61429327-perne-loess
TRANSCRIPT
ABCDEFGHAIAJKLLLFKBHMNLONBPGMKGLCDBQHMNCRAAJDMLSNEFJNHNMATLPKFDUAHKLPKLVNBDALCNLEGHKMAGJKLPAWKMQKTLQHMGHAOACGRAAL
BKNBAODMEKXBKDEDVKBKTLHKMKBNMALQJGIKYEZJNMATLFMGONMAL[ALGMVAJKLEDATLBAQAFNMALGO\BGHKTLF]EZBHNMALLLQKBQAIAJKLJGL
NEKUAMKL SJDKQQ^L QGNL CNL FDHKBRAGJL PKL CDBHMGCRAKL YNEOJGMKTL ONBPGRAAL QNIL BAWKJNJL GFKAL QNIHKMGBKYABCJNQAWL
GVMKQAWKTLKHC_^_LL
`BL CGUNJL FKMBKJDML OZ[AAL \BVNQHKL QGNL AUDJGHKL NMEKGU]L CGL ABQHMNCRANBAJKL Q]L OAKLGPDFHGHKL \BLONBCRAKL
PKLNHAJGaNJLPKLCDEFGCHGMKL[ALCDBPARAAJKLQFKCAOACKLPKLJNCMN_LL
bDBQDJAPGMKGL HKMKBNMAJDML CNL FKMBKL PABLJDKQQYOAABPL DL DFKMGRAKL FMKJAEABGM]L \BCKFKMAAL JNCM]MAJDML PKL
ONBPGRAAYL HMKINAKL MKGJAUGH]TL WKMAOACGH]L [AL MKCKFRADBGH]L \BGABHKGL HKMEKBNJNAL FJGBAOACGHL FKBHMNL \BCKFKMKGL
DIAKCHKJDMLPKLCDBQHMNCRAA_LL
bDBQHMNCHDMNJLLWGLLMKQFKCHGLLCNLLQHMACHKRKLLHDGHKLLCDBPARAAJKLLHKcBACKLLPKLLKdKCNRAKLLQHGIAJAHKLL\BLCGAKHNJL
PKL QGMCABATL PDCNEKBHGRAGL HKcBAC]L FKL DIAKCHAWL [AL BDMEGHAWKJKL CNL QHGBPGMPKJKL PKL MKOKMABR]TLABCJNQAWL CKJKL
CDBKdK_LL
`BL GCKQHL QCDFTL JGL \BHDCEAMKGL PKL C]HMKL CDBQHMNCHDML GL FMDAKCHNJNAL PKL DMVGBAUGMKL CDDMPDBGHDML [AL GLL
OA[KJDML CNL FMDCKPNMAL HKcBACKL QKL WDML EKBRADBGL HDGHKL JNCM]MAJKL QFKCAOACKL KdKCNH]MAAL FKMBKJDML PABL JDKQQL [ALL
QNCCKQANBKGL JDML FMKW]UNHKL \BL FMDAKCHNJL PKL KdKCNRAKTL FMKCNEL [AL BKCKQGMNJL PKL NHAJGaKL [AL EAaJDGCKL PKLL
HMGBQFDMH_LL
eAKCGMKL[GBHAKLWGLDMVGBAUGL\BLCGPMNJL���LKOKCHNGMKGL\BCKMC]MAJDMLPKLWKMAOACGMKLFMKW]UNHKL\BLCGAKHNJL
PKLQGMCABALFKBHMNLOAKCGMKLDIAKCHAW_LL`BLCGUNJLCZBPLCDBPARAAJKLCDBCMKHKLPKL[GBHAKMLBNLCDMKQFNBPLCNLFMKWKPKMAJKLFMDAKCHNJNALPKLL
KdKCNRAKL SCDBPARAAL L JDCGJKL L PKL L GEFJGQGEKBHTL L PDHGMKGL L CDBQHMNCHDMNJNATL L QHMGHAOACGRAGL L HKMKBNJNATL L GFKJKLL
QNIHKMGBKTLFMKUKBRGLMKRKJKJDMLQGNLCDBQHMNCRAAJDMLQNIHKMGBKLKHC_^LKWKBHNGJKJKLEDPAOAC]MALGJKLFMKWKPKMAJDMLL
PABL CGAKHNJL PKL QGMCABAL QKL FDHL OGCKL PKL C]HMKL KdKCNHGBHTL PGML BNEGAL CNL GCDMPNJL FMDAKCHGBHNJNAL [AL
IKBKOACAGMNJNA_LLL��� !"�#$#%& %' !()%%
fKMBKJKLLQKLLKdKCNH]LLPABL% *+,--%*.%/01213.3,.%+4310.%2,%5+04.53.6,7%6,8/9*3.3%1:%/60.%,;5.<.311*+6%2,%4,%
.04*.-.0,:3=%fKMBKJKL QKL WDML KdKCNHGL PABL F]EZBHNMAL JAFQAHKL PKL FDHKBRAGJL PKL CDBHMGCRAKYNEOJGMKL [AL WDML OAL IABKL
CDEFGCHGHKL\BLQHGMHNMALPKLghLYLijCELVMDQAEK_LkQHKLABHKMUAQ]LODJDQAMKGLEGHKMAGJKJDMLPMKBGBHKLFKBHMNLFKMBKLABLUDBGLFGEGBHNMAJDMLQKBQAIAJKLJGLNEKUAMK_L
lDKQQNJLWGLOALGPNQLJGLNEAPAHGHKGLDFHAE]LPKLCDEFGCHGMK_LbDEFGCHGMKGLQKLWGLOGCKLCNLNBLEGALEKCGBACLSIMDGQC]^LQGNLCNLEGALPKLEZB]TLGHABVZBPNYQKLCKJLFNRABLDLVMKNHGHKLWDJNEAC]LGLF]EZBHNJNALNQCGHLPKLgTmjHXEn_L
oNL L QNBHL L GCCKFHGHKL L GJHKL L EGHKMAGJKMKL L WAUAIAJKpL L QDJL L WKVKHGJTM]P]CABATL L WKVKHGRAKTL L MKQHNMAL L PKL
EGHKMAGJKLPKLCDBQHMNCRAATLF]E\BHNMALGMVAJDGQKTLPKQKNMALABPNQHMAGJKTCDBHGEABGMKLCNLFMDPNQKLFKHMDJAKMKLQGNL
PKLCGBGJAUGMKLKHC_LL
qKGJAUGMKGL NBDML NEFJNHNMAL CDMKQFNBU]HDGMKL KQHKL CDBPAHADBGH]L PKL ODJDQAMKGL NBNALEGHKMAGJL GLC]MNAL
NEAPAHGHKLQ]LOAKLCNFMABQ]L\BHMKLJAEAHKJKLPKLrYmsLSIDJDW]BAQ^LQALmYgjsLSIGJGQHLYLBAQAFDQ^_LLL�>(&"�""%& %�>�'����! % %
tEKUAMKGLHKMKBNJNALPKLCDEFGCHGHLCNLCGBHAHGHKGLQNFJAEKBHGM]LPKLGF]LQKLWGLOGCKLBNEGALFMABLQHMDFAMKTL\BL
MKFMAUKL QNCCKQAWKTLFKLE]QNM]LCKLGFGLQKL ABOAJHMKGU]L \BL HKMKBTLFKL HDGH]LVMDQAEKGLQHMGHNJNAL PKLF]EZBHL CKL
HMKINAKL CDEFGCHGH_L bDEFGCHGMKGL WGL FNHKGL OAL KdKCNHGH]TL PKL MKVNJ]TL PNFGL HMKCKMKGL GL CZHKWGL DMKL PKL JGL
ABOAJHMGMKGLGFKAL\BLF]EZBHTL\BLONBCRAKLPKLBGHNMGLF]EZBHNJNAL[ALPKLQHGMKGLGHEDQOKMAC]LKdAQHKBH]_L
uGC]TL PABL CGNUGL FMKCAFAHGRAAJDML GHEDQOKMACKTL NEAPAHGHKGL F]EZBHNJNAL CKL HMKINAKL CDEFGCHGHL KQHKL EGAL
EGMKLPKCZHLCKGLDFHAE]TLQKLGEZB]LCDEFGCHGMKGLFZB]LCKLNEAPAHGHKGLQCGPKLJGLWGJDGMKGLCKMNH]TLJNZBPNYQKL
HDHDPGH]LE]QNMALPKLKWGCNGMKGLGFKJDMLPKLFMKCAFAHGRAALPABLVMDGFGLPKLONBPGRAKL[ALPKL\EFAKPACGMKGLNBNALBDNL
GFDMHL PKL GF]_L oNL QKL KdKCNH]L CDEFGCH]MAL FMABL IGHKMKL FKL HAEFL OMAVNMDQTL CZBPL KdAQH]L FKMACDJNJL QC]PKMAAL
HKEFKMGHNMAALQNILjDbTLQGNLCZBPLF]EZBHNJLKQHKL\BVcKRGH_LtEAPAHGHKGLF]EZBHNJNALCKLQKLCDEFGCHKGU]LHMKINAKLQ]LOAKLCZHLEGALGFMDFAGH]LPKLNEAPAHGHKGLPKLCDEFGCHGMK_LvIGHKMKGLEGdAE]LCKLQKLGPEAHKTLOGR]LPKLNEAPAHGHKGLDFHAE]LPKLCDEFGCHGMKTLKQHKLPKLnsLSCGLWGJDGMKLGIQDJNH]^_%
CGMGCHKMAQHACAJDMLPKLCDEFGCHGMK_L`BCKMCGMKGLfMDCHDM|L[ALFDGHKLOALGFMDdAEGH]LCNLODMENJGp%:DFHL}L:FL~LSg�n^sL%\BLCGMKp%�FLYLJAEAHGLABOKMADGM]LPKLFJGQHACAHGHKLGLF]EZBHNJNATLPKHKMEABGH]LCDBODMEL��v�Lg�gnXrY�mL|uKHKMEABGMKGLJAEAHKJDMLPKLFJGQHACAHGHK|_SPABLQHNPANJLVKDLg�Yijs^%
oL uGC]L�L�L�DFHTLCDEFGCHGMKGLPKWABKLCNLGHZHLEGALPAOACAJ]LCNLCZHLF]EZBHNJLKQHKLEGALGMVAJDQL[ALEGALNQCGH_%
oL uGC]L�L�L�DFHTLCDEFGCHGMKGLM]EZBKLABQNOACAKBH]_%oL uGC]LS�DFHLYL�^L�LnsTLGPNCKMKGLEGQKALPKLF]EZBHLJGLNEAPAHGHKGLDFHAE]LQKLFDGHKLOGCKLGP]NVZBPNYAL
DLCGBHAHGHKLPKLGF]L�:SEn^LCGJCNJGH]LCNLODMENJGpL%L
?@AB%;%C2%;D@+43E@F%;%GHDIJJC@F%\BLCGMKp%�L}LCDKOACAKBHLFKBHMNLCDEFKBQGMKGLFAKMPKMAJDMLPKLGF]LSFMABLKWGFDMGMKLKHC_^LGLC]MNALWGJDGMKLQKLAGLPKLg_g___gTihTL\BLONBCRAKLPKLGBDHAEF_%ùPL}LPKBQAHGHKGLF]EZBHNJNAL\BLQHGMKLNQCGH]LSVXCEn^%ù�|}LPKBQAHGHKGLGFKALSM:L}Lg^%�DFHL}LNEAPAHGHKGLDFHAE]LPKLCDEFGCHGMKL%:|}LNEAPAHGHKGLF]EZBHNJNALCKLHMKINAKLCDEFGCHGHL%ùL}LWDJNENJLPKLF]EZBHLCKLABHKMWABKL\BLCDEFGCHGMKLSEn^%tHAJGaKJKL ODJDQAHKL JGL CDEFGCHGMKGL CNL EGANJL VMKNL JNCMKGU]L FMABL AEFGCH_L fMABL QFDMAMKGL HMKFHGH]L GL \B]JRAEAAL PKL
C]PKMKL GL EGANJNAL VMKNL QKL MKGJAUKGU]L DL \BPKQGMKLFMKJAEABGM]TL E]MABPNYQKL GQHOKJL KOKCHNJL PKL CDEFGCHGMKL \BL
GPZBCAEK_L
bDBPARAAJKLPKLCGJAHGHKLPKOABAHAWKLFKLCGMKLHMKINAKLQ]LJKL\BPKFJABKGQC]LFKMBGLQKLWDMLQHGIAJAL\BLNMEGLNBKAL\BCKMC]MAL%
'!>��>!LLCDEFJKHTLLCGEGBPGH]LLNBNALLJGIDMGHDMLLGNHDMAUGH_LLqKUNJHGHKJKLL\BCKMC]MAJDMLLWDMLLOALGWAUGHKLDIJAVGHDMANL
PKLFMDAKCHGBHTLCGMKLWGLGWAUGLNEAPAHGHKGLDFHAE]LPKLCDEFGCHGMKLFKBHMNLHAFNJLPKLFKMB]LQHGIAJAH_L�MGPNJLBDMEGJLPKL
CDEFGCHGMKLGJLFKMBKALHMKINAKLQ]LOAKLPKLEABAELKL%M=%
$�"#�N %& %O(& P�! % %
fKBHMNL CDEFGCHGMKL QKL FDHL ODJDQAL NHAJGaKL HKMGQAKMKL PABL ABPACGHDMNJL PKL BDMEKL ��L g��rL QFKCAOACKL
EGHKMAGJKJDMLVMGBNJGMKLL
YL MNJDNL CDEFMKQDML WAIMGBHL HMGCHGHL PKL hThL HL BKHKPTL CDBODMEL GMH_L ��uL gg_LL
YLCDEFMKQDMLFKLFBKNMALQHGHACLGNHDFMDFNJQGBHLPKLgjLHLCDBO_GMH_L��uL�LL
`BLGIQKBHGLNHAJGaKJDMLEKBHADBGHKLQAL\BLCGUNJLIGJGQHNJNALBAQAFDQLSKdCKFHADBGJLIGJGQH^LQKLFDGHKLNHAJAUGLQAL
MNJDNJLCDEFMKQDMLQHGHACLGNHDFMDFNJQGHLLLPKLgjLYLgiLLLHDBKLCDBODMELGMH_L��uL�_LL
v[HKMBKMKGTLGEKQHKCGMKGLQALDEDVKBAUGMKGLEGHKMAGJNJNALQKLOGCKLCNLINJPDUKMNJLFKLHMGCHDMLCNL[KBAJK_LL
�NJPDUKMNJL QAL NBNJL PABL NHAJGaKJKL PKL CDEFGCHGMKL L L QKL ODJDQKQCL CDEIABGHL FKBHMNL MKGJAUGMKGL
QNCCKQAW]LGLDFKMGRANBAJDMLQFKCAOACGHKL\BLCGFLh_g_LL
fKBHMNL FKMBKJKL JDCGJKTL PKL CDEFJKHGMKTL MKOGCKMKL JDCGJ]L QGNL \BL QFGRAAL MKQHM\BQKL KHC_L NHAJGaKJKLWDML OAL
GPGFHGHKLQAHNGRAKALCDBCMKHKLFKBHMNLOAKCGMKLCGUL\BLFGMHKLTLFNH\BPLOALNHAJAUGHKLGJHKLNHAJGaKLPKLCGFGCAHGHKLEGALEAC]LTL
ABCJNQAWLFJGCGLWAIMGHDGMKLPGC]LBNLGOKCHKGU]LWKCAB]H]RAJK_LL'!>� P$#%� Q(>#>R"�%%
kdKCNHGMKGL NEFJNHNMAAL CDBQH]L PABL NME]HDGMKJKL DFKMGHANBAL pL YL
GQHKMBKMKGLEGHKMAGJNJNAL\BLQHMGHLCNLINJPDUKMNJLLYLNEKUAMKGLEGHKMAGJNJNALCNLONMHNBNJLQGNLGNHDCAQHKMBGLLYLCDEFGCHGMKGLFMDFMANUAQ]LGLOAKC]MNALQHMGHLCNLNBNJLPABLNHAJGaKJKLFMKWGUNHKLGBHKMADM_LL
fGMGEKHMAALABARAGJALGALCDEFGCH]MAALMKUNJH]L\BLONBCHAKLPKLBGHNMGLEGHKMAGJNJNALQALHAFNJLNHAJGaNJNAL_L`BL HGIKJNJLiL
QKLPGNLDMAKBHGHAWLpLL
YL VMDQAEKGL QHMGHNJNAL \BGABHKL PKL CDEFGCHGMKL SL PAL ^LL
YL VMDQAEKGL QHMGHNJNAL PNF]L CDEFGCHGMKL SL PCL ^LL
YLBNE]MNJLPKLHMKCKMALQNFMGFNQKLCNLNHAJGaNJLSLBL^LL�GIKJLiLL
oM_L tHAJGaNJL PAL PCL :%CMH_L oGHNMGLEGHKMAGJNJNAL CEL CELg_L qNJDNLCDEFMKQDMLWAIMGBHLHMGCHGHLSFH_HDGHKEGHKMAGJKJK^L hjLYLmjL nhLYLrhL rLYLmLi_L bDEFGCHDMLFKLFBKNMALQHGHACLGNHDLgjLH_L njLYLihL ihLYLnjL mLYL�L
SHDGHKLEGHKMAGJKJK^LLLL
HAB\BPL QKGEGL PKL VMKNHGHKGL WDJNEAC]L \BL QHGMKL NQCGH]L GL EGHKMAGJNJNAL GO\BGHTL GQHKMBNHL \BL QHMGHTL
PKHKMEABGH]LFKLQGBHAKM_LL
tEKUAMKGLEGHKMAGJNJNAL\BLCGUNJLC\BPLNEAPAHGHKGLGCKQHNAGLKQHKLQNILrLYLmLsLQKLWGLOGCKLLL\BLONBCHAKL
PKLWDJNENJLNEFJNHNMAJDMLTLCNLONMHNBNJLQGNLCNLGNHDCAQHKMBG_LLLO(� !�)!"%'! �#�S"# % %
`BLWKPKMKGLPKOABAHAW]MAALFGMGEKHMAJDMLCDEFGCH]MAALMKCDEGBPGHATLCDBQHMNCHDMNJLLFMABL%���LWGLLKdKCNHGLL
PABLHAEFL\BLLFMKUKBHGLLIKBKOACAGMNJNATLL\BCKMC]MAALLFMKGJGIAJKLLFKLLDLQNFMGOGH]LJAEAHGH]LCGMKLFDGHKLOAL\BCGPMGH]L
CcAGMLQAL\BLFMAENJLQHMGHLGJLFKMBKA_L�GHKMAGJNJTLMKQFKCHAWLNHAJGaKJKLWDMLOALGCKJKGLODJDQAHKLKOKCHAWLFKBHMNLMKGJAUGMKGL
FKMBKA_LL
fKBHMNL OAKCGMKL QKMAKL PKL \BCKMC]MAL FMKGJGIAJKL CDBQHMNCHDMNJL WGL MKGJAUGL PKHKMEAB]MAJKL ABPACGHKL ABL
CGFAHDJNJL�ùKMAOACGMKGLNEFJNHNMAJDM�LFKLEABAELnLFMDIKLPKLCDBHMDJ_LL
uKHKMEAB]MAJKLFMKUKBHGHKL WDML OAL \BGABHGHKLFMDAKCHGBHNJNALFKBHMNLPKOABAHAWGMKGLFMDCKQNJNALHKcBDJDVACL
PKLCDEFGCHGMKLQALGLCDBPAHAAJDMLPKLCGJAHGHKLGLNEFJNHNMAJDMLPABLFKMB]_LLLG !"T"��! �%��#"�)�""%$�'#$�$!"#>!% %
bDBHMDJNJL FKL QGBHAKML GJL CGJAH]HAAL NEFJNHNMAJDML CDBQH]L L L \BL WKMAOACGMKGL GHKBH]L GL VMGBNJDUAH]HAAL TL GL
EGHKMAGJNJNAL NHAJAUGHTL GL NEAPAH]HAAL TL GL VMDQAEAAL QHMGHNJNAL TL GL BNE]MNJNAL PKL HMKCKMAL QNFMGFNQKL CNL NHAJGaNJL PKL
CDEFGCHGMKL_LL
qKQFKCHGMKGLL \BHDCEGAL LGL LGCKQHDMLLKJKEKBHKL LWGL LGQAVNMGL LMKGJAUGMKGL LCDBPAHAAJDML LPKL LCDEFGCHGMKL
FMKQCMAQKLQALPKOABAHAWGHK_LLù�����������������������|
fKBHMNLWKMAOACGMKGLCDEFGCH]MAALFMABLCZBH]MAMKLQKLKdKCNH]LQDBPGaKLPKQCcAQKLPKLFMKJKWGMKLGLFMDIKJDMLPKL JGIDMGHDMTL PKL PAEKBQANBAL \BL FJGBL jT�jdgTjjL EL [AL PKL DL GPZBCAEKL KVGJ]L CNL VMDQAEKGL CDEFGCHGH]LFMKQCMAQ]TLFJNQLjThLE_%
oNE]MNJLQDBPGaKJDMLPKQCcAQKLCKLHMKINAKLKdKCNHGHKLQKLQHGIAJK[HKLGWZBPL\BLWKPKMKLCDBPARAAJKLGM]HGHKLJGLFCH_LfMDIKJKLQKLFMKJKWKGU]LPABLihL \BLihLCE�LFMAEGLFMDI]LQKL AGL JGLQNFMGOGR]_LuNF]LFMKJKWGMKGL HNHNMDMLFMDIKJDMTL QDBPGaNJL QKL GQHNF]�L CDEFGCHGMKGL QNCCKQAW]L GL QHMGHNMAJDML PKL ihL CEL VMDQAEKL QKL OGCKL CNLEGANJLEGBNGJ_%
bNLWGJDMAJKLPKBQAH]RAALF]EZBHNJNAL\BLQHGMKLNQCGH]TLPKHKMEABGHKLFKLFMDIKJKLFMKJKWGHKTLQKL\BHDCEKQCLPAGVMGEKJKLPKLWGMAGRAKL\BLGPZBCAEKLGLGCKQHKALE]MAEA_%
`BL FGMGJKJL CNL PAGVMGEKJKL \BHDCEAHKL QKL HMKCL FKBHMNL CDEFGMGRAKL [AL PAGVMGEKJKL GCKJKAG[AL E]MAEALDIRABNHKL PABL QDBPGaKJKL PKQCcAQKL KdKCNHGHKL \BL HKMKBNJL BGHNMGJL [AL CKJL CDEFGCHGHTL CNL DCGUAGL JNCM]MAJDML PKLCDEFGCHGMKLKdFKMAEKBHGJ]LSFCH_LhLvBKdGLi^_%
fKBHMNLCGMGCHKMAUGMKGLCGBHAHGHAW]LGLCDEFGCH]MAALUDBKALGOKMKBHKLNBNALQDBPGaLPKQCcAQTLQKLCGJCNJKGU]L
EKPAGLGMAHEKHAC]L SùPLEKPAN^LGL WGJDMAJDML PKBQAH]RAAL F]EZBHNJNAL \BL QHGMKLNQCGH]L SùP^L DIRABNHKLFKLFMDIKTLFKLGPZBCAEKGLPKLCDEFGCHGMKLFMKQCMAQ]LSO]M]LQFKMNJLPKLGPZBCAEKLPKLjThjLE^_%
bNLGCKGQH]LWGJDGMKLEKPAKLQKLCGJCNJKGU]LVMGPNJLPKLCDEFGCHGMKLSu^LCDBODMELMKJGRAKAp%uL}LùPLXLùPE%bDEFGCHGMKGLQKLCDBQAPKM]LINB]LCZBPLVMGPNJLPKLCDEFGCHGMKLMKGJAUGHLSu^LCDMKQFNBPKLWGJDMAJDMLABPACGHKLJGL
\BLHGIKJNJLi_%
�DBKJKL\BLCGMKLBNLQYGLMKGJAUGHLVMGPNJLPKLCDEFGCHGMKLFMKQCMAQKLWDMLOALCDEFGCHGHKLQNFJAEKBHGM_%
uNF]LMKCDEFGCHGMKLUDBKJKLMKQFKCHAWKLWDMLOALWKMAOACGHKLPABLBDN_%
`BLCGUNJLf�tLWGJDMAJKLVMGPNJNALPKLCDEFGCHGMKLSu^LCKLHMKINAKLQ]LOAKLMKGJAUGHLQNBHLCKJKLPABLHGIKJNJLi_%
fKBHMNL WKMAOAC]MAJKLPKLGPZBCAEKTLKJL MKFMKUABH]LEKPAGLGMAHEKHAC]LGL HNHNMDML WGJDMAJDMLE]QNMGHKLFKLWKMHACGJGL
FNBCHNJNA_%
L�GIKJNJLi%
oM_LCMH_L%
lNCM]MAL KdKCNHGHKL FMABL CDEFGCHGMKGLF]EZBHNMAJDMLQKBQAIAJKLJGLNEKUAMKL%
�MGPNJLPKLCDEFGCHGMKLuSs^SùPYLHXE
n^L%
�KPANL% EABAEL%
g_L% lNCM]MAJKL PKL CDEFGCHGMKL FKBHMNL ONBPGMKGLCJ]PAMAJDMLPKLJDCNAHL[ALQDCAGJYCNJHNMGJKL%
�hLLSg_mh^L%
�iLSg_mj^L%
i_L%lNCM]MAJKLPKLCDEFGCHGMKLBKCKQGMKLFKBHMNLONBPGMKGL DIAKCHAWKJDML ABPNQHMAGJKL CNLFMDCKQKLPKLOGIMACGRAKLNEKPKL%
��LLSg_�j^L%
�hLLSg_mh^L%
�BL CGUNJL QHGHAAJDML KJKCHMACKL QKL WGL GQAVNMGL NBL VMGPL PKL CDEFGCHGMKL PKL �hsTL CNL DL VMKNHGHKL
WDJNEKHMACGLPKLg_mhHXEC_L
ùKMAOACGMKGLJNCM]MAJDMTLFKBHMNLOAKCGMKLPABLFMDCKPKKJKLPKLCDEFGCHGMKLPKLQNFMGOGR]LQKLWGLOGCKL
FMABL CDEFGMGMKGL WGJDMAJDML MPL QGNL qPL DIRABNHKL FKL FMDIKL PKL F]EZBHTL PABL JNCMGMKTL MKQFKCHAWL PABL
QDBPGaKL MGPADEKHMACKL QGNL PKL FKBKHMGMKL QHGHAC]TL CNL WGJDMAJKL DIRABNHKL \BL CGPMNJL JNCM]MAJDML PKL
CDEFGCHGMKLKdFKMAEKBHGJ]TLJGL\BHDCEAMKGLPAGVMGEKJDMLKHGJDB_LLùKMAOACGMKGLFMABLQDBPGaKLPKLFKBKHMGMKLQHGHAC]L
ùKMAOACGMKGL JNCM]MAJDML PKL CDEFGCHGMKL QKL OGCKL \BL FNBCHKL QAHNGHKL \BL BDPNMAJKLNBKAL MKRKJKL CNL DCcANMAL MKVNJGHKTL
GQHOKJL\BCZHLQ]LKdAQHKLCKJLFNRABLDLWKMAOACGMKLJGLgjjLEi_L
�DBPGaNJLPKLFKBKHMGMKLQHGHAC]LQKLKOKCHNKGU]LFKLDLGPZBCAEKLKVGJ]LCNLVMDQAEKGLPKLCDEFGCHGMKLFMDAKCHGH]L
FJNQLjThLE_L
uKHKMEABGMKGLMKUAQHKBRKALJGLFKBKHMGMKLFKLCDBLSqF^LQKLOGCKLPABLijL\BLijLCE_L
bNLPGHKJKLDIRABNHKLPABLQDBPGaLQKL\BHDCEK[HKLPAGVMGEGLPKLFKBKHMGMKLQHGHAC]_L
fKBHMNLUDBGLGOKMKBH]LOAKC]MKALPAGVMGEKLPKLFKBKHMGMKLQHGHAC]TLCDEFGCHGMKGLHKMKBNJNALQKLWGLCDBQAPKMGLIABKL
KdKCNHGH]LPGC]LPAGVMGEGLDIRABNH]LQKLWGL\BQCMAKL\BLABHKMWGJNJLPKLQAVNMGBR]LSqFYQ^_L
ùGJDMAJKLEGALEGMALPKCZHLWGJDGMKGLEKPAKTLMKOJKCH]LDLCDEFGCHGMKLODGMHKLINB]LAGMLWGJDMAJKLEGALEACALPKCZHLSqFYQ^L
ABPAC]LUDBKJKLCKLWDMLOALCDEFGCHGHKLQNFJAEKBHGM_L
fMDIKJKLFKBHMNLCDBHMDJNJLCDEFGCH]MAALQKLMKCDJHKGU]LPABLVMDFALCNLPAGEKHMNJLEABAELQALGP\BCAEKGLPKLjTrL
ELQGNLKVGJ]LCNLVMDQAEKGLQHMGHNJNALKJKEKBHGMLCDEFGCHGH_LL
oNE]MNJLFMDIKJDMLFKBHMNLCDBHMDJNJLCDEFGCH]MAALMGUNJH]LPABLCDBPAHAGLC\HKLNBGLFMDI]LFKBHMNLOAKCGMKLQHMGHL
KJKEKBHGMLQALCKJLFNHABLC\HKLNBGLJGLOAKCGMKLijLYLnjLECLEGHKMAGJLCDEFGCHGHLTL \BLUDBKJKL\BLCGMKLCDBPAHAAJKLPKL
CDEFGCHGMKLQNBHLPAOACAJKLQKLWDMLFMKWKPKGLFMDIKLQNFJAEKBHGMK_LL
fMKJKWGMKGLLFMDIKJDMLLQALLPKHKMEAB]MAJDMLLCGPLL\BLLQGMCABGLLKdKCNHGBHNJNALJNCM]MAJDML_L
LqKUNJHGHNJLWKMAOAC]MAJDML LQKLCDBQKEBKGU]L\BLINJKHABKJKLLCDBODMELLeDMENJGMNJNALGBKdGLL��LL\BLLCGMKLLJGLL
OAKCGMKLLFMDI]LLQKLLBDHKGU]LLFDUAHAGLLFNBCHNJNALLPKLLCDBHMDJLLQALGP\BCAEKGLOGH]LPKLNBLMKFKMLPKLBAWKJLCNBDQCNHL_LL
bGJAHGHKGLLNEFJNHNMAJDMLLQKLLWGLLCDBQAPKMGLLCDMKQFNBU]HDGMKLLPGC]LLFKBHMNLLOAKCGMKLLQHMGHLQNFJAEKBHGMTL
JGLCKJL L FNHABL L �hsLPABLFMDIKJKLPKLCDBHMDJL L QKL MKGJAUKGU]LQGNLQKLPKF]QKQHKLVMKNHGHKGLWDJNEAC]L \BL QHGMKL
NQCGH]L SL�PL ^L QAL VMGPNJL PKL CDEFGCHGMKL SL uL ^L QFKCAOACGHKL \BL HGIKJNJL iL QAL PKOABAHAWGHKL \BL NMEGL \BCKMC]MAJDML
FMKGJGIAJK_LL`BLCGUNJL\BLCGMKLCDBPAHAAJKLPKLCGJAHGHKLBNLQNBHL\BPKFJABAHKLQKLFMKJKWKGU]LC\HKLPDN]LFMDIKL\BLL
AEKPAGHGLWKCAB]HGHKLGLFNBCHKJDMLCGMKLGNLGWNHLMKUNJHGHKJKLCKJKLEGALQJGIKLTLO]C\BPNYQKLGQHOKJLDLWKMAOACGMKLGL
PGHKJDML DIHABNHKL JGL FMAEGL QKMAKL PKL FMDI]_L uGC]L BACAL GCKGQH]L QKMAKL PKL PKHKMEAB]MAL BNL \BPKFJABKQHKL
CDBPAHAAJKLPKLCGJAHGHKLFMKQCMAQKTLCDEFGCHGMKGLQHMGHNJNALMKQFKCHAWLQKLWGLCDBQAPKMGLABQNOACAKBH]L\BLCGMKLCGULQKL
WDMLJNGLCNLGWAUNJLFMDAKCHGBHNJNALTLE]QNMAJKLCDMKQFNBU]HDGMK_LLLLL
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�NFJAEKBHGMTL WKMAOACGMKGLCDEFGCH]MAAL QKL FDGHKL OGCKL QAL PAMKCHL FMABL FKBKHM]MAL PABGEACKLCNL CDBTLPNF]L
EKHDPDJDVAGLABPACGH]L\BL|�BQHMNCHANBALHKcBACKL�%IUV%E%ULL|_LLL! � '�"�%$�'#$�$!"#>!%�>�'����� %%
qKCKFHAGLJNCM]MAJDMLPKL LNEFJNHNMALLCDEFGCHGHKL LQKLWGLOGCKL \BL LCDBODMEAHGHKLCNLLoDMEGHAWNJLFMAWABPL
KdKCNHGMKGLQAL MKCKFHADBGMKGLJNCM]MAJDMLPKLHKMGQGEKBHKLFKBHMNLONBPGMKGLLCDBQHMNCHAAJDMLCAWAJKL QAL ABPNQHMAGJKL TL
ABPACGHAWL�%IVK%E%WW_LL
`BL CGPMNJL MKCKFHAAJDML FKL FGMCNMQL CGMKL QNBHL DIJAVGHDMAAL QKL MKCDEGBP]L CGL NEFJNHNMAJKL Q]L OAKL
MKCKFHADBGHKL FKL OGUKL SL QHMGHNMAL KJKEKBHGMKL ^L GQHOKJL \BC\HL Q]L BNL OAKL BKCKQGMKL MKOGCKMAL CDQHAQAHDGMKL PKL
JNCM]MALSLFKLIGUGLINJKHABKJDMLPABLeDMENJGMKJKL.:,;.%""LQALGLCDBPAHAAJDMLPABLFMKUKBHKJKLABQHMNCHANBAL^_LL
`BLCGUNJL \BLCGMKLFKBHMNLNBLQHMGHLKJKEKBHGMLBNLQKLDIRABLFGMGEKHMAALPKLCDEFGCHGMKLFMKQCMA[AL TLGCKQHL
QHMGHL QKL WGL QGCMAOACGL [AL QKL WGL FMDCKPGL JGL DL BDN]L CDEFGCHGMK_L uGC]L BACAL \BL GCKQHL CGUL FGMGEKHMAAL BNLQKL
MKGJAUKGU]LTLQHMGHNJLQKL\BPKF]MHKGU]L\BL\BHMKVAEK_LLL X �$��! �%#$�!)!"#>!%' %�"�'%T!"R$!>P% %
lGL KdKCNHGMKGL JNCM]MAJDML PKL NEFJNHNMAL CDEFGCHGHKL FKL HAEFL OMAVNMDQL KQHKL DIJAVGHDMAKL MKQFKCHGMKGL
E]QNMAJDML VKBKMGJKL QAL GL CKJDML QFKCAOACKL JNCM]MAJDML PKL F]E\BHL TL FMKW]UNHKL \BLoDMEGHAWNJL FKBHMNL MKGJAUGMKGL
JACM]MAJDMLPKLCDBQHMNCHAALFKLHAEFLOMAVNMDQLTLABPACGHAWL�%IV%E%WY_LLL�)P$!"%& %� Q("��%P �$!"�)�""%�$(�""% %
lGL KdKCNHGMKGL JNCM]MAJDML QKL WDML MKQFKCHGL FMKWKPKMAJKL VKBKMGJKL QAL CKJKL QFKCAOACKL PABL |(+60,*,%
Z,:,6.*,%%% %2,%46+3,531.%0/:511�LLTMKVJKEKBH]MAJKLQFKCAOACKLCKLPKCNMVLPABLlKVKGLL�jXg��mLC\HLQALPABL�(+60,*,%
-4,51[15,%2,%46+3,5\1.%%%0/:511]]LFKLCGHKVDMAALPKLJNCM]MALPKLLLCDBQHMNCHAALEDBHGa_LLL�)P$!"%& %'�^)%�>(�!�%"(� (&""#>!% %
vH\HLFKBHMNLFMKWKBAMKGLC\HLQALFKBHMNLQHABVKMKGLABCKBPAAJDMLCGMKLQKLFDHLFMDPNCKLFKLQGBHAKMKJKLNBPKLQKL
KdKCNH]L JNCM]MAL PKL HKMGQGEKBHKL TL QKL WDML MKQFKCHGL FMKWKPKMAJKL PGHKL \BL oDMEKJKL VKBKMGJKL PKL FMDHKCRAKL
\EFDHMAWGL ABCKBPAAJDML L L FKBHMNL FMDAKCHGMKGL QAL KdKCNHGMKGL CDBQHMNCHAAJDML [AL ABQHGJGRAAJDML TL BDEGHAWNJL'IIWEKK%
FKBHMNLQAVNMGRGL JGLODCL[AL�_JJEKYLFKBHMNLFMKWKBAMKGL XQHABVKMKGL ABCKBPAAJDMLFKLPNMGHGLKdKCNRAKATLFMKCNEL[AL
CKJKJGHKLMKVJKEKBH]MALJKVGJKL\BLWAVDGMKLJGLPGHGLKdKCNRAKA_LLLLP��(&�!& %& %! T !"(��% %
YL �%%IVKEWW`% oDMEGHAWLFKBHMNLKdKCNHGMKGLJNCMGMAJDMLPKLHKMGQKEKBHKLFKBHMNLMKGJAUGMKGLONBPGHAAJDMLCDBQHMNCHAAJDMLCAWAJKLQALABPNQHMAGJKLS�bLhX��^�L
YL �%aKEUU`% oDMEGHAWLFMAWABPLCDBQDJAPGMKGLHKMKBNMAJDMLPKLONBPGMKLQJGIKLFMABLFMDCKPKKLEKCGBACKLS�bLhX��^�L
YL �%aKEWL`% oDMEGHAWLFMAWABPLAEINBGHGHAMKGLHKMKBNMAJDMLPKLONBPGMKLQJGIK�LYL �%LVEWL`LoDMEGHAWLFKBHMNLWKMAOACGMKGLCGJAHGHAALQALMKCKFHAGLJNCMGMAJDMLPKLCDBQHMNCHAALS�bLgYiX�m^�LL
%%%YL �ILKEWK`L L L L �BQHMNCHANBAL HKcBACKLFKBHMNL CKMCKHGMKGL HKMKBNJNAL PKL ONBPGMKLFMABLEKHDPGLLLLLLFKBKHMGMAALCNL
CDBTLFKBKHMGMKLQHGHACGTLFKBKHMGMKLPABGEACGTLWAIMDFKBKHMGMK�LYL �IVEWY% kdKCNHGMKGLJNCM]MAJDMLFKLHAEFLOMAVNMDQ�LYL 'I_JEKU% tME]MAMKGL\BLHAEFLGLCDBQHMNCRAAJDM�LYL 'I_JEWW% tME]MAMKGLCNMKBH]LGLCDBQHMNCRAAJDML[ALGLQH]MAALHKcBACK_LYL ( JJWEKV%%%%%%%LLLL`BINB]H]RAMKGLHKMKBNMAJDMLPKLONBPGMKLQJGIKLFMABLFMDCKPKKLEKCGBACKLYL R % JaVEKU`% % % % L L �cAPL FKBHMNL KdKCNHGMKGL CDEFGCHGMAAL ABL FJGBL DMAUDBHGJL QAL ABCJABGHL GLHKMGQGEKBHKJDML
S�bLhX��^�LYL P��P% KWLJEWK`% lNCMGMAL PKL AEINBGHGHAMAL ONBCAGMK_L ùKMAOACGMKGL CDEFGCHGMAALHKMGQGEKBHKJDM�LYL P��P%%IJ_LLEWY`LLLLLLbDBQHMNCHAALLcAPMGNJACK_LL�GHKMAGJKLLLLJDCGJKLLFKBHMNLLHKMGQGEKBHK_LL�KHDPKLLLLPKL
PKHKMEABGMK�LYL P��P% IKI_HI_EW_`L uKHKMEABGMKGL CGMGCHKMAQHACAJDML PKL CDEFGCHGMK_L �BCKMCGMKLfq�b��q�LYL P��P%IKI_HILEUL`%LLL�KMKBLPKLONBPGMK_LuKHKMEABGMKGLVMKNHGHAALWDJNEACKLFKLHKMKB�LYL P��P%IaYaHVEUV`%%%%%LLL�KMKBLPKLONBPGMK_LbKMCKHGMKGLHKMKBNJNALFMABLFKBKHMGMKLQHGHACG�LYL P��P%IaYaHKEUV`L L L L�KMKBLPKL ONBPGMK_LbKMCKHGMKGLVKDOAUACGLGL HKMKBNJNALFMABLEKHDPKLMGPADEKHMACK�LYL P��P%IKI_HLEWL`LLLLLLLL�KMKBLPKLONBPGMK_LuKHKMEABGMKGLVMGBNJDUAHGHAA�LYL P��P%IKI_HIEWa`LLLLLLLL�KMKBLPKLONBPGMK_LuKHKMEABGMKGLNEAPAHGHAA_LL
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bNL DCGUAGL KdKCNH]MAAL L Q]F]HNMAJDML FKBHMNL MKGJAUGMKGL FKMBKAL L QKL WDML MKQFKCHGL FMKWKPKMAJKL
oDMEGHAWNJNAL�%IVK%E%WWLCNLFMAWAMKLJGLKdKCNHGMKGLQ]F]HNMAJDMLPKGQNFMGLQALQNILBAWKJNJLGFKALQNIHKMGBKL\BL
HKMKBNJLCNLABOAJHMGHAALFNHKMBACKLpLLYCDHGLJGLCGMKLHMKINAKLDFMAH]LQ]F]HNMGLL
YKdKCNHGMKGL Q]F]HNMAJDML J\BV]L ONBPGHAAJKL NBDML KWKBHNGJKL CDBQHMNCHAAYMKRKJKL KdAQHKBHKL YFMKV]HAMKGL ONBPNJNAL
Q]F]HNMAAL\BLWKPKMKGLKdKCNH]MAALFKMBKALLYMKCKFHAGLHKMKBNJNALPKLONBPGMKLPKLJGLIGUGLFKMBKALL
fKBHMNL KWAHGMKGL DMAC]MDML CDBONUAAL QKL OGCKL QFKCAOACGRAGL C]L HKMEKBAAL TL PKOABARAAJKTL HGIKJKJKL [AL GBKdKJKL �Y���L
FMKCAUGHKL GBHKMADML QKL MKOKM]L [AL QNBHL CNFMABKL \BL L L ��v�L g�gnXgnY�nTL MKQFKCHAWL ��v�L g�gnXgY�iL [AL
��v�g�gnXhY�hLCGMKLHMKINAKLDIJAVGHDMANLCDBQNJHGHKL[ALMKQFKCHGHKLPKLCDBQHMNCHDMLJGLMKGJAUGMKGLFKMBKJDMLFKL
OACGMKLDIAKCHAWLONBCRAKLPKLCGMGCHKMAQHACAJKLFGMHACNJGMKLGJKLGEFJGQGEKBHKJDMLGOKMKBHKLGEFJGQGEKBHL_L|