bjZ_fuc ba gb`_ijb\_^_gghc lZ[ebpu
GHF?J:KH;ULBC>EYIJH=J:FFBJH<:GBY<UOH>H<
K?=F?GL
K_]f_gl kh^_j`bl ^ebl_evghklv m^_j`Zgby \uoh^Z \ Zdlb\ghf khklhygbb \
k_dmg^Zo beb fbgmlZo \ aZ\bkbfhklb hl kh^_j`bfh]h yq_cdb bg^bdZlhj ahgu
k_]f_glZ Ijh]jZffbjh\Zgb_ ©ª ijb\_^_l d lhfm qlh \uoh^ [m^_l hklZ\Zlvky
Zdlb\gufklhevdh\j_f_gbkdhevdh^eblkykZfhkh[ulb_
YQ?CD:IJH=J:FFBJH<:GB?LBI:KH;ULBY>EYKJ:;:LU<:GBY<UOH>:B
>EBL?EVGHKLBG:OH@>?GBY <UOH>:< :DLB<GHFKHKLHYGBB
K?=F?GL:QBKEH<U?>:GGU?
K?=F?GL
K_]f_gl kh^_j`bl ghf_j kh[ulby \u[bjZ_fuc ba gb`_ijb\_^_gghc lZ[ebpu
GHF?J:KH;ULBC>EYIJH=J:FFBJH<:GBY <UOH>H<
K?=F?GL
K_]f_gl kh^_j`bl ^ebl_evghklv m^_j`Zgby \uoh^Z \ Zdlb\ghf khklhygbb \
k_dmg^Zo beb fbgmlZo \ aZ\bkbfhklb hl kh^_j`bfh]h yq_cdb bg^bdZlhj ahgu
k_]f_glZ Ijh]jZffbjh\Zgb_ ©ª ijb\_^_l d lhfm qlh \uoh^ [m^_l hklZ\Zlvky
Zdlb\gufklhevdh\j_f_gbkdhevdh^eblkykZfhkh[ulb_
YQ?CD:IJH=J:FFBJH<:GB?LBI:KH;ULBY >EYKJ:;:LU<:GBY<UOH>:B
>EBL?EVGHKLBG:OH@>?GBY <UOH>:< :DLB<GHFKHKLHYGBB
K?=F?GL:QBKEH<U?>:GGU?
K?=F?GL
K_]f_gl kh^_j`bl ghf_j kh[ulby \u[bjZ_fuc ba gb`_ijb\_^_gghc lZ[ebpu
GHF?J:KH;ULBC>EYIJH=J:FFBJH<:GBY<UOH>H<
K?=F?GL
K_]f_glkh^_j`bl^ebl_evghklvm^_j`b\Zgby\uoh^Z\ Zdlb\ghfkhklhygbb\
k_dmg^Zo beb fbgmlZo \ aZ\bkbfhklb hl kh^_j`bfh]h yq_cdb bg^bdZlhj ahgu
k_]f_glZ Ijh]jZffbjh\Zgb_ ©ª ijb\_^_l d lhfm qlh \uoh^ [m^_l hklZ\Zlvky
Zdlb\gufklhevdh\j_f_gbkdhevdh^eblkykZfhkh[ulb_
YQ?CD:MIJ:<E?GB?<J?F?G?FB I?JBH>HF:<LHL?KL:
K?=F?GL:QBKEH<U?>:GGU?
K?=F?GL
?^bgbpubaf_j_gbybgl_j\ZeZi_j_^Zqbkb]gZeZ:<LHL?KL©ª bgl_j\ZemdZaZg\
qZkZo©ª \ kmldZo
K?=F?GL
Qbke_ggh_ agZq_gb_ bgl_j\Ze Z\lhl_klZ qZkh\ beb kmlhd \ aZ\bkbfhklb hl
kh^_j`bfh]hk_]f_glZ
K?=F?GL
QZk i_j_^Zqb Z\lhl_klZ \ qZkh\hf nhjfZl_ _keb i_j\uc k_]f_gl kh^_j`bl >@
^Zgguc k_]f_gl b]ghjbjm_lky GZijbf_j ^ey i_j_^Zqb Z\lhl_klZ \ g_h[oh^bfh
aZibkZlv>@>@
K?=F?GL
Fbgmlui_j_^ZqbZ\lhl_klZgZijbf_j^eyi_j_^ZqbZ\lhl_klZ\ g_h[oh^bfh
aZibkZlv>@>@
A:H©:kklbjª
YQ?CD:DH>KH;ULBY <HKKL:GH<E?GB?AHGU
K?=F?GLH<QBKEH<U?>:GGU?
Yq_cdZ kh^_j`bl dh^ i_j_^Z\Z_fuc dhffmgbdZlhjhf 1; \ nhjfZlZo
agZqguc ghf_j h[t_dlZ b agZqguc dh^ kh[ulby ijb \hkklZgh\e_gbb ahgu Pbnju
ojZgysb_ky \ k_]f_glZo yq_cdb [m^ml i_j_^Z\Zlvky dZd pbnju ©^_kyldh\ª < dZq_kl\_
pbnj ©_^bgbpª [m^_l Z\lhfZlbq_kdb klZ\blvky pbnjZ _^bgbp ghf_jZ ahgu gZijbf_j
©ªijb\hkklZgh\e_gbbahgu
K?=F?GL
Dh^<HKKL:GH<E?GB?^eyjZchgZ
K?=F?GL
Dh^<HKKL:GH<E?GB?^eyjZchgZ
K?=F?GLBkihevam_lky^ey1;
YQ?CD:DH>KH;ULBYH;OH>AHGU
K?=F?GLH<QBKEH<U?>:GGU?
Yq_cdZ kh^_j`bl dh^ i_j_^Z\Z_fuc dhffmgbdZlhjhf 1; \ nhjfZlZo
agZqgucghf_jh[t_dlZb agZqgucdh^kh[ulbyijbh[oh^_ahguPbnjuojZgysb_ky
\ k_]f_glZo yq_cdb [m^ml i_j_^Z\Zlvky dZd pbnju ©^_kyldh\ª < dZq_kl\_ pbnj
©_^bgbpª[m^_lZ\lhfZlbq_kdbklZ\blvkypbnjZ_^bgbpghf_jZahgu
IJBF?Q:GB? EX;HC K?=F?GL HKL:<E?GGUC ©ª ;M>?L J:KP?GB<:LVKY D:D J:<GUC
K?=F?GLM
K?=F?GL
Dh^H;OH>^eyjZchgZ
K?=F?GL
Dh^H;OH>^eyjZchgZ
K?=F?GLBkihevam_lky^ey1;
YQ?CD:DH>KH;ULBYL:FI?JAHGU
K?=F?GLH<QBKEH<U?>:GGU?
Yq_cdZ kh^_j`bl dh^ i_j_^Z\Z_fuc dhffmgbdZlhjhf 1; \ nhjfZlZo
agZqguc ghf_j h[t_dlZ b agZqguc dh^ kh[ulby ijb kjZ[Zlu\Zgbb dhglZdlZ lZfi_jZ
ahgu Pbnju ojZgysb_ky \ k_]f_glZo yq_cdb [m^ml i_j_^Z\Zlvky dZd pbnju
©^_kyldh\ª < dZq_kl\_ pbnj ©_^bgbpª [m^_l Z\lhfZlbq_kdb klZ\blvky pbnjZ _^bgbp
ghf_jZahgu
IJBF?Q:GB? EX;HC K?=F?GL HKL:<E?GGUC ©ª ;M>?L J:KP?GB<:LVKY D:D J:<GUC
K?=F?GLM
K?=F?GL
Dh^L:FI?J^eyjZchgZ
K?=F?GL
Dh^L:FI?J^eyjZchgZ
K?=F?GLBkihevam_lky^ey1;
YQ?CD:DH>KH;ULBY G?BKIJ:<GHKLVAHGU
K?=F?GLH<QBKEH<U?>:GGU?
Yq_cdZ kh^_j`bl dh^ i_j_^Z\Z_fuc dhffmgbdZlhjhf 1; \ nhjfZlZo
agZqguc ghf_j h[t_dlZ b agZqguc dh^ kh[ulby ijb g_bkijZ\ghklb ahgu Pbnju
ojZgysb_ky \ k_]f_glZo yq_cdb [m^ml i_j_^Z\Zlvky dZd pbnju ©^_kyldh\ª < dZq_kl\_
pbnj©_^bgbpª[m^_lZ\lhfZlbq_kdbklZ\blvkypbnjZ_^bgbpghf_jZ ahgu
IJBF?Q:GB? EX;HC K?=F?GL HKL:<E?GGUC ©ª ;M>?L J:KP?GB<:LVKY D:D J:<GUC
K?=F?GLM
A:H©:kklbjª
K?=F?GL
Dh^G?BKIJ:<GHKLV^eyjZchgZ
K?=F?GL
Dh^G?BKIJ:<GHKLV^eyjZchgZ
K?=F?GLBkihevam_lky^ey1;
K?=F?GL
Dh^;:L:J?YBA<?S:L?EY^ey jZchgZ
K?=F?GL
Dh^;:L:J?YBA<?S:L?EY^eyjZchgZ
K?=F?GLBkihevam_lky^ey1;
K?=F?GL
Dh^HLKMLKL<B?BA<?S:L?EY^eyjZchgZ
K?=F?GL
Dh^HLKMLKL<B?BA<?S:L?EY^eyjZchgZ
K?=F?GLBkihevam_lky^ey1;
YQ?CD:DH>KH;ULBY G:;J:GDH>G:I:>?GBYG:DE:<B:LMJ?
Yq_cdZ kh^_j`bl dh^ i_j_^Z\Z_fuc dhffmgbdZlhjhf 1; \ nhjfZlZo
agZqguc ghf_j h[t_dlZ b agZqguc dh^ kh[ulby ijb hldjulbb h[t_dlZ DH>HF
G:I:>?GBY PbnjZ ojZgysZyky \ k_]f_gl_ yq_cdb [m^_l i_j_^Z\Zlvky dZd pbnjZ
©^_kyldh\ªZ ojZgysZyky\ k_]f_gl__ dZq_kl\_pbnju©_^bgbpªdh^Z
YQ?CD:DH>KH;ULBY G:@:L:DGHID:>IHEBPBY@G:DE:<B:LMJ?
K?=F?GL:QBKEH<U?>:GGU?
Yq_cdZ kh^_j`bl dh^ i_j_^Z\Z_fuc dhffmgbdZlhjhf 1; \ nhjfZlZo
agZqgucghf_jh[t_dlZb agZqgucdh^kh[ulbyijbm^_j`b\Zgbbdghidb>IHEBPBY@gZ
deZ\bZlmj_ \ l_q_gb_ k_dmg^ PbnjZ ojZgysZyky \ k_]f_gl_ yq_cdb [m^_l
i_j_^Z\Zlvky dZd pbnjZ ©^_kyldh\ª Z ojZgysZyky \ k_]f_gl_ \ dZq_kl\_ pbnju
©_^bgbpªdh^Z
YQ?CD:DH>KH;ULBY ;EHDBJH<D:DE:<B:LMJUIJBIHIULD?IH>;HJ:DH>:
K?=F?GL:QBKEH<U?>:GGU?
Yq_cdZ kh^_j`bl dh^ i_j_^Z\Z_fuc dhffmgbdZlhjhf 1; \ nhjfZlZo
agZqguc ghf_j h[t_dlZ b agZqguc dh^ kh[ulby ijb [ehdbjh\d_ deZ\bZlmju PbnjZ
ojZgysZyky \ k_]f_gl_ yq_cdb [m^_l i_j_^Z\Zlvky dZd pbnjZ ©^_kyldh\ª Z
ojZgysZyky\ k_]f_gl_ \ dZq_kl\_pbnju©_^bgbpªdh^Z
YQ?CD:DH>UKH;ULBCKJ:;:LU<:GB?L:FI?J:DHJIMK: B <HKKL:GH<E?GB?
L:FI?J:DHJIMK:;:AH<H=H ;EHD:
K?=F?GL:QBKEH<U?>:GGU?
Yq_cdZ kh^_j`bl dh^u i_j_^Z\Z_fu_ dhffmgbdZlhjhf 1; \ nhjfZlZo
agZqguc ghf_j h[t_dlZ b agZqguc dh^ kh[ulby ijb kjZ[Zlu\Zgbb b \hkklZgh\e_gbb
dhglZdlZlZfi_jZdhjimkZPbnjZojZgysZyky\ k_]f_gl_yq_cdb[m^_li_j_^Z\Zlvky
dZd pbnjZ ©^_kyldh\ª dh^Z KJ:;:LU<:GB? L:FI?J: Z ojZgysZyky \ k_]f_gl_ \
dZq_kl\_ pbnju ©_^bgbpª wlh]h dh^Z PbnjZ ojZgysZyky \ k_]f_gl_ yq_cdb [m^_l
i_j_^Z\ZlvkydZdpbnjZ©^_kyldh\ªdh^Z<HKKL:GH<E?GB?L:FI?J:Z ojZgysZyky\
k_]f_gl_ \ dZq_kl\_pbnju©_^bgbpªwlh]hdh^Z
YQ?CD:DH>UKH;ULBCHLKMLKL<B?K?L?<H=HWE?DLJHIBL:GBYB
<HKKL:GH<E?GB?K?L?<H=HWE?DLJHIBL:GBY
K?=F?GL:QBKEH<U?>:GGU?
Yq_cdZ kh^_j`bl dh^u i_j_^Z\Z_fu_ dhffmgbdZlhjhf 1; \ nhjfZlZo
agZqguc ghf_j h[t_dlZ b agZqguc dh^ kh[ulby ijb i_j_[h_ b \hkklZgh\e_gbb
k_l_\h]h we_dljhiblZgby PbnjZ ojZgysZyky \ k_]f_gl_ yq_cdb [m^_l i_j_^Z\Zlvky
dZdpbnjZ©^_kyldh\ªdh^ZHLKMLKL<B?K?LBZ ojZgysZyky\ k_]f_gl_ \ dZq_kl\_
pbnju ©_^bgbpª wlh]h dh^Z PbnjZ ojZgysZyky \ k_]f_gl_ yq_cdb [m^_l
i_j_^Z\Zlvky dZd pbnjZ ©^_kyldh\ª dh^Z <HKKL:GH<E?GB? K?LB Z ojZgysZyky \
k_]f_gl_ \ dZq_kl\_pbnju©_^bgbpªwlh]hdh^Z
i_j_^Z\ZlvkydZdpbnjZ©^_kyldh\ªdh^Z<HKKL:GH<E?GB?;:L:J?BZ ojZgysZyky\
k_]f_gl_ \ dZq_kl\_pbnju©_^bgbpªwlh]hdh^Z
YQ?CD:DH>UKH;ULBCKJ:;:LU<:GB?L:FI?J:KBJ?GUB <HKKL:GH<E?GB?
L:FI?J:KBJ?GU
K?=F?GL:QBKEH<U?>:GGU?
Yq_cdZ kh^_j`bldh^ui_j_^Z\Z_fu_dhffmgbdZlhjhf1;\ nhjfZlZo
agZqgucghf_jh[t_dlZb agZqgucdh^kh[ulbyijbkjZ[Zlu\ZgbblZfi_jZkbj_gub
\hkklZgh\e_gbb lZfi_jZ PbnjZ ojZgysZyky \ k_]f_gl_ yq_cdb [m^_l i_j_^Z\Zlvky
dZd pbnjZ ©^_kyldh\ª dh^Z KJ:;:LU<:GB? L:FI?J: KBJ?GU Z ojZgysZyky \
k_]f_gl_ \ dZq_kl\_pbnju©_^bgbpªwlh]hdh^Z
PbnjZojZgysZyky\ k_]f_gl_yq_cdb[m^_li_j_^Z\ZlvkydZdpbnjZ©^_kyldh\ª
dh^Z <HKKL:GH<E?GB? L:FI?J: KBJ?GU Z ojZgysZyky \ k_]f_gl_ \ dZq_kl\_
pbnju©_^bgbpªwlh]hdh^Z
YQ?CD:DH>UKH;ULBCG?BKIJ:<GHKLVA:A?FE?GBYB <HKKL:GH<E?GB?
A:A?FE?GBY
K?=F?GL:QBKEH<U?>:GGU?
Yq_cdZ kh^_j`bl dh^u i_j_^Z\Z_fu_ dhffmgbdZlhjhf 1; \ nhjfZlZo
agZqgucghf_jh[t_dlZb agZqgucdh^kh[ulbyijbg_bkijZ\ghklbaZa_fe_gbydhjimkZ
b \hkklZgh\e_gbb aZa_fe_gby PbnjZ ojZgysZyky \ k_]f_gl_ yq_cdb [m^_l
i_j_^Z\Zlvky dZd pbnjZ ©^_kyldh\ª dh^Z G?BKIJ:<GHKLV A:A?FE?GBY Z
ojZgysZyky\ k_]f_gl_ \ dZq_kl\_pbnju©_^bgbpªwlh]hdh^ZPbnjZojZgysZyky\
k_]f_gl_yq_cdb[m^_li_j_^Z\ZlvkydZdpbnjZ©^_kyldh\ªdh^Z<HKKL:GH<E?GB?
A:A?FE?GBYZ ojZgysZyky\ k_]f_gl_ \ dZq_kl\_pbnju©_^bgbpªwlh]hdh^
YQ?CD:DH>UKH;ULBCG?BKIJ:<GHKLVB <HKKL:GH<E?GB?>HIHEGBL?EVGH=H
FH>MEY
K?=F?GL:QBKEH<U?>:GGU?
Yq_cdZ kh^_j`bl dh^u i_j_^Z\Z_fu_ dhffmgbdZlhjhf 1; \ nhjfZlZo
agZqgucghf_jh[t_dlZb agZqgucdh^kh[ulbyijbg_bkijZ\ghklbfh^meyjZkrbj_gby
b \hkklZgh\e_gbb _]h ghjfZevghc jZ[hlu PbnjZ ojZgysZyky \ k_]f_gl_ yq_cdb
[m^_l i_j_^Z\Zlvky dZd pbnjZ ©^_kyldh\ª dh^Z G?BKIJ:<GHKLV FH>MEY Z
ojZgysZyky\ k_]f_gl_ \ dZq_kl\_pbnju©_^bgbpªwlh]hdh^ZPbnjZojZgysZyky\
k_]f_gl_yq_cdb[m^_li_j_^Z\ZlvkydZdpbnjZ©^_kyldh\ªdh^Z<HKKL:GH<E?GB?
FH>MEYZ ojZgysZyky\ k_]f_gl_ \ dZq_kl\_pbnju©_^bgbpªwlh]hdh^Z
YQ?CD:DH>KH;ULBY A:IHEG?G@MJG:EKH;ULBC
K?=F?GL:QBKEH<U?>:GGU?
Yq_cdZ kh^_j`bl dh^ i_j_^Z\Z_fu_ dhffmgbdZlhjhf 1; \ nhjfZlZo
agZqguc ghf_j h[t_dlZ b agZqguc dh^ kh[ulby ijb aZiheg_gghf `mjgZe_ kh[ulbc
PbnjZojZgysZyky\ k_]f_gl_yq_cdb[m^_li_j_^Z\ZlvkydZdpbnjZ©^_kyldh\ªdh^Z
@MJG:EIHEHGZ ojZgysZyky\ k_]f_gl_ \ dZq_kl\_pbnju©_^bgbpªwlh]hdh^Z
A:H©:kklbjª
K?=F?GL
Dh^HLDJULB?^eyjZchgZ
K?=F?GL
Dh^HLDJULB?^eyjZchgZ
K?=F?GLBkihevam_lky^ey1;
YQ?CD:DH>UKH;ULBCA:DJULB?J:CHG:IHKL:GH<D:J:CHG:IH>HOJ:GM
K?=F?GLH<QBKEH<U?>:GGU?
Yq_cdZ kh^_j`bl dh^u i_j_^Z\Z_fu_ dhffmgbdZlhjhf 1; \ nhjfZlZo
agZqguc ghf_j h[t_dlZ b agZqguc dh^ kh[ulby ijb ihklZgh\d_ jZchgh\ ih^ hojZgm
Pbnju ojZgysb_ky \ k_]f_glZo yq_cdb [m^ml i_j_^Z\Zlvky dZd pbnju ©^_kyldh\ª <
dZq_kl\_ pbnj ©_^bgbpª [m^_l Z\lhfZlbq_kdb klZ\blvky pbnjZ _^bgbp ghf_jZ
ihevah\Zl_eydh^hfdhlhjh]hijhba\_^_ghaZdjulb_gZijbf_j©ª^eydh^Z
IJBF?Q:GB? EX;HC K?=F?GL HKL:<E?GGUC ©ª ;M>?L J:KP?GB<:LVKY D:D J:<GUC
K?=F?GLM
K?=F?GL
Dh^A:DJULB?^eyjZchgZ
K?=F?GL
Dh^A:DJULB?^eyjZchgZ
K?=F?GLBkihevam_lky^ey1;
YQ?CD:DH>KH;ULBY :<LHL?KL
K?=F?GL:QBKEH<U?>:GGU?
Yq_cdZ kh^_j`bl dh^ i_j_^Z\Z_fu_ dhffmgbdZlhjhf 1; \ nhjfZlZo
agZqguc ghf_j h[t_dlZ b agZqguc dh^ kh[ulby ijb Z\lhl_kl_ PbnjZ ojZgysZyky \
k_]f_gl_ yq_cdb [m^_l i_j_^Z\Zlvky dZd pbnjZ ©^_kyldh\ª dh^Z :<LHL?KL Z
ojZgysZyky\ k_]f_gl_ \ dZq_kl\_pbnju©_^bgbpªwlh]hdh^Z
YQ?CD:DH>UKH;ULBCIH<LHJGH?A:DJULB?B HRB;D:<UOH>:
K?=F?GL:QBKEH<U?>:GGU?
Yq_cdZ kh^_j`bl dh^u i_j_^Z\Z_fu_ dhffmgbdZlhjhf 1; \ nhjfZlZo
agZqguc ghf_j h[t_dlZ b agZqguc dh^ kh[ulby ijb ih\lhjghf aZdjulbb b hrb[d_
\uoh^Z PbnjZ ojZgysZyky \ k_]f_gl_ yq_cdb [m^_l i_j_^Z\Zlvky dZd pbnjZ
©^_kyldh\ª dh^Z IH<LHJGH? A:DJULB? Z ojZgysZyky \ k_]f_gl_ \ dZq_kl\_
pbnju ©^_kyldh\ª dh^Z HRB;D: <UOH>: < dZq_kl\_ pbnj ©_^bgbpª [m^_l
Z\lhfZlbq_kdb klZ\blvky pbnjZ _^bgbp ghf_jZ ihevah\Zl_ey gZijbf_j ©ª ^ey dh^Z
LZdbf h[jZahf _keb ghf_j ihevah\Zl_evkdh]h dh^Z g_h[oh^bfh ijbgylv
iheghklvxlhgm`ghbkihevah\ZlvnhjfZlu6,$beb&217$&7 ,'
YQ?CDB
J?A?J<
HIJ?>?E?GB?G:;HJ:I:J:F?LJH<D:@>HCBALB=JMIIDHGNB=MJ:PBB
<GBF:GB? IJH=J:FFBJH<:GB? WLBO YQ??D FH@?L IJHBA<H>BLVKY LHEVDH IJB IHEGHF
IHGBF:GBBG:AG:Q?GBYD:@>H=H;BL:
YQ?CD:O:J:DL?JBKLBDBAHGIJBG:>E?@:SBOD =JMII?DHGNB=MJ:PBB
K?=F?GL:FG?FHGBQ?KDB?>:GGU?
K?=F?GL
Bg^bdZlhj ahguIH@:JG:YahgZ
Bg^bdZlhjahguQ:KH<:YahgZ
Bg^bdZlhjahguAHG:;UKLJHCIHKL:GH<DBKGYLBY
Bg^bdZlhjahguIJHOH>G:YAHG:[ehdbjm_lky\ l_q_gb_aZ^_j`dbgZ\oh^\uoh^
A:H©:kklbjª
Bg^bdZlhjahguAHG:<OH>:<UOH>:K A:>?J@DHC
Bg^bdZlhjahguAHG:<OH>:<UOH>:K A:>?J@DHC
Bg^bdZlhj ahgu <GMLJ?GGYY AHG: Z\lhfZlbq_kdb h[oh^blky ijb ihklZgh\d_ ih^
hojZgm\ j_`bf_I?JBF?LJ
Bg^bdZlhj ahgu EHD:EVG:Y AHG: AZij_s_gu l_e_nhggu_ jZihjlu gZ imevl h
kh[ulbyok\yaZgguok wlhcahghc
K?=F?GL
Bg^bdZlhj ahgu J:AJ?R?G A<MD DE:<B:LMJU IJB LJ?<H=? < AHG? WLH=H
LBI:
Bg^bdZlhjahguKBJ?G:K ©IHKLHYGGUFLHGHFªIJBLJ?<H=?< AHG?WLH=H
LBI:
Bg^bdZlhjahguKBJ?G: K ©IE:<:XSBFLHGHFªIJB LJ?<H=?< AHG?WLH=H
LBI:
Bg^bdZlhj ahgu J:AJ?R?GH KJ:;:LU<:GB? ©><?JGH=H DHEHDHEVQBD:ª IJB
G:JMR?GBBAHGUWLH=HLBI:
Bg^bdZlhjahguJ:AJ?R?GH;OH>AHGWLH=HLBI:
Bg^bdZlhjahguJ:AJ?R?G=JMIIH<HCH;OH>AHGWLH=H LBI:
Bg^bdZlhjahguNMGDPBY©)25&( $50,1*ª
Bg^bdZlhjahguAHG:A:SBLU <OH>GHC><?JB
K?=F?GL
Bg^bdZlhjahgu;UKLJ:YJ?:DPBYRE?CN:fk_d_kebbg^bdZlhjg_k\_lblky
\j_fyj_Zdpbbre_cnZ fk_d
Bg^bdZlhjahguJ:AJ?R?GHM><:B<:GB?AHGUWLH=HLBI:
Bg^bdZlhj ahgu J:AJ?R?GU J:IHJLU H G?BKIJ:<GHKLB AHG >G?<G:Y B
IH@:JG:YAHGU
Bg^bdZlhjahguAHG:K A:IMKDHFL:CF?J:>EYNMGDPBB©IMLVIJHOH>:ª
Bg^bdZlhj ahgu AHG: K A:>?J@DHC L?E?NHGGH=H J:IHJL: >EY
<HAFH@GHKLB ?=HHLF?GU
Bg^bdZlhjahguJ:AJ?R?GH©IH>:<E?GB?>J?;?A=:ª>EYAHGWLH=HLBI:
Bg^bdZlhj ahgu J:AJ?R?G L?E?NHGGUC J:IHJL H <HKKL:GH<E?GBB AHG
WLH=HLBI:
Bg^bdZlhj ahgu J:AJ?R?GH IJHKEMRB<:GB? H;T?DL: IJB LJ?<H=? < AHG?
WLH=HLBI:
YQ?CD:O:J:DL?JBKLBDBAHGIJBG:>E?@:SBOD =JMII?DHGNB=MJ:PBB
K?=F?GL:FG?FHGBQ?KDB?>:GGU?
Ijh]jZffbjm_lkyZgZeh]bqghyq_cd_
YQ?CD:O:J:DL?JBKLBDBAHGIJBG:>E?@:SBOD =JMII?DHGNB=MJ:PBB
K?=F?GL:FG?FHGBQ?KDB?>:GGU?
Ijh]jZffbjm_lkyZgZeh]bqghyq_cd_
YQ?CD:O:J:DL?JBKLBDBAHGIJBG:>E?@:SBOD =JMII?DHGNB=MJ:PBB
K?=F?GL:FG?FHGBQ?KDB?>:GGU?
Ijh]jZffbjm_lkyZgZeh]bqghyq_cd_
YQ?CD:O:J:DL?JBKLBDBAHGIJBG:>E?@:SBOD =JMII?DHGNB=MJ:PBB
K?=F?GL:FG?FHGBQ?KDB?>:GGU?
Ijh]jZffbjm_lkyZgZeh]bqghyq_cd_
YQ?CD:O:J:DL?JBKLBDBAHGIJBG:>E?@:SBOD =JMII?DHGNB=MJ:PBB
K?=F?GL:FG?FHGBQ?KDB?>:GGU?
Ijh]jZffbjm_lkyZgZeh]bqghyq_cd_
YQ?CD:O:J:DL?JBKLBDBAHGIJBG:>E?@:SBOD =JMII?DHGNB=MJ:PBB
K?=F?GL:FG?FHGBQ?KDB?>:GGU?
Ijh]jZffbjm_lkyZgZeh]bqghyq_cd_
YQ?CD:DH>LJ?<H=BI?J?>:<:?FUCIJBJ:IHJL?H LJ?<H=?<UA<:GGHC
AHGHC=JMIIUDHGNB=MJ:PBB
K?=F?GLQBKEH<U?>:GGU?
Ijb bkihevah\Zgbb nhjfZlh\ agZqguc ghf_j h[t_dlZ b agZqguc dh^
kh[ulby pbnjZ kh^_j`ZsZyky \ k_]f_gl_ ^Zgghc yq_cdb [m^_l i_j_^ZgZ \ dZq_kl\_
pbnju©^_kyldh\ªdh^ZFh`_l[ulvbkihevah\ZgZex[ZypbnjZ< dZq_kl\_pbnju
©_^bgbpª dh^Z [m^_l i_j_^ZgZ pbnjZ ©_^bgbpª ghf_jZ ahgu \ua\Z\r_c lj_\h]m
GZijbf_j_keb\ yq_cd_aZibkZgZpbnjZ©ªjbqgh_©Kªb lj_\h]ZijhbahreZaZ
kq_lkjZ[Zlu\Zgbyba\_sZl_eyahgugZimevl[m^_li_j_^Zgdh^©Kª
YQ?CD:O:J:DL?JBKLBDBAHGIJBG:>E?@:SBOD =JMII?DHGNB=MJ:PBB
K?=F?GL:FG?FHGBQ?KDB?>:GGU?
Ijh]jZffbjm_lkyZgZeh]bqghyq_cd_
YQ?CD:DH>LJ?<H=BI?J?>:<:?FUCIJBJ:IHJL?H LJ?<H=?<UA<:GGHC
AHGHC=JMIIUDHGNB=MJ:PBB
K?=F?GLQBKEH<U?>:GGU?
Ijb bkihevah\Zgbb nhjfZlh\ agZqguc ghf_j h[t_dlZ b agZqguc dh^
kh[ulby pbnjZ kh^_j`ZsZyky \ k_]f_gl_ ^Zgghc yq_cdb [m^_l i_j_^ZgZ \ dZq_kl\_
pbnju©^_kyldh\ªdh^ZFh`_l[ulvbkihevah\ZgZex[ZypbnjZ< dZq_kl\_pbnju
©_^bgbpª dh^Z [m^_l i_j_^ZgZ pbnjZ ©_^bgbpª ghf_jZ ahgu \ua\Z\r_c lj_\h]m
GZijbf_j_keb\ yq_cd_aZibkZgZpbnjZ©ªjbqgh_©Kªb lj_\h]ZijhbahreZaZ
kq_lkjZ[Zlu\Zgbyba\_sZl_eyahgugZimevl[m^_li_j_^Zgdh^©Kª
YQ?CD:O:J:DL?JBKLBDBAHGIJBG:>E?@:SBOD =JMII?DHGNB=MJ:PBB
K?=F?GL:FG?FHGBQ?KDB?>:GGU?
Ijh]jZffbjm_lkyZgZeh]bqghyq_cd_
YQ?CD:O:J:DL?JBKLBDBAHGIJBG:>E?@:SBOD =JMII?DHGNB=MJ:PBB
K?=F?GL:FG?FHGBQ?KDB?>:GGU?
Ijh]jZffbjm_lkyZgZeh]bqghyq_cd_
YQ?CD:O:J:DL?JBKLBDBAHGIJBG:>E?@:SBOD =JMII?DHGNB=MJ:PBB
K?=F?GL:FG?FHGBQ?KDB?>:GGU?
Ijh]jZffbjm_lkyZgZeh]bqghyq_cd_
YQ?CD:DH>LJ?<H=BI?J?>:<:?FUCIJBJ:IHJL?H LJ?<H=?<UA<:GGHC
AHGHC=JMIIUDHGNB=MJ:PBB
K?=F?GLQBKEH<U?>:GGU?
Ijb bkihevah\Zgbb nhjfZlh\ agZqguc ghf_j h[t_dlZ b agZqguc dh^
kh[ulby pbnjZ kh^_j`ZsZyky \ k_]f_gl_ ^Zgghc yq_cdb [m^_l i_j_^ZgZ \ dZq_kl\_
pbnju©^_kyldh\ªdh^ZFh`_l[ulvbkihevah\ZgZex[ZypbnjZ< dZq_kl\_pbnju
©_^bgbpª dh^Z [m^_l i_j_^ZgZ pbnjZ ©_^bgbpª ghf_jZ ahgu \ua\Z\r_c lj_\h]m
A:H©:kklbjª
YQ?CD:DH>LJ?<H=BI?J?>:<:?FUCIJBJ:IHJL?H LJ?<H=?<UA<:GGHC
AHGHC=JMIIUDHGNB=MJ:PBB
K?=F?GLQBKEH<U?>:GGU?
Ijb bkihevah\Zgbb nhjfZlh\ agZqguc ghf_j h[t_dlZ b agZqguc dh^
kh[ulby pbnjZ kh^_j`ZsZyky \ k_]f_gl_ ^Zgghc yq_cdb [m^_l i_j_^ZgZ \ dZq_kl\_
pbnju ©^_kyldh\ªdh^ZFh`_l[ulvbkihevah\ZgZex[ZypbnjZ< dZq_kl\_pbnju
©_^bgbpª dh^Z [m^_l i_j_^ZgZ pbnjZ ©_^bgbpª ghf_jZ ahgu \ua\Z\r_c lj_\h]m
GZijbf_j_keb\ yq_cd_aZibkZgZpbnjZ©ªjbqgh_©Kªb lj_\h]ZijhbahreZaZ
kq_lkjZ[Zlu\Zgbyba\_sZl_eyahgugZimevl[m^_li_j_^Zgdh^©Kª
A:H©:kklbjª
IJBEH@?GB?
GHF?J:FH>ME?C< 1;
FH>MEV1; J:IHJLM?FUB
GHF?J
1;
DE:<B:LMJU
DE:<B:LMJ: J:CHG J:CHG