The Causal Effect of Market Participation
on Trust: An Experimental Investigation
Using Randomized Control
Omar Al-Ubaydli, Daniel Houser, John Nye, Maria Pia Paganelli, and
Xiaofei (Sophia) Pan
September 2011
Discussion Paper
Interdisciplinary Center for Economic Science
4400 University Drive, MSN 1B2, Fairfax, VA 22030
Tel: +1-703-993-4719 Fax: +1-703-993-4851
ICES Website: http://ices.gmu.edu
ICES RePEc Archive Online at: http://edirc.repec.org/data/icgmuus.html
!"#$%&'(&)$#**#%+$,*$-&./#+$0&.+1%10&+1,2$,2$+.'(+3$42$#50#.1-#2+&)$
126#(+17&+1,2$'(127$.&28,-19#8$%,2+.,)$
#$%&"'()*+%,-(./"0%1.2("34562&/"7481"9,2/":%&.%";.%";%<%12((."%1-"=.%4>2."?@4A8.%B";%1!"
@2AC2$+2&"DE!!"
4:(+.&%+$
F1"&%1-4$.G2-"H41C&4("(%+4&%C4&,"2IA2&.$21C6/"J2">.1-"C8%C"C8462"A&.$2-"C4"C8.1K"%+45C"$%&K2C6"2I8.+.C"
$4&2"C&56C.1<"+28%L.4&M"N2"&%1-4$(,"%1-"51H416H.456(,"A&.$2"2IA2&.$21C%("A%&C.H.A%1C6"C4"C8.1K"%+45C"
$%&K2C6" %1-" C&%-2M" N2" C821" %6K" C82$" C4" A(%," %" C&56C" <%$2" .1L4(L.1<" %1" %141,$456" 6C&%1<2&M" N2"
H4$A%&2" C82" +28%L.4&" 4>" C8262" .1-.L.-5%(6" J.C8" C8%C" 4>" %" <&45A" J84" %&2" 14C" A&.$2-" C4" C8.1K" %+45C"
%1,C8.1<" .1" A%&C.H5(%&M" ;&.$.1<" >4&" $%&K2C" A%&C.H.A%C.41" %>>2HC6" A46.C.L2(," C82" +2(.2>6" %+45C" C82"
C&56CJ4&C8.1266"4>"%141,$456"6C&%1<2&6/".1H&2%6.1<"C&56CM"
7OP"H4-26Q"0ED/"0DR/"0ST/"0UT/"#!D/"#TR/";!E"
V2,J4&-6Q"C&56CW"$%&K2C6W".16C.C5C.416W"+2(.2>W"A&.$.1<"
"
"
"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
!
"'()*+%,-(."?H4&&26A41-.1<"%5C84&B/" 34562&/"9,2"%1-";%1Q"02A%&C$21C" 4>"OH414$.H6/" X24&<2":%641"*1.L2&6.C,W"
;%<%12((.Q"02A%&C$21C"4>"OH414$.H6/"Y&.1.C,"*1.L2&6.C,M"
!"
"
;<$=2+.,8'%+1,2$
N2" &2A4&C" -%C%" >&4$" %" (%+4&%C4&," 2IA2&.$21C" C8%C" 65<<26C6" A%&C.H.A%C.41" .1" $%&K2C6" H%5626" C&56C.1<"
+28%L.4&" C4" .1H&2%62M" N2" 6%," C8%C" C&56C" .6" A&2621C" J821" 412" A%&C," ?621-2&B" A(%H26" &2645&H26" %C" C82"
-.6A46%("4>"%14C82&"A%&C,"
%1-".1"C82"%+621H2"4>"%1,"(2<%("H4$$.C$21C"+,"C82"&26A41-2&M"'1"26621C.%(">2%C5&2"4>"C&56C".6"C8%C"C82"
621-2&"$56C">22("L5(12&%+(2".1"%"J%,"C8%C".6"14C"H%AC5&2-"A5&2(,"+,"A&4+%+.(.6C.H"&.6K"?Z28&"DEE[BM"
Y82"A46.C.L2"2>>2HC6"4>"C&56C"41"2H414$.H"<&4JC8"%&2"J2(("-4H5$21C2-"?V1%HK"%1-"V22>2&"![[\/"]%K"%1-"
V1%HK"DEE!/"'<(%1"%1-"^%85H"DE!E/"%1-"94&C8"![[EB/"J8.(2"C82"2>>2HC"4>">4&$%(".16C.C5C.416" ".1H(5-.1<"
$%&K2C6" " 41"C&56C"8%6" <212&%C2-" (266" H416.6C21C" >.1-.1<6M" F1"8.6".1L26C.<%C.41"4>"C82"2>>2HC"4>"$%&K2C6"
%1-"H4$A2C.C.L21266"41"$4&%(.C,/"^821"?DE!EB"8.<8(.<8C6"C82"-.L2&62"L.2J6".1"C82"(.C2&%C5&2Q"41"C82"412"
8%1-/" H4$$2&H2" (2%-6" C4" $4&2" <21C(2" $%112&6" ?:41C26_5.25" ![U[B/" .C" H4&-.%(.G26" $%1K.1-" ?;%.12"
![UTB/"
![UT/"35$2"![U`W"622"%(64"a4J(26"DE!!BM"#1"C82"4C82&"8%1-/"
C82" H4$A2C.C.L2" .16C.1HC" -2<&%-26" b5-<$21C" ?c2+(21" ![[TB" %1-" .C"
>451-%C.416"?:%&I"DEEEBM"'--.C.41%((,/"$%&K2C6"85&C"%(C&5.6$"%1-"H44A2&%C.41"?a4J(26"![[UB"%1-">4&$%("
.16C.C5C.416/"65H8"%6"$%&K2C6/"8%L2"%-L2&62"2>>2HC6"41".1>4&$%(".16C.C5C.416"%1-"64H.%("14&$6"?Z&2," %1-"
#+2&84(G2&)X22"![[\/"02H."2C"%(M"![[[/"Z%(K"%1-"V46>2(-"DEESBM"
OI.6C.1<" 2$A.&.H%(" &262%&H8" 8%6" 14C" &264(L2-" C8262" H41C&%-.HC.416M"
DEE!/" DEET/" DE!EB"
6C5-," 4>" 6$%(()6H%(2" 64H.2C.26" 65<<26C6" C8%C" 2IA465&2" C4" $%&K2C6" .1H&2%626" C82" 6C&21<C8" 4>" 4C82&)
&2<%&-.1<"A&2>2&21H26",2C"8%6"(.CC(2"C4"14"2>>2HC"41"H44A2&%C.41M"F1"4C82&"(%+4&%C4&,"6C5-.26/"32&&$%11"
2C"%(M"?DEEUB">.1-"C8%C"H44A2&%C.41".6"218%1H2-"+,"2IA465&2"C4"$%&K2C6/",2C"d22641"%1-"Y.6-2(("?DE!EB"
>.1-" C82" 4AA46.C2M" *6.1<" $%H&4" -%C%/" ]%K" %1-" V1%HK" ?DEE!B" >.1-" %" 6C&41<" &2(%C.4168.A" +2CJ221" C82"
.1H.-21H2" 4>" $%&K2C6e>4&$%(" .16C.C5C.416" %1-" <212&%(.G2-" C&56CM" F1" $46C" 4>" C82" 2$A.&.H%(" 6C5-.26/"
2IA465&2"C4"$%&K2C6"4&"4C82&">4&$%(".16C.C5C.416".6"1%C5&%((,)4HH5&&.1<"&%C82&"C8%1"&%1-4$(,"%66.<12-"+,"
C82".1L26C.<%C4&/"%"A4.1C"C8%C"J%6"6C&41<(,"$%-2"+,"]%K"%1-"V1%HK"?DEE!BM"Y8.6"$%,"82(A"C4"2IA(%.1"C82"
H41>(.HC.1<"&265(C6M"
Y4" H.&H5$L21C" A&4+(2$6" 4>" 21-4<212.C,/" J2" 2$A(4," &%1-4$.G2-" H41C&4(MD" #5&" -26.<1" H416.6C6" 4>"
&%1-4$(,"A&.$.1<"A%&C.H.A%1C6/"J.C845C"C82.&"%J%&21266/"C4"C8.1K"%+45C"$%&K2C6"%1-"C821"8%L.1<"C82$"
A(%,"%"6.$A(.>.2-"L2&6.41"4>"C82"C&56C"<%$2"?a2&<"2C"%(M"![[`BM"N2">.1-"%"A46.C.L2"2>>2HC"4>"$%&K2C)A&.$.1<"
41"C82"%$451C"C8%C"621-2&6"621-"C4"C82.&"%141,$456"A%&C12&6M"*6.1<"%"^4I"?DEETB"-2H4$A46.C.41/"J2"
4>>2&"2L.-21H2"C8%C"C8.6".1H&2%62".6"%"H4162_521H2"4>".1H&2%62-"C&56C"&%C82&"C8%1"C82".1H&2%62-"6C&21<C8"
4>"4C82&)&2<%&-.1<"A&2>2&21H26M"
N2"2IA(%.1"45&"&265(C6"+,"6,1C826.G.1<"%1-"2IC21-.1<"C82"2IC%1C"C824&,"(.1K.1<"$%&K2C6"C4"C&56CM" F1"C82"
%+621H2" 4>" $%&K2C6/" .1C2&%HC.416" J.C8" %141,$456" 6C&%1<2&6" %&2" H8%&%HC2&.G2-" +," -%1<2&/" 2IA(4.C%C.41"
%1-" $.6C&56C" ?321&.H8" 2C" %(M" DE!EB/" %1-" %&2" C82&2>4&2" %L4.-2-M" :%&K2C6" 4A21" C82" -44&" C4" >&5.C>5("
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
D
"N8.(2"J2"%&2"14C"C82">.&6C"C4"2$A(4,"&%1-4$.G2-"H41C&4(/"J2"A4.1C"45C".1"62HC.41"D"C8%C"45&"-26.<1"4>>2&6"62L2&%("
K2,"%-L%1C%<26"4L2&"A&2H2-.1<"2>>4&C6M"
D"
"
2IH8%1<26"J.C8"6C&%1<2&6"?94&C8"![[EB/".1H&2%6.1<"C82"(.K2(.844-"C8%C"A24A(2"+2(.2L2"%"6C&%1<2&"+28%L26"
A46.C.L2(,M"Y82"&265(C".6"218%1H2-"C&56C"2L21".1"C82"62CC.1<6"J82&2"C82&2".6"14"%+.(.C,"C4"A51.68"-2>2HC4&6M"
94&C8" ?![[EB" %&<526" C8%C" C82" A&4(.>2&%C.41" 4>" >4&$%(" .16C.C5C.416" 82(A2-" $4L2" 64H.2C," >&4$" 1%&&4J(,"
A2&641%(" C4" $4&2" +&4%-(," %141,$456" 2IH8%1<2" %1-" C82&2+," 82(A2-" (%51H8" C82" &2$%&K%+(2" 2H414$.H"
<&4JC8"J.C12662-"6.1H2"C82"!UC8"H21C5&,M"'6".16C.C5C.416".$A&4L2-"<212&%(.G2-"C&56C".1"H4$$2&H2"H45(-"
%&.62"%6"%"+,A&4-5HC"4>"H(2%&"&5(26/"<&2%C2&"H4$A2C.C.41/"%1-"218%1H2-"21>4&H2$21CM"a5C"$46C"2I.6C.1<"
J4&K"41".16C.C5C.41%("H8%1<2"8%6">4H562-"41"C82"-.&2HC/".1H21C.L2)+%62-"2>>2HC"4>"C8262".$A&4L2-"&5(26M"
#5&"&265(C6"65<<26C"%"-.>>2&21C"%1-".1-.&2HC"$2H8%1.6$"C8%C"&2.1>4&H26"C8.6"-.&2HC".16C.C5C.41%("2>>2HCM"
><$?&%/7.,'28$&28$-,+16&+127$+"#,.@$
^416.-2&" C82" 6.$A(.>.2-" C&56C" <%$2" ?821H2>4&C8" @YXB" 684J1" .1" Z.<5&2" !/" J8.H8" .6" A(%,2-" J.C8" %1"
%141,$456"A%&C12&M"Y82"621-2&"6C%&C6"J.C8"fU"%1-"H%1"H84462"C4"621-"fE/"fD/"fT"4&"fS"C4"C82"&26A41-2&M"
&26A41-2&"H844626"84J"$5H8"4>"C82"C&.A(2-"%$451C"C4"&2C5&1"C4"C82"621-2&/"K22A.1<"C82"&26C">4&"82&62(>M"
"
A17'.#$;3$B1-0)1*1#8$+.'(+$7&-#$
;(%,2&"!"g"@21-2&/";(%,2&"D"g"d26A41-2&"
R"
"
F1" C82" 51._52" 65+<%$2" A2&>2HC" 9%68" 2_5.(.+&.5$" C82" 621-2&" J.((" 621-" 14C8.1<M" Y8.6" .6" &4+56C" C4" %1,"
"Y8.6"$4-2("A&2-.HC6"G2&4"
C&56C"%1-"14"H%56%("2>>2HC"4>"$%&K2C"A%&C.H.A%C.41"41"C&56C".6"A466.+(2M"h2C"C82"4+62&L2-"-%C%".6"&2<5(%&(,"
.1H416.6C21C" J.C8" C8.6" $4-2(" ?2M<M/" a2&<" 2C" %(M" ![[`BM" :4&2" &2>.12-" %(C2&1%C.L26" C%K2" .1C4" %HH451C/" >4&"
2I%$A(2/"4C82&)&2<%&-.1<"A&2>2&21H26"?Z28&"%1-"@H8$.-C"![[[/"05>J21+2&<"%1-"V.&H86C2.<2&"DEETB"%1-"
H41C2IC"-2A21-21H2"?a5&18%$"2C"%(M"DEEEB/"4A21.1<"C82"-44&">4&"%"$4-2("C8%C"A&2-.HC6"%"H%56%("2>>2HC"4>"
$%&K2C6"41"C&56CM""
Y82" @YX" H%1" +2" .1C2&A&2C2-" %6" %1" %((2<4&,"4>" %" A46.C.L2)65$" .1C2&%HC.41" J.C8" %1" %141,$456"6C&%1<2&M"
05&.1<"$46C"4>"45&"2L4(5C.41%&,"8.6C4&,/"C&%16%HC.416"J.C8"A24A(2"+2,41-"C82"(4H%("<&45A"8%L2"+221">5(("
4>"-%1<2&/"$.6C&56C"%1-"2IA(4.C%C.41"?321&.H8"2C"%(M"DE!EBM"35$%16"%&2"6J.>C"C4">4&$"+2(.2>6"?26A2H.%((,"
H41H2&1.1<" 45C<&45A6B/" %1-" C82," %&2" &2$%&K%+(," %-2AC" %C" +%6.1<" C82" +2(.2>6" 41" 4+62&L2-" H4&&2(%C.416"
?3.(C41" %1-" 3.AA2(" ![[SBM" Y856" .1" %1," 64H.2C," H8%&%HC2&.G2-" +," (.$.C2-" .1C2&%HC.416" J.C8" %141,$456"
6C&%1<2&6/".1-.L.-5%(6"+2(.2L2"C82"45CH4$2"4>".1C2&%HC.1<"J.C8"%"6C&%1<2&"J.(("+2"12<%C.L2/".1-5H.1<"C82"
-2H.6.41)$%K2&"C4"+2"H%5C.456"%1-"&2>&%.1">&4$"2IA46.1<"82&62(>"C4"%-L2&62"45CH4$26M"
#1" C82" 4C82&" 8%1-/" 2IC21-.1<" $%&K2C" C&%16%HC.416" A2&$.C6" L%(52)%--.1<" .1C2&%HC.416" +2CJ221"
%141,$456" 6C&%1<2&6" ?94&C8" ![[E" %1-" 321&.H8" 2C" %(M" DEE`/" DE!EBM" Y856" J.C8" C82" A&4(.>2&%C.41" 4>"
$%&K2C6/" .1-.L.-5%(6" +2(.2L2" C82" 45CH4$2" 4>" .1C2&%HC.1<" J.C8" %" 6C&%1<2&" J.((" +2" A46.C.L2/" 2(.H.C.1<" C82"
-2H.6.41)$%K2&"C4"+2(.2L2"C82"%141,$456"6C&%1<2&"H%1"+2"C&56C2-M"02H.6.41)$%K2&6"C82&2>4&2"J.(("C&56C"
%141,$456" 6C&%1<2&6" $4&2M" Y8.6" .6" 14C" C4" 6%," C8%C" .1-.L.-5%(6" 6C%&C" C&2%C.1<" %141,$456" 6C&%1<2&6" %6"
.1C.$%C2">&.21-6W"&%C82&"C8%C"C82,"C&2%C"C82$"J.C8"(266"-.6C&56C"C8%1"C82,"J45(-".1"C82"%+621H2"4>"$%&K2C"
C&%16%HC.416M""
#5&"$%.1"8,A4C826.6".6"C8%C"$%&K2C6".1H&2%62"C&56C"+,".1H&2%6.1<"84J"$5H8"A24A(2"+2(.2L2"%141,$456"
6C&%1<2&6"%&2"J4&C8,"4>"C&56CM""
Y82"C&56C"<%$2" ,.2(-6".1>4&$%C.41"14C" b56C" 41"C&56C"+5C" %(64"41"C&56CJ4&C8.1266Q" J82C82&" %"&26A41-2&"
-262&L26"C82"C&56C"4>"%"621-2&M"Y856"C82"C&56C"<%$2",.2(-6".1>4&$%C.41"%(64"41"J82C82&"C82"+2(.2>"%+45C"
C82"%141,$456"6C&%1<2&" .6"H4&&2HC"4&"14CM"F1"%1"21L.&41$21C"H8%&%HC2&.G2-"+,".1>&2_521C".1C2&%HC.416"
J.C8" %141,$456" 6C&%1<2&6/" C82" -%1<2&" 4>" +2.1<" C%K21" %-L%1C%<2/" .>" C&56C.1</" .6" &2%(M" Y82" %141,$456"
6C&%1<2&".6"14C"J4&C8,"4>"C&56CM"a2(.2L.1<"C82"%141,$456"6C&%1<2&"C%K26"%-L%1C%<2"4>"%1"51656A2HC.1<"
C&56C>5(" 4C82&" .6" H4&&2HCM" #1" C82" 4C82&" 8%1-/" $%&K2C6" 4A21" C82" -44&" C4" >&2_521C" .1C2&%HC.416" J.C8"
%141,$456"6C&%1<2&6"C8%C"-4"14C".1L4(L2"6K5((-5<<2&,M"Y82"%141,$456"6C&%1<2&"$%,"14J"+2"J4&C8,"4>"
C82" C&56C" 4>" C82" 621-2&M" Y82" +2(.2>" %+45C" C82" .1H&2%62-" C&56CJ4&C8.1266" 4>" C82" %141,$456" 6C&%1<2&" .6"
5A-%C2-"%HH4&-.1<(,/"%1-"H4&&2HC(,"64M"a2(.2L.1<"C8%C"C82"%141,$456"6C&%1<2&".6"C&56CJ4&C8,"$4&2"(.K2(,"
H4&&2HCM"
321H2"J2"%--"%"H4&4((%&,"C4"45&"$%.1"8,A4C826.6Q"$%&K2C6".1H&2%62"C&56C"+,"!"##$!%&'"2(.H.C.1<"A24A(2"C4"
2IA2HC"C&56CJ4&C8.1266".1"%141,$456"6C&%1<2&6M"
T"
"
Y4J%&-6"%1"2IA2&.$21C%("-26.<1"
Y82" 2$A.&.H%(" &2(%C.4168.A" +2CJ221" 2IA465&2" C4" $%&K2C6" %1-" C&56C" ?%1-" C&56CJ4&C8.1266B" .6" J.-2(,"
6C5-.2-M" a5C" C82" A&.1H.A%(" -.>>.H5(C," .6" C8%C" C82" 4L2&J82($.1<" A&4A4&C.41" 4>" C8262" 6C5-.26/" +2" C82,"
2IA2&.$21C%(" 4&" 4C82&J.62/" &2(," 41" 1%C5&%((,)4HH5&&.1<" L%&.%C.41" .1" C82" $%.1" C&2%C$21C" L%&.%+(2" "
2IA465&2"C4"$%&K2C6M":.H&4"(2L2("6C5-.26/"65H8"%6"321&.H8"2C"%(M"?DEETB"%1-"32&&$%11"2C"%(M"?DEEUB/"562"
%<<&2<%C2" .1-.H26" 4>"$%&K2C" .1C2&%HC.416"4&" C82"21>4&H2$21C"4>" &5(2"4>" (%J/" %6" -4"$%H&4" (2L2("6C5-.26"
65H8" %6" ]%K" %1-" V1%HK" ?DEE!BM" Y82&2" .6" >5((" %J%&21266" 4>" C82" A4C21C.%(" 21-4<212.C," 4>" C82" C&2%C$21C"
L%&.%+(2/"%6"]%K"%1-"V1%HK"?DEE!B"65$$%&.G2Q"
N8.(2"C8262">.1-.1<6"41"%664H.%C.416"+2CJ221"C&56C"%1-">4&$%(".16C.C5C.416"%1-"64H.%("-.6C%1H2"%&2"H416.6C21C"J.C8"
45&" $4-2(/" C82," %&2" A&2621C2-" 82&2" %6" A&2(.$.1%&," C26C6" C8%C" -4" 14C" >5((," &264(L2" H%56%(.C," .66526M" Z4&" 2I%$A(2/"
H4826.L2"%1-"C&56C.1<"64H.2C.26"$%,"$4&2"2%6.(,"%<&22"41"%1"2>>.H.21C/"6C%+(2"62C"4>"A&4A2&C,"&.<8C6/"4&"41"A4(.H.26"C4"
&2-5H2".12_5%(.C,"%1-"-.6H&.$.1%C.41M"Y&2%C.1<">4&$%(".16C.C5C.416"%1-"64H.%("-.6C%1H2"A&4I.26"%6"21-4<21456"J45(-"
&2_5.&2".-21C.>,.1<".16C&5$21C6">4&"C82$"C8%C"%&2"4C82&J.62"51&2(%C2-"C4"C&56C/"J8.H8".6"_5.C2"-.>>.H5(CM"?AM"R!TB"
N2"2$A(4,"&%1-4$.G2-"H41C&4("C4"H.&H5$L21C"C82"A&4+(2$M"94C2"C8%C"C82"H%56%("$2H8%1.6$"C8%C"J2"%&2"
.1L26C.<%C.1<"-426"14C"4A2&%C2"L.%"%1,"2>>2HC"41".1H21C.L26" "41(,"L.%"H41C2ICM"F1"H41C&4((2-"2IA2&.$21C6/"
J821"$%1.A5(%C.1<"H41C2IC/"2IA2&.$21C2&"-2$%1-"2>>2HC6"%1-"H41C&%6C"2>>2HC6"%&2"H41H2&16"?a%&<8"%1-"
^8%&C&%1-"DEEE/":566J2.(2&"%1-"@C&%HK"![[[BQ"85$%1"C%&<2C6/"J84"%&2"%J%&2"4>"%"$%1.A5(%C.41"%1-".C6"
<4%(/" $%," %&C.>%HC5%((," $4-.>," C82.&" +28%L.4&M" OIA2&.$21C%(" 2H414$.6C6" %&2" C,A.H%((," 51H41H2&12-" +,"
65H8" -2$%1-" 2>>2HC6" 6.1H2" C82," %&2" .1L26C.<%C.1<" C82" H%56%(" 2>>2HC" 4>" H8%1<26" .1" .1H21C.L26" 4&" 4C82&"
65+6C%1C.%(" .16C.C5C.41%(" >2%C5&26/" H8%1<26" C8%C" %&2" (.K2(," C4" 6J%$A" C82" 2>>2HC" 4>" H41C2IC5%(" >%HC4&6"
?@$.C8" ![UDBM" #5&" H41H2&16" 6C2$" >&4$" &26C&.HC.1<" 45&" >4H56" C4" A%,4>>).&&2(2L%1C" >2%C5&26" 4>" C82"
21L.&41$21CM"
#5&" $%1.A5(%C.41" -2&.L26" >&4$" C82" A&.$.1<" (.C2&%C5&2" ?a%&<8" DEESW" 622" a21b%$.1" 2C" %(M" DE!E" >4&" %1"
2I%$A(2">&4$"C82"2H414$.H"(.C2&%C5&2BM"N2"(2%-"A%&C.H.A%1C6".1"64$2"C&2%C$21C6"C4"C8.1K"%+45C"$%&K2C6"
%1-"C&%-2M"F$$2-.%C2(,">4((4J.1<"C8.6/"J2"%6K"C82$"C4"A(%,"%"@YX".1L4(L.1<"%1"%141,$456"6C&%1<2&M"N2"
H4$A%&2"C82"+28%L.4&"4>"C&2%C2-".1-.L.-5%(6"J.C8"C8%C"4>"%"H41C&4("<&45A"J84"-.-"14C"2IA2&.21H2"65H8"
A&.$.1<M"Y8.6"%((4J6"56"C4"H%AC5&2"C82"2>>2HC"4>"$%&K2C6"41"C82" +2(.2>6"%+45C"%141,$456"6C&%1<2&6MR"F>"
C82"$%&K2C)A&.$2-"<&45A"C&56C6"$4&2/"C821"C8.6".6"2L.-21H2".1">%L4&"4>"45&"$%.1"8,A4C826.6"C8%C"$%&K2C6"
8%L2"%"A46.C.L2"2>>2HC"41"C&56CM"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
R
" N2" H8462" 14C" C4" $2%65&2" +2(.2>6" -.&2HC(," >4&" 62L2&%(" &2%6416M" Z.&6C/" %1-" $46C" .$A4&C%1C(,/" A&.$.1<" 2>>2HC6" H%1"
2L%A4&%C2" _5.HK(," ?a%&<8" DEESB/" %1-" .162&C.1<" %" +2(.2>)2(.H.C%C.41" C%6K" +2CJ221" C82" A&.$.1<" %1-" C82" $%.1" C%6K"
&.6K2-" %CC215%C.1<" C82" C&2%C$21C" 2>>2HCM" @2H41-/" J2" J2&2" H41H2&12-" +," C82" A466.+.(.C," 4>" A%&C.H.A%1C6" 82-<.1<"
%<%.16C"C82.&"-2H.6.416"&%C82&"C8%1"6C%C.1<"C82.&"C&52"+2(.2>6"?51-2&".1H21C.L.G2-"+2(.2>6BM"
`"
"
C<$D50#.1-#2+$=3$B1-0)#$+.'(+$7&-#$
;&4H2-5&2"
;%&C.H.A%1C6" J2&2" 6C5-21C6" >&4$" X24&<2" :%641" *1.L2&6.C,M" O%H8" 6266.41" 8%-" 2.C82&" 2.<8C" 4&" C21"
A%&C.H.A%1C6" A2&>4&$.1<" CJ4" C%6K6M" Y82" >.&6C" J%6" %" A&.$.1<" C%6K" ?Z4&" %" >5((" -.6H566.41" 4>" A&.$.1<"
C2H81._526/"622"a%&<8"DEESBM"N2"$%-2"%"H41C&4("%1-"C&2%C$21C"<&45A"A2&>4&$"%"C%6K"C8%C"-.>>2&2-"41(,"
.1"C82"$21C%("H416C&5HC6".C"%HC.L%C2-Q" $%&K2C6 ".1"C82"C&2%C$21C"L6M" 14"H482&21C"C82$2 ".1"C82"H41C&4(M"
Y4"%L4.-"2IA2&.$21C2&"-2$%1-"2>>2HC6"%1-"H41C&%6C"2>>2HC6/"A%&C.H.A%1C6"J2&2"51%J%&2"C8%C"C82"<4%("4>"
C82"A&.$.1<"C%6K"J%6".1-22-"C4"A&.$2"C82.&"C8.1K.1<"?a%&<8"%1-"^8%&C&%1-"DEEEBMT"
Y82"A&.$.1<"J%6"C82"6C%1-%&-"$2C84-"4>"%"J4&-"&2%&&%1<2$21C"C%6KM"O%H8"A%&C.H.A%1C">%H2-"!`"(.6C6"4>"
>.L2" J4&-6M" F1" 2%H8" (.6C/" C82" J4&-6" J2&2" &%1-4$(," %&&%1<2-/" %1-" C82" A%&C.H.A%1C" 122-2-" C4" >4&$" %"
<&%$$%C.H%((,"H4&&2HC"621C21H2"56.1<">45&"4>"C82">.L2"J4&-6M" Z4&"2I%$A(2/".1"C82"(.6C"i>(2J/"2%<(2/"C82/"
A(%12/" %&451-j/" %1" %HH2AC%+(2" 64(5C.41" J%6" iC82" 2%<(2" >(2J" %&451-jM" ?Y82&2" J2&2" 565%((," $5(C.A(2"
A466.+(2"64(5C.416">4&"2%H8">.L2"J4&-"(.6CMB"Y82"C%6K"J%6"51H4$A216%C2-"%1-"A%&C.H.A%1C6"J2&2"<.L21"%"6.I"
$.15C2"C.$2"(.$.CM"
N2"H&2%C2-"%"(.6C"4>"J4&-6"%664H.%C2-"J.C8"$%&K2C6"%1-"C&%-2"56.1<"%"C826%5&56"%1-"J2"L%(.-%C2-"45&"
H84.H26" +," %6K.1<" %" 62A%&%C2" <&45A" 4>" A%&C.H.A%1C6" C4" (.6C" J4&-6" C8%C" $%K2" C82$" C8.1K" %+45C" $%&K2C6"
%1-e4&"C&%-2"?+4C8"4>"J8.H8"%&2"6C%1-%&-"$2C84-6".1"C82"A6,H84(4<,"(.C2&%C5&2W"622"C82"%AA21-.I">4&"C82"
>5(("(.6C6BM"Y82"-.>>2&21H2"+2CJ221"C&2%C$21C"%1-"H41C&4("J%6"C8%C".1"C82"C&2%C$21C/"!D"4>"C82"!`"(.6C6"8%-"
%" J4&-" C8%C" J%6" &2(2L%1C" C4" $%&K2C6" %1-e4&" C&%-2M" Z4&" 2I%$A(2/" C82" >45&C8" (.6C" .1" C82" C&2%C$21C" J%6"
i4A21/" 684A/" J%6/" C82/" 1441j/" J8.(2" C82" H4&&26A41-.1<" (.6C" .1" C82" H41C&4(" J%6" i4A21/" A%&K/" J%6/" C82/"
1441j" ?51-2&(.1.1<" %--2-" 82&2" 41(," C4" %.-" 2IA46.C.41BM" ;%&C.H.A%1C6" .1" 2%H8" 6266.41" J2&2" &%1-4$(,"
%66.<12-" 2.C82&" C&2%C$21C" 4&" H41C&4(M" Y4" H41>.&$" C8%C" A%&C.H.A%1C6" J2&2" 51%J%&2" 4>" C82" A&.$.1</" J2"
A2&>4&$2-"%">5112(2-"-2+&.2>.1<"%C"C82"21-"4>"C82"2IA2&.$21C"?622"+2(4JBM"
Y82"62H41-"C%6K"J%6"C82"@YX"684J1".1"Z.<5&2"!M`";%&C.H.A%1C6"J2&2"&%1-4$.G2-".1C4"C82"&4(2"4>"2.C82&"
C82" 621-2&" 4&" C82" &26A41-2&" %1-" J2&2" %141,$456(," $%CH82-" J.C8" %" 51._52" A%&C12&M" @21-2&6" %1-"
&26A41-2&6" J2&2" .1" C82" 6%$2" &44$" %1-" %((" .16C&5HC.416" J2&2" &2%-" 45C" %(45-" ?622" %AA21-.IBM" Y82"
&26A41-2&6"562-"C82"6C&%C2<,"$2C84-/"J82&2"6C&%C2<.26"J2&2"C8&22)-.$216.41%(M"a28%L.4&".1"C82"<%$2"
,.2(-2-"%"$2%65&2"4>"C&56C"?621-2&6B"%1-"C&56CJ4&C8.1266"?&26A41-2&6W"622"OIA2&.$21C"FF"+2(4J">4&"%"^4I"
DEET"-2H4$A46.C.41BM"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
T
"d22641"%1-"Y.6-2(("?DE!EB"562"H4$A2C.C.L2"L6M"&2<5(%&"L2&6.416"4>"C82"A5+(.H"<44-6"<%$2"C4"2I%$.12"C82"2>>2HC"4>"
H4$A2C.C.L21266"41"65+62_521C"H41C&.+5C.416".1"C82"&2<5(%&"A5+(.H"<44-6"<%$2/"%1-"C82,">.1-"%"12<%C.L2"2>>2HC"4>"
H4$A2C.C.L21266M" #5&" -26.<1" -.>>2&6" >&4$" C82.&" -26.<1" .1" C8%C" J2" (44K" %C" $%&K2C6" .1" <212&%(" ?&%C82&" C8%1"
H4$A2C.C.L21266/"J8.H8".6"412"%6A2HC"4>"$%&K2C6BW"J2"%(64"562"51H416H.456"A&.$.1<"$2C84-6"C4"$.1.$.G2"C82"&.6K"
4>"2IA2&.$21C2&"-2$%1-"2>>2HC6"%1-"H41C&%6C"2>>2HC6"?a%&<8"%1-"^8%&C&%1-"DEEEBM"
`
"N2"562-"C82"@YX"&%C82&"C8%1"C82"H41L21C.41%("C&56C"<%$2"+2H%562"J2"J%1C2-"C4"562"C82"6C&%C2<,"$2C84-">4&"C82"
&26A41-2&6/"%1-"64"J2"8%-"C4"(.$.C"C82"15$+2&"4>"C82.&"-2H.6.41"14-26M"N2"J%1C2-"C4"562"C82"6C&%C2<,"$2C84-"C4"
$%I.$.G2"C82"-%C%"%H_5.&2-">&4$"2%H8"A%&C.H.A%1CM"
S"
"
F1" 2%H8" 4>" C82" >.&6C" CJ2(L2" 6266.416/" >4((4J.1<" C82" 62H41-" C%6K/" J2" &%1-4$(," 62(2HC2-" %" H45A(2" 4>"
A%&C.H.A%1C6"J84"J2&2".1"C82"C&2%C$21C"%1-"%6K2-"C82$"C4"A2&>4&$"%" >5112(2-"-2+&.2>.1< "?>&4$"a%&<8"
%1-"^8%&C&%1-"DEEE/"622"C82"%AA21-.I">4&".16C&5HC.416BM"Y8.6".6"%"684&C/"L2&+%((,)%-$.1.6C2&2-"65&L2,"C8%C"
.1L26C.<%C26" C82" 2IC21C" C4" J8.H8" C82" A%&C.H.A%1C" J%6" %J%&2" 4>" C82" A&.$.1<" %1-" C82" <4%(6" 4>" C82"
2IA2&.$21CM"F1"2L2&,"H%62/"A%&C.H.A%1C6"J2&2"51%J%&2"C82,"J2&2"+2.1<"A&.$2-M"
d262%&H8"8,A4C82626"
P2C"
"
" 6C&%C2<,/" (2C"
)-.$216.41%("6C&%C2<,/"%1-"(2C"
"51-2&"H41C&4("%1-"
" -214C2" C82"
"51-2&"C&2%C$21CM"
E@0,+"#(1($;&Q"@21-2&6"621-"$4&2"J821"A&.$2-"C4"C8.1K"%+45C"$%&K2C6Q"
M"
E@0,+"#(1($ ;:Q" d26A41-2&6" &2C5&1" $4&2" %C" 2%H8" 14-2" J821" A&.$2-" C4" C8.1K" %+45C" $%&K2C6Q"
M"
94C2"C8%C"45&"8,A4C82626"-2A21-"41(,"5A41"C82"65+b2HC6"8%L.1<"8%-"65+6C%1C.%("$%&K2C"2IA2&.21H2W"622"
321&.H8"2C"%(M"?DE!EB">4&"2I%$A(26"4>"C&2%C$21C"2>>2HC6"L%&,.1<"%H&466"H5(C5&26M"
d265(C6"
N2"&%1"!T"6266.416"4>"C82"@YX/",.2(-.1<"%"C4C%("4>"!RE"4+62&L%C.416M"Y82"$%.1"-26H&.AC.L2"6C%C.6C.H6"%&2".1"
Y%+(2"!M""
B#2+$
F#+'.2#8$1*$
>$(#2+$
F#+'.2#8$1*$
G$(#2+$
F#+'.2#8$1*$
H$(#2+$
^41C&4("?1"g"R!B"
DMT"?DMEB"
EMS`"?!MTB"
RM!"?!M[B"
`MD"?RMDB"
Y&2%C$21C"?1"g"RTB"
RMT"?!M[B"
EMU`"?!M`B"
RMD"?!MUB"
`M`"?RM!B"
""
!&:)#$;3$B&-0)#$-#&2($I&28$(+&28&.8$8#61&+1,2(J$*,.$(1-0)#$+.'(+$7&-#$
F#(')+$;&Q"@21-2&6"621-"65+6C%1C.%((,"$4&2"J821"A&.$2-"C4"C8.1K"%+45C"$%&K2C6M"
@21-2&6"621C"%1"%L2&%<2"4>"!ME"$4&2"51-2&"C&2%C$21C"?$%&K2C"A&.$2B"C8%1"51-2&"H41C&4(M" ?d2H%(("C8%C"
C82"%$451C"621C".6"C&.A(2-MB"Y8.6"-.>>2&21H2".6"(%&<2"?4L2&"8%(>"%"6C%1-%&-"-2L.%C.41B"%1-".C".6"6.<1.>.H%1C"%C"
C82"A"i"EME`"(2L2("56.1<"%"C)C26C"4&":%11)N8.C12,"C26CM"*6.1<"%"&2<&266.41"C4"H41C&4(">4&"6266.41"2>>2HC6"
(2%-6"C4"%1".1H&2%62".1"C82"$%<1.C5-2"4>"C82"C&2%C$21C"2>>2HC"%1-"%"-2H&2%62".1"C82"A)L%(52"?A"i"EME!BM"
F#(')+$;:Q"d26A41-2&6"&2C5&1"12<(.<.+(,"$4&2"J821"A&.$2-"C4"C8.1K"%+45C"$%&K2C6M"
'C"2%H8"4>"C82.&"C8&22"-2H.6.41"14-26/"&26A41-2&6"&2C5&1"$4&2"51-2&"C&2%C$21C"C8%1"51-2&"H41C&4(M"Y82"
-.>>2&21H2".6"6$%(("?!`k/"`k"%1-"!Ek"4>"%"6C%1-%&-"-2L.%C.41/"&26A2HC.L2(,B/"%1-"6C%C.6C.H%((,".16.<1.>.H%1C"
?%(("A)L%(526"2IH22-"EMTE"&2<%&-(266"4>"C82"6C%C.6C.H%("C26C"2$A(4,2-BM"
\"
"
G<D50#.1-#2+$==3$K1(+127'1("127$+.'(+$*.,-$,+"#.L.#7&.8127$0.#*#.#2%#($
F1"OIA2&.$21C"F"J2"-4"14C"2_5%C2"621-2&6"H8446.1<"C4"621-"$4&2"J.C8"621-2&6"%#()%*+,"$4&2M"^4I"?DEETB"
684J6"C8%C".1"C82"C&56C"<%$2/"621-2&"H84.H26"%&2"-&.L21"+,"C&56C"%1-"4C82&)&2<%&-.1<"A&2>2&21H26MS"Y856"
J8.(2"J2"-2C2HC"%"C&2%C$21C"2>>2HC">4&"621-2&6/"J2"122-"%1"%--.C.41%("2IA2&.$21C"C4"H41H(5-2"C8%C".C".6"
C82"&265(C"4>".1H&2%62-"C&56C"&%C82&"C8%1"%1".1H&2%62".1"C82"6C&21<C8"4>"4C82&)&2<%&-.1<"A&2>2&21H26M"
;&4H2-5&2"
OIA2&.$21C" FF" 562-" -.>>2&21C" A%&C.H.A%1C6" C4" OIA2&.$21C" FM" O%H8" 6266.41" 8%-" CJ4" C%6K6/" C82" >.&6C" +2.1<"
.-21C.H%("C4"C82"A&.$.1<"C%6K".1"OIA2&.$21C"FM"Y82"62H41-"C%6K"?Z.<5&2"DB"J%6"%"621-2&)-.HC%C4&"L2&6.41"4>"
C82" @YXQ" %" C%6K" 2_5.L%(21C" C4" C82" @YX" 2IH2AC" C8%C" .C" .6" H4$$41" K14J(2-<2" C8%C" &26A41-2&6" 8%L2" C4"
&2C5&1"2I%HC(,"E"%C"2%H8"4>"C82.&"-2H.6.41"14-26M"
"
A17'.#$>3$B#28#.L81%+&+,.$6#.(1,2$,*$+"#$(1-0)1*1#8$+.'(+$7&-#$
;(%,2&"!"g"@21-2&/";(%,2&"D"g"941)A(%,.1<"&26A41-2&"
94J"621-2&6"H%1"41(,"+2"$4C.L%C2-"+,"4C82&)&2<%&-.1<"A&2>2&21H26W"C82,">%H2"14"51H2&C%.1C,"%1-"C82.&"
A%,4>>6"41(,"2L2&"-2H&2%62"%6"C82"%$451C"621C".1H&2%626M"Y82".16C&5HC.416"?622"C82"%AA21-.IB"$.$.H"^4I"
?DEETB".1"C8%C"C82,"C&,"C4"K22A"C82"(%1<5%<2"%6"H(462"%6"A466.+(2"C4"C82"(%1<5%<2".1"C82"@YX".16C&5HC.416M"
d262%&H8"8,A4C82626"
P2C"
"
"%1-"(2C"
"51-2&"H41C&4("%1-"
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
S
"#C82&)&2<%&-.1<"A&2>2&21H26".1H(5-2"A5&2"%(C&5.6$/"J%&$"<(4J/".12_5.C,"%L2&6.41"2CHM"
U"
"
"51-2&"C&2%C$21CM"
E@0,+"#(1($ >Q" Y82" %$451C" 621C" +," 621-2&6" .6" 14C" %>>2HC2-" +," +2.1<" A&.$2-" C4" C8.1K" %+45C" $%&K2C6Q"
M\"
F>"3,A4C826.6"D".6"14C">%(6.>.2-/"C821"J2"H%1"H41H(5-2"C8%C"d265(C"!%"&2>(2HC6"%1".1H&2%62".1"C&56C"&%C82&"
C8%1".1"C82"6C&21<C8"4>"4C82&)&2<%&-.1<"A&2>2&21H26"4&"64$2"H4$+.1%C.41M"
d265(C6"
N2" &%1" [" 6266.416" 4>" C82" 621-2&)-.HC%C4&" @YX/" ,.2(-.1<" %" C4C%(" 4>" T`" 4+62&L%C.416M" V2," -26H&.AC.L2"
6C%C.6C.H6"%&2".1"Y%+(2"DM"
""
B#2+$
^41C&4("?1"g"DDB"
DMR"?!M\B"
Y&2%C$21C"?1"g"DRB"
DMR"?!M\B"
!&:)#$>3$B&-0)#$-#&2($I&28$(+&28&.8$8#61&+1,2(J$*,.$(#28#.L81%+&+,.$(1-0)#$+.'(+$7&-#$
F#(')+$>Q"N821"621-2&6"%&2"$4C.L%C2-"2IH(56.L2(,"+,"%(C&5.6C.H"H41H2&16/"621-2&"+28%L.4&".6"51%>>2HC2-"
+,"+2.1<"A&.$2-"C4"C8.1K"%+45C"$%&K2C6M"
Y82"-.>>2&21H2".1"$2%16".6"(266"C8%1"!k"4>"%"6C%1-%&-"-2L.%C.41/"%1-"%1,"6C%C.6C.H%("C26C"4>"C82"-.>>2&21H2"
,.2(-6" A" j" EM[M" Y856/" J821" 621-2&6" 621-" $4&2" 51-2&" $%&K2C" A&.$2" .1" C82" @YX" ?d265(C" !%B/" J2" H%1"
H41H(5-2"C8%C"C8.6".6"C82"&265(C"4>".1H&2%62-"C&56CMU/"["
M<$K1(%'((1,2$
+2(.2>6" %+45C" C82"
C&56CJ4&C8.1266"4>"%141,$456"6C&%1<2&6"%1-"C82&2>4&2".1H&2%626"C&56C".1"C82$M""
"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""
\
" @C5-.26" 65H8" %6" 321&.H8" 2C" %(M" ?DEETB" %1-" 32&&$%11" 2C" %(M" ?DEEUB" 65<<26C" C8%C" $%&K2C" A&.$.1<" $%," %HC5%((,"
.1H&2%62"C82"6C&21<C8"4>"4C82&)&2<%&-.1<"A&2>2&21H26/"%1-"64"412"H45(-"A(%56.+(,"%-b56C"8,A4C826.6"D"%HH4&-.1<(,M""
U
"'1"%(C2&1%C.L2"J%,"4>"2I%$.1.1<"C8.6".6"C4"A44("C82"-%C%">&4$"C82"@YX"%1-"C82"621-2&)-.HC%C4&"@YX"%1-"C4"&51"%"
&2<&266.41" J.C8" C8&22" $%.1" 2IA(%1%C4&," L%&.%+(26Q" %" 621-2&)-.HC%C4&" -5$$,/" %" $%&K2C" A&.$2" -5$$," %1-" %1"
.1C2&%HC.41" ?%6" J2((" %6" 6266.41" -5$$.26BM" Y82" 6.G2" %1-" 6.<1.>.H%1H2" 4>" C82" .1C2&%HC.41" &2>(2HC6" C82" .$A4&C%1H2" 4>"
H8%1<26" .1" C&56C" L.6)l)L.6" 4C82&)&2<%&-.1<" A&2>2&21H26M" *165&A&.6.1<(,/" 2I2H5C.1<" C8.6" &2<&266.41" (21-6" >5&C82&"
65AA4&C"C4"d265(C"DM"
[
"026A.C2"C82"6C%C.6C.H%(".16.<1.>.H%1H2".1"d265(C"!+/"J2"%(64"H41-5HC2-"%"&26A41-2&)-.HC%C4&"L2&6.41"4>"C82"@YX".1"
H%62"H8%1<26".1"4C82&)&2<%&-.1<"A&2>2&21H2"J2&2"+2.1<"4>>62C"+,"H8%1<26".1"C&56CJ4&C8.1266M"N2">451-"C8%C"C82&2"
J%6"14"65+6C%1C.%("H8%1<2".1"2.C82&M"
"
["
"
N2" 2IA(%.1" C8.6" &265(C" +," %&<5.1<" C8%C" .1" C82" %+621H2" 4>" $%&K2C6/" .1C2&%HC.416" J.C8" 6C&%1<2&6" %&2"
12<%C.L2M" :%&K2C" A&4(.>2&%C.41" %((4J6" A24A(2" C4" <2C" 562-" C4" C82" .-2%" 4>" <44-" C8.1<6" 8%AA21.1<" J821"
C82,".1C2&%HC"J.C8"6C&%1<2&6/"C856"21H45&%<.1<"$4&2"C&56C.1<"+28%L.4&M";%&C.H.A%C.41".1"$%&K2C6/"&%C82&"
C8%1" $%K.1<" A24A(2" 656A.H.456/" %HC5%((," $%K26" A24A(2" $4&2" (.K2(," C4" C&56C" %141,$456" 6C&%1<2&6M" #5&"
&265(C6"622$"C82&2>4&2"C4"2$A.&.H%((,"H4&&4+4&%C2"C82".-2%"4>"-"(./!"00$#!$"?3.&68$%1"![\\BM"
F1" %--.C.41" C4" >.1-.1<" %" A46.C.L2" 2>>2HC" 41" C&56C/" J2" >451-" C8%C" $%&K2C" A&.$.1<" <212&%C26" %" 12<(.<.+(2"
A46.C.L2" 2>>2HC" 41" C&56CJ4&C8.1266M" Y8.6" $%," +2" -52" C4" C82" 6C&%C2<," $2C84-/"J8.H8" .1" 64$2" H%626" 8%6"
+221"684J1"C4"%CC215%C2"C&2%C$21C"2>>2HC6"?622"a&%1-C6"%1-"^8%&1266"DE!EBM"'(C2&1%C.L2(,".C"H45(-"+2"
H%562-"+,"C82"+2(.2>"%+45C"%141,$456"6C&%1<2&6"%>>2HC.1<"C&56C"%1-"C&56CJ4&C8.1266"-.>>2&21C(,M"^41C2IC"
$%," %>>2HC" C&56C" L.%" C82" +2(.2>" 4>" C82" C&56CJ4&C8.1266" 4>" %1" %141,$456" 6C&%1<2&" %1-" $%," %>>2HC" C82"
C&56CJ4&C8.1266" 4>" C82" %141,$456" 6C&%1<2&" L.%" C82" .$%<2" C8%C" C82" %141,$456" 6C&%1<2&" 8%6" 4>"
C82$62(L26M"FC"H45(-"%(64"+2" C8%C"$%&K2C6"%>>2HC" C&56C"%1-"C&56CJ4&C8.1266" C8&45<8"-.>>2&21C" H8%112(6Q"
C8&45<8" $%&K2C6" 412" (2%&16" C8%C" %141,$456" 6C&%1<2&6" %&2" C&56CJ4&C8," %1-" C82&2>4&2" 412" +2H4$26"
$4&2"C&56C>5(/"%1-"C8&45<8"$%&K2C6"412"(2%&16"C8%C"A46.C.L2"&2H.A&4H.C,"<212&%C26"A46.C.L2"A%,4>>6"%1-"
C82&2>4&2"412"+2H4$26"$4&2"C&56CJ4&C8,M"Y8.6"(%6C"8,A4C826.6"622$6".1"(.12"J.C8"C82"&265(C6"4>"a.HH8.2&."
2C"%(M"?DE!!B"C8%C"C&56CJ4&C8.1266"$%,"+2"(.1K2-"C4"%"64H.%("14&$"4>"&2H.A&4H.C,/" J8.(2"C&56C".6"14CM"N2"
84A2"C8%C">5C5&2"&262%&H8"H%1"682-"%--.C.41%("(.<8C"41"C82"-.>>2&21H2"+2CJ221"C&56C"%1-"C&56CJ4&C8.1266"
?%(64"622"X(%262&"2C"%(M"DEEEBM"
F1" C82" %<<&2<%C2" -%C%/" 2H414$.H" -2L2(4A$21C" .6" 6C&41<(," A46.C.L2(," %664H.%C2-"J.C8" C82" A&2L%(21H2" 4>"
$%&K2C6/" %1-" J.C8" <212&%(.G2-" C&56CM" F1H21C.L26" %1-" .1>4&$%C.41" %&2" <212&%((," 562-" C4" 2IA(%.1" J8,"
$%&K2C".16C.C5C.416"$%,"8%L2"%"A46.C.L2"H%56%("2>>2HC"41"-2L2(4A$21C"?@$.C8"![UT/"3%,2K"![T`B/"+5C"-4"
14C"682-"(.<8C"41"C82"&2(%C.4168.A"+2CJ221"$%&K2C".16C.C5C.416"%1-"<212&%(.G2-"C&56CM"FC"H%1"+2"-.>>.H5(C/"
C82&2>4&2/" C4" A&4L.-2" &2(.%+(2" A4(.H," &2H4$$21-%C.416M" d%1-4$.G2-" H41C&4(/" 65H8" %6" J2" 562-" .1" C8.6"
6C5-,/" .1H&2%626" C82" &2(.%+.(.C," 4>" >4&$%(.G.1<" A4(.H," &2H4$$21-%C.416" ?a%12&b22" %1-" 05>(4" DEE[BM" F1"
A%&C.H5(%&/" 45&" -%C%" H(%&.>," C82" H%56%(" &2(%C.4168.A" +2CJ221" $%&K2C6" %1-" C&56C" %1-" $%," H41C&.+5C2" C4"
6451-"A4(.H,"&2H4$$21-%C.41">4&"2H414$.H"-2L2(4A$21CM""
F#*#.#2%#($
"
a%1%&b22/" 'M" %1-"
d2L.2J"4>"OH414$.H6/"!/"A!`!)!\UM"
A2%1"745&1%("4>"@4H.%(";6,H84(4<,/"RS/"A!T\)!SUM"
%1-"^M"75--"?2-6MB/"3%1-+44K"4>"&262%&H8"$2C84-6".1"64H.%("A6,H84(4<,/"AD`R)DU`M"92J"h4&KQ"^%$+&.-<2"
*1.L2&6.C,";&266M"
!E"
"
)
DTTM"
a21b%$.1/" 0M/" 7M" ^84." %1-" 'M" @C
d2L.2J/"!EE/"A![!R)![DUM"
a28%L.4&/"!E/"A!DD)!TDM"
a.HH8.2&./" ^M/" OM" =.%4" %1-" dM" :5(
;4(.C.H6/";8.(464A8,"m"OH414$.H6/"!E"?DB/"A!\E)!U\M"
&2/"RS/"A\`)!!!M"
R[/"ATS)U!M"
)&26A4162"$2C84-Q"'"65&L2,"4>"
24M"
a5&18%$
)4&)>42".1C21C.41%(.C,"A&.$.1<".1"%1"2IC216.L2">4&$"
)\RM"
"
)DU!M"
4>"2IC&.16.H"&2J%&-6"41".1C&.16.H"$4C
'"$2C%)%1%(,C.H"&2L.2J"4>"2IA2&.$21C6"2I%$.1.1<"C82"2>>2HC6"
)SSUM"
a28%L.4&/"T\/"ADSU)D[UM"
L.2J/" [S/"A!S!!)
!SREM"
\/"ADR`)DSSM"
OH414$.H6/"!!T/"AU!\)USUM"
Z&2,/"aM"%1-"ZM"#+2&84(G2&)X22"
H&4J-.1<)
"'$2&.H%1"OH414$.H"d2L.2J/"U\/"A\TS)\``M"
!!"
"
n5%&C2&(," 745&1%(" 4>"
OH414$.H6/"!!`/"AU!!)UTSM"
)D\!M"
3.&68$%1/" 'M" ?![\\BM" Y82" ;%66.416" %1-" C82" F1C2&26C6Q" ;4(.C.H%(" '&<5$21C6" Z4&" ^%A.C%(.6$" a2>4&2" FC6"
Y&.5$A8M";&.1H2C41/"97Q";&.1H2C41"*1.L2&6.C,";&266M"
)H451C&,"
)!DUUM"
OH414$.H"d2L.2J/"R`/"A`![)`REM"
321&.H8/"7M/"dM"a4,-/"@M"a4J(26/"^M"^%$2&2&/"OM"Z28&"%1-"3M"X.1C.6"?DEETBM"Z451-%C.416"4>"35$%1"@4H.%(.C,M"
92J"h4&K/"*@'Q"#I>4&-"*1.L2&6.C,";&266M"
321&.H8/" 7M/" dM" a4,-/" @M" a4J(26/" ^M" ^%$2&2&/" OM" Z28&/" 3M" X.1C.6" %1-" dM" :HO(&2%
84$4)2H414$.H56Q"a28%L.4&%("2IA2&.$21C6".1"!`"6$%(()
A\R)\UM"
321&.H8/"7M/"7M"O16$.1<2&/"dM":HO(&2%C8/"'M"a%&&/"^M"a%&&2CC/"'M"a4(,%1CG/"7M"^%&-21%6/":M"X5&L21/"OM"XJ%K4/"
9M"321&.H8/"^M"
)!TUTM"
321&.H8/" 7M/" dM" a4,-/" @M" a4J(26/" ^M" ^%$2&2&/" OM" Z28&/" 3M" X.1C.6/" dM" :HO(&2%C8/" :M" '(L%&-/" 'M" a%&&/" 7M"
O16$.1<2&/" 9M" 321&.H8/" VM" 3.((/" ZM" X.()N8.C2/" :M" X5&L21/" ZM" :%&(4J2/" 7M" ;%CC41" %1-" 0M" Y&%H2&" ?DEE`BM"
)H5(C5&%(" A2&6A2HC.L2Q" a28%L.4&%(" 2IA2&.$21C6" .1" !`" 6$%(()
a28%L.4&%("%1-"a&%.1"@H.21H26/"DU/"A\[`)U``M"
A!RSD)!RS\M"
35$2/"0M"?![U`BM"O66%,6Q":4&%(/";4(.C.H%(/"%1-"P.C2&%&,M"F1-.%1%A4(.6/"*@'Q"P.+2&C,"Z51-M"
:%&I/"VM"?DEEEBM"0%6"V%A.C%(M"N%68.1<C41/"0^Q"d2<12&,"X%C2J%,/""
:41C26_5.25/"^M"?![U[B"Y82"@A.&.C"4>"P%J6M"^%$+&.-<2Q"^%$+&.-<2"*1.L2&6.C,";&266"
!R`)!S\M"
94&C8/" 0M" ?![[EBM" F16C.C5C.416/" F16C.C5C.41%(" ^8%1<2" %1-" OH414$.H" ;2&>4&$%1H2M" 92J" h4&K/" *@'Q"
^%$+&.-<2"*1.L2&6.C,";&266M"
;%.12/" YM" ?![UTBM" Y82" d.<8C6" 4>" :%1M" 3%&$41-6J4&C8/" :.--(262I/" O1<(%1-" W" 92J" h4&K/" 9MhM/" *M@M'M" Q"
;21<5.1"a44K6M"
!D"
"
d22641/"'M"%
O1L.&41$21C%("%1-"d2645&H2"OH414$.H6/"T\/"ATR[)T`RM"
)
@$.C8/"'M"?![UTBM"Y82"Y824&,"4>":4&%("@21C.$21C6M"F1-.%1%A4(.6Q"P.+2&C,"Z51-M"
A[DR)[``M"
c2+(21"YM"?![[TBM"Y82"Y824&,"4>"C82"P2.65&2"^(%66M"P41-41/"*VQ";21<5.1"a44K6M"
)RD!M"
!R"
"
"
400#28153$D50#.1-#2+&)$12(+.'%+1,2($
Y82&2"6845(-"+2"%1"2L21"15$+2&"4>"A%&C.H.A%1C6M"@.<1"C82$".1"%1-"8%L2"C82$">.(("45C"C82"H41621C">4&$6M"
@84J"C82$"C4"C82.&"-26K6M"
N2(H4$2M" Y4-%," ,45" J.((" +2" A%&C.H.A%C.1<" .1" CJ4" 2IA2&.$21C6M" N2" %6K" C8%C" ,45" &2>&%.1" >&4$" %1,"
H4$$51.H%C.41"J.C8"4C82&"A%&C.H.A%1C6M"F>",45"8%L2"%1,"_526C.416/"A(2%62"&%.62",45&"8%1-M""
Y82">.&6C"2IA2&.$21C".6"%"6C5-,"4>"84J"A24A(2"562"C82"O1<(.68"(%1<5%<2M"O%H8"4>",45"8%6".1">&41C"4>",45"%"
(.6C"4>"!`"62C6"4>"J4&-6M"Z4&"2%H8"62C"4>"J4&-6/"A(2%62"$%K2"%"<&%$$%C.H%(">45&"J4&-"A8&%62"4&"621C21H2"
%1-"J&.C2".C"-4J1".1"C82"6A%H2"A&4L.-2-M"Y82"621C21H26":*@Y"3'cO"Z#*d"N#d0@M"Z4&"2I%$A(2/".1"C82"
"
0426"%1,+4-,"8%L2"%1,"_526C.416o"h45"8%L2"S"$.15C26M";(2%62"+2<.1M"
B#+$
!"
D"
R"
T"
`"
S"
\"
U"
["
!E"
!!"
!D"
!R"
!T"
!`"
N,2+.,)$
8.$"(4L26"%1%(,G2"682"C4"
J21C"^8.H%<4"82"%(J%,6"C4"
H%&"-&4L2"J2(("82"8.6"
4A21"A%&K"J%6"C82"1441"
2%C"H4%C"C4"J%1C6"82"
12HK(%H2"J%6"+2%5C.>5("&2C.&2-"C82"
+26C"$56.H"H(%66.H%(".6"%&C"
(41<2-"H&4.66%1C6">4&"C82,"+2H%562"
.6"%&&%1<2$21C"H41L21.21C"14"-4<"
+%(("C82"844A"C466"14&$%((,"
65HH266>5("J%6"A&4b2HC"84A2>5((,"C82"
J4&K6">5&1.C5&2"-26.<1.1<"(.L26"682"
6%L2"-426"6C5-,"565%((,"82"
6451-6"$56C"H4$A5C2&6"6845(-"&2H4&-"
(4C6"+.<"6C%-.5$6"C4$4&&4J"8%L2"
!.#&+-#2+$
8.$"(4L26"C&%-2"682"C4"
J21C"$%&K2C"82"%(J%,6"C4"
H%&"-&4L2"J2(("82"8.6"
4A21"684A"J%6"C82"1441"
2IH8%1<2"H4%C"C4"J%1C6"82"
12HK(%H2"+5,"+2%5C.>5("&2C.&2-"C82"
+26C"$56.H"H4$$2&H.%(".6"%&C"
A%.-"H&4.66%1C6">4&"C82,"+2H%562"
.6"%&&%1<2$21C"A&4>.C%+(2"14"-4<"
+%(("C82"844A"C466"14&$%((,"
65HH266>5("J%6"-2%("84A2>5((,"C82"
J4&K6">5&1.C5&2"62((.1<"(.L26"682"
6%L2"-426"6C5-,"565%((,"82"
C&%16%HC.416"$56C"+56.126626"6845(-"&2H4&-"
(4C6"+.<"$%((6"C4$4&&4J"8%L2"
'>C2&"S"$.15C26/"H4((2HC"C82"6822C6"%1-"8%1-"45C"C82".16C&5HC.416">4&"C82"12IC"2IA2&.$21CM"
Y82"62H41-"2IA2&.$21C".6"%"6C5-,"4>"2H414$.H"-2H.6.41"$%K.1<M"h45"8%L2"+221"&%1-4$(,"62A%&%C2-".1C4"
CJ4"<&45A6Q"+(526"%1-"<&2216M"Y82"C4A"4>"C82"A%<2"4>".16C&5HC.416"H41>.&$6"J82C82&",45"%&2"%"+(52"4>"
<&221M"O%H8"+(52"8%6"+221"%141,$456(,"$%CH82-"J.C8"%"51._52"<&221"A%&C12&M"h45"J.(("12L2&"K14J"C82"
.-21C.C,"4>",45&"<&221"A%&C12&M"'1,"2%&1.1<6".1"C8.6"2IA2&.$21C"%&2".1"%--.C.41"C4",45&"684J)5A">22"4>"
f`M"
!T"
"
@A2H.>.H".16C&5HC.416">4&"(1-0)#$+.'(+$7&-#M"
"K22A.1<"C82"&26C">4&"C82$62(L26M"N8%C2L2&"<2C6"621C"C4"C82"
"
fE"6C%,6"fE"
fD"+2H4$26"fS"
fT"+2H4$26"f!D"
fS"+2H4$26"f!U"
A%&C12&/"K22A.1<"C82"&26C">4&"C82$62(L26M"
+(52" 621-6"
"
2%&1.1<6"J.
"
@A2H.>.H".16C&5HC.416">4&"(#28#.L81%+&+,.$(1-0)#$+.'(+$7&-#M"
"
fE"6C%,6"fE"
fD"+2H4$26"fS"
fT"+2H4$26"f!D"
fS"+2H4$26"f!U"
"
@A2H.>.H".16C&5HC.416">4&".#(0,28#.L81%+&+,.$+.'(+$7&-#M"
J.C8Q"
"
"
"
"
!`"
"
A%&C12&".>"C82,"6C%&C"J.C8"f!UM"Y82,"J.(("$%K2"C8262"-2H.6.416"+2>4&2">.1-.1<"45C"84J"$5H8"C82,"6C%&C2-"
J.C8M"
"
H%(H5(%C2"2%&1.1<6"J.(("+2"C82"412"C8%C"H4&&26A41-6"C4"84J"$5H8"C82,"%HC5%((,"6C%&C2-"J.C8M"Y82"4C82&"
"
^4((2HC"%(("$%C2&.%(6M"
Y8%C"H41H(5-26"C82"2IA2&.$21C6M"N2"J.(("14J"H%(H5(%C2",45&"2%&1.1<6"%1-"A%,",45".1"A&.L%C2M"
04"%">5112(2-"-2+&.2>.1<">4&"%"65+62C"4>"C82"65+b2HC6M"
'C"C82"21-"4>"C82"2IA2&.$21C/"62(2HC"!)C4)D"A%&C.H.A%1C6"%C"&%1-4$"%1-"4>>2&"C82$"C82"4AA4&C51.C,"C4"
2%&1"fR"+,"A%&C.H.A%C.1<".1"%"L2&,"+&.2>"4&%("65&L2,M"'-$.1.6C2&"C8.6"65&L2,">%H2)C4)>%H2"%1-".1-.L.-5%((,M"
Y8%1K",45">4&"%<&22.1<"C4"C%K2"A%&C".1"C8.6"65&L2,M"h45"J.(("&2H2.L2"fR">4&"A%&C.H.A%C.1<"&2<%&-(266"4>",45&"
"
!M N8%C"-4",45"C8.1K"C82"A5&A462"4>"C8.6"2IA2&.$21C"J%6o"
DM N8%C"-4",45"C8.1K"C8.6"2IA2&.$21C"J%6"C&,.1<"C4"6C5-,o"
RM
&2(%C2-o"
TM
".C"
%>>2HC",45o"
`M N821",45"J2&2"H4$A(2C.1<"C82"6H&%$+(2-"621C21H2"C26C/"-.-",45"14C.H2"%1,C8.1<"51565%("%+45C"C82"
J4&-6o"
!S"
"