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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
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M=BC?>FC=B?H ?>?ONOHAMEIGJIH?HN?H TOM;GG?HM?NT?H QI<?C >C? ¼?RJ?LC?H
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G?CH?"?LPILB?<OHA
5.7B?G?;HCHAI@NB?5=FOMN?L=IH=?JN757B;MNB?MN;NOMI@;H?RJ?LC?HNC;FFS
JLCGCNCP?A?MN;FN=IAHCNCP?FSMCGJF?LNB;H;HSI@CNM=IGJIH?HNJ;LNM#H>??>CN
QIOF>JLI<;<FS<?NLO?NIM;SNB;NG;HSI@5CNM7JLIJ?LNC?M;L?OH>?LMNII>L?F;
NCP?NI;JLCILOH>?LMN;H>CHAI@NB?A?MN;FNNB?A?MN;FN>I?MHIN?G?LA?@LIGNB?
MOGG;NCIHI@CH>?J?H>?HNFS=IH=?JNO;FCT?>;NNLC<ON?M
C? D?Q?CFCA?H ?>?ONOHAMEIGJIH?HN?H L?MOFNC?L?H ;FMI ;OM M?G;HNCM=B?H
#GJFCE;NCIH?H PIH -;=BP?LB;FN?H <?T§AFC=B CBL?L -;=BP?LB;FNN?CFH?BG?L I>?L
*;LNCTCJ;HN?H?L>?ONM=BMJL;=BCA?,;OGT*LCGOM
MJLC=BNBC?L
PIHMIA?H;HHN?H¼;MCMLIFF?H½C?¼;MCMLIFF?H½MCH>GCNIQNSºM¼?H
N;CFG?HNM½Q?CN?MNA?B?H>C>?HNCM=B';HP?LAF?C=B?>C?@IFA?H>?HHMNT?PIH
IQNSOH>*LCGOM
IHNLC<ONCHAJLIJ?LNC?MI@NB?A?HN*LINI,IF?IQNS
;
PIFCNCIH;FCHPIFP?G?HNCHNB??P?HNILMN;N?
<
M?HNC?H=?;H>ILJ?L=?JNCIH
=
=;OMCHA;H?P?HNIL=B;HA?I@MN;N?CH;HINB?LJ;LNC=CJ;HN
>
GIP?G?HNL?F;NCP?NINB?JIMCNCIHI@;HINB?LJ;LNC=CJ;HN57
IHNLC<ONCHAJLIJ?LNC?MI@NB?*;NC?HN*LINI,IF?
;
OH>?LAI?M=B;HA?I@MN;N?
<
CH=L?G?HN;FNB?G?
=
=;OM;FFS;@@?=N?><S;HINB?LJ;LNC=CJ;HN
>
MN;NCIH;LSL?F;NCP?NINB?GIP?G?HNI@;HINB?LJ;LNC=CJ;HN57
*LINI;A?HM*LCGOM
;
REIHNLIFFC?LN>C?PIG0?L<>?HINC?LN?-CNO;NCIHM %IHNLIFF?L
<
RP?LOLM;=BN?NQ;MCHM
0?LOLM;=B?L
=
RCMNJBSMCM=B;ENCPCHM
?Q?AOHAMNLA?L
>
RB;N?CH?HMJ?TC@CM=B?HJMS=BCM=B?H4OMN;H>CHM RJ?LC?H=?L
?
RP?L@§AN§<?L?NQ;MCHM
?MCNT?L
IQNS MC?BN >C?M?&CMN? ;FM I@@?H OH> OHPIFFMNH>CA ;H &?PCH Þ ,;J
J;JILN"IP;P
M=BL?C<?H>;HH¼#H;M?HM?NB?OM?I@M?G;HNC=LIF?MCM
;H;FIAIOM NI NB? OM? I@ @?;NOL?M CH JBIHIFIAS½ ;B?L P?LQ?H>? C=B BC?L CH
>?G C=B >C? ¼?HN;CFG?HNM½ I>?L ¼;MCMLIFF?H½ CH M?G;HNCM=B? %IGJIH?HN?H
'?LEG;F? ¼@?;NOL?M½ §<?LM?NT? A?H;O QC? CH >?L *BIHIFIAC? ?=ECA? %F;G
G?LH¼57½OH>>;M*FOMT?C=B?H¼½Q?HH>;M'?LEG;F<TQ>C?%IGJIH?HN?
PILB;H>?H CMN I>?L ;<?L >;M 'CHOMT?C=B?H ¼·½ Q?HH ?M HC=BN PILB;H>?H CMN
';H<?;=BN?>;<?C;FF?L>CHAM>;MM?M;O=B>C?'¡AFC=BE?CNAC<N>;MM?CH0?L<
I>?L?CH?0?L<@ILGBCHMC=BNFC=B>?M'?LEG;FMOHN?LMJ?TC@CTC?LNCMN¼g½C?
'?LEG;F? MCH> MIGCN E?CH?MQ?AM <CHL 1?HH ?CH? %IGJIH?HN? T 5=;OM7
HC=BN MJ?TC@CTC?LN CMN B?CMMN >;M ;FMI >;MM >C? %IGJIH?HN? 5=;OM7 I>?L >C?
A?A?HN?CFCA?%IGJIH?HN?5·=;OM7HC=BN;OMA?M=BFIMM?HMCH>
"C?LQ?L>?H@IFA?H>?%§LT?F@§L>C?¼=IHNLC<ONCHAJLIJ?LNC?MI@NB?A?HN
*LINI,IF?½IQNS<TQ¼;MCMLIFF?H½*LCGOM>B¼JLINI;A?HNCP?M?G;H
NCM=B? %IGJIH?HN?H½ P?LQ?H>?N !;HT ?HNMJL?=B?H> >?G HM;NT PIH IQNS
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
Q?L>?H;O‹?L>?G>C?OHN?H;HM=BFC?‹?H>?H%§LT?F@§L>C?¼=IHNLC<ONCHA
JLIJ?LNC?M I@ NB? *;NC?HN *LINI,IF?½ >B @§L >C? ¼JLINIJ;NC?HNCP?H M?G;H
NCM=B?%IGJIH?HN?H½P?LQ?H>?N
&CMN?
5QCFF7
5=IHNL7
5L?MJ7
5?RJ7 5EHIQ7
5;HCG7
5BOG7
5=;OM7 5GIP?7
5>SH7
5GINCP7
5G;HCJ7
5;=N7
QCFF?HNFC=B;OM?CA?H?HHNLC?<GINCPC?LNCHN?HNCIH;FCGJFCTC?LN
5;HCG7
>C? ?CA?H? .?CFH;BG? ;G -;=BP?LB;FN I>?L ?CH?H ;H>?L?H *;L
NCTCJ;HN?H OH> M?CH? .?CFH;BG? ;G -;=BP?LB;FN OH> H@;HA
0?LF;O@ OH> H>? >?M -;=BP?LB;FNM EIHNLIFFC?L?H> CGJFCTC?LN
5QCFF75?RJ75;HCG7
@§L>C?4OMN;H>MH>?LOHAP?L;HNQILNFC=B
F;N ?RJ?LC?HM?GJ@CH>?H>Q;BLH?BG?H>J?LT?JNCPIQNSºM¼M?H
NC?H=?½CGJFCTC?LN5;HCG7
?HAFEHIQCHAFSCH1CMM?H§<?L>C?%IHM?KO?HT?H>?MOMA;HAM>?M
-;=BP?LB;FNMCGJFCTC?LN5;HCG7
;HCGC?LNGCN?QOMMNM?CHI>?L-??F?P?LM?B?HOH>F?<?H>CA
G?HM=BFC=BCGJFCTC?LN5;HCG7
¼=;OMCHA;H?P?HNIL=B;HA?I@MN;N?CH;HINB?LJ;LNC=CJ;HN½IQNS
>B >?H 4OMN;H> ?CH?M ;H>?L?H *;LNCTCJ;HN?H P?LH>?LH>
CGJFCTC?LNTQ?COHN?LM=BC?>FC=B?*;LNCTCJ;HN?HPM
>B ¼;ONIE;OM;NCP?½ >CL?EN L?@F?RCP? 4OMN;H>MH>?LOHA?H ;G
?CA?H?H%¡LJ?LMCH>BC?L5·=;OM7
MC=B<?Q?A?H>GCN?Q?AOHAA?A?<?H?H@;FFMIBH?%IHNLIFF?
>SH;GCM=B GCN 4OMN;H>MP?LH>?LOHA >?M -?CHMTOMN;H>M I>?L >?L ;FF
A?G?CH?H1?FN
GINCPC?LN?CH'INCPB;<?H>CGJFCTC?LN5;HCG7
';HCJOF;NCIH >B >CL?EN?L 4OALC@@ P?LGCNN?FM ";H> %¡LJ?L #HMNLO
G?HN
>?H -;=BP?LB;FN ;OM@§BL?H> A?A?<?H?H@;FFM IBH? 1CFF? %IHNLIFF?
I>?LQ?HCA?LP?L;HNQILNFC=B
IQNSºM¼?HN;CFG?HN½5=;OM7CMNCHH?LB;F<>?LPILFC?A?H>?L<?CN;GJLIGC
H?HN?MN?H >;B?L B;<? C=B MC? I<?H B?LPILA?BI<?H C? %IGJIH?HN?H 5QCFF7
OH>5=IHNL7Q?L>?HCG IFA?H>?HI@NG;FM>?LCH@;=BB?CNB;F<?LTOM;GG?HA?
@;MMMN ;FM 5QCFF=IHNL7 ?MQ?CN?L?H EIGGN 5>SH7 BO@CA?L PIL C? %§LT?F @§L
>C? ¼=IHNLC<ONCHA JLIJ?LNC?M I@ NB? *;NC?HN *LINI,IF?½ >B @§L >C? ¼JLINI
J;NC?HNCP?HM?G;HNCM=B?%IGJIH?HN?H½MCH>@IFA?H>?
;M %§LT?F 5=IHNL7 P?LQ?H>? C=B ;FMI @§L ¼?CH *;LNCTCJ;HN B;N %IHNLIFF? §<?L <F;O@ OH>
OMA;HA ?CH?M L?CAHCMM?M I>?L ?CH?L 4OMN;H>MH>?LOHA OH> E;HH >;M L?CAHCM I>?L >C?
4OMN;H>MH>?LOHA;OM?CA?H?L%L;@NQCFF?HNFC=BOHN?L<L?=B?H½
;?@CHCNCIH?H#-?G;HNCM=B?%IGJIH?HN?H.L;HMCNCPCNNC;NB?M?
&CMN?
5OH>?LAI7 ¼OH>?LAI?M=B;HA?I@MN;N?½IQNS
5NL;HM@7
5NB?G?7
5;@@?=N7
5=;OM??7
BC?L ?HNQ?>?L ?CH? E¡LJ?LFC=B? 4OMN;H>MH>?LOHA I>?L ;O=B ?CH?
)LNMP?LH>?LOHA&;A?P?LH>?LOHA
I>?L;O=B?CH??CH@;=B??Q?AOHA
NL;HM@ILGC?LN >B CH M?CH?L E¡LJ?LFC=B?H #HN?ALCNN !;HTB?CN HC=BN
G?BLL§=EAHACAG;=B<;LTOMN;H>MP?LH>?LN
¼CH=L?G?HN;FNB?G?½IQNS>B>OL=B?CH?H;H>?L?H*;LNCTCJ;HN?H
PIH)LNH;=B)LNP?LM?NTN
CGJFCTC?LNTQ?COHN?LM=BC?>FC=B?*;LNCTCJ;HN?HPM
¼=;OM;FFS ;@@?=N?> <S ;HINB?L J;LNC=CJ;HN½ IQNS >B
>OL=B?CH?H;H>?L?H*;LNCTCJ;HN?HE;OM;FP?LH>?LN
CGJFCTC?LNTQ?COHN?LM=BC?>FC=B?*;LNCTCJ;HN?HPM
"C?LQCL>HOH>C?MJL;=BNSJIFIACM=B?!LOH>C>??PIL;OMA?M?NTN>;MMD?Q?CFM
OHN?LM=BC?>FC=B? ?>?ONOHAMEIGJIH?HN?H CH CBL?G MJL;=BFC=B?H OM>LO=E
MJL;=BMJ?TC@CM=B OHN?LM=BC?>FC=B TOM;GG?H@;FF?H E¡HH?H P?LAF?C=B<;L >;GCN
CMN T >;M ¼*ILNG;HN?;OGILJB?G½ @OMCIHC?L?H>?L -JL;=B?H OMQ #=B
JF>C?L?;FMI>;@§L>;MMMIQIBF>?LHM;NTPIHMOJ?LIL>CHC?LN?HOH>OHN?LMJ?
TC@CTC?LN?HMIA?H;HHN?H¼';ELILIFF?H½QC?T0?LOLM;=B?LOMQ;FM;O=B>?L
HM;NT >?L §<FC=B?H M?G;HNCM=B?H ,IFF?H QC? T RJ?LC?H=?L OMQ ;FM ;O=B
>?L PIH ¼;MCMLIFF?H½ >B MITOM;A?H ¼'CELILIFF?H½ <TQ ¼HN;CFG?HNM½ QC?
T5=;OM7M?CH?D?Q?CFCA?>?MELCJNCP??L?=BNCAOHAB;N
A?HMOH>A?HNCPCNN
C? M?G;HNCM=B? ,IFF? A?HM EIHMNCNOC?LN MC=B CH >?L BC?L P?LQ?H>?N?H
?@CHCNCIH HOL >OL=B >C? '?LEG;F? 5QCFF7 OH> 5=IHNL7 CH *;LNCTCJ;HN QC?
";HMC?N?L >?G >C?M? %IGJIH?HN?H @?BF?H QC? T CH >N ";HMC?N?L
GOMMN?OH@L?CQCFFCA§<?L>C?G?LEQ§L>CA?H.B?ILC?HM?CH?M*LI@?MMILMF;=B?H
QCL> BC?L HC=BN ;FM A?HM ;O@A?@;MMN MIH>?LH ;FM HC=BN;A?HNCP?L ¼/H>?LAI?L½
CG -CHH? >?L %IGJIH?HN? 5OH>?LAI7 <?C >?G ?CH? E¡LJ?LFC=B? ,?AOHA
>OL=B?CH?H0?LOLM;=B?L;OMA?F¡MNQCL>OH>>?L;FMI>OL=B?CH?H-NCGOFOM?CH?
4OMN;H>MH>?LOHA ?L@BLN IBH? MC? A?QIFFN TO B;<?H OH> EIHNLIFFC?L?H TO
E¡HH?H
;MMHOH;FMIPIL;FF?G>C?'?LEG;F?5QCFF7OH>5=IHNL7?CH?HA?HM>?
@CHC?L?HT?CANMC=BTCG-N;H>;L>.C<?NCM=B?HPAF?&;H=?SQI>?L
A?HM%;MOM>?LMIA?H;HHN?¼LA;NCP½>?L;FF?L>CHAM?CHMJ?TC@CM=B?LA?HM
%;MOM CMN P?LQ?H>?N QCL> Q?HH ?CH? ";H>FOHA @L?CQCFFCA <TQ QCFF?HNFC=B
5QCFF7OH>M?F<MNEIHNLIFFC?L?H>5=IHNL7;OMA?@§BLNQCL>OH>>?L>?L%;MOM
@§L >C? ¼(C=BNA?HM,IFF?H½ ¼(IGCH;NCP½ P?LQ?H>?N QCL> Q?HH >C?
";H>FOHAOH@L?CQCFFCAA?M=BC?BN
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
-N;H>;L>.C<?NCM=B?H-CHI.C<?NCM=BPAF?&;H=?S
;
᭾;
<I>F;
JBSCHJ;SCH
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AI),)($/(.
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¹#=BA?F;HAN??B?LOH@L?CQCFFCAH;=B.C<?Nº
'?LEG;F?>?M*;LNCTCJ;HN?H5·QCFF=IHNL75·L?MJ7
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-!,!
.C<?N&)
AI),)($/(.
¹#=BACHA;<MC=BNFC=BH;=B.C<?Nº
'?LEG;F?>?M*;LNCTCJ;HN?H5QCFF=IHNL75L?MJ7
#H>C?M?G-CHH?F;ON?N>C??@CHCNIHPIHA?HNCPCNN<?C.;FGS@IF
A?H>?LG;‹?H
57;PIFCNCIH;F;=N57GIP?5CHA7=?LN;CHJ;LNMIL;FFI@5IH?ºM7<I>S;H>NBCM
CH NOLH F?;>M ?CNB?L NI NB? CHN?H>?> ?P?HN IL NI ; @OLNB?L ?P?HN =B;CH 57 NB;N
F?;>MNICN
C? M?G;HNCM=B? ,IFF? A?HM MI QC? MC? BC?L ;HA?M?NTN QCL> ?HNMJLC=BN
MIGCN>?HM?G;HNCM=B?H %IGJIH?HN?HI>?L;MCMLIFF?H5QCFF7OH>5=IHNL7
CH *;LNCTCJ;HN >?G >C? '?LEG;F? 5QCFF7 OH> 5=IHNL7 @?BF?H CMN ?HNQ?>?L
HOL?CH?CH@;=B?L0?LOLM;=B?LI>?L?CH*;NC?HM¼.B?G?½OMQ
';H <?;=BN? ;FMI >;MM >C? PIH IF?S Þ 0;H 0;FCH ;HA?M?NTN?
MIA?H;HHN? ¼';ELILIFF? =NIL½ HOL TOG .?CF ?NQ;M GCN >?L M?G;HNCM=B?H
,IFF?A?HMTONOHB;NMIQC?MC?BC?LP?LMN;H>?HQCL>?HH>?L¼=NIL½OG
@;MMND;<?C IF?SÞ0;H0;FCH@@;O=BOHQCFF?HNFC=B<TQOHCHN?HNCIH;F
5·QCFF7OH>OHEIHNLIFFC?LN5·=IHNL7;OMA?@§BLN?>B?CH@;=BHOLE;OM;FCHCNCC?LN?
-;=BP?LB;FN?QC?T?HAF $IBH;==C>?HNFS<LIE?NB?P;M?IHNB?@FIILOMQ¸
OH>TQ;LI@@?HMC=BNFC=B>?MQ?A?HQ?CF $IBHBC?L5=;OM7CMNPAF IF?SÞ0;H
0;FCH ¼FF ;=NILM B;P? CH =IGGIH NB;N NB?S ;L? JIN?HNC;F CHCNC;NILM
;H>IL =IHNLIFF?LM I@ NB? ;=NCIH I@ NB? JL?>C=;N?½ C? M?G;HNCM=B? ,IFF?
A?HMMIQC?MC?BC?LP?LMN;H>?HQCL>?HNMJLC=BN>;GCNOHA?@BL>?GMIA?H;H
HN?H¼;<MNL;=NIJ?L;NIL½¼)½CH>?EIGJIMCNCIH;F?HHMNT?HPAF0;H0;FCH
Þ 1CFECHM ¼.B? @;=N NB;N ;H ;LAOG?HN CM CHN?LJL?N?> ;M ;H ;A?HN CM
L?JL?M?HN?>CHNB?F?RC=;FL?JL?M?HN;NCIH57I@NB?P?L<<S)½
0?LOLM;=B?L%;OM;NCPCNNOH>&;<CFCNN
"C?L QCL> ?CH? ,IFF? 0?LOLM;=B?L <TQ ¼0?LOLM;=B?L@@?=NIL½ PAF 0;H
0;FCHÞ1CFECHM;HA?M?NTNC?M?,IFF?P?L?CHN%L;@N-NCGOFOM
0?L;HF;MM?LA?HM LF;O<?LA?HM OH> ?CH?H ?CH@;=B?H 0?LOLM;=B?LA?HM
OHN?L MC=B C?M? ,IFF? CMN CHH?LB;F< >?L %IHT?JNCIH PIH IF?S Þ 0;H 0;FCH
>?L ';ELILIFF? ¼=NIL½ MO<IL>CHC?LN C? ';ELILIFF? 0?LOLM;=B?L
?HNMJLC=BN ;FMI OHA?@BL >?G ;<MNL;BC?LN?H <TQ ;<MNL;EN?H )J?L;NIL ?HAF
¼;<MNL;=N IJ?L;NIL½ /- CH >?EIGJIMCNCIH?FF?H HMNT?H PAF '=;QF?S
?L 0?LOLM;=B?L ;OM?L ;<A?E§LTN , EIHMNCNOC?LN MC=B CH >?L BC?L
P?LQ?H>?N?H ?@CHCNCIH ;FF?L>CHAM A;HT ;FF?CH >OL=B >C? M?G;HNCM=B? %IGJI
;?@CHCNCIH?H#-?G;HNCM=B?%IGJIH?HN?H.L;HMCNCPCNNC;NB?M?
H?HN?5=;OM7;FF?;H>?L?H'?LEG;F?MCH>@§L>C?BC?LP?LQ?H>?N??@CHCNCIH
PIH0?LOLM;=B?LCLL?F?P;HN
.;FGS H?HHN >C?M? ,IFF? ;O=B ¼;ONBIL½ CH *;LNCTCJ;HN >?L E?CH?
4OMN;H>MH>?LOHA I>?L )LNMP?LH>?LOHA <?C ?CH?G ;H>?L?H *;LNCTCJ;HN?H
I>?L E?CH?H @@?EN <TQ E?CH *LI>OEN P?LOLM;=BN QC? T ?L CH >N ?L A?BN
MJ;TC?L?H QCL> BC?L E?CH?M@;FFM ;FM 0?LOLM;=B?L ;HA?M?B?H O=B CG ?CMJC?F
PIH0;FCHÞ1CFECHM
$IBHMGCF?>CHMNCH=NCP?FS E;HH $IBHHC=BN;FM
0?LOLM;=B?L ;HA?M?B?H Q?L>?H MIH>?LH CMN MN;NN>?MM?H HOL ?CH *;LNCTCJ;HN
>?G ?CH? 4OMN;H>MH>?LOHA QC>?L@BLN QI<?C @§L >C? 4OMN;H>MH>?LOHA
MGCF?>CHMNCH=NCP?FS?CHCGJFCTCN?L-NCGOFOMT?CHA?FC?<N?L'?HM=BP?L;HN
QILNFC=BCMN
?MQ?CN?L?H CMN >C? M?G;HNCM=B? ,IFF? ¼%L;@N½ <TQ ¼H;N§LFC=B? /LM;=B?½
<TQ ¼/LM;=B?½ I>?L ¼!LOH>½ ?CH MJ?TC@CM=B?L?M -O<IL>CH;N >?L 0?LOLM;
=B?LLIFF? HGFC=B >?L HC=BNG?HM=BFC=B? HC=BNNC?LCM=B? OMQ *;LNCTCJ;HN >?L
?CH? 4OMN;H>MH>?LOHA ;OM ?CA?H?L %L;@N H;N§LFC=B?L %L;@N I>?L ;FM ?L
AL§H>?N? /LM;=B? <TQ !LOH> B?LPILLO@N QC? T <?C >N >?L 1CH> B;N >C?
?HMN?LM=B?C<?T?L<LI=B?H?LE;HH;O@ALOH>?CH?MALCJJ;F?H#H@?ENMHC=BN;L
<?CN?HO=B>C?M?G;HNCM=B?,IFF?¼-NCGOFOM½CMN?CHMJ?TC@CM=B?L?M-O<IL>CH;N
>?L 0?LOLM;=B?LLIFF? HGFC=B >?L *;LNCTCJ;HN >?L ?CH?H G?HN;F?H I>?L ?GI
NCIH;F?H 0ILA;HA *LIT?MM I>?L 4OMN;H> <TQ ?CH?H JMS=BCM=B?H @@?EN <?C
?CH?G;H>?L?H*;LNCTCJ;HN?HB?LPILLO@N?L¼-NCGOFOM½CMN<?E;HHNFC=B@§L>C?
4OMN;H>MH>?LOHA <?CH;B? HC=BN P?L;HNQILNFC=B TO G;=B?H CMN E;OG <?QOMMN
<TQQCMM?HNFC=B5gQCMM7E;OGQCFF?HNFC=B5·QCFF7B;NE?CH?HCA?H;HNLC?<OH>
CMNHC=BN;OMMC=B M?F<MNGINCPC?LN5·GINCP7E;OGM?F<MNP?L;HNQILNFC=B5gL?MJ7
OH>HC=BNIBH?Q?CN?L?MM;=BP?LB;FNMEIHNLIFFC?L?H>5g=IHNL7O‹?L>?G@§BLN
?CH ¼-NCGOFOM½ HC=BN OH<?>CHAN ?CH? ?Q?AOHA 5gGIP?7 ;OM OG >C?
4OMN;H>MH>?LOHAB?L<?CTO@§BL?H
0?L<?HQC?P?> MXÅ?HAF NI?HDISMNBNIJF?;M?MIMC?B?OHN?H%;J@@
>C? ?CH? -NCGOFOMLIFF? OH> ?CH?H RJ?LC?H=?L <?CHB;FN?H Q?L>?H BC?L
?HNMJL?=B?H>5=;OM7OH>¼E;OM;NCP½A?H;HHN';H<?;=BN?>;MM>C?,C=BNOHA
¼>CL?=NCIH½>C?>C?0?LOLM;=BOHAHCGGN¸I<PIG(IG;FM-NCGOFOM;OMA?
B?H>I>?LPIGEE;FM-NCGOFOM;OMA?B?H>¸@§L>C??@CHCNIH?CH?M0?L<M;FM
5=;OM7 OH> ¼E;OM;NCP½ E?CH? ,IFF? MJC?FN ;M CGJFCTC?LN >;MM ;O=B PC?F?
-;=BP?LB;FN? >C? CG N GCN ?CH?L *;MMCPEIHMNLOENCIH GCN Q?L>?H ***
EI>C?LNQ?L>?HQC?T>N ?LQOL>?PIHM?CH?L'ONN?LA?<IL?H>?L?ALC@@
QCL>HOH;H>?LM@?MNA?M?NTNCH>C?M?G-CHH?¼E;OM;NCP½5=;OM7MCH>;O=BQ?HH
MC? GILJBIFIACM=B HC?G;FM ;FM ¼%;OM;NCP;½ CG §<FC=B?H -CHH? <?T?C=BH?N Q?L
>?HE¡HH?H;C=BBC?L;<?L?CH?M?G;HNCM=B??@CHCNCIHTOALOH>?F?A?E?CH?
GILJBIFIACM=B?I>?LMSHN;ENCM=B?CMN>?L?ALC@@BC?LPIHEF;L;<A?AL?HTNOH>
MIFFN?>C?M<?T§AFC=BP?LMNH>FC=BM?CH
?@CHCNCIH ';H <?;=BN? ;O‹?L>?G @IFA?H>?M ?L ?ALC@@ ¼E;OM;NCP½ QCL>
BC?L QC? A?M;AN HOL @§L >C? M?G;HNCM=B? %IGJIH?HN? 5=;OM7 P?LQ?H>?N
?HNMJL?=B?H> >?L ?ALC@@ ¼;HNCE;OM;NCP½ I>?L ¼HC=BNE;OM;NCP½ @§L 5·=;OM7
C?M? ?@CHCNCIH PIH %;OM;NCPCNN ?HNMJLC=BN ALI< >?L PIH .;FGS ## >?L ?CH? .SJC@CTC?LOHA P?LM=BC?>?H?L E;OM;F?L ,?F;NCIH?H ;H<C?N?N >C?
G;H¼=;OM;NCIHNSJ?M½H?HH?HE;HH
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
¼L?MOFNCHA?P?HN=;OM;NCIH½ .B?P;M?<LIE?@LIG;<;FFºMLIFFCHACHNICN
¼=;OMCHA?P?HN=;OM;NCIH½
<;FFºMLIFFCHACHNICN<LIE?NB?P;M?
<;FF<LIE?NB?P;M?
¼CHMNLOG?HN=;OM;NCIH½
¼;ONBIL=;OM;NCIHOHCHN?H>?>½
#<LIE?NB?P;M?CHLIFFCHA;<;FFCHNICN
¼;A?HN=;OM;NCIHCHN?H>?>½ #<LIE?NB?P;M?<SLIFFCHA;<;FFCHNICN
¼=;OM?>;A?H=SCH>O=NCP?=;OM;NCIH½ #M?HNBCGNINB?MNIL?
';H <?;=BN? >;MM BC?L ?CH? ¼;ONIE;OM;NCP?½ ";H>FOHA .;FGSM ¼M?F@
;A?HNCP? =;OM;NCIH½ HC=BN ;FM 5=;OM7 P?LMN;H>?H QCL> >; E?CH PIG 0?LOLM;
=B?L*;LNCTCJ;HN?H A?NL?HHN?L *;LNCTCJ;HN PILB;H>?H CMN IFA?H>?
¼?P?HNM½OH>;O‹?L>?G4OMNH>?B;<?HBC?L;FMI>C?%IGJIH?HN?5·=;OM7
¼M?F@;A?HNCP?=;OM;NCIH½
¼;ONIHIGIOM?P?HNM½
¼OH>?LAI?LMCNO;NCIH½
4OMNH>?
#Q;FE?>NINB?MNIL?
.B?P;M?<LIE?
'S;LG<LIE?IHG?QB?H#@?FF
'?CHLGCMNA?<LI=B?H
';H <?;=BN? HOH >;MM >C?M? M?G;HNCM=B? ?@CHCNCIH HC=BN ?CH@;=B >?LD?HC
A?H ?HNMJLC=BN >C? PIH >?L !?A?H§<?LMN?FFOHA PIH ¼%;OM;NCPOG½ T D
ALI‹TC?B?H P?LMOM ¼HNCE;OM;NCPOG½ Q;=BM?H ALI‹ Q?L>?H ;OMA?BN ?HH
<?C>?L;HMIHMN?H§<FC=B?H?@CHCNCIHPIH¼E;OM;NCP½;FM¼%;OM;NCPOG½E¡HH?H
0?L<?H QC? DG B?F@?H IBH? ¼HNCE;OM;NCP*?H>;HN½ HC=BN G?BL MI A?H;HHN
Q?L>?H I<QIBF MC? M?G;HNCM=B MC=B?L A;HT A?H;OMI >C? M?G;HNCM=B? %IGJI
H?HN? 5=;OM7 ?HNB;FN?H >?HH <?C ?CH?G -;=BP?LB;FN DG B?F@?H QCL> ?CH
TQ?CN?L*;LNCTCJ;HN>?L?H?@CTC?HNCMNCHD?>?G ;FFCH?CH?H;H>?L?H4OMN;H>
P?LM?NTN ?L ?L@BLN ?CH? 4OMN;H>MP?LH>?LOHA T <?C ?CH?L !?F>BCF@? G?BL
!?F>TOB;<?H;FMPILB?LOMQOH>CMN;FM?H?@CTC?HNJIMCNCP;@@CTC?LN;<?C
?CH?L L?CH M?G;HNCM=B?H ?@CHCNCIH TOH=BMN E?CH?LF?C GILJBIMSHN;ENCM=B?H
CA?HM=B;@N?H QC? -OJJF?NCIH OMQ CLA?H>Q?F=B?L ?M=BL?C<?LMJL;=B?H
TOALOH>?FC?A?H MIFFN?H QCL>>?L?ALC@@¼E;OM;NCP½BC?LCG-CHH?PIH5=;OM7
;O@ 0?L<?H >C? ;HMIHMN?H G OHTOL?C=B?H>?LQ?CM? ¼NL;HMCNCP½ A?H;HHN
QOL>?HQC?DGB?F@?HDMNI‹?HOMQ;OMA?Q?CN?N
§L >C? ;HMIHMN?H §<FC=B? GILJBIMSHN;ENCM=B? ?@CHCNCIH PIH ¼E;OM;NCP½
P?LQ?H>?C=BHOLHI=B>?H?ALC@@¼%;OM;NCPOG½*F¼%;OM;NCP;½¼%;OM;NCP½
CGG?L ;FM -O<MN;HNCP PM ¼HNCE;OM;NCPOG½ I>?L ¼HNCE;OM;NCP½ CGG?L ;FM
-O<MN;HNCP >B C=B M;A? >;MM ?CH 0?L< ?CH TOALOH>?FC?A?H>?M I>?L ;<F?CN
<;L?M ¼%;OM;NCPOG TO ?CH?G TOALOH>?FC?A?H>?H I>?L ;<F?CN<;L?H HNC
E;OM;NCPOGCMN½;<?L?<?H>;MM?CH0?L<<TQ?CH?0?L<@ILGM?G;HNCM=BE;O
M;NCP 5=;OM7 I>?L ;HNCE;OM;NCP 5·=;OM7 CMN IBH? >;MM >C?M? CA?HM=B;@N PIH
?CH?G ;H>?L?H 0?L< <TQ ?CH?L ;H>?L?H 0?L<@ILG M= ?CH?G <CHL?H )JJI
H?HN?H;<BHA?HGOMM
5=;OM7
5·=;OM7 ; DGB?F@?H
;<?L
¼%;OM;NCPOG½
< ?NQD@FF?H
= ?NQDMN?B?HF;MM?H
¼HNCE;OM;NCPOG½
@;FF?H
MN?B?H
;?@CHCNCIH?H#-?G;HNCM=B?%IGJIH?HN?H.L;HMCNCPCNNC;NB?M?
;<?C AC<N ?M >;HH D?Q?CFM ;O=B ¼%;OM;NCP;½ I>?L J?LCJBL;MNCM=B? ¼%;OM;
NCPEIHMNLOENCIH?H½QC?T>ND?NQ@FF?HF;MM?HTOTOALOH>?FC?A?H>?HE;OM;
NCP?H 5=;OM7 0?L< ?NQ @FF?H MI<;F> ?CH? TOMNTFC=B? 0?L;HF;MM?L,IFF?
?CHA?@§BLNQCL>T>N?L0?L;HF;MM?LFC?‹CBHA?HM>?H;OG@FF?HOMQ
?C ;HNCE;OM;NCPE;OM;NCP?H ¼F;<CF?H½ 0?L<?H QC? >N ;<B?<?H MJL?=B? C=B
;FMIPIH?CH?LEIHN?RNO?FF?H>BA?A?<?H?H@;FFMPIH>?LD?Q?CFCA?H%IHMNLOE
NCIH ;<BHACA?H 0?LQ?H>OHA QC? ?CH ¼%;OM;NCPOG½ I>?L ¼HNCE;OM;
NCPOG½ IBH? >;MM >;M TOALOH>?FC?A?H>? 0?L< ?CH?M >;PIH QL? I>?L ?<?H
PIH ?CH?L E;OM;NCP?H I>?L ;HNCE;OM;NCP?H EIHN?RNO?FF?H &?M;LN >C?M?M 0?L<M
P?HNO?FF?MJL;=BMJ?TC@CM=B?%F;MMC@CTC?LOHA?H<?MNCGGN?L0?L<?H;FM¼%;OM;
NCP;½I>?L¼HNCE;OM;NCP;½BHA?H>;<?CPIH>?HD?Q?CFCA?HMJL;=BMJ?TC@CM=B?H
!?A?<?HB?CN?H >B >?H D?Q?CFCA?H &?RCE;FCMC?LOHA?H OH> >;PIH ;<BHACA?H
?LCP;NCIH?H;<;MM?MCG?ONM=B?H?CH%;OM;NCPHNCE;OM;NCP*;;L@FF?H
@;FF?H AC<N B?CMMN HI=B F;HA? HC=BN >;MM G;H IBH? Q?CN?L?M >;PIH ;OMA?B?H
E;HH>;MM>;M§<?L;FFMICMNC?BC?LP?LNL?N?H??@CHCNCIHPIH¼E;OM;NCP½;FM
5=;OM7B;N>?H0ILN?CF>;MMMC?HOHHC=BNPIHJIN?HNC?FF?H-OJJF?NCIHMJ;;L?H
QC? >N @;FF?H @FF?H ?CH?L D?Q?CFCA?H ?M=BL?C<?LMJL;=B? ;<BHACA CMN OH>
>C?M? )JJIH?HN?H >?L D?Q?CFCA?H ?M=BL?C<?LMJL;=B? >?L ?@CHCNCIH HC=BN
TOALOH>?F?AN
-C?B;N;FMI>?HHC=BN OH?LB?<FC=B?H0ILN?CF>;MMG;H?CH? AF?C=B?/HN?L
MJ?TC@CTC?LNB?CN BCHMC=BNFC=B >?L M?G;HNCM=B?H %IGJIH?HN? 5=;OM7 T PIH >N
D?NQNL?@@?H;O=BGCN>?HAF?C=B?H?ALC@@?H<?M=BL?C<?HE;HH¸Q;MMC=B;H
@IFA?H>?G?CMJC?FCFFOMNLC?L?HFMMN
5=;OM7
5·=;OM7
; DNL?@@?H
DNL?@@?HIBH?0?LOLM;=B?L,IFF?
?HAFNIBCNMIMNB
A?L;N?HCH;HD?NQ
NI;@@?=NMI
?HAFNIG??NMIMNBNIG??NQCNBMNB
¼%;OM;NCPOG½
¼HNCE;OM;NCPOG½
5=;OM7
5·=;OM7
< D<?@BCA?HTO?NQ
@BCAM?CHTO?NQ
#G0?>CM=B?H@CH>?NMC=B@IFA?H>?M'CHCG;FJ;;LPAF5=;OM7
.-J U”M¬QDÈ\­NÅPD¬UDGƒWL¹>?H%¡HCAB;N>C?-=BQCH>MO=BN
A?NLI@@?HMIM;AN?LMC??MG;Hº
PM5·=;OM7
,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
MC?B?%;JCN?F
;M>?ONM=B?0?L< DNL?@@?HCMN;FMIOHM?L?L?@CHCNCIH?HNMJL?=B?H>CH>?L
.;N ?CH 0?L< >;M ?CH? E;OM;NCP? OH> ?CH? PC?F Q?HCA?L E;OM;NCP? <CM
;HNCE;OM;NCP? &?M;LN B;N >?HH >;M %IHT?JN D NL?@@?H CG -CHH? PIH ?HAF NI
G??N MI NI G??N QCNB MNB <?T?C=BH?N HC=BN IBH? Q?CN?L?M ?CH?H
TOMN;H>MP?LH>?LN?H TQ?CN?H *;LNCTCJ;HN?H QBL?H> DCG#HH?LMN?HNL?@@?H
;@@CTC?L?H CG -CHH? PIH ¹<?C DG ?GINCIH;F? ?NLI@@?HB?CN ;OMF¡M?H D
<?F?C>CA?H D P?LF?NT?Hº I>?L T ;O=B PIH ?CH?L %L;HEB?CN A?NLI@@?H TO
Q?L>?H N;NM=BFC=B ?CH? ?GINCIH;F? <TQ E¡LJ?LFC=B? 4OMN;H>MH>?LOHA <?C
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
<TQ E¡LJ?LFC=B? 4OMN;H>MH>?LOHA <?C ?CH?G TQ?CN?H *;LNCTCJ;HN?H <?CHB;F
N?N;B?LE;HHG;HMC=B>OL=B;OM-JL;=B?HPILMN?FF?H>C?>;MF?NTN?L?%IH
T?JN ;FM ¼%;OM;NCPOG½ C-P ¹D?G;H>?H A?NLI@@?H G;=B?Hº GILJBIFIACM=B
G;LEC?L?H
';H <?;=BN? HI=B >;MM C=B >?H ?ALC@@ ¼F?RCE;FCM=B E;OM;NCP½ @§L 0?L<?H
P?LQ?H>? QC? T D N¡N?H >C? >C?M? %IGJIH?HN? 5=;OM7 CH CBL?L 0?L<M?
G;HNCE PIL@?MNA?F?AN F?RCE;FCMC?LN B;<?H "C?LTO A?B¡L?H >;HH ALOH>MNTFC=B
;O=B>C?0?L<?H>C?G;H<CMF;HAGCN>?GD;A;HTOHTOL?C=B?H>;<AL?HT<;L?H
?ALC@@¼NL;HMCNCP½A?H;HHNB;NTDGB?F@?HOMQ
';H<?;=BN?M=BFC?‹FC=B;O=BHI=B>;MM?CH?%IHMNLOENCIHQC?>N C=BF;MM?
CBH ?NQ;M G;=B?H BC?L ?HNMJL?=B?H> OHM?L?L ?@CHCNCIH PIH 5=;OM7 ;FM HI=B
?HA?L MJ?TC@CTC?LN? ¼%;OM;NCPEIHMNLOENCIH½ P?LMN;H>?H QCL> >C? ?CH?H
0?L;HF;MM?LI>?LLF;O<?L0?LOLM;=B?L?HAF *?LGCNN?L<?CHB;FN?H-C?MCH>
;FMI ;O=B CGG?L 5=;OM7 ;<?L <?CHB;FN?H ?CH? MJ?TC@CM=B?L? 0?LOLM;=B?L
,IFF?C?0?L;HF;MM?LLF;O<?L
?@CHCNCIH#GHM=BFOMMQCL>¼&;<CFCNN½&BC?L?<?H@;FFML?CHM?G;H
NCM=B >?@CHC?LN ;FM OHN?LMJ?TC@CTC?LN BCHMC=BNFC=B >?L ?>?ONOHAMEIGJIH?HN?
5=;OM7 ¼&;<CF?½ 0?L<?H MCH> BC?L ;FMI 5g=;OM7 0?L<?H >B 0?L<?H >C?
0?L<@ILG?H QC? B?<N ;< CH >C? ,;E?N? B?<N ;< ?L B?<N >C? %;LN? ;< ;O@
Q?CM?H>C?IBH?D?AFC=B?HGILJBIFIACM=B?H/HN?LM=BC?>MIQIBF?CH?5=;OM7
;FM ;O=B ?CH? 5·=;OM7 &?M;LN B;<?H E¡HH?H C?M? ?@CHCNCIH ?HNMJLC=BN >?L
PIH &?NO=BCS >?L D?>I=B @§L 5=;OM7 OH> 5·=;OM7 >C? ?ALC@@? ¼5M?
G;HNCM=B7 NL;HMCNCP½ PM ¼CHNL;HMCNCP½ P?LQ?H>?N L G?CHN GCN ¼NL;HMCNCP½ ;<?L
A?H;O>;MQ;MC=BBC?L;FM5=;OM7>?@CHC?LNB;<?
?L ?ALC@@ ¼NL;HMCNCP½ <TQ ¼NL;HMCNCP?L½ PM ¼Q?HCA?L NL;HMCNCP½ QCL> BC?L
QC? OHN?H >?ONFC=B QCL> M?G;HNCM=B HOL AL;>O?FF CG -CHH? PIH "IJJ?L Þ
.BIGJMIH
P?LQ?H>?N/H>>?L?ALC@@¼NL;HMCNCP?M0?L<½QCL>BC?LHOL
MSHN;ENCM=B CG -CHH? ?CH?L 0;F?HT?CA?HM=B;@N ?CH?M 0?L<M I>?L ?CH?L MJ?TC
@CM=B?H %IHMNLOENCIH P?LQ?H>?N MC?B? OHN?H TO ¼.L;HMCNCPCNN½ #=B EIGG?
>;L;O@TOL§=E
4OG<?MM?L?H0?LMNH>HCMMIFF>C?M??@CHCNCIHPIH¼F;<CF½HI=B?CHG;F;G
?CMJC?F >N ;<B?<?H ?L B?<N ;< CFFOMNLC?LN Q?L>?H ;M 0?L< <TQ T M?CH?
ILG B?<N;<EIGGNMIQIBFGCNEE;FM;O=BIBH?EEPILMB;NGCNEE
>?ONFC=B5=;OM7?>?ONOHAG?CH?M?G;HNCM=B??@CHCNCIHMI<?HOH><?CH
B;FN?N?CH?0?LOLM;=BOHA ?LB?<N>?H"¡L?L;<QI ?L(IG0?LOLM;=B?LCMN
"¡L?LEE*;NC?HM<TQ¼.B?G?½<?Q?AN?M-;=BI<D?ENCMNC?%IHMNLOENCIH
IBH? EE <?CHB;FN?N CH >?H §<?LQC?A?H>?H FF?H E?CH? 0?LOLM;=BOHA >C?
,;E?N?B?<N;<QI ,;E?N?D;E?CH0?LOLM;=B?LCMNMIH>?LH?CH<?Q?AN?M<TQ
MC=B<?Q?A?H>?M-;=BI<D?EN;B?LCMN>C? ILG B?<N;<;FMMIF=B?CMIFC?LNOH>
IBH?MSHN;ENCM=B?H%IHN?RN<?NL;=BN?NM?G;HNCM=BOHN?LMJ?TC@CTC?LNJIFSM?G
?CH? ILG B?<N ;< EIGGN CH OHN?LM=BC?>FC=B?H MSHN;ENCM=B?H %IHN?RN?H GCN
EE <TQ IBH? EE MI PIL >;MM ?M ?CHG;F ?CH? 0?LOLM;=BOHA 5=;OM7 ?CH
;H>?L?M';FE?CH?0?LOLM;=BOHA<?CHB;FN?N
;MCMN;FMI?CH?MIAHIH=I>?>;FN?LH;NCIH
;?@CHCNCIH?H#-?G;HNCM=B?%IGJIH?HN?H.L;HMCNCPCNNC;NB?M?
CH? 0?LQ?H>OHA PIH C=B B?<? ;< >O GOMMN ;<B?<?H IBH? EE CMN ;<?L
TCH?CH?L-CNO;NCIH<?CG-E;N>?G<?L§BGN?H>?ONM=B?H%;LN?HMJC?FP¡FFCA
§<FC=B CH >?L >?L -JL?=B?L ?CH?H -N;J?F %;LN?H CH >C? ";H> HCGGN <TQ ;O@
>C?M?>?ON?N#H>C?M?G ;FFE;HH C=BB?<?;<>OGOMMN;<B?<?H;O=B5=;OM7
GCN C=B<TQ >O;FM0?LOLM;=B?LP?LMN;H>?HQ?L>?HCH?/G@L;A?OHN?L-JL?
=B?LH>?M?ONM=B?HQCL>>;MMI<?MNNCA?H
C?M?M 0?LB;FN?H PIH B?<N ;< CHEFOMCP? >C?M?L *IFSM?GC?<?T§AFC=B PIH
0?LOLM;=BOHA5=;OM7H?HH?C=BFF;<CF
';H<?;=BN?;FMI>;MM>C?M?&;<CFCNNE?CH?MQ?AMMSHN;ENCM=B>?@CHC?LNQ?L
>?HE;HH>;B?<?;<B?<N;<CH<?C>?H FF?H>BCHH?LB;F<>?L%IHMNLOENCIH
IBH?EE;FM;O=BCHH?LB;F<>?LGCNEEJIFSM?GCMN
5=;OM7
5g=;OM7
5·=;OM7
?LB?<N>?H"¡L?L;< ?LB?<N;<
?LB?<N;<
?L0?LOLM;=B?L
?L¼.B?G?½AA@;O=BA?HM
"¡L?L¼.B?G?½
C?M? *IFSM?GC? <TQ /HN?LMJ?TC@CTC?LNB?CN 5g=;OM7 PIH ?L B?<N ;< BHAN
;FMI HC=BN HOL PIH >?L %IHMNLOENCIH GCN EE <TQ IBH? ;< /H> >C? %IH
MNLOENCIH >CM;G<CAOC?LN >C? *IFSM?GC? CH >C?M?G MJ?TC?FF?H ;FF ;O=B HC=BN
;ONIG;NCM=B1CLQ?L>?HHI=BM?B?H>;MM>;MCG L§BP?>CM=B?H;H>?LM;FMCG
?ONM=B?HA?H?L?FF>?L ;FFCMN
CH?<CMF;HA§<FC=B??@CHCNCIHPIH&;<CFCNNEIJJ?FN>C??@CHCNCIHPIH&;
<CFCNN;FMIQC?A?M;AN;H>;M0ILB;H>?HM?CHPIH¼%;OM;NCPOG½T>N ?NQ
¡@@H?HPM¼HNCE;OM;NCPOG½>NMC=B¡@@H?HOH>>?@CHC?LN¼F;<CF?½0?L<?H;FM
MIF=B? <?C >?H?H ?CH? 0?L<@ILG ?HAF IJ?HM NI IJ?H MIQIBF ;FM ¼%;OM;NC
POG½QC?;O=B;FM¼HNCE;OM;NCPOG½>C?H?HE;HHT?HAF B?IJ?HMCN?L
¡@@H?N ?M OH> CN IJ?HM ?M ¡@@H?N MC=B ;<?C BHAN >C? P?L;HM=BF;AN? ¼&;
<CFCNN½?CH?MD?Q?CFCA?H0?L<MCHH?LB;F<?CH?L<?MNCGGN?H-JL;=B?>;HHCHH?L
B;F<>C?M?L%IJJ?FOHA;<?LPIH?CH?LPILB?LGCNBCF@??CH??M=BL?C<?LMJL;=B?
@?MNA?F?AN?H%F;MM?PIH0?L<?H;<>C?;FM¼%;OM;NCPOG½PM¼HNCE;OM;NCPOG½
@?MNA?F?ANQIL>?HMCH>;ME;HHH;N§LFC=B;GH>?>;TO@§BL?H>;MM<?C>?L
?M=BL?C<OHA ?CH?L ;H>?L?H OH> ;H>?LM;LNCA?H -JL;=B? A;HT <?MNCGGN? 0?L
<?H QC? T D?NQ NL?@@?H I>?L ?HNMJL?=B?H> >?G I<CA?H ?CMJC?F P?> ³
HC=BN;FM¼F;<CF?½0?L<?HEF;MMC@CTC?LNQ?L>?HE¡HH?HI<QIBFM?G;HNCM=BOH>
GILJBIMSHN;ENCM=B HC=BNM >;A?A?H MJLC=BN ;O‹?L F?RCE;FCM=B? I>?L
GILJBIMSHN;ENCM=B?!?A?<?HB?CN?H?CH?LI>?LG?BL?L?L?M=BL?C<?LMJL;=B?H
QC? ?NQ; >?G HAFCM=B?H I>?L ?ONM=B?H ?L;LNCA? %F;MMC@CTC?LOHA?H >C?
F?RCE;FCM=B?I>?LGILJBIMSHN;ENCM=B?!?A?<?HB?CN?HPIH?M=BL?C<?LMJL;=B?H
TOALOH>?F?A?HB;FN?C=B;<?L@§LOHTOFMMCA
';HE;HHMC=B;FMI>OL=B;OMPILMN?FF?H>;MMCH?CH?L;H>?L?HOH>;H>?LM;L
NCA?H -JL;=B? MI QC? ?<?H CG L§BP?>CM=B?H %IHT?JN? QC? ?NQTOM;GG?H
@§A?H?NQ?CHJ;MM?HCH?NQ?NQTOM;GG?HEIGG?HTOM;GG?HNL?@@?HF;MM?H
GCN?NQ 5=;OM7 OH> GCN?NQOHQCFF?HNFC=BTOM;GG?HNL?@@?H QI;HNL?@@?H
QIBCHA?L;N?H 5·=;OM7OH> D?NQNL?@@?H5g=;OM7F?RCE;FCM=BJIFSM?GTOM;G
G?HA?B¡L?H OH> >;MM MC? MC=B BCHMC=BNFC=B >?L ?>?ONOHAMEIGJIH?HN? 5=;OM7
OH> MIHMN ;O=B GILJBIMSHN;ENCM=B A;HT BHFC=B P?LB;FN?H QC? AHACA? F;<CF?
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
0?L<?HQC??HAF NIIJ?H5g=;OM7;MD?Q?CFCA?0?L<;FMIP?> ³MC?B?%;J
>;HH ;<?L HC=BN OHN?L >?G ?ALC@@ ¼F;<CF? 0?L<?H½ TO @§BL?H HOL Q?CF ?M
?CH?GCH?CH?L?M=BL?C<?LMJL;=B?T>?G?ONM=B?HM?FNM;GPILEIGG?H
GOMM ?CH ¼%;OM;NCPOG½ ?NQ GCN ?NQ TOM;GG?HNL?@@?H F;MM?H OH> ?CH ¼HNC
E;OM;NCPOG½ QIBCH ;HCH D?NQ A?L;N?H TOM;GG?HTOMN?FF?H CMN H;N§LFC=B ?CH
?M=BL?C<OHAM@?BF?L Q?CF <?C >?L 0?L<EF;MMC@CTC?LOHA >;HH PIH ?CH?G Š<?L
M?NT?LMN;H>JOHENOH>PIHF?RCE;FCM=B?H!?A?<?HB?CN?H>?L?M=BL?C<?LMJL;=B?
?ONM=B HAFCM=B OMQ ;OMA?A;HA?H QCL> OH> HC=BN PIH MJL;=BMJ?TC@CM=B?H
;FMI@L§BP?>F?RCE;FCM=B?H!?A?<?HB?CN?H
; QCL D; >C? F?RCE;FCM=B?H !?A?<?HB?CN?H OH> G¡AFC=B? *IFSM?GC?H >?M
L§BP?>CM=B?H HI=B HC=BN PIH PILHB?L?CH E?HH?H E¡HH?H CMN ?M <?MM?L?CH?H
?M=BL?C<OHAM;JJ;L;N @§L >C? 0?L<EF;MMC@CTC?LOHA TOL ";H> TO B;<?H >?L
<?M=BL?C<?LMJL;=B?HOH;<BHACA>?@CHC?LNCMNOH>MIGCNHC=BNTOŠ<?LNL;AOHAM
@?BF?LH@§BLN
;B?L B;<? C=B GC=B BC?L HOH >;TO ?HNM=BC?>?H >?H ?ALC@@ ¼F;<CF½ ;FM
¼OHN?LMJ?TC@CTC?LN½ TO >?@CHC?L?H OH> CBH ;FM ¼E;OM;NCP;HNCE;OM;NCPF;<CF½ MJ?
TC?FF;H>?LM?G;HNCM=B?H%IGJIH?HN?5=;OM7@?MNTOG;=B?H5g=;OM7
CH?Q?CN?L?MJ?TC@CM=B?LNPIH¼&;<CFCNN½HGFC=B>;M%IHT?JN¼EIHP?LM
F;<CF½B;NM?G;HNCM=BA?M?B?HHC=BNMGCN>?L%IGJIH?HN?5=;OM7TONOHPAF ?L
LC?=BN?M?MLC?=BNM=BF?=BNQID;<?C>?MG;F?CH-NCGOFOM0?LOLM;=B?LOH>
?CHRJ?LC?H=?L<?C ?MLC?=BN?CHCGJFCTC?LN?LOH<?MNCGGN?LRJ?LC?H=?LPIL
FC?ANPAF&?NO=BCS
@-N;NN>?MM?HB;H>?FN?MMC=B<?C¼EIHP?LM?L&;
<CFCNN½ OG ?CH? F?RCE;FCM=B? /HN?LMJ?TC@CTC?LNB?CN BCHMC=BNFC=B >?L 0IL
@?MNF?AOHA >?L 4OIL>HOHA PIH <?MNCGGN?H M?G;HNCM=B?H ,IFF?H <TQ >?L?H
%IGJIH?HN?HBC?LRJ?LC?H=?LPM-NCGOFOMTO%;MOM@ILG?H<TQAL;GG;NC
E;FCM=B?H ,?F;NCIH?H >?L MIA?H;HHN?H ¼;MCMEIHMNLOENCIH?H½ >C?M? 4O
Q?CMOHA H?HH? C=B ¼,IFF?H5;H7%;MOMCH>OHA½ ,% MC?B? OHN?H
1BL?H><?C MC?B;NCBHHC?AONLC?=B?HE¡HH?H >?L(IGRJ?LC?H=?LCMNOH>
>?LEE-NCGOFOMCMN<?C ?LB;NCGG?LAONA?LI=B?H>?L(IG-NCGOFOMOH>
>?LRJ?LC?H=?LHOLCGJFCTC?LN
§L FF? QC? >N ?LCMMN?NQ;M PM ?LCMMN <?C >?H?H E?CH? 0?LH>?LOHA >?L
,IFF?HMIH>?LHF?>CAFC=B?CH?>;PIHHIHIP?LN;OMA?F;MM?HQ?L>?HE;HHQCL>
¼F;<CF½ HC=BN G?BL MIH>?LH HOL >?L ?ALC@@ ¼;G<CNL;HMCNCP½ P?LQ?H>?N PAF
CRIH&?NO=BCSH?HHNMC?<?T?C=BH?H>?LQ?CM?HOL¼KO;MCF;<CF½
';H<?;=BN?;FMI>;MM>C?BC?LP?LQ?H>?N??@CHCNCIHPIH¼F;<CF½HC=BN?CH
@;=B>?LD?HCA?H?HNMJLC=BN>C?PIHCRIH
;O=BM?CH?G?ALC@@¼;G<C
NL;HMCNCP½TOALOH>?A?F?ANQCL>-?CH?CMJC?F?HAF NIJ;CHN';LSCMJ;CHNCHA
';LS CM J;CHNCHA NB? ECN=B?H CMN E?CH?M@;FFM ;HNCE;OM;NCPE;OM;NCP F;<CF¸OH>
TQ;L;O=B>;HHHC=BNQ?HH>;M?HAF)<D?EN NB?ECN=B?HMSHN;ENCM=B;OMF;MM<;L
CMN >?HH ;O=B ';LS CM J;CHNCHA <?M=BL?C<N A;HT I@@?HMC=BNFC=B ?CH L?CAHCM CH
>?G ?CH M?G;HNCM=B CGJFCTCN?L TQ?CN?L *;LNCTCJ;HN?H QC? ECN=B?H ?CH?
4OMN;H>MP?LH>?LOHA ?L@BLN >C? PIH ?CH?G ?LMN?H *;LNCTCJ;HN ';LS
P?LOLM;=BNQCL>
/G ?M M=BFC?‹FC=B HI=B ?CHG;F A;HT >?ONFC=B TO G;=B?H ¼&;<CFCNN½ QCL>
BC?L L?CH M?G;HNCM=B ;FM 5g=;OM7 >?@CHC?LN ¼G<CNL;HMCNCPCNN½ >;A?A?H QCL>
L?CH MSHN;ENCM=B ;FM 55gEE77 I>?L 55g>CL )<D77 OMQ >?@CHC?LN )<QIBF ;FMI
?CHCA? ILM=B?L T CRIH >C? ?ALC@@? ¼F;<CF½ OH> ¼;G<CNL;HMCNCP½
;?@CHCNCIH?H#-?G;HNCM=B?%IGJIH?HN?H.L;HMCNCPCNNC;NB?M?
AF?C=B?LG;‹?H ;FM 0;LC;HN?H MSHN;ENCM=B P?LQ?H>?H OH> ?LMN?L?M ;FM ¼-)
;G<CNL;HMCNCP½OH>TQ?CN?L?M;FM¼-;G<CNL;HMCNCP½<T?C=BH?HMOHN?HQCL>
>C?M?GHM;NTBC?LHC=BNQ?CN?LA?@IFAN>;?MBC?L;FM?HNM=B?C>?H>?M%LCN?LCOG
;HA?M?B?H QCL> I< 0?L<?H <TQ CBL? D?Q?CFCA?H 0?L<@ILG?H BCHMC=BNFC=B >?L
¼,IFF?H5;H7%;MOMCH>OHA½ OHN?LMJ?TC@CTC?LN MCH> I>?L ?<?H HC=BN /H> <?C
>N C=B?MM?A?L;>?AC<N?M>C?M<?T§AFC=BA?A?H§<?L C=B?MM?A?L;>??CH?HJ@?F
E?CH?LF?C tH>?LOHA?H ;O‹?L >C? >?L MSHN;ENCM=B?H OMF;MMOHA >?M EE ?CH?H
J@?F?L(IGC=BCMNOH><F?C<N>;<?CCGG?L?CHA?HM#=BH?HH?>?L;LNCA?
0?L<?H <?C >?H?H MC=B E?CH?LF?C 0?LH>?LOHA >?L ¼,IFF?H5;H7%;MOM
CH>OHA½ ?LAC<N HC=BN G?BL ¼F;<CF½ MIH>?LH ¼MN;<CF½ OH> Q?HH MC? MIQIBF
CHHH?LB;F<?CH?LMSHN;ENCM=BNL;HMCNCP?H;FM;O=BMSHN;ENCM=BCHNL;HMCNCP?H%IH
MNLOENCIH MN?B?H E¡HH?H HOL HI=B ¼;G<CNL;HMCNCP½ HC=BN G?BL ¼F;<CF½ ';H
<?;=BN?>;GCNM=BFC?‹FC=B>;MMC=BBC?L>C??ALC@@?¼&;<CFCNN½OH>¼E;OM;NCP½
L?CHM?G;HNCM=B>?@CHC?LNB;<?#=B>?HE?>C?M??ALC@@?MCH>BC?LGCN;GH>?
A;HT ;OML?C=B?H> PIH >?H <CMF;HA §<FC=B?H 0?LQ?H>OHA?H >C? C=B ;OM >?H
A?H;HHN?H!L§H>?H@§LOHTOL?C=B?H>I>?L@§L>C?M?L<?CNOH<L;O=B<;LB;FN?
;<A?AL?HTNQIL>?H
"C?L GOMM G;H ;FMI A?H;O ;O@J;MM?H Q?L >C? ?ALC@@? ¼F;<CF½ OH> ¼;G<C
NL;HMCNCP½OMQD?Q?CFMQC?P?LQ?H>?NOH>>;MMG;H>C?OHN?LM=BC?>FC=B?H%IH
T?JN?>C?>;BCHN?LMN?B?HHC=BN>OL=B?CH;H>?LQCL@N
?LJLININSJCM=B?A?HM
1C? ;FF? ;H>?L?H )<?L<?ALC@@? MCH> ;O=B >C? M?G;HNCM=B?H ,IFF?H QC?
A?HM*;NC?HMOMQ%;N?AILC?H>C?¼<?MM?L?½OH>;FMI¼NSJCM=B?L?½#HMN;H
T?H OH> Q?HCA?L AON? OH> ;FMI ¼OHNSJCM=B?½ #HMN;HT?H B;<?H ;M %IHT?JN
>;BCHN?L CMN >;M >;M G;H ?HAF GCN ¼AII>H?MM I@ ?R;GJF? !)½ <?T?C=BH?N
B;N -I CMN T ?CH '?HM=B QC? %F;OM ?CH TC?GFC=B AON?L <TQ NSJCM=B?L?L
,?TCJC?HNGJ@HA?LOH>;FMMIF=B?L;O=B?CHA?HMQ?CF?L?NQ;MGCNM?CH?H
G?HM=BFC=B?H "H>?H ?HNA?A?HH?BG?H L?TCJC?L?H E;HH CH J@F;HTFC=B?M
&?<?Q?M?HQC?T?CH? FOG?CMN>;A?A?H?CH?B?LQ?HCA?LAON?L<TQQ?HC
A?LNSJCM=B?L,?TCJC?HNQ?CFCBLMI?NQ;MQC?G?HM=BFC=B?"H>?OH>?CH?QCF
F?HNFC=B? HNM=B?C>OHA I< MC? ?NQ;M ?HNA?A?HH?BG?H I>?L ;<F?BH?H G¡=BN?
P¡FFCA;<A?B?H-C?CMN;FMITQ;L?CH,?TCJC?HN<TQ?CH&?<?Q?M?H>;MHALC@@
MTC?F T >?M GCN 1;MM?L ?AC?‹?HM CMN <TQ G?N;JBILCM=B 1;MM?L ¼?LBFN½
;<?L MC=B?L E?CH ?HNA?A?HH?BG?H>?L A?HM ?HHI=B M;AN G;H ?CH@;=B >O
GOMMN >?L FOG? HI=B 1;MM?L A?<?H OH> G;LEC?LN MC? CG ?ONM=B?H A;HT
A?H;O QC? ?CH?H G?HM=BFC=B?H ,?TCJC?HN?H CH >O GOMM ,I<?LN HI=B M?CH
.;M=B?HA?F> A?<?H >?L ?M >;HH GCN M?CH?H "H>?H ?HNA?A?HHCGGN ;MM
<?C>?HNCNN?H>?HHI=BHC=BN>;MM?F<?MCH>OH>HC=BN>?HAF?C=B?H-N;NOMCH
H?LB;F<>?L%;N?AILC?5,4#*#(.7B;<?HCMNMI@ILN?CHF?O=BN?H>
-?G;HNCM=B? ,IFF?H MCH> MI I@@?HMC=BNFC=B HC?G;FM ?CHM TO ?CHM ;O@ GIL
JBIFIACM=B? OH> MSHN;ENCM=B? *BHIG?H? ;<<CF><;L OH> MN?FF?H M?G;HNCM=B
OHN?LMJ?TC@CTC?LN? -=B?G;N; GCN NSJCM=B?H OH> HC=BN <TQ Q?HCA?L NSJCM=B?H
#HMN;HT?H >;L >C? §<?L '?N;JB?LH OMQ TOA?B¡LCA MCH> ;<?C E¡HH?H >C?
%IHT?JN?QC?5,4#*#(.7MCHHPIFF?LQ?CM?TOL?MNCGGOHA>?L-?G;HNCEGIL
JBIMSHN;ENCM=B?L!?A?<?HB?CN?HQC?T?CH?M%;MOMOMQ>C?H?H-C?E¡HH?H
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
>C? §<FC=B?H GILJBIMSHN;ENCM=B?H ?ALC@@? QC? (IGCH;NCP EEOM;NCP ;NCP
OMQM=BFC?‹FC=BHC=BN?LM?NT?HMIH>?LH>C?H?HTOL?MNCGGOHA >?LJLININSJ
CM=B?H?>?ONOHAOH>>?LG?N;JBILCM=B?H&?M;LN?H>C?M?L%;MOM
L<?CN?H PIH !?MN;FN *MS=BIFIA?H OH> &CHAOCMN?H B;<?H HOH M?CN >?H
?L $;BL?H >?M F?NTN?H $;BLBOH>?LNM B?L;OMA?MN?FFN >;MM G?HM=BFC=B?
1;BLH?BGOHA >OL=B ¼C>?;FCMC?LN? 1;BLH?BGOHAMGI>?FF?½ I>?L ¼C>?;FCT?>
=IAHCNCP?GI>?FM½;<A?E§LTN#'ºMILA;HCMC?LNQCL>-?;LF?TCNC?LNH;=B
LI@N MJLC=BN BC?L PIH ¼G?HN;F GI>?FM NB;N L?JL?M?HN ; M?N I@ <;=E
ALIOH> ;MMOGJNCIHM½
;<?C CMN >?L !?>;HE? ;O@A?EIGG?H >;MM EIAHCNCP?
OH> MJL;=BFC=B? %;N?AILC?MNLOENOL?H GCN MIA?H;HHN?H ¼*LININSJ?H?@@?EN?H½
<TQ*LININSJ?H ?<?H ;FM (?<?H *LI>OEN? >C?M?L C>?;FCMC?LN?H OH> M=B?G;
NCMC?L?H>?H )LA;HCM;NCIH PIH 1;BLH?BGOHA ;HTOM?B?H MCH> PAF T &;EI@@
OH> <?M >C? ALOH>F?A?H>?H L<?CN?H PIH ,IM=B 1?CN?L?
&CN?L;NOL TOL *LININSJ?HM?G;HNCE @CH>?N MC=B <?C %F?C<?L .;SFIL D?Q?CFMGCNQ?CN?L@§BL?H>?L&CN?L;NOL
*LININSJ?H MCH> ;FMI EIAHCNCP ?CH@;=B?L?'?LEG;F<§H>?F <TQ ¼?RJ?LC?H
NC;FFS JLCGCNCP? A?MN;FNM½ MIA ¼=FOMN?L =IH=?JNM½ >C? MC=B TQ;L ;OM OHN?L
M=BC?>FC=B?H '?LEG;F?H <TQ ?>?ONOHAMEIGJIH?HN?H QC? ?<?H 5=;OM7
5QCFF7 5=IHNL7 5>SH7 OMQ TOM;GG?HM?NT?H >C? ;<?L ;FM ¼?RJ?LC?HNC;FFS
JLCGCNCP? A?MN;FNM½ HC=BN ;FF?CH ;OM >?L -OGG? CBL?L '?LEG;F? <?MN?B?HMIH
>?LHTO?ACHH;FM¼!?>=BMNHCM<CF>½MI,INB M=BIH EIAHCNCP ?CH
@;=B?L JLI>OTC?L<;L MCH> ;FM CBL? D?Q?CFCA?H ?>?ONOHAMEIGJIH?HN?H PAF
>;TOQC?>?L.;SFIL
5.7B?G?;HCHAI@NB?5=FOMN?L=IH=?JNJLININSJ?757B;MNB?MN;NOMI@;H?R
J?LC?HNC;FFS JLCGCNCP? A?MN;FN =IAHCNCP?FS MCGJF?L NB;H ;HS I@ CNM =IGJIH?HN
J;LNM#H>??>CNQIOF>JLI<;<FS<?NLO?NIM;SNB;NG;HSI@NB?@IFFIQCHAJLIJ
?LNC?M;L?OH>?LMNII>L?F;NCP?NI;JLCILOH>?LMN;H>CHAI@NB?A?MN;FNNB?A?MN;FN
>I?M HIN ?G?LA? @LIG NB? MOGG;NCIH I@ CH>?J?H>?HNFS =IH=?JNO;FCT?> ;NNLC<
ON?M
#H>C?M?G.?CF;<M=BHCNNA?BN?M;FMIOG>;MQ;MG;H¼JLININSJCM=B?A?H
NCPCNN½H?HH?HE;HHMA?BNOG>C?¼?RJ?LC?HNC;FFSJLCGCNCP?½!?MN;FN<TQ>;M
C>?;FCMC?LN? 1;BLH?BGOHAMGI>?FF PIH A?HNCPCNN OH> PIH ;A?HNCP?L 0?LOL
M;=BOHA "C?L QCL> HOH >;PIH ;OMA?A;HA?H >;MM EIAHCNCP? %;N?AILC?H QC?
5!(-7 OMQ AON? OH> Q?HCA?L AON? 'CNAFC?>?L B;<?H E¡HH?H -I CMN T
5 7A;HT;H>?LM;FM5 &#-" ,--(* &(47?CH<?MM?L?M'CNAFC?>>?L
MOJ?LIL>CHC?LN?H %;N?AILC? 5!(-7 PIL ;FF?G ?<?H >;LOG Q?CF @F?CM=B@L?M
M?H>? *@F;HT?H @?MNA?J@F;HTN MCH> OH> MC=B E;OG <?Q?A?H E¡HH?H OH> Q?CF
?CH?G @@?H ?CH? ;OMA?JAN?L? 1CFF?H I>?L BCAE?CN TOL HNM=B?C>OHA OH>
%IHNLIFF?M?CH?L";H>FOHA?HTOA?MJLI=B?HQ?L>?HE;HH;FM?CH?L*@F;HT?>C?
0AF ;O‹?L>?G ,INB 5GCN &CN7 @@ >?L - PIH ¼ ;OMNL?A?FH½ >?L 1;BLH?B
GOHA-PIH?CH?G¼NNL;ENILTOMN;H>>?L1;BLH?BGOHA½OH>¼4OM;GG?H<CH>?HPIH
1;BLH?BGOHAMCHB;FN?H½ OH> - PIH ¼!?>=BNHCM<CF>?LH½ MJLC=BN PAF <?M - @
¼!?MN;FNQ;BLH?BGOHA?H575Q?L>?H7HC=BNHOL>;HH;ENCPC?LN57Q?HH;FF??N;CFMPIL
FC?A?H0C?FG?BLA?H§AN57?CH?57<?MNCGGN?57'?HA?57>;GCN>;MPIFFMNH>CA?CF>
?CH?L!?MN;FNB?LA?MN?FFNQ?L>?HE;HH57$??CH>?ONCA?LPIH0ILHB?L?CH>;M4OM;GG?H
J;MM?HPIHM?J;L;N?H'?LEG;F?HCMN57I>?LD?BO@CA?L?CH(?NTQ?LE>;M4OM;GG?HA?
B¡L?HPIH'?LEG;F?HA?F?LHNB;N>?MNIM=BH?FF?LQCL>>;MEIGJF?NN?CF>JLI>OTC?LN57½
;?@CHCNCIH?H#-?G;HNCM=B?%IGJIH?HN?H.L;HMCNCPCNNC;NB?M?
<FI‹;O@?CH?H?L§BLOHAML?@F?RBCHCBL?FNN?LM=BFC?‹N<TQM=BFC?‹?H GOMM
IBH?>;L§<?LQCFF?HNFC=B?HNM=B?C>?HTOE¡HH?H
1?CF *LININSJ?H <TQ EIAHCNCP? ¼#>?;FCMC?LOHAM?@@?EN?½ HOH >;@§L P?L;HN
QILNFC=BMCH>I<?CH'CNAFC?>;FMTO?CH?L%;N?AILC?A?B¡LCAOH>;FM@§L>C?M?
%;N?AILC??CHCA?LG;‹?HNSJCM=B?GJ@OH>?HQCL>I>?L;<?LHC=BNQC?T>?L
<?L§BGN? *CHAOCH >?L TQ;L ?CH 0IA?F CMN ?>?LH B;N C?L F?AN ;<?L HC=BN
@FC?A?HE;HHOMQ>;B?LB;<?H*LININSJ?HF;ONLI@N
¼JIN?HNC;F?R
JF;H;NILSP;FO?CHFCHAOCMNC=M½GCNLI@NºM
?CA?H?H1ILN?HPILQ?AA?
HIGG?H ¼&;HAO;A?M =;H G;LE >?PC;NCIHM @LIGNB? C>?;FCT?> GI>?F C@ H?=?M
M;LS<SAL;GG;NC=;FILF?RC=;FG?;HM½G?CH?"?LPILB?<OHA
#H >C?M?G -CHH? M=BL?C<N LI@N M?CH? "?LPILB?<OHA ;OM@§BL
FC=B?L
)H?I@NB?GIL?CGJILN;HNIL>CMNCH=NCP?=LCN?LC;@ILNSJIFIAC=;FJLININSJ?MCM
IONLCABN?R=FOMCIHI@HIHJLININSJC=;FG?G<?LM@LIGNB?JLININSJC=;F=;N?AILS
IL ?R;GJF? 57 Q? QCFF >CM=OMM NB? JLININSJC=;F NL;HMCNCP? =IHMNLO=NCIH 57
IHMNLO=NCIHMGCMMCHAIH?ILGIL?AL;GG;NC=;FJLIJ?LNC?M?A=IGJF?NCP?;M
J?=NI@NB?NL;HMCNCP?JLININSJ?;JJ?;L;MCHNL;HMCNCP?MCHG;HSF;HAO;A?M.B;N
CM NI M;S =IHMNLO=NCIHM F;=ECHA MIG? JLININSJC=;F NL;HMCNCP? @?;NOL?M HI FIHA?L
>CMJF;S NL;HMCNCP?=F;OM? <?B;PCIL CH @;=N NB?S >CMJF;S HI NL;HMCNCP?=F;OM? <?
B;PCILMINB;NNB?S;L?=F;MMC@C?>;MCHNL;HMCNCP?=IHMNLO=NCIHM57.BCMCM?MM?H
NC;FFSNB?<?B;PCIL;F=LCN?LCIHI@NSJIFIAC=;F>CMNLC<ONCIHN;E?HNICNMFIAC=;F?R
NL?G?NB?J?LCJB?L;FG?G<?L>CMJF;SMHI<?B;PCIL;F=B;L;=N?LCMNC=MI@NB?JLI
NINSJ?=;N?AILS;H>CMCHMN?;>=F;MMC@C?>;M<?FIHACHANIMIG?INB?L=;N?AILS#H
@;=NNB??PC>?H=?@ILAL;GG;NC=;FJLININSJ?MCM?MM?HNC;FFSNB?M;G?;M?PC>?H=?
@ILG;LE?>H?MMJ;NN?LHM
?@CHCNCIH #=B >?@CHC?L? ?CH?H ¼A?HNCPCNNMJLININSJ?H½ ;<A?E§LTN GCN
* >;B?L @IFA?H>?LG;‹?H $? G?BL JLINI;A?HNCP? %IGJIH?HN?H MC?B?
I<?HPAFIQNS?CH*;LNCTCJ;HN;O@MC=BP?L?CHN>?MNI?B?LCMN?L?CH
JLININSJCM=B?L A?HM <TQ >?MNI HB?L EIGGN ?L >?G JLININSJCM=B?H A?HM
<TQ>?L¼?RJ?LC?HNC;FFSJLCGCNCP?A?MN;FN½
?L A?HNCPCNNMJLININSJ M?F<MN ;FM #' T?C=BH?N MC=B >;<?C >OL=B >;M
EIAHCNCPPIL@?MNA?F?AN?0ILB;H>?HM?CH;FF?LJLINI;A?HNCP?H%IGJIH?HN?H;OM
<TQ CMN EIAHCNCP ?CH@;=B?L JLI>OTC?L<;L ;FM M?CH? ?CHT?FH?H OHN?LM=BC?>?H?H
JLINI;A?HNCP?H%IGJIH?HN?H
CHA?HM CMNHOHTQ;L ALOH>MNTFC=B;O=B>?L*;LNCTCJ;HN>?L?CH?";H>
FOHAQC?T ?LQ;H>?LNIBH?>;M'?LEG;F5=;OM7 PIFFTC?BN>B>?L*;LNCTC
J;HN?LCMN5·=;OM7C?";H>FOHA?LQ;H>?LN<?CHB;FN?NHGFC=BE?CH?HPIH>?L
";H>FOHA >CL?EN G;HCJOF;NCP OH> MC=BN<;L ;@@CTC?LN?H OH> NL;HM@ILGC?LN?H
TQ?CN?H *;LNCTCJ;HN?H -;=BP?LB;FN? >C?M?L LN MCH> ;FMI TQ;L ;O=B >SH;GCM=B
5>SH7 D?>I=B ?<?H ¼HC=BNG;HCJOF;NCP½ 5·G;HCJ7 OMQ /H> MC? Q?L>?H BC?L
;OM >C?M?G ?CH@;=B?H !LOH> ?<?HMI QC? T MN;NCM=B? -;=BP?LB;FN? ¼HC=BN
JLININSJCM=B;A?HNCP½A?H;HHN-;=BP?LB;FN?QC??LQ;H>?LNOH>?LMN?BNB?LOG
OH>E;HH?MEIHNLIFFC?L?HMCH>;FMITQ;LA;HTOH>A;L HC=BN;O@>C?M?F<?LN
OH>1?CM?;A?HNCP>?HHMC?B;<?HHC=BN>C?M?F<?HJLINI;A?HNCP?H%IGJIH?H
N?HD?>I=BMCH><?C>?-;=BP?LB;FN? ?LQ;H>?LNOH> ?LMN?BNB?LOGN;NM=BFC=B
<Q?C=BOHA?HPIH>?LEIAHCNCPC>?;FCMC?LN?H¼?RJ?LC?HNC;FFSJLCGCNCP?A?MN;FN½
>BPIGA?HNCPCNNMJLININSJMAC<NMIGCNOHN?LM=BC?>FC=B?LN?H<TQ-J?TC
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
@CTC?LOHA?H ?CH?L M?G;HNCM=B?H ,IFF? A?HM PAF >;TO T .;SFIL HG?CH?"?LPILB?<OHA
¼)H? GCABN @IL ?R;GJF? >CMNCHAOCMB >?AL??M I@ A?HNBII> .B? MO<D?=N
HIGCH;F CH # Q;N=B?> NB? @CFG CM L;NB?L F?MM ;A?HNCP? NB;H CH # M=LONCHCT?> NB?
<IR½
<?HA?H;O;OM>C?M?G!LOH>E;HHG;HMC=BHOHM?BLAONPILMN?FF?H>;MM
;A?HNCP;HNCE;OM;NCP? -;=BP?LB;FN? MIF=B? IBH? TQ?CN?H *;LNCTCJ;HN?H QC?
T>N >?LEIGCM=B?.SJL?HHNCGG?LB?ENCM=B>C?.L?JJ?L;O@OH>LOHN?L CH
?CH?L -JL;=B? >C? D?>Q?>? I>?L PC?F? <Q?C=BOHA PIG A?HNCPCNNM <TQ
.L;HMCNCPCNNMJLININSJ?H ;FM MIF=B? GCNBCF@? ?CH?L ?CA?HM >;@§L PILA?M?B?H?H
AL;GG;NCE;FCM=B?H%;N?AILC?G;LEC?LNA;HTA?H;OMIG;LEC?LNQ?L>?HQC?;FF?
;H>?L?HOH>;H>?LM;LNCA?H<Q?C=BOHA?H>;PIHCH?MIF=B?P?L<;F?%;N?AI
LC?>B?CH?C;NB?M?>C?C=B¼;<Q?C=BOHAMG;LEC?L?H>?½C;NB?M?<TQ¼?
PC;NCP>C;NB?M?½ H?HH? CMN ;FMI GCH>?MN?HM CH >?L 0ILMN?FFOHA G¡AFC=B #H
%;JCN?F MIFF >;HH >?ONFC=B Q?L>?H >;MM MC? CG L§BP?>CM=B?H HI=B ?CHCA?L
G;‹?H ;OMA?<CF>?N CH ,?MN?H ?RCMNC?LN QIPIH ;OMA?B?H> >?L -=BFOMM H;B?
FC?AN>;MMMC?>;PILCG/LCH>IA?LG;HCM=B?H;FMMIF=B?¼M?G;HNCM=BL?A?FB;@N½
?RCMNC?LNB;N
.L;HMCNCPCNN
?L ?ALC@@ ¼.L;HMCNCPCNN½ GCN >?H >D?ENCP?H ¼NL;HMCNCP½ PM ¼CHNL;HMCNCP½
QCL> B?ONTON;A? CH OHN?LM=BC?>FC=B?H &?M;LN?H P?LQ?H>?N¸OH> TQ;L @IFA?H
>?LG;‹?H
/LMJL§HAFC=B>C?HN¼NL;HMCNCP½;FM?ALC@@@§L?CH?M?G;HNCM=B?¼%L;@N§<?L
NL;AOHA½<TQ?CH?¼NL;HMCNCP?%L;@N½EJBCJCƒTNPKPAFALNFUƒCBTJK@
¹Š<?LA;HAºTOALBIG-A*LM#H>ENNFU†CBeOX¹A?B?BCH§<?LTOº
PIH *LCM=C;HOM §<?LM?NTN GCN F;N NLîHMCNCĹ NLîHMCNCĹHCM @ ¹Š<?LA;HAº TO -A
*LM #H> EN NLîHM?Ĺ ¹A?B? BCH §<?L TOº NLîHMCN #H@ NLîHMĘL? PAF 'C
=B;?F
@C?OLMJ§HAFC=B?0?LQ?H>OHACMN;O=B?CH.?CF>?L>C?>C?
-=BOFAL;GG;NCE?L TOALOH>?F?A?H QI<?C MC? MC? D?>I=B GCN ¼.L;HMCNCPCNN½
GCM=B?HOHN?HAF?C=BG?BL
(;=B*LCM=C;HOM*LCM=20###OMQ>C?HN?L;O=B;FM?ALC@@@§L>;M
Q;M G;H B?ONTON;A? >C? 0;F?HTL?F;NCIH >?L HINQ?H>CA? %IGJF?G?HNC?LOHA
(). ?CH?L 0?L<;F@ILG GCN <?MNCGGN?H %;MOM@ILG?H H?HHN¸PIL ;FF?G @§L
>C?%IGJF?G?HNC?LOHAGCN>?G%;MOMEEOM;NCPI>?L?CH?G?HNMJL?=B?H>?H
)<D?EN%;MOM
OMA?B?H> >;PIH >C?HN ?L >;HH ?<?H@;FFM ;FM?ALC@@ @§L >C?0;F?HTL?F;
NCIH >?L ,?ENCIH GCN EEOM;NCP I>?L ;O=B >C?GCN ;H>?L?H%;MOM@ILG?H ;FM
0;F?HT?CA?HM=B;@N<TQ0;F?HT?F;NCIH )-*PAF$;=I<M>?M0?L<;FF?R
?GMPAF>NC=B?MM?E?CH F?CM=BG?BLC=B?MM?HC=BNG?BL
?MIH>?LM CHH?LB;F< >?L PIH CRIH OMQ <??CH@FOMMN?H
-JL;=BNSJIFIAC?<?T?C=BH?N>?L?ALC@@¼NL;HMCNCP½HOLHI=B?CH?MSHN;ENCM=B?
%IHMNLOENCIH GCN EEOM;NCP I>?L ?CH?G ?HNMJL?=B?H>?H %;MOM @§L >C?
MIA?H;HHN?¼JLCGCNCP?L?F;NCIH)½PAFCRIH
;?@CHCNCIH?H#-?G;HNCM=B?%IGJIH?HN?H.L;HMCNCPCNNC;NB?M?
#HH?LB;F<>?L-=BOF?PIHBIGMES>C?HN¼NL;HMCNCP½>;HH;FM?
ALC@@@§L0?L<?HQC??HAF NIECFFNIFIIE;N>C?>C? BCAE?CNTOLCF>OHA?CH?L
¼*;MMCPNL;HM@ILG;NCIH½B;<?H
"?ONTON;A?>C?HN¼.L;HMCNCPCNN½;O=B QC?>?L ;FM?ALC@@@§L?CH?M?G;H
NCM=B? ¼%L;@N§<?LNL;AOHA½ >C?MG;F HC=BN<CHL CG -CHH? ?CH?M M?G;HNCM=B?H
*LININSJ?HCG-CHH?PIH"IJJ?LÞ.BIGJMIH
#=B MJL?=B? BC?L PIH ¼.L;HMCNCPCNN½ OH> ?HNMJL?=B?H> >?L I<CA?H 0?L
Q?H>OHA?H PIH ¼.L;HMCNCPCNN½ ¼.L;HMCNCPCNN½ OMQ <CM ¼.L;HMCNCPCNN½ C?
<?ALC@@MA?M=BC=BNFC=B FN?MN? 0?LQ?H>OHA >?M ?ALC@@M CMN NLINT A?A?HN?CFCA?L
HMC=BN?H CH ;FF?L?LMN?L &CHC? ?CH M?G;HNCM=B?L @§L >C? #HB;FNMM?CN? ;M
F;N?CHCM=B?0?L<;F;<MNL;ENOG NLîHMCNCĹĹHCM @¹Š<?LA;HAºTO#H@EN NLîHMĘL?
¹BCH§<?LA?B?H§<?LA?B?HºGCN>?H>DNLîHMCNĘOOMPMCHNLîHMCNĘOOM§<?LM?NTNCH
*LCM=C;HOM2###>?HTO?LMN<?CJIFFIHCOMSM=IFOM*LIH@@C<C>
<?F?AN?H ?ALC@@ AL NFUƒCBTJKG?N<;MCM ¹Š<?LA;HA (C=BN
,?@F?RCPCNNº<TQ>C?TOA?B¡LCA?H>D?ENCP?NFUƒCBUPK¹NL;HMCNCPHC=BNL?@F?RCPº
PM ‚NFUƒCBUPK¹CHNL;HMCNCP L?@F?RCPº OM >?L -N?FF? *LIH OH> >?L
Š<?LNL;AOHA PIH *LCM=C;HOM 2### A?BN >?ONFC=B B?LPIL >;MM ?M MC=B <?C AL
NFUƒCBTJK QSPTÈQXOOG ?CH?H M?G;HNCM=B?H ?ALC@@ @§L ?CH? ¼%L;@N§<?LNL;
AOHA½ <TQ Š<?LA;HA >?L ";H>FOHA PIH ?CH?G *;LNCTCJ;HN?H QSPTÈQPOH
¹*?LMIHº;O@?CH?H;H>?L?HTQ?CN?H*;LNCTCJ;HN?HB;H>?FN1C?>C?-N?FF?
*LIH @@ C<C> >?ONFC=B T?CAN EIHTCJC?L?H JIFFIHCOM SM=IFOM
OH>M?CHF;N?CHCM=B?LŠ<?LM?NT?L*LCM=C;HOM>?H?ALC@@¼.L;HMCNCPCNN½;FM?CH?H
¼Š<?LA;HA TQCM=B?H >?H *?LMIH?H½ <TQ §<?LM?NTN CH B?ONCA? .?LGCHIFIAC?
¼Š<?LA;HATQCM=B?H>?H*;LNCTCJ;HN?H½ALNFUƒCBTJKQSPTÈQXOF;N NL;HMC
NCI J?LMIH;LOG CH >CL?ENL?@F?RCP?L -;=BP?LB;FN QC? '›NJPKxBVUµOyEeEBYFO
F;N *B?GCOMM?>I=OCN¹*BF?BLNMC=B?NQ<LCHANMC=B?NQ<?Cº<?C>?G?CH?CH
TCA?L *;LNCTCJ;HN '›NJPK (IG -A G ?CH? ";H>FOHA ;H OH>I>?L @§L MC=B
M?F<MN PIFFTC?BN A?BN >?H !L;GG;NCE?LH >?L HNCE? TO@IFA? ‚NFUBCBUJLÎK F;NCHNL;HMCNCP?¹;O@ CHNL;HMCNCP? LN OH> 1?CM?º PIHMN;NN?H C? .?LGCHC
NFUBCUJL²KPM‚NFUƒCBUPK<TQ NL;HMCNCPOMPM CHNL;HMCNCPOMMCH>>;<?C;FMIIBH?
D?>?H 4Q?C@?F TOH=BMN ?ALC@@? @§L !?A?<?HB?CN?H >?L #HB;FNMM?CN? >?L -?
G;HNCE >?HH ?CH? %IHMNLOENCIH GCN *?LMIH;FJLIHIG?H yN} EE -A
¹GC=Bº OH> 0?L<;F@ILG QCL> D? H;=B ?>?ONOHA ?CHG;F CG ;FF? PIH
yN}H†SMºTPNBJ ¼CHNL;HMCNCP½ A?H;HHN ?CH ;H>?L?M ';F CG ;FF? PIH
yN}E{HOX ¼NL;HMCNCP½ A?H;HHN D? H;=B>?G I< ?CH ¼Š<?LA;HA TQCM=B?H >?H
*?LMIH?H <TQ *;LNCTCJ;HN?H½ MN;NN@CH>?N I>?L ;<?L ?<?H CG ;FF? >?M >CL?EN
L?@F?RCP?H -;=BP?LB;FNM HC=BN FM ?CMJC?F @§L ?CH? %LCNCE ;H >?L OL
MJL§HAFC=B?H?ALC@@M>?@CHCNCIHMIFFBC?L.MOHI>;>C?H?H
C .B? .L;>IH=.L;HM 5 .L;>CNCIH;F IH=?JN I@ .L;HMCNCPCNS7 >C> HIN =F?;LFS
>CMNCHAOCMB<?NQ??HNB?M?G;HNC=;MJ?=NC?NB?NL;HM@?L?H=?I@;H;=NCPCNS
;H>NB?GILJBIFIAC=;F;H>ILMSHN;=NC=;MJ?=NC?NB??RCMN?H=?I@;HI<D?=N
;H>JIMMC<CFCNSI@J;MMCPCT;NCIHI@NL;HMCNCPCNSIHM?KO?HNFSCN@;CF?>NIL?=
IAHCT?NB;NNB?M?NQI;MJ?=NM>IHIN;FQ;SM=ICH=C>?QCNB?;=BINB?L
0AF%?CF-=BH?C>?LÞ/BFCA
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
CC .B? .L;>IH=.L;HM ;MMOG?> ; =F?;L=ON >C=BINIGS <?NQ??H .L;HMFM 5
NL;HMCNCP?=F;OM?M7;H>#H>NLFM5CHNL;HMCNCP?=F;OM?M7M;L?MOFNCN@;CF?>NI
;=IGGI>;N?CHN?LG?>C;N?=;M?M57
C? %LCNCE PIH .MOHI>; E;HH ;FMI HI=B HC=BN @§L >C?
;FNALC?=BCM=B?H !L;GG;NCE?L OH> >C? /LMJLOHAM>?@CHCNCIH A?FN?H> A?G;=BN
Q?L>?H LMN *LCM=C;HOM B;N GCN ¼NL;HMCNCP½ ;O=B 0?L<?H <?T?C=BH?N >C? ¼HIN
Q?H>CA½ GCN ¼I<FCKO?H %;MOM½ EIHMNLOC?LN Q?L>?H G§MM?H ¼)<FCKO? %;MOM½
MCH> CG &;N?CHCM=B?H <?E;HHNFC=B ;FF? %;MOM CHEFOMCP? >?M EEOM;NCPM ;O‹?L
>?M(IGCH;NCPMPAF>C?-N?FF?CH*LCM=20###KO;?P?LIHIH?A?HNI<FCKOCM
=;MC<OM;NKO;??A?HN=;MC<OM?NNL;HMCNCP?>C=OHNOL¹>C?@L?CFC=BI<FCKO?%;MOM
HC=BN H¡NCA B;<?H ;H>?L?LM?CNM >C? %;MOM H¡NCA B;<?H OH> >C? NL;HMCNCP
A?H;HHNQ?L>?HºG?CH?"?LPILB?<OHA;GCNB;N*LCM=C;HOM;FMI;O=B0?L
<?H QC? QC? ?HAF NI FIIE ;N MIMNB PAF .MOHI>; ;FM ¼NL;HMCNCP½
P?LMN;H>?HMI<;F>MC??CH?I<FCKO?%IGJF?HNC?LOHAH¡NCAB;<?HPAF'C=B;?F
@@ < >C?M?G 4?CNJOHEN GOMM G;H .MOHI>; >;HHL?=BN
A?<?H Q?HH ?L >?G NL;>CNCIH?FF?H %IHT?JN PIH .L;HMCNCPCNN <?C *LCM=C;HOM
OMQ PILQCL@N >;MM ?M >C? #HB;FNM?CN? OH> >C? @ILG;F? -SHN;R HC=BN A?H;O
;OM?CH;H>?LB;FN?HQ§L>??HHQC?;OM>?LA?L;>?TCNC?LN?H-N?FF?B?LPILA?BN
B;N *LCM=C;HOM >?H ?ALC@@ ¼NL;HMCNCP½ I@@?HMC=BNFC=B ;H %IHMNLOENCIH?H GCN
HINQ?H>CA?L %IGJF?G?HNC?LOHA CG EEOM;NCP !?HCNCP ;NCP I>?L <F;NCP
A?EIJJ?FN PAF ;N KO;? ?A?HN 5I<FCKOCM7 =;MC<OM ?N NL;HMCNCP? >C=OHNOL ¹>C?
5I<FCKO?7 %;MOM H¡NCA B;<?H OH> NL;HMCNCP A?H;HHN Q?L>?Hº M @CH>?N MC=B <?C
*LCM=C;HOM N;NM=BFC=B P?LAFC=B?H GCN M?CH?L I<?H TCNC?LN?H Š<?LM?NTOHA PIH
JIFFIHCOM SM=IFOM ?CH? OHA?H;O? Š<?LF;JJOHA >?M ?ALC@@M ¼NL;HMCNCP½ ;FM
?T?C=BHOHA @§L M?G;HNCM=B? NLîHMCNCĹ >B @§L >?H Š<?LA;HA >?L ";H>
FOHAM?H?LAC? I>?L ";H>FOHAMEL;@N OH> >?MM?F<?H ?ALC@@M ¼NL;HMCNCP½ ;FM
?T?C=BOHA @§L MSHN;ENCM=B? %IHMNLOENCIH?H GCN HINQ?H>CA EIGJF?G?HNC?LN?L
%;MOM@ILG
M >§L@N? >OL=B >C? ;HA?@§BLN?H 4CN;N? ;<?L ;O=B EF;L A?QIL>?H M?CH >;MM
?CH? CHM=BLHEOHA >?M ?ALC@@M MJ?TC?FF ;O@ MSHN;ENCM=B? %IHMNLOENCIH?H GCN
%IGJF?G?HNC?LOHA CG EEOM;NCP <TQ GCN >CL?EN?G )<D?EN ?LMN ?CH? L?F;NCP
MJN?L??ALC@@M?CHM=BLHEOHACMNCH?>?L;LNCA?CHM=BLHEOHA;O@%IHMNLOE
NCIH?HGCNEEOM;NCP@CH>?NMC=B<?CMJC?FMQ?CM?>;HHCH1CFFC;G&CFSºM-BILN?
#HNLI>O=NCIH I@ !L;GG;L ;OM >?G $;BL TCNC?LN H;=B 'C=B;?F PAF;O=B-@@¼0?L<?MNL;HMCNCP?M;L?;FFMO=B?;MB;P?;@N?LNB?G;H
;==OM;NCP? =;M? I@ NB? >I?L IL MO@@?L?L 57 &CFS -BILN? #HNLI MCA C
P?LMI½
O=B >C? ALC?=BCM=BF;N?CHCM=B A?JLAN? EF;MMCM=BJBCFIFIACM=B? -=BOFAL;G
G;NCE@;MMN¼.L;HMCNCPCNN½TOH=BMN?LMN;FM?CHM?G;HNCM=B?M%IHT?JNCG-CHH?
PIH.L;HMCNCPCNN;O@EIJJ?FN>?HM?G;HNCM=B?H?ALC@@;FF?L>CHAMAF?C=BT?CNCA
;H>C?MIA?H;HHN?¼,?ENCIH½GCNEEOM;NCP;FM0;F?HT?CA?HM=B;@NCG-CHH?PIH
.L;HMCNCPCNN-IM=BL?C<?HTILH?G;HHÞ,CM=BCBL?@?NN?"?L
PILB?<OHAG?CH?%OLMCP?
;?@CHCNCIH?H#-?G;HNCM=B?%IGJIH?HN?H.L;HMCNCPCNNC;NB?M?
(OL MIF=B? 0?L<?H >C? MC=B ;@@CTC?L?H> I>?L ?@@CTC?L?H> GCN ?CH?G EEOM;
NCPI<D?ENP?L<CH>?H E¡HH?HB?C‹?HNNL;HMCNCP57#G!?A?HM;NTTOG?ONM=B?H
OH> &;N?CHCM=B?H F‹N MC=B ;<?L CG !LC?=BCM=B?H ?CH J?LM¡HFC=B?M *;MMCP HC=BN
HOLPIH>?HNL;HMCNCP?HMIH>?LH;O=BPIH?CHCA?HCHNL;HMCNCP?H0?L<?H<CF>?H
C?¼JIMMC<CFCNSI@J;MMCPCT;NCIH½>C?.MOHI>;
>?G¼.L;>IH=
.L;HM½TOM=BL?C<NA?B¡LN;FMI?<?H@;FFMHC=BNTQCHA?H>TOLNL;>CNCIH?FF?H?@C
HCNCIHPIH.L;HMCNCPCNNC??@CHCNCIH>?LALC?=BCM=BF;N?CHCM=BA?JLAN?EF;M
MCM=BJBCFIFIACM=B?H-=BOFAL;GG;NCEOH>>;GCNHI=B>C?>?LNL;>CNCIH?FF;OM
A?LC=BN?N?H #H>IA?LG;HCMNCE CMN >;GCN HOH A;HT >?ONFC=B ?CH? 'CM=B>?@CHCNIH
PIHM?G;HNCM=B?L.L;HMCNCPCNNGCN>?L>C?G;H¼,?ENCIHMNL;HMCNCPCNN½.L;H
MCNCPCNNH?HH?HE;HH#H>C?M?G-CHH?Q?L>?H0?L<?H?<?H>;HH¼NL;HMCNCP½
A?H;HHNQ?HHMC?>C? M?G;HNCM=B?%IGJIH?HN? 5=;OM7?HNB;FN?H<TQQ?HH
MC? ?CH?H ¼;@@CTC?L?H>5?H7 I>?L ?@@CTC?L?H>5?H7½ ?LMN?H *;LNCTCJ;HN?H <?CHB;F
N?H4OMNTFC=BTO>C?M?LM?G;HNCM=B?H?@CHCNCIHQ?L>?H0?L<?HQC?TF;N
;FCKO?GOC>?ĹOC>ĀL?¹MC?BND?G;H>?Hº;O=B>;HH¼NL;HMCNCP½A?H;HHNQ?HH
MC?E?CH?H¼;@@CTC?L?H>5?H7I>?L?@@CTC?L?H5?>7?LMN?H*;LNCTCJ;HN?H<?CHB;FN?H
;<?L ?CH? ,?ENCIH GCN EEOM;NCP >B ?CH? EEOM;NCP0;F?HT<CH>OHA ;O@
Q?CM?H ;M 0ILB;H>?HM?CH >?L 0;F?HT<CH>OHA >?L ¼HINQ?H>CA?H %IGJF?
G?HNC?LOHA½().CMNCH>C?M?L'CM=B>?@CHCNCIH;FF?L>CHAM§<FC=B?LQ?CM?HC=BN
CH<?ALC@@?H ?BFN >?L EEOM;NCP MI MJLC=BN T B?ONTON;A? %OFCEIP H;=B&SIHM@@PIH?CH?G¼;<MIFON?OM;A?½OH>H?HHN>C?M?H!?
<L;O=B>;HH¼;<MIFON?NL;HMCNCP?½IL¼I<D?=NF?MMNL;HMCNCP?½?L?ALC@@¼;<MI
FON½ MN;GGN >;<?C QC?>?L PIH *LCM=C;HOM PAF >C? Š<?LM?NTOHA PIH 'C=B;?F
¼NB?M?;L?5O?L<;7;<MIFON;QBC=B<?=;OM?NB?L?CMHI¹NL;HMCNCIHº¹>I
HINH??>=;M?M;@N?LNB?Gº½
1C=BNCACMNBC?L;O=B>?L"CHQ?CM>;MM>C?M<?T§AFC=BHC=BNCGG?LCHCAE?CN
<?MN?BN>?HHI@NG;FMQ?L>?H0?L<?HQC?>ND?G;H>?GB?F@?H?<?H@;FFM¼NL;H
MCNCP½ CG -CHH? PIH ¼.L;HMCNCPCNN½ A?H;HHN I<QIBF MC? E?CH? EEOM;NCP
,?ENCIH;O@Q?CM?HOMQ
-IGCN B;N >?L ?ALC@@ ¼NL;HMCNCP½ BC?L CG !?A?HM;NT TOL FN?L?H O@@;MMOHA
<?C *LCM=C;HOM M=BIH ?CH? ?>?ONOHAMMJ?TC@CTC?LOHA ?L@;BL?H ?L ?ALC@@
¼NL;HMCNCP½ CMN ;O@ 0?L<?H GCN ?CH?L ¼NL;HMCNCP?H -?G;HNCE½ >B ¼;@@CTC?L?H>
OH>?@@CTC?L?H>½OH>TOMNTFC=B;O=BA;HTOH;<BHACAPIH>?LD?Q?CFCA?H0?L<
M?G;HNCE;O@MIF=B?GCN>OL=B,?ENCIH@?MNA?F?AN?%IGJF?G?HNC?LOHAGCNE
EOM;NCP <?M=BLHEN QIL>?H C? ALC?=BCM=BF;N?CHCM=B A?JLAN? EF;MMCM=B
JBCFIFIACM=B? -=BOFAL;GG;NCE OHN?LM=B?C>?N >;<?C TQCM=B?H %IHMNLOENCIH?H
GCN MIA?H;HHN?G ¼)<D?ENEEOM;NCP½ OH> MIF=B?H GCN ¼@L?C?G EEOM;NCP >?L
;>P?L<C?FF?H?MNCGGOHA½<TQ¼EEOM;NCP>?M4C?FM#HB;FNM>?LLMNL?=EOHA½
OMQ
C?M?G NL;>CNCIH?FF?H %IHT?JN PIH .L;HMCNCPCNN E;HH G;H GCN .MOHI>;
@QC?>?LP¡FFCATOL?=BNPILQ?L@?H>;MM>C?#HB;FNM?CN?<TQ-?G;HNCE
OH> >C? @ILG;F? -SHN;R >C? ,?ENCIH OMQ HC=BN A?H;O ;OM?CH;H>?LA?B;FN?H
Q?L>?HM@L;ANMC=BHGFC=BQ;LOG%IHMNLOENCIH?HGCN;H>?L?HI<FCKO?H
%;MOM;N*LJIMCNCIH;FJBL;M?HOMQ>C?;<?LQC?T?HAF %;SFIIE?>;N
C;H>CQ;MMBI=E?><SBCM;HALSFIIE?<?HMI>C?%IGJIH?HN?¼;@@CTC?L?H>
I>?L?@@CTC?L?H>½<?CHB;FN?HA?H;OMIQC?F;N ;FCKO?GOC>?N>C?EIHN?RNO?FF
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
A?H;OMI PC?F I>?L Q?HCA ¼;@@CTC?L?H> I>?L ?@@CTC?L?H>½ MCH> HC=BN OHN?L ?CH?H
>C?M<?T§AFC=BA?G?CHM;G?H?ALC@@@;FF?HMIFFN?H
O‹?L>?G QCL> >C? <AL?HTOHA PIH ¼)<D?ENEEOM;NCP½ OH> ¼@L?C?G E
EOM;NCP½ ;O@ >?L !LOH>F;A? >?L ?>?ONOHAMEIGJIH?HN? ¼;@@CTC?L?H> I>?L ?@
@CTC?L?H>½ A?EIJJ?FN GCN >?L ?@BCAOHA TOL *;MMCPC?LOHA OMQ A?H;O >;HH
JLI<F?G;NCM=BMI<;F>¼HC=BN;@@CTC?L?H>?I>?LHC=BN?@@CTC?L?H>?½0?L<?HQC?
?<?H ;FCKO?G OC>?N ?<?HMI GCN EE MN?B?H E¡HH?H OH> AF?C=B?LG;‹?H J;M
MCP@BCA MCH>¸OH> MI<;F> MIA;L ILG?H >C? G;H OHN?L ?CH? %;N?AILC? ¼*;M
MCPJLM?HM½ A?@;MMN B;N GCN ?CH?G EEOM;NCP EIHMNLOC?LN Q?L>?H E¡HH?H OMQ
MIQC?CG@L§B?H0?>G¡AFC=B;GILJBIMSHN;ENCM=B?%;N?AILC?HQC?T
¼-O<D?EN½¼>CL?EN?M)<D?EN½OMQALOH>MNTFC=B?CHT?FMJL;=BFC=BTO>?@CHC?L?H
MCH> OH> MC? M=BIH ;JLCILC A?M=BQ?CA? >?HH ;JIMN?LCILC HC=BN @§L OHCP?LM?FF
A?B;FN?H Q?L>?H E¡HH?H CMN ?CH? 'CM=B>?@CHCNCIH >C? ;O@ ?CH?L M?G;HNCM=B?H
!LOH>F;A? MN?BN ;<?L AF?C=BT?CNCA ;H ?CH? <?MNCGGN? GILJBIMSHN;ENCM=B? C
A?HM=B;@NEEOM;NCP,?ENCIHPIHALC?=BCM=BF;N?CHCM=B?HOH>?OLIJCM=B?H
0?L<?H A?EIJJ?FN CMN E?CH MIH>?LFC=B AON?M <?ALC@@FC=B?M #HMNLOG?HN;LCOG @§L
?CH??M=BL?C<OHA;H>?L?LOH>;H>?LM;LNCA?L-JL;=B?H?HHMI<;F>G;H?CH?
MIF=B?;O@ALC?=BCM=BF;N?CHCM=B?HGILJBIMSHN;ENCM=B?HCA?HM=B;@N?H<;MC?LN?
'CM=B>?@CHCNIH?<?HIBH?Q?CN?L?CHM=BLHEOHA?H;O@;H>?L?OH>;H>?LM;L
NCA?-JL;=B?H§<?LNLANE¡HH?HMC=BTC?GFC=BALI<??M=BL?C<OHAM@?BF?L?LA?
<?H¸OH> TQ;L M=BIH ;FF?CH >?MQ?A?H Q?CF ?M A;HT H;N§LFC=B CMN >;MM >C? ;H
>?L? OH> ;H>?LM;LNCA? -JL;=B? HC=BN A;HT A?H;O >C?M?F<?H GILJBIMSHN;E
NCM=B?H%;N?AILC?HGCNA;HTA?H;O>?HM?F<?H@OHENCIH;F?HCA?HM=B;@N?H B;N
OH>CBL?0?L<?H;FMI;O=BHC=BNTQCHA?H>>C?M?F<?HGILJBIMSHN;ENCM=B?HC
A?HM=B;@N?HB;<?HQC?>C?0?L<?H>?MFNALC?=BCM=B?HI>?L&;N?CHCM=B?HI>?L
>?MHAFCM=B?H
;B?LQCL>>C?NL;>CNCIH?FF?EF;MMCM=BJBCFIFIACM=B?'CM=B>?@CHCNCIHBC?L@§L
>C? ?M=BL?C<OHA >?L 0?L<M?G;HNCE OH> >?L GILJBIMSHN;ENCM=B?H CA?H
M=B;@N?H >?L 0?L<?H CG @L§B?H 0?>CM=B?H MIF;HA? HC=BN G?BL P?LQ?H>?N MI
F;HA? HC=BN GCN ?CH?L >?N;FFC?LN?H L<?CN ?LMN A?EFLN QIL>?H CMN Q;M G;H CG
@L§B?H 0?>CM=B?H MJ?TC?FF OHN?L ?CH?G ¼NL;HMCNCP?H 0?L<½ OMQ A?H;O TO P?L
MN?B?HB;N
?HH GCH>?MN?HM >C? HH;BG? >?M 0ILB;H>?HM?CHM ?CH?L 0;F?HT<CH>OHA
>?L,?ENCIHMIQC??MMC?TCG?ONM=B?HAC<NCMN@§L>;M L§BP?>CM=B?M?BL
JLI<F?G;NCM=B M AC<N BC?L >?ONFC=B? "CHQ?CM? >;BCHA?B?H> >;MM >C?M?
0;F?HT<CH>OHA HI=B HC=BN <?MIH>?LM L?A?FB;@N ;OMA?JLAN Q;L <TQ ?LMN HI=B
A;LHC=BNPILB;H>?HQ;LPAF"?NNLC=B
CG<MNL;=N
.B?=BIC=?I@NB?=;M?5EE;NI>?L&IE;FM4C?FE;MOM<?C.L;HM@?LI>?L
?Q?AOHAMP?L<?H <TQ <?C ?CH?L .L;HM@?L&?M;LN7 >?J?H>M IH M?P?L;F @;=NILM
QBC=BBIQ?P?LL?MOFNIHFSCHNB?JL?@?L?H=?@ILIH?I@NB?M?=;M?M<ON>IHIN
SC?F>=F?;LLOF?M
O‹?L>?G @?BFN CG @L§B?H 0?>CM=B?H I@@?H<;L >C? 0;F?HTL?F;NCIH >?L HIN
Q?H>CA?H %IGJF?G?HNC?LOHA (). >?HH ?M MC?BN A;HT >;H;=B ;OM ;FM M?C
ALOH>MNTFC=BD?>?%;MOM@ILGM?C?M(IGEE#HMNL;N<F!?H&IE
;O@ALOH> ?CH?L JL;AG;NCM=B?H ,?A?FOHA MSHN;ENCM=B ;OMF;MM<;L MI<;F> >?L
%IHN?RN?MTOFMMNOH>?M>?G-JL?=B?LJL;AG;NCM=BHC=BNHINQ?H>CA?LM=B?CHN
;?@CHCNCIH?H#-?G;HNCM=B?%IGJIH?HN?H.L;HMCNCPCNNC;NB?M?
MC? TO M?NT?H MC?B? >;TO %;JCN?F <M=BHCNN @@ ;M @L§B? 0?>CM=B? CMN
;FMIHC=BNHOL?CH?MIA?H;HHN?¼*LILIJ-JL;=B?½Q;M>?H(IGCH;NCP;HA?BN
MI QC? T MJ;H FFO?P? ¹?M L?AH?Nº MIH>?LH ?<?HMI Q;M ;FF? ;H>?L?H %;MOM
;HA?BN I=B >;M MCH> *LI<F?G? >C? G;H ;H>?LMQI Q?CN?L OHN?H ?L¡LN?LH
GOMMTOL§=ETOG?ALC@@¼NL;HMCNCP½
OMA?B?H> PIH >C?M?L @§L ;H>?L? -JL;=B?H A?A?<?H?H@;FFM OHTOFHAFC=B?H
'CM=B>?@CHCNCIH MCH> >?G?HNMJL?=B?H> CH D§HA?L?L 4?CN G?BL?L? OHN?L
M=BC?>FC=B?%IHT?JN?PIH.L;HMCNCPCNN?HNMN;H>?H
-SHN;ENCM=B?.L;HMCNCPCNN
-ITOM;A?H CH 1?CN?L@§BLOHA OH> ¼*LTCMC?LOHA½ >?L MSHN;ENCM=B?H ?@CHC
NCIHPIH*LCM=C;HOMQCL>>?L?ALC@@¼NL;HMCNCP½B?ONTON;A?M?BLBO@CAHOLHI=B
MSHN;ENCM=B >B HOL HI=B @ILG;F P?LQ?H>?N¸OH> TQ;L >;HH Q?HH ?CH?0?L
<;F@ILGGCN?CH?G-O<D?ENI>?LGCN?CH?L?HNMJL?=B?H>?HAL;GG;NCE;FCM=B?H
,?F;NCIH T LA;NCP OH> ?CH?G >CL?EN?H )<D?EN I>?L EEOM;NCP)<D?EN
I>?L ?CH?L ?HNMJL?=B?H>?H AL;GG;NCE;FCM=B?H ,?F;NCIH T <MIFONCP ?CH
B?LA?B?H;E;HHQ?CF?M?CH?EEOM;NCP@ILG¼L?AC?LN½<TQ¼@ILG;F@IL>?LN½
I>?L<N;NM=BFC=BGCNCBG?CHB?LA?BN
FM ?CMJC?F @§L >C? ?@CHCNCIH PIH ¼NL;HMCNCP½ ;FM ?ALC@@ TOL ?T?C=BHOHA
>?L0;F?HTCG-CHH?>?L,?ENCIHPIH0?L<?H>C??CH>CL?EN?M)<D?ENCH?LMN?L
&CHC?CGEEOM;NCPL?AC?L?HPAFO‹G;HH&?RCEIH>?L-JL;=BQCMM?HM=B;@N
.L;HMCNCPCNN
ȳ0;F?HTCA?HM=B;@NPIH0?L<?H>C??CHCL?EN?M)<D?ENL?AC?L?HPAF
F?M?H M?B?H MO=B?H #G Q?CN?L?H -CHH Q?L>?H ;O=B 0?L<?H >C? ;H>?L? )<
D?EN? L?AC?L?H PAF B?F@?H >;HE?H >?HE?H ¼NL;HMCNCP½ A?H;HHN QBL?H> TO
>?H CHNL;HMCNCP?H 0?L<?H HOL >C? ?CHMN?FFCA?H 0?L<?H PAF M=BF;@?H L?AH?H
TBF?H57
#HH?LB;F< >C?M?L ?@CHCNIH >?M ?ALC@@M ¼NL;HMCNCP½ Q?L>?H ;O=B 0?L<?H
IBH? HINQ?H>CA? %IGJF?G?HNC?LOHA QC? T F?M?H CH C=B F?M? A?L;>? PM C=B
F?M?A?L;>??CHO=B;FM¼NL;HMCNCP½EF;MMC@CTC?LN
-SHN;ENCM=B?.L;HMCNCPCNN
#HH?LB;F<?CH?LQ?CN?L?HL?CHMSHN;ENCM=B?H?@CHCNIH>?M?ALC@@?M¼NL;HMC
NCP½Q?L>?H0?L<?HIBH?HINQ?H>CA?%IGJF?G?HNC?LOHAQC?T F?M?HCH C=B
F?M?A?L;>?PMC=BF?M?A?L;>??CHO=B>;HHHC=BNG?BL¼NL;HMCNCP½EF;MMC@CTC?LN
MIH>?LH;FM¼;G<CNL;HMCNCP½<?T?C=BH?NPAFCRIHÞCEB?HP;F>
C?
M?BL BO@CA? MSHN;ENCM=B? ,?;FCMC?LOHA ?CH?M ?B?G;FM ¼M?G;HNCM=B NL;HMCNCP?H½
-;=BP?LB;FNM B;N >;GCN >;HH ;G H>? @;=BA?M=BC=BNFC=B >C? ?>?ONOHA >?M
?ALC@@M ¼NL;HMCNCP½ §<?LHIGG?H ?L ?ALC@@ ¼.L;HMCNCPCNN½ PM ¼#HNL;HMC
NCPCNN½<?TC?BNMC=BCHH?LB;F<>C?M?LL?CHMSHN;ENCM=B?H?@CHCNCIHBHFC=BQC?
CH >?L PIL;HA?B?H>?H ?@CHCNCIH ;O@ >C? MSHN;ENCM=B? H I>?L <Q?M?HB?CN
I<FCA;NILCM=B?L(IGCH;FJBL;M?H>BMIA?H;HHN?L¼=IL?;LAOG?HNM½>N¼%?L
H;LAOG?HN?½>C?GCN>?L0?L<;F@ILGEIHMNLOC?LNQ?L>?HOH>TQ;LCHM<?MIH
>?L?;O@>C?HI>?L<Q?M?HB?CN?CH?M>CL?EN?H)<D?ENMCGEEOM;NCPI>?L
M?CH?M MJL;=BMJ?TC@CM=B?H *?H>;HNM !?H;O CH >C?M?G -CHH? OHN?LM=B?C>?H
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
CRIH Þ CEB?HP;F> TQ?C ¼OHCP?LM?FF? %IHMNLOENCIHMNSJ?H½ C? >C?
¼CHNL;HMCNCP?%IHMNLOENCIH½OH>>C?¼NL;HMCNCP?%IHMNLOENCIH½
¼NL;HMCNCP?%IHMNLOENCIH½ )
0
HQ?M?HB?CN?CH?M¼)½
¼CHNL;HMCNCP?%IHMNLOENCIH½ - 0
00?L<;F@ILG
C?-SG<IF?¼½¼)½OH>¼-½PIHCRIHL?JLM?HNC?L?H
>;<?C >C? D?Q?CFCA?H %?LH;LAOG?HN? >C? D?Q?CFM PIH -JL;=B? TO -JL;=B? GC
NOHN?LOHN?LM=BC?>FC=BTOM;GG?HA?@;MMNL?;FCMC?LNQ?L>?HE¡HH?HPM-)
CH¼LA;NCPMJL;=B?H½-PM)CH¼(IGCH;NCPMJL;=B?H½?N=JJ
-·¼CHNL;HMCNCP?MO<D?=N½CHOHM?L?G ;FF(IGQIH?<?HE?CHEE
·¼NL;HMCNCP?MO<D?=N½CHOHM?L?G ;FF(IGQIH?<?H?CHEE
)·¼NL;HMCNCP?I<D?=N½CHOHM?L?G ;FFEE
?C1B;F?SCG¼AFIMM;LS½QCL>>?L?ALC@@¼NL;HMCNCP½>;HHM=BIH
QC? M?F<MNP?LMNH>FC=B HOL ;FM ?T?C=BOHA @§L ?CH? MSHN;ENCM=B? %IHMNLOENCIH
GCN¼>CL?=NI<D?=N½P?LQ?H>?NILNMN?BNM?CH?"?LPILB?<OHA
.L;HMCNCP?=F;OM?CHQBC=BNB?P?L<B;M;>CL?=NI<D?=N
#HH?LB;F<>C?M?L?@CHCNCIHMCH>¼NL;HMCNCP?%IHMNLOENCIH?H½CH>?LD?Q?CFC
A?H -JL;=B? M=BFC?‹FC=B HOL @ILG;F ;FM HQ?M?HB?CN >?L <?NL?@@?H>?H (IGC
H;FJBL;M?H >?@CHC?LN §L 0?L<?H >C? E?CH? HINQ?H>CA? %IGJF?G?HNC?LOHA
;O@Q?CM?H B;N CRIH ;;) >?G?HNMJL?=B?H> >?H ?ALC@@ ¼;G<CNL;HMCNCP½
?CHA?@§BLN >?HH >?L ?ALC@@ ¼NL;HMCNCP½ CMN D; @ILG;F <?M?NTN L OHN?LM=B?C>?N
>;<?CD?H;=BM?G;HNCM=B?L,IFF?>C?-)?CHH?BG?HTQ?CLN?HPIH¼;G
<CNL;HMCNCP?H½0?L<?H¸MIF=B?CH>?H?H-OH>)>C?AF?C=B?M?G;HNCM=B?,IFF?
;O@Q?CM?HOH>MIF=B?CH>?H?H>?GA?A?H§<?L-OH>>C?AF?C=B?M?G;HNCM=B?
,IFF?T?CA?H
-;G<CNL;HMCNCP T C=B?MM?A?L;>?
C=B?MM??CH?HJ@?F
-A?HMPM)*;NC?HM
-);G<CNL;HMCNCP
T >?LMN<LC=BN;<
C=B<L?=B?>?HMN;<
-)*;NC?HMPMA?HM
C?M? ?ALC@@MP?LQ?H>OHA B;N ;FMI >;TO A?@§BLN >;MM %IHMNLOENCIH?H GCN
(IGCH;FJBL;M? OH> 0?L<@ILG QC? CG ?CMJC?F ?L CMMN A?L;>? HC=BN G?BL
¼NL;HMCNCP½ A?H;HHN Q?L>?H E¡HH?H OH> >§L@?H I<QIBF MC? CHH?LB;F< >?L
I<?H<?M=BLC?<?H?HOH><?ALC@@MA?M=BC=BNFC=BFN?L?H0?LQ?H>OHA¼M?G;HNCM=B
NL;HMCNCP½A?H;HHNQ?L>?HMIFFN?HG§MM?H?L<?T?C=BH?N?-;=BP?LB;FN ?MM?H
CMN HGFC=B M=BIH >?MQ?A?H ¼M?G;HNCM=B NL;HMCNCP½ Q?CF CH CBH M?CH?L CHB;FN
FC=B?H (;NOL ?HNMJL?=B?H> TQ?C *;LNCTCJ;HN?H A?HM OH> *;NC?HM CHPIFPC?LN
MCH> OH> ?M ?CH?H Š<?LA;HA ?CH? NLîHMCNCĹ PIH ";H>FOHAM?H?LAC? MMEL;@N
;?@CHCNCIH?H#-?G;HNCM=B?%IGJIH?HN?H.L;HMCNCPCNNC;NB?M?
CMMEL;@N I ;O@ ?CH?H ¼;@@CTC?LN?H½ ¹A?A?MM?H?Hº *;LNCTCJ;HN?H AC<N T
?CH?HJ@?FI>?L?NQ;M;H>?L?M>;M?MTOMM?HAC<N;M0?L<?MM?H<?T?C=B
H?NTQ;L?CH?H-;=BP?LB;FN>?GM?CH?L;O‹?LMJL;=BFC=B?H(;NOL?HNMJL?=B?H>
TQ?C *;LNCTCJ;HN?H TOA?B¡L?H >?HHI=B @IL>?LN >;M 0?L< ?MM?H <TQ >C? CBG
TOA?B¡LCA? 0?L<@ILG ?L CMMN HC=BN >;MM <?C>? *;LNCTCJ;HN?H MSHN;ENCM=B ;FM
(IGCH;NCP OH> EEOM;NCP <TQ ;FM -O<D?EN OH> >CL?EN?M )<D?EN L?;FCMC?LNQ?L
>?H
"C?LGOMMG;H;FMIA?H;O;O@J;MM?HQ?L>?H?ALC@@¼NL;HMCNCP½D?Q?CFMQC?
P?LQ?H>?NOH>>;MMG;H>C?OHN?LM=BC?>FC=B?H %IHT?JN?>C?BCHN?L>?G?
ALC@@¼NL;HMCNCP½MN?B?HHC=BN>OL=B?CH;H>?LQCL@N
(OL >?L 0IFFMNH>CAE?CN B;F<?L M?C ;O@ ?CH? Q?CN?L? ?ALC@@MP?LH>?LOHA
BCHA?QC?M?H BIGMES P?LQ?H>?N >;HH >C? ?ALC@@? ¼NL;HMCNCP½ OH>
¼CHNL;HMCNCP½TOL%F;MMC@CTC?LOHAPIH0?L<?H@IFA?H>?LG;‹?H
57Q?QCFFB;P?NI;>>MJ?=C;FLOF?MCH>C=;NCHANB;NC@0CMCHNL;HMCNCP?CN=;H
HINB;P?NB?;ORCFC;LS<??HC?Q?=;HHINB;P?¼CMI==OLL?>½QB?L?;MC@0CM
CHNL;HMCNCP?CNGOMNB;P?<??HC?Q?=;HHINB;P?¼FOH=B?;NM<S$IBH½
BIGMES >?@CHC?LN 0?L<?H MIGCN ;HB;H> CBL?L BCAE?CN TOL CF>OHA ?CH?L
¼*;MMCPNL;HM@ILG;NCIH½ GCN A?HMLQ?CN?LOHA *;MMCPNL;HM@ILG;NCIHM@BCA?
0?L<?H QC? NI L?;> NI FIIE ;N NI FIIE @IL MCH> CBG TO@IFA? CH >C?M?G
-CHH? ¼NL;HMCNCP½ J;MMCPNL;HM@ILG;NCIHMOH@BCA? 0?L<?H QC? NI I==OL MCH>
>?G?HNMJL?=B?H> ¼CHNL;HMCNCP½ "C?L E;HH G;H ;<?L ;G H>? ?CA?HNFC=B ;O=B
;HA?G?MM?H?L? >?MELCJNCP? ?ALC@@? QC? ¼J;MMCPEIGJ;NC<F?½ PM ¼J;MMCPCHEIG
J;NC<F?½0?L<?HP?LQ?H>?H
-?G;HNCM=B?.L;HMCNCPCNN
#H 1?CN?L@§BLOHA >?L M?G;HNCM=B?H ?@CHCNCIH PIH JIFFIHCOM SM=IFOM
MC?B?I<?HE;HH>?L?ALC@@¼NL;HMCNCP½;O=BQ?CN?LBCHM?G;HNCM=BP?LQ?H>?N
Q?L>?HC??>?ONOHA?CH?LP?L<;F?H F?RCIHM@ILGQC?TCH @ILNĀM@ILNŕH;
;>COP;N¹.§=BNCA?OHN?LMN§NTN>;M!F§=EºC-P¹>;M!F§=ECMNGCN>?H.§=BNCA?Hº
QCL> ¼NL;HMCNCP½A?H;HHN Q?HH MC? ?CH?H Š<?LA;HA I>?L Š<?LNLCNN PIH H?LAC?
I>?L %L;@N ¼";H>FOHAM?H?LAC?½ ¼";H>FOHAMEL;@N½ ¼.NCAE?CNM?H?LAC?½
¼.NCAE?CNMEL;@N½ <?CHB;FN?N¸;OMA?B?H> PIH ?CH?G CH >?H -;=BP?LB;FN CH
PIFPC?LN?H?LMN?H*;LNCTCJ;HN?HT @ILNŕH;¹!F§=Eº(IG-A@>?L>C?M?
H?LAC? I>?L %L;@N CHH?B;N OH> ;O@<LCHAN BCH§<?L TO ?CH?G ?<?H@;FFM CH >?H
-;=BP?LB;FN CHPIFPC?LN?H TQ?CN?H *;LNCTCJ;HN?H * @ILNĀM ¹>C? .§=BNCA?Hº EE
*F G >?L ?HNMJL?=B?H> PIH >?L ¼";H>FOHA?H?LAC?½ OMQ B?LPILA?LO@?H ;@
@CTC?LN ?CHA?HIGG?H <?L§BLN QCL> OH> <?C CBG ?CH? 1CLEOHA ?CH @@?EN ?CH?4OMN;H>MH>?LOHA?CHNLCNN>C?;FM?CH?E;OM;F? IFA?>?LPIG?LMN?H*;L
NCTCJ;HN?H;OMA?B?H>?H <TQ;O@A?<L;=BN?H¼";H>FOHAM?H?LAC?½I>?L¼";H>
FOHAMEL;@N½EIHTCJC?LNQCL>
5=;OM7
ȳ
*
5=;OM??7
¼=;OM;FFS;@@?=N?><S½
5OH>?LAI7 ¼OH>?LAI?M;=B;HA?I@MN;N?½
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
?L?LMN?*;LNCTCJ;HN¼½B;NMIGCNCHIQNSºM¼?HN;CFG?HNM½I>?L*LCGOMº
¼;MCMLIFF?H½ A?MJLI=B?H >C? CA?HM=B;@N <TQ >;M '?LEG;F 5=;OM7 ¼=;OMCHA
;H?P?HNIL=B;HA?I@MN;N?CH;HINB?LJ;LNC=CJ;HN½PAFIQNSMC?B?
I<?H ?L TQ?CN? *;LNCTCJ;HN B;N >?GA?A?H§<?L QC?>?L CH IQNSºM ¼?HN;CF
G?HNM½A?MJLI=B?H>;M'?LEG;F5=;OM??7>B¼=;OM;FFS;@@?=N?><S;HINB?L
J;LNC=CJ;HN½ OH> ;O‹?L>?G >;M '?LEG;F 5OH>?LAI7 >B ¼OH>?LAICHA ;
=B;HA?I@MN;N?½
CHBHFC=B?M%IHT?JNPIH¼.L;HMCNCPCNN½CMN;O=B>;MEIAHCNCP?'I>?FF>?M
%L;@NNL;HM@?LM CH ?CH?L %;OM;FE?NN? PAF &;HA;=E?L LI@N %?LH>?LŠ<?LF?AOHA?HCMN>;M;MSGG?NLCM=B?E;OM;FOHC>CL?ENCIH;F?0?LBFN
HCMTQCM=B?H>?H<?C>?H*;LNCTCJ;HN?HOH>*?CH?MNL;HMCNCP?H-;=BP?LB;FNM
?CLI@N<?CMJC?FMQ?CM?Q?L>?HL?CAHCMM?;FM%?NN?HPIH%;OM;FL?
F;NCIH?H ;HA?M?B?H $?>?M !FC?> ?CH?L %;OM;FE?NN? P?L<CH>?N TQ?C *;LNCTCJ;H
N?H CHH?LB;F< >?M -;=BP?LB;FNM PIH >?H?H >?L ?LMN? >B >?L ¼#HCNC;NIL½ ;O@
>?H TQ?CN?H ¼H>JOHEN½ ?CHQCLEN $?>?M !FC?> ?CH?L %;OM;FE?NN? ?HNMJLC=BN
TQ?C?H ;FM ALOH>F?A?H> EIHTCJC?LN?H ;MJ?ENO?FF?H L?CAHCMNSJ?H ¼4OMN;H>½
OH> ¼*LIT?MM½ CH *;LNCTCJ;HN T B;GG?L =I=IHON E;HH CH G?BL ;FM ?CH
!FC?>>?L%;OM;FE?NN?CHPIFPC?LNM?CH?L?CMJC?FM;NT#<LIE?NB?=I=IHONQCNB
;B;GG?LQCL>MIGCNCH>L?C!FC?>?L?CH?L%;OM;FE?NN?T?LF?AN
# 5.%7ȳ B;GG?L B;GG?L 5/-7ȳ =I=IHON =I=IHON
5)'7ȳ<LIE?HPAFLI@N
?L %L;@NNL;HM@?L QCL> ;FM JLININSJCM=B? %IHT?JNO;FCMC?LOHA PIH L?CAHCM
M?H A?M?B?H %;HIHCM=B? ";H>FOHAMP?L<?H A?FN?H >;B?L ;FM >C? JLININSJCM=B?
0?L<?H@§L>?H'?=B;HCMGOM>?LLAOG?HNL?;FCMC?LOHA
.B?JLININSJC=;F?P?HNNSJ?NB;N@CNMNBCMGI>?FCMOHG?>C;N?>PIFCNCIH;F=;OM;
NCIHNB;N<LCHAM;<ION;=B;HA?CHNB??HNCNS;=N?>IHC?NB?G;HC@?MN;NCIHI@
NB?NL;HMGCMMCIHI@@IL=?NB;NCMNB?JLININSJC=;FNL;HMCNCP??P?HNLI@N
LMN? MJL;=BNSJIFIACM=B? PC>?HT @§L ?CH?H ¼.L;HMCNCPCNNMJLININSJ?H½
.,*B;<?H"IJJ?LÞ.BIGJMIH
<?CA?<L;=BN#BL?L>ILN;O@A?MN?FFN?H
MIA?H;HHN?H¼.L;HMCNCPCNS"SJINB?MCM½TO@IFA?E¡HH?HMSHN;ENCM=B?%IHMNLOE
NCIH?H ;HB;H> ?CH?L .L;HMCNCPCNNMME;F; OH> ?CH?G TOALOH>?FC?A?H>?H JLINI
NSJCM=B?H CA?HM=B;@NM<§H>?F¸?<?H >?G *LININSJ?H¸;<A?MNO@N Q?L>?H
HNMJL?=B?H> E¡HH?H MSHN;ENCM=B? %IHMNLOENCIH?H D? H;=B PILB;H>?H?L
'?LEG;FB;@NCAE?CNG?BLI>?LQ?HCA?LNL;HMCNCPM?CH"IJJ?LÞ.BIGJMIHA?
<?H @IFA?H>?M JLININSJCM=B?M CA?HM=B;@NM<§H>?F <TQ @IFA?H>?H *LININSJ?H
"#!".L;HMCNCPCNSPILG?CH?"?LPILB?<OHA?H
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.;<?FF?
5*;L;G?N?L7
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H?A;NCP?
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FIQCHJIN?H=S
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)HIHCH>CPO;N?>
#GAF?C=B?H$;BL
B;<?H;O=B&;EI@@Þ$IBHMIH
%;JCN?F¼;OM;
NCIH½ ?CH?H 0?LOLM;=BOHAMJLININSJ?H ¼JLININSJC=;F =;OM;NCIH½ ;O@A?MN?FFN
>?LGCN>?G.L;HMCNCPCNNMJLININSJ?HQ?CN?MNA?B?H>C>?HNCM=BCMN&;EI@@
?LEFLN >;TO >;HH >;MM ¼JLININSJC=;F =;OM;NCIH½ ;G <?MN?H ¼CH N?LGM I@ ;
=FOMN?L I@ CHN?L;=NCIH;F JLIJ?LNC?M½ P?LMN;H>?H Q?L>?H E;HH ¼.B? =FOMN?L
M??GMNI>?@CH?;JLININSJC=;F=;OM;NCIH;H>HIHJLININSJC=;FP;LC?NC?MI@=;O
M;NCIHM??GNI<?<?MN=B;L;=N?LCT;<F?CHN?LGMI@ >?PC;NCIHM@LIGNB;N=FOMN?L½
G?CH?%OLMCP?&;EI@@;;)>?@CHC?LNJLININSJCM=B?0?LOLM;=BOHA;FM¼>CL?=N
G;HCJOF;NCIH½>B;FM>CL?EN?;@@CTC?L?H>?0?LH>?LOHAGCN>?H"H>?H>C?
NSJCM=B?LQ?CM? >OL=B @IFA?H>?M ¼=FOMN?L I@ CHN?L;=NCIH;F JLIJ?LNC?M½ =B;L;EN?
LCMC?LNCMN#BGTO@IFA?B;<?H>C?G?CMN?HL?JLM?HN;NCP?H?CMJC?F?L?F?P;HN?L
G?HM=BFC=B?L0?LOLM;=BOHA;FF?T?BH>?L@IFA?H>?HCA?HM=B;@N?HPAF&;EI@@
.B?L?CM;H;A?HNNB;N>I?MMIG?NBCHA
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*LIJ?LNC?M;H>=IHMNCNON?;MCHAF??P?HNNB?SIP?LF;JCHNCG?;H>MJ;=?NB?
;A?HN=IG?MCH=IHN;=NQCNBNB?J;NC?HN
*;LNI@QB;NNB?;A?HN>I?M?CNB?LNB?GINCIHILNB??R?L=CM?I@QCFFJL?=?>?M
NB?=B;HA?CHNB?J;NC?HN
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I@?H?LAS@LIG;A?HNNIJ;NC?HN
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.B?;A?HNCMBOG;H
; .B?;A?HNQCFFMBCM;=NCIH
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= .B?;A?HN<?;LMJLCG;LSL?MJIHMC<CFCNS@IL<INBBCM;=NCIH;H>NB?=B;HA?
.B?;A?HNOM?MBCMB;H>M<I>SILMIG?CHMNLOG?HN
.B?;A?HNCMFIIECHA;NNB?J;NC?HNNB?=B;HA?CHNB?J;NC?HNCMJ?L=?JNC<F?;H>
NB?;A?HNJ?L=?CP?MNB?=B;HA?&;EI@@
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5.7B? G?;HCHA I@ NB? =IHMNLO=NCIH 57 B;M NB? MN;NOM I@ ;H ?RJ?LC?HNC;FFS
JLCGCNCP?A?MN;FN=IAHCNCP?FSMCGJF?LNB;H;HSI@CNM=IGJIH?HNJ;LNM#H>??>CN
QIOF>JLI<;<FS<?NLO?NIM;SNB;NG;HSI@NB?@IFFIQCHAJLIJ?LNC?M;L?OH>?L
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
MNII> L?F;NCP? NI ; JLCIL OH>?LMN;H>CHA I@ NB? A?MN;FN NB? A?MN;FN >I?M HIN
?G?LA?@LIGNB?MOGG;NCIHI@CH>?J?H>?HNFS=IH=?JNO;FCT?>;NNLC<ON?M
; .B?=IHMNLO=NCIH>?M=LC<?M?P?HNMCHPIFPCHANQI;H>IHFSNQIJ;LNC=CJ;HN
?H=I>?><SNB?MO<D?=N;H>>CL?=NI<D?=N(*ML?MJ?=NCP?FS
< .B? C>?HNCNS I@ NB?NQI J;LNC=CJ;HNM =;H <? >?N?LGCH?> NB;N CM NI M;S NB?
MO<D?=N;H>>CL?=NI<D?=NHIGCH;FMB;P?MJ?=C@C=L?@?L?H=?
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@LIGNB?<;=EALIOH>?HPCLIHG?HN
> .B? ?P?HN CM CHCNC;N?> <S NB? L?@?L?HN I@ NB? MO<D?=N (* C? <S NB? ;A?HN
,?MJIHMC<CFCNS @IL NB? ?P?HN NBOM FC?M ?R=FOMCP?FS QCNB NB? ;A?HN OLNB?L
GIL?NB?MO<D?=N(*CMNB?M?HN?H=?NIJC=NB?MO<D?=NCMQB;NNB?M?HN?H=?
CM;<ION
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-CH=? =IHM=CIOMH?MM ;H> PIFCNCIH ;L? NSJC=;FFS BOG;H ;NNLC<ON?M CN @IFFIQM
NB;NNB?;A?HNCMNSJC=;FFS;BOG;H<?CHA5@H7
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<S NB? ;A?HN .SJC=;FFS NBIOAB <S HI G?;HM H?=?MM;LCFS NB? J;NC?HN CM CH
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C .B? ;A?HNºM ;=NCIH IH NB? J;NC?HN OMO;FFS CHPIFP?M >CL?=N JBSMC=;F =IHN;=N
;H>NB??@@?=NIHNB?J;NC?HNCMCGG?>C;N?
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NCIH NB;H >CL?=N =;OM?M 'OFNCJF? =;OM?M ;L? F?MM L?JL?M?HN;NCP? NB;H MCHAF?
=;OM?M#HPIFOHN;LS=;OM;NCIHCMF?MML?JL?M?HN;NCP?NB;HPIFOHN;LS=;OM;NCIH
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G;H=B?-JL;=B?>?HE<;LOH>Q;BLM=B?CHFC=B>;MM0?L<;F@ILG?HGCNCH>CL?EN
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I>?LALBIGdƒPNBJ¹B?CF?DG;=B?DA?B?CFNºOMQ>ILNHC=BNTO?CH?LAL;G
4OLLCHH?LOHAHI=BG;F>C? O‹HIN?I<?H;@§L>;MM>;MALBIG*LMdƒPNBJ¹B?CF?D
G;=B? D A?B?CFNº '?>COG N;HNOG CMN AC<N ?M MIHMN E?CH? LEFLOHA CH? ;ONI<?H?@;ENCP?
I>?LJIMM?MMCPL?@F?RCP?%IGJIH?HN?CMN;OMA?M=BFIMM?H
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G;NCE;FCM=B?HP?L<;F?H%;N?AILC?PIH ILG?HA?B¡L?HE¡HH?HGCN>?H?H;H
MIHMN?H JLININSJCM=B? 0?LOLM;=BOHA <TQ M?G;HNCM=B? .L;HMCNCPCNN ;OM
A?>L§=ENQCL>#G"CH<FC=E;O@>;MC>?;FCMC?LN?1;BLH?BGOHAMGI>?FF>;L@G;H
BC?LHOHM=BFOMM@IFA?LH >;MMCH>CL?EN?E;OM;NCP? -;=BP?LB;FN??<?HMIQC?T
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?HHN >?ONFC=B >;MM T MN;NCP? I>?L ;HNCE;OM;NCP? P?L<;F? %;N?AILC?H JLINI
NSJ?HM?G;HNCM=B ?NQ;M GCN ¼CH>CL?=N =;OM;NCIH½ A?G?CHM;G B;<?H ?HH CG
"CH<FC=E;O@>?H*LININSJ?HP?LB;FN?HMC=B<?C>?%;N?AILC?HM?G;HNCM=BAF?C=B
>B <?C>? MCH> TQ;L D?Q?CFM OHN?LM=BC?>FC=B? <Q?C=BOHA?H ;<?L >?HHI=B
?<?H<?C>?MG;F<Q?C=BOHA?HPIG*LININSJ?H';HE;HHM=BFC?‹FC=BCG"CH
<FC=E;O@>C?.L;HMCNCPCNNMBSJINB?M?PIH"IJJ?LÞ.BIGJMIH&;EI@@Þ$IBH
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NCM=B?H-CHH?PIH.L;HMCNCPCNNM?G;HNCM=B?B?LQ?HCA?L¼NL;HMCNCP½MCH>
C?M? ?MNMN?FFOHA G;A TOH=BMN L?=BN P?LQCLL?H> EFCHA?H Q?CF CH>CL?EN?
%;OM;NCP? <TQ %;OM;NCPEIHMNLOENCIH?H §<FC=B?LQ?CM? ;FM ¼MSHN;ENCM=B NL;HMC
NCPC?L?H>½ OH> ¼P;F?HT?LB¡B?H>½ >?@CHC?LN Q?L>?H ?HHI=B @CH>?N MC=B PC
>?HT@§L>?H<?M=BLC?<?H?H4OM;GG?HB;HA?HHTCG-IHAB;C-IHAB;S
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CMMN @§NN?LHº MSHN;ENCM=B BHFC=B QC? F;<CF? 0?L<?H PIG .SJ ?HAF NI ALIQ
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>C ¹>?L ,?CMº >C? *;NC?HMLIFF? #G -IHAB;C QCL> MIGCN >C? OM>LHAOHA >?L
A?HMLIFF? A?H;OMI QC? >C? CH@§BLOHA ?CH?L CH "CH<FC=E ;O@ >?H A?HM
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
*LININSJ?H*MITOM;A?H¼;<A?MJ?=EN?H½A?HMLIFF?>B?CH?M0?L;HF;MM?L
A?HMC??CH?M A?HM IBH?>;M'?LEG;F5;=N7G;LEC?LNH>?LM;FM<?CG
E;HIHCM=B?H *;MMCP CMN >?L -N;GG <TQ >;M 0?L< HC=BN MSHN;ENCM=B CHNL;HMCNCP
;M -IHAB;C <?B;H>?FN CH>CL?EN? %;OM;NCP? ;FMI MITOM;A?H ;FM ¼MSHN;ENCM=B
NL;HMCNCPC?LN?+O;MC*;MMCPEIHMNLOENCIH?H½
?L I<?L<?ALC@@FC=B? 4OM;GG?HB;HA TQCM=B?H CH>CL?EN? E;OM;NCP?H
-;=BP?LB;FN?H QC? FC G;=BN >;MM 'IOM; >?H ,?CM CMMN OH> ¼;A?HM;OM
A?>LHAN?H -;=BP?LB;FN?H½ QC? >?L ,?CM QCL> A?A?MM?H GOMM ?CH?L M?CH >?L
>;M JLINI;A?HNCP? '?LEG;F 5;=N7 ¼;OM@§BL?H>½ <?NLC@@N MC?B? I<?H %;J ;
&CMN? ';LEC?LN QCL> ;FMI ?LMN?HM >;MM >;M -O<D?EN E?CH ;OM@§BL?H>?L
5;=N7A?HMCMNMIH>?LH?<?HHOL?CH0?L;HF;MM?L>?L?CH?H;H>?L?H5;=N7
A?HM'IOM;M?TOLOM@§BLOHAP?L;HF;MMNTQ?CN?HM>;MM>;M-O<D?EN§<?L
B;OJNA;LE?CHA?HMMIH>?LH?CH*;NC?HMCMN-JL;=B?HQC?>;M-IHAB;CG;LE
C?L?H >C?M? <?C>?H OHN?LM=BC?>FC=B?H <Q?C=BOHA?H PIG .L;HMCNCPCNNMJLINI
NSJ?HAF?C=B#=BH?HH?>?L;LNCA?C;NB?M?HQC?>C?CG-IHAB;CGCNH>CG;LE
C?LN?C;NB?M?>?MB;F<¼?PC;NCP>C;NB?M?H½PAF?HAF>?PC;NCIH¹<Q?C=BOHAº
Q?CF MC? <Q?C=BOHA?H PIG .L;HMCNCPCNNMJLININSJ?H G;LEC?L?H 1C? QCL <;F>
M?B?H Q?L>?H CMN ;O=B >;M @L§BP?>CM=B? '?>COG HI=B ?CH? MIF=B? ¼?PC;
NCP>C;NB?M?½
.L;HMCNCPCNN?@CHCNCIH?H
1CLMCH>HOHCH>?L&;A?>?H?ALC@@¼M?G;HNCM=BNL;HMCNCP½A?H;O?LTO@;M
M?H(;=B;FF?GOMA?@§BLN?HCMN>?L?ALC@@¼NL;HMCNCP½E?CH<CHLIJJIMCNCP?L
?ALC@@MIH>?LH<?M=BL?C<NHC=BN<CHLAL;>O?FF?CH'?BL57I>?L1?HCA?L5·7
PIH TOMN;H>MP?LH>?LH>?L ¼";H>FOHAM?H?LAC?½ ¼";H>FOHAMEL;@N½ I>?L
¼";H>FOHAM>SH;GCE½ >C? ;H >?H ?H?LAC?§<?LNL;AOHAM<?@BCA?H>?H ¼JLINI
;A?HNCP?H½ '?LEG;F?H>?M ?LMN?H *;LNCTCJ;HN?H OH> ;H >?G G?BL I>?LQ?HC
A?LOHEIHNLIFFC?LN;OMA?FC?@?LN?HTQ?CN?H*;LNCTCJ;HN?H<?G?MM?HQ?L>?HE;HH
?@CHCNCIH ;B?L ACFN BC?L $? JLININSJCM=B?L ;A?HNCP >?L -;=BP?LB;FN CMN
;FMID?G?BL¼JLINI;A?HNCP?½'?LEG;F?>?L?LMN?*;LNCTCJ;HN;O@MC=BP?L?CHN
OH>D?G?BL¼JLINIJ;NC?HNCP?½%IGJIH?HN?H>?LTQ?CN?*;LNCTCJ;HNB;N>?MNI
NL;HMCNCP?LCMN>?L-;=BP?LB;FN
-IB;<?H;A?HNCP?;A?HNCPE;OM;NCP?-;=BP?LB;FN?;O@ALOH>>?L'?LEG;F
B;@NCAE?CN MNLE?L? TOMN;H>MP?LH>?LH>? %L;@N I>?L H?LAC? .L;HMCNCPCNN ;FM
?NQ;CH>CL?ENE;OM;NCP?-;=BP?LB;FN?I>?LMIA;L;HNCE;OM;NCP?-;=BP?LB;FN?
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N;HNOG
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L§=EAHACA TO G;=B?H #H ?CMJC?F CC CMN >C? CF>4?CNOHA CG M?F<?H 4OMN;H>
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P?LH>?LOHA?<?H@;FFMTOH=BMNHC=BNL§=EAHACATOG;=B?HFF?L>CHAMCMN>C?
CF>4?CNOHAOH>QIBF;O=B>C?A?M;GN??ON?CGM?F<?H4OMN;H>QC?PILB?L
OH> >?L ?LMN? *;LNCTCJ;HN CMN E?CH A?HM ?L /HN?LM=BC?> TQCM=B?H >?G
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P?LH>?LOHA@§BLN>C?PIH?CH?GA?HM;FM+O?FFILN;OMA?BNOH>?CH?H*;NC?HM
;FM 4C?FILN I>?L HM;NTILN <?NLC@@N C? %L;@N;HQ?H>OHA >?M A?HM CH CC CMN
>;A?A?HQ?HCA?L>SH;GCM=BOH>A?QCMM?LG;‹?H¼LOBCA?L½<TQA?QCMM?LG;‹?H
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A?H> M?CH E;HH <?CHB;FN?N MC=B?LFC=B Q?HCA?L MC=BN<;L? ?@@?ENCP? >SH;GCM=B?
%L;@N <TQ H?LAC? ;FM T?LL?CMM?H T?LM=BFCNT?H OMQ O‹?L>?G ?L@BLN >?L
TQ?CN? *;LNCTCJ;HN CH CC <?CG A?F?M?H Q?L>?H E;OG <CM E?CH? 4OMN;H>M
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;<MC=BNMFIM 5·QCFF·=IHNL7 >?L )LNMP?LH>?LOHA >?L P?LFIL?H?H CF>4?CNOHA
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P;LCM=B?PAFù?LHëP?LGCNN?FMOHN?LM=BC?>FC=B?L%;MOML?;FCMC?LOHA
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A?L>?L<?M=BLC?<?H?HM?G;HNCM=B?H%IGJIH?HN?H0?L<?H<TQ0?L<@ILG?H
MCH> ;FMI CH >C?M?G -CHH? CGG?L HOL G?BL I>?L Q?HCA?L NL;HMCNCP #HHH?LB;F<
>C?M?L HC=BN<CHL?H M?G;HNCM=B?H ?@CHCNIH G;=BN ?CH ?ALC@@ ¼NL;HMCNCP?M
0?L<½E?CH?H-CHHG?BL>?HHG;H?LE?HHN<?C?CH?GMIF=B?H&;<?FHC=BN>?H
!L;> >?L .L;HMCNCPCNN¸;O‹?L>?G CMN ?M HC=BN <CHL MIH>?LH F?>CAFC=B AL;>O
?FFPIH?CH?G¼CHNL;HMCNCP?H0?L<½;<AL?HT<;L;B?LCMN?MMCHHPIFF?ALC@@?
QC?¼M?G;HNCM=BNL;HMCNCP?L?M½0?L<TOP?LQ?H>?H
?@CHCNCIH ?MQ?CN?L?H P?LQ?H>? C=B >?H ?ALC@@ ¼NL;HMCNCP½ TOL %F;MMC
@CTC?LOHA PIH 0?L<?H BCHMC=BNFC=B CBL?M MSHN;ENCM=B?H 0?LB;FN?HM #=B MJL?=B?
PIH?CH?G¼NL;HMCNCP?H0?L<0NL½>C?MG;F;FM<CHL?L?ALC@@<?C0?L<?H>C?
>OL=B ?CH? 0;F?HTL?F;NCIH >?L HINQ?H>CA?H %IGJF?G?HNC?LOHA OH>I>?L
>OL=B ,?ENCIH ;H ?CH EE)<D I>?L ?CH MJL;=BMJ?TC@CM=B?M *?H>;HN <?
AF?CN?L <TQ P;F?HTA?<OH>?H MCH> ; >C?M? 0;F?HTL?F;NCIH?H HC=BN OHCP?LM?FF
MCH>GOMMCGCHT?F@;FF>CMEONC?LNQ?L>?HI<?M?CH?MIF=B?0?L<EF;MM?>;HHCH
>?L <?NL?@@?H>?H -JL;=B? §<?LB;OJN AC<N I>?L HC=BN I>?L CHQC?Q?CN HC=BN
OMQ
§L>;M L§BP?>CM=B?CMN>?LHM;NT?CH?L>?L;LNCA?H%F;MM?JLI<F?G;NCM=B
>?HH >C? 0;F?HTL?F;NCIH >?L HINQ?H>CA?H %IGJF?G?HNC?LOHA (). PAF $;
=I<M @?BFN CG L§BP?>CM=B?H ?CA?HNFC=B ;B?L MN?BN §<LCA?HM ;O=B >?L
-N;NOM>?MEE;FMEE)<DCH@L;A?PAFOHN?H%;JCN?F
?@CHCNCIH#=BMJL?=B?;O‹?L>?GQ?CN?LBCH>;HHPIH?CH?LMSHN;ENCM=B
¼NL;HMCNCP?H %IHMNLOENCIH½ MI<;F> ?CH (IG OH> ?CH EE I>?L ?NQ;M M?BL
BHFC=B?M PILB;H>?H MCH> CH? ¼NL;HMCNCP? %IHMNLOENCIH½ CMN ALOH>MNTFC=B
MJL;=BMJ?TC@CM=BTO>?@CHC?L?HOH>E;HH ;JLCILC?<?H@;FFME?CH?HHMJLO=B;O@
/HCP?LM;FCNN?LB?<?H;<?CCMN;O=BD?Q?CFMTOJL§@?HCHQC?Q?CN?CH?<?MNCG
GN? %IHMNLOENCIH <?MNCGGN? M?G;HNCM=B? %IGJIH?HN?H <?CHB;FN?N I>?L CH
QC?Q?CNHC=BN
; >C? %IHMNLOENCIH GCN EE CG @L§B?H 0?>CM=B?H M?G;HNCM=B MIQIBF
5=;OM7;FM;O=B5·=;OM7M?CHE;HHCMN>C?M?%IHMNLOENCIHM?G;HNCM=B Q?HCA?L
NL;HMCNCP<TQOHN?LMJ?TC@CTC?LN?L;FM?CH??HNMJL?=B?H>?%IHMNLOENCIHGCN-O<
D?ENOH>EE)<D?ENTCG?ONM=B?HMC?B?OHN?H%;JCN?F
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*IFCHMESOMQM%OFCEIP
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#H -JL;=B?H PIG OHM <?E;HHN?H C;NB?M?HNSJ >?M ?ONM=B?H GCN *;M
MCPJ?LCJBL;M? <TQ ¼>?;ENCP?L½ *;MMCPEIHMNLOENCIH PAF T >C? %IHMNLOENCIH
GCN ORCFC;L Q?L>?H JFOM *;LNCTCJ CH >N ?L QOL>? A?<L;O=BN BHAN >C?
?@BCAOHA?CH?*;MMCPEIHMNLOENCIHTO<CF>?H?LMN?HMPIH>?HCH>?L0?L<M?
;?@CHCNCIH?H#-?G;HNCM=B?%IGJIH?HN?H.L;HMCNCPCNNC;NB?M?
G;HNCE ¼JL>CMJIHC?LN?H½ I>?L ¼PIL@?MNA?F?AN?H½ >B F?RCE;FCMC?LN?H M?G;H
NCM=B?H,IFF?H¼A?HM½OH>¼*;NC?HM½I>?L¼.B?G?½OMQ;<4OMNTFC=BBHAN
MC?PIH?CH?LF?RCE;FCMC?LN?H¼JLINI;A?HNCP?H%IGJIH?HN?½I>?LMIA?H;HHN?H
¼;MCMLIFF?½5=;OM7>B¼=;OMCHA;H?P?HNIL;=B;HA?I@MN;N?CH;HINB?LJ;L
NC=CJ;HN½;<#H;A?HNCP;HNCE;OM;NCP?0?L<?HIBH?F?RCE;FCMC?LN?A?HMLIFF?OH>
IBH? >;M '?LEG;F 5=;OM7 QC? T >N MC=B <?@CH>?H Q?L>?H ?HNMN?B?H
L?AH?H 5·=;OM7 E¡HH?H <?E;HHNFC=B QC? I<?H <?L?CNM <?M=BLC?<?H E?CH?
*;MMCPEIHMNLOENCIH<CF>?HO‹?L>?GAC<N?MCH-JL;=B?HPIH>C?M?G.SJ?CH?
CH>?L0?L<M?G;HNCE¼JL>CMJIHC?LN?½I>?L¼PIL@?MNA?F?AN?½>BF?RCE;FCMC?LN?
¼OMLC=BNOHA,C=BNOHA½ <TQ ¼,IFF?H@CRC?LOHA½ I>?L ¼F?RCE;FCM=B? C;NB?M?½
&2# >OL=B >C? PIH PILHB?L?CH >B F?RCE;FCM=B PIL@?MNF?AN CMN QC? >C?
D?Q?CFMF?RCE;FCMC?LN?HM?G;HNCM=B?H,IFF?HA?HM*;NC?HM¼.B?G?½OMQ>?H
%;MOM <TQ (IGCH;F@ILG?H >?L MIA?H;HHN?H ¼;MCMEIHMNLOENCIH?H½ I>?L
¼TOALOH>?FC?A?H>?H %IHMNLOENCIH½ >?L D?Q?CFCA?H -JL;=B? TOTOIL>H?H MCH>
;<?C P?LMN?B? C=B OHN?L ¼;MCMEIHMNLOENCIH?H½ >C?D?HCA? %IHMNLOENCIH?H
?CH?L-JL;=B?>C?GCN>?LGILJBIFIACM=B¼TOALOH>?FC?A?H>?H½C;NB?M?>B
CG ;FF? >?M ?ONM=B?H GCN >?L @ILG;F Q?HCA?L G;LEC?LN?H ENCP>C;NB?M? A?
<CF>?NQ?L>?H)<?CH?¼;MCMEIHMNLOENCIH½CH>?LD?Q?CFCA?H-JL;=B?PILB;H
>?HCMNI>?LHC=BNBHANMIGCN>;PIH;<I<>C?<?NL?@@?H>?-JL;=B??CH?GIL
JBIFIACM=B¼TOALOH>?FC?A?H>?½OH>@ILG;FQ?HCA?LG;LEC?LN?C;NB?M?B;N#G
;FF? >?M L§BP?>CM=B?H >?M ᢛAP?>; QI <?C>? C;NB?M?H '?>COG OH> ENCP
MNLOENOLAF?C=B MCH> CMN ?M ;OMMC=BNMFIM ?CH? ¼;MCMEIHMNLOENCIH½ ;HTOM?NT?H
>?HH BC?L MCH> <?C>? %IHMNLOENCIH?H MIQIBF ENCPEIHMNLOENCIH ;FM ;O=B '?
>C;FEIHMNLOENCIH D?Q?CFM ¼TOALOH>?FC?A?H>½ <TQ MSHN;ENCM=B ¼AF?C=BQ?LNCA
HC=BN;<A?F?CN?N½ 'CN ;H>?L?H 1ILN?H ?M AC<N CG L§BP?>CM=B?H >C?M
<?T§AFC=B JLCHTCJC?FF HOL ¼AF?C=BQ?LNCA HC=BN;<A?F?CN?N?½ MSHN;ENCM=B? %IH
MNLOENCIH?H >C?¸;H>?LM ;FM ?CH? >N *;MMCPEIHMNLOENIH¸E?CH?LF?C ¼MSHN;E
NCM=B?H<F?CNOHAMI>?L.L;HM@ILG;NCIHMMN;NOM½B;<?H-IGCNCMNCHH?LB;F<>?L
PILFC?A?H>?H ?@CHCNCIH PIH ¼;MCMEIHMNLOENCIH½ TO @IFA?LH >;MM >;M L§B
P?>CM=B?>?MᢛAP?>;E?CH?¼;MCMEIHMNLOENCIH½;O@Q?CMN
.;<?FF?
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C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
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NCGGN HOH QC? ?CHA;HAM <?M=BLC?<?H >;M GILJBIMSHN;ENCM=B? #HN?L;ENCIHM
P?LB;FN?H >?M 0?L<M GCN >?H D?Q?CFCA?H AL;GG;NCE;FCM=B?H C;NB?M?H CH?
<?MNCGGN? ¼F?RCE;FCM=B?C;NB?M?½ &2# CMN GCN ?CH?L <?MNCGGN?HAL;G
G;NCE;FCM=B?HC;NB?M?EIGJ;NC<?FI>?LCHEIGJ;NC<?F-ICMNT>N ?HNMN?B?H
CH >?L ";OJNM;=B? >?MQ?A?H J;MMCPCHEIGJ;NC<?F Q?CF ?M E?CH? F?RCE;FCMC?LN?
A?HMI>?L0?LOLM;=B?LLIFF?;O@Q?CMNOH>Q?CF;H>?LM;FMT<?CG¼F;<CF?H½
E;OM;NCP?HOH>;HNCE;OM;NCP?H>N <L?=B?H?CH?;HNCE;OM;NCP?5·=;OM7%IGJI
H?HN? F?RCE;FCMC?LN CMN <TQ F?RCE;FCM=B F?>CAFC=B ?CH *;LNCTCJ;HN CH >?L *;NC?HM
LIFF? TOA?F;MM?H CMN OH> >?G?HNMJL?=B?H> >C? M?G;HNCM=B? %IGJIH?HN?
5=;OM7@?BFNMC?B?I<?H
#=B H?HH? ?CH? F?RCE;FCM=B? 0IL@?MNF?AOHA >?L 4OIL>HOHA PIH <?MNCGGN?H
M?G;HNCM=B?H ,IFF?H <TQ >?L?H %IGJIH?HN?H TO %;MOM@ILG?H <TQ AL;G
G;NCE;FCM=B?H ,?F;NCIH?H >?L MIA?H;HHN?H ¼;MCMEIHMNLOENCIH?H½ >OL=B >;M
0?L<;FF?R?G ;O=B F?RCE;FCMC?LN? ¼,IFF?H5;H7%;MOMCH>OHA½ ,% ;M
%IHT?JN >;BCHN?L ?HNMJLC=BN >?G Q;M *LCGOM ¼,IFF?HTOQ?CMOHA½
H?HHNPAF$;=I<M1?FE?
GCN&CN;M%IHT?JN>?L0IL@?MNF?AOHA
M?G;HNCM=B?L CA?HM=B;@N?H <TQ M?G;HNCM=B?L ,IFF?H OH> %IGJIH?HN?H
M?CH?L ?AF?CN?L >OL=B >;M 0?L<;FF?R?G A?B¡LN MIGCN TOL 0;F?HTL?F;NCIH ¼CH
B;FNFC=B?-J?TC@CTCNN½#(-*PIH$;=I<MPAF>;TO;O=BqA?F
@@
<?M
.;<?FF?1C?>?LBIFOHA
>OL=B>;M0?L<B;O?H
PIL@?MNA?F?AN?F?RCE;FCMC?LN?
M?G;HNCM=B?,IFF?H
¼,IFF?H;H%;MOM4OQ?CMOHA½
¼,IFF?H%;MOMCH>OHA½
>?L NL;HMCNCP?H ;MCMEIHMNLOE
NCIH.,
C=B
B;O?
0?LOLM;=B?LA?HM ࿛
-O<D(IG
-O<D(IG
࿛
=NIL;OM?L
5=;OM7 >C=B
*;NC?HM
࿛
>CL)<DEE
>CL)<DEE
࿛
/H>?LAI?L
';H <?;=BN? BC?LTO >;MM C=B >C? /HN?LM=B?C>OHA >?L 0;F?HTL?F;NCIH?H
(). )-*#(-*OH>.PIH$;=I<M§<?LH?BG?().MN?BN@§L¼HIN
Q?H>CA? %IGJF?G?HNC?LOHA½ C?M? MSHN;ENCM=B? 0;F?HTL?F;NCIH M=B?CHN CG
@L§B?H 0?>CM=B?H HC=BN PILB;H>?H TO M?CH >; I@@?H<;L ;FF? %;MO@ILG?H MSH
N;ENCM=B ;OMA?F;MM?H Q?L>?H E¡HH?H MI<;F> ?M >?G -JL?=B?L JL;ENCM=B ?L
M=B?CHN ;M @L§B? 0?>CM=B? CMN G ?CH? ¼=IIF F;HAO;A?½ IBH? HINQ?H>CA?
%IGJF?G?HNC?LOHAM%;J<M=BHCNN
@@
)-*MN?BN@§L¼@ILG;F?-J?TC@CE;NCIH½OH><?T?C=BH?NBC?L>C? ?MNF?AOHA
>?L%;MOM@ILG?H>?LD?Q?CFCA?H%IHMNLOENCIH;MQ;MG;H¼,?ENCIH½H?HHN
A?B¡LNMIGCNTOL )-*PAFpA?F
@@
.MN?BN@§L¼?N?CFCANB?CN½OH><?T?C=BH?NTOH=BMNHOL>C?HT;BF>?LCH
>?H -;=BP?LB;FN CHPIFPC?LN?H *;LNCTCJ;HN?H >C? GCN >?H 0;LC;<F?H R S T
;HA?T?CAN Q?L>?H G;H M;AN ?CH 0?L< CMN ¼?CHQ?LNCA½ R ¼TQ?CQ?LNCA½ R S
OMQ
;?@CHCNCIH?H#-?G;HNCM=B?%IGJIH?HN?H.L;HMCNCPCNNC;NB?M?
#(-* MN?BN @§L ¼CHB;FNFC=B? -J?TC@CE;NCIH½ "C?LTO A?B¡LN ;FMI >C? 0IL
@?MNF?AOHA >?L 4OIL>HOHA PIH <?MNCGGN?H M?G;HNCM=B?H ,IFF?H <TQ >?L?H
%IGJIH?HN?H TO %;MOM@ILG?H <TQ AL;GG;NCE;FCM=B?H ,?F;NCIH?H >?L
MIA?H;HHN?H ¼;MCMEIHMNLOENCIH?H½ >OL=B >;M 0?L<;FF?R?G OH> ;FMI >;M Q;M
C=B?<?HF?RCE;FCMC?LN?¼,IFF?H5;H7%;MOMCH>OHA½,%A?H;HHNB;<?
?L 0;F?HTL;BG?H QCL> BC?L ;G ?CMJC?F >N D B;O?H C=B B;O? CBH @IF
A?H>?LG;‹?H>;LA?MN?FFN
().
.
)-*
(IGCH;NCP EEOM;NCP ȴ
#(-* .,
0?LOLM;=B?L *;NC?HM
RS
5=;OM7 A?HM
LAHTOHA <TQ HINQ?H>CA? %IGJF?G?HNC?LOHA ?L EE CMN CG
?ONM=B?H CHH?LB;F< ?CH?L ";<CNO;FCMEIHMNLOENCIH PC; )<D?EN)GGCMMCIH
;OMF;MM<;L>I=B<?CB;O?HNLCNN>C?M?M?FN?H;O@
?GA?A?H§<?L MJL?=B? C=B PIH ?CH?L ¼,IFF?H5;H7%IHMNLOENCIHCH>OHA½
,%) Q?HH ?CH? 4OIL>HOHA M?G;HNCM=B?L ,IFF?H TO %;MOM@ILG?H <TQ
AL;GG;NCE;FCM=B?H,?F;NCIH?HI>?L?CH@;=BTO(IGCH;FJBL;M?HMI<;F>?MMC?
HC=BNAC<N>OL=B>C?HC=BNF?RCE;FCM=B?¼%IHMNLOENCIHMM?G;HNCE½>?LD?Q?CFCA?H
MSHN;ENCM=B?H %IHMNLOENCIH?H CHEFOMCP? >?H ;MCMEIHMNLOENCIH?H B?LA?MN?FFN
QCL>
;MCMN<?CMJC?FMQ?CM?<?C>NE;OM;NCP;HNCE;OM;NCP?H5g=;OM7F;<CF?H0?L<?H
QC?T T?L<L?=B?H>?L ;FFQI>C?,IFF?>?M0?LOLM;=B?LA?HM>?G-O<D?EN
CG(IGCH;NCP>OL=B>C?.,?LT?L<LC=BN>;M!F;MTOA?QC?M?HQCL>QBL?H>
>C?#.,>;M!F;MT?L<LC=BN>?G-O<D?ENCG(IGCH;NCP>C?F?RCE;FCMC?LN?*;
NC?HMLIFF? TOQ?CMN ';H B;N ?M G CG ?ONM=B?H GCN HOL ?CH?G F;<CF?H P?L
<;F?H &?RCEIH?CHNL;A TO NOH >;M HOL ?CH *;NC?HM F?RCE;FCM=B PIL@?MNA?F?AN B;N
>?MM?HOHN?LMJ?TC@CTC?LN?,%>;HH>OL=B>C?HC=BNF?RCE;FCM=B?%IHMNLOENCIH
M?G;HNCE >CM;G<CAOC?LN OH> MJ?TC@CTC?LN QCL> OH> <?C >?G MITOM;A?H ?CH ¼?R
N?LH?L½ 0?LOLM;=B?LA?HM >OL=B >C? ., OH> CBL? %IHMNLOENCIHMM?G;HNCE
?CHA?@§BLNQCL>¸>?HHCH?CH?L>?ONM=B?H.,QCL>>?G(IGD;HOL?RNL?G
M?FN?H >C? ,IFF? >?M *;NC?HM <TQ ;OM?? TOA?QC?M?H HOL T GCN 4?CN;OM
>L§=E?HCGEE>;M!F;MT?L<L;=BD?>?H.;AOMQ
C? %IHT?JNCIH ¼,IFF?H5;H7%IHMNLOENCIHCH>OHA½ H?HH? C=B ;O=B ¼MSH
N;ENCM=B? C;NB?M?½ -3(# ;M %IHT?JN ?HNMJLC=BN CHMA?M;GN >?G >?L
MIA?H;HHN?H¼%IHMNLOENCIHMAL;GG;NCE½PAF!IF><?LA
§L ?CH?H #HN?L;ENCIHM;HM;NT TQCM=B?H 0;F?HTNB?ILC? OH> %IHMNLOENCIHM
AL;GG;NCEPAF1?FE?
#HH?LB;F<>?L?B?G;FCA?H&?HCHAL;>?L.SJIFIAC?M=BOF?QCL>?CH>;GCNP?L
Q;H>N?M %IHT?JN ;FM ¼C;NB?M?½ <?T?C=BH?N OH> PIH ?CH?G >;PIH OHN?L
M=BC?>?H?H ?ALC@@ ¼0IC=?½ ;<A?NL?HHN ¼C;NB?M?½ QCL> >ILN >?@CHC?LN ¼;M ;
J;NN?LH I@ G;JJCHA I@ M?G;HNC= ;LAOG?HNM 5M= M?G;HNC= LIF?M7 IHNI MSHN;=NC=
@OH=NCIHM AL;GG;NC=;F L?F;NCIHM½?L ?ALC@@ ¼0IC=?½ QCL> >;HH >?@CHC?LN
-I%OFCEIP
GCN&CN
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
;FM ¼>C;NB?MCM L?AOF;LFS ?H=I>?> <S G?;HM I@ NB? P?L<;F GILJBIFIAS½ C?M
QCL>@IFA?H>?LG;‹?HPCMO;FCMC?LN
.;<?FF?H;=B%OFCEIP
GCN'I>C@CE;NCIH?H
C=B
GCFĀM
ƒQGUDV
B;O
>C=B
I==C>CN BIMN?G
K­QWL Y³WU­P
¼M?G;HNC=;LAOG?HN 2=NIL
F?P?FLIF?M½
¼MSHN;=NC=@OH=NCIH -O<D?EN
F?P?F=;M?½
(IGCH;NCP
3/H>?LAI?L
>CL)<D?EN
EEOM;NCP
C?M? /HN?LM=B?C>OHA TQCM=B?H ¼C;NB?M?½ OH> ¼0IC=?½ ;FM @ILG;F?L ?
ALC@@ QCL> BC?L GI>C@CTC?LN §<?LHIGG?H /G >C? .?LGCHIFIAC? >?L ?ALC@@?
¼C;NB?M?½ OH> ¼0IC=?½ >C? D; I@NG;FM ;O=B AF?C=B<?>?ON?H> P?LQ?H>?N Q?L
>?HHC=BNOHH¡NCATOP?LQCLL?HMJL?=B?C=B;FF?L>CHAMFC?<?LPIH¼F?RCE;FCM=B?L
C;NB?M?½&2#PM¼AL;GG;NCE;FCM=B?LC;NB?M?½!,'#;PIH
OHN?LM=B?C>? C=B >;HH >C? <?L?CNM ?LQBHN? ¼MSHN;ENCM=B? C;NB?M?½
-3(#
; C? ¼F?RCE;FCM=B? C;NB?M?½ &2# A?B¡LN TOG &?RCEIH?CHNL;A >B
TOL 0?L<M?G;HNCE T TO >N ?NQ ?LT?OA?H¸A?A?<?H?H@;FFM ;FMI IBH? MJ?
TC?FF >;@§L PILA?M?B?H? 'ILJBIFIAC? &2# CMN >;GCN ?CH? CH >?L 0?L<M?
G;HNCE PIL@?MNA?F?AN? ¼,IFF?H5;H7%;MOMCH>OHA½ T >N ?LT?OA?H GCN
0?LOLM;=B?LA?HMȳ(IG*LI>OENȳEEMCMNF?RCE;FCM=BPIL@?MNA?F?AN
QC? >C? M?G;HNCM=B?H ,IFF?H A?HM *;NC?HM OMQ >?H D?Q?CFCA?H %;MOM <TQ
(IGCH;F@ILG?H>?LPILB;H>?H?H¼;MCMEIHMNLOENCIH?H½TOA?IL>H?NQ?L>?H
;; CH -O<NSJ PIH &2# CMN >C? ¼>?LCPC?LNF?RCE;FCM=B? C;NB?M?½
,## I>?L &2# >C? >?G %IHT?JN ¼0IC=?½ >?L &?HCHAL;>?L .S
JIFIAC?M=BOF??HNMJLC=BNQ?HH>?LCP;NCP?>BQILN<TQF?R?G<CF>?H>?'IL
JBIFIAC? >;@§L PILB;H>?H CMN¸;FMI ;FM ¼5MJ?=C@C=7 >C;NB?MCM L?AOF;LFS ?H=I>?>
<SG?;HMI@NB?P?L<;F5>?LCP;NCIH;F7GILJBIFIAS½PAF%OFCEIP;;)
<C?¼AL;GG;NCE;FCM=B?C;NB?M?½!,'#A?B¡LNCH>C?!L;GG;NCE
GCN A?A?<?H?H@;FFM MJ?TC?FF >;@§L PILA?M?B?H?L 'ILJBIFIAC? !,'#
?HNMJLC=BN;FMI>?G%IHT?JN¼0IC=?½>?L&?HCHAL;>?L.SJIFIAC?M=BOF?MI<;F>
@F?RCPCM=B?'ILJBIFIAC?>;@§LPILB;H>?HCMN¸;FM¼5MJ?=C@C=7>C;NB?MCML?AOF;LFS
?H=I>?><SG?;HMI@NB?P?L<;F5CH@F?=NCIH;F7GILJBIFIAS½PAFQC?>?L%OFCEIP
;;)
= C? ¼MSHN;ENCM=B? C;NB?M?½ -3(# A?B¡LN TOL -?G;HNCE >?L ;MCM
EIHMNLOENCIH?H <TQ TOL D?Q?CFCA?H MSHN;ENCM=B?H %IHMNLOENCIH §<?LB;OJN
-C? CMN TOH=BMN OH;<BHACA PIH >?L 0?L<M?G;HNCE -3(# CMN >;GCN ?CH?
>OL=B>C?¼%IHMNLOENCIHMM?G;HNCE½@?MNA?F?AN?¼,IFF?H;H%IHMNLOENCIH<TQ
;H-SHN;RCH>OHA½ ,%) OH> A?A?<?H?H@;FFM F?>CAFC=B >OL=B >C? %;
MOMM?G;HNCE >?L D?Q?CFCA?H %;MOM >C? TOL D?Q?CFCA?H %IHMNLOENCIH A?B¡L?H
@?MNA?F?AN?¼,IFF?H;H%;MOMCH>OHA½MCMN;FMI¼EIHMNLOENCIHMM?G;HNCM=B½
@?MNA?F?ANQC?>C?M?G;HNCM=B?H,IFF?HA?HM*;NC?HMOMQ>?HD?Q?CFCA?H%;
-I%OFCEIP
GCN&CN
;?@CHCNCIH?H#-?G;HNCM=B?%IGJIH?HN?H.L;HMCNCPCNNC;NB?M?
MOM >?L PILB;H>?H?H %IHMNLOENCIH?H TOTOIL>H?H MCH> <TQ Q?F=B? %;MOM@IL
G?H@§LQ?F=B?,IFF?H<?PILTOANQ?L>?H
CH? A?A?<?H?H@;FFM PIH >?L &?R?G<?>?ONOHA A;HT OH;<BHACA? OH>
MN;NN>?MM?H B;OJNM=BFC=B PIH >?L %;MOMM?G;HNCE <?MNCGGN? ,IFF?HTOQ?CMOHA
H?HH? C=B >?G?HNMJL?=B?H> MITOM;A?H ¼%;MOM>C;NB?M?½ ¼%#½
?HNMJLC=BN >?G Q;M G;H ¼%;MOMM?G;HNCTCNN½ H?HHN ;M CMN TOA?A?<?H?L
G;‹?H ?CH ?B?L OHA?Q¡BHFC=B?L ?ALC@@ ?L CMN ;<?L EIHM?KO?HN>?HH ?M A?BN
<?E;HHNFC=B A?L;>? <?C %;MOMM?G;HNCTCNN QC? <?C P?L<;F?L C;NB?M? OG >C?
';LEC?LOHA M?G;HNCM=B?L *;LNCTCJ;HN?HLIFF?H CG<?NL?@@?H>?H PIG 0?L<<TQ
>?L0?L<@ILG;HA?T?CAN?H-;=BP?LB;FN
?@CHCNCIH ¼C;NB?M?½ QCL> BC?L ;FMI >?@CHC?LN ;FM D?>?M MJL;=BFC=B? >B
MIQIBF ?CH F?RCE;FCM=B?M AL;GG;NCE;FCM=B?M ;FM ;O=B ?CH MSHN;ENCM=B?M 'CNN?F
>;M >C? 4OIL>HOHA PIH M?G;HNCM=B?H ,IFF?H A?HM 0?LOLM;=B?L *;NC?HM
¼.B?G?½ OMQ <TQ >?L?H %IGJIH?HN?H <TQ ¼;MCMLIFF?H½ I>?L ¼HN;CF
G?HNM½QC?T5=;OM7I>?L5=IHNL7OMQTO>?HD?Q?CFMPILB;H>?H?HMSH
N;ENCM=B?H ,?F;NCIH?H <TQ >?H D?Q?CFCA?H %;MOM@ILG?H (IG EE OMQ
I>?L MIHMNCA?H MJL;=BFC=B?H OM>L§=E?H PIH CH >?H PIH ?CH?L 0?L<@ILG
;HA?T?CAN?H<?NL?@@?H>?H-;=BP?LB;FNCHPIFPC?LN?H*;LNCTCJ;HN?H@?MNF?AN
?C &2# CMN >C? ¼,IFF?H;H%;MOMCH>OHA½ ;FMIF?RCE;FCM=B PIL@?MNA?
F?AN ?C !,'# QCL> >C? ¼,IFF?H;H%;MOMCH>OHA½ AL;GG;NCE;FCM=B
@?MNA?F?AN ?C -3(# QCL> >C? ¼,IFF?H;H%;MOMCH>OHA½ MSHN;ENCM=B OH>
;FMI A?A?<?H?H@;FFM TOMNTFC=B >;TO I>?L ;OMM=BFC?‹FC=B >OL=B ?CH? MJ?TC@CM=B?
%;MOMM?G;HNCE @?MNA?F?AN ";N ?CH? -JL;=B? §<?LB;OJN E?CH? %;MOM@ILG?H
I>?L MIA;L E?CH? AL;GG;NCE;FCM=B?H ,?F;NCIH?H -O<D PM )<D MI E;HH G;H
MN;NN PIH ¼,IFF?H;H%;MOMCH>OHA½ PIH ¼,IFF?H;H(IGCH;F@ILGCH>OHA½
I>?L;O=BPIH¼,IFF?H;H(IGCH;FJBL;M?5(*7CH>OHA½MJL?=B?H
;
<
&2#
-O<NSJ&2#
,IFF?H;H(*CH>OHAJ?L0?L<;FF?R?G
,IFF?H;H(*CH>OHAJ?L?LCP;NCIHMGILJB?G
T@FF?HOGA?F;ON?N>?LCPC?LNTO@;FF?H
!,'# ,IFF?H;H(*CH>OHAJ?L0?L<;F@F?RCIHMGILJB?G
-O<NSJ!,'# ,IFF?H;H(*CH>OHA>OL=B?CH@F?RCPCM=B?M0?L<;F
MN;GGGILJB?GTP?>\­WH
-O<NSJ¼%-#½ ,IFF?H;H(*CH>OHAJ?L%;MOM@F?RCIHMGILJB?G
=
-3(#
,IFF?H;H(*CH>OHAJ?L-SHN;R%IHMNLOENCIH
TJ?L%IHMNLOENCIH55(IGEE77OMQ
TC=BT?L<L?=B?>;M!F;MGCNEEȱ*;NC?HM
"C?L QCL> >?G?HNMJL?=B?H> ?CH? F?RCEIAL;GG;NCE;FCM=B CHN?L;ENCP?
MJL;=BNSJIFIACM=B? !LOH>C>?? P?LNL?N?H >?LTO@IFA? D? H;=B -JL;=BNSJ >;HH
<?MNCGGN?%IGJIH?HN?H;O@OHN?LM=BC?>FC=B?1?CM?;O@<?MNCGGN?%IHMNLOE
NCIH?H <TQ ;O@ OHN?LM=BC?>FC=B? 1?CM? ;O@ &?RCEIH OH> !L;GG;NCE P?LN?CFN
0AFQC?>?LIQNS*LCGOM
0AF?BL?HMÞ-;MM?
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
MCH> OH> M?CH E¡HH?H OH> >C? CGJFCTC?LN >;MM ?M ?CH %IHNCHOOG ?CH?LM?CNM
TQCM=B?H G;RCG;F?L &?RCE;FCMC?LOHA ?CHT?FH?L I>?L EIG<CHC?LN?L ?>?O
NOHAMEIGJIH?HN?H <?C A?A?<?H?H@;FFM GCHCG;F?L !L;GG;NCE;FCMC?LOHA P?LMOM
G;RCG;F?L!L;GG;NCE;FCMC?LOHA<?CA?A?<?H?H@;FFMGCHCG;F?L&?RCE;FCMC?LOHA
;H>?L?LM?CNM AC<N¸OH> ?HNMJL?=B?H> >C?M?H ¼RNL?GNSJ?H½ M?F<MNL?>?H>
OHN?LM=BC?>FC=B? .SJ?H ;FM 'CM=BNSJ?H >;TQCM=B?H ;M '?LEG;F 5=;OM7
E;HH >C?M?L ¼F?RCEIAL;GG;NCE;FCM=B CHN?L;ENCP?H½ MJL;=BNSJIFIACM=B? !LOH
>C>???HNMJL?=B?H>@IFA?H>?LG;‹?HPILB;H>?HM?CH
;M'?LEG;F5=;OM7E;HHF?RCE;FCMC?LN<TQF?RCE;FCM=BM?CH>B5=;OM7CMN
CHH?LB;F< >?L &2# I>?L ,#0# ?CH? ?>?ONOHAMEIGJIH?HN? >?L
0?L<M?G;HNCE<TQ&?R?G<?>?ONOHAMIQC?TCG?ONM=B?H<?C ?NQ@FF?H
GCN0?LOLM;=B?LA?HMPM*;NC?HMPM @;FF?H I>?L ?NQ?LT?OA?HD<?F?C>CA?H
OMQ;M@CH>?NMC=BCHPC?F?H?OLIJCM=B?H-JL;=B?H
;M'?LEG;F5=;OM7E;HH;O=B§<?L>C?&?RCE;FCMC?LOHA?CH?M@@?ENM>?L
#HN?L;ENCIH TQCM=B?H F?RCIHMGILJBIFIAC? P?> WLWH OMQ !,'#
OH> ?CH?L <?MNCGGN?H @F?RCPCM=B?H -N;GG<CF>OHA !,'# ;O@ ?CH?
<?MNCGGN? F?RCIH@?MNA?F?ANM?CH;MCMN<?CMJC?FMQ?CM?<?CP?>EN5=;OM7
¯U­\DWLPM'?>¯U­\DWH5g=;OM7>?L ;FF
;M '?LEG;F 5=;OM7 E;HH @F?RCIHMGILJBIFIACM=B AL;GG;NCE;FCM=B M?CH
>B ?M E;HH ;FM !,'# ?CH? ?>?ONOHAMEIGJIH?HN? ?CH?L 5=;OM7
C;NB?M? M?CH QBL?H> ?CH? ;H>?L? C;NB?M? >;HH ?HNQ?>?L >C? MJ?TC@CM=B?
?>?ONOHAMEIGJIH?HN?5·=;OM7B;NI>?LOHN?LMJ?TC@CTC?LN5g=;OM7CMN
;M '?LEG;F 5=;OM7 I>?L 5·=;OM7 E;HH ;O‹?L>?G ¼P?LMN;GG<CF>?N½
AL;GG;NCE;FCM=BM?CH>B?ME;HH;FM!,'#?CH??>?ONOHAMEIGJI
H?HN?>?MD?Q?CFCA?H-N;GGMM?CH;MCMNMIT<?CG;HNCE;OM;NCP?HP?>*LM
#0;O@&h&\DWLWH>?L ;FFPAF%OFCEIP
;M '?LEG;F 5=;OM7 E;HH M=BFC?‹FC=B ¼MSHN;ENCM=B EIHMNLOENCIHMM?G;H
NCM=B½§<?L>C?-3(#OH>I>?L§<?L>C?%;MOMM?G;HNCTCNN%#?CHA?
@§BLN Q?L>?H >B 5=;OM7 E;HH ?CH? ?>?ONOHAMEIGJIH?HN? >?L %IHMNLOE
NCIHMM?G;HNCE ?CH?L <?MNCGGN?H MSHN;ENCM=B?H %IHMNLOENCIH GCN <?MNCGGN?H
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$‡- 1OLT?FEIAHCNCP?M-=B?G;>€$@ ž
#
D†M 0?L<0?L<;FF?R?GPM(IGCH;FMN;GGD†MƒQXVZ
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## DQ­NWLD»NWdDM\­WH¬QDMd ##,D DQ­N†WLD»N†NdDM\­†WH¬QDM†d
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###< DQ­MD
DQDM\”OMQ
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DQ­M¬”†MDQOMQ @F?ENC?LN?@CHCN?1ILN@ILG #0
ž
0
DQ­M¬EE OMQ MSHN;ENCM=B?%IHMNLOENCIH 4OL/HN?LM=B?C>OHA¼NIE?H½PM¼NSJ?½PAF-*?CL=?<?C&SIHM
<?@CHCNCIH?H##C?CHH?LJ;L;>CAG;NCM=B?-NLOENOL>?LP?>0?L<?H
C? ?F?A? DQ­NWL DM\­WHOMQ Q?L>?H BC?L QC? §<FC=B ;FM ¼1ILN@ILG?H½
I>?L F?RCIHM@ILG?H PIH CBH?H MOJ?LIL>CHC?LN?H M=B?G;NCMC?LN?H ¼1ILN?CH
B?CN?H½ CH >C?M?G ;FF ?CH?M 0?L<M D†M ¹M;F<?H ¡F?H M=BGCHE?H MC=B
M=BGCHE?Hº A?Q?LN?N C?M? MOJ?LIL>CHC?LN?H M=B?G;NCMC?LN?H CHB?CN?H Q?L
>?H QC? §<FC=B ¼&?R?G?½ ¼F?RC=;F QIL>M½ ¼F?RC=;F ?HNLC?M½ ¼&?RCEIHQ¡LN?L½
¼F?RCE;FCM=B? CHNLA?½ A?H;HHN C? CBH?H MO<IL>CHC?LN?H 1ILN@ILG?H QC?
T DQ­NWL DM\­WH MCH> >;HH .?CF ?CH?M P?L<;F?H *;L;>CAG;M ¼M?N I@ QIL>
@ILGM½<TQP?L<;F?H F?RCIHMJ;L;>CAG;MOH>MN?B?HT;FM DQ­NPL DQ­NWL
D†M­QWLOMQOHN?L?CH;H>?LCH?CH?LJ;L;>CAG;NCM=B?H?TC?BOHA
0IH >?H MO<IL>CHC?LN?H F?RCIHM@ILG?H QC? T DQ­NWL DM\­WHOMQ ;OMA?
B?H>Q?L>?HMOJ?LIL>CHC?LN?¼0?L<;FMNGG?½QC?TDQ­N DM\­;<MNL;BC?LN
<TQM=B?G;NCMC?LNC?M?MOJ?LIL>CHC?LN?H0?L<;FMNGG?QC?TDQ­N DM\­
CHEFOMCP? >?L TOA?B¡LCA?H F?RCIHM@ILG?H MN?B?H QC?>?L CH ?CH?L J;L;>CAG;
NCM=B?H ?TC?BOHA TO?CH;H>?L OH> MCH> >;B?L ?<?HMI .?CF ?CH?M P?L<;F?H F?
RCIHMJ;L;>CAG;M 0IH ;FF?H TOA?B¡LCA?H 0?L<;FMNGG?H CHEFOMCP? ;FF?L TOA?
B¡LCA?H F?RCIHM@ILG?H ;OMA?B?H> QCL> >;HH M=BFC?‹FC=B ;FM ¼0?L<;F
MN;GG<§H>?F½>;M¼0?L<½¼0?L<;FF?R?G½>?@CHC?LNOH>M=B?G;NCMC?LN
;M%IHT?JN¼0?L<;FMN;GG<§H>?F½CMN>;MQ;M$;GCMIH
H¼CH
>CPO>O;FP?L<;FMSMN?G#0-½H?HHNH>?LM;FMMC?>?@CHC?L?C=BBC?LHOH;FM
¼0?L<½ >;M D?Q?CFCA? ¼CH>CPC>O;F P?L<;F MSMN?G #0-½ ?CH?M 0?L<M OH> HC=BN
>;M?CH?L1OLT?F;A?A?HF?BH?C=B>C?#>???CH?M¼#0-57I@;LIIN½$;GC
MIHG?CH?"?LPILB?<OHA;<?HHH;N§LFC=BE;HH?MG?BL?L?OH;<
BHACA? ¼0?L<;FMN;GG<§H>?F½ TO ?CH?L D?Q?CFCA?H 1OLT?F A?<?H ;O=B Q?HH
>C? D?Q?CFCA? 1OLT?F CGG?L HI=B I>?L PILG;FM ?CHG;F C>?HNCM=B Q;L PAF >C?
<?C>?H CG L§BP?>CM=B?H <?L?CNM OH;<BHACA?H 0?L<?H YLGPM YLG OMQ TO
?CH?L 1OLT?F 9,'a9(' >C? G;H ;FF?L>CHAM CH TQ?C 1OLT?FH 9,' 9,'
OHN?LN?CF?H E¡HHN? Q?HH G;H >?HH G¡=BN? Q;M ;<?L HC=BN TQCHA?H> CMN
-JL;=BBCMNILCM=B>C;=BLIH?NSGIFIACM=B OH> MSH=BLIH M?G;HNCM=B FC?AN ?CH
MJ§L<;L?L4OM;GG?HB;HAPIL>?LMC=B?L;O=BCG L§BP?>CM=B?HHI=BA?H;OMI
?LE?HH<;L Q;L MI QC? CG N >?L 4OM;GG?HB;HA TQ?C?L >N 1OLT?FH Q?CM Q?CMM QCMM PIH Q?CM? Q?CMG;=B?H QCMM?H I>?L >?L PIH ACHA A?A;HA?H AHA?FHOMQ
C?1OLT?FCMNTOH=BMN?CH?TOALOH>?FC?A?H>?<?>?ONOHAMNL;A?H>?CHB?CN
<TQ ?CH 'ILJB?G >;M HC=BN GCN ?CH?G 0?L< <TQ 0?L<;FF?R?G C>?HNCM=B CMN
O=B CG ?ONM=B?H E;HH ?M <?E;HHNFC=B G?BL?L? 0?L<?H TO ?CH?L ?CHTCA?H
1OLT?F A?<?H PAF ;HG;‹?HG?MM?HGCMMNG;‹B;NA?G?MM?H OMQ
?MQ?CN?L?H AC<N ?M <?E;HHNFC=B ;O=B >;M *BHIG?H ?CH?M ?CHTCA?H 0?L<;F
MN;GG<§H>?FM GCN TQ?C ;FFIGILJB?H I>?L MOJJF?NCP?H 1OLT?FH QC? CG ;FF
KDQYDGKLQI>C?1OLT?F YDGKLTO>?GM?F<?H0?L<;FMN;GG<§H>?FGCN>?L?
>?ONOHA¹M=BF;A?HN¡N?HºA?B¡LNTO>?G;O=B>C?1OLT?F KDQA?B¡LN1§L>?
G;H BC?L QC? $;GCMIH PIH ?CH?G ¼#0- 57 I@ ; LIIN½ MJL?=B?H MI
G§MMN?G;HCH>C?M?G ;FFTQ?COH;<BHACA?OH>D?Q?CFM>?@?ENCP?0?L<?H;H
M?NT?H <?L I@@?HMC=BNFC=B <CF>?N Y­GKLÅ>?H ILCMNMN;GG >?MM?F<?H 0?L<;F
4OL/HN?LM=B?C>OHA¼QIL>½PM¼F?R?G?½PAFLOM?
TOALOH>F?A?H>?H%IHT?JN?H
>?L'ILJBIFIAC?PAF";MJ?FG;NB
@@
0AF!;L=™;,;GžH
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
MN;GG<§H>?FMCH>?G K­Q>?H*LM?HMMN;GGMN?FFN;B?LCMN>C?%IHT?JNCIH
?CH?M¼CHN?LH?HP?L<;F?H-SMN?GM?CH?L1OLT?F½$;GCMIH?CA?HNFC=B
HC=BN MCHHPIFF OH> Q?HCA BCF@L?C=B @§L >C? MSH=BLIH? ?M=BL?C<OHA >?L D?Q?CFC
A?H 0?L<M?G;HNCE #=B <F?C<? >;B?L <?C >?L ?@CHCNCIH >?M 0?L<M ;FM 0?L<;F
MN;GG<§H>?F >C? JLCHTCJC?FF OH;<BHACA PIH >?L <?C >?L D?Q?CFCA?H
-N;GG<CF>OHAP?LQ?H>?N?H1OLT?FI>?L>?HP?LQ?H>?N?H;FFIGILJB?H<TQ
MOJJF?NCP?H1OLT?FHCMNQC?T<?C>N<CH<CMNCMNM?CNOMQ
4QCM=B?H>?GA;HT?H0?L<;FMN;GGQC?T MƒJKQDWHOH>>?LMIA?H;HHN?H
¼H>OHA½ >B >?G QILN;OMF;ON?H>?G *ILNG;HN?;O-O@@CR @§L .' *?LMIH
(OG?LOM OH> C;NB?M? <?MN?BN CG L§BP?>CM=B?H ?CH? ?HA? GILJBIFIACM=B?
OH> @OHENCIH;F? CH>OHA >C? G;H ¼ OMCIH½ H?HHN C?M? @OMCIHC?LN? CHB?CN
PIH -N;GGMO@@CR - OH> ¼H>OHA½ H?HH? C=B ¼OMA;HA½ ;<A?E§LTN <TQ
<?CG0?L<¼0?L<;F;OMA;HA½
(OH Q?L>?H T <?CG P?> 0?L<;FMN;GG MƒJKQDWH F?>CAFC=B G?>C;F? F?R
CIHM@ILG?H QC? -A *LM #H> '?> MƒJKQDWH A?<CF>?N OH> ;ENCP? HC=BN¸Q;M
?CH? LN /HN?L;LN PIH ¼?@?ENCPCNN½CMN OH> ?CH? ¼ OMCIHM#HN?L;ENCIH½
TQCM=B?H0?L<;FMN;GGOH>¼H>OHA½?LQ?CMN
0IH>?H0?L<;FMNGG?HOH>;O‹?L>?GPIH>?H(IGCH;FMNGG?HQC?T
D†Mƒ H ¹-;F<? …F ;L<G;Fº ;OMA?B?H> E;HH QC?>?LOG §<?LA?IL>H?N >C?
D?Q?CFCA?H 1OLT?FH 1 QC? CH >C?M?G ;FF $‡- ;O=B >;LA?MN?FFN GCN ÍD†Ma
DM ;<MNL;BC?LN <TQ M=B?G;NCMC?LN Q?L>?H 1ILN@ILG?H I>?L F?RCIHM@ILG?H
QC? T DQ­NWL DM\­WHOMQ MCH> >;GCN D?Q?CFM TOMNTFC=B GILJBIFIACM=B G;LE
C?LN? OH> MSHN;ENCM=B ?CHA?<?NN?N? #HMN;HT?H ?CH?M D?Q?CFCA?H MOJ?LIL>CHC?LN?H
F?RCE;FCM=B?H-=B?G;M
#G L§BP?>CM=B?H >?M ᢛAP?>; <?MN?BN >?L &?RCEIH?CHNL;A >?L D?Q?CFCA?H
0?L<?H ;FM *;LM JLĹ NĹNĹ @§L >;M &?R?G ;OM ?CH?L 1OLT?F 1 I>?L G?CH?N
Q?A?H ¼0?L<;FQOLT?F½ QC? <?CMJC?FMQ?CM? $‡- OHN?L >?L >;HH >C? ?CHT?FH?H
0?L<;FMNGG? ?CHA?IL>H?N Q?L>?H OH> QILOHN?L QC?>?LOG >C? TOA?B¡LCA?H
1ILN@ILG?H ;O@A?FCMN?N Q?L>?H E¡HH?H &?A?H>? 0 MN?BN @§L 0?L< ¼0?L<;FMN;GG=FOMN?L½-@§L-O@@CR-N@§L-N;GG
CAOL
-=B?G;1$‡-
ɅɌɃɃɃɃɃɃɃɃ(IGCH;FMNGG?D†MƒH
-=B?G;00?L<D†M
ɅɃɃɃɃɃɃɍɃɃɃɃɃɃɆ
-=B?G;-N
-=B?G;-N -=B?G;-N
¬QDMd
DQ­NWL DM\­WH Wd
D»N )JNENDQDM\”W
¼?@?ENCP½ <?>?ON?N BC?L >;MM ;O@ALOH> ?CH?L PIL;OMA?M?NTN?H J;L;>CAG;NCM=B?H -SG
G?NLC? ?CA?HNFC=B ¼?LQ;LN?N?½ 1ILN@ILG?H @?BF?H QC? T >C? 1ILN@ILG?H ?CH?M ILCMN
MN;GGM<?CD†M
0AF.;SFIL
%;JCN?F
<?@CHCNCIH?H##C?CHH?LJ;L;>CAG;NCM=B?-NLOENOL>?LP?>0?L<?H
4OG0?L<D†M@CH>?HMC=BCGᢛAP?>;@IFA?H>?-NGG?
; ?CH*LM?HMN;GG>?L0##*LM?HMEF;MM?ENDQ­NWLPM'?>D»NWd
< ?CH*LM?HMMN;GG>?L#0*LM?HMEF;MM?'?>DM\­WH
=?CH*?L@?ENMN;GGENR-A)JNDQDM\”WPM'?>¬QDMd
> ?CHILCMNMN;GG@?BFN
#G L§BP?>CM=B?H FMMN MC=B MIGCN ?CH MOJ?LIL>CHC?LN?L &?RCEIH?CHNL;A C?
>;M0?L< D†M;FM¼0?L<;FMN;GG<§H>?F½G?BL?L?LMO<IL>CHC?LN?L-N;GG<CF>OH
A?HI>?L-NGG?-NQC?DQ­ND»ND†M DM\­WH<?M=BL?C<?HŠ<FC=B?LQ?CM?
Q?L>?H >C? TOA?B¡LCA?H 0?L<;FMNGG? DQ­NWL DM\­WH¬QDMdOMQ ;FMI ?CH?G
?CHTCA?H &?RCEIH?CHNL;A D†M TOA?IL>H?N #G ;FF? PIH D†M B;N >;M M?CH?
?L?=BNCAOHA Q?CF BC?L E?CH TQ?CN?M 0?L< >B E?CH TQ?CN?M 0?L<;F
MN;GG<§H>?F?LE?HH<;LCMN?L<F?CNOHAMMN;NOM>?LP?L<;F?H-N;GG<CF>OHA
CG ;FF? >?L I<?H ;O@A?FCMN?N?H -NGG? CMN ;FMI D?Q?CFM ;FM ¼-N;GG F?RCIH½
OH>HC=BN;FMF?R?G<CF>?H>?<TQF?RCE;FCM=B?¼?LCP;NCIH½TO<?MNCGG?H#=B
EIGG?AF?C=B>;L;O@TOL§=E
?C >?L CF>OHA ?CH?M *LM?HMMN;GGM DM\­WHTOG 0?L< D†M QCL> ;FMI E?CH
H?O?M 0?L<;FF?R?G A?<CF>?N C? ?MNMN?FFOHA >;MM >C?M? -N;GG<CF>OHA?H
E?CH?H?O?H0?L<;FF?R?G?<CF>?HMIH>?LHMN;NN>?MM?HD?Q?CFM.?CF?>?MM?F<?H
¼0?L<;FMN;GG=FOMN?LM½<TQ0?L<MMCH>G;ATOH=BMNTQ;L>?MELCJNCPMCGJ?F
EFCHA?H CMN ;<?L M?BL QC=BNCA @§L >C? ?MNCGGOHA >?L MOJ?LIL>CHC?LN?H F?RC
E;FCM=B?H-?G;HNCE?CH?MD?Q?CFCA?H0?L<M
CH? ?<?HMI QC=BNCA? 0IL;OMM?NTOHA @§L >C? ?MNCGGOHA >?L F?RCE;FCM=B?H
-?G;HNCE ?CH?M D?Q?CFCA?H 0?L<M MCH> >C? <F?CNOHAMMNLOENOL?H CHH?LB;F< >?M
P?L<;F?H*;L;>CAG;M1CLB;<?HI<?H<?L?CNMA?M?B?H>;MMG;H>C?M<?T§AFC=B
HC=BNIBH?Q?CN?L?M>C?<F?CNOHAMMNLOENOL?H>C?QCLT;OM>?L;FNALC?=BCM=B?
I>?LF;N?CHCM=B?-JL;=B?E?HH?H;O@;H>?L?-JL;=B?HQC??<?H;O@>;M L§B
P?>CM=B?§<?LNL;A?H>;L@1C?G;HA?M?B?HB;NMN?BN>C?'?>C;F@F?RCIH;H
>?LM ;FM >C? *;MMCPJ?LCJBL;M? T CG N CH E?CH?LF?C >?;ENCP?G <F?CNOHAM
P?LBFNHCMCHH?LB;F<>?MP?L<;F?H*;L;>CAG;M
!;HT BHFC=B? MJL;=BNSJIFIACM=B? H>?LM;LNCAE?CN?H F;MM?H MC=B HOH ;O=B
CG?L?C=B>?LP?L<;F?H*LCGLMN;GG<CF>OHA?H?LE?HH?H>?HHA?H;OMIQ?HCA
QC?MC=B<?C>?H<?C>?HC;NB?M?HENCPPM'?>COG?CH?>?;ENCP?I>?L>?G?
>C;F? <F?CNOHAMLC=BNOHA ?LE?HH?H FMMN FMMN MC=B <?C >?L @L§BP?>CM=B?H P?L
<;F?H*LCGLMN;GG<CF>OHA?CH¼>?JLM?HNCM=B?M½I>?L¼>?;ILCMNCM=B?M½<TQ
¼>?NB?G;NCM=B?M½<F?CNOHAMP?LBFNHCM?LE?HH?H-N;NN>?MM?HCMN?CH?>?L;>C
E;F?<F?CNOHAMLC=BNOHA?LE?HH<;L
C? >OL=B >C? D?Q?CFCA?H *LCGLMNGG? A?A?<?H?H@;FFM OHN?LM=BC?>?H?H
;MJ?ENO?FF?H OH> AA@ N?GJIL;F?H ?>?ONOHA?H>B ?>?ONOHA?H ;OM >?H
IGH?H MJ?ENENCIHM;LN .?GJOM 'I>OM .' MCH> ;FMI TOH=BMN ?CH
G;F ;FM ¼P?LMN;GG<CF>?N @F?RCPCM=B½ >B AL;GG;NCE;FCM=B <TQ AL;GG;NCE;FCM
C?LNTO<?NL;=BN?H¸A;HTAF?C=BCHQC?Q?CN?CH?<?MNCGGN?;MJ?ENO?FF?OH>AA@
N?GJIL;F? ?>?ONOHA >OL=B ?CH? #HN?L;ENCIH TQCM=B?H >?L ;MJ?ENO?FF?H -?
G;HNCE >?M 1OLT?FGILJB?GM >B >?M MIA?H;HHN?H ¼0?L<;F=B;L;EN?LM½ OH>
0AF>;TO<?MIH>?LM;BF
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
>?L-?G;HNCE>?M-N;GGMO@@CRGILJB?GM;O=BF?RCE;FCM=BPILA?A?<?HM?CHG;A
I>?LA?Q?M?HM?CHG;A
#G ;FF >?M 0?L<M D†M T?CAN E?CH?L >?L *LCGLMNGG? <TQ .'-NGG?
>B Q?>?L *LM?HMMNGG? *?L@?EMN;GG HI=B ILCMNMN;GG >;MM ?L CH
CLA?H>?CH?L 1?CM? >?H ;H>?L?H -NGG?H GILJBIFIACM=B TOALOH>?FC?A?H
Q§L>? ;M FMMN MC=B >;L;H ?LE?HH?H >;MM ;FF? .'-NGG? CG ;FF >?M
0?L<M D†M ;OM >?L 1OLT?F OH> ?CH?G TOMNTFC=B?H MN;GG<CF>?H>?H 'ILJB?G
<?MN?B?H >B ?CH?G #H@CR C? >?G (;M;FCH@CR Q­ I>?L -O@@CR \­ I>?L
?CH?G,?>OJFCE;NCIHMJL@CR¬Q
; DQQ­NWL
1OLT?F;FFIGILJBD^`M#H@CR^Q­`
< DM\­WH
1OLT?F;FFIGILJBDM-O@@CR\­
= ¬QDMd
1OLT?F;FFIGILJBDM,?>OJFCE;NCIHMJL@CRŠQ
-IGCN CMN @?MNMN?FF<;L >;MM N;NM=BFC=B E?CH?L >?L PILB;H>?H?H -NGG? >?L
*LCGLMN;GG<CF>OHA >?H ;H>?L?H -NGG?H GILJBIFIACM=B TOALOH>?FC?AN
*LM?HMMNGG?OH>*?L@?ENMN;GGMN?B?HMC=BCG ;FFPIH D†MBCHMC=BNFC=B>?L
GILJBIFIACM=B?H';LEC?LNB?CNCHHC=BNMH;=B<TQGILJBIFIACM=BAF?C=BQ?LNCA
OH>AF?C=B?LG;‹?HG;LEC?LN>B¼CMIGILJB½A?A?H§<?L;MGILJBIFIACM=B?
F?G?HN >;M ;FF?H -NGG?H A?G?CHM;G CMN CMN ?CHTCA OH> ;FF?CH >C? 1OLT?F
;B?L>;L@G;H>?H@L§BP?>CM=B?H*?L@?ENMN;GGGCH>?MN?HMCG ;FFPIH D†M
OMQ OH> ;O=B CH PC?F?H ;H>?L?H FF?H HC=BN ;FM ;<A?F?CN?N? <TQ >?LCPC?LN?
CF>OHATO?CH?GCLA?H>QC?TOALOH>?FC?A?H>?H;H>?L?H*LCGLMN;GGQ?LN?H
MIQC??MT%§GG?F
A?G;=BNB;NCH>?G?LM=BL?C<N>;MM>?L*?L
@?ENMN;GG ¼;FM ENCIHM;LN<CF>OHA >?LCPC?LN½ M?C -N;NN>?MM?H G§MM?H I@@?H
MC=BNFC=B ;FF? .'-NGG? ;FM TO ?CH?G 0?L< A?<CF>?N? -N;GG<CF>OHA?H A?
Q?LN?N Q?L>?H >C? MC=B CHH?LJ;L;>CAG;NCM=B MNLOENOL?FF ;O@ >?LM?F<?H <?H?
A?A?H§<?LMN?B?H
CHTCA >C? 1OLT?F<CF>OHA?H QC? T P?> ­G”W PMK­QWL E¡HHN?H OHN?L
/GMNH>?H QC? <?L?CNM ;HA?>?ON?N GILJBIFIACM=B >;L;O@ BCH>?ON?H >;MM
?CH?L >?L -NGG? D?Q?CFM TOALOH>?FC?A?H> >B HC=BN ;<A?F?CN?N M?CH E¡HHN?
OH>>;GCN?P?HNO?FF?CH?<F?CNOHAM<;MCM@§L>C?CF>OHA>?L;H>?L?H-NGG?
>;LMN?FF?H E¡HHN? M <F?C<N >;<?C CH L;A? A?MN?FFN CHQC?Q?CN ?CH? <?MNCGGN?
;MJ?ENO?FF?-?G;HNCE;FMMIA?H;HHN?L¼0?L<;F=B;L;EN?L½;O=BN;NM=BFC=BF?RC
E;FCM=B PIL@?MNA?F?AN CMN OL=B >C? EIHT?JNCIH?FF? .L?HHOHA PIH 0?L<;F
MN;GG<§H>?F <TQ 0?L< PM 1OLT?FGILJB?G G¡A?H <?MNCGGN? 1OLT?FGIL
JB?G?QC?<?CMJC?FMQ?CM? P;>BC;O@ALOH>?CH?M<?MNCGGN?HD?Q?CFCA?H¼0?L<;F
=B;L;EN?LM½TQ;LGCN?CH?G<?MNCGGN?HAL;GG;NCE;FCM=B?HMJ?ENCH>C?M?G
;FF GCN >?G CGJ?L@?ENCP?H MJ?EN <TQ >?G ¼*LM?HMMN;GG;MJ?EN½ CHEIG
J;NC<?F M?CH CH ?NQ; MI QC? >N ?HNMN?B GCN >?L *;MMCP>C;NB?M? CHEIGJ;NC<?F
CMN?HHI=BQCL>Q;M>;MA?M;GN?0?L<;FMN;GG<§H>?F B;HP;>BC;HA?BN>C?
MITOM;A?H ¼@?BF?H>?½ AL;GG;NCE;FCM=B? .'%;N?AILC? ;FM -N;GG<CF>OHA
K­QWL GCN ?CH?G ;H>?L?H 1OLT?FGILJB?G <?L?CNA?MN?FFN ;LOG CMN ?M
<?CMJC?FMQ?CM? <?CG 0?L< B;HP;>BCTQ;L >OL=B;OM >?HE<;L >;MM ?CH? <?MNCG
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HC=BNTOALOH>?FC?A?H>OH>HC=BN>?LCP;NCP WH
< DM\­
HC=BNTOALOH>?FC?A?H>OH>HC=BN>?LCP;NCP
= ¬QDMd
HC=BNTOALOH>?FC?A?H>OH>HC=BN>?LCP;NCP
;GCN FMMN MC=B @?MNMN?FF?H >;MM >C? PC?F?H -N;GG<CF>OHA?H CG L§B
P?>CM=B?HCHH?LB;F<>?M 0?L<;FMN;GG<§H>?FM?CH?HAF?C=B?LG;‹?HTOALOH>?
FC?A?H>?H<F?CNOHAMMN;NOMB;<?H;O=BQ?HHMC?QC?<?CMJC?FMQ?CM?>C?#HN?H
MCPJLM?HMMNGG? T M­»JKDQWL ?CH? MJ?TC@CM=B? ¼;ENCIHM;LN;MJ?ENO?FF?½
M?G;HNCM=B? %IGJIH?HN? ;O@Q?CM?H E¡HH?H PAF >;TO -=B;?@?L ;MM
<?MNCGGN?*LM?HMMNGG?QC?T M­»JKDQWLOMQA?A?<?H?H@;FFM?CH?MJ?TC
@CM=B?L? <TQ A?H;O?L? OH> Q?HCA?L OHN?LMJ?@C@CTC?LN? ;MJ?ENO?FF? ?>?ONOHA
B;<?H;FM;H>?L?*LM?HMMNGG?QC?T K­QWLB?CMMN>;HH;<?LHI=BF;HA?
HC=BN;ONIG;NCM=BOH>TQCHA?H>>;MM>C?M?MJ?TC@CM=B?L?H0?L<;FMNGG?>;HH
?CH?H¼>?LCPC?LN?H½<F?CNOHAMMN;NOM;FM¼ENCIHM;LN<CF>OHA?H½B;<?H
MAC<NCG L§BP?>CM=B?HM=BFC?‹FC=B?<?HMIQ?HCA¼>?HTOALOH>?FC?A?H>?H½
*LM?HMMN;GG QC? ?CH?H I>?L ¼>?H TOALOH>?FC?A?H>?H½ ILCMNMN;GG 4O
GCH>?MN MSH=BLIH A?M?B?H AC<N ?M MI<;F> G?BL?L? *LCGLMNGG? H?
<?H?CH;H>?L ;O@NL?N?H §<?LB;OJN E?CH?H ¼TOALOH>?FC?A?H>?H P?L<;F?H
*LCGLMN;GG½ MN;NN>?MM?H B;<?H ;FF? H?<?H?CH;H>?L ;O@NL?N?H>? *LCGL
<?@CHCNCIH?H##C?CHH?LJ;L;>CAG;NCM=B?-NLOENOL>?LP?>0?L<?H
MNGG? CHEFOMCP? >?L 1OLT?F<CF>OHA?H ALOH>MNTFC=B >?HM?F<?H >?L;>CE;F?H
<F?CNOHAMMN;NOM C? MJ?TC@CM=B?H ;MJ?ENO?FF?H -N;GG<CF>OHA?H ;FMI >C?
MIA?H;HHN?H ¼ENCIHM;LN<CF>OHA?H½ Q?L>?H BC?L >;B?L ?<?H@;FFM ;FM
¼MJ?EN?½<?T?C=BH?N-C?B;<?H;FMITQ;LG¡AFC=B?LQ?CM??CH?MJ?TC@CM=B?L?
;MJ?ENO?FF? ?>?ONOHA >§L@?H ;<?L >?MQ?A?H HI=B F;HA? HC=BN ;FM ¼HC=BN
TOALOH>?FC?A?H>?½ ¼ENCIHM;LN?H½ PIH >?H ;H>?L?H MJ?EN?H A?NL?HHN Q?L
>?H C? AL;GG;NCE;FCMC?LN?H @L§BP?>CM=B?H MJ?EN? Q?L>?H BC?L @IFA?H>?L
G;‹?H<?T?C=BH?N
CAOL
; #'*, %.#0I>?L(/.,&¼JLM?HMMN;GG;MJ?ENO?FF½
;; #'*, %.#0(/.,&Q?HCA?LMJ?TC@CTC?LN
;< .&#-"#'*, %.#0 T*LM###ELEK­UWL
;= -#,.#0%)(.#0 #'*, %.#0?MMƒJK¬ÈVD
;> #(.(-#0,*.#.#0#'*, %.#0 #HN#M­»JKDQ
#HN##*;LNJK­QLJKQDW
;? -..#0,-/&..#0#'*, %.#0
<TQ(.,#),#-"¼J?L@?ENMN;GG;MJ?ENO?FF½MDJK”QD
< *, %.#0
¼;ILCMNMN;GG;MJ?ENO?FF½ Y­GKLÅ
#HQC?Q?CN CG L§BP?>CM=B?H HI=B N;NM=BFC=B? MJ?EN? GCN N;NM=BFC=B?H
;MJ?ENO?FF?H OH> HC=BN N?GJIL;F?H ?>?ONOHA?H PILFC?A?H CMN @§L >C? BC?L
P?L@IFAN?H ?F;HA? ?B?L Q?HCA L?F?P;HN PAF >;TO ;BF C? *LCGL
MN;GG<CF>OHA?H Q?L>?H BC?L ALOH>MNTFC=B ;FM ¼.?GJOMOH>MJ?ENOH>
'I>OM%;N?AILC?H½ .'%;N?AILC?H <?T?C=BH?N C? D?Q?CFCA? ?>?O
NOHA <?CMJC?FMQ?CM? >?M *?L@?ENMN;GGM T¬QDMd >;L@ MIGCN ;O@ E?CH?H ;FF
PIH >?L 0?L<M?G;HNCE MO<NL;BC?LN Q?L>?H 'CN ;H>?L?H 1ILN?H MI<;F> G;H
>C?0?L<M?G;HNCEM=B?G;NCMC?LNB;NG;HMC?;O@>?L!LOH>F;A?;FF?LAF?C=BQ?L
NCA?L #HMN;HT?H >B ;FF?L MJ?ENMNGG? <TQ *LCGLMNGG? ;HTOM?NT?H
1§L>?G;H?CH@;=B>C??>?ONOHAT>?M*?L@?ENMN;GGMT¬QDMd<?C>?L
-=B?G;NCMC?LOHA ;OMEF;GG?LH <TQ MO<NL;BC?L?H >;HH Q§L>? G;H D; QC? <?
MJLI=B?H QCFFE§LFC=B >C? <?C>?H ;H>?L?H -NGG? ;FM ¼TOALOH>?FC?A?H>?L½
Q?LN?H Q;M GCH>?MN?HM CG ;FF? PIH D†M MSH=BLIH CG L§BP?>CM=B?H ;<?L
A;HT I@@?HMC=BNFC=B ?CH ?M=BL?C<OHAM@?BF?L CMN -IFFN? ;FMI <?C 0?L<?H <?C
>?H?H E?CH?L >?L >L?C -NGG? OHG;LEC?LN?L CMN >?L D?Q?CFCA? *?L@?ENMN;GG
BCHMC=BNFC=B >?M '?LEG;FM 5=;OM7 F;<CF <TQ OHN?LMJ?TC@CTC?LN M?CH MI >;L@ G;H
HC=BN ?CH@;=B IBH? Q?CN?L?M <?B;OJN?H >;MM >C?M? &;<CFCNN 5g=;OM7 PIH ?CH?L
TOALOH>?FC?A?H>?H OH> ?P?HNO?FF BCHMC=BNFC=B >?L M?G;HNCM=B?H %IGJIH?HN?
5=;OM7 @?MNA?F?AN?H 0?L<M?G;HNCE ¼>?LCPC?LN½ QL? Q?HH ?M MC=B <?CG *?L
@?ENMN;GGT¬QDMd;<?LCG0?LAF?C=BGCN>?H;H>?L?H*LCGLMNGG?HA;L
-I;BF
0AF"??H?H
0AF-=B;?@?L
-I;BF
0AF>;TO%§GG?F
0AFQC?>?L;BF
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
HC=BN OG ?CH? ¼>?LCPC?LN?½ -N;GG<CF>OHA B;H>?FN "C?L QCL> >?L@L§BP?>CM=B?
*?L@?ENMN;GG BCHMC=BNFC=B M?CH?M <F?CNOHAMMN;NOM CHMA?M;GN E;N?AILCM=B ;FMI
;FM HC=BN G?BL I>?L Q?HCA?L ¼;<A?F?CN?N½ ;FM >C? ;H>?L?H -NGG? A?Q?LN?N
-I<;F> ;FMI ?CH? *?L@?EN@ILG QC? T WDW”QDTOG 0?L< WDQL aW¬ BCHMC=BNFC=B
>?L M?G;HNCM=B?H %IGJIH?HN? 5=;OM7 F;<CF 5g=;OM7 CMN PAF %;J QCL> >C?
&;<CFCNN BC?L HC=BN ;FM ?CH? ¼;<A?F?CN?N?½ <TQ ¼>?LCPC?LN?½ CA?HM=B;@N >?L
*LCGLMN;GG<CF>OHA A?Q?LN?N MIH>?LH ;FM ?CH? @F?RCPCM=B? CA?HM=B;@N >B
?CH?CA?HM=B;@N>?L F?RCIHM@ILG?HWDW”QDOMQ
?LQC=BNCA?/HN?LM=BC?>TOLHMC=BN>;MM>?L *?L@?EMN;GG¼;FMENCIHM
;LN<CF>OHA >?LCPC?LN½ M?C CMN >;HH >?L >;MM >C? M?G;HNCM=B? %IGJIH?HN?
5g=;OM7HC=BNG?BL;FM?CH?¼>?LCPC?LN?½%IGJIH?HN?;HA?M?B?HQ?L>?HE;HH
>C? PIH ?CH?L ¼TOALOH>?FC?A?H>?H½ F?RCE;FCM=B?H ;MJ?ENO?FF?H ?>?ONOHA
<?CMJC?FMQ?CM? 5=;OM7 ;<A?F?CN?N CMN MIH>?LH ?CH@;=B ;FM ?CH? CA?HM=B;@N >?L
¼*?L@?EN F?RCIH½;HA?M?B?HQ?L>?HGOMM>C?§<?LB;OJNHC=BN¼>?LCPC?LN½CMN
-IFFN? >?GA?A?H§<?L ?CH?L >?L ;H>?L?H -NGG? *LM?HMMNGG? ILCMN
MN;GG <?CMJC?FMQ?CM? >OL=BAHACA E;OM;NCP? 5=;OM7 ENCP@ILG?H B;<?H MI
QCL> >C? ?MNF?AOHA >C?M?L M?G;HNCM=B?H %IGJIH?HN? 5=;OM7 ?<?H@;FFM ;FM
AL;GG;NCE;FCM=B? <TQ @F?RCPCM=B? CA?HM=B;@N >?L ENCP@ILG?H >C?M?L
-N;GG<CF>OHA A?Q?LN?N >C? F?RCE;FCM=B F?>CAFC=B ;FM #HN?L;ENCIHMP?LB;FN?H
TQCM=B?H ?CH?L <?MNCGGN?H MJ?ENMN;GG<CF>OHA OH> >?L D?Q?CFCA?H F?RCIH
M?H>OHA@?MNA?F?ANM?CHE;HH
4OG?ALC@@¼MO<F?RCE;FCM=B½
C?M?F?RCE;FCM=B@?MNA?F?AN?¼-N;GGC;NB?M?#HN?L;ENCIH½CHH?LB;F<>?L?L
F?RCE;FCM=BF?>CAFC=B@?MNA?F?ANQCL>>;MM?CH?<?MNCGGN? F?RCIH<?C?CH?G<?
MNCGGN?H -N;GG ?CH? <?MNCGGN? ,IFF?H;H%;MOMCH>OHA @?MNF?AN QCL> BC?L
¼MO<F?RCE;FCM=B?½ C;NB?M? A?H;HHN 1C? I<?H <?M=BLC?<?H E;HH PIH >?H
0?L<;FMNGG?H ;OMA?B?H> >C? D?Q?CFCA?H 1OLT?FH 1 ;<MNL;BC?LN <TQM=B?
G;NCMC?LNQ?L>?H(OHMCH>;<?L>C?D?Q?CFCA?H0?L<;FMMNGG?QC?>?LOGM?F<MN
?CHT?FH? -=B?G;N; GCN ?HNQ?>?L PIFFMNH>CA?H I>?L ¼>?@?ENCP?H½ F?R
CIHMJ;L;>CAG?HPAFDM\­WH>C?MC=BCH>?HTOA?B¡LCA?H1ILN@ILG?HQC?T
DM\­WH OMQ ;FM >?L?H #HMN;HT?H G;HC@?MNC?L?H MI >;MM G;H OG >C? -?G;HNCE
>?M §<?LA?IL>H?N?H 0?L<M >B >C? -?G;HNCE >?M -=B?G;M 0 ;FM ¼0?L<;F
MN;GG<§H>?F½ TO <?MNCGG?H PIH >?H 0?L<;FMNGG?H -N -N OMQ TO ;<
MNL;BC?L?H<TQM=B?G;NCMC?L?HB;N';HE;HH;FMICGᢛAP?>;<?C>?H0?L<;F
MNGG?H MITOM;A?H PIH ¼-O<F?R?G?H½ >B >?G D?Q?CFCA?H &?RCEIH?CHNL;A
MO<IL>CHC?LN?H ;<?L >?H TOA?B¡LCA?H 1ILN@ILG?H MOJ?LIL>CHC?LN?H ¼CH
NLA?H½ MJL?=B?H /GA?E?BLN<?NL;=BN?N E¡HHN?G;H <?C >?H 0?L<;FMNGG?H
;O=B PIH ¼MOJ?LIL>CHC?LN@F?RCPCM=B?H½ >B >?H F?RCIHM@ILG?H MO
J?LIL>CHC?LN?H;<?L>?H&?R?G?HMO<IL>CHC?LN?H¼CHNLA?H½MJL?=B?H
¼-O<F?R?G½
-=B?G;-N51-7 *LM?HMMN;GG DQ­NWL
WH -=B?G;-N 51- 7 *LM?HMMN;GG DM\­
¼-O<F?R?G½
d -=B?G;-N 51- 7 *?L@?ENMN;GG ¬QDM
¼-O<F?R?G½ D†M /H[HP
-=B?G;0
0?L<
-=B?G;1
1OLT?F $‡- ¼-OJ?LF?R?G½
<?@CHCNCIH?H##C?CHH?LJ;L;>CAG;NCM=B?-NLOENOL>?LP?>0?L<?H
4O >?H D?Q?CFCA?H ¼MO<F?RCE;FCM=B?H½ <TQ ¼MOJ?LIL>CHC?LN@F?RCPCM=B?H½
-NGG?H >B >?H *LM?HMMNGG?H ILCMNMNGG?H OH> >?G *?L@?ENMN;GG
Q?L>?H >;HH QC?>?LOG Q?CN?L? OHN?LA?IL>H?N? -NGG? A?<CF>?N C? >?L
%IHDOHENCPMN;GG OH> )JN;NCPMN;GG GCN >?H I<?H <?MJLI=B?H?H
OMH;BG?H >?L #H>CE;NCP#GJ?L;NCP#HDOHENCP-N;GG <F?C<N >;<?C OH
G;LEC?LN
DQ­N DQ­N†
#H>#HD#GJ-N;GGTOG*LM?HMMN;GG
DQ­MD
%IHDOHENCPMN;GGTOG*LM?HMMN;GG
DQ­N ȳ
¬QDM ȳ
DQDM\”
)JN;NCPMN;GGTOG*?L@?ENMN;GG
O=B >C?M? 0?L<;FMNGG? QC? )JN DQDM\”MCH> QC?>?LOG D?Q?CFCA?-=B?
G;N; GCN A?A?<?H?H@;FFM ?HNQ?>?L PIFFMNH>CA?H I>?L >?@?ENCP?H *;L;>CAG?H
GCN ENCP@ILG?H OH>I>?L '?>C;F@ILG?H >C? MC=B CH >?H TOA?B¡LCA?H
1ILN@ILG?H QC? T -A *?L@ )JN EN DQDM\”W;FM >?L?H #HMN;HT?H G;HC
@?MNC?L?H MI >;MM G;H PIH >C?M?H 0?L<;FMNGG?H Q?HH G;H >?HH MI QIFFN?
PIH¼-O<-O<F?R?G?H½MJL?=B?HE¡HHN?
CH? /HN?LMO=BOHA >?L F?RCE;FCM=B?H -?G;HNCE CG L§BP?>CM=B?H >?M
ᢛAP?>; <?>?ON?N ;FMI ?CH? /HN?LMO=BOHA ;FF?L -=B?G;N; <?HMI QC? >C?
?CHT?FH?H 1ILN@ILG?H D?Q?CFM ?CH? ILG OH> ?CH? ?>?ONOHA B;<?H G§MM?H
>C? §<?LA?IL>H?N?H -=B?G;N; ?<?H@;FFM CH ?CH?L M=B?G;NCMC?LN?H ILG GCN
?CH?L M=B?G;NCMC?LN?H ?>?ONOHA ;HA?M?NTN Q?L>?H C? F?RCE;FCM=B? -?G;HNCE
QCL> BC?L ?HNMJL?=B?H> ;FM M=B?G;NCMC?LN? ?>?ONOHA >?M ¼0?L<;F
MN;GG<§H>?FM½ ;HA?M?NTN OH> TQ;LTOH=BMN D?Q?CFM IBH? >C? ?>?ONOHA >C?
>OL=B >C? ENCP?H>OHA?H I>?L '?>C;F?H>OHA?H ;OMA?>L§=EN QCL> ;M F?RC
E;FCM=B? -=B?G; B;N ;FMI ?CH? ;FF?H TOA?B¡LCA?H -NGG?H §<?LAL?C@?H>? MO
J?LI>CHC?LN?OHN?LMJ?TC@CTC?LN??>?ONOHA
REOLM.?GJF;NCM=B?>?L;>CE;F?'ILJBIFIAC?
/G>;M<CMF;HA!?M;AN?OH>A?A?<?H?H@;FFM?B;OJN?N?Q?CN?LTOP?L>?ON
FC=B?H <?>;L@ ?M ?CH?M REOLM?M TOL N?GJF;NCM=B?H >?L;>CE;F?H 'ILJBIFIAC?
<?CG @L§BP?>CM=B?H 0?L< C?M?L REOLM CMN F?>CAFC=B TOL Q?CN?L?H
/HN?LG;O?LOHA >?M PILB?LCA?H <M=BHCNNM CHEF A?>;=BN E;HH ;FMI
AA@<CM<M=BHCNN§<?LMJLOHA?HQ?L>?H
M CMN <?E;HHN >;MM CH -JL;=B?H PIG ¼>?NB?G;NCM=B?H½ F?RCIHM OH>
ILG<CF>OHAMNSJ >C? 0?L<;FMNGG? QC? T >N <?M=B@NCA >?L Q?CN?L?H
F?RCIHMITOM;A?H¼PILA?M=B;FN?N½MCH>OH>>;M1OLT?FGILJB?GT M=B;@@
QC?CH M=B;@@?HCGG?L<FI‹?CH;OM>?H0?L<;FMNGG?HOMQ¼?RNL;BC?LN?M½
;<MNL;EN?M 'ILJB?G <F?C<N >;M E?CH? M?F<MNMNH>CA? <F?CNOHAM<;MCM <CF>?N
O=B >?H HOFFG;LEC?LN?H 0?L<;FMNGG?H QC? T >N B¡LB¡L?H FC?AN >;<?C
?CH0?L<;FMN;GGTOALOH>?OH>?<?HHC=BN<FI‹>C?1OLT?F B¡L#HH?LB;F<
?CH?MN?GJF;NCM=B>?L;>CE;F?H F?RCIHMOH> ILG<CF>OHAMNSJMB;N>;A?A?H>C?
1OLT?F ?CH?H >?ONFC=B MJ§L<;L?H OH> ?LE?HH<;L?H -N;NOM ;FM <F?CNOHAM<;MCM
>?LQ?CN?L?H F?RCIHOH> ILG<CF>OHAQC?TCHM?GCNCM=B?H-JL;=B?H#H
H?LB;F< ?CH?M N?GJF;NCM=B?H >?L;>CE;F?H ILG<CF>OHAMNSJM MN?FFN >;M 1OLT?F
GILJB?GM?F<MN?CH?<F?CNOHAM<;MCM@§L>C?Q?CN?L? F?RCIHOH> ILG<CF>OHA
>;L OH> >C? D?Q?CFCA?H -?AG?HN? >?M 1OLT?FGILJB?GM Q?L>?H ;HB;H> ?CH?M
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
PILA?A?<?H?H AL;GG;NCE;FCM=B?H ;<MNL;EN?H .?GJF;NM ¼-NLOENOLGIL
JB?GM½>CL?ENOH>EIHEL?N;O@>C?M?M.?GJF;N;<A?<CF>?NIBH?>;MM?CH?>?L
<F?CNOHA¼TOALOH>?FC?A?H>?½-N;GG<CF>OHA>?LQ?CN?L?H F?RCIHOH> ILG
<CF>OHAFCH?;L¼PILA?M=B;FN?N½M?CHGOMM
¼.?GJF;NCM=B>?L;>CE;F½<?>?ON?NBC?L;FMI>;MM>C?P?L<;F?<F?CNOHAM<;MCM
HC=BN?CH?¼TOALOH>?FC?A?H>?-N;GG<CF>OHAD?HM?CNM>?L1OLT?F½CMN;H>?L
Q?CN?L?@F?RCPCM=B?'ILJB?G?FCH?;L;H?CH?H0?L<;FMN;GG;HNL?N?HQC?T
CG ?ONM=B?H <?C C=BM;A? TO ?CH?G ENCPMN;GG M;A PM *;MMCPMN;GG A?M;AN
Q?L>OMQI>?L<?CGP?>%IHDOHENCPMN;GGEK­U¬WLTOG*LM?HMMN;GG>?L#
*LM?HMEF;MM?EK­UDWL
-N;NN>?MM?HFC?ANCG L§BP?>CM=B?H;FMIHI=B?CHGILJBIFIACM=B?L<TQGIL
JBIN;ENCM=B?L F?RCIHM OH> ILG<CF>OHAMNSJ GCN MIA?H;HHN?L ¼,IIN ;H>
*;NN?LH 'ILJBIFIAC?½ PIL L FMMN MC=B CG L§BP?>CM=B?H PIL ;FF?G <?C >?H
;FN?LN§GFC=B?H -N;GG<CF>OHA?H HI=B A;HT AON ?LE?HH?H ?HH ?M CMN A;HT
>?ONFC=B ?LE?HH<;L OH> CHNOCNCP H;=BPIFFTC?B<;L OH> MIFF BC?L HI=B ?CHG;F
P?L;HM=B;OFC=BNQ?L>?H>;MM>?L*?L@?ENMN;GGCG L§BP?>CM=B?H>?L;>CE;F
>CL?ENPIH>?L1OLT?FOH>HC=BN?NQ;PIG*LM?HMI>?LILCMNMN;GGA?<CF>?N
<TQ ;<A?F?CN?N QCL> ;M GILJBIFIACM=B? .?GJF;N <?MN?BN ;OM *?L@?ENL?
>OJFCE;NCIHOH>>?L;<F;ON@BCA?HI>?L;<F;ONOH@BCA?H1OLT?F
CAOL
*?L@?EN L?>OJFCE;NCIH
L\
;<F;ON?H>?
1OLT?F
HC=BN
;<F;ON?H>?1T
¬\
*?L@?EN
F?RCIHM?H>OHA?H-A
D
TOL
WD
W­NÅ D
TOWDN޿
;MM >?L *?L@?ENMN;GG MSH=BLIH >?L;>CE;F A?<CF>?N QCL> T?CA?H T *?L
@?ENMNGG?QC? YDY­NÅDYDYDNÅH¹CMNB?L;HA?Q;=BM?HMN;LEA?QIL>?HºQI
§<LCA?HME?CH?LF?C?>?ONOHAMOHN?LM=BC?>TQCM=B?HENCPOH>'?>CO;F@ILG?H
@?MNMN?FF<;L CMN >?HH ;FF? MCH> ;HNCE;OM;NCP &CN >;TO %C?BHF? %§GG?F
GCN&CN@§LG?BL&CNM';SLBI@?L1C;MP
4OG 0?L< YDNÅXNŹB?L;HQ;=BM?H ?LMN;LE?H MN;LE Q?L>?H MN;LE G;
=B?HºMCH>MIHMNHOLENCP@ILG?H>?L#CLL?AOFL…NÅDOH>'?>C;F@ILG?H>?L
#0 *LM?HMEF;MM?<?F?AN PAF ­XNÅDW…NÅDQWXNÅ­P¬ÁD OH> >;TO H?OA?
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第1章 理論と第二言語研究 - 全学計算機システム

期間： 2015 年 3 月より 月・水・金曜日の午後 場所： 市立函館病院 2階

CMN：共通機能 F5 検索 便利なグリッド表示とエクセル転送 印刷指示

宇宙科学最前線 第1回

Cover Page The handle http://hdl.handle.net/29343 holds

県民提案イベントチラシを掲載しました。

Houthavenveer

Cover Page The handle http://hdl.handle.net/29343 holds

物理システム工学科3年次 「物性工学概論」 第6回半導体と光(3)

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feature 基礎R&Dから新しいアプリまでを カバーする2014年の技術TOP 20

ツイスター空間の幾何学 - 東京工業大学大学院理工学研究科数学専攻