Period 6

THIS IS AN OPTIONAL ACTIVITY
PRINT AND COMPLETE IN INK
Name:_______________________________________ Class Period:____
Due Date:___/____/____
Period 6 T erm Review: T he G ilded Age, 1865-1898
!"#$%&'()!"#$%&'()%('*#'+%#$%,-&%-,./%0,%-11-(&2,#&/%&-%('*#'+%3'/%4-,4'1&$%0,5%&"')'$6%72&%#&%#$%0.$-%0,%'8'(4#$'%#,%"#$&-(#40.%!"!#$%&%9%%!"#$%04&#*#&/6%*+),%-$.'/'0)
!"#!$%#&"$!'&$()12!)31'4*55*54)%+)!'#*%06)78)/9')"5*/)/'&/)0:/'6%#$%+-(&"%:;%%7-,2$%1-#,&$%-,%&"'%)2.&#1.'%4"-#4'%&'$&9%-%<'4&#-,%:%#$%=%1-#,&$6%0,5%$'4&#-,$%>%?%@%
&-A'&"'(%0('%=%1-#,&$9%%;:&/'#8)%+)/9'),%"#&'):50)<!)'=:-):>:*/):..)>9%),9%%&')/%))'*+&%%)/9')*5+%#-:/*%5):&)/9'8)#':0?#','*@'9%!"#$%#$%0,%-1&#-,0.%
0$$#A,)',&9%%B-)1.'&'%#&%#,%,-./%
A*#',/*%5&()C'.-+%0('%$-)'%3'/%&'()$%12..'5%D(-)%&"'%B-..'A'%C-0(5%B-,4'1&%E2&.#,'%D-(%F'(#-5%=9%!"'$'%#,4.25'%³!'()$%&-%G,-+´%³,)1-(&0,&%%H80)1.'$6´0,5%
³2WKHU7HUPV´&RPSOHWHWKHFKDUWVE\:00*54)0'+*5*/*%5&%0,5%:5:.8&*&)%+)9*&/%#*,:.)&*45*+*,:5,'9%I"',%4-,$#5'(#,A%$#A,#D#40,4'6%4-,$#5'(%402$'$%0,5%'DD'4&$%-(%
"-+%&"'%#&')%#..2$&(0&'$%0%)0J-(%&"')'%-(%#5'0%D(-)%&"'%'(09%<-)'%',&(#'$%"0*'%7'',%4-)1.'&'5%D-(%/-29%
)
K ey Concepts F O R P E R I O D 6:
K ey Concept 6.1: Technological advances, large-scale production methods, and the opening of new markets encouraged the rise of industrial
capitalism in the United States.
K ey Concept 6.2: The migrations that accompanied industrialization transformed both urban and rural areas of the United States and caused
dramatic social and cultural change.
K ey Concept 6.3: The Gilded Age produced new cultural and intellectual movements, public reform efforts, and political debates over economic and
social policies.
%
SE C T I O N 1
!"'%B'#-&)/%)C5%>%0('%#&')$%/-2%0(''#&()#$%&-%$''%-,%0%K2#L%-(%&'$&9%!"'/%0('%'81.#4#&%#,%&"'%B-..'A'%C-0(5%D(0)'+-(3%D-(%&"'%4.0$$6%0,5%/-2%+#..%7'%'81'4&'5%&-%
*+,-,./+#$'2,5'($&0,5%&"')%-,%&"'%MF%'80)9%B-)1.'&'%&"'%4"0(&%7/%5'D#,#,A%0,5%0,0./L#,A%'04"%#&')9%%F(-)1&$%0('%#,4.25'5%&-%"'.1%/-2%D-42$%/-2(%0,0./$#$%-,%&"'%
)-$&%&'$&'5%4-,4'1&$6%72&%0.$-%)03'%$2('%/-2%3,-+%$#)1.'%5'D#,#&#-,$%-D%'04"%&'()9%%012345'6'5417'849':;<1';7'=;8>'1?0@3A39'024012'84B87'42'
701A3C3A'1<1897';7'49:12'0123457D'74=1'4C'9:1'912=7';21'=421'<;EB1F':4G1<12'39'37'3=0429;89'9:;9'>4B'B851279;85'1;A:'481'
;85'A;8'3518939>'701A3C3A'1?;=0@17'4C'1;A:H'B%)'*+)'%!IJ#)')"*-&)%'!%'I,K)#%',L'M+!*'+&/+'N.!#&*$'-)%J,"%)%'%+,.#K'#,,('#&()D%
B'#-&)/%)C5%>)
%
)
)
)
)
)
)
)
1"&*5'&&)
,%5&%.*0:/*%5)
)
I%@'#5-'5/)
&"7&*0*'&)
)
H/:50:#0)%+).*@*54)
)
1"&*5'&&).':0'#&)
)
B#"&/&)
)
G%.0*54)
,%-$:5*'&)
)
J%#'*45)$%.*,8)-:K'#&)
)
)
%
A'+*5*/*%5D)E=:-$.'&D)F%5/'=/D):50)G*&/%#*,:.)H*45*+*,:5,'))
01,-# ,2314# # Large-scale industrial production ² accompanied by massive technological change, expanding
international communication networks, and pro-growth government policies ² generated rapid economic
development and business consolidation.
5*6#0*0)/9')#*&')%+)7*4)7"&*5'&&#!7)8+$)/9')<-'#*,:5).:7%#)+%#,'L)E=$.:*5)/9%#%"49.8M)
!"#$%&'"()''$"*+,-.)/$0,%12$%3$-2),."(#$()4$51%'6$*,(3$17$48"-8$4)2)$0149':"00)/6$7,-.123$51%';$
<,-.123$51%'$17.)($"(=10=)/$/,(#)21&'$412:$4".8$*,-8"()23;$!"#$%&'"()'')'$2)-2&".)/$
"(.)2(,."1(,0$"**"#2,(.'$,(/$'1&#8.$.1$+,3$.8)$014)'.$4,#)'$"($12/)2$.1$*,>"*"?)$+217".'6$
.8)2)712)$&(':"00)/$51%'$+,"/$=)23$0"..0);$@)'+".)$014$+,36$'.,(/,2/$17$0"="(#$712$412:)2'$"(-2),')/$
/2,*,."-,003$/&2"(#$.8"'$)2,;$!"#$%&'"()''$17.)($%21:)$'.2":)'$4".8$A"(:)2.1('$12$'-,%'6$'1$412:)2'$
4)2)$1=)2,00$&('&--)''7&0$"($+)2'&,/"(#$%"#$%&'"()''$.1$-8,(#)$+10"-")'$'&-8$,'$+,36$412:/,36$
-1*+)(',."1($712$"(5&2")'$1($.8)$51%6$).-;)
,"#698$#68(%)0*0)/',95%.%4*,:.)*55%@:/*%5#!7)8+$)/9')<-'#*,:5)',%5%-8)0"#*54)/9').://'#)NO/9),'5/"#8L)F*/')&$',*+*,)'=:-$.'&P))
)
)
)
)
)
5*6#0*0)/9')+'0'#:.)4%@'#5-'5/)#'&$%50)/%)/9')#*&')%+)7*4)7"&*5'&&L)F*/'):/).':&/)%5')&$',*+*,)'=:-$.'P)
B8)$#1=)2(*)(.$2)'+1(/)/$.1$%"#$%&'"()''$%3$0).."(#$(,.&2,0$)-1(1*"-$712-)'$+0,3$1&.$,(/$
+2,-."-"(#$0,"'')?97,"2);$C".8$*,(3$'.2":)'6$.8)$#1=)2(*)(.$'&++12.)/$%&'"()'')'$*12)$.8,($0,%12$
,(/$)=)($)(/)/$.8)$A&00*,($D.2":)$/&)$.1$".'$"(.)22&+."1($17$.8)$E(".)/$D.,.)'$A1'.,0$D)2="-);$B8)$
D8)2*,($F(."9B2&'.$F-.$4,'$+,'')/$"($GHIJ$%&.$.8)$#1=)2(*)(.$17$.8)$K"0/)/$F#)$/"/$(1.$+&2'&)$
*1(1+10")'6$'1$".$/"/(·WPHDQPXFK$
5*6)0*0)/9')+'0'#:.)4%@'#5-'5/),%5/#*7"/')/%)/9')0'@'.%$-'5/)%+)5'>)-:#K'/&L)F*/')&$',*+*,)'=:-$.'&)%+):,/*%5&):50)$%.*,*'&)
/9:/)$#%-%/'0)',%5%-*,)0'@'.%$-'5/)%"/&*0')QPHP)7%#0'#&P)B821&#8$#1=)2(*)(.$'&%'"/")'$L*1()3$.1$
)(-1&2,#)$/)=)01+*)(.M$.8)$#1=)2(*)(.$8)0+)/$.1$%&"0/$.8)$7"2'.$.2,('-1(."()(.,0$2,"021,/$48"-8$
-2),.)/$*,(3$()4$*,2:).$-1(()-.'$.821&#81&.$.8)$(,."1($,(/$.1$F'",;$$N>+,(/"(#$#01%,0$.2,/)$
4,'$'&++12.)/$48)($.8)$E;D;$,(()>)/$O,4,""$,(/$%)#,($.,0:"(#$17$,$-,(,0;)
5*6)0*0)7"&*5'&&).':0'#&),#':/').:#4'),%#$%#:/*%5&D)/#"&/&D)9%.0*54),%-$:5*'&):50?%#)-%5%$%.*'&L)F*/')&$',*+*,)'=:-$.'&)*5)
8%"#):5&>'#P)
%
%
%
%
%
%
!"#$%&'(&)*(+&
!
!
&
&
&
&
&
&
&
&
&
;.*2*8.24&<2*.8%&
&
=2.%%">?;2.#"&
&
@*'"#*2'.(*24&
2*6&@*'"#*24&
A.:#2'.(*&
&
=2B(#&
&
5C.46&=2B(#&
&
A2*2:"$"*'&
&
D*.(*%&
&
EF%.*"%%&4"26"#%&
&
@*6F%'#.24.>2'.
(*&
&
G"+&9(F'C&
&
9C2#"8#(33.*
:&
&
!"*2*'&
-2#$.*:&
&
&
&
&
&
&
&
!
!
,"-.*.'.(*/&012$34"%/&5(*'"1'/&2*6&7.%'(#.824&9.:*.-.82*8"&&
!"#$%#&'"(% A variety of perspectives on the economy and labor developed during a time of
financial panics
and downturns.
01342.*&C(+&2*6&42B(#&%H%'"$%/&.*84F6.*:&42B(#&F*.(*%/&6"I"4(3"6&.*&'C"&D*.'"6&9'2'"%J&5.'"&%3"8.-.8&"12$34"%K&
&
&
&
&
&
&
&
&
&
!(&+C2'&"1'"*'&6.6&42B(#&F*.(*%&3(%.'.I"4H&.$328'&'C"&4.I"&(-&.*6F%'#.24&+(#L"#%&6F#.*:&'C"&M.46"6&N:"O&&,"-"*6&H(F#&2*%+"#&
+.'C&%3"8.-.8&"I.6"*8"J&
&
&
&
&
&
&
&
&
7(+&6.6&'C"&-"6"#24&:(I"#*$"*'&#"%3(*6&'(&'C"&.%%F"%&#2.%"6&BH&42B(#&F*.(*%O&01342.*&+.'C&"I.6"*8"K&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
01342.*&C(+&'C"&%(F'C"#*&"8(*($H&6"I"4(3"6&%.$.42#4H&2*6&6.--"#"*'4H&-#($&C(+&'C"&G(#'C"#*&"8(*($H&2*6&P"%'"#*&"8(*($H&
6"I"4(3"6&-(44(+.*:&'C"&5.I.4&P2#J&Q"$"$B"#&244&'C"&'"#$%&.*&'C"&4"-'&C2*6&8(4F$*&$F%'&B"&6"-.*"6&+.'C.*&H&(F#&2*%+"#%K&&
&
&
&
&
&
&
&
&
&
&
&
&
#)%*+,-%*,./&6.6&#":.(*24&.6"*'.'."%&8C2*:"&6F#.*:&'C"&M.46"6&N:"O&5(*%.6"#&'C"&.$328'&(-&.*'"#*24&2*6&.*'"#*2'.(*24&
.$$.:#2'.(*&2%&+"44&2%&'C"&"*6&(-&%42I"#H&+C"*&6"I"4(3.*:&H(F#&2*%+"#J&&
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!"#$%&'(&)*(+&
!
!
!
!
!
!
!
!
!
5(*%(4.62'.(*&
&
,"-.*.'.(*/&012$34"%/&5(*'"1'/&2*6&7.%'(#.824&9.:*.-.82*8"&&
!"#$%#&'"(%New systems of production and transportation enabled consolidation within agriculture, which,
along with periods of instability, spurred a variety of responses from farmers.
#)%*+,-%*,./&6.6&'"8=*(4(:.824&.**(A2'.(*&012,3-&-2#$"#%&-#($&'="&5.A.4&G2#&'=#(E:=&'="&"*6&(-&'="&HI'=&8"*'E#@J&5.'"&
%3"8.-.8&"12$34"%&.*&@(E#&2*%+"#K&
&
&
&
&
&
&
&
;2#$"#%&
&
&
&
<"8=2*.>2'.(*&
&
&
&
;((6&3#.8"%&
&
&
&
?2.4#(26&%@%'"$& '425,0)%+6*&-2#$"#%&(#:2*.>"6&'(&%""L&8=2*:"&.*&B$"#.82*&%(8."'@&2*6&.*%'.'E'.(*%&6E#.*:&'="&M.46"6&B:"K&
&
&
&
5((3"#2'.A"&(#:2*.>2'.(*%&
&
&
&
B:#2#.2*&28'.A.%'%&
&
&
&
&
&
&
&
&
!
&
!
&
!
&
!
7612,89%'="&D(3E4.%'&N"4."-&8(*8"#*.*:&'="&#(4"&(-&'="&-"6"#24&:(A"#*$"*'&6.--"#"6&-#($&'=(%"&+=(&%E33(#'"6&42.%%">O-2.#"K&&&
&
&
&
&
&
&
&
%
'425,0)%-+9%3,:/9/%,);%9<<93-/&(-&'="&D(3E4.%'&$(A"$"*'K&!=.%&2*%+"#&%=(E46&.*84E6"&%"A"#24&%3"8.-.8&-28'%&2%&+"44&2%&2&
WKRURXJKH[SODQDWLRQRIWKLVJURXS·VULVHDQGIDOO&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
3HRSOH·V
CD(3E4.%'F&
D2#'@&
!"#$%&'(&)*(+&
!
!
!
!
!
!
!
!
!
!
;*'"#*2'.(*24&2*6&
;*'"#*24&
<.:#2'.(*&
&
=#>2*&8?4'?#"/&
*".:@>(#@((6%/&2*6&
A&2'$(%3@"#"&
&
B%.2/&9(?'@"#*&A&
02%'"#*&0?#(3"&
²&;$$.:#2*'%&
&
B-#.82*&
B$"#.82*&
$.:#2*'%&
&
B%%.$.42'.(*&
&
B$"#.82*.C2'.(*&
&
D(4.'.824&
$28@.*"%&
&
9(8.24&%"#E.8"%&
&
<2*2:"#%&
&
54"#.824&+(#F"#%&
&
06?82'.(*24&
.*%'.'?'.(*%&
&
<.664"&842%%&
&
G".%?#"&'.$"&
&
5(*%?$"#&8?4'?#"&
&
!
&
!
!
!
!
!
!
,"-.*.'.(*/&012$34"%/&5(*'"1'/&2*6&7.%'(#.824&9.:*.-.82*8"&&
<B;H&;,0BI&International and internal migration increased urban populations and fostered the growth of a new
urban culture.
"#$%&'(!)*+!.*6?%'#.24.C2'.(*&4"6&'(&'@"&8#"2'.(*&(-&2&$.664"&842%%/&2*6&"1342.*&@(+&'@"&:23&>"'+""*&#.8@&2*6&3((#&
.*8#"2%"6&6"%3.'"&'@.%&*"+&842%%J&
&
&
&
&
&
&
&
&
&
&
,*+!6.6&'@"&#"42'.(*%@.3&>"'+""*&"'@*.8&2*6&#28.24&:#(?3%&.*&?#>2*&2#"2%&-./.%*$!6?#.*:&'@"&K.46"6&B:"L&
&
&
&
&
&
&
&
0(!+)&1!+&23&+2%&?#>2*&8?4'?#"&-'44.5.(1!45*6&#?#24&8?4'?#"L&&5.'"&%3"8.-.8&"12$34"%&.*&M(?#&2*%+"#&2*6&#"$"$>"#&'@"&
'"#$%&.*&'@"&4"-'&@2*6&8(4?$*&$?%'&>"&.*8(#3(#2'"6&.*'(&M(?#&2*%+"#%&.*&'@.%&8(4?$*"!
!
!
!
!
!
!
&
&
&
&
&
7.4'(.!B$"#.82*.C2'.(*/&2*6&.#$%&'(!'@"&"1'"*'&'(&[email protected]@&.'&(88?##"6&.*&?#>2*&2#"2%&6?#.*:&'@"&42'"&NO'@&8"*'?#MJ&
&
&
&
&
&
&
&
&
&
"#$%&'(&'@"&#"2%(*%&-(#&.*'"#*24&BH,&.*'"#*2'.(*24&$.:#2'.(*&'(&2*6&+.'@.*&'@"&=*.'"6&9'2'"%&-#($&NPQR&'(&NPOPJ&
&
&
&
&
&
&
&
&
7(+&6.6&.*'"#*2'.(*24&2*6&.*'"#*24&$.:#2*'%&.$328'&?#>2*&8?4'?#"L&
&
&
&
&
&
&
,*+!&(-!+)2&6.6&3(4.'.824&$28@.*"%&6"E"4(3L&&,*+&6.6&'@"M&'6$&81!?#>2*&8?4'?#"L&
5(**"8'&'(&.$$.:#2'.(*&2*6&%(8.24&%"#E.8"%S&
!
&
!"#$%&'(&)*(+&
&
&
&
&
&
&
&
!;"&<"%'&
&
!#2*%8(*'.*"*'24&
#2.4#(26%&
&
=.*"#24&#"%(>#8"%&
&
?(@"#*$"*'&3(4.8."%&
&
A(($'(+*&&
&
=.*.*:&
B2#$.*:&
C2*8;.*:&
&
D$"#.82*&A.%(*&
&
=.:#2*'&3(3>42'.(*%&
&
D$"#.82*&E*6.2*%&
<;.'"&9"''4"#%&
="1.82*FD$"#.82*%&
&
C"%"#@2'.(*%&
&
!#"2'."%&
&
!#.G24&E6"*'.'."%&
&
D%%.$.42'.(*&
&
&
&
&
&
&
&
&
,"-.*.'.(*/&012$34"%/&5(*'"1'/&2*6&7.%'(#.824&9.:*.-.82*8"&&
=DEH&E,0DI&Larger numbers of migrants moved to the West in search of land and economic opportunity,
frequently provoking competition and violent conflict.
!"#$%&'()*+&.6"2%&2G(>'&6"$(8#28J/&-#""6($/&2*6&.*[email protected]>24.%$&2$(*:&';(%"&$.:#2'.*:&.*'(&';"&+"%'&.44>%'#2'"6&
D$"#.82*&.6"*'.'J&6>#.*:&';"&42'"&KL';&8"*'>#JM&C"$"$G"#&'(&.*84>6"&#"4"@2*'&'"#$%&.*&';"&4"-'&;2*6&8(4>$*&.*&J(>#&
2*%+"#%N&
&
&
&
&
&
&
&
,*+(6.6&';"&#(4"&(-&';"&-"6"#24&:(@"#*$"*'&#":2#6.*:&D$"#.82*&E*6.2*%&-)%'./(-#($&G"-(#"&';"&[email protected]&<2#&'(&2-'"#&';"&[email protected]&
<2#O&7(+&6.6&';"&:(@"#*$"*'&'#J&'(&-(#8"&D$"#.82*&E*6.2*%&'(&2%%.$.42'"O&&7(+&6.6&D$"#.82*&E*6.2*%&#"%3(*6&'(&';(%"&
"--(#'%O&E*84>6"&%3"8.-.8&"@.6"*8"&#":2#6.*:&'#"2'."%/&+2#%/&2*6&#"%"#@2'.(*%&.*&J(>#&2*%+"#M&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
!"#$%&'(0)/(-%12/2(%'3(/44/-02&(-&.*'"#*24&$.:#2'.(*&'(&';"&?#"2'&P42*%&2*6&!;"&<"%'&-#($&KQRSFKQLQM&
&
&
&
&
&
&
&
&
&
&
&
&
,*+&6.6&';"&:"(:#23;J&2*6&"*@.#(*$"*'&%44/-0&';"&4.@"%&(-&';(%"&4.@.*:&.*&!;"&<"%'O&&,*+&6.6&';"J&&5#%-0(#"42'.(*%;.3%&
2$(*:&<;.'"&%"''4"#%/&="1.82*FD$"#.82*%/&2*6&D$"#.82*&E*6.2*%O&E*84>6"&%3"8.-.8&"12$34"%&.*&J(>#&"1342*2'.(*%N&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
!"#$%&'(&)*(+&
&
&
&
&
&
;.46"6&<:"&
&
5=4'=#24&2*6&
.*'"44"8'=24&$(>"$"*'%&
&
9(8.24&
,2#+.*.%$&
&
[email protected]*'@#(3.8&
8(*'#.A='.(*%&
&
;(%3"4&(-&
B"24'@&
&
9(8.24&;(%3"4&
&
<:#2#.2*%/&='(3.2*%/&
%(8.24.%'%&
&
<#'.%'%&2*&8#.'.8%&
&
C=%.*"%%&4"26"#%&
&
9(8.("8(*($.8&
%'#=8'=#"&
&
,"-.*.'.(*/&012$34"%/&5(*'"1'/&2*6&7.%'(#.824&9.:*.-.82*8"&&
D<EF&E,0<G& New cultural and intellectual movements both buttressed and challenged the social order of the
Gilded Age.
E xplain how religious beliefs impacted society during the G ilded Age. Consider business leaders as well as urban
issues. Remember to include significant ter ms in the left column!
&
&
&
&
&
&
&
!"#$%&'&@(+&2#'.%'.8/&[email protected](%([email protected]/&2*6&%8."*'.-.8&.6"2%&()%#*+&<$"#.82*&%(8."'H&6=#.*:&'@"&;.46"6&<:"I&
&
&
&
&
&
&
&
,)%-%./*-&0*1'@"&;.46"6&<:"&AH&.6"*'.-H.*:&2*6&"1342.*.*:&$2J(#&"8(*($.8/&8=4'=#24/&2*6&3(4.'.824&6">"4(3$"*'%&(-&'@"&"#2I&&
:K\GLG0DUN7ZDLQUHIHUWRWKHHUDDV´*LOGHG"µ&
&
&
&
&
&
&
&
&
&
&
&
&
,23#%-*1%'+1.2'/-%(/&'@"&>."+3(.*'%&&2$(*:&-2#$"#%/&='(3.2*%/&%(8.24.%'%/&#"4.:.(=%&4"26"#%/&2*6&A.:&A=%.*"%%$"*&
#":2#6.*:&<$"#.82*&%(8."'H&2*6&'@"&#(4"&(-&'@"&-"6"#24&:(>"#*$"*'&6=#.*:&'@"&;.46"6&<:"I&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
!"#$%&'(&)*(+&
&
&
&
&
&
;(4.'.824&32#'."%&
&
!2#.--%&
&
5<##"*8=&
&
>"-(#$"#%&
&
?($"*&
&
@(4<*'2#=&
(#:2*.A2'.(*%&
&
B2*"&C662$%&
&
9"''4"$"*'&
D(<%"%&
&
!"#$$%&'$&
(#)*+$,-&
&
>28.24&%":#":2'.(*&
&
98."*'.-.8&'D"(#."%&(#&
#28"&
&
C-#.82*&
C$"#.82*&
#"-(#$"#%&
&
&
,"-.*.'.(*/&012$34"%/&5(*'"1'/&2*6&7.%'(#.824&9.:*.-.82*8"&&
ECFG&F,0CH&Dramatic social changes in the period inspired political debates over citizenship, corruption, and
the proper relationship between business and government.
How did interpretation of the Constitution and debates over rights, liberties, and definitions of citizenship impact
A merican values, politics, and society following the C ivil War?
&
&
&
&
&
&
&
&
&
&
&
&
&
.-&/012&/1%$&6.6&+($"*&2*6&C-#.82*&C$"#.82*&#"-(#$"#%&I"8($"&.*J(4J"6&.*&)#3,)4&#33,)2$&6<#.*:&'D"&K.46"6&C:"L&5.'"&
%3"8.-.8&"12$34"%&(-&3"(34"/&:(24%/&2*6&$(J"$"*'%&.*&=(<#&2*%+"#M&
&
&
&
&
&
&
&
&
&
&
&
&
&
567"18-& 'D"& J."+3(.*'%& (-& 'D"& '+(& $2.*& 3(4.'.824& 32#'."%& (*& K.46"6& C:"& .%%<"%& (-& '2#.--%/& 8<##"*8=/& %":#":2'.(*/& +($HQ·V
#.:D'%/&2*6&#(4"&(-&'D"&-"6"#24&:(J"#*$"*'&.*&%(4J.*:&3#(I4"$%&8#"2'"6&I=&.*6<%'#.24.A2'.(*&2*6&<#I2*.A2'.(*M&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
9,/&GLGLGHDVDERXWZRPHQ·VULJKWVDQGJHQGHUUROHV8471:2&C$"#.82*&%(8."'=&2*6&3(4.'.8%&6<#.*:&'D"&K.46"6&C:"L&
&
&
&
&
&
&
&
&
&
&
&
&
&
N(<&D2J"&*(+&8($34"'"6&;2#'&OP&-&
&
&
&
!"#$%&'!()*+#$",$%-.")*/01!!
"#$%$!&'$!%()*+,!$-&)*+$%!*'./(0$0!.1!2#$!3.++$4$!5.&'0!6.16$*2!.72+(1$!2#&2!!"#$%&'(!7%$0!2.!(++7%2'&2$!8$,!2#$)$%9!5:"!!;(++!)"*!%#.;!7*!$-*+(6(2+,!.1!2#$!<=!
$-&)!>&+2#.74#!2#$,!)&,!%#.;!7*!.1!6+&%%!?7(@@$%!&10!2$%2%AB!!2#$,!&'$!$-6$++$12!6#.(6$%!C.'!.72%(0$!(1C.')&2(.1!.1!%#.'2!&1%;$'!.'!$%%&,!?7$%2(.1%D!3.)*+$2$!2#$!
6#&'2!23%4056,6,7%",4%","/386,7!2#$%$!2$')%!7%(14!2#$!2#$)&2(6!+$&'1(14!.EF$62(/$%!>G<H=IJKAD!K.)$!$12'($%!#&/$!E$$1!6.)*+$2$0!C.'!,.7D!!
,)$7(50,6127$/5($'<'(),1('«/22.,783$1''(),1(,7LQDGGLWLRQWRDQDO\]LQJWKHKLVWRULFDOVLJQLILFDQFH!"#$!%&$!#'()*$!$+%,-!'#!'!
(./$*!0.,!1&'%!'!&23&!45'*2%-!$+%,-!#&.5*/!*..6!*26$7!
%
F61$+#6G"/%H67,656G",G0%IRU«LGHQWLI\DQGH[SODLQEURDGWUHQGV%I16,7%
()*+#$",$%-.")*/01%9%%%:,ILW·VQRWGHILQHG«;<=%>?-%@-A(B(BCDE%
J>C!(-H%$K0)"$6G%/0"#,6,7%+2L0G$6M01N%K67K/67K$%$K0)0%
8.&+!97!:.;6$0$**$,!
!
!
!
!
&
%
OP!P%J+#7",%
!"#$%&#'("$#)*'(+"#,*-.&/#()#%0"#$0'&1#2343##
5(/6*-#)0-*-7&8#$%&#/&(/6*-09*$0(-#()#/*0:/(*8"1#
,*-."1#*-8#0-"+/*-7&#7(';*-0&"3#<&#+"&8#
0-$&/:(7.0-6#80/&7$(/*$&"#$(#7/&*$&#%0"#&';0/&1#*-8#
%&#,&7*'&#"(#=&*:$%>#%&#*7$+*::>#,*0:&8#(+$#$%&#
6(?&/-'&-$#$=07&@#
Q,67K$1%+5%R"2+#%
L'4&1(@$0!(1!MNOO9!2#$!P&2(.1&+!Q&E.'!:1(.1!+&%2$0!%(-!,$&'%!&10!&22'&62$0!
ORR9RRR!)$)E$'%D!I2!;&%!2#$!C('%2!.CC(6(&+!71(.1!&10!;&%!).'$!2.+$'&12!2#&1!(2%!
%766$%%.'%D!5+&68!;.'8$'%!&+%.!6'$&2$0!2#$('!.;1!71(.19!2#$!3.+.'$0!PDQD:9!
&10!E.2#!4'.7*%!&4(2&2$0!C.'!&1!NS#.7'!;.'80&,!&10!E$22$'!;.'8(14!6.10(2(.1%D!
"#$!%766$%%.'!2.!2#$!PDQD:9!2#$!Q,67K$1%+5%R"2+#9!;&%!.'4&1(@$0!(1!2#$!
MNOR%D!"#$,!%.74#2!2.!C.')!&!+&'4$9!(16+7%(/$!71(.19!&10!&+%.!'&++($0!C.'!NS#.7'!
;.'80&,%9!'$47+&2(.1!.C!2'7%2%9!&!E&1!.1!6#(+0!&10!6.1/(62!+&E.'!&10!*'.#(E(2(.1D!
7KHRQO\H[FOXGHGJURXSIURPWKH.QLJKWVZDV³QRQSSURGXFHUV´VXFKDV
E&18$'%!.'!+&;,$'%D!"$'$16$!TD!=.;0$'+,!;&%!2#$!+$&0$'!.C!2#$!U1(4#2%!.C!
Q&E.'9!.1$!.C!2#$!+$&0(14!+&E.'!)./$)$12%!(1!2#$!MNNR%D!V$!+$0!2#$!U1(4#2%!(1!
&!%$'($%!.C!%766$%%C7+!%2'(8$%!C.'!2#$!$(4#2S#.7'!;.'80&,9!&10!(1!MNNW!
)$)E$'%#(*!*$&8$0!&2!XWR9RRR!)$)E$'%D!
%
>)0#6G",%A040#"$6+,%+5%R"2+#%
"#$!<)$'(6&1!Y$0$'&2(.1!.C!Q&E.'!;&%!&1.2#$'!71(.19!2#(%!2()$!C.')$0!*7'$+,!
C.'!%8(++$0!;.'8$'%D!"#$!$-6+7%(/$!71(.1!>;#(6#!C&(+$0!2.!(16+70$!)&1,!;.)$1!
.'!5+&68%A!;&%!C.')$0!(1!MNNO!&10!+$0!E,!K&)7$+!H.)*$'%D!"#$('!4.&+!;&%!
GHVFULEHGVLPSO\DV³PRUH´DQGWKH,!%7**.'WHG³SXUHDQGVLPSOHXQLRQLVP´!
%
J+$K0#%O+,01%
%
%
%
%
%
%
=PHP%A61K%S+))6116+,%
%
%
%
%
%
%
H60##"%S/I2%
%
%
%
%
%
%
@0*"#$)0,$%+5%$K0%(,$0#6+#%
%
%
%
%
%
%
%
#
5(/6*-#/&;/&"&-$"#*#A0:8&8#!6&#,06#,+"0-&""'*-#
=%(#+"&8#&7(-('07#"$/*$&6>#()#7(-"(:08*$0(-#$(#
,+0:8#*-#&';0/&#*-8#(?&/;(=&/#7(';&$0$(/"3#B*0""&9C
D*0/&#6(?&/-'&-$#;(:07>E;(:0$07"#*-8#;(=&/#*::(=&8#
$%0"#$(#%*;;&-3#
!
!
MN
!
"#$%&'()'!*+(#$,-.!/!!!0,ILW·VQRWGHILQHG«123!45*!6*7"8"89:;!
ID-!9&()@-!
!"#$%&'()#&$*+,#-#(.$/#,#0+1#/$2($."#$345678$!"#$%&'()#&7$&'27#/$."#2&$
)+'07$9&+-$2(/2,2/:'0$7#09;LPSURYHPHQWWRLPSURYHPHQWRIWKHIDUPHUV¶
<+00#<.2,#$102)".8$$=($'$/#.#&-2(#/$#99+&.$.+$#7<'1#$."#$<0:.<"#7$+9$.&:7.7>$."#?$
#7.'@027"#/$<++1#&'.2,#0?$+A(#/$7.+&#7$9+&$<+(7:-#&7$'(/$<++1#&'.2,#0?$
+A(#/$)&'2($#0#,'.+&7$'(/$A'&#"+:7#7$9+&$1&+/:<#&78$$!"#?$'07+$7.&+,#$.+$
&#):0'.#$&'20A'?$&'.#7$'(/$."#$7.+&')#$9##7$<"'&)#/$@?$&'20&+'/7$'(/$@?$."#$
+1#&'.+&7$+9$A'&#"+:7#7$'(/$)&'2($#0#,'.+&78$!
J(.!9%&&(.!K,()E(.!
!
!
!
!
!
!
&RORUHG)DUPHUV·$OOLDQFH!
!
!
!
!
!
!
!
84LC4!
!"#$B'.2+('0$C-#&2<'($D+-'($E:99&')#$C77+<2'.2+($F84LC4G$A'7$'($
C-#&2<'($A+-#(H7$&2)".7$+&)'(2I'.2+($9+&-#/$2($*'?$34J6$'7$'$:(292<'.2+($+9$
."#$B'.2+('0$D+-'($E:99&')#$C77+<2'.2+($FBDECG$'(/$."#$C-#&2<'($D+-'($
E:99&')#$C77+<2'.2+($FCDECG8!
!
!
LOI3!
C.$."#$9+&#9&+(.$+9$K&+"[email protected]+($A'7$."#$:RPHQ¶V&KULVWLDQ7HPSHUDQFH8QLRQ
FDL!MG$9+&-#/$2($34NO>$0#/$@?$P&'(<#7$Q8$D200'&/8$$!"#$34JR$C(.2;E'0++($
S#'):#$'//#/$.+$."#$92)".$9+&$.#-1#&'(<#$'(/$1&+"[email protected]+(8!
!
!
LN*NKN!6?K%<.!
!
!
!
!
!
!
J()>P@&()'!E%,,-@-.!
!
!
!
!
!
!
!
!
6(Q-.!4E'!
!"#$T'A#7$E#,#&'0.?$C<.$+9$344N$A'7$."#$+9971&2()$+9$."#$-+,#-#(.$.+$&#9+&-$
=(/2'($1+02<?8$U#90#<.2()$."#$9+&<#/;<2,202I'.2+($,2#A7$+9$."#$&#9+&-#&7>$."#$'<.$
/277+0,#/$-'(?$.&2@#7$'7$0#)'0$#(.2.2#7>$A21#/$+:.$.&2@'0$+A(#&7"21$+9$0'(/>$'(/$
7#.$:1$2(/2,2/:'0$=(/2'($9'-20?$"#'/7$A2."$356$9&##$'<&#78$$=9$."#$=(/2'(7$
EHKDYHGWKHPVHOYHVOLNH³JRRGZKLWHVHWWOHUV´WKH\Z+:0/$)#.$9:00$.2.0#$.+$."#2&$
"+0/2()7>$'7$A#00$'7$<2.2I#(7"21>$2($.A#(.?;92,#$?#'&78$
!
OD<-R!S%.-$D!
!
!
!
!
!
!
!
+LVWRULFDO6LJQLILFDQFHIRU«LGHQWLI\DQG!-+$,(<)!!=&%(>!'&-)>.!?.<)@!
A49B"*C!'D-#('<E!,-(&)<)@!%=F-E'<G-.H!D<@D,<@D'!'D-#-!
!"#$%&'(&)*+'"#,-.)/))0-12(2&2$(.)
)3,ILW·VQRWGHILQHG«456)78*)0*9!:!:;<=)
)
;B$.&)0'(C-)"$F-"-(&)
³*KRVW'DQFH´ZDVVWDPSHGRXWE\867URRSVZKRNLOOHGDQHVWLPDWHG
!"#$%"&'(")&*+'(")&%"#&,-$.#/("0&!1&*%2&1-(&.%21&3%11.(&+4&1-(&5'(/$,%"&!"#$%"&
ZDUV«WKHODVWVLJQLILFDQW/(2$21%",(&+4&6%1$7(2&1+&8"$1(&%"#&#(4("#&1-($/&
/(2+8/,(2&%"#&.%"#20)
)
@-$#,-·.)@'%&H)
)
)
)
)
)
)
)
A$C2',2.")
)
)
)
)
)
)
)
)
!(&-%.&'&-)I$""-%C-)7C&)
!"&1-(&!"#"$%&,%2(&9:;;<=)&1-(&>8?/('(&@+8/1&#(,.%/(#&1-%1&$"#$7$#8%.&21%1(2&
-%#&"+&/$A-1&1+&/(A8.%1(&$"1(/21%1(&1/%#(0&&B-(&C(#(/%.&A+7(/"'("1&-%#&1-(&#81D&
RIUHJXODWLQJLW3UHVLGHQW&OHYHODQGGLGQ¶WOLNHWKHQHZWUDGHUHJXODWLRQLGHD
381&@+"A/(22&$A"+/(#&-$'&%"#&?%22(#&1-(&!"1(/21%1(&@+''(/,(&5,1&9:;;E=0&&
B-$2&%,1&?/+-$3$1(#&/(3%1(2&%"#&?++.2&*-$.(&4+/,$"A&/%$./+%#2&1+&?83.$2-&1-($/&
/%1(20&&!1&4+/3%#(&#$2,/$'$"%1$+"&%"#&#$44(/("1&/%1(2&4+/&.+"A&%"#&2-+/1&-%8.20&&
B-(&%,1&%.2+&2(1&8?&1-(&!"1(/21%1(&@+''(/,(&@+''$22$+"&9!@@=0)
)
7"-%2C'()@%$&-C&2F-)7..$C2'&2$()
C+/'(#&$"&:;;E)&1-(&5'(/$,%"&F/+1(,1$7(&522+,$%1$+"&+/A%"$G%1$+"&*%2&+"(&+4&
PDQ\WKDWSURPRWHG³QDWLYLVP´:LWKRYHUWZRPLOOLRQPHPEHUVE\WKHV
1-(&A/+8?&'%$".D&,+"2$21(#&+4&4%/'(/2&*-+&4(%/(#&%&/$2(&+4&A/+*1-&%2&*(..&%2&
?+.$1$,%.&?+*(/&+4&1-(&'%H+/&,$1$(2&?+?8.%1(#&*$1-&$''$A/%"120&B-(&+/A%"$G%1$+"&
%.2+&8/A(#&7+1$"A&%A%$"21&I+'%"&@%1-+.$,&,%"#$#%1(2&4+/&+44$,()&A+$"A&%2&4%/&%2&
?83.$2-$"A&4%"1%2$(2&%3+81&"8"20&
)
IB2(-.-)*+C,J.2$()7C&)
)
)
)
)
)
)
)
)
)
K-(%H);-$%>-)
&'()'*$$+",-+&(.*'/0+*%2&%&3++J&*/$11("&3D&K("/D&L(+/A(&1-%1&.++J(#&1+&2+.7(&
³WKHJUHDWHQLJPDRI>WKH@WLPH´KRZWKHJURZLQJSRSXODWLRQJDYHODQGRZQHUV
DQXQIDLUDGYDQWDJHWKURXJKSURSHUW\YDOXH7KHERRNH[SUHVVHG*HRUJH¶V
$#(%&4+/&%&1%M&+"&*$"#4%..&?/+4$12)&2(..$"A&%/+8"#&N&'$..$+"&,+?$(20&&)
)
)
)
)
)
*LM'%L)N-,,'"H)
O#*%/#&P(..%'D&*%2&%"&$"4.8("1$%.&H+8/"%.$21&%2&*(..&%2&%&?+*(/48.&/(4+/'$210&K(&
?83.$2-(#&%&3++J&$"&:;;;&1$1.(#&1((23,)+4"526"'-+1-%1&?/(#$,1(#&%&81+?$%"&
2+,$(1D&3D&1-(&D(%/&QRRR0&B-(&3++J&2+.#&'+/(&1-%"&:&'$..$+"&,+?$(2)&A("(/%1$"A&
%&4(7(/$2-&%'+8"1&+4&#$2,822$+"0)
)
)
)
+LVWRULFDO6LJQLILFDQFHIRU«LGHQWLI\DQGH[SODLQEURDGWUHQGVXVLQ>)
?7;@!*A)&B-"'&2C),-'%(2(>)$DE-C&2F-.G)B2>B,2>B&)&B-"-)
!"#$%&'(&)*+'"#,-.)/))0-12(2&2$(.)
)3,ILW·VQRWGHILQHG«456)78*)0*9!:!:;<=)
)
;$.#-,)$1)H-',&A)
7KH³*RVSHORI:HDOWK´ZDV&DUQHJLH¶VSXEOLVKHGSKLORVRSK\WK!"#"$%#&%!'"$()#
HQWUXVWHGZLWKVRFLHW\¶VULFKHVKDGWRSURYHWKHPVHOYHVPRUDOO\UHVSRQVLEOH
2UWRFRLQDSKUDVHIURP6SLGHUPDQ³ZLWKJUHDWSRZHUFRPHVJUHDW
UHVSRQVLELOLW\´#
)
I$$J-%)KL)H'.A2(C&$()
)
)
)
)
)
)
)
!M')H-,,.NI'%(-&&)
*+!#,-#.%''/#&!/#!#0'!12#/3445!67/"#&$8/%#!9"7:'(91$796#1!;<!769#'%+#"8#"$%#
ODXQFKRIDEODFNZRPDQ¶VFOXEPRYHPHQWILQDOO\HVWDEOLVKLQJWKH1DWLRQDO
=//817!"789#84#>8'85%+#.8;%9#79#?@AB-##
)
)
)
)
*,2O'D-&A)P'MQ)@&'(&$()
C$%#D!"789!'#=;%571!9#.8;!9#E3445!6%#=//817!"789#&!/#15%!"%+#79#?@AF-#*"#
791'3+%+##G'7H!0%"$#>!+(#E"!9"89#!9+#E3/!9#,-#=9"$89(#&$8#&%5%#08"$#!"#
E%9%1!#I!''/#!9+#189"793%#"$%75#&852#485#6%9+%5#%J3!'7"(-)
)
#
)
+LVWRULFDO6LJQLILFDQFHIRU«LGHQWLI\DQGH[SODLQEURDGWUHQGVXVLQJ
>7;?!*@)&A-"'&2B),-'%(2(C)$DE-B&2F-.G)A2CA,2CA&)&A-"-)
!"#$%&'($)(&*%(+$,%($*"-*.#/0"-$"1$2(*,0"-$3$
@-B&2$()RS)5&A-%)K-%".#!5%#/7;<'(#!++7"789!'#4!1"/#"8#/3<<85"#(835#5%!+796#!9+#5%K7%&)#!9+#"$%(#L=M#/$8&#3<#89#"$%#"%/"-#C$%(#!5%#!'/8#K!'3!0'%#%K7+%91%#485#
$7/"8571!'#!9!'(/7/#N%K7+%91%#485#+%4%9+796#!#"$%/7/O-###
#
#
)
5&A-%)K-%".)/))0-12(2&2$(.))
)
T2.&$%2B',)@2C(212B'(B-)«LGHQWLI\DQGH[SODLQEURDGWUHQGVXVLQJ>7;?!*@)
) &A-"'&2B),-'%(2(C)$DE-B&2F-.G)A2CA,2CA&)&A-"-)
#
!"#$%&'()%*#(+%+,)-.$)/.$+0#$(#$1)%(&23*#*4)-.$)')
5HSXEOLFDQVUDLVHGHQWKXVLDVPIRU*UDQWE\³ZDYLQJWKHEORRG\VKLUWµ#&$71$# +%"#4)')*#+#$"%('+%.()(.+)+.)2#+)+0#)5%6%2)7'$)+.)
;%!9"#"$%(#5%K7K%+#685(#;%;857%/#84#"$%#>7K7'#.!5-##C$7/#$%'<%+#6!79#/3<<85"#
0'6#)8##()-.390+)%()6'%(4)".+%6'+%(9):#;382%&'(1)+.)
HVSHFLDOO\DPRQJWKHZDU¶VYHWHUDQV#
&.(+%(3#)+.)-%90+)-.$)+0#%$);.2%&%#1)13&0)'1)
#
:#&.(1+$3&+%.(4)%(+#$('2)%";$.6#"#(+14)#+&-##
7KH³5A2$)!M-'´ZDVWKRXJKWXSE\SRRU)#L7+&%/"%59#+%'%6!"%/-##*"#1!''%+#485#
)
&!5#089+/#"8#0%#5%<!7+#79#65%%90!12/)#85#<!<%5#;89%()#&$71$#&83'+#"$3/#
2%%<#;85%#;89%(#79#17513'!"789#!9+#2%%<#79"%5%/"#5!"%/#'8&%5-##C$7/#
189"5!+71"%+#"$%#&%!'"$(#%!/"%59%5/#&$8#&7/$%+#"8#$!K%#"$%;#5%+%%;%+#79#
68'+-###
#
#
U2")92.J)'(M)U'Q);$V,M#<'8""%+#"8#1859%5#"$%#68'+#;!52%"#79#?@BA-#L!9(#
)
<%8<'%#&%5%#479!917!''(#5379%+#&$%9#"$%#<571%#84#68'+#/2(5812%"%+#!9+#"$%9#
<'3;;%"%+#&$%9#"$%#C5%!/35(#5%'%!/%+#68'+#79"8#"$%#;!52%"-#
#
#
I$..)KW--M#&!/#"$%#'%!+%5#84#"$%#KW--M)82(C#79#D%&#M852#>7"(-##P%#
#
%;<'8(%+#0570%5()#65!4"#!9+#45!3+3'%9"#%'%1"789/#"8#/1!;#"$%#17"(#485#!/#;31$#
)
!/#QRFF#;7''789-##.852796#17"7H%9/#&%5%#18&%+#79"8#/7'%91%#!9+#<58"%/"85/#$!+# )
"$%75#"!S#!//%//;%9"/#7915%!/%+-##C$8;!/#D!/"#&!/#!#1!5"8897/"#&$8#
)
DWWDFNHG³%RVV´7ZHHG7ZHHGEHFDPHXSVHWEHFDXVHHYHU\RQHHYHQ
)
7''7"%5!"%#<%8<'%)#183'+#39+%5/"!9+#"$%#<71"35%/-#
)
)
#
#
*9#"$%#P%XM2&)>$D2,2-%).B'(M',)#T9789#U!17471#V!7'58!+#&852%5/#15%!"%+#"$%#
>5W+7"#L807'7%5#189/"531"789#18;<!9(#!9+#$75%+#"$%;/%'K%/#"8#037'+#"$%#
5!7'58!+/#!"#794'!"%+#<571%/-##*9#85+%5#"8#2%%<#>8965%//#J37%")#"$%(#+7/"5703"%+#
/$!5%/#84#7"/#/"812#"8#2%(#18965%//;%9-###
#
!"#$%&'(&)*+'"#,-.)/))0-12(2&2$(.)
)3,ILW·VQRWGHILQHG«456)78*)0*9!:!:;<=)
!
"#!$%&'($%&)*!+,-!./01234#5!ID2.J-K)82(A!0677-8!+,-!90-1.:0;!6<!=43346#.!4#!
->?4.-!+1>!0-@-#:-.A!!B+!<40.+!8-+-0=4#-8!+6!/:#4.,!+,-!5:43+;C!2,-#!,4.!62#!
/04@1+-!.-?0-+10;!+:0#-8!:/!1=6#5!+,-!?:3/04+.!,-!@63:#+--0-8!1!204++-#!
.+1+-=-#+!+6!+,-!D:0;!+6!,-3/!->6#-01+-!,4=A!
!
!
!
9,-!!(L2'()82(A!VFDQGDOLQYROYHG*UDQW¶V6HFUHWDU\RI:DU:LOOLDP%HONQDS
E-!1#8!6+,-0.!2-0-!1??-/+4#5!7047-.!<06=!.://34-0.!+6!"#841#!F-.-0@1+46#.A!!
!
!
>$%'?-);%--,-K!21.!+,-!-84+60!6<!+,-!!"#$%&'($)'*+,-"!2,6!21.!#6=4#1+-8!
<60!+,-!/0-.48-#?;!7;!+,-!#-23;!<60=-8!G47-013!F-/:734?1#!/10+;A!!E-!01#!
1514#.+!H01#+!4#!$%&IA!!H0--3-;!21.!-??-#+04?!1#8!D:85=-#+13*!6:+./6J-#!1#8!
-=6+46#13A!
!
9%-L-%2?J)0$MA,'..*!.://60+-8!H01#+!1#8!?314=-8!+,1+!4<!H01#+!,18!#6+!1?+-8!
+6!?0:.,!+,-!K31#*!+,-!L-506!26:38!,1@-!7--#!0-=1#8-8!+6!1!?6#84+46#!260.-!
WKDQWKDWIURPZKLFKWKH&LYLO:DUGHOLYHUHGKLP³7KH5HSXEOLFDQSDUW\LVWKH!
.,4/!1#8!133!-3.-!4.!+,-!VHD´!
!
´+DUGPRQH\µ!18@6?1+-.!26#!1!@4?+60;!2,-#!+,-;!56+!+,-!8-.M"#&2$()7?&!
$1)NOPQ!/1..-8A!!9,4.!1?+!?133-8!<60!+,-!24+,801213!6<!133!50--#71?J.!<06=!
?40?:31+46#!1#8!0-8-=/+46#!6<!133!/1/-0!=6#-;!4#!5638!1+!<1?-!@13:-*!7-54##4#5!
4#!$%&MA!!!
!
N:-!+6!+,-!56@-0#=-#+(4=/6.-8!362!@13:-!6<!.43@-0!O$P$Q!+,1+!6<!5638R*!.43@-0!
=4#-0.!.+6//-8!6<<-04#5!+,-40!/068:?+!+6!+,-!<-8-013!=4#+.A!S4+,!#6!.43@-0!
<3624#5*!T6#50-..!806//-8!+,-!?64#15-!6<!+,-!.43@-0!863310!4#!$%&U!1#8!
HPEUDFHGWKH³JROGVWDQGDUG´!!G1+-0!4#!+,-!$%&V.*!,62-@-0*!#-2!.43@-0!
84.?6@-04-.!.,6+!/068:?+46#!:/!1#8!<60?-8!.43@-0!/04?-.!862#*!J4334#5!,6/-.!6<!
248-./0-18!4#<31+46#A!!W43@-0(=4#4#5!2-.+-0#-0.!D64#-8!8-7+60.!4#!?1334#5!+,4.!
WKH³&ULPHRI·µ!
!
!
9,-!HBF*!;%'(L)7%"K)$1)&D-)8-#ME,2?*!21.!1!/634+4?133;!/6+-#+!<01+-0#13!
6051#4X1+46#!6<!Y#46#!T4@43!S10!@-+-01#.A!!9,4.!506:/!/06@48-8!1#!4=/60+1#+!
736?!6<!F-/:734?1#!71336+.A!
!
!
$³@&',R'%&´IDFWLRQZDVOHGE\5RVFRH&RQNOLQJWKDWHPSOR\HGWKHSURFHVV
6<!+0184#5!?4@43(.-0@4?-!D67.!<60!@6+-.A!9,6.-!+,1+!2-0-!1514#.+!+,-!<1?+46#!2-0-!
?133-8!E13<(Z0--8.*!3-8!7;![1=-.!HA!Z314#-!O\14#-RA!9,-!?6#<34?+.!6@-0!?4@43(
.-0@4?-!0-<60=!3-8!+,-!F-/:734?1#!]10+;!4#+6!1!8-1836?JA!!
!
9,-!S$"#%$"2.-)$1)NOPP!0-.63@-8!+,-!-3-?+46#!8-1836?J!1.!+,-!^3-?+6013!
T6:#+!B?+!21.!/1..-8A!N-=6?01+.!150--8!+6!54@-!E1;-.!+,-!/0-.48-#?;!
/06@48-8!+,1+!+,-!0-=14#4#5!<-8-013!+066/.!26:38!7-!24+,8012#*!1#8!+,-!
F-/:734?1#.!1//-1.-8!+,-=!24+,!1!.:7.48;!<60!1!.6:+,-0#!+01#.?6#+4#-#+13!
34#-A!!
9,-!S2G2,)82AD&.)7?&)$1)NOPQ!/06=4.-8!+6!5:101#+--!-_:13!1??6==681+46#.!
4#!/:734?!/31?-.!1#8!/06,474+-8!01?413!84.?04=4#1+46#!4#!D:0;!.-3-?+46#*!7:+!21.!
31+-0!0:3-8!3105-3;!:#?6#.+4+:+46#13!4#!+,-!T4@43!F45,+.!T1.-.!O$%%UR!!2,4?,!
2-0-!!<4@-!.4=4310!?1.-.!?6#.63481+-8!4#+6!6#-!4..:-A!9,-!W:/0-=-!T6:0+!,-38!
+,1+!T6#50-..!31?J-8!+,-!?6#.+4+:+46#13!1:+,604+;!:#8-0!+,-!-#<60?-=-#+!
/[email protected]#.!6<!+,-!`6:0+--#+,!B=-#8=-#+!+6!6:+312!01?413!84.?04=4#1+46#!7;!
/04@1+-!4#84@48:13.!1#8!6051#4X1+46#.*!01+,-0!+,1#!.+1+-!1#8!36?13!56@-0#=-#+.A!
!
7KH³8-L--"-%.´ZHUH!N-=6?01+.!+,1+!0-.:=-8!/634+4?13!/62-0!4#!+,-!W6:+,*!
1#8!->?4.-8!4+!0:+,3-..3;A!Z-?1:.-!6<!+,-=*!=1#;!731?J.!<1?-8!
:#-=/36;=-#+*!-@4?+46#*!1#8!/,;.4?13!,10=A!!
!
!
7KURXJKWKH³FURS(OLHQ´V\VWHPVWRUHNHHSHUVSURYLGHGVKDUHFURSSHUVZLWK
?0-84+!<60!<668!1#8!VXSSOLHVZKLOHWDNLQJDSRUWLRQRIWKHLUKDUYHVWVDVD³OLHQ´
O+6!,-3/!/1;!71?J!.6=-!6<!+,-!8-7+RA!Y#<60+:#1+-3;*!+,-!?0-84+60.!=1#4/:31+-8!
+,-!.;.+-=!.6!+,1+!+,-!.,10-?06//-0.!2-0-!4#!/-0/-+:13!8-7+A!!
!
>2.&$%2?',)@2A(212?'(FHIRU«LGHQWLI\DQGH[SODLQEURDGWUHQGVXVLQJ
B7;C!*@)&D-"'&2?),-'%(2(A)$EF-?&2G-.H)D2AD,2AD&)&D-"-)
!
!
!
!
!
!
!
!
!
)
)
)
!
"#$%&!'%&()!*!!+%,-.-#-/.)!!
!
0-)#/&-123!4-5.-,-12.1%!«LGHQWLI\DQGH[SODLQEURDGWUHQGVXVLQJ0$*3,(6
! #$%(2#-1!3%2&.-.5!/67%1#-8%)9!$-5$3-5$#!#$%(%!
!
!
"#$!:-(!;&/<!32<)!%$&$!'$()'!*+,$-!+.!-$(&$()/0+1!/#)/!-$/!'0/$&)*2!
&$340&$5$1/-6!7+/$&!&$(0-/&)/0+1!')%-6!)1,!8+''!/)9$-:!"#$2!5),$!0/!
$9/&$5$'2!,0..0*4'/!0.!1+/!058+--0;'$!.+&!;')*<-!/+!7+/$6!$7$1!/#+4(#!/#$!=>/#!
?5$1,5$1/!'$()''2!)''+%$,!/#$5!/+:!!
!
"#$!=.-/.!>21-,-1!?2-3&/2@!%)-!*+550--0+1$,!;2!@+1(&$--!A>21-,-1!
?2-3<2A!B1#C!/+!(+!%$-/!.&+5!B5)#)6!C$;&)-<):!!"#$!;40',$&-!(+/!)!'+/!+.!
5+1$2!)1,!')1,!.+&!$)*#!50'$!+.!&)0'!/#$2!84/!,+%1:!!D&0-#!0550(&)1/-!,0,!
54*#!+.!/#$!;40',01(:!
!
"#$!;%.#&23!>21-,-1!?2-3&/2@!-/)&/$,!+1!/#$!@)'0.+&10)!$1,:!!D/!-/)&/$,!.&+5!
E)*&)5$1/+!)1,!%$1/!+7$&!/#$!E0$&&)!C$7),):!!"#$!F0(!G+4&6!01*'4,01(!
H$')1,!E/)1.+&,!)1,!@+''0-!I:!J41/01(/+16!4-$,!5)12!@#01$-$!%+&<$&-!/+!
,+!');+&!+1!/#$!&)0'&+),:!!!
!
,QWKH³ZHGGLQJRIWKHUDLOV´ZDVWKHFRPSOHWLRQEHWZHHQWKH8QLRQ
I)*0.0*!K)0'&+),!)1,!/#$!@$1/&)'!I)*0.0*!K)0'&+),:!"#$2!%$&$!*+11$*/$,!01!
L/)#!;2!$9M(+7$&1+&!H$')1,!E/)5.+&,:!D/!5)&<$,!/#$!.0&-/!*+58'$/0+1!+.!)1!
?5$&0*)1!#&2.)1/.#-.%.#23!#&2.)D/&#2#-/.!)A)#%(6!)1,!%)-!
*+55$5+&)/$,!%0/#!)!(+',!-80<$:!
!
!
$IDYRULWHGHYLFHRIPRJXOVRIPDQLSXODWLRQ³)#/1E!<2#%&-.5´RULJLQDOO\
&$.$&&$,!/+!/#$!8&)*/0*$!+.!5)<01(!*)//'$!/#0&-/2!;2!.$$,01(!/#$5!-)'/!)1,!
/#+-$!#)701(!/#$5!;'+)/!/#$5-$'7$-!%0/#!%)/$&!;$.+&$!/#$2!%$&$!%$0(#$,!
LQIRUVDOH5DLOURDGVWRFNSURPRWHUVVLPLODUO\LQIODWHGFODLPVDERXWDOLQH¶V
DVVHWVDQGSURILWDELOLW\VHOOLQJVWRFNVDQGERQGVLQH[FHVVRIWKHUDLOURDG¶V
)*/4)'!7)'4$:!!
;/&.%3-F)!G2.@%&6-3#!5),$!50''0+1-!01!-/$)5!;+)/01(!)1,!/4&1$,!/+!
&)0'&+),01(!01!#0-!')/$!-09/0$-:!!J$!%)-!(++,!)/!4-01(!/#$!$1/$&8&0-$!+.!
*&$)/01(!%$-/$&1!&)0'&+),-!;2!%$',01(!/+($/#$&!)1,!$98)1,01(!$)-/$&1!
+1$-:!!N)1,$&;0'/!5),$!O=PP!50''0+1!;2!+..$&01(!-48$&0+&!-$&70*$!)/!'+%$&!
&)/$-:!!
!
!H-33-2(!0I!G2.@%&6-3#!%)-!/#$!-+1!+.!@+&1$'04-!N)1,$&;0'/!)1,!)'-+!
%+&<$,!%0/#!/#$!&)0'&+),-!7$&2!-050')&!/+!#0-!.)/#$&6!#$!%)-!)!8+%$&#+4-$!01!
/#$!&)0'&+),!01,4-/&26!,+01(!%#)/!#$!%)1/$,!%#$1!#$!%)1/$,:!J$!0-!;$-/!
NQRZQIRUKLVTXRWH³WKHSXEOLFEHGDPQHG´!
!
?1!)(&$$5$1/!/+!,070,$!/#$!&)0'&+),!;4-01$--!01!)!(07$1!)&$)!)1,!-#)&$!/#$!
8&+.0/-6!/#$!´SRROµ!%)-!/#$!$)&'0$-/!.+&5!+.!*+5;01)/0+1:!D/!%)-!*+1-0,$&$,!
/+!;$!)!,$.$1-07$!)''0)1*$!)()01-/!+/#$&!(&+48-:!!
!
!
C$%!/$*#1+'+(0$-!058&+7$,!/#$!&)0'&+),!-2-/$5:!J.#%5&2#%@!#&F.E!3-.%)!
)#2.@2&@-K%@!52F5%)9!&%D321%@!-&/.!<-#$!)#%%3!&2-3)6!4-$,!058&+7$,!
H%)#-.5$/F)%!2-&!6&2E%)9!)1,!8&+70,$,!)!5+&$!$1Q+2);'$!Q+4&1$2!%0/#!
>F33(2.!>2321%!;2&):!!"05$!%)-!)'-+!-/)1,)&,0R$,!/+!058&+7$!&)0'&+),!
/&)7$':!"#$!*+1/01$1/)'!L10/$,!E/)/$-!0-!,070,$,!01/+!.+4&!#-(%!K/.%)S!
I)*0.0*6!T+41/)016!@$1/&)'6!)1,!U)-/$&1:!U)*#!R+1$!,0..$&-!;2!+1$!#+4&:!
"#$!0/(%)#%2@!B1#!/,!LMNO!)''+%$,!)!-$//'$&!/+!+;/)01!)-!54*#!)-!=VP!
)*&$-!+.!')1,!;2!'0701(!+1!0/!.+&!.07$!2$)&-6!058&+701(!0/6!)1,!8)201(!)!-5)''!
.$$!+.!);+4/!OWP:!"#$!)*/!)'-+!)''+%$,!)!-$//'$&!/+!84&*#)-$!')1,!)./$&!'0701(!
+1!0/!.+&!V!5+1/#-!.+&!O=:X>!8$&!)*&$:!F$.+&$!/#$!)*/6!84;'0*!')1,!%)-!-+',!
.+&!&$7$14$Y!1+%!0/!%)-!/+!;$!(07$1!)%)2!/+!$1*+4&)($!)!&)80,!.0''01(!+.!
$58/2!-8)*$-!)1,!/+!8&+70,$!)!-/054'4-!/+!/#$!.)50'2!.)&5²WKH³EDFNERQH
RIGHPRFUDF\´7KHRQHSUREOHPZLWKWKHDFWZDVWKDWDFUHVZDVQRW
4-4)''2!$1+4(#!.+&!)!.)50'2!/+!-4&707$!-+!/#$!5$5;$&-!%+4',!+./$1!(07$!
/#$0&!')1,!48!;$.+&$!/#$!.07$!2$)&-!%)-!+7$&:!!?;+4/!#)'.!)!50''0+1!.)50'0$-!
/++<!),7)1/)($!+.!/#$!J+5$-/$),!?*/:!!
!
"#$!(+7$&15$1/!8&+5+/$,!&)0'%)2!,$7$'+85$1/!/#&+4(#!,%@%&23!32.@!
5&2.#)I!"#$!(+)'!%)-!/+!$1*+4&)($!%$-/%)&,!-$//'$5$1/6!*+11$*/!$)-/!/+!
%$-/6!+8$1!5)&<$/-!01!?-0)6!5)<$!5+1$2!/#&+4(#!01*&$)-$,!')1,!7)'4$6!
)1,!058&+7$!50'0/)&2!)1,!8+-/)'!-$&70*$:!
!
!
!
!
!
!
!
!
!
!
!
"#$%&!'%&()!*!!+%,-.-#-/.)!!
!
0-)#/&-123!4-5.-,-12.1%!«LGHQWLI\DQGH[SODLQEURDGWUHQGVXVLQJ0$*3,(6
! #$%(2#-1!3%2&.-.5!/67%1#-8%)9!$-5$3-5$#!#$%(%!
!
!
:&%;%&-1<!=%(-.5#/.!"#$!#!%&'()!*+"!,&-.+-!"/&!"+(0!"+$0!0&!
1+2&3+!#!2&"1&%4!5+!1+2#3+!#!6#3&'$!#-07$0!0/+-+8!9#7(07()!:7:7;!
;+$2-7907&($!&6!0/+!;%7()!<=;!>+$04!
!
!
!
?(!67)/07()!0/+!@3+-72#(!0-&&9$!6&-!0/+7-!=#(;$8!0/+!>32-.)!?.;-2.)!1+)#(!
0&!2#==!A=#2.!9+-$&((+=!A'66#=&!B&=;7+-$!1+2#'$+!0/+7-!/#7-!-+$+31=+;!0/+!
ELVRQ¶VIXUU\FRDW!
!
!
@0!42.;!@&%%<&RORUDGRLQ&RORQHO-0&KLYLQJWRQ¶VPLOLWLD
3#$$#2-+;!7(!2&=;!1=&&;!$&3+!CDD!?(;7#($!"/&!#99#-+(0=%!0/&')/0!0/#0!
0/+%!/#;!1++(!9-&37$+;!733'(70%4!>&3+(!"+-+!$/&0!9-#%7()!6&-!3+-2%8!
2/7=;-+(!/#;!0/+7-!1-#7($!;#$/+;!&'08!#(;!1-#:+$!"+-+!0&-0'-+;8!$2#=9+;8!
#(;!'($9+#.#1=%!3'07=#0+;4!EB#(;!F-++.!G#$$#2-+H!
!
I/+!:%##%&(2.!A2))21&%!"#$!"/+(8!7(!JKLL8!#!B7&'M!"#-!9#-0%!
DPEXVKHG:LOOLDP-)HWWHUPDQ¶VFRPPDQG!&6!+7)/0%!&(+!$&=;7+-$!#(;!
27:7=7#($4!!I/+!?(;7#($!;7;!(&0!=+#:+!#!$7()=+!3#(!#=7:+!#(;!3'07=#0+;!
$+:+-#=!&6!0/+!2&-9$+$4!!N+$970+!70$!2&(07('#07&(!&6!0/+!2%2=+!&6!2-'+=0%8!0/+!
3#$$#2-+!=+;!0&!&(+!&6!0/+!6+"!?(;7#(!0-7'39/$4!!
!
?(!'&%2#B!/,!:/&#!C2&2(-%9!0/+!)&:+-(3+(0!$0&99+;!+66&-0$!0&!2&($0-'20!
WKH%R]HPDQ7UDLODQGHVWDEOLVKHGD³*UHDW6LRX[UHVHUYDWLRQ´7KLV
=#$0+;!'(07=!JKOC8!"/+(!)&=;!"#$!;7$2&:+-+;!7(!0/+!#-+#!#(;!"#-6#-+!
1+)#(!#(+"4!!!
!
P+(+-#=!F'$0+-!2=#73+;!/+!/#;!6&'(;!)&=;!7(!0/+!A=#2.!57==$!&6!B&'0/!
N#.&0#8!9#-0!&6!0/+!$#2-+;!B7&'M!=#(;4!I/7$!2=#73!2#'$+;!/&-;+$!&6!)&=;Q
)-'11+-$!0&!6=&2.!0&!0/+!/7==$8!$9#-.7()!B7007()!A'==!#(;!0/+!B7&'M!?(;7#($!0&!
;+6+(;!0/+7-!=#(;$4!?(!0/+!9-&2+$$!&6!;+6+(;7()!0/+!$#2-+;!=#(;$8!0/+!
B7&'M!2&39=+0+=%!;+:#$0#0HG&XVWHU¶V6HYHQWK&DOYDU\&XVWHU·V/DVW
4#2.;9!D2##3%!/,!C-##3%!D-5!0/&.E!
!
:LOOLDP³%XIIDOR%LOOµ!F&;%!"#$!#!/'(0+-!6&-!/7-+!"/&!"&-.+;!6&-!0/+!
R#($#$!S#276724!!<:+-!#(!+7)/0++(Q3&(0/!9+-7&;8!/+!.7==+;!&:+-!C8DDD!
1'66#=&4!!A'66#=&!"+-+!2&($7;+-+;!#!('7$#(2+!1+2#'$+!/+-;$!&6!0/+3!
"&'=;!)-#T+!&:+-!0-#7(!0-#2.$!#(;!2#'$+!;+=#%$8!$&3+073+$!=&$7()!0/+!
9#$$+()+-$!#$!3'2/!#$!+7)/0!/&'-$4!!?(!-+$9&($+!0&!0/7$8!0/+!-#7=-&#;!
2&39#(7+$!/7-+;!)'(3+(!=7.+!A'66#=&!A7==!0&!.7==!#$!3#(%!1'66#=&!#$!
9&$$71=+4!!
I/+!)&=;+(!)-#:+=!&6!F#=76&-(7#!2&(07('+;!0&!%7+=;!)&=;8!1'0!7(!JKUK!#(!
HOHFWULI\LQJGLVFRYHU\RIJROGVKRRN&RORUDGR7KHVHQHZ³,-,#BF.-.%&)´
RWKHUZLVHNQRZQDV³3LNHV3HDNHUV´UXVKHGZHVWWRULSDWWKHUDPSDUWV
&6!0/+!V&2.7+$4!@60+-!&(+!&-!0"&!3&(0/$8!0/+!)&=;!$'99=%!7(!F&=&-#;&!
;"7(;=+;8!$&!0/+!6760%Q(7(+-$!9&'-+;!6+:+-7$/=%!7(0&!*+:#;#!7(!JKUW8!#60+-!
0/+!6#1'=&'$!@/()#/1<!C/;%!/#;!1++(!'(2&:+-+;4!I/+!F&3$0&2.!X&;+!
"#$!#!6#(0#$072!#3&'(0!&6!)&=;!#(;!$7=:+-8!"&-0/!3&-+!0/#(!YZCD!37==7&(!
0/#0!"#$!37(+;!1%!0/+!³.LQJVRIWKH&RPVWRFN´IURP±!JKWD4!!I/+!
VFDQWLO\SRSXODWHGVWDWH1HYDGD³FKLOGRIWKH&RPVWRFN/RGH´ZDV
9-+3#0'-+=%!-#7=-&#;+;!7(0&!0/+![(7&(!7(!JKLC8!9#-0=%!0&!9-&:7;+!0/-++!3&-+!
+=+20&-#=!:&0+$!6&-!S-+$7;+(0!X7(2&=(4!
!
I/+!´/RQJ'ULYHµ"#$!#!$9+20#2'=#-!6++;+-!&6!0/+!(+"!$=#')/0+-/&'$+$4!!
I+M#$!2&"1&%$!±!1=#2.8!"/70+8!#(;!G+M72#(!±!;-&:+!/+-;$!('31+-7()!
6-&3!&(+!0/&'$#(;!0&!0+(!0/&'$#(;!/+#;$!$=&"=%!&:+-!0/+!'(6+(2+;!#(;!
'(9+&9=+;!9=#7($!'(07=!0/+%!-+#2/+;!#!-#7=-&#;!0+-37(#=4!@$-)$/3(!'&2-39!
G%)#%&.!'&2-39!H//;.-5$#FC/8-.5!'&2-3!#==!2&((+20+;!-#(2/+-$!7(!I+M#$!
0&!0/+!-#7=-&#;!7(!R#($#$8!*+1-#$.#8!#(;!>%&37()!-+$9+206'==%4!!
!
!
\&$+9/!]4!P=7;;+(!"#$!0/+!7(:+(0&-!&6!62&6%;!I-&%8!"/72/!/+!9+-6+20+;!7(!
JKOC4!!I/7$!7(:+(07&(!$&=:+;!0/+!9-&1=+3!&6!/&"!0&!1'7=;!6+(2+$!&(!0/+!
9=#7($!"/+-+!6+"!0-++$!2&'=;!1+!6&'(;8!#==&"7()!6#-3+-$!0&!+(2=&$+!=#-)+!
0-#20$!&6!=#(;!"70/&'0!"&--%7()!#1&'0!67(;7()!/')+!#3&'(0$!&6!"&&;4!!!
!
!
!
!
!
!
!
!
!
"#$%&!'%&()!*!!+%,-.-#-/.)!!
!
4/6>7)#%&)!"#$#!%#&%'#!"(&!)$&*#!+(#!,&-!&.!+(#!%$/0$0#!"0+(!'/$1#!0$&2!
%'&",!/2-!.&3$!4&*#,!&.!&5#26!7(#!,&0'!"/,!8#$4!.#$+0'#6!7(#4!3,#-!+(#!
'/2-!.&$!./$9021!/,!"#''!/,!)30'-021!+(#0$!(&9#,!&3+!&.!,&-!/2-!)3$2021!
:&$2:&),!%$&-3:#-!.$&9!+(#!,&0'!.&$!(#/+6!!
!
³'U\IDUPLQJ´ZDVDPHWKRGRIIDUPLQJWKHSODLQVWKDWLQYROYHGIUHTXHQW
,(/''&"!:3'+08/+0&2!&.!+(#!'/2-6!!;(0'#!0+!"/,!,3%%&,#-!+&!)#!/2!/-/%+/+0&2!
+&!+(#!"#,+#$2!#280$&29#2+<!&8#$!+09#!0+!-#,+$&4#-!+(#!+&%!'/4#$!&.!,&0'!+(/+!
ZRXOGFRQWULEXWHWRWKH³'XVW%RZO´DQGRWKHUVLPLODUHIIHFWV!
!
7(#!=(0:/1&!.0$9!&.!>/$&2!8/.#5/(%&B!C2&6!9/0'#-!&3+!0+,!.0$,+!
:/+/'&13#!02!?@AB6!!7(#4!(/-!.&$9#$'4!)##2!#5%#$+,!/+!/''!./:#+,!&.!'0.#C!
1$&"021!9/24!-0..#$#2+!:$&%,<!,3),0,+021!&..!,&9#!&.!"(/+!+(#4!(/-!
1$&"2<!/2-!)/$+#$021!"0+(!2#01()&$,!.&$!2##-#-!1&&-,6!!D&"#8#$<!+(#!
#5%/2,0&2!&.!02-3,+$4!02!+(#!'/+#!?E+(!:#2+3$4!:/3,#-!0+!+&!)#!9&$#!
%$&.0+/)'#!.&$!./$9#$,!+&!./$9!/!,021'#!:/,(!:$&%6!!=/+/'&1,!'0*#!+(0,!&2#!
/''&"#-!./$9#$,!+&!3,#!+(#0$!%$&.0+,!+&!)34!#F30%9#2+!+&!02:$#/,#!
#..0:0#2:46!!!
!
7(#!D32.6²933-)/.!91#!"/,!/2!?@A@!/:+!&.!G20+#-!H+/+#,!
=&21$#,,!$#F30$021!+(#!GH!7$#/,3$4!+&!)34!/!:#$+/02!/9&32+!&.!,0'8#$!/2-!
%3+!0+!02+&!:0$:3'/+0&2!/,!,0'8#$!-&''/$,6!7(&31(!+(#!)0''!"/,!8#+&#-!
)4!I$#,0-#2+!J3+(#$.&$-!K6!D/4#,<!+(#!=&21$#,,!&8#$$&-#!D/4#,L!8#+&!&2!
M#)$3/$4!BN<!?@A@!+&!#2/:+!+(#!'/"6!
!
!
875E7(F)!"#$#!$#.&$9CPLQGHG5HSXEOLFDQVZKRGLGQ¶WZDQW-DPHV
K'/02#!/,!+(#0$!%$#,0-#2+0/'!:/2-0-/+#!02!?@@O!)#:/3,#!&.!(0,!-0,(&2#,+!
EHKDYLRUZKLFKLQFOXGHGWKHILVK\³0XOOLJDQOHWWHUV´7KH\EROWHGWRWKH
P#9&:$/+,<!$#:#08021!+(#0$!20:*2/9#!&.!Q2-0/2!-#$08/+0&2!+(/+!,311#,+#-!
WKDWWKH\ZHUH³VDQFWLPRQLRXV´RU³KROLHUC+(/2CWKRX´!
7(#!;%.63%#/.!G-@-3!4%&@-1%!H%,/&(!91#!&.!G20+#-!H+/+#,!0,!/!.#-#$/'!
'/"!#,+/)'0,(#-!02!?@EN!+(/+!,+0%3'/+#-!+(/+!1&8#$29#2+!R&),!,(&3'-!)#!
/"/$-#-!&2!+(#!)/,0,!&.!9#$0+6!7(#!/:+!%$&80-#-!,#'#:+0&2!&.!1&8#$29#2+!
#9%'&4##,!)4!:&9%#+0+08#!#5/9,<!!$/+(#$!+(/2!+0#,!+&!%&'0+0:0/2,!&$!%&'0+0:/'!
/..0'0/+0&26!Q+!/',&!9/-#!0+!0''#1/'!+&!.0$#!&$!-#9&+#!1&8#$29#2+!&..0:0/',!.&$!
%&'0+0:/'!$#/,&2,!/2-!%$&(0)0+#-!,&'0:0+021!:/9%/012!-&2/+0&2,!&2!M#-#$/'!
1&8#$29#2+!%$&%#$+46!7&!#2.&$:#!+(#!9#$0+!,4,+#9!/2-!+(#!R3-0:0/'!
,4,+#9<!+(#!'/"!/',&!:$#/+#-!+(#!G20+#-!H+/+#,!=080'!H#$80:#!=&990,,0&26!
>!:$3:0/'!$#,3'+!"/,!+(#!,(0.+!&.!+(#!%/$+0#,!+&!$#'0/2:#!&2!.32-021!.$&9!
)3,02#,,<!,02:#!+(#4!:&3'-!2&!'&21#$!-#%#2-!&2!%/+$&2/1#!(&%#.3',6!
!
D%.?2(-.!02&&-)/.!"/,!+(#!1$/2-,&2!&.!;0''0/9!D#2$4!D/$$0,&2!S"/$!
(#$&T!K/++'#!&.!70%%#:/2&#!/2-!%$#,0-#2+!)$0#.'4!02!?@O?U6!D#!-#.#/+#-!
='#8#'/2-<!+(#!,0++021!%$#,0-#2+<!/'+(&31(!='#8#'/2-!(/-!9&$#!%&%3'/$!
8&+#,6!7(#!9/02!0,,3#!"/,!+(#!+/$0..6!D/$$0,&2!./8&$#-!%$&+#:+08#!+/$0..,!
/2-!='#8#'/2-!"/2+#-!+(#9!$#-3:#-<!)#:/3,#!(#!,/"!+(#9!/,!32./0$!
+/5#,!&2!:&2,39#$,6!!='#8#'/2-!:/9#!)/:*!+&!"02!+(#!2#5+!#'#:+0&2!02!
?@EB6
7(#!D-33-/.!+/332&!G/.5&%))!"/,!/!+"&C4#/$<!J#%3)'0:/2!:&2+$&''#-!
.#-#$/'!1&8#$29#2+6!7(#$#!"/,!/!J#%3)'0:/2!I$#,0-#2+<!D/$$0,&2<!/2-!/!
J#%3)'0:/2!:&2+$&''#-!=&21$#,,!S)&+(!+(#!H#2/+#!/2-!+(#!D&3,#!&.!
J#%$#,#2+/+08#,U6!7(0,!K0''0&2!P&''/$!=&21$#,,!"/,!-0..#$#2+!+(/2!9&,+!
V0'-#-!1$&3%,<!)#:/3,#!+(#4!+&&*!/!'&+!&.!/:+0&2!/2-!/:+#-!9&$#!/,!
OHDGHUV7KH\DUHFDOOHGWKH³%LOOLRQ'ROODU&RQJUHVV´EHFDXVHLWZDVWKH
.0$,+!+09#!02!>9#$0:/2!(0,+&$4!+(/+!+(#!)3-1#+!$#/:(#-!/!)0''0&2!-&''/$,6!
7RGD\%7:«EXGJHWVDUHPXOWLC+$0''0&2!-&''/$,6!
7(#!'2&-,,!91#!/,!IJKL<!:&99&2'4!:/''#-!+(#!81M-.3%B!'2&-,,A!"/,!/2!/:+!
&.!+(#!G20+#-!H+/+#,!=&21$#,,!.$/9#-!)4!J#%$#,#2+/+08#!;0''0/9!
W:X02'#4!+(/+!)#:/9#!'/"!&2!Y:+&)#$!?<!?@EZ6!7(#!+/$0..!$/0,#-!+(#!
/8#$/1#!-3+4!&2!09%&$+,!+&!/'9&,+!.0.+4!%#$:#2+<!/2!/:+!-#,012#-!+&!%$&+#:+!
-&9#,+0:!02-3,+$0#,!.$&9!.&$#012!:&9%#+0+0&26!7(#!P#9&:$/+,!(/-!%'#-1#-!
+&!'&"#$!+/$0..,<!/2-!%$&+#,+#-!+(#!W:XLQOH\7DULII«EXWE\WKHWLPHWKH
;0',&2CV&$9/2!7/$0..!&.!?@EO!9/-#!0+!+($&31(!=&21$#,,<!0+!"/,!,&!'&/-#-!
"0+(!,%#:0/'C02+#$#,+!%$&+#:+0&2!+(/+!0+!(/$-'4!9/-#!/!-0..#$#2:#!02!+(#!
W:X02'#4!7/$0..!$/+#,6!='#8#'/2-!/''&"#-!+(#!)0''<!)3+!+(#!H3%$#9#!=&3$+<!
93:(!+&!+(#!-0,9/4!&.!+(#!I&%3'0,+,<!,+$3:*!-&"2!+(#!02:&9#!+/5!%$&80,0&2!
&.!+(#!+/$0..6!
0-)#/&-123!4-5.-,-12.1%!«LGHQWLI\DQGH[SODLQEURDGWU%.6)!7)-.5!89:;<=4!
#$%(2#-1!3%2&.-.5!/>?%1#-@%)A!$-5$3-5$#!#$%(%!
!
!
!
!
!
!
!
!
!
"#$%&!'%&()!*!!+%,-.-#-/.)!!
!
"#$!4$%&(2.!:.#-#&;)#!:1#!%&#$'()*!+,-.!/0!)!1)*2()'3!4$2$')1!0-)-5-$!
/*!-#$!#/0-6'7!64!8*/-$2!&-)-$0!)*-/-'50-!1)9!%6'!:,6(;$-/-/6*!1)9:<!;)00$2!
=7!>6*?'$00!/*!@ABCD!E-!;'6#/=/-0!,$'-)/*!=50/*$00!),-/F/-/$0!-#)-!4$2$')1!
?6F$'*($*-!'$?51)-6'0!2$$(!-6!=$!)*-/G,6(;$-/-/F$.!)*2!'$H5/'$0!-#$!
4$2$')1!?6F$'*($*-!-6!/*F$0-/?)-$!)*2!;5'05$!-'50-0D!I$0;/-$!=$/*?!)!0-$;!
-69)'2!,#)11$*?/*?!-'50-0!)*2!;'6-$,-/*?!-#$!4'$$!()'3$-.!-#/0!),-!9)0!
1)'?$17!5*05,,$00451.!=$,)50$!;61/-/,/)*0!9$'$!5*9/11/*?!-6!-'517!,#)11$*?$!
=/?!=50/*$00!)*2!-#$!*$9!1)9!9)0!50$2!(6'$!-6!-#9)'-!$446'-0!64!
6'?)*/J$2!1)=6'!-#)*!-6!='$)3!5;!-#$!;69$'!64!-#$!(6*6;61/$0!±!-'50-0D!
!
"#$!4$%&(2.!4-38%&!<;&1$2)%!:1#!9)0!)!8*/-$2!&-)-$0!4$2$')1!
1)9!$*),-$2!/*!@ABCD!"#$!($)05'$!2/2!*6-!)5-#6'/J$!-#$!4'$$!)*2!
5*1/(/-$2!,6/*)?$!64!0/1F$'!-#)-!-#$!K'$$!&/1F$'!05;;6'-$'0!9)*-$2L!
#69$F$'.!/-!/*,'$)0$2!-#$!)(65*-!64!0/1F$'!-#$!?6F$'*($*-!9)0!'$H5/'$2!-6!
;5',#)0$D!+1-#65?#!-#/0!9)0!)!F/,-6'7!46'!4)'($'0!)*2!6-#$'!2$=-6'0.!/-!
9)0!5*05,,$00451!=$,)50$!-#$!/*,'$)0$2!05;;17!64!0/1F$'!'$25,$2!/-0!
F)15$!9#/,#!'$051-$2!/*!-#$!/*)=/1/-7!64!(/*$'0!-6!()3$!)!;'64/-!)*2!1$)2/*?!
-#650)*20!-6!$M,#)*?$!0/1F$'!*6-$0!46'!?612!*6-$0!9#/,#!1$2!-6!1),3!64!
?612!05;;17D!
!
:.=&%>!?2&.%5-%!()2$!05'$!-#)-!*6!6*$!=5-!#/0!$(;167$$0!-65,#$2!-#$!
;'625,-.!,UHDWLQJWKHWDFWLFRI³YHUWLFDOLQWHJUDWLRQµ!!+11!;#)0$0!64!
()'3$-/*?!9$'$!/*!6*$!6'?)*/J)-/6*D!!>)'*$?/$!9)*-$2!-6!/(;'6F$!
$44/,/$*,7!-#'65?#!'$1/)=/1/-7.!,6*-'611$2!;'625,-/6*.!)*2!$1/(/*)-/*?!
PLGGOHPHQ¶VIHHV!
!
!
"#$!@%))%(%&!A&/1%))!%/*F$*-$2!/*!-#H¶VZDVDZD\RIPDNLQJ
,#$);!0-$$1D!!N/11/)(!O$117!465*2!-#)-!;5--/*?!,612!)/'!6*!'$2G#6-!/'6*!
$1/(/*)-$2!/(;5'/-/$0D!!E-!9)0!/*/-/)117!F/$9$2!9/-#!03$;-/,/0(.!=5-!
$F$*-5)117!-#$!P$00$($'GO$117!;'6,$00!9)0!),,$;-$2!)*2!#$1;$2!-6!
,'$)-$!-#$!;'$0$*-!0-$$1!,/F/1/J)-/6*D!!!
!
³4#%%3!-)!B-.5´PD\DVZHOOKDYHEHHQWKHZDUFU\RIWKHQHZLQGXVWULDO
UHYROXWLRQ6WHHOPDNLQJUDLOURDGVVKRZHGWKHLPSDFWRI³+HDY\
,QGXVWU\´7KLVFRQFHQWUDWHGRQPDNLQJ³FDSLWDOJRRGV´UDWKHUWKDQ
,6*05($'!?6620D!!
!
!
³'UDNH·VC/33D´ZDVWKHILUVWZHOOIRXQGWKDWZDVILOOHGZLWKOLTXLGEODFN
?612!6'!6/1D!E-!9)0!465*2!/*@AQB!/*!R$**071F)*/)!)*2!S50-!;65'$2!65-!6/1D!E-!
1$2!-6!3$'60$*$!1)(;0!9#/,#!)'$!2$'/F$2!4'6(!;$-'61$5(!6/1D!
!
+!($-#62!64!;'625,-/6*!50$2!=7!E/$.!+F!G/1B%,%33%&.!$/&-H/.#23!
-.#%5&2#-/.9!9)0!)!0-')-$?7!-#)-!,)11$2!46'!)117/*?!9/-#!,6(;$-/-6'0!-6!
(6*6;61/J$!)!?/F$*!()'3$-D!T'!0/(;17!6F$'-)3/*?!-#$!,6(;$-/-/6*!-#'65?#!
/*-/(/2)-/6*!)*2!=5765-0D!"#'65?#!-#/0!070-$(!)!-'50-!9)0!()2$D!
&DUQHJLHQLFNQDPHGWKLVSURFHVVDV³5HFNDIHOORZ´!
!
!
³:1&%)!/,!+-2(/.=)´!9)0!)!1$,-5'$!?/F$*!=7!U$FD!U500$11!>6*9$11!64!
3KLODGHOSKLDLQZKLFKKHVWDWHG³WKHUHLVQRWDSRRUSHUVRQLQWKH86ZKR
9)0!*6-!()2$!;66'!E\WKHLURZQVKRUWFRPLQJV´!
!
!
I2-))%HJC2-&%!)UHQFKPHDQV³/HW0HQ'R´7KH!-$'(!2$0,'/=$0!-#$!
+($'/,)*!070-$(!64!*6*GJRYHUQPHQWDOLQWHUYHQWLRQLQEXVLQHVV«DND
K'$$!V)'3$-!>);/-)1/0(D!
!
!
'$/(2)!K=-)/.!9)0!6*$!64!-#$!(60-!0/?*/4/,)*-!/**6F)-6'0!64!-#$!W/12$2!
+?$!)*2!;$'#);0!-#$!9#61$!64!+($'/,)*!#/0-6'7!5;!5*-/1!@BCCD!X$!
;)-$*-$2!(6'$!-#)*[email protected]!/*F$*-/6*0D!
!
!
L%/&5%!M%)#-.5$/;)%!#$12!(6'$!-#)*!YCC!;)-$*-0!)*2!9)0!'$0;6*0/=1$!
46'!,'$)-/*?!-#$!')/1'6)2!)/'!=')3$!)*2!)1-$'*)-/*?!,5''$*-!-')*046'($'0D!
!
0-)#/&-123!4-5.-,-12.1%!«LGHQWLI\DQGH[SODLQEURDGWUHQGVXVLQJ0$*3,(6
#$%(2#-1!3%2&.-.5!/67%1#-8%)9!$-5$3-5$#!#$%(%!
!
!
!
!
!
!
!
!
!
!
"#$%&!'%&()!*!!+%,-.-#-/.)!!
!
"#$%%&!'(#!)%*+,!ERDVWHGLQWKDWKHFRXOG³«KLUHRQHKDOIRIWKH
ZRUNLQJFODVVWRNLOOWKHRWKHUKDOI´GHPRQVWUDWLQJWKHFRPSOHWHFRQWURO
$%-.%-(/0%&1!2(,!%34-!/240-!5%-64-17!8/24-!/($/0$1!0&$+*,4,!B%33/C!6/5!
1/.#&21#)A!)12>)A!)D%1-23!25%.#)!E)1&7>)A!;-.F%&#/.)A!(-3-#-2GA!
>321F3-)#)A!-.?7.1#-/.)A!2.6!3/1F/7#)H!
!
"24!02B(2&F%#!4I72&%!9%:;!5(1!(!,#&(:0/4!;%:;!/2-%5&!,*-0&<!(!
+(;%-!.-%/41/!0&!=20$(<%!0&>??@!/2(/!60++4,!%-!0&A*-4,!1434-(+!,%B4&!
.4%.+4C!0&$+*,0&<!/24!.%+0$47!DE(#:(-64/!F0%/G!"24!:44/0&<!5(1!
%-<(&0B4,!/%!,01$*11!+(;%-!1/-0641H011*417!!
!
!
"24!0/(%)#%26!4#&-F%!RFFXUUHGLQDW&DUQHJLH¶VVWHHOSODQWLQ
I4&&1#+3(&0(7!!"24!;733(2.!4#&-F%!%$$*--4,!0&!>?JK!(/!)4%-<4!
I*+OPDQ¶VUDLOURDGFDUSURGXFWLRQSODQWLQ,OOLQRLV7KHVHWZRVWULNHV
54-4!(:%&<!/24!:%1/!30%+4&/!%L!/24!4-(7!
!
J2.%!9662()!D>?@MNGHGLFDWHGKHUVHOIWR³XSOLIWLQJWKHXUEDQ
PDVVHV´$VRQHRIWKHILUVWJHQHUDWLRQVRIFROOHJHHGXFDWHGZRPHQ
124!/(*<2/!(&,!,0,!3%+*&/44-!5%-67!O24!41/(;+0124,!0733!0/7)%!0&!
&KLFDJRZKLFKEHFDPH$PHULFD¶VPRVWSURPLQHQWVHWWOHPHQWKRPH
O24!5(1!(!-4L%-:4-C!$%&,4:&4,!5(-!(&,!.%34-/#C!(&,!5%&!/24!P%;4+!
I4($4!I-0B4!0&!>JQ>7!O24!(+1%!0&1.0-4,!5%:4&!/%!L0<2/!L%-!/240-!-0<2/17!
!
K3/&%.1%!L%33%BA!(!:4:;4-!%L!/24!E*++!E%*14C!+4,!/24!;(//+4!L%-!(&!
(&/0N154(/12%.!+(5!0&!R++0&%01!0&!>?JQ7!!S-:4,!50/2!/24!0&10<2/1!%L!
1%$0(+01:C!124!+4,!:(&#!%/24-!;(//+41!L%-!/24!54+L(-4!%L!5%:4&C!
$20+,-4&C!;+($61C!(&,!$%&1*:4-17!!O24!+(/4-!14-34,!(1!<4&4-(+!
14$-4/(-#!%L!/24!P(/0%&(+!=%&1*:4-1!T4(<*4!0&!P45!U%-67 !
!
S,,0/0%&(+!+(51!-41/-0$/0&<!0::0<-(/0%&!54-4!.(114,!0&!/24!>??M1!
OLPLWLQJWKHLPPLJUDWLRQRI³XQGHVLUDEOHV´VXFKDVFRQYLFWHGFULPLQDOV
(&,!/24!:4&/(++#!0++7!V24&!=33-)!<)32.6!%.4&4,!0&!>?JWC!0::0<-(&/1!2(,!
/%!.(11!(!14-041!%L!/41/1!.-%30&<!/240-!5%-/20&4117!
!
"24!2(/$24/N504+,0&<!50,%5!%L!(&!(+$%2%+0$C!M2&&-%!9H!N2#-/.!D>?K@N
>JM>G!1.-4(,!/24!5%-,!%L!I-%20;0/0%&!;#!1:(120&<!;44-!;%//+41!(&,!
VDORRQVHDUQLQJKHUWKHQLFNQDPH³L2.)2)!MB13/.%´!
!
!
M32&2!O2&#/.WKH³DQJHO´RI&LYLO:DUEDWWOHILHOGVODXQFKHGWKH
9(%&-12.!P%6!M&/))!0&!>??>7!9(-/%&!.4-1%&(++#!+4,!4X.4,0/0%&1!/%!
24+.!.4%.+4!0&!&44,!,*4!/%!L%-41/!L0-41C!L+%%,1C!2*--0$(&41!(&,!5(-17!
!
!
S&/2%&#!=%:1/%$6!D>?KKNZDVD³PRUDOSXULVW´ZKRKHOGYDJXHO\
.*-0/(&0$(+!;4+04L1!-4<(-,0&<!($$4./(;+4!;42(30%-1!0&!;%/2!1%$0(+!(&,!
.-03(/4!14//0&<17!E4!5(1!-4$%<&0B4,!;#!/24!<%34-&:4&/C!0&!>?YQ!50/2!
WKHFUHDWLRQRIWKH³M/()#/1F!Q2C)´WKDWJDYHWHHWKWRKLVFUXVDGH
(<(0&1/!14X*(+!,430(&$0417!!
!
R-1#/&-2!S//6$733!D>?Q?N>JWYG!5(1!(!,4,0$(/4,!L4:0&01/C!52%!
FDPSDLJQHGIRUZRPHQ¶VVXIIUDJHDVZHOODVZRPHQ¶VULJKWV$
,03%-$44C!124!5(1!L0&(&$0(++#!0&,4.4&,4&/!%L!(&#!:(&C!(&,!5(1!(&!
%*/1.%64&!.-%.%&4&/!%L!(!L-44N+%34!+0L41/#+47!
0-)#/&-123!4-5.-,-12.1%!«LGHQWLI\DQGH[SODLQE&/26!#&%.6)!7)-.5!89:;<=4!#$%(2#-1!
3%2&.-.5!/>?%1#-@%)A!$-5$3-5$#!#$%(%!
!
!
0/&2#-/!935%&!5(1!(!I*-0/(&NUDLVHGZULWHUQLFNQDPHG³+RO\+RUDWLR´
E4!5-%/4!%34-!>MM!3%+*:41!%L!A*34&0+4!1/%-041C!.-4($20&<!30-/*41!(&,!
:%-(+1C!/2%*<2!24!20:14+L!5(1!1*1.4$/!0&!.-($/0$0&<!/24:7!!
!
!
!"#$%&'(#)*)+!5(1!5-0//4&!;#!Z(/4!=2%.0&!0&!>?JJ!(&,!/%*$24,!%&!
/24!1*;A4$/1!RIDGXOWHU\VXLFLGHDQGZRPHQ¶VDPELWLRQV%HFDXVHRI
/24!$%&/-%34-10(+!011*41!50/20&!/24!/4X/C!/24!;%%6!5(1![*41/0%&4,!(&,!
1%:4/0:41!;(&&4,7!!
!
!
!
!
!
!
!
!
!
!
!
!
"#$%&!'%&()!*!!+%,-.-#-/.)!!
!
!
"#$%%&'!()!*&'#)!+,-&./!!"#$%&'(&)*+)'!012234!5,.!,!(667!%8,%!
,99#&..&9!'&5!:&-$'$.%!$9&,.;!<8#6=>8!%8&!=.&!6:!:&-,?&!?&,9!
@8,#,@%&#./!%8&!(667!@8,??&'>&9!%8&!$9&,!%8,%!6'?)!-&'!8,9!%8&!9&A%8!
6:!@8,#,@%&#!%6!(&!%8&!:6@=.!6:!,!'6B&?;!!
!
62&@!'A2-.!(&>,'!,.!,!C6=#',?$.%!%8&'!D=$@7?)!#6.&!%6!:,-&!5$%8!
.%6#$&.!.=@8!,.!<8&!E&?&(#,%&9!+=-A$'>!F#6>!6:!E,?,B&#,.!E6='%)!
0123G4;!*&!5#6%&!!"#$,*-.#.$/0#!$'!12GH/!,'9!%8&'!8$.!-6.%!:,-&9!
56#7/!!"#$/.1#)(23#'$&4$!&5$6+78#3!BCDEFG!2.H!!"#$/.1#)(23#'$
&4$92:;-#<#338$=*))$>CDDIGJ!!
!
!
I&'&#,?!J&5$.!",??,@&!5#6%&!%#)$923?$/$!+-#$&4$("#$@"3*'(!0122K4!
58$@8!.6?9!-6#&!%8,'!H!-$??$6'!@6A$&.!,'9!5,.!%#,'.?,%&9!$'%6!.&B&#,?!
ODQJXDJHV,WZDVWKH³8QFOH7RP¶V&DELQ´WRWKHDQWLLM,#5$'$.%.;!
!
!
K/)%L$!9M3-#N%&!5,.!,!*='>,#$,'L(6#'!,=%86#!586!?&9!%8&!%&@8'$D=&.!
6:!.&'.,%$6',?$.-!$'!N%;!J6=$./!&.A&@$,??)!5$%8!%8&!!"#$%&'($)&'*+;!!*$.!
XVHRIDFRPLFVWULSQDPHGWKH³<HOORZ.LG´JDYHULVHWRWKHWHUP
8#--&7$A&23)+-*'5J!!!
!
O-33-2(!P2.H/3L$!0%2&)#!ZDVNQRZQDVRQHRIWKH³MRXUQDOLVWLF
W\FRRQV´RIKLVW\FRRQVRIKLVWLPH+HZDVH[SHOOHGIURP+DUYDUGIRU
,!@#=9&!A#,'7/!(=%!@?&,'&9!=A!8$.!,@%!,'9!?,%&#!(=$?%!=A!,!A65&#:=?!
@8,$'!6:!'&5.A,A&#./!.%,#%$'>!5$%8!%8&!,-.$/'-.0120&$34-51."'$$'!
122G;!!!
!
3UHDFKLQJWKH³)/1-23!5/)L%3´SHRSOHOLNH:DOWHU5DXVFKHQEXVKDQG
",.8$'>%6'!I?,99&'!$'.$.%&9!%8,%!%8&!@8=#@8&.!.86=?9!%,@7?&!%8&!
.6@$,?!$..=&.!6:!%8&!9,);!!$IRUPHUVKRHVDOHVPDQDFWLYHLQWKH³VRFLDO
JRVSHO´PRYHPHQW'ZLJKW/\PDQ0RRG\FDSWLYDWHG8$.!,=9$&'@&.!
5$%8!-&..,>&.!6:!:6#>$B&'&..!,'9!6%8&#!B,?=&.!%8,%!?$(&#,?!O#6%&.%,'%.!
.6=>8%;!!<8$.!8&?A&9!O#6%&.%,'%!P-&#$@,'.!#&@6'@$?&!%8&$#!:,$%8!5$%8!
-69&#'/[email protected]?$%,'!5,).!6:!%8$'7$'>;!!!
!
62&Q!R2@%&!;HHQ!012G1L1Q1K4/!%8&!:6='9&#!6:!%8&!E8=#@8!6:!E8#$.%/!
N@$&'%$.%/!$'!12GQ/!.,$9!%8,%!%#=&!E8#$.%$,'$%)!56=?9!8&,?!.$@7'&..!,'9!
9$.&,.&;!N8&!5#6%&!%8&!(667/!,01".0"$-.+$6"-*78$#178$9":$7&$78"$
,0'1;7<'"=$58$@8!.6?9!RKK/KKK!@6A$&.;!S)!%8&!%$-&!6:!8&#!9&,%8/!8&#!
.&@%!@?,$-&9!.&B&#,?!8='9#&9!%86=.,'9!56#.8$AA&#.;!!
!
&KDUOHV'DUZLQ¶VWKHRU\RI³.2#M&23!)%3%1#-/.´VWDWHVWKDWQDWXUH
.&?&@%.!6#>,'$.-.!:6#!?$:&!6#!9&,%8!(,.&9!6'!%8&$#!$'8&#$%&9!%#,$%.;!!<8$.!
'&5!%8&6#)!&TA?$@$%?)!#&C&@%&9!%8&!5$9&.A#&,9!(&?$&:!%8,%!%8&!9&.$>'!6:!
.A&@$&.!5,.!9$B$'&;!!
!
<8&!S$2M#2MTM2!(/>%(%.#/!,!.=@@&..6#!%6!%8&!?)@&=-./!5,.!
ODXQFKHGLQRQWKHVKRUHVRI1HZ<RUN¶V/DNH&KDXWDXTXD
U#>,'$V&#.!6:!%8&!-6B&-&'%!>,$'&9!.=@@&..!%8#6=>8!',%$6'5$9&!A=(?$@!
?&@%=#&.!:6#!B,.%!,=9$&'@&.!6:!%86.&!586!8,9!,!9&.$#&!%6!?&,#';!
!!!
U'!PA#$?!HH/!122Q/!"@32$/(2!(&@,-&!6::$@$,??)!6A&'!:6#!.&%%?&-&'%;!!
W,')!-&'!8,9!$??&>,??)!&'%&#&9!%8&!%#,@%.!6:!?,'9!A#&B$6=.!%6!%8$.!9,%&!
,'9!8,9!%6!(&!&B$@%&9!#&A&,%&9?)!()!:&9&#,?!%#66A.;!!P%!'66'!6'!%8$.!
9,)/!%8&!(=>?&!.6XQGHGDQGHDJHU³ERRPHUL.66'&#.´SRX#&9!
$'%6!%8&!'&5?)!,B,$?,(?&!?,'9;!!S)!%8&!&'9!6:!%8&!)&,#/!U7?,86-,!8,9!
3K/KKK!#&.$9&'%.!,'9!5,.!-,9&!$'%6!,'!6::$@$,?!%&##$%6#);!!X%!(&@,-&!,!
.%,%&!$'!1QKG;!!!
!
X'!%8&!?,%&#!A,#%.!6:!%8&!1Q%8!@&'%=#)/!%8&!A&6A?&!,'9!>6B&#'-&'%!(&>,'!
%6!#&,?$V&!%8,%!%8&!"&.%!8,9!:$??&9!-=@8!:,.%&#!%8,'!%8&)!8,9!&TA&@%&9;!!
U'&!&.%$-,%&/!()!%8&!.&@#&%,#)!6:!5,#!$'!12HG/!8,9!.=>>&.%&9!%8,%!$%!
56=?9!%,7&!:$B&!8='9#&9!)&,#.;!!X'!#&,@%$6'!%6!%8$.!#&,?$V,%$6'/!%8&!
>6B&#'-&'%!.&%!,.$9&!?,'9!:6#!.2#-/.23!L2&@)/!%8&!:$#.%!6:!58$@8!5,.!
U%33/A)#/.%!$'!12GH;!I#,'%!5,.!A#&.$9&'%;!
0-)#/&-123!4-5.-,-12.1%!«LGHQWLI\DQGH[SODLQEURDGWUHQGVXVLQJ6789:;4!#$%(2#-1!
3%2&.-.5!/<=%1#->%)?!$-5$3-5$#!#$%(%!
!
!
!
!
!
!
!
!
!
!
!
!
"#$%&!'%&()!*!!+%,-.-#-/.)!!
!
@/.2.A2!,2&()!"#$#!%&'()!*'$+,!&(!)-#!.&((#,/)'!±!0/$)-!1'2/)'!
'$#'3!!45!6789:!,#;#$'<!/*!)-#+!,='((#>!',!+'(5!',!6?:999!'@$#,!'(>!
$#AB&$#>!)#<#=-/(#,!)/!@/++B(&@')#!*$/+!/(#!='$)!)/!'(/)-#$3!!
!!
!
4#2#-1!(/.%B!)CDD3B!±!)-#$#!"',!,&+=<5!(/)!#(/B%-!>/<<'$,!)/!%/!
'$/B(>:!'(>!',!'!$#,B<):!=$&@#,!"#$#!*/$@#>!>/"(3!C(!67D9:!)-#!
@B$$#(@5!&(!@&$@B<')&/(!*/$!#'@-!=#$,/(!"',!E683FGH!&(!6789:!&)!"',!/(<5!
EGG3ID3!J#)!>B$&(%!)-#,#!)"#()5!5#'$,:!KB,&(#,,!'(>!&(>B,)$&'<!'@)&;&)5:!
&(@$#',&(%!+'(5*/<>:!-'>!&()#(,&*&#>!)-#!,@$'+K<#!*/$!';'&<'K<#!
@B$$#(@53!!!
!
!
0%3%.!0C.#!E21F)/.!"$/)#!!"#$%&'()"*+",-./*%*(G!C)!!K$/B%-)!)/!
<&%-)!)-#!=<&%-)!/*!)-#!L+#$&@'(!M<'&(,!C(>&'(,3!N(*/$)B(')#<5!&(@$#',#>!
V\PSDWK\IRU1DWLYHVGLGQRWWUDQVODWHWRUHDOWROHUDQFHRUUHVSHFW«LW
WUDQVODWHGLQWRVWURQJHUHIIRUWVWR&KULVWLDQL]HHGXFDWHDQG³FLYLOL]H´ !
!
O#'</B,:!"-&)#!P-$&,)&'(,!Q/&(#>!"&)-!+&<&)'$5!+#(!&(!,B@@#,,*B<<5!
=#$,B'>&(%!)-#!%/;#$(+#()!)/!/B)<'"!)-#!,'@$#>!4C.!+2.1%3!R-#!
PLOLWDU\PHQZDQWHGWRRXWODZZKDWWKH\FDOOHGWKH³*KRVW'DQFH´
K#@'B,#!&)!"',!/*)#(!+&,)'2#(!*/$!)-#!K#')&(%!/*!)-#!"'$!>$B+3!.'(5!
*#'$#>!)-#!B(&*&@')&/(!/*!)$&K#,!"/B<>!@-'<<#(%#!)-#!'$+53!P-$&,)&'(!
S#'</),!/*)#(!)$&#>!)/!*/$@#!0')&;#,!)/!@-'(%#:!,B@-!',!"&)--/<>&(%!*//>!
&*!)-#5!>&>!(/)!%&;#!B=!)-#&$!)$&K'<!K#<&#*,!'(>!)$'>&)&/(,3!
!
0-)#/&-123!4-5.-,-12.1%!«LGHQWLI\DQGH[SODLQEURDGWUHQGVXVLQJ6789:;4!#$%(2#-1!
3%2&.-.5!/<=%1#->%)?!$-5$3-5$#!#$%(%!
!
!
!
!
Now create a list of these terms in chronological order. Just kidding. -
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
'%&(!H%>-%I!I&-##%.!<B!H%<%112!H-1$2&J)/.?!733%.!0-5$!41$//3!
6RXUFHVLQFOXGHEXWDUHQRWOLPLWHGWRHGLWLRQRI$06&2¶V!"#$%&'($)$%*'+#*$,-.'/-%0)-#"1'2,-'$3%'4&5)"6%&'/7)6%8%"$'9:)8#")$#,":!T#$&)'%#*/B(>')&/(3/$%:!!
U&2&=#>&'3/$%:!G96G!'(>!G96?!V#;&,#>!P/<<#%#!4/'$>!L>;'(@#>!M<'@#+#()!N(&)#>!W)')#,!T&,)/$5!X$'+#"/$2:!6G )-!#>&)&/(!/*!48%-#6)"'/)1%)"$;'!(+#*$,-.<,-1;'=-#$)""#6)<6,8