Environment AR 2016-2017 Hindi

RNIN=GIMLNV9=

+NNMUOMGNM
LN=RMN@RXYN6MW\RNTLIMRU=XHD N\
=
RNINGIMLNV 9=

)LLKSMKELK
JL;PKL>PVWL4KUZPLRJGKPS;VFBLZ
VC;GO:ZI
IRNOZSK
YN LC%
O OD
OD^NVLN ǀ
HD N\GK+NZIHGNYN6MYINQV
N ǀŝŝ
HT>PL\I&NN ǆŝ
ϭ͘ oNGCIUGODONNX ORV=^NNRDY8RVNN ϭ
ϭ͘ϭ +NNMUKRX/LIUORV=^NN;FKOYNE=Ϳ Ϯ
ϭ͘Ϯ +NNMUK³NNKORV=^NN;WV0OYNE=Ϳ ϲ
ϭ͘ϯ +NNMUKGKsUU9K^NV ³FDNXYNE=OKWV0H ϵ
ϭ͘ϰ ORV=^NNRDPLNVI[UNOZ ϭϳ
Ϯ͘ ODM^NN Ϯϵ
Ϯ͘ϭ W6RIRIRNUNODM^NN ϯϬ
Ϯ͘Ϯ W6RIRIRNUNODM^NNYN6M[]NHKNYNWKIRGNOTNNMLIMNVWXNFKOKYNM\YNE=LK ϯϴ
Ϯ͘ϯ G31RX/LIUYN6ML]RN\I+NI¥N ϰϬ
Ϯ͘ϰ WKRHD0\IMWR= ϰϬ
Ϯ͘ϱ R[KG = MNHDV^NHUNIXHN=NLMYI>N\+NNMUKOHI8RULIMNW
V XNYNE=OKYNVLK9K'OϰϮ
Ϯ͘ϲ RNX/LIUGP_NXNVDFNV96IXG\[N0=8OGNVOJNUN ϰϯ
Ϯ͘ϳ RXODM^NN ϰϲ
Ϯ͘ϴ RX/)NNLXN ϰϲ
Ϯ͘ϵ RX³+NN[GNOTQCKGMN ϰϳ
Ϯ͘ϭϬ RXXKIU ϱϬ
Ϯ͘ϭϭ RXODM^NN ϱϮ
Ϯ͘ϭϮ R8WKRODM^NN ϱϮ
Ϯ͘ϭϯ R8WKRYLMNNIXD N&ZMNV ϱϯ
Ϯ͘ϭϰ GV8Q]KISI0N"NML]NINGMN ϱϯ
Ϯ͘ϭϱ JN)NKLIMNVWXN ϱϱ
Ϯ͘ϭϲ MN9KFN"NODM^NNL]NINGMNX9KOK ϱϲ
Ϯ͘ϭϳ WKRW8UT G<NN ϱϳ
ϯ͘ LN=RMNL]+NNRHZ<NDGX ϲϭ
ϰ͘ L]QZNNIXD N ϲϱ
ϰ͘ϭ L]QZNNPL
NHX ϲϲ
ϰ͘Ϯ GV8²KL]QZNNIXD NFNV0= ϲϴ
ϰ͘ϯ >NUMXNGLQN)N=L]FDNX ϳϲ
ŝŝ
ϰ͘ϰ \NE=V
NGNPLNV[ ϴϯ
ϰ͘ϱ /R31L]N6_NVI[GKGNIRGNOYN6MODRN=X ϴϴ
ϱ͘ W\IXGNNVDGNODM^NN ϵϭ
ϱ͘ϭ MN9KXQKODM^NNNVWXNXYNMOK0K ϵϮ
ϱ͘Ϯ !K\NVDGNODM^NN ϵϱ
ϲ͘ LTXNMRDLNIMI/)NIUGKIRGNO ϵϵ
ϲ͘ϭ MN9KRXKGMNYN6MLNIMI/)NIUGKIRGNOFNV0=XE=FK ϭϬϬ
ϲ͘Ϯ MN9KJIMU+NNMUIH
NX ϭϬϮ
ϳ͘ LN=RMNKYXTODNNX ϭϬϱ
ϳ͘ϭ LN=RMNKYXTODNNX ϭϬϲ
ϳ͘Ϯ LNIMI/)NIUGKLOVODRVQX
NK\^NV ϭϬϴ
ϳ͘ϯ MN9KL]NGCIUGODONNXL]F8NXL]NN\KXXYNMHO ϭϭϰ
ϳ͘ϰ 7NKFKLDUIJHN\K,NN=RMNYN6MIRGNOOD/)NNXWKRKLKYNE=SE=0K ϭϭϲ
ϳ͘ϱ RNIXGKYXTODNNX ϭϮϭ
ϳ͘ϲ +NNMUKR8WKROD/)NNX ϭϯϳ
ϴ͘ I
N^NNRDWN[GUN ϭϰϯ
ϴ͘ϭ I
N^NNRDWN[GUN ϭϰϰ
ϵ͘ P5GC9UNGV8Q] ϭϱϭ
ϵ͘ϭ LN=RMNI
N^NNGV8Q]OKE=E= ϭϱϮ
ϵ͘Ϯ OKLKYNMLN=RMNKI
N^NNGV8Q]OKLKYNME=E=OK ϭϱϯ
ϵ͘ϯ LNIMI/)NIUGIR.NXGV8Q]OKE=O ϭϱϯ
ϵ͘ϰ O\KHY\KL^NKIR.NXYN6ML]NGCIUGIR.NXGV8Q]OOKYNVX ϭϱϰ
ϵ͘ϱ ^NIMULNIM L]NN\KGNLN=RMNKL]FDNXGVDQ]@OKE=H0KE= ϭϱϲ
ϵ͘ϲ HQ]NO/GZ\YN:4EGNVXNVIH'OHOE= ϭϱϵ
ϵ͘ϳ /)NNXK/RN/)LM(LMNLTXNM4NPD0V
NX4YNM\S9K ϭϲϬ
ϭϬ͘ LN=RMNKOZSXN ϭϲϯ
ϭϬ͘ϭ LN=RMNKOZSXN ϭϲϰ
ϭϬ͘Ϯ ONDI>GKL]GNV% ϭϲϳ
ϭϬ͘ϯ [6MOMGNMKOD[%XXWKYNVL]GNV% ϭϲϵ
ϭϭ͘ R6NNIXGRDOD/)NN[UOJNUN ϭϳϭ
ϭϭ͘ϭ XKIURDIRIN ϭϳϮ
ϭϭ͘Ϯ MN9KJIMUYINGMNXWK9K ϭϳϮ
ϭϭ͘ϯ YNI)N=GL]GNV% ϭϳϯ
ϭϭ͘ϰ 2NLNMYN6MLN=RMN ϭϳϯ
ŝŝŝ
ϭϮ͘ W\RNTLIMRU=X ϭϳϱ
ϭϮ͘ϭ W\RNTLIMRU=X ϭϳϲ
ϭϮ͘Ϯ YNVWNVXLMUODM^NN ϭϴϯ
ϭϮ͘ϯ H/)N\KGMNGNHTGNF\NGMXVGVI\ODT'UMN9G8RVD
NX ϭϵϮ
ϭϯ͘ YDUMN=9KOJNV[YN6MOUUIRGNO ϭϵϱ
ϭϯ͘ϭ YDUMN=9KOJNV[ ϭϵϲ
ϭϯ͘Ϯ OUUIRGNO ϮϬϱ
ϭϯ͘ϯ FNJa OJNUNL]N,ULIMNVWXND#P¥NMLZR=L]GNV% ϮϬϳ
ϭϰ͘ L]
NNOXYN6MIOIR\IXHN=N ϮϬϵ
ϭϰ͘ϭ L]
NNOXYN6MIOIR\IXHN=N ϮϭϬ
ϭϰ͘Ϯ +NNMUKRXOVRNYNE=4OODR[=L]FDNX ϮϭϮ
ϭϰ͘ϯ OUG=UN Ϯϭϯ
ϭϰ͘ϰ ODOQ Ϯϭϱ
ϭϰ͘ϱ OZSXNL]N6_NVI[GKRDE=
NNOX Ϯϭϴ
ϭϰ͘ϲ OZSXNGNYINGNMYNM9KYNE=L]GNV% Ϯϭϵ
ϭϰ͘ϳ ONHN8L]
NNOX ϮϮϬ
ϭϰ͘ϴ WXI
NGNUL]GNV% ϮϮϬ
ϭϰ͘ϵ MNW+NNNNXKIUGNGNN=8RX ϮϮϬ
ϭϰ͘ϭϬIOIR\IXHN=NGGOKOKZ ϮϮϭ
ϭϱ͘ NVWXNOH8RYN6MFW9 ϮϮϯ
ϭϲ͘ YXTFDN ϮϮϲ
YXT\;XGͲ/ʹRN=GKIMLNV9=ODGVYXTONMHJ5RLZN=\V>NNLMK^NNL6MN ϮϮϲ
YXT\;XGͲ//ʹOD[%XN5HGNDSNLN=RMN^NV ϮϮϳ
YXT\;XGͲ///ʹOD[%XN5HGNDSNRNIXGKYN6MR8WKR^NV ϮϮϴ
YXT\;XGͲ/sʹMNHOMGXRVD
NXGVYDU[=U+NNMUGKYDUMMN9KHJ5RGK ϮϮϵ
XH+NZIHNVDGKOZSK
ŝǀ
/DN^NVLN
YNE=OKYNVLK 96'O YI>N\ +NNMUK R[K=GK ^NHUN IXHN=N ODFDNK OHI8RU YNE=WKLKLK EDIQMN[NDNK,NN=RMNLTM/GNM
LIMNVWXN YNE=XOKOK+NNMUKW\RNTLIMRU=XXV9RG=
0&<Z ,NqNTG<NN YNE=LKOKOK W\RNTLIMRU=XLMYDUMMNo9KL6X\
FKOKO W6R IRIRNUNODM^NN/GKH YNE=9K OZSXNL]N6_NVI[GK
FKWK RX/LIUP_NX YNE=ZOKX YDUMMNo9KL]sIUODM^NNOD"N
FKWKYNE=YNM +NNMUK[NMN7GVRX/LIUP_NX YNE=0&<ZOZYNDUIMGGN=YXGG
FKOYNE= +NNMUKRX/LIUORV=^NN \OK IRINL]GNVo%
OKFK0K W6IRGIRIRNUNG8RVD
NX HFKLK HNXRRDW6RHD0\GN=¤H
OKFKLK ^NHUNIXHN=NLIMNVWXN HWKOKE=D0E=HJN5HN[NDNK,NN=RMNYN6MLNIMI/)NIUGKSVM
OKOK W\RNTLIMRU=X X9KOKYNVHMNo9KODSNM
OKOKZ IOIR\IXHN=NGG XFK MNo9KW6RIRIRNUNL]NINGMN
OK0KH /R31IRGNOUD XFKLK MNo9KW6RIRIRNUNGN=NVWXN
OKE=O LNIMI/)NIUGKIR.NXGV8Q] XOKW60H MNo9KU9K^NV L]FDNXL]NINGMN
OKH0&<Z XH+NZIHNVDGNODM^NNYN6ML]FDNX XE=LK9KYNMYNE=MNo9K,NN=RMNKODM^NNL]IqN^NNRDYXTODNNXOD/)NNX
OKYNVLK L^NGNMNVDGNO(HV\X XE=OLK4 MNo9K,NN=2NMNKIR.NX46\NVGN=¤H
OKLK RNTL]QZoNNIXD N X4 MNo9K46\NVIqNLLTM/GNM
OKLK0&<Z W\L]QZoNNIXD N XWKYNV [6MOMGNMKOD[%X
OKLKFK W6ROTM^NNLMGN9V=WVXNL]NV9NVGN\ XWK9K MNo9KJIMUYINGMN
OKLKOKFK GV8Q]KL]QZoNNIXD NFNV0= XWKYNMFK MNo9K[D[NXQKFVIOXL]NINGMN
OK9K /R31L]N6_NVI[GK XYNE=0&<Z MNo9K,NqNTG<NNOD/)NNX
OKYNMWV0 U9KIRIXHXWNVX X\OKLK MNo9K!K\ODM^NNNVWXN
OKO0K OUUIRGNOYNNV[ XHOKWK MNo9K/R31[D[NL]NINGMN
OKRKYNV HT>OUG=UNYINGNMK XHXS MNo9KL]NGCIUGIR.NXOD[]JN\
0K9KE=LK NNXZUN\ZGN,NN=RMNODM^NNL]NINGMN XXYNMHOMNo9KL]NGCIUGODONNXL]FDNXL]NNI\ND
E=OK YNI)N=GL]GNVo% XYNMOK0K MNo9KXQKODM^NNIXQVqNN\
E=E= ,NN=RMNIqN^NN XYNMOKLK MNo9KXQKODM^NNNVWXN
E=YNE= ,NN=RMNKOZSXN YNE=XOKOK+NNMUKW\RNTLIMRU=XXV9RG=
E=YNE=RKYNM YUT\XKHZ<IRIXHNVDGKE=GNEND YNE=LKOKOK W\RNTLIMRU=XLMYDUMMNo9KL6X\
XIRO ,NN=RMNOZSXNL]NN\K YNE=9K OZSXNL]N6_NVI[GK
E=LK9KYNMYNE= ,NN=RMNOTM^NN@L]IqN^NNYN6MYXTODNNXOD/)NNX YNE=ZOKX YDUMMNo9KL]sIUODM^NNOD"N
E=O LNIMI/)NIUGKQCIo9OVODRVQXqNK\^NV YNE=0&<ZOZYNDUIMGGN=YXGG
4E= RX/)NNLXN \OK IRINL]GNVo%
4YNM\S9K4NPD0VqNX4N:MIMRNE9V\NEWVqNXYN:4\NVG\J6<)N9VI0qNDO HFKLK HNXRRDW6RHD0\GN=¤H
WK ONHN8L]qNNOX HWKOKE=D0E=HJN5HN[NDNK,NN=RMNYN6MLNIMI/)NIUGKSVM
WKFKLKYNE=SE=0K[NVIRDQF<\+NLDUIJHN\K,NN=RMNRDIRGNOOD/)NNX X9KOKYNVHMNo9KODSNM
WKLKWK R6IqRGONR=WIXGR/UTD XFK MNo9KW6RIRIRNUNL]NINGMN
WKOK ONHN8OH8R XFKLK MNo9KW6RIRIRNUNGN=NVWXN
WKE=OK YNXTRNDIqNGEDWKIXIMD[YXTHNVQXOIHIU XOKW60H MNo9KU9K^NV L]FDNXL]NINGMN
WKE=4 IRqR,NN=2NMNOTIRNN XE=LK9KYNMYNE=MNo9K,NN=RMNKODM^NNL]IqN^NNRDYXTODNNXOD/)NNX
WKYNE=H JIMU+NNMUIHqNX XE=OLK4 MNo9K,NN=2NMNKIR.NX46\NVGN=¤H
WK\YNVFKE= ,NN=2NMNGV\N+NJVUTR6IqRGYXRD,N=RV^NN X4 MNo9K46\NVIqNLLTM/GNM
SOH0K >NUMXNGLQN)N=L]FDNXL]+NN[ XWKYNV [6MOMGNMKOD[%X
YNE= L]+NNRHZ<NDGX XWK9K MNo9KJIMUYINGMN
YNE=OK YDUMMNo9KOJNV[ XWKYNMFK MNo9K[D[NXQKFVIOXL]NINGMN
YNE=OKYNE=HYNV0KYDUMMNo9KGKGCULR=UIRGNOGV8Q] XYNE=0&<Z MNo9K,NqNTG<NNOD/)NNX
YNE=4OK OZSXNOTIRNNL9\ X\OKLK MNo9K!K\ODM^NNNVWXN
YNE=40K GKGCUIR¥N³+NN[ XHOKWK MNo9K/R31[D[NL]NINGMN
YNE=4O +NNMUKRXOVRN XHXS MNo9KL]NGCIUGIR.NXOD[]JN\
ǀ
XXYNMHOMNo9KL]NGCIUGODONNXL]FDNXL]NNI\ND X\OKLK MNo9K!K\ODM^NNNVWXN
XYNMOK0K MNo9KXQKODM^NNIXQVqNN\ XHOKWK MNo9K/R31[D[NL]NINGMN
XYNMOKLK MNo9KXQKODM^NNNVWXN XHXS MNo9KL]NGCIUGIR.NXOD[]JN\
YNE=XOKOK+NNMUKW\RNTLIMRU=XXV9RG= XXYNMHOMNo9KL]NGCIUGODONNXL]FDNXL]NNI\ND
YNE=LKOKOK W\RNTLIMRU=XLMYDUMMNo9KL6X\ XYNMOK0K MNo9KXQKODM^NNIXQVqNN\
YNE=9K OZSXNL]N6_NVI[GK XYNMOKLK MNo9KXQKODM^NNNVWXN
YNE=ZOKX YDUMMNo9KL]sIUODM^NNOD"N X4LK MNo9KRNIXGKGN=¤H
YNE=0&<ZOZYNDUIMGGN=YXGG X4OK MNo9KRXYNNV[
\OK IRINL]GNVo% X9KOK MNo9KFN_ODM^NNL]NINGMN
HFKLK HNXRRDW6RHD0\GN=¤H XWV0LK MNo9KL]NNKP_NX
HWKOKE=D0E=HJN5HN[NDNK,NN=RMNYN6MLNIMI/)NIUGKSVM LKE= JN)NKLIMNVWXN
X9KOKYNVHMNo9KODSNM LK9K FN"NLIMNVWXN
XFK MNo9KW6RIRIRNUNL]NINGMN YNMYNVS'Z ^NV KGNN=\HT>N\
XFKLK MNo9KW6RIRIRNUNGN=NVWXN YNMYNV ^NV KGNN=\
XOKW60H MNo9KU9K^NV L]FDNXL]NINGMN YNM9K YXTODNNXRDL]IqN^NN
XE=LK9KYNMYNE=MNo9K,NN=RMNKODM^NNL]IqN^NNRDYXTODNNXOD/)NNX OZ ORV=^NNRDPLNV[
XE=OLK4 MNo9K,NN=2NMNKIR.NX46\NVGN=¤H O4 HNXGIR5UKYXTFDN
X4 MNo9K46\NVIqNLLTM/GNM 0&<ZSOK IRqRIRMNOUG8RVDqNX
XWKYNV [6MOMGNMKOD[%X 0&<ZOKOKFK R8WKRYLMNNIXD N&ZMNV
XWK9K MNo9KJIMUYINGMN 0&<ZYNE=YNE= +NNMUKR8WKROD/)NNX
XWKYNMFK MNo9K[D[NXQKFVIOXL]NINGMN 0&<Z\ R8WKR
XYNE=0&<Z MNo9K,NqNTG<NNOD/)NNX
ǀŝ
""+0 0A""0'"F!0'/),"0
HD N\GK+NZIHGNYN6MYINQV
N ͻ LN=RMNGNODM^NN@YN6M
HD N\GK+NZIHGN ͻ L
NTG<NNOTIXI
SUGMXN$
LN=RMN@ RX YN6M W\RNT LIMRU=X HD N\ EXP¹V

NVDGKL]NI,UHVDOJNUNGVI\LN=RMN
IW\NVD YN6M XIQNVD OIJU QV
N GV L]NGCIUG GVLIMM^NN@ODM^NNU)NNOTM^NNGVI\FXN[
ODONNXNVD@ EOGK W6R IRIRNUN@ RXNVD YN6M YXVGGNXZXRDIRIXHHN6WZQJ6D$EXGNXZXK
R8WKRGVODM^NNOVODFDINU+NNMUGKLN=RMN PLNNVDGVYIUIM°@MN9KODM^NNGN=XKIUYN6M
YN6MRXXKIUNVDU)NNGN=¤HNVDGVGNN=8RXGK LN=RMNYN6MIRGNOLMXKIU[UIRRMN@
IX[MNXK GMXV@ L
NTYNVD GN G<NN OTIXI
SU MN9K RX XKIU @ ³QZNN PL
NHX LM
GMXV U)NNL]QZNNGV IXRNMNYN6MPL
NHXGV XKIU[UIRRMN@YN6MMN9KLN=RMNXKIU
I\GVDQ]OMGNMHVDXNV0\WVDOKJ6D$EXXKIUNVD +NKHD N\GV GN= GNV HN[=Q
N=X³QNX
YN6M GN=¤HNVD GNV GNN=I8RU GMUV OH@ J GMUVJ6D$
HD N\OUUIRGNOGV IONDUOV HN[=QI
N=U EO HD N\ GK OD[%XN5HG ODMSXN
JNVUN J6$ J HD N\ ODT'U MN9 LN=RMN YXTFDN//YN6M///LMQK[E=J6
GN=¤H ZXE=LK@ QI^NN I
NN OJGNMK
LN=RMNGN=¤HOOKE=LK@YDUMN=9K LN=RMN@RXYN6MW\RNTHD N\GV
GKGCULR=UIRGNOGVDQ]YNE=OKYNE=HYNV YNKXIRN
0K U)NN ODT'U MN9 LN=RMN YN6M IRGNO LN=RMN@RXYN6MW\RNTLIMRU=XHD N\GNV
GN84]VDOZXOKE=0KGVI\+NKXNV0\WVDOK IX(XI\I>NUGN=HQVDYNFDI9UGK[E=J6D
J6$JHD N\OUUIRGNOYNNV[OKO0K@
U9K W\@ G31 RX/LIUNVD U)NN ³RN\
R6I
RGLN=RMNOTIRNNWKE=4W6OKFJTL^NK
I+NI¥NNVD GV LN=RMNOIJULN=RMNYN6M
OD/)NNYNVD U)NN ^NV K IXGNNVD )NN I
NN RD
LIMI/)NIUGK@LM8UT EOHVD >NT\V OHT²NVD GN
L]
NN8UGVI\YNI)N=GYN6MONHNIWGLIMNQE=
OHT²KLN=RMN
NNIH\XJKDJ6$
OOKLKU)NNQI^NNI
NN^NV KOJNV[
OD"NONG=GVON)NLN=RMNOVODFDINUIRNNVDLM LN=RMN YXTODNNX U)NN IRGNO@ I
N^NN@
OH8R+NKGMUNJ6$ HD N\GVHT>P¹V
³I
N^NN@OZSXNYN6MWN[GUN$
EO³GNMJ6 LN=RMNK/RNN/)$
ͻ RX/LIUNVD@³NINNVD@RXNVDYN6MR8WKRNVDGN LN=RMN³+NNRHZ<NDGX$
ODM^NNYN6MORV=^NN$
ODM^NN@ ³FDNX RD RXKGMN GV I\ RX
ͻ ³QZNNGNIXRNMNYN6MIXD N$ IRGNO WVDOK U)NN ODT°D RX ³FDNX
ͻ RXKGMN YN6M YR¤IHU RX ^NV NVD GN GN=¤H$
LTXNM$ ³NsIUG ODONNXNVD@ IR
NVNGM RXNVD@
ǀŝŝŝ
RX/LIUNVD@³NINNVD@LNIML]NNI\NDVYNIQGN +NNMUK ,\NE=RT0 P_NV[ YXTODNNX U)NN
ORV=^NNRDY8RVNN$ ³I
N^NNOD/)NNX@FVD[\T$
!K\NVDRDXH+NZIHNVDOIJUW6R IRIRNUN RXKGMNU)NNLNIM IRGNO@IWOHVDMN9K
GNODM^NN$ RXKGMNRDLIMI/)NIUGKIRGNOFNV0=+NK
XIQNVD GN ODM^NN@ IRGNO@ ³FDNX U)NN
NNIH\J6$
³QZNN PL
NHX@ IWOHVD [D[N XQK YN6M G RX@ FDWM+NZIHNVD HVD W6R E=DNX RXMNVLN
EOGKOJNGXIQND
NNIH\XJKDJ6D$ YN6MW6RE=DNXOVODFDINULN=RMNKHTQaQV$
GMN9KXQKODM^NNIXQV
NN\ H/)N\RDH/)N\KGMN$
FN"NLIMNVWXNU)NNJN)NKLIMNVWXNOIJU +NNMUKRXORV=^NN$
R8WKRODM^NN@LIMM^NN@OTM^NNYNNVWXN@ +NNMUKW6R IRIRNUNOD/)NNX@E=9NX[M$
YXTODNNX@I
N^NN@³I
N^NNU)NNWN[GUN$
GV8²K³QZNNIXD NFNV0=$
LN=RMN@RNIXGKU)NNR8WKRNVDOVODFDINU
WKFKLDU IJHN\K LN=RMN RD IRGNO
HT¹NVDLMYUMMN9KOJNV[$
OD/)NNX$
+NNMUK RX/LIU ORV=^NN U)NN RX/LIU
+NNMUK R8WKR OD/)NNX U)NN +NNMUK
P_NX$
R8WKRFNV0=$
+NNMUK³NNKORV=^NN$
+NNMUKRX³FDNXOD/)NNX$
MN9K³NsIUGIR.NXOD[]JN\$
MN9K ³NNK P_NX OIJU GV8²K
W6RH0\IMWR=GN=¤H$ ISI0N"NM³NINGMN$
ONHNIWG RNIXGKOIJUQV
NHVDMN9KRX +NNMUKRNIXGKYXTODNNXRDI
N^NNLIMNQ$
XKIUYN6MRNIXGKIRGNO$
YD0HNX RD IXGNVFNM `KLOHZJ RX U)NN
OD"N
NNIOU^NV NVDHVDRXRDRX³
NNOXOV FN[NXIRGNOIX[HI\IH9V0$
ODFDINUO+NKIRN$
L
NTYNVDLM¤ZMUNGNIXRNMN$
+NNMUKRXOVRN$
UN\NFNVDYN6ML
NTYNVDGKYNRNWNJKGVHN[NVOV
R8WKRLIMM^NNU)NNR8LI^NNVDYN6MWKR O(FI8NUHNH\V$
WDUTYNVDGNODM^NN$
[N6
NN\NDU)NN[N6OQX$
RNIXGKHVD P3SI
N^NNOIJUHN6I\GYN6M
³NINNVD GV L]IU¤ZMUNIXRNMNYINIXH@
YXT³T°YXTODNNXRD³I
N^NN$
GN$
LQaHWNXN0TIJHN\K³NNKP_NX$
W\ ³QZNN IXRNMN YN6M IXD N
RNIXGKIRGNO/GKHNDVGNVMN9KOJNUN$ YINIXH@GN$
ŝǆ
W\³QZNNIXRNMNYN6MIXD NPLGM LN=RMNODM^NNYINIXH@
YINIXH@GN$ GN$
RNT ³QZNN IXRNMN YN6M IXD N \NG
V QVUNFKHNYINIXH@GN$
YINIXH@GN$ MN9KJIMUYINGMNYINIXH@
+NNMUKRXYINIXH@GN ³IULZMGRXKGMNIXINYINIXH@
$
I9,LNKLN=RMN@RXYN6MW\RNT LIMUR=X
R8WKRODM^NNYINIXH@ HD N\@YXTOZISUWXWNIUGVRX RNIONVDGV
GN$ RX +NZIHLMYINGNMOVO(FI8NUIRNNXOIJU
RXODM^NNYINIXH@GN O+NKHNH\NVDGNV1NV0GMRXNVDGVO(F8NHVDOH[]
$ XKIUGVI\IW(HVQNMJ6$
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\ 00)"F!"0
""+0 0+0*</+"
HT>PL\I&NND HT>N\ GV O+NK UGXKGK /9N4 YN6M WNVX\
+NNMUK RNX/LIUG ORV=^NN MN7NVD@ MN9K YINGNIMNVDXV+NN[I\N$4OYNE=XV4MRMK@
U)NNOTMI^NU^NV OV L]WNIUNVD GNRI[=GK OVMN9KRXOZSKGVI\GXNXHZXN
IRRMNLZMNIGN$ I0WNEXGNVGNN=I8RUIGNJ6$
+NNMUK L]NNK IR.NX ORV=^NN LR=U FK O E= 4NEI\D[ ON:4a9RVM GN
LNIM L]NN\K@ XQKHT>N LNIML]NN\K@ OHTQ]K#`KL W6RIRIRNUNODM^NNFK9NRW=XXFKXV
LNIM L]NN\K@ "NNO+NZIH LNIM L]NN\K@ UNWN W\ XRDFM@GNVFKO E=4NEI\D[ON4a9RVM
LNIM L]NN\K@H/)N\LNIM L]NN\K@WKRHD0\ GNFK9NRW=XIM\KWIGNIWOOVYNRVQGYLXV
IMWR=# ODM^NN ^NV NVD@ MNo9K LNGNV=D@ R8WKR YNRVQXYN:X\NEXQNI>N\GMOGUVJ6D$JLJ\
Y+NNMNVDYNIQHVDL]NNKW[UORV=^NNLZMVIG YNRVQXNVDLMGNM=RNE=HVDUVWK\NXVGKIQ
NNHVDJ6$
[J6D$ RN= GV QN6MNXFKOOH!N6UNVD LMJ/UN^NM
IG[J6D$XFKXVWX=\NVDHVDL]GN
NXGVI\
XE= RI[=GK WKR#L]WNIUNVD GK >NNVW U)NN YLXKXRKXL]WNIUNVDGVQNRNJVUTQZOMVQV
NGV
+NNMUGVI\XIMGN:0=IMLNV9N=NKXYRINGV IMLNVIW9MK HVD +NNMU GV YXTODNNXGUN=YNVD#
QN6MNX@WV0OYNE=HT>N\YN6M^NV KGVDQ]NVDGV R6.NIXGNVD`NMNOZ^HWKRNVDGNVWHNGMXVJVUTOZSXN
R6.NIXGNVD `NMNGT\L]WNIUNVD GNV ISIJaXU L]QNXGMXVGVI\4N:H=OK
NTIGNJ6$
IGN [N$ PXHVD OV IR.NX GV I\ XE=
L]WNIUNVDGNRN=XIGN[NJ6U)NNL]WNIUNVD W6R IRIRNUN ODM^NN YN6M []NHKN
GNV+NNMUGVI\XIMGN:0=HVDWNV0N[N$ YNWKIRGNOTNNMLIMNVWXN¿FKOKYNM
MNo9K L]NIN IR.NX OD[]JNNVD GNV YN[V \YNE=LK¾
L]WNIUNVDOVODFDINUXHZXNVDYXNIHUU)NN y LVIMNMYN6MOULT0N\6D0/GVL/)N\NVDXVYL]6\@
LJSNXV[XHZXVDGVPQNJMNNVDGNVpNNIH\ HVDODM^NNLTM/GNMWKUV$
GMGVODRIN=UIGN[N$ y \6D0/GVL OHTQNNVD GV FKS P5UH ONHNIWG
`KLOHZJL]FDNXNVWXNU6NMIGNWNXN HNVIF\NEWV
NXYN6MOD/)NN[UIXHN=NMJNJ6$
LN=RMN@RXYN6MW\RNTLIMRU=XHD N\XV+NK EX\6D0/GVLHVDMJMJVRXLMIX+N=MOHTQNNVD
\^N`KL`KLOHZJGV`KLNVDGVI\GKsU`KL U)NN ON<9 L6X IGONXNVD@ L
NTNX LN\GNVD@
OHZJ³FDNXNVWXNDU6NMGKJ6DXOKOOKH IGONXNVD@ H1TYNMNVD YN6M Y8 YIUODRVQX
NK\
GVWIMYN6MEOVHNXXKP3SUH8NN\`NMN LIMRNMNVD)NN+NZIHJKXYN6MYXTOZISUWNIURD
YXTHNVIQUIGN[N$EOLMYNE= OKWV0H YXTOZISUWXWNIUGV LIMRNMOIJU\[+N[
LIMNVWXNGVSMN $$GVGNN=8RXJVUT0KLK @LIMRNMNVDGNV[]NHODM^NNOIHIUNVD
YNMGVLHVDIRSNMIGNWN[N$ RKOKOKGVYNKX\NN[NJ6$
+NNMUKRXODM^NNRN=GVQN6MNX@+NNMUK RXODM^NNRN= GVQN6MNX@WXRMKGV
IMHNV9OVDIOD[OV9V\NE9GV\YNE=OO$$$ YDUUGGVDQ]KOMGNMXVIFXNLN=,U8ZXKGNMG
OVDOMGV OK8OGNL]NLNXYNMOOK PLNNVD GV [6M RX L]NVWXNVD GV I\
J6QMNFNQOVIGN[NU)NNXRDFM@UG JV'9VMRX+NZIHGV Y8 ³NV[JVUT RXODM^NN
NK9aOGVI\R[K=GMNGN=LZMNGMI\N[N YINIXH@GVYNKXYXTHNVQXL]QNXIG$
J6$ RVD S¤ GV I\ HE=@ GNV RXXKIUHD N\GVRXXKIUL]+NN[XVO+NKYLM
GN=
NN\NYNNVIWUGK[E=IWOHVD4OYNE= HT>OISRNVDRX@ LKOKOK4SYNV4
ǆŝŝ
4#L]NNXOISRRXYN6MO+NKMN7NVD#OD"N L]+NNR HZ<NDGX YINOZSXN GV PLFDNNVD GV
MN7^NV NVDGVHT>R8WKRRN0=XOK0&<Z\ YXTONMIGNWNUNJ6$PLT'UIXN=\VXVGVI\
0&<ZGNMN9/UMKO(HV\X Y'9ZFM@ Y31K[TNR5UNGKE=YNE=IMLNV9V=DGLZRN=LV^NNJ6D
GNVXE=IQ<\KHVDYNNVIWUIGN$O(HV\X YFUG@'ZOKYNE=#XFKE=9K`NMNHN8UNL]N,U
GNPQa"NN9XHNXXKLN=RMN@RXYN6MW\RNT LMNH
N=QNUNYNVDGNVJKE=YNE=#E=HLKIMLNV9V=DU6NM
LIMRU=XMN7HD K/RUD L]+NNM`NMNIGN[N$ YN6ME=OK#OE=OKGVOH^NHNH\NVDGNVL]/UTU
[NV<0X\K2W OV\VF]VI9D[E=O=YN:4EDI0X GMXVGKYXTHIUJ6$IQXNDGGKI/)NIU
4N:MV/9RDOIR=OVWXYN:\EDI0NOIR=O XNHG GVYXTONMHN8UNL]N,UE=YNE=LMNH
N=QNUN
LT/UGGNIRHNVSX+NKIGN[N$ OD;%XJ6D$
HD N\XVXRDFM@GNVRX,\OGN=¤HGV LIMRV
NKRNTGK[TNRµNN
YDU[=URXIX[MNXKJVUTIOD)NVI9GLS=MM0NMO y H6XTY\ LIMRV
NK RNT [TNR5UN IX[MNXK
YNMUGXKGKL]NV9NVGN:\GN
NT+NNMD+NIGN$ GV8Q]NVDGNL]SN\XYN6MYXTM^NN$
FN"N LIMNVWXN#MN9K FN"N ODM^NN y OKLKOKFKGVOUULIMRV
NKRNT[TNR5UN
L]NINGMN¿X9KOK¾FN"NODM^NNGVFNMVHVD IX[MNXKGV8Q]NVDGNL]SN\XYN6MYXTM^NN
UCUKI
NNHD K/UMKO(HV\X YL]6\@
GNV IR.NX+NRX@XE= IQ<\KHVD YNNVIWU y IRI+N8XW\KODONNXNVDHVDW\[TNR5UN
IGN[NIWOGNPQa"NN9XL]NNXHD K@-KXMV8Q] IX[MNXKGV8Q]NVDGNL]SN\X$W\[TNR5UNGV
HNVQK`NMNIGN[N$ON)NJKL]NNXHD KXVFN"N 9NEHOVIMWYNDG0NVD GNIR
\VNNIGN[N
MVDWRN\VQV
NNVDGVL]IUIXINHD0\OQ/NVDGNVODFNVINU U)NNXQKL]QZINU^NV NVDHVDOKRVWGVIXL9NX
GMUVJTEOFNULMWNVMIQNIGODM^NNIRG<L GVHTQaQVGNVISIJaXUIGN[N$
XJKDFI<GYNR
GJ6$ y
NJMNVDHVDMN9KLIMRV
NKRIXIX[MNXK
IRGNO
NK\ LIMNVWXNYNVD GK LN=RMNK XV92NG=GV8Q]OD/)NNILUIG[J6DU)NNYNDG0V
HDWZMKYL]6\ OVIQO(FM@GVFKS GNL]ONMIGNWNMJNJ6$
LIMNVWXNYNVDGNV LN=RMNKHDWZMKE=OK W\IXGNNVDGNODM^NNXYNMOKLKGVUJU
L]QNXGK[E=$ LIMNVWXNYNVD GNV FVJUM FXNXV GV I\ IRI+N8X
MN7LN=RMNKL]+NNRHZ<NDGXL]NINGMNNVD PLN IG [ J6D@ W6OV ŝ MN7
¿OE=YNE=¾ GN [%X RN= HVD OMGNMNVD#/)NNXKX[MIXGNNVDGVHI L^NK
OE=YNE=#OE=OKGNVSD0K[HVDIQXNDG OH!N6UN.NLXHYNVLMJ/UN^NMGMXNŝŝ
GNVRD!NM>ND0HVDIQXNDGGNV L]IUIo%U LVqNVRM#GV0IHG OD/)NNXNVD `NMN
LTX[=I%UIGN[NJ6$ LIMNVWXNIMLNV=9NVDGN/RUD IR/UCUHZ<NDGXŝŝŝ
LIMNVWXNYNVDGNUCUKL^N`NMNIXoL^NIXMK^NN$
+NNMUK[TNR5UNLIMNQ¿'ZOKYNE=¾# MN9K RXKGMN RD LNIMI/)NIUGK IRGNO
MN9K IN^NN YN6M L]IN^NN L]5NX FNV0=¿XE=FK¾QVqNHVDO40K
FNV0= ¿XFKE=9K¾ GV ON)N E=YNE= LIMNVWXNDS\NE=[E=J6D$RXKGMNGVI\
LMNH
N=QNUNYNVDGNL]5NX JV'9VMGVYI[]H^NV GNVHDWZMKQK[E=J6$
IRGNOOVWT0KLIMNVWXNYNVDGN,NN=RMNHZ<NDGX QV
N HVD ODMI^NU ^NV NVD GV YNO LNO
LIMNVWXN L]/UNRGNVD `NMN U6NM GK [E= LNIMI/)NIUGK QCI9 OV ODRVQX
NK\ ^NV
E=YNE=#E=HLKIMLNV9NV=DGVYNNNMLMLN=RMNK ¿E=OWV0¾ "NNVINU GMXN LNIMI/)NIUGK
ǆŝŝŝ
WNVXYN6M³NLE=OWV0YINOZSXNDWNMK OVODFDINUHTQaQNVDGNO(NI8RUL]5T¥NMU6NMGM
GK[E=J6D$ MJKJ6YN6MW\RNTLIMRU=XOVODFDINUHTQaQNVDLM
,NI
SH "NN9 HVD ,NN=RMN ODRVQX
NK\ ^NV IRI+N8XWVDIONVDGVON)NO(N8RGMMJKJ6$
"NNVINUGMXNHNXXKMN7HD K/RUD L]+NNM@ LVIMOGMNM+NNMUXVY'9ZFM@GNVZX
LN=RMN@RXYN6MW\RNT LIMRU=XHD N\@-K 4OKOKOKGVI\LVIMOGMNMGNYXTOH)N=X
YIX\HNNRQRVXVLIqSHK"NN9NVDGVONDOQNVDGVON)N IGNJ6$LVIMOGMNMIQXNDGXRDFM@GNV
IQXNDGY[/U@GNVF6%GYNNVIWUGK$ \N[ZJTYN)NNU)NNY'9ZFM@GKI/)NIUGV
EOF6%GHVDIRSNM IRHqN=GVQN6MNX@EOFNULM YXTONM@L^NGNMNVDXVLVIMOGMNMGNYXTOH)N=X
WNVMIQN[NIGLIqSHK"NN9^NV HVDLN=RMN@ IGNJ6$
RXNVDYN6MOHNWGVFKSODUT\XJNVXNSNIJ$EO W\RNTLIMRU=XODFDNKY8UMN=9KOH!N6UN
FNULMWNVMIQN[NIGIQXNDGGK RNUN=DIR¥NKRoN= GVQN6MNXW\RNT
L]NLYINOZSXN@LIqSHK"NN9^NV HVDMJMJV\NV[NVD LIMRU=XLMGE= HJ5RLZN= I`L^NKRD FJTL^NK
GKISDUNYNVD GNV QZMGMXV U)NNLIqSHK"NN9NVD GV F6%GVDU)NNY8UMN=9KOH!N6UNRNUN=DYNNVIWU
ODM^NN GV I\ MN7 OMGNMNVD YN6M Y8 GK[E= )NKD IWXHVD HNXXKHD KRD HD N\GV
/9VGJNV<0O=GNVpNNIH\GMUVJTLMNHqNK=HNH RIM%YINGNIMNDVXV+NN[I\N$VF%6GDVL^NGNMNDV
OVYN[VFXVGNYNNNMJNV[N$ GV RDV O(H\VX GNV QV>NUV JT HJ5RLZN= )NKD$
W\RNTLIMRU=XEORoN=GVQN6MNX@W\RNT (NXXKHD KYN6MW\RNTLIMRU=XL]+NN[GVRIMo%
LIMRU=XGVFNMVHVDGN:84]VDOYN:4LN9K=WOKYNV YINGNIMNVDXVHJ5RLZN=F6%GNVD)NN@LVIMOGMNM
LK OIJUGE=HJ5RLZN=I`L^NKYN6MFJTL^NK LMJ/UN^NMGMXV GV I\8ZNG= HVD IQXNDG
F6%GVD RD RNUN=D YNNVIWU GK [E= J6D IWXHVD YL]6\@ GNV Z X OV¤V9MK WXM\ GV
HNXXKHD KU)NNHD N\GVRIMo%YINGNIMNVDXV P3S/UMK OHNMNVJ@ 8ZN:G= HVD IOUDFM@
+NN[I\N$ GVQN6MNXL]HT>NEGNVXNVIHG4NVMHGKF6%G@
W\RNTLIMRU=XODFDNKMN9KRDMN7GN= RI\=XHVD WT\NE=@GV QN6MNXLK9O=F[=
NVWXND LN=RMN@RXYN6MW\RNT LIMRU=X '\NEHV90N\N:[s//HVD+NN[I\N$L]IUIXINHD0\
HD N\`NMNOHI8RUW\RNTLIMRU=XLMMN9K OQ/NVD XV Y'9ZFM@ GNV W\RNT
GN=NVWXN XLKOKOK XNV0\ HD N\NVD GV LIMRU=X GV FNMV HVD YNNVIWU RKD FVIOG HD K
HNHOVIRI+N8XOV'9MNVD#^NV NVDHVDGNN=I8RUGK /UMK F6%G U)NN HMNGqN@ HNVM'GNV HVD
WNMJKJ6$O+NKMN9KIHqNXW\RNTLIMRU=X Y'9ZFMGNVZX4OKOKOKGKLZR= OKYNV
ODFDNK L]NNXHD K LIMNQa LKHOKOKOK `NMN LKHD K/UMKF6%GHVD+NK+NN[I\N$
YXTHNVIQUGK[E=)NKDYN6MVYFGNN=I8RUIGWN LN=RMN@RXYN6MW\RNTLIMRU=XHD N\XV
MJVJ6D$W\RNTLIMRU=XODFDNKL]NNXHD KLIMNQa RDYL]6\@GNVXE=IQ<\K@+NNMUHVDW\RNT
EXIHqNXNVDGKIXM8UMOHK^NNGMMJNJ6$W\RNT LIMRU=XGVFNMVHVDRKDFVIOGHD K/UMKF6%G
LIMRU=XODFDNKL]NNXHD KLIMNQa GKOJNUNGV YNNVIWUGK$EOF6%GHVDHJNHIJH-KL]GNqN
I\ L]NNXHD K GV HT> OISR GK Y^NUN HVD WNR0VGM@ LN=RMN@ RX YN6M W\RNT LIMRU=X
W\RNTLIMRU=XODFDNKGN=GNMKOIHIU[I%UGK HD N\GVMN7HD K/RUD L]+NNM@HJNHIJH@-K
[E=J6WNVW\RNTLIMRU=XLMY8LJ\TYNVDGV WK WVXJTYN@ SKX GV W\RNT LIMRU=X IRqNVoN
ON)N ON)N YN% MN9K IHqNXNVD GK IXIHU L]IUIXIN@HJNHIJHMNWQZU89NVIXNV HNMGNVD0VO@
HN:IX9IMD[OIJUMN9K/UMLMW\RNTLIMRU=X LN=RMN@WN=@IR.NXRDL]N6_NVI[GK@F]NWK\GV
ǆŝǀ
IRQVqNHD N\HVD YD0MOV¤V9MKWXM\U)NN-K L]N6a_NVI[IGNVDGVXJKDJNVXVGVGNMNY+NK+NKFMJK
HVOV\NGVGNXN@SK40NMV'9M@QI^NNY4]KGNGV J6$VOVQV
NNVDGVHNH\VHVD@OJHUJTFVO\NEXRN=
Y8UMN=o9KW\RNTLIMRU=XODFDNU)NNRNUN=@XV @RDJ6D$
+NN[I\N$ +NNMU GN H/)N\KGMN YN6M +NZIH ^NMN
ZX4OKOKOKGVYDU[=URNDGN:84]VDOYN:4 9\O +NNMUGNH)N\KGMNRD +NZIH^NMN
LN9K=W@OVXRDFM@UGHMNGqN@HNVMNV'GNV 9\ORoN= YN6M GVYNE=YNM
HVD YNNVIWU IGN [N$ -K YIX\ HNNR QRV@ O0&<ZYNE=4O0N9NLMYNNNIMU/LVO
HNXXKLN=RMN@RXYN6MW\RNTLIMRU=XHD KXV ,\KGVqNX OVD9M@ YDUIM^N IR+NN[@ +NNMU OMGNM
HMNGqNGN:84]VOHVD+NN[\VXVRN\VYDUM HD N\K `NMNLN=RMN@RXYN6MW\RNTLIMRU=XHD N\
L]IUIXINHD0\ GN XVUC5R IGN$ +NNMU XV U)NN Y8 MN7 /UMK OD/)NNXNVD GV OJNV[ OV
OGNMN5HG QCIo9GNVN GV ON)N YN6M +NNMU GV IQXNDGWZX@GNVWNMKIGN[N)NN$
QK"N=GNI\GIJUNVDGNVOTMI^NUGMXV@OUUIRGNO@ YDUMMN9K OJNV[ YN6M OUU IRGNO
[MKFKP8HZ\XGVIRGNOL]IUHNXGNL]ONMGMXV HD N\XV LNM/LIMG\N+NGV YXVG,NN=RMNK
U)NN O+NK GV I\ WN= LJTDS L]QNX GMXV GV HNH\NVD LM QV
NNVD )NN@ XNRV=@ /RK0X@ ©NDO@
PQaQVqOVGN:84]VOHVD+NN[I\N$HMNGqNOKYNV I4X\6D0@GXN0N@FND;\NQVqN@IHO]@HNVM'GNV@F]NWK\@
LKXVVIUJNIOGOKYNVLK@IWOHVDLVIMOGMNM OU)NNY8GVON)NOH!N6UN.NLXLMJ/5NN^NM
GNVYD[KGNMIGN[N)NN@GNLN\XIGN$EO IGJD6$EXHVDOVYINGDNqNOH!N6UN.NLX#GMNMNVD
GMNMGNPQaQV
R6IqRGUNLHNXRCIGNVI0[]K GNODSN\XODT'UGN=OHZJWV0&<ZWKGV
OVI<OO OV GH M>NXN J6$ EOHVD PLqNHX@ WIM JNVUN J6@ EO L]GNM@ EOOV YDUMMNo9K
YXTGZ\X@JNIXYN6M^NIU@IRU@L]N6_NVI[GKIRGNO OHTQNGVON)NODRNQU)NNGN=GMXVGNYROM
U)NNYDUMN@^NHUNIXHN=NRDGN=GKLNMQIqN=UN L]N,U JNVUN J6$ GE= ODT'U GN= OHZJ WH=XK@
U)NNOJNUNGVO+NKYN:LMVI9ROV'qN8OHVDYDUM TMNVLKOD"NYNIQGVON)N+NK[I%UIG[J6D
M>NN[NJ6$ IWXGK P5LI5U Y8 HD N\NDV `NMN IG [
JNE0NV\NVMNVGNF=8O¿S4OK¾OVODFDINU GMNMN# DV OH!NU6N.NLXN# DV OD'TUR'U2NDVOVJET=J$6
+NNMU ODT'UMN7GN=F\RoN=GVQN6MNX@ -KYIX\HNNRQRV@HNXXK,NN=RMN@RXYN6M
GN=F\GKGF6%GWZX@OVWT\NE=@ W\RNTLIMRU=XHD KXVQVqNGK,NN=RMNODFDNK
UGYNNVIWUGK[E=$F6%GNVDHVDQNVXNVDQVqNNVDGV L]N)NIHGUNYNVDYN6MWMUNVDGNVLZMNGMXVGVI\
P_NV[@IRqNVoN.NVDYN6MODFDINUYINGNIMNVDGNVS IXRVqN@ WNXGNMK U)NN OJNV[ L]N,5N GMUV JT
4OKOVODFDINUIRI+N8XLJ\TYNVDGVFNMVHVD[JMNE= YDUMMNo9KOHTQNGVON)NFNUSKUGNVL]NV5ONIJU
OVSSN=GMXVYN6MODFDINUHTQaQNVDLMFVJUMOH! IGN$
IRGIOUGMXVGNIRIqNo9YROMIQN$
IF]'O¿F]NWK\@O@+NNMU@SKXYN6M
S4OKGV 4VW 0NPXGV I\HN:I89\
L]NV9NVGN:\HVDIG[N\KODNNVNXIG[N\KOD
NNVNX QI^NN YI4]GN¾ LN=RMN HDI NVD GK
HVD@ J OJHIU JTE= J6 IG IRGNO
NK\ QV
NNVD HVD F6%G
FVO\NEXGV QNV OV9JNVD[V G
NK"N] YN[V YNXV LN=RMNGVLIML]VÔV@RN=GVI\+NNMUGN
RN\NVDGVI\@IWOHVDJ JNV[N IF]'OGNY^NJNVXV GV XNUV@LN=RMN@RXRD
YN6M QZOMN PXGV I\ JNV[N IWXGK MN9K W\RNTLIMRU=XHD N\XV IOUDFM@
LIMI/)NIUND I+N8X )NKD YN6M IWXGV HNH\V HVD GNV[NVRNHVDIÙKIF]'OLN=RMNHDI NVDGKF6%G
S4OK GN IRIXHN=N YN6M >NLU@ R6GI<LG GNYNNVWXIGN$
ǆǀ
LN=RMNGNVFSNXVGVI\IF]'OMN9NVD YX@P5UHLIUNVDGVODG\X@XQKL]QZNNGV
XVJN)NIH\NN YXTRK^NN GV I\ ONHN8 QCI9GNVN@ OHTQ]K
LNIM L]NN\K GV L]FDNX YN6M OTDQMFX GK
IF]'OLN=RMNHDI NVDXVLN=RMNF6%GGVQN6MNX LNIM L]NN\K GV /RN/) GV YNG\X GV I\
LN=RMNGVFNMVHVD[NVRNR'U2GNVYD[KGNMIGN ODGVUGNVD GV FNMV HVD L]/UNIRUYXOV ODFDINU
U)NNIRGIOUQV
NNVD OV GNN=8RXGV ONNXNVD OV GMNMGNVXNV9IGN$
ODFDINU YLXK RSXFUNYNVD GNV LZMN GMXV YN6M
IRI+N8X R6I
RG LN=RMNK GMNMNVD U)NN OUU ODT'UMN9,NN=RMNGN=H¿ZXE=LK¾
IRGNO\^NVD GKO4\PL\I&NGV I\/L9 ZXE=@ZXE=LKGNG
NNOKIXGNJ6$EO
MNV0 H6LGVO)NEOGVL]SN\XGNVOT[HFXNXVGV HD N\XVQNVXNVDF6%GNVDHVD+NN[I\N$ZXE=GN
I\YNJaRNXIGN$ QZOMNO HE=OVHE=@UGX6MNVFK@GV8N
HVD)NNYN6MEOGNGV8Q] IF8QTªOUUIRGNOGVI\
IF]'OQV
NNVDXVONR=WIXG IXWK+NN[KQNMKGVI\ WV80NGV,NN=2NMNYNNHGVODFDNHVDOVRN
GXYDUMN=9KUD GVLHVDLN=RMNLOV L]QN[Kª LM JNV[N$ EO HD N\ GV
%NVOL]N6_NVI[IGNVDGNVON!NGMXVGVI\ IF]'O GL]IUIXINHD0\XVODFDINU/9VGJNV<0O=GVON)N
,\V94N:H=YN:X[]KX9V'XNV\N:WK IRGIOUGMXVGN ODT'UMN9LN=RMNO+NNGVQZOMVO HVDOI¤
ODG<LI\NWNVJHNMVQV
NNVDHVDLN=RMNKSTXN6IUNVD ,NOV+NN[I\N$EOHD N\XVZXE= GV
GNONHXNGMXVHVDOJNUNL]QNXGMOGUKJ6 WVD0VGNVU6NMGMXVGVI\FT\NE=[E=@GIH9K
YN6M O+NK RVFONE9NVD@ UGXKGK OD/)NNXNVD GN G YN:4LMHNXVD9IML]WVD9VI9RGK 4MRMK@
XV9RG=@GVHNHOIJUYI+NXRKGMNEXNVRV
NX GNVX6MNVFKGV8NHVDYNNVIWUQZOMK>NT\KF6%GHVD
.NXL]FDNXGNVFNRNQVXVU)NNLM/LMIJUGV^NV NVD +NK+NN[I\N$
HVDODT'ULIMNVWXNYNVDGNV
NTGMXVHVDOJNUN
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N GK
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y IF[XNVIXOK4VIH\KGKL]WNIUNVD@4VIH\K
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WVXVMN\VILLNVMORD4VIHI\I0V89HGK HJNMN9GV>ND0///@4X=@GV4NVI\GNV<O4D[K@
L]WNIUNVDGNWKRR[K=GMNODFDNKIRRMNLZMN HJNMN9 GV YN:IS=0@ GVM\ U9 GV OKIRR@
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L] Q V
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Y X T O D N N X G U N = Y N V D G N V L N Q L N V D L M L]IqN^NNGN=¤HHVD+NN[I\N$
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LI
SH ^NV K GVDQ]@ LZNV ^NV NINGNM A GVR6.NIXGGN=G\NLNVDRDGNNVD=HVDIR/UNMJTYN
ϲ
J6YN6MNKMV NKMVEOGVGNNVD=HVD³NNKW[UGV YNNVIWUIGN[NIWOGNPQa"NN9X-K
ODFDNHVDLN=RMNK³+NNRYNG\X@ODMI^NU^NV NVD L]GNqNWNR0VGM@HNXXK,NN=RMN@RXYN6M
GNORV=^NN@ODG9[]/U³WNIUNVD GKI/)NIUGV W\RNT LIMRU=X HD K XV IGN$ PQa"NN9X
ODFDN HVD ORV=^NN@ ³NIN W[U GV ODONNXNVD OV OHNMNVJHVD@-KONVRXS9WK=@HNXXK,NN=RMN
ODFDINUYNDG0NVD GNG(Z9MKGMN@³NNKW[U L]+NNMKHD K@LIqSHFD[N\OMGNMXVO(HNIXU
IRIRNUN GV FNMV HVD LN=RMNK OZSXN ³NN\K YIUI)NGVLHVD+NN[I\NYN6MOHNMNVJGK
XIRO@LJSNXRDO\NJODFDNKOVRND@9NEL pNNV+NN FNE=$ Y8 O(HNIXU YIUI)N@
D0RNPSMXHZXNVDGNMN9KYI+NIJUOD[]J@R8 YNQMNKOISR@-KJVHLND0V@YNE=O@
WKR ODM^NN YINIXH@ GV ³RU=X HVD PL+NNV'UN HNH\V@ +NNMU OMGNM YN6M YLM
OJNUN@ ODM^NN GV FNMV HVD WN[GUN YNIQ OISR@0N:OT-KYIHUNL]ONQ@YNE=O@
46\NXV GV I\ OHT²K H6IMX 'RVIMN YN6M ,NN=RMN@RXYN6MW\RNTLIMRU=XHD N\@
OD[]JN\NVDGK/)NNLXNW6OVIRN
NNIH\JNVUV[ +NNMUOMGNMXV+NKOHNMNVJGKpNNV+NNFNE=$
J6DU)NNJMN9K³NNK IR.NXODFDNKOD[]JNVDGV y HNXXKHD K@-KL]GNqNWNR0VGMXVpNUN&QK
YI+NM^NGGVLHVD+NKGN=GMUNJ6$HT>N\ HZIU= GNYXNRMNIGN@I0IW9\WV0O
GNV\GNUNHVD U)NN^NV KGNN=\QVqNGV YNE=GNpNT+NNMD+NIGNYN6MpNUN&QKL]GNqNXNVD
IRI+N8X+NN[NVDHVDI/)NUJ6D$EOXVJN\GVRNNVD=HVD GNIRHNVSXIGN$EOOHNMNVJHVD@HD KWKXV
IX(XI\I>NU 1J ³HT>N GN=¤HNVD GV YDU[=U WKRR[K=GMNRoN=GVI\L]IUIo%U0N:
ORV=^NNYN6MYXNVDGNVOHZJFGMGVYLXK E=GVWNXGKY(H\MNo9KLTM/GNM@UKX
GN= NVWXNGNVGXE=IQ
NNQKJ6$ LTM/GNMIRWVUNYNVDGNVL]QNXIG$
HT>PtV
y +NNMUK L]NIN IR.NX ORV=^NN GV pNUN&QK
y QV
N GV ³NIN W[U ODONNXNVD GN Y8RVNN@ OHNMNVJGVYROMLMUKXIQROKXVqNX\
ORV=^NNYN6M³\V>NKGMN GN84]VDO YN:X 4NRX\ 0NRIO=9K EX Q
y ³NINW[UODFDNKORV=^NNGV QN6MNXG EDI0X\6D0D0OK/GVL WZX WT\NE=@
IG [ ³NIN IR.NX ODFDNK ONH[]K GN HVD YNNVIWUIGN[NIWOHVD OV
R[K=GMNN5HGYX YING L]IUIXINHD0\ OQ/NVD XV YLXV
YXTODNNXL L]/UTUIG$0N:YIHUNL]ONQ@
y QV
NGV³NINW[UGKODG9NL8X³WNIUNVD
YLM OISR@ ,NN=RMN@ RX YN6M W\RNT
GKOZSKFXNXN
LIMRU=XHD N\@XE=IQ<\KXVOHNMNVJGK
y MN9KW8UTIR.NXOD[]JGNYXTM^NNYN6M pNNV+NNFNE=$
IRGNO
y OHTQ]K WKR IR.NX ^NV K GVDQ]@ SV8XE= HVD
y A +NNMU GN ³NIN W[U RD IR+NN[K E89X=IqNLL]IqN^NNGN=¤H WZX@
LI GNYNVDGN³GN
NX GV QN6MNXYNNVIWUIGN[N$L]IU+NNI[NVD
IG[ING\NL GNVL]NNKW[UW6RIRIRNUNGVFNMVHVDFUNN
y WV0OYNE=OVRNYNVDGVRoN=LZMVJNVXVLM [NU)NNOHZJNVD)NNOHTQ]KH1I\NVD@OHTQ]K
WV0OYNE= HT>N\HVD pNUN&QKOHNMNVJ ONDLNVD@EIGXNV0H=O@HNV\/G@¤VF@XVHN9NV0aO
ϳ
YN6MGNVM\LMHN6GVLML]IqN^NNIQN[N$ WKR R[K=GMNYX L]NNK W[U OHZJ
y [D[NH6QNXK^NV KGVDQ]WKLKYNM@WV0O L]NV9NVWNVRN@LNVMK4VMN@,\V9NEJV\IHX)NO@¤/9VGK@
YNE=@L9XN@XV+NNMUKL]NNKORV=^NN@WKLK HNV \ /G@ EIGXNV 0 MHV 9 N@ OIOI0NGN@
YNM OK@ L9XN GV OD[]JN\ HVD LIMMI^NU GNV\VX9V9N@\VIL0NVL9VMN@JNHVXNVL9VMN@I0L9VMN@
R8WKR L]NNK W[U XHZXNVD GV FNMV HVD JVIHL9VMN@GNVI\NVL9VMN@GNV\VHFNV\@YN:)NNV=L9VMN@
WN[GUNGVI\WV0OYNE=@L9XNHVD GVMNEX@YNV0NVXNMN@EONVL9VMN@I(4IFN@ILOVO@
Y'9Z F M@ GNV IRqR ,NN= R MN MVI,9\N@2ORDHHNI\NOVODFDINUGT\
IQRO#L]GCIUIQROYNNVIWUIGN$ L]WNIUNVD GNV IRI+N8XMN7NVD@OTMI^NU^NV NVD U)NN
y WV0OYNE= HT>N\U)NNXQKHT>NWKR HJ5RLZN=LNIM L]NNI\NVDOVISIJaXUIGN[N$
IR.NXK ^NV K GVDQ]@ [NVLN\LTM YN:X OK XWKR#L]WNIUNVDGK>NNVWU)NN+NNMUGV
`NMN /9V9OYN:4HMKX4NRX\0NRIO=9K I\XIMGN:0=IMLNV9N=NKXYRINGVQN6MNX@
YN:4EDI0N GVFNMVHVDODT'ULOVMNo9K WV0 O YNE= HT>N\ YN6M ^NV K GVDQ]NVD GV
GN=qNN\N OV Y'9ZFM@ UG R6.NIXGNVD`NMNGT\L]WNIUNVDGNVISIJaXU
YNNVIWUGK[E=$ IGN [N$ PXHVD OV IR.NX GV I\ XE=
y LI
SHK"NN9^NV KGVDQ]0&<ZLKYNMOK@ L]WNIUNVD GN RN=X IGN [N J6 U)NN
IQXNDGWT\NE=@GNV0&<ZWKYNMOK@ L]WNIUNVDGNV+NNMUGVI\XIMGN:0=HVDWNV0N
WV0 O YNE=@ GN\KG9@ GVM\ RX YN6M [N$
R8WKRIR+NN[YN6MTRNG\NOIJUK`NMN RN=HVD+NNMUOVRIN=UXE=L]WNIUND
ODT'ULOV0&<ZLKYNMOK@WV0OYNE=@ ¿¾IR.NXGVI\XE=L]WNIUNVDGNRN=X
GN\KG9`NMNYNNVIWUIGN[N$ IGN[NJ69VHN9NV0NGKGL]WNIU@E8WV'9aO
y P5UMK^NV KGVDQ]XYNMOKXVIQXNDG GK L]WNIUND@ /LNE0O= GK L]WNIUND@
HE=@GNVL]NV4VOMHOWMNWLTMK@LZR= H1\KGKQNVL]WNIUND@,\V9NEJVI<HX)NOGKSNM
IXQVqNG@ WV0 O YNE=@ GN HVIWD[ D0 L]WNIUND@¤VFGK1JL]WNIUND
E8¤V0VF\ XVH9NV0aO XNHG WV0 O YNE= RN= HVD +NNMU OV L]WNIUNVD GV X
pNUN&QK2N>NXYNNVIWUIGN$ IMGN:0=¿¾+NNMUOVLJ\KFNML]WNIUNVD
L]NNK W[U ORV=^NN LR=U LNIM L]NN\K@ GNV IMGN:0= IGN[NL]NV9NVWNVYNGV UKXX
XQKHT>NLNIML]NN\K@OHTQ]K#`KLLNIM L]NN\K@ IMGN:0=@ OK IXHNVX GN G XN IMGN:0=@
"NNO+NZIHLNIM L]NN\K@UNWNW\LNIM L]NN\K@ EIGXNV0H=OGVQNVXIMGN:0=@GNVM\GVX
H/)N\LNIM L]NN\K@WKRHD0\IMWR=ODM^NN IMGN:0=@MVGIX0NGVSNMXIMGN:0=@E8WV'9GN
^NV NVD@MNo9KLNGNV=D@R8WKRY+NNMNVD@MN7NVD GXNIMGN0=@¤VFGVLNDSXIMGN:0=@IqN](LGN
RDOD"NMN7^NV NVDHVDYFUGL]NNKW[U GXNIMGN:0=@HNV\/GGV 1JXV IMGN:0=@
ORV=^NN LZMV IG [ J6D$ EOGV YIUIM'U@ IOI08OGVUKXXIMGN:0=@H1I\NVDGVSNM
IMLNV9N=NKXYRINGVQN6MNXI/)NIUORV=^NN+NK XIMGN:0=@IX0VIMNGNGXNIMGN:0= U)NN
IG[J6D$ORV=^NNNVDGVQN6MNX,NqNTYNVDGVIRI+N8X ,\V9KJV\IH8)NOGNGXNIMGN:0=
OHZJNVDGV@XHZXVOD[]JIG[$ LJSNXU)NNO\NJGNMKOVRNWV0OYNE=XV
ϴ
+NNMUYN6MIRQVqNHVDYXTODNNXRDIqN^NNOD/)NNXNVD@ E=/9X=EDI0N@9NELGVMNV\NV[YN:4YNV0NV89N@
GVDQ]KOMGNMYN6MMN7OMGNM#WVDIONVD@[6M GV9NV\N:[YN:4HMKXHNV\/G@D9NG=I9GN
OMGNMK OD[%XNVD@ P_NV[NVD YN6M 2I'UNVD GNV IH/9VIMO GNXI9XVD9@ GMVD9 /9V9O YN:4
L]NINIR.NXK XHZXNVD RD ODFDINU IRoNNVD LM HMKX 4NRX\@ 0NRIO=9K EX EDI0N D0
IXqNT<G LJSNX RD O\NJGNMK OVRND L]QNX 4NRX\0NRIO=9KYN:4IMRM/RN=MV>NNEX
GMXVGVYLXVGN=GNVWNMKM>NN$IRI+N8XGVDQ]K !NM>ND0@RV/9FD[N\D0YNVI0qNN
YN6MMN7OMGNMNVD#WVDIONVDOVLJSNXGVI\ GN=H GNV
NNIOU GMXV RN\V
W&UOVYINGONH[]K³N,UJTE=$ IRIXNHGYINIXH#IXH
MN9KL]NINIR.NXKOD[JNNVDGNIRGNO
+NNMUK L]NNK IR.NX ORV=^NN GV GN=¤H GNV
L]NINIR.NX OD[]JNNVD GV MNo9K OD[]JN\
pNNIOUGMXVRN\VIRIXNHGYINIXH#IXH
IMLNVIW9MKGVLHVDWV0OYNE=QVqNHVDO+NK
J6Dŝ+NNMUKR8WKRODM^NNYINIXH@
,NqNTOHZJNVDOVODFDINULJSNXK[E=L]WNIUNVDGN
IWOGNPQaQVqQVqNGVR8WKRNVDGNVL]+NNRKL
M>N M>NNRGMUNJ6$MNo9KL]NINIR.NXOD[]JNNVD
OV OTMI^NU GMXN YN6M R8WKR YN6M EOGV
GNVYN[VL]WNIUNVDOVODFDINUXHZXNVD
2T5L8XNVDGVIqNGNM@U/GMKRDYR6N2NLNMGNV
YXNIHU U)NN LJSNXV [ XHZXVD GV
IXDI UGMXN$EOGVYIUIM'U@WV0OYNE=
PQNJMNNVDGNVpNNIH\GMGVODRIN=UIGN[N$
GODG9NL8XL]WNIUNVDGNORV=^NNGMUNJ6>N
IRHNVISUoGN
NX#LT/UG¿ ¾ 0&<ZOKOKFK@OKHNpNT<GYN6MRXIR+NN[GNV
y +NNMUKL]NINIR.NXORV=^NNGVIMGN:0NV=DGVQNV ODG9NL8XR8WKRNVD GKLJSNXU)NNOTM^NNHVD
>ND0@GYNRINGL @GWV0OYNE=GK OJNUNL]QNXGMUNJ6$[ODMI^NU^NV NVD GNV
/HCIUND@QNVODM^NN^NV -CD>N\ND@UKXXH+NZIH L]NNKW[UIRIRNUNL]QNXGMUNJ6U)NNŝŝW6R
LNIM L]NN\K -CD>N\ND@ SNM J6D0FTG@ G IRIRNUNYINIXH@IWOHVDMN7NVDGVYLXV
OHTQ]K HNV\/G GK OZSK@ G +NNMUK W6IRG ODONNXNVD GN PLNV[ GMXV GV ODL]+NT
RNX/LIUGK -CD>N\NYNVD GN G WVXNV9NEL YINGNMNVDGNVHN8UNL]QNXGK[E=J6$
0N9N@G,NqNT>NNVW@U)NNGRoNNV=D +NNMUK GKU U9K ^NV oFDNX
HVD ,NqNT >NNVW pNUN&QK L]GNqNX U)NN G ¿YNE=OKWV0H¾LIMNVWXN
IRIRNUNLMqNUN&QKL]GNqNX
U9KRDOHT²KRNUNRMNGNVODMI^NU@OTMI^NU
y LT/UGNVDGNIRHNVSXIGN[NF0a=OYN:4
YN6M2RI/)NUM>NXVGVI\@LN=RMN@RXYN6M
YD0HNXD0IXGNVFNMYNE\6D0@MK4I4qNVO
W\RNTLIMRU=XHD N\HYNVE=40OK
YN:4YD0HNXD0IXGNVFNMYNE\6D0@IXH\
OK@+NNMUOMGNMIR
RF6DGGKOJNUNOVYNE=
I0/GRMKWEXE=O=FNWV0OYNE=
OKWV0HLIMNVWXNGNGNN=8RXGMMJKJ6$
ONEXI9/9aO@ IF]FI\NV[]N4K YN:4 WV0 O
PLT=°LIMNVWXNGNGNN=8RXGMXVGVI\
YNE= LI&\GVqN8O@ WVXNV9NEILD[ 0N9N YN:4
LN=RMN@RXYN6MW\RNTLIMRU=XHD N\XV
EDI0X 4NRXN@ IXH\ I0/GRMK@
ONVON9KLDWKGMNYINIXHGVUJUIQ<\KHVD
0NRIO=9K@I/G8GOYN:4E/9X= D0XN:)N=
XNV0\ IXGN GV L HVD G GKsU U9K
ϵ
³FDNXONVON9KOYNE=OKYNVHGK/)NNLXN YXTODNNX GMXV GV I\ OD/)NNX IRGIOU
GKJ6$IRqRF6DGOJNUNL]N,UYNE=OKWV0H GMXN$
LIMNVWXNGVYDU[=U@PLT='UHTQaQNVDGNV^NV K y Y/)NNK U9K LNIM L]NNI\NVD )NN G31
RD MNo9KQNVXNVD /UMNVD LMGNN=8RXGV I\ RX/LIU@F]6IG
NRN9MRV9\6D0@L]RN\I+NI5U
Y5INGHJ5RIQN[NJ6$ YNIQGNVODMI^NURDOTMI^NUGMXN$
YNE=OKWV0HLIMNVWXNGNV[TWMNU@YNVI0
NN y +NZIHYNNNIMUO]NVUNVDOVU9KW\L]QZoNNGNV
YN6M LI
SH FD[N\ GV U9K MN7NVD HVD G IXD NGMXN
³NNVI[GIXRV
NGVLHVDGNN=I8RUIGNWN y U9K>NUMVYN6ML]QZoNNOVODG9NL8XU9K
MJNJ6$GKsUU9K³FDNXONVON9KGVHNH OHTQNNVDGKFVJUMYNWKIRGNGVIRG<LGNV
OV MN9KGN=G\NLNVD GNV GNN=I8RUIGNWN L]QIqN=UYN6MLN\9GMXN$
MJNJ6YN6MON)NJKON)NUKXNVDSIXUMN7NVD`NMN y U9K^NV NVDGVFVJUML]FDNXGVI\GKGCU
EXGN=G\NLNVDGKIX[MNXKGKWNMJKJ6$EO U9KWNVXL]FDNXNVWXNDU6NMGMXN$
LIMNVWXNHVDSNMGNN=8RXWVDIONDJ6DIWXHVD
MN9K"N9GLIMNVWXNGVMNo9K"N9GGV
LN=RMN@ RX YN6M W\RNT LIMRU=X HD N\
YDU[=UIX(XI\I>NUI¤NG\NLIGWNUVJ6D
MN9K/UMLMY[]NKQNI5RNVDVGVON)NYN6MUKXNVD
OJ+NN[KMN7NVDGVRXRDLN=RMNIR+NN[EOHVD y WNVI>NHLZN= \NEXGNHNXIS N@MV>NNIS N
NNIH\J6$ YN6MIXNN=MN@
y +NNMUGKHT>+NZIHGV ON)NU9KU\19
LIMNVWXNGVPQaQV

OV\NVDGNMV>NNIS N@
y U9KIRIXHXWNVXYINOZSXN@GNV
y LN=RMNK UN6M LM ODRVQX
NK\ ^NV NVD GN
GNN=I8RUGMXVGVI\^NHUNYN6MOD/)NNX
HNXIS N@MV>NNIS NRDIXNN=MNE=O@
IRGIOUGMXNYN6MMNo9K,NN=RMNKXKIU@
y LN=RMNYN6MRXHD N\U)NNMN7U9K
GV YXTONMGKGCUYN6MOUUU9K
L]FDNXGVPQaQVqNVDGNVL]N,UGMXN$ ^NV ³FDNX³NINGMNNVDGK^NHUNGNODRN=X@
YN6M U9K^NV ³FDNXGV I\MN9K2NLK
y W\RNT LIMRU=XOV ODFDINUHTQaQNVD@IWXGN
³I
N^NNGN=¤H@
U9K ^NV NVD YN6M U9K OHTQNNVD IRqNVoNGM
y /)NNKU9K³FDNXJVUTMN9KGV8Q]XOK
OHTQ]K/UMHVD RCIYN6MS¤RNUNVD GKRIN=U
YNRCI5UU)NNYNDNKHVD RCIGV ODFDNHVD F0N OOKHGK/)NNLXN$
L]+NNRMJUNJ6@GNIXMNGMNGMXN$GN=¤H MN7/UMK"N9GLIMNVWXNGVMN7/UMK
GVYDU[=U@U9K^NV NVDHVDMJXVRN\V\NV[NVDYN6M "N9GNVDGVYDU[=UIX(XI\I>NUI¤NG\NLIG
U9K^NV NVDHVDYRI/)NUYRODMSXNGNVOTMI^NU WNUVJ6D
GMXV GV I\>NUMV GV HNXIS NGNGN= ¾ [TWMNUMN7HVD
IGNWN[N$ y U9K^NV NVD GV L]+NNRKL]FDNXGV I\MN7
y U9KYN6MOHTQ]KL]FDNXGV^NV HVDYXRD L]QZNN IXD N FNV0= OIJU [TWMNU MN7
OMGNMGN^NHUNIXHNN=$
ϭϬ
y [<4YN:4G31LML0XVRN\V^NV GVI\ O]NVU L]QNX GMXN YN6M U9K RD OHTQ]K
YNE= OK WV0 H QCI9GNVN LM L]NNVI[G LN=RMN GNV ODMI^NU GMXV GV I\ U9K
YXIG[J6D$ OHTQNGKOJ+NNI[UN$
y [<4YN:4G31GKOHTQ]KLNIM L]NN\KGNV y IS\GN !K\ HVD YN6M POGV EQ= I[Q=
ODMI^NU YN6M OTMI^NU GMXN@ L]RN\NVD GN LNIM L=9XI¤NG\NLNVDGNVFNRNQVXN$
L]5NMNVLNGMXN$ y W\ODONNXIR+NN[`NMNMNWX[M>ND0GV
y IXMDUM W\ YXTRK^NN U)NN OHTQ]NVD GV YDU[=ULVD)NNHVDIWNV 9aZFFNDNGVOD/)NNLX
+NN6IUG MNONIXG HNXQD0NVD GN YXTRK^NN GVHNHOVU9K^NMNGNVIXDI UGMXN$
GMXN$ y YNVO0KH`NMNSTIXDQNU9K^NV HVD
y [<4YN:4G31HVDOKRVW+NNMGHGMXVGV L]NGCIUGYNLQNGVQN6MNXU9KOHTQNNVDGNV
I\@WNHX[MIW\VGVH\0KOKRVW YN- L]QNX GMXV GV I\ FJT PQaQV
NK

NNVNXODD /)NNILUIGN[NJ6$ S¤RNUYN-NVDGNIXHN=N$
y OHTQ]KLNIM L]N\KGNV ODMI^NUYN6MOTMI^NU ¾ LI
SHFD[N\MN7HVD
GMXVU)NNU9KOHTQNNVDGKYNWKIRGNHVD y U9K³FDNXRD³N)NIHGUNIXRV
NGV^NV HVD
OTNNM\NXVGVI\OHTQNYNNNIMUOD[%XNVD
NNIH\ IRI+N8X WVDIONVD GK ^NHUN IXHN=N
GVHNHOVG31RX/LIUH6D[]NVRGNMNVLN FNXN$
IGNWNUNJ6 YN6MRXIR+NN[`NMNL]RN\ y ON[M`KLHVDYNWKIRGNHVDOTNNMRDIRLNX
L]5NMNVLNIGNWNUNJ6$ OTIRNNDFVJUMGMXN
y U9KOHTQNNVDGKYNWKIRGNHVDOTNNM\NXV y LNIM L=9XIRGNO$
U)NNU9KLN=RMNGNVODMI^NUGMXVGVI\ y OKRVW
NNVNX ODD GN IXHN=N YN6M
WN[GUN FNXV GV I\ PXGNV GWT9 W\ IXGNO ³NN\K GN IRGNO U)NN
GMXN$ 4NE9NVIMHVI0
NX$
¾ P0KONMN7HVD y OHTQ]K U9 GK O4NE=@ /R31UN YN6M %NVO
y EO "N9G HVD MN7 /UMK WVDIONVD YN6M YLI
N9³FDNXI¤NG\NL$
OD/)NNXNVDGN^NHUNIXHN=N
NNIH\J6$ y YNWKIRGNOCWXI¤NG\NLNVDHVDOTNNM\NXN$
y LNMNQKL NNHMNYN6M[NVLN\LTM ISI\GNGV y U9KOHTQNNVDLMS¤RNUNVDGV³+NNRGNVGH
^NV NVDGVI\YNE=OKWV0HNVWXNU6NM GMXV GV I\ LIMNVWXN[U ^NV GV ON)N
GMXN$ FJT ³NVWXK S¤RNU YN- IXIH=U IG
y ^NV K U9K L]I¤N YX OV YNDG0N [J6D$
OCIWUGMXN$ y ON[M`KL OHZJ HVD ³IU
NU "NMNVD GN
y U9KOHTQNU)NNU9GV STIXDQN^NV NVD LM IR_TUKGMN$
IRMNOU/)N\NVDHVDOTNNM\NXN$
L][IU#PL\I&NND
y U9KH1TYNMNVD GNV YNWKIRGNGNR6GI<LG
MN9K"N9GGV YDU[=U@U9GKHZ>+NZIHLM
ϭϭ
LNIMI/)NIUGKGV LOV ODRVQX
NK\^NV NVD GV IGN[N$E=OHNXIS NGVQN6MNX@E=O
HNXIS NRDIS NGNGN=LZMNIGN[NJ6 GV GT\^NV NVD GKLJSNXGK[E= U)NN
U)NNOT!NRNVD#E8LT9GVI\O+NKODFDINUMN7NVD ODM^NNPLNNVDGVI\IR/UCU^NV YXIGN
YN6MOD"NMN7^NV NVDGNVXOKOOKH`NMN [N$+NNMUGVHZ>+NZIHU9LMU\J9O6<OGN
L]NLIMLNV9=LIMSNI\UGK[E=J6$OHTQ]KOTMI^NU HNXIS NRDIS NLZMNIGN[NJ6$
^NV NVDOIJUGT\R[=IGHKGNHNXIS N
IS G31RX/LIU IS L]RN\
IS OHTQ]K"NNO IS ON<9HN
NV=W
ϭϮ
E=O"N9GGVYDU[=U@OYNE=OKYNVHQNV /)NNXKOHTQNNVD GV ONHNIWG YNI)N=GP8XIU
LIMNVWXNDGNN=I8RUGMMJNJ6@LJ\NXRONMK GV ON)N L]NGCIUG ODONNXNVD YN6M OND/GCIUG
IW\N@ [TWMNU GV 0ND0K [NDR HVD MN9K 0ND0K IRMNOUGKOTM^NNGVI\[NDNKRNQKIRSNMNVDGNV
IRMNOULJ\[NDNK/HNMGLIMNVWXNGVI\ FNRN QVXV GK LIMG<LXN GK [E= J6$ EO
JIMU GNM=RNE= YN6M QZOMN UIH\XN0T MN7 GV LIMNVWXNGVYDU[=U@ODM^NNYN6MOTM^NNYNNNIMU
XN[LI5UXHIW\VGNRVQNMXH[NDR$ I¤NG\NL)NN@G31RX/LIUMNVLN@YN-
[NDNKLIMNVWXN[NDNKLIMNVWXN0ND0K[NDRHVD L9a9K MNVLN@ OHTQ]K U9 GK O4NE=@ /R31UN
GNN=I8RUGKWNMJKJ6IWOGVL0NVOGVLNDS L]FDNX@HN6WZQNW\LNV>NMNVDGKLTXO=DMSXNU)NN
[NDRY)NN=UO(LN6M@YNVDW\@H9RN0@OT<UNXLTM FJN\KYN6MONHTQNIGHNVIF\NEWV
NXIG[
YN6MYN9
NNIH\J6D$EOV[NDNK/HNMGGVLHVD J6D$ E= O YINOZSXN GV YXTONM@ LNIM
ODRIN=UYN6MIRGIOUIGWNXVGVI\LN=RMN ODRVQX
NK\WNVXGVI\GKGCUIRGNONVWXN
ODM^NN YINIXH@ GV YDU[=U LNIM GVI\U6NMKRDGNN=8RXODFDNKOJNUNJVUT
ODRVQX
NK\^NV E= OGV LHVD YI+NJKU LMNH
N=GN=L]QNXGMIQN[NJ6U)NNGN=
IGN [N J6$ EO LIMNVWXN GV PQaQV
HVD L][IULMJ6$
IS ͗W\IXGNGKFJN\K
RVQNMXHLIMNVWXNRVQNMXHUIH\XN0T YNKX YNUV J6D WFIG OHTQN H1\K LG0XV@

MN7HVDXN[LI5UXHIW\VGNU9K>ND0J6WJND GCIN@I
N](L4NIH=D[YN6MXHGP5LNQXLMIX+N=M
ODRVQX
NK\ LNIM L]NNI\ND HN6WZQ J6D )NN@ GMUN J6 IWOOV LUN S\UN J6 IG L]HT>N
XH+NZIH@Q\Q\YN6M1NV9V\6[ZXWJNDON<9HN
N=@ LNIM L]NN\KYNNNIMUYNWKIRGNH1\KLG0XN
OHTQ]K >NM LURNM RD G31 RX/LIUNVD W6OV YN6M GCIN J6$ EO OV'9M HVD@ LNIM L]NN\K OV
LN=RNOJNVUVJ6D$\[+N[[NDREOUN\TGGV P5L8XYNWKIRGNU9KW\RCII¤NG\NLJ6D
ϭϯ
WNVLN=RMNKRDONHNIWGOH/NYNVDOV[]IOU HZ<NDGX@[]NHIRGNOLIMNQRK0KOKGK
MJVJ6D$U9K^NV NVDGKLNIMI/)NGKOTM^NNU)NN /)NNLXNU)NN[NDRNVDHVDW\IXGNGKFJN\K
U9KOHTQNGKYNWKIRGNOTM^NNGNVGKGCU W6OVI¤NG\NLLZMVIG[J6D$JV'9VMHVD
GMXVGVI\MN9K^NHUNRDGNM=RNE=FNXVGV G31RX/LIUMNVLNU)NNJV'9VMHVD[6MG31
I\@RVQNMXHGNVYNE=OKWV0HLIMNVWXN RX/LIUMNVLNLZMNGMI\N[NJ6@ON<9HN
N=
GVYDU[=ULIMNVWXN^NV GVLHVDSTXN[NJ6$ GK RNLOK@ G0 HVD YNXTRDI
NGK P_NX GK
EO LIMNV W XN GV YD U [= U @ ONHT Q NIG /)NNLXNODFDNKGN=IGN[NJ6$
HNVIF\NEWV
NX@'OLNVWMQN6MV@OJ+NN[K[]NHKN
IS G31RX/LIUMNVLN
LIMNVWXN GV YDU[=U MN9K OUU HVDIGMNVGV+NRXOVGN=GMMJNJ6$
U9KL]FDNXGVDQ]¿XOKOOKH¾ LIMNVWXN GN SMN $$ LIMNVWXN GK
GIR
NVNGVDQ]XNHUU9KWNVXL]FDNXGV^NV HVD O4\UNGVYNNNMLM
NVNQOU9KMN7NVD#OD"N
YXTODNNX YN6M IRGNO GMXV GV I\ Y8XN MN7^NV NVDXNHUQHNRDQKR@HJNMN9@[NVRN@
IR
RIR_N\@SV8XE=GV+NKUM/)NNILUIGN[N GVM\@ GXN=9G@ UIH\XN0T@ YNDN]³QV
N LTQTSVMK@
J6$HOKOOKH+NRXGNIXHN=NGN=L][IU
YD0HNXRDIXGNVFNM`KLOHZJYN6M\^N`KLXV+NK
LMJ6YN6M
NK"N]JKLZMNJNVWN[N$U)NNIL@XOK
YLXVMN7HVDE8JKDLIMNVWXNYNVDGNVYNM(+NGMXV
OOKHY8XNIR
RIR_N\@SV8XE=GVLIMOM
ϭϰ
GV I\ LN=RMN@ RX YN6M W\RNT LIMRU=X [TWMNUHVDYNE=OKWV0HQCI9GNVNNVDGN
HD N\OVYXTMNVNIGNJ6$MN9KOUUU9K ODSN\XEOGVYDU[=UU9K^NV NVDGVL]+NNRK
³FDNXGV8²XOKOOKHSV8XE=GNVYNE= L]FDNXGVI\MN7L]QZNNIXD NFNV0=OIJU
OKWV0HLIMNVWXNGVSMN$$GVI\IR/UCU [TWMNUMN7OMGNMGN^NHUNIXHN=NOHNIR9
LIMNVWXNIMLNV9=U6NMGMXVGV³NVWXOV
NVN J6$[<4YN:4G31LML0XVRN\V^NV GVI\
QO U9K MN7NVD#OD"N MN7 ^NV NVD GV ON)N YNE=OKWV0HQCI9GNVNLM³NNVI[GYX
OH8RGMXVGNGN=ON6DLN[NJ6$ IG[J6D$EOGVYIUIM'U@[<4YN:4G31GK
`KL OHZJ L]FDNX NVWXN U6NM IGN WNXN OHTQ]KLNIM L]NN\KGNVODMI^NURDOTMI^NUGMXV
LN=RMN@RXYN6MW\RNTLIMRU=XHD N\XV+NK GV I\@ OHTQ] GN OUU W\ YXTRK^NN YN6M
\^N`KL`KLOHZJGV`KLNVDGVI\GKsU +NN6IUG@MNONIXGHNXQD0NVDGNYXTLN\XIGN
`KLOHZJ³FDNXNVWXNU6NMGKJ6YN6MEOV WNUNJ6$[<4YN:4G31OKRMVW+NNMGNVGH
HNXXKP3SUH8NN\`NMNYXTHNVIQUIGN GMXVGVI\@WNHX[MIW\VGVI\H\
[N$EOLMYNE= OKWV0HLIMNVWXNGNV 0KOKRVW
NNVNXODD
NTIGN[NJ6$O9K
SMN $$GVGNN=8RXJVUT0KLKYNMGVLHVD LKGK/)NNLXNGNGN=LZMNGMI\N[NJ6U)NN
IRSNMIGNWN[N$ ODD GN=
NK\ J6$ OHTQ]K LNIM L]NN\K GNV
ODMI^NURDOTMI^NUGMXVYN6MU9KOHTQNNVDGK
MN9KU9KIH
NXOYNE=OKYNVHXVX
YNWKIRGNFVJUMGMXV GV I\RXIR+NN[XV
OKOOKHYN6MHYNVE=OGVLMNH
N=OV
OHTQNYNNNIMUOD[%XNVD GV HNHOV
MN9KU9KIH
NXQ/UNRVWU6NMIGNJ6YN6M
JV'9VMOVYING^NV HVDG31RX/LIUGNMNVLN
O+NKU9KMN7NVDYN6MOD"NMN7^NV NVDGNVPXGK
IGNJ6$R[=HK9MHVDL]RN\L]5NMNVLNLZMN
I9,LINNVD#E8NLT9GVI\LNIMSNI\UIGNJ6$
IGN[NJ6$OHTQNYNNNIMUOD[%XOK
MN7 RNMI/)NIUMN7/UMK"N9GGVODFDN FKYNVYN6M/R OJNUNOHZJNVDOSWK
HVD@IR
NVNGM/)NNXKOHTQNNVDGKYNWKIRGNGV GNVU9KLNIM L]NN\KODM^NNRDL]FDNXGVI\
OTNNMGVFNMVHVDGIULPLNOIJU³NNVI[G \[NN[NJ6$EOLIMNVWXNGVYDU[=U@U9K
YNE= OKWV0HNVWXNU6NMGMXV GNGN= [NDRNVDHVDOVYING
NN6SN\GKGCULHVD
[TWMNU@YNVI0
NNU)NNLI
SHFD[N\HVDLIMNVWXN U6NMIG[J6D$
GVYDU[=UIGNWNMJNJ6$
ϭϱ
IS YNE=OKWV0HLIMNVWXNGVYDU[=U[<4YN:4G31HVDG31RX/LIUMNVLNYN6ML]RN\L]5NMNVLNI¤NG\NLIG[$
YNVI0
NNHVDYNE=OKWV0HI9GNVNGNV J6D$JLIMNVWXNU9K³FDNXRD³N)NIHGUN
ODSN\X GMXN EOHVD YNVI0
NN U9 GV I\ IXRV
NGV ^NV HVD
NNIH\IRI+N8XWVDIONVD GK
³NNVI[G YX
NNIH\ J6D$ EXHVD V "N9G ^NHUNGNODRN=XGMV[K$J"N9GLI
SHFD[N\

NNIH\J6D MN7/UMKWVDIONVDYN6MOD/)NNYNVD GV UKX ^NV NVD OT8QM FX@ JI<QN YN6M QK"NN
GK ^NHUN GN ODRN=X@ LNMNQKL "NNHMN YN6M
NDGMLTM GV U9K ^NV ³FDNX ODFDNK HT¹NVD GN
[NVLN\LTM ISI\GNGV+NN[NVDHVDU9KU\J9OV\NVD OHNNNXGMV[K$EOLIMNVWXNGVUJU@ON[M
GV I\YNE= OKWV0HNVWXNU6NMGMXN@ `KLOHZJ HVD YNWKIRGN HVD OTNNM RD IRLNX
^NV K U9K ³I¤N YX YN6M ³N)NIHGUN OTIRNND@LNIM YXTGZ\L=9XIRGNO@OKRMVW
YNNNMLMIXRV
N$JLIMNVWXNU9K³FDNX
NNVNXODD GNIXHN=N@W\ IXGNO³NN\KGN
YN6MXH+NZIHYXTODNNXGV^NV HVD^NHUN ODRN=X IRGNO@ 4NE9NVIMHVI0
NX@ FKS '\KIXD[ RD
GN=GNVLZMNGMMJKJ6$YNVI0
NNHVDL]N)NIHGUN /R31UN@%NVOGSMN³FDNX@YNWKIRGNOCWX
RN\N IXRV
N QNV ^NV NVD HVD GVDIQ]U J6D Y)NN=U ŝ [IUIRINNDS\NE=WNMJKJ6D$U9KOHTQNNVDLM
[NVLN\LTM ISI\GN YN6M ŝŝ LNMNQKL "NNHMN$ S¤RNUNVD GV ³+NNR GNV GH GMXV GV I\
YNVI0
NNHVDYNVI0
NNU9GVSTIXDQN^NV NVDLMU9K LIMNVWXN[U ^NV GV ON)N FJT ³NVWXK
OHTQNYN6MIRMNOU/)N\NVDHVDOTNNMIGN[N S¤RNU YN- IXIH=U IG [ J6D$ ON[M`KL
J6$^NV KU9KL]I¤NYXLMGYX OHZJHVD³IU
NU"NMV\ZIR_TUKGMNLZMNJNV
IGN[NJ6IWOOVF0KHN NHVDYNDG0VOCIWU [NJ6$RVD0MNVDGVLTXRN=O@U9NVDOIJUU9GN
JNVMJVJ6DYNMVVYNIV0
NNGVI\GKGUCU9KWNXV ON6DQK=GMNGNGN=IGN[NYN6MY\DGNMG
LF]DNXNW V XNU6NMGMXVGVI\PLN[ V KJ$6 \NE9aOOD/)NNILUIG[YN6MOVIX9MKOKRMVW
LI
SHFD[N\HVDYNE=OKWV0HI9GNVN /GKHGNWKNNV=`NML][IULMJ6$\K9MGK
GNODSN\XGMXNEO"N9GLI
SHFD[N\GV ^NHUNRN\VGT\[NMFVWIF8OQK"NNU9LM
I\³NNVI[GYNE=OKWV0HYX
NNIH\ HJ5RLZN=YR/)NNXNVDLMM>NV[$
ϭϲ
IS QK"NNHVD/9N:H=RN9M0VXVWU)NNQK"NNHVDU9GVY[]+NN[GNIRGNO
ORV=^NNRDPLNVI[UNo+NN[ HNH\NV D @ RNIXGK 2NLNM ³

NT < G U)NN
I`L^NK#FJTL^NK2NLNMRNUN=OVO(FHT¹NVD@
ORV=^NNRDPLNVI[UNOZ³+NN[@MN7RX
MN9KRNIXGKOZSXN³NN\K@OUURX³FDNX
IRGNO IX[HNVD@ ED9MXV
NX\ 9N:ILG\ I9(FM
O6\ U)NN MN9K /UM LM O4H GV I\
YN[V=XNEWV
NX W6OV YDUMN=9KG OD[%XNVD@
OKD0YNE=@ ³NsIUG RXNVD@ LN6N MNVLN U)NN
ED9MXV
NX\ XV9RG= 4bM F6(FZ D0 M¥NX
X9K4LKGNRX³HNNKGMN@GN%YNNNIMU
YNE=XFKYNM 2NLNM XKIU@ +NNMUK RX
P_NV[@LZRNV=¥NMMN7NVDYN6MLZRNV=¥NM³GNV%OIJU
ORV=^NN@SDQXRD\N\SDQXODFDINUHNH\NVD@RX
YN6_NVI[GODLQNYNVDGVI\YXTHIUOVODFDINU
P5LNQ GV ODFDN HVD YDUMMN9K#"NMV\Z 2NLNM
HNH\NVDGKQV>NMV>NGMUNJ6$
ODFDNKIQ
NNIXQV=
NNVDGNVU6NMGMXVU)NNIXN=URD
YNNUXKIUGVYXTONMRXP5LNQGVIXN=URD +NNMUKRXORV=^NN¿4OYNE=¾
YNNUGVIRIXHX@\"NTRXP5LNQ@YD0HNXRD +NNMUKRXORV=^NN4OYNE=@LN=RMN@RX
IXGNVFNM`KLOHZJRXYN6MRN[NXIRGNOIX[H YN6MW\RNTLIMRU=XHD N\@+NNMUOMGNMGV
4NMV/9,\ND9V
NX0VR\LHV9I\OVODFDINUO+NK YNKXGMNo9KOD[%XJ6@WNVIXIHUYDUMN\
ϭϳ
HVD QV
NGV RXODONNXNVD GV HZ<NDGXGNGN= OZSKU6NMGMXNYN6MGN%HN NGVFNMVHVD
GMUN J6$ IQXNDG WZX@ GNV /)NNILU 0N9NFVOU6NMGMXNYN6MRC^NYN31NQXGN
+NNMUKRXORV=^NNXVA³KE8RVD/9HVD9ORV=Yb4 YXTHNX\[NXN$
4NVMV/9IMONV=OVW LKYNE=O4YNMGN/)NNX ¾ RX ODONNXNVD ODFDNK /)NNIXG 0N9NFVO GV
I\N)NNWNVLIMNVWXN+NNMUOMGNM`NMNRN= OD[]JN@ODG\X@+ND0NMNYN6ML]ONMGVI\
HVD4Z0RD[]KG<SMYN[]VXNEWV
NXYNV XNV0\WVDOKGVLHVDGN=GMXN
YN6MZXNE9V0XV
NDO0VR\LHVD9³NV[]NHZX0KLK
¾ ODONNXORV=^NN@IMHNV9OVIOD[@WKYNE=O
`NMN³NNVIWUIGWNXVGVON)NQV
NGVSIXU
YNIQGVODFDNHVDL]N6_NVI[GKGVYXTL]NV[HVD
^NV NVD GV GN%YNNNIMUP_NV[NVD GK/)NNLXNGV
RNIXGK GNIH=GNVD GN L]I
N^NN YNNVIWU
I\G3SVHN\GKPL\&NUNGNLUN\[NXVGV
GMXN$
HT>P¹V
OV
NTGK[E=)NK$HVDYLXK
IMLNV9=HVDsINODFDNKMN9KYNNV[XVIXIHU ¾ 4 O YNE= HVD YXTODNNX YN6M IRGNO
YDUMN\LMQV
NRNM2NLGRXODONNXORV=^NN YRODMSXNOTQC GMXNU)NNYXTLT'URX
GVHNHOVTI°T°YNDG0NVDGNOD[]JNGMXV ODM^NNUGXKGNVDGVFNMVHVDYXTODNNXGMXN$
GVI\MN9KRXORV=^NNOD[%XGV[%XGK ¾ RXODONNXORV=^NN@HNXIS NYN6MOZSKHVD
IO4NIM
NGK$WZX@HVD I³ EDRV/9HVD9ORV= MN7#OD"NMN7^NV RXIR+NN[NVDGKOJNUN
YN44NVMV/9IMONVOV=WLKYNE=O4YNMGNV4 GMXN$
OYNE= HVD LTX[=I%U IGN [N$ OD[%X GK
¾ RNIXGK ODFDNK IR
NVN YX#LMNH
N=
[IUIRINNVDGK[JXOHK^NNGVPLMNDUQV
NGK
YNNVIWUGMXNYN6MO40KYN6MY8
UVWKOVFQ\UKYNRqGUNYNVDYN6MYNGND^NNYNVDGV
OD[%XNVDGVI\LIMNVWXNYNNNMLMG/9H
³IU EOV YN6M YING OD[U FXNXV GV I\
HV0L]I
N^NNLN%a¤HYNNVIWUGMXN$
4OYNE= GV YINQV
N GNV RoN= HVD LTX
LIM+NNINUIGN[N$ 4OYNE=GVHT>aING\NLJ6D
4OYNE=GVPQaQV
¾ OTQZMODRVQK³N6_NVI[GKGN³NV[GMUV JT
RX^NV GNI`RNK=HZ<NDGX@
¾ IMHNV9OVDIOD[L]N6_NVI[GKGVHNHOVQV
NGV
RX ^NV GN YNG\X GMXN@ LIMRU=XNVD GN ¾ RXNVDGKU)NNRXNVDGVFNJMRC^NNVDGKOZSKU6NM
IR
\VNNGMXNYN6MRXI/)NIUIMLNV9= GK GMXN[]NHKNU)NN
NJMK^NV @
I`RNIN=GLOVU6NMGMXN$ ¾ ³I
N^NNYN6MIR/UNM
¾ MN9K/UMLMRXNVDYN6M[6M RX^NV NVDGK ¾ LIMNVWXNDYN6MLMNH
N=
ϭϴ
RXI/)NIU RXODONNXNVDGV
IMLNV9= FNMVHVD RXN31NQXGV
YNDG0NOD[]J FNMVHVD9NE(O
OVMKW0N9N
GV8Q]KO^NHUN RXNI;X
9 RXODONNXNVDGN YXTRK^NN
IMHNV9OVDIOD[YNNNIMU
HNXIS N
9 RXODONNXNVDGKOZSK
GNF=X
YNG\X
RNIXGK
RVF,\KGV
N8O GNIH=GNVDGN
0KOO@ F0KOD>NHVD L]I
N^NN
E= []KXRNS I)NHVI9GHNXIS
IS 4OYNE=GVHT>I¤NG\NL
RXN31NQXHNXIS NU)NNRC^NNRMN QC
GKL]NI,UXYNMOOKJ6QMNFNQOVGK
[E=U)NNXRDFM@UG
NK9aOGVI\
+NNMUKRXORV=^NN4OYNE=@OV9V\NE9GV
R[K=GMNGN=LZMNGMI\N[NJ6$RVDS¤GV
YNDG0NVD GV QNV RN= GV S¤ GK 2N>N GMGV@
I\ HE=@GNVGN=
NN\NYNNVIWU
I`RNIN=GYNNNMLMQV
NGV RXYN31NDQXGN
GK[E=IWOHVD4OYNE=HT>N\GVO+NK
HZ<NDGXGMUNJ6U)NNAEDI0N/9V9YN44NMV/9
UGXKGK/9N4YN6MWNVX\YINGNIMNVDXV+NN[
IMLNV9= GVLHVDWNXGNMK³/UTUGMUNJ6$RN=
I\N$
OV \VGM RN= UG RX YNRMN
HZ<NDGXGVS¤LZMVJNVSTGVJ6D$RXYNRMNGV RVDS¤GVI\GN=L][IULMJ6YN6MIXGNNV=D
Y\NRN RXNVD OV FNJM I/)NU RC^NNVD GV OZSK[U GNV IR5UKRN= HVD L]GNI
NUGKWNXV
YNDG0NVD GN³NV[GMGV QV
NGV GT\RC^NNVD GV RN\K EDI0N/9V9YN:44N:MV/9IMLNV9= HVD
YNG\XGN+NKGN= IGNWNMJNJ6$EOGV OZISUIGNWN[N$IL1\V GT1RNNV=D HVD EHVW
4\/RL@RN=GVHZ<NDGXGKUT\XNHVD L]NVOVIOD[GKL]N6_NVI[IGNVDGKP8XIUU)NNIMHNV9
RXGRM^NV HVD@R[=IGHKYN6MLV0NVDGV OVDIOD[ GK 0N9N [TNR5UN OV RXN31NQX GK
GRM^NV HVD@R[=IGHKGKRCIJTE=J6$ I¤NIRIN HVD FVJUM L]SN\XN5HG L]FDNX YN6M
NVWXNGVI\YN6MYINGO9KG0N9NL]QNX
RN= GV QN6MNX@ +NNMUK IMHNV9 OVDIOD[
GMXVHVDOTNNMJTYNJ6$
OV9V\NE9GV\YNE=OO$$$OVDOMGV
ϭϵ
O69V\NE90N9N
XYNMOOK
¿0KYNVO¾
IXR=SX R[K=GCUHNXIS
¿4OYNE=¾
O40KGV
ON)NLMNHN=
9NVLNVNK9
¿OYNVYNE=¾ []NPD09]ZI)ND[
¿4OYNE=¾ YDIUHR[K=GCUHNXIS
IS RXN31NQXHNXIS N
RXNVDYN6MRXNVDOVFNJMRC^NNVDGKOZSK GKWNUKJ6 UNIGQNV RNK=S¤GV YNNNMLM

¿9KYNV4¾ 9KYNV4GVFVJT/9NGGNMN9KYNG\XJNV
OGV$9KYNV4^NV HVD\[+N[XHZXN,\N9
RXNVDYN6MRXNVDOVFNJMRC^NNVDGKOZSK9KYNV4 IXNN=IMUIGWNUV J6D$JN\JKHVD 9KYNV 4
FXNXNOYNE= GKQZOMK³HT>N[IUIRINJ6$ ODONNXNVDHVDWMUNVDGNVLZMNGMXVGVI\EXGK
+NNMUKRXORV=^NN`NMNOVGXE=MN9K +NZIHGN FNXV GV I\ EXGN HJ5R FN J6$
RX OZSK X4YNE= I0WNEX GK [E= U)NN 9KYNV4OZSKGMNGNIXGN=J6 9KYNV4^NV NVD
YLXNE=[E=J6$QV
NGNVI4IWNV[]NI4G^NV NVD GV /9NGGNYNG\X@9KYNV4OV \G0KGV
U)NNIW\NVDHVDFND9N[NJ6IW8JVDEX^NV NVDOV P5LNQXYN6MRC^NNVDGV^NV GNYNG\X$
YN6SGLOVQNVRNNVD=HVDSXIGNWNUNJ6$
OZSKFGMXVGVI\³5VGS¤HVDLZMVQV
NGV EDI0N/9V9Yb44NMV/9IMLNV9=YNE=O
RX^NV NVDOVXHZXV,\N9IXNN=IMUIGWNUV 4YNM IQODFMHVD³GNI
NUGK[E=
J6D$OZSKFIGWNXVGNLIMNNHJNVUNJ6@MN9K J6$EOIMLNV9=HVDARC^NNRMN @AFUNJT/9N:G YN6M
/UMLM³WNIUNVDU)NNLIMINGVYXTONM/9NG IRI+N8X³GNMGVRXOHZJNVDLM+NNMUGVRXNVDGK
GNYNG\X$RXNVDGKOZSKFXNXVGVY\NRN@RX HJ5RLLZN= IR
NVNUND RXNVD GK ^NV K OZSK LM
ODONNXNVDGVFNJMGVRC^NNVDGKOHRUK=OZSKU6NM YNNNIMUJ6$EXYNNVD HVD +NNMUGV RXNVD GK
ϮϬ
HJ5RLZN= IR
NVNUNYNVD LM RC^N YN31NQX@ IG/HVD XNMN9KRXOZSKI0WNEX
YN6M0NHK9MRNMFUVJT/9bVG@GNF=X/9bG 4OYNE=XV4MRMK@OVMN9KRXOZSK
YXTHNXYN6MOZSXNONV\06,)N'\NO@ZHO@ GVI\GXNXHZXNI0WNEXGNVGNN=I8RU
ON:\ YN[=IXG GNF=X@ HCQN ^NMN@ RX IGNJ6$XNXHZXNI0WNEXLZR=HVDL]T'UIW\N
RX/LIUGMN@4O\OD"N%X@RX³GNMOHZJNVDHVD YNNNMGVFWNI[]0YNNNIMUJ6$
HJ5RLZN= RC^NGKIG/HNVD@QNRNX\NVD@4O\NVD GNV
XI0WNEXGVYDU[=U@ǆIGHKGVMN92NLK
XTGONX W6RGK ³+NNR W6OV HNXQD0NVD ODFDNK
I[]0OCIWUIG[$L]5VGRN=RXYN6M9KYNV
OZSXNQKWNUKJ6$
4OZSKGVI\STIXDQNI[]0NVDGNSXIGN
JOYNE=4YNMHVDOZISUIR[UGV WN[N$RXOZSKGVI\S¤GNVRN=M>NN[N
YXTHNXNVDGKUT\XNHVDQV
NGVGT\FUVJT/9bG J6U)NN9KYNV4GVI\S¤RN=M>NN[N
HVDHOKZHGKRCIQ
NN=UNJ6$EOHVDOV J6$XNI0WNEXYNMOYN6MWKYNE=OLM
RIN=UJTYNRXHOKZHJ6YN6MFNRX LZMKUMJYNNNIMUJ6$
HOKZHJ6$ XI0WNEXGVHT>\N+N@RXOZSKGVIMIRIW9
YNE=O4YNMGVI\RXYN6M9KYNV4GK OHGNVRNNV=DOV"N9NGMRN=GMXV@FVJUM
OZSKJVUTYNDG0NOD[]JNGN=LZMNIGN[NJ6 O9KGUN GV ON)N MN7 /UMK YXTHNX U6NM
U)NNYNDG0VGKWNDSRDYNDG0NL]NVOVIOD[GN= GMXVGVLHVDJNVD[V$XI0WNEXHVD GE= X
L][IULMJ6$ HNXQD0NVD)NN@X9K4LK@YN¤NHGL]WNIUNVD@
XHZXN+NZ>ND0GVLNOW\GKPL\&NUNYNIQGNV
WNV0N[NJ6$
ÓZSXNODFDNKYNR
GUNGNVLZMNGMXN RN=GVSLMI[]0NVDGNXHZXN
§XKIUYNNV[
§IR5UYNNV[
§ZX4OKOKOK
§YNME=0K0K
§MN7/UMKYXTHNX
\[+N[@RXI[]0NVDYN6M@9KYNV4
§IMIRIW9GVOHGNVRN=OV"N9NGMRN=GMXN I[]0NVDGKOZSKL]IURoN=U6NMIGNWNXN
IS XNRXOZSKI0WNEX
Ϯϭ
RNIXGKGNIH=GNVDGNL]I
N^NN LMIX[MNXKGMXV GNGN= RN= HVD YNMD+N
+NNMUK RX ORV=^NN 4 O YNE= YNNTIXG IGN[N)NN$QJNE=9V(LNVMM\HNVI0OHNV0MV9
IWNVHVI9GONNXNVD)NN@IMHNV9OVDIOD[@WKYNE= IMWNV<Z
NXEHVIWD[/LV'9NV MVI0NVHK9MOVDOM
O@WKLKO@0KWKLKO@GNF=X/9N:GOZSK GNV4OYNE=4N:MV/9GRM\VMY8OJNG
YN6MOZSKUGXKGNVD LMY<LGNI\GLN%a¤HNVD YN6MWHKXKOZSXNYNVDGN³NV[GMUVJTIR
NT
G#QNVO,UNJGVHNHOVRN=OVMN7 QNRNX\IO[X\NVDGVI\³NVO6OIGNWNUNJ6$
RXIR+NN[NVDGVRNIXGKGNIH=GNVDGNVL]I
N^NNL]QNX QNRNX\IO;X\NVD GNV GVH\@WNV [Z[\Y)N=
GMUNMJNJ6$Y'9ZFM@UG\[+N[ G(LVDI9F\4NE\J6@GVLHVDMN7RXQNRNX\
@ RNIXGK GNIH=GNVD GNV 4 O YNE= HVD XNV0\YINGNIMNVDGNV+NK+NVWNWNUNJ6$4O
YNNVIWUIRI+N8XL]I
N^NNGN=¤HNVDHVDEX^NV NVDHVD YNE=XVRN=GVQN6MNXLZMVQV
NHVDHYNV0K
L]I
NI^NUIGN[NJ6$EOGVYIUIM'U@\[+N[ YNE=OGNL]NV[GMUVJTGT\@QNRNX\
RNIXGKGNIH=GNVDGNV+NK4OOYNE=GV IFDQTYNVDGKOZSXNQKJ6$@QNRNX\NVDGVFNMV
IRI+N8XYNP9MKSL]I
N^NNLN%a¤HNVDHVDL]I
NI^NU HVDOZISUIGN[NJ6$
IGN[N$ QNRNX\YN6MW\VJT^NV GVHZ<NDGX
4OYNE=GVY8L]HT>NING\NL GVI\LZR=SVUNRXKL]NN\K
RXL]GNMHNXIS NGKIMIRWI9D[¿49K 4OYNE=XVRXN31NQXHNXIS @RXL]GNM
H¾+NNMUGNRXL]GNMHNXIS N@RN=GV HNXIS YNM4OKHN@UNLHNXYN6MYI;X
\ YNE= O O YNDG0V GN L]NV[ GMGV ODFDNK VIUJNIOG YNDG0V GN L]NV[ GMGV
@L6HNXVLMRN=OVRN=GVFKS ON,UNIJG YNNNM LM QNRNX\ GV I\ LZR=
4OYNE=`NMNIGN[N$YF@GQ
NGGV SVUNRXK L]NN\K PL\&N GMXV GV PQaQV
OV
FNQIX(XI\I>NUPQaQV
NVDGNVLZMNGMXVGVI\ /RQV
NK I¤NIRIN LM GN= IGN J6 YN6M EOV
+NNMUGVRXL]GNMNVDGNVIMIRIW9GMXNYNR
G IRGIOUIGNJ6U)NNEOVRXIR+NN[GNVL]ONIMU
J6 IGNJ6$
/͘ RU=HNXLIMQC
GVYXTONMHN6WZQNRXL]GNMNVD EOOH4OYNE=W\V^NV GKLJSNXGMXV
HVDOTNNM\NXNYN6MP8JVDY_UXGMXN$ YN6MPXGK[D+NKMUNGNHZ<NDGXGMXVGVI\
//͘ QV
NHVD I4IWNV[XNVIHGIRUMNGV YXTONM 0&<ZYNE=4OEHVWGNL]NV[GMMJNJ6$
RXL]GNMNVDGK2N>NGMXN$ LIMNVWXN GK I¤NIRIN OIJU YINGUM
PQaQV
NVD GNV OTSN IGN [N J6$ U)NNIL@
///͘0KOOU)NNE= []KXIX[MNXKYXTL]NV[NVVD
IRI+N8X HNXQD0NVD GNV WNV0GM L]NN\K GNV YN6M
HVDPLNV[GNVOT[HFXNXN$
YING%NVOFXNNWNMJNJ6$
EOODQ+N=HVD@MN7RXIR+NN[GVL]IUIXINNVDU)NN
MN9K/)NNIXGYNDG0NYROMDSXN¿XO
Y8GVDQ]KOMGNMOD/)NNXNVDGVON)NLIMNVWXN
0K YNE=¾ J PL\&N QV
N 2NLK /)NNIXG
GN=
NN\NIQXNDGY[/U@GNVYNNVIWU
YNDG0NYNNNMGNV LZMV QV
NHVD IRI+N8XOD/)NNXNVD@
GK[E=$
OD[%XNVDGVFKSHNXGNVD@HNXQD0NVDGVON!NOV9GV
QNRNX\4MRMKOVWZXHNJUGYN[\[XVGV YXTLODUTI\UGMXVLMOR=O(HIUFXNXVJVUT
HN6OHGVQN6MNX+NNMUHVDFNM FNMRXNVDHVDYN[ IR.NXYN6ML]N6_NVI[GKIR+NN[GVXO0KYNE=
\[UKJ6$4OKYNE=`NMNQNRNX\GKOJKOH
ϮϮ
L]+NN[`NMNYXTRK^NNIGNWNXVRN\NGMN9K RXKGMNIXIN³FDNXRD YNNVWXN³NINGMN
GN=¤HJ6$XO0KYNE=GNPQaQV
+NNMUHVD GN(LNRXNVDGKIX[MNXK@UGXKGKOJNUNYN6M
IRI+N8X HNXIS N WVDIONVD `NMN HNXGNVD YN6M ^NIULZMGRXKGMNGV HZ<NDGXYN6MY8RX
4N:HV=9GV GON!NLIM+NNINUOV9LMIRI+N8X ODFDNKGN=G\NLNVDGVI\GN(LNIXIN`NMNIR¥N
IRNNVDLM/)NNIXGYNDG0VGVOD[]JN@OHZJYN6M LNVINU G MN9K O\NJGNM LIMNQ J6$ EOV
IRUMNGNVL]NV5ONIJUGMXNJ6$4OYNE=GV RVF YNNNIMU@MNV\ F6/0RG=\NV,\KGV
NXYN6M
RX/LIU IRN GV I\ YNDG0N G89VD9 HNXG GKsU OZSXN ³NN\K GV L HVD U6NM YN6M
U6NMIGN[NYN6MXO0KYNE=GNVL]/UTU IRGIOUIGNWNUNJ6YN6MEOOVGN(LNIXINNVD
IGN[N$LZMVQV
NMN7 RNMGVRXN31NQX GVPLNV[YN6MMN7³NINGMNNVD`NMNYXTHNVIQU
YN6MRXL]GNMGVI\RVFHNXIS OVRN0&<Z RNIN=G ³SN\X NVWXN MN7 OKHLK HVD
HO+NKU6NMGK[E=J6DU)NNXO0KYNE= /RKsUIRI+N8XGNNVD=GKIX[MNXKYN6MLNMQI
N=UN
LNV9=\LMYL\NV0GK[E=J6D$RXNVDOVODFDINUX OV ODFDINU IRI+N8X GNNVD= YN6M GN=G\NLNVD GN
O0KYNE=YNDG0NG89VD9HNXGQ/UNRVWGV OJWLOV/RSN\XJNVLN[N$MN7OMGNM
FNMVHVDGIQROKGN=
NN\NIQXNDGY[/U@ IXI(8\I>NU-VINNVDGVYDU[=ULNVI\[NV8OYL\NV0
GNV4OYNE=@QVJMNQZXHVDYNNVIWUGK GMUKJ6
[E=$ /͘ ^NIULZMGRXKGMN+NZIHOK+NZIH
IXN=OJNUNL]NN\K¿0KOO¾ 0K //͘ YDUIMU+NZIH0K\
OOGRVF WKYNE=OYNNNIMUYXTL]NV[ ///͘ Y8LN6NMNVLNGN=YNVLK0&<Z
J6 WNV RX ^NV GV FNMV HVD [TNN5HG YN6M
/s͘ LN6NMNVLNGN=LK0&<Z
LIMHNNN5HGOZSXNL]QNXGMXVGVI\IRGIOU
s͘ LIMODLI¥NND
IGN[NJ6$EOHVDRXU)NNR8WKR^NV NVDOV
ODFDINUIRI+N8XHTQaQNVD LMIRI+N8XOZSXNL]QNX YF UG@ +NNMU GV MN7NVD XV GT\ @
GMXVVJVUTIRI+N8X/)NNIXG/UMNVDGNL]NV[IGN LN:\K[N:8OGNVYL\NV0IGNJ6IWXHVDOVYFUG
WNUN J6$ 0K O O YXTL]NV[ HVD L]T'U @LN:\K[N:8OGKWNDSGK[E=J6$WXRMKOV
IWNV/LVI
N\YNDG0VHVDMN7YN6MIW\NOKHN XRDFM@GVFKS@LN:\[N:8OGKQNVFNMN
/UMOTMI^NU^NV @FN"NIMWR=@FN"NGN:MK0NVM@RX WNDSGK[E=J6$
L]GNMHNXIS @W6IRGL]STMUN@+NZ QC
Y>ND0UN@ FJTUP3SIMONV<Z
NXYNDG0NYFFQ\UV
W\K/UM@RXYN31NQXHNXIS 9NEHIOMKW OHYN6MP+NMUKSTXN6IUNVDGVON)N@+NNMUKRX
/UM@IMGN:0=IGN[N@RX^NV U)NNIMGN0=GK ORV=^NN HVD FJTU P3S IMONV<Z
NX YNDG0N GN
[E=RXL]
NNOIXGOKHN
NNIH\J6D$O+NKMN7NVD L]NV[GMGVIRI+N8XYXTL]NV[NVDLMGN=GMXVGV
GV³NNX³HT>NRXODM^NGNVDU)NNLN=RMN@RX I\X^NV HVDWNXVGNIXN=I\NJ6$4O
YN6M W\RNT LIMRU=X HD N\ GNV YXTL]NV[ YNE=XVLJ\KFNMXYNMOOK@J6QMNFNQGV
RVFONE9 ǁǁǁ͘ĨƐŝŐĞŽƉŽƌƚĂů͘ŐŽǀ͘ŝŶ UG LJTDS HNHOVGVYNVHLKO9K GNL]NLN
FXNXV YN6MPOGNPLNV[GMXV GV I\ZWM IGNJ6 WNV IRI+N8XL]NVWXNVD GV I\HK
YNE=0KYN6MLNOLNV9=L]QNXIGN[NJ6$ LD¤NVHVI9GU)NNHKH<9K/LV'9\EHVWMK
E= JIMUIX[MNXK¿E= []KXR¥S¾^NIULZMG L]QNX GMUN J6$ RU=HNX HVD 4 O YNE= XV
HJNMN9YN6MGXN=9GMN7NVDGVI\LD¤NVHVI9G
Ϯϯ
H<9K/LV'9\YN6MYN:)NNV= MVI'94N0EHVWVWGN IRGIOUFNNVHNOOHKGMN#GNMGIGN[N
L]NLNIGNJ6$ J6$YNGD0NVDGNIR8NOGMXVYN6MIRI+N8XGNF=X
L]N)NIHGPQaQV
RXN31NQXHNXIS N@QNRNX\ LZ<OGVYDU[=UGNF=X/9bGGNYXTHNX\[NXV
L]WNIUGKLJSNXGVI\WHKXKO3SNE=OIJU GVI\WKOYNE=OUGXKGGNPLNV[IGN
RC^NNMNVLNYN6MODFI¤NG\NLNVDGVYXTRK^NNGV [N)NN$
I\IR7R\NEIWD[,\KGV
NXGNIRGNOGMXN YNE=O4YNM GVHN6WZQNYXTHNXHVDRXNVD
J6$ HVD GT\ @ IHI\X 9X GNF=X /9bG GN
YLVI^NUJN0=RVMYN6MON:4a9RVMGVON)NRKS YXTHNXIGN[NJ6$IR[UHVDIGV[YNG\X
YNML]NV[
NN\N/)NNILUGK[E=J6$ Y)NN=URN=OVUGGVFKSGKUT\XN
+NNMUGVRXNVDHVDGNF=X/9N:GGNYXTHNX HVDGNF=X/9bGHVDIHI\X9XGKRCIJTE=
RXFNNVHNOYXTHNXU)NNGNF=X/9N:GLIMRU=X J6$
GV FNMV HV D +NNMUK RX ORV = ^ NN L] H T > N JIMNNN@PµNMN>ND0YN6MUIH\XN0THVD
NV[QNXGUN=YNVD HVD OV GMJNJ6$RN= HVD 9KYNV4OZSK
W\RNT LIMRU=X LM ODT'U MN9 4]VHRG= 4OYNE= `NMN JIMNNN@ P¥NMN>ND0 YN6M
G8RVD
NX GNV L]/UTU +NNMU GV YNMDI+NG MN9K UIH\XN0THVDRXNVDOVEUMI/)NURC^NNVDGKOZSKGV
O(L]VNNYNE=XOKHVD4OYNE=XVGN%GV ODFDN HVD UKX LIMNVWXND
NT GK [E= J6D$
FUV/9NGGVRXGNF=XGNYXTHNX\[NN$RN= JIMNNNYN6MP¥NMN>ND0HVD EOGN^NV KGN=
HVD@4OYNE= XV ZX4OKOKOKGV MN7DRXIR+NN[NVD`NMNIGN[N)NN$UIH\XN0T
IÙKMN9KODL]VNNOXOKGV+NN[GVL MN7HVDJ^NV KGN=4OYNE=`NMNIGN
HVDRXGNF=X/9N:GU)NNQNVOHNNIRINY)NN=URN= [N)NN$0N9N³NVOVIOD[YN6MIMLNV9=I\>NXVGN
YN6MRN=GVFKSLIMRU=XGNYXTHNX GN=4OYNE=`NMNIGN[NU)NNP5UMN>ND0
LZMNIGN$SZDIGRX#9NVYNV4GKOZSKFXNXN RDUIH\XN0TMN7GKYDIUHIMLNV9=L]GNI
NUGK
4OYNE=GKIXIHUL]I¤NJ6WNVGNF=X [E=J6$JIMNNNGKYDIUHIMLNV9=HTQ]NNNKXJ6$
FXNXN /9N:G GV YXTHNX GV I\ YNNNM J6@
EOI\ 4 O YNE=@ RX OZSK YNDG0V@ XN[N\6D0HVDRXN31NQXHNXIS NU)NN
RXN31NQXHNXIS NU)NNRXL]GNMHNXIS N RX#RC^NODONNXNVDGKOZSKU6NMGMXV
OZSXNGNL]NV[GMGVMN9KYN6MMN7QNVXNVD ODFDNKLIMNVWXN
/UMNVDLM+NNMUGVRXNVDHVDGNF=X/9NGGNYXTHNX XN[N\6D0MN7@IWOGVLNO@RXN31NQX
\[NMJNJ6$ MN7GV+NN6[NVI\G^NV 4\GNL]IU
NUJ6@
4OYNE= W\RNT LIMRU=X OD F D NK GNVPOGVIW\NVDHVD46\VXN6RXHD0\NVDGKGN=
YDUM
NNOGKL6X\YNE=LKOKOK`NMNIRGIOU NVWXNDU6NMGMXVGVI\OJNUNGMXVJVUT
A [T0³6I'9O[NE0VDO GVIRINIR.NXGVYXTONM GXE=LIMNVWXNLZMKGK[E=J6$LIMNVWXNGV
+NNMUGVRXNVDHVDGNF=X/9bGGNYXTHNX\[NUN PQaQV
GNVLZMNIGN[NW6ONIG4OYNE=
MJNJ6$IRI+N8X/UMNVDGVI\P5OW=XGNMGNVDGN `NMN IXNN=IMU I¤NIRIN GV YXTONM RX/LIU
YXTHNX \[NXV GV I\ MN9K RX OZSK GV ORV=^NNU)NNHCQNGNF=XGVYXTHNXOIJUIMHNV9
YNDG0NVDX4YNE=GNPLNV[IGN[NJ6$ OVDIOD[YNDG0VGNL]NV[GMGVYN6MRXRDRC^N
4OYNE= `NMN IR
NVN YX GV HNH OV
Ϯϰ
ODONNXNVD GK OZSK U6NM GMGV XN[N\6D0 RX GMI\[J6D$-K\DGNGVYINGNIMNVDGVI\
IR+NN[`NMNQ
NN=N[NJ6$EOLIMNVWXNGV EO L]NVWXN)N= QNV ^NV L]I
N^NN Y[/U YN6M
IXLNQX GV I\ IRI+N8X L]GNM GV OV9V\NE9 Y'9ZFM@GVQN6MNXYNNVIWUIG[$
YNDG0V\YNE=OO///YN6M\YNE=O 4YNV 9KOKLKLIMNVWXN+NNMUHVD
O/s H<9K/LV'9HYNDG0N@/9M0VH@ MN9KRXOZSKYN6MYXTRK^NNL]NV9NVGN:\U)NN
OYNVYNE=9NVLNV
NK9aO@#@GN ^NHUNOTQCGMXVGVI\GUGXKGKOJNV[
PLNV[IGN$"NX5RR[NV=D@RXL]GNMHNXIS @ GN=¤H 9K OK LK GNV LN=RMN@ RX YN6M
/\NVLHNXIS @/LV'9HNXIS @0VXVWHNXIS @ W\RNTLIMRU=XHD N\GVYDU[=U4OYNE=
+NZIHPLNV[^NV HNXIS IW\NYN6MMN7 RNM `NMN4YNV GKUGXKGKOJNUNOV
NT
U)NN4O0V,0IW\NRDMN7 RNMGVYNNNM IGN[NJ6$4YNV 9KOKLKLIMNVWXNHVD
LMRX-VINNVDGNVQ
NN=UVJTRXN31NQXHNXIS GGKGCUMN9KRXYXTRK^NNL]NN\KX
GV FNMV HVD IW\N RNMOZSXNLZMKGK[E= U)NN 4HOIRGIOURD/)NNILUGKWN[K@RX
XN[N\6D0RXIR+NN[GNVL]/UTUGK[K$ YXTRK^NNLMMN9K^NHUNIXIH=UGKWN[KYN6M
XN[N\6D0MN7RXODONNXNVDGNHZ<NDGXGMXVGV STIXDQN MN7NVD HVD LMK^NN GNN=8RX ODSNI\U
I\@4OYNE=RXOZSKODFDNKGN=LZMNIGN LN\9 IGN WN[N$ +NNMU OMGNM GN
[NJ6$RXOZSKGVLIMNNHNVDGNVXN[N\6D0RX LN=RMN@RXYN6MW\RNTLIMRU=XHD N\EO
IR+NN[GNVL]/UTUIGN[NJ6$IMLNV9=I\>NXVGN LIMNVWXNGVI\XNV0\HD N\J6IWOV4
GN=L][IULMJ6$ OYNE= `NMNGNN=I8RUIGNWN[N$OH[]
>NN_RDGCINOD[%XGVON)NOJNV[OV GN=¤HGNHN[=Q
N=XHJNIXQV
NGU)NNIR
NVN
-K\DGNGVI\X4YNE=GNI0WNEX OISR@ LN=RMN@ RX YN6M W\RNT LIMRU=X
U6NMGMXN+NNMUKRXORV=^NNXV-K\DGNGV HD N\GKY^NUNHVDMN9KGN=¤HODSN\X
I\MN9KRXOZSKX4YNE=L]NN\KGN OIHIU `NMN IGN WN[N$ 4 O YNE= XV
I0WNEXU6NMGMXVYN6MEOVIRGIOUGMXVGV Y[/U@HVDYN6LSNIMGLOVGN=¤HGN
I\4YNV@-K\DGNGVON)N\YNVLM
NT+NNMD+NGMXVGVI\YNMDI+NGGN=
NN\NLJ\VJK
J/UN^NMIGJ6D$EOLIMNVWXNGVYDU[=U@4 YNNVIWUGM\KJ6$
OYNE=@-K\DGNHVDOZSKGNN=I8RUGMXVGVI\ RX P5LNQNVD GN YNNU YN6M IXN=U U)NN
XHZXN\VXVODFDNKI0WNEXU6NMGMMJNJ6@^NV \G0K OV FXV ONHNX GV I\
NT<G
4N:HNV=D@^NV H6XTY\GNI0WNEXU6NMGMMJNJ6@ YRODMSXN J³+NN[IRQV
N2NLNMXKIUYN6M
^NV L]I
N^NNYNNVIWUGMMJNJ6@YNDG0V GK OJNG
NT<GQMNVD GV YXTONMRXP5LNQNVD GV
L]IRI9U)NNYNDG0NL]NVOVIOD[HN:0a\IRGIOU ODFDNHVD "NMV\Z YN6MYDUMMN9K2NLNMGV I\
GMMJNJ6YN6M-K\DGNRXIR+NN[GV/9N4GV IQ
NN IXQV=
N YN6M IXQV
N U)NN RX P5LNQNVD GV
I\YNDG0NL]NVOVIOD[L]I
N^NNYNNVIWUGMMJN YNNUYN6MIXN=UGV YNR
GIRIXHU6NM
J6$LIMNVWXNYL]6\@HVD
NTJTE=YN6MEOV GMXVGNGN=GMUNJ6$J³+NN[IRQV
N2NLNM
RN=GKLJ\K1HNJKHVDLZMNIGWNXVGK HJNIXQV
NN\@ XE= IQ<\K GV HNH OV ³N,U
YN
NNJ6$-K\DGNGVX4YNE=GNXHZXN\VXV YNRVQXNVDGVODFDNHVD\G0KYN6M\G0KGVP5LNQNVD
ODFDNKI0WNEXU6NMGMI\N[NJ6$EOGV GVIXN=UGVI\IXN=U\NEOVDO³QNXGMXVGV
YIUIM'U@^NV HNXQD0YN6M^NV H6XTY\+NKU6NM I\XYNVOKWNMKGMXVGN+NKGN=QV>NUNJ6$
Ϯϱ
EOHVD S8QXGK\G0K\N\SDQXYN6MY8 YDUMN=9K 9¥ILG\ I9(FM OD[%X
\G0KGVP5LNQE5NIQ
NNIH\J6D$ ¿YNE=9K9KYNV¾
GN%YNNNIMUP_NV[NVDGVI\IQ
NNIXQV=
N y YDUMMN9K9bILG\I9(FMOH!N6UNYNE=9K
OZL]+NN[XV9KX[NVQNRMHXFXNH+NNMU 9KGNVZXNE=9V0XV
NXGN8©VDO4bM9V0D0
OD"NRDY8GVHNH\VHVDIM9NISGNIOIR\ 0VR\LHVD9GVU5RNNNXHVDYDIUHLIQN[N
OD#HVDHNXXKP3SUH8NN\GV )NNUNIG9bILG\I9(FMGV P5LNQGYN6M
IQXNDG GV YNQV
N GV YXTLN\X HVD PL+NNV'UNQVqNNVDGVFKSOJNV[YN6MLMNHqN=
GN%YNNNIMUP_NV[/)NNLXNYN6MIRIXHX JVUTGL]+NNRGNMKNDSNPL\&NJNVOGV
IQ
NNIXQV=
N@JVUT IQ
NNIXQV=
NU6NMIG$ y PNGI9FDNKEHNMUK\G0KHVD YDUMN=9K
HNXXK P3SUH 8NN\ GV YNQV
N GV FNQ@ 2NLNMGVIR/UNMYN6MIRIRNUNGNVFNRNQVXN
HD N\XVGN%YNNNIMUP_NV[GVI\L]NL YN6M PN GI9FDNK EHNMUK \G0K GV
IQ
NNIXQV=
NU6NMGMXVJVUT0KWK4OKGK ODMSXN5HGI/)NIUNVDHVDOTNNMGMXN
Y^NUNHVDGOIHIU[I%UGK$EOOIHIUXV
L]NLIQ
NNIXQV=
NU6NMIGYN6MI9,LINNVDGV y RXL]FDNXYN6MGNo%PLNV[HVDOTNNM\NXVGV
I\IQ
NNIXQ=V
NNVDGNVO+NKMN7NVVD#OD"NMN7^NV NVD I\YXTODNNXU)NNIRGNOGNV FNRNQVXN
GNVLIMSNI\UIG[$ U)NNOJNUNL]QNXGMXN$
MN7#OD"NMN7^NV RXIR+NN[NVD OV I9,LINND y PoN GI9FDNK RX YN6M PXGV YNXTRDIqNGK
L]N,U JNVXV GV FNQ@ UQXTONM IQ
NNIXQV=
NNVD GNV ODONNXGV OUUPLNV[U)NNODM^NNU)NN
OD
NNVINU IGN [N$ YXTHNVQX GV FNQ@ ODFDINU ^NV NVD HVD LNIMI/)NIUGK ODUT\X GNV
IQ
NNIXQV=
NNVD Y)NN=U GN% YNNNIMU P_NV[ FXNM>NXVGVI\MNo9KXKIUNDFXNWNXV
/)NNLXNYN6MIRIXHX@GNV XRDFM@ GNVL]NV5ONIJUGMXN$
GNV
NNOGKMNWL HVDL]GNI
NUIGN[N y YNE=9K9KGNVIQXNDGXRDFM@GNV
J6$VIQ
NNIXQV=
NRVFONE9 ǁǁǁ͘ŝĨƐ͘ŶŝĐ͘ŝŶLM YD[KGNMIGN[NYN6MYL]6\@GNV
PL\&NJ6D$ L]+NNRKJTYN$
EXIQ
NNIXQ
=VNNDVGVYNNNMLM@GN%YNNNIMUP_N[ V NDV y YNE= 9K 9K @ HVD YDUMN=o9K PoN
GVI\MN7/UMKOIHIUGN%YNNNIMUP_N[ V NDV GI9FDNKEHNMUK\G0KOD[%XYNE=9K9K
GVI\X\NEOO DV WNMKIGWNX#V \NEOO DV NDVGV YNVGK/)NNLXNGK[E= IWOGNHT>N\
XRKGMNGVYNNNMLMIXN=\[ V K$ WNLNXHVDJ6@WNVPoNGI9FDNKEHNMUK\G0K
HVDYDUMN=o9K2NLNMYN6MPOGVPLNV[U)NN
YIN
NVN EHNMUK \G0K GNV QV
N GV EOGV ODONNX YNNNM GV OUU L]FDNX OV
Y8+NN[NVDHVD\VWNXVGVI\HNXG ODFDINU HTQaQNVD LM SSN= GMXV@ OZSXN GN
L]SN\XL]IN YNQNX L]QNXGMXVYN6MXKIUNDU6NMGMXV
IQXNDGGVHNXXKP3SUH8NN\ GV I\ EHNMUK \G0K GV P5LNQX U)NN
GV YNQV
NGV YXTONM@OZ L]+NN[XV YIN
NVN PL+NNV'UNQVqNNVDGNG4]VHRG=L]QNXGMUN
EHNMUK\G0KGNVLZRNV=5UM^NV OVQV
NGVY8 J6$
+NN[NVDHVD\VWNXVGVI\MV\RVRV[XGVYNFD9XJVUT y XGMNM@YNE=9K9K@@WNV4MRMK@
HNXGL]SN\XL]I¤NIRGIOUGK$ GNV NPOGV FNQ1JHNJGV +NKUM
Ϯϲ
IGOKUNMK>NGNVIXIqSULOVNYXDIUH IRqNVoN.L6X\`NMNOJNUNL]QNXGKWNUKJ6
LOV\N[ZJTYN@GNVL]IULNIQUGMXVGVI\ WNVYNE=9K9KYNVGVPQaQVqNVDGKOTOD[UN
Z XOK9K0K@WVXVRN@I/R9WM\6D0GV YN6M UGXKGK HVIM9 GV I\ LIMNVWXN
U5RNNNXHVDYNE=9K9K@LMQNVFNMN L]/UNRNVDGKOHK^NNGMUNJ6$
FNUSKUGK[E=$+NNMUXVYNE=9K9K@ y IRUYN6ML]qNNOXODFDNKSN6)NKOIHIUFW9
GVJ/UN^NMGUN=GVLHVDWT\NE=@GNV ODFDNKIRoNNVDYN6MOD[%XGVL]FDNXOVODFDINU
8ZNG=HVDYXTOH)N=XGVI\>NUGNYXTOH)N=X Y8 IR5ULNVoNN YN6M L]qNNOIXG HTQaQNVD LM
IGNJ6U)NNEOVODT'UMNo9OV¤V9MKWXM\ LIMoNQGNVO\NJQVUKJ6$
GVLNOWHNIGNJ6$ y YNE=9K9KYNVGVOQ/GVLHVD+NNMUGNV
y YNE=9K9KYNVODFDINULIMNVWXNYNVDGVI\ YNE=9K9KYNVHVDRNIoN=GYDqNQNXGN+NT[UNX
+NKOJNUNL]QNXGMUNJ6$ GMXNJNVUNJ6@WNVL]5VGRoN=IGNWNUNJ6$
y RU=HNXHVD@YNE=9K9KYNVGVOQ/J6DWNV SN\ZRoN= HVD@+NNMUOMGNMXVG6\VD0M
QNV-VINNVDHVDIR+NNIWUJ6DP5LNQGQVqN RoN=GVI\YNE=9K9KYNVGNV@
OQ/YN6MPL+NNV'UNQVqNOQ/$+NNMU YHVMKGK0N:\MGNRNIoN=GYDqNQNX/RKGCU
YNE=9K9KYNVGN/)NNLGOQ/P5LNQG IGN$
QV q N GK -V NK J6 IWOGN PQa Q V o YDUMMN9K FNDO RD FVDU XV9RG=
PoNGI9FDNK RXNVD GNV ODMI^NU GMXV YN6M ¿YNE=XFKYNM¾ YDUMMN9K FNDO RD FVDU
RNIXGKGV ^NV HVD QVqNNVD GNV YNI)N=GLOV XV9RG=YNE=XFKYNMRN=HVD/)NNILUG
IRGNOGMXVGVI\OJNUNL]QNXGMXNJ6$ YDUM OMGNMKOD[%XJ6$JFNDOYN6MFVDUGV
y YNE= 9K 9K YNV GN P3SUH L]NINGMN ONHNIWG@ YNI)N=G U)NN LN=RMNK \N+NNVD GNV
YDUMN=o9K PoNGI9FDNK EHNMUK \G0K FNXVGVI\GOHIL=UOD[%XJ6$YNE=XFK
LIMoNQYNE=9K9KOKJ6WNVYNE=9K9K@ YNMLN=RMNU)NNW6RIRIRNUNGKOTM^NNGMXV@
GVL]NRNNXNVDGNVGNN=I8RUGMXVGVI\ IXN=XUN QZM GMXV U)NN IXN=X \NV[NVD GV I\
YNR
GO+NKGNNV=DGVIXoLNQXGNVpNNIOU YXTGZ\YN6MIXL^N2NLNMOT[HFXNXVGVI\
GMUNJ6$ FNDOYN6MFVDUGVE/UVHN\GVI\XRNV8HVNKUMKGV
y LIMoNQGNVO+NKOQ/QVqNNVDGVI\>NT\KSNM ZDXVU)NNPXGVIXLNHVDIRI
N9+NZIHGNIX+NN
OIHIUNVD`NMNOJNUNL]QNXGKWNUKJ6WNV MJNJ6$YNE=XFKYNMFNDORD FVDUGV WIM
XKIUU)NNLIMNVWXNODFDNKHTQaQNVDLMLIMoNQ OUU IRGNO JVUT R6I
RG GN=OZSK LIM+NNINU
GNVO\NJYN6MOJNUNL]QNXGMUKJ6D$ U)NNGNN=I8RUGMXVGVI\OVYINGQV
NNVDHVD
y UKXOIHIUNDXKIUYN6MLIMNVWXNGN=GV OMGNMK@ IXWK U)NN Y\N+NGNMK ^NV NVD OV
HT>^NV NVD LMGNM=RNE= GMUKJ6D$RV J6D@ŝ OJ+NNI[NVD GNGR6I
RGXV9RG= WNV0UNJ6$
YNI)N=G OZSXN YN6M FNWNM YNOZSXN ODFDNK YNE=XFKYNMGV OQ/GV UN6MLM+NNMUGNV
OIHIUŝŝLTXR=XKGMNU)NNRXL]FDNXODFDNK YNE=XFKYNMGNVRNIN=G+NT[UNXGMXNJNVUNJ6
OIHIUU)NNŝŝŝRXP_NV[ODFDNKOIHIU$ WNV ³5VGRN= IGNWNUNJ6 RN= GV
QN6MNX@ +NNMU OMGNM XV YNE=XFKYNM GNV
y EX OIHIUNV D GNV LIMNV W XNYNV D RD
G6\VD0MRN=GVI\@YHVIMGK0b\M
LZN= LIMNVWXNYNVDGVUGXKGKHZ<NDGXJVUT
GVRNIN=GYD
NQNXGNVHDWZMK³QNXGKJ6$
Ϯϳ
YD0HNX RD IXGNVFNM `KLOHZJ RX U)NN LOVP[VLV0NVDGKG9NE=YN6M\G0KGKIR¤
FN[NXIRGNOIX[HI\IH9V0 YD0HNX RD LMIRI+N8X³GNMGV³IUFDN\[NIQV)NV$EOGK
IXGNVFNM`KLOHZJRXU)NNFN[NXIRGNOIX[H RWJOVIX[HGVYIXRN=³sIUGV2U)NN
I\IH9V0 XYNE=4 LK0KOK\ +NNMU RVUX@HWQZMKE5NIQGV+NT[UNXRN= OV
OMGNMGNGONR=WIXG^NV PL¤HJ6IWOGN +NNMUOMGNMOVBNNVDLM³IURN=JNVXVRN\V&NW
OCWXHVD`KLOHZJLMRNIXGKLN6NMNVLNGV GKHDWZMKOVJKOD+NR)NV$IQXNDGUG
IRGNORD³FDNXGV2NLGP¹V
NVDGVON)NIGN &NWT'UBNGMNV0J6YN6M&NW
[N)NN$RN= GV QN6MNX+NNMUGV GMNV0J6$RoN= OVBN[CJ
HNXXK P3SUH 8NN\ XV YLXV IQXNDG HD N\`NMNL]QNXIGNWNMJNJ6$XKIUYNNV[
##YN6M##GV YNQV
NGV XVFDQIGWNXVGVI\EOFKHNIX[HGK
UJUYD0HNXRDIXGNVFNM`KLOHZJHVD³NsIUG LJSNXGKJ6$
IS YD0HNX`KL
Ϯϴ

WL
MBK\LL
W6RIRIRNUNODM^NN UNIGJIQXNDGY'UZFM@OVL]+NNRKJNV
W6RIRIRNUNODFDNKG8RVD
NXOKFK0K@RN= OGV$FKOO(F8NKX[NVNL]NV9NVGNV\@MN9K
HVD IMNV I0WVXVIMNV HVD YNNVIWULC)RKI
N>NM /UMLMY8@FNUNVDGVON)N ON)N@W6RIRIRNUN
O(HV\XHVDYD[KGNMIG[HJ5RLZN=OH!N6UNVD YINIXHGVHNHOVI¤NI8RUIGNWNMJN
HVD OV G J6$ OK FK 0K GV PQaQV
J6D W6R J6$
IRIRNUNGNODM^NN@EOGV "N9GNVD GNRJXK W6R IRIRNUN YINIXH@ G I /UMK
PLNV[U)NNYNXTRDI
NGODONNXNVDGVE/UVHN\OV OD/)NN[UUD GVHNHOVGNN=I8RUIGNWN
JNVXVRN\V\N+NNVDGNVIXL^NYN6MGOHNXUMKGV MJNJ6IWOHVDMN9KW6RIRIRNUNL]NINGMNX
OV ON!NGMXN$IQXNDG4MRMK@GNV FK @ MN7 WR6 IRIRNUN FN0 V = FK H OK
+NNMU`NMNOKFK0KGNYXTOH)N=XIGWNXVGV WR6 IRIRNUNLF]8NXOIHIUND
NNIH\J$6XFK
LIMNNH/R,N@ G8RVD
NX GV YDU[=U GK [E=D G/RN5UIXGNJ6WNVW6RIRIRNUNOVWT0V
L]IUFUNYNVDGNVLZMNGMXVU)NNEOGDRVD
NXGV HTQaQNVD LMOMGNMGV I\I\OTIRNNL]QNUN@
GNMNP5L8XJNVXVRN\VYROMNVDGN\N+NP%NXVGV IRIXNHG YN6M LMNH
NK= GU=2NVD GN IXR=JX
I\ YXVG GQH P%N [$ EX L]NONVD GN GMUNJ6$
PQaQV
IRNNK@L]
NNOIXGYN6MXKIU[U2R/)NN W6R IRIRNUN ODFDNK G8RVD
NX GV U5RNRNNX HVD
GNVOKFK0KGVUKXYNNHK\^NVDGVYXT,N YLXNV [V LJTDS RD \N+N ODFDNK X[NVN
FXNXNJ6$+NNMUXV EOGDRVD
NXGV PLFDNNVD GNV L]NV9NVGN\YN6MODFDINUIRN
L]+NNRKFXNXVJVUTW6R IRIRNUNYINIXH@ ͻ EOYRINGVQN6MNX+NNMUXVW6RIRIRNUNOV
YINIXIHU IGN J6$ +NNMU XV RN= HVD ODFDINU IX(XI\I>NU HJ5RLZN= YDUMN=9K
MN9KW6RIRIRNUNGN=NVWXNXFKLK F6%GNVDHVD+NN[I\N$
U6NMGKYN6MRN=HVDW6RIRIRNUNODFDNK +NZ9NX HVD W6IRG ODONNXNVD OV ODF
MN9K\^NVDGVON)NXRKLKGVON)NG LNMDLIMG.NXLM HNS=@UG
LIMI
N9+NKWNV0N$ OVIHXNM
RN=HVDOKFK0KGVU5RNRNNXHVDYLXNV[V R6.NIXG@UGXKGKYN6ML]N6_NVI[GKO\NJ
LJTDSRD\N+NODFDNKX[NVNL]NV9NVGN\GN\^ LM OJNG IRGNO GV YL]6\@
YNXTRDI
NGODONNXNVDGVPLNV[OVP5L8X\N+NNVD UGHN:I89\HVDF6%G
GNVIXL^NYN6MGOHNXUMKGVOVON!NGMXN
GNN=8RX LM OJNG IRGNO GK
J6$ +NNMU XV IQXNDG HE=@ GNV EO
HN:I89\HVD HE=@UGL])NH
L]NV9NVGNV\LMJ/UN^NMIG)NV U)NNIQXNDG
F6%G
Y'UZFM@GNVEOGNYXTOH)N=XIGN)NN$
+NNMU`NMNY'UZFM@HVDJ6QMNFNQHVDOKFK0K Y'9ZFM@UGHVI'OGNVHVDOK
GVL^NGNMNVDGVRVDO(HV\XOKYNVLK $$GK YNV LK &ZMNV YN6M YXN6LSNIMG LMNH
N=
HVWFNXK GV FNQ@ OK YNV LK GK +NNMU `NMN (NDHNMHVD
Y^NUNGVQN6MNX@+NNMUXVFKOODFDNKOKFK Y'9ZFM@ UG I
NX
0KGV XN[NVNL]NV9NVGN\GNYLVI^NUOD>NHVD JVIM9VWLNG=YN6MI`L^NKF6%G
L^NGNMNVD`NMNYXTOH)N=XIGWNXVHVDOJNUNGK P3S/UMKOV[HVD9@W6IRGIRIRNUNLM
ϯϬ
G8RVD
NX GV I\ L^NGNMNVD GN UVMJRND HNHOIJUYNE=LKFKE=OGN=¤HYN6M
O(HV\XOKYNVOK @W6ROTM^NNLM LIMNNHNVDHVDYLXNNV[QNXWNMKM>NN$
GN9N=IWXN L]NV9NVGN:\ GV L^NGNMNVD GV ͻ FK O ODFDNK XN[NVN L]NV9NVGNV\ GK
O(HV\XGVLHVDOKFK0KGVL^NGNMNVD YLV^NNYNVD GV YXTONM@ +NNMU XV IQXNDG
GKYN%RKDF6%GOKYNVLK HYNVLK Y'UZFM@GNV OKFK0KOISRN\GV
U)NN'OVOYN6MFVIXI49
NVIMD[ FKO'\KIMD[JNPOGVFNMVHVDXFK
FK\LMX[NV+NNL]NV9NVGN:\GNOKYNVLK GVON)NIG[FKOGMNMOVODFDINU
HYNVLKGNXGZX@HVI'OGNVHVD OZSXN L]GNI
NU GK YN6M EO L]GNM@ L])NH
IQODFM@ GNV YNNVIWU IGN YDUMMN9KHN8UNL]N,UYXTLN\XL]HNNL
[N$ JNIO\IGN$
ͻ OKFK0KYN6MYNE=LKFKE=OGKF6%GNVDHVD ͻ NNMNGVYDU[=UGYINOZSXNWNMKGMGV
+NN[\VXV GV I\@GLMNH
NK= L]I¤NGV W6RIRIRNUNYINIXHGVQNMVOV1Z9IQV
WIMQV
NGKI/)NIUU6NMGK[K@IWOVEX [ ONHN8UN 2NLNM IG WNXV RN\V
F6%GNVDGVQN6MNXL]/UTUIGN[N$ P5LNQNVDGKOZSKGNVIR/UNIMUGMXVGK\DFK
ͻ EOYRINGVQN6MNX@OKFK0KGVOKYNVLKGV S\KGRNQ@IR[UUKXRNNV=DOVLNNIMNVDGV
IXN=NVDGVGNN=8RXOVODFDINUGN=@IWXHVD ON)NS\VMJVLMNH
N=GVPLMNDUO(L8XJTE=$
OK FK 0K OISRN\ GNV L]/UTIUND QVXN HON6QNYINOZSXNIXNN=IMUL]I¤NGNLN\X

NNIH\)NN@WNMKMJN$+NNMUXVEXF6%GNVDGV GMUVJTWNMKGMQKWN[K$W6RIRIRNUN
QN6MNX +NNMUK IR
NVN.NVD GK +NN[KQNMK GV YINIXHGVQNMVOVONHN8UNR/UTYNVDGV
IS W6RIRIRNUNO(LG=HKI0NGN=qNN\N
ϯϭ
,NHVD2NLNMIGWNXVRN\KL]WNIUNVD ͻ YDUMN=o9KW6RIRIRNUNIQROYNE=0KFK
GNV 1Z9 L]QNX GMXV JVUT W6R IRIRNUN LZMVQVqNHVDIQXNDGHE=@GNVHXNN
YINIXHGKNNMNGV YNKXIQXNDG [N$RN= GV I\)NKH)NN W6R
YL]6\@GNVYINOZSXNWNMKGK[E=$ IRIRNUNGNVHT>NNMNHVD\NXNOUUWX
ͻ RN=GVQN6MNXOFKFKYN6MLKFKYNMGVI\ YN6MPXGKYNWKIRGN $EOIQROGVMN9
XFKGNVIR
NVNYXTQNXPL\&NGMNXV /UMKOHNMNVJHT(FE=@HJNMN9HVDYNNVIWU
U)NNLIMNVWXNL]/UNRNVDGNVU6NMIGWNXV IG[$GN=¤HGNYNNVWXODT'UMN9
OIJUXFK@OFKFKGKOD/)NN[U^NHUN IRGNOGN=¤HGK+NN[KQNMKOV@HNJNMN9
FNXV YN6M FK H OK GN [%X GMXV GV MN7 W6R IRIRNUN FNV0= GK OJNUN OV
ON)N ON)NWXW6RIRIRNUNMIW/9MLKFK MN9KW6RIRIRNUNL]NINGMNGVHNHOV
YNMFXNXVGK[IUIRINNDWNMKMJKD$ LN=RMN@RXYN6MW\RNTLIMRU=XHD N\@
ͻ W6RIRIRNUNOVODFDINUQNVLIMNVWXNDU6NM +NNMUOMGNM`NMNIGN[N$HJNMN9GV
GK [E J6D IWXGV UJU R6I
RG ,NN=RMN HNXXKMN7LN\HT>YIUI)N)NV YN6M-K
OTIRNN WK E= 4 GV 1%V S¤ GV W6R L]GN
NWNR0VGM@HNXXKMN7HD K/RUD
IRIRNUNLNV9=4NVI\NVOVYXTQNXNVDGKHND[GK L]+NNM@LN=RMN@RXYN6MW\RNT LIMRU=X
[E= J6$ AAOTMI^NU YNWKIRGN@ P3S -CD>N\N HD N\XVGN=¤HGKY^NUNGK$OT'U
RN\K IJHN\K LNIM L]NNI\NVD OTMI^NU MN9MVIWHVD9GNV YN:I0=XV9MYN6MZX0K0K
IJHN\ GV ODM^NN@ RJXK PLNV[ YN6M MVIW0VD9L]IUIXINXV+NKEOGN=¤HHVD+NN[
FJN\KAAODFDNKLIMNVWXN@WKE=4LIMNQ I\N$
`NMNRN= HVD YXTHNVIQUGK[E=$AAW6R ͻ EOGN=¤HGVQN6MNXHT>I¤NGN\LNVDHVD
IRIRNUNGNV P5LNQX^NV NVD GKHT>NNMNHVD W6RIRIRNUNIR
NVN.`NMNRNUN=@ZX0KLK

NNIH\ GMXV U)NN IRGNO RD IR5ULNVNN OHI)N=U+NNMUW6RIRIRNUNLTM/GNMGV
NVWXNAAOVOFDINULIMNVWXNYXTHNVQXJVUT UKOMVQN6MVGKL]/UTIUU)NNEXLTM/GNMNVDGV
IRSNMIGWNXVGVI\L]/UTUGK[E=J6$ IRWVUNYNVDLML]GN
NXGNVIM\KWIGNWNXN
ͻ ZMNV IHI\XGV I\@+NNMU WH=XKW6R U)NNMN9KW6RIRIRNUN\^NVDGVON)NO
IRIRNUNGN=¤HGVYDU[=U+NNMUHVDL]NI,U 0KWKGVODFDNGVFNMVHVDGT1Y8ODL]VNN
YN6M\N+NOJ+NNI[UNFKOUD GVL]+NNRK ONH[]K
NNIH\)NV$
GNN=8RX GV I\ R6NNIXG OD/)NNXNVD GV W6R IRIRNUN YINIXH YN6M MN9K
^NHUN ODRN=XAAOVODFDINULIMNVWXNL]/UNR W6RIRIRNUNL]NINGMN
U6NMIGN[NIWOVRN=HVDIRGNOHVD y L]NINGMNGKUKXF6%GVDJTE=D L]NINGMNGK
OJNV[LMJTE=+NNMU WH=XKRNUN=GVQN6MNX RKDF6%GWT\NE=@GNV@RKDF6%G
YXTHNVIQUIGN[N$JLIMNVWXNMN9K Y'9ZFM@GNVU)NNRKDF6%GIQODFM@
/UMLMXFKGV ON)NU)NNHJNMN9@ GNVYNNVIWUGK[E=$
UIH\XN0T YN6MP5UMN>ND0GV ODFDINUMN7
y XFKGNVMV0OVD0O=RT0GKXK\NHKOVL]N,U
W6RIRIRNUNFNV0NV=DGV/UMLMUKXLN\9
MNI
NOIJURN= YFUGGVQN6MNX
MN7NVDHVDI¤NI8RUGKWN[K$
ϯϮ
\N+NON!NGMXVOFDDNK"N9GGVLHDV\[+N[ L]WNIUNVDYN6MEOGVLTXRN=OGKYINOZSXN@
GMN0 V GKNXMNI
NLN],UJET=J$6 LK FK YNM GV I0IW9KGMN@ LS D NUK MNW
y YDUMN=9K W6R IRIRNUN IQRO LZMV QV
N HVD O/D)NNXNDVGVON)NFKHOKGNVWN0 V X@VMN7WR6
IQXNDGHE=@GNVOFKFK`NMN IRIRNUNGN=NW V XNIRGIOU#Y_UXGMXV
YNNVIWUIGN$RN= GVI\)NKH U)NNRN=HDVHID NDVGVO(H\ V XHDVLNIMU
)NN W6RIRIRNUNGNV HT>NNMNHVDV \NXN OG D <LNDVLMGK[E=GNMR=NE=GKOHK^NNGK[E$=
OUUWXRDYNWKIRGN $MN9K/UMGN y XFK`NMNODGI\UMN7NVDGVW6RIRIRNUN
GN=¤HHT(FE=@HJNMN9 HVD YNNVIWUIGN IXHNVDGVONM OD[]JU)NNRN= GV
[NIWOHVD -KL]GN
NWNR0VGM@LN=RMN@ QN6MNXXFKGKPL\I&NNVDLMF]NP
NMGNV
RXYN6MW\RNTLIMRU=XHD N\U)NN-KOK SV8XE= HVD RVD /)NNLXN IQRO OHNMNVJ GV
RKMNR@MN7LN\@HJNMN9PLI/)NU)NV$EO YROMGVQN6MNXY'9ZFM@GNVWNMK
YROMLM+NNMUW6RIRIRNUNLTM/GNM@@ IGN[N$HJNMN9MN7W6RIRIRNUNFNV0=
IRWVUNYNVDHVDIRUIMUIGN[N$ U)NNRN9MqNV0OD[%X9/9@LTNV`NMNU6NM
y YF UG O FK FK XV YINIXH GV IG[LKFKYNMODFDNKH6XTY\GNV+NKEO
L]NRNNXNVDGVYXTONM@MN7IRI
N9IXHNVDGNV YROMGVQN6MNXWNMKIGN[N$
YINOZISUIGNJ6U)NNOFKFKEOVEO y YNRVQGNVVD `NMNXFKGV ON)N\N+N
OHYDIUH,NQVMJVJ6D$IQXNDGHNS=@ ON!NGMXVODFDNKGMNMNVDGNVIXLNIQUIGN
GKI/)NUGVYXTONM+NNMUHVDLK [NWNVFK0KYINIXHGKNNMN@@YN6M
FKYNMU6NMIG[J6DU)NNRKH HVDIXIJUIRI+N8XI¤NG\NLNVDGNVGMXVGV
OK[I%UIG[J6D$ I\YXTHNVQXHNXNWNUNJ6$
y 1NV9VOHZJRN\VOFKFKGKUKX^NV KF6%GVD y MN9KW6RIRIRNUN\^NVDU)NNW6RIRIRNUN
SV8XE=@IQ<\KYN6MGNV\GNUNHVD¤H
NHE=@ YINIXHLMHKI0NGVO)NFNUSKUGMXVGV
WZXYN6MY[/U@GNVYNNVIWUGK I\ X FK GK OJNUN OV LN=RMNK
[E=D$ ODL]VNNGVDQ]`NMNXE=IQ<<NKHVDIQXNDGWZX@
y MN7W6RIRIRNUNFNV0NV=DGK;NMJRKDMN9K GNV GE89MVI'9RHKI0NGN=
NN\N
F6%G IOU(FM Y'9ZFM@ GV YNNVIWUGK[E=4NV9NVODOD\;X
QN6MNXSV8XE= HVD YNNVIWUGK[E= IWOHVD y +NNMU WH=XK I`L^NK OJNV[ GV YDU[=U
L]NINGMNOQ/NVDOIJUMN7NVDGVY^N L]NV9V'
NXYN:4,\ND9RVMNE9KWD04NMHO=
YN6MOQ/OISRNVDXV+NN[I\N$EOF6%GHVD MNE9aOYN:)NNVIM9KLKLKRK4YNM`NMN
OFKFK`NMNFKOYNRVQXNVDLMGNM=RNE= YNNVIWU FKW IRGNO LM G ODT'U
HVD JTE= L][IU@ MN7 W6R IRIRNUN IXIN GV GN=
NN\NOVHE=@GNVYNNVIWU
PLNV[GVI\I¤NG\NL@OFKFK`NMN GK[E=IWOHVDFKO@FKWODS\XU)NN
YXTQNXYXTHNVQXGVFNMVHVDXFKGVON)N YN6LSNIMGUN@ YNE= LK YNM W6OV HTQaQNVD GNV
&NVMV GNV ON!N IG WNXV@ MN7 IXHNVD HVD /L9GMXV GV I\/9VGJNV<0O= GKF6%G
OD
NNVNXNVD@HTGQHVFNWKRN\VHNH\NVD@ODG9NL8X YNNVIWUGK[E=$
ϯϯ
y XFKXVXFK@SV8XE=GVLIMOMHVD YNE=LKYNVHVDQNI>N\LV9VD9YNRVQXNVDLM
Y'9ZFM@GNV YLMNJaXHVD YLXNRND GNM=RNE=
NTGMQKJ6$RN= GK
/)NNLXNIQROHXNN$EOYROMLMMN7NVD YRINGVQN6MNXEXHVDOVHNH\NVDHVDIRMNVN
GV W6R IRIRNUN IXHNVD GV ONM OD[]J@ PLN
NTIG[$
HJNMN9 MN7 W6R IRIRNUN FNV0= YN6M EOOHXFKYLXV YNKXUKX
RN9M
NV0YN:[=XNEWV
NX9/9@LTNV`NMNU6NM LIMNVWXNYNVDGNVL]SNI\UGMMJNJ6
IG[LKFKYNMODFDNKH6XTY\U)NNRN=
GVQN6MNXXFKGKPL\I&NNDVD LJDSYN6M\N+NON!NGMXVODFDNKL]NRNNXNVDLM
LMF]NP
NMGNVIM\KWIGN[N$ WNVMQVUVJTW6RIRIRNUNYINIXHU)NNIXHNVD
GVGNN=8RXGVOTQCKGMNGVFNMVHVDZXE=LK
y W6R IRIRNUN YINIXH@ GV YDU[=U
WK E= 4 LN=RMN@ RX YN6M W\RNT
W6IRGODONNXNVDYN6MFKWODS\XUGLJTDS
LIMRU=XHD N\FKOLIMNVWXN
LMIRIXHNVDGVODUT\XGVFNMVHVDGIRSNM
y EOGNL]NVWX+NNMUHVDLJTDSYN6M\N+NON!N
HD)NXF6%G@FK0KYINIXHGVL]NRNNXNVDGNV
OH!XV GV I\ X FK GNN=8RX GV GMXVODFDNKGMNMNVDGNVGNN=I8RUGMGVW6R
LIMOMNVDHVDH6OO=¤N:L\NE4I
NNU)NNFK IRIRNUNODM^NNGNVL]N,UGMXVGVI\W6R
\E= [GKOJNUNOVOKFKYNE=@ IRIRNUNYINIXH@U)NNIXH@
QI^NNI
NN@+NNMU`NMNIQXNDGIOUDFM@ GNV L]+NNRK,NOV GNN=I8RUGMXV GV I\
GNVYNNVIWUIGN[N$ /9VGJNV<0O= GK OD/)NN[U@ 2I'U[U YN6M
L]NN\K[U^NHUNYNVDGNVFNXNJ6$
y YFUGXFKXVFK0KYINIXHGKNNMN
y EOOHLIMNVWXN@YNDN] L]QV
N@GXN=9G@
GV YXTONM ZMNVLK LV9VD9 GNN=\@
MN7 FN6 I G OD L QN GNN= \ @ SKX@ [TWMNU@ [NVRN@ IJHNS\ L]QV
N@ YNVI0
NN@
GXNI0NE=FN6IGODLQNGNN=\YN6M0&<Z IOI'GH@UV\D[NXN@I LTMNYN6MLI
SHFD[N\
IS 0N:YIHUNL]ONQ@YLMOISR@LN=RMN@RXYN6MW\RNTLIMRU=XHD N\@
GNXGTXHVDIQODFM@HVDOKYNVLK @OKFK0KOVODFDINUF6%GHVD+NNMUGNL]IUIXIN5RGMUKJTE=
ϯϰ
HVDMN7W6RIRIRNUNFNV0NV=DGK+NN[KQNMKOV FJTL^NKLN=RMNKGMNMNVDHE=GVFKS
+NNMUGVQOL]NDUKMN7NVDHVDGNN=I8RUIGN UN\HV\GV FNMV HVD JVIM9VWIMONV9=@HNXVOM@
WNMJNJ6@GT1L]HT>NUGXKGKLN9=XMNVD)NN@ JIMNNN HVD Y'9ZFM@ GNV QNV
FKOYNE=@W60OYNE=@ZXE=LK 0KE= IQROKGN=
NN\NYNNVIWUGK$
\OK@ZXZ YNE=OZX0KLK y OKE= FKLKYNV \@MN9KW6RIRIRNUN
U)NNWKE=4OTOD[UUGXKGKE8LT9L]QNX L]NINGMNXVW6RIRIRNUN
NNOXGKSTXN6IUNVD
GMXVHVDOJNUNGMUVJ6D$ RDL]5N
NNVDLMSSN=GMXVGVI\XV
NX\
y LIMNVWXN GV YDU[=U GK [E= L][IU GK \N:/GZ\YN:4EDI0NIR
RIR_N\@FD[\N6M
OHK^NNGMXVGVI\ZXE=LK WKE=4 GKOJNUNOVMN7W6RIRIRNUNFNV0NV=DGV
LIMNVWXNGKLIMNVWXNODSN\XOIHIUGK I\ QNV IQROK LMNH
NK= O(HV\X GN
F6%G@ HD N\ HVD IQODFM@ GNV YNNVWX Y'9ZFM@ GV QN6MNX
YNNVIWUGK[E=$ FD[\NVMHVDIGN$
W6RIRIRNUNXKIUYN6MIRINGVDQ]¿OK y OKE=FKLKYNV\XVH5/LN\XOV'9MHVD
E=FKLKYNV\¾ W6RIRIRNUNGNVHT>NNMNHVD\NXVGVFNMVHVD
GXKIU[URNUN=GNYNNVWXMN9KW6R
y MN9KW6RIRIRNUNL]NINGMNXFKXV
IRIRNUNL]NINGMNXFKO(HV\XJN:\@
P+NMUVYN6MRU=HNXW6RIRIRNUN
NNOXU)NN
SV8XE=HVDIGNJ6@IRI+N8XOD[%XNVDGV\[+N[
XKIUODFDNKHTQaQNVDLMGNM=RNE=GMXVGVI\
R H5/LN\X IR
NV N.NV D XV EO
W6RIRIRNUNXKIUYN6MIRINGVDQ]OKE=FKLK
IRSNM IRH
N=HVD+NN[I\N$
YNV\YNMD+NGMXVGNL]/UNRIGNJ6$XNRV=
OMGNMU)NN+NNMUXVYNLOHVDOJNV[GMXV y XFKXVOKE=FKLKYNV\GKOJNUNOV
GNIXN=I\NJ6U)NNUGXKGKRDOD/)NN[U XV
NX\ \N: /GZ\@ FD[\N6M HVD MN7 W6R
OJNV[GV I\YN
NL LMXRDFM@ IRIRNUNFNV0NV=DGVI\W6RIRIRNUN
NNOXLM
GNVJ/UN^NMIG[$ GLMNH
NK=O(HV\X Y'9ZFM@
GNV YNNVIWU IGN J6$ O FK FK XV EO
y MN9KW6RIRIRNUNL]NINGMNXFKGNV
GN=¤HHVDOI¤LOV+NN[I\N$
OD/)NN[URDUGXKGKOJNUNGVFNMVHVDH
4U)NNXE=GVFKSODIRQNGVI\ W6RIRIRNUNIR5ULJ\¿FKYNE= YNV 4
RNIN=GF6%GXE=IQ<\KHVDXNRV=GVQZUNRNOGV YNE=X¾HD N\RN=HDVW6RIRIRNUNGN
LIMOMNVDHVDWXRMKGNVYNNVIWUGK[E= LJ\FKYNE=YNV4YNE=XLMZX0K
IWOHVDXFKH4YN6MXE=GV L]FDINUR6I
RGLJ\HVD
NNIH\JTYN$EOLJ\
L]IU+NN[K
NNIH\JT$ GNVXFK`NMNYNNVIWUIGN[NJ6U)NNFK
YNE=YNV4YNE=XGVGNN=8RXHVD+NNMUK
y L]GCIUOZSGNDGGN=
NN\N WXRMKGNV
R8WKROD/)NNXU)NNMN9K\NVGIR5URD
+NTRXV
RM@YNVI0
NNHVDYNNVIWUGK[E=$X
XKIUOD/)NNX`NMNUGXKGKOJNUNL]QNXGK
YNE=X@XNRV=OV/9VXMVOVQMYN6MIO;XV
WNMJKJ6$
XNFNVXV+NN[I\N$
y GR6I
RGFNNVI4XFKYNE=YNV4YNE=
y OKE=FKLKYNV\XVW6RIRIRNUNODFDNK
ϯϱ
XLIMNVWXNIH
NX9KHXV WT\NE=@ GT\YNE=YNMOKOKHVDOV@+NNMUOVJ6D$
UG+NNMUGNQN6MNIGNU)NN+NNMUHVD YNWGKI/)NIUGVYXTONM@QNVY8QV
NNVDY)NN=U
FNNVI4X LIMNVWXN GK L][IU GK OHK^NN QI^NNY4]KGN[NMN7YN6M;RN9VHN\N[NMN7
GMXV GV I\ LN=RMN@ RX YN6M W\RNT XVG GYNE=YNMOKOKJNV/9IGNJ6$
LIMRU=XHD N\@XFK@XYNE=LK4LK OKFK0KOISRN\`NMNL])NHYNE=YNMOKOK
U)NNY8LIMNVWXNLN9=XMNVDGVYINGNIMNVD GV [%X GK OZSXN L]GNI
NU GMGV XN[NVN
GVON)NFNUSKUGK$ L]NV9NVGNV\GVGNN=8RXGVL]IU+NNMUOMGNMGK
IXLNQX#PL\I&NND L]IUFUNYN6MXVUC5RGKOMNJXNGK[E=$
XN[NVN L]NV9NVGNV\ GV YDU[=U WNMK FKO E=4NEI\D[ON:4a9RVMGNFK9N
L])NH YDUMMN9K HN8UNL]N,U RW=XXFKXVXRDFM@GNVFKO
E= 4NEI\D[ON4a9RVMGNFK9NRW=XIM\KW
YXTLN\XL]HNNL ¿YNE=YNMOKOK¾ IGNIWOOV YNRVQGYLXV YNRVQXYN:X\NEX
FKOOVODFDINUXN[NVNL]NV9NVGNV\HVDL^NGNMNVD QNI>N\ GM OGUV J6D$ J LJ\ YNRVQXNVD LM
OVJYLVI^NUJ6IGRVL]NI,UGVOHON^GV GNM=RNE=HVDUVWK\NXVGKIQ
NNHVDJ6$
UN6MLMEOYN
NGNGLMIH9NOHG^N XFK`NMNJ/UN^NIMUGMNMNVDGKIMGN:0=
Q/UNRVWWNMKGMVDIGYNXTRNDI
NGODONNXNVDGK OD>NIMLNV9N=NKXYRINGVQN6MNX@XFKGNV
L]NI,ULZR=OZISUOJHIULMYNNNIMU)NKU)NNJ YXTHNVQXGKHND[GMXVRN\VIRI+N8X/9VGJNV<0O=
IG
NUNV=DGVFNMVHVDYNLOKOJHIUJNV[E=)NK$EO OVYNRVQXL]N,UJTJ6DIWXHVDOVIL1\V
L]NV9NVGNV\ HVD J +NK YLVI^NU J6 IG L^NGNM@ RN=GVQN6MNXL]N,UYNRVQXNVDOIJUYNRVQXO+NK
YDUMMN9K HN8UNL]N,U YXTLN\X L]HNN L QCI9GNVNNVD OV LZN= LN[YN6MEXLMGNM=RNE=
YNE=YNMOKOKL]N,UGMXVGVI\@FKO
NTGK[E=$YNRVQXNVDGNVL]NINGMN`NMN
I'\IMD[JNPOGNV LMIH9NPOGV OHG^N HDWZMKL]QNXGMQK[E=J6U)NNIXLNQXGVI\
Q/UNRVW GV FNMV HVD OZSXN PL\&N GMND$ P8JVDHN:0\GMNM+NVWIQN[NJ6$RN=GVQN6MNX
YXTLN\X ODFDNK YNE= YNM OK OK@ XN[NVN FKOGMNMNVDLMJ/UN^NMIG[J6D$
L]NV9NVGNV\GKGL]HT>NLJ\U)NNFKO
L]NN\KGKIRI
N9UNYNVD HVD OV GJ6$XN[NVN XFKXV WX=\NVD HVD L]GN
NXGV I\YLXK
L]NV9NVGNV\U)NNR6I
RG6SKW6RIRIRINUN\^ L]WNIUNVDGVQNRNJVUTQZOMVQV
NGVIMLNVIW9MKHVD
GVGNN=8RXGKIQ
NNHVDP%N[EOF0V +NNMU GV YXTODNNXGUN=YNVD#R6.NIXGNVD `NMN
GQHGVGNMN+NNMUIQXNDGY'UZFM@GNV OZ^HWKRNVDGNVWHNGMXVJVUTOZSXNL]QNXGMXV
OKFK0KOISRN\GVFKOI'\IMD[JNPO GVI\4N:H=OK
NTGKJ6$
OVODFDINUFKOOH!N6UVLMOZSXNL]GNI
NU W6R IRIRNUN YINIXH GK NNMN GV
GMXVRN\NLJ\NQV
NFXN$EOL]GNM+NNMUXV YDU[=UONHN8UN2NLNMIGWNXVRN\V
XN[NVNL]NV9NVGNV\GVYDU[=UL])NHYNE=YNMOK P5LNQNVDOVDODFDINUYINOZSXNHVDOD
NNVNX
OKJNIO\IGN$YFUF+NNMUOIJUGVR\UKX W6RIRIRNUNYINIXHGKNNMNHVDR/UTYNVDGV
VOVQV
NJ6DIW8JNVDXVYLXVOKS,\V94N:H=HVDYNE= ,N HVD ONHN8UN 2NLNM IG WNXV RN\V
YNMOKOKGNVJNV/9IGNJ6$YFUGL]GNI
NU W6IRGK ODONNXNVD GNV YINOZSXN WNMK GMGV
ϯϲ
GV8²OMGNM`NMN1Z9IQVWNXVGNPLFDNJ6$ L]L HVD YINOZSXN GV GNN=8RX GNV [JX
LJ\KYINOZSXNY'UZFM@GNVWNMKJTE= IX[MNXKRDOMT^NNGVYNKXM>NXVGVI\LN]LGV
)NK@IWOHVDL]WNIUND
NNIH\)NKD$UKXRNNV=DOV ON]UVGNV"NNIVNUIGWNXVGNLN]RNNXIGN[NJ$6
YINGOHUG[JXLMNH
N= GV FNQ@IWOHVD W6RIRIRNUNXKIURDIRINGV8Q]¿OK
O+NK/9VGJNV<0O=)NN@HD N\NVD#IR+NN[NVD@MN7 E=FKLKYNV\¾GNVIN
NK\FXNXN
W6RIRIRNUNFNV0NV=D@P_NV[@IR
NVN.NVDYN6MWXUN
GVON)NXFKGKIR
NVN.OIHIUGVHNHOV +NNMUOMGNMXVXNRV=OMGNMGVOJNV[OVW6R
GK[E= RNUN=
NNIH\J6@LRZ= HVD YINOZISU IRIRNUN XKIUNVD YN6M GNXZXNVD HVD 2NRONIG
L]WNIUNVD GK OZSK HVD@ LZR= GK YINOZSXN GV IR
NVN.UNU)NN^NHUNIXHN=NIRGIOUGMXVGV
YIN¤HNHVDYL]6\@GVGNYNY I\AAMN9KW6RIRIRNUNL]NINGMNXFK@
GV UJUYINOZSXNGV HNHOV L]WNIUNVD GK SV8XE=HVDAAW6RIRIRNUNXKIURDIRINGV8Q]OKE=
OD>NFNGMGK[E=J6D@IW8JVDR/UTYNVDGV RKLKYNV\AA/)NNILUIGNJ6$EOGV8Q]GN
LHVD2NLNMIGWNXVLMYINIXHGVQNMVOV PQaQV
@ +NNMU GV W6R IRIRNUN YINIXH GV
1Z9QKWNXKJNVUKJ6$YINOZSXNHVDYN[VJYN6M GNN=8RXGVOTQCKGMNHVDOJNV[GMXNJ6$
L]NRNNXIGN[NJ6IGONHN8LIUGVIRN RN=GVQN6MNXOKE=FKLKYNV\GVYDU[=UYXVG
GVLHVD2NLNMIGWNXVRN\VOZSKFHQNVDOV I¤NG\NLIG[$EXHVDOVGT1HVDJTE=L][IU
2T5L8XP5LNQNVDGNVX9KOKGVLHVDHNXN IX(XNXTONMJ6
WNXNJNVUNJ6$PQNJMN9HN9MOVG6SYL@YN\Z y MN9KW6RIRIRNUNL]NINGMNXFKGNV
OVIS,O@HZD[4\KOVUV\@E=OVNX=#4VIF]G$ OD/)NN[URDUGXKGKOJNUNGVFNMVHVDH
EOOZSKGNV2NLNM#ONHN8XNHL]T'U+NN[ 4YN6MXE= GV FKSODIRQNGV I\
YN6ML6QNIG[NIHI-UL6QNIG[YN6M RNIN=GF6%GWXRMKGNVXE=IQ<\KHVDXNRV=
R8GV,NHVDL]NLNGVO]NVUNVDW6OKOZSXNGV GVQZUNRNOGVLIMOMNVDHVDYNNVIWUGK[E=
ON)N4O\LNQLNVDGVODQ+N=HVDYN6MYING2NLG IWOHVDXFK@H4YN6MXE=GV
FXN[NJ6$YINOZSXNOVOD\;X/R "NNVNNN L]IU+NN[K
NNIH\JT$
IS 0N:YIHUNL]ONQ@YLMOISR@LN=RMN@RXYN6MW\RNTLIMRU=XHD N\@SV8XE=HVD
W6RIRIRNUNYINIXHGVFNMVHVDOD"N
NNIOU^NV L]QV
NNVDGVON)NLMNHqN=F6%GHVD+NN[\VUKJTE=D
ϯϳ
y L]GCIUOZSGNDGGN=
NN\N WXRMKGNV RN\NYFUGLJ\NYN6MGHN QV
NFXN$
+NTRXV
RM@YNVI0
NNHVDYNNVIWUGK[E=$X y L]NINGMNGKRKDF6%GWT\NE=@GNV
YNE=X@XNRV=OV/9VXMVOVMYN6MIO;XV YNNVIWUGK[E=$
XNFNVXV+NN[I\N$ y L]NINGNMNGKRKDF6%GY'9ZFM@
y /NKE=FKLKYNV\XVW6RIRIRNUNODFDNK GNVYNNVIWUGK[E=$
FJTL^NKLN=RMNKGMNMNVDHE=GVFKS y L]NINGNMNGKRKDF6%GIQODFM@
UN\HV\GV FNMV HVD JVIM9VWIMONV9=@HNXVOM@ GNVYNNVIWUGK[E=$
JIMNNN HVD Y'9ZFM@ GNV QNV
y YF UG IQODFM@ GK I/)NIU GV
IQROKGN=
NN\NYNNVIWUGK$
YXTONM@@FKHOK[I%UIG[J6D
y OKE= FKLKYNV \@MN9KW6RIRIRNUN YN6MLKFKYNMU6NMIG[J6D$
L]NINGMNXVW6RIRIRNUN
NNOXGKSTXN6IUNVD
y FKOGMNMNVDLMJ/UN^NMIG[$
RDL]5N
NNVDLMSSN=GMXVGVI\XV
NX\
\N:/GZ\YN:4EDI0NIR
RIR_N\FD[\N6M GN=H GNV
NNIOU GMXV RN\V
GKOJNUNOVMN7W6RIRIRNUNFNV0NV=DGV IRIXNHGYINIXH#IXH#U)NN
I\ QNV IQROK LMNH
NK= O(HV\X GN XVIXHNVD@IQGNVE=JNDV@GNL]>NLX
YNNVWX Y'9ZFM@ GV QN6MNX U)NNIRRMN
FD[\NVMHVDIGN$ W6RIRIRNUNYINIXH@RDW6RIRIRNUN
y OKE=FKLKYNV\XVH5/LN\XOV'9MHVD IXH@
W6RIRIRNUNGNVHT>NNMNHVD\NXVGVFNMVHVD MN9KW6RIRIRNUNL]NINGMNGVQNI5R
GXKIU[URNUN=GNYNNVWXMN9KW6R W6RIRIRNUNYINIXH@RN=HVD\N[Z
IRIRNUNL]NINGMNXFKO(HV\XJN:\@ JTYN$ J YINIXH LZMV +NNMU LM \N[Z J6$
SV8XE=HVDIGNJ6@IRI+N8XOD[%XNVDGV\[+N[ YINIXH GN PQaQV
W6IRG ODONNXNVD GV
H5/LN\XIR
NVN.NVDXVEOIRSNM IRH
N= ODM^NN@OUUPLNV[YN6MW6IRGODONNXNVDRD
HVD+NN[I\N$ O(F.NXGV PLNV[OV JNVXV RN\V \N+NNVD GNV
y XFKXVOKE=FKLKYNV\GKOJNUNOV IXL^NRD OHNX,NOV ON!NGMXNJ6$EO
XV
NX\ \N: /GZ\@ FD[\N6M HVD MN7 W6R YINIXHGNV I /UMKOD/)NN[UNDSV MN9K
IRIRNUNFNV0NV=DGVI\W6RIRIRNUN
NNOXLM /UM LM X FK @ MN7 /UM LM MN7
GLMNH
NK=O(HV\X Y'9ZFM@ W6R IRIRNUNFNV0NV YN6M/)NNXK/UMLMW6R
GNV YNNVIWU IGN J6$ O FK FK XV EO IRIRNUNL]FDNXOIHIUNVDGVHNHOVGNN=I8RU
GN=¤HHVDOI¤LOV+NN[I\N$ IGNWNMJNJ6$
GN=IXLNQX#PL\I&NND W6R IRIRNUN ODM^NN YN6M []NHKN
y +NNMU XN[NVN L]NV9NVGN:\ GV GNN=8RX HVD YNWKIRGNOTNNMLIMNVWXN¿FKOKYNM
OI¤LOV \[NJTYNJ6$L]NV9NVGN:\GV \YNE=LK¾
L]SN\XGKIQ
NNHVD@+NNMUYDUMN=9KLOV
W6R IRIRNUN ODM^NN YN6M []NHKN YNWKIRGN
HN8UNL]N,U YXTLN\X IMLNV9= L]/UTU GMXV
OTNNMLIMNVWXNFKOKYNM\YNE=LKXNHGG
ϯϴ
FNJa OJNUN ³N,U LIMNVWXN GNV GV8Q]K GMXNŝŝŝYIUIM'U+NZ QCq/)N\NVDLMODM^NN
L]NNVIWU/GKHGVLHVDGNN=I8RUIGNWNMJN GVO4\HN:0\NVDGNRN=XRDPLNV[U)NNŝǀ
J6$ EO LIMNVWXN GV P¥NMN>N0 I\I9\ MX MN9K+NZ QCqODM^NNOH8R$
YN:4G31@[TWMNUOULT0N@HL]QV
NU)NN L][IU#PL\I&N
HJNMN9YN6MY[/5NH\NE=@UIH\XN0TRDGVM\
HVD SNM+NZ QC
Y/GN:9J6U)NNI[M[TWMNU y YN%RND GNN=8RX OJNUN IH
NX
G\NG0 HTD0X)NTME= FN"N IMWR=@ UIH\XN0T RD IOUDFM@UGIR
RF6DG`NMNYNNVIWU
LVIMNMFN"NIMWR=@GVM\HVD UKXI4<0\IX[ IGN [N $ IR
R F6DG HVD 1J LIMGI<LU
OV89M J6D$ LIMNVWXN GN ^NHUN IXHN=N GV8Q] YXTRK^NNKODGVUNVDGVHNHNVDOVLIMNVWXN
+NNMUKR8WKROD/)NNX@QVJMNQZXHVDJ6$ GVLIMNNHGNVL]N,UGMXVHVDLIMNVWXN`NMN
FKOKYNM\YNE= LKGLZMKUMJIHI-U [I%UGK[E=L][IUGNYNG\XIGN$IR
R
WKE=4 RD YNE=0K I¤NG\NL J6 IWOHVD F6DGXVIXN=IQNIG1JODGVUGNVDHVDOVUKX
IRIqN9 IXRV
N BN I\>NU GN PLNV[ IGN GNVLZMKUMJL]N,UGMI\N[NJ6U)NN
NVN
WNUNJ6IWOGNPQaQV
[]NHKN+NZ QCq/)N\NVD UKX@IW8JVDYD
NUL]N,UIGNHNXN[NJ6@XV
LMW6ROTM^NNODM^NNGNVOTQCGMXNYN6M[]NHKN Y31KL][IUGKJ6U)NNQNV IUJNE=OVYING
YNWKIRGN ONNXNVD HVD OTNNM \NXN J6$ EO L][IUL]N,UGM\KJ6$IR
RF6DGXVLIMNVWXN
LIMNVWXNGN
NT+NNMD+NWT\NE=HVDRN=GK GNVLZMKUMJONGNMGMXVHVDFNNNYNVDGVLHVD
YRINGVI\IGN[N)NN$ GH FW9K YNFD9X U)NN GNN=8RX
EOLIMNVWXNGNPQaQVq@W6RIRIRNUNODM^NN WVDIONVD GNV IR5U L]RNJ HVD LIMRU=XNVD GNV
GVLIMNNHNVDGNVOTSNFXNXVGVI\^NHUNGN ISIJaXUIGNJ6$
ODRN=X RD OD/)NN IXHN=N GMGV +NZ QCq LM y SNM\6D0/GVLHVD\[+N[@@JV'9VMGNV
ODM^NNGVXHN:0\IRGIOUGMXN@RDP8JVD HNXR R8WKROD"NN=8ZXKGMN@4O\FN0@
L]NV5ONIJUGMXNJ6$EOHVDONNXNVD@UGXKGNVD@.NX YN:[V=IXG>NVUKU)NNY8\NEXIR+NN[NVD GV
RD^NHUNGNVIRGIOUGMGVYN6MW6RIRIRNUN ON)NOHNI+NLUNODFDNKPLNNVDGVHNHOV
ODM^NN PQaQV
NVD GNV OTSN FXNXV GV I\ FVJUML]FDNXGVYNKX\NN[NJ6$
FJTIJUNNMG +NN[KQNIMNVD GNV OJNUN L]QNX y LVIMNMYN6MOULT0N\6D0/GVL/)N\NVDXVYL]6\@
GMGV@[]NHKNYNWKIRGNONNXNVDHVDOTNNM\NGM@ HVDODM^NNLTM/GNMWKUV$
I
N^NN GN RN=X GMGV YN6M +NZ QCq /UM LM y \6D0/GVLOHTQNNVD GV FKSP5UHONHNIWG
O4\+NN[KQNMODM^NNHN:0\NVDGNPLNV[GMGV HNVIF\NEWV
NXYN6MOD/)NN[UIXHN=NMJNJ6$
+NZ QCqODM^NNQCI9GNVNNVDGNL]Q
N=XRDRN=X EX\6D0/GVLHVDMJMJVRXLMIX+N=MOHTQNNVD
pNNIH\JNV[N$
U)NNO<ULXIGONX@L
NTNXLN\G@IGONX
EOLIMNVWXNGVSNM"N9GJ6DŝQNVL]NNVI[G YN6M Y8 YIUODRVQX
NK\ LIMRNM )NN
/)N\NVD Y)NN=U PLT='U +NZ QCqNVD HDV +NZ QCq +NZIHJKXYN6MYXTOZISUWNIURD YXTOZISU
ODM^NN QCI9GNVNNVD GN L]Q
N=X ŝŝ YIUIM'U WXWNIU GV LIMRNM OIJU \[+N[ @
+NZ QCqNVDHVDODM^NNGVO4\HN:0\NVDGNPLNV[ LIMRNMNVDGNV[]NHODM^NNOIHIUNVDRKOK
GMGV .NXL]FDNXRD MNo9K^NHUNGNV OTQC OKGVYNKX\NN[NJ6$
ϯϵ
y OVYING[]NHOZ^HNVWXNDU6NMGK [JXODM^NNYN6ML]FDNXJVUTQVqN+NMHVDG31
[E=J6DY8OZ^HNVWXNDYDIUHLIQ RX/LIUYN6ML]RN\I+NI5U/)N\NVDGKLJSNXGK
WNXVGVYDIUHSMNNVDHVDJ6D$ J6$ISIJ8U/)N\NVDGKOZSKYXT\;XG $HVDJ6$
y FVJUML
NTNXL]FDNX@YN:[V=IXGPR=MGL]NV[@ IR5UKRoN= GVQN6MNXLN=RMN@RXYN6M
W\ +ND0NMN#4O\ G9NE=@ OUU RNIXGK@ W\RNT LIMRU=X HD N\ GV PX O+NK U9K
YN6NNKW0K FZ9K>NVUK@GN6
N\L]I
N^NNYN6M MN7NVD#OD"NMN7^NV NVDGVIR+NN[NVDGNVGV
TRGNVD GV XN6GMK HVD ,\VOHVD9 GV HNH OV YXTLNUHVDGV8Q]KOJNUNPL\&NGMNMJNJ6
YNWKIRGN\N+NYN6MOUUODONNXPLNV[ WNV G31 RX/LIUNVD YN6M L]RN\I+NI5UNVD GV
GNVRNINI7G/UMLM
NTIGN[NJ6$ ODM^NN YN6M L]FDNX GV I\ YXTMNVN GMUV J6D$
y Y[]]NK /9N4@ I
N^NGNVD U)NN WX ONNNMN EOGVY\NRN@HD N\G31RX/LIUYN6ML]RN\
OIJU@OVYING/9VGJNV<0O=GNVI[M@ W6RIRIRNUNGVODFDNHVD\^FYXTODNNXYN6M
GV H 9K YNM U)NN LVIMNM YN6M +NNMUK EOGV L]FDNXLMWNVMQVXV RN\V YXTODNNXYN6M
R8WKROD/)NNXHVD^NV I
N^NNGVVDQ]NVD`NMNW6R IRGNOGNNV=DHVD+NKOJNUNGMUNJ6$OMGNMXV
IRIRNUNU)NN\6D0/GVLODM^NNMNXKIUNVDGV G31RX/LIUNVDRDL]RN\I+NI5UGV[JXODM^NN
FNMVHVDL]I
NI^NUIGN[NJ6 YN6ML]FDNXJVUTQVqN+NMHVDG31RX/LIUYN6M
y W6R IRIRNUN YN6M ONHNIWG YNI)N=G
L]RN\I+NI5U/)N\NVDGKLJSNXGKJ6$ISIJ8U
HNXIS N@ \6D0/GVL GV YNNVIWU IGN /)N\NVDGKOZSKYXT\;XG $HVDJ6$
[N RoN= GV QN6MNX@GT1L]HT>NPL\I&NND
y \6D0/GVL ODM^NN GV I\ MNXKIUNVD#
IX(XI\I>NUJ6D
QCI9GNVNNVDU)NN9Z<O#UMKGNVDGVFNMVHVDL])NH /͘ EDI0N IMLNV9= YN:4 4N:MV/9 IMLNV9= XNHG
\6D0/GVL 9\O OIJU GE= X L]I
N^NN +NNMUKRXODM^NN4OYNE=IMLNV9=GV
HN:0aZ\YN6ML]GN
NXU6NMIG[$ YXTONMQV
NHVDG31RX/LIUYN31NQX
GNN=8RXGMXVRN\VOD[%XEOLIMNVWXN R[=IGHKJ6@WNVIR
RGKG31RX/LIUGN
\[+N[L]IU
NUJ6$RN=GVYNG\X
GV SNM +NZ QC
ŝ Y/GN:9@ P¥NMN>N0 ŝŝ
GKU\ T XNH@DVRN= HDV G31RX/LIUGV
I\I9\MXYN:4G31@[TWMNUŝŝŝOULT0N@
YN31NQXHDVIXR\R[=IGHKGKRICJET=
HL]QV
NU)NNHJNMN9YN6MŝǀY[/5NH\NE=@
J$6
UIH\XN0TRDGVM\HVDJ6U)NNUKXI4<0\IX[
OV89M@ŝI[M[TWMNUŝŝG\NG0HTD0X)NTME= WKRHD0\¿FNNV/4VM¾IMWR=
FN"NIMWR=@UIH\XN0TRDŝŝŝLVIMNMFN"NIMWR=@ WKRHD0\IMWR= GV IRSNMGNV ZIX/GNV `NMN
GVM\HVD J6D$LIMNVWXNGN^NHUNIXHN=NGV8Q] PXGVHNXRYN6MWKRHD0\HFKGN=¤H
+NNMUKR8WKROD/)NNX@QVJMNQZXHVDJ6$ GV YDU[=U RN= HVD
NT IGN [N@
G31RX/LIUYN6ML]RN\I+NI5UNVDGN ZXV/GNV`NMNRN=HVD
NTIGN[NHFK
2NLG LNIMI/)NIUGK GN=¤H J6 IWOGN
ODM^NNU)NNL]FDNX
PQaQV
YNWGKGNM=RNENVDGVG\GKQTIXN
OMGNMXVG31RX/LIUNVDRDL]RN\I+NI5UGV
ϰϬ
LML0XVRN\VL]+NNRNVDGNLZRN=XTHNXGMXVYN6MEO GMUVJ6DU)NNYNRINGOHK^NNGMUVJ6DYN6ML][IU
L]GNM WKR HD0\ GV L]NGCIUG ODONNXNVD GN IMLNV9NV=DGNHZ<NDGXIRqNVoN.NVD`NMNIGNWNUNJ6
Q^NUNLZR=G L]FDNX GMXV GV HNXR ONH)= GNV U)NNLZMKGK[E=LIMNVWXNGNHZ<NDGXIXIQ=9
FNXVGVI\L]NGCIUGYN6MONHNIWGIR.NXGV OIHIU`NMNIGNWNUNJ$6
+NKUM WKR HD0\ GV ODONNXNVD GV TI'UOD[U W6R OTM^NN OV ODFDINU W6R IRIRNUN
PLNV[YN6MODM^NNU)NNHNXRYN6MLN=RMNGV ODM^NN/GKH
FKSODFDNHVD OTNNMGMXV GV I\GYNNNM
W6RIRIRNUNGV ODM^NNOV ODFDINUHTQaQNVD LM
IRGIOUGMXNJ6$
GNM=RNE= GMXV RN\K IRI+N8X WVDIONVD GV FKS
+NNMUK MN9K HNXR RD WKRHD0\ OIHIU
OH8ROTIXI
SUGMXVU)NNEOGVI\LN=,U
ZXV/GNVGVIX(XI\I>NUIQqNNIXQV=qNNVDRDHNXQD0NVD
XKIU[UI\>NUNVDGKOHK^NNGMXV@YXTRK^NNGMXV
GNYXTLN\XGMGVWKRHD0\IMWR=GVLHVD
YN6M P8JVD U6NM GMXV GV I\ RKD LDSRNK=
XNHNVIQo9 GMXV GV I\ OD+NNIRU /)N\NVD GK
NVWXN YRIN GV QN6MNX RN= HVD W6R
LJSNXGMUKJ6 YN6MIO4NIMqNGMUKJ6$
IRIRNUNODM^NNODFDNK/GKH
NTGK[E= J6$
XNHNVIQo9 WKRHD0\ IMWR= J6D$ WKRHD0\
IQXNDGGNVYXTHNVIQU/GKHGVI\
IMWRNVHVDOV@W6RHD0\IMWRNVGNVZIX/GNVGV
O4OKGNVXHT>^NV NVDGNVWNV0GMRKD
W6RHD0\IMWR=GVIRqRXV9RG=HVDpNNIH\GM
NVWXNGVQN6MNXEOVWNMKM>NVWNXVGNHZ<NDGX
I\N[NJ6$
GMUVOHOD
NNVINUIGN[N$HT>PQaQV

L][IU#PL\I&NND W6ROTM^NNLMGN9N=WVXNL]NV9NVGN:\W6ROTM^NNLM
y Y[/5HN\NW6RHD0\IMWR=GNVZXV/GNVH Z XE= LK@WKE= 4OHI)N=U^NHUNIXHN=N
FKGN=¤HGV W6RHD0\IMWR= GV IR
R LIMNVWXN SMN $$$ GNV GNN=I8RU GMXN
XV9RG=HVD
NNIH\IGN[N$ U)NNW6ROTM^NNL]FDNXL]NN\KGNOTQCKGMN
y MN7OMGNMNVD `NMNL]/UTUL]FDNXGN= GMXNJ6$
NVWXNYNVDHLKGKWNDSGK[E=J6YN6M L][IU#PL\I&NND
PXGVI\IXINNDWNMKGK[E=J6D$ OKO $$$W6ROTM^NNL]+NN[XVRN=
y ZXV/GNVHFKGN=¤HGVW6RHD0\IMWR= GVQN6MNXWKE=OKYNNVIWUIGJ6D$W6R
GVIR
RXV9RG=HVD>NND[SVD0WNVD[NW6RHD0\@ OTM^NNGVFNMVHVD\NV[NVDHVDWN[GUNL6QNGMXVGV
IOI'GHGNV
NNIH\GMXV GNL]/UNRIGN I\QV
NGV IRI+N8X+NN[NVD HVD UVMJGN=
NN\ND
[NJ6$ YNNVIWU GK WN MJK J6D$ EO L]+NN[ XV P3S
IW(HVQNIMNVDGV&N6MVOIJUGNN=8RXGMXV 8NN\#P3SUH8NN\GVOH^NOMGNMK
RN\V OD[%XGNN=8RXGMXV RN\V OD[%X IJUGNFSNR+NKIGNJ6$L]+NN[W6ROTM^NNLMZ
ODFDINUMN7#OD"NMN7^NV OMGNM@,NN=RMN XE= LK WKE= 4OHI)N=U^NHUNIXHN=N
RD RX IR+NN[#\NEX IR+NN[ J6D$ WKR HD0\ SMN $$$LIMNVWXNGNVGNN=I8RUGMMJNJ6$
IMWR= `NMN ISIJaaXU L]HT>N OD/)NNX /RKGCU OKO $$$W6ROTM^NNL]+NN[XVRN=
YXTODNNXLIMNVWXNYNVDLMYXTODNNXI¤NG\NL GVQN6MNXIRI+N8XGN=
NN\ND+NKYNNVIWUGKJ6D
ϰϭ
GN=
NN\ND UNMK>N /)NNX
OD
FKWIXMK^NNYINGNIMNVDGVI\ HE=@ J6QMNFNQ
\HYNVGVOKHNLNMKODS\XGVI\
OTQCKGMNLML]I
N^NNGN=
NN\N
>NN_OTM^NNYINGNIMNVDGVI\\HYNV HE=@+NNMUKIR.NXI
N^NN
GVOKHNLNMKODS\XGVI\OTQCKGMN YN6MYXTODNNXOD/)NNX
LML]I
N^NNGN=
NN\N YN6MLKFK9KYNE=@HNVJN\K
MN7W6ROTM^NNFNV0NV=DGVI\\HYNV HE=@ SV8XE=
GVOKHNLNMKODS\XGVI\OTQCKGMN
LML]I
N^NNGN=
NN\N
WNVI>NHODL]VNNLM^NV KGN=
NN\N YL]6\@ L][IUIMONV9=@J6QMNFNQ
WKE=LNQLNVDGVI\0NVIWMU6NM 4MRMK@ LN=RMN@RXYN6MW\RNT
GMXVGVFNMVHVDGN=
NN\N LIMRU=XHD N\@XE=IQ<\K
YNXTRDI
NGKLOVU6NMLNQLNVDGV 4MRMK@ XOOKLIMOM@
LN=RMNKWNVI>NHHZ<NDGXLM X E=IQ<\K
L]I
N^NNGN=
NN\N
WNVI>NHO(L]VNNLM^NHUN XRDFM@ LN=RMN@RXYN6MW\RNT
IXHN=NGN=
NN\N LIMRU=XHD N\@XE=IQ<\K
\HYNVGVOKHNLNMKODS\XGVI\ WXRMK@ MN9KLNQLYNXTRDI
NGK
L]R=UXWVDOKLNQLOD[MNVNYINGNIMNVDGV ODONNX&ZMNVXFK
I\^NHUNOQTCKGMNLMLI]
N^NNGN
=NN\N LKWKYNM@XE=IQ<\K
/RK0XHVD\HYNVGNLUN\[NXVHVD WXRMK@ /9N:G
\[VYN%R6.NIXGNVDGNHN6GVLML]I
N^NN J NVH@/RK0X
WKRR[K=GMNHVD^NHUNIXHN=NLMYI>N\ GMXV GV I\ODSN\XOIHIU[I%UGK[E=$

+NNMUKOHI8RULIMNVWXN¿YNE=OK EOGVL]HT>NPQaQV
NVDHVDHNE¤NV&O@IWXGVI\
GNE=OZSXNPL\&NXJKDJ6@OIJUWKRR[K=GMN
YNVLK9K'O¾
ODFDNKOHZJNVDGNORV=^NN@OD[]JNYN6MOD[]JNNVDGN
WKR R[K=GMN HVD ^NHUN IXHN=N LM YI>N\ YXTM^NN@IG[ODM^NNNVD GNWKRR[K=GMN
+NNMUKOHI8RULIMNVWXNYNE=OKYNVLK9K ODFDNK IR
\VNN IR
NVNGM YNI)N=G ,N OV
'OGNV RN= HVD
NTIGN[NU)NN HJ5RLZN=OHZJNVDGVWKRR[K=GMNGVLIM
NNVNX
LIMNVWXNGV YDU[=UI¤NG\NLNVD GKIX[MNXK JVUT YNNTIXG9Z<OGKYLV^NNRN\V OHZJNVD JVUT
ϰϮ
IS FNV96IXG[N0=XHVD/)N\FNJa/)NNIXGI/)NIUNVDHVD$YNVNVXIOOF]ND0F]VXNXGNLN6NIO0I\D[YR/)NNYNVDHVD
FNNVIO/9VHVI9'OYXTODNNXpNNIH\J6D$ODSN\X RNX/LIUGP_NXNVD ¿FNV96IXG[N0=8O¾
OIHIUHZ\,NOVWT\NE=@GNV[I%UGK GNVOJNUN
[E= )NK$ ODSN\X OIHIU WZX@ GNV RNX/LIUGP_NXFNV96IXG[N0=XGNVOJNUN
LTX[=I%U GK [E= J6 YN6M EOXV RNM\@ ODFDNK NVWXN QT\=+N@ ODG9NL8X@ IR\T,UL]N@
HNE¤NVFN\@LNQLYN6ML
NTWKRR[K=GMNLM /)NNIXGLNQLNVD GV /)NNXFNODM^NNGV I\
I)NDG 96DG GVLHVDGN=IGNU)NNJX OTIRNNYNVD GNV FNXV JVUT pNTGK[E= )NK$EO
I)NHVI9G ^NV NVD U)NN UQXT,N VOV OD/)NNXNVD GNV NVWXNGVPQaQVqNVDHVDQVqNK@IRqNVoNGMYNME=9K
ISIJaXUGMV[KWNVVOVI)NHVI9G^NV NVDHVDYXTODNNX L]WNIUNVD@/)NNXFNODM^NNU)NNPXGNODRN=X
GM OGVD$ YNW UG WKR R[K=GMN ODFDNK pNNIH\ J6D$ FKW F6GNVD@ YMFNVMV9N U)NN GNVJMN
YXTODNNXGVI\SIXUGT\I)NHVI9G^NV NVD L]RN=XOTIRNN GV8Q]NVDGK/)NNLXN@PLT='ULNQLNVD
HVDOV@I)NHVI9G^NV NVDGNYXIGN[NJ6$ GVODFDNHVDIqN^NNRDWXWN[GUNGNODRN=X
/GKH GV IQX L]IUIQX YXTRK^NN GV I\ MN7RXIR+NN[GVOJNV[OVP'ULNQLNVDGN
LIMNVWXNIX[MNXKZIX9LKHZ[I%UGK LIMNVWXNYNNNMLMLTXL]NV[U)NNLTXRN=OJ6$
[E=J6$LIMNVWXNGVOTSNGN=GMNGVI\ FK WK /GKH GV YDU[=U I¤NG\NLNVD GK
OH8RGUN=YNVD U)NN OJNG GVDQ]NVD GV FKS IX[MNXK GMXV GV I\ Y'9ZFM@ GNV
OH!N6UN.NLXU6NMIG[J6DYN6MGNN=I8RU IR
NVN.OHZJOIHIULTX[=I%UGK[E=J6$
IG[J6D$LNQL@L
NTYN6MHNE¤NVIF\WKR L][IU#PL\I&NND
R[K=GMNGV ^NV HVD P5GC9YXTODNNXGN= GV
I\L]IURN=WKRR[K=GMNGVI\E=GVWNXGK SN\ZIR5UKRN=HVDL]HT>NW6IRGP_NXNVDU)NNQNV
1NV9VP_NXNVDGNVIXINNDWNMKGK[E=J6DYN6MEO
Y(H\MN9KLTM/GNML]QNXIGNWNUNJ6$
L]GNM@\[+N[YNME=9KLNQLL]WNIUNVDGN
IW(HVQNIMNVD GV &N6MV OIJU GNN=8RX +NK/)N\FNJaODM^NNOTIXI
SUIGN[NJ6$
OD[%X/)NNKIR5UOIHIUGKIO4NIM
NGV YF UG L]HT>N W6IRG P_NXNVD U)NN
YXTONM@YF+NNMUKWKRIR.NXKORV=^NNEO FNV9IXGGNVLZMVQV
NHVD/)NNILUIGN[NJ6$
/GKHGVI\GNN=8RXWVDOKJ6$ ODMI^NUIG[GT1HJ5RLZN=YNME=9KLNQL
L]WNIUNDIX(XI\I>NUJ6D
ϰϯ
IS GV'9OJNPOHVDFV\IRINIHMNIFI\O IS 4a\NRIMD[HVDONV4NVMNHNVI\OYN6M
9VGNVHV\NYX0Z\V9N
IS OKOYNE=YNM XFKYNMYNE=W6IRGP_NXHVDFNJa/)NNIXGI/)NIUNVDHVD4Z\RD4\IXG\XVGKYR/)NNHVD
\V'9NIS GZ9VXIOOMNPL]ONQRDQKI^NUYNVMNVFVXSVGKJNV/9IR9V'OXV[ZX0NVGVON)NFUNJTYN
ϰϰ
IS OVILD0OHNMIWXV9ORN\aOVILD0VGK IS YN:MIS0GKGXE=³WNIUYNHNV=0NVMHOVXNRVI9NXH
IS '\NVMNV4NE9HHN\NFVIMGHGYNME=9KYN:IS=0 IS 0NNVOLNMNVOEI<FGN@GYNME=9KLNQLL]WNIU
IW(HVQNIMNVD GV &NVMV OIJU GNN=8RX YXTONM@YF+NNMUKRX/LIUORV=^NNEO/GKH

OD[%X/)NNKIR5UOIHIUGKIO4NIM
NGV GVI\GNN=8RXWVDOKJNV[K$
IS -KYWXNMNN!N@OISR@LN=RMN@RXYN6MW\RNTLIMRU=XHD N\`NMN4X=JNPOGNPQa"NN9XIGN[N$
ϰϱ
RXODM^NN y L]IULZMGRXKGMNGVI\RXVUM+NIHL]QNX
GMXVOVO+NK^NHUNYNVDGKLNMVNN\NEXNVDGNV
RX ODM^NN L]+NN[ GN YINQVqN RX ODM^NN
1Z9 L]QNX GMXV GV I\ IQ
NNIXQV=
N WNMK
YINIXH@GV³+NNRKGNN=8RXGVWIM
IGN[N$
RX+NZIHGNVRXV¥NML]NVWXNVDGVI\PLNV[HVD
\NXVGNVIRIXIHUGMXNJ6$RX+NZIHGNRXV¥NM PL\I&NND
L]NVWXNVD GV I\PLNV[JVUT GV8Q] OMGNMGN 4OKYINIXHGVGNN=8RXOV@YINIXHGV
LZRN=XTHNVQXHND[XVRN\VL]/UNRNVDGKRXO\NJGNM YINIXHXOVLZR=RN= OV UG
OIHIU4OKY)NRNMN7O\NJGNMOIHIU RNNV=DGKYRINGVQN6MNXL]IURN=\N>N
OIJU RX ODM^NN IXH@ GV YNKX JV'9VMOV@RXVUML]NVWXNVDGVI\RX+NZIHGV
LIM+NNIoNUI¤NIRINGVYXTONMIRI+N8X/UMNVDLM 0NRW=XGKYN6OURNIN=GQMHVDGHKYNE=J6
WNDSGKWNUKJ6$JHD N\4OK#O IWOGVQN6MNXIHI\XJV'9VMRX+NZIHGNV
WKGKIO4NIMqNNVDGNVNXHVDM>NUVJTRX+NZIH IFXNIGOKPL
NHXPLNNVD GV RXVUML]NVWXNVD
GNRXV¥NML]NVWXNVD GV I\PLNV[LMIXN= JVUT0NR9=IGN[N$RN= GVQN6MNX@
GMUN J6 IWOHVD PLT'U PL
NHX PLNNVD GNV WXRMKGVYDUUGGVDQ]KOMGNMXVIFXNLN=,U
IXNN=IMUIGNWNUNJ6$RXOMD^NNYINIXH@ PL
NHXPLNNVDGVRXVUML]NVWXNVDGVI\
GV IRSNMN)N= RXVUMPLNV[IGWNXV GV JV'9VMRX+NZIHGV 0NRW=XJVUT 4OK
I\ L]/UNIRU RX +NZIH GV RNX/LIUG RD YINIXH@GVYNKXYXTHNVQXL]QNXIG$
WKR W8UT ODFDNK HJ5R@ 2RJN= IRG<LNVD@
\N+NNI)N=NVDGKOD>NU)NNL]/UNIRU0NR=WXOV RX/)NNLXN¿4E=¾
L]N,UJNVXV RN\V O(+NNIRU\N+NNVD GK³GCIUYN6M RX/)NNLXNL]+NN[@,NN=RMN@RXYN6MW\RNT
OKHNOVODFDINUJ6$ LIMRU=XHD N\GV UJU/RN5UqNNOKOD[%X
RXHDWZIMND L]QNXGMXV GV I\XE= +NNMUK RX YXTODNNX YN6M IqN^NN LIMNQ
YNE=OK4YNME= U)NN EOGV OD/)NNXNVD#GV8Q]NVD
LJ\VD
+NNMUK RX ORV=^NN 4OYNE= YN6M EOGV
y RXV¥NML]NVWXGVI\0NR9=GK[E=RX ^NV KGV8Q]NVD@MNo9KL]NNKP_NXXWV0LKR8
+NZIH GV FQ\V HZU= L IQ [ L]IULZMG WKRYLMNNIXD N&ZMNV 0&<ZOKOKRKYN6M
P[NJK GN 5RIMU YN6M LNMQ
NK= PLVN[ EOGV^NV KGNN=\NVDEDIQMN[NDNKMNo9KRX
OTIXI
SUGMXV GV I\Y[/U@OV YGNQHKYNE=WKXL4RXIqN^NNIXQVqNN\
OD O Q `NMN L] I ULZ M G RXKGMN IXIN 0K4E=UKXGV8Q]KYGNQIHNVDYN6MGMVDWM
YINIXH@ @ RN= GN @ GN\VWOVODFDINU/)NNLXNIRoNNVDGNVQV>NUNJ6$
YINIXIHUIGN[N$ PLT='UOD[%XNVDGVODFDNHVD@GNIH=GRDL]I
N^NN
ϰϲ
IR+NN[#OKOKGNYXTHNVQXL]N,UGMXV OV GVODG<LOD>N #LKOKGV
ODFDINUIRNYN6M8N\KHNH\NVD@YNM9KYNE= HNHOV SD0K[ HVD 1%V ^NV KGNN=\GK
YNRVQXNVD@ODOQKHNH\NVDYNIQLM+NKEOL]+NN[ /)NNLXNGK[E= )NK$QVqNHVD LIMNVWXNYNVD YN6M
HVDGNM=RNE=GKWNUKJ6$ GN=G\NLNVD GV L]QZoNNIXD NYN6MLN=RMNK
L]FDNXOIJULN=RMNKL]FDNXGVO+NKLJ\TYNVD
IG[ING\NL
OVWT0VGNNV=DHVDRCIGNVQV>NUVJTOMGNMXVSNM
YXTQNXGVI\OKOKGNVL]/UNR ^NV KGNN=\/)NNILUGMXVGNIXN=I\NJ6
y YIUIM'5NL]+NNMGV,NHVDHJNIXQV
NG@YNE= IWXGV HT>N\SV8XE=@QVJMNQZX@XN[LTMYN6M
OK4YNE=GNGNNV=5UMYXTHNVQX MNDSKHVDJNVD[VYN6MOISRN\GV+NN[GV,NHVDG
HT>N\EGNE=XE=IQ<\KI/)NULN=RMN@RX
y X HJNIXQV
NG@ YNE= OK 4 YNE= GK
YN6MW\RNTHD N\HVDJNV[KUNIGYINGOD>N
IXTI'U
HVDIXMK^NNIGWNOGVDU)NNL]/UNRNVDGKOZ^H
y L0UN\ OJSXOIHIUGN[%XU)NN WNDSYN6MHZ<NDGXIGNWNOGV$
POGV FNQ 0K 0K WK I
N^NN@ 0K 0K WK
IR/UNM@0KWK@YNE=4YNE=E=GVLQNVDLM LN=RMNKL]FDNXU)NNL]QZNNIXD N
IXTI'U ODFDNKGN=
y YNE=OK4YNME=HVDIXQV
NGYNE=OKGV y LN= R MNK HD W Z M K L] Q NX GMUV OH
LQGVI\L0UN\OJSXOIHIUGN[%X LIMNVWXNYNVD#I¤NG\NLNVDGVI\IXNN=IMU

NUNV=DRDOTM^NNVLNGNGNN=8RXGMXN$
RXL]+NN[GNOTQCKGMN
y LN=RMNKHDWZMKE=OKHVD
NUNV=DGVYNNNMLM
+NNMUOMGNMXV IQXNDGGV ODG<L
LIMNVWXNL]/UNRGNVDOV1HNJKL][IUIMLNV9NV=D
OD>N #4LK`NMNFVD[\T@+NNVLN\@
GKWNDSGMXNYN6MIR
\VNNGMXN
+NTRXVqRM@\>NXU)NNIqN\ND[HVDLN=RMN@RX
y YN6 S G YN6 M NQC I 31G MV D 0 H WND S
YN6M W\RNT LIMRU=X HD N\ GV LNDS ^NV K
GNN=\/)NNILUIGJ6D@IWXGNHT>N\XE= GMXN#/)N\QN6MNVD`NMNIRI+N8XLIMNVWXNYNVD
IQ<\KHVDI/)NUJ6UNIGODM^NNLMIRqNVoNF\QVUV GKLN=RMNKHDWZMKGKI/)NIUGNO5NLX
JTSN\Z RNIXGKLIMNVWXNYNVD U)NN/GKHNVD GN GMXN
HZ<NDGXYN6MHNXK9IMD[GKWNOGVYN6MRX+NZIH y HD N\`NMN)NNIXQVI
NUWNDSGMXN
GVODM^NNLMU)NNRXODM^NNYINIXH@ y P_NV [ NV D @ /)NNXK IXGNNV D @ OMGNM
GVUJURXVUML]NVWXNVDOVRX+NZIHGVL]NV[OV MN7#GVDQ]`NMNIG[L]QZNNIXD N
WT0VL]/UNRNVDGNVU6NMGMXVHVDMN7#OD"NMN7 PLNVDGNYXTOMNGMXN
^NV NVDGNVO\NJQKWNOGV$EOGVPLMNDUIQXNDG
ϰϳ
y LIMNVWXNYNVD GV LN=RMNKL]+NNRHZ<NDGX y MN9KRNIXGKGN= NVWXNU6NMGMXV HVD
L]QZNN IXD N PLNNVD#I¤NIRIN YN6M OJNUNL]QNXGMXN
I/)NIU@ IRING YN6M L]RU=X PLNNVD@ IR
NVN y W6RIRIRNUNLM^NV K/UMLMUGXKGKYN6M
ODM^NN ^NV NVD )NN@ XH +NZIHNVD@ G31 R6.NIXGLMNH
N=
RX/LIUNVD YN6M W6R HD0\ IMWR= GV I\
y YNDG0NVD GV OD[]JN@ IH\NX@ +ND0NMN U)NN
LN=RMNK OTM^NN OV ODFDINU OZSXN OD[]J
LTXL]NI,UIM9NR\GNVOTSNGMXV#O+NK
GMXNYN6ML]/UTUGMXN
RNIXGKI¤NG\NLNVD GNV
NNIH\GMXV U)NN
y ODFDINUMN7OMGNM@GVDQ]KOMGNMWVDIONVD GVDQ]KOMGNM#GVDQ]K0N9NL]OD/GMNGVDQ]
FKOYNE=@4OYNE=RDW60OYNE= GNVVOVYNDG0V$L]VINUGMXVHVDMN7NVD#OD"N
GV ^NV K GNN=\NVD OIJU@ LIMNVWXN MN7^NV NVDGNVOJNUNL]QNXGMXN$
L]NINGNIMNVD@GVDQ]KL]QZNNIXD NFNV0= GV
y EDIQMN[NDNKLN=RMNLTM/GNMU)NNHD N\GV
^NV KGNN=8RXMN7L]QZNNIXD NFNV0NV=D
Y8LTM/GNMNVDGVI\XNIHIUNVDGNO5NLX
U)NNLN=RMNODFDNKGN=¤HNVDGVGNN=8RX
HVD \[V[6M OMGNMKOD[%XGVON)NODLG= y LN=RMN@RXYN6MW\RNTLIMRU=XHD N\
M>NXNYN6MI\DGVWL]QNXGMXN OV ODFDINU@ 8NN\K HNH\NVD LM GNM=RNE=
GMXN$
y >NUMXNGL]FDNXYINIXHYN6M\NVGQVUN
YINIXHGV YXTL]NV[OV YR[UGMNXV GV y LN=RMNYN6MRXODFDNKHTQaQNVDGVFNMVHVDYNM
I\ MN7 L]QZNN IXD N FNV0= YN6M MN7 9K YNE= YNRVQXNVD@ ONNNMN I
NGNUNVD LM
LN=RMNIR+NN[GVI\GN=
NN\NDYNNVIWU GNM=RNE=GMXN$
GMXN y VOV Y8 GN= WNV OH OH LM ON6DLV
y YXTLN\XGK1HNJKL][IUIMLNV9NV=DU)NN/)N\ WNUVJ6D$
QN6MV GK IMLNV9NV=D GNV PXGK RVFONE9 LM IQXNDGOVIQXNDGUGGK
YL\NV0GMXN$ YRINGVQN6MNX4OKYN6ME=LK@
IRIRNGN= GV YDU[=U YXTHNVIQU LIMNVWXN GK
HNXK9IMD[GVI\^NV KGNN=\ RNMRN/UIRG
y RX N RXVUM +NZIH GK I/)NIU YI+NIXI
SU
PL\I&NNVDGNVQ
NN=XVRN\NIRRMN
GMXVGVHNH\VHVD/)NNK/)N\IXMK^NNOIHIU
GNVOVRNL]QNXGMXN$
ϰϴ
RN/UIRGOD
4OK E=LK
^NV KGNN=\ PL\I&N PL\I&N
+NNVLN\
FD[\NVM
+NTRXV
RM
SV8XE=
SD0K[
QVJMNQZX
\>NX
XN[LTM
MNDSK
I
N\ND[
GT\
IQXNDGOVIQXNDGUGGKYRINGVI\@QO^NV KGNN=\NVD`NMNRXODM^NN
YINIXH@GVYDU[=USMN $RDSMN $$GKRXHDWZMKL]QNXGK[E=$&N6MNIX(XI\I>NUJ6
^NV K SMNͲ/ 0NR9=IGN[N SMNͲ// 0NR9=IGN[N
GNN=\ ^NV ¿JV'9VMHVD¾ ^NV ¿JV'9VMHVD¾
^NV KGNN=\@+NNVLN\
^NV KGNN=\@FD[\NVM
^NV KGNN\
= @+NRTX
VRM
^NV KGNN=\@SV8XE=
^NV KGNN=\@SD0K[
^NV KGNN\
= @QJVMNQXZ
^NV KGNN=\@\>NX
^NV KGNN=\@XN[LTM
^NV KGNN=\@MNDSK
^NV KGNN=\@I
N\ND[
GT\
IG[Y8ING\NLRN= GV OT[DNP_NXIRGIOUIGNJ6IWOV+NTRXV

RM
QN6MNX@ ^NV K GNN=\NVD `NMN IG [ GT1 GV,\ND9\RO=ONVIO
NX`NMNWXRMK@
HJ5RLZN=I¤NG\NLNVDGN&NVMNIX(XI\I>NUJ6 GNVYNNVIWUMN7/UMKL]IUNVI[UNHVD
y ^NV KGNN=\LZRK=WNVX@+NTRXV
RMXVYLXV QZOMNLTM/GNMIH\N$
GNN=\OJ YNRNOKLIMOMGV+NKUMG y ^NV K GNN=\ P5UMK WNVX@ SD0K[ XV
ϰϵ
LDWNF HVD JIMGV !K\ HVD L]QZNN GV FNMV HVD YNKX+NNMUKRXL]FDNXOD/)NNXYNE=YNE=4
LN=RMNKHTQaQNVDU)NNGTD0\KYN6_NVI[G^NV @ H@+NNVLN\OVGJN[NIGRJMN9KRXXKIU
WK9KMNV0@ONVXKLU@JIMNNNGKXN\K@ Q/UNRVWGNL]NLU6NMGMV$YNE=YNE=4H
RD HVD W\ GK [TNR5UN GV HTQaQNVD GN XVXKIUQ/UNRVWGNL]NLL]/UTUGMIQNJ6$
IXMNGMNGMXVGVI\LJ\GKJ6$ MN9KRXXKIU@GVL]NLLMIRSNMGMXV
y RXHDWZMKL]/UNRNVDLMOZISU@R/UTLMGYN6M GV I\@HD N\HVD RIM%YINGNIMNVD GKG
LZRN=XTHNXIXN=NVDGNVOT[HFXNXVGVI\@EO OIHIU[I%UGK[E=J6YN6MEOLMIRSNMIGN
HD N\GVO+NKQO^NV KGNN=\NVDHVDWK WNMJNJ6$
YNE=OYNNNIMUIXN=OJNUNL]NN\K0K HD N\XVQV
NHVDFNDOOV'9MGVOH[]IRGNO
OOGNVL]SN\XN5HGIGN[NJ6$ GVI\+NNMUOMGNMGN=YNFD9XIXH@
RXXKIU GV YNKXLN=RMN@RXYN6MW\RNT
LIMRU=XHD N\GVYINQV
NHVDFNDOGVIRN
LN=RMN@RXYN6MW\RNTLIMRU=XHD N\GN GNV
NNIH\GMXVGVI\GL]/UNRIRSNMN)N=
RXXKIUL]+NN[MNo9KRXXKIU@@+NNMUK RD YXTHNVQXN)N= HDI HD0\ OISRN\ GNV
RXYINIXH@YN6MEOGVODqNNVNXNVDOIJU L]/UTUIGN$EOGVYIUIM'U MN9KFNDO
RXNVDOVODFDINUY8HD N\NVDYN6MMN7OMGNMNVD IRGNO IXGN GV [%X YN6 M EOV
GVXKIU[UHNH\NVDYN6MIRNNKHNH\NVDOVODFDINU IRGIOU#/)NNILUGMXVGV/RLLML]NL
GN= QV>NUNJ6$EOGV Y\NRN@RXXKIUL]+NN[ U6NMGMXV GV I\HD N\HVD GOIHIU
IRI+N8XG8RVDqNX)NN@ZX4OKOKOK@ZX [I%UGK[E=J6$
OKOK0KRDZXOKFK0KGVYDU[=URX
ODFDNKHTQaQNVD LMGNM=RNE= GMUNJ6$JL]+NN[ HD N\ XV ONHTQNIG RX ODONNXNVD GV
ODT'U MNo9 RX OD"N ZX44 GV I\ ODM^NN@L]FDNXYN6MOUUPLNV[GV I\
RNIXGKYDUMN=o9KIX[H@IqNNL]qNNDURNIXGK IQ
NNIXQV=
NNVDGNVIQXNDGGNVYDIUH
YNNV[ LK4OK YN6M 4YNV OV ODFDINU ,NIQN$
RNIXGKOIHIUOKYNV4YNVRXNVDGVI\IqNN RXVUM#IXWK+NZIHLMP[NE=[E=RC^NL][IUNVD
L ] q N N D U E X R 6 I O R / L V O K W X V 9 R G = GVI\LV0I[MNXVYN6MLNMVINUGMXVODFDNK
LK4YNE=OKX YN6M YDUMN=o9K RNIXGK 2R/)NNGNV PQNMFXNXV ODFDNKIQ
NNIXQV=
NNVD
YXTODNNX OKYNE=4YNVYNM GV I\ MNo9K GNV O+NK MN7NVD#OD"N MN7 ^NV NVD GV HT>
GV8Q]KL]+NN[GKUMJGN=GMUNJ6$ OISRNVD GNV WNMKIG[U)NNL]+NN[EO
IRNGNVMN7#OD"NMN7^NV OMGNMNVDGV
L][IU#PL\I&N
ON)NOI¤LOVP%NMJNJ6$VIQ
NNIXQV=
N
PLT='UGVHQaQVXWM@XKIUGKOHK^NNGMXVGK LN=RMN@RXYN6MW\RNTLIMRU=XHD N\
WMUHJOZOGK[E=YN6MUQXTONMHD N\XV GK RVFONE9 KWWSHQYIRUQLFLQ LM +NK
MN9KRXXKIU@GKOHK^NN
NTGK)NK$ PL\&NJ6$
LN=RN@ RX RD W\RNT LIMRU=X HD N\ GV
MNW/)NNX\6D0LZI\D[/GKHHVD OD
NNVNXOV
ϱϬ
ODFDINUIRNNVDLMHD N\GKI9,LINND@[CJ HZ<NDGXYN6MMN9GVL]IUPXGVNV[QNXGV
HD N\GNVODOZISUGMQK[E=J6D$ FNMVHVDG\"NTI4<HGK/¤KIXD[GK[E=$
MV\HD N\U)NNMN7RXIR+NN[GV ON)N EOO(HV\XHVDRXYN6MR8WKRNVDOVODFDINU
LMNH
N=GVYNNNMLM@MN7RXIR+NN[U)NN IRI+N8XHTQaQNVD)NNL]IULZMGRXKGMNIXIN
MV\L]
NNOXGVFKSMV\+NZIHLMRC^NNMNVLNGV YINIXH@GVGNN=8RXGVI\L]NL
I\L]NLGMNMGNVYDIUHLIQN[NJ6 IXHNVD@FNDOGVL]FDNXYN6MPLNV[@Y[]NK
U)NNODFDINUMV\FNV0=GVI\)NNPLT'U /9N4GK+NUK=YN6ML]I
N^NN@GCINRNIXGKGV
GNM=RNE= JVUT O+NK MN7 RX IR+NN[NVD GNV YDU[=UP[NE=[E=RC^NL]WNIUNVDGVODFDNHVD
LIMSNI\UIGN[NJ6$JIMNNNYN6MLDWNF IXHNVD@ R8 WKR PL OV'9M YN6M HNXR
MN7XVMV\+NZIHLMRC^NNMNVLNGMXVGVI\ R8 WKROD"NN=HVDLJ\NVDYNIQGNVMV>NNDIGU
MV\RVFNV0=GVON)NLJ\VJKGMNMLMJ/UN^NM IGN[N$
GMIQJ6D$ +NNMUKL]IUIXINHD0\XV LJ\KYN6MQZOMK
RX ,\O GN=¤H GV YDU[=U YI;X YN6M F6%GU)NNODT'UMN9RX4NVMHZX4
YN¤NHG L]WNIU L]FDNX GV FNMV HVD G OGVUQ)N=IR
NVN.SE=WKGKZO
GN=
NN\NXE=IQ<\KHVDYNNVIWUGK[E=$ YN6M)NNE\6D0HVDYNNVIWUQZOMKF6%GHVD
+NN[I\NU)NNRXLMYDUMN=9K2R/)NNGK
L]+NN[ XV GVDQ]K OMGNM GV OD[%XNVD GK
RN= GKMNXKIUGNVWXNU)NN
GN=LIUGVFNMVHVD'OLNVWML]QNXGMXV
RN= GKYRINGVI\GN=GV
GVI\RN= F6SGV+NNMUKRXOVRN
SUT)N=RNK=GN=¤HGVIRG<LRDYNNNMLM
GVLIMRK^NNNKXYINGNIMNVDGVI\
QV
NGNQCI9GNVNL]/UTUIGN$
IOUDFM@ UG G O,UNJ GN GVDQ]K
OISRN\GN=¤HYNNVIWUIGN$$ +NNMUKL]IUIXINHD0\XVRNIXGKOIHIUOK
YNV4YNVGVIQXNDG WT\NE=@
HD N\ GV RX XKIU L]+NN[ XV YLM HT>
UGRVDO HVD+NN[I\N$EOO HVDRXNVD
OISRNVDRX@ LKOKOK4SYNV4
YN6MRC^NNVDLMNXGVDIQ]UGMUVJTIR
RGV
4# L]NNX OISR RX YN6M O+NK
RXNVDGKI/)NIUGNOUUIRGNOGVI\
MN7NVD#OD"N MN7 ^NV NVD GV HT> R8WKR
GVWVD0VGKOHK^NNGK[E=$
RN0=XOK0&<Z\0&<ZGVMN9/UMK
O(HV\X Y'9ZFM@GNVXE=IQ<\K L]IUIXINHD0\NVDGVGQ\XVZOHVD
HVD YNNVIWUIGN$O(HV\XGNPQa"NN9X IOUDFMOV Y'9ZFM@UG RXYN6M
HNXXKLN=RMN@RXYN6MW\RNTLIMRU=X UGXKGK IRIXH GN=¤HNVD GV YDU[=U
MN7HD K/RUD L]+NNM`NMNIGN[N$ RNIXGKL]I
N^NNLMYNNVIWUYXQN6MVHVD
[NV<0X\K2W OV\VF]VI9D[E=O=YN:4 +NN[I\N$
EDI0X 4N:MV/9 RD OIR=O W X YN:\ HD N\ XV XRDFM@ GNV RX ,\O
EDI0N OIR=O XNHG LT/UG GN IRHNVSX GN=¤HGVYDU[=URXYXTRK^NNJVUTO
IGN [N IWOGV FNQ YNE= 4 O GV YNMUGXKGKL]NV9NVGN:\GN
NT+NNMD+NIGN$
ϱϭ
RNIXGKYXTL]NV[GV I\IOD)NVI9GLS=M W\ YN6M W\RNT LIMRU=X HD N\ /¤KIXD[
M0NMUGXKGGVYNI,9G\0N9NGKUT\XNHVD OIHIUGVHNHOVL]/UNRNVDGKWNDSGMUNJ6
GE= \N+NNVD )NN HVN YN6M RNUNRMN GV L][IU IMLNV9=VD OTIXI
SU GMUN J6 U)NN PLNV[
HNH OV L]RV
N LVD9V
NX YN6M \DFV L]HNN L NVD GK WNDS GMUN J6$ YINGNING
UMD[Q6"=LMGVXNVLKHNHOVL]RV
NLVD9V
NX@ LNMQI
N=UNOTIXI
SUGMXVGVI\JL]+NN[J
IWOHVDRX+NZIHNDVDGN0NHVD
NX\/9'SM\ +NK OTIXI
SU GMUN J6 IG 4NV9NV YN6M IWNV
HN:0I\D[OD+NRJNVUNJ6@GVGNMNEOGVL]NV[ MV4MVD/0OZSXNW6OV IG@WKLKO0N9NYN6M
GK/RKGN=UNLZMV IR
RHVD JNV MJKJ6$EO IMHNV9OVDIOD[EHVWVW@L][IUIMLNV9=GVON)NL]/UTU
L]NV9NVGN:\OVLZMVQV
NHVDRXGNF=XHZ<NDGX@ IGWND U)NNP8JVD ODFDINUMN7NVD#OD"NMN7
L]N)NIHG /9VGJNV<0O= GV I\ OHTISU ^NV NVD GK RVFONE9 LM YL\NV0 IGN WN$
L]I
N^NNRD^NHUNIXHN=NGVI\OYNM HD N\OH OHLM/GKHGV YDU[=U^NV
UGXKGNVD GV L]NV[GNV
NTGMXV HVD HQQ I¤NG\NLGV OV9V\NE9YNNNIMUIX[MNXKGV
IH\V[K$ I\+NNMUKRXORV=^NN@QVJMNQZXLN=RMN@W\
L]+NN[XV 4YNE= LMMN7RXIR+NN[NVD HVD YN6MW\RNTLIMRU=XHD N\GKOVRNYNVDGN+NK
WN[GUN L6QN GMXV YN6M PXGV ^NHUN PLNV[GMUNJ6$
IXHN=NGVI\ZX44GKOJNUNOV U)NNIL@MN7NVD#OD"NMN7^NV NVDGVRXIR+NN[JK
ODT'UMN9RXQ/UNRVWZX4YNE=GV ^NV HVD/RKGCIUI¤NG\NLGVGNN=8RXU)NN
FNMVHVD IQODFM@GNVQNVIQROK ODIRUIMU IXINNVD GV OHTISU PLNV[ GV I\
GN=
NN\NYNNVIWUGK$ L]5^N,NOVIW(HVQNMJ6$MN7#OD"NMN7^NV @
RXOTM^NNL]+NN[ MN7NVD#OD"N MN7 ^NV NVD GV L]NNX L]HT>N RX
ODM^NGGKY^NUNRN\KOHK^NNYN6MIX[MNXK
GVDQ]KL]NNVIWU/GKHGNGNN=8RX OIHIU@IWOGV RXODM^NGOQ/JNVUV J6D@GV
¿YNE=4HO¾ HNH OV /GKH GV YDU[=U I¤NG\NLNVD GN
RXL]FDNXGNUKR]KGMN/GKH YNE=4H IXIHU^NV /UMKYXTRK^NN+NKGMUVJ6D$
OGNPQaQVqMN7#OD"NMN7^NV OMGNMNVD R8WKRODM^NN
GV RXOTM^NNUD GNV HWFZUGMXNU)NN^NV
R8WKRLN=RNONVD GNGKGCUIRGNO
IRIqNo9RXL]FDNXPLNNVDHDVOJNUNQVXNJ6$
+NNMUHVDODMI^NU^NV XV9RG=HVDODMI^NU^NV
P5UMQNI5RNVD GV &NVMV OIJU GNN=8RX MNo9KPNNX@R8WKRY+NNM@
GMXVRN\VOD[%XYNE=4HO/GKHGV ODM^NNIMWR=U)NNONHTQNIGIMWR=pNNIH\
YDU[=U@ LN=RMN@ W\ YN6M W\RNT LIMRU=X JD6$ ODMI^NU ^NV NVD MNo9K PQaNXNVD@ R8 WKR
HD N\GKIW(HVQNMKMN7NVD#OD"NMN7^NV NVDOV Y+NNMNVD@ODM^NNIMWR=U)NNONHTQNIGIMWR=
L]/UNRL]N,UGMXVYN6MYNFD9XGVYXTONMIXINND GNV OJNUN QVXV GV YIUIM'U /GKH HVD
ODIRUIMUGMXVGKJ6$IXINNVDGNL]+NNRKYNFD9X IX(XI\I>NU"N9G+NKJ6D AODMI^NU^NV NVDOVFNJM
RD PLNV[OTIXI
SUGMXV GV I\LN=RMN@ GVR8WKRGKOTM^NN U)NNHJ5RLZN=IR\T,ULN
ϱϮ
L]WNIUNVDYN6MPXGVLN=RNONVDGNVFSNXVGVI\ GNVO\NJQKWNOGVOD[UXKIUYN6MGNXZX
FJN\KGN=¤H$ U6NMIGWNOGDV$R8WKRYLMNNIXD N
R8WKRYLMNNIXD N&ZMNV¿0&<ZOKOK &ZMNV GN [%X RN= HVD R8WKR OTM^NN
FK¾R8WKRYLMNNIXD N&ZMNV@GONDIRING YINIXH@HVDOD
NNVNXGVHNHOVWZX@
FJTIRoNKOD/)NNJ6IWOGK/)NNLXN+NNMUOMGNM GNVIGN[N$&ZMNVGK
NI'UNVDYN6MGNNV=D
GVLN=RMNRXYN6MW\RNTLIMRU=XHD N\GV GNVYINIXHGKNNMNGVYNKXLIM+NNINU
YNKXQVqNHVD R8WKRNVD LMJNVXV RN\V OD[I%U IGN[NJ6$HT>UNIX(XI\I>NUOVODFDINUJ6
YLMNNNVD LMYDGTqN\[NXV GV I\GK[E= )NK$ y Y8UM MN7R8WKRYLMNNIXD NGVI\
&ZMNVGNHT>N\XE=IQ<\KHVDJD6YN6MEOGVLNDS OHI8RUL]NONVDJVUTYNOZSXNGNOD[]JNYN6M
^NV KGNN=\J6DWNVIQ<\K@GNV\GNUN@HTDFE=@ L]ONM
SV8X6 U)NNWF\LTMHVDI/)NUJ6DEOGVUKXPL y Y8UMN=o9KQNI5RNVDGNVLZMNGMXNU)NNR8
^NV KGNN=\JD6 WNV [TRNJN9K@YHCUOMYN6M WKR YLMNN IXD N GV I\ MNo9K#
GNVSKXHVDI/)NUJD6YN6MLNDSOKHNZIX9VJ6DWNV YDUMN=o9K WVDIONVD GV ON)N OJNUN#
MNHXN)NLTMH@ [NVM>NLTM@ HNVUKJNMK@ XN)NZ\N U)NN OH8RGMXN
HNVMVJHVDI/)NUJ6D$R8WKRODM^NNYINIXH@
y PLT='UGYN6M>NGNVLZMNGMXVGVI\
GKNNMNWV0GV UJUJYINQVqN
+NN6IUGYRODMSXNYN6MGN6qN\QNVXNVD ^NHUN
IQN [N J6 IG RJ R8WKRNVD LM JNVXV RN\V
IXHN=NGMXNYN6M.NXORDIN=UGMXN$
OD[I%UYLMNNNVDOVODFDINUYNOZSXNG GM
y GVDQ]KISI0N"NML]NINGMNODM^NNHVD
P8JVD U5GN\GNM=RNE= GV I\MN7NVD U)NNY8
L]RU=X WVDIONVD GNV PL\&N GMRND UNIG GVDQ]KISI0N"NML]NINGNMNGK+NZIHGNGNV
YLMNINNVDGNVLG0NWNOGVGGV8Q]KGCUR8 FNXV GK QCI9 OV QV
N HVD ISI0N"NMNVD GV
WKRYLMNNYNDG0NF6DG/)NNILUIGNWNOGV@ GN=GMN GK IX[MNXK GMXV JVUT R8WKR
YINIXH GV L]NRNNXNVD GV L]RU=X GV ODFDN HVD OTM^NN YINIXH@ GV L]NRNNXNVD GV
IRI+N8XWVDIONVDGVON)NOH8RIGNWNOGV YDU[=U RN= HVD GVDQ]K ISI0N"NM
R8 WKR IXD N GV I\ OH8R YN6M L]NINGNMN /)NNILU IGN [N IWOGN
ONR=+NN6IHG GNM=RNE= GNV OTGM FXNXV GV I\ HT>N\XE=IQ<\KHVDJ6D
ODFDINU IRQVqNK L]NINGMNNVD YN6M YDUMN=o9K y GV8Q]K ISI0N "NM L]NINGMN GN HT>
OD[%XNVD GNV OJNUNPL\&NGMRNE= WNOGV PQaQVq +NNMUK ISI0N"NMNVD HVD ,NqNTYNVD GV
R8WKRYLMNNNVDGKR6.NIXGYN6M2NRONIG M>N M>NNRYN6M/RN/)GKQV>N+NN\GVI\
WNDSGVI\R8WKRYLMNNL]RU=XWVDIONVDGN 8ZXUHHNXGYN6MHNXQD0\N[ZGMXNU)NN
^NHUN IXHN=N IGN WN OGV U)NN R8 WKR WJND UJND+N\K +NNDIUONVSVYN6MNVWXNFXN
YLMNNNVDOVWT0VYI+NNVWXNVDHVDO4\UNOTIXIqSU IFXN ISI0N"NMNVD GK /)NNLXN LM IXD N
GMXVGVI\MN7OMGNMNVDGNVOJNUNQKWN \[NXN@HN6WZQNISI0N"NMNVDGKHNXK9IMD[YN6M
OGVU)NNMNo9KYN6MYDUMN=o9K^NV NVDHVDIR/UCU HZ<NDGXGMXNU)NNQVqNGV ISI0N"NMNVD HVD
R8WKRYLMNNNVDOVWT0VHTQaQNVDLM+NNMUOMGNM OTNNM\NXVGVI\PLNOT!NXNJD6UNIGP8JVD
ϱϯ
IR\T,UL]NR8WKRNVDGVRN9a/)NNXODM^NN YXTQNXOV1JRNNV=DGKYRINHVDGNN=I8RU
GV I\ LNV9VD9 GV8Q]NVD GNV YDUIMU IGN WN IGN WN[N$ EO LIMNVWXN GN PQaQV

OGV$ OUU YNWKIRGN@ ONHTQNIG OJX
NK\UN
IG[ING\NL OTIXI
SUGMXVYN6MR6I
RG,NOVHJ5RLZN=
W6RIRIRNUNGNODM^NNOTIXI
SUGMXVGV
y GVDQ]KHDI HD0\XVY4]KGNYN6MZMVI
NNHVD
ON)N ON)N+NNMUKIJHN\KLNIM L]NN\KGK
L]RNOK I
NGNM IG WNXV RN\V LI^NNVD GV P3S-VINNVDHVD<LNEXSNMN[NJU)NNRXNVDHVD
ODM^NNLML]RNOKL]WNIUNVD GV ODM^NNLM OUU+NZIHYN6MRXL]FDNXGNVFNRNQVXNJ6$
G8RVD
NXGVON)NOH!N6UN.NLX@IWOV MV,9M
y +NNMUHVDHNXR R8WKROD"NN=8ZXKGMNGV
OH!N6UN.NLX +NKGJNWNUNJ6@LMJ/UN^NM
GMXV GV I\ LN=RMN@ W\ YN6M W\RNT FNMVHVD+NNMU WH=XKUGXKGKOJVN[ 9K
LIMRU=X HD N\ GV L]/UNRNVD GNV YXTHNVIQU OK LN=RMN@W\YN6MW\RNTLIMRU=X
IGN$EOOH!N6UV.NLXLMJ/UN^NMIG HD N\WKYNE=W60GKUGXKGKOJNUNOV
WNXVOV+NNMUEOOH!N6UN.NLXGNRND +NNMU HVD HNXR R8 WKR OD"NN= 8ZXKGMN
J/UN^NMGUN=FXN$ XNHGGXE=LIMNVWXNGNVL]IULNIQUGMXV
GKL]I¤NHVD J6D $Y'9ZFM@HVD +NNMU
y GDVQ]KHD KHD0\XVR8WKRODM^NNYN6MR8
OMGNM U)NN WH=XKOD"NK[NMN7OMGNM
WKRNVD GV YR6N2NLNMOV IXL9XV GV FNMV HVD GV FKSJN\HDV O(L8XIRGNOOJNV[LM
OJNV[FNXVJVUTODT'UMN7YHVIMGNGV +NNMU WH=XKRNUN=HVDEOLIMNVWXNGVI\
ON)NOH!N65N.NLXLMJ/UN^NMGMXVGVI\ SNMRNNV=D GKYRINGV I\IHI\XZM
LN=RMN@W\YN6MW\RNTLIMRU=XHD N\ WK YNE= W60 OV IR5ULNVNN BN GK
GVL]/UNRGNVYXTHNVIQUIGN$ODT'UMN7 O4\UNLZR=G2R/)NNGK[E=$EOLIMVNWXN
YHVIMGNHVD+NNMUKMNWQZUXVWZX@GNV GNV \6D0/GVL /UM LI
SH FD[N\@ YNVI0
NN@
RNI
ND[9X0KOK HVDEOOH!N6UV.NLXLM !NM>ND0@15UKO[@IFJNM@[D+NKMYNWKIRGN
J/UN^NMIG$ HTQaQNVD GN ONHXN GMXV RN\V ^NV NVD@ QZM/)N
y IO'NVMIJHN\LN=RMN@W\YN6MW\RNT []NHKN ^NV NVD Y)NN=U P5UMN>ND0@ VOV YN6M
LIMRU=X HD N\ U)NN ODT'U MN9 IRGNO ^NV NVD@WJNDYI+NXRIXRNMGPLNNVDGNPLNV[
GN=¤HXVW(HZRDG
HKM@IJHNS\L]QV
N@ IGNWNMJNJ6 Y)NN=UGXN=9GHVD 2NLG
P5UMN>ND0 YN6M IOI'GH MN7 OMGNMNVD GV L]WNIUNVDGVON)N+NNMUHVDIRI
N9L]IUIXING
LMNH
N= OV IO'NVM IJHN\ YNWKIRGN YN6MODG<LXN5HGLOVODLZMGS0&<Z
OTMI^NUGMXN@ODM^NN@OUUPLNV[YN6MJNE= OK LIMQC
NVD GV I\ STIXDQN MN7NVD YN6M
MVDW IJHN\ LNIM L]NNI\NVD GK FJN\K +NNMUKR8WKROD/)NNXGVHNHOVMN9K
XNHGGLZN=LIMNVWXNL]/UNRU6NMGM /UM LM GNN=I8RU IGN WN[N$ EO
MJVJ6DIWOV;\NVF\E8RNMHVD94VIOI\9KGNV LIMNVWXNHVDL]WNIUNVDW6OV@JN)NK@SKUN@R8
L]/UTUIGNWNXNJ6$LIMNVWXNGNV +NN\ZU)NN&\ZFT\U)NNFDQM2RJNMN5HGYN6M
IHI\XYHVIMGK0N\MGV GT\WKE= 4 WXOD>N L]FDNX YXTODNNX GV I\ GNV
ϱϰ

NNIH\GMUVJTIRI+N8XYNP9LT9^NV NVDYN6M +NKUMJKR8WKRNVDGVI\LN=,UYNLZIU=PL\&N
I¤NG\NLNVD GV YDU[=U NX GVDIQ]U IGN JNV$
WN[N$ R8WKRNVD GV L]+NNRKL]FDNXU)NNR8WKRNVD `NMN
(NNXR R8WKROD"NN=L]FDNX¿S0&<Z 4O\GNV ^NIUGNV GHGMXV GV I\@GVDQ]K
OK¾HNXR R8WKROD"NN=GNL]FDNXYIXRN= OMGNMYINOZSXN`NMNYXTOZSK/YN6MYXTOZSK//
L OV R8WKR L]FDNX GN +NN[ J6 WNV MN7 GV+NN[//HVDIRIXIQ=9R8L
NTYNVDOVI+N8XIGOK
OMGNMNVDGNQNI5RJ6$HD N\GVDQ]KL]NNVIWU R8L
NTGNVIGOK^NV GVI\VOKYRIN@WNV
/GKHNVD )NNFN"NLIMNVWXNLK9K@R8WKR IRIXIQ=9GKWN@GVI\LMV
NNXGMXVRN\N
LN=RMNNVD GN GKGCU IRGNO YNE= 0K 0&<Z L
NT RIH=X "NNVINU GM OGUK J6 U)NN VOV
O@JN)NKLIMNVWXNLKE=YNIQHVDHTQaQNVDGV R8WKR GNV YXTOZSK s R8WKR ODM^NN
L]+NNRKL]FDNXGVI\MN7NVDGNVGVDQ]KOJNUN YINIXH@GKNNMNHVD
NNIH\JTYN
L]QNXGMUNJ6$HD N\HNXRR8WKROD"NN=GV HNXNWN[N$WD[\KOTYMGNVRIH=DX"NNVINUGMXV
HTQaQV GN IXMNGMN GMXV GV I\ IRI+N8X GVI\P5UMN>ND0MN7OMGNMFDQMNVDGNVRIH=X
/9VGJNV<0O=YN6MHT>R8WKRRN0=XNVDGVON)N "NNVINUGMXVGVI\IJHNS\L]QV
NOMGNMYN6M
OH OHLMLMNH
N=+NKGMUNJ6$ XK\[NYN6MWD[\KOTYMGNVRIH=X"NNVINUGMXV
(NXR R8WKROD"NN=GVODQ+N=HVDIOUDFM@ GVI\IFJNMOMGNMGVL]/UNRNVDLMUQXTONM
GVQN6MNXWNMKLMNH
NK=L GV¤HHVD@HD N\XV HD N\`NMNIRSNMIGN[NJ6$
HNXR R8WKR OD"NN= GV L]FDNX GV I\ IFJNMMN7HVD RIH=XGV LHVD XK\[NYN6M
L]N)NIHGUNRN\VGNM=RNENVDGVFNMVHVDMN7NVDGNV WD[\KOTYM@P5UMN>ND0MN7HVDRIH=XGVLHVD
IQXNDGWZX@GNVQZOMNLMNH
NK=L WNMK WD[\KOTYMU)NNIJHNS\L]QV
NHVDRIH=XGVL
IGN$Y+NNMNVDVYN6MMN9KLNGNV=DGKOKHNYNVD HVDMV
NOHGNGVFDQMNVDGNV"NNVINUGMUVJTMNWL
OVFNJMHNXR R8WKRGNL]FDNXGMXVGK GNV ¤H
N IQXNDG GV GN YN
YNR
GUNGNV NXHVD M>NUV JT@HD N\XV Y YN6M IQXNDG GV GN YN
HNXR R8WKROD"NN=ODFDNKHTQaQNVDRN\VIGOK YU)NNIQXNDGHNS=@GVGNYN
+NK^NV GNV
NNIH\GMUVJTEOL]NVWXN)N=MN7NVD YGVUJUYINOZISUIGN[NJ6$
GNVIXINNDL]QNXGMXN
NTGMIQNJ6$S JN)NKLIMNVWXN
0&<ZOKGVI\LC)NGNVWXNLMIRSNMIGN
WNUNJ6YN6MHNXQD0NVDGVYXTONM@PL\&NUNGV GGV8Q]L]NNVIWU/GKHGV,NHVD+NNMUOMGNM
YNNNMLMIXINNDWNMKGKWNUKJ6D$ `NMN JN)NK LIMNVWXN LKE= GK pNTYNU RoN=
HVDIX(XI\I>NUPQaQVqNVDOVGK[E=)NK
L]IULZMG RXKGMN IXIN L]FDNX U)NN NVWXN
L]NINGMNOKHLKIXINNVD GV GVDQ]K y JNI)NNVD@PXGVLN=RNONVDU)NN[I\NMNVDGKM^NN
"N9GGVYNKX@HD N\XVRXNVDGV+NKUMSNMN GMXN
U)NNW\ODONNXNVDGNVODRIN=UGMXVGVI\RN= y HNXR,NqNTOD"NoN=GVHTQaQVGNOHNNNX
OVGGN=¤H
NTIGNUNIGRXNVDGV y LN\UZJNI)NNVDGNG<NN
ϱϱ
GK[E=HJ5RLZN=LJ\VD HVDYN6MEOGVYNOLNOL
NTYNVDGNVGCINHD N\GK
HYNE=GVE=/)N\NVDNJN)NKIMWRNVXNH
N L
NTFKHNGVYNKX\ND$
ISMND[IMLTRDIQIJD[L9GE=JN)NKIMWR=@YOH@ H YNE= GV E= JNI)NNVD GK YR6N J5N GN
LZRK=0NVO=JN)NKIMWR=@LI
SHFD[N\@I0NVH\K IX[MNXKGVYNKX+NNMU`NMNYNE=ZOKXGNV
JN)NKIMWR=@YNNS\L]QV
N@[NMNVIJ<O@JN)NK IMLNVI9=D[@RN=HVDFDQIGWNXVGVFNQYF
IMWR=@HV"NN\@HZM+NDWJN)NKIMWR=@YNVI0
NN@ I4M
NTGMQK[E=J6$
H6OZMJN)NKIMWR=@GXN=9GU)NNXK\I[MKJN)NK FN"NLIMNVWXN#MN9KFN"NODM^NN
IMWR=@UIH\XN0THVDJNI)NNVDGKHC5TGVYNDG0V L]NINGMN¿X9KOK¾
GNV@RN=HVDFDQGMXVGVFNQLTX
NTIGN
[NJ6$RN=YN6MRN=GVI\YNDG0V GV8Q]KL]NVIWU/GKHAAFN"NLIMNVWXN YL]6\@
GNVJHNMVIQXNDGGVE= HV\GVUJU HVD pNT GK [E= )NK IWOGN PQaQVq
YNE=ZOKXGNVL]/UTUGMIQN[NJ6$ AAR6.NIXG@ YNI)N=G@ ON68Q= ODFDNK@ OND/GCIUG
YN6M LIMI/)NIUGK HZ<NVD GV I\ FN"NNVD GK
YI>N\+NNMUKIOD¤NVXNE70JN)NK[NXN@ 2RJN=OD>NFXNM>NXNOTIXIqSUGMXNU)NN
GKL]I¤NYNMD+NJNV[E=J6$EOL]I¤NHVD@SNM \NV[NVDGV\N+N@IqN^NNYN6MHXNVMDWXGVI\MNo9K
^NV KGN=
NN\NYNNVIWUGK[E=J6D IRMNOUGVLHVDWKRR6.NIXGHJ5RGV^NV NVDGNV
GLZRNV=5UM^NV GVI\IQXNDGGNV JHVqNNGVI\FXNM>NXN )NN$
[TRNJN9KHVD@ y O+NK FN"N IMWR=@ MN9K FN"N ODM^NN
>N LZRK= ^NV GV I\ IQXNDG GNV L]NINGMNX9KOKYN6MMN9KOZSXN
+NTRXV
RMHVD@ GVDQ] X YNE= OK `NMN ODT'U L OV
[QI^NNK^NV GV I\IQXNDGGNV IRGIOULNV9=\LMIR5UKRN= GV
FD[\NVMHVDU)NN I\ L]SN\XNVD JVUT YLXK RNIN=G NVWXN
"NLZRNV=5UM^NV NVDGVI\IQXNDGGNV YN:X\NEXQNI>N\GMVD[V$
QVJMNQZXHVD$ y FN"NIMWR=GKOTM^NNWNDSGMXVGVI\U6NM
0LZRN=V5UM^NV GVI\QZOMK^NV KGN=
NN\N IG[4]VHRG=GNIRINHN8GMNHL]QV
N
IQXNDGGNV[TRNJN9KHVDYNNVIWU YN6MYNVI0
NNHVD¤H
NGN8JNYN6MOUGNVION
GKWNXKJ6$ FN"NIMWR=HVDIGN[N$
SLZRNV=5UM^NV NVDGVI\QZOMK^NV KGN=
NN\N y ODM^NNYN
R/UFN"NHNXGOK9KOGNV
IQXNDGGNV+NTRXV
RMHVDYNNVIWU P5UMN>ND0GVL]NQVI
NGHD0\NVDHVDO4\UNLZR=G
GKWNXKJ6$ GNN=I8RUIGN[NIWOGV\6DO0N:XHD0\
GNV O4\UNLZR=G LDWKGCU IGN [N U)NN
J\`NXKRDMNHX[MHD0\NVDGVI\L]I¤N
O+NKHT>R8WKRRN0=XNVDGNVIXQV
NIQNJ6IG
S\MJKJ6$
RVR8WKRNVDGKFQ\VGK+NNRXNOVGKWNXVRN\K
J5NGNVGHGMXVGVI\OTMI^NU^NV NVDU)NNRXNVD y FN"N IMWR= Y)NN=U HV\"NN9@ L\NHZ@
ϱϲ
XN[NWT=XON[M@-KOV\H@Y8XNH\NE=@L8XN@ y O(HV\X GN OHNLX O+NK QV
NNVD `NMN FN"N
QT NRN@ LNGK@ FND Q KLT M @ RNI<HGK RD ODM^NN GV FNMV HVD XE= IQ<\K ODG<L GNV
IOIHI\LN\GNYNI)N=GHZ<NDGX
NTIGN YD[KGNMGMXVGVY\NRN@FN"NODM^NNGVI\
[N J6@ IWOHVD HZ<NDGX L]I¤N GV I\
NL)N\VXVGVON)NJTYN$
HNXQD0NVD GNV YDIUHLQVXV GV I\L]ONM y YOHHVD YNVMD[FN"NIMWR= YN6MYNNS\
GN=
NN\NYNNVIWUGK[E=$ L]QV
NHVVD GNH\ND[FN"NIMWR=GNVQV
NGVRVD
y IR
NVNFN"NOTM^NNF\GVGN=IXLNQXGK RDRVDFN"NIMWR=GVLHVDYINOZISUIGN
WNDSX9KOK`NMNGK[E=$ IWOOV L]NVWV'9 9NE[M GN GRMVW QV
N GV
y FN"NO4NIMNVDGVFNMVHVDIQ
NNIXQV=
NNVDVGNVWNMK ^NV 4\GNL]IU
NUJNV[N$
IGN[NU)NNEOVL]NINGMN`NMNO+NKFN"N y FN"NODM^NNHVDHJ5RLZN=WNXGNIMNVDGNVON!N
MVDWRN\VMN7NVDGNVLIMSNI\UIGN[N$ GMXVGVY\NRN@OKHNLMOJNV[GNVOTQC
y FN"NODM^NNGVI\E= F0=L]N6_NVI[GKFN"N GMXVGVI\XVLN\@+NZ9NX@FND;\NQV
NRDO
GKOTM^NNGV I\IX[MNXKU)NNHNXK9IMD[ GV ON)N¤H
NIQXNDG HNS=@
9Z\GVLHVDHNXRMIJURNRKRNJXNVDGN 4MRMK@ WXRMK@
IRGNOYN6MGKGMNU)NN/9N4GN^NHUN YN6MIOUDFM@GVI`L^NKF6%GVDYNNVIWU
IXHN=N XNHGX9KOK0&<Z0&<ZYNE= GK[ED=$
LIMNVWXNGV LIML]V^HVD M^NNHD N\@[CJ y YXTODNNXGNVFNRNQVXVGVY\NRN@FN"NNVDGV
HD N\YN6MXN[MIRHNXXHJNIXQV
NN\OV G6HMN96L4NV9NV[]N4GVMN9KIMLNVIW9MKGV
YXNLI5UL]N,UGK[E=U)NNP'ULIMNVWXN HNH OV YI>N\ +NNMUK FN"N YXTHNX GV

NK"N]L]NMD+NJNV[K$
QN6MNXOCIWUYNDG0VGNL]FDNXGMXVGVI\
y OKHNON!NGMXV RN\V FN"NIMWR= HVD YDUM +NNMUKR8WKROD/)NNX@QVJMNQZXHVDX9K
MN7OH8RJVUTHNXGL]SN\XL]I¤N@X OKGV+NN[GVLHVD 9NE[MO6\ /)NNILU
9KOK`NMNWNMKGK[E=$ IGN[N$
y FN"N ODM^NN GV FNMV HVD UCUK I
NN HD K WKRW8UTG<NN
/UMK O(HV\X YL]6\@ GNV
IR.NX+NRX@XE= IQ<\KHVD YNNVIWUIGN +NNMUKWKRW8UTG<NNFNV0=¿0&<ZFK
[NIWOGNPQa"NN9X+NNMUGVL]NNXHD K@-K YNE=¾ ONHN8 WKRW8UT G<NN HVD IXWK
XMV8Q] HNVQK `NMN IGN [N$ ON)N JK WNXRMNVD@IRqNVoNGMLN\UZWNXRMNVDU)NNFNDNGM
L]NNXHD KXV FN"NMVDWRN\V QV
NNVD Y)NN=U M>NV WNXV RN\V WD[\K WNXRMNVD GN +NNMUK
FND;\NQV
N@ +NZ9NX@ SKX@ G(FNVI0N@ +NNMU@ WKRW8UTG<NNFNV0=0&<ZRKYNE=SV8XE=@
ED0NVXVI
NN@ \NYNV LK 0K YNM@ H\VI
NN@ UIH\XN0TGVHNHOVG<NNGMXNpNNIH\J6$
(NDHNM@XVLN\@O@)NNE=\6D0YN6MIRUXNH 0&<ZFKYNE=@L
NTYNVDGVL]IU¤ZMUNIXRNMN
GV L]IUIXINHD0\OQ/NVD GNV ODFNVINUGMUV YINIXH@GKNNMNGVYNKX/)NNILUG
JTEOFNULMWNVMIQNIGODM^NNIRG<L ONDIRINGIXGNJ6IWOGNHT>N\SV8XE=HVD
XJKDFI<GYNR
GJ6$ J6$ EOGN HZ\ YINQV
N OMGNM GNV WKRW8UT
ϱϳ
G<NNODFDNKHTQaQNVDGVFNMVHVDO\NJQVXNU)NN WKRW8UT G<NN OD/)NNX GV OJNV[ OV
WKRW8UTG<NNHVDWN[GUNL6QNGMXNYN6M IX(XI\I>NU HNXR I
N^NN L]I
N^NN GN=¤H
0&<ZFKYNE=GKIXIHU/GKHNVD5N)NNWKRW8UT YNNVIWUIGN
GVG<NNGVI\GVDQ]KOV'9MGK/GKHNVDGNV HNXRI
N^NNFNV0= GNGL]HT>NGN= HNXR
GNN=I8RUGMXNJ6$ I
N^NN GN L]ONM J6$ O+NK WKRW8UT G<NN
MN9KWKRW8UTG<NNOD/)NNX¿XYNE= OD[%XNVD@OLKOKL
NT G<NNL]I
N^NGNVD@
0&<Z¾ MNo9K WKRW8UT G<NN OD/)NNX WKRW8UT G<NN YINGNIMNVD@ OMGNM GV
XYNE=0&<ZGK/)NNLXNLN=RMNYN6MRX WKRW8UT ISIG5ONIR+NN[NVD@L]NNKIR.NXLNGNV=D
HD N\GVGYNKX/)NGNN=\GVLHVDGK U)NN/R6I31GOD[%XNVD`NMNLZMVQV
NHVDY5ING
[E=J6$XYNE=0&<ZGNPQaQVqIRIRNYNNNMNVD@ IS@P5ONJRDPHD[GVON)NWKRW8UTG<NN
IWXHVDY8FNUNVDGVON)N ON)N@WKRW8UTL]FDNX@ L>NRN0N OV WXRMK UG U)NN IR
R
PXGN 2RJNM YN6M X6IUGUN pNNIH\ J6D@ LM WKRW8UTIQROY'9ZFMGNVHXNNWNUNJ6$
WKRW8UTG<NNHVDL]IqN^NNYN6MIqN^NNQVXNJ6$ IR
R WKRW8UT IQRO O,UNJ GV QN6MNX
EOGN PQaQVq WKRW8UTYNVD GV L]IU G]ZMUN YNNVIWU WN[GUN M6I\ND +NNMU GV
IXRNMNYINIXIH@HVDIXNN=IMUONDIRING WKRW8UTG<NNFNV0=XVRN= HVDIR
R
YNRqGUNYNVDGNVLZMNGMXVGVI\OH)N=GNMK WKRW8UTIQROGVQN6MNX Y'9ZFM@
HNJN6\GNOCWXGMXVGNJ6$XYNE=0&<ZGV UGHNXRI
N^NNGN=¤HGVYDU[=USV8XE=RD
YINQVqNHVDIqN^NN@YXTODNNXYN6MWXUNUGLJTDS FD[\NVMGV IR_N\NVD U)NNGNNED9MXV
NX\@
GV HNHOV WNXRMNVD GV G<NNHVD OTNNMGK SV8XE=GVOH8ROVQNRDGNNOCIWUGMXV
YNRqGUN GNV pNNIH\ GMXN J6$ OD/)NNX GV I\M6I\ND YNNVIWUGKJ6D$EOM6\KGN
WXRMK@OVGNN=5HGJNV[NJ6$ L]NVWX@
NNDIU@GNN@YIJDON@O+NKL]GNMGV
IX
NT<G OS\ L
NT YN6NNN\ J FNV0=@ WKRNVDGVI\IJDONMNVGXVGVFNMVHVDWN[GUN
SV8XE=I/)NUHT>N\OVS\NVWNMJVOS\LqNT L6QN GMXN U)NN /R31 +NNMU GV FNMV HVD
YN6oNNN\HOKGVHNHOV[MKFNVDGVFKHNM WN[GUNL6QNGMXN+NKJ6UNIGH31MNVD`NMN
YN6M"NN\WNXRMNVDGNVHN6GVLMWNGMIXqNT<G 46\NWNXVRN\VMN[ V NDV)NN@ISGX[ITXN@0[
DV ZYNM6
L
NT ISIG5ON PL\&N GMRN MJN J6$ FNV0= GV H\IVMNGNP8H\ Z XIGNWNOG$VGNNGK
L
NT OW=XpNJMGVPXLZR=IXNN=IMUFI/UNVDHVD +NNRXNLQ6NGMXVGVI\X5C@XN9G@+NNNNWO 6 V
L
NTYNVD GKIXqNT<GISIG5ONGV I\IXNN=IMU IRI+N8XON/DGICUGGN¤ = HYNNIVWUIG[$
GN=¤HGVYXTONMQNVLJMHVDQN6MVGMUVJ6DWJND GFNV0= QV
N+NMHVD GNNED9MXV
NX\@SV8XE=
LqNTYNVD GKOD>NYINGJNV$RoN= GV U)NNOKLKYNMLN=RMNKI
N^NNGVDQ]GV
QN6MNXIQODFM@UGSV8XE=HVD0&<ZFKYNE= HNHOVHNXRI
N^NNGN=¤HGNN=I8RUGM
OS\YN6oNNN\`NMNLqNTYNVDGNE\NW MJNJ6$
IGN[N#FSNRIGN[N$
>NFNV0=RN= HVDMN7NVD#OD"NMN7^NV NVD
FNV0= XV IX(XI\I>NU &NVMV GV YXTONM MN9K GV8NIGYGNQIHNVDHVDWKRW8UTG<NN
ϱϴ
IRINOT[]NJKGMNL]I
N^NNGN=¤HYNNVIWU pNZ9YXTHIUL]QNXGK[E=J6$
GMV[N$ UQXTONM@ L
NT OTM^NN IRINNVD YN6M S0&<ZYNVLJSNXL WNMKGMXNL
NT
WKRW8UT G<NN IRINNVD GV FNMV HVD G<NNI¤NG\NLNVDU)NNL
NTG<NNGVFNMVHVD
8NNIN
NNVD U)NN YI+NNVWX YINGNIMNVD GV WN[GUNGNV OCIWUGMXV GV I\GT\
OT[]NJKGMNGVI\QVJMNQZX@P5UMN>ND0HVD YR6UIXGL
NTG<NNYINGNIMNVDS0&<Z
RDIQODFM@GNVGN=
NN\NYNNVIWU YNVGNVXNIHUIGN[N$
GK[E=$ 0&<ZFKYNE=GNL]GN
NXFNV0=IXH\
GMUFIQ>NXVRN\VWNXRMNVDGNLDWKGMN IO9KWXYD[]VWK@WKRXONM)NKIJDQKU)NN
GMUFIQ>NNXV RN\V WNXRMLDWKGMNIXH@ 0&<ZFKYNE=HNIOG8ZW\V9MYD[]VWK#IJ8QK
GVIXHGVYDU[=U@LMFNV0=LDWKGMN U)NN L
NT G<NN OV OD F D I NU Y8
L]HNN L WNMKGMXVGVI\IXNN=IMUL]NINGMN FTG\V9aO#IXHW6OV L]GN
NXL]GNI
NUGMUN
J6$RoN=GVQN6MNXY)NN=U UG J6$ RN= GV QN6MNX FNV0= XV IXH\
I4<HNVD#IR.NLX I4<HNVD GNV LDWKGMN IO9KWX GN G ODT'U YDG YD[]VWK#IJDQK
L]HNN L L]QNXIG[YN6MGNV YLXK U)NNFK0&<ZYNE=HNIOG8ZW\V9MGVYDG
I4<HNVDHVDWNXRMNVDGNE/UVHN\GMXVGVI\LZR= L]GNI
NUIGJ6D$
IS L^NK
ϱϵ
GFNV0=XVFKOKHN:0aZ\L]GNI
NUIGNJ6YN6M ^NV NVDGNV+NKLIMSNI\UIGN[N$
EOV YNRNMN GT5UNVD GV HNH\V HVD +NNMU GV >NFNV0=XV QYN9=D0L]6I'9
NYN:4JaZHX0N:[
HNXXKP3SUH8NN\GV OH^NL]/UTU J6D0I\D[ GVFNMVHVD+NKGLT/UGL]GNI
NU
IGN[NU)NNEOVO+NKMN7NVD#OD"NMN7 GKJ6$
IS ͗JN)NK
ϲϬ

'r+"+
+"!."0$A""0L+"0
LN=RMNL]+NNRHZ<NDGX GNN=8RXGVI\YNR
G
NUV=D\[NE=WNUKJ6D
E= YNE= @NVWXNFXNXV GV YNMDI+NGSMNOV YN6MLN=RMNKOTM^NNPLNIGWNUVJ6D$OTM^NN
LN=RMNKOH/NYNVDGNVIRGNOODFDNKL]I¤NHVD PLNNVDGNYI+NL]N@Y8FNUNVDGVON)N ON)N;ŝͿ
WNV0XVGVI\GNVWXNODFDNK9Z\J6$EOGN RNTGK[TNR5UN;ŝŝͿW\GK[TNR5UN;ŝŝŝͿ+NZIHGV
LJ\KFNML]NV[XQK"NN9KLIMNVWXNYNVDGVON)N YRG]HN;ŝǀͿW6RIRIRNUN@U)NN;ǀͿR8L]NINNVD
RN=HVDIGN[N)NNYN6MFNQHVD\NVGIXRV
N GVL]NGCIUGRNOLML0XVRN\VL]IUGZ\L]+NNRNVD
FNV0=LKYNE=FK/RKGCIUGKYLV^NNRN\K2NLG GNV8ZXUHGMXNJ6$EOGVYIUIM'U@RNN=W\
ONR=WIXG^NV LIMNVWXNYNVDHVDVEOGVL]NV[GNV GV ODSX@ W\ ODM^NN@ JIMU L9a9K U)NN
NTIGN[N$EXLIUNVDGNVLJ\KFNME= LN6NNMNVLNR8L]NNKODM^NNNVWXNE5NIQW6OV

YNE=YINOZSXN@WNVIQXNDGWXRMK@ PLN+NKLIMNVWXNHVDGNN=I8RUGMXVYLVI^NU
OV L]+NNRK JTE=@ HVD YN6LSNIMG L OV JNVUVJ6D$
ODIJUNF IGN [N$ PLT='U YINOZSXN HVD IRGNO
NK\ LIMNVWXNYNVD GK LN=RMNK
PXHVD OZSKFLIMNVWXNYNVD#LI¤NYNVD GK HDWZMKE=YNE=YINOZSXNGVL]NRNNXNVDGV
-VINNVDGVI\LN=RMNKHDWZMKGKYLV^NNGNV YXTONM@P_NV[@XIXHN=NRDYN6_NVI[GODLQN@
YIXRN=FXNN[N$IRI+N8X^NV NVDHVDLN=RMNK YRODMSXN $$IRINGLIMNVWXNDRDOKYNM
HDWZMKGKYLV^NNRN\KLIMNVWXNYNVDGVI\IXRV
N WV0 UNL@ XQK "NN9K U)NN W\ IR_TU
GN HNXQD0 YNNNM )NN$ HD N\ XV H1TYNMN LIMNVWXNYNVD@GNV\N>NXX@[6M GNV\N>NXX
OHTQNNVDOIJUIRI+N8XIJUNNMGNVDGVON)NGE= LIMNVWXNYNVD@ UNL IR_TU LIMNVWXNYNVD YN6M
LMNH
N= GMXV GV FNQOKYNMWV0YINOZSXN@ YNIRGLIMNVWXNYNVD@LMHNNT GV ^NV NVD OV -VNK
GVYIN¤HNHVDU9KIRIXHXWNVXOK AGAGKLIMNVWXNYNVDGVHZ<NDGXGVI\RN=GV
YNMWV0YINOZSXN@WNMKIGNJ6$RN= QN6MNXIRI+N8X^NV IRoNVN.HZ<NDGXOIHIUNVDGK
GKYINOZSXNGNPQaQV
U9K^NV NVDHVDMJ YXVGF6%GVDFT\NE=[E=D)NKD$HZ<NDGXL]I¤NGV
MJV H1TYNMNVD YN6M Y8 /)NNXK OHTQNNVD GNV +NN[GV LHVD@WJND WMUJNVUKJ6@IR
NVN.
WKIRGN ODFDNK OTM^NN OTIXI
SU GMXN@ U9K HZ<NDGXOIHIUNVDXVWHKXK/UMGKO3SNENVD
^NV NVDGNVODMI^NU#OTM^NNL]QNXGMXNU)NN/)NNK GV FNMV HVD L]N)NIHG OZSXN L]N,U GMXV U)NN
R6.NIXGIONDUNVDGVYNNNMLMIRGNOGNVFNRN YNOLNOMJXVRN\V\NV[NVDGKL]IUI¤NWNXXVGV
QVXNJ6$ I\ LIMNVWXN /)N\NVD GN +NK QN6MN IGN$
HDWZMKL]IG]NGNVYN6MOM\FXNXVGVI\E=YNE= YL]6\ OV IQO(FM@ GV FKS
YINOZSXN@U)NNOKYNMWV0YINOZSXN@ LIMNVWXNYNVDGNVLN=RMNKHDWZMKEOKL]QNX
HVD OH OHLMOD
NNVNXIG[J6D$ GK[E=$
/)NNKIRGNOGV\^GKL]NI,UJVUTLN=RMNK MN7LN=RMNKL]+NNRHZ<NDGXL]NINGMNNVD
OMNVGNMNVDGNVIRGNON5HGL]IG]NHVDOD"NI9UGMXV ¿OE=YNE=¾GN[%X
GKYNR
GUNOVP5L8XISDUNYNVDGNVQZMGMXVGV HD N\XVYFUG-VNK >NGKPXLIMNVWXNYNVD
I\+NKOD
NNVNXIG[J6D$IRGNOLIMNVWXN RD [IUIRINNVD GKE= OKGV YXTHNVQXGV I\
YNVDJVUTLN=RMNKHDWZMKQVUVOHLIMNVWXN ,NN=RMNODM^NNYINIXH@GKNNMNGK
GV IXHN=NRD L]SN\XGV QN6MNXPXGV L]+NNRK PLNNMNGVYDU[=UMN7#OD"NMN7^NV
ϲϮ
/UMKLN=RMNKL]+NNRHZ<NDGXL]NINGMNNVDGN LN=RMNKYXTHNVQXHVDIXNN=IMU
NUNV=DGVODFDNHVD
[%XIGN[NJ6$IWXGNHZ<NDGXOE=OK LIMNVWXNYNVDGKIX[MNXK^NV KGNN=\NVDGV
`NMN IGN [N J6$ RN= HV D HNHOVGKWNUKJ6$
OE=YNE=#OE=OK GNV SD0K[ HVD IQXNDG IX[MNXKIMLNV9=GKHNXK9MKHD N\HVDGKWNUK
GNVRD!NM>ND0HVDIQXNDG J6YN6MEOYNNNNMLMLN=RMNYXTHNVQX
NUNV=DGN
GNVLTX[=I%UIGN[NJ6$HINLTMHVDOE=YNE= P<\D"NX GMXV GV I\ LN=RMN ODM^NN
GN[%XGMXVGKL]I¤NS\MJKJ6$ YINIXH@GV YDU[=UPISUGNM=RNE= GK
LN=RMNKYXTHNVQXGK
NUNV=DGKLIMNVWXN WNUKJ6$
L
SNUIX[MNXKE=YNE=YINOZSXN@GV ^NV KQN6MNVDGVQN6MNXGK[E=IO4NIM
NNNVDGVYNNNM
YDU[=U -VNK AGA GK LIMNVWXNYNVD GV I\ LM,NN=RMNYXTHNVQX
NUNV= GNL]+NNRKD[OV
HDWZIMND LN=RMN@ RX RD W\RNT LIMRU=X YXTLN\XOTIX
ISUGMXVGVI\IX[MNXKGK
HD N\`NMNU)NN-VNKA>NAGKLIMNVWXNYNVDGV [E= LIMNVWXNYNVD GV ODFDN HVD LIMNVWXNYNVD
I\MN7/UMGV L]+NNRHZ<NDGXL]NINGMNNVD L]/UNRGNVDLMYNR
GYXTRUK=GNM=RNE=GKWNUK
OE=YNE=#OD"NMN7^NV GVYNE=`NMN J6$ HD N\ GN IX[MNXK L]GNV% EX ^NV K
L]FDNXL]NINGMN`NMNLIMNVWXNGNVOD/UTUIG GNN=\GNVXKIU[UIQ
NNIXQV=
NL]QNXGMXVGV
WNXVGVFNQOKYNMWV0YINOZSXN@GV Y\NRN@ ^NV K GNN=\ `NMN L]/UTU IX[MNXK
YDU[=U+NKHDWZIMND LN=RMN@RXRD W\RNT IMLNV9NV=D GK WNDS +NK GMUN J6$ YING [6M
LIMRU=XHD N\Y)NRNODFDINUOE=YNE= YXTLN\XGVHNH\VHVDL]+NNRKYXTLN\XJVUTYN6M
`NMN@W6ON+NKHNH\NJNV@L]QNXGKWNUKJ6D$EX YXT R UK= GNM= R NE= GK WNUK J6 IWOHV D
QNVXNVDYINOZSXNYNVDGVYDU[=ULN=RMNKHDWZIMND HNH\N QM HNH\N YNNNM LM GNMN FUNYNV@
L]QNXGMUVOHIRI+N8X
NUNV=DYN6MLN=RMNK XNVI9O WNMK GMXN U)NN ,NN=RMN ODM^NN
OTM^NN GNV YXTFDINU IGN WNUN J6 IW8JVD YINIXH@GV YDU[=UIXQV
NWNMKGMXN
LIMNVWXN SG] GV IRI+N8X /UMNVD GV QN6MNX
NNIH\JNVUNJ6$
LIMNVWXN L]/UNRG `NMN GNN=I8RU GMXN
+NNMUK[TNR5UNLIMNQ¿'ZOKYNE=¾#
YLVI^NUJNVUNJ6$
MN9K IN^NN YN6M L]IN^NN L]5NX
PQaQV
FNV0= ¿XFKE=9K¾ GV ON)N E=YNE=
, JOTIXI
SUGMXNIGLN=RMNKHDWZMKGV LMNHN=QNUNYNVDGNL]5NX
L HVDIXNN=IMU
NUNV=DGVYXTOMNHVDLIMNVWXN
SG] GV QN6MNX LN=RMNK OTM^NNVLNNVD GNV IRGNO OV WT0K LIMNVWXNYNVD GN ,NN=RMN

NNIH\GMXVGVI\GQHP%N[J6DYN6M HZ<NDGXLIMNVWXNL]/UNRGNVD`NMNU6NMGK[E=
E=YNE=#E=HLKIMLNV9NV=DGVYNNNMLMLN=RMNK
,, ODFDINULIMNVWXNYNVD GV L]SN\XGV QN6MNX
L]+NNRHZ<NDGXYINOZSXNGV PLFDNNVD GV
LN=RMNLML]IUGZ\L]+NNRGNVIXDI UGMXV YXTONMIGNWNUNJ6$PLT'UIXN=\VXVGV
GVI\PLT'UOTNNMN5HGGQHP%NXN$ I\ Y31K [TNR5UN GK E=YNE= IMLNV9V=D G
E=YNE=YINOZSXN@YN6MU9KIRIXH^NV LZRN=LV^NNJ6DYFUG@'ZOKYNE=#XFKE=9K`NMN
YINOZSXNOKYNMWV0@GV YDU[=UWNMK HN8UN L] N ,U LMNH
N= Q NUNYNV D GNV JK
ϲϯ
E=YNE=#E=HLK IMLNV9V=D U6NM YN6M YINOZSXN@GNYNODYGVUJUE=
E=OK#OE=OK GV OH^NN HNH\NVD GNV L]/UTU YNE=YINOZSXNHVDGOD
NNVNXWNMK
GMXV GK YXTHIU J6$ IQXNDG GK IGN[N$
I/)NIU GV YXTONM HN8UN L]N,U E=YNE= HT(FE=HVDEDQTIH<OGK+NZIHLM+NNMUM5X
LMNH
N=QNUNOD;%XJ6D$ 0NFNFNONJFY(FV0GMGVO(HNXHVD/HNMG
PL\I&NND GVIXHN=NGVFNMVHVDIQXNDGGK
YINOZSXNGNYNODYGVUJUE=
>NXXL9a9N^NV GV'\/9MGVHNH\VHVD-VNK
YNE=YINOZSXNHVDGOD
NNVNXWNMK
FK GV1NV9V HNV9V>NIXWNVDGV>NXXGVI\
IGN[N$
IQXNDGGKYINOZSXN@GNYN
ODYGVUJUE=YNE=YINOZSXN P5UMQNI5RNVD GV &N6MV OIJU GNN=8RX
HVDGOD
NNVNXWNMKIGN[N$ OD[%XPXLIMNNVWXNYNVD#GN=G\NLNVD@IW8JVD
E=YNE=YINOZSXN@GVYDU[=UYXTOZSKHVD
HN6WZQN LIMNVWXNYNVD GV IHI-U P5LNQ HVD -VNKA>NAGKLIMNVWXNYNVD GV ,NHVD -VNKF
LIMRU=XGV FNMV HVD IQXNDGGK IGN[NJ6YN6MIW8JVDLZR=LN=RMNHDWZMKGK
YINOZSXN@GNYNODYGVUJUE= YNR
GUNJNV@GVHZ<NDGXRDLN=RMNHDWZMK
YNE=YINOZSXN@HVDGOD
NNVNXWNMK YXTHNVIQUGMXVJVUTLN=RMNODM^NNYINIXH@
IGN[N$ GV YDU[=U MN7 /UMK LN=RMN L]+NNR
+NRXYN6MIXHN=N^NV HVDLN=RMNK
NUNV=DGV HZ\NDGXL]NINGMNNVD OE= YNE= OGN
GKGMNGVFNMVHVDIQXNDGGK [%XIGN[NJ6$
SN\ZRN=YN6MIR[URN=GVQN6MNXIRI+N8X
OV'9MNVDHVDL]QNXGK[E=LN=RMNK/RKGCIU
IS SN\ZRoN=YN6M[URoNNV=DGVQN6MNXIRI+N8X^NV NVDHVDL]Q¥NLN=RMNKHDWZIMNy
ϲϰ

WL
J[OXLLGVBL
L]QZNNPL
NHXGVI\OJNUN OH)N= FXNXV JVUT OMGNM `NMN G GVDQ]K
L]QZNN PL
NHX GV I\ OJNUN /GKH GK L]NNVIWU/GKHOKOOpNTGK[E=J6$
ODG<LXN@ Y8 FNUNVD GV ON)N ON)N L]QZNN HD N\ XV RN= OV OK E= LK 9K GNV
PL
NHX GV I\ ONDIRING L]NRNNXNVD GNV \N[Z OD
NNVINUGMIQNJ6$
GMXVGVI\OKLKOKFKYN6MOLKOKFK#LK OD
NNVINUNVWXNGKHT>IR
NVNUNDIX(XNXTONM
OKOKGNVOTQCGMXVGVPQaQV
OVRKDLDSRNK= J6D
NVWXNGVQN6MNXGK[E=)NK$J/GKH L]QZNN GGV8Q]KYNI)N=GOJNUNGNV LIMNVWXNGK
PL
NHX GKGVDQ]L]NNVIWUY(F]V\N/GKHGNG \N[UGVL]IU
NUOVFNGML]IU
NU
+NN[J6$L]QZNNPL
NHXGVI\OJNUNODFDNK GMIQN[NJ6$
/GKHHVDLZRNV5UM^NV ONNNMNOJNUNYXTQNX >N
NNVNXGVO+NKUKXNVD/UM L]N)NIHG@IÙKG
YN6M LZDWK[U LIMODLI5UNVD GV OCWX GV I\ RD UCUKGOJNUNGV I\
NNIH\IG
LZRN=V5UM ^NV YXTQNXNVD OIJU ONNNMN OJNUN WND[V$YINGUHOKHNGV YNKXL][NHK
YXTQNXNVDLZDWK[ULIMODLI5UNVDGVOCWXGVI\ L]N6_NVI[IGNVDW6OVWKMNVI\I'R0I0/SNW=GNV
YXTQNXNVDLN=RMN/RN/)O6\E=SOKYN6M +NKOJNUNGVI\/RKGNMIGNWN[N$
2NLNMRDLN=RMNLK\GVPL"N9G
NNIH\ [OKOK9KLKL]FDNXGNVGOHTISUODIRINGV
J6D$ YDU[=U/RKGCUGIR
NVNL]NVWXONNXGNV
EO /GKH GV YDU[=U@ MN7 L]QZNN IXD N ON6DLNWN[N$
FNV0NV=D#OD"NMN7^NV L]QZNNIXD NOIHIUNVD@ "N LZN=I0WNEX+NNMLMIXLNQX[NMD9KYI[]H
MN7#OD"N MN7 ^NV NVD GV LN=RMN IR+NN[NVD@ LOVOTIXIqSUGKWN[K$
GVDQ]K#MN7 YXTODNNX OD/)NNXNVD U)NN Y8
OMGNMKWVDIONVD#OD[%XNVDGNVXKIU[UIRRMN
LN=RMN¿ODM^NN¾YINIXH@GV
GVPQaQV
GNVLZMNGMXVGVI\PXGKUGXKGK YDU[=ULN=RMNKL]NV[
NN\NYNVD GK
^NHUNYNVDGNVOTQCGMXVGVPQaQV
OVYXTQNX HN8UN
L]QNXIGWNUVJ6D$UGXKGK/9N4GVI\RVUX LN=RMNODM^NNYINIXH@GKNNMN
OJNUNGVLHVDLZRNV=5UML]QZNNIXD NFNV0NV=D GVL]NRNNXNVDGVYDU[=UGVDQ]KOMGNMLN=RMNK
RD L]QZNN IXD N OIHIUNVD GNV +NK OJNUN L]NV[
NN\NYNVDGNVON6DLV[GNNV=DGNVGNN=I8RU
L]QNX GK WNUK J6$ EOGV YIUIM'U@ L]QZNN GMXV GV I\ LN=RMNK L]NV[
NN\NYNVD GNV
PL
NHXGVI\LIMNVWXNDGNN=I8RUGMXVJVUT HN8UNL]QNXGMUKJ6 U)NNLN=RMNODM^NN
+NKOJNUNL]QNXGKWNUKJ6$ YINIXH@GKNNMNGVYDU[=U@GVDQ]K
ON!NFIJO]NR
NNVNXODD ¿OKE=9K OMGNMXHZXNVDGNIR
\VNNGMXVGVI\OMGNMK
LK¾/GKH IR
\VNGIXT'UGMUKJ6$HD N\LN=RMNK
XHZXNVDGVIR
\VNNGVI\OTIRNNYNVDGNVFNXVGV
y \"NT/UMKP_NV[NVDGNV@QV
NHVDO+NKMN7NVDGNV
PQaQV
OVLN=RMNODM^NNYINIXH@GV

NNIH\ GMXV GV I\ X ON!N FIJO]NR YDU[=U LN=RMNK L]NV[
NN\NYNVD RD OMGNMK

NNVNXODD /)NNILUGMXVYN6MHN6WZQNON!N IR
\VNGNVDGNVHN8UNL]QNXGMUNMJNJ6$
FIJO]NR
NNVNXODD NVDGNVP8XUGMXVGVI\
ϲϲ
RN=GVQN6MNXLN=RMNOTM^NNYINIXH@
NJMNVD#X[MNVDHVDL]SN\X/9V
NXNVDGV
GVYNKXHN8UNGVI\O5UNEOL]NERV9 ON)NXV9RG=GNIR/UNMIGN[N
L] NV [
NN\NYNV D YN6 M UKX OMGNMK y HNXQD0NVDGNYXTRK^NNIGN[NŝͿ^KϮ͕EKϮ͕
L]NV[
NN\NYNVDGKIO4NIM
NGK[E=J6$ WDϭϬO+NKYR/)NNXNVDLMŝŝͿK͕Kϯ͕WDϮ͘ϱ͕
LN=RMNK /RN/) HD N\ LN=RMNK E,ϯ͕Wď͕;ĂͿW͕ϲ,ϲ1J
NJMNVDHVD$
/RN/)GVFNMVHVDGN=¤HGNN=I8RUGMMJNJ6$ y MN7NVDHVD
NJMNVDGNV
NNIH\GMUVJT
LN=RMN/RN/)GVFNMVHVDLIMNVWXNL]/UNRNVDGK OUULIMRV
NKRNT[TNR5UNYXTRK^NN/9V
NXNVD
WNDS#HZ<NDGXGV I\G
NKN= OIHIUYN6M GN RNT [TNR5UN OZSGNDG L]IUIQX WNMK
L]QZNNGVL]+NNRGNYXGMXVGVI\UKX IGNWNUNJ6$
LIMNVWXNYNVDGNVIR5UKOJNUNL]QNXGK[E= y IHI\XOVYINGWXOD>NRN\V
NJMNVDYN6M
J6$ MN7GKMNWNNIXNVDGNV
NNIH\GMXVGVI\
MN9K LIMRV
NK RNT [TNR5UN YXTRK^NN OUULIMRV
NKRNT[TNR5UNYXTRK^NNXV9RG=
GN=H¿XHLK¾GVDQ]KL]QZNNIXD N GNIR/UNM
FNV0=OKLKOKFK@LIMRV
NKRNTGK[TNR5UNGK y OKLKOKFKYN6MMN7L]QZNNIXD NFNV0=
I/)NIU RD !NXNVD GNV YRNNIMU GMXV@ J OLKOKFKIHI\XOVYINGWXOD>N
YI+NIXI
SUGMXV IG'NIRIJULIMRV
NKRNT RN\V ISIJaXU
NJMNVD@ SMN $ HVD
[TNR5UN HNXGNVD GN P<\D"NX JTYN J6 XN:X ON!NYNNNMLMOUULIMRV
NKRNT[TNR5UN
9VXHVD9
NJMNVD GNV ISIJaXUGMXVIXRNMGRD YXTRK^NN /9V
NX OK 'Z H O
OTNNMN5HG PLNNVD GNV IRGIOU GMXV GV I\ /)NNILUGMXVGVI\OUULOVGN=GM
YNR
G.NXRDOH!L]N,UGMXVGVPQaQV
OV MJVJ6D$FNQHVD@/9V
NXNVDGNV/)NNILUGMXVGN
LIMRV
NKRNT[TNR5UNYXTRK^NNGNXHLK GN=MN7NVDGKMNWNNIXNVDYN6MOD"NMN7
XNHGGMN92NLKGN=¤HGNN=I8RUGMMJN ^NV NVDIQ<\KGVIORNHVD
NTIGNWN[N$
J6$ YINGUM YR/)NNXNVD LM HN6OH IR.NXK
MN9KRNT[TNR5UNOZSGNDG¿'ZYNE=¾ HNXQD0NVD GV YIUIM'U YXTRK^NN IG [
WXUNGNV
NJMNVDGKRNT[TNR5UNGVFNMVHVDOZISU HNXQD0J6D ^KϮ͕ EKϮ͕ E,ϯ͕ Kϯ͕ K͕FDVWKX
GMXNYN6MLIMRV
NKRNT[TNR5UNGNVFXNM>NXV WDϭϬ YN6M WDϮ͘ϱ$ EX O+NK /9V
NXNVD GV
GVI\WXOJ+NNI[UNGNVOT[HFXNXN$ LIMRV
NK[TNR5UNOZSGNDGGNYNG\XQ6IXG
MN9K LIMRV
NK RIX YXTRK^NN XV9RG= YNNNMLMIGNWNUNJ6YN6MWXONNNMNHVD
RIXGVODFDNHVDLIMRV
NKRNT[TNR5UNHNXGNVDGNV L]ONMRDWN[GUNGVI\OKLKOKFKGK
FXNM>NXVGVPQaQV
OVRIXP5L8XGMXVRN\V RVFONE9LMYL\NV0IGNWNUNJ6$
O]NVUNVDGNVIRIXIHURDIXDI UGMXN$ y OLKOKFKGKOJNUNOVOKLKOKFKXV
IG[ING\NL HJNX[MNVD Y)NN=U HT(FE=@ IQ<\K@ GNV\GNUN@
y ,IMRV
NK RNT YN6M RIX [TNR5UN YXTRK^NN SV8XE=@ FD[\N6M@ \>NX RD J6QMNFNQ GNV
XV9RG=GNOTQCKGMN
NNIH\ GMUV JT MN9K LIMRV
NK RIX
y MN7NVDYN6MOD"NMN7^NV NVDIW\NVDHVD
YXTRK^NNXV9RG= IXNN=IMUIGJ6D YN6M
ϲϳ
RIXYXTRK^NNL]NN\KL]5VGMN7HVD /9V
NXNVD GV ON)N RNT [TNR5UN YXTRK^NN
OD/)NNILUGKJ6$ XV9RG=GVI\L]/UNRU)NNIHI\XOVYING
y JOTIX
ISUGMXVGVI\IGP5OW=XHVD WXOD>NRN\VO+NK
NJMNVDU)NNMN7
IRIJUHNXQD0NVD GNV LZMNIGNWN@L]QZNG MNWNNIXNVD@OD"NMN7^NV NVDGT\
NJMNVDGV
P_NV[NVD HVVD IM\ 9NEH P5OW=X YXTRK^NN I\OK'ZHOYN6M'ZYNE=GK
L]NNI\NVDGNOD/)NNLX$ /)NNLXNGVI\NVWXN$
y MN7NVD RD OD"N MN7 ^NV NVD GV RNJXNVD OV y MN9K LIMRV
NK RIX YXTRK^NN XV9RG=
P5OW=X NZ\ YN6M Y8 G3SV P5OW=X GV XHHX/9V
NXNVDGNV
NJMNVDHVD
IM O/LVD
NX@ FNNVHNO#4O\ YRI
N9# OD/)NNILUIGN[NJ6U)NNYNDG0NVDGNL]ONM
GL0N#X[MLNI\GN%NVOYLI
N9GNVW\NXV IGNWNMJNJ6$
OVP5OW=XYN6_NVI[GP5OW=XIXHN=NRD y HJNX[MNVD HVD OV HJNX[MNVD HVD RIX
JNXVODFDNKI¤NG\NLNVDOVRNTL]QTNNGV YXTRK^NNIGNWNMJNJ6U)NNL]/UNRIGN
IXD NU)NNRNTL]QZNNGNVIXDI UGMXVGV [NIG/9V
NXNVDGVON)N
NVNHJNX[MNVD
I\Y8GQHNVDJVUTMN7OMGNMNVDYN6MOD"N GNVRN=HVD
NNIH\IGNWN$
MN7^NV GNVIXQV
NWNMKIG[$ y 2NNJXNVDGVI\FKO /sP5OW=XHNXQD0NVD
y LDWNF@JIMNNN@P5UML]QV
NYN6MMNW/)NNX GNONR=+NN6IHGKGMN
MN7NVDOVYXTMNVNIGN[NJ6IGRV>NDZ9NVDGNV GNN=8RXGMXVRN\VOD[%X@IW(HVQNIMNV
W\NXV GV IRIXRNMGGNM=RNE= GMXV GV GV&N6MVGVON)N
I\OV9V\NE9OVOZSXNGNPLNV[GMVD$
GVDQ]KL]QZNNIXD NFNV0=@W\L]QZNNIXRNMN
y QV
NHVD RNT L]QZNNIXDI UGMXV GV I\ RDIXD NYINIXH@U)NNRNTL]QZNN
IXIHU OH8R F6 % GNV D GV Y\NRN IXRNMNRDIXD NYINIXH@GVYNKX
YNLNUGN\KXF6%GVDU)NNGVDQ]KGCUYXTRK^NN )NNIXNN=IMUGN= IXLNIQUGMUNJ6$GVDQ]K
OIHIUGKF6%GYNNVIWUGK[E=$ L]QZNNIXD NFNV0=LN=RMNK[TNR5UNYNDG0V
y MN9KMNWNNXK^NV HVDL]QZNNIRI+N8X/UMNVD OCIWU GMGV@ IR.NXK OZSXN L]QNX GMGV@
GV I\ ¤IHG YXTI¤N GN= NVWXN GN MN9K XKIUNVD RD GN=¤H L]IULNIQU GMGV
L]/UNRIGN[N$ L]I
N^NNYN6MWN[GUNGNVFNRNQVGMQV
NHVD
L][IU#PL\I&N L]QZNNPL
NHXU)NNIXD NHVD YJH+NZIHGN
y H6XTY\LIMRV
NKRNT[TNR5UNYXTRK^NN IX+NNUNMJNJ6$
/9V
NXNVD'ZHOGNL]SN\XYN6M MN7 L]QZNN IXD N FNV0=#L]QZNN IXD N
YXTM^NN OIHIUYN6MMN7NVDYN6MOD"NMN7^NV NVDGKOMGNMVD
y OK LK OK FK GV OUU LIMRVqNK RNT L]QZNNIXD NGN=¤HGVGNN=8RXGVI\
[TNR5UNYXTRK^NN/9VqNXNVDGNL]SN\XYN6M IW(HVQNMJ6D$
YXTM^NN$ GVDQ]KL]QZNNIXD NFNV0=
y YXTRK^NNIGWNXVRN\V^KϮ͕EKϮ͕WDϭϬRD GVDQ]KL]QZNNIXD NFNV0=@W\L]QZNNIXRNMN
WDϮ͘ϱ HNXQD0NVD GV ON)N IW\NVD HVD
ϲϴ
RDIXD NYINIXH@U)NNRNTL]QZNN HZ<NDGX$
IXRNMNRDIXD NYINIXH@GVYNKX y L]QZIoNU^NV NVDHVD[JXW\[TNR5UNYXTRK^NN$
)NNIXNN=IMUGN=IXLNIQUGMUNJ6$ y [D[N XQK HVD I[MXV RN\K L]HT>N XIQNVD GN
GVDQ]KL]QZNNIXD NFNV0=LN=RMNK[TNR5UN YNRINGL]QZoNNHZ<NDGX$
YNDG0V OCIWU GMGV@ IR.NXK OZSXN L]QNX y [D[N XQK OV O9V IW\NVD HVD []NPD0 RN9M
GMGV@ MN9K XKIUNVD RD GN=¤H L]IULNIQU YXTRK^NN$
GMGVL]I
N^NNYN6MWN[GUNGNVFNRNQVGM y MK\9NEHW\[TNR5UNYXTRK^NN/9VqNXNVD
QV
NHVD L]QZNNPL
NHXU)NNIXD NHVD YJH YNM9K0&<Z'ZHOGNOD/)NNLX$
+NZIHGNIX+NNUNMJNJ6$
MN9K LIMRV
NK RNT [TNR5UN YXTRK^NN
MN9K W\ [TNR5UN YXTRK^NN GN=H GN=HOKLKOKFKGMNo9 2NLKMNo9K
GVDQ]K L]QZoNN IXD N FNV0= XV MN7 L]QZoNN RNT[TNR5UNYXTRK^NNGN=¤HXHLK
IXD N FNV0NV=D GK OJNUN OV W\ [TNR5UN GNN=I8RU GM MJN J6$ LIMRVqNK RNT [TNR5UN
YXTRK^NNXV9RG= /)NNILUIGNJ6$EOOH YXTRK^NNXV9RG=HVDL]SN\X/9VqNXJ6DIWXGV
XV9RG=HVDMN7NVDYN6MOD"NMN7^NV NVDHVD YDU[=UMN7NVDYN6MOD"NMN7^NV NVDHVD
/9VqNXpNNIH\J6D$YR/)NNXNVDGNYXTRK^NN pNJMNVD#X[MNVDGNVpNNIH\IGN[NJ6$
HNIOG,NOV@YR/)NNXNVDGN1HNJKYNNNM
OKLKOKFKXVOKLKOKFK@OLKOKFKU)NNLK
LMU)NNYR/)NNXNVDGNRNIoN=GYNNNMLMIGN
OKOK`NMNL]SNI\UIGWNMJVOK'ZH
WNUNJ6$
OVMK\9NEHYNDG0NVDGNGXV9RG=IRGIOU
YDUM MN7XQKOKHNGN=HYDUM MN7 IGNJ6$VYNDG0VO+NK/9VGJNV<0O=GNVL]QNX
OKHNYNVDLMXIQNVDGKW\[TNR5UNGNYXTRK^NN IGNWNMJVJ6DU)NNOHLMOTNNMN5HGPLN
LMXIQNVDLMYR/)NNXNVDHVDIGNWNUNJ6$ GMXVGVI\LI&\G0NVHVXHVDL]GNIqNUIGNWN
[D[NYN6MHTXNXQKLMMK\9NEHW\ MJVJ6D$RoN=GVYNMD+NHVD@MN7NVDGV
[TNR5UNYXTRK^NNL]NN\K¿YNM9K0&<Z pNJMNVDHVD/9VqNXNVDOVWT0VOKLKOKFKXV9RG=
'Z HO¾[D[N#HTXNXQKGV W\GK GNIR/UNMGMGVEOHVDMN7NVDGVpNJMNVDHVD
[TNR5UNGNHZ<NDGXGMXVGVI\@[D[NXQKLM YRI/)NU/9VqNXNVDGNVpNNIH\IGN[NJ6$
U)NN HTXN XQK LM QNV Y)NN=U IQ<\K HVD MN9K RNT [TNR5UN OZSGNDG HNXXK
RWKMNFNQ RD YNV>N\N HVD@ MK\ 9NEH W\ L]NNXHD K XV pNJMNVD GNV pNNIH\ GMUV JT
[TNR5UNYXTRK^NN/9VqNXYNM9K0&<Z'ZH MNo9KRNT[TNR5UNOZSGNDG'ZYNE=GN
O/)NNILUIG[J6D$ pNT+NNMD+NIQXNDGYL]6\@GNVIGN$
[D[N ODM^NN LM OK LK OK FK GV RU=HNXHVD@MN7NVDGVpNJMNVDGNVpNNIH\GMUV
ING\NL JT OUU LIMRVqNK RNT [TNR5UN YXTRK^NN
XWKYNMFKLIMNVWXNGVYNKXIXoLNIQU /9VqNXNVD GNRNT [TNR5UNOZSGNDGWNMKIGN
I¤NG\NLIX(XI\I>NUJ6D WNUNJ6 U)NNL]IUIQXYLMNJaXFWV RNT
y "NNVML]QZoNGP_NV[NVDGNYXTLN\XO5NLX$ [TNR5UNOZSGNDGGNV L]ONMGV I\L]GNIqNU
y OKRVW pNNVNX ODD NVD GN GN= IXoLNQX IGNWNUNJ6$
ϲϵ
MN9KLIMRV
NKRIXYXTRK^NNXV9RG=OK UD GN OTQCKGMN UNIG GNVE= Y
NNVINU
LK OK FK XV MN7 L]QZoNN IXD N FNV0NV=D GK FIJO]NRLN=RMNHVDIX/ONIMUXIGNWN$
OJNUN OV HJNX[MNVD Y)NN=U HT(FE=@ IQ<\K@ y IR_HNXOKRVW
NNVNXODD NVDO9KLKGV
GNV\GNUN@SV8XE=@FD[\N6M@\>NXRDJ6QMNFNQ GN=IXLNQX HVD OTNNM U)NN [6M LNMDLIMG
HVDMNo9KLIMRVqNKRIXYXTRK^NNXV9RG=/)NNILU L]N6_NVI[IGNVD GNV YD[KGNM IGN WNXN@ WNV
IGNJ6YN6MRIXYXTRK^NNL]NNI\NDL]5VG [D[N XQK YN6M EOGK OJNG XIQNVD GK
pNJMHVD/9VqNXOD/)NNILUGKJ6$ [TNR5UN HVD OTNNM \NXV GV I\ LNMDLIMG
MK\ 9NEH P5OW= X YN6 M FIJO] N R UMKGNVDGVYXTLJNV$
YXTRK^NNL]NNI\NDOKLKOKFKXVO+NK y YLI
N9L]FDNXLMWNVM
-VINNVDGVP_NV[NVDYN6MWKLKYNE=GVI\MK\ y L]NV[
NN\NGNL]SN\XYN6MM>N M>NNRU)NN
9NEHP5OW=XYN6MFIJO]NRYXTRK^NNL]NNI\ND EOGNL]FDNX
OD/)NNILUIGNWNXNYIXRN=FXNN$
IRI+N8X ING\NLNVD GK L][IU#
-VINNVDGVP_NV[NVD@IW8JVDIXQV
NWNMK
IG [ )NV@ HVD OV P_NV[NVD XV LJ\V JK
PL\I&NND
YN:X\NEXYXTRK^NNL]NN\KOD/)NNILUGM\KJ6 L]QZNNGNYNG\X
U)NNP_NV[NVDHVDJL]NN\KOD/)NNILUGKWN y H68TY\LIMRV
NKRNT[TNR5UNYXTRK^NN
MJKJ6$ZIX9NVDGNVYXTLN\XXJKDIGWNXV /9V
NXNVDGNL]SN\XYN6MYXTM^NN$
GVGNMNFDQGMXVGNIXQV
NIQN[NJ6$ y OK LK OK FK GV OUU LIMRV
NK RNT
IG[ING\NL [TNR5UNYXTRK^NN/9V
NXNVDVGNL]SN\XYN6M
y LIMRV
NK RNT YN6M W\ [TNR5UN YXTRK^NN YXTM^NN
XV9RG=GNOTQCKGMN$ y IRI+N8XW\KODONNXNVDHVDW\[TNR5UN
y MK\9NEHYNNNMLMW\GK[TNR55NNGN YXTRK^NN/9V
NXNVDGNL]SN\X$W\[TNR5UN
YNG\XGMXV GV I\[D[NXQKYN6MY8 GV9NEHOVIMW0N9NGNIR
\VNNIGN[N
L]HT>NXIQNVDLMMK\9NEHW\[TNR5UN U)NNXQKGVL]QZINU^NV NVDHVDOKRVWGV
YXTRK^NN/9V
NXNVDGK/)NNLXN$ IXL9NXGVHTQaQVGNVISIJaXUIGN[N$
y IHI\XOVYINGWXOD>NRN\V
NJMNVDYN6M y
NJMNVDHVDMN9KLIMRV
NKRIXYXTRK^NN
MN7MNWNNIXNVD GNV
NNIH\GMXV GV I\ XV92NG= /9V
NX OD/)NNILU IG [ J6D U)NN
OUULIMRV
NKRNT[TNR5UNYXTRK^NNXV9RG= YNDG0VGNL]ONMIGNWNMJNJ6$
GNIR/UNM$ YN6_NVI[GL]QZNNIXD N
y J OT I XI
SU GMXV GV I\ IG LN=RMNKHNXGNVDGNIRGNOLN=RMN@RX
P5OW=XNVD#FIJO]]NR HVD IRIJU HNXQD0NVD GN YN6M W\RNT LIMRU=X HD N\@ LN=RMN GK
YXTLN\XIGNWNMJNJ6@L]QZNGP_NV[NVDHVD [TNR5UNOTMI^NUM>NXVYN6MEOHVDOTNNM\NXVU)NN
JK MK\ 9NEH FIJO]NR YN6M P5OW=X LN=RMNKL]QZNNGNPL
NHXGMXVGVPQaQV

YXTRK^NNL]NNI\NVDGKOD/)NNLXN$YXTLN\X OVP_NV[NVD@L]SN\XNVDNL]I¤NYNVDOVLN=RMNK
ϳϬ
L]QZNGNVDV Y)NN=URNT L]QZNGNVDV@W\L]QZNGNVD YN6M LN=RMN@RXYN6MW\RNTLIMRU=XHD N\XV
RIXOKHNYNVDGVP5OW=XNIX/ONMNGVI\ ODFDINU/9VGJNV<0O=GVON)N2NLGLMNH
N=GV
HNXGNVD GNV L]IULNIQURD YINOZISUGMUNJ6$ FNQIQXNDG##GNV9KLKLKGVI\
ODFDINU/9VGJNV<0O= GV ON)NLMNH
N= OV HNXG LN=RMNHNXGOD
NNVINUIGEKǆ͕^K YN6MLNMN
Ϯ
U6NMIGWNUVJ6D$L]I¤N@OR=-V%LIUNVDYN6M HG=MKGKP5OW=XOKHNYNVDGNVLN=RMNU)NN

L]N6_NVI[GK YNI)N=G2RJN=UNLMYNNNIMUJNVUK HNXR/RN/)LMPXGVLI]UG\ Z L+]NNRGNVQ>VNUVJT
J6$ODONNXPLNV[Q^NUNU)NNODM^NNLJ\TYNVD 9KLKLKGVI\LNR=MNKHNXGNDVHDV
NNIH\IGN
GNVL]NV5ONIJUGMXVGVI\HNXGNVDGKYINOZSXN WNUNJ$6LNI9G = \ T 9VH96MLKH@^KǆYNM6EKǆGV
HV D +NNM YNNNIMU HNXGNV D Y)NN= U L] N ,U OFDDNHDVHNXGNDVGNVSMN FUMKGVOVGNNI=8RU
P5LNQ#IXLNIQU L]I¤NYNVD GK L]IU ZIX9 IGWNXVGVI\YINOIZSUIGNWNUNJ$6
L]QZNGNVD GK P5OW=X#IX/ONMN OKHNYNVD GN LKHGV I\@IQXNDG##OV LZR=
L]IUHNX+NK
NIH\JNVUNJ6$ SN\ZIG[LTMNXVODD NVDOVYLVI^NUJ6IGRV
GVDQ]KL]QZNNIXD NFNV0=OKLKOKFK`NMN IH[]N#XHGKOKHNGNLN\XGMVD
OD/UTUIGOKYN6_NVI[GL]I¤N#L]SN\XGVI\ WFIG IQXNDG ## OV IQXNDG
HNXGWXONNNMNOIJU/9VGJNV<0MGV ON)N ##GVQN6MNXSN\Z9KLKLKOV
LMNH
N= GV YNKX JNVUV J6D$ I9,LINNVD GNV IH[N]#XHGVHNXQ0 D NDVGNLN\XIGNWNXN
ODGI\UIGNWNUNJ6U)NNOKLKOKFK`NMN YLIV^NUJ$6IQXNG D ##GV FNQSN\Z
UGXKGK,NOVWNDSGKWNUKJ6YN6MLIMRU=X IGWNXVRN\VXODD NDVGNVIH[N]#XHGV
IQGNVE=J6@GNV
NNIH\IGNWNUNJ6$LIMRIU=U LRZ=GVHNXQ0 D NDVGVHG T NF\VIH[N]#XHGV
HNXGNVD GNV YXTHNVQXN)N= LN=RMN@ RX YN6M HNXQ0 D NDVGNYXLTN\XGMXNSNIJ$
W\RNTLIMRU=XHD N\GK IR
NVNOIHIU GV EKǆGVI\IQXNDG##OVLZR=SN\Z
OH^NL]/UTUIGNWNUNJ6$LN=RMN@RXYN6M IG[ODD NVDGVI\IH[]N#XHGK
W\RNTLIMRU=XHD N\GKIR
NVN.OIHIUHVD OKHNGNYXTLN\XIGNWNXNYLVI^NUJ6WFIG
LN=RMN@RXYN6MW\RNTLIMRU=XHD N\U)NN I Q X N D G # # O V I Q X N D G
OKLKOKFKGVYINGNIMNVDGVY\NRN@P_NV[ ##GVFKSSN\ZIG[9KLKLKOV
OD"NNVDGVIRNIR
NVN.NVD@YN6MYN6_NVI[GOV'9MNVDGV IH[]N#XHGKOKHNGNYXTLN\XIGN
ODFDINUHD N\NVD GV L]IUIXIN
NNIH\JNVUV J6D$ WNXNYLVI^NUJ6$IQXNDG##GVFNQ
IR
NVN.OIHIU`NMNOD/UTUYXTHNVQXN)N=HNXGNVD SN\ZIG[XODD NVDGNVIH[]N#XH
U)NN IRING LTXMK^NN GNV +NNMU GV MNWL HVD GV HNXQD0NVD GNYXTLN\XGMXNSNIJWFIG
L]GNI
NU IGN WNUN J6$ RN= GV QN6MNX@ EKǆP5OW=XGVI\LJ\VGNVE=HNXGIRIJU
IX(XI\I>NU-VINNVDGVP_NV[NVDGVODFDNHVDHNXGNVD XJKDIG[)NV$
GNVYINOZISUIGN[NJ6 ^KǆGVI\@HV[NRN9OVGH^NHUNRN\VU)NN
UNLK IR_TU ODD ¿9K LK LK¾@ MNWL IQXNDG##UGSN\ZIG[9KLK
YINOZSXN GN YN ¿Y¾ IQXNDG LKOVIH[]N#XHGKOKHNGNYXTLN\X
## LN=RMNK HNXGNVD GNV QZOMV IGNWNXNYLVI^NUJ6 WFIGHV[NRN9OV
QV
NNVDHVDL]SI\UHNXGNVDGVFMNFM\NXVGVI\@ YING^NHUNRN\V U)NNIQXNDG##
ϳϭ
UGSN\ZIG[9KLKLKIH[]N#XH U)NNMD[GNV U)NN,\VI9IXHGNVFN<9
GK OKHN GN YXT L N\X GMV D [ V $ IQXND G ZIX9NVDGVLHVDOKIHUGK[E=J6D$WFIGFKYNV
##OVSN\ZIGWNXVRN\VXODD 0K@OKYNV0KYN6MUV\U)NN[]KOGVI\HNXQD0NVD
IH[]N#XH GV HNXQD0 GN YXTLN\X GNVWHKXKW\HVDIX/ONMNGVI\@YN6M
GMVD[VWFIGEKǆGVI\GNVE=HNXGIRIJUXJKD IH[]N#\K9MGV,NHVDM>NN[NJ6$FIJO]NR
IG[)NV$ GV IRoNIR.NXK HTQaQNVD GV \V>NNDGX GV I\@
,NNMNHG=MKGV I\@IH[]N#XHGK HNVIXG\XNE9NVWXXS XGKOKHN
OKHNL]/UNIRUJ6@SNJV9KLKLKGVSN\ZJNVXVGK GNVFNNVOVLMK^NNGV/)NNXLMIH[]N#\K9M
UNMK>NGT1+NKJNV$ GV,NHVDM>NN[NJ6$GT\NZI\U%NVO9K0K
FZS0>NNXVGVI\FIJO]NRHNXG@ONGN O YN6M ONVI0H YR
NNVNN YXTLNU@ OHTISU
IX ¿Y¾ IQXNDG ## HMKXYNP94N:\GVHNHOVHMKXIXL9NXGV
YINOZISUHNXGHVD@
NNVINUFIJO]NRGNYXTH5 HNH\VGVIORN¤H
NIH[]N#\K9MYN6M
LKSOKHNY8YN6_NVI[G-VINNVDGVYXT,N J6D$UNWNW\GVPLNV[GNVGHGMXVGV
J6$IRI+N8X-VINNVDGVFZS0>NNXNVDNHNDO I\YN6_NVI[GL]I¤N#IODSNE=HVDQNVFNMNPLNV[
L]OD/GMNZIX9NVDGNVG\-VNKHVDIR\GM GV IRG<LNVD GNV YNWHNXV GV FNQ JK LIMRV
NK
IQN[NJ6 'NVDIGE8JVD IL1\KYINOZSXNHVD LN=RMNHVDIX/ONIMUIGNWN[N$HOH
LC)NG,NOVR[K=GCUIGN[N)NN$O+NKZIX9NVD E=IRGNOYINIXH@GVYXTONMLC)NGOZ^H@
GVI\FKYNV0KHNXQD0NVDGNVIH[]N#\K9M \"NTYN6MHHP_HNVDGNVPLMIRIXIQ=9HNXNVDGN
GMGVTI'UOD[UFXNN[NJ6UNIG
NNVINUW\ LN\XGMXNSNIJ$LC)NGRCJU/UMKZIX9NVD
GK[TNR5UNWHKXKW\HVDIX/ONIMUGMXVGV GNVPLMIRIXIQ=9HNXNVDGNLN\XGMXNSNIJ@
I\PLT'UJNV$O/LVD0V0%NVOGVI\OKHNGNV U)NNILOKLKOKFKO@LKOKFK#LKOKOK
WHKXKW\IX/UNMNGVI\IH[]N#\K9M LN=RMN,NOVODRVQX
NK\#[D+NKM^NV NVDHVD
NZ8
OV"N9NGMIH[]N#\K9MGMIQN[NJ6YN6M Q]RIX/ONMNGNVYINQVI
NUGMOGUVJ6D$
UV\ RD []KO GK OKHND RJK MJVD[K$
NNVINU ON!N FIJO]NR ODD NVD GV I\ FIJO]NR
FIJO]NRGVI\IH[]N#\K9MGVHNXQD0HVD HNXGGNYN¿Y¾@IQXNDG##
NNIH\OKYNV0KHNLQD0LZR=GKYINOZSXNHVD ON!NFIJO]NR
NNVNXODD OKE=9KLKGVI\@
HN6WZQXJDKD)NN$OKYNV0KYN6MLKSHNLQD0 MN7FNV0=@OKE=9KLKGVI0WNEXYN6M/)NNXK
FZS0>NNXVYN6MHNDOL]OD/GMNZIX9NVDHVDL]T'U WMUNVD U)NN I/)NIUNVD GV YXTONM ONNNMN
O4NE=RDOVIX9NEIWD[MONXGV
NNVNXLJ\Z HNXQD0NVD@HNVIXG\XNE9NVWXU)NN+NNMKNNUTYNVD
GKWNDSGMXVGVI\GODGVUGGV,NHVDGN= GV I\ E8\V9 [TNR5UN HNXG IRIJU GMVD[V$
GMUVJ6$
NNVINUFIJO]NRGVI\IRIXIQ=9LKSOKHN
R/ P_NV[GVI\FIJO]NRHNXG@ONDGN J6WFIGFKYNV0K@OKYNV0K@9K0KOGV
IX¿Y¾IQXNDG##P'U I\OKHND@WHKXKW\GV IX/ONMNGV I\
HNXGNVDGVGN=^NV HVDO+NKGKGCUOZUK#XK# @YN6MIH[]N#\K9MJ6$IODSNE=GVI\
GN\KX#LNI\/9MR/ ZIX9NVDGNV
NNIH\IGN +NZIHLMYN6MOHTQ]HVDIX/ONMNGVI\FKYNV0K
[NJ6$
NNVINUFIJO]NRGVI\LKSOKHN IH[]N#\K9MJ6$UNLHNXOKHNGNVGHGMGV
I0[]KOVI<OOIGN[NJ6YN6M+NNMKNNUTYNVD
ϳϮ
GVI\OKHND
NTGK[E=D$UV\YN6M[]KORD ODFDN HVD YLI
N9NVD GV OJ L]OD/GMN GV ON)N
HNVIXG\ XNE9NVWX GNV ¤H
N YN6M MNV9MK +N9a%V GV I\ P5OW=X HNXG O+NK
IH[]N#\K9MGV ,NHVD M>NN[NJ6$OHTQ] HVD IRIXIQ=9ODD NVDGVI\IH[]N#XHJ6
FIJO]NRGVIX/ONMNGKYXTHIUJ6F
NUV=DIGJ WFIGO<4M0NYN'ONE0^KϮOKHN@
OHTISUHMKXYNP94N:\GVHNHOVJNV$VOV YN6M#XHJ6WFIGLNIMI9G
HNH\NVD HVD@WJND HMKXYNP94N:\IX/ONMNGV O<4M¤H
NL]IU
NUOV GH@
IFDQTLM[TXN8ZXUHYNMDI+NGUXTGMNU)NN L]IU
NUGVFKSYN6MOVYINGJ6$IXNN=IMU
IX/ONMNIFDQTOVHK9MQZMIFDQTLM XNE9NVWX YN:'ONE0 EKǆ OKHN IQXNDG
[TXN8ZXUHUXTGMNL]QNXGMUNJ6 UNV MN7 ##GVFNQSN\ZODD NVDGVI\
FNV0=OKYNV0KOKHNHVDK\QVOGUNJ6@F
NUV=DIG IH[]N#XHJ6YN6M,>͕,&͕0NNVI'OXRD
K\QK[E=YNV0KOOKHNIH[]N#\K9M +NNMKNNUTYNVDGVI\IRIJUHNXQD0NVDGVY\NRN
GKOKHNOVYINGXJKDJNV$ \NEHG6\IOXMGVON)NMNV9MK+N9a%VRN\VIQXNDG
SKXKP_NV[GVI\FIJO]NRHNXG@ONGN ##OVLZR=SN\ZODD NVDGVI\
IX ¿Y¾@ IQXNDG ## IH[]N#XHIXNN=IMUIGN[NJ6$P_NV[
YINOZISUHNXGHVD
NNVINUFIJO]NRGKYXTH5 GNV
NZ8IX/ONMNGVI\JMOD+NRL]NOGMXV
LKSOKHNY8YN6_NVI[G-VINNVDGVYXT,N SNIJU)NNIQP_NV[@OIR=ORN9MIX/ONMN
J6$WHKXKW\LMIXL9NXGVI\
NNVINU GMXNSNJUNJ6UNVIRIXIQ=9LKSOKHN
FIJO]NRHVDGT\O/LVD0V0ON:I\09KOO YN6MOD/LVD0V0ON:I\0OKHNIH[]N#\K9MJ6D$
+NZIHLMIXL9NXGVI\IH[]N#\K9MU)NN EOGVYIUIM'U@UNLHNXGNVI0[]KOVI<OOOV
IH[]N#\K9MUGOKIHUJ6W6ONIGLJ\VOV YINGXJKDJNVXNSNIJU)NNUV\RD[]KO
P_NV[NVD`NMNL]NVV[HVDJ6D$UV\YN6M[]KOOKHN IH[]N#\K9MJNVXNSNIJ$
IH[]N#\K9MJ6YN6MWHKXKW\HVDIXL9NXGV OKHVD9ODD NVDGVI\P5OW=XHNXGONGN
I\YXTH5FKYNV 0KIH[]N#\K9MJ6$ IX¿Y¾@IQXNDG##O<4M
L]/UNIRU9K0KOOKHNIH[]N#\K9MJ6$ 0NYN: ' ONE0 ;^KϮͿ GV OD F D N HV D IFXN
YDIUHUNWNW\IX/ONMN@L]IU9X¤/0GVX OJ L]OD/GMNGVMNV9MK+N9a%VRN\VOKHVD9ODD NVD
\K9M J6 U)NN YDIUH pNNVINU FIJO]NR GVI\IRIXIQ=9P5OW=X¤H
N@YN6M
IX/ONMN L]IU9X ¤/9 GVX \K9M UG IH[]N#X H J6 WFIG LNIMI9G
OKIHU M>NN [N J6$ /L]V LI80 YNVRM4a\NV N O<4M@O+NKL]GNMGVO<4MGVI\@SNJVODD
GZI\D[9NRM&\NV0NPXOVYLI
N9W\L]IU9X GNYR/)NNXRDSN\ZJNVXVGKUNMK>NGT1+NKJNV@
¤/0GVX\K9MUGOKIHUIGN[NJ6 IH[]N#XHGVLZR=HVDOZISUHNXGGK
YN6MZIX9OV GVR\GYNP9\V9,RNED9GK UT\XNHVD¤H
NOVGH@ L]IU
NUGV
YXTHIU J6$ /96G OV LNI9=GT\V9 P5OW=X FKSU)NNOVYINGJ6$L]/UNIRULKHHNXG
IH[]N#XHOVGHJNVXNSNIJ$ IH[]N#XHJ6@SNJVODD SN\ZJNVXVGN
OJ L]OD/GMNOIJUOKHVD9ODD NVDGVI\ /)NNX YN6M UNMK>N GT1 +NK JNV$ IQXNDG
P5OW=XHNXG@ONGNIX¿Y¾@IQXNDG ##GVFNQSN\ZJTODD NVDGVI\
##LNI9=GZ\V9H69MLKHGV XNE9NVWXYN:'ONE0EKǆOKHNIH[]N#X
HU)NN\NEXG6\IOXML]N6_NVI[GKRN\VMNV9MK
ϳϯ
+N9a%VGVON)NIQXNDG##OVLZR=SN\Z OK OK UG EDWX IR/)NNLX GV I\
JTODD NVD GV I\IH[]N#XHJ6$ IG[]N#IG\NVRN9JN:O=OVGHYN6MOKOKOV
U)NNIL@EKǆOKHN@YNE=\OKGVIHI-U/9KH@ YINGU)NNOKOKUGEDWXIR/)NNLXGV
LC)NG \NEX G6\OKXM O \ OK@ YN6M I\OVGHJ6$O+NKIR/)NNLXNVDGVI\EKǆ
OD/LVD
NXIL] JK9ML]N6_NVI[GKNGVR\O\ нd, N EKǆ н ED,ͬZ, OKHN
OKL]N6_NVI[GKNIFXNG6\OKXMGV L]NV[GV []N#IG\NVRN9JN:O= OV GHJ6$V HNXQD0
MNV9MK+N9a%VGVI\4IH[]N#XHJ6$ Y[/UOVL]+NNRKJ6D$8'\NVWMOM4VOOV
OHIL=U\LKWK#OKXWKWVXOV9¿ HK9M LM YINGUH YXTHV RIX OKHN
IG\NVRN9UG¾MNWL YINOZSXN@ONGN 0VIOF\J6 U)NNV HNXQD0IOUDFM@OV
IX ¿Y¾ IQXNDG ## L]+NNRKJ6D$
XNE9NVWXYN'ONE0EKǆ@GNF=XHNVXNV'ONE0 0KW\YN6M\LKWK#OKXWKWVXOV9
K@ XN:X IH)NVX JNE0NVGNF=X ED,@ ¿IG\NVRN9UG¾@MNWL YINOZSXNON
IMI'9RJNE0NVGNF=XZ,GVODFDNHVDP5OW= GNIX¿Y¾@ IQXNDG ##
OKHNDYINOZISUJ6D$IG\NVRN9^NHUNUGGV XNE9NVWXYN:'ONE0EŽǆ@GNF=XHNVXN'ONE0
WVXOV9GVI\@IRIXIQ=9EKǆнED,NEKǆ ;ŽͿ@ XN:X IH)NVX JNE0NVGNF=X ;ED,Ϳ U)NN
Z, OVGHJ6@IG\NVRN9OVYING IMI'9R JNE0NVGNF=X ;Z,Ϳ GV ODFDN HVD
IG\NVRN9UGLNRMMVI9D[RN\VWVXOV9GVI\ P5OW=XOKHNDYINOZISUGK[E=J6D$IG\NV
EKǆнED,NEKǆнZ,OKHNOVGHJ6 RN9 UG GK LNRMMVI9D[ GV WVXOV9 GV I\
YN6MIG\NVRN9OVYINGYN6MIG\NVRN9 EKǆнd,NEKǆED,ͬZ,OKHNOVGH
UGGKLNRMMVI9D[RN\VWVXOV9GVI\EKǆ J6@IG\NVRN9OVYINGYN6MIG\NVRN9UG
ED,NEKǆнZ,OKHNOVGHJ6$O+NK GV LNRM GV I\ EKǆнd, N EKǆ н
WVXOV9GV I\GNF=X0NYN:'ONE0P5OW=X ED,ͬZ, OKHN OV GH J6 U)NN
OKHNOVGHJ6$VHNXQD0WT\NE=@ IG\NVRN9OVYINGYN6MIG\NVRN9UGGK
OVL]+NNRKJ6D$8'\NVWMOM4VOOVHK9MLM LNRMMVI9D[RN\VWVXOV9GVI\EKǆнd, N
YINGUHYXTHVRIXOKHN0VIOF\J6 EKǆ ED,ͬZ, OKHNOV GHJ6$O+NK
YN6MVHNXQD0WXRMK@OVL]+NNRKJ6$ WVXOV9GV I\GNF=X0NYN:'ONE0P5OW=X
LV9NV\U)NN\LKWK#OKXWKWVXOV9 OKHNOVGHJ6$IG\NVRN9UGYN6M
¿IG\NVRN9UG¾MNWL YINOZSXN@ON IG\NVRN9OV YINGRD IG\NVRN9UGGK
GNIX ¿Y¾ IQXNDG ## LNRMMVI9D[RN\VWVXOV9GVI\LKHOKHN
XNE9NVWXYN:'ONE0EKǆ@GNF=XHNVXN'ONE0 OVGHJ6WFIGIG\NVRN9OVYINGYN6M
K@ GT\ JNE0NVGNF=X d,@ XN:X IH)NVX IG\NVRN9UGGVLNRMGVI\LKHOKHNOV
JNE0NVGNF=XED,U)NNIMI'9RJNE0NVGNF=X GHJ6$O+NKGVI\N]ZHOKHNH J6$V
Z,GVODFDNHVDP5OW=XOKHNDYINOZISUGK HNXQD0WT\NE=@OVL]+NNRKJ6D$8'\NVWM
[E=J6D$OKOKUGEDWXL]IU/)NNLXGVI\ OM4VOOV HK9MLMYINGUHYXTHVRIX
IR/)NNLX GV I\ EKǆ d, N EKǆ н OKHN 0VIOF\ J6 YN6M V HNXQD0
ED,ͬZ, JVUT P5OW=X OKHND []N WXRMK@OVL]+NNRKJ6$
#IG\NVRN9JN:O=OVGH@OKOKOVYINGYN6M Y8 -VINNVD GV P_NV[NVD )NN@ HNXRIXIH=U
ϳϰ
4NFM P_NV[@ \T;QK RD GN[W P_NV[ LVD9 [D+NKM,NOVL]QZINU^NV NVDGKL][IUIMLNV9NV=D
P_NV[OKRVW
NNVNXODD NVDXIQNVDGVI\/XNX GVON)NGN=NVWXND[D+NKM,NOVL]QZINU
GMXV RN\V W\GK[TNR5UNODFDNKHNXGE=D9 L]QZINU ^NV NVD HVD GNN=8RX OIJU GN=
+N9a%NP_NV[PR=MGP_NV[YN:9NVHNVFNE\OIR=O NVWXNDU6NMYN6MODGI\UGM\K[E=J6DU)NN
/9V
NX@FOI0LNV YN6MRG=
NN:LIGRXP_NV[ OKLKOKFKGVKRVFONE9LM0N\QK[E=J6D$
GN:4KL]OD/GMNP_NV[\NVJNRD/9K\P_NV[@ IQ<\K@WNVNLTM@LN\KYN6MRV<\NVMHVDSNM/)NNXNVD
SH0NP_NV[GVODFDNHVDHNXGNVDYN6MIRHNXL5UX GV IORN O+NK LZMK UMJ L]QZINU ^NV OV
RIXHNXGNVDGNVYDIUHLIQNWNMJNJ6$ YIN/)N[XP%NI\N[NJ6$
2NLGLN=RMNKL]QZNNOZSGNDG¿OKE= \N\@ XNMD[K@ JMN YN6M O4VQ GV YDU[=U
LKYNE=¾GKOD
NNVINUODG<LXNRN=HVD YN6_NVI[GOV'9MNVDGNR[K=GMNOKLKOKFK
IRGIOU2NLGLN=RMNKL]QZNNOZSGNDGOK XVP_NV[NVDGNV\N\@XNMD[K@JMNYN6MO4VQ-VNKHVD
E= LK YNE= GNV IR/UCU EX JNPO SSN=YNVD GV P_NV[NVD GNV R[K=GCUGMXV GV I\HNXQD0GNV
YNNNMLMYN6MPOGVFNQOLKOKFK#LKOK YDIUHLQVIQNJ6$JR[K=GMNL]QZNNGK
OKU)NNY8/9VGJNV<0O= GV O)NLMNH
N= GV OD+NNRXNLMYNNNIMUJ6YN6MEOOVOLKOKFK
PLMNDUOD
NNVINUIGN[NJ6$OD
NNVINUOKE=LK `NMNEOVYD[KGNMIGWNXVGVI\GLUN
YNE=XV4K<0YNNNIMUYXTRK^NNLMWNVMQVUVJT IH\V[K$P_NV[NDVGVR[KG = MNGNV\N\@XNM[ D K@JMN
IRNLMGHTQaQNVD@IWXHVDRNT@W\RD+NZIH#OF YNM6O4QV-IVNNDVGVP_N[ V NDVGVI\I/)NIU/)N\
OM4VORN9M
NNIH\J6D@GNVOHN,UGMIQNJ6$ HNXQ0 D @OJHIUUD YNM6IXMK^NNGKYNRINGUN
4K<0YNNNIMUHNLIG[^NV LM\N[Z[D+NKM YRNNIMUGMXVGVON)NWNV0NWNOGUNJ6$
L]QZNGNVD#HNXQD0NVDLMYNNNIMUJ6D$
HZ\ YNMDI+NG YN[VYN6M Y/L9
N&Q#<NN\HVD XNMD[KHVD JMNHVD O4VQHVD WNDS
OD R[K=GMN OD R[NV=DHVD IR\X# LTXR= LTXR=[K=GMN LTXR=[K= LTXR=[K=GMN
IR+NNIWU Y8 [K=GMN GMN
GMGVRN=X GNMNNVD
OVJ9NXN#
4T9XNV9HVD
\VWNXN
ϭ Ϯ ϯ ϰ ϱ ϲ ϳ ;ϭнϮͿс;ϯƚŽϳͿ
ϭ \N\ ϴϱ ϭϭ ϳ ϲϬ Ϯϲ ϯ
NZ8 ϵϲсϵϲ
Ϯ XNMD[K ϳϯ Ϯ ϯ
NZ8 ϱϭ ϭϵ Ϯ ϳϱсϳϱ
ϯ JMN ϴϲ
NZ8 ϱ
NZ8 ϲ ϰϭ ϯϰ ϴϲсϴϲ
YDIUH Ϯϰϰ ϭϯ ϭϱ ϲϬ;\N\Ϳ ϴϯ;XNMD[KͿ ϲϯ;JMNͿ ϯϲ;O4VQͿ ϮϱϳсϮϱϳ
R[K=GMN ;4T9XNV9HVD
OIJUGT\
-VINND
ϳϱ
[D[NHVDL]QZNNIXD NOKLKOKFKXV[D[N "NYDUMMN9KMONXL]FDNXGVL]IUMNXKIU
XQKGV W\GK[TNR5UNGKFJN\KGV I\ GV QCI9GNVN U)NN 0 LNMN ODFDNK HKXNHN9N
>ND0KOV[HVD9\GN=NVWXNU6NMGKJ6WNV G8RVD
NXGVODFDNHVD+NKXNV0\IFDQTJ6$
ODLZN=[D[NXQKGNV>ND0NVDHVDIR+NNIWUGMXVLM EOGVYIUIM'U@JL]+NN[ONR=WIXGQVUNFKHN
YNNNIMUJ6YN6ML]5VG>ND0GVI\@GNN=8RX YINIXH@YN6MEOGVYDU[=UIXIH=UIG
JVUTGN=IFDQTIRGIOUIG[J6D$HT>ISDUN [IXHNVDGNV+NKL]
NNIOUGMUNJ6$JL]+NN[
OKRVW GV IXL9NX GV GNMN L]QZNN YN6M HT>,NOVUKX^NV NVDY)NN=UaMNONIXGOTM^NN@
YN6_NVI[GL]QZNNGNIXD NJ6$OKLKOKFKXV >NUMXNG YLI
N9 L]FDNX U)NN %NVO YLI
N9
OKRVWYN6MX[MLNI\GN%NVOYLI
N9GVL]FDNX L]FDNXHVD[IUIRINNDS\NUNJ6$
GVI\GNN=8RXJVUTGN=NVWXNYNVDGNVU6NM MNONIXGOTM^NNMNONIXGOTM^NNOTIXI
SU
GMRNXV GV I\[D[NGV IGXNMV LMI/)NUO+NK GMXVGVI\@LN=RMNRXYN6MW\RNTLIMRU=X
NJMNVDGNVIXQV
NWNMKIGJ6D$ HD N\XVLN=RMNODM^NNYINIXH@GV
"NNVML]QZNGP_NV[NDVGKOZSKU6NMGM\K[E=J6 YNKX IXHNVD GV QNV OV9aO YINOZISU IG J6D
YN6MHOHE=OIJUO+NKP_NV[NVDGVI\ Y)NN=U >NUMXNG MONXNVD GN IRIXHN=N@
IR_HNXHNXGNVDGVI\YXTLN\XO5NLXIGN +ND0NMNYN6MYNNUIXH@HOYNE=
WNMJNJ6YN6MW60\0KGVI\GN=NVWXN S OK U)NN MNONIXG QT " N= 9 XN
GNVWNMKM>NNWNMJNJ6U)NNOV'9MNVDSKXK@ YNLNUGN\@NVWXN@U6NMKYN6MGNM=RNE=IXH
R/ @I0I/9\MKW@\T;QKYN6MGN[WU)NNSH0N E=LKLKYNM@$HOYNE=SOKIXHNVD
GVI\W\ODM^NNGNN=I8RUIGNWNMJNJ6$ GVHT>PQaQV
J6GYN6_NVI[GI¤NG\NLNVD
>NUMXNGLQN)N=L]FDNX¿SOH¾ OVP5L8XF0KQT"N=9XNYNVDGNVMNVGXNYN6M>N
>NUMXNG LQN)N= L]FDNX L]+NN[ SOH0K VOK QT"N=9XNYNVD GV L]+NNRNVD GNV OKIHU GMXN$
MNONIXG YNLNU I/)NIUNVD U)NN >NUMXNG IXHNVDHVDHN NYNNNIMUQCI9GNVNGV`NMNEX
LQN)NNV=DGVL]FDNXGVODFDNHVDHD N\GVYDU[=U PQaQV
NVDGNVLZMNGMXVGNL]NOIGN[NJ6$
XNV0\IFDQTJ6$EOL]+NN[GNHT>P¹V
/RN/) HOYNE=SOKIXHNVDHVDYNVGZLNMOVYLV^NN
YN6M,NN=RMNGNVJNVXVRN\K^NIUOVFSNXVGVI\ J6IGRJL0NVOHVDWXUN@/)N\LMIWOGVF0K
>NUMXNGMONXYN6M>NUMXNGYLI
N9OIJU QT"N=9XN OV L]+NNIRU JNVXV GK OD+NNRXN J6@ GNV
>NUMXNG LQN)NNV=D@ %NVO YLIqNo9NVD GV OTMI^NU YNR
GOZSXNL]G9GMV$HOYNE=SO
L]FDNXGNVFNRNQVXNJ6$JL]+NN[IX(XI\I>NU IXH@GVGNN=8RXGKL]I¤NGVQN6MNX
YD U MMN9K G8RV D
NX#GMNMNV D Y)NN=Ua G JHJOZOIGN[NIGIRI+N8XL]NINGMNNVDGV
>NUMXNGYLI
N9GKOKHNLNMKODS\XLM I¤NG\NLNVDGNOHTISUOH8ROTIXI
SUGMXV
IXD N U)NN POGV IXL9NX ODFDNK FNOV\ YN6M YN:4 ONE9 YNLNUGN\KX NVWXN GK
G8RVD
NX >N YDUMMN9K 2NLNM HVD GIUL U6NMK@YXTM^NNYN6MIXLNQXGVI\IW(HVQNM
MONXNVD YN6M GK9XN
NGNVD GV I\ LZR= OZISU IW\NG\V'9MGNVOJNUNL]QNXGMXVGVI\
OJHIU L]I¤N ODFDNK MN:9M0DVH G8RVD
NX [ QV
N HVD G MNONIXG ODG9 L]FDNX L]NN\K
I/)NMYN[V=IXGL]QZNGNVDODFDNK/9N:GJNVHG8RVD
NX /)NNILUGKWNXKJNV[K$ODG9L]FDNXL]NN\KGK
YXN6LSNIMGL]NN\KGVI\MN7/UMKODG9
ϳϲ
OHZJNVDGVON)NGGVDQ]YLVI^NUJ6WNVRN=OV YLI
N9NVDGVIXL9NXGVI\
NNVNX+ND0NMNRD
/)NNILU )NN$ U)NNIL@ LZMV YX GV FNQ J IXL9NXOTIRNN9KO0K4GK/)NNLXNGN
YNR
GHJOZOIGN[NIGODG9L]FDNX +NKL]NRNNXIGN[NJ6$IXHNVD HVD >NUMXNG
L]NN\KGVI\GONDIRINGYNNNMU)NNQNV^NV YLI
N9 GV OKHNLNMK ODS\X YN6M EOGV
YLVI^NUJ6OD+NNIRUMNONIXGQT"N=9XNYNVDGVFNMV IXL9NXGVIXD NLMFNOV\G8RVD
NXGVYNKX
HVDWXUNGNVOZSXNGNL]ONMU)NNU6NMKGVI\ JHNMVQNI5RGVYXTOMNHVD>NUMXNGYLI
N9
OH8RIW8JVDLZMNIGWNXVGKYNR
GUNJ6$ GV YNNU#IXN=U GV IRIXHX GV FNMV HVD
EOI\@MNONIXGQT"N=9XNYNVDGVI\L]+NNRGNMK HJ5RLZN= L]NRNNX J6D$ +NNMU EO G8RVD
NX GN
NVWXN@U6NMKYN6MGNM=RNE= IM/LNVDOGV I\ L^NGNMJ6$
IRI+N8X /UMNVD )NN MN9K@ MN7@ IW\N YN6M U)NNIL@GT1OHFNQ@EOIXHGKOHK^NN
/)NNXK/UMNVD LML]
NNOIXGNDSNL]QNXGMXV GMXVGKYNR
GUNHJOZOGK[E=$UQXTONM@
YN6MQT"N=9XNOVL]+NNIRUJNVXVGKOD+NNRXNRN\K O+NKLMNH
N=GVFNQ@XIXH@>NUMXNGYN6M
WXUNGV I\OZSXNGKPL\&NUNOTIXI
SU Y8YLI
N9L]FDNX@J)NN\XYN6MOKHNLNMK
GMXV GV PQaQV
OV MNONIXG QT"N=9XN ODS\XIXHNVD GNV IQXNDGYL]6\@GNV
YNLNUGN\KXNVWXN@U6NMKRDGNM=RNE=IXH@ YINOZISU IGN [N$ >NUMXNG YN6M Y8
XNHG IXHNVD GN G OV9 YINOZISU YLI
N9 L]FDNX YN6M OKHN LNMK ODS\X
IGN[N$MNONIXGQT"N=9XNE=LKLKYNM IXH@GKL]HT>NIR
NVNUNYNVDHVDIX(XI\I>NU
IXH@HVDGVVDQ]K@MN7@IW\NYN6M/)NNXK
NNIH\J6D
/UMNVDLMQV
NHVDSUT/UMKODG9L]FDNXL]NN\K ŝ͘ Y8YLI
N9 GNV
NNIH\GMGVIXHNVDGV
GKLIMG<LXNGK[E=J6$GVDQ]KODG9OHZJGV QNMVGNVFNN[NJ6$
L]HT>NOISR@LN=RMN@RXYN6MW\RNTLIMRU=X ŝŝ͘ L]NINGNMYN6MLDWKGMNYLV^NNGV/)NNXLM
JNVUVJ6D@MN7ODG9OHZJGVL]HT>NHT>OISR@ G YXTHIU Y)NN=U >NUMXNG YN6M Y8
IW\NYN6M/)NNXKODG9OHZJGVL]HT>N¤H
N YLI
N9 GN J)NN\X GMXV RN\V O+NK
IW\N'\V'9MYN6MPLHD0\HIW/9V9JNVUVJ6D$ /9VGJNV<0O= GV I\ IXHNVD GV YDU[=U
L]NINGNMGNVM>NN[NJ6$
>NUMXNGYLI
N9L]FDNXVOVYLI
N9GV
J)NN\XGV QN6MNX/RN/)YN6MLN=RMN GK ŝŝŝ͘/RN/)RDLN=RMNGNVYLI
N9L]OD/GMN
OTM^NNGVI\>NUMXNGYLI
N9GVLN=RMNL P_NV[OVOTMI^NUGMXVGVI\YRODMSXNGK
OV OTQC L]FDNX OTIXI
SU GMXV GV HTQaQV GN HZ\+NZUYNR
GUNGNVYLI
N9GVL]GNMGV
IXMNGMNGMXVJVUT>NUMXNGYLI
N9L]FDNX@ I\IRI
N9HNXGL]SN\XL]I¤NGV,NHVD
J)NN\XRDOKHNLNMKODS\X@IXHGNV IRIJU IGN [N J6 IWOGN YXTLN\X
LN=RMN ODM^NN YINIXH@ GV YNKX /9VGJNV<0O=`NMNIGNWNXNJNV[NYN6MVOV
YINOZISU IGN [N$ IXHNVD HVD >NUMXNG L]NINGNMLQ]NXGMUV OHEOV OLKOK
YLI
N9GV OCWXGV L]NINGNMYN6M>NUMXNG FK#LKOKOK`NMNOITXI
SUIGNWNXNJN[ V N$
YLI
N9GNL]NV[GMXV RN\KZIX9NVD GV I\ ŝǀ͘ YLI
N9 L]F8NX YXT¤H GNV IXRNMN@
L]NRNNX L]QNX GMGV EO L]I¤N GV I\ 8Z X KGMN@ QNV F NMN PLNV [ @ LT X S= ¤ N
I¤NIRINIXNN=IMUGK[E=J6D$EOHVD>NUMXNG IMONEGI\D [ @ FMNHQ[K IMGRMK@
ϳϳ
OJ L]OD/GMNYN6MOTMI^NUIXL9NXGV,N ŝǆ͘ I¤NIRINNV D GNV OM\ FXNGM YN6 M
HVDL]N)NIHGUN¤HHDVOHNIJUIGNWNMJNJ$6 YXTOZSK$$$ GV YNKX YNNU#IXN=U GV
ǀ͘ YXTLZMGODONNXGVLHVDVYLI
N9GVL]NV[ I\IRIXIHUYLI
N9GKOZSKOD
NNVINU
N PWN= GK IMGRMK GV I\ IXL9NX LM GMGV IXHNVD GV YDU[=U YLI
N9 GV
RMKUXUD GV LHVD OJ L]OD/GMNLM YNNU#IXN=UGKL]I¤NGNVOTSNFXNN
L]NRNNX GK [NXN VOV I¤NG\NLNVD GV [NJ6$
YXTHNVQXJVUTL]I¤NGVOM\KGMNGVON)N ǆ͘ LC)NGYXTOZSK
NTGK[E=J6DIWOHVDYLI
N9
GKWNMJKJ6$ )NN@QNVFNMNL]NV[GVI\/¤VL@GN[W/¤VL
ǀŝ͘ >NUMXNGYN6MY8YLI
N9NVDGVLN=RMNK YN6M IRI+N8X -VINNVD GV IR_TU YN6M
LOVHWZFUL]FDNXGVI\MN7OMGNMGV E\V'9N:IXG PLGMN@ IW8JVD HD N\ GK
P5UMQNI5RNVD GNV IX(XI\I>NU ,N HVD LTM YXTHIUL]N,UGMXV GKYNR
GUNOV 1Z9
/)NNILUIGN[NJ6 L]N,UJ6@
NNIH\J6D$VOVYNNU#IXN=UGV
¾ >NUMXNGNY8YLI
N9GVLTXS=¤N I\Q/UNRVWYNNNIMUQCI9GNVNOKHN
NT<G
IMONEI'\D[@ L]OD /GMN LZR= Y8 L]NINGNMK`NMNOTIXI
SUIGNWN[N$
PLNV[GVI\YN6_NVI[G/)NNXN
NV0 ǆŝ͘ IX(XI\I>NUHQNVDGNV
NNIH\GMGVYNNUGV
/)NNILUGMXN#YNFDI9UGMXN I\IXINYLI
N9GKOZSKGNVOD
NNVINU
¾ LTXS=¤N IMONEI'\D[@ L]OD/GMN LZR= IGN[NJ6
YN6MY8PLNV[ODFDNKI¤NG\NLNVDHVD GL
NTYNVDNRX/LIUHZ\GVYLI
N9>NN_RON
\[VGNH[NMNVDGNVLDWKGCUGMXN YN6MUV\
¾ VOK OTIRNND /)NNILU GMXV GNV OT[H >N"NMV\ZYLI
N9
FXNXVGVI\GNH[NMNVDGVOHZJ[I%U [I¤I9G\GVMHVI0G\PLGMN
GMXN "NOKNVQNVFNMNL]NV[GVL]NVWXGVI\9NM
¾ YN6_NVI[GGT
N\UNIRGNOI¤NG\NL 0%NVO,\NI/9GYLI
N9
GMXN YN6M GNH[NMNVD GK OTM^NN RD S YLI
N9 E\V I '9 G \ RD E\V ' 9 N : I XG
/RN/)OTIXI
SUGMXN$ OV(F\KW/¤6L
ǀŝŝ͘ P_NV[NVDHVDL]N6_NVI[GKIRGNOGNVNXHVDM>NUV 1 IR
NVNGM "NNV\G L HVD Y8 MNONIXG
JT >NUMXNGYLI
N9OCIWUGMXV RN\K YLI
N9
L]I¤NYNVDGKOZSK QVXVRN\KYXTOZSK$GK
E= YLI
N9 L]FDNX HD N\ XV E= YLI
N9
OHK^NNGK[E=J6$
L]FDNXRDJ)NN\XIXHNR\K@YINOZISU
ǀŝŝŝ͘ ODGV8Q]NOKHNYNVDGVON)NYLI
N9OD"N9GNV GMQKJ6$VIXHHE=@OVL]+NNRKJ6$V
GKOZSK QVXVRN\KYXTOZSK$$GNVODT'U IXHOZSXNL]N6_NVI[GKRD QZMODSNMPLGMNNVD
MN9LN=RMNOTM^NNYINIXHZOE=LK YN6MPL+NNV'UNE\V'9KG\RDE\V'9N:IXGY)NN=Ua
@GXNI0XHNXGNVDYN6MLVW\HNXGGV 9V\KIRWX OV9NVD \OK0K RD \E=0K OIJU@
YXTONMOD
NNVINUIGN[NJ6$ MVI4]WMV9MNVD@RNI
ND[H
NKXNVDRDMGD0K
NXMNVDVOV
ϳϴ
P5L8X E= YLI
N9 LM \N[Z JNVD[V$ V IXH E= YLI
N9GVOD[]JNGVI\LZMKUMJIW(HVQNM
ODFDINUMN7WVDIONVDGNVE= YLI
N9L]FDNXOV FXNN[NJ6YN6MP8JVDVOVOD[]JNGNVRNLO
WT0K ODF [IUIRINNVD@ W6OV IG OD[]JN@ >NMKQXVFNF6GGVI\2R/)NNOIJUOD[]JN
LC)N'GMN@ IR"N9X RD LTXSG]N GN IXD N@ GVDQ]NIFDQT/)NNILUGMXVGVI\L]NINGCUIGN
,N=RV^NNRDIRIXHXGVODFDNHVD
NI'UNDL]QNX [NJ6$E=LKYNMGVYNKXGNVE=+NKP5LNQG
GMUV J6D$ EX IXHNVD HVD IR/UNIMU P5LNQG P5UMQNI5ROD[%XLKYNMYNVGVHNHOV
P5UMQNI5R GK YRNNMNN \N[Z GK [E= J6$ YLXV P5UMQNI5R GN L]FDNX GM OGUN J6$
UQXTONM@P5LNQGNVDGNV@PXGV/RDGVP5LNQNVD P5LNQGNVDGVLNOE= YLIqNo9GVS6XV\NEWVqNXGV
GKIHNQOHN,UJNVXVOVL6QNJTE= YLI
N9GK I\ E= YLIqNo9 IRIXH YN6M E= IM9V\M GV
OD[]JN L]NNI\NVD GK /)NNLXN YN6M ,NN=RMNK IRG<LJNVD[V$EXIXHNVDGVOD
NNVNXGNVIQXNDG
OHCL]FDNXHVD YNE= \N[UGK+NMLNE= GMXN WZX@GNVYINOZISUIGN[NJ6U)NN
YLVI^NU J6$ EOGV YIUIM'U@ IFW\K RD L]NL E= YLI
N9 L]FDNX IXH@ GNV
E\V'9N:IX'O"N9GNVDGVIRIXHN=NHVDL]NV[IG YDIUHLIQNWNMJNJ6$L]NLE= YLI
N9
WNXVRN\V1J>NUMXNGLQN)NNV=DGVI\@8ZXUH L]FDNX IXH@ GK HT> IR
NVNUND
OKHND@WNVIGLZMVIR
RHVD/RKGNMGKWNUKJ6D@ IX(XI\I>NUJ6D
IXNN=IMUGK[E=J6D$P5LNQGNVDOVYN
NNGKWNUK y -CCD>N\N GV IGOK +NK /UM LM YXN6LSNIMG
J6IGRVEXIXHNVDGV\N[ZJNVXVGKUNMK>NOVQNV OV'9MHVDE= YLI
N9GVIMONRGNVQZMGMXV
RNNV=D GK YRIN GV +NKUM IXNN=IMU OKHN UG JVUTEXIXHNVDGVYDU[=UGRMIGWNXVRN\V
>NUMXNGLQN)NNV=DGVL]NV[HVDGHKYNMYNVS LNNNMGNVDGNIR/UNMGMGVEOHVDIRIXHN=UN@
OGV \^GNV L]N,UGMVD[VD$E= YLI
N9GN 0K\M@MK4MIF
NMRDP5LNQXP5UMQNI5R
,NN=RMNKOHCL]FDNXOTIXI
SUGMXVGVI\ OD[%XLKYNMYNVU)NNE= YLI
N9'OSVDW
VIXH@HT>Q/UNRVWJ6D$ GNV
NNIH\IGNWNMJNJ6$
E= YLI
N9L]FDNXYN6MJ)NN\XIXH@GV y IXHNVDGKL]NV7UNGNVYF"N9GNVD@PL+NNV'UN
YIN¤HNHVD@LN=RMN@RXYN6MW\RNTLIMRU=X R/UTYNVDYN6ME=E=E=GV/LVMG\ LTWNV@WNV
HD N\XVIQXNDGHNS=@GVONGNIX IG P5LNQ GNV L]SN\XN5HG FXNUV J6D@ UG
ODYGVUJUE= YLI
N9L]FDNXIXH@ IR/UNIMUIGNWNMJNJ6
GNVYINOZISUIGN$OMGNMXVOD
NNVINU y G(L6'9 \NVMOVD9 \6(LNVD GNV YXTOZSK $ HVD
E= YLI
N9L]FDNX@IXH@HVDE=LKYNMGV
NNIH\GMUVJTEXIXHNVDGVYDU[=U\NXV
GN=^NV GN IR/UNM IGN J6$ EX IXHNVD GV GNL]/UNRIGNWNMJNJ6
YXTONM@E=LKYNMOVVOVYLI
N9GNLN=RMN
y HOHE=IRGNON5HGYINIXH@HVD
,N HVD %NVO L]FDNX OTIXI
SU GMXV GV I\
)NNLIM+NNINUOZ^HRD\"NTP_NV[OV'9MGK
E= YLI
N9GVS6X\NEWV
NXGVI\E\VI'9G\
1Z9GNVOHN,UIGNWNMJNJ6
NE\V'9N:IXGPLGMNGVIGOKP5LNQGGK
IW(HVQNMK YI+NL]VU J6$ E= LK YNM GV YNKX y E= YLI
N9 GN Q^NUNLZ N= S6 X \KGMN
E= YLI
N9 GV \^ YNNNIMU OD[]JN GNV OTIXI
SUGMXVJVUTP5LNQGNVD`NMNP5LNQG
YINQVI
NU IGN [N J6$ P5LNQGNVD GNV P5UMQNI5ROD[%XYN6MIXWKOV'9M`NMN
ϳϵ
Y)NRNLKLKLKHNV0LME= YLI
N9'OSVDW LC)NGGMXVGVI\WVXMV9O=GKIW(HVQNIMNDU
GK/)NNLXNGVI\OH)N=GNMKL]NRNNXIGN GM QK [E= J6D$ IXHNVD HVD YLI
N9 STXXV
WNMJNJ6 RN\NVD#GFNI0NVD GV GKGMN GV PLNNVD GN
y OD[]JNGV8Q]NVDGK/)NNLXNYFP5LNQGNVDGK L]NRNNXIGN[NJ6$IXHHVD/)NNXKIXGNNVD
IW(HVQNMK JNV[K U)NN /9D60 \NVX OD[]JN GNV L]NV'UN
NT<G @ WNV YLI
N9 P5LNQG
GV8Q]NVDGKYXTHIUXJKDQKWNMJKJ6 WVXMV9M `NMN YLI
N9 OD[]NJG GNV +NT[UNX
y GNMNVFNMK\VX QVXRDGH=SNIMNVDGKOD>N IGNWNXNJNV[NU)NN[DQ[K46\NXVRDYLI
N9
GVODQ+N=HVD)NNVGPL+NNV'UNGNVLTXLIM+NNINU GNVLC)NGXJKDIGWNXVGVI\ /LN:94NEX
IGN WN MJN J6 U)NN E8JVD YF RNIN=G \[NXV GV I\YLXV PL IXHFXNXV GV I\
IRRMINNDL]/UTUGMXNWMKJNV[N YINQVI
NUIGN[NJ6$/R31+NNMUGVYDU[=U
)NNLIMGI<LU+NN[KQNMKGKODG<LXN
NTGK
y IXHN=UNYNVD`NMNE=LKYNMGVI\OLKOKFK
[E=J6Y)NN=U)NNVGRDOD/)NN[UWVXMV9O=@FNWNM
OVL]NINGNMGNVOKLKOKFK`NMNL]NINGNMOV
OD"NNVD@ GN=¤H YNNVWGNVD U)NN 1N NRNONVD YN6M
L]IUI/)NNILUIGNWNMJNJ6
MV/9NVMVD9NVD GNV YLI
N9 LC)N'GMN RD /)NNXK
y OD[]JN@ IR>ND0X U)NN LTX S¤N GV I\ IXGNNVDGVON)N+NN[KQNMKHVDL]FDNXGVI\L]5^N
LDWKGMN#L]NINGNM HVD OM\KGMN@ IWXHVD ,NOV WRNFQVJFXNN[NJ6$O+NKMVIW0VD9
LDWKGMNYN6ML]NINGNMGNV LTXSG]GNVD YN6M RV<4VMYN6MFNWNMOD"NNVD@[V9V0G(ZIX9KWYN6M
IR>ND0XGUN=YNVD GV I\ L]NINGNM GV G OD/)NNX@IWOGN^NV 4\R[=HKOVYING
Q/UNRVWGVLHVDODT'UIGNWNMJNJ6 JNV@XE=9NPXI
NLYN6M[T]LJNPIOD[ONVONEI9NVD
%NVOYLI
N9L]FDNX GNV EX JNPO YLI
N9 J)NN\X@ YN6 M
%NVOYLI
N9L]FDNXIXH@HD N\ FNNVI0[]V0VF\YLI
N9GVI\L]NVOVIOD[2R/)NN
XV RNNV=D GV FNQ X[MLNI\GN ^NV NVD HVD %NVO IRGIOUGMXVGVI\WRNFQVJFXNN[NJ6$
YLI
N9GVL]FDNXGVI\IXHNVDGNVOD
NNVINU IR
NVNYNI)N=GWNVX@YN6_NVI[GODLQN@YN6_NVI[G
IGNJ6$XIXHYFX[MLNI\GN^NV NVD GV LNG= GV 0VR\LO= GNV IMGRMKRD IMONEI'\D[
FNJM\N[Z J6D YN6MEOGNIR/UNM
NJMKOHZJNVD@ OTIRNNGVI\+NZ>ND0GVGT\^NV 4\GN8ZXUH
WX[NXN
NJMNVD@ YINOZISU YN6_NVI[G
NJMNVD@ ³IU
NUN8ZXUH+NZ >ND0#
NV0IXNN=IMU
+NNMUKMV\@IRHNXL5UX@MFVO@L5UXYN6M GMXVGVI\YINQVI
NUIGN[NJ6$E=DNXGN
FDQM[NJ@M^NNL]IU%NXNVD@IR
NVNYNI)N=GWNVXNVDYN6M L]NV[GMXV RN\KYN6M%NVOYLI
N9YNNNIMU
MN7RDGVDQ]KOMGNMOD[%XNVDGVIXD NNNKX YNM0K4ODD OVIGHKGV+NKUMYRI/)NU
^NV NVD@UK)N=NI NVD@NNIH=GYN6MVIUJNIOGHJ5R O+NKYN6_NVI[GZIX9NVDOVEOL]GNMP5LNIQUYNM
GV /)NNXNVD HVD +NKJ6$O]NVULMJKYLI
N9GN 0K4`NMNPXGKE=DNXYLV^NNGVGHOVGH
LC)N'GMNYIXRN=IGN[NJ6$YLI
N9GNV L]IU
NUGNVL]IU/)NNILUGMXVGVI\2R/)NN
UKX+NN[NVD@XHFNNVI0[]V0VF\@OZ>NN,\NI/9G@ IGNWNXNYLVI^NUJ6$IG#G6\#IG[]N
GN[W@NNUT@GN%YNIQU)NN"NMV\Z>NUMXNG N EOOV YING G6\NVIMI4G R6<Z RN\V
YLI
N90NLO=@X6LIGX@O4NE=WV89O GV XN:X IMONEI'\D[YLI
N9GNV@YLI
N9G
>NN\KFU=X@H31M+N[NXV RN\KQRNYNVD YNIQHVD IGWNXV/)NNX\6D0I4\LMIXL9NXXJKDIGN
ϴϬ
WN[NYN6MEXGNPLNV[GVR\IM4aZW2T5L8X /)NNXK L]NINGMNNVD `NMN XJKD IGN WNUN )NN
E=DNXGVHNHOVNIM4aZW2T5L8XE=DNXU6NM 'NVDIG RJ GVR\ X[MLNI\GN L]NINGMNNVD GV
GMXVI\4K0/9N:GGV,NHVDQVGMPWN=OCIWU IRRVGLM1NV0IQN[N)NN$
GMXV JVUT IGN WN[N$ IXGNNVD HVD /)NNXK EX HTQaQNVD GN IXMNGMN GMXV YN6M /R OUU
IXGNNVD `NMNYLI
N9L]FDNXGV I\YLVI^NU YLI
N9L]FDNXL]NN\K/)NNILUGMXVGVPQaQV

YRODMSXN /)NNILU GMXV JVUT OH OKHN GN OV@HD N\XV,\NI/9GYLI
N9L]FDNXIXH@
L]NRNNXIGN[NJ6$GNN=8RXHVDGJN[NJ6 GNV YINOZISU IGN$ X IXHNVD GNV
IG IXHNVD GV P'U L]NRNNXNVD OV QV
N HVD OUU X[MLNI\GN^NV OV YN[V []NHKN^NV LM\N[Z
YLI
N9L]FDNXIXI
SU,NOVOT[HJNV[N$ IGN[NJ6'NVDIGL\NI/9GJHNMV[]NHKN^NV NVD
,\NI/9GYLI
N9L]FDNXIXH@J HVD+NKLJTDS[NJ6$IXHNVDHVDIX(XI\I>NUL]NRNNX
IRIQUU)J6IG,\NI/9GGVGE=FNML]NV[JNVUV IGN[NJ6
J6D YN6M +NN6IUG RD MONIXG IR
NVNUNYNVD GV ŝ͘ ,\NI/9G)N6I\NVDGK8ZXUHHNV9NE=GNV
LIMNNH/RLEXGKRNINI7GO4\UNJ6IGDUT HNE¤NVXOVFNGMHNE¤NVXGMXN@
YLIMJN= ,N OV PXGN IRRVGJKX IXL9NX@ ŝŝ͘ GRMU)NN,\NI/9GYLI
N9GVOD[]JNU)NN
LN=RMN GV I\ F0N >NUMN FX [N J6$ IMONEI'\D[GNVOT[HFXNXVGVI\LJ\K
IR
NVNGM@ ,\NI/9G )N6I\ND@ ENM PNM IF>NMV FNML6GVIWD[U)NNM6ILD[R/UTYNVDGVI\L]NV[
YLI
N9GVI\OFOVF0VGNMGJ6DU)NNL]5VG IG WN MJV ,\NI/9G
NK9aO GV I\
RN=\N>NNVD,\NI/9G)N6I\NDLN=RMNU)NNHCQN@ HNE¤NVXGK8ZXUHHNV9NE=IXNN=IMUGMXN$
W\IXGNNVD@W\NNMNYNVDYNIQHVDS\KWNUKJ6D
ŝŝŝ͘ IR/UNIMUP5LNQGP5UMQNI5RGV YDU[=U
YN6MP8JVD LZMKUMJX9GMXV HVD YN6OUXG
,\NI/9GYLI
N9GK9VGF6GL]NN\KGV
JWNMRN=\[WNUVJ6D$EOI\@,\NI/9G)N6I\NVD
ODFDN HVD P5LNQGNVD YN6M F]ND0 /RNIHNVD GK
GVR6.NIXGL]FDNXGVHTQaQVGVIXMNGMNGVI\
+NZIHGN/L9GMXN
X IRIXH Y)NN=U ,\NI/9G YLI
N9 L]FDNX
ŝǀ͘ ,\NI/9G)N6I\NDL]QNXGMXVGVE31TG)NNVG
YN6M J)NN\X IXH@ GNV RN= HVD
YINOZISUIGN[NIWOHVD,\NI/9GYLI
N9 IR¤VUNYNVD#/9K9RVD0O= `NMNLDWKGMN LZR=
L]FDNXGNV
NNIH\IGN[N$U)NNIL@EXIXHNVD L]+NNMGV,NHVD+NT[UNXIGWNXV GV I\
GN GNN=8RX EUXN YING L]+NNRK XJKD )NN ,\NI/9GYLI
N9L]FDNX
NT<G
NTGMGV
'NVDIG EX IXHNVD GN QNMN YINOZISU ,\NI/9G )N6I\NVD JVUT HZ<X UD NVD GNV
X[MLNI\GN^NV NVD UGOKIHU)NNWFIGYNW@ ST/U QT/UGMXN@
,\NI/9G[]NHKN^NV NVDUGLJTDS[NJ6$YLI
N9 ǀ͘ ,\NI/9G YLI
N9 GV \N+NL]Q L]NV[ )NN@
WVXMV9O=GVI\GNVE=L]NRNNXXJKD)NV$IXHNVDHVD PWN=IMGRMK@O0GIXHN=NYNIQGNVFNRN
YLI
N9GVPLNV[KODONNXNVDHVDODLIMUR=XGNV QVXVGVPLN@
FNRNQVXVGVFNMVHVDGNVE=L]NRNNXXJKD)NN$_IL@ ǀŝ͘ /)NNXKL]NINGMN`NMNL]NV'UNL]+NNMU)NN
EOHVDYLI
N9L]FDNXL]NN\KGK/)NNLXNGVI\ HN6GVLMWTHN=XN
NTGMXNYN6M
IR/UNIMU P5LNQG P5UMQNI5R@ )N6I\NVD GV ǀŝŝ͘ YLXVOCIWUYLI
NI9GNVOD[]JGMXVU)NN
HZ<XYNIQGNL]NRNNX)NN@U)NNIL@EXGNL]NV[ L]NINGCU L]OD/GMN ZIX9NVD GNV S6X\NEW
ϴϭ
GMXVGVI\OD/)NN[UWVXMV9MU)NNGN=¤H GMXV U)NN /)NNXK L]NINGNMN OV OHTISU
YNNVWGNVDJVUTYINQV
N$ YXTHNVQXL]N,UGMXV GV I\YINQVI
NUIGN
IXHN=N YN6M NV WNXV ODFDNK YLI
N9 [NJ6$PXOVJ+NKYLVI^NUJ6IGRVYLI
N9
L]FDNX@HD N\XV LJ\KFNMQV
NHVD GNVSNM+NN[NVDY)NN=UGD¤K9@HCQN@/9K\@GN%DR
IXHN=NRDNWNXVODFDNKYLI
N9GVL]FDNXGV ,\NI/9G@E=D9U)NNHNV9N=MHVDLC)NGGMVD@NVWXNGV
I\IXHN=NYN6MNWNXVODFDNKL]FDNXIXH SMN OV GNN=8 RX SMN UG OTOD [U
GV ,N HVD IXHNVD GV LC)NG OV9 GNV I¤NG\NLNVD GV FNMV HVD ODFDINUL]NINGMNNVD GNV
YINOZISUIGNJ6$EXIXHNVDGKYINOZSXNOV OZISU M>NVD U)NN RJ LIMNVWXN OV LIMNVWXN
LZR=@IXHN=NYN6MNWNXV ODFDNKYLI
N9GN YNNNMLMJNVXNSNIJ$YLI
N9WVXMV9O=OVJ
L]FDNXX[MLNI\GN%NVOYLI
N9L]FDNXIXH +NK YLVI^NU J6 IG RV ODFDINU L]NINGMNNVD `NMN
GVYDU[=UIRIXIHUJNVUN )NNYN6MEOV YINOZISU OD[]JN@ LNM[HX@ L]OD/GMN RD
NJMK/)NNXKIXGNNVDGVIRRVGLM1NV0IQN IXL9NXGVI\OTOD[UL]+NNMGN+NT[UNXGMVD$
WNUN)NN$XIXHNVD HVD IGOKIOIR\NDSV GV OVRNL]QNUNYNVDOVYLVI^NUJ6IGRVOTOD[UL]+NNM
IXHN=N@IM HN:0I\D[@HM(HURD NV WNXV OV GN+NT[UNXGMVD$OVRNL]QNUNYNVDOVYLVI^NUJ6IG
P5L8XYLI
N9GNVIRIXIHUIGNWNUNJ6YN6M RVYLXVYINGNM^NV GV+NKUM+ND0NMN@OD[]JN@
VOVYLI
N9GV\N+NL]QUMKGVOVQNVFNMNL]NV[ QNVFNMN L]NV[ IMZW@ LTXS=¤N IMONEI'\D[@
IMZW@LTXS=¤NIMONEG\GVI\YN[VGK LNM[HXYN6MIXL9NXGNV
NNIH\GMUVJTG
MNJL]
N/UGK[E= J6$XIXHVOV L]5VG 2NLG YLI
N9 L]FDNX NVWXN U6NM GMVD$ RV
2I'ULM\N[ZJNVUVJ6D@WNVIXHN=NRDNVWNXV IXHN=NRD NV WNXV ODFDNKO+NKYLI
N9NVD GNV
ODFDNKYLI
N9 2I'UNOD[%XNL]NINGMN J9NXV GV I\ +NK IW(HVQNM J6D$ /)NNXK
GV IGOK IOIR\ NDSV GV IXHN=N@ IMHN:0I\D[@ L]NINGNIMNVD GNV YLI
N9 GV OD[]JN@ IXIHU
HM(HURDNVWNXVOV+NRXONH[]K@H\RVYN6M YDUMN\NVDLMJ9NWNXV@L]OD/GMNRDIXL9NXGV
MNV0V L5)NMP5L8XGMUNJ6$IXHNVDGVYDU[=U I\ PLT'U /)N\NVD LM \V WNXV JVUT OHTISU
L]5VGYLI
N9OCWXGUN=WVXMV9MGNVGD¤K9@ G89VXMM>NXVOIJUYLXVYINGNM^NV GV+NKUM
HCQNRDY8R/UTYNVDGVOD[]JN@LC)N'GMNU)NN L]FDNXGVI\+NKIW(HVQNMFXNN[NJ6$MN7
P5L8XIXHN=NRDNVWNXVODFDNKYLI
N9GN OMGNMNOD"NMN7^NV L]
NNOXHVDIRGNOGV
LC)NG,NOV+ND0NMN@/)NNXKIXGN`NMNEO L]+NNMKOISRGNV EXIXHNVD GKYINOZSXNGK
L]GNMFXN[OD[]JNGVDQ] HVD WHNGMXV N UNMK>NOVGRN=GV+NKUMIXHN=NRDNVWNXV
L]NINGCUL]OD/GMNOTIRNNGVDQ]NVDGNVON6DLXV@J ODFDNKYLI
N9L]FDNXGVI\XKIUU6NMGMXV
OTIXI
SUGMXVIGENM PNM[DQ[KNWHNRX JVUTYINQVI
NUIGN[NJ6$/)NNXKL]NINGMNNVD
JNV@ IWOOV NUNNU N WXUN N XNI\NVD HVD OV+NKYLVI^NUJ6IGRVIXHNVDGVYDU[=UIRIXIQ=9
YRMNVNGNVMNVGNWNOGV@GVI\IW(HVQNMFXN OH OKHNGV+NKUMYLXVYINGNM^NV HVDIXHN=N
[NJ6$GIQXHVD9XOVYINGNGHNJ RDNVWNXVODFDNKYLI
N9GVL]FDNXGVI\
HVD9XYLI
N9P5L8XGMXVRN\VWVXMV9O= YNR
G YRODMSXN/)NNILUGMVD$IXHN=NRD
GNVIXHN=NNNVWNXVNIMHN:0I\D[GN=
NT NVWNXVODFDNKYLI
N9OVFXNE=[E=ONH[]KGV
GMXV OV LJ\V YLI
N9 L]FDNX NVWXN L]/UTU L]NLN GN PLNV[ O>U [TNR5UN IXD N GV
ϴϮ
YNKXX[MLNI\GNYN6MOMGNMKODIRQNYNVDHVD EOGNPLNV[
NU L]IU
NUUGXJKD LJTDSNJ6
GIULL]IU
NUY)NN=U L]IU
NUHVDIGN YN6MEOGVPLNV[GNVFNRNQVXVRDOT[HGMXV
WNXNJNV[N$EXIXHNVDGVGNN=8RXOVIXHN=N GVI\GIULYIUIM'UPLNYLVI^NUJ6D$JN\
DR NV WNXV ODDFDNK YLI
N9 GV IRRVGJKX HVDIQXNDGGNVOD
NNVINUYINOZSXNHVD
IXL9NXGNVMNVGXVU)NNVOVYLI
N9GNV\N+NL]Q IRI+N8X \N+NL]Q I¤NG\NLNVD GV I\ MN>N GV
UMKGVOVQNVFNMNL]NV[HVD\NXVIMZWIMONEG\ PLNV[GNVFNXVU)NNIXHN=NI¤NG\LNVDHVDMN>N
GMXVHVDOT[HUNJNV[K$ YNNNIMUP5LNQNVDGVPLNV[GNVFNRNQVXVYN6M
MN>N¿4a\NE=V
N¾GNPLNV[IFW\KGK OT[HFXNXVU)NNHCQNGD0K
NXMGV,NHVDMN>NGN
UVWKOVFUKHND[YN6MPWN=GKYLV^NNGV\[+N[ PLNV[GMXVGVI\EOYINOZSXNGVGN=^NV
#IJ/OVGVI\GNV\VLMEOGKIX+N=MUNGV GNIR/UNMIGN[NJ6$EOGV LIMNNH/R,N
LIMNNH/R,NF0KHN NHVDMN>NP5L8XJNVMJN L]QZNNHVDGHKYNE=J6U)NNMN>NGVIXL9NXGV
J6$MN>NGVIXL9NXGVI\F0V+NZ +NN[GKYLV^NN I\+NZIHGKYLV^NNHVDGHKYNE=J6$IX(XI\I>NU
GVHQaQVXWMEOGNL]FDNXISDUNGNIRNMJN IRI
NI9OD
NNVNXYN6MPXGVIXIJUN)N=J6D
J6$MN>NGVIXL9NXGKLN=RMNKOH/NYNVDGN /͘ YINOZSXNGV\N[ZJNVXVGV^NV GVYIXRN=
IXMNGMN GMXV GV I\@ LN=RMN@ RX YN6M YINGNM^NV GNVIGHKOVFNGM
W\RNTLIMRU=XHD N\XVRN=HVDMN>NGV IGHK IGN [N J6$ OD
NNVNX GV YXTONM
PLNV[GV FNMV HVD YINOZSXNWNMKGKIWOHVD GNV\NNI\;XNE9YNNNIMUUNLKIR_TU
SMNFUMKGVOV
NU L]IU
NUPLNV[GNVL]N,U ODD 9KLKLKOVIGHKGKLIMINGV
GMXV GV PQaQV
OV GNV\N#I\;XNE9IR_TU +NKUM+NRXNVDGVIXHN=NHVD\[KL]5VGIXHN=N
YNNNIMU UNLK IFW\K "NMNVD GV I\ MN>N GV WVDOKIXHN=NGVI\GVR\MN>NYNNNIMU
PLNV[JVUT\ÎRIJUIG[J6D$YINOZSXN P5LNQNVD GNPLNV[GMV[K$EOOV MN>NGN
GNV RN= @YN6MJN\HVD RN= HVD PLNV [ GMXV GV I\ YN6 M YING
OD
NNVINUIGN[NJ6$MN>NGVPLNV[GNVRN= /9VGJNV<0O=P5ONIJUJNVD[V$
HVDIHI\X9XGV/UMOVFNGM //͘ UNLKIR_TUODD IGHKGKQZMKUG
RN= HVDIHI\X9XIGN[N MN>N YNNNIMU P5LNQNVD GV IRIXHN=N@ O0G
J6$RN= GVQN6MNXMN>NGVPLNV[GN IXHN=NLIMNVWXNU)NNGCINI¤NG\NLHVD
L]IU
NUL]IU
NUMJNJ6$LJ\V >NUMXNG HCQN GD0K
NXM GV ,N HVD PLVN[ GV I\
YN6_NVI[GYLI
N9 ONH[]KHNXVWNXVRN\VMN>N LIMRJXGK\N[UGNRJXGMVD[V$IGHK
GNVYFPLNV[RDIF¤KNV;R/UTHNXNWNUN OVIGHKUGGKQZMKOVYN[V@LIMRJX
J6$YINOZSXNGV PQaQV
@LN=RMNGKOTM^NN \N[U GN RJX PLNV[GUN= YN6M UNLK
GMXN@HCQNGKPLMKLMUGNV ODMI^NUGMXN@ IR_TUODD NVD GV FKSOHNXLOV ON!N
UNLKIFW\K"NMNVDOVMN>NGNV+NZIHLMWHNJNVXV IGNWN[N$EOOVMN>NYNNNIMUP5LNQNVDGV
OVMNVGXNU)NN+NRXONH[]KGVIXHN=NYN6MIXHN=N IRIXHN=NGK\N[UGHJNV[KYN6MEOL]GNM
I¤NG\NLNVDHVDMN>NGVPLNV[GNVFNRNQVXNJ6$ PL+NNV'UNYNVD`NMNMN>NYNNNIMUP5LNQNVDGK
EOYINOZSXNGV GNN=8RXGV LIMNNH/R,N RJXKUNFV[KYN6MMN>NGNPLNV[FV[N$
MN>NGVPLNV[HVD\[NUNMRCIJTE=J6$U)NNIL@
ϴϯ
///͘OD
NNVNXHVDL]NNXHDK[]NHKNO0GNVWXNGV s///͘OD
NNVNXNVD
HVD UNLK IR_TU ODD NVD GNV
YDU[=U O0G IXHN=N LIMNVWXNYNVD U)NN YINQVI
NUIGN[NJ6IGRVOHIL=UOZ>NN
+NRXNVD@ O0G@ 06H DR FNDNNVD GV IXHN=N OV MN>N IO\NVO RD LC)NG LJTDS O0GNVD GK
ODFDINU OMGNM GV L]IUODLI5U OCWX 2R/)NNGMVD$EOOVMN>NGKOTLTQ=[KYNONX
GN=¤HNVD HVD MN>N P5LNQNVD GN PLNV[ JNVWN[K$
YINQVI
NUIGN[NJ6U)NNEXLIMNVWXN /y͘ U9KIW\NVDHVDYRI/)NUGNV\NNI\;XNE9
/)N\NVDUGMN>NGNV\VWNXVGKODLZN=\N[U YNNNIMU UNLK IR_TU ODD U9K MV>NN
GNRJXUNLKIR_TUODD NVD9KLKLK`NMN OTM^NNGVIXHN=NYN6MY8PLNNVDHVDOJNUN@
IGNWN[N$ OJNV[GMVD[VNL]5^N,NOV
NNIH\JNVD[V$
/s͘OD
NNVNXHVDHCQNGDI0
NXMGV,NHVDMN>NGV EOOVMN>NGNPLNV[YN6MYN[VFV[N$
PLNV[GNL]NRNNXIGN[NJ6IWOOVMN>N y͘ UNLKIR_TUODD NVD `NMNYLXV LIMOMNVD GV
GNPLNV[#HND[FV[K$ +NKUMNYLXVYNOLNONIXG9GVpNJMNVDHVD
s͘ OD
NNVNXHVDO+NKOMGNMK/GKHNVDNGN=G]HNVD MN>NP5LNQIRIXHN=NGMXVRN\VP_NV[NVDGK
Y)NN=UHJN5HN[NDNKMN9K[]NHKNMNVW[NM /)NNLXNYINQVIqNUGMXVOVMN>NGVLIMRJX
[NMD9KYINIXH@HXMV[N@/R31+NNMU GK\N[UGHJNV[KU)NNMN>NP5LNQNVD GV
YI+NNX@
NJMKRD[]NHKNYNRNO/GKHHVD@ PLNV[GNVFNRNIH\V[N$
WJNDR[=4T9OVYINGIF<9YL^NV y/͘ MN7L]NINGMNGIHI\XNEOOVYING
JNVUNJ6@U)NNYI+NIJUYN6_NVI[GODLQNYNVDN WXOD>N RN\V
NJMNVD GV IXHN=N ODDFDNK
LNGNV=DNIR
NVNYNI)N=GWNVXHVD+NRXNVDOIJU PLIXHNVD GNV OD
NNVINU GMVD[V UNIG MN>N
YRODMSXNIXHN=NHVDMN>NYNNNIMUE=D9NVDN YNNNIMUE=D9NVDGNYIXRN=PLNV[OTIXI
SU
P5LNQNVDGNPLNV[YINQVI
NUIGN[NJ6$ JNVOGV$
s/͘E=D9IRIXHN=UNYNVD GNV L]IU
NUOZ>NNMN>N y//͘YINQVI
NU QZMK GV +NKUM O0G FXNXV N
IX
NT<GL]QNXGMXVODFDNKYIXRN=L]NRNNX IG8JKDY8YROMDSXNLIMNVWXNYNVDGVI\
VOVUNLKIR_TUODD NVDLM\N[ZXJKDJNV[N ODIRQNGNMNVDGV+NT[UNXGNVUNLKIR_TUOV
WNV IRIJUUMKGV OV
NU L]IU
NUMN>NGN MN>NGKYNLZIU=ODFDNKL]HNNL L]/UTUIG
PLNV[#IXL9NXGMXVGVI\OH)N=J6$ WNXVOVWNV0NWN[N$
s//͘UNLKIR_TUODD @YINOZSXNGKUNMK>NOV y///͘GCINHD N\GCINHVDHCQNGD0K
NXMGV,NHVD
UKX HNJ GV +NKUM YLXK RVFONE9 LM@ MN>NGVPLNV[GNVFNRNQV[N$
PL\&NMN>NGV+ND0NMGV&N6MVYL\NV0GMVD[V y/s͘O+NK ODFDINU L]NINGMNNVD `NMN PLT='U
YN6MPOGVFNQL]5VGHNJGHOVGHG L]NRNNXNVD GN YXTLN\X IG WNXV GK
FNM/9N:GGKI/)NIUY_UXGMVD[V$EOOV@ OHNRINIQXNDGJ6$GNV\NN
PLNV[GUN=VOVO]NVUNVDGNLUN\[NXVHVDOH)N= I\;XNE9 YNNNIMU UNLK IR_TU ODD
JNVD[V@WJNDMN>NPL\&NJ6U)NNRVMN>NL]N,U IQXNDGOVLZR=YLXV`NMNP5L8X
GMXV GV I\VOV UNLKIR_TUODD NVD OV MN>NGV
NU L]IU
NUPLNV[GV YIUIM'U
ODLG=GMOGUVJ6D$ PLT='UL]NRNNXNVDGNYXTLN\XGMVD[V$
ϴϰ
FNJa OJNUN L]N,U LIMNVWXN HD N\@ G8O<9VDOKWGVYDU[=UGN=LZMVGMI\[
L]QZNNPL
NHXFNJMKOJNUNL]N,UGN=G]H J6D$YDIUHIMLNV9= Y+NK/RKGNMIGNWNXN
/GKH GV ,N HVD AA,NN=RMNK ODM^NN RD FNGKJ6$IQ
NNIXQV=
NNVDYN6MIRNNXGV,NHVD
IX[MNXKAAXNHGPL
NKN=GVYDU[=UIR
RF6DGOV L]NLXKIUL]IULNQXGNVHNS=@UG
OJNUN L]N,UAA YN6_NVI[G L]QZNN L]FDNX LZMNIGWNXVGKYN
NNJ6$
LIMNVWXN GV I\ ^NHUN IRGNOAA XNHG //͘ XZMHNVJ(HQGTD9N!K\@UV\D[NXNHVD>NUMXNG
LIMNVWXNGNIXLNQXGMMJNJ6$IQXNDG YLI
N9 S 0&<Z /)N\ GK MVHVI0
NX
IOU(FM@GKOHNLXUNMK>NGVON)NJ NVWXNYNVD@YNDN]L]QV
NHVDGT0NLNX[MLNI\GN
LIMNVWXN@WNVIGGNV
NTJTE=)NK@ %NVOYLI
N9HO0&<Z/)N\GNVFDQ
HZ\,NOVLNDSRNNV=DGVI\)NK$LIMNVWXNGK GMXVRDPOGKLIMMNVNXNVWXNYN6MLI
SH
YF LTXO=DMSXN GK [E= J6 YN6M LIMNVWXN GK FD[N\HVDNNLNHO0&<Z/)N\GVI\FDQ
\N[UIHI\XYHVIMGK0N:\M GMXVRDPOGKLIMMNVNXVNWXNGNVYDIUH
GMNV0JNV[E=J6IWOHVDL]IU
NUIR5UK ,NIQN[NYN6MYXTHNVIQUIGN[N$
OJNUNIR
RF6DGOVL]N,UJTE=J6YN6ML]IU
NU FNV\KQ/UNRVWU6NMIG[YN6MFNVI\ND
GNNV[QNXLN=RMN@RXRDW\RNTLIMRU=X YNHDI UGK[E=D$YNDN]L]QV
NHVDGT0NLNH
HD N\@ YNDN] L]QV
N OMGNM@ UV\D[NXN OMGNM O0&<ZGNVFDQGMXVRDPOGNLIMMNVNX
U)NN LI
SH FD[N\ GK OMGNM `NMN IGN NVWXNU)NNLI
SHFD[N\HVDNNLNHO
WN[N$LIMNVWXNGKOHNLXUNMK>NGNV 0&<Z/)N\GNVFDQGMXVRDPOGKLIMMNVNX
IOU(FM@UGIR/UNIMUIGN[NJ6$EO NVWXNODFDNKGN=L]QNXGMIQN$XH
LIMNVWXNGNPQaQV
QZINU/)N\NVDVGVPLSNM GV!K\GVI\ODIRQNDL]QNXXJKDGKWN
U)NNL]QZINU/)N\NVDGN,NN=RMNKOHCPLSNM OGKD'NVDIGFNVI\NDXN:XIM/LNVDIORLNE=D[E=$
NT GMXV GV I\ GIUL MN7 WVDIONVD HVD FNV\K QTFNMN YNHDI U GK [E=D YN6M EOGV
RN/UIRGHNXRKRDUGXKGK^NHUNGVIXHN=N LIMNNH/RLFNV\KGNV
NK"N]JKL]QNXIG
GV I\GXKIUGV ,NHVD L]QZINU/)N\NVD GV WNXVGKOD+NNRXNJ6$
LTXRN=OGVI\GMN9KGN=¤HXLKYNM ///͘NKHKL][IUGVGNMNLI
SHFD[N\HVDJT[\K
LKOGK/)NNLXNGMXNJ6$ >NUMXNGYLI
N9/)N\GNV LIMNVWXNOV
YFUGI\[ING\NL J9NXVGNL]/UNRIGN[NJ6$
/͘ UKXXLKYNMLKOG8O<9VDOKWY)NN=U /s͘ Y8 GN=G\NLNVD GNV 1NV0 QVXV GV GNMN
+NNMUHVDOD+NNIRUODQZINU/)N\NVDGKOZSKRD PL\&NFSU@OVLTXODMSXNGVIJ/OVGV,N
HNXIS N H6OO= OK YNV 0&<Z YNE=@ HVDIX(XI\I>NUXE=[IUIRINND
NTGK[E=J6
XKQM\6D0@L]QZINU/)N\NVDGVLTXRN=OGVI\ G YN6_NVI[G MONXNVD ODFDNK MN9K GNM=RNE=
MN9KGN=¤HNVDJVUTI¤NIRINNVDGNIRGNO NVWXN$
H6OO=[]NVD9IHW@0VXHNG=U)NNXLKYNMLK >NUGXKGK#YGNQIHGOD/)NNXNVDGNVPLSNMLM
OGNIRGNOH6OO=LK0&<ZOK+NNMUGNV YLXKIR
NVNKGCU^NHUNIXIH=UGMXVJVUTGNH
GN= ON6DLN [N )NN YN6M O+NK UKXNVD HVD\[NXNWNVYN[VMN7L]QZNNIXD NFNV0NV=D
ϴϱ
U)NN Y8 LNNNMGNVD GV +NNRK L]I
N^NN RD GMXVOVODFDINUFNOV\G8RVD
NXIQXNDGHNS=@
^NHUNIRGNOGVI\PLSNMLMP5GC9UN GNV LZNNINGNIMNVD GV O(HV\XHVD FNOV\@
GV8²GV,NHVDGN=GMVDV[V$ I/R9WM\60HVDYLXNN[N)NN$FNOV\G8RVD
NX
[HCQNRD+NZW\GVI\HNXGNVDGNIRGNO$ GNIR/UCUPQaQV
HNXRK/RN/)YN6M,NN=RMN
"N MN9K YLI
N9 L]FDNX OZSXN L]NN\K GNV >NUMXNG YLI
N9 GV L]IUGZ\ L]+NNRNVD OV
SMN $$ OTMI^NU GMXN J6$ EOGV YXTL]NV[ GN ^NV
P5LI5UYN6M#Y)NRNG(LNVIW
NXYN6MIR
NVNUND
0 YRODMSXN GV ODQ+N= HVD LZRNV=5UM MN7NVD GK
YXT31VQ $U)NNYXT\;XG ,@,,,@9,,,YN6M,;
^NHUNGNIRGNO
GVON)N ON)NAY8YLI
N9"NMV\ZYLI
N9YN6M
SODQZINU/)N\NVD GKYINGOD>NRN\V Y8 EXIOXV9MV
NYXT31VQ $YN6MYXT\;XG $$
MN7NVDGVYRODMSXNIRGNOOIJUL]I
N^NN GV,NHVDLIM+NNINUQNVL]GNMGVYLI
N9NVDGV,N
RD^NHUNIRGNO HVD LIM+NNINUYXVGYLI
N9JD6$+NNMUXV WZX
1HNXR
NI'URDYRODMSXNGVODQ+N=HVDHD N\ HVDYLXNYXTOH)N=XODFDNKQ/UNRVWL]/UTU
GV >NUMXNG LQN)N= L]FDNX L]+NN[ GN GMIQNJ6$YNWGKI/)NIUHVDEOG8RV
NDXGV
OTQCKGMN$ L^NGNMJD6$
RN= GV QN6MNX GK [E= YDUMMN9K 2NLNM HVD GIUL >NUMXNG
L][IU#PL\I&NND MONXNVDYN6MGK9XN
NGNVDGVI\LZR=OZISU
/͘ O+NKUKXNVDG8O<9VDOKWGVI\GN=UG OJHIU L]IN ODFDNK MNV9M06H G8RVD
NX
IMLNV9=VD@YDIUHGVIORN@L]N,UJNV[E=J6D YDUMMN9K 2NLNM HVD GT1VG WNVI>NH T'U
//͘ LIMNVWXNGKLTXO=DMSXNGNV YDIUH,NQV
MONXNVD YN6M GK9XN
NGNVD GV I\ LZR= OZISU
IQN[NJ6$ OJHIUL]I¤NOVODFDINUMNV9M06HG8RVD
NX
4MRMK@GNV\N[ZJTYN)NN$EOG8RVD
NXGNV
///͘LIMVNWXNGVYNKXIRI+N8XI¤NG\NLNVDGK
+NNMUOMGNM`NMNHE=@GNV/RKGCUIGN
I/)NIUGNHZ<DNGXGMXVGVI\
NTGK[E=
[NYN6MJY[/U@GNV GN=
NNK\
LIMNVWXNGKHGN\KXOHK^NN
JTYN$YDUIMHYRINGVQN6MNX\[+N[QV
NNVDXV
/s͘LI
SHFD[N\HVD JT[\K>NUMXNGYLI
N9 IR+NN[NVD#OD/)NNYNVDGNVG8RVD
NX`NMNYLVI^NU
/)N\GKMVHVI0
NXGNM=RNE= LTXO=DMSXNHVD L]
NNOIXGL]GNNV=DGNIXLNQXGMXVHVDPXGK
1NV0QK[E=$XHGV!K\/)N\GVI\ YNVM OV GN= GMXV GV I\ XNHNVI9 MN9K
FNVI\NVDQNVFNMNYNHDI UGK[E=DU)NN
NK"N]JK L]NINGMN ISIJ8U IGN$ +NNMU GV XNHNVIQ9
FNV\KL]QNXIGWNXVGKOD+NNRXNJ6$ MN9KL]NINGMNMONXRD PR=MGHD N\@
YDUMMN9KG8RVD
NX GCIN RD OJGNIMUN HD N\ HVD J6$ OMGNMK
>NUMXNGYLI
N9NVDGNOKHNLNMKODS\X O(LG= IFDTQ YNVOKLK GNV ,NN=RMN@ RX YN6M
LMIXD NU)NNPXGVIXL9NXOVODFDINU W\RNTLIMRU=XHD N\HVDLQXNIHUIGN[N
FNOV\ G8RVD
NX OKHNLNM >NUMXNG WNV J6$EOG8RVD
NXGVYXT\;XG $$$HVDMONX
YLI
N9GNODS\XMNVGXVYN6MEOGNIXL9NX OZSKF J6D IWOHVD GK9XN
NG YN6M
ϴϲ
YN6_NVI[GMONX
NNIH\J6DIW8JVDQNVNYING YN6MGTYNHN9NV@WNLNXHVDYNNVIWUIGN[N)NN@
L^NNVD `NMN/RN/)Y)NRN,NN=RMNKGNMNNVD OV HVDLNMVGVL]IUGZ\L]+NNRNVDOVHNXR/RN/)YN6M
L]IUFDINUNIF<GT\JKOKIHUGMIQN[NJ6 ,NN=RMNGKOTM^NNGVFNMVHVDGR6I
RGODIN
YN6MIWOGNIXN=L^NNVDGVOD"NXVLZR=OJHIU AALNMNODFDNKIHXNHN9NG8RVD
NXAAGNVYN6LSNIMG
L]I¤NLKYNE=OKGVYNKXI\NJ6$ ,NOV YLXNNU)NNQV
NNVD U)NN^NV KYNI)N=G
/)NNK YN[V=IXG L]QZNGNVD OV ODFDINU GUNOD[%XNVDGVJ/UN^NMJVUTL]/UTUIGN[N$
/9N:GJNVHG8RVD
NX/)NNKGNF=IXGL]QZNN EOG8RVD
NXLMYFUGXN6YXTOH)N=XU)NN
LKYNVLK GV ODFDN HVD /9N:GJNVH G8RVD
NX G J/UN^NMJNVSTGVJ6D$+NNMUXVIOU(FM@
R6I
RGODINJ6WNVLKYNVLKOVHNXR/RN/)RD GNVEOG8RVD
NXLMJ/UN^NMGMIQN$
,NN=RMN GK M^NN GMUK J6D$ EO G8RVD
NX GK YD U MMN9K MNONIXG L] F D NX JV U T
NTYNUHVDMONXNVDGVP5LNQXYN6MIM\KW GN=XKIUGQCI9GNVN4MRMK@HVD+NNMU
LML]IUFDN\[NXVYN6MFDQGMXVGKO\NJQK[E= OIJU OV YING QV
NNVD XV YDUMMN9K
)NKDYFEOG8RVD
NXHVDMONXNVDGNV
NNIH\ MNONIXGL]FDNXGV L]IUGN=XKIUQCI9GNVN@
IGN[NJ6$JG8RVD
NXHE=@HVDYLXNN WNVMONXNVDGVPISUL]FDNXGNVFNRNQVXVGV
[N YN6M HE=@ GNV \N[Z JTYN$ EO ODFDNHVDGYDUMMN9KXKIU[UNDSNJ6@GVL]IU
G8RVD
NXGNVWXRMK@HVD+NNMUOMGNM OJHIU2'UGK[E=)NKD$OOYNE=OKHGK
`NMNYLXNN[NU)NNJYL]6\@HVD L]NMDI+NG [IUIRINNVD HVD MN9K L]NV4NE\ GN
\N[Z JTYN$G8RVD
NXGV YXT31VQGV YXTONM@ IRGNOY)NRNP8JVDY_UXGMXN@OD/)NNYNVDGNV
G8RVD
NXGVL^NGNMNVD`NMNJL]QI
N=UGMXVGV HWFZU IRGNO U)NN MN9K GN=XKIUNVD HVD
I\IGRVG8RVD
NXGKFNUNYNVDGNVIGOL]GNM MONXL]FDNXGNV
NNIH\GMXN
NNIH\J6$EO
OV LZMN GMVD[V YN6M J IG XYNE=LK R6I
RG PQaQV
GVI\+NNMUXVMONXL]FDNXGVI\
,NN=RMNOTIRNNIRULNVNNGVHNHOVIRGIOU +NNMU GK YROMDSXN YN6M ^NHUN GN YNG\X
IGN [N J6@ G MN9K GNN=8RX NVWXN GMXVGVI\MN9KMONXL]FDNXL]NV4NE\GNV
U6NMIGNWNXNYLVI^NU)NN$,NN=RMN@RXYN6M U6NM GMXV GV I\ GNM=RNE= YNMD+N GK )NK$
W\RNT LIMRU=XHD N\QV
NHVD WKE=4YN6M HD N\`NMNIG[Y8GNNV=DHVDV)NVLQV
N
/9N:GJNVHG8RVD
NXGN4NVG\,RNED9J6$GCINRD HVDLVD9@I0/9V(LMYN6MIL;HVD9NVDHVD\V0G60IHH@
OJGNIMUN HD N\ YN6M MONX LV9NV MONX LNMNYN6MYNOV=IXGGKOZSKFXNXVODFDNKYX
HD N\HVDXNHNVI9MN9KL]NINGMNJ6D$+NNMU YNMD+NGMXNLLY[]NKMN9KL]NV[
NN\NYNVDGV
XVL]NMD+NHVDOZSKFMONXNVDGNYXTOH)N=X ON)N L] N MD I +NG IRSNM IRH
N= GMXN LLL
IGNJ6$ E\V'9N:IXGYLI
N9GVL]FDNXJVUTE= YLI
N9
,NNMNODFDNKIHXNHN9NG8RVD
NX4MRMK@ L]FDNXRDJ)NN\XIXHNR\K@YINOZISU
HVD ZXE=LK GK
NNOK LIMNQ XV LNMN LM G GMXNU)NNLY;\NVF\KJNHNV=XNE70IO/9HGV
R6I
RGIRINGFNGNMKQ/UNRVWU6NMGMXVGV YXT,N>NUMXNGR/UTR[K=GMN@L6GVIWD[U)NN
I\IXN=#YLXNN$LZNN=INGNIMNVD GV \VFI\D[IXHGV HON6QV GNV YDIUH,NQVXN
O(HV\X@WNV Y'UZFM@UGHKXNHN9N
NNIH\J6$
ϴϳ
/R31 L]N6_NVI[IGNVD GN IRGNO YN6M GMGV LN:\KHM JNE0NV WV\ GN IOD)NVIOO
ODRN=X U)NN YLI
N9 8ZXKGMN JNIF]0 YLI
N9 W\
NNVNX L]NN\K GN
MNXKIUND IRGNO XYNE=9KRNMD[\@UV\D[NXN$
PLT='U /GKH GV YDU[=U /R31 L]N6_NVI[IGND HD N\XVRN= GVQN6MNXLN=RMN@RX
80YN:4LNEL PL
NHXL]N6_NVI[IGNDOVI+N8X YN6MW\RNTLIMRU=XHD N\GKRVFONE9LM
J6D@ IWOHVD YLI
N9 P5L8X JNVXV GV FNQ E8JVD IR.NLX GV HNH OV EO /GKH GV YDU[=U
NNVINU GMXV GV FWN P5LNQX L]I¤NYNVD HVD LIMNVWXNL]/UNRNVDGNVYNHDI UIGNJ6U)NN

YLI
N9NNMNYNVDGVP5L8XJNVXVHVDGHK\NE=WNUK LIMNVWXNL]/UNRL]N,UJTJ6D@WNVIRSNMNNKXJ6D$
J6 U)NN Y8 PL+NNV[ R/UTYNVD U)NN P5LNQX Y\K[ HTI/\H IR
RIR_N\ Y\K[@ P5UM
L]I¤NYNVDOVYLI
N9GNPLNV[IGNWNUNJ6$ L]QV
N `NMN \T;QK YN6M GN[W IH\ GV W\
ONHN8UN@ /R31 L]N6_NVI[IGND@ LNMDLIMG YLI
N9OVYR
NNVNNKJV\NE0aOYNV'O
L]N6_NVI[IGNVD@WNV YLI
N9P5L8XJNVXV GV FNQ GV FNNVI0[]V0V
NX GV I\ F6S IM'9M GV
L]QZNNPL
NHXLMIX+N=MGMUKJ6D@GKUT\XNHVD YXT¤HN LM YNNNIMU LN\9 ODD GN
G3SKONH[]KRDPWN=GVPLNV[HVDGH[JX GN=IXLNQXHZ<NDGX
JNVUKJ6D$EOGNMNOV@P5LNQGGNV\N[UGV \T;QK YN6M GN[W IH\ GV W\ YLI
N9 OV
ODFDNHVDHJ5RLZN=\N+N+NKL]N,UJNVUVJ6D$ YR
NNVNNK JV\NE0aO YNV 'O GV
L][IU#PL\I&NND FNNVI0[]V0V
NXGVI\F6SIM'9MGVYXT¤HN
LM YNNNIMU LN\9 ODD GN GN=IXLNQX
RN= GV QN6MNX /R31 L]N6_NVI[GK GV
HZ<NDGX GV FNMV HVD YXTODNNX LIMNVWXN GNV
IRGNO YN6M ODRN=X U)NN YLI
N9 8ZXKGMN
Y\K[ HTI/\H IR
RIR_N\ Y\K[ `NMN
MNXKIUNVDLMOJNUNYXTQNX/GKHGVYDU[=U@
GNN=I8RUIGN[N$LN\9ODD H6OO=X6XK
IRI+N8X/9VGJNV<0O=GVPLNV[GVI\LZMKGK
I9/Z I\IH960@GN
NKLTM@P5UMN>ND0HVD /)NNILU
[E=LIMNVWXNYNVDGVLIMNNHNVDGVL]ONMJVUTUKX
IGN[N$LIMNVWXNIOUDFM@HVD
NTGK
GN=
NN\NDYNNVIWUGK[E=D@WNVIX(XI\I>NUJ6D
[E=YN6MY'9ZFM@HVDLZMKGK[E=D$
y \T;QKYN6MGN[WIH\GVYLI
N9W\OV
LIMNVWXNGNPQaQV
\T;QKYN6MGN[WIH\GV
YR
NNVNNKYN:[V=IXGJ6\NE0aOYNV'O
W\ YLI
N9 HVD HN6WZQ YR
NNVNNK YN:[V=IXG
GV FNNVI0[]V0V
NX GV I\ F6S IM'9M GV
JV\NE0aOYNV'OGVFNNVI0[]V0V
NXGVI\
YXT¤HN LM YNNNIMU L]NNVI[G LN\9
GN:\H 9NEL GV IO'RVDI
ND[ F6S IM'9M LM
ODD GN GN=IXLNQX HZ<NDGX@ Y\K[
YNNNIMU L]NNVI[G ODD GV GN=IXLNQX GN
HTI/\HIR
RIR_N\@Y\K[@P5UML]QV
N$
YNG\XGMXN)NN$
y O]NVULMRKYNV OKIXD NGV I\4NV9NV
LIMNVWXNGVHJ5RLZN=IXGN=IX(XI\I>NUJ6D
GV9V\NEI9G YN:'OK0V
NX L]N6_NVI[GK GN
y YNV'OGNVO4\UNLZR=GJ9NXVGV\^HVD
IRGNOYN6ML]Q
N=X YNE=YNE=9K@GNXLTM@
P5UML]QV
N$ L]IU
NUUGL]N,UGMI\N[NJ6WFIG
OKYNV0KGNVJ9NXVGV\^GNVL]NV[
N\N
y GVIR9V
NXUGXKGKYN6MJNE0NVWV\GNL]NV[
YXNVDHVDL]IU
NUUGL]N,UGMI\N
ϴϴ
[NJ6$IQXNVDGVI\L]SNI\UIM'9MHVD@ LIMNVWXNGVPQaQV
)NVLN:\KHMJNE0NVWV\GN
GT\L]IU
NUYNV'OU)NNL]IU
NU IOD)NVIOOYN6MLN:\KHMHVI9'OHVDX6XNVLNI9=G<O
OKYNV0KGNVYLI
N9W\OVO4\UNLZR=G GNV
NNIH\GMXNGVIR9V
NXL]+NNRU)NNHN:0\
J9NN[N$ L]QZNGNVDHVDWV\YR
NNVoNNGNUT\XN5HGYX
y IQXNVD GK L]SN\X YRIN GV FNQ@ U)NNR/ GNVMD[XVRN\VEXYRRNVDGNVJ9NXVGV
HNE¤NVYN:[V=IX7HGV OHZJGV GNMNLN\9 I\OM\KGCUL]I¤NGNIRGNOU)NNYN6_NVI[G
ODD HVD[]VXZ<OGVIRGNOGKL]I¤NQV>NK YLI
N9
NNVNX GV I\ IRGIOU L]NN\K GK
[E=$L]SN\XGVIQXNVDFNQ@[]VXZ<OGN L]N)NIHGUNGNLMK^NN$
YNGNM HH)NN$IRNN'UYRRNVD)NN@ LIMNVWXNGVHJ5RLZN=IXGN=IX(XI\I>NUJ6D
YNV 'O@YNIQGV FNNVI0[V]0V
NXHVD EX y LN:\KHMX6XNVJNE0NVWV\GVQNVL]GNMNVDY)NN=U
[]VXZ<OGNVL]+NNRKLNN[N$ LN:\K ¤NEI\G IO0 FVX9NVXNE9
y
NNVINUFIJO]NRGK[TNR5UNP5UHLNE=[E= 4E=OKYNVJNE0NVWV\U)NNLN:\K¤NEI\G
'NVDIG IRNN'U HRUK= YRR LZMK UMJ IO0 GVYNVI\X JNE0NV WV\ X6XNV
YXTLI/)NU )NV WNV LNMDLIMG FNNVI0[]V0V
NX G(LNVIW9aOGNVO4\UNLRZG = IO)DNO
V NEWIGN
L]I¤N GV QN6MNX FX OGUV J6D$ EOI\@ [N$LN\ : K¤NEI\GIO0 FXV9NXVNE9
YXGV IXGNNV=D OV LUNS\NJ6 IGJ 4EO = KYNVJNE0NVW\ V XX6NG
V (LNIVW9O a GNL]N[
V
L]I¤N \T;QK YN6M GN[W IH\ OV W\ GMGV I¤/9\ F[ D6 XK M[D GNV O4\UNLRZG =
YLI
N9 GV
NNVNX GV I\ RCJU/UMK J9NN[NY)NNU= GKLKSOKHNHVD
YXTL]NV[NVDGVI\PLNV[KJNVOGUKJ6$ L]IU
NUOV YINGGNV J9NN[NWNV YN[V
MN9K L]N6_NVI[GK OD/)NNX@ RNMD[\@ FGMI0[]KOVI<OOLML]IU
NUJNV
UV\D[NXN`NMNGVIR9V
NXUGXKGYN6M [N$JNE0NVWV\OVYR
NNVNNGVHNHOV
SHVDI¤/9\F6D[XKGVL]IU
NUGNV
JNE0NV WV\GNL]NV[GMGV LN:\KHM J9NN[NLNN[NU)NNY<9NONPD0GV
X6XNV JNE0NVWV\ GN IOD)NVIOO U)NN IH-NHVDL]IU
NUOKRKGNVGVR\SHVD
JNIF]0YLI
N9W\
NNVNXL]NN\K J9NN[N$
GNIRGNO y LN:\K¤NEI\GIO0 GNYNVI\XJNE0NV
GVIR9V
NXUGXKGYN6MJNE0NV WV\GNL]NV[ WV\X6XNVG(LNVIW9aOOVLKSLMYINGUH
GMGVLN:\KHMX6XNVJNE0NVWV\GVIOD)NVIOOU)NN IF]I\VD9[]KX0NEGNVYR
NNVINUGMUNLNN
JNIF]0YLI
N9W\
NNVNXL]NN\KGNIRGNO [N WNV Y<9NONPD0 UMKGV GV I\
LM YXTODNNX LIMNVWXN MN9K L]N6_NVI[GK L]IU
NU UG )NN$ Y<9NON:IXG ,N OV
OD/)NNX@ RNMD[\@ UV\D[NXN `NMN GNN=I8RU GK IOD)NVONE70 JNE0NV WV\ GN []NH
NU
[E=$ LN\9 ODD H6OO= GV L9V\ GVHNV4NH=N L]IU
NU 0NE GNV J9NXV HVD OH)N= )NN$
L]NERV9I\IH9V0@YDG\V
RM@[TWMNUHVD/)NNILU JNE0NV0NXVIHGGVIR9V
NXJNE0NVWV\GV
IGN[N$JLIMNVWXNIQODFM@HVD
NT HNH\V HV D @ I¤/9\ RN\9 0NE= GV
GK[E=YN6MWT\NE=@HVDLZMKGK[E=$ I0G\MNEWV
NXYN6MIHXM\NEWV
NXGKOKHN
ϴϵ
GNGVR\JNE0NV0NXVIHGGVIR9V
NXGVON)N WNE\KXFK9KE='OGVI0[]V0V
NXLN)NRVDGN
I¤/9\ RN\9 0NE GV L]IU
NU OT!NR$
I 0 ' \ M N E W V
N X U ) N N L ] I U
N U LIMNVWXNGVHJ5RLZN=IXGN=IX(XI\I>NU)NV
IHXM\NEWV
NXGKUT\XNHVD¤H
NL]I
NU y LNI9=G\GVYNGNMGNVXHGK
RDL]IU
NUL]N,UIGN[N$ OKHN HVD IXDI U GMXV GV I\ HNXGKGCU
EOI\@ J IXGN= IXGN\N [N J6 IG V dŝKϮWV\GNVI9D[UMKGV GNV /)NNILUIGN
IOD)NVONE70JNE0NV WV\X6XNVG(LNVIW9aO
NNVNX [N$ O+NK RK YNV OK GV I\ ORN=ING
L]I¤NGVQN6MNXYLI
N9W\OVYRNDI1U0NE I0[]V0V
NXQM@YING\N[ULMYINGRN9VW
YRRNVD GNV J9NXV HVD GN4K L]+NNRK )NV$ EOGV FXNHLKOKYNVL]NN\KGKYINGQ^NUNLM
YIUIM'U@L6'0FV0JNE0NVWV\L]I¤NGVON)N YNNNIMU L]I¤N GNV E9UH GMXV GV I\
IHI-UJNE0NV0NXVIHGGVIR9V
NXO4\UNLZR=G P3SUMYROMGVGNMN@RN9\6(LGVI\
IRGIOUIGN[NJ6IWXGNYLI
N9W\GK L]N,UIGN[N$
)NNVGHN NGV
NNVNXGVI\L]NV[IGWNXVGK y JIXGN=IXGN\N[NJ6IGIM'9MGK
FJTUOD+NNRXNJNVOGUKJ6$ IJI9D[ OFOV UVW YN6M ORN=ING Q^N
YNE=YNE=9K@GNXLTM@P5UML]QV
N`NMNO]NVU LTXP=5LNQX UGXKG J6 YN6M EOGN LN\X
LMRKYNV OKGNV IXDI UGMXV GV I\ IGNWNXNSNIJ$LTXP=5LNIQUGV9VI\/9GN
X6XNV YNGNM GV dŝKϮ YNNNIMU 4NV9NV L]NV[ RK YNV OK GV I0[]V0V
NX GV I\
GV9V\NEI9G YN:'OK0V
NX U)NN /R+NNIRG GV9VI\/9 GN= IXLNQX YN6M QK"N=GNI\G
LIMRV
NKRNTGNIRGNORDL]Q
N=XKRKYNV PLNV[GV I\EOGKHVGIXG\
NI'UGV
OKGNV IXDI UGMXV GV I\X6XNV YNGNMGV YNNNM LM GN4K OH GV I\ IGN WN
dŝKϮ YNNNIMU 4NV9NV GV9V\NEI9G YN:'OK0V
NX OGUNJ6$
U)NN /R+NNIRG LIMRV
NK RNT GV IRGNO RD y YXOVIRI+N8XRKYNVOKGVI\EOGK
L]Q
N=XK GV FNMV HVD YXTODNNX LIMNVWXN GNV L]+NNRGNIMUNGNLUNS\NU)NNOJ YI/U5R
LN=RMNKIR.NXRDYI+NNDI GKGVDQ]@+NNMUK RN\V H<9KL\ RK YNV OK GV I\ I/)NM
L]N6_NVI[GKOD/)NNX@GNXLTM`NMNGNN=I8RUIGN YXTHNIXUI0[]V0V
NXQMIHX H
[N$LN\9ODD YNMUKED0/9KWI\IH9V0@ )NK$I0RNOGKIXDI UQ^NUNFVDWKXGV
RNLK HVD /)NNILU IGN [N$ LIMNVWXN HNS=@ I\L]IU
NUOVYINGU)NNH<9KL\RK
HVD
NTGK[E=U)NNXRDFM@HVDLZMKGK YNVOKGVI\L]IU
NUYN6M'\NVMNVFVDWKX
[E=@ GV I\L]IU
NU)NK$FK9KE= 'OGV
LIMNVWXNGVPQaQV
)NVX6XNVYNGNMGVdŝKϮ I0[]V0V
NXGV ED9MHKI09aOGKHN NIXU
GNL]NV[GMGV4NV9NVG69V\NEI9GYN:'OK0V
NX GK[E=U)NNEXED9MHKI09aOGV'OLNVWM
LKOKYNVL]N6_NVI[GKHVD OTNNMGMXV GV I\ GVHNXR/RN/)WNVI>NHGNYNG\XIGN
L]NV[
NN\NYXL]N6_NVI[GKGV^NV YXTL]NV[ [NU)NNJ/RKGN= /UMGV +NKUMLNN
U)NNED9MHKI09GV 'OLNVWMGV WNVI>NHGN [N$
IS NYN6MFVDWKX@9NV\ZX@E)NNE\FVDWKXYN6M
ϵϬ

WL
!"2I +0) 0#!"."0+""
MN9KXQKODM^NNNVWXN XQKIGXNMV>NT\V
NN6SGNVMNVGXVGVI\GH
RoN= HVD [D[NGN= NVWXNWKLKGV \N[ULMON4 OT)NMN
NN6SN\GNIXHN=N
NT+NNMD+NJNVXVGVON)NJKXQKODM^NNNVWXNGK GMXN$
NTYNUJTE=)NK$XYNMOKLKGVYDU[=UY8 \G0KGVODM^NNGVI\IR_TU
NRQNJ[CJ
XIQNVDGNV+NKEOGVYNKX\NXVGVI\RN= RD IRGIOUGN%
NRQNJ[CJGNIXHN=N
HVD[D[NGN=NVWXNGNIR/UNMIGN[N$X GMXN$
YNMOKLKGNPQaQV
GVDQ]RDMN7OMGNMNVDGV XQKGVU9N[]GNIRGNOGN=@)NN/XNX
H\N[UIJ/OVQNMKYNNNMLMYI+N.NUIG "NN9NVDGNOTNNM$
[L]QZINUXIQNVDGVIGXNMVFOVIRI+N8X
NJMNVDHVD WXOJ+NNI[UN@WN[GUNRD^NHUNIXHN=N
L]QZNNPL
NHXGNNV=DGVWIMVXIQNVDGVW\GK E5NIQ$
[TNR5UNGNOTNNMGMXNJ6@WNVIGQV
NHVDW\ RU=HNXHVD XYNMOKLK[D[NRD EOGK
GNFJTUF0NO]NVUJ6$ OJNGXIQNVDGNV1NV0GMXVMN7NVDHVD46\V
XYNMOKLKGV UJU
NTIG[L]QZNN
NJMNVDHVDL]QZIoNUXIQNVDGNVpNNIH\IGNJ6
PL
NHXGNNV=DHVDIX(XI\I>NUOI(HI\UJ6D YN6MYFUGL]IUIQXIHI\X\K9MH
>NT\VXN\VOVXIQNVDHVDYNMJVGSMVGNVMNVGXV \0KPLSNM^NHUNGNOCWXIGN[NJ6
GV I\ H\ 2R/)NN L]NN\K FXNXN# [D[NRD EOGKOJNGXIQNVD GNV 1NV0GM$
YRMNVNX#IQ
NN LIMRU=X GN= GMXN RD EOGN=¤HGVUJU
NNIH\GK[E=XIQNy
PLSNMJVUTYLRU=XGMXN$ UNI\GNHVDQ
NN=K[E=J6D$XYNMOKLKGN=¤H
IQ
NNLIMRIU=U[DQVLNXKGV
NNVNXGVI\ GVYDU[=U
NNIH\GK[E=XIQNVDGKGT\OD
H\W\PLSNMODD \[NXN$ J6$
XQK XQK XQK XQK

OD OD OD OD
Y0NM GCoNN LDS[D[N UNH]FMXK
2NO HJNXQK MNXK1T R6[NE=
+NQ] HND0NVRK ONFMHUK RV8XNM
F]N¯NK IHXNV\N OU\TW RVX[D[N
GNRVMK HZ\NHT)NN /RN=MV>NN
GNVPH HZOK UN,UK
IQ4TRDNNXIOMK XH=QN 9NLK
"N;[M LV8XNM UDT[N
[NVQNRMK LN(FN UTD[+NQ]N
+NNMUOMGNMGN=YNRD9XIXHNR\KHVD EOGKOJNGXIQNVDOVODFDINUGNNV=DGNVW\
OD
NNVNX IWOV MNWL YINOZSXN GN YN OD ODONNX@XQKIRGNORD [D[NODM^NNHD N\
E=@ IQXNDG WT\NE=@ GV `NMN HYNV 0&<Z YNM@YNM0KRD WKYNMGNV
YINOZISUIGN[NJ6@GV YXTONM[D[NRD YNRDI9UIGN[NJ6$UQXTONM@MN9K[D[N
ϵϮ
/R31UNIH
NXXHOKWKOIJUXIQNy@ PL
NHX OZMUHVDIHDNNV\NXQKGVODM^NN
XNH
N [D[N@ HTXN@ [NVHUK@ QNHNVQM@ HJNXDQN@ GVI\LIMNVWXNL]/UNRGVYDU[=UOKRMVW
SDF\@ FKJ0@
RNX@ I
NL]N@ FVURN@ MNH[D[N RD XV9RG=@OKRVWLDILD[/9VqNXNVDOVODFDINUGNNV=D
HDQNIGXK@HYNV0&<ZYNM@YNM0KRDWKYNM GVON)N ON)NH\0K^NHUNGKOKRVW
GNVYDUIMUJNV[E=J6D$ pNNVNXOCWXGMXVGN\^)NN$RU=HNXHVD
EXLIMNVWXNYNVDGVYDU[=URN/UIRGL][IU
MN9K XQK ODM^NN NVWXN ¿[6M
\[+N[L]IU
NUJ6YN6MH\0KGK
FNJaOJNUNL]N,ULIMNVWXND¾ O9KLK^NHUNLJ\VJKOICWUGM\K[E=J$6
OU\TW RD 2NO XIQNVD GN L]QZNN
MN9KXQKODM^NNNVWXN¿FNJaL
PL
NHXOU\TWRD2NOXIQNVDGVL]QZoNN
PLqNHXGVI\LDWNFGVpNJMNVDHVD\N[ZJ6D OVOJNUNL]N,ULIMNVWXND¾
IWOGKIXNN=IMUO9KLK^NHUNH LZNV HVD HT\N HT)NN XQK GN L]QZNN
\0KJ6$RU=HNXHDVD EXLIMNVWXNYNVD GV PL
NHXGVDQ]KL]QZoNNIXD NFNV0=`NMN
UJU+NN6IUGL][IU\[+N[L]IUqNUJ6RD ISIJaXUIG[QV
NGKL]QZIoNUXIQNVD
H\0KGKO9KLK^NHUNGNOCWX HVDOVLZNVGNHT\NHT)NNXQKGJ6$HT\NHT)NN
IGNWNSTGNJ6$ GV L]QZoNNGNF0NGNMNpNJMHVD YLN=,U
"N;[MXQKGNL]QZNNPL
NHXLDWNFHVD OKRMVW IO/9H LDILD[ /9VoNX OIJU GV
\JMN[N[N@>NXN6MK@HTXGDRLUMXpNJMNVDGV LIMNNH/RLYqNNVINU"NMV\Z [DQV W\GN
I\LIMNVWXNDIWXGVYDU[=UGT\ FJNRRD YLN=,UOKRVWPLSNM^NHUNGV
H\0KGKO9KLK^NHUNGNOCWX ON)N ON)NXIQNVD GV U9LM>NT\V HVD pNN6S
IGNWN[N$VLIMNVWXND\N[ZGMQK[E= GMXNJ6$
RDRU=HNXHVDEOGKRN/UIRGL][IU\[+N[ LZNVHVDXYNMOKLKGVUJUHT\NHT)NNXQK
L]IUqNUJ6$ GVL]QZoNNPLqNHX GKLIMNVWXNGKHDWZMK
YJHQNFNQ HVD ONFMHUK ODM^NN WXRMK@HVDQK[E=J6$LIMVNWXNGVI\
LIMNVWXN SMN $$ [T W MNU GV IFI\XVXGKBNOJNUNWNLNX
YJHQNFNQ HVD ONFMHUK XQK ODM^NN YDUMMN=o9KOJNV[WVDOKWV YNE= OK
LIMNVWXN@ SMN $$ EO LIMNVWXN GV `NMNL]QNXGKWNMJKJ6$LIMNVWXN\N[U
YDU[=UXOKRMNVDGNIXHN=N@IR_HNXH\ GNRJX+NNMUOMGNM@MN7OMGNM#LZNV
W\ L]NN\K GN OTQCKGMN#LTX=RNO@ H\ X[MIX[HLKHOK@LIMNVWXNGNV\N[Z
W\LDILD[/9VqNXNVDRDGT\H\ GMXVRN\KWVDOKGVFKS¤HqNGV
0K ^NHUN RN\V O 9K LK GN IXHN=N YXTLNUHVDIGNWN[N$EOLIMNVWXNGNV
LIMGI<LUJ6$JLIMNVWXNGNN=8RXGV WXRMKUGLZMNIGVWNXVGNGN=¤H
YDU[=UJ6RDYFUG\[+N[L]IU
NUGK J6O9KLKGVI\YLVI^NU
NVoN+NZIHGN
RN/UIRGL][IUL]N,UGM\K[E=J6$ YIN[]JNIGNWNMJNJ6YN6MJLZMNJNVXV
GVYDIUHSMNHVDJ6$
[TWMNU@OZMUHVDIHDNNV\NXQKGNL]QZNN
ϵϯ
EOLIMNVWXNHVD L]/UNIRURCJQ"N9GNVD HVD pNRQNJ[CJOVODFDINUJ6$EXX[MNVDHVD
pNNIH\J6DXVOKRVW
NNVNXODD O9K H\0KOKRVWPLSNM^NHUNL6QNGMXVGN
LKIWOGVLIMNNH/RLH\0KGK \^J6$YFUGLIMNVWXNYNVDLMGN=
YIUIM'U PLSNM ^NHUN GN OCWX JNV[N@ LZMNJNV[NJ6RDH\0KO9KLK
IR_HNXH\0K^NHUNGVYIUIM'U ^NHUNGNOCWXJTYNJ6$
RDIGHKOKRM\NEXGNIXHN=NU)NN XN[N\6D0GVQKHNLTMHVDIQ4TRDNNXIOIMXQK
IR_HNX Y8U=RUK= LDILD[ /9VqNXNVD GN GVL]QZoNNPLqNHXGVI\@XYNMOKLKGV
LTX`NM
NNIH\J6$LIMNVWXNGV LZMNJNV UJUGMNV0 GV YXTHNIXU\N[UGV
WNXVLMLZNVHVDGT\O9KLK^NHUNH GN=GKOD/RKGCIUQK[E=J6$EOLIMNVWXN
\0KJNVWN[KWNVIGRoN=UGOKRVW GVYDU[=UIGVWNXVRN\VGN=OKRVWPLSNM
P5LNQXGNVLZMNGMXVGVI\LN=,UJNV[N$ ODD NVDH\0KYNXToNDI[GIORMVW
XNO9KLK4VG\GN:I\4NH=RDLNVoNG GNNV=D@8ZX\N[UO4NE=@RXNMNVLNE5NIQ
U5RNVDXNE9NVWXRD4N:/4NVMOGNVJ9NXVGV OVODFDINUJ6$
ON)N ON)NFKYNV0KHWK#@9KO XE= LJ\VD GMNV0 GK \N[U OV
O HWK#GKFIJ/ NR[TNR5UN XN[LTMHVDXN[XQKGVL]QZNNHVDGHK\NXVGVI\
JVUTI0WNEXGKWN[K$EOLIMNVWXNHVD LIMNV W XN L] / UNR@ WNLNX E89MXV
NX\
O 9K LK GV I¤NG\NL GNV GVDQ]KGCU GNV YN:LMV
NXWVDOKWVYNE=OKOVLIMNVWXN
HN:IX9IMD[GV I\GVDQ]KL=RV^NNIXD N GVBNOJNUNL]N,UGMXVGVI\YNI)N=GGN=
RD YNDG0V OD[]JN O OK 0K GN IR+NN[@IR5UHD N\GNVL]/UTUIGN[NJ6$
YINo%NLX@!TI;[NVDRDOKHNRUK=^NV NVDHVD
FVJUMIN8RXGVPLNXYNMOKLKGV
ONHTQNIG pNN6SN\ OTIRNNYNVD GN IXHN=N@
UJU LIMNVWXNYNVD GNV FVJUM FXNXV GV I\
\NVG OJ+NNI[UN RD WN[GUN GN=¤H@
IRI+N8X PLN IG [ J6D@ W6OV ŝ MN7
FVJUM LIMODLI5U L]FDNX JVUT OKRMVW
OMGNMNVD#/)NNXKX[MIXGNNVDGVHI L^NK
OTIRNNYNVDGNWKYNE=OH6ILD[E5NIQ+NK
OH!N6UN .NLX H YNV ŝŝ L]IUIo%U
pNNIH\J6$
LVqNVRM#GV0IHG OD/)NNXNVD `NMN LIMNVWXN
MN9KXQKODM^NNNVWXN¿LZRNV=5UM IMLNV=9NVDGN/RUD IR/UCUHZ<NDGXŝŝŝLIMNVWXN
MN7¾ GNUCUKL^N`NMNIXoL^NIXMK^NN$
XYNMOKLKGVYDU[=UIOI'GHGVX[MNVD@ W\KLNIMI/)NIUIGL]NN\KGV ODM^NNGV
[D[9NVG@MNXKLT\RDIOD[UHHVDMNXKSTXQK I\MN9KNVWXN¿XLKOK¾!K\NVD
HVD ODM^NN RD L]QZoNN PLqNHX GV I\ U)NNXH+NZIHNVDGVODM^NNGVI\LZR=HVDLN=RMN@
LIMNVWXNYNVD GNV HDWZMK QK [E= )NK$ EO RXRDW\RNTLIMRU=X`NMNQNVGVDQ]L]NNVIWU
LIMNVWXNGVUJUOD/RKGCUGN=OKRVWGV /GKHNVDGNI¤N8RXIGNWNMJN)NN@XNHqN
YRMNVNX@ IQ
NN LIMRU=X@ OKRVW PLSNM MNo9KXH+NZIHODM^NNGN=¤H X0&<ZOK
ODD NVD@HT>OKRMNVDGVLTX`NM@8ZX \N[U LKRD MNo9K!K\ODM^NNNVWXN X\
O4NE=@XQKU9N[]IRGNORDIRGIOUGNo% OKLK$
ϵϰ
LM/LMYIU2NLXOVRDFVJUMOJI¤NFNXV LIMLNVoNNGVYIUIM'U@JHNXRUNGNVIRI+N8X
GVI\X\OKLKGNIR\X0&<ZOKLK L]GNMGNLNIMI/)NIUGKOVRND L]QNXGMUNJ6$
HVD GMGV GKGCU /GKH MN9K W\K U)NNIL@HNXRWIXUI¤NG\NLNVDGVGNMNXH
LNIMI/)NIUIGL]NN\KXLKOKGMQK[E=J6$ +NZIHNVDGN/UMI[MUNWNMJNJ6$XH+NZIHNVDLM
EO /GKH GN \^ RNDI1U W\[TNR5UN HVD HT>QFNFGNGNMNYNQ]=UN2R/)NNGN>NDI0U
FNVUMKL]N,UGMXVJVUT!K\NVDRDXH+NZIHNVDGN JNVXN@IX(XKGCUYNRNJ^NV OV[NQKGMN@L]QZoNN@
ODLZN= ODM^NNU)NNLTXNMGV YIUIM'UG YN¤HNGNMKL]WNIUNVD GN46\NRRD ODONNXNVD
GKGCU RD FJTYNNHK QCIo9GNVN U)NN G GNYIUQNVJX$
ONHN8 IRIXNHG ODMSXN GV WIMV W6R XH+NZIHNVDGVODM^NNU)NNEOGVI[MUV/UMLM
IRIRNUNRDLNIMI/)NIUGKHVDOTNNM\NXNJ6$J IXD N GMXV JVUT MNo9K XH +NZIH ODM^NN
/GKH!K\NVDHVDL]QZoNN+NNMHVDGHK\N[KU)NNXH GN=¤HX0&<ZOKLKGKpNTYNUHVD
+NZIHODONNXNVDRDEXGKOVRNYNVDGVFTIHUNLZR=G GK[E=U)NNISIJaXUXH+NZIHNVDGVODM^NNDR
E/UVHN\HVDOJNUNL]QNXGMV[N$RU=HNXHDX L]FDNXGVI\GN=NVWXN\N[ZGMXVJVUTMN7
LKOK\N[UIJ/OVQNMKGV YNNNMLMGVDQ] OMGNMNVDGNVIR5UKOJNUNL]QNXGKWNMJKJ6$
OMGNM RD ODFDINU MN7 OMGNMNVD GV H YFUGGT\ISIJaXUGK[E=XH+NZIHNVDHVD
L]SNI\UJ6D$ OVISIJaXUXH+NZIHNVDGVODM^NNRDL]FDNXGV
!K\NVDGNODM^NN I\MN7NVDRDGOD"NMN7^NV GNVIR¥NK
OJNUN L]QNX GK [K J6$ RoN= GV
X\OKLK#XLKOKGVYDU[=UYFUG
QN6MNX XH +NZIHNVD GN GN= L]FDNX NVWXN
OKRMVWL]NN\K@OKRMVWPLSNMODD @OKRVWGV
/RKGCUGK[E=)NKIWOGVI\GMNV0L
YRMNVNX RD IQ
NN LIMRU=X@ [NQ IXGN\XV@
GKIR5UKOJNUNODFDINUMN7OMGNMNVD GNV
YNRNJ^NV
NNVNX@UZ4NXW\L]FDNXE5NIQW6OV
L]QNXGK[E=UG$
GNNVD=GNVGMXVGVI\MN7NVDHVD!K\NVDGV
ODM^NNGVI\GMNV0YXTFDN //GK MNHOMO(HV\XOD+NNIRUXH+NZIHNVDGNVODMI^NU
\N[ULMLIMNVWXNYNVDGNVHDWZMKQK[E=J6$ M>NXVGKYLXKL]IUFUNGVUN6MLM+NNMU
!K\NDVGVOMD^NNGNGN=LMZNGMI\N[NJ$6 HVDMNHOMO(HV\XGNGJ/UN^NMGUN=FXN)NN$
EO O(HV\X GV YXTONM +NNMU XH +NZIHNVD GV
RU=HNXHVDF0KLIMNVWXNDIWXHVDGN=S\MJN
IRRVGLZN=OQLTN[
V ROMD^NNGVI\MNo9K/UM
J6PXHVDpNNIH\J6D W(HZGqHKMHVD0\!K\@
LMGNR=NJKGMXVRDYUDMMNo9KOJN[ V GVI\
H L]QVqN HVD IqNRLTMK RD IODN ON[M !K\@
LI]UFJ$6RUH=NXHDV+NNMUHDVMNHOM/)N\J$D6
XN[N\6D0LZRNV=5UM^NV GVHNVGNVGSTD[HVDWT0RN
!K\@MNW/)NNXHVDY8XNON[M@LTqGMRDILSNV\N XH +NZIH ¿ODM^NN RD L]FDNX¾ IXHNR\K
!K\@P5UML]QV
NHVDMNH[UN\R\^HKUN\$ O(HV\XGV PQaQVqNVD GNV \N[Z GMXV GV
I\IQO(FMHVD WKOYNM E=GV
XH+NZIHNVDGNODM^NNFJTOD>G\NV[NVDGV
`NMNXH+NZIHODM^NNRDL]FDNXIXHNR\KGV
I\XH+NZIHWKRXMV>NNJNVXVGVON)N ON)NUNWN
HNHOVGIRIXNHGUD FXNN[N$
W\GNGHT>O]NVUJ6$L]STMW6RIRIRNUNGV
ϵϱ
GVDQ]KXH+NZIHIRIXNHGL]NINGMNOK0&<Z FNGKJNV UNV EOV L]N)NIHGUNGV YNNNMLM
YNMGNVXH+NZIHIXH@GVYNKX[I%U /)NNILUIGNWNXNSNIJ$
IGN[NJ6$OK0&<ZYNMGKQNVF6%GVDRN= XH+NZIHNVDGKL]N)NIHGUNUGMXVYN6MP8JVD
GVQN6MNX¤H
NY[/U@GNV ISIJ8UGMXV U)NNXH+NZIHIXH@GV
SN6)NKF6%GYN6MIQO(FM@GNV LNDSRKD YXTONM O+NK QCIo9GNVNNVD OV LZN= AODI^N,U
F6%GOISR@LN=RMN@RXRDW\RNTLIMRU=X Q/UNRVWAU6NMGMXV GV I\GIR
NVN.
HD N\GKY^NUNHVD YNNVIWUGK[E= J6$ OIHIU [I%U GK WN N IR
RIR_N\@
XH+NZIHIXHNVDGVGNN=8RXGVI\HD N\HVD YXTODNNXOD/)NNX@P5GC9UNGV8Q]HVDPLT'U
OK0&<ZYNML]GNV%+NKOCIWUIGNWNMJN IR+NN[#GV8Q]GNVISIJ8UIGNWN$
J6$
LJ\KL]N)NIHGUNJV'9VMGVFMNFMN
/NK0&<ZYNMGKF6%GNVDGKYXTRUK= GNM=RNE= EOOVYING^NV RN\KXH+NZIHNVDGNVQKWNXK
GVLHVD@O+NKMN7NVD#OD"NMN7^NV NVDGNVO\NJ SNIJ$IQMN7#OD"NMN7^NV HVD
QK[E=J6IG JV'9VMOVYING^NV RN\KXH+NZIHNDXJKDJ6D
Y
NNV I NU#YD
NU
NNV I NU OKRV W N@ UNV IRI+N8XLJ\TYNVD GNV NXHVD M>NUV JT
YN6_NVI[G FIJO]NR GNV LDSNU@
NJMK YINOZSXNGVI\ XH+NZIHNVDGVI\
/)NNXKIXGNNP_NV[`NMNIGOKXH+NZIH L]N)NIHGUNIXNN=IMUGKWNXKSNIJ$
N!K\HVDXJKDFJNNWNXNSNIJ$
NNVNX MN7NVD HVD 46\K XH+NZIHNVD GNV LJ\V JK
9K9HVD9GVL]NVWXGVI\@ODFDINUMN7 XH+NZIHIXH@GVYNKXYINOZISUIGN
L]QZNNIXD NFNV0=#OD"NMN7^NV NVDGVI\ [NJ6$HD N\XVO+NKMN7NVD#OD"NMN7^NV NVD
L]QZNNIXD N`NMNIRIJUHNLQD0#HNXG@ OVYXTMNVNIGNIGRVYINOZSXNGVI\IRSNM
HNXQD0JNVD[V$ IGWNXVJVUTXH+NZIHNVDJVUT ODI^N,UQ/UNRVW
GVDQ]KL]QZNNIXD NFNV0=OKLKOKFKYN6M L]/UTU GMVD$ GT1 MN7NVD OV XH+NZIHNVD GK
LK YNM YNV FK E= O## WZX@ YINOZSXN GV I\ L]/UNR#ODI^N,U Q/UNRVW
HIZU=IROWX=JUVTWNMKIQ
NNIXQ
VNGV LJ\VJKL]N,UJNV[J6DYN6MPXGKWNDSGKWN
P<\"DNXHDVIGOKXH+NIZHN!K\HDVHIZU=NDVGNV MJKJ6$
IROIWU=GMXVGKYXHTIUXJKDJNXVKSNIJ$ XH+NZIHNVDGVFNMVHVDODI^N,UQ/UNRVWU6NMGMXV
XH+NZIHNVDYN6M!K\NVDGVHTQaQVLMGNM=RNE=YN6M GV I\ IQ
NNIXQV=
NNVD GN L]NL HD N\ HVD
XH+NZIHODM^NNYN6ML]FDNXIXH@GV EX JNPOU6NMIGN[NJ6YNM6E8JDVI9,LNKRD
GNN=8RXGVI\L]5VGMN7#OD"NMN7 E8L9TGVI\SITXQDNIR
NVN.NDVGVY\NRNMN7N#
DV O"DN
^NV NVDHVDGXNV0\WVDOKISIJaXUGKWNXK MN7^NV NDVHDVLIMSNI\UIGN[NJ$6XH+NIZHNDVHDV
SNIJ$ OMD^NNGN¤ = HGVGNN8=RXGNVO[ T HFXNXVGV
IQMN7XH+NZIHL]NINGMNLJ\VJK/)NNILU I\ XH+NZIHNVDGVIXNN=MN@ODM^NNRDL]FDNXGV
IGN WN STGN J6 UNV EOV XNV0\ WVDOK I\IQ
NNIXQV=
NNVDGNL]NLU6NMIGN[NJ6
YI+NIJU IGN WNXN SNIJ$ IQ MN7 YN6ME8JVDYDIUHLQVXVOVLZR=IR
NVN.OIHIUGV
XH+NZIHL]NINGMNY+NK/)NNILUIGNWNXN HNHOVEXLMSSN=GKWNMJKJ6$
ϵϲ
OMGNMXVQVqNHVDXH+NZIHNVDGVL]+NNRqNN\KODM^NN IRSNMIGNWNMJNJ6$
RDL]FDNXGVI\RU=HNXXH+NZIHIXHNR\KGV IR
RXH+NZIHIQROLZMVIR
RHVDXH+NZIHNVDGV
ODqNNVINUGMXVGKL]I¤NpNTGKJ6UNIGXH ODM^NN YN6M IRRVGO(HU PLNV[ GV FNMV HVD
+NZIHNVDGVL]FDNHVDMN7OMGNMVDHJ5RLZN=+NZIHGN WN[GUN FNXV YN6M EOGK YNR
GUN GN
RD/RNIH5RGNIXR=JXGMOGVD'NVDIGW\RD L]ONMGMXVGVI\L]5VGRN=4MRMKGNVIR
R
+NZIHMN7GV^NV NINGNMHVDYNUVJ6D$MN7XH+NZIH XH+NZIHIQROYNNVIWUIGNWNUNJ6$ YNLQN
³NINGMNNVDGNVPXGV^NV NINGNMHVDYNXVRN\KXH WNVI>NH8ZXKGMNGVI\XH+NZIH )NKHGVON)N
+NZIHNVDGVL]FDNXRDIRIXHXGK+NZIHGNON6DLK IR
RXH+NZIHIQRO @+NNVWXH+NZIH@+NNVLN\@
WNXK J6$ HN6WZQN XH+NZIH ODM^NN RD L]FDNX WNVMNHOM/)N\NVDHVDOVGJ6IWOV+NNMUXV
IXH@GNVL]IU/)NNILUGMXVGVL]/UNRGV MNHOMG8R
DVNXGVYNKXYI+NJKUIGNJ@6HDVH
ON)NXH+NZIHODM^NNRDL]FDNXIXH@LM LQ]
VNOMGNMGVOJN[
V OVYNNIVWUIGN[N$
GL]NLYINOZSXNMNWL HVDL]GNI
NUGK[E=
IWO LM IQXNVD GV +NKUM WXUN OV RN=GVQN6MNXL][IUXYNMOKLKGVYDU[=U
YNLI5U#O! T NRHN[ D V [J$D6LN],UI9,LINNVD LM RoN= GV QN6MNXH\0KOKRVW
PLSNM^NHUNOCIWUGMXVGV\^GVHTGNF\V
IS YNVI0
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ϵϳ
YFUGH\0KGNOCWXIGNWN LTX`NM#ODM^NNGN=\^GVHTGNF\V!K\
STGN J6$ RoN= GV QN6MNX !K\ GV GVLTX`NMRDODM^NNGNGNHLZMNGMI\N
[NJ6$
IS IQXNDGGNVGVDQ]KXH+NZIHIRIXNHGL]NINGMNGKS\MJKF6%G
IS 9Z\KL4Z\
ϵϴ

WL
!"2I +0 !."0-0"!?" 0
"#0&"07--(& 8
MN9K RXKGMN RD LNIMI/)NIUGK OV RXKGMN RD LNIMI/)NIUGK IRGNO GNV
IRGNOFNV0=¿XE=FK¾ L]NV5ONIJUGMXVGVI\\NVGWN[GUNRD
WXYNDQNV\XL6QNGMXNU)NNYR¤IHURX
QVqNHVDRXKGMN@RC^NNMNVLN@LNIMI/)NIUGKFJN\K
^NV NVDRDOHKLRUK=+NZIHNVDGVI\OJ+NNI[UN
RDLNIMI/)NIUGKI¤NG\NLNVDGNVL]NV5ONJXQVXV
RDQK"N=GNI\GL]FDNXGNVL]NV5ONIJUGMXN$
GV I\ Y[/U HVD MNo9K RXKGMN RD
LNIMI/)NIUGKIRGNOFNV0=GK/)NNLXNGK[E=$ § RC^NNMNVLN@ LNIMI/)NIUGK WKNNV=`NM RD
XE=FK`NMNYR¤IHURX^NV NVDRDRX^NV NVD LNIMI/)NIUGKIRGNOJVUTGN=NVWXNYNVDGN
OV O9K+NZIHNVD@MNo9KLNGNV=D@Y+NNMNVD U)NN OH8RRDHN:XK9IMD[GMXN$
Y8OTMI^NU^NV NVD GV WKNNV=`NMGV ON)N ON)N § QVqN HVD RXKGMN@ RC^NNMNVLN@ LNIMI/)NIUGK
LNIMI/)NIUGK GK QCI9 OV GHWNVM ^NV NVD@ W6OV WKNNV=`NM U)NN LNIM IRGNO GN=¤HNVD GNV
LI
SHKIJHN\@YMNR\KRDLZRK="NN9E5NIQ L]NV5ONJXQVXV GV I\Y8O+NKYNRqG
LM+NKIRqNVoNNXIQNWNUNJ6$ PLNGMXN$
XE=FKGVPQaQV
NVDGNIRRMNIX(XL]GNMJ6 GN=H@/GKH@LIMNVWXNGNXNH
§ OT2RI/)NUIXNVWXRDI¤N8RXGV`NMN MNo9K RXKGMN RD LNIMI/)NIUGK IRGNO
YR¤IHU RX ^NV NVD RD EOGK OHKLRUK= FNV0=XE=FKIX(XI\I>NUUKXF0V/GKHNVDGN
+NZIHNVDGVLNIMI/)NIUGKGVWKNNV=`NMGVI\ LIMSN\XGMUNJ6
UD NVGNVIRGIOUGMXN$
GMNo9KRXKGMNGN=¤H/GKHXLK
§ LNIMI/)NIUGKOTM^NNJVUT L]NGCIUGLTX`NM
>NXE= FK/GKHEO/GKHGNHT>
Y)NRNPLT'UPLNNVDGVWIMVQVqNHVDRX
"N9GJ6
YN31NQX GN LTX`NM GMXN RD []NHKN
ŝ͘^NV KGVDQ]NVDYNMOKGNVOJNUN
OHTQNNVDGVI\W\NRXGK\G0K@SNMNRD
Y8YNRqGUNYNVDGNVLZMNGMXN$ ŝŝ͘HN:IX9IMD[RDHZ<NDGXHD0E=
§ EXR/UTYNVDGKHND[NVDGKLZIU=JVUTYR¤IHU ŝŝŝ͘ODSNM
RXRD OHKLRUK= +NZIHLMW\NRX\G0K@ [LNIMI/)NIUGKIRGNOF\E=0K4/GKH
SNMN@ I9(FM RD Y8 RX P5LNQNVD GK
¿G¾MN9KRXKGMNGN=H¿X
PL\&NUNGNVFNXN$
LK¾/GKH
§ YR¤IHURX^NV NVDRDOHKLRUK=+NZIHNVDGV
WKNNV=`NMRDIRGNOGVI\XE=RDPLT'U MNo9K RXKGMN GN=¤H X LK +NNMU
UGXKGGVL]ONMGVI\YXTODNNXL]NNVIWU OMGNMHVDXE=FKGNHT>RC^NNMNVLN/GKH
GMXNRDIXoGoNNV=DGNL]ONMGMXN$ J6$RoN= HVDpNTGK[E=J/GKHYLXV
I¤N8RXGVRoNNV=DGVYDQMJKODLZN=+NNMUHVD
§ /RDOVRK WVDIONVD@ [6M OMGNMK OD[%XNVD@
46\ [K J6 U)NN QVqN GV MN7NVD HVD QNVJMV
LDSNUKMNWOD/)NNYNVDRDY8GKOJNUN
ϭϬϬ
OD/)NN[UUD GVHNHOVY)NN=URXL]+NN[/UM L][IURDPL\I&NN
LMRXIRGNOWVDIONVD40KU)NN[]NH ͻ QVqNHVDO40KLIMNVWXNDS\NE=
/UMLMODT'URXL]FDNXOIHIUWV4HOK [E=J6D$RXKGMNGVI\JV'9VMGV
`NMNI¤NI8RUGKWNMJKJ6$MN7/UMLMRoN= YI[]H^NV GNVHDWZMKQK[E=J6$
OVMN7RXIRGNOWVDOKO40K
[I%UGK[E=J6UNIGRXIRGNOWVDIONVDGNV L][IURDPL\I&NN
NXMNI
NL]QNXGMXV HVD OT[HUNYN$YFJ IR5UKRN= GVQN6MNXMN9KRXKGMN
GN=¤HI /UMKL]NN\KLM\N[ZIGNWNUNJ6@ GN=¤H GV YDU[=U MN7NVD GNV L]QNX GK [E=
)NN@MN7/UMLMMN7RXIRGNOWVDOKO IR5UKOJNUN
40KIW\N#RXL]+NN[/UMLMRXIRGNO ¾ /GKH GV YDU[=U XE= LJ\VD /GKH GV
WVDOK40KU)NN[]NH/UMLMODT'URX GNN=8RXHVDUVWK\NXVGVI\HD N\`NMN
L]FDNX OIHIU WV 4 H OK$
NTYNUK GE= LJ\VD GK [E= J6D$ EXHVD IX(XI\I>NU
I¤NG\NLNVDHVD GVMD0
NVM GKYRNNMNNGV
NNIH\J6D
ON)NONHTQNIGLIMODLI5UNVD GNOCWXIGN
ͻ 4 0K LIMNVWXN L]/UNRNVD LM GNM=RNE=
WNUNJ6$/GKHGVP¹VqEOL]GNMJ6
GMXV@[]NHLDSNUNVDGVON)NWV4HOKGV
§ OI¤ WX OJ+NNI[UN GV WIMV L]NGCIUG YINGNINGYN:[V=IXGI\DGVW@WV4HOK
ODONNXNVDGKOTM^NNRDODM^NN$ L]VIO0VDOKGV\DFVGN=GN\GVHNHOVWV
§ +NZ^NMNRDRXG9NE=GKMNVG)NNHRDW6R 4HOKGVIXRN=ISUOQ/NVDGKOTM^NNHVD
IRIRNUNGN^N$ RCI@RXIR+NN[GVY[]NK/9N4YN6MWV4
§ LNIMI/)NIUGK WKNNV=`NM RD LN=RMNK H OK GV OQ/NVD GN IR
NVNGM /)NNXK
ODM^NNRDLNIMI/)NIUGKIRGNO$ L]FDNXYN6ML]
NNOIXGIW(HVQNIMNVDGVODFDN
HVD^NHUNIXHN=NGVFNMVHVDMN7RXIR+NN[NVD
§ []NH/UMLMWXOD[%XGNIRGNOGMXN
GNV YN6M YING P5UMQNI5R L]5NNVIWU
WNVQK"N=GNI\GUMKGVOV[]NHNVDHVDU)NNEXGV
GMGVYN[VYN6MIRGVDQ]KGMNGNVFNRNQVXVGV
LNOL]NGCIUGODONNXNVDGNL]FDNXGMOGV$
I\XLK/GKHGVIQ
NNIXQV=
NNVDHVD2NLG
§ WXUNGVONHN8IJUGVI\P5LNQGUN@ OD
NNVNXIGN[NJ6$
OHNXUNRDQK"N=GNI\GUNGVIR/UCUP¹VqNVD
ͻ NHN8LHVD@HIJ\ND@XE=FK`NMNIG
O
GKLZIU=$
[O+NKGN=G\NLNVDGNOFOVF0N\N+NNI8RU
§ RX^NV HVDU)NNEOGVYNO LNOMJXVRN\V OHZJJ6D$ODONNXGVL]NV'UNYN6M-IHGF\
\NV[NVDGNWKRX[TNR5UNRDYN5HIX+N=MUN HVDPXGKOJ+NNI[UNGVYIUIM'U@MN7NVDOV
GNVOTNNMXN$ 4 0K HVD HIJ\NYNVD GV L]IUIXIN5R GNV
§ []NHKNWXUNGNMNVW[NM^NHUNGNVOTNNMXV FNGML]IU
NUGMXVGNYXTMNVNGMGV
GVI\^NHUNIXHN=NRDGN6qN\IRGNO$ HIJ\NO
NI'UGMN+NKOTIXI
SUIGNWN
ϭϬϭ
MJN J6$ EOK L]GNM@ X LK /GKH GV YNNNIMUJ6 QTJ^NV NVD HVD LNIMI/)NIUGKGN
LTXMKI^NUIQ
NNIXQV=
NNVDGVI\WV4HOK FJN\K GMXN RD +NZULZR= O6IXGNVD GNV ON)N=G
HVD+NKL]IU
NUHIJ\NDYLVI^NUJ6D$X MNVW[NMGVI\L]NV5ONIJUGMXN$
LK/GKHGNHIJ\NOQ/NVD GNV HN N5HG EO/GKHGVUJUM^NNHD N\`NMNFXNE=[E=
ODQ+NNV=DHVD\N+NGKHNXK9IMD[GMXVGNL]/UNR EGNV GN=F\ E= 9K 4 GK F9NI\XNVD GK
J6$UQXTONM@XLK/GKHGVYNKX40K /)NNLXN RD L]SN\X LM JNVXV RN\V >NS= GK
LIMNVWXNYNVD GK L][IU IMLNV9NV=D GV I\ L]IULZIU= LN=RMN@ RX RD W\RNT LIMRU=X
4N:HV=9GNVLIMRIU=UIGN[NJ6$ HD N\`NMNGKWNUKJ6WFIGOVLI\D[@FN0V
y MN9KRXKMGNGN=¤HGV YNKXL]/UNR \[NXVE5NIQGNGN=LVqNVRMRDL]FDNGKHN[=
L]IULNIQUGMUVOHMN7NVDGNVO\NJQK[E= QqN=XGK2R/)NNMN7RXIR+NN[NVD`NMNGKWNUK
J6IGRV40KHVDYN6M[]NH/UMLMWV4 J6$M^NNHD N\E= 9K4F9NI\XNVD HVD PX
H OK HVD YXTOZISU WNIU#YXTOZISU +NZULZR=O6IXGNVDGNVIXTI'UHVDUMWKJQVUNJ6WNV
WXWNIUGNV LN=,UL]IUIXIN5RL]QNXGMVD$ YI+NNX^NV NVDOVYNUVJ6DWFIGF\NVDGVHT>GVDQ]
40KOVL]N,UOZSXNOVRXKGMNGN=¤H HVD IXIHU O6IXG JNVUV J6D$ GT1 E= 9K 4
HVDYXTOZISUWNIUNVD#YXTOZISUWXWNIUNVD F9NI\XNVDXVO4\UNLZR=GYIUYR¤IHU/)N\NVD
GKY5ING+NN[KQNMKGNLUNS\UNJ6YN6M LM LNIMI/)NIUGK FJN\K GN GN= IGN J6@
LIMNVWXN^NV NVDHVDMNVW[NMOCWXHVDUQXTONM PQNJMNGVI\HOZMKGKLJNI0NVDHVDSZXNL5)NM
RCIYLVI^NUJ6$ >NXX^NV $
y XE=FKGKRVFONE9GNpNT+NNMD+NIGN[N E=0K4/GKHGVYDU[=UP5UMN>ND0@MNW/)NNX@
J6 YN6MYXTHNVQXNVD GV FNMV HVD OTOD[UOZSXN W(HZRGqHKMRDYOHMN7NVDHVDE=9K4
RVFONE9LML]QNXGKWNMJKJ6$O40K F9NI\XNVDGNVOJNUNQKWNMJKJ6$EO/GKH
#40KOVYXTMNVNJ6IGWV4HOK GVI\RoN= GVQN6MNXGMNV0
GKYNHO+NNHVDYXTHNVIQUGNNV=DLMSSN=GMVD$ GNFW9YNG\XJ6 IWOGKM^NNHD N\GNV
¿>N¾LNIMI/)NIUGKIRGNOF\¿E= 0K L]IULZIU=GMQK[E=J6$
4¾/GKH O+NKE=9K4F9NI\XNVDXV'NMKRDLN6NV\[NXV
GVON)N ON)NFN[NX^NV NVDGNVOTMI^NUM>NXVGV
G/GKHGVLHVDLNIMI/)NIUGKIRGNOF\GK
PLNGNGN=IGNJ6$P8JNVDXVL5)NMNVDOVFXV
/)NNLXNHVDGK[KIWOGNI¤N8RXM^NN
FMNWGNIXHN=NGMXV GV ON)N ON)NHCQNRD
HD N\GVHNHOVLNIMI/)NIUGKFJN\KGVI\
YNQ]=UNODM^NNGVY8GN=+NKIGJD6$
PXQTJ+NZ +NN[NVDHVDIGNWNMJNJ6WJNDYIU
YR¤HNNOTQZM/)NNXJNVXV GKRWJOV N ¿;N¾ MN9K JIMU +NNMU IH
NX ¿WK
>NMNFGNXZX2R/)NNGVGNMNWNXNGI%XJ6$ YNE=H¾
LNIMI/)NIUGK IRGNO F\ /GKH QNV \^NVD LM MN9KW\RNTLIMRU=XGN=NVWXNGVYNKX
ϭϬϮ
YN% IH
NXNVD HVD OV G@ GN PQaQV
W\RNT G RXNRMN GK [TNR5UN GNV FNXN RD
LIMRU=XGV>NUMNVDGNONHXNGMXVGVI\+NNMU LNIMI/)NIUGKL]NN\KOVRNHVDOTNNMGMXN@
GV"N9UVRXYN31NQXGNVOTMI^NURDODMI^NU >N LNIMI/)NIUGK L]NN\K GN LTX`NM RD
GMXNJ6$EOHVDJIMUKGMNGVOH[]QCI9GNVN RXNRMNHVDRCIGMXN@
GKLIMG<LXNGK[E=U)NNOJ \N+NGVLHVD
[ pNJMKRDYN=
NJMK^NV NVDHVDRC^NNRMNHVD
GNF=XIO'RO V 9
VNXRDP5OWX=8XZKGMNGVON)N
RCI@
FJTLIM L]NN\KORVNYNDVLMWNMVIQN[NJ$6
"N GCIoN RNIXGKRDONHNIWGRNIXGK@
EO IH
NX HVD LNDS PL IH
NXNVD YN6M G
¤N:O GI9D[ ED9MRVD
NX GV HNH OV W\RNT 0XH+NZIHGNLTX`NMGMXN@RD
LIMRU=X YXTGZ\X U)NN L]
NHX GK STXN6UK OV S R6GI<LGE=DNXWN=GNVFNRNQVXN$
IXL9XVGKGNM=RNE=
NTGK[E=J6
7NKYNE=HGVYDU[=UMN7 RNMI/)NIUU)NNGK[E=L][IU#L]N,UPL\I&NND
WNMKGK[E=IXINNVDGNMN7 RNM&NVMN@IXNN=IMURDL]N,URN/UIRG\^XKSVUNI\GNHVDIQ[J6D
RN/UIRGJV'9VMHVD^NV
RN/UIRG
\^ PL\I&N
OD MN7 YI[]HGN= OCWX YI[]HGN= OCWX
ϭ YNDN]L]QV
N ϴϴϭ Ͳ ϭϱϬ Ͳ
Ϯ 15UKO[ Ͳ ϮϬϳϭϲ Ͳ ϭϳϯϮϮ
ϯ GXN=9G Ͳ ϳϲϬ Ͳ ϳϲϬ
ϰ GVM\ ϰϵϳϴ Ͳ Ͳ Ͳ
ϱ HINLTMη Ͳ ϴϳϵϴ Ͳ ϴϳϴϵ
ϲ IHWNVMH ϭϵϲϰϯ Ͳ ϭϵϲϰϯ
ϳ YNVI0
NN Ͳ ϮϬϵϰ Ͳ ϮϬϵϰ
ϴ LDWNF ϯϬϬϬ Ͳ ϭϭϬϳ ϭϭϬϳ
ϵ P5UMN>ND0 ϳϰϴϯ Ͳ Ͳ Ͳ
GT\ ϯϱϵϴϱ ϯϮϯϲϴ ϮϬϵϬϬ ϯϬϬϳϮ
η HINLTMXVOZISUIGNJ6IGRN= GV GN=IGN[N@LM GVQN6MNXRXMNVLN

QN6MNXOJNUNYXTQNXGK/RKGCIUYN6MWNMK LJ\VJKOCIWUIGN[NJ6$
IG WNXV GV LZRN=XTHNX HVD@ /)N\NVD@ WJND RN= PLMFNM SN9=HVDRN= GVQN6MNXGK[E=
GVQN6MNXWNMKGK[E=IXINNVDOVYI[]H L][IUYN6ML]N,UPL\I&NNVDGNVQ
NN=N[NJ6$
ϭϬϯ
YI[]HGN=GVJV'9VMGVIXNN=IMU\^HVD GV HTGNF\V@JV'9VMHVD RX MNVLNGN=
OV@YFUGL]IU
NU\^L]N,UIGN[NJ6 IGN[NJ6WNVIXNN=IMU\^GN\[+N[
Y)NN=UJV'9VMYI[]HGN=LZMNIGN[N L]IU
NUJ6$
J6WFIGJV'9VMGVOCIWUGMXVGV\^
IS
IS H1\K
ϭϬϰ

WL
B"+"!." +0'#/"0
,NN=RMN@RXYN6MW\RNTLIMRU=XHD N\GNV § HD N\HVDG\IFDQTLM0N9NFVOL]FDNXGNV
+NNMUOMGNMGVYNKXR6.NIXGHD N\GVL OT[HFXNXN$
HVD R[K=GCUIGN[NJ6$RoN= HVD YLXK ,NN=RMNKYXTODNNXGN=H¿E=XRK
/)NNLXNGVFNQOVJKJHD N\@,NN=RMNOTM^NN
YN6ML]FDNXGVIR/UCU^NV NINGNMGVUJUIRI+N8X
YNMLK¾
^NV NVDHVDYXVGYXTODNNXOD/)NNXNVDGNVOJNUN § ,NN=RMN YXTODNNX GN=¤H EXRKYNMLK
YXTQNXLIMNVWXNYNVDGVHNHOVYXTODNNXJVUT L]QZoNNOVODFDINUOH/NYNVDYN6ML]QZoNNHVD
IR5ULNVoNNGMUNMJNJ6$HD N\XV ,NN=RMN GHK \NXV GV I\ PLT'U \N[U L]+NNRK
IR.NXGV^NV HVDR6.NIXGYXTODNNXNVDGNVOTQC L]N6_NVI[IGNVDGVIRGNOOVIXL9UNJ6$L]QZoNN
GMXVGVI\YXVGXRKXLJ\VDGKJ6D$HD N\ GK MNVG)NNH@ EOHVD GHK \NXV GV I\
GK YXTODNNX YN6M IRGNO NVWXN GN OH[] LNIM IJU6oNK W6IRG RD Y8 PLNNVD GV
PQaQVqLNIMI/)NIUGKRD ,NN=RMNGV IRI+N8X IRGNO U)NN L]QZoNN GV IXD N GV I\
L^NNVD HVD HZ\+NZU U)NN 2RJNIMG YXTODNNX GNV MNXKIUNVD@ L]N6_NVI[IGNVD U)NN ONNXNVD GV
L]NV5ONIJUGMXNJ6$ IRGNOLMWNVMIQNWNUNJ6$WNXLIQG
YXTODNNXOJNUNGVHT>PQaQVqIX(XI\I>NU MNV[ IR.NXK YX GMXV GV I\
J6D W6R YR¤HNK,\NI/9GGVIRGNO@>NXX@
HCQNGVMNONIXGL]QZoNNU)NNGK9XNqNGNVD@
§ FVJUMLN=RMNKL]FDNXGVI\GN=XKIUND@ +NNMKNNUTYNVDYNIQOIJU>NUMXNGLQN)NNV=DGV
UGXKGYN6MI¤NIRINNDU6NMGMXVGVI\ L]+NNR GNV GH GMXV GK GN=XKIUNVD GV
YLVI^NUOZSXNYN6M.NXOCIWUGMXN$ IRGNOGVI\+NKLIMNVWXNYNVDGNVL]NV5ONIJU
§ LN=RMNOTM^NNRDL]FDNXY)NN=UYR¤IHU IGN WNUN J6$ YLIqNo9 LTXS=¤N YN6M
^NV NV D GN LNIM LT X P= 5 LNQX@ ,\NI/9G YLIqNo9OVODONNXGKL]NI,UU)NNON)NJK
YLIqNo9NVDGNL]FDNX@ODQZIoNU/)N\NVDGNW6R LNIM IJU6oNK RD /R31 L]N6_NVI[IGNVD OV
PLSNMYNIQGKOH/NYNVD GV 2NRJNIMG ODFDINULIMNVWXNYNVDGNVL]N)NIHGUNQKWNUK
IXMNGMNNVDGNLUN\[NXN$ J6$,NN=RMNYXTODNNXGVISI8JUL]HT>N^NV
§ LN=RMNKIR.NXGVFJTIRoNGYN6MP+NMUV HVDLIMNVWXNYNVDGNVOJNUNL]QNXGKWNUK
^NV NVDHVDE80NVWVXO^NHUNIXIH=UGMXNYN6M J6$
R6.NIXGWXqNI'UGNVOTQCGMXN$ § ,NN=RMNYXTODNNXGN=¤HGVUJUIR5URoN=
§ LN= R MNK YXT O D NNX GMXV GV I\ GV QN6MNX LN=RMN YXTODNNX GN=¤H GV
YNRqGUNXTONM YRODMSXN5HG OTIRNNYNVD YDU[=UGT\XL]/UNRL]N,UJT$SN\Z
GVIRGNOGNVFNRNQVXN$ LIMNVWXNYNVD GK L][IU GK LTXMK^NN RD
HN:XK9IMD[GK[E=U)NNOHK^NNNKXYRINGV
§ Q/UNRVW OCIWU GMXN YN6M YDUMN=o9K
QN6MNXLIMNVWXNYNVDGNV/RKGCIUL]QNXGK
FNUSKUGVI\U6NMKOIJULN=RMNYN6M
[E=$
L]NGCIUGODONNXNVDGVODFDNHVDXKIU[UIXN=
\VXVGVI\OZSXNGNIRq\VoNNGMXN$
ϭϬϲ
,NNIM L]NN\KYXTODNNXGN=H¿E=OK IRXNqNGNMKYN¤HNOVIXL9XVGVI\G
YNMLK¾ HZU=YNqNNL]N,UJTE=J6$EO/GKHGVYDU[=U
ISIJaXUL]HT>N^NV NVD YN6MYI+NHT>NKGMNGV
§ ,NNIM L]NN\K YXTODNNX GN=¤H G YDUM YXTLLNIM L]NN\KQCIo9GNVNLMWNVMQVUV
IRoNGYXTODNNXGN=¤HJ6 IWOHVD HNXR JTLN=RMNKODM^NNGVFJTIRoNGLJ\TYNVD
RD,NN=RMNGVFKSODFDNGNYXGMXV LMWNVMIQNWNUNJ6$
GVI\LNIMI/)NIUGKXKIULMWNVMIQN[N
J6 $ LNIM L] NN\K YXT O D NNX GN= ¤ H § 3NN\Z IR5URoN= GV QN6MNXIQXNDGXRDFM@
LNIMI/)NIUGK@L]NGCIUGODONNXNVDGVODM^NN@ UGLNIM ³NN\KYXTODNNXGN=¤H
LZR= RD LIqSHK "NN9NVD@ W\K RD /)N\K OIHIUGKF6%GVDYNNVIWUGK[E=DIWXHVD
LNIM L]NNI\NVD@ LR=U LNIM L]NNI\NVD@ PoN SN\ZLIMNVWXNYNVDGKL][IUGKLTXMK^NN
GI9FDNKRoNN=RX@XH+NZIHNVD@G31RX/LIU GK[E= U)NNHNH\N QM HNH\NYNNNMLM
RD ³RN\I+NI¥N MK4@ WKRHD0\ IMWR=@ W6R HNRINOTNNMOT!N[$RoN= GV
IRIRNUN U)NN HNXR RD ,NN=RMN GV FKS QN6MNX OIHIU XV LNIM ³NN\K YXTODNNX
YDUM ODFDNNVD GV YX OV ODFDINU JIMU GN= ¤ H GV YD U [= U L] N ,U JT
HTQaQNVD LM GNM=RNE= GMUN J6 U)NN EOHVD X#OD
NNVINU#IR
NVN.NVD `NMN LTXMKI^NU
L]NGCIUG ODONNXNVD GN T'U OD[U D[ OV L]/UNRNVDGN+NKHZ<NDGXIGNYN6MEXHVDOV
L]FDNXGMXVGVI\YNRqGR6.NIXG.NX XE=LIMNVWXNYNVDGNV/RKGCUIGN[N
OCIWUGMXVGKNVWXNJ6$ U)NNLIMNVWXNYNVDGNVLZMNIGN[N$
§ EOGN=¤HGNPQaQV
HNXRYN6MPOGV ,NN=RMN GV ONHNIWG YNI)N=G HTQaQNVD
LN=RMNGVFKSODFDNHVDONHN8OTNNMGV ODFDNKYXTODNNXGN=H¿YNMLKOE=¾
I\ ODONNXNVD GV TI'UOD[U PLNV[ YN6M § JGN=¤H,NN=RMNKU)NNLNIMI/)NIUGK
ODM^NNJVUTL]NGCIUGYN6MONHNIWGIR.NX Y)N=2R/)NN ODFDNK YXTODNNX@ IR_HNX YN6M
GV^NV GV+NKUMGYNNNMIRGIOUGMXN ON)N JK IRSNMNK IRNNXXNVD@ WXWNUK@
J6$GN=¤HHVDODONNXL]FDNXGK2NRJNIMG []NHKN@pNJMKHTQaQNVDGVON)N ON)NIRNNXGK
OH/NYNVD GNIXMNGMNGMXV GV I\G +NZIHGN OV P5L8X JT ONHNIWG YNI)N=G
R6.NIXGYNNNML]QNXGMXVGKNVWXNJ6$ HTQaQNVD@,NN=RMNKIRNNXYNIQGVGNN=8RX
GN=¤H HVD TI'UOD[U YN6M OUU L OV HVD []NH LDSNUNVD U)NN XN[IMG OHNW GK
L]NGCIUGODONNXNVDGNL]FDNXGMXVGVI\ +NZIHGNGNOH)N=XGMUNJ6$
YNRqGR6.NIXG.NXRDL]IqNI^NUGNIH=G
L]QNXGMXVGK+NKNVWXNJ6$LNIM L]NN\K § 2NoN=GVQN6MNXGN=¤HLMNHqNK=OIHIUGK
YX YN6M YING HJ5RLZN= JNV [ J6D F6%GYNNVIWUGK[E=U)NNGT\L]/UNRNVD
'NVDIG LC)RK GK LN=RMNK L]NNI\ND GNHZ<NDGXIGN[N$SN\ZLIMNVWXN
\[NUNMO+NK/UMNVDLML]+NNIRUJNVMJKJ6D$EO GKL][IUGKLTXMK^NNYN6MHN:XK9IMD[GK[E=$
^NV HVDLNIMI/)NIUGKOH!YN6MYXTODNNXOV YRINGVQN6MNXGLIMNVWXNGNVYXTHNVIQU
/)NNXK@^NV KYN6MR6IqRGLNIM L]NNI\NVD IGN[N$
LM Y5ING WI9\ YN6M OD+NNIRU L OV
ϭϬϳ
L][IU#PL\I&NN HVDLNIMI/)NIUGKLOVODRVQX
NK\WNVX
GNV VOV YUT\XK HZ<NVD RN\V YI+N.NU
§ LZMVRoN=HD N\HVDL]N,UYXTODNNXGN=¤HGNV
,NN=RMNKODONNXNVDRN\V^NV NVD#WNVXGVLHVD
OTSNGMXVGVI\GYN:X\NEXYXTRK^NN
LIM+NNIoNUIGN[NJ6IWXGVODM^NNGVI\
U)NNOZSXNL]NN\KLKHYNE=OpNTGK
IRqNV o N NX QV X V GK YNRqGUN J6 $
[E=YN6MEOVHNS=@OVGN=qNK\FXNN
LNIMI/)NIUGK L OV ODRVQXqNK\ ^NV "NNVIoNU
[NJ6$POGVFNQOVGVR\YN:X\NEXL]N,U
GMXV GNPQaQVqODMI^NU^NV NVD@IWXHVD MNo9K
L]/UNRNVD LM IRSNM IGN WN MJN J6$ EO
LNG= U)NNR8WKRY+NNMpNNIH\J6D@W6OK
YN:X\NEXLKHYNE=OGNVRoN=GVYDUUG
IRqNV o N LNIM ³NNI\NV D GV I\ YN"NNU
HD N\GVO+NKHT>YXTODNNXGN=¤HNVD
YRqNNVoNG GNOCWXGMXNJ6$LNIMI/)NIUGK
GVI\LZMKUMJGN=qNK\IGN[NJ6$
ODRVQXqNK\ ^NV YINIXH@ YING OTM^NN GK
§ YXTODNNX GN=¤HNVD GN OHF L OV YNRqGUNRN\V^NV NVD@WJNDIRGNOGKYXTHIU
OH8RGMXVYN6MOHK^NNGNVOT[HFXNXVGV QKWNOGUKJ6@GVI\OD¤NDIU^NV GK+NZIHGN
I\ MNV/9MYN:4'OL9= JVUTG0N9NFVO IX+NNUNJ6$
/)NNILUGMXVGVI\L]/UNR$
,NN=RMN@RXYN6MW\RNTLIMRU=XHD N\XV
§ I)NHVI9G^NV NVD@IWXGVHD N\GKXKIUNVDRD ,NN=RMNODM^NNYINIXH@GKNNMNGV
GN¤ = HNDVLML5]^NHJ5RYNM6L+]NNRJN[
DV @VGNV UJU,NN=RMNODRVQXqNK\WNVXYINOZISUIG
ISIJaXU GMGV SN\Z LIMNVWXNYNVD GNV J6DIWXHVDY8FNUNVDGVON)N ON)NGT1VGLJSNXK
GN=qNN\ND RD LMNHqNK= F6%GVD YNNVIWU [E= LIMNVWXNYNVD#[IUIRINNVD@W6ON+NKHNH\N
GMGVL]NV5ONIJUGMXVGNGN=U6NMIGN JNV@ GNV IRIXIHU#L]IUFDINU IGN [N J6$
WNMJNJ$6 ,NN=RMNODM^NNIXH@GVIXHHVD
§ 4 9K YNM GK L]/UTIU LM S\ MJK Y8 FNUNVD GV ON)N ON)N VOV GNMGNVD GNV
LIMNVWXNYNVD YN6M LIMNVWXN LIMNNHNVD GV IRIXIQ=o9 IGN [N J6 IW8N LM P_NV[NVD GK
GNG= NMKONMGNV2NLGLS] NMGVI\HD N\ YRI/)NIU GNV U)NN VOV IGOK ,NN=RMN
GKRFVONE9LMYL\N0VIGNWNMJNJ$6 ODRVQXqNK\WNVXHVD IGOKL]I¤NGNODSN\X
GMXVGNVIXIoNNL]IUFDINUGMUVOHIRSNM
QV
N HV D OD M I^NU ^NV NV D GV YNOLNO IGNWN[N$
LNIMI/)NIUGK L OV ODRVQX
NK\ ^NV
¿E=OWV0¾GK"NNVNNNMNo9K,NN=RMNXKIU@ IQXNDGGKI/)NIUGVYXTONMHD N\
`NMNWNMKYINOZSXNYNVDGKI/)NIUXKSVQK[E=J6D
IQXNDGGKI/)NIUGVYXTONMWNMKE=OWV0YINOZSXNYNVDGNL]NL
OD MN7 L]NLYINOZSXNGNXNH YINOZSXNGKUNMK>N
YNDN]L]QV
N XV\NL9a9ZR8WKRY+NNM
GHRN\NGNVD0NR8WKRY+NNM
MNWKR[NDNKMN9KP_NX
UV\D[NXN IG8XVMONXKR8WKRY+NNM
ϭϬϴ
YNNS\L]QV
N E=[\XV/9R8WKRY+NNM
FVOZ,OVR8WKRY+NNM
HNPI\D[MN9KP_NX
YOH &NVMV\R8WKRY+NNM
YNHSND[R8WKRY+NNM
LNNKQVIJD[R8WKRY+NNM
ONVXNE=LNE=R8WKRY+NNM
I0F]ZO6>NNVRNMN9KP_NX
IFJNM FNI<HGKMN9KP_NXYN6MFN"NIMWR=
+NKHFNDNR8WKRY+NNM
XN[KL^NKY+NNM
X'UKL^NKY+NNM
GT
NV
RM/)NNXL^NKY+NNM
[N6UHFTR8WKRY+NNM
15UKO[ U6HZMILD[\NR8WKRY+NNM
+NNVMNHQVRR8WKRY+NNM
LNHV0R8WKRY+NNM
RMXNRNLNMNR8WKRY+NNM
[NVHMQNR8WKRY+NNM
OVHNMONV9R8WKRY+NNM
FNQ\>NNV\R8WKRY+NNM
IQ<\K YONV\N+N9a9KR8WKRY+NNM
[TWMNU RV\NRN0NM&\6GFGMN9KP_NX
I[MMN9KP_NX
IJHNS\L]QV
N IGFVMR8WKRY+NNM
GNEOR8WKRY+NNM
HXN\KL^NKY+NNM
GXNRMR8WKRY+NNM
XNM[ZR8WKRY+NNM

N6GNMKQVRKR8WKRY+NNM
ϭϬϵ
ILX"NN9KMN9KP_NX
MVNTGNWKR8WKRY+NNM
>NNV>NNXR8WKRY+NNM
[]V9IJHN\XMN9KP_NX
OND;\N"NN9KM^NHIS9GT\R8WKRY+NNM
STMNNMR8WKRY+NNM
GN\N9NVL>N7WMR8WKRY+NNM
EDQMIG\NMN9KP_NX
SDQ]UN\R8WKRY+NNM
9ZD0NJR8WKRY+NNM
GT[9KR8WKRY+NNM
[6D[Z\OKNRVJKR8WKRY+NNM
9N\MNR8WKRY+NNM
OVGSZYNXXN\NR8WKRY+NNM
W(HZRDG
HKM MNHX[MR8WKRY+NNM
XDIQXKR8WKRY+NNM
GXN=9G [T0NRKR8WKRY+NNM
[T0VGNV9V/\N:)NFKMR8WKRY+NNM
ONVHV
RMR8WKRY+NNM
MNXVRV8XZM&\6GFGR8WKRY+NNM
MD[NNI)N9a9ZR8WKRY+NNM
UN\NGNFVMKR8WKRY+NNM
H\NE=HJNQV
RMR8WKRY+NNM
MD[NXNQT[N= IODJRN\VD9V\N:LGNR8WKRY+NNM
GNFVMKR8WKRY+NNM
+NKH[NQR8WKRY+NNM
GTQ]HT>NMN9KP_NX
HV\ZGNV9VR8WKRY+NNM
LTLNI[MKR8WKRY+NNM
RNXVM"NN9MN9KP_NX
ϭϭϬ
XZ[ZR8WKRY+NNM
ISDISYNV\KR8WKRY+NNM
MNHQVRMNRV9\NR<SMY+NNM
+NQ]NFN"NIMWR=
IF\KI[MKMD[N/RNHKFN"NIMWR=
0ND0V\KYND
NKFN"NIMWR=
GVM\ ONE\VD9R6\KMN9KP_NX
)NN9VG0R8WKRY+NNM
HN)NKGV9XR8WKRY+NNM
LKSKR8WKRY+NNM
EQTGKR8WKRY+NNM
YMN\HR8WKRY+NNM
ISHNVXKR8WKRY+NNM
OVDQZMXVR8WKRY+NNM
HN\NFNMR8WKRY+NNM
GNVI9a9ZMR8WKRY+NNM
XaMYN6MLVLNMNR8WKRY+NNM
LVIMNMFN"NIMWR=
LMDIRGT\HFN"NIMWR=
HL]QV
N (NNNRMN9KP_NX
XPMNQVJKR8WKRY+NNM
GMVMNR8WKRY+NNM
FN[0NMNR8WKRY+NNM
"NZ[N4NVIO\MN9KP_NX
O6\NXNR8WKRY+NNM
GVX"NIMN\R8WKRY+NNM
OULT0NFN"NIMWR=
ODW0TFMKYN6MODWMN9KP_NX
0NXNONVMMN9KP_NX
MNUNLNNKRDIOD"NNVMKR8WKRY+NNM
ϭϭϭ
HJNMN9 IULV
RMR8WKRY+NNM
WNGNRN0KR8WKRY+NNM
LVDSMN9KP_NX
(ZMV
RMR8WKRY+NNM
HINLTM IWMKHNGZ0ZR8WKRY+NNM
YNVI0ON GT\I0JNR8WKRY+NNM
MNW/)NNX GVOMFN[R8WKRY+NNM
P5UML]QV
N XFNF[DWL^NKY+NNM
OND0KL^NKY+NNM
OHOLTMR8WKRY+NNM
LMRNUKYM[NR8WKRY+NNM
OHXL^NKY+NNM
ONVJN[KFMRNR8WKRY+NNM
MNNKLTMR8WKRY+NNM
LI
SHFD[N\ W\QNLN0NMN9KP_NX
IXNVMN"NN9KMN9KP_NX
P5UMN>ND0 XDNNMR8WKRY+NNM
IS ONMO
ϭϭϮ
IQXNDGGKI/)NIUGVYXTONMYDIUHLOVWNMKE=OWV0YINOZSXN
YD0HNXRDIXGNVFNM YD0HNXRDIXGNVFNM`KLOHZJGVOTMI^NU^NV
`KLOHZJ
UV\D[NXN LN>N\R8WKRY+NNM
IFJNM FMV\N!K\O\KHY\KWT&FNONJXKR8WKRY+NNM
[TWMNU
NZ\LNV
RMR8WKRY+NNM
JIMNNN IFMI
NGM[R8WKRY+NNM
>NNV\JKM6UNXR8WKRY+NNM
G\VOMYN6MG\VOMR8WKRY+NNM
I+ND0NRNOR8WKRY+NNM
HL]QV
N ONVX"NIMN\R8WKRY+NNM
"NN9K[NDRJZMNNR8WKRY+NNM
[NDNKON[MR8WKRY+NNM
FNDNR[FN"NY+NNM
HJNMN9 X[WKMN@8ZX[WKMN@GNVGN@XRV[NDRYN6M
XRV[NDRR8WKRY+NNM
HV\"NN9FN"NIMWR=
[N69N\NYNVUMH"NN9R8WKRY+NNM
ODW[NDNKMN9KP_NX
LVX[D[NR8WKRY+NNM
HINLTM FIXD[R8WKRY+NNM
G6\HR8WKRY+NNM
WVE=\0R8WKRY+NNM
ND[NVLNVGLK\V^NR8WKRY+NNM
YNVI0ON SD0NGN0NHLN0NR8WKRY+NNM
LDWNF FKMHNVUKFN[R8WKRY+NNM
FKM+N0NOXR8WKRY+NNM
FKM[T0QN\LTMR8WKRY+NNM
FKM+NTXVMJVMKR8WKRY+NNM
G)N\N6MGT
NNI\NR8WKRY+NNM
FKM
NRNXR8WKRY+NNM
YFNVJMR8WKRY+NNM
FKMQNVOND!R8WKRY+NNM
9VGXKMVJHLTMR8WKRY+NNM
ϭϭϯ
,NI
SH"NN9HVD ,NN=RMNODRVQX
NK\^NV NVD YINOZSXN@LIqSHK"NN9^NV HVDMJMJV\NV[NVDGK
GK "NNVNNN ,NIqSHK "NN9 G R6IqRG ISDUNYNVD GNV QZM GMXV U)NN LIqSHK "NN9NVD GV
W6R IRIRNUN RN\N /)NNX J6 YN6M LN6NNVD GK ODM^NN GV I\ MN7 OMGNMNVD YN6M Y8
/)NNIXG ³WNIUND IRIRN L]GNM GV 4Z\NVD@ /9VGJNV<0O=GNVpNNIH\GMUVJTLMNHqNK=HNH
H1I\NVD@W\)N\SMNVD@MVD[XVRN\VWKRNVD@LI^NNVD@ OVYN[VFXVGNYNNNMJNV[N$
/UXNNMKU)NNEXRMI9F]V9OGNVYN-QVXVRN\N MN9K L]NGCIUG ODONNX L]FDNX oNN\K
W6IRG IRIRNUN GN >NWNXN J6$ J [NVQNRMK@ ¿XXYNMHO¾ (ND N\ GK MNo9K
GCoNN@GNRVMKU)NN+NNMUKPL`KLGKGE=Y8 L]NGCIUGODONNXL]FDNX³NN\KXXYNMH
XIQNVDGNPQa[H/)NNXJ6IWOLMEO^NV GK O LZR= GV NVWXN YNNV[ GK G OH[]
Y)N=2R/)NNIX+N=MGMUKJ6$EOI\@EO^NV GV /GKH NVWXNOIHIU MNo9KL]NGCIUGODONNX
OUU U)NN OH[] IRGNO GNV YXTHIU QVUV JT L]FDNX ³NN\K LKOK XXYNMHO GN
LIqSHK "NN9 GK YXNV>NK W6R IRIRNUN GNV +NN[J6WNVRoN=OVS\MJKJ6$
ODMI^NURDOTMI^NUFXNM>NXVGKYNRqGUN
J6$,NN=RMNKODRVQXqNK\^NV GKYRNNMNN LKOK XXYNMHOGNHT>PQaQVqQVqN
OUU IRGNO GNV YXTHIU QVXV GV ON)N ON)N GV L]NGCIUGODONNXNVD GK2RI/)NUOZSKU6NM
W6R IRIRNUN GV ODM^NN GN UD +NK PL\&N GMXV@ HZ<NDGX U)NN IX[MNXK HVD QZM ODRVQK
GMNUKJ6$ L]N6_NVI[GKGNPLNV[GMXNJ6$
EOOVLZR=/)NNXK\NV[NVDGNVJYNqRNOXQVXVGN PLT='U PQaQVqNVD GNV LZMN GMXV GV I\@ LK
ODG<LI\N[NIGWJNDUGPXGKYNWKIRGN OK XXYNMHOXVIRI+N8XHD N\NVDHVD
RD IQXL]IUIQXGK[IUIRINNVD GNODFDNJ6@ IRI+N8XIRoNNVD)NKHGVI\GE=IRI+N8X/)NNK
,NN=RMNODRVQXqNK\^NV HVDF0VL6HNXVLMGNVE= OIHIUND [I%U GK J6D$ W6R ODONNXNVD YN6M
LIMRU=XXJKDIGNWN[N$,NN=RMNODRVQXqNK\ LN=RMNLM/)NNKOIHIUOISRLN=RMN@RX
^NV HVDMJXVRN\V\NV[NVDGNVIR/)NNILUXJKDIGN YN6MW\RNT LIMRU=XGKY^NUNHVD LKOK
WN[N$EOL]GNM@IR_HNX+NZ PLNV[@GCIoN@ XXYNMHO`NMN[I%U/)NNKOIHIUNVD
LN6NNMNVLNU)NN/)NNXK\NV[NVDGVYINGNMHVD\DFV HV D OV G J6 IWOHV D OD F D I NU \NEX
OHUGMJXVRN\K+NZIHLMIGOKL]GNMGVX HD N\NVD#IR+NN[NVD GV OQ/ pNNIH\ J6D$
IRIXHNVDGNL]/UNRXJKDIGN[NJ6$ LNIM L]NN\K@LNIM L]NN\KGKOZSKU6NMGMXV
YN6MPXGNYXTM^NN@H/)N\KGMN@RXL]GNM
EOIQqNNHVDYN[VFXVGVI\@HNXXKMN7 HNXIS N@U9K+NZIHPLNV[YN6M\6D04N:H=@F4=
HD K/RUD L]+NNM@LN=RMN@RXYN6MW\RNT YN6MIJHXQ@XH+NZIHOZSKU)NNYNG\XYNIQGNV
LIMRU=XHD N\@-KYIX\HNNRQRVXVLIqSHK pNNIH\ GMUV JT L]HT>N LN=RMNK RD
"NN9NVDGVONDOQNVDGVON)NIQXNDGY[/U@ LNIMI/)NIUGK HTQaQNVD OV ODFDINU \[+N[
GNV F6%G YNNVIWU GK$ EO F6%G HVD LIMNVWXNYNVDGNVL]NNVIWUIGN[NJ6$EXHVD
IRSNM IRHqN=GVQN6MNX@EOFNULMWNVMIQN OV\[+N[LIMNW V XNYNDVGNVLMZNIGN[NJ$6
[NIGLIqSHK"NN9^NV HVDLN=RMN@RXNVDYN6M
OHNWGVFKSODUT\XJNVXNSNIJ$EOFNULM EOGN=¤HGVYDU[=UpNTYN6MLZMKGK[E=GT1
WNVMIQN[NIGIQXNDGGKL]NL F0KLIMNVWXNYNVDHVDIX(XI\I>NUpNNIH\J6D
ϭϭϰ
4OYNE= `NMNOHI8RUODLZN= QVqNGV IXQVqNG@YNLQNL]FDNXGVDQ]@ZIXRIO=9K/GZ\
@HNXLMRXL]GNMHNXIS N YN:4E8RNMHVD9H6XVWHVD9@[T[NVIRDQIODJ
+NNMUKR8WKROD/)NNX`NMN@HNX E8Q] L ] / )N IRqRIR_N\@ &\N:G@
LMR8WKRY+NNMNVDRDMNo9KLNGNV=DGN OV'9M OK@`NMGN@XE=IQ<\K
HNXIS N "NODG9HVDL0VHJ5RLZN=96'OGVODM^NNLM
ODLZN= +NNMUK U9 GV I\ U9K YX F\ QVUV JT +NZ /)NNIXG RD LNMDLIMG
+NZIH PLNV[@ G31 RX/LIUNVD@ L]RN\ QCIo9GNVNGNL]NV[GMUVJTH[TWMNU
I+NI5UNDYNIQ@HNXLM GKW6RIRIRNUNGNHZ<NDGX$
O OK EOMNV `NMN OHI8RU ODLZN= 0 SXFK [RN\ ZXKRIO=9K@ -KX[M
IJHN\ GN F4= RD IJHXQ HNXIS N [RN\ P5UMN>ND0 GV 0N: O&ONSK
@#@HNX QNO[T,UN`NMN [RN\IJHN\HVD OKHNDU
RC^NL]WNIUNVDLMW\RNTLIMRU=XGVL]+NNR
O OK EOMNV `NMN OHI8RU MNo9K GNHZ<DNGXU)NNHN:XK9IMD[ $
XH+NZIHOZSKU)NNYNG\X@HNX
SIMHNV9OVDIOD[U)NNWKYNEOUGXKGNVDGN
PL\I&NND L]NV[GMUVJTFI\NIW\N@P5UML]QV
NGV
XXYNMHOGN=¤HGV YDU[=URoN= GV +NZW\HVDYNOV=IXGGKHN:XK9IMD[GMXN
QN6MNXHD N\XVIX(XI\I>NULIMNVWXNYNVDGNV 115UKO[HVDJOQVRXQKW\OD+NMHJNXQK
OJNUNQK GKGOJNGXQKGVGKGCUL]FDNXGV
G /LVO ,\KGVqNX OVD9M@ Y(FNRN0K IR/UNM@ I\YNMOU)NNWKYNE=OGNYXT³NV[
LKYNV YJHQNFNQ@ YDUIM^N IR+NN[ GV W[]NHKN^NV NVD HVD OH/U+NZ L]NV[@W\U)NN
+NZ IR.NXL]+NN[GVLIMNVWXNIXQVqNGU)NN PWN= L]FDNX GV I\ IMHNV9 OVDIOD[ GN
Y^N0N:OMNWNRUGV HN[=QqN=XHVD YXT³NV[ PWN= RC^NNMNVLN GV YROMNVD GK
+NNMUGKH/)N\KI/)NIUGNHNXIS N >NNVWGMXN
>NIMHNV9OVDIOD[U)NNWKYNE= OGNL]NV[ !+NNMUGVLZRK=U9HVDRV<\NMXQKFVIOXLMO
GMGV[TWMNUGVSTIXDQNLNIM L=9X/)N\NVD YNE= 4a<'O U)NN 8TI989 EXLT9aO GN
YN6M EOGV ODF LN=RMN GN L]NGCCIUG YXYN6MU9KODONNXNVDLML0XVRN\V
ODONNXYNG\X@0N:YNM0KpNNJ@L]HT>N PXGV L] + NNR GN HZ < ND G X G
+NZ IR.NXIR+NN[@HWKIR.NXOD/)NNX@ +NN6[NVI\G W6RUGXKGKQCIo9GNVN
QNQNONJF HNR\DGM G6(LO XRMD[LTMN@
GXN=9G GV WD[\NVD HVD YIN¤HN FD[\T
YJHQNFNQ@[TWMNU$
ZXKRI/N=9K@ FD[\N6M@ GXN=9G GV ,NN=RMN
[ IWNV /LVIqN\ UGXKGNVD GN L]NV[ GMGV IR.NXIR+NN[GV L]NVYNMGVONVHqNV>NMGV
I+ND0NRNOU)NN>NNLMRNOXH+NZIH@JIMNNNGV HN[=QqN=XHVD YNMOU)NNWKYNEOGN
L]FDNXGV I\LNIM L]NN\KQCIo9GNVN@0N: L]NV[GMUVJTQNVQqNGKIR
\VNN$
WVGV[[=@L]NV4VOM@LN=RMNL]FDNXU)NN
9 RN: 9 M 9V ' XN: I \WK OV D 9 M@ UIH\XN0T
ϭϭϱ
[]KG<SM\ ZXKRIO=9K@ GNV(FUZM GV LOVIR5ULNVIoNU IJHN\^NV SMN$$
OJNGL]NV4VOM0N:0KWDUKGVHN[=QqN=X GV F4= U)NNIJHXQNVD GNYXTRK^NN XNHG
HVD IMHNV9OVDIOD[U)NNWKYNE=OUGXKG LIMNVWXN GV YDU[=U IG [ GN= LM
GN L]NV[ GMUV JT UIH\XN0T GV IW\N YNNNIMUHN:XK9IMD[/XNVD0;\VIOMO=YN:4
XN[L9a9XHGVXHGL]+NNIRU+NZ +NN[HVDHCQN IJHN\XIMWX GVFNMVHDVGL/TUGIQXNG D
YN6MW\GK[TNR5UNGNHZ<NDGX$ XRFDM@GNVLG
] NIqNUGK[E=J$6
L]I¤NGNVOTSNGMXVGVI\@XXYNMH § WK YNE= O ,\V94NH= HVD MNo9K XH+NZIH
OOOK FKGVYDU[=UIR5ULNVoNNGVI\ OZSXNL]NN\KU)NNMNo9KU9KWNVXOZSXN
L]/UTUO+NKL]/UNRNVD GKUGXKGKYN6MIR5UK L]NN\KIRGIOUGK[E=J6U)NNEXGNPLN[ V
QCIo9OV WNDS#OHK^NNGMXV GV I\UGXKGK XH+NIZH U)NN OK YNM W0 V YINOSZ XN GV
YN6MIR5UKPL OIHIU[I%UGK[E=$GVR\ GNN8=RXHDV2NLGLOVIGNWNMJNJ$6
PL OIHIU`NMNIO4NIMqNIG[L]/UNRNVDGNV
X X YNM H O /GKH GV YDU[=U
UGXKGKOJNUNGVI\XXYNMHO
OOK FK`NMNI\NWNUNJ6$OIHIU@HD N\ PL\I&NNVD#\^GNONMND
N
GV X X YNM H O GN=¤H GV YDU[=U XXYNMHOXVQVqNHVDW\@RX/LIU@RX
IR5ULNVIoNU@S\MJK\[+N[LIMNVWXNYNVDGK U)NNY8L]NGCIUGODONNXNVD GV YNG\XYN6M
L][IUGKIX[MNXKYN6MYXTRK^NN+NKGMUKJ6$ YXTRK^NNGVI\HJ5RLZN=EXLT9L]QNXIGJ6D$
XXYNMHOGN=¤HGVYDU[=U@HD N\ JYDUMN=o9KL]NV9NVGN:\#G8RVDqNXHVD+NNMUGK
`NMN /RKGC U LIMNV W XNYNV D HV D OC I WU I/)NIUGNFSNRGMXVGVI\HJ5RLZN=EXLT9
LIMNNH#OZSXN GN PLNV[ GMXV GV I\ L]QNX GMUK J6$ EO /GKH XV R6.NIXG 9Z<O
OD+NNIRUL]NV'UNWVDIONDJ6D@GVDQ]KOMGNMGN I¤NIRIN GV PLNV[ OV XKIU[U IXN=NVD GNV
IR+NN[#WVDIOND U)NN/RD LN=RMN@RXYN6M L]IULNIQUGMXVU)NNQVqNHVDL]NGCIUGODONNXNVDGV
W\RNTLIMRU=XHD N\YN6MEOGVL]qNNOIXG ODM^NNRDL]FDNXGVI\OHTISUOTNNMGMXVHVD
IXD NNNKXIRI+N8XOD[%X)NN@4OYNE=@ OJNUNGK$QVqNGVISIJaXUL]HT>N)N]/9^NV NVD
WV0OYNE=FKOYNE=YNIQ$ U)NNIRIRNL]GCIURDYNGNMGNVNXHVDM>NUV
JT@EO/GKHGVI\IR5UKODONNXGNVRKD
JN\GVING\NL NVWXNRINGVFNQ+NKWNMKM>NNWNOGUNJ6$
§ EORoN=IQXNDGWZX@GNVG9\O 7NKFKLDUIJHN\K,NN=RMNYN6MIRGNO
+NNMUGNH/)N\KGMNRD+NZIHYR¤HN OD/)NNX@GNOV K G9NMH\@Y<HN0V N@PµNMN>N0
D
9\O OD'TULOV4YNMYNE@=WNVNLMT
HDVIM\KWIGN[N$ZXOKOK0KH>TN\ ,NN=RMNYN6MRXHD N\XV +NNMUKIJHN\K
`NMN+NKEO9\OGKOMNJXNGK[E=J$6 ^NV YNE=SYNM HVD OUU IRGNO ,NN=RMN
ODM^NNGVYINQVqNGVON)NG/RN5UOD/)NNX
§ /LVO,\KGVqNXOVD9MOOK@YJHQNFNQ
GV LHVD Y[/UHVD WKFKLDUIJHN\K
XV LN=RMN@ RX YN6M W\RNT LIMRU=X
,NN=RMNYN6MIRGNOOD/)NNXWKFKLKYNE=0K
HD N\U)NNEOMNV#0KYNVO`NMNODT'U
GK /)NNLXN GK$ J OD/)NNX YLXV HT>N\@
ϭϭϲ
GNVOK G9NMH\@ Y<HNV0N P5UMN>ND0 YN6M § ,NN=RMNGV/)NNXK.NXGNVISIJaXUGMXN
HNVJN\ GT<\ZIJHNS\L]QVqN@-KX[M [RN\ YN6MPOVOTQCGMXNU)NN^NV KHJ5RGV
P5UMN>ND0@ LD[)NND[ IOI'GH YN6M E=9NX[M YXTODNNXNVD GNV OTQC GMXV GK IQqNN HVD
YNNS\L]QVqNYN6MLR=U³+NN[LN=RMN@RX NV[QNXQVXNU)NN
YN6MW\RNTLIMR=UXHD N\@XE=IQ<\KI/)NU § /)NNXKNNMNNYNVD GV YXTL^NV GV OUU
YLXKLNDS^NV KEGNENVD GV HNHOV YLXV IRGNOGVI\PLT'UL]N6_NVI[GKL6GVWRD
YINQVqN IXoLNIQU GMXV GN L]NO GMUN J6$ L]QN[KL]NNI\NVD GNV IRGIOUGMXNYN6M
OD/)NNX,NN=RMNOH/NYNVDGVOHNNNXGVI\ L]QIqN=UGMXN$
L]N)NIHGUNGVYNNNMLMYXTODNNXYN6MIRGNO
GN=G\NL IXNN=IMU GMUN J6 YN6M GNN=I82NU L][IU#PL\I&NND
GMUNJ6@ORNV=5UHL]I¤N IRINU6NMGMUNJ6 y YXTODNNXU)NNIRGNOPL\I&NND
YN6ML]QIqN=UGMUNJ6U)NN+NNMUKIJHN\K^NV
GV\NV[NVDGVFVJUMWKRXNLXGVI\L]N6_NVI[GK OHZJONHNIWGYNI)N=GIRGNO¿O
L6GVWL]QNXGMUNJ6$OD/)NNXGVYXTODNNXYN6M E=0K¾YN6M.NXP5LNQU)NN^NHUNIXHN=N
IRGNO GN=G\NLNVD GV I\ IXNN=IMU GK [E= ¿GVOKFK¾
IRoN LMG-VINNVDHVDW\ OD+NML]I¤N § +NNMUKIJHN\^NV HVDW6RIRIRNUNODM^NN
YN6ML]FDNX0&<ZLKH@,NN=RMNHZ<NDGX YN6MOUUYNWKIRGNGV I\LNIM L=9X
U)NNL]FDNXE=H@,NN=RMNK2R/)NN GNV FNRN QVXV JVUT@ YNNS\ L]QVqN HVD
U)NNXKIUE=WKLK@W6R IRIRNUNODM^NN LNUNXK L%NM HVD G LNIM L=9X HN:0\
U)NNL]FDNXFKOKH@LNIMUD OVRND E= IRGIOU IGN [N YN6M EOV IRI+N8X
O@ W\RNT LIMRU=X OKOK@ OND/GCIUG HQNVD GNV WNV0 GM OTQC IGN
ONHNIWG YNI)N=G IRGNO OE=0K@ [N$ LNUNXK L%NM HVD [NDRNVD HVD
W6R UGXGKYXTL]NV[FK9K@,NN=RMNK IM/LNVD0VD9 GN YNG\X IGN [N WFIG
WKRU5RE=LK@.NXYNNNIMUP5LNQYN6M LIqSHKG6IHD[IW\VGV[NDRNVDHVDJNV/9
^NHUNIXHN=NGVOKFKpNNIH\J6$YXTODNNX@ GNYNG\XIGN[N$EOKL]GNM@IOI'GH
L]QqN=X U)NN L]SNM L]ONM ,NN=RMN YXTGZ\ HVD@4VHFND[\JNVR8WKRY+NNMHVDL=9G
UGXKGKL6GVWNVDGVIRGNOGKIQqNNHVDGN=MU GVL]RNJGVYNG\XOV)NNV0KRCIGNLUN
O+NKLIMNVWXN5HG[IUIRINNDVGVHJ5RLZN=GNMG S\N$P5UMN>ND0HVDL=9GGVYN[HXGVFNMV
J$D6EOGVYIUIM'U@WKFKLUDIJHN\,NNR=MN HVDOZSXNGNVY_UXIGN[NU)NNGN6ONXK
YNM6IRGNOO/D)NNXEOHD N\GNVXKIU IXIJUN)N= HVD L=9GNVD@ 2RON /RNIHNVD GV
OVOFDIDNUIQqNNIXQq=VN+NKLQ]NXGMUNJ$6 ORV=^NNOV/)NNXK\NV[NVDGKYNLML=9X
OD/)NNXGVUKXL]HT>NPQaQV
J6D GV/Lo9L]+NNRGNLUNS\N$IJHNS\L]QVqN
§ +NNMUK IJHN\ ^NV GK LN=RMNK HVD[]V9IJHN\MNo9KP_NXWKSXLK
OH/NYNVD GV FNMV HVD [JX YXTODNNX YN6M HVDL=9GGVYN[HXGNYNG\XIGN[N
IRGNOYXGMXN U)NNP_NXYN6MPOGVYNOLNOGV^NV NVDLM
PXGVOGNMN5HGRDXGNMN5HGL]+NNRGN
ϭϭϳ
YXIM/LNVD0VD9OGV ON)NLMNHqN= OV R[= IGHK ^NV @ +NZ/>N\X GV L]IU YIU
IGN[N$ ODRVQXqNK\J6$GCIoNYN6MFONR9NVDGVYDU[=U
§ XDQNRXIRGNO GKLJ\GNVOTQCGMXVGV \[+N[R[=IGHK^NV RoN=
L]NO GV L HVD@ FJTPQaQVqNK RC^N GVQN6MNX+NZ/>N\XOV^NIU[]/UJNV[N$X
L]WNIUNVDGVGJWNMLN6NGNMNVLNIGN S GVIGHK^NV R[=IGHKHVDOV
[NJ6$W\ODFDNKHND[GNVLZMNGMXVGVI\ L]IUqNUEX+NZ/>N\XNVDOVL]+NNIRUJTYN$
/)N\LMRoNN=W\ODSXODMSXNDU6NMGK OHZJW6RIRIRNUNODM^NNRDL]FDNX
[E=DYN6ML]QIqN=UGK[E=$ ¿FK OK H¾@ LNIM L]NN\K OVRN U)NN
OHZJRN9M
NV0L]INYN6ML]FDNX W\RNTLIMRU=X¿OKOK¾
¿0&<Z LKH¾@LN=RMNYNG\XU)NN § W\RNTLIMRU=XYN6MW6RIRIRNUNLMEOGV
L]FDNX¿E=H¾YN6MLN=RMN
NNOXRD L]+NNRGVL69XNV=DRDL]I¤NYNVDGNVOH!XVGV
XKIU¿E=LKLK¾ I\@GV 0&<Z \OIJHNS\L]QVqNHVD
YXGV I\@HJ5RHNXOZSGNDGYN6M
§ W\ODFDNKHND[GNYNG\XGMXVYN6MPOV
ONLV^N"NX5RGVYNNNMLMORV=^NN/)N\NVD
LZMNGMXVGVI\HND[/)N\NVDY)NN=UGTHND
RDRXRC^NOHTQNNVDGNVISIJaXUIGN
IJHN\ HVD ONVGVqRM@ \N+N [NMN@ Y<HNV0N@
[N$ FN8O "NN9K@ P5UMN>ND0 HVD ;\NVIMN
>N6MXN@FVUN\"NN9YN6MMNH[GV[NDRNVDHVD
WK \ YNV YNM YNE= QK"N=GNI\G
U)NNHNVJN\>NNQIJHNS\L]QVqNRN9MqNV0HVD
YXTRK^NN/)N\/)NNILUIGN[NJ6IWOHVD
[NDRNVD GV LIMRNMNVD HVD IRI+N8X +NZIH
IqN>NM^NV NVDOVLNQLRI[=GKWVXMN
PLNV[NVDGVI\W\GKHND[GNYNG\X
RD4VIH\KGNVIMGN:0=IGN[NJ6$JN9
GMXV JVUT LIMRNM GN ORV=^NN IGN [N$
GI\GNHVDODONNXPLNV[GVL69X=OVLUN
OH[] HND[ GV LIMNNHNVD OV LUN S\N IG
S\N IG ILXO MNV'OFZ"NK= GN YINGUH
MNHX[MGVI\ORN=INGW\PLNV[QM
PLNV[ IGN [N@ POGV FNQ YINGUH
[I\L]IURoN=IMGN:0=IGN[NU)NN
'ZMV'O<ZGNVI9GNV4NVMN@HNIMGNJ/GZ\VD9N
IJHNS\L]QVqNHVD \N+N[NMNGV I\8ZXUH
U)NN I\NVIXN YNVRI\4NVI\N GN PLNV[
W\PLNV[QM[I\L]IURoN=
IGN[N$IOI'GHHVD@GNo%L]WNIUNVDGK
IMGN:0= IGN [N@ W\ PL\&NUN HVD
L]STMUN YN6M P8XUND
N GV FKS G HWFZU
L]IUqNUGKGHKIMGN:0=GK[E=$
ODFDNQV>NN[N@IWOGNY)N=JJ6IGIG
§ LN=RMNYNG\XRDL]FDNXGVYDU[=U@UKX FUVP8XUNDqNOVGNo%L]WNIUNVDGKIRIRNUN
WNVXNVD\[+N[IGHKHVDOUW\FVIOXGN GNVOJNUNIH\UKJ6$YNNS\L]QV
NHVD
YIUODRVQXqNK\UNYNG\XIGN[N$J IWMNV "NN9K HVD LNEX []ZR RX HVD IG [
LUNS\NIG/>N\XGVL]+NNRGVYDU[=U^NV @ ORV=^NNNVD HVD LNQLIRIRNUNGV PLNV[L69X=
RoN= HVD R[= IGHKOV FGMRoN= U)NNIRI+N8XMNV[NVDHVDIRI+N8XL]WNIUNVDGV
HVD R[= IGHK JNV [N J6 WNV PLNV[GVFNMVHVDOZSXNOD[]JGK[E=$
Y31K >NNOKRCIJ6$EOGV YIUIM'U@
§ RXRC^NNVD4VXNV\N:WKLMW\RNTLIMRU=XGV
ϭϭϴ
L]+NNRGNV OH!XV GV I\@ODLZN= P8XUNDqN GVDQ]GNVOTQCGMXVYN6MEOGNL]FDNXGMXV
\NX HNO\HVDIRI+N8X\I^NU GV I\@ IJHN\ LNIMI/)NIUGK GV IRI+N8X
RXL]WNIUNVDL]HT>NLOVGVXNVLKYN6MOF LJ\TYNVD LM [TNN5HG RD LIMHNNN5HG
GVXNVLKHVDLI5UNVDGVIXG\XVGNOHRD 0N9NFVOGNVOD[]JYN6MY_UXIGN[NJ6$
IR/UNM@ODLZN=P5UMKRDQI^NNK/LV'9aOHVD EXHVDXIRO8ZW\V9MXIROFZ\VIMX/9V9
LIMRVqNK UNLHNX LM Y5ING IX+N=M LNN 9;\NDOOVMKWYN:4EDI0XIJHN\X
[N$ /9V9aOpNNIH\J6D$XIROL]GNqNXGVGRMVW
YN6M IRoN OZSK GNV IRI+N8X R6.NIXG
OHZJW6RL]N6_NVI[GKYXTL]NV[¿FK9K
WVDIONVD#LT/UGN\NVD YNIQHVD /)NNXIH\N
¾U)NNLN=RMNKMSXNIR.NX¿E=LK¾ J6$
§ IJHN\LNQLNVDGVODM^NNYN6MOUUPLNV[ § +NN6IUG MNONIXG@W6IRG@LVGV+NNMKNNUT@
GNVFNRNQVXVU)NNR8WXOD>NLMQFNR G3SKONH[]K@YLIqNo9W\IRq\VoNNU)NN
GNVGHGMXVGVI\@XN0NV=/9VSKWNUHXOK HCQNRDLNQLXHZXNVDGVLIMRU=XqNK\YRRNVD
GV EX IR9NVD P[N [ G6<O G<SM HVD GK HN N IXNN=MN JVUT OD/)NNX HVD GVDQ]K
IOD)NVI9GFKWIRGNOGVI\GL]I¤NGN L]NV[qNN\NOTIRNNGNVOTQCIGN[NJ6$
Eo9UHPLNV[IGN[N$ OD/)NNXXV+NT[UNXYNNNMLMQZOMVOD[%XNVD
§ UNWK RD PFN\K [E= LVNVIXN EHNV0K GV [6M OMGNMK OD[%XNVD YN6M Y8 OMGNMK
LNVoNNK@LNVoNNKMNVNKYN6M(Z9VWVIXGMNVNK OD[%XNVDGVI\VOVRNDL]QNXGKJ6D$
I¤NG\NLNVDOVIR9NIHXIH[]NL]IU § OD/)NNXHVDGVDQ]KLT/UGN\GNVOTQCGMXV
[]NH@OKIH[]N#[]NHYN6M GV I\@GT\LVIMNVI0G<OIRQVqNK
E= IH[]N#[]NH@ L]NV9KX YN6M+NNMUKGNVO&O¤NEFIGN[N$
IH[]N#[]NH@GNFNV=JNE0V9YN6M ON)N JK@ X LT/UG pNKoN=GNVD GNV
IH[]N#[]NH@ HVI)NNVXNEX LT/UGN\HVDWNV0N[NJ6$EOGVYIUIM'U@
IH[]N#[]NHYN6ML]NV\NEX 0#[]NH HNXRODONNXGVIRGNOGVI\GE=OVRND
GVI\OD+NNRXNGNLUNS\N$U)NNIL@L]NV[ )NN@YNI9=G\Y\9=@UNWN"N9XN¤HGVL]IU
GK[E=L]I¤NHVDHN NHVDYDUM)NN$LNVoNNK WN[GUN@ OZSXN GN SXN5HG L]ONM@
IRqNVoNUNYNVDOVLUNS\NIGRVYXTHVOKHNGV IML]NV[]N4K@MV4MVDO@E80VI'OD[@IFFI\NV[]N4K
+NKUMJ6D$QZOMVYN6oNNKLNQLNVDGKUT\XNHVD RVFOIR=OVWYN:X\NEXWX=\YNIQL]QNX
D9KYN:'OK0VD9I¤NG\NLNVD GKUT\XN5HG GK[E=J6$
HN NIMGN:0= GK[E=$IOI'GHIJHN\OV
GNVIX9H4VMNV'OHVDEOKL]GNMGVYX ¿[¾MN9KLJ\
IG[J6D$ § OD/)NNXXVGN=F\RXODONNXYN6MLNQL
L]Q
N=X YN6M L]ONM HVD YXTODNNX RD IRIRNUN U)NN GN=F\ LNMDLIMG .NX
IRGNOGNYXTL]NV[ L]NN\KGVI\XV9RG=LN9=XMGNVGNN=I8RU
GMXVGVI\GXNV0\OD[%XGVLHVD
§ OD/)NNXHVDIJHN\LNIMI/)NIUGKLMXIRO IJHN\ LNIM L]NN\K GNV FXN M>NUV JT
ϭϭϵ
MNo9K IHqNX GV HNH OV IRI+N8X IRIRNUN JHNMKLJSNX@JHNMKIRMNOU
LIMNVWXNYNVDGVIR5ULNVoNNGNVOT[HFXNN$ LM[D[NVI\JN9@IL)NN6MN[ HVD UKXIQROK
OD/)NNXXV LMNo9KW\IHqNXUGXKGK GN=qNN\N IQODFM@
OIHIU@ LL MNo9K RX XKIU@ YN6M LLL OKYNVLK@HMNGqN@HNVM'GNVHVDIJHN\
P5UMN>ND0GVI\W\ODONNXNVDJVUTMN7 LNIM L]NN\KLMW\RNTLIMRU=XGNL]+NNR
IRIqNo9GN= NVWXNOOLKU6NM XRDFM@
GMXVHVD+NKEXLT9L]QNXIG$
OKYNVLK@G6XGTX@H6I'OGNVHVDIJHN\
§ LN=RMN@RXYN6MW\RNTLIMRU=XHD N\@ W6R IRIRNUNYN6MW\RNTLIMRU=X
XE=IQ<\K`NMNpNTIG[MNo9KIJHN\ IQODFM@
YXIHqNXXSHOGVYDU[=U@
WKFKLKXYNE= SE= O0K@GNV OK OD/)NNX GV HT>N\@ GNVOK G9NMH\ HVD
G9NMH\HVD GLIMNVWXNL]FDNXZIX9 LR=UGKOD/GCIUIRIRNUNGNYNNVWX
LKH/)NNILUGK[E=J6$EOGVYDU[=U@ YN6MLJSNXOTQCKGMN LMGGN=qNN\N
GT\LIMNVWXNYNVDRCJU@HHYN6M IQODFM@
\"NTYXTQNXGNVGN=qNK\IGN[NJ6$ OD/)NNXGVHT>N\@GNVOK G9NMH\HVDRX
ODONNXYN6MLNQLW6RIRIRNUNLMMNo9K
¿"N¾OKHNLNMKLJ\
GN=qNN\NXHOSE= GN=F\
§ UKXOKHNLNMKLJ\NVDGVI\OH8RGMXV XRDFM@
RN\VOD/)NNXGVLHVD@OD/)NNXXVR6.NIXG
LN=RMN@RXYN6MW\RNTLIMRU=XHD N\@
YXTODNNXNVD GV HNHOV ^NV KOJNV[GV
XE=IQ<\KHVD+NNMUKIJHN\^NV GVOUU
I\NV[QNXQVXNWNMKM>NN$G6\NqNLR=U
IRGNOLMXKIU[UL]SNMGVI\IJHN\GV
+NZ QCqODM^NNRDIRGNOLJ\GVO\
\NV[NVD GV L]IUIXINNVD GK UKOMK F6%G
OK0KYNE=GV I\OD/)NNX@GN=¤HGNV
Y[/U@
GNN=I8RU GMUV JT YXTODNNX O\NJNVD GN
LN\XGMXVGVI\\NEXIR+NN[NVDGVON)N +NDORN0N4NH=@Y<HNV0NP5UMN>ND0HVDXN[IMG
HWFZUOHNI+NLUN/)NNILUGMXVHVDOH)N= Lq]NNOX YNM6 IR+NN[@ P5UMN>N0 D OIJU
MJN$EOGVYIUIM'U@.NXON!NGMXVODFDNK LNIM GNF=\GVOH8ROVONHIZJGR^CNNMNLVN
UD NVD GNV OTQC GMXV ODFDNKUD NVD GNV OTQC YI+NNXHDV+NN[KQNMKW\
T NE@=
IGN[NJ6$ WK YNE= OK@ LND[Z@ NMSZ\N@ IL)NN6MN[ HVD
¿0¾WN[GUNLMXE=LJ\ MSXN5HGL]GCIUYNNNIMUIqN^NNGKOD/GCIU
GVIRGNOGNVOT[HFXNXVGVI\IJHN\
§ OD/)NNX XV +NNMUK IJHN\ ^NV GV 1N NVDGNL]GCIUWN[GUNYI+NNX
LN=RMNKHTQaQVGVLHVDW6R OND/GCIUG HE=@
IRIRNUNGV ODM^NNYN6MORDN=XGV FNMV HVD
WN[GUNFNXVGVI\IRI+N8XYROMNVDLM IRI+N8X LMNHqNK= F6%GVD@ GN=qNN\ND YN6M
IX(XI\I>NUYNNVWXIGN HJ5RLZN=IQRO)NNYDUMN=o9KW6RIRIRNUN
ϭϮϬ
IQRO HE=@ LN=RMN IQRO WZX@ XHSOXVL]HT>NI)NHVI9G)N]/9L+NZIH
RNIoN=GIQROIOUDFM@R8WKRO,UNJ YN6M W\ ODONNXNVD GN OUU L]FDNX LL
Y'9ZFM LR=U IQRO IQODFM LN=RMNK YNG\X YN6M L]FDNX LLL W6R
YNIQ$ IRIRNUNGNODM^NNYN6MOUUPLNV[LYOUU
MN9KIJHN\YXIH
NX¿XHS YRODMSXN YN6M WN= OTM^NN Y O(LZMG
O¾ IJHN\@ WNV W6IRG U)NN +NN6IUG QNVXNVD YNWKIRGNIRG<LU)NNYLWN[GUNRD^NHUN
IR
NVNUNYNVD GV ODQ+N= HVD GWI9\YN6MIRIRN IXHN=NGVYDU[=UODGVUN5HGI)NHVI9G^NV NVD
LR=UL]NN\KJ6@GNV+NNMUGKP3S+NZIHNVDU)NN GKOZSKISIJaXUGKJ6$PLT='U\^NVD U)NN
YN6MYINGIX(X+NZIH^NV NVDHVD\N>NNV\NV[NVDGVI\ I)NHVI9G)N]/9GNV\^HVDM>NUVJTIH
NXIR
NVN
WKRXM^NGL]NN\KHNXNWNUNJ6$JYINGUM LOV Y[]I\I>NUPQQa
VNDV GKLN]I,ULMNX
I
NNGVI\W\RNTIRIXNHGGVLHVDGN= GIDVQU]GMUNJ6GPL'=TUOG D UVN5HGI)NHIV9G
GMUN J6 U)NN LZMV IR
R HVD YLXV NNIH=G@ ^NV NDVLMR.6 NIXGRDLNMLDIMG.NXGNGIXGN
YNNI5HGYN6MQN
N=IXGHZ<NVD GV I\WNXN IXIHU=GMXN>NI)NHIV9G^NV NDV HDV OH/NYNDV GV
WNUN J6$ EO LR=UHN\N GK HNXR IXIH=U IXMNGMNGMXVHDV\[VLI6]'9
NXMNDVGNX9VRG=FXNXN
[0FI0NVDGVL]IUYIUODRVQX
NK\UNYFL]HNINU [ I)NHVI9G ^NV NVD HVD OH/NYNVD GV GN=
J6$EOI\@IR
NVNYN6MLIMRU=XYIUODRVQX
NK\ NV ; #GNN= 8 RX NV ; #LT X MNRC I 5U NV ;
L]NN\KGVJNVXVGVXNUVU)NNYN6MYINGHJ5RLZN= IXMNGMNNDVGNVLQ]I
NU=GMXN$LH]>TNQ
NX=@O/D)NN[U
LOVYLXVWKRXM^NGHZ<NVDGVGNMNIJHN\ OQTCKGMNU)NN^NHUNIXHN=NGV ON)NYXN@DV
GVI\IR
NVNNXYLVI^NUJ6$ L]N[V NDVLN\9O a YNM6PLNNDVGNVOJNUNLQ]NX
GMGV HN[ D YNNNIMU YXOT DNNX RD LN]_
6 NIV[GK
YUMN9KIJHN\YXIH
NXXHS YI+NXRKGMNNDVEXNRV
VN8OHDVOJNUNLQ]NXGMXVGV
O@GVDQ]K^NV GKOJNUNYXTQNX/GKH@GN I\NXU)NNIR5ULNVNNFNXVGNJ6$
\^ +NNMUK IJHN\ ^NV YNE= S YNM HVD
L]NGCIUGODONNXNVDGVODM^NNU)NNOUUL]FDNXOV 2NNIXGKYXTODNNX
ODFDINU L]HT>N HTQaQNVD GN IXMNGMN GMXV HVD +NNMUKRNIXGKYXTODNNXRDI
N^NNLIMNQ
L]NN\K[U"N9GNVD YN6MPXGV I\DGVWGKOH[] ¿YNE=OK4YNME=¾@ QVJMNQZX +NNMUK
OH!GVHNHOVY5INGYNR
GNXQVXN RNIXGKYXTODNNXRDI
N^NNLIMNQYNE=OK4
J6$ X H S O GV ^NV NINGNM HVD YNME=@MN9KRNIXGKYXTODNNX2R/)NNHVDG
LNIMI/)NIUGK@ L]NGCIUG@ OND/GCIUG YN6M
NKN=IXGNJ6WNVIGRNIXGKYXTODNNX@I
N^NN
ONHNIWG YNI)N=G LZDWK[U LIMODLI5UNVD U)NN YN6MRNIXGKGVO+NKLJ\TYNVDGNVGRMGMUVJT
YNE=SYNMGVHZ<NVDGVLNVNNRDODRN=XHVD GOH[]IRGNOGVXWIMOVGN=GMMJNJ6$
OJNUNGMXVJVUT2NLGQCI9RN\VO+NKYNE= JLIMNQW\RNT LIMRU=X@W6RIRIRNUNGN
SYNMMN7
NNIH\J6D$IH
NXGKGN=XKIU ODM^NN@H/)N\KGMNGNVMNVGXNU)NNODONNXNVD
OMGNM GK MN9K LN=RMN XKIU@ GV GV OUU ³FDNX RD IRGNO OIJU RNIXGK
YXTL/)NNXKOHTQNNVDGKYNWKIRGNFNXVLM YXTODNNX^NV HVDP+NMUKSTXN6IUNVDGNOHNNNX
NXGVDIQ]UGMXNJ6$ IXGN\XVHVDMUJ6$
ϭϮϭ
L][IU#PL\I&NND IQXNDGY'9ZFM@GNVYNNVIWURKD
F6%GHVD+NN[I\N$
§ YNE=OK4YNME=@QVJMNQZXXVYNME=0K0K
IJHN\@IJHN\HVDYNME=0K0KGNV § G6\N
NNNIH=G+NZ QC
HVDYNME=0K0K,\O
GNN=I8RU GMXV HVD YXT+NR IRGIOU GMXN GVI\YXGVGN=^NV GVFNMVHVDWKFK
YN6M PLNV[ GMXN XNHG LIMNVWXN GV LKYNE=SE=0K@Y<HNV0NGVR6.NIXGNVDU)NN
YDU[=U RXNV8HZ\X YN6M RX YR¤HN OV MN7RXIR+NN[GVYINGNIMNVDGVON)NG
MN9K8ZXKGMNP5OW=XYNE=E=0K0K OJI¤N5HGF6%GU)NNIL)NN6MN[RXL]+NN[
+NNMUGV I\GN=XKIURD GN= NVWXN GV RX /9N4 GV ON)N F6%G YN6M XIGXN@
HTQaQVRDSTXN6IUNVDLMGGN=
NN\NIQXNDG SND0GIL)NN6MN[GVRXLDSNUOQ/NVDGV
Y[/U@GNVYNNVIWUGK$IRI+N8X ON)N/9VGJNV<0O=GKF6%GOVHE=@
OMGNMKIR+NN[NVDU)NN[6M OMGNMKOD[%XNVDGV GVQN6MNXYNNVIWUGK[E=$
L]IU+NNI[NVD XV EO GN=
NN\N HVD +NN[ § YNE= OK 4 YNM E= @ QV J MNQZ X XV
I\N$ >NQNXNVD#>NXXL9a9NNNMGNVD GK/9NMMVI9D[
§ YNE=OK4YNME=@QVJMNQZXGVL]IUIXINXV GK/GKHGVGNN=8RXGNVOT[HFXNXVRD
MN9 K YNM E= 0K 0K ,\O XKIU@ EOGNYXTRK^NNGMXV GV I\[I%U
NKN=
GN=XKIU#GN=NVWXNGNVYDIUHLQVXVGV OIHIUGKXE=IQ<\KHVDIQXNDGWT\NE=@
FNMV HVD Y'9ZFM@GNV LN=RMN@RX GNVYNNVIWUF6%GHVD+NN[I\N$
YN6MW\RNTLIMRU=XHD N\@XE=IQ<\KHVD § YNE=OK4YNME=XV4OYNE=@QVJMNQZX
YNNVIWUF6%GHVD+NN[I\N$ HVD +NNMU HVD MN9K RNIXGK OZSK U)NN
§ YNE= OK4YNME=@QVJMNQZXXV HVIL9NR@ YXTRK^NNL]NV9NVGN:\U)NN^NHUNOTQCKGMN
(NDHNMHVDIJHN\QV
NNVDHVDYNME=0K0KGV GVI\IQXNDGY[/U@GNVYNNVIWU
ODQ+N= HVD HNL@ IMLNVI9=D[ U)NN O5NLX LM UGXKGKOJNV[GN=¤HHVD+NN[I\NU)NN
IQXNDG Y'9ZFM@UGG^NV K YNME=0K0KRU=HNXLIMQC
U)NN+NNRK
GN=
NN\NHVD+NN[I\N$ OD+NNRXND LMIR
NVNNXQVUVJT+NNMUHVD
W\RNT LIMRU=X GV 8ZXKGMN U)NN
§ YNE= OK 4 YNM E=@ QVJMNQZX XV HMNGO@
YXTGZ\XGVI\RNIXGKLML]/UTIUQK$
HNVM'GNV GV OK YNV LK HVD ON)N ON)N
YNNVIWUGN=¤HNVDGVYNNVWXGVFNMVHVD § ^NV GVIJHN\ LNMK
NKU\H/)N\GK
Y'9ZFM@GNVLN=RMN@RXYN6MW\RNT YN6NNKLNQLNVDLMOJNV[KYXTODNNX@I
N^NN
LIMRU=XHD N\@XE=IQ<\KHVDF6%GHVD+NN[ YN6MIR/UNMU)NNY8ODFDINUIRNNVDGVI\
I\N$ GOTQCI\>NU/)NNILUGMXVGVI\YNE=
OK4YNME=YN6MOKOKYNMOYN6M
§ YNE=OK4YNME=@QVJMNQZXXVLN=RMN@RX
YNTNIR+NN[@/RN/)HD N\@+NNMUOMGNM
YN6MW\RNTLIMRU=XHD N\@XE=IQ<\KHVD
GV FKSIQXNDGWZX@GNV OH!N6UN
LNIM ODRVQX
NK\ WNVX IR
NVN. OIHIU GK
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§ YNE=OK4YNME=@QVJMNQZXXVMN7/UMK
LN=RMNL]+NNRYNG\XL]NINGMN@QVJMNQZX
HVD P5UMN>ND0 OMGNM GK OK E= YNE=
HZ<NDGXOIHIUGVOH^NP5UMN>ND0HVDHTXN
9N:8O YN6M OJNG XIQNVD HVD LXIFW\K
LIMNVWXNGVFNMVHVDOKE=YNE=YXGK
IQXNDGWT\NE=@GNVYNNVIWUL]/UTIU
F6%GHVD+NN[I\N$
§ ON)NJK@LN=RMN@RXYN6MW\RNTLIMRU=X
HD N\ GK UKOMK 4 OK F6%G U)NN
LN=RMN@RXYN6MW\RNTLIMRU=XHD N\@
XE=IQ<\KHVDOKE=YNE=OU\WGKIQXNDG
GNV YNNVIWU OHK^NN F6%G HVDV

+NN[ I\N$ Z X YNM E= 0K 0K ,\O
GN=¤HGKIQXNDGOVHE=@UG

XE=IQ<\KHVDYNNVIWUF6%GXV+NN[I\N$
§ YNE=OK4YNME=XVOVWXRMK@ IS I4HV\YN:4LMN4VXNVI0/GTOPQRKMKIODJ
GNV H6OZM IR
RIR_N\@ H6OZM HVD YNNVIWU
+NNMUKIR.NXGND[]VOL]Q
N=XKHVD+NN[I\N$
YNE= OK4YNME= I¤NG\NLNVD GNV YNE= P5LNQXGVI\EOGVYXTL]NV[U)NNFNDO
0&<Z O9K@FVD[\Z`NMNL]QI
N=UIGN YNNNIMUP5LNQNVDGNVIRGIOUGMXVGVI\
[N$ YN6_NVI[GYNR
GUNYNVDJVUTYNE=0&<ZO9K
YN6MH6OO=,RNED9VGLV8OYN6MXWK=L]NERV9
§ YNE=OK4YNME=XVIX(XI\I>NUOH!N6UN I\IH9V0@FVD[\T$
.NLXNVD#OD[H.NLXNVDLMJ/UN^NMIG
0KFK9KYN6M0K4WK¿WH=XK¾`NMN
RC^NL]5NMNVLNYN6MRC^NL]FDNXLIMNVWXNGV J/UN^NIMUOH!N6UN.NLXGVYXTONM0K
I\ GN% IR.NX RD L]N6_NVI[GK OD/)NNX FK 9K `NMN IR5LNVINU FVD[\T GN
YNE= 0&<Z O9KU)NNRKE= GN:HI
N=\ []NHKN
NJMKE89M4VOWH=X4YNVYNM
RVIJG\I\IH9V0RKE=OKRK GV OJNV[ OV GCIN@ Y)N=
NN/ YN6M
+NRX RD IXHN=N OV'9M HVD PXGV FVJUM OHNW HVD LIMRU=XNVD GK [TDWNE
N XNHG
PLNV[GVI\/)NNXKLOVPL\&NFNDO +NNMU WH=XKGDONVI9=HYXTODNNXLIMNVWXN
GV ODONNXNVD OV FNDO \DFM GV LIMNVWXN GVYDU[=U\N>NGVFW9LIM2OV
IRGNOJVUTYNE=0&<ZO9KYN6MHL]QV
N [] N HKN
NJMK E89M4V O HV D /LV I
NNV
MN7FNDOIH
NXHLKOFKH 9V(LNVM\+NZIHPLNV[L69X=U)NNJIMU^NV NVD
UNLKLOVLIMRIU=UFNDOIRGIOUGMXV RD W6R +NN6IUGK IR
NVN.NVD GV FKS ODFDN
YN6MPOGNVRNINI7GLQVXVU)NN2NLG
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XNHGLIMNVWXNGVI\YNE=0&<ZO9K XE=L]WNIUNVD)NN@ONE\V46[OYWT=XNIODJ@
U)NNGCINIR.NXIR
RIR_N\FVD[\TZ YN6MLNMN4VXNVI0OGOPQRKMKIODJ
OFK$ GNIR.NXGVI\XE=L]WNIUNVDGVL
IX(XI\I>NUQNVLIMNVWXNYNVDGVI\4 HVDRN=XIGN[N$ONE\V4V[OYWT=XNIODJ@
YNMYNE=YN6MMN9KYN6NNKLNQLFNV0=X I9NVWN4a\VVMKHNEXM¤N4GNG
HLKFK@YNTNHD N\@+NNMUOMGNM HJ5RLZN= L]N)NIHG LNMN IO9N:0 J6 WNV
9IH=XI\NYWT=XNLM\K4IL9[N<OL6QN
G QT\=+N YN6M ODG9NL8X YN6NNK LNQL GMUNJ6$
GNVIH4NVMNIR[9KMXN:9GVFKWP5LNQX
^NV NVDU)NNJV,\N0LNQLNVDGNIRGNO § LNMN4VXNVI0/GOPQIRMKIODJ@@YNH
LOVFTNGNVGNVX9GJVWNXVRN\V9VIM[NV9N
\V,9N0VIXN MVI9GZ\V9N G ODG9NL8X \N9NGKLI5UNVDLM/GV\E8WV'9GNVGO
YN6NNK LNQL@ GN '\NVX\ L]RN=X@ SIMU /LGNL]N)NIHGLNMNIO9N:0J6$MV0RKRM
IS NYN6MW6R MNONIXGIR
\VNN$ 89@YNVGNV4NE\N/HNMN[I0XNONHN8L
§ YNE=OK4YNME=XV YNME=0K0K ,\O OVYLXN"NNVDO\NOD¤IHUL5UKGVYNOLNO
IJHN\IJHN\HVDYNME=0K0K,\OGNV FXNUVJ6D$
GNN=I8RUGMXV HVD IRGNOYN6MYXT+NRGN § OD / )NNX XV I04V X NE\
PLNV [ LM L] N MD I +NG GN=
NN\N GK ILGIM\JNE0 V I W\ 0K LK LK S@
GN=RNIJNVD GNV L]GNI
NU IGN$ ON)N JK 0\FVMI[NIOOZGVON0/9YN6MLNV,Z\O
IFJNMMN7HVDOHTQNYNNNIMUOHI8RURX 0V<9NVE0XN9'/9V'9GKHZ\+NUO(HNW=G
L]FDNXRDODM^NNNVWXN XNHGLIMNVWXN ^NHUN GNV YRNNIMU IGN U)NN J
GVYDU[=UIJDQKHVD LNVL\NMOHCIGNRC^N &Z9NE\V9V0JNE0N:'OK9NV\ZXV FKS9K@
XNHGLT/UGL]GNI
NUGK[E=$ .NU D9K YN:'OK0VD9@ OV UT\XNNV; LNN
RXYXTODNNXOD/)NNX¿4YNMYNE=¾ [N$
QVJMNQZX IR/UNM
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§ ILXOMNV'OFZ[K=XK0<OOVL]N,UR6'OGKLZR= 0KOK@G8XN6WGVOJNV[OV YIXRN=UV\
HVDY.NUODMSXNGNV4YNMYNE=@QVJMNQZX LM4aZHMK RD MNVHV)NVMNLK LM IQROK
HVD2NLGXHYNM + & ++ L]I
N^NN OJ GN=
NN\N@ 4 YNM YNE=@
&26< +64& +0%& 12(6< YN6 M QVJMNQZXHVDL]IU+NNI[NVDGVI\YNNVIWU
72&6<`NMN/)NNILUIGN[N$ GK[E=D$
§ OD/)NNXXVWXOD>NYNXTRDI
NGKYXGV § P5UML]QV
N@HL]QV
NYN6MMNW/)NNXMN7NVD
I\G4\HNIMGN/GZ\VD9NGV0KX HVDGN=MUEDI0X4NH=4NVMV/9MK0VR\LHVD9
'O9V'
NXL]NV9NVGN:\GNVHNXGKGCUIGN$ GNVYN:LMVI9RI\IH9V0YNE=440KOK@
[T0[NDRJIMNNNGV^NV GNIH=GNVDGVI\
§ W6IRGIXD NHJ5RGVLNMNIO9N:0GKQNV
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LN6N
NN\NXO=MKL]FDNXLMGG/9HNE70 NZ\GNVM@GK9GVYN¤HNGVOZSGJ6D$SZDIG
L]I
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§ OD/)NNX`NMNIGWNMJVIR/UNMI¤NG\NLNVD GVGNMNYN¤HNGVIFDQTLM9Z9[)NVIS
GNVL]QI
N=UGMXVGVI\@XVLN\OVRXOVRN EOI\@EOGK9GKYNVMHJNV[XKP5LNQGNVD
YINGNIMNVDGVYNE=OKYNE=HYNV0K GNYINGNXYNGC9JTYN$UXV GV 9NDORO=
L]IUIXINHD0\ GN [NVQ I\ 0VHNV [NDR@ OV'
NXOVLZMVUXVLMGK9NNT`NMNFXN[[JMV

NHLTM@QVJMNQZXGN'OLNVWMQN6MN$ OTMD[IQ>NNE=IQ$
§ P5UMN>ND0U)NNP5UML]QV
NGVIGONXNVDRD IR/UNM
/R OJNUNOHZJNVD GV I\ GCINRNIXGK § YNE=4WK9KFKXVOVRN=GVY<L
YN6M +NZIH L]FDNX LM L]I
N^NN@ IWOHVD MNV9V
NXHVD YINGL<LRZ0P5LNQXGV I\
IGONXNVDXV+NN[I\N$ O^NHG6OTYNIMXNRDZGVI\,9OGVUVWKOV
RXYNXTRDI
NGKYN6MRC^NWXXOD/)NNX@ FXV RN\V '\NV8O IRGIOU IG J6D$
GNV(F9ZM OD/)NNX `NMN IRGIOU G6HTYNIMXN GV UKX
'\NV8O&-&+YN6M&+GVRNINI7G
YXTODNNX L]ONMGVI\GL][IU
NK\IGONX@-K9K
GNV(F9ZM HVD IGONX RC^NNMNVLN XVGV9a9K HVD PHNHNJV
RMMNRGNV \NEOVDOL]QNXIGN
/RK9VIXN HV¤NV4NE\ HJNV[XK LM G XE= [N J6$ IGONX XV QO RNNV=D GV I\ EX
GK9NNT OH/NGKWNDSGK[E= J6$WNDSOV '\NV8O GN L]RN=X GMXV GV I\ XN:X
FNDOI9IS0FK9\GKL]WNIUNVDGVYN¤HNGN 'O'\ZIOR\NEOVDOJVUTGFNM[K\NEODVO
LUNS\N$\[+N[OVHK\DFVFK9<O[JMV+NZMV
NT<GGN+NT[UNXIGNJ6$
)NVIS YNVMVFNG=LMYN6MYINGUVWKOV § YNE=4WK9KFKXVJN\HVDSMNFUMKGV
S\UVU)NNHT>
NN>NNHVDYDQML]RV
NGMUVQV>NV OV JMFVIMH XHZXNVD GN I0IW9KGMN
NT
[$RC^NGVPLMOVXKSVUG
NN>NNGKOUJLM IGNJ6$I0IW9KGMNGNL])NHSMNLZMN
YINGUHOVFNVMJNV<OQV>NV[$I1Q]GV GMI\N[NJ6 YN6MYL]6\@GNV
L]RV
N`NMOV[NVDQ[HGNIXG\XNU)NNWHKX YNNVIWU GN=¤H GV QN6MNX I0IW9\
LMRC^NGVXKS\V+NN[LMI1Q]NVDOVIXG\VGN%
IS
IS IS IS
IS YNE=4WK9KFK@GNV(F9ZM`NMN/RK9VIXNHV¤NV4NE\LMFN:I/9IS0FK9\OH/NGKWNDS
ϭϮϱ
JMFVIMHGNVRVFJNV/9IGN[NJ6$ONE9 OJNUNL]N,UGN%GNMNONIXGLIMRU=X
L M W N X V G N R V F L U N J 6 XNHG LIMVNWXN GV YDU[=U GJN J6 IG
ZZZIUFKHUEDULXPRUJ GV9VI\/9GVLHVDX F]NVHNVOZIGXNE0X
§ LN=RMN@RXYN6MW\RNTLIMRU=XHD N\@ FK O GK PLI/)NIU HV D IOI9G
+NNMUOMGNM@XE=IQ<\K`NMN+NNMUKRX XJNE0NE0GVON)NGN%GVIOI9\V
NXOV
YINGNIMNVD GV I\ L]NNVIWU FNNV P5UHJNE0NV4NVIFIO9KU)NNYNNHK/)NNI5R
L]NV/LVI'9D[ MN7RXIR+NN[NVDGK+NZIHGN IQ>NNE= QVUN J6$ X FK O GNV IOI9G
LMQNVIQROKL]I
N^NNGN=¤H@0KOK4 XJNE0NE0`NMNGN%GVE/9VIMI4GV
NXGN
OVOKOK4UGGVM6DGGVYNE=4O Q^NGV9VI\/9LNN[N$GV9VI\/9GVLHVD
YINGNIMNVD GV I\ YNE= 4 WK 9K FK@ XFKOGVL]NV[GNLIMRIU=UGN%GK
GNV(F9ZMHVDYNNVIWUIGN[N$ HVGVIXG\IR
NVNUNYNVDLMGNVE=>NNOL]IUGZ\
§ UIH\XN0TGVIRI+N8XIW\NVDOVIGONXNVD L]+NNR XJKD L0N )NN$ GNQZM RX MVDW
GV I\ HZ<NDGXYN6MIRI+N8XHTQaQNVD LM ISGHD[\ZMHD0\GVYNKX)NND[\KO6D0\
GIQROKGN=
NN\NYNNVIWUGK[E=$ IMWR=JV'9VM^NV HVDYNE=0&<ZO9K@
FVD[\THVDLIMNVWXNGVYDU[=UIRI+N8XYNT
GN%IR.NXYN6ML]N6_NVI[GKOD/)NNX OHZJGVP8XKORC^NNMNVLNNVD@Y%NMJL]NGCIUG
¿YNE=0&<ZO9K¾@FVD[\T WXOD>NU)NNSNMLTX5LNQX,\N:9OOV
YXTODNNX OD[]J IG [ IRGNO ODFDNK YNDG0V OV
O6D0\RT0GNP5GC9IRGNO\[+N[
§ YNE= 0&<Z O 9K@ FVD[\T XV YNEONV
LNQL#JV'9VM QV>NN [N J6$ O6D0\RZ0
L]NVLVXNE\IO9V9YNE= LKGNPLNV[
MNVLNHVDL]IU
NUOVL]IU
NUGK
GMGVGN%GVMNONIXGLIMRU=XGKXE=
IRGNOQM)NK$
L]I¤NIRGIOUGKJ6$LIMRIU=UGN%XV
RIN=UJNE0NV4NVIFIO9K@4D[\L]IUMNVN@ZRK IR/UNM
/)NNI5R YN6M GN% GN FVJUM YNNHK § GVRKGV@ISDUNHINGVOJNV[OVGXN=9GHVD
/)NNI5RL]QI
N=UIGN$ ISDUNHINHVD RNIXGKODFDNKL]N6_NVI[IGNVD GV
§ OD/)NNXXVO6D0\RZ0/GV<OU)NNHK\NEF;O F N M V H V D I G O N X N V D G V I \
OD¤IHU O6D0\RZ0 LM OD+NNIRU +N^NG L]I
N^NN OJ L]Q
N=XGN=¤H$
GNVIGXVI\0aO GV L HVD I¤,9NV\VHO § O6D0\RT0GK>NVUKYN6MY8RNIXGKODFDNK
HN:89NVIWMK RD IG\NVGNVO IX[IM9N GNV LJ\TYNVD GV FNMV HVD IGONXNVD GV I\
ISIJaXUIGNJ6$/GV<OYN6MHK\KF;OGNV QVRNDI[IMHVDGL]I
N^NNGN=¤H@
IXDI UGMXVHVDPXGK^NHUN^NV I/)NIUHVD
§ GV RK G@V IJMJV<\K@ UHTGM GV OJN[ V OV
L]QI
N=UGK[E=J6$
IJMJV<\KUHTGMHDVO0 D6 \R0 T GK>NUVKYNM6Y8
§ YNE= 0&<Z O 9K@ FVD[\T XV HNE¤NVRVR RNIXGKLJ\Y T NDVGVFNMVHDVIGONXNDVU)NNGV
ϭϮϲ
RKGVGV/9N4GVI\GLI]
N^NNGN¤
= H$ § 8N[LTMHVDHJNMN9MN7RXIR+NN[GVY[]NK
PNGI9FDNKRXYXTODNNXOD/)NNX /9N4GVI\ G6DI00V9,\O9KOV\V'
NX
LMQNVIQROKL]I
N^NNGN=¤H
¿9K4YNMYNE=¾@WF\LTM
RNN= RXYXTODNNXOD/)NNX¿YNM4
YXTODNNX
YNMYNE=¾@WNVMJ9
§ IL9GN:\96LGVHNHOVRXGVY8RVNNGV
LIMNNH/RLGIRI
N9/LNE0M4VIH\K YXTODNNX
Y)NN=UL<LKHVIX0VN L<L 4ZMV90/LNE0M § UKX FNDO L]WNIUNVD FV(FZON GVGVMVI8OO@
GV OHZJ GN LUN S\N$ /LNE0M@ WVXO FV(FZONGVGVMVI8OOYN6MF6(FZONWN:\KHNVM4N
L<LKHVXOOVODFDINUJ6$ GV RCUNGNMHCQNLMUNVD GV ON)NRNX/LIUG
L]RN=XLMLMK^NNOVL]V^NNGNVIMGN:0=IGN
§ NVWXVUM YXTODNNX I¤NG\NL GV YDU[=U
[N$PLSNMGVLHVDED9MXNV0aOGV+NKUM
9K 4 YNM YNE= LIMOM GK IRX 9'VOYNM6W\LR]
VNGMNN[N$IQXNDVGV
0NRIO=9K LI^NNVD GKL]WNIUNVD UG PLSNMGVYNNNMLMIXGNND=VOVLUNS\NJ6IG
LJTDSK$ QNV L]WNIUND Y)NN=U FVD0V FV GT'GT
§ RCUNGNMHCQNLMUUMKGVOVL]FDNXHVDYNONXK
GVGNVHVXI9O ONVXVMN9K U)NN 2JNE9 FVI\0
JNVXV GV YIUIM'UL]IU
NUYINGGZ<H
GT'GTOKLVOMN8OOZSKHVD
NNIH\JNV[E=J6D$
GI9D[GNV/)NNXQVXNOD+NRJNVUNJ6$
§ G XN /LNE0M FNVIHO /L 4VIH\K
§ 9V'OGVON)NGI9D[OVFKGVGMVI8OOYN6M
)NNVIHIX0VWXVO/UMUGISIJXaUIGN[N$ FKLN:\KHNVM4NHVDOVL]IU
NUUGGH
IR/UNM HC5TQMGNLUNS\N$
§ EDQN6MHVD YXTODNNXYN6MIR/UNMOIG=\GK § W\GVON)NGI9D[GVR\FKLN:\KHNVM4NHVD
HN\RN0VHNV XO=MKHVD HL]QV
NMN7RX FVJUMGN=IXLNQXGMMJNJ6$
IR+NN[`NMNIR5ULNVINU RXXO=IMNVDHVDW6R § OK4\E=Y[MU\N`NMN9MHIMGYN6M
PR=MGNVD GN YXTL]NV[ LM G IQROK XNVXK O]NVU GVM\ LM G ED9M¤N:ILD[
L]I
N^NNGN=¤H LMK^NN@LDSGHN= YXTODNNXGVDQ]@[NDNK[]NH@
§ YNNVMN EGNV\N:IWG\ ONV<Z
NX@ IQ<\K OV Y[MU\NHVDIGN[N$
ODF O S WK OQ/NVD GV I\ LN6N
P5LNQXRDMNVLNKL]FDNX LMUKXIQROK
GN=¤H
§ GK9IR.NXKYN6MY8W6IRGL]NV[NVD HVD
ONDI>GK YXTL]NV[NVD LM UKX IQROK
L]I
N^NNGN=¤H
IS OK4\E=@Y[MU\N`NMN
9MHIMGYN6MXNVXKLME89M¤N:ILD[LMK^NN
ϭϮϳ
IR/UNM IG[]N OVHK0KFKS@IG[]N
OVHK 0K FK S@ IG[]N
§ FNVGNV9N@I
NRON[M@YOHGV/)NNXK\NV[NVDGV
OVHK 0K FK S@ IG[]N
I\ G/UZMFN []NH OVRN GVDQ]@ LNIMWNU@
OVHK0KFKS@IG[]N
FNVGNV9N@ I
NRON[M HVD FNDO J/UI
N<L GN
OVHK 0K FK S@ U)NN
^NHUNIXHN=NYN6MGN6
N\IRGNO LMG
IG[]NOVHK0KFKSYN6MPOOVYING
O,UNJGNL]I
N^NN OJ GN=
NN\N$
§ OD/)NNXXV4ZOVIMH/L@GNV\V'9NVI9GH/L
§ RX YN6M W6R IRIRNUN ODM^NN LM YOH
YN6MHV¤NV4NVIHXN/LW6OVXKHOVLC)NGIG
LIMNVWXNGV YDU[=U[NLFHWV 4H
[4D[\L6)NNVWV8OGVIRW6IRGIXD N
OK@[V\VGK@I
NRON[MRXL]+NN[@I
NRON[M
GVLHVDI9GNV0HN=/LGKL]+NNRGNIMUNGN
YOH HVD XO=MK L]FDNX GV FNMV HVD GN6
N\
LMK^NNIGNJ6 YN6MEXIR9V I/)NIUNVD HVD
IRGNOLML]I
N^NNGN=¤H
I9GNV0HN= `NMN LMK^NN 4D[O GN
§ LZRNV=5UML]N6_NVI[GKYXTL]NV[RDIR/UNMGVDQ] L]IU
NUEXIJIF
NXLNN[N$
XE= OK9KYNM`NMNL]NNVIWU R8
§ RXGVIGXNMVGV[NDRNVDHVDRX+NZIHGVIR/UNM
GTGTMHT5UVGK>NVUK LMLNDSIQROKL]I
N^NN
GNVISIJaXUIGNWNXN XNHGLIMNVWXNGV
GN=¤H$
YDU[=UMNW/)NNXGVNN6\LTMIW\VGVRXGV
NTGRXYXTODNNXOD/)NNX¿4YNM IGXNMVGV[NDRNVDOVOD[]JIG[YNDG0VOV
YNE=¾@WNVNLTM LUNS\UNJ6IGIGXNMVGV[NDROVIHI-URX
RC^NL]WNIUNVDOVPXGVIRGNOOZSGNVD)NN@
YXTODNNX \DFNE=@OKXVGKPDSNE=LMYN6MFNO\^NV HVD
§ 4YNMYNE@=WNVNLMT`NMNILIM4NM:HNO
V LNMVN 2NO0NHK9MHVDGN4KYDUMIQ>NNE=IQN$
EID0GN@ WN9VNFV'V9M YNM6 PXGV IH-N OV HVD[K4VMNEDI0GNXVRC^NL]WNIUNVDHVDYN6OUX
EXNVGZ\V9V0GL]NV[HVDXKHU)NN>NVWMKGV ORN=ING\DFNE=RD2NOIRGNOL]N,UIGN$
IRGNOHNXQD0NVD Y)NN=U9JIXNVD GK\DFNE=@ EOGV FNQ I4GO MVI\I[NVON@ FNV(FV'O
W0GK\DFNE=@GNV\M0NHK9MGNVIMGN:0= OVE=FN@ O\RN0NVMN YNVI\NV0aO@ IOIWIWH
IGN[NU)NNJLNN[NIGW6RPR=MGNVD GZIHXK@FNVORVI\NOVMVMN@GNIGNGV9VSZ@
GNIH-NWNV9NVFV'9MWNVOILIM\H JNV\NV L9V\@ ED9KI[]4NVI\N YN6M IWIW4O
I9GNV0HN=XKHLN6NGVIRGNOGNVFNXVHVD HN:MKI9NXNGN/)NNXYNN$ORN=ING"NX5R
OR=-V%)NN$ YNRCIUYN6MHJ5RHZ<OZSGNDGYNE= RK
YNE=@XNVWKOOLVD0Z\NHVDQV>NN[N$
§ GLIMNVWXNGVYDU[=UMNW/)NNXGVLN\K
IW\VHVDONVWN9
NJMGVFNOXNYN6MOVJRNX § GNVIH4NVMN IR[9K `NMN [NVDQ P5LNQX LM
[NDRNVDHVDXKHLI5UNVDGV'RNDI9I4GV
NXOVLUN HN6OHKYXGVLIMNNHOVLUNS\NIG
S\NIGL]5VGRC^NOVJMVSNMVL]5VG0KFK [NDDVQP5LNQXGNPLT'UHNJXRDFMYN6M
SR[=YDUMN\GVI\GKL]IURN=PLWJ6@ POGVFNQ4MRMKJ6$
IG[]N OVHK0KFKS@
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IR/UNM IJHN\ RX YXTODNNX OD/)NNX ¿S
§ 4YNMYNE=@WNVNLTMXVH/)N\KGMNGN 4YNMYNE=¾@I
NH\N
HTGNF\NGMXVGVI\IR
RIQROHXNXVJVUT YXTODNNX
OD/)NNXHVDGE=GN=¤HYNNVIWUIG$EO
§ S 4 YNM YNE= I
NH\N XV \NRN=\
YROMLM/LVO,\KGV
NXOVD9M@YJHQNFNQ
LNMNIO9N:0@)NNOVXNV,\ZIONYNVIMGV<ION
`NMN +NNMU GN H/)N\KGMN YN6M +NZIH
46F GT)N GN G I04NVI\9M@ OV
YR¤HN9\OXNHG9\OYN6MGVDQ]K
LV89V\OI4¤OJN\GNV IMGN0= IGN$

NTGWNVXYXTODNNXOD/)NNXOKWV0YNM
GHJ5RLZN=W6IRGIXD NWVD9JNVXVGV
YNE=@ WNVNLTM `NMN GV'9K EX I0W9=
XNUV@EOHVD GK9L]FDNXGV I\YN[V YN6M
FNV9IXG\[N0=XLMGLT/UGGNVIM\KW
QNVJXIGWNXVGKOD+NNRXNJ6$
IGN[N$ON)NJKLZN=IQROKOHNMNVJGV
+NN[ GV L HVD H/)N\KGMN YN6M +NZIH § IJHNS\L]QV
NGKIH0 IJ\^NV I/)NIUNVDGV
YR¤HNYNG\XRDLTXRN=OPLN LM YDU[=UI0L\NVGXVHNFZI9MVIGN3ZMNGV
GGN=
NN\NYNNVIWUGK[E=$ MNVLN ODFDNK GN=IXLNQX LM S\ MJV
YXNVDHVDOVGYXGVUJUJN\HVD
IJI/9'O EDI0GN EDI0X LNVMGZLNEX GN
YN¤HNQV>NN[N$[D+NKM^NIU@WNVLJ\KFNM
3ZMNHVDQV>NN[NJ6 L
NTGVYNJNM2RJNM
HVDLIMRU=XGVGNMNJNVOGUKJ6$
IR/UNM
§ IJHNS\L]QV
NMN7RXIR+NN[SLKO
40K@I
NH\NXV OKHLKGVYDU[=U
P[N[LNQLNVDGNYXTRK^NNRDHZ<NDGX
IS +NNMUGVH/)N\KGMNRD GMXVGVI\G8O<9VDOKS4YNMYNE=@
+NZIHYR¤HN9\OGNIRHNVSX I
NH\NGNVL]QNXGKJ6$
§ YNFZ MNV0@ IOMNVJK IW\N@ MNW/)NNX GV § MN9KFNDOIH
NX@+NNMUOMGNM@XE=IQ<\K
WXWNIU FJT\ ^NV HVD +NZGK= QVRK HIJ\N GKFNDOUGXKGKOJNUNOHZJ/GKHGV
/R OJNUN OHZJ@ W(FZMK O 4 0K@ YDU[=U FNDOP5LNQX@L]FDNXU)NNIJHNS\
MNW/)NNX U)NN L]+NT 4NPD0V
NX@ IOMNVJK GK L]QV
N GV IGONXNVD GNV IRLNX LM LNDS
OJNUNOV[I%UGVOQ/NVDGVI\LNVNNK IQROKL]I
N^NNGN=¤H
LOVODL8XU)NNYN6NNKLOVHJ5RLZN= § IO<RKG<SMYN6MRXL]FDNXGVYNXTRDI
NGK
HNVHNVMI0GNI0NVGNGXGV0NGVHZ<RN=X LJ\TYNVDLM0KOK4YN6MOK4M6DGGV
LM UKX IQROK L]I
N^NN OJ L]Q
N=X \[+N[ RX YINGNIMNVD GV I\ QNV
GN=¤H$ IQROKL]I
N^NNGN=¤H@
ϭϮϵ
§ +NNMU HVD RNIXGK RU=HNX STXN6IUNVD YN6M +NNMUK ,\NE=RT0 P_NV[ YXTODNNX RD
+NNRK L]5N
NND LM SNM IQROK MN9K L]I
N^NNOD/)NNX¿YNE=LKYNE=YNM9KYNE=¾@
O(HV\X$ FD[\Z+NNMUK,\NE=RT0P_NV[GKLJ\RD
RXP5LNQGUNOD/)NNX¿YNE=4LK¾@ R6.NIXG RD YN6_NVI[G YXTODNNX LIMoNQ OK
OYNE=YNMGK+NN[KQNMKOV HN6WZQNYNE=LK
MNDSK YNE=YNM9KYNE=GKRoN=HVDGOJGNMK
IR/UNM YXTODNNXL]NV[qNN\NGVLHVDY31KpNTYNUJTE=
§ YNE=4LK@MNDSKXVGN%W6RYR¤HNGVDQ] )NK$EOGNL]N)NIHGPQaQVq+NNMUHVD,\NE=RT0
OHT Q ] K @ RX W6 R IRIRNUN OD / )NNX@ RDL6X\P_NV[@WNVYLXVpN6qNRGN\HVD)NN@GK
IR
NN>NNL5UXHGKG31RX/LIUYN6MU9K RCI RD IRGNO )NN$ YNELKYNE=YNM9KYNE=
W6RIRIRNUNGVDQ]GVI\IR
NN>NNL5UXHHVD pNTYNUOVJK+NNMUHVD,\NE=RT0RDL6X\P_NV[
YNVIWU@ +NNMU HVD G31 RX/LIUNVD GV GKRCIHVDOJNGMJNJ6$EOOH+NNMUHVD
ODM^NN@FJN\KYN6MOUUL]FDNXLMQZOMV ,\NE=RT0RDL6X\P_NV[@[TNR5UNT'UP5LNQ
MN9KOVIHXNMHVD+NN[I\N$ RDIRIXHN=NGVHNH\VHVDIRGIOUQV
NNVDGVP_NV[NVD
GVFMNFM>N0NJ6$
§ YNE=4LK@MNDSKXVIJHN\RXYXTODNNX
OD/)NNX@ LD)NN"NN9K@ I
NH\N GK R6.NIXG YNE=LKYNE=YNM9KYNE=GVIRWXYN6MEOGV
OIHIU`NMNYNNVIWU +NNMUHVD RNIXGK PQaQV
NVDXV\[NUNM+NNMUGV,\NE=RZ0RDL6X\
RU=HNX STXN6IUND YN6M +NNRK L]5N
NND LM P_NV[NVDGKFQ\UKYNR
GUNGVYXTLYLXV
MN9KO(HV\XHVD+NN[I\N$ GN=GNVFXNM>NNJ6$YNE=LKYNE=YNM9KYNE=
GNHT>N\FD[\N6MHVD J6 U)NN^NV GNN=\
RXW6RIRIRNUNOD/)NNX¿YNE=4FK¾@ GNV\GNUNU)NNHNVJN\KHVDJ6$
J6QMNFNQ +NNMUKRXL]FDNXOD/)NNX¿YNE=YNE=4
IR/UNM H¾@+NNVLN\JOD/)NNXGOV'9NVM\L]FDNX
§ YNE= 4FK@J6QMNFNQXV IGONXNVD GV I\ OD/)NNXGV,NHVDRXHDVI
N^NNL]QNXGMUNJ6@WNV
YN6NNKLNQLNVDGVON)NGCINRNIXGKLIUNVD RNIXGK@ ONHNIWG U)NN L]FDNX IR.NX GN
LML]I
N^NNGN=¤HYNNVIWUIGU)NN 8NOD[UIH-NJ6$EOOD/)NNXGN\[NUNM
L][IU
NK\IGONXNVD GV I\[0RN\HVD L]NO\NV[NVD@IR
NVNGMRXHVDMJXVRN\V\NV[NVDGK
GN\RNGZIU=HVD^NV L]I
N^NNYNNVIWUIGN$ OH/NYNVD GV ODLG= HVD MJXN J6 YN6M J
YNR
GUN YNNNIMU YXTODNNX GMUN J6$ J
§ YNE=4FK@J6QMNFNQXVEDI0XONVIO
NX OD/)NNXRXL]FDNXGV^NV NVDHVDV.NXGV+ND0NMGV
YN:4I8WNV/LH=9V'ONVXNVHKGVRVDRNIN=G ,NHVDGN=GMXVGNL]NOGMUNJ6U)NN+NNMUK
O(HV\XU)NNW6RIRIRNUNGV ODM^NNU)NN LIML]V^GVI\PLT'UFNJMKRD/RQV
NK.NX
OUUPLNV[LMYDUMN=9KOVIHXNMHVD+NN[ GNOHTISUGKGMNOTIX
SUGMUNJ6$
I\N$
ϭϯϬ
PQaQV
§ OHTISUXKIUNVDGNVYLXNWNXVGNVFNRN
QVXV GV I\ ODFDINU OV'9MNVD HVD L]SNM GK
I
N^NNYN6ML]I
N^NN
+NZIHGN IX+NNXN U)NN MN9K IJUNVD OV GNVE=
§ IXIHU
N6I^NG LN%a¤HNVD GV HNH OV OH!N6UNIGIFXN@WJNDGJKDYNR
GJNV@
RNIXGK@LN=RMNYN6MIRGNOL]FDNXGV^NV NVD OTIRNNRDISU/9VGJNV<0O=GVRN/UIRGIJUNVD
HVDL]FDNGKRDIR
\VNNN5HGGN6
N\NVDRN\V GKOTM^NNGMXN$
L]I
NI^NUHNXRODONNXGKHND[GNVLZMNGMXN
IG[ING\NL
§ Y<LGNI\GL]I
N^NNGN=¤HNVDGVHNHOV
PLT='U^NV NVDHVDOVRNMULV
NVRM2I'UNVDGV ´
N6I^NGGN=HNVDGNYNNVWX
.NXYN6ML]FDNGKGN6
N\NVDGNVY_UXM>NXN RNIXGKL]FDNXHVD/XNUGNV5UMI0,\NVHNLKWK
0K4HGN=¤H
YXTODNNXYN6MLMNH
N=
L]NGCIUGODONNXL]FDNXXYNMHHVDH
§ ^NV GK RN/UIRGUNYNVD GV FNMV HVD OZSXN
I4\GN=¤H
OCIWUGMXNYN6MOT2RI/)NUYXTODNNXGV
HNHOVON)N=GIXR=SXGMXN$ L]FDNXHVD4V\NVGN=¤H4LKH
§ PL\&NOTIR.UNGVYNNNMLM[]NJGOD[%XNVD LKS0KGN=¤H4YNMYNE= 0KZ
GNVLMNH
N=OVRNDL]QNXGMXN$ § L]FDNXIRGNOGN=¤HH0KLKYNNVIWU
GMXN$
L]ONM
§ YXTODNNXU)NNLMNH
NK=I¤NG\NLGMXN$
§ YXTODNNX YNNNIMU OZSXN#.NX GN L]ONM
GMXNYN6ML]I
N^NNOVIHXNMNVDGKOZSXNODFDNK § L]GN
NX
YNR
GUNYNVDGNVLZMNGMXN L][IU#PL\I&NND
0N9NFVOYN6MOZSXNL]NNI\ND I
N^NNJOD/)NNXUKX
N6^NINGGN=¤HL]QNX
§ RNIXGK@LN=RMNU)NNODFOV'9MNVDHVDXKIU GMUN J6 )NN@ RNIXGK L]FDNX HVD /XNUGNV5UM
L]IULNQX@ LIMNVWXN GK NVWXN U)NN GN=¤HHN/9MI0[]KGVOHG^N@L]FDNXHVD4V\NV
GN=XKIUIRGNOGVI\YNR
GEXLT9GV GN=¤H YN6M 4 I4\ L]NGCIUG ODONNX
LHVD OZSXNL]FDNXL]NN\KGV HNHOV L]FDNX@JOD/)NNX0N:'9NVM\GN=¤HGVI\
OTOD[U0N9NFVOOCIWUGMXNYN6MPOGN RXYXTODNNXOD/)NNX@0K(0IR
RIR_N\4
M>N M>NNRGMXN$ YNMYNE=@QVJMNQZX`NMNYXTODNNXGVI\XNV0\
GVDQ]GV,NHVD+NKHN8UNL]N,UJ6$
XKIUL]IULNQX@IR
\VNNYN6ML^NOH)N=X
YXTODNNX YXTODNNX EO OD/)NNX GV L]HT>N
§ OHTISU XKIUND YN6M GN=XKIUND IRGIOU
I¤NG\NLNVD HVD OV G J6$ J OD/)NNX
GMXVGVPQaQV
OVRNIXGKU)NNLN=RMNLM
IX(XI\I>NUP5GC9UNGVDQ]NVDGVHNHOVYLXN
MN9K I)NDG96DG GVLHVDGN=GMXN$
YXTODNNXWVD0NGNN=I8RUGMUNJ6
ϭϯϭ
§ YDUMN=9KONHTQNIGRNIXGKGVDQ]YNE=OK LMNH
NK= GN= GMUV J6D$ OD/)NNX GNV LNDS X
OK4 LMNH
NK=GN=IH\VJ6DU)NNEOOHOD/)NNXGV
§ LNIMI/)NIUGKORVNLF]DNXGQDV]OKE=OH LNO LNIMI/)NIUGK YXNVD@ LN=RMNK
§ OUURXL]FDNXYN6MRXL]HNNXGVDQ]O YNI)N=G@ONHNIWGYNI)N=GYXNVD@/GKHNVDYN6M
4HYN6M4OK GN=¤HNVDGVHZ<NDGXGV^NV HVDRXL]HNNXU)NN
OUURXODONNXL]FDNXRD [6MEHNMUKRX
§ YNWKIRGNL]FDNXGVDQ]
P5LNQNVD GV ¤N:O4D'
NX\^NV NVD HVD LMNH
NK=
§ W\RNTLIMRU=XYXGVDQ] LIMNVWXNDJ6D$
§ XKIUYXGVDQ]
Y8L]HT>NING\NL
§ OMGNM HVD L]FDNX UGXKGNVD RD 9Z<O GV
§ OD/)NNXGNRNDQK^NN8UOHNMNVJIQXNDG
YXTL]NV[GVI\GVDQ]
YL]6\@GNVYNNVIWUIGN[N$
§ MN9KRXKGMNU)NNLNIM IRGNOFNV0=GV
§ LKWK0K4H@4LKHYN6MHI4\
I\^NV KGVDQ]YNMOKXE=FK
GNYNVIM89V
NXGN=¤H WZX@
§ RNIXGK@ W\RNT LIMRU=X U)NN YNWKIRGN UGYNNVIWUIGN[N$
OJNUNGVI\IWNV E84N:HV=I9'OGVDQ]
§ GNN=\HVDMNW+NNNNGVL]NV[GNVFNRNQVXV
§ YNE=YNE=4HGVI\P5GC9UNGVDQ] GV I\@ QNV O,UNJ GN IJDQK L>NRN0N
OUUIRGNOGVI\P_NV[ED9M4VO
HXNN[NIWOHVD IJDQKGV FNMV HVD IRI+N8X
L]I
N^NNJOD/)NNX@OD/)NNXGV4VG<9K^NV NVD GN=¤H
NNIH\)NVY)NN=UIXFDN\V>NXYNIQ$
`NMNOCIWUIGWNMJVUGXKGKRDL]FDNGK GN=¤HIQXNDGIOUDFM@GNVO(L8X
GN6
N\NVD GNV YDUIMUGMXV GV I\Y<LGNI\G JTYN$
L]I
N^NNLN%a¤HNVD@OVIHXNMNVD YN6MGN=
NN\NYNVD
§ LKWK0K4H1N NVDXVYNVMXRDFM@
GNVYNNVIWUGMUNMJNJ6$EXGN=¤HNVDGNWNVM
GNV QNV IQROK RNIN=G O(HV\X
RNIXGK YN6M ODF OV'9M OV OTOD[U IRI+N8X
L]FDNXUGXKGNVD#9Z<O@IRSNMNVDU)NNODG<LXNYNVD GNV\VODVO YNNVIWU IGN$ EO GN=¤H
GNV IRGIOUGMXV@PXGNIR
\VNNGMXV YN6M GN)NKH)NN 2RON@W\RNTLIMRU=XYN6M
P8JVDIOD)NVONEWGMXVLMJ6$EOOD/)NNXXV OHNWOUUUNODFDNKYDUMN\GNVLN9XN $
L]FDNXIRGNOGN=¤HYNNVIWUIGYN6MGT\ JGRNIN=GGN=¤H)NNIWOGNPQaQV

2I'UNVD GNV L]I
NI^NU IGN [N@ XKIUIXNN=MGNVDGNMLNVMV9"NMNXNV@OMGNMK^NV
GN=
NN\ND#OVIHXNMYNNVIWUIG[IWXHVD GV PL¤HNVD@ XWKYNV@ I
N^NNIRQNVD W6OV
L]IUIXINHD0\OQ/NVDXV+NN[I\N$ /9VGJNV<0O=GNVGON)N\NXN)NN$
LMNH
N= OD/)NNX GV ODGN 4VG<9K OQ/ EDIQMN[NDNKMN9KRXYGNQHK¿YNE=WK
OV'9MIRI
N9OH/NYNVDGVI\IXMNGMNL]QNX X4¾@QVJMNQZX
GMXVU)NNXKIUFXNXVGVI\EXLT9GVLHVD EOYGNQHKGK/)NNLXNRN=HVD/)NNILULZR=
ϭϯϮ
+NNMUKRXHJNIR_N\GNV P8XUGMGV YN6M G6IMML]I
N^NNGN=¤H@MN7RXOVRNO
POV XNXNHQVGMRN= HVD GK[E=$J 4OOVLQNV8XIULMYNE=4OHVD
NNIH\
YGNQHK +NNMUK RX OVRN GV LIMRK^NNNKX JT YINGNIMNVD GN GN6
N\ P8XX L]I
N^NN
YINGNIMNVD GNV LV
NVRML]I
N^NNL]QNXGMUNJ6
NNIH\ J6 D $ J YGNQHK Y8 IRI+N8X
U)NNEOV+NNMUKRXOVRNGVYINGNIMNVDGVI\ /9VGJNV<0O=GNVYNVIM89V
NXLN%a¤H+NKL]QNX
IH0 G6IMML]I
N^NNL]QNXGMXVGVI\ /9N4 GMUNJ6)NN@YI>N\+NNMUKOVRNGVOQ/NVD@
GN:\VW GNQWN=+NKIQN[NJ6$EOYGNQHK +NNMUKMNW/ROVRNGVLIMRK^NNNKXYINGNIMNVD@
GN YINQV
N LV
NVRM RX GIH=NVD GNV .NX U)NN P3SUM8NLNI\GNGV OQ/NVD YNIQGV I\
GN6
N\ GV WIM LIMRK^NNNKX YNE= 4 O ODT'UL]I
N^NN$
YINGNIMNVD GNV L]I
N^NNL]QNXGMXNYN6MP8JVD IG[ING\NL
QV
N GV RX YN6M R8WKR ODONNXNVD GN OUU
YNNNMLML]FDNXGMXVGVI\^NHUNIRGIOU RN= GV QN6MNXYFUG@YNE= WKX4XV
GMXV HVD OJNUN GMXV YN6M ON)N JK P8JVD +NNMUKRXOVRNGVLIMRK^NNNKXYINGNIMNVDYN6M
LN=RMNKOTM^NN@YNI)N=GIRGNOYN6MONHNIWG IRQV
NKL]I
N^NTYNVD GV UKXF6SNVD GV I\FTIXNQK
LIMRU=XGVI\GV9VI\/9GV,NHVDGN=GMXVGV LV
NVRML]I
N^NNYNNVIWUIGJ6D$MN:\[RX=HVD9
I\ OH)N= FXNXN J6$ EOGV ^NHUN IXHN=N YN:4+NZ9NXGVL]IU+NNI[NVDOIJURN=
GN=¤HNVDHVDOVRNHDV
NNIH\JTXYINGNIMNVDGV LN%a¤H GV LIMRK^NNNKX YINGNMK YL]6\@
I\ L]I
N^NN@ YNE= 4 O YINGNIMNVD GV HVDYGNQHKOVLNOYNP9JT$
OHGNI\GF6SGNV OVRNGN\KXL]I
N^NNIH0 +NZ9NXGVQNVIRQV
NKL]I
N^NTYNVDOIJU GV
IS HNVM
ϭϯϯ
YNE=4OLIMRK^NNNKXYINGNMKYGNQHK I\LV
NVRML]I
N^NNLN%aH
HVDYLXVLV
NVRML]I
N^NN\VMJVJ6D$RN= ¾ RN= LN%a¤H GV YNE= 4 O
LN%a¤H GV YNE= 4 O LIMRK^NNNKX LIMRK^NNNKXYINGNMK +NZ9NXGVYINGNMK
YINGNIMNVDXVIOUDFMHVD\FKXHVD OIJUYNE=4OLIMRK^NNNKXYINGNMK
4NPD0V
NXLN%a¤HGVI\\FKOX YL\ 6] @HDVYGNQHKOVLNOYNP9JNV[J$D6
HVD 7RNEXGMI\NJ6 U)NNODLZN= F6SIODUFM@
¾ YNE=4OLIMRK^NNNKXYINGNIMNVDGNRN=
GVYDIUH+NN[HVDEOYGNQHKHVD7RNEX
LN%a¤H +NZ9NXGV QNV IRQV
NK
GMXVWNMJVJ6D$
L]I
N^NTYNVD OIJURN= LN%a¤HGV
L][IU#PL\I&NND YNE= 4OLIMRK^NNNKXYINGNMK@EO
§ YNE=4OLIMRK^NNNKXYINGNIMNVDGV YGNQHKHVDLV
NVRML]I
N^NN\VMJVJ6D$
IS RN= LN%a¤HGVLIMRK^NNNKXYINGNMK+NNMUGVHNXXKMN9LIUGVON)N
ϭϯϰ
¾ RN= LN%a¤H GV YNE= 4 O LV
NVRMGN6
N\P8XXLN%aH¿LKOZ
LIMRK^NNNKX YINGNMK RN= OK¾OD"N\NVGOVRNYNNV[GVHNHOVOKNK
LN%a¤HGVYNE=4OLIMRK^NNNKX +NUK=GVY\NRNIRI+N8XMN7NVDGVMN7RXOVRN
YINGNIMNVDXV\FKOXHVDYLXV YINGNIMNVD GKLQNV8XIU`NMN+NK+NNMUKRX
4NPD0V
NXLN%a¤HGVI\IOUDFMHVD OVRN HVD YINGNIMNVD GNV I\N WNUN J6$ J
\FKOXHVD7RNEXGMI\NJ6 YGNQHKVOVI\[YINGNIMNVDGVI\LV
NVRM
U)NNLZMNF6SIQODFMGVFNQGVIQXNVDHVD GN6
N\P8XXLN%a¤HYNNVIWUGMUNJ6$EO
YGNQHKHVD7RNEXGMXVWNMJNJ6$ LN%a¤HGKYRINQOO,UNJJ6$EOOH
RIM% RX YINGNIMNVD GK GN=
NN\ND YGNQHK`NMNRNDLKOZOKXRDFM@
YGNQHKHVDGRNIN=G4KSMGV,NHVDRIM% OVWXRMK@UGYNNVIWUIGNWNMJN
RXGIH=NVDGKGN=
NN\NDYNNVIWUGKWNUKJ6D J6$EOLN%a¤HGVQN6MNX
NNIH\IGWNXVRN\V
IWOHVD@@RDRNNV=DGKOVRNLZMKGMXV L]HT>NIRNNVD HVD R8WKRL]FDNX@W6RIRIRNUN
RN\V YNE= 4 O YINGNIMNVD GNV +NN[ \VXV@ ODM^NN@ RX YN6M R8WKR IRINND RD XKIU@
IRSNM IRH
N=GMXVU)NNRNIXGKRDW6RIRIRNUN ONHN8L]
NNOX@L]FDNX@YNMORD WKYNE=
ODM^NNHVD P+NMUV HTQaQV LMYLXV YXT+NRON!N O@WV4H@RNIXGKYXTODNNX@LN=RMNK
GMXVGVI\YNHDI UIGNWNUNJ6$EORN=@ Y)N=
NN/ @G(,Z9M,\KGV
N8O@YNSMNIXH
RDRN=GVYXT+NRRN\VYINGNIMNVDGVI\ YNIQ
NNIH\JNVD[V$
UKXGN=
NN\NDYNNVIWUGK[E=J6D
IS IS P3SUM8NLNI\GNGVOQ/NVDGVI\ RXRDLN=RMNK

HTQaQNVDLMUKXIQROKOT[]NJKGMNGN=¤HXRDFMHVDYNNVIWUIGN[N
ϭϯϱ
P3SUM 8NLNI\GN GV OQ/NVD GV § MN7 RX OVRN GV I\ GVDQ]K YGNQHK@
I\OT[]NJKGMNGN=H GNV(F9ZM
P3SUM8NNLNI\GNGV OQ/NVD GV I\UKX § MN7 RX OVRN GV I\ GVDQ]K YGNQHK@
IQROKRXYN6MLN=RMNHTQaQNVDLMOT[]NJKGMN FMXKJN9
GN=¤HXRDFM@HVDYNNVIWUIGN[N$ § MN7 RX OVRN GV I\ GVDQ]K YGNQHK@
GN=HGNV
NNIOUGMXV RN\V IRIXNHG GTMIOND[
YINIXH#IXHU)NNXYINIXHNVD GN PQaQV

L]>NLX
§ QV
NHVDMN7NVD#OD"NMN7^NV NVDGVO4O
EDIQMN[NDNKMN9KRXYGNQHK+NNMUKRXOVRN YINGNIMNVD YN6M 4 YNM YNV GK L]I
N^NN
GV YINGNIMNVD GV L]I
N^NNGV I\QV
NHVD G ODFDNKYNR
GUNYNVDGNVLZMNGMXN$
L]HT>NOD/)NNXJ6$EOYGNQHKGK/)NNLXNRN=
§ O4OYINGNIMNVDRD4YNMYNVGNV
HVD/)NNILULZR=+NNMUKRXHJNIR_N\GNV
L]QNX IG WN MJV L]I
N^NN GV HNXG RD
P8XUGMGVYN6MPOVXNXNHQVGMRN=HVD
[TNR5UNOTIXI
SUGMXN
GK [E=$ J YGNQHK +NNMUK RX OVRN GV
LIMRK^NNNKXYINGNIMNVDGNVLV
NVRML]I
N^NNL]QNX § IRI+N8X/UMNVD LMRNIXGKL]I
N^NNGV I\
GMUNJ6U)NNEOV+NNMUKRXOVRNGVYINGNIMNVD OHTISURD OTOD[UL]I
N^NNIRNR/UTYNVD
GVI\IH0 G6IMML]I
N^NNL]QNXGMXVGVI\ U)NNHZ<NDGXHNXGU6NMGMXN$
/9N4GN:\VW GNQWN=+NKIQN[NJ6$ § L]+NNRKHNXRODONNXL]FDNXRDIRGNOGV
RXI
N^NNIXQV
NN\¿0K4E=¾@QVJMNQZX I\L]I
N^NNXKIUGNOT!NRQVXN
HD N\GVYNKXRXI
N^NNIXQV
NN\@OKNV+NUK= § RXY[]NK/9N44N:MV/9[N0=@4N:MV/9MRD
JTMN7RXOVRNO4OYINGNIMNVDU)NN PLMVDWMGV L]I
N^NNHVD MN7OMGNMNVD GV
RX MVDW YINGNIMNVD 4 YNM YNV GNV L]NONVDGNVO(LZIMUGMXN$
LV
NVRM#UGXKGKL]I
N^NNL]QNXGMXV GV I\
IW(HVQNMJ6$JIXQV
NN\ODDFDINURXL]I
N^NN
IG[ING\NL
OD/)NNXNVD GV HNH OV RX Y[]NK /9N4 PL y X+NUK=JTO4OYINGNIMNVDGVI\
MVDWO=@4N:MV/9O= YN6M4N:MV/9[N0=GV L]I
N^NN ¤H
NIQXNDGYN6M
YN6M ^NHUN IXHN=N GV I\ IRI+N8X MN7NVD GV GNVL]NMD+NJTLN%a¤HGVQNVF6S
L]NONVDGNVO(LZIMU+NKGMUNJ6$IXQV
NN\GV YN6M MN7RXOVRNGVI\GVDQ]K
YNKXUKXYGNQIHNDYN6MGHJNIR_N\J6$ YGNQHK@QVJMNQZXHVDL]I
N^NN\VMJVJ6DYN6M
EXIR_N\NVDGVXNHYN6MXNHNDGX^NHUNL]IU O 4 O YINGNIMNVD GV I\ ¤H
N
F6SIX(XI\I>NUJ6 IQXNDGYN6MOVL]NMD+N
§ MN7 RX OVRN GV I\ GVDQ]K YGNQHK@ JTQNVF6S YN6M MN7
QVJMNQZX RXOVRNGVI\GVDQ]KYGNQHK@GNV(F9ZMHVD
L]I
N^NN\VMJVJ6D$
ϭϯϲ
IS L]NMDI+NG+NUK=LN%a¤HO4O#4YNMYNVLMI'9RV9aO
+NNMUKR8WKROD/)NNX¿0&<ZYNE=YNE=¾@ O\NJGNMKOJNUNL]QNXGMUNJ6$
QVJMNQZX+NNMUKR8WKROD/)NNX@RoN=HVD YXTODNNXLIMNVWXND
,NN=RMN@ RX U)NN W\RNT LIMRU=X HD N\@
+NNMUOMGNMGVG/RN5UOD/)NNXGVLHVD OD/)NNXHVDR8WKRYXTODNNXL]GCIUHVDHT>,N
/)NNILUIGN[N)NN$JOD/)NNXQI^NNU)NN OV FJTIRNG JNVUV J6D IWXHVD QV
N HVD IRI+N8X
QI^NN LZR=I
NNHVDR8WKRXYN6MODMI^NU^NV LNIM L]NNI\NVD HVD LN=RMNK@ W6IRG U)NN
L]FDNX GV ^NV HVD G P5GCo9 L]I
N^NN U)NN ONHNIWG YNI)N=G LJ\TYNVD GNV
NNIH\ IGN
YXTODNNX^NV GVLHVDP+NMGMONHXVYNNJ6$ WNUNJ6$YXTODNNXLIMNVWXND+NNMUKI/)NIUNVD
EOGVL]HT>NYINQV
NJ6DVLR8WKRYN6MW6R OVOTOD[UHJ5RLZN=R6.NIXGOZSXNOCIWUGMUK
IRIRNUNODM^NNGVIRI+N8XHTQaQNVDLMR6.NIXGRD J6DYN6ML]I
NI^NU^NV WKRIR.NIXNVD@ONHNIWG
,\N0 YXT O D NNX GMXN@ LL
N6 ^ NING IR.NIXNVD Y)N=
NNI/ NVD U)NNR8WKRL]FDNGNVD
I¤NG\NLNVDGVHNHOVR8WKRIR.NXGNV GNGOHZJ+NKOCIWUGMUNJ6$OCIWUGK[E=
GIRNGV LHVD IRGIOUGMXN@LLLR8 R6.NIXG OZSXN GN PLNV[ OTMI^NU ^NV NVD GV
WKRL]FDNXU)NNODM^NNNVWXNGV^NV HVD^NHUN L]FDNX GV I\ IGN WNUN J6$ YXTODNNX OV
IXHN=N@LYLN=RMN@RXYN6MW\RNTLIMRU=X OD/)NNXGN4VG<9KRU=HNX^NV I/)NIUNVD@L]FDNX
HD N\ YN6M Y8 YDUMN=9K#OD[%XNVD GNV YNR
GUNYNVD U)NN^NV HVD YXTODNNX!NXNVD OV
UGXKGK EXLT9 L]QNX GMXN$ J OD/)NNX YR[UMJXV HVD OH)N= JNVUNJ6 YN6MEOL]GNM
YXTODNNXYN6MR8WKRIR.NXGV^NV HVD[TNR5UN \[NUNMYLXVLV
NVRMGN6
N\NVDGNVODRIN=UGMUNJ6
T'UOZSXNYN6M.NXGNOCWXGMMJNJ6YN6M YN6MYLXV I
N^NNEXLT9GNV Y_UXGMUNJ6$
EOVIRI+N8X\ÔHZJNVDGVI\HT>NNMNHVD\N YXTODNNX WVD0N GN HN[=Q
N=X@ L]I
N^NN@
MJN J6 J GVDQ]K RD MN7 OMGNMNVD GNV YXTODNNXO\NJGNMOIHIU9KYNMOK`NMN
IGNWNUNJ6 IWOHVD OTL]IOODM^NNIRQYN6M
ϭϯϳ
R6.NIXGOD[%XNVDU)NNMN7R8WKROD[%XNVDGV WXRMK@
L]IUIXIN
NNIH\ JNVUV J6D$ J OIHIU J GN=
NN\ND@OVIHXNM@F6%GVDU)NNY8
OTIXI
SUGMUKJ6IGYXTODNNXMN9KODM^NN
ING\NL
L]N)NIHGUNYNVDGVYXTLJNV$
IMLNV9N=NKX YRIN GV QN6MNX IX(XI\I>NU
IMLNV9N=NKXYRIN GVQN6MNX@+NNMUK
GN=
NN\ND@ OVIHXNM YN6M HJ5RLZN= F6%GVD +NK
R8WKROD/)NNXOJNUNYXTQNXGVHNHOV
YNNVIWUGK[E=D
IR5ULNVINU YXTODNNX LINVWXNYNVD GNV
GNN=I8RUGMMJNJ6$RU=HNXHVDQNVLIMNVWXND FN"NODM^NNLJ\NVDGNOTQCKGMN@QVJMNQZX@
LZMKJNV[E=J6D$OD/)NNXXVIMLNV9N=NKXYRINGV IQXNDG YL]6\@ @ HNXXK
QN6 M NX IX(XI\I>NU HJ5RLZ N= YXT O D NNX L]NNXHD K`NMNXE=IQ<\KHVDIQXNDGYL]6\@
I¤NG\NLLMGN=IGN$ GNV PQa"NN9XGK[E= UKOMV I
NNE=
HD K/UMKFN"NODM^NNF6%GGKYXTRUK=
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RIR_N\@Z
YNWKIRGNOTNNMLIMNVWXN OGNGL]IUIXNHD0\IWOHVD-KGV
NR
+NNMUK R8WKR OD / )NNX@ LIMNV W XN RHN=YN6M-KF]V9MNE9
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GNN=8RXGUN=YNVDGK^NHUNGNVFNXVU)NNW6R OD G 9NL8X L] W NIUNV D GK IMGRMK
IRIRNUNODM^NNGVI\+NZ QC
QCI9GNVNODFDNK LIMVNWXNYNVD LM MN9K \NDS GN=
NN\N@
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GNN=8RX+NN[KQNMNVDHVDOVGJ6$ LN=RMN@RXYN6MW\RNTLIMRU=XHD N\@
§ IMLNV9N=NKXYRINGVQN6MNXG69IR
NVN.OHZJ +NNMUOMGNMXV+NNMUKR8WKROD/)NNXGNV
YNE= Z OKX8ZWHVD +NNMUHVD FN"NGK SNMR8L
NT L]WNIUNVD Y)NN=U[]V9EDI0X
PLI/)NIU GV ORN=ING RCI GV IMGN:0= GNV F/90=@0Z[Ny[@[6D[VI9G0N:I<4XYN6MHINLTM
U6NMIGN[NJ6$ IJMNGKODG9NL8XL]WNIUIMGRMKNVWXND

N6I^NGYN6ML]I
N^NN E=OYNMLKU6NMGMXVGNGN=ON6DLN
YN6M P8JVD MN9K ^NIULZMG RXKGMN IXIN
RNyP8XUR8WKRL]FDNXHVD/XNUGNV5UM L]FDNXU)NNNVWXNO\NJGNMLIMNQXOK
I0,\NVHNLN%a¤H@OHN,UIOU(FM@ OKGVYDU[=UIR5ULNVINUGMXVGNIXN=
OVWZX@ I\N$O+NKL]IU+NNI[NVDXVEOGN=
NN\N
RNyP8XUR8WKRL]FDNXHVD/XNUGNV5UM HVD+NN[I\N$
I0,\NVHN LN%a¤H@ YNMD+N@ QVJMNQZX [D[NV K [NVIRDQ ODM^NN +NZ QC
GV I\
IOU(FM@OVWZX@ /9VGJNV<0MLMNH
N=@QVJMNQZX@HE=@$
RNy R8 WKR L]FDNX HVD OI9=I4GV9 LN=RMN@RXYN6MW\RNTLIMRU=XHD N\@
LN%a¤H@ OHN,U XR(FM@ OV +NNMUOMGNM@EOOH YNWKIRGN@ODM^NN@
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OTMI^NU IJHN\ XNHGLIMNVWXNU6NM \^+NKJ6$EOGN=¤HHVDGON6OVYING
GMXVGVI\WKE=4 ZX0KLKGV L]IU+NNI[NVDGKOI¤OJ+NNI[UNMJK$
ON)NGN= GMMJNJ6$+NNMUKR8WKR IR
RIRMNOUP5GKN=X@GNYNNVWX$
OD/)NNXGNV EOLIMNVWXNHVD W6RIRIRNUN E/UNXFT\@ UTGK=@ WT\NE=@ $
ODM^NNOVODFDINU"N9GGVI\L]N)NIHGUN ZXV/GNVIR
RIRMNOUOIHIU@RVDO @WNV
RN\VI¤NG\NLNVDGNVISIJaXUGMXVGNGN= E/UXNFT\HVDYNNVIWUIGN[N@HVDIR
R
IQN [N J6$ EO F6%G HVD OV YING IRMNOUOZSKLMX/)N\P5GKN=IG
/9VGJNV<0MNVDXV+NN[I\N$ [$J+NNMUGV I\IR
NVN/HMNK)NN
[NVRNRXIR+NN[@[NVRNGVYINGNIMNVDGVI\ 'NVDIGEOGVUKXORN=INGHJ5RLZN=/)N\NVD
IRLI5UHVD R8L
NTYNVD GV L]FDNXLM^NHUN GNV IR
RIRMNOU/)N\NVD GV LHVD "NNVINU
IXHN=NGN=
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RX IR+NN[ GV YINGNIMNVD YN6M L
NT P5GKN=XGNVHXNXVGVI\@ZXV/GNV-VNK
ISIG5OGNVDGVI\UKXIQROKGN=
NN\N GVDQ]@+NNMUR8WKROD/)NNX@QVJMNQZX`NMN
FNVDNNISI0N"NM@HVD+NNMUKR8WKROD/)NNX IQXNDGY[/U@GNV+NNMUYDUMN=9K
`NMNYNNVIWUGK[E=$EOGN=
NN\NGN GVDQ]@XE= IQ<\KHVD GGN=¤HYNNVIWU
YNNVWX R8 L
NT GNV LG0XV YN6M POV IGN[N$+NNMUOMGNMGVHNXRODONX
IXDI UGMXVGVIRI+N8XLJ\TYNVDGVFNMVHVD HD N\@OD/GCIUHD N\@LN=RMN@RXYN6M
'OLNVWML]QNXGMXV U)NNR8L
NTYNVD GV W\RNT LIMRU=X HD N\ GV \[+N[
Q^NFSNRRDLTXRN=OHVDRXYINGNIMNVDGV L]IO2I'UNVDU)NNZXV/GNV@YNE=OKYNVH
GN6
N\NVDGNVODRIN=UGMXVGVPQaQV
OVIGN YNVOYN6MYNE=ZOKXU)NNY8OD[%XNVD
[N$ GVL]IUIXINNVDXVEOGN=¤HHVDV+NN[I\N$
H/)N\KGMN GN HTGNF\N GMXV GV I\ QV
NGNL])NHFN"NO6\@+NNMUKR8WKR
IR
RIQRO@WZX@GNVQVJMNQZXHVD OD/)NNX@QVJMNQZXHVDIQXNDGY[/U@
HXNN[N$+NNMUKR8WKROD/)NNXXV GNVYNNVIWUIGN[N$
H/)N\KGMN GN HTGNF\N GMXV GV I\ +NNMUGNLJ\NFN"NO6\IQXNDGY[/U@
IR
RIQROIQXNDGWZX@GNVHXNN$ GNV+NNMUKR8WKR@OD/)NNXHVD/)NILU
H/)N\KGMN GN HTGNF\N GMXV GV I\ IGN [N J6$ +NNMUK R8WKR OD/)NNX
IR
RIQROGVI\EORN=GN)NKH)NN@ +NZIH IL1\VGE=RNNV=DOVFN"NLIMNVWXNIXQV
NN\
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GV I\OHNRV
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ϭϯϵ
ODDFDNGNVOD/)NNGN,NQVXVGVI\+NNMUK RND RNIN=G YXTODNNX OVIHXNM@ QVJMNQZX@
R8WKROD/)NNXHVDFN"NO6\GK/)NNLXNGV IOUDFM@ $ RNIN=G YXTODNNX
I\+NNMUKR8WKROD/)NNXYN6MMN9K OVIHXNMYNMORN=OVOD/)NNXGK
FN"NODM^NNL]NINGMNX9KOKGVFKS RNIN=G IR
NVNUN MJK J6$ RND RNIN=G
OH!N6UN.NLXLMJ/UN^NMIG[J6D$ YXTODNNXOVIHXNM@YLMOISR@LN=RMN@RX
IWNV/LVI
N\UGXKGGNL]NV[GMUVJT YN6MW\RNTLIMRU=XHD N\@+NNMUOMGNM@
MN9K IRMNOU RD OND/GCIUG /)N\NVD HVD YN6M -K LK YNM IO8JN@ Y^N@ +NNMUK
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N^NN R8WKROD/)NNX L]I
N^NN@YXTODNNXYN6M
GN=
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N6^NING LIMNQ GK Y^NUN HVD +NNMUK
L]NGCIUG IRMNOU YN6M HNXR OCIWU R8WKR OD/)NNX HVD YNNVIWU IGN [N$
YNLQNYNVD OV OND/GCIUG YN6M L]NGCIUG LJ\KFNMIR
RGVIGOK+NN[HVDF6%VR8WKR
IRMNOUODMSXNYNVDGNVGN4K^NIULJTDSMJK L]VIHNVDGVI\RNIN=GYXTODNNXOVIHXNMGK
J6@EOI\O+NKQV
NNVDGVI\JYNR
GJNV \NER /9KIHD[GK[E=$LNDSUGXKGKO NVD
[NJ6IGRV[D+NKMU)NNIRI
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5RIMU ^NOVP5L8X\T,UJNVXVGN>NUMN@ L]IUIXINHD0\ OQ/NVD XV RNIN=G YXTODNNX
RC J U /UMK ONR= W IXG N IXWK OVIHXNMHVD+NN[I\N$
LIMNVWXNYNVD N Q]TU
NJMK L=9X IRGNO +NNMUK R8WKR OD/)NNX@ QVJMNQZX HVD
LIMNVWXNYNVD+NZIHGVPLVN[N/RNIH5RHVD R8WKRO,UNJGNYNNVWX@Y'9ZFM@
LIMRU=XOVL6QNJTIRXN
NGVL]IUYOTMI^NU
YLXVOND/GCIUGRDL]NGCIUGIRMNOU/)N\NVD +NZ QC
LNIMI/)NIUGKYN6MR8WKRODM^NN
GNV ISIJaXU GMVD YN6M PXGK OZSK FXND$ LMGN=
NN\N@QVJMNQZX@ Y'9ZFM@
EOGV I\@IRMNOUL]FDNGNVD GV I\I
N^NN
R8WKRYXTODNNXU)NNODM^NNHVD +NZ QC

YN6M OZSXN GN=¤H GV HNH OV ^NHUN
LNIMI/)NIUGKLML]I
N^NNGN=¤H@QVJMNQZX@
IXHN=NYLVI^NUJ6$QV
NNVDGVGT\LV
NVRM
Y'9ZFM@
2I'UNVDU)NNIR
NVN.NVDXVL]I
N^NNGN=¤HHVD
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GKGCU L]FDNX LM L]I
N^NN YI+NNX@
L])NHIJHN\YXTODNNXOVIHXNM@QVJMNQZX@
HN\RNX@HJNMN9@ Y'9ZFM@
IOUDFM@$UKXUGXKGKO NVDHVDGT\
L]/UTIUNDGK[E=D$ IRIRN HZ<NVD LM YNE= LK FK E= O
I
NN L]
NNDU GN=
NN\N QVJMNQZX@
RND YDUIMG RNIN=G YXTODNNX OVIHXNM
XRDFM@$IRIRNHZ<NVDLMYNE=LKFKE=
QVJMNQZX@IOUDFM@$
O I
NN L]
NNDU GN=
NN\N +NNMUK R8
RVDYN8UIMGRNIN=GYXTODNNXOVIHXNMNVDHVD WKRO/D)NNX@QJVMNQXZHDVYNNIVWUGK[E$D=G\
T
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OT[]NJKGMNGN=
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RIRMNOU/)N\NVDGVFNMVHVDOH8R GHGMXVGVI\LNIM IJU6NKPLN XNHG
F6%GVDRDRNUN=@QVJMNQZX@ XRDFM@ OR=-V%LIUIQ
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E= \0KGNIJMNODM^NN LMYDUMN=9K IQ<\K@IQODFM@
GN=
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+NZ QC
LNIMI/)NIUGK YN6M IRWZR\NEWV
NX
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NX IQRO L]NV[
NN\NGNPQa"NN9X@IQODFM@
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+NNMUHVDU9KROHTQ]KW6RIRIRNUNL]FDNX /RUD L]+NNM@ LN=RMN@ RX YN6M W\RNT
STXN6IUNVDRDL]5N
NND LM+NNMUKRXOVRN LIMRU=XHD N\@+NNMUOMGNMXV IQODFM@
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SN= GNV +NNMU R8WKR OD/)NNX GN QN6MN
LN%a¤H@LNV9=&<VM@YD0HNXYN6MIXGNVFNM IGNU)NNHIJ\N1N NRNORDXYIUI)N
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ϭϰϭ
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WL
GL\LL PBULYESL
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N^NNRDWN[GUN XT'G0XN9GGVHNHOVIR_N\LIMOM
ALN=RMNK I
N^NN@ WN[GUN YN6M L]I
N^NNA GV+NKUMYN6MFNJMQNVXNVD@ONR=WIXG/)NNXNVD
HNXRYN6MLN=RMNGVFKSODFDNGVIRNHVDO+NK )NN LNGNV=D@ P_NXNVD GK O4NE= GV FNMV HVD
/UMNVD LM \NV[NVD GK WNXGNMK GNV FNXV YN6M HNUN ILUN@ I
N^NGNVD RD YNM 0&<Z GNV
LN=RMNGVOTNNMU)NNOTM^NNGVI\^NHUN# OT[]NJKFXNXN$
GN6
N\IRGNOJVUTHD N\GKL]HT>N/GKHJ6$ LN=RMNGKQCI9OV L]IUGZ\S\XNVD )NN
YXINGCU/)NNXNVDHVDGS0VGNIXL9NXYN6M
MN9KJIMUGN:,O=GN=H Y/LUN\GVYLI
N9GNYOTMI^NUIXL9NX
LN=RMN@RXYN6MW\RNTLIMRU=XHD N\XV GVIRGNM=RNE=GMXN$
RN= HVDMN9KJIMUGN:,O=XWKOK >NT\VHVD
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L]IULNIQUGMGVF3SNVDHVDLN=RMNKWN[GUN FI/UNVDHVDMJXVRN\V\NV[NVDGNVI
NI^NUGMXN$
L6QNGMXVGVI\GF0KLJ\GK$XWKOK
GNVEUXNWFMQ/UIM/LNVDOIH\NIGEOXV9RG= ,\NI/9GYN6MLI5UNVDGNVW\NXVGVIR
HVDRN=HVDLZMVQV
NHVD@@OVYINGEGNV YN6MPXGVOHTISUIXL9NXGVFNMVHVDYI+NNX
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ODM^NNXV9RGNV=DHVDOVGJNV[NJ6$YNWUG HE= WZX@GVQN6MNX@W\ODM^NN#+NMN
GK I/)NIU GV YXTONM@ X WK OK GV YDU[=U IMSNW=GVFNMVHVDWN[GUNL6QNGMXVGV
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L]QNXGK[E=J6$SN\ZRN=GVQN6MNXO+NKEGNV YN\NVGHVD@FNVMKFDQ@4NH=LNPD0@GTDYN+NMN
'\F GNV IX(XI\I>NU I¤NG\NL GMXV GK YNIQW6OV%NVOGQHP%NWNXVSNIJYN6M
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NT WT\NE= Y[/UGVQN6MNXRX MNVLNGV
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IR_N\NVD HVD QNV LC)NG IF8O HVD GS0V GNV EGNV '\FNVD XV Y[/UGNV HXNWNXV RN\V
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HVDM>NXN$FNNVI0[]V0VF\GS0VGNVIR_N\ Y[/U@UG/R31+NNMUL>NRN0NHVD
GVP_NXNVDGVI\JIMU>NNQ#RHK=G(LNV/9 +NN[I\N$EGNV '\FXV/R31UNOVODFDINUGE=
U6NMGMXV JVUT G(LNV/9IL9#RHK=G(LNV/9 I¤NG\NLIGW6OV@XWQKGKRNINI7G^NV NVD
IL9HVD+NVWNWNOGUNJ6$ YN6M FNWNMNVD@ O0GNVD YNIQ HVD O4NE= YI+NNX@
IR_N\HVDRNN=W\ODSXODMSXNYNVDGN ODFDINU IRNNVD LM F6%GNVD#2N>NXNVD GN
IXHN=NGMXNIWOOVW\WHNRGNVIXDI U YNNVWX@ ONR=WIXG GTYNVD@ LIM^NV GV U0N[NVD
GMXVYN6MEOL]GNMH31MNVDGVL6QNJNVXVGNV U)NN XIQNVD GK O4NE=@ RC^NNMNVLN
MNVGXVHVD+NKHQQIH\V[K$ YI+NNX#L0NVO GNV JMN +NMN GMXN@ 1N NVD HVD
O4NE= GK+NNRXNGNV YN5HONUGMXV GV I\
GN[W GV LTXS=¤N IM ONEGI\D[ GNV L]N)N=XNGVOHHVDXT'G0XN9GGNHDSXUNIGRV
YLXNXNYN6MEOL]GNMUKXYNM IM0aZO@ EOODQVqNGNVYLXVLIMRNMRDL0NVOGNVQVOGVD
IMZWYN6MIMONEG\GNVFNRNQVXN$ /RDOVIRNVD`NMNODFDINUIRNNVDLM
NL)N@M6I\NVD
IR_N\ LIMOMNVD GV FNJM [DQV ^NV NVD GNV GNYNNVWXU)NNODFDINUIRNNVDYNIQLMLNV/9M
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NT RDXNMVGKL]IUNVI[UNYNVDGNYNNVWXYNIQ$
GMXN$
ϭϰϰ
IS EGNV'\FIOI'GHHVD/R31UNYI+NNX IS EGNV'\FGN=¤HGVYDU[=UO0GGVIGXNMVO4NE=YI+NNX
IS YLI
N9LC)N'GMNGVFNMVHVDI
NI^NUIGNWNXN IS EGNV'\FXN[N\6D0GV1N NVD`NMNONHZIJG
NL)N
XVHK I¤NG\NLNVD GV YIUIM'U TRN /RDOVRK ŵǇŐŽǀ͘ŝŶLMONHZIJG

NL)N\KYN6M
NJMNVDHVD
XN[IMGNVDYN6MHI\XFI/UNVDHVDMJXVRN\V\NV[NVD IRI+N8XYR/)NNXNVDHVDO4NE=YI+NNXS\NNYN6M
GNVOTMI^NU/R31UNLIUNVDYN6M0KO0&<Z ƐǁĂĐŚŚďŚĂƌĂƚ͘ŵǇŐŽǀ͘ŝŶ LM U/RKMV D
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HI\XF/UK^NV @IR_N\GVLIMOM@XWQKGKFNWNM@F6DG@Y/LUN\@ONR=WIXG
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IS
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IX[MNXKJNV[K LJ\J6IWOGNPQaQVqF3SNVDGK,NN=RMNGV
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OV IR_N\G^NNs/OVs///WNXVRN\VL]5VGF3SV
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NX@ IqNIRMGVI\L]5VGIR_N)NK=GNVUG
[D[N ODM^NN U)NN XQK GK O4NE= $ )NKH GV HN QNVJWNMGKIR5UKOJNUNQKWNUK
YDU[=U PL)NKH J6 /R31 +NNMU IH
NX@ [D[N J6$
ODM^NNU)NNXQKGKO4NE= $YNWGKUNMK>N
;\NVF
GKI/)NIUGVYXTONM^NV KF6%GVDY+NKYNNVIWU
GKWNXKFNGKJ6D$ ,NN=RMNGNV\N+NLJTDSNXVJVUTR6IqRGYIN[HRD
L]V^NN;\NVFGOT\+NYDUMMN9K,NN=RMNK
OVHKXNM#OD[NVI%ND#GN=NN\ND#O(HV\X
IR.NXRDIqN^NNGN=¤HJ6WNVIRqR,NN=RMNGV
J GN= ¤ H R6 . NIXGNV D # LN= R MNIRQNV D #
YXJVUTIR_NI=)NNVD@L]NNLGNVDYN6MR6.NIXGNVD
IR
RIR_N\NVD GV LVqNVRMNVD#UGXKGKIRQNVD YNIQ
OV ODLG= /)NNILUGMUNJ6$,NN=RMN@RXRD
GNVLN=RMNODFDNKIRI+N8XIRNNVDLMPXGV.NX
W\RNT LIMRU=X HD N\ U)NN ODT'U MN9
GNVON!NGMXVGVI\GHDSL]QNXGMUNJ6$
OMGNMXV+NNMUHVD;\NVFGN=G]HGVGNN=8RX
HD N\ IR
RIR_N\NVD#Y8 OD/)NNYNVD#[6M
GVI\Y[/U@GNVOH!N6UVLMJ/UN^NM
OMGNMK OD[%XNVD GNV GN=G]H OVHKXNM#
IG)NV$+NNMUHVD +NNMUK,NNN=RMNONVON9K
OD[NVI%ND#GN=
NN\ND#O(HV\X YNNVIWU
;\NVFGKGNN=8RXGNMKWVDOKJ6$
GMXVYN6MPXHDVGK[E=GN=RNIJNVDGNVL]GNI
NU
GMXVGVI\IR5UKOJNUNQVUNJ6$GN=¤H OT\+NGN=G\NLNVDGVSNM^NV J6DIWXHVDOVL]5VG
/)NNXK\NV[NVDOIJUIRI+N8X\NV[NVDUGUGXKGK GN&N6MNEOL]GNMJ6
WNXGNMK LJTDSNUN J6$ IR
RIR_N\#LV
NRM y RNTHD0\ IR_N)NK= FNQ\NVD GV YN31NX GN
ϭϰϳ
Q6IXG HNL@ FNQ\NVD GV L]GNM GK OZSXN@ YNNVWX@ ONR=WIXG GTYNVD@ LIM^NV GV U0N[NVD
YINGUG8ZXUHYN6MRU=HNXUNLHNX@RNN= U)NN XIQNVD GK O4NE=@ RC^NNMNVLN
YN6MPOGKLKSGKWNXGNMKG GMVD[V$ YI+NNX#L0NVO GNV JMN +NMN GMXN@ 1N NVD HVD
y W\HD0\ IR_N)NK=W\LNMQIqN=UNUNLHNX@
O4NE= GK+NNRXNGNV YN5HONUGMXV GV I\
LKS@\RNUNYN6MOTSN\GUNGNVON,UNIJG L]N)N=XNGVOHXT'G0XN9GGNHDSX@UNIGRV
YNNNMLMHNLVD[V$ EOODQVqNGNVYLXVLIMRNMRDL0NVOGNVQVOGVD
/RDOVIRNVD`NMNODFDINUIRNNVDLM
NL)N@M6I\NVD
y HCQNI/)NIU IR_N)NK=HCQNGKIRoNVNUNYNVDGN GNYNNVWXU)NNODFDINUIRNNVDYNIQLMLNV/9M
LUN\[ND[V@HCQNGVXHZXV\V[VDYN6MIRI+N8X RDXNMVGKL]IUNVI[UNYNVDGNYNNVWXYNIQ$
HCQNLMUNVDGKIRoNVNUNGNLUN\[NXVGVI\
PXGNIRq\VNNGMVD[V$ MN7 RNM I/)NIU X WK OK GN=¤H GV
YDU[=U@MN7 RNMEGNV'\FGKOD>NXKSVQK
y W6RHD0\ IR_N)NK=/)NNXK+NZIHWKRIR.NX [E=J6
Y/)N\HVD LIMUR=XGKIX[MNXKGMVD[V
YN6MY8HN N5HG+NZIHLMUXHZXN/)N\NVDGN MN7#OD"N EGNV'\FNVD
OD MN7^NV GKOD
L]V^NNGMVD[VWJNDRVRX/LIUGKFJT\UNYN6M
LDWNF
GHFJT\UNRN\KL]WNIUNVDGNLUN\[ND[V$
IOI'GH
HV4NJ\TYND[IR
RIR_N\@ISND[MNE=@)NNE\6D0
IJHNS\L]QV
N
HVD WXRMK@ GV QN6MNX YNNVIWU
P0KON
I
NN L]
NNDU^NV GV ;\NVFGD9KGNVYN:I0XV9O=
GK^NV KF6%GHVDHD N\GVGD9KGNVYN:I0=XV9M MNW/)NNX
XV+NN[I\N$ GVM\
GXN=9G
L][IU#PL\I&NND HJNMN9
YNWGKUNMK>NGKI/)NIUGVYXTONMXWKOK HL]QV
N
GN=¤H GV YDU[=U EGNV '\FNVD GNV [TWMNU
OJNUNL]QNXGK[E= J6$EGNV '\NFNVD XV UIH\XN0T
Y[/UGNVHXNWNXVRN\VYDUMN=9KTRNIQRO IHWNVMH
GKUW=LMY[/UOVY[/UUG
LT0TSVMK
/R31+NNMUL>NRN0NHVD+NN[I\N$
IQ<\K
EGNV '\F XV /R31UN OV ODFDINU GE= YOH
I¤NG\NLIGW6OV@XWQKGKRNINI7G^NV NVD
LI
SHFD[N\
YN6M FNWNMNVD@ O0GNVD YNIQ HVD O4NE= YI+NNX@
GT\
ODFDINU IRNNVD LM F6%GNVD#2N>NXNVD GN
ϭϰϴ
HKI0NL]GNV% NX GNV W\RNT LIMRU=X GV IRN GK YNVM
LN=RMN@RXRD W\RNT LIMRU=XHD N\GV I
N4a9GMXNTI'UOD[U)NN'NVDIGJXGVR\
HKI0NL]GNV%GNVIRI+N8XLN=RMNKHTQaQNVDGV +NNMUFI<GODLZN= IR
RGKW6R IRIRNUNGNV
FNMVHVDWN[GUNFNXVGVI\IL]D9@E\V'9N:IXG L]+NNIRUGMV[N$
RDY8HNOHKI0NGNL]NV[GMGVWN[GUN L]5VGL]Q
N=XKGNVSHVD pNNIH\IG[HT>
YI+NNXS\NXV GNGN= ON6DLN[NJ6$EOOV IRNIX(XI\I>NUJ6D
LN=RMNKIRIXHNVD GNFVJUMYXTLN\XOT[H y W\RNTLIMRU=XGNVOH!XN
JNV[N$ y W\RNTLIMRU=XGNL]+NNR
PLT='U GV YIUIM'U@ HKI0N L]GNV% `NMN y YXTGZ\X
IXLNIQU HT> I¤NG\NL J6 ONEDO 'OL]VO
y W\RNTLIMRU=XGVFNMVHVDYDUMN=9KRNUN=
'\NEHV9'
NX/LV
N\9VXGNLIMSN\X$J
IR.NXRDL]N6_NVI[GKIR+NN[`NMN
NTGK[E=@ y J6D0IL]D9
+NNMUKOS\IR.NXHNVFNE\ONEDOL]Q
N=XK y FN"NODM^NNYN6MMNONIXGLNIMI/)NIUGKLM
J6$EOIRI
N9OS\L]Q
N=XKGNV LJ\KFNM WNVMQVUVJTW6R ODONNXNVDRDL]GCIUODM^NN
IR.NXRDL]N6_NVI[GKIR+NN[`NMNY'9ZFM GVI\W6R L]N6_NVI[GK
HVD
NTIGN[NU)NNPOGVFNQOVEOXVLZMV y XV
NX\EXNVRV
NX4NPD0V
NXXYNE= 4
+NNMUHVDSMNLZMVGMI\J6DIWXHVDOVL]5VG `NMN\[NE=[E=L]Q
N=XKIWOHVDYI+NXRLJ\NVD
SMN HNJGKYRINGN)NNYN6MEOOH GNV IQ>NNN [N@ ONHN8 \NV[NVD GV L]RKN
JRVDSMNGKN NLMJ6$YNWUFONEDO IRSNM@IR.NXI
N^NN@IR.NXRDL]N6_NVI[GKHVD
'OL]VOXV@@IGHKGKN NGM\KJ6 GIMMYNIQIQ>NN[$
IWXHVDL0NR)NV@L]5VGGKYRINONHN8UN
y IR.NX@ [INU YN6M LNR=MN HVD HXNVMDWG
IQXNVDGK)NK$YFUG@L]Q
N=XKIQXNVDHVD
I¤NG\NL@>NV\DRLW\$
GMNV0OVYING2I'UNVD@HT>LOV1N NVD
RDI
N^NGNVDXVEOVQV>NNJ6$ y G^NN GV 1N LN=RMN@ IR.NX RD
[INUHVDIONDUNVDGNVMNVSGD[OVOH!XVGV
OE=OKO@YLXVRU=HNXSMNHVD\[+N[
I\ L]NV[ RD I¤NG\NL GM OGUV J6D$
ONUHNJHVDQV
N+NMGKN NGMXVRN\NJ6IWOHVD
I
N^NGNVDGVI\GL]I
N^NNOTIRNN$
MN7NVDHVDYR/)NNXNVDLML0NRJNVD[V@@
IGHKGKQZMKUGKWN[K$EOL]Q
N=XKHVD y ONEDO'OL]VOGK1ULMONV\ML6X\\[N
W\RNTLIMRU=XGVFNMVHVDG%NVOODQV
NIQN [
[J6
JJD$
WN[NYN6MJRNUN=RDSSN=GVI\GY31N
YROM+NKL]QNXGMV[K$
/NNEDO'OL]VO GVIL1\VSMNNVDGNVIR.NXRD
L]N6_NVI[GKIR+NN[U)NNLN=RMN@RXRDW\RNT
LIMRU=X HD N\ GK ODT'U LJ\ GV L HVD
W6R IRIRNUN/LV
N\GV,NHVDGNN=I8RUIGN
[N YN6M EOHVD FV
NTHNM +NNMU GK W6R
IRIRINUN GNVL]QI
N=UIGN[N$EOL]GNM IS ONEDO'O³VO
ϭϰϵ
IS Y'9ZFM@GNVONEDO'OL]VO'\NEHV9'
NX/LV
N\GNV!D0KIQ>NNUVJT
ONEDO'OL]VO'\NEHV9'
NX/LV
N\ YLXKN NLZMKGKIWOHVD/9V
NXNVDGNVGRM
HVD,\V94N:H=ING\NL IGN [N@ IR_N\NVD#HJNIR_N\NVD GV
1N 9VXHVDYNYN6MGT\YND[UTGNVDGKOD>N
EOHD N\XVW\RNTLIMRU=XYN6MGNM=RNE=GV @@)NK$ONEDO'OL]VO'\NEHV9'
NX
FNMV HVD WN[GUN GV I\ ONEDO 'OL]VO /LV
N\OE= OKOGNOHNLXOHNMNVJ
'<NNEHV9'
NX/LV
N\OE=OKO9VX IQXNDGGNVIR¤HONMN+NNE=G(ZIX9K
S\NE= J6 IWOV IQXNDG GNV !D0K ONEDOOVD9MRKOOKOOKHVDYNNVIWU
IQ>NNE=[E=$EO9VXXVIQXNDGGNV IGN[N$
IS E\NJNFNQP5UML]QV
N IS HD[\TGXN=9G
ϭϱϬ

'r+"+
*Ee2I"0H)$
P5f9UNGV8Q] L]QNXGMUNJ6$
LN=RMNGV ODFDNHVD \NV[NVD GKWN[GUNGNV TRGNVD GNV PXGV IXG9 LIMRVqN HVD /)NNK
FNXVJVUTLN=RMNIqN^NN@YXTODNNXL]IqN^NNGV I¤NG\NLpNTGMXVGVI\L]NV5ONIJUGMXV
^NV HVDL]NONVDGNVLN=,UOJNUNPL\&NGMNXV JVUT JIMU G6(LO LJ\NVD GV I\ \[+N[
GVI\OND/)NNIXGYN6M2I'U[U/UMLM^NHUN HJNIR_N\NVDGNV\I^NUIGNWNMJNJ6OKE=E=
IXHN=NGKYNRqGUNJ6$EOPQaQVqGNVL]N,U HVD IXIHU L OV YDUMN=o9K 1N IRIXH
GMXV GV I\HD N\XV LN=RMNIR.NXYN6M GN=¤HYNNVIWUIGWNMJVJ6D$XKQM\6D0OV
L]FDNXGV L]N)NIHGUNRN\V ^NV HVD OD/)NNXNVD GNV 1N NVDGVGOHZJU)NNYN/9VI\NOVQNVOHZJNVDXV
FNRNQVXVGVI\HVD/GKHAP5GCo9UNGV8Q]A OK E= E= GN QN6MN IGN U)NN IQODFM
pNTGK$ WXRMK@GVQN6MNX IQROK
LN=RMNI
N^NNGV8Q]¿OKE=E=¾@ W\L]QZoNNRD /)NNKIqN^NNGN=¤HHVD +NN[
I\N$YJHQNFNQHVDGVM\RXOVRNGNIH=GNVDGNV
YJHQNFNQ G OHZJ GV I\ G L]IqN^NN GN=¤H +NK
LN=RMNIqN^NNGV8Q] OKE=E=GNV LN=RMN@RX YNNVIWUIGN[N$
YN6MW\RNTLIMRU=XGV`NMNLN=RMNKI
N^NNHVD
W\RNT OJX
NK\
NJMNVD GV FNMV HVD
NJM GV
P5GCo9UNGV8Q]GVLHVDISI¬UIGN[N$
IJUNNIMNVDGV^NHUNIXHN=NGV+NN[GVLHVD@OK
PL\I&N E= E= OJ+NNI[UNFWI9D[HVD LTNV X[MIX[HGV
LN=RMNIH GMN9 2NLKLJ\J6IWOGN ON)N "NIXo%UN OV GN= GM MJN J6$ W\RNT
PQaQVqLZMV QVqNGV IR_N\NVD HVD VOV TRNXVUN LIMRU=XODFDNKHTQaQNVD GV FNMV HVD OKE= LK9K
OCIWUGMXNJ6IWXGVLNOPXGVYLXV^NV NVDHVD IR
RIR_N\@YJHQNFNQGV ON)NY<LGNI\G
LN=RMNK /)NNI5R GK STXN6IUNVD GN ONHXN LN%a¤HYNNVIWUIGWNMJVJ6D$
GMXV GV I\WN[GUN@.NXYN6ML]IUFUN RNMNNOKX[MIX[H@[D[N"NN9HVDIR_N\NVDRD
JNV$ OKE=E= OV L]N,U OZSXN GV YXTONM RoN= IR_N\NVDGVON)NIH\GM/R31[D[NLJ\GV
GV QN6MNXLN=RMNIH YN6MMNo9K ON)NOKE=E=GVOJNV[GV+NN[GVLHVD[D[NGN
JIMUGN:L= IR_N\NVD HVD@LNDSIRoNNVD )NKHLM FVO\NEXORV=^NN+NKIGN[NJ6$
GN=LIMNVWXNDpNTGMXVGVI\EOGN=¤H /R31[]J @ LIMNVWXN YNNNIMU IqN^NN LK FK
GVYDU[=UQVqNGVIRI+N8X+NN[NVDHVD\[+N[ \GKOJNUNOVIR_N\GVLN%a¤HHVD%NVO
I
N^NGNVD GNV L]I
NI^NU IGN [N$ LN=RMNK YLIqNo9L]FDNXGNVpNNIH\GMXVGVI\[TWMNU
I¤NG\NLNVDGVODFDNHVDIR_N\NVDGKOH/NYNVD GV1JqNJMNVDGVIR_N\NVDHVDpNTGK[E=
GNIXMNGMNGMXVGVI\P8JVDOJNUNL]QNX Y0NXK4NP8PVqNXGKGLJ\J6$LIMNVWXNGV
GMXVJVUT@OKE=E=XVLN=RMNON)NKXNHGG I\GGN=XKIUGGN=qNN\NU)NNL]NSNNV=DGK
2R/)NNGVYDU[=UG9N:\ 4]KJV<L\NEXX(FM F6%G YNNVIWU GK [E= J6D U)NN /R31UN GK
pNTIGNJ6$EOGVHNH OD/GCIU L6QN GMXV GV I\ IR_N\NVD HVD
OV@ OK E= E= LN=RMN YN6M /)NNK IRGNO OV I¤NG\NLIGWNMJVJ6D$
ODFDINUHTQaQNVDGVFNMVHVDIR_N\NVDOVL]qX\VUNJ6
U)NN PXGN P5UM QVUN J6 U)NN LN=RMNK OKE=E=XVIOUDFM@HVDF3SNVDDRTRGNVDGV
I¤NG\NLNVD GNV pNT GMXV GV I\ HN[=QqN=X I\I
N^NNHVDLIMRU=XGMXVJVUTE=O0KLMG
YDUMN=o9KO(HV\XYNNVIWUIGNIWOHVDOV
ϭϱϮ
YING QVqNNVD GV L]IUIXINHD0\ OQ/NVD XV +NN[ YNVI0qNNMN7NVDHVDOVL]5VGMN7U)NNLT0TSVMK
I\N$ OD"NMN7^NV HVD LNDSG6(LNVD GV XWKOK
OKLKYNMLN=RMNKI
N^NNGVDQ]¿OK IR_N\1N NVDGVI\GT\MNo9KL]GCIU
G6(LYNNVIWUIG$
LKYNME=E=OK¾@SV8XE=
y YXTODNNXLIMNVWXNUIH\XN0T GV IR\TLTMH
OKLKYNMLN=RMNKI
N^NNGVDQ]OKLKYNME=E= YN6M GZ0N\NVM IW\NVD HVD 1J LIR RC^NNVD HVD
OK@LN=RMN@RXRDW\RNTLIMRU=XHD N\@
GNN=I8RUIGN[N$
+NNMUOMGNMGNP5GCo9GVDQ]J6D$
W6R IRIRNUN@I
N^NN@YLIqNo9L]FDNXU)NNLIR y OKLKYNME= E= OKGV I\@YD0HNXRD
RC^NNVD OV ODFDINUGN=¤H@YNDN] L]QVqN@UV\D[NXN@ IXGNVFNM`KLOHZJGVOVRNLZR=IqN^NGNVDJVUT
[NVRN@ GXN=9G@ GVM\@ YNVI0qNN RD UIH\XN0T `KLW6R IRIRNUNODM^NN GVFNMVHVD^NHUN
MN7NVDYN6MYD0HNXRDIXGNVFNM`KLOHZJU)NN IXHN=NGN=qNN\ND YNNVIWUGMXV GV I\
LT0TSVMKOD"NMN7^NV NVDHVDYNNVIWUIG[J6D$ MN9KWR6 IRIRNUNLN]INGMNXFK@+NNMU
OMGNM`NMNGLIMNW V XN/RKGUCGK[E$=
OKLKYNME=E=OKXVHD N\GKRVFONE9HVD
qNNIH\GMXV GV I\LN=RMNGV FNMV HVD G y OK LK YNM E= E= OK GV I\@ UIH\XN0T@
qN&QGNVqNU6NMIGNJ6U)NNHD N\GNVL]/UTU GXN=9GYN6MGVM\MN7NVDGNVGRMGMUVJT
IGNJ6$ XK\I[MKW6RHD0\IMWR=GV0KYNE=E=9KGV
y L]NNXHD KGV /R31+NNMUYI+NNX GV+NN[ IqN^NGL]IqN^NTYNVDJVUT W6R IRIRNUNODM^NN
GVLHVD@OKLKYNME=E=OKXVH\VLNVMHDIQM GV FNMV HVD XN6 ^NHUNIXHN=NGN=qNN\ND
HVDIR_N\GV1N NVDGNVpNNIH\GMUVJTG YNNVIWUGMXVGVI\MN9KW6R IRIRNUN
O4NE=YI+NNXYNNVIWUIGN$ L]NINGMNXFK@+NNMUOMGNM`NMNG
y OKLKYNME=E=OKXVODT'UMN7RNINI7G
LIMNVWXN/RKGCUGK[E=$
QZUNRNO@SV8XE=GVON)NIH\GMJHNMVLIMOMNVD y OKLKYNME= E= OKXV pNIXRNM@IQXNDG
HVD GRC^NNMNVLNGN=¤HYNNVIWUIGN$ Y'9ZFM@ GNV SV8XE= HVD 'N SV8XE=
QVqNW L]WNIUNVD GV LN6N@ /RDOVIRNVD YN6M HN6XOZXGV I\U6NMJ6? GV FNMV HVD G
IR_N\GV1N NVDHVDIRUIMUIG[$ ;\NVF OVIHXNM YNNVIWU IGN$ 0N: O YNM
IG9IR_N\NVDHVDIRUIMUGK[E=$ MHXH@ LZR= IXQVqNG@ ^NV S¤RNU SVUNRXK
y OKLKYNME=E=OKRoN=OVLIR RC^N GVDQ]@^NV KHN6OHIR.NXGVDQ]@XV SV8XE= GV
FJN\GMUNMJNJ6$MNHVqRMHHVDOKLKYNME= RoNN=L69XNV=DGVFNMVHVDHQ]NOIRGNOYX
E=OKXVMNIqNRXH@X^N RXHU)NNYN6oNNK OD/)NNX@SV8XE=GV/9NH=RN9M0VXGKI/)NIU
LNQLP_NX/)NNILUIGNJ6$ GVFNMVHVDFNV\V$
y /)NNKIRGNOYN6MW6RIRIRNUNODM^NNGV LNIMI/)NIUGKIR.NXGVDQ]¿OKE=O¾@
I\IqN^NNGVFNMVHVDIqN^NGNVDGVI\GT\FKO +NNMUIR.NXOD/)NNX¿YNE= YNE= O
GN=qNN\ND@UIH\XN0T@GVM\@GXN=9G@[NVRN@
YNDN] L]QVqN@ UV\D[NXN@ YNVI0qNN MN7NVD U)NN OK¾@FVD[\T
LT0TSVMKYN6MYD0HNXRDIXGNVFNM`KLOHZJ LNIMI/)NIUGK IR.NX GVDQ] OK E= O@ +NNMU
OD"NMN7^NV NVDHVDYNNVIWUGK[E=D$ IR.NXOD/)NNXYNE=YNE=OOK@FVD[\TGK
y OKLKYNME=E=OKHVDUIH\XN0T@GXN=9G@ /)NNLXNLI
SHK"NN9NVD LMIRqNVoNWNVMQVUV JT
ϭϱϯ
LNIMI/)NIUGKYN6MLN=RMNGV^NV HVDYXTODNNX ^NV HVDIRI+N8X+NZIHPLNV[-VINNVDHVDHCQNGNF=X
RDYNP9MKSI¤NGN\LNVDGVI\LN=RMN@RX /9N:GGNHZ<NDGXGMXVGVI\JHXVOV
RDW\RNTLIMRU=XHD N\GKIR5UKOJNUN YINGYR/)NNXNVDGNXHZXNI\NJ6U)NNH
OVRoN= HVDGK[E=$OKE=OGNPQaQVq HL]IURN=OVHHL]IURN=GKRoNN=HN N
LIqSHK"NN9NVD LMIR
NVNWNVMQVUV JTL]NGCIUG HVDIRUIMUHCQNOKRDXGVI\XHZXNVDGN
^NV NVDGVODM^NNYN6M/)NNKIRGNOHVDRN/UIRG IRq\VoNNIGNJ6$YINGXHKRN\V^NV NVDHVDYING
YXTL]NV[ GV ON)N LNIMI/)NIUGK#LN=RMN GV HCQNOKRDX/9N:G)NN$ODG9NL8X&\6GFG
2NLG^NV HVDYXTODNNXYNNVIWUGMXNJ6$ 89V\N:L GV IRUMN YN6M 2RJNM LM WNVI>NH@
4NVMVWRDHNXRODFDNKGNMGNVDGVL]+NNRNVDGKWNDS
L][IU#PL\I&NND GMXVYN6MEOFNUGKWNDSGMXVGVI\IG
GXN=9GGVGNV0N[ZIW\VHVDJN)NKHNXROD"NoNNV=DGV IGO L]GNM LN=RNO L]FDNX ODFDNK GNM=RNE=ND
FNMVHVDS\MJVYXOVOD"NoN=GNVFNRNQVXVHVD &\6GFG"NNO+NZIHLN=RNOGNVL]+NNIRUGMUKJ6D@
LN=RNOIR>ND0XGK+NZIHGNGNLUNS\NJ6U)NN HJNMN9HVDONV\NLTMIW\VHVDX8XNWGVYNOLNO
XMJN)NKGNV4O\NVDLMJH\NGMXVGKP3SUM GV ^NV HVD []V9 EDI0X F/9N0= WK YNE= FK
L]RCI5UGKLTIo9JTE=J6$XN:X E8RVIORUMKGNVDGN Y+NNMHVDGN=IGN[N$
L]NV[ GMGV JNI)NNVD GV UXNR GNIR.NX LM OK E= O XV ONHNVI4<O 0NVMOI\O GV
YXTODNNXGN= OV LUNS\NJ6 IG4O\NVD LM E'9NV LNMNONE9 +NNM U)NN L]IUMNVNK IM/LNVDO
JH\NGMXVRN\VU)NNFVJUMpNNMKIMGI/)NIURN\V YRNNIMU GMXV OIJU [VIH0 I\WN0= GV
J N I ) N N V D H V D U X N R J N H N V = 8 O Y ) N N = U HN:4NV=\N:WK@ 2RJNM U)NN GNIR.NX LM
;\ZGNVGN:I9=GN:0aOGNIX(X/UMJNVUNJ6$OKE= pNJMKGMNGVL]+NNRGKHN NGN+NKLUN\[NN$
OXVIL1\VSNMQqNGNVDGVQN6MNXP5UMG8X0
IW\VHVD+NZIHPLNV[LIMRU=XNVDGVHNXIS GNVLZMN I4[ I4[ RN/L (Z9I\7H GV LIML]V^ HVD@
IGN J6 U)NN WV89aO Y)NN=U \ Z \ OK R6.NIXG XV Y5ING IRqNVoNKGCU I4[ RN/L
0NXVIH'O HVD IRGNO ODFDNK LIMNVWXNYNVV GK OHTQN@ IWOHVD ONU L]WNIUND JNVUK J6D@ WJND
+NZIHGN GN HZ<NDGX IGN J6$ JHXV JN\ HVD GVR\ HNQN I0/LO= GMUK J6@ GK I0/LO=\
[INUK HN:0\ IXIH=U IGN IWOHVD pNK"N] L]RCI5UNVD Y)NN=UYDUIX=IJUI0/LO=\^NHUNGK
LNIMI/)NIUGK LIMRU=XNVD HVD /9N:GVOI9IO9K GK WNDSGK$
+NZIHGNGNVOHNIJUIGN[NJ6$PoNGI9FDNK O\KHY\KL^NKIR.NXYN6ML]NGCIUG
RX LNIMI/)NIUGK LM GN=@ HTQTH\NE= 4N:MV/9 EIUJNO GVDQ] ¿O OK YNV X¾@
0NXVIH'O ,\N:9 HVD RC^NNVD GK QK"N=GNI\G GNV(F9ZM
HNXK9IMD[GVON)NWNMKMJN$JV'9VMPoN
GI9FDNK pNToG RX +NZ >ND0NVD HVD /)NNXK HNX OOKYNVXGNIHqNX LI^NNVDLMHT>L
IGHKHCQN/LVIqN\I+N8XUNOCIWUGMXV OVNXGVDIQ]UGMGVYXTODNNX@IqN^NNYN6MWX
HVDI\)NNV[]N4K@9NVLNV[]N4K@RX/LIUYN6MYI;XGK OJ+NNI[UNGVHNHOV+NNMUGKW6R IRIRNUN
+NZIHGNYNVDGKWNDSGK[E=J6$&D&X0QU)NND DREOGV /)NNKPLNV[GNV ODMI^NUGMXV HVD
0JGNIRUMN(4KFNVI\9aORD JN:X=&\VD0 OJNUNJ6$EOGVPQaQVqIX(XI\I>NUJ6D
IFNV9NE9 IWXVOVO GV FKS ODLZN= S9a9NX y W6R IRIRNUNYN6ML]NGCIUGEIUJNOGVO+NK
MNONIXGHN N`NMNHT>LOVYRNNIMUJNVUN LJ\TYNVD GNV pNNIH\ GMGV L^NKIR.NX HVD
L]UKUJNVUNJ6$LIqSHKNN9NVDU)NNEOGVRoNN=1NN YXTODNNX GK LMV>NN U6NM GMXN YN6M
ϭϱϰ
YXTODNNXYNNVIWUGMXN$ YNM O@ GNV(F9ZM HVD HE=@ GNV
y L^NKIR.NXYN6ML]NGCIUGEIUJNOHVD4I4\ YNNVIWUIGN[N$EOYROMLM@O
RDLKS0KGVI\IXIHULN%a¤HNVDU)NN OK YNV X GV YXTODNNXGUN=YNVD `NMN
ODFDINUIRoNNVDHVDY<LGNI\GYI+NHT>NKGMN L]/UTIUNDQK[E=J6D$
LN%a¤HNVD GNV IRGIOU GMXN YN6M P8JVD y OOKYNVXGVYXO T DNNXYUVNYN#
DV LK
YNNVIWUGMXND S0K1N NDVGVI\WR6 ONID>GKGVFNMVHDV
y +NNMUKL^NKIR.NXYN6ML]NGCIUGEIUJNOGV IQXNDV WXZRDU)NNWXZ@GV
FNMVHVD0N9NF6DGOCIWUGMXN@U)NN I\ O OK YNV X HDV G GNq=NN\N
YNNIVWUGK[E$=GNq=NN\NGVQNM6NXpNNIH\
y /NHTQN GV \N+N GV I\ L^NK IR.NX RD
IG [ IRoN J@D6 XHXZN \XVV GK UGXKG@
L]NGCIUGEIUJNOOVODFDINU.NXGNL]ONM
YNG D 0N IRq\oVNN@ YNRIC5U IRUMN@ O9DV\
GMXN$
90DV XVOKWGVHWV O@=OLKOOGNLIMS@
y OOKYNVXXVLN=RMN@RXRDW\RNT JNELN)VNIVOOLMK^NNU)NNH<9KRIVM9IRq\oVNN$
LIMRU=X HD N\@ IR.NX RD L]N6_NVI[GK
IR+NN[U)NNFNNV9V'XNV\N:WK@MVL9MIMOS=D0 L][IU#PL\I&NND
G8WMRVqNX 4NP80VqNX YNM YNM OK 4 y SN6QJ YXTODNNX LIMNVWXND S\ MJK J6D
U)NNGXN=9G@HJNMNo9RDLIqSHFD[N\GV IWXHVDOVONUYXTODNNXLIMNVWXNDLZMKGM
RXIR+NN[NVDU)NNQVqNGVL]HT>NW6R+NN6[NVI\G \K[E=D$
WNV X GNV qNNIH\ GMUV JT XV q NX\ y L6DUKOR6.NIXGpNNVNL NVD GNV OHG^N`NMN
IWNV[]NI4G ONVONE9K W6OK WVDIONVD `NMN OHK^NNIG[MNo9KRDYDUMN=o9KWX=\NVD
IR5ULNIVoNUYXO T DNNXLIMNW
V XNDpN
T GKJ$D6 HVDL]GNIqNUIGN[N$
y RoN=GVI\RNIoN=GYXTODNNXOVIHXNM y ONU UGXKGK IMLNV9=VD ODFDINU IR5ULNVoNN
IS 0N:YIHUNL]ONQ@YLMOISR@LN=RMN@RXYN6MW\RNTLIMRU=XHD N\GN
OOKYNVX@GNV(F9ZMGV4VG<9KGVON)NFNUSKU
ϭϱϱ
WVDIONDVGNVL/]UUTGK[E#
D= L/]UUTGKWN[
D K$ YN6M1N EOOHLKS0KGV I\
y UKX1N NVDGNVLKS0KGKI0[]KQKWNXKJ6 LDWKGCUJ6D
IS YD0HNX/GNV,OYN:R\YNV9ZOFN\K IS YD0HNXOMLVD9 E=[\
LN=RMNK ^NIMU LNIM L]NN\K L]FDNX "NNO+NZIHNVDGKLTX/)NN=LXNYN6ML]FDNXLYLJ\V

GVDQ]@IQ<\KIR
RIR_N\@IQ<\K JK LTX/)NN=ILU LNIM L]NNI\NVD GK QK"N=GNI\G
HN:XK9IMD[ Y IQ<\K GV LV0 LN6NV YN6M
+NZ ^NMN@W6R IRIRNUNHVD XTGONXU)NN"N9UK LNIMI/)NIUGKGNLIMRU=XU)NNYLE89M4VO
"NNO+NZIHVOVL]HT>NLN=RMNKHTQaQVJ6DWNVO+NK GN=¤H$
/)NNX IRNG /LVIqN\ /UMNVD LM LNIM
L]NNI\NVDGNV>NUMVHVD0N\MJVJ6D$LN=RMN@RX GNV\EDI0NI\IH9V0GV GNV\4K<0HVD HNE80
RDW\RNTLIMRU=XHD N\GN=YXTODNNXYN6M YNP9^NV NVDGNVLNIML]N6_NVI[GKNVDGVHNHOV
^NHUNIXHN=NGVHNHOV/)NNXK@PL MNo9K LNIMI/)NIUGKLTX/)NN=LXNFKOKOK\YN6M
U)NNMNo9K/UMNVDLMEXLN=RMNKHTQaQNVDGN OKOK\GV>NXXGVFNQFDWML0V/)N\NVDHVD
IXMNGMNGMXVGVI\P5GCo9UNGVDQ]GN=¤H LNIMI/)NIUGKLTX/)NN=LXNGVLIMNNH/RLPoN
GNVOJNUNL]QNXGMUNMJNJ6$EXLN=RMNK GI9FDNKXHLN=LNUKRXLNIM L]NNI\NVD GN
STXN6IUNVD GV I\ YI+NXR L]N6a_NVI[IGND U)NN IRGNOJTYNWJNDGVXNVLKGKPDSNE=HKOV
OCWXN5HG IXMNGMN IRGIOU GMXV GV I\ HK9MJTE= U)NNIRGIOUOHTQNNVD HVD OV
P5GCo9UNGVDQ] GN=¤HNVD HVD 1JYXTHNVIQUPL QVqNWRC^NL]WNIUND JTE=D$LTX/)NN=LXN/)N\NVD HVD
GN=¤HNVDLMGN=WNMKM>NNWNMJNJ6ŝGNV\ HCQNYN:[V=IXGGNF=XGKUT\XN@^NV GKL]NGCIUG
EDI0NI\IH9V0GVGNV\4K<0HVDHNE80YNP9 RXLNIM L]NN\KGVHCQNYN:[V=IXGGNF=XOVGK
^NV NVDGKLNIMI/)NIUGKLTX/)NN=LXNŝŝE8RVIOR WNOGUK)NK$
\NEXL]WNIUNVDGNL]FDNXŝŝŝOTMI^NU^NV NVDHVD
ϭϱϲ
IS FKOKOK\@NXFNQGVGNV\4K<0HVDRoN=LTMNXKLTX/)NN=ILU/)N\IWOHVDYN6OUX
HK HK9MGKDSNE=RN\KGVXNVLKGVON)NRX/LIUGNVIQ>NNN[NJ6$
IS OKOK\GVGNV\4K<0HVDGNV\4NMOIJU@RoN=LTMNXN
LTX/)NN=ILUYNVFK0KIWOHVDpNToGLN=LNUKRXOHTQNIQ>NNN[NJ6$
E8RVIOR\NEXL]WNIUNVD GNL]FDNXI!MXN U)NNIL OK 9K YNM `NMN L]FDNX IG [
"NN9KHVD\V89NXNOD¤IHU\[+N[JV'9VM^NV >NM LURNMHT'U^NV NVD HVD XGVR\\V89NXNGN
GNV X IRGIOU G9 9 /9N:G IRIN `NMN QNVFNMNYN¤HNIM E8RVOXFI<GY8QVqNK
\V89NXN P8HZ\X GV FNQ "NNO+NZIH GV L HVD >NM LURNMNVDGNIÙKGYN¤HNE8RVOXQV>NN
LTX/)NN=ILUIGN[NU)NNLTX/)NN=ILU/)N\HVD [NIWOGVGNMN)NVL\V89NXNGNVIXGN\XV
L]STMR8WKRIRGIOU"NNO+NZIHHVD FN"NGK GVFNQ^NV GNV"NNO+NZIH#GNo%+NZIHHVDLTX/)NN=ILU
YNRNWNJKQV>NK[E=$\V89NXNGVP8HZ\XGVFNQ XJKDIGNWNXN@YN6MLLY8>NM LURNMNVDGNV
LTX/)NN=ILUO+NK"NNO+NZIHNVDHVDRXGKLIMINHVD OHLMIXGN\XVHVDIR4\UN@GXNYN¤HG
\V89NXN GV LN:GV9aO GK HN6WZQ[K GV FNRWZQ E8RVIOR\^NN@WNV \V89NXNGNV QVqNKRXGV
\V89NXNGNIÙKGLTXYN¤HNXJKDIQ>NNE= LTX5LNQXGNVMNVGXVHVDHQQGMUNJ6@+NKLNN
IQN$ [NJ6$
ϭϱϳ
IS I!MXNHVDG9 9/9N:GIRIN`NMN\V89NXNGNV IS MNH[D[NW\NqNFVIOXHVDONEXNV0N:XOHTQNHVD
IXGN\XVGVFNQLTX/)NN=ILU"NNO+NZIHHVDQV>NN[N GN:\NVXNE70RVI9RVIMNGVI19 LT9^NV
FN"NLTX/)NN=LXGVFNQ\V89NXNOD¤IHU/)N\
OTMI^NU^NV NVD HVD "NNO+NZIHNVD GKLTX/)NN=LXNRD LJ\V JK LT X /)NN= I LU LNIM L] NNI\NV D GK
L]FDNXMNH[D[NW\NqNFVOKXHVD"NNO+NZIHOHTQNNVD QK"N=GNI\G HNXK9IMD[ LTMXNLNXK HVD LTX/)NN=ILU
HVD@IX(X+NZIHGV F0V ^NV NVD GV W\H;XXJKD JNVXV GV \NEH/9N:XHNE80YNP9^NV U)NNYONV\NRD+N9a9K
GNMNRoN=GKUT\XNHVDRoN=HVDY5ING R8 WKR Y+NNM HVD HNVMH HNE80 YNP9 ^NV
LIMRU=X IQ>NNE= IQ IWOGV LIMNNH/RL W\RNTOJXqNK\LNWNUVJ6DW6ONIGFQ\UVRoNN=
IX(XI\I>NU L]IU/)NNLX JTYN L \DFK P3S+NZIH L69X= GV ONHXV PXGV /)NNI5ROV LUNS\UNJ6$
"NNO+NZIH `NMN ED9MHKI09 RVI9RVIMN GK FJT\UN LTMXNLNXKHVDLTX/)NN=ILULNIM L]NNI\NVDGKHCQNYNVDHVD
RN\K"NNO+NZIHYN6MLLRVI9RVIMN E(LVMV9NOHTQN YN:[V=IXG H69M RD YN[V=IXG GNF=X GN L]IU
NU@
`NMNLNOLN\HGKFJT\UNRN\NOHTQNYN6MLLL L]NGCIUGRXLNIM L]NN\KGKHCQNYNVDHVDLNWNXV
RVI9RVIMN `NMN ONEXNV0N:X OHTQN GN YN¤HN RN\VPXGVL]IU
NUOVG[TXNYING)NNIWOOVLUN
E8RVOXIS $RNIoN=GFNGVY+NNRHVD@JMV +NMV S\UNJ6IGL]NGCIUGRXLNIM L]NN\KGKHCQNYNVD
Y5INGLV\V9VF\\"NT"NNO+NZIHNDINGN\NOV[NF GKUT\XNHVDLTX/)NN=ILULNIM L]NN\KGKHCQNYNVDHVD
JNVOGUKJ6D$RN=LTMNXKU)NNRoN=LTMNXKW\NE= YINGLNVNGU5RGN9X=YNVRMYN6MYINGGNF=X
[E= "NNO+NZIHNVD GV FKS >NM LURNMNVD#GNo%+NZIH 0NYN'ONE0GNIO'RV
N9V
NXJ6$
L]WNIUNVDGV"NX5RHVDGNVE=F0NYDUMXJDKQV>NN[N$
IS YONV\NR8WKRY+NNMHVDLTMNXVLTX/)NN=ILU/)N\GNYGVION
GN%+NZIH@IWOHVD\[+N[FDQGVXNVLKIQ>NNE=QVUNJ6$
ϭϱϴ
IQ<\K GN FQ\UN RX/LIU WNU RD Y+NNM J6 YN6M EOHVD L]STM LV0 LN6NV U)NN
LNIMI/)NIUGK IQ<\K GN XN RX/LIU WNU WKR WDUTJ6D$EOLMYNRNJG6DSHVD9^NV HVD+NZIH
U6NMJNVMJNJ6$E89M4VOGN=¤H\[+N[ PLNV[HVDLIMRU=XNVD@YIU¤HN@[NQIO<9V
NX
WXWNIU LTNNVD RD HIJ\NYNVD@ [6M OMGNMK P_NV[RDGCINOVL]QZNN@YINGH5/X@I
NGNM
OD[%XNVD U)NNYNVI0
NNGV RXIR+NN[GV 4K<0 YN6M[]NPD0RN9MQNVJXOVGN4KQFNRL0NJ6$
YINGNIMNVD XV LTMXNLNXK GK LTX/)NN=ILU GVDQ]XVEOFNMVHVDWNDSGKJ6IGXH+NZIHHVDODM^NN
LNIM L]NN\K@YNVI0
NNHVDLTX/)NN=ILULNIM L]NN\K GVI\LNIM L]NN\KOVRNODFDNKYNR
GUNYNVD
YN6M/)NNKWKIRGNVLNW=XGV FNMV HVD YNNVIWU UGIGUXKLJDTSL]IUFDINUGKWNXKJ6$O+NK
GN=
NN\NHVD+NN[I\N$ YN[DUTGNVD`NMNI\[HXNVMDWX\N+NNVDGV
IHI\X @ YHVIMGK 0N:\M JNVXV GN
HQ]NOY)N=
NN/ IR_N\¿HOE=¾@
YXTHNXJ6$GCIN\N+NL]IURN=IHI\X
SV8XE= @YHVIMGK0N:\M)NN$IODSNE= GV I\
P5GC9UNGV8Q]XV+NNMUHVDP+NMUKR/UTRDOVRN PLNV[IG[[]NPD0RN9MGNYXTHNIXUHZ<
GM WK O 9K 2R/)NN HVD LNIM GMNVDV GK L]IURN=@YHVIMGK0N:\M)NN$
[TDWNE
NLMLIMNVWXNYNVDGNVGNN=I8RUIGN$ W6R IRIRNUNODM^NNGNYNI)N=GHZ<L]IURN=
GVDQ]XV/)NNKIRGNO\^NVDGKIQ
NNHVDQV
NGK IHI\X@YHVIMGK0N:\MJNVXVGN
L][IUGNVOT[HFXNXVGVI\WKO9K4]VHRG= YXTHNX )NN$ J IR
\VNN IGN [N IG RN=
HVD LNIM GMNVD GNV GKGCUGMXV GV L^NHVD UG= OV!K\GVSNMNDVYNVMG0+NZIHGNV
IQN$GVDQ]XVHV9N IR
\VNNGVIONDUNVDGVYNNNM RNINI7G@[6M GCINL]NVWXNVDGVI\LIMRIU=U
LM+NNMUHVDRNTRDW\L]QZNNGVGNMN\N[U IGN[NJ6 IWOOV W\/)NNKLOV %JM
GNYN[VYN6MHZ<NDGXIGN$GVDQ]XVYNNUG OGV$ _IL EOOV []NPD0RN9M IMSNW= YN6M
QV
NNVDHVDLN=RMNKIRIXHNVDGKUT\XNHVD+NNMUK HXNVMDWX \N+NNVD HVD RCI JTE=@ U)NNIL EOOV
R/ IXN=UNVDGVQV
NGK2NLNMOD+NNRXNYNVDGNV Z9NVI4GV
NX +NK L6QN JTYN J6$ YL/9KH
FNXVGVI\XKIU[UIRG<LNDVGN+NKO! T NRIQN$ YN6_NVI[G ZIX9NVD OV Y
NNVINU YLI
N9 W\
YDUUXH+NZIHHVDLIMRIU=UJNVWNUNJ6$L]FDNXGV
YXTODNNXPL\I&NND
ON)NLNIM L]NN\KGNGT\YNI)N=GHZ<
GVDQ] XV IRSNM GMXV U)NN YNV/9VMK XH+NZIH GK IHI\X@YHVIMGK0N:\ML]IURN=)NN
IRGNONVWXNHVDHT>NNMNHVD
NNIH\GMXVGV YN6M\N+NNVDGNIXR\RU=HNXHZ<IHI\X
I\/L9W6RIRIRNUNU)NNODFLNIM L]NN\K IHI\XYHVIMGK0N:\M)NN$XH+NZIHGV
OVRNYNVD GV HJ5RGNHZ<NDGXIGN$YNV/9VMK YNI)N=GHZ<NDGXOVHD N\GNVYNP/9MXH+NZIH
!K\G0+NZIHGNVIODISUGMOGUKJ6 GVLTX/)NN=LXNPLNNVDGKNVWXNFXNXVHVD\N+N
U)NN[]NPD0RN9M'RK4O= GNV IMSNW= GMXV HVD LJTDSNJ6$GVDQ]`NMNGK[E=XKIU[UIO4NIM
NNVDOV
HJ5RLZN= +NZIHGN IX+NNUK J6$ J G L^NK MNHOMG8RVD
NXGVYDU[=UOZSKL]IR9GMXVGV
ϭϱϵ
I\YN:/9VMKXH+NZIHGVI\HN[=L]
N/UJNV[N HT>IJUNNMKOHZJNVD GV I\L]I
N^NNYN6M
J6$ ^NHUNIXHN=NODFDNKLJ\VD$
4NP80V
NX4NMIMRNE9\NEWV
NXYN:4 y YN6NNKLNQLNVDYN6M+NNMUKISIG5ON.NXGV
\NVG\JV<)N9VI0
NXaO¿4YNM\ FNMV HVD OZSXNRD G(,Z9MOHI)N=U
N6I^NG
P5LNQ$
S9K¾@FVD[\T
y YN6NNK LNQLNVD RD L]WNIUNVD GK IMGRMK
4YNM\S9K@FVD[\THVDI/)NUYN6NNK
ODFDNKYXTODNNXGN>NUMN$
LNQLRDLNMDLIMG.NXODFDNKP5GC9GVDQ]GNV
+NNMUHVD YN6NNKLNQLNVD GV ODM^NNRD /)NNK L][IUGKL]HT>NFNUVD
PLNV[OVODFDINUIRI+N8XHTQaQNVDGNVNXHVD\NXV
GVDQ]XVRN= GVQN6MNXYXTHNVIQUGN=
YN6MPOGNIXMNGMNGMXVGVI\RN=
NVWXNGVYXTONMEXL]HT>N^NV NVDGVYDU[=UYLXV
GVQN6MNX
NTIGN[N)NN$P5GC9GVDQ]GN
I¤NG\NLNVDGNVO4\UNLZR=GGNN=I8RUGMXN
IRWXIX(XI\I>NUJ6
WNMK M>NN U)NN EOGK L][IU GK HT> FNUVD
+NNMUKYN6NNKLNQLNVDU)NNLNMDLIMGISIG5ON IX(XI\I>NUJ6D$
.NX GV ODFDN HVD ORV=^NN@ YNDG0N OD[]JN@
y 9KH XV UIH\XN0T YN6M P5UMN>ND0 HVD WKR
YXTODNNX@IR
\VNN@I
N^NNRDYNP9MKSGVI\
IR.NXKORV=^NNIGU)NNYN6NNKLNQLNVDGK
^NV HVDWNDSVLM>NVYI+NXRGN=XKIUL]IUGCIUNVD
RNPSMXHZXVG IG$
L]NV9NV9NELGNVL]QI
N=UGMXNU)NNP8JVDPL\&N
GMNXNUNIGEO^NV GKHND[NVDGNVLZMNIGNWN y IL1\VORV=^NNOVRNPSMXHZXNVDGVI¤I9G\
OGV$ EO IRWX GNV IX(XI\I>NU L]HT>N YN0V89I4GV
NX OV UIH\XN0T YN6M QI^NNK
I¤NG\NLNVDGVHNHOVONGNMIGNWNMJN +NNMUGVI\GE=XWKRIR.NXKIMGN:0NV=D
J6$ U)NN XN[N\6D0 GV I\ X IMGN0NV=D GN
>NT\NONJTYN$
y +NNMU GK YN6NNK LNQLNVD GN G MN9K
W6R OND/GCIUGJFV=IMH/)NNILUGMXN$ y I0IW9\OD[]JNNVDHVD\[+N[L]NHNING
LNQLEHVWWNV0V[$
y XCWNUK YN6NNKP_NX/)NNILUGMXN$
y 9KHXVOVYINGL]NHNINGWKRIR.NXK
y IRRNIQUWKRIR.NXY
NNVINUYN6NNOHZJNVDGN
YN6NNNVDRXOVI¤I9G\LOVISIJaXULNQL
+NVNWODIJUN IR.NXK 4NHN=GN:[IXI/9G
O]NVUNVDOVU)NNOVYINGXHZXNVDY
NNVINU
YX$
YN6NNFNWNMNVD OVGNV +NKOD[]JIGNU)NN
y L]N)NIHGUNRN\VYN6NNKLNQLNVDGVI\WK Y
NNVINUYN6NNOD[]JN\HVD
NNIH\IGN$
YNE=OYNNNIMUIWNVIRUMNHNXIS $
y YN6NNKLNQLODM^NNRDL]FDNXGVODFDNHVD
ϭϲϬ
IS /9NVIF\VX)NOLNIXGZI\4N:IH=O@XN[N\6D0OVJFV=IMH9KH`NMNOD[]JIGN[NGLNQL$EOGNIL1\NIMGN0=
IGNOD[]JN@OKFK'\NG=`NMNXN[NIJ<OOVRN=HVDIGN[N)NN@IWOGKRN=HVD9K80MOX`NMNO
IXONV4NE\NGV,NHVDVLJSNXGK[E=$FNQHVDWVYNMYNE=RZ0XVEOVRN=HVDGXE=L]WNIU@OLNIXGZI\4N:IH=O
GVLHVDRIN=UIGN$RU=HNXOD[]JNRNNV=DGVYDUMN\GVFNQJTYNJ6$
y P_NX 9KH XV XCWNUK YN6NNK P_NX HVD y L]N)NIHGUN RN\K L]WNIUNVD GV I\
OWKROD[]JN\HVDLNQLNVDGKL]WNIUNVDGNV 0N9N
NK9aOGVON)NLNIM +NN6[NVI\GHNXIS
WNV0N$ U6NMIG[$
y QNVXI)NHVI9G,\ND9OV(&\VWGNVP_NXGV y ODM^NN L]I
N^NN 9KH XV Y'9ZFM@ GV
+NKUMOCIWUIGN[N$ QN6MNXW[Q\LTM@15UKO[HVD15UKO[GV
y Y+NNRL]IUIXINQ]2YXGV+NN[GVLHVD Y[]NKRNIXGK/9N4GV I\^NHUNIXHN=N
ONELVMO/GVIMNVOORD E80NV4NE9G<SM L]I
N^NNLN%a¤HYNNVIWUIGN$
I4<9V9GV'O9V9U6NMIG[$ y GV0VRN IX"N89Z OV YN6NNK LNQLVD GV
y GNVIXMHJV9NV4NE\HYN6MONELVMOMNV9Z80O L]NV4NE\OD/GCU
\NVGYN6MEOGNYD[]VWK
GN89K E84a\VHV9MKYXGKLTXMNRCI5U YXTRNQOIJUU6NMIGN[N$
GK[E= U)NNRN= GV QN6MNXL]N,U y I LTMN YN6M HINLTM MN7NVD GV I\ ¤H
N
LIMNNHNVDGKLTI9GK[E=$ Y[MU\NRD E(4N\GV I\ Y[/U@
y 0N9N I
N9aO GV ON)N IWNV IRUMN YN6M XRDFM@GVQN6MNXOK
HNXIS U6NMIG[$ H LK ODM^NN HZ<DNGX RD L]FDNX
ϭϲϭ
L]N)NIHGKGMN GN=
NN\ND YNNVIWU GK WXOD>N YX GV I\ ISIJaXU IGN
[E=D$ [N$0VGV\VILOJVIH<9NVIXGGKWXOD>N
y GXN=9GHVD QNV HLKOKONRXQT[N= RD GNV\NVGV9GMXVGVI\L]NMDI+NG^NV ORVV=^NN@
GNV<\ZM GNV MV0 I\/9V0 L]WNIUNVD GV ONRXQT[N=HLKOKHVDLZMNIGN[N$
y
IS
ϭϲϮ

WL
+"!." +0#"
LN=RMNKOZSXN y XIROLNV9=\ZYNM\@WNVO+NKXIRO
GVDQ]NVDGNVWNV0UNJ6@GNVYL[]V0IGNWNMJN
LN=RMNKOZSXNL]NN\KXIROLN=RMNK
J6$JGXE= 2NLGL]NN\KYDUM GVDQ]
ODM^NNGVI\IXN=\VXVGKL]I¤NGNVOT[H
FNUSKUGNVOT[HGMV[KU)NNO+NK-VINNVDVGV
GMUV JT OMGNM GV O+NK /UMNVD LM LN=RMN
IRN@ L]HT>N "N9XN¤HNVD@ I¤NG\NLNVD U)NN
L]FDNXGVIJUNVDGNVLZMNGMUVJTLN=RMNOVWT0V
ODLZN=XV9RG=GVY_UXNVDGVFNMVHVDOZSXNGN
IRI+N8X HTQaQNVD LM R6.NIXG UGXKGK RD YN=
L]ONMGMV[KU)NNO+NK-VINNVDGVIRN@L]HT>N
UGXKGKOZSXNL]QNXGMUKJ6$EOHVDLZMVQV
NHVD
"N9XN¤HNVD@I¤NG\NLNVDU)NNODLZN=XV9RG=GV
XIROGVDQ]NVDGKIRGVDIQ]UL]NN\K
NNIH\J6$GVDQ]
Y_UXNVDGVFNMVHVDOZSXNGNL]ONMGMV[KU)NN
GNV IRN IRI
N9 0N9NFVONVD GN G IRUIMU
XIROGVDQ]NVDGVI\YN:X\NEXHN:XK9IMD[
XV9RG=IRGIOUGMXVGNYINQV
NJ6$EO/GKH
RDHZ<NDGXL]NN\KGVLHVD+NKGN=GMV[K$
GN\^XIROGNVIRUIMU0N9NFVOGVHNH
4MRMK@HVDEOGV
NTJNVXVGVFNQOV
OVLN=RMNGVFNMVHVDG2NLGRVFOHI)N=U@
XIROLNV9=\LMIRIW9O=GKOD>NFKJ6
IRNYNNNIMU@OJI¤N5HG[6MODGI\UOZSXN
U)NNIQXNDGGKI/)NIUGVYXTONM@
XV9RG=GVLHVDIRGIOUGMXNJ6$EOOH
IJ9aOGKGT\OD@@)NK$
XV9RG= HVD GVDQ] J6D IWOHVD OV GVDQ] WNV
LN=RMN GK I/)NIU YN6M ODFDINU HTQaQNVD LM y XIRO GVDQ]NVD GK GN=LIU GN HZ<NDGX
GNM=RNE= GMUV J6D@ ODFDINU MN7 OMGNMNVD#OD"N MN9K#^NV KGN=
NN\NYNVDHVD@HD N\`NMN
MN7^NV L]
NNOXNVDGVLNOJ6D@
NVNGVDQ]@WNV [I%U /RUD IR
NVN. OIHIUNVD `NMN YN6M
IRI+N8XOTL]IOOD[%XNVDRDOD/)NNXNVDGVLNOJ6D@ HD N\GVRIM%YINGNIMNVD`NMNGVDQ]NVDGV
GNGIRNLMGYINQV
NJ6$ QN6MVGVHNHOVIGNWNUNJ6$RN=
GV I\MN9KGN=
NN\N4MRMK@HVD
GN=IXLNQXGKOHK^NN YNNVIWUIGNWNXNIXUJ6$
y y// NVWXNRIN GV QN6MNX@ XIRO 4NVG\
IR5UKRN= GV QN6MNXIG
,RNED9YN6MEOGVLN9=XMNVDXVGON)NIH\GM
LN=RMNYN6MEOOVODFDINU^NV NVDGVIRI+N8X [ING\NL
IRNNVDGVFNMVHVDIQODFM@UG y L]5VGRN=WZXGNVIR
RLN=RMNIQROGN
OVYINGL]
XNVDGNP5UMIQNYN6ML]NV'UNYNVD YNNVWXIL1\VRNNV=DOVGLMDLMNMJNJ6$
GNV )NNOD+NR ONM[I+N=U OZSXN L]QNX GK$ ODT'UMN9LN=RMNGN=¤HZXE=LKXV
EOXVHT>LOVW\RNTLIMRU=X@YNVWNVX OGNMN5HGLN=RMNKGNM=RNE=GK+NNRXNGNV
LMU@LN=RMNODM^NN@W\RDRNTL]QZNN@ LZMVIR
RHVDFXNM>NXVGVI\EOIQROGN
YLI
N9 L]FDNX@ LN=RMNK HNXG@ \N[Z YNNVWXL]NMD+NIGN$EORN=)NKH)NN [NV
GNXZXNVD@ LN=RMNK I
N^NN YN6M WN[GUN RNE<0 4N:M \NE4 YN6M XNMN )NN YR6N
YNIQGVFNMVHVDONM[I+N=UOZSXNL]QNXGK$ R8WKR2NLNMGVI\WKMNV9N:\MVDO $EO
WJNDGJKDOZSXNOT\+N)NK@ODFDINUL]NV'UNYNVD PQaQV
GNV OH)N=X L]QNX GMXV GV I\
GNV MV4M\OVRN L]QNXGK[E=$ LN=RMN@RXRD W\RNT LIMRU=XHD N\
ϭϲϰ
U)NNIQ<\KI/)NUXIROGVDQ]9KE=YNM IRSNMHD)NXF6%GVDYNNVIWUGK[E=D$IR5UK
YNE=@OLK@YNE=E=O@WVXZ@OKLK RN= GVQN6MNXLZRK=@LI
SHK@P5UMK
OKFK@OKHO@OT\+NRD0&<Z0&<Z4 RDQI^NNK^NV GVXIROGVDQ]NVDJVUT¤H
N
`NMNJNV/9IGN[NON)NYNYN6MXE= IRSNMHD)NXO YNNVIWUIG[$
IQ<\KHVDMNJI[MKGV+NN[GVLHVDGF0N y 2NN= GV QN6MNX LN=RMN RD RX IR+NN[@
YNNVWX IGN$ EO YROM LM -K YW GNRNM5UK@\^N`KLHVD LN=RMNRDODFDINU
XNMNN!N@OISR@LN=RMN@RXRDW\RNT HTQaQNVDGKI/)NIU GVFNMVHVDGXNMN7
LIMRU=X HD N\ YN6M HD N\ GV RIM% XIROGVDQ]/)NNILUIGN[NJ6$
YINGNIMNVD XV PLI/)NUJNVGM
NNV+NNFNE=$
L]Q
N=XK@ L]
XNV5UMK L]IUNVI[UNN@ LVDI9D[ y IR5UK GN=IXLNQX GV ODQ+N= HVD@ RN=
L]IUNVI[UN@XNMVI\>NXVGKL]IUNVI[UNU)NN HVD XIRO GVDQ]NVD GNV OJNUN
XT'G0XN9GYNVNIWUIG[$ L]QNXGMXVGKUT\XNHVDIQODFM@UG
GVDQ]NVDGNVOJNUNL]QNXGK[E=J6$
GN=¤HGKY8L]HT>NFNUVD)NKD@WN[GUNL6QN
GMXV GV I\ODQV
NNVD RN\V ,\VGN0= GV I\JT y//RKDNVWXNYRIN¿ OV
/RDOVIRNVDGNHNS=LN/9@OV<4KGN:X=MWJND ¾GVQN6MNXL][IU#
IRI+N8XOTMI^NUL]WNIUNVDU)NNODFDINUIRNNVDGV PL\I&NND
G9 YNP9aOGNVL]QI
N=UIGN[N)NNIWXGV
y// RKDNVWXNYRINGVQN6MNXXIRORVFONE9
ON)NL]IU+NN[KOV<4K\VOGUV)NV@GLVDI9D[RN\
LMIRIW9O=GKO>DNHDVGN4KRICJET=J$6;,,RKD
2I'UNVDXVR8WKRODM^NNRDOTM^NNGVFNMVHVD
NVWXNYRINGVQN6MNXIQXNDGUG
YLXVIRSNMNVDYN6MQCI9GNVNNVDGNVLVDI9D[HVDQ
NN=N
IRIW9O=GKGT\OD>NGMNV0QW=GK[E=$
U)NNG
NL)NRN\2I'UNVDXVI
NGNMRDYR6N
SN\ZIR5UKRN=GVQN6MNX@XIRORVFONE9LM
R8WKR2NLNMGNVMNVGXVGVL]NONVDGNVOJNUN
IRIW9O=GKGT\OD>NIQXNDGUG
L]QNXGMXVGVI\ YR6NR8WKRP5LNQNVDGNV
GMNV0QW=GK[E=YN6MIQXNDG
>NMKQXVGNVXN GJXVGK
NL)N\K$
UGGMNV0LJTDSXVGNYXTHNXJ6$
y IR
RLN=RMNIQROGVYROMLMLZMVQV
NHVD
XIROXV9RG=HVDEOOHGVDQ]J6D@IWXHVDOV
Y8 XIRO GVDQ]NVD `NMN+NK IRI+N8X GN=¤H
LN=RMN RD ODFDINU HTQaQNVD GK I/)NIU LM
YNNVIWUIG[$
GNM=RNE= GMXV RN\V GVDQ] ODFDINU MN7
y HD N\GVLN=RMNOZSXNE=YNE=L]+NN[GV OMGNMNVD#OD"NMN7^NV L]
NNOXNVD`NMNJNV/9IG
YINGNIMNVD XV XIROGVDQ]NVD GV I¤NG\NLNVD [J6DU)NN
NVNGVDQ])NKHVI9GYINQV
NRN\V
GNVOTQCU)NNYN[VYN6MOHCGMXVGVI\ IRI+N8XL]IOOD/)NNXNVD RD OD[%XNVD `NMNJNV/9
RN/UIRGO5NLXYN6MYNG\XJVUTIQO(FM IG[J6D$
UGXIROGVDQ]NVDGNQN6MNIGN$
I8ROGVYDU[=U
y XIROHVDOZSXNGK[TNR5UNGNVYN[VYN6M
OTQCGMXVGVI\XIROGVDQ]NVDGKIUHNJK RN=GVQN6MNX@I8ROGVDQ]NVDHVD8ZW\V9M@LT/UGNVD@
)NKHYNNNIMUIR
NVNL]GN
NX@E= FTG@E= FT\VI9X@
ϭϲϱ
IS OISR@LN=RMN@RXYN6MW\RNTLIMRU=XHD N\XVI8RO.NXP5LNQNVDGNVIM\KWIGN
FT G \V 9 a O @ LN= R MN G6 \ V 0MNV D @ F] N P

NO= @ I8ROGVVDQ]NVDGKMN9KGN=
NN\NIQXNDGRD
L(4\V9aO@LNV/9MNVD@0KRK0K@OK0K@HNVFNE\,L HNS=@ GNV HJN5HN HDIQM G8RVD
NX RD
YNIQOIJU\[+N[.NXP5LNQNVDGNVHTIQ]U@ 'WI9IF
NX OVD9M@ [NDNK X[M@ [TWMNU HVD
L]GNI
NUYN6MYL\NV0IGN YNNVIWUGK[E=$EOGNPQa"NN9X-KYW
IS OISR@LN=RMN@RXYN6MW\RNTLIMRU=XHD N\XVI8RO.NXP5LNQNVDGNVIM\KWIGN
ϭϲϲ
XNMNN!N@OISR@LN=RMN@RXYN6MW\RNT ONDI>GKL]GNV%
LIMRU=XHD N\`NMN-KYMIRDQY[]RN\@YLM
LN=RMN@RXRD W\RNT LIMRU=XHD N\XV
HT>OISR@LN=RMN@RXYN6MLN=RMNIR+NN[@
XIRO /GKHGVYDU[=UIRI+N8XLN=RMNGVDQ]NVD
[TWMNU OMGNM U)NN Y^N@ [TWMNU L]QZNN
GK OJNUN OV LN=RMN@ RX RD W\RNT
IXD NFNV0=GKHN6WZQ[KHVDIGN[N$OISR@
LIMRU=XGVFNMVHVDGL]+NNR
NN\KRDIRGVI8Q]U
ONDI>GK0N9NFVOIRGIOUGMXVGVPQaQV
OV
HNVFNE\,L@0KRK0K@OK0K@LT/UGNVD@IR
NVN
ONDI>GKL]GNV%OCIWUIGN$XIROGVDQ]NVD
L]GN
NXNVD@LNV/9MNVD YNIQOIJUI8RO.NX
RD P5GC9UN GVDQ]NVD GK OJNUN OV YNDG0N
P5LNQNVDGNVIM\KWIGN$
OD[]JN@IRINHN8GMN@L]OD/GMNU)NNONDI>GK
I8RO/GKHGVRNNVD=GVLZMNJNVXVGVYROMLM@ 0N9NGVIXR=SXGKL]I¤NGNVOTQCGMXVGV
OISR@LN=RMN@RXYN6MW\RNT LIMRU=XXV I\@MN7#OD"NMN7^NV OMGNMNDVYNM6O"DNMN7
I8ROL]GN
NXNVDRDOZSXNP5LNQNVDGKL]Q
N=XK ^NV L
]NNOXNDVOVYNR
GUNX
T LOLDG=IGN$
GN +NK PQa"NN9X IGN$ MN9K GN=
NN\N GV
EOHD N\XVMN7LN=RMNIMLNVI9=D[/GKHGV
QN6MNX@RN= GV I\I8ROGVDQ]NVD GN
YDU[=UMN9K#MN7#HJNX[MNVDRDY8L]HT>N
ODI^N,UHZ<NDGXIGN[N@POGVFNQY[\V
GVDQ]NVDGKLN=RMNI/)NIUODFDNKIMLNV9=OYNVE=
RNNV=D OV GVI\L]/UNIRU
YNMU6NMGMXVGNIXN=I\NJ6$YN[VOVJ
ST/U QT/UI8RO/GKHGNV
NTIGN[N$
IS LN=RMNI/)NIUIMLNV9=@MNo9KGKUKOMKpNKoN=OIHIUF6%G
ϭϲϳ
IS LN=RMNI/)NIUIMLNV9=@MNo9KGKUKOMKpNKoN=OIHIUF6%G
IMLNV9=IL1\KLIUNVDOVI+N8XJNV[K$YFJ RDQTJL]I¤NJNV[K$EOHVDGT1YN6M

NNIH\
2NLG Q/UNRVW JNV[N WNV XKIU IXHN=UNYNVD@ GMXVU)NNOTNNMGMXVGVI\QNVRN=FNQIMLNV9=
NVWXNGNMNVD@ IRIXNHGNVD RD YXTODNNXGUN=YNVD GKOHK^NNGKWN[K$EOVYNNVWXNL]I¤NHVD
`NMN PLNV[ GV I\ JNV[N$ J G NDSN GYN:X\NEXONNXFXNXVGKWMUJ6UNIG
IR
N\VNNN5HGPLGMNYINGJNV[N$ LN=MNLML]+NNRNVDGNOHMJUVIR
\VNNIGN
LZR=HVD@MN7WVDIONDIMLNV9=U6NMIGNGMUK WNOGV$
)NKD@IGDUTEOGVYDUIX=IJUHJ5RGNVFNXVGVI\ LN=RMNI/)NIUIMLNV9=MN9KU6NMGMXV
EOVG/RUD WVDOKYN6MON)NJKYIUL]IUI%U GKL]I¤N0VR\LHVD9Y<9MXVI9R@XE=IQ<\KGNV
IR
NVN.OD/)NNXNVD`NMNU6NMIGWNXVGNIXN= ON6DLK[E=J6YN6MJYDIUHSMNHVDJ6$UV\D[NXN@
I\N[NIWOHVDNVWXNGNMNVDRDXKIUIXHN=UNYNVD J6QMNFNQ@ IHWNVMH@ IOI'GH MN7 GV I\
GK OI¤ OJ+NNI[UN MJV[K UNIG EOGK LN=RMNI/)NIUIMLNV9=U6NMGMXVGNGN=YDIUH
PLNVI[UNFOGV$IR
NVN.OD/)NNXNVDGKOZSK SMN HVD J6$ XN[N\6D0 MN7 GV I\ LN=RMN
LJ\VJKU6NMGM\K[E=J6IWOVIR/UNIMUIG I/)NIUIMLNV9=U6NMGMXVGNGN=LJ\VJKYNMD+N
WNXV GKWMUJ6$U)NNIL@MN7OMGNMNVDRD JNV STGN J6$ YNNS\ L]QV
N@ YOH@ IFJNM@
EXGV NVWXN IR+NN[#FNV0= GK OJ+NNI[UN IQ<\K@ IJHNS\ L]QV
N@ GXN=9G@ H L]QV
N@
HJ5RLZN= JNV[K$ODFDINUMN7NVD `NMNYNNVWXN HV"NN\@I LTMN@P5UMN>ND0YN6MP5UMLQ]
VNMN7
L]I¤NHVDLN=RMNHTQaQNVDGNVI\NWNXNSNIJ LNR=MNI/)NIUIMLN9V=U6NMGMXVGKL]I¤NHVDJ6$
'NVDIG IJUNNMK@ NVWXN IR+NN[ RD LN=RMN ONDI>GKL]GNV%XVMN9KJIMU\V>NNDGXU6NM
IR+NN[J6$LN=RMNI/)NIUGKIMLNVI9=D[GOUU
ϭϲϴ
IS QI^NNYN6MQI^NN LIqSHIqNNE=QVqNNVDGVI\LN=RMNONDI>GKLMPL^NV KGN=qNN\N
4MRMK@GVQN6MNXF6DGNDG@)NNE\6D0HVDZXE=OOKLK`NMNYNNVIWUGK[K
GMXV@LN=RMNONDI>GKYN6MODGVUGNVDGNVU6NM ODLG=GMXN$ODOQKL]
XNVDGNP5UMQVXVGV
GMXVU)NNMN9KRDYDUMMN9KOD[%XNVDYNIQ Y\NRN[6M OMGNMKOD[%XL]GNV%XV YNM
GVON)NLMNH
N=GMXVGNGN=LJ\VJK
NTGM 9KYNE=YNRVQXNVDGN+NKIX/UNMGMUNJ6$
IQNJ6$HD N\HVDONDI>GKO\NJGNM@XNV0\ +NNMUHVDLN=RMNK[6MOMGNMKOD[%XNVDGKG
YINGNMKJ6D$GCINRDHTXNXQKYNIQOVODFDINU XE= 0NMV'9MKL]GNI
NUGMXV GNIXN=I\N
ONDI>GKYIGWNMJVJ6D$ [NJ6$LN=RMNYN6MODF^NV NVDHVDGN=GMMJV
[6M OMGNMK OD[%X ¿X WK YNV¾ IRI+N8X [6M OMGNMK OD[%XNVD GK OZSXN
L]GNV% YN:X\NEXGVHNHOVI0IW9\LHVDG GK
WNMJKJ6$EOL]NVWXGVI\@XYNE=OKGV
LN=RMN GV IRIRN ^NV NVD HVD GNH GMXV RN\V LMNH
N= OV G XN ON:4a9RVM ,\KGV
NX
[6M OMGNMK OD[%XNVD GV GNHGNW OV ODFDINU IRGIOU IGN [N J6 U)NN EOV HD N\ GK
IRI+N8XHNH\NVDGVIX/UNMNGVI\HD N\HVD RVFONE9 Y)NN=U KWWSZZZHQYIRUQLFLQ LM
G[6M OMGNMKOD[%XXWKYNVL]GNV%GN YL\NV 0 IGN [N J6$ LNV 9 =\ GNV
[%XIGN[NJ6$EOL]GNV%GVHZ\+NZUGN= ŚƩƉ͗ͬͬǁǁǁ͘ŵŽĐĨŶŐŽ͘ŶŝĐ͘ŝŶ LM 'OVO IGN
EOL]GNMJ6D WNOGUNJ6$HD N\GKRVFONE9LMJNVHLVW
§ OZSXN GN OD[]J GMXN YN6M IRI+N8X LM WX OZSXN GV YDU[=U LN=RMNK [6M
[6M OMGNMK OD[%XNVD GNV OZSXN L]QNX OMGNMKOD[%XLNV9=\ GV I\GI\DG+NK
GMXN$ PL\&NJ6$LN=RMN@RXRDW\RNTLIMRU=XGV
§ ODFDINU [6M OMGNMK OD[%XNV GV IRIRN ^NV HVDGN=GMMJV[6M OMGNMKOD[%XYFEO
IQ
NN IXQV=
NNVD#IXQV
NNVD GV ODFDN HVD XKIU LNV9=\LMLDWKGCUJNVOGUVJ6D$
YNNV[YN6MY8OMGNMKHD N\NVDGVON)N
ϭϲϵ
ϭϳϬ

'r+"+
F/"0-0#?""%0#"+"
XKIURDIRIN EOGK/)NNLXNOV\VGMIQXNDGUG
EOHD N\GNXKIURD IRINL]+NN[ MN9K YINGMNGNV GT\HNH\V L]N,UJTJ6D@
JIMU YINGMN YN6M Y8 XNHG NVWXN GN IWXHVDOVGT\HNH\NVDGNIXL9NXIGN
GNN=8RXGMMJNJ6$EONVWXNGV YDU[=U [NJ6YN6MHNH\V\DIFUJ6D$
IX(XI\I>NUGNVFW9YNFDI9UIGNWNUNJ6 IRINGHNXK9IMD[L]GNV%¿\HOK¾
MN9KJIMUYINGMN YQN\UKHNH\NVDHVDL][IUGKIX[MNXKGVI\G
LNIMI/)NIUGKGKJNIXMNVG)NNHRD^NIULZIU= IRINIX[MNXKL]GNV%FXNN[NJ6$IQODFM@
GN+NT[UNXRL]INGMNU)NN GKI/)NIUGVYXTONM@YQN\UKHNH\NVDGK
OD>N)NKIWXHVDOVHNH\NVDHVDP5UM
NNXTUN\TGNLN=RMNODM^NN³NINGMN
\DIFU)NV$YQN\UKHNH\NVDGNVOHTISULOV
MN9KJIMUYINGMN¿XWK9K¾ IXL9NXVGKWMUGVFNMVHVDYINGNIMNVDYN6M
MN9K JIMU YINGMN GK /)NNLXN LN=RMN GNXZXKO\NJGNMNVD GNV WN[GFXNXV GV I\
OTM^NNYN6MRXYN6MY8L]NGCIUGODONNXNVDGV \HOKXVRN=GVQN6MNXQNVE89MVI'9RO
ODM^NNOVODFDINUHNH\NVDGVL]+NNRKU)NN5RIMU YNNVIWUIG$
IXL9NXGVI\U)NNLN=RMNOVODFDINUIGOK EGNV \VFI\D[/GKH
GNXZXKYINGNMNVD GV ³RU=XYN6M2I'UNVD U)NN
EGNV \VFI\D[/GKH@WNVLJ\KFNMRN=HVD
ODLIUNVDGVXTGONXGVI\U)NNODFDINUHNH\NVD

NTGK[E=)NK@HVDFKSGVRNNV=DHVDFJTUIRGNO
U)NN POOV WT0V HNH\NVD GV I\ MNJU YN6M
XJKDQV>NN[N$U)NNIL@LN=RMN@RXRDW\RNT
^NIULZIU= QVXV GV PV
OV IQXNDGY'9ZFM@
LIMRU=XHD N\XV YF/GKHGNV [IUL]QNX
GNV MN9KJIMUYINGMNXWK9K
GMXVGNIXN=I\NJ6YN6MG2NLGNDSN
YINIXH@GVUJUGK[E=J6$
U6NMIGNWNSTGNJ6$
JFJT IRNGHNH\NVDODFDNKLN=RMNKIRRNQNVD
5RIMUEGNV \VFI\D[L]I¤NGNVOH)N=FXNXVGV
OV IXL9XV GV I\ YNR
G IR
NVN.UN L]N,U
I\YNMD+NHVD/R L]HNNXGKLIMG<LXNGK[E=
IXGNJ6$IOIR\L]I¤NODIJUN@GVUJU
J6$P5LNQNVDGNEGNV \VFI\D[GVI\LZR=LV^NNGV
FXNE=[E=L]I¤NEOYINGMNLMFNGNMKXJKD
,N HVD FK YNE= O `NMN IRIXIQ=9 YIXRN=
JNV[K@IG8UTJL]NGCIUG8NGVIONDUNVD`NMN
[TNR5UNHNXGNVDGVYXTLJNVXNYLVI^NUJ6$
IXQV=I
NUJNV[N$YINGMNYNRVQXNVDY)NRNYLK\NVD
GVQNMIGWNXVGV1JHNJGVYQDMPXGVYIDUH OISR LN=RMN@ RX RD W\RNT LIMRU=X
IXL9NXGVL]NOGMXVGVI\YINQIV
NUJ$6 HD N\GKY^NUNHVDIQXNDGGNV
ODSN\XOIHIUGKYNNVIWUF6%GHVDI\[
XWK9KGKIQ<\KHDVI/)NUL]NNXFVDSOIJU
IXN=NVDGVLIMNNH/RL@HD N\XVL])NHSMNHVD
QV
NHVDLNDSLK%VDJ6D$LTNV@GNV\GNUN@+NNVLN\YN6M

NNIH\GKWNXVRN\KP5LNQ-VINNVDGNVISIJaXU
SV8XE=HVDEOYINGMNGKSNMY8YNDSI\G
GMXVYN6MODSN\XOIHIUGVYN[VYN6MIRSNMGV
LK% J6D$ EOGV Y\NRN I
NH\N@ I
N<NND[ YN6M
I\ ISIJaXU P5LNQ -VINNVD JVUT HNXQD0#
WNVNLTMHVDEOYINGMNGKUKXOIG=9LK%VDJ6D$
IQ
NNIXQV=
N IRGIOU GMXV GV I\ ODSN\X
ϭϳϮ
OIHIUGKPLOIHIU[I%UGK@OKLKOKFKYN6M HD N\U)NNIRQV
NHD N\`NMNHD N\GNV+NVWV
FKYNE= OGV YINGNMK@UGXKGKOIHIUGV [IRI+N8XOH!N6UN.NLXGVFNMVHVDI9,LINNVD
IRSNMN)N=@ YLI
N9NVD OV U6NM GK [E= P5LNQ GN OH8R IGN YN6M NV[QNX IQN$ EXHVD
-VINNVDGKOZSKGNL]/UNRGMVD[V$ ORN=INGHJ5RLZN=GVLHVDR/UTYNVD@OVRNYNVDRD
YNI)N=GL]GNV% IXRV
NHVD2NLNMGVFNMVHVDLVGVON)N2NLNM
GMNMGMXVGVI\RNUN=YNNVIWUGMXVGVFNMVHVD
YNI)N=GL]GNV%IR5UHD N\`NMNMV4MIG[ HDI HD0\XNV9@MN9KFN6IGODLQNYINGNM
IRNNVD LM GNM=RNE= GMXV GV I\ HDI HD0\# XKIU@OVRNYNVDHVD2NLNMGVFNMVHVDHDI HD0\XNV9@
HDI HD0\OIHIUNVDHDI HD0\XNV9aOOVODFDINU OHTQ]KLIMRJXGV FNMV HVD OD/)NN[UOJNV[GV
O+NKIRNNVDYN6MXKIUYNNV[`NMN
NTIG[ ODFDNHVD+NNMUYN6MODT'UYMFYHKMNUGVFKS
YN6MHN:XK9MIG[;\NVF\EXNVRV
NXED0V'O OH!N65NN.NLX@H5/LN\XRD'RN G<SMGV
WKYNE=OGVI\+NKHD N\HVDXNV0\IFDQT ^NV HVDOJNV[GVFNMVHVD+NNMUU)NNQI^NNGNVIMN
J6$YNI)N=GL]GNV%GVYINGNIMNVDXVIR
RFN6IG GVFKSOH!N6UN.NLX
NNIH\J6D$EOL]+NN[XV
ODLQNOD[%X0&<ZYNE=LKYNVYN6MYDUMN=9K Y'9ZFM@HVD [NVRNHVD YNNVIWURVD IF]'O
-HOD[%XYNE= \YNVYN6MY8HD N\NVD I
N>NM O(HV\X GV I\ [NVRN "NNVNNN WKMNV
OIJUYDUMN=9KIJUNNIMNVDGVON)NXKIUYNNV[ 0N4a9GVFNMVHVDE8LT9L]QNXIGN$L]+NN[+NNMU
`NMNYNNVIWU[NV\HVWF6%GNVD#GN=
NN\NYNVDHVD HE=YNMOKYNVOZYNMRMKUX2NLNM
HD N\NVD GN L]IUIXIN5R IGN$ HD N\ HVD GMNMGV FNMV HVD LMNH
NNV=D HVD +NKOI¤LOV
YNI)N=GL]GNV%HVDOCIWU@0KFK9KL]GNV%@0KFK
NNIH\MJNJ6YN6MEOHD N\GKI9,,INNVDGNV
9K,\V94N:H=LM/GKHNVDGKYN:XFN:I0=D[GVI\ OHVIGUIGNJ6$
L]5^N\N+NYDUMN0KFK9KIH
NX@HDI HD0\
OISRN\GVON)N\[NUNMWT0NMJNJ6$ L]+NN[ XV HDI HD0\ OISR GK Y^NUN RN\K
MN9K2NLNM4VIOI\9V
NXOIHIUXOK9K
YNI)N=GL]GNV%XV LN=RMNOV ODFDINUIRI+N8X 4@IWOHVD OISR@LN=RMN@RXRD W\RNT
YNI)N=GHTQaQNVDIR
NVNGMHDI HD0\XNV9aO@E=4 LIMRU=XGOQ/J6@OV ODFDINUF6%GNVD GN
OK.NLXNVD@+NNMU ODT'UMN7YHVIMGNGVOKE= OH8RIGNJ6$L]+NN[XV IRQV
N2NLNMXKIU
YNV4NVMHGKIO4NIM
NNVD@EDI0NGKYNVE= GVYDU[=U"NNVINUHGV=X0NEW'OLNV9=
OK0KYNI)N=GOHK^NNGVFNMVHVDL]NLIMLNV9=LM ©N:HEDI0N/GKHHE= YNE= OHVD
NNIH\
I9,LINNVDGNL]NLU6NMIGNU)NNP8JVDYDIUH IGWNXV RN\V GIULP5LNQNVD ON\@GNVGZH
,N IQN$ YNI)N=G L]GNV% XV L]NGCIUG LZDWK YNIQGVFNMVHVDI9,LINND#E8LT9+NKL]QNXIG
\V>NNDGX U)NN +NNMU HVD LIM L]NN\K OVRN J6D$L]+NN[XV R/UTYNVD RD OVRNYNVD HVD /RUD RD
LIMNVWXN GV HZ<NDGX FNMV HVD ODT'U MN9 IXL^NYDUMN=9K2NLNMHVD YRMNVNL6QNGMXV
L]/UNIRULIMNVWXNL]/UNRGVI\EXLT9L]QNX RN\KIRINNVD@XKIUNVDYN6MLIUNVDHVDGIHNVDGNV
IGN$ PWN[MGMUV JTSKX@ODT'UMN7YHVIMGN
2NLNMYN6MLN=RMN U)NNOGKL]NLIXN=UXKIU2NLNMXKIU
L]+NN[XVHDI HD0\XNV9aOU)NNRNIN7RDP_NV[ OHK^NNOVODFDINUIRNNVDLMGNM=RNE=GK$
ϭϳϯ
ϭϳϰ

WL
"+0!0
W\RNTLIMRU=X ^NV KRDMN9KIRGNOL]N)NIHGUNYNVD@PQaQV
NVD
LC)RKGKW\RNTJHVqNNLIMRIU=UYN6MIRGIOU RDLIMI/)NIUNVDGNVNXHVDM>NUVJTG8RVDqNXGV
JTE=J6$EXHVDOVGT1LIMRU=XL]NGCIUGGNMNNVDOV GNN=82NXGV FNMV HVD OZSXNO(L]VNNGNGN=
JT J6D IGDUT Y8 LIMRU=X@ HNXR I¤NG\NLNVD YLXVJN)NHVDI\NJ6$O(L]VNNHVDPL\&NGMNE=
)NN@RXNV8HZ\X@P_NV[YN6MLIMRJXOVP5OW=X [E=OZSXNGVU5RNVDHVDODONNXNVD`NMNHNXRWIXU
YNIQ@IWXOVRNTHD0\HVD[6ONVDRDVMNVONV<OGN P5OW=XYN6MO+NK[]KXJNPO[6ONVDGVIOD'O`NMN
ODSJTYNJ6@GVGNMNJNVOGUVJ6D$V[6O[]KX OV IXoGNOX@ L]+NNRNVD RD ODRVQXqNK\UN GV
JNPO[6OWKSWKGVLHVDWNXVWNUVJ6D YNG\XOIJUG8RVDqNXGVGNN=8RXGVI\
'NVDIGRVLC)RKLMG[]KXJNPOGKUMJGN= PLNNVDGNONHN8IRRMNU)NNGNVE=Y8ODFDINU
GMUV JTUNLGNV 96LGMUKJ6D YN6MWHKXGV OZSXNGKMN9KOZSKpNNIH\J6$EOOZSXNGNV
IXG9RNTGVUNLHNXGNVFNUKJ6D$ +NVWXVGNPQaQVqODQ+N=RDMN9KLIMI/)NIUNVD
GNV FUNXNJ6@IWXHVD Y8FNUNVD GV ON)N /NN)N@
RoN= HVDWXRMK@GNVI`RNIoN=G +NNMUGK+NN6[NVI\GI/)NIU@IRGNOL]N)NIHGUNYNVD
Y_UXIMLNV9= FKZ YNMWNMKGK[E= U)NN GKYIXRN=UN@W\RNTRDY)N=2R/)NNpNNIH\
W\RNT LIMRU=X LM ODT'U MNo9 4]VHRG= J6IWXGVYNNNMLM+NNMUW\RNTLIMRU=XGK
G8RVDqNXZX4OKOKOKGNVL]/UTUIG STXN6IUNVDGNOHNNNXGMUNJ6RDPXGNL]5T¥NM
WNXV GV I\UCUKMNo9KO(L]VoNNXV9GN:H QVUNJ6$
pNTIGN[N$
+NNMUXV RoN= HVD ZX4/NKOKGNV YLXN
QVqN HVD W\RNT LIMRU=X GV YNG\X GV I\ QZOMN MN9K O(L]VNN X9KOKYNVH L]/UTU
R6.NIXG RD IRq\VoNNN5HG ^NHUN OCIWU RD IGN J6$ QZOMN X9KOKYNVH RoN= RD
OTQC GMXV GV I\ W\RNT LIMRU=X GN= GV I\[]KXJNPO[6ONVD WKSWKGV
GN=¤HOKOKLKGVYNKXIRI+N8XYX P5OW=X GK OZSXN PL\&N GMNUN J6$ J
NTIG[J6D$EORoN= GV QN6MNX@W\RNT HD N\ EO OH +NNMU GN UKOMN MN9K
LIMRU=XGVFNMVHVDGN:84]VDOYN:4LN9K=WOKYNV O(L]VNN9KXOKU6NMGMMJNJ6YN6MEOODFDN
LK OIJU GE= HJ5RLZN= I`L^NK YN6M HVDMN9KOZSKL]FDNXL]NN\KXYNE=HOLM
FJTL^NKF6%GVD RD RNUN=D YNNVIWUGK[E= J6D GN=qNN\NDYNNVIWUGK[E=J6D$EOGN=qNN\N
IWXHVD HNXXK HD K U)NN HD N\ GV RIMo% GN PQaQVq MN9K OZSK L]FDNX L]NN\K
YINGNIMNVDXV+NN[I\N$ XYNE=HOGK/)NNLXNGVI\OZSXNPL\&N
ZX4OKOKOKGNVL]/UTUMN9K GMNXNU)NNP3SUM/UMIRINNVDGNL]NV[GMGV
O(L]VNN []KXJNPO[6OOZSKU6NMGMXV GKO9KGUN
FNXN)NN$
W\RNT LIMRU=X LM ODT'U MN9 ©V(NRG=
G8RVDqNXGVUJUOZSXNQVXVODFDNKQNI5RNVDGV G8RVDqNXGVGNN=8RXLMOZSXNON!NGMXVGK
YXTLN\X HVD +NNMU XV ON!N IG8UT IRI
N9 LNMQqNK=2R/)NNGVUJUI`RNIoN=GY_UXIMLNV9=VD
IW(HVQNIMNVD RD ODFDINU^NHUNYNVD U)NNIRIqN9 FKZYNM+NVWXNIMLNV9=+NVWXVODFDNKXQNI5R
J6D$FKZYNMIR/UCUIMLNV9= QVXV GNGLJ6
ϭϳϲ
IWOHVDMN9K[]KXJNPO[6OGKY_UXOZISND MN9K IHqNXNVD GK IXIHU HN:IX9IMD[ OIJU
RDPL
NHXODFDNKGNM=RNENVD@IR¥NK@UGXKGK MN9K /UM LM W\RNT LIMRU=X OV ODFDINU
YNRqGUNYNVD RD L]N,UOJNUNU)NN+NNMUGV HTQaQNVDGNO(NI8RUL]5T¥NMU6NMGMMJNJ6YN6M
IL1\VMN9KO(L]VoNNGKY_UXOZSXNpNNIH\ W\RNT LIMRU=XOV ODFDINUHTQaQNVD LMIRI+N8X
J6$MN9KLIMI/)NIUNVDODFDNKOZSXN@RoN=GV WVDIONVDGVON)NO(N8RGMMJNJ6$LKHOK
I\WKSWKOZISND@PL
NHXODFDNKGNM=RNEND@ OKOK`NMNI\[GT1HJ5RLZN=OTOD[UIXN=
&NNNNYNVD GN IRq\VoNN@ Y8UMN\ RD ODFDINU IX(XI\I>NUJ6D
IR¥NK@UGXKGKRD^NHUNODFDNKYNRqGUNYNVD XE=R6.NIXGOZSXNYNM RDL]N6_NVI[GK
U)NN "NMV\Z IX[MNXK@ OZSXN QVXV RD O5NLX P8XXNVDGVYN\NVGHVDXLKOKOKGVUJU
HYNMRK 2R/)NNYNVD LM OZSXN OIJU Y8 O+NKMN9KIH
NXNVDGKLTXWNDSGMXN
ODFDINUOZSXNQVUVJTLJ\NFKZYNMWNMKGM
LRXWN=@/RN/)@WN= YLIqNo9@U9K
IQN[NJ6$
^NV NVDLMXIHqNXNVDGK/)NNLXN
W\RNT LIMRU=X ODFDNK MN9K RD MN9KW\IHqNXU)NNOUUGCIoNODFDNK
MN7GN=NVWXND MN9K IHqNX GV 0VI\RMVF<O LM QNVFNMN
W\RNTLIMRU=XGVOHNNNXJVUT+NNMUGK"NMV\Z IRSNMGMXN$
GN=XKIUHVD EOGV GE= ONHNIWGRD YNI)N=G HD N\XVMN7OMGNMNVDGNV+NKW\RNTLIMRU=X
IRGNOGN=¤HLIM\I^NUJNVUVJ6D$LN=RMN@RX ODFDNK MN7 GN=NVWXN OLKOKOK U6NM
YN6M W\RNT LIMRU=X HD N\ `NMN OHI8RU GMXVGVI\L]VIMUIGNJ6$EXOLKOKOKGN
W\RNT LIMRU=X LM MN9K GN=NVWXN PQaQVq W\RNT LIMRU=X GV OHNNNX JVUT
XLKOKOK XNV0\ HD N\NVD GV HNH OV OD/)NN[U^NHUNDOCIWUGMXNRDMN7/UMLM
IRI+N8XOV'9MNVD#^NV NVDHVDGNN=I8RUGKWNMJKJ6$ OV'9NVM\I¤NG\NLNVDGNGNN=8RXGMXNJ6$
ON6MWN=@FNE= [E= WN= Q^NUN@OUaUGCIN@ Y+NK UG OLKOKOK 8NNHU Y0HNX
OUUIXRNO@W\@IJHN\KLNIMI/)NIUGK@[]KX IXGNVFNM@YNDN]L]QVqN@UV\D[NXN@YNNS\L]QVqN@
EI0NRDW\RNTLIMRU=XGVI\GN=XKIU YOH@ IFJNM@ S0K[@ 1¥NKO[@ IQ<\K@
ODFDNK.NXXLKOKOKGNHT>+NN[J6$O+NK [TWMNU@ JIMNNN@ IJHNS\ L]QVqN@ W(HZ RD
MN9KIHqNXW\RNTLIMRU=XODFDNKL]NNXHD K G
HKM@!NM>N0@GVM\@GXN=9G@\^N`KL@H
LIMNQaLKHOKOKOK`NMNYXTHNVIQUGK[E=)NKD L]QVqN@ HINLTM@ HV"NN\@ IHWNVMH@ XN[N\60@
YN6MVYFGNN=I8RUIGWNMJVJ6D$W\RNT YNVI0ON@ LTQTSVMK@ LDWNF@ MNW/)NNX@ IO'GH@
LIMRU=XODFDNKL]NNXHD KLIMNQaEXIHqNXNVDGK UIH\XN0T@I LTMN@P¥NMN>N0RDLIqSHFD[N\@
IXM8UM OHK^NN GM MJN J6$ W\RNT LIMRU=X P¥NM L]QVqN@ HJNMNo9 GNV LN=RMN@ RX YN6M
ODFDNK L]NNXHD K LIMNQa GK OJNUN GV I\ W\RNTLIMRU=XHD N\`NMNYXTHNVIQUIGN
L]NNXHD KGVHT>OISRGKY^NUNHVDW\RNT [NJ6$Y8MN7YLXVOLKOKOKGNV
LIMRU=X ODFDNK GN=GNMK OIHIU W\RNT YDIUHLQVXVGKL]I¤NHVDJ6D$
LIMRU=XLMY8LJ\TYNVD GV ON)N ON)NYN%
ϭϳϳ
W\RNT LIMRU=X GV I\ MN9K AAW\RNTLIMRU=XGN=GN=¤H XNHGNVWXN
YXTGZ\XIXIN¿X4OKOK¾ GNGNN=8RXGMMJNJ6$EO/GKHJVUTRKD
NVWXNYRINGVI\GT\GMNV0LVGN
MNo9KLIMRU=XGVI\MNo9KYXTGZ\XIXIN@
FW9J6$W\RNTLIMRU=XGKWNXGNMKFNXVGV
MN9KGNN=8RXEGNE= XYNE=E=GV LHVD
PQaQVqOVOKOKLKHVDGNMFX6IOOMNVONV<N
MN9KGCINRD[]NHKNIRGNOF6DGXNFN0=GV GN=¤H XOKLK@ QK"NN=RIN LNIMI/)NIUGK
ON)N RKD LDSRoNK= NVWXN HVD GNN=8RX GV RVNqNN\ND\9KE=YNVYN6MLZRNV=¥NM^NV GVI\
YNKXGV8Q]K^NV GKG/GKHJ6$ W\RNT LIMRU=XODFDNKOHI8RUYXW6OV
EOIXINGNOH[]\ÔHTQN@^NV RDMN7NVD "N9GpNNIH\J6D$
`NMNONHXNIGV WNMJV W\RNT LIMRU=XGV XOKLK G L]HT>N I¤NG\NL J6 IWOHVD
L]IUGZ\ L]+NNRNVD GNV GH GMXV RN\K MN7 RD FJTOD/)NN[URD FJTDWVDOKYXpNNIH\J6$
MN9KOMGNMGKSN\Z/GKHNVDGVUJUpNNIH\X EOLJ\HVDLN=RMN@RXYN6MW\RNTLIMRU=X
JNVXVRN\V%NVOYXTGZ\XI¤NG\NLNVDGNVOJNUN HD N\HN:0I\D[UGXKGNVDGNL]NV[GMUVJT
QVXNJ6$YXTGZ\XLIMNVWXNDW\RNTLIMRU=X &\6GGNF=XGVL]+NNRNVDGKIX[MNXKRDHZ<NDGX
GVL]IUWNVI>NHNVDRDYIUODRVQXqNK\UNGNVGH GV WIMW\RNT LIMRU=XHVD &\6GGNF=XGK
GMXVHVDOJNUNGMUKJ6D$GCIoN@W\@RNIXGK@ +NZIHGNGKWNXGNMKFNXVGVI\LC)RKIR.NX
YRODMSXNYNIQHVDYXTGZ\XODFDNKLIMNVWXND HD N\@ +NNMUK YDUIM^N YXTO8NNX OD[%X@
EO/GKHGVYDU[=UGNN=I8RUGKWNMJKJ6$ IR.NX RD L]N6_NVI[G HD N\ RD Y8 ODF
RN= GVQN6MNXIG[ING\NL WVDIONVDGVON)NOJNV[GMMJNJ6$EOGN=
HD N\XVYFUGLIMNVWXNDYXTHNVIQUGK GN=¤(NHVDUKXGN=OHZJNVDGKLIMG<LXNGK
J6D$ YNDN] L]QVqN@ HL]QVqN@ GXN=9G@ JIMNNN@ [E= J6 XNHUMNVONV\GKQK"NN=RINIX[MNXK
YOH YN6 M LIqSH FD [ N\ `NMN L] / UT U GN=OHZJ ,@IJHN\K;\6I
NMNVDLMMNVONV\
LIMNVWXNYNVDGNVGT\GMNV0GK\N[U GN L]+NNR GN= OHZJ ,, YN6M +NNMU HVD &\6G
OVSN\ZIR5UKRoN=HVDYXTHNVIQUGK[E=J6D$ GNF=XP5OW=XGKHN:0I\D[YN6MEOGVL]+NNRGN
HZ<NDGXGN=OHZJ ,,,$
W\RNT LIMRU=X GN=RNJK GN=(N
\9KE=YNV@OKOKLK/GKHGVYDU[=UG
¿OKOKLK¾ Y8 GN=¤H J6 IWOGN PQaQVq W\RNT
LN=RMN@RXYN6MW\RNTLIMRU=XHD N\QVqN LIMRU=XGVL]+NNRNVDGNYXGMXVGVI\L]V^NN
HVDW\RNTLIMRU=XGVHZ<NDGXGVI\R6.NIXG GMXVJVUT^NV /)N\NVDGNXV9RG=OCIWUGMXNJ6$
RDIRq\VoNNODFDNK^NHUNOCIWUGMXVRDPOV YN%IRI+N8XFNNVHNOGV /RN/)GNYX
OTQC FXNXV@R6.NIXGRD XKIU[ULJ\TYNVD GV GMXVU)NNW\RNTLIMRU=XOVEOGVODFDNGN
I\PLT'UOD/)NN[UNDSNFXNXV YN6MOUU YNG\XGMXVGVI\YN%/)N\NVDLMQK"NN=RIN
IRGNOGVODQ+N=HVDW\RNTLIMRU=XODFDNKGN= LNIMI/)NIUGKRVNqNN\NGN=¤(NpNTGMXVGVI\
GV GNN=8RX GV PQaQV
WXRMK@ OV IQO(FM@HVDGIR.NXNVWXNIRGIOUGK
[E=)NK$
ϭϳϴ
HD N\XVAA[]KXJNPO[6OP5OW=XRD+NNMUK RDVO(H\VXGNVQV>NUVJTHJ5RLZN=)NKD$(NXXK
Y)N=2R/)NNGKP5OW=XUKR]UNODFDNKHN:0I\D[ HD K YN6M W\RNT LIMRU=X L]+NN[ GV RIMo%
YX WN= RD OD O NNX OD / )NNX YINGNIMNVDXVHJ5RLZN=F6%GNVD)NN@LVIMOGMNM
9KE=YNMYNE=@GN=RNJKYN6MIRGNOJVUTOHVIGU LMJ/UN^NMGMXVGVI\8ZNG=HVDIQXNDG
YXTODNNXYN6MIRGNOYNE=YNM0KRDYI)N=G YL]6\@ GNV Z X OV¤V9MK WXM\ GV
IRGNOOD/)NNXYNE=E=WKOJNUNGN=OD"NGV P3S/UMKOHNMNVJ@8ZN:G= HVD IOUDFM@
HNHOVpNTIGNJ6$EXYXNVDGNPQaQVq GVQN6MNXL]HT>NEGNVXNVIHG4NVMHGKF6%G@
QqNGNVD GV YXTONMOV UGIRI+N8X RI\=XHVD WT\NE=@GVQN6MNXLK9O=F[=
OH>N0NVD HVD OKSWKP5OW=XNVD GNYXTHNX '\NEHV 9 0N\N: [ 9,, HV D +NN[ I\N$
\[NXN )NN$ EOGV YIUIM'U@ EX YXNVD HVD L]IUIXINHD0\OQ/NVDXV Y'9ZFM@
UGPLpNHXGV I\O(+NNIRUIRG<LNVD GNVW\RNTLIMRU=XGVFNMVHVDYNNVIWURKD
YN6MPXGNYNI)N=GIXJUN)N=GVYIUIM'USN\ZRD FVIOGHD K/UMKF6%GU)NNHMNGqN@HNVM'GNVHVD
NVWXNFXKIUNVDRDPXGVL]+NNRNVDGNVNXHVD Y'9ZFMGNVZX4OKOKOKGKOK
M>NUV JT GV QN6MNX +NNMUK YNVLKLZR=HD K/UMKF6%GHVD+NK+NN[I\N$
Y)N=2R/)NNGK[]KXJNPO[6OP5O7N=XUKR]UN LN=RMN@RXYN6MW\RNTLIMRU=XHD N\XV
GN YX IGN [N J6$ EX YXNVD GK RD YL]6\@ GNV XE= IQ<\K@ +NNMU HVD
IMLNV9NV=DGNVYDIUH,NQVIQN[NJ6@YN6MYL]6\ W\RNT LIMRU=X GV FNMV HVD RKD FVIOG HD K
HVD LN=RMN@ RX YN6M W\RNT LIMRU=X /UMK F6%G YNNVIWU GK$ EO F6%G HVD
HD N\GNVL]/UTUGMIQN[NJ6$ HJNHIJH-KL]GNqNWNR0VGM@LN=RMN@RXYN6M
LVIMOGMNM W\RNTLIMRU=XHD N\GVMN7HD K/RUD
+NNMUXVY'9ZFM@GNVZX4OKOKOK L]+NNM@ HJNHIJH@ -K WK WVXJTYN@ SKX GV
GV I\ LVIMO GMNM GN YXTOH)N=X IGN J6$ W\RNT LIMRU=X GV I\ IRqNVoN L]IUIXIN@
LVIMOGMNMIQXNDGXRDFM@GNV\N[ZJTYN HJNHIJHMNWQZU89NVIXNVHNMGNVD0VO@LN=RMN@
)NNU)NNY'9ZFM@GKI/)NIUGVYXTONM@ WN=@IR.NXRD L]N6_NVI[GK@F]NWK\GV IRQVqN
L^NGNMNVDXVLVIMOGMNMGNYXTOH)N=XIGN HD N\HVDYD0MOV¤V9MKWXM\U)NN-KHVOV\N
J6$LVIMOGMNMYN6MEOGV"N9GNVDGVGNN=8RX GVGNXN@ SK4 0NMV'9M@ QI^NN Y4]KGN GV
GVI\GN=NVWXNU6NMGKWNMJKJ6$ Y8UMN=o9KW\RNTLIMRU=XODFDNU)NNRNUN=@XV
+NN[I\N$
W\RNT LIMRU=X ODFDNK Y8UMN=9K
ZX4OKOKOKGVYDU[=URNDGN:84]VDO
OH!N6UNRNUN=D
YN:4LN9K=W@OVXRDFM@UGHMNGqN@
IR¥NKRoN= GVQN6MNXW\RNTLIMRU=X HNVMNV'GNV HVD YNNVIWU IGN [N$ -K YIX\
LMGE=HJ5RLZN=I`L^NKRDFJTL^NKF6%GVDU)NN HNNRQRV@HNXXKLN=RMN@RXYN6MW\RNT
Y8UMN=9K OH!N6UN RNUN=D YNNVIWU GK [E= LIMRU=XHD KXVHMNGqNGN:84]VOHVD+NN[\VXVRN\V
)NKD$IWXHVDHNXXKHD KRDHD N\GVRIM% YDUM HD N\KL]IUIXINHD0\GNXVUC5RIGN$
YINGNIMNDVXV+NN[I\N$VF%6GDVL^NGNMNDVGV +NNMUXVOGNMN5HGQCIo9GNVNGVON)NYN6M+NNMU
ϭϳϵ
GV QK"N=GNI\G IJUNVD GNV OTMI^NU GMXV@ OUU GV I\YXTGZ\XIXINGV FNMV HVD GIUL
IRGNO@[MKFKP8HZ\XGV IRGNOL]IUHNXGN HTQaQVP%N)NV$YDUHVDJIXN=I\N[N
L]ONMGMXVU)NNO+NKGVI\WN=LJTDSL]QNX IGYXTGZ\XIXINGNPLNV[LVIMOGMNMGV
GMXV GV PQaQVq OV GN:84]VO HVD +NN[ I\N$ I\ IGN WNXN SNIJ$ LVIMO GMNM GV
HMNGqNOKYNVLKXVVIUJNIOGOKYNVLK@ PLNV[GVI\YXTGZ\XIXINGKpNNOXYNM6
IWOHVDLVIMOGMNMGNVYD[KGNMIGN[N)NN@ O/D)NN[U2R/)NNYN@DVOMT^NNLVNNDVU)NNGNq=NK\
GN LN\X IGN$ GMNM GN PQaQV
R6IqRG I¤NIRINNDVGNVRoN=UGYIDUHLIQN
UNLHNXRCIGNVI0[]KOVI<OOOVGHM>NXN WN[N$EOLG ] NMYXG T \
Z XIXINGVFNMVHVD
J6$ EOHVD PLqNHX@ YXTGZ\X@ JNIX YN6M ^NIU@ YIXIqSUUNYNVDGNVQZMIGN[N$
IRU@ L]N6_NVI[GK IRGNO U)NN YDUMN@ ^NHUN //͘ OJNG4VIOI\9VI9RRNUN= GNYNNVWX@
IXHN=NRDGN=GKLNMQIqN=UNU)NNOJNUNGV L^NGNMNDVGVON)NLMNHqN=OVHDVIGNWN[N
O+NKYN:LMVI9ROV'qN8OHVDYDUMM>NN[NJ6$ IWOVRoN=UGYIDUHLIQNWN[N$
OKYNVLKGVL]HT>NLIMNNHNVDHVDOVGLIMNNH ///͘LVIMO GMNM GV YNKX GN= GN=¤H GV
JHNMVW\RNTRDOUUIRGNOGVI\HMNGqN GNN=8RXGKL][IUGKOHK^NNGMXVGVI\
GN=PQa"NNVoNNN )NN$IXN=HVDLVIMOGMNMGVLZN= LVIMOGMNMGVL^NGNMNVDGKF6%GGVLHVD
GNN=8RXGVL]IUIRqRGKL]IUFUNGKLTIo9 GN:84VDOYN:4QLN9K=WOKYNVLKGVON)N
GK[E=YN6M[MKFKGNP8HZ\XGMXV@>NN_OTM^NN GODT'UF6%GEOGVUVEORVDO XRDFM@
OTIXIqSUGMXVYN6MGCIoNGK\NVSUNFNXVGV HVDYNNVIWUIGNWN[N$
L]NONVDGNVOTQCGMXV@OJNUNL]QNXGMXVGK
/s͘LVIMOGMNMGVGNN=8RXOVODFDINUIRoNNVD
YNRqGUNLMF\IQN[N$+NNMUGV\[NUNM
LML]NMDI+NGGN= IGNWN[NU)NNEOGV
L]NONVD OV OK YNV LK HVD 'NV9NV L]NV9NVGN:\@
LIMNNHYNP9GHLM@RoN=HVDOKYNVLK
HMNGqN GN:\ GV HNH OV QZOMK L]IUFUN
GVSN6FKORVDO GVON)NYNNVIWUIGWNXV
YRIN@GVpNK"N]YXTOH)N=XGNYXTMNVNIGN[N$
RN\VLVIMOGMNMGVHYNVLKOKHGV
LVIMOIXHLTI/UGNGVI\XVqNX\KI09MHNED0
LHVDOKYNVLKGVQNVFNMNpNTIG[L])NH
GD9K&ZqN8O X 0K OK GK IRqNVoNUNYNVD YN6M
O HVD IRSNMIGNWN[N$LIVMOGMNMGV
\V>NNDGX@ GNM=RNE= U)NN OJNUN GV I\
YUD[U=GN=GN¤ = HGNVYINGUH@RoN=
LNMQIqN=UN4]VHRG=GVI\I¤NIRINND@L]I¤ND
UGOKYNVLK OLD8XGMXVGNL/]UNRJ$6
YN6M IQqNNIXQV=qNNVD@ ;\NVF\ /9N:G9VG GK
I¤NIRINNDVOIJUIQqNNIXQq=VNNDVYNM6I¤NIRINNDVGV s͘ RoN=OVLZR=YRINHVDGN=HVDFNVUMKG
IRGNOGVFNMVHDVGE=LI]¤N[UIXN=I\[$ Y8HJ¥RLZN=LIMNNHYNP9GH)NN$OK
YNV LK HVD QZOMK L]IUFUN YRIN 'NV9NV
OK YNV LK HVD I\ [ HJ5RLZN= IXN=
L]NV9NVGN:\GVpNK"N]YXTOH)N=XGVI\YXTMNVN
IX(XI\I>NUJ6D
IGN[N$
/͘ IRGNOqNK\QVqNNVD HVD YXTGZ\XGNM=RNE= U)NN
+NNMUXVRoN=OVGN4KLJ\VW\RNTGNM=RNE=
PLqNHXGVOHNXHNXVWNXVGVHJ5REOGNV
RDOJNUNGKUN5GNI\GUNGNVQNVJMNNYN6M
QNVJMNN[N$IRGIOUQVqNNVDXVLVIMOGMNM
ϭϴϬ
EOFNULMWNVMIQNIGO+NKIXN=ON(UN -KYXK\HNNRQRV@HNXXKLN=RMN@RXYN6M
EI'R9KGVIONDUNVDYN6MZX4OKOKOKGV W\RNTLIMRU=XHD KXVHMNGqNHVDOKYNVLK
OKFK0KYNMRDYNMOKU)NNLVIMOGMNMLM HVD EDI0NL6RVI\XGNPQa"NN9XIGN$EOHVD
YNNNIMU JNVXN SNIJ$ EO FNU GNV MV>NNDIGU R'UNYNVD#LVXVI\/9GVON)NOVYINGO
IGN[NIGO+NKW\RNTGNM=RNEND W\RNT JT@OVYINGL]/UTIUNDJTE=D@L]IU+NN[K
8N OVIXG\XKSNIJ$ pNNIH\JT$I4<HNVDYN6MpNN:9=IRI0NVYNIQ
OKYNVLK GVON)N ON)N@ED9MXVqNX\ONV\M GNVIQ>NNN[N$OUUWKRXqN6\KGVFNMVHVD
\NDOYNE= OGV 4]VHRG= GMNMGNV LT/UGNVD GNEDI0NL6RVI\XHVD IRHNVSXIGN
XRDFM@GNVJ/UN^NMGVI\>NNV\N[N$YF [N$ EO L6RVI\X GK OMNJXN GK [E= YN6M
UGQVqNNVDXVYNE=OGV4]VHRG=GMNMLM IRI+N8XQVqNNVD GV \[+N[YN[DUTGNVD XV EOV
J/UN^NM IG J6D$ J ODT'U MNo9 SN9=M GV QV>NN$
YXT31VQGVYNKXLDWKGCUIGNWNXVRN\N J YNGoN=N GN GVDQ] )NN 'NVDIG J P3S
G IRqNVoN YDUMN=o9K RD YDUM OMGNMK ODIN L]N6_NVI[GKYNNNIMUL6RVI\X)NNWJND W\RNT
YNNNIMU OD[%X JNV[N YN6M L^NGNMNVD `NMN LIMRU=XGVL]IU+NNMUGKRSXFUNIQ>NNE=QK$
YXTOH)N=XGVON)NJK\N[ZJNVWN[N$
IS -KYIX\HNNRQRV@HNXXKLN=RMN@RXYN6MW\RNTLIMRU=XHD KXV
HMNGNOHVDOKYNVLK HVD+NNMUKL6RVI\XGNPQa"NN9XIGN$
ϭϴϭ
EOHVDOGNMN5HGW\RNTGNM=RNE=GVI\OUU L]N,UGKWNOGUKJ6WNVPUXNJKYNONXJNV@
WKRXqN6\K LM NX GVDIQ]U IGN [N$ GE= IWUXNIGOKYXNRqG\NE9NLD>NVGNVFDQ
YN[DUTGNVDXVEOGVONHXV/RDGN4NV9NVI>NDSRNXV GMXNJNVUNJ6U)NNEOVVOV4N:HV=9HVDYI+N2'U
GVI\EOVGIRqNVoN/)NNXFXNN$IX(XI\I>NU IGN[NJ6IWOV\NV[YNONXKOVOH!OGUVJ6D
UMKGNVDOVLNMDLIMGRDOUUWKRXqN6\KGVHJ5R W6OV@YIUIM'URC^NNVDGKOD>NWNVIRIqNo9GN=GV
GNV ISI U GMXV GV I\ EDI0N L6RVI\X HVD FMNFMJNVU)NNVOKNXMNIqNIWOGKJHFSUGM
IRI+N8X"N9G)NV OGUVJ6D$
YLXVHZ\HVDOUUUNRN\NGMNo9JNVXVGK W\RNTLIMUR=XGVFNMVHVDI`L^NKYN6MFJTL^NK
OH[]+NNMUKGJNXKGNpNNXQNM@YNGoN=G QNUNYNVDGVON)NOJNV[
IRWTR\ /¤KX@ WNV OH[] L OV P5GCo9 § HD N\ I`L^NK YN6M FJTL^NK IR5ULNVoNN
HNJN6\OCIWUGMXVGV+NKGNHYNN$ WV D I ONV D )NN@ 0S WV O V < /GN4a 9 4Z M
W\ORN=INGHJ5RLZN="N9GJ6WNVWKRXGNV ED9MXVqNX\WZOVHVXNMIF]9WVYNE=WV0WK
FXNM>NXV HVD OJNUNGMUNJ6$EOI\@ HFKS@YDUMN=o9KIRGNOIR+NN[0K4
IRqRGV OH^N+NNMUGNWKRDUODQVqNGNV YNE=0KU)NNODT'UMNo9IRGNOGN=¤HZ
M>NXVGVI\GYNGoN=GHNHGVLHVD X0KLKGKOJNUNOVGE=LIMNVWXND
F0V/¤KXLMIRWTR\GVON)NO(LZIMURD GNN=I8RUGMUNMJNJ6$RoN=@OVWKYNE=
OZISU GMXV GV I\ 'RN[]NI4G LQV= GN W60YI+NIJUMNo9KL]NINGMN0KX@
L]NV[IGN[N$ /R31IRGOUD OK0KHHVDOJNUNGNV
L6RVI\XGVSNMNVDYNVMRC^N)NVIWOOVL]GCIUGV OTQC GMXV HVD LN=RMN@ RX YN6M W\RNT
ON)N ON6JNQ= OV MJXV GV +NNMU GV L]NSKX LIMRU=X HD N\ GV W\RNT L]+NN[ GNV
IRqRNOGVHWFZUYNNNMNVDGKLTIo9JTE=YN6M OJNUNL]QNXGMUNMJNJ6$WKYNE=W60GK
PXLMPOVIQ>NNUVJTIRWTR\HKI0HYN6M OJNUN OV MNo9K /R31 IRGNO UD
9S/¤KXGNL]NV[IGN[N)NN$ L]NINGMN X OK 0K H `NMN G
YN:X\NEX L]FDNX OZSXN L]NN\K H YNE=
EDI0NL6RVI\XHVDLT/UGIRHNVSX OpNTGK[E=J6$EOGVYIUIM'U@MNo9K
HNXXKLN=RMN@RXYN6MW\RNTLIMRU=XHD K LOVPLT'UPLqNHXGNM=RNENVD X
XV EDI0NL6RVI\XHVD XRDFM@GNV QNV HGVFNMVHVDGLIMNVWXN+NK@YLIqNo9
LT/UGNVD GN IRHNVSX IGN \NV GNF=X RDRNIXGK^NV NVDHVDXHGVOH8R
\NE4/9NE<O MNE9 3RN:OVO 4N:M YNRM YN6MGNN=8RXOVLN=RMN@RXYN6MW\RNT
,\NXV9 U)NN \NE4/9NE\ 4N:M IHIXHH LIMRU=XHD N\GKOJNUNOVGN=qNK\J6$
GNF=X4T9IL]D9 $QNVXNVDLT/UGNVDHVDJRN=XIGN § +NNMUZMNVLKZIXXOJNV[GVYDU[=UQNV
[N J6 IG IGO L]GNM ONHN8 WKRX pN6\K LIMNVWXND +NK GN=qNK\ J6D Y)NN=U
LIMRU=XNVDOVLC)RKGNVU)NNYNI)N=G\N[UGNVGH +NNMU HVD LN=RMN GV I\ +NNMU ZMNVLK
GMXVHVDOJNUNIH\V[K$EOHVDP5OW=XHVDGHK ZIXXUGXKGKOJNV[YN6MEGNV qNJMNVD
GKHN NIXUGK[E=J6WNVGHKVOKGNM=RNE=OV GVI\/R31L]N6_NVI[IGNVDRDWN=Q^NUN
ϭϴϮ
IS HNXXKLN=RMN@RXYN6MW\RNTLIMRU=XHD K`NMN+NNMUKL6RVI\XHVDXRDFM@GNVLT/UGGNIRHNVSXIGN$
GVFNMVHVD+NNMU ZMNVLKZIXXOJNV[$ GMXV GV I\IR5UOTIXIqSUGMXV HVD +NK
§ W\RNTLIMRU=XYI+NXRKGMNGN=¤HWNV OJNUNGMUNJ6$
LN=RMN@RXYN6MW\RNTLIMRU=XHD N\ YNVWNVXO6\
GV FKSG+NN[KQNMKLJ\J6@1JMN7NVD
Y)NN=U YOH@ IFJNM@ 15UKO[@ GVM\@
YNVWNVXLMUODM^NN
HJNMNo9YN6MYNVI0qNNMN7NVDGNVOLKOK YNVWNVX LMU OZ= OV IXG\XV RN\K
OK GNV GNN=I8RU GMXV HVD OJNUN L]QNX P3S WN= Y<9NRN\9 ZRK IRIGMN
GMUNMJNJ6$W\RNTLIMRU=XYI+NXRKGMN `NMNLC)RKGV RNTHD0\HVD LMKOUJNVD HVD
GN=¤HOKOKYNE=LKGVHNHOV@MN7 YN'OKWXGVUKXOZ^HYNTYNVDGVIH\XVOV
OMGNMNVDGNVOLKOKOKU6NMGMXVRD YN:'OKWXOVL]NGCIUGLOVFXUKJ6$ZRK
LIMqNNVINUGMXVHVDUGXKGKOJNUNL]QNX IRIGMNYN:'OKWXGVYNTYNVDGNVUNV0UKJ6@
GKWNUKJ6$J)NKHVI9G^NV NVD)NN@W\@ YNT/RUD JNVWNUVJ6D@EXHVDOVGT1YNTY8
pNJMK FN @ GC I oN@ RNIXGK@ U9K YN:'OKWXYNTYNVDGVON)NWT0WNUVJ6DYN6M
YIUODRVQXqNK\UN@ /RN/) HVD W\RNT YNVWNVXFXUKJ6$EOL]GNMOV FXXV RN\K
LIMRU=XYXTGZ\XODFDNKGNM=RNE= GMXV GV \[+N[L]IUqNUYNVWNVXLC)RKGKOUJOV
I\OV'9NVM\GN=NVWXNDRDLIMNVWXND OV IGHK LM MJUK J6@ IWOV
U6NM GMXV YN6M NVWXNYNVD GNV GNN=I8RU /9V9NV/4KMGJUVJ6D$RNTHD0\GVEO+NN[
ϭϴϯ
HVDLNE=WNXVRN\KYNVWNVXGNVYNVWNVXGKLMU LN=RMN@RXYN6MW\RNTLIMRU=XYNVWNVX
GJNWNUNJ6$ LMUGKOTM^NNU)NNYNVWNVXLMUGNV ^NIU
YNVWNVX LMU OZ= OV IXG\XV RN\V O+NK LJTDSNXV RN\V LQN)NNV=D GV FNMV HVD HN:I89\
JNIXGNMGZRK FKIRIGMNNVDGNVYRqNNVIoNU L]NV9NVGN:\GVGNN=8RXOVODFDINUGN=GNV
GMUNJ6$JLNQLRDLqNTWKRXGNVZRK QV>NUNJ6$
FKIRIGMNOVOTMI^NUM>NUNJ6$ZRK FK LN=RMN@RXYN6MW\RNTLIMRU=XHD N\
IRIGMNHVD5RSNG6DOM@XV HNVIUNIFDQL6QN XV+NNMUHVDL]NV9NVGN:\YN6MEOGVYNV0KO
GMXV@pNJMKGKL]IUM^NNL]NN\KGNV QFNXV@ 4VW YNP9 GN=¤H GV L]+NNRGNMK YN6M
4O\GKL6QNRNMGNV GHGMXV YNIQGK OHFGNN=8RXJVUTYNRGOVRNDL]QNX
pNI'UJNVUKJ6IWOGVLIMNNH/RLYNVWNVX GMXVGVI\MNo9KYNVWNVXZIX9XYNV
LMUGKOTM^NNGVI\RoN=HVDIRXN ZGVLHVDYNVWNVXO6\/)NNILUIGNJ6$
G8RVDqNXU)NNYNVWNVXLMUGNV^NIULJTDSNXV HD N\XVOISRLN=RMN@RXYN6MW\RNT
RN\VLQN)NNV=DGVFNMVHVDRoN=HVDHN:XI9\ LIMRU=XGKY^NUNHVDGYINGNML]N,U
L]NV9NVGN:\GNVYD[KGNMIGN[N$HN:XI9\ ODSN\XOIHIUE=OOK+NK[I%UGKJ6
L]NV9NVGN:\GNYINQVqNYNVWNVX^NGNMKLQN)NNV=D IWOGKOJNUNGVI\QNV/)NNKOIHIUND
YNV 0K O GV P5LNQX RD PL+NNV[ GNV Y)NN=UL]N6_NVI[GKRDIR5U/)NNKOIHIU9K
SMNFUMKGV OV OHN,UGMXNJ6$+NNMU 4OOKYN6MYXTRK^NN/)NNKOIHIUJ6D$
YNVWNVX LMU GK OTM^NN GV I\ IRXN E=OOKHN:I89\L]NV9NVGN:\GVPLFDNNVDGV
G8RVDqNXU)NNYNVWNVXLMUGNV^NIULJTDSNXV OH[] GNN=8RX@ IRI+N8X XKIU[U RD
RN\V LQN)NNV=D GV FNMV HVD HN:XI9\L]NV9NVGN:\ GNN=8RX IRG<LNVD GK OHK^NN@ LIMNVWXN
YN6M EOGV O+NK ODqNNVNXNVD#OHNNVWXNVD GN YXTHNVQXU)NNYXTRK^NNGVI\IW(HVQNMJV$
GL^NGNMJ6$ YNV0KOGV4VWYNP9GVI\GIR/UCU
+NNMUHN:8I9\L]NV9NVGN:\GVYDU[=UIXDI U EDI0N GD9K GN=¤H@ HN:XI9\ L]NV9NVGN:\
YNV0KOHVDOVGNP5LNQXRDL]NV[ GKIXNN=IMU4VW YNP9YXTOZSKGVYXTONM
GMMJNJ6$VJ6D@'\NVMNV4a\NVMNVGNF=8OOK L]NV9NVGN:\ IR5UK UD GK OJNUN OV
4OKY)NN=UOK4OK @OK4OK PL+NNV'UNYNVDRDP_NV[QNVXNVDGNVYXTISU+NNM
@OK4OK @GNF=X9V9N'\NVMNE0 IQIFXN@MNo9KYN6_NVI[GIRGNOGN=XKIU
OK9KOK@JNE0NV '\NVMNV 4a\NVMNV GNF=8O GV YXTONM@ YNV 0K O GN 4VW YNP9
S OK 4 OK@ JV\N:X @ JV\N:X OTIXIqSUGMXVGVI\@RoN=HVDU6NM
@ IH)NNE\ '\NVMNV4N:H= RD IH)NNE\ IGN[N$GD9KGN=¤HGNV RoN= HVD
F]NVHNE0$EXHVDOV@SOK4OKGVIORN Y_UXIGN[N$
O+NKYNV0KOGNVSMNFUMKGVOVOHN,U MNo9KYNV 0KO4W V YNP9NW V XNYNDV GNV
GMIQN[N[NJ6$EOOH@SOK4 GNNI=8RUGMXVGVI\@RoN=HDVLIMNW V XN
OK GNV HN:XI9\ L]NV9NVGN:\ GK 5RIMU LF]DNXIZX9LKHZ/)NNILUGK[E$=
4VWYNP9 YXTOZSK GV YXTONM SMNF
UMKGVOVOHN,UIGNWNMJNJ6$
ϭϴϰ
YNVWNVXLMUGKOTM^NNGVI\IRXN L]NV9NVGN:\ GV L]NRNNXNVD GV OUU@ LZN=
G8RVD
NXYN6MYNVWNVXLMUHVDGHK\NXV GNN=8RX OV EO
NUN&QK GV H UG
RN\VLQN)NNV=DLMHN:I89\L]NV9NVGN:\ R6I
RGYNVWNVXLMUYN6M\[+N[RoNNV=D&NNQ
YD9NG=I9GYNVWNVXGV/UMOVLZR=GV
YNVWNVX LMU GK OTM^NN GV I\ IRXN /UM LM LJDS WNXK SNIJ$ HN:I89<N
G8RVD
NXYN6MYNVWNVXLMUHVDGHK\NXVRN\V L]NV9NVGN:\OVW\RNTODFDNKLN=,U\N+NIH\V
LQN)NNV=DLMHN:I89\L]NV9NVGN:\IRIqN9LOV MJVJ6D$
/9N9NV/4VIMG YNVWNVX YNVWNVX LMU GK
OTM^NNGVI\GK[E=DY8UMMNo9KODINN:DJ6D$ EO OH J L]N:9NVGN:\ SMNF L OV
EO HN:I89\ L]NV9NVGN:\ GNV EIUJNO HVD OHN,U GMXV GV 5RIMU GN=¤(N GV ON)N
ORN=INGO4\Y8UMMN9KLN=RMNODFDNK JNE0NV'\NVMNV\ZMNVGNF=XOa SOK4OK GNV
ODINGV LHVD HN8UNQK[E= J6$EOGN SMNFLOVOHN,UGMXVGNGN=GM
R6IqRGLOVYXTOH)N=XIGN[NJ6YN6M MJNJ6$
IR
RGVO+NKODT'UMN9OQ/QVqN ODT'UMN9(NJNO+NNXVIQO(FM@GNV
IFXN O(HV\X YN6M EOGV HN:I89\ ODG<L # YLXNN )NN@ WNV YNVWNVX
L]NV9NVGN:\GVL^NGNMJ6D$HN:I89\L]NV9NVGN:\ LMU GV ODM^NN JVUT IOU(FM GNV
GVLIMSN\XGVRoNNV=DHVDEOOH!N6UVGV Y8UMMN9K IQRO GV L HVD HXNXV GK
UJU YONNNMN Y8UMMN9K OJNV[ OV "NNVNNNGMUNJ6@'NVDIGYNVWNVXLMUHVDGHK
YNVWNVXHVDGHK\NXVRN\VGT1L]HT>NLQN)NNV=D \NXVRN\VLQN)NNV=D,NMHN:I89<NL]NV9NVGN:\LM
YNV0KOW6OV'\NVMNV<NNVMNVGNF=XOK4OK IOU(FM@GNVJ/UN^NMIGV[V)NV$
GNF=X9V9N'\NVMNE0/NK9KOKYN6MJ6\NV8OGV IGV[GN=G\NL
P5LNQXRD >NLUGNV WXRMK@OV
YNV0KO IRIXHX RD IXD N OD
NNVNX
IRqR/UMLMSMNFLOVOHN,UIGN
IXH@ IXHNR\K GV L]GNqNX GK
[NJ6$IQXNDG GKI/)NIUGV
UNMK>NOVSOK4OKGVP5LNQXRD>NLU
YXTONM@I(N)NNE\'\NVMNV4N:H=GNP5LNQXRD
GNV IXDI U GMUK J6$ IXHNVD GV YXTONM@
>NLUGNVO(+NNIRUYIXRN=L]NV[1Z9OIJU
P5LNQXGVI\GNV9NL]NN\KpNTGMQK[E=
IR
R/UMLMSMNFLOV OHN,UGM
J6$ODqNNVNXIXHNR\KHVDWXRMK@
IQN[NJ6$IQXNDG GKI/)NIU
OVSOK4OKOIJUSOK4OKRN\VLZR=
GV YXTONM@ 'R6MV89NEX 0 L]KIqNLH689
IHI-ULNVI\NV<ORDYNV0KORN\VIH-NNVD
YXTL]NV[NVD GV Y\NRN@IH)NNE\F]NVHNE0GN
GVYNNUGNIXNVNIGN[NJ6$EXIXHNVD
P5LNQXRD>NLUIRqR/UMLMSMNFL
HVDRoN=OVSOK4OKRN\VP5,NNQNVDGV
OVOHN,UGMIQN[NJ6$R6I
RGORN=D[KN
IRIXHN=NGVI\XE=^NHUNYNVDGVOCWXGN+NK
I9,LINNVDXVLTI9GKJ6IGHT>YNV0KOGV
IXNVNIGN[NJ6$EOGVY\NRN@WT\NE=@
RNTHD0\K/UMNVDHVDI[MNR9YNMJKJ6YN6M
OVSOK4OKYNNNIMUMGID0
NXMNDV
J YXTHNX \[NN [N J6 IG HN:I89<N
GVYNNUGN+NKIXNVNIGN[NJ$6
ϭϴϱ
JNE0NV4a\NVMNVGNF=8O¿S4OK¾G J6D U)NNIL@ PXHVD ;\NVF\ RNIH=D[ GK GN4K
FNMVHVD+NNMU ODT'UMN7GN=F\ OD+NNRXNJ6$
RoN=@GVQN6MNX@GN=F\GKGF6%G HN:I89\L]NV9NVGN:\GVYDU[=US4OKHVD
WZX@ OV WT\NE=@ UG 4VIWD[0NPXGVI\RNUN=DRoN=HVDJK
YNNVIWUGK[E=$F6%GNVD XV QNVXNVD QVqNNVD HVD pNTGK[E=D)NKDIGDUTEXRNUN=YNVDHVD[IUUF
P_N[ V @IRqNoVN.NDVYNM6OFDIDNUYINGNIMNDVGVI\ YNE= WF+NNMUXV YL]6\@HVD HN:I9\
S4OKOVOFDIDNUOH!IRGIOUGMXVGV L]NV9NVGN:\ GV YDU[=U S 4 OK GV 4VW
I\GIRIqNo9YROMLQ]NXIGN$ 0NPXGV I\GODqNNVNXL]/UNRL]/UTU
IGN$
S 4 OK GV 4VW 0NPX GV I\
+NNMUGNS4OKHVDR6IqRGP5LNQXRD
HN:I89\L]NV9NVGN:\HVDIG[N\KOD
NNVNX
>NLUHVD GVR\\[+N[L]IUqNUIJ/ONJ6
IG[N\KHVD YNNVIWUL]NV9NVGN:\GV L^NGNMNVD IGDUT JHNMV IRIXHN=N RD >NLU OVG9M HDV
GKRKDF6%GHVDL]NV9NVGN:\HVDODqNNVNXGNV +NIRoHVDL][IUJNVXVGKOD+NNRXNJ6$
YD[KGNMIGN[NWNV VIUJNIOGJ6 YN6M
+NNMUON!NIONUDGNLF]\ D OH)NG
= MJNJ6IGUDT
IWOGNPQaQVq;\NVF\RNIH=D[HVD OJNG
POXVLNR=MNGKOMT^NNGMXVGVI\RI6qRG
S4OKGN4VIWD[0NPXJ6$
GNMR=NENDV GV IRoNHDV MNo9KLIMI/)NIUNDV GV
S4OKYNVWNVXLMUGNV^NIUXJKDLJTDSNUV QNI5RYNM6OO T [
D UUNHDV+NQVIGN$
IS -KYWXNMNN!N@OISR@LN=RMN@RXYN6MW\RNTLIMUR=XHD N\@
HNDI9\L]NV9NVGN:\GVL^NGNMNVDGKRKDF6%GGVQN6MNX
ϭϴϲ
IG[N\KODqNNVNXHVD@JOJHIUJTE= J6 IG )NKD YN6M IWXGV HNH\V HVD S 4 OK GN
IRGNOqNK\QVqNNVDHVDFVO\NE8OGVQNVOV9JNVD[V IRIXHN=NRD>NLUY+NK+NK/Lo9R6GI<LG
GpNK"N]HZRO=GVI\@IWOHNH\VHVDJ L]N6_NVI[IGNVDGVY+NNRHVDFMJJ6D$VOVQVqNNVD
RoN= JNV[N U)NN QZOMN GVHNH\NVDHVDOJHUJTFVO\NEXRoN=@
PXGVI\IWXGKMNo9KLIMI/)NIUNDI+N8X RDJ6D$
IS -KYIX\HNNRQRV@HNXXKLN=RMN@RXYN6MW\RNTLIMRU=XHD N\@HNDI9\L]NV9NVGN:\GV
L^NGNMNVDGKRKDF6%GGVQN6MNXHNDI9\L]NV9NVGN:\GVYNKXS4OKOD
NNVNXGVFNMVHVDOJHIUGK
IQ
NNHVD P3S/UMKOV[HVD9HD K/UMK[NV\HVWGVQN6MNX
IRGIOUQVqNNVDHVD GVFVO\NEXRoN= +NNMUXVS4OKGV4VW 0NPXGVI\

JNV[VD IWOGV I\LC)NG8ZXKGMNYXTOZSK IRGNOqNK\QVqNNVDHVDS\OKGVP5LNQX
JNV[KWNV RoN= HVD L]IUqNUOV YNMD+N RD >NLU GV I\ RoN= GV
JNVGMRoN=HVDL]IUqNU@RoN=HVD RN/UIRG FVO\NEX GNV L]NV[ HVD \NN$
L]IUqNU@HVDL]IUqNUYN6MRoN=HVD IG[N\K HVD JTE= OJHIU GV YXTONM@ +NNMU
JNV [ K$ FV \ NO@ OK LIMOD " N@ FVO\NEXRoN=@RDGVODQ+N=
GWIG/UNX@ UIWIG/UNX@ P7FVIG/UNX GV HVDRoN=HVDS4OKGVYLXVIRIXHN=N
I\YNMDI+NGQNVSMNI+N8XJNVD[V@RoN=HVD RD>NLUGNVFDQGMQV[N$FDQGMXVRN\V
L]IUqNU GK GHK YN6M RoN= HVD 4]KWRoN=L]N6_NVI[GKGKOHK^NNGVYNKX
L]IUqNUGKGHK$ JNV[NU)NNEOVYN[VRoN=UGFNWN
ϭϴϳ
OGUNJ6$+NNMURoN=OVYN[VSMNNVDHVD YRINGVQN6MNXY)N=2R/)NNGK\N[UHVDGHK
YLXN4VW0NPXLZMNGMV[NIWOGKODSK +NKJNV[K$
GHKRoN= HVD L]IUqNU@HVD S4OKGV4VW0NPXGVI\HNDI9\
L]IUqNU@RoN= HVD L]IUqNUU)NNRoN= L]NV9NVGN:\ GV IG[N\K ODqNNVNX GV L HVD
HVDL]IUqNUJNV[K$ OJHUJTFVO\NEXRoN=@4]KWRoN=RDGHK
EOGMNMOV"NMV\ZP_NV[GVIRGNOGVI\ ODFDNKYXTOZSK
LN=,UGNF=X/LVOOT[HJNV[NWFIGOD¤HN
OHZJIRGNOqNK\ OHZJIRGNOqNK\ IRGIOU
FVO\NEX
4NHZ=\N YN6OUS4OKPL+NNV[ YN6OUS4OKPL+NNV[ YN6OUS4OK
PL+NNV[
SOK4OK FVO\NEX FVO\NEX FVO\NEXΎ
4]KW
L])NHSMN
IÙKSMN
UCUKSMN
SUT)N=SMN
I/)NMI/)NIU
ΎFVO\NEX@OKLIMOD"N@GWIG/UNX@UWIG/UNX@P7FVIG/UNXGVI\FVO\NEXGNL]IUqNUSOK4OK"N9G
U)NNIRI+N8XYNMDI+NGQNVSMNNVDRoN=HVDL]IUqNUYN6MRoN=GVL]IUqNU$
XNV9 IXINOVXE=L]N6_NVI[GKGVON)NWN=Q^NUN
OHJZYNI9G
= \L^NGNM@OHJZGV+NN[XJKD GNVFXNM>NXVNPOHVDRCIGMXVGVI\
IXINNDL]QNXGKWND[K$IRGNOqNK\QVqNNVDHVD
OHZJWKOKOK@+NNMU@E=MNX@EMNG@ YXTODNNXRDIRGNOYN6MOVRNOV'9MGVI\
LNIG/UNX IR5ULNVoNNGNV+NKIR5UGVFNMVHVDOJHUJT
L]N6_NVI[GKOHK^NNHVDYN6ML]5VGRoN= IXMNGMNNVDHVDpNNIH\IGN[NJ6$
GIUL8ZXUHOKHNGVPLMOTOD[UOV'9MNVD +NNMUGVONGMNMGMXVHVDOH)N=MJNJ6WNV
HVDIRGNOGVI\YNI9=G\OHZJGVRoN= LN=RMNGVIJUHVD/)NNKIRG<LNVDGKYNVM
GV 4]KWOV YXTLN\XGV I\RoN= WNXVGVI\P_NV[JVUTLN=,UOHL]QNX
FNXVLMIRSNMGMXVGVI\RoN=OVLZR= GMUVJTJHNMKY)N=2R/)NNGKL][IUGVI\
L]N6_NVI[GKOHK^NN RoN=$ LN=,UYROML]QNXGMUNJ6$OJHUJTE=
+NNMUGKLJ\LM@IG[N\KHVDJOJHIUJTE= 2R/)NNOVS4OKOVJ9XVHVDPL+NNV'UNYNVD
IGHNDI9\L]NV9NVGN:\GV YDU[=UFJTL^NK GK \N[U GH JNV[K U)NN XE= LKK GV
MVI4]WMV89aOYN6MODFDINUL]N6_NVI[IGNVDGV^NV
ϭϴϴ
HVDIRGNOGMXVGVI\"NMV\ZYI+NXRKGMN MVI4]WV89aOGVIXN=UGGKI/)NIUGNVFXN
GK2R/)NNJNV[K$ M>NXV GV I\@ HD N\ XV YXTODNNX YN6M
SZDIG YXTODNNX@ YI+NRXRKGMN EXNVRVqNX pN6^NING OD/)NNXNVD@ P_NV[NVD YN6M IOIR\
YN6ML]N6_NVI[GKIRGNOLMMNo9GN4NVGOJ6 ONVONE9KOD[%XGNV pNNIH\GMUV JTS
WNVOMGNMGV HVGEXEDI0N HVDLIM\I^NU 4OKGVI\GHWK0&<ZLK@XN:XYNV0K
JNVUNJ6YN6MS4OKOVQZMWNUVOH O@GH\N[URN\KR6GI<LGL]N6_NVI[IGNVD
Y)N=2R/)NNGV I\\N[UGHM>NXV U)NN GVQVqNHVDIRGNOHVDGOJNV[KYXTODNNX
GN=¤HpNTGMXVGNIXN=I\N)NN$
IS HNDI9\L]NV9NVGN:\GVL^NGNMNVDGKRKDF6%GGVQN6MNXHDNI9\L]NV9NVGN:\GVYDU[=US4
OKODqNNVNXLMGMNMGKIQqNNHVD P3S/UMKOV;HVD9HD K/UMK[NV\HVW
RoN= GV QN6MNXIX(XI\I>NUGN=qNN\ND# M^NNLIMoNQXYNM0KOKYN6MOKE=E=

F6%GVDYNNVIWUGK[E=D 0&<Z`NMNYNNVIWU@HNDI9\L]NV9NVGN:\HVD
U5GN\KXHNXXKLN=RMN@RXYN6MW\RNT ODqNNVNXLM+NNMUGVL]/UNRGVLIML]V^HVDS
LIMRU=X HD K@ -K L]GNqN WNR0VGM YN6M 4OKGV4VW0NPXLM[NV\HVWSSN=HVD
HD N\GVRIMo%YINGNIMNVDXVXE=IQ<\KHVD +NN[I\N$
IQXNDGHNS=@GNV MNo9KODONNX -KYNMYNMMIqH@YLMOISR@LN=RMN@RX
ϭϴϵ
YN6MW\RNTLIMRU=XHD KU)NNOT-KWVIX4M IQ<\KHVDIQXNDGWZX@OVWT\NE=@
JVRMG6(L@ LN=RMN RD W\ ODONNX@ UGYNNVIWUGK[E=$+NNMUYN6MZ
I0LN9=HVD9 YN:4 /9V9@ Z O GV IRqNVoN OGVYINGNIMNVDGVY\NRN@+NNMUYN6MZ
L]IUIXINGKOJY^NUNHVD+NNMUYN6MZO OQNVXNVDGVP_NV[L]IUIXINNVDXVF6%GHVD
GVYINGNIMNVDGVL]IUIXINNVDGVON)NS +NN[I\N$
4OKGVFNMVHVD+NNMU ZOGN=F\GV GHWK0&<ZLKRN\VIRG<LNVDGVIRGNOGV
+NN[GVLHVD0KRKOKWZX@GN I\YXTODNNXGMXVJVUTI¤NIRINNVDLMSSN=
YNNVIWUGK[E=$ GMXV GV I\ OISR@ LN=RMN@ RX YN6M
HNDI9\L]NV9NVGN:\GVYNKXS4OKGV W\RNTLIMRU=XGKY^NUNHVDIQXNDG
4VW0NPXLM+NNMUGVODqNNVNXL]/UNRGV Y[/U@GNVGF%6GYNNIVWUGK[E$=
FNMV HVD /9VG JNV<0O= GK LMNHqNK= F6%G YXO T DNNXO/D)NNXN@DVP_N[
V RDIOIR\ONO
V NE9K
U5GN\KX HNXXK HD K LN=RMN@ RX RD GVLI]UIXINNDVXVF%6GHDV+NN[I\N$
W\RNT-KL]GNqNWNR0GMGKY^NUNHVD HNXXK HD K LN=RMN@ RX YN6M W\RNT
IQXNDGWZX@GNVYNNVIWUGK[E= LIMRU=X@-KYIX\HNNRQRVYN6MHD N\
-KYNMYNMMIqH@YLMOISR@LN=RMN@RX GVRIMo%YINGNIMNVDXVXYNM0KOKYN6M
RD W\RNT LIMRU=X HD N\ U)NN OT-K OKE=E=0&<Z`NMNIQXNDGIOUDFM@
WVIX4MJVRMGV(L@LN=RMNRDW\ODONNX GNV XE= IQ<\K HVD HNDI9\ L]NV9NVGN:\ HVD
I0HN9=HVD9 YN:4 /9V9@ Z O GK IRqNVoN ODqNNVNXGVFNMVHVD+NNMUGVL]/UNRGVLIML]V^
L]IUIXINGKOJ Y^NUNHVD S4OK HVDS4OKLMYNNVIWU[NV\HVWSSN=HVD
ODFDNK+NNMU Z OGN=F\GKF6%GXE= +NN[I\N$
IS S4OKGV4VW0NPXGVI\+NNMUGVODqNNVNXL]/UNRLMWZX@
GNVYNNVIWU/9VGJNV<0O=LMNHqNK=F6%G
ϭϵϬ
HNDI9\L]NV9NVGN:\GVGNN=8RXGI\E= IRQVqN2NLNMHJNIXQVqNN\0KWK49K
OOKGKRKDF6%G-KYWXNMNN!N@ OV\NEOVDOL]N,UGMXVGVI\YNV0KORD
OISRLN=RMN@RXYN6MW\RNTLIMRU=X YNV0KOYNNNIMUPLGMNGVYNNURD
GKY^NUNHVDIQXNDGIQODFM@GNV IXN=UGVI\P_HNVDGNVIO4NIMqNVDWNMKGK
YNNVIWUGK[E=$ [E=$
S LK H LK SMN $ GK OVRN OV'9M PL\I&NN
GN=XKIUGV +NN[GV LHVD WKYNE= W60@
WH=XK OMGNM `NMN YNM OK OIR=IOD[ +NNMUXVHN:I89<NL]NV9NVGN:\GKIXD NGV
UGXKIqNXNVD GV I\ LZMV QVqN HVD L]IqN^NN@ OH OZSK OV LJ\V JK IX(XI\I>NU
GN=qNN\NDYNNVIWUGK[E=D$EXHVDSOK YXTLN\X\^L]N,UIGVJ6D
4OKYNNNIMUD NVD#PLGMNNVDGKP5UH (N\4GV'O GN:HXVY+NKUG+NNMUHVD
OIR=IOD[ LIUNVD GV FNMV HVD OIR=O YNV0KOGV @YNVWNVX"N9NXV RN\K
UGXKIqNXNVDGVI\L]IqN^NNpNNIH\J6D$LZMV ^NHUNYNV0KLK9XGVP5LNQXRD>NLUGNV
QVqNHVDYNNVIWUGN=¤HNVDGVHNHOV SMNFLOV OHN,UGMXV JVUT +NNMUK
GT\ OIR=IOD[ UGXKIqNXNVD GNV P_NV[GVI\@@YHIMGK0N:\M
L]IqNI^NUIGN[NJ6$ GV H\4 IXNKX RN\K GT\
YNVWNVXLMUGNV^NIULJTDSNXVRN\VLQN)NNV=DGV LIMNVWXNDYXTHNVIQUGKJ6D$
FNMVHDVDHNDI9\L]NV9NVGN:\GVL^NGNMNVDGVYNVE= HN:I89<NL]NV9NVGN:\GN=¤(NGVYN%RN=LZR=
0&<Z WK GK F6%G YNVWNVX LMU HVD ^NIU HVD JKRIW=XJ6\NV8OGV P5LNQXRD
LJTDSNXV RN\V U5RNVD GV FNMV HVD HNDI9\ >NLUGNVSMNFLOVOHN,UGMXNP3S
L]NV9NVGN:\GVHYNVLKF6%G^NV KYNVWNVX YNV0KLKYNV0KOMJNJ6$
XV 9 RGNV = D GK OD T ' U F6 % G@ FJT L ^NK H0KYNE= GV IRIXHN=N HVD +NVNWK []V0
LN=RMNKGMNM^NV KL]RU=XXV9RG=HE= OK4OK GV L]NV[ GV Y\NRN HN:I89<N
YNME= XGKF6%GU)NNHNDI9\ L]NV9NVGN:\GN=¤(NOVHJKXVLJ\VIQXNDG
L]NV9NVGN:\ODFDNKY8F6%GNVDHVD+NN[KQNMK$ OV OK4OK GV P5LNQX GNV
YNV 0KOKGV P5LNQX@>NLU@IXN=UYN6M SMNFLOVOHN,UGMXN$
YNNUGV FNMV HVD YNDG0N@IRI+N8XO]NVUNVD OV IQXNDG OVOK4OK@OK9KOKRD
G IGNWNMJNJ6@IH\NXIGNWNMJNJ6 J6\NV8OGVP5LNQXRD>NLUGKLZN=LOV
YN6MIRXNG8RVqNXU)NNHN:I89\L]NV9NVGN:\ SMNFLOVOHNI,U$
GVOISRN\YNVWNVXOISRN\GNVL]/UTU
IGNWNMJNJ6U)NNGD9KGN=¤HGKL][IU [6M OK4OKH0KYNE=GVI\OD¤HNJVUT
IMLNV9= OK LK LK YNM 4 \ 4 GV MN9KGN=XKIUGNO4<NGNN=82NXYN6M
OISRN\GNV L]/UTUGKWNMJKJ6 UNIG +NNMUHVDX0KYNE=GVIXHN=NHVDOK4OKGNV
HNDI9\L]NV9NVGN:\GVYXT31VQGVYXTONM SMNFLOVOHN,UGMXVGVI\NVWXN$
L]5VG RoN= IOUDFM GV YDU UG HNDI9\ OD+NNIRUYIXRN=L]NV[1Z9NVDOIJUIQXNDG
L]NV9NVGN:\GNGNN=8RXJNVOGV$ GNV IH)NNE\ '\NVMNV4NH= GN
ϭϵϭ
P5LNQXRD>NLUGNVIRqR/UMLMSMNF @@YHMKGK0N:\MGVIXNKXOIJU
LOVOHN,UGMIQN[NJ6$ +NNMUHVDYNV0KOIRG<LNVDLMORV=^NNJVUTG
'R6M6DX9NEX RD \QNX LZR= YXTL]NV[NVD GNV L]/UNRRKD'O GN:HXVYXTHNVIQUIGN$
1NV0GM IQXNDG OV IH)NNE\ RN= GV I\ HN:I89<N L]NV9NVGN:\ GV
F]NVHNE0GNP5LNQXRD>NLUGNVIRqR/UM GNN=8RXGVI\H\4GV'O GN:H
LMSMNFLOVOHN,UGMIQN[NJ6$ GVOQ/GVLHVD+NNMUGNSXIGN[N
+NNMU XV H0KYNE= IRIX(NN=UNYNVD OV LMNHqN= J6$
GMGVRoN=YN6MPOGVFNQ4NHN=[]V0GV H\4GV'O GN:HGKRKDF6%GHVD
YIXRN=L]NV[XNHNDGXE=ZXGNVRNLO\V IR5ULNVoNNGVI\LN pNVoNSOK4OK
I\NJ6$+NNMULJ\NVONQVqN)NNIWOXV >NLUHVDYNV0KLK9XSOK4OK
E=ZXGNVRNLOI\NIWOGVI\HYNVLK GKGHKGVI\@@@YHVIMGK0N:\M
`NMNPOVFNNE=QK[E=)NK$ GVGT\IR5ULNVoNNOVSLKHLKSMN $$
MN9K H0KYNE= OD¤HN GN=XKIU GV YXTHNVIQUIGN[N$
GNN= 8 RX GV 4<N/RL@ HN: I 89 <N YNVWNVXLMUGNV^NIULJTDSNXVRN\V"N9GNVDGV
L]NV9NVGN:\GVGNN=8RXGVI\H\4GV FNMVHVDHNDI9\L]NV9NVGN:\GVL^NGNM@S4
'O GN:H`NMNYXTHNVIQUGN=¤(NOV OK4VW 0NPXGVI\IG[N\K@MRND0NHVD
HJKXV LJ\V IQO(FM@HVD H0KYNE= GV Y'9ZFM@GNVL^NGNMNVDGKRKDF6%GHVD
IRIXHN=N HVD +NVNWK []V0 OK4OK GNV OJHIULMLJTDSV$
O4\UNLZR=GSMNF,NOVOHN,UIGN
[NJ6$
YFUGL]N,ULTM/GNMRDL]
NI/UND
HN:I89<NL]NV9NVGN:\GV5RIMU4VW YNP9 +NNMUGVYNVWNVXO6\GNVHN:I89\L]NV9NVGN:\
GN=¤H GV YXTL +NNMU XV IQXNDG YN6 M EOGV YNV 0K O 4V W YNP9
GNVO4\UNLZR=GMNVG\[NQKJ6 I¤NG\NLNVD GV O4\ GNN=8RX GV I\
YN6MIQXNDG GNVSOK4OKGV GE=LTM/GNM#L]qNI/UND#O(HNXL]QNXIG
P5LNQXRD>NLUHVDL]IUqNUGHKGKJ6$ [J6D$
SOK4OKGV5RIMU4VWYNP9GVYXTL H/)N\KGMN GN HTGNF\N GMXV GV
YNVWNVX ^NGNMK LQN)N= IRIXHX RD I\ODTGUMN9G8RVD
NX
IXD NIXHHVDODqNNVNXIGV[J6D$ +NZIH^NMNYN6MH/)N\KGMNGNHTGNF\NGMXV
YNVWNVX ^NGNMK LQN)N= IRIXHX RD YN6MEOHVDGHK\NXVGKISDUNJHNMKGE=MNo9K
IXD NOqDNNVNXIXH@GNVHNS@=HDV XKIUNVDHVDLIM\I^NUJNVUKJ6PQNJMNGVI\@
+NNMUGVMNWL HDVYINOIZSUIGN[N)NN$ MNo9KW\XKIUMNo9KRXXKIU
Y[]NKGNN=8RXWVDOKGVLHVDZX0K MNo9KGCIoNXKIU@RXODM^NNYINIXH@
`NMN GNN=I8RU OD/)NN[U OTUN YNE=O LN=RMNOTM^NNYINIXH@MNo9K
LIMNVWXNGNVWNMKM>NXN$ LN=RMNXKIUMNo9KIGONXXKIU
ϭϵϮ
MNo9KRoNN=LNVIoNU^NV L]NINGMNXYNM YN:4QKLN9K=WGVQN6MNXYD[KGNMGK[E=ZX
IWXHVDEXOH/NYNVDGVIXMNGMNGVI\ OKOK0KGKRoN= GKGN=XKIU
ONH)=GNMKL]NRNNXJ6D$JOUURXL]FDNXO GNVOUU+NZIHRDLN=RMNL]FDNXO\E=H
4H@OUUGCIoN=@OUU+NZIHL]FDNXO\ LIUNVDYN6M\0KXLMIRqNVoNWNVMQVUVJT
HGV\^NVDYN6MOUUIRGNOGVOH[]\^@ YN[VYN6MLIMRIU=U IGN[N$OKYNV
IWOGVI\QVqNL]NOGMMJNJ6@HVD+NK/Lo9 LK HVD@ZXOKOK0KXVOUUIRGNO\^NVD
IGN[NJ6$ HVD\^GVLHVD+NZIH^NMNIXIo¤UN\
+NNMUH/)N\KGMNGNHTGNF\NGMXV ODFDNK 0KXGKODG<LXN/)NNILUGKJ6$
ODT'U MNo9 G8RVqNX Z X OK OK 0K GN L][IU#PL\I&NND
IQXNDGY'9ZFM@GNVJ/UN^NMKFXNYN6M
IQODFM@GNVEOGNYXTOH)N=XIGN$ +NNMU GN H/)N\KGMN YN6M +NZIH ^NMN
LN=RMN@RXYN6MW\RNTLIMRU=XHD N\Z 9\O +NNMUGNH)N\KGMNRD+NZIH^NMN
XOKOK0KGV I\+NNMUOMGNMHVD XNV0\ 9\ORoN= YN6M GVYNE=YNM
HD N\J6U)NNH/)N\KGMNO6\G8RVDqNXOV O0&<Z YNE= 4O0N9NLMYNNNIMU
ODFDINUO+NKHTQaQNVD GNOH8RGMXV GV I\ /LVO ,\KGVqNX OVD9M@ YDUIM^N IR+NN[@ +NNMU
LN=RMN@RXYN6MW\RNTLIMRU=XHD N\GV OMGNM`NMNLN=RMN@RXYN6MW\RNTLIMRU=X
+NKUMXNV0\,RNED9J6$OKYNV LK GN:84]VDO HD N\ U)NN Y8 MN7 /UMK OD/)NNXNVD GV
IS [N6M6N
ϭϵϯ
OJNV[OVIQXNDGWZX@GNVWNMKIGN H/)N\KGMNMNVNKIR
RIQROLMLT/UG
[N$EO9\OHVD YN6M GK GN IRHNVSX GV'9K EX I0W9= FNV9IXG\
OH OKHN GV I\ LZMV QVqN GV I\ YN6M [N0=X XNHGLT/UGGVDQ]KpNToG^NV YXTODNNX
MN7 RNM OHVIGU ^NV YNDG0V GV O)N +NZIH OD/)NNX OK W60 YNM YNE=@ WNVNLTM `NMN
PLNV[@^NMNGKL]I¤NU)NN[D+NKMUNGV/UMGNV L]GNIqNUIGN[N$EOLT/UGHVD GV'9K@
ISI U GMUV JT H/)N\KGMN#+NZIH ^NMN PXGK>NVUKYN6MM>N M>NNRGN&N6MNIQN[N
I/)NIU GN HNXIS L]/UTU IGN [N J6 YN6M J6 U)NN J YXTODNNXGUN=YNVD@ RX YINGNIMNVD@
LIMRU=XNVDGKOZSXNQK[E=J6$ IqN^NGNVD@RXP5LNQGNVD@HNI\NVD[N0=VXMNVDRDYNH
WXUNGVI\OHNXLOVPLNV[KJ6$
IS UNVUN
ϭϵϰ

WL
'!!"2I +0#+"%0'"F!0#0"#
YDUMMN9KOJNV[YN6MOUUIRGNO § 0N: YNV\ZHZIRN FXN=0= I\Z@ L]VIW0VD9
YDUMN=9K XN[M IRHNXX OD[%X@ Y[/U
HD N\ GN YDUMMNo9K OJNV[ YN6M OUU
HVD$
IRGNOL]+NN[YNE=OKD0O0KOUUIRGNO
\^NVDOIJUYDUMMNo9K,NN=RMNKOJNV[U)NN § -K /\VRNVIHM HNVWZMVG@ PL LN=RMN HD K@
OUUIRGNOOVODFDINUHNH\NVDGNOH8RGMUN LNV\6D0@Y'9ZFM@HVD$
J6$ RoN= HVD EO L]+NN[ GK L]HT>N § -KIMGONV<JVH@GN=GNMKIXQV
NG@ZXE=
PL\I&NNDIX(XI\I>NUJ6D LK@Y'9ZFM@HVD$
YDUMMN9KOJNV[ I`L^NKHNH\V § -K GNMHVXZ RV<\N@ ZMNVLK OD"N YNT'U@
HD N\XVLNM/LIMG\N+NGVYXVG,NN=RMNK Y'9ZFM@HVD$
HNH\NVD LM QV
NNVD )NN@ XNRV=@ /RK0X@ ©NDO@ EOGVY\NRN@EORoN=HNXXKMN7HD K/RUD
I4X\6D0@ GXN0N@ FND;\NQVqN@ IHO]@ HNVM'GNV@ L]+NNMHD N\GVRIMo%YINGNIMNVDU)NNQZOMV
F]NWK\U)NNY8NVD W6OV QVqNNVD GV ON)NOH!N6UN QVqNNVDGVHD N\NVD#QZUNRNONVD#RIMo%L]IUIXINNVD
.NLXLMJ/5NN^NMIGJD6$EXHVD OV YINGDNqN GV ON)N ,NN=RMN@ RX YN6M W\RNT LIMRU=X
GMNMNVDGNODSN\XODT'UGN=OHZJWV0&<Z ODFDNKIRI+N8XHNH\NVDLMYXVGQN6MGKOI¤
WK GV WIM JNVUN J6@ EO L]GNM@ EOOV I`L^NKFNUSKUJTE=$
YDUMMNo9KOHTQNGV ON)NODRNQU)NNGN=
GN=OHZJGKF6%GVD
GMXVGNYROML]N,UJNVUNJ6$GE=ODT'UGN=
OHZJWH=XK@TMNVLKOD"NYNIQGV ON)N+NK IF]'O¿F]NWK\@O@+NNMU@SKXYN6MQI^NN
[I%UIG[J6DIWXGKP5LI5UY8HD N\NVD YI4]GN¾LN=RMNHDI NVDGKF6%G
`NMNIG[GMNMNVD#OH!N6UN.NLXNVD#ODT'U LN=RMNGVLIML]VÔV@RN=GVI\+NNMU
R'U2NVDOVJTE=J6$ GNIF]'OGNY^NJNVXVGVXNUV@LN=RMN@RX
-KYIX\HNNRQRV@HNXXK,NN=RMN@RXYN6M RDW\RNTLIMRU=XHD N\XV IOUDFM@
W\RNTLIMRU=XHD KXVQVqNGK,NN=RMNODFDNK GNV[NVRNHVDIÙKIF]'OLN=RMNHDI NVD
L]N)NIHGUNYNVDYN6MWMUNVDGNVLZMNGMXVGVI\ GKF6%GGNYNNVWXIGN$
IXRVqN@ WNXGNMK U)NN OJNV[ L]N,5N GMUV JT IF]'OMN9NVDGVLN=RMNHDI NVD#L]IUIXINNVDYN6M
YDUMMNo9K OHTQN GV ON)N FNUSKU GNV PXGVON)NPXGVRIM%YINGNIMNVDXVR6I
RG
L]NV5ONIJU IGN$ PXGK GT1 L]HT>N F6%GVD W\RNTLIMRU=XU)NNY8LN=RMNKHTQaQNVDLM
IX(XI\I>NUGVON)NJTED= SSN=GMXVGVI\[NVRNHVDYNNVIWUQNV IQROK
§ -KFVDWNIHXGNI0=X@ZOOKXV9M@HE= GN=¤HHVDV+NN[I\N$F6%GGVQN6MNX@HD KRNT
HVD$ YN6MW\L]QZNNHVDGHKYN6MIXD NGV^NV NVDHVD
OJNV[ FNXV@ Q]R RD %NVO YLI
N9 GV Q^N
§ -KIF]X0KOV@ZOGVMN9LIUGVRIM%
L]FDNX@W\RNT LIMRU=XYN6MW6R IRIRNUNGV
O\NJGNM@WZX@HVD@
ODM^NNLMOJHUJT$
ϭϵϲ
IS -KYIX\HNNRQRV@HNXXKLN=RMN@RXYN6MW\RNTLIMRU=XHD KIF]'OXVUNYNVDGVON)N
IF]'O MN9LN=RMNK OJNV[ GV FNMV HVD G [N$ODT'UGN=OHZJ@IWOGKF6%GRNIN=G

ODT'U OH!N6UN .NLX LM J/UN^NM GMXV LM LOV JNV[K@OH!N6UN.NLXGV GNN=8RXHVD
OJHU JT $ RNT GK [T NR5UN@ W\@ OJNGJNV[N$
W6R IRIRNUN@W\RNTLIMRU=X@YLI
N9L]FDNX@
LN=RMNGNVFSNXVGVI\IF]'OMN9NVD
OUU IRGNO \^NVD GV I\ WVD0N GV
L]N)NIHGUNRN\V^NV NVDU)NNIF]'OQV
NNVD`NMNOJHU
XVJN)NIH\NN
JTLM/LMIJUGVY8^NV NVDGNV
NNIH\GMUVJT IF]'OLN=RMNHDI NVDXVLN=RMNF6%GGVQN6MNX
IF]'OQV
NNVDGVFKSLN=RMNKOJNV[GVFNMVHVD LN=RMNGV FNMV HVD [NVRNR'U2GNV YD[KGNM
OH!N6UN.NLXGVLN%GNVF6%GGVQN6MNXYDIUH IGNU)NNIRGIOUQV
NNVDOVGNN=8RXGVONNXNVD
LIQN[N$HDI NVDXVLN=RMNGVFNMVHVDG OVODFDINUYLXKRSXFUNYNVDGNVLZMNGMXVYN6M
ODT'UGN= OHZJGK/)NNLXNGK"NNVNNNGK IRI+N8X R6I
RG LN=RMNK GMNMNVD U)NN OUU
IWOHVDIF]'OLN=RMNHDI NVDGVOTOD[UOMGNMK IRGNO\^NVDGKO4\PL\I&NGVI\/L9
L]IUIXIN
NNIH\)NV@IWOHVDLN=RMNODFDNKHTQaQNVD MNV0 H6LGVO)NEOGVL]SN\XGNVOT[HFXNXVGV
LMPXGVLM/LMOJNV[GNVOD/)NN[ULIQN I\YNJaRNXIGN$
ϭϵϳ
IS OTDQMFXNVDGVODM^NNLM+NNMU FND;\NQVqNGN=OHZJGKF6%G
IF]'OQV
NNVDXVONR=WIXG IXWK+NN[KQNMKGVI\ YLI
N9OVPWN=5RIMUL]N6_NVI[GKYNG\X9Z\
GXYDUMN=9KUD GVLHVDLN=RMNLOV GVFNMVHVDL]/UTIUNDQK[E=DYN6MPOGVFNQPXLM
%NVOL]N6_NVI[IGNVDGNVON!NGMXVGVI\ IF]'O SSN=GK[E=$F6%GHVDJOJHIUJTE=IGWH=XK
,\V94N:H= YN:X[]KX9V'XNV\N:WK IRGIOUGMXV ONH)=GNMKL]NNI\NDFXNXVYN6M^NHUNYDUMN\NVD
GNODG<LI\NWNV JHNMV QV
NNVD HVD LN=RMNK GNV L]+NNRKLOV QZMGMXV GV I\+NNMUHVD
STXN6IUNVDGNONHXNGMXVHVDOJNUNL]QNXGM IRGNOODFDNKLJ\VDGVI\OVIFI\XIXRV
N
OGUKJ6YN6MO+NKRVFONE9NVD@UGXKGKOD/)NNXNVD GMV[N$F69FK9KLIMNVWXNGNVUKXISIJaXU
GNGXV9RG=@GVHNHOIJUYI+NXRKGMN OV'9MNVD Y)NN=USH0NYN6MMNONIXGP5LNQX
EXNVRV
NX.NXL]FDNXGNVFNRNQVXVU)NNLM/LM 4NHN=/ZI9G\ U)NN 0NW GV I\
NK"N] JK
IJUGV^NV NVDHVDODT'ULIMNVWXNYNVDGNV
NTGMXV L]SNI\UIGNWNOGUNJ6U)NN\^NVDGNVLM/LM
HVDOJNUNGMOGUKJ6$ ,NOVIXNN=IMUIGNWNOGUNJ6$LM/LMIJU
+NNMU WH=XKGN=OHZJW\YN6MYLI
N9 GVYXT+NRYN6MUGXKGKOTIR.UNGNOUUYNNNM
L]FDNX U)NN OGZ=\M Y)N=2R/)NN GV FNMV HVD LM YNQNX L]QNX GMXV GV I\ E= ,\V94NH=
+NNMU WNLNXGN=OHZJNVDGKQZOMKF6%GOV IRGIOUGMXV LMOJHIUJTE=$OKLKOKFK
YL]6\@GNVXE=IQ<\KHVDYNNVIWUGK[E=$ +NNMUKL^NOVRNUN=GMV[N$+NNMUKL^NXVUKX
IRI+N8X IRNNVD Y)NN=U W\ ODM^NN#L]QZNN
NJMNVDY)NN=UGNV(F9ZM@+NTRXV
RMYN6MGNVI3SHVD
PL
NHXYN6MYLI
N9^NV @+NIRHVDOJNV[GV YN6M P5UMN>ND0 JIM`NM
NJM HVD W\ RD
I\ W\ L]FDNX GV FNMV HVD OR=-V% PL\&N YLI
N9L]FDNXHVDL]/UNIRUOJNV[GN/RN[U
L]N6_NVI[GK FK 9K HNXGNVD GN W\ L]FDNX IGN YN6M +NIR HVD OJNV[ GV I\ L9XN@
IRGNO@YLI
N9L]FDNXSTXN6IUNVD5N)NNYLI
N9 GNV\GNUNU)NNGNXLTMLMIRSNMIGWNXVGV
W\ YN6M %NVO YLI
N9 L]FDNX GV YROMNVD@ I\WH=XL^NOVYXTMNVNIGN$
ϭϵϴ
IS W\YN6MYLIqNo9L]FDNXU)NNOGZ=\MEGNVXNVHKLM+NNMU WH=XGN=OHZJNVDGKXE=IQ<\KHVDQZOMKF6%G
+NNMU FND;\NQV
N GN=OHZJ OTDQMRXNVD GN I\OZSGNVDGVGOHZJGVFNMVHVDIXN=\VXVJVUT
ODM^NNG8WMRV
NXYN:4QOTDQMF8O GVFNMVHVD GYXIGNWN$QNVXNVDL^NNVDXVOTDQMFXGK
+NNMU FND;\NQV
NGN=OHZJGKLJ\KF6%G W6R IRIRNUNGVHNXIS NGVODT'UYX@
WT\NE=@GNVYNNVIWUGK[E=$QNVXNVDL^NNVDXV P5UH LIUNVD GV ODG\X@ XQK L]QZNN GV
OTDQMFX ^NV HVD LV0 LN6NV YN6M WKR WDUT GK YXTRK^NN GV I\ ONHN8 QCI9GNVN@ OHTQ]K
IRIRNUNGKFVJUMOH!GVI\FVO\NEX0N9N LNIM L]NN\K GV L]FDNX YN6M OTQDMFX GK
IRGIOU GMXV GV I\ ISIJaXU WVDIONVD GV LNIM L]NN\K GV /RN/) GV YNG\X GV I\
HNHOVONHN8QCI9GNVNYN6MI¤NIRINGN ODGVUGNVDGVFNMVHVDL]/UNIRUYXOVODFDINU
LN\XGMUVJTOTDQMFXGV2NLGW6R IRIRNUN GMNMGNVXNV9IGN$OTDQMFXHVDR8WKRYLMNN
HNXIS NHVD[JMKIS2'UGK$GVDQ]KL]QZNN IXD N GV I\ RIM% /UM LM G XNV0\
IXD NFNV0= OKLKOKFKXV LI
SHFD[N\ YINGNMK LQNI+NJKU GMXV LM OJHIU JTE=$
IR
NVNGMOTDQMFXHVDXIQNVDGVLIML]V^HVDMN9K FND;\NQV
NGVL]IUIXINHD0\XV+NNMUKR8WKR
W\RNT [TNR5UNYXTRK^NNGN=¤HGV FNMV HVD OD/)NNXHVD 1N RCI5UGV ON)NOK9NVD GKOD>N
L]/UTIU QK$ J OJHIU JTE= IG ODTQMFX GK FNXVHVDIS2'UGK$
LNIM L]NN\KGV /RN/)GNYNG\XGMXV GV
ϭϵϵ
I`LK^NKLIMNVWXND PL P5LNQGVLHVDOCIWUGMXVGVI\
%NVOYN6MQ]2NYLI
N9L]FDNXJVUTL]NNVI[G
¾ +NNMU WH=X+NNMU WH=XK OJNUN
LN\9L]Q
N=XODD J6$
GN=¤HGV +NN[GV LHVDLIMNVWXND
\N[UIHI\XIRGIOUGK[E=J6D$ [ OUU YN6M LN=RMN IJU6NK YN6_NVI[G
EXHVDOV@IX(XI\I>NULMYNE=OKRDO P5LNQX¿OE=YNE=LKLIMNVWXN¾EO
0KL]+NN[GVYNKXGNM=RNE=GK[E=J6$ LIMNVWXN GN PQaQV
W\ YN6M YLI
N9
L]FDNXHTQaQNVDLMOTOD[UGNMGNVDGKYXTRK^NN
GODONNXQ^NUNYN6MIÙKGY
NNVINU
^NHUNOTQCGMXVGVI\ONR=WIXG IXWK
ONH[]K L]FDNX GNV FNRN QVXN EO
+NN[KQNMKGNVFNRNQVXNJ6$
LIMNVWXNHVD QNV OV'9MNVD Y)NN=UYN:9NVHNVI9R
YN6MIXHN=NRDNJXVI0HNVI\
NXHVDODONNX Y[\V RN= GV I\IXNN=IMU#L]/UNIRU
Q^NUNU)NNIÙKGY
NNVINUONH[]KL]FDNX ING\NLIX(XI\I>NUJ6D
LMWNVMIQN[NJ6$OH[]IRNNK4]VHRG=
§ LN=RMN@RXYN6MR8WKRGV^NV HVD+NNMU
GK/)NNLXNGMXVGKIQ
NNHVDNV[QNXQVXV@
RD YN/9VI\N GV FKS OH!N6UV .NLX LM
+NNMUOMGNMGNV XKIU[UIO4NIM
NVD L]QNX
J/UN^NMIGNWNXN$
GMXVYN6MONH[]KODONNXQ^NUNGNVFNRN
QVXVGVI\GN=NVWXNIRGIOUGMXVYN6M § LN=RMNGV^NV HVD+NNMUYN6MFND;\NQV
NGV
IÙKGODONNXNVDGNPLNV[GMXVU)NNEO FKSOH!N6UN.NLXLMJ/UN^NMIGNWNXN$
L]GNM QV
N HVD '\NV70 \ZL IMONEI'\D[ § 0N:\I48OGVFNMVHVD+NNMURDXVLN\GVFKS
Y)N=2R/)NNGKIQ
NNHVD HJ5RLZN= NV[QNX OH!N6UN.NLXLMJ/UN^NMIGNWNXN$
QVXV GV PQaQV
OV@ ODONNX Q^NUN LM
§ IF]'O MN9NVD GV ON)N LN=RMN GV ^NV HVD
+NNMUKODONNXL6X\[I%UIGN[NJ6$
OH!N6UN.NLXLMJ/UN^NMIGNWNXN$
+NNMU MN9K /UM LM G ODONNX L6X\
[I%UGMXVRN\NLJ\NQV
NJ6$ § LN=RMNGV^NV HVD+NNMUYN6MGUMGVFKS
OH!N6UN.NLXLMJ/UN^NMIGNWNXN$
>NYLI
N9OVPWN= XNIOGLIMNVWXN
EOV HJNMN9 GV XNIOG X[M IX[H `NMN § XE=IQ<\KHVD+NNMU WH=XKLN=RMN4NVMHGN
GNN=I8RUIGNWNMJNJ6$LIMNVWXNGN YNNVWX$
PQaQV
FNNV IH)NVXV
NX L]I¤N GN L]NV[ § LW\YN6MLLYLI
N9L]FDNXU)NNOGZ=\M
GMGV@PWN=OCIWUGMUVOHX[MLNI\GN Y)N=2R/)NN GV FNMV HVD +NNMU WH=X GN=
YN:[V=IXGYLI
N9GV J)NN\XJ6D0I\D[GV OHZJNVDGKUKOMKF6%G
UMKGVIQ>NNXNJ6$JWKSWKP5OW=X
§ +NNMU ZMNVLKOD"NLN=RMN4NVMHGVFNMVHVD
GNVGHGMXVU)NNYN:[V=IXG%NVOYLI
N9RD
YN%RKDF6%G$
OV,9VWGV OJ IGRXGV HNHOV PWN=
ϮϬϬ
§ LN=RMN GV FNMV HVD +NNMU ZMNVLK OD"N ,NN=RMNIXINHVD@ZO0N:\MGNRNIoN=G
ODT'UGN=OHZJGKXN6RKDF6%G$ IRUK YDqNQNX QVUN J6$ Z X E= LK GV
§ LN=RMNGVFNMVHVD+NNMU /RK0XODT'UGN= YDUMMNo9KODONNXL6X\YNE=YNMLKODFDNK
OHZJGKQZOMKF6%G$ U6DUKOOQ/NVDHVDOVUKXRU=HNXHVD+NNMUOVJ6D$
JHD N\YNMYNE= LKODSN\XOIHIUGN
§ LN=RMNGVFNMVHVD+NNMU 4]NDOODT'UGN=
OQ/J6$YNE=YNMLKZXE=LKGKODONNX
OHZJGKSN6)NKF6%G$
GN=^NHUN#OUUPLNV[U)NNP5LNQXOOK
§ O
TDQMFX GV ODM^NN GV FNMV HVD +NNMU LK PL GN=¤H HVD OJNUN GMUN J6 U)NN
FND;\NQV
NODT'UGN=F\GKQZOMKF6%G$ OMGNMGKXKIU IXHN=UNYNVD@PQaNV[U)NNOD/)NN
§ LN=RMNGVFNMVHVD+NNMU XNRV=ODT'UGN= GVI\2NRJNIMGOHNNNXGMXVGVPQQVqOV
OHZJGKXN6RKDF6%G$ IRqRGV ORN=INGHJ5RLZN= ODONNXHTQQNVD GN
HZ<NGDXGMMJNJ6$YDUMN=9KODONNXL6X\
YDUMMN9KOJNV[ FJTL^NKHNH\V J
YNE=YNMLKYN6MODSN\XOIHIUGKRKDF6%G
L]+NN[ODT'UMNo9,NN=RMNGN=¤HZXE=
WZX@GNVGVL9NPXHVDYNNVIWUGK
LK@R6IqRG,NN=RMNOTIRNNWKE=4@ODT'U
[E=$YDUMN=9KODONNXL6X\YNE=YNMLKYN6M
MNo9IRGNOGN=¤HZX0KLK@IRqRF6DG
ODSN\XOIHIUGKRKD F6%G XRDFM@
0&<ZFK@^NV KIXGNNVDW6OVIG,NN=RMNRD
GNVLVIMO@4]NDOHVDYNNVIWUGK[E=$EO
IqNN L]qNN8U YNI)N=G RD ONHNIWG YNNV[
HD N\XVQNVXNVDF6%GNVDHVD+NN[I\N$
/G6L@QI^NNIqNNE=^NV KOJNV[OD[%X
ONG=@ QI^NN IqNNE= OJNV[K ,NN=RMN ODT'UMNo9,NN=RMNO+NNZXE=ZXE=
GN=¤HOOKE=LK@QI^NN LZR=IqNNE= LKGNpNNOKIXGNJ6$ZXE=GNQZOMNO
MNo9OD[%XYNIqNNX@IqNNIRGNOF6DG HE=OVHE=@UGX6MNVFK@GV8NHVD)NN
0KFK@ZMNVLKOD"NE=Z@+NNMU F]NWK\ QI^NN YN6MEOGNGV8Q] IF8QT ªOUUIRGNOGV I\
Y©KGNE=&ON@,NN=RMNKIqN>NMO(HV\XRD WV80NGV,NN=2NMNYNNHGVODFDNHVDOVRN
Y8OD[%XNVDGVI\XNV0\GV8Q]J6$JL]+NN[ L]QNX[Kª LM JNV[N$ EO HD N\ GV G
,NN=RMNKHNH\NVD LMGN= GMXV RN\V IRI+N8X L]IUIXINHD0\XV ODFDINU/9VGJNV<0O= GV ON)N
ODT'UMNo9 RD Y8YDUMMNo9KIXGNNVD GNV ODT'UMN9LN=RMNO+NNGVQZOMVO HVDOI¤
RNIoN=GYDqNQNXQVUNJ6$JL]+NN[QI^NNIqNNE= ,NOV+NN[I\N$EOHD N\XVZXE=
OJNV[K,NN=RMNGN=¤HOOKE=LKGNV GV WVD0V GNV U6NM GMXV GV I\ FT\NE= [E=@
L]IURoN=@ZO0KGNL5]^NYqDNQNXQUVNJ$6 GIH9K YN:4 LMHNXVD9 IML]WVD9VI9R GK
4MRMK@GNVX6MNVFKGV8NHVDYNNVIWUQZOMK
ODT'UMN9,NN=RMNGN=H¿ZXE=LK¾
>NT\KF6%GHVD+NK+NN[I\N$
+NNMUZXE=LKGNOQ/J6YN6MZXE=LK
ϮϬϭ
-KEIMGONV<JVH@XIXT'UGN=GNMKIXQV
NG@ RXYN6MW\RNTLIMRUX=MN7HD K/RUD L+]NNM
ODT'UMN9LN=RMNGN=¤H@X6MNVIFJNQXV+NNMU GVON)NF%6GGKYNM6+NNMU ZXE=LK+NN[KQNMK
GNQN6MNIGN5N)NNY'9ZFM@GNVW\RNT@ GVORDNX=GVFNMVHDVIRSNM IRH
N=IGN)NN$
IS -KEIMGONV<JVH@GN=GNMKIXQVqNG@ODT'UMNo9LN=RMNGN=¤H@X6MNVIFJNQGK
HNXXKLN=RMN@RXYN6MW\RNTLIMRU=XHD KGVON)NF6%G
R6I
RG,NN=RMNOTIRNN¿WKE=4¾+NNMU MNo9G8RVD
NXZXOKOK0K@LKYNVLKODFDNK
+NNMUR6IqRG,NN=RMNOTIRNNWKE= 4GN /9N:GJNVHG8RVD
NXU)NNLNMVOVODFDINUIHIXHN9N
OD/)NNLGOQ/J6$HVD/)NNILUWKE=4 G8RVD
NX `NMN L]Q5U IQqNNIXQV=qN GV YXTONM
R6IqRG,NN=RMNK\N+NNVDLMNXQVXVGVI\@ IXNK=UIGNWNUNJ6$WKE=4YXTQNXLNDS
WNVYI+N.NUMNo9KL]N)NIHGUND+NKJ6D@RCI[U L]HT>N^NV NVDXNHUW6RIRIRNUN@W\RNTLIMRU=X@
IR5UL]QNXGMXVGVI\QVqNNVDGVXNHNVIQaQo9 +NZIHYR¤HN@YDUMMNo9KOHTQ]U)NNMONXRD
FJTL^NK IR5ULNVoNN UD J6$ WK E= 4 GN YLIqNo9GVYDU[=UPL\&NJ6$LZN= YNGNMRN\K
YINQVqNFJTL^NK,NN=RMNG8RVD
NXNVDGVL^NGNMNVD ! IHZ O 0N:\M HH YNGNM RN\K
GV O(HV\X XNHU W6IRG IRIRNUN ODFDNK IHI\XUGZ O0N:\MU)NN\"NT YXTQNX
G8RVD
NXNVD OK FK 0K@ ODT'U MNo9 W\RNT @ZO0N:\MUGWKYNV#OKFKYNVGV
LIMRU=XODFDNKNDSN[UG8RVD
NXZX4OK I\YX8,NOVLIMNVWXNYNVDGNVOJNUNQK
OK@H/)N\KGMNOV IXL9XV GV I\ODT'U WNUK J6$ WK E= 4 YLXV XNHNVIQaQo9
ϮϬϮ
YI+NGMNNVDGVWIMGN=GMUNJ6IWXHVDOVQO FNRNQVXN \"NTRDHHP_HNVDGVI\Z
+NNMUHVDL]SN\XN5HGJ6D0KFK@IRqRF6DG@Z XYNE=0KYNV#WKE=4LIMNVWXNJ6WNV
X0KLK@ZXE=LK@ZIX0NV@4YNV@YNE=Z PWN=@LN=RMNKRD YNI)N=GSTXN6IUNVD GN
OK X@ 0&<Z 0&<Z 4 YN6M GDWMRV
NX ONHXNGMXVGVI\P+NMUV/R31L]N6_NVI[GK
E89MXV
NX\ '\KX 9VG /9N9= YLaO GNV FNGM
,NN=RMN@ RX YN6M W\RNT LIMRU=X HD N\ YI+NXRKGMN EXNVRV
NX YN6M P_IHUN
+NNMUGNWKE=4L]SN\XN5HGGV8Q]IF8QTYNV IRGIOU GMXN J6$ J LIMNVWXN R6I
RG
4LKJ6WNVO+NKY8UM QVqNKOH8RGVI\ LJ\@IWOHVDQV
N+NN[\VMJVJ6D@GNG
P¥NMQNKJ6$YNI)N=GGN=IR+NN[0KE=+NNMU +NN[)NK$+NNMUHVD@IL1\V UKXRNNV=D HVD@J
GNWKE=4MNWXKIUGGV8Q]IF8QTJ6$+NNMUWK LIMNVWXNOVYINGEXNVRV9O=UGLJTDSK
E=4YXTQNXGNQNUNU)NNL]N,UGUN=QNVXNVDJ6$ IWXHVD OV EXNVRV9O=
NJMNVD OV
RN= HVD QNV LIMNVWXND O4\UNLZR=G OVIH4NEXI\/9)NV@IW8JVDL]IUNV[KL]I¤NGV
LZMKGK[E=D$EXLIMNVWXNYNVD GV L]HT>NL]+NNR HNHOV
NN:9=I\/9IGN[N)NN$'\KX9VG
IX(XI\I>NUJ6D YNVLXOK9KYNVZOWNVLIMNVWXNGV
I\XN:\VWLN9=XMJ6@XVEXNVRV9O=GNVPXGV
§ +NNMUE=D9P_NV[HVDPWN=Q^NUNOTNNM G P5LNQGVRNINI7GMNGVFNMVHVDL]I
NI^NU
ZX0KLK#WKE=4LIMNVWXNJ6IWOGN IGN U)NN J IRSNMNVD YN6M .NXNW=X GV
PQaQV
ODONNX Q^N E=D9 YNE= E= FK GV YNQNX L]QNXGVI\GR6I
RGHDSL]QNX
P5LNQXRDL]NV[GNVFNRNQVXNU)NNPWN= GMUNJ6$OK9KYNV XV RVIFXO= GV LHVD@
>NLU@HCQNPLNV[YN6MWKSWKP5OW=XNVDHVD EXNVRV9O= GNV IOI\GN:XR6\K/9N9= YLGV
GHK\NXNJ6$LIMNVWXNHVD YNME= FK FMNFM\NXVGVI\'\KX9VG2RONYN6M
P5LNQXZIX9NVDGNVOJNUNL]QNXGK[E=)NK 2RONHN:0\NVDGVIRI+N8XLJ\TYNVDGVFNMVHVD
IWXHVD OV XE= ZIX9NVD GK /)NNLXN RN= HN[=Q
N=XL]QNXIGN$RVIFXO=XVEXNVRV9O=
HVD GK [E=$ ZIX9NVD GV I\ GNVLZMVIR
RGVGE=/9N9=YLaO@IXRV
NGNVD@
IXRV
N NVWXND IRGIOU GK [E=D U)NN IR
NVN.NVD@ HN[=Q
N=GNVD HVX9O= GV ON)N
RN/UTIRQNVD@YI+NDUNYNVD@IF<0O= RD OMGNMK RN/UIRG L OV WNV0N$ HN[= Q
N=X U)NN
YINGNIMNVDGVI\.NXP5LNQU6NMIGN YNG\X@WNVLZMVRN=WNMKMJUNJ6@GVFNQ
[NU)NNEOGNL]ONMIGN[N$YNME=FK YDIUH IRWVUNYNVD GNV IOI\GN:X R6\K@
GNVLDWNFGV\NVGIXHN=NIR+NN[`NMNL]NLN G6I\4N:IX=N HVD '\KX9VG YNVLX ;\NVF\
YXTOZSKHVD
NNIH\IGN[NJ6$LIMNVWXN 4NVMHHVDL]NOGMXVGNYROMIQNWNUNJ6@
HVDI1IQ]ULM4NVMV9V0E=D9NVDLMFKYNE=O WJNDP8JVDLZMVIR
RHVDLJSNX@LTM/GNMYN6M
GNV0= GV LTXMK^NNGV I\UGXKGKEXLT9 LN9=XMNVD@[]NJGNVDU)NNIXRV
NGNVDGVON)NWT0NR
L]QNXIG[$ IH\UN J6$ EX HNG=V9 MV0K EXNVRV9O= GNV
§ +NNMUHVDOHE=GK/R31PWN=L]N6_NVI[GK OD+NNIRU IXRV
NGNVD@ []NJGNVD YN6M LN9=XMNVD OV
YI+NXRKGMNEXNVRV
NXYN6ML]IU/LNN= GNV WNV0N[NJ6$
ϮϬϯ
WKE=4\"NTYXTQNXGN=H¿OWKLK¾ § LIMNVWXNGVYDUUG@IHI9G9XGV
OWKLKYI+N.NUL]N)NIHGUNRN\V ^NV NVD HVD \^GVHTGNF\V@XRKGMNPWN=GNVYD[KGNM
GN=G\NL S\NXV GV I\ \N>N UG GMGV @ IHI9G 9X GNF= X
LIMNVWXNYXTQNXL]QNXGMUVJT[6M OMGNMK 0NYN:'ONE0GVP5OW=XGKGHK\NE=[E=$
OD[%XU)NNOKFKYNVGVON)NJKGN=GMUNJ6$ § YFUG@JV'9VM+NZIHGNVOUU+NZIH
,NN=RMNIqN^NNGV8Q]OKE=E=WKE=4OWK RD ODONNXL]FDNXGV YNKX\NN[NJ6
LK+NNMUGN=¤HGVI\MNo9KHVWFNXOD/)NN WFIG\^@@JV'9VM+NZIHGN)NN$
XSYNE=GV,NHVDHD N\GKYNVMOVGN=
GMMJNJ6$ § LDSNUNVDXV[]NH/UMKODONNXPLNV[
GKNVWXNGNVYD[KGNMIGN$
IHI\XYHVIMGK0N:\MGVODLZN=YNFDI9U
YXTQNXGNVXN6MN9KODSN\XOIHIUGKYF § 'T\ HIJ\N /R OJNUN OHZJNVD GN
UGYNNVIWUF6%GNVDGVHNHOVRSXFIGN [%XLIMNVWXNYNVD HVD IGN[NJ6 IWXHVD
[NJ6IWXHVDOVQNVIMLNV9N=NKXRN=HVDYNNVIWU @ HIJ\ND OQ/ J6D@ IWXOV \[+N[
GK [E=D$ \[+N[ LIMNVWXND EO RN= @@LIMRNML]5^NRDYL]5^NLOV
YXTHNVIQUGK[E=D$W6RIRIRNUNODM^NN@W\RNT \N+NNI8RUJNVMJVJ6D$VHIJ\NDIXIHUL
LIMRU=X@PL
NHXYN6MYXTGZ\X@+NZIHYR¤HN OVL]5VGHNJIH\UKJ6DYN6ML]IUHNJ\;N+N[
U)NN YLI
N9 L]FDNX OV ODFDINU \;N+N[ GKFSUGMUKJ6DU)NNEXHVDOV
LIMNVWXNDLZMKGK[E=J6D$EORN=LZMKGK[E= YINGUM/R OJNUNOHZJNVDGNVOUUL
LIMNVWXNGKPL\I&NNDIX(XI\I>NUJ6D OVYNI)N=GP_HRDL]N6_NVI[GKE89M4VO
NT
GMXVGVI\BN#YXTQNXJVUTF6DGNVD@XNFN0=
§ FNNV[6O ZIX9VD@ RHK= G(LNV/9 GVHNHOVWNV0N[NJ6$
IL9aO@W\ODSXL]NNI\ND@RN9M
96DG/)NNILUIG[@HK9M0NVMFDQK § WKE=4 OWKLK[6MOMGNMKOD[%X
IXIH=UGK[E=@OVYINGOZ>NKGTDYNVDGNV LN9=XMNVDXVEORN=IRI+N8XLTM/GNMWKUV$
QNVFNMNSN\ZIGN[N@Y8F6DG/)NNILU IR
R F6DG HD N\ IRqR F6DG LIMNVWXN
IG [ YN6M PWN= Q^N W6[MK 4XV=O LNV9=4NVI\NVHVDIHZO0N:\MHZ<GK
/)NNILUIG[$ SNM LIMNVWXND pNNIH\ J6D$ EXHVD OV QNV
§ YF UG @ PWN= Q^N NTDYN MIJU LIMNVWXNDIHZO0N:\MGVWKE=4
GTG /9NVR /)NNILU IG [$ GVR\ EX YXTQNXGVON)NIR
RF6DG`NMNODSNI\UWKE=
GTG /9NVR OV@ \[+N[ IHI9G 9X 4LIMNVWXND J6D$EXO+NKLIMNVWXNYNVD GN
GNF=X0NEYN:'ONE0P5OW=XHVDGHKYNE=$ GNN=8RX ODFDINU IRoN LMG L]+NN[NVD `NMN
EOGV YIUIM'U@ F0V YNGNM GV GTG IGNWNUNJ6$LIMNVWXNGV&N6MVIX(XI\I>NU
/9NVR OV +NK IHI9G 9X GNF=X 0NE J6D
YN:'ONE0GVP5OW=XHVDGHKYNE=$ § /NHVIGUU9RUK=WNVXL]FDNXYNE=0K
IHZO0N:\M
ϮϬϰ
§ YN6_NVI[G L]QZoNN L]FDNX GV I\ ^NHUN -K\DGNHVDJ6$EOGNPQaQV
OUUIRGNOGV
IXHN=NIHZO0N:\M ZO LIML]V^HVDU)NNYNI)N=GRDONHNIWGIRGNOGV
0KIHU)NNYNE= FK0KIHZ O HTQaQNVD@ WNV LN=RMN GNV L]+NNIRU GMUV J6D YN6M
0N:\M LN=RMNOVL]+NNIRU+NKJNVUVJ6D@GVFNMVHVDLN=RMN@
§ W6RIRIRNUNOMD^NNU)NN[]NHKNYNWKIRGN L]NGCIUG RD HNXRK QNVXNVD GV ^NV HVD QI^NN
OTNNMGN=¤HIHZO0K YNE=0K I
NNHVD^NV KOJNV[GNVFNRNQVXNJ6$J
IHZO0N:\MWKE=4IH O+NK MN9K@ ^NV K RD YDUMN=9K OD/)NNXNVD@
ZO0N:\M OMGNMKRD[6M OMGNMKU)NNVOVOJNV[RD
ODM^NNL]NONVDHVD\[VIR
NVN.NVDYN6MOHZJNVDGVON)N
§ LNIMUD OVRNOTNNMLIMNVWXNWKE=4 "NIX%UNOVGN=GMGV^NV GVL]NGCIUGODONNXNVD
IHZO0N:\M GVODM^NNYN6ML]FDNXHVDOJNUNL]QNXGMUNJ6$
§ HD N\ F6DG GV ON)N OJNV[ GK +NNRK JHD N\OOKE=LKGNVL]IURN=@
GN=XKIUIRGIOUGMMJNJ6$ YHVIMGK0N:\M+NNMUOMGNMGNRNIN=GYXTQNX
QI^NN I
NNE= ^NV K OJNV[ OD[%X L]QNXGMUNJ6$
¿ONG=¾GYDUM OMGNMKIXGNJ6IWOVEOHV OOKE=LKOISRN\XVIX(XI\I>NUF6%GVD
YN% OQ/ MN7NVD XNHU Y4[NIX/UNX@ YNNVIWUGK)NKDIWXHVDEOHD N\GVL]IUIXIN
FND;\NQVqN@ +NZ9NX@ +NNMU@ HN\QKR@ XVLN\@
NNIH\JT
LNIG/UNXU)NN-K\DGNHVD OUUIRGNOODFDNK § IQXNDG Y'9ZFM@GNVOUU>NLU
HTQQNVDGVODFDNHVD@^NV KOJNV[GNVFNRNQVXVGV RDP5LNQXGVFNMVHVDQI^NNI
NN4NVMHGK
I\RoN=HDV/)NNILUIGN[N$EOOFDDNH@DV SN6)NKF6%G
ONG=OISRN\RoN=HVGFNMMNo9N^NNDVGKF%6G
IWOVONG=IqN>NMO(H\ V XGV,NHDVWNXNWNUNJ@6 § IQXNDG Y'9ZFM@ GNV RVD
YNNIVWU GMUN J$6 OHK^NNNKX RoN= GV QNM6NX@ I
NN L]
NNDUW\RNTLIMRU=XYXTGZ\X
OISRN\XV IX(XI\I>NUGN¤ = HNDV GNYNNW
V X LKX4NVMHGK\[NUNMF6%GU)NN
IGNIWOHDVHD N\`NMN+NN[KQNMKGK[E= § IQXNDG Y'9ZFM@ GNV W\RNT
§ W\RNT LIMRU=X LIMQC
HVD LNIM L]NN\K LIMRU=XYXTGZ\XSTXN6IUNVDGVFNMVHVDO $
OVRNYNVDGNVODRIN=UGMXVLMIR
NVNWNVMQVUV OUUIRGNO
JT RX L]FDNX UGXKGNVD GV FNMV HVD ONG=
IR
NVN.OHZJGKF6%G WZX@GNV ODT'UMN9ONNNMNO+NN`NMNIOUDFM@HVD
LNMNV@+NZ9NXHVDYNNVIWUGK[E=$ OUUIRGNO\^NVDYN6MODF\^NVDGNV
YD[KGNM IGN [N$ ª9NDO4NIH=D[ YRM R<0=
QI^NN I
NN OJGNMK LN=RMN GN=H
WVD0N4N:MO/9VXVF\0VR\LHVD9ªXNHG
¿O OK E= LK¾ QI^NN I
NN OJGNMK
LIMNNHKQ/UNRVWHVD XE= IRGNOGN= OZSKGV
LN=RMNGN=¤HOOKE=LKGK/)NNLXN
YIUHJ5RLZN=\^GV,NHVDIXN=XUNP8HZ\XLM
HVDGK[E=)NKIWOGNHT>N\GNV\(FNV@
ϮϬϱ
F\IQN[NJ6 U)NNEOGV HZ\+NN[HVD OUU LNXKGVXKSVWKRX
IRGNOGV YNI)N=G@ONHNIWGU)NN,NN=RMNK /)N\KWKRX
YNNHNVD GN OHNG\X J6$ PQKHNX IRGNO
GN=OZSKEOY)N=HVDYLZR=J6IGEOHVDO+NKQVqNNVD@ pNNI8URD8NL]F\OD/)NND
IXN=X@YHKMU)NNHH YNRN\NVD`NMNGNM=RNE= <N^NVDGVI\ON!VQIMND
GKYLV^NNGK[E=J6$ALNDSLK \NV[LKLT\[]J § \ÔUUPLNV[RD P5LNQXL69X=
,\6XV9@ OHCI L]NV/LVIM9K@
NNDIU LKO U)NN OTIXIqSUGMXN
ON!VQNMK LN9=XMIqNL GN=OZSK GV IR/UCU
§ \^W\RNTLIMRU=XU)NNEOGVL]+NNRNVD
GN= ^NV HVD2N,UJ6D$O0KWKGVRoN=
OVIXL9XVGVI\Y5NRqGGNM=RNE=GMXN
UGJNIO\IGWNXVGKL]5NqNNJ6$
§ \^+NZ +NN[KLNIM L]NN\KOUaU,N
SDZIG O 0K WK IRI+N8X ^NV NVD OV ODFDINU J6
OV L]FDNX IG [ RXNVD GN ODM^NN@ LTX
EOI\XKIUYNNV[GNV ODFDINUHD N\NVD RD
/)NNLXU)NNODRN=XGMXN@H/)N\KGMNOV
\NEXIR+NN[NVDGVON)NEX\^NVDGNVL]N,UGMXVHVD
IXL9XNYN6M+NZIHYR¤HNGNVMNVGXNU)NN
OH8RGMXVGNGN=IQN[NJ6$HD N\GNV
L\9 QVXN YN6M W6RIRIRNUN GK JNIX GNV
IX(XI\I>NUO0KWKGNVL]N,UGMXVGVI\
MNVGXN$
XNV0\FXNN[NJ6
§ \^ FJT IJUNNMK ON!VQNMNVD `NMN
OUUIRGNO<N^ ODLZIMU OUU IRGNO GV I\ R6IqRG
IXN=XUNP8HZ\X +NN[KQNMKGNV FNXNIWOOV .NX@OTIR.UN@
+NZ>NHMKOVHTI'U L]N6_NVI[GKU)NNIR5UKODONNXWT9NWNUV
J6D U)NN ON!N IG WNUV J6$ O+NK QVqNNVD@
P5UH/RN/)RDUDQT/UK
IRqNVoNGMIRGNOqNK\QVqNNVD HVD OUUIRGNO
[TNR¥NNRN\KIqN^NN <N^NVDGNVL]N,UGMXVHVDOJNUNQVXN$
\6DI[GOHNXUN § <N^ ON!VQNIMNVD GV YXT+NR U)NN
/R31W\RDO4NE= ODONNX GN=XKIUNVD LM IXIH=U L]+NNRK
ONR=WIXG@ ONR=WIXG IXWK U)NN IOIR\
RJXKRD/R31PWN=
ONVONE9KGK+NN[KQNIMNVDGNVL]NV5ONIJUU)NN
P¥NHGN=RDYNI)N=GIRGNO ODRIN=UGMXN$
P_NV[@XRNSNMU)NNYROMDSXN J L]+NN[ L]5VG OUU IRGNO \^ U)NN
8ZXKGCUIRoNHUND PQQVqNVDGVI\R6IqRGODGVUGNVDGVIRGNOHVD
/DNNNMNKX[MRDOHTQN NV[QNXQVGMONDI>GKRDGN=¤HGNN=8RX
HD N\HYNVOKLKYNE=GVON)NOI¤,N
IW(HVRNMPLNV[RDP5LNQX OVGN=GMMJNJ6$O0KWKGVYDU[=U\^NVD
W\RNTODI¤N GNVJNIO\GMXVGVI\ODGVUGNVDGNIRGNOG
ϮϬϲ
WNVI>NHH RD WI9\ L]I¤N J6 IWOGV I\ IOIR\ONVONE9KOD[%XNVD@
N6^NINGOD/)NNLGNVDRD
PXGVYN6IS5RDL]RU=XKUNGNHZ<NDGXGMXV IR
NVN.NVDXV+NN[I\N$HD N\XVOUUR6I
RG
GVI\IJUNNMGNVD@HD N\NVDU)NNMN7OMGNMNVD RNUN=YNVD GV I\ ONDI>GK YN6M GN=¤H
GVON)NYXVGO\NJHqNRMVGKYNRqGUNJNV GNN=8RXHD N\GNVEXLT9+NVWUVJTO
OGUKJ6$R/UTUEOL]I¤NGNVOTGMFXNXVGV 0KWK\^NVDGNYXTRK^NNGMXVGVI\MN9K
I\GXE=YNDG0NL]NN\KOCIWUIGWNXVGK ODGVUGNVD GNV IRGIOU GMXV GK L]I¤N
NT
YNRqGUNL0OGUKJ6$ GKJ6$
EOHD N\GNJHNXXNJ6IG+NNMUGNL]HT>N FNJa OJNUNL]N,5NLIMNVWXND
F\GNN=8RXGV ONNXNVD@^NHUN IXHN=NU)NN
FNJ OJNUNL]N,5NLIMNVWXNE=LKL]+NN[
L]N6_NVI[GK GV YDUMN LM JNVXN SNIJ$ EO
FNJaQNUNYNVDGKOJNUNOVMN7NVDHVDGNN=I8RU
HD N\`NMNpNTIG[YXGVHNHOV
GKWNMJKRNIXGKLIMNVWXNYNVDGVHZ<NDGXNVD@
YXTHNIXUJ6IG\[+N[\N>NGMNV0GK
YXTHNVQXNVD U)NNYXTRK^NNGV GN= GKQV>NMV>N
NXMNIqNO0KWKGVYNKX\^NVDGNVJNIO\
GMUNJ6$WNLNXED9MXVqNX\GNVYNLMVqNXWVDOK
GMXVGVI\YLVI^NUJNV[K$IRGNOqNK\QVqNNVDGNV
WVYNE=OK@40K©NDOOMGNM@GV4
EX\^NVDGNVIR5UKOJNUNU)NNYIUIRGIOU
0&<Z WKYNE=WV0WH=XKOMGNME5NIQGK
L]N6_NVI[GK GV YDUMN GV WIM L]N,U GMXV HVD
OJNUNOVMN7NVDHVDGNN=I8RUGKWNUKJ6D$
IRGIOUQVqNNVD `NMNOJNUNIQWNXV GV I\
GJNWNXNSNIJ$ V LIMNV W XNy GNN= 8 RXNNKX IRI+N88N
LIMNVWXNYNVDHVDLIMGI<LUPQQVqNVDGVYXT,N
HD N\XVLMNH
NK=OJ+NNI[UNL]I¤NGVHNH
IXWK +NZIH LM RC^NNMNVLN U)NN pNJMK ^NV NVD GNV
OVLN=RMNKYNNHGVON)NOUUIRGNO
JMN +NMNFXNXV GNV L]NV5ONIJUGMXV GV Y\NRN@
\^NVDO0KWKGNVL]N,UGMXVGVI\GN=
RXRDRC^NYN31NQXFNXV@E=NXGK\G0KU)NN
NVWXNIRGIOUGKYN6MXKIUYNNV[GNVL]/UTU
LqNT SNMN GK PL\&NUN HVD FNVUMK GMXV@
GK$HD N\XVIQXNDGIOUDFM@GNVXE=
YNWKIRGNGVYROMNVDHVDRCIGMXVU)NNRXNVDGV
IQ<\KHVD OUUIRGNO\^NVD O0KWKGV
OHKLRUK=[]NHKNNVDGVWKRX/UMGNVFVJUMGMXV@
LN=RMNK YNNH GV FNMV HVD G MN9K
\NV[NVD GK OJ+NNI[UN OTIXIqSU GMXV GV I\
GN=
NN\NYNNVIWUGK$JXKIUYNNV[`NMN
ODT'URXL]FDNXWV4HOD/)NNYNVDGNVOTQC
EOHD N\GNVON6DLV[O0KWKLN=RMN
GMXVGVPQaQVqOVRXMNVLN@W6R IRIRNUNGN
ODFDNK \^NVD GNV L]N,U GMXV GV I\ UMKGNVD@
ODM^NNYR¤IHURX^NV NVDGVLTXRN=O@W\U)NN
PLNNVD@MNV0H6LRDHNLVWNXVNV;ODGVUGNVDLM
HCQNODM^NNPLN4NH= RNIXGKGCIoN RNIXGK@
SSN=GMXVGVI\GONR=WIXGLMNH
N=)NN$
ONHTQNIG IRGNO U)NN OD/)NN[U ^NHUN GN
EOGN=
NN\NGNPQa"NN9XHNXXKLN=RMN@
IRGNOGMXVHVDHQQGMUKJ6$VLIMNVWXND
RXYN6MW\RNT LIMRU=XHD N\`NMNIGN
\NV[NVDGKYNHQXKGNVFNXV@FVJUMWKRXQqNNYNVD
[NU)NNEOHVDXKIUYNNV[HD N\NVD@MN7NVDGV
HVD OJNUN QVXV U)NN MNVW[NM OCWX YN6M
RIM%YINGNIMNVD@FJTL^NK#I`L^NKWVDIONVD@
LIMNVWXNGVOHNLXGVGNMNIR5ULNVoNNL]RNJ
ϮϬϳ
FDQJNVXVODNNMNKUNFXNM>NXVLMNXQVXVGV § YNVI0
NNRNIXGKOV'9MIRGNOLIMNVWXND
PQaQVqOVY8\NEXIR+NN[NVDU)NNY8OMGNMK WVYNE=OK
NVWXNYNDVGVON)NYI+NOMNGVWIMYNWKIRGN § IJHNS\L]QV
NXRXLNIM L]NN\KL]FDNXYN6M
GVGN=G\NLNDVHDV+NKOJNUNGMUKJD6$ WKIRGNVLNW=XLIMNVWXNWVYNE=OK
RU=HNXHVD@FNJa OJNUNL]N,5NLIMNVWXNYNVD § OUURXL]FDNX@W6RIRIRNUNODM^NNU)NN
GNGNN=8RXIGNWNMJNJ6$EXHVD OV XE=L]N6_NVI[IGNVDGVYD[KGMNODFDNKHTQaQNVDGV
LIMNVWXNDMN7^NV GKRNIXGKLIMNVWXNDJ6 FNMV HVD LN=RMN@RXYN6MW\RNT LIMRU=X
IWXGN LIqSH FD[N\@ MNW/)NNX@ UIH\XN0T@ HD N\YN6MMN7RXIR+NN[GVYINGNIMNVD
IOI'GH@ P5UML]QVqN@ [TWMNU@ I LTMN@ IJHNS\ GNQV
NODGVDIQ]UL]I
N^NNWVYNE=OK
L]QVqN@ YOH U)NN P5UMN>ND0 MN7NVD `NMN
GNN=8RXIGNWNMJNJ6U)NN RXL]FDNXGV § IJHNS\L]QV
NP8XIUGVI\RX IR
R
I\^NHUNGNIRGNOU)NNGNIH=GNVDGNL]IqN^NNª F6DG
XNHGGV8Q]K^NV GKLIMNVWXNJ6$MN7^NV § JIMU IRGNO L]FDNX HVD YI+NXRKGMN
GKLIMNVWXNYNVDU)NNGV8Q]^NV GKLIMNVWXNGNV EXNVRV
NX@P5UMN>ND0 IR
RF6DG
WKGNWKYNE=OK`NMNIR5ULNVIoNUIGNWNMJN § RXNI;XGVFNMVHVDI/)NIUIR
\VNNGVODFDNHVD
J6$ pNVoN UKX GNV@ YOH HVD 4 0K 4]NDO IR
RF6DGLIMNVWXN IR
RF6DG
OMGNM@IJHNS\L]QV
NMN7HVDGV40&<Z
§ YNME=0K0KGVLIMNVWXNIRGNOGVFNMVHVD
WH=XKOMGNMU)NNWKYNE=W60 WH=XKOMGNM
UGXKGKOJNV[LIMNVWXNJVUT,\KGV
NX
`NMNIR5ULNVIoNUIGNWNMJNJ6$
YN6MYNVI0
NNHVDOUURXL]FDNXGVI\UD
IX(XI\I>NURNIXGKLIMNVWXNDIRSNMNNKXJ6D GNGNN=8RX WVYNE=OK
§ XN[N\6 D 0 RXKGMN YN6 M LNIM IRGNO
LIMNVWXNDWVYNE=OK
ϮϬϴ

'r+"+
$,""#0'"F!0#0"."
$,""#0'"F!0#0"." HD N\ GV R6.NIXGNVD GK +NUK= YN6M
OVRNIXRCI5UODFDNK\N+N
L]
NNOXHVDUKXYXT+NN[J6DY)NN=ULK /@LK //
PLT='UHTQaQNVDLM8NN\GVHNH\V
RDLK ///
+NNMUKRXOVRNYINGNIMNVDGVI\HD N\
YXT+NN[ RNMODI^N,UIRRMNXKSVIQN[NJ6
GKGVDQ]K/9NI4D[/GKHGVYDU[=U+NNMUK
LK /YXT+NN[ RX OVRN YINGNIMNVD OV I+N8X HD N\ GV
LN=RMN@RXRDW\RNTLIMRU=XHD N\ OHZJ G @ >N RD [ YINGNIMNVD GV
GVUGXKGKLQNVDGNODR[=L]FDNX YXT
NNOIXGHNH\V@R6.NIXGNVDGVFKSGN=
YNFD9X
UGXKGKLQNVD GNOCWXYN6MPXGNV WNMK
M>NXN +NNMUKRXOVRNYINGNIMNVDGVI\HD N\
GKGVDQ]K/9NI4D[/GKHGVYDU[=U+NNMUK
O+NK UGXKGK LQNVD MN9K XQK ODM^NN RX OVRN YINGNIMNVD OV I+N8X HD N\ GV
IXQV
NN\OVI+N8XGV/)NNLXN#OVRNODFDNK OHZJ G @ >N RD [ YINGNIMNVDGV OK
IRN Y)NN=U IXTI'U@ LQNV8XIU@ OHK^NN YNMGNM>N M>NNR$
HNH\V@1T9a9KGVHNH\VMN9KXQKODM^NN
IXQV
NN\@ MN9 K RXKGMN YN6 M LK //YXT+NN[
LNIM IRGNOFNV0=@^NV KGNN=\NVDOVI+N8X OKOO#OKOOO#OKOOK
UGXKGK YINGNIMNV D GK +NUK= YN6 M OGNODR[=L]FDNX
OVRNIXRCI5UODFDNK\N+N OISRN\GVOHZJ G @ >N RD [ LQNVD
UGXKGKLQNVDGV+NUK=IXH YNE=4O@XYNMOK0KRDXE=FK
UGXKGKYINGNIMNVDGVFKSGN=YNFD9X L]+NN[NVD GKX4MKHVD GN=MUYINGNIMNVD GV
IORNGK/)NNLXN#OVRNODFDNKIRNY)NN=U
LN=RMN@RXRDW\RNTLIMRU=XHD KU)NN IXTI'U@OHK^NNHNH\V@1T9a9KGVHNH\V@OVRN
HNH\VGVYINGNIMNVD#GH=SNIMNVDGKIRQV
N IXRCI5URDOVRNIXRCI5UODFDNK\N+N@ISIG5ON
L]IUIXTTI'UGV/RKGCIUYNQV
N QNRV@ 9aZ
NX 4K GK L]IULZIU=@ 1T9a9K
HD N\GVR6.NIXGLQNVDGNODR[=L]FDNX XGQKGMN@ FN\ I
N^NN +N5UN@ 8NN\
HD N\GVR6.NIXGLQNVDGNOCWXYN6MP8JVD HNH\VYNIQ
WNMKM>NXN YI>N\+NNMUKOVRNU)NNGVDQ]KOISRN\
LQNVDGVYNM^NNOIJU/)NNLXN#OVRNODFDNK OVRNYINGNIMNVDGNL]I
N^NNGN=¤H
IRN MN9K XQK ODM^NN IXQV
NN\ OV HD KGV/9N4OVODFDINUGNIH=GNVDGVIRN$
I+N8XY)NN=UO+NKR6.NIXGLQNVDGKIXTI'U@
LK ///YXT+NN[
LQNV8XIU@ OHK^NN HNH\V@ 1T9a9K GV HNH\V
^NV KGNN=\NVDOVI+N8X HD N\ GV ^NV K GNN=\NVD YN6M O+NK
YNKX/)NGNN=\NVD OIJUHD N\HVD OHZJ
ϮϭϬ
G R6.NIXGNVDGK+NUK= /GKHGVYDU[=UHD N\GVODFRDYNKX/)N
HD N\ YN6 M YNKX/)N GNN= \ NV D HV D GNN=\NVD OIJU HD N\ GV R6.NIXGNVD GK
4a\VI'OF\ G(,\KHVDI9D[ /GKH GV YDU[=U LQNV8XIUGVHNH\NVDGN&N6MNIX(XI\I>NUJ6
LQNV8XIU GV I\ OHZJ G R6.NIXGNVD GK y R6.NIXG E= []V0OV 4 []V0HVDLQNV8XIUGN
OHK^NN#HZ<NDGX HNH\N@
LN=RMN@RXRW\RNTLIMRU=XHD N\ y R6.NIXG OK []V0OV 0K []V0HVDLQNV8XIUGN
GVR6.NIXGOHZJ G LQNVDOVODFDINU+NUK= HNH\V@
IXHNVDGNVFXNNWNXN#PXHVDOD
NNVNX y R6.NIXG FK []V0OV OK []V0HVDLQNV8XIUGN
4a\V'OKF\G(,\KHVDI9D[/GKHGV ODFDNHVD HNH\V@
OHZJ G R6.NIXGLQNVDGNVXKIU[UHNH\V
+NUK=
RN= GV QN6MNXYFUGIG[
RN= GV QN6MNX@HD N\GV ODFDRD
ING\NLRN= GVQN6MNXL]
NNOX
YNKX/)N GNN=\NVD OIJU HD N\ GV IRI+N8X
L]+NN[ `NMN IG [ L]HT>N I¤NG\NL
[]V0NVDHVDOHZJ G R6.NIXGNVDGK@GK[E=OKNK+NUK=
IX(XI\I>NUJ6D
GN&N6MNIX(XI\I>NUJ6
LQNV8XIU
RN= GVQN6MNX4a\VI'OKF\G(,\KHVDI9D[
[]V0 HD N\¿HT>¾ W60OYNE= GT\
R6.NIXG FK Ϭϯ Ͳ Ϭϯ
R6.NIXG OK ϭϬ ϯϵ ϰϵ
R6.NIXG 0K Ϭϯ ϯϮ ϯϲ
R6.NIXG E= Ͳ Ϭϱ Ϭϱ
R6.NIXG 4 ϬϮ Ͳ ϬϮ
GT\ ϭϵ ϳϲ ϵϱ
y GH=SNMKSXYNNV[OOOKGVHNH U)NNYXTODNNXOJNGE=[]V0$$GVLQNVD
OV YXTODNNX OJNG LN=RMN GK YN6MYXTODNNXY8RVNG4GV LQNVD GK
IXTI'U$ +NUK=$
y OD"N \NVG OVRN YNNV[ Z LK O OK GV y HD KYN6MYINGNIMNVDGNVIQXNDG
HNH OV UGXKGK YINGNMK RNIXGK UGIRQV
NQN6MNVDGVL]IUIXINHD0\OQ/NVD
[]V0 $$GKIXTI'U$ GVHDWZMKYNQV
NWNMKGMXN$
y UGXKGKYINGNMK4[]V0$$GV LQNVD y GH=SNIMNVDGVOVRNIXRCI5UODFDNK\N+NGV
Ϯϭϭ
I\GNM=RNE=GMXN$ OKNK+NUK=RN\VYN6MLQNV88NIURN\VLQJ6D$
y R6.NIXGNVDGVIRI+N8X[]V0NVDHVDRN= GV +NNMUKRXOVRNHVD GT\RIMo%0aZ9KLQNVD
I\IMI'UNVD GNV +NMXV GKL]I¤N
NT O 0K LK GK OD>N J6 U)NN pNVoN
GMXN$ IRI+N8XYNMI^NULQNVDGVYDU[=UYNUVJ6D$MN7NVD
YN6MOD"N^NV NVDHVDRXIR+NN[NVDGVHNHOV
y HD N\ GV IRI+N8X L]+NN[NVD YN6M ^NV K
QVqN GV L]NGCIUG ODONNXNVD GV L]FDNX GV
GNN=\NVDHVDX+NUK=IG[R6.NIXGNVD
ON)N ON)NYNE= 4OYINGNIMNDV GKG
GKU6XNUK$
F0KO>DNMN7YNM6G8VQK]LI]UIXIT'U@QNXVNDV
y IX\DFXGVUKXHNH\NVDYN6MQNVYXT
NNOIXG HDVIRI+N8XHD N\NDVYNM6ORD[=HDVGNM=UJ$D6
HNH\NVDLMGNM=RNE=GMXN$EOGVYIUIM'U@
YXT
NNOIXG HNH\V ODFDINU G 8NN\
YNE=4OL]+NN[GVING\NL
HNH\VGNV+NKQV>NN[N$ y IMI'UNVDGNVYRNNIMUGMXNU)NNOD"N\NVG
y 4YNMWVGVYDU[=UOVRNGKOHK^NNGV
OVRNYNNV[GVHNHOVOKNK+NUK=GVI\
4\/RL HD N\ GV QNV YINGNIMNVD GK IXHFXNXNU)NNYNE=4OLIMRK^NNNKX
OHOVLJ\VOVRNIXRCI5U$ YINGNIMNVDGNVODR[=GNYNFD9X
y +NNMUKRXOVRNHVDLQNV8XIU`NMNRXMN7
y 2NN= GV QN6MNXMNV9V
NX\/)NNXNDUMNXKIUGV
YDU[=UGT\YINGNIMNVDGNV/)NNXNDUIMU OVRNYINGNIMNVD GNV
NNIH\GMXV GV I\
IGN[N$ IMI'UND YRNNIMUGMXN@SXOIHIUGK
F6%GNVDGNOH8R@+NNMUKRXOVRNHVD
NNIH\
y GI)NU N6X P5LK0X GV G HNH\V GK IG [ YINGNIMNVD GK SX OZSK U)NN
IMLNVI9=D[JTE= IWOLMN6XP5LK0XODFDNK YNFD9XGVRN=GKYINOZSXN
YNDUIMG I
NGNU OIHIU `NMN OH LM
y ODR[=OHK^NNU)NNIRI+N8XODR[NV=DHVD+NNMUK
GNM=RNE=GK[E=$
RXOVRNGKODMSXNU)NNWX
NI'U$
+NNMUKRXOVRN¿YNE=4O¾ODR[= y HD N\GKGVDQ]K/9NI4D[/GKHGVYDU[=U
L]FDNX IRI+N8XLQNVDGVI\YNE=4OYINGNIMNVD
YINQV
N GN SX#IXTI'U U)NN +NNMUK RNIXGK
YXTODNNXRDI
N^NNLIMNQ@QVJMNQZX@+NNMUK
ͻ ,NN=RMN@RXU)NNW\RNTLIMRU=XHD N\
RX L]FDNX OD/)NNX@ +NNVLN\ YN6M +NNMUK
+NNMUKRXORVNUKXYI>N\+NNMUKORVNYNDVHDV
R8WKR OD/)NNX@ QVJMNQZX OIJU IRI+N8X
OVGGVI\ORD[=IXD NLN]INGMNJ$6
/RN5U IXGNNVD HVD IXTI'U GV I\ ODR[=
y YNE=4OL]+NN[O+NKODR[=L]FDNXODFDNK IXGNOKI'\MVDO$
HNH\NVDLMGN=GMUNJ6$
y GNIH=GRDL]I
N^NNIR+NN[0KYNVLK9KGK
y WXRMK@GKI/)NIUGVYXTONM+NNMUK GVDQ]K/9NI4D[/GKHGVI\YNE=4O
RXOVRNGKGT\L]NINGCUODR[=OD>N YINGNIMNVD GV SX#IXTI'U GNV OT[H
UKXJWNMGON6FNRXJ6IWXHVDOV FXNXN$
ϮϭϮ
y OVRNODFDNKIRI+N8XIRNNVD)NN@YDUM ODR[= IRIqNo9 E= HV\ >NNUV GN L]NV[ GMXV GK
/)NNXND U MNN YD U M OD R [= L] I UIXT I 'U@ OTIRNNL]QNXGK[E=J6YN6MOVRNGVOQ/NVD
U6XNUK#L]I
N^NN GV I\ ODR[= IXGNOK GNVYLXKU6XNUKGV&N6MNVDGNVYNRINGUN6MLM
I'\MV DO U)NN YINGNIMNV D GV I\ YNX:\NEXP8XXGVODFDNHVD0N9NY_UX
OVRNIXRCI5UPLMNDU\N+NNVDGNVYDIUHLQVXN$ GMXVGKOTIRNNL]QNXGK[E=J6D$
y LQNV8XIUNVD@/)NNXNDUMNNVD@U6XNIUNVD GNY8 y WXRMK IQO(FM GV QN6MNX Y%NOK
OVRNIRNNVDOIJUWKHZ9KODR[=GN MN7RXOVRNYINGNIMNVDGNVYNE=4
L]FDNX$ OLQN8VXIU`NMNIXIT'UIRIXHGVYNKX
y YNE=4OYINGNIMNVDGKIOIR\OZSKGN +NNMUKRXORVNHDVpNNIH\IGN[NJ$6
L]GN
NX$ y HD N\ GK GV8Q]K GH=SNMK NVWXN GV
y OVRNHVDYNE=4OYINGNIMNVDGKLTI9$ YDU[=UIRI+N8X/5NMNVDLM+NNMUKRXOVRN
YINGNIMNVDRDGNIH=GYN6ML]IqN^NNIR+NN[
PL\I&NND GKGV8Q]KGH=SNMKNVWXNGVYDU[=U\[+N[
y YNE=4OF6S@GVI\IMI'UIXNN=MN +NNMUKRXOVRNYINGNIMNVD XV LQ+NNM
U)NNODR[=YNRD9XIGN[N$ []JNIGN$Y%NMJYNE=4OYINGNIMNVD
y HJNMNo9@P5UMN>ND0RD I LTMNGV ODFDNHV GNVGVDQ]HVDODT'UOISRRDOHG^N/UMLM
ODR[=OHK^NNLZMKGK[E=$ L6X\FIGN[NJ6$
y YNE=4OYINGNIMNVDGVODFDNHVDLKYNM y XN[N\6D0@ HINLTM@ [TWMNU@ UIH\XN0T@
GNV YN:X\NEXQNI>N\GMXV GV I\/HN9= UV\D[NXN YN6M IOI'GH GK ODR[= OHK^NN
GN=IXoLNQX HZ<NDGX IMLNV9= IMGN:I0=D[ GNIH=GRDL]I
N^NNIR+NN[GVI\L]I¤NNKX
YN:X\NEXIRD0NVOLKYNMYNV0&<ZGN J6 GV YXTHNVQX GK YN8N]L]QV
N@ W(HZ YN6M
GNN=8RXIGNWNMJNJ6$YFUG GN
HKM@P0KON@JIMNNN@P¥NML]QV
NYN6M
YNE= 4 O YINGNIMNVD GNV I0IW9\ MNW/)NNX GV +NNMUK RX OV R N GK
J/UN^NML]QNXGMIQ[J6D$ ODR[= OHK^NN@ ODR[= OHK^NN OIHIU GV
y EOHD N\GKRVFONE9ZZZLIVQLFLQ0LM YXTHNVQXJVUTL]I¤NNKXJ6$
+NNMUKRXOVRNGVYINGNIMNVDGKY_UX y QVqN+NM GV IRI+N8X 8NN\NVD HVD \DIFU L0V
IOIR\OZSKPL\&NJ6$EOGVY\NRN@IMI'U \[+N[8NN\HNH\NVD GNLIMOHNLX
ODFDNK LIML @ L]IqN^NN GN=¤H LIML @ IGN[N$
+NNMUK RX OVRN OV ODFDINU IXH YN6M y QVqN+NMGV IRI+N8XYINGMNNVD#8NN\NVD HVD
IRIXH@ +NNMUK RX OVRN YINGNIMNVD GK +NNMUKRXOVRNGVHTQQNVDOVODFDINU\[+N[
RNIoN=G [NVLXK IMLNV9= OK YNM GK HNH\V\DIFUJ6D$
PL\&NUN GK I/)NIU GNV +NK EO OVRN GV
OQ/NVDGV\N+NGVI\HD N\GKONE9LM OUG=UNL]+NN[
QqNN=N[NJ6$OVRNOVWT0VL]5VGOQ/GNV OUG=UNL]+NN[+NNMUKRXOVRNGVYINGNIMNVDOV
XYNE=OKGV HNHOV EOONE9LMG ODFDINUIqNGNUNVD@YXTqNNOIXGHNH\NVD@YLK\NVD@
Ϯϭϯ
OHK^NNYNVDRD/(NNMGNVDGKWNDSRDGNM=RNE=U)NN ^NV NVDOV+N]9NSNMGVP8HZ\XU)NNLNMQI
N=UNDR
RNIoN= G YS\ OD L I5U IRRMINNV D GV O5IX%NGVIONDUNVDGVYXTLN\XGVI\EO
YXTM^NN#LTXMK^NN GV I\ IW(HVQNM JNVUN J6$ YROM LM OISR LN=RMN@ RX RD W\RNT
EOGVYIUIM'U@HD N\GVYINGNIMNVD#/9N4 LIMRU=XXVYINGNIMNVDRDGH=SNIMNVDGNV
NL)N
Y)NRN+NNMUKRXOVRNGVYINGNIMNVDGVODFDNHVD IQ\NE=$
YI+NNVWX#YNM0KGV I\/RKGCIUL]QNX
RN=GVQN6MNXYI+NNVWX@/RKGCIUNVD@YXT
NNOIXG
GMXVGVODFDNHVDGV8Q]KY8RVoNN&ZMNV`NMNMV4M
GN=RNIJNVD@I
NGNUNVDYNIQOVODFDINUHNH\VGV
IG [ HNH\NVD GK WNDS GMXV RD PX LM
FNMVHVDHT>OUG=UNYINGNMKOKRKYNVGK
GNM=RNE= GMXV OV ODFDINU GN= +NK J L]+NN[
HNIOGIMLNV9= IXHIULOV GVDQ]KOUG=UN
QV>NUNJ6$
YNNV[OKRKOKGNV+NVWK[E=$
RoN=GVQN6MNX@OKRKOKLNV9=\GKIqNGNUNVD
LN=RMN@RXRD W\RNT LIMRU=XHD N\XV
OIJUGT\IqNGNUVDL]N,5NGK[ED=$LTMNXK
IXRNMGOUG=UNGVLHVD+N]9NSNMLMGNFZLNXV
IqNGNUNVDOIJUIqNGNUNVDGNYDIUH,NOV
GVI\IX(XI\I>NUPLNIGJ6D
IXL9NX GM IQN [N@ RoN= GV QN6MNX
YXTqNNOIXGGN=RNJK@GVHNH\NVD@/(NNMG@ y YN:X\NEXLN=RMNKIXGNOKI'\MVDO
YLK\KHNH\NVDU)NNYI+NNVWXGVHNH\NVDLM LN=RMNKIXGNIONVDI'\MVDOL]QNXGMXV
OUG=UN L]+NN[ HVD GNM=RNE= GK [E=$ EXHVD OV@ GV I\ YNRVQX L]N,U GMXV GK L]I¤N
IL1\VRoNNV=DGVYXTqNOIXGHNH\NVD@YLK\ YN:X\NEXGK[E=J6$YNRVQGYFLN=RMNK
HNH\NVU)NNLZR=RUK=RoNNV=DGVYI+NNVWXHNH\NVD HZ<NDGXOIHIUGKF6%GNVDGKGN=OZSKYN6M
GNYDIUHLOVIXL9NXIGN[N$8NN\K GN=RC5UGVY\NRNLNV9=\LMYLXVYNRVQXNVD
RNQNVD GN +NK ODFDINU 8NN\#GV8Q]K GKI/)NIUGNV+NKQV>NOGUVJ6D$IXN=\VXVHVD
L]qNNOIXGYINGMNHVDYXT[HXIGN[N$ \[XV RN\V OH HVD GN4K GHK YNE= J6$
YNM9KYNE=YNRVQXOUG=UNL]+NN[HVDL]N,UJT YN:X\NEX L]NN\K
NT+NNMD+N JNVXV WT\NE=@
U)NNO+NKHNH\NVDHVDPLT'UWRNFQVUVJTEXGN OV LJ\V LN=RMNKI'\MVDOL]QNX
IXL9NXIGN[N$ GMXVHVDYN6OUXIQX\[UV)NVWNVYF
LN=RMNK I'\MVDO GV I\ YNRVQXNVD JVUT
HD N\ YN6M EOGV OD[%XNVD GV YNE= 4 O
YN:X\NEXL]NN\KGV
NT+NNMD+NJNVXVGVFNQGH
YINGNIMNDV OIJU OHJZ G @ >N RD [
JNVGMIQXJNV[J6D$
YINGNIMNDV OV IQXNGD GKI/)NIUGV
YXOT NMRNING = YS\OLDI5UIRRMINND y YN:X\NEXRXI'\MVDO RXI'\MVDOGNV
YNE=LKYNMLN],UJETD=IWXHDVOVYNE=LKYNM YFYN:X\NEXIGN[NJ6U)NNIXN=\VXV
GKWNSD IQOFDM@GVYUDUGGM\K[E=J$6 GKL]I¤NGNVOTSNIGN[NJ6YN6MEO
L]GNM HXHNXVLX GNV QZM IGN [N YN6M
HD N\HVD Y'9ZFMOV XRDFM@UG
LZRN=XTHNXHVDOTNNM\NN[NJ6$
O5IX%N GNV FNRN QVXV U)NN +N]9NSNM GN
P8HZ\XGMXVHVDWXOJ+NNI[UN )NKHGVON)N y YN:X\NEXOKYNMW60I'\MVDO U9K
OUG=UNWN[GUNO,UNJHXNN[NU)NNO+NK IRIXHX WNVX GV FNMV HVD I'\MVDO GNV
Ϯϭϰ
YN:X\NEXIGNWNMJNJ6 U)NNEOV Y<L P5UMQNK J6$ J OTIXIqSU GMUN J6 IG
OHGV+NKUMLZMNIGWNXVGKOD+NNRXNJ6$ ,NN=RMNRXU)NNW\RNTLIMRU=XHD N\OV
y
NI'UNVD GN IRGVDQ]KGMN MN7 /UMK ODFDINU ODOQK GN= IXNN=IMU GN=¤H RD
LN=RMNL]+NNRHZ<NDGXL]NINGMNNVD OE= I¤NIRINNVD GV YXTONM LZMV IG WND$ J
YNE=U)NNIW\N/UMKLN=RMNL]+NNR YXT+NN[HD N\GVODOQKQNNI5RNVDGNLZN=UN
HZ<NDGXL]NINGMNNVD 0KE= YNE= GNV IXR=JXGMXVGVL]NVWXN)N=ODOQKGN=HD N\@
IR\DFOV FSXV GV I\IRI
N9-VINNVD GK \NV G O+NN#MN7 O+NN OISRN\NV D @ Y8
LIMNVWXNYNVD GV YXTQNX GV I\ YINGCU HD N\NVD#IR+NN[NVDGVON)NODLG=FXNM>NUNJ6$
IGN[NJ6$LN=RMNL]+NNRHZ<NDGXIMLNV9= JYXT+NN[IRI+N88NODOQKOIHIUNVDGNQVqNGV
U)NN LN=RMN L]FDNX NVWXN GV IRSNMN)N= Y8+NN[NVDHVDQN6MNVDGN+NKOH8RGMUNJ6$
IRNNVD GN HNXGKGMN IGN [N J6 U)NN RoN= GV QN6MNX@ ,NN=RMN GV IRI+N8X
IRSNMN)N= IRNNVD GNV YDIUH L QVXV GK LJ\TYNVDOVODFDINUGT\ODOQKL]qXNVDGV
OH OKHNIQXIXNN=IMUGK[E=J6$ P5UMHD N\`NMNIQ[$EXHVD\NVGO+NNHVD
y P_NV[GVR[K=GMNHVDLNMQI
N=UN P_NV[NVDGNV L]qX )NV IWXHVD OV UNMDIGU YN6M
\N\@XNMD[K@JMNRDO4VQHVDR[K=GMNGK YUNMNDIGUL]qX)NV$MN7O+NNHVDGT\L]qX
L]NN\KGNV YIXRN= ,NOV LNMQ
NK= FXNN LZ1V [@ IWXHVD OV UNMNDIGU YN6M
[NJ6$YFP_NV[NVDGVI\/RDJKR[K=GMN YUNMNDIGU)NV$L]qX@HD N\OVODFDINU2NLG
GN HZ<NDGX GMXN U)NN YLXK P5LNQX IRoNNVD GV ODFDNHVD )NV$PXHVD OV HJ5RLZN= L]qX
L]NNI\NVD HVD YN6M YING LN=RMN IJU6NK UNWN W\#OHT Q ] K OD M ^NN@ RNT L] Q Z NN
L]IG]NYNVDGVYXTGZ\XGKIQ
NNHVDYNR
G IXRNMN#IXD N@ YLI
N9 L]FDNX@ RXNVD GK
GQHP%NXNOD+NRJ6$YN6_NVI[G^NV NVD GK OTM^NNRDL]FDNX@W\RNTLIMRU=X@LN=RMNK
\N\ -VNK GV OHZJ FN/GV9 GNV OV I'\MVDO@LN=RNOOTNNMRDOTMI^NU^NV @FN"NNVD
"N9NGMGMIQN[NJ6@YN6_NVI[G^NV NVD GV ODM^NMN@JN)NKGV ODM^NN@/R31PWN= RD
GKXNMD[K-VNKGVOHZJFN/GV9GNVOV P5LNQXL]I¤NYNVD@HNXK9IMD[TI'UNVD@LN=RMN
FNGMGMIQN[NJ6U)NNYN6_NVI[G YN6M L
NT OV O(FI8NU YLMNNNVD ODG9NL8X
^NV NVDGKJMK-VNKGVOHZJGNVOV"N9NGM L]WNIUNVD@ LN=RMNK HNXQD0NVD YN6M IRIXHNVD@
GMIQN[NJ6$P_NV[GKGXE=O4VQ /)NNXKOHTQNNVDGVWKIRGNVLNW=XRDOTM^NNU)NN
-VNK
NTGK[E=J6WNVL]QZNGXJKDJ6DYN6M WN[GUNI
NIRMRDWXOJ+NNI[UNYNIQOV
PXGVLS ] N\XGVI\OJHIUYLIV^NUXJKDJ$6 ODFDINU)NV$
ODOQYXT+NN[ HD N\GKE=XRKYNE=ONVWXNGVYDU[=U
0&<Z0&<Z4 EDI0NHVDE=XRKYNE=O
HD N\ GN ODOQ L]+NN[@ ,NN=RMN@ RX YN6M GVDQ],NN=RMN@RXYN6MW\RNTLIMRU=XHD N\
W\RNT LIMRU=X HD N\ OV ODFDINU O+NK U)NN Y8 HD N\NVD `NMN IQ [ IRI+N8X
ODOQK HNH\NVD GN IXL9NX GMXV GV I\ ,NN=RMNK HNH\NVD OV ODFDINU PLT='U ODOQ
L]
XNVDGVP5UMNVDGNODG\XGMUNJ6$
Ϯϭϱ
RN= GVQN6MNX\NVGO+NNYN6MMN7O+NN L]5VGL]
X#P5UMGNVI8ROGVDQ]@0&<Z0&<Z
HVDIRI+N8XO NVDHVDHD N\`NMNP5UMIQ[ 4 +NNMU GV LNO PL\&N IRN OZSK GV
ODOQL]
XIX(XI\I>NUJ6D YXTONMLN=RMNGVIRI+N8XPL
NKNNV=DGVYDU[=U
¾ \NVGO+NN R[K=GCUIGNWNUNJ6$EORN=\NVGO+NNYN6M
,N]GNM FW9 HN6XOZX
NKUGN\KXGT\ MN7 O+NN HVD IRN RNM R[K=GCU L]
X ¤H
N
O O O RDJ6D$R[K=GMNGVFNQ\NVGO+NNRD
UNMNDIGU ϮϬ ϭϯ ϭϭ ϰϰ MN7O+NNQNVXNVDHVDL]
XNVDGKGT\OD>NYR[K=GCU
YUNMNDIGU Ϯϰϱ ϭϴϰ ϭϯϴ ϱϲϳ YNDG0VGKUT\XNHVDFKJ6'NVDIGGJKL]
XGNV
GT\ Ϯϲϱ ϭϵϳ ϭϰϵ ϲϭϭ GOVYINGIRNPL
NKN=GVYDU[=UM>NNWN
OGUNJ6$
¾ MN7O+NN
,N]GNM FW9 HN6XOZX
NKUGN\KXGT\ RN= GV QN6MNXODOQGV QNVXNVD OQXNVD
O O O \NVGO+NNRDMN7O+NNHVDLZ1V[L]
XNVDGK
UNMNDIGU ϭϬ ϭϮ ϭϮ ϯϰ GT\OD>NGVIRN RNMGRMVWGNVISI UGMUV
YUNMNDIGU ϭϭϴ ϭϭϭ ϭϮϭ ϯϱϬ JTONDI>GKYNDG0NVDGNV¤H
NUNI\GNG
GT\ ϭϮϴ ϭϮϯ ϭϯϯ ϯϴϰ RDUNI\GN>NHVDL]QI
N=UIGN[NJ6
UNI\GNGRN= GVQN6MNX\NVGO+NNHVDHD N\`NMNP5UMIQ[L]

XNVDGNIRN RNMIS N
IRN FW9 HN6XOZX
NKUGN\KX GT\
O O O
GCIN
R6GI<LGL]N6_NVI[IGND
W6ROTM^NN
W\RNTLIMRU=XRDHN6OHIR.NX
YNLQNL]FDNX
PWN=YX
LN=RMNRDRX2NLNM
LN=RMNODM^NN
LN=RMNI
N^NN@[6MOMGNMKOD[%XRDHKI0N
E=YNE=
RXODM^NN
Ϯϭϲ
IRN FW9 HN6XOZX
NKUGN\KX GT\
O O O
UNWNW\RDOHTQ]ODM^NN
/RN/)RD/R31UN
YN6NNKLNQL
L]QZNN
W\L]FDNX
R8WKRL]FDNX
GT\
UNI\GN>NRN= GVQN6MNXMN7O+NNHVDHD N\`NMNP5UMIQ[L]

XNVDGNIRN RNMIS N
IRN FW9 HN6XOZX
NKUGN\KX GT\
O O O
GCIN
R6GI<LGL]N6_NVI[IGND
W\RNTLIMRU=XRDHN6OHIR.NX
YNLQNL]FDNX
WN=YX
LN=RMNRDRX2NLNM
LN=RMNODM^NN
LN=RMNI
N^NN@[6MOMGNMKOD[%XRDHKI0N
E=YNE=
RXODM^NN
UNWNW\RDOHTQ]ODM^NN
/RN/)RD/R31UN
YN6NNKLNQL
L]QZNN
W\L]FDNX
R8WKRL]FDNX
GT\
Ϯϭϳ
XIROGV8Q] 0&<Z 0&<Z 4+NNMUXV ODOQ OHTQ]K YN6M U9K L]QZNN GK I/)NIU U)NN
YXT+NN[@,NN=RMNYN6MRXHD N\GVOJNV[OV EOGVL]
NHXGVI\HD N\`NMNIG[
+NNMUKODOQHVD ,NN=RMNGNONMOD[]JG L]NO +NNMU HVD YN6NNK LNQLNVD GN LUN
IRq\VoNN GN L]GNqNX IGN J6$ \[NXN@POGKOZSKRDL]\V>NX U)NN OIHIU
,NN=RMNYN6MRXHD N\U)NNY8HD N\NVD GKRKDIMLNV9=GVFNMVHVDGK[E=GNM=RNE=
`NMNP5UMIQ[,NN=RMNOVODFDINUPLT='U ODFDNKXNV9L]/UTUGMXVHVDIR\DF U)NN
ODOQKL]qXNVDGV!NXYN6MIRq\VoNNGKU6NMK ! +NNMUHVDOHTQ]KYN6MU9KL]QZNNU)NNEOGV
0&<Z 0&<Z 4 EDI0N HVD XIRO GV8Q] HVD L]
NHXGV I\LN=RMN@RXRD W\RNT
PL\&N J6 $ EO GV ² GK RV F ONE9 LIMRU=X`NMNIG[L]NO GVODFDNHVD$
ŚƩƉ͗ͬͬǁǁǁ͘ǁǁĨĞŶǀŝƐ͘ŶŝĐ͘ŝŶ HVD YN:X\NEX +NK
OT\+NJ6$ 5NKXNVD LMNH
N=QN K OIHIUNVD GK IRN R/UT
IX(XI\I>NUJ6
RoN= GVQN6MNX@ODOQYXT+NN[XVIR.NX
RD L]N6_NVI[GK@ ,NN=RMN@ RX YN6M W\RNT GONNNMN,NHVDW6R IRIRNUNYN6MIR
NVNL
LIMRU=XODFDNKIR+NN[ODFODOQKOIHIUGK OVXH+NZIH@G31RX/LIUYN6ML]RN\I+NI5U@
XN6 F6%GVD YNNVIWU GKD U)NN HD N\ GK >NL]NVWV'99NE[M@
LMNHqN=QN KOIHIUGKUKXF6%GVDYNNVIWUGKD$ [OKYNVLK
IR.NXRDL]N6_NVIGGK@,NN=RMN@RXRDW\RNT
LIMRU=XGKIR+NN[ODFODOQK/)NNKOIHIU PLT='U GV Y\NRN YNKX/)N IRNNX OIHIU@
GKIRoNR/UTIX(XRUJ6 \NVG \V>NN OIHIU@ L]N'G\X OIHIU@ NISGN
OIHIUYN6MOMGNMKYNqRNOXOIHIUE5NIQOV
GL]IULZMGXRKGMNIXINIRNVG@ ODFDINUY8F6%GNVDGN+NKOH8RIGN[N$
>NIQ<\KHVDLN=RMNL]QZNN
OZSXNL]N6_NVI[GK¿YNE=9K¾RDE=
NNOX
[ONR=WIXG ^NV `NMN LN=RMN L]QZNN GK
OMGNMGNGN=GMN[JXWNXGNMKU)NNOZSXN
OH/N@
GV YNQNX L]QNXLMYNNNIMUJNVUNJ6$L]+NNRK
"NI\4VD9GN:MK0NVMNVDGNL]FDNX ODL]VoNNU)NNOTQCOZSXNRDODL]VoNNL]N6_NVI[GK
0JN\ HVD RXNI;X U)NN LN=RMN@ RXNVD@ YNE= OK 9K ON)N ON)N S\UK J6$ IRI+N8X
W6R IRIRNUNRDR8WKRLMEOGVL]+NNR GN=¤HNVDGV5RIMUGNN=8RXU)NNYXTRK^NNGV
U)NNPLSNMN5HG#IXRNMGPLN I\U)NNGN=GMNHVDO^NHUNOTIXIqSUGMXVGV
I\YNE=OK9KOV\N+NP%NXVGVI\HD N\XV
SLN=RMN>NXXGNL]+NNR
IRI+N8XE= qNNOXGN=G\NLNVD#LIMNVWXNYNVDGN
1MN9KMNWNNXK^NV HVDRNTL]QZNN GNN=8RXGMXVGVI\G2NLGGN=pNT
W +NNMUHVD LTXR=XKGMNGKI/)NIU +NNMUHVD IGNJ6$
Ϯϭϴ
L][IU#PL\I&NND y YNE=OYN6MOKOOYINGNIMNVDGV
LKYNMGNVYN:X\NEXL]/UTUGMXVGVI\
y HD N\ HVD I0IW9\ EDI0N GN=¤H GV
/HN9=GN=IXLNQXHZ<NDGXIMLNV9=IMGN:I0=D[
YDU[=U E= YN:I4O GNN=I8RU IGN [N
YN:X\NEXIRD0NVOLKYNMYNMYNV0&<Z
YINGNIMNVD RD GH=SNIMNVD GN&N6MNOD[]J
GNL]FDNX$
IGN[N@E= YN:I4OLNV9=\HVDL]NV'UNYNVD
GNVLDWKGCUIGN[N@U6XNUKRDLQNV8XIU@ y HD N\HVDR6.NIXGNVDGVLKYNMGNVL]/UTU
MNV\ LNV/9@ GN=L]RNJ GK /)NNLXN@
NVN GMXVGVI\/HN9=GN=IXLNQXHZ<NDGX
1TI9a9NVD GV &N6MNVD GNV Y_UX IGN [N@ IMLNV9= IMGN:I0=D[ YN:X\NEX IRD0NV GNV
L]I
N^NN L]QNX IGN [N@ XNVI9O FNV0= HVD GNN=I8RUIGN[N$
Y_UXUN y IQX L]IUIQX YNNNM LM I0IW9\ +NT[UNX
y E= YN:I4OGVO+NKL]NV'UNYNVDGVI\JRYLQ GMXV GV I\ IRI+N8X IRG<LNVD GN PLNV[
0NVHVXHVDE= HV\YNE=0KOCIWUIGN[N$ GMXVJVUTP%NWNXVRN\VGQHNVDGNVOH!XVHVD
y L]NV'UNYNVD GNV WNV0XV#IXGN\XV@ HNVFNE\ O+NK YINGNIMNVD RD GH=SNIMNVD GNV OH)N=
4NVX HVD GN:XI4[MV
NX@ YNE= 4NVX HVD FXNXVGVI\ HNE=HNVFNE\@HNE=F6DG@HNE=
OI9=I4GV9aO GV OD/)NNLX OIJU EDIQMN R6\V9 GKODG<LXNGNV/Lo9GMXVGVI\
LN=RMN+NRXHVDRNE= 4NE=IO/9HGNL]FDNX HD N\HVDGN=
NN\NDYNNVIWUGK[E=D$
y O+NKL]+NN[KL]HT>NNVDGNVIMLNV9=+NVWXVOIJU y L][IU YN6M Y8 F6%GNVD GV I\ IRI0NV
FNNVHVI9GPLI/)NIUL]NN\KGNL]FDNX GN:8©VDIOD[L]NN\KGK2R/)NN$
y +NNMUKL]NNKIR.NXORV=^NN@GNV\GNUNHVD y HD N\ GK YNE= 9K YRODMSXN GNV OTQC
WDUT L]GNM GV XHZXNVD GV EHVWVW GN FXNN[N$
4NV9NV[]NI4G I0IW9KGMN 0NVMO\@ RVD9\@
y OZSXN L]N6_NVI[GK OV ODFDINU O+NK XKIU[U
\V9M\OIJU
HTQaQNVDGKWNDS$
y E= OHK^NN KWWSFDEVHFPLVJRYLQ@ WNV
IGYXTRUK=GNM=RNE=GKOHK^NNGMXVGVI\ YNM9KYNE=L]GNV%
GMK\9NEH@YN:X \NEXL]NN\KJ6@GV HD N\GNVRoN= GVQN6MNX
IXIHUY_UXGKHNXK9IMD[GK[E=$ OVUGYNM9KYNE= HYNE=O
y YNE=40K@LKYNV@FKRD@LKOKU)NN LNV9=\GVVYXTONMOZSXNGNYINGNMYINIXH
L]+NN[NVDGVI\FW92L]FDNXL]NN\KGNV GVYDU[=UYNRVQXU)NNYLK\
GNN=I8RUIGN[N$ L]N,UJTE=$
y \V>NXONH[]KGVI\YXTMNVNL]/UTUGMXVJVUT HD N\HVD GV8Q]KWXOZSXNYINGNMKOKLK
YN:X\NEX \V>NX ONH[]K YXTMNVN L]FDNX YNE=YNVU)NNL])NHYLK\KL]NINGNIMNVDGNV4
L]NN\KGNN=I8RUIGN[N$ YNM9KYNE= YINIXHGV L]+NNRK
Ϯϭϵ
GNN=8RXGVI\XNHNVIQaQo9IGN[NJ6$WF WXI
NGNUL]GNV%
+NKOKLKYNE=YNV4GVGN=HVDLIMRU=X
RNIXGKYN6M,NN=RMNKIRoNNVDYNIQGVFNMVHVD
JNVUNJ6@OKLKYNE=YNV#4GNVXNHNVIQaQo9
WXIqNGNUNVDLMGNM=RNE=GMXVGVI\HD N\
GMXVRN\KYINOZSXNOH OHLMODqNNVINU
GK WNUK J6$ HD N\ GV GVDQ]K WXOZSXN HVD WXIqNGNUL]GNVo%GN= GMMJNJ6$-K
YINGNIMNVD#4 GK OZSK HD N\ GK YIX\ODU@ODT'UOISR@EOHD N\GVWX
RVFONE9LM+NKYL\NV0GK[E=J6$ IqNGNU L]GNVo% GV XNV0\ WX IqNGNU
YINGNMKJ6D$
RoN= GV QN6MNX 0K YNV LK 9K GV YNM 9K YNE=
YN:X\NEXLNV9=\GVON)N\NEXHVD9GVI\ IQO(FM@UG@GT\WXIqNGNUNVD
WT\NE= YN6MY'9ZFM@GNV QNV L]I
N^NN HVDOVIqNGNUNVDGNYN:X\NEXIXL9NX
GN=¤HYNNVIWUIG[$IQXNDG GMIQN[N)NNYN6MIqNGNUVDIXL9NX
UGEOHD N\GVYNKXQNVOD[%XNVDGVIORN JVUT\DIFU)NKD$IXL9NXQM)NK$U)NNIL@WX
O+NK ODF#YNKX/)N#/RN5U OD[%XNVD GNV IqNGNUL]GNVo%`NMNODFDINUL]+NN[NVD#YXT+NN[NVD
\NEXIGN[NJ6$
NVoNQNV OD[%XNVD OV +NK GNVYNRINGUN6MLMYXT/HNMGWNMKGMGV\DIFU
YXTMNVNIGN[NJ6IGRV/RDGNVEOLNV9=\OV IqNGNUNVD GV OHNNNX#IXL9NXGV I\\DIFU
\NEXGMVD$ HNH\NVDHVDYN[VYN6MGHK\NXVGNL]NOIGNWN
MJNJ6$
ONHN8L]
NNOX
HD N\ GV ONHN8 L]qNNOX WK L]+NN[ GNV MNW+NNNNXKIUGNGNN=8RX
HD N\ GV RIMo% YINGNIMNVD YN6M GH=SNIMNVD YXT+NN[NVD#0V/GNVDU)NNO(F#YNKX/)N#^NV K
`NMN YLXK 0aZ9K GN IXR=JX GMXV GV I\ G N N = \ N V # / R N ¥ N
N N O K I X G N N V D #
ODSN\X YN6M OH)N=X OVRND L]QNX GMXV YN6M IX[HNVD#FNV0NV#PL¤HNDVYNIQOVOMGNMKGN=HVD
GNN=\GNOJWL]SN\XOTIXIqSUGMXVGN IJDQKGV L][NHKL]NV[OV ODFDINUL]N,UIUHNJK
P5UMQNI5R ON6DLN [N J6$ EOHVD HD N\ GV L][IUIMLNV9NV=DGKOHK^NNGK[E=U)NNEOGIHNVD
/9N4GVI\/9VqNXMK@/9NVO=@PLGMN@OJNG GKLTXMNRCI5UGNVQZMGMXVGVI\OTNNMN5HG
OVRNYNVDGVL]NLNOIJULIMRJX@ODSNM@ONHN8 PLNOT!N[$
M>N M>NNR2R/)NNGMXNpNNIH\J6$HD N\
HT>WNVMFN[MNV0@XE=IQ<\KHVDYRI/)NUJNV LN=RMN@RXRDW\RNTLIMRU=XHD N\HVD-K
[NJ6WNVGJIMU+NRXJ6IWOHVDWN=>NLU YIX\ODU@ODT'UOISRMNW+NNNNL]+NN[GV
pNZ8J6$EOV\K0EI0N,\VI9XHRD[CJ L]+NNMKGKY^NUNHVD[I%UMNW+NNoNNGNN=8RX
/9NM[]KXIFI<D0[MVI9D[LNXVGKIRIqNo9UNL]N,U OIHIUGKIUHNJKF6%GVDYNNVIWUGK[E=DYN6M
J6$ /R31+NNMUYI+NNX GVYDU[=U@RoN=GV PXHVDI\[IXN=NVDGNYXTLN\XIGN[N$
QN6MNX+NRXHVDYLIqNo9IXL9NXUD +NK/)NNILU L HNXXK L]NNXHD K GK Y^NUN HVD [I%U
IGN[NJ6$ GVDQ]KIJDQKOIHIUYN6MLLOISRMNW+NNoNNGK
ϮϮϬ
Y^NUN HVD [I%U GVDQ]K MNW+NNoNN GNN=8RX IOIR\IXHN=NGN=ZIX9¿OKOKZ¾
OIHIUGKF6%GNVDHVDI\[IXN=NVDGNYXTLN\X
OK OK Z `NMN IG WN MJV GNNV=D HVD
IGN[NYN6MON)NJKHNXXK[CJHD KGK
GNN=\ OJ L]NV[
NN\N +NRXNVD@ JFV=IMH@
Y^NUN HVD [I%U ODOQK MNW+NNoNN OIHIU@
L]NGCIUGEIUJNOGV MN9K^NV KOD[]JN\NVD@
IWOHVD HNXXK ONDOQ OQ/ JNVUV J6D@ GK
/9N4'RN9=MNVD U)NNLN=RMN@RXRD W\RNT
IO4NIMqNNVD LMWNMKMNo9LIUGV YNQVqNNVD GN+NK
LIMRU=X HD N\ GK IRI+N8X ZIX9NVD Y)NN=U
YXTLN\XIGN[N$HNXXKODOQKMNW+NNoNN
+NNMUK W6IRG ORV=^NN@ +NNMUK L]NNK IR.NX
OIHIU GK MNW+NNoNN OFDDNK IXMK^NN F%6GDV +NK
ORV=^NN@ MN9K L]NGCIUG EIUJNO OD[]JN\
YNNIVWUGK[ED=YNM6O V VIXMK^NNGVQNM6NXP8JDV
MN7RXOVRNHJNIR_N\NVD@EDIQMN[NDNKMN9K
IQ[YNqRNOXNDVGNVLMZNGMXVGVL]NOIG[$
RXYGNQHK@+NNMUKRXORV=^NN@MN9KL]NNK
GH=SNIMNVDGNSMN RNMIJDQK9DGN IR.NXP_NX@XE= IQ<\KU)NNQV
NGV IRI+N8X
L]I
N^NN
NTIGN[N$ +NN[NVDHVDYRI/)NUHD N\GV^NV KGNN=\NVDOV
ODFDINUY8+NRXIXHN=NODFDNKGN=
NNIH\J6D$
IOUDFM@HVDIJDQKHNJYNNVIWUIGN[N
OKOKZYNRqGUNXT,NIR_HNXYNRNOKYN6M
IWOGVQN6MNXHD N\HT>@XE=FK@X
[6M YNRNOK+NRXNVD GV WKNNV=`NM#P8XXGN
YNM OK 0K RD OK OK Z GV YINGNIMNVD#
GN=+NKGMUKJ6$
GH=SNIMNVD GV I\ MNW+NNoNN IJDQK GV L][NHK
L]NV[NVDHVDRCIGMXVGVPQaQVqOVIRI+N8XIJDQK YNE=WKX4@QVJMNQZXGVI\JIM
L]IUNVI[UNDYNNVIWUGK[E=D$ IODJO+NN[NMGNWKNNV=`NMEOGN=HVDRK
YNM4RNUNXTGZ\XL]NN\KGKXE= 2R/)NN@
HD N\HVDYINGNIMNVD#GH=SNIMNVDGKIJDQKHVD
RIXPLSNMGVL]IU/)NNLX@GTIO=NVDGNVI4MOV
GNHGMXVHVDIJSGGNVQZMGMXVYN6MP8JVDYLXV
SHGNXNXE= L]NVWV'
NXL]NN\K@/9VW\NEI9D[@
IQX L]IUIQXGN= GNV IJDQKHVD GMXV HVD OH)N=
GN\KX GNV FQ\XV U)NN I+N8X ,N OV O^NH
FXNXVGVI\L]5VGIUHNJKHVDPXGVI\IJDQK
2I'UNVDGVI\HDSGNVOT[(FXNXVYN6MON)N
GN=
NN\NDYNNVIWUGK[E=D$
JKLVDI9D[RD I4IXI
ND[
NNIH\J6D IWOGKLZN=
YINGNIMNVD#GH=SNIMNVDGKG(,Z9ML]NNI\NVDHVD \N[U\N>NJ6D$
ZIXGNV0IJDQKON:4a9RVMOD/)NNILUGMXVHVDP8JVD
OJNUNL]QNXGK[E=$
ϮϮϭ
IS EDIQMN[NDNKMNo9KRXYGNQHKYNE=WKX4@QVJMNQZXGVJIMIODJO+NN[NMGNWKNNV=`NM
ϮϮϮ

'r+"+
+""0#H+0'"F!0&I
NVWXNOH8RL]+NN[ LOVYXTHNVIQUIGN[N)NN@GNHZ\IONDU
AAUKR]@OUUaYN6MYINGOHNRV
NKIRGNOJ6AAYN6M
NVWXN OH8R L]+NN[ GNV LN=RMN@ RX YN6M
EOHVD HT>\^NVD@PXGNV LZMNGMXV JVUT L]HT>N
W\RNT LIMRU=X HD N\ GK O+NK NVWXN[U
STXN6IUNVDYN6MPI<\I>NUPQaQV
NVDGKL]NI,UJVUT
/GKHNVDYN6MGN=¤HNVDGVOH8RGNGN=ON6DLN
YXTOMNGKWNOGXVRN\K2NLGGN= XKIU
[N J6$ J XKIU YNNV[ YN6M IR5U HD N\
GN IXNN=MN IGN [N$ LN=RMN@ RX YN6M
YNI)N=GGN= IR+NN[GV FW9L]+NN[U)NN2
W\RNTLIMRU=XHD N\GNV@GMNV0
IR+NN[ OV OFDINU HTQaQNVD YN6M IRNNVD GV I\
GN LIM2 YNFDI9U IGN [N J6 WNV RKD
XNV0\L]+NN[GV,NHVDGN=GMUNJ6$L]+NN[HVD
NVWXNHVD GMNV0 NL]IU
NU
IGWNXV RN\V GNNV=D HVD HD N\GKLDSRNK=
IJ/OVGKUT\XNHVDIRI+N8XHD N\NVD#IR+NN[NVDGV
NVWXNYNVD@ RNIN=G NVWXNYNVD U)NN RNIN=G GN=
NVWXN[UYNFD9XGNL]IU
NUFXUNJ6$
NVWXNYNVDGNVU6NMGMXN@PXGKHN:XK9IMD[YN6M
U)NNIL@RU=HNXHZ<NVDGKQCI9OVEOHD N\GV
OHK^NN GMXN
NNIH\ J6 U)NN J HD N\ GV
FNMJRKD NVWXN[U LIM2 HVD ;NMJRKD NVWXN
GV8Q]KFW9YN6MLIMNNHKFW9OVWT0VGNNV=D
LIM2GKUT\XNHVDL]IU
NUGKRCIJTE=J6$
GNV +NKIXLNIQUGMUNJ6$IRI+N8X/GKHNVD GV
GNN=8RXGV I\WNMKNVWXN[UIXINNVD GV RNIN=GNVWXN
PLNV[HVDL][IUGKHN:XK9IMD[GKIW(HVQNMK+NK HD N\GNVIR5UKRN= GVI\FW9
EO L]+NN[ GNV ON6DLK [E= J6$ FW9 YNFD9X# YXTHNXNVDFKE=HVDGMNV0GNLIM2
LIMNNHKFW9OV ODFDINUGN= GNV YFFW9 YNFDI9U IGN [N J6 IWOV FNQ HVD OD
NNVINU
\V>NNYXT+NN[QV>NMJNJ6$ YXTHNXYNME=/UMLMFNGMGMNV0
FNMJRKDLDSRNK=NVWXN¿ ¾ GMIQN[NJ6$RKDNVWXNYN6MPOHVDYNXV
RN\KRNIN=GNVWXNYNVDGVI\LIM2YN6M2
&NNMJRKDNVWXNQ/UNRVW@IWOVIQO(FM@ GN OV'9M RNM ONMND
N XKSV UNI\GN HVD IQN
GNVMN9KIRGNOLIMNQX0KOK`NMNO(G [NJ6$
5NI\GNFNMJRKDNVWXNLIM2#RN/UIRG2GNOV'9M RNMONMND
NIQO(FM@GKI/)NIUGVYXTONM
GMNV0HVD
OV'9M LN=RMN XYNM RXRD XE=FKΛ L
NT GT\
YRIN OK0Kη R8WKR G<NN
RKDNW
V XN[UYXHTNIVQULIM2 ϯ͕ϴϬϮ͘ϬϬ ϰ͕Ϯϳϯ͘ϬϬ ϰ͕ϴϭϴ͘ϴϬ ϰ͕ϳϴϬ͘ϬϬ ϮϬϬ͘ϮϬ ϭϳ͕ϴϳϰ͘ϬϬ
ϮϬϭϮͲϭϯ
LIM2FY ϱϴϬ͘ϰϮ ϳϳϭ͘ϴϬ ϲϬϲ͘Ϭϵ ϰϰϲ͘ϰϵ Ϯϱ͘ϮϬ ϮϰϯϬ͘ϬϬ
RN/UIRG2 ϯϴϴ͘ϭϯ ϰϮϭ͘ϬϮ ϱϳϳ͘ϴϭ ϮϮϰ͘Ϭϴ Ϯϱ͘Ϭϵ ϭϲϯϲ͘ϭϯ
ϮϬϭϯͲϭϰ
LIM2FY ϲϭϰ͘ϯϳ ϲϭϵ͘ϴϬ ϳϭϵ͘ϭϰ ϰϱϭ͘ϰϵ Ϯϱ͘ϮϬ ϮϰϯϬ
LIM2OYGK ϰϯϭ͘ϭϬ ϱϯϬ͘Ϯϲ ϱϴϬ͘ϯϭ ϯϬϬ͘ϵϯ ϳ͘ϰϬ ϭϴϱϬ
I/)NIUGVYXTONM2 ϰϭϲ͘ϰϯ ϱϭϳ͘ϭϭ ϱϳϭ͘ϯϯ Ϯϵϵ͘Ϭϳ ϳ͘ϰ ϭϴϭϭ͘ϯϰ
ϮϮϰ
OV'9M LN=RMN XYNM RXRD XE=FKΛ L
NT GT\ů
YRIN OK0Kη R8WKR G<NN
ϮϬϭϰͲϭϱ
LIM2FYYDUIMH ϲϳϴ͘Ϭϭ ϲϯϮ͘ϳϵ ϳϭϯ͘ϭϭ ϰϯϮ͘ϴϵ Ϯϯ͘ϮϬ ϮϰϴϬ͘ϬϬ
LIM2FYIXIHU ϴϳϯ͘ϴϬ Ύ ϳϭϯ͘ϭϭ ϰϯϮ͘ϴϵ Ϯϯ͘ϮϬ ϮϬϰϯ͘ϬϬ
GKI/)NIUGVYXO
T NM2 ϱϬϰ͘Ϯϵ ϭϭϰ͘ϲϭ ϲϭϳ͘ϲϳ ϮϳϬ͘ϱϳ ϭϲ͘ϭϵ ϭϱϮϯ͘ϯϯ
OD
NNVINUYXTHNX ϱϱϭ͘ϵϴ ϴϰ͘ϬϬ ϲϮϯ͘ϯϳ Ϯϳϯ͘ϲϱ ϭϳ͘ϬϬ ϭϱϱϬ͘ϬϬ
ϮϬϭϱͲϭϲ
LIM2FY ϳϮϯ͘ϭϲ ϴϭ͘ϬϬ ϱϱϴ͘ϵϰ ϭϴϮ͘ϬϬ ϭϭ͘ϱϬ ϭϱϱϲ͘ϲϬ
LIM2OY ϴϬϮ͘ϳϰ ϭϭϯ͘ϲϯ ϱϳϱ͘ϴϮ ϭϵϬ͘ϬϬ ϭϭ͘ϱϬ ϭϲϵϯ͘ϲϵ
GKI/)NIUGVYXO
T NM2Ύ ϳϲϯ͘ϳϯ ϭϭϮ͘ϯϲ ϱϱϲ͘ϴϵ ϭϴϭ͘ϰϵ ϲ͘ϴϱ ϭϲϮϭ͘ϯϮ
ϮϬϭϲͲϭϳ
LIM2FY ϴϮϳ͘ϰϵ ϭϲϮ͘ϬϬ ϴϲϳ͘ϱϬ ϭϯϬ͘Ϭϭ ϭϯ͘ϬϬ ϮϬϬϬ͘ϬϬ
LIM2OY ϵϯϭ͘ϴϰ ϭϳϮ͘ϴϬ ϴϮϱ͘ϰϰ ϭϮϯ͘ϰϬ ϲ͘ϳϱ ϮϬϲϬ͘Ϯϯ
GKI/)NIUGVYXO
T NM2 ϰϵϴ͘ϲϮ ϭϰϯ͘ϵϵ ϱϵϰ͘ϰϬ ϴϴ͘ϰϮ Ϯ͘ϯϮ ϭϯϮϳ͘ϳϲ
ηMN9KXQKODM^NNIXQV
NN\XYNMOK0KRDMN9KW\KLNIMUD ODM^NNNVWXNXLKOK
ΛMN9KRXKGMNRDLNIM IRGNOFNV0=XE=FK@MN9KRXKGMNGN=G]HXLKRDJIMU+NNMUIH
NXWKYNE=H
Ύ/RKGCIUGVYXTONM2
RN= GV QN6MNX HJ5RLZN= [I

N^NN@LI]
N^NN@HNX:K9IM[
D @YXO
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ING\NL "NLN=RMNRDW\RNTLIMRU=X
/͘ RNIN=G NVWXN GNV HD N\ `NMN L]5VGPL OIHIUHVD GN=¤HNVD RD /GKHNVD GN
IXDI UO+NKHND[NVD#IRIXNVWXNVDGVODFDNHVD YNG\XRDHZ<NDGXGMXVHVDOVRNL]QNXGMXV
+NKU6NMIGN[N)NN$EOHVDIXNN=IMU\^NVD U)NNOIHIUGKIO4NIM
NNVDGNVYDIUHLQVXVGV
GKUT\XNHVD RNIN=GNVWXN GK I\OQ/NVDGVLHVDQNV0NVHVXIR
NVN.)NV$O+NK
+NN6IUG RD IR5UK L][IU GK IXIHU OIHIUNVDGKGE=F6%GVDYNNVIWUGK[E=D$/GKHNVD
HN:XK9IMD[
NNIH\J6D$RN= GVI\ GNHZ<NDGX@GN=IXLNQX@PL\I&NNVDRDLNE=
OD
NNVINUYXTHNXNVDGNV+NKOHFUMKGVOV [E=GIHNVDGVYNNNMLMIGN[N$OIHIUGV
YDIUHLIQN[N$ OQ/NVDXVWHKXKRN/UIRGUNYNVDGKWNDSGMXV
//͘HD N\GKGVDQ]K^NV GK/GKHNVDYN6MGVDQ] GVI\^NV QN6MV+NKIG$
L]NNVIWU/GKHNVD GKOHK^NNGMXV GV I\@ OIHIUXVRNDI1UPQaQV
NVD#\^NVDGNVL]N,UGMXV
RIM%YNI)N=GO\NJGNMGKY^NUNHVDG GK/GKHNVDGNVYN6MYINGON)N=GRDL]+NNR
NN\K
HZ<NDGXOIHIU[I%UGK[E=$EOOIHIU FXNXVGVI\@W6ONIGPXGV
NT+NNMD+NGVOH
GVL]HT>NIRNNVDGVFNMVHVDSNMPL OIHIUND YN6M JN\ HVD FNMJRKD LDSRNK= NVWXN HVD
J6D@WNVIX(XRUJ6 LIMGI<LUIGN[NJ6@P8JVDST/U QT/UFXNXV
GL]NGCIUGODONNXNVDGNRJXKL]FDNX JVUT2NLGIO4NIM
NNVDGVOV9GVON)NY'9ZFM@
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>NR8WKRL]FDNXYN6ML
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RN=GKIMLNV9=ODGVYXTONMHJ5RLZN=\V>NNLMK^NNL6MN
IMLNV9=OD L6MNOD IRNONMND
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OTIRNNYNVDGN/)NNILUXJKDIGNWNXN
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ϰ ϮϮŽĨϮϬϭϯ ϲ͘ϭ GVDQ]KL]QZNNIXD NFNV0=`NMNLQNVDGNYXINGCUOCWXDR
P8XX
ϱ ϮϭŽĨϮϬϭϯ ODLZN=IMLNV9= +NNMUHVDL]IULZMGRXKGMNGVFNMVHVDIMLNV9=
ϲ ϯŽĨϮϬϬϭ ϭ W\L]QZNNOVODFDINULN=RMN
YINGNIMNVDGNGNN=8RX
ϳ ϯϬŽĨϮϬϭϱ ϳ͘Ϯ OKRVW
NNVNX9K9HVD9GVI\L]NNVI[G
LIMNVWXNYNVDGNVLZMNGMXVHVDY5INGIR\DF
ϮϮϲ
YXT\;XGͲ//
LN=RMN@RXYN6MW\RNTLIMRU=XGNOD[%XN5HGNDSN¿LN=RMN^NV GVYNKXL]+NN[¾
IQO(FM@UGGKI/)NIUGVYXTONM
OISR
RIMO\NJNGM
YLMOISR¿LK¾ IR
NVNOISR¿YNMYNMYNM¾ ¿O¾
ODT'U ODT'U ODT'U ODT'U ODT'U ODT'U O\NJGNM O

O\NJGNM O\NJGNM O\NJGNM E= OKE=
OISR OISR OISR OISR OISR OISR \GV HLKWV
\GV HS WVYNMFK RNE=O OGVYNM
FKO WKFK GVH HGVO WKFK GVH
YNE= XE=O4LK@ WKYNVYNE= OKFK0K HFKLK XYNMOK0K OKYNVLK YNE=IR+NN[ XQK SOH0K OKOK LKOK OKRK
WKOK@LKWK@ YNE=E= OKLK0&<Z YNE=IR+NN[ YNE=IR+NN[GV
4 YNV\ ZX0KLK XFK FKWKGNVOJNUN XYNMOKLKGV OVOKFK0K "NN9KYN6MUNLK \HOK@ YNE=OKRD OYNE=OKYNVH E=E= ZXOKOK0K E=OK YNV
0K X4 P5GC9UNGV8Q] XKIU GNV\N>NXXYN6M
LNI\=NHVD9 UJULNXK UG IFW\K XWK9KOIJU O0K OKYNMWV0 OIJU 9KRDE= O+NK
EGNVODRVQX
NK\ E=E=OKLKYNMGV8Q] OKOK$ $$ XFKLK FKOYNE= P_NV[RD [6MGNV\N>NXX
YNM9KYNE=@ W6ROTM^NN LKRD\ WKE=4 '\KMVDO MVI[/UNX E=YNE= IXHN=N
^NV 0&<ZWKE=E=LK WKE=4 WV0OYNE= [TNR¥NNGK FTIXNQKNDSV
YNM40K ONGN:X@4YNM\S9K GN9N=WVXN³NV9NVGN:\ OMGNMGNV YNE=ZOKX WKYNE=H ³5^N GN=
XWKYNV@ OHTQ]KODM^NN FNV9VIXG\[N0=X IX[MNXK GNH GNW
YNVOKRDHLK
E=LK9KYNMYNE= LNIMI/)NIUGIR.NXGV8Q] W6ROTM^NNRDWKE=OK 0&<Z \N+N OKOKZ
YNE=0&<ZOZ G31RX/LIU +NNMUK[NMN7 O9KLK ³
NNOXOIJU YNRD9XO\NJ [6MOMGNMK
IOI9WXSN9=M YNE=OKYNE=HYNV0K YR¤IHULNIMUD YDUMN
RD³RN\I+NIU R[K=GMNHVDMN9K YNQ]=+NZIH ONHN8³
NNOX OKLK OD[%X³GNV%
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NX WKFKLKYNE=SE=0K LN=RMNK³FDNXGV8Q] ³GNV%
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XXYNMHO
2NLNMGMXVHVD XHXS IHI0NOV\
OJTI\UGV E= [RXV#YNE=9K
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IQO(FM@UGGKI/)NIUGVYXTONM
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I
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OD XH+NZIHNVDGNXNH MN7 "NNVNNNGKUNMK>N
SDQ]UN\ IJHNS\L]QV
N ϬϴͬϭϭͬϬϱ
MVNTGN IJHNS\L]QV
N ϬϴͬϭϭͬϬϱ
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PLMK[D[N P5UML]QV
N ϬϴͬϭϭͬϬϱ
JNVGNMONM W(HZRDG
HKM ϬϴͬϭϭͬϬϱ
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HKM ϬϴͬϭϭͬϬϱ
+NKUMGXKGNG31RX/LIU YNVI0
NN ϭϵͬϬϴͬϬϮ
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N ϭϵͬϬϴͬϬϮ
I0LNVMFK\ YOH ϭϵͬϬϴͬϬϮ
LZR=GNV\GNUNXH+NZIH ,I
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N ϭϵͬϬϴͬϬϮ
OD/)NNHGNV9N!K\ GVM\ ϭϵͬϬϴͬϬϮ
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HKM ϭϵͬϬϴͬϬϮ
RV(FNXNQ GN:\XH+NZIH GVM\ ϭϵͬϬϴͬϬϮ
,RNED9GV\KHVMKY+NNM UIH\XN0T ϭϵͬϬϴͬϬϮ
LND[0NH!K\ IJHNS\L]QV
N ϭϵͬϬϴͬϬϮ
GNDW\K LDWNF ϮϮͬϬϭͬϬϮ
MNVLM LDWNF ϮϮͬϬϭͬϬϮ
JMKGV!K\ LDWNF ϮϯͬϬϯͬϵϬ
\NVG9NG!K\ (NINLTM ϮϯͬϬϯͬϵϬ
OND+NM!K\ MNW/)NNX ϮϯͬϬϯͬϵϬ
RZZ\M!K\ W(HZRDG
HKM ϮϯͬϬϯͬϵϬ
IS<GN!K\ YNVI0
NN ϬϭͬϭϬͬϴϭ
GKNV\VI0NVMN9KP_NX MNW/)NNX ϬϭͬϭϬͬϴϭ
XN\OMNVRMXH+NZIH [TWMNU ϮϰͬϬϵͬϭϮ
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RNIN=GIMLNV9=

LN=RMN@ RX YN6M W\RNT LIMRU=X HD N\ EXP¹V

NTGWNVX^NV KGVDQ]@WNVNLTM^NV NINGNM ³HT>NYXTODNNXOD/)NNXJ6@IWOXVRN=HVD

RVQNMXHLIMNVWXNRVQNMXHUIH\XN0T YNKX YNUV J6D WFIG OHTQN H1\K LG0XV@

ORV=^NNRDPLNVI[UNo+NN[ HNH\NV D @ RNIXGK 2NLNM ³

RXNVDYN6MRXNVDOVFNJMRC^NNVDGKOZSK GKWNUKJ6 UNIGQNV RNK=S¤GV YNNNMLM

WKRR[K=GMNHVD^NHUNIXHN=NLMYI>N\ GMXV GV I\ODSN\XOIHIU[I%UGK[E=$

IW(HVQNIMNVD GV &NVMV OIJU GNN=8RX YXTONM@YF+NNMUKRX/LIUORV=^NNEO/GKH

IG[Y8ING\NLRN= GV OT[DNP_NXIRGIOUIGNJ6IWOV+NTRXV

NTIGN[N$EXL IUNVDGNVLJ\KFNME= LN6NNMNVLN R8L]NNKODM^NNNVWXNE5NIQW6OV

U6NMIGWNUVJ6D$L]I¤N@OR=-V%L IUNVDYN6M HG=MKGKP5OW=XOKHNYNVDGNVLN=RMNU)NN

NNVINU GMXV GV FWN P5LNQX L]I¤NYNVD HVD LIMNVWXNL]/UNRNVDGNVYNHDI UIGNJ6U)NN

 XQK  XQK  XQK XQK

η HINLTMXVOZISUIGNJ6IGRN= GV GN=IGN[N@LM GVQN6MNXRXMNVLN

IS IS P3SUM8NLNI\GNGVOQ/NVDGVI\ RXRDLN=RMNK

XVHK I¤NG\NLNVD GV YIUIM'U TRN /RDOVRK ŵǇŐŽǀ͘ŝŶLMONHZIJG

IS YD0HNX/GNV,OYN:R\YNV9ZOFN\K IS YD0HNXOMLVD9 E=[\

LN=RMNK ^NIMU LNIM L]NN\K L]FDNX "NNO+NZIHNVDGKLTX/)NN=LXNYN6ML]FDNX LYLJ\V

FT G \V 9 a O @ LN= R MN G6 \ V  0MNV D @ F] N P

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IRGIOUQVqNNVDHVD GVFVO\NEXRoN= +NNMUXVS4OKGV4VW 0NPXGVI\

RoN= GV QN6MNXIX(XI\I>NUGN=qNN\ND# M^NNLIMoNQXYNM0KOKYN6MOKE=E=

IF]'O MN9LN=RMNK OJNV[ GV FNMV HVD G [N$ODT'UGN=OHZJ@IWOGKF6%GRNIN=G

UNI\GNGRN= GVQN6MNX\NVGO+NNHVDHD N\`NMNP5UMIQ[L]

UNI\GN>NRN= GVQN6MNXMN7O+NNHVDHD N\`NMNP5UMIQ[L]

RN=   GV QN6MNX HJ5RLZN= [I

ODT'U ODT'U ODT'U ODT'U ODT'U ODT'U O\NJGNM O

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RNIN=GIMLNV9=

LN=RMN@ RX YN6M W\RNT LIMRU=X HD N\ EXP¹V

NTGWNVX^NV KGVDQ]@WNVNLTM^NV NINGNM ³HT>NYXTODNNXOD/)NNXJ6@IWOXVRN=HVD

RVQNMXHLIMNVWXNRVQNMXHUIH\XN0T YNKX YNUV J6D WFIG OHTQN H1\K LG0XV@

ORV=^NNRDPLNVI[UNo+NN[ HNH\NV D @ RNIXGK 2NLNM ³

RXNVDYN6MRXNVDOVFNJMRC^NNVDGKOZSK GKWNUKJ6 UNIGQNV RNK=S¤GV YNNNMLM

WKRR[K=GMNHVD^NHUNIXHN=NLMYI>N\ GMXV GV I\ODSN\XOIHIU[I%UGK[E=$

IW(HVQNIMNVD GV &NVMV OIJU GNN=8RX YXTONM@YF+NNMUKRX/LIUORV=^NNEO/GKH

IG[Y8ING\NLRN= GV OT[DNP_NXIRGIOUIGNJ6IWOV+NTRXV

NTIGN[N$EXLIUNVDGNVLJ\KFNME= LN6NNMNVLNR8L]NNKODM^NNNVWXNE5NIQW6OV

U6NMIGWNUVJ6D$L]I¤N@OR=-V%LIUNVDYN6M HG=MKGKP5OW=XOKHNYNVDGNVLN=RMNU)NN

NNVINU GMXV GV FWN P5LNQX L]I¤NYNVD HVD LIMNVWXNL]/UNRNVDGNVYNHDI UIGNJ6U)NN

XQK XQK XQK XQK

η HINLTMXVOZISUIGNJ6IGRN= GV GN=IGN[N@LM GVQN6MNXRXMNVLN

IS IS P3SUM8NLNI\GNGVOQ/NVDGVI\ RXRDLN=RMNK

XVHK I¤NG\NLNVD GV YIUIM'U TRN /RDOVRK ŵǇŐŽǀ͘ŝŶLMONHZIJG

IS YD0HNX/GNV,OYN:R\YNV9ZOFN\K IS YD0HNXOMLVD9 E=[\

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FT G \V 9 a O @ LN= R MN G6 \ V 0MNV D @ F] N P

IMLNV9=IL1\KLIUNVDOVI+N8XJNV[K$YFJ RDQTJL]I¤NJNV[K$EOHVDGT1YN6M

IRGIOUQVqNNVDHVD GVFVO\NEXRoN= +NNMUXVS4OKGV4VW 0NPXGVI\

RoN= GV QN6MNXIX(XI\I>NUGN=qNN\ND# M^NNLIMoNQXYNM0KOKYN6MOKE=E=

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UNI\GNGRN= GVQN6MNX\NVGO+NNHVDHD N\`NMNP5UMIQ[L]

UNI\GN>NRN= GVQN6MNXMN7O+NNHVDHD N\`NMNP5UMIQ[L]

RN= GV QN6MNX HJ5RLZN= [I

ODT'U ODT'U ODT'U ODT'U ODT'U ODT'U O\NJGNM O