Professional Documents
Culture Documents
#$%$&'!$("
N;<F? I@ =IHN?HNM
JfY`]a]bUfm MhUhYaYbh++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++.
ObX]gdihYX @UWhg++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++0
;f[iaYbh +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++4
C+
;+
<+
/+
CC+
CCC+
;+
<+
=cbW`ig]cb +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++/2
]
#$%$&'!$("
N;<F? I@ ;ONBILCNC?M
,*<.<
(?LDD# 1QB% S% ,CBCO?QCB *CNVQ 7QMOCP# /LA%) 51. @+/X 153 %/X =]f+ .655& +++++++++++++++++++++++++++++++.1) .3
(CF?ECL S% 'K?QCRO (?PICQ@?JJ 'PPMA% MD QFC 9LGQCB 7Q?QCP) 551 @+/X 2/1 %.-h\
=]f+ .656& +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++/0
)?NGQMJ 6CAMOBP# /LA% S% <GLEP *GEGQ?J )MON%) /.5 @+ Midd+ /X /5- %?+>+H+R+
/--/& ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++.6
)CLQ?RO )MKKAVLP# 1QB% S% '&7&2 )MKKAVLP# /LA%) 50- @+/X ./.4 %/X =]f+ .654& ++++++++++++6) .-) ./
*?SGP ! 'PPMAP% S% .C?JQF 2EKQ% 7SAP%) .35 @+ Midd+ /X .-6 %M+>+H+R+ /--.& +++++++++++++++++++++++++++/1
+ROMNC?L 7AF% MD +AML% ,MRLB% S% 8CILMJMHG .MJBGLEP '%7%) Hc+ -5 =]j+ //02
%NJA&) /-.. QF .41/-.4 %M+>+H+R+) GUm 1) /-..& ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++/,RLB MD ,RLBP# 1QB% S% ,GOPQ 'K% ,RLB MD ,RLBP# /LA%) /41 @+ Midd+ 2.4 %M+>+H+R+
.634& ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++..) .5
-OMPP S% (?OC +PACLQR?JP (C?RQU# /LA%) 31. @+ Midd+ /X .42 %M+>+H+R+ /--5&+++++++++++++++++++++++++++++.3
-RGLLCPP 9LGQCB *GPQGJJCOP ! ;GLQLCOP (%;% S% 'LFCRPCO$(RPAF# /LA%) Hc+ -/ =CP+
-53. %FGG&) /--/ QF .2105.4 %M+>+H+R+) Di`+ ./) /--/&+++++++++++++++++++++++++++++++++++++++++++++++++++.5
-RO?OU S% <GLCFMRPC) .6- @+0X 04 %/X =]f+ .666& ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++/
.?LAMAI S% 'KCOGA?L 7QCCJ ! <GOC )M%) /-0 @+/X 404 %=+=+J+;+ .620& ++++++++++++++++++++++++++++++++++++++.3
.CGPK?L 8OMNFU 8ORPQ S% 7K?AI 'NN?OCJ )M%) 304 @+ Midd+ /X .13 %M+>+H+R+
/--6& ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++.3
/LBRPQ% 6CAUAJGLE 7UPQ%# /LA% S% 'FLCK?L 'PPMAP%# 5%)%) 56/ @+ Midd+ 214
%M+>+H+R+ .662& +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++/0
0?KCOK?L S% 7QCGL@COE) 56. @+/X 1/1 %/X =]f+ .656&+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++//
1MGP 7NMOQPTC?O# 9%7%'%# /LA% S% 1CSG 7QO?RPP ! )M%) 466 @+/X 534 %/X =]f+ .653&+++++++++++++++++.4) .5
1MRGP ;RGQQML 2?JJCQGCO S% (ROJGLEQML )M?Q ,?AQMOU <?OCFMRPC )MON%) 1/3 @+0X
20/ %/X =]f+ /--2&++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++.6
2M@GJ 4GJ )MON% S% 5CE?PRP 5CQOMJCRK )MON%) 5.5 @+/X /21 %/X =]f+ .654&+++++++++++++++++++++++++++++++++.4
]]
#$%$&'!$("
3CT >MOI )GQU 8OG?QFJML# 11) S% 3>) 8OG?QFJML )JR@# /LA%) 4-1 @+ Midd+ /X 0-2
%M+>+H+R+ /-.-& +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++..
5J?U@MU +LQCONOGPCP# /LA% S% )FRAIJC@COOU 5R@JGPFGLE# /LA%) 354 @+/X 230 %/X =]f+
.65/& ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++.1
5MJ?OMGB )MON% S% 5MJ?O?B +JCAP% )MON%) /54 @+/X 16/ %/X =]f+ .63.&) ACOQ%
BCLGCB) 035 O+M+ 5/- %.63.& ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++.4
55= +LQCOP%# /LA% S% 'RBGMDGBCJGQU +LQCOP%# /LA%) 5.5 @+/X /33 %/X =]f+ .654&+++++++++++++++++++++++++++++++++5
7FCOOCJJ 5CODRKCOP# /LA% S% 6CSJML# /LA%) 150 @+ Midd+ .55 %M+>+H+R+ .65-&++++++++++++++++++++++++++++++++++5
7QCSCLP S% 5R@JGAGP 7%'%) 521 H+R+M+/X 36- %H+R+ ;dd+ >]j+ /--5&++++++++++++++++++++++++++++++++++++++++++++++/8COTGJJGECO S% 8COTGJJGECO) /-3 @+0X /1- %/X =]f+ /---&++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++/.
8TM 5CPMP# /LA% S% 8?AM )?@?L?# /LA%) 2-2 O+M+ 430 %.66/&+++++++++++++++++++++++++++++++++++++++++++++++++++++++++.;00 )MON% S% 3?Q"J ,MMQ@?JJ 1C?ERC) /11 @+0X ..1 %/X =]f+ /--.& ++++++++++++++++++++++++++++++++++++++++++++++/0
<GJJG?KPML S% *CJPCLCO) 541 H+R+M+/X 1. %H+R+ ;dd+ >]j+ /--6&++++++++++++++++++++++++++++++++++++++++++++++++/-
<=*=>=.<
.2 O+M+=+ v ../2%U& +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++/) 4) 5) 6) .03 O+M+=+ v //-2/0++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++/0
8=1.; *>=18;2=2.<
>]Wh]cbUfm+Wca) \hhd7,,X]Wh]cbUfm+fYZYfYbWY+Wca,VfckgY,d]b[(dcb[++++++++++++++++++++++++++++++++++++++++++++.2
@YXYfU` Li`Y cZ =]j]` JfcWYXifY 23%X&+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++0
G==;LNBR IH NL;>?G;LEM v /0+/3+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++.3
GYff]Ua*QYVghYf+Wca) \hhd7,,kkk+aYff]Ua*
kYVghYf+Wca,X]Wh]cbUfm,d]b["/-dcb[ ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++.1
]]]
#$%$&'!$("
#$%$&'!$("
XYWYdh]jY Zcf U df]jUhY WcaaYfW]U` cdYfUhcf `]_Y MUbXaUb hc ghU[Y Ub ibgUbWh]cbYX YjYbh
]b Ub cf[Ub]nYX I`mad]W gdcfh UbX WU`` ]h U rkcf`X W\Uad]cbg\]d+s
Cb X]gfY[UfX cZ h\YgY ibX]gdihYX ZUWhg) MUbXaUb fYWYbh`m ghU[YX ]hg ckb YjYbh
ibXYf h\Y bUaY QILF> =B;GJCIHMBCJ I@ JCHA JIHA+ N\]g kUg bch U hfiY kcf`X
W\Uad]cbg\]d) Vih U WcaaYfW]U``m gdcbgcfYX df]jUhY YjYbh k]h\ U gaU`` UggcfhaYbh cZ
d`UmYfg cZ jUf]cig fUb_]b[g UbX UV]`]h]Yg UbX bc dUfh]W]dUh]cb Zfca h\Y gdcfhqg bUh]cbU` cf
]bhYfbUh]cbU` [cjYfb]b[ VcX]Yg+ MUbXaUb Wcbh]biYg hc dfcachY ]hg YjYbh+ Cb j]c`Uh]cb cZ
gYWh]cb 10%U& cZ h\Y FUb\Ua ;Wh) MUbXaUb \Ug UWhYX UbX ]g UWh]b[ ]b X]gfY[UfX cZ h\Y
diV`]Wqg f][\h hc VY ZfYY Zfca XYWYdh]cb UbX WcbZig]cb h\fci[\ h\Y ghU[]b[ cZ U difdcfhYX
rkcf`X W\Uad]cbg\]ds h\Uh kUg ]b ZUWh bch\]b[ cZ h\Y _]bX+ ;`gc ]b j]c`Uh]cb cZ gYWh]cb
10%U&) MUbXaUb \Ug UWhYX UbX ]g UWh]b[ ]b W`YUf X]gfY[UfX cZ CNN@qg Wcaacb*`Uk
hfUXYaUf_ f][\hg ]b QILF> N;<F? N?HHCM =B;GJCIHMBCJ+ Nc aU_Y aUhhYfg
kcfgY) VYZcfY h\Y YjYbh CNN@ WcbhfUWhYX k]h\ MUbXaUb Zcf ]h hc W\Ub[Y h\Y ib`UkZi`
bUaY t cb`m hc gYY MUbXaUb dfcadh`m VfYU_ h\Uh WcbhfUWhiU` dfca]gY+
MUbXaUbqg j]c`Uh]cbg cZ gYWh]cb 10%U& UfY WfmghU`*W`YUf UbX f]dY Zcf giaaUfm
^iX[aYbh) Ug UfY ]hg j]c`Uh]cbg cZ ghUhY `Uk UbX ]hg VfYUW\ cZ WcbhfUWh+ CNN@ aU_Yg h\]g
ach]cb bck) df]cf hc X]gWcjYfm) VYWUigY bch\]b[ UVcih h\]g WUgY ]g Wcad`]WUhYX cf ibW`YUf+
7CC# C%E%# -RO?OU S% <GLCFMRPC) .6- @+0X 04) 10 %/X =]f+ .666& %rJ`U]bh]ZZqg W`U]a h\Uh h\Y
Wcifh VY`ck YffYX ]b XYW]X]b[ h\Y ach]cbg SZcf giaaUfm ^iX[aYbhT k]h\cih []j]b[ \]a Ub
cddcfhib]hm hc WcbXiWh X]gWcjYfm + + + `UW_g aYf]h+s&+ CNN@ \Ug XcWiaYbhYX Zcf h\Y =cifh
]hg 4-*d`ig mYUfg cZ Wcbh]bicig YlW`ig]jY hfUXYaUf_ igY) ]hg ib]eiY ghUhig ]b ]bhYfbUh]cbU`
gdcfhg Ug h\Y gc`Y VcXm Ybh]h`YX hc UbX WUdUV`Y cZ cf[Ub]n]b[ Ub UWhiU` kcf`X
/
#$%$&'!$("
0
#$%$&'!$("
d]b[ dcb[+ M\UfUfU >YW`+ x 68 OM;NN >YW`+ x 6+ N\Y hYfag rd]b[ dcb[s UbX rhUV`Y
hYbb]gs UfY igYX ]bhYfW\Ub[YUV`m Uacb[ h\Y gdcfhqg Zc``ckYfg UbX h\Y [YbYfU` diV`]W+
M\UfUfU >YW`+ x 68 >YW`UfUh]cb cZ =\Uf`Yg Q+ <UlhYf XUhYX IWhcVYf 0.) /-.. %r<UlhYf
>YW`+s& ?l\]V]hg ;*D+
CNN@ \Ug cf[Ub]nYX h\Y gdcfhqg gc`Y kcf`X W\Uad]cbg\]d YjYbhg g]bWY .6/5+
M\UfUfU >YW`+ x .-+ N\Y O+M+ gYbh ]hg Z]fgh WcadYh]hcf hc h\YgY YjYbhg ]b .600 UbX \Ug gYbh
WcadYh]hcfg ghYUX]`m g]bWY+ OM;NN >YW`+ x 2+ N\Y hcifbUaYbh \Ug VYYb ZcfaU``m _bckb
Ug h\Y QILF> N;<F? N?HHCM =B;GJCIHMBCJM g]bWY .605+ M\UfUfU >YW`+ x .-)
?l\]V]h >+ N\Y /-.. QILF> N;<F? N?HHCM =B;GJCIHMBCJM) \Y`X ]b LchhYfXUa)
N\Y HYh\Yf`UbXg) ZYUhifYX hcd d`UmYfg Zfca h\Y O+M+ UbX ./. ch\Yf Wcibhf]Yg+ M\UfUfU
>YW`+ x .0+
CNN@ U`gc \cghg W\Uad]cbg\]d YjYbhg UWfcgg X]ZZYfYbh WUhY[cf]Yg cZ WcadYh]hcfg+
N\ig) ]b UXX]h]cb hc ]hg QILF> N;<F? N?HHCM =B;GJCIHMBCJM YjYbhg) CNN@ U`gc
\cghg U QILF> P?N?L;H N;<F? N?HHCM =B;GJCIHMBCJM) QILF> N?;G
N;<F? N?HHCM =B;GJCIHMBCJM) QILF> DOHCIL N;<F? N?HHCM
=B;GJCIHMBCJM UbX J;L; N;<F? N?HHCM QILF> =B;GJCIHMBCJM+ /B% Uh
x .3+ CNN@ Uih\cf]nYX) UbX OM;NN \cghYX) h\Y /--4 QILF> DOHCIL N;<F?
N?HHCM =B;GJCIHMBCJM ]b JU`c ;`hc) =U`]Zcfb]U+ /B% Uh x .3) ?l\]V]h K+
CNN@qg cf[Ub]nUh]cb cZ kcf`X W\Uad]cbg\]d YjYbhg ]g Wcbg]ghYbh k]h\ CNN@qg
df]aUfm difdcgYg ibXYf ]hg Wcbgh]hih]cb) k\]W\ ]bW`iXY hc dfcachY UbX gidYfj]gY Qcf`X
UbX I`mad]W h]h`Y WcadYh]h]cbg+ M\UfUfU >YW`+ x 0) ?l\]V]h ;+ Ch ]g U`gc Wcbg]ghYbh k]h\
h\Y WcbjYbh]cbg cZ ]bhYfbUh]cbU` gdcfh acfY [YbYfU``m+ /B% Uh x ./+ ?l\]V]h H+ ?UW\
1
#$%$&'!$("
I`mad]W gdcfh \Ug U g]b[`Y kcf`Xk]XY [cjYfb]b[ VcXm) aUXY id cZ bUh]cbU` UggcW]Uh]cbg)
h\Uh ]g fYWc[b]nYX Vm I`mad]W UbX ch\Yf Uih\cf]h]Yg+ CI= >YW`+ x 08 ;MIC@ >YW`+ x /8
Mdcfh;WWcfX >YW`+ x /+ ; jUgh aU^cf]hm cZ h\YgY ]bhYfbUh]cbU` [cjYfb]b[ VcX]Yg cf[Ub]nY
kcf`X W\Uad]cbg\]d YjYbhg Zcf h\Y]f gdcfh+ M\UfUfU >YW`+ x ./) ?l\]V]h H+ ?lUad`Yg
]bW`iXY VUg_YhVU``) WmW`]b[) [mabUgh]Wg UbX g_]]b[+ M\UfUfU >YW`+ ?l\]V]h H+ Cb Ubm
[]jYb I`mad]W gdcfh) h\YfYZcfY) rkcf`X W\Uad]cbg\]ds aYUbg h\Y dYf]cX]W bcb*I`mad]W
W\Uad]cbg\]d YjYbh cf[Ub]nYX Vm h\Y gdcfhqg [cjYfb]b[ VcXm UbX ZYUhif]b[ ]hg VYgh
Uh\`YhYg+ /B% N\Uh d\fUgY ]XYbh]Z]Yg CNN@qg YjYbh) bch MUbXaUbqg+
IjYf h\Y mYUfg) CNN@qg ghUhig Ug gc`Y cf[Ub]nYf cZ kcf`X W\Uad]cbg\]d YjYbhg ]b
h\Y gdcfh cZ hUV`Y hYbb]g \Ug VYYb YlW`ig]jY UbX ibX]gdihYX+ M\UfUfU >YW`+ x //+ Jf]cf hc
MUbXaUb) bcVcXm Y`gY \Ug \UX h\Y UiXUW]hm hc UXcdh Ub YjYbh bUaY h\Uh ]g gc W`YUf`m
UggcW]UhYX k]h\ h\Y gdcfhqg cZZ]W]U` [cjYfb]b[ VcXm+ /B+.
@cf XYWUXYg) h\Y CNN@ \Ug ]bhYfUWhYX k]h\ h\]g Wcibhfmqg [cjYfb]b[ VcXm Zcf h\Y
gdcfh) OM;NN) hc dfcachY UbX cf[Ub]nY YjYbhg+ OM;NN >YW`+ x 38 M\UfUfU >YW`+ x .1*.3+
CNN@ \Ug Wcbg]ghYbh`m dfcachYX ]hg YjYbhg ]b h\]g Wcibhfm) UbX kcf_YX k]h\ OM;NN hc
YbgifY h\Y dUfh]W]dUh]cb cZ hcd O+M+ d`UmYfg+ OM;NN >YW`+ x 38 M\UfUfU >YW`+ x .1*.3+
Nc VY W`YUf) CNN@ ]g LMQ UggYfh]b[ f][\hg ]b h\Y hYfa rhUV`Y hYbb]gs ghUbX]b[ U`cbY cf ]b
h\Y hYfa rd]b[ dcb[)s bcf ]g ]h UggYfh]b[ f][\hg ]b rkcf`X W\Uad]cbg\]ds k\Yb igYX
cihg]XY h\Y WcbhYlh cZ h\]g gdcfh+ CNN@ GP UggYfh]b[ f][\hg ]b QILF> N;<F?
N?HHCM =B;GJCIHMBCJM) U aUf_ h\Uh Zcf XYWUXYg \Ug VYYb igYX YlW`ig]jY`m Ug
h\Y bUaY cZ CNN@qg dfYa]Yf YjYbh+ CNN@ U`gc UggYfhg f][\hg ]b QILF>
=B;GJCIHMBCJ cf QILF> =B;GJCIHMBCJM) Vih h\Uh UggYfh]cb ]g `]a]hYX hc
W]fWiaghUbWYg ]b h\Y WcbhYlh cZ h\]g gdcfh k\YfY h\cgY kcfXg UfY igYX t Ug h\Ym
ZfYeiYbh`m UfY t Ug U g\cfh\UbX fYZYfYbWY hc CNN@qg QILF> N;<F? N?HHCM
=B;GJCIHMBCJM+
2
#$%$&'!$("
CNN@ \Ug UffUb[YX Zcf ]hg YjYbhg) ]bW`iX]b[ h\Y LchhYfXUa YjYbh) hc VY g\ckb cb
;aYf]WUb hY`Yj]g]cb+ M\UfUfU >YW`+ x .0+
?Uf`]Yf h\]g mYUf) CNN@ `YUfbYX h\Uh MUbXaUb) U df]jUhY WcaaYfW]U` cdYfUhcf)
d`UbbYX hc ghU[Y ]hg ckb YjYbh h]h`YX h\Y QILF> =B;GJCIHMBCJ I@ JCHA JIHA+
M\UfUfU >YW`+ x /.+ MUbXaUbqg YjYbh ZYUhifYX .3 d`UmYfg) bcbY cZ k\ca \Y`X Ub
]bhYfbUh]cbU` fUb_]b[ \][\Yf h\Ub 66h\ ]b h\Y kcf`X+ <UlhYf >YW`+ x /+ N\ci[\ dfcachYfg
fcih]bY`m WcbhUWh CNN@ UbX ]hg O+M+ aYaVYf*cf[Ub]nUh]cb OM;NN hc gYY_ gUbWh]cb UbX
Ugg]ghUbWY ]b dfcach]b[ giW\ YjYbhg) MUbXaUb WcbhUWhYX bY]h\Yf cf[Ub]nUh]cb+ M\UfUfU
>YW`+ xx .5) /.+ OM;NN fYWY]jYX Uddfcl]aUhY`m 0- ]bei]f]Yg Zfca d`UmYfg k\c
kcbXYfYX ]Z h\Y MUbXaUb YjYbh kUg Ub cZZ]W]U``m gUbWh]cbYX YjYbh+ OM;NN >YW`+ x 4+
Odcb `YUfb]b[ ]bXYdYbXYbh`m cZ h\Y dfcdcgYX h]h`Y Zcf MUbXaUbqg YjYbh) CNN@ \UX
]hg cihg]XY WcibgY` gYbX MUbXaUb U WYUgY UbX XYg]gh `YhhYf) dihh]b[ MUbXaUb cb bch]WY
h\Uh ]hg YjYbh kci`X ]bZf]b[Y CNN@qg ]bhY``YWhiU` dfcdYfhm f][\hg+ <UlhYf >YW`+ ?l\]V]h ;
%?l\]V]h ; h\YfYhc&+ ; VUW_ UbX Zcfh\ Zc``ckYX) Xif]b[ k\]W\ CNN@ Yld`U]bYX ]hg fc`Y ]b
]bhYfbUh]cbU` gdcfh [cjYfbUbWY+ M\UfUfU >YW`+ ?l\]V]h N+ ;ZhYf fYWY]j]b[ bc aYUb]b[Zi`
Zifh\Yf fYgdcbgY Zfca MUbXaUb) CNN@ bch]Z]YX ]hg aYaVYf UggcW]Uh]cbg h\Uh) ]b
UWWcfXUbWY k]h\ ghUbX]b[ Y`][]V]`]hm fi`Yg) dUfh]W]dUh]cb ]b h\Y MUbXaUb YjYbh kci`X
UXjYfgY`m UZZYWh U d`UmYfqg Y`][]V]`]hm Zcf cZZ]W]U``m gUbWh]cbYX ]bhYfbUh]cbU` WcadYh]h]cbg
giW\ Ug h\Y UWhiU` QILF> =B;GJCIHMBCJM cf[Ub]nYX Vm CNN@+ M\UfUfU >YW`+
?l\]V]h O+
MUbXaUb h\Yb WcbhUWhYX CNN@+ N\Y dUfh]Yg i`h]aUhY`m U[fYYX ]b Ub YlW\Ub[Y cZ
YaU]`g h\Uh MUbXaUb kci`X W\Ub[Y h\Y bUaY cZ ]hg YjYbh hc rCbhYfbUh]cbU` =`Ugg]W J]b[
3
#$%$&'!$("
4
#$%$&'!$("
ibZU]f WcadYh]h]cb VYWUigY ]h ghU[YX U gc*WU``YX rkcf`X W\Uad]cbg\]ds h\Uh kUg fYU``m
^igh U df]jUhY WcaaYfW]U` YjYbh k]h\ bc WcbbYWh]cb hc ]bhYfbUh]cbU` gdcfhg [cjYfbUbWY)
UbX Zcf hfUXYaUf_ ]bZf]b[YaYbh VYWUigY CNN@ \Ug jU`]X UbX YbZcfWYUV`Y f][\hg h\Uh UfY
d`U]b`m ]bZf]b[YX Vm MUbXaUbqg YjYbh bUaY+
*%
5
#$%$&'!$("
aUhYf]U` eiYgh]cb Ug hc h\Y ZU`gY\ccX cZ h\Uh W`U]a&+ MUbXaUb ]g d`U]b`m `]UV`Y ibXYf
gYWh]cb 10%U&%.&%;& cZ h\Y FUb\Ua ;Wh+ .2 O+M+=+ v ../2%U&%.&%;& %dfcgWf]V]b[ UWhg
r`]_Y`m hc WUigY WcbZig]cb) cf hc WUigY a]ghU_Y) cf hc XYWY]jY Ug hc h\Y UZZ]`]Uh]cb)
WcbbYWh]cb) cf UggcW]Uh]cb cZ giW\ dYfgcb k]h\ Ubch\Yf dYfgcb) cf Ug hc h\Y cf][]b)
gdcbgcfg\]d) cf UddfcjU` cZ \]g cf \Yf [ccXg) gYfj]WYg) cf WcaaYfW]U` UWh]j]h]Yg Vm Ubch\Yf
dYfgcbs&+
BYfY) MUbXaUb X]X bch ^igh igY U bUaY Zcf ]hg YjYbh h\Uh kUg ]b\YfYbh`m ZU`gY UbX
XYWYdh]jY t ]h U`gc aUXY d`U]b`m ZU`gY ghUhYaYbhg UVcih h\Y eiU`]hm cZ h\Y YjYbh)
YlYad`]Z]YX Vm h\Y W`U]a h\Uh h\Ym \UX !SdT]W_YX h\Y VYgh d`UmYf Zfca YUW\ cZ h\Y .3
`Uf[Ygh Wcibh]fYg Sg]WT! k\Yb) ]b ZUWh) cb`m U ZYk cZ h\Y dUfh]W]dUh]b[ d`UmYfg kYfY hcd
fUb_YX XcaYgh]WU``m UbX h\Y fYgh kYfY cZ k]XY`m jUfm]b[ eiU`]hm+ <UlhYf >YW`+ ?l\]V]h >+
N\]g ]g [fcibXg Zcf `]UV]`]hm ibXYf gYWh]cb 10%U&%.&%<&+ .2 O+M+=+ v ../2%U&%.&%<&
%dfcgWf]V]b[ ghUhYaYbhg r]b WcaaYfW]U` UXjYfh]g]b[ cf dfcach]cb Sh\UhT a]gfYdfYgYbh h\Y
bUhifY) W\UfUWhYf]gh]Wg) eiU`]h]Yg) cf [Yc[fUd\]W cf][]b cZ \]g cf \Yf cf Ubch\Yf dYfgcbqg
[ccXg) gYfj]WYg) cf WcaaYfW]U` UWh]j]h]Ygs&+
+%
6
#$%$&'!$("
.#$%$&'!$("
B%
MYWcbXUfm aYUb]b[ Wci`X VY YghUV`]g\YX cb h\Y ghfYb[h\ cZ h\]g ZUWhcf U`cbY+ 7CC
3CT >MOI )GQU 8OG?QFJML# 11) S% 3>) 8OG?QFJML )JR@# /LA%) 4-1 @+ Midd+ /X 0-2) 0.2
%M+>+H+R+ /-.-& %rN\Y `Yb[h\ S.- mYUfgT UbX YlW`ig]j]hm cZ J`U]bh]ZZqg igY cZ h\Y HR=
NLC;NBFIH GUf_g #*(+$', U Z]bX]b[ cZ gYWcbXUfm aYUb]b[ \YfY+s& %Yad\Ug]g UXXYX&+
CNN@ \Ug YlYfW]gYX h\Y YlW`ig]jY igY cZ ]hg aUf_g ]b h\]g gdcfh Zcf acfY h\Ub 4- mYUfg+
7CC M\UfUfU >YW`+ ?l\]V]hg >*B+ MiaaUfm ^iX[aYbh \Ug VYYb [fUbhYX cb h\]g ]ggiY Zcf
YlW`ig]jY igY Ug Vf]YZ Ug h\fYY mYUfg+ 7CC ,RLB MD ,RLBP) /41 @+ Midd+ Uh 2/. %Z]bX]b[ bc
[Ybi]bY ]ggiY fY[UfX]b[ h\Y YghUV`]g\aYbh cZ gYWcbXUfm aYUb]b[ ]b d`U]bh]ZZqg aUf_&+
CNN@ \Ug YlW`ig]jY`m dfcachYX ]hg QILF> =B;GJCIHMBCJ aUf_g Zcf acfY h\Ub
hkYbhm h]aYg h\Uh `cb[+
C%
*EUFQSJRJNH .WPFNEJSTQFR
IjYf ]hg \]ghcfm) CNN@ \Ug gdYbh hYbg cZ a]``]cbg cZ Xc``Ufg dfcach]b[ h\Y
QILF> N;<F? N?HHCM =B;GJCIHMBCJM+ M\UfUfU >YW`+ x .0+ ?UW\ ]bX]j]XiU`
QILF> N;<F? N?HHCM =B;GJCIHMBCJM ]bjc`jYg fYjYbiYg UbX YldYbX]hifYg ]b
h\Y a]``]cbg cZ Xc``Ufg+ /B% CNN@ aU]bhU]bg U Zi``m*]bhYfUWh]jY kYVg]hY UbX aYX]U
cdYfUh]cb hc dfcachY h\Y gdcfh UbX ]hg QILF> =B;GJCIHMBCJ YjYbhg+ /B% Uh x .2)
?l\]V]h D+ CNN@ aU]bhU]bg Ub YaU]` giVgWf]VYf `]gh UbX ZfYeiYbh`m X]ghf]VihYg dfcach]cbU`
aUhYf]U`g fY`UhYX hc ]hg QILF> =B;GJCIHMBCJ YjYbhg hc ]hg giVgWf]VYfg+ /B% Uh x .2)
?l\]V]h J+ N\]g `]gh WcbhU]bg acfY h\Ub 0-)--- giVgWf]VYfg) ]bW`iX]b[ \ibXfYXg `cWUhYX ]b
h\Y Ob]hYX MhUhYg+ /B% Uh x .2+
D%
<BLFR <TDDFRR
..
#$%$&'!$("
./
#$%$&'!$("
hY`Yj]g]cb& igYg h\Y hYfa rkcf`X W\Uad]cbs ]b W`YUf fYZYfYbWY hc G]_UY` ;ddY`[fYb) U
WcadYh]hcf ]b MUbXaUbqg YjYbh k\c dfYj]cig`m \UX kcb CNN@ QILF>
=B;GJCIHMBCJ YjYbhg+ <UlhYf >YW`+ x 0) ?l\]V]hg <) >) F+ Ib ]hg kYVg]hY) MUbXaUb
fYZYfg hc ;ddY`[fYb UbX Ubch\Yf d`UmYf ]b ]hg YjYbh Ug dUfh]W]dUbhg ]b dUgh rQcf`X
=\Uad]cbg\]dg+s <UlhYf >YW`+ ?l\]V]h <+ N\YgY UfY iba]ghU_UV`Y fYZYfYbWYg hc CNN@qg
YjYbhg) UbX dfccZ dcg]h]jY cZ MUbXaUbqg _bck`YX[Y cZ h\cgY YjYbhg+ @ifh\YfacfY) ]h ]g
VYmcbX X]gdihY h\Uh rkcf`X W\Uad]cbg\]ds \Ug U gdYW]Z]W aYUb]b[ ]b h\]g WcbhYlh) `]b_]b[
h\]g dUfh]Wi`Uf hmdY cZ WcadYh]h]cb k]h\ h\Y fYWc[b]nYX ]bhYfbUh]cbU` [cjYfb]b[ VcXm+
CNN@ ]g cbY cZ hkYbhm*b]bY ]bhYfbUh]cbU` [cjYfb]b[ VcX]Yg cf[Ub]nY U kcf`X h]h`Y
hcifbUaYbh _bckb Ug rkcf`X W\Uad]cbg\]dg+s M\UfUfU >YW`+ x ./) ?l\]V]h H+ CNN@qg
hfUXYaUf_ f][\hg UfY VYmcbX X]gdihY) Ug ]g MUbXaUbqg ]bZf]b[YaYbh+
G%
A]jYb h\Uh CNN@ W`YUf`m dfYjU]`g ibXYf h\Y ch\Yf ZUWhcfg) CNN@ \Ug bch WcbXiWhYX U
Wcgh`m WcbgiaYf gifjYm) bcf ]g ]h fYei]fYX hc+ 7GKML ! 7AFRPQCO) 64- @+ Midd+ Uh /62
%rN\Y UVgYbWY cZ Ubm WcbgiaYf ghiXm VYUfg cb`m dYf]d\YfU``m cb h\Y UbU`mg]g cZ
d`U]bh]ZZgq aUf_8 bc g]b[`Y ZUWhcf Uacb[ h\Y g]l ]g XYhYfa]bUh]jY) UbX YjYfm Y`YaYbh bYYX
bch VY dfcjYX+s&+ A]jYb h\]g fYWcfX) h\YfY WUb VY bc [Ybi]bY X]gdihY fY[UfX]b[ h\Y
jU`]X]hm UbX ghfYb[h\ cZ CNN@qg Wcaacb*`Uk hfUXYaUf_ f][\hg ]b ]hg QILF> N;<F?
N?HHCM =B;GJCIHMBCJM aUf_ ]b h\Y WcbhYlh cZ h\]g gdcfh+
'%
MUbXaUbqg YjYbh bUaY ]g giVghUbh]jY`m ]XYbh]WU` hc CNN@qg+ N\Y =cifh WUb UbX
g\ci`X XYW]XY h\]g ]ggiY VUgYX cb ]hg ckb Wcaacb*gYbgY UggYggaYbh cZ h\Y cVj]cig
.0
#$%$&'!$("
g]a]`Uf]hm+ 7CC (?LDD# 1QB% S% ,CBCO?QCB *CNVQ 7QMOCP# /LA%) 51. @+/X 153) 16/ %/X =]f+
.655& %Uddfcj]b[ X]ghf]Wh Wcifhqg ghUhYaYbh h\Uh rh\Y g]a]`Uf]h]Yg VYhkYYb ghUbXUfX
hmdYghm`Y p< QYUfq UbX p<YY QYUfq UfY pgc cVj]cig UbX ghfcb[q h\Uh h\Y aUf_g W`YUf`m
WfYUhY h\Y gUaY cjYfU`` ]adfYgg]cb hc fYhU]` WcbgiaYfgs&8 5J?U@MU +LQCONOGPCP# /LA% S%
)FRAIJC@COOU 5R@JGPFGLE# /LA%) 354 @+/X 230) 234 %/X =]f+ .65/& %bYYX]b[ bc Uih\cf]hm hc
UZZ]fa h\Uh rSgT]ad`m ghUhYX) h\Y h]h`Y pJ`UmaYbq WcaYg Ug W`cgY Ug cbY Wci`X hc h\Y
pJ`UmVcmq h]h`Ys&+ Cb h\]g g]ad`Y WUgY) bc ]ggiY ]g g]ad`Yf h\Ub h\]g+
MUbXaUb WUb VY YldYWhYX hc Uf[iY h\Uh ]hg YjYbh bUaY ]g X]ZZYfYbh cb hkc [fcibXg7
h\Uh rhUV`Y hYbb]gs ]g gcaY\ck bch h\Y gUaY Ug rd]b[ dcb[)s UbX h\Uh ]b h\Y]f YjYbh bUaY
rQcf`Xs UbX r=\Uad]cbg\]ds UfY WcbgYWih]jY k\YfYUg CNN@ dihg h\Y kcfXg rNUV`Y
NYbb]gs ]b VYhkYYb ]b WYfhU]b YjYbh h]h`Yg+ HY]h\Yf UhhYadhYX X]gh]bWh]cb \Ug Ubm aYf]h+
;g Zcf rhUV`Y hYbb]gs jg+ rd]b[ dcb[)s h\YgY UfY g]ad`m hkc bUaYg Zcf h\Y gUaY
h\]b[+ OM;NN >YW`+ x 68 M\UfUfU >YW`+ x 6+ NY``]b[`m) MUbXaUb ]hgY`Z igYg h\Y hYfag
rhUV`Y hYbb]gs UbX rd]b[ dcb[s ]bhYfW\Ub[YUV`m+ Cb U bYkg ]hYa UVcih mcib[ UbX f]g]b[
rhUV`Y hYbb]g dfcX][]Yg)s dcghYX Vm MUbXaUb cb ]hg kcf`XW\Uad]cbg\]dcZd]b[dcb[+Wca
kYVg]hY) MUbXaUb kf]hYg) rSbTck d]b[*dcb[ %cf hUV`Y hYbb]g& bYYXg U ZUWY+s <UlhYf >YW`+
?l\]V]h =+ M]a]`Uf`m) ]b k\Uh Uacibhg hc Ub UXa]gg]cb h\Uh MUbXaUb ]bhYbXg hc WcbZigY
h\Y diV`]W) ]h ghUhYg ]b ]hg =cad`U]bh h\Uh ]h gYY_g hc igY h\Y rQcf`X =\Uad]cbg\]d cZ J]b[
Jcb[s bUaY Zcf ]hg YjYbh rgc h\Uh WcbgiaYfg k]`` ]aaYX]UhY`m ibXYfghUbX) h\Uh h\Y Q=JJ
?jYbh ZYUhifYg h\Y VYgh -!"'$ -$))&, d`UmYfg Zfca UfcibX h\Y kcf`X+s <UlhYf >YW`+ ?l\]V]h
; Uh x .2+ %Yad\Ug]g UXXYX&+ JiV`]W fYZYfYbWY gcifWYg ]XYbh]Zm h\Y hYfag Ug gmbcbmag+
GYff]Ua*QYVghYf+Wca) \hhd7,,kkk+aYff]Ua*kYVghYf+Wca,X]Wh]cbUfm,d]b["/-dcb[ %`Ugh
.1
#$%$&'!$("
.2
#$%$&'!$("
.3
#$%$&'!$("
WfYX]V`m Uf[iY h\Uh Vm gk]hW\]b[ h\Y cfXYf cZ h\Y kcfXg) ]b U kUm h\Uh WfYUhYg bc
giVghUbh]jY X]ZZYfYbWY) ]h WUb Ujc]X `]UV]`]hm Zcf ]bZf]b[YaYbh+
N\Y ZUWhg cZ h\]g WUgY Zi``m giddcfh ^iX[aYbh Zcf CNN@ ibXYf h\Y ZUWhcfg
Wcaacb`m igYX k]h\]b h\]g W]fWi]h hc UbU`mnY h\Y `]_Y`]\ccX cZ WcbZig]cb+ 7CC 5MJ?OMGB
)MON% S% 5MJ?O?B +JCAP% )MON%) /54 @+/X 16/) 162 %/X =]f+ .63.&) ACOQ% BCLGCB) 035 O+M+
5/- %.63.&+ N\Y fY`YjUbh ZUWhcfg UfY %.& h\Y ghfYb[h\ cZ h\Y d`U]bh]ZZqg aUf_) XYacbghfUhYX
\YfY Vm CNN@qg YlW`ig]jY UbX YlhYbg]jY igY cjYf gYjYb XYWUXYg cZ UXjYfh]g]b[ UbX
dfcach]b[ h\Y YjYbh [`cVU``m UbX k]h\]b h\Y Ob]hYX MhUhYg %M\UfUfU >YW`+ xx .-) .2)
?l\]V]hg >*B) D) J&8 %/& h\Y g]a]`Uf]hm cZ h\Y d`U]bh]ZZqg UbX XYZYbXUbhqg aUf_g UbX %0& h\Y
WcadYh]h]jY dfcl]a]hm cZ h\Y dfcXiWhg cf gYfj]WYg) bY]h\Yf cZ k\]W\ WUb gYf]cig`m VY
eiYgh]cbYX \YfY8 %1& h\Y `]_Y`]\ccX h\Uh h\Y d`U]bh]ZZ k]`` rVf]X[Y h\Y [Uds UbX cZZYf U
dfcXiWh cf gYfj]WY g]a]`Uf hc h\Y XYZYbXUbhqg t U bcb*]ggiY) g]bWY h\Y dUfh]Yg UfY U`fYUXm
WcadYh]b[ ]b h\Y gUaY gdUWY8 %2& UWhiU` WcbZig]cb * bch fYei]fYX) PCC 1MGP 7NMOQPTC?O#
9%7%'%# /LA% S% 1CSG 7QO?RPP ! )M%) 466 @+/X 534) 542 %rIZ WcifgY) ]h ]g V`UW_ `YhhYf `Uk
h\Uh UWhiU` WcbZig]cb bYYX bch VY g\ckb hc dfYjU]` ibXYf h\Y FUb\Ua ;Wh) + + +s& Vih
g\ckb ]b Ubm YjYbh Vm h\Y XcnYbg cZ eiYgh]cbg h\Uh OM;NN fYWY]jYX Zfca ]hg aYaVYfg
UVcih MUbXaUbqg YjYbh %OM;NN >YW`+ x 4&8 %3& [ccX ZU]h\ cb h\Y XYZYbXUbhqg dUfh)
d`U]b`m `UW_]b[ \YfY) PCC 2M@GJ 4GJ )MON% S% 5CE?PRP 5CQOMJCRK )MON%) 5.5 @+/X /21) /26
%/X =]f+ .654& %igY cZ U aUf_ UZhYf fYWY]j]b[ UWhiU` cf WcbghfiWh]jY _bck`YX[Y cZ df]cf
g]a]`Uf aUf_ giZZ]W]Ybh hc YghUV`]g\ VUX ZU]h\&8 %4& h\Y eiU`]hm cZ h\Y XYZYbXUbhqg dfcXiWhg
.4
#$%$&'!$("
cf gYfj]WYg) \YfY W`YUf`m ]bZYf]cf/8 UbX %5& h\Y gcd\]gh]WUh]cb cZ VimYfg+ @cf U WcbgiaYf ]b
h\Y Ob]hYX MhUhYg) h\Y XYW]g]cb hc UhhYbX U hUV`Y hYbb]g hcifbUaYbhucf acfY fY`YjUbh`m) hc
j]Yk cbY Zcf ZfYY cb hY`Yj]g]cbu]g `ck*Wcgh UbX ib`]_Y`m hc hf][[Yf U \][\ XY[fYY cZ WUfY
Uacb[ WUgiU` ZUbg UbX hY`Yj]g]cb j]YkYfg+ 7CC -RGLLCPP 9LGQCB *GPQGJJCOP ! ;GLQLCOP
(%;% S% 'LFCRPCO$(RPAF# /LA%) Hc+ -/ =CP+ -53. %FGG&) /--/ QF .2105.4 Uh '3
%M+>+H+R+) Di`+ ./) /--/& %rSNT\Y UjYfU[Y `]eicf WcbgiaYf ]g bch `]_Y`m hc YlYfW]gY U \][\
XY[fYY cZ WUfY ]b \]g difW\UgYg cZ U fY`Uh]jY`m `ck Wcgh ]hYa + + + Sh\ig giddcfh]b[ U
`]_Y`]\ccX cZ WcbZig]cbT+s&+
Ib h\Y ibX]gdihYX ZUWhg) giaaUfm ^iX[aYbh ]g W`YUf`m Uddfcdf]UhY+ 7CC 1MGP
7NMOQPTC?O# 9%7%'%# /LA%) 466 @+/X Uh 534 %[fUbh]b[ giaaUfm ^iX[aYbh hc aUf_ ckbYf cb
]ggiY cZ `]_Y`]\ccX cZ WcbZig]cb&8 ,RLB MD ,RLBP# 1QB% S% ,GOPQ 'K% ,RLB MD ,RLBP# /LA%)
/41 @+ Midd+ 2.4 %M+>+H+R+ .634& %[fUbh]b[ giaaUfm ^iX[aYbh hc aUf_ ckbYf cb ]ggiY
cZ jU`]X]hm cZ ibfY[]ghYfYX aUf_ UbX gYWcbXUfm aYUb]b[&+
22%
Qcf_g ibXYf ZYXYfU` `Uk U`gc giddcfh ^iX[aYbh Zcf CNN@ cb ]hg ghUhY*`Uk WcibhYfW`U]ag+
N\Y eiU`]hm cZ WcadYh]h]cb ]b MUbXaUbqg YjYbh kUg g][b]Z]WUbh`m VY`ck h\Uh cZ h\Y
UWhiU` CNN@ QILF> =B;GJCIHMBCJM+ <UlhYf >YW`+ x /+ MUbXaUb \Y`X ]hg
YjYbh cih hc VY cZ g]a]`Uf eiU`]hm+ Cb fYgdcbgY hc U ZUb ]bei]fm cb ]hg dfcach]cbU`
@UWYVcc_ dU[Y) MUbXaUb ]bX]WUhYX h\Uh ]h rSdT]W_YX h\Y VYgh d`UmYf Zfca YUW\ cZ h\Y
.3 `Uf[Ygh Wcibh]fYg Sg]WT+ + + +s <UlhYf >YW`+) ?l\]V]h >+ N\]g ghUhYaYbh ]g
XYacbghfUV`m ZU`gY+ IZ h\Y g]lhYYb ]bj]hYX WcadYh]hcfg) g]l kYfY bch YjYb Uacb[ h\Y
.)4.4 aYb k]h\ U Qcf`X LUb_]b[ ]b @YVfiUfm /-..+ <UlhYf >YW`+ x /+ Cb WcbhfUgh)
CNN@qg UWhiU` QILF> =B;GJCIHMBCJM Wcbg]ghYbh`m ZYUhifYuVm XYZ]b]h]cbuh\Y
acgh \][\`m fUb_YX d`UmYfg Zfca UfcibX h\Y kcf`X+ M\UfUfU >YW`+ x ./+
.5
#$%$&'!$("
.6
#$%$&'!$("
cZ S]hg ckbT dfcXiWh+s 7GKML ! 7AFRPQCO) 64- @+ Midd+ Uh 0-0+ MUbXaUbqg aUf_ h\ig
WfYUhYg U ghfcb[ `]_Y`]\ccX cZ X]`ih]cb ibXYf HYk Rcf_ `Uk Ug kY``+
222%
/#$%$&'!$("
VYgh kUm dcgg]V`Y) XFR) kY UWWYdh mcif dfcdcgU` cZ fYbUa]b[ h\Y YjYbh Ug mci gi[[YghYX+s
/B% Gf+ M\UfUfU kYbh cb hc ]bX]WUhY h\Uh CNN@ kci`X gYbX h\Y YaU]` gci[\h Vm MUbXaUb7
rJ`YUgY gYbX ig h\Y WcbZ]faUh]cb Ug gccb Ug h\Y kcfX pQcf`Xq \Ug VYYb fYacjYX Zfca U``
h]h`Yg) kYVg]hYg UbX U`` fYZYfYbWYg hc h\Y YjYbh+ Cb h\Y aYUbh]aY) kY k]`` gYbX U
WcbX]h]cbU` aYggU[Y hc U`` cif aYaVYfg ]bZcfa]b[ h\Ya h\Uh ]Z h\Y bUaY W\Ub[Y \Ug hU_Yb
d`UWY) h\Y CNN@ kci`X dfcj]XY h\Ya k]h\ h\Y dYfa]gg]cb hc dUfh]W]dUhY ]b h\Y YjYbh+s /B%
Gf+ <c[Uh]b fYgdcbXYX7
QY k]`` VY[]b dfcWYgg df]cf hc
?jYbh k\]W\ kY UfY Xc]b[ ]b X][]hU` ]bgYfh]cb
N_g UbX d`g dfcj]XY ig h\Y YaU]`
/B% Q]h\]b a]bihYg) CNN@ X]ghf]VihYX Ub YaU]` hc ]hg aYaVYf bUh]cbU` UggcW]Uh]cbg UbX
MUbXaUb WcbhU]b]b[ h\Y dfca]gYX dYfa]gg]cb hc dUfh]W]dUhY ]b h\Y MUbXaUb YjYbh k]h\cih
Y`][]V]`]hm WcbgYeiYbWYg+ M\UfUfU >YW`+ ?l\]V]h Q+
A]jYb h\Y W`Uf]hm UbX Wcad`YhYbYgg cZ h\]g YlW\Ub[Y) ]h ]g cVj]cig k\m MUbXaUb
ZcWigYg ]b ]hg d`YUX]b[ cb h\Y difdcfhYX rXifYggs XYZYbgY hc ]hg VfYUW\ cZ h\Y WcbhfUWh+
N\YfY WUb VY bc gYf]cig Uf[iaYbh Ug hc h\Y Yl]ghYbWY cZ Ub YbZcfWYUV`Y WcbhfUWh+
MUbXaUb `]_Yk]gY \Ug bc WfYX]V`Y Uf[iaYbh h\Uh ]hg UWh]cbg kYfY Ubmh\]b[ Vih U
WcbhfUWhiU` VfYUW\+ 7CC 8COTGJJGECO S% 8COTGJJGECO) /-3 @+0X /1-) /12*14 %/X =]f+ /---&
%UZZ]fa]b[ giaaUfm ^iX[aYbh cb VfYUW\ cZ WcbhfUWh W`U]a UbX fYW]h]b[ Y`YaYbhg ibXYf
HYk Rcf_ `Uk&+ ;ZhYf CNN@ \UX Zi``m dYfZcfaYX) MUbXaUb XYW]XYX hc Wcad`YhY`m ][bcfY
]hg dfca]gY hc dfcWYYX ibXYf U X]ZZYfYbh bUaY+
Q]h\]b a]bihYg cZ fYWY]j]b[ WcbZ]faUh]cb Zfca MUbXaUb h\Uh ]h kUg fYacj]b[ h\Y
]bZf]b[]b[ bUaY Zfca ]hg aUhYf]U`g) CNN@ gYbh h\Y fYei]fYX YaU]` hc ]hg aYaVYfg
/.
#$%$&'!$("
Uih\cf]n]b[ d`UmYf dUfh]W]dUh]cb+ M\UfUfU >YW`+ x /5) ?l\]V]h Q+ N\]g Wcbgh]hihYX Zi``
dYfZcfaUbWY cZ CNN@qg WcbhfUWhiU` cV`][Uh]cb+
Hchk]h\ghUbX]b[ ]hg dfca]gY hc W\Ub[Y h\Y bUaY cZ h\Y YjYbh) MUbXaUb igYX h\Y
]bZf]b[]b[ bUaY Uh h\Y YjYbh ]hgY`Z UbX ]b hY`Yj]g]cb VfcUXWUghg cZ h\Y YjYbh+ <UlhYf >YW`+
?l\]V]h F+ MUbXaUbqg kYVg]hY) k]h\ U OLF Wcbg]gh]b[ cZ h\Y ]bZf]b[]b[ bUaY UbX Zi`` cZ
igU[Yg cZ ]h) Wcbh]biYg hc fYaU]b UjU]`UV`Y hcXUm hc WcbgiaYfg cb`]bY+ <UlhYf >YW`+
?l\]V]h <+ MUbXaUb UbX F]ei]X]hm Qcf_g Wcbh]biY hc dfcachY dfcgdYWh]jY ZihifY YjYbhg
ibXYf h\Y ]bZf]b[]b[ bUaY+ OM;NN >YW`+ ?l\]V]h ;8 <UlhYf >YW`+ ?l\]V]h <+
+%
//
#$%$&'!$("
UWh]cb kUg Ubh]*WcadYh]h]jY `UW_g Ubm VUg]g ]b ZUWh cf `Uk+ ;g U aUhhYf cZ ZUWh) CNN@ ]g
U`kUmg k]``]b[ hc kcf_ k]h\ df]jUhY YjYbh gdcbgcfg hc [fck h\Y gdcfh cZ hUV`Y hYbb]g
Wcbg]ghYbh k]h\ CNN@qg [cjYfb]b[ fc`Y UbX ]hg hfUXYaUf_ f][\hg+ ;g U aUhhYf cZ `Uk)
=cb[fYgg `cb[ U[c dfcj]XYX h\Uh U g]b[`Y [cjYfb]b[ VcXmuVch\ XcaYgh]WU``m UbX
]bhYfbUh]cbU``muaUm dfYg]XY cjYf h\Y aUbU[YaYbh cZ I`mad]W gdcfhg+ 7CC N\Y NYX
MhYjYbg I`mad]W UbX ;aUhYif Mdcfhg ;Wh %r;aUhYif Mdcfhg ;Whs&) 03 O+M+=+ v //-2/0
%r@cf h\Y gdcfh h\Uh &- [cjYfbg) U bUh]cbU` [cjYfb]b[ VcXm aUm + + + fYdfYgYbh h\Y Ob]hYX
MhUhYg ]b -%$ Uddfcdf]UhY ]bhYfbUh]cbU` gdcfhg ZYXYfUh]cb+s& %Yad\Ug]g UXXYX&+ N\]g
fYWc[b]h]cb ]b h\Y ;aUhYif Mdcfhg ;Wh YlYadhg giW\ [cjYfb]b[ VcX]Yg Zfca `]UV]`]hm
ibXYf O+M+ Ubh]hfigh `Ukg+ (CF?ECL S% 'K?QCRO (?PICQ@?JJ 'PPMA% MD QFC 9LGQCB 7Q?QCP)
551 @+/X 2/1) 2/6 %.-h\ =]f+ .656& %r<Y\U[Yb Wcad`U]bg cZ YlUWh`m h\Uh UWh]cb k\]W\ h\Y
;Wh X]fYWhguh\Y acbc`]h\]W Wcbhfc` cZ Ub UaUhYif gdcfh Vm h\Y HA< SbUh]cbU` [cjYfb]b[
VcXmT Zcf h\Uh gdcfh UbX Vm h\Y Uddfcdf]UhY ]bhYfbUh]cbU` gdcfhg ZYXYfUh]cb cZ k\]W\ h\Y
HA< ]g U aYaVYf+s&+ Cb [cjYfb]b[ h\Y gdcfh cZ hUV`Y hYbb]g) ]bW`iX]b[ ]b ]hg ]bhYfUWh]cbg
k]h\ MUbXaUb) CNN@ ]g d`Um]b[ Ub Ybh]fY`m `UkZi` fc`Y+
MUbXaUb WUbbch dcgg]V`m YghUV`]g\) Ug ]h aigh hc dfcjY XifYgg) h\Uh ]h \UX bc
YWcbca]W W\c]WY YlWYdh hc YbhYf ]hg WcbhfUWh k]h\ CNN@+ /LBRPQ% 6CAUAJGLE 7UPQ%# /LA% S%
'FLCK?L 'PPMAP%# 5%)%) 56/ @+ Midd+ 214) 216*2- %M+>+H+R+ .662& %[fUbh]b[ giaaUfm
^iX[aYbh k\YfY dUfhm U``Y[]b[ XifYgg ZU]`YX hc XYacbghfUhY U `UW_ cZ U`hYfbUh]jYg&+ Ch kUg
g]ad`Y VUX ZU]h\ cb MUbXaUbqg dUfh) bch YlWigUV`Y rXifYgg)s hc aU_Y U WcbhfUWh k]h\
CNN@ h\Uh U``ckYX h\Y MUbXaUb YjYbh hc [c ZcfkUfX UbX h\Yb VfYUW\ h\Uh WcbhfUWh ^igh
XUmg `UhYf+ ;00 )MON% S% 3?Q"J ,MMQ@?JJ 1C?ERC) /11 @+0X ..1) ./0 %/X =]f+ /--.&
/0
#$%$&'!$("
%!SNT\Y UV]`]hm cZ U dUfhm hc X]gckb \]g cV`][Uh]cbg ibXYf U WcbhfUWh + + + SXiY hc XifYggT ]g
fYgYfjYX Zcf YlhfYaY UbX YlhfUcfX]bUfm WUgYg+!&+ =cad`]UbWY k]h\ h\Y WcbhfUWh kci`X
\UjY VYYb U g]ad`Y aUhhYf cZ W\Ub[]b[ h\Y X][]hU` [fUd\]Wg Uh h\Y YjYbh UbX cb hY`Yj]g]cb)
W\Ub[]b[ h\Y OLF cb h\Y kYVg]hY h\Uh MUbXaUb Wcbhfc`g) UbX W\Ub[]b[ cf aUg_]b[ h\Y
dUhW\ cb h\Y d`UmYfgq dc`c g\]fhg h\Uh WcbhU]bYX h\Y ]bZf]b[]b[ aUf_+ CZ h\Y bUaY
rCbhYfbUh]cbU` =`Ugg]W J]b[ Jcb[ =\Uad]cbg\]ds X]X bch kcf_ Zcf gcaY fYUgcb) h\Yb
MUbXaUb \UX h\Y cdh]cb cZ Wca]b[ VUW_ hc CNN@ hc bY[ch]UhY U X]ZZYfYbh bcb*]bZf]b[]b[
bUaY+ Ch XcYg bch UbX WUbbch U``Y[Y h\Y ibUjU]`UV]`]hm cZ h\Uh cdh]cb+ @ifh\Yf) MUbXaUb
U`gc \Ug bch U``Y[YX h\Uh Ubm cZ h\Y ]bj]hYX d`UmYfg h\fYUhYbYX hc kU`_ UkUm Zfca ]hg
hcifbUaYbh ]b `][\h cZ CNN@qg dcg]h]cb cb Y`][]V]`]hm+ Hcf \Ug MUbXaUb U``Y[YX h\Uh ]h
kci`X \UjY VYYb ]bWUdUV`Y cZ dfcWYYX]b[ k]h\ ch\Yf k]``]b[ d`UmYfg+ MUbXaUb \Ug bch
UXXfYggYX k\Yh\Yf ]h hcc_ Ubm aYUgifYg k\UhgcYjYf hc fYd`UWY h\Y ib]XYbh]Z]YX d`UmYfg ]h
W`U]ag kYfY bYWYggUfm hc Wcbh]biY k]h\ ]hg YjYbh+
Cb g\cfh) MUbXaUbqg dcg]h]cb UddYUfg hc VY h\Uh ]h X]X bch UXYeiUhY`m dfYdUfY Zcf
h\Y dcgg]V]`]hm h\Uh ]h kci`X VY WUi[\h ]bZf]b[]b[ CNN@qg aUf_+ N\]g XcYg bch Uacibh hc
XifYgg+ 7CC *?SGP ! 'PPMAP% S% .C?JQF 2EKQ% 7SAP%) .35 @+ Midd+ /X .-6) ..4 %M+>+H+R+
/--.& %r; gcd\]gh]WUhYX SdUfhmT ]g bch pXYdf]jYX cZ ]hg ZfYY k]``q g]ad`m VYWUigY ]h Z]bXg
]hgY`Z ]b U `Y[U` Wi`*XY*gUW + + + +s&+ MUbXaUbqg fYW_`Ygg d`Ubb]b[ X]X bch Ybh]h`Y ]h hc ][bcfY
U W`YUf WcbhfUWhiU` cV`][Uh]cb+
SfYaU]bXYf cZ dU[Y ]bhYbh]cbU``m `YZh V`Ub_T
/1
#$%$&'!$("
,ONDLTRJON
@cf h\Y ZcfY[c]b[ fYUgcbg) CNN@ fYgdYWhZi``m fYeiYghg h\Uh h\]g =cifh YbhYf
giaaUfm ^iX[aYbh X]ga]gg]b[ MUbXaUbqg W`U]ag k]h\ dfY^iX]WY8 [fUbh giaaUfm
^iX[aYbh Ug hc `]UV]`]hm ]b ZUjcf cZ CNN@ cb ]hg WcibhYfW`U]ag8 ]ggiY U dYfaUbYbh
]b^ibWh]cb ZcfV]XX]b[ MUbXaUb UbX F]ei]X]hm Qcf_g Zfca Yb[U[]b[ ]b Ubm ZihifY igY cZ
QILF> =B;GJCIHMBCJ I@ JCHA JIHA) Ubm igY cZ QILF> =B;GJCIHMBCJ cf
QILF> =B;GJCIHMBCJM ]b WcbbYWh]cb k]h\ hUV`Y hYbb]g) UbX Ubm igY cZ Ubm ch\Yf
aUf_ h\Uh ]g XYWYdh]jY cf ]g WcbZig]b[`m g]a]`Uf hc CNN@qg aUf_g8 UbX [fUbh giW\ ch\Yf UbX
Zifh\Yf fY`]YZ Ug h\Y =cifh aUm XYYa ^igh UbX dfcdYf+
LYgdYWhZi``m giVa]hhYX)
>?<?PICM? # JFCGJNIH FFJ
<m7 ,=\Uf`Yg Q+ <UlhYf,
>Uj]X Q+ L]j_]b
%Xkf]j_]b9XYVYjc]gY+Wca&
DYfYam @Y][Y`gcb
%^ZY][Y`gcb9XYVYjc]gY+Wca&
=\Uf`Yg Q+ <UlhYf
%WkVUlhYf9XYVYjc]gY+Wca&
6.6 N\]fX ;jYbiY
HYk Rcf_) HYk Rcf_ .--//
%/./& 6-6*3/0- %d\cbY&
%/./& 2/.*4/0- %ZUl&
'QQMOLCUP DMO *CDCLB?LQ ?LB )MRLQCOAJ?GK$
5J?GLQGDD /LQCOL?QGML?J 8?@JC 8CLLGP ,CBCO?QGML
/2
#$%$&'!$("