Houthavenveer

Cover Page
The handle http://hdl.handle.net/1887/29343 holds various files of this Leiden University
dissertation.
Author: Pooth, Roland Albin
Title: Die Diathesen Aktiv vs. Medium und die Verbsemantik im Vedischen der ṚgvedaSaṃhitā
Issue Date: 2014-10-23
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
#G PIL;HA?B?H>?H %;JCN?F MC?B? I<?H QOL>? <?L?CNM >?ONFC=B >;MM >;M
@L§B? 0?>CM=B? F?RCE;FCM=B F;<CF? ?Q?AOHAMP?L<?H QC? V³VDU GCN *LM ###
VƒVDUWL OMQ E?HHN <?C >?H?H 0?L<;FMNGG? GCN F;<CF?H ENCP@ILG?H QC?
*LM ### VƒVDUWL >OL=B 0?L<;FMNGG? GCN >OL=BA?B?H> 5=;OM7 ENCP@ILG?H
QC? 3- V¬U­\DWL OH> MIF=B?H GCN >OL=BA?B?H> 5·=;OM7 ENCP@ILG?H QC?
V­UDWLVDUDWL;<$>?H-ŕNL;M'B?LMN?LAHTNOH>M=BFC?‹FC=B?LM?NTN
Q?L>?H
"C?LMIFF?MHOHCH?CH?GQ?CN?L?HMSH=BLIH?H.?CFOGA?H;O>C?M?<?L?CNM
@?MNA?MN?FFN? 0?LH>?LOHA >?L C;NB?M?HIJJIMCNCIH ENCP PM '?>COG A?B?H
QC? MC? CG @L§B?H 0?>CM=B?H ;O=B CH ;H>?L?H FF?H HI=B <?I<;=BN<;L CMN #H
>C?M?G%;JCN?FMIFF;FMIQ?CN?LA?T?CANQ?L>?H
;>?LCHH?L@L§BP?>CM=BMSH=BLIH@?MNMN?FF<;L?.?CF<<;OPIH&;<CFCNN
<?C ENCP@ILG?H PIH ?Q?AOHAMP?L<?H ;G ?CMJC?F ³ ¹MC=B ?LB?<?H ;O@EIG
G?H?NQDBI=BB?<?H?NQD;O@<LCHA?Hº
<>?LCHH?L@L§BP?>CM=BMSH=BLIH@?MNMN?FF<;L?.?CFOM<;OPIHNB?G;
NCM=B?HILCMN-NGG?H>C?BCHMC=BNFC=B5=;OM7MJ?TC@CTC?LNMCH>;G?CMJC?F
5·=;OM7…GSU­”UDW¹?LBI<MC=BE;G;O@ACHA?GJILº
;TO Q?L>?H BC?L HOH ;FF? 1ILN@ILG?H >?L <?C>?H 0?L<?H ³ OH> ³>?
N;CFFC?LNOHN?LMO=BNPAF%§GG?F
<*IINB
?L*LM?HMMN;GGM>?L###*LM?HMEF;MM?ƒ\DU–U
C?ENCP@ILG?Hƒ\DUWLL\­UWL
#H >?L ´JYHGD6DÈKLW¬ MCH> @IFA?H>? ENCP@ILG?H >?M *LM?HMMN;GGM >?L
### *LM?HMEF;MM? <?F?AN -C? A?B¡L?H ;FF?M;GN TO ?CH?G 0?L< ³ OH> T?CA?H
;HNCE;OM;NCP?E;OM;NCP? F;<CF? *IFSM?GC? ;<A?E§LTN 5g=;OM7 OH> MCH>
ALOH>MNTFC=B;A?HNCPCHEFOMCP?¼H;NOL;A?HNCP½
-CGJF?R
;5·=;OM7
,0 SU­VXŽXWƒVWDQ­\DQWDÈUXY­QWDPL¥­VS­WLÈMDULWDUQ±Q­PDÃ\¬Ê_
\„ DEGLP”« XGDQLP”« ƒ\DUWL SU­ YLG\…W¬ U„GDV¯ XNÅ­P¬ÁDÊ ¹?L 1IBFJL?CM
G¡A? PIL TOG >IHH?LH>?H <L§FF?H>?H "?LLH >?M -?A?HM *;LD;HS; I
§L >C? ,0?F?A? TO ³ OH> ³ <TQ ¼¯U½PAF &O<INMES # ,#0&2
MPP @§L >C? 0?F?A? PAF 1BCNH?S PAF $I;=BCG %§GG?F @@%§GG?F
<#HMF?L";Lþ;LMIHGCNHG
$;M;HI@@
H $;GCMIH H %FCHA?HM=BGCNN @ ,CR <?M @@ GCN H @ PAF &#0 @ MPP B?L ¼ B?L B?L½OH>B?L1?L<;MPPOH>';SLBI@?L1C;MPPD?QGCN&CN
'CN ¼H;NOL;A?HNCP½ QCL> BC?L ?CH? (;NOLA?Q;FN ?HAF @IL=? ;FM J?LMIHC@CTC?LN?L A?HM
<?T?C=BH?NMI<?H%;J;
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
-HA?LD?NTNBCHL?C=B?H>?LQIFE?HL?C=BQ;MM?LL?C=BMC=B?LB?<NGCNFCNT?H
>C?<?C>?H1?FNBF@N?H<?MJL?HA?H>º
,0 ;< EU­KP¬ÁLPHPDW­\DÊíÈVXW”VDÊÅÅPDL\DUWLSU­EK³WRPH
­GULʹ#H>L;MJLC=BNbC? EU­KP¬ÁLMCH>GCL>C?!?>;HE?HMCH>GCLTOG
"?CF>C?A?JL?MMN?HM=-IG;NLHE?>;M-=BH;O<?H?LB?<NMC=BPILA?<L;=BN
CMN@§LGC=B>?L*L?MMMN?CHnºI>?L¼>?L%;GJ@GONL?ANMC=B½!?F>H?L
<5=;OM7A?A?<?H?H@;FFMGCN?H?@CTC?HN;N
,0 => M­QRQ­\…GKY¬PDKDW­XSDEGƒUƒ\DUWLV„PDÊS­YDP¬QD±UPƒP
¹1C?>?L?CH?MELC?A?LCM=B?H0IFE?MCMN>;MO@NL?N?H>?M!LI‹?HMB?<N>?L
-IG;*;P;GîH;>C?1IA?BI=Bº
,0 => ƒ\DUWL GK±P­P DUXÅ­P EK­ULEKUDG …F FKXNUdÁD ÃRFƒÅ¬ G\”P
ƒQDNÅDQ¹LM=AHCB?<N>?HL¡NFC=B?H,;O=BBCHOH>B?LNL;A?H>GCNB?FF?L
!FONTOG"CGG?F?GJILA?F;HA?HQIFF?H>º
,0
<\­XEKdƒ\DUWL¹>C?<?C>?M=1?FNBF@N?H?GJILB?<Nº
,0 Y›Å¬\±WKdYDY­ÈVDJDÊN³Å½–UL\DUW\„MDV¬_ –ìQR­SUDWLÅNXWDʹ1C?
?CHOFF?>C?"?L>?HMI?LB?<N?LGCN!?Q;FN>C?0¡FE?LG=BNCAIBH?1C>
?LMN;H>º
,0 ;< < ,0 < N­QLNUDGDMMDQ…ÅDPSUDEUXY¬Á­ƒ\DUWL
Y”FDPDULWdYDQ”YDP ¼#GG?L QC?>?L M=BL?C?H> M?CH? "?LEOH@N P?LE§H>?H>
M?NTN?L>;M1ILNCH?Q?AOHAQC?>?L5,O>?L?L7>;M-=BC@@½ĹS;G;CH1CN
T?FÞ!INĹ
>ILNQCL>DULW”;FM¼ BLG;HH½§<?LM?NTN
,0 < LP”ÈWDLQGUDVXŽXWƒÈYƒSUDL\DUWLGK¯WƒEKLʹC?M?H 1IBFJL?CM
@§L>C=B#H>L;B?<N>?L,?>?EOH>CA?;HGCNB?CFCA?H!?>;HE?Hº
!?H;OMI A?B?H ,0 = YDJQ…P L\DUWL \­È YLGd ,0 = ƒ\DUWL
YDJQ…PLQGUL\­P ,0 < ƒ\DUPLY”FDP ,0 < ƒ\DUWLY”FDÈ ,0
< ƒ\DUWLY”FDP,0> ƒ\DUWLY”FDÈ,0< VW„P¬«ƒ\DUPL,0
<VW„P¬«ƒ\DUPL
'CN?H?@CTC?HN;N
,0 = ³W”G L\DUPL WH GKƒ\DP PDQR\…MDP ¹)L>HOHAM,CNOMA?G‹
B?<?C=B;H@§L>C=B>;M!?>C=BN>;MA?>;HE?HA?M=BCLLN?º
=5=;OM7E;OM;NCP?@@?ENCPJLI>OENCPGCN*LI>OENI>?L@@?ENEEAA@
GCN,?TCJC?HN;NPAF>N¹?NQ;O@<LCHA?H?NQ@§LD;O@NL?C<?Hº
,0 => V­WHS…UDÈGKLÈW­YLůPL\DUWLV­WHP­G¬\DVXW­LQGUDV„PDÊ
¹?L>?CH? L?CA?<CAE?CN>?CH?%L;@N?LB?<N>?L>CLTOG,;OM=B?A?JL?MMN?I
#H>L;>?L-IG;º
H>?LM $I;=BCG MC? @§AN ?CH@;=B ?CH?H EE ¼M?CH? ,?A?H½ BCHTO ¼>?L QIFE?H
L?C=BQ;MM?LL?C=BM?CH?,?A?HCH?Q?AOHAM?NTN>C?<?C>?H1?FNBF@N?H OHN?LFCNT?H
<?MJL?HA?H>½
!INĹCH1CNT?FÞ!INĹ
§<?LM?NTNE;OM;NCP¼>;M-=BH;O<?HL?AN5;FF??N?CFCA
N?H7;O@½G;HQ?CMM>;<?C;<?LHC=BNA?H;OQ?L;O@A?L?ANQCL>
…F A?B¡LN BC?L JLCGL TOƒQDNÅDQ <?HMI ,0 > ƒ\DUWLUHÁ…PE³K­GDUKDULÅY­ÁLÊ
,0<ƒ\DUWLUHÁ…PPDJK­Y¬VDP„KDP,0>ƒ\DUPLUHÁ…P
0AF!?F>H?L¼1C??CH§@@?F<OFF?>C?"?L>?HMINL?C<N?LGCN!?Q;FN>C?0¡FE?LG=BNCA
IBH?1C>?LMN;H>½
0AF!?F>H?LTO@L?C¼CHL?=BN?L<MC=BNF;MM?C=B>;MGCN>?H!?>;HE?H<?MJ;HHN?!?>C=BN
TO>CLA?B?H½
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
,0 => \„DV\DÅÅPDPPXKXNDƒUƒ\DUWLY”WRQ­M±W­VWDQ­\DGEKLUDE
KUDƒÊ¹?LM?CH/HA?MN§GGCN-=BF;=BNLO@?H?LB?<NQC?>?L1CH>>?LD;A?H>?
>OL=B>C?>IHH?LH>?H1IFE?Hº
,0 ;< Y­ULŽKRDV\DG­NÅLÁ¬PL\DUWLƒQGURPDJK„Q¬ÈWXYLN±UPƒWDPDÊ
¼MI<L?CN;FMG¡AFC=BNL?C<N#H>L;M?CH?5&IBHA;<?75;O@7>?L.NCAMN?OHN?L>?H
L?CA?<CA?H½!?F>H?L
'CN,?TCJC?HN;N
,0 ;< D\­È YƒSU¬\D G¬Ã…ÅH Y”M¬« L\DUWL J„PDWDÊ ¹C?M?L <LCHAN
>?GL?>?EOH>CA?H)J@?L?LLCH>?LL?C=B??ON?;O@º
GCN…G
; 5·=;OM7 ,0 ; HÅ­V\­EK¬Q…U…GL\DUWL¹D?H?L &C=BNMNL;BF (IG -A
GEK¬Q…Ê?LB?<NMC=B?GJILº>?L%IHN?RNG;=BNEF;L>;MM?MOG>?H&C=B
MNL;BF>?M-IHH?HQ;A?HMA?BN>?L;HA?MJ;HHNQCL>
,0;<
HÅ­V\­EK¬Q…U…GL\DUWL\XM\­WHU­WKDÊS­ULMP¬GLY„DV\­V”QDYL_
¹$?H?L&C=BNMNL;BFB?<NMC=B?GJIL
D?H?L&C=BNMNL;BFB?<NCBH?GJIL
;HA?MJ;HHN;HA?M=BCLLNQCL>>?L1;A?HM=>?L-IHH?HQ;A?H>?L;O@
>?G,§=E?H>?MM?H>?M.;A?MBCGG?FMOGB?LA?B?H>?º
¼; MN?CAN D?H?L &C=BNMNL;BF ?GJIL >?L OG@;BL?H>? 1;A?H QCL> ;O@
>C?M?M"CGG?FM,§=E?HA?M=BCLLN½!?F>H?L
,0=>
S³NŔVRDVPLQPLWKXQ”­GKLWU­\RG›WLVWXU–\RP­GKXQRYƒUDSÃDWH__
¼O@ CBG MCH> >L?C &?<?HMMNLE?L >C? ?CH *;;L <CF>?H FM 0C?LN?L CMN
>?L-=BF;O=BPIH-§‹CAE?CN§<?LPIFF½!?F>H?L
§L ?CH? ;HNCE;OM;NCP? &?M;LN MJLC=BN >?L A;HT J;L;FF?F? O@<;O >?L @IF
A?H>?H-NLIJB?,0;QI>C?*F*LM#H>'?> ¥>¯UDWHM?BL>?ONFC=B
;HNCE;OM;NCPCMN
,0 …GY¬PS³NŔVRP­GKXPDQWD¯UDWHU­WK¬­ÃY¬VDXÅ­VRY\yŽLÅX_
DSRUÁXY­QWDVW­PD”S­U¯Y³WDÈVYgUÁ­ÃXNU­ÈWDQY­QWD”U­MDÊ ¹OL? 1;A?H
*@?L>? >C? MNLEOHAM OH> BIHCAL?C=B?H ?LB?<?H MC=B <?C >?H FFM?CNCA
LMNL;BFOHA?H>?L'ILA?HL¡N?º
¼OL?1;A?HOH>*@?L>?>C?MNLEOHAMOH>BIHCAL?C=B?H@;BL?H<?C"?FF
Q?L>?H >?L 'ILA?HL¡N? ;OM >C? A;HT TOA?>?=EN? CHMN?LHCM ;O@>?=E?H> QC?
>C?B?FF?-IHH?>?H,;OG>OL=BTC?B?H>½!?F>H?L
C? @IFA?H>? -N?FF? GOMM HOH ;HNCE;OM;NCP M?CH >?HH ?M AC<N CG %IHN?RN
HC=BNMQ;MMC=BB?<?H?LB?<?HFC?‹?
H>?LM$I;=BCGMC?@§AN?CH@;=B?CH?HEEBCHTO
H>?LM $I;=BCG MC? @§AN ?CH@;=B >?H EE YƒÃYDP PIH ,0 < M­JDFFD
YƒÃYDPXGL\­UÅLEK¬Q…Q¬BCHTO>?LG?BL;FM
V±NW”QL?HN@?LHNMN?BN
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
,0 ;< S¬YDN­YDUF¬Ê ÃXNU­YDUF¬ ­Q±QDYDUF¬ …G L\DUÅL EK¬Q…Q¬
¹,?CH?H !F;HT B;<?H> B?FF?H !F;HT B;<?H> PIFFEIGG?H?H !F;HT B;<?H>
?LB?<MN>O>C=BM=AHC?GJILGCN!F;HTº
(I=BG;FPIFFMNH>CAOH>GCN>?LŠ<?LM?NTOHAPIH!?F>H?L ,0
S¬YDN­YDUF¬ÊÃXNU­YDUF¬­Q±QDYDUF¬……GL\DUÅLEK¬Q…Q¬_
SXWU„P¬W­U¬YLF­UDQQ…S¬YDVLS³Á­NÅLU„GDV¯XEKd__
¼0IH L?CH?G !F;HT? PIH B?FF?G !F;HT? PIH PIFFEIGG?H?G !F;HT?
LC=BN?MN>O>C=BGCN>?CH?G&C=BNM=B?CH;O@
FM-IBH>C?<?C>?H'§NN?L>OL=BQ;H>?LH>EIGGMN>O<?C>?HTOAON?
>O>OL=B>LCHAMN<?C>?1?FN?H½!?F>H?L
<5=;OM7
,0 ;< V\˜PDQ¬Y¬F­…GL\DUWLY­KQLVW­Y¬QRUHEK­XÅ­VRYLEK¬W–Ê
¹'CN >?G &?CNM?CF >?L ,?>? FMMN >?L &?HE?L >?L JL?CM?H>? -HA?L >C? <?C
>?LM?CNCAM=B?CH?H>?H'ILA?HL¡N?HMC=B?GJIL?LB?<?Hº
,0 < DQDQW­ÈÅÅPDP…GL\DUWLEK¬Q…Q¬¹-C? M= -CH>BO B?<N CBL
?H>FIM?M-=BH;O<?H?GJILGCN!F;HTº
,0
; VDPXGU”G±UPƒP…GL\DUWL¹0IG4OM;GG?H@FOMM?LB?<NMC?>C?
1IA?º
,0 = ƒQGXÊVDPXGU­P…GL\DUWLY¬\…EKLU ¹?L -;@N FMMN >OL=B >C?
1CH>?>?H4OM;GG?H@FOMMMC=B;HB?<?HBI=BEIGG?Hº
,0 < M­JDFFDYƒÃYDPXGL\­UÅLEK¬Q…Q¬¹/H> ;FF?M ?F?<N?!?B?H>?
FMMN >O MC=B ?LB?<?H GCN >?CH?G !F;HTº G;H <?;=BN? >?H ;FN?LN§GFC=B?H
ET?HN;O@>?L1OLT?FPIHXGL\­UÅL
0AF ;O=B ,0> OH> ,0; …GL\DUWLY”FDP ƒ\DUWLY”FDPMC?B?
I<?H
=5=;OM7E;OM;NCP?@@?ENCPJLI>OENCP
,0 ;< V­ EKDQG­Q¬ …G L\DUWL SUDM”YDW¯U YLÃY”\XU YƒÃY¬Ê VXEK­U¬
­KDUGLYL ¹C?M?L <LCHAN >C? "?LLFC=BE?CN?H ;O@ >C? A;HT T?CNF?<?H>M H;=B
QO=BML?C=B?H;FF?QIBFTONLAFC=B?HCHA?N;ANAFC=Bº
0AF ;O‹?L>?G ,0 ;< …GDEKU”Á¯YDVWDQ­\DQQL\DUW–QGURU”GK¬ÈV\
­ÃY\¬QLJ­Y\¬
GCNSU­
;5·=;OM7C?@IFA?H>?-N?FF?MIFFN?;HNCE;OM;NCPM?CH
,0 SU­Y¬ÈU­WKRP­QRMDY¬L\DUWLWLU„U­M¬ÈV\DÃYLQ¬ÃDW„WLÊ_ DVP­E
K\DÈ V±U\¬YDV± L\¬Q­Ê ¹O?L <?C>?L 1;A?H A?>;HE?HM=BH?FF ?LB?<N
MC=BG;=BNMC=B;O@>OL=B>C?>OHEF?H&O@NLOG?IŅPCHM>?LBOH>?LN"CF@?H
B;NTOOHMCBL-IHH?H<?MCNT?L?CF?H>º
#H ,0 = QCL> EF;L >;M >?L 1;A?H M?F<MN CH >?L ?Q?AOHA ¹TO OHM
?CF?H>º PILA?MN?FFN QCL> >B ?L CMN ;O=B CH ; >?LD?HCA? >?L MC=B <?Q?AN OH>
¹MC=B ;O@G;=BNº 0AF QC?>?L >C? *;L;FF?F? GCN '?>C;F@ILG ,0 …GY¬P
S³NŔVR P­GKXPDQWD ¯UDWH U­WK¬ ­ÃY¬VD XÅ­VR Y\yŽLÅX _ DSRUÁXY­QWDV W­PD ”
S­U¯Y³WDÈVYgUÁ­ÃXNU­ÈWDQY­QWD”U­MDÊ__
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
<5=;OM7
,0 = 5@SU­>@ PDK–PL\DUPLVXŽXWƒP¹57 C=B B?<? ALI‹?H
1IBFJL?CM;Hº
'CN?H?@CTC?HN;N-AWH¹@§L>C=Bº
,0 ;< SU­ WH DJQH KDYƒÅPDW¯P L\DUP\ ­FK¬ VXG\XPQ”È U¬WƒQ¯È
JK³W”F¯P¹#=BB?<?@§L>C=BIAHC>?HKDYƒÅPDW¯P¹)J?L@F¡@@?FºPILº
0AF ;O=B ,0 ;< SU­Y¬ÈV­PLWU¬YDUXÁ¬Y³W”Y¬YƒSURP­QP¬QLG¯U
JKDÃU…G L\DUWL ,0 ;< SU­ WH \DNÅL SU­ WD L\DUPL P­QPD EK…YR \­WK¬
Y­QG\R QR K­YHÅX ,0 ;< SUdQGU¬JQƒEK\¬È VXYDFDV\”P L\DUPL
VƒQGK¬YLYDSUdUD\DÈQ”YDPDUNDƒÊ
=5=;OM7E;OM;NCPGCN,?TCJC?HN;N
,0 ; SU­XJU”PS¯WƒÈY›ÅÁDL\DUPL¼#=B <LCHA? >?G OFF?H ?CH?H
A?Q;FNCA?H.LOHETO½!?F>H?L
GCN”
5=;OM7
,0 D\­ÈGLY­L\DUWLYƒÃYDP”U­MDÊV„PDÊSXQ¬Q­ÊNDO­ÃHÅXV¯GDWL_
DGEKƒUJ„EKLUP³M\DWH­GULEKLÊVXW­ÊSXQ¬Q­ƒQGXUY­ULYRYLGDWSUL\­P ¹C?M?L
NL?C<N >?M "CGG?FM A;HT?H §MN?LL;OG ;O@ -IG; A?L?CHCAN 5I>?L ¹MC=B L?CHC
A?H> ;O@EF;L?H>º7 CH >?H %L§A?H M?NTN ?L MC=B 'CN 1;MM?LH O %§B?H M=
'CF=B QCL> ?L A?MNLC?A?FN Q?HH ?L >OL=B >C? -N?CH? A?JL?MMN QIL>?H CMN
A?L?CHCAN@CH>?N>?L-;@N>C?FC?<?@L?C?;BHº
,0 ”QRUD\ƒPPDGDF\…WDPSXUXNŅÈYLÃY­GK¬\DVDP_ ƒ\DUW¬PDUXWR
GLY­Ê¼.L?C<N OHM PIG "CGG?F ,?C=BNOG 5;O@7 ;H PC?F?G 0C?B MNIFT?H ;FF
HBL?H>?HCBL';LONؽ!?F>H?LG?CH4OM;NTCH?=ECA?H%F;GG?LH
-=BFOMM
C?F;<CF??>?ONOHA¹MC=B?LB?<?HMC=B;O@G;=B?HBI=BB?<?HºPIH ƒ\DUWL
E;HHGCN>?G@IFA?H>?H-=B?G;CFFOMNLC?LNQ?L>?HC?0;LC;<F?HROH>SMSG
<IFCMC?L?H>C?*;LNCTCJ;HN?HS,RC?%F;GG?LS /-MSG
<IFCMC?LN>C?&;<CFCNNC?*@?CF?OH>>NBCH;O@B?L;O@MJ?TC@CTC?L?H>C?,C=B
NOHA>?L?Q?AOHA
BCH;O@BI=B B?L;O@BI=B
S/- Rȳ࿇∰
Ȳ
R
C? ENCP@ILG?H >?M *LM >?L ### *LM?HMEF A?B¡L?H ;FF? TO ³ OLC>A
B0L@§L>?HHF;ONGCN BPAFB?NB ‫;;އ‬L;ŋ =¹>F?Lº B•LIH¹>F?L
>?L BCH;O@ BI=BA?BNº OMQ PAF *IINB C? ENCP@ILG?H MCH> F;<CF
5g=;OM7 1C? D;P CCĹL;CNC 0 ¹G;=BN MC=B ;O@º ;HNCE;OM;NCP T?CAN PAF
&#0MP B0LGCN&CNMCH>>C?ENCP@ILG?H>?M*LM>?L###*LM?HMEF;MM?
GCH>?MN?HM ;OM >?G /LCH>ICL;HCM=B?H ?L?L<N M AC<N E?CH?H !LOH> TOL H
H;BG?>;MM>C?&;<CFCNNA?H?O?LNCMNTOG;FD;PCCĹL;CNC;HNCE;OM;NCPCMN
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
C?'?>C;F@ILG?H–UWH
C? '?>C;F@ILG?H –UWH MN?B?H ;FF?CH I>?L GCN …GSU­1C? <?CG *LM EN
ƒ\DUWL<?CHB;FN?N>?L(IGTOG*LM'?> –UWHIBH?EE?CH?H5·=;OM7A?HM
>?L¹MC=B?LB?<NMC=B;O@G;=BNºI>?L¼H;NOL;A?HNCP½¹MC=B?LB?<N;H<LC=BNºH
>?LM;FM<?CGENCPE;HH>?L(IG<?CG'?>COGJLCHTCJC?FF;O=B?CH?*;NC?HM
LIFF? <?CHB;FN?H 'CN EE <?CHB;FN?N ?M R CH ,0 < OH> ,0 >
?CH?H A?HM >?L ?CH? %¡LJ?LP?LH>?LOHA B?LPILLO@N G¡AFC=B?LQ?CM? HOL ;G
?CA?H?H%¡LJ?LI>?L5=;OM7;H?CH?G;H>?L?H>?L>?G?CA?H?H%¡LJ?LJIM
M?MMCPI>?LFIE;FTOA?B¡LN
;M NB?G;NCMC?LN? OH> ;HNCE;OM;NCP? L?>OJFCTC?LN? *LM –UDWH0 PIG
CF>OHAMNSJ MƒJKQDWH–MDWH–NÅDWH PAF #HMF?L T?CAN >;MM ;FM OM
A;HAMJOHEN >?L .B?G;NCMC?LOHA ;G ?B?MN?H ?CH? /LG?>C;F@ILG >?L -A
BCBLž OLCCL ᫞L; ȳ BCBLž• ᫞L;N;C CH L;A? EIGGN
-JNOLC>ABCBLžN Q;L G ?CH FFIGILJB TO MJNOLC>A BCB᱈Nž OLCCL
᫞LN;PAF1;NECHM$;M;HI@@*IINB
GCN&CN
-CGJF?R
;5·=;OM7
,0 ; ”GDV\DWdGKYDV­\DQWRY›WKHUDWH¼;HH <L?=B?H ;OMA?F;MM?H
M?CH? F;GG?HB?LPIL OHE?HMNC?<?H>½!?F>H?L
,0 < ÃDW­È\­V\DVXEKYgÊV¬N­P–UDWH ¹>?MM?H BOH>?LN ?CMNH>?
PIHAON?LLNMC=BTOM;GG?HTOAF?C=B?LB?<?Hº
,0 > S­UMDQ\DGUDSV”P­GKXPDQWD¯UDWH¹*;LD;HS;Ø -§‹?BIHCAL?C=B?
.LIJ@?H<L?=B?H;O@غ
0AF ;O=B ,0 < V˜U\DV\HYD UDÃP­\R GU¬YD\LWQ­YR PDWVDU”VDÊ
SUDV…SDÊ V¬N­P ¯UDWH _ W­QWXÈ WDW­P S­UL V­UJ¬VD ¬Ã­YR QdQGU¬G ³Wd SDYDWH
GK”PDNƒÈFDQ­
C?@IFA?H>?-N?FF?T?CAN?CH?H;N>?M4C?FM¹TOG4OM;GG?H@FOMMºMIQC?
#H>L;AF?C=BT?CNCA4C?FOH>,?TCJC?HNCG;N>?L&C?>?LCMN
,0 ;<= ­JQH GK³W­YUDW¬\D WH VDPXGU”\HYD VƒQGKDYDÊ _ JƒUR Y¬ÃU”VD
¯UDWH¹AHC TOG !?<INM@?MNB;FN?L TO >CL QC? TOG ?FN; >C? -NL¡G? G;=B?H
MC=B>C?&C?>?L<F¡E?H>L;OM=B?H>;O@º
;h;HNCE;OM;NCPI>?LJ;MMCPCM=B
,0 ;<= DVPd U”\R GLYdGLYH V­È FDUDQWX SXUXVS›KDÊ _ DVPd Y”M¬VD
¯UDW¬P¹4O OHM MIFF?H !§N?L N;ANAFC=B TOM;GG?H MC=B <?Q?A?H PC?F<?A?BLN?
@§LTOOHMMIFF?H?ON?A§N?LMC=B;O@G;=B?HºI>?L¹;O@A?<L;=BNQ?L>?Hº
,0 ;<= LPdYƒSUDV\DYHGK­VR
JQdU­VW³WD\DMYDQDÊ_ JƒUDVW„P¬VD¯UDWH
¹C?M? >?M L?>?EOH>CA?H '?CMN?LM AHCM >?M OH§<?LQCH>FC=B?H )J@?L?H>?H
*L?CMFC?>?L>C?&I<?ML?>?HQ?L>?HD?NTN?LBI<?HºI>?L¹?LB?<?HMC=Bº
<5=;OM7¹CHM?CH?G?CA?H?H%¡LJ?Lº
,0 ;< Y›Å¬Y›ÅÁHU„UXYDGDÈÅUDVPDLS­YDP¬QRU…ÃDG¯UWHS­\RJ„Ê
¹?LOFF?@§L>?HOFF?H>?L<L§FF?H>?-N?HA?F@§L>C?M?H>?L*;P;GîH;FMMN
>C?FC=BNB?FF?'CF=B>?L%OBCHMC=BCG?CA?H?H%¡LJ?LMC=B?LB?<?Hº
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
,0 V­ \DKY\w Y­Q¯U J„ÅY ­UY” MXKRWL SUDGKDQ\•VX V­VULÊ _ DS”GR
\­WUD \…M\¬VR UDWK” GURÁ\gÃY¬VD –UDWH JK³W­È Y”Ê ¹L ?LAC?‹N >C? D;A?H>?H
-=BH?FF?H M= -NL¡G? <?C >?H >?H %;GJ@JL?CM <CF>?H>?H %§B?H L?HH?H>
QBL?H> >C? @§‹?FIM?H 0?L<§H>?N?H M= >C? -IG;M@N? >C? Q;A?HFIM?H >C?
%O@?H;FM*@?L>?B;<?HGURÁ\gÃY¬VDÊ>C?-=BG?FT<ONN?L>C? F§MMCAE?CNCH
MC=BCG?CA?H?H%¡LJ?LMC=B?LB?<?HF;MM?Hº
GCN…G
;5·=;OM7
,0;\­GXG–UDWD¬M­\R¹Q?HH>C?1?NNEGJ@?MC=B?LB?<?Hº
,0 ;< …G ¯UGKYDÈ M¯Y„ ­VXU QD ”J¬G ­SD SU”J¬W W­PD ” M\„WLU HWL
¼LB?<N ?O=BØ C? F?<?H>CA? RCMN?HT CMN TO OHM A?EIGG?H ;M OHE?F CMN
P?LA;HA?H>;M&C=BNEIGGN½!INĹ1CNT?FÞ!INĹ
,0 ;…G¯UDW¬ÈV±Q›W¬…WS…UDÈGK¯U¼GJIL MIFF?H >C? ';HHB;@NCA
E?CN?H MC=B ?LB?<?H ?GJIL >C? -?A?HM@§FF?Hؽ !INĹ 1CNT?F Þ !INĹ !?H;OMI A?B?H ,0 …GY¬PS³NŔVRP­GKXPDQWD¯UDWHU­WK¬­ÃY¬VD
XÅ­VRY\yŽLÅX_DSRUÁXY­QWDVW­PD”S­U¯Y³WDÈVYgUÁ­ÃXNU­ÈWDQY­QWD”U­MDÊ
,0 …WWHE³K­QWRDUF­\DÊVDPLGK¬Q­V\DG¯GLYDÊ_­JQHÃXNU”VD¯UDWH ,0
…GDJQHÅFD\DVW­YDÃXNU”EKU”MDQWD¯UDWH_W­YDM\„W¯ÈÅ\DUF­\DÊ ,0
…G¯UDW¬P­YDUD …WS­U¬VD…QPDGK\DP”ÊSLW­UDÊVRP\”VDÊ_­VXÈ\­
¯\…UDY³N”³WDM†”VWdQR
YDQWXSLW­URK­YHÅX
'CN #HMNL >?L <?AF?CN?H>?H LN OH> 1?CM? ,0 …>OMP¬Hd<BCL¯L;N;
…> L­NB;CL …> O P¬S…<BCÊV …N MN„G;CÊJ›ÃHCG¬N;L;Ê59 …GXW\dDUXÁ­S
VDYDÃFLWU”\”PHEKLU¯UDWH_Y¬ÃU”­GKLÅÁ…Q¬GLY­Ê
'CN<F­WDʹPIH>;HH?Hº
,0 ; …G¯UÅY”WDÊS­WLYDW¯K\lŔ¹';=B >C=B ;O@ PIH >;HH?HØ !;NN?
B;<?H>HGFC=BCMN>C?M?C-PMC?B;NHGFC=B?CH?H!;NN?Hº
,0 ; …G ¯UÅY”WR YLÃY¬YDVR Q­PDVH¥¬ PDKH WY¬ _ DQ\”P LFKD
SUDSKDUY\gÈV­ÈM¬\”PS­W\¬V³MD
'CN ;N >?M 4C?FM ,0 ; …G¯U¬WK¬P³W¬\DWd\X†M”WK¬PDÃYLQ¬U­WKDP_
­QWLÅ­GEK±WXY¬P­YDÊ
'CNEE>?M4C?FMOH>DEKƒ
,0 ;< …G¯UÅYDQ¬U\DEKƒM¯YDORN­ÈJDW”VXPHW­P…SDÃHÅDdKL ¹L
B?<?>C=BI L;O>?L&?<?H>CA1?FN?HNA?A?HTO>C?M?G>?LA?A;HA?H?&?
<?HMEL;@NB;NMIFFMN>O>C=BB?LTOF?A?HEIGGغ
)F>?H<?LA (IN?H T-N <?TC?BN = DS”GR\…M\¬VR
UDWK”GURÁ\gÃY¬VD;O@ >C? -IG;M@N?
Q;MTOGCF>>?MO@MN?CA?HM?CH?L F§MMCAE?CNJ;MMN(;=B$I;=BCGG§MMN?G;H
GCNEE>?M4C?FMI>?L;>P?L<C?FF?GEE§<?LM?NT?H¹>?L*;P;GîH;?LB?<NMC=BG;=BN
MC=B;O@TOLFC=BNB?FF?H'CF=B>?L%OBºI>?L¹CG"CH<FC=E;O@>C?FC=BNB?FF?'CF=BºOH>¹>C?
>C?%O@?H;FM*@?L>?B;<?H?LB?<?HMC=BTOL-=BG?FT<ONN?LTOG(;MMºQ;MHC=BNQCLEFC=B
-CHH?LAC<N
0AF!?F>H?L ,0T-N¼C?1CNQ?GO‹N?MC=BH?<?H>?HNIN?H!;NN?H;O@>?HHI=BHC=BN
;HA?T§H>?N?H-=B?CN?LB;O@?HF?A?H57FMI>?L-=B?CH?CH?L'CNP?L<L?HHOHA½
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
0AF>?MQ?CN?L?H
,0 < ÅÅP¬\­GDV\DSUDWQ­WKRG–UDWH¼>;‹ MC=B CH ;FN?L 1?CM? M?CH?
%L@N?-=BH;O<?HL?A?H½ĹS;G;1CNT?FÞ!INĹ
,0 ;<= WLVU„Y”FD…G¯UDWHJ”YRPLPDQWLGKHQ­YDÊ_K­ULUHWLN­QLNUD
GDW¼L?C?LF?C -NCGG?H57 B?<?H ;H 5I>?L ¹Q?L>?H ?LBI<?Hº7 >C? 'CF=BE§B?
<L§FF?H5¹GOB?Hº7QC?B?LH>A?BN>?L ;F<?½!?F>H?L
!?H;OMI A?B?H >C? ?F?A? CH ,0 …G X EU­KP¬Á\ DLUDWD
ÃUDYDV\dQGUDÈVDPDU\dPDKD\¬YDVLŽKD_”\„YƒÃY¬QLíYDV¬WDW”QRSDÃURW”PD
–YDWRY­F¬ÈVL
,0
SUDVDYdWD…G¯UDWHWLVU„Y”FRPDNKDV\…YDÊ_\­G­Y\DdÅLV”QDYL
59 UDWK–YDN­ÃD\”ÃY¬«DEKLNÅLS­QQ¬YƒUG±W”QN³ÁXWHYDUÅ\•«­KD_
G±U”WVLÈK­V\DVWDQ­WK¬…G¯UDWH\­WSDUM­Q\DÊN³ÁXWdYDUÅ\gÈQ­EKDÊ
59 …W WH ÅÅP¬VD ¯UDWH VƒQGKRU ±UPdU LYD VYDQ­Ê _ Y¬Á­V\D FRGD\¬
SDYƒP
,0 …F FK…ÅP¬ „ÅDGK¯Q¬È J”YR JRŽK”G LYHUDWH _ GK­QDÈ
VDQLÅ\­QW¯Q¬P¬WP”QDÈW­YDS±UXÅD
;h;HNCE;OM;NCPI>?LJ;MMCPCM=B
,0 => P­KLůYD WY­G UD\ƒV WY­G Y”M¬ …G ¯UDWH ¹1C? ?CH? §@@?FEOB
QCL>PIH>CL;OM!ONQ?L>?HPIH>CL;OMA?B?H>&;<OHA?H?FIBHOHA?H;O@
A?<L;=BNºI>?L¹?LB?<?HMC=BPIH>CLB?L&;<OHA?H?FIBHOHA?Hº
,0 ;< …GXW\dP­GKXPDWWDP¬JƒUDVW„P¬VD¯UDWH¼C?M? M§‹?MN?H &I
<L?>?HOH>*L?CMFC?>?LMN?CA?H;O@½!?F>H?LI>?L¹Q?L>?H;HA?BI<?Hº
GCNSU­
;5·=;OM7
,0 = SU­ GK­QY¬Q\ DLUDWD ¹M G;=BN?H MC=B ;O@ PIL;H >C? -N?J
J?H§H?Hº
!?H;OMI A?B?H >C? ?F?A? CH ,0 \­V\DWHYƒÃY¬EK…YDQ¬QLNHW…Q¬
SU­ FdUDWH Qƒ FD YLíQWH DNW…EKLÊ _ DQ¬J¬VWYdQD KDULNHÃD V±U\”KQ¬KQ¬ QR
Y­V\DV¬YDV\DV„GLKL
,0 W­YD W\d SLWR G­GDWDV W­YD VY¬GLŽKD Wd SLWR _ SU­ VY¬GP”QR
U­V¬Q¬ÈWXYLJU–Y¬LYHUDWH
,0 SU­EXGKQ\•YD¯UDWHP­K¬ÈVLSU­Q”P¬QLSUD\DM\DYDVWLUDGKYDP
_VDKDVUƒ\DÈG­P\DPEK¬J­PHW­ÈJ³KDPHGK–\DPPDUXWRMXÅDGKYDP
,0 ­W\DPP³MDQWLNDO­ÃHG­ÃDNŃSDÊSU­YƒSU¬Á¬PPDW­\RY”FD¯UDWH_
S­YDP¬Q¬DEK\gUÅDQWLVXŽXWƒPdQGUDÈYLÃDQWLPDGLU”VDƒQGDYDÊ
59
E›KDVSDWHSUDWKDP­ÈY¬F„­JUDÈ\­WSUDƒUDWDQ¬PDGKd\DÈG­G
K¬Q¬Ê_\­GHŬÈÃUdŽKDÈ\­GDULSU­P”V¯WSUHÁ”W­GHŬÈQƒKLWDÈJ…K¬YƒÊ
'CNEE>?M4C?FMOH>­FKD
,0 ;< DS”P LYdG ±UP­\DV W­UWXU¬Á¬Ê SU­ PDQ¯Å” ¯UDWH V„PDP ­FKD
¹1C? >?L !?QMM?L 1IA?H MC=B A?A?HM?CNCA CGG?L QC?>?L >OL=B>LCH
0AF!?F>H?L ,0T-N¼C?>L?C-NCGG?HMCH>>C?>?L*LC?MN?L;>;MF¡E?H>?L%§B?
<OH>>;ML;OM?H>?M-IG;=½
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
A?H>§<?LEIGG?H>C-PPIH1?FF?H>C?MC=BA?A?HM?CNCA§<?LM=BF;A?HG;
=B?HMC=B>C?!?>;HE?HPIL;HTO-IG;;O@º
C?ENCP@ILG?H>?M*LM0#CG,0OH>0
³FK­WL
C? ENCP@ILG?H >?M *LM >?L 0# *LM?HMEF;MM? ³FK­WLA?B¡L?H TO ?CH?G
;H>?L?H0?L< ³OLC>A B᱈B0L-C?MN?B?H;FM-CGJF?ROH>GCN ”QƒÅ
OH>T?CA?H?<?H@;FFM?CH?OHN?LMJ?TC@CTC?LN?5g=;OM7*IFSM?GC?4OL?>?ONOHA
PAF1BCNH?S 0¼³FK MCAHC@C?M;=IGCHACHNIBIMNCF?IL>?NLCG?HN;F=IH
N;=NIL=IFFCMCIH½;<?LHC=BNHOL ³FK­WLCMN;FMI?B?LCH;A?HNCP5·CHN?H>7>B
>?L%IHN;EN@CH>?NOHQCFF?HNFC=BOH>OHEIHNLIFFC?LNMN;NN
;5·=;OM7OH>CH;A?HNCP
0ń = MLKP„ORN”QQƒU³FKDWL¹?L A?F;HAN KO?LQ;;A?L?=BN FC?A?H>
C-PNINI<?LQCFFIHC=BN;OM>?G,;OGº¼B?AI?MMOJCH?IONI@NB?QILF>½
1BCNH?S;)
0ń S¬S­P”³FKDWXDSDN¬P­V\DNDUW”¹?L';=B?L>?L<M=B?OMIFF
I<?LQCFFIHC=BNCHŠ<?FA?L;N?Hغ¼&?NNB?>I?LI@;<BILL?H=?G??NQCNB
?PCF½1BCNH?S
0ń DÃPDYDUP­PH
VL\„P¬SU”F\¬GLÄ
JK¬\…UDEKLG”V¬W_ HW­WV­
³FK¬W¼'SMNIH?>?@?HM?;LNNBIOQBI?P?L@LIGNB??;MN?LHKO;LN?LG;FC=CIOM
MB;FF;MM;CFG?NBCMG;SB?=IG?OJIH½1BCNH?S 0¹;H>C?M?HH
¹-N?CHJ;HT?LºQCL>?LI<?LQCFFIHC=BNA?L;N?Hº
0ń DJQƒÈWdY­VXYDQWDP³FKDQWX¼&?N NBIM? =IG? OJIH AHC½
1BCNH?S
0AF ;O=B 0ń Y¬\…ÈV„PDÈY­UXÁDÈV˜U\DÈDS­V
YLÃY­NDUP¬ÁDȃQGUDÈSUDM”SDWLÈEšKDVS­WLÈWd³FKDQWX
<5=;OM7OH>;A?HNCPI>?LCH;A?HNCP
,0 => G…GKHU \XNW­V\D GU­YDWDÊ VDK”QDVD ³FK­QWL ÅP¬ QLÅS­GR
PXGJDO”Q¯P¹>C? OMQ§L@? M= REL?G?HN? >?M OHA?MN§G?H TOM;GG?H GCN
>?G &;MNQ;A?H M?C?H>?H F;O@?H>?H !?MJ;HHM NL?@@?H OHQCFF?HNFC=B O
OHEIHNLIFFC?LNM=BIH>C? L;O>?M'O>A;F;º
,0 = Y¬F”VWHQDÈíUDYD³FKDQWXP­UPDQ¼>?H 0?LB?R?L MIFF?H >C?
!?M=BIMM? >OL=B G;ACM=B? %L;@N NL?@@?H ;H M?CH?L P?LQOH><;L?H -N?FF?ؽ
!?F>H?L ¼F?N MB;@NM MNLCE? CH NB? PCN;FM BCG QBI MN?;FM <S 5G;AC=7 MJ??=B½
1BCNH?S0M?CH?%F;GG?LH
0AF ;O=B ,0 >? S¬S„\­ÈGYLÅP­VW­ÈV­³FKDWX\„QRGYdŽLW­P
³FKDWX
0ń NDUW”UDP³FKDWX¼F?N NB;N =IG? <;=E IHNB?G;E?L½1BCN
H?S
0ńNDUW”UDP³FKDWX¼F?NNB?QCNB=L;@NAINICNMG;E?L½1BCNH?S
0ń
NDUW”UDȳFKDWX¼F?NB?LAININB?G;E?L½1BCNH?S
0ńY¬F”VWHQDÈíUDYD³FKDQWXP­UPDQ,0
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
C? ?>?ONOHA ¹>C? OMQ§L@? REL?G?HN? NL?@@?H >C? L;Oº QCL> BC?L ;FM
5=;OM7;O@A?@;MMN>?HH>C?REL?G?HN?MN?FF?H>C?BC?LCH;A?HNCP?0?LOLM;
=B?L,IFF? >;L >C? BC?L CH;A?HNCP ?CH? 4OMN;H>MP?LH>?LOHA B?LPILO@?H
CH? >?L;LNCA? ?>?ONOHA QCL> §<FC=B?LQ?CM? ¼NL;HMCNCP½ A?H;HHN ?L ?ALC@@
¼NL;HMCNCP½QCL>BC?L;FF?L>CHAMQ?A?H>?L?CHA;HAM<?M=BLC?<?H?H?ALC@@MPC?F
@;FN<TQ*IFSM?GC?P?LGC?>?HOH>QOL>?I<?HM?G;HNCM=B;FMHC=BN<CHL>?
@CHC?LNOH>MN;NN>?MM?HH;=B"IJJ?LÞ.BIGJMIH
;FM?T?C=BHOHA@§L?CH
G?BL I>?L Q?HCA?L >?L ;O@A?@§BLN?H JLINI;A?HNCP?H M?G;HNCM=B?H %IGJI
H?HN?H>?@CHC?LN
C? BC?L <?M=BLC?<?H? *IFSM?GC? EIGGN ;O=B <?CG >N *?H>;HN D NL?@@?H
PIL>C?M?M>N0?L<B;NMIQIBF?CH?&?M;LN¹D?G;H>?HNL?@@?HIBH?>;MM>C?M?L
;@@CTC?LN QL?º ?HNMJLC=BN ?HAF NI G??N MI ;FM ;O=B ?CH? &?M;LN ¹D?G;H>?G
CG CHH?LMN?H ;H >?L -=BOFN?L OMQ NL?@@?H GCN @@CTC?LNB?CN MI >;MM >C?M?L
A?NLI@@?HCMNº?HNMJLC=BN>;HH?HAF NIBCNMINI;@@?=NMI#G?LMN?H ;FF<?
CHB;FN?N ?M Q?HCA?L ?CH? 0?LOLM;=B?L,IFF? MIH>?LH D? H;=B>?G ?HNQ?>?L
?CH?H ?Q?AOHAM;A?HM I>?L ?CH CH;A?HNCP?M ¼.B?G?½ OH> ?CH 4C?F I ?CH?H
)LN CG ;H>?L?H ;FF >I=B >?HH >C? REL?G?HN? E¡HH?H ;FM /LM;=B? <TQ
0?LOLM;=B?L @§L >C? @@CTC?LNB?CN >?L L;O ;HA?M?B?H Q?L>?H ;M CMN A?H;O
>;MQ;MC=B?CHA;HAM;FM5g=;OM7>?@CHC?LNB;NN?O‹?L>?G?HNMJLC=BN>N >C?
M?L ?ALC@@ NLC@@N >C? ?>?ONOHA OHA?@BL ?HAF NI @CN OH> MN?BN >N J;MM?H ?M
J;MMN H;B? 1?CN?L OHN?H QCL> >;HH >;@§L JF>C?LN >;MM ¹?CHJ;MM?H TOM;G
G?H@§A?Hº ?<?H@;FFM &?M;LN?H >C?M?M P?> 0?L<M MCH> >;M >;HH ;O=B ?CH? MN;
NCM=B?&?M;LN¹J;MM?HMC=B@§A?HºB;NN?PAFP?>­UDP¹J;MM?H>ºOMQ
C?-SHN;RPIH³FK­WL
M AC<N E?CH? @?MNA?F?AN? ,IFF?H%;MOMCH>OHA ?L 0?LOLM;=B?L ,
<TQ >C? /LM;=B? CH ILG ?CH?L %L;@N I>?L ?CH?M #HMNLOG?HNM #(-., OH>
?<?HMI >?L *;NC?HM*;LNCTCJ;HN ;FM 1CLEOHAMILN <TQ 4C?F >?L %L;@N E¡HH?H
MIQIBFCG(IG;FM;O=BCGEEMN?B?H;M!;HT?MJLC=BN@§L?CH?JLCHTCJC?FF
CH;A?HNCP?-?G;HNCE
;
HW­WDÃPDYDUP­
V­
³FK¬W 0ń
=
EE (IG
¹;H>C?M?M
?L
QCL>A?L;N?Hº
#(-.,4#&
*.#(-
Y¬F”VWHQDÈ EE ¹>?H0?LB?R?L
*.#(-4#& íUDYDÊ
³FKDQWX
,0
=
(IG
>C?!?M=BIMM?MC?MIFF?HCBHNL?@@?Hº
#(-.,,
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
S¬S­P”³FKDWX
<
NDUW” 0ń
EE (IG
¹CHŠ<?FMIFFA?L;N?H >?L';=B?LºPAF¹Š<?FMIFFNL?@@?H>?H';=B?Lº
%, .,
*.#(-4#&
W­È\­ÈGYLÅP­V V­S¬S­V
³FKDWX EE (IG
¹>?H>?HQCLB;MM?H ?MŠ<?F
*.#(-4#& %, .,
MIFFCBHNL?@@?Hº
,0
>?
-=BFOMM
C?JIFSM?G??>?ONOHAPIH ³FK­WLE;HHGCN>?G@IFA?H>?H-=B?G;CFFOM
NLC?LNQ?L>?HC?0;LC;<F?HROH>SMSG<IFCMC?L?H>C?<?C>?H*;LNCTCJ;HN?HS
, R I>?L 4C?F)LN C? %F;GG?L S /- MSG<IFCMC?LN >C?
5g=;OM7 /HN?LMJ?TC@CTC?LNB?CN C? *@?CF? MJ?TC@CTC?L?H >C? ,C=BNOHA >?L
?Q?AOHA
S/- ÖÕ R
¹NLC@@NRNLC@@NTOM;GG?HGCNRMN¡‹N;O@R
A?LNGCNRTOM;GG?Hº
S ÖR4C?F
¹A?LNCH;HRA?F;HANTO;HCHRNLC@@N?CHEIGGN;Hº
S ÕR4C?F
¹A?LN;OM)LNB?L;OMA?F;HANQ?APIHRP?LFC?LNRº
M AC<N E?CH?H !LOH> ;HTOH?BG?H >;MM >C? *IFSM?GC? HC=BN PIH
OLC>AB᱈Mᬓž• ?L?L<N QL? CH? MMITC;NCIH PIH ³FK­WL OH> J­FKDWL@CH>?N
MC=B CH 0ń => \­ÈGYdŬPDW­P³FFKDWX\­PXGYLÅP­VW­PƒMMDKLPM
0* \RQRGYHŽLWDÈJDFKD\DÈGYLÅPDVWDÈMDKL Q;M ;<?L HC=BN ;ONIG;NCM=B
B?CMMN >;MM ³FK­WL OH> J­FKDWL MSHIHSG QL?H C? MJJ G;=B?H I@@?H
MC=BNFC=B>;MM>C?M?MP?>0?L<A;LHC=BN¹A?B?Hº<?>?ON?NQC?<CMF;HAI@NG;FM
;HA?M?NTNQOL>?
C? ?>?ONOHA PIH ³FK­WL J;MMN A;HT A?H;O TOL ?>?ONOHA ¹TOM;GG?HA?
B?H TOM;GG?HEIGG?H GCN D?NQ ?NQ @§A?H?CH@§A?HP?L@§A?H DG ?NQ
TO@§A?Hº ;B?L MIFFN? TOH=BMN ;OM M?G;HNCM=B?H !L§H>?H @§L >;M L§B
P?>CM=B?HOL??CH?CHTCA?M0?L< ³OH>E?CH>LCNN?M0?L<³;HA?M?NTNQ?L>?H
MIH>?LHHOL ³PM³C?ENCP@ILG?H>?M*LM>?LNB?G0#*LM?HMEF;MM?
MCH>F;<CF5g=;OM7OH>CG,0OH>0M?BL>?ONFC=BCH;A?HNCP'?>C;F@ILG?HTO
³FK­ @CH>?H MC=B GCN V­P¹TOM;GG?Hº ?LMN CH MJN?L?H .?RN?H C? NB?G;
NCM=B?H ENCP@ILG?H T?CA?H MIGCN A;HT >?ONFC=B ?CH? @OHENCIH;F? (B? TOG
'?>COGTOG1TIL”UWDGCNVDPDU¬Á­MC?B?OHN?H?LMJNOLC>ANB?G
-N;GG E;HH ;FMI ;FM ILNM?NTOHA ?CH?L ;NB?G /LG?>C;F@ILG B᱈Mᬓž ȳ
B᱈Mᬓž•
;HA?M?B?HQ?L>?H
"C?LB?LA?B¡LN;FMIB?NBîLC¹NLC@@N;H?CHEIGGN;HºOLC>AB?BžL?C
C?-A*LM#H>¼(?I;ENCP½F;ON?N?CG-JNOLC>A B᱈Mᬓ•CXB᱈Mᬓ•NC;M"?NBT?CAN
J;L;>CAG;NCM=B?HOMAF?C=BPIH ME?T-A >;ŋEĀQ?HC-A*LM'?>ŋECNN;OMQ
C?#>??PIH)?NNCHA?L
TOL"?LEOH@NPIH MᬓI?E;HH>?H@OHENCIH;F?H4OM;GG?H
B;HA>C?M?L-N;GG<CF>OHATOG'?>COGHC=BN?LEFL?H
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
?L*LM?HMMN;GG>?L0*LM?HMEF;MM?
C? ILG?H >?M *LM >?L 0 00# *LM?HMEF;MM? A?B¡L?H TO <?C>?H
0?L<?H "C?L MCH> I@@?HMC=BNFC=B OLC>A B᱈H•ONC PM B᱈H•ONC F;ONFC=B
TOM;GG?HA?@;FF?H
C? ILG?HPIH³Á„WLa ³ÁY­WLMCH>J;LNC?FF?FFIGILJB?>?M*LM ƒ\DUWL
fL\­UWL–UWH>?L###*LM?HMEF;MM?PAF%§GG?F
MP,
-CGJF?R”…GSU­
MN?B?HGCNƒ\DUWLfL\­UWL–UWH
-CGJF?R”­SDDEKƒQƒYƒV­P MN?B?HGCN³Á„WLa³ÁY­WL³ÁXWda³ÁYd
C?ENCP@ILG?HPIH³
-CGJF?RI>?LGCNDEKƒI>?L”
;5·=;OM7
,0;WYHÅ­VWHGK±P­³ÁYDWL¼B?@NCAMN?CAN>?CH,;O=B;O@½!?F>H?L
,0 = DEKƒN³ÅÁdQDU­MDV¬G\”P³ÁRWL¹GCN>?GM=BQ;LT?HOHMN?LB?<N
?LMC=B<CMTOG"CGG?FºPAF;O=B¼?L?LB?<NMC=BGCN>?GM=BQ;LT?H(?<?F<CM
;H>?H"CGG?F½1CNT?FCH1CNT?FÞ!INĹ
¹A?F;HANA?LN?L<CMTOG
"CGG?FºI>?LE;OM;NCP¹M?NTN?L>?H"CGG?FCH?Q?AOHAº
C?@IFA?H>?-N?FF?<?>;L@?CH?LLFON?LOHA
,0 W­P¯ÈKLQYDQWLGK¯W­\RG­ÃDYUƒÃRGHY­PP­UW¬VD±W­\HKDY¬PDKH_
GK­QRU­GKLSUDY­WD”V­³ÁYDW\DEKLYU­MDGEKLUYD\…Q¬Q­Y¬GKLWD
¹-INL?C<?HCBH>C?H>;=BN?HOH>>C?T?BH CHA?L;H>?H!INNLO@?H
QCL-N?L<FC=B?HOHMTOL"CF@?;H
OM>?LGK­QX>?G.LI=E?HBIFT";O@?H
5&?MOHA;FMSUDY­WDV7>?L;<M=B§MMCA?HB?L;<B?LPIL
5&?MOHA;FMSUDY­W¬7;O@PILH§<?LA?H?CAN?1?CM?M=BLA;<QLNM
?LB?<NMC=B>C?M?LM=AHCB?L<?C
GCN >?H "CHA?B?H>?H"CHQ;H>?LH>?H M= F;GG?H G;=BN ?L
MC=BM?CH?H?O?H!?Q?<?)J@?LQ?LE?º
C? %IHMNLOENCIH >>GK­QRU­GKLSUDY­W¬ ;HNCE;OM;NCP? 0?L<@ILG77 CMN CH
D?>?G ;FF;FM@ILG?FB;@N;HTOM?B?H;MT?CAN>?ONFC=B@IFA?H>?L?F?A
,0
= GK­QRU­GKLSUDY­W¬\¬VL¹;OMPIH>?L GK­QXB?L;<A?BMN>OºQI
SUDY­W¬ MC=B?L #HMNL >?L <?AF?CN?H>?H LN OH> 1?CM? ¹PILQLNMPILH§<?L A?
Q;H>Nº CMN ;B?L MIFFN? ”V­³ÁYDWL CH ,0 = ?<?H@;FFM ;HNCE;OM;NCP M?CH
GK­QRU­GKLSUDY­WD”V­³ÁYDW\ CH ,0 = CMN ;FMI ?HNQ?>?L ;FM GK­QRU
­GKLSUDY­W¬”V­³ÁYDW\ QC? GK­QRU­GKLSUDY­W¬\¬VL CH ,0 = TO F?
M?HI>?L SUDY­WDCMN!?H<F-A@ SUDY­WDVTO GK­QRU#HD?>?G ;FFMIFFN??M
BC?L J;=?!INĹCH1CNT?FÞ!INĹ
HC=BN;FMEE<?MNCGGNOH>HC=BN
4O>?H;OM>?G*LM0NB?G;NCMC?LN?H-NGG?H>?L0#*LM?HMEF;MM?PAF%OFCEIP
;
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
GCN¼PILQLNMA?Q;H>N?1;MM?L½§<?LM?NTNQ?L>?HPAF1CNT?FÞ!INĹ
GCN,?@?L?HT;O@-;E;GINI!INĹ
H
<5=;OM7
,0 ;< WY­ÈGK…QLULQGUDGK…QLPDW¯U³Á„UDS­ÊV¯U”Q­VU­YDQW¯Ê ¹O
.IM?H>?L#H>L;>OG;=BN?MNFC?‹?MN>C?NIM?H>?H!?QMM?LMC=B?LB?<?H>C?
QC? F§MM?MNL¡G?H>?Hº
,0 < N”P X VYDGK”P ³ÁDYDÊ ÃDV\­P¬QDÊ ¹/H> Q?F=B? .LC?<EL;@N
(?CAOHAQCLMN>OMC=B?LB?<?HG;=B?HA?JLC?M?HQ?L>?H>º
C?ENCP@ILG?HPIH³I>?L³
GCN­SDYƒ
; 5=;OM7 E;OM;NCPNL;HM@ILG;NCP ¹?NQ ;O@G;=B?H ¡@@H?Hº C?M? ?>?O
NOHA A?B¡LN ?HNQ?>?L ;FM NL;HM@ILG;NCP? &?M;LN ¹?NQ ;O@G;=B?Hº TO B0L
I>?LMC?A?B¡LNGCN$I;=BCGOH>%§GG?F
@;FM¹;OM?CH;H>?L
A?F;HA?HF;MM?HºTOB0L
,0 ;< ­SDGY”U¬PDW¯Q”PSUDWQ”³ÁYDQWLN¬U­YDÊ ¹C? <?C>?H .§L?H
>?L!?>;HE?HFC?‹?H>C?PILG;FCA?HC=BN?LQ?AA?B?HºI>?L¹G;=BN?H;O@º
,0 > ³Á„ÊS…URYƒG…URDV\DYƒÃY¬Ê¹>O G;=BN?MN M?CH? OLA?H ;FF?
M?CH?.§L?H;OM?CH;H>?L;O@º
GCNIBH?YƒGCNEEY”UDP¹>?H1OHM=Bº
CH? MJ?TC?FF? ?>?ONOHA ¹D?G;H>?G ;N ?NQ A?G‹ 1OHM=B I>?L ?
AC?L>? ?L¡@@H?H;O@NOH I>?L P?L@§ANTOA?@§AN G;=B?Hº ¹DG ?NQ H;=B
1OHM=B <TQ >?H 1OHM=B ?LG¡AFC=B?Hº ?LAC<N MC=B GCN EE Y”UDP ¹>?H
1OHM=Bº
,0 @A YƒÃYDVP¬ƒWVXN›WHY”UDP³ÁYDW\DJQƒUGY”U¬Y\œÁYDWL ¹D?>?G
LIGG?H;N-AGD;@§AN?L@§FFN?L>?H1OHM=BAHCG;=BN>C?.IL?
;OM?CH;H>?L;O@º
,0 => YƒKDY\­PDJQƒU¬QXÅ­JEK­JRQ­Y”UDP³ÁYDWL¹AHC @§ANN?CFN
CHMN?N?L IFA?>;M)J@?LTOQC?B;A;>?H1OHM=B@§AN?L@§FFNº
C?M? &?M;LN @CH>?N MC=B ;O=B <?CG B?NB %IGJ;L;H>OG ;LHOO>5>O7 QI
>?L1OHM=B@?BFN;<?L>;H?<?H4#;5ŋ7¹PIH>?L-??F?ºMN?BN¹D;N?NQ;M
PIH>?L-??F??L¡@@H?HP?L@§A?HG¡AFC=BG;=B?HA?G‹-??F?HQOHM=Bº
%/0##
CCC@ HOGO /(ᝀ57 4#;5ŋ7 C᫱;>OHOQ;GOE;H 4#
;5ŋ7;LHOO>5>O7
¼?L1?NN?LAINNG?CH"?LLMIFFGCL>;M>?M1OHM=B?MNOHLMIFFGCL>;M
>?M1OHM=B?M<LCHA?H½ LC?>LC=B%;GG?HBO<?LI>?L¹>?L1?NN?LAINNG?CH
"?LL MIFF GCL >;M PIH >?L -??F? NOH L MIFF GCL >;M PIH >?L -??F? ?L¡@@
H?H;O@NOH;O@<LCHA?H?CH?H-??F?HQOHM=B?L@§FF?Hº
"C?LB?LA?B¡LN;FMI;O=BD;P ˔L˔H;IᲖ ¹N?CFNTOºHNQ?>?L >C?M?&?M;LN¹TO@§A?HTON?CF?Hº
TOL *IFSM?GC? >?L OLC>A 1OLT?F ¹TOM;GG?H @§A?H º I>?L ?CH? ?B?G;FM M?F<MNH>CA?
1OLT?FCMNBC?L?CHA?@FIMM?H#=BN?H>C?L?J;=?&#0MP¼B?L½TO?LMN?L?G
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
GCNV­P
;5=;OM7
,0 ;<= V­KDY\DY”¥­PDUW\D>@ DJQƒUGKL\”V­P³ÁYDWL¹57 L CMN
>?L !OMMIJ@?L@;BL?L >?L OHMN?L<FC=B? 57 AHC <LCHAN ?M M= >;M )J@?L GCN
B?CFCA?LH>;=BNTOM;GG?HTOMN;H>?º
,0 => GYLW”K„W¬UDPP­QXÅDÃFDY¬JK­WR GKL\”U­WKDÈQ­N…OLÃDÊV­P
³ÁYDWL¹<?LG;FM<LCHAN?LM=AHC0;CŅPîH;L;>?H"IN;L>?M';HOOH>>?M
)J@?LP?L;HMN;FN?LMGCN%OHMNP?LMN;H>QC?>;M?CF>?H1;A?HTOMN;H>?º
-=BFOMM
C? ENCP@ILG?H >?M *LM?HMMN;GGM >?L 0 *LM?HMEF;MM? OH> >?M >;PIH
NB?G;NCMC?LN?H ³ÁY­WL0#T?CA?HF;<CF?*IFSM?GC?MIQC?>C?>?M*LM###-C?
MCH> J;LNC?FF? FFIGILJB? CH /HN?LM=BC?> <?MN?BN F?>CAFC=B >;LCH >;MM >C?
E;OM;NCP?H&?M;LN?H>C?NL;HM@ILG;NCPI>?L?@@?ENCPJLI>OENCPMCH>GCN ­SDYƒ
V­PPIG*LM?HMMN;GG>?L0%F;MM?A?<CF>?NQ?L>?H
;FFM >C?M? &?M;LN ¹;O@G;=B?Hº ;O=B TO B0L A?B¡LN FMMN >;M @IFA?H>?
,§=EM=BF§MM? ;O@ >C? OLC>A 0?LBFNHCMM? TO >C? ENCP@ILG?H TOG -N;GG
BLH•ONC B;NN?H H?<?H >?H &?M;LN?H >C? ;O=B >C? PIH BCB•LNC B;NN?H
TOMNTFC=B HI=B >C? NL;HM@ILG;NCP? &?M;LN ¹?NQ ;O@G;=B?H ¡@@H?Hº >C? ?CH?H
MC=B CH M?CH?L E¡LJ?LFC=B?H #HN?ALCNN P?LH>?LH>?H *;LNCTCJ;HN?H <?CHB;FN?H
QBL?H> >C? ?@@?ENCP? &?M;LN PIH BCB•LNC ¹@§L D?G;H>?H ?NQ ;O@<LCHA?Hº
HC=BNNL;HM@ILG;NCPQ;L
C?ENCP@ILG?HPIH³
C? ENCP@ILG?H >?M *LM?HMMN;GGM >?L 0 <TQ 0# *LM?HMEF;MM? TO ³
<?>?ON?H ¹D?NQ TOM;GG?HEIGG?HMNI‹?H G;=B?HBCHA?F;HA?H F;MM?H GCN
#HMNLCH&IEº
³FK­WL
RA?F;HANCH;OMSNLC@@NMN¡‹N;O@CHTOM;GG?HGCNS
³Q„WL
TG;=BN>;MMRNLC@@NMN¡‹N;O@CHGCNSMC?B?OHN?H
GCN”
;5=;OM74OP?> ³A?B¡L?HL?=BNMC=B?L>C? ILG?HGCN QƒOH>N?CFQ?CM?
>C?GCN”>?HHMC?T?CA?H>;MM?F<?MSHN;ENCM=B?0?LB;FN?H
,0 ”JKDWY”Y¬QWP­Q¬SW­VWRW›EK\RGK³ÅÁDYL\¬Q­Ê_ ³Á„U­NÅDÈQ­
FDNU\wʼ1?HH?CH?LQC?>O'ONCA?L>?L>?H-HA?LHJ?LM¡HFC=B<?E;HHNCMN
>;LOG A?<?N?H QCL> MIFFN?MN >O AF?C=BM;G >C? =BM? CH >C? 5<?C>?H7 ,>?L
&IEOGH?CH@§A?H½!?F>H?L
,0 ;< ”WY¬J„EKLULYDYUDM­ÈJ¯UEKƒU³ÁRP\DGULYDʹ#=B P?LM?B? >C=B
QC?GCN,CH>?LH?CH?H*@?L=BGCN&I<FC?>?LH>O,?C=B?L;H-N?CH?Hº
,0 5;7> MC?B? I<?H ”>@ ³Á„U­NÅDÈQ­FDNU\wʹ57 MI MIFFN?MN >O
AF?C=BM;G>C?=BM?CH>C?TQ?C,>?L?CH@§A?Hº
*;=? %LCM=B ,#0&2 # @@ >?L MC? CGG?L TO ³ DU MN?FFN OH> GCN ¼DG> M?NTN
DG>H?NQCH?Q?AOHA½§<?LM?NTN
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
?MQ?CN?L?H
,0 ” \­G G…YDÊ ÃDWDNUDWDY ” N”PDÈ MDULWµÁ”P _ ³Á„U ­NÅDÈ Q­
íF¯EKLʹ#H>?G >O >C? !;<?H I "OH>?LNEL@NCA?L A?G‹ >?L ?AC?L>? >?L
-HA?L;O@NOMNP?LMC?BMN>OAF?C=BM;G>C?=BM?GCNH?LAC?Hº
GCNQƒ
;5=;OM7
,0 ; W­PDJQƒP­VWHY­VDYRQ\œÁYDQ¹C?M?H AHC @§AN?H >C? 0;MOM CH
>C?"?CGMNNN??CHºI>?L¹>C?M?HAHCFC?‹?H>C? 0;MOMCH >?L"?CGMNNN?HC?
>?LA?F;HA?HEIGG?Hº
,0 ;< WYd DVXU\gÈ Y­VDYR Q\ œÁYDQ NU­WXÈ Kƒ WH PLWUDPDKR MXÅ­QWD
¹?C>CLM?NTN?H>C?0;MOM>C?MOL;Q§L>??CHºI>?L¹;O@>C=BFC?‹?H>C?0;MOM
>C?MOL;Q§L>?HC?>?LA?F;HA?HHC?>?LEIGG?Hº
C?-SHN;RPIH”³Q„WLOH>Q\œÁYDQ
C?-SHN;RPIH ”³Á„WLCMN>C?>?L¼NQIJ;NN?LHM½PAF";O>LS@@
%OFCEIP
@OH> HGCN&CN(?<?H?CH?L%IHMNLOENCIHGCNEEOH>
&IE >?M 4C?FM4C?FILNM MN?BN ?CH? GCN EE >?M 4C?FM <TQ ,?TCJC?HN?H OH>
#HMNL>?M§<?LGCNN?FN?H!?A?HMN;H>M¼.B?G?½
; ”³Á„U
­NÅDÈ
FDNU\wÊ
,0
EE &IE
”³Á„U
< ”
­NÅDÈ
EE LYD
EE WY¬
íF¯EKLÊ
#HMNL
,0
J„EKLU ,0;<
#HMNL
YUDM­È
J¯UEKƒU
³ÁRP\DGULYDÊ_6ab EE #HMNL
= W­PDJQƒP ­VWH Y­VDYR
Q\œÁYDQ
,0;
EE &IE (IG
¹>C?M?HAHC@§AN?H>C?0;M;P;MCH>C?1IBHMNNN??CHº
'?CH?Š<?LM?NTOHAPIH,0;<F;ON?NMI<?H
,0 ;< ¹#=B F;MM?G;=B? >C=B GCN &C?>?LH TOM;GG?HA?F;HA?H
EIGG?H C=B P?LM?B? >C=B GCN &C?>?LH I MN?CH?L?C=B?L QC? GCN %§B?H
?CH?H*@?L=Bº
CH?Š<?LM?NTOHAGCN¼DG>M?NTN@§LDG>H?NQ CH?Q?AOHA M?H>?N D?
G;H>?G?NQ½QC?PIH%LCM=B,#0&2#@@PILA?M=BF;A?H>?L>C? ILG
>;HH TO ³ MN?FFN Q§L>? F;ON?H ¼C=B M?NT? TO >CL CH ?Q?AOHA QC? %§B? TO
?CH?G*@?L=B>C?&C?>?L½CH?MIF=B?Š<?LM?NTOHAQ§L>?@§L,0
OH>
F;ON?H ¼>O M?NTN CH ?Q?AOHA >C? =BM? CH >?H ,>?LH½ ¼>O M?NTN CH
?Q?AOHA >C? =BM? GCN H?LAC?H½ O=B Q?HH <?C>? -N?FF?H >;>OL=B
PC?FF?C=BN JLCG;@;=C?MCHHPIFF§<?LM?NTN?LM=B?CH?HMICMN;<?LGCN>C?M?LŠ<?L
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
M?NTOHA >?G I@@?HMC=BNFC=B?H -JL;=BMJC?F GCN >?L *IFSM?GC? PIH ³Á„U CH ,0
HC=BNA?H§A?A?N;H
,0 ” \­G G…YDÊ ÃDWDNUDWDY ” N”PDÈ MDULWµÁ”P _ ³Á„U ­NÅDÈ Q­
íF¯EKLÊC?*IFSM?GC?F;ON?N;H>C?M?L-N?FF?¼#H>?G>O>C?!;<?HG…YDÊ
I"OH>?LNEL@NCA?LA?G‹?AC?L>?N”PDÈ>?L-HA?L;;O@NOMNP?L@§AMN³Á„U
BC?LQC?I<?HGCNY”UDPP?LMC?BMN>OAF?C=BM;GQ­>C?=BM?GCNH?LAC?H
íF¯EKLʺ
"C?LB?CMMN ³Á„U;FMI¹FMMN>ORGCNSTOM;GG?HEIGG?HºC?Š<?LM?NTOHA
¼C=BF;MM?>C=BTOM;GG?HEIGG?HP?LM?B?>C=BGCN?NQ½OH>¼>O@§AMN>C?
=BM?CH>C?,>?L½OH>>C?HH;BG??CH?L4OA?B¡LCAE?CNTOG0?L< ³NLC@@N
>C?-SHN;R>?L¼NQIJ;NN?LHM½;FMI<?MM?LOH>CMN@§L³Á„UCH,0
MCHHPIF
F?L#=BMN?FF? Qƒ³Q„WL;FMITOG0?L< ³>?HH>C?-SHN;RPIH Qƒ³Q„WLAF?C=BN>?L
-SHN;R PIH ”³Q„WL OH> MN?BN QC? I<?H ?LE?HH<;L CMN ?<?H@;FFM GCN EE OH>
&IEPAFTHI=B?CHG;FQ\gLUD\DGCH
,0 ;<= XW”G­Ê SDUXÅd J­YL V˜UDà FDNU­È KLUDÁ\­\DP _ Q\ gLUD\DG
UDWK–WDPDʹ/H>;H D?H?G)LNM?NTN??L<?C>?L@F?=ECA?H%OBM=>?L1IFE?
>?L-IHH?AIF>?H?M,;>?CH>?L<?MN?1;A?HF?HE?Lº
-=BFOMM@IFA?LOHATO³
C? ?>?ONOHA PIH P?> ³Á„WLa ³ÁY­WL E;HH @IFA?H>?LG;‹?H CFFOMNLC?LN
Q?L>?H
T/-
S
ÖÕ R
T/-
T/-
S
S
Ö
Õ
¹FMMNSOH>RTOM;GG?HEIGG?H
FMMNSD?G;H>?GRTOEIGG?Hº R4C?F ¹FMMNSTORCH4C?FEIGG?H@§ANJ;MMN?CHº
R4C?F ¹FMMNSGCNRTOM;GG?HEIGG?H
P?LMC?BNSGCNRº
³Á„WLa³ÁY­WL MN?FFN M=BFC?‹FC=B >;M E;OM;NCP? !?A?HMN§=E TO ³FK­WL ¹D?NQ
NL?@@?HMNI‹?H;O@D?NQA?F;HA?HCH;OMº>;LOH>A?B¡LN>;B?L>?ONFC=BTO
³ OLC>A B0L OH> HC=BN TO ?CH?L GONG;‹FC=B?H @L§BP?> 1T ¿³ J;=?
1?L<;MP';SLBI@?L1C;MP­UDPDU­
C?M?F<?1OLT?F?NSGIFIAC?B;NGD;P ˔L˔H;IᲖ˔L˔HOO;C‫ޣ‬NC¹N?CFNTOºȱ¹G;=BN>;MMD
?NQ?LF;HAN;H?NQA?F;HANºOLC>A B᱈H•ONCPAF%§GG?F
@;H?<?HA;<?M
G ?CH FFIGILJB B;LH•ONC '?> #HD B;LH᳊ž ¹N?CFN MC=B TO ?LF;HAN A?F;HAN ;Hº PAF
AL…SOVNBJ;LG*LM;᰹HIQGIL;᰹C"C?LB?LA?B¡LNAL‚S²NIO¹?LF;HAN?ºB;Lž•ȱ
OLC>AB;LžC?M?F<?1OLT?F?NSGIFIAC?B;NGAL|SJ@¹4;HE-NL?CN%;GJ@ºPAF>N
MC? MCH> ;H?CH;H>?LA?L;N?H MC? B;<?H MC=B A?MNLCNN?H "C?LB?L A?B¡L?H ;O=B >C? C>A
1¡LN?L@§L>?H¹1C>>?LI=EºOLC>A B•LCX BLCPAF (#& MP?CH.C?L>;M
>;>OL=BA?E?HHT?C=BH?NCMN>;MM?M?NQM?CH?"¡LH?L TOM;GG?HMN¡‹NTOM;GG?HNL?@@?H
FMMN?LHM;NT>?L1OLT?FH¼B?L½&#0CMNMIGCN@L;AFC=BC? ILG?HA?B¡L?H
GTOB0LXB;L&#0?MAC<NE?CH?"CHQ?CM?@§LBCGHF;ONOH>B?NB;;L;
¹L?=BN ;HA?G?MM?Hº ­UD ¹A??CAH?N ;HA?G?MM?Hº MJLC=BN ?B?L @§L B;L G ?CH FFI
GILJB TOB?L PAF ­UH CH ,0 ; HY”UHY³ÅDEK¬VXWd
VLQYDQEK˜U\¬YD\Dʹ@§LQ;BL
>O OFF? CG ;HA?G?MM?H?H !?JL?MMN?H M= -IG; B;NN?MN >O OHA?T§A?FN PC?F !?HO‹º
BLICMNG?CH? -A/LG?>COGPIG.SJE•CICHMN;NCP?L&?M;LN¹CMN J;MM?H>A?BN
TOM;GG?HJ;MMNTOM;GG?H@§ANMC=Bº4OG4OM;GG?HB;HA;H>?LMQIG?BL
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
C?'?>C;F@ILG?H³ÁXWdX³ÁYH
C? TOA?B¡LCA?H '?>C;F@ILG?H MCH> CG ,0 HOL >L?CG;F <?F?AN OH>MN?B?H
CGG?LGCNEEOH>”­SDYƒ
,0 => \…Y¬\­G¯N³WK­ÊS…QDU”N”PDP³ÁYHYDGKYg ¹Q?HH CBL CBH
QC?>?L DOHA G;=BN ?LB?<N ?LL?AN ?L @§L MC=B QC?>?L >;M 0?LF;HA?H >?L
M?CH?L L;OB?L<?CºI>?L¹Q?HHCBLCBHQC?>?LDOHAG;=BNA?QBLN?L@§FFN?L
QC?>?L>;M0?LF;HA?HM?CH?L L;Oº
,0 < ÝSD\”P¬W”«³ÁXW­YUDM­ÈJ„ʹ>OL=B Q?F=B?M >C? 'ONN?L M=
/Å;MCBL?H%OB*@?L=B¡@@H?NM=>C?'ILA?HL¡N?HB?L;OMFMMNº
0AF;O=B
,0
W­YDW\dVRPDíNWLEKLUQƒN¬P¬VRY\œÁYLUH_
J›WVDV\DGK–U¬VWDY­VR YƒYRP­GH
YUDM­ÈJ„PDQWDPDÃYƒQDÈ
YƒYDNÅDVH__
¹OL=B>?CH?I-IG;0?LG¡A?H
G;=B?HCBH>C?M??A?BL?H>?H@§LMC=B;O@
>OL=B>C?>?M,;M=B?H>C?%OHMNP?LMNH>CA?H>OL=B>C?>?M-N;LE?H
¸;FFM?CNM?O=BCG,;OM=B¸
OH> TQ;L ?CH?H LCH>?LL?C=B?H *@?L=B ?CH?H GCN*@?L>?HP?LM?B?H?H
¸?LMO=B?C=BTOP?LE§H>?Hغ
"C?LFC?ANM?BLEOHMNPIFF<TQE§HMNFC=BP?LM=B;=BN?FN?-SHN;RPIL?LEE
>?M ?LMN?H -;NT?M W­YDW\dVRPDíNWLEKLUQƒN¬P¬VRY\œÁYLUH MN?BN GCNN?H CH
?CH?G ?CHA?M=BI<?H?H TQ?CN?H -;NT YƒYRP­GH>YUDM­ÈJ„PDQWDPDÃYƒQDÈ@
YƒYDNÅDVH ¹;FFM?CNM CG ,;OM=B? 5EE >?M ?LMN?H -;NT?M7 ?LMO=B? C=B TO
P?LE§H>?Hº C? >;M .?RNMCA?F >?L C=BN?L >?L 9¬PDGHYD-CJJ? PAF )<?LFC?M
C?M? -SHN;R CMN ;G ?B?MN?H >;GCN TO GINCPC?L?H >;MM YUDM­È
J„PDQWDPDÃYƒQDÈ TO Y\œÁYLUH ;O=B ;FM EE TO YƒYDNÅDVH ¹C=B ?LMO=B? TO
P?LE§H>?Hº P?LMN;H>?H Q?L>?H MIFF OH> TQ;L QIBF CH >?L ,IFF? >?M @
@?ENM*LI>OENMPIHYƒYDNÅDWH>?L0?LE§H>OHA>?M-HA?LM
CH /HN?LM=BC?> TQCM=B?H >?H '?>C;F@ILG?H TO –UWH OH> >?H?H >?L 0
*LM?HMEF;MM?³ÁYH³ÁXWHFMMNMC=BQ?A?H>?L5=;OM7&?M;LNPIH –UWHHC=BN;H
5=;OM7@?MNG;=B?H
?L*LM?HMMN;GG>?L2*LM?HMEF;MM?
ENDUS­\DWL
0AF $;GCMIH ¼5)7H=? <OCFN DUSD\DWL=IOF> <? ?GJFIS?> ;M =;OM;
NCP? NI NB? ?HNCL? LIIN ³ ;H> CN CM @;CLFS =IGGIH CH F;N?L -EN CH ; P;LC?NS I@
G?;HCHAM<?MC>?M¹@CNMCHº½
;TO³
,0 => …Q QR Y¯U”« DUSD\D EKHÅDMdEKLU EKLÅ­NWDPDÈ WY¬ EKLÅ­M¬È
óÁRPL¹G;=B >;MM OHM?L? 'HH?L MC=B ?LB?<?H >OL=B >C? "?CFGCNN?FØ #=B
B¡L? >;MM >O P?> EE -A G >?L <?MN? LTN >?L tLTN? M?C?MNº Q¡LNFC=B
¹C=BB¡L?>C=B>?HtLTN?MN?HOHN?L>?HtLTN?Hº
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
< TO ³ #H ,0 ;< ƒQGU¬VRP¬W­SDWDÈU­NÅDXEM­WDÈQ\gUSD\DWDÈ
Y³ÅDÁ¬WDPRY›GKDÊ CMN Q\gUSD\DWDÈ E;OM;NCP?M !?A?HMN§=E TO Qƒ”UWD MC?B?
OHN?HPAF%§GG?F
<
EN¯U­\DWL
C? ENCP@ILG?H TOG *LM?HMMN;GG ¯U­\DWL MCH> CGG?L E;OM;NCP OH> A?
B¡L?H TO <?C>?H 0?L<?H ³OH> ³ D? H;=B>?G GCN Q?F=B?L &IE;FJ;LNCE?F MC?
MN?B?HC?ENCP@ILG?H>?M*LM>?L2*LM?HMEF;MM?MCH>J;LNC?FF?FFIGIL
JB?TO>?H?H>?M*LM>?L###*LM?HMEF;MM? ƒ\DUWLTO ³OH>>?L000#
*LM?HMEF;MM?³Á„WLa³ÁY­WL>?HH?M@CH>?HMC=BA;HTC>?HNCM=B?%IHN?RN?
,0 S­YDP¬QR±UPƒP¯UD\D ,0 ƒ\DUWLV„PDÊS­YDP¬QD
±UPƒPOMQ
,0 …GY”FDP¯U­\DWL ,0 ,0 OMQ …GL\DUWLY”FDP
OMQ
,0³Á„ÊS…URYƒG…UR,0YƒDLUD\DWS…UDÊOMQ
MB;H>?FNMC=BHOLOG?CH?J;LNC?FF?FFIGILJBC?>?L*LM?HMMNGG?Q?CF
>C? ;FFIGILJB? CMI@OHENCIH;F? 0?LN;OM=B<;LE?CN HOL @§L >C? E;OM;NCP?H &?
M;LN?HACFNPAFHI=BG;F>;M*LM###CH
,0 ;< SU­ƒQGU¬JQƒEK\¬È VXYDFDV\”P L\DUPL VƒQGK¬Y LYD SU­
¯UD\DÈQ”YDPDUNDƒÊ¹ §L #H>L; OH> AHC NL?C<? C=B G?CH? 1IBF<?L?>M;GE?CN
PIL;HQC?C=B;O@>?G-NLIG>;M-=BC@@PIL;HNL?C<?GCN!F;HTFC?>?LHº
-CGJF?R
;5=;OM7
,0 => ƒQGU¬\HQGR S­YDP¬QR PDQ¯Å\ gÈÄU ±UPƒP ¯UD\D ¹@§L #H>L;
>C=B FON?LH>;O@EF;L?H>L?CH Q?L>?H> Q?CM? B?<? >C? 1IA? >?M -N?HA?FM
;HBI=BºYJOJHQDXVR59>ƒ\DUWLV„PDÊS­YDP¬QD±UPƒP
,0 ;¬P”VXSDNY­PDƒUD\D¹O <L;=BN?MN >C?>;M !?EI=BN? M= >;M
LI>?FHH?LAC? CH >?H ,IB?H M= CH >?L LIB?H 'CF=B ;O@?GJIL º¹>O
FC?‹?MN>;M!?EI=BN?CH>?H,IB?H;O@MN?CA?Hº
,0 ;< ­GK¬N³ÁRÊ SUDWKDP­È Y¯U\gP PDK­G \­G DV\”JUH EU­KPDÁ¬
ÅÅPDPDƒUD\Dʼ;HHB;MN>O>C??LMN?ALI‹?"?F>?HN;NA?N;H;FM>O;HCBL?G
H@;HA >OL=B >;M C=BN?LQILN EU­KPD >?CH?H 5>?H7 'ON ;HL?A?H FC?‹?MN½
$?ŧCô CH 1CNT?F Þ !INĹ ¼ ;FM >O TO?LMN >OL=B >C?M?M >?M
-HA?LM-IG;M%L;@NQILN>?CH?H'ON?CHM?NTN?MN½!?F>H?L
,0 ;<=S­Q\¬ÈVDÈM¬W­YHGDVDÈ\„GHY­W¬W\…G\DW¬_KDY\”Q\DƒUD\DW
GLYƒ¹?H BI=BA?M=BNTN?H $îN;P?>;M >?L CG !¡NN?LIJ@?L >C? …G\DW¬)J@?L CH
>?H"CGG?F?LB?<Nº
'CNTQ?CN?GEEEE>?M4C?FM
,0 ;< XNWK­Y¬KDVHYLEKYlPDQ¯Å”ÈGU…Á¬Q­S¬U­P¯UD\¬QDG–Q¬P
¹@§L>?H>?G8NWKDY¬KDV>?G-JL§=B?TO<?Q?ANQ?L>?H@§L>?H>?G!?
<C?N?L F;MM >;M &C?> MC=B ;O@G;=B?H TO CBG A?F;HA?H QC? GCN ?CH?G "IFT
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
M= ,O>?L TOG ;H>?L?H /@?L >?L F§MM?º PAF ?<?HMI ,0 = DS­Ê
VDPXGU­PDƒUD\DW
)BH?EE
,0 \dDJQHQdU­\DQWLWHY³GGK”XJU­V\DíYDVDÊ_ ­SDGYdÅR­SDKY­UR
Q\­YUDWDV\DVDÃFLUH¹C?IAHCHC=BN?LB?<?H?LL?A?H>?CHMM=>?CH? GYdÅDÊ
¹ ?CHM=B;@Nº?LMN;LEN>OL=B>?CH?A?Q;FNCA?%L;@N>C? ?CH>M=B;@N>C?.§=E?
>?MH>?LMAFO<CA?HA?F?CN?HMC?@ILNº
<5=;OM7E;OM;NCP?@@?ENCPJLI>OENCP¹?NQ;O@G;=B?HºIBH?Yƒ
,0 => YƒÃY¬ \­G JRWU” V­KDV¬ S­U¯Y³W¬ P­GH V„PDV\D G³ÈKLW”Q\
DƒUD\DW¹;FM ?L ;FF >C? OGM=BFIMM?H?H %OBMNFF? CG ,;OM=B >?M -IG;M >C?@?MN
A?G;=BN?H;O@G;=BN?º>;A?A?H;FM¼?LM=BFI‹½GTO@L?C§<?LM?NTNPIH$?ŧCô
CH1CNT?FÞ!INĹ
GCN”
,0 < ”V˜U\DPDLUD\DWDÈGLYƒSUDEK…P¹#BL <?C>?H BI<N -ŕLS; ;H CG
CH>?H"CGG?F>?HB?LPILL;A?H>?Hº
,0 = ƒQGUDÈVDW\DƒUdUD\¬P¬N³WdEKLʹ?H #H>L; QIFF?H QCL >OL=B
Q;BLB;@N?.;N?HMC=BB?L<?C?LB?<?HG;=B?Hº
,0 < S³Å½KdÅY dUD\¬ UD\ƒP ¹;O@ >?H >?CH?H ,§=E?H <LCHANL?C<
,?C=BNOG;O@غ
,0
= JK›WDQLUÁLJEU­KPDÁHJ¬W…PdUD\D¹CH-=BG;FTA?EF?C>?NNO;O@
>?L@?C?LFC=B?H,?>?>?H1?AB?L<?C;O@غ
GCN…GTO³
,0 ;< …G ¯UD\DWK¬ PDUXWDÊ VDPXGUDW„ \±\­È Y³Å½ƒÈ YDUÅD\DWK¬
SXU¯ÅLÁDʹGJIL ?LB?<N CBL I ';LONM PIG ?FN; B?L >?H ,?A?H CBL F;MMN ?M
L?AH?HCBL+O?FF?H>?º
,0 < \­GDEKUƒ\¬ÈY”FDPXG¯U­\DQWL ¹ Q?HH MC? >C? TOL 1?NN?L
QIFE? A?B¡L?H>? -NCGG? ?LB?<?Hº PAF ,0 = …GY”FDP¯U­\DWL …G
L\DUWLY”FDP
,0 ; …G ¯UD\D NDYƒWDPDÈ NDY¯Q”P ¹';=B?N >?H -?B?L
MN?H-?B?H>MN?H>?L-?B?LMC=B?LB?<?Hغ
,0<…G¯P³W¬\…P¯UD\DW¹?LB?<?CBH>?H,?=BNQ;H>?FH>?H?GJILغ
9JO DXFK 59 …G ¯UD\D SLW­U¬ M¬U­ ” EK­JDP ƒ\DNÅDWL KDU\DW„ K³WW­
LÅ\DWL_YƒYDNWLY­KQLÊVYDSDV\­WHPDNK­VWDYLÅ\­WH­VXURYdSDWHPDW–
,0 ;< \XY­È KD UHEK­È Y³ÅDÁ¬ J…K¬ KLW­P …G DLUD\DWDP
PDP³Y”ÈVDPDÃYLQ¬ ¹#BL <?C>? MIA;L G;=BN?N >?H ,?<B; MC=B ?LB?<?H CBL
OFF?H>?HP?LMN?=EN?H>?HM=BIH<?L?CNMA?MNIL<?H?HCBLŅPCHMº
,0 ;< \”EK¯UHEK­ÈQƒY³WDÈVLW­PDGEK\­ …GY­QGDQDPDƒUD\DWDÈ
VYgUG³Ãd¹'CN >?H?H CBL <?C>? >?H ,?<B; >?H ?CHA?M=BFIMM?H?H A?<OH>?H?H
M¯Y­PXG¯U­\DQW\CH,0=CMN-;H>BC@§L XG¯U­\DQW¯*;LNCTCJ*LMEN(IG-A@
J;=? &O<INMES # PAF ,0 = Y\XFK­QW¯M¯Y­PXG¯U­\DQW\XŔP³W­ÈN­È
FDQ­ ERGK­\DQW¯ ¹>C? >;M &?<?H ;FF?M &?<?H>CA? MC=B ?LB?<?H G;=B?H>?F;MM?H>?
'ILA?HL¡N?º
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
;OM >?H 1;MM?LH >?H 0;H>;H; ?GJIL MC=B ?LB?<?H G;=BN?N TOG >C? -IHH?
-?B?HOGQ?CN?LTOF?<?Hº
,0 =>WUƒGK¬KDÃ\”YDPDÃYLQ¬YƒNDVWDP…MM¯Y­VDDLUD\DWDÈVXG¬Q±
¹>?HMIA;L>L?C@;=B;OM?CH;H>?LA?MJ;FN?H?HńSîP;B;<NCBLŅPCHMTOG&?<?H
?LBI<?HCBL!ONA?<CA?Hº
,0 = …G ¯UD\D SU­WL P¬ V±Q›W¬ XÅDà ¹?LB?<? TO GCL BCH 1IBFG;H
H?MEL@N?EE*FHI/Å;MغI>?L¼M?NT?@§LGC=B&?<?HMEL;@NCH?Q?AOHA
I/Å;M½1CNT?FCH1CNT?FÞ!INĹ
,0 < …WS…UDÈGK¯U¯UD\DWDÈW­GXÃPDVL¹<LCHAN @§L OHM ?FIBHOH
A?H;O@Ø;MQ§HM=B?HQCLOHMº
GCNSU­TO³
,0 ;< SUdUD\D V˜UR ­UWKDÈ Q­ S¬U­È \d DV\D N”PDÈ MDQLGK” LYD
JP­Q¹LCHA"?<?PILQC?>C?-IHH?CBL?,IMM?;HCBL4C?F>C?D?HCA?HM=
>?H%;BH>?LCNN?H>?L?L;H>;MD?HM?CNCA?/@?L>C?;O@M?CH?H1OHM=B?CH
ACHA?HQC?>C? L;O?HP?LM=B;@@?LM=B?MNC@N?Lº
,0 = SU”UÁ¬ÈV\DLUD\DWDÈQDG–Q¬P¼CBL M?NTN?N >C? FON?H >?L F§MM?
CH?Q?AOHA½!?F>H?L
,0 > SU­SDUM­Q\DP¯UD\¬Y³Å½LP­QWDP¹<LCHA?>?HL?A?HL?C=B?H*;L
D;HS;;O@غ
,0 ;< PDK­ XJU”\D WDY­VH VXY³NWƒP SUdUD\D ÃLY­WDP¬\D SDÃY­Ê
¹?G!LI‹?HA?Q;FNCA?H-N;LE?HB?<??CH?"SGH?PIL>?GAF§=E<LCHA?H>
MN?H;H0C?B!?H-AHغ
'CNTQ?CN?GEEEE>?M4C?FM
,0 ;< ” \­G UXK”YD Y­UXÁDà FD Q”YDP SU­ \­W VDPXGU­P ¯U­\¬YD
P­GK\DP¹1?HH QCL <?C>? 0;LOÁ; GCN GCL >;M -=BC@@ <?MN?CA?H Q?L>?H
Q?HHQCL<?C>?>OOH>C=B?MGCNN?HCHM?FN;BCHPIL<LCHA?HQ?L>?Hº
,0 ;< V­P”KLQDƒQGUR­UÁRDS”PSU­LUD\DGDKLK”FK¬VDPXGU­P¼?L
G=BNCA? #H>L; >?L L;=B?HN¡N?L NL?C<N >C? FON >?L !?QMM?L BCH TOG
'??L?½!?F>H?L
GCNSU­WLQIBFTO³
,0 ;< ¬WKDUYDÁ”\¬ÃYLQ¬GDGK¯Fd
ÃY\DÈÃUDÊSU­W\DLUD\DWDP¹?G
NB;LP;HMIBH B;<N CBL <?C>?H ŅPCHM >?G ;>BS;œ= ?CH?H TOG *@?L>? A?
B¡LCA?H%IJ@;HA?<L;=BNM=;O@A?M?NTNº
GCNQƒTO³
,0 ;<= XW”G­Ê SDUXÅd J­YL V˜UDà FDNU­È KLUDÁ\­\DP _ Q\ gLUD\DG
UDWK–WDPDʹ/H>;H D?H?G)LNM?NTN??L<?C>?L@F?=ECA?H%OBM=>?L1IFE?
>?L-IHH?AIF>?H?M,;>?CH>?L<?MN?1;A?HF?HE?Lº
§L SU­ ¯UD\DWL Y”FDP VXŽXWƒÈ PAF ,0 < SU­ EDEKU­YH Y³ÅDEK”\D ÃYLW¯Fd PDK„
PDK–ÈVXŽXWƒP¯UD\¬PL_QDPDV\”NDOPDO¯NƒQDÈQ­PREKLUJ³Á¯P­VLWYHÅ­ÈUXGU­V\DQ”PD
,0 ; WLVU„ Y”FD ¯UD\DWL SU­ Y­KQLU ³W­V\D GK¯WƒP EU­KPDÁR PDQ¯Å”P _ J”YR \DQWL
J„SDWLPS³FK­P¬Q¬ÊV„PDÈ\DQWLPDW­\RY¬YDìQ”Ê ,0 < ƒQGU¬\DJƒUR­QLÃLWDVDUJ¬
DS­ÊSUdUD\DÈV­JDUDV\DEXGKQ”W_ \„­NÅHÁHYDFDNUƒ\¬Ã­F¯EKLUYƒÅYDNWDVW­PEKDS³WKLY–P
XW­G\”P,0
;SU”JQ­\HY”FDP¯UD\DY³ÅDEK”\DNÅLW¯Q”P_V­QDÊSDUÅDG­WLGYƒÅDÊ
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
GCNYƒ
,0 = YƒJ„EKLU­GULPDLUD\DW¹>?H ?FM-N?CH GCN >?H %§B?H G;=BN?N;N
?L;OM?CH;H>?L;O@º
,0 > YƒÃ…ÅÁDV\DG³ÈKLW”DLUD\DWS…UDʹ?M ńOÅÁ;M @?MN? OLA?H N;N
?L;OM?CH;H>?L;O@ºGTO@L?C¼?LLC‹>C?@?MNA?G;=BN?H*;FCM;>?H>?MńOÅÁ;
;OM?CH;H>?L½ĹS;G;1CNT?FÞ!INĹ
,0 ;< V­Y³WUDKdQGUDÊN³ÅÁ­\RQ¯ÊSXUDÈGDU„G”V¯UDLUD\DGYƒ ¹C?M?L
9³WUD.¡N?L >C?M?L #H>L; B;N >C? -=BQ;LT?CHCBL?G-=BI‹B;<?H>?H
>îMCM=B?HOLA?H ?MN?H;FMOLA?H<L?=B?L;OM?CH;H>?L;O@A?N;Hº
,0 ;< Y¬Y³GK¬Q„ PDU…WVDNKdQGUR Yƒ Y³WU­P DLUD\DW ¹LMN;LEN A?
Q;=BM?H B;N >?L ';LONA?@BLN? #H>L; >?H 9³WUD ;OM?CH;H>?L ;O@A?N;H C-P
;O@A?M=BFCNTNT?LMN¡LNº
GCNV­PBC?LTO³
V­P¯U­\DWLV­P³ÁY­WWL
,0 ;57> DK­PƒQGURY­UXÁDV >@ V­PDLUD\DÈU„GDV¯GK¬U­\DÈFD
¹#=B<CH#H>L;<CH0;LOÁ;57#=BB;<?>C?<?C>?H1?FNBF@N?HTOMN;H>?
A?<L;=BNTOM;GG?HA?@§ANTOM;GG?HA?<L;=BNOH>?LB;FN?B;FN?MC?@?MNº
,0 ;< V­PLQGUHUD\DJ”PDQD¿Y”KDÈ \­”YDKDGXïQ­U¬Á\¬ ­QDÊ
¹ §A? #H>L; >;M ,CH> >;M &;MNQ;A?H%;LL?H4C?B?H>? QC?>?L GCN CBG
TOM;GG?H>;M>?H&;MNQ;A?H%;LL?H>?L/ŅĘHL;ÁĘB?L<?C<?Q?ANB;Nº
?C>??F?A?A?B¡L?H;G?B?MN?HTO³
C?&;<CFCNN>?L'?>C;F@ILG?H
;5·=;OM7
,0 ;< …G¯UD\DQWDY¬\…EKLUY¬ÃU”VDÊS›ÃQLP¬WDUDʹ-C? MN?CA?H GCN >?H
1CH>?H ?GJIL >C? <L§FF?H>?H 3³ÃQLP¬WDUDÊ >C? >C? 3³ÃQL ;FM 'ONN?L B;
<?Hº
<>CL?ENL?@F?RCP<TQE¡LJ?LJIMM?MMCPL?@F?RCPGCNWDQYgP
,0 ;\”GHYdÅXWDQYgP­LUD\DQWD¹C? <?C >?H !¡NN?LH CBL?H &?C<
MC=BM?F<MN;FM)J@?L?CH@§AN?Hº
=L?TCJLIE;ONI<?H?@;ENCPL?TCJLIE
,0 => ƒQGUDà FD YLÅÁR \­G ­SDVS³GKHWK¬È WUHGK” VDK­VUDÈ Yƒ W­G
DLUD\HWK¬P¹#H>L; OH> 0CÅÁO ;FM CBL CH 1?NNMNL?CN A?L;N?H Q;LN >L?C@;=B B;<N
CBL >;M .;OM?H> M= >C? %§B? ?CH;H>?L ;O@ ?O=B TOEIGG?H ;O@EIGG?H
F;MM?HC-POHN?L?CH;H>?L;O@A?N?CFNº
>5=;OM7HC=BN?LE?HH<;LL?@F?RCP
,0 ; \„ KDY\”Q\ DƒUD\DW¬ P­QXUKLWR GHY­ ¹?L >C? )J@?LA;<?H
?GJILB?<N>?LPIH';HO?CHA?M?NTN?!INNº
0AF$;GCMIH H
C?M?L?TCJLIE??>?ONOHA¹?CH;H>?L?NQTON?CF?HºAF?C=BN>?L?>?ONOHA¹D?NQTON?CF?Hº
PIH D;P ˔L˔H;IᲖ ˔L˔HOO;C‫ޣ‬NC ¹N?CFN TOº ȱ ¹G;=BN >;MM D ?NQ ?LF;HAN;H ?NQ A?F;HANº OLC>AB᱈H•ONCPAF%§GG?F
@
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
,0 => \XY­P DJQƒÈ FD Y³ÅDÁ¬Y DS­Ã FD Y­QDVS­W¯«U DÃYLQ¬Y
DƒUD\HWK¬P¹#BL<?C>?FC?‹?NMC=B?LB?<?H>?HAHCCBLOFF?HOH>>C?1;MM?L
OH>>C?;OGB?LL?HCBLŅPCHMº
,0 ;< W”P S±ÅD† FKLY­WDP¬P dUD\DVYD \­V\¬P E–MDP PDQXÅ\•
Y­SDQWL¹C?M? I *±Å;H >C? ?L@L?OFC=B? F;MM? B?L<?C MC=B ?LB?<?H CH >?L >C?
'?HM=B?H>?H-;G?HM?HM=BF?O>?LHº
0AF ;O=B ,0 W”P DJQH DVPd ƒÅDP dUD\DVYD YDƒÃY¬QDUD G\XP­W¯È
M¬WDYHGDÊ _ \­\¬ U”GKDÊ SƒQYDVL YLÃYDY¬UD S³WK… ÃU­YR G¬Ã…ÅH P­UW\¬\D ,0
;<ƒQGUHDJQ”Q­PRE³K­WVXY³NWƒPdUD\¬PDKH
>> 5=;OM7 IBH? ;ONI<?H?@;ENCP? %IGJIH?HN? 'CN ,?TCJC?HN CG ;N
DVPd>;B?LMC=B?LHC=BN;ONI<?H?@;ENCP
,0 >VXY–U¬PDVPdUD\ƒPdUD\DGKYDP¼LCHA?N OHM >?H ?MCNT N§=BNC
A?L';HH?H5-¡BH?7?CHؽ!?F>H?L
-=BFOMM
C?*LM?HMENCP@ILG?H>?L2OH>###OH>000#*LM?HMEF;MM?MCH>
P?LN;OM=B<;L?FFIGILJB?HOLCHE;OM;NCP?L&?M;LN
¯U­\DWL
Xƒ\DUWL³Á„WLa³ÁY­WL
HOLQ?HH5=;OM7
WL
”¯U­\D X”ƒ\DUWL”³Á„WLa³ÁY­WL 5=;OM7
…G¯U­\DWL X…Gƒ\DUWL HOLQ?HH5=;OM7
WL
WL
WL
Qƒ¯UD\D XQƒ³Á„ a³ÁY­ 5=;OM7
SU­¯U­\DWL XSU­ƒ\DUWL HOLQ?HH5=;OM7
Yƒ¯U­\DWL XYƒ³Á„WLa³ÁY­WL 5=;OM7
V­P¯U­\DWLXV­P³ÁY­WL
5=;OM7
C? ILG?H>?M2*LM?HMMN;GGMMCH>GCH>?MN?HM@ILG;F?CH?L(?O?LOHA
OHN?LTIA?H QIL>?H CH>?G >C? ?B?G;FCA? 0᱈>>BC-NO@? >?L 1OLT?F OLCCL îL
TO ¯UP?LH>?LN QOL>? PAF OLCCL îL L?@F?ENC?LN CH D;P 0 PCCîL;CC?CN?
¹FMMND;O@MN?B?HºPAF#HMF?LGCN&CN
1?HHBC?L@ILG;F?CH?(?O?LOHA?L@IFANCMNMIFC?AN>?L!?>;HE?H;B>;MM
;O=B@OHENCIH;F?CH?(?O?LOHA?L@IFANM?CHE;HHHA?MC=BNM>?MFN?LN§GFC=B
E?CN>?LENCP@ILG?H>?M*LM>?L###*LM?HMEF;MM?>C?PIHOLC>ABCB•LNC
?L?L<NMCH>MIFFN?G;H >C?&;<CFCNN;FM FN?L>C? ?MNF?AOHA>?L>?LENCP@IL
G?H TO ¯U­\DWL;O@ 5=;OM7 >;A?A?H ;FM GCH>?MN?HM MNLOENOL?FF D§HA?L Q?LN?H
#=B M?NT? MIGCN TQ?C .SJ?H PIH *LM?HM@ILG?H ;H ?CH?H ;L=B;CM=B?H F;<CF?H
.SJOH>?CH?HMNLOENOL?FFD§HA?L?H.SJ
;FN?L?L<N
MNLOENOL?FFD§HA?L
ENF;<CF ȳENMN;<CF ;A?HNCP5g=;OM7 ȳ5=;OM7 ƒ\­UWL
³Á„WLȳD§HA?L³ÁY­WL
¯U­\DWL
DUS­\DWL
?CGMNLOENOL?FFD§HA?L?H.SJ@CH>?HQCL?CH?F?RCE;FCMC?LN? ?MNF?AOHA>?L
#HN?L;ENCIHMM?G;HNCE TQCM=B?H >?L -N;GG<CF>OHA ¯U­\DWLDUS­\DWL OH> >?L
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
C;NB?M? ENCP PM '?>COG ENCP@ILG?H F¡M?H <?C ¯U­\DWL DUS­\DWL >C?
%IGJIH?HN? 5=;OM7 ;OM '?>C;F@ILG?H TOG M?F<?H -N;GG >;A?A?H MCH>
HI=BF;<CFOH>B;<?HA?A?<?H?H@;FFM;ONI<?H?@;ENCP?JIMM?MMCP?I>?L>CL?EN
L?@F?RCP?LG?>C;F?&?M;LNOMQ
?L1OLT?FILOH>>?LNB?GIL
C?ENCP@ILG?H>?MNB?GILTO³
C?ENCP@ILG?H>?MNB?GILTO ³EIGG?HGCN …GSU­CH>?LAF?C=B?H
?>?ONOHA QC? …G SU­ ƒ\DUWL PIL OH> MCH> ;HNCE;OM;NCP OH> ;A?HNCP I>?L
¼H;NOL;A?HNCP½MCMN?HNMJL?=B?H>M?FNM;G …GSU­”UDWTO ³MN?FF?HTOQIFF?H
MIG;=BN?M;<?L%§GG?F
<GHC=BN§<?LT?OA?H>
GCN…G
,0 ;<= E„GKDG\­QP¬K­ULEK\¬ÈNXP¬U­ÊV¬KDGHY\­Ê_ ­FK¬Q­K±W­
…GDUDP¹1?HHGC=BGCNTQ?C ;F<?H>?L*LCHT-îB;>?PS;<?>?HEN?LB?<?C=B
GC=BMI@ILNQC?B?L<?CA?LO@?Hº¼@;BL?5A?F;HA?7C=B?GJILQC?B?L<?CA?LO@?H½
MI>C?Š<?LM?NTOHAPIH%§GG?F
<
,0 < VDPXGU”G±UPƒUP­GKXP¬«…G¬UDG ¼;OM >?G '??L CMN D?NTN >C?
BIHCAB;FNCA? 1IA? H;=B I<?H A?F;HAN½ %§GG?F < G?CH? Š<?L
M?NTOHA¹PIG4OM;GG?H@FOMMB?LB;NMC=B>C?1IA?L?C=B;H-§‹??GJILA?
BI<?Hº
GCNSU­
,0 => SU„¬UDWDPDUXWRGXUP­G¬LYDGdY¬VDÊV­UYD\¬YLÔ ¼PILQLNM
TIANCBLCBL';LONMQC??NLOHE?H?CBL!¡NN?LGCN>?GA;HT?H&;A?L½1CN
T?F1CNT?FÞ!INĹ
?B?L¹H;=BPILH?BI=BPILH§<?LB;<NCBL?O=B
?LBI<?HCBL';LONMQC?§<?F<?L;OM=BN?CBL!¡NN?LGCN>?GA;HT?H&;A?Lº
,0 ;<= Y­\Dà FLW WH SDWDWUƒÁR GYLS­F F­WXÅSDG DUMXQL _ …ÅDÊ SU”UDQQ
³W˜«U ­QX GLY„ ­QWHEK\DV S­UL ¹-IA;L >C? 0¡A?F >C?M? >C? A?@F§A?FN?H >C?
TQ?C@§‹CA?H >C? PC?L@§‹CA?H I B?FFAFHT?H>? 'ILA?HL¡N? B;<?H MC=B PIL;H
?LBI<?H >?H 4?CN?H A?G‹ PIH >?M "CGG?FM H>?H LCHAMOG B?Lº ;H>?LM
%§GG?F
<T-N¼MCH>B?LPILA?EIGG?H½
C?'?>C;F@ILG?H>?M1TILI>?LNB?GILTO³
C? ILG >?L *F 1TIL #H>CE;NCP '?> ”UDWDQ?C=BN PIH >?L >?M #H
DOHENCPM ;< ?L #H> ”UDWDB;N >C?M?F<? H>OHA DWD QC? T ­JPDWDDNUDWD
QBL?H>>C?#HDOHENCP? ­UDQWDUDQWD>C?H>OHA DQWDB;<?H4OGET?HNPIH
­UDQWD ;O@ >?L 1OLT?F PAF ,0 > XíQ”UDQWD XíQ¬­UDQWD ;MM?F<?
0?LBFNHCM TQCM=B?H ;OAG?HNC?LN?L ILG GCN H>OHA DWDI>?LUDQUDP PM
OH;OAG?HNC?LN?L ILGGCN­QWDT?CAN*FIL#H>'?>DNUDWDPM#HDOHENCP
NU­QWD ,0 < GCN ­QWD PM UDQUDP @CH>?H MC=B EXGK­QWD PM #H>
DEXGKUDQ­EXGKUDP OH> \XMDQWDCH ,0 < < PM *F IL #HD
'?>\XMDWDCH,0>PMD\XMUDQ
0AF"I@@G;HHGCN HO@M##
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
C?'?>C;F?H>OHA ­QWDCMN;FMIMSH=BLIH;>C?#HDOHENCP?H>OHA>?L*F
'?>COG>?M1OLT?F;ILCMNMMIQC?<>;H?<?H>C?H>OHA>?L*F#H>'?>
>?MNB?GILCMNMPAF*FIL#HD'?>YLG­QWDTCH,0>H?<?H
#H>DYLGDQWD0O‹?L>?GCMN DQWD<?E;HHNFC=B>C?H>OHA>?M%IHDOHE
NCPM¸MIQIBF TO ;NB?G;NCM=B?H -NGG?H QC? T *F *LM %IHD '?>
K­QDQWDTOL;NB?G*F#J@N#H>'?> ­JKQDWD;FM;O=BTO;FF?HNB?G-NG
G?HQC?T*F*LM%IHDI>?L#HD'?>EK­UDQWDTOLNB?G*F#J@N#H>
'?> ­EKDUDQWD M AC<N ;FMI ?CH? @ILG;F? Š<?LM=BH?C>OHA <TQ '?BL>?ONCA
E?CN TQCM=B?H >?L #HDOHENCP@ILG >?L *F '?> >?L NB?G -NGG? OH> >?L
?HNMJL?=B?H>?H %IHDOHENCP@ILG >?L *F '?> AC<N -I FMMN MC=B M=BFC?‹FC=B
T YLG­QWDTOH=BMN?CHG;FL?CH@ILG;FØ;FM*FIL#HDI>?L%IHD'?>
TOL-AIL%IHDENYLG”WGCN#H> ­YLGDWF?M?HC?H>OHADQWDQC?T
;O=B CH MXÅDQWDaMXÅDQWD H?<?H *F IL #H>DMXÅUDQ M=B;@@N MIGCN @ILG;F
TQ?C>?ONCA? ILG?H TQCM=B?H 1TIL #HD '?> OH> NB?G IL #HD I>?L
%IHD'?>COG
MCMNHOH>?HE<;L>;MM>C?Š<?LM=BH?C>OHACH>?L*F%IHD#HD'?>
>?LNB?G-NGG?;O@ DQWD>;TOA?@§BLNB;<?HE¡HHN?>;MMCH>?L*F#HD
>?M 1TIL >C? H>OHA >?L *F DQWD OLC>A IHNI H?<?H >?L FN?L?H
H>OHA DWD OLC>A ᮕNI ?LMN CHH?LP?>CM=B ?CHA?@§BLN QIL>?H CMN #H >?H
!îNBîM ?LM=B?CHN ?CH? ?CHTCA? MC=B?L ;FM MIF=B? <?MNCGG<;L? ILG >?L *F
IL#HD'?>PĘᱤCCîNî 3
>;H?<?HPC?FF?C=BN >îNî 3
HMN?FF?
PIH îNî CMN<?C PĘᱤCCîNî HOH ;Nî TOF?M?H
;FMIOLC>A EQC᫱ᮕNž;CG
,0 \XMDWD H?<?H\XMDQWD MN?BN MCH> DWD DQWD TOGCH>?MN MSH=BLIH P?L
N;OM=B<;L A;HT AF?C=B I< \XMDWDG?NLCM=B <?>CHAN CMN I>?L I< HC=BN ?L
0?LAF?C=BGCN fᱤCCîNî >?ON?N;O@?CH?H>OHAOLCCL ;N;OLC>A ᮕNIMCMN
Q?A?H >?L CHG;FCAE?CN PIH îNî;Nî HC=BN ;OMTOM=BFC?‹?H >;MM ?M >;H?<?H
?CH?H>OHAOLCCL;HN;A?A?<?HB;N>C?CG/LCCLGCN;N;P?LN;OM=B<;LQ;L
;<?L;FMMIF=B?CGP?MNCM=B?HTO@FFCA?LQ?CM?HC=BN<?F?ANCMN&?NTNFC=BCMN>?L
?@OH>>?MP?MNCM=B?HBC?LE;OG;OMM=BF;AA?<?H>
C?H>OHA ­QWDM=B?CHNHOH;OMOLC>A žHNIPC?FF?C=BNH?<?H •HNI?L
?L<N TO M?CH ?HH <?C "IG?L ?LM=B?CH?H <?CG MIA ¼;ELIMN;NCM=B?H½ *LM
'?> >C? ILG?H >?L *F #H> '?> LzBUBJ #HD LzBUPLFeBUPLFkOUPH?<?H
#H> LzPOUBJ "C?L ?LAC<N MC=B ;FMI A?H;O >C?M?F<? FFIGILJBC? ᬓ•᫱ᮕNI X
ᬓ•᫱IHNICH?*F*LM#H>'?>LzPOUBJMN?BNMIGCNCHH?LB;F<?CH?M;HMIH
MN?H ;NB?G;NCM=B?H *;L;>CAG;M PIH LFkNBJ ;M <?>?ON?N >;MM ;O=B ᬓ•᫱IHNI
TOH=BMN?CHG;FHI=B;FM;NB?G;NCM=B? ILG<TQ¼NB?G;NCM=BL?;H;FSMC?L<;L?½
ILGCHH?LB;F<?CH?M;NB?G;NCM=B?H*;L;>CAG;M;HTOM?B?HCMNC?M?L?@OH>
>?=ENMC=BGCN>?GQ;MQCL<?C>?LP?>*FIL#HD'?> EXGK­QWDPIL@CH
>?H>?HH;O=BBC?LCMN ­QWDHOL?CH?¼NB?G;NCM=B;OMM?B?H>?½H>OHACHH?L
B;F< ?CH?M ;HMIHMN?H CG ,0 HI=B TOL !HT? ;NB?G;NCM=B?H *;L;>CAG;M TOG
1TILPIH EXGK;MFMMNMC=BG;G<?MN?H>;GCN?LEFL?HQ?HHG;H
;HM?NTN >;MM IHNI ;O=B CG /LCH>IA?LG;HCM=B?H HI=B ?CH? ;NB?G;NCM=B?
/LG?>C;F?H>OHAQ;L
0AF%?FF?HM^GCN&CN?L;NOL
0AF"I@@G;HHO@M##
!F?C=B?MACFN@§LIHNPAFBMžHNCF;NMOHNOMQ
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
-CGJF?R
;5·=;OM7OH>;A?HNCP
,0 ; MPD\”­WUDY­VDYRUDQWDGHY”¼O@ >?L L>? BC?L <?Q?A?H MC=B
>C?0;MO!¡NN?L½!INĹ H
<?MM?L¹TOLL>?A?B?H>BC?LB?L
G;=B?HMC=B>C?0;MOMD;CGG?L;O@>C?!¡NN?Lº
C? ILG?H>?L*FIL#HD'?> UDQWDE¡HH?HGCN$I;=BCG
OH>!INĹ H
TO ³A?MN?FFNQ?L>?H!INĹMC?BNCHCBH?H ILG?H
>?MNB?GIL>I=BCMN>;MQ?A?HNU­QWDOMQHC=BN?CH>?ONCA
-IHMN @CH>?N MC=B <?CG 1TIL ­UWD CGG?L !OÁ;<F;ON OH> ET?HN ;O@
>?L1TPAF-AIL#HD'?>­UWD#H>?H!îNBîM@CH>?NMC=B?CH?P³>>BC?LN?
;;P -A IL #GJ '?> OTîL˔ŋOOî ¹?LB?<? >C=Bº3 >C? %?FF?HM
H TO ;L˔ŋOOî ?G?H>C?LN ;A?A?H MC?BN .L?G<F;S >;LCH ?CH? MJL;=BQCLEFC=B? &;HAMNO@? >C? CH H;FIAC? TO ?CH?G PIL;OMTOM?N
T?H>?G ¼(;LN?HILCMN½ GONG;‹FC=B OLC>A B‫ݳ‬LN GCN '?> B•LNI
TOMN;H>?A?EIGG?HM?C?L?@OH>>?ON?N;FMI>;L;O@>;MMCG1TIL'?>
­UWD;?HNQ?>?L?CHOMAF?C=B>?L<F;ONMNO@?>?L1TMN;NNA?@OH>?HB;NI>?L
<?CH4OM;GG?H@;FFPIH?CH?LTO?LQ;LN?H>?H-A'?> B᱈NžPIG F?R
CIHMNSJ >BBNž GCN ?CH?L ¼;ELIMN;NCM=B?H½ -A '?> B•LNI PIG MIA
¼(;LN?H.SJ½ MN•ONI MN;NNA?@OH>?H B;N P?> UDQWDE¡HHN? HOH PIH BLžHNI
I>?L BL•HNI MN;GG?H >C? TO ?CH?G ?<?H@;FFM ¼BIFIECH?NCM=B?H½ .SJ
BžLC >?G ¼*L*;MMCP;ILCMN.SJ½ OLCCL ᦷLC "LHN; U­QWD QC?
E„GKLEXGK­QWDA?B¡LNB;<?HMIFFN?
< 5·=;OM7 OH> CH;A?HNCP ¹;O@EIGG?Hº H >?H @IFA?H>?H -N?FF?H GCN #HMNL
-A G WP­Q¬ ¹>OL=B >;M -?F<MN QC? PIH M?F<MN >OL=B MC=B M?F<MNº IBH?
0?LOLM;=B?LA?HM OH> A;HT IBH? A?HM B;N >C? '?>C;F@ILG TOG 1TIL
;HNCE;OM;NCP?&?M;LN?L(IG<?CHB;FN?N;G?B?MN?H?CH*;NC?HM
,0 => XW„WHWDQ\DW…U\DWK¬VY¬Q„DUWDWP­Q¬GLY­Ê¹OH> >;HH ?LB?<N
MC=B>?CH*L;MM?FH!?N¡M?PIHM?F<MNQC?>?LIHH?L>?M"CGG?FMº
,0 ? EK¬Q…U DUWD WP­Q¬ GLY­Ê ¼PIH M?F<MN <LC=BN >?L !F;HT >?M
"CGG?FM;H½!?F>H?LI>?L¹PIHM?F<MNEIGGN>?L!F;HT>?M"CGG?FM;O@º
=5·=;OM7OH>CH;A?HNCP¹MC=B¡@@H?Hº
,0 DV\dGXWYHÅ­V¬UDQWDVƒQGKDYDÊS­UL\­GY­MUHÁDV¯P­\DFKDW_
¯Ã¬QDN›G G¬Ã…ÅH GDÃDV\­Q WXUY–WD\H J¬GK­È WXUY­ÁLÊ NDÊ ¹/H> A?L;>? ;O=B
>OL=B M?CH?H C@?L N;N?H MC=B >C? -NL¡G? D; ;O@;FM ?L M= #H>L; GCN >?L
%?OF? MC? LCHAMOG T§A?FN?F?HEN? B?LLM=B?LG;=B?H> >?G )J@?LMJ?H>?L ?BL
?LQ?CM?H>B;N>?LŠ<?LQCH>?L>?G.OLPĘNC?CH? OLNA?G;=BNº
!?F>H?L §<?LM?NTN S­UL\­GY­MUHÁDV¯P­\DFKDW¼;FM ?L MC? 5M= >C? F§MM?7 GCN >?L %?OF?
TOL§=EBC?FN½OH>CBG@IFANĹS;G;CH1CNT?FÞ!INĹ
ILNQCL>V¯PD?>I=B;O@
>?H0³NL;<?TIA?H¼>;?LCBH0³NL;GCN>?G0;DL;LCHAMOG@?MNBC?FN½
4OG%IHN?RNJ;MMN¹N;N?HMC=B;O@ºC-Pº¡@@H?N?HMC=Bº>;#H>L;>C? OLNG;=BNPAF!?F>
H?L,0T-N¼MN;H>?HMNCFF½C?*FIL#HD'?>UDQWDB;N>;HH?CH??>?ONOHAQC?>;M
*?L@ENY\•UD¹B;NMC=BA?¡@@H?NºCH,0
<
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
GCN”…GSU­V­P
'CN ”…GSU­OH> N?CFQ?CM? GCN V­P E;HH >?L 1TIL '?> ”UWD>?G
0?L<³TOA?IL>H?NQ?L>?HOH>B;NCH;FF?H FF?H;HNCE;OM;NCP?;A?HNCP?I>?L
CH;A?HNCP?&?M;LNC?&?M;LN¹;O@EIGG?HMC=B?LB?<?HºA?B¡LNMC=B?LFC=BTOG
0?L<³
'CN”
,0 ; ”Y”WDV\DGKU­MDWRUDQWDLW\”¼C? 4§A? >?M >;BCHMNL?C=B?H>?H
1CH>?M<?Q?A?HMC=BB?L<?C½!INĹ H
'CN…G
,0 < …GGHY\”XÅ­VREK¬Q…UDUWD¼;M &C=BN >?L A¡NNFC=B?H 'ILA?H
L¡N?<L;=BB?LPIL½!?F>H?L<?MM?L¹E;GB?LPIL;O@º
,0 ; …GDV\DÅÅP¬GEK¬Q…UQ”UWD¹"?L;O@ ;OM M?CH?G -=BH;O<?H
E;G?M?LBI<?MMC=BQC??CH-NL;BF!F;HTº
,0 > GKY¬QW”WSUDSLWY”G…GDUDQWDJ­UEK¬Ê¼;OM >?L ;HA?M=BQIFF?H?H
CHMN?LHCME;G?H>C?&?C<?M@L§=BN?B?LPIL½!?F>H?LDUDQWDE;HH;O=B*F
'?>#HD>?MNB?GILM?CH
'CNSU­
,0 ;< SU­Ã­UGKD¬UWDSUDWKDP­ÈYLSDQ\­« ³W­V\D\„Q¬Y³ÅDEK­V\D
Q¯¥d¹0IL;H?LBI<MC=B>C?-=B;LM=>C?»ACL;M;FM?LMN?>C?<?A?CMN?LN?CG
-=BI‹?>?L)L>HOHACG(?MN?>?M-NC?LMº
'CNV­P
,0 = GK­QYDQQ­W›ÅÁ¬VV­PDU¯WDW”«DEKƒ ¹QC? CH >?L 1§MN? QIFF?
OLMN;O@EIGG?H?HNMN?B?H<?CCBH?Hغ
,0 => ­NUDQGD\R QDG\w U„UXYDG Y­Q¬ NDWK” Q­ NÅRÁ–U EKL\­V¬ V­P
¬UDWD¹OG;=BN?MN>C? F§MM?EL?CM=B?H>C?<L§FF?H>?HOG?1C?B;<?HMC=B
>;HC=BNGCN>?L OL=BNM=CGOA?H<FC=E>?L OL=BN>C?"?L>?HA?M=BL?C?
TOM;GG?H?LBI<?HºI>?L¼QC?B;<?HMC=B>;HC=BN;OM OL=BN-=BL?C??LBI<?H½
ĹS;G;CH1CNT?FÞ!INĹT-N
1TILI>?LNB?GILGCNV­PTO³OH>³
ENNB?GIL
M CMN @§L >C? 0ILA?M=BC=BN? >?M L§BP?>CM=B?H >?M P?> NB?G IL L?F?
P;HN >;MM ;O=B >C? ENCP@ILG >?M NB?G IL GCN V­P ?CH? &?M;LN B;N >C? MI
;O=B<?C?CH?LTOA?B¡LCA?H'?>C;F@ILGPILEIGGN
,0
­GK¬FLQQ…\­GGƒGKLŬPDKHY¬PDEKƒSUL\­ÈUdNÁDÊS­W\DP¬Q¬Ê_
GDGY”«Y¬\­WS…Å\DWLUdNÁDÊV­PY¬UDQQ­NLUDV\DPDJK”QL__
¹$?NTN ?<?H CH>?G QCL BC?LGCN ?O=B <?C>?H C? 'CNL;P;LOÁ; <?L?CN
MN?FF?HQIFF?H>C?FC?<?"CHN?LF;MM?HM=B;@NMC?CH?MCNTB;<?H>H?B
G?H>
I>?LPC?FG;FM CH>?G >?L !?A?<?H";<?H>? >C? M?CH? "CHN?LF;MM?H
M=B;@N A?>?CB?H M= TOL HNQC=EFOHA EIGG?H FMMN TOM;GG?HA?
EIGG?H TOM;GG?H ;O@A?<L;=BN QIL>?H ;<?L MCH> HI=B HC=BN >C?
!;<?H PIH CBG M= >C? )J@?LA;<?H >?M §‹?LM @§L >;M L?CHCA?H>?
)J@?L@?O?Lº
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
?L -CHH CMN QIBF >;MM HI=B HC=BN A?HOA )J@?LA?F> <TQ O‹A?F> <?L?CN
A?MN?FFNQIL>?HCMN*JAC<N*F ¬UDQ;H PDJK”QLCMN>?GTO@IFA?(IG*F
HCH?-A ¬UDW¹?LB;NM?CH?!;<?HHI=BHC=BNTOM;GG?HA?<L;=BNºQC?
PIH !?F>H?L ,0 T-N ;HA?HIGG?H CMN G¡AFC=B ;<?L HC=BN TQCHA?H> <?L
;O=B ?CH? MIF=B? &?M;LN EIGGN MIHMN <?C ?CH?L *F '?>COG CH ,0 >
V­ÈKD\­GY¬PXíQ”UDQWDGHY”ÊPILMC?B?OHN?H
0AF>?H%IHN?RNCH>?G?MOG?CH?O‹?<?C L?P?F>OL=B?CH?H0?LNL;AM
<LO=BA?BNPAFC=BH?L%§BH)<?LFC?M
,0
¯M¬Q­PƒGG\D…UJ±UW”YDVXU¯M¬Q­PEK˜PLUDEKƒSUDEK±Å­ÁL_
¯M¬Q­ÈGHY”YDÃYƒQ¬YDEKƒVXPQDƒUDYDUGKDW¬P__
¹?H>?LA?IJ@?LNB;N?<?H
¸>?L"CGG?F>?L;HA?H?BG?!§N?LB;N¸
>?H>?LA?IJ@?LNB;N ¸>C?L>?CG?CM?CHM=?CMN;H>
>?H>?LA?IJ@?LNB;N ¸>C?<?C>?H!¡NN?LŅPCHM¸
>?HFC?‹?HMC?;FF?A?H;HHN?HM="CGG?FL>?ŅPCHM>OL=B>C?!?<?N?
§<?L;OM?LMN;LE?Hº
,0
W”Y¬PPLWU¬YDUXÁ¬GK¬UD\­WNÅLW¯VXÅXPQdÅLWDWY­W¬\DM¬PDVL_
\XY„ÊNU¬Á”\DVDNK\DƒUDEKƒÅ\¬PDUDNÅ­VDÊ__
¹C?M?<?C>?H?O=B<?C>?H'CNL;P;LOÁ;ICBL<?C>?H ?MNCA?L>?L0¡FE?L
CBL1IBFQIBFQIFF?H>?LÅLWDWY­W¬QIFF?HQCL?O=B<?C>?<?IJ@?LH
§L >?H ';=B?H>?H <?CG )J@?L 1CLE?H>?H QIFF?H QCL >OL=B >C?
L?OH>M=B;@N?H PIH ?O=B <?C>?H >?H -=B>FCHA?H M= /HBIF>?H §<?L
§<?LF?A?HM?CHº
,0
MC?B?I<?H
,0
DV”YDQ\„DVXUDV±\DWDG\D…VWY­ÈYƒÃYHŬÈYDUXÁ¬VLU”M¬_
P±UGK”U­WKDV\DF¬NDQQDƒW”YDWDƒQDV¬QWDNDGKU…N__
¹$?H?L;H>?L?IMOL;QOL>??CHA?Q?CBN>?LS;OM
>OPIH;FF?H<CMN>OI0;LOÁ;>?L"?LLM=B?L
;M )<?LB;OJN";OJN >?M 1;A?HM F;ON C=BH?L%§BH )<?LFC?M
CMN>;MAHC;G)J@?LQ;A?H?L@L?ONMC=Bº
Q?CN?L>¼HC=BN5G?BL7CMN>;>OL=BGCNŠ<?F>?LA?A?H>?HC>.L§A?H>?<?
B;@N?N½C=BH?L%§BHPAF)<?LFC?M
,0
DVPƒQVYlW­FFK­NDS±WDdQRKLWdPLWUdQƒJDW¬QKDQWLY¯U”Q_
DY„UY¬\­GGK”WWDQ˜ÅY­YDÊSUL\”VX\DM†ƒ\¬VY­UY¬__
¹#H >C?M?G ;MG™H AON MP CG EOB>OHAA?L?CHCAN?H íNDS±WHF;ON C=BH?L
%§BH)<?LFC?M
CMN>;M>;M)J@?L@?O?L>?M,?CHCAOHAM;ENM
CMN>C?M?LHW­GH L?P?F•H;MH
C?<?CA?M?NTN?G0?LNL;ABCN•GCNL•C><LO=B<?A;HA?HB;<?H>?HQƒJDW¬Q
N¡N?N ?M M= >;M ?O?L >C? 'HH?Lº G?CH? Š<?LM?NTOHA PIH ;< H;=B
C=BH?L%§BH)<?LFC?M
Q?CN?L G?CH? Š<?LM?NTOHA PIH => ¹I>?LPC?FG;FM Y¬ C-P PC?FG;FM CMN ?M
QC?>?LAONCH>?G>?L,?HH?L­UY¬>;M)J@?LLIMMAHCCH>?HFC?<?H
IJ@?LQ§L>CA?H%¡LJ?LHWDQ˜ÅY>C?M?L<?C>?HDY„UM=CH'CNL;P;LOÁ;OH>
CH>?H F;GG?H>?M)J@?L@?O?LMQC?>?L ¡L>?LOHAP;MHM?NTNG;=BN
GK”WºPAF?NQ;M;H>?LMC=BH?L%§BHGCNHGOH>&CN
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
,0
\XY„UKƒP¬W”GLWLUYLFHWDV¬G\D…UQ­EK˜PLÊS­\DV¬SXS±W­QL_
­YDSUL\”GLGLŽDQDV˜URQLQLNWDUDÃPƒEKLÊ__
¹?HH?O?L<?C>?L'ONN?L>CNCICBL<?C>?H/GMC=BNCA?H>C?L>?QC?>?L
"CGG?FGCN'CF=BM;@NM=,?A?H
CBL;FF?MIFFN?MM=>?H L?P?FHOHA?L?CHCANB;<?HØ
"?L;<M=EIGG??MQC?PIG"CGG?F>?L,?A?H&C?<?MT?CA?N?LQ?CM?NØ
MM=>?L L?P?FQCL>D;HOH>OL=B>C?-NL;BF?H>?L-IHH?;<A?Q;M=B?H
QLQLNWD-A*LM#HD'?>غ
,0
\XY­ÈK\gSQDU”M¬Y­V¯GDWDÈWƒÅ½KDGU­WKDÈQ­GK±UÅ­GDÈYDQDUÅ­GDP_
W”QDÊNDÁ±ND\­QW¯UQ³PdGKDVWDWUH­ÈKDVDÊVXPdGKDVWDWUH­ÈKDVDÊ__
¹?HHCBL<?C>?H,?C=BNOGA?<C?N?LM='CNL;P;LOÁ;M;‹?ND;M=GCNAHCCG
)J@?LQ;A?H L M= >?L *OLIBCN; <TQ AHC MN?FFN? MC=B AF?C=BQC? CH >?H
1;A?HCH>?H>?LCH>?L?C=BM?FMCNTNOH>CH>?H>?L;O@>?G"IFTMCNTN
C?M? OHM?L? NDÁ±ND\­QW¯V <?TC?BN MC=B ;O@ >C? C><L§=BCA?H B;N BC?LGCN
HOH(³G?>B;A?L?NN?N;OM>?L(IN>?LQ?CM?ºH;=B)<?LFC?M;;)
C? ENCP@ILG >?M NB?G ILV­P¬UDQ¹MCH> TOM;GG?HA?EIGG?Hº ,0
>B;N>;GCNA?H;O>C?M?F<?&?M;LN¹TOM;GG?H;O@EIGG?HTOMN;H>?
EIGG?Hº I>?L ¹;O@A?<L;=BN Q?L>?Hº I>?L ¹?NQTOM;GG?H<LCHA?H GCN Sº QC?
MC?'?>C;F@ILG?HGCN V­PTO ³;O@Q?CM?HMI<?H<M=BHCNNOH>MOH
N?H ;A?A?H B;<?H >C? ENCP@ILG?H >?M NB?G IL TO ³ Q?HH MC?
;HNCE;OM;NCPCH;A?HNCPMCH>HOL>C??>?ONOHA¹A?L;N?H;HA?F;HA?H;HºMC?B?
OHN?H<M=BHCNN
C?ENCP@ILG ¬UDQ>?MNB?GILGCN V­PA?B¡LN;FMI
TO>?H'?>C;F@ILG?H>?M1TILGCN V­PTO ³-C?CMNMJL;=BBCMNILCM=BQC?
A?H;OMI ”GDW­NK\DW OMQ ;OM ?CH?L -A /LG?>COG B•LIHN B?LTOF?CN?H
PAF1;NECHM$;M;HI@@*IINB
'?>1TILI>?LNB?GIL
5·=;OM7 1TIL C? @IFA?H>? ILG VDP”UDWDCMN ;G MCHHPIFFMN?H TO ³
GCN;HNCE;OM;NCP?L&?M;LN¹;O@EIGG?HMC=B?LB?<?HºTOMN?FF?H
,0 XSDVWK”\DÈ FDUDWL \­W VDP”UDWD VDG\„ M¬W­V WDWV¬UD \…M\HEKLÊ _
DEKƒ ÃY¬QW­P P³ÃDWH Q¬QG\l PXGd \­G ¯È J­FKDQW\ XÃDW–U DSLŽKLW­P ¹L
<?Q?ANMC=BQ;H>?LNOGMC=BBCHTOMN?FF?HQ?HHMC?M=>C? OHE?HTOM;GG?H
;O@A?EIGG?H MCH> MC? MC=B ?LBI<?H B;<?H ?<?H ?LMN A?<IL?H CMN ?L B?L
;HA?M=BFC=B?HGCN>?H0?L<§H>?N?HM=>?H F;GG?HG;H<?L§BLNMNL?C=B?FN
>?H HM=BQ?FF?H>?H TOG ?@LC?>CA?H TOG L?O?H Q?HH TO CBG >C? 1§H
M=B?H>?H A?B?H TOG MC=B>;TOA?MN?FFNB;<?H>?Hº I>?L ¼?L 5AHC7 EIGGN
HB?L B?L;H Q?HH MC? 5>B ?L OH> M?CH? F;GG?H7 MC=B TOM;GG?H ?LBI<?H
B;<?H½%§GG?F
<@M?CH?%F;GG?LH!INĹCH1CNT?FÞ!INĹ
T-N MN?FFN VDP”UDWD >;A?A?H TO ³ CH>?G ?L §<?LM?NTN ¼?L Q;H>?FN B?L;HNL?
N?H>Q?HHMC?TOM;GG?HA?NLI@@?HMCH>½
5·=;OM7I>?LJ;MMCPCM=B1TILI>?LNB?GIL
,0 < ³W­V\D \„Q¬ V­P DUDQWD Q”EKD\DÊ ¹CG 'ONN?LF?C<-=BI‹? >?L
)L>HOHA MCH> >C? (<?F M= >C? <MN;GGOHA?H-NGG?!?M=BF?=BN?L >?L
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
!¡NN?L OH> '?HM=B?H PIH >?L 'ONN?L ³W­ TOM;GG?H ;O@A?<L;=BN QIL>?Hº
I>?L¹TOMN;H>?A?EIGG?Hº
1TIL'?>TO³¹TOM;GG?HNL?@@?HMNI‹?Hº
;MM >?L 1TIL QC? %§GG?F < PILM=BFAN ;FF?CH TOG '?> –UWH
<TQ TOG 0?L< ³ A?B¡L?H MIFF CMN Q?A?H VDPDU¬Á­Ê ;NB?G *;LNCTCJ '?>
HC=BN OHJLI<F?G;NCM=B OH> G ?B?L OHJF;OMC<?F >?HH >C?M?M ;NB?G *;L
NCTCJ'?>>?M1TILfDU¬Á­A?B¡LN>OL=B>C??>?ONOHA¹TOM;GG?HA?NLI@
@?HºCH,0=>MC=B?LTOG0?L<³
,0 => V­PS³FKDVHVDPDU¬Á­ÊÃXEK¬QDƒUYRFdVW­QQRKDULYR\­WWH
DVPd¼>O <?LNMN >C=B H;=B>?G >O GCN >?H -=BGO=E?H 5>?H ';LONM7 TOM;G
G?HA?NLI@@?HA?MNI‹?H<CMN½%§GG?F
<M?CH??=ECA?H%F;GG?LH
0IL ;FF?G ;O=B @IFA?H>? -N?FF? MJLC=BN @§L ?CH? 4OIL>HOHA TOG *LM V­P
³FFKHWH¹MC? NL?@@?HMNI‹?H TOM;GG?H;O@?CH;H>?Lº ń'J <TQ TOG
0?L<³
,0 ;<”WHPDK­LQGURW\yJUDV­PDQ\DYR\­WVDP­UDQWDVdQ¬Ê¹"?L<?C
GCN>?CH?L>?M!LI‹?H#H>L;"CF@?Ø1?HHGCNAF?C=B?GHMCHH?H>C?"??L?
@?CH>FC=BTOM;GG?HNL?@@?HMNI‹?Hº
"C?LB?LA?B¡LN>;HH;O=B>C?@IFA?H>? ILGV­PDUDQWD
,0 > V­PDUDQWDS­UYD¼ ?M B?CFN?H M?CH? !?F?HE?½ !?F>H?L I>?L
¹ ?M A?F;HAN?HA?LC?N?H@§AN?H MC=BMNC?‹?HNL;@?H M?CH? !?F?HE? QC?>?L
TOM;GG?Hº M T?CAN MC=B >;MM >C? &?M;LN ¹MC=B TOM;GG?H @§A?Hº ?<?H@;FFM
TOG 0?L< ³A?B¡LN OH> HC=BN PIH >?MM?H E;OM;NCP?L &?M;LN ¹?NQD GCN ?NQD
TOM;GG?HEIGG?HNL?@@?H F;MM?H ?NQD CH ?NQD BCH?CHA?F;HA?H F;MM?Hº TO
NL?HH?HCMN';HMIFFN?QC?A?M;ANE?CH?TQ?C0?L<?HNL?HH?H
LMNCG0CMN?CH??CH>?ONCANB?G;NCM=B?*FIL#HD'?> V­PDU¬PDKL
<?F?AN
0ń > WdQDP”V­PDU¬PDKL ¹GCN >C?M?G G¡A?H QCL HC=BN TOM;G
G?HA?L;N?Hغ
-C?B;N>C?M?F<??>?ONOHA¹TOM;GG?HNL?@@?HMNI‹?HA?L;N?HºB;NQC?>;M
;NB?G*;LNCTCJIL'?> VDPDU¬Á­CH,0%§GG?F
<MN?FFN
>;L;O@BCH >C? "SJINB?M? ;O@ >;MM >?MQ?A?H Q?CF >C? *F ­UDQWD;O=B ¼;FM
;NB?G;NCM=B ;O@A?@;‹N Q?L>?H EIHHN?½ MC=B >C?M?F<? ?>?ONOHA ¹TOM;GG?H
NL?@@?Hº >?M ;NB?G *;LNCTCJM VDPDU¬Á­ ?LA?<?H B;<?H E¡HH? L HCGGN ;FMI
;H>;MM>C??>?ONOHA?CH?L;NB?G ILG VDPDU¬Á­D§HA?LQL?;FMCBLNB?G
!?A?HMN§=EV­PDU¬PDKLQ;MHC=BNHOL>?LBLIHIFIAC?>?L?F?A?,0PM0
QC>?LMJLC=BN Q;M TOA?A?<?H?LG;‹?H E?CH ;OMM=BF;AA?<?H>?M LAOG?HN CMN
MIH>?LH HC=BN TOF?NTN >?L GILJBIFIACM=B?H *LI>OENCPCNN >?L NB?G;NCM=B?H
-NGG? CG L§BP?>CM=B?H >?L <?E;HHNFC=B ?CH <<;O >?L ;NB?G -NGG?
A?A?H§<?LMN?BN
#=BL?EIHMNLOC?L?>C?JIFSM?G??>?ONOHA>?MOLC>A0?L<M B0L ;FM¹NL?@@?HCH%IHN;EN
EIGG?HTOM;GG?HMNI‹?H;H?CH;H>?LA?L;N?H;O@?NQDMNI‹?HCH?NQA?L;N?H;HDA?L
;N?H QIBCH A?F;HA?H TOM;GG?HA?B?H TOM;GG?HNL?@@?H TOM;GG?HJ;MM?H MC=B TOM;G
G?H@§A?H ?NQ CH ?NQ @§A?H MC=B @§A?H J;MM?H> M?CH A?G‹ A¡NNFC=B?LEIMGCM=B?L
§AOHAM?CHºC??>?ONOHA¹TOM;GG?HJ;MM?HMC=B@§A?HºQ;L >;GCNGF?>CAFC=B ?CH?
MN;NCM=B?&?M;LN>?LF?RCE;FCM=BJIFS;ENCIH;F?H0?L<M?G;HNCE>C?M?L1TMC?B?I<?H H
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
C? ?F?AF;A? E;HH A?G‹ >?H P?>CM=B?H GILJBIFIACM=B?H *LI>OENCPCNN
MN?H>?HT?H JF;OMC<F?L @IFA?H>?LG;‹?H <?OLN?CFN Q?L>?H C? ?>?ONOHA >?M
;NB?G*;LNCTCJMVDPDU¬Á­¹TOM;GG?HNL?@@?H>º?LAC<NMC=BA;HT@IFA?LC=BNCA;OM
>?L ?>?ONOHA >?M 0?L<M ³ OH> >?L 1TIL B;N HC=BN HOL >C? &?M;LN ¹MC=B
?LB?<?H ;O@EIGG?Hº >?M 0?L<M³ MIH>?LH GCN V­P ;O=B >C? &?M;LN?HPIH ³
GCN *LM ³FFK­WL OH> ³Á„WL a ³ÁY­WL OH> ;O‹?L>?G Q?CN?LBCH >C? G?>C;F?
MITOM;A?H ¼T?HNLCJ?N;FL?TCJLIE?½ &?M;LN ¹MC=B TOM;GG?H@§A?H TOM;G
G?HA?F;HA?H ;O@?CH;H>?L TO TOM;GG?HA?F;HA?Hº QC? ?<?H V­PDUDQDWD CH
,0>;O=BQ?HH?M%§GG?F¼OHH¡NCA½@CH>?N
³ GCNV­P
¹TOM;GG?HMC=B?LB?<?H;O@EIGG?H
*LMV­P³ÁY­WL TOM;GG?H?LBI<?H;O@A?<L;=BNQ?L>?H
TOM;GG?H;O@<LCHA?H
TOMN;H>?<LCHA?HTOMN;H>?EIGG?Hº
³ GCNV­P
WH
*LMV­P³FFK­ ¹TOM;GG?HMNI‹?HTOM;GG?HNL?@@?H
TOM;GG?HEIGG?HCH%IHN;ENEIGG?Hº
?L 1TIL '?>­UWDGCN V­P ?HNMJLC=BN MIGCN ;O=B >?G *LM?HMMN;GG
V­P³FFK­WHTCH
ń ń'J Y­MUDX KD V­P ³FFKH\¬W¬È W­WKR KD Y­MUDX Q­ V­P
³FFKHWH ¼MNC?‹?H >C? <?C>?H %?OF?H TOM;GG?H I=B MI MNI‹?H >C? <?C>?H
%?OF?HHC=BNTOM;GG?H½MI%§GG?F
<
/H> ?LMN H;=B>?G >C? *F V­È­UDQWD;O=B NB?G;NCM=B ;FM ­UDQWDMN;NN
­UDQWD ;O@A?@;MMN Q?L>?H EIHHN? CMN CG NB;LP;P?>; >;HH ?CH? -A #HD
'?>>?MNB?GILV­PDU¬PDKLA?<CF>?NQIL>?HOH>HC=BNOGA?E?BLN
#G,0AC<N?M>;A?A?HE?CH??CHTCA?'?>C;F@ILG>?MNB?GILCMNMN;GGM
>C? ?CH>?ONCA ;FM NB?G;NCM=B <?MNCGG<;L CMN -N;NN>?MM?H E¡HH?H ;FF? '?>C;F
@ILG?H >?G 1TIL TOA?IL>H?N Q?L>?H C?M? @ILG;F? ¼G<CAOCNN½
TOM;GG?HA?HIGG?HGCN>?L.;NM;=B?>;MM>C?ENCP@ILG>?MNB?GILV­P
¬UDQCH,0
>;O=BHI=BA?H;O>C?M?F<?&?M;LNB;NQC?MIHMN'?>C;F
@ILG?H TO ³ T?CAN ;FMI L?=BN >?ONFC=B >;MM >?L NB?G ILCMNMN;GG ­UDW ;OM
>?G'?>COG>?M;NB?G1TIL?HNMN;H>?HCMNMC?B?I<?H
5=;OM7 CH>CL?ENE;OM;NCP #H ,0 > @CH>?N MC=B ?CH? *F IL #HD
'?> V­È­UDQWDGHY”VGCN A;HT ?CH>?ONCA CH>CL?ENE;OM;NCP?L &?M;LN C?M?
-N?FF?QCL>PIH%§GG?F
<GCNE?CH?G1ILN?LQBHN
,0 => XJU­P D\¬WDP ­YDKR KD N…WVDÈ V­È KD \­G Y¬P XíQ”UDQWD
GHY”ʹ4OG!?Q;FNCA?HM?C>CBLTQ?CA?A;HA?H>OB;MND;>?H%ONM;A?@;BL?H
;FM ?O=B >C? !¡NN?L GCN /íQ¬ TOM;GG?HA?<L;=BN B;<?H B;<?H TOM;GG?H
NL?@@?HF;MM?Hº
C?ENCP@ILG?H>?MNB?GILTO³
C?ENCP@ILG?H>?MNB?GILTO ³MCH>CG,0;FF?M;GNCH;HNCE;OM;NCP?L
&?M;LN¹CH?NQA?L;N?H;HDA?L;N?Hº<?F?ANCG.-CMN;O‹?L>?GE;OM;NCP?&?
M;LN<?F?AN
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
'CN”;HNCE;OM;NCPCH;A?HNCP
,0 ; P”S³Á­QWRG…ULWDPdQD”UDQ¼HC=BN MIFF?H >C? -J?H>?H>?H CH
OHQ?AM;G?-=BOF>A?L;N?Hؽ!INĹCH1CNT?FÞ!INĹ
,0 > P”GXÅN³WDX Y\lQDV¬JKQ\D… ØQDP ”UDW¬P ¼HC=BN MIFF?H >C?
M=BOF>FIM?H ,CH>?L >C? HC=BNM Š<F?M NOH CH 0?LFOMN A?L;N?H½ !?F>H?L
A?H;OMI,0<P„Wd­ÈKD”UDQ
'CN …SD ;HNCE;OM;NCPCH;A?HNCP PAF …S¬UFKDWLCH .-J PAF %§GG?F
<
,0 ;<= QƒÅ…EU­KPDM­Q¬Q¬È\”YLŽDÈW˜\DP”JDWDP_ P„ÅYgQ\”«
…S¬UDWDP¹";FN?N ?O=B AON ;H >;M C=BN?LQILN >?L -­QD EIGGN M=BH?FF B?L<?C
OH>A?L;N?NQIBFHC=BNP?LM?B?HNFC=BTO;H>?L?Hغ
'CN QƒÅOH> <F ;HNCE;OM;NCPCH;A?HNCP PAF QƒU³FFKDWL CH 0ń PAF%§GG?F
<
,0 < QƒUDQ\­WDÃFLG¬UDWD¼CBL B;<N ?O=B OG ;FF?M ;H>?L? A?<L;=BN½
1CNT?FCH1CNT?FÞ!INĹ
,0 = P”QƒUDUDÈÃXNUDG…JKDV\DGKHQ„U ¹HC=BN G¡=BN? C=B ?HN<?BL?H
>C?'CF=BEOB<F>?M>?HB?FF?H-;G?HGCF=B?H>?H-IG;½
,0 ;P”YRG¬WU”QPDUXWRQƒUDU¬PDPAF %§GG?F < PAF
;O=B,0;<P”WHJRGDWUDQƒUDU¬PDU”GKDVDƒQGUDP”WHJ³K¬PDKL
-CGJF?REE;OM;NCP5=;OM7
.-J U”M¬QDÈ\­NÅPD¬UDGƒWL¹?H %¡HCA B;N >C? -=BQCH>
MO=BNA?NLI@@?H;@@CTC?LNMIM;AN?LMC??MG;Hº
C?'?>C;F@ILG?H>?M1TILGCNQƒTO³
C? '?>C;F@ILG?H >?M 1TIL GCN Qƒ MCH> ;HNCE;OM;NCPCH;A?HNCP 'CN Qƒ
B;N ”UWD?CH? &?M;LN ¹HC?>?LA?F;HA?H HC?>?LEIGG?H OHN?LFC?A?Hº >C? MC=B MI
TQ;L HC=BN <?CQƒ³Á„WL I>?L Qƒ¯U­\DWL ;<?L >I=B <?C QƒDUS­\DWL@CH>?N C?M?
&?M;LN>?ON?N>;L;O@>;MM”UWD;O=BTOG0?L<³GCN*LM³FK­WLA?B¡LN
,0 > QƒP¬\”Y¬Q­EUDKP¬G­V\XUDUWD ¹?L T;O<?LL?C=B? >?L <L;B
G;FIM?;MSOG¡A?HC?>?LA?F;HA?HC-POHN?LFC?A?Hº
?LL?>OJFNB?GIL
?LL?>OJFNB?GILTO³GCN…G
,0 ;< …G Y­QGDQDP DLUDWDÈ GDÈV­Q¬EKLU …G UHEK­È GDVU¬ Y³ÅDÁ¬
íF¯EKLÊ ¹?H 0;H>;H; BI<N CBL ?GJIL GCN '?CMN?LEOHMN >?H ,?<B; CBL
'?CMN?LCBLOFF?HGCN%L@N?Hº
,0 \­VWHEK­U¬G­QQL\DWHFLG­QQDÈQLÃÅDQPDQGU­P­WLWKLPXG–UDW_ ”
GHYD\…ULQ­GKDWHGXURÁd W­VPLQUD\ƒUGKUXY„DVWXG”VY¬Q ¹1?L CGG?L \­V
FLG >CL WH C? AHC >?G ?MM?HP?LF;HA?H>?H ­QQL\DWH MM?H ;O@NL;A?H
QCL>EK­U¬G>?H@LIB?H!;MNM=AHCMC=B?CH<?IL>?LHQCL>CBHMC=B?L
B?<?HF;MM?HQCL>AINNFC?<?H>MC=B;HT§H>?HQCL>CH>?L1IBHOHA<?C>?G
MIFFA;<?HL?C=B?L,?C=BNOG<F?C<?H>@?MNGKUXY„M?CHغ
1%XG–UDWCMN?HNQ?>?L1CNT?F!INĹÞ-=;LF;N;
*;LNCTCJENCG
(IG-AGI>?L-AIL#HDENF;ON';=>IH?FF
HGCMN?M
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
-A *LM %IHD EN QLÃÅDQCMN F;ON "I@@G;HH O@M ## HG EOLTPI
E;FCM=B?-A%IHDQLÃÅDW)F>?H<?LA (IN?HT-N?G?H>C?LNTO ÃÃDWH;=B
,0= QLÃìQ¬­WLWKLPCBG@IFA?H1CNT?F!INĹÞ-=;LF;N;
&;ON
';=>IH?FF
HG-
HGA?B¡LN?M;<?LTO@IFA?H>?G
,0 ;< ”ÃLŬPDKLEU­KPdQGU¬\D¹ QCL Q?L>?H ?CH L;BG;
B?L<?CIL>?LH@§L#H>L;º
';=>IH?FFTO@IFA?CMN?M;FMI-A#HDEN>?MNB?GILTO ìV¹IL>?LHº
BHFC=BQC?T>C?-ANB?GIL#GJ'?> M…ÅDW¬PCH,0%BGCN
ET?HN ;FM QL? MC? ?CH 1TIL %IHD QC? EK…YDÃU…YD ?L ET?HN PIH
QLÃÅDWMIFFN? M?EOH>L M?CH >C? ILG >?ON?N QIG¡AFC=B ;O@ FN?L?M ÃLÅ­WQC?
-A NB?G IL #HD YLG­W OH> PILG;FM QC? -A #HD '?> MXÅ­W GCN ­W
MC?B?OHN?H%;J
?LL?>OJFNB?GILTO³I>?LTO³
-CGJF?RI>?LGCNYƒ
-CGJF?R
,0 ;< V­WHM¬Q¬WLVXPDWƒÈ\DYLŽKD\­–YDWHEU­KPDÁHJ¬W…PDƒUDW¹?L
E?HHN?LE?HHN>?CH?H1IBFMCHHI$§HAMN?LQ?L@§L>C?MINL?@@FC=B? ?C?LL?>?
>?H1?A>C?;BH;O@NON;O@G;=BNº
'CNYƒ
,0 ;< EKLQ­GYDO­P­»JLUREKLUJ³Á¬Q„ YƒS­UYDWDV\DG³ÈKLW”Q\DLUDW
¹LMJ;FN?N?D;>?H0;F;PIH>?H»ACL;MA?JLC?M?H?LG;=BN?N;N;OM?CH;H>?L
;O@¡@@H?N?>C? ?MN?H ?MNCAE?CN?H>?M?LA?Mº
,0 => GƒYRG¬V¬\DQDYDWƒÈFDQ­YdQGUDÊ S…URY\gLUDFFK­PEDUDV\D
¹ §LCPI>îM;<L;=BN?G;=BN?N;N¡@@H?N?#H>L;>C?H?OHTCAOH>H?OHOLA?H
>?Mń;G<;L;;OM?CH;H>?L;O@º
!?H;OMI ,0 ;< DK­PS…URPDQGDV¬Q„Y\D˜UDÈQ­YDV¬N­ÈQDYDW–Ê
íPEDUDV\D
GCNV­P
,0 ;< P­KL NÅdWUDP SXU… ÃFDQGU­È YLYLGY”Q ”G ƒW V­NKLEK\DÃ
FDU­WKDÈV­PDLUDW¹!LI‹?H !LOH><?MCNT PC?F !IF> A?@OH>?H B;<?H> >;L;O@
BCHA;L<L;=BN??L>?H L?OH>?H>?H<?Q?AFC=B?H?MCNTTOM;GG?HTOMN;H>?
;O@º
,0 ; PDK–V­PDLUDFFDPY•VDP¯F–XEKd¹L B;N >C? <?C>?H ALI‹?H
A?J;;LN?H!?@‹?M="CGG?FOH>L>?TOM;GG?HA?J;MMNTOM;GG?HA?@§ANº
>C?M?MQIBFTO³
,0 V­ƒWVY­S¬EK…YDQHÅY¬VD\­LPdG\”Y¬S³WKLY–MDM”QD_XUY–JDE
K¯UdU­MDV¯VXPdNHDYDÈÃdGK–UDÊíF\¬V­PDLUDW¹C?M?L D; CMN ?CH 1IBFQ?LE?L
%§HMNF?L OHN?L >?H 1?M?H A?Q?M?H >?L >C?M? <?C>?H "CGG?F OH> L>? ?L
T?OANB;N>C?Q?CN?HNC?@?HAONNLIJ@?H>?HOHE?FQ?FN?H@§AN?CG<;FE?HFIM?H
,;OG>?L%OHMNP?LMNH>CA?GCN%L;@NTOM;GG?HºQIBFTO³
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
C?ENCP@ILG?H>?M*?L@?ENMN;GG
C? ILG?HTO³GCN…GSU­
5·=;OM7
,0 =>\­VP¬G\„QHUXG”ULWK¬\­MHW­PSU­WYdKDY–ÈÅLMXKXUHV­PLGGKH
¼OMQ?F=B?G-=BI‹>O5AHC7>C=B?LBI<?HB;MN>?HP?L?BL?C=B#H>C=BMCH>
CGG?LM=BIH>C?)J@?LMJ?H>?HA?IJ@?LNQIL>?HQ?HH>O;HA?T§H>?NQ;LMN½
%§GG?F
M?CH?%F;GG?LH
,0;SU­\­¬U…ÊÃLWLS³Å½K­V\D¹0IL;H?LBI<?HB;<?HMC=B>C?F;ON6¬\
>C?-NL;BF?H>?M1?C‹L§=ECA?Hº
C? ILG?HTO³I>?L³
'CNDEKƒ;HNCE;OM;NCP¹MCH>;HA?EIGG?Hº
,0 => ÃÃXÈQ­M¬W­PDEK\•UXU­ÃY¬GHY”VRDJQƒÈM­QLPDQYDSXÅ\DQ
¼-C?MCH>TOCBGA?EIGG?HQC?-NON?HTOGH?OA?<IL?H?H IBF?H>C?!¡NN?L
<?QOH>?LHAHC<?CM?CH?L!?<OLN½%§GG?F
I>?L¹QC?-NON?HTOG
H?OA?<IL?H?H IBF?HB;<?HMC?MC=B;O@A?G;=BNTOAHCCBH<?QOH>?LHMC?
<?CM?CH?L!?<OLNºDEK\•UXUE;HHTO³I>?L³A?B¡L?H
'CNYƒ;HNCE;OM;NCP¹B;NMC=BA?¡@@H?NºTO³
,0 ;< DO¬W³Á„ YDO­ LQGUD YUDM„ J„Ê SXU” K­QWRU EK­\DP¬QR Y\ •UD
¼)BH? TOL§=ETO@IL>?LHHC=BNM B?L;OMA?<?H> B;N MC=B 0;F; >?L *@?L=B >?M
,CH>?MHI=BPIL>?G-=BF;A@OL=BNM;GA?¡@@H?NOH>CMNI@@?HA?<FC?<?H#H
>L;½%§GG?F
0AFBC?LGCNUDQWDCH,0;MC?B?I<?H
C? ILG?HTO³
C? ILG?H TO ³ ;FM -CGJF?R GCN…SD MCH> ?<?HMI 5g=;OM7 QC? >C? TO
³FK­WL
5·=;OM7
0ń \­G–GLG­ÈPDUXWRP”UXWHQD\­GLGHY”G­LY\HQHGšJ”UD_\±\­P
¯ÃLGKYHYDVDYDVW­V\DQƒÅN³WHVWdQRPX†FDQWY­«KDVDÊ ¼1?HH C=B QCLEFC=B CH
>C?M BC?L CBL ';LONM >OL=B ';LONG;=BN Q?HH C=B CBL !¡NN?L >OL=B !¡NN?L
G;=BNCHMI?NQ;MA?L;N?H<CHCBLB;<N';=BNCBL!ON?H§<?L>?MM?H1C?>?L
AONG;=BOHA C?M? MIFF?H OHM ;OM >?L ?>LHAOHA <?@L?C?Hؽ %§GG?F
5=;OM7*;LNCTCJ(IG-A@
,0 ;< FDWW„LW­ÃFDWW”P…WDÊV­UY¬EKU±Á”Q\¬U…ů¼0IH BC?L A?@FI
B?H PIH >ILN A?@FIB?H CMN MC? >C? ;FF? &?C<?M@L§=BN? 5GCN >GIHCM=B?L %L;@N7
A?NLI@@?HB;N½%§GG?F
,0 \­G¬Ã­V¬QLÊíV¬EKLíVDXS¬ULP­M”JUDWR\­WVYDS­QWDÊ_ DJQƒU
YƒÃY¬Q\­SDGXÅN³W”Q\­MXŽ¬Q\¬UdDVP­GGDGK¬WX¹1?HH QCL ;<MC=BNFC=B OH;<
§L>C?'?>C;F@ILG?HHULUdQ\lULUHPAF#HMF?L HO%§GG?F
MP
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
MC=BNFC=BCH§<F?L<MC=BND?G;H>?HA?NLI@@?HC-P<?F?C>CANB;<?HQ;=B?H>
I>?LM=BF;@?H>AHCMIFF;FF?OHA?HC?‹FC=B?H'CMM?N;N?HQ?CNPIHOHM@ILNNOHغ
,0 ;< \XY­È KD EKXM\…È \XY­P DÃYLQ¬ Y­ÃDÈ \XY­È ÃL†M”UDP
XíQ¬P…S¬UDWKXʹ#BL <?C>?H D; B;<N >?H BODO CBL ŅPCHM>?H0;Ņ;CBL<?C
>?H>?HńCœDîL;>?H/Ņ;HîB;<NCBLA?NLI@@?Hº¼57TO57M?C>CBLA?A;HA?H½
%§GG?F
GTO@L?C
-=BFOMM@IFA?LOHA?H
4OG@L§BP?>0?L<³
"CHMC=BNFC=B>?LE;OM;NCP?H%IGJIH?HN?5=;OM7E¡HH?H<?CG@L§BP?>0?L<
³>L?C P?LM=BC?>?H? ¼';LEC?LOHAMNSJ?H½ ;HA?M?NTN Q?L>?H ?CH FN?L?L ?L
?L<N?L.SJOH>TQ?CD§HA?L?.SJ?H
#HH?LB;F<>?M;FN?H.SJM ƒ\­UWL –UWH­­UWDQCL>>C?%IGJIH?HN?5=;OM7
Q?>?L F?RCE;FCM=B HI=B §<?L >C? C;NB?M? ;OMA?>L§=EN MIH>?LH CMN F?>CAFC=B
>CMOLMEIHN?RNO?FFJL;AG;NCM=BMJ?TC@CTC?LN-N;NN>?MM?HOHN?LM=B?C>?NMC=B>;M
¼/LG?>COG½PIG¼/L;ENCP½>;>OL=B>;MM?MBCHMC=BNFC=BA?HNCPCNNOHN?LMJ?
TC@CTC?LNg;A?HNCP5gQCFFg=IHNL7CMNQBL?H>>;M¼/L;ENCP½MJ?TC@CM=B;A?HNCP
CHEF¼H;NOL;A?HNCP½CMN
?CG D§HA?L?H .SJ >?M *LM?HM MCH> >C? ENCP@ILG?H ¯U­\DWL E;OM;NCP
5=;OM7OH>'?>C;F@ILG?H¯U­\DWHHI=BF;<CF
?CGD§HA?L?H.SJ>?MILCMNM@CH>?HMC=BIJJIMCNCP?ENCP@ILG?HPIH
D? ?CH?G E;OM;NCP?H -N;GG L?>OJF NB?G IL OH> ?CH?G ;HNCE;OM;NCP?H
-N;GGNB?GIL;A?A?HMCH>>C?'?>C;F@ILG?H>?M1TILHI=BF;<CF
MCH>OH>A?B¡L?HTOG;FN?H.SJ
EN/L;ENCP
'?>/LG?>COG
; ;FN?L.SJ?L?L<N ƒ\­UWL³Á„WL –UWH”UWD
5=;OM7MJC?FNGILJBIFIACM=B ;A?HNCP
g;A?HNCP
HI=BE?CH?,IFF?Ø g=;OM g=;OM ¼(?I;EN½
'?>ȱ/LG?>
WL
¯U­\D ¯U­\DWH
< D§HA?L?L.SJ
;A?HNCP
g;A?HNCP
5=;OM7CMN;H>C?
5g=;OM7
ENCP@ILG?HA?<OH>?H
5=;OM7
¼(?I;EN½
¼(?I;EN½
= D§HA?L?L.SJ
­LUDW ”UDW ;A?HNCP
g;A?HNCP
5=;OM7OH>5·=;OM7 MCH>;HMENA?<OH>?H
5=;OM7
5·=;OM7
4OG@L§BP?>0?L<³
?CG @L§BP?> 0?L< ³CMN >?GA?A?H§<?L ?CH ;FN?L .SJ ; ?LE?HH<;L >?L
;A?HNCP? OH> E;OM;NCP? ¼/L;ENCP@ILG?H½ QC? ³Á„WLPIH >C?M<TAF OHN?LMJ?TC
@CTC?LN?H¼/LG?>C;F@ILG?H½OHN?LM=B?C>?N
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
;
<
;FN?L.SJ;?L?L<N
>;M/LG?>COGCMN
g;A?HNCP
D§HA?L?L.SJ<
;A?HNCPOH>·;A?HNCP
MCH>;HMENA?<OH>?H
EN/L;ENCP
³Á„WL ³ÁYd
;A?HNCP
5=;OM7
¯U­\DWL­LUDW
;A?HNCP
5=;OM7
'?>/LG?>COG
”UWD
g;A?HNCP
5g=;OM7
³FK­WL”UDW
<?C>?ȱ/LG?>
·;A?HNCP
5g=;OM7
-=BFOMM
';H?LE?HHN>;MM/HN?LM=B?C>OHA?HBCHMC=BNFC=B5=;OM7<?CGL?>OJFCTC?LN?H
NB?GILOH>NB?GILOH>>?M*LM;O@­\DCH>C?-N;GG<CF>OHACHN?ALC
?LNQIL>?HMCH>?C?CH?G.?CF>?L@L§B?HP?>0?L<@ILG?HCMN5=;OM7OH>
5·=;OM7 >;B?L ¼MO<F?RCE;FCMC?LN½ <TQ MITOM;A?H ¼JLF?RCE;FCMC?LN½ >B >OL=B
?CH?F?RCE;FCMC?LN?#HN?L;ENCIHMM?G;HNCETQCM=B?H-N;GG<CF>OHAOH>C;NB?M?
ENPM'?>CHB;FNFC=BA?<OH>?H
?L ?L?L<N? C;NB?M?HOHN?LM=BC?> ¼/L;ENCPA?HNCP½ PM ¼/LG?>COG½ ¼>?NL;HMCNCP?C;NB?M?½PAF!CPžH
B;JN?LM=B?CHNMI@§L>C?/HN?L
M=B?C>OHAPIH%;OM;NCPCNNPMHNCE;OM;NCPCNNH?O<?M?NTNQIL>?HTOM?CHC?
C;NB?M?ENCPCMNBC?L;O=BCHMI@?LH¼AL;GG;NCE;FCMC?LN½QIL>?H;FMMC=B?CH?
H?O? OHN?LMJ?TC@CTC?LN? AL;GG;NCE;FCM=B? ?>?ONOHA ?LA?<?H B;N C?M? C;
NB?M? E;HH H;=B ?CH?G¼ALI‹?H C;NB?M?HQ?=BM?F½ GCN CF>OHA PIH ¼'?>C;F
MNGG?H½ QC? ­UDW >C? ;< D?NTN ¼H?I;ENCP½ I>?L Q?CN?LBCH G?>C;F QC? P?>
­MXV­WD@F?ENC?LNQ?L>?HE¡HH?H;O=BPC?F?-;=BP?LB;FN?<?T?C=BH?H>C?CG
/LCH>IA?LG;HCM=B?H PIL >?G C;NB?M?HQ?=BM?F I<FCA;NILCM=B OLG?>C;F G;L
EC?LNQ?L>?HGOMMN?H
?C >?L .B?G;NCMC?LOHA >B >?L CF>OHA PIH ¼'?>C;FMNGG?H½ QC?
B᱈MEž•;OM/LG?>C;F@ILG?H>?L-AQC? BLMEžQCL>I@@?H<;L;O=B>C?
%IGJIH?HN? ·;A?HNCP 5gQCFF g=IHNL7 @?MNA?F?AN MI >;MM H?<?H >?L &;<CFCNN
5g=;OM7;O=B>C?*IFSM?GC?g;A?HNCP>?M¼/LG?>COGM½;O@A?A?<?H>CM;G<C
AOC?LNQ?L>?HE;HH
JJ?H>CR4O>?HOLC>A0?L<?H
#=BL?EIHMNLOC?L?>;GCN@§L>;M/LCH>IA?LG;HCM=B?TOH=BMN?CHG;FTQ?C
.SJ?HPIH0?L<?H
?H MITOM;A?H ¼NIN;FF;<CF?H½ .SJ >?L ?Q?AOHAMP?L<?H QC? BC?L B0L
.SJ ## M OHN?H QI %;OM;NCPCNN 5=;OM7 GILJBIFIACM=B E?CH? ,IFF?
MJC?FN OH> >?H MITOM;A?H ¼M?GCF;<CF?H½ I>?L¼;A?HNCPE;OM;NCP?H½ ;<?L ¼OL
G?>C;FF;<CF?H½.SJ B0L.SJ#MOHN?H>?MM?H¼/L;ENCP@ILG?H½
QC? T B᱈H•ONC OMQ QIBF HC=BN F;<CF MIH>?LH ;A?HNCPE;OM;NCP Q;L?H ;<?L
>?MM?H/LG?>C;F@ILG?H>;HH5g=;OM7OH>g;A?HNCPQ;L?H
%IHM?KO?HT?H@§L>C?,?EIHMNLOENCIHC?BC?L;G?CMJC?FPIH B0LA?
QIHH?H?H-=BF§MM?MIFFN?HG>;TO@§BL?HMGNFC=B?PIH &#0;HA?A?<?H?H
OLC>AP?L<;F?H&?R?G<?>?ONOHA?H;O@&;<CFCNNBCHTO§<?LJL§@?H?MIH>?L?
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
,§=EMC=BN CMN BC?L<?C ;O@ >C? I@@?HMC=BNFC=B? HNQC=EFOHA >?L NB?G;NCM=B?H
-NGG?;OM/LG?>C;F@ILG?HTOH?BG?HPAF1;NECHMOMQ;B?LE¡H
H?H NB?G;NCM=B? ILG?H OH> ;O‹?L>?G >C? ¼ENCP@ILG?H >?M *?L@?ENM½
HC=BNG?BLTO?MNCGGOHA>?L?>?ONOHA>?LOLC>A¼/L;ENCP@ILG?H½>C?H?H
M ACFN Q?CN?LBCH P?LG?BLN CHN?LH TO L?EIHMNLOC?L?H OH> >C? ?LE?HH<;L
D§HA?L?H <TQ¼M?BLMJNOLC>A½<CM H;=BOLC>A Ø NB?G;NCM=B?H -NGG? HC=BN
G?BLIBH?Q?CN?L?M;O@>;M/LC>ATO¼JLIDCTC?L?H½PAF*IINB
4OM;GG?H@;MMOHA
#GPILFC?A?H>?H%;JCN?FACHA?MOG>C?MMSH=BLIH?LE?HH<;L?H/HN?LM=BC?>?
TQ?C?L .SJ?H PIH C;NB?M?HIJJIMCNCIH ENCP PM '?>COG G ?CMJC?F >?M
0?L<M ³ EIHHN? A?T?CAN Q?L>?H >;MM ENCP@ILG?H ?CH?L JLI>OENCP?H OH>
QIBF D§HA?L?H -N;GG<CF>OHA ¯U­\D OH> ­–UD >C? ;O@ >C? %IGJIH?HN?
5=;OM7 ?CHA??HAN QIL>?H MCH> >C? 5=;OM7 ENCP@ILG?H ?CH?L ;FN?L?<N?H
-N;GG<CF>OHA ?LAHT?H OH> ?LM?NT?H C?M? ?>?ONOHAM?CH?HAOHA CMN <?C
>?L ;FN?L?L<N?H -N;GG<CF>OHA HI=B HC=BN PILB;H>?H MIH>?LH HOL N?H>?HTC?FF
PIL<?L?CN?N C? ?>?ONOHAM?CH?HAOHA PIH ENCP@ILG?H ;O@ >C? %IGJIH?HN?
5=;OM7 CMN MIGCN <?C >C?M?G 0?L< ;FM D§HA?L TO <?NL;=BN?H ';H E;HH CH
H?LP?>CM=B<?I<;=BN?HQC?MC=B?CHF;<CF?M0?L<³>OL=B>C?LM?NTOHA;FN?L
?L<N?LF;<CF?LENCP@ILG?H>OL=B5=;OM7ENCP@ILG?HN?H>?HTC?FFCH?CH0?L<
?CH?M;H>?L?H.SJMP?LH>?LN/LMJL§HAFC=BB;H>?FN??MMC=BOG?CH0?L<PIG
.SJ##>I=BMCH><?C¯U­\DHOLHI=B>C?'?>C;F@ILG?H5g=;OM7C?C;NB?
M?HIJJIMCNCIH H>?LN MC=B >;<?C HINQ?H>CA?LQ?CM? CH ,C=BNOHA .SJ # GCN
5=;OM7 ENCP@ILG?H -C? QCL> QBL?H> >?L LM?NTOHA TO ?CH?L )JJIMCNCIH
>C?>;HH>C?0?LH>?LOHA>?L%IGJIH?HN?5=;OM7CH5g=;OM7<?NLC@@N
C?;FN?L?L<N?)JJIMCNCIH<?CB0L
C? ENCP@ILG?H >?L ;FN?L?L<N?H -N;GG<CF>OHA B;<?H HI=B ?CH? ;A?HNCP?
E;OM;NCP;HNCE;OM;NCPF;<CF? -?G;HNCE QBL?H> >C? '?>C;F@ILG?H ¼G?>C;F
E;OM;NCP;HNCE;OM;NCPF;<CF½MCH>;M<?>?ON?N>;MM<?C>?HENCP@ILG?H>?L
(IG CGG?L A?HM CMN E;OM;NCP OH> ;HNCE;OM;NCP <?CG '?>COG >?L (IG
D?>I=B;O=B;H>?L?,IFF?H§<?LHCGGNC?C;NB?M?'?>COGH>?LN;FMI<?CG
*LM >?L ### *LM?HMEF;MM? –UWH >C? LN <TQ >?H .SJ >?L 5g=;OM7 &;<CFCNN
-N;NN QC? >C? ENCP@ILG?H PIH ƒ\DUWL fL\­UWL³Á„WL ³ÁY­WL ¼;A?HNCP F;<CF½
¼A?HMA?HMF;<CF½ TO M?CH MCH> '?>C;F@ILG?H >?M *LM >?L ###
*LM?HMEF;MM?–UWHPC?FG?BL¼G?>C;FF;<CF½¼A?HM*;NC?HMF;<CF½
M E¡HH?H >?G?HNMJL?=B?H> TQ?C .SJ?H PIH 5g=;OM7 &;<CFCNN OHN?L
M=BC?>?H Q?L>?H ?C >C?M?G ?LMN?H .SJ CMN >?L (IG ;O@ ?CH? A?HMLIFF?
CHEFOMCP? >?L ?H?LACM=BF?<?H>CA?H ¼H;NOL;A?HNCP?H½ %L;@N <?M=BLHEN OH>
E;HH>;<?CE?CH?*;NC?HMLIFF?<?CHB;FN?H
4OL LCHH?LOHA ¼;HNCE;OM;NCPE;OM;NCPF;<CF½ QOL>? M?G;HNCM=B >?@CHC?LN ;FM 5g=;OM7
¼A?HNCP F;<CF½ <?>?ON?N ;FMI ;A?HNCP OH> 5g=;OM7 ¼G?>C;F F;<CF½ <?>?ON?N >;A?A?H
g;A?HNCPOH>5g=;OM7;FMIP¡FFCAOHN?LMJ?TC@CTC?LN
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
; A?HMA?HM&;<CFCNNF;<CFPIHƒ\DUWL³Á„WL³ÁY­WL
(IG CMN
0?LOLM;=B?LA?HM5=;OM7I>?L
?Q?AOHAM;A?HM5·=;OM7
I>?L?H?LACM=BF?<?H>CA?%L;@NTÅÅPDL\DUWL
EE CMN
*;NC?HM.B?G?*LI>OENI>?L4C?F
?CG@IFA?H>?HTQ?CN?H.SJPIH5g=;OM7&;<CFCNN>;A?A?HE;HH>?L(IG
;O=B?CH?*;NC?HMLIFF?<?CHB;FN?H
< A?HM*;NC?HM&;<CFCNN*F;<CF<?C–UWH³FK­WL
¼yOzSHFJBQƒRPK&;<CFCNN½MC?B?I<?H%;JCN?F
(IG CMN
0?LOLM;=B?LA?HM5=;OM7I>?L
?Q?AOHAM;A?HM5·=;OM7
I>?L?H?LACM=B?A¡NNFC=B?%L;@N5·=;OM7QC?I<?H
I>?L*;NC?HM.B?G?*LI>OEN
EE CMN
*;NC?HM.B?G?*LI>OENI>?L4C?F
I>?L?CH?;H>?L?,IFF?
#G ALI‹?H !;HT?H A?M?B?H G;LEC?LN >;M /LG?>COG ;OM >C?M?L OL
MJL§HAFC=B?H -=BC=BN ¼M?G;HNCM=B? JLININSJ?H;<Q?C=B?H>? ?NL;HMCNCPCNN½
CG -CHH? >?L <Q?C=BOHA PIH '?LEG;F?H >?M A?HNCPCNNM 0?LOLM;=BOHAM
<TQ .L;HMCNCPCNNMJLININSJ?HMC?B? I<?H QBL?H> >;M OLN§GFC=B? ENCP
¼/L;ENCP½ >C? JLININSJCM=B?L? A?HNCPCNN0?LOLM;=BOHA.L;HMCNCPCNN G;LE
C?LN ;M /L;ENCP CMN CH >C?M?G ;FF MJ?TC@CM=B ;A?HNCP 5g=;OM7 >;M /LG?>COG
OHN?LMJ?TC@CTC?LN>B>?L(IGOLN§GFC=B?L'?>C;F@ILG?HQC? –UWHE;HHGOMM
HC=BND?H;=B%IHN?RNA?HMM?CHCMN;<?LHC=BN;O@?CH?A?HMLIFF?@?MNA?F?AN
OH>E;HHA?A?<?H?H@;FFMTOMNTFC=BTOLA?HMLIFF?HC=BN;A?HNCP?,IFF?HQC?
*IMM?MMIL?H?@CTC?HN,?TCJC?HNRJ?LC?HM.B?G?*;NC?HMOMQ<?CHB;FN?H
M AC<N HI=B E?CH? tH>?LOHA @?MNA?F?AN?L .L;HMCNCPCNN CG -CHH? PIH
5=;OM7 >?HH MIQIBF ¼/L;ENCP½ QC? ¼/LG?>COG½ MCH> ;FF?L>CHAM D?Q?CFM
OHN?LM=BC?>FC=BF;<CF5g=;OM7
C?D§HA?L?C;NB?M?HIJJIMCNCIH
OL=B>C??>?ONOHAMP?L?HAOHA>?LD§HA?L?HENCP@ILG?H;O@>C?%IGJI
H?HN? 5=;OM7 H>?LN MC=B >C? C;NB?M?HIJJIMCNCIH ALOH>F?A?H> ?HH HOH
QCL>>C?)JJIMCNCIH>;@§LP?LQ?H>?N>;M'?LEG;F5=;OM7>?LENCP@ILG?HCH
?CH '?LEG;F 5g=;OM7 TO P?LH>?LH -IGCN QCL> BC?L CG L§BP?>CM=B?H >C?M
<?T§AFC=B?CH?LN¼?LCP;NCIH½PIL<?L?CN?N
!?A?H§<?L>?L;FM;FN?LN§GFC=B<?M=BLC?<?H?H-CNO;NCIHH>?LN>C?C;NB?M?
'?>COG <?CG D§HA?L?H *LM¯U­\DWH >C? §<?L >C? C;NB?M? >B @F?RCPCM=B
0AF"IJJ?LÞ.BIGJMIH
MC?B?I<?H%;J;<OH>
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
@?MNA?F?AN? .L;HMCNCPCNN 5=;OM7 >?L ENCP@ILG?H ¯U­\DWL CH &;<CFCNN 5g=;OM7
>?L'?>C;F@ILG?H
ENCP5=;OM7GCN…G
,0 ;< …G ¯UD\DWK¬ PDUXWDÊ VDPXGUDW„ \±\­È Y³Å½ƒÈ YDUÅD\DWK¬
SXU¯ÅLÁDʹGJIL B?<N CBL I ';LONM PIG 4OM;GG?H@FOMM B?L >?H ,?A?HCBL
F;MMN?ML?AH?HCBL+O?FF?H>?º
'?>COG5g=;OM7GCN…G
,0 ;< …G¯UD\DQWDY¬\…EKLUY¬ÃU”VDÊS›ÃQLP¬WDUDʹ-C? MN?CA?H GCN >?H
1CH>?H ?GJIL >C? <L§FF?H>?H 3³ÃQLP¬WDUDÊ >C? >C? 3³ÃQL ;FM 'ONN?L B;
<?H>?Hº
'CN”
,0 ; \„KDY\”Q\DƒUD\DW¬P­QXUKLWRGHY­¹?L >C? )J@?LA;<?H ?G
JILB?<N>?LPIH';HO?CHA?M?NTN?!INNº
;M CMN >;HH M=BIH ?CH? LN ¼.L;HM@ILG;NCIH½ <TQ ¼<F?CNOHA½ ¯U­\DWL
5=;OM7 ȳ ¯U­\DWH 5g=;OM7 @§L >C? >;M OLN§GFC=B?L? '?>COG ¼/LG?>COG½
I@@?HMC=BNFC=BHI=BHC=BNPILA?M?B?HQ;L
C?M? ¼.L;HM@ILG;NCIH½ 5=;OM7 ȳ 5g=;OM7 >?L @?MNA?F?AN?H .L;HMCNCPCNN
5=;OM7PIHENCP@ILG?HCMN>;<?C CHH@HA?HP?LAF?C=B<;LGCN>?LMJN?L?H
¼.L;HM@ILG;NCIH½ NL;HMCNCP?L ENCP@ILG?H CH*;MMCPJ?LCJBL;M?H B?ONCA?L GI>
?LH?L ?OLIJCM=B?L -JL;=B?H PAF >N -A *LM #H> EN ?L ?LBI< M?CH?
OMN?A?A?HGC=BPM*;MMCP M?CH? OMN?QOL>?HA?A?HGC=B?LBI<?H;<?C
@?BF?HTOLMJN?L?H¼*;MMCPNL;HM@ILG;NCIH½HI=BQ?CN?L?HNQC=EFOHAMM=BLCNN?
?CH ?LMN?L >?L >C? C;NB?M? '?>COG ;O@ 5·=;OM7 I>?L J;MMCPCM=B? OHENCIH
@?MNF?AN OH> ?CH Q?CN?L?L >?L >?H (IG ;O@ >C? *;NC?HMLIFF? ?CH?HAN C?M?
HNQC=EFOHAMM=BLCNN? MCH> AL¡‹N?HN?CFM CH Q?HCA?L ;FN?LN§GFC=B?H CH>IA?L
G;HCM=B?H -JL;=B?H QC? T TOG !INCM=B?H BCH ;<A?F;O@?H PAF L;OH?
"?C>?LG;HHM
GCN0?LT?C=BHCM>?L*;MMCP@ILG?H
';H E;HH >;B?L <?C >?L 1T ³TQ?C P?LM=BC?>?H? LN?H >?L OHENCIH>?L
C;NB?M? '?>COG CG ´AP?>; <?I<;=BN?H ?CH? =BLIHIFIACM=B FN?L? OH> ?CH?
=BLIHIFIACM=BD§HA?L?C?FN?L? OHENCIH>?M'?>COGMCMN>C?I<?H<?M=BLC?
<?H? C? D§HA?L? CMN HOH CGG?L HI=B >C? FN?L? OHENCIH CHEFOMCP? ?CH?L
¼.L;HM@ILG;NCIH½ >?L ;MCMLIFF? 5=;OM7 ȳ 5g=;OM7 C? C;NB?M? '?>COG
P?LH>?LN CBL? OHENCIH MIGCN CH ?CH?G A?LCHA@§ACA?H ;<?L @§L >C? MJN?L?
ILN?HNQC=EFOHA QC=BNCA?H ';‹ >OL=B >C? tH>?LOHA >?M %IHNL;MNM TO >?H
ENCP@ILG?H
JJ?H>CRC?J;L;FF?F?HNQC=EFOHACGFNALC?=BCM=B?H
<?HMIQC?;O=BI@NM=BIHCG@L§B?H0?>CM=B?HB;NMC=B>C?C;NB?M?'?
>COGCGFNALC?=BCM=B?H>;HH;FMH?O?)JJIMCNCIHM>C;NB?M?@§L?CH?H?O?;HNC
E;OM;NCP??>?ONOHA?HNQC=E?FNC?M?LN'?>COGH?HH?C=B¼)JJIMCNCIHM;H
NCE;OM;NCP½
"C?L B;<?H '?>C;F@ILG?H ?CH?M <?MNCGGN?H -N;GGM T <?C
?Q?AOHAMP?L<?H QC? T AL USzQPNBJº>L?B? GC=B Q?H>? GC=B H>?L?
GC=Bº HOL HI=B >C?M? ?CHA?M=BLHEN? ;HNCE;OM;NCP? OHENCIH QBL?H> >C?
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
>C?M??CHA?M=BLHEN?;HNCE;OM;NCP? OHENCIHQBL?H>>C??HNMJL?=B?H>?E;O
M;NCP??>?ONOHAPIH>?HENCP@ILG?HTALUSzQX<?T?C=BH?NQCL>
C?M?HNQC=EFOHAB;NCGFNALC?=BCM=B?HTO?CH?G)JJIMCNCIHMP?LBFNHCM
M?HPIG@IFA?H>?H.SJA?@§BLN
ENUSzQX5=;OM7¹>L?B?Q?H>?F?HE??NQDºPM'?>USzQPNBJ5·=;OM7
¹>L?B?Q?H>?H>?L?GC=BºC?M?D§HA?L?C;NB?M?HIJJIMCNCIHM?NTN?HNMJL?
=B?H>>?HI<CA?H?I<;=BNOHA?H?B?G;FCA?F;<CF?/LG?>C;F@ILG?HPIG.SJ
OLC>A NL•JIC ¹Q?H>? Q?H>? ?NQD OG Q?H>? GC=Bº OH> >;L;OM Q?CN?L
?HNQC=E?FN?F;<CF?NB?G;NCM=B?¼'?>C;FMNGG?½PIL;OM
CAOL
NL•JI-A/LG?>COG5g=;OM7
ȳNL•JI?¼'?>C;FMN;GG½5g=;OM7
࿉
࿈
5·=;OM7
5=;OM7
USzQX
USzQPNBJ
¼(?I;ENCP½ '?>COG
END§HA?LØ
#G @L§B?H 0?>CM=B?H >?M ´AP?>; CMN >C?M?L HNQC=EFOHAMM=BLCNN ?<?H@;FFM
?LE?HH<;L;<?LN?CFQ?CM?HI=BQ?HCA?L@ILNA?M=BLCNN?H>?HH>C?'?>C;F@ILG?H
MCH>I@NHI=BF;<CFMC?B?;O=BI<?H%;JCN?F
CAOL
/LG?>COG5g=;OM7PAF*IINB
;@@
ȳOLCCL"îL᫱;P?>¯U­\D
࿉
࿈
5=;OM7
5g=;OM7
¯U­\DWL
¯U­\DWH
¼(?I;ENCP½ '?>COG
END§HA?LؐBHFC=BQC?<?C3-V¬U­\DWLPM,0V¬U­\DWH
(;=BNL;AY­UGKDWLȳYDUGK­\DWL5=;OM7
"I@@G;HHO@M#B;NP?LMO=BN>C?M?C;NB?M?HIJJIMCNCIH5=;OM7EN
PM5·=;OM7'?>;HB;H>;;PP;Lʲ>;CNĘ5=;OM7¹FMMNQ;=BM?HºD;PP;LʲƝ;CC;
¹Q;=BM?H F;MM?H º PM D;P P;LʲƝîN;Ā=; ¹OH> QCL> Q;=BM?Hº @§L >;M /LCH
>ICL;HCM=B?;HTOM?NT?HPAF!INĹGCN&CN!INĹ<?B;OJN?N
>;MM P?> Y­UGKDWLH?<?H 5=;OM7YDUGK­\DWL Y­UGKDWH ?<?H@;FFM >C?M? )J
JIMCNCIH ;O@Q?CM?H Q§L>? FF?L>CHAM M=BL?C<N ?L M?F<MN >;MM >?L P?> ¼F;HA?¼
%IHD ## Y­UGK¬V <TQ Y­UGKD
DV ¼5>7O QCLMN 57 Q;=BM?H½ !?F>H?L CH ,0
;<TOQ?C=B?H M=B?CHN C? ENCP@ILG?H Y­UGKDW CH ,0 MIQC?
ILN B;<? C=B <?L?CNM PILA?M=BF;A?H >;MM >?L ¼A?G?CHC>A½ *LM?HMMN;GG PIG .SJ OLCCL
"îL᫱; OMQ ;O@ ?CH? OLC>A ILG >?L -A #HNL *LIAL BIL•C GCN >CMNLC<ONCP
CN?L;NCP?L &?M;LN H?<?H ¼@;ENCNCP?L½ &?M;LN TOL§=EA?BN >C? GCN NC X ?C X ?NC TO
BIL•CNCXBIL•᫱?CXBIL•᫱?NCJF?IH;MNCM=B?LQ?CN?LNQOL>?
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
YDUGKDWCH,0E¡HH?H?<?H@;FFM;HNCE;OM;NCP?&?M;LNB;<?HTO>?H-N?F
F?H PAF !INĹ GCN Q?CN?L?L &CN?L;NOL C? *;LN EN Y³GK­QW OH>
Y­UGKDQWT?CA?HF;ON!INĹMIQIBFE;OM;NCP?QC?;HNCE;OM;NCP?&?M;LN
OH>MCH>MIGCN>?ONFC=BF;<CF
O=B>;M*?L@EN YDY­UGKDT?CAN?CHCA?;HNCE;OM;NCP?5·=;OM7?F?A?,0
OMQ PAF !INĹ %§GG?F MPOH>CMNMIGCN>
>?ONFC=B5g=;OM7F;<CF
!INĹ C<C> B;N <?B;OJN?N >;MM >;M 0?L< YDUGKaY³GK ¼CHNL;HMCNCP½ QL?
-N;NN>?MM?H CMN D?>I=B A;HT I@@?HMC=BNFC=B >;MM >;M 0?L< YDUGKaY³GK TOL
%F;MM? >?L F;<CF?H 0?L<?H & # A?B¡LN >; >C? ENCP@ILG?H >?M *?L@ HI=B
F;<CFMCH>1;M>;M*LM;HA?BNMI<?MN?BNHOL?CH?.?H>?HT>?LENCP@ILG?H
TO5=;OM7&?M;LNPM5·=;OM7'?>
!INĹM=BL?C<NQ?CN?LBCH>;MMH;=B>?LP?>';HNL;&CN?L;NOL>;M
;ENCP? Y­UGKDWL HC=BN G?BL F?<?H>CA CMN OH> >;MM >C? )JJIMCNCIH YDUGK­\DWL
5=;OM7 Y­UGKDWH 5·=;OM7 >;HH >C? (ILG M?C
;M CMN HOH QC?>?L A;HT >C?
0?LH>?LOHA >?L C;NB?M?HIJJIMCNCIH MI QC? CH >C?M?G %;JCN?F <?M=BLC?<?H
QOL>? '?>C;F@ILG?H Q?L>?H TOH?BG?H> ;O@ >C? ;HNCE;OM;NCP? 5·=;OM7 I>?L
>C? ¼;ONIE;OM;NCP?½ >CL?ENL?@F?RCP? &?M;LN OH> Q?HH E;OM;NCP >;HH ;O@ >C?
;ONI<?H?@;ENCP? &?M;LN ?CH??HAN QBL?H> >C? TOA?B¡LCA?H ENCP@ILG?H CH
>C?M?G <?MIH>?L?H ;FF >C? ?CH?M ;H>?L?H 0?L<;FMN;GGM ;O@ >C? E;OM;NCP?
5=;OM7&?M;LN?CHA??HANQ?L>?H
CAOL'?CH?,?EIHMNLOENCIH
ȳOLCCL᳊L>Bî;MN;GGNG;OM>?G/LG?>COG
࿉
࿈
5g=;OM7
5g=;OM7
᳊L>B;NC
᳊L>B;N;CPAFI<?H=᫱᳊;NCN;CCH%;JCN?F
ȴ
ȴ
5g=;OM7
QCL>?CHA??HAN;O@5·=;OM7
;;PP;Lʲ>;CNĘ D;PP;LʲƝîN;Ā=; P?>Y­UGKDWL P?>Y­UGKDWHWDQ…DPY­UGKDWH
ȴ
CH5=;OM7&?M;LNP?LN;OM=B<;LGCN
YDUGK­\DWL
?L0?LMO=B>C?M?C;NB?M?HIJJIMCNCIH;O@>;M/LCH>ICL;HCM=B?I>?LMIA;L
CHM /LCH>IA?LG;HCM=B? TOL§=ETOJLIDCTC?L?H CMN MIGCN ?CH L?=BN >?ONFC=B?L
H;=BLIHCMGOM OH> '?CM?L B;N A;HT L?=BN Q?HH ?L M=BL?C<N >;MM ?CH?
C;NB?M?HIJJIMCNCIH QC? MC? <?C AL USzQX USzQPNBJ PILFC?AN PC?FG?BL
D§HA?LOH>M?EOH>LCMN"I@@G;HHM0?LMO=B>C?C;NB?M?HIJJIMCNCIHMI?CH
@;=B ;O@ >;M /LCH>ICL;HCM=B? TO §<?LNL;A?H CMN ;FMI G ?CH? CLLN§GFC=B?
;H;=BLIHCMNCM=B? ,§=EJLID?ENCIH ?CH?L D§HA?L?H M?EOH>L?H C;NB?M?HIJ
C?*LI>OENCPCNN>?M5=;OM7*LM2T?CANMC=B;O=B<?CPC?F?H;H>?L?H0?L<?HPAF %O
FCEIP G?CH? /HN?LMNL?C=BOHA ¼.B? S;=;OM;NCP? JᦽP;S;NCN? ¹JOLC@S G;E?
=F?;Hº;NN?MN?>@LIGNB?0*IHQ;L>57@OH=NCIHM;M;H?Q=;OM;NCP?I@57JP;N?AL;>O
;FFSIOMNCHANB?IF>?LSXQ”WL½PAF!INĹ
4Q?C.SJ?H@L§BP?>CM=B?LC;NB?M?HIJJIMCNCIH?H
JIMCNCIH §L OLCCL ᳊L>B;NC CMN MN;NN>?MM?H OH<?>CHAN ?CH? F;<CF? ?>?ONOHA
;HTOM?NT?H<?HMICMN?CH?F;<CF??>?ONOHAM?BLJF;OMC<?F@§L>;MTOA?B¡LCA?
'?> ᳊L>B;N;C ;HTOH?BG?H OH> <?C>? M?NT?H G ?CH? F;<CF? OLC>A -A
/LG?>COG;O@I@ILN