nber working paper series economic … › papers › w10598.pdfeconomic impacts of unionization on...
TRANSCRIPT
NBER WORKING PAPER SERIES
ECONOMIC IMPACTS OF UNIONIZATIONON PRIVATE SECTOR EMPLOYERS: 1984-2001
John DiNardoDavid S. Lee
Working Paper 10598http://www.nber.org/papers/w10598
NATIONAL BUREAU OF ECONOMIC RESEARCH1050 Massachusetts Avenue
Cambridge, MA 02138June 2004
Matthew Butler and Francisco Martorell provided outstanding research assistance. We would like to thankDavid Card, Robert J. LaLonde, Larry Katz, Enrico Moretti, Morris Kleiner, for helpful discussions and HankFarber for providing election data. We would also like to thank seminar participants at the Bureau of LaborStatistics, the Federal Reserve Bank of Chicago, and the NBER Labor Economics Summer Institute, and theUniversity of Michigan Labor Workshop for comments on an earlier paper, Ritch Milby at the CaliforniaCensus Data Center, Andrew Hildreth, and Thomas Kochan. The research in this paper was conducted whileone of the authors was a Census Bureau research associate at the Berkeley California Census Research DataCenter. Research results and conclusions expressed are those of the authors and do not necessarily indicateconcurrence by the Bureau of the Census, National Labor Relations Board, the Federal Mediation andConciliation Service, or the Institute for Labor and Employment. The results in this paper have been screenedto ensure that no confidential data are revealed. The views expressed herein are those of the author(s) andnot necessarily those of the National Bureau of Economic Research.
©2004 by John DiNardo and David S. Lee. All rights reserved. Short sections of text, not to exceed twoparagraphs, may be quoted without explicit permission provided that full credit, including © notice, is givento the source.
Economic Impacts of Unionization on Private Sector Employers: 1984-2001John DiNardo and David S. LeeNBER Working Paper No. 10598June 2004JEL No. J0, J2, J3, J5, C1, C5
ABSTRACT
Economic impacts of unionization on employers are difficult to estimate in the absence of large,
representative data on establishments with union status information. Estimates are also confounded
by selection bias, because unions could organize at highly profitable enterprises that are more likely
to grow and pay higher wages. Using multiple establishment-level data sets that represent
establishments that faced organizing drives in the U.S. during 1984-1999, this paper uses a
regression discontinuity design to estimate the impact of unionization on business survival,
employment, output, productivity, and wages. Essentially, outcomes for employers where unions
barely won the election (e.g. by one vote) are compared to those where the unions barely lost. The
analysis finds small impacts on all outcomes that we examine; estimates for wages are close to zero.
The evidence suggests that n at least in recent decades n the legal mandate that requires the
employer to bargain with a certified union has had little economic impact on employers, because
unions have been somewhat unsuccessful at securing significant wage gains.
John Dinardo440 Lorch HallFord School of Public PolicyUniversity of MichiganAnn Arbor, MI 48109-1220and [email protected]
David S. LeeDepartment of Economics549 Evans Hall, #3880Berkeley, CA 94720-3880and [email protected]
! "#$%&'()$*&#
!" #$ %#&'() *+&',$"--& "./" *+#-+$ #01-$' 2-$"$ "- '01(-)',$3 ".' 0-$" #01-,"/+" %/) #$ 4) ,/#$#+5
0'04',$6 %/5'$78 9.') 2/+ /($- #01-$' -".', 2-$"$ -+ '01(-)',$ : 4) (#0#"#+5 &#$2,'"#-+ #+ .#,#+5 /+& ;,<
#+5= >-, '?/01('= /+& /("',#+5 ".' $",*2"*,' -> 1/) /2,-$$ $@#(( 5,-*1$7 9.'$' 2-+$",/#+"$ 2/+ ('/& '01(-)',$
"- ,'&*2' '01(-)0'+"= -*"1*"= -, 0-$" &,/0/"#2/(()= "- 2'/$' -1',/"#-+ /(( "-5'".',7A !+&''&= ".'$' '>>'2"$
/,' ->"'+ &#,'2"() /2@+-%('&5'& 4) '01(-)',$ /+& '01(-)''$ /(#@'7 B*,#+5 *+#-+ -,5/+#C#+5 &,#D'$= >-,
'?/01('= ;,0$ ,-*"#+'() ".,'/"'+ "- 2(-$' / 1(/+" #> ".' *+#-+ &,#D' #$ $*22'$$>*( EF,-+>'+4,'++', 8GGHI=
/+& '01(-)''$ $''0 "- "/@' ".'$' ".,'/"$ $',#-*$()3 ".' ,#$@ -> 1(/+" 2(-$*,' #$ 2#"'& /$ ".' ('/&#+5 2/*$' ->
*+#-+ %#".&,/%/( >,-0 -,5/+#C#+5 /""'01"$7J
K,' ".' 2-$"$ -> *+#-+#C/"#-+ "- '01(-)',$ (/,5' -, $0/((L 9-&/)= #+ ".' M+#"'& N"/"'$= /,5*0'+"$
2/+ 4' 0/&' >-, '#".', 2/$'7 O+ ".' -+' ./+&= ,'2'+" &/"/ $.-% (#""(' 2./+5' #+ -+' '?"'+$#D'() $"*&#'&
0'/$*,' -> *+#-+ 1-%', : ".' *+#-+ %/5' 1,'0#*03 *+#-+ %-,@',$ ,'2'#D' / %/5' 1,'0#*0 -> 8P 1',2'+"
-, .#5.', -D', &'0-5,/1.#2/(() $#0#(/, +-+<*+#-+ %-,@',$7 9- ".' '?"'+" "./" '01(-)',$ /,' $'+$#"#D' "-
".' 1,#2' -> (/4-,= ".#$ 0/) ('/& "- (/,5' ,'&*2"#-+$ #+ '01(-)0'+"7H O+ ".' -".', ./+&= ".',' #$ / 4,-/&
2-+$'+$*$ "./" #+ ".' 1/$" ".,'' &'2/&'$= *+#-+ 1-%', #+ ".' M7N7 ./$ 4''+ -+ ".' &'2(#+'7 9.',' ./$ 4''+
/ &'2,'/$' #+ *+#-+ 0'04',$.#1= /+& +'% -,5/+#C#+5 /2"#D#")=P .#5. ('D'($ -> 0/+/5',#/( -11-$#"#-+= /+&
#+2,'/$'& *$' -> 1',0/+'+" ,'1(/2'0'+" %-,@',$7Q B*,#+5 ".' 8GRS$= 1,-0#+'+" *+#-+$ %',' /22'1"#+5
%/5' 2*"$= >/2#+5 ".' 1,'$$*,'$ -> ".' -1'+#+5 -> #+"',+/"#-+/( 2-01'"#"#-+7
K" ('/$" "%- #01-,"/+" 2./(('+5'$ .#+&', 2,'(' 0'/$*,'0'+" -> ".' 2/*$/( #01/2"$ -> *+#-+#C/<
"#-+ -+ '01(-)',$7 O+' (#0#"#+5 >/2"-, #$ ".' /4$'+2' -> (/,5'= ,'1,'$'+"/"#D' &/"/ $'"$ "./" ",/2@ '$"/4(#$.<
! O> 1/,"#2*(/, +-"' /,' T7 U,'55 V'%#$6$ $'0#+/( $*,D')$ -+ *+#-+ %/5' 5/1$ $'' V'%#$ E8GQJI= V'%#$ E8GRQ!I= /+& V'%#$E8GRQ"I7 W-, / 0-,' ,'2'+" '?/0#+/"#-+= $'' F(/+2.X-%', Y F,)$-+ EASSJI7" N'' >-, '?/01('= K4-%& E8GRGI= Z*4/2@ Y [#00',0/+ E8GRHI= W,''0/+ Y\'&->> E8GRHI= /+& T#,$2. Y N2.*0/2.', E8GGRI7W-, / ,'2'+" $*,D') /+& 2,#"#]*'= $'' T#,$2. EASSHI7# N'' ^-00#$$#-+ >-, V/4-, ^--1',/"#-+ E8GG_I7 9.' ^-00#$$#-+ >-, V/4-, ^--1',/"#-+ %/$ / ",#:+/"#-+/( -,5/+#C/"#-+ 2,'/"'&*+&', ".' `-,". K0',#2/+ K5,''0'+" -+ V/4-, ^--1',/"#-+ Ea`KKV^bI #+ ,'$1-+$' "- (/4-, #$$*'$ ,'(/"'& "- ".' `-,". K0',#2/+W,'' 9,/&' K5,''0'+"7 9.' ,'1-," #$$*'& 4) ".' ^-00#$$#-+ : %.#2. %/$ 1,-01"'& 4) / \'?#2/+ ,']*'$" "./" >-((-%'& / 1(/+"2(-$*,' #+ ".' M7N7 &*,#+5 / *+#-+#C/"#-+ &,#D' : %,-"' "./" a".' ;+&#+5$ -> ".#$ ,'1-," $*55'$" "./" 1(/+" 2(-$#+5$ /+& ".,'/"$ ->1(/+" 2(-$#+5 2/+ ./D' /&D',$' '>>'2"$ -+ %-,@',$ >,''&-0 -> /$$-2#/"#-+7b$ N'' \/+@#% EASSHI >-, / "'?"4--@ '?/01(' -> ".' /,5*0'+"7 Z'2'+"()= #+ 2,-$$<2-*+",) /+/()$#$ `#2@'(( Y V/)/,& E8GGGI,'1-," "./" / 2./+5' >,-0 AP "- -D', _S 1',2'+" -> ".' %-,@',$ 2-D','& 4) 2-(('2"#D' 4/,5/#+#+5 #$ /$$-2#/"'& %#". / &-*4(#+5 ->".' *+'01(-)0'+" ,/"'7 V/(-+&'= \/,$2.@' Y 9,-$@' E8GGQI= *$#+5 / a&#>>','+2'<#+<&#>>','+2'b /11,-/2. %#". VZB &/"/= ;+&$*22'$$>*( -,5/+#C/"#-+ #$ /$$-2#/"'& %#". $#5+#;2/+" &'2(#+'$ #+ $*4$']*'+" '01(-)0'+" /+& -*"1*"7% N'' V/V-+&' Y \'("C', E8GG8I /+& W/,4', EASS8I >-, '?/01('7& O($-+ E8GGRI= >-, '?/01('= ;+&$ "./" #+ /(( #+&*$",#'$ '?2(*&#+5 2-+$",*2"#-+= ".' *$' -> $",#@', ,'1(/2'0'+"$ E/$ / >,/2"#-+ ->$",#@'$I %',' /$ .#5. -, 0*2. .#5.', &*,#+5 ".' 1',#-& 8GRP:8GRR "./+ ".') %',' &*,#+5 ".' E1,':c/5+', K2"I 1',#-&$ -> 8GS8:88/+& 8GA8:Q7
8
0'+"$ -D', "#0' "./" /($- 1,-D#&' #+>-,0/"#-+ -+ *+#-+ $"/"*$7_ K $'2-+& #01-,"/+" 2-+2',+ #$ ".' >/2" "./"
*+#-+#C/"#-+ #$ +-+<,/+&-07 B'1'+&#+5 -+ ".' 2-,,'(/"#-+ 4'"%''+ >/2"-,$ /$$-2#/"'& %#". *+#-+#C/"#-+ /+&
".-$' /$$-2#/"'& %#". '01(-)0'+"= -*"1*"= /+& 1,-&*2"#D#")= ".' -4$',D'& 2-,,'(/"#-+ 4'"%''+ *+#-+ $"/"*$
/+& '01(-)', -*"2-0'$ 0/) -D',$"/"' -, *+&',$"/"' ".' ",*' '>>'2"$ -> *+#-+$7 9%- 2-01'"#+5 1.'+-0'+/
0/) #+&*2' -11-$#"' $'('2"#D#") 4#/$'$7 O+ ".' -+' ./+&= *+#-+$ 0/) "'+& "- -,5/+#C' /" .#5.() $*22'$$>*(
'+"',1,#$'$ "./" /,' 0-,' (#@'() "- $*,D#D' /+& 5,-%7 O+ ".' -".',= / *+#-+ -,5/+#C#+5 &,#D' 0/) 4' 0-,'
(#@'() "- $*22''& %.'+ / ;,0 #$ 1--,() 0/+/5'&= -, ./$ >/2'& ,'2'+" &#>;2*("#'$7
!+ ".#$ 1/1',= %' 1,'$'+" ]*/$#<'?1',#0'+"/( 'D#&'+2' -+ ".' 2/*$/( '>>'2" -> *+#-+#C/"#-+ -+ '0<
1(-)', 4*$#+'$$ >/#(*,'$d&#$(-2/"#-+$= '01(-)0'+"= -*"1*"= 1,-&*2"#D#")= /+& %/5'$= *$#+5 "%- (/,5' &/"/<
4/$'$ ,'1,'$'+"/"#D' -> M7N7 '$"/4(#$.0'+"$ /" ,#$@ -> 4'#+5 *+#-+#C'&7 O*, /+/()$#$ #$ 4/$'& -+ ".' >/2"
"./" 0-$" +'% *+#-+#C/"#-+ -22*,$ /$ / ,'$*(" -> / $'2,'" 4/((-" '('2"#-+7 F) (/%= #> / 0/e-,#") -> %-,@',$
D-"' #+ >/D-, -> ".' *+#-+= ".' (/% ,']*#,'$ ".' 0/+/5'0'+" "- 4/,5/#+ a#+ 5--& >/#".b %#". ".' ,'2-5+#C'&
*+#-+7 9.#$ 1,-2'$$ 2,'/"'$ / +/"*,/( $'" -> 2-01/,#$-+$ 4'"%''+ '$"/4(#$.0'+"$ "./" >/2'& '('2"#-+$ %.','
".' *+#-+ "!#$%& %-+ E$/)= 4) -+' D-"'I /+& ".-$' "./" >/2'& '('2"#-+$ %.',' ".' *+#-+ "!#$%& (-$" E4)
-+' D-"'I7 K$ #+ -".', ,'5,'$$#-+< &#$2-+"#+*#") &'$#5+$= ".' 2-01/,#$-+ 4'"%''+ +'/, %#++',$ /+& +'/,
(-$',$ 1-"'+"#/(() '(#0#+/"'$ /+) 2-+>-*+&#+5 $'('2"#-+ /+& -0#""'& D/,#/4(' 4#/$'$= /+& /((-%$ *$ "- &'D#$'
2,'(' /+& ",/+$1/,'+" '$"#0/"'$ -> ".' '>>'2" -> *+#-+$ -+ '01(-)', -*"2-0'$7R
c' ,'1-," $'D',/( ;+&#+5$ >,-0 /+/()C#+5 &/"/ "./" $1/+$ ".' 8GRH<ASS8 1',#-&= /+& 2-04#+'$
#+>-,0/"#-+ -+ '('2"#-+$ >,-0 ".' `/"#-+/( V/4-, Z'(/"#-+$ F-/,& E`VZFI= -+ 2-+",/2" '?1#,/"#-+$ >,-0
".' W'&',/( \'&#/"#-+ /+& ^-+2#(#/"#-+ N',D#2' EW\^NI= -+ $*4$']*'+" 4*$#+'$$ $*,D#D/(= '01(-)0'+"=
/+& -*"1*" >,-0 / 2-00',2#/( &/"/4/$' 4/$'& -+ "'('1.-+' (#$"#+5$ E!+>-MNKI= /$ %'(( /$ -+ '01(-)0'+"=
%/5'$= -*"1*"= /+& 1,-&*2"#D#") #+ ".' 0/+*>/2"*,#+5 $'2"-, >,-0 ".' M7N7 ^'+$*$ F*,'/*6$ V-+5#"*&#+/(
Z'$'/,2. B/"/4/$' EVZBI7
c' ;,$" &-2*0'+" "./" ".' -*"2-0' -> /+ `VZF '('2"#-+ ./$ / $*4$"/+"#/(= 4#+&#+5 #01/2" -+ ".'
' 9.#$ ./$ ('& ,'$'/,2.',$ "- *$' 2,'/"#D' &/"/ 2-(('2"#-+ 0'".-&$ "- '?/0#+' ".'$' ]*'$"#-+$7 W-, '?/01('= W,''0/+ Y f('#+',E8GGSI 2-+&*2"'& -+<$#"' #+"',D#'%$ -> JQH '$"/4(#$.0'+"$ "./" '?1',#'+2'& ,'1,'$'+"/"#-+ '('2"#-+$ #+ ".' F-$"-+ /+& f/+$/$ ^#")`VZF &#$",#2"$7 F,-+/,$ Y B'',' E8GGJI 2-+$",*2" / &/"/$'" -> `VZF '('2"#-+$ "- ^O\gMN9K9 &/"/ "- 2-+$",*2" / 1/+'( -> RP;,0$ -D', / AS<)'/, 1',#-&7 W,''0/+ Y f('#+', E8GGGI /($- *$' ^O\gMN9K9 "- 2-+$",*2" / $/01(' -> J8G ;,0$7 V/(-+&' '" /(7E8GGQI 0/"2. `VZF ,'1,'$'+"/"#-+ '('2"#-+$ "- / $*4$'" -> 0/+*>/2"*,#+5 '$"/4(#$.0'+"$ "./" /,' 2-+"#+*-*$() -1',/"#+5 #+ ".'VZB "- 2,'/"' $/01('$ %#". PSS "- /4-*" 88SS -4$',D/"#-+$7( Z'5,'$$#-+ &#$2-+"#+*#") &'$#5+$ /,' &'$2,#4'& #+ 9.#$"('".%/#"' Y ^/014'(( E8GQSI /+& ^/014'(( E8GQGI= /+& >-,0/(() '?</0#+'& /$ /+ #&'+"#;2/"#-+ $",/"'5) ,'2'+"() #+ T/.+= D/+ &', f(//*% Y 9-&& EASS8I7
A
2-(('2"#D' 4/,5/#+#+5 1,-2'$$= 'D'+ /0-+5 2(-$' '('2"#-+$7 c.',' ".') 4/,'() %#+ ".' '('2"#-+= *+#-+$
/,' /4(' "- 0/#+"/#+ ".'#, ('5/( ,'2-5+#"#-+ -D', (-+5 "#0' .-,#C-+$h %.',' ".') 4/,'() (-$'= ".',' #$ (#""('
'D#&'+2' -> $*4$']*'+" /""'01"$ "- -,5/+#C' ".' %-,@1(/2'7 W*,".',0-,'= *+#-+$ %.- 4/,'() %#+ ./D'
/$ 5--& / 2./+2' -> $'2*,#+5 / 2-(('2"#D' 4/,5/#+#+5 /5,''0'+" %#". ".' '01(-)', /$ ".-$' %.- %#+ ".'
'('2"#-+$ 4) %#&' 0/,5#+$7 K+&= /$ '?1'2"'&= *+#-+$ %.- 4/,'() (-$' /+ '('2"#-+ ./D' (#""(' 2./+2' -> 'D',
$#5+#+5 $*2. /+ /5,''0'+"7 9.'$' >/2"$ $.-% "./" : $"/"#$"#2/(() $1'/@#+5 : '01(-)',$ >/2' / 0#+#0/( ,#$@
-> 'D', '+"',#+5 2-(('2"#D' 4/,5/#+#+5 +'5-"#/"#-+$ />"', / *+#-+ (-$'$ / 2(-$'()<2-+"'$"'& '('2"#-+7
9.#$ ('5/(()<0/+&/"'& $.#>" #+ ".' 4/,5/#+#+5 1-$#"#-+ -> ".' %-,@',$= .-%'D',= &-'$ +-" ('/& "-
$#5+#;2/+" #01/2"$ -+ / +*04', -> '01(-)', -*"2-0'$7 W#,$"= *+#-+ '>>'2"$ -+ 4*$#+'$$ $*,D#D/( /,' $0/((
: -+ ".' -,&', -> <7S8 "- <7SA -+ / 0'/+ $*,D#D/( ,/"' -> 7HS -D', /+ /D',/5' -> R )'/,$7 N'2-+&= 1-#+"
'$"#0/"'$ -> ".' *+#-+ #01/2"$ -+ '01(-)0'+"= -*"1*"= /+& 1,-&*2"#D#")= /,' $"/"#$"#2/(() $#5+#;2/+"h #+ ".'
0/+*>/2"*,#+5 $'2"-,= ".') ,/+5' 4'"%''+ <J /+& J 1',2'+" >-, 1,-&*2"#-+ .-*,$= 4'"%''+ <H /+& H 1',2'+"
>-, -*"1*"= /+& 4'"%''+ <A /+& S 1',2'+" >-, -*"1*" 1', %-,@',= -D', 8< "- 8P<)'/, .-,#C-+$7
O+' #+"',1,'"/"#-+ -> -*, ,'$*("$ #$ "./" ".' ",*' '>>'2"$ /,' 0-&',/"'() $#C'& E'757 <Q -, <_ 1',2'+"
>-, '01(-)0'+"I 4*" 2/++-" 4' &'"'2"'& 4) -*, ,'$'/,2. &'$#5+= &*' "- $/01(#+5 D/,#/4#(#") #+ -*, '$"#0/"'$7
K+ /("',+/"#D' #+"',1,'"/"#-+ #$ "./" ".' '>>'2"$ /,' ",*() $0/(( E'757 <A -, <J 1',2'+"I7 c' >/D-, ".' (/""',
#+"',1,'"/"#-+ >-, ".' >-((-%#+5 ,'/$-+3 -*, '$"#0/"'$ -> *+#-+ %/5' #01/2"$ /,' $0/(( : 2'+"','& /,-*+&
C',- : %#". '+-*5. 1,'2#$#-+ "- ,*(' -*" / A 1',2'+" %/5' #+2,'/$' >-, *1 "- $'D'+ )'/,$ />"', ".' '('2"#-+7
9.#$ #01(#'$ : 1,-D#&'& "./" %/5' /+& '01(-)0'+" -*"2-0'$ ,'0/#+ -+ ".' '01(-)',6$ (/4-, &'0/+&
$2.'&*(' : ".' #01/2"$ -+ '01(-)0'+" /,' (#@'() "- 4' $0/((= 'D'+ /$$*0#+5 ,'(/"#D'() (/,5' (/4-, &'0/+&
'(/$"#2#"#'$7
c' /($- '?1(-,' %.'".', ".' $0/(( %/5' '>>'2"$ #$ /+ /,"#>/2" -> *+#-+ a".,'/" '>>'2"$b : %.','4) '0<
1(-)',$ ,/#$' %/5'$ "- /D-#& ".' ".,'/" -> >*"*,' *+#-+#C/"#-+7 c' &- $- 4) 2-01('0'+"#+5 -*, ,'5,'$$#-+<
&#$2-+"#+*#") /+/()$#$ %#". /+ a'D'+"<$"*&)b /+/()$#$ "./" /$$'$$'$ %.'".', %/5'$ ,#$' #+ ,'$1-+$' "- /+
'('2"#-+= 'D'+ #> ".' *+#-+ 'D'+"*/(() (-$'$7 g-#+" '$"#0/"'$ /,' $0/(( E4'"%''+ S /+& A 1',2'+"I /+& $"/"#$<
"#2/(() #+$#5+#;2/+"= ,*(#+5 -*" / J 1',2'+" a*+#-+ ".,'/"b '>>'2"= J )'/,$ />"', ".' '('2"#-+7
F/$'& -+ ".' 'D#&'+2'= %' 2-+2(*&' "./" : /" ('/$" #+ ,'2'+" &'2/&'$ #+ ".' M+#"'& N"/"'$ : ".'
('5/( 0/+&/"' "./" ,']*#,'$ ".' '01(-)', "- 4/,5/#+ %#". / 2',"#;'& *+#-+ ./$ ./& (#""(' '2-+-0#2 #01/2"
J
-+ '01(-)',$= 4'2/*$' *+#-+$ ./D' 4''+ $-0'%./" *+$*22'$$>*( /" $'2*,#+5 $#5+#;2/+" %/5' 5/#+$ ".,-*5.
2-(('2"#D' 4/,5/#+#+57
9.' $0/(( %/5' '>>'2"$ "./" %' '$"#0/"' 0/) /11'/, "- 4' /" -&&$ %#". /+ '+-,0-*$ (#"',/"*,'
"./" ./$ &-2*0'+"'& $*4$"/+"#/( *+#-+ %/5' 1,'0#*0$7 9.' &#>>',#+5 ,'$*("$= .-%'D',= 0/) 4' '?1(/#+'&
4) $-0' #01-,"/+" &#>>','+2'$ : -".', "./+ #+ ,'$'/,2. &'$#5+ : #+ ".' +/"*,' -> ".' &/"/ *$'&7 W#,$"= ".'
0-&',+ *+#-+ %/5' 1,'0#*0 (#"',/"*,' ")1#2/(() '?/0#+'$ #+&#D#&*/(<('D'( .-*$'.-(& $*,D') &/"/= ,/".',
"./+ '$"/4(#$.0'+"<('D'( &/"/7 W,''0/+ Y f('#+', E8GGSI /,5*' "./" ".' (/""', #$ 0-,' /11,-1,#/"' >-,
&#,'2"() /&&,'$$#+5 ".' &#,'2" #01/2"$ -> / %-,@1(/2' 4'2-0#+5 *+#-+#C'&7G !+&''&= -".', '$"/4(#$.0'+"<
('D'( /+/()$'$ ;+& $0/(( -, $"/"#$"#2/(() *+&'"'2"/4(' %/5' '>>'2"$ EW,''0/+ Y f('#+', E8GGSIh V/(-+&'
'" /(7 E8GGQII7 N'2-+&= ".' &/"/ 2-+"/#+$ #+>-,0/"#-+ -+ #$'$() *+#-+#C/"#-+ E%#".#+ ".' 1/$" AS )'/,$I=
%.#(' 0-$" %-,@',<('D'( &/"/ $'"$ 1-$$'$$ (#""(' #+>-,0/"#-+ -+ %.'+ ".' *+#-+ %/$ >-,0'&h '$"#0/"'$
&',#D'& >,-0 ".-$' &/"/ +/"*,/(() 2/++-" #$-(/"' %/5' #01/2"$ "./" ,'$*(" >,-0 *+#-+#C/"#-+ "./" -22*,,'&
#+ ,'2'+" &'2/&'$7 K$ +-"'& #+ W,''0/+ Y f('#+', E8GGSI= '?#$"#+5 %/5' &#>>','+2'$ 4'"%''+ *+#-+ /+&
+-+<*+#-+ %-,@',$ "-&/) /D',/5' ".' '>>'2"$ -> *+#-+$ -> 1,'D#-*$ 1',#-&$ /+& ".' '>>'2"$ -> *+#-+#C/"#-+
"./" -22*,$ "-&/)7
O*, ,'$*("$ 0/) /($- /11'/, "- 4' /" -&&$ %#". ".' $"/+&/,& a"'?"4--@b ",'/"0'+" -> ".' +'-2(/$$#2/(
".'-,) -> *+#-+ #01/2"$= %.#2. '01./$#C'$ ".' +-"#-+ -> / *+#-+ /$ /+ '>>'2"#D' a0-+-1-()b -+ (/4-,
$',D#2'$7 9.',' #$= .-%'D',= /+ -(&', ",/&#"#-+ #+ '2-+-0#2$ "./" /,5*'$ : -+ / 1*,'() ".'-,'"#2/( ('D'(
: "./" 0-$" ",/&' *+#-+$ /,' *+$*22'$$>*( 0-+-1-(#'$7 !+&''&= #+ .#$ '$$/)= a9.' !01/2" -> ".' M+#-+=b
\#("-+ W,#'&0/+ E8GPSI /,5*'& "./" ".' /4#(#") -> *+#-+$ "- ,/#$' %/5' ,/"'$ /" "./" "#0' %/$ $-0'%./"
'?/55',/"'&= 4'2/*$' 0-$" *+#-+$ 2-*(& +-" -D',2-0' 0/,@'" >-,2'$ "./" %-*(& "'+& "- @''1 %/5'$ /(#5+'&
%#". 2-01'"#"#D' ,/"'$7 !+ / 1*4(#$.'& '?2./+5' %#". g/*( N/0*'($-+= W,#'&0/+ '?1(/#+$ .#$ ,'/$-+#+53 a!
".#+@ #> iMKc ('/&', c/("',j Z'*".', %',' "- &#$,'5/,& i1,'$$*,'$ "- 0-&',/"' %/5' &'0/+&$j /+& #> .'
%',' "- $''@ : /+& >-, ".' 0-0'+" ('" *$ $*11-$' .' #$ "'01-,/,#() $*22'$$>*( : D',) ,//(() ,/#$'& %/5'$=
/+& #> "./" ./& ".' '>>'2" -> 5,-$$() ,'&*2#+5 '01(-)0'+" %#".#+ ".' /*"-0-4#(' #+&*$",) )-* %-*(& ;+&
-11-$#"#-+ 4*#(&#+5 *1 "./" %-*(& 4,'/@ ".' *+#-+ &-%+7 f+-%#+5 "./" #+ /&D/+2' /+& 4'#+5 /$ $0/," /$
) ac.#(' #" #$ 2-00-+ "- ".#+@ -> $'('2"#D#") 4#/$ #+ '$"#0/"#+5 ".' *+#-+ %/5' '>>'2" -> ".' &#>>','+2' 4'"%''+ ".' *+#-+ E/+&+-+*+#-+I $/01(' /+& ".' &#>>','+"#/( "./" %-*(& ,'$*(" >,-0 ,/+&-0 -,5/+#C/"#-+ -> / $'" -> %-,@',$ -, '$"/4(#$.0'+"$= %' &-+-" 4'(#'D' "./" #$ ".' 0-$" *$'>*( %/) "- '?1,'$$ ".' 1,-4('07 c./" #$ ,'('D/+" #$ +-" %./" *+#-+#C/"#-+ %-*(& &- "- / ,/+&-0()2.-$'+ '$"/4(#$.0'+" 4*" ,/".', %./" #" %-*(& &- "- '$"/4(#$.0'+"$ %#". / ,'/$-+/4(' 2./+2' -> 4'#+5 *+#-+#C'& : "- ;,0$ 2(-$'".' 0/,5#+ -> 4'#+5 *+#-+#C'& "./+ "- ".' /D',/5' +-+*+#-+ '$"/4(#$.0'+"7k
H
)-* /+& != .' %-*(& /D-#& $*2. /2"#-+7b
9.' 1/1', #$ -,5/+#C'& /$ >-((-%$7 N'2"#-+ A 1,-D#&'$ $-0' 4/2@5,-*+& -+ ".' *+#-+ ,'2-5+#"#-+
1,-2'$$ /+& ".' #+&*$",#/( ,'(/"#-+$ 2(#0/"' #+ ".' M7N7 #+ ,'2'+" &'2/&'$7 N'2"#-+ J &'$2,#4'$ &#>>','+" +-<
"#-+$ -> ".' 2/*$/( #01/2" -> *+#-+#C/"#-+= ".' ,'5,'$$#-+<&#$2-+"#+*#") &'$#5+ >-, '$"#0/"#+5 &#,'2" #01/2"$
-> *+#-+#C/"#-+= /$ %'(( /$ ".' #&'+"#;2/"#-+ $",/"'5) >-, /$$'$$#+5 #+&#,'2"= a*+#-+ ".,'/"b '>>'2"$7 c' &'<
$2,#4' ".' D/,#-*$ &/"/ $'"$ #+ N'2"#-+ H= 1,'$'+" ".' ,'$*("$ #+ N'2"#-+ P= /+& &#$2*$$ ".' ;+&#+5$ #+ ,'(/"#-+
"- ".' '?#$"#+5 (#"',/"*,' #+ N'2"#-+ Q7 N'2"#-+ _ 2-+2(*&'$7
+ ,-. /#*&# 0.)&1#*$*&# 2%&).33 4#' $-. "#'(3$%*45 0.54$* 65*74$.
!+ ".#$ $'2"#-+= %' 1,-D#&' $-0' 4/2@5,-*+& -+ 8I .-% %-,@',$ /,' a")1#2/(()b *+#-+#C'&= AI .-%
'?/0#+#+5 ,'1,'$'+"/"#-+ '('2"#-+$ #$ .'(1>*( >-, /+/()C#+5 *+#-+ #01/2"$ -+ '01(-)',$= /+& JI %.) ".'
'>>'2"$ -> *+#-+$ "-&/) 0/) &#>>', >,-0 ".-$' #+ '/,(#', &'2/&'$7
!+ ".' M+#"'& N"/"'$= ".' '>>'2"$ -> *+#-+$ 0*$" 4' &#$2*$$'& #+ ".' 2-+"'?" -> ".' ,#5."$ /+& 1,-<
"'2"#-+$ "./" ".' (/% : /$ $1'2#;'& #+ ".' `/"#-+/( V/4-, Z'(/"#-+$ K2" E`VZKI : 1,-D#&'$ "- *+#-+#C'&
%-,@',$7 W-, '?/01('= /+) 5,-*1 -> %-,@',$ 2-*(& #5+-,' ".' 1,-D#$#-+$ -> ".' `VZK= $#01() /++-*+2'
".'#, 0'04',$.#1 #+ / *+#-+= /+& /""'01" "- 4/,5/#+ a2-(('2"#D'()b %#". /+ '01(-)',7 !+ ".' 2*,,'+" ('5/(
'+D#,-+0'+"= ".' '01(-)', %-*(& +-" 4' ,']*#,'& "- 4/,5/#+ #+ 5--& >/#". %#". $*2. /+ '+"#") /+& %-*(&
>/2' D#,"*/(() +- ('5/( #01'�'+" "- ,'1(/2#+5 $*2. %-,@',$7 F) 2-+",/$"= #> / 5,-*1 -> %-,@',$ 5/#+$ ('5/(
,'2-5+#"#-+ /$ 1,-D#&'& >-, 4) ".' `VZK= ".') /,' ('5/(() 1,-"'2"'& >,-0 4'#+5 ;,'& >-, /$$-2#/"#-+ %#".
/ *+#-+ /+& 2/+ -+() 4' a,'1(/2'&b *+&', $1'2#;'& 2-+&#"#-+$h 0-$" #01-,"/+"()= ".' (/% "/"'$ "./" ".'
'01(-)', 4/,5/#+ %#". ".' *+#-+ a#+ 5--& >/#".b7
T-% #$ ('5/( ,'2-5+#"#-+ -> / *+#-+ 5/#+'& #+ ".' M+#"'& N"/"'$L 9.',' #$ +- $#+5(' 1/". "- /+
`/"#-+/( V/4-, Z'(/"#-+$ F-/,& E`VZFI '('2"#-+ /+& 'D'+"*/( ,'2-5+#"#-+ -> ".' *+#-+ 4) ".' '01(-)',=
4*" .',' #$ / 1,-"-")1#2/( $2'+/,#-387 K 5,-*1 -> %-,@',$ &'2#&' "- ",) "- >-,0 / *+#-+7 9.'$' %-,@',$ 2-+"/2" / (/4-, *+#-+ /+& /$@ >-,/$$#$"/+2' #+ 4'5#++#+5 /+ -,5/+#C#+5 &,#D'7
A7 !+ 2-((/4-,/"#-+ %#". ".' *+#-+= ".' '01(-)''$ 4'5#+ / a2/,& &,#D'7b 9.' 1*,1-$' -> ".' 2/,& &,#D' #$"- 4' /4(' "- 1'"#"#-+ ".' `VZF "- .-(& /+ '('2"#-+7 M+#-+$ 5'+',/(() $''@ "- 5'" 2/,&$ >,-0 /" ('/$"PS 1',2'+" -> ".' %-,@',$ #+ ".' Q 0-+". 1',#-& -> "#0' *$*/(() /((-%'& E/(".-*5. -+() JSl #$ ('5/((),']*#,'& "- 4' 5,/+"'& /+ '('2"#-+ 4) ".' `VZF7I
J7 K>"', ".' 2/,&$ ./D' 4''+ $*40#""'&= ".' `VZF 0/@'$ / ,*(#+5 -+ %.'".', ".' 1'-1(' ".' *+#-+ $''@$ "-
P
,'1,'$'+" ./D' / a2-00*+#") -> #+"','$"b= / 2-.','+" 5,-*1 >-, ".' 1*,1-$'$ -> 4/,5/#+#+57 9.' `VZF0/@'$ / &'"',0#+/"#-+ -> %.#2. 2/"'5-,#'$ -> '01(-)''$ >/(( %#".#+ ".' *+#-+6$ a4/,5/#+#+5 *+#"7b O>"'+".' 1/,"#'$ %#(( &#>>', -+ ".' /11,-1,#/"' 4/,5/#+#+5 *+#" : '01(-)',$ 5'+',/(() 1,'>', (/,5', /+& 0-,'.'"',-5'+'-*$ 5,-*1#+5$ "./+ &- *+#-+$7
H7 `'?"= ".' `VZF .-(&$ /+ '('2"#-+ /" ".' %-,@ $#"' E%#". '?2'1"#-+$ "- /22-*+" >-, $*2. ".#+5$ /$ ".' D/<5/,#'$ -> '01(-)0'+" $'/$-+/(#")I7 K $#01(' 0/e-,#") EPS 1',2'+" 1(*$ 8 D-"'I >-, -+' *+#-+ #$ ,']*#,'&"- %#+7
P7 c#".#+ _ &/)$ />"', ".' ;+/( "/(() -> ".' 4/((-"$= 1/,"#'$ 2/+ ;(' -4e'2"#-+$ "- .-% ".' '('2"#-+ %/$2-+&*2"'&7 c#". $*>;2#'+" 'D#&'+2' "./" ".' '('2"#-+ %/$ +-" 2/,,#'& -*" 1,-1',()= ".' `VZF 2/+ ,*('"- #+D/(#&/"' ".' -*"2-0' -> /+ '('2"#-+= /+& 2-+&*2" /+-".', -+' ".','/>"',7 N1'2#;2 4/((-"$ 2/++-" 4'2./(('+5'& />"', ".' D-"#+5 #$ 2-01('"'&7
Q7 !> />"', ".#$= / *+#-+ $"#(( ./$ / $#01(' 0/e-,#")= ".'+ ".' *+#-+ #$ 2',"#;'& /$ ".' '?2(*$#D' 4/,5/#+#+5/5'+" >-, ".' *+#"= /+& ".' '01(-)', #$ -4(#5/"'& "- +'5-"#/"' a#+ 5--& >/#".b %#". "./" *+#-+7
!+ 1,/2"#2'= '01(-)',$ /,' 5'+',/(() @+-%+ "- ,'$#$" -,5/+#C#+5 &,#D'$7 c#". &/"/ -+ ;,0$ %.-
>/2'& `VZF '('2"#-+$ #+ ".' '/,() 8GGS$= F,-+>'+4,'++', E8GGHI &-2*0'+"$ "./" 0-$" '01(-)',$ *$'&
0*("#1(' "/2"#2$ "- &'(/) -, &'+) / 2-(('2"#D' 4/,5/#+#+5 /5,''0'+"7 K0-+5 ".' 0-$" 2-00-+ /,'87 a^/1"#D' 0''"#+5$b7 c.#(' '01(-)',$ /,' 1,-.#4#"'& >,-0 &#,'2"() ;,#+5 %-,@',$ 1/,"#2#1/"#+5 #+ (/%<>*( *+#-+ /2"#D#")= /" 2/1"#D' 0''"#+5$ '01(-)',$ /,' /((-%'& "- #+>-,0 %-,@',$ -> ".' 1-$$#4(' E&#,'I2-+$']*'+2'$ -> *+#-+#C/"#-+= #+2(*&#+5 0/@#+5 ".' 4*$#+'$$ 0-,' $*$2'1"#4(' "- 2(-$*,'7
A7 W#,#+5 *+#-+ /2"#D#$"$7 c.#(' ('5/(() 1,-.#4#"'&= ".' 1'+/(") #01-$'& -+ '01(-)',$= #> >-*+& 5*#(")= #$5'+',/(() ]*#"' 0#+-, : ,'#+$"/"'0'+" %#". 4/2@ 1/)7 !+&''&= ".' 2-$"$ ./D' 4''+ 1',2'#D'& /$ $- 0#+-,"./" W,''0/+ E8GRPI -4$',D'$ "./" ".' +-"#2'$ "./" ;,0$ /,' ,']*#,'& "- 1-$" %.'+ ".') '+5/5' #+ #(('5/(;,#+5 /,' ,'>',,'& "- /$ a.*+"#+5 (#2'+$'$7b
J7 T#,' / a0/+/5'0'+" 2-+$*("/+"b %.- /&D#$'$ '01(-)',$ -+ / D/,#'") -> "/2"#2$ "- &#$2-*,/5' *+#-+#C/<"#-+78S
H7 K(('5#+5 *+>/#, (/4-, 1,/2"#2'$= &#$1*"#+5 ".' 2.-#2' -> 4/,5/#+#+5 *+#"= '"2788
9.',' /,' / +*04', -> /$1'2"$ -> ".#$ 1,-2'$$= '+D#,-+0'+"= /+& 2-+"'?" "./" /,' ,'('D/+" "- -*,
/+/()$#$7 W#,$"= '01(-)',$ /(%/)$ ./D' ".' -1"#-+ -> D-(*+"/,#() ,'2-5+#C' / *+#-+ %#".-*" /+ `VZF
'('2"#-+ : %.#2. &-'$ -22*,= 4*" 0*2. ('$$ >,']*'+"()7 !+ ".'$' 2/$'$= #" #$ 1(/*$#4(' "./" ".' *+#-+ /+&
0/+/5'0'+" /,' +-" "-- >/, /1/," -+ #$$*'$ $*2. /$ %/5'$ /+& 4'+';"$= $'+#-,#") 1/) $2/('$= -, 5,#'D/+2'
1,-2'&*,'$7 F) 2-01/,#$-+= #+ ".' ")1#2/( $#"*/"#-+ : %.',' ,'2-5+#"#-+ #$ /2.#'D'& ".,-*5. /+ '('2"#-+
: '01(-)',$ /,' ".-*5." "- 5'+',/(() -11-$' -,5/+#C/"#-+ &,#D'$ Ef('#+', ASS8I= %.#2. #$ 2-+$#$"'+" %#".
".' +-"#-+ "./" 4-". 1/,"#'$ 1',2'#D' "- ./D' a$-0'".#+5 /" $"/@'b #+ ".' -*"2-0' -> ".' '('2"#-+78A9.*$
!* W-, /+ /+'2&-"/( /22-*+" $'' V'D#"" E8GGJI7!! O+' '?/01(' #$ '01(-)',$ /,5*#+5 "./" #"$ '01(-)''$ /,' +-" %-,@',$ 4*" a#+&'1'+&'+" 2-+",/2"-,$k %.- /,' +-" 2-D','& 4)".' 1,-D#$#-+$ -> `VZK= $'' >-, '?/01('= ".' B*+(-1 ^-00#$$#-+ ,'1-," E8GGHI /+& T*0/+ Z#5."$ c/"2. EASSSI7!" 9./" 4-". *+#-+ /+& 0/+/5'0'+" '?1'+& ,'$-*,2'$ -+ ".'$' 2/01/#5+$= .-%'D',= &-'$ +-" 2-+$"#"*"' 1,--> "./" 4-". 1/,"#'$2/,' /4-*" ".' -*"2-0' -> ".' '('2"#-+= 1', $'7 W-, '?/01('= 'D'+ #> / *+#-+ #$ '?1'2"'& "- ,'2'#D' / 2('/, 0/e-,#") -> ".' D-"' : $-"./" ,'1,'$'+"/"#-+ #$ +-" ".' #$$*' : 0/+/5'0'+" 0/) /""'01" "- %'/@'+ -D',/(( $*11-," >-, ".' *+#-+= /+& *+#-+ 0/) &- e*$" ".'
Q
-*, $/01(' -> '('2"#-+$ 0/) 4' 4#/$'& #+ >/D-, -> ;+&#+5 *+#-+ '>>'2"$ : /" ('/$"= 2-01/,'& "- D-(*+"/,)
,'2-5+#"#-+ 2/$'$= %.#2. -*, &/"/ '?2(*&'7
N'2-+&= 2-04#+'& %#". / 2-+"'+"#-*$ /"0-$1.','= ".' $'2,'"<4/((-" +/"*,' -> ".' D-"' *+&-*4"'&()
5'+',/"'$ / 2',"/#+ /0-*+" -> *+2',"/#+") #+ ".' -*"2-0' -> ".' '('2"#-+= 1/,"#2*(/,() %.'+ ".' D-"' #$ '?<
1'2"'& "- 4' 2(-$'7 9- /11,'2#/"' ".#$ 1-#+"= 2-+$#&', / .)1-".'"#2/( $#"*/"#-+ #+ %.#2. ".' (/% $"/"'$ "./"
*+#-+ 2',"#;2/"#-+ #$ "- 4' $'2*,'& ".,-*5. / 1*4(#2 E#7'7 a+-+:$'2,'"bI 1'"#"#-+7 !> ".' -+() ,']*#,'0'+"
%',' PS 1',2'+" -, 0-,' $#5+/"*,'$= ".' $/01(' -> '$"/4(#$.0'+"$d*+#-+$ %.',' ".' *+#-+$ $*40#""'& /
1'"#"#-+ %#". P8 1',2'+" -> ".' $#5+/"*,'$ %-*(& (#@'() 4' D',) &#>>','+" >,-0 / E1'2*(#/,I 5,-*1 -> '$"/4<
(#$.0'+"$d*+#-+$ %.',' ".' %-,@',$ $*40#""'& $#5+/"*,'$ "./" "-"/('& HG 1',2'+"7 ^(-$' %#++',$ /+& (-$',$
%-*(& 4' $* !()$ $)$"'0/"#2/(() &#>>','+"= ".','>-,' #+D/(#&/"#+5 ".' ,'5,'$$#-+ &#$2-+"#+*#") &'$#5+7 !+"*<
#"#D'()= ".',' %-*(& 4' $#5+#;2/+" #+2'+"#D'$ "- -4"/#+ ".' 0/,5#+/( D-"' #+ -,&', "- '?2''& ".' PS 1',2'+"
".,'$.-(&h / &#$2-+"#+*#") #+ ".' &'+$#") -> ".' $./,' -> %-,@',$ $#5+#+5 ".' 1'"#"#-+ %-*(& 4' '?1'2"'&7
!" #$ 1(/*$#4(' "./" #+ / $'2,'"<4/((-" '('2"#-+ "./" +- -+' @+-%$ ".' '?/2" D-"' 2-*+" *+"#( /(( 4/((-"$
./D' 4''+ $*40#""'&= /+& ".','>-,' 2/++-" @+-% >-, 2',"/#+ %.'".',= >-, '?/01('= ".' *+#-+ #$ -+' D-"' $.)
-> / D#2"-,)78J !> ",*'= ".'+ #" #$ 1(/*$#4(' "./" ".' -*"$'" -> '/2. *+2',"/#+ '('2"#-+= ".' $* !()$ 1,-4/4#(#")
&'+$#") -> ".' D-"' $./,' 2/+ 4' '?1'2"'& "- 4' 2-+"#+*-*$7 9.#$ %-*(& #01() "./" ".' D/,#/"#-+ #+ *+#-+
,'2-5+#"#-+ $"/"*$ "./" #$ #$-(/"'& 4) ".' ,'5,'$$#-+<&#$2-+"#+*#") &'$#5+ #$ /$ 5--& /$ "./" >,-0 / ,/+&-0#C'&
'?1',#0'+" E$'' V'' EASSJ!I >-, / >-,0/( 1,-->I7 c' /($- +-"' "./" +- &#$2-+"#+*-*$ e*01 *1 #+ ".'
&#$",#4*"#-+ -> D-"' $./,'$ #$ /11/,'+" #+ ".' &/"/= /$ #((*$",/"'& #+ W#5*,' !!7
W#+/(()= %' +-"' "./" 4) >-2*$#+5 -+ '('2"#-+ 'D'+"$ %#".#+ ".' 1/$" "%- &'2/&'$= ".' '>>'2"$ "./"
%' '$"#0/"' /,' -> *+#-+ #01/2"$ +( #$'$() &$!#,7 K+& ".',' /,' $'D',/( ,'/$-+$ "- 4'(#'D' "./" ".' $"/"' ->
M7N7 #+&*$",#/( ,'(/"#-+$ #+ ".' (/$" "%'+") "- ".#,") )'/,$ ./$ +-" 4''+ >/D-,/4(' >-, ".' '?',2#$' -> *+#-+
4/,5/#+#+5 1-%',7 W-, '?/01('= #" #$ %#&'() 4'(#'D'& "./" /+ #01-,"/+" '('0'+" -> / *+#-+6$ 1-%', "- /2.#'D'
#01,-D'0'+"$ #+ %/5'$ /+& %-,@#+5 2-+&#"#-+$ #$ ".' ".,'/" -> / 2-$"() $",#@'7 F*" #+ ,'2'+" &'2/&'$= ".','
./$ 4''+ /+ #+2,'/$'& ".,'/" /+& *$' -> $",#@', ,'1(/2'0'+" %-,@',$ EV'Z-) 8GGP!= O($-+ 8GGRI7 M+#-+
('/&',$ 4'(#'D' "./" g,'$#&'+" Z'/5/+6$ (/,5' $2/(' ,'1(/2'0'+" -> $",#@#+5 gK9^O /#, ",/>;2 2-+",-((',$ ./&
/ a2.#((#+5 '>>'2"b -+ ".' ",/&' *+#-+$ #+ ".' 1,#D/"' $'2"-,3 ".' #+&*$",#/( ,'(/"#-+$ 2(#0/"' 2./+5'& $- "./"
-11-$#"'7!# c' /+/()C' '('2"#-+$ #+ %.#2. ".',' /,' AS -, 0-,' D-"'$ 2/$" #+ ".' '('2"#-+7
_
'01(-)',$ %',' 0*2. ('$$ >'/,>*( -> '01(-)#+5 $",#@', ,'1(/2'0'+"$ EB-+-.*' 8GGSI7
N-0' ,'$'/,2.',$ ./D' /($- /,5*'& "./" ".',' ./$ 4''+ /+ #+"'+$#;2/"#-+ -> 0/+/5',#/( -11-$#"#-+
"- *+#-+#C/"#-+ EF,-+>'+4,'++', 8GGH= B#2@'+$ Y V'-+/,& 8GRP= f('#+', ASS8= V'Z-) 8GGP"I= %#". ".' #+<
2,'/$'& #+2#&'+2' -> *+>/#, (/4-, 1,/2"#2'$ EV/V-+&' Y\'("C', 8GG8= c'#(', 8GRJI /+& *$' -> 0/+/5'0'+"
2-+$*("/+"$ "- ".%/," -,5/+#C#+5 &,#D'$ /+& ,#& '01(-)',$ -> '?#$"#+5 *+#-+$ EV/%(', 8GGS= V/%(', 8GRHI7
O".',$ ./D' /,5*'& "./" -".', ,'2'+" &'D'(-10'+"$ #+ ".' (/4-, 0/,@'" : #++-D/"#-+ #+ (/4-,<$/D#+5 "'2.<
+-(-5#'$= /+& #+2,'/$'& -1'++'$$ "- #+"',+/"#-+/( ",/&' : ./D' 2-+",#4*"'& "- *+#-+ &'2(#+' EW/,4', ASS8=
f/"C Y K*"-, 8GGG= K2'0-5(*= K5.#-+ Y m#-(/+"' ASS8I7
U#D'+ ".#$ '+D#,-+0'+"= #" #$ +- $*,1,#$' "./" $*,D') &/"/ $*55'$" "./" ".',' ./$ 4''+ / ,'&*2"#-+ #+
".' a&'0/+&b >-, *+#-+#$0= #+ (/,5' 1/,"= &*' "- ".' 1',2'1"#-+ "./" *+#-+$ /,' +- (-+5', /4(' "- 1,-D#&' /
$#5+#;2/+" D/(*' "- ".' %-,@',7 W/,4', E8GRGI= >-, '?/01('= ,'1-,"$ / $*4$"/+"#/( &'2(#+' 4'"%''+ 8G__ /+&
8GRH #+ ".' >,/2"#-+ -> +-+<*+#-+ %-,@',$ "./" 4'(#'D' "./" *+#-+$ #01,-D' %/5'$ /+& %-,@#+5 2-+&#"#-+$7
9.' 1',2'1"#-+ -> *+#-+ %'/@+'$$ #$ /($- 'D#&'+" #+ 1-((#+5 &/"/ >,-0 U/((*1= %.#2. #+/"'$ "./" ".'
>,/2"#-+ -> 1'-1(' 4'(#'D#+5 "./" a4#5 (/4-,b #$ ".' a4#55'$" ".,'/"b "- ".' >*"*,' -> ".' 2-*+",) >'(( >,-0 AA
1',2'+" #+ 8GR8 "- G 1',2'+" #+ 8GGG7 8H
8 6&#).9$(45 :%47.;&%< 4#' "'.#$*=)4$*&# >$%4$.1?
9.#$ $'2"#-+ &'$2,#4'$ 8I ".' &#>>','+" 1-$$#4(' +-"#-+$ -> ".' a#01/2" -> *+#-+#C/"#-+b= /+& AI -*,
'01#,#2/( $",/"'5#'$ >-, #&'+"#>)#+5 "%- -> ".'$' +-"#-+$7
8@! A-4$ '&.3 $-. B"794)$ &C /#*&#*D4$*&#E 7.4#F
a!01/2" -> *+#-+#C/"#-+b #$ /+ /04#5*-*$ '?1,'$$#-+= /$ #" 2-*(& ,'>', "- /+) -+' -> 0/+) &#$"#+2" 1-$$#4('
2/*$/( '>>'2"$7 9.' 0-$" +/"*,/( #+"',1,'"/"#-+ #$ ".' &#>>','+2' 4'"%''+ %./" /+ '01(-)', &-'$ #+ ".'
1,'$'+2' -> / *+#-+ /+& %./" ".' '01(-)', -./%0 1!2$ &-+' #+ ".' /4$'+2' -> / *+#-+7 K+ /04#5*#") /,#$'$=
.-%'D',= 4'2/*$' *+#-+$ 2/+ '2-+-0#2/(() #01/2" '01(-)',$= 'D'+ %.'+ ".') /11'/, "- 4' a/4$'+"b7 W-,
'?/01('= $*11-$' / *+#-+ $*22'$$>*(() -,5/+#C'$ / %-,@1(/2' /+& 4/,5/#+$ %#". ".' '01(-)',= 4*" 4-".
0/+/5'0'+" /+& ".' *+#-+ >/#( "- $#5+ / ;,$" 2-+",/2" /5,''0'+" #+ ".' )'/, "./" >-((-%$ ".' '('2"#-+7 K
!$ aF'"%''+ 8GJQ /+& 8GQP= ".' 1',#-& -> *+#-+<&'+$#") 5,-%". /+& $"/4#(#C/"#-+= ".' 1',2'+"/5' -> ".' 1*4(#2 %.- /11,-D'& ->(/4-, *+#-+$ X*2"*/"'& 4'"%''+ Q8l /+& _Pl7 K>"', 8GQP= %#". ".' &'2(#+' #+ *+#-+ &'+$#")= ".' 1',2'+"/5' /11,-D#+5 -> (/4-,*+#-+$ ,/+5'& 4'"%''+ PPl /+& QQl7k 9.' 1',2'+"/5' -> ,'$1-+&'+"$ (#$"#+5 a4#5 (/4-,k /$ ".' a4#55'$" ".,'/" "- ".' 2-*+",) #+".' >*"*,'k >'(( >,-0 AAl "- Gl 4'"%''+ 8GR8 /+& 8GRP7 N'' ^-,+;'(& E8GGGI7
R
*+#-+ 2-+",/2" 0/) +-" 4' #+ '>>'2"= 4*" #" #$ 2('/, "./" ".' *+#-+ 0/) +'D',".'('$$ />>'2" ".' '01(-)',
&*,#+5 "./" ;,$" )'/,7 !+&''&= 'D'+ #> / 2-+",/2" #$ +'D', ,'/2.'&= ".' *+#-+6$ 0',' 1,'$'+2' #+ ".' 2-(('2"#D'
4/,5/#+#+5 1,-2'$$ 0/) 1,'$$*,' ".' '01(-)', "- 2-+2'&' -+ %/5'$= >-, '?/01('7
9.',' #$ / 0-,' $*4"(' 1-$$#4#(#")7 N*11-$' />"', / 2-+"'+"#-*$ -,5/+#C#+5 2/01/#5+= ".' *+#-+
(-$'$ ".' ,'1,'$'+"/"#-+ '('2"#-+7 W-((-%#+5 ".#$= ,'$1-+&#+5 "- ".' %-,@',$6 &'$#,' >-, *+#-+#C/"#-+ /+&
/#0#+5 "- 1,'D'+" >*,".', -,5/+#C#+5 /""'01"$= ".' '01(-)', 0#5." ,/#$' %/5'$7 T','= ".' a".,'/"b 2/*$'$
".' '01(-)', "- /("', #"$ 4'./D#-,= 'D'+ ".-*5. ".' *+#-+ : />"', ".' '('2"#-+ : #$ 'D'+ 0-,' 2('/,() a/4$'+"b
"./+ #+ ".' 1,'D#-*$ 2/$'7
9.',' /,' ".*$ 0*("#1(' #+"',1,'"/"#-+$ -> ".' +-"#-+ -> ".' a#01/2" -> *+#-+#C/"#-+b7 !+ -,&', "-
&#>>','+"#/"' 4'"%''+ ".'$' &#>>','+" #01/2"$= #" #$ .'(1>*( "- #+$"'/& 2-+$#&', 0-,' 5'+',/(() ".' a#01/2"
-> 2-(('2"#D' 4/,5/#+#+5 1-%',b -+ '01(-)',$= %.#(' ,'2-5+#C#+5 "./" %-,@',$ 2/+ 1-$$'$$ $*2. 1-%', :
'#".', '?1(#2#"() ".,-*5. / *+#-+ 2-+",/2" -, -".',%#$' #01(#2#"()= /+& %.'".', -, +-" / *+#-+ #$ 1,'$'+" #+
2-(('2"#D' 4/,5/#+#+5 +'5-"#/"#-+$7 \-,' $1'2#;2/(()= %' 2-+$#&', ".' 2-(('2"#D' 4/,5/#+#+5 1-%', -> ".'
%-,@',$ #+ >-*, &#>>','+" 1-$$#4(' $"/"'$ -> ".' %-,(&3 8I ".' *+#-+ %#+$ ".' ,'1,'$'+"/"#-+ '('2"#-+= /+&
".*$ #$ /*".-,#C'& /$ ".' '?2(*$#D' ,'1,'$'+"/"#D' -> ".' %-,@',$ #+ 2-(('2"#D' 4/,5/#+#+5 +'5-"#/"#-+$= AI ".'
%-,@1(/2' #$ a+-+<*+#-+b 4'2/*$' ".' *+#-+ (-$" ".' '('2"#-+= JI #" #$ a+-+<*+#-+b 4'2/*$' +- '('2"#-+ %/$
'D', .'(&= /+& HI #" #$ a+-+<*+#-+b 4'2/*$' ".' (/% 1,-.#4#"$ *+#-+$ /+& 2-(('2"#D' 4/,5/#+#+5 /2"#D#")7
W#5*,' ! 5,/1.#2/(() ,'1,'$'+"$ ".#$ 1',$1'2"#D'7 !" $.-%$ ".' 1-$$#4(' ,'(/"#-+$.#1$ 4'"%''+ ".'
&'5,'' -> 4/,5/#+#+5 1-%', -> ".' %-,@',$ #+ / %-,@1(/2' /+& .-% D-"',$ -./%0 D-"' E#+ "',0$ -> ".' 1,-<
*+#-+ D-"' $./,'I #> / ,'1,'$'+"/"#-+ '('2"#-+ %',' .'(& : >-, >-*, &#>>','+" 1-$$#4(' $"/"'$ -> ".' %-,(&7
!! !" " ,'1,'$'+"$ ".' *+,'/(#$"#2 E4*" #01-,"/+" 4'+2.0/,@I $2'+/,#- #+ %.#2. ".' (/% 1,-.#4#"$ *+#-+$ /+&
/+) @#+& -> 2-(('2"#D' 4/,5/#+#+5 /2"#D#")7 `/"*,/(()= 2-(('2"#D' 4/,5/#+#+5 1-%', #$ /" #"$ 0#+#0*0= /+& ".'
'?"'+" "- %.#2. D-"',$ -./%0 $*11-," /+ -,5/+#C#+5 &,#D' #$ #,,'('D/+" "- ".'#, 4/,5/#+#+5 1-%',7
!! !" " ,'1,'$'+"$ ".' ,'(/"#-+ %.'+ ".' (/% &-'$ /((-% *+#-+$ ".,-*5. '('2"#-+$= 4*" /+ '('2"#-+
./$ +-" "/@'+ 1(/2'7 9.#$ (#+' #$ 1-"'+"#/(() .#5.', "./+ !! !" "3 '01(-)''$ 2/+ #01(#2#"() a".,'/"'+b "-
.-(& /+ '('2"#-+= /+& ".','>-,' 2/+ 1-$$'$$ /+ #+2,'/$'& 4/,5/#+#+5 1-%',7 !" /($- 2-*(& 4' *1%/,& $(-1#+5
%#". ,'$1'2" "- " = #> ".' $",'+5". -> ".#$ #01(#2#" 4/,5/#+#+5 1-%', #$ ,'(/"'& "- .-% %-,@',$ %-*(& D-"' #+
/ ,'1,'$'+"/"#-+ '('2"#-+7
G
!" !" " #$ ".' ,'(/"#-+ : -+() '?#$"#+5 >-, " # #$ 1',2'+" : %.'+ /+ '('2"#-+ #$ .'(&= 4*" ".'
*+#-+ (-$'$7 !" #$ #+"*#"#D' "./" ".#$ (#+' %-*(& 4' /4-D' !! !" "3 ".' #01(#2#" 4/,5/#+#+5 1-$#"#-+ -> %-,@',$
%-*(& ,#$' /$ $--+ /$ ".' `VZF &'"',0#+'$ "./" /+ '('2"#-+ #$ "- 4' .'(&7 9.' (/% 1,-.#4#"$ '01(-)',$ >,-0
/("',#+5 %/5'$ /+& 4'+';"$ &*,#+5 ".' '('2"#-+= 4*" ".',' 0/) 4' /+ #01(#2#" '?1'2"/"#-+ "./" %/5'$ /+&
4'+';"$ %#(( 4' .#5.', >-((-%#+5 ".' '('2"#-+= 'D'+ #> ".' *+#-+ (-$'$7 9./" #$= ".',' 0/) 4' /+ '?1'2"/"#-+
"./" ".' '01(-)', %#(( ,/#$' %/5'$ />"', ".' '('2"#-+ /$ /+ '>>-," "- 1(/2/"' ".' %-,@',$ /+& /D-#& /+-".',
>*"*,' /""'01"7
W#+/(()= !# !" " #$ ".' ,'(/"#-+ : -+() '?#$"#+5 >-, " $ #$ 1',2'+" : %.'+ ".' *+#-+ #$ D#2"-,#-*$
#+ / ,'1,'$'+"/"#-+ '('2"#-+7 9.' 1-"'+"#/( 5/1 4'"%''+ !# !#$" /+& !" !#$" ,'1,'$'+"$ ".' &#,'2" 4'+';"
-> ('5/( ,'2-5+#"#-+ E#7'7 %#++#+5 ".' '('2"#-+I "- ".' %-,@',$6 2-(('2"#D' 4/,5/#+#+5 1-%', : @''1#+5 /((
-".', ".#+5$ ']*/(7 !+ /&&#"#-+= #" #$ /5/#+ 1(/*$#4(' "./" 4/,5/#+#+5 1-%', %-*(& 4' ,'(/"'& "- ".' *+#-+
D-"' $./,'= %.'".', -, +-" ".' *+#-+ %#+$ ".' '('2"#-+h ".#$ #$ ,'X'2"'& 4) ".' 1-$#"#D' $(-1'$ -> !# !" " /+&
!" !" "7
9.' ,'5,'$$#-+ &#$2-+"#+*#") &'$#5+ #&'+"#;'$ ".' ,'$1-+$' -> ".' '01(-)', "- /+ #+2,'/$' #+ 4/,<
5/#+#+5 1-%',= !# !#$" ! !" !#$"= "./" &#,'2"() ,'$*("$ >,-0 / %-,@1(/2' 4'2-0#+5 *+#-+#C'&7 !+ -".',%-,&$= ".' ZB &'$#5+ #&'+"#;'$ ".' 2-+$']*'+2'$ -> 0/+&/"#+5 "./" /+ '01(-)', 4/,5/#+$ a#+ 5--& >/#".b=
/+& ,'$1'2"$ ".' -".', ('5/( 1,-"'2"#-+$ />>-,&'& "- ".' ,'2-5+#C'& *+#-+7 W-, 2-+D'+#'+2'= ".,-*5.-*" ".'
1/1', %' ,'>', "- ".#$ /$ ".' a&#,'2" #01/2" -> *+#-+#C/"#-+b= -, $#01()= ".' a#01/2" -> *+#-+#C/"#-+b7
9.',' /,' ".,'' -".', +-"#-+$ -> *+#-+ a#01/2"$b "- 2-+$#&',7 W#,$"= ".',' #$ /+ #+&#,'2" a".,'/"b
'>>'2"3 'D'+ #> / *+#-+ #$ *+$*22'$$>*( #+ #"$ -,5/+#C#+5 &,#D'= ".' ".,'/" -> >*"*,' -,5/+#C#+5 /""'01"$ 2/+
,/#$' ".' #01(#2#" 4/,5/#+#+5 1-%', -> ".' %-,@',$ 4) ".' /0-*+"= !" !" " ! !! !" "7 9.#$ $.#>" 2/+= #+"*,+= #+&*2' /+ '01(-)', "- /("', %/5'$= '01(-)0'+"= /+& -*"1*"7 9.,-*5.-*" ".' 1/1', %' ,'>', "- ".#$ /$
".' a#+&#,'2" #01/2" -> *+#-+#C/"#-+b= -, a".,'/" '>>'2"$b7
N'2-+&= ".',' #$ ".' ,'$1-+$' -> '01(-)',$ "- / (/% "./" 1',0#"$ *+#-+$ "- '?#$" /+& 2-(('2"#D'
4/,5/#+#+5 "- -22*,7 B*' "- ".' ".,'/" -> .-(&#+5 /+ '('2"#-+= /+& 1-$$#4() 5/#+#+5 *+#-+ ,'1,'$'+"/"#-+=
%-,@',$ 1-$$'$$ 5,'/"', 4/,5/#+#+5 1-%', #+ / %-,(& "./" /((-%$ *+#-+ ,'1,'$'+"/"#-+ '('2"#-+$= 2-01/,'& "-
/ %-,(& %.',' *+#-+$ /,' 1,-.#4#"'&7 9.' '>>'2" -> ".' (/% #$ "- ,/#$' 4/,5/#+#+5 1-%', 4)!! !" "!!! !" "h".#$ 2/+ 4' ".' 2/$' 'D'+ #> +- *+#-+$ /2"*/(() >-,07 9.#$ '>>'2"= %.#(' /+ /("',+/"#D' 1-$$#4#(#")= #$ +-"
8S
1/,"#2*(/,() 1-(#2) ,'('D/+" #+ ".' M+#"'& N"/"'$7 \/#+$",'/0 1-(#2) &#$2*$$#-+$ ./D' +-" 2-+"'01(/"'& ".'
2-01('"' 1,-.#4#"#-+ -> *+#-+$ /+& 2-(('2"#D' 4/,5/#+#+5 >-, ".' 1/$" $'D',/( &'2/&'$7
K+-".', 1-$$#4(' +-"#-+ -> / *+#-+ a",'/"0'+"b #$ ".' 0/,5#+/( #+2,'/$' #+ 4/,5/#+#+5 1-%', "./"
,'$*("$ >,-0 /+ '?-5'+-*$ ,#$' #+ *+#-+ /2"#D#$0 /+& $*11-," /0-+5$" ".' %-,@',$7 9.#$ ,#$' #+ 4/,5/#+#+5
1-%', %-*(& 4' ,'1,'$'+"'& #+ '#".',!" !" " -,!# !" "= 4) 0-D'0'+"$ a/(-+5 ".' 2*,D'b7 W-, '?/01('= /+
'?-5'+-*$ #+2,'/$' #+ /2"#D#$0 0#5." ,/#$' " >,-0 %$ "- &$ 1',2'+"= ,/#$#+5 4/,5/#+#+5 1-%', >,-0!# !%$"
"- !# !&$"= /+& #+ "*,+= 2/*$#+5 ".' '01(-)', "- /22-,&#+5() /("', %/5'$= '01(-)0'+"= /+& -*"1*"7
9.' 1,/2"#2/( $.-,"2-0#+5 -> ".#$ +-"#-+ #$ "./" ".',' #$ +- %/) "- ]*/+"#>) ".' #01/2"= /$ ".','
/,' +- -4D#-*$ *+#"$ -> 0'/$*,'0'+" >-, a*+#-+ /2"#D#$0b -, a*+#-+ $*11-,"b78P W*,".',0-,'= ".#$ +-"#-+
./$ (#0#"'& 1-(#2) ,'('D/+2'= $#+2' *+#-+ /2"#D#$0 #$ +-" / &#,'2" #+$",*0'+" -> 5-D',+0'+" 1-(#2)7 9.#$
$"/+&$ #+ $./,1 2-+",/$" %#". ".' +-"#-+ -> ".' &#,'2" #01/2" -> *+#-+ ,'2-5+#"#-+= #+ %.#2.3 8I ".' ",'/"0'+"
#$ .-"-0-*$ /+& '/$#() ]*/+"#;/4(' /+& #+"',1,'"/4(' E/ *+#-+ 4'2-0'$ ".' '?2(*$#D' 4/,5/#+#+5 ,'1,'<
$'+"/"#D' D',$*$ +-"I= /+& AI ".' &#,'2" #01/2" 2-,,'$1-+&$ "- ".' '>>'2" 2/*$'& 4) ".' 5-D',+0'+"6$ ('5/(
0/+&/"' >-, '01(-)',$ "- 4/,5/#+ %#". ".' *+#-+78Q
c' >-2*$ -+ ".' ;,$" "%- +-"#-+$ -> *+#-+ a",'/"0'+"$b= ".' &#,'2" ",'/"0'+" -> *+#-+ ,'2-5+#"#-+=
!# !#$" ! !" !#$"= /+& ".' #+&#,'2" ".,'/"= !" !" " ! !! !" "7 K11/,'+" >,-0 ".' ;5*,'= ".#$ "%-<$"'1/11,-/2. /((-%$ *$ "- 2-+$#&', -+' '?-5'+-*$ >/2"-, /" / "#0'7 9./" #$= %' 2-+$#&', $'1/,/"'() ".' ]*'$"#-+$387 c./" #$ ".' #01/2" -> *+#-+ ,'2-5+#"#-+ @''1#+5 /(( -".', ".#+5$ : #+2(*&#+5 ./D#+5 .'(& /+ '('2"#-+ :']*/(L /+&
A7 c./" #$ ".' #01/2" -> ./D#+5 / ,'1,'$'+"/"#-+ '('2"#-+ @''1#+5 /(( -".', ".#+5$ : #+2(*&#+5 ".' %-,@1(/2'*("#0/"'() ,'0/#+#+5 +-+<*+#-+ : ']*/(L
c' 2-+$#&', !# !#$"!!" !#$" "- 4' ".' ;,$"<-,&', ",'/"0'+" 4'2/*$' #> ".' &#,'2" #01/2" -> ('5/(,'2-5+#"#-+ #$ C',-= $- 0*$" 4' ".' '>>'2" -> ".' )1#$!) -> ,'2-5+#"#-+7 9- $'' ".#$= 2-+$#&', ".' 2/$' ->
%/5'$= *$#+5 ".' $/0' $*4$2,#1" +-"/"#-+ /$ #+ W#5*,' !7 c.) %-*(& /+ '01(-)', 1,-0#$'%" ']*/( "-%#
E%#". 4-". 5,'/"', "./+%! I #> ".',' #$ /" ('/$" $-0' 1,-4/4#(#") "./" /+ '01(-)', 2/+ $*22'$$>*(() ,'$#$" ".'!% !+ 1/,"#2*(/,= %#". ".#$ +-"#-+= -+' 2-*(& 4' #+"','$"'& #+ ".' &'2,'/$' #+ '01(-)0'+" &*' "- / 0/,5#+/( #+2,'/$' #+ 4/,5/#+#+51-%',= !"#!$7 F*" ".',' /,' +- +/"*,/( *+#"$ >-, $7 M$#+5 %/5'$ "- 0'/$*,' $ #$ 1,-4('0/"#2 $#+2' #" %-*(& 1,'2(*&' ".' /4#(#")"- /$$'$$ .-% 2-(('2"#D' 4/,5/#+#+5 #01/2"$ %/5'$7!& 9.',' #$ /+-".', 1-$$#4(' &';+#"#-+ -> / *+#-+ '>>'2"= / a2-+",/2"b '>>'2"3 >-, /(( ".-$' *+#-+$ %.- $*22'$$>*(() -,5/+#C'= ".'&#>>','+2' #+ '01(-)', -*"2-0'$ 4'"%''+ *+#-+$ %.- $'2*,' / 2-(('2"#D' 4/,5/#+#+5 /5,''0'+" /+& ".-$' %.- &- +-"7 9.',' /,'"%- 1,-4('0$ %#". ".#$ +-"#-+7 W#,$"= #" #$ +-" 2('/, "./" / ,'2-5+#C'& *+#-+ +-" -4"/#+#+5 / ;,$"<2-+",/2" 2-+$"#"*"'$ ".' a/4$'+2'b-> / *+#-+h ".' ('5/( 0/+&/"' "./" /+ '01(-)', 0*$" 4/,5/#+ #+ 5--& >/#". #$ #00'&#/"' />"', ".' '('2"#-+= /+& &-'$ +-" a'?1#,'bE*+('$$ ".',' #$ / $*4$']*'+" &'2',"#;2/"#-+I7 N'2-+& : #+ 2-+",/$" "- ".' &#,'2" #01/2" %' '?/0#+' : ".' .-"-0-*$ $"/"*$ ->2-+",/2"d+-<2-+",/2" &-'$ +-" 2-,,'$1-+& "- /+) '?#$"#+5 5-D',+0'+" 1-(#2) -, 0/+&/"'h +- (/% 2-01'($ '#".', -> ".' 1/,"#'$ "- $#5+/+ /5,''0'+"7
88
-,5/+#C#+5 &,#D' /+& 1/) ".' (-%',%! #+$"'/&L8_ 9.' 2-+D',$' #$ +-" ",*'3 %" ' %! # %# E+- ".,'/"
'>>'2"$h 1-$#"#D' &#,'2" '>>'2"$I 2/+ '/$#() 4' / 1,-;" 0/?#0#C#+5 $-(*"#-+ : 'D'+ #> / 0/,5#+/( #+2,'/$' #+
%" %-*(& ,'&*2' ".' 2./+2' -> / *+#-+ D#2"-,)78R
!" #$ #01-,"/+" "- +-"' "./" ".' +-"#-+ -> $'1/,/"'() #&'+"#;/4(' &#,'2" /+& #+&#,'2" #01/2"$ -> *+#-+<
#C/"#-+ #$ +-" $'+$#4(' >-, 2/$'$ %.',' ".' *+#-+ -D',%.'(0#+5() $*11-,"'& E'757 GS 1',2'+" $*11-,"I -,
,'e'2"'& E'757 8S 1',2'+" D-"' $./,'I ".' *+#-+ #+ /+ '('2"#-+7 W-, '?/01('= ".' +-"#-+ -> / *+#-+ -4"/#+#+5
GS 1',2'+" -> ".' D-"' #+ /+ '('2"#-+ 4*" +-+'".'('$$ >/#(#+5 "- 5/#+ ,'2-5+#"#-+ 0/@'$ (#""(' $'+$'78G 9.'
-+() ,'/$-+/4(' 2-*+"',>/2"*/( %-*(& 4' !! !&$"= ,'1,'$'+"#+5 ".' 4/,5/#+#+5 1-%', -> ".' %-,@',$ /" /
%-,@1(/2' %.',' ".',' #$ $*4$"/+"#/( *+#-+ $*11-,"= 4*" /+ '('2"#-+ ./$ +-" 4''+ .'(&7AS
!+ 1,#+2#1('= ".' '>>'2"$ &*' "-!# !&$"!!! !&$" 2-*(& 4' 0*2. (/,5', "./+ ".-$' &*' "-!# !#$"!!" !#$"7 9.#$ %-*(& $'D','() (#0#" ".' 5'+',/(#C/4#(#") -> ".' ZB '$"#0/"'$ #> #" %',' ".' 2/$' "./" ".'
")1#2/( *+#-+ /2.#'D'& /,-*+& GS 1',2'+" -> ".' D-"'7 9./" #$= #> /(( *+#-+$ 2/+ 4' '?1'2"'& "- ,'2'#D'
-D',%.'(0#+5 $*11-,"= ".'+ %./" &'"',0#+'$ ,'2-5+#"#-+ #$ +-" %.'".', / *+#-+ %#+$ /+ '('2"#-+= 4*" ,/".',
%.'".', -, +-" /+ '('2"#-+ #$ 'D'+ .'(& #+ ".' ;,$" 1(/2'h /$ / ,'$*("= ".' ZB '$"#0/"' : %.#(' 2,'(' >-,
".' &#,'2" *+#-+ #01/2" : %-*(& -+() 4' ,'('D/+" "- / $0/(( $*41-1*(/"#-+ -> /(( *+#-+$7
!+ 1,/2"#2'= .-%'D',= ".' -11-$#"' #$ ",*'= /$ W#5*,' !! #((*$",/"'$7 9.' ;5*,' 1(-"$ ".' .#$"-5,/0$ ->
D-"' $./,'$ E#+ $*11-," -> ".' *+#-+I >-, 4-". -> -*, $/01('$7 !" $.-%$ "./" ".' 0-&' -> ".' &#$",#4*"#-+$ /,'
('$$ "./+ PS 1',2'+"= /+& "./" ".' %#++#+5 -> /+ '('2"#-+ #$ 2('/,() / 4#+&#+5 >/2"-, #+ ".' ")1#2/( *+#-+#C/"#-+
'D'+"7 n('2"#-+$ %.',' ".' *+#-+ ./$ 0/,5#+/( $*11-," /,' 0*2. 0-,' 2-00-+ "./+ ".-$' %.',' ".'
*+#-+ -D',%.'(0#+5() %#+$ ".' '('2"#-+7A8 9.*$= 'D'+ #> %',' 1-$$#4(' "- 2,'() #&'+"#>) ".' #01/2" ->
!' 9- $'' ".#$ >-,0/(()= 2-+$#&', "./" ".' '01(-)', #$ 0/?#0#C#+5 '?1'2"'& 1,-;"$!"! % !&! ##' !&! # $ % !&! #' !&" #
%.',' % !"# #$ ".' 1,-4/4#(#") -> / *+#-+ D#2"-,)= %.#2. #$ /$$*0'& "- 4' / +'5/"#D' >*+2"#-+ -> ".' '01(-)',6$ ->>','& %/5'&! =/+& ' !"# #$ 1,-;"$ /$ / >*+2"#-+ -> ".' %/5'7 K$ (-+5 /$ % !&# # ( "=&! %&# %#(( $",#2"() &-0#+/"'&! %&" 7!( 9.' ;,$" &',#D/"#D' -> ".' '?1'2"'& 1,-;" >*+2"#-+ #+ ".' 1,'2'&#+5 >--"+-"' #$
!"! % !&! ##! "# $+,-
)'
)&!! "# $+!-
$)%
)&!! "# $+!-
!' !&" #! ' !&! ##! "# $+!-
9.*$= 'D'+ /" &! % &# = ".#$ -D',/(( &',#D/"#D' 2/+ 4' +'5/"#D'7 c.'".', -, +-" ".' -4e'2"#D' >*+2"#-+ #$ 5(-4/(() 2-+D'? -,2-+2/D' ".,-*5.-*" ".' #+"',D/( &&# *&" '= $#+2' &# &-0#+/"'$ &" = ".#$ #01(#'$ "./" &! % &# )#'(&$ ".' -1"#0*0 'D'+%.#('&" + &# 7!) !+ 1,/2"#2'= #+ $'D',/( &-C'+ 2/$'$= / *+#-+ >/#($ "- 4' 2',"#;'&= 'D'+ %#". 0-,' "./+ PS 1',2'+" -> ".' D-"'h 1,'$*0/4() ".#$ #$&*' "- -4e'2"#-+$ ;('& 4) ".' '01(-)', ,'5/,&#+5 ".' 2-+&*2" -> ".' '('2"#-+= %.#2. ('/&$ "- / ,'<,*++#+5 -> ".' '('2"#-+7 9.'$'2/$'$ 2-+$"#"*"' / +'5(#5#4(' >,/2"#-+ -> /(( '('2"#-+$= /$ &#$2*$$'& 4'(-%= /+& &'0-+$",/"'& #+ W#5*,' !7"* 9.' -".', 1-$$#4#(#") #$ $* !()#= 4*" /$ 0'+"#-+'& '/,(#',= ".#$ 2-*+"',>/2"*/( ./$ +-" 4''+ 2-+"'01(/"'& #+ ".' (#"',/"*,'7"! W-, '?/01('= #+ -*, 0/+*>/2"*,#+5 $/01('= ".',' /,' 0/+) 0-,' '('2"#-+$ #+ ".' HP "- PP 1',2'+" D-"' $./,' ,/+5' "./+ ".' RP
8A
!# !&$" ! !! !&$"= $*2. /+ '>>'2" %-*(& /2"*/(() 4' ('$$ ,'1,'$'+"/"#D' -> ".' 4,-/&', 1-1*(/"#-+ "./+".' ]*/+"#") #&'+"#;'& 4) ".' ZB &'$#5+7 9.' ZB &'$#5+ '$"#0/"'$ / %'#5."'& /D',/5' ",'/"0'+" '>>'2"
"./" 1(/2'$ 0-,' %'#5." -+ -4$',D/"#-+$ %.-$' D-"' $./,'$ /,' 0-,' (#@'() "- 4' 2(-$' "- ".' PS 1',2'+"
".,'$.-(& EV'' ASSJ!I7AA
8@+ 0.1%.33*&#GH*3)&#$*#(*$? H.3*1#
O*, 0/#+ #&'+"#;2/"#-+ $",/"'5) #$ "- '?1(-#" /+ '?1',#0'+" "./" #$ '04'&&'& #+ `VZF ,'1,'$'+"/"#-+ '('2<
"#-+$ D#/ / ,'5,'$$#-+ &#$2-+"#+*#") &'$#5+7 9./" #$= *+#-+#C/"#-+ #$ / &'"',0#+#$"#2 >*+2"#-+ -> ".' D-"'$
#+ $*11-," -> ".' *+#-+= %.',' *+#-+ $"/"*$ #$ a$%#"2.'& -+b %.'+ ".' D-"' $./,' 2,-$$'$ ".' PS 1',2'+"
".,'$.-(&7 K$ #+ -".', ,'5,'$$#-+<&#$2-+"#+*#") &'$#5+$= %' /"",#4*"' 'D#&'+2' -> / &#$2-+"#+*-*$ ,'(/"#-+
4'"%''+ ".' D-"' $./,' /+& /+ '01(-)', -*"2-0' "- ".' 2/*$/( #01/2" -> *+#-+#C/"#-+7
W-,0/(()= *$#+5 ".' ,'&*2'&<>-,0 &*00) '+&-5'+-*$ D/,#/4(' >,/0'%-,@ -> ET'2@0/+ 8G_RI %'
./D' ".' $)$"'0 -> ']*/"#-+$
& ' '( ()* ( + E8I
) ' )
!" $
)
*
"" ' ', ( -
%.',' & #$ ".' '01(-)', -*"2-0' E'01(-)0'+"= %/5'$= -*"1*"I= ) #$ ".' #+/"-, -> *+#-+ ,'2-5+#"#-+
$"/"*$= " #$ ".' D-"' $./,' >-, ".' *+#-+ #+ ".' ,'1,'$'+"/"#-+ '('2"#-+= ' 2-+"/#+$ '?-5'+-*$ D/,#/4('$
"./" &'"',0#+' ".' D-"' $./,' /+& &= /+& + /+& - /,' 2-,,'$1-+&#+5 *+-4$',D/4(' &'"',0#+/+"$7 * #$ ".'
1/,/0'"', -> #+"','$" /+& 2-,,'$1-+&$ "- ".' #01/2" "./" /,#$'$ >,-0 ".' *+#-+ a",'/"0'+"b !# !#$" !!" !#$"7AJ
!" #$ %#&'() *+&',$"--& "./" OVN= %.#2. '$$'+"#/(() 2-01*"'$ ".' &#>>','+2'. +&"' ' /0) ' ),!. +&"' ' /0) ' $, %#(( 4' 4#/$'& >-, *= $#+2' 5'+',/(()= .
#+"" $ "
#
$! . #+"" # "#
$ $' $7 O+ ".' -".',./+&= #> %' /$$*0' 8I ".',' #$ $-0' '? /+"' *+2',"/#+") #+ ".' D-"' $./,'= /+& >*,".',0-,' "./" AI ".' &'+$#")
-> - 2-+&#"#-+/( -+ ' /+& + #$ 2-+"#+*-*$= ".'+ #" 2/+ 4' $.-%+ "./" ".' &#$2-+"#+*#") #+ . +&"" ' 1, /"
"- GP ,/+5' : 4) / >/2"-, -> Q7"" 9.#$ /$$*0'$ "./" 4'>-,' ".' '('2"#-+= ".' D-"' $./,' ./$ / +-+<&'5'+',/"' 1,-4/4#(#") &'+$#")7"# W-, '?1-$#"#-+/( 1*,1-$'$= %' 2-+$#&', / 2-+$"/+" ",'/"0'+" '>>'2"$ 0-&'(= 4*" ".' /$$*01"#-+ #$ +-" #01-,"/+"7 9.#$ 2/+ '/$#()4' '?"'+&'& "- / .'"',-5'+'-*$ ",'/"0'+" '>>'2" >,/0'%-,@7
8J
1 ' "# #&'+"#;'$ ".' *+#-+ '>>'2" EV'' ASSJ!I7 9./" #$=
-./$!!!
.
!&"" ' )
*(0
"! -./$!!!
.
!&"" ' )
*!0
"' * EAI
W*,".',0-,'= V'' EASSJ!I $.-%$ "./" *+&', ".'$' "%- 0#(& 2-+"#+*#") /$$*01"#-+$= ".' D/,#/"#-+ #+ ",'/"<
0'+" $"/"*$ ./$ ".' $/0' $"/"#$"#2/( 1,-1',"#'$ /$ / ,/+&-0#C'& '?1',#0'+"h #+ 1/,"#2*(/,= ".' &#$",#4*"#-+
-> /(( '('0'+"$ -> ' /+& + %#(( 4' /11,-?#0/"'() ".' $/0' 4'"%''+ ".' ",'/"'& /+& 2-+",-( 5,-*1$ %#".#+
/ $0/(( +'#5.4-,.--& -> " ' "# 7 9.#$ #01(#'$ "./" %' 2/+ "'$" ".' #+"',+/( D/(#&#") -> ".' ,'5,'$$#-+<
&#$2-+"#+*#") &'$#5+ 4) /$$'$$#+5 %.'".', ".',' /,' &#$2-+"#+*#"#'$ #+ ".' ,'(/"#-+ 4'"%''+ ".' D-"' $./,'
/+& !(& 1,'<&'"',0#+'& 2./,/2"',#$"#2 #+ ' 7 9./" #$= / $./,1 &#$2-+"#+*#") #+ . +'"" ' 1, /" 1 ' "# %-*(&
1,-D#&' 'D#&'+2' /5/#+$" ".' a,/+&-0#C/"#-+b /+& .'+2' ".' ,'$'/,2. &'$#5+7
!+ '01#,#2/(() /$$'$$#+5 %.'".', ".',' /,' #01-,"/+" &#$2-+"#+*#"#'$ /" ".' PS 1',2'+" ".,'$.-(&= %'
,'1-," -*, ZB ,'$*("$ #+ "%- %/)$3 8I 5,/1.#2/( 1(-"$ ->. +&"" ' 1, /+&. +'"" ' 1, 4) AS ']*/(()<$1/2'&D-"' $./,' 2/"'5-,#'$AH= /+& AI /11,-?#0/"#+5 ".' >*+2"#-+$ . +&"" ' 1, /+& . +'"" ' 1, 4) >-*,". -,&',1-()+-0#/($ %#". /+ #+"',2'1" $.#>" /" ".' PS 1',2'+" ".,'$.-(&7 9.' ;,$" 0'".-& 5#D'$ / D#$*/( #01,'$$#-+
-> 8I ".' $#C' -> /+) 1-$$#4(' &#$2-+"#+*#") ,'(/"#D' "- ".' *+&',()#+5 a4*01#+'$$bd2*,D/"*,' #+ ".' >*+2"#-+
/+& AI 1-$$#4(' /11,-?#0/"#-+ ',,-,$ "./" 2-*(& -22*, >,-0 *$#+5 ".' 1-()+-0#/( $1'2#;2/"#-+7 9.' $'2-+&
0'".-& '$"#0/"'$ ".' $#C' -> ".' &#$2-+"#+*#") /+& $/01(#+5 D/,#/4#(#")7
N-0' 2/*"#-+ #$ %/,,/+"'& #+ 0/@#+5 $"/"#$"#2/( #+>','+2'$ >,-0 ".' 1-()+-0#/( ,'5,'$$#-+$7 O+
".' -+' ./+&= #> ".' >-*,". -,&', 1-()+-0#/( >*+2"#-+$ /,' a2-,,'2"b= ".' '$"#0/"-, #$ '>;2#'+"() *$#+5 &/"/
"./" /,' 4-". 2(-$' "- /+& >/, >,-0 ".' &#$2-+"#+*#") ".,'$.-(&7 O+ ".' -".', ./+&= #> ".' ",*' >*+2"#-+$ &-
+-" 4'(-+5 "- ".' 2(/$$ -> >-*,". -,&', 1-()+-0#/($= ".' &#$2-+"#+*#") '$"#0/"'$ %#(( #+ 5'+',/( 4' 4#/$'&=
/+& 0/) ('/& "- ',,-+'-*$ #+>','+2'$ -> $"/"#$"#2/( $#5+#;2/+2'7 K$ $.-%+ 4'(-%= 4/$'& -+ -*, 5,/1.#2/(
/+/()$#$= %' &'"',0#+'& "./" ".' >-*,".<-,&', 1-()+-0#/( %/$ ".' 0-$" 1/,$#0-+#-*$ $1'2#;2/"#-+ "./"
%-*(& +-" 5,-$$() 0#$,'1,'$'+" ".' $./1' #01(#'& 4) ".' *+&',()#+5 &/"/h "- $.-% ".#$= %' $*1',<#01-$'
".' 1,'"'& D/(*'$ >,-0 ".' 1-()+-0#/( -+ "-1 -> ".' AS D-"' $./,' 2/"'5-,) 0'/+$7 W-, 2-01('"'+'$$=
%' /($- ,'1-," ,'$*("$ >-, (-%', -,&', 1-()+-0#/($7
"$ AS D-"' $./,' 4#+$ %',' 2.-$'+ 4'2/*$' #" %/$ ".' (/,5'$" +*04', -> 4#+$ "./" %-*(& /22-00-&/"' ".' $0/(('$" '('2"#-+$ #+ -*,$/01(' EAS D-"'$ 2/$"I7 N'' ".' K11'+&#? >-, / &'"/#('& '?1(/+/"#-+ -> ".' a#+"'5',b 1,-4('07
8H
8@8 IJ.#$G>$('? K#45?3*3 &C ,-%.4$ ICC.)$3
K$$'$$#+5 ".' #01/2" -> #+2,'/$'& a".,'/"b -> *+#-+#C/"#-+ %.#(' @''1#+5 ,'2-5+#"#-+ $"/"*$ 2-+$"/+" :
! !" ""!! !" "! : ,']*#,'$ / &#>>','+" #&'+"#;2/"#-+ $",/"'5)7 c' *"#(#C' ".' +-"#-+ "./" %.'+ /+ '01(-)',>/2'$ /+ `VZF ,'1,'$'+"/"#-+ '('2"#-+= ".' ,#$@ -> *+#-+#C/"#-+ 1,'$*0/4() ,#$'$= 1/,"#2*(/,() #+ ".' $.-,"
,*+7 K$ 1/," -> /+ '>>-," "- 1(/2/"' %-,@',$ /+& 1,'D'+" >*"*,' -,5/+C#+5 /""'01"$= />"', / *+#-+ &'>'/" #+
/+ '('2"#-+= ".' '01(-)', 0#5." ,/#$' %/5'$7
c' '01(-) /+ a'D'+"<$"*&)b &'$#5+ "- '$"#0/"' ".' #01/2" -> ".' -22*,,'+2' -> /+ `VZF '('2"#-+
-+ ".' '01(-)', : >-, ".' $/01(' -> '('2"#-+$ %.',' %' @+-% : '? 1-$" : "./" ".' *+#-+ (-$'$ /+& ".*$ >/#($
"- 5/#+ ('5/( ,'2-5+#"#-+7AP F) >-2*$#+5 -+() -+ ".' 2/$'$ %.',' ".' *+#-+ (-$'$= %' #$-(/"' ".' a".,'/"b
'>>'2" #+&'1'+&'+"() -> ".' &#,'2" #01/2"7
c' *$' (-+5#"*&#+/( &/"/ -+ 0/+*>/2"*,#+5 '$"/4(#$.0'+"$ /+& '$"#0/"' ".' $1'2#;2/"#-+
2$% ' 3$ ( (% (""%
&%"&)&$%,& EJI
%.',' 2$% #$ (-5E/D',/5' %/5'$I >-, '$"/4(#$.0'+" 4 #+ "#0' 1',#-& 5= 3$ #$ / "#0'<#+D/,#/+" ;?'& '>>'2"= (% #$
/ )'/,<'>>'2"= /+& )&$% #$ / &*00) D/,#/4(' "./" "/@'$ ".' D/(*' 8 #> ".' '('2"#-+ "/@'$ 1(/2' #+ 1',#-& 5! 6=/+& S -".',%#$'7AQ n('2"#-+$ -22*, 'D',) )'/, ".,-*5.-*" ".' 1',#-& 8GRH<8GGGh ".' $1'2#;2/"#-+ /4-D'
'$$'+"#/(() a,'<+-,0/(#C'$b "#0' >-, '/2. '$"/4(#$.0'+" "- 4' ,'(/"#D' "- ".' )'/, -> ".' '('2"#-+= #+ -,&',
"- 1,-D#&' / 1#2"*,' -> ".' ")1#2/( 4'>-,'< /+& />"',<'('2"#-+ '?1',#'+2' -> /+ '$"/4(#$.0'+"7 K$$*0#+5
,"' ' $= ,& 0'/$*,' ".' #01/2" -> ".' 'D'+" -> ".' '('2"#-+ -+ %/5'$ 4-". 4'>-,' /+& />"', ".' '('2"#-+7A_
!> -+' 2-+$#&',$ #" 1(/*$#4(' "./" ".' '('2"#-+ ./$ +- #01/2" -+ %/5'$ 0-,' "./+ A )'/,$ 4'>-,' ".' '('2"#-+
'D'+"= ".'+ ".' 2-'>;2#'+"$ ,"(= ,")= '"27 $.-*(& 4' C',-h ".-$' 2-'>;2#'+"$ 1,-D#&' / %/) "- "'$" ".'
-D',<#&'+"#>)#+5 ,'$",#2"#-+$ -> ".' 0-&'(7
L H4$4 H.3)%*9$*&#
O*, /+/()$#$ 2-04#+'$ $'D',/( &#>>','+" &/"/ $'"$3 8I ".' *+#D',$' -> `VZF ,'1,'$'+"/"#-+ '('2"#-+$
.'(& 4'"%''+ 8GRH /+& 8GGG= AI ".' *+#D',$' -> 2-+",/2" '?1#,/"#-+ +-"#2'$ >,-0 ".' W'&',/( \'&#/"#-+ /+&
"% c' /,' '$$'+"#/(() /&-1"#+5 ".' /11,-/2. *$'& #+ o/2-4$-+= V/V-+&' Y N*((#D/+ E8GGJI7"& _ )'/,$ /+& '/,(#', /,' 5,-*1'& #+"- -+' 2/"'5-,)h 88 )'/,$ /+& />"', /,' 5,-*1'& "-5'".',7"' !+ 1,/2"#2'= %' -0#" ".' &*00) ,*
$% $- ".' -& /,' /(( ,'(/"#D' "- -*7 9.' ,'1-,"'& 2-'>;2#'+"$ 2/+ '/$#() 4' ,'<+-,0/(#C'& $-"./" -!' % ).
8P
^-+2#(#/"#-+ N',D#2' EW\^NI >,-0 8GRH<ASS8= JI 4*$#+'$$ $*,D#D-,$.#1= '01(-)0'+"= /+& '$"#0/"'& $/('$
D-(*0' >,-0 / 2-00',2#/( &/"/4/$' E!+>-MNKI %#". #+>-,0/"#-+ -+ 1-1*(/"#-+ -> 4*$#+'$$'$ %#". / "'('<
1.-+' +*04',= /$ -> ".' )'/, ASS8= /+& HI &'"/#('& '01(-)0'+"= -*"1*"= #+D'$"0'+"= /+& %/5' #+>-,0/"#-+
>,-0 ".' ^'+$*$ F*,'/*6$ V-+5#"*&#+/( Z'$'/,2. B/"/4/$' EVZBI -+ 0/+*>/2"*,#+5 '$"/4(#$.0'+"$ #+ ".'
M+#"'& N"/"'$ >,-0 8G_H "- 8GGG7
c' 0',5' ".'$' &/"/4/$'$ "- 1,-&*2' "%- 0/#+ '$"#0/"#-+ $/01('$7 9.' ;,$" (#+@$ ".' `VZF=
W\^N= /+& !+>-MNK &/"/= %.#2. /,' *$'& "- '?/0#+' ".' #01/2" -> *+#-+#C/"#-+ -+ 4*$#+'$$ $*,D#D-,$.#1=
'01(-)0'+"= /+& $/('$ D-(*0' >-, / 4,-/&() ,'1,'$'+"/"#D' $/01(' -> '$"/4(#$.0'+"$ a/" ,#$@b -> *+#-+#C/<
"#-+= /2,-$$ /(( #+&*$",#'$7 9.' $'2-+& (#+@$ ".' `VZF= W^\N= /+& VZB &/"/= %.#2. /,' *$'& "- '?/0#+'
".' #01/2"$ -+ '01(-)0'+"= -*"1*"= 1,-&*2"#D#")= #+D'$"0'+"= /+& %/5'$ >-, / ,'1,'$'+"/"#D' $/01(' ->
0/+*>/2"*,#+5 '$"/4(#$.0'+"$ a/" ,#$@b -> *+#-+#C/"#-+7 K11'+&#? 9/4('$ ! /+& !! 1,-D#&' / $*00/,) -> ".'
&/"/ $'"$ /+& 1,-D#&'$ $/01(' 0'/+$ >,-0 ".' "%- 0/#+ &/"/$'"$7 B'>',,#+5 ".' &'"/#($ "- ".' K11'+&#?= %'
$*00/,#C' .',' ".' 0-$" #01-,"/+" >'/"*,'$ -> ".' "%- &/"/$'"$ *$'&7
L@! ,-. MN0OP:Q6>P"#C&/>K '4$4
c' ;,$" -4"/#+'& '('2",-+#2 ,'2-,&$ -+ /(( ,'1,'$'+"/"#-+ '('2"#-+ 2/$'$ ./+&('& 4) ".' `VZF #+ ".' )'/,$
>,-0 8GRH "- 8GGG7 9.'$' ,'2-,&$ ./D' #+>-,0/"#-+ $*2. /$ ".' &/"'$ -> ".' ;(#+5 -> ".' 1'"#"#-+= ".'
'('2"#-+= /+& ".' 2(-$#+5 -> ".' 2/$'= /$ %'(( /$ ".' 'D'+"*/( D-"' "/((#'$= /$ %'(( /$ -".', 2./,/2"',#$"#2$ $*2.
/$ ".' $#C' -> ".' D-"#+5 *+#"= /+& ".' 1,#0/,) #+&*$",) -> ".' '$"/4(#$.0'+" #+ ]*'$"#-+7 W#+/(()= ".' ,'2-,&$
2-+"/#+ ".' '$"/4(#$.0'+" +/0' /+& '?/2" /&&,'$$7AR
9.' +/0'$ /+& /&&,'$$'$ /(-+' %',' $*40#""'& "- / 2-00',2#/( 0/,@'"#+5 &/"/4/$' 2-01/+)=
!+>-MNK= !+27 !+>-MNK 0/#+"/#+$ /+ /++*/(() *1&/"'& (#$" -> /(( /2"#D' 4*$#+'$$ '$"/4(#$.0'+"$ E%#". /
"'('1.-+' (#$"#+5I #+ ".' M+#"'& N"/"'$7 9.' 4/$#$ >-, ".'#, &/"/4/$' #$ ".' 2-+$-(#&/"#-+ -> D#,"*/(() /((
"'('1.-+' &#,'2"-,#'$ #+ ".' 2-*+",)7 !+>-MNK 0/@'$ / 4,#'> 2/(( "- '/2. '$"/4(#$.0'+" /" ('/$" -+2' / )'/,=
"- D',#>) ".'#, '?#$"'+2'= /+& "- *1&/"' ".'#, #+>-,0/"#-+ -+ D/,#-*$ #"'0$ $*2. /$ 8I ".' "-"/( +*04', ->
'01(-)''$ /" ".' '$"/4(#$.0'+"= AI ".' '$"#0/"'& $/('$ D-(*0' -> ".' '$"/4(#$.0'+"= JI ".' 1,#0/,) 1,-&*2"
-> ".' 4*$#+'$$= /+& D/,#-*$ -".', 2./,/2"',#$"#2$7 !+>-MNK /11'+&'& ".#$ #+>-,0/"#-+ "- ".' ,'2-,& >-, /((
-> ".' +/0'$ /+& /&&,'$$'$ "./" 0/"2.'& "- ".'#, &/"/4/$' E/$ -> \/)= ASS8I7 !+>-MNK %/$ +-" 5#D'+ /+)
"( `/0'$ /+& /&&,'$$'$ /,' +-" /D/#(/4(' >-, &/"/ 4'>-,' 8GRH7
8Q
#+>-,0/"#-+ 4')-+& ".' +/0' -> ".' 4*$#+'$$ /+& ".' $",''" /&&,'$$7
9.#$ 0',5'& &/"/ %/$ ".'+ /&&#"#-+/(() (#+@'& "- / &/"/4/$' -> /(( 2-+",/2" '?1#,/"#-+ +-"#2'$ 4'<
"%''+ 8GRH /+& W'4,*/,)= ASS8 : 0-,' "./+ PSS=SSS 2/$' ,'2-,&$ : -4"/#+'& >,-0 ".' W'&',/( \'&#/"#-+
/+& ^-+2#(#/"#-+ N',D#2' EW\^NI ".,-*5. / W,''&-0 -> !+>-,0/"#-+ K2" EWO!KI ,']*'$"7 K22-,&#+5 "- ".'
M7N7 ^-&' -> W'&',/( Z'5*(/"#-+$ EAG ^WZ 8HAP7AI
!+ -,&', "./" ".' N',D#2' 0/) 1,-D#&' /$$#$"/+2' "- ".' 1/,"#'$= ".' 1/,") #+#"#/"#+5 +'5-"#/"#-+$$./(( ;(' / +-"#2' %#". ".' W\^N `-"#2' g,-2'$$#+5 M+#" 777 /" ('/$" JS &/)$ 1,#-, "- ".' '?1#,/"#-+-, 0-&#;2/"#-+ &/"' -> /+ '?#$"#+5 /5,''0'+"= -, JS &/)$ 1,#-, "- ".' ,'-1'+', &/"' -> /+ '?#$"#+5/5,''0'+"777
9.*$= 1/,"#'$ "- 2-(('2"#D' 4/,5/#+#+5 /5,''0'+"$ /,' ,']*#,'& "- ;(' $-<2/(('& aJS<&/) +-"#2'$b
%#". ".' W\^N7 M$#+5 ".'$' &/"/= %' /&&'& "- ".' `VZFd!+>-MNK &/"/ #+>-,0/"#-+ -+ %.'".', / 2-+",/2"
'?1#,/"#-+ +-"#2' %/$ ;('& >,-0 "./" '$"/4(#$.0'+"7 9.#$ #+/"-, 1,-D#&'& -*, 0'/$*,' -> 2-(('2"#D'
4/,5/#+#+5 a/2"#D#")b 4-". 4'>-,' /+& />"', ".' '('2"#-+7
`-"' "./" ".'$' &/"/ &- +-" 1,-D#&' -*"2-0' 0'/$*,'$ >-, 0-,' "./+ -+' )'/,= /+& #+ "./" $'+$' #$
+-" / ",*' 1/+'( &/"/$'"7 c' -+() -4$',D' a$*,D#D/(b= '01(-)0'+"= -, $/('$ /$ -> -+' 1-#+" #+ "#0' : #+ ".'
)'/, ASS87 c' -4$',D' / >'% a4/$'(#+'b 2./,/2"',#$"#2$ >,-0 ".' `VZF '('2"#-+ ;('= 4*" %' &- +-" -4$',D'
'01(-)0'+" -, $/('$ &*,#+5 ".' "#0' 4'"%''+ ".' '('2"#-+ /+& ".' )'/, ASS8 $#+2' !+>-MNK &-'$ +-" ,'"/#+
.#$"-,#2/( ,'2-,&$7
K($- +-"' "./"= $#+2' %' /,' 0'/$*,#+5 '01(-)', a$*,D#D/(b /$ / 0/"2. E4) +/0' /+& /&&,'$$I #+
".' !+>-MNK &/"/4/$'= ".',' %#(( *+&-*4"'&() 4' $-0' 0'/$*,'0'+" ',,-,7 c' %#(( #+'D#"/4() ",'/" $-0'
;,0$ /$ ./D#+5 a&#'&b= %.'+ #+$"'/& !+>-MNK %/$ $#01() *+/4(' "- 0/"2. ".'0 "- ".'#, &/"/4/$'7 O+
".' -+' ./+&= ".#$ 0'/+$ "./" "./" '$"#0/"'$ -> ".' %$2$% -> $*,D#D/( ,/"'$ 0/) 4' &-%+%/,& 4#/$'&7 O+
".' -".', ./+&= ".' ,/"' -> *+&',<0/"2.#+5 4) !+>-MNK #$ *+(#@'() "- 4' $)$"'0/"#2/(() &#>>','+" 4'"%''+
2(-$' %#++',$ /+& (-$',$= #01()#+5 "./" ".',' %#(( +-" 4' / 0+33$#$('$ #+ 0/"2. ,/"'$ 4'"%''+ ".' "%- 5,-*1$=
'?2'1" #> ".',' #$ / ",*' #01/2" -> *+#-+ 2',"#;2/"#-+ -+ $*,D#D/( 1,-4/4#(#"#'$7
N#0#(/,()= -*, 0'/$*,' -> 2-(('2"#D' 4/,5/#+#+5 a/2"#D#")b %#(( /($- 4' &-%+%/,& 4#/$'& #+ %$2$%,7
W-, '?/01('= %' *+&',$"/"' ".' 1,'D/('+2' -> 2-(('2"#D' 4/,5/#+#+5 /5,''0'+"$ "- ".' '?"'+" "./" -*, 0/"2.<
#+5 /(5-,#".0 >/#($ "- (-2/"' / ",*' 0/"2. #+ ".' W\^N &/"/= -, "./" +-+2-01(#/+2' %#". ".' (/% E,'5/,&#+5
+-"#>)#+5 ".' W\^N %.'+ / 2-+",/2" '?1#,'$I #$ %#&'$1,'/&7AG K(".-*5. ".' ('D'($ -> ".#$ #+/"-, -> 4/,<
") N-0' -> ".#$ &-%+%/,& 4#/$ #+ ('D'($ %#(( /($- 4' ->>$'" 4) a>/($' 1-$#"#D'b 0/"2.'$7
8_
5/#+#+5 a/2"#D#")b 0/) 4' 4#/$'&= #" #$ 1(/*$#4(' "- /$$*0' "./" ".'$' $-*,2'$ -> 0'/$*,'0'+" ',,-, /,' +-"
$)$"'0/"#2/(() &#>>','+" 4'"%''+ 2(-$' %#++',$ /+& 2(-$' (-$',$7
L@+ ,-. MN0OP:Q6>PN0H H4$4
9.' $'2-+& '$"#0/"#-+ $/01(' #$ *$'& "- #+D'$"#5/"' ".' #01/2" -> *+#-+#C/"#-+ -+ -".', D/,#/4('$ "./" /,'
+-" /D/#(/4(' #+ ".' !+>-MNK &/"/4/$'3 .-*,$ %-,@'&= #+D'$"0'+"= /+& %/5'$7 K>"', 2-04#+#+5 ".' `VZF
/+& W\^N &/"/4/$'$ /$ &'$2,#4'& /4-D'= ".' ,'$*("#+5 &/"/4/$' #$ (#+@'& "- ".' M7N7 ^'+$*$ F*,'/*6$
V-+5#"*&#+/( Z'$'/,2. B/"/4/$' EVZBI7 9.' VZB #$ / 2-04#+/"#-+ -> "%- &#>>','+" &/"/ 2-(('2"#-+ '>>-,"$387 ^'+$*$ -> \/+*>/2"*,'$ E^\I= %.#2. #$ / 2'+$*$ -> /(( 0/+*>/2"*,#+5 '$"/4(#$.0'+"$ #+ ".' M7N7= 2-(<('2"'& 'D',) ;D' )'/,$ E)'/,$ '+&#+5 %#". aAb /+& a_bI
A7 K++*/( N*,D') -> \/+*>/2"*,'$ EKN\I= / $'" -> ;D' )'/, 1/+'($= #+ %.#2. (/,5' ;,0$ /,' $*,D')'& %#".2',"/#+")= /+& $0/((', '$"/4(#$.0'+"$ /,' &,/%+ >,-0 ".' ^\= %#". +'% $/01('$ 4'#+5 5'+',/"'& 'D',)P )'/,$7
9.' *+#" -> /+/()$#$ #$ / a0/+*>/2"*,#+5 '$"/4(#$.0'+"b %.#2. #$ 5'+',/(() &';+'& /$ / $#+5(' 1.)$<
#2/( (-2/"#-+ '+5/5'& #+ -+' -> ".' 2/"'5-,#'$ -> #+&*$",#/( /2"#D#") #+ N!^ B#D#$#-+ B= \/+*>/2"*,#+57 VZB
#+>-,0/"#-+ #$ 2-+;&'+"#/( /+& /22'$$ #$ (#0#"'& /(".-*5. /D/#(/4(' "- ]*/(#;'& ,'$'/,2.',$7JS 9.' $*,D')
&'$#5+ #$ $-0'%./" 2-01(#2/"'&= 4*" #+ '$$'+2' ".' 1/+'( &/"/ 2/+ 4' ".-*5." -> /$ 2-+"/#+#+5 2-01('"'
/++*/( "#0'<$',#'$ -> #+>-,0/"#-+ -+ (/,5' 0/+*>/2"*,#+5 '$"/4(#$.0'+"$ E5,'/"', "./+ APS '01(-)',$I /+&
/ $.-,"', /++*/( $',#'$ >-, / $/01(' -> $0/((', '$"/4(#$.0'+"$7
R 0.3(5$3
9.#$ $'2"#-+ ,'1-,"$ 8I ZB '$"#0/"'$ -> ".' #01/2" -+ ,'2-5+#"#-+ $"/"*$ /+& 2-(('2"#D' 4/,5/#+#+5
/2"#D#") #+ ".' $.-,"< /+& (-+5<,*+= AI ZB '$"#0/"'$ >-, 4*$#+'$$ $*,D#D/(= '01(-)0'+"= /+& -*"1*" >,-0 ".'
`VZFd!+>-MNK &/"/= JI ,'$*("$ >-, $*,D#D/(= '01(-)0'+"= -*"1*"= 1,-&*2"#D#")= #+D'$"0'+"= /+& %/5'$ >,-0
".' `VZFdVZB &/"/= HI '$"#0/"'$ >-, &#>>','+" "#0' .-,#C-+$ /+& $*4<1-1*(/"#-+$ /+& D/,#/4(' &';+#"#-+$=
/+& PI 'D'+"<$"*&) '$"#0/"'$ -> a*+#-+ ".,'/"b '>>'2"$ -+ %/5'$= /+& '>>'2"$ -> a&'<*+#-+#C/"#-+b >,-0 /+
/+/()$#$ -> &'<2',"#;2/"#-+ '('2"#-+$7
R@! "794)$ &# 6&55.)$*J. O4%14*#*#1
c' ;,$" ,'1-," 'D#&'+2' "./" 4/,'() %#++#+5 /+ '('2"#-+ ./$ / (/$"#+5 #01/2" -+ ('5/( ,'2-5+#"#-+ -> ".'
#* W-, 0-,' &'"/#( -+ ".' &/"/= $'' \2U*2@#+ Y g/$2-'= o,7 E8GRRI7
8R
*+#-+= /+& ./$ / 0'/$*,/4(' #01/2" -+ ".' 2-(('2"#D' 4/,5/#+#+5 1,-2'$$7 !> %#++#+5 / 2(-$' '('2"#-+ ./&
(#""(' (/$"#+5 #01/2" -+ ('5/( ,'2-5+#"#-+ $"/"*$= ".',' %-*(& 4' +- +''& "- /$$'$$ %.'".', ".',' /,' /+)
&#$2-+"#+*#"#'$ #+ '2-+-0#2 -*"2-0'$= >-, ".',' %-*(& '>>'2"#D'() 4' +- a",'/"0'+"b7 W-, '?/01('= #" #$
1-$$#4(' "./" *+#-+$ %.- 4/,'() %#+ /,' 2',"/#+ "- >/2' / &'<2',"#;2/"#-+ /""'01" 4) ".' '01(-)',h -,= #" #$
1-$$#4(' "./" *+#-+$ %.- 4/,'() (-$' /+ #+#"#/( '('2"#-+ /,' 2',"/#+ "- 4' D#2"-,#-*$ #+ / >*"*,' '('2"#-+7 !>
'#".', -> ".'$' 1-$$#4#(#"#'$ /,' #01-,"/+" #+ 1,/2"#2'= ".',' %-*(& 4' (#""(' D/,#/"#-+ #+ a",'/"0'+"b /0-+5
2(-$' '('2"#-+$= 0/@#+5 #" D#,"*/(() #01-$$#4(' "- /$$'$$ ".' #01/2" -> ('5/( ,'2-5+#"#-+ -+ '01(-)', -*"<
2-0'$7
W#5*,' !!!/ 1,-D#&'$ 'D#&'+2' -+ ".' #00'&#/"' /+& (/$"#+5 #01/2" -> %#++#+5 /+ #+#"#/( ,'1,'$'+<
"/"#-+ '('2"#-+7 9.' $-(#& $]*/,'$ 1(-" ".' >,/2"#-+ -> '('2"#-+$ "./" ,'$*(" #+ 2',"#;2/"#-+ -> ".' *+#-+= 4)
".' *+#-+ D-"' $./,'= #+ P 1',2'+" D-"' $./,' 5,-*1$7 9.',' /,' $'D',/( &-C'+ 2/$'$ %.',' / *+#-+ #$ +-"
2',"#;'& 'D'+ />"', -4"/#+#+5 0-,' "./+ ./(> ".' D-"'$= -, %.',' / *+#-+ #$ 2',"#;'& 'D'+ %#".-*" -4"/#+#+5
/ 0/e-,#") -> ".' D-"'h ".'$' 2/$'$ /,' 1,'$*0/4() &*' "- `VZF ,*(#+5$ "./" ,']*#,' / ,'<,*+ -> ".' '('2<
"#-+7 9.'$' 2/$'$ 2-01,#$' / +'5(#5#4(' >,/2"#-+ -> /(( '('2"#-+$7 9.' >,/2"#-+ #00'&#/"'() ,'2-5+#C'& #$
'$$'+"#/(() C',- 4'(-% ".' PS 1',2'+" ".,'$.-(&= /+& '$$'+"#/(() 8SS 1',2'+" /4-D' ".' ".,'$.-(&7
W#5*,' !!!/ /($- /$$'$$'$ ".' .)1-".'$#$ "./" *+#-+$ %.- 4/,'() (-$' /+ #+#"#/( '('2"#-+ %#(( #+'D#"/4()
5/#+ ,'2-5+#"#-+ #+ ".' >*"*,'7 9.' $-(#& 2#,2('$ ,'1,'$'+" ".' 1,-4/4#(#") "./" / *+#-+ %#(( 'D'+"*/(() 5/#+
('5/( ,'2-5+#"#-+ D#/ /+ '('2"#-+= $*4$']*'+" "- /+ #+#"#/( '('2"#-+7 N1'2#;2/(()= %' >-2*$ -+ '('2"#-+$ "./"
"/@' 1(/2' 4'"%''+ 8GRH /+& 8GGP /+& &'"',0#+' %.'".', / *+#-+ %#+$ #+ / $*4$']*'+" '('2"#-+ /" ".-$'
'01(-)',$= *$#+5 &/"/ >,-0 8GRH "- 8GGG7J8 9.' 1,-4/4#(#") ,#$'$ %#". ".' #+#"#/( '('2"#-+6$ D-"' $./,'= /+&
".'+ &,-1$ $./,1() /" ".' PS 1',2'+" ".,'$.-(&= 1,'$*0/4() 4'2/*$' ".-$' %.- /,' #+#"#/(() $*22'$$>*( &- +-"
+''& "- .-(& /+-".', '('2"#-+7 `-"' "./" $-0' 1/," -> ".' ('D'( -> ".' aEA+&I Z'2-5+#"#-+ V/"',b (#+' #$ &*'
"- / &#>>','+" *+#-+ 5/#+#+5 ,'2-5+#"#-+ /" ".' $/0' '01(-)',= /$ /11/,'+" >,-0 ".' ,#5." $#&' -> ".' 5,/1.7
OD',/((= 2(-$' (-$',$ &- $''0 0-,' (#@'() "- 'D'+"*/(() 5/#+ ,'2-5+#"#-+ "./+ *+#-+$ %.- (-$' 4) / (/,5'
0/,5#+7 F*" 2(-$' (-$',$ -> #+#"#/( '('2"#-+$ *("#0/"'() ./D' / $0/(( 2./+2' -> 'D'+"*/(() 4'#+5 ,'2-5+#C'&=
2-01/,'& "- 2(-$' %#++',$ -> #+#"#/( '('2"#-+$7
Z'1,'$'+"#+5 ".' 1,-4/4#(#") "./" / *+#-+ %#(( (/"', 4' &'<2',"#;'& /" ".' '01(-)',= ".' $-(#& ",#/+5('$
#+ W#5*,' !!!/ $.-% "./" %.#(' $-0' >,/2"#-+ -> *+#-+$ %.- 4/,'() %#+ /+ #+#"#/( '('2"#-+ &- 4'2-0' &'<#! N- >-, ".' 8GGP '('2"#-+$= %' /,' /((-%#+5 J )'/,$ >-, ".' *+#-+ "- 0/@' /+-".', /""'01" /+& $*22''&7
8G
2',"#;'&7 !" #$= .-%'D',= / ,'(/"#D'() ,/,' -22*,,'+2'7 9.' 5,/1. #01(#'$ "./" /4-*" GS 1',2'+" -> ".' 2(-$'
%#++',$ 0/#+"/#+ ".'#, *+#-+ ,'2-5+#"#-+ />"', ".,'' )'/,$7JA
9.',' #$ /+-".', $2'+/,#- "./" %-*(& -4D#/"' '?/0#+#+5 '01(-)', -*"2-0'$ /" ".' PS 1',2'+"
".,'$.-(&3 #> '01(-)',$ %',' e*$" /$ (#@'() "- '+5/5' #+ 2-(('2"#D' 4/,5/#+#+5 %#". 4-". (-$',$ /+& %#+<
+',$ -> 2(-$' '('2"#-+$ : &'$1#"' ".' &#>>','+2' #+ ('5/( ,'2-5+#"#-+ $"/"*$7 9./" #$= ".' '01(-)', 0/) "/@'
HG 1',2'+" *+#-+ $*11-," "- 4' / $#5+/( "./" #" 0*$" #+'D#"/4() +'5-"#/"' %#". ".' *+#-+= /+& .'+2' 2.--$' "-
D-(*+"/,#() ,'2-5+#C' ".' *+#-+ /+& 4'5#+ 2-(('2"#D' 4/,5/#+#+5 +'5-"#/"#-+$7 !> ".#$ %',' ",*'= ".',' %-*(&
4' +- &#$2-+"#+*-*$ ,'(/"#-+ 4'"%''+ ".' *+#-+ D-"' $./,' /+& ".' 1,-4/4#(#") "./" / 2-(('2"#D' 4/,5/#+#+5
/5,''0'+" #$ ,'/2.'& $*4$']*'+" "- ".' '('2"#-+= >-, '?/01('7 !" %-*(& #+/"' "./" ".' ('5/( 0/+&/"' "./"
-4(#5/"'$ '01(-)',$ "- 4/,5/#+ %#". ".' *+#-+ #$ #+'>>'2"#D'7
W#5*,' !!!4 ,'e'2"$ ".#$ .)1-".'$#$7 9.' $-(#& $]*/,'$ 1(-" ".' 1,-4/4#(#") "./" /+ W\^N 2-+",/2"
'?1#,/"#-+ +-"#2' #$ ;('& /" ".' '01(-)',= $*4$']*'+" "- ".' '('2"#-+7JJ 9.#$ &'1'+&'+" D/,#/4(' 2/+ 4'
".-*5." -> /$ / 1,-?) >-, a2-(('2"#D' 4/,5/#+#+5 /2"#D#")b -, / 1,-?) >-, a4/,5/#+#+5 1-%',b != &'$2,#4'&
#+ N'2"#-+ J7 9.' 1,-1-,"#-+ $./,1() e*01$ >,-0 /4-*" 8P "- JP 1',2'+" /" ".' PS 1',2'+" *+#-+ D-"' $./,'
".,'$.-(&7 N-0' -> ".' 8P 1',2'+" ".,'$.-(& %#(( 4' &*' "- a>/($' 1-$#"#D'b 0/"2.'$= /$ %'(( /$ ".' 1,'$'+2'
-> / &#>>','+" *+#-+ /" ".' '01(-)',7 9.#$ #$ 'D#&'+" >,-0 ".' -1'+ $]*/,'$= %.#2. ,'1,'$'+"$ ".' 1,-4/4#(#")
"./" / 2-+",/2" #$ -4$',D'& "$3.#$ ".' '('2"#-+7JH ^-+$#$"'+" %#". ".' .)1-".'$#$ "./" ".' 2(-$' %#++',$ /+&
(-$',$ /,' -".',%#$' $#0#(/,= ".#$ (#+' $.-%$ +- D#$#4(' &#$2-+"#+*#") #+ ".' 1,-1-,"#-+ /" ".' PS 1',2'+"
".,'$.-(&7 Z'1,'$'+"#+5 ".' '>>'2"#D' '1!(4$ #+ 2-(('2"#D' 4/,5/#+#+5 /2"#D#")= ".' 0+33$#$('$ #+ ".' "%- (#+'$
#$ D',) $0/(( ('/&#+5 *1 "- ".' PS 1',2'+" D-"' $./,' 2*"->>= e*01$ $./,1()= /+& /2"*/(() 0$'%+($, #+ ".' ,/+5'
-> RS "- 8SS 1',2'+"7 9.#$ #+/"'$ "./" ".',' #$ / 5,'/"', 2./+5' #+ `VZK<#+&*2'& 2-(('2"#D' 4/,5/#+#+5
a/2"#D#")b >-, 2(-$' %#++',$ "./+ >-, *+#-+$ %#". -D',%.'(0#+5 $*11-,"7
W#5*,' !!!4 /($- #((*$",/"'$ ".' D/(*' #+ 5,/1.#+5 ".' '+"#,' >*+2"#-+ . +&"" ' 1,= /+& ".' &/+5', #+,'()#+5 "-- .'/D#() -+ / 1/,"#2*(/, >*+2"#-+/( >-,07 W-, ".' -1'+ $]*/,'$= ".' e*01 4'"%''+ ".' HP<PS /+&
PS<PP D-"' $./,' 2/"'5-,#'$ #$ +-" *+*$*/( 5#D'+ ".' e*01$ 4'"%''+ /&e/2'+" 4#+$ '($'%.',' #+ ".' 5,/1.7 K
#" K5/#+= %' *$' &/"/ >,-0 ".' 8GRH<8GGP 1',#-& >-, ".' #+#"#/( '('2"#-+= /+& '?/0#+' %.'".', / $*22'$$>*( &'<2',"#;2/"#-+ /""'01"-22*,$ ".','/>"', #+ ".' 8GRH<8GGG 1',#-&7## K5/#+= '('2"#-+$ >,-0 ".' 8GRH<8GGP 1',#-& %',' *$'&= /+& ".' &'1'+&'+" D/,#/4(' #$ %.'".', / 2-+",/2" '?1#,/"#-+ +-"#2' %/$-4$',D'& $*4$']*'+" "- ".' '('2"#-+ %#".#+ ".' 8GRH<ASS8 1',#-&7#$ n('2"#-+ &/"/ >,-0 8GR_<8GGG /,' *$'& /+& #" #$ &'"',0#+'& %.'".', / 2-+",/2" '?1#,/"#-+ +-"#2' %/$ ;('& /" ".' '$"/4(#$.0'+"1,#-, "- ".' '('2"#-+ *$#+5 ".' &/"/ >,-0 8GRH<8GGG7
AS
>-*,".<-,&', 1-()+-0#/( ;" -> ".' >*+2"#-+= .-%'D',= ('/&$ "- / $"/"#$"#2/(() $#5+#;2/+" e*01 -> S7SHA %#". /
$"/+&/,& ',,-, S7S87 9.#$ #$ /+ *+4#/$'& '$"#0/"' : #> ".' >-*,". -,&', 1-()+-0#/( #$ ".' a2-,,'2"b >*+2"#-+/(
>-,0 : 4*" %#(( 4' 4#/$'& #> ".' >-*,". -,&', $1'2#;2/"#-+ #$ a#+2-,,'2"7b W-, '?/01('= / _".<-,&', 1-()+-0#/(
$1'2#;2/"#-+ 5#D'$ / $"/"#$"#2/(() #+$#5+#;2/+" '$"#0/"' -> S7SAQ %#". / $"/+&/,& ',,-, -> S7S8H7 U#D'+ "./"
: /$ #+ /(( ,'5,'$$#-+ &#$2-+"#+*#") &'$#5+$ : a$"/"#$"#2/(() $#5+#;2/+"b ,'$*("$ 2/+ 4' $'+$#"#D' "- ".' 2.-#2'
-> >*+2"#-+/( >-,0= ,/".', "./+ >-2*$ $#+5*(/,() -+ "<$"/"#$"#2$= %' ,'1-," 1-#+" '$"#0/"'$ /+& $"/+&/,& ',,-,$
>,-0 $'D',/( $1'2#;2/"#-+$= /+& /($- 1,'$'+" ".' *+&',()#+5 0'/+$ "- 1,-D#&' / D#$*/( #01,'$$#-+ -> ".'
'?1'2"'& a4*01#+'$$b -+' 0#5." '?1'2" #+ ".' >*+2"#-+= 'D'+ #+ ".' /4$'+2' -> /+) ",*' &#$2-+"#+*#")7
!" $.-*(& 4' +-"'& "./" ".' -4$',D/"#-+ -> / 2-+",/2" '?1#,/"#-+ +-"#2' #$ +-" ']*#D/('+" "- %.'".',
/ *+#-+ 2-+",/2" #$ 1,'$'+" /" ".' 4*$#+'$$ '$"/4(#$.0'+"7 !+ 1/,"#2*(/,= 0/+) *+#-+$ /+& '01(-)',$ 0/)
+-" 2-01() %#". ".' (/% "./" ,']*#,'$ +-"#>)#+5 ".' W\^N -> /+ #01'+&#+5 2-+",/2" '?1#,/"#-+7 nD#&'+2'
-+ +-+<2-01(#/+2' -, -".', $-*,2'$ -> a*+&',<2-*+"#+5b #$ 1,-D#&'& 4) /+ '?/0#+/"#-+ -> &'<2',"#;2/"#-+
'('2"#-+$ : %.','4) ".' '01(-)', 1'"#"#-+$ >-, /+ '('2"#-+ "- &'"',0#+' #> / 1,'<'?#$"#+5 *+#-+ $.-*(& %.,$ #"$
,'2-5+#"#-+ $"/"*$7 !+ W#5*,' !!!4= ".' -1'+ /+& $-(#& 2#,2('$ 1,'$'+" /+/(-5-*$ (#+'$ >-, %.'".', / 2-+",/2"
'?1#,/"#-+ +-"#2' #$ -4$',D'& 4'>-,' /+& />"', ".' &'<2',"#;2/"#-+ '('2"#-+7 K$ '?1'2"'&= ".' $./1' -> ".' "%-
(#+'$ 0#,,-, "./" -> ".' 2',"#;2/"#-+ '('2"#-+= %#". ".' 1,-4/4#(#") -> -4$',D#+5 / 2-+",/2" />"', ".' '('2"#-+
$./,1() ,#$#+5 /" ".' PS 1',2'+" ".,'$.-(&7 9.' 1,-4/4#(#") -> -4$',D#+5 / 2-+",/2" 4'>-,' ".' '('2"#-+ ,/+5'$
>,-0 S7HS "- S7PS E".' -1'+ 2#,2('$I= 4*" $.-*(& 4' 8 : #> ".' 2-+",/2" '?1#,/"#-+ +-"#2' D/,#/4(' %',' /
1',>'2" 0'/$*,' -> ".' 1,'$'+2' -> / *+#-+ 2-+",/2"7 9.#$ #$ ".*$ 2-+$#$"'+" %#". *+&',2-*+"#+5 -> 2-+",/2"$
4) /4-*" / >/2"-, -> A7
!" #$ /($- #01-,"/+" "- +-"' "./" : 'D'+ /1/," >,-0 ".' *+&',<2-*+"#+5 #$$*' : -*, 2-+",/2" '?1#,/"#-+
+-"#2' D/,#/4(' /($- &-'$ +-" 1',>'2"() 0'/$*,' ".' &'5,'' -> a4/,5/#+#+5 1-%',b -> ".' %-,@',$7 o*$"
/$ %-,@',$ %.- (-$' /+ '('2"#-+ 2/+ 1-"'+"#/(() ./D' #01(#2#" 4/,5/#+#+5 1-%', &*' "- ".' a".,'/"b ->
*+#-+#C/"#-+= / ('5/(() ,'2-5+#C'& *+#-+ 2-*(& 1,'$$*,' /+ '01(-)', "- ,/#$' %/5'$= 'D'+ %#".-*" $'2*,#+5
/+ /2"*/( 2-(('2"#D' 4/,5/#+#+5 /5,''0'+"7
R@+ K#45?3*3 &C MN0OP"#C&/>KS "794)$ &# >(%J*J45T I795&?7.#$T U($9($
B',#D'& >,-0 ".' `VZFd!+>-MNK &/"/= W#5*,'$ !m /+& m 1,'$'+" -*, ZB '$"#0/"'$ -> ".' #01/2" -> *+#-+<
#C/"#-+ -+ $*,D#D/(= '01(-)0'+"= $/('$= /+& $/('$ 1', %-,@',7 !+ W#5*,' !m/= ".' $-(#& $]*/,'$ 1(-" ".'
A8
1,-4/4#(#") "./" / 4*$#+'$$ '$"/4(#$.0'+" #$ $"#(( #+ '?#$"'+2' /$ -> \/)= ASS87 K$ 0'+"#-+'& '/,(#',= ".'
'01(-)',$ *+&', 2-+$#&',/"#-+ /,' ".-$' "./" .'(& '('2"#-+$ 4'"%''+ 8GRH /+& 8GGG7 K$ / ,'$*("= ".' 4*$#<
+'$$ $*,D#D/( '>>'2"$ /,' /D',/5'& -D', "#0' 1',#-&$ ,/+5#+5 >,-0 A< "- 8_<)'/, .-,#C-+$= %#". 0-,' %'#5."
5#D'+ "- ".' (-+5', "#0'<1',#-&= $#+2' ".',' %',' 0-,' `VZF '('2"#-+$ #+ ".' 0#&< "- (/"'<8GRS$7
9.' $-(#& $]*/,'$ $.-% +- D#$#4(' &#$2-+"#+*#") #+ ".' $*,D#D/( ,/"'$ /" ".' PS 1',2'+" ".,'$.-(&7
^-,,'$1-+&#+5()= ".' >-*,".<-,&', 1-()+-0#/( '$"#0/"' -> ".' 5/1 )#'(&$ /+ '>>'2" -> <S7S8A #+ 1,-4/4#(#")
%#". / $"/+&/,& ',,-, -> S7S8H7 9.' 0'/+ $*,D#D/( ,/"' #$ /4-*" S7HS7 9.' 1,'2#$#-+ -> ".' ZB '$"#0/"'$ /,'
-+ ".' $/0' -,&', -> 0/5+#"*&' /$ ".' ".'-,'"#2/( 0/?#0*0= $#+2' / ,/+&-0#C'& '?1',#0'+" %#". / A_PQS
-4$',D/"#-+$ %-*(& )#'(& / $"/+&/,& ',,-, -> ".' &#>>','+2' -> /4-*" S7SSH87
9.' $0/(( /+& 1-"'+"#/(() +*(( '>>'2" -+ $*,D#D/( #$ #01-,"/+" 4'2/*$' #" $*55'$"$ "./" $/01(' $'('2<
"#-+ 4#/$ #+ /+ /+/()$#$ "./" 2-+&#"#-+$ -+ $*,D#D/( 0/) 4' / $'2-+& -,&', #$$*'7 !+ 1/,"#2*(/,= #> ".' $/01(#+5
1,-2'$$ >-((-%$ ".' >/0#(#/, >-,0 -> #+2#&'+"/( 2'+$-,#+5 /$ #+3
&# ' '( ()* ( + EHI
& ' &# % ) +', ()7( 1 & $,
%.',' ".' -*"2-0' &# #$ -+() -4$',D'& #> ".' '01(-)', ,'0/#+$ #+ 4*$#+'$$7 !> !+0 10'" #$ #+&'1'+&'+" ->
) : /$ #+ / ,/+&-0#C'& '?1',#0'+" : /+& #> ".',' #$ +- #01/2" -> *+#-+#C/"#-+ -+ $*,D#D/( E7 ' $I ".'+ ".','
%#(( 4' +- $/01(' $'('2"#-+ 4#/$7JP K$ /,5*'& /4-D'= *+#-+#C/"#-+ 2-*(& 4' ".-*5." -> /$ 4'#+5 ,/+&-0()
/$$#5+'& E/0-+5 2(-$' '('2"#-+$I= /+& W#5*,' !m/ #$ 2-+$#$"'+" %#". / C',- #01/2" -+ $*,D#D/(7 !+ -,&', "-
'D/(*/"' ".' 1(/*$#4#(#") -> / C',- #01/2" : 2-01/,'& "-= >-, / '?/01('= / <S7SH '>>'2" "./" 2/++-" 4' ,*('&
-*" &*' "- $/01(#+5 ',,-, : 4'(-%= %' 1,'$'+" ,'$*("$ -+ $*,D#D-,$.#1 >,-0 / &#>>','+" &/"/$'"= /$ %'(( /$
'?1(-,' #+"'+$#D' 0/,5#+ '>>'2"$7
W#5*,' !m4 1,'$'+"$ ".' ZB '$"#0/"' >-, (+En01(-)0'+"I >-, ".' ;,0$ "./" $*,D#D' /$ -> ".' )'/,
ASS87 K5/#+= +- D#$#4(' &#$2-+"#+*#")= /+& ".' 2-,,'$1-+&#+5 1-#+" '$"#0/"' #$ / $"/"#$"#2/(() #+$#5+#;2/+"
1-$#"#D' '>>'2" -> S7SAG #+ (-5$7 U#D'+ ".' $"/+&/,& ',,-,$= +'5/"#D' #01/2"$ -> <S788 2/+ 4' ,*('& -*"
/" 2-+D'+"#-+/( ('D'($ -> $#5+#;2/+2'7 c#". ".'$' &/"/= ".'+= %' 2/++-" ,*(' -*" / 0'/+#+5>*( +'5/"#D'
#01/2" -+ '01(-)0'+"7 O+ ".' -".', ./+&= ".' #01/2" #$ $0/(( 2-01/,'& "- ".' $"/+&/,& &'D#/"#-+ #+
(+En01(-)0'+"I -> /4-*" 87QH #+ (-5$ E$'' K11'+&#? 9/4(' !!I7
#% N'' V'' EASSJ"I= >-, '?/01('7
AA
K $#0#(/, 2-+2(*$#-+ #$ ,'/2.'& >,-0 W#5*,' m/= %.#2. 1,'$'+"$ ".' ,'$*(" >-, (+E9-"/( N/('$ m-(<
*0'I7 K5/#+= ".' e*01 >,-0 ".' HP<PS "- PS<PP 1',2'+" D-"' 2/"'5-,) #$ +-" *+*$*/(() (/,5'7 9.' 1-#+"
'$"#0/"' #$ +-" ",#D#/(= 4*" #" #$ $"/"#$"#2/(() #+$#5+#;2/+" <7S_A7 T','= 0-&',/"'() (/,5' $2/(' '>>'2"$ 2/++-"
4' ,*('& -*" 5#D'+ ".' $/01(#+5 D/,#/4#(#") -> ".' '$"#0/"'7 9.' '$"#0/"'$ /,' $-0'%./" 0-,' 1,'2#$' %.'+
$/('$ #$ +-,0/(#C'& 4) ".' $#C' -> ".' '01(-)',= /$ #+ W#5*,' m47 9.' '$"#0/"'& #01/2" -+ (-5EN/('$dc-,@',I
#$ <S7SPJ %#". / $"/+&/,& ',,-, -> S7SHG7
K *$'>*( >'/"*,' -> -*, ,'$'/,2. &'$#5+ #$ "./" #" 5'+',/"'$ / +*04', -> "'$"/4(' 1,'"#-+$ ,'5/,&#+5
".' $#0#(/,#") -> '01(-)',$ -+ '#".', $#&' -> ".' PS 1',2'+" *+#-+ D-"' ".,'$.-(&7 !+ 1/,"#2*(/,= #> #+ /
+'/,4) +'#5.4-,.--& -> PS 1',2'+"= %#++#+5 ".' '('2"#-+ #$ ,/+&-0() /$$#5+'&= ".'+ !(& 1,'<&'"',0#+'&
2./,/2"',#$"#2 $.-*(& ./D' ".' $/0' &#$",#4*"#-+ -+ '#".', $#&' -> ".' 2*"->>7 9.' `VZF '('2"#-+ 2-+"/#+
#+>-,0/"#-+ -+ #+&*$",) /$ %'(( /$ ".' +*04', -> D-"'$ 2/$"= / 1,-?) -> ".' $#C' -> ".' '01(-)', /" ".' "#0' ->
".' '('2"#-+7 W#5*,' m!/ #((*$",/"'$ "./" ".'$' D/,#/4('$ /,' 2-,,'(/"'& %#". ".' D-"' $./,'= $- "./" '01(-)',$
%.',' *+#-+$ %#+ /,' $)$"'0/"#2/(() &#>>','+" >,-0 ".-$' %.',' ".' *+#-+ (-$'$7 c.',' ".' *+#-+ %#+$=
".' '01(-)',$ /,' ('$$ (#@'() "- 4' 0/+*>/2"*,#+5= /+& 0-,' (#@'() "- 4' $',D#2' $'2"-, '$"/4(#$.0'+"$7
g(/2'$ %.',' ".' *+#-+ '#".', %#+$ -, (-$'$ 4) / (/,5' 0/,5#+ "'+& "- 4' $0/((',7 F*" ".'$' $)$"'0/"#2
&#>>','+2'$ 5- /%/) /$ -+' '?/0#+'$ 2(-$', /+& 2(-$', '('2"#-+$7 W#5*,' m!/ #((*$",/"'$ "./" ".',' /,' +-
$",#@#+5 &#$2-+"#+*#"#'$ /" ".' PS 1',2'+" ".,'$.-(&7
W#5*,' m!4 #$ ".' /+/(-5-*$ 5,/1. >-, ".' $/01(' -> $*,D#D#+5 '$"/4(#$.0'+"$ /$ -> ".' )'/, ASS87
K+-".', #01(#2/"#-+ -> ".' +'/, ,/+&-0#C'& D/,#/"#-+ /+& $/01(' $'('2"#-+ $",*2"*,' /$$*0'& /4-D' #$ "./" #>
".',' #$ +- #01/2" -> ".' ",'/"0'+" -+ $/01(' $'('2"#-+= ".' &#$",#4*"#-+ -> ".' 1,'<&'"',0#+'& 2./,/2"',#$"#2$
$.-*(& 4' #&'+"#2/( : 'D'+ 2-+&#"#-+/( -+ $*,D#D/(7 B#$2-+"#+*#") 5/1$ /" ".' PS 1',2'+" ".,'$.-(& /,' +-"
/11/,'+" #+ W#5*,' m!47
R@8 K#45?3*3 &C MN0OPN0HS "794)$ &# >(%J*J45T I795&?7.#$T U($9($T 649*$45T4#' A41.3
9.' VZB &/"/ 1,-&*2'$ ,'$*("$ $#0#(/, "- "./" )#'(&'& 4) ".' !+>-MNK &/"/3 #+$#5+#;2/+" #01/2"$ -> *+#-+<
#C/"#-+ -+ $*,D#D/( ,/"'$= /$ W#5*,' m!!/ #((*$",/"'$7 !" 1(-"$ ".' 1,-4/4#(#") "./" / 0/+*>/2"*,#+5 1(/+" #$
-1',/"#+5 #+ 8GG_7JQ 9.' 1-#+" '$"#0/"' #$ / $"/"#$"#2/(() #+$#5+#;2/+" <S7SAQ #+ 1,-4/4#(#")= 2-01/,'& "- /
#& !+ -*, /+/()$#$ -> ".' VZB &/"/= %' 2-+$#&', / 1(/+" "- ./D' a$*,D#D'&b 4) 8GG_ #> #" ./$ / D/(#&= +-+<C',- D/(*' >-, "-"/('01(-)0'+"= +*04', -> 1,-&*2"#-+ %-,@',$= +*04', -> 1,-&*2"#-+ .-*,$= "-"/( 1/),-((= /+& 1/),-(( >-, 1,-&*2"#-+ %-,@',$ #+ ".'
AJ
0'/+ $*,D#D/( ,/"' -> /4-*" S7_S7 K$ %#". ".' !+>-MNK &/"/= ".' '>>'2" #$ $0/((= /+& ".' e*01 /" ".' PS
1',2'+" ".,'$.-(& #$ /2"*/(() $0/((', "./+ 0-$" &#>>','+2'$ >,-0 /&e/2'+" D-"' $./,' 2/"'5-,#'$ /%/) >,-0
PS 1',2'+"7
9/4(' ! ]*/+"#;'$ ".'$' ,'$*("$= $.-%#+5 ".' ,'$*("$ >,-0 / +*04', -> $1'2#;2/"#-+$7 9.' 0'/+
&#>>','+2' #+ $*,D#D/( ,/"'$ 4'"%''+ '01(-)',$ %.',' *+#-+$ %-+ -, (-$" #$ /4-*" S7S_ "- S7SR #+ 1,-4/<
4#(#")= /+& #$ $"/"#$"#2/(() $#5+#;2/+"= /$ $.-%+ #+ ^-(*0+$ E8I < EHI7 9.' #01-,"/+2' -> >*+2"#-+/( >-,0 #$
&'0-+$",/"'& #+ ^-(*0+$ EPI < ERI= /$ ".' &#>>','+2' &#$/11'/,$ /$ 1-()+-0#/( "',0$ #+ ".' D-"' $./,' /,'
/&&'&7 9.' '$"#0/"' #+ ^-(*0+ ERI 2-,,'$1-+&$ "- ".' ;""'& ,'5,'$$#-+ (#+' #+ W#5*,' m!!/7 K$ $.-*(& 4'
".' 2/$' #> *+#-+#C/"#-+ #$ /$ 5--& /$ ,/+&-0() /$$#5+'&= ".' '$"#0/"' &-'$ +-" 2./+5' $#5+#;2/+"() /$ 0-,'
4/$'(#+' 2-D/,#/"'$ /,' /&&'& #+ ^-(*0+$ EGI < E88I7
K$ #+ ".' !+>-MNK /+/()$#$= $*,D#D/( ,/"'$ /,' /D',/5'& -D', / ,/+5' -> "#0' .-,#C-+$= %#". ".'
'('2"#-+$ "/@#+5 1(/2' %#".#+ ".' "#0' 1',#-& 8GRH<8GGQ7J_ 9.' $-(#& 2#,2('$ #+ W#5*,' m!!4 ,'1,'$'+" ".'
/D',/5' +*04', -> )'/,$ "./" %' -4$',D' / 1(/+" #+ -1',/"#-+ >-((-%#+5 ".' '('2"#-+7 K5/#+= +- /11/,'+"
&#$2-+"#+*#") /" ".' PS 1',2'+" ".,'$.-(&= %#". / 1-#+" '$"#0/"' -> ('$$ "./+ AS &/)$7 9.' ;5*,' $.-%$ "./"
%' -4$',D'= #+ ".' VZB &/"/= / 1(/+" #+ -1',/"#-+ >-, /4-*" P )'/,$= -+ /D',/5'= />"', ".' `VZF '('2"#-+7
O> 2-*,$'= ".' -1'+ 2#,2('$ /,' 0'/+$ -> 2'+$-,'& $*,D#D/( "#0'$= $#+2' ".' 0-$" ,'2'+" VZB &/"/ >-,
".#$ $"*&) #$ 8GGG7 9- 1,-D#&' /+ '$"#0/"' -> ".' 1(/+"6$ $*,D#D/( "#0' >-((-%#+5 ".' '('2"#-+= %' '$"#0/"' /+
#+"',D/( ,'5,'$$#-+ E9-4#"I : >-, '/2. D-"' $./,' 2/"'5-,)= /+& /($- %#". ".' H".<-,&', 1-()+-0#/( ,'5,'$$#-+
$1'2#;2/"#-+7JR 9.' ,'$*("$ /,' 1,'$'+"'& /$ ".' $-(#& ",#/+5('$ #+ W#5*,' m!!47 9.',' #$ (#""(' 'D#&'+2' ->
/ &#$"#+2"#D' 2./+5' #+ $*,D#D/( "#0'$ 4'"%''+ ".' HP<PS /+& PS<PP D-"' $./,' 2/"'5-,#'$= /+& ".' 1-#+"
'$"#0/"' -> ".' 5/1 #$ / $"/"#$"#2/(() #+$#5+#;2/+" S7JR E#+ )'/,$I7 U#D'+ "./" %' ;+& ,'$*("$ ]*/(#"/"#D'()
$#0#(/, "- -*, ,'$*("$ >,-0 ".' !+>-MNK &/"/= ".',' #$ '01#,#2/( e*$"#;2/"#-+ >-, +-% '?1(-,#+5 #+"'+$#D'
0/,5#+ #01/2"$ : /+/()C#+5 ".' $/01(' 2-+&#"#-+/( -+ $*,D#D/(7
ZB /+/()$#$ -> ".' VZB &/"/ /($- )#'(&$ ,'$*("$ -+ 4/,5/#+#+5 /2"#D#")= '01(-)0'+"= -*"1*"= /+&
8GG_ ^'+$*$ -> \/+*>/2"*,'$7 K ^'+$*$ )'/, 0*$" 4' *$'& 4'2/*$' >/#(*,' "- /11'/, #+ ".' 8GGG KN\= >-, '?/01('= &-'$ +-"+'2'$$/,#() #01() / 4*$#+'$$ >/#(*,'h ".' 1(/+" 0/) +-" ./D' 4''+ 2.-$'+ >-, ".' KN\ $/01('7#' N#+2' ".' &'1'+&'+" D/,#/4(' #$ $*,D#D/( 4) 8GG_= ".' 5,/1. &-'$ +-" *$' '('2"#-+$ "./" "/@' 1(/2' #+ 8GG_ -, (/"',7#( F'2/*$' ".' VZB #$ / 2-04#+/"#-+ -> / $*,D') /+& / a2'+$*$k %' 2/+ +-" /(%/)$ #&'+"#>) ".' 1,'2#$' &/"' "./" ".' '$"/4(#$.0'+"&#'&= /(".-*5. %' 2/+ 5'+',/(() 1#+ #" &-%+ "- ()#+5 4'"%''+ "%- &#>>','+" &/"'$ %.',' ".'$' "%- &/"'$ 2/+ 4' D#'%'& /$ 2'+$-,#+51-#+"$7 W-, '?/01('= !> /+ '$"/4(#$.0'+" #$ (/$" -4$',D'& #+ 8GRQ= ".'+ %' @+-% #" a&#'&k 4'"%''+ 8GRQ /+& 8GR_7 O+ ".' -".',./+&= #> (/$" )'/, -> ".' '$"/4(#$.0'+" #$ -4$',D'& #$ 8GR_= ".'+ %' @+-% #" &#'$ 4'"%''+ 8GR_ /+& 8GGAh #> #" #$ (/$" -4$',D'&#$ 8GRR= ".'+ %' @+-% #" a&#'&k 4'"%''+ 8GRR /+& 8GGA= '"27 9.' &'1'+&'+" D/,#/4(' #$ ".'+ ".' (/$" )'/, ".' -4$',D/"#-+ %/$-4$',D'& /+& *$' ".' #+>-,0/"#-+ -+ ".' +'?" 5$(,/, )'/,7 W-, 8GGR /+& 8GGG= #" #$ -+() ,#5."<2'+$-,'&7 O*, '$"#0/"#-+ 0'".-& #$".' $"/+&/,& '?"'+$#-+ "- ".' 9-4#"7
AH
-*"1*"d%-,@', "./" /,' $#0#(/, "- ".-$' >-*+& %#". ".' !+>-MNK &/"/= /$ $.-%+ #+ W#5*,'$ m!!! /+& !p7 !+
'/2. 1/+'( #+ '/2. ;5*,'= ".,'' (#+'$ /,' 1(-""'&7 9.' $-(#& 2#,2('$ ,'1,'$'+" ".' 0'/+$ -> ".' &'1'+&'+"
D/,#/4(' : 4) *+#-+ D-"' $./,' 2/"'5-,) : >-, '$"/4(#$.0'+"<)'/, -4$',D/"#-+$ #+ ".' )'/,$ "./" >-((-%
".' '('2"#-+7 K &#$2-+"#+*#") /" PS 1',2'+" ,'1,'$'+"$ -*, '$"#0/"' -> ".' 2/*$/( #01/2" -> *+#-+#C/"#-+7
9.' -1'+ 2#,2('$ ,'1,'$'+" ".' 0'/+$ >-, -4$',D/"#-+$ $",#2"() 4'>-,' ".' )'/, -> ".' '('2"#-+7 W-, ".#$
1(-"= / $#5+#;2/+" &#$2-+"#+*#") /" ".' PS 1',2'+" 2*"->> %-*(& #+/"' "./" 2(-$' %#++',$ /+& (-$',$ /,'
$)$"'0/"#2/(() &#>>','+" 4'>-,' ".' '('2"#-+= %.#2. %-*(& #01() / 1,-4('0 %#". ".' ,'$'/,2. &'$#5+7
W#+/(()= ".' $-(#& ",#/+5('$ 1(-" /D',/5'$ -> ".' &'1'+&'+" D/,#/4(' />"', #" ./$ 4''+ &'D#/"'& >,-0
#"$ 1,'<'('2"#-+ 0'/+7 9./" #$= #+ -,&', "- ,'&*2' ".' $/01(#+5 D/,#/4#(#") #+ ".' &#$2-+"#+*#") '$"#0/"'= '/2.
1-$"<'('2"#-+ -4$',D/"#-+ #$ &'D#/"'& >,-0 ".' -D',/(( 0'/+ "./" *$'$ /(( -4$',D/"#-+$ 4'>-,' ".' '('2"#-+= >-,
'/2. 1(/+"7 !+ / ,/+&-0#C'& '?1',#0'+"= ".#$ ",/+$>-,0/"#-+ $.-*(& +-" />>'2" ".' #01/2" '$"#0/"'$= $#+2'
1,'$*0/4() ".' 1,'<'('2"#-+ 0'/+ #$ #+&'1'+&'+" -> ",'/"0'+" $"/"*$7 N#0#(/,()= ".' ZB '$"#0/"'$ $.-*(&
+-" 4' $#5+#;2/+"() #01/2"'& 4) ".#$ &'D#/"'&<>,-0<0'/+$ ",/+$>-,0/"#-+7 F*" ".' ",/+$>-,0/"#-+ #$ (#@'()
"- /("', ".' $./1' -> ".' >*+2"#-+ . +&"" ' 1,= $- #" 1,-D#&'$ )'" /+-".', $1'2#;2/"#-+ "./" 2/+ 4' *$'& "-1,-4' ".' $'+$#"#D#") -> ".' '$"#0/"'$ "- 2.-#2'$ -> >*+2"#-+/( >-,07
W#5*,' m!!!/ $.-%$ / $",#@#+5 &#$2-+"#+*#") #+ ".' 1,'$'+2' -> / 2-+",/2" >-((-%#+5 ".' '('2"#-+7JG
9.#$ )#'(&$ ".' $/0' ,'$*(" /$ -*, /+/()$#$ #+ W#5*,' !!!4= /+& ".' 0/5+#"*&' -> ".' 5/1 %#(( 4' /""'+*/"'&
>-, ".' $/0' ,'/$-+$7 9.#$ 1,-D#&'$ 'D#&'+2' "./" 5/#+#+5 ('5/( ,'2-5+#"#-+ #$ 0'/+#+5>*( #+ ".' $'+$'
"./" #" #+&*2'$ '01(-)',$ "- 4/,5/#+ %#". ".' *+#-+7 W#5*,'$ m!!!4= !p/= /+& !p4 $.-%$ (#""(' 'D#&'+2' ->
/ &#$2-+"#+*#") #+ '01(-)0'+" E(+E"-"/( 1,-&*2"#-+ 0/+<.-*,$II= -*"1*" E(+E"-"/( D/(*' -> $.#10'+"$II= -,
-*"1*"d.-*, E(+E"-"/( D/(*' -> $.#10'+"$d1,-&*2"#-+ 0/+<.-*,$II /" ".' PS 1',2'+" ".,'$.-(&7 K$ '?1'2"'&=
".' $./1' -> ".' &'D#/"'&<>,-0<0'/+$ 1(-"$ '?.#4#" 2-01/,/"#D'() ('$$ 2*,D/"*,'= /+& ('$$ D/,#/4#(#") /2,-$$
D-"' $./,' 2/"'5-,#'$= ,'X'2"#+5 / ,'&*2"#-+ #+ ".' D/,#/4#(#") -> ".' &'1'+&'+" D/,#/4('7
W#5*,' p/ '?/0#+'$ 2/1#"/( /$$'"$ 1', %-,@', E(-5E"-"/( /$$'"$d1,-&*2"#-+ %-,@',$II7 K5/#+= +-
D#$#4(' &#$2-+"#+*#") /" ".' PS 1',2'+" ".,'$.-(&7 O+ ".' -".', ./+&= ".' ]*/(#") -> /$$'" &/"/ #+ ".' VZB #$
$-0'%./" (-%', "./+ "./" >-, '01(-)0'+" /+& -*"1*" /+& .#5.() $@'%'&= %.#2. 2-*(& '?1(/#+ ".' .#5.',
#) U#D'+ ".' (-+5#"*&#+/( $",*2"*,' -> ".' &/"/= /+ #+/"-, -> 2-+",/2" 1,'$'+2' %/$ /""/2.'& "- '/2. )'/,7 N#+2' 2-+",/2" '?1#<,/"#-+ +-"#2'$ %#(( +-" 4' ;('& 'D',) )'/,= ".' &'1'+&'+" D/,#/4(' >-, ".' VZB &/"/ #$ %.'".', -, +-" / 2-+",/2" '?1#,/"#-+ +-"#2'$%/$ ;('& #+ ".' 1,'$'+" )'/, -, %#".#+ ".' (/$" J )'/,$7 `-"' /($-= "- @''1 ".' '$"#0/"#-+ $/01(' 2-+$"/+"= S %/$ /$$#5+'& "- /((-4$',D/"#-+$ #+ ".' VZB 4'>-,' 8GRH= 'D'+ ".-*5. %' ./D' +- `VZF -, VZB &/"/ 4'>-,' 8GRH7
AP
D/,#/4#(#") #+ ".' 0'/+$ 4) D-"' $./,'7
F) 2-+",/$"= -*, '$"#0/"'$ >-, %/5'$ E(-5E1,-&*2"#-+ 1/),-((d1,-&*2"#-+ 0/+<.-*,$II /11'/, "- 4'
,'/$-+/4() 1,'2#$'= /$ $.-%+ #+ W#5*,' p47 K11/,'+" >,-0 ".' &'D#/"'&<>,-0<0'/+$ D/,#/4('= 2./+5'$
>,-0 -+' D-"' $./,' 2/"'5-,) "- ".' +'?" &- +-" '?2''& P 1',2'+"7 K5/#+$" ".#$ 4/2@5,-*+& D/,#/4#(#")= #" #$
&#>;2*(" "- &#$2',+ /+) &#$2-+"#+*#") /" ".' PS 1',2'+" D-"' $./,' 2*"->>7
9/4(' !! 1,'$'+"$ 1-#+" '$"#0/"'$ -> ".' &#$2-+"#+*#") 5/1$ #+ W#5*,'$ m!!!<p= /$ %'(( /$ ".' ,'$*("$
>,-0 D/,#-*$ $1'2#;2/"#-+$7 ^-(*0+ E8I ,'1-,"$ ".' $#01(' &#>>','+2' #+ 0'/+$= 2-01/,#+5 ".' PS<PP
1',2'+" "- ".' HP<PS 1',2'+" D-"' $./,' 2/"'5-,#'$7 ^-(*0+ EAI -+() #+2(*&'$ /+ #+/"-, D/,#/4(' >-,
%.'".', ".' *+#-+ %-+ ".' '('2"#-+= /+& ^-(*0+$ EJI < EQI /&& (#+'/,= ]*/&,/"#2= 2*4#2= /+& ]*/,"#2 "',0$ #+
".' *+#-+ D-"' $./,' D/,#/4('7 !+ ^-(*0+ E_I= ".' &'1'+&'+" D/,#/4(' #$ ".' 1-$"<'('2"#-+ -*"2-0' 0#+*$ ".'
1,'<'('2"#-+ 0'/+7 ^-(*0+ ERI /&&$ ".' 1,'<'('2"#-+ 0'/+ /$ / ,'5,'$$-,= ^-(*0+ EGI /&&$ )'/, &*00#'$=
/+& ^-(*0+ E8SI /&&$ A<#" #+&*$",) &*00#'$7
9.' ;,$" ,-% $.-%$ "./" ".' '$"#0/"'& #01/2" -> / *+#-+ D#2"-,) -+ ".' ;(#+5 -> / 2-+",/2" '?1#,/<
"#-+ +-"#2' #$ 2-+$#$"'+"() (/,5' /+& $"/"#$"#2/(() $#5+#;2/+" /2,-$$ $1'2#;2/"#-+$7 9.' $#01(' &#>>','+2' #+
^-(*0+ E8I #$ /4-*" S7AA /+& #$ /4-*" S78R #+ ".' >*(( $1'2#;2/"#-+ #+ ^-(*0+ E8SI7 F) 2-+",/$"= ".' $'2-+&
/+& ".#,& ,-%$ E1,-&*2"#-+ .-*,$= -*"1*"I ,'1-,"$ '$"#0/"'$ "./" /,' 0*2. 0-,' $'+$#"#D' "- ".' 2.-#2' ->
>*+2"#-+/( >-,07 9.') #((*$",/"' ".' &/+5', #+ ,'()#+5 -+ -+' 1/,"#2*(/, $1'2#;2/"#-+= /+& ".' 4'+';" >,-0
$.-%#+5 / (/,5', +*04', -> $1'2#;2/"#-+$ /+& ,'1-,"#+5 5,/1.#2/(() ".' 0'/+$ >-, '/2. D-"' $./,' 2/"'5-,)=
/$ #+ W#5*,'$ m!!!<p7 W-, '?/01('= ".' 2-'>;2#'+" -+ ".' *+#-+ D#2"-,) #+ ".' .-*,$ ']*/"#-+ #$ <S7AS /+& #$
$"/"#$"#2/(() $#5+#;2/+" #+ ".' ]*/&,/"#2 $1'2#;2/"#-+7 O+ ".' -".', ./+&= /&&#+5 / 2*4#2 "',0 2./+5'$ ".'
2-'>;2#'+" "- S7SRP %#". / $"/+&/,& ',,-, -> S7SR7 9./" '$"#0/"'$ -> ".' &#$2-+"#+*#") 5/1 2-*(& 4' $- $'+$#<
"#D' "- >*+2"#-+/( >-,0 0/) +-" 4' $*,1,#$#+5= 5#D'+ ".' $#5+#;2/+" 2*,D/"*,' -> ".' >*+2"#-+= /$ #((*$",/"'&
#+ W#5*,' m!!!47
c' >/D-, ".' $1'2#;2/"#-+$ #+ ^-(*0+$ E_I < E8SI : 1/,"#2*(/,() >-, ".' $'2-+& /+& ".#,& ,-%$ :
4'2/*$' ".',' #$ 0*2. ('$$ 2*,D/"*,' #+ ".' >*+2"#-+$ >-, ".' a&'<0'/+'&b D/,#/4('$= /$ /11/,'+" #+ W#5*,'$
m!!!4 /+& !p/7 9.' 1-#+" '$"#0/"'$ >-, 1,-&*2"#-+ .-*,$ ,/+5' >,-0 <S7SAH "- S7SARh ".' 0-$" 1,'2#$'
'$"#0/"' E^-(*0+ 8SI #01(#'$ "./" / R 1',2'+" &'2(#+' #+ .-*,$ 2/+ 4' $"/"#$"#2/(() ,*('& -*"7 W-, -*"1*"=
".' '$"#0/"'$ ,/+5' >,-0 <S7SHJ "- S7S88 %#". ".' 0-$" 1,'2#$' '$"#0/"' ,*(#+5 -*" / 8S 1',2'+" +'5/"#D'
AQ
#01/2"7
W-, -*"1*"d.-*, : -*, 0'/$*,' -> a1,-&*2"#D#")b : ".' '$"#0/"'$ /,' ,'(/"#D'() 0-,' $"/4(' /2,-$$
$1'2#;2/"#-+$= /+& ".' '$"#0/"'$ #+ ^-(*0+$ E_I "- E8SI /,' /($- 0-,' 1,'2#$'7 g-#+" '$"#0/"'$ ,/+5' >,-0
/ #01/2" -> <S7S8P "- <S7S8G %#". / $"/+&/,& ',,-, -> S7SJP7 9.' ,'$*("$ /,' $-0'%./" ('$$ 1,'2#$' >-,
/$$'"$d%-,@',= %#". '$"#0/"'$ ,/+5#+5 >,-0 <S78JQ "- <S7SAG= /(( $"/"#$"#2/(() #+$#5+#;2/+"7
9.' (/$" ,-% -> 9/4(' !! $.-%$ "./" ".' '$"#0/"'& %/5' '>>'2"$ /,' $0/((= %#". ,'(/"#D'() $0/((
$"/+&/,& ',,-,$7 !+ >/2"= /(( 4*" -+' -> ".' '$"#0/"'$ /,' +'5/"#D'7 K0-+5 ^-(*0+$ E_I "- E8SI ".' '$"#0/"'$
,/+5' >,-0 <S7SAQ "- <S7S8Q7 ^-+$#$"'+" %#". ".' -D',/(( 1#2"*,' 1,'$'+"'& #+ W#5*,' p4= ".' 8P "- AS 1',2'+"
*+#-+ %/5' '>>'2" "./" #$ ")1#2/(() '$"#0/"'& >,-0 .-*$'.-(& $*,D') &/"/ #$ '/$#() $"/"#$"#2/(() ,'e'2"'& #+
".' VZB &/"/7 K0-+5 ".'$' '$"#0/"'$= ".' (/,5'$" 1-$#"#D' %/5' '>>'2" "./" #$ %#".#+ "%- $"/+&/,& ',,-,$ ->
".' 1-#+" '$"#0/"' #$ /4-*" S7S8H7
R@L I3$*74$.3 C&% H*CC.%.#$ ,*7. V&%*DT >(WG9&9(54$*T 4#' U($)&7.3
W,''0/+ Y f('#+', E8GGSI +-"' "./" /$ >/, 4/2@ /$ B-*5(/$ E8GJSI #" ./$ 4''+ 2-+e'2"*,'& "./" *+#-+ %/5'
'>>'2"$ %',' 0-$" (#@'() "- 4' >-*+& #+ ;,$" 2-+",/2"$ "./+ &*,#+5 ".' a(/"', /+& 0-,' 0/"*,' )'/,$ ->
*+#-+ &'D'(-10'+"b7 c' '?1(-,' ".#$ #+ 9/4(' !!!7 M$#+5 ".' >*(( $1'2#;2/"#-+ #+ ^-(*0+ E8SI= ".' "/4('
,'1-,"$ ".' '$"#0/"'$ >-, &#>>','+" "#0' .-,#C-+$ >-((-%#+5 ".' '('2"#-+7 ^-(*0+$ E8I= EAI= /+& EJI -+()
#+2(*&' '$"/4(#$.0'+"<)'/, -4$',D/"#-+$ "./" /,' S<J )'/,$= H<_ )'/,$= /+& R -, 0-,' )'/,$ />"', ".' '('2"#-+=
,'$1'2"#D'()7HS W-, ".' -4$',D/"#-+ -> / 2-+",/2" '?1#,/"#-+ +-"#2'= ".' '>>'2" #$ S7S__ #+ ".' S<J )'/, 1',#-&
: %.#2. #$ "- 4' '?1'2"'& $#+2' / 2-+",/2" ('$$ (#@'() "- '?1#,' %#".#+ ".' ;,$" ".,'' )'/,$ >-((-%#+5 ".'
'('2"#-+7 9.' '$"#0/"' ,#$'$ $./,1() "- S7JS_ >-, )'/, H "- _= /$ $.-%+ #+ ^-(*0+ EAI7
9.' $'2-+& ".,-*5. ;>". ,-%$ $.-% ,'$*("$ $#0#(/, "- ".-$' #+ 9/4(' !!!= >-, '/2. "#0' 1',#-&3 $0/((=
1-$#"#D'= /+& $"/"#$"#2/(() #+$#5+#;2/+" #01/2"$ -+ .-*,$ /+& -*"1*"= /+& $0/((= +'5/"#D'= /+& $"/"#$"#2/(() #+<
$#5+#;2/+" #01/2"$ -+ -*"1*"d.-*, -, /$$'"$d%-,@',7 9.' 1-#+" '$"#0/"'$ /,' ,'(/"#D'() $"/4(' /2,-$$ &#>>','+"
"#0' .-,#C-+$7
W#+/(()= ".' %/5' '>>'2"$ /,' /($- ,'(/"#D'() $"/4('7 H "- _ )'/,$ />"', ".' '('2"#-+= ".' *+#-+#C/"#-+
#01/2" #$ '$"#0/"'& "- 4' <S7SAP %#". / $"/+&/,& ',,-, -> S7SA87 K>"', R )'/,$= ".' '$"#0/"'& #01/2" #$ <S7SSP
%#". / $"/+&/,& ',,-, -> S7SAR7 K5/#+= '>>'2"$ -> 8P<AS 1',2'+" 2/+ 4' ,'e'2"'&= /+& ".' (/,5'$" 1-$#"#D' %/5'
$* g,'<'('2"#-+ -4$',D/"#-+$ /,' @'1" >-, 2-+$",*2"#+5 ".' a1,'<'('2"#-+ 0'/+k7
A_
'>>'2"$ "./" /,' %#".#+ "%- $"/+&/,& ',,-,$ -> ".' 1-#+" '$"#0/"'$ /,' S7S8_ #+ )'/,$ S "- J= S7S8_ #+ )'/,$ H<_
/+& S7SP8 #+ )'/, R -, (/"',7
9/4(' !m ,'1-,"$ /+ /+/()$#$ -> ".' #01/2"$ 4) &#>>','+" $*4<1-1*(/"#-+$7 c' &- ".#$ "- #+D'$"#5/"'
%.'".', -, +-" -*, ,'$*("$ #+ ".' /55,'5/"' /,' 0/$@#+5 #01-,"/+" '>>'2"$ "./" D/,) 4) #01-,"/+" -4$',D/4('
�'+$#-+$7 W-, ,'>','+2'= ^-(*0+ E8I ,'1'/"$ ".' '$"#0/"'$ >,-0 ^-(*0+ E8SI #+ 9/4(' !!7 !+ ^-(*0+$ EAI
/+& EJI %' $1(#" ".' $/01(' 4) ".' +*04', -> D-"'$ 2/$"7 9.' '>>'2"$ >-, 1(/+"$ %#". 5,'/"', "./+ _P D-"',$
/,' 0-,' 1-$#"#D' : >-, /(( -*"2-0'$ '?2'1" /$$'"$d%-,@', : 4*" ".') /,' +-" $"/"#$"#2/(() &#>>','+" >,-0 ".-$'
>-, ".' $0/((', 1(/+"$7
K$ +-"'& #+ K11'+&#? 9/4(' != ".' VZB '$"#0/"#-+ $/01(' #$ ,'$",#2"'& $- "./" ".' ,/"#- -> '(#5#4('
D-"',$ E/$ 0'/$*,'& >,-0 ".' `VZFI "- ".' +*04', -> 1,-&*2"#-+ %-,@',$ E>,-0 ".' VZBI #$ 5,'/"', "./+
S7P7 c.'+ ".' />>'2"'& 4/,5/#+#+5 *+#" #$ $0/(( ,'(/"#D' "- ".' +*04', -> 1,-&*2"#-+ %-,@',$= #" #$ +/"*,/( "-
'?1'2" ".' #01/2" -+ 1,-&*2"#-+ .-*,$ /+& %/5'$ "- 4' $0/((7 9.*$= ".#$ ,'$",#2"#-+ 0/@'$ #" 0-,' (#@'() "-
&'"'2" /+ '>>'2"7 ^-(*0+$ EHI /+& EPI '?1(-,' ".#$ #$$*' >*,".',7 !+ ^-(*0+ EHI ".' ,/"#- #$ ,'(/"#D'() 2(-$'
"- -+' E" -1!,/"#-"" # 8*2#I= /+& #+ ^-(*0+ EPI ".' ,/"#- #$ >/,".', /%/) >,-0 -+' E" -1!,/"#-"" & $8*2#I7 !> /(/,5' /4$-(*"' ,/"#- #$ &*' "- 1*,' 0#$<0/"2.#+5 -> ".' -4$',D/"#-+$ /2,-$$ &/"/$'"$= -+' %-*(& '?1'2" ".'
'>>'2"$ "- 4' 2(-$', "- C',- #+ ^-(*0+ EPI7 9- ".' 2-+",/,)= ".' 1-#+" '$"#0/"'$ >-, '01(-)0'+" /+& -*"1*"
/,' 0-,' 1-$#"#D' #+ ^-(*0+ EPI= /(".-*5. +-" $"/"#$"#2/(() $#5+#;2/+"7
!+ ^-(*0+$ EQI /+& E_I ".' $/01(' #$ $",/"#;'& 4) %.'".', ".' `VZF /+& VZB $",''" /&&,'$$ $",#+5$
'?/2"() 0/"2.'&7 9- ".' '?"'+" "./" -*, 0/"2.#+5 /(5-,#".0 : %.#2. /""'01"$ "- 0/"2. +/0'$ /+& /&&,'$$'$
'D'+ %.'+ ".' $",#+5$ >,-0 ".' &/"/4/$'$ /,' +-" '?/2"() ".' $/0' : 5'+',/"'$ >/($' 1-$#"#D' 0/"2.'$= ",*'
+'5/"#D' #01/2"$ -+ .-*,$ /+& -*"1*"= -, ",*' 1-$#"#D' #01/2"$ -+ %/5'$= 2-*(& 4' /""'+*/"'& "-%/,&$ C',-7
9- ".' 2-+",/,)= .-%'D',= '$"#0/"'$ /,' 0-,' 1-$#"#D' >-, .-*,$ /+& -*"1*"= /+& 0-,' +'5/"#D' >-, %/5'$
#+ ^-(*0+ EQI= 2-01/,'& "- ^-(*0+ E_I7 \-,' &#,'2" 'D#&'+2' -+ ".' ]*/(#") -> ".' 0/"2. 4'"%''+ ".'
`VZF /+& VZB #$ 1,-D#&'& #+ K11'+&#? 9/4(' !!!7 Z'5,'$$#-+$ -> (+E1,-&*2"#-+ %-,@',$I >,-0 ".' VZB
-+ (+E'(#5#4(' D-"',$I >,-0 ".' `VZF )#'(& $(-1' 2-'>;2#'+"$ -> /4-*" S7GP "- S7GR %#". $"/+&/,& ',,-,$ ->
/4-*" S7S8_= %#". +- #01-,"/+" &#>>','+2' 4'"%''+ ".' 1(/+"$ "./" &#& -, &#& +-" '?/2"() 0/"2. "- /+ `VZF
,'2-,& -+ ".' 4/$#$ -> ".' $",''" /&&,'$$7
W#+/(()= #+ ^-(*0+$ ERI /+& EGI ".' 1(/+"$ /,' &#D#&'& #+"- a.#5.<%/5'b /+& a(-%<%/5'b #+&*$<
AR
",#'$7H8 9.',' #$ / (/,5' &#>>','+2' #+ '$"#0/"'$ >-, /$$'"$d%-,@',= 4*" #" #$ +-" $"/"#$"#2/(() &#>>','+" >,-0
C',- /" 2-+D'+"#-+/( ('D'($= 5#D'+ ".' $/01(#+5 D/,#/4#(#")7 9.',' &- +-" /11'/, "- 4' #01-,"/+" &#>>','+2'$
>-, ".' -".', -*"2-0'$7
K$ / ;+/( ,-4*$"+'$$ 2.'2@= %' '$"#0/"'& '>>'2"$ >-, &#>>','+" 0'/$*,'$ -> (/4-, a#+1*"$b E"-"/( '0<
1(-)0'+"= +-+<1,-&*2"#-+ '01(-)0'+"I= a-*"1*"$b E/22-*+"#+5 >-, 2./+5'$ #+ #+D'+"-,#'$I= a1,-&*2"#D#")b
E&#>>','+" ,/"#-$ -> -*"1*"$ "- #+1*"$I= a2/1#"/(d(/4-,b E&#>>','+" '01(-)0'+" 0'/$*,'$ /$ &'+-0#+/"-,I= /+&
a%/5'$b E/++*/( '/,+#+5$ >-, /(( %-,@',$= +-+<1,-&*2"#-+ %-,@',$= #+2(*&#+5 $*11('0'+"/,) (/4-, 2-$"$I7
M$#+5 ".' $1'2#;2/"#-+ #+ ^-(*0+ E8SI >,-0 9/4(' !!= ".'$' '$"#0/"'$ /,' ,'1-,"'& #+ K11'+&#? 9/4(' !m7
9.' "/4(' $.-%$ "./" >-, '/2. 4,-/& 2/"'5-,)= ".' '$"#0/"'$ /,' $"/4(' /2,-$$ &#>>','+" &';+#"#-+$ -> ".'
-*"2-0'7
R@R ,-%.4$ ICC.)$3 4#' H.G/#*&#*D4$*&# ICC.)$3
W#5*,' p!/ ,'1-,"$ '$"#0/"'$ -> ".' '>>'2" -+ %/5'$ &*' "- / a".,'/" '>>'2"b : &'+-"'& 4) !" !" "!!! !" "#+ N'2"#-+ J7 !" 1(-"$ ".' '$"#0/"'& 2-'>;2#'+"$ ,& >,-0 n]*/"#-+ J= %.#2. ,'1,'$'+"$ ".' '>>'2" -> /+ '('2"#-+
"/@#+5 1(/2' /" /+ '$"/4(#$.0'+" -+ %/5'$= %.#(' @''1#+5 ".' +-+<*+#-+ $"/"*$ 2-+$"/+"7 9./" #$= W#5*,' p!/
*$'$ -+() '$"/4(#$.0'+"$ %.',' ".' *+#-+ *("#0/"'() (-$" ".' 2',"#;2/"#-+ '('2"#-+= /+& 1(-"$ ".' ('D'( ->
%/5'$ #+ )'/,$ 1,'2'&#+5 /+& >-((-%#+5 ".' '('2"#-+ : #+2(*&#+5 1(/+" ;?'& '>>'2"$= /+& 2/('+&/, )'/,
'>>'2"$7 n/2. a)'/,<,'(/"#D'<"-<'('2"#-+b 2-'>;2#'+" #$ ,'1-,"'& ,'(/"#D' "- )'/, S= ".' )'/, -> ".' '('2"#-+=
/+& ".' *11', /+& (-%', GPl 2-+;&'+2' 4-*+&$ /,' 1(-""'& /$ %'((7
9.' ;5*,' $.-%$ "./" %/5'$ /,' ,'(/"#D'() $"/4(' #+ ".' _ )'/,$ ('/&#+5 *1 "- ".' '('2"#-+7 9.')
>/(( 4) ('$$ "./+ J 1',2'+" #+ "./" _<)'/, 1,'<'('2"#-+ 1',#-&7 9.' ,'(/"#D' $"/4#(#") -> ".' %/5'$ 4'>-,'
".' '('2"#-+ 1,-D#&' $*11-," >-, ".#$ a'D'+"<$"*&)b &'$#5+7 c/5'$ /,' /($- ,'(/"#D'() $"/4(' >-, *1 "- 88
)'/,$ />"', ".' '('2"#-+= %#". 1-#+" '$"#0/"'$ -> %/5' 5,-%". #+ ".' 1-$"<'('2"#-+ 1',#-& ,/+5#+5 >,-0 S "- A
1',2'+" -D', ".' '+"#,' 1',#-&7 K J 1',2'+" %/5' #+2,'/$' 4) )'/, J 2/+ 4' $"/"#$"#2/(() ,'e'2"'&7
W-, 2-01('"'+'$$= %' #+2(*&' W#5*,' p!4= ".' /+/(-5-*$ 1#2"*,' "./" ,'$",#2"$ ".' $/01(' "- ".-$'
1(/+"$ %.',' ".' *+#-+ (-$" %#". / D-"' $./,' 4'"%''+ JS /+& PS 1',2'+"7 9.' 1-#+" '$"#0/"'$ : "'+&#+5
$! \-,' $1'2#;2/(()= 'D',) '$"/4(#$.0'+" %/$ /$$#5+'& ".' 0'/+ (+E1,-&*2"#-+ %/5'= ASSS &-((/,$I -> #"$ #+&*$",)7 9.'+ ".'#+&*$",#'$ %',' 2/"'5-,#C'& #+"- a.#5.b -, a(-%b 5,-*1$ 4/$'& -+ %.'".', ".' 0'/+ (+E%/5'I %/$ 5,'/"', -, ('$$ "./+ ".' 0'&#/+a/$$#5+'&k %/5' #+ ".' $/01('7
AG
"- 2'+"', /,-*+& C',- ".,-*5.-*" ".' 1-$"<'('2"#-+ 1',#-& : #+/"' "./" %/5'$ &- +-" ,#$' $#5+#;2/+"()
>-((-%#+5 /+ '('2"#-+7 B*' "- ".' $0/((', $/01(' $#C'= ".' 2-+;&'+2' #+"',D/($ /,' $(#5."() %#&',= /(".-*5.
#" #$ $"#(( ",*' "./" / J7P 1',2'+" %/5' #+2,'/$' />"', J )'/,$ 2/+ 4' ,*('& -*" /" 2-+D'+"#-+/( ('D'($ ->
$#5+#;2/+2'7 `-"'= ;+/(()= "./" ".',' #$ $-0' 'D#&'+2' -> / &'2(#+' #+ %/5'$ 1,#-, "- ".' '('2"#-+= $*55'$"#+5
"./" ".#$ 1/,"#2*(/, a4'>-,'</>"',b &'$#5+ 0/) 4' ('$$ /11,-1,#/"' >-, ".' $*4<$/01(' -> 2(-$' '('2"#-+$=
2-01/,'& "- ".' -D',/(( $/01(' -> *+#-+ (-$$'$= /$ #+ W#5*,' p!/7
9.' /+/()$#$ ".*$ >/, ./$ 1,#0/,#() >-2*$'& -+ 2',"#;2/"#-+ '('2"#-+$ : ".' 0-$" 2-00-+ 2/$' #+
%.#2. / %-,@1(/2' 2./+5'$ #"$ *+#-+ $"/"*$7 9.' -".', 1-$$#4#(#") #$ %.'+ / *+#-+ (-$'$ #+ / &'<2',"#;2/"#-+
'('2"#-+7 9.',' /,' #01-,"/+" &#>>','+2'$ #+ ".' #+"',1,'"/"#-+ -> ".' '>>'2"$ >,-0 '/2. -> ".'$' &#$"#+2"
'D'+"$7 M+#-+ D#2"-,#'$ #+ 2',"#;2/"#-+ '('2"#-+$ 2('/,() ,'1,'$'+" a+'%b *+#-+#C/"#-+= %.#(' *+#-+ &'>'/"$
#+ &'<2',"#;2/"#-+ '('2"#-+$ ,'1,'$'+" ".' '(#0#+/"#-+ -> *+#-+#C/"#-+ "./" 2-*(& ./D' -22*,,'& 0/+) )'/,$
/5-7 K($-= 4'2/*$' &'<2',"#;2/"#-+$ /,' ('$$ 2-00-+= ".' '$"#0/"'$ >,-0 ".'$' 2/$'$ %#(( +'2'$$/,#() 4'
('$$ 1,'2#$'7 `'D',".'('$$= >-, 2-01('"'+'$$= %' ,'1-," ".' &'<2',"#;2/"#-+ ZB '$"#0/"'$ #+ W#5*,'$ !m /+&
m E,'1,'$'+"'& 4) ".' $-(#& 2#,2('$I >-, ".' !+>-MNK &/"/ /+& K11'+&#? 9/4('$ m= m!= /+& m!! >-, ".' VZB
&/"/7 OD',/((= ".') $.-% $#0#(/, ,'$*("$ >-, '01(-)0'+"= 2/1#"/(d%-,@',= /+& %/5'$ %#". 1-#+" '$"#0/"'$
4'#+5 ('$$ "./+ _ 1',2'+" #+ /4$-(*"' D/(*'7 9.' 0/#+ &#>>','+2' #$ "./" >-, ".' VZB &/"/= ".' 1-#+" '$"#0/"'$
/,' 0*2. (/,5', #+ 0/5+#"*&' >-, -*"1*"= /+& 2-+$']*'+"() -*"1*"d.-*,3 ".') ,/+5' >,-0 +'5/"#D' 8P "- AP
1',2'+"7 9.' $"/+&/,& ',,-,$ >-, /(( -> ".'$' '$"#0/"'& '>>'2"$ /,' $*4$"/+"#/(() (/,5',= /+& ".*$ 4-". (/,5'
/+& $0/(( #01/2"$ 2/++-" 4' $"/"#$"#2/(() ,'e'2"'& >-, 0/+) -> ".' -*"2-0'$7
X "#$.%9%.$4$*&# 4#' 0.54$*&# $& 2%.J*&(3 N*$.%4$(%.
!+ ".#$ $'2"#-+= %' &#$2*$$ ".' #+"',1,'"/"#-+ -> -*, ;D' 1,#+2#1/( ;+&#+5$7 W#,$"= %' 2-+2(*&' >,-0
W#5*,'$ !!!/ /+& !!!4= "./" ".' #01/2" -> %#++#+5 / a2(-$'b '('2"#-+ -+ *+#-+ ,'2-5+#"#-+ #$ #00'&#/"' /+&
(/$"#+5= /+& "./" *+#-+#C/"#-+ 2/*$'$ /+ '01(-)', "- ,'$1-+& #+ /" ('/$" -+' %/) : 4) ,/#$#+5 ".' 1,-4/4#(#")
-> ,'/2.#+5 / 2-(('2"#D' 4/,5/#+#+5 /5,''0'+" %#". ".' *+#-+7 9./" ".' ",'/"0'+" -> *+#-+#C/"#-+ #$ (/$"#+5=
'D'+ /" ".' PS 1',2'+" D-"' $./,' ".,'$.-(& #$ 1',./1$ +-" $*,1,#$#+57 K>"', /((= 4) (/%= #> / *+#-+ (-$'$ /
,'1,'$'+"/"#-+ '('2"#-+= /+ a'('2"#-+ 4/,b 1,-.#4#"$ /+ '('2"#-+ >-, /" ('/$" / )'/, *+&', `VZF ,*('$ #> ".'
*+#-+ (-$'$7 B*,#+5 ".#$ #+"',0'&#/"' 1',#-&= ".' %-,@',$ 0. (.) '+e-) ".' ,#5."$ 1,-D#&'& 4) ".' `VZK "-
JS
*+#-+#C'& %-,@',$h ".' '01(-)', ./$ 2-+$#&',/4(' (''%/) "- ,'2,*#" %-,@',$ %.- 2/+ 4' '?1'2"'& "- ./D'
('$$ $)01/".) %#". ".' *+#-+#C/"#-+ /""'01"7
N'2-+&= "%- #+&'1'+&'+" &/"/ $'"$ E!+>-MNK /+& VZBI $*55'$" "./" ".' #01/2" -> *+#-+#C/"#-+ -+
'01(-)', $*,D#D/( : ".' a'?"'+$#D' 0/,5#+b -> '01(-)0'+" : #$ $0/((7 g-#+" '$"#0/"'$ /,' 2(-$' "- C',- /+&
$"/"#$"#2/(() #+$#5+#;2/+"7 !" #$ 1-$$#4(' "./" ".' '>>'2"$ /,'= >-, '?/01('= +'5/"#D' S7SH -+ / 0'/+ $*,D#D/(
,/"' -> S7HS= 4*" "./" %' /,' *+/4(' "- $"/"#$"#2/(() &'"'2" $*2. / 0/5+#"*&'7 9.#$ #+"',1,'"/"#-+ %-*(&
4' 1/,"#2*(/,() 1(/*$#4(' #> %' >-*+& $*4$"/+"#/( *+#-+ '>>'2"$ -+ ".' a#+"'+$#D' 0/,5#+b -> '01(-)0'+"7
!+&''&= #" %-*(& 4' $-0'%./" 1*CC(#+5 "- ;+& (/,5' #01/2"$ -+ '01(-)0'+" %#". +- #01/2"$ -+ '01(-)',
$*,D#D/(7 O*, 0-$" 1,'2#$' '$"#0/"'$ E>,-0 ".' VZB &/"/I= .-%'D',= 2/+ ,*(' -*" +'5/"#D' '01(-)0'+"
'>>'2"$ -> R 1',2'+" -, (/,5',7
9.#,&= ".' "%- &/"/ $'"$ )#'(& $0/(( 1-#+" '$"#0/"'$ -> ".' #01/2"$ -+ '01(-)0'+" E%-,@',$ -,
.-*,$I= -*"1*"= /+& 0'/$*,'$ -> 1,-&*2"#D#")7 W,-0 ".' !+>-MNK &/"/= '$"#0/"'$ -> ".' #01/2" -+ '01(-)<
0'+"= -*"1*"= /+& -*"1*"d%-,@', ,/+5' >,-0 1-$#"#D' J 1',2'+" "- +'5/"#D' R 1',2'+"7 W-, ".' VZB &/"/=
1-#+" '$"#0/"'$ ,/+5' >,-0 1-$#"#D' J 1',2'+" "- +'5/"#D' A 1',2'+"7 9.',' /,' "%- 1(/*$#4(' #+"',1,'"/"#-+$
-> ".'$' ,'$*("$7 O+ ".' -+' ./+&= *+#-+#C/"#-+ 0/) #+&*2' / 0-&',/"' '01(-)0'+" '>>'2"= 4*" $/01(#+5
D/,#/4#(#") #+ ".' '$"#0/"'$ 1,'D'+"$ *$ >,-0 &'"'2"#+5 $*2. 0/5+#"*&'$7 W-, '?/01(' : 'D'+ #> -*, 1-#+"
'$"#0/"' >-, ".' '>>'2" -+ .-*,$ #$ 1-$#"#D' S7SAR : %' 2-*(& +-" $"/"#$"#2/(() ,'e'2" / Q 1',2'+" +'5/"#D'
,'$1-+$' "- *+#-+#C/"#-+7 9.#$ #$ '/$#() 2-+$#$"'+" %#". / 8P<AS 1',2'+" *+#-+ %/5' '>>'2" /+& / S7JJ "-
S7H (/4-, &'0/+& '(/$"#2#")7HA O+ ".' -".', ./+&= ".' #01/2" -+ '01(-)0'+" 0/) /2"*/(() 4' $-0'%./"
$0/((', "./+ Q 1',2'+"= 1-"'+"#/(() 4'2/*$' *+#-+#C/"#-+ 0/) +-" ('/& "- / 8P<AS 1',2'+" %/5' #+2,'/$' #+
".' ;,$" 1(/2'7 W-, '?/01('= / P 1',2'+" %/5' #+2,'/$'= %#". / S7JJ "- S7H (/4-, &'0/+& '(/$"#2#") %-*(&
('/& "- / ,'&*2"#-+ #+ '01(-)0'+" -> /4-*" A 1',2'+"= %.#2. #$ /($- 2-+$#$"'+" %#". ".' 1-#+" '$"#0/"'$ >-,
'01(-)0'+"7
c' >/D-, ".' (/""', #+"',1,'"/"#-+ #+ (#5." -> -*, >-*,".= /+& 1-"'+"#/(() 0-$" #01-,"/+"= ;+&#+53
D',) $0/(( %/5' '>>'2"$= %#". '$"#0/"'$ 1,'2#$' '+-*5. "- $"/"#$"#2/(() ,*(' -*" 4-". A 1',2'+" %/5' '>>'2"$
>-, *1 "- _ )'/,$ >-((-%#+5 ".' '('2"#-+= /$ %'(( /$ Q 1',2'+" %/5' '>>'2"$ ".','/>"',7 nD'+ #> -+' #5+-,'$
".' 1-$$#4#(#") "./" %-,@',$ 2-*(& 5/#+ 4/,5/#+#+5 1-%', ".,-*5. *+#-+ ,'2-5+#"#-+ 'D'+ %#".-*" / 2-+",/2"=
/+& #+X/"'$ ".' '$"#0/"'$ 4) )9$8## : S7PP 4'#+5 /+ '$"#0/"' -> ".' >,/2"#-+ -> ".' `VZF 2',"#;2/"#-+$ "./"$" 9.#$ %-*(& 4' /$$*0#+5 "./" ".' -+() #01/2" -> *+#-+#C/"#-+ -+ '01(-)0'+" -22*,$ ".,-*5. ,/#$#+5 ".' %/5'7
J8
,'$*(" #+ /+ #+#"#/( 2-+",/2"HJ : #" #$ $"#(( ",*' "./" / H 1',2'+" %/5' '>>'2" 2/+ 4' $"/"#$"#2/(() ,*('& -*" %#".#+
_ )'/,$ />"', ".' '('2"#-+7HH
W#+/(()= %' ;+& (#""(' 'D#&'+2' "./" %-,@',$ 4'+';" >,-0 #+2,'/$'& %/5'$ %.'+ /+ '01(-)', >/2'$
/+ #+2,'/$'& ,#$@ -> *+#-+#C/"#-+7 W-2*$#+5 -+ 2/$'$ %.',' %' @+-% $* 6.,) "./" ".' *+#-+ (-$'$ ".' '('2"#-+=
/>"', /22-*+"#+5 >-, 1',0/+'+" .'"',-5'+'#") #+ %/5'$ /2,-$$ '01(-)',$= /+& )'/, '>>'2"$= ".',' /11'/,$ "-
4' (#""(' 2./+5' #+ %/5'$ #+ ".' )'/,$ ('/&#+5 *1 "- /+& >-((-%#+5 / 2',"#;2/"#-+ '('2"#-+7 c.#(' %' &''0
".'$' a".,'/" '>>'2"b '$"#0/"'$ "- 4' ('$$ ,'(#/4(' "./+ -*, '$"#0/"'$ -> ".' &#,'2" #01/2" -> *+#-+#C/"#-+= ".'
a'D'+"<$"*&)b $1'2#;2/"#-+ &-'$ 1/$$ ".' $1'2#;2/"#-+ "'$" -> ;+&#+5 +- #01/2" -> ".' '('2"#-+ -+ %/5'$
"./" /,' &'"',0#+'& $'D',/( )'/,$ 1,#-, "- ".' '('2"#-+ 'D'+"7
K(".-*5. -*, ,'$*("$ 0/) $''0 $*,1,#$#+5 #+ (#5." -> ".' (/,5' '01#,#2/( /+& ".'-,'"#2/( (#"',/"*,'
-+ *+#-+ a'>>'2"$b= ".',' /,' / +*04', -> $#01(' ,'/$-+$ >-, ".' &#>>','+2'$7 O+' ,'/$-+ >-, ".' &#$2,'1/+2)
#$ "./" ".' &/"/ %' '?/0#+' /,' >-, '01(-)',$ "./" $%#"2.'& >,-0 +-+<*+#-+ "- *+#-+ $"/"*$ &*,#+5 ".' 8GRH<
8GGG 1',#-&7 F) 2-+",/$"= '$"#0/"'$ -> *+#-+ %/5' 1,'0#*0 ")1#2/(() *"#(#C' &/"/ -+ ".' 2*,,'+" a$"-2@b ->
*+#-+ /+& +-+<*+#-+ '01(-)',$7 nD'+ #> ".' *+#-+ %/5' 1,'0#*0 %',' C',- >-, ,'2'+"() *+#-+#C'& ;,0$=
#" 0/) 4' /D',/5'& %#". *+#-+ %/5' 1,'0#*0$ >-, -(&',= 0-,'<'$"/4(#$.'& '01(-)',$ "./" %',' -,5/+#C'&
0/+) &'2/&'$ /5-7 K+-".', ,'/$-+ >-, ".' &#>>','+2' #$ "./" %' '?/0#+' '$"/4(#$.0'+"<('D'( &/"/= %.#('
0-$" *+#-+ %/5' $"*&#'$ '?/0#+' #+&#D#&*/( %-,@',<('D'( &/"/7 9.*$= $-0' 1/," -> ".' -4$',D'& 2,-$$<
$'2"#-+/( %/5' 5/1 #+ .-*$'.-(& $*,D') &/"/ 0/) 4' /"",#4*"/4(' "- 1(/+"<('D'( .'"',-5'+'#") #+ ".' ('D'( ->
%/5'$7 !+&''&= *$#+5 '$"/4(#$.0'+"<('D'( &/"/= W,''0/+ Y f('#+', E8GGSI /+& V/(-+&' '" /(7 E8GGQI '#".',
;+& %/5' '>>'2"$ 0*2. $0/((', "./+ ".' ")1#2/( 8P<AS 1',2'+" 1,'0#*0$ >-*+& #+ #+&#D#&*/(<('D'( &/"/= -,
+- '>>'2" /" /((7
K ;+/(= ,'(/"'& 1-$$#4#(#") #$ "./" ".' '?#$"#+5 (#"',/"*,' "./" #$ 4/$'& -+ .-*$'.-(& $*,D') &/"/ 0/)
4' #&'+"#>)#+5 / 2-+2'1"*/(() &#$"#+2" *+#-+ a",'/"0'+" '>>'2"b7 K$ T'2@0/+ E8GGSI= W,''0/+ Y f('#+',
E8GGSI /+& -".',$ ./D' -4$',D'&= ".' '01#,#2/( (#"',/"*,' -+ *+#-+ %/5' '>>'2"$ ./$ +-" /(%/)$ 4''+ 2('/, -+
1,'2#$'() -1!) '>>'2" #$ 4'#+5 '$"#0/"'&7 N"*&#'$ *$#+5 .-*$'.-(&<('D'( &/"/ %-*(& $''0 "- 4' /&&,'$$#+5
$# K22-,&#+5 "- W'&',/( \'&#/"#-+ /+& ^-+2#(#/"#-+ N',D#2' EASSJI= /+)%.',' 4'"%''+ PH7R /+& PR7J 1',2'+" -> `VZF 2',"#;<2/"#-+$ ,'$*(" #+ /+ /5,''0'+" 4'#+5 ,'/2.'& #+ / 5#D'+ ;$2/( )'/,7 9.#$ ,-*5.() /5,''$ %#". ".' PP 1',2'+" ;5*,' #+ ".' B*+(-1^-00#$$#-+ ,'1-," E8GGHI7$$ `-"' "./"= >-, ".#$ #+X/"'& '$"#0/"' "- ,'1,'$'+" ".' '>>'2" >-, ".#$ 1/,"#2*(/, $*4<1-1*(/"#-+ -> *+#-+$= #" #$ +'2'$$/,) "- /$$*0'"./" ".' 0/+&/"' "./" ,']*#,'$ '01(-)',$ "- 4/,5/#+ %#". ".' *+#-+ ./$ +- #01/2" -+ %/5'$ >-, ".-$' *+#-+$ %.- &- 'D'+"*/(() &-+-" $'2*,' / 2-+",/2"7 9- ".' '?"'+" "./" ".#$ #$ +-" ",*'= ".' 4(-%<*1 >/2"-, -> "#).** #$ "-- (/,5'7
JA
".' ]*'$"#-+ T-% 0*2. %-*(& / ,/+&-0()<2.-$'+ #+&#D#&*/( 5/#+ #$ 0-D'& >,-0 ".' +-+<*+#-+ $'2"-, "-
".' *+#-+ $'2"-,L !01(#2#" #+ ".#$ ]*'$"#-+ #$ ".' 1,'$*01"#-+ "./" ".' a,/+&-0()<2.-$'+b #+&#D#&*/( #$
0-D'& >,-0 / a,/+&-0()<2.-$'+b +-+<*+#-+ '01(-)', "- / a,/+&-0()<2.-$'+b *+#-+ '01(-)',7 !+ ".'
1,'$'+" /+/()$#$= %' /,' $",#D#+5 "- /+$%',= #+$"'/&= T-% 0*2. 0-,' &-'$ /+ '01(-)', ./D' "- 1/) #"$
%-,@',$ %.'+ #" 4'2-0'$ *+#-+#C'&L 9- ".' '?"'+" "./" *+#-+$ 2-*(& >-,0 /" .#5.<%/5' '01(-)',$= #" #$
]*#"' 1-$$#4(' "- '$"#0/"' / (/,5' *+#-+d+-+<*+#-+ %/5' 5/1 /" ".' ('D'( -> ".' #+&#D#&*/( %#".-*" '$"#0/"#+5
/ (/,5' 2/*$/( #01/2" -> *+#-+#C/"#-+ -+ %/5'$ /" ".' ('D'( -> ".' '01(-)',7
K$ >/, /$ ".'-,'"#2/( 0-&'($ -> ".' #01/2" -> *+#-+$ /,' 2-+2',+'&= ".',' #$ / (-+5 .#$"-,) *1-+
%.#2. "- &,/%7 9.' 0',' '?#$"'+2' -> / a*+#-+ %/5' 1,'0#*0b %/$ ".' $*4e'2" -> 2-+$#&',/4(' &'4/"' *+"#(
".' 8GQS$7 c,#"#+5 #+ 8GPS= \#("-+ W,#'&0/+ /,5*'& "./" aM+#-+$ 7 7 7 ./D' +-" ./& /+ '?",'0'() #01-,"/+"
'>>'2"= "- &/"'= -+ ".' $",*2"*,' -> %/5' ,/"'$b /,5*#+5 +()$# !%+! "./" #+ / 2-01'"#"#D' '2-+-0)= ".' (/4-,
&'0/+& '(/$"#2#") >/2#+5 (/4-, *+#-+$ %-*(& D#"#/"' /+) /""'01" -+ ".'#, 1/," "- ,/#$' %/5'$7
Y 6&#)5(3*&#
K$ '01./$#C'& /4-D'= 2-(('2"#D' 4/,5/#+#+5 1-%', #$ +-" -+() / >*+2"#-+ -> ".' ,#5."$ />>-,&'& "-
*+#-+#C'& %-,@',$ *+&', ".' `VZK7 !" #$ /($- / >*+2"#-+ -> ".' /0-*+" -> *+#-+ /2"#D#$0= $*11-,"= /+&
$-(#&/,#") /0-+5$" #"$ 0'04',$7 9.*$ -*, ,'$*("$ &- +-" +'2'$$/,#() #01() "./" *+#-+$ ./D' +- 1-"'+"#/(
"- $*4$"/+"#/(() ,/#$' %/5'$ >-, #"$ 0'04',$7 !+$"'/&= -*, /+/()$#$ $*55'$"$ "./" #+ ".') $#01() ./D' 4''+
('$$ "./+ $*22'$$>*( #+ &-#+5 $- #+ ,'2'+" )'/,$7 c' ./D' $*55'$"'& -+' ,'/$-+ >-, ".#$ : "./" *+#-+$ 0/)
4' $-0'%./" 2-+$",/#+'& ".' 2-01'"#"#D' 1,'$$*,'$ "./" ".'#, '01(-)', >/2'$ #+ ".' (/,5', (/4-, 0/,@'"7 !+
".' >*"*,'= ".' 4/(/+2' -> ".'$' D/,#-*$ >/2"-,$ 0/) 2./+5'3 '?#$"#+5 (/4-, (/%$ 0/) '#".', 4' 0-&#;'& -,
'+>-,2'& "- / 5,'/"', &'5,'' #+ >/D-, -> *+#-+$= -, %-,@', /""#"*&'$ "-%/,&$ *+#-+$ 0/) $.#>" "- '+2-*,/5'
/2"#D#$0 /+& $-(#&/,#")7 9.' /&D/+"/5' -> ".' ,'$'/,2. &'$#5+ '01(-)'& .',' #$ "./" $#+2' #" #$ / 4)1,-&*2" ->
".' %/) #+ %.#2. *+#-+$ /,' >-,0'& #+ ".' M+#"'& N"/"'$= /$ (-+5 /$ "./" $)$"'0 ,'0/#+$= ".',' %#(( /(%/)$
4' / %/) "- 1,-D#&' /+ *1<"-<&/"' ]*/$#<'?1',#0'+"/( /$$'$$0'+" -> ".' #01/2"$ -> *+#-+$ -+ '01(-)',$7
K" / 0#+#0*0= 4) 2/,'>*(() 2-+$#&',#+5 ".' 2-+2'1" -> / a2/*$/( '>>'2"b -> *+#-+#C/"#-+= ".#$ 1/1',
$*55'$"$ "./" #+>',,#+5 $*2. '>>'2"$ >,-0 %-,@',<('D'( &/"/$'"$ %#".-*" ;,0<('D'( #+>-,0/"#-+ 2/+ 4' 1,-4<
('0/"#27 9.#$ #$ 4'2/*$' ".' *+#-+#C/"#-+ "./" 2/+ />>'2" '01(-)''$ /+& '01(-)',$= -22*,$ /" ".' '$"/4(#$.<
JJ
0'+" ('D'(7 !+&''&= ".' '01(-)',<('D'( /+/()$#$ -+ %/5'$ 1,'$'+"'& .',' )#'(&$ '$"#0/"'$ "./" $*4$"/+"#/(()
&'1/," >,-0 ".-$' -4"/#+'& >,-0 ")1#2/( #+&#D#&*/(<('D'( &/"/7
!+ (#5." -> ".#$= ".',' /,' $'D',/( 1-"'+"#/( &#,'2"#-+$ >-, >*"*,' ,'$'/,2.7 W#,$"= $#+2' ".' %/5'
&/"/ %',' -+() /D/#(/4(' #+ ".' VZB= -*, '$"#0/"'$ -> ".' %/5' #01/2"$ /11() -+() "- ".' 0/+*>/2"*,#+5
$'2"-,7 K$ '01(-)',<('D'( &/"/$'"$ /,' 4'2-0#+5 #+2,'/$#+5() /D/#(/4(' "- ,'$'/,2.',$= #" %#(( 4' 1-$$#4('
"- '?/0#+' *+#-+ %/5' #01/2"$ #+ ".' $',D#2' $'2"-,7 N'2-+&= -*, /+/()$#$ >-2*$'$ -+ /D',/5' %/5'$=
4*" *+#-+$ 0/) ./D' / 0#+#0/( #01/2" -+ /D',/5' %/5'$= %.#(' $*4$"/+"#/(() />>'2"#+5 ".' &#$",#4*"#-+ ->
%/5'$7 9.' #01/2" -> *+#-+#C/"#-+ -+ ".' #+"',+/( %/5' $",*2"*,' %#".#+ ".' '$"/4(#$.0'+" 2/+ /($- 4'
$"*&#'&7 W#+/(()= ".',' /,' / +*04', -> +-+<%/5' /$1'2"$ -> e-4$ "./" 2/+ 4' />>'2"'& 4) ".' 1,'$$*,'$ ->
2-(('2"#D' 4/,5/#+#+5= #+2(*&#+5 ".' /&-1"#-+ -> 1/,"#2*(/, (/4-,<$/D#+5 1,-&*2"#-+ "'2.+-(-5#'$= ".' ,/"' ->
'01(-)0'+" "*,+-D',= /+& $/>'") #+ ".' %-,@1(/2'7 9.' ,'$'/,2. &'$#5+ '01(-)'& .',' $.-*(& 4' *$'>*( >-,
1*,$*#+5 ".'$' /D'+*'$ -> '01#,#2/( #+D'$"#5/"#-+7
JH
K4-%&= o7 \7 E8GRGI= q9.' '>>'2" -> %/5' 4/,5/#+$ -+ ".' $"-2@ 0/,@'" D/(*' -> ".' ;,06= 78$#+'!(9'.(.8+' :$2+$- YZEHI7
K2'0-5(*= B7= K5.#-+= g7 Y m#-(/+"'= U7 V7 EASS8I= qB'*+#-+#C/"#-+= "'2.+#2/( 2./+5'= /+& #+']*/(#")6=5!#($4+$;:.'1$,)$# 5.(3$#$('$ <$#+$, .( =/"%+' =.%+'& RR= AAG:AQH7
F(/+2.X-%',= B7 U7 Y F,)$-+= K7 EASSJI= c./" '>>'2" &- *+#-+$ ./D' -+ %/5'$ +-% /+& %-*(& q%./" &-*+#-+$ &-6 4' $*,1,#$'&L= c-,@#+5 g/1', GG_J= `/"#-+/( F*,'/* -> n2-+-0#2 Z'$'/,2.= ^/04,#&5'=\K7
F,-+/,$= N7 U7 Y B'','= B7 Z7 E8GGJI= qM+#-+ -,5/+#C#+5 /2"#D#")= ;,0 5,-%".= /+& ".' 4*$#+'$$ 2)2('6=78$#+'!( 9'.(.8+' :$2+$- [8= ASJ:AAS7
F,-+>'+4,'++',= f7 E8GGHI= n01(-)', 4'./D#-, #+ 2',"#;2/"#-+ '('2"#-+$ /+& ;,$" 2-+",/2"$3 !01(#2/"#-+$>-, (/4-, (/% ,'>-,0= +( N7 W,#'&0/+= Z7 T*,&= Z7 O$%/(& Y Z7 N''4',= '&$= qZ'$"-,#+5 ".' g,-0#$' ->K0',#2/+ V/4-, V/%6= !VZ g,'$$= !"./2/= `'% r-,@= 117 _P:RG7
^/014'((= B7 97 E8GQGI= qZ'>-,0$ /$ '?1',#0'+"$6= 78$#+'!( =,&'1.%.4+,) +LEHI= HSG:HAG7^-00#$$#-+ >-, V/4-, ^--1',/"#-+ E8GG_I= qg(/+" 2(-$#+5$ /+& (/4-, ,#5."$3 K ,'1-," "- ".' 2-*+2#( ->
0#+#$"',$ -+ ".' '>>'2"$ -> $*&&'+ 1(/+" 2(-$#+5$ -+ >,''&-0 -> /$$-2#/"#-+ /+& ".' ,#5." "- -,5/+#C' #+2/+/&/= 0'?#2-= /+& ".' *+#"'& $"/"'$67
^-00#$$#-+ -+ ".' W*"*,' -> c-,@',:\/+/5'0'+" Z'(/"#-+$ E8GGHI= qW/2" ;+&#+5 ,'1-,"6= M7N7 B'1/,"<0'+" -> V/4-,= M7N7 B'1/,"0'+" -> ^-00',2'= c/$.#+5"-+ B7^7
^-,+;'(&= B7 F7 E8GGGI= qN.#>"$ #+ 1*4(#2 /11,-D/( -> (/4-, *+#-+$ #+ ".' *+#"'& $"/"'$= 8GJQ:8GGG6= U*'$"N2.-(/, g-(( Z'D#'%7 !!!"#$%%&'"()*+')%%+#&,-./-(0)%$1+#-223234"$-'7
B#2@'+$= c7 97 Y V'-+/,&= o7 N7 E8GRPI= qK22-*+"#+5 >-, ".' &'2(#+' #+ *+#-+ 0'04',$.#1= 8GPS:8GRS6=>(0/,)#+!% !(0 ?!".# :$%!)+.(, :$2+$- 8[EJI= JAJ:JJH7
B-+-.*'= 97 E8GGSI= 9'$"#0-+) -> 9.-0/$ B-+-.*'= N'2,'"/,) 9,'/$*,', -> ".' KWV<^!O= +( qg,'D'+"#+5Z'1(/2'0'+" -> n2-+-0#2 N",#@',$ 8GGS3 T'/,#+5 -+ N'+/"' 88A F'>-,' ".' N*42-00#""'' -+ V/4-,-> ".' N'+/"' ^-00#""'' -+ V/4-, /+& T*0/+ Z'$-*,2'$= 8S8$" ^-+5,'$$= N'2-+& N'$$#-+67
B-*5(/$= g7 T7 E8GJSI= :$!% @!4$, +( )1$ A(+)$0 <)!)$,B CDEFGCEHI= T-*5."-+ \#>X#+= ^/04,#&5'= \/$$7W/,4',= T7 N7 E8GRGI= q9,'+&$ #+ %-,@', &'0/+& >-, *+#-+ ,'1,'$'+"/"#-+6= 78$#+'!( 9'.(.8+' :$2+$-
YZEAI7 g/1',$ /+& g,-2''&#+5$ -> ".' T*+&,'& /+& W#,$" K++*/( \''"#+5 -> ".' K0',#2/+ n2-+-0#2K$$-2#/"#-+7
W/,4',= T7 N7 EASS8I= qK22-*+"#+5 >-, ".' &'2(#+' -> *+#-+$ #+ ".' 1,#D/"' $'2"-,= 8G_J:8GGR6= J./#(!% .3?!".# :$,$!#'1 ++EJI7
W'&',/( \'&#/"#-+ /+& ^-+2#(#/"#-+ N',D#2' EASSJI= W#>")<$#?". /++*/( ,'1-,"= 9'2.+#2/( ,'1-,"7W,''0/+= Z7 F7 E8GRPI= c.) /,' *+#-+$ >/,#+5 1--,() #+ `VZF ,'1,'$'+"/"#-+ '('2"#-+$L= +( 97 f-2./+= '&7=
q^./(('+5'$ K+& ^.-#2'$ W/2#+5 K0',#2/+ V/4-,6= \!9 g,'$$= ^/04,#&5'7W,''0/+= Z7 F7 Y f('#+',= \7 E8GGSI= q9.' #01/2" -> +'% *+#-+#C/"#-+ -+ %/5'$ /+& %-,@#+5 2-+&#"#-+$6=
J./#(!% .3 ?!".# 9'.(.8+', [E8I= NR:NAP7W,''0/+= Z7 F7 Y f('#+',= \7 \7 E8GGGI= qB- *+#-+$ 0/@' '+"',1,#$'$ #+$-(D'+"6= >(0/,)#+!% !(0 ?!".#
:$%!)+.(, :$2+$- R+EHI= P8S:PA_7W,''0/+= Z7 F7 Y \'&->>= o7 V7 E8GRHI=@1!) K. A(+.(, K.L= F/$#2 F--@$= `'% r-,@7W,#'&0/+= \7 E8GPSI= N-0' 2-00'+"$ -+ ".' $#5+#;2/+2' -> (/4-, *+#-+$ >-, '2-+-0#2 1-(#2)= +( B7 \7
c,#5."= '&7= q9.' !01/2" -> ".' M+#-+3 n#5." n2-+-0#2 9.'-,#$"$ nD/(*/"' ".' V/4-, M+#-+ \-D'<0'+"6= T/,2-*,"= F,/2' /+& ^-01/+)= `'% r-,@7 !+$"#"*"' -+ ".' N",*2"*,' -> ".' V/4-, \/,@'"=K0',#2/+ M+#D',$#")= c/$.#+5"-+ B7^7
T/.+= o7= D/+ &', f(//*%= c7 Y 9-&&= g7 EASS8I= q!&'+"#;2/"#-+ /+& '$"#0/"#-+ -> ",'/"0'+" '>>'2"$ %#". /,'5,'$$#-+:&#$2-+"#+*#") &'$#5+6= 9'.(.8$)#+'! XZE8I= AS8:ASG7
T'2@0/+= o7 E8G_RI= qB*00) '+&-5'+-*$ D/,#/4('$ #+ / $#0*("/+'-*$ ']*/"#-+ $)$"'06= 9'.(.8$)#+'!
JP
LX= GJ8:GQS7T'2@0/+= o7 E8GGSI= qm/,#'"#'$ -> $'('2"#-+ 4#/$6= 78$#+'!( 9'.(.8+' :$2+$- [\= J8J:J8R7T#,$2.= F7 97 EASSHI= c./" &- *+#-+$ &- >-, '2-+-0#2 1',>-,0/+2'L= +( o7 97 F'++'"" Y F7 n7 f/*>0/+=
'&$= qc./" B- M+#-+$ B-L 9.' nD#&'+2' 9%'+") r'/,$ V/"',6= 2./1"', Q7T#,$2.= F7 97 Y N2.*0/2.',= n7 o7 E8GGRI= qM+#-+$= %/5'$= /+& $@#(($6= J./#(!% .3 M/8!( :$,./#'$,
88E8I= AS8:A8G7T*0/+ Z#5."$ c/"2. EASSSI= qM+>/#, /&D/+"/5'3 9.' >,''&-0 -> /$$-2#/"#-+ #+ ".' *+#"'& $"/"'$ *+&',
#+"',+/"#-+/( .*0/+ ,#5."$ $"/+&/,&$67o/2-4$-+= V7= V/V-+&'= Z7 Y N*((#D/+= B7 E8GGJI= qn/,+#+5$ (-$$'$ -> &#$1(/2'& %-,@',$6= 78$#+'!( 9'.;
(.8+' :$2+$- [8EHI= QRP:_SG7f/"C= V7 W7 Y K*"-,= B7 T7 E8GGGI= ^./+5'$ #+ ".' %/5' $",*2"*,' /+& '/,+#+5$ #+']*/(#")= +( O7 K$.'+>'("',
Y B7 ^/,&= '&$= qT/+&4--@ -> V/4-, n2-+-0#2$6= m-(7 J= `-,". T-((/+&= K0$"',&/07f('#+',= \7 EASS8I= q!+"'+$#") -> 0/+/5'0'+" ,'$#$"/+2'3 M+&',$"/+&#+5 ".' &'2(#+' -> *+#-+#C/"#-+ #+ ".'
1,#D/"' $'2"-,6= J./#(!% .3 ?!".# :$,$!#'1 ++EJI7V/(-+&'= Z7 o7= \/,$2.@'= U7 Y 9,-$@'= f7 E8GGQI= qM$#+5 (-+5#"*&#+/( &/"/ -+ '$"/4(#$.0'+"$ "- /+/()C'
".' '>>'2"$ -> *+#-+ -,5/+#C#+5 2/01/#5+$ #+ ".' *+#"'& $"/"'$6= 7((!%$, KN9'.(.8+$ $) 0$ <)!)+,)+O/$L!PL+= 8PP:8RP7
V/V-+&'= Z7 o7 Y \'("C',= F7 B7 E8GG8I= qT/,& "#0'$ >-, *+#-+$3 K+-".', (--@ /" ".' $#5+#;2/+2' ->'01(-)', #(('5/(#"#'$6= A(+2$#,+)& .3 51+'!4. ?!- :$2+$- R[= GPJ:8S8H7
V/%(',= o7 o7 E8GRHI= q9.' #+X*'+2' -> 0/+/5'0'+" 2-+$*("/+"$ -+ ".' -*"2-0' -> *+#-+ 2',"#;2/"#-+ '('2<"#-+$6= >(0/,)#+!% !(0 ?!".# :$%!)+.(, :$2+$- 8[E8I= HR_:PS87
V/%(',= o7 o7 E8GGSI= A(+.(+P!)+.( !(0 K$/(+.(+P!)+.(Q <)#!)$4&B R!')+',B !(0 S/)'.8$,= M+#D',$#") ->N-*". ^/,-(#+/ g,'$$= ^-(*04#/= N^7
V''= B7 N7 EASSJ!I= Z/+&-0#C'& '?1',#0'+"$ >,-0 +-+<,/+&-0 $'('2"#-+ #+ *7$7 .-*$' '('2"#-+$= M+1*4<(#$.'& 0/+*$2,#1"= M+#D',$#") -> ^/(#>-,+#/= F',@'(')7
V''= B7 N7 EASSJ"I= 9,#00#+5 >-, 4-*+&$ -+ ",'/"0'+" '>>'2"$ %#". 0#$$#+5 -*"2-0'$= M+1*4(#$.'& 0/+*<$2,#1"= M+#D',$#") -> ^/(#>-,+#/= F',@'(')7
V'Z-)= \7 T7 E8GGP!I= q9.' 2./+5#+5 2./,/2"', -> $",#@'$ #+D-(D#+5 1',0/+'+" $",#@', ,'1(/2'0'+"$= 8GJP<8GGS6= J./#(!% .3 ?!".# :$,$!#'1 !X= HAJ:HJ_7
V'Z-)= \7 T7 E8GGP"I= qZ'5*(/"#+5 '01(-)', *$' -> 1',0/+'+" $",#@', ,'1(/2'0'+"$3 n01#,#2/( /+/()$#$ ->`VZK /+& ZVK $",#@'$ 8GJP:8GG86= T$#U$%$& J./#(!% .3 986%.&8$() !(0 ?!".# ?!- !XE8I= 8QG:ASR7
V'D#""= \7 o7 E8GGJI= 5.(3$,,+.(, .3 ! A(+.( T/,)$#= ^,-%+= `'% r-,@= `r7 c#". 9',,) ^-+,-%7V'%#$= T7 U7 E8GQJI= A(+.(+,8 !(0 #$%!)+2$ -!4$, +( )1$ A(+)$0 <)!)$,= M+#D',$#") -> ^.#2/5- g,'$$=
^.#2/5-7V'%#$= T7 U7 E8GRQ!I= M+#-+ ,'(/"#D' %/5' '>>'2"$= +(O7 K$.'+>'("', Y Z7 V/)/,&= '&$= qT/+&4--@ -> V/4-,
n2-+-0#2$6= m-(7 A= `-,". T-((/+&= K0$"',&/0= 2./1"', AS= 117 88JG:88RA7V'%#$= T7 U7 E8GRQ"I= A(+.(+,8 #$%!)+2$ -!4$ $33$'),Q 7 </#2$&= M+#D',$#") -> ^.#2/5- g,'$$= ^.#2/5-7\/+@#%= U7 `7 EASSHI= =#+('+6%$, .3 9'.(.8+',= ".#,& '&+= 9.-0$-+ N-*".%'$"',+= \/$-+= OT7 ^./1"',
AQ7\2U*2@#+= Z7 T7 Y g/$2-'= o,7= U7 K7 E8GRRI= 9.' (-+5#"*&#+/( ,'$'/,2. &/"/4/$' E(,&I3 N"/"*$ /+& ,'$'/,2.
1-$$#4#(#"#'$= ^nN c-,@#+5 g/1', RR<A= ^'+"', >-, n2-+-0#2 N"*&#'$= M7N7 F*,'/* -> ".' ^'+$*$=M11', \/,(4-,-= \B7
`#2@'((= N7 Y V/)/,&= Z7 E8GGGI= V/4-, 0/,@'" #+$"#"*"#-+$ /+& '2-+-0#2 1',>-,0/+2'= +( O7 K$.'+>'("', YB7 ^/,&= '&$= qT/+&4--@ -> V/4-, n2-+-0#2$6= m-(7 J^ -> M!("..U +( 9'.(.8+',= n($'D#', N2#'+2'=`'% r-,@= 2./1"', G= 117 H_J:PA87
O($-+= ^7 K7 E8GGRI= 9.' *$' -> $",#@' ,'1(/2'0'+"$ #+ (/4-, &#$1*"'$3 nD#&'+2' >,-0 ".' 8RRS$ "- ".'
JQ
8GRS$7 g/1', 1,'$'+"'& /" ".' 8GGG c#+"', 0''"#+5$ -> ".' !ZZK= `'% r-,@ ^#")7Z*4/2@= Z7 Y [#00',0/+= \7 E8GRHI= qM+#-+#C/"#-+ /+& 1,-;"/4#(#")3 nD#&'+2' >,-0 ".' 2/1#"/( 0/,@'"6=
J./#(!% .3 =.%+)+'!% 9'.(.8& Z+= 88JH:88P_79.#$"('".%/#"'= B7 Y ^/014'((= B7 E8GQSI= qZ'5,'$$#-+:&#$2-+"#+*#") /+/()$#$3 K+ /("',+/"#D' "- ".' '? 1-$"
>/2"- '?1',#0'+"6= J./#(!% .3 90/'!)+.(!% =,&'1.%.4& R!= JSG:J8_7c'#(',= g7 E8GRJI= qg,-0#$'$ "- @''13 N'2*,#+5 %-,@',$6 ,#5."$ "- $'(><-,5/+#C/"#-+ *+&', ".' `VZK6= M!#;
2!#0 ?!- :$2+$- ZX= 8_QG= 8__A:8__J7
J_
K99.#'*] K@ H4$4 K99.#'*]
9.' `VZF "- !+>-MNK 0/"2. W#,$"= '('2",-+#2 ,'2-,&$ -+ /(( ,'1,'$'+"/"#-+ '('2"#-+ 2/$'$ ./+&('& 4) ".'
`VZF #+ ".' ;$2/( )'/,$ 8GRH "- 8GGG %',' -4"/#+'&7 9.'$' ,'2-,&$ 2-+"/#+ #+>-,0/"#-+ $*2. /$ ".'
&/"'$ -> ".' ;(#+5 -> ".' 1'"#"#-+= ".' '('2"#-+= /+& ".' 2(-$#+5 -> ".' 2/$'= /$ %'(( /$ ".' 'D'+"*/( D-"'
"/((#'$= /$ %'(( /$ -".', 2./,/2"',#$"#2$ $*2. /$ ".' $#C' -> ".' D-"#+5 *+#"= /+& ".' 1,#0/,) #+&*$",) -> ".'
'$"/4(#$.0'+" #+ ]*'$"#-+7 \-$" #01-,"/+"() ".' ;(' 2-+"/#+$ #+>-,0/"#-+ -+ ".' +/0' /+& $",''" /&&,'$$ /"
%.#2. ".' ,'1,'$'+"/"#-+ '('2"#-+ %/$ .'(&7
9.'$' 8JG=RR8 ,'2-,&$ %',' ".'+ 0/"2.'& 4) +/0' /+& /&&,'$$ "- / 2-00',2#/( 0/,@'"#+5 &/"/<
4/$' 2-01/+) 2/(('& !+>-MNK= !+27 F'>-,' 4'#+5 $'+" "- !+>-MNK= .-%'D',= ".' /&&,'$$ ;'(&$ %',' ;,$"
a$"/+&/,&#C'&b *$#+5 / 1,-5,/0 2/(('& a\/#(',$ (3 g-$"/( K*"-0/"#-+ N->"%/,'7b W-, '?/01('= a8 F,-/&
N",''"b %/$ 2./+5'& "- a8 FZOKB N9b7 9.#$ %/$ &-+' "- >/2#(#"/"' 0/"2.#+5 ".' `VZF &/"/ "- ".' &/"/
>,-0 !+>-MNK7
K$ &#$2*$$'& #+ ".' "'?"= !+>-MNK 0/#+"/#+$ /+ /++*/(() *1&/"'& (#$" -> /(( 4*$#+'$$ '$"/4(#$.0'+"$
E%#". / "'('1.-+' (#$"#+5I #+ ".' M+#"'& N"/"'$7 9.' 4/$#$ >-, ".'#, &/"/4/$' #$ ".' 2-+$-(#&/"#-+ -> D#,"*/(()
/(( "'('1.-+' 4--@$ #+ ".' 2-*+",)7 !+>-MNK 0/@'$ / 4,#'> 2/(( "- '/2. '$"/4(#$.0'+" /" ('/$" -+2' / )'/,=
"- D',#>) ".'#, '?#$"'+2'= /+& "- *1&/"' ".'#, #+>-,0/"#-+ -+ D/,#-*$ #"'0$ $*2. /$ 8I ".' "-"/( +*04', ->
'01(-)''$ /" ".' '$"/4(#$.0'+"= AI ".' '$"#0/"'& $/('$ D-(*0' -> ".' '$"/4(#$.0'+"= JI ".' 1,#0/,) 1,-&*2"
-> ".' 4*$#+'$$= /+& D/,#-*$ -".', 2./,/2"',#$"#2$7
c' $*40#""'& ".' +/0' /+& /&&,'$$ #+>-,0/"#-+ >,-0 -*, a/&&,'$$ $"/+&/,&#C'&b `VZF &/"/ "-
!+>-MNK %.- 0/"2.'& /$ 0/+) -> ".' $*40#""'& ,'2-,&$ "- ".'#, 2*,,'+" &/"/4/$' E/$ -> \/)= ASS8I /+&
".'+ /11'+&'& ".'#, #+>-,0/"#-+ "- ".' ,'2-,&7 K1/," >,-0 ".' +/0' /+& /&&,'$$ #+>-,0/"#-+= +- -".',
#+>-,0/"#-+ %/$ 5#D'+ "- !+>-MNK7
F'>-,' 0',5#+5 ".#$ &/"/ "- -*, &/"/ >,-0 ".' W'&',/( \'&#/"#-+ /+& ^-+2#(#/"#-+ N',D#2' E&'<
$2,#4'& 4'(-%I ".' &/"/ %',' 2('/+'& >-, &*1(#2/"'$7 9.',' %',' ".,'' ")1'$ -> &*1(#2/"'$3 8I 5'+*#+'
&*1(#2/"'$ : 0-,' "./+ -+' `VZF 2/$' %#". / $1'2#;2 '01(-)',= AI &*1(#2/"'$ %.#2. %.',' /+ /,"#>/2" ->
".' >/2" "./" -*, `VZF &/"/ 2/0' #+ "%- ;('$3 -+' 2-+"/#+'& &/"/ >,-0 8G__ "- 8GG8 /+& ".' -".', 2-+<
"/#+'& ".' ,'2-,&$ >-, 8GRH<8GGG7 \-$" -> ".' &*1(#2/"' 1/#,$ ".','>-,' -22*,,'& >-, ".' )'/,$ 8GRH:8GG8=
/(".-*5. ".',' %',' $-0' &*1(#2/"' 1/#,$ #+ -".', )'/,$ 4'2/*$' -> ".' ;$2/(d2/('+&/, )'/, &#$"#+2"#-+h JI /
JR
D',) $0/(( +*04', -> &*1(#2/"'$ %.',' "%- ,'2-,&$ 2-+"/#+#+5 '?/2"() ".' $/0' #+>-,0/"#-+7
\/"2.#+5 K(5-,#".03 `VZF "- W\^N /+& `VZF "- VZB \/"2.#+5 ,'2-,&$ 4'"%''+ ".' `VZF
/+& W\^N /+& 4'"%''+ ".' `VZF /+& VZB &/"/ #+D-(D'& ".' >-((-%#+5 1,-2'&*,'7 \/"2.#+5 %/$ &-+'
-+ ".' 4/$#$ -> ".' 2-01/+) +/0'= $",''" /&&,'$$= 2#")= /+& $"/"'= %.#2. /,' '('0'+"$ #+ '/2. -> ".' ".,''
&/"/$'"$7 W#,$"= /(( &/"/$'"$ %',' $",#11'& -> $1'2#/( 2./,/2"',$ $*2. /$ s= t= l= Y= u= '"27 9.'+= a2-00-+b
%-,&$ %',' $",#11'& >,-0 4-". ".' +/0' /+& /&&,'$$ ;'(&$7 W-, '?/01('= a^O\gK`rb= a^OZgOZK<
9!O`b= a!`^b= a^Ob= aN9Znn9b= aKmn`Mnb= '"27 c./" %/$ 2-+$#&','& a2-00-+b %/$ 4/$'& -+ /
2-01('"' 2/"/(-5#+5 -> /(( %-,&$ #+ ".' `VZF /+& W\^N &/"/4/$'7 9.' %-,&$ %',' ,/+@'& 4) ".'#, >,'<
]*'+2)= /+& ".' 0-$" >,']*'+" -+'$ %',' 2-+$#&','& a2-00-+b7 W-, '/2. 2/$' #+ ".' `VZF= ".' /(5-,#".0
#$-(/"'& ".' $*4$'" -> ,'2-,&$ #+ ".' W\^N EVZBI "./" 0/"2.'& '?/2"() -+ 2#") +/0' /+& MNgN $"/"'
/44,'D#/"#-+7 c#".#+ ".#$ $0/((', $*4$'"= ".' `VZF ,'2-,&6$ +/0' /+& /&&,'$$ %',' 2-01/,'& "- ".' 2-,,'<
$1-+&#+5 '+",#'$ #+ ".' W\^N EVZBI7 W-, '/2. 2-01/,#$-+= / a$1'((#+5 &#$"/+2'b E".' >*+2"#-+ NgnB!N #+
NKNI %/$ 2,'/"'&7 9.' $1'((#+5 &#$"/+2' #$ / +*04', >,-0 S "- 8SS #+/"#+5 ".' &#>>','+2' 4'"%''+ "%-
$",#+5$7 S 0'/+$ /+ '?/2" 0/"2.= /+& 8SS #+/"'$ +- $#0#(/,#")7 K+ #+&'? "./" 2-04#+'& ".' +/0' /+&
/&&,'$$ $1'((#+5 &#$"/+2'$ %',' 2-+$",*2"'&= /+& /(( 2-01/,#$-+$ %.',' ".' #+&'? %/$ 4'(-% / 1/,"#2*(/,
".,'$.-(& %/$ 2-+$#&','& / a0/"2.b7
!+ 1/,"#2*(/,= ".' 2-'>;2#'+"$ >-, ".' +/0' /+& /&&,'$$ $1'((#+5 &#$"/+2'$= /$ %'(( /$ ".' ".,'$.-(&
%/$ &'"',0#+'& #+ ".' >-((-%#+5 %/)7 8SS ,'2-,&$ %',' 2.-$'+ ,/+&-0() >,-0 ".' `VZF &/"/4/$'7 c'
2-+&*2"'& / 0/+*/( $'/,2. >-, 0/"2.'$ #+ ".' W\^N &/"/4/$' *$#+5 ,'5*(/, '?1,'$$#-+ $'/,2.#+5 Ea5,'1b
#+ M+#?I7 c' 2/(('& ".' 0/"2.'$ "./" ,'$*("'& >,-0 ".#$ +-+</*"-0/"'& 1,-2'&*,' a",*'b 0/"2.'$7 9.'+ /
&/"/$'" %/$ 2-+$",*2"'& "./" /""/2.'& "- '/2. -> ".' ,/+&-0() 2.-$'+ 8SS ,'2-,&$ >,-0 ".' `VZF= /(( ".'
,'2-,&$ >,-0 ".' W\^N #+ ".' $/0' 2#")7 n/2. -4$',D/"#-+ #+ ".#$ a'?1/+&'&b &/"/$'"= ".'+= #$ /$$#5+'& /
a8b #> ".' 1/#,#+5 #$ / a",*' 0/"2.b E/$ &'"',0#+'& 4) ".' 0/+*/( $'/,2.I= /+& aSb -".',%#$'7 M$#+5 ".#$
&/"/$'"= / 1,-4#" %/$ ,*+ *$#+5 ".#$ #+/"-, D/,#/4(' /$ ".' &'1'+&'+" D/,#/4(' /+& ".' $1'((#+5 &#$"/+2'$ >-,
+/0' /+& /&&,'$$ /$ ".' #+&'1'+&'+" D/,#/4('$7 9.' 2-'>;2#'+"$ >,-0 ".#$ 1,-4#" E#+2(*&#+5 ".' 2-+$"/+"I
/,' *$'& "- 2-+$",*2" ".' #+&'? &'$2,#4'& /4-D'h #+2(*$#-+ -> ".' 2-+$"/+" #+ ".#$ #+&'? #01(#'$ "./" S #$ ".'
-1"#0/( ".,'$.-(& >-, &'2#&#+5 %./" #$ / 0/"2.7
`-"' "./" #+ -,&', "- 0/@' ".' /(5-,#".0 #+D/,#/+" "- ".' -,&', #+ %.#2. `VZF ,'2-,&$ /,' 0/"2.'&=
JG
".' 0/"2.#+5 /(5-,#".0 #$ &-+' a%#". ,'1(/2'0'+"b7 9./" #$= 0*("#1(' `VZF ,'2-,&$ 2-*(& 1-"'+"#/(()
0/"2. "- ".' $/0' W\^N EVZBI ,'2-,&7
c#". ".' VZB &/"/= '/2. '$"/4(#$.0'+" 2/+ ./D' 0*("#1(' +/0'$ E&*' "- $1'((#+5 &#>>','+2'$= -,&',$
-> +/0'$= /+& -%+',$.#1 2./+5'$I= '/2. 2-,,'$1-+&#+5 "- -+' )'/, %#".#+ ".' (-+5#"*&#+/( &/"/4/$'7HP 9.*$=
`VZF ,'2-,&$ "'+&'& "- 0/"2. "- $'D',/( &#>>','+" +/0'$= /+& #" %/$ +'2'$$/,) "- 1#2@ ".' $#+5(' a4'$"b
0/"2.7 9.#$ %/$ &-+' 4) ;,$" '(#0#+/"#+5 /(( +/0'$ -> '$"/4(#$.0'+"$ >-, )'/,$ "./" %',' ']*/( "- -, 5,'/"',
"./+ ".' )'/, -> ".' '('2"#-+7 9.'+= /0-+5 ".' ,'0/#+#+5 0/"2.'$ < %.#2. /(( ./& #+'$ 5,'/"', "./+ S <
".' .#5.'$" 0/"2. #+&'? %/$ 2.-$'+7 9.' $#+5(' '$"/4(#$.0'+" "./" ./& "./" .#5.'$" #+&'? %/$ /$$#5+'& "-
".' `VZF ,'2-,&7 K5/#+= +-"' "./" #" #$ 1-$$#4('= 5#D'+ 0/"2.#+5 a%#". ,'1(/2'0'+"b "./" 0-,' "./+ -+'
`VZF ,'2-,& 2/+ 0/"2. "- ".' $/0' '$"/4(#$.0'+"7 9.','>-,'= /(( $"/+&/,& ',,-,$ /,' 2(*$"','& /" ".' ('D'(
-> ".' '$"/4(#$.0'+"7
N/01(' N'('2"#-+ /+& m/,#/4(' ^-+$",*2"#-+ W#,$"= #+ -,&', "- 0#+#0#C' 0'/$*,'0'+" ',,-, #+ -*,
$*,D#D/( #+/"-,= %' @''1 -+() ".-$' `VZF ,'2-,&$ "./" ./D' / +-+<0#$$#+5 $",''" /&&,'$$= /+& ".-$'
/&&,'$$'$ "./" %',' $*22'$$>*(() $"/+&/,&#C'& *$#+5 -*, /&&,'$$ $"/+&/,&#C/"#-+ $->"%/,'7 !+ /&&#"#-+= %'
@''1 /(( '('2"#-+$ #+ %.#2. AS -, 0-,' D-"'$ %',' 2/$"7 K11'+&#? 9/4(' ! ,'1-,"$ ".' 0'/+$ /+& $"/+&/,&
&'D#/"#-+$ -> ".' D/,#/4('$ >-, ".' '+"#,' 0',5'& &/"/4/$' /+& ".' ,'$",#2"'& $/01(' *$'& >-, ".' '$"#0/"#-+7
9.' "/4(' $.-%$ "./" ".' 0'/+$ /,' ,'/$-+/4() $#0#(/, 4'"%''+ ".' "%- $/01('$= '?2'1" #+ ".' D/,#/4('$ "./"
,'X'2" ".' $2/(' -> ".' '01(-)', E+*04', -> '(#5#4(' D-"',$= D-"'$ 2/$"= '01(-)0'+"= $/('$ D-(*0'I7
W#+/(()= 5,'/" 2/,' %/$ "/@'+ "- 2-+$",*2" ".' D-"' $./,' >-, ".' *+#-+7 9.',' #$ / 1,-4('0 %#".
$#01() 2-01*"#+5 ".' ,/"#- -> ".' +*04', -> D-"'$ >-, ".' *+#-+ "- ".' "-"/( +*04', -> D-"'$7 9.#$ #$ 4'2/*$'
".',' #$ $*4$"/+"#/( D/,#/4#(#") #+ ".' +*04', -> D-"'$ 2/$"= /+& / *+#-+ D#2"-,) #$ $'2*,'& 4) -4"/#+#+5 $",#2"()
0-,' "./+ PS 1',2'+" -> ".' D-"' E1(*$ 8 D-"'I7 ^-+$#&', /(( '('2"#-+$ %.',' /+ 'D'+ +*04', -> D-"'$ /,'
2/$"7 n('2"#-+$ %#". /+) +*04', -> D-"'$ 2/$" 2-*(& ,'$*(" #+ '?/2"() PS 1',2'+" -> ".' D-"'7 T-%'D',= #" #$
+86.,,+"%$ "./" /+ '('2"#-+ %#". ('$$ "./+ 8SS D-"'$ 2/$" 2-*(& ./D' / D-"' $./,' 4'"%''+ PS /+& P8 1',2'+"
-> ".' D-"'7 9.#$ 8$'1!(+'!%%& #+&*2'$ / &#$2-+"#+*#") #+ ".' $#C' &#$",#4*"#-+ /" ".' PS 1',2'+" ".,'$.-(& ->
".' D-"' $./,'= /+& ".#$ #$ '+"#,'() /+ /,"#>/2" -> ".' >/2" "./" ".' D-"' $./,' #$ +-" %+)$#!%%& 2-+"#+*-*$= /+&
#+$"'/& ./$ ;+#"' /+& &#$2,'"' $*11-,"= %#". ".' $*11-," 2./+5#+5 %#". ".' +*04', -> D-"'$ 2/$"7
$% \-,' $1'2#;2/(()= ".' VZB #"$'(> &-'$ +-" 2-+"/#+ +/0'$ /+& /&&,'$$'$7 !" 0*$" 4' 0',5'& -+ >,-0 ".' N"/+&/,& N"/"#$"#2/(n$"/4(#$.0'+" V#$" ENNnVI < D#/ / *+#]*' #&'+"#;', "./" (#+@$ ".' "%- &/"/ $'"$7
HS
9.*$= %' 0/&' / 0#+-, /&e*$"0'+" "- ".' D-"' $./,' D/,#/4(' #+ -,&', '(#0#+/"' ".#$ 1,-4('07 W-,
'D',) 2/$' %.',' ".',' %/$ /+ $2$( +*04', -> D-"'$ 2/$"= /+ /0-*+" ']*/( "- $8#9!4 D-"'$ 2/$"" %/$
$*4",/2"'& >,-0 ".' D-"' $./,'7 W-, '?/01('= #> AP -*" -> PS D-"'$ %',' >-, ".' *+#-+= ".' D-"' $./,' 4'2/0'
S7PS < S7S8 v 7HGh AQ -*" -> PS D-"'$ 0'/+" / D-"' $./,' -> S7PA < 7S8 v S7P87 ^/$'$ %.',' /+ -&& +*04', ->
D-"'$ 2/$" %',' *+/&e*$"'&7 9.#$ 0#+-, /&e*$"0'+" ,'$"-,'$ $)00'",) #+ ".' $*11-," >-, D-"' $./,'= /+& ".'
+'% aD-"' $./,'b D/,#/4(' $"#(( 1-$$'$$'$ ".' 1,-1',") "./" $",#2"() 0-,' "./+ S7PS #01(#'$ / *+#-+ D#2"-,)7
W#+/(()= ".' D-"' $./,' %/$ a4#++'&b $- "./" /(( D-"' $./,'$ 4'"%''+ S7PS /+& S7PP %',' /$$#5+'& ".' D-"'
$./,' -> S7PAP= $./,'$ 4'"%''+ S7HP /+& S7PS %',' /$$#5+'& ".' $./,' -> S7H_P= /+& $- >-,".7 !+ ".#$ %/)=
D-"' $./,'$ %',' $"/+&/,&#C'& "- ".' $*11-," >-, ".' '('2"#-+$ %#". ".' $0/(('$" +*04', -> D-"'$ 2/$" EASI7
K 2-01('"'() &#>>','+" /11,-/2. #$ "- /4/+&-+ ".' *$' -> ".' D-"' $./,' 2-01('"'()= 4) >-2*$#+5
-+ ".' !",.%/)$ D-"' 2-*+"= /+& 2-01/,#+5 '('2"#-+$ #+ %.#2. ".' *+#-+ '#".', %-+ -, (-$" 4) (#"',/(()
8 D-"'7 9.#$ '(#0#+/"'$ ".#$ a#+"'5', 1,-4('0b= 4*" /" ".' $/0' "#0' "'+&$ "- 1*$. (/,5', '$"/4(#$.0'+"$
/%/) >,-0 ".' ".,'$.-(& "./" &'"',0#+'$ D#2"-,) E5'+',/"#+5 / 1,-+-*+2'& M<$./1' #+ ".' /D',/5' $#C'
-> ".' '$"/4(#$.0'+"= %#". ,'$1'2" "- ".' /4$-(*"' D-"' 0/,5#+ -> D#2"-,)d(-$$I7 9.#$ %/$ ".' /11,-/2.
*$'& #+ B#`/,&- /+& V'' iASS8jh #" $.-*(& 4' +-"'& "./" ".' ,'$*("$ ,'1-,"'& ".',' /,' ]*/(#"/"#D'() /+&
]*/+"#"/"#D'() $#0#(/, "- ".' ,'$*("$ #+ ".#$ 1/1',= $*55'$"#+5 "./" -*, ;+&#+5$ /,' +-" $'+$#"#D' "- ".' 0'".-&
*$'& "- /&&,'$$ ".' #+"'5', 1,-4('07
H8
B 0 : Law Prohibits UnionsBM : Law Allows Unions, No ElectionB N : Law Allows Unions, Election Held, Union LosesB U : Law Allows Unions, Election Held, Union Wins
0
2
4
6
8
10
12
0.02
5
0.07
5
0.12
5
0.17
5
0.22
5
0.27
5
0.32
5
0.37
5
0.42
5
0.47
5
0.52
5
0.57
5
0.62
5
0.67
5
0.72
5
0.77
5
0.82
5
0.87
5
0.92
5
0.97
5
InfoUSA sampleLRD sample
B 0 (V)
B M (V)B N (V)
B U (V)
50%Vote Share (How Workers Would Vote)
Bar
gain
ing
Pow
er o
f Wor
kers
Figure ITheoretical Relation Between Employer Outcome and Vote Share
Union Vote Share
Perc
ent
Figure IIDistribution of Union Vote Share, All Certification Elections, InfoUSA and LRD sample
Note: InfoUSA sample: 27560 observations, LRD sample; 5608 observations
Direct Impact
Indirect Impact(Threat)
Impact of Permitting Unions
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
0.00 0.25 0.50 0.75 1.00
Post-Cert. Election, 0.217 (0.014)
Post-Decert. Election, 0.348 (0.033)
Prior to Cert. Election, 0.042 (0.010)
Prior to Decert. Election, 0.008 (0.038)
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
0.00 0.25 0.50 0.75 1.00
Union Recognition,0.994 (0.001)(2nd) RecognitionLater, -0.100 (0.01)Decertified Later,0.083 (0.007)
Figure IIIa: Recognition, Subsequent Certification or Decertification, by Union Vote Share
Union Vote Share
Prob
abili
ty
Figure IIIb: Contract Expiration Notice Filed, Prior to and Post-Certification or Decertification Election, by Union Vote Share
Union Vote Share
Prob
abili
ty
Note: 21405 Observations
Note: 21405, 3785, 21457, and 3445 Observations, respectively.
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
0.50
0.00 0.25 0.50 0.75 1.000.30
0.35
0.40
0.45
0.50
0.55
0.60
0.65
0.70
0.75
0.80
Certification Election
Fit, Cert., -0.012 (0.014)
Decertification Election
Fit, Decert., 0.032 (0.033)
Figure IVa: Survival at Year 2001, by Union Vote Share
Union Vote Share
Prob
abili
ty, C
ert.
Probability, Decert.
2.80
3.00
3.20
3.40
3.60
3.80
4.00
4.20
4.40
4.60
4.80
0.00 0.25 0.50 0.75 1.004.00
4.20
4.40
4.60
4.80
5.00
5.20
5.40
5.60
5.80
6.00
Certification Election
Fit, Cert., 0.029 (0.068)
Decertification Election
Fit, Decert., 0.017 (0.141)
Figure IVb: Log(Employment), Year 2001, by Union Vote Share
Union Vote Share
Log(
Empl
.), C
ert. Log(Em
pl.), Decert.
Note: 27560 and 4638 observations, respectively.
Note: 9792 and 1857 observations, respectively.
7.80
8.00
8.20
8.40
8.60
8.80
9.00
9.20
9.40
9.60
9.80
0.00 0.25 0.50 0.75 1.009.20
9.40
9.60
9.80
10.00
10.20
10.40
10.60
10.80
11.00
11.20
Certification Election
Fit, Cert., -0.072 (0.079)
Decertification Election
Fit, Decert., -0.050 (0.174)
Figure Va: Log(Sales), by Union Vote Share
Union Vote Share
3.40
3.60
3.80
4.00
4.20
4.40
4.60
4.80
5.00
5.20
5.40
0.00 0.25 0.50 0.75 1.005.00
5.20
5.40
5.60
5.80
6.00
6.20
6.40
6.60
6.80
7.00
Certification Election
Fit, Cert., -0.053 (0.049)
Decertification Election
Fit, Decert., 0.047 (0.112)
Figure Vb: Log(Sales/Worker), by Union Vote Share
Union Vote Share
Log(
Sale
s/W
orke
r), C
ert. Log(Sales/W
orker), Decert.
Log(
Sale
s), C
ert. Log(Sales), D
ecert.
Note: 9125 and 1738 observations, respectively.
Note: 8634 and 1674 observations, respectively.
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
0.00 0.25 0.50 0.75 1.003.50
3.60
3.70
3.80
3.90
4.00
4.10
4.20
4.30
4.40
4.50ManufacturingFit, -0.036 (0.012)ServiceFit, 0.033 (0.011)Log(Votes Cast)Fit, 0.028 (0.020)
Figure VIa: Baseline Characteristics at Time of Election, by Union Vote Share
Union Vote Share
Prob
abili
ty
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1.00
0.00 0.25 0.50 0.75 1.003.50
3.60
3.70
3.80
3.90
4.00
4.10
4.20
4.30
4.40
4.50ManufacturingFit, -0.024 (0.020)ServiceFit, 0.003 (0.018)Log(Votes Cast)Fit, 0.007 (0.032)
Figure VIb: Baseline Characteristics at Time of Election, Conditional on Survival at Year 2001, by Union Vote Share
Union Vote Share
Prob
abili
ty
Log(Total Votes C
ast)Log(Total V
otes Cast)
Note: 32198 observations
Note: 13062 observations
Note: 5608 Observations, 4816 Establishments
0.40
0.45
0.50
0.55
0.60
0.65
0.70
0.75
0.80
0.85
0.90
0.00 0.25 0.50 0.75 1.00
MeanFit, -0.026 (0.029)
Figure VIIa: Survival at Year 1997, by Union Vote Share, LRD
Prob
abili
ty
4
5
6
7
8
9
10
11
0.00 0.25 0.50 0.75 1.006
7
8
9
10
11
12
13
Mean, Year last observedFit -0.042 (-.250)Mean, Years in businessFit, -0.379 (0.509)
Union Vote Share
Union Vote Share
Figure VIIb: Last Year Observed and Years in Business Since Election, by Union Vote Share, LRD
Last
Yea
r Obs
erve
d (S
ince
Ele
ctio
n)Y
ears in Business (Since Election)
Note: Observations: Pre-Election 38870, Post-Election 28929, Post-Election minus Pre-Election Mean 28790
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
0.50
0.00 0.25 0.50 0.75 1.00
Pre-Election
Post-Election
Post-Election minus Pre-Election Mean
Figure VIIIa: Observation of a Contract Expiration Notice, Pre- and Post-Election, by Union Vote Share, LRD
Prob
abili
ty
Union Vote Share
4.00
4.25
4.50
4.75
5.00
5.25
5.50
5.75
0.00 0.25 0.50 0.75 1.00-0.50
-0.25
0.00
0.25
0.50
0.75
1.00
1.25
1.50
Pre-Election
Post-Election
Post-Election minus Pre-Election Mean
Figure VIIIb: Log(Production Hours/1000), Pre- and Post-Election, by Union Vote Share, LRD
Log(
Hou
rs/1
000)
Union Vote Share
De-m
eaned Log(Hours/1000)
Note: Observations: Pre-Election 38854, Post-Election 28918, Post-Election minus Pre-Election Mean 28785
3.50
3.75
4.00
4.25
4.50
4.75
5.00
5.25
5.50
0.00 0.25 0.50 0.75 1.00-0.50
-0.25
0.00
0.25
0.50
0.75
1.00
1.25
1.50
Pre-ElectionPost-ElectionPost-Election minus Pre-Election Mean
Figure IXb: Log(Output/Hour), Pre- and Post-Election, by Union Vote Share, LRD
Log(
Out
put/H
our)
Union Vote Share
De-m
eaned Log(Output/hour)
8.50
8.75
9.00
9.25
9.50
9.75
10.00
10.25
10.50
0.00 0.25 0.50 0.75 1.00-0.50
-0.25
0.00
0.25
0.50
0.75
1.00
1.25
1.50
Pre-Election
Post-Election
Post-Election minus Pre-Election
Figure IXa: Log(Output/1000), Pre- and Post-Election, by Union Vote Share, LRD
Log(
Out
put/1
000)
Union Vote Share
De-m
eaned Log(Output/1000)
Note: Observations: Panel A, Pre-Election 37005, Post-Election 20505, Post-Election minus Pre-Election Mean 20346Panel B, Pre-Election 38870, Post-Election 28929, Post-Election minus Pre-Election Mean 28790
2.35
2.40
2.45
2.50
2.55
2.60
2.65
2.70
2.75
0.00 0.25 0.50 0.75 1.00-0.10
-0.05
0.00
0.05
0.10
0.15
0.20
0.25
0.30Pre-ElectionPost-ElectionPost-Election minus Pre-Election Mean
Figure Xb: Log(Production Hourly Wage), Pre- and Post-Election, by Union Vote Share, LRD
Log(
Wag
e)
Union Vote Share
De-m
eaned Log(Wage)
2.50
2.75
3.00
3.25
3.50
3.75
4.00
4.25
4.50
0.00 0.25 0.50 0.75 1.00-2.00
-1.75
-1.50
-1.25
-1.00
-0.75
-0.50
-0.25
0.00Pre-ElectionPost-ElectionPost-Election minus Pre-Election Mean
Figure Xa: Log((Assets/worker)/1000), Pre- and Post-Election, by Union Vote Share, LRD
Log(
(Ass
ets/
wor
ker)
/100
0)
Union Vote Share
De-m
eaned Log((Assets/w
orker)/1000)
Note: Panel A, 32538 Obs, 3584 Establishments; Panel B, 14899 Obs, 1891 Establishments
-0.15
-0.10
-0.05
0.00
0.05
0.10
0.15
0.20
0.25
-7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 9 10 11
EstimateLower 95Upper 95
Figure XIa: Event Study Estimates of Election Impact on Log(Wage), All Union Losses
Event time
Log(
Wag
e)
-0.15
-0.10
-0.05
0.00
0.05
0.10
0.15
0.20
0.25
-7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 9 10 11
EstimateLower 95Upper 95
Event time
Log(
Wag
e)
Figure XIb: Event Study Estimates of Election Impact on Log(Wage), Union Loses, Vote Share: 30 to 50 percent
Table I: OLS and R
egression-Discontinuity Estim
ates, Impact of U
nion Recognition on B
usiness Survival
(1)(2)
(3)(4)
(5)(6)
(7)(8)
(9)(10)
(11)
Union W
on-0.089
-0.092-0.078
-0.073-0.046
-0.041-0.027
-0.026-0.021
-0.025-0.021
(0.013)(0.013)
(0.013)(0.013)
(0.022)(0.023)
(0.029)(0.029)
(0.028)(0.028)
(0.028)V
ote Share--
----
---0.130
0.1820.499
0.3790.552
0.120-0.062
(0.055)(0.134)
(0.398)(0.732)
(0.720)(0.721)
(0.730)(V
ote Share) 2--
----
----
-0.322-1.110
-0.630-1.405
-0.5330.143
(0.130)(0.946)
(2.670)(2.618)
(2.615)(2.638)
(Vote Share) 3
----
----
----
0.516-0.210
0.8620.415
-0.551(0.617)
(3.886)(3.804)
(3.797)(3.818)
(Vote Share) 4
----
----
----
--0.365
-0.106-0.133
0.331(1.947)
(1.905)(1.902)
(1.907)Log(V
otes Cast)
----
0.0610.065
----
----
--0.059
0.064(0.008)
(0.008)(0.008)
(0.008)Y
ear dumm
ies?N
oY
esY
esY
esN
oN
oN
oN
oY
esY
esY
es
Industry dumm
ies?N
oN
oN
oY
esN
oN
oN
oN
oN
oN
oY
es
R-Squared
0.00840.0614
0.07290.0893
0.00940.0106
0.01070.0107
0.06370.0743
0.0907
Note:
Sample
sizeis
5608.Som
eelections
match
tosam
eestablishm
ent,so
standarderrors
areclustered
onthe
establishment
level(4816
independentestablishm
ents).Includesallelections
thatoccurredbefore
1997thathas
thesam
enam
eand
addressas
apre-election-yearentry
inthe
LRD
.Dependentvariable
is whether establishm
ent appears in the 1997 Census of M
anufactures. Least squares point estimates reported.
Table II: Least-squares Regression-D
iscontinuity Estimates of U
nion Effects
Dependent V
ariableC
oefficient on Won Election
(1)(2)
(3)(4)
(5)(6)
(7)(8)
(9)(10)
Contract Expiration
0.2200.252
0.1980.191
0.2020.198
0.1810.182
0.1810.179
(0.021)(0.011)
(0.016)(0.017)
(0.020)(0.022)
(0.020)(0.020)
(0.020)(0.020)
[4733][28796]
[28796][28796]
[28796][28796]
[28796][28796]
[28796][28796]
Log(Hours)
0.009-0.318
-0.260-0.203
0.0850.097
-0.0240.015
0.0180.028
(0.087)(0.036)
(0.063)(0.063)
(0.080)(0.080)
(0.056)(0.051)
(0.050)(0.049)
[4733][28796]
[28796][28796]
[28796][28796]
[28796][28796]
[28796][28796]
Log(Output)
0.079-0.347
-0.293-0.254
0.0670.080
-0.043-0.010
-0.0040.011
(0.094)(0.042)
(0.072)(0.073)
(0.090)(0.091)
(0.055)(0.050)
(0.050)(0.049)
[4730][28785]
[28785][28785]
[28785][28785]
[28785][28785]
[28785][28785]
Log(Output/w
orker)0.072
-0.028-0.032
-0.051-0.018
-0.016-0.019
-0.019-0.018
-0.015(0.063)
(0.029)(0.048)
(0.048)(0.060)
(0.061)(0.035)
(0.034)(0.034)
(0.034)[4730]
[28785][28785]
[28785][28785]
[28785][28785]
[28785][28785]
[28785]Log(A
ssets/worker)
-0.1210.122
0.020-0.020
-0.059-0.048
-0.136-0.090
-0.064-0.029
(0.108)(0.049)
(0.082)(0.082)
(0.102)(0.103)
(0.104)(0.093)
(0.075)(0.072)
[3379][20346]
[20346][20346]
[20346][20346]
[20346][20346]
[20346][20346]
Log(Wage)
0.015-0.039
-0.041-0.044
-0.005-0.002
-0.026-0.018
-0.018-0.016
(0.025)(0.011)
(0.019)(0.020)
(0.024)(0.024)
(0.017)(0.016)
(0.016)(0.015)
[4733][28796]
[28796][28796]
[28796][28796]
[28796][28796]
[28796][28796]
Sample
+/- 5%A
llA
llA
llA
llA
llA
llA
llA
llA
llPolynom
ial Terms
00
12
34
44
44
Dependent V
ariableLevel
LevelLevel
LevelLevel
LevelD
e-meaned
De-m
eanedD
e-meaned
De-m
eanedInclude B
ase Mean?
No
No
No
No
No
No
No
Yes
Yes
Yes
Year dum
mies
No
No
No
No
No
No
No
No
Yes
Yes
Industry dumm
iesN
oN
oN
oN
oN
oN
oN
oN
oN
oY
es
Note:W
ithin-electionclustered
standarderrors
inparentheses.N
umber
ofobservations
inbrackets.Each
entryis
theestim
atedcoefficienton
the"U
nionw
on"indicatorin
aleastsquares
regression."Base
Mean"
isthe
averageofthe
dependentvariableforyears
strictlybefore
theelection
year."D
e-meaned"
denotesthatthe
dependentvariableisthe
outcome
minusthe
"basem
ean"."+/-5%"
sample
areelections
where
theunion
voteshare
isbetw
een 45 and 55 percent.
Table III: Least-squares Regression-Discontinuity Estimates ofUnion Effects, by Time after Election
Dependent Variable (1) (2) (3)
Contract Expiration 0.077 0.307 0.214(0.018) (0.032) (0.041)
[13240] [8745] [6811]Log(Hours) 0.030 0.032 0.041
(0.042) (0.066) (0.094)[13240] [8745] [6811]
Log(Output) 0.001 0.030 0.040(0.044) (0.064) (0.092)
[13235] [8742] [6808]Log(Output/worker) -0.027 -0.004 0.008
(0.031) (0.046) (0.061)[13235] [8742] [6808]
Log(Assets/worker) -0.043 -0.035 0.029(0.070) (0.114) (0.133)
[10332] [6167] [3847]Log(Wage) -0.013 -0.025 -0.005
(0.015) (0.021) (0.028)[13240] [8745] [6811]
Sample 0-3 Years 4-7 Years 8+ Yearspost-El. post-El. post-El.
Note: Within-election clustered standard errors in parentheses.Number of observations in brackets. Each entry is the estimatedcoefficient on the "Union won" indicator in a least squaresregression. Specification is the same as Col. (10) in Table 2. Eachcolumn restricts the sample to the observations that are within thefirst three years, between four to seven years, and eight years orlater, relative to the election year.
Table IV: Least-squares R
egression-Discontinuity Estim
ates of Union Effects, by Sub-Sam
ple
Dependent V
ariable(1)
(2)(3)
(4)(5)
(6)(7)
(8)(9)
Contract Expiration
0.1790.139
0.2050.160
0.1990.196
0.1710.166
0.191(0.020)
(0.028)(0.028)
(0.027)(0.030)
(0.037)(0.024)
(0.028)(0.028)
[28796][11500]
[17296][15586]
[13210][6609]
[22187][14620]
[14176]Log(H
ours)0.028
0.0270.056
-0.0650.138
0.1290.000
0.0240.028
(0.049)(0.063)
(0.064)(0.060)
(0.081)(0.109)
(0.054)(0.073)
(0.066)[28796]
[11500][17296]
[15586][13210]
[6609][22187]
[14620][14176]
Log(Output)
0.011-0.050
0.077-0.080
0.1170.040
0.0000.036
-0.018(0.049)
(0.070)(0.063)
(0.059)(0.079)
(0.117)(0.053)
(0.074)(0.065)
[28785][11495]
[17290][15577]
[13208][6608]
[22177][14614]
[14171]Log(O
utput/worker)
-0.015-0.068
0.027-0.019
-0.013-0.079
0.001-0.003
-0.033(0.034)
(0.048)(0.045)
(0.043)(0.053)
(0.069)(0.039)
(0.047)(0.049)
[28785][11495]
[17290][15577]
[13208][6608]
[22177][14614]
[14171]Log(A
ssets/worker)
-0.0290.061
-0.072-0.079
0.047-0.016
-0.0510.076
-0.129(0.072)
(0.093)(0.100)
(0.090)(0.111)
(0.141)(0.085)
(0.107)(0.096)
[20346][8090]
[12256][11035]
[9311][4769]
[15577][10054]
[10292]Log(W
age)-0.016
-0.021-0.016
0.001-0.038
-0.035-0.011
-0.029-0.002
(0.015)(0.023)
(0.020)(0.019)
(0.024)(0.031)
(0.017)(0.022)
(0.021)[28796]
[11500][17296]
[15586][13210]
[6609][22187]
[14620][14176]
Sample
All
<75 Prod.75+ Prod.
|ln(ratio)|<|ln(ratio)|>=
Exact match
Non-Exact
"Low-w
age""H
igh-wage"
Workers
Workers
0.2850.285
on Str. Add.
match
IndustryIndustry
on Str. Add.
Note:W
ithin-electionclustered
standarderrors
inparentheses.N
umberofobservations
inbrackets.Each
entryis
theestim
atedcoefficienton
the"U
nionw
on"indicatorin
aleastsquares
regression.Specificationis
thesam
eas
Col.(10)in
Table2.Each
column
usesadifferentsub
sample.(2)
and(3)
splitthesam
pleby
sizeofthe
votingunit;(4)
and(5)
byw
hetherthereis
anexactstring
match
between
thestreetaddress
entryfrom
theN
LRB
and LRD
data sets; and (6) and (7) by "high-wage" and "low
-wage" industries.
Appendix Table I: Description of Data Sets
Data Set Description Main Variables
NLRB National Labor Relations Board Election Database: Contains universe of representation elections (certification and decertification) that occurred in the U.S. between 1984 and 1999. Total observations: 62415.
Date of election, # eligible voters, # votes cast, # votes for the union
FMCS Federal Mediation and Conciliation Service Database: Contains all contract expiration notices filed with the FMCS between 1984 and 2001. Total Observations: 563565.
Date of Contract Expiration
InfoUSA InfoUSA Database: Contains all business establishments that appear in Phone Directories, as of May, 2001.
Employment, Sales Volume
LRD Longitudinal Research Database: Comprised of two components. 1) Census of Manufactures (1977, 1982, 1987, 1992, 1997): Universe of all manufacturing establishments in the U.S., and 2) Annual Survey of Manufactures (1974-1999): Universe of all large manufacturing establishments plus probability sample of smaller manufacturers.
Wages, Hours, Output, Total Value of Shipments, Assets
NLRB/FMCS/InfoUSA Total number of elections (62415). 20+ votes cast (33503), <1000 votes cast (33382), certification and de-certification elections only (32855), valid election date (32712). Company name and establishment street address used to match to FMCS and InfoUSA data. 13062 of the 32712 were found in the InfoUSA database (as of May, 2001).
Variables from NLRB, FMCS, and InfoUSA
NLRB/FMCS/LRD Company name and establishment street address used to match NLRB/FMCS data (32712 observations) (see above) to LRD. Kept only matches where the year from the LRD is strictly less than the year of the election. With multiple matches, single "best" match was kept. 8533 of the 32712 matched. Kept cases where the ratio of eligible voters (NLRB) to production workers (LRD) is at least half (7743 of 8533).
Variables from NLRB, FMCS, and LRD
Appendix Table II: Sample Means, Infousa/NLRB/FMCS and LRD/NLRB/FMCS data sets
InfoUSA/NLRB/FMCS LRD/NLRB/FMCSVariable Obs Mean Std. Dev Std. Error Obs Mean Std. Dev Std. Error
Union Wins Election 27560 0.429 0.495 (0.003) 5608 0.360 0.480 (0.006)Number of Votes Cast 27560 88.6 107.6 (0.6) 5608 111.9 121.9 (1.6)Log(Votes Cast) 27560 4.091 0.806 (0.005) 5608 4.327 0.840 (0.011)Total Employment 16987 172.8 353.0 (2.7) 5608 149.6 192.0 (2.6)Log(Employment) 16987 4.057 1.645 (0.013) 5608 4.412 1.197 (0.016)Total Value of Shipments ($1000) 16200 32192.3 72308.4 (568.1) 5608 32217.9 71991.9 (961.3)Log(Total Value of Shipments) 16200 8.984 1.832 (0.014) 5605 9.434 1.478 (0.020)Log(Shipments/Employment) 8634 5.111 0.966 (0.010) 5605 5.021 0.772 (0.010)Number of Production Workers --- --- --- --- 5608 112.1 151.9 (2.0)Log(Production Workers) --- --- --- --- 5608 4.077 1.239 (0.017)Production Man-hours (1000s) --- --- --- --- 5608 228.9 308.8 (4.1)Log(Production Hours) --- --- --- --- 5608 4.762 1.281 (0.017)Shipments per Production Hour --- --- --- --- 5608 140.9 207.9 (2.8)Log(Shipments/Hour) --- --- --- --- 5605 4.671 0.833 (0.011)Employee Annual Earnings ($1000) --- --- --- --- 5608 27.4 11.1 (0.1)Log(Annual Earnings) --- --- --- --- 5608 3.383 0.374 (0.005)Production Wage --- --- --- --- 5608 11.9 6.1 (0.1)Log(Production Wage) --- --- --- --- 5608 2.538 0.377 (0.005)Notes: Certification election cases only. Total Employment (I/N/F: reported; L/N/F: sum of non-production workers during quarter that contains March 12and productionworkers). Total Value of Shipments (I/N/F and L/N/F): dollar value of products and services sold. Production workers: average of production workers in 4 quarterscontaining the 12th of March, May, August, and November. Production Man-Hours: sum of 4 quarters of plant man-hours of production workers. Employee AnnualEarnings: Sum of earnings paid to production and non-production workers, divided by total employment. Production Wage: Earnings paid to production workers, dividedby production man-hours. Dollar amounts are in 2001 dollars for InfoUSA/NLRB/FMCS, and are (CPI-adjusted) 2000 dollars for LRD/NLRB/FMCS.
Appendix Table III: Correlation Between Similar Measures across Datasets
Data Set Dependent Variable Mean Slope Coefficient on Alternative MeasureAll Exact Street Non-Exact
Match Match
InfoUSA Log(Employment) 4.298 0.913 0.910 0.906(0.024) (0.011) (0.017) (0.020)[4181] [4181] [2692] [1489]
NLRB Log(Eligible Voters) 4.273 0.237 0.233 0.248(0.013) (0.010) (0.013) (0.015)[4181] [4181] [2692] [1489]
LRD Log(Prod. Workers) 4.605 0.972 0.959 0.976(0.016) (0.010) (0.017) (0.012)[3583] [3583] [841] [2742]
NLRB Log(Eligible Voters) 4.678 0.743 0.824 0.722(0.014) (0.008) (0.015) (0.009)[3583] [3583] [841] [2742]
Note: Standard errors in parentheses. Number of observations in brackets. Upper panel reports median regressionslope coefficients. Lower panel reports OLS slope coefficients. Each entry is slope coefficient on the alternativemeasure (e.g. 0.913 is the slope coefficient from a median regression of Log(Employment) from InfoUSA onLog(Eligible Voters) from NLRB. The entry below is the reverse median regression). "Exact Street Match"indicates that the street address matched exactly between the two data sets.
Appendix Table IV: Coefficients on Won Election, Alternative Measuresof Employer Outcomes
"Labor Inputs" "Capital"Log(Total Empl.) 0.039 Log(Total Assets) -0.012
(0.045) (0.077)[28796] [20346]
Log(Non-prod. Empl.) 0.027 Log(Assets/Total -0.028(0.051) Empl.) (0.069)[28096] [20346]
Log(Production Empl.) 0.037 Log(Assets/Production -0.029(0.048) Empl.) (0.072)[28796] [20346]
Log(Production Hours) 0.028 Log(Assets/Production -0.029(0.049) Hours) (0.072)[28796] [20346]
"Output" "Wages"Log(Total Value of 0.011 Log(Annual Earnings) -0.028Shipments) (0.049) (0.015)
[28785] [28796]Log(Adjusted Value 0.016 Log(Production Annual -0.027of Shipments) (0.050) Earnings) (0.016)
[28778] [28796]Log(Production Hourly -0.016Wage) (0.015)
"Productivity" [28796]Log(TVS/Total Empl.) -0.027 Log(Non-production -0.009
(0.030) Annual Earnings) (0.024)[28785] [27991]
Log(Adj. TVS/Total -0.024 Log(Non-prod/Prod. 0.010Empl.) (0.030) Annual Earnings) (0.028)
[28778] [27991]Log(TVS/Production -0.026 Log(Adjusted Annual -0.025Empl.) (0.033) Earnings) (0.015)
[28785] [28796]Log(Adj. TVS/Prod. -0.023 Log(Adj. Production -0.024Empl.) (0.034) Annual Earnings) (0.016)
[28778] [28796]Log(TVS/Production -0.015 Log(Adj. Production -0.013Hours) (0.034) Hourly Wage) (0.016)
[28785] [28796]Log(Adj. TVS/Prod. -0.012 Log(Adj. Non-prod. -0.006Hours) (0.034) Annual Earnings) (0.025)
[28778] [27991]Note: Entries are coefficients from specification (10) from Table 2). Clustered (on establishment) standard errors in parentheses, number of observations in brackets. Adjusted TVS: TVS + net change in finished goods inventory + net change in work-in-process inventory. Adjusted wage variables add total supplementary labor costs to the payroll before dividing by employment (or hours). For production and non-production "wage" variables, total supplementary labor costs are first mulitplied by the fraction of the payroll that is paid to production or non-production workers, before added to the respective payrolls.
Appendix Table V: OLS and Regression-Discontinuity Estimates on Business Survival, Decertifications
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Union Won -0.030 -0.036 -0.047 -0.035 -0.058 -0.035 -0.019 -0.027 -0.031 -0.026 -0.021(0.029) (0.029) (0.029) (0.029) (0.048) (0.049) (0.061) (0.062) (0.062) (0.061) (0.062)
Vote Share 0.086 0.536 0.815 1.590 1.560 1.847 1.755(0.120) (0.266) (0.738) (1.332) (1.309) (1.307) (1.296)
(Vote Share)2 -0.561 -1.338 -4.887 -5.005 -6.423 -6.040(0.300) (1.911) (5.356) (5.234) (5.248) (5.239)
(Vote Share)3 0.546 6.414 6.866 8.949 8.440(1.316) (8.356) (8.118) (8.169) (8.196)
(Vote Share)4 -3.138 -3.495 -4.465 -4.228(4.414) (4.269) (4.304) (4.338)
Log(Votes Cast) 0.053 0.050 0.052 0.049(0.017) (0.018) (0.017) (0.018)
Year dummies? No Yes Yes Yes No No No No Yes Yes Yes
Industry dummies? No No No Yes No No No No No No Yes
R-Squared 0.001 0.0394 0.048 0.0684 0.0015 0.0051 0.0053 0.0058 0.0442 0.0523 0.0723
Note: Sample size is 1085. Some elections match to same establishment, so standard errors are clustered on the establishment level (998 independentestablishments). Includes all elections that occurred before 1997 that has the same name and address as a pre-election-year entry in the LRD. Dependent variableis whether establishment appears in the 1997 Census of Manufactures. Least squares point estimates reported.
Appendix Table VI: Least-squares Regression-Discontinuity Estimates of Union Effects, Decertifications
Dependent Variable Coefficient on Won Election
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
Contract Expiration 0.257 0.328 0.280 0.261 0.242 0.226 0.217 0.220 0.218 0.232(0.060) (0.026) (0.042) (0.045) (0.056) (0.058) (0.056) (0.055) (0.056) (0.054)[1098] [5954] [5954] [5954] [5954] [5954] [5954] [5954] [5954] [5954]
Log(Hours) -0.071 0.016 0.002 -0.005 -0.021 -0.038 0.006 -0.006 -0.004 -0.005(0.054) (0.024) (0.038) (0.039) (0.049) (0.050) (0.037) (0.035) (0.035) (0.031)[1098] [5954] [5954] [5954] [5954] [5954] [5954] [5954] [5954] [5954]
Log(Output) -0.243 0.088 -0.115 -0.104 -0.414 -0.381 -0.160 -0.193 -0.196 -0.205(0.190) (0.081) (0.142) (0.143) (0.176) (0.174) (0.105) (0.100) (0.099) (0.094)[1098] [5954] [5954] [5954] [5954] [5954] [5954] [5954] [5954] [5954]
Log(Output/worker) -0.233 0.153 -0.014 0.002 -0.484 -0.473 -0.221 -0.249 -0.252 -0.236(0.184) (0.088) (0.153) (0.150) (0.186) (0.183) (0.096) (0.092) (0.090) (0.087)[1098] [5951] [5951] [5951] [5951] [5951] [5951] [5951] [5951] [5951]
Log(Assets/worker) 0.011 0.065 0.101 0.106 -0.070 -0.092 -0.065 -0.067 -0.067 -0.043(0.153) (0.065) (0.110) (0.111) (0.144) (0.142) (0.063) (0.063) (0.063) (0.062)[1098] [5951] [5951] [5951] [5951] [5951] [5951] [5951] [5951] [5951]
Log(Wage) -0.342 -0.048 0.077 0.015 -0.128 -0.132 -0.156 -0.146 0.001 -0.033(0.226) (0.098) (0.163) (0.162) (0.207) (0.207) (0.189) (0.176) (0.141) (0.128)
[770] [4205] [4205] [4205] [4205] [4205] [4205] [4205] [4205] [4205]
Sample +/- 5% All All All All All All All All AllPolynomial Terms 0 0 1 2 3 4 4 4 4 4Dependent Variable Level Level Level Level Level Level De-meaned De-meaned De-meaned De-meanedInclude Base Mean? No No No No No No No Yes Yes YesYear dummies No No No No No No No No Yes YesIndustry dummies No No No No No No No No No Yes
Note: Within-election clustered standard errors in parentheses. Number of observations in brackets. Each entry is the estimated coefficient on the"Union won" indicator in a least squares regression. "Base Mean" is the average of the dependent variable for years strictly before the election year."De-meaned" denotes that the dependent variable is the outcome minus the "base mean". "+/- 5%" sample are elections where the union vote share isbetween 45 and 55 percent.
Appendix Table VII: Least-squares Regression-DiscontinuityEstimates of Union Effects, Decertifications
Dependent Variable (1) (2) (3)
Contract Expiration 0.106 0.380 0.192(0.063) (0.068) (0.092)[2620] [1839] [1495]
Log(Hours) -0.026 0.021 0.018(0.032) (0.041) (0.067)[2620] [1839] [1495]
Log(Output) -0.155 -0.138 -0.372(0.082) (0.119) (0.174)[2620] [1839] [1495]
Log(Output/worker) -0.139 -0.193 -0.450(0.076) (0.112) (0.157)[2619] [1838] [1494]
Log(Assets/worker) 0.012 -0.064 -0.108(0.060) (0.085) (0.118)[2619] [1838] [1494]
Log(Wage) -0.091 -0.075 -0.037(0.133) (0.199) (0.211)[2071] [1284] [850]
Sample 0-3 Years 4-7 Years 8+ Yearspost-El. post-El. post-El.
Note: Within-election clustered standard errors in parentheses.Number of observations in brackets. Each entry is the estimatedcoefficient on the "Union won" indicator in a least squaresregression. Specification is the same as Col. (10) in Table 2. Eachcolumn restricts the sample to the observations that are within thefirst three years, between four to seven years, and eight years orlater, relative to the election year.