$SXV]WDLIDUNDVSyNIHMO GpVPHQHWpQHNYL]VJiODWD

$SXV]WDLIDUNDVSyNIHMO GpVPHQHWpQHNYL]VJiODWD

6]DNLURGDOPLiWWHNLQWpV

$3DUGRVDIDMRNpOHWPHQHWH

$3DUGRVDIDMRN IHQROyJLDL MHOOHP] LU O JD]GDJ V]DNLURGDOPL KiWWpU iOO UHQ

GHONH]pVUH(QQHNQDJ\REELNUpV]HWDODMFVDSGiVJ\ MWpVHNHUHGPpQ\HLUHNRUOiWR

]yGLN SO0(55(7 72)7 ,7$0,(6 e6-$59$.$5(1/$03,

GH W|EE D] iOORPiQ\RN NRU LOOHWYH PpUHWHORV]OiViQDN Q\RPRQ N|YHWpVpE O

QpKiQ\ HVHWEHQ NLQHYHOpVHNE O iOOy |VV]HWHWWHEE YL]VJiODWUyO LV WXGXQN SO('*$5'21'$/(:25.0$13,&.$9$1&( $

SyNiOORPiQ\RN PpUHWHORV]OiViQDN PHJKDWiUR]iViQiO D OiEV]iUKRVV]~ViJ D WHOMHV WHVWKRVV] YDODPLQW D] HO WHVW V]pOHVVpJpQHN LOOHWYH KRVV]~ViJiQDN DONDO

PD]iViUD LV WDOiOXQN SpOGiW iWWHNLQWpV 6&+$()(5 $ NLQHYHOpVHN YRQDW NR]iViEDQ V]HP HO WW NHOO WDUWDQXQN :+,7&20% NULWLNiMiW D V]DNLURGD

ORPEDQPHJWDOiOKDWyNLQHYHOpVLHUHGPpQ\HNVRNV]RUWHUPpV]HWHOOHQHVN|UOPp Q\HN N|]|WW V]OHWWHN SOiOODQGy K PpUVpNOHW |QNpQ\HVHQ PHJYiODV]WRWW

]ViNPiQ\IDMJ\DNUDQIRQWRVN|UOPpQ\HNN|]OpVHKLiQ\]LN(]HNDKLiQ\RVVi

JRN D NLQHYHOpVHN DODSMiQ D] DGRWW IDM V]DEDGI|OGL pOHWPHQHWpUH YRQDWNR]yDQ OHYRQW N|YHWNH]WHWpVHN PHJEt]KDWyViJiW J\DNUDQ NpWVpJHVVp WHV]LN SO ('*$5

6&+$()(5DPpUVpNHOWpJ|YLSyNRNpOHWPHQHWpWKiURPI WpQ\H] D]

LYDUpUHWWpOHWV]DNDV]KRVV]DD]HJ\HVIHMO GpVLDODNRNpYV]DNRQEHOOLHJ\VpJHV PHJMHOHQpVHV]WHQRNUyQLDYDODPLQWD]iWWHOHO IHMO GpVLDODNDODSMiQFVRSRUWR

VtWMD$3DUGRVDNpOHWWDUWDPiQDNG|QW KiQ\DGiWDMXYHQLOLVpVDV]XEDGXOWpOHW V]DNDV]RN WHV]LN NL pOHWPHQHWNHW HOV VRUEDQ H]HNQHN D] pOHWV]DNDV]RNQDN D

V]iPDpVLG WDUWDPDKDWiUR]]DPHJ1\XJDWpV.|]pS(XUySiEDQDIDMRNMHOOHP ] HQHJ\pYHVHNGHPDJDVKHJ\VpJLN|UOPpQ\HNN|]|WWOHKHWQHNW|EEpYHVIHMO

GpV HNLV$]LYDUpUHWWDODNRNDIDMUDMHOOHP] LG V]DNEDQOHJW|EEV]|UWDYDVV]DO

MHOHQQHNPHJDKtPHNJ\DNUDQNHYpVVHODQ VWpQ\HNHO WW$]LYDUpUHWWHJ\HGHN

PHJMHOHQpVpW N|YHW V]DSRURGiVL LG V]DN D KtPHN IRNR]RWW PR]JiVD D SHWH ]ViNRVQ VWpQ\HNPDMGDOiUYiNPHJMHOHQpVHPLDWWW|EEIpOHJ\ MWpVLPyGV]HUUHO

LVMyONLPXWDWKDWy$V]DSRURGiVLLG V]DNRWN|YHW HQDKtPHNiOWDOiEDQQpKiQ\

KpWHQEHOOHOW QQHNDQ VWpQ\HNYLV]RQWFV|NNHQ PpUWpNEHQXJ\DQKyQDSR

NLJ HO IRUGXOQDN D WDODMFVDSGiN IRJiVDLEDQ $3DUGRVDN MXYHQLOLV YDJ\ V]XE DGXOW iOODSRWEDQ WHOHOQHN DGXOW iOODSRWEDQ iWWHOHOQL NpSHV IDMUyO QHP WXGXQN

(J\HVIDMRNQiOHJ\|QWHW V]XEDGXOWiOORPiQ\SO3DPHQWDWD9/,-0e6076$, 3KRUWHQVLV.,66 e66$08PiVRNQiONO|QE|] IHMOHWWVpJ MXYH

QLOLVHNLOOHWYHV]XEDGXOWDNNHYHUWiOORPiQ\DWHOHOiW(OWpU N|UQ\H]HWLIHOWpWHOHN PHOOHWW tJ\ D I|OGUDM]L V]pOHVVpJW O ('*$5('*$567(3&=$.

YDJ\D]pO KHO\]ViNPiQ\E VpJpW O6&+02//(5IJJ HQXJ\DQ D]RQIDMHJ\HGHLHJ\NpWYDJ\KiURPpYLJLVIHMO GKHWQHN'pO.HOHWÈ]VLiEDQ

V]XEWUySXVL pJKDMODWRQ NpW QHP]HGpNH IHMO GLN D3DUGRVD DVWULJHUD / .RFK

QDN 0,<$6+,7$ pV D3 SVHXGRDQQXODWDQDN 7+$1* e6 076$,

7|PHJHVVpJpQHN N|V]|QKHW HQ D SXV]WDL IDUNDVSyNUyO .|]pS(XUySiEyO V]iPRV J\ MWpVL DGDWVRUUDO UHQGHONH]QN (]HN DODSMiQ D IDM pOHWPHQHWH HJ\pU

WHOP HQHOWpUD6&+$()(5iOWDOOHtUWMHOOHP] HQHJ\pYHVV]WHQRNUyQ3DU GRVDpOHWPHQHWW O$W|EEL3DUGRVDIDMKR]KDVRQOyDQDSXV]WDLIDUNDVSyNHVHWp EHQLVFVDNMXYHQLOLVpVV]XEDGXOWDODNRNWHOHOQHNiWYLV]RQWD]LYDUpUHWWDODNRND PiMXVM~QLXVEDQ WHW ] IRJiVL FV~FVRW N|YHW YLVV]DHVpV XWiQ DXJXV]WXV HOHMpQ

LVPpWQDJ\V]iPEDQIRJKDWyN-('/,&.29$LGp]L7Ï7+.5203e6

6^7(,1%(5*(5.^,661^e0(7+=8/.$e6076$,6^$08e6

076$,%/,&.e6076$,DPLWD]HO ] HNEHQLVPHUWHWHWWYL]VJiODWDLQN LVDOiWiPDV]WDQDN1RKDW|EEV]HU] LVNLWpUUiKRJ\D]LYDUpUHWWHJ\HGHNPiMXV M~QLXVL pV DXJXV]WXVL W|PHJHV MHOHQOpWH P|J|WW D IDM pOHWPHQHWpQHN QHP LVPHUW

VDMiWRVViJDL K~]yGQDN PHJ H]HNQHN D VDMiWRVViJRNQDN D WLV]Wi]iViUD PLQGH]

LGiLJ QHP NHUOW VRU .RUDL PXQNiQNEDQ IHOYHWHWWN KRJ\ D NHWW V FV~FV HJ\

HVHWOHJHV PiVRGLN SHWH]ViN NpV]tWpVpYHO LOOHWYH D] D]]DO |VV]HIJJ IRNR]RWW

WHYpNHQ\VpJJHOPDJ\DUi]KDWy.,66(QQHND]RQEDQHOOHQWPRQGRWWKRJ\

DXJXV]WXVEDQD]LYDUpUHWWHJ\HGHNQHNQHPFVDNDIRJiVV]iPDKDQHPDEHFVOW HJ\HGV U VpJH LV PHJQ WW YDODPLQW KRJ\ NpV EEL NtVpUOHWQN V]HULQW D Q VWp

Q\HNHOV SHWH]ViNMXNHONpV]tWpVpWN|YHW HQMHOOHP] HQHJ\KyQDSRQEHOONpSH VHN~MDEEDWNpV]tWHQL.pWDODNWDQLODJHONO|QtWKHWHWOHQIDMOHKHW VpJpWSiUR]WDWi

VLNtVpUOHWHNNHO]iUWXNNL.,66QHPN|]|OW6$08e6076$,DNO|QE|]

IHMO GpVLDODNRNW|EEPLQWIRJiVLDGDWiW|VV]HJ] N|]OHPpQ\NEHQPHJiO

ODStWMiN KRJ\ D] LYDUpUHWW DODNRNPHJMHOHQpVpWiSULOLVEDQLOOHWYHM~OLXVYpJpQD V]XEDGXOWHJ\HGHNIRJiVLFV~FVDLHO ]LNPHJ(]DWDQXOPiQ\VHPWXGRWWD]RQ

EDQ HJ\pUWHOP HQ iOOiVW IRJODOQL DEEDQ KRJ\ D IHQROyJLDL PLQWi]DW KiWWHUpEHQ NpWHJ\PiVPHOOHWWSiUKX]DPRVDQIHMO G NRURV]WiO\YDJ\DPpUVpNHOWpJ|YEHQ

D V]XEWUySXVL WHUOHWHN NLYpWHOpYHO PpJ HJ\HWOHQ IDUNDVSyN IDM HVHWpEHQ VHP EL]RQ\tWRWW PiVRGLN QHP]HGpN NLIHMO GpVH iOO $ PDJ\DU SyNIDXQLV]WLNDL DGDW

Ei]LV LJ IULVVtWHWW J\ MWpVL DGDWDLQDN HOHP]pVpYHO HJ\ PLQWDSRSXOiFLyQ

EHOO D] HJ\HGHN PpUHWHORV]OiViQDN W|EE pYHV Q\RPRQ N|YHWpVpYHO LOOHWYH D NLQHYHOpVHVNtVpUOHWHNNHOHUUHDNpUGpVUHNHUHVWHPDYiODV]W

$SyNRNHJ\HGIHMO GpVpWEHIRO\iVROyN|UQ\H]HWLWpQ\H] N

$3DUGRVDN IHQROyJLiMiYDO IRJODONR]y QDJ\V]iP~ WDQXOPiQQ\DO V]HPEHQ

YLV]RQ\ODJ NHYpV NtVpUOHWHV PXQND IRJODONR]LN HIDMRNHJ\HGIHMO GpVpWQ\XJDO PLiOODSRWiWEHIRO\iVROyN|UQ\H]HWLWpQ\H] NV]HUHSpYHO,VPHUWKRJ\PDJDVDEE

K PpUVpNOHWHQDSyNRNW|EEVpJHJ\RUVDEEDQpVJ\DNUDQNHYHVHEEYHGOpVVHOpUL HO D] LYDUpUHWWVpJHW iWWHNLQWpV /, e6-$&.621 ÈOODQGy ƒ&RV K PpU

VpNOHWHQ KRVV]~ QDSSDORV PHJYLOiJtWiV PHOOHWW D NpWQHP]HGpNHV V]XEWUySXVL 3SVHXGRDQQXODWDpV3DVWULJHUDDSHWHUDNiVWN|YHW HQLOOHWYHQDSDODWW YiOW LYDUpUHWWp $ODFVRQ\DEE K PpUVpNOHWHNHQ D IHMO GpVL LG URKDPRVDQ Q WW

ƒ&RQ pV PtJ ƒ&RQ pV QDS YROW /, e6-$&.621

6DMQRV|VV]HYHWKHW DGDWRNNDOYDOyGLPpUVpNHOW|YLIDMUyOQHPUHQGHONH]QN

$]HJ\HGIHMO GpVJiWOiViWNLYiOWyLOOHWYHDJiWOiVWIHOROGyWpQ\H] NDODSMiQD URYDURNQ\XJDOPLiOODSRWDLQDNW|EEIpOHUHQGV]HUH]pVHLVPHUWiWWHNLQWpV6È5,1

*(5$SyNRNQ\XJDOPLiOODSRWDLQDNNXWDWRWWViJDDURYDURNpQiOV]HJpQ\H VHEE D WpPDN|UUHO IRJODONR]y QpKiQ\ WDQXOPiQ\ 0^h//(5 NODVV]LNXV PHJKDWiUR]iVDLW DONDOPD]]D D SyNRN N|]|WW HOV VRUEDQ D NYLHV]FHQFLiW pV D

GLDSDX]iW NO|QE|]WHWYH PHJ .YLHV]FHQFLD DODWW D] HJ\HGIHMO GpVQHN HJ\ N|U Q\H]HWL WpQ\H] NRUOiWR]y KDWiVD PLDWW EHN|YHWNH] ODVVXOiViW YDJ\ OHiOOiViW

pUWMN$NYLHV]FHQFLiEDQOpY iOODWIHMO GpVHDNRUOiWR]yWpQ\H] MHOOHP] SpO GD D K PpUVpNOHW NHGYH] Yp YiOiViYDO J\DNRUODWLODJ D]RQQDO PHJLQGXO $

NYLHV]FHQFLiYDOHOOHQWpWEHQDGLDSDX]iEDQOpY iOODWKRUPRQiOLViOODSRWDDODSYH W HQ PHJYiOWR]LN D Q\XJDOPL iOODSRW IHOROGiViKR] QHP HOHJHQG D GLDSDX]iW

NLYiOWyWpQ\H] U|YLGWiY~PHJYiOWR]iVDV WDGLDSDX]iWJ\DNUDQPiVIL]LNDLMHO OHP] PHJYiOWR]iVDROGMDI|OPLQWDPLD]WNLYiOWRWWD

%21$5,& D KD]iQNEDQ LV N|]|QVpJHV D SXV]WDL IDUNDVSyNKR] KDVRQ

OyDQV]XEDGXOWYDJ\MXYHQLOLViOODSRWEDQWHOHO FVRGiVSyNQiO3LVDXUDPLUDELOLV

&OHUFNDQ\XJDOPLiOODSRWEDQOpY URYDURNKR]KDVRQOyDQDYHGOpVLKRU

PRQRN HNGLV]WHURLGRN WDUWyVDQ DODFVRQ\ V]LQWMpW WDSDV]WDOWD .tVpUOHWHLEHQ EL ]RQ\tWRWWD KRJ\ D WHOHOpV HO UHKDODGWiYDO HJ\UH NLVHEE PHQQ\LVpJ V]LQWHWLNXV

YHGOpVL KRUPRQ EHLQMHNWiOiVD LV NLYiOWMD D YHGOpVW DPLW D UHFHSWRURN IRNR]yGy pU]pNHQ\VpJpYHO PDJ\DUi]RWW %RQDULF HUHGPpQ\HLYHO |VV]HFVHQJ 0,<$6+,7$

WDQXOPiQ\D PHO\EHQ D V]XEWUySXVL pJKDMODWRQ pO 3DUGRVD DVWULJHUD GLDSDX]iMiWYL]VJiOYDPHJiOODStWRWWDKRJ\DWpOLLG V]DNNH]GHWpQJ\ MW|WWV]XE

DGXOWHJ\HGHNYHGOpVpQHNJiWROWViJDDNpV EEDWHOHOpVLLG V]DNYpJpQJ\ MW|WW iOODWRNQiOIRNR]DWRVDQPHJV] QW7|EED3DUGRVDNKR]KDVRQOypOHWPHQHW GH

D]RNWyO W|U]VIHMO GpVL V]HPSRQWEyO WiYRO HV IDMQiO PXWDWWiN NL KRJ\ D U|YLG

QDSSDORVPHJYLOiJtWiVODVVtWRWWDDSyNRNSRV]WHPEULRQiOLVIHMO GpVpW6&+$()(5 7HWUDJQDWKDPRQWDQD6LPRQ2HGRWKRUD[UHWXVXV:HVWULQJ

7KDQDWXV VWULDWXV &/ .RFK '21'$/(6 e6/(*5$1'(3LVDXUD PLUDELOLVDPLHOV VRUEDQDIHMO GpVLV]DNDV]RNPHJQ\~OiViEDQYDODPLQWHJ\HV IDMRNQiO D MXYHQLOLV IHMO GpVL V]DNDV]RN D]D] D YHGOpVHN V]iPiQDN Q|YHNHGp VpEHQ Q\LOYiQXOW PHJ 6&+$()(5 D3DUGRVD IDMRNKR] PpUHWEHQ pV pOHW

PHQHWEHQLVKDVRQOy3LUDWDSLUDWLFXV&OHUFNIDUNDVSyNIDMQiOPHJiOODSt

WRWWDKRJ\DV]XEDGXOWHJ\HGHNGLDSDX]iEDQPtJDMXYHQLOLVHNNYLHV]FHQFLiEDQ

YDQQDN D WpO IRO\DPiQ (^'*$5 NtVpUOHWpEHQD] VV]HOJ\ MW|WWV]XEDGXOW 3DUGRVD OXJXEULVRN ƒ&RQ HJ\ KyQDSRQ EHOO LYDUpUHWWp YHGOHWWHN NLIHMO GpVNK|] QHP YROWV]NVpJKLGHJKDWiVUDLOOHWYHQ\XJDOPLiOODSRWUD$IHMOHWOH QHEEVWiGLXP~MXYHQLOLVHNXJ\DQDNNRUQpJ\KyQDSDODWWQHPYiOWDNLYDUpUHWWp

.tVpUOHWQNEHQDUUDNHUHVWQNYiODV]WKRJ\PLO\HQV]HUHSHYDQDPHJYLOiJt WiV LG WDUWDPiQDN pV D K PpUVpNOHWQHN D SXV]WDL IDUNDVSyNRN LG HO WWL V]L

LYDUpUHWWp YiOiViQDN PHJDNDGiO\R]iViEDQ LOOHWYH KRJ\ D] V]L HJ\HGIHMO GpVW V]DEiO\R]y PHFKDQL]PXVRNQDN PHNNRUD V]HUHSH OHKHW D] HOWpU IHMOHWWVpJ

HJ\HGHNE OiOOyiOORPiQ\RNIHMOHWWVpJLV]LQWMpQHN|VV]KDQJEDNHUOpVpEHQ

$Q\DJpVPyGV]HU

$PDJ\DUSyNIDXQLV]WLNDLDGDWEi]LVIRJiVLDGDWDLQDNHOHP]pVH

$ 6DPX )HUHQF iOWDO OpWUHKR]RWW pV IHQQWDUWRWW PDJ\DU SyNIDXQLV]WLNDL DGDW

Ei]LV W|EENXWDWyHJ\PiVWyOIJJHWOHQJ\ MWpVLSURJUDPMDLEyOV]iUPD]yDGDWVR UDLW WDUWDOPD]]D HJ\VpJHVtWHWW IRUPiEDQ 6$08 6DMiW PXQNiP D SXV]WDL

IDUNDVSyNRN DGDWDLQDN D GROJR]DW V]HPSRQWMDL V]HULQW W|UWpQ NLYiORJDWiVD pV IHOGROJR]iVD YROW LOOHWYH HJ\HV J\ MWpVL SURJUDPRNEDQ V]HPpO\HVHQ LV

UpV]WYHWWHP $] HO ] HNE O N|YHWNH] HQ D] |VV]HVtWpV RO\DQ DODSDGDWRNDW LV PDJiEDQ IRJODO PHO\HNHW D J\ MWpVL SURJUDPRN YH]HW L VDMiW N|]OHPpQ\HLNEHQ

NRUiEEDQ IHOKDV]QiOWDN PHJMHOHQW PXQNiN 1e0(7+ 6$08 e6 076$,

6^$08e66^=,1(7È5

$IHQROyJLDLPLQWi]DWOHtUiViKR]DOXFHUQDNXOW~UiEDQOHJDOiEEPiMXVHOHMpW O

V]HSWHPEHULJ UHQGV]HUHVHQ YpJ]HWW J\ MWpVL SURJUDPRN3DUGRVD IRJiVDLW KDV]

QiOWXN I|O $ OXFHUQD NLYiODV]WiViW D] LQGRNROWD KRJ\ W|EE KHO\HQ D YHJHWiFLyV

LG V]DNI UpV]pEHQYpJLJHJ\HQOHWHVHQIRO\WJ\ MWpV$JDERQDWiEOiNDGDWDLWD]

DVWDQXOPiQ\WyOHOWpU HQD]HOHP]pVE ONLKDJ\WXNPLYHOD]DUDWiVWN|YHW

HVHWOHJHV MHOHQW VHEE HJ\HGV U VpJYiOWR]iV MHOHQW VHQWRU]tWKDWMDD]HJ\HVLG

V]DNRNHJ\PiVKR]YLV]RQ\tWRWWIRJiVLHUHGPpQ\HLW$]HJ\HVWiEOiNRQD]LYDUp

UHWW3DUGRVDNRQEHOODSXV]WDLIDUNDVSyNRNPHJKDWiUR]yIHOHWWLW~OV~O\

EDQYROWDN(]XWyEELIHOWpWHOWILJ\HOHPEHYpYHDIDMLV]LQWLJQHPPHJKDWiUR]KD

Wy ILDWDODEE IHMO GpVL iOODSRW~3DUGRVDN IRJiVL HUHGPpQ\HLW |VV]HYRQWXN pV SXV]WDLIDUNDVSyNIRJiVRNQDNWHNLQWHWWN$]DGDWRNKiURPPHJ\pE O|VV]HVHQ

KDW KHO\U O 1yJUiG PHJ\H 5RPKiQ\ pV 'LyVMHQ 3HVW PHJ\H 3iW\ pV 1DJ\

NRYiFVL7ROQDPHJ\H)HOV QiQDpV7HYHOV]iUPD]WDND]pVN|]|WWL

pYHNE O $ J\ MWpVHN NpW PyGV]HUUHO URYDUV]tYyYDO pV WDODMFVDSGiYDO W|UWpQWHN

$ NO|QE|] J\ MWpVL SURJUDPRNEyO V]iUPD]y DGDWRNDW |VV]HYRQYD iSULOLVWyO

V]HSWHPEHUYpJpLJGHNiGRQNpQWLERQWiVEDQPXWDWMXNEH$]DGDWEi]LVDODSMiQD SyNRNQpJ\IHMO GpVLDODNMiWOiUYDMXYHQLOLVV]XEDGXOWDGXOWYDODPLQWD]LYDU

pUHWWHJ\HGHNQHPpWNO|QE|]WHWWNPHJ0LYHOPLQGNpWJ\ MWpVLPyGV]HUIRJi VLKDWpNRQ\ViJDHOWpU DNO|QE|] IHMO GpVpLDODNRNWHNLQWHWpEHQH]pUWD]HJ\HV

IHMO GpVLDODNRNHJ\PiVKR]YLV]RQ\tWRWWV]iPDUiQ\DQHPWHNLQWKHW UHSUH]HQWD

WtYQDN

ÈOORPiQ\RQEHOOLPpUHWHORV]OiVQ\RPRQN|YHWpVHNp]LHJ\HOpVVHO

$Np]LHJ\HOpVVHOYpJ]HWWJ\ MWpVHNFpOMDD]YROWKRJ\Q\RPRQN|YHVVND]

HJ\HGHNiOORPiQ\RQEHOOLPpUHWHORV]OiViQDNLOOHWYHDIHMO GpVLDODNRNDUiQ\i

QDN V]H]RQiOLV YiOWR]iViW $ YL]VJiODW VRUiQ M~OLXVD pV V]HSWHPEHUH N|]|WW DONDORPPDO DONDOPDQNpQW PLQWHJ\ V]i]3DUGRVDW J\ MW|WWQN D]

07$1.,MXOLDQQDPDMRULNtVpUOHWLWHOHSpQWDOiOKDWyOXFHUQDWiEOiUyODJ\ MWpVHN SRQWRVLG SRQWMDLD]iEUiQOiWKDWyN$J\ MWpVHNVRUiQNLVHEEWpUUpV]HNDOD

SRV iWYL]VJiOiViYDO DUUD W|UHNHGWQN KRJ\ D J\ MW|WW SyNRN PLQpO MREEDQ WN U|]]pND]iOORPiQ\WpQ\OHJHVPpUHWHORV]OiViW0LYHODWiEOiQIRO\yIDXQLV]WLNDL

IHOPpUpVV]HULQWDWHUOHWHQDSXV]WDLIDUNDVSyNPHOOHWWHOHQ\pV] DUiQ\EDQIRU GXOWDNHO PiV3DUGRVDIDMRNpVH]HNQDJ\UpV]HMXYHQLOLViOODSRWEDQLVPHJN

O|QE|]WHWKHW H]pUW D IDMUD MHOOHP] PHJMHOHQpV MXYHQLOLV HJ\HGHNHW NLQHYHOpV QpONOSXV]WDLIDUNDVSyNQDNWHNLQWHWWN$PpUpVHNVRUiQDSyNRNHO pVXWyWHV

WpQHNOHJQDJ\REEV]pOHVVpJpWpVKRVV]~ViJiWKDWiUR]WXNPHJ(O ]HWHVYL]VJiOD

WDLQNEDQDWHVWPpUHWHNN|]ODOHJQDJ\REEHO WHVWV]pOHVVpJPpUpVHLEL]RQ\XOWDN

D OHJPHJEt]KDWyEEQDN H]pUW D HOHP]pVHLQNEHQ H]W D MHOOHP] W KDV]QiOWXN I|O

$] DQ\MXNRQ FVRSRUWRVDQWDUWy]NRGyOiUYiNDWQHPPpUWNOHpVDMXYHQLOLVDOD

NRNRQ EHOO VHP NO|QE|]WHWWN PHJ D] HVHWOHJHV OiUYiNDW $ YL]VJiODW VRUiQ QHPU|J]tWHWWQNPHWHRUROyJLDLDGDWRNDWXJ\DQDNNRUD]HUHGPpQ\HNPHJYLWDWi

ViEDQ QHP WHNLQWKHWQN HO DQQDN ILJ\HOHPEH YpWHOpW O KRJ\ D YL]VJiODW KiURP I pYpEHQQDJ\RQHOWpU HNYROWDND]LG MiUiVLDGRWWViJRN$]iWOD

JRVQDNWHNLQWKHW DVpYXWiQD]HVHV]WHQG Q\DUDHV VpVHQ\KHYROW EHQHOOHQEHQDNRUDWDYDV]WyOQ\iUYpJpLJWDUWyK VpJPiUFLXVWyOV]HSWHP

EHULJWDUWyWHOMHVFVDSDGpNKLiQQ\DOSiURVXOW

.LQHYHOpVHNWHUPpV]HWHVNOV K PpUVpNOHWHQpVQDSSDOKRVV]~ViJRQ

EHQ D SHWH]ViNRW M~OLXV pQ HOKDJ\y QpJ\ DQ\iWyOV]iUPD]y|VV]H VHQ[EHQDSHWH]ViNRWM~QLXVpQpViQHOKDJ\yDQ\iWyO

V]iUPD]y[XWyGRWNH]GWQNNLQHYHOQL$HVNLQHYHOpVWPiMXV YpJpQJ\ MW|WWSHWH]ViNRVQ VWpQ\N|]ODQQDNDKiURPQDND]XWyGDLYDOYpJH]

WNDPHO\HNQHNSHWH]ViNMiWD]XWyGRNDOHJNRUiEEDQKDJ\WiNHO$]DQ\iNKiWi UyODSHWH]ViNHOKDJ\iViWN|YHW QHJ\HGLNQDSRQOHV|S|UWOiUYiNDWHJ\HGHQNpQW

NO|Q ILROiNEDQ KHO\H]WN HO $] DQ\iNDW PDMG D] XWyGDLNDW HJ\HGLOHJ HON

O|QtWYH WDUWDOPD]y ILROiNDW NOV K PpUVpNOHWL YLV]RQ\RNDW pV WHUPpV]HWHV QDS SDOKRVV]~ViJRWEL]WRVtWyQ\tOWOpJWHU IHGHWWKHO\LVpJEHQL]ROiWRUKi]EDQWDUWRW

WXN$]HOV YL]VJiODWVRUiQQRYHPEHUHpVIHEUXiUDN|]|WWD SyNRNDWHJ\OXFHUQDWiEOiQWHOHOWHWWN$WHOHOWHWpVpKH]DSyNRNDWWDUWDOPD]yILR

OiNDW P DQ\DJ OiGiED W|OW|WW YLUiJI|OGEHQ KHO\H]WN HO PDMG D OiGiW D WDODMED VOO\HV]WHWWN$pYLNLQHYHOpVHNHW VV]HOQRYHPEHUpQEHIHMH]WND

SyNRNDWQHPSUyEiOWXNPHJiWWHOHOWHWQL$WHOHOWHWpVLLG V]DNRQNtYODSyNRNDW KHWHQWHKiURPV]RUHOOHQ UL]WN(NNRUNHUOWVRUD]ViNPiQ\iOODWRNEHDGiViUDD

V]pQSRURVJLSV]DOM]DWQHGYHVtWpVpUHYDODPLQWDOHYHGOHWWE UIHOOHOpVHDODSMiQD YHGOpVHN IHOMHJ\]pVpUH =ViNPiQ\iOODWNpQW D SyNRN IHMO GpVpQHN HOV LG

V]DNiEDQ XJUyYLOOiVRNDW PDMG D PHJIHOHO WHVWPpUHW HOpUpVH XWiQ NXW\DWiSSDO

G~VtWRWW WiSWDODMRQ QHYHOW HFHWPXVOLFiW DGDJROWXQNIHOHVOHJEHQDILROiNED

EHQXJUyYLOOiV]ViNPiQ\NpQWVDMiWWHQ\pV]HWE OV]iUPD]y6LQHOODFRHFD6FK|WW EHQ D SyNRN V]iUPD]iVL KHO\pQ PRWRURV URYDUV]tYyYDO J\ MW|WW

W|EEIpOH IDM NHYHUpNH V]ROJiOW $ HV YL]VJiODW VRUiQ D] L]ROiWRUKi]EDQ D K PpUVpNOHWHWyUiQNpQWU|J]tW K PpU ]HPHOW

.LQHYHOpVV]DEiO\R]RWWK PpUVpNOHWHQpVQDSSDOKRVV]~ViJRQ

$ NtVpUOHWKH] V]HSWHPEHU iQ D] 07$ 1., DG\OLJHWL NtVpUOHWL WHOH

SpQWDOiOKDWyOXFHUQDWiEOiQHJ\HOpVVHOJ\ MW|WWQNEHMXYHQLOLVpVV]XEDGXOW3DU GRVDNDW $ SyNRNDW YpOHWOHQ NLYiODV]WiVVDO QpJ\ FVRSRUWED VRUROWXN $ QpJ\

FVRSRUWN|]ONHWW WPHOHJNDPUiEDQQ NHWW WSHGLJNOV K PpUVpNOHWL IHOWpWHOHNHW EL]WRVtWy L]ROiWRUKi]EDQ Q KHO\H]WQN HO 0LQGNpW KHO\HQ

HJ\HJ\ NtVpUOHWL FVRSRUWRW KRVV]~QDSSDORVIpQ\V|WpWLOOHWYHU|YLGQDS SDORVIpQ\V|WpWPHJYLOiJtWiVWEL]WRVtWyOiGiNEDQWDUWRWWXQN$PHOHJNDP

UiEDQ pV ƒ& N|]|WWL QDSL K LQJDGR]iVW EL]WRVtWRWWXQN D ƒ& DODWWL K PpUVpNOHWyUiQNHUHV]WOWDUWRWWDV|WpWV]DNDV]EDQ$SyNRNHJ\HGLILROiNEDQ

iOODQGyQHGYHVVpJHWEL]WRVtWyV]pQSRURVJLSV]DOM]DWRQYROWDNHOKHO\H]YHKHWHQ WHKiURPV]RUI|O|VOHJEHQHFHWPXVOLFD]ViNPiQQ\DOOiWWXNHO NHWpVYHGOpVNHW

LVHNNRUiOODStWRWWXNPHJ$NtVpUOHWHWQDSXWiQMDQXiUYpJpQ]iUWXNOH

$]DGDWRNpUWpNHOpVHVRUiQNpWNHYpVEpiOWDOiQRVDQLVPHUWPyGV]HUWD*HKDQ IpOH :LOFR[RQ SUyEiW pV D] DUiQ\RV NRFNi]DWL &R[ UHJUHVV]LyV PRGHOOW DONDO

PD]WDP0LQGNpWPyGV]HUDONDOPD]iVDDEEDQD]HVHWEHQLQGRNROWKDDODSDGDWD LQNHJ\DGRWWHVHPpQ\EHN|YHWNH]pVpLJHOWHOWLG WDUWDPRND]HVHPpQ\D]RQEDQ

QHPPLQGHQHVHWEHQN|YHWNH]LNEHHJ\LVPHUWLG WDUWDPRQEHOO$PyGV]HUHN I HO Q\HKRJ\ILJ\HOHPEHYHV]LND]RNDWDV]iPEDYpWHOHNHWLVPHO\HNQpOFVDN

D]W WXGMXN KRJ\ HJ\ DGRWW HVHPpQ\ D] iOWDOXQN LVPHUW LG SRQWLJ QHP N|YHWNH ]HWW EH (]iOWDO HJ\V]HUUH pUWpNHOKHW KRJ\ D] DGRWW HVHPpQ\UH SOYHGOpV D

NO|QE|] NtVpUOHWLFVRSRUWRNHJ\HGHLQpOPHQQ\LLG QEHOONHUOWVRUpVKRJ\

D]HVHPpQ\DPHJILJ\HOpVLLG QEHOOPLO\HQJ\DNRULViJJDOIRUGXOWHO DFVRSRU

WRNEDQ$PyGV]HUHNIRQWRVWXODMGRQViJDKRJ\D]DODSDGDWRNHORV]OiVLPLQWi]D

WiUDYRQDWNR]yDQPHJV]RUtWiVWQHPWDUWDOPD]QDN6^7$76²⁾⁷,^1&

(UHGPpQ\HN

$PDJ\DUSyNIDXQLV]WLNDLDGDWEi]LVIRJiVLDGDWDLQDNHOHP]pVH

$]|VV]HVtWpVEHQN|]HODGDWRWWXGWXQNIHOKDV]QiOQL$URYDUV]tYyYDOIR JRWW3DUGRVDNN|]HOQpJ\|W|GpWMXYHQLOLVHJ\HGHNWHWWpNNLpVFVDNHJ\WL]HGN

YROW LYDUpUHWW D WDODMFVDSGD IRJiVDLEDQ HOOHQEHQ I|O|WW YROW D] LYDUpUHWW HJ\HGHN DUiQ\D 0tJ D WDODMFVDSGiN IRJiVDLEDQ D KtPHN N|]HO KiURPV]RURVDQ

IHOOP~OWiNDQ VWpQ\HNV]iPiWDGGLJDURYDUV]tYyYDOYpJ]HWWJ\ MWpVHNEHQQ V WpQ\E O YROW YDODPLYHO W|EE $ V]XEDGXOW SyNRN DUiQ\iEDQ QHP YROW OpQ\HJHV

NO|QEVpJDNpWJ\ MWpVLPyGV]HUPLQWiLN|]|WW$OiUYiNIRJiVLDGDWDLQDNW|EE

VpJH D WDODMFVDSGiV J\ MWpVHNE O V]iUPD]LN DPL YDOyV]tQ OHJ DEEyO HUHG KRJ\

DQ\MXNNDOHJ\WWFVRSRUWRVDQHVWHNFVDSGiEDWiEOi]DW

WiEOi]DW$SyNIDXQLV]WLNDLDGDWEi]LVEyOIHOKDV]QiOW3DUGRVDIRJiVLDGDWRNPHJRV]

OiVDIRJiVLPyGV]HUpVIHMO GpVLDODNV]HULQW

PyGV]HU Q VWpQ\HN KtPHN V]XEDGXOWDN MXYHQLOLVHN OiUYiN |VV]HVHQ

URYDUV]tYy

J\ MWpVHNEHQ $ Q VWpQ\HN IRJiVV]iPDL PiMXVWyO M~OLXV YpJpLJ HJ\HQOHWHVHN PDMGV]iPXNM~OLXVYpJpQPHJQ pVV]HSWHPEHULJPDJDVV]LQWHQPDUDG$KtP

IRJiVRN V]iPD PDJDV PiMXVL pUWpNHN XWiQ M~QLXV HOV NpW GHNiGMiEDQ YLVV]D

HVHWW PDMG M~QLXV YpJpQ LVPpW HOpUWH D PiMXVL V]LQWHW GH M~OLXV HOV GHNiGMiUD PHJLQW YLVV]DHVHWW -~OLXV PiVRGLN IHOpEHQ D IRJiVV]iPRN WDUWyVDQ Q|YHNHGQL

NH]GWHNpVDXJXV]WXVHOHMpQDPiMXVLpUWpNHN|WV]|U|VpWpUWpNHOPDMGV]HSWHP EHUUHYLVV]D]XKDQWDN

$ V]XEDGXOWDNUyO QDJ\ViJUHQGQ\LYHO NHYHVHEEHW DGDWWDO UHQGHONH]QN PLQW D]LYDUpUHWWYDJ\MXYHQLOLVDODNRNUyO0LQGD]RQiOWDOV]HPEHW Q KRJ\D]LYDUp

UHWWDODNRNW|PHJHVPiMXVLpVDXJXV]WXVLPHJMHOHQpVpWiSULOLVEDQpVM~OLXVEDQLV DV]XEDGXOWIRJiVRNpOHVHQHONO|QO FV~FVpUWpNHLHO ]LNPHJ.pV V]W OiSUL

OLVN|]HSpLJDV]XEDGXOWDNDIRJiVRNQDNPLQWHJ\HJ\WL]HGpWWHWWpNNL

$MXYHQLOLVDODNRNHOWpU IHMOHWWVpJ SyNRNJ\ MW FVRSRUWMiWMHOHQWLNtJ\QHP PHJOHS KRJ\PLQGHQGHNiGEDQHO IRUGXOWDNDJ\ MWpVHNEHQ2NWyEHUW OiSULOL

VLJDMXYHQLOLVHNDGWiNDJ\ MWpVLDGDWRNWÈSULOLVWyOV]iPDUiQ\XNIRNR ]DWRVDQ FV|NNHQW PiMXVEDQ pV M~QLXV HOHMpQ YROW D OHJDODFVRQ\DEE (EEHQ D]

LG V]DNEDQ D] |VV]HV IRJiVQDN NHYHVHEE PLQW HJ\ WL]HGpW WHWWpNNL-~QLXVN|

]HSpW O DXJXV]WXVLJ V]iPXN IRO\DPDWRVDQ Q WW DXJXV]WXV IRO\DPiQ YROW D OHJ

PDJDVDEE $ OiUYiN M~QLXV HOHMpQ MHOHQWHN PHJ HO V]|U D J\ MWpVHNEHQ PDMG HJpV]HQ RNWyEHU HOHMpLJ HO IRUGXOWDN 6]iPXN DXJXV]WXVYpJpQYROWDOHJPDJD

VDEEGHDUiQ\XNV]HSWHPEHUYpJpLJMHOHQW VPDUDGW

GHNiGRN

FHGF FHGI FHGJ FHGK FHGL

MNGF IHE PiUF PiUF iSU iSU iSU PiM PiM PiM M~Q M~Q M~Q M~O M~O M~O DXJ DXJ DXJ V]HSW V]HSW V]HSW RNW RNW RNW QRY QRY OiUYD

MXYHQLOLV V]XEDGXOW KtP Q VWpQ\

iEUD $ NO|QE|] IHMO GpVL VWiGLXP~3DUGRVDN DUiQ\D D PDJ\DU SyNIDXQLV]WLNDL DGDWEi]LVOXFHUQiVRNEyOV]iUPD]yIRJiVDLEDQGHNiGRQNpQW

ÈOORPiQ\RQEHOOLPpUHWHORV]OiVQ\RPRQN|YHWpVHNp]LHJ\HOpVVHO

$]HJ\HOpVHVJ\ MWpVHNVRUiQ|VV]HVHQMXYHQLOLVSyNRWQ V

WpQ\WKtPHWpVV]XEDGXOWHJ\HGHWIRJWXQND]D]DN

O|QE|] DODNRNDUiQ\DN|]HOiOOWDURYDUV]tYyYDOJ\ MW|WWDODNRNDUiQ\iKR]$]

HOV KiURP pY J\ MWpVHLEHQ D PHJNO|QE|]WHWHWW IHMO GpVL DODNRN PHJMHOHQpVH

|VV]KDQJEDQYROWD]HO ] HNEHQLVPHUWHWHWWiOWDOiQRVNpSSHOiEUDNpV V]

V]HO pV NRUD WDYDVV]DO MXYHQLOLV pV V]XEDGXOW iOODWRNDW WDOiOWXQN D]LYDUpUHWWSy NRNDNRUiEEDQLVWDSDV]WDOWNHWW VFV~FVQDNPHJIHOHO HQEDQM~QLXVEDQpV

DXJXV]WXVEDQ EHQ PiMXVEDQ pV DXJXV]WXVEDQ IRUGXOWDN HO D OHJQDJ\REE

DUiQ\EDQ D V]XEDGXOW HJ\HGHN DUiQ\D PiMXVEDQ pV M~OLXVEDQ YROW D OHJPDJD VDEE $ pY Q\DUiQDN IRJiVDL XJ\DQDNNRU DODSYHW HQ HOWpUWHN D NRUiEEL

PLQWiWyO 0iMXVEDQ M~QLXVEDQ PDMG M~OLXV N|]HSpQ LV D] |VV]HV IRJiVRNW|EE

VpJpWD]LYDUpUHWWHJ\HGHNWHWWpNNLDXJXV]WXVEDQYLV]RQWPLQG|VV]HKDWLYDUpUHWW

SyNRWYDODPHQQ\LQ VWpQ\IRJWXQN$NRUiEEDQW|EEHVHWEHQNLPXWDWRWWHON

O|QO PiVRGLNIRJiVLFV~FVWHKiWPLQGD]LYDUpUHWWPLQGDV]XEDGXOWDODNRNQiO

HOPDUDGW$V]XEDGXOWpVD]LYDUpUHWWHJ\HGHNW|PHJHVPHJMHOHQpVpQHNHOPDUD GiViWDM~OLXVPiVRGLNIHOpW ODKHO\V]tQHQQpKiQ\QDSRQNpQWYpJ]HWWWHUHSV]HP

OpLQNLVPHJHU VtWHWWpN

MXYHQLOLV V]XEDGXOW KtP Q VWpQ\

*\ MWpVLQDSRN

M~O V]HS RNW QRY GHF PiU iSU PiM M~Q M~O DXJ V]HS RNW iSU PiM M~Q M~O DXJ V]HS PiU iSU PiM M~Q M~O DXJ V]HS

iEUD .O|QE|] IHMO GpVL VWiGLXP~ SXV]WDL IDUNDVSyNRN DUiQ\D D] HJ\HOpVHV J\ M WpVHNEHQ

$] HJ\HGHN PpUHWHORV]OiVD D KiURP WHOMHV pY PHJIHOHO LG V]DNDLEDQ HOWpU PLQWi]DWRWPXWDWRWWiEUDPiMXViEDQD]LYDUpUHWWDODNRNPHOOHWWMHOHQ

W V YROW D QDJ\REE PpUHW MXYHQLOLVHN DUiQ\D -~QLXVEDQ D] DGXOWDN PHOOHWW Qp KiQ\V]XEDGXOWDWYDODPLQWDOHJNLVHEEPpUHWRV]WiO\EDVRUROWMXYHQLOLVHNHWWDOiO

WXQN PHO\HN YDOyV]tQ OHJ PiU D] D]pYL V]DSRUXODWEyO V]iUPD]WDN XJ\DQDNNRU N|]HSHVPpUHW MXYHQLOLVHNHWHEEHQDKyQDSEDQHJ\iOWDOiQQHPWDOiOWXQN

PiMXViEDQD]XUDONRGyLYDUpUHWWpVV]XEDGXOWHJ\HGHNPHOOHWWMXYHQLOLVHNHWJ\D NRUODWLODJQHPWDOiOWXQNM~QLXVEDQYLV]RQWLYDUpUHWWSyNRNDOLJYROWDNPiUMHOHQ

$MXYHQLOLVHNHOOHQEHQM~QLXVEDQV]pOHVPpUHWWDUWRPiQ\EDQIRUGXOWDNHO N|]|W

WNDNLVHEEN|]pSHVPpUHW iOODWRNYROWDNDOHJJ\DNRULEEDN$]pV

M~OLXVL J\ MWpVHN N|]|WW PiU NLVHEE YROW D] HOWpUpV PLQGNpW HVHWEHQ D V]XE DGXOWDN pV D QDJ\REE MXYHQLOLVHN YROWDN XUDONRGyDN D] DV J\ MWpVEHQ D

V]XEDGXOWDN DUiQ\D QDJ\REE YROW D N|]HSHV pV NLVHEE PpUHW MXYHQLOLVHNKH]

NpSHVWPLQWD]HVEHQ$]DVpVD]HVPpUHWHORV]OiVDXJXV]WXV

EDQ D M~OLXVLQiO LV HJ\VpJHVHEE NpSHW PXWDW D J\ MWpVHNEHQ NpW MHOOHJ]HWHVHQ HONO|QO PpUHWFVRSRUW N|]HSHV PpUHW MXYHQLOLVHN pV LYDUpUHWW HJ\HGHN IRU

GXOWHO

M~QLXViEDQ D] DGXOWDN PHOOHWW PLQG|VV]H Q\ROF NLV PpUHW MXYHQLOLV pV

HJ\V]XEDGXOWIRUGXOWHO M~OLXVpQDV]XEDGXOWDNpVDQDJ\REEMXYHQL

OLVHN XUDOWiN D PLQWiW M~OLXV HL PLQWD D] HO ] W O DQQ\LEDQ FVDN HO KRJ\NLVHEEDUiQ\EDQYROWDNMHOHQEHQQHDV]XEDGXOWDNpVQDJ\REEDUiQ\EDQD

NLVHEE PpUHW MXYHQLOLVHN $] HO ] HNNHO HOOHQWpWEHQ M~OLXV iQ D] pY PHJHO ] KyQDSMDLKR] KDVRQOyDQ YiOWR]DWODQXO D] DGXOWDNEyO IRJWXQN D OHJW|E

EHWXJ\DQDNNRUDPLQWDPLQWHJ\KDUPDGiWPiUNLVPpUHW MXYHQLOLVHNWHWWpNNL

$]DXJXV]WXVL|VV]NpSD]HO ] HNQpOHJ\VpJHVHEE$]HVpVHVPLQ

WiEDQHJ\DUiQWNpWMHOOHJ]HWHVHQHONO|QO PpUHWFVRSRUWN|]HSHVPpUHW MXYH QLOLVHN pV LYDUpUHWW HJ\HGHN IRUGXOWDN HO D pYL PLQWiEyO XJ\DQDNNRU D]

LYDUpUHWW iOODWRN V]LQWH WHOMHVHQ KLiQ\R]WDN 0iU HPOtWHWWN KRJ\ D pY HUHGPpQ\HL pOHVHQ HOWpUQHN D NRUiEEL WDSDV]WDODWRNWyO $ J\ MW|WW HJ\HGHN Pp

UHWHORV]OiVDM~QLXVLJ|VV]KDQJEDQYROWD]HVHUHGPpQ\HNNHOM~QLXVM~OLXV EDQ YLV]RQW D QDJ\REE PpUHW LYDUpUHWW Q VWpQ\HN PDMG DXJXV]WXVEDQ D] DGXOW

HJ\HGHNKLiQ\DPHOOHWWDNLVpVN|]HSHVPpUHW MXYHQLOLVHNYROWDNXUDONRGyDN

$ PiMXVM~QLXVEDQ IRJRWW LYDUpUHWW HJ\HGHN PLQGNpW QHP HVHWpEHQ V]LJQLIL NiQVDQ QDJ\REEDN YROWDN PLQW D M~QLXVDXJXV]WXVLDN$]pYKDWiVDLVPLQGNpW

QHP HVHWpEHQ V]LJQLILNiQV YROW DPL HOV VRUEDQ D] EHQ IRJRWW SyNRN QD J\REEWHVWPpUHWpE ODGyGRWW$IRJiVLLG KDWiVDDQ VWpQ\HNPpUHWpUHDNO|Q

E|] pYHNEHQHOWpU YROW(]DNO|QEVpJHOV VRUEDQDEEyOHUHGWKRJ\EHQ D M~OLXVL Q VWpQ\HN WHVWPpUHWH QHP YROW NLVHEEDPiMXVM~QLXVEDQIRJRWWDNpQiO

$KtPHNHVHWpEHQDpYQHNKDVRQOyKDWiVDQHPPHUOWIHOGHIRQWRVPHJ

MHJ\H]QL KRJ\ M~QLXV XWiQ |VV]HVHQ QpJ\ LYDUpUHWW KtPHW IRJWXQN WiEOi]DW

iEUD

uvcwv*x3yzc{czN|}

iEUD$SXV]WDLIDUNDVSyNRNPpUHWHORV]OiVDD]HJ\HOpVHVJ\ MWpVHNEHQ

WiEOi]DW $ J\ MWpVL pY pV D J\ MWpVL LG V]DN PiMXVM~QLXV YDJ\ M~OLXVDXJXV]WXV KDWiVDDKtPHNpVQ VWpQ\HNHO WHVWV]pOHVVpJpUHNpWXWDV$129$

Q VWpQ\HN KtPHN

KDWiV

.LQHYHOpVHNWHUPpV]HWHVNOV K PpUVpNOHWHQpVQDSSDOKRVV]~ViJRQ

$SHWH]ViNRWM~OLXVpQHOKDJ\yOiUYiNDWHOHOpVLJDONDORPPDO

YHGOHWWHNGHFHPEHULJHJ\HJ\HGVHPpUWHHOD]LYDUpUHWWVpJHW$WHOHOpVVRUiQD QHYHOWiOODWRNQDJ\UpV]HHOSXV]WXOW$W~OpO HJ\HGHNQ PiMXVHpV

HN|]|WWNpWYDJ\KiURPWDYDV]LYHGOpVWN|YHW HQD]D]|VV]HVVpJpEHQDSH WH]ViNHOKDJ\iViWyOV]iPtWRWWYHGOpVVHOpUWpNHOD]LYDUpUHWWVpJHW$WHOHOpVW

PHJHO ] YHGOpVHNV]iPDpVDVLNHUHViWWHOHOpVN|]|WWQHPWDOiOWXQNV]LJQLILNiQV NDSFVRODWRWFRQWLQJHQFLDHOHP]pVV]I &KL

®

S

$SHWH]ViNRWM~QLXViQHOKDJ\yOiUYiNQpJ\|W|GHQ DXJXV]

WXVHOHMpUHLYDUpUHWWpYHGOHWWHJ\|W|GHQ XJ\DQDNNRUODVVDEEDQIHMO G|WWpV D WpO EHiOOWD HO WW QHP YiOW LYDUpUHWWp D NLQHYHOpV VRUiQ SyN HOV]|N|WW YDJ\

HOSXV]WXOW$Q\iUIRO\DPiQLYDUpUHWWpYiOySyNRNDQ M~OLXVHpV

DXJXV]WXV D N|]|WW YHGOHWW LYDUpUHWWp (] D] LG V]DN M~QLXV HOVHMpW O pV

ƒ&N|]|WWLƒ&I|O|WWLK |VV]HJQHNIHOHOWPHJDQDSLN|]pSK PpUVpNOHWHN

NHOV]iPROYD$]LYDUpUHWWVpJHOpUpVpKH]DSyNRNQDNDSHWH]ViNHOKDJ\iViWN|

YHW HQ YHGOpVUH YROW V]NVpJN $XJXV]WXV H XWiQ D PDJDVDXJXV]WXV

YpJL pV V]HSWHPEHUL K PpUVpNOHWHN HOOHQpUH HJ\HWOHQ ~MDEE SyN VHP YiOW LYDUp UHWWp$KiURPNO|QE|] DQ\iWyOV]iUPD]yXWyGRNN|]|WWHJ\DUiQWYROWDNRO\D

QRNDPHO\HNDODVVDEELOOHWYHDJ\RUVDEEIHMO GpVLXWDWN|YHWWpNPLQGD]RQiOWDO D]HJ\HVDQ\iNN|]|WWV]LJQLILNiQVNO|QEVpJYROWDNpWIpOHIHMO GpVLXWDWN|YHW

XWyGRN DUiQ\iEDQ FRQWLQJHQFLD HOHP]pV V]I &KL

®

S $] DX JXV]WXVUDLYDUpUHWWpYiOySyNRNHO WHVWV]pOHVVpJHM~OLXVpQPiUV]LJQLILNiQVDQ

QDJ\REEYROWiWODJ“V]yUiV>PP@“PLQWD] V]YpJpLJFVDNMXYHQL OLV YDJ\ V]XEDGXOW iOODSRWLJ HOMXWy HJ\HGHNp “ IJJHWOHQ WSUyED

V]I W S

$]HVNLQHYHOpVLFVRSRUWEDQiWWHOHOpVWN|YHW HQLOOHWYHDHVNLQH YHOpVL FVRSRUWEDQ iWWHOHOpV QpONO LYDUpUHWWp YiOy SyNRN N|]|WW V]LJQLILNiQV N

O|QEVpJ YROW D MXYHQLOLV VWiGLXPRN V]iPiEDQ XJ\DQDNNRU D SyNRN WHVWPpUHWp EHQHO WHVWV]pOHVVpJpEHQWDSDV]WDOWNO|QEVpJQHPYROWV]LJQLILNiQV$QHPHN

N|]|WWDYHGOpVV]iPEDQQHPYROWMHOHQWpNHQ\DNO|QEVpJYLV]RQWDQ VWpQ\HN WHVWPpUHWH V]LJQLILNiQVDQ QDJ\REE YROW D KtPHNpQpO WiEOi]DW

iEUD

1DSRNV]iPDM~QLXVW}O

Q}VWpQ\HNKtPHN

M~QLXV M~OLXV DXJXV]WXV V]HSWHPEHURNWyEHU

¯°*±3²³´Hµ¶·

iEUD $ SHWH]ViNRW M~QLXV HOHMpQ HOKDJ\y HJ\HGHN IHMO GpVpQHN LG EHQ OHIRO\iVD WHUPpV]HWHVQDSSDOKRVV]~ViJPHOOHWWYpJ]HWWNLQHYHOpVEHQ$YRQDODNYpJHD]LYDUpUHWWp YiOiVWLOOHWYHDNtVpUOHWEHIHMH]pVpWMHO]L

WiEOi]DW $ NLQHYHOW SXV]WDL IDUNDVSyNRN PHJRV]OiVD D SHWH]ViN HOKDJ\iViWyO D]

iWWHOHOpVLJLOOHWYHD]LYDUpUHWWVpJHOpUpVpLJW|UWpQWYHGOpVHNV]iPDV]HULQW HVHWV]iP SHWH]ViN

HOKDJ\iVD

YHGOpVHNV]iPD |VV]HVHQ

WHOHOpVLJWpOHQHOSXV]WXOyN

WHOHOpVLJVLNHUHVHQiWWHOHO N

iWWHOHOpVVHOLYDUpUHWWVpJLJ

M~OLXV

iWWHOHOpVVHOLYDUpUHWWVpJLJ

WHOHOpVLJLYDUpUHWWpQHPYiOyN LYDUpUHWWVpJLJ iWWHOHOpVQpONO

M~QLXV

LYDUpUHWWVpJLJ iWWHOHOpVQpONO

WiEOi]DW$NLQHYHOpVHNVRUiQiWWHOHOpVVHOLOOHWYHDQpONOLYDUpUHWWpYiOyNO|QE|]

QHP SXV]WDLIDUNDVSyNRNYHGOpVV]iPiQDNpVHO WHVWV]pOHVVpJpQHNVWDWLV]WLNDL|VV]HYH WpVHNpWXWDVYDULDQFLDHOHP]pV

YHGOpVV]iP HO WHVWV]pOHVVpJ

V]I ) S V]I ) S YROW D SXV]WXOiVL DUiQ\ $ PHOHJNDPUiEDQ HOKHO\H]HWW FVRSRUWRNEDQ D NtVpUOHW

IRO\DPiQKRVV]~QDSSDORVFVRSRUWEyODU|YLGQDSSDORVFVRSRUWEyOSyNSXV]

WXOWHOYDJ\V]|N|WWPHJ

.OV K PpUVpNOHWL YLV]RQ\RN PHOOHWW QRYHPEHU LJ IRUGXOWDN HO YHGOp

VHN H]W N|YHW HQ D QDSL OHJPDJDVDEE NOV K PpUVpNOHW HJ\V]HU VHP pUWH HO D ƒ&W (J\HWOHQ SyN VHP YHGOHWW HJ\QpO W|EEV]|U pV HJ\ VHP YiOW D NtVpUOHW

YpJpLJ LYDUpUHWWp +RVV]~ QDSSDORV PHJYLOiJtWiV PHOOHWW D] iOODWRNQDN N|]HO D IHOH Q U|YLG QDSSDORV PHJYLOiJtWiV PHOOHWW PLQWHJ\ KDUPDGD Q YHG

OHWW KRVV]~ QDSSDORV PHJYLOiJtWiVQiO D YHGOpV V]LJQLILNiQVDQ KDPDUDEE N|YHW NH]HWWEH*HKDQ:LOFR[RQSUyED= S iEUD

1DSRNV]iPDDNtVpUOHWNH]GHWpW O 1HPYHGOHWWHJ\HGHNDUiQ\D ùúHûü

úHûú

iEUD VV]HOJ\ MW|WWSXV]WDLIDUNDVSyNRNYHGOpVLKDMODPDNO|QE|] QDSSDOKRVV]~

ViJRNpVK PpUVpNOHWPHOOHWW

$PHOHJNDPUiEDQDSyNRNQDJ\UpV]HHOpUWHD]LYDUpUHWWVpJHW+RVV]~QDS

SDORV PHJYLOiJtWiV PHOOHWW PLQGHQ SyN Q U|YLG QDSSDORV PHJYLOiJtWiV PHOOHWW D SyNRN D Q YiOW LYDUpUHWWp DPL V]LJQLILNiQV NO|QEVpJHW MH

OHQWDNpWIpOHPHJYLOiJtWiVLFVRSRUWN|]|WW&KL

)

S5|YLGQDSSD ORVPHJYLOiJtWiVRQDSyNRNDQ DNtVpUOHWYpJpLJHJ\iOWDOiQQHPYHG

OHWW$]LYDUpUHWWpYiOiVKR]DSyNRNQDNYHGOpVUHYROWV]NVpJNQ

$]LYDUpUHWWVpJHOpUpVpKH]V]NVpJHVYHGOpVHNV]iPiEDQQHPYROWV]LJQL

ILNiQVNO|QEVpJDNpWIpOHPHJYLOiJtWiVLFVRSRUWN|]|WW&KL

)

S $]

LYDUpUHWWKtPHNQ pVDQ VWpQ\HNQ DUiQ\DQHPWpUWHOV]LJQLILNiQVDQ

D] WyO &KL

)

S $] LYDUpUHWWVpJHW U|YLG QDSSDORVPHJYLOiJtWiV QiOV]LJQLILNiQVDQNpV EEiWODJ“V]yUiV“QDSpUWpNHOD]iOODWRNPLQW

KRVV]~QDSSDORQ“QDSDW|EEV]|UYHGO IHMOHWOHQHEEHJ\HGHNV]LJQL ILNiQVDQ W|EE LG UH YROW V]NVpJN D] LYDUpUHWWVpJ HOpUpVpKH] $ QHPHN N|]|WW

XJ\DQDNNRU QHP WDSDV]WDOWXQN MHOHQWpNHQ\ NO|QEVpJHW D] LYDUpUHWWp YiOiVKR]

V]NVpJHVQDSRNV]iPiEDQWiEOi]DW

WiEOi]DW$]LVPHUWWpQ\H] NKDWiVDD] VV]HOPHOHJNDPUiEDNHUO SXV]WDLIDUNDVSy

WiEOi]DW$]LVPHUWWpQ\H] NKDWiVDD] VV]HOPHOHJNDPUiEDNHUO SXV]WDLIDUNDVSy

In document A pusztai farkaspók Pardosa agrestis (Westring, 1861) autökológiája (Pldal 46-76)