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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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NCP@ILGOH>OGA?E?BLN<?T?C=BH?N>?L?ALC@@¼EIHMNLOENCIHMCHNL;HMCNCP½>C?
<Q?M?HB?CN ?CH?L EEOM;NCP@ILG O‹?L>?G §<?LHCGGN CH ,0 ;<
MC?B??CMJC?F>?L(IG-A@J–Ź&I<A?M;HAºHC=BN>C?M?G;HNCM=B?,IFF?
>?M ¼*;NC?HM½ I>?L ¼.B?G?ºM½ <TQ >?M ¼/H>?LAI?LM½ QC? ;HMIHMN?H <?C *;M
MCPEIHMNLOENCIH?H §<FC=B MIH>?LH §<?LHCGGN MN;NN>?MM?H >C? ,IFF? ?CH?M
¼0?LOLM;=B?LM½ <TQ >?L ¼/LM;=B?½ <TQ ?CH?L P?LOLM;=B?H>?H ¼%L;@N½ <TQ
?CH?MP?LOLM;=B?H>?H¼#HMNLOG?HNM½
4Q;L CMN M=BIH ?CHG;F PILA?M=BF;A?H QIL>?H >;MM >C? ";OJN@OHENCIH >?M
'?>COGM >C? >?L ¼0;F?HTL?>OENCIH½ <TQ ¼#HNL;HMCNCPC?LOHA½ M?C MI T PIH
';LAOFC•M
1?HH QCL <?>?HE?H >;‹ ?M E?CH? C>A MO@@CR;F?H #HNL;HMCNCP<CF>OHA?H AC<N
>;HHM=B?CHN?MHC=BNTOA?Q;AN;HTOH?BG?H>;‹>C?OLMJL§HAFC=B? OHENCIH
>?L'?>C;F?H>OHA?H>C?#HNL;HMCNCPC?LOHAQ;L
$?>I=B MN?B?H '?>C;FEIHMNLOENCIH?H GCN EE QC? CH ?CMJC?F CH 1C
>?LMJLO=B TO >C?M?L "SJINB?M? >; D; A?L;>? E?CH? #HNL;HMCNCPC?LOHA CG -CHH?
?CH?MI<FCA;NILCM=B@?BF?H>?HEE)<DPILFC?ANOH>>;M-O<D?EN>?L'?>C;FE
IHMNLOENCIHHC=BN;FM?CH¼TOG-O<D?ENJLIGIPC?LN?M½EE)<D?CH?M¼TOALOH
>?FC?A?H>?H½ ;<?L ¼NL;HM@ILGC?LN?H½ MSHN;ENCM=B NL;HMCNCP?H -SHN;AG;M GCN
EE)<D<?M=BLC?<?HQ?L>?HE;HHC?-;NTEIHMNLOENCIHGCN(IGOH>EE
CMNCH<?C>?H FF?HAF?C=BPAF@IFA?H>?M-=B?G;
0AFCRIH
@@
4O>?HOHN?LM=BC?>FC=B?H0?LQ?H>OHA?H>?M?ALC@@M¼NL;HMCNCP½MC?B?OHN?H%;JCN?F;
4O>?HBC?LP?LQ?H>?N?H?ALC@@FC=BE?CN?H@§L>C?D?Q?CFCA?HM?G;HNCM=B?H,IFF?HOH>CBL?
%IGJIH?HN?H<TQ¼;MCMLIFF?H½I>?L¼HN;CFG?HNM½MC?B?%;JCN?F;
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
(IG
ENCPEIHMNLOENCIH
DÈÅÊ
'?>C;FEIHMNLOENCIH J–V
0?L<@ILG
SLQYDWL
SLQYDWH
EE
WY­FDP
QQ
C?"SJINB?M?>?L¼0;F?HTL?>OENCIH½<TQ¼#HNL;HMCNCPC?LOHA½CG-CHH?>?L
LN OH> 1?CM? QC? MC? <?C *;MMCPEIHMNLOENCIH?H OHM QIBF<?E;HHN?L ?O
LIJCM=B?L -JL;=B?H PILFC?AN CMN ;FMI M=BIH ;G H@;HA TO P?LQ?L@?H !F?C=B
T?CNCA CMN ?M ;O=B A;HT OHG¡AFC=B >C? '?>C;FEIHMNLOENCIH PIH >?L ENCPEIH
MNLOENCIH GCNBCF@? ?CH?L ¼MSHN;ENCM=B?H .L;HM@ILG;NCIH½ L?A?FG‹CA ¼;<TOF?C
N?H½ %?CH? >?L <?C>?H %IHMNLOENCIH?H M=B?CHN >C? ¼TOALOH>?FC?A?H>?½ TO
M?CH-IGCN MCH> <?C>? %IHMNLOENCIH?H ¼TOALOH>?FC?A?H>½ <TQ CH >C?M?G
-CHH? ¼HC=BN ;<A?F?CN?N½ M FC?AN BC?L GCN >?G '?>COG M=BFC?‹FC=B ?CH A;HT
;H>?L?L.SJPIHC;NB?M?;FM>C?*;MMCP>C;NB?M?>?M?ONM=B?HPIL
CH?Q?CN?L?O@@FFCAE?CN<?C>?L?M=B@NCAOHAGCN>?L%;N?AILC?'?>COG
CMN >C? ¼G?>C;F? &?M;LN?HPC?F@;FN½ I>?L ¼G?>C;F? *IFSM?GC?½ -I CMN TO ?CH?G
;FNCH>CM=B?H 0?L< SD\LaS¯aSLaS\¬ CH ,0 ?CH? -A *LM #H>
'?> JCHP;N? GCNEE QQ ¹>C?'HH?Lº<?F?AN"C?LB;N>C?'?>C;F@ILGI@
@?HMC=BNFC=B?CH?CH>CL?EN>BHC=BN>CL?ENG;HCJOF;NCPE;OM;NCP?&?M;LN¹FMMN
>C? 'HH?L ;HM=BQ?FF?Hº CH>CL?EN E;OM;NCP QCL> ;O=B ;FM ¼@;ENCNCP½ I>?L
¼@;ENCNCPE;OM;NCP½<?T?C=BH?NC?M?F<?'?>C;F@ILG JCHP;N?EIGGN;FF?L>CHAM
T CH ,0 > ;O=B IBH? EE PIL OH> B;N >C? ;HNCE;OM;NCP? ;O=B ;FM
¼@C?HNCP½ I>?L ¼@C?HNCP;HNCE;OM;NCP½ <?T?C=BH?N? &?M;LN ¹;HM=BQ?FF?H
MNLINT?HL?C=BFC=BMNL¡G?Hº
,0;<MC?B?I<?HMJOH>MJ
XW­V\”Y¬ÈU…ÃDWRY­SVDVRJ–VWULEDUKƒÅLV­GDVLSLQYDWHQQ_
¹/H> ;O=B D?H?L ?O?L <?C>?L &I<A?M;HA >?M ,OŅ;N 0;JM;M ;G >L?C@;=B
IJ@?LMNL?OB;<?H>?H-CNTM=>?M)J@?LMFMMN?L>C?'HH?L;HM=BQ?FF?HºMC?B?
I<?H
,0>IBH?EE
W­VP¬L\­ÈG­NÅLÁ¬SLQYDWHV­G¬
¹ §LCBHM=BQCFFNC-PMNL¡GN>C?M?L-HA?LFIBHCGG?L>;Lº
';H?LE?HHN>?ONFC=B>;MM SLQYDWHGCH>?MN?HMTQ?C0?LQ?H>OHA?HB;N#H
H?LB;F<>?L%IHMNLOENCIHIBH?EECH,0>CMN>C?%IGJIH?HN?E;O
M;NCP ;<A?E§LTN 5=;OM7 ¼=;OMCHA ;H ?P?HN IL ; =B;HA? I@ MN;N? CH ;HINB?L
J;LNC=CJ;HN½PAFIQNSMC?B?OHN?H%;JCN?F;HC=BNPILB;H>?H>C?CH
H?LB;F< >?L %IHMNLOENCIH GCN EE PILB;H>?H CMN C? *;L;JBL;MC?LOHA CHM
?ONM=B? P?L>?ONFC=BN >;MM >C?M? %IGJIH?HN? 5=;OM7 PM 5·=;OM7 CG
?ONM=B?H F?RCE;FCMC?LN CMN "C?L <?H¡NCAN G;H <?CG TOALOH>?FC?A?H> CHNL;HMC
NCP?H0?L< ;HM=BQ?FF?H?CH?%;OM;NCPJ?LCJBL;M? D?NQ;HM=BQ?FF?HF;MM?HOG
>;M ;OMTO>L§=E?H Q;M SLQYDWH GCN EE F?CMN?N #G ´AP?>; CMN JCHP;N? D?>I=B
BCHMC=BNFC=B>?LA?H;HHN?H%IGJIH?HN?OHN?LMJ?TC@CTC?LNJIFSM?G<TQ¼¼F;<CF½
>B >C? M?G;HNCM=B? %IGJIH?HN? E;OM;NCP 5=;OM7 PM ;HNCE;OM;NCP 5·=;OM7 CMN
0AF%F;CG;H
*LI<F?GOH> L;A?MN?FFOHA
HC=BN >OL=B >C? 0?L<M?G;HNCE F?RCE;FCMC?LN MIH>?LH QCL> F?>CAFC=B EIHN?RNO?FF
;OMA?>L§=EN
0?> JCHP;N? BH?FN >;GCN >?H ¼F;<CF?H½0?L<?H GI>?LH?L ?OLIJCM=B?L
-JL;=B?HQC?T?HAFNIALIQ>C?TOH=BMN?CHG;FMI>?@CHC?LNMCH>>;MM?CH?
TOA?B¡LCA?0?L<;F@ILGOHN?LMJ?TC@CTC?LNJIFSM?GCMNOH>MIQIBF?CH?E;OM;NCP?
;FM;O=B?CH?;HNCE;OM;NCP?&?M;LNB;<?HE;HH
; #ALIQ ¹C=BQ;=BM?º5·=;OM7
< #ALIQ;JF;HN ¹C=BTC?B??CH?*@F;HT?º5=;OM7
C?M?&?M;LN%IHN?RN%ILL?MJIH>?HT?HH?HHN.;FGS¼>IO<F?NM½#BL?
"?L;OMMN?FFOHA GCNBCF@? ?CH?L EIHNLIFFC?LN?H *;L;JBL;M? OH> ?CH?L MSMN?G;
NCM=B?H !?A?H§<?LMN?FFOHA P?LM=BC?>?H?L %IHN?RN? CMN ?CH ?HNM=B?C>?H>?L
-=BLCNN<?CGO@>?=E?H>?LD?Q?CFCA?HM?G;HNCM=B?H%IGJIH?HN?H>?L0?L<
M?G;HNCE
4OG?ALC@@'?>COG
4OH=BMNACFN?M>C?'?BL>?ONCAE?CN>?M>?ONM=B?H?ALC@@M¼'?>COG½OH>
M?CH?M ?HAFCM=B?H *?H>;HNM ¼'C>>F? 0IC=?½ PIL ?CH?G @ILM=BOHAMA?M=BC=BN
FC=B?H "CHN?LALOH> TO ?L¡LN?LH ;<?C CMN ?M M=BIH @;MN ?CH? LN !?G?CHJF;NT
A?QIL>?H L<?CN?H §<?L >;M '?>COG GCN >?L ?G?LEOHA ?CHTOF?CN?H >;MM
>C?M? %;N?AILC? TO ?CH?L >?L ¼G?LEQ§L>CAMN?H½ ¼GSMN?LC¡M?MN?H½ OH> ¼OH<?
AL?C@FC=BMN?H½%;N?AILC?HCG?L?C=B>?M0?L<OGMA?B¡L?;M;FFA?G?CH?/H
P?LMNH>HCM OH> ,NM?FL;N?H >;L§<?L Q;M >?HH >;M '?>COG §<?LB;OJN M?CH
E;HH OH> <?>?ON?H MIFF >L§=EN MC=B ;G <?MN?H CG LNCE?F PIH %;T?HCH TOG'?>COGCG";H><O=B "-% -JL;=BNSJIFIAC?OH>MJL;=BFC=B?/HCP?L
M;FC?H5"-%
7;OM
.B?L? M??GM NI <? HI ;==IOHN JLIJIM?> MI @;L NB;N QIOF> =IP?L NB? QBIF?
GC>>F?>IG;CH#NCMHIQOH>?HC;<F?NB;NNB?>?LCP;NCIH;F;==IOHNNL?;NCHAP;
F?H=?>?=L?;M?;MNB?=IL?@OH=NCIH;H>;FFNB?L?MNOM?M;MG;LACH;F@;CFMNIJL?
>C=NP?LSCGJILN;HN;H>BCABFSL?AOF;L=LIMMFCHAOCMNC==ILL?F;NCIHM
0AF BHFC=B ;O=B ILNMIH #0 ¼.QI PIC=?M Q?L? >CMNCHAOCMB?> CH
P?L<;F CH@F?=NCIH ;=NCP? ;H> GC>>F? 57 .B? >C@@?L?H=? CH G?;HCHA <?NQ??H
NB?M?NQIPIC=?MCH*#CMHIN@OFFS=F?;L½G?CH?%OLMCP?
H>?LM ;FM CH >?L #H>IA?LG;HCMNCE QI >?L ?ALC@@ ¼'?>COG½ @§L ?CH? ?CH
B?CNFC=B?GILJBIMSHN;ENCM=B?%;N?AILC?P?LQ?H>?NQCL>>C?MC=B>OL=BG?>C;F?
F?RCIHM?H>OHA?H P?> ? M? N? P;B? G;B? OMQ ;OMT?C=BH?N QCL> >?L
?ALC@@¼'?>COG½CHH?LB;F<>?L;FFA?G?CH?H-JL;=BQCMM?HM=B;@NCH¼<?HAMNC
A?H>?L ?>?ONOHAMPC?F@;FN½ P?LQ?H>?N PAF CRIH Þ CEB?HP;F> G?CH?@?NN?H"?LPILB?<OHA?H
.B?N?LG ¹GC>>F?º CM OM?>QCNB ; @LCABN?HCHAP;LC?NSI@G?;HCHAMIHJL?M?HN
>;S FCHAOCMNC=M.B?NL;>CNCIH;F M?HM? Q;ML?F;N?> NI¹GC>>F? PIC=?º CH !L??EȜ
¹NB;NNB?¹;=NCIHºIL¹MN;N?º;@@?=NMNB?MO<D?=NI@NB?P?L<ILBCMCHN?L?MNMº&SIHM
IGG?H=CHA QCNB %?SM?L ;H> ,I?J?L FCHAOCMNM @IFFIQCHA
0AF&?NO=BCS
PAFOHN?H%;JCN?F;
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
P;LCIOM@ILG;FCMNJL?>CF?=NCIHMB;P?OM?>¹GC>>F?ºQCNB;NIN;FFS>C@@?L?HNM?HM?
NI >?M=LC<? =IHMNLO=NCIHM CH HAFCMB ;H> MIG? INB?L F;HAO;A?M QB?L? ; HIH
MO<D?=N ;LAOG?HN CM GIP?> CHNI MO<D?=N JIMCNCIH CH NB? JL?M?H=? I@ ;H
;JJLIJLC;N?;>P?L<?AOL?;O=L;NM<LC<??;MCFS
#HA?H?L;NCPILC?HNC?LN?HHMNT?HQCL>OHN?L'?>COG;FMIBO@CA@IFA?H>?
>;HHMI A?H;HHN?¼'?>C;FEIHMNLOENCIH½P?LMN;H>?HPAF>;TOT%;O@G;HH
CH >?L >C? M?G;HNCM=B? ,IFF? A?HM >?L D?Q?CFCA?H MIA?H;HHN?H
¼TOALOH>?FC?A?H>?H½0?L<?H F?M?HI>?L F;O@?H¼OHL?;FCMC?LN½<F?C<N>BTQ;L
CHH?LB;F< >?M <?T?C=BH?N?H -;=BP?LB;FNM GCNEIHTCJC?LN CGJFCTC?LN CMN ;<?L
OHA?H;HHN OH> OH<?MNCGGN <F?C<N PAF >N >C?M?M O=B FC?MN MC=B AON I>?L CH
>C?M?H-=BOB?HFO@N?MMC=BAON C?M?0?LQ?H>OHA>?M?ALC@@M¼'?>C;FEIH
MNLOENCIH½ QCL> BC?L TOH=BMN HC=BN Q?CN?L <?L§=EMC=BNCAN¸C=B EIGG? ;F
F?L>CHAMMJN?LQ?HH?MOG¼RL?@F?RCP?½
A?BNEOLT>;L;O@TOL§=E
#HHC=BNA?H?L;NCPILC?HNC?LN?H;FFA?G?CHMJL;=BQCMM?HM=B;@NFC=B?HHMNT?H
QCL> ¼'?>COG½ HC=BN ;FM ?ALC@@ @§L ?CH? <?MNCGGN? %IHMNLOENCIH I>?L ?CH?
<?MNCGGN? F?RCIHME;N?AILC? MIH>?LH PC?FG?BL CH ¼<?HAMNCA?H>½ OH?CH
B?CNFC=B?L1?CM?;FM)<?L<?ALC@@@§L?CH?0C?FT;BFMIA?H;HHN?L¼G?>C;F?L½?
>?ONOHA?H P?LQ?H>?N FF?CH T CH >?G PIH CRIH OH> CEB?HP;F> B?L;OMA?A?<?H?H-;GG?F<;H> B;HACHA0;F?H=SQCL>>?L?ALC@@¼'C>>F?½CH
M?BL OHN?LM=BC?>FC=B?H 1?CM?H P?LQ?H>?N¸?CHG;F ;FM )<?L<?ALC@@ "SJ?LI
HSG @§L J;MMCP? ;HNCE;OM;NCP? OH> L?@F?RCP? ?>?ONOHA?CH ;H>?LG;F ;FM
)<?L<?ALC@@ @§L J;MMCP? L?@F?RCP? L?TCJLIE? ;ONI<?H?@;ENCP? ;HNCE;OM;NCP?
CN?L;NCP? ¼?LL;NCP?½¼L?J?NCNCPJ?L;G<OF;NCP?½ OH> ;H>?L? ?>?ONOHA?HOH>
QC?>?L ?CH ;H>?L?M ';F ;FM ?T?C=BHOHA @§L ?CH?H <?MNCGGN?H -;NTNSJ/G
HI=B AL¡‹?L? N?LGCHIFIACM=B? 0?LQCLLOHA?H TO P?LG?C>?H M=BF;A?H CRIH Þ
CEB?HP;F> PIL >?H .?LGCHOM ¼'C>>F?½ ;O@ M?CH? OLMJL§HAFC=B?
;FNALC?=BCM=B<;MC?LN??>?ONOHA<?M=BLHENTOB;FN?HI>?LCBHM=BFC?‹FC=BA;HT
TOP?LG?C>?H
C? L;A? >C? MC=B ;<?L A?H;O >;HH ;O@>LHAN MI<;F> G;H >?H .?LGCHOM
¼'?>COG½ ;O@ M?CH? OLMJL§HAFC=B? ;FNALC?=BCM=B<;MC?LN? ?>?ONOHA
<?M=BLHE?HG¡=BN?CMNH;N§LFC=B>C?>;H;=BQ?F=B?OLMJL§HAFC=B??>?ONOHA
I>?L !?M;GN<?>?ONOHA >;M ;FNALC?=BCM=B? ;FNCH>CM=B? B?NBCNCM=B? OH> NI=B;
LCM=B? '?>COG OH> >;HH M=BFC?‹FC=B >;M OLCH>IA?LG;HCM=B? '?>COG I>?L
¼/LG?>COG½ §<?LB;OJN B;NN? C? N?LGCHIFIACM=B?H 0?LQCLLOHA?H >C? MC=B
HOH M=BIH MI F;HA? MIQIBF ;O@ CH>IA?LG;HCMNCM=B?L QC? ;O@ ;FFA?G?CHMJL;=B
QCMM?HM=B;@NFC=B?L-?CN?OG>?H?ALC@@¼'?>COG½B?LOGA?<CF>?NB;<?HMCH>
;FMI I@@?HMC=BNFC=B ?<?H A?H;O >?MB;F< ?HNMN;H>?H Q?CF CG !?A?HM;NT TO >?H
CH PC?F?H ?OLIJCM=B?H -JL;=B?H PILEIGG?H>?H P?L<;F?H %;N?AILC?H ¼,?
@F?RCP½ I>?L ¼*;MMCP½ §<?L >C? !LOH><?>?ONOHA >?L ;FNALC?=BCM=B?H ;FNCH
>CM=B?HB?NBCNCM=B?HNI=B;LCM=B?HI>?LOLCH>IA?LG;HCM=B?HP?L<;F?H F?RCIH
ME;N?AILC? ¼'?>COG½ CGG?L HI=B HOL OHA?@BL? BHOHA?H I>?L L?F;NCP
¼RL?@F?RCP?½MCH>;OM,?@F?RCPEIHMNLOENCIH?H<?>?ONOHAM?LQ?CN?LN?'?>C;FEIHMNLOENCIH?H
QC?T>N>C?.§L¡@@H?NMC=B>;MO=BFC?MN>C=BAON
0AFG<?L<?LCHCRIHÞCEB?HP;F>
0AF,C=??<>
0AF)HCMBC?<>
*LI<F?GOH> L;A?MN?FFOHA
¼M=BQ;GGCA?½ >B OHTOL?C=B?H>? 0ILMN?FFOHA?H <?MN?B?H OH> ?M <CM B?ON?
HI=BCGG?LE?CH?JLTCM?OH>>C?-;=B?NL?@@?H>??@CHCNCIHAC<NQ?MB;F<>?L
?ALC@@¼'C>>F?½I>?L¼'?>COG½M=BFC?‹FC=B@§L;FF?MP?LQ?H>?NQ?L>?HE;HH
Q;MHOLCG/HA?@BL?HGCN>?GTONOHB;NQ;M>;M¼A?G?CHCH>IA?LG;HCM=B?½
'?>COGTONOHB;NN?
CIHSMCIM.BL;ROMQ
C?.BL;RºM=B?LMN>?@CHCNCIH
!?JLAN QIL>?H CMN >?L ?ALC@@ ¼'?>COG½ ;FNALC?=BCM=B .FT²UIK <?C >?L
?H?HHOHA>?LAL;GG;NCM=B?H%;N?AILC?H>?M;FNALC?=BCM=B?H0?L<M<TQ>?L
?M=BL?C<OHA>?LCBH?H?CA?H?H-?G;HNCE"C?LOHN?LM=B?C>?NCIHSMCIM.BL;R
CH.•=BHĀ!L;GG;NCE‫>ݳ‬L?CP?L<;F?EJBRzTFJKC;NB•M?CM¹C;NB?M?Hº>B
¹CMJIMCNCIH?H E¡LJ?LFC=Bº ¹CHMN?FFOHA?Hº ¹OMLC=BNOHA?Hº ¹)LC?HNC?LOH
A?Hº yOzSHFJB H•LA?C; ¹H?LAC? CHQCLEOHA .NCAE?CN GCN @@?ENº PM QƒRPK
*NBIM ¹*;NBIM LF?C>?H @@?EN @@CTC?LNB?CNº >C? MJN?L CHM &;N?CHCM=B? ;FM
¹=NCPOGºPM¹*;MMCPOGº§<?LM?NTNQIL>?HOH>CH>?LB?ONCA?H ;=BN?LGCHIFI
AC? ;FM ¹ENCPº PM ¹*;MMCPº AHACA MCH> 4OMNTFC=B TO ¹ENCPº PM ¹*;MMCPº OHN?L
M=B?C>?N CIHSMCIM .BL;R ?CH? Q?CN?L? ¹OMLC=BNOHAº >C? ?L NFT²UIK '?MžNĀM
¹'CNNF?L?Mº>B¹<;F>.NCAE?CN<;F>@@CTC?LNB?CNºC?F;N¹'?>COGºH?HHN
%JBRzTFJKFdTJUSFkKyOzSHFJBQƒRPKNFT²UIKyOzSHFJBN}OPlPOUºQUXQƒRPKE}
PlPOUºQUPNBJNFT²UIKE}™QPU}N}OyOzSHFJBQPU}E}QƒRPKQBSJTU‰TBPlPOQzQIHB
EJzGRPSByQPJITƒNIOyHSBZƒNIOTCNC?LNH;=B/BFCA@
¹M AC<N >L?C C;NB?M?H CHQCLEOHA LF?C>?H 'CNNF?L?M CHQCLEOHA QC?
UºQUX¹C=BM=BF;A?ºLF?C>?HQC?UºQUPNBJ¹C=BQ?L>?A?M=BF;A?HºQBL?H>>;M
'CNNF?L?<;F>;FMCHQCLEOHA<;F>;FMLF?C>?H>;MN?BNQC?QzQIHB¹C=B<CH@?MN
A?QIL>?Hº EJzGRPSB ¹C=B <CH LOCHC?LN T?LMN¡LN B;<? TOALOH>?A?LC=BN?N T?L
MN¡LNºyQPJITƒNIO¹C=B?LT?OAN?T?OAN?ºyHSBZƒNIO¹C=BEF;AN?;Hºº
C?M? ?@CHCNCIH CMN <CMF;HA I@N L?CH @ILG;F P?LMN;H>?H QIL>?H Q;M D?>I=B
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GCH>?MN >C;=BLIH MJL;=BBCMNILCM=B HC=BN <?L?=BNCAN CH MJL;=BBCMNILCM=B?L
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EIHMNLOC?LNQ?L>?HE;HH1;LOG;O=BHC=BN
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P?L;HM=BF;AN? -T?H;LCI CIHSMCIM .BL;R E¡HHN? *?L@?ENENCP@ILG?H ;FMI CH
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G;F OH> @OHENCIH;F TO >C?M?L %;N?AILC? ¼/LG?>COG½ A?B¡LN B;<?H OH> *?L
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HI=B ?CH BHFC=B?M M?G;HNCM=B?M 0?LB;FN?H ;O@Q?CM?H¸OH> >C?M?M BHFC=B?
M?G;HNCM=B?0?LB;FN?H@§LCBHHI=B>?ONFC=B?LE?HH<;LQ;L
OL=B >C? @ILG;F? .L?HHOHA PIH OLMJL§HAFC=B?H ENCP?H>OHA?H QC? T
P?>GCMCNCOMQOH>>?H¼(?I;ENCP?H>OHA?H½>?M*?L@-ABOMQE¡HH?H
HOHMIF=B?LEFLOHA?HTOG?ALC@@¼'?>COG½;FM?B?LOHTOFHAFC=B<?T?C=B
H?NQ?L>?H<?C>?H?H<?B;OJN?NQCL>>;MM>;MQ;MCIHSMCIM.BL;RGCN>?G
?ALC@@¼'?>COG½A?G?CHNB;NCG!LC?=BCM=B?H@§L0?L<;F@ILG?HPILA?M?B?H
A?Q?M?HM?CCH>?H?H?CH¼J;MMCPCM=B?L#HB;FNGCNENCP?H>OHA?H<TQ?CH;E
NCPCM=B?L#HB;FNGCN*;MMCP?H>OHA?H;OMA?>L§=ENQCL>½PAF-N?GJ?F
-IF=B? ?B;OJNOHA?H MCH> HOH A?L;>? >?MB;F< OHLC=BNCA Q?CF >C? *?L@?EN
-CHAOF;L?H>OHA?H B OMQ MJL;=BBCMNILCM=B HC=BN G?BL ;FM ENCP?H>OHA?H A?
Q?LN?N Q?L>?H >§L@?H¸;<A?M?B?H >;PIH >;MM BC?L HC=BN EF;L CMN Q;M §<?L
B;OJN ?CH ¼;ENCPCM=B?L #HB;FN½ A?H;O M?CH MIFF #H <?M;AN?G -CHH M=BL?C<N
<?CMJC?FMQ?CM?;O=B?F<L§=E
0AF%ILNF;H>N
#G ?L?C=B >?L ,?EIHMNLOENCIH PIH GILJBIMSHN;ENCM=B?H %;N?AILC?H OH> MSHN;ENCM=B?H
%IHMNLOENCIHMGOMN?LHMN¡‹N>C?EIGJ;L;NCP?'?NBI>?>?ONFC=B;HCBL?!L?HT?HPAF>;TO
*IINB ; < HNM=B?C>OHA?H §<?L >C? 4OA?B¡LCAE?CN L?EIHMNLOC?L<;L?L OLC>A
1ILN@ILG?H QC? T OžC>?C OMQ TO OLC>A GILJBIMSHN;ENCM=B?H %;N?AIL?H G§MM?H
>;B?LTOMNTFC=B>;TO;O@;H>?L?L!LOH>F;A?A?NLI@@?HQ?L>?H
0AFCH>C?M?G-CHH?F;@FCH
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
C? ALC?=BCM=B? &?BL? @CH>?N MC=B TOM;GG?HA?@;MMN <?C CIHSMCIM .BL;R
5MC?B? >;M 4CN;N I<?H7 ;GCN CMN A?M;AN >;MM ?M ILG?H AC?<N Q?F=B? ?CH
";H>?FH ;H>?L? Q?F=B? ?CH &?C>?H ;OM>L§=E?H OH> ;FM 'CNN?FAFC?> TQCM=B?H
>C?M?H <?C>?H RNL?G?H MIF=B? Q?F=B?GCN CBL?L ILG>?G ?CH?H !?<C?N GCN
CBL?L ?>?ONOHA >?G ;H>?L?H ;HA?B¡L?H -I MCH> QzQIHB OH> EJzGRPSB >?L
ILG H;=B ;ENCPCM=B OH> >?L ?>?ONOHA H;=B J;MMCPCM=B OH> GCN yQPJITƒNIO
OH>yHSBZƒNIOP?LBFN?MMC=BOGA?E?BLNCH?@§LMC=BMN?B?H>?<?MIH>?L??
>?ONOHAQCL>;FMI>?G'?>COGHC=BN<?CA?F?AN
?B;OJNOHA?HMIF=B?LLNGOMMG;HHOH?HNM=BC?>?H?HNA?A?HB;FN?H>;MM
?LMN?HM >C? *?L@?EN-CHAOF;L@ILG?H QC? EJzGRPSB OMQ >?M FNALC?=BCM=B?H OH>
QC? I<?H A?M?B?H >?M FNCH>CM=B?H QC? HI=B ;OM >?L 'ILJBIFIAC? >?M
FNALC?=BCM=B?HOH>FNCH>CM=B?HM?F<MNMIQC?;OM>?LCHN?LH?H,?EIHMNLOENCIH
CHH?LB;F< >?M ,?EIHMNLOC?LN?H CHMA?M;GN B?LPILA?BN HOL GCN ?CH?L MJL;=BBCM
NILCM=B?H-=BC?@F;A?;FMENCP@ILG?H<?T?C=BH?NQ?L>?H>§L@?HTQ?CN?HMTOG
?CMJC?F QzQIHF -A *?L@ #H> ¼EN½ >;M CIHSMCIM .BL;R D; ;O=B ;FM
?CMJC?F@§L>;M'?>COG;HAC<NMSH=BLIHA?M?B?H§<?LB;OJNA;LE?CH?¼J;M
MCPCM=B?½MIH>?LHPC?FG?BL?CH?MN;NCP??>?ONOHA¹CMN@?MN;FM4OMN;H>ºI>?L
?CH?>SH;GCM=B?¼@C?HNCP?½<TQCH;A?HNCP;HNCE;OM;NCP?OH>TOMNTFC=BL?MOFN;
NCP??>?ONOHA¹CMN@?MNA?QIL>?H;FM,?MOFN;NL?MOFNC?L?H>?L4OMN;H>?CH?M
CH;A?HNCP;HNCE;OM;NCP?H *LIT?MM?M QCL> @?MNº B;N ?TQ?C@?FH GOMM G;H ;FMI
I<>C?@ILG;F?-?CN?OH>>;GCN>C?D?Q?CFCA?HH>OHA?H<?C>?L?@CHCNCIH>?M
?ALC@@M¼'?>COG½§<?LB;OJND?MI?CH?ALI‹?,IFF?@§L>C?H@;HAM>?@CHCNCIH
A?MJC?FN B;<?H 1?L IBH? Q?CN?L?M <?B;OJN?N >C? ALC?=BCM=B?H !L;GG;NCE?L
BNN?H CBL? ?CA?H?H GILJBIFIACM=B?H %;N?AILC?H ¼P?LE;HHN½ PAF ¼@;CF?> NI
;JJL?=C;N?½ &SIHM >?G E;HH G;H HOH CH BL?HL?NNOHA >?L
;FNALC?=BCM=B?H!L;GG;NCE?L?HNA?A?HB;FN?H>;MM?L>;MQ;MCIHSMCIM.BL;R
GCN >?H ?ALC@@?H H•LA?C; *NBIM <?T?C=BH?H QIFFN? ?<?H @;FM=B HGFC=B
CLLN§GFC=B?LQ?CM? ;FM ?ALC@@? @§L GILJBIFIACM=B? F?RCIHME;N?AILC?H P?LMN;H
>?HB;NCHQ?M?HNFC=B?L!LOH>@§L>C?*LI<F?G?GCN>?L%;N?AILC? '?MžNĀM
FC?AN ;FMI QC? ?M H>?LM?H G?CH? @?NN?H "?LPILB?<OHA P¡FFCA
LC=BNCA;OM>L§=EN>;LCH
>;‹¸I<QIBF>C?.?LGCHCENCP*;MMCPOH>'?>COG§<?L>;M&;N?CHCM=B?
;O@ >C? ALC?=BCM=B?H .?LGCHC yOzSHFJB QƒRPK OH> NFT²UIK <?C CIHSMCIM .BL;R
TOL§=EA?B?H¸OHM?L? B?ONCA? O@@;MMOHA >C?M?L ?ALC@@? ;O@ ?CH? ?BF
CHN?LJL?N;NCIH>?LOLMJL§HAFC=B?HALC?=BCM=B?H.?LGCHC57TOL§=ETO@§BL?HCMN
MCMN>;B?LM=BFC?‹FC=BA;HT;HA?G?MM?HTO<?B;OJN?H>;MM>C??@CHCNCIH
PIH CIHSMCIM .BL;R TOH=BMN M?G;HNCM=B? !?A?<?HB?CN?H <?M=BL?C<?H
QIFFN?>B >;MM ?L N;NM=BFC=B ¼;ENCPCM=B?½ <TQ ¼?H?LA?NCM=B?½ ?>?ONOHA
PIH ¼J;MMCPCM=B?L½ <TQ ¼J;NB?NCM=B?L½ OH> >C?M? <?C>?H M=BFC?‹FC=B PIH ¼G?
>C;F?L½ ¼<;F> ?H?LA?NCM=B?L <;F> J;NB?NCM=B?L½ ?>?ONOHA OHN?LM=B?C>?H
QIFFN? .;NM=BFC=B FMMN MC=B D; AL EJzGRPSB @IFA?H>?LG;‹?H G?BL@;=B <TQ
¼JIFSM?G½¼<;F>MI<;F>MI½§<?LM?NT?H
4O>C?M?G-=BFOMMEIGGN;O=B*%H>?LM?H
*LI<F?GOH> L;A?MN?FFOHA
ALEJzGRPSB
L?MOFN;NCP
ƚCH;A?HNCP
;HNCE;OM;NCP
5·=;OM7
¹C=B<CHLOCHC?LNT?LMN¡LNº
>B>?L*;LNCTCJ;HNCG(IG<?@CH>?NMC=BCH?CH?G
4OMN;H> >?L ,?MOFN;N ?CH?M >SH;GCM=B?H -;=BP?LB;FNM CMN
CH>?G?M>C?,IFF?>?M*;NC?HMCHH?B;NN?
MI<?T?OANP;<?C"IG?LT#FC;MƉ
ƛ;A?HNCP
E;OM;NCP
5=;OM7
¹C=BB;<?D?NQTOALOH>?A?LC=BN?Nº
>B>?L*;LNCTCJ;HNCG(IG<?@CH>?NMC=BCH?CH?G
4OMN;H> >?L ,?MOFN;N ?CH?M >SH;GCM=B?H -;=BP?LB;FNM CMN
CH>?G?M>C?,IFF?>?M0?LOLM;=B?LA?HMCHH?B;NN?
MI <?T?OAN T <?C -IJBIEF?M F OLCJC>?M '?>?;
LCMNIJB;H?M L;AG
AL.?RN?TCNC?LNH;=B&-$RPC@@
C?M? ¼<;F> ?H?LA?NCM=B? >B ?CHQCLE?H>? <;F> J;NB?NCM=B? '?BL>?ONCA
E?CN½¸>C?C=BBC?L¼A?HM*;NC?HM&;<CFCNN½H?HH?HG¡=BN?Q?CF<?CAF?C=B?L
0?L<;F@ILG>C?(IGCH;NCP@ILG?CHG;F>C?M?G;HNCM=B?,IFF?>?M0?LOLM;=B?L
A?HM<?T?C=BH?N;<?L?CH;H>?L?M';F>C?*;NC?HMLIFF?¸CMNMIGCNF;ONCIHS
MCIM.BL;R>?@CHCNILCM=B@§L>C?%;N?AILC?NFT²UIK¹'CNNF?L?M'?>COGº
M M=B?CHN >;B?L ?B?L ?CH? <CMF;HA E;OG TO §<?LQCH>?H>? ?BFCHN?LJL?N;
NCIH TO M?CH >C? >C? ?B;OJNOHA B;N ?HNMN?B?H F;MM?H >;MM >C? ALC?=BCM=B?H
!L;GG;NCE?L CBL? ?CA?H?H GILJBIFIACM=B?H %;N?AILC?H P?LE;HHN OH> ;FMI
QIG¡AFC=BCBL??CA?H?'ONN?LMJL;=B?ØGCMMP?LMN;H>?H<TQGCMCHN?LJL?NC?LN
BNN?H 0C?FG?BL B;<?H ILG;FC; >?L ;FNALC?=BCM=B?H -JL;=B? QC? >C? /HN?L
M=B?C>OHA >?L D?Q?CFCA?H H>OHA?H <?C >?L /HN?LM=B?C>OHA >?L .BL;RºM=B?H
%;N?AILC?HyOzSHFJBQƒRPKOH>NFT²UIKI@@?HMC=BNFC=BQ?HCA<CMOHN?LA?IL>H?N?
,?F?P;HT ;MM?F<? ACFN M=BFC?‹FC=B @§L >?H ?ALC@@ QƒRPK PAF FF;H H
.B?N?LGMQƒRPK;H>QBRIUJL›;L?;JJFC?><S;H=C?HNAL;GG;LC;HMHINIHFSNI
NB?J;MMCP?CHNB?MNLC=NM?HM??AUºQUPNBJ¹#;G<?CHA<?;N?Hº<ON;FMINI>C
L?=N L?@F?RCP?M ?A yMPVTƒNIO ¹# Q;MB?> GSM?F@º JIFFIHCOM ';=LI<COM ;H>
BI?LI<IM=OMM??,CDEM<;LIHH&;FFIN#;H>?P?HNI;=
NCP?P?L<M FCE?OPTÎ ¹<? CFFº ;H> ±GRBMNJÎ ¹MO@@?L@LIG IJBNB;FGC;º ';=LI<COM
M??,CDEM<;LIH OLNB?LGIL?JIFFIHCOMSM=IFOM
/BFCAB;M;
MO<=F;MM I@ QBRIUJL› =;FF?> B¹UPQƒRFJB ¹;ONIJ;MMCPCNSº QBC=B CH=FO>?M ;=NCP?
P?L<MFCE?RO§TLX±GRBMNJÎQƒTDXM??&;FFIN##HMOGCN;JJ?;LM
NB;NQƒRPK;H>QBRIUJL›;L?M?G;HNC=N?LGM>?MCAH;NCHA?P?HNMCHQBC=BNB?MO<
D?=NOH>?LAI?MNB?;=NCIH.BCMG?;HMNB;NNB?N?LGQƒRPKIHFSJ;LNFSL?F;N?MNI
NB?G?;HCHAI@NB?GC>>F?PIC=?57
;MM?H QCL TOM;GG?H M ?LAC<N MC=B ;OM >?L H@;HAM>?@CHCNCIH >?M
ALC?=BCM=B?H !L;GG;NCE?LM CIHSMCIM .BL;R @§L >;M ¼'?>COG½ >C? M?G;H
NCM=B? ?@CHCNCIH ?CH?L %;N?AILC? >C? ¼<;F> ?H?LA?NCM=B >B ?CHQCLE?H> C-P
E;OM;NCP½ CMN OH> ¼<;F> J;NB?NCM=B C-P ;HNCE;OM;NCP I>?L J;MMCPCM=B½ CMN PAF
NFT²UIK E} ™ QPU} N}O yOzSHFJB QPU} E} QƒRPK QBSJTU‰TB "C?L@§L AC<N .BL;R >C?
>?L ?CMJC?F? QzQIHB ¹C=B <CH @?MN A?QIL>?Hº EJzGRPSB ¹C=B <CH LOCHC?LN T?L
MN¡LN B;<? ?NQD TOALOH>?A?LC=BN?N T?LMN¡LNº yQPJITƒNIO ¹C=B ?LT?OAN?
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
T?OAN?º yHSBZƒNIO ¹C=B EF;AN? ;Hº QI<?C EJzGRPSB ¹C=B <CH LOCHC?LN T?LMN¡LN
B;<? TOALOH>?A?LC=BN?NT?LMN¡LNº >?ONFC=B ¼F;<CF½CMN 1?HH G;H >C?M? ?@CHC
NCIH MI ?LHMN HCGGN¸OH> ?M CMN I@@?HMC=BNFC=B A?QIL>?H >;MM G;H >;M NOH
GOMM¸MI ?LAC<N MC=B >;MM >C? %;N?AILC? ¼'?>COG½ >OL=B ¼A?HM*;NC?HM
&;<CFCNN½<TQ¼yOzSHFJBQƒRPK&;<CFCNN½A?E?HHT?C=BH?NCMN#=BEIGG?MJN?L
>;L;O@TOL§=E
REOLM;M/LG?>COGOH>>?L¼!LI‹?C;NB?M?HQ?=BM?F½
FM Q?CN?L? @IFA?HL?C=B? %IHM?KO?HT ?LAC<N MC=B >;MM Q?HH CIHSMCIM
.BL;R *?L@?ENENCP@ILG?H QC? EJzGRPSB CH M?CH? ?@CHCNCIH PIH '?>COG
GCN?CH<?TC?BN QCL BC?L TOGCH>?MN >C;=BLIH ALOH>MNTFC=B A?H;O >;MM?F<? NOH
G§MM?HC?%;N?AILC?¼*?L@?ENENCP½QCL>BC?LMIGCN¸>C;=BLIH<?NL;=BN?N¸
TO >?L %;N?AILC? A?TBFN >C? C=B OLCH>IA?LG;HCM=B?M ¼/LG?>COG½ H?HH? M
Q?L>?HTQ?C>C;=BLIH?¼&;S?L½OHN?LM=BC?>?H
;MOLCH>IA?LG;HCM=B?%IHDOA;NCIHMGOMN?LGCN BMN;NN GCH>?L
*?LMIH-CHAOF;L<?T?C=BH?C=BCHŠ<?LM?NTOHA>?M?HAFCM=B?H?ALC@@M¼¹JLI
NIGC>>F?º IL /LG?>COG½ PIH $;M;HI@@ ^ GCN >?G PIH
CBG A?JLAN?H ?ALC@@ ¼/LG?>COG½ C?M?L OLCH>IA?LG;HCM=B?H AL;GG;NC
E;FCM=B?H C;NB?M? ¼/LG?>COG½ MN?FF? C=B ?CH? AL;GG;NCE;FCM=B? C;NB?M?
¼/L;ENCP½ GCN G CH >?L *?LMIH -CHAOF;L A?A?H§<?L PAF OLC>A B•MGC
¹C=B<CHA?L;>?>;ºP?>MGCOMQ
?LBC?LP?LQ?H>?N??ALC@@¼(?I;ENCP½QC?>?LOGMN?BN@§L0?L<;F@IL
G?H>C?$;M;HI@@
H¼GC>>F?5M7 >•=F;MM•5M7½I>?L¼H?I;=
NCP?M½H?HHN?L?ALC@@¼(?I;ENCP@ILG?H½<?T?C=BH?N;FMI¼/LG?>C;F@ILG?H½
QC? OLC>A OžC>B?C OMQ >C? ?CH?H ¼!LI‹?H C;NB?M?HQ?=BM?F½ >OL=BA?
G;=BN B;<?H OH> >;H;=B CH >?H CH>IA?LG;HCM=B?H .I=BN?LMJL;=B?H ;FM
¼(?I;ENCP@ILG?H½ A?Q?LN?N QIL>?H MCH> T AL PmEB P?> P•>; OLA?L
G;HCM=BQ;CN;>NC=BQ?C‹
M CMN ;FMI JF;OMC<?F >;MM G;H ;HM?NTN >;MM >C?AL P?> OH> F;N%;N?AILC?
¼*?L@?EN ENCP½ <TQ >C? ?HNMJL?=B?H>? 0ILAHA?L%;N?AILC? MC=B TO ?CH?G
<?MNCGGN?H4?CNJOHENPIH>?L%;N?AILC?>C?C=BOLCH>IA?LG;HCM=B?M¼/LG?
>COG½H?HH?;<A?MJ;FN?HB;NOH>;FM¼(?I;ENCP½CHMENCP§<?LA?NL?N?HCMN@§L
?CH JF;OMC<F?M MSHN;ENCM=B?M 'INCP >;@§L PAF *IINB ;C?M?H PILCH>IA?L
G;HCM=B?HC;NB?M?HQ?=BM?FH?HH?C=B¼!LI‹?HC;NB?M?HQ?=BM?F½1C?G;H
MJN?L HI=B M?B?H QCL> Q;L?H >;PIH H?<?H >?G F?RCIHMNSJ ᳊žC>?C OH>
M?CH?GL?>OJFCTC?LN?H*?H>;HN ᪦?᪦žHB?CHI=BQ?CN?L?GILJBIMSHN;ENCM=B?
%;N?AILC?H<TQ ILG?H<?NLI@@?H
H>?LMQI *IINB ; CMN <?L?CNM ;HA?M?NTN QIL>?H >;MM ?CH? OLC>A HNCJ;MMCP
%IHMNLOENCIH GCN I<FCKO?L LQ?CN?LOHA CG FF;NCP;NCP T JBN•LM BžL? BH•LG
¹0;N?L NLC@@N CGG?L B;<CNO?FF >?H ';HHº CH ?CH? MJNOLC>A (IGCH;NCPEEOM;NCP
%IHMNLOENCIH JBN•LBžL?C BH•L᭬ ¹0;N?L NLC@@N >?H ';HHº L?;H;FSMC?LN QOL>? ?L
¼!LI‹?C;NB?M?HQ?=BM?F½PIFFTIAMC=BGCH?CH?L4?CNQBL?H>I>?LH;=B>?L.L?HHOHA
?CH?LBIGIA?H?L?HOLC>A-JL;=B?CH?CHALI‹@F=BCA?L?MMJNOLC>AC;F?ENEIHNCHOOG
<TQ CH ?CH?L 4?CN GCN MITOM;A?H ¼POFALOLCH>IA?LG;HCM=B?H½ 0;LC;HN?H ;M B?CMMN >;MM
C=B>C?,?EIHMNLOENCIHPIH¼BIGIA?HALOH>MJL;=BFC=B?HENCP@ILG?H>?M*?L@?ENMN;GGM½
@OHENCIH;F @§L ?CH?H H;=BLIHCMGOM ;FMI ?CH? ?BF?L B;FN? -N;NN>?MM?H L?EIHMNLOC?L?
TQ?COLC>AOLG?>C;F? F?RCIHMNSJ?HOžC>?COH>L?>OJF᪦?᪦žHB?C
*LI<F?GOH> L;A?MN?FFOHA
C??@CHCNCIHPIH*î‫ޣ‬CHC
PBL
1BL?H> >C? ALC?=BCM=B?H !L;GG;NCE?L QC? I<?H <?MJLI=B?H GCN >?L
/HN?LM=B?C>OHA >?L >L?C ¼C;NB?M?H½ I@@?HMC=BNFC=B E?CH? GILJBIFIACM=B?H
!?A?<?HB?CN?H >?L ;FNALC?=BCM=B?H -JL;=B? <?M=BL?C<?H QIFFN?H B;NN?H >C?
;FNCH>CM=B?H!L;GG;NCE?LQC?CH>?L $Ž¬GK\¬\¯>B>?L;FNCH>CM=B?H!L;G
G;NCE PIH *î‫ޣ‬CHC >?L?H HNMN?BOHAMT?CN ;O@ >C? $;BL? TQCM=B?H PIL
BLCMNOM A?M=BNTN QCL>>?ONFC=B QCL> ?CH?H EIHEL?N?H GILJBIMSHN;ENCM=B?H
>B @ILG;F?H ?ALC@@ @§L >;M Q;M >C? #H>IA?LG;HCMNCE B?ONTON;A? ¼'?>COG½
H?HHN *îÁCHC OHN?LM=B?C>?N >C? %;N?AILC? ¬WPDQHSDGDP >;M ¹0?LM <TQ
-;NTAFC?>@§LMC=BM?F<MNº>;M>?G'?>COG?HNMJLC=BNPIH>?L%;N?AILC? SDUDV
PDLSDGDP>;M¹0?LM<TQ-;NTAFC?>@§L?CH;H>?L?Mº>;M>?GENCP?HNMJLC=BN
C??T?C=BHOHA ¬WPDQHSDGDP¹-;NTAFC?>@§LMC=BM?F<MNTOG?CA?H?H(ONT?Hº
E;HH>;<?C§<?LNL;A?HCH>C?AHACA?T?CNA?H¡MMCM=B? ;=BN?LGCHIFIAC?IBH?
Q?CN?L?M GCN ¼CH>CL?EN L?@F?RCP½ <TQ ¼<?H?@;ENCPL?@F?RCP½ I>?L
¼;ONI<?H?@;ENCP½ I>?L A;HT ?CH@;=B GCN ¼L?@F?RCP½ §<?LM?NT?H Q?L>?H *îÁCHC
B;N>;GCN>;M'?>COGGCN>?L@§LCBHB?LPILMN?=B?H>MN?HG?>C;F?H&?M;LN>?L
L?@F?RCP?H&?M;LN<?T?C=BH?N
'CN?CH?LMIF=B?H'?NIHSGC?<F?C<?H>C?§<LCA?H&?M;LN?HT>C?MN;NCP?
I>?L;HNCE;OM;NCP?&?M;LN;<?L?B?LOH<?L§=EMC=BNCANI>?L?LM=B?CH?HOHQC=BNC
A?LC?'?NIHSGC?E¡HHN?;FMI@ILM=BOHAMA?M=BC=BNFC=BTO>?G@@?ENA?@§BLN
B;<?H>;MM>C?L?@F?RCP?&?M;LN>?M'?>COGMCH>?L#H>IA?LG;HCMNCEPIH?CHC
A?HB?ON?MITOM;A?H@§L>C?¼QC=BNCAMN?½OH>I>?L>C?¼OLMJL§HAFC=B?½A?B;FN?H
QCL>
O=B PIL ;FF?G CH H?O?L?H ;FFA?G?CHMJL;=BQCMM?HM=B;@NFC=B?H HMNT?H
>;TOHOHG?BLQCL>>;M'?>COGBO@CAGCN>?L%IHMNLOENCIHENCP@ILGJFOM
,?@F?RCPJLIHIG?H MC=B CH 4OM;GG?HB;HA A?<L;=BN <TQ MJL;=BBCMNILCM=B
>;GCNC>?HNC@CTC?LN
-I>?@CHC?L?HLI@N-BSF>ELINÞ%?GG?L>C?!?M;GN<?>?ONOHA?CH?L
%;N?AILC? >C? MC? ¼'C>>F? 0IC=?½ H?HH?H ;O@ >?L !LOH>F;A? ?CH?L .B?ILC?
TOL%;OM;FMNLOENOLPIHL?CAHCMM?HPAF.;FGSLI@NCHH?L
B;F<>?L?LMC?¼#HCNC;NIL½;FM>C?HNCNN<?T?C=BH?H>C?>C?E;OM;F?+O?FF?>?M
L?CAHCMM?MOH>¼H>JICHN½>C?HNCNN<?T?C=BH?H>C?>OL=B>;ML?CAHCM¼CH
MIG?Q;S½TOMN;H>MP?LH>?LNI>?L;@@CTC?LNQCL>#BH?HTO@IFA?MN?FFN>C?¼=
NCP? 0IC=?½ >C?D?HCA? C;NB?M? >;L CH >?L >;M -O<D?EN ¼#HCNC;NIL½ ;<?L HC=BN
¼H>JICHN½ CMN QBL?H> >C? ¼'C>>F? 0IC=?½ MIF=B? -;=BP?LB;FN? =B;L;EN?LCM
C?LN <TQ G;LEC?LN CH >?H?H >;M -O<D?EN MIQIBF ¼#HCNC;NIL½ ;FM ;O=B ¼H>
JICHN½ >;LMN?FFN ;M FMMN MC=B M=B?G;NCM=B @IFA?H>?LG;‹?H P?L;HM=B;OFC=B?H
H;=BLI@N-BSF>ELINÞ%?GG?L
0AFT,CR>?L>;MOLC>A'?>COG;OM?CH?L%IHMNLOENCIHGCNTOH=BMN?HEFCNCM=B?L
OH> >;HH ;@@CAC?LN?L ,?@F?RCPG;LEC?LOHA I ¹MC=Bº B?LF?CN?H G¡=BN?¸Q;M C=B ;HA?MC=BNM
>?L@?BF?H>?HF?RCE;FCMC?LN?H%IGJIH?HN?5=;OM7OH>>?L@?BF?H>?H)<D?EN&??LMN?FF?@§L
OHJF;OMC<?FB;FN?
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
.#0
'#&
-O<D?EN
¼#HCNC;NIL½ E;OM;F?+O?FF?
)<D?EN
¼H>JICHN½
-O<D?EN
¼#HCNC;NIL½ 2
¼H>JICHN½
C?M?¼H?O?L?½?@CHCNCIHPIHLI@N-BSF>ELINÞ%?GG?LE;HH>;GCN
GCN >?L ?B?L ;FN?H "SJINB?M? AF?C=BA?M?NTN Q?L>?H <?C >?L PIH ?CH?L !?
M;GN<?>?ONOHA >?M ¼<?MIH>?L?H #HN?L?MM? >?M -O<D?ENM½ OH> >?L ¼-O<D?EN<?
TIA?HB?CN½ >?L ¼-O<D?ENL§=E<?TIA?HB?CN½ I>?L ¼-O<D?ENL§=EQCLEOHA½ >C?
,?>? CMN¸>B ?CH? OL;FN? "SJINB?M? MITOM;A?H CH ?CH?G ¼H?O?H ;FFA?G?CH
MJL;=BQCMM?HM=B;@NFC=B?H%F?C>½
-IB;NM=BIH!CF>?LMF??P?
>;M'?>COG@IFA?H>?LG;‹?H>?@CHC?LN
¼.B? 'C>>F? 0IC=? >?HIN?M NB;N NB? MO<D?=N CM CH MIG? ?MJ?=C;F G;HH?L CH
PIFP?> IL CHN?L?MN?> CH NB? ;=NCIH I@ NB? P?L<½ §L LOAG;HH MCH>
'?>C;MIF=B?0?L<?H¼>C?CBL?H-=B;OJF;NTCH>?L-JBL?>?M-O<D?ENMB;<?H½
'?CFF?NM=BL?C<N¼5&7?M>•MCH?H=?MGIS?HH?MCH>CKO?HNKO?F?MOD?N
?MN CHN•L?MM• >ºOH? G;HC”L? J?LMIH?FF? ;O JLI=”M½ ?<?HMI ,?HIO ¼5&7;
PICRGIS?HH?;JIOL?GJFICJLIJL?>?G;LKO?LKO?Fº;=NCIH=IH=?LH?F?MOD?N
JFOM>CL?=N?G?HNKO?NION;ONL?J?LMIHH?½
O=B*;FG?LMJLC=BNF?NTNFC=BQC?>?L>;PIH>;MM¼CHNB?¹GC>>F?º
NB? ;=NCIH Q;M =IH=?CP?> ;M IJ?L;NCHA CH IL IH NB? MO<D?=N NB? ;=NCIH N;E?M
JF;=? CH NB? J?LMIH I@ NB? MO<D?=N NI NB? CHN?L?MN I@ NB? MO<D?=N ?N=½ tBHFC=B
B;ND;QC?I<?HTCNC?LN&SIHM;FM!LOH>@OHENCIH>?M'?>COGMPIL
A?M=BF;A?H¼NB;NNB?¹;=NCIHºIL¹MN;N?º;@@?=NMNB?MO<D?=NI@NB?P?L<ILBCMCH
N?L?MNM½ ?HP?HCMN? >?@CHC?LN >;M '?>COG ;FM >OL=B )JJIMCNCIH TOL PIH
CBG MI A?H;HHN?H ¼O‹?L?H C;NB?M? ENCP½ TO >?@CHC?L?H>? ¼CHH?L? C;
NB?M?½CH>?L>;M0?L<?CH?H¼*LIT?MM½;HT?CA?>?MM?H¼-CNT>;M-O<D?EN½M?C
QBL?H> >C? 0?L<?H CG ENCP ?CH?H ¼*LIT?MM <?T?C=BH?H >?L MC=B ;OMA?B?H>
PIG -O<D?EN OH> ;O‹?LB;F< M?CH?L PIFFTC?BN½ !;HT BHFC=B F;ON?N ;O=B >C?
?@CHCNCIHPIH?=B?LNG?CH?%OLMCP?
;M ENCP <?T?C=BH?N 57 >C? ?CH@;=B? PIG B;H>?FH>?H 1?M?H ;OMA?B?H>?
ENCIH >;M '?>COG >L§=EN ?CH? <?MIH>?L? ?N?CFCAOHA >?M -O<D?ENM ;H >?L
";H>FOHA;OM#G'?>COGMN?BN>;M-O<D?ENCG'CNN?FJOHEN>?M#HN?L?MM?MCG
ENCPHC=BN<?L?MQCL>MC=BT?CA?H>;‹>;MENCP;O=BJIMCNCP>;M'?>COG
;O=BH?A;NCP=B;L;EN?LCMC?LNM?CHE;HHMAC<N;FMITQ?CG;FTQ?C'¡AFC=BE?CN?H
#G ENCP QCL> >C? ";H>FOHA¸I>?L >?L ";H>?FH>? HC=BN¸ CG '?>COG >?L
";H>?FH>?¸I>?L>C?";H>FOHAHC=BN¸B?LPILA?BI<?H
-NLOHE
B;N>;HHP?LMO=BN>?L!?M;GN<?>?ONOHA>?M'?>COGMGCN
?ALC@@?H QC? ¼0?LB;FN?HMNLA?LILC?HNC?LNB?CN½ HB?L TO EIGG?H¸QIBF OG
>?H H>? >?L MC?<TCA?L $;BL? PIL ;FF?G PIH %??H;H JLI<F?G;NCMC?LN?H
0AF ?HP?HCMN? ¼;HM Fº;=NC@ F?M P?L<?M >•HIN?HN OH JLI=”M KOC Mº;==IGJFCN Œ
J;LNCL>OMOD?N?NBILM>?FOC;HMF?GIS?HKOC?MNF;>C;NB”M?Œ>•@CHCLJ;LIJJIMCNCIHF?
P?L<?CH>CKO?OHJLI=”M>IHNF?MOD?N?MNF?MC”A?½
*LI<F?GOH> L;A?MN?FFOHA
?ALC@@ ¼-O<D?EN½ TO P?LG?C>?H L M=BL?C<N >;MM >C? A?H?L?FF? OHENCIH >?M
CH>IA?LG;HCM=B?H '?>COGM >;LCH <?MN?B? ¼?CH >OL=B ?CH 0?L<OG <?T?C=B
H?N?M 0?LB;FN?H 0 Q?M?HNFC=B CH ?TC?BOHA TOG 0?LB;FN?HMNLA?L 0. TO
M?NT?H½ ;;) - OHN?L?L <M=BHCNN QI<?C ?L ¼0?LB;FN?H½ ;FM A?
G?CHM;G?H )<?L<?ALC@@ @§L ¼";H>FOHA?H½ ¼0ILAHA?½ OH> ¼4OMNH>?½ OH>
¼0?LB;FN?HMNLA?L½ ;FM ¼.LA?L ?CH?L ";H>FOHA ?CH?M 0ILA;HAM I>?L ?CH?M
4OMN;H>M½P?LMN?BN-ITC?GFC=B>;MM?F<?E;HHG;H;FF?L>CHAM§<?L;FF?0?L<?H
;OMM;A?HO=B?CH;ENCP?M0?L<M?NTN?CH<?T?C=BH?N?M¼0?LB;FN?H½Q?M?HNFC=B
CH ?TC?BOHA TO ?CH?G ¼0?LB;FN?HMNLA?L½ T?<?H ?CH? ;A?HNCP? ";H>FOHA
­KDQ­KLP¹?L?LM=BFOA>C?-=BF;HA?ºTO?CH?GA?HM KDQW”¹LM=BFA?L.¡N?Lº
';H @L;AN MC=B ;FMI QI <?C ?CH?L MIF=B?H !LOH>@OHENCIH >?M '?>COGM >;HH
§<?LB;OJN>?L/HN?LM=BC?>TQCM=B?H'?>COGOH>ENCPFC?A?HMIFFC??@CHC
NCIH>?L!LOH>@OHENCIH>?M'?>COGMPIH-NLOHE
CMN>?MB;F<?RNL?G
P;A?OH>HB?LNMC=B>?LPIH$?MJ?LM?HPILA?M=BF;A?H?HHMC=BN;H
>;MM >;M '?>COG ¼HI M?J?L;N? HINCIH;F =B;L;=N?L I@ CNM IQH½ B;<? Q;M G
PC?FG?BL ?CH CHA?MNH>HCM >?L /HQCMM?HB?CN CMN ;FM ?CH ?LHMNTOH?BG?H>?L
0ILM=BF;A
"?NNLC=BA?BNGCNM?CH?G/LN?CF§<?L>C?A?G?CHM;G?!?M;GN<?>?ONOHA>?L
&?M;LN?H¼.?CF@OHENCIH?H½>?M'?>COGMQC?>?LCH?CH?MO<D?EN<?TIA?H?<TQ
¼MO<D?ENL§=EQCLE?H>?½ ,C=BNOHA L M=BL?C<N PAF "?NNLC=B @ G?CH?
CH@§AOHA
C?M?G;HNCM=B?!?G?CHM;GE?CN>C?M?L5>?LJ;NC?HNCP?H&?M;LN7OH>;H>?L?L
.?CF@OHENCIH?H>?M'?>COGM<?MN?BN>;LCH>;‹>?L-;=BP?LB;FN;O@>;M-O<D?EN
TOL§=EQCLEN;O=BQ?HH?LHC=BN;OMM=BFC?‹FC=B;O@>C?M?M-O<D?ENBCHILC?HNC?LN
M?CHGO‹
O=B-N?GJ?FH?HHN>;M'?>COGQC?>?L¼MO<D?EN<?TIA?H?C;NB?M?½
C?CH>C?M?L"CHMC=BNMJ;HH?H>?OH>M=B;L@MCHHCA? L;A?>;H;=BI<>;M-O<
D?ENQ?HH?MGCN?CH?LENCP@ILGTOM;GG?HA?BN>?HH?CA?HNFC=BHC?CHN?L?MM
C?LNM?CCMNPIH!IH>;
;O@A?QIL@?HQIL>?H!IH>;
M?F<MN
M=BFAN MN;NN>?MM?H ;FM !?M;GN<?>?ONOHA >?M '?>COGM PIL >;MM ?M ;HT?CA?
>;MM¼;JLI=?MMCMN;ECHAJF;=?QCNBL?A;L>NIIL;@@?=NCHAB;JJ?HCHANI;J?L
MIH IL ; NBCHA½ !IH>; ;MM >;M '?>COG ?CH?H ¼0ILA;HA½
<?T?C=BH? ;H >?G >;M -O<D?EN ¼<?N?CFCAN CMN½ OH> >?L >;M -O<D?EN ¼;@@CTC?LN½
M=BL?C<N M=BIH ?F<L§=E OM >C?M?L ,C=BNOHA EIGG?H >;HH
M=BFC?‹FC=BQIBF;O=B>C?HMNT?PIH!INĹ%§GG?F
OH>;H
>?L?LCH?F<L§=EM.L;>CNCIHMN?B?H>?L#H>IA?LG;HCMN?H
';HE;HHHOLM;A?H>;MM?M>C?PILQC?A?H>?O@A;<?>?MENCPOGMCMN>C?
*?LMIH?HB;H>?FH>PILTOMN?FF?H?GA?A?H§<?L<?T?C=BH?N>;M'?>COG?CH?H
0ILA;HA ;H >?G >;M -O<D?EN <?N?CFCAN CMN ;<?C GOMM G;H @L?CFC=B <?>?HE?H
>;MM PIH >?L ";H>FOHA §<?L >?H 0ILA;HA TOG 4OMN;H> ?CH? EIHNCHOC?LFC=B?
&CHC?@§BLNMI>;MMG;HA?F?A?HNFC=BTQ?C@?FHE;HHI<?CH<?MNCGGN?M0?L<OG
CH>;M?CH?I>?L>;M;H>?L?PIHTQ?C!L?HTA?<C?N?HA?B¡LN-ICMN?MG;H=BG;F
M=BQ?L>?H0ILA;HAPIG4OMN;H>TOM=B?C>?H5757#H>?GBC?L;O@A?MN?FF
N?H?ALC@@>?M'?>COGMF;MM?HMC=BHOHA?TQOHA?HTQ?C-?CN?HOHN?LM=B?C>?H
HNQ?>?L HGFC=B E;HH >?L !?>;HE? >?L ?NB?CFCAOHA >?M A;HT?H -O<D?ENM
MNLE?L<?NIHNQ?L>?H>;MA?M=BC?BNCH>?G'?>COG>?L0?L<;GCN>IJJ?FN?L
C;NB?M? I>?L ?M E;HH >?L 0ILA;HA >C? @@CTC?LNB?CN >?M -O<D?ENM B?LPILA?
BI<?HQ?L>?H>;HH?HNMN?BN>?L!?>;HE?>?M*;MMCPOGM
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
tBHFC=B?M >?HEN CHH?LB;F< ?CH?M ;FFA?G?CHMJL;=BQCMM?HM=B;@NFC=B?H OH>
MJL;=BNSJIFIACM=B?H %IHN?RNM %F;CG;H -C? OHN?LM=B?C>?N ¼=LIMM
FCHAOCMNC=;FFS½ TQ?C ¼PIC=? MSMN?G NSJ?M½ ¼<;MC= PIC=? MSMN?GM½ PM ¼>?LCP?>
PIC=?MSMN?GM½¼;MC=PIC=?MSMN?GM½MCH>@§LMC?>C?D?HCA?HC;NB?M?HMSMN?G?
CH-JL;=B?HGCN?CH?G'?>COG>?LCH>IA?LG;HCM=B?HLN>C?MC=BCBLTO@IFA?
;FM ¼<;MC=½ A?A?H§<?L ¼>?LCP?>½ ;OMT?C=BH?H Q?CF CH >C?M?H FF?H HC=BN PIH
TOALOH>?FC?A?H>?H OH> NL;HM@ILGC?L<;L?H I>?L NL;HM@ILGC?LN?H -NT?H ;OM
A?A;HA?HQ?L>?HE;HH>;¼G?>C;F?-NT?½CH>C?M?H-JL;=B?HHC=BN¸QC?T
>C? >N *;MMCPEIHMNLOENCIH ?L QCL> A?N??LN OH> A?@?>?LN ¸ALOH>MNTFC=B IBH?
EE)<D EIHMNLOC?LN Q?L>?H G§MM?H ;FMI GCN EE I>?L EE)<D MN?B?H
E¡HH?HOH>>;M-O<D?EN?CH?M¼G?>C;F?H-;NT?M½>;B?LHC=BN;FMJLIGIPC?LN?M
)<D?EN ?CH?M TOALOH>?FC?A?H>?H -;NT?M GCN EE)<D <?M=BLC?<?H Q?L>?H
E;HH MC?B? I<?H1;M >C? !?M;GNM?G;HNCE >?L %;N?AILC? ¼'C>>F? 0IC=?½
;HA?BN MI MJLC=BN %F;CG;H QC?>?L PIH ?CH?L ¼;@@?=N?>H?MM I@ NB? MO<D?=N½
;MCMN?CH?CHM=BNTOHA>C?QC?QCLHOH<;F>M?B?HQ?L>?HE¡HH?HTOA;HT
?LB?<FC=B?H1C>?LMJL§=B?H<?CG;N?HG;N?LC;F@§BLN
)@NCMN;O=B;HA?HIGG?HQIL>?H>;MM>;M'?>COGA?A?H§<?L>?GENCP
?CH? ¼<?MIH>?L? A?@§BFMG‹CA? ?N?CFCAOHA >?M -O<D?ENM½ ;G >OL=B >;M 0?L<
;OMA?>L§=EN?H -;=BP?LB;FN <?CHB;FN? PAF T >C? ?@CHCNCIH PIH -=BQST?L
@@##
C?A?@§BFMG‹CA??N?CFCAOHA>?M-O<D?ENM;G0?L<;FCHB;FN>C?>;M'?>COG
A?A?H§<?L>?GENCPTOH=BMN;OM>L§=ENQCLENMC=BN?CFQ?CM?>OL=B-N?CA?LOHA
>?M0?L<;FCHB;FNM;OMCHN?HMCP?MI>?L>SH;GCM=B?M'?>COG
;A?A?H >;MM T ?CH MIF=B?LG;‹?H ¼>SH;GCM=B?M½ '?>COG QC? AL
QPMJUFºPNBJ;HA?<FC=B¹;AC?L?>SH;GCM=BJIFCNCM=B>B;FM§LA?Lº>?L;LNEF;L
OH> >?ONFC=B PIG TOA?B¡LCA?H ENCP QPMJUFºX ;HA?<FC=B HOL MN;NCP ¹<CH §L
A?Lº;<AL?HT<;LM?C;LAOG?HNC?LN;<?LFF;H
<?M
#N ;JJ?;LM NB;N .BO=S>C>?M OM?M NB? ;=NCP? PIC=? <INB CH NB? MN;NCP? G?;HCHA
¹<?;=CNCT?Hº;H>CHNB?;=NCPCNSG?;HCHA¹;=NJIFCNC=;FFSº
#BG TO@IFA? CMN 2?HIJBIH >?L ?CHTCA? ONIL >?L >C? '?>C;F@ILGCH HC=BN
J;MMCP?L&?M;LNH?<?H>?LENCP@ILG<?HONTN(;=BCHMC=BN>?L?F?A?M=BFOMM
@IFA?LNFF;H
.B?;=NCP?;H>NB?NQIGC>>F?ML?@?LNINB?M;G?MN;N?I@;@@;CLMCHL?;FCNS#@;CF
NIHINC=?;HSM?G;HNC=HO;H=?5 H7
;M *LI<F?G GCN >?L "SJINB?M? >?L A?@§BFMG‹CA?H ?N?CFCAOHA >?M -O<
D?ENM CMN >;MM MC? §<?LB;OJN HC=BN ;G ;N?HG;N?LC;F @;FMC@CTC?L<;L CMN Q;M
<?L?CNM@L§B?LM=BIH@?MNA?MN?FFNQOL>?!CF>?LMF??P?
L?T?HMC?LN-N;BF
>C?M<?T§AFC=BGCN@IFA?H>?HL?=BNM;LE;MNCM=B?H1ILN?H
0AF %F;CG;H ¼#H NB? ;H;FSMCM I@ >?LCP?> PIC=? MSMN?GM G;LE?> PIC=? =;N?AILC?M
CGJFC=;N? L?FFI=;NCIHM I@ ;LAOG?HNM ;GIHA JIMCNCIHM CH MNLO=NOL;F =IH@CAOL;NCIHM S
=IHNL;MN<;MC=PIC=?B;MMI@;L<??HJILNL;S?>JLCH=CJ;FFSCHN?LGMI@CNM<?CHAOH;G?H;<F?
NIMO=B;H;H;FSMCMNB;NCMCHN?LGMI@=B;L;=N?LCMNC=MCNF;=EM½C?M?F<?Q?CN?L;;)
¼*;MMCP?I@=IOLM?CM;NSJ?I@>?LCP?>>?NL;HMCNCP?=IHMNLO=NCIH½
0AF%F;CG;H¼#GC>>F?PIC=?MCAH;FMNB?MO<D?=NºM;@@?=N?>H?MM<INBCHNL;HMCNCP?
;H>CHNL;HMCNCP??RJL?MMCIHM½
*LI<F?GOH> L;A?MN?FFOHA
H> HIQ Q? B;P? =IG? NI QB;N # QIOF> @;CH =;FF NB? >LCJJ;H GC>>F? NB?
QBOEzLUIKGC>>F?NB?GC>>F?NB;NCMJON;NNB?<INNIGNI=;N=BNB?>LCJJCHAMI@
NB?INB?LOM?M;MNB?;<F;NCP?CMJONNI=;N=BNB?>LCJJCHAMI@NB?INB?L=;M?M#NCM
=;FF?>NB?CHN?HMCP?GC>>F?NB?>SH;GC=GC>>F?
;?MHOH;O=BCGᢛAP?>;OHG¡AFC=BCMN FF?PIH'?>C;F@ILG?H>C??CH?
¼A?@§BFMG‹CA? ?N?CFCAOHA >?M -O<D?ENM½ <?CHB;FN?H PIH TOA?B¡LCA?H E
NCP@ILG?H ;<TOAL?HT?H E¡HHN? ?M @;FM=B M?CH GCNBCF@? >C?M?M L?=BN P;A?H ?
>?ONOHAM;HM;NT?M A?A?<?H?H@;FFM ;H>?LM TO ?LEFL?H>? '?>C;F@ILG?H TO
=B;L;EN?LCMC?L?H M E¡HHN? MC=B <?CG MI A?H;HHN?H ¼>SH;GCM=B?H½ '?>COG
;FMIOG?CH?LN¼@OHENCIH;F? ;N;'ILA;H;½B;H>?FH$?HB?LG;H;FMI>?G
N;NM=BFC=B?H!?<L;O=BPIHALQPMJUFºPNBJEIGGN>?MNIQ?HCA?LFMMN?MMC=B
PIG TOA?B¡LCA?H ENCP QPMJUFºX ;<AL?HT?H¸OH> >C? IJJIMCNCP? &?M;LN ¼<?
MIH>?LM A?@§BFM<?N?CFCAN½ P?LM=BQCH>?N <?CG HB?L?H "CHM?B?H #H >?L PIL
FC?A?H>?H L<?CN QCL> A?H;O ;OM >C?M?G !LOH>? ;O@ ?CH? &?M;LN ¼>SH;GCM=B
OH> GCN <?MIH>?L?L A?@§BFMG‹CA?L ?N?CFCAOHA >?M -O<D?ENM½ P?LTC=BN?N I<
QIBF?MTOA?A?<?H?LG;‹?HHC=BNEIGJF?NN;OMA?M=BFIMM?HCMN>;MM?MMC?>I=B
A?A?<?HB;<?HE¡HHN?(OL<F?C<NMC?F?C>?LA;LHC=BN?LE?HH<;L
%?GG?L MJLC=BN CH CBL?L ?CH@FOMML?C=B?H MJL;=BNSJIFIACM=B ILC?H
NC?LN?H'IHIAL;JBC?¼.B?'C>>F?0IC=?½M=BFC?‹FC=B>;PIH>;MM>C?¼'C>>F?
0IC=?½ ?NQ;M GCN >?L ¼L?F;NCP?H F;<ILC?LNB?CN >?L L?CAHCMM?½ TO NOH B;<?H
MIFF?>BGCN>?G¼!L;>CH>?G>C? ;=?NN?HCH?CH?L<?MNCGGN?H-CNO;NCIH
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>;MM<?C>?H?LQBHN?H%IHMNLOENCIH?HGCN'?>C;F@ILG?HN?CFQ?CM?§<?LB;OJN
A;LE?CH¼-O<D?EN½PILB;H>?HCMN;O@>;MMC=B?CH?¼MO<D?EN<?TIA?H?½¼MO<D?E
NL§=EQCLE?H>?½¼MO<D?EN;@@CTC?L?H>?½I>?L¼MO<D?ENA?@§BFM<?N?CFCAN?½C;NB?M?
<?TC?B?H <TQ ;O@ >;M ?M L§=EQCLE?H E¡HHN? §L ?CH A?G?CHM;G?M M?G;H
NCM=B?M"SJ?LIHSG;O@>;M;FF?&?M;LN?H>?M'?>COGMCHH?LB;F<?CH?LE;N?AI
LC?FF?H !?M;GN<?>?ONOHAM<?MNCGGOHA TO <LCHA?H MCH> MCH> >C? I<?H ?L
QBHN?H0ILM=BFA?MSH=BLIH>?MELCJNCP<?NL;=BN?NA;HTOH>A;LOHTOFHAFC=B
M CMN QC? I<?H <?L?CNM ?LQBHN PILA?M=BF;A?H QIL>?H >;MM >C? ";OJN
@OHENCIH>?M'?>COGM>C?>?L0;F?HTL?>OENCIHM?CMITPIH';LAOFC•M
@§L >;M 4CN;N M I<?H &;ON FF;H AC<N ?M >C?M<?T§AFC=B ;F
F?L>CHAM?CH*LI<F?GGCN>?H'?>C;N;HNOGLM=BL?C<N¼F?;LFSNB?M?P?L<M
=;HHIN<?>?LCP?>@LIG;=NCP?JL?>C=;N?M<S;H;LAOG?HNL?>O=NCIHLOF?½FF;H
B;NP¡FFCAL?=BNQ?HH?L<?NIHN>;MM?CH?/HN?LM=B?C>OHACH¼)JJIMC
NCIHMG?>C;½ PM ENCP OH> '?>C; N;HNOG HC=BN >;L;O@ ;O@A?<;ON M?CH >§L@?
>C? ?LMN?L?H ;FM AL;GG;NCE;FCM=B TO <?Q?LN?H >C? TQ?CN?L?H CHM &?RCEIH TO
¼P?L<;HH?H½ M E;HH FF;H TO@IFA? ;FMI HC=BN >?L LC=BNCA? 1?A M?CH HOL >C?
¼)JJIMCNCIHMG?>C;½ ;HB;H> ?CH?L G?>C;F?H !?M;GN<?>?ONOHA PIG EN ;<
TOAL?HT?H ;<?L >C? ALI‹? %F;MM? >?L '?>C; N;HNOG ;O‹?HPIL TO F;MM?H #G
!?A?HN?CFGOMMG;H>C?'?>C;N;HNOGCH>?HTOM=B;@@?H>?H?ALC@@PIG'?
>COGGCN?CH@FC?‹?HF;MM?H#=BMNCGG?>?GTO
CH Q?CN?L?M *LI<F?G @§L >C? OHENCIH >?L ¼#HNL;HMCNCPC?LOHA½ CMN §<LCA?HM
>C?.;NM;=B?>;MM>C?)JJIMCNCIHM<CF>OHATCGFNALC?=BCM=B?HTOG?CMN?B?L
OGA?E?BLN P?LFO@N ?HH ?M AC<N PC?F? FF? PIH H?O?H D§HA?L?H NL;HMCNCP?H
NB?G;NCM=B?H ENCP@ILG?H >C? TO NB?G;NCM=B?H '?>C;F@ILG?H A?<CF>?N Q?L
>?HOG>C?E;OM;NCP?&?M;LN;OMTO>L§=E?HPAF>C?M<?T§AFC=B>C?.;<?FF?<?C
FF;H
GCN HPAFT
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œEX5=;OM7TOBIGœEPNBJPAFœTBUPCH)>¹?L@L?O?GC=Bº
NBeOX
NBeOPNBJ¹L;M?NI<?M=BQLG?º
QFºRX
QFºRPNBJ¹AF;O<?P?LNL;O?A?BIL=B?@IFA?º
C? NB?G;NCM=B?H ENCP@ILG?H FCHEM MCH> BC?L >C?D?HCA?H >C? MJL;=BBCM
NILCM=B L?F;NCP D§HA?L MCH> OH> MC? MJL?=B?H ?B?L >;@§L >;MM >;M ENCP CG
FNALC?=BCM=B?H CH >C?M?H FF?H ?CH?H E;OM;NCPC?L?H>?H B;L;EN?L B;NN? PAF
OHN?HCH%;JCN?FP?>ENCP ¯U­\DWLPM'?>¯U­\DWH?L?@OH>MJLC=BN;<?L
E?CH?M@;FFM>;@§L>;MM>;M'?>COGP;F?HTL?>OTC?L?H>CMN
O‹?L>?GQC?QCLI<?HM=BIHA?M?B?HB;<?HOH>CG IFA?H>?HQ?CN?LM?
B?HQ?L>?HMOHN?H%;JCN?F<M=BHCNN@@AC<N?MCH-JL;=B?HGCN?CH?G
'?>COG >?M BC?L <?MJLI=B?H?H .SJM QC? >?G >?M L§BP?>CM=B?H A;HT
ALOH>MNTFC=B ?CH *LI<F?G GCN >?G Q;M G;H ¼0;F?HT½ CG -CHH? PIH I<FCA;
NILCM=B?LHINQ?H>CA?L%IGJF?G?HNC?LOHA().H?HHN
¼5(7INILC?HN?>NINB?JLININSJC=;F;A?HN½%OLTIP
C? ;G Q?HCAMN?H JLI<F?G;NCM=B? !?M;GN@OHENCIHM<?MNCGGOHA >?M @L§B
P?>CM=B?H OH> B?NBCNCM=B?H OMQ '?>COGM OH> ;O=B >?M OLC>A ¼/LG?>C
OGM½ CMN >C? PIH %OLTIP >C? PILM=BFAN ¼NB? NLO? =IGGIH
M?HM? I@ NB? GC>>F?J;MMCP? CM MCAH;FCTCHA NB;N NB? P?L< CM HIN ILC?HN?> NI NB?
JLININSJC=;FMO<D?=N≡;A?HN½PAF?<?HMI*IINB
C? PC?F?H OHN?LM=BC?>FC=B?H &?M;LN?H >?M '?>COGM F;MM?H MC=B CHH?LB;F<
?CH?M JLININSJ?HM?G;HNCM=B?H HM;NT?M IBH? ?LHMNB;@N? *LI<F?G? ;O@ ?CH A?
G?CHM;G?M M?G;HNCM=B?M "SJ?LIHSG <TQ ;O@ ?CH? ?CHB?CNFC=B? ;<?L ?<?H
L?=BN OHN?LMJ?TC@CTC?LN? ;<MNL;EN? A?G?CHM;G? !?M;GN<?>?ONOHA <LCHA?H
O=B>C?¼?RL?@F?RCP?H½&?M;LN?HE¡HH?HBC?LOHN?L?L@;MMNQ?L>?H
C?M?G HM;NT TO@IFA? CMN >C? !?M;GN<?>?ONOHA >?M '?>COGM >?M @L§B
P?>CM=B?H.SJM;HTOT?CA?H>;MM>?LPIH>?L'?>C;F@ILG<?T?C=BH?N?-;=BP?L
B;FNPIG0?LOLM;=BOHAM<TQ.L;HMCNCPCNNMJLININSJ?H;<Q?C=BN
4O ?CH?G BHFC=B?H LA?<HCM EIGGN ;O=B FF;H CH M?CH?L /HN?L
MO=BOHA >?M '?>COGM CG FNALC?=BCM=B?H *LI<F?G;NCM=B <F?C<?H >ILN D?>I=B
>C? #HN?AL;NCIH >?L HC=BNL?@F?RCP?H E;OM;NCP?H CH>CL?EN E;OM;NCP?H &?M;LN¸
>C?T<?CALBIGdƒPNBJ¹B?CF?DG;=B?DA?B?CFNº?CH>?ONCAPILFC?AN¸>C?
>ILN HI=B @§L MJL;=BBCMNILCM=B M?EOH>L A?B;FN?H QCL> IBH? >;MM ?CH §<?L
T?OA?H>?L HNQC=EFOHAMJ@;> PILFC?AN 1IBF >?MQ?A?H QCL> >ILN ;O=B CGG?L
HI=B PIH ?CH?L G?>C;F?H !?M;GN<?>?ONOHA >?L ¼;@@?=N?>H?MM I@ NB? MO<D?=N½
;OMA?A;HA?H
-=BFC?‹FC=B MCH> M?G;HNCM=B ;G .L;HMCNCPCNNMJLININSJ?H ;OMA?LC=BN?N? >C;
NB?NCM=B? %;N?AILC?H >?L LN QC? MC? BC?L HI=B @§L >;M @L§BP?>CM=B? '?>COG
OH> ?LMN L?=BN @§L >;M OLC>A ¼/LG?>COG½ P?L;HM=BF;AN QCL> CHH?LB;F< >?L
PC?F?H -JL;=B?H >?L 1?FN HC=BN M?FN?H ;M B;N T CRIH ;H
B;H>>?MMIA?H;HHN?H¼HNCJ;MMCPM½>?L;OMNL;FCM=B?H-JL;=B?3C>CHS A?T?CAN
;@§L >;MM>;MALBIG*LMdƒPNBJ¹B?CF?DG;=B?DA?B?CFNº'?>COGN;HNOGCMN@CH>?N
MC=BMIHMNE?CH? LEFLOHACH?;ONI<?H?@;ENCP? I>?L JIMM?MMCPL?@F?RCP?%IGJIH?HN?CMN
;OMA?M=BFIMM?H
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
>;MBHFC=BQC?>;M'?>COGG?BL?L?OHN?LM=BC?>FC=B?&?M;LN?HB;N;HNCJ;MMCP
L?@F?RCP CH;HCGC?LN;A?HNCP OHCHN?HNCIH;F;ETC>?HN;F >OL;NCPEIHNCHO;NCP
CGJ?L@?ENCP C?M? &?M;LN?H E¡HH?H ¼57 ;FF <? ?RJF;CH?> ;M >?PC;NCIHM @LIG
NB?NL;HMCNCP?;=NCP?=IHMNLO=NCIHMQBC=BB;P?;HA?HNQCNBPIFCNCIH;F=IHNLIF
;H> ; MCHAF? =IGJF?N?> IL ;HNC=CJ;N?> ;=NCIH½ CRIH ;;) PAF "IJJ?L Þ
.BIGJMIH
*;FG?L@OMQ
#H>?HF?NTN?H$;BLT?BHN?HCMN;FMICHH?LB;F<>?L;FFA?G?CH?H-JL;=BQCMM?H
M=B;@N >;M Q;M CIHSMCIM .BL;R ¼'?>COG½ A?H;HHN B;N CHM<?MIH>?L? GCN
<?M;AN?H,?@F?RCP?HQC?TCH>N ?LM=BFANMC=BOH>HNCE;OM;NCP?HQC?T
CH>N >C?.§L¡@@H?N?MC=BCH0?L<CH>OHAA?<L;=BNQIL>?H-?FNM;GI>?LTO
GCH>?MN§<?LL;M=B?H>CMN>;HHHC=BNTOF?NTN>;MMOHN?L>?H?CMJC?F?HQzQIHB
EJzGRPSB yQPJITƒNIO yHSBZƒNIO >C? CIHSMCIM .BL;R @§L >;M '?>COG ;HAC<N
E?CH ?CHTCA?M ?CMJC?F >;<?C CMN <?C >?G G;H ?CH>?ONCA ?CH? L?@F?RCP? &?M;LN
@?MNMN?FF?H E;HH '?LEQ§L>CA CMN ?<?H@;FFM >;MM >C? ;FNALC?=BCM=B?H !L;G
G;NCE?L >C? >CL?ENL?@F?RCP? &?M;LN HC=BN OHN?L >;M ¼'?>COG½ A?MN?FFN B;<?H
MIH>?LH GCN >?H .?LGCHC QƒRPK OH> QBRIUJL› <?M=BLC?<?H B;<?H PAF >;TO
QC?>?LFF;H
HPAF>;M4CN;NI<?H
.B?N?LGMQƒRPK;H>QBRIUJL›;L?;JJFC?><S;H=C?HNAL;GG;LC;HMHINIHFSNI
NB?J;MMCP?CHNB?MNLC=NM?HM??AUºQUPNBJ¹#;G<?CHA<?;N?Hº<ON;FMINI>C
L?=N L?@F?RCP?M ?A yMPVTƒNIO ¹# Q;MB?> GSM?F@º JIFFIHCOM ';=LI<COM ;H>
BI?LI<IM=OMM??,CDEM<;LIHH&;FFIN#
(OHT?CA?H>C??CMJC?F?QzQIHBEJzGRPSByQPJITƒNIOyHSBZƒNIO>C?CI
HSMCIM.BL;R@§L>;M'?>COG;HAC<NL?=BN>?ONFC=B>;MMCIHSMCIM.BL;RGCN
¼'?>COG½ ?CA?HNFC=B ?CH? ¼G?>C;F? ?>?ONOHA½<?T?C=BH?N B;N >C? QC? CH ¹?M
CMN @?MN A?QIL>?Hº I>?L ¹C=B <CH TOALOH>?A?A;HA?Hº TQCM=B?H H•LA?C; OH>
*NBIM;HTOMC?>?FHCMNOH>;FMICG!?A?HM;NTTO¹C=BM=BF;A?ºE?CH?¼LC=BNCA?½
<TQ ?<?H E?CH? JLININSJCM=B? .NCAE?CN >B ?CH? .NCAE?CN ?CH?M >C? "H>?
OMQ<?HONT?H>?HA?HMGCN@@CTC?LNB?CN?CH?M *;NC?HMOH>CG!?A?HM;NTTO
¹C=BQ?L>?A?M=BF;A?HºE?CH?JLININSJCM=B?@@CTC?LNB?CN>B@@CTC?LNB?CN?CH?M
*;NC?HM>OL=B?CH?HA?HMCMNPAF>;TOIFFCHA?
5.7B?!L??E=BIC=?I@NB?;>D?=NCP?NzTI L?MNMIHNB?<;MCMI@;=IG<CH;NCIH
I@@?;NOL?M>C@@?L?HNCHN?LM?;H>L?MJ?=NCP?FSMB;L?><SNB?¹GC>>F?ºQCNB?;=BI@
NB?JIF;LN?LGM5C? H•LA?C;PM *NBIM7CHNB?PIC=?MSMN?G<ONHIN?RB;OMNCHA
NB?L;HA?I@@?;NOL?MI@;HSIH?PIC=?
#H>?LPILFC?A?H>?HL<?CNG¡=BN?C=B;OM>C?M?G!LOH>>;MQ;MCIHSMCIM
.BL;R GCN H•LA?C; <?T?C=BH?N B;N >B >C? ¼.NCAE?CN GCN 1CLEOHA½ I>?L
¼0?LOLM;=BOHA GCN 1CLEOHA½ Q?CN?L CHH?LB;F< ?CH?M JLININSJ?HM?G;HNCM=B?H
HM;NT?M PAF &;EI@@ Þ $IBHMIH OH> "IJJ?L Þ .BIGJMIH OMQ
<?NL;=BN?H M MIFF ;O=B A?T?CAN Q?L>?H >;MM >;M OLCH>IA?LG;HCM=B? ¼/LG?
>COG½ ?CH? P?L<;F? %;N?AILC? A?Q?M?H M?CH GOMM >?L?H ";OJN <TQ !?
M;GN<?>?ONOHAI>?L¼ OHENCIH½Q;L;HTOT?CA?H>;MM>?LPIG0?L<<?T?C=B
0AF%OFCEIP
QIMC=B@IFA?H>??@CHCNCIH@CH>?N¼¼5'7C>>F?½=;H<?=IHMC>?L?>;
L?MOFNI@;MSHN;=NC=G?LA?LI@M?P?L;F=FIM?FSL?F;N?>@LIG;@OH=NCIH;FJICHNI@PC?QFCH
AOCMNC==;N?AILC?MMO=B;ML?@F?RCP?J;MMCP?;HNC=;OM;NCP?;H>MIG?INB?LM½
*LI<F?GOH> L;A?MN?FFOHA
H?N? -;=BP?LB;FN HC=BN JLININSJCM=B NL;HMCNCP OH> CH >C?M?G JLININSJ?HM?G;H
NCM=B?H <TQ ¼>?PC;NCP?H½ ;<Q?C=B?H>?H -CHH? >;HH ¼>?NL;HMCNCP½ EIHTCJC?LN
QIL>?HCMNQIL;OMMC=BAF?C=B?LG;‹?H>C?;HMIHMN?HOHN?LM=BC?>FC=BMN?H;<?L
?<?H CG ?TOA ;O@ >C? <Q?C=BOHA PIG .L;HMCNCPCNNJLININSJ BHFC=B?H &?M
;LN?H ?LA?<?H NQ;M ;H>?LM ;FM <?CG <?L§BGN?H 1CNNA?HMN?CHºM=B?H -JC?F
?CMJC?F TO ;GCFC?HBHFC=BE?CNME;N?AILC?H QI ?M E?CH?H )<?L<?ALC@@ >B
A?G?CHM;G?H (?HH?L G?BL AC<N <TQ ?CH "SJ?LIHSG HC=BN ?LE?HH<;L CMN
QCL> BC?L M=BFC?‹FC=B @§L >;M '?>COG ;FM A?G?CHM;G?L (?HH?L ?CH? L?=BN ;<
MNL;EN?>BOHN?LMJ?TC@CTC?LN?!?M;GN<?>?ONOHA;HA?M?NTN>C?MC=B>OL=B?CH?
L?F;NCPBIB?M?G;HNCM=B?/HN?LJ?TC@C?LNB?CN¼*IFSM?GC?½;OMT?C=BH?N
;MM >;M OLCH>IA?LG;HCM=B? B?NBCNCM=B? ;FNCH>CM=B? ;FNALC?=BCM=B? NI=B;
LCM=B? OMQ '?>COG §<?LB;OJN D? ?CH? ?CHTCA? !LOH><?>?ONOHA <TQ !?
M;GN<?>?ONOHA B;NN? M?C MC? ;O=B HI=B MI ;<MNL;EN GOMM ?LMN ?CHG;F
ALOH>MNTFC=B;HA?HIGG?HQ?L>?H#=BP?LQ?CM?>C?M<?T§AFC=B;O@>C?G?NBI
>IFIACM=B?H?G?LEOHA?HPIH-;MM?
@G?CH?"?LPILB?<OHA
MCMN;L<?CNMBSJINB?NCM=BAALOH>MNTFC=B>;PIH;OMTOA?B?H>;‹?CH? ILGHOL
?CH? !LOH>@OHENCIH 57 B;N Q?CF >C? HH;BG? PIH *IFS@OHENCIH;FCNN
*IFSM?GC?I>?L"IGIHSGC? ;O@ >?>OENCP?H !LOH>?HNM=B?C>OHA?H <?LOBN OH>
>OL=BCBL?HIHIG;MCIFIACM=B?HB;L;EN?LCH>C?M?G-N;>COG?CH? ?BF?LKO?FF?
GCN MC=B <L=BN? #MN >;M !LOH>JLCHTCJ ?LGCNN?FN MI E;HH ?M TOG 4Q?=E ?CH?L
>?>OENCP?H <F?CNOHA OH> MIGCN LEFLOHA >?L 4OM;GG?HBHA? A?M?NTN Q?L
>?H
O=B Q?HH G;H HOH ;FMI ;O@ALOH> >?L L@;BLOHA?H GCN !L;GG;NCE;FC
MC?LOHAMJ@;>?HQC?I<?H<?M=BLC?<?H;HM?NT?H>;L@>;MMMC=B?CH?;<MNL;EN?
G?>C;F? !?M;GN<?>?ONOHA ;OM ?CH?L PIL>?G MJ?TC@CM=B?H EIHEL?N?H ¼OLNS
JCM=B?H½%?LH<?>?ONOHA?HNQC=E?FNB;NTCG ;FF?>?M-OLM?FPCM=B?H OMQ
;OM?CH?L,?@F?RCPEIHMNLOENCIHMICMN?MNLINT;FF?>?GCGG?LHI=BHINQ?H>CA
>C?MC=B>;>OL=B?LA?<?H>?;<MNL;EN?!?M;GN<?>?ONOHA;FMMIF=B?;HA?G?MM?H
A;HTB?CNFC=B TO ?L@;MM?H OH> TO <?M=BL?C<?H ;M B?CMMN >;MM @§L >;M '?>COG
;FMI?CH?MJ?TC@CM=B?EIHEL?N?%?LH<?>?ONOHAQC?T?CH?L?@F?RCP?%?LH<?
>?ONOHA;HTOM?NT?HPIH>?L;FF?§<LCA?H&?M;LN?H§<?LG?N;JBILCM=B?G?NI
HSGCM=B?I>?LBHFC=B?*LIT?MM?;<A?F?CN?NQ?L>?HE¡HH?H?CH?HHC=BN>;PIL
<?Q;BL?HE;HH>?LMC=B>;>OL=B?LA?<?H>?HB;<?H>?H;<MNL;EN?H!?M;GN<?
>?ONOHA?CH?H;HA?G?MM?H?H(;G?HTOA?<?HPAFA;HTCH>C?M?G-CHH?.;S
FIL
G?CH?"?LPILB?<OHAG?CH4OM;NT
0AF 1CNNA?HMN?CH ,IM=B Þ '?LPCM C? L;A? CMN ;FF?L>CHAM I< ;GCFC?HBH
FC=BE?CN QCLEFC=B ;FM tBHFC=BE?CN IBH? A?G?CHM;G?H (?HH?L <TQ &?M;LN?H)<?L<?ALC@@
<?M=BLC?<?HQ?L>?HMIFFN??C>?L?>?ONOHAPIH>N-JC?FE¡HHN?G;H;O=B>?H0ILM=BF;A
Q;A?H >;MM >;M -JC?F ?<?H >C? <Q?C=BOHA PIG *LININSJ?H >?L ?LHMNB;@NH§=BN?LH>?H
Q?HCAH?O;LNCA?HQ?HCAEL?;NCP?HOH>>OL=B(INQ?H>CAE?CN4Q;HAOH>LO=EA?JLAN?H
LQ;=BM?H?HB;H>FOHA <?CHB;FN?N "C?L<?C QL? >;M -JC?F ;FMI ?NQ;M >;M JLININSJCM=B?L
Q?CM? %CH>?L NOH OH> >;HH >C?D?HCA?H >C? HI=B ?CH <CMM=B?H MI B;H>?FH QC? %CH>?L >B
OHA?TQOHA?HEL?;NCPH?O;LNCAA?Q;ANGONCAQ?HCAH§=BN?LHQ?HCA?LHMNB;@NLCMCEIL?C=B
GCN M?F<MN?L@OH>?H?G ,?A?FQ?LE >;M HC=BN >?G >?L ,?;FCNN ?HNMJLC=BN OMQ OM@ M A<?
MIGCN @§L >N -JC?F ?CH? ;<MNL;EN? !?M;GN<?>?ONOHA ¼<Q?C=BOHA PIG *LININSJ?H >?L
?LHMNB;@N?HLQ;=BM?H?HB;H>FOHAOHN?LA?M?FFM=B;@NFC=B?G4Q;HA<TQLO=E½CH?<
Q?C=BOHAPIH4Q;HA<TQLO=E?LAC<N>;HH;O=B>C??>?ONOHAPIH -JC?FCH >C?'ONN?L
>?L-=BL;O<?B;NHI=B?CHQ?HCA-JC?F
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
.B? MO<MN;H=? I@ =LCNC=CMG ;JJ?;LM NI <? NB;N JLININSJ? NB?ILS @;CFM NI =IH
MNL;CHCH;JLCH=CJF?>Q;SNB?L;HA?I@JIMMC<F?M?HM?MNB;N;F?RC=;FCN?G5IL;
P?L<;F =;N?AILS7 G;S B;P? NB;N =IHM?KO?HNFS JLININSJ? ;==IOHNM N?H> NI <?
JOL?FS >?M=LCJNCP?L;NB?L NB;H ?RJF;H;NILS CH NB;NNB?S G?L?FS FCMN NB? P;LCIOM
M?HM?M L;NB?L NB;H >?LCPCHA NB?G @LIG A?H?L;F JLCH=CJF?M ;FMI NB;N NB? G?;H
CHAM JIMNOF;N?> <S JLININSJ? NB?ILCMNM ;L? OHH?=?MM;LCFS LC=B CH >?N;CF CH NB;N
NB?S =IHN;CH ;FFG;HH?LI@ =IH=?JNO;F CH@ILG;NCIH QBC=B CN CM=F;CG?> CM MOJ
JFC?>IHFSCHNB?JLI=?MMI@CHN?LJL?N;NCIHCH=IHN?RN;H>QBC=BNB?L?@IL?>I?M
HIN<?FIHANINB?FCHAOCMNC=G?;HCHAI@;QIL>
M CMN ;FMI F?NTN?H H>?M OH<?>CHAN H¡NCA >?H N;NM=BFC=B MSH=BLIH PIL
FC?A?H>?HG?>C;F?H&?M;LN?HCGBIFCMNCM=B?HA;HTB?CNFC=B?H-CHH?CH?H;FF?H
&?M;LN?H §<?LA?IL>H?N? ;<MNL;EN? ?ALC@@FC=BE?CN TO A?<?H ;O=B Q?HH >?L
MJL;=BBCMNILCM=B? OMA;HAMJOHEN >C?M?L ;<MNL;EN?H %;N?AILC? A?A?<?H?H@;FFM
CH?CH?LEIHEL?N?H%?LH<?>?ONOHAFC?A?HG;A?HH@CH>?NG;HE?CH?HM?G;H
NCM=B?H ?ALC@@ @§L >;M Q;M G;H <CMF;HA ¼'?>COG½ H?HHN MI B;N G;H E?CH?H
;HA?G?MM?H?HM?G;HNCM=B?H?ALC@@@§L?CH*BHIG?H>;MN;NM=BFC=BM?G;H
NCM=B?RCMNC?LNPAF@IFA?H>?M-=B?G;
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OMQ
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MA?H§AN;FMI HC=BN>?H?ALC@@¼'?>COG½¼'C>>F?0IC=?½IBH?Q?CN?L?
LFON?LOHA?H TO §<?LH?BG?H OH> CBH CH ?CHCA?H FF?H QIG¡AFC=B CLLN§G
FC=B?LQ?CM? ;OM ?CH?L EIHEL?N?H L?@F?RCP?H %?LH<?>?ONOHA QC? CH >N QM=BN
MC=BB?LTOF?CN?H-N;NN>?MM?HCMN?MOH<?>CHANH¡NCAOH>QC=BNCA>?H.?LGCHOM
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TO <?Q?LN?H >?L ?<?H HOL MI F;HA? P?LQ?H>?N Q?L>?H >;L@ <CM ?CH <?MM?L?L
M?G;HNCM=B?L?ALC@@A?@OH>?HCMN
1CL MCH> ;FMI H;=B ;FF >?H 0?LQCLLOHA?H OG >?H ?ALC@@ ¼'?>COG½ ;G
H>? QC?>?L ;O@ OHM ;FF?CH? A?MN?FFN C? AHACA?H ?@CHCNCIH?H TOL ?MNCG
GOHA>?LA?M;GN?H%;N?AILC?<?>?ONOHA>?M'?>COGMMCH>OHTOFHAFC=B¸OH>
>C? PC?FF?C=BN <?MN? ?M=BL?C<OHA >B >C? ;FM <Q?C=BOHA PIG .L;HMC
NCPCNNMJLININSJ?HCMN<CMF;HAG¡AFC=BQ?CM??CHQ?HCATOP;A?<TQ?CHQ?HCATO
OHA?H§A?H> ?LB?FFN MI >;MM G;H CBL <CMF;HA HI=B ;FFTO ME?JNCM=B A?A?H§<?L
A?NL?N?H CMN M <F?C<N OHM ;FMI HC=BNM ;H>?L?M §<LCA ;FM M?F<MN HI=B ?CHG;F TO
§<?LJL§@?HQ;M>?HH>C?!?M;GN@OHENCIHOH>>C?&?M;LN?H>?L'?>C;F@ILG?H
CG L§BP?>CM=B?H>?MᢛAP?>;MCH>
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?L?LMN?<M=BHCNN%;J>?M?RJF;H;NILCM=B?H.?CFMQC>G?NMC=B>;B?L>?L
?;HNQILNOHA >?L <?C>?H I<?H CG %;JCN?F ¼ L;A?MN?FFOHA OH> 4C?FM?NTOHA½
PIL;HA?MN?FFN?H L;A?H1?F=B? ;ENIL?H<TQQ?F=B?M?G;HNCM=B?H%IG
JIH?HN?H F¡M?H >C? 1;BF ?CH?L '?>C;F@ILG ;OM OH> Q?F=B? @§BL?H TOL 1;BF
?CH?L ENCP@ILG &MMN MC=B ?CH A?G?CHM;G?L )<?L<?ALC@@ @CH>?H OHN?L
*LI<F?GOH> L;A?MN?FFOHA
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ACM=B?H ';LEC?LNB?CN ALOH>MNTFC=B A;HT ;H>?LM ;FM >;M >?ONM=B? *;MMCP '?
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HT;BF ;H P?LQ?H>?N?H 'ILJB?G?H QC? ENCPEIHMNLOENCIH?H ;A?A?H MCH>
*;MMCPEIHMNLOENCIH?H CG ?ONM=B?H GILJBIFIACM=B >?ONFC=B EIGJF?R?L OH>
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GILJBIFIACM=B>?ONFC=B;H>?LM;FM?CH>?ONM=B?M*;MMCP'?>C;FEIHMNLOENCIH?H
MCH> Q?>?L I<FCA;NILCM=B ¼EIHMNLOENCIHMCHNL;HMCNCP½ HI=B I<FCA;NILCM=B ¼EIH
MNLOENCIHMNL;HMCNCP½ MC?B? I<?H >C? ?CMJC?F? H>?LM ;FM >;M *;MMCP CMN >;M
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F?CN?N?½C;NB?M?HE;N?AILC?!;HTCH>C?M?G-CHH?H?HHN%F;CG;H?CH
C;NB?M?HMSMN?G GCN ENCP PM '?>COG ¼<;MC= PIC=? MSMN?G½ ?GA?A?H§<?L
H?HHNMC??CHC;NB?M?HMSMN?GGCN*;MMCPJ?LCJBL;M?QC?CG?ONM=B?H¼>?LCP?>
PIC=? MSMN?G½ ¹;<A?F?CN?N?M C;NB?M?HMSMN?Gº PAF %F;CG;H G?CH?
4OMNT?
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MCPCT;NCIH .B;N CM NB? ;FN?LH;NCIH I@ PIC=?M 5SLQYDWL PM SLQYDWH7 L?@F?=NM HI L?
G;JJCHA IL L?;MMCAHG?HN I@ ;LAOG?HNM ;GIHA L?F;NCIH;FMNLO=NOL? MN;NOM?M
'IL?IP?LNB?L?CMHIALIOH>@IL=IHMC>?LCHA5SLQYDWL7>?LCP;NCIH;FFSGIL?<;MC=
57NB;H5SLQYDWH757==IL>CHAFS;=NCP?GC>>F?MSMN?GM;L?I@;>CMNCH=NNSJ?
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';H <?;=BN? >;MM BC?L HOL CGJFCTC?LN CMN >;MM <?C>? C;NB?M?H ;FMI ;O=B >;M '?>COG
¼<;MC=½MCH>HC=BN>;MM>;M'?>COGCLA?H>QC?TOALOH>?FC?A?H>?L¼GIL?<;MC=½QL?
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
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E;FCM=B >?LCP;NCP L?M?LPC?LN #=B H?HH? ?CH C;NB?M?HMSMN?G QC? >;M >?M
?ONM=B?H >;B?L ¼>?;ENCP?M½ C;NB?M?HMSMN?G OG <?ALC@@FC=B >;LTOMN?FF?H
>;MM?MMC=B<?C>?LENCPEIHMNLOENCIHOG?CH?GILJBIFIACM=B?CH@;=B?L?>B
Q?HCA?L EIGJF?R? OH> ¼TOALOH>?FC?A?H>?½ C;NB?M? B;H>?FN PIH >?L ;OMA?
B?H> >C? *;MMCPEIHMNLOENCIH GILJBIMSHN;ENCM=B ;<A?F?CN?N QCL> ?G
A?A?H§<?L H?HH? C=B ?CH C;NB?M?HMSMN?G QC? >;M >?M @L§B?H 0?>CM=B?H <TQ
FNCH>CM=B?H¼>O;F?MOH>CMIGILJB?MMNLOENOLAF?C=B?MC;NB?M?HMSMN?G½
¼;MC=½PM¼?LCP?>0IC=?½>?;ENCP?C;NB?M?
#H-JL;=B?HGCN>?;ENCP?L¼>?LCP?>½*;MMCPJ?LCJBL;M?QC?<?CMJC?FMQ?CM?
CG?ONM=B?HOH>CGHAFCM=B?HE;HHG;H<?E;HHNFC=B?CHC;NB?M?HCHN?L;E
NCIHMP?LB;FN?HPIH4OQ?CMOHA?H<?MNCGGN?LM?G;HNCM=B?L,IFF?HQC?T>?L
A?HM *;NC?HMLIFF? OMQ I>?L MJ?TC@CM=B?L M?G;HNCM=B?L %IGJIH?HN?H QC?
T 5=;OM7 TO <?>?ONOHAMNL;A?H>?H CHB?CN?H <TQ %IHMNLOENCIH?H ;O@
OHN?LM=BC?>FC=B?H<?H?H<?I<;=BN?H
§L >C?M? 4OQ?CMOHA?H TO OHN?LM=BC?>FC=B?H <?H?H Q?L>?H BC?L >C? ?
ALC@@? ¼F?RCE;FCM=B? C;NB?M?½ &2# PM ¼AL;GG;NCE;FCM=B? C;NB?M?½
!,'# PM ¼MSHN;ENCM=B? C;NB?M?½ <TQ ¼%IHMNLOENCIHM>C;NB?M?½
<?CMJC?FMQ?CM? >C? >?L MSHN;ENCM=B?H %IHMNLOENCIH 55(IG EE77 ?CHA?
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<?HQC?T>N<L?=B?H?HAFNIALIQ>C?>?LBC?LP?LNL?N?H?H?HHMC=BNH;=B
E?CH? F?RCE;FCMC?LN? A?HM I>?L 0?LOLM;=B?LLIFF? MIH>?LH F?>CAFC=B ?CH? F?RC
E;FCMC?LN? *;NC?HMLIFF? <?CHB;FN?H ;<?L BCHMC=BNFC=B >?L M?G;HNCM=B?H %IGJI
H?HN? 5=;OM7 F;<CFOHN?LMJ?TC@CTC?LN MCH> OH> >?G?HNMJL?=B?H> F?RCE;FCM=B
;O=BE?CH?0?LOLM;=B?LLIFF?;OMM=BFC?‹?H §LMIF=B? FF?QCL>BC?L>;M%§L
T?F 5g=;OM7 P?LQ?H>?N HNMJL?=B?H> ?LAC<N MC=B CH >C?M?H FF?H QC? T <?C
>N <L?=B?H ;<<L?=B?H >C? ?@BCAOHA TOL *;MMCPJ?LCJBL;M? GCN A?HM?L
Q?CN?LOHA QC? CH >N >?L 4Q?CA QOL>? PIH CBG ;<A?<LI=B?H ?LMN MSHN;ENCM=B
>OL=B >C? PIH >?L ¼NL;HMCNCP?H ;MCMEIHMNLOENCIH½ ., PILA?A?<?H? CG
-CHH?>?LM?G;HNCM=B?H%IGJIH?HN?5=;OM7E;OM;NCP?¼%IHMNLOENCIHMM?G;H
NCE½>?LMSHN;ENCM=B?H%IHMNLOENCIH55(IGEE77
OL=B>C?<?MIH>?L?-?G;HNCE>?L%IHMNLOENCIH55(IGEE77QCL><?C
0?L<?HQC?>N <L?=B?H;<<L?=B?HI>?L?HAF NIALIQ>C?,IFF?0?LOLM;=B?L
A?HM MSHN;ENCM=B BCHTOA?@§AN <TQ ;>>C?LN >;B?L MN?BN >C?M? ,IFF? OHN?H CH
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*;NC?HMLIFF?TOA?QC?M?H
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0AF&?PCH
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MN;N?CH;HINB?LJ;LNC=CJ;HN57½PAFIQNSPAF%;JCN?F;
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?CH? F?RCE;FCMC?LN? A?HMLIFF? ;<?L E?CH? F?RCE;FCMC?LN? *;NC?HMLIFF? ;O@Q?CM?H
1?HH 0?L<?H IBH? F?RCE;FCMC?LN? *;NC?HMLIFF? QC? ?HAF NI G;L=B NI LOH OMQ
;<?L F?RCE;FCM=B E?CH? ¼0?L;HF;MMN?L;OM??A?HM,IFF?½ ;OMM=BFC?‹?H E;HH
>?L (IGCH;NCP@ILG >C? 0?LOLM;=B?LLIFF? TOA?QC?M?H Q?L>?H OH> >OL=B ?CH?
BCHTOA?@§AN? EEOM;NCP@ILG E;HH >;HH >C? ¼/H>?LAI?L,IFF?½ MJ?TC?FF >C?
¼;OM??A?HM,IFF?½ ?CHA?@§BLN Q?L>? ;M E;HH §<LCA?HM CG ?ONM=B?H
QC?>?LOGMJL;=BMJC?F?LCM=BTO>;PIH;<A?F?CN?N?H*;MMCPEIHMNLOENCIH?HQC?>N
?L B;N CBH A?A;HA?H ȳ ?L CMN A?A;HA?H QIL>?H ¹?L CMN P?L;HF;MMN QIL>?H TO
A?B?Hº@§BL?HIBH?>;MM>C?TOALOH>?FC?A?H>?%IHMNLOENCIHAL;GG;NCE;FCM=B
<TQAHACAM?CHGOMM
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>?H?H >OL=B >C? E;OM;NCP? ?>?ONOHA >?L ¼NL;HMCNCP?H ;MCMEIHMNLOENCIH½ GCN
>CL?EN?G )<D?EN ) B? G;L=B?> NB? MIF>C?LM MSHN;ENCM=B >C? 0?LOLM;=B?L
A?HMOH>¼;OM??,IFF?½¼0?L;HF;MMN?LA?HM,IFF?½?CHA?@§BLNQCL>
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*;MMCP GCN A?HM?LQ?CN?LOHA PIH CBG OMQ <CF>?H Q?CF >?L F?RCE;FCMC?LN?H
A?HLIFF? >C? %IGJIH?HN? 5=;OM7 @?BFN OH> >C?M? A?HMLIFF? >;B?L CHEIG
J;NC<?FGCN>?L%IGJIH?HN?5=;OM7>?L¼%IHMNLOENCIHMM?G;HNCE½>?LMSHN;E
NCM=B?H%IHMNLOENCIH55(IGEE77CMNH>?L?0?L<?HQC?T ?HNMN?B?H
L?AH?H>;A?A?H>C??<?H@;FFME?CH?F?RCE;FCMC?LN?A?HMLIFF?<TQE?CH?0?LOL
M;=B?LLIFF?;O@Q?CM?HOH>;HNCE;OM;NCPMCH>MCH>;H>?LM;FM>N<L?=B?H;O=B;FM
MIF=B? A;HT CHEIGJ;NC<?F GCN >?L >OL=B >C? %IHMNLOENCIHMM?G;HNCE >?L %IH
MNLOENCIH 55(IGEE77 ?CHA?@§BLN?H A?HM <TQ 0?LOLM;=B?LLIFF? -C?
E¡HH?H Q?>?L ?CH? OHJ?LM¡HFC=B? HI=B ?CH J?LM¡HFC=B? *;MMCPEIHMNLOENCIH
<CF>?H
;M Q;M BC?L ¼NL;HMCNCP? ;MCMEIHMNLOENCIH½ ., A?H;HHN QCL> B;N CH
-JL;=B?H PIG C;NB?M?HNSJ >?M ?ONM=B?H ;FMI >?@;OFNG‹CA >C CH MN;LE?L
L?KO?HT >C? M?G;HNCM=B? %IGJIH?HN? 5=;OM7 <?L ;O=B <?C JMS=BCM=B
?GINCIH;FEIAHCNCP?H -;=BP?LB;FN?H <TQ MIA?H;HHN?H ¼*MS=B0?L<?H½ QC?
T D?NQ?LE?HH?HD?NQG¡A?H D?NQM?B?H@CH>?N?HNQ?>?L?CH?TOA?A?
<?H?LG;‹?HA;HTA?LCHA@§ACA?G?N;JBILCM=B?0?LOLM;=BOHA?CH?MG?BLI>?L
Q?HCA?LMC=BN<;L?H<TQE;OGQ;BLH?BG<;L?HJMS=BCM=B?GINCIH;FEIAHCNCP?H
@@?ENMMN;NNMI>;MM>C?M?-;=BP?LB;FN?>?G?HNMJL?=B?H>?<?H@;FFM;FMHI=B?CH
?CHCA?LG;‹?H5=;OM7A?FN?HE¡HH?HI>?LMC?Q?L>?H;FML?T?JNCP?0?L<?HQC?
D?NQ H?BG?H ;O@H?BG?H P?LH?BG?H <?B;H>?FN >C? ?CH? A?HM OH>
,?TCJC?HN?HLIFF? OH> ?CH? ,IFF? ¼.B?G?½ <?CHB;FN?H C?M? 0?L<?H E¡HH?H
MIGCN ;O=B ?CH? *;MMCPEIHMNLOENCIH <CF>?H QI<?C ?HNQ?>?L >C? 0?LOLM;
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
=B?LLIFF?>B>C?-NCGOFOMLIFF?I>?L;<?L>C?RJ?LC?H=?LLIFF?>?GIPC?LNMSH
N;ENCM=B;OMA?>LHANQCL>D?H;=B>?GQ?F=B?,IFF?>?G-O<D?EN>?L¼NL;HMC
NCP?H;MCMEIHMNLOENCIH½.,TOA?QC?M?HQOL>?
; ?LQOL>?PIHD?LE;HHN
RJ?LC?H=?LLIFF?>?GIPC?LN
< ?LQOL>?PIH?NQ?LM=BL?=EN
-NCGOFOMLIFF?>?GIPC?LN
/G ?CH CF> PIH >?L CHH?L?H -NLOENOL >?M P?L<;F?H &?RCEIH?CHNL;AM CH
-JL;=B?HPIGC;NB?M?HNSJ>?M?ONM=B?HTO?LB;FN?H@IFANHOHOHN?HCH>?L
CAOL;FM?CMJC?F>;M-=B?G;>?MP?L<;F?H&?RCEIH?CHNL;AM>?M?ONM=B?H;G
?CMJC?F PIH M;F<?H "C?L MN?BN >C? ENCP@ILG #H@ EN M;F<?H ;FM @ILG;F?M
*;LMJLĹNĹNĹ @§L >?H A?M;GN?H &?RCEIH?CHNL;A @§L >;M ¼&?R?G½ OH> >C?
*;MMCPJ?LCJBL;M? QCL> P?LGCNN?FM ?CH?L %IHMNLOENCIH GCN ORCFC;L Q?L>?H
QCL> JFOM *;LNCTCJ **5*7 A?M;F<N PIG ENCP ¼>?;ENCP½ ;<A?F?CN?N <TQ
PIH>?L;ENCP?H;MCMEIHMNLOENCIHGILJBIMSHN;ENCM=B;<A?F?CN?N;MORC
FC;L Q?L>?H QCL> M?F<MN QC?>?LOG B;N ?<?H@;FFM ;ENCP? *?LMIH;F?H>OHA?H
B ?M AC<N E?CH? ¼J;MMCP?H *?LMIH;F?H>OHA?H½¸F?>CAFC=B ?CH? *;M
MCPJ?LCJBL;M?GCNBCF@?PIHENCP?H>OHA?HOH>*;LNCTCJ;M*;MMCPCMNMIGCN
QC?A?M;AN?CH?¼>?;ENCP?½>BPIGENCP¼>?;ENCP½;<A?F?CN?N?C;NB?M?#G
?ONM=B?HE¡HH?HQCLTQ?C#H@CHCNCP? D?G;H>?HM;F<?HPM PIHD?G;H>?G
A?M;F<N Q?L>?H <CF>?H >C? ;FM ¼C;NB?M?*;;LOHA½ ?CH?G &?RCEIH?CHNL;A
D?G;H>?HM;F<?HOHN?LMN?FFNQ?L>?H?L#H@CHCNCPENCPQCL>>;<?CQC?>?LOG
;FM*;LMJLĹNĹNĹ>;M&?R?GA?M?NTN
CAOL&?R?GMNLOENOLPIH>NM;F<?H
1OLT?F
M;F<EIAHCNCP?M-=B?G;51OLT?F-&7
ɅɃɃɃɃɌɃɃɃɃɃɃɃɃɃɃɃɃɃɆ
(IGCH;FF?R?G-;F<?
&?RCEIH?CHNL;A0?L< DM;F<-=B?G;50?L<-&(7
ɉɃɃɃɃɃɃɃɃɃɆ
¼ENCPMN;GG½ ȳ;<A?F?CN?N?L¼*;MMCPMN;GG½
PIHDA?M;F<NQ?L> DM;F<
Ʉ
Ʉ
ENCP@ILG?H ȳ*;MMCP@ILG?H
DM;F<?HM;F<N
QCL>PIHDA?M;F<N ;M -=B?G; >?M &?RCEIH?CHNL;AM LC=BN?N MC=B @IFA?LC=BNCA H;=B >?L ?>?O
NOHA >?M ¼ENCPMN;GGM½ D M;F< Q?CF >?L ¼*;MMCPMN;GG½ PIH D A?M;F<N
Q?L> F?>CAFC=B?CH?<F?CNOHABC?LGCN>?G*@?CFȳ>;LA?MN?FFN>;LMN?FFN>C?
>C? <?CG ENCPMN;GG PILB;H>?H?H? F?RCE;FCM=B? ¼,IFF?H%;MOMCF>OHA½ M
%;J ; P?LH>?LN <TQ ;H>?L?H %;MOM TOIL>H?N C? P?L<;F? ?>?ONOHA ;H
MC=B >?L MIA?H;HHN? ¼JLIJIMCNCIH;F? #HB;FN½ <TQ >C? F?RCE;FCMC?LN?H M?G;H
NCM=B?H,IFF?HQ?L>?HGCNBCF@?>?L*;MMCP>C;NB?M?HC=BNP?LH>?LNHOL;H>?L?H
%;MOM<TQ?CH?L;H>?L?H%;MOM%IHMNLOENCIHTOA?IL>H?N?L-N;GG M;F<?H
B;N CG ?ONM=B?H ;FMI D?Q?CFM ?CH? F?RCE;FCMC?LN? A?HMLIFF? OH> ?CH? *;NC?HM
*LI<F?GOH> L;A?MN?FFOHA
LIFF? ?L ¼ENCPMN;GG½ M;F<?H ¼L?AC?LN½ >OL=B >C? 0;F?HTL?F;NCIH >?L ¼@IL
G;F?H-J?TC@CTCNN½ )-*PAF$;=I<M>?HEE>?L;FF?L>CHAMCHH?LB;F<
>?L";<CNO;FCM%IHMNLOENCIH?LM;F<NCGG?LPC;)<D?EN)GGCMMCIH;OMF;MM<;L
CMN?L(IG<?CHB;FN?N<?CG¼ENCPMN;GG½?CH?A?HMLIFF?OH>>?GEECMN
>C?*;NC?HMLIFF?TOA?QC?M?HC?*;MMCP>C;NB?M?>?GIPC?LN>C?A?HMLIFF?<TQ
0?LOLM;=B?L,IFF? I>?L -NCGOFOM,IFF? OH> <?C ¼*MS=B0?L<?H½ ;O=B ?CH?
RJ?LC?H=?L,IFF? CHM EIHN?RNO?FF G;LACH;F? >B >C? >LHAN >C? A?HMLIFF?
<TQ 0?LOLM;=B?L,IFF? ;OM >?L .IJCE OHENCIH >?NIJCE;FCMC?LN MC? C?
A?HMLIFF?<TQ0?LOLM;=B?L,IFF?CMN;<?LCGG?LHI=BCGJFCTCNGCNEIHTCJC?LN
MQCL>BC?LM=BFC?‹FC=BPIHCHH?LB;F<>?L0?L<M?G;HNCE¼PIL@?MNA?F?AN?H½
F?RCE;FCMC?LN?H M?G;HNCM=B?H ,IFF?H A?HM OH> *;NC?HM A?MJLI=B?H >C? ?CH?L
¼NL;HMCNCP?H;MCMEIHMNLOENCIH½(IGJFOMEETOA?QC?M?HQ?L>?H>C?QC?>
?LOG >OL=B CBL? ¼%IHMNLOENCIHMM?G;HNCE½ >C? M?G;HNCM=B? %IGJIH?HN?
5=;OM7 <?CHB;FN?N >B ?CH? ;< D?NTN MI A?H;HHN? ¼,IFF?H;H%;MOM
4OQ?CMOHA½<TQ¼,IFF?H%;MOMCH>OHA½,%;O@Q?CMN
.;<?FF?
>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
>?LNL;HMCNCP?H;MCMEIHMNLOE
NCIH.,
C=B
B;O?
A?HM
࿛
(IGCH;NCP
-O<D(IG ࿛
=NIL;OM?L
5=;OM7 >C=B
*;NC?HM
࿛
EEOM;NCP
>CL)<DEE
࿛
/H>?LAI?L
; >?ONM=B? 0?L<;FF?R?G? BCHMC=BNFC=B ?CH?L PILB;H>?H?H I>?L HC=BN PIL
B;H>?H?H A?HMLIFF? <TQ BCHMC=BNFC=B >?L ¼JLINI;A?HNCP?H½ %IGJIH?HN?
I>?L ¼;MCMLIFF?½ 5=;OM7 ;O‹?L ?<?H <?C FF?H QC? >N <L?=B?H CG !LIM >?L
FF? MJ?TC@CTC?LN >B ?HNQ?>?L 5=;OM7 I>?L ;<?L 5·=;OM7 MCH> FMMN MC=B BC?L
A;HT;FFA?G?CH§<?L>C? OHENCIH>?L¼*;MMCP;<F?CNOHA½;OMM;A?H>;MMMC??<?H
>C? CHH?LB;F< >?L 0?L<M?G;HNCE F?RCE;FCMC?LN? I>?L ;<?L QC? <?C >N <L?=B?H
MSHN;ENCM=B ?CHA?@§BLN? A?HM <TQ 0?LOLM;=B?LLIFF? ¼>?GIPC?LN½ <TQ >?
NIJCE;FCMC?LN>B<?C>?GQIL§<?LA?MJLI=B?HQCL><TQQILOG?MA?BNG;L
ACH;FCMC?LN OH> Q?HH Q?AA?F;MM?H >?MJ?TC@CTC?LN <TQ >?L?@?L?HNC;FCMC?LN CG
J?LMIH;FCMC?LN C? O@A;<? >?L *;MMCP>C;NB?M? CMN ?M ;FMI ¼5NI7 >?GIN? NB?
;=NCP? MO<D?=N ;H> MCAH;F NB;N QB;N?P?L CM NB? MO<D?=N CM HIN NB? ;A?HN½#G
;FF? >?L F?RCE;FCM=B 5=;OM7 E;OM;NCP?H ;A?HNCP?H 0?L<?H QC? T >N
?NQD @FF?H QCL> >;<?C >C? A?HMLIFF? >?NIJCE;FCMC?LN OH> >?MJ?TC@CTC?LN #G
HM=BFOMMQCL>>C?F?RCE;FCMC?LN?*;NC?HMLIFF?I>?L>C?,IFF?¼.B?G?½I>?L>?L
0?L;HF;MMN?>;M0?LOLM;=BN?OMQNIJCE;FCMC?LN#G ;FF?>?LF?RCE;FCM=B5·=;OM7
;HNCE;OM;NCP?H ;A?HNCP?H 0?L<?H QC? T >N N;HT?H QCL> >C? A?HMLIFF?
>?NIJCE;FCMC?LNOH>>?MJ?TC@CTC?LNCGJ?LMIH;FCMC?LNPAF
-I&?BG;HH
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
; ?LB;N>?H;OGA?@FFN5=;OM7 ȳ>?L;OGCMNA?@FFNQIL>?H
< MC?B;<?HA?N;HTN5·=;OM7
ȳ?MCMNA?N;HTNQIL>?H ;M MCH> TQ;L TQ?C P?LM=BC?>?H? LN?H PIH ¼*;MMCP?H½ G;H E;HH MC? ;<?L
TOM;GG?HMN?FF?HQ?CFMC?AF?C=BG;LEC?LNQ?L>?HOH>>?L!LOH>@§L>C?AF?C
=B? ';LEC?LOHA CMN >C? BHFC=B? OHENCIH >C? >;LCH <?MN?BN >?H A?HM
?HNQ?>?L ;OMTO>LHA?H I>?L TO ¼CGJ?LMIH;FCMC?L?H½ QI<?C ¼CGJ?LMIH;FCM
C?L?H½?<?HHOL?CH?LN/HN?L;LN>?LA?HM';LACH;FCMC?LOHACMN
C? MIA?H;HHN? ¼MSHN;ENCM=B? *LIGINCIH½ ?CH?M TOALOH>?FC?A?H>?H EE
)<D I>?L >CL?EN?H )<D?ENM TOG ¼NL;HM@ILGC?LN?H -O<D?EN½ A?BN >;GCN <?C
TOALOH>?FC?A?H>?H0?L<?HGCN%IGJF?G?HNCGEE?CHB?L?<?HQ?CF<?C>?L
?NIJCE;FCMC?LOHA >?L A?HMLIFF? <TQ 0?LOLM;=B?L,IFF? I>?L RJ?LC?H=?L
,IFF??L>C?*;NC?HMLIFF?>?L;OGI>?L?CH?;H>?L?,IFF?T?CH¼-NCGO
FOM½ D ?LE;HHN? CBH ȳ ?L QOL>? PIH D ?LE;HHN NIJCE;FCMC?LN OH> >;>OL=B
¼MO<D?ENG;LEC?LOHAM@BCA½ QCL> 'CN ;H>?L?H 1ILN?H >C? *;MMCPC;NB?M? CMN
B;OJNM=BFC=B @§L ¼;A?HNCPE;OM;NCP?½ I>?L E;OM;NCP? 5=;OM7 0?L<;FF?R?G?
>;¸OH>TQ;LB;OJNM=BFC=B>;@§L>C?F?RCE;FCMC?LN?A?HMLIFF?<TQ0?LOLM;
=B?L,IFF? OH> AA@ >C? RJ?LC?H=?L,IFF? TO G;LACH;FCMC?L?H OH> >?MJ?TC
@CTC?L?H OH> >C? F?RCE;FCM=B OH> MSHN;ENCM=B ¼TOALOH>?FC?A?H>?½ ¼,IFF?H
%;MOMCH>OHA½,%TOP?LH>?LH
C? '¡AFC=BE?CN <TQ ?@BCAOHA TOL ¼*;MMCP<F?CNOHA½ BHAN ;FMI
ALOH>MNTFC=B PIH CHB;FNFC=B?H OH> @ILG;F @?MNA?F?AN?H -J?TC@CTCNN?H ;< >C?
TOM;GG?HA?HIGG?H >C? MIA?H;HHN?H ¼?AF?CN?L<CH>OHAM<?TC?BOHA?H½ 0;F?HTL?F;NCIH?H >?L 0?L<M?G;HNCE >?L D?Q?CFCA?H 0?L<?H <CF>?H /H> CG
;FF?>?M?ONM=B?HCMN>;HHD?H;=BCHB;FNFC=B?LOH>@ILG;F?L-J?TC@CTCNN>?M
0?L<;FF?R?GM QC? I<?H <?M=BLC?<?H >C? ¼*;MMCP;<F?CNOHA½ G¡AFC=B I>?L OH
G¡AFC=B
; MC=B >;M -=B?G; >?M 0?L<;FF?R?GM CG ?ONM=B?H H;=B >?L ?>?ONOHA
>?M ¼ENCPMN;GGM½ T M;F<?H M=BGCHE?H LC=BN?N B;N >;M 0?L<;FF?R?G CG
?ONM=B?H?CH?PIL@?MNA?F?AN?F?RCE;FCM=B?¼OMLC=BNOHA½<TQ?CH?@?MNA?
F?AN? ¼F?RCE;FCM=B? C;NB?M?½ &2# C?M? ¼F?RCE;FCM=B? C;NB?M?½ PIH
M;F<?HM=BGCHE?HFMMNMC=BQC?@IFANPCMO;FCMC?L?H
M;F<?H F?RCE;FCMC?LN?M?G;HNCM=B?,IFF?H ,ȳ*;NC?HM
5=;OM7
Ʉ
Ʉ
(IG
EE
-O<D
)
Ʉ
Ʉ
=NIL
/H>?LAI?L
;OM?Lȳ ;OM??
,0?LOLM;=B?LA?HM
HINQ?H>CA?%IGJF?G?HN?
%;MO@ILG?H
AL;GG;NCE;FCM=B?,?F;NCIH?H
,IFF?H%;MOMCH>OHA,%>?L
NL;HMCNCP?H;MCMEIHMNLOENCIH.,
C? PIH >?L ¼NL;HMCNCP?H ;MCMEIHMNLOENCIH½ 55(IG9EE77 CG
?ONM=B?H PILA?A?<?H? ,IFF?H%;MOMCH>OHA ,% QCL> >;GCN MITOM;A?H
>OL=B>C?0?L<M?G;HNCEPIH M;F<?HM=BGCHE?H¼L?@F?ENC?LN½<TQMITOM;A?H
¼A?MJC?A?FN½OH>OGA?E?BLNOMA?HIGG?H<F?C<?HBC?LPIH<?M;AN?0?L<?H
*LI<F?GOH> L;A?MN?FFOHA
QC?>NT?L<L?=B?H>;M>?LBC?LP?LNL?N?H?HHMC=BNH;=BHOL?CH?F?RCE;FCMC?LN?
*;NC?HMLIFF? ;O@Q?CMN ;<?L GCN ?CH?L MSHN;ENCM=B ?CHA?@§BLN?H A?HM <TQ
0?LOLM;=B?LLIFF?HC=BNCHEIGJ;NC<?FCMNOH>>?G?HNMJL?=B?H><?T§AFC=B5=;OM7
¼F;<CF½ <TQ ¼;OMLC=BNOHAMF;<CF½ TO >C?M?H ?ALC@@?H MC?B? OHN?H %;JCN?F ;
MCH>
C? @?MNA?F?AN? F?RCE;FCM=B? C;NB?M? &2# QCL> GILJBIFIACM=B
>?;ENCP;<A?F?CN?NOH>>;<?CGCNBCF@??HNQ?>?LPIHQILN<CF>?H>?L>?LCP;NCP?L
I>?LMITOM;A?H¼KO;MC>?LCP;NCP?L½AL;GG;NCE;FCM=B?L'ILJBIFIAC?P?LH>?LN
PAFT>NM=BGCHE?HEFL?H
M=BGCHEN
ENCP@ILG
ȳȳ
M=BGCHENMC=B
,?@F?RCPJ?LCJBL;M?
QCL>A?M=BGCHEN
*;MMCPJ?LCJBL;M?
FMMND?G;H>?HM=BGCHE?H %;OM;NCPJ?LCJBL;M?
,?@F?RCP%;OM;NCP*?LCJBL;M?
FMMNMC=BM=BGCHE?H
EFLN
ENCP@ILG
ȳȳ
EFLNMC=B
QCL>A?EFLN
FMMN?NQ;MEFL?H
FMMNMC=BEFL?H
,?@F?RCPJ?LCJBL;M?
*;MMCPJ?LCJBL;M?
%;OM;NCPJ?LCJBL;M?
,?@F?RCP%;OM;NCP*?LCJBL;M?
";N ?CH &?R?G ?CH? ;H>?L? F?RCE;FCM=B? C;NB?M? MI E;HH ?M <?MNCGGN?
¼KO;MC>?LCP;NCP?½ C;NB?M?H HC=BN <CF>?H C? &?R?G? ?HNMN?B?H Q;=BM?H
E¡HH?HE?CH?*;MMCPC;NB?M?<CF>?HQ?CFMC?CH;A?HNCPCMNE?CH?A?HMLIFF?
<?CHB;FN?NOH>;HNCE;OM;NCP5·=;OM7MCH>
?HNMN?BN
ȳȳ
¿?HNMN?BNMC=B
¿QCL>?HNMN;H>?H
FMMN?NQ;M?HNMN?B?H
¿FMMNMC=B?HNMN?B?H
Q=BMN
ȳȳ
¿Q=BMNMC=B
¿QCL>A?Q;=BM?H
FMMN?NQ;MQ;=BM?H
¿FMMNMC=BQ;=BM?H
ENCP@ILG
CHEIGJ;NC<?F CHEIGJ;NC<?F %;OM;NCPJ?LCJBL;M?
CHEIGJ;NC<?F
ENCP@ILG
CHEIGJ;NC<?F CHEIGJ;NC<?F %;OM;NCPJ?LCJBL;M?
CHEIGJ;NC<?F
C?C;NB?M?HENCPPM'?>COGOH>>C?0?L<M?G;HNCECG0?>CM=B?H>?L´JYHGD6DÈKLW¬
L;A?MN?FFOHA##4C?FM?NTOHA
(OHCMN?M;<?LI@@?H<;LMI>;MM>C?&?RCEIH?CHNLA?;H>?L?L-JL;=B?HA;HT
;H>?LMMNLOENOLC?LNMCH>-IE;HHT>?L ;FFM?CH>;MM<?MNCGGN?M?G;HNCM=B?
%IGJIH?HN?H
>?L A?HMLIFF? QC? T 5=;OM7 I>?L 5=IHNL7I>?L >C?
A?HMOH>*;NC?HMLIFF?§<?LB;OJNQ?HCA?LI>?LA;LHC=BNF?RCE;FCM=BPIL@?MN
A?F?ANMCH>OH>I>?L>;MMT>C?(INQ?H>CAE?CN>?L%IGJF?G?HNC?LOHA@?BFN
#H >C?M?H FF?H MIFFN? >;M C;NB?M?HMSMN?G ;H>?LM A?;LN?N M?CH -I MIFFN? <?C
@?BF?H>?L &?RCE;FCMC?LOHA >?L A?HMLIFF? I>?L 0?LOLM;=B?LLIFF? E;OG ?CH?
C;NB?M?H¡NCAM?CH>C?>C?PIL@?MNA?F?AN?H,IFF?H>?NIJCE;FCMC?LNI>?L>?MJ?TC
@CTC?LNG;LACH;FCMC?LN-N;NN>?MM?HTC?BN?CH;H>?LMMNLOENOLC?LN?M&?RCEIH?<?H
;H>?LM @OHENCIHC?L?H>? C;NB?M?H GCN J;MMCPOHBHFC=B?L?H CA?HM=B;@N?H
H;=BMC=B
;<?C QCL> BC?L¸Q?CF ?M I@@?HMC=BNFC=B CMN¸ALOH>MNTFC=B >;PIH ;OMA?A;H
A?H>;MM>C?M?C;NB?M?H¼ENCP½PM¼'?>COG½?<?HMIQC?¼ENCP½PM¼*;M
MCP½ PM ¼,?@F?RCP½ ¼%;OM;NCP½ ?NQ;M GCN >?L 4OQ?CMOHA PIH M?G;HNCM=B?H
,IFF?HQC?TA?HM*;NC?HMOMQ<TQ>?L?HM?G;HNCM=B?H%IGJIH?HN?H
TO >?H CH >?L D?Q?CFCA?H -JL;=B? PILB;H>?H?H PIH >?L 0?L<;F@ILG
JL>CTC?LN?H MSHN;ENCM=B?H ,?F;NCIH?H QC? T -O<D?EN )<D?EN I>?L LA;NCP
<MIFONCPOMQ<TQ%;MOM@ILG?HTONOHB;<?H
M ACFN ;FMI >C? ;OMF¡M?H>?H ;ENIL?H @§L >C? HQ?H>OHA >?L A?A?<?H?H
@;FFM;H>?LM;LNCA?HC;NB?M?HOH>>C?;H>?LM;LNCA?!?M;GN@OHENCIH>C?M?LC;
NB?M?H TO <?MNCGG?H OH> >;HH A?A?<?H?H@;FFM PIH >?;ENCP?H
¼?GINCIHM>C;NB?M?H½QC?>?G*;MMCP;<TOAL?HT?H;MC;NB?M?HMSMN?G>?M
@L§BP?>CM=B?H FNCH>CM=B?H P?LBFN MC=B MIGCN GCH>?MN?HM M=BIH ?CHG;F
BCHMC=BNFC=B >?L GILJBIFIACM=B?H ';LEC?LNB?CN OH> BCHMC=BNFC=B >?L
/HG¡AFC=BE?CN>?L?M=BL?C<OHA;FM¼.L;HM@ILG;NCIH½EIGJF?NN;H>?LM;FM>;M
C;NB?M?HMSMN?G>?M?ONM=B?H
;?MMC=B<?CG@L§BP?>CM=B?H'?>COGHC=BNOG?CH?%;N?AILC?B;H>?FN>C?
>?G -O<D?EN >C? CH >?L 0?L<M?G;HNCE <?L?CNM F?RCE;FCMC?LN? I>?L ;H>?LMQC?
TOA?>;=BN?A?HMLIFF?¼;<MJLC=BN½>?NIJCE;FCMC?LN>?L?@?L?HNC;FCMC?LN>?MJ?TC
@CTC?LNE;HH>C?'¡AFC=BE?CN?CH?@L§BP?>CM=B;FNCH>CM=B?'?>C;FEIHMNLOENCIH
TO <CF>?H ;O=B HC=BN PIG F?RCE;FCM=B?H 0ILB;H>?HM?CH <TQ ¼0IL@?MNA?
F?ANM?CH½ >?L A?HMLIFF? I>?L 0?LOLM;=B?LLIFF? ;<BHA?H C? '¡AFC=BE?CN
?CH? '?>C;FEIHMNLOENCIH TO <CF>?H GOMM @IFAFC=B PIH ;H>?L?H M?G;HNCM=B?H
;ENIL?H<TQ%IGJIH?HN?H;<BHA?H-C?B?L;OMTOMN?FF?HCMN?CH4C?F>C?M?L
L<?CN
/G?MTOG-=BFOMMHI=B?CHG;F;O@>?H*OHENTO<LCHA?H#H>?HG?CMN?H
CH>IA?LG;HCMNCM=B?H L<?CN?H QCL> ?CH? ?@CHCNCIH >?L !?M;GN<?>?ONOHA >?M
'?>COGM ;HA?M?NTN >C? ?F<L§=E @ QC? @IFAN @ILGOFC?LN B;N >C? MI
;<?LA;HTI@@?HMC=BNFC=BOHTOL?C=B?H><CMNG?CH?"?LPILB?<OHA?H
C?M? M?G;HNCM=B?H %IGJIH?HN?H Q?L>?H ;O=B ¼?HN;CFG?HNM I@ NB? *LINIA?HN LIF?½
A?H;HHNPAFIQNS#G?ONM=B?H?HNMJLC=BN>?G>?L?ALC@@>?LMIA?H;HHN?H¼;
MCMLIFF?H½PIH*LCGOM
GCN&CN?L;NOL
MC?B?%;JCN?F;
;M %§LT?F 5=IHNL7 P?LQ?H>? C=B @§L ¼?CH *;LNCTCJ;HN B;N %IHNLIFF? §<?L <F;O@ OH> OM
A;HA ?CH?M L?CAHCMM?M I>?L ?CH?L 4OMN;H>MH>?LOHA OH> E;HH >;M L?CAHCM I>?L >C? 4O
MN;H>MH>?LOHA;OM?CA?H?L%L;@NQCFF?HNFC=BOHN?L<L?=B?H½MC?B?%;JCN?F;
*LI<F?GOH> L;A?MN?FFOHA
';HE;HHHOLM;A?H>;MM?M>C?PILQC?A?H>?O@A;<?>?MENCPOGMCMN>C?
*?LMIH?HB;H>?FH>PILTOMN?FF?H?GA?A?H§<?L<?T?C=BH?N>;M'?>COG??CH?H
0ILA;HA ;H >?G >;M -O<D?EN <?N?CFCAN CMN;<?C GOMM G;H @L?CFC=B <?>?HE?H
>;MM PIH >?L ";H>FOHA §<?L >?H 0ILA;HA TOG 4OMN;H> ?CH? EIHNCHOC?LFC=B?
&CHC?@§BLNMI>;MMG;HA?F?A?HNFC=BTQ?C@?FHE;HHI<?CH<?MNCGGN?M0?L<OG
CH>;M?CH?I>?L>;M;H>?L?PIHTQ?C!L?HTA?<C?N?HA?B¡LN-ICMN?MG;H=BG;F
M=BQ?L>?H0ILA;HAPIG4OMN;H>TOM=B?C>?H5757#H>?GBC?L;O@A?MN?FF
N?H?ALC@@>?M'?>COGMF;MM?HMC=BHOHA?TQOHA?HTQ?C-?CN?HOHN?LM=B?C>?H
HNQ?>?L HGFC=B E;HH >?L !?>;HE? >?L ?NB?CFCAOHA >?M A;HT?H -O<D?ENM
MNLE?L<?NIHNQ?L>?H>;MA?M=BC?BNCH>?G'?>COG>?L0?L<;GCN>IJJ?FN?L
C;NB?M? I>?L ?M E;HH >?L 0ILA;HA >C? @@CTC?LNB?CN >?M -O<D?ENM B?LPILA?
BI<?HQ?L>?H>;HH?HNMN?BN>?L!?>;HE?>?M*;MMCPOGM
C? PILFC?A?H>? L<?CN G¡=BN? M=BFC?‹FC=B >C? !?M;GN<?>?ONOHA >?M @L§B
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%?GG?L OMQ @§A?H CH >C? H?O? ?MNCGGOHA ;FM ¼?PC;NCP>C;NB?M?½
GCN?CH<?TC?B?H
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E?CH? MJ?TC@CM=B? <?>?ONOHAM?CHA??HAN? ?>?ONOHA <TQ OHENCIH B;N QC?
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M=BC?>FC=B? <Q?C=BOHA?H PIH ?CH?G AL;GG;NCE;FCM=B @?MNA?F?AN?H <TQ
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%;JCN?F;G?BL>;TOM;A?H
CH? MIF=B? C;NB?M? CMN <?CMJC?FMQ?CM? ;O=B >C? ¼#HP?LM.L;HMCNCP
C;NB?M?½ <TQ >;M #HP?LM ?HAF CHP?LM? >C? ?CH?H ¼OHNSJCM=B?L?H½ A?HM
*;LNCTCJ;HN?HCG,;BG?H?CH?LAL;GG;NCE;FCM=B@?MNA?F?AN?H.IJCE;FCNNMBC?L
;L=BC? <TQ ?CH?M .IJCE;FCNNMJLININSJ?H G;LEC?LN PAF !CPžH $;=KO?M
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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

宇宙科学最前線 第1回

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