SlideShare a Scribd company logo
1 of 289
Download to read offline
!   
          
##              
 $%%'(    )  * 
                 
                
     +$%%,' -    +$%#$,
   .     +$%#$,       
      ) /  )     )  0 *
)   ' )  )     12   
312  3    
         
    ) (              2
       -        2    
         
'     
   4 
 (    5    
'  +#667#668$%#,. *
-95    .  
    -9 
:      2
  ' ;   ;)
! #
 ! #
!     
        #     
$  !%  !        $  
'   '  ($  
' # % %)   %*   %
'   $  '     
+       %         
'  !#       $,
 ( $ 
      -     . 
                  
              
  !  
-           ( 
  %                
             .          %  
  %   %   %    $ 
      $ $ -    
      -                 
         - -
// $$$   
0  
11#23.   
     
4 )*5/ +)
    678%99:::  %  ) -
2  ; !  
*   
    
 
 -   = -% %7:?
/- @7:94 )*5/ +)
3         7:9
$  $%
$#%#(##$# %$$#
'#  #
!%(
$
%

$

%#

#





'$



 
'$## (# $$#
%'
$#
+! GMB +KHIAM!BEF
+( GMB +KHIAM(NA:FF:=@G=:
+( GMB +KHIAM(NA:FF:=HGMKHOKLR
+(( GMB +KHIAM(NA:FF:=(=B:
 KBMB:EBLHNKLG:ERLBL
LM KBMB:EBLHNKLG:ERLM
' KBMB:E'BG@NBLMBL
, BKM,NHM:MBHG
 O:EN:MBHGH?JNHM=F:MKB:E
!KJ !KJNGR
+ HOKGFGM:E+HEBMBB:G
+( HOKGFGML+KBF(BGBLMK
( HOKGFGML(BGBLMK
$ $G=BKM,NHM:MBHG
$*+ $LE:FHIAH;B:
%* %HNKG:EBLM
(+L  (BKHIKHIHLBMBHGL 
(. (:KHLMKNMNK
) )PLBLHNKL
)+ )PL+N;EBLABG@@GR
*- *K@:GBS:MBHG
+:K@ +:K:@K:IA
+* +HEBMBB:G
+ +KHI:@:G=:
+( +KHI:@:G=:(H=E
- -?KGMHIHIE =HNFGML LM:MFGM
/ -?KGMHMKFBGHEH@R IAK:LL:LLHB:M=PBMAI:KMBNE:KIHIEHK
=HNFGML
- -EB@BHNLNMAHKBMR
-( -EB@BHNL(:G
.(.L  .F:GMB(:KHLMKNMNKL 
. .GMG
 /A:GBLA:KMHHGHGMKHOKLR
! /A!KGA:KB:MNKL
0$( /A0.?BEF$GGHGH?(NLEBFL
0 0L:@H?E:G@N:@MRIB:EH?KM:BG=BLHNKLMRIL HFFNGB:MBO
LBMN:MBHGL
$#%#
/:;E  -L:KA,NLMBHGL #RIHMALL :G=IIEB=IIKH:A 
/:;E  /AHKINLH?MA.MN=R 
/:;E  /A.BMN:MBHGH?/AHKBLIIEB=BGMAG:ERLBL 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH? 
/:;E  KBO:MBHGH?/HIBL?HK 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH? 
/:;E  KBO:MBHGH?/HIBL?HK 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH? 
/:;E  KBO:MBHGH?/HIBL?HK 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH? 
/:;E  KBO:MBHGH?/HIBL?HK 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH? 
/:;E  KBO:MBHGH?/HIBL?HK 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH? 
/:;E  KBO:MBHGH?/HIBL?HK 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH?( 
/:;E  KBO:MBHGH?/HIBL?HK( 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH?( 
/:;E  KBO:MBHGH?/HIBL?HK( 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH?( 
/:;E  KBO:MBHGH?/HIBL?HK( 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH?( 
/:;E  KBO:MBHGH?/HIBL?HK( 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH?( 
/:;E  KBO:MBHGH?/HIBL?HK( 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH?( 
/:;E  KBO:MBHGH?/HIBL?HK( 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH?)4/ 
/:;E  KBO:MBHGH?/HIBL?HK)4/ 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH?)4/ 
/:;E  KBO:MBHGH?/HIBL?HK)4/ 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH?)4/ 
/:;E  KBO:MBHGH?/HIBL?HK)4/ 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH?)4/ 
/:;E  KBO:MBHGH?/HIBL?HK)4/ 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH?)4/ 
/:;E  KBO:MBHGH?/HIBL?HK)4/ 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH?)4/ 
/:;E  KBO:MBHGH?/HIBL?HK)4/ 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH?0/ 
/:;E  KBO:MBHGH?/HIBL?HK0/ 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH?0/ 
/:;E  KBO:MBHGH?/HIBL?HK0/ 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH?0/ 
/:;E  KBO:MBHGH?/HIBL?HK0/ 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH?0/ 
/:;E  KBO:MBHGH?/HIBL?HK0/ 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH?0/ 
/:;E  KBO:MBHGH?/HIBL?HK0/ 
/:;E  /A$GBMB:E(BKHIKHIHLBMBHGLH?0/
/:;E  KBO:MBHGH?/HIBL?HK0/ 
/:;E 7HUPV8VHGWR5HIHUWRµSURSKHW¶DQGµ0XKDPPDG¶ 
/:;E  /KFLNL=MHK?KMHMA:GBLA:G=!KGAHGMKHOKLBL 
/:;E 7HUPVROORFDWHGZLWKWKH8VHRIµSURSKHW¶DQG 0XKDPPDG¶ 
/:;E  /KFL0L=MHLKB;MAFKB:G?BEF 
/:;E  /A0LH?MAH7HUPVµDQWL ,VODP¶µDQWL 0XVOLP¶DQGµDQWL SURSKHW¶ 
/:;E  (NLEBFL:G=AKBLMB:GLBGMAHKINL 
/:;E  /KFL0L=MHA:K:MKBS1BHEG 
/:;E  /KFLNL=MHA:K:MKBS(=B:!K=HF 
/:;E  $GMKMQMN:E-?KGBGMAHKINL 
/:;E  $FIHKM:GM.HB:E1HBLBGMAHKINL 
/:;E  +KHI:@:G=:BOBLBHGLBGMAHKINL 
/:;E  HFI:KBLHGH?MA.EM=)PLI:IKL 
/:;E  /A0L=-AMHKB:E=OBLBGMAHKINL 

!B@NK  GMB +KHIAM(NA:FF:=+KHI:@:G=: 
!B@NK 9DQ'LMN¶V6FKHPDRI1HZV'LVFRXUVH 
!B@NK $6XJJHVWHG5HSUHVHQWDWLRQRI9DQ'LMN¶V,GHRORJLFDO6TXDUHV 
!B@NK  /A.EM=(H=E:G=BML.MILH?G:ERLBL 
!B@NK  BLHNKL/HIBLH?MA.EM=HKINL
$$#

=B:MBHG
;;KOB:MBHGL 
/:;EL:G=!B@NKL  
HGMGML  
$GMKH=NMBHG  

 +KHIAM(NA:FF:=L.;)J;H 
 
 )PLBLHNKL $=HEH@RG=KBMB:EBLHNKLG:ERLBL  

 (MAH=HEH@R  

 G:ERLBLG=BLNLLBHG  

HGENLBHGL  

B;EBH@K:IAR
$%$

NKBG@ MA E:LM GMNKR HG?EBML :;HNM MA ?K=HF H? QIKLLBHG HG KEB@BHG  MAHN@AM :G=
HGLBGA:OPBMGLL=:=K:F:MBBGK:LBG(NLEBF:G=GHG (NLEBFPHKE=L /H=:RF:GR
(NLEBFHFFNGBMBLBGMA2LM:KK:EERLN??KBG@?KHFAHLMBEK:MBHGLMHP:K=LMAF:G=
MABLBLA:K:MKBS=;RB@GHK:G LNLIBBHG =I KHHM=IKCN=B :G= BGLHF:LL IARLB:E
:G=OK;:EA:K:LLFGM /ABLBLDGHPG:L$LE:FHIAH;B: PABA:G;KI:M=ER=?BG=:LMA
?:K H? HK IKCN=B= OBPIHBGML MHP:K=L (NLEBFL  $LE:F  :G= F:MMKL KE:M= MH MAF 
$LE:FHIAH;B: BL GHM : GP IAGHFGHG PAMAK BM BL H? =:BER ?HKFL H? K:BLF :G=
=BLKBFBG:MBHG  HK BM M:DL FHK OBHEGM :G= KBFBG:E ?HKFL :@:BGLM ANF:G KB@AML :G= LHB:E
HALBHGLBG BM BL GHMKE:M=MH(NLEBFL:EHG 2BMABGMA E:LM=:=H?MABLGMNKR :G=
I:KMBNE:KER:?MKMAOGMLH?.IMF;KMA
GMB +KHIAM(NA:FF:=HGMKHOKLRBLMAFHLM
NLN:E?HKFH?$LE:FHIAH;B: .NA?HKFLA:OGHMHGER=IBM=MA;BH@K:IARH?MA+KHIAM ;NM
A:O:ELHKBMBBL=ABLKEB@BHG:G=;EB?L 
/A IKLGM ;HHD BL : KBMB:E =BLHNKL :G:ERLBL H? MA KIKH=NMBHG H? MA :GBLA
:KMHHGHGMKHOKLR MA!KGA:KB:MNKL:G=MA0.?BEF#DDE9;D9;E'KIB?CI:LGMB
+KHIAM(NA:FF:=F=B:BGLEM=KBMBLA:G=FKB:GGPLI:IKL MHKO:EAHPMAR
A:O;GKIKH=N=B  HOK=:G=IHKMK:R= BGMAF=B:EBG@NBLMB:EER:G=B=HEH@B:EER 
/ALF=B:A:O=BKMKEO:GMHMAOGMLBGMAPHKE= :G=BGMNKGA:O:@K:MBFI:MHG
MABGLM:GMER A:G@BG@IKHLLH?LM:;EBLABG@GPK@BFLLIB:EERBGMAK:;2HKE= /AL
:K:ELH:LLHB:M=PBMAHGMKHOKLB:EIHEBMB:E=BLINML:FHG@MAIN;EB:G=IHEBMBB:GL
:MMA
EH:E :G= @EH;:E EOEL  /AK?HK  :KMBEL :K LEM= ?KHF MA P;LBML H? MPH KBMBLA
GPLI:IKL G:FER.;!K7H:?7D:G=7?BO'7?B :G=MAHMAKMPHFKB:GLG:FER /-
.E:7O:G=.;(;M3EHA.?C;I /AEBG@NBLMB:G=B=HEH@B:E:G:ERLLH?MAKIKH=NMBHGH?
MABLF=B:AEIBGNG=KLM:G=BG@MAKEO:GM:G=KNB:EBLLNL:HFI:GB=;RMABLI:KMBNE:K
=BLHNKL !KHF:GB=HEH@B:EIHBGMH?OBP BMBLGLL:KRMHGKBAHK=BG:KRIHIEMAKHN@A
KBMB:E :G:ERLBL H? MA =BLHNKL H? GMB +KHIAM (NA:FF:= F=B:  PABA PBEE K?EM MA
=B??KGMB=HEH@BL:=HIM= 
/ABL;HHD:BFL:MQ:FBGBG@MAKIKH=NMBHGH?GMB +KHIAM(NA:FF:=@G=::G=
F=B:BGMPHKBMBLAGPLI:IKL G:FER.;!K7H:?7D:G=7?BO'7?B :G=MPHHMAKFKB:G
G:FER /-.E:7O:G=.;(;M3EHA.?C;IBGOLMB@:MBG@MAKIKLGM:MBHGH?B=HEH@R
BG
MALEM=GPLI:IKLB=GMB?RBG@MAKIKLGM:MBHGH?:=EB;K:MIKHI:@:G=:BGMALEM=
HGMKHOKLBL:G=HGLHEB=:MBG@MAO:EB=BMRH?K@:K=BG@GMB +KHIAM(NA:FF:=(=B::L:
NGBOKL:EHGMKHOKLR !HKMAL:BFL MABL;HHDPBEEEHHD?HKMALLBFBE:KBMBL:G==B??KGL
MG=MHHFHNMBGMAKIKH=NMBHGH?MABLF=B:BGMAE:G@N:@H?MALEM=KBMBLA:G=
FKB:GGPLI:IKL:G=?HKMAKIKLGM:MBHGH?B=HEH@RBGMALEM=:KMBEL LB=L BM
PBEE LAHP PAMAK MA LEM= HGMKHOKLBL  G:FER :GBLA :KMHHG HGMKHOKLR  !KGA
:KB:MNKL:G=#DDE9;D9;E'KIB?CI MG=MHKO:ELBFBE:KHK=B??KGM:@G=::G=IKHI:@:G=: 
/AL PBEE E:= MA PKBMK MH LM:M MA:M GMB +KHIAM (NA:FF:= HGMKHOKLR BL HNMLM:G=BG@
GHN@AMH;:O:EB=LN;LMBMNMMHHMAKHGMKHOKLBLEBDGMB HFFNGBLF:G=GMB .FBMBLF 
/A;HHDBL=BOB==BGMH?HNKI:KML /A?BKLMI:KMBL==B:M=MHQ:FBGGMB +KHIAM
(NA:FF:= (=B: :G= MA K:EBS:MBHG H? MA IKHIAM :L MA )J;H  PBMA K?KG MH F=B: 
:@G=: LMMBG@ IKHI:@:G=::G:ERLBL :G=BLE:FHIAH;B=BLHNKL +:KMMPH=:ELPBMAMAMHIBL
H?GPL=BLHNKL B=HEH@R:G=KBMB:E=BLHNKL:G:ERLBL /AFMAH=HEH@RBLIKLGM=BGMA
MABK=I:KMPAKMAKL:KAJNLMBHGL MAFH=EH?:G:ERLBL:G==:M:HEEMBHGL:KLM:M= /A
?HNKMAI:KMBLMAKBMB:E=BLHNKL:G:ERLBLH?MALEM=:KMBEL?KHFMAKBMBLA:G=FKB:G
GPLI:IKL LB=L :IKHI:@:G=::G:ERLBL:G=BGMKMQMN:E:G:ERLBL:K=HG?HKH;CMBOBMRHG
MAHGA:G= :G=?HKMA:BFLH?MALMN=RHGMAHMAK HGENBHGLKE:M=MHMAO:EB=BMRHK
K?NM:MBHGH?MALMN=R:BFL:G=ARIHMALL:K:ELHBGEN== 
!BG:EER  $ PHNE= EBD MH QIKLL FR @K:MBMN= :G= :DGHPE=@FGM MH OKRHG
I:KMBBI:M=BGF:DBG@MABLPHKDO:EN:;E
$%#   

/ABLI:KMIKHOB=L:G:HNGMH?MAKIKLGM:MBHGH?+KHIAM(NA:FF:=:LMA)J;H
$LLNL
EBD $LE:FHIAH;B: AG?HKMA $*+  MA KIKLGM:MBHG H? $LE:F :G= (NLEBFL :L MA )J;H 
GMB +KHIAM(NA:FF:=(=B:AG?HKMA +(( 
:G=MAK:LLH?MABLF=B:PBEE;
HOK=
/AL BG:==BMBHGMHF:GRHMAKBLLNL PBEEHGLMBMNMMAGMB +KHIAM(NA:FF:=
@G=:AG?HKMA+( 

HMA 1:G BCD     :G= 2H=:D :  LM:M MA:M DGHPE=@ :;HNM HGMQM
KIKLGM= ;R NEMNK  ;EB?L  :G= IHEBMBL H? MA MHIB H? BGOLMB@:MBHG A:L :G BFIHKM:GM
BG?ENG :L BM ?:BEBM:ML MQM BGMKIKM:MBHG BG MA:M BM F:BGM:BGL MA :G:ERLBL H;CMBO :G=
HAKGMHGMAHGA:G= :G=E:=LMA=BLHNKL:G:ERLMLMHF:DF:GBG@?NEHGENLBHGLBGMA
IKHLLH?BGMKIKM:MBHG HGMAHMAKL:ELH!:BKEHN@A  
L ?HK MA IKLGM LMN=R  MA PKBMK BL DG MH LMN=R MA GMB +KHIAM (NA:FF:=
HGMKHOKLRAG?HKMA+( :G=BMLBGK:LBG@ER LN;LJNGMKIKH=NMBHG:G=OGML?KHF
:G G@EBLA E:G@N:@ IKLIMBO OB: MA ?HNK LEM= GPLI:IKL  ;R AHHLBG@ LHF GPL
LMHKBL HK :KMBEL ?KHF MABK P;LBML MH ; MA M:K@M MQML ?HK BGOLMB@:MBHG  'BG@NBLMB :G=
B=HEH@B:E :G:ERLBL H? DR OGML :EHG@ MABL HGMKHOKLR PBEE ; =HG PAG HG=NMBG@
JN:GMBM:MBO:G=JN:EBM:MBO:G:ERLL /ABLBLKM:BGERMHKIKH=NAHPMALGPLI:IKL:G=
MAGPLI:KMBBI:GMLK:MMHP:K=LMABLKBMB:E+( 

,+0)
NKBG@ MA E:LM GMNKR MA =;:M HG MA =?BGBMBHG  BFIHKM:G :G= ??ML H? F=B: E= MH
B=GMB?R F:LL HFFNGB:MBHG EBD MEOBLBHG  K:=BH  GPLI:IKL  :G= BGMKGM :L HG H? MA
BFIHKM:GMP:IHGLBGIHEBMB:E NEMNK:E:G=KEB@BHNLHG?EBML :G=$LE:F±2LMBLHGH?MAF 
/ALHG?EBMLA:OBGMNKG:MBO:M=MAREH?B=HEH@R A@FHGR :@G=: LMMBG@EBMK:MNK 
MHFGMBHG;NM:?P /ABLLMBHG=:ELPBMAF=B::G=LHFKE:M=BLLNL EBDBMLKE:MBHGMH
E:G@N:@:G=IHEBMBL 
(=B:
:K:G BG?ENGMB:E:G= BGM@K:EI:KMH?MH=:RL=:BER EB? :EEHOKMAPHKE=  LMA
µ)RXUWK(VWDWH¶
MARHGMBGNHNLERA:O:GMK:ELM:G LQVKDSLQJSHRSOH¶VLQGLYLGXDOVRFLDO
:G=NEMNK:EP:RLH?EBOBG@ (HKHOK F=B:AEINLG@HMB:M MAF:GBG@L H?PA:MBL:K
@HBG@HGBGMAPHKE==NMHC;:?77H;?CFEHJ7DJ7=;DJIEIE9?7B?P7J?EDL2BEEB:FL 
I  2BEEB:FLL:B=MA:MMABLLHB:EBS:MBHG:GAEIIHIEMHB;7HD78EKJJ;L7BK;I 8;B?;I7D:
DEHCIEEKHIE9?;J?;I:;L;BEFEKHEMDI;DI;E?:;DJ?JO7D:C;:?7J;EKH?DJ;H79J?EDM?JEJ;H
VRFLDOLQVWLWXWLRQVDQGZLWKHDFKRWKHU´I  (=B::GIK?HKFMABLBG:GNF;KH?P:RL 
:MBG@LHFMBFL:L³DVRXUFHRIFRQIOLFWDQGDWRWKHUVDVDVRXUFHRIFRQVHQVXV´1:GBCD 
 I  ELH MAF=B:LBG?ENGHGLHB:EEB?BLKBMB:E:G= PBMAHNM:DGHPE=@BG@
MABL BMBLBFIHLLB;EMHQ:FBGLHB:EKE:MBHGL L:KLNEM MAKE:MBHGLABI;MPGF=B::G=
LHBMRA:L;GK@:K==:GBFIHKM:GMHFIHGGMH?F=B:LMN=BL 
(=B: :L=HILQHGE2¶.HHIIH S BL³DEURDGWHUPZKLFKFDQUHIHUWRDWRWDOLWRI
EMH;7B?JO?IH;FH;I;DJ;:?D8HE7:97IJ7D:FH?DJ;:C;:?7IURPWHOHYLVLRQWRQHZVSDSHU´ /ANL 
BMK?KLMHIHEBMB:E BGMKOBPL A:MLAHPL K:=BHIAHG BGL :G=LHHG PAKMPHIHIEHK
FHK:KBGMK:MBG@:G=:G:N=BGBLEBLMGBG@ /AK?HK ³PHGLDGLVFRXUVHZLOOQRWEHYLHZHG
M?J?D7H;FH;I;DJ7J?ED7BRUFULWLFDOIUDPHZRUNEXWUDWKHUZLWKLQDQLQWHUDFWLRQDORQH´HEEBG
 I  :?:MK:EBS=;RF:CHKBMRH?MAHLPHKDBG@BGMABL?BE= /ANL BG:LH?=K:PBG@:
:KB:MNK  LSHFLDOLVWV OLNH 2¶.HHIIH  S  ;EBO MA:M : DBG= H? BGMK:MBHG HK
BGMK:MBOHFFNGB:MBHGBLIKLGM;MPGMAMPHHKFHKI:KMBBI:GML /AHLI:KMBBI:GML
LAHNE=:@KHG:GNG=KLM:G=BG@H?:K:G@H?LA:K=LI: ::AH?LA:K=DGHPE=@ :G=:
LGLH?HFFHGB=GMBMR G=MAL?:MNKL:KF:KD=MAKHN@AE:G@N:@NL 
#HPOK F=B:BL:GMK:E BG?ENGMB:E :G=NEMNK:EMQMIN;EBLA=:L:K=B;ELHNKH?
NQRZOHGJHRIFXUUHQWHYHQWVHWLWFUHDWHVWKHUHDOLWLHVWKDW LWµGHVFULEHV¶RUDV:LOVRQ 
I  LM:ML³PHDQLQJVDUHRXUV´ EEGK I  :K@NLMA:MMAIKH=NMLH?F=B:NEMNK
IKHOB=MA
C7J;H?7BIEKJEM?9M;EH=;EKH?:;DJ?J?;IEKHI;DI;EI;BEE:EKH
DEJ?EDEM7J?JC;7DIJE8;C7B;EH;C7B;EKHI;DI;E9B7II ;JD?9?JO
7D:H79; ED7J?ED7B?JO EI;NK7B?JO7D:EKIR7D:J;C ';:?7?C7=;I
;BFI7F;EKHL?;MEJ;MEHB:7D:EKH:;;F;IJL7BK;IM7JM;9EDI?:;H
=EE:EH87: FEI?J?L;EHD;=7J?L; CEH7BEH;L?B 

HGLJNGMER F=B:BL:IKH?HNG=LHNKH?NEMNK:EI=:@H@RPABABGLMKNMLIHIEBGP:RL
H? ;BG@ PAMAK MABL BL BG MA IK?HKF:G H? @G=K  :@  E:LL  K:  G:MBHG:EBMR BG
FRQVXPSWLRQDQGOHLVXUHRU³?D9EDEHC?JOJE7:EC?D7DJIOIJ;CEDEHCI L7BK;I FH79J?9;I7D:
LQVWLWXWLRQV´I  
2BMABG MA L:F K:G@  ':N@AR   I   =?BGL F=B: :L J;9DEBE=?;I J7J
9ECCKD?97J;C;II7=;IJE7K:?;D9;I?D:?;H;DJF7HJIE7H;=?ED 9EKDJHOEH;L;DJ;MEHB: 
7KHVHPHGLDZKLFKDUHPRUHDFFXUDWHOGHVFULEHGDVµPDVVPHGLDDUHWKHPRVW H;OBHNL:G=
?:FBEB:KMHIKLGM±=:REB? /AMKFµPDVV¶LQWKLVVHQVHUHIHUVWR³WKHPDVVLYHUHFHSWLRQRI
PHGLD VXFKDVWHOHYLVLRQILOPDQGVRRQ´ BEL  I  HK=BG@MHBF:@@BH 
I  F:LLF=B:BL=?BG=:LBGEN=BG@J;;DJ?H;IF;9JHKCC7?DIJH;7CC;:?7 ?D9BK:?D=DEJ
@KIJD;JMEHAD;MIIJ7J?EDIB?A;- ( 7D: 7BBEM?9 7L;8;;D:;I9H?8;:7IJ;
FH;;HH;:D;MIC;:?KCEJ;C;H?97DC7II;I +KBGMF=B: I:KMBNE:KEREBMF=B:HNMEML
EBD /- .E:7O  .; (;M 3EHA .?C;I  17I?D=JED *EIJ  :G= EI D=;B;I .?C;I :K :ELH
BGEN== IKBF:KBER;:NLJ;OI;JJ;JED;7D:7=;D:7EHH;FEHJ?D=9EC?D=EKJEBE97BBO
87I;:D;MIF7F;HII  :LPEE:L?HKG:MBHG:E:G=EH:EIKBFMBFMEOBLBHGGPLIKH@K:FL 
:G=:;E:G=K:=BHGPL 
 /AEBMK:MNKH?MA=OEHIFGMH?F=B:MAHKRBLLHKBA:G=HEHNK=;R?HNK?HKFL
H?BG?ENG :G=MAL:KMAF:GLH?HFFNGB:MBHG MA=OEHIFGMBGF:KDM;NLBGLL

WKH GHYHORSPHQW LQ WKH VRFLDO WKHRU DQG WKH GHYHORSPHQW LQ WKH SROLWLFDO WKHRU /DXJKH¶V
 %;O.;C;I?D';:?7.;EHOIKLGML:=M:BE=MK:MFGMH?MABLEBMK:MNKLM:KMBG@PBMA
/DVVZHOO¶V PRGHORIFKDLQRIFRPPXQLFDWLRQ  S WLOO%RXUGLHX¶V WKHKDELWXVDQGILHOGWKHRU 
I ? HGKGBG@MA?BKLMBG?ENG ':N@ARLM:MLMA:MF=B:I:LL=?KHFIKBGM=?HKFMH
FNEMBF=B:HGL :G=MABGK:LBG@=IG=GHGMABGMKGM:G=LHB:EHFFNGB:MBHGF=B:
A:L OB=GMER LG KGM =OEHIFGML BG MA (B==E :LM  :L :G Q:FIE  !HK MA LHG=
BG?ENG  ':N@AR I ?  FGMBHGL MAK BFIHKM:GM LM:@L  :G= MAL :K A:OBHNKBLF 
.MKNMNK:EBLF :G=$GMK:MBHG
!HKMK:BG@MABG?ENGH?;NLBGLLF:KDM ':N@ARLM:MLMA:M
MA EBMK:MNK A:L PBMGLL= =K:F:MB A:G@L =N MH MAHKBL H? HGLNFIMBHG  :G= FH=EL H?
5LW]HU¶V0F'RQDOGL]DWLRQ)LVNH¶VRQVXPHU5HVLVWDQFH'HHUWHDX¶V(YHUGD7DFWLFVDUHXS
MH =:MQ:FIELLEQ:G=K M:E  !HKMAE:LMBG?ENG G:FERMA=OEHIFGMH?
MA IHEBMB:E MAHKR  ':N@AR MK:L MA BG?ENG H? +KHI:@:G=: AG?HKMA +  MAGBJN 
:@G=: LMMBG@  FH=KGBMR  IHLMFH=KGBLF  HEHGB:EBLF  IHLM HEHGB:EBLF  ?FBGBLF  @G=K
MAHKR :G=IHEBMB:EHGHFR !HKMAINKIHLH?MAIKLGMLMN=R MALHG=BG?ENGBLFHK
KEO:GM:G=KEB:;EMA:GMAHMAKMAK LIB:EERLBG+(BLF:BGERH?IHEBMB:EG:MNK
#'*+('/'!('.!+0-.#
!MSK':NK;:A; I  A:O=LKB;=MAKE:MBHGL;MPGMAF=B::G=IHEBMBL:L
DQ ³H[LVWHQWLDO H[FKDQJH VVWHP´ RU D ³KDSS VPELRVLV´ LQ ZKLFK
?DEHC7J?EDEDJ;F7HJEJ;FEB?J?9?7DI ?I;N97D=;:EHFK8B?9?JOEDJ;
F7HJEJ;C;:?7 ±78ED:J7JA;;FI=HEM?D=J?=J;H7IJ;C;:?78;9EC;
CEH;7D:CEH;IK8@;9JJEJ;9ECC;H9?7B?CF;H7J?L; 

6XFKDµKDSSVPELRVLV¶;MPGMAF=B::G=IHEBMBLBLMAHIIHLBMMHMAPHGLD¶VUROHDV
³DQHXWUDOPHGLDWRUDQGFULWLFDOPRQLWRURISROLWLFV´I  :G=BMBLGHM=FHK:MB:EER:IM=
HK E@BMBF:M=  /AK?HK  BM BL NGEBDER  HK BFIHLLB;E  MH IKLGM BMLE? HG MA LNK?: H?
µLRF;HEBSROLWLFV¶ -:MAK BMF:GB?LMLBMLE?BGIAGHFG:EBDMALM:@=:GM:@HGBLF PABA
BLLGBGOBLN:EIHEBMB:EM:EDL:G=BGMKOBPL 
HGKGBG@MAIKLGM =:RLM:MNLH?MAKE:MBHGL;MPGMA F=B: IHEBMBL :G=MA
IN;EB  ³WKH UHOHYDQW GLVFRXUVHV LQ FRPPXQLFDWLRQ VWXGLHV SROLW?97B 9ECCKD?97J?ED  7D:
:?I9EKHI; 7D7BOI?I 7H; L;HO IA;FJ?97B I  ´  /AK BL KBMBBLF  :L LM:M= ;R 'PBL  
I ? MA:M
?J7BBIIEHJEJ;:;CE9H7J?9?:;7B799EH:?D=JEM?9H;; E8@;9J?L;7D:
I9HKFKBEKIC;:?7?DEHCJ;FK8B?9EDFEB?J?97B:;9?I?EDI7D:?IIK;I 7JJ;
I7C;J?C;9EDJHEBB?D=J;79JEHI?DJ;FEB?J?97BIF;H;8O?DI?IJ?D=EDJ;
JH7DIF7H;D9OEJ;FEB?J?97BFHE9;II7D:EDJ;@KIJ??97J?EDE?JI:;9?I?EDI
JEJ;FK8B?9

ELH  ;:NL H? MA HFFKB:E IKLLNK :G= ;G?BML KIKLGM= ;R :N=BG K:MBG@L HK
GNF;KLH?HIBLLHE=LEQ:G=K M :E  MAF=B::KL:B=MH;@BOBG@BGMH 7
J;D:;D9O JE C7A; FEB?J?97B :?I9EKHI; CEH; ;DJ;HJ7?D?D= 8O JH?L?7B?P?D=  F;HIED7B?P?D= 
:H7C7J?P?D=  9EDL;HI7J?ED7B?P?D= 7 IE9?7B :EC7?D M?9 :;F;D:I ED 7D ?DEHC;: FK8B?9 
H;IF;9J?L;BO ;B;9JEH7J; EH :;CE9H79O JE MEHA´ )HW]HU  /DXHUEDFK E S?  :G=
NG?HKMNG:MER MABLBLMAP:RMA$K:J2:K:G=:GBLA:KMHHGLA:O;GMK:M= !HK
MABKI:KM MAIHEBMBB:GL:KHG=FG=?HKNLBG@MALHB:EF=B:EBD!:;HHD /PBMMK:G=
4HN /N; MH BG?ENG IN;EB HIBGBHG BGLM:= H? @BOBG@ K:E BG?HKF:MBHG  :G= MABL A:L ;G
:ABO=;R³HPSORLQJSURIHVVLRQDOSXEOLFUHODWLRQVVWUDWHJLHVDQGµVSLQQLQJ¶ZKDWLQIRUPDWLRQ
WKHGRSURYLGH´%HLIA  I  
/PHFH=EL:K:O:BE:;E?HKMAKE:MBHGL;MPGIHEBMBL:G=F=B: HGMAHGA:G=
:G=PBMAIN;EB HGMAHMAK /A?BKLMLV%OXPOHU *XUHYLWFK¶V S?? FH=E BM=BG
!MSK  ':NK;:A ;  I ?  H? : LRLMF H? IHEBMB:E HFFNGB:MBHG PAK ?HNK
BGMKKE:M=LN;LRLMFL:KIKLGM
x MALRLMFH?MAF=B:PBMAKLIMMHMABKIHEBMB:E:LIML 
x WKH VVWHP RI WKH SXEOLF¶V H[SHFWDWLRQV DQG RULHQWDWLRQV UHJDUGLQJ SROLWLFDO
HFFNGB:MBHG 
x MALRLMFH?IHEBMB:EBGLMBMNMBHGLPBMAKLIMMHMABKHFFNGB:MBHG:LIML 
:G=
x HFFNGB:MBHG KEO:GM:LIMLH?IHEBMB:ENEMNK 

:L=HGMAIKLIMBOLH?BGJNBKR :L:??BKF=;RENFEKNKOBMA HG:G
HGGMK:MHGHGH?MAL?HNKLRLMFL:M:MBF AHE=BG@LBFNEM:GHNLERBMLKE:MBHGLMHMA
RWKHUV7KLVFRQFHSWRIUHSUHVHQWDWLRQLVXVHGLQWKHSUHVHQWVWXGDVµUHSURGXFWLRQ¶ZKLFKPHDQV
ZKDWDQGKRZWKHDXGLHQFH¶VUHDFWLRQV:KMHMA:MLMAIKH=NKIKLGM=MAKHN@AF=B: 
/H
IROORZ)HW]HU /DXHUEDFK¶VDUJXPHQW E SROLWLFDOGLVFRXUVHLQWKHPHGLDUHIHUVWR
x ³WKH GLVFRXUVH E SROLWLFDO DJHQWV LQ WKH PHGLD´ S  :L LIHDLIKLHGL BG MA
I:KEB:FGM:KR=;:MLHKIKLLHG?KGL
x ³WKH GLVFRXUVH RI MRXUQDOLVWV M?J FEBLWLFLDQV LQ WKH PHGLD´ S   EBD BGMKOBPL  BG
LIHDG:G=PKBMMGF=B:
x ³WKHGLVFRXUVHRIMRXUQDOLVWV78EKJSROLWLFVDQGSROLWLFDODJHQWVLQWKHPHGLD´ S :LBG
MA:LLH?:G:ERLBL KIHKM HFFGM:KR M ;RMALI:DKLH?GPLIKH@K:FFL ;R
LMN=BHQIKML:G=HKKLIHG=GMLHGEH:MBHG 

(=B: =BLHNKL EBD K:=BH :G= MEOBLBHG GPL  LM:@= IE:RL BGMKOBPL  LKFHGL 
OHFWXUHVDQGWDONVKRZVLV³7F7HJ?9KB7H97BB;D=;EHFEB?J?97B:?I9EKHI;7D7BOIJI ?DJ7JJ;
;J;HE=;D;EKI7K:?;D9;I?DC7II C;:?7:?I9EKHI;C7O9ECFH?I;DEJEDBO:?;H;DJD7J?ED7B7D:
?DJ;HD7J?ED7B J7H=;JI  8KJ 7BIE :?;H;DJ ?:HRORJLFDOO GHILQHG JURXSV´I  
 /ABL G=L
KL:KAHG;HMAIKH=NMBHG:G=KIMBHGLB=LH?MAHFFNGB:MBOIKHLL 2A:MIHIE:G
EHHDIRURQWKHSURGXFWLRQVLGHLVWKHGLVFXUVLYHWUDFHVRIMRXUQDOLVWV¶DQGSROLWLFLDQV¶FRQFHUQWR
FNEMBIE:==KLLLPBMA=B??KGM:??BEB:MBHGL:G=BGMKLMLHGMAHGA:G= :G=PBMA=B??KGM
NEMNK:E :G= LN; NEMNK:E ;:D@KHNG=L  HG MA HMAK  *G MA KIMBHG LB=  MABL F:GL
:?I9EKHI;7D7BOJ?97K:?;D9;H;9;FJ?EDH;I;7H9 M?9?IIJ?BB?D?JI?D7D9O.MKXMA2H=:D 
 I  
/A=BLHNKLH?IHEBMBL  CNLM:LHMAK=BLHNKLLH?LHBMR :G= BML=B??KGMP:RLH?
BGM@K:MBG@PBMAMAF:LLF=B:=BLHNKL BLLN;CMMHHGLM:GMA:G@ .NAA:G@L :LLM:M=
;R!:BKEHN@A I ?? FBKKHKMAFLEOLMAKHN@A³WKHKEULGL]DWLRQRILWVFRPPXQLFDWLYH
=;DH;I±8O?D9EHFEH7J?D=;7JKH;IEED;=;DH;?DJE7DEJ;H 7D: EH8O78B;D:?D=E=;D;H?9
IJOB;I EH8O:H7M?D=EDEJ;HEHCEH;:?I9EKHI;IJ7D8;EH; .BFBE:KER !MSK':NK;:A
; I  =LKB;IKLGM =:RIHEBMB:E=BLHNKLBGMAF=B::L?HEEHPL

6BM77I8;9EC;O8H?:?DJ7J?J7HJ?9KB7J;IJE=;J;HJ;EH:;HIE:?I9EKHI;
E J; FEB?J?97B IOIJ;C 9EDL;DJ?ED7B  E?9?7B FEB?J?9I  E J; C;:?7  E
I9?;D9; 7D: J;9DEBE=O  E =H7IIHEEJI IE9?EFEB?J?97B CEL;C;DJI  E
EH:?D7HO FH?L7J; B?;  7D: IE EHJ ± 8KJ ?D 7D KDIJ78B; 7D: I?J?D=
9ED?=KH7J?ED 

/ABLOBPA:L;G=LKB;=;R.MKXMA2H=:D I ? 
:L:MNKG:P:RH?LAHPBG@MA:M
MA:G:ERLBLH?MAFBKH EOEH?F=B:BGMK:MBHGHOKPB@ALMA:G:ERLBLH?MAF:KH EOEH?
LHB:EBGLMBMNMBHGL !NKMAKFHK MAKE:MBHGL;MPGMAF=B: IHEBMBL:G=MAIN;EBLIAK
A:OMK:=BMBHG:EER;GHGBO=H?:LC79HE IJHK9JKH7BF;DEC;D77D:CK9J;EH?P?D=ED
J;F7HJEIE9?EBE=O C;:?7IJK:?;I7D:FEB?J?97B9ECCKD?97J?ED7L;=ED;?DJE;BK9?:7J?D=J;
UHODWLRQVEHWZHHQWKHP´I  

#2.#'
)PLF=B::KHGH?MA?P?HKFLH?HFFNGB:MBHGBGMANKKGMPHKE=MA:MEMLIHIEL
IE:LMARA:OGOK;GMH :G=K:=:;HNMIHIEMARA:OGOKFM $MLNL:GMEEMAF
MH:E:K@QMGMAHPE:G@N:@KIKLGMLMALHB:EF:GBG@L:G=LMKHMRIL2BELHG  
I  NMHMABLKNB:ELB@GB?B:G MAF=B:A:OPBMGLL=FNAIKH@KLL:G==OEHIFGM
BGMAE:LMMAK=:=L:G=HGLJNGMER@:BG=HGLB=K:;E :MMGMBHGBG:P:RMA:MA:LGHM
A:IIG=;?HK $MA:L;G:DGHPE=@=;RF:GR=BLHNKLIK:MBMBHGKL EBD!:BKEHN@A
 I ? MA:MMAF=B::KMAF:BG:MHKBG:KOBG@:G=HKBGMBG@IN;EBHIBGBHGMHP:K=L
LB@GB?B:GMBLLNLI:KMBNE:KERBGMANKKGMPHKE= :PHKE=MA:MBL;BG@=LKB;=:L:PHKE=H?
F:LLHFFNGB:MBHG
/AKBL:;H=RH?EBMK:MNKMA:MLNIIHKMLMAARIHMALBLMA:MGPLF=B:BG?ENGL
IN;EB:MMBMN=L:G=KIKLGMLBLLNL?KHFMALB=HKMAIKLIMBOLBM?:OHNKL /ABL;H=RH?
EBMK:MNKFIA:LBSLMA:MMABG?ENGH?MAF=B:HFL?KHFMAGMK:EBMRH?B=HEH@RBG
OKRMABG@MARKIHKMHKIKH=NL5BSD :G=(:=HG:E=  NMHMAGMK:EBMR
:G= BG?ENG H? B=HEH@R BG F=B: =BLHNKL  MA F=B: A:O ;HF MA ?HNL H? F:GR
IK:MBMBHGKLBGMA?BE=H?E:G@N:@:G=KIKLGM:MBHGHKPA:MBLDGHPG:LF=B:LMN=BLEE
:KKMM  
 /AHN@A E:G@N:@ BL GHMMAHGER F:GLMAKHN@APABA ANF:G ;BG@L BGMK:MBGMA
PHKE=H?F=B: BMBLMAF:BG?HNLH?F=B::G==BLHNKLLMN=BL /ABLHNE=;=NMHMPH
F:BGK:LHGL1:GBCD  A  /A?BKLMK:LHGBL=NMHMA?NGMBHGH?MAF=B:PABABL
F:BGER B=HEH@B:E  NM IK:MBMBHGKL BG MA ?BE= FIA:LBS MA:M :GR :MMFIM MH KH@GBS
B=HEH@R PBEE ; :;HKM= B? E:G@N:@ BL G@EM=  HK=BG@ MH !:BKEHN@A   I   
E:G@N:@BLMAAHFH?:EEB=HEH@R :G=AGA@BOLBM:KNB:E:G:ERMB:EKHEBGB=GMB?RBG@
:G=:G:ERSBG@B=HEH@BL 
 /ALHG=K:LHGBLMA:MF=B::G=E:G@N:@:K;HMALRLMFLH?KIKLGM:MBHGPABA
BG HK=BG:KR IK:MB :G= NL =H GHM IKLGM K:E EB? ;NMMAR K KIKLGM BM 1:G BCD  
I  $GMABLIKLIMBO E:G@N:@BLGHMLG:L:;LMK:M@K:FF:MB:E:M@HKBL:LBMBLOBP=
PBMABG MK:=BMBHG:E EBG@NBLMBL  $GLM:=  BM BL OBP= :L : F=BNF MA:M BL BFIK@G:M= PBMA
B=HEH@R .BFBE:KER EE:KKMM  :G=F:GRHMAKEBG@NBLMLEBD!:BKEHN@A L
E:G@N:@ :L : IHEBMB:E MHHE PBMA : IHMGMB:E MHHGOR FLL:@L  =IBM BF:@L :G= F=B:M
HGIMLMHK?EM:G=MAGBG?ENGMAQIKLLBHG:G=?HKF:MBHGH?LHB:EEB? NEMNK :G=
IHEBMBL 
/H1:GBCD I ? MALHB:EKIKH=NMBHGIKHLLH?MAF=B:?NGMBHGL;HMA
B=HEH@B:EER:G=IHEBMB:EER !KHF:GB=HEH@B:EIHBGMH?OBP MAF=B:HGMBGN:EERF:G:@
=:M:IKH=N=BGLHB:EEB?BGHK=KMH;BGM@K:M=BGMH:HGLBLMGMB=HEH@B:ELRLMF /A:MBL 
MA F=B: AEI MH BG?ENG :G= LA:I MA B=HEH@B:E LMKNMNK H? MA LHBMR  +HEBMB:EER
LI:DBG@ MAF=B:F:BGM:BGLGLH?MAPHKE=?HKMAF=B: IKH=NMHGLNFKL #DIE7H7I
?:;EBE=?;I7H;J?;:?DJE7D:7H?I;EKJEIE9?7B7D:C7J;H?7BFH79J?9;I7D:=?L;;NFH;II?ED7D:
7HJ?9KB7J?ED JE J;C  J; C;:?7 ?D;L?J78BO 7L; 7 FEB?J?97B ;;9J ED IE9?7B H;FHE:K9J?ED
#:K=F:G    I  HFBG:GM F=B: =BLHNKLL MAG :K LN;CM MH  MA LMKN@@E HOK
KIKLGM:MBHG :G= MA HNKL H? MABL LMKN@@E  (HK LIB?B:EER  J; C;:?7 7;9J 7D: 7H;
7;9J;:8OFEM;HH;B7J?EDIM?J?DJ;IE9?7BIOIJ;C M?9C;7DIJ7JC;:?7:?I9EKHI;IFHEL?:;
;HJ?B;=HEKD:IEH7D?:;EBE=?97BBOEH?;DJ;::?I9EKHI;7D7BOI?II  


 380 645/,89/)22)+.,3+)
NKBG@ MA E:LM MAK =:=L  I:KMBNE:KER :?MK MA K:; $LK:EB HG?EBM  MA F=B: A:O
PBMGLL= : =K:F:MB:EER LQFUHDVLQJ XVH DQG UHSHWLWLRQ RI  WHUPV OLNH µ0XVOLPV¶ ¶,VO:P¶
¶,VODPLVWV¶ µPLJUDQWV¶ µMLKDGLVWV¶ µ0XKDPPDG¶ DQG µSROLWLFDO ,VODP¶ WR PHQWLRQ EXW D IHZ
.MN=BL HG $LE:F ±2LM KE:MBHGLHG?EBML =;:ML P:KL  HK HMAKL  K:A= MH MAHNL:G=L 
$PRQJWKHVHDUHWKHRQHVZLWKWLWOHVRIµ2ULHQWDOLVP¶)URPMBEE MAK;HHDL:II:K=
WRLQIODPHWKHVHFRQIOLFWVDQGWKHVHDUH6DLG¶V )H?;DJ7B?IC  5XVKGLH¶V-7J7D?90;HI;I
 DQG+XQWLQJWRQ¶V.;E:LAE?L?B?P7J?EDI  .BFBE:KER BGMABLIKBH= MA
(B==E :LMA:=PBMGLL=MPH+:ELMBGB:G$GMB?:=:L NE?2:K$$K:J $K:G :G=NE?2:K$$
NP:BM BGO:LBHG 2BMABG MAK R:KL  MPH OKR =K:F:MB OGML HNKK=  E:=BG@ MH PA:M BL
DGHPG:L.;(;M1EHB:)H:;H :G=MAL:K.IMF;KMA  DQG6DGGDP¶VUHPRYDOLQ
$K:J2:K /ALOGML:KMAF:BG MHFGMBHG;NM:?P E:OBG@MAPHKE=BGMHGP
A:G@L BG :EE =HF:BGL  /AL A:G@L BG MNKG A:O K=KLL= MA PHKE= BG @GK:E  :G= MA
(B==E :LM BGI:KMBNE:K /AL=KLLL:K:EP:RLK= /AREEHPHGL:K:@:BGLM$LE:F:G=
BML+KHIAM /ABLLMBHGQ:FBGLMAMGM:MBO:@G=::@:BGLM+KHIAM(NA:FF:=MABLBL=HG
;RHNMEBGBG@MAIK==;IJ;:;ENIKBGM B?IKLGMBG@BMBGMABLP:R :ME:LMMHMA;LMDGHPE=@H?
MAPKBMK MABLA:LGHM;GA:G=E=;?HK 
-GMER MAK A:L ;G DQ LQFUHDVLQJ PHQWLRQLQJRIWHUPV OLNHµDJHQGD¶DQGµDJHQGD
VHWWLQJ¶ LQ PHGLD WR WKH H[WHQW WKDW DJHQGD LMMBG@ BL : GLL:KR IKKJNBLBM HG=BMBHG ?HK
IHEBMB:E:MHKL:G=MABK=BLBHG F:DBG@IKHLL +KBGG I  LBFIER=LKB;LMABLBG
MA?HEEHPBG@P:R

.EI;MEM7DJJE97D=;7D;N?IJ?D=FEB?9O?HIJ7L;JE=;JJ7J?IIK;ED
J;7=;D:7 J7J?I 7JJH79JJ;7JJ;DJ?EDE:;9?I?ED C7A;HIJE?J EDL;HI;BO 
JEI; ME7H;7FFO M?JJ; IJ7JKIGKE M?BB JHOJE A;;FJ;?IIK;EJ;
7=;D:7J7J?I FH;L;DJ:;9?I?ED C7A;HIHECJ7BA?D=78EKJ?J 8;97KI;DE
7=;D:77JJ;DJ?EDEH7D?IIK;?IJ;8;IJ=K7H7DJ;;J7JJ;IJ7JKIGKEM?BB8;
C7?DJ7?D;: 

/ANL  MA IHEBMB:E :@G=:L ?HKF :G= HGMGM :K AB@AER KHFFG== ?HK NG=KLM:G=BG@
IHEBRF:DBG@ $GMA0. MAABLMHKRH?:@G=: LMMBG@LMN=BL:G;MK:=;:DMHMA:KER
L PABEMA NKHI:GHGL:KFHKKGM ;NMJNBDERA:O;HF:GHNMLM:G=BG@I:KMH?
MAPAHEEBMK:MNK 
/A 7=;D:7 I;JJ?D= FHE9;II BL :G HG@HBG@ HFIMBMBHG MH @:BG MA :MMGMBHG H? F=B:
QIKML:G=IKH?LLBHG:EL IHEBR :G=EBMLH?MAIN;EB @G=: LMMBG@H??KL7D;NFB7D7J?ED
EMO?DEHC7J?ED 78EKJ 9;HJ7?D?IIK;I 7D:DEJEJ;H?IIK;I  ?I7L7?B78B;JE J;FK8B?9?D 7
:;CE9H79OEMFK8B?9EF?D?ED?II7F;:7D:MO9;HJ7?D?IIK;I7H;7::H;II;:JHEK=FEB?9O
79J?EDI M?B; EJ;H ?IIK;I 7H; DEJ:KBG@  -H@KL   I   /ANL  :@G=: LMMBG@ BL MA
LMN=RH?MK:BG@LHB:EA:G@:G=HKLM:;BEBMR 
/A :@G=: LMMBG@ :IIKH:A LDL MH KD9EL;H BED= J;HC ± DEJ IEHJ J;HC ± C;:?7
;;9JI ':N@AR    I   HK=BG@ MH :KBG@  -H@KL   I ??  :@G=: LMMBG@
MAHKR A:L OHEO= ?KHF : EHG@K MAHKMB:E MK:=BMBHG HGKG= PBMA AHP IN;EB HIBGBHG BL
LA:I=;RF=B:KIKLGM:MBHGLH?MAPHKE=HNMLB= %HNKG:EBLMLBGI:KMBNE:KBG?ENGIN;EB
HIBGBHG :HK=BG@ MH MA L:EBG MAR @BO MH KM:BG GPL BMFL L :KKHEE ;  I  
)PLI:IK LMHKBL  :L :G Q:FIE BM= ;R :KBG@  -H@KL   :K LEM= :G= MAG
HK=K=BGMKFLH?KM:BG GPL O:ENL !HKBGLM:G MAFHLMGPLPHKMARLMHKBL:K@BOG
E:K@A:=EBGL:G=?KHGM I:@HOK:@ELLGPLPHKMARLMHKBL:KIE:=?NKMAK;:DBGMA
GPLI:IK:G=@BOGELLIKBGMLI: G:@G=: LMMBG@MAHKR7II;HJIJ7J7K:?;D9;I79GK?H;
J;I; I7B?;D9;I HEC J; D;MI C;:?7  ?D9EHFEH7J?D= I?C?B7H I;JI E M;?=JI ?DJE J;?H EMD
7=;D:7I I   (HF;L   :??BKFL MA:M MAK :K  ?HNK KAMHKB:E NL :??MBG@ MA
:@G=: LMMBG@ IKHLL ;R =K:PBG@ :N=BG :MMGMBHG MH MA L:EBG H? I:KMBNE:K GPL
BMFLI  

  )UHTXHQFRIUHSHWLWLRQWKHµUROOLQJ¶QHZVVWRULVGHHPHGWREHVDOLHQW
  /AIKHFBGGPBMAPABABMFL:K=BLIE:R=A:=EBGGPL ;R=?BGBMBHG BL:LLNF=
MHA:O@K:MKLB@GB?B:GMA:GLF:EEKGPLLMHKBL 
  /A=@KH?HG?EBMIKLGMBGMAGPLBMFIHEBMB:EL:G=:EL:KFHKGPLPHKMAR
MA:GIHEBMB:EHGLGLNL ?HKQ:FIE 
  /A ?K:FBG@ H? : GPL BMF ± BG PA:M HGMQM:G= PAG BM :II:KL LNFFK AHEB=:R
PDG=L:KH?MG:NMHM:ED:;HNMQLLBOMG:@OB=H@:FLHGLNFIMBHG ?HK
BGLM:G
/A;:LBHGENLBHG=K:PG;R(HF;L:G=HMAK:@G=: LMMBG@ MAHKBLMLBLMA:M:GR@BOG
F=B::@G=:PBEE@BOKBLMH:IN;EB:@G=:HOKMAHNKLH?MBF $GMABLKLIM ':N@AR
  I ?  LM:ML MA:M MA ?BG=BG@L H?  FIBKB:E KL:KA ?HK :LLLLBG@ :G :@G=: LMMBG@
:IIKH:AEKD:J7JEKHCEDJIM7IJ;EFJ?CKCIF7DEJ?C;8;JM;;DFH;I;DJ7J?EDE7C;:?7
7=;D:77D:7I7L?D=?BJ;H;:79HEIIJEJ;FK8B?9H;7BC  GHMAK?BG=BG@?KHFMA:@G=:
LMMBG@:IIKH:AP:LJ;I7B?;D9;EC;:?7?C7=;IEL;H?IIK;IEHH;7:;HI ?DH;IFEDI;JEJ;
;:?JEH?7B:;9?I?EDIED;MIF7F;H@EKHD7B?IJIJEEH;=HEKD:FEJE=H7FO(HF;L  I  
@G=: LMMBG@LMN=BLH??K:LHEB=LM:QFHWRVWXGWKHµVHFRQGIDFHRISRZHU¶ZKLOHJ;
?HIJ79;EFEM;H?IJ;FEM;HJE?DBK;D9;:;9?I?ED C7A?D=ED7=?L;D?IIK; I  MABLBL
MA?HKFH?IHPKMA:MBL?HNL=HGBGMAKL:KAH?=BLBHG F:DBG@ /ALHG=?:BLMA
IHPKMHF:BGM:BGBLLNLH??MA:@G=: $GGHKF:ELBMN:MBHGL MABLPBEE;G@EM=BGLMN=BLH?
MAIKHLLLH?=BLBHG F:DBG@ ;NMBM:G;LMN=B=;R:G:ERLBG@MA:@G=: LMMBG@IKHLLL
NG=KERBG@ MA IHEBMB:E :@QGD DV D ZKROH DVWHOOV¶  S  HGMFIHK:KR =?BGBMBHG H?
µSRZHU¶LVYHUXVHIXOIRUWKHFXUUHQWGLVFXVVLRQ

*EM;H ?I J; H;B7J?ED7B 97F79?JO J7J ;D78B;I 7 IE9?7B 79JEH JE ?DBK;D9;
7IOCC;JH?97BBOJ;:;9?I?EDIEEJ;HIE9?7B79JEHI ?DM7OIJ7J7LEHJ;
HPSRZHUHGDFWRU¶VZLOO?DJ;H;IJI 7D:L7BK;I *EM;H?I;N;H9?I;:8OC;7DI
E9E;H9?EDEHJ;FEII?8?B?JOE?J 7D: EH8OJ;9EDIJHK9J?EDEC;7D?D=
ED J; 87I?I E J; :?I9EKHI;I JHEK= M?9 IE9?7B 79JEHI =K?:; J;?H
79J?ED *EM;HH;B7J?EDI?FI7H;H7C;:8O:EC?D7J?ED M?9?IJ;FEM;H
J7J?I;C8;::;:?DJ;?DIJ?JKJ?EDIEIE9?;JO 

G=MABL@BOLBGMNKGMACNLMB?B:MBHG?HKMHI =HPG:@G=:BGLM:EE:MBHG LBGBMBL:F:MMKH?
GHJUHHQRWµRQ¶RUµRII¶DJHQGD7KHUHIRUHCK9EJ;FEB?J?97BIJHK==B;7HEKD:7=;D:7 I;JJ?D=
?I9ED9;HD;:M?JCEL?D=?IIK;I?=;HKFJ;7=;D:7EHFKI?D=J;C:EMD/:EE;K@ I 
 
G :@G=:  :L =?BG= ;R :BG@  -H@KL   I   BL 7 I;J E ?IIK;I J7J 7H;
9ECCKD?97J;:?D7?;H7H9OE?CFEHJ7D9;7J7FE?DJ?DJ?C; /AR?NKMAKHG?BKFMA:MMA
:@G=: BL =?BG= :HK=BG@ MH MA BLLN Q:FBG=  !HK Q:FIE  BG IHEBMB:E MKFL  :@G=:
=?BG=:L7=;D;H7BI;JEFEB?J?97B9EDJHEL;HI?;IJ7JM?BB8;L?;M;:7J7DOFE?DJ?DJ?C;7I
7BB?D= M?J?D J; H7D=; E B;=?J?C7J; 9ED9;HDI C;H?J?D= J; 7JJ;DJ?ED E J; FEB?JO B;B= 
$QRWKHUSRLQWUDLVHGLQWKHLUILUVWGHILQLWLRQLVµDWDSRLQWLQWLPH¶7KHA:O:IM=MAGHMBHG
H?LMMBG@:G:@G=::M:I:KMBNE:KMBF ;NMA:OKMNKG=MHLM:ME:KERMA:M7=;D:7I7H;J;
H;IKBJE7:OD7C?9?DJ;HFB7O I:?;H;DJ?IIK;IH?I;7D:7BB?D?CFEHJ7D9;EL;HJ?C; 7=;D:7I
FHEL?:;ID7FIEJIEJ?IBK?:?JOI  
.BFBE:KER :G:@G=:BL=?BG=:LJ;I;JE?IIK;IJ7JH;9;?L;I;H?EKI9EDI?:;H7J?ED?D
7FEB?J?97BIOIJ;C+KBGG  I  #K µVHULRXVFRQVLGHUDWLRQ¶LVXVHGWRPHDQDWWHQWLRQ
:G=  HGLJNGMER  :@G=:L :K MA :MMGMBHG @BOG MH I:KMBNE:K BLLNL I?D9; F;EFB; 97DDEJ
7JJ;D:JE7D?D?D?J;DKC8;HEJ?D=I:K;JEJ?C;IF7D7D:;EHJIEH;D;H=O7D:;NF;HJ?I;B?C?JI
B;B=  BG@=HG   I ??  LNIIHKML LNA :K@NFGM :??BKFBG@ MA:M MA L:F BL MKN ?HK
I:KEB:FGML HK @HOKGFGM ;NK:NK:BL :G= HMAK BGLMBMNMBHGL  OG B? LNA BGLMBMNMBHGL :G
F:G:@ HK IKHLL E:K@ER FHK BLLNL MA:G :GR LBG@E BG=BOB=N:E HNE=  MAR LMBEE GHNGMK
EBFBML BG MBF :G= F:GIHPK  LB=L  J; CEIJ ?CFEHJ7DJ ?IIK;I ?D 7DO FEB?J?97B ?DIJ?JKJ?ED
JOF?97BBO7L;JE=EJHEK=7B?C?J;:DKC8;HEF;HIEDIJ;H;EH; F7HB?7C;DJ7HO9ECC?JJ;;I
7H;7L7?B78B;I  
/AL:;HO FGMBHG==?BGBMBHGLA:O:GMK:EHGIMBGHFFHGQDPHOµDQLVVXH¶
RUµLVVXHV¶REE (OGHU  FLWHGLQ'H:KBG@-H@KL I  =?BGµ:GBLLN¶:L7
9EDB?9J8;JM;;DJMEEHCEH;?:;DJ??78B;=HEKFIEL;HFHE9;:KH7BEHIK8IJ7DJ?L;C7JJ;HIH;B7J?D=
JE J; :?IJH?8KJ?ED E FEI?J?EDI EH H;IEKH9;I I    /A:M BL  :G BLLN BL PA:MOK BL BG
HGMGMBHG /ABLMPH LB==G:MNKH?:GBLLNBLLLGMB:EBGK:EBSBG@AHP:G=PAR:GBLLNAHE=L
NI :G :@G=:  /A IHMGMB:EER  HG?EBMBG@ G:MNK H? :G BLLN F:DL BM GPLPHKMAR :L
FHEFED;DJI 7D: EFFED;DJI E J; ?IIK; 87JJB; ?J EKJ ?D J; I7H;: FK8B?9 7H;D7  M?9  ?D
CE:;HDIE9?;JO ?IJ;C7IIC;:?7:KBG@-H@KL I  

 /AKMRILH?:@G=::K:EP:RL?HNG=BGMAEBMK:MNK G:FERµSROLWLFDO¶RUµIRUPDO¶
DJHQGDµSXEOLF¶RUµVVWHPDWLF¶DJHQGDDQGµPHGLD¶DJHQGD +KBGG  I  7KHµSROLWLFDO¶
:@G=:BLMA:MLMH?BLLNLMA:M:KKBMB:EERHGLB=K=;RIHEBMB:E=BLBHG F:DKL /ANL MA
µSXEOLF¶ DJHQGD LV WKDW VHW RI LVVXHV WKDW DUH FULWLFDOO FRQVLGHUHG E µWKH SXEOLF¶ DV LQ WKH
UHVHDUFK RQ SXEOLF RSLQLRQ SROOV  7KH WKLUG WSH WKH µPHGLD DJHQGD¶ UHIHUV WR WKRVH LVVXHV
HOK=BGMAF=B:  :AH?MALMRILH?:@G=:LA:L;GMAHGKGH?QMGLBOLMN=BL 
ELH ;:NLMARG=GHMHFIEMERHOKE:I :GBFIHKM:GMMAHKMB:EHGKGBLAHP:G=
PAK MAL MRIL H? :@G=: BG?ENG :A HMAK  GHMAK =BLMBGMBHG :G ; F:= ;MPG
DJHQGDVWKDWDUHµFORVHU¶WRRUPRUHµUHPRWH¶IURPDFWXDO=BLBHG F:DBG@ BG@=HG I 
 A:LB=GMB?B=DEURDGHUµJRYHUQPHQWDODJHQGD¶RILVVXHVWKDWDUHGLVFXVVHGESROLFPDNHUV
LQ DJLYHQSHULRG RI WLPHIURPDQDUURZHUµGHFLVLRQ DJHQGD¶RI LVVXHVWKDWDUHXSIRUDFWLYH
:;9?I?ED C7A?D= /ABL=BLMBGMBHGBLKEO:GM ;:NLMAIKH=NKLMA:ME:=BLLNLHKKBLL
HGMHMA@HOKGFGM:E:@G=::K=B??KGM?KHFMAHLMA:ME:=MAFHGMHMA=BLBHG:@G=:

)RUUHDOL]LQJWKHVHWSHVRIDJHQGDVWKHSULQFLSDOVWHSKHUHLVWRLGHQWLIµLVVXHV¶ZLWK
µFRQIOLFW¶ LVVXHV DUH LGHQWLILHG RIWHQ LQ WHUPV RIWRSLFV OLNH UDFLVP  µFULPH¶ GLVFULPLQDWLRQ 
µXQHPSORPHQW¶DQGUHFHQWOµWHUURULVP¶)ROORZLQJREE (OGHU¶V  LGHQWLILFDWLRQRIDQ
BLLN AHPOK ?KHF:IHEBMB:EIHBGMH?OBP MALMHIBLHGER;HFHG?EBMLPAGIHEBMB:E
:MHKL :KH? =B??KGMHKBGM:MBHGL HK B=:L :;HNM PA:M LAHNE= ; =HG :;HNM MAL HG?EBML 
/AK?HK MAB=GMB?B:MBHGH?:GBLLNBGOHEOLMA=?BGBMBHGH?=BFGLBHGLPAKHG?EBML 
;MPGIHEBMB:E:MHKLBL:KQBLMGM /ANL7=;D:7 I;JJ?D=C7O9ED9;HD8EJJ;?:;DJ??97J?ED
E9EDB?9JIEL;HD;MJEF?9I 7D:J;9H;7J?EDED;M9EDB?9JIEL;HEB:JEF?9I+KBGG  
I  BOGMAGMK:EBMRH?BLLNLBGMA?HKF:MBHGH?:@G=:L :GBFIHKM:GMJNLMBHGBL?KHF
PAKMALBLLNLHF =HIMBG@MAIKHIHL:EF:=;R(:GL;:A1:LJNS I ?? 
BM=BG+KBGGI  MABGMKG:MBHG:EGOBKHGFGM:G=MALHB:E :MHKLMAFLEOL:G;
=BLKG=:LMAMPHLHNKLH?BLLNLHGBGMKG:MBHG:E:@G=:L /ABGMKG:MBHG:EGOBKHGFGM 
HKMA QMKG:E LHNK  9H;7J;I 7=;D:7 ?IIK;I M;D ?DJ;HD7J?ED7B 79JEHI 7H; 9EDHEDJ;: M?J
JH;7JIHKKBLL E997I?ED;:8O79JEHIDEJ:?H;9JBO7IIE9?7J;: M?JJ;8;7L?EKHE79JEHI
B;B=  
LBGMKG:ELHNKLH?:@G=:BLLNL :MHKL NLN:EERDGHPG:LEBM F:RBGBMB:M:G=E:=
MAFINKIHL?NEER;R9H;7J?D=7D;MIJ7A; H;L?L?D=7DEB:ED; EH7BJ;H?D=J;L7BK;I7I9H?8;:
JE7D;N?IJ?D=IJ7A;(:GL;:A1:LJNS I  
HK=BG@MH+=KH: I  MA
MKFEBMBLNG=KLMHH=MHK?KAKMH
«C;C8;HIEJ;KFF;HIE9?7B9B7II;I  ME;D@EO7FH?L?B;=;:IJ7JKI?D
FEM;H H;B7J?EDI  #D F7HJ?9KB7H  ?J H;;HI JE JEI; ME EB: ?D7D9?7B
;9EDEC?9FEM;H FEB?J?97B IJ7J;FEM;H 7D:C?B?J7HOFEM;H 7BJEK=?J?I
DEJ B?C?J;: ;N9BKI?L;BO JE J;I; JH;; I;9JEHI  .?I C?DEH?JO 9EDJHEBI J;
C;7DI E FHE:K9J?ED 7D: J; ?D7D9?7B I;9JEH EB:I 7 :?IFHEFEHJ?ED7J;
I7H;EJ;7L7?B78B;97F?J7BF7HJ?9?F7J;I?DFEB?J?97B7D:;9EDEC?9FB7DI
=K?:;IJ;79J?EDIEJ;IJ7J;F7HJ?9?F7J;I?DFEM;HKB?DIJ?JKJ?EDIIK97I
J;C;:?7 KD?L;HI?J?;I 7D:9KBJKH7B?DIJ?JKJ?EDI;J9 #DIEHJ J;O7H;J;
?D:?L?:K7BIMEE99KFOFH?L?B;=;:IJH7J;=?9FEI?J?EDIJ7J7EH:J;CJ;
B7H=;IJFHEFEHJ?EDE:;9?I?ED C7A?D=FEM;H 

/ABL EHG@ TXRWDWLRQ LQGLFDWHVHYLGHQWOWKDW3HGUR¶VGHILQLWLRQ LV EDVHG RQ 0DU[LDQWKHRURI
IHPK !:K@:BGL I  =LKB;LMABL(:KQB:GMAHKR:??BKFBG@MA:MJ;9B7IIM?97I
J;C;7DIEC7J;H?7BFHE:K9J?ED7J?JI:?IFEI7B 7I9EDJHEB7JJ;I7C;J?C;EL;HJ;C;7DIE
C;DJ7BFHE:K9J?ED IEJ7JJ;H;8O =;D;H7BBOIF;7A?D= J;?:;7IEJEI;MEB79AJ;C;7DIE
C;DJ7BFHE:K9J?ED7H;IK8@;9JJE?J +HUHWKHWHUPµWKHFODVV¶LVXVHGWRPHDQµWKHHOLWH¶ZKLFK
:HK=BG@MH(:KQ A:LMAIHPKH?FGM:EHGMKHE :IKBOBE@GHMFGMBHG=EBMK:KR;R+=KH 
/A:@G=:MH;LN@@LM=;EHP BL ;EBO= ;RMA PKBMKMHHGM:BGMAMAKMRILH?
:@G=: FGMBHG= :;HO  G:FER MA IHEBMB:E  IN;EB  :G= F=B: :@G=:L  NM MA P:R H?
IKLGMBG@ MABL :@G=: PBEE ; =B??KGM ?KHF MAHL :O:BE:;E BG MA EBMK:MNK  OG MAK BL
LHFAHP:FBLE:=BG@HGIMBHGMA:MBLLNLEBD/AKNL:=:G=/A$K:J2:K:G;
K:EBS=;R+ :G=GHM;R:@G=: *GMAHGMK:KR Q:FBGBG@LNABLLNLF:RKO:EMA:MMAK
:K?NKMAK?:MHKLPABAG=MH;LM:M= B?:;MMKNG=KLM:G=BG@BLKJNBK= /AK?HK MA
LN@@LM=:@G=:BGEN=L?:MHKLEBDIKH=NKL B=HEH@R MHHEL I:K:=B@F M HGLJNGMER 
µ3$)UDPHV¶EHORZLVXVHGWRPHDQµ$JHQGD¶LQWKHOLWK:MNKQ:FBG=:;HO EMMBG@MAMKF
µ$JHQGD¶XVHGWRLQFOXGHµ3$)UDPHV¶DQGH[WUDILYHIDFWRUV7KXVWKHVXJJHVWHGHOHPHQWVRI
+(:KMA?HEEHPBG@LIIG=BQ?HKMAHKINLH?MALN@@LM=MKFEBDGMB +KHIAM
@G=: 
  +!K:FL
  .MMBG@
  /HHEL
  +:KMBBI:GML
  .HB:E$=HEH@R
  /:K@ML

  645).)3+)
2A:MBLBFIHKM:GMBGMABLLMBHGBLMHNG=KLM:G=MA:M:GRB=HEH@RMH;?NE?BEE=G=L+ GR
+ WREHIXOILOOHGQHHGVWRWKHUHVHDUFKHU¶VXQGHUVWDQGLQJDVHWRISDUWLFXODUIDFWRUVYDULD;EL 
HK:GRMKFMA:MF:R;AHLG /HIKLGM:L:MBL?:MHKR+ MKFLEBDµ,VODP¶µ0XVOLPV¶
µMA4XUDQ¶DQGµ3URSKHW0XKDPPDG¶DUHUHJDUGHGZLWKLQRQHFRQFHUQ7KDWLVWRVDWKDWWKH
?HEEHPBG@=BLNLLBHGPBEEHGLB=KMAL?HNK=HF:BGLPBMABGHGNF;KEE: G:FERGMB +KHIAM
+ 
(:GR =?BGBMBHGL H? + :K :O:BE:;E BG MA EBMK:MNK H? F=B: LMN=BL :G= MAL
=?BGBMBHGL:KIHKMK:R=PBMAMAHEHNKLH?MA=BLBIEBGLMAR :KKE:M=MH FHG@MAL
=BLBIEBGL:KIABEHLHIAR LHBHEH@R ILRAHEH@R IHEBMBL BGMKG:MBHG:EKE:MBHGL :G=F=B: MH
PHQWLRQEXWDIHZ7KLVµPXOWLSOLFLWRILQWHUHVW¶DV:LOOFR[ S :EELBM A:LE=MHMA
IHLLB;BEBMR H? IKLGMBG@ : @GK:E =?BGBMBHG H? +  H? HNKL  H? NGBOKL:E NL:@  /ANL  :L
2BEHQ :??BKFL  MAK :K +L K:G@BG@ ?KHF ;BG@ BG=BOB=N:E MH : =FHK:MB HK MHM:EBM:KB:G
K@BFLHF:KIHLBMBO:G=HMAKL:KG@:MBO:G=LHF:KF:LNK:;E:G=HMAKL:KGHM 
 7KHDFWXDOXVHRIWKHWHUPµ3URSDJDQGD¶VWDUWVZLWKWKHWZHQWLHWKFGMNKRPAK:KF=
HG?EBML:G=HEHGBS:MBHGLMK:M@R:II:K=.NM:K  I  /AK?HK MANLH?MABLMKF
P:L:LLHB:M=PBMA2HKE=2:KL$:G=$$ EB;K:MBHGFHOFGML HBEBG=NLMKBL HGHFBF:KDM 
:G=BGMEEMN:EHKBGM:MBHGL 
:L=HGK:R(:KMBG .NM:K I  LM:MLMA:M+BL:M@HKBS=BGMAK
HEHNKLBGMA0.ILRAHEH@B:EF:GN:EL ;E:D PABM:G=@KR+ 
x $G;E:D+ MALHNKH?MABG?HKF:MBHGBLGHMDGHPGHKKO:E=
x $GPABM+ MALHNKH?BG?HKF:MBHGBL DGHPG :G=MABG?HKF:MBHGIKHOB==
F:R;;HGLB=K=EHLMHMAK:ELBMN:MBHG 
x KR+BL::M@HKRNG=KPABABG?HKF:MBHGBL?:ELER:MMKB;NM=HKMAK:K
=HN;ML:;HNMMALHNK *G:=:RMH=:R;:LBL BMBL@KR+PABAIHIEE:K@ER
=:EPBMA LHFBG?HKF:MBHGIKHOB==BLHKKM PAK:LLHFBLGHM 

EEMAL:K:HFI:GB=;RMABGK:LBG@KHEH?F=B: :G=/AHE=2:K:G=*KBGM:EBLF
:K QEEGM Q:FIEL  /A E:LM MAK =:=L  LIB:EER MA OGML BG MA (B==E :LM  E=
LAHE:KLBGIHEBMBL:G=F=B:MHPHKDA:K=?HK:LNBM:;E=?BGBMBHGH?+ 
 EENE I  =?BGL+:L7I;JEC;JE:I;CFBEO;:8O7DEH=7D?P;:=HEKFJ7J
M7DJIJE 8H?D= 78EKJ J;79J?L;EHF7II?L;F7HJ?9?F7J?ED ?D ?JI79J?EDIEC7IIE?D:?L?:K7BI 
FIO9EBE=?97BBO KD??;: JHEK= FIO9EBE=?97B C7D?FKB7J?EDI 7D: ?D9EHFEH7J;: ?D 7D
EH=7D?P7J?ED  /ABL =?BGBMBHG BGEN=L MA ;:LB :G= GLL:KR HFIHGGML H? :GR +
KIKLGM=;R
x LMH?FMAH=L:LIKH=NKHKI:K:=B@F
x GHK@:GBS=@KHNI:LI:KMBBI:GML
x MBO HK I:LLBO I:KMBBI:MBHG  MH K?K MH MA MPH LB=L¶ K?EMBHGL  2BEEHQ
 VWDWHGWKDWµDFWLYH¶DQGµSDVVLYH¶DUHXVHGWRUHIOHFWWKHSXEOLFRSLQLRQV
PAMAKLNIIHKMKLHKGHM 
x /AOHENMBHGH?;HMAMAHN@AM:G=ABLMHKR :LGLL:KRHGLMBMNGML?HK:;MMK
NG=KLM:G=BG@H?:+LBMN:MBHGB;B= 
(:DGSB I  IKLGMLMA?HEEHPBG@=?BGBMBHG
*HEF7=7D:797D8;:;?D;:7IJ;JH7DIC?II?ED E?:;7I7D:L7BK;IHEC
ED;F;HIED EH=HEKFEF;HIEDI JE7DEJ;H M?JJ;IF;9??9?DJ;DJ?EDE
LQIOXHQFLQJWKHUHFLSLHQWV¶DWWLWXGHVLQ VXFKDZDWKDWWKHLQWHUHVWVRILWV
7KJEHIM?BB8;;D7D9;: BJEK=?JC7O8;L;?B;: I;;A?D=JE?DBK;D9;
JEK=JI  8;B?;I 7D: 79J?EDI 8O IK==;IJ?EDI  ?J CKIJ 8; 9EDI9?EKI 7D:
:;B?8;H7J; 
/ABL=?BGBMBHG BLLHFAHPLBFBE:KMHMAHG FGMBHG= :;HO  ;NMF:GR=B??KGL:G ;
LM:M=
x +HGMGMB=:LHKO:ENL BGHGMK:LMMH:LMH?FMAH=L 
x /A IKHI:@:G=BLM BL :G BG=BOB=N:E IKLHG HK : @KHNI H? IKLHGL BG HGMK:LM MH  :G
HK@:GBS=@KHNI 
x +HNE=;OBE= 
x +LRAHEH@B:EHKBGM:MBHGHKBG?ENGBLQBLMGMBG;HMA=?BGBMBHGL :G=
x +BLHGLBHNL:G==EB;K:M 
#KF:G  AHFLDR   I   =?BG + :L C7DK79JKH?D= 9EDI;DJ  OG BM F:R ; MA
LF:EELM =?BGBMBHG HG F:R QIM  ;NM BM :KKBL : EHM H? =M:BEL  LIB:EER MA HGGHM:MBHGL
EHKLQGWKHFRPELQHGWZRZRUGVDUHPDQ7KHPRVWLPSRUWDQWRQH LV+HUPDQ KRPVN¶V
+KHI:@:G=:(H=EAG?HKMA+( :FH=E ?HKMAKHEH? F=B: BGIHEBMB:E :G=HGHFB
;NLBGLL $MPBEE;Q:PLQHGEHORZ6LPLODUWR0DFNHQ]LH¶VGHILQLWLRQWKHIRXUWKGHILQLWLRGBL
-RZHWW  2¶'RQQHOO¶V  S  * ?I J; :;B?8;H7J; 7D: IOIJ;C7J?9 7JJ;CFJ JE I7F;
F;H9;FJ?EDI C7D?FKB7J;9E=D?J?EDI 7D::?H;9J8;7L?EKHJE79?;L;7H;IFEDI;J7JKHJ;HIJ;
:;I?H;: ?DJ;DJ E J; FHEF7=7D:?IJ  /A ?B?MA :G= E:LM =?BGBMBHG MH ; FGMBHG= AK BL
:LOOFR[¶V  S  *HEF7=7D:7 ?I J; 9EDI9?EKI EH KD9EDI9?EKI 7JJ;CFJ 8O J;
FHEF7=7D:?IJJE7:L7D9;J;?H97KI;JHEK=J;C7D?FKB7J?EDEJ;EF?D?ED F;H9;FJ?ED7D:
8;7L?EKHE7J7H=;J;:=HEKF $GKE:MBHGMHMABL MA?HEEHPBG@IHBGML:G;K@BLMK=
x +BLE:LLB?B=BGMHHGLBHNL:G=NGHGLBHNL 
x /A IKHI:@:G=BLM :=O:GL MA IKIMBHG :G= ;A:OBHNK H? : M:K@M= @KHNI MAKHN@A
IKLN:LBHG 
x 'BD#UPDQ KRPVN¶V:LOOFR[¶VDQG-RZHWW 2 'RQQHOO VGHILQLWLRQVDUHRIEURDG
HKBGM:MBHG B  MARHNE=;:IIEB=MH:K:LHMAKMA:GF=B: 
x 7KH ZRUGVµ DGYDQFH ¶µ FDXVH¶  µ;A:OBHNK¶ DQG µWDUJHWHG¶ LQGLFDWH WKDW :LOOFR[¶V 3$
HGLBHNL G:MNK HOKPB@KV WKH RWKHU 7KLV LV IXUWKHU FRQVROLGDWHG E :LOOFR[¶V
FRQILUPDWLRQRQXVLQJµEHKDYLRXU¶GHOLEHUDWHOIRUVLJQLILQJDUDQJHRIDFWLRQV5J6;
J7H=;J;: =HEKF C7O ?D:;;: J7A; 7 FEI?J?L; 79J?ED EH GK?;JBO 79GK?;I9; 7D: E;H DE
H;I?IJ7D9;JEJ;?DEHC7J?EDM?JM?9J;O7H;9EDHEDJ;: 

/H LNF NI  MAK :K F:GR IHBGML MA:M LAHNE= ; QBLMGM B? HG G=L MH =LKB; I:KMBNE:K
OGML:L+ :G=MAL:K
¾ +BLHGLBHNL 
¾ /AIKHI:@:G=BLMA:L:=LBK= =EB;K:M LRLMF:MBBGMGMBHG
¾ /ABLBGMGMBHG:G;IKLGM=:LB=:L MAHN@AML HIBGBHGL O:ENL FMAH=L M 
¾ +:G;OBE=
¾ /A M:K@M= IKLHG HK IKLHGL HK @KHNI  :G ; BG?ENG= G@:MBOER  /A G@:MBO
BG?ENG:G;=K:F:MBMHMAQMGMMA:MMA@KHNIM:DLGHK:MBHG 
¾ /AHMAKI:KMBBI:GMLH?+:G;H?=B??KGMKHEL H?HNKL MABLBLKE:M=MHMABK
BGMKLML:G=PBEEL 
¾ /AF:GL;RPABA:+:G;BFIEFGM=:G;F=B: HKHMAKL 
¾ /ABLIKHLLH?+:G;=HGMAKHN@AF:GBINE:MBG@:I:KMBNE:KFH=E 

$GMALHG=A:IMKH?MABK;HHD #KF:GAHFLDRA:LGHMHGERIKLGM=:NGBJN
+(=DBGL  I   ;NMA:O:ELH:IIEB=BMMH:LLHNMLB=0.F=B:EBD/ABK=2HKE=
EMBHGL 1BMG:F ':HL :F;H=B: MA NE@:KB:GIEHMMHDBEEMA+HI M /ABKFH=E
A:L;KHN@AM:=K:F:MBA:G@BGMAMAHKRH?+:G=F=B:E:AG  I ?? LIB:EER
IE9?7B ?D;GK7B?J?;I M?J?D J; 8HE7:;H IE9?;JO 7D: IE9?7B MEHB: 7H; ?=B?=J;: (NEEG 
E:AG /ABL;HHDP:LKBO=;HMAG@:MBOER:G=IHLBMBOER )@:MBOK:MBHGLA:=;G
HGGMK:M= HG BML :IIEB:;BEBMR MH KM:BG :LL
#KF:G  AHFLDR IN;EBLA= MA LHG=
=BMBHG H? MABK ;HHD   MH BGEN= ?NKMAK MK:MFGML :G= Q:FIEL ?KHF MA HNGMKBL
FGMBHG=:;HOHGMAHGA:G= :G=MHBGEN==:M:?KHF$K:J /NKDR HLHOH @EH;:EBS:MBHG
:G= BGMKGM  /A IHLBMBO K:MBHGL :K KIKLGM= ;R :IIERBG@ MABL FH=E ;R HMAKL NG=K
FH=B?B:MBHGL(NEEG  
DQGFRQVHTXHQWOWKHODVWWZRGHFDGHVDUHGHVFULEHGDVµDJHRI
3$¶ 3UDWNDQLV $UHGLHG  I  
  +HUPDQ KRPVN¶V  30LVEDVHGRQWZRUROHVIRUPHGLD
.;C7IIC;:?7I;HL;7I7IOIJ;CEH9ECCKD?97J?D=C;II7=;I7D:IOC8EBI
JEJ;=;D;H7BFEFKB79;« DQG #J?IJ;?HKD9J?EDJE7CKI; ;DJ;HJ7?D 7D:
?DEHC 7D:JE?D9KB97J;?D:?L?:K7BI M?JJ;L7BK;I 8;B?;I  7D:9E:;IE
8;7L?EHJ7JM?BB?DJ;=H7J;J;C?DJEJ;?DIJ?JKJ?EDIJHK9JKH;IEJ;B7H=;
IE9?;JOI  

/AK?HK #KF:GAHFLDRIKLGMMABK+(BGMABK'7DK79JKH?D=EDI;DJ.;*EB?J?97B
9EDECOEJ;'7II';:?7  PABABL9ED9;HD;:JE;NFBEH;J;?DJ;HFB7O8;JM;;D
FEM;H IE9?7BIJHK9JKH;7D:?:;EBE=O(NEEGE:AG  I  
HGLJNGMER ?NE?BEEBG@MABLKHEBG:@EH;H?HG?EBMH?BGMKLM:G=HGGMK:M=P:EMA
KJNBKL +  !NKMAKFHK  MABL FH=E DUJXHV WKDW EHFDXVH µWKRXJKW FRQWURO¶ ?I L?HJK7BBO
JH7DIF7H;DJ?D:;CE9H7J?9IE9?;J?;I J;*IOIJ;C?I79JK7BBOCEH;;;9J?L;7D:;?9?;DJJ7D?J
?I ?D JEJ7B?J7H?7D IJ7J;I E:AG   I   /A #KF:G  AHFLDRL +( BL H? MAK
ARIHMALL I BO QQB 
B  /A?BKLMARIHMALBLBLMA:M  M;H;J;H;?I;B?J;9EDI;DIKIJ;C;:?7 M?BBI;HL;;B?J;
?DJ;H;IJIKD9ECFHEC?I?D=BOI OB 
BB  /ALHG= ARIHMALBL BLMA:M  M;H;J;C7II C;:?7 ?IKD:;H 9EHFEH7J;H7J;HJ7D
IJ7J;9EDJHEB C;:?79EL;H7=;M?BB8;I7F;:8OM7J?I ?D;;9J 7=K?:;:C7HA;JIOIJ;C
KD:;HF?DD;:8O?L;?BJ;HI J;EF;H7J?L;FH?D9?FB;IEJ;*'I OBB 
BBB  /A MABK= ARIHMALBL BL MA:M J; *' 7D: IJK:?;I E IK9 C;:?7 F;HEHC7D9; M?BB 8;
?=DEH;:7D:C7H=?D7B?P;:I Q 
/HE:;HK:MMA?BKLMARIHMALBL #KF:GAHFLDRK?KMHMAKE:MBHGLABI;MPGLHBMR 
IHEBMBL :G=F=B: LIB:EERB?MABGMEEMN:E:MFHLIAKBLM:DGBGMHHGLB=K:MBHG )HHG
:G=GRMAQBLMGH?FHKMA:GHGLHBHEH@B:E:G=IHEBMB:EHKBGM:MBHG?HNG=BGMAE:LM
GMNKR 2LMKGLHBMBLFHO=LN;LJNGMER?KHFGEB@AMGFGMMH(:KQBLFPABABLBGMNKG
VWLOOSUHVHQWLQWKHµIUHHPDUNHW¶SROLWLFV%HVLGHVOLEHUDOLVPQDWLRQDOLVPPXOWLFXOWXUDOLVPDQG
MAGBOBBGM@K:MBHGA:O:II:K=E:MK 
 (NEEG  E:AG   I ?  LM:M MA:M PBMABG HGMFIHK:KR :IBM:EBLM  EB;K:E
=FHK:MB LHBMBL MAKBMB:E(:KQBLF:G=MAEB;K:EIENK:EBLMOBP:KMAMPHHIIHL=
IKLIMBOLHGMAKHEH?MAF=B::G=MA=BLMKB;NMBHGH?IHPK /AEB;K:EIENK:EBLMOBP
LN@@LMLMA:MMAKQBLML:A:EMARF:KDMIE:H?B=:L HIBGBHGL IHEBRIKHIHL:EL PHKE=OBPL 
M PABA:KKG=K= BGMNKG BGMHMA@GK:E IN;EBLAHBL /A FHLMHFFHGH?MAL
B=:LPBEE;LGBGMAIHEBBL:G=E:PL?HEEHP=;RIHEBMB:ELRLMFLF=B:AKHGLMBMNM:
µIRXUWKHVWDWH¶RUDVµZDWFKGRJ¶RQWKHSUDFWLFHRISRZHU7KHFULWLFDO0DU[LVPYLHZPLUURUVWKH
E:LL ;:L=G:MNKH?MAHLLHBMBL :G=MAG:M=E:PL:G=IHEBBL:KJEI;J7JI;HL;JE
8H?D= 78EKJ 7D: JE C7?DJ7?D HKB?D= 9B7II :EC?D7J?ED 7D: ;NFBE?J7J?ED I   #KF:G 
AHFLDR I ? ;EBOMA:MMAKBMB:E (:KQBLFHOKPB@ALMAEB;K:EIENK:EBLM :G=
HGLJNGMER BMBLIHLLB;EMHBG?KMA:MBMBGMNKG=HFBG:MLMAF=B: =DBGL I   
LNIIHKMLMABLBG?KG LM:MBG@MA:MMA(:KQB:GMAHKRH?IHPK=HFBG:GBLLMBEEPHKDBG@ :G=
WKHUXOLQJPDWHULDOIRUFHRIVRFLHW«EHFRPHVWKHGRPLQDQWSROLWLFDODQGLGHRORJLFDOIRUFHLQ
IE9?;JOI  $QGPHGLDZRUNDVµODSGRJ¶ILOOLQJXSWKHGHWHUPLQDQW3$
 !HKMALHG=ARIHMALBL ?BO?BEMKL:KLM:M=#KF:GAHFLDR  A  
B  /A ?BKLM?BEMKLMFL ?KHFMA ?:MMA:MMA F=B:LHPGKLABI BL EBFBM=MHMAHLPBMA
GHN@A:IBM:EMHBGOHEOBGMAF=B:BG=NLMKBL 
BB  /ALHG= ?BEMK BL:=OKMBLBG@ PAKGPLI:IKL:MMK:M :G= F:BGM:BG AB@ALA:KLH?
:=OKMBLBG@?HKHOKBG@MAHLMLH?IKH=NMBHG 
BBB  /AMABK=?BEMKBLKE:M=MHMALHNKBG@FA:GBLFH?F:LLF=B:GPL PABAAHE=L
:G=HGLHEB=:MLF=B:LKE:MBHGLABIPBMABG?ENGMB:ELHNKLH?BG?HKF:MBHG !HK;BG@
:;EMH:??HK=HLM HGHKKLIHG=GM:GPHKDBGMAKHK?HNKGPLI:IKL 
BO  7KHIRXUWKILOWHULVµIODN¶M?9?I:;I9H?8;:7ID;=7J?L;H;IFEDI;IJE7C;:?7IJ7J;C;DJ
EH.0 H7:?EFHE=H7CI  #KF:GAHFLDRLM:MMA:M?E:DF:RJ7A;J;EHCE
B;JJ;HI J;B;=H7CI FED;97BBI F;J?J?EDI B7M IK?JI IF;;9;I 7D:?BBI8;EH;ED=H;II 
JH;7JI ;J9 
O  /A?B?MA:G=?BG:E?BEMKP:L:GMB HFFNGBLFBG=BMBHG=NMHMAHE=2:K :G=
QI:G==BG=BMBHGMHBGEN=MA2:KHG/KKHK #K BMBLIHLLB;EMHLM:MMA:MBL
MALM:G=:K=2LMKGGFR B   BMBLLN;CMMH FH=B?B:MBHG :G=MH=:RMA2:KHG
/KKHKBLFHKBGENLBOMA:GMABK:KEBKGFR G:FER:GMB HFFNGBLF
L FGMBHG= ;R +=KH   I   MAL ?BEMKL 9EHH;IFED: JE J; ?DIJ?JKJ?ED7B 7D:
EH=7D?P7J?ED7B9EDIJH7?DJIKD:;HM?9J;C;:?7EF;H7J;?DB?8;H7B9EKDJH?;IEJ;9;DJ;H EH
J;IE 97BB;::;L;BEF;:9EKDJH?;I #KF:G:G= AHFLDR I QQB IHBGMHNMMA:MMA0.
F=B::G=MAHLH?HMAKHNGMKBL:K=B??KGM M?9=;D;H7BBOH;IKBJ?D7D7HHEM;HH7D=;E
:?I9EKHI;?D J;/D?J;:-J7J;I )OKMAELL :M : GHKF:EHK@:GBS:MBHG:E :G=LMKNMNK:E EOE 
J; FH?L7J; 9EHFEH7J; C;:?7 ?D EJ;H ;9EDEC?97BBO :;L;BEF;: 9EKDJH?;I EF;H7J; KD:;H J;
H;IJH?9J?EDI?CFEI;:8OJ;;B;C;DJIJ7J9ECFH?I;J;*' *GMAHMAKA:G= ;BG@MAGMK
H? MA PHKE= LRLMF A@FHGR PBMA FHK =OEHI= ?:L H? :IBM:EBLF :G= MA IHPK
FA:GBLFL MABG?ENGH?MAL?BEMKLBGMA0.BLFHKOB=GM B?GHM@K:MKMHHOKPB@A
MA:MBGEJ;H9EKDJH?;IM?JI?C?B7H97H79J;H?IJ?9I 
/A=OEHIFGM:G=LMKG@MAH?MAL?BEMKLBG NKHI:GGPLHGMGMHOKPB@ALMAHL
BGK@BHG L.I:KDL A:LIHBGM=HNM MAK:K?BOLIB?B?:MHKLE:=BG@HGLJNGMER
MH : PB=K LI: H? GPL HGMGM  :G= MAL :K B  HIG FBG== NEMNK:E :G= B=HEH@B:E
HGMQML BB  HIG FBG== CHNKG:EBLMB NEMNK BBB  LHE= :G= ??MBO KBMB:E NKKGML  BO 
HGMBGNHNLHFIMBMBHGBGMAF:KDMBG@H?GPLI:IKL :G=O MAHGMKHEH?E?MBLMIHEBMB:E
I:KMBLPBMA:MBO:G=AB@A@HOKGFGMKIKLGM:MBHG /AK?HK :ELL=BOKLBMRBGMA0.BL
?HNG=MA:GMA:MBGHNGMKBLPBMA:ABLMHKR:G=KHNMBGHRIVRFLDOGHPRFUDFEXWEHFDXVHWKHµIUHH
PDUNHW¶DQGPHGLDFRQJORPHUDWLRQDQGFRQFHQWUDWLRQLVIDYRXUHGEWKHZRUOGZLGHLGHRORJLFDO
H??GLBO :GBFIHKM:GMEB;K:E;B:L?HKMA NKHI:GLGLH?MAMKFL?KF:KDM EB;K:EBLF 
GH EB;K:EBLF :G=MAEBD A:LKHHMLBGMAF=B:LAHFLDR#KF:G  A  
!HKMABKMABK=ARIHMALBL #KF:GAHFLDR I ? LN@@LMMPHIK=BMBHGL
?BKLM HK=KIK=BMBHGPAKMA+(:G=F=B:IK?HKF:GPBEE;B@GHK= :G=LHG= HK=K
IK=BMBHG  PAK MAR PBEE ; F:K@BG:EBS=  (:GR KBMBL H? MA +( :K =BLL:MBL?B= ;R MABL
KSRWKHVLVEHOLHYLQJWKDWWKHDXWKRUVDUHEHKLQGSURYLQJWKDWPHGLDKDVDµFRQVSLUDWLRQDOYLHZ¶
(NEEG  I  (NEEGBGABLBGMKOBPPBMA#KF:G:G=AHFLDRJNLMBHG=MAF:;HNM
MABLHIBGBHG /ARKIEB=:L?HEEHPL
1;7H;L;HO9B;7HJ7JJ;*':E;IDEJH;IJED7DO9EDIF?H79O7IIKCFJ?ED
8KJ?IHEEJ;:C7?DBO?DC7HA;J EH?;DJ;:FHE9;II;I KJC7DO9H?J?9I7L;DEJ
8;;D78B;JEI;;EMI?C?B7HH;IKBJI9EKB:7H?I;M?JEKJ9EDIF?H79O ;D9;
J;H;CKIJ8;7DKD:;HBO?D=9EDIF?H79O7IIKCFJ?ED 

/ABL HGLIBK:R :LLNFIMBHG G=L FHK OB=G =KBO= ?KHF MA BFIEFGM:MBHG H? :
I:KMBNE:K:@G=: :G=MABLBLMAE:RHNMH?MABLA:IMK 
 2BEEHQ
 I   IKHIHLL?BOMAFLH?+H?HG?EBM :G= H?HNKL+(
BLHGH?MAHLHG?EBML :ME:LM?HK(NLEBFL /AL?BO+MAFLJH7DI9;D:J;L7H?78B;I
8;JM;;DJ;9EDB?9JI M?JJ;:EC?D7D9;E;79;B;C;DJI?J?D=?DH;B7J?EDJEJ;IF;9??9*
H;GK?H;C;DJIEJ;9H?I?II  /AL?BOMAFL:K
  /AIHKMK:R:EH?MAE:=K?B@NK7KH3$WDNHVWZRIRUPVIRUWKHUROHRIWKHRSSRQHQW¶V
E:=K?B@NK !BKLM J;9H?I?I?IIF;9??97BBOF;HIED7B?P;:M?JJ;;D;COB;7:;HIEJ7J
J;?DJHE:K9J?EDE?ID7C;8;9EC;IIODEDOCEKIM?JJ;9EDB?9JI  .HG= J;
?D:?L?:K7B ED9;:?H;9JBO7IIE9?7J;:M?JJ;9EDB?9J ?I:;CED?P;: FHEL?:?D=D;=7J?L;
9EDDEJ7J?EDIJHEK=J;?DLEA?D=E?ID7C; 
  /AIHKMK:R:EH?MAGFR ?MKMAIHKMK:R:E H?MAGFR E:=K ?B@NK BL ?K:F= 
E:K@K @KHNIL :K :ELH =?BG= :L MA GFR  BG MA LGL MA:M MA 9EDI;GK;DJ
:;CED?P7J?ED 97D ;NJ;D: JE 7D 7HCO  H79;  EH 7D ;DJ?H; 9EKDJHOI   2BEEHQ :ELH
:??BKFLMA:MMAK:LHG;ABG=LNALN;LJNGM=FHGBSBG@BLMH?K:F:OBLB;EGFRMH
P:@:HGLBLMGMIHEBRP:K:@:BGLMPAHFBLCNLMB?B:;E
(BEBM:KRMAK:M/AKIKLGM:MBHGFBEBM:KR:I:;BEBMRH?MA GFRA:L;:LBINKIHLL
:G=G=LBGIKLGMBG@MAKBLBLMHMA=HFLMB:N=BG /PHLMK:M@BL:G;NL= 
QDPHOµGRZQSODHG¶DQGµHQKDQFHG¶7KHIRUPHULVWR@:MAKIN;BLNIIHKM :G=PBMAHNM
BMK:MBG@G@:MBOBHGLPBEE;EBFBM=:G==BFBGBLABG@ /AE:MMK HGMAHMAKA:G= BL
JEFH;F7H;J;=;D;H7BFK8B?9EH7FHEBED=:?FBEC7J?97D:C?B?J7HO97CF7?=DI ? 
  /AK:MMHBGMKG:MBHG:ELM:;BEBMR/ABLBL:ABO=;R?=B?=J?D=J;:;IJ78?B?P7J?ED7
9H?I?I 97D 97KI; 7D: 8O J; FEJ;DJ?7B J;HHEH?IJ 97CF7?=DI J7J C7O :;L;BEF HEC ?J
I  
  /AGHEH@B:EP:K?:K/AG@:MBOIHKMK:R:EH?MAMAGHEH@RH?P:IHGLBGMAIKLL
BLHGH?MAF:CHKHFIHGGMLH?MAKBLBLG:KK:MBO 

/AMABK=FH=EBL%HPMM*HGGEEL EHG@FHKMA:G:JN:KMKH?:GMNKR:G=
;:L=HGFH=ELKE:MBOERLBFBE:KMHMAMPHFGMBHG=AK MARA:=;GPHKDBG@A:K=HG
=OEHIBG@:FH=EH?+:G:ERLBLMA:MHNE=;LN??BBGMMHO:EN:MKBLBLMBFL EBD2:KHG
/KKHK:G=+( /ARB=GMB?RMG=BOBLBHGLH?MABK:G:ERLBLI  :G=MAL:K
 .;?:;EBE=O7D:FKHFEI;EJ;FHEF7=7D:797CF7?=D
 .;9EDJ;NJ?DM?9J;FHEF7=7D:7E99KHI
 #:;DJ??97J?EDEJ;FHEF7=7D:?IJ
 .;IJHK9JKH;EJ;FHEF7=7D:7EH=7D?P7J?ED
 .;J7H=;J7K:?;D9;
 ';:?7KJ?B?P7J?EDJ;9D?GK;I
 -F;9?7BJ;9D?GK;IJEC7N?C?P;;;9J
 K:?;D9;H;79J?EDJEL7H?EKIJ;9D?GK;I
 EKDJ;HFHEF7=7D:7 ?FH;I;DJ
 ;9JI7D:;L7BK7J?ED

!HKMALOGMA=BOBLBHG MABK+(BGEN=LB@AMMAGBJNL
  H;7J?D=,;IED7D9; (LL:@LPBEE;FHKBG?ENGMB:EPAGMAR:KBG:HK=:GPBMA
QBLMBG@;EB?L HIBGBHGL :G=HKBGM:MBHGLI  
  -EKH9; H;:?8?B?JO  +HIE :K PBMA : MG=GR MH ?HEEHP NI :NMAHKBMR ?B@NKL ?HK
=BKMBHGL:G=DGHPE=@I  
  )F?D?ED;7:;HI /AIKHI:@:G=BLMFNLM:II:EMHMAHIBGBHGE:=KLMHB=GMB?RMABK
BG?ENG:G=LM:MNLI  
  79;±JE  79;EDJ79J /AIKHI:@:G=BLMFNLM?HEEHPMAOGMLHGM:MLI  
  !HEKF (EHCI  /AR :K ;EB?L :G= O:ENL =KBO= ?KHF MA FF;KL H? MA @KHNIL
I  
  ,;M7H:7D:*KD?IC;DJ /ABLBLMHF:DIHIE 799;FJ7D?:;7FK8B?97BBOJHEK=7
IOIJ;CEH;M7H:I7D:FKD?IC;DJII  
  'EDEFEBO E J; ECCKD?97J?ED -EKH9;  2AG MA LHNK H? HFFNGB:MBHG BL :
FHGHIHER  EBD : LBG@E GPLI:IK  : /1 A:GGE  HK M;D F;EFB; 7H; DEJ B?A;BO JE
97BB;D=;7D?:;7I  
  0?IK7B-OC8EBIE*EM;H /AIKHI:@:G=BLMLAHNE=:GLPKMAJNLMBHGEJ;L?IK7B
H;FH;I;DJ7J?EDI7L;7D?9EDE=H7F?9:;DEJ7J?EDEFEM;H7D:K8?GK?JOI  
BG@FHK:IIEB:;ELIB:EERBGKGMF=B: %HPMM*HGGEELFH=EPBEE;NL=MH
NG=KLM:G=MAKIKH=NMBHGH?+(( -?KGMHMAHMAKMPHFH=ELPBEE;=HG F:=
GLL:KR
?@A:GBLM:G2:K MAOBHEGBGGHKMAKG G@E:G=;MPGG:MBOKBMBLA:G=
LB:G(NLEBFRHNMA KBL:G==:MAH?+BF!HKMNRG
BGMA)MAKE:G=L  
$K:J2:K  FNK=KH?/AH1:GH@A
 (:=KB= ;HF;BG@L  'HG=HG
;HF;BG@L +:KBLNMNFG;:GEBNKBHML :KMHHGKBLBLBGGF:KD KBMBLA
DELQHW 0LQLVWHU -DFN 6WUDZ¶V VSHHFK DERXW KLV ZLVK WR VHH ZRPHQ QRW HOKBG@ MABK ?:
 /DUV9LONV¶GUDZLQJV
IN;EBLA=BGMA.P=BLA=:BER (;H?A;IBB;7D:7 MA
.P=BLA?BEF ?JD7 .PBLLFBG:KM=;:M
  GNE:K=;:MPBMA$K:G /ABEH
6DUUD]LQ¶V SROHPLFDO ERRN
   .MHDAHEF ERPELQJV   DQ ,PDP¶V EHDWLQJ XS WKH
LMN=GML BG E:LL BG BKFBG@A:F BG MA 0   MA ;NKGBG@ H? ,NK:G ;R MA FKB:G
I:LMHKL /KKR%HGL:G= 2:RG.:II BG:BGLOBEE !EHKB=: H??BB:E ;:GH? 8KHG7 BG
!K:G MA!KGA:KB:MNKL MAFKB:G?BEF#DDE9;D9;E'KIB?CI 
 
:G=A:KEB#;=HKBLBL 
/ALOGML:MN:EERE=MHJNLMBHGMABFIHKM:GH?HEEMBOIKLGH?(NLEBFLBG
MA 0. :G= NKHI  :G= MA K:=B:EBS:MBHG H? $LE:FB B=GMBMR BG NKHI  ?MK MA OGML H?
.IMF;K MA
 MA L:E:MBHG H? $LE:FHIAH;B =BLHNKLL H? LHF IHEBMB:E :G= IN;EB
BGMEEMN:ELA:LF:=MAPHKE=BGMPHIHLBMBHGL 'KIB?CI:G=J;H;IJ HK=BG@MHE:SS:GR
 I  $LE:FA:L9;HJ7?DBO8;9EC;FEB?J?9?P;:8OL7H?EKI=HEKFIM?J'KIB?C879A=HEKD:
7IM;BB7I8OIEC;DED 'KIB?CI /A?HKFK@KHNILA:O;GL:KABG@?HK7D?:;EBE=OJE
FHEJ;9JJ;CI;BL;I7=7?DIJJ;:;JH?C;DJ7BEH9;IE=BE87B?P7J?EDIK97I?D@KIJ?9; ?D;GK7B?JO 
FEL;HJO  KD;CFBEOC;DJ  ;N9BKI?ED  H79?IC 7D: :?I9H?C?D7J?ED I  L :ELH :L:M ::L 
*NGBLLB   I ??  )HG (NLEBFL KIKLGM= ;R LHF 2LMKG E:=KL :G= BGMEEMN:EL
7L; 7BIE FEB?J?9?P;: #IB7C JE CE8?B?P; J; C7@EH?J?;I EH J;?H EMD ?DJ;H;IJI 7BED= M?J J;
9EDIJUXFWHGIHDURIDQµHQHPZLWKLQ¶RUDQµRXWVLGHHQHP¶L:ELH(:A:F:  
$GHGP:RHK:GHMAK MALOGML:G=LBFBE:KHGLA:OLA:I=AHPMA2LMKGIN;EB
A:L IKBO= (NLEBFL :G= AHP (NLEBFL A:O IKBO= MA 2LM  /ABL BL PAR (NLEBFL
HFFNGBMBLA:OH?MG;G:NL=@NBEMRBGMBFLH?MNKFHBE :G=E:SS:GRA:LFGMBHG=MA
KGMF:LLFNK=KBG)HKP:RHG%NER :L:O:EB=Q:FIE EB':F:G? 
HGLB=K LNA Q:FIEL :L MA P:RL BG PAK $*+ A:L ;G NL= :L : ?HKF H?
=EL;HDC;DJ7B?JO

/A KIHKM LN;FBMM= ;R L:KB M :E    I   BM= BG EEG ? MH MA
NKHI:G HFFBLLBHG   LM:ML MA:M MA G@:MBO IKIMBHGL H? $LE:F BG MA PHKE=  :G=
I:KMBNE:KERBG NKHI :G;MK:=;:DMHMAKNL:=LBGF:GRP:RL :G=$*+BLK:MAK7
CE:;HD7D:I;9KB7H7DJ? #IB7C?9:?I9EKHI;7D:FH79J?9;7FF;7H?D=?DJ;FK8B?9IF;H;M?JJ;
?DJ;=H7J?EDE'KIB?C?CC?=H7DJ9ECCKD?J?;I7D:?DJ;DI?O?D=7J;H  HK=BG@MHEEG
 I ? $*+BL7CK9KI;:8KJB?JJB;KD:;HIJEE:J;HC :G=:MN:EERBMBL;EBO=MH;
PRUHSRSXODUDIWHUWKHLVVXLQJRI5XQQPHGH7UXVW¶VRPPLVVLRQUHSRUWRQ%ULWLVK0XVOLPV
:G=$*+($ GMBME=#IB7CEFE8?77BB;D=;EH/IBB-NGGRF=  $GMABL
KIHKM BMBL :LLNK=MA:MMAMKFL ?BKLMNL:@ BGGPLI:IKL P:L ;R:G FKB:G GPLI:IK
KIHKMK BG   /ABL ($ =?BG= $*+ :L 7D KDEKD:;: EIJ?B?JO JEM7H:I #IB7C  7D:
J;H;EH;;7HEH:?IB?A;E7BBEHCEIJ'KIB?CII  :G=J?IEIJ?B?JOM7IKHJ;H;B78EH7J;:
8OJ;FHEFEI7BE;?=JFEII?8B;#IB7CEFE8?9C?D:I;JI /ALB@AMLM:MFGML
:K

  ³#IB7C?II;;D7I7CEDEB?J?98BE9 IJ7J?97D:KDH;IFEDI?L;JE97D=;´ 
  ³,VODPLVVHHQDVVHSDUDWHDQGµRWKHU¶,WGRHVQRWKDYHYDOXHVLQFRPPRQZLWKRWKHU
9KBJKH;I ?IDEJ7;9J;:8OJ;C7D::E;IDEJ?DBK;D9;J;C ´
  ³#IB7C?II;;D7I?D;H?EHJEJ;1;IJ #J?II;;D7I87H87H?9 ?HH7J?ED7B FH?C?J?L;7D:
I;N?IJ ´
³#IB7C?II;;D7IL?EB;DJ 7==H;II?L; JH;7J;D?D= 7D:IKFFEHJ?L;EJ;HHEH?IC 7D:
;D=7=HGLQDµFODVKRIFLYLOLVDWLRQV¶´
  ³#IB7C?II;;D7I7FEB?J?97B?:;EBE=O7D:?IKI;:EHFEB?J?97BEHC?B?J7HO7:L7DJ7=;
  ³H?J?9?ICIC7:;EJ;1;IJ8O#IB7C7H;H;@;9J;:EKJE7D: ´
  ³EIJ?B?JOJEM7H:I#IB7C?IKI;:JE@KIJ?O:?I9H?C?D7JEHOFH79J?9;IJEM7H:I'KIB?CI
7D:;N9BKI?EDE'KIB?CIHECC7?DIJH;7CIE9?;JO ´
  ³DJ? 'KIB?CEIJ?B?JO?II;;D7ID7JKH7BEHDEHC7B ´

HK=BG@MH.NM:K I ?? MAKBLGHE@:EER :@K==?BGBMBHGH?$*+ :G=A
@HL?NKMAKMHFGMBHGMA:MGHHFFHG=?BGBMBHG :MBHG:G=IHEBRA:O;G=OEHI=;R
LHB:E LBGL MH E:KB?R BM BMAK  #HPOK  MH K?K MH 1:G BCD   $*+ A:L ;G
=BLNLL=NG=KMAHL;KH:=KHGIMLH?=BLKBFBG:MBHG:G=K:BLF :G=MAL:KNGBOKL:EER
:IM=;RF:GRBGMKG:MBHG:EHK@:GBS:MBHGL:G=@HOKGFGML $GMABLKLIM MA*K@:GBS:MBHG
H?.NKBMR:G=HHIK:MBHGBG NKHI :G=MA NKHI:G0GBHG :G=MA0)AE=:G=BLLN=
HG?KGL  =HNFGML :G= KIHKML L 0(   MH B=GMB?R MA IAGHFGHG :G= BML
F:GB?LM:MBHGL HG BGMKG:MBHG:E LM:G=:K=L H? K:B:E =BLKBFBG:MBHG  !HK Q:FIE  BG   MA
RXQFLORI(XURSH¶VSXEOLVKHGµ,VODPRSKRELD¶DQGLWVRQVHTXHQFHVRQRXQJ3HRSOHMHK?KMH
$*+:L³WKHIHDURIRUSUHMXGLFHGYLHZSRLQWJEM7H:I#IB7C 'KIB?CI7D:C7JJ;HIF;HJ7?D?D=JE
J;C-:F;K@  I   :G=#)*?I7L?EB7J?EDEKC7DH?=JI7D:7JH;7J JE IE9?7B
9E;I?ED´  .BFBE:KER  BG MA +K?: H? ABL #IB7CEFE8?7  EEG =LKB;L LNA HK@:GBS:MBHG:E
??HKML:LO:EN:;E;NMGHM?NEERHGOBGBG@ :G=ALM:M=MA:M

;IF?J;DKC;HEKIIEKH9;IIK==;IJ?D=J7J#IB7CEFE8?7?I8;9EC?D=8EJ
?D9H;7I?D=BOFH;L7B;DJ7D:IE9?7BBO799;FJ78B;?DJ;9EDJ;CFEH7HOMEHB: 
J;H;H;C7?DI7B79AEJ;NJK7BIEKH9;IJ7J9EDI?:;H;?J;HJ;F;DEC;DED
?JI;B EH?JIC7D?;IJ7J?EDI7D:9EDI;GK;D9;I .;H;?IDE7KJEH?J7J?L;J;NJ
J7J7JJ;CFJIJEKD:;HIJ7D:EH9EDJ;NJK7B?P;M7JC?=J8;I;;DJE8;ED;E
J;CEIJ:7D=;HEKIFH;@K:?9;I?DJ;9EDJ;CFEH7HO9B?C7J; I BB 

LBFBE:KIKLIMBOP:L:KEBKIKLGM=;R.:B= PAHIHKMK:R=$*+HK2LMKG?:K
H?$LE:FBGMA?HEEHPBG@P:R
«LVDFXOWXUDO ?:;EBE=?97BEKJBEEAJ7JI;;AIJE;NFB7?D?BBIEJ;=BE87B 
IE9?7B EH:;H 8O 7JJH?8KJ?D= J;C JE #IB7C  #J ?I 7 M7O E J?DA?D= J7J
9EDB7J;I?IJEH?;I FEB?J?9I IE9?;J?;I7D:9KBJKH;IEJ;'?::B;7IJ?DJE7
I?D=B;KD??;:7D:D;=7J?L;9ED9;FJ?EDRI,VODP«,WLVDQLGHRORJLQZKLFK
WKH µEDFNZDUGQHVV¶ RI WKH RWKHU LV HVWDEOLVKHG JHEK= 7D ;II;DJ?7B?P;:
#IB7CI  

(HKHOK  !:=BE   I ?  A:L H;LKO= $*+ :L ED; E J; 8?= GK;IJ?EDI E EKH :7O 
FH;I;DJ?D=7FHE8B;CJ7J?ICEIJEJ;D7DIM;H;:M?J?=DEH7D9;EHM?J9ECCEDOIJ;H?7 7D:
7BCEIJD;L;HM?JH;IJ?DA?D=  O:GL I  BLMAFHLMILLBFBLMBHGBGLM:MBG@MA:M
$*+;KBG@L=:F:@HGMA NKHI:GIN;EBBLPDNLQJDPRQVWHUZKHUHLWVKRXOGQ¶WH[LVWD
CEDIJ;HC7:;HECJ;C7D?7EEKHEMD;7HLBFBE:KOBPBLLGBGL:KBM:E  
PAH:K@NMA:M$*+:MN:EER 9ED9;7BI:?;H;DJEHCIE:?I9H?C?D7J?ED=NMH:GMB $LE:FB
=BLHNKL:G=BMLHGLJNGMLMKNMNK:EBGJN:EBMBL

.?IF;DEC;DED97DDEJI?CFBO8;IK8IKC;:?DJEJ;J;HC#IB7CEFE8?7 
#D:;;: J;J;HC97D8;C?IB;7:?D= 7I?JFH;IKFFEI;IJ;FH; ;C?D;D9;E
H;B?=?EKI:?I9H?C?D7J?EDM;DEJ;HEHCIE:?I9H?C?D7J?EDIK97IH79?7B
EH 9B7II  C7O 8; CEH; H;B;L7DJ  1; J;H;EH; ?DJ;D: JE KI; J; J;HC
#IB7CEFE8?77I7IJ7HJ?D=FE?DJEH7D7BOP?D=J;:?;H;DJ:?C;DI?EDIJ7J
:;?D;J;FEB?J?97BI?JK7J?EDE'KIB?CC?DEH?J?;I?DKHEF; 1;M?BBDEJ
J7A;J;J;HCEH=H7DJ;:8O7II?=D?D=?JEDBOED;C;7D?D= IK97I7DJ?
#IB7C?9:?I9EKHI;I  

/ABLBL:MN:EER  :LFGMBHG=;RE:SS:GR I ? MAIKH=NKMAGH EB;K:ELM:ML
HIK:MLJHEK=I;9KH?J?P?D=7D:IJ?=C7J?P?D=JEI;ME7H;;JDE 9KBJKH7BBO7D:H;B?=?EKIBO
:?;H;DJHECJ;C7@EH?JOIE9?;J?;I :IHBGMK?EM=PEEBGQ:FBGBG@*KBGM:EBLF
MA$K:J
2:K
:G=+( 
 EEG   :EHG@ ABL #IB7CEFE8?7 D #DJHE:K9J?ED M7I LDBG@ :G :NMAHKBM:MBO
=?BGBMBHGH?$*+ PABADQEHXVHGDVDVXLWDEOHGHILQLWLRQWRWHUPVOLNHµ$QWL ,VODPUDFLVP¶
RUµ$QWL 3URSKHW0XKDPPDGUDFLVP¶DQGKLVILQDOGHILQLWLRQLVWKHIROORZLQJ
#IB7CEFE8?7 ?I 7D ?:;EBE=O  I?C?B7H ?D J;EHO  KD9J?ED 7D: FKHFEI; JE
H79?IC 7D: EJ;H I?C?B7H F;DEC;D7  J7J IKIJ7?D 7D: F;HF;JK7J;I
D;=7J?L;BO;L7BK7J;:C;7D?D=78EKJ'KIB?CI7D:#IB7C?DJ;9EDJ;CFEH7HO
VHWWLQJLQVLPLODUZDVWRWKDWZKLFKLWKDVKLVWRULFDOO«LQIOXHQFLQJDQG
?CF79J?D=KFEDIE9?7B79J?ED ?DJ;H79J?ED H;IFEDI;7D:IEED I7F?D=7D:
:;J;HC?D?D= KD:;HIJ7D:?D=  F;H9;FJ?EDI 7D: 7JJ?JK:;I ?D J; IE9?7B
FRQVHQVXV«WKDWLQIRUPDQGFRQVWUXFWWKLQNLQJDERXW0XVOLPVDQG,VODPDV
)J;HI  

/HMA;LMDGHPE=@H?MAPKBMK MABLBLMA?BKLMMBF$*+BLIKLGM=:L:GB=HEH@R;R
GHG (NLEBF
PABA:G:LBER;NG=KLMHH=:L=EB;K:M:G=PBMA:@G=: :LPBEE;LGBG
MA?HEEHPBG@LMBHGL /ABL:@G=: BGHK=KMH;BG?ENGMB:E =RG:FB :G=LNLL?NE KJNBKL
F:GR=OEHIBG@HFIHGGML EBD+ MHHEL M:K@ML :G=F:GRHMAKMABG@L /HMAPKBMK MA
FHLMKGM?HKFH?MABL$LE:FHIAH;B:@G=: LIB:EERBGMABL=:= BL+(( 
/AKHN@A MA HNKL H? MA E:LM MAK =:=L  MA BHGL H? (NLEBFL :G= $LE:F BG MA
2LMKGF=B:A:L;HFMAHGKGH?F:GRKL:KAKL:EEHOUWKHZRUOG7RXVH$OOHQ¶V
 PHK=L 6$M7?I9KHH;DJBO7IK8@;9JECK9:;87J;7CED=IJ797:;C?9I C;:?7?DIJ?JKJ?EDI 
'KIB?CEH=7D?P7J?EDI7D:J;=;D;H7BFK8B?9I  (:GRF=B:LMN=BL:LLKMMA:MJ;9KHH;DJ
9EL;H7=; E #IB7C ?D J; 1;IJ;HD C;:?7 7I C7:; #IB7C 7 I7B?;DJ ?IIK; 7D: 7I B;: JE ?JI
FK8B?9?JO?DJ;9KHH;DJ;H7KHPLHG  I  :R:M I ? :G=E:SS:GR 
I  LAHPMA:MGHMHIBA:LKGMER;G=BLNLL=:G=LKNMBGBS=BGMAF=B:FHKMA:G$LE:F
:G=(NLEBFL !NKMAKFHK E:SS:GRLM:ML?NKMAKMA:M=NMHMABLAN@HOK:@ MAPHKE=:M
E:K@A:L;HFLN;CM=MH:P:EMAH?:G:ERLBLH?$LE:FBG:P:RMA:M?NELNKBHLBMRH?MA
IHIE:;HNMMAKEB@BHG:G= BML:=AKGML MHMAQMGMMA:M;HHD LEEKL BG NKHI:G=MA
(B==E :LMA:OKIHKM=:GNILNK@BGMAINKA:LH?MA,NK:G PABALNIIHKMLPA:MHG
KBMBLA GPLI:IK A:L:??BKF=MA:M$LE:F A:L GOK ;GH?@K:MK BGMKLMMHMAIHIEH?
KBM:BGMA:GBMBLMH=:R 
 /AL:FOBPBLF;K:=;RE LAB;:GB PAHLM:MLMA:M?HEEHPBG@MA
OGML  $LE:F :G= (NLEBFL A:O ;HF :FHG@ MA F:BG MHIBL H? MA 2LMKG F=B:  :G=
IHIE:KHNG=MAPHKE=A:O;HFLMN=GMLGPER LAHHE=BG$LE:FLLMK:M@B@H@K:IAR 
NEMNK :G=IHIE  :L:M ::L*NGBLLB :G=/:A: IHBGMHNMMA:MMAF=B:A:L
;HFMAF:BG B?GHMMAHGER :O:BE:;ELHNKMHH;M:BGMABLBG?HKF:MBHG .BFBE:KER -:F;K@
 :G=':F;KMBMAGL (:SK LM:MMA:M MAKHN@AMAF=B:HOK:@H?$LE:F MA
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf
Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf

More Related Content

Similar to Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf

Despacho conjunto nº300 97 de 09 setembro
Despacho conjunto nº300 97 de 09 setembroDespacho conjunto nº300 97 de 09 setembro
Despacho conjunto nº300 97 de 09 setembropatronatobonanca
 
ΠΛΗ20 ΜΑΘΗΜΑ 5.4 (ΕΚΤΥΠΩΣΗ)
ΠΛΗ20 ΜΑΘΗΜΑ 5.4 (ΕΚΤΥΠΩΣΗ)ΠΛΗ20 ΜΑΘΗΜΑ 5.4 (ΕΚΤΥΠΩΣΗ)
ΠΛΗ20 ΜΑΘΗΜΑ 5.4 (ΕΚΤΥΠΩΣΗ)Dimitris Psounis
 
A estetica da recepção e as prátocas de leitura do bibliotecário
A estetica da recepção e as prátocas de leitura do bibliotecárioA estetica da recepção e as prátocas de leitura do bibliotecário
A estetica da recepção e as prátocas de leitura do bibliotecárioDaliane Nascimento
 
"El Cristo de la Rue Jacob" - Severo Sarduy
"El Cristo de la Rue Jacob" - Severo Sarduy"El Cristo de la Rue Jacob" - Severo Sarduy
"El Cristo de la Rue Jacob" - Severo Sarduycparodi91
 
Hudson City Youth Dept Assessment 03312012
Hudson City Youth Dept Assessment  03312012Hudson City Youth Dept Assessment  03312012
Hudson City Youth Dept Assessment 03312012rosemarielongo
 
20150422130351-9864-71
20150422130351-9864-7120150422130351-9864-71
20150422130351-9864-71javadazimirad
 
Cancer & santé publique interview du professeur agnès buzyn.
Cancer & santé publique   interview du professeur agnès buzyn.Cancer & santé publique   interview du professeur agnès buzyn.
Cancer & santé publique interview du professeur agnès buzyn.Réseau Pro Santé
 
Activities Gm Pri
Activities Gm PriActivities Gm Pri
Activities Gm Priminal81
 
Activities Gm Pri
Activities Gm PriActivities Gm Pri
Activities Gm Priminal81
 
SK컴즈 행복한 일터를 만드는 사람들
SK컴즈 행복한 일터를 만드는 사람들SK컴즈 행복한 일터를 만드는 사람들
SK컴즈 행복한 일터를 만드는 사람들Jinho Jung
 
Google In China Case Competition Written Report
Google In China Case Competition Written ReportGoogle In China Case Competition Written Report
Google In China Case Competition Written Reportkcg016
 
Stress example lecture 6
Stress example lecture 6Stress example lecture 6
Stress example lecture 6Bahzad5
 
USD 1.49 billion invested in Silicon Valley mobile companies in 2008
USD 1.49 billion invested in Silicon Valley mobile companies in 2008USD 1.49 billion invested in Silicon Valley mobile companies in 2008
USD 1.49 billion invested in Silicon Valley mobile companies in 2008MOMO BUENOSAIRES
 
Criptosistemas Clásicos
Criptosistemas ClásicosCriptosistemas Clásicos
Criptosistemas ClásicosSamary Páez
 

Similar to Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf (20)

Despacho conjunto nº300 97 de 09 setembro
Despacho conjunto nº300 97 de 09 setembroDespacho conjunto nº300 97 de 09 setembro
Despacho conjunto nº300 97 de 09 setembro
 
ΠΛΗ20 ΜΑΘΗΜΑ 5.4 (ΕΚΤΥΠΩΣΗ)
ΠΛΗ20 ΜΑΘΗΜΑ 5.4 (ΕΚΤΥΠΩΣΗ)ΠΛΗ20 ΜΑΘΗΜΑ 5.4 (ΕΚΤΥΠΩΣΗ)
ΠΛΗ20 ΜΑΘΗΜΑ 5.4 (ΕΚΤΥΠΩΣΗ)
 
A estetica da recepção e as prátocas de leitura do bibliotecário
A estetica da recepção e as prátocas de leitura do bibliotecárioA estetica da recepção e as prátocas de leitura do bibliotecário
A estetica da recepção e as prátocas de leitura do bibliotecário
 
"El Cristo de la Rue Jacob" - Severo Sarduy
"El Cristo de la Rue Jacob" - Severo Sarduy"El Cristo de la Rue Jacob" - Severo Sarduy
"El Cristo de la Rue Jacob" - Severo Sarduy
 
Hudson City Youth Dept Assessment 03312012
Hudson City Youth Dept Assessment  03312012Hudson City Youth Dept Assessment  03312012
Hudson City Youth Dept Assessment 03312012
 
Machine Shop Flyer
Machine Shop FlyerMachine Shop Flyer
Machine Shop Flyer
 
Apps Market Research
Apps Market ResearchApps Market Research
Apps Market Research
 
Curriculo de primer año
Curriculo de primer añoCurriculo de primer año
Curriculo de primer año
 
20150422130351-9864-71
20150422130351-9864-7120150422130351-9864-71
20150422130351-9864-71
 
Cancer & santé publique interview du professeur agnès buzyn.
Cancer & santé publique   interview du professeur agnès buzyn.Cancer & santé publique   interview du professeur agnès buzyn.
Cancer & santé publique interview du professeur agnès buzyn.
 
Activities Gm Pri
Activities Gm PriActivities Gm Pri
Activities Gm Pri
 
Activities Gm Pri
Activities Gm PriActivities Gm Pri
Activities Gm Pri
 
SK컴즈 행복한 일터를 만드는 사람들
SK컴즈 행복한 일터를 만드는 사람들SK컴즈 행복한 일터를 만드는 사람들
SK컴즈 행복한 일터를 만드는 사람들
 
Vietnam social media popularity & characteristics
Vietnam social media popularity & characteristicsVietnam social media popularity & characteristics
Vietnam social media popularity & characteristics
 
Google In China Case Competition Written Report
Google In China Case Competition Written ReportGoogle In China Case Competition Written Report
Google In China Case Competition Written Report
 
Stress example lecture 6
Stress example lecture 6Stress example lecture 6
Stress example lecture 6
 
USD 1.49 billion invested in Silicon Valley mobile companies in 2008
USD 1.49 billion invested in Silicon Valley mobile companies in 2008USD 1.49 billion invested in Silicon Valley mobile companies in 2008
USD 1.49 billion invested in Silicon Valley mobile companies in 2008
 
OSGi - beyond the myth
OSGi -  beyond the mythOSGi -  beyond the myth
OSGi - beyond the myth
 
Story Telling With Open Data
Story Telling With Open DataStory Telling With Open Data
Story Telling With Open Data
 
Criptosistemas Clásicos
Criptosistemas ClásicosCriptosistemas Clásicos
Criptosistemas Clásicos
 

More from Ahmed Qadoury Abed (20)

Chomsky
ChomskyChomsky
Chomsky
 
Transitivity
TransitivityTransitivity
Transitivity
 
Structuralism in 2000 ...
Structuralism in 2000                                                        ...Structuralism in 2000                                                        ...
Structuralism in 2000 ...
 
An outline of the history of linguistics ...
An outline of the history of linguistics                                     ...An outline of the history of linguistics                                     ...
An outline of the history of linguistics ...
 
Hielmslev
HielmslevHielmslev
Hielmslev
 
A survey of structural linguistics
A survey of structural linguisticsA survey of structural linguistics
A survey of structural linguistics
 
The English ‘and’ and its counterparts in Arabic
The English ‘and’ and its counterparts in ArabicThe English ‘and’ and its counterparts in Arabic
The English ‘and’ and its counterparts in Arabic
 
Transitivity AND THEME z& RHEME
Transitivity AND THEME z& RHEMETransitivity AND THEME z& RHEME
Transitivity AND THEME z& RHEME
 
Error analysis
Error analysis Error analysis
Error analysis
 
Chomsky: a single or multi minds in one
Chomsky: a single or multi minds in oneChomsky: a single or multi minds in one
Chomsky: a single or multi minds in one
 
Transitivity & THEME AND RHEME
Transitivity & THEME AND RHEMETransitivity & THEME AND RHEME
Transitivity & THEME AND RHEME
 
Grice revised
Grice revisedGrice revised
Grice revised
 
Error analysis revised
Error analysis revisedError analysis revised
Error analysis revised
 
Error analysis revised
Error analysis revisedError analysis revised
Error analysis revised
 
Cooperative principles and implicatures
Cooperative principles and implicaturesCooperative principles and implicatures
Cooperative principles and implicatures
 
Periodic and aperiodic sounds (2)
Periodic and aperiodic sounds (2)Periodic and aperiodic sounds (2)
Periodic and aperiodic sounds (2)
 
Syllable and syllabification
Syllable and syllabificationSyllable and syllabification
Syllable and syllabification
 
Resonators
ResonatorsResonators
Resonators
 
Acceptability
AcceptabilityAcceptability
Acceptability
 
Ellipsis in english
Ellipsis in englishEllipsis in english
Ellipsis in english
 

Recently uploaded

18-04-UA_REPORT_MEDIALITERAСY_INDEX-DM_23-1-final-eng.pdf
18-04-UA_REPORT_MEDIALITERAСY_INDEX-DM_23-1-final-eng.pdf18-04-UA_REPORT_MEDIALITERAСY_INDEX-DM_23-1-final-eng.pdf
18-04-UA_REPORT_MEDIALITERAСY_INDEX-DM_23-1-final-eng.pdfssuser54595a
 
Hierarchy of management that covers different levels of management
Hierarchy of management that covers different levels of managementHierarchy of management that covers different levels of management
Hierarchy of management that covers different levels of managementmkooblal
 
Alper Gobel In Media Res Media Component
Alper Gobel In Media Res Media ComponentAlper Gobel In Media Res Media Component
Alper Gobel In Media Res Media ComponentInMediaRes1
 
DATA STRUCTURE AND ALGORITHM for beginners
DATA STRUCTURE AND ALGORITHM for beginnersDATA STRUCTURE AND ALGORITHM for beginners
DATA STRUCTURE AND ALGORITHM for beginnersSabitha Banu
 
Types of Journalistic Writing Grade 8.pptx
Types of Journalistic Writing Grade 8.pptxTypes of Journalistic Writing Grade 8.pptx
Types of Journalistic Writing Grade 8.pptxEyham Joco
 
Historical philosophical, theoretical, and legal foundations of special and i...
Historical philosophical, theoretical, and legal foundations of special and i...Historical philosophical, theoretical, and legal foundations of special and i...
Historical philosophical, theoretical, and legal foundations of special and i...jaredbarbolino94
 
Presiding Officer Training module 2024 lok sabha elections
Presiding Officer Training module 2024 lok sabha electionsPresiding Officer Training module 2024 lok sabha elections
Presiding Officer Training module 2024 lok sabha electionsanshu789521
 
Computed Fields and api Depends in the Odoo 17
Computed Fields and api Depends in the Odoo 17Computed Fields and api Depends in the Odoo 17
Computed Fields and api Depends in the Odoo 17Celine George
 
internship ppt on smartinternz platform as salesforce developer
internship ppt on smartinternz platform as salesforce developerinternship ppt on smartinternz platform as salesforce developer
internship ppt on smartinternz platform as salesforce developerunnathinaik
 
Introduction to ArtificiaI Intelligence in Higher Education
Introduction to ArtificiaI Intelligence in Higher EducationIntroduction to ArtificiaI Intelligence in Higher Education
Introduction to ArtificiaI Intelligence in Higher Educationpboyjonauth
 
Biting mechanism of poisonous snakes.pdf
Biting mechanism of poisonous snakes.pdfBiting mechanism of poisonous snakes.pdf
Biting mechanism of poisonous snakes.pdfadityarao40181
 
Meghan Sutherland In Media Res Media Component
Meghan Sutherland In Media Res Media ComponentMeghan Sutherland In Media Res Media Component
Meghan Sutherland In Media Res Media ComponentInMediaRes1
 
Organic Name Reactions for the students and aspirants of Chemistry12th.pptx
Organic Name Reactions  for the students and aspirants of Chemistry12th.pptxOrganic Name Reactions  for the students and aspirants of Chemistry12th.pptx
Organic Name Reactions for the students and aspirants of Chemistry12th.pptxVS Mahajan Coaching Centre
 
Introduction to AI in Higher Education_draft.pptx
Introduction to AI in Higher Education_draft.pptxIntroduction to AI in Higher Education_draft.pptx
Introduction to AI in Higher Education_draft.pptxpboyjonauth
 
ECONOMIC CONTEXT - LONG FORM TV DRAMA - PPT
ECONOMIC CONTEXT - LONG FORM TV DRAMA - PPTECONOMIC CONTEXT - LONG FORM TV DRAMA - PPT
ECONOMIC CONTEXT - LONG FORM TV DRAMA - PPTiammrhaywood
 
Software Engineering Methodologies (overview)
Software Engineering Methodologies (overview)Software Engineering Methodologies (overview)
Software Engineering Methodologies (overview)eniolaolutunde
 
CARE OF CHILD IN INCUBATOR..........pptx
CARE OF CHILD IN INCUBATOR..........pptxCARE OF CHILD IN INCUBATOR..........pptx
CARE OF CHILD IN INCUBATOR..........pptxGaneshChakor2
 
History Class XII Ch. 3 Kinship, Caste and Class (1).pptx
History Class XII Ch. 3 Kinship, Caste and Class (1).pptxHistory Class XII Ch. 3 Kinship, Caste and Class (1).pptx
History Class XII Ch. 3 Kinship, Caste and Class (1).pptxsocialsciencegdgrohi
 

Recently uploaded (20)

18-04-UA_REPORT_MEDIALITERAСY_INDEX-DM_23-1-final-eng.pdf
18-04-UA_REPORT_MEDIALITERAСY_INDEX-DM_23-1-final-eng.pdf18-04-UA_REPORT_MEDIALITERAСY_INDEX-DM_23-1-final-eng.pdf
18-04-UA_REPORT_MEDIALITERAСY_INDEX-DM_23-1-final-eng.pdf
 
Hierarchy of management that covers different levels of management
Hierarchy of management that covers different levels of managementHierarchy of management that covers different levels of management
Hierarchy of management that covers different levels of management
 
Alper Gobel In Media Res Media Component
Alper Gobel In Media Res Media ComponentAlper Gobel In Media Res Media Component
Alper Gobel In Media Res Media Component
 
DATA STRUCTURE AND ALGORITHM for beginners
DATA STRUCTURE AND ALGORITHM for beginnersDATA STRUCTURE AND ALGORITHM for beginners
DATA STRUCTURE AND ALGORITHM for beginners
 
Types of Journalistic Writing Grade 8.pptx
Types of Journalistic Writing Grade 8.pptxTypes of Journalistic Writing Grade 8.pptx
Types of Journalistic Writing Grade 8.pptx
 
Historical philosophical, theoretical, and legal foundations of special and i...
Historical philosophical, theoretical, and legal foundations of special and i...Historical philosophical, theoretical, and legal foundations of special and i...
Historical philosophical, theoretical, and legal foundations of special and i...
 
Presiding Officer Training module 2024 lok sabha elections
Presiding Officer Training module 2024 lok sabha electionsPresiding Officer Training module 2024 lok sabha elections
Presiding Officer Training module 2024 lok sabha elections
 
Computed Fields and api Depends in the Odoo 17
Computed Fields and api Depends in the Odoo 17Computed Fields and api Depends in the Odoo 17
Computed Fields and api Depends in the Odoo 17
 
internship ppt on smartinternz platform as salesforce developer
internship ppt on smartinternz platform as salesforce developerinternship ppt on smartinternz platform as salesforce developer
internship ppt on smartinternz platform as salesforce developer
 
Model Call Girl in Tilak Nagar Delhi reach out to us at 🔝9953056974🔝
Model Call Girl in Tilak Nagar Delhi reach out to us at 🔝9953056974🔝Model Call Girl in Tilak Nagar Delhi reach out to us at 🔝9953056974🔝
Model Call Girl in Tilak Nagar Delhi reach out to us at 🔝9953056974🔝
 
Introduction to ArtificiaI Intelligence in Higher Education
Introduction to ArtificiaI Intelligence in Higher EducationIntroduction to ArtificiaI Intelligence in Higher Education
Introduction to ArtificiaI Intelligence in Higher Education
 
Biting mechanism of poisonous snakes.pdf
Biting mechanism of poisonous snakes.pdfBiting mechanism of poisonous snakes.pdf
Biting mechanism of poisonous snakes.pdf
 
Meghan Sutherland In Media Res Media Component
Meghan Sutherland In Media Res Media ComponentMeghan Sutherland In Media Res Media Component
Meghan Sutherland In Media Res Media Component
 
Organic Name Reactions for the students and aspirants of Chemistry12th.pptx
Organic Name Reactions  for the students and aspirants of Chemistry12th.pptxOrganic Name Reactions  for the students and aspirants of Chemistry12th.pptx
Organic Name Reactions for the students and aspirants of Chemistry12th.pptx
 
Introduction to AI in Higher Education_draft.pptx
Introduction to AI in Higher Education_draft.pptxIntroduction to AI in Higher Education_draft.pptx
Introduction to AI in Higher Education_draft.pptx
 
9953330565 Low Rate Call Girls In Rohini Delhi NCR
9953330565 Low Rate Call Girls In Rohini  Delhi NCR9953330565 Low Rate Call Girls In Rohini  Delhi NCR
9953330565 Low Rate Call Girls In Rohini Delhi NCR
 
ECONOMIC CONTEXT - LONG FORM TV DRAMA - PPT
ECONOMIC CONTEXT - LONG FORM TV DRAMA - PPTECONOMIC CONTEXT - LONG FORM TV DRAMA - PPT
ECONOMIC CONTEXT - LONG FORM TV DRAMA - PPT
 
Software Engineering Methodologies (overview)
Software Engineering Methodologies (overview)Software Engineering Methodologies (overview)
Software Engineering Methodologies (overview)
 
CARE OF CHILD IN INCUBATOR..........pptx
CARE OF CHILD IN INCUBATOR..........pptxCARE OF CHILD IN INCUBATOR..........pptx
CARE OF CHILD IN INCUBATOR..........pptx
 
History Class XII Ch. 3 Kinship, Caste and Class (1).pptx
History Class XII Ch. 3 Kinship, Caste and Class (1).pptxHistory Class XII Ch. 3 Kinship, Caste and Class (1).pptx
History Class XII Ch. 3 Kinship, Caste and Class (1).pptx
 

Anti-ProphetMohammadMediaACriticalDiscourseAnalysis (1).pdf

  • 1. ! ## $%%'( ) * +$%%,' - +$%#$, . +$%#$, ) / ) ) 0 * ) ' ) ) 12 312 3 ) ( 2 - 2 ' 4 ( 5 ' +#667#668$%#,. * -95 . -9 : 2 ' ; ;)
  • 2.
  • 3. ! # ! #
  • 4. ! # $ !% ! $ ' ' ($ ' # % %) %* % ' $ ' + % ' !# $, ( $ - . ! - ( % . % % % % $ $ $ - - - - // $$$ 0 11#23. 4 )*5/ +) 678%99::: % ) - 2 ; ! * - = -% %7:? /- @7:94 )*5/ +) 3 7:9
  • 5. $ $% $#%#(##$# %$$# '# # !%(
  •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
  • 8. $#%# /:;E -L:KA,NLMBHGL #RIHMALL :G=IIEB=IIKH:A /:;E /AHKINLH?MA.MN=R /:;E /A.BMN:MBHGH?/AHKBLIIEB=BGMAG:ERLBL /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH? /:;E KBO:MBHGH?/HIBL?HK /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH? /:;E KBO:MBHGH?/HIBL?HK /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH? /:;E KBO:MBHGH?/HIBL?HK /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH? /:;E KBO:MBHGH?/HIBL?HK /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH? /:;E KBO:MBHGH?/HIBL?HK /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH? /:;E KBO:MBHGH?/HIBL?HK /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH?( /:;E KBO:MBHGH?/HIBL?HK( /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH?( /:;E KBO:MBHGH?/HIBL?HK( /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH?( /:;E KBO:MBHGH?/HIBL?HK( /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH?( /:;E KBO:MBHGH?/HIBL?HK( /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH?( /:;E KBO:MBHGH?/HIBL?HK( /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH?( /:;E KBO:MBHGH?/HIBL?HK( /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH?)4/ /:;E KBO:MBHGH?/HIBL?HK)4/ /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH?)4/ /:;E KBO:MBHGH?/HIBL?HK)4/ /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH?)4/ /:;E KBO:MBHGH?/HIBL?HK)4/ /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH?)4/ /:;E KBO:MBHGH?/HIBL?HK)4/ /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH?)4/ /:;E KBO:MBHGH?/HIBL?HK)4/ /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH?)4/ /:;E KBO:MBHGH?/HIBL?HK)4/ /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH?0/ /:;E KBO:MBHGH?/HIBL?HK0/ /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH?0/ /:;E KBO:MBHGH?/HIBL?HK0/ /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH?0/ /:;E KBO:MBHGH?/HIBL?HK0/ /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH?0/ /:;E KBO:MBHGH?/HIBL?HK0/ /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH?0/ /:;E KBO:MBHGH?/HIBL?HK0/ /:;E /A$GBMB:E(BKHIKHIHLBMBHGLH?0/
  • 9. /:;E KBO:MBHGH?/HIBL?HK0/ /:;E 7HUPV8VHGWR5HIHUWRµSURSKHW¶DQGµ0XKDPPDG¶ /:;E /KFLNL=MHK?KMHMA:GBLA:G=!KGAHGMKHOKLBL /:;E 7HUPVROORFDWHGZLWKWKH8VHRIµSURSKHW¶DQG 0XKDPPDG¶ /:;E /KFL0L=MHLKB;MAFKB:G?BEF /:;E /A0LH?MAH7HUPVµDQWL ,VODP¶µDQWL 0XVOLP¶DQGµDQWL SURSKHW¶ /:;E (NLEBFL:G=AKBLMB:GLBGMAHKINL /:;E /KFL0L=MHA:K:MKBS1BHEG /:;E /KFLNL=MHA:K:MKBS(=B:!K=HF /:;E $GMKMQMN:E-?KGBGMAHKINL /:;E $FIHKM:GM.HB:E1HBLBGMAHKINL /:;E +KHI:@:G=:BOBLBHGLBGMAHKINL /:;E HFI:KBLHGH?MA.EM=)PLI:IKL /:;E /A0L=-AMHKB:E=OBLBGMAHKINL !B@NK GMB +KHIAM(NA:FF:=+KHI:@:G=: !B@NK 9DQ'LMN¶V6FKHPDRI1HZV'LVFRXUVH !B@NK $6XJJHVWHG5HSUHVHQWDWLRQRI9DQ'LMN¶V,GHRORJLFDO6TXDUHV !B@NK /A.EM=(H=E:G=BML.MILH?G:ERLBL !B@NK BLHNKL/HIBLH?MA.EM=HKINL
  • 10. $$# =B:MBHG ;;KOB:MBHGL /:;EL:G=!B@NKL HGMGML $GMKH=NMBHG +KHIAM(NA:FF:=L.;)J;H )PLBLHNKL $=HEH@RG=KBMB:EBLHNKLG:ERLBL (MAH=HEH@R G:ERLBLG=BLNLLBHG HGENLBHGL B;EBH@K:IAR
  •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
  • 12. MAHGA:G= :G=?HKMA:BFLH?MALMN=RHGMAHMAK HGENBHGLKE:M=MHMAO:EB=BMRHK K?NM:MBHGH?MALMN=R:BFL:G=ARIHMALL:K:ELHBGEN== !BG:EER $ PHNE= EBD MH QIKLL FR @K:MBMN= :G= :DGHPE=@FGM MH OKRHG I:KMBBI:M=BGF:DBG@MABLPHKDO:EN:;E
  • 13. $%# /ABLI:KMIKHOB=L:G:HNGMH?MAKIKLGM:MBHGH?+KHIAM(NA:FF:=:LMA)J;H $LLNL EBD $LE:FHIAH;B: AG?HKMA $*+ MA KIKLGM:MBHG H? $LE:F :G= (NLEBFL :L MA )J;H GMB +KHIAM(NA:FF:=(=B:AG?HKMA +(( :G=MAK:LLH?MABLF=B:PBEE; HOK= /AL BG:==BMBHGMHF:GRHMAKBLLNL PBEEHGLMBMNMMAGMB +KHIAM(NA:FF:= @G=:AG?HKMA+( HMA 1:G BCD :G= 2H=:D : LM:M MA:M DGHPE=@ :;HNM HGMQM KIKLGM= ;R NEMNK ;EB?L :G= IHEBMBL H? MA MHIB H? BGOLMB@:MBHG A:L :G BFIHKM:GM BG?ENG :L BM ?:BEBM:ML MQM BGMKIKM:MBHG BG MA:M BM F:BGM:BGL MA :G:ERLBL H;CMBO :G= HAKGMHGMAHGA:G= :G=E:=LMA=BLHNKL:G:ERLMLMHF:DF:GBG@?NEHGENLBHGLBGMA IKHLLH?BGMKIKM:MBHG HGMAHMAKL:ELH!:BKEHN@A L ?HK MA IKLGM LMN=R MA PKBMK BL DG MH LMN=R MA GMB +KHIAM (NA:FF:= HGMKHOKLRAG?HKMA+( :G=BMLBGK:LBG@ER LN;LJNGMKIKH=NMBHG:G=OGML?KHF :G G@EBLA E:G@N:@ IKLIMBO OB: MA ?HNK LEM= GPLI:IKL ;R AHHLBG@ LHF GPL LMHKBL HK :KMBEL ?KHF MABK P;LBML MH ; MA M:K@M MQML ?HK BGOLMB@:MBHG 'BG@NBLMB :G= B=HEH@B:E :G:ERLBL H? DR OGML :EHG@ MABL HGMKHOKLR PBEE ; =HG PAG HG=NMBG@ JN:GMBM:MBO:G=JN:EBM:MBO:G:ERLL /ABLBLKM:BGERMHKIKH=NAHPMALGPLI:IKL:G= MAGPLI:KMBBI:GMLK:MMHP:K=LMABLKBMB:E+( ,+0) NKBG@ MA E:LM GMNKR MA =;:M HG MA =?BGBMBHG BFIHKM:G :G= ??ML H? F=B: E= MH B=GMB?R F:LL HFFNGB:MBHG EBD MEOBLBHG K:=BH GPLI:IKL :G= BGMKGM :L HG H? MA BFIHKM:GMP:IHGLBGIHEBMB:E NEMNK:E:G=KEB@BHNLHG?EBML :G=$LE:F±2LMBLHGH?MAF /ALHG?EBMLA:OBGMNKG:MBO:M=MAREH?B=HEH@R A@FHGR :@G=: LMMBG@EBMK:MNK MHFGMBHG;NM:?P /ABLLMBHG=:ELPBMAF=B::G=LHFKE:M=BLLNL EBDBMLKE:MBHGMH E:G@N:@:G=IHEBMBL (=B: :K:G BG?ENGMB:E:G= BGM@K:EI:KMH?MH=:RL=:BER EB? :EEHOKMAPHKE= LMA µ)RXUWK(VWDWH¶ MARHGMBGNHNLERA:O:GMK:ELM:G LQVKDSLQJSHRSOH¶VLQGLYLGXDOVRFLDO :G=NEMNK:EP:RLH?EBOBG@ (HKHOK F=B:AEINLG@HMB:M MAF:GBG@L H?PA:MBL:K @HBG@HGBGMAPHKE==NMHC;:?77H;?CFEHJ7DJ7=;DJIEIE9?7B?P7J?EDL2BEEB:FL I 2BEEB:FLL:B=MA:MMABLLHB:EBS:MBHG:GAEIIHIEMHB;7HD78EKJJ;L7BK;I 8;B?;I7D: DEHCIEEKHIE9?;J?;I:;L;BEFEKHEMDI;DI;E?:;DJ?JO7D:C;:?7J;EKH?DJ;H79J?EDM?JEJ;H VRFLDOLQVWLWXWLRQVDQGZLWKHDFKRWKHU´I (=B::GIK?HKFMABLBG:GNF;KH?P:RL :MBG@LHFMBFL:L³DVRXUFHRIFRQIOLFWDQGDWRWKHUVDVDVRXUFHRIFRQVHQVXV´1:GBCD I ELH MAF=B:LBG?ENGHGLHB:EEB?BLKBMB:E:G= PBMAHNM:DGHPE=@BG@ MABL BMBLBFIHLLB;EMHQ:FBGLHB:EKE:MBHGL L:KLNEM MAKE:MBHGLABI;MPGF=B::G= LHBMRA:L;GK@:K==:GBFIHKM:GMHFIHGGMH?F=B:LMN=BL (=B: :L=HILQHGE2¶.HHIIH S BL³DEURDGWHUPZKLFKFDQUHIHUWRDWRWDOLWRI EMH;7B?JO?IH;FH;I;DJ;:?D8HE7:97IJ7D:FH?DJ;:C;:?7IURPWHOHYLVLRQWRQHZVSDSHU´ /ANL BMK?KLMHIHEBMB:E BGMKOBPL A:MLAHPL K:=BHIAHG BGL :G=LHHG PAKMPHIHIEHK FHK:KBGMK:MBG@:G=:G:N=BGBLEBLMGBG@ /AK?HK ³PHGLDGLVFRXUVHZLOOQRWEHYLHZHG M?J?D7H;FH;I;DJ7J?ED7BRUFULWLFDOIUDPHZRUNEXWUDWKHUZLWKLQDQLQWHUDFWLRQDORQH´HEEBG I :?:MK:EBS=;RF:CHKBMRH?MAHLPHKDBG@BGMABL?BE= /ANL BG:LH?=K:PBG@: :KB:MNK LSHFLDOLVWV OLNH 2¶.HHIIH S ;EBO MA:M : DBG= H? BGMK:MBHG HK
  • 14. BGMK:MBOHFFNGB:MBHGBLIKLGM;MPGMAMPHHKFHKI:KMBBI:GML /AHLI:KMBBI:GML LAHNE=:@KHG:GNG=KLM:G=BG@H?:K:G@H?LA:K=LI: ::AH?LA:K=DGHPE=@ :G=: LGLH?HFFHGB=GMBMR G=MAL?:MNKL:KF:KD=MAKHN@AE:G@N:@NL #HPOK F=B:BL:GMK:E BG?ENGMB:E :G=NEMNK:EMQMIN;EBLA=:L:K=B;ELHNKH? NQRZOHGJHRIFXUUHQWHYHQWVHWLWFUHDWHVWKHUHDOLWLHVWKDW LWµGHVFULEHV¶RUDV:LOVRQ I LM:ML³PHDQLQJVDUHRXUV´ EEGK I :K@NLMA:MMAIKH=NMLH?F=B:NEMNK IKHOB=MA C7J;H?7BIEKJEM?9M;EH=;EKH?:;DJ?J?;IEKHI;DI;EI;BEE:EKH DEJ?EDEM7J?JC;7DIJE8;C7B;EH;C7B;EKHI;DI;E9B7II ;JD?9?JO 7D:H79; ED7J?ED7B?JO EI;NK7B?JO7D:EKIR7D:J;C ';:?7?C7=;I ;BFI7F;EKHL?;MEJ;MEHB:7D:EKH:;;F;IJL7BK;IM7JM;9EDI?:;H =EE:EH87: FEI?J?L;EHD;=7J?L; CEH7BEH;L?B HGLJNGMER F=B:BL:IKH?HNG=LHNKH?NEMNK:EI=:@H@RPABABGLMKNMLIHIEBGP:RL H? ;BG@ PAMAK MABL BL BG MA IK?HKF:G H? @G=K :@ E:LL K: G:MBHG:EBMR BG FRQVXPSWLRQDQGOHLVXUHRU³?D9EDEHC?JOJE7:EC?D7DJIOIJ;CEDEHCI L7BK;I FH79J?9;I7D: LQVWLWXWLRQV´I 2BMABG MA L:F K:G@ ':N@AR I =?BGL F=B: :L J;9DEBE=?;I J7J 9ECCKD?97J;C;II7=;IJE7K:?;D9;I?D:?;H;DJF7HJIE7H;=?ED 9EKDJHOEH;L;DJ;MEHB: 7KHVHPHGLDZKLFKDUHPRUHDFFXUDWHOGHVFULEHGDVµPDVVPHGLDDUHWKHPRVW H;OBHNL:G= ?:FBEB:KMHIKLGM±=:REB? /AMKFµPDVV¶LQWKLVVHQVHUHIHUVWR³WKHPDVVLYHUHFHSWLRQRI PHGLD VXFKDVWHOHYLVLRQILOPDQGVRRQ´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¶V %;O.;C;I?D';:?7.;EHOIKLGML:=M:BE=MK:MFGMH?MABLEBMK:MNKLM:KMBG@PBMA /DVVZHOO¶V PRGHORIFKDLQRIFRPPXQLFDWLRQ S WLOO%RXUGLHX¶V WKHKDELWXVDQGILHOGWKHRU I ? HGKGBG@MA?BKLMBG?ENG ':N@ARLM:MLMA:MF=B:I:LL=?KHFIKBGM=?HKFMH FNEMBF=B:HGL :G=MABGK:LBG@=IG=GHGMABGMKGM:G=LHB:EHFFNGB:MBHGF=B: A:L OB=GMER LG KGM =OEHIFGML BG MA (B==E :LM :L :G Q:FIE !HK MA LHG= BG?ENG ':N@AR I ? FGMBHGL MAK BFIHKM:GM LM:@L :G= MAL :K A:OBHNKBLF .MKNMNK:EBLF :G=$GMK:MBHG !HKMK:BG@MABG?ENGH?;NLBGLLF:KDM ':N@ARLM:MLMA:M MA EBMK:MNK A:L PBMGLL= =K:F:MB A:G@L =N MH MAHKBL H? HGLNFIMBHG :G= FH=EL H? 5LW]HU¶V0F'RQDOGL]DWLRQ)LVNH¶VRQVXPHU5HVLVWDQFH'HHUWHDX¶V(YHUGD7DFWLFVDUHXS MH =:MQ:FIELLEQ:G=K M:E !HKMAE:LMBG?ENG G:FERMA=OEHIFGMH? MA IHEBMB:E MAHKR ':N@AR MK:L MA BG?ENG H? +KHI:@:G=: AG?HKMA + MAGBJN :@G=: LMMBG@ FH=KGBMR IHLMFH=KGBLF HEHGB:EBLF IHLM HEHGB:EBLF ?FBGBLF @G=K MAHKR :G=IHEBMB:EHGHFR !HKMAINKIHLH?MAIKLGMLMN=R MALHG=BG?ENGBLFHK KEO:GM:G=KEB:;EMA:GMAHMAKMAK LIB:EERLBG+(BLF:BGERH?IHEBMB:EG:MNK
  • 15. #'*+('/'!('.!+0-.# !MSK':NK;:A; I A:O=LKB;=MAKE:MBHGL;MPGMAF=B::G=IHEBMBL:L DQ ³H[LVWHQWLDO H[FKDQJH VVWHP´ RU D ³KDSS VPELRVLV´ LQ ZKLFK ?DEHC7J?EDEDJ;F7HJEJ;FEB?J?9?7DI ?I;N97D=;:EHFK8B?9?JOEDJ; F7HJEJ;C;:?7 ±78ED:J7JA;;FI=HEM?D=J?=J;H7IJ;C;:?78;9EC; CEH;7D:CEH;IK8@;9JJEJ;9ECC;H9?7B?CF;H7J?L; 6XFKDµKDSSVPELRVLV¶;MPGMAF=B::G=IHEBMBLBLMAHIIHLBMMHMAPHGLD¶VUROHDV ³DQHXWUDOPHGLDWRUDQGFULWLFDOPRQLWRURISROLWLFV´I :G=BMBLGHM=FHK:MB:EER:IM= HK E@BMBF:M= /AK?HK BM BL NGEBDER HK BFIHLLB;E MH IKLGM BMLE? HG MA LNK?: H? µLRF;HEBSROLWLFV¶ -:MAK BMF:GB?LMLBMLE?BGIAGHFG:EBDMALM:@=:GM:@HGBLF PABA BLLGBGOBLN:EIHEBMB:EM:EDL:G=BGMKOBPL HGKGBG@MAIKLGM =:RLM:MNLH?MAKE:MBHGL;MPGMA F=B: IHEBMBL :G=MA IN;EB ³WKH UHOHYDQW GLVFRXUVHV LQ FRPPXQLFDWLRQ VWXGLHV SROLW?97B 9ECCKD?97J?ED 7D: :?I9EKHI; 7D7BOI?I 7H; L;HO IA;FJ?97B I ´ /AK BL KBMBBLF :L LM:M= ;R 'PBL I ? MA:M ?J7BBIIEHJEJ;:;CE9H7J?9?:;7B799EH:?D=JEM?9H;; E8@;9J?L;7D: I9HKFKBEKIC;:?7?DEHCJ;FK8B?9EDFEB?J?97B:;9?I?EDI7D:?IIK;I 7JJ; I7C;J?C;9EDJHEBB?D=J;79JEHI?DJ;FEB?J?97BIF;H;8O?DI?IJ?D=EDJ; JH7DIF7H;D9OEJ;FEB?J?97BFHE9;II7D:EDJ;@KIJ??97J?EDE?JI:;9?I?EDI JEJ;FK8B?9 ELH ;:NL H? MA HFFKB:E IKLLNK :G= ;G?BML KIKLGM= ;R :N=BG K:MBG@L HK GNF;KLH?HIBLLHE=LEQ:G=K M :E MAF=B::KL:B=MH;@BOBG@BGMH 7 J;D:;D9O JE C7A; FEB?J?97B :?I9EKHI; CEH; ;DJ;HJ7?D?D= 8O JH?L?7B?P?D= F;HIED7B?P?D= :H7C7J?P?D= 9EDL;HI7J?ED7B?P?D= 7 IE9?7B :EC7?D M?9 :;F;D:I ED 7D ?DEHC;: FK8B?9 H;IF;9J?L;BO ;B;9JEH7J; EH :;CE9H79O JE MEHA´ )HW]HU /DXHUEDFK E S? :G= NG?HKMNG:MER MABLBLMAP:RMA$K:J2:K:G=:GBLA:KMHHGLA:O;GMK:M= !HK MABKI:KM MAIHEBMBB:GL:KHG=FG=?HKNLBG@MALHB:EF=B:EBD!:;HHD /PBMMK:G= 4HN /N; MH BG?ENG IN;EB HIBGBHG BGLM:= H? @BOBG@ K:E BG?HKF:MBHG :G= MABL A:L ;G :ABO=;R³HPSORLQJSURIHVVLRQDOSXEOLFUHODWLRQVVWUDWHJLHVDQGµVSLQQLQJ¶ZKDWLQIRUPDWLRQ WKHGRSURYLGH´%HLIA I /PHFH=EL:K:O:BE:;E?HKMAKE:MBHGL;MPGIHEBMBL:G=F=B: HGMAHGA:G= :G=PBMAIN;EB HGMAHMAK /A?BKLMLV%OXPOHU *XUHYLWFK¶V S?? FH=E BM=BG !MSK ':NK;:A ; I ? H? : LRLMF H? IHEBMB:E HFFNGB:MBHG PAK ?HNK BGMKKE:M=LN;LRLMFL:KIKLGM x MALRLMFH?MAF=B:PBMAKLIMMHMABKIHEBMB:E:LIML x WKH VVWHP RI WKH SXEOLF¶V H[SHFWDWLRQV DQG RULHQWDWLRQV UHJDUGLQJ SROLWLFDO HFFNGB:MBHG x MALRLMFH?IHEBMB:EBGLMBMNMBHGLPBMAKLIMMHMABKHFFNGB:MBHG:LIML :G= x HFFNGB:MBHG KEO:GM:LIMLH?IHEBMB:ENEMNK :L=HGMAIKLIMBOLH?BGJNBKR :L:??BKF=;RENFEKNKOBMA HG:G HGGMK:MHGHGH?MAL?HNKLRLMFL:M:MBF AHE=BG@LBFNEM:GHNLERBMLKE:MBHGLMHMA RWKHUV7KLVFRQFHSWRIUHSUHVHQWDWLRQLVXVHGLQWKHSUHVHQWVWXGDVµUHSURGXFWLRQ¶ZKLFKPHDQV ZKDWDQGKRZWKHDXGLHQFH¶VUHDFWLRQV:KMHMA:MLMAIKH=NKIKLGM=MAKHN@AF=B: /H IROORZ)HW]HU /DXHUEDFK¶VDUJXPHQW E SROLWLFDOGLVFRXUVHLQWKHPHGLDUHIHUVWR
  • 16. x ³WKH GLVFRXUVH E SROLWLFDO DJHQWV LQ WKH PHGLD´ S :L LIHDLIKLHGL BG MA I:KEB:FGM:KR=;:MLHKIKLLHG?KGL x ³WKH GLVFRXUVH RI MRXUQDOLVWV M?J FEBLWLFLDQV LQ WKH PHGLD´ S EBD BGMKOBPL BG LIHDG:G=PKBMMGF=B: x ³WKHGLVFRXUVHRIMRXUQDOLVWV78EKJSROLWLFVDQGSROLWLFDODJHQWVLQWKHPHGLD´ S :LBG MA:LLH?:G:ERLBL KIHKM HFFGM:KR M ;RMALI:DKLH?GPLIKH@K:FFL ;R LMN=BHQIKML:G=HKKLIHG=GMLHGEH:MBHG (=B: =BLHNKL EBD K:=BH :G= MEOBLBHG GPL LM:@= IE:RL BGMKOBPL LKFHGL OHFWXUHVDQGWDONVKRZVLV³7F7HJ?9KB7H97BB;D=;EHFEB?J?97B:?I9EKHI;7D7BOIJI ?DJ7JJ; ;J;HE=;D;EKI7K:?;D9;I?DC7II C;:?7:?I9EKHI;C7O9ECFH?I;DEJEDBO:?;H;DJD7J?ED7B7D: ?DJ;HD7J?ED7B J7H=;JI 8KJ 7BIE :?;H;DJ ?:HRORJLFDOO GHILQHG JURXSV´I /ABL G=L KL:KAHG;HMAIKH=NMBHG:G=KIMBHGLB=LH?MAHFFNGB:MBOIKHLL 2A:MIHIE:G EHHDIRURQWKHSURGXFWLRQVLGHLVWKHGLVFXUVLYHWUDFHVRIMRXUQDOLVWV¶DQGSROLWLFLDQV¶FRQFHUQWR FNEMBIE:==KLLLPBMA=B??KGM:??BEB:MBHGL:G=BGMKLMLHGMAHGA:G= :G=PBMA=B??KGM NEMNK:E :G= LN; NEMNK:E ;:D@KHNG=L HG MA HMAK *G MA KIMBHG LB= MABL F:GL :?I9EKHI;7D7BOJ?97K:?;D9;H;9;FJ?EDH;I;7H9 M?9?IIJ?BB?D?JI?D7D9O.MKXMA2H=:D I /A=BLHNKLH?IHEBMBL CNLM:LHMAK=BLHNKLLH?LHBMR :G= BML=B??KGMP:RLH? BGM@K:MBG@PBMAMAF:LLF=B:=BLHNKL BLLN;CMMHHGLM:GMA:G@ .NAA:G@L :LLM:M= ;R!:BKEHN@A I ?? FBKKHKMAFLEOLMAKHN@A³WKHKEULGL]DWLRQRILWVFRPPXQLFDWLYH =;DH;I±8O?D9EHFEH7J?D=;7JKH;IEED;=;DH;?DJE7DEJ;H 7D: EH8O78B;D:?D=E=;D;H?9 IJOB;I EH8O:H7M?D=EDEJ;HEHCEH;:?I9EKHI;IJ7D8;EH; .BFBE:KER !MSK':NK;:A ; I =LKB;IKLGM =:RIHEBMB:E=BLHNKLBGMAF=B::L?HEEHPL 6BM77I8;9EC;O8H?:?DJ7J?J7HJ?9KB7J;IJE=;J;HJ;EH:;HIE:?I9EKHI; E J; FEB?J?97B IOIJ;C 9EDL;DJ?ED7B E?9?7B FEB?J?9I E J; C;:?7 E I9?;D9; 7D: J;9DEBE=O E =H7IIHEEJI IE9?EFEB?J?97B CEL;C;DJI E EH:?D7HO FH?L7J; B?; 7D: IE EHJ ± 8KJ ?D 7D KDIJ78B; 7D: I?J?D= 9ED?=KH7J?ED /ABLOBPA:L;G=LKB;=;R.MKXMA2H=:D I ? :L:MNKG:P:RH?LAHPBG@MA:M MA:G:ERLBLH?MAFBKH EOEH?F=B:BGMK:MBHGHOKPB@ALMA:G:ERLBLH?MAF:KH EOEH? LHB:EBGLMBMNMBHGL !NKMAKFHK MAKE:MBHGL;MPGMAF=B: IHEBMBL:G=MAIN;EBLIAK A:OMK:=BMBHG:EER;GHGBO=H?:LC79HE IJHK9JKH7BF;DEC;D77D:CK9J;EH?P?D=ED J;F7HJEIE9?EBE=O C;:?7IJK:?;I7D:FEB?J?97B9ECCKD?97J?ED7L;=ED;?DJE;BK9?:7J?D=J; UHODWLRQVEHWZHHQWKHP´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
  •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µ0XVOLPV¶ ¶,VO:P¶ ¶,VODPLVWV¶ µPLJUDQWV¶ µMLKDGLVWV¶ µ0XKDPPDG¶ DQG µSROLWLFDO ,VODP¶ WR PHQWLRQ EXW D IHZ .MN=BL HG $LE:F ±2LM KE:MBHGLHG?EBML =;:ML P:KL HK HMAKL K:A= MH MAHNL:G=L $PRQJWKHVHDUHWKHRQHVZLWKWLWOHVRIµ2ULHQWDOLVP¶)URPMBEE MAK;HHDL:II:K= WRLQIODPHWKHVHFRQIOLFWVDQGWKHVHDUH6DLG¶V )H?;DJ7B?IC 5XVKGLH¶V-7J7D?90;HI;I DQG+XQWLQJWRQ¶V.;E:LAE?L?B?P7J?EDI .BFBE:KER BGMABLIKBH= MA (B==E :LMA:=PBMGLL=MPH+:ELMBGB:G$GMB?:=:L NE?2:K$$K:J $K:G :G=NE?2:K$$ NP:BM BGO:LBHG 2BMABG MAK R:KL MPH OKR =K:F:MB OGML HNKK= E:=BG@ MH PA:M BL DGHPG:L.;(;M1EHB:)H:;H :G=MAL:K.IMF;KMA DQG6DGGDP¶VUHPRYDOLQ $K:J2:K /ALOGML:KMAF:BG MHFGMBHG;NM:?P E:OBG@MAPHKE=BGMHGP A:G@L BG :EE =HF:BGL /AL A:G@L BG MNKG A:O K=KLL= MA PHKE= BG @GK:E :G= MA (B==E :LM BGI:KMBNE:K /AL=KLLL:K:EP:RLK= /AREEHPHGL:K:@:BGLM$LE:F:G=
  • 18. BML+KHIAM /ABLLMBHGQ:FBGLMAMGM:MBO:@G=::@:BGLM+KHIAM(NA:FF:=MABLBL=HG ;RHNMEBGBG@MAIK==;IJ;:;ENIKBGM B?IKLGMBG@BMBGMABLP:R :ME:LMMHMA;LMDGHPE=@H? MAPKBMK MABLA:LGHM;GA:G=E=;?HK -GMER MAK A:L ;G DQ LQFUHDVLQJ PHQWLRQLQJRIWHUPV OLNHµDJHQGD¶DQGµDJHQGD VHWWLQJ¶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± DEJ IEHJ J;HC ±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µUROOLQJ¶QHZVVWRULVGHHPHGWREHVDOLHQW /AIKHFBGGPBMAPABABMFL:K=BLIE:R=A:=EBGGPL ;R=?BGBMBHG BL:LLNF= MHA:O@K:MKLB@GB?B:GMA:GLF:EEKGPLLMHKBL /A=@KH?HG?EBMIKLGMBGMAGPLBMFIHEBMB:EL:G=:EL:KFHKGPLPHKMAR MA:GIHEBMB:EHGLGLNL ?HKQ:FIE /A ?K:FBG@ H? : GPL BMF ± BG PA:M HGMQM:G= PAG BM :II:KL LNFFK AHEB=:R PDG=L:KH?MG:NMHM:ED:;HNMQLLBOMG:@OB=H@:FLHGLNFIMBHG ?HK BGLM:G
  •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µVHFRQGIDFHRISRZHU¶ZKLOHJ; ?HIJ79;EFEM;H?IJ;FEM;HJE?DBK;D9;:;9?I?ED C7A?D=ED7=?L;D?IIK; I MABLBL MA?HKFH?IHPKMA:MBL?HNL=HGBGMAKL:KAH?=BLBHG F:DBG@ /ALHG=?:BLMA IHPKMHF:BGM:BGBLLNLH??MA:@G=: $GGHKF:ELBMN:MBHGL MABLPBEE;G@EM=BGLMN=BLH? MAIKHLLLH?=BLBHG F:DBG@ ;NMBM:G;LMN=B=;R:G:ERLBG@MA:@G=: LMMBG@IKHLLL NG=KERBG@ MA IHEBMB:E :@QGD DV D ZKROH DVWHOOV¶ S HGMFIHK:KR =?BGBMBHG H? µSRZHU¶LVYHUXVHIXOIRUWKHFXUUHQWGLVFXVVLRQ *EM;H ?I J; H;B7J?ED7B 97F79?JO J7J ;D78B;I 7 IE9?7B 79JEH JE ?DBK;D9; 7IOCC;JH?97BBOJ;:;9?I?EDIEEJ;HIE9?7B79JEHI ?DM7OIJ7J7LEHJ; HPSRZHUHGDFWRU¶VZLOO?DJ;H;IJI 7D:L7BK;I *EM;H?I;N;H9?I;:8OC;7DI E9E;H9?EDEHJ;FEII?8?B?JOE?J 7D: EH8OJ;9EDIJHK9J?EDEC;7D?D= ED J; 87I?I E J; :?I9EKHI;I JHEK= M?9 IE9?7B 79JEHI =K?:; J;?H 79J?ED *EM;HH;B7J?EDI?FI7H;H7C;:8O:EC?D7J?ED M?9?IJ;FEM;H J7J?I;C8;::;:?DJ;?DIJ?JKJ?EDIEIE9?;JO G=MABL@BOLBGMNKGMACNLMB?B:MBHG?HKMHI =HPG:@G=:BGLM:EE:MBHG LBGBMBL:F:MMKH? GHJUHHQRWµRQ¶RUµRII¶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µDWDSRLQWLQWLPH¶7KHA:O:IM=MAGHMBHG H?LMMBG@:G:@G=::M:I:KMBNE:KMBF ;NMA:OKMNKG=MHLM:ME:KERMA:M7=;D:7I7H;J; H;IKBJE7:OD7C?9?DJ;HFB7O I:?;H;DJ?IIK;IH?I;7D:7BB?D?CFEHJ7D9;EL;HJ?C; 7=;D:7I FHEL?:;ID7FIEJIEJ?IBK?:?JOI .BFBE:KER :G:@G=:BL=?BG=:LJ;I;JE?IIK;IJ7JH;9;?L;I;H?EKI9EDI?:;H7J?ED?D 7FEB?J?97BIOIJ;C+KBGG I #K µVHULRXVFRQVLGHUDWLRQ¶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µDQLVVXH¶ RUµLVVXHV¶REE (OGHU FLWHGLQ'H:KBG@-H@KL I =?BGµ:GBLLN¶:L7
  • 20. 9EDB?9J8;JM;;DJMEEHCEH;?:;DJ??78B;=HEKFIEL;HFHE9;:KH7BEHIK8IJ7DJ?L;C7JJ;HIH;B7J?D= JE J; :?IJH?8KJ?ED E FEI?J?EDI EH H;IEKH9;I I /A:M BL :G BLLN BL PA:MOK BL BG HGMGMBHG /ABLMPH LB==G:MNKH?:GBLLNBLLLGMB:EBGK:EBSBG@AHP:G=PAR:GBLLNAHE=L NI :G :@G=: /A IHMGMB:EER HG?EBMBG@ G:MNK H? :G BLLN F:DL BM GPLPHKMAR :L FHEFED;DJI 7D: EFFED;DJI E J; ?IIK; 87JJB; ?J EKJ ?D J; I7H;: FK8B?9 7H;D7 M?9 ?D CE:;HDIE9?;JO ?IJ;C7IIC;:?7:KBG@-H@KL I /AKMRILH?:@G=::K:EP:RL?HNG=BGMAEBMK:MNK G:FERµSROLWLFDO¶RUµIRUPDO¶ DJHQGDµSXEOLF¶RUµVVWHPDWLF¶DJHQGDDQGµPHGLD¶DJHQGD +KBGG I 7KHµSROLWLFDO¶ :@G=:BLMA:MLMH?BLLNLMA:M:KKBMB:EERHGLB=K=;RIHEBMB:E=BLBHG F:DKL /ANL MA µSXEOLF¶ DJHQGD LV WKDW VHW RI LVVXHV WKDW DUH FULWLFDOO FRQVLGHUHG E µWKH SXEOLF¶ DV LQ WKH UHVHDUFK RQ SXEOLF RSLQLRQ SROOV 7KH WKLUG WSH WKH µPHGLD DJHQGD¶ UHIHUV WR WKRVH LVVXHV HOK=BGMAF=B: :AH?MALMRILH?:@G=:LA:L;GMAHGKGH?QMGLBOLMN=BL ELH ;:NLMARG=GHMHFIEMERHOKE:I :GBFIHKM:GMMAHKMB:EHGKGBLAHP:G= PAK MAL MRIL H? :@G=: BG?ENG :A HMAK GHMAK =BLMBGMBHG :G ; F:= ;MPG DJHQGDVWKDWDUHµFORVHU¶WRRUPRUHµUHPRWH¶IURPDFWXDO=BLBHG F:DBG@ BG@=HG I A:LB=GMB?B=DEURDGHUµJRYHUQPHQWDODJHQGD¶RILVVXHVWKDWDUHGLVFXVVHGESROLFPDNHUV LQ DJLYHQSHULRG RI WLPHIURPDQDUURZHUµGHFLVLRQ DJHQGD¶RI LVVXHVWKDWDUHXSIRUDFWLYH :;9?I?ED C7A?D= /ABL=BLMBGMBHGBLKEO:GM ;:NLMAIKH=NKLMA:ME:=BLLNLHKKBLL HGMHMA@HOKGFGM:E:@G=::K=B??KGM?KHFMAHLMA:ME:=MAFHGMHMA=BLBHG:@G=: )RUUHDOL]LQJWKHVHWSHVRIDJHQGDVWKHSULQFLSDOVWHSKHUHLVWRLGHQWLIµLVVXHV¶ZLWK µFRQIOLFW¶ LVVXHV DUH LGHQWLILHG RIWHQ LQ WHUPV RIWRSLFV OLNH UDFLVP µFULPH¶ GLVFULPLQDWLRQ µXQHPSORPHQW¶DQGUHFHQWOµWHUURULVP¶)ROORZLQJREE (OGHU¶V LGHQWLILFDWLRQRIDQ BLLN AHPOK ?KHF:IHEBMB:EIHBGMH?OBP MALMHIBLHGER;HFHG?EBMLPAGIHEBMB:E :MHKL :KH? =B??KGMHKBGM:MBHGL HK B=:L :;HNM PA:M LAHNE= ; =HG :;HNM MAL HG?EBML /AK?HK MAB=GMB?B:MBHGH?:GBLLNBGOHEOLMA=?BGBMBHGH?=BFGLBHGLPAKHG?EBML ;MPGIHEBMB:E:MHKLBL:KQBLMGM /ANL7=;D:7 I;JJ?D=C7O9ED9;HD8EJJ;?:;DJ??97J?ED E9EDB?9JIEL;HD;MJEF?9I 7D:J;9H;7J?EDED;M9EDB?9JIEL;HEB:JEF?9I+KBGG I BOGMAGMK:EBMRH?BLLNLBGMA?HKF:MBHGH?:@G=:L :GBFIHKM:GMJNLMBHGBL?KHF PAKMALBLLNLHF =HIMBG@MAIKHIHL:EF:=;R(:GL;:A1:LJNS I ?? BM=BG+KBGGI MABGMKG:MBHG:EGOBKHGFGM:G=MALHB:E :MHKLMAFLEOL:G; =BLKG=:LMAMPHLHNKLH?BLLNLHGBGMKG:MBHG:E:@G=:L /ABGMKG:MBHG:EGOBKHGFGM HKMA QMKG:E LHNK 9H;7J;I 7=;D:7 ?IIK;I M;D ?DJ;HD7J?ED7B 79JEHI 7H; 9EDHEDJ;: M?J JH;7JIHKKBLL E997I?ED;:8O79JEHIDEJ:?H;9JBO7IIE9?7J;: M?JJ;8;7L?EKHE79JEHI B;B= LBGMKG:ELHNKLH?:@G=:BLLNL :MHKL NLN:EERDGHPG:LEBM F:RBGBMB:M:G=E:= MAFINKIHL?NEER;R9H;7J?D=7D;MIJ7A; H;L?L?D=7DEB:ED; EH7BJ;H?D=J;L7BK;I7I9H?8;: JE7D;N?IJ?D=IJ7A;(:GL;:A1:LJNS I HK=BG@MH+=KH: I MA MKFEBMBLNG=KLMHH=MHK?KAKMH «C;C8;HIEJ;KFF;HIE9?7B9B7II;I ME;D@EO7FH?L?B;=;:IJ7JKI?D FEM;H H;B7J?EDI #D F7HJ?9KB7H ?J H;;HI JE JEI; ME EB: ?D7D9?7B ;9EDEC?9FEM;H FEB?J?97B IJ7J;FEM;H 7D:C?B?J7HOFEM;H 7BJEK=?J?I DEJ B?C?J;: ;N9BKI?L;BO JE J;I; JH;; I;9JEHI .?I C?DEH?JO 9EDJHEBI J; C;7DI E FHE:K9J?ED 7D: J; ?D7D9?7B I;9JEH EB:I 7 :?IFHEFEHJ?ED7J; I7H;EJ;7L7?B78B;97F?J7BF7HJ?9?F7J;I?DFEB?J?97B7D:;9EDEC?9FB7DI =K?:;IJ;79J?EDIEJ;IJ7J;F7HJ?9?F7J;I?DFEM;HKB?DIJ?JKJ?EDIIK97I J;C;:?7 KD?L;HI?J?;I 7D:9KBJKH7B?DIJ?JKJ?EDI;J9 #DIEHJ J;O7H;J;
  • 21. ?D:?L?:K7BIMEE99KFOFH?L?B;=;:IJH7J;=?9FEI?J?EDIJ7J7EH:J;CJ; B7H=;IJFHEFEHJ?EDE:;9?I?ED C7A?D=FEM;H /ABL EHG@ TXRWDWLRQ LQGLFDWHVHYLGHQWOWKDW3HGUR¶VGHILQLWLRQ LV EDVHG RQ 0DU[LDQWKHRURI IHPK !:K@:BGL I =LKB;LMABL(:KQB:GMAHKR:??BKFBG@MA:MJ;9B7IIM?97I J;C;7DIEC7J;H?7BFHE:K9J?ED7J?JI:?IFEI7B 7I9EDJHEB7JJ;I7C;J?C;EL;HJ;C;7DIE C;DJ7BFHE:K9J?ED IEJ7JJ;H;8O =;D;H7BBOIF;7A?D= J;?:;7IEJEI;MEB79AJ;C;7DIE C;DJ7BFHE:K9J?ED7H;IK8@;9JJE?J +HUHWKHWHUPµWKHFODVV¶LVXVHGWRPHDQµWKHHOLWH¶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µ3$)UDPHV¶EHORZLVXVHGWRPHDQµ$JHQGD¶LQWKHOLWK:MNKQ:FBG=:;HO EMMBG@MAMKF µ$JHQGD¶XVHGWRLQFOXGHµ3$)UDPHV¶DQGH[WUDILYHIDFWRUV7KXVWKHVXJJHVWHGHOHPHQWVRI +(:KMA?HEEHPBG@LIIG=BQ?HKMAHKINLH?MALN@@LM=MKFEBDGMB +KHIAM @G=: +!K:FL .MMBG@ /HHEL +:KMBBI:GML .HB:E$=HEH@R /:K@ML 645).)3+) 2A:MBLBFIHKM:GMBGMABLLMBHGBLMHNG=KLM:G=MA:M:GRB=HEH@RMH;?NE?BEE=G=L+ GR + WREHIXOILOOHGQHHGVWRWKHUHVHDUFKHU¶VXQGHUVWDQGLQJDVHWRISDUWLFXODUIDFWRUVYDULD;EL HK:GRMKFMA:MF:R;AHLG /HIKLGM:L:MBL?:MHKR+ MKFLEBDµ,VODP¶µ0XVOLPV¶ µMA4XUDQ¶DQGµ3URSKHW0XKDPPDG¶DUHUHJDUGHGZLWKLQRQHFRQFHUQ7KDWLVWRVDWKDWWKH ?HEEHPBG@=BLNLLBHGPBEEHGLB=KMAL?HNK=HF:BGLPBMABGHGNF;KEE: G:FERGMB +KHIAM + (:GR =?BGBMBHGL H? + :K :O:BE:;E BG MA EBMK:MNK H? F=B: LMN=BL :G= MAL =?BGBMBHGL:KIHKMK:R=PBMAMAHEHNKLH?MA=BLBIEBGLMAR :KKE:M=MH FHG@MAL =BLBIEBGL:KIABEHLHIAR LHBHEH@R ILRAHEH@R IHEBMBL BGMKG:MBHG:EKE:MBHGL :G=F=B: MH PHQWLRQEXWDIHZ7KLVµPXOWLSOLFLWRILQWHUHVW¶DV:LOOFR[ S :EELBM A:LE=MHMA IHLLB;BEBMR H? IKLGMBG@ : @GK:E =?BGBMBHG H? + H? HNKL H? NGBOKL:E NL:@ /ANL :L 2BEHQ :??BKFL MAK :K +L K:G@BG@ ?KHF ;BG@ BG=BOB=N:E MH : =FHK:MB HK MHM:EBM:KB:G K@BFLHF:KIHLBMBO:G=HMAKL:KG@:MBO:G=LHF:KF:LNK:;E:G=HMAKL:KGHM 7KHDFWXDOXVHRIWKHWHUPµ3URSDJDQGD¶VWDUWVZLWKWKHWZHQWLHWKFGMNKRPAK:KF= HG?EBML:G=HEHGBS:MBHGLMK:M@R:II:K=.NM:K I /AK?HK MANLH?MABLMKF P:L:LLHB:M=PBMA2HKE=2:KL$:G=$$ EB;K:MBHGFHOFGML HBEBG=NLMKBL HGHFBF:KDM :G=BGMEEMN:EHKBGM:MBHGL :L=HGK:R(:KMBG .NM:K I LM:MLMA:M+BL:M@HKBS=BGMAK HEHNKLBGMA0.ILRAHEH@B:EF:GN:EL ;E:D PABM:G=@KR+ x $G;E:D+ MALHNKH?MABG?HKF:MBHGBLGHMDGHPGHKKO:E=
  • 22. x $GPABM+ MALHNKH?BG?HKF:MBHGBL DGHPG :G=MABG?HKF:MBHGIKHOB== F:R;;HGLB=K=EHLMHMAK:ELBMN:MBHG x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x LMH?FMAH=L:LIKH=NKHKI:K:=B@F x GHK@:GBS=@KHNI:LI:KMBBI:GML x MBO HK I:LLBO I:KMBBI:MBHG MH K?K MH MA MPH LB=L¶ K?EMBHGL 2BEEHQ VWDWHGWKDWµDFWLYH¶DQGµSDVVLYH¶DUHXVHGWRUHIOHFWWKHSXEOLFRSLQLRQV PAMAKLNIIHKMKLHKGHM x /AOHENMBHGH?;HMAMAHN@AM:G=ABLMHKR :LGLL:KRHGLMBMNGML?HK:;MMK NG=KLM:G=BG@H?:+LBMN:MBHGB;B= (:DGSB I IKLGMLMA?HEEHPBG@=?BGBMBHG *HEF7=7D:797D8;:;?D;:7IJ;JH7DIC?II?ED E?:;7I7D:L7BK;IHEC ED;F;HIED EH=HEKFEF;HIEDI JE7DEJ;H M?JJ;IF;9??9?DJ;DJ?EDE LQIOXHQFLQJWKHUHFLSLHQWV¶DWWLWXGHVLQ VXFKDZDWKDWWKHLQWHUHVWVRILWV 7KJEHIM?BB8;;D7D9;: BJEK=?JC7O8;L;?B;: I;;A?D=JE?DBK;D9; JEK=JI 8;B?;I 7D: 79J?EDI 8O IK==;IJ?EDI ?J CKIJ 8; 9EDI9?EKI 7D: :;B?8;H7J; /ABL=?BGBMBHG BLLHFAHPLBFBE:KMHMAHG FGMBHG= :;HO ;NMF:GR=B??KGL:G ; LM:M= x +HGMGMB=:LHKO:ENL BGHGMK:LMMH:LMH?FMAH=L x /A IKHI:@:G=BLM BL :G BG=BOB=N:E IKLHG HK : @KHNI H? IKLHGL BG HGMK:LM MH :G HK@:GBS=@KHNI x +HNE=;OBE= x +LRAHEH@B:EHKBGM:MBHGHKBG?ENGBLQBLMGMBG;HMA=?BGBMBHGL :G= x +BLHGLBHNL:G==EB;K:M #KF:G AHFLDR I =?BG + :L C7DK79JKH?D= 9EDI;DJ OG BM F:R ; MA LF:EELM =?BGBMBHG HG F:R QIM ;NM BM :KKBL : EHM H? =M:BEL LIB:EER MA HGGHM:MBHGL EHKLQGWKHFRPELQHGWZRZRUGVDUHPDQ7KHPRVWLPSRUWDQWRQH LV+HUPDQ KRPVN¶V +KHI:@:G=:(H=EAG?HKMA+( :FH=E ?HKMAKHEH? F=B: BGIHEBMB:E :G=HGHFB ;NLBGLL $MPBEE;Q:PLQHGEHORZ6LPLODUWR0DFNHQ]LH¶VGHILQLWLRQWKHIRXUWKGHILQLWLRGBL -RZHWW 2¶'RQQHOO¶V S * ?I J; :;B?8;H7J; 7D: IOIJ;C7J?9 7JJ;CFJ JE I7F; F;H9;FJ?EDI C7D?FKB7J;9E=D?J?EDI 7D::?H;9J8;7L?EKHJE79?;L;7H;IFEDI;J7JKHJ;HIJ; :;I?H;: ?DJ;DJ E J; FHEF7=7D:?IJ /A ?B?MA :G= E:LM =?BGBMBHG MH ; FGMBHG= AK BL :LOOFR[¶V S *HEF7=7D:7 ?I J; 9EDI9?EKI EH KD9EDI9?EKI 7JJ;CFJ 8O J; FHEF7=7D:?IJJE7:L7D9;J;?H97KI;JHEK=J;C7D?FKB7J?EDEJ;EF?D?ED F;H9;FJ?ED7D: 8;7L?EKHE7J7H=;J;:=HEKF $GKE:MBHGMHMABL MA?HEEHPBG@IHBGML:G;K@BLMK=
  • 23. x +BLE:LLB?B=BGMHHGLBHNL:G=NGHGLBHNL x /A IKHI:@:G=BLM :=O:GL MA IKIMBHG :G= ;A:OBHNK H? : M:K@M= @KHNI MAKHN@A IKLN:LBHG x 'BD#UPDQ KRPVN¶V:LOOFR[¶VDQG-RZHWW 2 'RQQHOO VGHILQLWLRQVDUHRIEURDG HKBGM:MBHG B MARHNE=;:IIEB=MH:K:LHMAKMA:GF=B: x 7KH ZRUGVµ DGYDQFH ¶µ FDXVH¶ µ;A:OBHNK¶ DQG µWDUJHWHG¶ LQGLFDWH WKDW :LOOFR[¶V 3$ HGLBHNL G:MNK HOKPB@KV WKH RWKHU 7KLV LV IXUWKHU FRQVROLGDWHG E :LOOFR[¶V FRQILUPDWLRQRQXVLQJµEHKDYLRXU¶GHOLEHUDWHOIRUVLJQLILQJDUDQJHRIDFWLRQV5J6; J7H=;J;: =HEKF C7O ?D:;;: J7A; 7 FEI?J?L; 79J?ED EH GK?;JBO 79GK?;I9; 7D: E;H DE H;I?IJ7D9;JEJ;?DEHC7J?EDM?JM?9J;O7H;9EDHEDJ;: /H LNF NI MAK :K F:GR IHBGML MA:M LAHNE= ; QBLMGM B? HG G=L MH =LKB; I:KMBNE:K OGML:L+ :G=MAL:K ¾ +BLHGLBHNL ¾ /AIKHI:@:G=BLMA:L:=LBK= =EB;K:M LRLMF:MBBGMGMBHG ¾ /ABLBGMGMBHG:G;IKLGM=:LB=:L MAHN@AML HIBGBHGL O:ENL FMAH=L M ¾ +:G;OBE= ¾ /A M:K@M= IKLHG HK IKLHGL HK @KHNI :G ; BG?ENG= G@:MBOER /A G@:MBO BG?ENG:G;=K:F:MBMHMAQMGMMA:MMA@KHNIM:DLGHK:MBHG ¾ /AHMAKI:KMBBI:GMLH?+:G;H?=B??KGMKHEL H?HNKL MABLBLKE:M=MHMABK BGMKLML:G=PBEEL ¾ /AF:GL;RPABA:+:G;BFIEFGM=:G;F=B: HKHMAKL ¾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µDJHRI 3$¶ 3UDWNDQLV $UHGLHG I +HUPDQ KRPVN¶V 30LVEDVHGRQWZRUROHVIRUPHGLD .;C7IIC;:?7I;HL;7I7IOIJ;CEH9ECCKD?97J?D=C;II7=;I7D:IOC8EBI JEJ;=;D;H7BFEFKB79;« DQG #J?IJ;?HKD9J?EDJE7CKI; ;DJ;HJ7?D 7D: ?DEHC 7D:JE?D9KB97J;?D:?L?:K7BI M?JJ;L7BK;I 8;B?;I 7D:9E:;IE 8;7L?EHJ7JM?BB?DJ;=H7J;J;C?DJEJ;?DIJ?JKJ?EDIJHK9JKH;IEJ;B7H=; IE9?;JOI /AK?HK #KF:GAHFLDRIKLGMMABK+(BGMABK'7DK79JKH?D=EDI;DJ.;*EB?J?97B 9EDECOEJ;'7II';:?7 PABABL9ED9;HD;:JE;NFBEH;J;?DJ;HFB7O8;JM;;D FEM;H IE9?7BIJHK9JKH;7D:?:;EBE=O(NEEGE:AG I HGLJNGMER ?NE?BEEBG@MABLKHEBG:@EH;H?HG?EBMH?BGMKLM:G=HGGMK:M=P:EMA KJNBKL + !NKMAKFHK MABL FH=E DUJXHV WKDW EHFDXVH µWKRXJKW FRQWURO¶ ?I L?HJK7BBO
  • 24. JH7DIF7H;DJ?D:;CE9H7J?9IE9?;J?;I J;*IOIJ;C?I79JK7BBOCEH;;;9J?L;7D:;?9?;DJJ7D?J ?I ?D JEJ7B?J7H?7D IJ7J;I E:AG I /A #KF:G AHFLDRL +( BL H? MAK ARIHMALL I BO QQB B /A?BKLMARIHMALBLBLMA:M M;H;J;H;?I;B?J;9EDI;DIKIJ;C;:?7 M?BBI;HL;;B?J; ?DJ;H;IJIKD9ECFHEC?I?D=BOI OB BB /ALHG= ARIHMALBL BLMA:M M;H;J;C7II C;:?7 ?IKD:;H 9EHFEH7J;H7J;HJ7D IJ7J;9EDJHEB C;:?79EL;H7=;M?BB8;I7F;:8OM7J?I ?D;;9J 7=K?:;:C7HA;JIOIJ;C KD:;HF?DD;:8O?L;?BJ;HI J;EF;H7J?L;FH?D9?FB;IEJ;*'I OBB BBB /A MABK= ARIHMALBL BL MA:M J; *' 7D: IJK:?;I E IK9 C;:?7 F;HEHC7D9; M?BB 8; ?=DEH;:7D:C7H=?D7B?P;:I Q /HE:;HK:MMA?BKLMARIHMALBL #KF:GAHFLDRK?KMHMAKE:MBHGLABI;MPGLHBMR IHEBMBL :G=F=B: LIB:EERB?MABGMEEMN:E:MFHLIAKBLM:DGBGMHHGLB=K:MBHG )HHG :G=GRMAQBLMGH?FHKMA:GHGLHBHEH@B:E:G=IHEBMB:EHKBGM:MBHG?HNG=BGMAE:LM GMNKR 2LMKGLHBMBLFHO=LN;LJNGMER?KHFGEB@AMGFGMMH(:KQBLFPABABLBGMNKG VWLOOSUHVHQWLQWKHµIUHHPDUNHW¶SROLWLFV%HVLGHVOLEHUDOLVPQDWLRQDOLVPPXOWLFXOWXUDOLVPDQG MAGBOBBGM@K:MBHGA:O:II:K=E:MK (NEEG E:AG I ? LM:M MA:M PBMABG HGMFIHK:KR :IBM:EBLM EB;K:E =FHK:MB LHBMBL MAKBMB:E(:KQBLF:G=MAEB;K:EIENK:EBLMOBP:KMAMPHHIIHL= IKLIMBOLHGMAKHEH?MAF=B::G=MA=BLMKB;NMBHGH?IHPK /AEB;K:EIENK:EBLMOBP LN@@LMLMA:MMAKQBLML:A:EMARF:KDMIE:H?B=:L HIBGBHGL IHEBRIKHIHL:EL PHKE=OBPL M PABA:KKG=K= BGMNKG BGMHMA@GK:E IN;EBLAHBL /A FHLMHFFHGH?MAL B=:LPBEE;LGBGMAIHEBBL:G=E:PL?HEEHP=;RIHEBMB:ELRLMFLF=B:AKHGLMBMNM: µIRXUWKHVWDWH¶RUDVµZDWFKGRJ¶RQWKHSUDFWLFHRISRZHU7KHFULWLFDO0DU[LVPYLHZPLUURUVWKH E:LL ;:L=G:MNKH?MAHLLHBMBL :G=MAG:M=E:PL:G=IHEBBL:KJEI;J7JI;HL;JE 8H?D= 78EKJ 7D: JE C7?DJ7?D HKB?D= 9B7II :EC?D7J?ED 7D: ;NFBE?J7J?ED I #KF:G AHFLDR I ? ;EBOMA:MMAKBMB:E (:KQBLFHOKPB@ALMAEB;K:EIENK:EBLM :G= HGLJNGMER BMBLIHLLB;EMHBG?KMA:MBMBGMNKG=HFBG:MLMAF=B: =DBGL I LNIIHKMLMABLBG?KG LM:MBG@MA:MMA(:KQB:GMAHKRH?IHPK=HFBG:GBLLMBEEPHKDBG@ :G= WKHUXOLQJPDWHULDOIRUFHRIVRFLHW«EHFRPHVWKHGRPLQDQWSROLWLFDODQGLGHRORJLFDOIRUFHLQ IE9?;JOI $QGPHGLDZRUNDVµODSGRJ¶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µIODN¶M?9?I:;I9H?8;:7ID;=7J?L;H;IFEDI;IJE7C;:?7IJ7J;C;DJ EH.0 H7:?EFHE=H7CI #KF:GAHFLDRLM:MMA:M?E:DF:RJ7A;J;EHCE B;JJ;HI J;B;=H7CI FED;97BBI F;J?J?EDI B7M IK?JI IF;;9;I 7D:?BBI8;EH;ED=H;II JH;7JI ;J9 O /A?B?MA:G=?BG:E?BEMKP:L:GMB HFFNGBLFBG=BMBHG=NMHMAHE=2:K :G= QI:G==BG=BMBHGMHBGEN=MA2:KHG/KKHK #K BMBLIHLLB;EMHLM:MMA:MBL MALM:G=:K=2LMKGGFR B BMBLLN;CMMH FH=B?B:MBHG :G=MH=:RMA2:KHG /KKHKBLFHKBGENLBOMA:GMABK:KEBKGFR G:FER:GMB HFFNGBLF
  • 25. L FGMBHG= ;R +=KH I MAL ?BEMKL 9EHH;IFED: JE J; ?DIJ?JKJ?ED7B 7D: EH=7D?P7J?ED7B9EDIJH7?DJIKD:;HM?9J;C;:?7EF;H7J;?DB?8;H7B9EKDJH?;IEJ;9;DJ;H EH J;IE 97BB;::;L;BEF;:9EKDJH?;I #KF:G:G= AHFLDR I QQB IHBGMHNMMA:MMA0. F=B::G=MAHLH?HMAKHNGMKBL:K=B??KGM M?9=;D;H7BBOH;IKBJ?D7D7HHEM;HH7D=;E :?I9EKHI;?D J;/D?J;:-J7J;I )OKMAELL :M : GHKF:EHK@:GBS:MBHG:E :G=LMKNMNK:E EOE J; FH?L7J; 9EHFEH7J; C;:?7 ?D EJ;H ;9EDEC?97BBO :;L;BEF;: 9EKDJH?;I EF;H7J; KD:;H J; H;IJH?9J?EDI?CFEI;:8OJ;;B;C;DJIJ7J9ECFH?I;J;*' *GMAHMAKA:G= ;BG@MAGMK H? MA PHKE= LRLMF A@FHGR PBMA FHK =OEHI= ?:L H? :IBM:EBLF :G= MA IHPK FA:GBLFL MABG?ENGH?MAL?BEMKLBGMA0.BLFHKOB=GM B?GHM@K:MKMHHOKPB@A MA:MBGEJ;H9EKDJH?;IM?JI?C?B7H97H79J;H?IJ?9I /A=OEHIFGM:G=LMKG@MAH?MAL?BEMKLBG NKHI:GGPLHGMGMHOKPB@ALMAHL BGK@BHG L.I:KDL A:LIHBGM=HNM MAK:K?BOLIB?B?:MHKLE:=BG@HGLJNGMER MH : PB=K LI: H? GPL HGMGM :G= MAL :K B HIG FBG== NEMNK:E :G= B=HEH@B:E HGMQML BB HIG FBG== CHNKG:EBLMB NEMNK BBB LHE= :G= ??MBO KBMB:E NKKGML BO HGMBGNHNLHFIMBMBHGBGMAF:KDMBG@H?GPLI:IKL :G=O MAHGMKHEH?E?MBLMIHEBMB:E I:KMBLPBMA:MBO:G=AB@A@HOKGFGMKIKLGM:MBHG /AK?HK :ELL=BOKLBMRBGMA0.BL ?HNG=MA:GMA:MBGHNGMKBLPBMA:ABLMHKR:G=KHNMBGHRIVRFLDOGHPRFUDFEXWEHFDXVHWKHµIUHH PDUNHW¶DQGPHGLDFRQJORPHUDWLRQDQGFRQFHQWUDWLRQLVIDYRXUHGEWKHZRUOGZLGHLGHRORJLFDO H??GLBO :GBFIHKM:GMEB;K:E;B:L?HKMA NKHI:GLGLH?MAMKFL?KF:KDM EB;K:EBLF GH EB;K:EBLF :G=MAEBD A:LKHHMLBGMAF=B:LAHFLDR#KF:G A !HKMABKMABK=ARIHMALBL #KF:GAHFLDR I ? LN@@LMMPHIK=BMBHGL ?BKLM HK=KIK=BMBHGPAKMA+(:G=F=B:IK?HKF:GPBEE;B@GHK= :G=LHG= HK=K IK=BMBHG PAK MAR PBEE ; F:K@BG:EBS= (:GR KBMBL H? MA +( :K =BLL:MBL?B= ;R MABL KSRWKHVLVEHOLHYLQJWKDWWKHDXWKRUVDUHEHKLQGSURYLQJWKDWPHGLDKDVDµFRQVSLUDWLRQDOYLHZ¶ (NEEG I (NEEGBGABLBGMKOBPPBMA#KF:G:G=AHFLDRJNLMBHG=MAF:;HNM MABLHIBGBHG /ARKIEB=:L?HEEHPL 1;7H;L;HO9B;7HJ7JJ;*':E;IDEJH;IJED7DO9EDIF?H79O7IIKCFJ?ED 8KJ?IHEEJ;:C7?DBO?DC7HA;J EH?;DJ;:FHE9;II;I KJC7DO9H?J?9I7L;DEJ 8;;D78B;JEI;;EMI?C?B7HH;IKBJI9EKB:7H?I;M?JEKJ9EDIF?H79O ;D9; J;H;CKIJ8;7DKD:;HBO?D=9EDIF?H79O7IIKCFJ?ED /ABL HGLIBK:R :LLNFIMBHG G=L FHK OB=G =KBO= ?KHF MA BFIEFGM:MBHG H? : I:KMBNE:K:@G=: :G=MABLBLMAE:RHNMH?MABLA:IMK 2BEEHQ I IKHIHLL?BOMAFLH?+H?HG?EBM :G= H?HNKL+( BLHGH?MAHLHG?EBML :ME:LM?HK(NLEBFL /AL?BO+MAFLJH7DI9;D:J;L7H?78B;I 8;JM;;DJ;9EDB?9JI M?JJ;:EC?D7D9;E;79;B;C;DJI?J?D=?DH;B7J?EDJEJ;IF;9??9* H;GK?H;C;DJIEJ;9H?I?II /AL?BOMAFL:K /AIHKMK:R:EH?MAE:=K?B@NK7KH3$WDNHVWZRIRUPVIRUWKHUROHRIWKHRSSRQHQW¶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
  • 26. (BEBM:KRMAK:M/AKIKLGM:MBHGFBEBM:KR:I:;BEBMRH?MA GFRA:L;:LBINKIHLL :G=G=LBGIKLGMBG@MAKBLBLMHMA=HFLMB:N=BG /PHLMK:M@BL:G;NL= QDPHOµGRZQSODHG¶DQGµHQKDQFHG¶7KHIRUPHULVWR@:MAKIN;BLNIIHKM :G=PBMAHNM BMK:MBG@G@:MBOBHGLPBEE;EBFBM=:G==BFBGBLABG@ /AE:MMK HGMAHMAKA:G= BL JEFH;F7H;J;=;D;H7BFK8B?9EH7FHEBED=:?FBEC7J?97D:C?B?J7HO97CF7?=DI ? /AK:MMHBGMKG:MBHG:ELM:;BEBMR/ABLBL:ABO=;R?=B?=J?D=J;:;IJ78?B?P7J?ED7 9H?I?I 97D 97KI; 7D: 8O J; FEJ;DJ?7B J;HHEH?IJ 97CF7?=DI J7J C7O :;L;BEF HEC ?J I /AGHEH@B:EP:K?:K/AG@:MBOIHKMK:R:EH?MAMAGHEH@RH?P:IHGLBGMAIKLL BLHGH?MAF:CHKHFIHGGMLH?MAKBLBLG:KK:MBO /AMABK=FH=EBL%HPMM*HGGEEL EHG@FHKMA:G:JN:KMKH?:GMNKR:G= ;:L=HGFH=ELKE:MBOERLBFBE:KMHMAMPHFGMBHG=AK MARA:=;GPHKDBG@A:K=HG =OEHIBG@:FH=EH?+:G:ERLBLMA:MHNE=;LN??BBGMMHO:EN:MKBLBLMBFL EBD2:KHG /KKHK:G=+( /ARB=GMB?RMG=BOBLBHGLH?MABK:G:ERLBLI :G=MAL:K .;?:;EBE=O7D:FKHFEI;EJ;FHEF7=7D:797CF7?=D .;9EDJ;NJ?DM?9J;FHEF7=7D:7E99KHI #:;DJ??97J?EDEJ;FHEF7=7D:?IJ .;IJHK9JKH;EJ;FHEF7=7D:7EH=7D?P7J?ED .;J7H=;J7K:?;D9; ';:?7KJ?B?P7J?EDJ;9D?GK;I -F;9?7BJ;9D?GK;IJEC7N?C?P;;;9J K:?;D9;H;79J?EDJEL7H?EKIJ;9D?GK;I EKDJ;HFHEF7=7D:7 ?FH;I;DJ ;9JI7D:;L7BK7J?ED !HKMALOGMA=BOBLBHG MABK+(BGEN=LB@AMMAGBJNL H;7J?D=,;IED7D9; (LL:@LPBEE;FHKBG?ENGMB:EPAGMAR:KBG:HK=:GPBMA QBLMBG@;EB?L HIBGBHGL :G=HKBGM:MBHGLI -EKH9; H;:?8?B?JO +HIE :K PBMA : MG=GR MH ?HEEHP NI :NMAHKBMR ?B@NKL ?HK =BKMBHGL:G=DGHPE=@I )F?D?ED;7:;HI /AIKHI:@:G=BLMFNLM:II:EMHMAHIBGBHGE:=KLMHB=GMB?RMABK BG?ENG:G=LM:MNLI 79;±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
  • 27.
  • 28. ?@A:GBLM:G2:K MAOBHEGBGGHKMAKG G@E:G=;MPGG:MBOKBMBLA:G= LB:G(NLEBFRHNMA KBL:G==:MAH?+BF!HKMNRG BGMA)MAKE:G=L $K:J2:K FNK=KH?/AH1:GH@A (:=KB= ;HF;BG@L 'HG=HG ;HF;BG@L +:KBLNMNFG;:GEBNKBHML :KMHHGKBLBLBGGF:KD KBMBLA DELQHW 0LQLVWHU -DFN 6WUDZ¶V VSHHFK DERXW KLV ZLVK WR VHH ZRPHQ QRW HOKBG@ MABK ?: /DUV9LONV¶GUDZLQJV IN;EBLA=BGMA.P=BLA=:BER (;H?A;IBB;7D:7 MA .P=BLA?BEF ?JD7 .PBLLFBG:KM=;:M GNE:K=;:MPBMA$K:G /ABEH 6DUUD]LQ¶V SROHPLFDO ERRN .MHDAHEF ERPELQJV DQ ,PDP¶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µHQHPZLWKLQ¶RUDQµRXWVLGHHQHP¶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¶VRPPLVVLRQUHSRUWRQ%ULWLVK0XVOLPV :G=$*+($ GMBME=#IB7CEFE8?77BB;D=;EH/IBB-NGGRF= $GMABL KIHKM BMBL :LLNK=MA:MMAMKFL ?BKLMNL:@ BGGPLI:IKL P:L ;R:G FKB:G GPLI:IK KIHKMK BG /ABL ($ =?BG= $*+ :L 7D KDEKD:;: EIJ?B?JO JEM7H:I #IB7C 7D: J;H;EH;;7HEH:?IB?A;E7BBEHCEIJ'KIB?CII :G=J?IEIJ?B?JOM7IKHJ;H;B78EH7J;: 8OJ;FHEFEI7BE;?=JFEII?8B;#IB7CEFE8?9C?D:I;JI /ALB@AMLM:MFGML :K ³#IB7C?II;;D7I7CEDEB?J?98BE9 IJ7J?97D:KDH;IFEDI?L;JE97D=;´ ³,VODPLVVHHQDVVHSDUDWHDQGµRWKHU¶,WGRHVQRWKDYHYDOXHVLQFRPPRQZLWKRWKHU 9KBJKH;I ?IDEJ7;9J;:8OJ;C7D::E;IDEJ?DBK;D9;J;C ´ ³#IB7C?II;;D7I?D;H?EHJEJ;1;IJ #J?II;;D7I87H87H?9 ?HH7J?ED7B FH?C?J?L;7D: I;N?IJ ´
  • 29. ³#IB7C?II;;D7IL?EB;DJ 7==H;II?L; JH;7J;D?D= 7D:IKFFEHJ?L;EJ;HHEH?IC 7D: ;D=7=HGLQDµFODVKRIFLYLOLVDWLRQV¶´ ³#IB7C?II;;D7I7FEB?J?97B?:;EBE=O7D:?IKI;:EHFEB?J?97BEHC?B?J7HO7:L7DJ7=; ³H?J?9?ICIC7:;EJ;1;IJ8O#IB7C7H;H;@;9J;:EKJE7D: ´ ³EIJ?B?JOJEM7H:I#IB7C?IKI;:JE@KIJ?O:?I9H?C?D7JEHOFH79J?9;IJEM7H:I'KIB?CI 7D:;N9BKI?EDE'KIB?CIHECC7?DIJH;7CIE9?;JO ´ ³DJ? 'KIB?CEIJ?B?JO?II;;D7ID7JKH7BEHDEHC7B ´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¶VSXEOLVKHGµ,VODPRSKRELD¶DQGLWVRQVHTXHQFHVRQRXQJ3HRSOHMHK?KMH $*+:L³WKHIHDURIRUSUHMXGLFHGYLHZSRLQWJEM7H:I#IB7C 'KIB?CI7D:C7JJ;HIF;HJ7?D?D=JE J;C-:F;K@ I :G=#)*?I7L?EB7J?EDEKC7DH?=JI7D:7JH;7J JE IE9?7B 9E;I?ED´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«LVDFXOWXUDO ?:;EBE=?97BEKJBEEAJ7JI;;AIJE;NFB7?D?BBIEJ;=BE87B IE9?7B EH:;H 8O 7JJH?8KJ?D= J;C JE #IB7C #J ?I 7 M7O E J?DA?D= J7J 9EDB7J;I?IJEH?;I FEB?J?9I IE9?;J?;I7D:9KBJKH;IEJ;'?::B;7IJ?DJE7 I?D=B;KD??;:7D:D;=7J?L;9ED9;FJ?EDRI,VODP«,WLVDQLGHRORJLQZKLFK WKH µEDFNZDUGQHVV¶ RI WKH RWKHU LV HVWDEOLVKHG JHEK= 7D ;II;DJ?7B?P;: #IB7CI (HKHOK !:=BE I ? A:L H;LKO= $*+ :L ED; E J; 8?= GK;IJ?EDI E EKH :7O FH;I;DJ?D=7FHE8B;CJ7J?ICEIJEJ;D7DIM;H;:M?J?=DEH7D9;EHM?J9ECCEDOIJ;H?7 7D: 7BCEIJD;L;HM?JH;IJ?DA?D= O:GL I BLMAFHLMILLBFBLMBHGBGLM:MBG@MA:M $*+;KBG@L=:F:@HGMA NKHI:GIN;EBBLPDNLQJDPRQVWHUZKHUHLWVKRXOGQ¶WH[LVWD CEDIJ;HC7:;HECJ;C7D?7EEKHEMD;7HLBFBE:KOBPBLLGBGL:KBM:E PAH:K@NMA:M$*+:MN:EER 9ED9;7BI:?;H;DJEHCIE:?I9H?C?D7J?ED=NMH:GMB $LE:FB =BLHNKL:G=BMLHGLJNGMLMKNMNK:EBGJN:EBMBL .?IF;DEC;DED97DDEJI?CFBO8;IK8IKC;:?DJEJ;J;HC#IB7CEFE8?7 #D:;;: J;J;HC97D8;C?IB;7:?D= 7I?JFH;IKFFEI;IJ;FH; ;C?D;D9;E
  • 30. H;B?=?EKI:?I9H?C?D7J?EDM;DEJ;HEHCIE:?I9H?C?D7J?EDIK97IH79?7B EH 9B7II C7O 8; CEH; H;B;L7DJ 1; J;H;EH; ?DJ;D: JE KI; J; J;HC #IB7CEFE8?77I7IJ7HJ?D=FE?DJEH7D7BOP?D=J;:?;H;DJ:?C;DI?EDIJ7J :;?D;J;FEB?J?97BI?JK7J?EDE'KIB?CC?DEH?J?;I?DKHEF; 1;M?BBDEJ J7A;J;J;HCEH=H7DJ;:8O7II?=D?D=?JEDBOED;C;7D?D= IK97I7DJ? #IB7C?9:?I9EKHI;I /ABLBL:MN:EER :LFGMBHG=;RE:SS:GR I ? MAIKH=NKMAGH EB;K:ELM:ML HIK:MLJHEK=I;9KH?J?P?D=7D:IJ?=C7J?P?D=JEI;ME7H;;JDE 9KBJKH7BBO7D:H;B?=?EKIBO :?;H;DJHECJ;C7@EH?JOIE9?;J?;I :IHBGMK?EM=PEEBGQ:FBGBG@*KBGM:EBLF MA$K:J 2:K :G=+( EEG :EHG@ ABL #IB7CEFE8?7 D #DJHE:K9J?ED M7I LDBG@ :G :NMAHKBM:MBO =?BGBMBHGH?$*+ PABADQEHXVHGDVDVXLWDEOHGHILQLWLRQWRWHUPVOLNHµ$QWL ,VODPUDFLVP¶ RUµ$QWL 3URSKHW0XKDPPDGUDFLVP¶DQGKLVILQDOGHILQLWLRQLVWKHIROORZLQJ #IB7CEFE8?7 ?I 7D ?:;EBE=O I?C?B7H ?D J;EHO KD9J?ED 7D: FKHFEI; JE H79?IC 7D: EJ;H I?C?B7H F;DEC;D7 J7J IKIJ7?D 7D: F;HF;JK7J;I D;=7J?L;BO;L7BK7J;:C;7D?D=78EKJ'KIB?CI7D:#IB7C?DJ;9EDJ;CFEH7HO VHWWLQJLQVLPLODUZDVWRWKDWZKLFKLWKDVKLVWRULFDOO«LQIOXHQFLQJDQG ?CF79J?D=KFEDIE9?7B79J?ED ?DJ;H79J?ED H;IFEDI;7D:IEED I7F?D=7D: :;J;HC?D?D= KD:;HIJ7D:?D= F;H9;FJ?EDI 7D: 7JJ?JK:;I ?D J; IE9?7B FRQVHQVXV«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¶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