1HLBMBHGBG@ 4RLM>Fe;:L>= M><AGHEH@R bLN<A :L FHGBMHKBG@ =>OB<>L HG ;NL>Lc
LAHNE= ;> NL>= MH :EEHP =><BLBHGeF:D>KL MH A:O> : ;>MM>K HO>KOB>P H? MA> BG<B=>GMf
w K>:EeMBF> 5K:GLIHKM *G?HKF:MBHG 4RLM>F HK HMA>K *GM>EEB@>GM 5K:GLIHKM 4RLM>FL
b*54c LAHNE= ;> NL>= MH :LLBLM MK:??B< =BO>KLBHGd @>G>K:M> K>LIHGL> IE:GL PA>G KH:=L
:K> ;EH<D>= :G= =BLL>FBG:M> BG?HKF:MBHG MH MA> IN;EB<f w ?NEER BGM>@K:M>= LRLM>F
PAB<A BGM>@K:M>L :EE MA> <NKK>GM 5K:??B< yHGMKHE :G= 4NKO>BEE:G<> 4RLM>FL :G= MA>
wK>: 5K:??B< yHGMKHE 4RLM>FL ?HK NK;:G KH:=L BL :ELH LN@@>LM>=f .HK> =BL<NLLBHG
H? MA> M><AGHEH@B>L ?HK <HG@>LMBHG K>EB>? BL BG<EN=>= BG yA:IM>K mf
kfll
8> NG=>KLM:G= MA:M 5z A:L K>OB>P>= BML *54 LMK:M>@R BG jhhid :G= MA>
:?HK>F>GMBHG>= LN@@>LMBHGL :K> I:KM H? MA> *54 LMK:M>@Rf \x +so, yp ~ro sxmsnox~}
~rk~ ymm*||on yx S `k. LJJOF ,o |omywwoxn ~rk~ gW }ry*vn *znk~o s~} \gf }~|k~oq.F
sxmy|zy|k~o }ywo yp ~ro vk~o}~ ~omrxyvyqso} kxn swzvowox~ ~ro |omywwoxnk~syx}
k} }yyx k} zy}}slvoH
8LESVIT 1
G^dVb^R\ A__bUZ^RdZ_^ d_
Ch`VUZdV G]]VUZRdV LV]VUZR\
P_b[c
G^db_UeTdZ_^
lfi
5A> BFI:<M H? : MK:??B< BG<B=>GM <HNE= ;> FBGBFBL>= B? K>F>=B:E :<MBHGL
:K> M:D>G IKHFIMER :G= >??><MBO>ERf 5A> BG<B=>GML MA:M H<<NKK>= HG q .:R jhhm
A:O> K:BL>= <HGLB=>K:;E> <HG<>KG :;HNM MA> >??><MBO>G>LL H? <HHK=BG:MBHG
:FHG@ =B??>K>GM =>I:KMF>GML MH >QI>=BM> BFF>=B:M> K>F>=B:E PHKDLf
lfj
8> <HGLB=>K MA:M >??><MBO> <HFFNGB<:MBHG ;HMA PBMABG : =>I:KMF>GM
:G= :FHG@ =B??>K>GM =>I:KMF>GML BL K>JNBK>=f 8> A:O> >Q:FBG>= MA> <NKK>GM
?K:F>PHKD :G= B=>GMB?B>= :K>:L ?HK BFIKHO>F>GMf
kflm
jo kv}y |omywwoxn ~rk~ gW }ry*vn rk|xo}} kn+kxmon ~omrxyvyqso}
~y }~|oxq~rox s~} owo|qoxm. rkxnvsxq mkzklsvs~so} }*ltom~ ~y ~ro k+ksvklsvs~. yp
|o}y*|mo}H
HVi BV`Rbd]V^dc R^U AebbV^d KbRTdZTVc
y742,.
lfk
8> GHM> MA:M F>F;>KL H? MA> IN;EB< NLN:EER <:EE MA> _qqq_ AHMEBG> BG
<:L>L H? >F>K@>G<Rf wL MA> =>I:KMF>GM K>LIHGLB;E> ?HK F:GGBG@ MA> AHMEBG>d
MA> 1HEB<> :K> MANL :EP:RL MA> ?BKLM <HGM:<M IHBGM :FHG@ MA> =>I:KMF>GML ?HK
>F>K@>G<R BG<B=>GMLf
;6
;7
AYR`dVb :
<MEMWSR [MXL XLI BVERWTSVX 7ITEVXQIRX48QIVKIRG\ BVERWTSVX
6SSVHMREXMSR 6IRXVI
lfl
5A> >F>K@>G<R <:EEL :K> A:G=E>= ;R MA> MAK>> 3>@BHG:E yHFF:G=
:G= yHGMKHE y>GMK>L b3yyyLc EH<:M>= BG ~HG@ ,HG@d ,HPEHHG :G= MA> />P
5>KKBMHKB>Lf
G^dVb^R\ A__bUZ^RdZ_^ d_ Ch`VUZdV G]]VUZRdV LV]VUZR\ P_b[c
q2:. {.:>2,.; o.8*:<5.6<
lfo
5A>K> :K> >LM:;EBLA>= <A:GG>EL ?HK =BK><M <HFFNGB<:MBHG ;>MP>>G MA>
1HEB<> :G= MA> |BK> 4>KOB<>L z>I:KMF>GM b|4zcf 5A> yHFFNGB<:MBHG y>GMK> H?
|4z F:R K><>BO> K>IHKML ?KHF F>F;>KL H? MA> IN;EB< LBFNEM:G>HNLER PBMA 3yyy
B? MA> HI>K:MHK BG 3yyy <HGLB=>KL MA:M |4zaL BGOHEO>F>GM BL G><>LL:KRf 0G>
>Q:FIE> BL MA> G>>= MH K>L<N> I:LL>G@>KL MK:II>= BGLB=> : <:K BG : MK:??B<
:<<B=>GMf
lfm
w?M>K @>MMBG@ MA> G><>LL:KR BG?HKF:MBHGd MA> MK:??B< <HGLHE> H? 3yyy
PBEE :LLB@G H??B<>KL MH MA> LBM> MH A:G=E> MA> <:L>f 5A> H??B<>KL PBEE :LL>LL MA>
LBMN:MBHG :G= K>IHKM MH MA> MK:??B< <HGLHE>f 5A> MK:??B< <HGLHE> PBEE BG?HKF MA>
5K:GLIHKM z>I:KMF>GM b5zc B? BM BL <HGLB=>K>= MA:M MA> BG<B=>GM PBEE A:O> LHF>
MK:??B< BFI:<Mf
<HFFNGB<:M> MAKHN@A |4zaL yHFFNGB<:MBHG y>GMK>f
<MEMWSR [MXL >XLIV 7ITEVXQIRXW
t6<.0:*<.- n*44 n.6<:.
lfn
5A>K> :K> : GNF;>K H? :<MBHG <:K=L ?HK IHEB<> H??B<>KL MH ?HEEHP PA>G
<>KM:BG MRI>L H? BG<B=>GML H<<NK b>f@f MK:??B< :<<B=>GMd MRIAHHGd >M<fcf *G <:L>
:LLBLM:G<> ?KHF HMA>K =>I:KMF>GMLd LN<A :L K>FHO:E H? ?:EE>G MK>>L :G= HBE =BKMd
BL K>JNBK>=d 3yyy HK H??B<>KL HG MA> @KHNG= PBEE <HGM:<M MA> K>E>O:GM =>I:KMF>GML
=BK><Md HK OB: MA> *GM>@K:M>= y:EE y>GMK> b*yyc b=BL<NLL>= ;>EHPcf
lfq
*yy BL >LM:;EBLA>= NG=>K MA>
{??B<B>G<R 6GBM H? MA> yAB>? 4><K>M:KR ?HK
w=FBGBLMK:MBHGaL 0??B<>f *M P:L E:NG<A>= BG
+NER jhhi :G= ;><:F> ?NEER HI>K:MBHG:E BG
0<MH;>K jhhjf
;8
lfp
|4z PBEE MA>G =BLI:M<A ?BK> >G@BG>L PBMA MA> G><>LL:KR >JNBIF>GM :G=
:F;NE:G<>L ?HK K>L<N> HI>K:MBHGLf |KHGMEBG> H??B<>KL :G= HMA>K =>I:KMF>GML PBEE
;9
AYR`dVb :
<MEMWSR [MXL XLI BVERWTSVX 7ITEVXQIRX48QIVKIRG\ BVERWTSVX
6SSVHMREXMSR 6IRXVI
lfl
5A> >F>K@>G<R <:EEL :K> A:G=E>= ;R MA> MAK>> 3>@BHG:E yHFF:G=
:G= yHGMKHE y>GMK>L b3yyyLc EH<:M>= BG ~HG@ ,HG@d ,HPEHHG :G= MA> />P
5>KKBMHKB>Lf
G^dVb^R\ A__bUZ^RdZ_^ d_ Ch`VUZdV G]]VUZRdV LV]VUZR\ P_b[c
q2:. {.:>2,.; o.8*:<5.6<
lfo
5A>K> :K> >LM:;EBLA>= <A:GG>EL ?HK =BK><M <HFFNGB<:MBHG ;>MP>>G MA>
1HEB<> :G= MA> |BK> 4>KOB<>L z>I:KMF>GM b|4zcf 5A> yHFFNGB<:MBHG y>GMK> H?
|4z F:R K><>BO> K>IHKML ?KHF F>F;>KL H? MA> IN;EB< LBFNEM:G>HNLER PBMA 3yyy
B? MA> HI>K:MHK BG 3yyy <HGLB=>KL MA:M |4zaL BGOHEO>F>GM BL G><>LL:KRf 0G>
>Q:FIE> BL MA> G>>= MH K>L<N> I:LL>G@>KL MK:II>= BGLB=> : <:K BG : MK:??B<
:<<B=>GMf
lfm
w?M>K @>MMBG@ MA> G><>LL:KR BG?HKF:MBHGd MA> MK:??B< <HGLHE> H? 3yyy
PBEE :LLB@G H??B<>KL MH MA> LBM> MH A:G=E> MA> <:L>f 5A> H??B<>KL PBEE :LL>LL MA>
LBMN:MBHG :G= K>IHKM MH MA> MK:??B< <HGLHE>f 5A> MK:??B< <HGLHE> PBEE BG?HKF MA>
5K:GLIHKM z>I:KMF>GM b5zc B? BM BL <HGLB=>K>= MA:M MA> BG<B=>GM PBEE A:O> LHF>
MK:??B< BFI:<Mf
<HFFNGB<:M> MAKHN@A |4zaL yHFFNGB<:MBHG y>GMK>f
<MEMWSR [MXL >XLIV 7ITEVXQIRXW
t6<.0:*<.- n*44 n.6<:.
lfn
5A>K> :K> : GNF;>K H? :<MBHG <:K=L ?HK IHEB<> H??B<>KL MH ?HEEHP PA>G
<>KM:BG MRI>L H? BG<B=>GML H<<NK b>f@f MK:??B< :<<B=>GMd MRIAHHGd >M<fcf *G <:L>
:LLBLM:G<> ?KHF HMA>K =>I:KMF>GMLd LN<A :L K>FHO:E H? ?:EE>G MK>>L :G= HBE =BKMd
BL K>JNBK>=d 3yyy HK H??B<>KL HG MA> @KHNG= PBEE <HGM:<M MA> K>E>O:GM =>I:KMF>GML
=BK><Md HK OB: MA> *GM>@K:M>= y:EE y>GMK> b*yyc b=BL<NLL>= ;>EHPcf
lfq
*yy BL >LM:;EBLA>= NG=>K MA>
{??B<B>G<R 6GBM H? MA> yAB>? 4><K>M:KR ?HK
w=FBGBLMK:MBHGaL 0??B<>f *M P:L E:NG<A>= BG
+NER jhhi :G= ;><:F> ?NEER HI>K:MBHG:E BG
0<MH;>K jhhjf
;8
lfp
|4z PBEE MA>G =BLI:M<A ?BK> >G@BG>L PBMA MA> G><>LL:KR >JNBIF>GM :G=
:F;NE:G<>L ?HK K>L<N> HI>K:MBHGLf |KHGMEBG> H??B<>KL :G= HMA>K =>I:KMF>GML PBEE
;9
AYR`dVb :
lfih
*yy A:G=E>L >GJNBKB>L :G= <HFIE:BGML ?KHF F>F;>KL H? MA> IN;EB< HG
: PB=> K:G@> H? L>KOB<>L IKHOB=>= ;R ik }HO>KGF>GM =>I:KMF>GMLkf 5A> @>G>K:E
AHMEBG>L H? MA>L> =>I:KMF>GML A:O> ;>>G =BO>KM>= MH *yyf
G^dVb^R\ A__bUZ^RdZ_^ d_ Ch`VUZdV G]]VUZRdV LV]VUZR\ P_b[c
<MEMWSR [MXL XLI BVERWTSVX 7ITEVXQIRX48QIVKIRG\ BVERWTSVX
6SSVHMREXMSR 6IRXVI
lfil
wM IK>L>GMd :KHNG= io hhh e jh hhh <:EEL K><>BO>= ;R *yy >:<A FHGMA
:K> K>E:M>= MH 5zd :G= iej` H? MA>L> <:EEL :K> >GJNBKB>L HG MK:??B< <HG=BMBHGLf
lfii
*yy IKHOB=>L : HG>eLMHI L>KOB<> MH =>:E PBMA <:EE>KLa >GJNBKB>L :G=
<HFIE:BGMLd PAB<A <:G ;> F:=> ;R M>E>IAHG> bMA> ipjk yBMBS>GaL {:LR -BGD :G=
I:KMB<BI:MBG@ =>I:KMF>GMLa AHMEBG>Lcd E>MM>Kd ?:Qd *GM>KG>M :G= >eF:BEd MH H??>K ?:LM>Kd
FHK> >??B<B>GM :G= LBFIE>K L>KOB<> MH MA> IN;EB<f *M :ELH IKHOB=>L LI><B?B< L>KOB<>L
BG A:G=EBG@ >GJNBKB>L K>E:MBG@ MH IKHFHMBHG:E IKHC><ML HK <:FI:B@GL HG :G :=e
AH< ;:LBLf
lfij
wM IK>L>GMd MA>K> :K> FHK> MA:G jhh EBG>L :M *yyd PA>G BM BL ?NEER F:GG>=f
*yy A:G=E>L iph hhh e jhh hhh <:EEL >O>KR FHGMAd ph` H? PAB<A :K> @>G>K:E
>GJNBK>L :G= MA> K>F:BGBG@ jh` :K> <HFIE:BGML :G= HMA>K <:EELf *ML I>K?HKF:G<>
LM:G=:K= BL MH A:O> FHK> MA:G ph` H? MA> <:EEL :GLP>K>= PBMABG ij L><HG=Ld :G=
FHK> MA:G qh` H? MA> >GJNBKB>L K>LHEO>= :M MA> ?BKLM MBF> H? <:EEf
lfik
5A> BG<HFBG@ <:EEL :K> IKBHKBMBL>= :<<HK=BG@ MH MA> MBF> MA>R :K> K><>BO>=f
*G <:L> F:GR <BMBS>GL <:EE *yy :M MA> L:F> MBF>d :G= MA> <HFINM>K LRLM>F
>LMBF:M>L MA:M MA> <:EE>K A:L MH P:BM ?HK ijh L><HG=L HK FHK>d MA> <:EE>K PBEE ;>
@BO>G MA> HIMBHG H? E>:OBG@ : OHB<>F:BE MH MA> yNLMHF>K 4>KOB<> 0??B<>K by40cd
PAH PBEE K>O>KM PBMABG MAK>> AHNKL NG=>K MA> I>K?HKF:G<> IE>=@>f
k
lfim
5z IKHOB=>L MK:??B< :=OB<> MH *yy ;R ?:Q MH ?:<BEBM:M> A:G=EBG@ H? >GJNBKB>L
?KHF F>F;>KL H? MA> IN;EB<f 4N<A :=OB<> PBEE ;> D>IM ;R MA> zNMR .:G:@>Kf
*G <:L> MA>K> :K> F:CHK MK:??B< BG<B=>GMLd MA> K>E>O:GM BG?HKF:MBHG PBEE ;> ;KH:=<:LM
MH MA> PHKDLM:MBHGL H? :EE y40L MH ?:<BEBM:M> A:G=EBG@ H? IN;EB< >GJNBKB>Lf
lfin
*? : y40 K><>BO>L : <:EE ?KHF : <BMBS>Gd >GJNBKBG@ PAR : I:KMB<NE:K KH:=
BL <HG@>LM>=d A>gLA> PBEE <A><D >BMA>K MA> K>E>O:GM ;KH:=<:LM HG ABL PHKDLM:MBHG
HK MA> MK:??B< :=OB<> D>IM ;R MA> zNMR .:G:@>K MH L>> B? 5z A:L IKHOB=>= :GR
BG?HKF:MBHG HG MA> <:L>f *? MA> K>:LHG H? <HG@>LMBHG <:G ;> ?HNG=d MA> <:EE>K
PBEE ;> BG?HKF>= :<<HK=BG@ERf *? MA>K> BL GH LN<A BG?HKF:MBHG HG MA> <HG@>LMBHGd
:G= MA> zNMR .:G:@>K LNLI><ML MA:M MA>K> F:R ;> : F:CHK MK:??B< BG<B=>GM :?M>K
K><>BOBG@ : GNF;>K H? LBFBE:K >GJNBKB>Ld A> PBEE <HGM:<M MA> {F>K@>G<R 5K:GLIHKM
yHHK=BG:MBHG y>GMK> b{5yyc ?HK O>KB?B<:MBHG :G= ?NKMA>K BG?HKF:MBHGf
lfio
5A> =>M:BEL <HG<>KGBG@ MA> =BLL>FBG:MBHG H? BG?HKF:MBHG ;R *yy PBEE ;>
=BL<NLL>= BG MA> <A:IM>K HG BG?HKF:MBHG =BLL>FBG:MBHGf
/:F>ERd wK<ABM><MNK:E 4>KOB<>L z>I:KMF>GMd w@KB<NEMNK:Ed |BLA>KB>L :G= yHGL>KO:MBHG z>I:KMF>GMd xNBE=BG@L z>I:KMF>GMd
yBOBE {G@BG>>KBG@ :G= z>O>EHIF>GM z>I:KMF>GMd {E><MKB<:E :G= .><A:GB<:E 4>KOB<>L z>I:KMF>GMd |HH= :G=
{GOBKHGF>GM:E ~R@B>G> z>I:KMF>GMd ~B@AP:RL z>I:KMF>GMd -:;HNK z>I:KMF>GMd ->BLNK> :G= yNEMNK:E 4>KOB<>L
z>I:KMF>GMd .:KBG> z>I:KMF>GMd ~HG@DHG@ 1HLMd 3:MBG@ :G= 7:EN:MBHG z>I:KMF>GM :G= 5K:GLIHKM z>I:KMF>GMf
;:
;;
AYR`dVb :
lfih
*yy A:G=E>L >GJNBKB>L :G= <HFIE:BGML ?KHF F>F;>KL H? MA> IN;EB< HG
: PB=> K:G@> H? L>KOB<>L IKHOB=>= ;R ik }HO>KGF>GM =>I:KMF>GMLkf 5A> @>G>K:E
AHMEBG>L H? MA>L> =>I:KMF>GML A:O> ;>>G =BO>KM>= MH *yyf
G^dVb^R\ A__bUZ^RdZ_^ d_ Ch`VUZdV G]]VUZRdV LV]VUZR\ P_b[c
<MEMWSR [MXL XLI BVERWTSVX 7ITEVXQIRX48QIVKIRG\ BVERWTSVX
6SSVHMREXMSR 6IRXVI
lfil
wM IK>L>GMd :KHNG= io hhh e jh hhh <:EEL K><>BO>= ;R *yy >:<A FHGMA
:K> K>E:M>= MH 5zd :G= iej` H? MA>L> <:EEL :K> >GJNBKB>L HG MK:??B< <HG=BMBHGLf
lfii
*yy IKHOB=>L : HG>eLMHI L>KOB<> MH =>:E PBMA <:EE>KLa >GJNBKB>L :G=
<HFIE:BGMLd PAB<A <:G ;> F:=> ;R M>E>IAHG> bMA> ipjk yBMBS>GaL {:LR -BGD :G=
I:KMB<BI:MBG@ =>I:KMF>GMLa AHMEBG>Lcd E>MM>Kd ?:Qd *GM>KG>M :G= >eF:BEd MH H??>K ?:LM>Kd
FHK> >??B<B>GM :G= LBFIE>K L>KOB<> MH MA> IN;EB<f *M :ELH IKHOB=>L LI><B?B< L>KOB<>L
BG A:G=EBG@ >GJNBKB>L K>E:MBG@ MH IKHFHMBHG:E IKHC><ML HK <:FI:B@GL HG :G :=e
AH< ;:LBLf
lfij
wM IK>L>GMd MA>K> :K> FHK> MA:G jhh EBG>L :M *yyd PA>G BM BL ?NEER F:GG>=f
*yy A:G=E>L iph hhh e jhh hhh <:EEL >O>KR FHGMAd ph` H? PAB<A :K> @>G>K:E
>GJNBK>L :G= MA> K>F:BGBG@ jh` :K> <HFIE:BGML :G= HMA>K <:EELf *ML I>K?HKF:G<>
LM:G=:K= BL MH A:O> FHK> MA:G ph` H? MA> <:EEL :GLP>K>= PBMABG ij L><HG=Ld :G=
FHK> MA:G qh` H? MA> >GJNBKB>L K>LHEO>= :M MA> ?BKLM MBF> H? <:EEf
lfik
5A> BG<HFBG@ <:EEL :K> IKBHKBMBL>= :<<HK=BG@ MH MA> MBF> MA>R :K> K><>BO>=f
*G <:L> F:GR <BMBS>GL <:EE *yy :M MA> L:F> MBF>d :G= MA> <HFINM>K LRLM>F
>LMBF:M>L MA:M MA> <:EE>K A:L MH P:BM ?HK ijh L><HG=L HK FHK>d MA> <:EE>K PBEE ;>
@BO>G MA> HIMBHG H? E>:OBG@ : OHB<>F:BE MH MA> yNLMHF>K 4>KOB<> 0??B<>K by40cd
PAH PBEE K>O>KM PBMABG MAK>> AHNKL NG=>K MA> I>K?HKF:G<> IE>=@>f
k
lfim
5z IKHOB=>L MK:??B< :=OB<> MH *yy ;R ?:Q MH ?:<BEBM:M> A:G=EBG@ H? >GJNBKB>L
?KHF F>F;>KL H? MA> IN;EB<f 4N<A :=OB<> PBEE ;> D>IM ;R MA> zNMR .:G:@>Kf
*G <:L> MA>K> :K> F:CHK MK:??B< BG<B=>GMLd MA> K>E>O:GM BG?HKF:MBHG PBEE ;> ;KH:=<:LM
MH MA> PHKDLM:MBHGL H? :EE y40L MH ?:<BEBM:M> A:G=EBG@ H? IN;EB< >GJNBKB>Lf
lfin
*? : y40 K><>BO>L : <:EE ?KHF : <BMBS>Gd >GJNBKBG@ PAR : I:KMB<NE:K KH:=
BL <HG@>LM>=d A>gLA> PBEE <A><D >BMA>K MA> K>E>O:GM ;KH:=<:LM HG ABL PHKDLM:MBHG
HK MA> MK:??B< :=OB<> D>IM ;R MA> zNMR .:G:@>K MH L>> B? 5z A:L IKHOB=>= :GR
BG?HKF:MBHG HG MA> <:L>f *? MA> K>:LHG H? <HG@>LMBHG <:G ;> ?HNG=d MA> <:EE>K
PBEE ;> BG?HKF>= :<<HK=BG@ERf *? MA>K> BL GH LN<A BG?HKF:MBHG HG MA> <HG@>LMBHGd
:G= MA> zNMR .:G:@>K LNLI><ML MA:M MA>K> F:R ;> : F:CHK MK:??B< BG<B=>GM :?M>K
K><>BOBG@ : GNF;>K H? LBFBE:K >GJNBKB>Ld A> PBEE <HGM:<M MA> {F>K@>G<R 5K:GLIHKM
yHHK=BG:MBHG y>GMK> b{5yyc ?HK O>KB?B<:MBHG :G= ?NKMA>K BG?HKF:MBHGf
lfio
5A> =>M:BEL <HG<>KGBG@ MA> =BLL>FBG:MBHG H? BG?HKF:MBHG ;R *yy PBEE ;>
=BL<NLL>= BG MA> <A:IM>K HG BG?HKF:MBHG =BLL>FBG:MBHGf
/:F>ERd wK<ABM><MNK:E 4>KOB<>L z>I:KMF>GMd w@KB<NEMNK:Ed |BLA>KB>L :G= yHGL>KO:MBHG z>I:KMF>GMd xNBE=BG@L z>I:KMF>GMd
yBOBE {G@BG>>KBG@ :G= z>O>EHIF>GM z>I:KMF>GMd {E><MKB<:E :G= .><A:GB<:E 4>KOB<>L z>I:KMF>GMd |HH= :G=
{GOBKHGF>GM:E ~R@B>G> z>I:KMF>GMd ~B@AP:RL z>I:KMF>GMd -:;HNK z>I:KMF>GMd ->BLNK> :G= yNEMNK:E 4>KOB<>L
z>I:KMF>GMd .:KBG> z>I:KMF>GMd ~HG@DHG@ 1HLMd 3:MBG@ :G= 7:EN:MBHG z>I:KMF>GM :G= 5K:GLIHKM z>I:KMF>GMf
;:
;;
AYR`dVb :
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-B:BLHG PBMA HMA>K =>I:KMF>GML PBEE :ELH ;> G><>LL:KR MH =><B=> PA:M =BO>KLBHG
F>:LNK>L LAHNE= ;> :=HIM>=f 5A> MBF> K>JNBK>= ?HK K>L<N> HI>K:MBHGL HK K>F>=B:E
PHKDL :M MA> L<>G> PBEE BFI:<M HG PA:M MK:??B< =BO>KLBHGL PHNE= ;> FHLM :IIKHIKB:M>f
k} ok|v. k} zy}}slvo }ry*vn lo rsqrvsqr~onH
`tdlke _upgescskon oh sjg aolg oh sjg _mgqignev bqcnrpoqs ^ooqfkncskon ^gnsqg
lfkk
5A> G:F> H? {5yy e {F>K@>G<R 5K:GLIHKM yHHK=BG:MBHG y>GMK> e LN@@>LML
MA:M BM A:L MA> :NMAHKBMR MH <HHK=BG:M> =B??>K>GM =>I:KMF>GML :G= @BO> BGLMKN<MBHGL
:L G><>LL:KRf ~HP>O>Kd MABL BL <NKK>GMER GHM MA> <:L>f
lfkl
5A> F:CHKBMR H? =><BLBHGL HG KH:= <EHLNK> :G= =BO>KLBHG IE:GL :K> F:=>
;R IHEB<> H??B<>KL :M MA> L<>G>f z>I>G=BG@ HG MA> G:MNK> H? MA> BG<B=>GMd MA>
1HEB<> :ELH <HGM:<M HMA>K =>I:KMF>GML ?HK :LLBLM:G<>f ~HP>O>Kd PABE> MA> ?KHGMEBG>
IHEB<> H??B<>KL F:R ;> :;E> MH F:D> BFF>=B:M> CN=@>F>GM HG MA> LIHMd MA>R
F:R GHM A:O> :G HO>KOB>P H? PA:M BL A:II>GBG@ G>:K;Rd :G= PA:M <HNE= ;>
=HG> ?NKMA>K NI MA> KH:=d BG<EN=BG@ PA>MA>K MK:??B< =BO>KLBHG ?NKMA>K :P:R ?KHF
MA> BG<B=>GM LBM> PHNE= ;> FHK> >??><MBO>f
<6
lfko
jo ~ro|opy|o |omywwoxn ~rk~ XgVV }ry*vn ~kuo *z k wy|o z|ykm~s+o
myy|nsxk~syx |yvo ~y rkxnvo ~|kx}zy|~ kxn ~|kppsm sxmsnox~}H jo rk+o |omywwoxnon
~ro sx~|yn*m~syx yp ~ro ]ysx~ f~oo|sxq `yno ~y rkxnvo mk}o} ~rk~ |o{*s|o ~ro
k~~ox~syx yp }oxsy| yppsmo|} yp gWF ~ro cyvsmo kxn y~ro| |ovo+kx~ nozk|~wox~}H gro
no~ksv} k|o no}m|slon sx zk|kq|kzr} MHMRGMHNJH
lfkp
\x knns~syxF ,o |omywwoxn ~rk~ y~ro| nozk|~wox~} }ry*vn qs+o k
|okvs}~sm k}}o}}wox~ yp ~ro ~swo |o{*s|on py| ~ro |owonskv ,y|u} py| ,rsmr ~ro.
k|o |o}zyx}slvoF ,ro|o z|km~smklvoF }y k} ~y pkmsvs~k~o noms}syx} yx ~|kx}zy|~ kxn
~|kppsm wkxkqowox~H \p kx o}~swk~o my*vn xy~ lo z|y+snonF gW kxn ~ro cyvsmo
}ry*vn kv}y lo sxpy|wonH
<7
AYR`dVb :
G^dVb^R\ A__bUZ^RdZ_^ d_ Ch`VUZdV G]]VUZRdV LV]VUZR\ P_b[c
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jo |omywwoxn ~rk~ kvv nozk|~wox~} sx+yv+on sx nokvsxq ,s~r owo|qoxm.
}s~*k~syx} }ry*vn |o+so, s~} sx~o|xkv myww*xsmk~syx womrkxs}wF ,s~r k +so, ~y
o}~klvs}rsxq kx oppom~s+o |ozy|~sxq }.}~ow py| ~ro }oxsy| wkxkqowox~ ~y rk+o
kx y+o|+so, yp ~ro sxmsnox~} ~rk~ k|o losxq rkxnvon py| oppom~s+o nozvy.wox~
yp |o}y*|mo}H
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8ABE> {5yy LAHNE= A:O> : ;>MM>K HO>KOB>P H? MA> O:KBHNL BG<B=>GML
A:II>GBG@ MAKHN@AHNM MA> M>KKBMHKR MAKHN@A MA> yEHL>=eyBK<NBM 5>E>OBLBHG byy57c
<:F>K:Ld P> GHM> MA:M MA>K> :K> F:GR _;EBG= LIHML_ BG MA> yy57 LRLM>F MA:M A:O>
MH ;> LNIIE>F>GM>= ;R HMA>K BG?HKF:MBHG LHNK<>Lf 8A>K> :IIKHIKB:M>d 5z PHNE=
L>G= : LBM> H;L>KO>K MH MA> L<>G>f
lfkj
\x knns~syxF k} wox~syxon sx Vrkz~o| MF kvv nozk|~wox~} sx+yv+on sx
rkxnvsxq owo|qoxm. }s~*k~syx} }ry*vn |o+so, ~ros| sx~o|xkv ms|m*vk|}H gro
swzy|~kxmo yp myx}sno|sxq ~ro ~|kppsm swzvsmk~syx} yp kx sxmsnox~ kxn kvo|~sxq gW
lfkn
5A> >??><MBO>G>LL H? MA> K>F>=B:E PHKDL PHNE= ;> >GA:G<>= B? =><BLBHGL
:K> ;:L>= HG =:M:d :=>JN:M> BG?HKF:MBHG :G= K>:EBLMB< :LL>LLF>GMf zBL<NLLBHGL
PBMA MA> 1HEB<> HG MA> :IIKHIKB:M> =BO>KLBHG KHNM>L :G= :EM>KG:MBO> MK:GLIHKM
:KK:G@>F>GML MH ;> BFIE>F>GM>= :K> >LL>GMB:E MH MA> PHKD:;BEBMR H? LN<A F>:LNK>Lf
-B:BLHG PBMA HMA>K =>I:KMF>GML PBEE :ELH ;> G><>LL:KR MH =><B=> PA:M =BO>KLBHG
F>:LNK>L LAHNE= ;> :=HIM>=f 5A> MBF> K>JNBK>= ?HK K>L<N> HI>K:MBHGL HK K>F>=B:E
PHKDL :M MA> L<>G> PBEE BFI:<M HG PA:M MK:??B< =BO>KLBHGL PHNE= ;> FHLM :IIKHIKB:M>f
k} ok|v. k} zy}}slvo }ry*vn lo rsqrvsqr~onH
`tdlke _upgescskon oh sjg aolg oh sjg _mgqignev bqcnrpoqs ^ooqfkncskon ^gnsqg
lfkk
5A> G:F> H? {5yy e {F>K@>G<R 5K:GLIHKM yHHK=BG:MBHG y>GMK> e LN@@>LML
MA:M BM A:L MA> :NMAHKBMR MH <HHK=BG:M> =B??>K>GM =>I:KMF>GML :G= @BO> BGLMKN<MBHGL
:L G><>LL:KRf ~HP>O>Kd MABL BL <NKK>GMER GHM MA> <:L>f
lfkl
5A> F:CHKBMR H? =><BLBHGL HG KH:= <EHLNK> :G= =BO>KLBHG IE:GL :K> F:=>
;R IHEB<> H??B<>KL :M MA> L<>G>f z>I>G=BG@ HG MA> G:MNK> H? MA> BG<B=>GMd MA>
1HEB<> :ELH <HGM:<M HMA>K =>I:KMF>GML ?HK :LLBLM:G<>f ~HP>O>Kd PABE> MA> ?KHGMEBG>
IHEB<> H??B<>KL F:R ;> :;E> MH F:D> BFF>=B:M> CN=@>F>GM HG MA> LIHMd MA>R
F:R GHM A:O> :G HO>KOB>P H? PA:M BL A:II>GBG@ G>:K;Rd :G= PA:M <HNE= ;>
=HG> ?NKMA>K NI MA> KH:=d BG<EN=BG@ PA>MA>K MK:??B< =BO>KLBHG ?NKMA>K :P:R ?KHF
MA> BG<B=>GM LBM> PHNE= ;> FHK> >??><MBO>f
<6
lfko
jo ~ro|opy|o |omywwoxn ~rk~ XgVV }ry*vn ~kuo *z k wy|o z|ykm~s+o
myy|nsxk~syx |yvo ~y rkxnvo ~|kx}zy|~ kxn ~|kppsm sxmsnox~}H jo rk+o |omywwoxnon
~ro sx~|yn*m~syx yp ~ro ]ysx~ f~oo|sxq `yno ~y rkxnvo mk}o} ~rk~ |o{*s|o ~ro
k~~ox~syx yp }oxsy| yppsmo|} yp gWF ~ro cyvsmo kxn y~ro| |ovo+kx~ nozk|~wox~}H gro
no~ksv} k|o no}m|slon sx zk|kq|kzr} MHMRGMHNJH
lfkp
\x knns~syxF ,o |omywwoxn ~rk~ y~ro| nozk|~wox~} }ry*vn qs+o k
|okvs}~sm k}}o}}wox~ yp ~ro ~swo |o{*s|on py| ~ro |owonskv ,y|u} py| ,rsmr ~ro.
k|o |o}zyx}slvoF ,ro|o z|km~smklvoF }y k} ~y pkmsvs~k~o noms}syx} yx ~|kx}zy|~ kxn
~|kppsm wkxkqowox~H \p kx o}~swk~o my*vn xy~ lo z|y+snonF gW kxn ~ro cyvsmo
}ry*vn kv}y lo sxpy|wonH
<7
AYR`dVb :
u*,3 7/ o.;206*<.- n755=62,*<276 n1*66.4; +.<?..6 o.8*:<5.6<;
lfkq
0G> H? MA> IHLLB;E> =B??B<NEMB>L >G<HNGM>K>= ;R MA> 1HEB<> P:L MA> MBF>
K>JNBK>= MH K>:<A *yyd :G= MA>K>:?M>K MA> MBF> K>JNBK>= MH K>E:R MA> F>LL:@>
MH MA> K>E>O:GM =>I:KMF>GMLf 0G q .:R jhhmd ?HK BGLM:G<>d PA>G MA> IHEB<>
H??B<>KL HK 1HEB<> 3yyy MKB>= MH <HGM:<M MA> xNBE=BG@L z>I:KMF>GM bxzc ?HK K>F>=B:E
:<MBHGL MAKHN@A MA> =>I:KMF>GMaL AHMEBG> bPAB<A P:L =BO>KM>= MH *yycd MA> y40
<HNE= GHM ;> K>:<A>= LBG<> MA> GNF;>K H? <:EEL F:=> MH *yy HG MA:M =:R P:L
>Q<>IMBHG:EER AB@Af x>MP>>G ikrhh :G= ilrlm H? q .:R jhhmd *yy K><>BO>= :;HNM
qmh <:EELf
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4BG<> MA>K> P:L GH =>LB@G:M>= EBG> ?HK MA> 1HEB<> HK HMA>K }HO>KGF>GM
=>I:KMF>GML :M *yyd MA> 1HEB<> A:= F:=> : GNF;>K H? NGLN<<>LL?NE :MM>FIML
MH <HGM:<M MA> K>E>O:GM =>I:KMF>GMLf {O>G B? MA> <:EE P:L <HGG><M>= MH *yyd BM
A:= MH K>F:BG BG MA> JN>N> EBD> MA> <:EEL ?KHF HMA>K F>F;>KL H? MA> IN;EB<f *G
HMA>K PHK=Ld MA> 1HEB<> A:= MH <HFI>M> PBMA E>LL NK@>GM >GJNBKB>L ?HK : EBG>f *M
PHNE= L:O> : EHM H? MBF> B? MA> 1HEB<> A:= ;>>G :;E> MH <HGM:<M MA> LN;C><M H??B<>K
H? xz >:KEB>Kf
G^dVb^R\ A__bUZ^RdZ_^ d_ Ch`VUZdV G]]VUZRdV LV]VUZR\ P_b[c
lflj
wL :G :EM>KG:MBO> ;>?HK> MA> =>LB@G:M>= EBG>L :K> >LM:;EBLA>=d
=>I:KMF>GML <HNE= BFIE>F>GM :G >F>K@>G<R =NMR H??B<>K LRLM>F MH ?:<BEBM:M>
=BK><M <HFFNGB<:MBHG =NKBG@ >F>K@>G<B>Lf *M BL BFIHKM:GM MH IKHFNE@:M> :G=
NI=:M> MA> <HGM:<M =>M:BEL H? MA> =NMR H??B<>KL :G= MH >GLNK> MA:M MA>R <:G ;>
K>:<A>= :?M>K H??B<> AHNKLf
lflk
\x ~ro vyxqo| ~o|wF sx~o|Gnozk|~wox~kv ns}zk~mr myy|nsxk~syx mkx lo
oxrkxmon ~r|y*qr ~ro no+ovyzwox~ yp k }rk|on mywz*~o|s}on ns}zk~mr nk~klk}o
kwyxq ~ro sx+yv+on nozk|~wox~} sx ~ro py|w yp k mywz*~o|Gksnon ns}zk~mr
}.}~owH js~r }*mr k }.}~owF kvv ~ro |o{*o}~} k} ,ovv k} myxns~syx} yp ~ro sxmsnox~
mkx lo *znk~on kxn vyqqon k} ~ro o+ox~ *xpyvn} s~}ovpH gro sx+yv+on zk|~so}
sxmv*nsxq zo|}yxxov k~ ~ro }moxo ,y*vn ~rox rk+o k |okvG~swo mywz|orox}s+o
*xno|}~kxnsxq yp o+ox~} rkzzoxsxq k~ ~ro }moxo k} ,ovv k} ~ro }~k~*} yp o{*szwox~
kxn wkxzy,o| ns}zk~mrH
lfli
jo ~ro|opy|o |omywwoxn ~rk~ no}sqxk~on myww*xsmk~syx vsxu} kwyxq
nsppo|ox~ nozk|~wox~} }ry*vn lo o}~klvs}ron ~y o-zons~o |owonskv ,y|u}H gro
no}sqxk~on vsxo} my*vn lo wkxxon l. \VVH \x knns~syxF ~ro uxy,vonqo lk}o
uoz~ l. ~ro Vfb rk} ~y lo *znk~on |oq*vk|v. }y ~rk~ kno{*k~o sxpy|wk~syx mkx
|okmr ~ro }*ltom~ yppsmo| ,s~ry*~ novk.H
<8
<9
AYR`dVb :
u*,3 7/ o.;206*<.- n755=62,*<276 n1*66.4; +.<?..6 o.8*:<5.6<;
lfkq
0G> H? MA> IHLLB;E> =B??B<NEMB>L >G<HNGM>K>= ;R MA> 1HEB<> P:L MA> MBF>
K>JNBK>= MH K>:<A *yyd :G= MA>K>:?M>K MA> MBF> K>JNBK>= MH K>E:R MA> F>LL:@>
MH MA> K>E>O:GM =>I:KMF>GMLf 0G q .:R jhhmd ?HK BGLM:G<>d PA>G MA> IHEB<>
H??B<>KL HK 1HEB<> 3yyy MKB>= MH <HGM:<M MA> xNBE=BG@L z>I:KMF>GM bxzc ?HK K>F>=B:E
:<MBHGL MAKHN@A MA> =>I:KMF>GMaL AHMEBG> bPAB<A P:L =BO>KM>= MH *yycd MA> y40
<HNE= GHM ;> K>:<A>= LBG<> MA> GNF;>K H? <:EEL F:=> MH *yy HG MA:M =:R P:L
>Q<>IMBHG:EER AB@Af x>MP>>G ikrhh :G= ilrlm H? q .:R jhhmd *yy K><>BO>= :;HNM
qmh <:EELf
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4BG<> MA>K> P:L GH =>LB@G:M>= EBG> ?HK MA> 1HEB<> HK HMA>K }HO>KGF>GM
=>I:KMF>GML :M *yyd MA> 1HEB<> A:= F:=> : GNF;>K H? NGLN<<>LL?NE :MM>FIML
MH <HGM:<M MA> K>E>O:GM =>I:KMF>GMLf {O>G B? MA> <:EE P:L <HGG><M>= MH *yyd BM
A:= MH K>F:BG BG MA> JN>N> EBD> MA> <:EEL ?KHF HMA>K F>F;>KL H? MA> IN;EB<f *G
HMA>K PHK=Ld MA> 1HEB<> A:= MH <HFI>M> PBMA E>LL NK@>GM >GJNBKB>L ?HK : EBG>f *M
PHNE= L:O> : EHM H? MBF> B? MA> 1HEB<> A:= ;>>G :;E> MH <HGM:<M MA> LN;C><M H??B<>K
H? xz >:KEB>Kf
G^dVb^R\ A__bUZ^RdZ_^ d_ Ch`VUZdV G]]VUZRdV LV]VUZR\ P_b[c
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wL :G :EM>KG:MBO> ;>?HK> MA> =>LB@G:M>= EBG>L :K> >LM:;EBLA>=d
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=BK><M <HFFNGB<:MBHG =NKBG@ >F>K@>G<B>Lf *M BL BFIHKM:GM MH IKHFNE@:M> :G=
NI=:M> MA> <HGM:<M =>M:BEL H? MA> =NMR H??B<>KL :G= MH >GLNK> MA:M MA>R <:G ;>
K>:<A>= :?M>K H??B<> AHNKLf
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\x ~ro vyxqo| ~o|wF sx~o|Gnozk|~wox~kv ns}zk~mr myy|nsxk~syx mkx lo
oxrkxmon ~r|y*qr ~ro no+ovyzwox~ yp k }rk|on mywz*~o|s}on ns}zk~mr nk~klk}o
kwyxq ~ro sx+yv+on nozk|~wox~} sx ~ro py|w yp k mywz*~o|Gksnon ns}zk~mr
}.}~owH js~r }*mr k }.}~owF kvv ~ro |o{*o}~} k} ,ovv k} myxns~syx} yp ~ro sxmsnox~
mkx lo *znk~on kxn vyqqon k} ~ro o+ox~ *xpyvn} s~}ovpH gro sx+yv+on zk|~so}
sxmv*nsxq zo|}yxxov k~ ~ro }moxo ,y*vn ~rox rk+o k |okvG~swo mywz|orox}s+o
*xno|}~kxnsxq yp o+ox~} rkzzoxsxq k~ ~ro }moxo k} ,ovv k} ~ro }~k~*} yp o{*szwox~
kxn wkxzy,o| ns}zk~mrH
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jo ~ro|opy|o |omywwoxn ~rk~ no}sqxk~on myww*xsmk~syx vsxu} kwyxq
nsppo|ox~ nozk|~wox~} }ry*vn lo o}~klvs}ron ~y o-zons~o |owonskv ,y|u}H gro
no}sqxk~on vsxo} my*vn lo wkxxon l. \VVH \x knns~syxF ~ro uxy,vonqo lk}o
uoz~ l. ~ro Vfb rk} ~y lo *znk~on |oq*vk|v. }y ~rk~ kno{*k~o sxpy|wk~syx mkx
|okmr ~ro }*ltom~ yppsmo| ,s~ry*~ novk.H
<8
<9
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