Scribd Logo
Upload

Welcome to Scribd!

  • Concepts For Analyzing Deception in Discource

    Uploaded by

    therealthing_09
    52 views19 pages

    Original Title

    Concepts for Analyzing Deception in Discource

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    52 views19 pages

    Concepts For Analyzing Deception in Discource

    Uploaded by

    therealthing_09

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 19

    $PODFQUTGPSBOBMZ[JOHEFDFQUJPO

    JOEJTDPVSTFJOUFOEFEUPCFQFSTVBTJWF
    5XPDBTFTUVEJFTGSPN4IBLFTQFBSFBOESBNB

    +VIBOJ3VEBOLP
    6OJWFSTJUZPG5BNQFSF

    ѮFBSUJDMFFYBNJOFTUXPFQJTPEFTGSPN4IBLFTQFBSF POFGSPN+VMJVT$BFTBS
    BOEUIFPUIFSPOFGSPN0UIFMMP JOPSEFSUPTIFEMJHIUPOUIFOBUVSFPGBUZQF
    PGEFDFQUJPOPѫFOVTFECZBTQFBLFSJOEJTDPVSTFNFBOUUPQFSTVBEFBIFBSFS
    UPBEPQUBQBSUJDVMBSDPVSTFPGBDUJPO%SBXJOHPOUIFFQJTPEFT UXPDPODFQ
    UVBMEJTUJODUJPOTBSFQSPQPTFE POFCFUXFFOPWFSUBOEDPWFSUJOUFOUJPOTBOE
    UIFPUIFSCFUXFFOêSTUPSEFSBOETFDPOEPSEFSJOUFOUJPOT*UJTBSHVFEUIBU
    UIFEJTUJODUJPOTNBLFJUQPTTJCMFUPGPSNVMBUFBTUSVDUVSFEGSBNFXPSLGPS
    BOBMZ[JOHUIFUZQFPGEFDFQUJPOJORVFTUJPOѮFNPEFMQSPQPTFEBMTPESBXT
    PO(SJDFBONBYJNT FNQIBTJ[JOHUIFSPMFPGUIFNBYJNTPG2VBMJUZBOE
    2VBOUJUZ êSTUQBSU

    ,FZXPSET4IBLFTQFBSFESBNBEFDFQUJPOQFSTVBTJPOJOGPSNBUJPO
    NBOJQVMBUJPO(SJDFBONBYJNT

    ø *OUSPEVDUJPO
    8IFOBTQFBLFSTFFLTUPQFSTVBEFBIFBSFSUPBEPQUBDFSUBJOCFMJFG BOECBTFE
    POUIBUOFXCFMJFG UPFOHBHFJOQSBDUJDBMSFBTPOJOHXJUIBWJFXUPFNCBSLJOH
    POBDFSUBJONPEFPGBDUJPO UIFSFBSFNBOZTUSBUFHJFTBWBJMBCMF*OUIFMJUFSB
    UVSFPOQFSTVBTJPOUIFFNQIBTJTIBTPѫFOCFFOPOUIFJEFOUJêDBUJPOPGUZQFTPG
    PWFSUBSHVNFOUBUJWFTUSBUFHJFTBOEPGMJOHVJTUJDEFWJDFTVTFEUPDPOTUSVDUTVDI
    TUSBUFHJFT4VDITUSBUFHJFTBOEEFWJDFTBSFXPSUIFYBNJOJOH CVUJOUIJTQBQFS
    JUJTBSHVFEUIBUJOBEEJUJPOUPPWFSUDPNNVOJDBUJWFTUSBUFHJFT JUJTBMTPJNQPS
    UBOUUPQBZBUUFOUJPOUPUIFVTFPGEFDFQUJPOJOUIFTUVEZPGQFSTVBTJPO%FDFQ
    UJPONBZCFBSFQSFIFOTJCMFTUSBUFHZ GSPNBQSFTDSJQUJWFPSOPSNBUJWFQPJOUPG
    WJFX CVUJUJTPѫFOBTVDDFTTGVMPOF BOEHJWFOUIFWBHBSJFTPGIVNBOCFIBWJPS 
    BUUFOUJPOOFFETUPCFQBJEUPUIFSPMFPGEFDFQUJPOJOTUVEZJOHQFSTVBTJPO

    +PVSOBMPG)JTUPSJDBM1SBHNBUJDTϡϚ ϛϙϙϠ
    ø÷Āmøùý
    ĢĬĬħϚϞϟϟmϞϡϞϛĞĢĬĬħϚϞϟϢmϢϡϞϝ¥+PIO#FOKBNJOT1VCMJTIJOH$PNQBOZ
    øø÷ +VIBOJ3VEBOLP

    ѮFQSFTFOUBSUJDMFGPDVTFTPOPOFUZQFPGEFDFQUJPOJOEJTDPVSTFUIBUJT
    JOUFOEFECZUIFTQFBLFSUPJOëVFODFBOEUPDIBOHFUIFCFMJFGTPGUIFIFBSFS 
    QBSUJDVMBSMZXIFSFTVDICFMJFGTBSFPSJFOUFEUPXBSETBOEEJSFDUMZMFBEUPGVUVSF
    BDUJPO 8IBU JT QSPQPTFE IFSF JT B DPODFQUVBM GSBNFXPSL GPS TUVEZJOH TVDI
    EFDFQUJPO
    ѮFQSJNBSZNBUFSJBMPGUIJTTUVEZPOEFDFQUJPODPOTJTUTPGUXPFQJTPEFT
    GSPN4IBLFTQFBSFBOQMBZT UIFêSTUFQJTPEFCFJOHGSPN"DU** 4DFOFTJJBOE
    JJJPG+VMJVT$BFTBSBOEUIFTFDPOEGSPN"DU** 4DFOFJJJPG0UIFMMP8IJMFUIF
    TUVEZ PG êDUJPOBM EJBMPHVF NBZ OPU CF JEFBM GPS UIF TUVEZ PG TQFBLFS JOUFO
    UJPOTJOFWFSZSFTQFDU JUJTQPTTJCMFUPSFHBSEDIBSBDUFSTJO4IBLFTQFBSFTNBKPS
    QMBZTBTQPSUSBZBMTPGJOEJWJEVBMT BOEUPBTTJHOUIFNQSPQFSUJFTPGJOEJWJEVBMT 
    XJUIJOUIFXPSMEPGFBDIQMBZ"TBDPOTFRVFODF JUJTBMTPQPTTJCMFGPSUIFBVEJ
    FODFPGBQMBZ‡BOEUIFBOBMZTUPGBQMBZ‡UPBTDSJCFTQFBLFSJOUFOUJPOTUP
    DIBSBDUFSTJOUIFTFQMBZTBOEUPBOBMZ[FTVDIJOUFOUJPOT
    ѮFSFJTPOFQSPQFSUZPG4IBLFTQFBSFBOESBNB BOEPѫFOPGESBNBNPSF
    HFOFSBMMZ UIBUTIPVMEBMTPCFQPJOUFEPVUIFSFѮJTJTUIFQSPUPUZQJDBMMZiEPV
    CMFEuPSUXPMFWFMTUSVDUVSFPGEJTDPVSTF*OPSEJOBSZDPNNVOJDBUJWFJOUFSBD
    UJPOUIFSFJTHFOFSBMMZPOMZPOFMFWFMPGEJTDPVSTF UIBUPGUIFTQFBLFSBEESFTT
    JOHUIFIFBSFSѮFQPTTJCMFQSFTFODFPGPWFSIFBSFSTPSFBWFTESPQQFSTEPFTOPU
    RVBMJUBUJWFMZDIBOHFUIJTTUSVDUVSF*OESBNBUIFSFJTBDPSSFTQPOEJOHMFWFMPG
    EJTDPVSTFPGPOFDIBSBDUFSBEESFTTJOHBOPUIFS PSBHSPVQPGDIBSBDUFST BUXIBU
    4IPSU 
    IBTDBMMFEUIFiDIBSBDUFSDIBSBDUFSuMFWFMPGEJTDPVSTF"HBJO 
    UIFSFNBZCFPWFSIFBSFSTPSFBWFTESPQQFSTBUUIJTMFWFMPGTUSVDUVSF)PXFWFS 
    BTQPJOUFEPVUCZ4IPSU 
    JOESBNBUIFSFJTQSPUPUZQJDBMMZBMTPBO
    PUIFS PWFSBSDIJOHMFWFMPGEJTDPVSTF UIBUPGUIFQMBZXSJHIUBEESFTTJOHBOBVEJ
    FODF UIBUJT UIFiBVUIPSBVEJFODFSFBEFSuMFWFMPGEJTDPVSTF BOEUIFBVEJFODF
    BOEUIFSFBEFSPѫFOLOPXNPSFBCPVUUIFJOUFOUJPOTPGUIFDIBSBDUFSTPOUIF
    TUBHF UIBO EP UIFJS DPDPOWFSTBUJPOBMJTUT #Z DPOUSBTU  JO PSEJOBSZ DPOWFSTB
    UJPO JOUIFTBNFXBZBTBUUIFDIBSBDUFSDIBSBDUFSMFWFMPGEJTDPVSTFJOESBNB 
    UIFQBSUJDJQBOUTHFOFSBMMZJOUFSQSFUBOEBOBMZ[FXIBUUIFZIFBSXJUISFGFSFODF
    UP BOEPOUIFCBTJTPG XIBUUIFZLOPXPGUIFJSDPDPOWFSTBUJPOBMJTUT JODMVEJOH
    UIFJSFBSMJFSCFIBWJPSBOEUIFJSMBUFSQSPKFDUFECFIBWJPS DG.FZGPO
    UIFOPUJPOPGBEZOBNJDDPOUFYU
    CVUUIFSFJTJOHFOFSBMOPUIJOHDPSSFTQPOEJOH
    UPUIFBVUIPSBVEJFODFMFWFMPGEJTDPVSTFѮFEJĒFSFODFTIPVMECFOPUFE CVU
    JUEPFTOPUNFBOUIBUESBNBUJDEJBMPHVFDBOOPUCFVTFEJOQSBHNBUJDT*OEFFE 
    UIBOLTUPUIFBVUIPSBVEJFODFSFBEFSMFWFMPGEJTDPVSTFJUJTPѫFOQPTTJCMFUP
    NBLFKVEHNFOUTPOUIFJOUFOUJPOTPGDIBSBDUFSTJOESBNBXJUIBDFSUBJOUZUIBU
    JTPѫFONVDIIBSEFSUPBDIJFWFJOUIFTUVEZPGSFBMMJGFEJBMPHVF
     $PODFQUTGPSBOBMZ[JOHEFDFQUJPOJOEJTDPVSTFJOUFOEFEUPCFQFSTVBTJWF øøø

    ù "OFQJTPEFGSPN+VMJVT$BFTBS

    ѮFêSTUFYBNQMFJTGSPN4IBLFTQFBSFT+VMJVT$BFTBS"DSVDJBMQBSUPGUIFDPO
    TQJSBDZBHBJOTU$BFTBSJOUIFXPSMEPGUIFQMBZJTUPFOTVSFUIBUPOUIFEBZPGUIF
    QMBOOFEBTTBTTJOBUJPO$BFTBSTIPVMEDPNFPVUUPUIF$BQJUPM XIFSFIFDBOCF
    BUUBDLFE"UBNFFUJOHPGUIFDPOTQJSBUPST $BTDBWPJDFTUIJTWFSZDPODFSO
    $BT #VUJUJTEPVCUGVMZFU
    8IFUIFS$BFTBSXJMMDPNFGPSUIUPEBZPSOP
    'PSIFJTTVQFSTUJUJPVTHSPXOPGMBUF
    2VJUFGSPNUIFNBJOPQJOJPOIFIFMEPODF
    0GGBOUBTZ PGESFBNT BOEDFSFNPOJFT
    *UNBZCFUIFTFBQQBSFOUQSPEJHJFT
    ѮFVOBDDVTUPNEUFSSPSPGUIJTOJHIU
    "OEUIFQFSTVBTJPOPGIJTBVHVSFST
    .BZIPMEIJNGSPNUIF$BQJUPMUPEBZ
    **Jm

    )PXFWFS %FDJVT BOPUIFSPOFPGUIFDPOTQJSBUPST BTTVSFTUIFNFFUJOHPGDPO


    TQJSBUPSTUIBUIFXJMMCFBCMFUPQFSTVBEF$BFTBSUPDPNFUPUIF$BQJUPM
    %FD
    /FWFSGFBSUIBU*GIFCFTPSFTPMWE
    *DBOPFSTXBZIJNGPSIFMPWFTUPIFBS
    ѮBUVOJDPSOTNBZCFCFUSBZEXJUIUSFFT
    "OECFBSTXJUIHMBTTFT FMFQIBOUTXJUIIPMFT
    -JPOTXJUIUPJMT BOENFOXJUIëBUUFSFST
    #VUXIFO*UFMMIJNIFIBUFTëBUUFSFST
    )FTBZTIFEPFT CFJOHUIFONPTUëBUUFSFE
    -FUNFXPSL
    'PS*DBOHJWFIJTIVNPSUIFUSVFCFOU
    "OE*XJMMCSJOHIJNUPUIF$BQJUPM
    **Jm

    *OUIFGPMMPXJOHTDFOF$BMQIVSOJB $BFTBSTXJGF TFFNJOHMZTVDDFFETJOQFS


    TVBEJOH$BFTBSOPUUPHPUPUIF$BQJUPMPOUIFGBUFGVMEBZ
    $BFT
    .BSL"OUPOZTIBMMTBZ*BNOPUXFMM
    "OEGPSUIZIVNPS*XJMMTUBZBUIPNF
        &OUFS%&$*64
    )FSFT%FDJVT#SVUVT IFTIBMMUFMMUIFNTP
    %FD
    øøù +VIBOJ3VEBOLP

    $BFTBS BMMIBJMHPPENPSSPX XPSUIZ$BFTBS


    *DPNFUPGFUDIZPVUPUIF4FOBUFIPVTF
    $BFT
    "OEZPVBSFDPNFJOWFSZIBQQZUJNF
    5PCFBSNZHSFFUJOHUPUIFTFOBUPST
    "OEUFMMUIFNUIBU*XJMMOPUDPNFUPEBZ
    $BOOPU JTGBMTFBOEUIBU*EBSFOPU GBMTFS
    *XJMMOPUDPNFUPEBZ5FMMUIFNTP %FDJVT
    $BM
    4BZIFJTTJDL
    $BFT  4IBMM$BFTBSTFOEBMJF
    )BWF*JODPORVFTUTUSFUDIENJOFBSNTPGBS
    5PCFBGFBSEUPUFMMHSFZCFBSETUIFUSVUI
    %FDJVT HPUFMMUIFN$BFTBSXJMMOPUDPNF
    **JJm

    %FDJVTOFFETUPFYQFOEDPOTJEFSBCMFFĒPSUUPDIBOHF$BFTBSTNJOE
    %FD
    .PTUNJHIUZ$BFTBS MFUNFLOPXTPNFDBVTF
    -FTU*CFMBVHIEBUXIFO*UFMMUIFNTP
    $BFT
    ѮFDBVTFJTJONZXJMM *XJMMOPUDPNF
    ѮBUJTFOPVHIUPTBUJTGZUIF4FOBUF
    #VUGPSZPVSQSJWBUFTBUJTGBDUJPO
    #FDBVTF*MPWFZPV *XJMMMFUZPVLOPX
    $BMQIVSOJBIFSF NZXJGF TUBZTNFBUIPNF
    4IFESFBNUUPOJHIUTIFTBXNZTUBUVF
    8IJDI MJLFBGPVOUBJOXJUIBOIVOESFETQPVUT
    %JESVOQVSFCMPPEBOENBOZMVTUZ3PNBOT
    $BNFTNJMJOHBOEEJECBUIFUIFJSIBOETJOJU
    "OEUIFTFEPFTTIFBQQMZGPSXBSOJOHTBOEQPSUFOUT
    "OEFWJMTJNNJOFOU BOEPOIFSLOFF
    )BUICFHHEUIBU*XJMMTUBZBUIPNFUPEBZ
    %FD
    ѮJTESFBNJTBMMBNJTTJOUFSQSFUFE
    *UXBTBWJTJPOGBJSBOEGPSUVOBUF
    :PVSTUBUVFTQPVUJOHCMPPEJONBOZQJQFT
    *OXIJDITPNBOZTNJMJOH3PNBOTCBUIE
    4JHOJêFTUIBUGSPNZPVHSFBU3PNFTIBMMTVDL
    3FWJWJOHCMPPE BOEUIBUHSFBUNFOTIBMMQSFTT
    'PSUJODUVSFT TUBJOT SFMJDT BOEDPHOJ[BODF
    ѮJTCZ$BMQIVSOJBTESFBNJTTJHOJêFE
     $PODFQUTGPSBOBMZ[JOHEFDFQUJPOJOEJTDPVSTFJOUFOEFEUPCFQFSTVBTJWF øøú

    $BFT
    "OEUIJTXBZIBWFZPVXFMMFYQPVOEFEJU
    %FD
    *IBWF XIFOZPVIBWFIFBSEXIBU*DBOTBZ
    "OELOPXJUOPXUIF4FOBUFIBWFDPODMVEFE
    5PHJWFUIJTEBZBDSPXOUPNJHIUZ$BFTBS
    *GZPVTIBMMTFOEUIFNXPSEZPVXJMMOPUDPNF
    ѮFJSNJOETNBZDIBOHF#FTJEFT JUXFSFBNPDL
    "QUUPCFSFOEFSE GPSTPNFPOFUPTBZ
    i#SFBLVQUIF4FOBUFUJMMBOPUIFSUJNF
    8IFO$BFTBSTXJGFTIBMMNFFUXJUICFUUFSESFBNTu
    *G$BFTBSIJEFIJNTFMG TIBMMUIFZOPUXIJTQFS
    i-P$BFTBSJTBGSBJEu
    1BSEPONF $BFTBS GPSNZEFBSEFBSMPWF
    5PZPVSQSPDFFEJOHCJETNFUFMMZPVUIJT
    "OESFBTPOUPNZMPWFJTMJBCMF
    $BFT
    )PXGPPMJTIEPZPVSGFBSTTFFNOPX $BMQIVSOJB
    *BNBTIBNFE*EJEZJFMEUPUIFN
    (JWFNFNZSPCF GPS*XJMMHP
    **JJm

    %FDJVTUIVTêSTUEJTQPTFTPG$BMQIVSOJBTESFBNBOEUIFOQSPDFFETUPUIFSFB
    TPOTXIZIFUIJOLT‡PSSBUIFSXIZIFTBZTIFUIJOLT‡$BFTBSTIPVMEDPNF
    UPUIF$BQJUPMѮFQPJOUTUIBUIFNBLFTBSFMBSHFMZCBTFEPOBSHVNFOUTGSPN
    DPOTFRVFODFTJG$BFTBSEPFTOPUDPNF DFSUBJOVOEFTJSBCMFDPOTFRVFODFTXJMM
    GPMMPXѮFTFJODMVEFUIFQSPTQFDUUIBU4FOBUPSTXJMMNPDLIJNGPSCBTJOHIJT
    EFDJTJPOTPO$BMQIVSOJBTESFBNTBOEUIBUUIFZXJMMDPOTJEFSIJNBDPXBSE
    %FDJVTJTDBSFGVMUPBEEUIBUIFJTPOMZUFMMJOH$BFTBSUIFTFUIJOHTCFDBVTFPGIJT
    MPWFGPS$BFTBSTiQSPDFFEJOHu XIJDINJHIUCFHMPTTFEBTABEWBODFNFOU%FDJVT
    EPFTOPUEJSFDUMZSFRVFTU$BFTBSUPDPNFUPUIF$BQJUPM CVUUIFNPSFJOEJSFDU
    NFUIPEPGBEEVDJOHSFBTPOTGPSEPJOHTPIBTUIFEFTJSFEFĒFDUPO$BFTBS
    8JUIUIFFQJTPEFGSPN+VMJVT$BFTBSIBWJOHCFFOPVUMJOFE JUJTIFMQGVMBU
    UIJTQPJOUUPJOUSPEVDFUXPDPODFQUVBMEJTUJODUJPOTUIBUQSPWJEFBNPEFMGPS
    UIFBOBMZTJTPGBUZQFPGEFDFQUJWFWFSCBMCFIBWJPSJOEJTDPVSTFUIBUJTNFBOU
    UPCFQFSTVBTJWF"êSTUEJTUJODUJPOJTCFUXFFOPWFSUBOEDPWFSUJOUFOUJPOT"O
    PWFSUJOUFOUJPOJTTJNQMZBOJOUFOUJPOUIBUUIFTQFBLFSXBOUTUIFIFBSFSUPSFD
    PHOJ[F BOEBDPWFSUJOUFOUJPOJTPOFUIBUUIFTQFBLFSEPFTOPUXBOUUIFIFBSFS
    UPSFDPHOJ[F
    ѮFTFDPOEEJTUJODUJPOJTCFUXFFOêSTUPSEFSBOETFDPOEPSEFSJOUFOUJPOT
    "êSTUPSEFSJOUFOUJPOJTBOJOUFOUJPOBCPVUUIFXPSME PSBCPVUUIFXPSMEPG
    øøû +VIBOJ3VEBOLP

    UIFQMBZJOUIJTDBTF'PSJUTQBSU BTFDPOEPSEFSJOUFOUJPOJTBOJOUFOUJPOBCPVU
    BêSTUPSEFSJOUFOUJPO
    .BLJOH VTF PG UIFTF DPODFQUT  JU JT QPTTJCMF UP PĒFS UIF GPMMPXJOH BT B
    SFQSFTFOUBUJPOPGXIBUJTHPJOHPOJOUIFTDFOFBUUIFMFWFMPG%FDJVTTPWFSU
    JOUFOUJPO
     'JSTUPSEFSJOUFOUJPO
     %FDJVTXBOUT$BFTBSUPDPNFUPUIF$BQJUPM
     4FDPOEPSEFSJOUFOUJPOSFMBUJOHUPUIFêSTUPSEFSJOUFOUJPO
     %FDJVTXBOUTUIFêSTUPSEFSJOUFOUJPOUPCFSFDPHOJ[FECZ$BFTBS
     3FBTPOPSSBUJPOBMFPOXIJDIUIFPWFSUJOUFOUJPOJTCBTFE
     *G$BFTBSEPFTOPUDPNF 4FOBUPSTXJMMNPDL$BFTBSBOEUIJOLUIBUIF
    JTBDPXBSE
     5BDUJDPGBSHVNFOUBUJPOUIBUUIFPWFSUêSTUPSEFSJOUFOUJPOHJWFTSJTFUP
     %FDJVTJOEJSFDUMZSFRVFTUT$BFTBSUPDPNFUPUIF$BQJUPMCZDJUJOHSFB
    TPOTXIZIFTIPVME
    )PXFWFS  SFDBMMJOH UIF BVUIPSBVEJFODFSFBEFS MFWFM PG EJTDPVSTF BOE UBLJOH
    BDDPVOU PG UIF FBSMJFS TDFOF TIPXJOH UIBU %FDJVT XBT QBSU PG UIF DPOTQJSBDZ
    BHBJOTU$BFTBS JUJTTVHHFTUFEIFSFUIBUUIFUXPEJTUJODUJPOTQSPQPTFEGPSDIBS
    BDUFSJ[JOHJOUFOUJPOTPĒFSBTVJUBCMFGSBNFXPSLGPSBOBMZ[JOH%FDJVTTEFDFQ
    UJPO*OQBSUJDVMBS JUJTQPTTJCMFUPTBZUIBUJOBEEJUJPOUPUIFêSTUPSEFSJOUFO
    UJPOKVTUPVUMJOFE %FDJVTBMTPIBEBTFDPOEêSTUPSEFSJOUFOUJPO XIJDIXBT
    DPWFSU JOUIFFQJTPEF'VSUIFS IFIBEBTFDPOEPSEFSJOUFOUJPOSFMBUJOHUPUIJT
    TFDPOE êSTUPSEFS JOUFOUJPO ѮF GPMMPXJOH JT PĒFSFE BT B SFQSFTFOUBUJPO PG
    XIBUJTHPJOHPOJOUIFFQJTPEFBUUIFMFWFMPG%FDJVTTDPWFSUJOUFOUJPO
     'JSTUPSEFSJOUFOUJPO
     %FDJVTXBOUT$BFTBSUPCFBTTBTTJOBUFE
     4FDPOEPSEFSJOUFOUJPOSFMBUJOHUPUIFêSTUPSEFSJOUFOUJPO
     %FDJVT EPFT OPU XBOU UIF êSTUPSEFS JOUFOUJPO UP CF SFDPHOJ[FE CZ
    $BFTBS
     3FBTPOPSSBUJPOBMFPOXIJDIUIFDPWFSUJOUFOUJPOJTCBTFE
     %FDJVTJTQBSUPGBDPOTQJSBDZBHBJOTU$BFTBSBOEJTIPTUJMFUP$BFTBS
     5BDUJDPGBSHVNFOUBUJPOUIBUUIFDPWFSUêSTUPSEFSJOUFOUJPOHJWFTSJTFUP
     %FDJVTJOEJSFDUMZSFRVFTUT$BFTBSUPDPNFUPUIF$BQJUPMCZDJUJOHSFB
    TPOTXIZIFTIPVME
     $PODFQUTGPSBOBMZ[JOHEFDFQUJPOJOEJTDPVSTFJOUFOEFEUPCFQFSTVBTJWF øøü

    %FDJVTTDPOWFSTBUJPOBMNPWFJTUIFTBNFJOFBDIDBTF)PXFWFS WJSUVBMMZFW
    FSZUIJOHFMTFJOUIFUXPSFQSFTFOUBUJPOTJTEJĒFSFOUѮFêSTUPSEFSJOUFOUJPOT
    BSFEJĒFSFOU BTBSFUIFTFDPOEPSEFSJOUFOUJPOTBOEUIFSFBTPOTPOXIJDIUIF
    êSTUPSEFSJOUFOUJPOTBSFCBTFE
    *U JT BMTP JOTUSVDUJWF UP DPNQBSF UIF UXP êSTUPSEFS JOUFOUJPOT  UP TFF JG
    UIFSFJTBEJTSVQUJWFEJTDSFQBODZCFUXFFOUIFN UPQJDLVQBUFSNGSPN3V
    EBOLP 
    ѮFSFJTDFSUBJOMZTVDIBEJTDSFQBODZCFUXFFOUIFUXPêSTUPSEFS
    JOUFOUJPOT$PNQBSJOHUIFJOUFOUJPOPGXBOUJOH$BFTBSUPDPNFUPUIF$BQJUPM
    BOEUIFJOUFOUJPOPGXBOUJOH$BFTBSUPCFBTTBTTJOBUFE JUJTFBTZUPTBZUIBUUIF
    GPSNFSJTBSFQVUBCMFJOUFOUJPOXIJMFUIFMBUUFSJTBEJTSFQVUBCMFPOF"TOPUFE
    JO3VEBOLP 
    XIFOBTQFBLFSIBTUXPêSTUPSEFSJOUFOUJPOTVOEFSMZJOH
    BOBDUPGDPNNVOJDBUJPOJOUFOEFEUPQFSTVBEFBOBVEJFODFXJUIBEJTSVQUJWF
    EJWFSHFODFCFUXFFOUIFêSTUPSEFSJOUFOUJPOT JUJTUZQJDBMMZUIFNPSFSFQVUBCMF
    BOEJOOPDVPVTPOFUIBUIFPSTIFDIPPTFTUPDPNNVOJDBUFPWFSUMZѮFQSFTFOU
    JOTUBODFJTBDBTFJOQPJOU
    *UNBZCFBEEFEUIBUJOUIJTFYBNQMF UIFUXPêSTUPSEFSJOUFOUJPOT POF
    PWFSU BOE UIF PUIFS POF DPWFSU  BSF DMFBSMZ SFMBUFE UP FBDI PUIFS ѮF DPWFSU
    êSTUPSEFSJOUFOUJPOSFQSFTFOUTUIFMBSHFSTDIFNFPGUIFTQFBLFS BOEUIFPWFSU
    êSTUPSEFSJOUFOUJPOSFQSFTFOUTBTVCHPBMPGUIFMBSHFSTDIFNF
    3FMBUJOHUIFEJTDVTTJPOUPUIF(SJDFBOTDIFNFJOMJOHVJTUJDQSBHNBUJDT JU
    JTSFDBMMFEUIBU(SJDFJEFOUJêFEBOVNCFSPGXBZTJOXIJDIiBQBSUJDJQBOUJOB
    UBMLFYDIBOHFNBZGBJMUPGVMêMMBNBYJNu (SJDF
    'PSJOTUBODF BQBS
    UJDJQBOUiNBZ'-065BNBYJNUIBUJT IFNBZ#-"5"/5-:GBJMUPGVMêMMJU u
    XIJDI TJUVBUJPO iDIBSBDUFSJTUJDBMMZ HJWFT SJTF UP B DPOWFSTBUJPOBM JNQMJDBUVSFu
    (SJDFUIFFNQIBTFTJOUIFPSJHJOBM
    
    )PXFWFS UIFQSFTFOUFYBNQMFGSPN+VMJVT$BFTBSJTPGBEJĒFSFOUOBUVSF
    "T(SJDFBMTPOPUFT BQBSUJDJQBOUJOBUBMLFYDIBOHFiNBZRVJFUMZBOEVOPTUFO
    UBUJPVTMZ7*0-"5&BNBYJNJGTP JOTPNFDBTFTIFXJMMCFMJBCMFUPNJTMFBEu
    (SJDFUIFFNQIBTJTJOUIFPSJHJOBM
    *UJTUIJTXBZPGOPUGVMêMMJOHB
    NBYJNUIBUJTSFMFWBOUUPUIFEJTDVTTJPOJOUIFQSFTFOUTUVEZ
    "(SJDFBONBYJNJTRVJFUMZBOEVOPTUFOUBUJPVTMZWJPMBUFECZ%FDJVTJOUIF
    UBMLFYDIBOHFBUUIFDIBSBDUFSDIBSBDUFSMFWFMPGEJTDPVSTF0SNPSFDPSSFDUMZ 
    UXP TVDI NBYJNT BSF WJPMBUFE 0OF PG UIFN JT UIF NBYJN PG 2VBOUJUZ  êSTU
    QBSU BCCSFWJBUFEIFSFBT2VBOUJUZi.BLFZPVSDPOUSJCVUJPOBTJOGPSNBUJWFBT
    JTSFRVJSFE GPSUIFDVSSFOUQVSQPTFTPGUIFFYDIBOHF
    u (SJDF
    "ѫFS
    BMM XIFOBTQFBLFSQSPQPTFTUIBUUIFIFBSFSTIPVMEBEPQUBDFSUBJODPVSTFPG
    BDUJPOJOXIBUUIFIFBSFSUBLFTUPCFDPPQFSBUJWFEJTDPVSTF JUJTIJHIMZQFSUJ
    OFOUUPiUIFDVSSFOUQVSQPTFTPGUIFFYDIBOHFuGPSUIFIFBSFSUPLOPXXIBUUIF
    øøý +VIBOJ3VEBOLP

    BEWJDFHJWFSJOUFOETUPBDIJFWFXJUIUIFQJFDFPGBEWJDF GSPNUIFQPJOUPGWJFX
    PGUIFBEESFTTFFBOEGSPNUIBUPGUIFTQFBLFS
    *OBEEJUJPOUPUIFNBYJNPG2VBOUJUZ %FDJVTBMTPiRVJFUMZBOEVOPTUFOUB
    UJPVTMZuWJPMBUFTUIF(SJDFBO 
    NBYJNPG2VBMJUZi%POPUTBZXIBU
    ZPVCFMJFWFUPCFGBMTFu)FEPFTUIJTNPTUCMBUBOUMZXIFOIFDMBJNTUIBUiGPSNZ
    EFBSEFBSMPWF5PZPVSQSPDFFEJOHCJETNFUFMMZPVUIJTu
    8IJMF%FDJVTiRVJFUMZBOEVOPTUFOUBUJPVTMZuWJPMBUFTUIFUXPNBYJNTBOE
    UIFSFCZUIF(SJDFBO 
    $PPQFSBUJWF1SJODJQMF UIFTFWJPMBUJPOTSFNBJO
    DPWFSUWJPMBUJPOTBUUIFDIBSBDUFSDIBSBDUFSMFWFMPGEJTDPVSTF%FDFQUJPOTVD
    DFFETQSFDJTFMZCFDBVTF$BFTBSGBJMTUPOPUJDFUIBUUIFTFWJPMBUJPOTUBLFQMBDF"U
    UIFQMBZXSJHIUBVEJFODFSFBEFSMFWFMPGEJTDPVSTF UIFBVEJFODFIBTLOPXMFEHF
    PG%FDJVTTDPWFSUêSTUPSEFSJOUFOUJPOBOEJTBMTPBXBSFPG$BFTBSTMBDLPGUIJT
    LOPXMFEHF
    *O UIF TDFOF %FDJVT JT UIVT FYQMPJUJOH UIF DPPQFSBUJWF QSJODJQMF BOE UIF
    NBYJNTJOBNBOOFSUIBUIBTCFFOTVDDJODUMZFYQSFTTFECZBTDIPMBSXPSLJOH
    JOUIFêFMEPGJOGPSNBUJPONBOJQVMBUJPOUIFPSZ
    ѮFQSPEVDUJPOBOEQSFTFOUBUJPOPGNFTTBHFTUIBUBSFEFDFQUJWFDBOCFDPOTJE
    FSFEBQIFOPNFOPOJOXIJDITQFBLFSTFYQMPJUUIFCFMJFGPOUIFQBSUPGMJTUFOFST
    UIBUUIFZ JF TQFBLFST
    BSFBEIFSJOHUPUIFQSJODJQMFTHPWFSOJOHDPPQFSBUJWF
    FYDIBOHFT%FDFQUJWFNFTTBHFTBSFiEFDFQUJWFuJOUIBU XIJMFUIFZDPOTUJUVUF
    EFWJBUJPOTGSPNUIFQSJODJQMFTVOEFSMZJOHDPOWFSTBUJPOBMVOEFSTUBOEJOH UIFZ
    SFNBJO DPWFSU EFWJBUJPOT </PUF PNJUUFE  +3> -JTUFOFST BSF NJTMFE CZ UIFJS
    CFMJFGUIBUTQFBLFSTBSFGVODUJPOJOHJOBDPPQFSBUJWFGBTIJPO JF BDUVBMMZBE
    IFSJOHUPUIFNBYJNT
     .D$PSOBDLUIFFNQIBTJTJOUIFPSJHJOBM

    .D$PSOBDLTTUBUFNFOUFODPNQBTTFTEFDFQUJPOBSJTJOHGSPNDPWFSUWJPMBUJPOT
    PGUIFJOEJWJEVBMNBYJNT*OUIF%FDJVTFQJTPEFJUXPVMEIBWFCFFOQPTTJCMFGPS
    %FDJVTUPXFBWFIJTXFCPGEFDFQUJPOCZSFMZJOHPOBDPWFSUWJPMBUJPOPG2VBO
    UJUZBMPOF CVUJUNBZCFPCTFSWFEUIBUFWFOUIJTUBDUJDDBOCFSFMBUFEUPUIF
    NBYJNPG2VBMJUZXIFOBDPODFQUVBMEJTUJODUJPOJTNBEFCFUXFFOEJSFDUBOE
    JOEJSFDUEFDFQUJPO BTIBTCFFOEPOFJOXPSLGPMMPXJOH.D$PSOBDL 
    
    wEFDFQUJPODBOPDDVSXIFOUIF2VBMJUZNBYJNJTDPWFSUMZWJPMBUFEBUUIF
    MFWFMPGXIBUJTTBJE JF BEJSFDUMJF
    PSBUUIFMFWFMPGXIBUJTJNQMJDBUFE JF 
    JOEJSFDU EFDFQUJPO CZ DPWFSUMZ WJPMBUJOH TPNF PUIFS NBYJN
     +BDPCT FU BM
    

    2VBOUJUZCBTFEEFDFQUJPONBZUIVTCFWJFXFEBTPOFUZQFPGJOEJSFDUEFDFQ
    UJPO BTPQQPTFEUPEJSFDUMJFT"UUIFMFWFMPGXIBUJTJNQMJDBUFEJOUIFFQJTPEF 
    JUJTQPTTJCMFUPTBZUIBU$BFTBSCFMJFWFT‡NJTUBLFOMZ‡UIBU%FDJVTTPWFSU
     $PODFQUTGPSBOBMZ[JOHEFDFQUJPOJOEJTDPVSTFJOUFOEFEUPCFQFSTVBTJWF øøþ

    êSTUPSEFSJOUFOUJPOJTUIFJOUFOUJPOUIBUIFBDUVBMMZIBTXIFOHJWJOHIJTBEWJDF
    PSBUMFBTUUIBUJUJT%FDJVTTNBJOêSTUPSEFSJOUFOUJPONPUJWBUJOHUIFQJFDFPG
    BEWJDF
    'SPNUIFQPJOUPGWJFXPGEJTDPVSTFPSHBOJ[BUJPO UIFFQJTPEFJMMVTUSBUFT
    IPXUIFUXPUZQFTPGEFDFQUJPO EJSFDUMJFTBOEJOEJSFDUEFDFQUJPO BSFBQUUP
    PDDVSUPHFUIFSѮFUXPUZQFTBSFDPODFQUVBMMZEJTUJODUCVUUIFZBSFBMTPPѫFO
    NVUVBMMZSFJOGPSDJOHJOEJTDPVSTF
    *UNBZCFBEEFEIFSFUIBUUIFFYQFDUBUJPOPGTVDITUBOEBSETPGDPPQFSB
    UJWFCFIBWJPSBTBSFFNCPEJFEJOUIF.BYJNTBOEUIF$PPQFSBUJWF1SJODJQMF
    TIPVMECFSFMBUJWJ[FEUPUZQFTPGEJTDPVSTFUIBUBSFWJFXFECZUIFQBSUJDJQBOUTBT
    DPPQFSBUJWFJOUIFêSTUQMBDF"OFYBNQMFPGBEJĒFSFOU BEWFSTBSJBMUZQFPGEJT
    DPVSTFNBZCFXPSUIPVUMJOJOHIFSFCZXBZPGDPOUSBTU*ONBOZDVMUVSFTUPEBZ
    BDPVSUSPPNTDFOBSJPGVSOJTIFTTVDIBOFYBNQMF*OBUSJBMJONBOZDVMUVSFT 
    BEFGFOTFMBXZFSNBZBSHVF XJUIJNQVOJUZBOEXJUIPVUCFJOHBDDVTFEPGEF
    DFQUJPO UIBUUIFQFSTPODIBSHFEXJUIBDSJNFTIPVMECFBDRVJUUFECFDBVTFUIF
    QFSTPOJTJOOPDFOUFWFOJGUIFMBXZFSQSJWBUFMZCFMJFWFTUIBUUIFQFSTPOJTHVJMUZ
    BTDIBSHFEѮBUJT BEFGFOTFMBXZFSNBZIBWFUIFPWFSUêSTUPSEFSJOUFOUJPO
    PGXBOUJOHUPHFUUIFEFGFOEBOUBDRVJUUFECFDBVTFUIFEFGFOEBOUJTJOOPDFOU
    BOEUIFDPWFSUêSTUPSEFSJOUFOUJPOPGXBOUJOHUPHFUUIFEFGFOEBOUBDRVJUUFE
    SFHBSEMFTTPGXIFUIFSUIFEFGFOEBOUJTHVJMUZPSOPUѮFSFJTOPTFOTFPGEFDFQ
    UJPOFWFOJOUIFMBUUFSDBTF GPSBEFGFOTFMBXZFSIBTBDFSUBJOSPMFUPQMBZJOB
    USJBM UIBUJT UPSFQSFTFOUUIFJOUFSFTUTPGUIFDMJFOU BOEUIFQSJWBUFCFMJFGTBOE
    JOUFOUJPOTPGUIFDPVOTFMEPOPUNBUUFSBTMPOHBTIFPSTIFJTGVMêMMJOHUIBU
    SPMF *O BO BEWFSTBSJBM UZQF PG EJTDPVSTF  UIF RVFTUJPO PG EFDFQUJPO EPFT OPU
    UIVTBSJTFJOUIFTBNFXBZBTJUEPFTJOBDPPQFSBUJWFUZQFPGEJTDPVSTF BOEJUJT
    JNQPSUBOUUPOPUJDFUIBUOPUBMMUZQFTPGEJTDPVSTFBSFDPPQFSBUJWF

    ú "OFQJTPEFGSPN0UIFMMP

    *O"DU**4DFOFJJJPG4IBLFTQFBSFTUSBHFEZ0UIFMMPUIFSFJTBESVOLFOCSBXM
    JOWPMWJOH$BTTJP SFDFOUMZQSPNPUFEUPCF0UIFMMPTMJFVUFOBOU BOE3PEFSJHP 
    B7FOFUJBOOPCMFNBOBOEBGSJFOEPG*BHPT XIPJT0UIFMMPTFOTJHOBOEXIPJT
    SFWFBMFEUPUIFBVEJFODFBUUIFWFSZCFHJOOJOHPGUIFQMBZBTSFTFOUJOH$BTTJPT
    QSPNPUJPO*UJTTJNJMBSMZSFWFBMFEUPUIFBVEJFODFBOEUIFSFBEFSUIBUUIFCSBXM
    IBECFFOFOHJOFFSFECZ*BHP UIPVHI$BTTJPJTJHOPSBOUPG*BHPTSPMFBOEUIF
    BVEJFODFLOPXTUIBU$BTTJPJTJHOPSBOUPG*BHPTSPMF"TBSFTVMUPGUIFCSBXM 
    $BTTJP MPTFT IJT QPTJUJPO BT 0UIFMMPT TFDPOEJODPNNBOE  XJUI *BHP IBWJOH
    UIFQSPTQFDUPGBEWBODFNFOU
    øøÿ +VIBOJ3VEBOLP

    "UUIFFOEPGUIFTDFOFXIFSF$BTTJPJTTUSJQQFEPGIJTQPTJUJPO IFJTMFѫ
    POUIFTUBHFXJUI*BHP BOEUIFJSDPOWFSTBUJPOUVSOTUPUIFRVFTUJPOPGIPXIF
    NJHIUSFHBJOIJTQPTJUJPOBTMJFVUFOBOU
    *BHP        "TUIFUJNF
    UIFQMBDF BOEUIFDPOEJUJPOPGUIJTDPVOUSZTUBOET *
    DPVMEIFBSUJMZXJTIUIJTIBEOPUCFGBMMOCVUTJODF
    JUJTBTJUJT NFOEJUGPSZPVSPXOHPPE
    $BT *XJMMBTLIJNGPSNZQMBDFBHBJO IFTIBMMUFMMNF*BNBESVOLBSE
    )BE*BTNBOZNPVUITBT)ZESB TVDIBOBOTXFSXPVMETUPQUIFNBMM5PCF
    OPXBTFOTJCMFNBO CZBOECZBGPPM BOEQSFTFOUMZBCFBTU0TUSBOHF&WFSZ
    JOPSEJOBUFDVQJTVOCMFTTE BOEUIFJOHSFEJFOUJTBEFWJM
    *BHP $PNF DPNFHPPEXJOFJTBHPPEGBNJMJBSDSFBUVSF JGJUCFXFMMVTE
    FYDMBJN OP NPSF BHBJOTU JU "OE  HPPE MJFVUFOBOU  * UIJOL ZPV UIJOL * MPWF
    ZPV
    $BT *IBWFXFMMBQQSPWEJU TJS*ESVOL
    *BHP :PV PSBOZNBOMJWJOH NBZCFESVOLBUBUJNF
    NBO<*MM>UFMMZPVXIBUZPVTIBMMEP0VSHFOFSBMTXJGFJT
    OPXUIFHFOFSBM‡*NBZTBZTPJOUIJTSFTQFDU GPSUIBUIFIBUI
    EFWPUFEBOEHJWFOVQIJNTFMGUPUIFDPOUFNQMBUJPO NBSL
    BOE<EFOPUFNFOU>PGIFSQBSUTBOEHSBDFT$POGFTTZPVSTFMG
    GSFFMZUPIFSJNQPSUVOFIFSIFMQUPQVUZPVJOZPVSQMBDF
    BHBJO4IFJTPGTPGSFF TPLJOE TPBQU TPCMFTTEB
    EJTQPTJUJPO TIFIPMETJUBWJDFJOIFSHPPEOFTTOPUUPEPNPSF
    UIBOTIFJTSFRVFTUFEѮJTCSPLFOKPJOUCFUXFFOZPVBOEIFS
    IVTCBOEFOUSFBUIFSUPTQMJOUFSBOENZGPSUVOFTBHBJOTUBOZ
    MBZXPSUIOBNJOH UIJTDSBDLPGZPVSMPWFTIBMMHSPXTUSPOHFS
    UIBOJUXBTCFGPSF
    $BT :PVBEWJTFNFXFMM
    *BHP *QSPUFTU JOUIFTJODFSJUZPGMPWFBOEIPOFTULJOEOFTT
    $BT *UIJOLJUGSFFMZBOECFUJNFTJOUIFNPSOJOH*
    XJMMCFTFFDIUIFWJSUVPVT%FTEFNPOBUPVOEFSUBLFGPS
    NF*BNEFTQFSBUFPGNZGPSUVOFTJGUIFZDIFDLNF<IFSF>
    *BHP :PVBSFJOUIFSJHIU(PPEOJHIU MJFVUFOBOU *
    NVTUUPUIFXBUDI
    $BT (PPEOJHIU IPOFTU*BHP
        &YJU$ĚĬĬĢĨ
    **JJJm

    "U UIF CFHJOOJOH PG UIF TDFOF $BTTJP  VOBXBSF PG *BHPT SPMF JO IBWJOH FOHJ
    OFFSFE UIF CSBXM  NFOUJPOT UP *BHP UIF QPTTJCJMJUZ PG BTLJOH 0UIFMMP GPS IJT
    QPTJUJPOCBDL CVUBMTPDBTUTEPVCUPOUIFFēDBDZPGUIJTNFBOTPGSFESFTT*O
     $PODFQUTGPSBOBMZ[JOHEFDFQUJPOJOEJTDPVSTFJOUFOEFEUPCFQFSTVBTJWF øøĀ

    SFTQPOTF*BHPDPNFTVQXJUIXIBUBQQFBSTUPCFUIFCSJMMJBOUJEFBUIBU$BTTJP
    TIPVMEUVSOUP%FTEFNPOB 0UIFMMPTXJGF GPSIFMQ BSHVJOHUIBU%FTEFNPOB
    IBTBHSFBUEFBMPGJOëVFODFXJUI0UIFMMP XIJDIXJMMTFFNJOHMZHVBSBOUFFUIF
    TVDDFTTPGUIFQMBO*BHPTVDDFFETJOQFSTVBEJOH$BTTJPUPBEPQUUIFQMBO BOE
    UIFMBUUFSWPJDFTIJTJOUFOUJPOUPUVSOUP%FTEFNPOBXJUIPVUEFMBZ
    .BLJOHVTFPGUIFDPODFQUVBMOPUJPOTJOUSPEVDFEJO4FDUJPO JUJTQPTTJCMF
    UPPĒFSUIFGPMMPXJOHBTBSFQSFTFOUBUJPOPGXIBUJTHPJOHPOJOUIFTDFOFBUUIF
    MFWFMPG*BHPTPWFSUJOUFOUJPO
     *BHPTêSTUPSEFSJOUFOUJPO
     *BHPXBOUTUPIFMQ$BTTJPUPCFSFJOTUBUFEBT0UIFMMPTMJFVUFOBOUCZ
    BEWJTJOHIJNPOIPXUPHFUSFJOTUBUFE
     *BHPTTFDPOEPSEFSJOUFOUJPOSFMBUJOHUPUIFêSTUPSEFSJOUFOUJPO
     *BHPXBOUT$BTTJPUPSFDPHOJ[FUIFêSTUPSEFSJOUFOUJPO
     3FBTPOPSSBUJPOBMFPOXIJDIUIFêSTUPSEFSJOUFOUJPOJTCBTFE
     *BHPMPWFT$BTTJPBOECFMJFWFTUIBUBTLJOH%FTEFNPOBGPSIFMQJTUIF
    CFTUXBZUPHFU$BTTJPSFJOTUBUFECFDBVTF%FTEFNPOBIBTBHSFBUEFBM
    PGJOëVFODFXJUI0UIFMMP IFSIFMQXJMMQSPWFEFDJTJWFJOHFUUJOH$BTTJP
    SFJOTUBUFE
     *BHPTDPOWFSTBUJPOBMNPWFUPXIJDIUIFêSTUPSEFSJOUFOUJPOHJWFTSJTF
     *BHP BEWJTFT $BTTJP UP BTL %FTEFNPOB GPS IFMQ JO PSEFS UP CF SFJO
    TUBUFEBT0UIFMMPTMJFVUFOBOU
    *NNFEJBUFMZBѫFS$BTTJPTEFQBSUVSF UIFBVEJFODFJTUSFBUFEUPBTPMJMPRVZCZ
    *BHP*UFOETBTGPMMPXT
    *BHP w
    8IFOEFWJMTXJMMUIFCMBDLFTUTJOTQVUPO
    ѮFZEPTVHHFTUBUêSTUXJUIIFBWFOMZTIPXT 
    "T*EPOPXGPSXIJMFTUIJTIPOFTUGPPM
    1MJFT%FTEFNPOBUPSFQBJSIJTGPSUVOF
    "OETIFGPSIJNQMFBETTUSPOHMZUPUIF.PPS
    *MMQPVSUIJTQFTUJMFODFJOUPIJTFBS¢
    ѮBUTIFSFQFBMTIJNGPSIFSCPEZhTMVTU
    "OECZIPXNVDITIFTUSJWFTUPEPIJNHPPE
    4IFTIBMMVOEPIFSDSFEJUXJUIUIF.PPS
    4PXJMM*UVSOIFSWJSUVFJOUPQJUDI
    "OEPVUPGIFSPXOHPPEOFTTNBLFUIFOFU
    ѮBUTIBMMFONFTIUIFNBMM
    **JJJm

    øù÷ +VIBOJ3VEBOLP

    #ZDPOWFOUJPO BDIBSBDUFSEPFTOPUMJFJOBTPMJMPRVZJOB4IBLFTQFBSFBOUSBH
    FEZ *OTUFBE  B DIBSBDUFS SFWFBMT IJT PS IFS USVF BOE JOOFSNPTU UIPVHIUT JO
    BTPMJMPRVZѮFTPMJMPRVZUIVTPĒFSTBEJSFDUJOTJHIUJOUP*BHPTNJOE*UJTB
    EFWJDFUIBUGVODUJPOTBUUIFiBVUIPSBVEJFODFSFBEFSuMFWFMJO4IBLFTQFBSFBO
    ESBNB
    5BLJOHBDDPVOUPG*BHPTCFIBWJPSQSJPSUPUIFTDFOFXJUI$BTTJPBOEPGUIF
    TPMJMPRVZ JUJTDMFBSUIBUJOBEEJUJPOUPUIFPWFSUêSTUPSEFSJOUFOUJPOPVUMJOFE
    BCPWF *BHPBMTPIBEBTFDPOEêSTUPSEFSJOUFOUJPOJOUIFFQJTPEF'VSUIFS IF
    IBEBTFDPOEPSEFSJOUFOUJPOSFMBUJOHUPUIJTPUIFSêSTUPSEFSJOUFOUJPOѮF
    GPMMPXJOHJTPĒFSFEBTBSFQSFTFOUBUJPOPGXIBUJTHPJOHPOJOUIFFQJTPEFBUUIF
    MFWFMPG*BHPTDPWFSUJOUFOUJPO
     *BHPTêSTUPSEFSJOUFOUJPO
     *BHPXBOUTUPEFTUSPZ$BTTJPTBOE%FTEFNPOBTTUBOEJOHXJUI0UIFMMP
    BOECSJOHUIFNBMMEPXO $BTTJP %FTEFNPOB NBZCFFWFO0UIFMMP
     *BHPTTFDPOEPSEFSJOUFOUJPOSFMBUJOHUPUIFêSTUPSEFSJOUFOUJPO
     *BHPEPFTOPUXBOUUIJTêSTUPSEFSJOUFOUJPOUPCFSFDPHOJ[FECZ$BT
    TJP 'PSBDBWFBU TFFCFMPX

     3FBTPOPSSBUJPOBMFPOXIJDIUIFêSTUPSEFSJOUFOUJPOJTCBTFE
     *BHPIBUFT BOEJTIPTUJMFUP CPUI$BTTJPBOE0UIFMMP*BHPEPFTOPU
    XBOU$BTTJPSFJOTUBUFEBTMJFVUFOBOU
     *BHPTDPOWFSTBUJPOBMNPWFUPXIJDIUIFêSTUPSEFSJOUFOUJPOHJWFTSJTFUP
     *BHPBEWJTFT$BTTJPUPBTL%FTEFNPOBGPSIFMQJOPSEFSUPHFUIJNTFMG
    SFJOTUBUFE
    *BHPTDPOWFSTBUJPOBMNPWFJTUIFTBNFJOFBDIDBTF)PXFWFS WJSUVBMMZFWFSZ
    UIJOHFMTFJOUIFUXPSFQSFTFOUBUJPOTJTEJĒFSFOUѮFêSTUPSEFSJOUFOUJPOTBSF
    EJĒFSFOU BTBSFUIFTFDPOEPSEFSJOUFOUJPOTBOEUIFSFBTPOTPOXIJDIUIFêSTU
    PSEFSJOUFOUJPOTBSFCBTFE
    5BLJOHBEWBOUBHFPGUIFBDDFTTUPUIFBVUIPSBVEJFODFSFBEFSMFWFMPGEJT
    DPVSTF JUJTQPTTJCMFUPTBZUIBUUIFSFBTPOTUIBU*BHPPĒFSTGPSIJTPWFSUêSTUPS
    EFSJOUFOUJPO‡UIBUIFMPWFT$BTTJPBOEXBOUTUPHFUIJNSFJOTUBUFEBT0UIFM
    MPTMJFVUFOBOUBOEUIBUUIFTDIFNFJTMJLFMZUPTVDDFFECFDBVTFPG%FTEFNPOBT
    JOëVFODFXJUI0UIFMMP‡BSFJOUIFOBUVSFPGQSFUFYUTѮFNPSFQMBVTJCMFTVDI
    QSFUFYUTBSF UIFNPSF MJLFMZ UIF EFDFQUJPO JTUPTVDDFFE *OUIFFQJTPEFJUJT
    PCTFSWFEIPX*BHPBTTFSUTIJTMPWFGPS$BTTJP UIVTPĒFSJOHUIFMBUUFSBSFBTPO
    GPSUIFBEWJDFHJWFO
     $PODFQUTGPSBOBMZ[JOHEFDFQUJPOJOEJTDPVSTFJOUFOEFEUPCFQFSTVBTJWF øùø

    *UJTBMTPJOTUSVDUJWFUPDPNQBSFUIFUXPêSTUPSEFSJOUFOUJPOT UPTFFJGUIFSF
    JTBEJTSVQUJWFEJTDSFQBODZCFUXFFOUIFNѮFSFDFSUBJOMZJTTVDIBEJTDSFQBODZ
    CFUXFFOUIFJOUFOUJPOPGXBOUJOHUPIFMQHFU$BTTJPSFJOTUBUFEBT0UIFMMPTMJFV
    UFOBOUBOEUIBUPGXBOUJOHUPEFTUSPZ%FTEFNPOBTTUBOEJOHXJUI0UIFMMPBOE
    UPCSJOHUIFNBMMEPXO $BTTJP %FTEFNPOB NBZCFFWFO0UIFMMP0GUIFUXP
    JOUFOUJPOT UIFGPSNFSJOUFOUJPOJTUIFNPSFSFQVUBCMFBOEUIFNPSFJOOPDVPVT
    POF"OEJUJTOBUVSBMMZUIFEJTSFQVUBCMFêSTUPSEFSJOUFOUJPOUIBUUIFTQFBLFS
    TFFLTUPIJEFBOEUIFSFQVUBCMFêSTUPSEFSJOUFOUJPOUIBUIFEJWVMHFT
    3FMBUJOHUIFEJTDVTTJPOUPUIF(SJDFBOTDIFNFJOMJOHVJTUJDQSBHNBUJDT XF
    DBOTBZUIBU*BHPiRVJFUMZBOEVOPTUFOUBUJPVTMZuWJPMBUFTUXP(SJDFBONBYJNT
    JOUIFFQJTPEF UIPTFPG2VBOUJUZBOEPG2VBMJUZ"TSFHBSET2VBOUJUZ JUJT
    BHBJOIJHIMZQFSUJOFOUUPiUIFDVSSFOUQVSQPTFTPGUIFFYDIBOHFuGPSUIFIFBSFS
    UPLOPXXIBUUIFBEWJDFHJWFSJOUFOETUPBDIJFWFXJUIUIFQJFDFPGBEWJDF"T
    SFHBSET2VBMJUZ *BHPWJPMBUFTJUNPTUCMBUBOUMZXIFOIFQSPUFTUTUIBUIFJTPĒFS
    JOHIJTBEWJDFiJOUIFTJODFSJUZPGMPWFBOEIPOFTULJOEOFTTu
    8IJMF *BHP iRVJFUMZ BOE VOPTUFOUBUJPVTMZu WJPMBUFT UIF UXP NBYJNT BOE
    UIFSFCZUIF(SJDFBO 
    $PPQFSBUJWF1SJODJQMF UIFTFWJPMBUJPOTSFNBJO
    DPWFSUWJPMBUJPOTBUUIFDIBSBDUFSDIBSBDUFSMFWFMPGEJTDPVSTF%FDFQUJPOTVD
    DFFET CFDBVTF $BTTJP GBJMT UP OPUJDF UIBU UIFTF WJPMBUJPOT UBLF QMBDF "U UIF
    QMBZXSJHIUBVEJFODFSFBEFSMFWFMPGEJTDPVSTF UIFBVEJFODFIBTLOPXMFEHFPG
    *BHPTEJTSFQVUBCMFêSTUPSEFSJOUFOUJPOBOEJTBMTPBXBSFPG$BTTJPTMBDLPGUIJT
    LOPXMFEHF
    ѮFUXPFQJTPEFTUIVTJMMVTUSBUFUIFTBMJFODFPGUIFDPODFQUVBMEJTUJODUJPOT
    CFUXFFOPWFSUWFSTVTDPWFSUBOECFUXFFOêSTUPSEFSWFSTVTTFDPOEPSEFSJO
    UFOUJPOTJOUIFBOBMZTJTPG4IBLFTQFBSFBOESBNB:FUUIFSFJTBMTPBTJHOJêDBOU
    EJĒFSFODFCFUXFFOUIFFQJTPEFT4IBLFTQFBSFBOTDIPMBSTIBWFEFWPUFEBHSFBU
    EFBMPGBUUFOUJPOUP*BHP XIFSFBTWJSUVBMMZOPPOFIBTJEFOUJêFE%FDJVTGPSBU
    UFOUJPOPSBOBMZTJT*BHPTSPMFJTNVDINPSFQSPNJOFOUJO0UIFMMPUIBO%FDJVTT
    JTJO+VMJVT$BFTBS CVUUIFSFJTBMTPBNPSFRVBMJUBUJWFEJĒFSFODFUIBUDBOCF
    GPSNVMBUFEPOUIFCBTJTPGUIFDPODFQUVBMEJTUJODUJPOTQSPQPTFEIFSF
    *UXBTPCTFSWFEBCPWFUIBUJOUIFDBTFPGIJTEJTSFQVUBCMFêSTUPSEFSJOUFO
    UJPO *BHPIBEUIFTFDPOEPSEFSJOUFOUJPOPGOPUXBOUJOHUIFêSTUPSEFSJOUFO
    UJPOUPCFSFDPHOJ[FECZ$BTTJPѮJTSFNBJOTUSVF CVUQBSUPGUIFGBTDJOBUJPOPG
    *BHPMJFTJOUIFUBOUBMJ[JOHMBOHVBHFUIBUIFVTFTJOXFBWJOHIJTEFDFQUJPO8F
    NBZOPUJDFUIFDPOWPMVUJPOPGi*UIJOLZPVUIJOL*MPWFZPVuBUUIFCFHJOOJOHPG
    UIFFQJTPEFBOEiJNQPSUVOFIFSIFMQUPQVUZPVJOZPVSQMBDFuJO*BHPTMPOHFS
    UVSOѮFMBUUFSQISBTFFWPLFTFDIPFTPGUIFQMBDFUIBU$BTTJPIBECFGPSFIFCF
    DBNFMJFVUFOBOU"OEJUNBZCFBEEFEUIBUTIPSUMZBѫFSXBSETUIFWFSCTQMJOUFS
    DPNFTVQJOiѮJTCSPLFOKPJOUCFUXFFOZPVBOEIFSIVTCBOEFOUSFBUIFSUP
    øùù +VIBOJ3VEBOLP

    TQMJOUFSuѮFXPSEJTVTVBMMZVOEFSTUPPECZFEJUPSTUPNFBOABQQMZTQMJOUTUP
    3JEMFZFE
    ACJOEVQXJUITQMJOUT &WBOTFE
    PSAêYXJUIBTQMJOU
    3BĒFM FE 
     )PXFWFS  JU JT BMTP PQFO UP UIF PQQPTJUF JOUFSQSFUBUJPO PG
    ACSFBLJOUPTQMJOUFST 0&% TWTQMJOUFS
    *OWJFXPGTVDIFRVJWPDBUJPOTBOE
    BNCJHVJUJFT JUJTQPTTJCMFUPTBZUIBUJOUIFTDFOF*BHPJTFOHBHJOHJOXIBUIBT
    CFFO UFSNFE iTFDSFU TDIFNJOH u UIF UZQF PG TDIFNJOH UIBU EPFT OPU CFDPNF
    FYQMJDJUBOEiHPFTVOSFNBSLFEXJUIJOUIFQMBZTu -FWJO
    -FWJO 
    
    IBTBSHVFEUIBUiWFSCBMFRVJWPDBUJPOIJOUT<BU>TFDSFUTDIFNJOH uBOEUIJT
    BQUMZTVNTVQ*BHPTUFDIOJRVF
    ѮFGSBNFXPSLPGêSTUPSEFSBOETFDPOEPSEFSJOUFOUJPOTPĒFSTBGSBNF
    XPSLGPSBOBMZ[JOHUIFTDFOF*OUIFTDFOF*BHPSFQFBUFEMZTVQQMJFT$BTTJPXJUI
    BNCJHVJUJFTBOEFRVJWPDBUJPOTUIBUIJOUPGUIFUSVFêSTUPSEFSJOUFOUJPOUIBUIF
    IBT UPZJOHXJUIUIFTFDPOEPSEFSJOUFOUJPOPGOPUXBOUJOH$BTTJPUPSFDPHOJ[F
    UIFêSTUPSEFSJOUFOUJPOJORVFTUJPO$BTTJPGBJMTUPHSBTQUIFIJOUTBOEFRVJWP
    DBUJPOT CVUUIFTFBSFBMTPPGJOUFSFTUBUUIFQMBZXSJHIUBVEJFODFSFBEFSMFWFM
    PGEJTDPVSTF GPSUIFZTFSWFUPIFJHIUFOUIFESBNBUJDUFOTJPOBOEUPBEEUPUIF
    BVEJFODFTGBTDJOBUJPOXJUI*BHPTBSUJTUSZ
    ѮF%FDJVTFQJTPEFMBDLTFRVJWPDBUJPOTBOESFQSFTFOUTBTUSBJHIUGPSXBSE
    JMMVTUSBUJPOPGBDIBSBDUFSIBWJOHBEJTSFQVUBCMFêSTUPSEFSJOUFOUJPOBOEUIF
    TFDPOEPSEFSJOUFOUJPOPGLFFQJOHUIBUJOUFOUJPODPWFSU#ZDPOUSBTU UIF*BHP
    FQJTPEF BEET B MFWFM PG TDIFNJOH XIFSF B DIBSBDUFS XIP IBT B EJTSFQVUBCMF
    êSTUPSEFSJOUFOUJPOBOEUIFTFDPOEPSEFSJOUFOUJPOPGLFFQJOHUIBUêSTUPSEFS
    JOUFOUJPO TFDSFU IBT UIF EBSJOH UP HJWF IJOUT UP UIF IFBSFS BCPVU UIF IJEEFO
    êSTUPSEFSJOUFOUJPO BMNPTUBCBOEPOJOHUIFTFDPOEPSEFSJOUFOUJPOPGLFFQ
    JOHUIFEJTSFQVUBCMFêSTUPSEFSJOUFOUJPOIJEEFO

    û $PODMVEJOHPCTFSWBUJPOT

    ѮJTBSUJDMFBSHVFTUIBUEFDFQUJPOJOEJTDPVSTFJOUFOEFEUPCFQFSTVBTJWFDBO
    PѫFOCFBOBMZ[FEPOUIFCBTJTPGUXPEJTUJODUJPOT‡PWFSUWFSTVTDPWFSUBOE
    êSTUPSEFS WFSTVT TFDPOEPSEFS ‡ SFMBUJOH UP TQFBLFS JOUFOUJPOT %FDFQUJPO
    BSJTFTJOTVDIEJTDPVSTFXIFOBTQFBLFSIBTUXPêSTUPSEFSJOUFOUJPOTXIFO
    BEWPDBUJOHBDPVSTFPGBDUJPOBOEUIFSFJTBEJTUJODUEJWFSHFODFCFUXFFOUIFN
    6OEFSTVDIDJSDVNTUBODFTUIFTQFBLFSUZQJDBMMZEJWVMHFTUIFNPSFJOOPDVPVT
    êSTUPSEFSJOUFOUJPOXIJMFLFFQJOHUIFMFTTDSFEJUBCMFJOUFOUJPOIJEEFOBOEUIF
    IFBSFSJTEFDFJWFECFDBVTFIFPSTIFCFMJFWFTUIBUUIFTQFBLFSJTBEIFSJOHUPUIF
    NBYJNTPGDPOWFSTBUJPOBOEUIFDPPQFSBUJWFQSJODJQMF FTQFDJBMMZUIFNBYJNPG
    2VBOUJUZBOEUIFNBYJNPG2VBMJUZ
     $PODFQUTGPSBOBMZ[JOHEFDFQUJPOJOEJTDPVSTFJOUFOEFEUPCFQFSTVBTJWF øùú

    6OEFSMZJOH UIF BSHVNFOU IFSF JT UIF OPSNBUJWF JEFB UIBU JO BUUFNQUT BU
    QFSTVBTJPOJOXIBUJTVOEFSTUPPEUPCFBDPPQFSBUJWFUZQFPGEJTDPVSTFUIFSF
    BSFDFSUBJOTUBOEBSETPGCFIBWJPSUIBUDBOSFBTPOBCMZCFFYQFDUFEUPIPME*O
    QBSUJDVMBS XIFOBTQFBLFSQVUTGPSXBSEBTVHHFTUJPOBCPVUBGVUVSFDPVSTFPG
    BDUJPOUIBUUIFIFBSFSTIPVMEBEPQUJOXIBUUIFIFBSFSUBLFTUPCFBDPPQFSBUJWF
    UZQFPGEJTDPVSTF UIFNBYJNPG2VBOUJUZFOUBJMTUIBUUIFTQFBLFSBEWPDBUJOH
    UIFDPVSTFPGBDUJPOTIPVMESFWFBMIJTPSIFSJOUFOUJPOTBOEUIFSFBTPOTGPSUIF
    BEWJDF4VDIBTUBOEBSEPGDBOEJEOFTTJTOPUOFDFTTBSJMZFYQFDUFEUPCFPCTFSWFE
    JOBEWFSTBSJBMEJTDPVSTF XJUIBDPVSUSPPNTDFOBSJPCFJOHBDBTFJOQPJOU
    8IFO B TQFBLFS GBJMT UP SFWFBM IJT PS IFS JOUFOUJPOT XIFO QSPQPTJOH B
    DPVSTFPGBDUJPOJOXIBUUIFIFBSFSUBLFTUPCFDPPQFSBUJWFEJTDPVSTF IFPSTIF
    FOHBHFTJOBUZQFPG2VBOUJUZCBTFEEFDFQUJPO%FDFQUJPOPGUIJTUZQFEPFT
    OPUOFDFTTBSJMZJOWPMWFBOZGBMTFQSPQPTJUJPOBOEJUDBOCFUFSNFEJOEJSFDUEF
    DFQUJPO BTPQQPTFEUPEJSFDUMJFT XIJDIBSFDPWFSUWJPMBUJPOTPGUIFNBYJNPG
    2VBMJUZBUUIFMFWFMPGXIBUJTTBJE
    "GBJMVSFPOUIFQBSUPGBTQFBLFSUPEJTDMPTFBEJTDSFEJUBCMFêSTUPSEFSJO
    UFOUJPONBZCFJOEJSFDUMZEFDFQUJWFGSPNBDPODFQUVBMQPJOUPGWJFX CVUJUJT
    MJLFMZUPCFQFSDFJWFECZUIFIFBSFSBTTFWFSFMZEFDFQUJWF JGEJTDPWFSFE JOXIBU
    XBTTVQQPTFEUPCFBDPPQFSBUJWFUZQFPGEJTDPVSTFѮFSPMFPG2VBOUJUZCBTFE
    EFDFQUJPOBQQFBSTFTQFDJBMMZSFMFWBOUUPQSBDUJDBMSFBTPOJOH XIFSFBTQFBLFS
    TFFLTUPMFBE‡PSNJTMFBE‡BIFBSFSJOUPBDPVSTFPGBDUJPO"UUIFTBNFUJNF 
    UIFDPODSFUFFYBNQMFTEJTDVTTFEIFSF êDUJPOBMBTUIFZBSF BMTPTIPXIPXUIF
    UXPUZQFTPGEFDFQUJPO JOEJSFDUEFDFQUJPOBOEEJSFDUMJFT BSFBQUUPPDDVSUP
    HFUIFS NVUVBMMZTVQQPSUJOHBOESFJOGPSDJOHFBDIPUIFSJOEJTDPVSTF
    *O PSEJOBSZ DPOWFSTBUJPO BOE JO SFBMMJGF JOUFSBDUJPO UIFSF JT PSEJOBSJMZ
    OPUIJOHDPSSFTQPOEJOHUPUIFBVUIPSBVEJFODFMFWFMPGEJTDPVSTF BOEJUJTPG
    UFONVDIIBSEFSUIBOJOUIFUXPFQJTPEFTGSPN4IBLFTQFBSFUPQSPWFUIBUB
    TQFBLFSBEWPDBUJOHBDFSUBJODPVSTFPGBDUJPOIBTBIJEEFOêSTUPSEFSJOUFOUJPO
    BOEBIJEEFOBHFOEB:FUTVDIJOUFOUJPOTBOEIJEEFOBHFOEBTBSFTPNFUJNFT
    MJLFXJTFQSFTFOUJOSFBMMJGFJOUFSBDUJPO BTBSHVFEJOUIFDBTFPGQPMJUJDBMEJT
    DPVSTFJO3VEBOLP 
    ѮFFQJTPEFTGSPN4IBLFTQFBSFIJHIMJHIUUIFQP
    UFOUJBMMZTJHOJêDBOUSPMFUIBUVMUFSJPSNPUJWFTBOEIJEEFOêSTUPSEFSJOUFOUJPOT
    NBZQMBZJOBUUFNQUTBUQFSTVBTJPO8IBUUIFEJTUJODUJPOTQSPQPTFEIFSFTFSWF
    UPEPJTUPQSPWJEFBDPODFQUVBMGSBNFXPSLGPSBOBMZ[JOHUIJTUZQFPGEFDFQ
    UJPOJOEJTDPVSTFNFBOUUPCFQFSTVBTJWF BUUIFTBNFUJNFQSPNQUJOHGVSUIFS
    BUUFOUJPOUPUIFRVFTUJPOPGXIFUIFSUIFEJTDPVSTFJORVFTUJPOJTQFSDFJWFEBT
    DPPQFSBUJWFPSBEWFSTBSJBM
    ѮF GSBNFXPSL PG DPODFQUVBM EJTUJODUJPOT QSPQPTFE BMTP PĒFST B OFX
    QFSTQFDUJWF GPS VOEFSTUBOEJOH TVCUMFUJFT PG WFSCBM JOUFSBDUJPO JO BUUFNQUT BU
    øùû +VIBOJ3VEBOLP

    QFSTVBTJPO  BT JO UIF *BHP$BTTJP FQJTPEF FNQMPZJOH UIF GSBNFXPSL JOUSP
    EVDFEIFSF JUJTQPTTJCMFUPTBZUIBUJOUIBUFQJTPEFUIFTQFBLFSXBTUPZJOHXJUI
    BOEJOUFSSPHBUJOHIJTPXOTFDPOEPSEFSJOUFOUJPOSFMBUJOHUPIJTEJTSFQVUBCMF
    êSTUPSEFSJOUFOUJPOѮFOFXBOHMFPO*BHPTUFDIOJRVFUIFOJOWJUFTUIFDSJUJD
    UPFYBNJOFUIFTFOTFTPG*BHPTXPSETNPSFDBSFGVMMZ BTJOUIFDBTFPGTQMJOUFS 
    UIVTFOSJDIJOHPVSVOEFSTUBOEJOHPG4IBLFTQFBSFTQMBZ8IFUIFSUIFBQQSPBDI
    DBOCFIFMQGVMJOUIFTUVEZPGPUIFSFQJTPEFTJO4IBLFTQFBSFPSFMTFXIFSFJO
    ESBNBJTBRVFTUJPOMFѫGPSGVUVSFSFTFBSDI

    "DLOPXMFEHNFOU

    ѮFBVUIPSJTHSBUFGVMUP3PCFSU.)BSOJTIBOE4DPUU+BDPCT PGUIF6OJWFSTJUZPG"SJ[POB 
    BOE UP *BO (VSOFZ BOE %BWJE 3PCFSUTPO  PG UIF 6OJWFSTJUZ PG 5BNQFSF  GPS SFBEJOH BOE
    DPNNFOUJOH PO UIF OFYUUPêOBM WFSTJPO PG UIJT BSUJDMF 4BOOB 5BQJPMB  PG UIF 6OJWFSTJUZ
    PG5BNQFSF EFTFSWFTUIBOLTGPSDIFDLJOHUIFRVPUBUJPOTGSPN4IBLFTQFBSF"MMSFNBJOJOH
    GBVMUTBSFUIFBVUIPSTSFTQPOTJCJMJUZ

    /PUFT

    ø *OUIFTUVEZPGQFSTVBTJPO JUJTVTFGVMUPNBLFBEJTUJODUJPOCFUXFFOQSBDUJDBMBOEEJTDVS


    TJWFSFBTPOJOH)FSFJTIPX8BMUPOEFTDSJCFTUIFN

     1SBDUJDBM SFBTPOJOH w JT B LJOE PG HPBMEJSFDUFE  LOPXMFEHFCBTFE SFBTPOJOH UIBU JT
    EJSFDUFEUPDIPPTJOHBQSVEFOUDPVSTFPGBDUJPOGPSBOBHFOUUIBUJTBXBSFPGJUTQSFTFOU
    DJSDVNTUBODFT*OBQSBDUJDBMJOGFSFODF UIFDPODMVTJPOJTBOJNQFSBUJWFUIBUEJSFDUTUIF
    BHFOUUPBQSVEFOUDPVSTFPGBDUJPOѮFQSFNJTFTEFTDSJCFUIFBHFOUTHPBMTBOELOPXM
    FEHFJOBHJWFOTJUVBUJPO FTQFDJBMMZQSBDUJDBMLOPXMFEHFPGXBZTBOENFBOT
      %JTDVSTJWFSFBTPOJOH CZDPOUSBTU IBTBDPHOJUJWFPSJFOUBUJPO XFJHIJOHSFBTPOTGPS
    BOE BHBJOTU UIF USVUI PS GBMTJUZ PG B QSPQPTJUJPO -PHJD  JO UIF QBTU  IBT VTVBMMZ EFBMU
    XJUIEJTDVSTJWFSFBTPOJOHBTUIFPOMZJNQPSUBOULJOEPGSFBTPOJOHUPCFFWBMVBUFE BOE
    JHOPSFEQSBDUJDBMSFBTPOJOH 8BMUPO

    ù *GUIFSFBSFUISFFPSNPSFQBSUJFTUBLJOHQBSUJOBDPOWFSTBUJPO JUJTQPTTJCMFUPWJTVBMJ[F


    TDFOBSJPTJOPSEJOBSZDPOWFSTBUJPOUIBUNBZSFTFNCMFUIFiBVUIPSBVEJFODFSFBEFSuMFWFMPG
    EJTDPVSTF XJUIBTQFBLFSTIBSJOHTPNFTBMJFOUQJFDFPGJOGPSNBUJPOXJUIBOPUIFSTQFBLFS
    XIJMFLFFQJOHBUIJSETQFBLFSJHOPSBOUPGJU

    ú ѮFUFYUVBMFYUSBDUTBSFGSPN(#MBLFNPSF&WBOT FE 


    

    û ѮFBVUIPSJTJOEFCUFEUP4DPUU+BDPCT QFSTPOBMDPNNVOJDBUJPO GPSESBXJOHIJTBUUFO


    UJPOUPUIFOBUVSFPGUIFPWFSUJOUFOUJPOBTBTVCHPBMPGBMBSHFSTDIFNFJOUIFQSFTFOUDBTF
     $PODFQUTGPSBOBMZ[JOHEFDFQUJPOJOEJTDPVSTFJOUFOEFEUPCFQFSTVBTJWF øùü

    ü ѮFBVUIPSJTJOEFCUFEUP4DPUU+BDPCT QFSTPOBMDPNNVOJDBUJPO GPSESBXJOHBUUFOUJPOUP


    DPVSUSPPNEJTDPVSTFJOUIJTDPOUFYU

    ý i*LOPX uBT,FOOFUI.VJSIBTPCTFSWFE iPGOPTPMJMPRVJFTJOXIJDIUIFDIBSBDUFSTPMJMP


    RVJTJOHEPFTOPUCFMJFWFXIBUIFTBZTu .VJS
    'PSNPSFEJTDVTTJPOPGUIFOBUVSFPG
    TPMJMPRVJFTJOUIFQSFTFOUDPOUFYU TFF3VEBOLP 
    

    þ ѮFBVUIPSJTJOEFCUFEUP%BWJE3PCFSUTPOPGUIF6OJWFSTJUZPG5BNQFSF QFSTPOBMDPN


    NVOJDBUJPO  GPS ESBXJOH BUUFOUJPO UP UIF FRVJWPDBUJPOT JO *BHPT MBOHVBHF JO UIF QSFTFOU
    DPOUFYU

    3FGFSFODFT

    &WBOT (#MBLFNPSF FE


    ѮF3JWFSTJEF4IBLFTQFBSF#PTUPO)PVHIUPO.JĔJO
    (SJDF )1BVM-PHJDBOEDPOWFSTBUJPO*O1FUFS$PMFBOE+FSSZ.PSHBO FET
    4ZOUBY
    BOE4FNBOUJDT7PM 4QFFDI"DUT/FX:PSL"DBEFNJD1SFTT m
    +BDPCT 4DPUU %BMF#SBTIFST BOE&EXJO+%BXTPO5SVUIBOEEFDFQUJPO$PNNVOJDB
    UJPO.POPHSBQIT m
    -FWJO 3JDIBSE"4IBLFTQFBSFT4FDSFU4DIFNFSTѮF4UVEZPGBO&BSMZ.PEFSO%SB
    NBUJD%FWJDF/FXBSL6OJWFSTJUZPG%FMBXBSF1SFTT
    .D$PSOBDL  4UFWFO "  *OGPSNBUJPO NBOJQVMBUJPO UIFPSZ $PNNVOJDBUJPO .POP
    HSBQIT m
    .FZ +BDPC-1SBHNBUJDT"O*OUSPEVDUJPO0YGPSE#MBDLXFMM
    .VJS ,FOOFUI4IBLFTQFBSFTTPMJMPRVJFT0DJEFOUF-97** m
    3BĒFM #BSUPO FE
    0UIFMMP/FX)BWFO:BMF6OJWFSTJUZ1SFTT
    3JEMFZ ." FE
    ѮF"SEFO&EJUJPOPGUIF8PSLTPG8JMMJBN4IBLFTQFBSF0UIFMMP
    -POEPO.FUIVFO
    3VEBOLP  +VIBOJ  1SBHNBUJD "QQSPBDIFT UP 4IBLFTQFBSF -BOIBN  .% 6OJWFSTJUZ
    1SFTTPG"NFSJDB
    3VEBOLP +VIBOJѮFGBMMBDZPGBETPDPSEJBNBOEUXPUZQFTPGTQFBLFSJOUFOUJPOT"
    DBTFTUVEZGSPNUIFêSTUDPOHSFTTJPOBMEFCBUFPOUIF#JMMPG3JHIUTJO+PVSOBMPG
    1SBHNBUJDT m
    4IPSU .JDL&YQMPSJOHUIF-BOHVBHFPG1PFNT 1MBZTBOE1SPTF-POHNBO-POEPO
    8BMUPO %PVHMBT/"SHVNFOUBUJPO4DIFNFTGPS1SFTVNQUJWF3FBTPOJOH.BIXBI /+
    -BXSFODF&SMCBVN

    "VUIPSTBEESFTT
    +VIBOJ3VEBOLP
    %FQBSUNFOUPG&OHMJTI 6OJWFSTJUZPG5BNQFSF
    10#PY
    5BNQFSF '*/
    'JOMBOE
    FNBJMGKVSV!VUBê
    øùý +VIBOJ3VEBOLP

    "CPVUUIFBVUIPS
    +VIBOJ3VEBOLPJT1SPGFTTPSPG&OHMJTI1IJMPMPHZBUUIF6OJWFSTJUZPG5BNQFSF 'JOMBOE)F
    IBTQVCMJTIFEPOUIFTUSVDUVSFBOEIJTUPSZPGUIF&OHMJTIMBOHVBHF FTQFDJBMMZPOUIFTZTUFN
    PG&OHMJTIQSFEJDBUFDPNQMFNFOUBUJPOBOEJUTFWPMVUJPOJOSFDFOUDFOUVSJFT*OUIFêFMEPG
    QSBHNBUJDT IJTQVCMJDBUJPOTJODMVEF+BNFT.BEJTPOBOE'SFFEPNPG4QFFDI 6OJWFSTJUZ1SFTT
    PG"NFSJDB %BMMBT 
    

    You might also like