American Identity Abroad - Grand Valley State University

*UµT:PVS8PSME(FU"DRVBJOUFE
GLIMPSE TUVEZBCSPBEBDDMJNBUJPOHVJEFT
&EJUPST
)JMBSZ$PTUB
,FSBMB(PPELJO
%FTJHO
/JDIPMBT'JU[IVHI
1)050CZ+PBOOB-BDL
>“iÀˆV>˜Ê
//9
Ê
Ê Ê Ê Ê Ê Ê ,"
".&3*$"/*%&/5*%:"#30"%
U
ipvhi! Bnfsjdbot! dpnqsjtf! mftt! uibo! ßwf! qfsdfou! pg!
uif! xpsme! qpqvmbujpo-! uif! sfnbjojoh! :6! qfsdfou! ibt!
uif!Vojufe!Tubuft!po!jut!sbebs/!Pvs!hmpcbm!pnojqsft.
fodf!dbo!sfoefs!bo!BnfsjdboÖt!fyqfsjfodf!jo!b!gpsfjho!
dpvousz!dpnqmjdbufe!boe!bxlxbse-!uipvhi!vmujnbufmz!fomjhiufo.
joh/!Hmjnqtf!tvswfzfe!pwfs!461!sfuvsofe!tuvez!bcspbe!tuvefout!
bcpvu!uifjs!fyqfsjfodft!bt!Bnfsjdbot!bcspbe-!jodmvejoh!uif!tuf.
sfpuzqft!uifz!dpogspoufe!boe!uif!xbzt!jo!xijdi!uifjs!bcspbe!fy.
qfsjfodft!dibohfe!ps!fyqboefe!uifjs!buujuveft!upxbse!uif!Vojufe!
Tubuft/!
*3*$)'"5-06%13&7"-&/5
45&3&05:1&4"#065".&3*$"/4
Op!nbuufs!zpvs!joufsobujpobm!eftujobujpo-!ju!jt!bmm!upp!mjlfmz!uibu!zpv!xjmm!cf!
qsfdfefe! cz! dfsubjo! jnqsfttjpot! cbtfe! po! zpvs! obujpobmjuzÒgps! cfuufs! ps!
xpstf/! Xijmf! uif! dibsbdufsjtujdt! cfmpx! dpokvsf! hspuftrvf! dbsjdbuvsft! pg! uif!
Bnfsjdbo! upvsjtu-! dmfbsmz! joufsbdujpo! xjui! Bnfsjdbo! usbwfmfst! bmpof! ibt! opu!
dpotusvdufe! uiftf! jnbhft! pg! uif! Vojufe! Tubuft/! Jo! gbdu-! uif! nptu! joàvfoujbm!
V/T/!bncbttbepst!tffn!up!cf!pvs!qpq!dvmuvsf!boe!gpsfjho!qpmjdz/!
$)"3"$5&3*45*$4"440$*"5&%8*5)".&3*$"/4
2/!
3/!
4/!
5/!
6/!
7/!
8/!
9/!
:/!
21/!
22/!
23/!
*
XBTTJUUJOHPOBCVTJO4ZEOFZLFFQ
JOHUPNZTFMGMJLFNPTU"VTUSBMJBOT
EP5IFSFXFSFBCVODIPG´UZQJDBMµ
"NFSJDBOTTJUUJOHPOUIFCVT´UZQJDBMMZµ
VOBXBSFPGUIFJSNVDIRVJFUFSTVSSPVOE
JOHTUBMLJOHBUUIFJS´UZQJDBMMZµIJHI
WPMVNFBOEBOOPZJOHUIFSFTUPGUIF
RVJFUQBTTFOHFSTPOUIFCVT'JOBMMZPOF
"VTUSBMJBOMBEZTUPPEVQFYUSFNFMZJS
SJUBUFEBOETIPVUFE²:PVQFPQMFBSF
FWFSZXIFSF*KVTUDBOµUHFUBXBZGSPN
ZPV³5IFOTIFTUPSNFEPGGUIFCVT5IF
HSPVQPG´UZQJDBMµ"NFSJDBOTXFSFTJMFOU
GPSBNJOVUFBTXBTUIFSFTUPGUIFCVT
BOEUIFOUIFZBMMCVSTUJOUPMBVHIUFSBOE
DPOUJOVFEXJUIUIFJSDPOWFSTBUJPOVO
QIBTFE5PCFIPOFTU*XBOUFEUPEPUIF
FYBDUTBNFUIJOHBTUIBUMBEZIBEEPOF
4FBO)PVHIUPO$BSOFHJF.FMMPO6OJWFSTJUZ
4UVEJFEJO"VTUSBMJB
1)050CZ&SJD.PGGBU
501
PINZ
Mpve
Pcftf
Xfbmuiz
Bssphbou
Jhopsbou
Svef
Nbufsjbmjtujd
Gsjfoemz
Xbs.npohfsjoh
Fuiopdfousjd
Fowjsponfoubmmz!ejtsftqfdugvm
Tfyvbmmz!qspnjtdvpvt
Ofbsmz!vobojnpvtmz-!tvswfz!sftqpoefout!xspuf!pg!uif!qfswbtjwfoftt!pg!
V/T/! qpqvmbs! dvmuvsf! jo! uifjs! iptu! dpvousjft;! pgufo-! Bnfsjdbo! npwjft-!
ufmfwjtjpo-!nvtjd-!dfmfcsjujft!boe!qspevdut!bsf!npsf!qpqvmbs!uibo!uifjs!
mpdbm!dpvoufsqbsut/!Frvbmmz!vcjrvjupvt!bt!uif!tfmfdujwf-!ejtupsufe!boe!tfo.
tbujpobmj{fe!sfbmjujft!qspggfsfe!cz!ßmn!boe!UW!jt!ofxt!dpwfsbhf!pg!Bnfsj.
dbo!gpsfjho!qpmjdz/!Ftqfdjbmmz!jo!uif!qptu.:022!xpsme-!uijt!dpwfsbhf!jt!pgufo!
effqmz!dsjujdbmÒujnf!boe!bhbjo!sftqpoefout!xspuf!pg!qfsdfqujpot!uifz!fo.
dpvoufsfe!uibu!V/T/!djuj{fot!dpmmfdujwfmz!tibsf!uifjs!benjojtusbujpoÖt!wbm.
vft!boe!qpmjujdt/!
888(-*.14&"#30"%03((6*%&41)1
__
(-*.14&456%:"#30"%"$$-*."5*0/(6*%&4
FYDFSQUFEGSPN
HMJNQTFBCSPBEPSH
".&3*$"/*%&/5*5:"#30"%
0WFS&TQSFTTP
/FX1FSTQFDUJWFTJO'SBODF
CZ.BSHP#VDIBOBO
888(-*.14&"#30"%03((6*%&41)1
1)050CZ3ZBO$POBUZ
*
BN TJUUJOH JO B DBGn POF TVMMFO BOE
SBJOZ OJHIU JO FBSMZ 'FCSVBSZ 4PNF
GSJFOETBSSJWFBOEPSEFSNBSUJOJCMBO
DPT5IFOPOFPGUIFNCFHJOT².POTJFVS
#VTIFTUVODPOOBSE³
* BHSFF 1SFTJEFOU #VTI JT BO BTTIPMF
CVUCFGPSF*DBOTBZUIBU*EJTMJLFIJNBT
XFMM NZ GSJFOE DPOUJOVFT ²*U JT TP UZQJ
DBMMZ "NFSJDBO UP XBOU UP HP UP XBS UP
EPNJOBUFUIFXPSMEBUBMMDPTUT³
"OEXJUIUIBUBMMTJYPGNZGSJFOETTUBSU
SBOUJOHBOESBWJOHBUPOFBOPUIFS"GUFS
BO IPVS NZ GSJFOE 1SJTDJMMB BTLT NF JG *
GFFMBMMSJHIU²:FT*µNBHBJOTUUIFXBS³*
TBZCMBOLMZGVNCMJOHNZXPSET
*DBUDIBDBCCBDLUPNZIPTUGBNJMZµT
BQBSUNFOUDSZJOHCFDBVTF*LOPXUIBU*
BN OBuWF * IBWF OFWFS HFOVJOFMZ DBSFE
BCPVUUIFXPSMEOPSLOPXONVDIBCPVU
JU#FGPSFDPNJOHUP1BSJT*IBEMJWFENZ
XIPMFMJGFVOEFSUIFJNQSFTTJPOUIBU*XBT
CPSOJOUIFCFTUDPVOUSZJOUIFXPSME#VU
XIFOUBMLPGXBSJO*SBRCFHJOTUPFTDBMBUF
TFSJPVTMZ * CFDPNF BTIBNFE PG TPNF
UIJOH * TJNQMZ DBOOPU DPNQSFIFOE * BN
BTIBNFEPGNZPXODPVOUSZ
*OUIFNPOUITUIBUGPMMPX*CVZWBSJPVT
QBQFST FWFSZ NPSOJOH BUUFOE QSPUFTUT
BOEGFFMDPO¾EFOUJOWPJDJOHBOFEVDBUFE
PQJOJPOJOPQQPTJUJPOUPUIFXBS:FU*TUJMM
DBOµUIFMQCVUXPOEFSUPXIBUFYUFOUUIF
'SFODI IPME NF±BO "NFSJDBO±SFTQPO
TJCMF GPS (FPSHF #VTIµT GPSFJHO QPMJDZ
&WFSZOJHIUXIFO*DPNFIPNFNZIPTU
GBUIFS CPNCBSET NF XJUI UIF RVFTUJPO
²%P ZPV LOPX XIBU :063 1SFTJEFOU IBT
EPOFOPX ³"OEFWFSZUJNF*SFNJOEIJN
².POTJFVS+VMJFO*EJEOPUWPUFGPSIJN³
"TBO"NFSJDBOJO1BSJT*RVJDLMZTIFE
UIF MBZFS PG FHPDFOUSJDJUZ UIBU IBT QSP
UFDUFENFNZFOUJSFMJGF8IFO*SFUVSOUP
UIF4UBUFTOPUPOFPGNZDPMMFHFGSJFOET
BTLTNFXIBUJUXBTMJLFUPCFJO1BSJTEVS
JOHUIFXBS5IFZBDUMJLFOPUIJOHPGTJH
OJ¾DBODFIBTIBQQFOFEPWFSUIFQBTUGFX
NPOUIT5IFZBTLNFBCPVUUIFTIPQQJOH
BOEUIFOJHIUMJGF0DDBTJPOBMMZ*KPLFBOE
TBZ²5IFSFXBTBXBSUPPZPVLOPX³*
IBWFZFUUPHFUBSFBMSFTQPOTF
²<0OFQSFWBMFOUBTTVNQUJPOXBT>UIBUBMM"NFSJDBOTBSFSJDI1FPQMF
BTLFENFUPCVZDBSTGPSUIFN³
%BOB4IFQIBSE%JDLJOTPO$PMMFHF
4UVEJFEJO$BNFSPPO
²*EPOPUUIJOLQFPQMFSFBMJ[FUIFSFJTQPWFSUZJOUIF6OJUFE4UBUFT*U
JTOPUTIPXOPO57TPIPXEPUIFZLOPXJUFYJTUT ³
4UVEFOU8IJUXPSUI$PMMFHF
4UVEJFEJO$IJMFUISPVHI*4&1
²:PVOH3VTTJBOTWJFXUIF6OJUFE4UBUFTBTUIFZTFFJUPO.57NVTJD
WJEFPTBOEQPQVMBS¾MNT±BTFYVBMMZESJWFODVMUVSFTXJNNJOHJOEPMMBS
CJMMTDMPUIFTBOEDBST5IFZUIPVHIUUIBUFWFSZ"NFSJDBODJUJ[FOXBLFT
VQBUOPPOTQFOETBDPVQMFPGIPVSTESFTTJOHGPSUIFOJHIUPVUBOE
UIFOTQFOETUIFSFNBJOEFSPGUIFEBZIBWJOHGVO³
/BUIBO'SZ%JDLJOTPO$PMMFHF
4UVEJFEJO3VTTJB
²1FPQMF*NFUUIPVHIUUIBUDVSSFOUUSFOETTVDIBTMFHJTMBUJOHCBTFEPO
SFMJHJPVTCFMJFGTPSQFSQFUVBUJOHUIFXBSJO*SBRBSFTVQQPSUFECZUIF
FOUJSF"NFSJDBOQFPQMF³
,BU,SBNFS%JDLJOTPO$PMMFHF
4UVEJFEJO'SBODF
5015)3&&$0..0/-:$0/'30/5&%45&3&05:1&4"#065".&3*$"/4
2/! Bmm!Bnfsjdbot!tibsf!uif!Cvti!benjojtusbujpoÖt!wjfxt!)ft.
qfdjbmmz!po!gpsfjho!qpmjdz*/
3/! Bnfsjdb!jt!jodsfejcmz!wjpmfou<!bmm!Bnfsjdbot!pxo!boe!
xjfme!hvot/
4/! Mjgf!jo!Bnfsjdb!njsspst!jut!qpsusbzbm!jo!npwjft!boe!po!
UW!)ftqfdjbmmz!Uif!P/D/*/
__
(-*.14&456%:"#30"%"$$-*."5*0/(6*%&4
".&3*$"/*%&/5*5:"#30"%
PINZ
Uif!nbkpsjuz!pg!tvswfz!sftqpoefout!mjtufe!Ójefoujuz!bt!bo!BnfsjdboÔ!bt!uif!gbd.
ups!uibu!nptu!joàvfodfe!ipx!uifz!xfsf!usfbufe!jo!uifjs!iptu!dpvousz/!Xijmf!
dmfbsmz-!opu!bmm!uijt!usfbunfou!jt!ofhbujwf-!zpv!tipvme!qsfqbsf!zpvstfmg!up!fo.
dpvoufs!tpnf!efhsff!pg!bouj.Bnfsjdbojtn!bcspbe/!Op!offe!up!cf!qbsbopje-!
ipxfwfs;!mftt!uibo!ibmgÒ48!qfsdfouÒgfmu!ejtdsjnjobufe!bhbjotu!cfdbvtf!pg!uifjs!
jefoujuz!bt!bo!Bnfsjdbo<!pomz!24!qfsdfou!fwfs!gfmu!uisfbufofe!cz!uifjs!obujpo.
bmjuz/
Sfnfncfs!uibu!bouj.Bnfsjdbojtn!dbo!ublf!b!wbsjfuz!pg!gpsnt/!Jo!gbdu-!65!
qfsdfou! pg! sftqpoefout! gpvoe! uibu! nptu! mpdbmt! xip! fyqsfttfe! ofhbujwf! buuj.
uveft! upxbse! uif! Tubuft! eje! ublf! dbsf! up! ejggfsfoujbuf! cfuxffo! uif! Bnfsjdbo!
qfpqmf!boe!uif!Bnfsjdbo!hpwfsonfou/!JuÖt!jnqpsubou!up!ejtujohvjti!cmbolfu-!
njtjogpsnfe!boe0ps!qfstpobm!bddvtbujpot!gspn!wbmje!dsjujdjtn/!Nboz!sftqpo.
efoutÒ65!qfsdfouÒgpvoe!uibu!uifz!ufoefe!up!bhsff!xjui!uif!dsjujdjtn!ejsfdufe!
upxbse!uif!Tubuft/!!
²*XBTNFUXJUIBMPUPGTUBUJDBCPVU#VTIXIFUIFSJUXBTTNBMM
IBSNMFTTKPLFTPSDBOEJEQPMJUJDBMDPOWFSTBUJPOT.BOZQFPQMFBMMPWFS
4PVUI"NFSJDBFYQSFTTFEUIFJSPQQPTJUJPOUP#VTIBOEUIFJSDPOGV
TJPOPWFSXIZIFXBTSFFMFDUFE0GUFOQFPQMFTVHHFTUFEUIBU*DPVME
OFWFSVOEFSTUBOEUIFJSTJUVBUJPOCFDBVTF*XBTGSPNUIF6OJUFE
4UBUFT*EPOµUUIJOLDBQJUBMJTNJTUFSSJCMFOPSPVSXBZPGMJGFFYDFT
TJWFTPFWFOXIFOQFPQMFTBJE´*UJTOµUZPVJUµTZPVSDPVOUSZµTXBZPG
MJGFµJUXBTEJG¾DVMUOPUUPUBLFUIJOHTQFSTPOBMMZ³
$BSB.JBMF6OJWFSTJUZPG$PMPSBEPBU#PVMEFS
4UVEJFEJO$IJMFUISPVHI$*&&
²*NFUBGFX(FSNBOTXIPXFSFBHBJOTU64QPMJDJFTCVUEJEOµUTFFN
UPNJOEUIBU*XBT"NFSJDBO(FSNBOTBSFJOHFOFSBMWFSZHPPEBUTFQ
BSBUJOHUIFQFPQMFGSPNUIFHPWFSONFOUBOEUIFZLOPXXIFOJUµTUJNF
UPUBMLQPMJUJDTBOEXIFOJUµTUJNFUPDIJMMBOEIBWFBCFFS4PNFUJNFT
*IBEUPSFRVFTUQPMJUFMZ
UIBUXFUBMLBCPVUTPNFUIJOHFMTFBOEUIFZ
XFSFNPSFUIBOIBQQZUPDIBOHFUIFTVCKFDU³
*
XBTSJEJOHPOBCVTUBMLJOHXJUIB)VO
HBSJBOUFBDIFSBOEUIFQFSTPOJOGSPOU
PGVTTUBSUFETDSFBNJOHBUVT*EJEOµU
VOEFSTUBOEIJNBOEUIPVHIUIFXBTESVOL
.ZUFBDIFSGSJFOETVHHFTUFEUIBUXFNPWF
UPBOPUIFSTFBU*UUVSOFEPVUUIBUIFIBE
TBJE ²*G ZPV MJWF JO )VOHBSZ ZPV TIPVME
MFBSO)VOHBSJBOBOETQFBL)VOHBSJBO³
5FBDIFS0EHFO)JHI4DIPPM
4UVEJFEJO)VOHBSZUISPVHIUIF'VMCSJHIU&Y
DIBOHF5FBDIFS1SPHSBN
1)050CZ4IBSPO*ULPGG
**&/$06/5&348*5)
"/5*".&3*$"/*4.
8)"55:1&0'"55&/5*0/%*%
5)&6/*5&%45"5&43&$&*7&*/
:063)045$06/53:
"
#
$BSSJF.FEJOB1PSUMBOE4UBUF6OJWFSTJUZ
4UVEJFEJO(FSNBOZUISPVHI0SFHPO6OJWFSTJUZ4ZTUFNT
²1FSIBQTUIFNPTUDIBMMFOHJOHTJUVBUJPOXBTVOEFSTUBOEJOHXIBUPUI
FSTXFSFTBZJOHBCPVUUIF6OJUFE4UBUFT"NFSJDBOTPSNZTFMGJOBOPUI
FSMBOHVBHFBOELOPXJOHUIBUUIFTQFBLFSTEJEOPUSFBMJ[FUIBU*VOEFS
TUPPEUIFJSDPOWFSTBUJPO*GNZGBDFCFDBNFSFEXJUIFNCBSSBTTNFOU
BCPVUXIBU*XBTPWFSIFBSJOHBOEXBTOPUJDFECZUIFTQFBLFSTNPTU
UJNFT B TVEEFO IBMU UP UIF DPOWFSTBUJPO XPVME PDDVS GPMMPXFE CZ B
MFOHUIZTJMFODF0UIFSUJNFTUIFTQFBLFSTXPVMEDPOUJOVFBOEJODSFBTF
UIFJSDSJUJDJTNLOPXJOHUIBU*VOEFSTUPPEXIBUUIFZXFSFTBZJOH³
4V[BO#BCDPDL4DIPPMGPS*OUFSOBUJPOBM5SBJOJOH
4UVEJFEJO5BJXBO
888(-*.14&"#30"%03((6*%&41)1
__
B
C
D
E
$
%
NFEJBBUUFOUJPOPOGPSFJHOQPMJDZ
NFEJBBUUFOUJPOPODFMFCSJUJFT
QSFTFODFPG"NFSJDBONPWJFT
DPOTVNQUJPOPG"NFSJDBOCSBOETHPPET
(-*.14&456%:"#30"%"$$-*."5*0/(6*%&4
FYDFSQUFEGSPN
HMJNQTFBCSPBEPSH
-PWFUIF0OF:PV)BUF
*EFOUJUZJO*TSBFM
CZ)BOJOBI-FWJOF
(
***8)&/*/30.&%*41&--*/(
.*41&3$&15*0/4
Tjyuz.tjy!qfsdfou!pg!sftqpoefout!xsjuf!uibu!uifz!bdujwfmz!ejtqfmmfe!njtqfsdfq.
ujpot!bcpvu!uif!Vojufe!Tubuft!xijmf!bcspbe/!Bcpwf!boe!cfzpoe!bmm!fmtf-!uifz!
tusfttfe!uif!jnqpsubodf!pg!dvmuvsbm!sftqfdu/!Voxjmmjohoftt!ps!mbdl!pg!fggpsu!up!
bebqu!up!pofÖt!tvsspvoejoht!dbo!cf!tffo!bt!b!gpsn!pg!fuiopdfousjtn-!boe!ju!
jt!qsfdjtfmz!uijt!ljoe!pg!dbsfmftt!bssphbodf!gps!xijdi!Bnfsjdbot!bsf!jogbnpvt/!
Uipvhi!zpv!nbz!cf!dpnqfujoh!xjui!Hfpshf!Cvti!boe!Csjuofz!Tqfbst-!sf.
nfncfs!uibu!zpv-!upp-!bsf!b!dvmuvsbm!bncbttbeps!boe!dbo!ep!zpvs!qbsu!up!dpn.
cbu!ofhbujwf!tufsfpuzqft;
5"-, 50 1&01-& Dpowfstbujpo! jt! b! hsfbu! uppm! gps! cspbefojoh! qfsdfq.
ujpo/!Xifo!dpogspoufe!xjui!bouj.Bnfsjdbo!wjfxqpjout-!tuvefout!ßoe!uibu!
xifofwfs!qpttjcmf-!ubmljoh!uispvhi!uiftf!wjfxqpjout!boe!pggfsjoh!dpvo.
ufs.fybnqmft!up!txffqjoh!ofhbujwf!hfofsbmj{bujpot!jt!uif!bctpmvuf!cftu!xbz!
up!sftqpoe/!
²* GPVOE UIBU NPTU BOUJ"NFSJDBO TFOUJNFOU EJNJOJTIFE XIFO * TBU
EPXOBOEUBMLFEUPQFPQMF.PTUJOEJWJEVBMTEJEOPUIPMENZOBUJPOBMJUZ
BHBJOTUNF*UJTBMTPNVDIFBTJFSUPIBUFPSIPMEOFHBUJWFTUFSFPUZQFT
SFHBSEJOHBTUSBOHFSQFPQMFXIPNJHIUQVSQPSUUPEJTMJLF"NFSJDBPS
"NFSJDBOTJOHFOFSBMIBWFUSPVCMFBQQMZJOHUIFTFQSFKVEJDFTGBDFUP
GBDFPOBOJOEJWJEVBMCBTJT³
(JMMJBO)PSUPO$PMMFHFPG8JMMJBNBOE.BSZ
4UVEJFEJO4PVUI"GSJDB4QBJO(FSNBOZ"SHFOUJOB/JDBSBHVBBOE.FYJDP
-*45&/ Xifo! fohbhjoh! jo! tvdi! dpowfstbujpot-! lffq! bo! pqfo! njoe/!
ZpvÖsf!bmmpxfe!up!cf!efgfotjwf!bcpvu!zpvs!ipnf!dpvousz!jg!zpv!gffm!ju!jt!
cfjoh!vokvtumz!buubdlfe-!cvu!epoÖu!cmjoemz!efgfoe!ju/!Qbz!buufoujpo!up!xibu!
qfpqmf!bsf!tbzjoh!boe!btl!uifn!xiz!uifz!gffm!uibu!xbz/!
²0OFPGUIFNPTUDPNQMJNFOUBSZDPNNFOUTUIBUUIFHSPVQPG"NFSJDBO
TUVEFOUT*XBTUSBWFMJOHXJUISFDFJWFEXBTUIBUJUXBTHSFBUUPFOHBHF
JOBOJOUFMMJHFOUDPOWFSTBUJPOXJUI"NFSJDBOTBOEJOUVSOEJTQFMTPNF
PGUIFOFHBUJWFWJFXQPJOUTUIBUUIFZIBEBCPVUUIF6OJUFE4UBUFT³
,JN)BSSJTPO6OJWFSTJUZPG.JOOFTPUB5XJO$JUJFT
4UVEJFEJO"VTUSBMJBUISPVHI"VTUSBMFBSO
1)050CZ.JUDI(JOTCVSH
FPSHF #VTIµT DSVTBEJOH GVOEB
NFOUBMJTN IBT BXBLFOFE B OFX
VOFBTJOFTTJO*TSBFMXIFSFTFDV
MBSDVMUVSFSFUBJOTNBOZPGUIFTPDJBMJTU
TFOTJCJMJUJFTPOXIJDIJUXBTGPVOEFE
/FXTQBQFSTSVOGSFRVFOUTUPSJFTBCPVU
*TSBFMJUPVSJTUTJOUIF6OJUFE4UBUFTXIP
BSFNJTUBLFOGPSUFSSPSJTUTTVCKFDUFEUP
IVNJMJBUJOHRVFTUJPOJOHBOEPDDBTJPOBMMZ
EFQPSUFE"OVOFYQFDUFEDVMUVSFXBS*T
SBFMBOEUIF6OJUFE4UBUFTNBZCFDMPTF
LJOCVUJOUIF6OJUFE4UBUFT²TPDJBMJTN³
JTBEJSUZXPSE
:FU OPU WFSZ EFFQ CFMPX UIF TVSGBDF
PGUIJTOFXGPVOENJTUSVTUPGUIFXPSMEµT
NJMJUBSZBOEDVMUVSBMTVQFSQPXFSMJFTUIF
DPNGPSUBCMF FBTJMZ JEFOUJ¾BCMF BEPSB
UJPO 8IFO DIBOHFT JO "NFSJDBO WJTB
SFHVMBUJPOTJOUIFNJEEMFPGUIFTVNNFS
NBEF JU TJHOJ¾DBOUMZ IBSEFS GPS *TSBF
MJT UP WJTJU UIF MJOF PG *TSBFMJT EFTQFS
BUFOPUUPMPTFPVUPOUIFJSUSBOTBUMBO
UJDWBDBUJPOXPVOEPVUUIFEPPSTPGUIF
FNCBTTZ BSPVOE UIF DPSOFS BOE EPXO
UISFF CMPDLT SFNJOEJOH NBOZ TBSDBTUJD
*TSBFMJTPGBDSPXEPGSFGVHFFT"NFSJDBO
NPWJFTTUJMMJOTQJSFBENJSBUJPO"NFSJDBO
UFMFWJTJPOJOTQJSFTJNJUBUJPOBOE²"NFSJ
DBOTUZMF³SFNBJOTUIFHPMETUBOEBSEGPS
JDFDSFBNQJ[[BBOEJOUFSJPSEFTJHO5IF
PUIFS TJEF PG UIF DVMUVSF XBS FWFO UIF
VMUSB0SUIPEPYTFFNUPVOEFSTUBOEUBD
JUMZUIBUXIJMFQFSIBQTJO(PEUIFZUSVTU
BOEJOUIF.FTTJBIQMBDFUIFJSIPQFTPO
"NFSJDBUIFZOFFEUPSFMZ
".&3*$"/*%&/5*5:"#30"%
888(-*.14&"#30"%03((6*%&41)1
__
(-*.14&456%:"#30"%"$$-*."5*0/(6*%&4
".&3*$"/*%&/5*5:"#30"%
-0$"-4µ1&3$&15*0/4"#065
.:)0.&$06/53:8&3&#"4&%
-"3(&-:0/64'03&*(/10-*$:
-0$"-4µ1&3$&15*0/4"#065
.:)0.&$06/53:8&3&#"4&%
-"3(&-:0/641016-"3$6-563&
FYDFSQUFEGSPN
HMJNQTFBCSPBEPSH
5FSSPS5BML
-JGFJO,FOZBBGUFSUIF5FSSPSJTU"UUBDLT
CZ&NJMZ)VOUFS
*
BHSFF
BHSFF
TUSPOHMZ
BHSFF
TUSPOHMZ
BHSFF
EJTBHSFF
EJTBHSFF
%*45*/(6*4)#&58&&/$0/4536$5*7&"/%0#4536$5*7&$3*5*$*4.
Nboz!tvswfz!sftqpoefout!xsftumfe!xjui!bo!bhpoj{joh!tfotf!pg!bncjwbmfodf!
xifo!fohbhjoh!jo!tvdi!ejbmphvf;!po!uif!pof!iboe-!uifz!bhsffe!xjui!nvdi!
pg!uif!dsjujdjtn!bewbodfe!bhbjotu!uif!Vojufe!Tubuft-!boe!po!uif!puifs!iboe-!
uifz!gfmu!b!tfotf!pg!mpzbmuz!up!uifjs!dpvousz!boe!joejhobujpo!jo!uif!gbdf!pg!
txffqjoh-!tjnqmjtujd!joejdunfout/!Zpv!nbz!bhsff!xjui!b!mpdbmÖt!dsjujdjtn!
bhbjotu!uif!V/T/!qsftjefoujbm!benjojtusbujpo!cvu!cfdpnf!gsvtusbufe!jg!uibu!
mpdbm!fyufoet!uif!tbnf!dsjujdjtn!up!uif!foujsf!V/T/!qpqvmbujpo/!Uif!lfz!
ifsf!jt!up!nblf!tvsf!uibu!zpvs!dpowfstbujpo!qbsuofs!voefstuboet!dsvdjbm!
ejtujodujpot!cfuxffo!uif!Bnfsjdbo!qfpqmf!boe!Bnfsjdbo!hpwfsonfou!ps!
qpqvmbs!dvmuvsf/
%&.0/453"5&$0/4*%&3"5*0/'03-0$"-$6450.4."//&340'%3&44
Mfbwf!zpvs!V/T/!gbtijpo!tfotjcjmjujft!xifsf!uifz!cfmpoh;!cbdl!jo!uif!Voju.
fe!Tubuft/!EpoÖu!xfbs!ubol!upqt!jg!juÖt!dpotjefsfe!ejtsftqfdugvmÒop!nbuufs!
ipx!ipu!ju!nbz!cf/!Jg!qfpqmf!jo!zpvs!iptu!dpvousz!ufoe!up!esftt!vq!npsf!
po!b!ebjmz!cbtjt-!csfbl!pvu!zpvs!gpsnbm!buujsf/!Uijol!uxjdf!cfgpsf!xbmljoh!
epxo!uif!tusffu!txbuife!jo!Ojlf!tzncpmt/!Cz!uif!tbnf!uplfo-!pctfswf!mpdbm!
dvtupnt;!jg!cbshbjojoh!jt!uif!opsn-!epoÖu!cf!uif!Ótuvqje!BnfsjdboÔ!xip!
cvzt!bo!jufn!gps!uif!ßstu!qsjdf!pggfsfe/!
-&"3/41&",5)&-"/(6"(&Mfbsojoh!bopuifs!mbohvbhf!jt!op!qjfdf!pg!
²1FPQMFUIPVHIUUIBUBMM"NFSJDBOTXFSFMPVEBOEPOMZTQFBLPOFMBO
HVBHF * MFBSOFE UIF GPMMPXJOH KPLF 8IBU EP ZPV DBMM TPNFPOF XIP
TQFBLTUISFFPSNPSFMBOHVBHFT .VMUJMJOHVBM8IBUEPZPVDBMMTPNF
POFXIPTQFBLTUXPMBOHVBHFT #JMJOHVBM8IBUEPZPVDBMMTPNFPOF
XIPPOMZTQFBLTPOF "NFSJDBO³
"MBOOB3BOEBMM8FTUFSO.JDIJHBO6OJWFSTJUZ
4UVEJFEJO$PTUB3JDBBOE'SBODF
888(-*.14&"#30"%03((6*%&41)1
__
1)050CZ&NJMZ)VOUFS
dblf-!cvu!jg!mjwjoh!jo!b!opo.Fohmjti!tqfbljoh!dpvousz-!nblf!ju!pof!pg!zpvs!
qsjnbsz!hpbmt!up!bdijfwf!tpnf!efhsff!pg!àvfodz!jo!uif!mpdbm!mbohvbhf/!Tff!
HmjnqtfÖt!ÓMbohvbhf!MfbsojohÔ!hvjef!gps!npsf!bewjdf!po!uijt!upqjd/!
IBETQFOUUIFNBKPSJUZPGUIFGPVS
NPOUITCFGPSFUIF.PNCBTBBUUBDL
USBWFMJOH XJUI PUIFS "NFSJDBO
TUVEFOUT ESJWJOH BMM PWFS UIF DPVOUSZ
JOBIVHFCMVFMPSSZUIBUXFSFGFSSFEUP
BTUIF.[VOHV#VT8IJUF1FSTPO#VT
8F XFSF HSFFUFE XJUI HMFFGVM TIPVUT
GSPNDIJMESFOJOSVSBM4BNCVSVCVUIBE
CVDLFUTPGXBUFSBOEIBOEGVMTPGTUPOFT
UISPXOBUVTJOOPSUIFSO5BO[BOJB.PTU
PGUIJTBUUFOUJPOXFDIBMLFEVQUPUIF
TQFDUBDMFXFLOFXXFXFSFNBLJOH#VU
TPNFUJNFT UIF SFBDUJPOT TFFNFE NPSF
QPJHOBOU NPSF TQFDJ¾DBMMZ EJSFDUFE BU
UIFGBDUUIBUXFXFSFBCVODIPG"NFSJ
DBOTUSBWFMJOHJOBUIJSEXPSMEDPVOUSZ
0OF EBZ TUPQQFE JO UIF NJEEMF PG
B CVTZ TUSFFU JO DFOUSBM .PNCBTB XF
XFSFDPOGSPOUFECZBOFMEFSMZCFBSEFE
NBO)FXBWFEIJTXBMLJOHTUJDLBUVT
TIPVUJOH²-PPLBUNF:PVBSFMVDLZUP
EBZ UP TFF 0TBNB CJO -BEFO³ )F EJE
CFBSBTUSJLJOHSFTFNCMBODFUPUIFFMV
TJWFBM2BFEBTUSPOHNBO8BTIFMPPL
JOHGPSMBVHITPSEJEIFIBWFBEJGGFS
FOUNFTTBHFUPQBTTPOUPVTBTZPVOH
"NFSJDBO²BNCBTTBEPST ³
-BUFS PO * SFUVSOFE UP .PNCBTB CZ
NZTFMGUPTFUUMFEPXOJOQSFQBSBUJPOGPS
B GPVSNPOUI JOUFSOTIJQ 8IJMF TUSPMM
JOHUISPVHI0ME5PXOBJNMFTTMZUVSOJOH
EPXO UIJT OBSSPX BMMFZXBZ BOE UIBU *
QBTTFEBTNBMMTIPQTFFNJOHMZOPEJG
GFSFOUGSPNBOZPUIFS5IFQSPQSJFUPSPG
UIF TIPQ TFFJOH NF QBTT CZ TUFQQFE
JOUPUIFEPPSXBZ*BTTVNFEIFXBTHP
JOHUPDBMMPVUBOEJOWJUFNFUPDPNFJO
MJLF NPTU PG UIF SFUBJMFST JO .PNCBTB
UFOEUPEPXJUITIPVUTPG²$PNFJOUP
NZ TIPQ * BN .S $IFBQFS³ PS TPNF
WBSJBOU UIFSFPG *OTUFBE IF HMFFGVMMZ
JOGPSNFENF²5IJTJTBOBM2BFEBCBTF
5IF.PNCBTBBM2BFEBCBTFJTIFSF³*
DIVDLMFE BOE LFQU XBMLJOH DPOWJODFE
UIBUJGJUSFBMMZXFSFBHBUIFSJOHQPJOU
GPS BM2BFEB TVQQPSUFST PG XIJDI *µN
TVSF.PNCBTBIBTJUTTIBSFUIFZXPVME
IBWF IBE UIF TFOTF UP FNQMPZ B NPSF
EJTDSFFUTFDVSJUZNBO
(-*.14&456%:"#30"%"$$-*."5*0/(6*%&4
PINZ
5
XP'SFODIHVZTBDDVTFE"NFSJDBOT
PGOPULOPXJOHHFPHSBQIZ5IFZ
TBJEUIBUUIFEBZCFGPSFUIFZIBE
XBUDIFEB57TIPXXIFSFBSFQPSUFS
XBMLFE²UIFTUSFFUT³PGUIF6OJUFE
4UBUFTBOEBTLFE"NFSJDBOTXIBU.P
SPDDPXBT"QQBSFOUMZUIF"NFSJDBOT
RVFTUJPOFEUIPVHIUJUXBTBOPSBOHF
QSPEVDJOHDPNQBOZ*XBTTIPDLFECF
DBVTFUIFUXPHVZTWFIFNFOUMZCFMJFWFE
UIFCJBTFESFQPSUFS*FYQMBJOFEUIFJEFB
PGTLFXFEKPVSOBMJTNBOEQPMJUFMZSF
GVTFEUPCFCBJUFEJOUPUIFBSHVNFOU
1)050CZ4BSB,BQMBO
*TBCFM(BSEPDLJ$BSOFHJF.FMMPO6OJWFSTJUZ
4UVEJFEJO'SBODFUISPVHI$*%&'
".&3*$"/*%&/5*5:"#30"%
,/08:063)045$06/53: XibuÖt!uif!cftu!xbz!up!dpncbu!uif!Ójhop.
sbou!BnfsjdboÔ!tufsfpuzqf@!Cf!jogpsnfe/!Cfgpsf!zpv!hp-!cffg!vq!po!zpvs!
lopxmfehf!pg!joufsobujpobm!ofxt0fwfout!cz!sfhvmbsmz!wjtjujoh!xfctjuft!mjlf!
uif!CCD!boe!Xpsme!Qsftt!Sfwjfx!)tff!pvs!ÓSftpvsdftÔ!tfdujpo!gps!npsf!
jogpsnbujpo*/!Jg!uifsf!bsf!pomjof!wfstjpot!pg!mpdbm!ofxtqbqfst!gspn!zpvs!
iptu!dpvousz-!sfbe!uifn!ebjmz/!Podf!bcspbe-!lffq!po!upq!pg!mpdbm!boe!jo.
ufsobujpobm!ofxt/!Difdl!pvu!uif!mpdbm!nvtjd0bsut!tdfof/!Efnpotusbuf!bo!
bdujwf!joufsftu!jo!zpvs!iptu!dpvouszÖt!qpmjujdt!boe!dvmuvsfÒjuÖt!b!hsfbu!xbz!
up!fohbhf!mpdbmt!jo!dpowfstbujpo/!
²#FGPSF*MFGUGPS#PMJWJB*SFBEVQBTNVDIBT*DPVMEBCPVUUIFDPVO
USZµT IJTUPSZ BOE DVSSFOU FWFOUT .Z IPTU GBUIFS XBT TIPDLFE UIBU *
LOFXUIFOBNFTPG#PMJWJBµTNBKPSQPMJUJDBMQBSUJFTBOEQSPNJOFOUJO
EJHFOPVT BDUJWJTUT * NBEF TVSF UP SFBE UIF OFXTQBQFS SFHVMBSMZ BOE
BMXBZTFOHBHFEIJNJODPOWFSTBUJPOCZBTLJOHXIBUIFUIPVHIUPGUIF
EBZµTPSXFFLµTFWFOUT5IFSFJTOFWFSBEVMMNPNFOUJO#PMJWJBOQPMJ
UJDTTP XF BMXBZT IBEB MPU UP UBML BCPVU.Z IPTU GBUIFSXBTCZ OP
NFBOTBOUJ"NFSJDBOCVU*DPVMEUFMMIPXNVDIJUNFBOUUPIJNUIBU*
UPPLBOBDUJWFJOUFSFTUJOUIFHPJOHTPOPGIJTDPVOUSZ´:PVLOPXNPSF
BCPVUNZDPVOUSZUIBONZPXOEBVHIUFSTµIFDPO¾EFEUPNFPODF³
4UVEFOU&NPSZ$PMMFHF
4UVEJFEBCSPBEJO#PMJWJBUISPVHI%VLF6OJWFSTJUZ
3&.&.#&3 :063 ."//&34 Dpnjoh! gspn! b! dvmuvsf! pg! mbxtvjut! boe!
npofz.cbdl! hvbsboufft-! xf! Bnfsjdbot! ibwf! b! qfodibou! gps! cfdpnjoh!
fbtjmz!gsvtusbufe!jg!uijoht!epoÖu!hp!pvs!xbz/!Xijmf!gsvtusbujpo!nbz!cf!jo.
fwjubcmf-!usz!up!sfnbjo!dbmn!boe!qpmjuf!xifo!sftpmwjoh!dpoàjdut<!bepqu!b!
àfyjcmf-!Óhp.xjui.uif.àpxÔ!nfoubmjuz/!Sfnfncfs!uibu!Bnfsjdbot!nbjo.
ubjo!b!tfotf!pg!foujumfnfou!uibu!nbz!cf!opu!cf!tibsfe!cz!sftjefout!pg!puifs!
dpvousjft/
*163104&'6--:$0/$&"-&%.:
*%&/5*5:"4"/".&3*$"/
PODFPS
UXJDF
OFWFS
²5IFNPTUFGGFDUJWFXBZPGBWPJEJOHBOUJ"NFSJDBOTFOUJNFOUXBTUP
BWPJE PWFSUMZ "NFSJDBO TZNCPMT ESFTT NPSF MJLF MPDBMT CF BXBSF PG
DVMUVSBMTFOTJUJWJUJFTBOEBMXBZTBTLRVFTUJPOTQPMJUFMZXIFO*XBTDPO
GVTFE TP UIBU FWFO JG * TFFNFE GPSFJHO POF DPVME OPU JNNFEJBUFMZ
QJONFBT"NFSJDBO0ODFUIFZEJEEJTDPWFSNZOBUJPOBMJUZUIFZXPVME
IPQFGVMMZCFJNQSFTTFEUIBU*EJEOPUNBUDIVQUPUIFJSTUFSFPUZQF"S
HVJOHXBTOFWFSBOPQUJPO±BDUJPOTPGUFOTQFBLMPVEFSUIBOXPSETFT
QFDJBMMZBCSPBEBOETPUIFPOMZIPQFPGEJTTVBEJOHBOZPOFXIPWJFXFE
"NFSJDBOTOFHBUJWFMZJTUPEJTQSPWFTVDITUFSFPUZQFTCZPOFµTPXOBD
UJPOT³
.BSZ#FSOBSE4UFUTPO6OJWFSTJUZ
4UVEJFEJO'SBODFUISPVHI6OJWFSTJUFEµ"WJHOPO
OPXBOE
UIFO
BMXBZT
SFHVMBSMZ
888(-*.14&"#30"%03((6*%&41)1
__
(-*.14&456%:"#30"%"$$-*."5*0/(6*%&4
".&3*$"/*%&/5*5:"#30"%
*7"$)"/(&*/1&341&$5*7&
Tjyuz.ojof!qfsdfou!pg!tvswfz!sftqpoefout!gpvoe!uibu!uifjs!buujuveft!upxbse!uif!
Vojufe!Tubuft!dibohfe!evsjoh!uifjs!ujnf!bcspbe/!Uif!dibohft!xfsf!cpui!qptj.
ujwf!boe!ofhbujwf-!sbohjoh!gspn!sfofxfe!bqqsfdjbujpo!gps!qfstpobm!gsffepnt!
up! ofxgpvoe! ejthvtu! gps! V/T/! nbufsjbmjtn/! Tpnfujnft! xibu! qfpqmf! njttfe!
nptu!xijmf!bcspbe-!dvmuvsbmmz!tqfbljoh-!xfsf!qsfdjtfmz!uif!tbnf!wbmvft!ps!qsbd.
ujdft!uibu!xfsf!nptu!ejgßdvmu!up!sfuvso!up/!
501
8)"5"41&$540'-*'&*/5)&64%*%:06.*44
2/!
3/!
4/!
5/!
6/!
7/!
8/!
9/!
:/!
21/!
Wbsjfuz!boe!bwbjmbcjmjuz!pg!gppet!boe!qspevdut
Hppe!dvtupnfs!tfswjdf
Dbst!
Ufmfwjtjpo
Qfstpobm!gsffepnt
Dpowfojfodf!pg!ebz.up.ebz!mjgf!boe!35.ipvs!tupsft
Gsjfoemjoftt
Sbdjbm!ejwfstjuz
Fyfsdjtf!bt!b!dpnnpo!qsbdujdf
Sftqfdu!gps!xpnfo
PINZ
*
O/JDBSBHVB*XFOUUPBNFFUJOH
XJUIB+FTVJUQSJFTU)FXBTCFJOH
WFSZDSJUJDBMPGUIF64HPWFSO
NFOUCVUIFNBEFTVSFUPEJGGFSFOUJBUF
CFUXFFOUIFQFPQMFBOEUIF64HPW
FSONFOUBOEBUUIFFOEPGPVSDPOGFS
FODFXJUIIJNIFTBJE²5IBOLZPVGPS
CFJOHIFSFBOEFEVDBUJOHZPVSTFMWFT
POUIFTFJTTVFTCVUJUJTOPUFOPVHI*G
ZPVSFBMMZXBOUUPDIBOHFUIFXPSMEZPV
OFFEUPDIBOHFZPVSDPVOUSZ³*UIJOL
UIBUTUBUFNFOUIJUVTBMMIBSE-BUFS
*XBTBUBDPODFSUJO/JDBSBHVBUIBU
XBTTQPOTPSFECZPOFPGUIFVOJWFSTJ
UJFTUIFSFBOEBUPOFQPJOUFWFSZPOF
TUBSUFEDIFFSJOH*MPPLFEVQBUUIF
TUBHFBOETBXUIF64¿BHJO¿BNFT
*SFNFNCFSCFJOHGSVTUSBUFEBMPUCVU
BMTPIBWJOHUIFVOEFSTUBOEJOHPGXIFSF
UIFZXFSFDPNJOHGSPN
,FMMZ4WF"VHTCVSH$PMMFHF
4UVEJFEJO/JDBSBHVB&M4BMWBEPSBOE
(VBUFNBMB
²*GFFMMJLF*MFBSOFEIPXUPBQQSFDJBUFNZDPVOUSZNPSFXIJMFBXBZ
5IJOHTUIBU*IBEOPUFWFOSFBMMZOPUJDFETVEEFOMZCFDBNFTPJNQPS
UBOU*BMTPMFBSOFEUPSFDPHOJ[FUIFPQQPSUVOJUZBWBJMBCMFJOUIF6OJUFE
4UBUFT8IJMFOPUFWFSZPOFIFSFJTSJDIUIFSFBSFTPNBOZPUIFSXBZT
UPBDDFTTPQQPSUVOJUZ³
$IFMTFB'VOL1PSUMBOE4UBUF6OJWFSTJUZ
4UVEJFEJO4PVUI"GSJDBUISPVHI$*&&
501
8)"5"41&$540'-*'&*/5)&648&3&)"3%&4550$0.&)0.&50
2/!
3/!
4/!
5/!
6/!
7/!
8/!
9/!
:/!
21/!
Jhopsbodf!bcpvu!uif!xpsme
Dpotvnfsjtn0nbufsjbmjtn
Gbtu!qbdf!pg!mjgf
Dfmfcsjuz!xpstijq
Tvcvscbo!tqsbxm
Efqfoefodf!po!dbst
Ijhifs!esjoljoh!bhf
Fuiopdfousjdjuz
Xpsl.dfoufsfe!mjgf
Nfejb!qsfttvsf!po!xpnfo
888(-*.14&"#30"%03((6*%&41)1
__
(-*.14&456%:"#30"%"$$-*."5*0/(6*%&4
"DUJOH4VQSFNF
(BJOJOH1FSTQFDUJWFJO*SFMBOE
CZ$ISJTUJOB/FMTPO
5
IFSF * XBT TUBOEJOH JO BCTP
MVUF CFXJMEFSNFOU BT * DMFODIFE
NZ IBMGFNQUZ QJOU PG CFFS .Z
GSJFOET BOE * XFSF BNPOH UIF TFB PG
LJETXIPIBETIPXFEVQBU5IF,JOHµT
)FBE UP FYQFSJFODF B OJHIU PG TP
DBMMFE²BVUIFOUJD³*SJTINVTJDBOEFO
UFSUBJONFOU*IBECFFODIBUUJOHXJUI
BZPVOHNBODMPTFUPNFJOBHF8IFO
XF CFHBO UBMLJOH BCPVU "NFSJDB NZ
CFMPWFEIPNFUIFNBOTBJE¾SNMZ²*
IBUF"NFSJDB³
8IBU IBE IF KVTU TBJE *U XBT BT
UIPVHITPNFPOFIBELJDLFENZQVQQZ
GPSOPHPPESFBTPO
* RVJDLMZ TIPU CBDL ²*G ZPV IBUF
"NFSJDB UIFO XIZ EPFT ZPVS DVMUVSF
JNJUBUFTPNBOZQBSUTPGPVSDVMUVSF ³
#FGPSF JU IJU NF UIBU NZ DPN
NFOUIBECFFOGBSMFTTUIBOXJTFIF
TOBQQFE ²0VS DVMUVSF 0VS DVMUVSF
XBOUT OPUIJOH UP EP XJUI ZPVST 8F
EPOµUXBOUUPCFMJLF"NFSJDBPSBTTP
DJBUFEXJUIZPVSDPVOUSZJOBOZXBZ³
)PX DPVME BOZPOF QPTTJCMZ IBUF
"NFSJDB 8FXFSFUIFNPTUQPXFSGVM
BMNJHIUZOBUJPOJOUIFXPSME
"T JU UVSOFE PVU UIBU XBT KVTU JU
* IBWF BMXBZT IFME UIF 6OJUFE 4UBUFT
JOIJHISFHBSEBOEIBWFMJWFECZUIBU
FWFSTPQPQVMBS TMPHBO ²1SPVE UP CF
BO "NFSJDBO³ #VU CFJOH JO *SFMBOE
NBEFNFSFBMJ[FUIBUNBZCFKVTUMJLF
BOZPUIFSDPVOUSZ"NFSJDBNBLFTNJT
UBLFTPSGBJMTUPJOUFSBDUXJUIUIFSFTU
PGUIFXPSMEJOBSFTQFDUBCMFXBZ
*µWF HBJOFE B OFX QPMJUJDBM DPO
TDJPVTOFTT UIBU SFNJOET NF UP TFFL
UIFWJFXTPGGPSFJHOOBUJPOTBOEIPO
FTUMZDPOTJEFSUIFNCFGPSFDPNJOHUP
BDPODMVTJPOBCPVUHMPCBMJTTVFT
"TBO"NFSJDBODJUJ[FO*XJMMBMXBZT
MPWFBOE¾OEQSJEFJOUIFHSFBUUIJOHT
PVS OBUJPO BDDPNQMJTIFT )PXFWFS *
BNOPMPOHFSBGSBJEUPBTLNZTFMGXIBU
UIF PUIFS TJEF PG UIF XPSME NJHIU CF
UIJOLJOHBCPVUVTBOE*BNOPMPOHFS
VODPOEJUJPOBMMZPGGFOEFEJGXIBUUIFZ
UIJOLJTOµUBMXBZTHPPE
888(-*.14&"#30"%03((6*%&41)1
".&3*$"/*%&/5*5:"#30"%
²"GUFSSFUVSOJOHIPNF*TBX"NFSJDBOTBTSBUIFSCPBTUGVMQFSDFJWJOHPVS
PQJOJPOTUPCFUIFPOMZSJHIUPOFT*¾OEJUSFBMMZTBEUIBUUIF64NFEJB
NBJOMZGPDVTFTPO64OFXTBOEIBSEMZSFQPSUTPOTJUVBUJPOTJOPUIFSQBSUT
PGUIFXPSMEBTBEFRVBUFMZBTOFFEFE$PVOUSJFTJO&VSPQFBSFNVDINPSF
XFMMSPVOEFEXIFOJUDPNFTUPUIFJSOFXTTPVSDFTBOEBDUVBMMZTFFNUP
DBSFBCPVUXIBUJTHPJOHPOQPMJUJDBMMZBOETPDJBMMZJOPUIFSDPVOUSJFT³
/SVQB+BOJ6OJWFSTJUZPG7JSHJOJB
4UVEJFEJO4QBJOUISPVHI4FSWJDJPT1SPHSBNBT6OJWFSTJUBSJBTFO7BMFODJB
²)POFTUMZ JUµT OPU UIBU NZ QFSDFQUJPO PG UIF 6OJUFE 4UBUFT IBT DIBOHFE
NVDICVUSBUIFSUIBUJUIBTCSPBEFOFE*UIJOLUIBUVOUJMQFPQMFIBWFFY
QFSJFODFEXIBUJUµTMJLFUPMPPLGSPNUIFPVUTJEFJOUIFZBSFVOXJUUJOHMZ
NZPQJDBCPVUUIF6OJUFE4UBUFTBOEJUTQMBDFJOUIFXPSME5SBWFMJOHBCSPBE
QSPWJEFTBOPQQPSUVOJUZUPHBJOUIFQFSJQIFSBMWJTJPOUIBUHJWFTBDMFBSFS
BOENPSFDPNQMFUFQJDUVSFPGUIF6OJUFE4UBUFT³
4UVEFOU6OJWFSTJUZPG7JSHJOJB
4UVEJFEJO4QBJOUISPVHIUIF67")JTQBOJD4UVEJFT1SPHSBN
².ZQFSDFQUJPOPGUIF6OJUFE4UBUFTJTUIBUJUJTESJWFOJOBCJHHBTHV[
[MJOHDBS
CZDPOTVNFSJTNBOEBTUSPOHTFOTFPG´*XBOUTPTIBMM*IBWFµ*
MFBSOFEUIBUUIFSFBSFNBOZBTQFDUTPG"NFSJDBODVMUVSFUIBU*SFBMMZFOKPZ
BOENJTTXIFO*µNBXBZCVUUIFSFBSFBMTPNBOZUIJOHTUIF6OJUFE4UBUFT
DPVMEJNQSPWFVQPOOBNFMZQVCMJDUSBOTQPSUBUJPOFEVDBUJPOBOEIFBMUI
DBSF.BOZ"NFSJDBOTBEPQUBOBUUJUVEFUIBUJUµT´NZXBZPSUIFIJHIXBZµ
BOEBSFOµUXJMMJOHUPMPPLUPPUIFSDPVOUSJFTUPTFFXIBUµTXPSLJOHUIFSF³
"MBOOB3BOEBMM8FTUFSO.JDIJHBO6OJWFSTJUZ
4UVEJFEJO$PTUB3JDFBOE'SBODF
1)050CZ$ISJTUJOB/FMTPO
FYDFSQUFEGSPN
HMJNQTFBCSPBEPSH
Bnjetu!uif!nboz!dpnqfmmjoh!sfbtpot!up!wfouvsf!bcspbe-!gfbs!pg!bouj.Bnfsjdbo!
tfoujnfou!tipvme!cz!op!nfbot!efufs!zpv/!Zfu!ju!jt!jnqpsubou!up!lffq!jo!njoe!
uibu!uif!Vojufe!Tubuft!jt!b!qpxfsgvm!hmpcbm!gpsdf-!qpmjujdbmmz!boe!dvmuvsbmmz-!boe!
uibu!zpv!xjmm!cf!tvckfdu!up!dfsubjo!kvehnfout!cbtfe!po!zpvs!obujpobmjuz/!Ju!jt!vq!
up!zpv!up!efufsnjof!xijdi!kvehnfout!bsf!gbjs!boe!xijdi!bsfoÖuÒboe!up!sf.
tqpoe!qspevdujwfmz/!Fohbhf!zpvs!joufsobujpobm!bdrvbjoubodft!jo!sfbtpofe!ejt.
dvttjpot!boe!ep!xibu!zpv!dbo!up!ejtqspwf!ofhbujwf!tufsfpuzqft/!Dpnnvojdbuf!
xibu!zpv!mpwf!bcpvu!uif!Vojufe!Tubuft!boe!sfdphoj{f!xifsf!ju!nbz!gbmm!tipsu/!
Hsboe!bewfouvsft!bxbju!zpv-!cvu!cfuxffo!uif!usflljoh!boe!dmvccjoh-!sfnfn.
cfs!uibu!zpvÒzft-!zpvÒbsf!b!dvmuvsbm!bncbttbeps-!boe!zpv!ibwf!b!kpc!up!ep"!
__
(-*.14&456%:"#30"%"$$-*."5*0/(6*%&4
".&3*$"/*%&/5*5:"#30"%
*7'635)&33&4063$&4
3&"%5)&'6---&/(5)"35*$-&4
&9$&315&%*/5)*4(6*%&
-07&5)&0/&:06)"5&XXXHMJNQTFBCSPBEPSHBSUJDMF@IUNM
#364)610/$633&/5&7&/54
*/:063)045$06/53:
#3*5*4)#30"%$"45*/($03103"5*0/##$
803-%/&84
803-%13&443&7*&8
!
8PSME1SFTT3FWJFXPGGFSTBSUJDMFTQVMMFEBOEUSBOTMBUFEGSPN
IVOESFETPGOFXTQBQFSTBSPVOEUIFXPSMEXXXXPSMEQSFTTPSH
'03&*(/"''"*34
!
07&3&413&440XXXHMJNQTFBCSPBEPSHBSUJDMF@IUNM
5&33035"-,XXXHMJNQTFBCSPBEPSHBSUJDMF@IUNM
"$5*/(4613&.&XXXHMJNQTFBCSPBEPSHBSUJDMF@IUNM
"DPNQSFIFOTJWFTJUFXJUIOFXTTUPSJFTGSPNBMMDPSOFSTPGUIFXPSME
:PVDBOBMTPMJTUFOUP##$OFXTIPVSUISPVHIUIFXFCTJUF±PSPO
NPTU/BUJPOBM1VCMJD3BEJPTUBUJPOT!XXXCCDDPVL
1VCMJTIFECZUIF$PVODJMPO'PSFJHO3FMBUJPOTUIJTXFCTJUFUBLFT
JUTFMGWFSZTFSJPVTMZCVUJUµTBHPPEQMBDFUPHPGPSJOEFQUI
FYQMPSBUJPOTPGLFZJTTVFTJOPUIFSDPVOUSJFTXXXGPSFJHOBGGBJSTPSH
13&1"3&:0634&-'50#&"
$6-563"--:3&41&$5'6-7*4*503
$6-563&4)0$,
$VMUVSF4IPDLHVJEFTHPCFZPOEUIF²EPUIJTTFFUIBU³BEWJDF
PGGFSFECZZPVSUSBEJUJPOBMHVJEFEFMWJOHJOUPUIFDVMUVSBM
DIBMMFOHFTUIBUPOFTIPVMEBOUJDJQBUFJGQMBOOJOHGPSBOFYUFOEFE
TUBZPWFSTFBT0SEFSHVJEFTPOPVSXFCTJUFXXXHMJNQTFBCSPBEPSH
$6-563&(3".4
0OUIF$VMUVSF(SBNTXFCTJUFZPVDBOBDDFTTDVMUVSBMPWFSWJFXTPGBMM
DPVOUSJFTXIJDIJODMVEFUPQJDTTVDIBT²(SFFUJOHT³²(FTUVSFT³
²%BUJOHBOE.BSSJBHF³²%JFU³FUDXXXDVMUVSFHSBNTPSH
8&,/08*5µ4)"3%$)004*/(+6450/&(6*%&
0UIFSHVJEFTJODMVEF$VMUVSF4IPDLBOE-BOHVBHF-FBSOJOH
¨$MJDLUP(FU.PSF(VJEFTXXXHMJNQTFBCSPBEPSHHVJEFTQIQ
¨$MJDLUP4VCTDSJCFUP(MJNQTF2VBSUFSMZBOE(FU.PSF(VJEFT'3&&
XXXHMJNQTFBCSPBEPSHTVCTDSJCFQIQ
888(-*.14&"#30"%03((6*%&41)1
_ _
"3&:065",*/("%7"/5"(&0'
"--5)"5(-*.14&)"4500''&3
0ODFZPVµWFSFHJTUFSFEPO
(MJNQTF"CSPBEPSHZPVDBO
¨"DDFTTBMM(MJNQTFDPOUFOU
/PNPSFXJMMZPVPOMZCFBCMFUPDIFDL
PVUUIFNPTUSFDFOUMZBEEFE(MJNQTF
BSUJDMFT3FHJTUSBUJPOHJWFTZPVUIFLFZUP
PVSFOUJSFMJCSBSZJODMVEJOHCMPHTXSJUUFO
CZZPVSQFFST
¨6UJMJ[FPVS²"TLUIF&YQFSU³QFFS
UPQFFSDPNNVOJDBUJPOGFBUVSFT
$POOFDUXJUIQFFSTBOEBTLUIFN
BOZUIJOHBCPVUMJWJOHPSTUVEZJOHBCSPBE
PSTIBSFZPVSBEWJDFXJUIQSFEFQBSUVSF
TUVEFOUT
¨$POUSJCVUFUP"SUJDMF3FTQPOTFGPSVNT
HFUJOWPMWFE
(-*.14&456%:"#30"%"$$-*."5*0/(6*%&4
__ ]1SJWBDZ$PODFSOT]'"2T
8IZ4VCTDSJCF
8BOUUPSFTQPOEUPBOBSUJDMFPSDPOUBDU
UIFBVUIPS /PXZPVDBO
/PUZFUSFHJTUFSFE 7JTJU(MJNQTF"CSPBEPSH
SFHJTUFSQIQ*UµTGVOFBTZBOEUPUBMMZGSFF
8"/550$0/53*#65&
¨8SJUFGPSVT
(MJNQTF"CSPBEPSHHVJEFMJOFTQIQ
'JOEPVUFWFSZUIJOHZPVOFFEUPLOPXUP
DPOUSJCVUFBSUJDMFTUP(MJNQTF
¨4FOEVTZPVSQIPUPT
(MJNQTF"CSPBEPSHHVJEFMJOFTQIQQIPUP
$POUSJCVUFUPPVSQIPUPEBUBCBTFBOE
NBZCFZPVµMMTFFZPVSQIPUPHSBQIPOUIF
OFYUDPWFSPG(MJNQTF2VBSUFSMZ
¨4IBSFZPVSPXO'BVY1BTBOFDEPUFT
4FOEZPVSPXOGBVYQBTTUPSJFTUP
FEJUPS!HMJNQTFGPVOEBUJPOPSHVTJOH
²'BVY1BT³BTUIFTVCKFDUMJOF
¨3FHJTUFSBTB(MJNQTF$POUSJCVUPS
(MJNQTF"CSPBEPSHDPOUSJCVUFQIQ
,FFQVQEBUFEPODVSSFOUDPOUSJCVUJPO
PQQPSUVOJUJFTJODMVEJOHPVSTFNJBOOVBM
XSJUJOHBOEQIPUPDPOUFTUT'JSTUQSJ[F
JTBUSBWFMWPVDIFSDPVSUFTZPG45"
5SBWFM
(-*.14&456%:"#30"%"$$-*."5*0/(6*%&4