Arch grafika osnovi kompozicii grigoryan

!" !" +!( ! !&,
/ /!/ !!
!#! #' "'! "
/ . .
!+ & $
(#' "'! ! / !"#" #')%!/ +!(% ! % !&,+%
#'+% )
1986
!+ & $
B0:A8G5A:89 0A?5:B. @>G85 0A?5:BK 2E>4OB 2

:C@A �@>5:B8@>20=85.
#G51=> <5B>48G5A:>5 ?>A>185 ?> ?@54<5BC �A
=>2K :>78F88 4;O ?>43>B>2:8 A?5F80;8AB>2 I CG51=> <5B>48G5A:>3> ?>A>18O �"5>
?> ?@8:;04=>9 3@0D8:5 (?@>9 3@0D8 @5B8G5A:85 >A=>2K :>78F88 @07JOA=O5BAO
:5, 3@0D8G5A:>2:5) AB028B A2> ?@8@>40 :>78F88, 55 D878G5A:0O >A=>20 8
59 F5;LN A?>A>1AB2>20BL >A2>5=8N ABC45=B0<8 A2O7L A >A>15==>ABO<8 2>A?@8OB8O G5;>25:><
B5>@5B8G5A:8E 8 ?@0:B8G5A:8E >A=>2 :>78 >1J5:B82=>9 @50;L=>AB8; 87;030NBAO >A=>2=K5
F88 A B>G:8 7@5=8O MAB5B8:8. => 8AE>48B 87 ?@8=F8?K :>78F88 9 A?>A>1K 30@<>=870F88
?@54AB02;5=8O > :>78F88 :0: >1 >4=>< 87 D>@<>ILN :>B>@KE @50;87CNBAO :>
206=59H8E A@54AB2 A>740=8O EC4>65AB25==>9 78F8>==K5 ?@8=F8?K.
D>@B>@>3> =5 <>65B 1KBL
2K@065=> A>45@60=85 ?@>872545=8O, AA2OI5=0 ?@0:B8G5A:>A2>5=8N >A
4>65AB25==>9 D>@2 :>78F88. =59 40NBAO C?@06=5=8O =0
2708<>459AB285 M;5<5=B>2 :>78F88 2 7040=
>78F8O ?>=8<05BAO 480;5:B8G5A:8: :0: ?@> =>< ?@>AB@0=AB25 A ?>AB0=>2:>9 7040G. B0:65
F5AA ?>AB@>5=8O =0 >A=>25 :>78F8>==KE ?@8;030NBAO 8;;NAB@0F88 :0: =03;O4=>5 2A?>
?@8=F8?>2 8 A ?><>ILN :>78F8>==KE <>30B5;L=>5,A@54AB2>.
A@54AB2: :0: >1J5:B 2>A?@8OB8O A B>G:8 7@5=8O
?A8E>D878>;>38G5A:8E >A>15==>AB59 2>A?@8O A=>2K :>78F88 548=K 4;O 2A5E 284>2 8A
B8O; 8 :0: @57C;LB0B ?@>F5AA0 ?>AB@>5=8O, B. 5. :CAAB2. 4=0:>,,?>A:>;L:C 2 40==>9 @01>B5 :><
:0: 7025@H5==>5 EC4>65AB25==>5 F5;>5. ?>78F8O @0AA<0B@8205BAO ?@8<5=8B5;L=> : >1J
5:B0< ?@8:;04=>9 3@0D8:8, B> 8 ?>41>@ 7040=89
>78F8O EC4>65AB25==>3> ?@>872545=8O 8<5 2 3;025 II, CG8BK20O A?5F8D8:C >1J5:B0, 70 =5
5B @07=K5 0A?5:BK, 2 A8;C :>B>@KE 4>;6=0 @0A 1>;LH8< 8A:;NG5=85<, >3@0=8G8205BAO, :>
A<0B@820BLAO: 78F9>==K<8 A2O7O<8 <564C M;5<5=B0<8 =0 ?;>
A:>AB8.
1) :0: @0728B85 8 2>?;>I5=85 8459=> EC4>65AB
25==>3> 7065AB25==>
>1@07=>< @5H5=88 (A5<0=B8G5A:89 0A?5:B);
2) :0: A8AB5<0 >B=>H5=89 2A5E M;5<5=B>2 D>@2 :>B>@>9 <0B5@80;87C5BAO 70G5A:89 0A?5:B);
3) A B>G:8 7@5=8O 2>7459AB28O EC4>65AB25==>3>
F5;>3> =0 A>F80;L=> DC=:F8>=8@CNICN ;8G
=>ABL (?@03<0B8G5A:89 0A?5:B).
@54<5B �A=>2K :>78F88 @0AA<0B@8205B
B>;L:> >B=>H5=8O <564C M;5<5=B0<8 D>@O2;O5BAO =0G0;L=>9 ABC?5=LN >1CG5=8O :>
78F88, B. 5. =0 MB>9 AB0488 87CG05BAO B>;L:> A8=
!+ & $
2
!+ & $
I O2;O5BAO 2K@078B5;5< AB@C:BC@=> 30@<>=8G5A
:>9 F5;>AB=>AB8 >1J5:B>2 EC4>65AB25==>9 D>@
" "'! !+
2 8 O2;5=89 >:@C60NI53> <8@0
& 8 >4=>2@5<5==> A@54AB2>< >@30=870F88, ?>AB
@>5=8O MB>9 F5;>AB=>AB8. EC4>65AB25==KE
1. &, , # 0E :>78F8N 87CG0NB :0: ?@54<5B, A ?>
3' !" #"# %#!" <>ILN :>B>@>3> >2;04520NB 70:>=0<8 2708<>
/ A2O78 <564C M;5<5=B0<8 EC4>65AB258=>9 D>@
45@60=85< 8 D>@<>9, 70:>=0<8,
!>740=85 EC4>65AB25==>3> ?@>872545=8O 2 ;N >1CA;02;820NI8<8 A>740=85 EC4>65AB25==>3>
1>9 >1;0AB8 8A:CAAB20 =52>7<>6=> 157 :><=>78 F5;>3>. >78F8O A?>A>1 >@30=870F88 �<0
F8>==>3> ?>AB@>5=8O, 157 ?@82545=8O : F5;L=> B5@80;0 8A:CAAB20. >4 <0B5@80;>< 2 40==><
AB8 8 30@<>=88. 2A5E 53> G0AB59, 2A5E 53> :> A;CG05 ?>4@07C<5205BAO =5 B>;L:> D878G5A:0O
=5=B>2. >78F8O 206=59H55 A@54AB2> <0AA0 3;8=0, :@0A:8, A;>2> 8 B. 4., => 8 AN65B,
?>AB@>5=8O F5;>3>. >4 :>78F859 =8 845O, =0BC@0, 2A5, GB> 1C4CG8 ?@5>1@07>20=>
<05< F5;5=0?@02;5==>5 ?>AB@>5=85 F5;>3>, 345 0:B>< B2>@G5AB20, A>7405B EC4>65AB25==>5 ?@>
@0A?>;>65=85 8 2708<>A2O7L G0AB59 >1CA;02;8 872545=85 2 53> :>=5G=>9 EC4>65AB25==>9 D>@
20NBAO A<, A>45@60=85<, =07=0G5=85< 8 <5. 725AB=K9 A>25BA:89 CG5=K9 . K3>BA:89
30@<>=859 F5;>3>. 0:>=G5==>5 ?@>872545=85 ?8A0;, 8<5O 2 284C ;8B5@0BC@=>5 ?@>872545=85,
B0:65 =07K20NB :>< ?>78F859, =0?@8<5@, ?@> GB> �?>4 <0B5@80;>< @07C<55BAO 2A5 3>B>2>5
872545=85 682>?8A8 :0@B8=C, 5 68B59A:85 >B=>H5=8O, A;CG08, 1KB, E0@0:B5@K...
?@>872545=85, 10;5B=K9 A?5:B0:;L 87 A2O70==KE 0A?>;>65=85 MB>3> <0B5@80;0 ?> 70:>=0< EC4>
<524C,A>1>9 548=>9 84559 =><5@>2; A>AB02 <5 65AB25==>3> ?>AB@>5=8O A;54C5B =0720BL 2 B>G
B0;;8G5A:8E A?;02>2, 4CE>2 8 ?@>G. >78F8 =>< A3> A;>20 D>@<>9 MB>3> ?@>87
59 B0:65 =07K202B ?@54<5B, :>B>@K9 >1CG05B 70 2545=8O. MB>< ?>=8<0=88 D>@<0 <5=LH5 2A53>
:>=0< ?>AB@>5=8O EC4>65AB25==>3> ?@>872545 =0?><8=05B 2=5H=NN >1>;>G:C, :>6C@C, 2 :>B>
=8O. !;>2> �:>78F8O ?@>8AE>48B >B @CN >1;0G5= ?;>4. $>@<0 @0A:@K205BAO :0: 0:
;0B8=A:>3> �Compositio GB> >7=0G05B A>G8=5 B82=>5 =0G0;> ?5@5@01>B:8 8 ?@5>4>;5=8O <0B5
=85, A>AB02;5=85, A2O7L, A>?>AB02;5=85. A5 MB8 @80;0... 0A?>;>65=85 A>1KB89 @0AA:070, B>B
7=0G5=8O >?@545;5==K< >1@07>< ?@8ACBAB2CNB A?>A>1, :0:8< 7=0:><8B ?>MB G8B0B5;O A> A2>59
2 A>2@5<5==>< ?>=8<0=88 :>78F88, ?> D01C;>9, :>78F8O 53> ?@>872545=89, ?@54
A:>;L:C, 5A;8 @5GL 845B > :>78F88, B> 2A5340 AB02;O5B G@572KG09=> 206=CN 7040GC 4;O A;>
8<55BAO. 2 284C =5:0O F5;>AB=>ABL, =0;8G85 25A=>3> 8A:CAAB20. 7 ?@82545==>9 F8B0BK OA=>
A;>6=>3> AB@>5=8O, A>45@60I53> ?@>B82>@5G8O, 284=>, :0: B5A=> A2O70=K <564C A>1>9 :>78
?@82545==K5 : 30@<>=8G5A:> F8O 8 D>@<0 ?@>872545=8O 8A:CAAB20. A;8 @0A
40@O A8AB5<5 A2O759 <564C M;5<5=B0<8. > A<0B@820BL D>@=5G=K9 @57C;LB0B B2>@
78F8O >BACBAB2C5B 2 E0>B8G5A:>< =03@><>645=88 G5A:>3> ?@>F5AA0 �?5@5@01>B:8 8 ?@5>4>;5=8O
?@54<5B>2. BACBAB2C5B 8 B0<, 345 A>45@60=85 <0B5@80;0, 2 :>B>@>< MB>B <0B5@80; @0A?>;030
>4=>@>4=>, >4=>7=0G=>, M;5<5=B0@=>. =0>1> 5BAO ?> 70:>=0< EC4>65AB25==>3> ?>AB@>5=8O,
@>B, :>7;F8O =5>1E>48<0 ;N1>9 F5;>AB=>9 B> :>78F8O :0: @07 8 O2;O5BAO B5< A?>A>1><,
AB@C:BC@5, 4>AB0B>G=> A;>6=>9, 1C4L B> ?@>8725 B5< 70:>=>< EC4>65AB25==>3> ?>AB@>5=8O, 157
45=85 8A:CAAB20, =0CG=K9 B@C4, 8=D>@<0F8>= :>B>@>3> =52>7<>6=> A>740=85 D>@ 5ABL,
=>5 A>>1I5=85 8;8 >@30=87<, A>740==K9 ?@8@> 70:>=G5==>3> EC4>65AB25==>3> ?@>872545=8O.
4>9. >78F8O =5>1E>48<0 ?@8 A>740=88 (A5 A:070==>5 >B=>A8BAO @02=K< >1@07>< :>
D>@< ?@54<5B=>3> <8@0 1KB>2KE ?@54<5B>2, 2A5< 2840< 8A:CAB20). 57 >A78
<0H8=, 740=89 8 4@C38E >1J5:B>2 48709=0 8 0@ F8>==>3> ?>AB@>5=8O :0: A@54AB20 >@30=870F88
E8B5:BC@K; MB> B0:65 A@04AB2> >@308870F88 8= <0B5@80;0 =52>7<>6=> =8 2K=>A8BL AC645=85 >
D>@<0F88 8 A@54AB2> ?>AB@>5=8O EC4>65AB25= ?@>872545=8OE 8A:CAAB20, =8 B5< 1>;55, A>740
=>9 D>@78F8O >15A?5G8205B ;>38G=>5 20BL 8E. 040G59 :>78F8>==>3> ?>AB@>5=8O
8 :@0A82>5 @0A?>;>65885 G0AB59, 87 :>B>@KE A> ?@>872545=8O O2;O5BAO @0A?@545;5=85 <0B5@80
AB>8B F5;>5 ?@84020O OA=>ABL 8 AB@>9=>ABL D>@ ;0 1C4CI53> ?@>872545=8O B0:8< >1@07>< 8 2
<5 8 45;0O 4>E>4G82K< A>45@60=85. >38:0 ?> B0:>9 ?>A;54>20B5;L=>AB8, 2 B0:>9 2708<>A0O78
AB@>5=8O 8 :@0A>B0, 30@<>=8O 2 A>>B=>H5=8OE G0AB59 ?@>872545=8O 8 2A5E M;5<5=B>2 EC4>65
G0AB59 F5;>3> ?@8ACI0, :0: C65 1K;> 70<5G5=> AB25==>9 D>@1 =08;CGH8< >1@07>< 2K
2KH5, =5 B>;L:> B2>@5=8O< G5;>25:0. @87=0:8 O28BL A872545=8O 8 A>
:>78F88 1=0@C68205< 8 2 ?@8@>4=KE 740BL 2K@078B5;L=CN 8 30@<>=8G=CN EC4>65AB
D>@<0E, 2 AB@>5=88 @0AB5=89, 682>B=KE >@30 25==CN D>@=878@CO D>@=87<>2, 2 AB@>5=88 2A5;5==>9. >MB>2> :>78F8>==>5 ?>AB@>5=85 B5< A01>30
�:>78F8O @02=> ?@8<5=8<> : >?8A0=8N I05B A>45@60=85 8 ?>2KH05B F5==>ABL ?@>8725
F25B:0, : ?>AB@>5=8N :=838 8;8 >@0B>@A:>9 @5 45=8O 2 F5;><. >78F8O O2;O5BAO >4=>2@5
G8. > >?@545;5=8N . >=G0@>2>9 �:>78F8O <5==> :0B53>@859 A>45@60=8O, (B0: :0: 2KO2;O5B
!+ & $
3
!+ & $
A@859 D>@=8 >10 MB8 =0G0;0, 8 70:>=><5@=>AB8 55 ?>AB@>5
78@C5B D>@1@07><, G5@57 :>78 =80 ?>4G8=5=K 70:>=C 30@<>=8G5A:>3> 548=AB20
F8N >ACI5AB2;O5BAO =5@07@K2=>5 548=AB2> A> A>45@60=8O 8 D>@45@60=8O 8 D>@ ?>=O
B85 �A>45@60=85 2A5340 H8@5, G5< ?>=OB85 %0@0:B5@=K< ?@87=0:>< :>78F8>==>3> ?>AB
B5 >=> 2:;NG05B 2 A51O ?5 @>5=8O O2;O5BAO B>, GB> >=> 2A5340 @0728205BAO 2
@5>AF5AA5 B2>@G5AB20 �?@5>4> >?@545;5==KE 3@0=8F0E. -B8 3@0=8FK >?@545;O
;5==K9 <0B5@80; 8 EC4>65AB25==CN F5==>ABL, NBAO =5 B>;L:> ?@>AB@0=AB25==K<8 >3@0=8G5=8O
:>B>@CN ?@>872545=85 ?@8>1@5B05B 1;03>40@O <8 (D>@<>9, @07<5@>< 8 D>@<0B>< ;8AB0, ?@>
@07@01>B:5 D>@@<0 8 A>45@60=85 2 ?@> AB@0=AB20 AB5=K 8;8 >3@0=8G5=85< 2> 2@5<5=8 2
872545=88 ?@54AB02;ONB A>1>9 480;5:B8G5A:>5 B0=F5 8 : 2 B><, GB>
548=AB2>, @>645==>5 2 1@>L15, 2 ?@5>4>;5=88 1K >B45;8BL <8@ @50;L=K9 >B <8@0 87>1@0605
<0B5@80;0. EC4>65AB25==>9 D>@<5 <0B5@80 <>3>. ;03>40@O =0;8G8N 3@0=8F, @0<>: �?5@54
;87C5BAO A>45@60=85, ?>MB>A>1K9 <8@ A> A2>8< ?@>AB
030= �A>45@60=85 ?@>872545=8O 5ABL A<, 2@5<5=5<, A8AB5<>9 F5==>AB59... 0<
53> D>@ �2 ?@>972545=88 8A:CAAB20 :8 >1>7=0G0NB @C156 <564C 2=CB@5==8< <8@><
2A5 O2;O5BAO A>45@60=85<12. $>@<0 8 A>45@ :0@B8=K 8 2=5H=8< <8@><,18 ?8A0; . #A?5=
60=85 >@30=8G5A:8 A;8BK 2 :>=5G=>< @57C;LB0 A:89. =5H=85 3@0=8FK, A >4=>9 AB>@>9K, A2O70
B5, B. 5. 2 EC4>65AB25==>< ?@>872545=88. > @07 =K A >:@C60NI8< ?@>AB@0=AB2><, A 4@C3>9 , A
45;OO MB8 ?>=OB8O, ?@>B82>?>AB02;OO 8E 4@C3 2=CB@5==59 AB@C:BC@>9 ?@>872545=8O, A >@30=8
4@C3C, 7<>6=>ABL 2KG;5=8BL D>@ 70F859 M;5<5=B>2 2=CB@8 :>78F88, :>B>@0O
<0;L9K5 ?@87=0:8 EC4>65AB25==>9 D>@?@545;5==K9 B8? :>78F88. >
2KO28BL A@54AB20, A ?><>ILN :>B>@KE AB@>8BAO 78F8O <>65B 1KBL 70<:=CB>9, 2?8AK 20NI59AO 2
D>@<0. !N40 2E>48B <0B5@80; 8 :>= >?@545;5==CN D>@4G8=5==>9 59, <>65B
=K5 A@54AB20. KG;5=5=85 :>78F8>==KE 1KBL >B:@KB>9, ?@54?>;030O 5 ?@>4>;
A@54AB2 8 87CG5=85 8E =5>1E>48<> 4;O >A2>5=8O 65=85 2 ?@>AB@0=AB25. ;N1>< A;CG05 2=5H=85
>A=>2 :>78F88. 0H0 7040G0 273;O=CBL =0 3@0=8FK 8 B8? :>78F88 >?@545;ONBAO 2=CB
:>78F8N A B>G:8 7@5=8O D>@<0;L=>9 AB@C: @5==8<8 A2O7O<8 <564C 55 M;5<5=B0<8. -B8 :><
BC@=>9 >@30=870F88 <0B5@80;0, ?@>0=0;878@> ?>78F8>==K5 C7;K 8 =8B8 45@60B 55 87=CB@8 2
20BL A2O78 8 >B=>H5=8O, :>B>@K5 2>7=8:0NB ?@>AB@0=AB25==> 2@5<5==KE 3@0=8F0E.
<564C M;5<5=B0<8 D>@F5AA5 :>78
F8>==>3> ?>AB@55=8O. > ?@5645 2A53> A;C4C5B %0@0:B5@=K< ?@87=0:>< :>78F8>==>3> ?>AB
>?@545;8BL, 2 G5< 2K@0605BAO :>< ?>78F8>= @>5=8O O2;O5BAO B0:65 AB@C:BC@=>ABL, A;>6=>ABL
=>5 ?>AB@>5=85, :0:>2K 53> >B;8G8B5;L=K5 ?@8 2=CB@5==53> AB@>5=8O ?@>872545=8O. >78
7=0:8? F8>==>5 ?>AB@>5=85 >B;8G05B =0;8G85 G0AB59,
A2O70==KE 4@C3 A 4@C3>< A8AB5<>9 >B=>H5=89.
2. & !" /
-B> A;>6=>5 F5;>5 A>AB>8B 87 =5@02=>F5==KE ?>
$ +
A6=>
>78F8>==>5 ?>AB@>5=85 D>@;0 2K45;8BL 3;02=>5 8 2B>@>AB5?5==>5, F5=B@ 8 ?5
305B =0;8G85 70 >?@545 @8D5@8N. 065 2 >@=0<5=B0;L=KE :>78F8OE
;5=8N . >;:>20 �:>78F8O, :>FAB@C:F8O 4;O ?@8 >BACBAB288 >@30=870F8>==>3> F5=B@0 :>
A65B ;8 :>78F8O 1KBL ;8H5==>9 78F88 <>6=> 2K45;8BL 3;02=K9 <>B82 8 A>?@>
A< A;CG05, 5A;8 ?@>872545=85 2>640NI85 53> ?>4G8=5==K5 <>B82K. !>?>4G8
?@54AB02;O5B A>1>9 =5AN65B=CN 45:>@0B82=CN =5==>ABL G0AB59 B0: <>6=> >?@545;8BL MB>B
8;8 01AB@0:B=CN :0@B8=C, >=0 <>65B A>45@60BL ?@87=0:.
EC4>65AB25==K9 70D>@<0;L=K<8 A@54AB20<8 >B=>H5=8O<8 48=AB2> 8 F5;L=>ABL 206=59H89 ?@87=0:
D>@<, F25B>2KE ?OB5=, ;8=89, 2K@060NI8E :>78F8. 70:>=G5==>9 :>78F88 2A5 270
1>@L1C, 2708<>459AB285 A8;, =0?@O65==>ABL, 8<>A2O70=> 8 2A5 ?>4G8=5=> 548=>9 F5;8,
>=8 <>3CB 2>7459AB2>20BL =0 M<>F88, @>640BL 8455, EC4>65AB25==>0AA>F80F88, 1C4CG8 ?@82545=K : 30@<>=8G5A =>ABL ?@>O2;O5BAO 8 2 AN65B=> >1@07=>< @5H5
:8< >B=>H5=8O<, >1;040BL MAB5B8G5A:>9 F5==>A =88 ?@>872545=8O, 8 2 30@<>=8G5A:>9
BLN. MB>< A;CG05 30@<>=8O D>@<, F25B>2KE >B C?>@O4>G5==>AB8 53> D>@45@
=>H5=89, 1>@L10 ?@>B82>?>;>6=KE =0G0; A0<0 60=8O 8 D>@AB0=>28BAO �AN65B>< 8 A< :0@B8=K.
:0@B8=5 <>65B ?@5>1;040BL 8;8 >1@07=> AN 0@<>=8O F5;>3> =5>1E>48<>5 CA;>285 :>
65B=>5 =0G0;> 8;8 AB@C:BC@=>5 =0G0;>, 2K@0 78F8>8=>3> ?>AB@>5=8O, 206=K9 53> ?@87=0:.
65==>5 2 D>@<0;L=KE >B=>H5=8OE M;5<5=B>2 N1>5 EC4>65AB25==>5 ?@>872545=85, :0: C65
:>78F88. > :>78F8O, 1C4CG8 ?>=OB85< 3>2>@8;>AL, ?@54AB02;O5B A>1>9 1>@L1C ?@>B8
>@30=87CNI8<, >@30=8G5A:8 A>548=O5B 2 A515 2>?>;>6=KE =0G0;, MB> ?@>O2;O5BAO 8 2 AN65
!+ & $
4
!+ & $
B5 2 ?@>B82>?>AB02;5=88 E0@0:B5@>2, A8BC0 3. !"!"+ !+ &
F89; 8 2 D>@<0;J=>< @5H5=88 2 >B=>H5=8OE
?@54<5B>2 8 ?@>AB@0=AB20, 2 F25B>2KE >B=>H5 :CA : 30@<>=8G5A:8< F5;5A>>1@0=K< D>@<0<
=8OE, B>=0;L=KE, 2.42865=88, 2 @02=>25A88 8 B. >1J5:B82=> >?@0240=,?>B> A B0:8<8
4. A5 ?@>B82>@5G82K5 <><5=BK 2 :>78F88 D>@<0<= A2O70=> @0728B85 687=8.
C@02=>25H820NBAO, ?@82>4OBAO : 30@<>=8G5A:>9 . " 10
C?>@O4>G5==>AB8.
K @0AA<>B@5;8 ?@87=0:8, ?> :>B>@K< <>6=> AC
1J5:B82=>ABL <0B5@80;L=>3> <8@0.
48BL > :>78F8>==>AB8 ?@>872545=8O 8A:CA
B@065=85 D878G5A:8E 70:>=>2
AB20 8;8 8=>9 F5;5A>>1@07=>AB8 AB@C:BC@K. @8
2 :>78F88.
7=0:8 MB8 O2;ONBAO 7@8O2;5=85< B5E
206=59H8E ?@8=F8?>2 :>78F88, :>B>@K5 ;5 >A=>25 :>78F8>==KE ?@8=F8?>2 ;560B >1J
60B 2 >A=>25 :>78F8>==>3> ?>AB@>5=8O. -B>: 5:B=2=K5 70:>=K ?@8@>4K 8 70:>=K >1I5AB25=
=>3> @0728B8O. 5@2K<8 >1JOA=ONBAO =0H5 D8
1. @8=F8? F5;5A>>1@07=>AB8. 78G5A:>5 1KB85, >@85=B0F8O 2 ?@>AB@0=AB25, D8
78G5A:85 @50:F88 =0 2>7459AB285 A@54K,
2. @8=F8? 548=AB20 A;>6=>3> (F5;>AB=>ABL ?@> 18>;>38G5A:85 ?>B@51=>AB8. B>@K5 >1CA;02;8
872545=8O). 205B G5;>25G5A:CN ?A8E>;>38N, A>F80;L=>5 A>
7=0=85. B5 8 4@C385, 2 A>>B25BAB288 A ;5=8=
. @8=F8? 4><8=0=BK (=0;8G85 3;02=>3>, 254C A:>9 B5>@859 >B@065=8O, =0E>4OB A2>5 >B>1@0
I53> =0G0;0). 65=85 2 8A:CAAB25, 81>, :0: A:070; . K3>BA:89
�8A:CAAB2> >4=0 87 687=5==KE DC=:F89 >1I5
4. @8=F8? A>?>4G8=5=8O G0AB59 2 F5;><. AB20.4 A;8 =0H5 A>F80;L=>5 1KB85 >B@0605BAO
3;02=K< >1@07>< 2 8459=>< A>45@60=88 8A:CA
5. @8=F8? 48=0<87<0 (42865=85 >A=>20 687 AB20, 0 A;54>20B5;L=>, 2 :>78F88, B> =0H5
=8 8 8A:CAAB20). ?A8E>D878G5A:>5 CAB@>9AB2> 8 D878G5A:0O @5
0;L=>ABL 2> 2708<>459AB288 A >1J5:B82=>9 @5
6. @8=F8? @02=>25A8O, C@02=>25H5==>AB8 G0A 0;L=>ABLN ?@8@>4=>3> <8@0, 2 >A=>2=><, >1C
B59 F5;>3>. A;02;820NB D>@<0;L=K5 B@51>20=8O :>78
F88. "0:8< >1@07><, D>@<0;L=K5 B@51>20=8O
7. @8=F8? 30@<>=88 (30@<>=8G5A:>5 548=AB2> : :>79F88 8AE>4OB 87 >1J5:B82=>9 @50;L=>A
M;5<5=B>2 D>@1>9 8 548=AB2> D>@ B8 ?@8@>4=>3> <8@0 8 >1CA;>2;5=K ?A8E> D878
45@60=8O 2 :>78F88 =0 >A=>25 480 G5A:8< CAB@>9AB2>< G5;>25:0, 53> >@30=>2 2>A
;5:B8G5A:>3> 548=AB20 ?@>B82>?>;>6=>AB59). ?@8OB8O, <>730 8 B5<, :0: >B@0605BAO 2 G5;>25G5
A:>< A>7=0=88 >1J5:B82=0O @50;L=>ABL.
A5 MB8 ?@8=F8?K ?@>8AB5:0NB 87 5AB5AB25==KE,
>1J5:B82=> ACI5AB2CNI8E D0:B>@>2, 87 >A>15= 80;5:B8G5A:>5 @0728B85, ?@8ACI55 <0B5@88, =0
=>AB59 2>A?@8OB8O G5;>25:>< @50;L=> ACI5AB2C E>48B A2>5 >B@065=85 2 ?@>4C:B0E 4CE>2=>9 45O
NI59 459AB28B5;L=>AB8 8 87 A>F80;L=> 18>;> B5;L=>AB8 G5;>25:0, 2 G0AB=>AB8, 2 86CAAB25. 0
38G5A:>9 ?>B@51=>AB= 2 ?>7=0=88, 2 8A:CAAB25 :>=K 480;5:B8:8 =5?>A@54AB=5==> ?@>O2;ONBAO
:0: 2 A?>A>15 >A2>5=8O <8@0 8 :0: D>@<5 >1I5 2 :>78F8>==>< ?>AB@>5=88 ?@>872545=89
AB25==>3> A>7=0=8O. 8A:CAAB20. !0<> ?>=OB85 �:>78F8O >7=0G0O
A2O7L, A>?>AB02;5=85, C65 ?>4@07C<5205B =0;8
@8=F8?K :>78F88 1>;55 ?>4@>1=> 1C4CB G85 ?@>B82>?>;>6=KE =0G0;. 0:>= 1>@L1K 8
@0AA<>B@5=K =0<8 =865. @5645 A;54C5B >1@0 548=AB20 ?@>B82>?>;>6=>AB59 ?@>887K205B 8A
B8BLAO : B5< 5AB5AB25=8K< >A=>20<, =0 :>B>@KE :CAAB2>. 0B53>@88 480;5:B8:8 >B=>H5=8O, >B@8
1078@CNBAO MB8 ?@8=F8?K. F0=85 >B@8F0=8O, ?5@5E>4 :>;8G5AB20 2 :0G5A2>,
@0728B85, ?@8G8==>ABL, 548=AB2>, :0: A2O7L G0AB
=>3> 8 F5;>3>, 548=8G=>3> 8 >1I53>, 2A5 MB8
:0B53>@88, 1C4CG8 8 :0B53>@8O<8 ?>7=0=8O, ?@8
ACI8 8A:CAAB2C, 8 ?@>O2;ONBAO :0: 2 A2>9,
B0: 8 2 D0@<0;L=>9 >@30=870F88 <0B5@80;0
?@>872545=8O 8A:CAAB20, B> 5ABL 2 A?>A>10E @0A
:@KB8O A>45@60=8O ?@>872545=8O 8 2 ?>AB@>5
=88 53> D>@78F8>==>< ?>
AB@>5=88 F5;>3>.
:>78F8>==>< ?>AB@>5=88 =0E>4OB A2>5 >B
@065=85 >A=>2>?>;030NI85 D878G5A:85 70:>=K
?@8@>4K.
!+ & $
5
!+ & $
4=9< 87 >A=>2>?>;030NI8E 70:>=>2 ?@8@>4K, !?8@0;L 02B>@K ABaBL8 AG8B0NB >4=>9 87 206=59
83@0NI8< 206=CN @>;L 2 D>@<>>1@07>20=88 H8E D>@<, @0A?@>AB@0=5==KE 2 >@30=8GeA:><
>@30=8G5A:>9 8 =5>@30=8G5A:>9 <0B5@88, 0 B0: <8@5. =0 2 2KA>:>9 AB5?5=8 A?>A>1=0 A>E@0
65 ?@>O2;ONI8 2A5E >1;0ABOE G5;>25G5A =OBL M=5@38N, E@0=8BL 8=D>@<0F8N. 5 <>69>
:>9 45OB5;L=>AB8, O2;O5BAO 70:>= 3@028B0F88. A60BL, @0ABO=CBL, >=0 381:0 8 :>= ?@>O2;O5BAO 2> 2A5<, =0G8=0O A @0A?>;>65 AB=>, GB> D>@9=>9 A?8@0;8 8<55B <>;5:C
=8O 8 42865=8O ?;0=5B, 8 :>=G0O AB@>5=85< B5;0 ;0 687=8 . =>385 @0AB5=8O 8 682>B=K5
1C:0H:8. 0:>=>< 3@028B0F88, B.5. 2A5<8@=>3> 8<5NB 2 AB@>5=88 B5;0 A?8@0;5284=K5 D>@BO3>B5=8O, >1JOA=O5BAO, =0?@8<5@, A8<<5B@8G 2LN=>:, D0A>;L, @0:>28=0 C;8B:8 8 B.4. !?8
=>ABL, AB@>5=8O 682KE >@30=87<>2 (=5>1E>48 @0;L :@820O, ?@54AB02;ONI0O A>1>9 A0<>ABL @02=>25A8O), >1>A=>2K20NBAO 70:>=K :>@>B89 ?CBL <564C 42CG:0<8 =0 F8;8=4
42865=8O (70:>=K <5E0=8:8) 8 70:>=K =515A=>9 @8G5A:>9 ?>25@E=>AB8 (?@>2548B5 4803>=0;L =0
<5E0=8:8. 8A:CAAB25 70:>= 3@028B0F88 >?@545 ?@O<>C3>;L=>< ;8AB5 8 A25@=8B5 53> B@C1:>9).
;O5B @>;L 25@B8:0;8, 3>@87>=B0;8 8 4803>=0;8 2 ;03>40@O MB>9 >A>15==>AB8 >=0 @0A?@>AB@0=5=0
:>78F88; 8< >1JOA=O5BAO =5>1E>48<>ABL 2 18>;>38G5A:>< <8@5 H0@>2, F8;8=4@>2, A>
@02=>25A8O, 7=0G5=85 A8<<5B@8G=KE D>@<, ?> AC4K, =5@2K, 2>;>:=0, >?;5B0NI85 AD5@8G5A:85
=OB85 25@E0 8 =870 2 :0@B8=5 8 ?@; 8 F8;8=4@8G5A:85 ?>25@E=>AB8 2 ?>8A:0E A0<>3>
:>@>B:>3> ?CB8 =587156=> ?@52@0I0NBAO 2 A?8
@C3>9 70:>=, 8<5NI89 AB>;L 65 2A5>1I55 7=0 @0;L. (!?8@0;L 8 S >1@07=CN D>@
G5=85 MB> 70:>= (70:>=K) @0A?@>AB@0=5=8O >1=0@C68205< 2 :>78F8>==KE AE5<0E. %>
A25B0 2 ?@8@>45, 70:>= >?B8:8. ;03>40@O CAB 30@B AG8B0; 8728;8ABCN 7<55284=CN ;8=8N �;8
@>9AB2C <>730 8 >@30=>2 2>A?@8OB8O A?@8 =859 :@0A>BK 8 3@0F88).
=8<05< A25B, @07;8G05< F25B0, D>@B>2 8 2>A?@8=8<05< 8E ?@>AB@0=AB25==>... 0:> (0@ A0<0O M:>=><8G=0O D>@<0, C H0@0 A0<0O
=0<8 >?B8:8 8 CAB@>9AB2>< =0H53> 7@8B5;L=>3> <0;0O ?>25@E=>ABL ?@8 A0<>< 1>;LH>< >1J5<5
0??0@0B0 >1CA;>2;5=> =0H5 2>A?@8OB85 ?@>AB =0 53> >1>;>G:C CE>48B <5=LH5 <0B5@80;0, G5<
@0=AB20 8 2KB5:0NI55 >BAN40 >B:@8B85 70:>=>2 =0 ;N1CN 4@C3CN. (0@ ;53:> ?@8A?>A01;8205BAO
?5@A?5:B82K, 206=>3> :>78F8>==>3> A@54AB : >:@C60NI8< CA;>28O<, B0: :0: ;53:> ?5@5:0
20. @8B5;L=>5 2>A?@8OB85 2 A>G5B0=88 A> A?> BK205BAO, A?;NI8205BAO, 8 ?>MB>:> @0A
A>1=>ABLN >AO70=8O ?>72>;O5B 2>A?@8=8<0BL ?@>AB@0=5= 2 >@30=8G5A:>< <8@5 (8:@8=:8, 28
D>@1J5<=> ?@>AB@0=AB25==K5 AB@C:BC @CAK, ?@>AB59H85 <8:@>>@30=87@K, GB> B0:65 =0E>48B >B@065=85 2 8A:CAAB25,2 >20; =081>;55 G0AB> 2AB@5 G02I85AO D>@<>45;8@>2:5 >1J5<=> ?@>AB@0=AB25==KE ?@>872545=8OE 8A:CAAB20, B. :. >B@060NB @50;L
D>@<.>6=> ?@54?>;> 68BL,GB> 8 B0:85 70:> =K5 D>@9AB25==K5 ?@8@>45. =8 ;53:>
=K D878:8 8 E8<88, :0: 70:>= A>E@0=5=8O <0A 2>A?@8=8<0NBAO 7@8B5;L=>, B0: :0: 7@8B5;L=>5
AK, 70:>= M:2820;5=B>2, 70:>= ?>AB>O=AB20 ?@> ?>;5 A0<> 8<55B D>@20;0 8 B0: :0: 2 MB8E
?>@F89 2 B>9 8;8 8=>9 D>@<5 >B@060NBAO 2 D>@<0E =08;CGH8< >1@07>< >B@0605BAO ?@54
8A:CAAB25, 2 G0AB=>AB8 2 :>78F8>==>< ?>AB AB02;5=85 > F5;L=>AB8, 7025@H5==>AB8, 2 ?@>B8
@>5=88. 2>?>;>6=>ABL, =0?@8<5@, D>@<0< ?@O<>C3>4L
=K<, :>B>@K5 =0>1>@>B, 0AA>F88@CNBAO A >3@0
0:>= M:>=><88. 48=AB2> D>@<
=8G5=85<, A G5 CA;>2=K<.
>@30=8G5A:>3> <8@0. 0:>=><5@=>AB8
?@54<5B=>3> <8@0.
=>3>3@0==8:8 ?OB83@0==8:8, H5AB83@0==8:8
?@8@>45 459AB2C5B �70:>= M:>=><88, ?> :>B> 2AB@5G0NBAO 2 ?@8@>45 2 D>@<5 A>B, 2 A5B8 :@>
@>40 2A5340 �8I5B :@0BG09H85 ?CB8 25=>A=KE A>AC4>2. -:>=><8G=>ABL MB8E D>@<
8 2K18@05B M:>=><=K5 @5H5=8O (2 @57C;LB0B5 ?@>O2;O5BAO 2 8E A?>A>1=>AB8 70?>;=OBL ?@>AB
?@>F5AA0 M2>;NF88, 5AB5AB25==>3> >B1>@0). -B>B @0=AB2>. (;03>40@O MB>;L7CNB 2 48
70:>= ?@>O2;O5BAO 2 AB@>5=88 18>;>38G5A:8E 709=5 2 ?>:@KB8OE ?>25@E=>AB59).
D>@< <0:@><8@0 8 <8:@><8@0. AA;54>20=85
MB8E D>@< ?>:070;> C4828B5;L=>5 @>4AB2> 8 ?> "@C10 A@548 ?@8@>4=KE D>@< 2AB@5G05BAO 2 :0
2B>@5=85 2 =8E >4=8E 8 B5E 65 ?@>ABKE D>@<, G5AB25 B@0=A?>@B=>3> @CA;0 4;O ?5@51@>A:8
:>B>@K5 B5E 8;8 8=KE :><18=0F8OE ?>2B>@ONBAO ?8B0B5;L=KE 25I5AB2, :@>28 8 4@C38E ?@>4C:B>2
2 >3@><=>< <=>3>>1@0788 A;>6=KE D>@<. -B8 687=545OB5;L=>AB8 682>3> >@30=87<0, @0AB5
?@>ABK5 D>@B>@KE =8O. ( 8A:CAAB25 B@C10 8 55 ;8=59=>5 2K@065
AB@>OBAO A;>6=K5 D>@3>G8A;5==K. =85 8A?>;L7C5BAO :0: A2O7CNI55 :><2B>@K AB0BL8 �C6=0 ;8 687=8 D>@<0 '. )5 >==>5 A@54 AB2>, 8 :0: ?5@5E>4 >B >4=>9 D>@<09B8A 8 . 8@>=>211 : =8< ?@8G8A;ONB A?8 : 4@C3>9).
@0;L, H0@, <=>3>3@0==8:, B@C1C, 45@52> 8 7257
4C. > =0H8< =01;N45=8O< >=8 B0:65 O2;ONBAO 5@52> AB2>; 8 @0725B2;5=8O 53> 87;N1;5==K<8 D>@<0<8 2A5E ?@>AB@0=AB25==KE 5< 2 AB@>5=88 :@>=K 8 :>@=59 45@520, 2 AB@>5
8A:CAAB2. =88 :@>25=>A=>9 A8AB5872545=8OE
!+ & $
6
!+ & $
8A:CAAB20, 0 2 >A>15==>AB8, 2 >@30=870F88 8= 25: A>7=0B5;L=> 8;8 15AA>7=0B5;L=> 8A?>;L7C5B
D>@<0F8>==KE >1J5:B>2 H8@>:> @0A?@>AB@0 ?@8@>4=K5 D>@=AB@C:F88. $8;>A>D 8
=5==0O D>@<0). CG5=K9 . $;>@5=A:89 @0AA<0B@820; >@C48O
B@C40 :0: �?@>4>;65=8521 DC=:F8>=0;L=KE
25740 @07=>284=>ABL D>@@30=>2 G5;>25G5A:>3> B5;0, CA8;820NI85 ?@8
=55 A<>B@5BL A25@EC, ;CG8, ;5?5AB:8 @0AE>4OB @>4=K5 A?>A>1=>AB8 G5;>25:0 (<>;>B :C;0:,
AO >B F5=B@0, >E20BK20NB >:@C60NI55 ?@>AB@0= ?0;LFK 3@01;8, A5@4F5 =0A>A, A>AC4K B@C
AB2>, 4>AB02;ONB ?8B0=85, A>;=5G=CN M=5@38N 1K). 0 >A=>25 8A?>;L7>20=8O ?@8=F8?>2 459AB
F5=B@C. 0AB5=8O 8 682>B=K5 >@30=87 28O 682KE A8AB5<, 18>;> 38G5A:8E ?@>F5AA>2,
>1@07=>9 D>@40@O ;C 18>;>38G5A:8E D>@< 4;O @5H5=8O 8=65=5@
G0< =>30< (0:B8=8O, <>@A:0O 725740, >AL<8=>3). =KE 7040G 1K;0 A>740=0 F5;0O =0C:0 18>=8:0.
$>@<0 72574K 2 8A:CAAB25 0AA>F88@C5BAO A @0 @8=F8?K @0728B8O D>@< 682>9 ?@8@>4K 8A
?@>AB@0=5=85< M=5@388, A8;K, 84CI59 >B F5=B ?>;L7>20;8AL 87402 =0 2 0@E8B5:BC@5 4;O A>740
@0, 8AB>G=8:0 M=5@388. >38 ;CG8 2 4@52=5< 8A =8O M:>=><8G=KE 8 30@<>=8G=KE A>>@C65=89,
:CAAB25 1K;8 A8<2>;>< 25G=>3> 42865=8O). E>@>H> 2?8AK20NI8EAO 2 5AB5AB25==CN A@54C 8
A>3;0ACNI8EAO A G5;>25G5A:8<8 ?>B@51=>ABO<8.
A;8 A25AB8 682K5 >@30=8G5A:85 D>@<5B
@8G5A:8<, B> ?>;CG8< H0@, :>=CA, F8;8=4@, @54<5B=K9 <8@ 4>;65= 5AB5AB25==> ?@>4>;
<=>3>3@0==8:8. =B5@5A=>, GB> B><, 68BL ?@8@>4=K9. ?@>F5AA5 A2>59 687=545O
GB> 2 >A=>25 687=8 ;560B ?@>ABK5 AB5@5><5B@8 B5;L=>AB8 G5;>25: ?@8A?>A01;8205B >:@C60N
G5A:85 >1@07>20=8O, 2AB@5G05BAO C ;0B>=0 8 C I89 <8@ : A515, <5@8B <8@ A2>8< <0AHB01><,
CG5=KE M?>E8 >7@>645=8O (C:0 0G>;8). =8 87<5@O5B 53> A2>8< B5;>< (2A5 AB0@8==K5 <5@K
?>;030;8, GB> <8@>2K< AB8E8O< A>>B25BAB2CNB 4;8=K ;>:>BL, ?O4L, 4N9<, AB048O 8AE>4OB
D>@3=N ?8@0<840 (B5B@0M4@); 75<;5 87 @07<5@>2 G5;>25G5 A:>3> B5;0), A>87<5@O5B
:C1, B. 5. 35:A0M4@; 2>74CEC >:B0M4@, 2>45 8:> A8;K ?@8@>4K A> A2>8<8 2>7<>6=>ABO<8 8 A>
A0M4@. 5A<>B@O =0 B>, GB> =8:0:>3> =0CG=>3> 7405B <0B5@80;L=K9 8 4CE>2=K9 <8@ 2>:@C3 A5
>1>A=>20=8O MB0 38?>B570 =5 8<55B, >=0 ?@54 1O 8 4;O A51O 2 D>@<0E, ?@8A?>A>1;5==KE 4;O
AB02;O5B >?@545;5==K9 8=B5@5A. =0 C:07K245B 2>A?@8OB8O 8 >A2>5=8O.
=0 B5=45=F8N 2845BL <8@ :>=AB@C:B82=> 8 F5;L
>A?@8OB85 <8@0 G5;>25:><. -<>F88.
=>, 2=>AO ;>38:C 8 @07C< 2 AB8E8N. !2545=85
@8B5;L=>5 2>A?@8OB85, 53> @>;L
A;>6=KE D>@< : ?@>ABK<, B0: 65 :0: 8 >A>7=0
2 :>78F88.
=85 A;>6=>3> :0: 8=B53@8@>20==>3> F5;>3>,
>1>1I5==>5 ?>=8<0=85 D>@ 4;O A;8 <8@ B5E=8:8 O2;O5BAO ?@>4>;65=85< D878
EC4>65AB25==>9 ?@0:B8:8. !570== CG8;: �"@0: G5A:8E A?>A>1=>AB59 G5;>25:0, >4=>2@5<5==>
BC9B5 ?@8@>4C ?>A@54AB2>< F8;8=4@0, H0@0, :> O2;OOAL 8A:CAAB25==>9 A@54>9 >18B0=8O G5;>25
=CA0, ?@8G5<, 2A5 4>;6=> 1KBL 40=> 2 ?5@A?5: :0, B> <8@ 8A:CAAB20, B2>@825:><, O2;O
B825, B> 5ABL :0640O AB>@>=0 ?@54<5B0 2AO:>3> 5BAO >1;0ABLN, 2 :>B>@>9 ?@>4>;605BAO, >B@060
?;0=0 4>;6=0 1KBL =0?@02;5=0 : F5=B@0;L=>9 5BAO, @50;87C5B5O 53> 4CE>2=0O 687=L, >@30=8G5
B>G:5.15 "@51CO >1>1I5=8O D>@4 A:8 =5@07@K2=> A7O70==0O A D878G5A:>9,
=>2@5<5==> C:07K205B =0 55 @0A?>;>65=85 2 <0B5@80;L=>9 8 A>F80;L=>9 687=LN. =0 >:0
?@>AB@0=AB25 8 =0 B>, :0: A;54C5B ?>4E>48BL EC 7K205B 8 >1@0B=>5 459AB285 =0 A>F80;L=CN ?@8
4>6=8:C : >1J5:B82=>9 @50;L=>AB8 ?@8@>4K, @>4C G5;>25:0, 1C4CG8 >4=>2@5<5==> 8 ?@>4C:
;>38G5A:8 @072820O, >1>1I0O 8 >A< 53> 45OB5;L=>AB8 8 A@54>9, 2 :>B>@>9 >= AC
8@ 548=. �48=AB2> ?;0=0 >@30=8G5A:>9 687=8 I5AB2C5B.
AB>8B 2=5 A><=5=8O. (5=45;L).6 =5< 459AB
2CNB 70:>=K, >1CA ;02;820NI85 AB@>5=85 ?@8 >A?@8OB85 G5;>25:>< >:@C60NI53> <8@0, D>@
@>4=KE D>@<, >@30=8G5A:8E 8 =5>@30=8G5A:8E, 8 A2>5=8O, ?>7=0=85 MB>3> <8@0, 7028AOB >B
2708<>A2O70==>ABL 2A53> ACI53> 2 <8@5. '5;> ?A8E> D878G5A:>3> CAB@>9AB20 >@30=87<0 G5;>
25: :0: G0AB8F0 ?@8@>4K A2O70= A> 2A5>1I8<8 25:0, >B CAB@>9AB20 >@30=>2 2>A?@8OB8O, 2KAH59
70:>=0<8 ?@8@>4K, >?@545;ONI8<8 53> 5AB5AB =5@2=>9 45OB5;L=>AB8, <>730. @> 2>4=8:><,
25==>5 1KB85, :>B>@>5, 2 A2>N >G5@54L, 48:BC5B ?>A@54AB2>< :>B>@>3> >ACI5AB2;O5BAO A2O7L G5
G5;>25:C A2>8 =>@340 >=, 1C4CG8 B2>@F><, ;>25:0 A <8@><, O2;ONBAO M<>F88. �-<>F8O
A>7405B 2>:@C3 A51O A2>9 @C:>B2>@=K9 <8@ 2B> @57C;LB0B >F5=:8 A0<8< >@30=87<>< A2>53> >B
@>9 ?@8@>4K, ?@54<5BK 687=5==>9 =5>1E>48 =>H5=8O A> A@54>9, ?8A0; . K3>BA:89, -<>
<>AB8 @048 >15A?5G5=8O A2>53> D878G5A:>3> AC F88 A?>A>1AB2CNB >@85=B0F88 G5;>25:0 2 <8@5,
I5AB2>20=8O 8 4CE>2=>9 687=8. ?@54>AB5@530NB >B >?0A=>AB8, ?>>I@ONB 8 B. 4.
>;>68B5;L9K5 8 >B@8F0B5;L=K5 M<>F88, =0G8
@54<5B=K9 <8@ 8AE>48B 87 B5E 65 >A=>2>?>;030 =0O A @50:F89 =0 ?@>AB59H85 >ICI5=8O 8 :>=
NH8E 70:>=>2 ?@8@>4K 8 O2;O5BAO >4=>2@5<5= G0O A;>6=59H8<8 ?A8E8G5A:8<8 ?5@56820=8O
=> 8 >B@065=85< 8 �?@>4>;65=85< ?@8@>4=> <8, A?>A>1AB2CNB =>@<0;L=>9 687=545OB5;L=>
3> <8@0. !>74020O A2>9 ?@54<5B=K9 <8@, G5;> AB8 G5;>25:0 2> 2A5E 5D5@0E 53> ACI5AB2>20=8O
!+ & $
7
!+ & $
:0: =0 =87H5< 18>;>38G5A:>< C@>2=5, B0: 8 =0 =K 4>;6=K ?>?040BL ?>4 C3>; 0:B82=>3> 7@5=8O
C@>2=5 2KAH59 4CE>2=>9 45OB5;L=>AB8. (54 ?> 3>@87>=B0;8 8 37 ?> 25@B8:0;8). >
78F859 CG8BK205BAO B0:65 @0A?>;>65=85, <5AB>
-<>F88 B5A=> A2O70=K A ?>=OB85< 30@<>=88, 81> ?>;> 65=85 7@8B5;L=>3> F5=B@0 =0 :0@B8==>9
30@<>=8G5A:>5 =0G0;> 2 ?@8@>45 8 2 A>F80;L=>9 ?;>A:>AB8, :>B>@K9 =0E>48BAO =5A:>;L:> 2KH5
687=8 (2 B>< G8A;5 8 2 8A:CAAB25), 1;03>B2>@=> 35><5B@8G5A:>3>, GB> ?@>8AE>48B >B ?A8E>;>38
4;O G5;>25:0 8 �?>>I@O5BAO 53> M<>F8O<8. . G5A:>3> 2>A?@8OB8O =870 :0@B8=K :0: 1>;55 BO
030= ?8H5B: �A:CAAB2> 4>AB02;O5B =0< =0A;06 65;>3> ?> A@02=5=8N A 25@E>< (2 @57C;LB0B5
45=85 ?>AB>;L:C, ?>A:>;L:C D>@<0 EC4>65AB 459AB28O A8;K 75<=>3> ?@8BO65=8O).
25==>3> ?@>872545=8O >1;0405B 2KA>:>9 C?>@O
4>G=>ABLN, A>25@H5==>9 >@30=87>20==>ABLN 2 @8B5;L=>5 2>A?@8OB85 7028A8B >B M<>F8>=0;L
A>>B25BAB288 A >A>15==>ABO<8 2K@065==>3> MB>9 =KE 82, :>B>@K5 2>7=8:0NB 2 3;07C, :>3
D>@<>9 A>45@60=8O.12 40 273;O4 A:>;L78B ?> 87>1@065=8N. 064K9 ?>
2>@>B, B> 5ABL A<5=0 =0?@02;5889, ;8=89, 8E ?5
EC4>65AB25==>< ?@>872545=88 A?>A>1=>ABL 53> @5A5G5=85 A2O70=K A =5>1E>48<>ABLN
D>@F8>=0;L=>7459AB28N O2;O5BAO ?@5>4>;520BL 8=5@F8N 42865=8O, 2>71C640NI5
?5@2>AB5?5==K< CA;>285< 4;O B>3>, GB>1K ?@> 459AB2CNB =0 7@8B5;L=K9 0??0@0B 8 2K7K20NB
872545=85 <>3;> 1KBL 2>A?@8=OB> 8 ?>=OB>. �B A>>B25BAB2CNICN @50:F8N. 0@B8=0, 345 <=>3>
M<>F88 D>@, A;54CNH51@07C5 ?8A0; . K3>BA:89, ...=0G0;L=K9 8 >B?@02 ;>2, 2K7K205B GC2AB2> 15A?>:>9AB20, 8 =0>1>
=>9 <><5=B, 157 :>B>@>3> ?>=8<0=85 8A:CAAB20 @>B, B0<, 345 3;07 A?>:>9=> A:>;L78B ?> :@82K<,
=5 >ACH5AB2;O5BAO 2>2A5, 5ABL M<>F8O D>@;=>>1@07=K9 E0@0:B5@,
!570== AG8B0;, GB> �8A:CAAB2>, 2 :>B>@>< =5B 2>7=8:05B >ICI5=85 5AB5AB25==>AB8, C<8@>B2>
M<>F89 2 >A=>25 A2>59 =5 8A:CAAB2>.15 @5==>AB8. >;=>20O ?@8@>40 ?@8ACI0 <0B5@88,
8 2>7<>6=>, GB> 8<5==> A MB8< A2O70=> 2>7=8:
-<>F8>=0;L=>5 2>7459AB285 D>@25=85 ?>;>68B5;L=>9 @50:F88 >@30=87<0.
<=>38E :>=5=B>2 :0: >1@07=>A2>3>, >;>68B5;L=0O @50:F8O 2>7=8:05B, :>340 =5@2
B0: 8 D>@<0;L=>3> E0@0:B5@0. �8DD5@5=F8@> =K5 :;5B:8 7@8B5;L=>3> 0??0@0B0 8A?KBK20NB
20==K5 8 CAB>9G82K5 M<>F88, 2>7=8:0NI85 =0 A>AB>O=85 0:B82=>3> >B4KE0. 5:>B>@K5 35><5B
>A=>25 2KAH8E A>F80;L=KE ?>B@51=>AB59 G5;> @8G5A:85 AB@C:BC@K 8 D>@4>1
25:0, >1KG=> =07K20NB GC2AB20<8. >6=> =>5 A>AB>O=85. =8< >B8>AOBAO, =0?@8<5@,
A:070BL, GB> 2 M<>F8>=0;L=>< 2>A?@8OB88 EC4> ?@54<5BK, ?>AB@>5==K5 ?> ?@>?>@F8O< �7>;>B>
65AB25==>3> ?@>872545=8O ACI5AB2CNB @07=K5 3> A5G5=8O.
C@>2=8: =87H89 18>;>38G5A:89 C@>25=L ?5@
F5?F88 8 2KAH89, =0 :>B>@>< >ACI5AB2;O5BAO >A?@8OB85 D>@< A2O70=> A B5<8 8;8 8=K<8 18>
A;>6=>5 <=>3>7=0G=>5 459AB285 8A:CAAB20, >B25 ;>38G5A:8<8 ?>B@51=>ABO<8 >@30=87<0. �'5;>
G0NI55 2KAH8< 4CE>2=K< 70?@>A0< G5;>25:0. 25:C ?@8ACI8 =5:>B>@K5 18>;>38G5A:85 ?>B@51
/A=>, GB> @0745;5=85 =0 =87H89 8 2KAH89 C@>2 =>AB8, ?8H5B . @=E59<, 4;O >@85=B0F88
=8 CA;>2=>, B0: :0: ?@>F5AA 2>A?@8OB8O <> 51E>48<0 G5B:>ABL 8 ?@>AB>B0; 4;O C@02
<5=B, 345 2KAH89 8 =87H89 C@>25=L ?@0:B8G5A =>25H5==>AB8 8 ?@028;L=>3> DC=:F8>=8@>20
:8 A;8BK, =548DD5@5=F8@>20=K. > 2 40==>< =8O 548=AB2> 8 @02=>25A85; 4;O AB820
A;CG05 =0A 8=B5@5ACNB ?A8E>18>;>38G5A:85 >A =8O @07=>>1@0785 8 =0?@O65==>ABL. -B8 ?>
=>2K ?@>F5AA0 2>A?@8OB8O, =0 :>B>@KE AB@>8BAO B@51=>AB8 C4>2;5B2>@ONBAO >4=8<8 D>@<0<8
740=85 M<>F89 8 :>B>@K5 >1CA;02;820NB =5>1 ;CGH5, G5< 4@C38<8. 204@0B 8 :@C3 ?@>ABK 8
E>48<>ABL :>78F8>==>3> ?>AB@>5=8O EC4> C@02=>25H5==K. @O<>C3>;L=8: A A>>B=>H5=8O
65AB25==>3> ?@>87 2545=8O. <8 2:1 2=CH05B AB@0E, GB> @0A?0405BAO =0 2 :204
@0B0. >B=>H5=88 �7>;>B>3> A5G5=8O (?@8<5@
@8B5;L=>5 2>A?@8OB85 =0G8=05BAO A 2K45;5=8O 5:8) CA?5H=> A>G5B05BAO =5@CH8<>5 548=AB2> 8
>1I8E AB@C:BC@=KE >A>15==>AB59 >1J5:B0. 4>AB0B>G=0O =0?@O65==>ABL.2
?5@2CN >G5@54L 2>A?@8=8<05BAO >B=>H5=85
?@54<5B>2 8 ?@>AB@0=AB20. 0B5< >A20820NBAO 725AB=K9 :>78F8>==K9 ?@85< G;5=5=85
>B=>H5=8O <564C ?@54<5B0<8, 70B5< <564C 45 B5:AB0, 07182:0 F5;>3> =0 >3@0=8G5==>5 G8A;>
B0;O<8 ?@54<5B>2. A>7405BAO G5B:>5 ?@54AB02 3@C??, 3@C??8@>2:0 M;5<5=B>2, =5>1E>48<,
;5=85 > F5;><. -B0 >A>15==>ABL 7@8B5;L=>3> ?>B> ?>4>1=K< <5B>4>< ?>A;54>20B5;L
2>A?@8OB8O CG8BK205BAO ?@8 :>78F8>==>< =>3> ?@81;865=8O >A208205BAO F5;>5. -B>B <5
?>AB@>5=88 ?@>872545=8O A F5;LN >15A?5G5=8O B>4 >1CA;>2;5= =0;8G85< D878>;>38G5A:>3> ?>
C?>@O4>G5==>3> 53> 2>A?@8OB8O. @>30 2>A?@8OB8O, =0H <>73 >4=>2@5<5==> <>65B
2>A?@8=OBL =5 1>;55 5 7 M;5<5=B>2 8;8 3@C??
;O :>78F8>==>3> @0A?>;>65=8O M;5<5=B>2 >4=>2@5<5==>. @8 1>;LH>< :>;8G5AB25 7;5<5
8<55B 7=0G5=85 25;8G8=0 C3;0 0:B82=>3> 7@5=8O. B>2 D>@<0 C65 =5 2>A?@8=8<05BAO :0: F5;>5 8
A=>2=K5, 206=K5 <><5=BK A>45@60=8O :0@B8 :065BAO @074@>1;5==>9. >B@51=>ABL �>@30=8
!+ & $
8
!+ & $
7>20BL, �3@C??8@>20BL, GB>1 >?>7=0BL >1J5:B, 4;8=5 25@B8:0;8, ?>B> 3>@87>=B0;L=>5
O0;O5BAO A2>9AB2>< G5;>25G5A:>9 ?A8E8:8. . 42865=85 3;07 A>25@H05BAO ;53G5 8 3>@87>=B0;L
5@BE09<5@ AD>@20; �70:>= >@30=870 G8B05BAO ;53G5, =0 55 GB5=85 845B <5=LH5 2@5<5
F88, 2 A8;C :>B>@>3> =01>@K 87 A;CG09=> @07 88. -B0 @07=8F0 2?>;=5 >?@545;5==0O 25;8G8=0,
1@>A0==KE B>G5: =5 2K3;O4OB :0: A;CG09=K5. B0: 81> <564C A8;>9 @074@068B5;O 8 >ICI5=85<
:0: 3;07 8I5B 8 @07;8G05B 8E �:>=D83C@0F88 8 ACI5AB2C5B <0B5<0B8G5A:0O 7028A8<>ABL. @O
3@C??8@C5B M;5<5=BK.8 (0:>= 3@C??8@>2:8 70 <0O, : ?@>B82>?>;>6=K< :>=F0< :>B>@>9 4>
:;NG05BAO 2 B><, GB> G5< 1;865 4@C3 : 4@C3C M;5 102;5=K >B@>AB:8 @02=>9 25;8G8=K (?>4 C3;><),
<5=BK, >1@07CNI85 D83C@C, B5< ;53G5 >=0 <>65B :065BAO 4;8==55, 5A;8 >B@>AB:8 =0?@02;5=K 80
1KBL 87>;8@>20=0). '. AB3C4 2 A2>59 AB0BL5 @C6C, 8 :>@>G5, 5A;8 80?@02;5=K : A5@548=5
�5@F5?B82=0O >@85=B0F8O23 ?8H5B, GB> 5@B ?@O<>9.(@8A. 6). B@>AB:8 MB8 2 >4=>< A;CG05
E09<5@ 2K45;8; 4 D0:B>@0, 2;8ONI8E =0 ?5@ ?@>4;520NB 42865=85 3;070 ?> ?@O<>9, 2 4@C
F5?B82=CN 3@C??8@>2:C M;5<5=B>2 2 7@8B5;L=>< 3>< ?@8>AB0=02;820NB 53>. >MB>?>;5: �;87>ABL... !E>4AB2>... @>4>;65=85... 0 :065BAO 2 ?5@2>< A;CG05 4;8==55, 0 2> 2B>@><
<:=CB>ABL. "> 5ABL, 3@C??8@>2:0 7028A8B >B B> :>@>G5.
3>, 1) 0A:>;L:> ?@>AB@0=AB25==> 1;87:> @0A
?>;>65=K M;5<5=BK ?> >B=>H5=8N 4@C3 : 4@C3C; �0: =8 AB@0==>, ?8I5B 6. @533, 8;;N788
2) 0A:>;L:> 1;87:8 >=8 4@C3 4@C3C :0G5AB25= O2;ONBAO =587156=K< ?>1>G=K< A;54AB285< >4
=> (@>4AB25==>ABL D>@< 8 ?@.) B AB@5<;5=8O : =>9 87 A0A>15==>AB59 2KA>:>>@30
�?@>4>;65=8N, ;>38G5A:8 2KB5:0NI520==>3> 7@5=8O A2O7K2=8O 2A5E 2848AB>?>;>65=8O M;5<5=B0, AB@5<;5=8O. A;54>20BL ?>;5 7@5=8O >1J5:B>2 2 >4=C 18>;>38G5A:8 7=0
?> 7=0:>=BC@0< : F5;>AB8>1@07C. G8>@48=8@>20==CN :0@B8=C, 2 :>B>@>9
4) B AB@5<;5=8O : 70<:=CBK< D83C@0< (@07@>7 ?>4G5@:820NBAO A25B;K5 (A2>1>4=K5) ?@><5
=5==K5 M;5<5=BK, @07>@20==K5 ;8=88 AB@5E>4K), 2K45;O NBAO :>=B@0AB=K5 3@0
70<:=CBLAO 8 >1@07>20BL D83C@C). =8FK (>@85=B8@K 25@B8:0;J=K5 >A>15==>, 0:
F5=B8@CNBAO @07@565==>AB8 8 A:>?;5=8O, 2A5 =5
0 C@>2=5, ?5@F5?F88 ?@>8AE>48B B0:65 2K45;5 @02=><5@=>AB8, 2AO:85 @07;8G8O.
=85 D83C@K 87 D>=0, ?@8G5< �:>=BC@ @0AA<0B@8
205BAO :0: ?@8=04;560I89 D83C@5, 0 =5 D> EC4>65AB25==>8 ?@0:B8:5 EC4>6=8:8 A>7=0
=C.23 �$83C@0 8<55B 2?>;=5 >?@545;5==CN ;> B5;L=> 8A?>;L7CNB O2;5=8O >?B8G5A:8E 8;;N789
:0;870F8N 2 ?@>AB@08AB25 8 AB@C:BC@C 8 :>@@5:B8@CNB 8E 459AB28O.
?>25@E=>AB8, D>= ?;>E> ;>:0;87>20=....23 �'5<
@57G5 :>=B@0AB <564C M45<5=B0<8 D83C@K 8 D>
=0 (;81> ?> O@:>AB8, ;81> ?> F25BC. 8;8 D>@<5),
B5< ;53G5 >1@07C5BAO D83C@0.23
7 A:070==>3> A;54C5B, GB> ?>B@51=>ABL 2 F5;>AB
=>9 >A9 AB@C:BC@5 70;>65=0 C65 2 ?5@
F5?B82=>< 2>A?@8OB88. 0AA<>B@5=85 =0 C@>2=5
?5@F5?F88 3@C??8@>2:8 M;5<5=B>2 2 7@9B5;L=><
?>;5, AB@5<;5=85 : >1@07>20=8N F5;>AB=KE
AB@C:BC@ >B=>H5=8O D>=0 8 D83C@K ?>72>;O5B
>A>7=0BL =5>1E>48<>ABL 8725AB=KE :>78F8
>==KE ?@85<>2 8 A@54AB2.
>78F8>==>5 ?>AB@>5=85 AB0;:8205BAO A 8=B5
@5A=K< O2;5=85<, A2O70==K< A >A>15==>ABO<8
7@8B5;L=>3> 2>A?@8OB8O, A >?B8G5A:8<8 8;;N78
O<8. 725AB=>, GB> 35><5B@8G5A:85 D83C@K, A>
AB>OI85 87 ?@O:@C6
=>AB59 8 4@C38E ?@028;L=KE D>@<, :06CBAO 8A
:@82;59=K<8 8 =58@028;L=K<8 87 70 B>3>, GB>
8E ?5@5A5:0NB :>AK<8 ;8==O<8 8;8 ?CG:>< ;C
G59 (@8A. 1 5). 450;L=0O 3>@87>8B0;L 8740;8
:065BAO ?@>3810NI59AO; C40;5==K5 >B 7@8B5;O 2
3;C18=C ?@54<5BK 2>A?@8=8<0NBAO =5045:20B
=K<8 8E 459AB28B5;L=K< @07<5@0<. @8<5@K
<>3CB 1KBL <=>3>G8A;5==K<8. /2;5=85 =5:>B>
@KE >?B8G5A:8E 8;;N789 <>65B 1KBL >1JOA=5=>
A B>G:8 7@5=8O 18><5E0=8:8 3;070. "0:, =0?@8
<5@, 3>@87>8B0;L :065BAO :>@>G5 @02=>9 59 ?> 8A 1 6. ?B8G5A:85 8;N788
!+ & $
9
!+ & $
"0:, =0?@8<5@, 4@52=85 3@5:8 >B:@K;8 �70:>= 8B<8G5A:>5 G5@54>20=85 @07;8G=KE >ICI5=89
:C@20BC@ (:C@20BC@0 :@8287=0 >G5@B0=8O :> 2K7K205B ?>;>68B5;L=K5 M<>F88. ;8B5;L=>5
;>==K). =8 ?@84020;8 2K?C:;CN :@8287=C :> >4=>>1@07=>5 A>AB>O=85 8;8 >4=>@>4=K5 2?5
;>==5, GB>1K B0 :070;0AL @>2=>9 8 AB@>9=>9. G0B;5=8O, =0>1>@>B, C3=5B0NB ?A8E8:C. 1I587
25AB=> 2KA:07K20=85 02;>20, GB> �=5>1E>48<>
%C4>65AB25==K5 ?@8578F88 A2O70=K A ?5@5:;NG5=85 3@C?? =5@2=KE :;5B>: 3>;>2=>3>
?A8E>D878G5A:8< 2>A?@8OB85< G5;>25:0 >:@C <>730 4;O >15A?5G5=8O >B4KE0 CAB02H8< :;5B
60NI53> <8@0. !8<<5B@8O A2O70=0 A GC2AB2>< :0<. "0:8< >1@07><, =5>1E>48 <>ABL A<5=K A>
@02=>25A8O 8 >1CA;>2;5=0 70:>=>< BO3>B5=8O. AB>O=89, 2?5G0B;5=89, =0?@O65=8O 8 @0AA;01;5
A8<<5B@8O, B.5. =0@CH5=85 A8<<5B@88, 2K7K =8O 8 B.4. 70;>65=0 2 18>;>38G5A:>9 ?@8@>45
205B M<>F8>=0;L=K9 8B>@K9 A83=0;8 G5;>25:0. G5284=> B0 65 ?>B@51=>ABL ;568B 2
78@C5B > 2>7=8:=>25=88 87<5=5=89, 42865=8O. >A=>25 8 4@C3>3> O2;5=8O :>=B@0AB0, A2O70==>
2865=85 65 D>@<0 ACI5AB2>20=8O <0B5@88, 3> A CA8;5=85< 7@8B5;L=KE 82 2 ?>3@0
�42865=85 5ABL 687=L. A8<<5B@8O 2A5340 A> =8G=KE 7>=0E; G5< A8;L=55 8A54AB2C5B A A8<<5B@859 2 D>@<0E >@30=8G5A:>3> :>=B@0AB8@CNB D>@=B@0AB >4=> 87 A0
<8@0. 1A>;NB=0O A8<<5B@8O 2AB@5G05BAO B>;L:> 65AB25==KE
2 =5>@30=8G5A:>< <8@5 (2 :@8AB0;;0E). A@54AB2.
5045:20B=>ABL ?@8@>4K 8 8A:CAAB20
!B0B8:0 8 48=0<8:0, 48=0<8G5A:>5 =0;@O65=85,
48=0<8G5A:>5 @02=>25A85, 2A5 MB> 5AB5AB25= 0H59 7040G59 2 ?@54K4CI5< 87;>65=88 1K;>
=K5 A>AB>O=8O, 2 :>B>@KE ?@51K20NB D878G5A ?>:070BL A2O7L <564C >1J5:B82=> ACI5AB2CNI8
:85 B5;0, A>AB>8=8O, A2>9AB25==K5 : ?@8@>45. <8 D878G5A:8<8 O2;5=8O<8, >A>15==>ABO<8
2A5 >=8, B0: 8;8 8=0G5, >B@060NBAO 2 :>78 AC1J5:B82=>3> ?A8E>D878G5A:>3> 2>A?@8OB8O 8E
F8>==>< ?>AB@>5=88 D>@25:>< 8 >B@065=85<, 8E 2 EC4>65AB25==>
:>78F8>==>9 45OB5;L=>AB8. A:CAAB2> =5
5@A?5:B82=>5 ?>AB@>5=85 87>1@065=8O 2K720=> 5ABL ?>4@060=85 ?@8@>45. => O2;O5BAO >B@065
CAB@>9AB2>< >@30=>2 7@5=8O, 2>A?@8OB8O >B=> =85< >1J5:B82=>9 @50;L=>AB8 2 A>7=0B5;L=>9
A8B5;L=>9 25;8G8=K ?@54<5B>2 =0 @0AAB>O=88, F5;5=0?@02;5==>9 B2>@G5A:>9 45OB5;L=>AB8, ?>
81> �?@>AB@0=AB25==>5 2845=85 5ABL 2845=85 7=020B5;L=> 8 687=5==> =5>1E>48<>9.
87<5@8B5;L=>5, :0: ?8H5B . !0<>9;>2 2 A2>59
AB0BL5 �.. !5G5=>2 8 53> @>;8 78F8>==>5 ?>AB@>5=85 EC4>65AB25==>3>
2 =0H5< ?>7=0=88 ?@8@>4K.23 ?@>872545=8O >4=> 87 206=59H8E A@54AB2 8A
:CAAB00. �>4@060O >B45;L=K< ?@8=F8?0< AB@>
54CI0O @>;L 4><8=0=BK, 3;02=>3> CG0AB:0, F5=B 5=8O >@30=8G5A:>9 8 =5>@30=8G5A:>9 ?@8@>4K,
@0 87>1@065=8O A2O70=0 A >A>15==>ABO<8 =0 G5;>25: 45;05B :>78F8N >A=>2>9 EC4>65AB
?@02;5==>3> 8 ?5@8D5@8G5A:>3> 7@5=8O, 1;03> 25==>3> B2>@G5AB20, A@54AB2>< 2K@06588O, A2>
40@O :>B>@K< ;L:> 2> 53> >B=>H5=8O : 459AB28B5;L=>AB8, ?8A0; .
:@C3 B>G:8 D8:A0F88. -B0 A?>A>1=>ABL, ;?0B>2.
>1CA;>2;5==0O =5@02><5@=K< AB@>5=85< A5B
G0B:8, =5 B>;L:> ?>72>;O5B 2K45;8BL =C6=K5 %C4>65AB254=>5 F5;>5 =5045:90B9> F5;>A2545=8O 87 ?@>G8E, => 2 EC4>65AB25==>< :>< ?@9@>45. 708<>459AB=85 G0AB59 F5;>3> <564C
?>78F8>==>< ?@>872545=88 48:BC5B 25AL AB@>9 A>1>9 2 :0@B8=5 >B;8G05BAO >B 2708<>459AB28O
:0@B8=K. G0AB59 2 682>< >@30=87<5, ?>4G8=5=> CA;>2=>
3@0=8G5==>AB@0=AB2C
8B< 206=59H55 A@54AB2> >@30=870F88 EC4>65 :0@B8=K 8 ?>;=>ABLN 7028A8B >B 2>A?@8OB8O. A
AB25==>3> ?@>872545=8O; =5>1E>48<>ABL 2A5 ;8 2 >@30=87<5 459AB2CNB 18>;>38G5A:85 8 E8
?>4G8=8BL @8B78F88 A2O70=0 A 18>;> <8G5A:85 F@>F5AAK, >ACI5AB2;ONI85 A2O7L, B> 2
38G5A:>9 ?>B@51=>ABLN, @8B< D>@<0 42865 :0@B8=5 A2O7L F5;>3> 4>AB8305BAO 1;03>40@O
=8O 8 @30=8G5A:8 ?@8ACI <0B5@88 :0: 55 A2>9 �2=CB@5==59 ?>A;54>20B5;L=>AB8 :0@B8=K ?>
AB2>. A5, GB> 42865BAO, @0728205BAO, DC=:F8> 2K@065=8N . 8;L451@0=40, 8 2 @57C;LB0B5
=8@C5B 2 ?@8@>45 8 2 G5;>25G5A:>9 45OB5;L=>AB8 ?>AB@>5=8O, B. 5. :>78F88, >15A?5G820NI59
?>4G8=5=> @8BABL 2>A?@8OB8O, 8 2 @57C;LB0B5 B2>@G5A:>
E0=8O, A<5=0 4=O 8 =>G8 8 2@5<5= 3>40, ?@8;82K 3> ?@>F5AA0, EC4>65AB25==>9 45OB5;L=>AB8, AB0
8 >B;82K 8 2A5 25;8:>5 @07=>>1@0785 @8B<>2 2OI59 A2>59 F5;LN A>740BL ?@54AB02;5=85 > @5
?@8@>4K >:07K20NB >@30=87CNI55 2>7459AB285 0;L=>AB8, 2KA:070BL A2>5 AC645=85 > =59.
=0 687=L G5;>25:0, =0 2A5 D>@ 45OB5;L=>
AB8, =0G8=0O >B =5>1E>48<>AB8 G5@54>20=8O B@C EC4>65AB25==>< ?@>872545=88 40 8 >B4KE0 8 :>=G0O @8B<8G5A:>9 >@30=870F859 >1@065==CN 459AB28B5;L=>ABL. #A;>2=>ABL
EC4>65AB25==>9 D>@87254=88 8A:CAAB O7K: 8A:CAAB20. > MB0 CA;>2=>ABL >B@0605B @5
20. 0;L=>ABL, >1J5:B82=> ACI5AB2CNICN 2 ?@8@>45
8 2 A>7=0=88 G5;>25:0 8 O2;ONICNAO <0B5@80
!+ & $
10
!+ & $
;>< 4;O 8A:CAAB20. �@>872545=85 8A:CAAB20 ?>@F8>=0;L=>AB8, ?@>?>@F8>=0;L=>ABL 65
5ABL 70:>=G5==>5, 2 A0<>< A515 ?>:>NI55AO 8 ?@5645 2A53> ACI5AB2C5B 2 G8A;0E. 5>1E>48<>,
4;O A51O ACI5AB2CNI55 F5;>5 2>7459AB28O 8 GB>1K 2A5 ?>44020;>AL AG8A;5=8N. 1 8A?>;L
?@>B82>?>AB02;O5B ?>A;54=55 :0: A0<>AB>OB5;L 7>20=88 ?@>?>@F88 2 8A:CAAB25 5>=0@4> 40
=CN @50;L=>ABL ?@8@>45. 4=0:>, ?@8 2A59 8=G8 ?8A0; 2 A2>5< B@0:B0B5 > 682>?8A8: �8
ACI5AB2CNI59 @07=8F5 <564C 8A:CAAB2>< 8 ?@8 2>?8A5F 2>?;>I05B 2 D>@<5 ?@>?>@F88 B5 65
@>4>9, >=8 2>7459AB2CNB =0 =0A A ?><>ILN >1J B0OI85AO 2 ?@8@>45 70:>=><5@=>AB8, :>B>@K5 2
5:B82=> ACI5AB2CNI8E D0:B>@>2. �!@54AB20<, D>@<5 G8A;>2>3> 70:>=0 ?> 7=05B CG5=K9.14
?@8 ?><>I8 :>B>@KE 459AB2CNB =0 =0A ?@8@>40
8 8A:CAAB2>, ?@8ACI5 >1=0@C65=85 >1J5:B82=>9 "0:8< >1@07><, ?@>?>@F8>=0;L=>ABL, A>@07<5@
A8;K ?@>=AB@0=AB25==KE M;5<5=B>2 ?@54AB02;5 =>ABL G0AB59 F5;>3> O2;O5BAO 206=59H8< CA;>
=8O, B0: GB>, =0?@8<5@, 459AB285 3>@87>=B0;8 8 285< 30@<>=88 F5;>3> 8 <>65B 1KBL 2K@065=0
25@B8:0;8, A25B0 8 B5=8 8 ?@>G53> ACBL B0:85 <0B5<0B8G5A:8 ?>A@54AB2>< ?@>?>@F89.
40==K5 ?@8@>4>9 459AB28O, =04 :>B>@K<8 EC
4>6=8: =5 8<55B =8:0:>9 2;0AB8, 1C4CG8 B>;L:> @>?>@F8O >7=0G05B @025=AB2> 42CE 8;8 =5
2 A>AB>O=88 8A?>;L7>20BL 8E @50;L=>ABL 2 @07 A:>;L:8E >B=>H5=89. !CI5AB2C5B =5A:>;L:> 28
;8G=>9 A8;5 8 A<5I5=88. 4>2 ?@>?>@F8>=0;L=>AB8: <0B5<0B8G5A:0O, 30@
<>=8G5A:0O, 35><5B@8G5A:0O 8 4@. <0B5<0B8G5
4. /" ""'! A:>9 @025=AB2> 42CE >B=>H5=89 2K@0605BAO
D>@9 a:b=A:d, 8 :064K9 G;5= 55 <>65B 1KBL
!" &
>?@545;5= G5@57 >AB0;L=K5 B@8. 30@<>=8G5A
I5 2 3;C1>:>9 4@52=>AB8 G5;>25:>< 1K;> >1=0 :>9 ?@>?>@F88 3 M;5<5=B0. =8 O2;ONBAO 8;8
@C65=>, GB> 2A5 O2;5=8O 2 ?@8@>45 A2O70=K 4@C3 ?>?0@=K<8 @07=>ABO<8 =5:>B>@>9 B@>9:8 M;5
A 4@C3><, GB> 2A5 ?@51K205B 2 =5?@5@K2=>< 428 <5=B>2, 8;8 A0<8<8 MB8<8 M;5<5=B0<8, =0?@8
65=88, 87<5=5=88, 8, 1C4CG8 2K@065=> G8A;><, <5@: 0:A=(0 2): (2 A).
>1=0@C68205B C4828B5;L=K5 70:>=><5@=>AB8.
@52=59 @5F88 M?>E8 :;0AA8:8 2>7=8: @O4 CG5 35><5B@8G5A:>9 ?@>?>@F88 B>65 2A53> 3 M;5
=89 > 30@ <>=88. 7 =8E =081>;55 3;C1>:89 <5=B0, => >48= 87 =8E >1I89, 0:2=2:A. 07=>284
A;54 2 <8@>2>9 :C;LBC@5 >AB028;> 8D03>@59 =>ABL> 35><5B@8G5A:>9 ?@>?>@F88 O2;O5BAO ?@>
A:>5 CG5=85. >A;54>20B5;8 8D03>@0 ?@54AB02 ?>@F8O B0: =07K205<>3> �7>;>B>3> A5G5=8O,
;O;8 <8@, 2A5;5==CN, :>A<>A, ?@8@>4C 8 G5;>25 8<5NI0O 2A53> 420 G;5=0 �0 8 �2 87;N1
:0 :0: 548=>5 F5;>5, 345 2A5 2708<>A2O70=> 8 ;5==0O ?@>?>@F8O EC4>6=8:>2, :>B>@CN 2 M?>EC
=0E>48BAO 2 30@<>=8G5A:8E >B=>H5=8OE. 0@<> >7@>645=8O =07K20;8 �1>65AB25==>9 ?@>?>@
=8O 745AL 2KABC?05B :0: =0G0;> ?>@O4:0 C?> F859.
@O4>G820=8O E0>A0. 0@<>=8O ?@8ACI0 ?@8@>45
8 8A:CAAB2C: �4=8 8 B5 65 70:>=K ACI5AB2CNB >;>B>5 A5G5=85 (7. A.) A>15==>ABLN ?@>?>@F88
4;O 2 8 ?;0=5B.24 8D03> 7>;>B>3> A5G5=8O O2;O5BAO B>, GB> 2 =59 ?>A;54
@59FK 8 8E ?>A;54>20B5;8 2A51>9 @07=>ABL <564C
8A:0;8 G8A;>2>5 2K@065=85. <8 1K;> >1=0@C 42C65=>; GB> <0B5<0B8G5A:85 ?@>?>@F88 ;560B 2 2). B=>H5=85 7. A. 2K@0605BAO G8A;>< 0,618.
>A=>25 B=>H5=85 4;8=K AB@C=K : 2K @>?>@F8O 7. A. 1:0,618=0,618:0,382.
A>B5 B>=0, >B=>H5=8O <564C 8=B5@20;0<8, A>>B
=>H5=85 72C:>2 2 0::>@40E, 40NI8E 30@<>=8G5 A;8, >B@57>: ?@O<>9 2K@078BL G5@57 548=8FC, 0
A:>5 72CG0=85). 8D03>@59FK ?KB0;8AL <0B5<0 70B5< @0745;8BL 53> =0 420 >B@57:0 ?> 7. A., B>
B8G5A:8 >1>A=>20BL 845N 548=AB20 <8@0, 1>;LH89 >B@57>: 1C45B @025= 0,618, 0 <5=LH89
CB25@640;8, GB> 0 >A=>25 <8@>740=8O ;560B 0,382. 0 @8A. 7 ?>:070=> 45;5 =85 >B@57:0 =0 G0
A8<<5B@8G=K5 35><5B@8G5A:85 D>@ 7. A.
8D03>@59FK 8A:0;8 <0B5<0B8G5A:>5 >1>A=>20
=85 :@0A>B5. =8 8AA;54>20;8 ?@>?>@F88 G5;>
25G5A:>3> B5;0 8 CB25@48;8 <0B5<0B8G5A:89 :0
=>= :@0A>BK, ?> :>B>@>@ >;8:;5B
A>740; AB0BCN �0=>=. A5 :;0AA8G5A:>5 8A:CA
AB2> @5F88 =>A8B ?5G0BL ?8D03>@59A:>3> CG5
=8O > ?@> ?>@F8OE. 3> 2;8O=85 8A?KB0;8 =0 A5
15 CG5=K5 A@54=520:>2LO, =0C:0 8 8A:CAAB2> M?>
E8 >7@>645=8O, >2>3> 2@5<5=8 2?;>BL 4>
=0H8E 4=59. A;54 70 ?8D03>@59F0<8 A@54=525
:>2K9 CG5=K9 23CAB8= =0720; :@0A>BC �G8A;>
2K< @025=AB2><. $8;> A>D AE>;0AB >=025=BC
@0 ?8A0;: �@0A>BK 8 =0A;0645=8O =5B 157 ?@> @8A 7. 5;5=85 >B@57:0 ?> 7>;>B>!+ & $
11
!+ & $
0 >A=>20=88 ?@>?>@F88 7. A. 1K; ?>AB@>5= @O4 =0G5 3>2>@O, 5A;8 >BA5GL >B ?@ :0 7. A.. :204@0B,
G8A5;, 70<5G0B5;L=K9 B5<, GB> :064>5 ?>A;54C B> >AB05BAO <5=LH89 ?@ :, AB>@>=K :>B>@>3>
NI55 G8A;> >:07K20;>AL @02=K< AC<<5 42CE >?OBL 65 1C4CB =0E>48BLAO 2 >B=>H5=88 7. A. 07
?@54K4CI8E: 1, 1, 2, 3, 5, 8, 1, 21 8 B. 4. -B>B @O4 1820O MB>B <5=LH89 ?@ : =0 :204@0B 8 5I5 <5=L
1K; >B:@KB 8B0;LO=A:8< <0B5<0B8:>< $81>=0G H89 ?@ :, ?OBL ?>;CG8< ?@ : 7. A., 8 B0: 4>
G8 8 =07K205BAO ?>MB>< $81>=0GG8. = 15A:>=5G=>AB8. A;8 A>548=8BL 25@H8=K :204
>1;0405B B5< A2>9AB2>< GB>, >B=>H5=8O <564C @0B>2 :@82>9, B> ;CG8< ;>30@8D<8G5A:CN
A>A54=8<8 G;5=0<8 ?> <5@5 2>7@0AB0=8O G8A5; :@82CN, 15A:>=5G=> @0ABCICN A?8@0;L, :>B>@CN
@O40, 2A5 1>;55 ?@81;860NBAO : ,118, B> 5ABL, : =07K20NB �:@820O @0728B8O, �A?8@0;L 687=8,
>B=>H5=8N 7. A. 81> 2 =59 :0: 1K 70;>65=0 845O 15A:>=5G=>3>
@0728B8O. ( 8A. 11).
@>?>@F88 7. A. CG5=K5 A2O7K20NB A @0728B85<
>@30=8G5A:>9 <0B5@88. 7. A. 1K;> >1=0@C65=> 2
>1J5:B0E 682>9 ?@8@>4K 2 AB@>5=88 @0:>28=,
45@520, 2 @0A?>;>65=88 A54A>;=CE0, 2
AB@>5=88 B5;0 G5;>25:0, 0 B0:65 53> =0 1;N40;8
2 CAB@>9AB25 2A5;5= =>9 2 @0A?>;>65=88 ?;0=5B.
>B=>H5=88 7. A. =0E>4OBAO B0: 65 M;5<5=BK 35>
<5B@8G5A:8E D83C@ ?OB8C3>;L=8:0, 72574K.
( 8A. 8.).
?@O<>C3>;L=8:5 7. A. (@ 9, 10) AB>@>=K =0E>4OBAO
2 >B=>H5=88 7.A. -B>B ?@ : A>45@68B 2 A515 :204
@0B 8 <0;K9 ?@ : 7. A. (53> 1>;LH0O AB>@>=0 O2
;O5BAO <0;>9 AB>@>=>9 ?5@2>=0G0;L=>3> ?@ :0.)
>MB>6=> ?>AB@>8BL ?@ : 7.A. =0 >A=>20=88
:204@0B0: AB>@>=0 :204@0B0 45;8BAO ?>?>;0<, 87
B>9 B>G:8 : 25@H8=5 ?@>2>48BAO 4803>=0;L, A
?><>ILN :>B>@>9 =0 AB>@>=5 :204@0B0 AB@>8BAO
?@ : 7.A., :0: ?>:070=> =0 @8A. 10. 8A. 9. @O<>C3>;L=8: ?@81;878B5;L=> 7>;>B>3> A5G5=8O,
?>AB@>5==K9 =0 >A=>20=88 ?OB8C3>;L=8:0
8A. 8. ">G:8 ?5@5A5G5=8O ;8=89, A>AB02;ONI8E72574C, 45;OB
8E =0 >B@57:8 2 >B=>H5=88 7>;>B>3> A5G5=8O.
-B>B <0;K9 ?@ : ?>4>15= 1>;LH>
AB02;5==>3> ?@ :0 7. A., B> 8A.10 >AB@>5=85 ?@O<>C3>;L=8:0 7>;>B>3> A5G5=8O =0 >A
5ABL >10 MB8 ?@ :0 O2;ONBAO ?@ :0 7. A. =>25 :204@0B0.
!+ & $
12
!+ & $
5A:>=5G=>5 ?>2B>@5=85 ?@ :0 7. A. 8 :204@0B0 @5G5A:85 @5<5A;5==8:8, A>74020O 3>=G0@=K5 87
?@8 @0AA5G5=88 ?@ :0 7. A. >1=0@C68205B ?>2B> 45;8O B0:65 ?@8<5=O;8 7. A. M?>EC >7@>645
@5=85 F5;>3> 2 53> G0ABOE, GB> O2;O5BAO >4=8< 87 =8O 7. A. 8A?>;L7>20;8 =5 B>;L:> 2 7>4G5AB25,
CA;>289 30@<>=88 F5;>3>. -B> A2>9AB2> ?@ :0 7. A:C;L?BC@5, 682>?8A8, => 8 2 ?>M788 8 A. 1K;> >1=0@C65=> EC4>6=8:0<8 8 >=8 AB0;8 N@5@, 5>=0@4> 40 8=G8 8 53> CG5=8: C:0
C?>B@51;OBL 7. A. :0: A?>A>1 30@<>=870F88, A?> 0G>;8 ?@8<5=O;8 7. A. 2 ?>8A:0E 30@<>=8G=KE
A>1 ?@>?>@F8>=8@>20=8O. $8489 8A?>;L7>20; ?@>?>@F89 1C:2. ( 8A 12),
7. A. ?@8 ?>AB@>9:5 :@>?>;O (5 25: 4> =. M.)
@ : 7. A. ?>@F8OE A@54=525
:>2KE @C:>?8A=KE :=83, 8 2 A>2@5<5==>9 :=835,
B0: :0: AB@>9=K5 ?@>?>@F88 7. A. ?>72>;ONB :@0
A82> >@30=87>20BL ?@>AB@0=AB2> :=86=>9 AB@0
=8FK 8 @072>@>B0 (@8A. 13, 14).
8A. 11. >30@8D<8O5A:0O :@820O �!?8@0;L 87=8
8A. 13. !E5<0 8450;L=KE@>?>@F89 A@54=525:>2>9 @C:>?8
A8. @>?>@F88 AB@0=8FK 2:3, 0 ?;>A:>ABL, 70=OB0O ?8AL<><
2 ?@>?>@F88 7>;>B>3> A5G5=8O.
8A. 12. >AB@>5=85 1C:2K 87 :=838 C:8 0G>;8 � 1>65AB 8A. 14. 48= 87 A?>A>1>2 >?@545;5=8O @7<5@0 ?>;>AK =01>
25==>9 ?@>?>@F88 @0 ?@8 7040==>< D>@<0B5.
!+ & $
13
!+ & $
@>?>@F8>=8@>20=85 ?@8 2545=85 G0AB59 F5 A@54K, 2 :>B>@>9 >18B05B G5;>25:. >@1N7L5
;>3> : 548=>?>@F8>=0;L=>N. <5GB0; > ?5@5AB@>9:5 A ?><>ILN >4C;>@0 2A59
0@E8B5:BC@=>9 8 ?@54<5B=>9 A@54K. !0< >= A>
%% 25:5 2=>2L 2>7@>48;AO 8=B5@5A : 7>;>B>;L:> ?@5:@0A=KE >1@07F>2 0@E8B5:BC
A5G5=8N :0: : A?>A>1C ?@>?>@F8>=8@>20=8O. @K, => > 1>;55 H8@>:>< ?@8<5=5=88 >4C;>@0
=> ?@82;5:;> 2=8<0=85 0@E8B5:B>@>2. !>25B 2 ACI5AB2CNI8E CA;>28OE =5 <>3;> 1KBL 8 @5G8.
A:89 0@E8B5:B>@ >;B>2A:89 8 D@0=FC7 >@1N >4C;>@ 8A?>;L7>20;AO 2 @O45 A;C9052 2 48709
7L5 70=8<0;8AL ?@>1;5<0<8 7. A. 8 8A?>;L7>20 =5 8 2 3@0D8G5A:>< 48709=5 ?@8 :>=AB@C8@>
;8 53> 2 A2>59 0@E8B5:BC@=>9 ?@0:B8:5, >@1N 20=88 ?5G0B=KE 8740=89. 0 @8A. 16 ?@82>4OBAO
7L5 A>740; F5;CN A8AB5?>@F8>=8@>20=8O 20@80=BK 45;5=8O ?@O<>C3>;L=8:0 3:4, ?@825
=0 >A=>25 G8A5; @O40 7>;>B>3> A5G5=8O 8 ?@> 45==K5 >@1N7L5 4;O 45<>=AB@0F88 2>7<>6=>
?>@F89 G5;>25G5A:>3> B5;0 8 =0720; 55 �>4C AB59 :>=AB@C8@>20=8O A ?><>ILN >4C;>@0.
;>@, GB> ?> ;0BK=8 >7=0G05B @8B<8G5A:8 @07
<5@OBL @07@01>B:C 2>?@>A0 ?@>?>@F8>=8@>20=8O 8 8A
?>;L7>20=8O 7>;>B>3> A5G5=8O =5A A2>9 2:;04 .
%M<1846. 20 < 3>4C 2 LN >@:5 2KH;0 53>
:=830 �-;5<5=BK 48=0<8G5A:>9 A8<<5B@88.
%M<1846 8AA;54>20; 48=0<8G5A:CN A8<<5B@8N,
:>B>@CN >= >1=0@C68; 2 @O45 ?@O<>C3>;L=8:>2,
A F5;LN 55 ?@0:B8G5A:>3> ?@8<5=5=8O EC4>6=8
:0<8 2 :>78F8>==>< ?>AB@>5=88. = 45;05B
?>?KB:C @0A:@KBL A5:@5BK, :>B>@K<8 ?>;L7>20
;8AL 4@52=85 3@5:8, 4>1820OAL 30@<>=8G5A:>3>
@5H5=8O D>@ 2=8<0=85 ?@82;5:;8 A2>9
AB20 ?@O<>C3>;L=8:>2, A>AB02;ONI8E @O4, 345
:064K9 ?>A;54CNI89 ?@O<>C3>;L=8: AB@>8BAO
=0 4803>=0;8 ?@54K4CI53>, =0G8=0O A 4803>=0
;8 :204@0B0 &2. -B> ?@O<>C3>;L=8:8 &4, &5 (A
<5=LH59 AB>@>=>9 @02=>9 AB>@>=5 :204@0B0,
?@8=OB>9 70 548=8FC). ( 8A. 17). C;L<8=0F859
@O40 O2;O5BAO ?@O<>C3>;L=8: &5, >1;040NI89
>A>1K<8 30@<>=8G5A:8<8 A2>9AB20<8 8 �@>4AB
25==K9 ?@O<>C3>;L=8:C 7>;>B>3> A5G5=8O, (>
=5< 1C45B A:070=> =865).
8A, 15. >4C;>@ (C?@>I5==0O AE5<0)
8A. 17. O4 48=0<8G5A:8E ?@O<>C3>;L=8:>2 %M<18460.
8A. 16. 0@80=BK 45;5=8O ?@O<0C3>;L=8:0 =0 >A=>25 >4C
;>@0. %M<1846 @0AA<0B@8205B B0:65 ?;>I048 :204@0
B>2, ?>AB@>5==KE =0 AB>@>=0E MB8E ?@O<>C3>;L
>4C;>@ >@1N7L5 ?@54AB02;O5B A>1>9 30@<>=8 =8:>2 8 >1=0@C68205B A;54CNICN 48=0<8:C: 2
G5A:85 @O4K G8A5;, :>B>@K5 A2O70=K 2 548=CN ?@ :5 &2 :204@0B, ?>AB@>5==K9 =0 1>;LH59 AB>
A8AB5;L7>20=8O 2 @>=5, 8<55B ?;>I04L 2 2 @070 1>;LHCN, G5< :20
0@E8B5:BC@5 8 48709=5 4;O 30@<>=870F88 2A59 4@0B, ?>AB@>5==K9 =0 <5=LH59 AB>@>=5. ?@ :5
!+ & $
14
!+ & $
&3 :204@0B =0 1>;LH59 AB>@>=5 2 3 @070 1>;LH5 2 4, 8, 16, 32, 64, 8 B. 4.
:204@0B0 =0 <5=LH59 AB>@>=5 8 B0: 40;55. "0:8<
>1@07>< >1@07CNBAO 48=0<8G5A:85 @O4K ?;>I0 3 . 6, 12, 24 48, 96
459, A>AB>OI85 87 F5;KE G8A5;. %M<1846 CB
25@6405B, GB> 4@52=85 3@5:8 8A?>;L7>20;8 MB>B 5 10, 20, 40, 80, 160
?@8=F8? 2 A2>8E :>78F8>==KE @5H5=8OE.
@O<>C3>;L=8:8 48=0<8G5A:>3> @O40, > :>B> @>?>@F8>=8@>20=85 A2O70=> A ?>=OB8O<8 A>@07
@>< 2>@8;8, O2;ONBAO ?5@28G=K<8 ?;>I0 <5@=>AB8 8 <5@K. 4=8< 87 A?>A>1>2 A>87<5@5
4O<8 2 :>78F8>==>9 A8AB5<5 %M<18460. =8O F5;>3> 8 53> G0AB59 O2;O5BAO <>4C;L. >
064K9 87 MB8E ?@O<>C3>;L=8:>2 <>65B 1KBL 4C;L @07<5@ 8;8 M;5<5=B, ?>2B>@ONI89AO =5
@0718B =0 >B45;L=K5 G0AB8 8 ?>@>640BL =>2K5 >4=>:@0B=> 2 F5;>< 8 53> G0ABOE. >4C;L (;0B.)
:>78F8>==K5 @5H5=8O, =>2K5 B57=0G05B <5@0. N10O <5@0 4;8=K <>65B O2
<5@, ?@ : &5 <>6=> @0718BL =0 :204@0B 8 420 ;OBLAO <>4C;5<. @8 AB@>8B5;LAB25 3@5G5A:8E
?@O<>C3>;L=8:0 7>;>B>3> A5G5=8O. @O<>C3>;L E@0<>2, GB>1K 4>18BLAO A>@07<5@=>AB8 8A?>;L
=8: 7>;>B>3> A5G5=8O <>65B 1KBL @0718B =0 :20 7>20;8 B0:65 8 <>4C;L. >4C;5< <>3 A;C68BL
4@0B 8 ?@O<>C3>;L=8: 7>;>B>3> A5G5=8O, 0 B0:65 @048CA 8;8 480<5B@ :>;>==K, @0AAB>O=85 <564C
<>65B 1KBL @0718B =0 @02=K5 G0AB8, ?@8 MB>< :>;>==0<8. 8B@C289, @84G89 1 2. 4> =.
>1=0@C68205BAO A;54CNI0O 70:>=><5@=>ABL: M., 2 A2>5< B@0:B0B5 >1 0@E8B5:BC@5 ?8A0;, GB>
?@8 45;5=88 ?>?>;0< >= 40AB 420 ?@O<>C3>;L ?@>?>@F8O 5ABL A>>B25BAB285 <564C G;5=0<8
=8:0, 2 :064>< 87 :>B>@KE 1C45B ?> 420 ?@O<> 2A53> ?@>872545=8O 8 53> F5;K< ?> >B=>H5
C3>;L=8:0 7>;>B>3> A5G5=8O. @8 45;5=88 =0 B@8 =8N : G0AB8, ?@8=OB>9 70 8AE>4=CN, =0 G5< 8 >A
G0AB8 ?> B@8 ?@O<>C3>;L=8:0 7>;>B>3> A5G5=8O =>20=0 2AO A>@07<5@=>ABL, 8 A>@07<5@=>ABL 5ABL
2 :064>9 B@5B8. @8 45;5=88 =0 4 G0AB8 ?> G5 AB@>30O 30@<>=8O >B45;L=KE G0AB59 A0<>3> A>
BK@5 ?@O<>C3>;L=8:0 7. A. 2 :064>9 G5B25@B8 >A >@C65=8O 8 A>>B25BAE285 >B45;L=KE G0AB59 8
=>2=>3> ?@O<>C3>;L=8:0. 2A53> F5;>3> >4=>9 >?@545;5==>9 G0AB8, ?@8=O
B>9 70 8AE>4=CN.
!@548 A8AB5< ?@>?>@F8>=8@>20=8O, 8A?>;L7C5
9 3@0 ?@8:;04=>9 3@0D8:5 <>4C;L H8@>:> 8A;>;L7C
D8:5 A;54C5B C?>GB8 5BAO ?@8 :>=AB@C8@>20=88 :=83, 6C@=0;>2, 3075B,
B5;L=KE G8A5; 8 @07;8G=K5 <>4C;L=K5 A8AB53>2, ?@>A?5:B>2, 2AOG5A:8E ?5G0B=KE 8740
=89. @8<5=5=85 <>4C;L=KE A5B>: ?><>305B
@54?>GB8B5;L=K5 G8A;0 @O4 G8A5; 35><5B@8 C?>@O4>G8BL @0A?>;>65=85 B5:AB>2 F 8;;NAB@0
G5A:>9 ?@>3@5AA88, 345 :064>5 ?>A;54CNI55 F89, A?>5>1AB2C5B A>740=8N :>78F8>==>3>
G8A;> >1@07C5BAO C<=>65=85< 8@54K4CI53> 548=AB20. >A=>25 <>4C;L=>3> :>=AB@C8@>20=8O
G8A;0 =0 :0:CN =81C4L ?>AB>O==CN 25;8G8=C. ?5G0B=KE 8740=89 ;568B :><18=0F8O 25@B8:0;L
'8A;0 87 ?@54?>GB8B5;L=KE @O4>2 8A?>;L7CNBAO =KE 8 3>@87>=B0;L=KE ;8=89, >1@07CNI8E A5B:C,
?@8 :>=AB@C8@>20=88 C?0:>2>:, 2 :>78F88 45;OI8E ;8AB (AB@0=8FC) =0 ?@O<>C3>;L=8:8,
@5:;0<=KE ?;0:0B>2. =8 >15A?5G820NB @8B<8 ?@54=07=0G5==K5 4;O @0A?@545;5=8O B5:AB0, 8;
G5A:>5 @0728B85 D>@6=> 2AB@5B8BL 8 2 ;NAB@0F89 8 ?@>15;>2 <564C =8<8. -B>B ?@O<>
?>AB@>5=88 D>@9 207K 8 2 A>2@5<5= C3>;L=K9 <>4C;L (8E <>65B 1KBL =5A:>;L:>) >?
=>9 AB0=:5. @545;O5B @8B<8G5A:8 >@30=87>20==>5 @0A?@5
45;5=85 <0B5@80;0 2 ?5G0B=>< 8740=88.
725AB=0 A8AB5<0 ?@>?>@F8>=8@>20=8O B0: =0 !CI5AB2CNB A5B:8 @07;8G=>3> @8AC=:0 8 AB5?5=8
7K205A=>25 :>B>@KE A;>6=>AB8. . %5@;15@B22 ?@82>48B 2 A2>59 :=8
;560B ?5@2K5 G8A;0 @O40 $81>=0GG8 2, 3, 5. 35 �!5B:0 >1@07FK <>4C;L=KE A5B>: 4;O 6C@=0
064>5 87 MB8E G8A5;, C420820OAL, A>AB02;O5B @O4 ;>2, :=83, 3075B. ( 8A. 18, 19).
G8A5;, 30@<>=8G5A:8 A2O70==KE <564C A>1>9:
8A. 18, 19.
>4C;L=K5 A5B:8
4;O @5:;0<=KE
8740=89
!+ & $
15
!+ & $
5 A;54C5B ?CB0BL <>4C;L=CN A5B:C A B8?>3@0D >A=>2C <>4C;L=KE A5B>: G0AB> 1K205B ?>;>65=
A:>9 A5B:>9, >?@545;ONI59 @07<5@K ?>;59 8 :204@0B. 204@0B >G5=L C4>1=K9 <>4C;L. = H8
D>@<0B ?>;>AK =01>@0. >=5G=>, <>4C;L=0O A5B @>:> 8A?>;L7C5BAO :0: <>4C;L 2 A>2@5<5==>9
:0, ?>AB>;L:C, ?>A:>;L:C 8<55B 45;> A ?5G0B=K <515;L=>9 ?@>5B8, 2 A>15==>AB8, ?@8
<8 8740=8O<8, 4>;6=0 CG8BK20BL @07<5@K :>=AB@C8@>20=88 A1>@=>9 <515;8, �AB5=>:.
AB@>:, 2KA>BC ;8B5@, ?@>15;L=K5 M;5<5=BK 2 B8 2>9=>9 :204@0B 87402=0 8725AB5= :0: <>4C;L
?>3@0DA:8E <5@0E (:204@0BK, F8F5@>, ?C=:BK), B@048F8>==>3> O?>=A:>3> 4><0, 345 @07<5@K
GB>1K ?@028;L=> @0A?>;030BL ?5G0B=K9 <0B5@8 :><=0B =0E>48;8AL 2 A>>B25BAB288 A B5<, A:>;L
0; =0 AB@0=8F5. :> @07 C;>68BAO =0 ?>;C F8=>2:0 B0B0<8 8<5N
I0O ?@>?>@F88 42>9=>3> :204@0B0.
!8AB5<0 A5B>: 1;03>40@O G5B:>9 <>4C;L=>9 >A=>
25 ?>72>;O5B 225AB8 2 ?@>F5AA ?@>5:B8@>20=8O ?@8:;04=>9 3@0D8:5 :204@0B 8A?>;L7C5BAO 4;O
8740=8O M;5:B@>==K5 ?@>3@0<@<0B>2 ?@>A?5:B>2 0;L1><>2, 45BA:8E :=83,
=> >= B0:65 >?@545;O5B 8 2=CB@5==55 ?@>AB@0=
?@8:;04=>9, ?@>9 3@0D8:5 <>4C;L AB2> MB8E 8740=89. 204@0B=K9 <>4C;L <>65B
=CN A5B:C ?@8<5=ONB ?@8 :>=AB@C8@>20=88 2A5 8A?>;L7>20BLAO 8 =5 2 :204@0B=>< D>@<0B5.
2>7<>6=KE @5:;0<=KE 8740=88 8, 2 >A>15==>A @82545< ?@8<5@ 8A?>;L7>20=8O :204@0B=>3>
B8 ?@8 ?@>5:B8@>20=88 3@0D8G5A:>3> D8@<5= <>4C;O 2 :204@0B=>< D>@<0B5: ?@8 B@5E:>;>
=>3> AB8;O. >4C;L=CN A5B:C ?@8<5=ONB ?@8 =>G=>< =01>@5 B5:AB0 2AO ?;>I04L, >B2545==0O
:>=AB@C8@>20=88 @07;8G=KE 7=0:>2, 7=0:>2 28 ?>4 B5:AB 8 8;;NAB@0F88 45;8BAO =0 9 :204@0B>2.
7C0;L=KE :><20@=KE 7=0:>2 8 4@. A;8 H8@8=C :>;>=:8 >1>7=0G8BL 1, B> :204@0B
( 8A. 20, 21). 1C45B 1E1. ;;NAB@0F88 ?@8 MB>< <>3CB 70=8<0BL
?;>I048: 1E1, 1E2, 1E, 2E2, 2E, E, 2E1, 8 B. 4., B>
5ABL AB0B>G=> H8@>:85 2>7
<>6=>AB8 4;O :><18=8@>20=8O 8;;NAB@0F89 8
B5:AB0 2 25@AB:5.
:>78F8>==>9 AB@C:BC@5 ?@>872545=89 8A:CA
AB20 8 48709=0 8<5NB 7=0G5=85 ?@>?>@F88 =@O
<>C3>;L=8:>2 8 4@C38E 35><5B@8G5A:8E D83C@, 2
:>B>@K5 2?8AK205BAO 40==>5 ?@>872545=85 8;8
53> >A=>2=K5 G0AB8. >MB>B@5BL
?@O<>C3>;L=8:8, :>B>@K5 =0H;8 =081>;55 H8
@>:>5 ?@8<5=5=85 1;03>40@O A2>8< 30@<>=8G5A
:8< A2>9AB20< (> ?@O<>C3>;L=8:5 7>;>B>3> A5G5
=8O 3>2>@8;>AL 2KH5). 1@0B820 : :204
@0BC. 204@0B :0: :>=AB@C:B82=0O D>@<0
8725AB5= 87402=0. = ?@82;5:0; 2=8<0=85 EC
4>6=8:>2 @52=53> <8@0 8 M?>E8 >7@>645=8O.
0 @8AC=:5 5>=0@4> 40 8=G8 87>1@065=0 A2O7L
8A. 20. ">20@=K9 7=0:, ?>AB@>5==K9 =0 >A=>25 <>4C;L=>9 :204@0B0 8 :@C30 A G5;>25G5A:>9 D83C@>9 8725AB
A5B:8. =0O 5I5 4@52=8<, (8B@C289). %C4>6=8:8 >7
@>645=8O =5<5F N@5@, 8B0;LO=5F 0G>;8,
D@0=FC7 ">@8, 70=8<0OAL @07@01>B:>9 =0G5@B0
=8O 1C:2, 8AE>48;8 87 D>@
2A5<8 A2>8<8 M;5<5=B0<8 2?8AK20;0AL 2 :204
@0B (@8A. 12), E>BO 8 =5 2A5 1C:2K ?@8@02=820;8AL
: :204@0BC, >4=0:> >1I89 :>78F8>==K9
AB@>9 >?@545;O;AO :204@0B><.
204@0B O2;O5BAO CAB>9G82>9, AB0B8G=>9 D83C@>9.
=0 0AA>F88@C5BAO A G5 =5?>4286=K<, 7025@
H5==K<. @52=5< <8@5 C =5:>B>@KE =0@>4>2
87>1@065=85 :204@0B0 1K;> A2O70=> A A8<2>;8
:>9 A<5@B8. ( MB>9 A2O78 8=B5@5A=> 70<5B8BL, GB>
?@>?>@F88 :204@0B0 2 ?@8@>45 2AB@5G0NBAO 2
D>@<0E =5682>9 <0B5@88, C :@8AB0;;>2).
;03>40@O A2>59 AB0B8G5A:>9 7025@H5==>AB8 :20
8A. 21. ><==K9 7=0: 4;O ;8;L7C5BAO 2 ?@8:;04=>9 3@0D8:5,
2 N=E5=5. ?>AB@>5==K9 =0 <>4C;L=>9 A5B:5 2 >1;0AB8 287C0;L=KE :><!+ & $
16
!+ & $
A D>@<>9 :@C30 :0: M;5<5=B, D8:A8@CNI89 2=8 @O<>C3>;L=8: &2 B0:65 =0E>48B H8@>:>5 ?@8
<0=85, 0 B0:65 4;O >3@0=8G5=8O ?@>AB@0=AB20, <5=5=85, 2 >A>>15==>AB8 2 >1;0AB8 ?@8:;04=>9
=0 :>B>@>< A>A@54>B>G5=0 8=D>@<0F8O. 3@0D8:8. = 8A?>;L7C5BAO :0: D>@<0B 1C<038
4;O 45;>2>9 4>:C<5=B0F88, ?>A:>;L:C >1;0405B
><8<> ?@O<>C3>;L=8:0 7>;>B>3> A5G5=8O 8 :20 C4828B5;L=K< A2>9AB2><, ?@8 45;5=88 ?>?>
4@0B0, =081>;LH89 8=B5@5A 4;O =0A ?@54AB02;O ;0< >= =5 <5=O5B A2>8E ?@>?>@F89. @8 45;5=88
NB ?@O<>C3>;L=8:8 &2 8 &5. @52=85 3@5:8 M?> >1@07C5BAO @O4 ?>4>1=KE ?@O<>C3>;L=8:>2, 30@
E8 :;0AA8:8 ?@54?>G8B0;8 8<5==> MB8 ?@O<> <>=8G5A:8 A2O70==KE <564C A>1>9 548=AB2><
C3>;L=8:8, %M<1846 CB25@6405B, GB> 85% D>@48BAO
?@>872545=89 3@5G5A:>3> :;0AA8G5A:>3> 8A:CAAB 87>6@065=85 ?@O<>C3>;L98:>9, 8A?>;L7C520 ?>AB@>5=> =0 ?@ :5 &5. '5< 8=B5@5A5= MB>B ?@8 :>78F8>==>< ?>AB@>5=88 1;03>40@O
?@O<>C3>4L=8:? C4CG8 @0745;5==K< ?> 25@B8 30@<>=8G5A:8< >B=>H5=8O< 8E AB>@>=.
:0;8 = ?> 3>@87>=B0;8 =0 425 G0AB8, >= 2>AAB0
=02;8205B A2>8 ?@>?>@F88. @O<>C3>;L=8: MB>B
<>6=> @0AG;5=8BL =0 :204@0B 8 420 <0;KE ?@O
<>C3>;L=8:0 7>;>B>3> A5G5=8O. @><5 B>3>, 2
=5< ?@>A<0B@820NBAO 420 ?@O<>C30;L=8:0 7>;>
B>3> A5G5=8O, ?5@5:@K20NI85 4@C3 4@C30 =0 25
;8G8=C :204@0B0. AB02H0OAO G0ABL B>65 F@54
AB02;O5B A>1>9 ?@9<>C3>;L=8: 7>;>B>3> A5G5
=8O. "0:8< >1@07><, ?@ : &5 >1=0@C68205B
@8B<8G5A:85 A2>9AB20. =5< 2>7=8:05B :@0A820O
A8<<5B@8O (<0;K9 ?@ : 7. A.+:204@0B+<0;K9
?@ : 7. A.), (@8A. 22)
8A. 22. 8B<8G5A:85 A2>9AB20 ?@O<>C3>;L=8:0
%M<1846 ?@82>48B :>78F8>==CN AE5A:>8 G0H8 4;O ?8BLO 87 1>AB>=A:>3> 2?8AK205BAO (157 @CG5:) 2 3>@87>=B0;L=> 2KBO 8A. 23, 24, 25. @>?>@F88 AB>@>= 2 ?@ :5 &2, 8A?>;L7>20=
=CBK9 ?@O<>C3>;L=8: &5 803>=0;8 42CE ?@O<> =K5 2 AB0=40@B5 >@0B<0=0.
C3>;L=8:>2 7>;>B>3> A5G5=8O, ?5@5:@K20NI8E
4@C3 4@C30 =0 :204@0B, ?5@5A5:0NBAO 2 B>G:5, G5
@57 :>B>@CN ?@>E>48B 3@0=8F0 <564C G0H59 8 55
=>6:>9. (8@8=0 >A=>20=8O =>6:8 @02=0 2KA>B5
G0H8 8 @02=0 AB>@>=5 :204@0B0, =0E>4OI53>AO 2
F5=B@5 ?@O<>C3>;L=8:0 &5 >6:0 2?8AK205BAO 2
420 <0;KE ?@O<>C3>;L=8:0 7. A., >BA5G5==KE >B
:204@0B0 ;8=859, 3>@87>=B0;L=>9 : >A=>20=8N
?@ :0 &5 8 ?@>E>4OI59 G5@57 B>G:C ?5@5A5G5=8O
42CE 4803>=0;59 1>;LH8E ?@O<>C3>;L=8:>2 7. A.
A>2@5<5==>< EC4>65AB25==>< :>=AB@C8@>20
=88 ?@O<>C3>;L=8: &5 B0:65 =0E>48B H8@>:>5
?@8<5=5=85. K 53> 2AB@5G05< 2 ?@>?>@F8OE
02B><0H8=, AB0=:>2 8 4@C38E 8745;89. ?@8
:;04=>9 3@0D8:5 2 D>@<0B0E ?@>A?5:B>2, 1C:
;5B>2, C=0:>2>:; 2 87>1@078B5;L=>< 8A:CAAB25,
2 <>=C<5=B0;L=>< 8A:CAAB25, 2 ?@>?>@F8OE
:0@B8==>9 ?;>A:>AB8, 2 :>78F8>==>< AB@>5
:0@B8=K. 8A. 26. 0@<>=8G5A:85 >B=>H5=8O AB>@>= 2 ?@O<>C3>;L=8:0E.
!+ & $
17
!+ & $
865 ?@82>4OBAO G8A;>2K5 >B=>H5=8O ?@ :>2 &2, >A:>;L:C >1@0I5=85 A 45;>2K<8 1C<030<8, 4>
&3, &4, &5 : 8E >1@0B=K< G8A;0<, A :>B>@K<8 :C<5=B0F859 ?>4@07C<5205B =5>1E>48<>ABL
>=8 =0E>4OBAO 2 30@<>=8G5A:>< >B=>H5=88. 8<5BL =5 B>;L:> A>>B25BAB2CNH85 8< ?> @07<5@C
(1@0B=K< G8A;>< =07K205BAO G8A ;>, ?>;CG5= 8 D>@<0BC :>=25@BK 8 ?0?:8, => 8 5<:>AB8, 2 :>
=>5 ?@8 45;5=88 548=8FK =0 40==>5 G8A;>). A B>@KE E@0=8BAO 4>:C<5=B0F8O, >BAN40 2>7=8:05B
;8 ?@8=OBL <5=LHCN AB>@>=C ?@ :0 70 548=8FC, =5>1E>48<>ABL 2 A>>B25BAB2CNI59 <515;8: AB>
B> 4;O ?@ :0 G8A;> (A>>B25BAB2CNI55 1>;LH59 ;0E, H:0D0E, ?>;:0E. 07<5@K 8 ?@>?>@F88 <5
AB>@>=5 ?@ :0) =1,4142, 0 >1@0B=>5 G8A 15;8, 2 A2>N >G5@54L, ?>4A:07K20NB 8 E0@0:B5@
;>=0,7071; 4;O ?@ :0 &3 G8A;>=1,732, >1@0B=>5 8=B5@L5@>2 ?><5I5=89. "0:8< >1@07>< 2>7=8
G8A;>=0,5773; 4;O ?@ :0 &4 G8A;>=2, >1@0B=>5 :05B F5;>AB=0O A8AB5<0 30@<>=87>20==KE M;5
G8A;> =0,5; 4;O ?@ :0 &5 G8A;>=2,236; >1@0B=>5 <5=B>2 8=B5@L5@0, ?>4G8=5==0O 548=>
G8A;>=0,4472; 4;O ?@ :0 7. A. G8A;>= 1,618, >1 4C;L=>@0B=>5 G8A;>=0,618.
@>?>@F8>=0;L=K5 >B=>H5=8O 4>;6=K ACI5AB
0 >A=>25 ?@ :0 &2 1K;0 ?@>2545=0 AB0=40@B870 2>20BL =5 B>;L:> <564C >B45;L=K<8 G0ABO<8 F5
F8O 8 C=8D8:0F8O D>@<0B>2 :=83, 1C<03, 45;> ;>3>, => 8 <564C ?@54<5B0<8, A>AB02;ONI8<8
2>9 4>:C<5=B0F88, >B:@KB>:, ?;0:0B>2, ?0?>: 8 3@C??K >1J5:B>2, A2O70==KE 548=K< AB8;5<,
4@C38E >1J5:B>2, A2O70==KE A ?@8:;04=>9 3@0 DC=:F8>=0;L=>9 7040G59. 0?@8<5@, <564C
D8:>9. -B>B AB0=40@B, 8725AB=K9 :0: AB0=40@B >1J5:B0<8, 2E>4OI8<8 2 A8AB53>
4>:B>@0 >@AB<0=0 1K; ?@8=OB 2 17 52@>?59A:8E AB8;O.
AB@0=0E. >A=>2C AB0=40@B0 1K; ?>;>65= D>@
<0B 841%1189<< 8 ?;>I04LN 2 1<2. B =53> 2K @54<5BK, >:@C60NI85 G5;>25:0, 4>;6=K 1KBL
2545=K >AB0;L=K5 D>@<0BK, A>AB02;ONI85 53> 30@<>=87>20=K =5 B>;L:> ?> >B=>H5=8N 4@C3 :
4>;8 (@8A. 27): 1< 841 % 1189<< 4@C3C, => 8 A2O70=K A G5;>25:>< 548=>9 <5@>9, A
D878G5A:8< 53> AB@>5=85<. >4G85 4@52=>AB8
1/2<2 594 %841<< AG8B0;8, GB> >B=>H5=85 G0AB59 0@E8B5:BC@K @C3
: 4@C3C 8 : F5;>;6=> A>>B25BAB2>20BL G0A
1/4<2 420 % 594<< BO< G5;>25G5A:>3> B5;0, 8E >B=>H5=8O<. "0:8<
65 >1@07>< >4C;>@ >@1N7L5 8AE>48B 87 @07
1/8<2 297%420<< (42>9=>9 ;8AB) <5@>2 G5;>25G5A:>3> B5;0 8 87 >B=>H5=89 7>;>
B>3> A5G5=8O 2 =5<, (@0AAB>O=85 >B 75<;8 4> A>;
1/16<2 210% 297<< (;8AB 4;O 45;>2>9 ?5@5?8A:8, =5G=>3> A?;5B5=8O 8 @0AAB>O=85 >B A>;=5G=>3>
1;0=:>2) A?;5B5=8O 4> <0:CH:8 A>AB02;ONB :@09=55 8
A@54=55 >B=>H5=8O 7>;>B>3> A5G5=8O.. ( 8A 15).
1/32<2 148%210<< (?>; ;8AB0 4;O 45;>2>9 ?5@5
?8A:8, 1;0=:>2) 0AHB01=K5 >B=>H5=8O <564C 25I0<8, ?@54<5B
=K< >:@C65=85< 8 G5;>25:>< 2KABC?0NB :0:
1/64<2 105%148<< (?>GB>20O >B:@KB:0) A@54AB2> 30@<>=870F88, 81> <0AHB01 O2;O5BAO
>4=8< 87 ?@>O2;5=89 A>@07<5@=>AB8, CAB0=02
1/128<2 74%105<< (2878B=0O :0@B>G:0) ;820NI8< >B=>A8B5;L=K5 @00<5@K <564C G5;>
25:>< 8 ?@54<5B>< 2 0@E8B5:BC@5, 2 48709=5,
!B0=40@B>< ?@54CA<>B@5=K 8 4>?>;=8B5;L=K5 2 ?@8:;04=>< 8A:CAAB25, 2 G0AB=>AB8, 2 ?@8:;04
D>@<0BK 1000%1414 8 917%1297 8 8E 4>;8. ;O =>9 3@0D8:5, 2 8A:CAAB25 :=838. "0:, @07<5@K 8
:>=25@B>2 ?@54;030NBAO, @07<5@K: 162%229 8 D>@<0BK ?;0:0B>2 8 ;N1KE >1J5:B>2, A;C60I8E
114%162. (!B0=40@B ?@82545= =5 ?>;=>ABLN). F5;O< 287C0;L=>9 :><:,
4>@>6=KE 7=0:>2 8 B. 4., 0 B0:65 8E :>78F8
>==>5 @5H5=85 2A5340 8718@0NBAO 2 7028A8<>A
B8 >B =07=0G5=8O 8 >B CA;>289 M:A?;C0B0F8=, 0
7=0G8B 8 2 A>>B25BAB2CNI8E <0AHB01=KE >B=>
H5=8OE. "> 65 A0<>5 :0A05BAO 8 >1;0AB8 :=86=>
3> >D>@<;5=8O 8 2A52>7<>6=>9 ?5G0B=>9 @5:;0
2:8.
!8<<5B@8O. ?@>?>@F88 8 A>@07<5@=>AB8 ?@>O2
;ONBAO :>;8G5AB25==K5 >B=>H5=8O <564C G0ABO
<8 F5;>3> 8 F5;K<. @5:8 : =8< ?@8A>548=O;8 8
A8<<5B@8N, @0AA<0B@820O 55 :0: 284 A>@07<5@
2
=>AB8, :0: 55 G0AB=K9 A;CG09 B>645AB2>.
=0, :0: 8 ?@>?>@F8O, ?>G8B0;0AL =5>1E>48 8A. 27. 5;5=85 ?@O<>C3>;L=8:0 =0 4>;8: 1/2, 1/4, 1/8, 1/16, CA;>285< 30@<>=88 8 :@0A>BK.
1/64.
!+ & $
18
!+ & $
!8<<5B@8O >A=>20=0 =0 ?>4>188. =0 >7=0G05B
B0:>5 A>>B=>H5=85 <564C M;5<5=B0<8, D83C@0
<8, :>340 >=8 ?>2B>@ONB 8 C@02=>25H820NB 4@C3
4@C30. <0B5<0B8:5 ?>4 A8<<5B@859 ?>4@07C<5
205BAO A>2<5I5=85 G0AB59 D83C@K ?@8 ?5@5<5
I5=88 55 >B=>A8B5;L=> >A8 8;8 F5=B@0 A8<<5B
@88. !CI5AB2CNB @07;8G=K5 284K A8<<5B@88.
@>AB59H89 284 A8<<5B@88 75@:0;L=0O (>A5
20O), 2>7=8:0NI0O ?@8 2@0I5=88 D83C@K 2>:@C3
>A8 A8<<5B@88. !8<<5B@8O, 2>7=8:0NI0O ?@8
2@0I5=88 D83C@K 2>:@C3 F5=B@0 2@0I5=8O =0
7K205BAO F5=B@0;L=>9. 082KAH59 AB5?5=LN
A8<<5B@88 >1;0405B H0@, B0: :0: 2 F5=B@5 53> 8A. 32. �8=8O 3@0F88 8 :@0A>BK %>30@B0
?5@5A5:05BAO 15A:>=5G=>5 <=>65AB2> >A59 8
?;>A:>AB59 A8<<5B@88. 1A>;NB=0O, 65AB:0O !8<<5B@8O A2O70=0 A ?>=OB85< A5@548=K 8 F5;>
A8<<5B@8O E0@0:B5@=0 4;O =5682>9 ?@8@>4K 3>. 4@52=53@5G5A:>9 D8;>A>D88 8 8A:CAAB25
:@8AB0;;>2 (<8=5@0;>2, A=568=>:). ;O >@30=8 ?>=OB85 �A5@548=K, F5=B@0 A2O70=> A ?@54AB02
G5A:>9 ?@8@>4K, 4;O 682KE >@30=87<>2 E0@0: ;5=85< > F5;L=>AB8 1KB8O. !5@548=0 �871530
B5@=0 =5?>;=0O A8<<5B@8O (:2078A8<<5B@8O), =85 :@09=>AB59 (@8AB>B5;L) >7=0G05B ?@8=
(=0?@8<5@, 2 A .@>5=88 G5;>25:0). 0@CH5=85 F8? C@02=>25H5==>AB8. �5745 3@5: 2845; =5GB>
A8<<5B@88, 0A8<<5B@8O (>BACBAB285 A8<<5B@88) F5;L=>5. MB> 8 7=0G8B, GB> >= ?@5645 2A53>
8A?>;L7C5BAO 2 8A:CAAB25 :0: EC4>65AB25==>5 D8:A8@>20; F5=B@ =01?N405<>3> 8;8 ?>AB>@>=
A@54AB2>. 51>;LH>5 >B:;>=5=85 >B ?@028;L=>9 =53> ?@54<5B0... 57 ?>=OB8O �A5@548=K =5A8<<5B@88, B> 5ABL =5:>B>@0O 0A8<<5B@8G=>ABL, ;8<> 0=B8G=>5 CG5=85 > ?@>?>@F8OE, <5@5, A8<
=0@CH0O @02=>25A85, ?@82;5:05B : A515 2=8<0 <5B@88 8;8 30@<>=88.24
=85, 2=>A8B M;5<5=B 42865=8O 8 A>7405B 2?5G0B
;5=85 682>9 D>@=8O ?>=OB85 480;5:B8G5A:>5. > 4@52=5
@88 >1;040NB @07;8G=K< 2>7459AB285< =0 MAB5 3@5G5A:>9 <8D>;>388 0@<>=8O 4>GL 1>30
B8G5A:>5 GC2AB2>: 75@:0;L=0O A8<<5B@8O 2>9=K @5O 8 1>38=8 ;N128 8 :@0A>BK D@>48
@02=>25A85, ?>:>9; 28=B>20O A8<<5B@8O 2K7K BK, B> 5ABL, 2 =59 A;8BK ?@>B82>?>;>6=K5,
205B >ICI5=85 42865=8O. %7<1846 ?@8G8A;O5B 2@064CNI85 =0G0;0. >MB>=OB85 30@<>=88
2A5 ?@>ABK5 35><5B@8G5A:85 D83C@K : AB0B8G=>9 2:;NG05B 2 A51O :>=B@0AB :0: =5>1E>48<>5 CA;>
A8<<5B@88, (@0745;OO 2A5 284K A8<<5B@88 =0 285. >=B@0AB A?>A>1AB2C5B <=>3>>1@078N 8 @07
AB0B8G=K5 8 48=0<8G=K5), 0 : 48=0<8G=>9 A8< =>>1@078N, 157 :>B>@KE =5=8O.
<5B@88 >B=>A8B A?8@0;L. >A=>25 AB0B8G=>9 �0@<>=8O 5ABL 548=5=85 <=>3>3> 8 A>3;0A85 =5
A8<<5B@88 G0AB> ;568B ?OB8C3>;L=8: (A@57 F25B A>3;0A=>3> ($8;>;09). -B> 7=0;8 4@52=85. %C
:0 8;8 ?;>40) 8;8 :204@0B (2 <8=5@0;0E). 8A 4>6=8: XVIII 2. %>30@B =0E>48;, GB> ACI=>ABL
:CAAB25 AB@>30O <0B5<0B8G5A:0O A8<<5B@8O 8A 30@<>=88 2 548=AB25 8 @07=>>1@0788. = ?@5
?>;L7C5BAO @54:>. :;>=O;AO ?5@54 2>;=>>1@07=>9 ;8=859, :>B>@CN
AG8B0; �;8=859 :@0A>BK 8 3@0F88, ?>B>
>=0 O2;O5BAO :>=:@5B=K< 2>?;>I5=85< 548=AB
20 8 @07=>>1@078O. 57 @078>>1@078O =52>7<>6
=0 :@0A>B0. 4=>>1@0785 CB><;O5B. A<5=5 ?@>
B82>?>;>6=>3> ?@>O2;O5BAO 480;5:B8G5A:0O 70
:>=><5@=>ABL >B@8F0=85 >B@8F0=8O. 7@8>1@070E 8A:CAAB20 >=0 2K@0605BAO G5@57 @8B< 8
:>=B@0AB. !=88 2 >1C740=88 E0>A0.
> >=0 >ACI5AB2;O5B MB> G5@57 1>@L1C ?@>B82>
?>;>6=KE =0G0;. 1J548=OO ?@>B82>?>;>6=K5
=0G0;0, 30@<>=8O C@02=>25H8205B 8E, 2=>A8B
<5@C 8 A>3;0A85, C?>@O4>G8205B 8 2 =03@04C ?>
;CG05B :@0A>BC.
8A. 28 31. 84K A8<<5B@88: 5@:0;L=0O, 28=B>20O, F5=B
@0;L=0O, ?> A4283C.
!+ & $
19
!+ & $
0@<>=8O MAB5B8G5A:0O :0B53>@8O.
=0;L=>3> 8 F5;5=0?@02;5==>3> DC=:F8>=0;L=>
!8<<5B@8O, ?@>?>@F88, @8B<, :>=B@0AB, F5;L 3> 55 2>7459AB28O.
=>ABL >1@07CNI85 30@<>=8N >1J5:B82=> A2O
70=K A ?@8@>4>9, A 42865=85< 8 @0728B85< <0 5. &+ &+
B5@88. 0H8 MAB5B8G5A:85 ?@54AB02;5=8O B5A=>
A2O70=K A MB8<8 ?>=OB8O<8. 4=0:>, A>F80;L=>5 7=0:><82H8AL A 5AB5AB25==K<8 ?@8@>4=K<8
1KB85 G5;>25:0 2 @07=K5 M?>E8 ?>4 @07=K< C3 >A=>20<8 :>78F8>==>3> ?>AB@>5=8O, 2>7
;>< 7@5=8O @0AA<0B@820;> :0B53>@88 30@<>=88 2@0B865=8N :>78F8>==KE ?@8=
8 MB> >?@545;O;> 8E @>;L 2 >1I5AB25==>9 687=8 F8?>2, ;560I8E 2 >A=>25 :>78F8>==>3> ?>
8 2 8A:CAAB@5. @54AB02;5=85 > ?@5:@0A=>< @07 AB@>5=8O EC4>65AB25==>3> ?@>872545=8O, GB>1K
2820;>AL, <5=O;>AL. 0@<>=8O AB0;0 @0AA<0B@8 @0AA<>B@5BL 8E, ?>4@>1=55.
20BLAO =5 :0: :>;8G5AB25==K9, 0 :0: :0G5AB25=
=K9 ?@8=F8?, >1J548=OO D878G5A:>5 8 4CE>2=>5 1. @8=F8? F5;5A>>1@07=>AB8.
=0G0;0. A;8 4@52=85 3@5:8 AG8B0;8 ?@5:@0A=K;L:> C?>@O4>G5==>5 8 2AO:>5 =0@CH5=85 A8< @8=F8? F5;5A>>1@07=>AB8 70:;NG05BAO 2 B><,
<5B@88 8 ?@>?>@F89 =0E>48;8 157>1@07=K<, B> GB> 02B>@A:89 709 ?@>872545
2 ?>A;54CNI85 M?>E8 ?@>O2;5=8O ?@5:@0A=>3> =8O ?@54?>;030NB =0;8G85 F5;8, 8458, AAB0;8 >1=0@C6820BL 8 2 =0@CH5=88 ?>@O4:0, 2 EC4>65AB25==>9 7040G8, GB> 8 >?@545;O5B, 2 :>
48AA>=0=A0E, 2 :06CI59AO 48A30@<>=88, 81> =5G=>< AG5B5, @0728B85 A>45@60=8O ?@>872545
>=8 A2>9AB25==K 687=8 8, A;54>20B5;L=>, O2;O =8O 8 =0?@02;O5B B2>@G5A:89 ?@>F5AA ?5@5@0
NBAO G0ABLN :0:>9 B> 8=>9 30@<>=8G5A:>9 A8AB5 1>B:8 <0B5@80;0 2 EC4>65AB25==CN D>@B>@>9 >1@5B0NB ;>38:C 8 A:@0A=>5 5ABL 687=L, ?8A0; '5@=KH52A:89. 2. @8=F8? 548=AB20.
>=0 =5 AB>8B =0 <5AB5. >O2;5=8O 30@<>=88 2
?@8@>45 8 687=8 H8@5, G5< MB> <>65B >E20B8BL A=>2=>9 ?@8=F8?, >15A?5G820NI89 F5;>AB=>ABL
;N1>9 :0=>=, ;N10O 30@<>=8G5A:0O A8AB5<0. ?@>872545=8O. ;03>40@O MB>6
G5;>25G5AB2> =8:>340 =5 ?5@5AB0=5B 8A:0BL => =>5 2K3;O48B =5 :0: :>=3;><5@0B 87 @07@>7=5=
2KE 30@<>=8G5A:8E >B=>H5=89, A>G5B0=89, 8A =KE G0AB59, 0 :0: A2O7=>5 F5;>5. >78F8O 2K
:0BL ?@>O2;5=8O 8=KE 35@<>=8G5A:8E 70:>=> ABC?05B :0: A8AB5<0 2=CB@5==8E A2O759, >1J548
<5@=>AB59. 4=0:>, MB> =5 7=0G8B, GB> :;0AA8G5A =ONI0O 2A5 :>=5=BK D>@45@60=8O 2
:0O 30@<>=8O ?>B5@O;0 A2>5 7=0G5=85. ">, GB> 548=>5 F5;>5. (A5 >AB0;L=K5 :>78F8>==K5
C65 >B:@KB>, B5 =0945==K5 70:>=><5@=>AB8, 8E ?@8=F8?K @0AA<0B@820NB @07;8G=K5 ?@>O2;5
<0B5<0B8G5A:>5 >1>A=>20=85, >AB0NBAO 25G=K< =8O A2O78, @07;8G=K5 0A?5:BK 7028A8<>AB8 <56
4>AB>O=85< G5;>25G5AB20, 87 :>B>@>3> 1C4CB 4C G0ABO<8 8 M;5<5=B0<8 ?@>872545=8O).
G5@?0BL 2A5 ?>A;54CNI85 ?>:>;5=8O.
0@:A8ABA:> ;5=8=A:>9 MAB5B8:>9 F5;L=>ABL ?>
0@<>=8O MAB5B8G5A:0O :0B53>@8O 8 55 =5;L7O =8<05BAO :0: 548=AB2> 70?;>I5=8O,
A2>48BL : ?>=OB8N ?@>?>@F88 8;8 A8<<5B@88. :0: >@30=8G5A:>5 548=AB2> A>45@60=8O 8 D>@
=0 2:;NG05B 2 A51O <=>3>?;0=>2K5 >B=>H5=8O AB=>ABL @0AA<0B@8205BAO 480;5:B8G5A
G5;>25:0 A <8@><, A>F80;L=K5 >B=>H5=8O, A2O :8: �064K9 MB0? @0725@BK20=8O EC4>65AB25=
70=0 A ?@54AB02;5=85< > =@02AB25==KE F5==>A =>9 F5;>AB=>AB8 >B@0605B >1ICN 4;O ?>=OB8O
BOE. 0@<>=8G5A:8 @0728B8O ;8G=>ABL F5;L F5;>3> 480;5:B8:C 2708<>459AB28O ?@>B82>1>@
:><3> >1I5AB20, 2 :>B>@>< 4>;6=0 AB2CNI8E A8;: ?>:>O 8 45OB5;L=>AB8, ?@>AB>BK 8
>ACI5AB2;OBLAO 2KAH0O 30@<>=8O G5;>25:0, >1 A;>6=>AB8, ?>@O4:0 8 15A?>@O4:0, @02=>25A8O 8
I5AB20 8 ?@8@>4=>9 A@54K. > MB> ?>=8<0=85 53> =0@CH5=8O,24 ?8H5B . (5AB0:>2. # $0
30@<>=88 =52>7<>6=> 157 B>9 ?5@2>=0G0;L=>9 2>@A:>3> G8B05<: �@82545=85 : F5;>AB=>AB8
ABC?5=8, B>3> >A=>20=8O, :>B>@>5 1K;> 70;>65=> 7@8B5;L=>3> >1@070 1C45B :>78F859.20
2 �CG5=88 > 30@<>=88 4@52=8E; 157 ?>=8<0=8O
548=AB20 <8@0, ?@>O2;ONI53>AO 2 30@<>=8G5A 3. @8=F8? 4><8=0=BK.
:8E >B=>H5=8OE G8A5;, ?@8@>4=KE D>@<; 157 ?>
=8<0=8O 480;5:B8:8 ?@8@>4K 8 480;5:B8G5A:> =CB@5==55 >@30=87CNI55 =0G0;> 2 :>78F88 A
3> =0G0;0 30@<>=88; 157 ?>=8<0=8O @>;8 30@<> ?5@2>3> 273;O40 >1=0@C68205BAO 1;03>40@O =0
=88 2 687=8 8 2 8A:CAAB25. ;8G8N 4><8=0=BK A2>3> F5=B@0, 345 70
2O7K205BAO >A=>2=>5 459AB285, 2>7=8:0NB >A
!B@5<;5=85 : 30@<>=8G=K< D>@<0< ACI5AB2>20 =>2=K5 A2O78. ! 4><8=0=BK =0G8=05BAO 2>A?@8O
=8O 5AB5AB25==> 4;O G5;>25:0. =5A5=85 30@<> B85 ?@>872545=8O, >=0 :0: 1K B>G:0 >BAG5B0,
=8G5A:>3> =0G0;0 2 8A:CAAB2> =5>1E>48<>ABL, M<>F8>=0;L=> A2>9 8 AB@C:BC@=K9 F5=B@.
2K720==0O ?>B@51=>ABLN @50;8AB8G5A:>3> >B>1 !2>9 F5=B@ G0AB> A>2?0405B A> 7@8B5;L
@065=8O 459AB28B5;L=>AB8 A F5;LN 55 >A2>5=8O, =K< F5=B@><, B. 5. @0A?>;0305B5O 2 F5=B@0;L=>9
?>7=0=8O 8 25@=>3> >B@065=8O 55 2 EC4>65AB 7>=5 :0@B8==>3> ?>;O. %0@0:B5@8AB8:8 4><8=0=
25==>9 D>@<5, ?@54=07=0G5==>9 4;O M<>F8> BK 2 1>;55 ?@83;CH5==>< 72CG0=88 ?>2B>@ONBAO
!+ & $
20
!+ & $
2 >B45;L=KE G0ABOE D>@5 B@51>20=85 :>78F8>==>3> ?>AB@>5
A>1>9. . >75=1;N< B0: >?@545;O5B 4><8=0=BC: =8O >7=0G05B @0A?>;>65=85 87>1@078B5;L=>3>
�><8=0=B0 ?@5>1;040NI89 A:2>7=>9 :> <0B5@80;0 2>:@C3 2>>1@0605<>9 >A8 A8<<5B@88
=5=B B5?@545;ONI89 B@51C5<>5 A>>B25BAB B0:8< >1@07><, GB>1K ?@020O 8 ;520O AB>@>=K
285 9718@056=8:>< D>@<0;L=KE ?@8 =0E>48;8AL 2 @02=>25A88. -B> B@51>20=85 :
5<>2 >A>15==>ABO< 7@8B5;L=>3> 2>A?@8OB8O. :>78F88 2>AE>48B, :0: C65 3>2>@8;>AL
?@5645, : 2A5>1I5=C BO3>B5=8O, >?@545
4. !>?>4G8=5=85 G0AB59 2 F5;><. ;ONI5;>38G5A:CN CAB0=>2:C 2 2>A?@8O
@C??8@>2:0. B88 @02=>25A8O.
0: C65 =5>4=>:@0B=> 3>2>@8;>AL, 2 ?@>872545 7. @8=F8? 30@<>=88.
=88 EC4>65AB25==>< 2A5 G0AB8 A2O70=K <564C
A>1>9 8 A F5;K<. &5;>5 ?@54AB02;O5B A>1>9 A> =5A5=85 30@<>=8G5A:>3> =0G0;0 2 :>78F8>=
2>:C?=>ABL A2O70==KE <564C A>1>9 G0AB59, 345 =>5 ?>AB@>5=85 8 2 <>45;8@>2:C D>@7=0G0
?>4G8=5==>ABL G0AB59 4@C3 4@C3C 2?>;=5, >G5 5B =5 >4=> B>;L:> A>1;N45=85 :>;8G5AB=5==KE
284=0. 'B>1K F5;>5 1K;> 2>A?@8=OB>, =5>1E> >B=>I5=89, >15A?5G820NI8E A>@07<5@=>ABL,
48<0 >?@545;5==0O ?>A;54>20B5;L=>ABL 2 2>A ?@>?>@F8>=0;L=>ABL, @02=>25A85. @@<>=8O
?@8OB88 G0AB59; -B0 ?>A;54>20B5;L=>ABL >15A?5 >ACI5AB2;O5B A2O7L <564C 2A5<8 M;5<5=B0<8
G8205B5O 1;03>40@O 3@C??8@>2:5 @>4AB25==KE ?@>872545=8O ?@8<8@O5B ?@>B82>@5G8O <564C
8;8 :>=B@0AB8@CNI8E M;5<5=B>2. '0AB8 F5;>3> D>@<>9 8 A>45@60=85<, <564C <0B5@80;>< 8
A>AB02;ONB 3@C??K, A2O70==K5 4@C3 A 4@C3>< ?> D>@<>9, <564C ?@54<5B>< 8 ?@>AB@0=AB2>< 8
?@87=0:0< ?>4>18O 8;8 ?> :>=B@0ABC. ">B 65 ?@>G8<8 M;5<5=B0<8 D>@4O 2A5 2>548=>
?@8=F8? ?>2B>@O5BAO 8 2=CB@8 :064>9 87 3@C?? 2 548=>5 :>78F8>==>5 F5;>5.
(?>4>185 8;8 :>=B@0AB), 2>7=8:05B @8B<, ?@>=8
7K20NI89 =0A:2>7L 2A5 ?@>872545=85. A5 MB8 6. ! !" & %#!"
3@C??K ?5@5:;8:0NB5O <564C A>1>9 2A5<8 A2>8 $ +
<8 M;5<5=B0<8, B0:, GB> F5;>5 ?>2B>@O5BAO 2 53>
>78F8>==>5 F5;>5 :0: A8AB5<0
G0ABOE, 0 G0ABL 2 F5;><. ;03>40@O 3@C??8@>2:5
>B=>H5=89
M;5<5=B>2 8 G0AB59 ?@>8AE>48B ?>A;54>20B5;L
=>5 2>A?@8OB85 G0AB59 F5;>3>, 8 2 B> 65 2@545 O2;5=8O A8<
F5;>5 2>A?@8=8<05BAO 548=>2@5<5==> 8 F5;L=>. <5B@88, 0A8<<5B@88, ?@>?>@F8>=0;L=>AB8, :>=
B@0AB0, @8B<0, 2>A?@8=8<0525G5A
5. @8=F8? 48=0<87<0. :8< A>7=0=85<, >A2>5==K5 >?KB>< 8 ?>=8<05
@88 30@<>=88, 8A?>;L7CNBAO 2
725AB=>, GB> 42865=85 2 :0@B8=5 =5 ?@8ACBAB2C5B ?@>F5AA5 EC4>65AB25==>3> B2>@G5AB20 :0: A@54
@50;L=>, 0 2>A?@8=8<05BAO A>7=0=85<, O2;OOAL AB20 A>740=8O EC4>65AB25==>9 D>@<>
@50:F859 7@8B5;L=>3> 0??0@0B0, 42865=85< ILN MB8E A@54AB2 @0A:@K205BAO A>45@60=85 8
3;07, 2K720==K< B5<8 8;8 8=K<8 7@8B5;L=K<8 30@<>=87C5BAO D>@<0. A?5F80;L=>9 ;8B5@0BC
2?5G0B;5=8O<8. 065 5A;8 =0 :0@B8=5 87>1@0 @5 8E >1KG=> =07K20NB A@54AB20<8 30@<>=870
65=> AB0B8G5A:>5 A>AB>O=85, A8<<5B@8G=0O :>< F88 8;8 :>78F8>=8K<8 A@54AB20<8.
?>78F8O, CAB>9G820O 8 =5?>4286=0O, 2 =59 5ABL
42865=85, 81> 45B0;8, M;5<5=BK EC4>65AB25= 0:8< >1@07>< >ACI5AB2;O5BAO @>;L A@54AB2 30@
=>9 D>@=870F88, :0:>5 <5AB> 2 F5?8 D>@<>>1@07CN
B>2K5 8 B>=>2K5 >B=>H5=8O, 2708<>459AB285 I8E D0:B>@>2 >=8 70=8<0NB? EC4>65AB258=><
;8=89 8 D>@<, :>=B@0ABK, =0?@O65==>ABL 2K7K ?@>872545=88, (1C4L B> ?@>872545=85 AB0=:>2>
20NB A8;L=K5 7@8B5;L=K5 820 3> 8A:CAAB=0 8;8 ?@8:;04=>9 3@0D8:8), 8459=K9
B5;L=>, >ICI5=85 42865=8O, 687=8. >78 70=0;L=>5 =07=0G5=85 2
F8>==K5 ?@851;040NB A?>A>1=>ABLN =0 ?@8:;04=>9 3@0D8:5) ?@>O2;O5B A51O G5@57 2K
?@02;OBL 8 CA8;820BL MB> >ICI5=85 42865=8O 2 1>@ B565AB25==> >1@07
:0@B8=5, 2 87>1@065=88. >78F8>==>5 ?>AB =>5 @5H5=85 8 :>78F8>==>5 ?>AB@>5=85 8
@>5=85 ?@>872545=8O 87>1@078B5;L=>3> 8A:CA @50;87C5BAO 2 <0B5@80;5 2 ?@>F5AA5 @07@01>B:8
AB20 <>65B 1KBL ?@54AB02;5=> 2 2845 AE5@<>ILN A@54AB2 30@<>=870F88, :>B>
;8=89, ?>:07K20NI8E =0?@02;5=85 42865=8O 2 @K5 2>7459AB2CNB =0 <0B5@80;, 8A?>;L7CO D878
:0@B8=5 ?> 4803>=0;8, ?> :@C3C, ;CG52>5, S G5A:85 EC4>65AB25==> 2K@078B5;L=K5 A@54AB20
>1@07=>5. 2865=85 2 :>78F88 8<55B >@30 (F25B, B>=, D0:BC@0, >1J5< 8 4@.). %C4>65AB25=
=87>20==K9 E0@0:B5@, @8B<87>20=>. ! 53> ?><> => >1@07=>5 @5I5=85 B5O2;O5BAO 2 B@0:
ILN >ACI5AB2;O5BAO 30@<>=8O F5;>3>. B>2:5 AN65B0, 2 E0@0:B5@8AB8:5 ?5@A>=0659 2
>?@545;5=88 >B=>H5=89 <564C A2K<8
6. @8=F8? @02=>25A8O. :>=5=B0<8 87>1@065=8O. => >ACI5AB2;O5B
AO A ?><>ILN EC4>65AB25==> >1@07=>3> O7K:0,
#@02=>25H5==>ABL G0AB59 2 :0@B8=5 ?5@2>AB5 ?>A@54AB2>< ?>MB8G5A:>9 8=>A:070B5;L=>9 @5G8,
!+ & $
21
!+ & $
?@87=0:0<8 :>B>@>9 O2;ONBAO A@02=5=8O, <5B0 A>?>AB02;OBL, A1;860BL, C?>4>1;OBL, >1J548
D>@K, 38?5@1>;0 8 B. 4. A@02=820O, A1;860O, =OBL, @07J548=OBL, C@02=>25H820O 8 ?@82>4O
?@>B82>?>AB02;OO, 2K@060O >4=> G5@57 4@C3>5, F5;>AB=>AB8. >MB>78F8>==>5 F5;>5
>1@07=K9 O7K: >ACI5AB2;O5B A5<0=B8G5A:85 A2O A;54CAB @0AA<0B@820BL :0: A8AB5B=>H5=89,
78 ?@>872545=88. -B8 ?@85A2O70==K5 8 2708<>7028A84;O A;>25A=KE 8A:CAAB2, B0: 8 4;O 87>1@078B5;L <5=BK, ?@51K20O 2 ?@>B82>@5G88, >4=>2@5<5=
=>3> 8A:CAAB20, 2 >A>15==>AB8, 4;O 8A:CAAB20 => =0E>4OBAO 2 30@<>=8G5A:8 C@02=>25H5==><
?;0:0B0 8;8 ?@8:;04=>9 3@0D8:8. %C4>65AB25= A>AB>O=88. ?@545;O2I8<8 <><5=B0<8 MB>9 A8
=> >1@07=>5 @5H5=85 A2O7K205BAO 2 F5;>AB=CN AB525H5==>ABL 8 2708<>A=O
:0@B8=C :>78F8>==K< ?>AB@>5=85< A ?><> 70==>ABL.
ILN A@54AB2 30@<>=870F88.
#@02=>25H59=>ABL @02=>25A85 <564C ?@02>9
>78F8>==>5 @5I5=85 >?@545;O5B 2K1>@ 8 ;52>9 G0ABO<8 87>1@065=8O. 02=>25A85 MB>
D>@<0B0, <5AB>?>;>65=85 =0 :0@B8==>< ?>;5 =>A8B 48=0<8G5A:89 E0@0:B5@. :0@B8=5 2A5
3;02=>3> 8 2B>@>AB5?5==>3> 2 87>1@065=88, @0A 8 48=0<8G5A:>5, 8 AB0B8G5A:>5 2K@0605B @07
?>;>65=85 4><8=0=BK 8 2A5E A2KE 8 D>@ =K5 <><5=BK 42865=8O, =0?@02;5==>5 42865
<0;L=KE M;5<5=B>2 2 A>>B25BAB288 A >1I59 :>< =85 8 >AB0=>2:C, 2708<>459AB285 ?@>B82>1>@AB
?>78F8>==>9 AE5<>9, ?@>48:B>20==>9 A>45@60 2CNI8E A8;, ?@8G5< E0@0:B5@ 42865=8O 2K@0
=85< 70< 8 B@0:B>2:>9 B5A@54AB2>< @8B<0. 02=>25A85 2
?;0AB8:5 D>@O2;O5BAO G5@57 A8<<5B@8N,
>78F8>==K5 A@54AB20, A ?><>ILN :>B>@KE ?@>?>@F88, @8B<.
2KO2;ONB5O A2K5 A2O78 (=0?@8<5@, >B=>
H5=8O <564C ?5@A>=060<8 8;8 ?@54<5B0<8, B> 708<>A2O70==>ABL 8 A>?>4G8=5=85 G0AB59 4>
5ABL, B5 65 A@54AB20 30@<>=870F88 :>=B@0AB, AB8305BAO A ?><>ILN A@54AB2 30@<>=870F88 =0
A8<<5B@8O, <0AHB01 8 4@. A;C60B >4=>2@5 >A=>25 A>?>AB02;5=8O M;5<5=B>2 ?> ?@8=F8?C
<5==> A@54AB20<8 30@<>=870F88 D>@4AB20 8;8, @07;8G8O. "0:, A8<<5B@8O ?>4G5@
?@840NB F5;>9=>ABL, C@02 :8205B AE>4AB2>, :>=B@0AB @07;8G85, =N0=A 8
=>25H5==>ABL, 2K@078B5;L=>ABL; >@30=87CO ;> AE>4AB2> 8 @07;8G85. @>?>@F88 8 @8B< ?@>O2
38G5A:CN ?>A;54>20B5;L=>ABL 2>A?@8OB8O D8@ ;ONB 70:>=><5@=>AB8 ?>A;54>20B5;L=KE 87<5
15A?5G828O M<>F8>=0;L=>5 55 2>A?@8O =5=89.
B85.
"0:8< >1@07><, F5;>AB=0O D>@<0 :0: 30@<>
"0:8< >1@07><, CG0AB2CO 2 EC4>65AB25==> >1@07 =8G5A:8 C@02=>25H5==>5 548=AB2> ?@>B82>
=>< 2>?;>I5=88 A>45@60=8O 8 2 :>78F8>= ?>;>6=>AB59 ?;0AB8G5A:8 <>45;8@C5BAO A
=>< @0A?>;>65=88 <0B5@80;0 (?>=8<05<>3>, 2 ?><>ILN A@54AB2 30@<>=870F88 G5@57 >B=>
H8@>:>< A=870F88 A?> H5=8O AE>4=>3> 8 ?@>B82>?>;>6=>3>.
A>1AB2CNB A>740=8N F5;>AB=>9 EC4>65AB25==>9
D>@=870F88 CA;>2=> <>6=> @0745
;8BL =0 =5A:>;L:> 3@C??, 8AE>4O 87 B>3>, :0:>3>
@8 =5?@5<5==>< CG0AB88 A@54AB2 30@<>=870F88 @>40 >B=>H5=8O <564C M;5<5=B0<8 F5;>3> >=8
@50;87CNBAO 2 D878G5A:>< <0B5@80;5 B5 :> ?@54AB02;ONB.
78F8>==K5 ?@8=F8?K, > :>B>@KE 3>2>@8;>AL 2K
H5: ?@8=F8?, F5;5A>>1@07=>AB8, ?@8=F8? A;>6 1 3@C??0 A8<<5B@8O 8 0A8<<5B@8O, E0@0:
=>3>, ?@8=F8?, A>?>4G8=5=8O G0AB59 2 F5;><, B5@87C5BAO <5AB>?>;>65=85< M;5<5=B>2 >B=>A8
?@8=F8?K 548=AB20 42865=8O, @02=>25A8O 8 B5;L=> >A8 8;8 F5=B@0 2@0I5==O.
30@<>=88, B. 5. A>7405BAO F5;>AB=0O EC4>65AB
25==0O D>@<0. ;03>40@O A8<<5B@88 D8:A8@CNBAO ?@020O 8 ;5
20O G0AB8 87>1@078B5;L=>3> F5;>3>, 0:F5=B8@C
B0:, ?>42545< 8B>3: 2 EC4>65AB25==>< ?@>8725 5BAO F5=B@ 8 2>>1@0605<0O >AL. !8<<5B@8O ?>4
45=88 A>45@60=85 @0A:@K2053AO ?>A@54AB2>< @07C<5205B @02=>F5==>ABL, @02=>25;8:>ABL.
EC4>65AB25==> >1@07=>3> @5H5=8O B540@O A8<<5B@88 :>78F8O ?@8>1@5B05B
:>78F8>==>3> 53> ?>AB@>5=8O A, ?><>ILN CAB>9G82>ABL, @02=>25A85. !8<<5B@8O >7=0G05B
A@54AB2 30@<>=870F88. @>4AB2>, AE>4AB2>, => <>65B A;C68BL 8 A@54AB
2>< ?@>B82>?>AB02;5=8O (A8<<5B@8G=>5 87>1
5B>4, :>B>@K9 ;568B 2 >A=>25 MB>3> ?@>F5AAA0, @065=85, :>=B@0AB=>5 ?> B>=C 8;8 F25BC; ?@>B8
5ABL 480;5:B8G5A:>5 ?@>B82>?>AB02;5=85 8 >1J 2>?>AB02;5=85 42CE :>=B@0AB=KE D83C@) 2 ?A8
548=5=85 A2O70==KE <564C A>1>9 ?> A;>38G5A:>< ?;0=5. !8<<5B@8O ?@8405B
?> D>@<0;L=K< ?@87=0:0< M;5<5=B>2 D>@1@065=8N AB0B8G=>ABL. A8<<5B@8O 55 =0@C
F5;LN 4>AB865=8O 548=AB20 F5;>3>. >MB>E@0=OO, >4=0:> >@85=B0F8N >B=>A8B5;L
?>;L7CNBAO A@54AB20 8 ?@85 >A8, E>BO ?@8 MB>< 8 0B:;>=O5BAO >B =55.
=K5 4;O MB>9 F5;8, B. 5. A?>A>1=K5 A@02=820BL, A8<<5B@8O =5A5B 48=0<8G5A:>5 =0G0;>.
!+ & $
22
!+ & $
2 3@C??0 E0@0:B5@87C5BAO @07<5@=K<8 >B=> F88; 4;O @8B<0 E0@0:B5@5= 8 :>=B@0AB, 8 =N0=A,
H5=8O<8 <564C G0ABO<8 F5;>3> 8 <564C G0ABO B0: :0: @8B<8G5A:>5 42865=85 2:;NG05B 2 A51O
<8 8 F5;K<. !N40 >B=>AOBAO B>645AB2>, ?@> G5@54>20=85 :>=B@0AB8@CNI8E 8 =N0=A=KE M;5
?>@F88, <>4C;L, <0AHB01. ;03>40@O 8< G0AB8 <5=B>2.
F5;>3> A>87<5@81>9 8 A F5;K<:
B>645AB2> ?>2B>@5=85, 01A>;NB=>5 @025=AB2>; >78F8>==>5 F5;>5 <>4C;L ?>2B>@5=85 >4=>9 25;8G8=K 2 4@C3>9 A8AB5B=>H5=89 <564C M;5<5=B0<8 D>@F5;>5 G8A;> @07; <0AHB01 C:07K205B =0 A>>B=5 @50;87C5<>ILN A@54AB2 30@<>=870F88
A5=85 @07<5@>2 C25;8G5=85 8;8 C<5=LH5=85 2 (?>2B>@O5<, GB> A5<0=B8G5A:89) 0A?5:B =5 2E>
>?@545;5==>5 G8A;> @07 >4=>9 25;8G8=K >B=> 48B 2 =0HC 7040GC, ?>MB>2K5 A2O78 =5
A8B5;L=> 4@C3>9 8 =0 >B=>A8B5;L=>5 A>>B=>H5 70B@03820NBAO).
=85 ?@54<5B>2 (=0?@8<5@, 25I8 8 G5;>25:0);
?@>?>@F88 C:07K20NB =0 >B=>H5=8O <564C @07 >78F8>==K5 A@54AB20 >?5@8@CNB D878G5A
<5@0<8. '0AB8, M;5<5=BK EC4>65AB25==>3> F5;> :8<8 A@54AB20<8 2K@065=8O, 1;03>40@O :>B>
3>, A2O70==K5 <564C A>1>9 ?@>?>@F8>=0;L=K<8 @K< :>78F8>==K9 70>B=>H5=8O<8, 548=K< <>4C;5< 8;8 <0AHB01>< 2 D>@<5. -B> F25B, B>=, D0:BC@0, >1J5<, ?@>AB
?@8>1@5B0NB A>@07<5@=>ABL 8 B5< A0 @0=AB2>, D878G5A:89 <0B5@80;.
=87CNB D>@ ?@>F5AA5 EC4>65AB25==>3> B2>@G5AB20 ?@>8AE>
3 3@C??0 =N0=A 8 :>=B@0AB C:07K205B =0 AB5 48B ?@5>1@07>20=85 A2>9 (8459=>9) 8
?5=L @07;8G8O 8 =0 E0@0:B5@ @07;8G8O <564C G0 DC=:F8>=0;L=>9 7040G8, 02B>@A:>3> 70ABO<8 8 M;5<5=B0<8 ?@>872545=8O. N0=A=K5 ;0 G5@57 <0B5@80; 8 D878G5A:85 EC4>65AB
>B=>H5=8O, A1;865==K5 ?> D>@<5, ?> B>=C, ?> 25==> 2K@078B5;L=K5 A@54AB20 ?@8 ?><>I8
F25BC, ?> D0:BC@5, >1J51> :>78F8>==>3> ?>AB@>5=8O 8 :>78F8
30I0NB D>@9 >BB5=:>2, 45B0;59. >=B@0 >==KE A@54AB2 30@<>=870F88.
AB=K5 65 >B=>H5=8O, ?@>B82>?>AB02;OO >A=>2
=K5 M;5<5=BK, E0@0:B5@87CNI85 D>@9 =865 AE5<5 EC4>65AB25==> :><
NBAO 4286CI8< AB8< @0728B8O D>@78F8>==>5 F5;>5 ?@54AB02;5=> :0: A8AB5<0 >B
N0=A 8 :>=B@0AB 4>?>;=ONB 8 >1>30I0NB 4@C3 =>H5=89, A2O759 <564C 8459=> A2K<8,
4@C30: :>=B@0AB ?>4G5@:8205B =N0=A, 2KO2;O5B D878G5A:8<8 8 :>78F8>==K<8, ?0@0<5B@0<8:
53> 83@C; =N0=A A?>;=O5B :>=B@0AB.
N0=A <>65B A;C68BL 8 A0<>AB>OB5;L=K< A@54
AB2>< 2K@065=8O, :>340 EC4>65AB25==>5 ?@>87
2545=85 F5;8:>< ?>AB@>5=> =0 =N0=A=KE >B=>
H5=8OE, A1;865==KE B>=0E 8;8 2 >4=>9 F25B>
2>9 30<<5. >=B@0AB 2 ?5@2CN >G5@54L
?@>O2;O5BAO 2 AB0;:820=88 ?@54<5B0 8 ?@>AB
@0=AB20, >1J5<0 8 ?;>A:>AB8, 0 70B5< 2 >B=>H5
=8OE <564C ?@54<5B0<8, ?OB=0<8, ;8=8O<8 ?>
@07<5@C, ?> D>@<5, F25BC, ?> =0?@02;5=8N 428
65=8O 8 ?@>G8< ?@>O2;5=8O< M;5<5=B>2 D>@4 3@C??0 <5B@ 8 @8B< E0@0:B5@87C5B 428
65=85. 5B@ ?@>AB59H55 ?>2B>@5=85 >4=>3> 8
B>3> 65 M;5<5=B0 (:8@?8G=0O :;04:0). 5B@ 8
@8B< 2 >A=>25 A2>59 8<5NB A8<<5B@8N. > @8B<,
2 >B;8G85 >B <5B@0, AB@>8BAO =0 G5@54>20=88
@07=KE, => ?>2B>@ONH8EAO M;5<5=B>2. #A;>6=O
OAL, >= ?>@K205B A A8<<5B@859, (=0?@8<5@,
A;>6=K9 @8B< 682>?8A=>9 :0@B8=K) A>?@>2>6
40O A2>52>;L=K9 @8AC=>: 42865=8O, <5=OO 53>
E0@0:B5@, B565B 8<5BL 8A. 33. >78F8>==>5 F5;>5 :0: A8AB5<0 >B=0H5=89.
8 @53C;O@=K9 E0@0:B5@ (=0?@8<5@, 2 >@=0<5=
B5). > 2A5340 >= 2=>A8B >@30=87CNI55 =0G0;> 2
E0>B8G5A:>5 42865=85 8 157 =53> =530@<>=8O.
A5 G5BK@5 3@C??K A2O70=K <564C A>1>9, ?@>=8
:0NB 4@C3 2 4@C30 8 4>?>;=ONB 4@C3 4@C30. "0:,
=0?@8<5@, 2 B>645AB25, 2 <5B@5 8 @8B<5 ?@8ACB
AB2C5B A8<<5B@8O; @8B< ?@>=87K205B ?@>?>@
!+ & $
23
!+ & $
7. !", ", @O4 42865=89, A:>;L7O ?> 2>>1@06052K< 8 ?@O =5;L7O =0720BL E0
/ &+ !%+
>B8G5A:8<, B0: :0: >=> 8<55B >?@545;5==CN =0
K @0AA<>B@5;8 :>78F8>==K5 ACIAB20 30@ ?@02;5==>ABL, 2 ?5@2CN >G5@54L 7028A8B
<>=870F88, A ?><>ILN :>B>@KE >ACI5AB2;O5BAO 35><5B@8G5A:>9 D>@;O. 2KBO=CB>< ?>
:>78F8>==>5 ?>AB@>5=85 8 A>7405BAO EC4> 25@B8:0;8 ?@O<>C3>;L=8:5 =081>;55 E0@0:B5@=>
65AB25==0O D>@<0. > @0AA<>B@5=85 MB> 1C45B 42865=85, 8<5NI55 S >1@07=CN D>@=5?>;=K<, 5A;8 =5 A:070BL > @>;8 87>1@078B5;L :@C30 E0@0:B5@=> 42865=85 24>;L >:@C6=>A
=>3> ?>;O 2 :>78F8>==>< ?>AB@>5=88. B8. ;O <=>38E D83C@ E0@0:B5@=> 42865=85 ?>
3>@87>=B0;8 8 25@B8:0;8, A>AB02;ONI55 :@5AB.
7>1@078B5;L=K< ?>;5< 3@0=8 0AB5@0 M?>E8 >7@>645=8O 8 ?>A;54CNI8E
G5==CN ?>25@E=>ABL, ?;>A:>ABL, 345 @0A?>;030 M?>E 0D0M;L, CAA5=, 5;0:@C0, !C@8:>2
5BAO 87>1@065=85, :0@B8=0. -B8< ?>;5< <>65B ?@84020;8 1>;LH>5 7=0G5=85 :>78F8>==>A;C68BL ;8AB 1C<038 8;8 E>;AB >?@545;5==>3> ?>AB@>5=8N, ?@87=020O @>;L :>78F8>==KE
@07<5@0 8 D>@<0B0, 8;8 ?@>AB@0=AB2> AB5=K, AE5<, �>A=>2=KE ;8=89, �0:B82=KE B>G5:, A>
8;8 ?>25@E=>ABL >1J5<=>3> ?@54<5B0 (C?0:>2 7=0B5;L=> CG8BK20O 8E 2>7459AB285 2 A2>8E ?@>
:8). %0@0:B5@=>9 >A>15==>ABLN 87>1@078B5;L 872545=8OE.
=>3> ?>;O O2;O5BAO B>, GB> >=> =5 =59B@0;L=> ?>
>B=>H5=8N : 87>1@0605<>:07K20 :B82=K5 7>=K 8 A8;>2K5 ;8=88 ?>;O ?@840NB
5B =0 =53> >?@545;5==>5 2>7459AB285, B0: :0: =5 =0?@O65==>ABL ?>;N, 1;03>40@O G52A5 B>G:8 MB>3> ?>;O @02=>F5==K. 7>1@065=85 87>1@065=8O, A>2?040O A @07;8G=K<8 B>G:0<8
=0E>48BAO 2 7028A8<>AB8 >B @07<5@0, ?@>?>@F89 87>1@078B5;L=>3> ?>;O 8A?KBK20NB @07;8G=K5
AB>@>=, D>@;O 8 >B >:@C60NI59 A@54K. A>AB>O=8O. "0: =0?@8<5@, 87>1@078B5;L=K9 M;5
5@02=>F5==>ABL ?>;O ?@>8AB5:05B 87 >A>15==> <5=B, A>2?040NI89 A F5=B@>< :@C30 8;8 A 7@8
AB59 =0H53> 7@8B5;L=>3> 2>A?@8OB8O, (> G5< C65 B5;L=K< F5=B@>< ?@O<>C3>;L=8:0, 70=8<05B
3>2>@8;>AL 2KH5). @57C;LB0B5, >4=8 CG0AB:8 B25@4CN ?>78F8N 8 =5 AB@5<8BAO 87<5=8BL A2>5
?>;O =0E>4OBAO 2 7>=5 0:B82=>3> 2>A?@8OB8O, <5AB>=0E>645=85. -;5<5=BK, ?>?02H85 2 =50:
4@C385 2=5 53>. B82=CN 7>=C ?>;O, =0>1>@>B, AB@5:8
=CBL, >1@5AB8 @02=>25A85. 5@5:;8:0OAL A 4@C
A;8 ?@54AB028BL ?>;5 2 2845 ?@028;L=>9 35><5B 38<8 M;5<5=B0<8, B0:65 =0E>4OI8<8AO 2 =5
@8G5A:>9 D83C@K, B> ;53:> >1=0@C68BL MB8 0: C@>2=>25H5==>< A>AB>O=88, 8;8 3@C??8@COAL
B82=K5 B>G:8. 0?@8<5@: 2>7;5 C@02=>25H5==KE, >=8 A ?><>ILN @8B<0 8
4@C38E A@54AB2 30@<>=870F88 ?@8E>4OB 2 A>AB>O
?@O<>C3>;L=8:5 =081>;55 0:B82=K B>G:8, ;5 =85 48?0<8G5A:>3> @02=>25A8O.
60I85 =0 F5=B@0;L=>9 >A8 8 3>@87>=B0;8, ?5@5
A5:0NI59 55 2 >?B8G5A:>< F5=B@5: B>G:8, ;560 ?@>872545=8OE 8A:CAAB20 =01;N405<,
I85 =0 4803>=0;OE,B>G:8, >1>7=0G0NI85 ?@> GB> 3;02=K5 C7;>2K5 <><5=BK :>78F88 A>2
?>@F88 7>;>B>3> A5G5=8O; B>G:8, ;560I85 =0 ?040NB ?> A2>5?>;>65=8N A 0:B82=K<8
3@0=8F0E >20;0, :>B>@K9 2?8AK205BAO 2 40==K9 B>G:0<8 87>1@078B5;L=>3> ?>;O. 4=0:>, A;8H
?@O<>C3>;L=8:; :>< ?>A;54>20B5;L=>5 ?@8<5=5=85 MB>3> ?@85<0
?@82>48B : 65AB:>AB8 8 >4=>>1@078N :>78
:204@0B5 B>G:8, ;560I85 =0 4803>=0;OE; F88, : A0<>4>2;5NI5MB>
B>G:8, ;560I85 =0 ?5@5A5G5=88 4803>=0;59 A 6=8:8 2 ?>8A:0E =>2KE :>78F8>==KE
>:@C6=>ABLN, 2?8A0==>9 2 :204@0B; B>G:0 ?5@5 2>7<>6=>AB59 8ICB B0:85 >B=>H5=8O <564C M;5
A5G5=8O 4803>=0;59. <5=B0<8 :>78F88 8 �0:B82=K<8 B>G:0<8
?>;O, :>B>@K5 ?>72>;O;8 1K 4>1820BLAO C@02=>
:@C35 F5=B@ :@C30 8 B>G:8 2>:@C3 =53> 8 GCBL 25H5==>AB8 :>78F88 8 157, :070;>AL 1K,
2KH5 35><5B@8G5A:>3> F5=B@0; B0G:8, ;560I85 >1O70B5;L=>3> A>2?045=8O A 0:B82=K<8 B>G:0<8.
=0 AB>@>=0E ?OB8C3>;L=8:0, 2?8A0==>3> 2 :@C3 8 -B> C405BAO 1;03>40@O B5< 65 A@54AB20< 30@<>
=0 53> 4803>=0;OE. =870F88. 0?@8<5@, 2<5AB> B>3>, GB>1K @0A?>
;>68BL 3;02=K9 M;5<5=B 2 F5=B@5 8;8 =0 >A8
B@5C3>;L=8:5 2 7>=5 ?5@5A5G5=8O 2KA>B 18A A8<<5B@88, @0A?>;030NB C@02=>25H820NI85
A5:B@8A 8 <5480=. "0:8< >1@07><, 35><5B@8G5A 4@C3 4@C30 M;5<5=BK ?> @07=K5 AB>@>=K >A8, 2K
:0O D83C@0 A0<0 ?> A515 C65 A>45@68B �0:B82 45;OO 3;02=K9 A ?><>ILN :>=B@0AB=KE F25B>2KE
=K5 B>G:8, =0 :>B>@KE :>=F5=B@8@C5B5O 2=8<0 8;8 B>=>2KE >B=>H5=89 8;8 8=KE ?@85<>2. !>
=85 8 ?>MB>, GB> :>78F8O =5 <>65B 74020O A;>6=>5 42865=85 D>@< A ?><>ILN @8B
83=>@8@>20BL 2>7459AB285 MB8E B>G5:, >1CA;>2 <8G5A:>9 >@30=870F88 M;5<5=B>2, <>6=> 4>
;5==>5 A?5F8D8:>9 7@8B5;L=>3> 2>A?@8OB8O. 18BLAO ?5@5:;8G:8 8E A A8;>2K<8 ;8=8O<8 ?>;O
8 0:B82=K<8 B>G:0<8, 871530O B0:8< >1@07><
725AB=>, GB> 273;O4 =0H, 42830OAL 2=CB@8 ?>;O, 65AB:8E AE5<.
5I5 =5 70?>;=5==>3> 87>1@065=85<, A>25@H05B
!+ & $
24
!+ & $
AB=>ABL, A8<<5B@8G=>ABL 8 4@.), 2KO2;5=85 :>B>
;020 II
@KE 8 O2;O5BAO F5;LN ?@54;0305 "'! / !
& #A;>28O 2K?>;=5=8O 7040=89: 2A5 C?@06=5=8O
2K?>;=ONBAO 2 7040==>< D>@<0B5 8 ?@54AB02;O
40==>9 3;025 ?@54;030NBAO 5 3@C?? 7040=89 NB A>1>9 :>78F8>==K5 7040=8O, 2 :>B>@KE
C?@06=5=89, >E20BK20NI8E @07;8G=K5 0A?5:BK =57028A8<> >B :>=:@5B=> ?>AB02;5==>9 7040G8,
D>@<0;870F88 :>78F8>==KE 7040G 8 @0AAG8 >1I8<8 >1O70B5;L=K<8 CA;>28O<8 O2;ONBAO:
B0==KE =0 ?>43>B>2:C EC4>6=8:>2 ?> ?@8:;04
=>9 3@0D8:5 (?@>9 3@0D8:5, C?0:>2 1. >78F8>==0O F5;L=>ABL
:5, 3@0D8G5A:>B0NI8E ?@5
8 A ?;>A:>ABLN, 70 8A:;NG5=85< 2. #@02=>25H5==>ABL F5;>3>
>1;0AB8 C?0:>2:8, A2O70==>9 A >1J5<=K<8 D>@
<0<8, 8 =5:>B>@KE 4@C38E ?>3@0=8G=KE >1;0A 3. ?8A0==>ABL 2 3@0=8FK
B59 3@0D8:8.
4. K@078B5;L=>ABL @5H5=8O (B. 5. ?;0AB8G5A:>5
!?5F8D8:0 ?@8:;04=>9 3@0D8:8 B@51C5B >B EC @5H5=85 4>;6=> 1KBL =5 B>;L:> OA=K<, ;>38G
4>6=8:0 C<5=8O OA=> D>@ 8 M<>F8>=0;L=> 2K@078B5;L=K<).
@>20BL 7040GC, F5;5=0?@02;5==> 459AB2>20BL,
;0:>=8G=K<8 87>1@078B5;L=K<8 8 B>G=K<8 @C??0 I
:>78F8>==K<8 A@54AB20<8 4>1820OAL MD
D5:B0 2K@078B5;L=>AB8 8 DC=:F8>=0;L=>AB8 @5 040=8O =0 >B=>H5=8O ?@>AB59H8E 3@0D8G5A:8E
H5=89. @54;03052 8 ?;>A:>AB8 (B>G:0, ?OB=>, ;8=8O). 7
@072820BL MB8 A?>A>1=>AB8 C CG0I8EAO. =0:><;5=85 A ?>=OB8O<8: 87>1@078B5;L=0O ?;>A
:>ABL, A8;>2K5 ;8=88 ?>;O, =0@O65==>ABL; 7@8
C@A �A=>2K :>78F88 ?@5?>405BAO =0 I 8 II B5;L=K9 8 35><5B@8G5A:89 F5=B@K, <0AA0, @02
:C@A0E 2KAH8E EC4>65AB25==KE CG51=KE 702545 =>25A85; 4><8=0=B0, 42865=85, @8B<; A8;CMB,
=89. = A2>52@5<5==> ?@8CG05B : 48AF8?;8=8 >1J5<, ?@>AB@0=AB2>.
@>20==>A>7=0==>9 @01>B5 A EC
4>65AB25==K< <0B5@80;><. ($>@<0B ;8AB0 21 % 30, <0B5@80;: 1C<030, :0@B>=,
BCHL; B5E=8:0 0??;8:0F8O 87 G5@=>9 1C<038 =0
@54;>65==K5 C?@06=5=8O >A=>20=K =0 D>@ 15;>< D>=5 8 87 15;>9 1C<038 =0 G5@=><).
<0;L=>< <5Bo45 @07;>65=8O =0 M;5<5=BK EC4>
65AB25==>9 D>@740=8O ?@>AB59H8E <> 1. #AB0=>28BL A2O7L <564C 2 3 B>G:0<8, =0 ?;>A
45;59 A;>6=KE :>78F8>==KE A8BC0F89 EC4> :>AB8, ?>AB5?5==> ?5@5<5I0O 8E, CA8;820O 8 >A
65AB25==>3> ?@>872545=8O. 0 @0==5< MB0?5 ;01;OO: A2O7L, >B@K20O 4@C3 >B 4@C30,
>1CG5=8O :>78F88 MB>B D>@<0;L=K9 <5B>4
70@5:><5=4>20;, A51O :0: ?;>4>B2>@=K9 8 ?@8 2. ?@545;8BL �0:B82=K5 B>G:8 @07=KE 35><5B
=OB 2 %C4>65AB25==KE #0E !!! , 2@>?K, <5 @8G5A:8E D83C@ 287C0;L=>, 0 70B5< ?@>25@OO
@8:8, /?>=88. 35><5B@8G5A:8.
@8 A>AB02;5=88 C?@06=5=89 02B>@>< 1K;8 G0A 3. !3@C??8@>20BL B>G:8 B0:8< >1@07><, GB>1K
B8G=> 8A?>;L7>20=K 7040=8O 87 :C@A>2 :>78 3@C??K B>G5: C@02=>25H820;8 4@C3 4@C30.
F88 8 87 <5B>48: %#"! %#", EC
4>65AB25==KE H:>; >;LH8 8 (259F0@88, 0 4. #@02=>25A8BL G5@=CN B>G:C ?OB=> M:2820
B0:65 87 :C@A>2 . OE>20 () 8 . >=8:0 ;5=B=K=>2K< ?OB=><.
(!5=56A:0O ABC48O).
5. 0AA<>B@5BL 2708<>459AB285 ?@>872>;L=>3>
><8<> ?5@5G=O 7040=89 : 40==>9 3;025 ?@8;030 G5@=>3> ?OB=0 A2>1>4=>9 D>@
NBAO 8;;NAB@0F88 2 :0G5AB25 2A?><>30B5;L=>3> =>< ?>;O. >=OB85 1>@NI8EAO <0AA.
<5B>48G5A:>3> <0B5@80;0. 040=8O @0A?>;>65
=K 2 ?>@O4:5 >B ?@>AB>3> : 1>;55 A;>6=>B 6. KO28BL F5=B@ 2 A2>1>4=>< @0A?>;>65=88 B>
>1I8E ?>=OB89 : G0AB=K< @5H5=8O<, >B 2708<> G5:.
459AB28O ?@>AB59H8E 3@0D8G5A:8E M;5<5=B>2 =0
?;>A:>AB8 : 2708<>459AB28N M;5<5=B>2 =0 ?> 7. !>AB028BL @53C;O@=K5 @O4K 87 B>G5:, 70B5<,
25@E=>AB8 >1J5<=>9 D>@O=8O <564C B>G:0<8, <5=OBL E0
5D=K< ?>25@E=>ABO<, : 2708<>459AB28N >1J5<0 @0:B5@ 42865=8O @8B< (D>@<0B 30 % 40).
8 ?@>AB@0=AB20.
8. >:070BL A3CI5=85, C?;>B=5=85 <0AAK 8 ?5@5
'5@57 2708<>459AB285 M;5<5=B>2 2K@060NBAO E>4 : @07@O65==>AB@0=AB2C.
:>78F8>==K5 A2O78 (A>@07<5@=>ABL, :>=B@0
!+ & $
25
!+ & $
9. >AB@>8BL 87 >4=>@>4=KE M;5<5=B>2 >B:@KBK5 =N0=A, ?>4>185, B>645AB2>, A>@07<5@=>ABL,
@8B<8G5A:85 @O4K A D8:A8@>20==K< F5=B@><, <5B@, @8B<; B. 5. A ?>=OB8O<8 :>78F8>==K
4><8=0=B>9 :>78F88 (D8:A8@>20BL 4><8 <8, 0 B0:65 8 ?>=OB8O<8 D878G5A:8<8: B>=, =0
=0=BC 2=5A5=85< F25B0, D>@<0B 30 % 40). AKI5==>ABL, 3@040F8O; F25B, A?5:B@, >A=>2=K5 8
4>?>;=8B5;L=K5 F25B0, E>;>4=K5, B5?;K5; D0:
10. !>740BL 70<:=CBCN :>78F8N 87 1 2 284>2 BC@0).
M;5<5=B>2. (30 % 40).
($>@<0B 30 % 40, B5E=8:0 0:20@5;L, 3C0HL,
11. >:@KBL ;8AB 1C<038 30 % 30 @53C;O@=K<8 @O 0??;8:0F8O 87 F25B=>9 1C<038).
40<8 G5@=KE :@C6>G:>2 >48=0:>2>9 25;8G8
=K, A>548=OO ?> =5A:>;L:> :@C6>G:>2 87 A> 1. >78F8O <>=>E@><=0O 87 :204@0B>2 2%2,
A54=8E @O4>2, 70;8BL ?>;CG5==K5 D83C@K BC @07=KE ?> B>=C (4 8;8 5 3@040F89 B>=0). ">=>
HLN, ?>;CG82 D83C@K A8;CMBK 8 2>9 =N0=A :>=B@0AB.
>4=>2@5<5==> ?@>A;548BL 70 2>7=8:0NI8<
15;K< ?@>AB@0=AB2>< <564C D83C@0<8. 2. >78F8O 87 >4=>@>4=KE 35><5B@8G5A:8E
M;5<5=B>2, A1;865==KE ?> F25BC (E>;>4=0O
12. 708<>459AB285 ;8=89 =0 ?;>A:>AB8. ';5=5=85 30<<0 8;8 B5?;0O) 8 :>=B@0AB=KE ?> B>=C.
?;>A:>AB8 ?@O@8
7>=B0;L=K<8 ;8=8O<8 2 ?@>?>@F8>=0;L=KE 3. >78F8O 87 :>=B@0AB=KE ?> F25BC, A1;865=
>B=>H5=8OE. =KE ?> B>=C M;5<5=B>2.
13. @82K5, 2>;=8ABK5 ;8=88. @30=870F8O ?;>A 4. 8B<8G5A:0O :>78F8O 87 @07=>@>4=KE ?>
:>AB8 ?5@5A5:0NI8<8AO :@82K<8 A ?>A;54CN D>@<5, B>=C 8 F25BC M;5<5=B>2 (>@=0<5=B).
I59 70;82:>9 BCHLN 70<:=CBKE ?;>I0459. !8<<5B@8O, 0A8<<5B@8O @8B<.
?5G0B;5=85 >1J5<=>AB8. >;CG5=85 ?@028;L
=KE 35><5B@8G5A:8E >1J5<>2 (?>;CAD5@0) 8 5. A8<<5B@8G=0O :>78F8O 87 M;5<5=B>2, :>=
A2>1>4=KE 2K?C:;> 2>3=CBKE >1J5<>2. B@0AB=KE ?> 25;8G8=5,
14. &5=B@>AB@5<8B5;L=0O :>78F8O 87 :@82KE 6. >78F8O =0 A>G5B0=85 ;8=59=KE, ?;>A:8E 8
4C3>>1@07=KE ;8=89 8 B>G5: @07=>3> @07<5@0. >1J5<=KE D>@< (2 F25B5).
(30 % 40).
7. $0:BC@K. 5B@>@8B<8G5A:89 @O4 A @07=K<8
15. (B@8E>2:0 ;8=8O<8. 7<5=5=85 B>;I8=K ;8 D0:BC@0<8 (?5@>, BC4L), $0:BC@K 2 ?@8@>45.
=89 87<5=5=85 ?@>AB@0=AB25==KE E0@0:B5
@8AB8:. >;CG5=85 2?5G0B;5=8O >1J5<0. (B@8 8. 8B<8G5A:0O :>78F8O 87 35><5B@8G5A:8E
E>2:0 A ?>AB5?5==K< CB>;I5=85< ;8=89, ?5@5 D83C@ A @07=>9 D0:BC@>9, (3;04>9, 2>@A8AB>9,
E>4 >B G5@=>3> ?>;O : 15;>9 8 B. 4. >3CB 1KBL 8A?>;L7>=0=K 2
7040=88 =0BC@0;L=K5 <0B5@80;K <5E, B:0=L,
16. !8;CMB. !>G5B0=85 =5A:>;L:8E D>@<, 8<5NI8E 75@=0 8 4@.).
:>=BC@K @07=>9 :@8287=K.
9. >78F8O =0 A>G5B0=85 @>4AB25==KE M;5<5=
17. 530B82=>5 8 ?>78B82=>5 A8;CMB=>5 87>1@065 B>2 (=0?@8<5@, :@C3 2 A>G5B0=88 A :F04@0B><, 2
=85. :>B>@K9 2?8A0= B>B 65 :@C3, 8A?>;=8BL 2 4>
?>;=8B5;L=KE F25B0E 8;8 2 :>=B@0AB=KE ?> B>
18. '5@=>5 8 15;>5 A8;CMB=K5 87>1@065=8O @5 =C).
0;L=KE D>@<, 2E>4OI8E >4=0 2 4@C3CN, 70?>;
=ONI85 ?@>AB@0=AB9>. 10. >78F8O 87 <>4C;L=KE M;5<5=B>2.
19. '5@=> 15;0O :>78F8O 87 @>4AB25==KE ?> @C??0. III
D>@<5 ?@54<5B>2 (;8ABLO 8;8 F25BK, 1>:0;K,
8=AB@C<5=BK), 30 % 40 8;8 30 % 30. MBC 3@C??C 2E>4OB 7040=8O =0 42865=85 (AB0B8:0
48=0<8:0) 8 7040=8O =0 @0728B85 D0=B0788 8
20. !8;CMB ?@54<5B0 2 A>G5B0=88 A> A;>2>< 87 4 >1@07=>AB8, AB02OI85 F5;LN @0728B85 B2>@G5A
5 1C:2. :8E A?>A>1=>AB59 8 B@51CNI8E A2>1>4=>3> 2;0
45=8O :>78F8>==K<8 A@54AB20<8 =0 C@>2=5
@C??0 II >@30=870F88 ?;>A:>AB8 D>@<0;L=K<8 >B=>H5
=8O<8 M;5<5=B>2.
040=8O =0 >2;045=85 :>78F8>==K<8 A@54AB
20<8 A 8A?>;L7>20=85=0, F25B0, D0:BC@K. 0) 040=8O =0 42865=85.
(@5420@8B5;L=>5. B5>@5B8G5A:>5 >7=0:><;5=85
A ?>=OB8O<8: A8<<5B@8O, 0A8<<5B@8O, :>=B@0AB, 1) !B0B8G5A:0O :>78F8O 87 ?@>872>;L=KE M;5
!+ & $
26
!+ & $
<5=B>2. 0@CH5=85 AB0B8:8 >4=8< :0:8< =8 AB0;L=K5 C?@06=5=8O =0 ?>25@E=>AB8 :C18
1C4L M;5<5=B><. :>2, A:;55==KE 87 1C<038 8;8 :0@B>=0, 7%7%7
A<. 2 :C15.
2) >:070BL =0G0;>, 70@>645=85 42865=8O.
3) 5D>@<8@>20BL D>@<>ILN A2>
3) 2865=85 >@30=87>20==>5 (@02=><5@=>5 8 CA 1>4=>3> ;8=59=>3> 87>1@065=8O =0 53> ?>
:>@ONI55AO) 8 42865=85 E0>B8G=>5. 25@E=>ABOE.
4) 84K 42865=8O, 2>7=8:0NI85 ?>4 2>7459AB28 4) !2>1>4=K< @0A?>;>65=85< @07;8G=KE F25B>
5< @07;8G=KE D878G5A:8E A8;: D>=B0==0O 2KE ?OB5=, ?>;>A @0718BL D>@AB@CO, 2>;=>>1@07=>5 42865=85, 27@K2, A4283, A?;NI8BL 3@0=8 8;8 A>740BL 2?5G0B;5=85 2K
?045=85, :>;510=85, 2@0I5=85 8 ?@>G85, 284K. ABC?>2, C3;C1;5=89 8;8 274CB89 ?>25@E=>AB8 8
B. 4.).
5) 040=8O =0 @0728B85 D0=B0788 8 >1@07=>AB8
?@54AB02;5=89 =0 <0B5@80;5 01AB@0:B=KE D>@<. 5) 7<5=8BL D0:BC@C ?>25@E=>AB8.
!2K5, => =587>1@078B5;L=K5 :>78F88 87 6) @8B5;L=> C<5=LH8BL, 8;8 =0>1>@>B, C25;8
?@>ABKE M;5<5=B>2, 2K@060NI85 459AB285, A> G8BL 2KA>BC :C10.
AB>O=85, =0AB@>5=85. >78F88 87 F25B=>9 1C
<038 0??;8:0F859, $>@<0B 30 % 40). 7) >4G5@:=CBL, 0:F5=B8@>20BL :0:CN ;81> 87
AB>@>= 8;8 25@E :C10.
1) A?>;L7CO 2 :0G5AB25 <0B5@80;0 :@0A=K5 8 G5@
=K5 :@C6:8 (8;8 B@5C3>;L=8:8), A>AB028BL :>< 8) @85=B8@>20BL ?>;>65=85 2 ?@>AB@0=AB25, CBO
?>78F8N: �>1540 :@0A=KE. 65;82 =87 8;8 8=K< >1@07><.
2) >78F8O �@>B82>AB>O=85. 9) ;O C65 2K?>;=5=KE 2 ?@54K4CI8E C?@06=5
=8OE :C18:>2 ?>4>1@0BL ?>4E>4OI89 ?> F25BC
3) >78F8O =587>1@078B5;L=0O 87 >4=>@>4 D>=, A>AB028BL :>78F8N 87 3>B>2KE :C18
=KE M;5<5=B>2 �48=>G5AB2>, (8;8 <>=> :>2 =0 A>>B25BAB2CNI5< D>=5 (M:A?>78F8O).
E@><=0O, 8;8 A1;865==0O ?> F25BC, 8;8 :>=
B@0AB=0O. >78F8O 87 @07=>@>4=KE M;5<5= @C??0 V
B>2 (2 F25B5) �!1;865=85 548=AB2> ,
@0745;5=85. >=AB@C8@>20=85 @5;L5D=KE 8 >1J5<=KE D>@<
=7 ;8AB0 1C<038.0G0BL A 35><5B@8G5A:13> G;5
5) >78F8O 87 M;5<5=B>2 @07=KE ?> B>=C 8 ?> =5=8O ?;oA:>AB8 ;8AB0 ?0@0;;5;L=K<8 ;8=8O<8,
@07<5@C �0;5:>5 8 1;87:>5. ?5@5A5:0O 8E ?5@?5=48:C;O@=K<8 8 4803>=0;L
=K<8. CB5< A3810=8O ?>;CG8BL, D0:BC@=K5 @5
6) >78F8O � 07@CH5=85 8 �!>7840=85. ;L5D=K5 ?>25@E=>AB8. 0;L=59H55 CA;>6=5=85
7040=89 A 8A?>;L7>20=85< ?5@5A5G5=89 :@8
7) >78F8O , �>3>=O. 2KE ;8=89 8 8A?>;L7>20=85 @07@57>2.
8) >78F8O �CMB. 1) !45;0BL 87 ;8AB0 1C<038 �30@<>H:C, 3>D@8@>
20==CN ?>25@E=>ABL.
( 40==>9 3@C??5 7040=89 B@51>20BL >B ABC45=B>2
?>OA=8B5;L=CN 70?8A:C A >?8A0=85< 8 >1>A=>20 2) ! ?><>ILN ?5@5A5:0NI8E ?@O=85< 871@0==KE :>78F8>==KE A@54AB2). :>@ 2K?C:;K5 @><1K, 42>9=K5, B@>9=K5 ;>
<0=K5 ;8=88 @5;L5D=K5.
@C??0 IV
3) ">B 65 45:>@ ?5@540BL =0 D>@<5 A ;CG5>1@07
040=8O =0 >@30=870F8N ?>25@E=>AB8 >1J5<=>9 =>9 >A=>2>9 ?CB5< ?5@5A5G5=8O ;CG59 :>AK<8
D>@ ;8=8O<8, ?>;CG82 45:>@0B82=K5 �@>75B:8.
:070BL 2;8O=85 3@0D8G5A:>3> @5H5=8O =0 2>A
?@8OB85 >1J5<0. 4) >78F8O @5;L5D=0O A CA;>6=5==>9 >A=>
2>9 8 @07@570<8.
1) @O<>C3>;L=K9 ?0@0;;5;5?8?54, ?>4G5@:
=CBL 3@0=8 F25B>< 8 B>=><.. 5) CB5< A2>@0G820=8O @5;L5D=>3> ;8AB0 ?>;C
G8BL >1J5<=CN D>@2) &8;8=4@. >4G5@:=CBL D>@=59=K< 3@0D8G5A:8< A?>A>1><. =0>1>@>B, 6) 0 >1J5<=>9 @5;L5D=>9 D>@<5 =09B8 7>=C
7@8B5;L=> @0718BL F8;8=4@ =0 3@0=8 8;8 ?>:0 >?B8<0;L=CN 4;O @0A?>;>65=8O 8=D>@<0F88,
70BL @51@8AB>ABL ?>25@E=>AB8. 7=0:0, F25B>2>3> A83=0;L=>3> ?OB=0.
!+ & $
27
!+ & $
7) >;L7COAL B5< 65 ?@8=F8?>< ?>;CG5=8O @5;L 5
5D=KE 8 >1J5<=KE D>@< A45;0BL 83@CH:C (725
@NH:C, G5;>25G:0).
8) !45;0BL >1J5<=CN :0@=020;L=CN <0A:C.
9) !:>=>20BL =5A:>;L:> >1J5<>2 87 1C<038 2
>1I59 M:A?>78F88 A D>=><.
6
1. 5:;0<=K9 ;8AB>:.
87>1@065=88 :0?;
8A?>;L7>20= ?@85<
@8B<870F88
2.;0:0B ?>AB@>5= ?>
75@:0;L=>9 A8<<5B@88 A
0A8<5B@859.
7
5,6,7. /@;K:, ?;0:0B 8
B>20@=K9 7=0: ?>AB@>5=K
?> A8<<5B@88
>B=>A8B5;L=> F5=B@0
2@0H5=8O (&5=B@0;L=>9)
8. 8AC=> =0 C?0:>2:5,
@8B<8G5A:>5 @5H5=85
:>78F88 A
3. -<1;5<0 ?>AB@>5=0 ?> 8A?>;7>20=85<
75@:0;L=>9 A8<<5B@88 A8<<5B@88 8
0A8<<5B@88.
5. /@;K: A 9. >78F8O ?;0:0B0
0A8<<5B@8G=>9 ?>AB@>5=0 ?> 4803>=0;8.
:>78F859
!+ & $
28
!+ & $
10. ;0:0B A 17. #?@06=5=85 =0
A8<<5B@8G=>9 A>G5B0=85 D0:BC@.
:>78F859 A
8A?>;7>20=85< :>=B@0AB0
8 =N0=A0.
11. >78F8O ?>AB@>5=0 18. #?@06=5=85 =0 284K
?> ;CG52>9 AE5<5. 42865=8O.
12,13. @30=87>20BL
?;>A:>ABL B@519. 5@5E>4 >B E>0B8G=>3>
@0A?>;>65=8O
M5;5<5=B>2 :
@8B<8G=>14,15. @30=87>20BL
?;>A:>ABL
;8=O<8,A>740BL
2?5G0B;5=85 >1J5<0.
20. A?>;7CO :>=B@0AB=K5
16. B:@KB0O D>@<0. ?> @07<5@C 8 ?> D>@<5
M5;5<5=BK (;8=88,
:@C6:8), A>740BL
:>78F8>==>5 F5;>5.
!+ & $
29
!+ & $
21. 0<:=CB0O D>@<0. 25. >78F8O 87
M;5<5=B>2 8<5NI8E
>1I89 <>4C;L.
26,27.1J5<=0O D>@<0 87
;8AB0 1C<038, 8 G5@B56 :
=59, (>A=>20
?0@0;5;L=K5 ;8=88.)
22. 5=OO ?>;>65=85 2
@53C;O@=>< @O4C, A>740BL
0:F5=B.
23,24. >78F8O 87
CA;>2=KE M;5<5=B>2 8
:>78F8O
87>1@078B5;L=>
H@8DB>20O, ?5@540NH85
2?5G0B;5=85 @07@CH5=8O
?>4 2>7459AB285<
D878G5A:>9 A8;K.
28,29.1J5<=0O D>@<0
87 ;8AB0 1C<038, 8 G5@B56
: =59.
!+ & $
30
!+ & $
30,31.1J5<=0O D>@<0 87
;8AB0 1C<038, 8 G5@B56 :
=59 (?>AB@>5=> =0
;CG52>9 >A=>25).
35. 1J5<=K5 D>@BK ABC45=B>2).
32,33,34. 1J5<=K5
D>@(@01>BK ABC45=B>2).
!+ & $
31
!+ & $
!! !, " "# +
1.;?0B>2 . >78F8O 2 682>?8A8. ., 21.$;>@5=A:89 . @30=>?@>5:F88.
�A:CAAB2>, 1940. �5:>@0B82=>5 8A:CAAB2> 12/1969.
2.@=E59< . A:CAAB2> 8 287C0;L=>5 2>A?@8OB85. 22.%5@;15@B . !5B:0. . �=830. 1984.
., �@>3@5AA, 1974.
23.%@5AB><0B8O ?> >ICI5=8N 8 2>A?@8OB8N. .
3.>;:>2 . >78F9O 2 682>?8A8. . #, 1985.
�A:CAAB2>, 1977.
24.(>AB0:>2 . 0@<>=8O :0: MAB5B8G5A:0O
4.K3>BA:89 . A8E>;>38O 8A:CAAB20. . :0B53>@8O. . �0C:0, 1973.
�A:CAAB2>, 1968.
5.8;L451@0=4 . @>1;5<0 D>@87>1@078B5;L=>< 8A:CAAB25. CA035B, ]914.
6.>;C1>2A:89 . !C4L10 >B:@KB8O 5=45;O 8
?@8=F8? :@0A>BK. �=0=85 A8;0, 7/1972.
7.>=G0@>20 . >78F8O 8 0@E8B5:B>=8:0,
:=838. , �=830 1977.
8.@533 6. ?KBK A> 7@5=85<. . �8@, 1970.
9.@533 6. 07C<=K9 3;07. . �8@, 1972.
10.<8B@8520 . 0 ?@5:@0A=><. . �A:CAAB2>,
1960.
11.5<09B8A '. 8 8@>=>2 . C6=0 ;8 687=8
D>@<0. �=0=85 A8;0, 12/1979.
12.030= . 5:F88 ?> <0@:A8ABA:> ;5=8=A:>9
MAB5B8:5. 74 2> 5=. #= B0, 1971.
13.070@8=>20 . ">20@>254C > :@0A>B5 8
:>78F88, . �-:>8><8:0, 1978.
14.5>=0@4> 40 8=G8. =830 > 682>?8A8. .
1934.
15.0AB5@0 8A:CAAB20 >1 8A:CAAB25. .
�A:CAAB2>, B>< 5 1, 1969.
16. >75=1;N< . %C4>6=8: 2 48709=5. ,
�A:CAAB2>, 1974.
17.!>25BA:89 M=F8:;>?548G5A:89 A@;>20@L. .
�!>25BA:0O M=F8:;>?548O, 1980.
18.#A?5=A:89 . >MB8:0 :>78F88. .
�A:CAAB2>, 1970.
19.#A?5=A:89 . @548A;>285 : :=835 538=0 .
�/7K: 682>?8A=>3> ?@>872545=8O. ,
�A:CAAB2>, 1970.
20.$02>@A:89 . 0 :>78F88. �"2>@G5AB2>,
1/1967.
!+ & $
32

Wyszukiwarka

Podobne podstrony:
SZKLANE CZY WĘGLOWE WŁÓKNA W KOMPOZYTACH POLIMEROWYCH
grafika inzynierska wyklad 3 color
Grafika wektorwa cw 2
kompozycja, swiatlocien, kolorystyka, opis postaci, srodki wyrazu
serial arch
Kompozyty
lab grafika2D 3 zadania
Kompozycja
Elementy grafiki inzynierskiej?1
Laboratorium grafika2D 4
Kompozyty

więcej podobnych podstron